| Variable | Parameter | SE | Pr > |t| | Parameter | SE | Pr > |t| | Parameter | SE | Pr > |t| |
| Intercept | −0.636 | 56.674 | 0.991 | 21.213 | 49.157 | 0.669 | 18.111 | 71.868 | 0.803 |
| Eco_stage | −3.804 | 10.026 | 0.707 | −2.875 | 10.401 | 0.784 | |||
| GDP_PPP | −0.001 | 0.002 | 0.457 | −0.001 | 0.002 | 0.667 | |||
| Institutions | −0.533 | 0.195 | 0.011 | −0.759 | 0.159 | <0.0001 | −0.558 | 0.207 | 0.012 |
| Press_freedom | −0.183 | 0.129 | 0.166 | −0.212 | 0.100 | 0.040 | −0.176 | 0.132 | 0.193 |
| ELF | 0.250 | 15.522 | 0.987 | −6.985 | 12.555 | 0.581 | 0.030 | 15.768 | 0.999 |
| HDI | −0.281 | 0.286 | 0.335 | 0.009 | 0.305 | 0.976 | −0.161 | 0.400 | 0.692 |
| Adj. R-squared | 0.5277 | 0.5936 | 0.5131 | ||||||
| N | 33 | 45 | 33 |