| Variable | Parameter | SE | Pr > |t| | Parameter | SE | Pr > |t| | Parameter | SE | Pr > |t| |
| Intercept | −13.733 | 13.559 | 0.313 | −6.571 | 5.467 | 0.231 | −23.609 | 13.324 | 0.079 |
| Eco_stage | 4.126 | 2.461 | 0.096 | 3.074 | 2.381 | 0.199 | |||
| GDP_PPP | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.001 | |||
| Institutions | −0.295 | 0.071 | <0.0001 | −0.287 | 0.060 | <0.0001 | −0.341 | 0.070 | <0.0001 |
| Press_freedom | −0.010 | 0.038 | 0.793 | 0.021 | 0.033 | 0.530 | 0.007 | 0.037 | 0.843 |
| ELF | 1.046 | 5.459 | 0.848 | −3.962 | 5.071 | 0.436 | −3.725 | 5.419 | 0.493 |
| HDI | −0.103 | 0.072 | 0.153 | −0.123 | 0.049 | 0.014 | −0.169 | 0.071 | 0.020 |
| Adj. R-squared | 0.3545 | 0.3811 | 0.4056 | ||||||
| N | 132 | 155 | 132 |