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Table 3 Cross-sectional dependence tests

From: Financial sector development and Investment in selected countries of the Economic Community of West African States: empirical evidence using heterogeneous panel data method

Tests Statistics Probability
Breusch-Pagan LM 84.3138*** 0.0000
Pesaran scaled LM 8.6894*** 0.0000
Bias-corrected scaled LM 8.5801*** 0.0000
Pesaran CD −1.8240* 0.0681
  1. Source: Authors’ computation
  2. Note: *** represents statistical significance at 1%, * represents statistical significance at 10%