| Variable | Parameter | SE | Pr > |t| | Parameter | SE | Pr > |t| | Parameter | SE | Pr > |t| |
| Intercept | 46.681 | 17.552 | 0.009 | 51.961 | 17.913 | 0.004 | 52.737 | 16.722 | 0.002 |
| Eco_stage | −7.473 | 3.186 | 0.021 | −7.361 | 2.999 | 0.015 | |||
| GDP_PPP | −6.910 | 3.201 | 0.033 | 0.000 | 0.000 | 0.220 | |||
| Institutions | −0.676 | 0.092 | <0.0001 | 0.000 | 0.000 | 0.174 | −0.695 | 0.090 | <0.0001 |
| Press_freedom | −0.159 | 0.050 | 0.002 | −0.652 | 0.094 | <0.0001 | −0.165 | 0.048 | 0.001 |
| ELF | −14.591 | 7.067 | 0.041 | −0.168 | 0.050 | 0.001 | −12.796 | 6.985 | 0.069 |
| HDI | 0.011 | 0.093 | 0.906 | −12.041 | 7.285 | 0.101 | 0.070 | 0.089 | 0.434 |
| 0.04604 | 0.09602 | 0.6324 | |||||||
| Adj. R-squared | 0.7982 | 0.7898 | 0.7996 | ||||||
| N | 132 | 155 | 132 |