Table 5 Normality, heteroskedasticity, serial correlation, and multicollinearity results

Normality

Joint test for Normality on e:

Chi2(2) = 1.66

Prob > chi2 = 0.4351

Chi2(2) = 1.28

Prob > chi2 = 0.5280

Chi2(2) = 1.42

Prob > chi2 = 0.4921

Chi2(2) = 1.44

Prob > chi2 = 0.4875

Joint test for Normality on u:

Chi2(2) = 0.36

Prob > chi2 = 0.8370

Chi2(2) = 0.80

Prob > chi2 = 0.6699

Chi2(2) = 0.67

Prob > chi2 = 0.7160

Chi2(2) = 1.88

Prob > chi2 = 0.3905

Modified Wald test of GroupWise heteroskedasticity

Chi2 (31) = 22,514.01

Prob > chi2 = 0.0000

Chi2 (31) = 75,192.97

Prob > chi2 = 0.0000

Chi2 (31) = 20,940.21

Prob > chi2 = 0.0000

Chi2 (31) = 15,925.23

Prob > chi2 = 0.0000

Serial correlation

F(1,30) = 712.241

Prob > F = 0.0000

F(1,30) = 785.627

Prob > F = 0.0000

F(1,30) = 477.443

Prob > F = 0.0000

F(1,30) = 532.280

Prob > F = 0.0000

Multicollinearity/Variables

VIF

MNSCHOOL

2.1

2.04

2.1

2.04

GDPPC

1.77

1.77

1.77

1.77

URBAN

1.28

1.27

1.28

1.27

GOVEXP

1.25

1.29

1.25

1.29

PRUND

1.18

-

1.18

-

AVRDES

-

1.14

-

1.14

Mean VIF

1.51

1.50

1.51

1.5