| Independent Variable (Causal Variables) | R Square “Percentage of Explained Variation” | Effect on Shadow Economy | Hypothesis | Result |
| Entrepreneurial Ecosystem | 0.851 | 85.1% | H8 | Supported |
| Unemployment | 0.574 | 57.4% | H4 | Supported |
| Size of Agriculture Sector | 0.392 | 39.2% | H6 | Supported |
| Total Tax/GDP | 0.323 | 32.3% | H1 | Supported |
| Self-Employment Rate | 0.203 | 20.3% | H5 | Supported |
| Fairness of Income Distribution | 0.145 | 14.5% | H7 | Supported |
| Corruption/Quality of Institution | 0.111 | 11.1% | H3 | Supported |
| Intensity of Regulation | 0.098 | 9.8% | H2 | Supported |