| Variable | Parameter | SE | Pr > |t| | Parameter | SE | Pr > |t| | Parameter | SE | Pr > |t| |
| Intercept | 13.685 | 8.653 | 0.116 | −7.118 | 3.838 | 0.066 | 9.880 | 8.755 | 0.261 |
| Eco_stage | −3.446 | 1.570 | 0.030 | −3.851 | 1.565 | 0.015 | |||
| GDP_PPP | 0.000 | 0.000 | 0.159 | 0.000 | 0.000 | 0.046 | |||
| Institutions | −0.065 | 0.046 | 0.156 | −0.085 | 0.042 | 0.047 | −0.082 | 0.046 | 0.074 |
| Press_freedom | −0.042 | 0.024 | 0.090 | −0.048 | 0.023 | 0.042 | −0.035 | 0.024 | 0.153 |
| ELF | 10.077 | 3.484 | 0.005 | 4.746 | 3.560 | 0.185 | 8.240 | 3.561 | 0.022 |
| HDI | −0.002 | 0.046 | 0.968 | −0.087 | 0.035 | 0.014 | −0.027 | 0.047 | 0.565 |
| Adj. R-squared | 0.484 | 0.3681 | 0.4962 | ||||||
| N | 132 | 155 | 132 |