| Variable | Parameter | SE | Pr > |t| | Parameter | SE | Pr > |t| | Parameter | SE | Pr > |t| |
| Intercept | 1.488 | 30.502 | 0.962 | 32.525 | 32.485 | 0.323 | 10.819 | 38.701 | 0.782 |
| Eco_stage | 6.087 | 5.396 | 0.269 | 6.549 | 5.601 | 0.253 | |||
| GDP_PPP | 0.000 | 0.001 | 0.848 | 0.000 | 0.001 | 0.691 | |||
| Institutions | −0.312 | 0.105 | 0.006 | −0.287 | 0.105 | 0.010 | −0.325 | 0.111 | 0.007 |
| Press_freedom | −0.026 | 0.069 | 0.715 | 0.034 | 0.066 | 0.613 | −0.022 | 0.071 | 0.758 |
| ELF | 3.244 | 8.354 | 0.701 | 2.500 | 8.297 | 0.765 | 3.135 | 8.491 | 0.715 |
| HDI | 0.051 | 0.154 | 0.742 | 0.143 | 0.201 | 0.483 | 0.111 | 0.216 | 0.611 |
| Adj. R-squared | 0.210 | 0.094 | 0.185 | ||||||
| N | 33 | 45 | 33 |