Table 3: Tests for random effect and serial correlation.

Tests
(1)
Value
(2)
Likelihood
(3)

Random effects
 ML: Var 28.920.00
 MLA: Var 24.800.00
Serial correlation
 ML: 237.040.00
 MLA: 15.460.00
Joint test
 ML: Var and 851.870.00
Heteroskedasticity
: 8003.90.00

Source: estimated by the authors.