“…The choice of the estimation approach is consistent with the attendant literature on the need for an empirical strategy to be consistent with the behavior of the corresponding data and problem statement (Kou, Lu, Peng & Shi, 2012;Kou, Peng & Wang, 2014;Kou, Ergu, Chen, Lin, 2016;Kou, Chao, Peng & Alsaadi, 2019a;Kou, Yang, Xiao, Chen & Alsaadi, 2019b;Tchamyou, Asongu & Odhiambo, 2019b). Given that the estimation technique is based on Hansen (1999Hansen ( , 2000 and (ii) the Panel Smooth Transition Regression (PSTR) from Gonzalez, Terasvirta and van Dijk (2005) and Gonzalez, Terasvirta, van Dijk and Yang (2017).…”