The results of the LM test conducted to test for the presence of two-way effects emphasize the fact that a twoway
effect model is suitable for our given dataset, as we do not have enough evidence to accept the null hypothesis
(chisq= 29542, p-value= 0.000), and therefore we assume that significant individual and time specific effects are
present. Although the Hausman test shows that fixed effects are present, when estimating the two-way fixed effect
panel model,