| Hypothesis | Description | Results |
| H1 | There is a significant relation between Total Tax/GDP and Size of Shadow Economy | Supported |
| H2 | There is a significant relation between Intensity of Regulation and Size of Shadow Economy | Supported |
| H3 | There is a significant relation between Corruption/Quality of public institutions and Size of Shadow Economy | Supported |
| H4 | There is a significant relation between Unemployment Rate and Size of Shadow Economy | Supported |
| H5 | There is a significant relation between Self-employment Rate and Size of Shadow Economy | Supported |
| H6 | There is a significant relation between Size of the Agricultural Sector and Size of Shadow Economy | Supported |
| H7 | There is a significant relation between Fairness of Income Distribution and Size of Shadow Economy | Supported |
| H8 | There is a significant relation between Entrepreneurial Ecosystem and Size of Shadow Economy | Supported |
| H9 | There is a significant relation between Size of Shadow Economy and Real GDP Growth Rate | Not Supported |
| H10 | There is a significant relation between Size of Shadow Economy and Coins and Currency in Circulation | Not Supported |
| H11 | There is a significant relation between Size of Shadow Economy and Labor Force Participation Rate | Supported |
| H12 | There is a significant relation between Size of Shadow Economy and Inflation | Not Supported |