Table 1.
Description of the variables in the regression models (N 350).
| Variable | Mean | Med | Min | Max | Std | Description | Reference |
|---|---|---|---|---|---|---|---|
| HDI | 0.87 | 0.88 | 0.70 | 0.95 | 0.05 | The Human Development Index is a composite measure of three key dimensions of human development, namely healthy and long life, knowledge and a decent standard of living | Asongu and Le Roux (2017), Aidt et al. (2018); Ranis (2004); Shahiduzzaman and Alam (2017) |
| GDPG | 1.80 | 1.98 | −14.72 | 25.56 | 3.66 | Annual gross domestic product growth (%) | Ranis (2004) |
| Gini | 31.39 | 30.95 | 22.50 | 52.40 | 6.14 | Gini index on income inequality | Srinivasan (1994) |
| PE | 11.76 | 11.58 | 5.54 | 18.27 | 2.42 | Public expenditure in education and health (as % of GDP) | Ranis et al. (2000) |
| MIMLI | 7.10 | 7.12 | 3.55 | 9.50 | 1.17 | The Modified ICT Maturity Level Index score | Asongu and Le Roux (2017); Brown and Brown (2008); Nouinou et al. (2015) |
| GNIPC | 37688.53 | 38760.00 | 7350.00 | 104860.00 | 20530.25 | Annual gross national income per capita | Srinivasan (1994) |
| Forest | 33.91 | 33.14 | 0.38 | 73.11 | 18.16 | Forest area (% of total land area) | Shahiduzzaman and Alam, 2014, Shahiduzzaman and Alam, 2017 |
| GovtEff | 1.31 | 1.46 | 0.09 | 2.35 | 0.53 | The perceptions of the quality of public and civil services, the degree of its independence from political pressures, the quality of policy formulation and implementation | Srinivasan (1994) |
| VoteShare | 34.95 | 35.30 | 15.36 | 67.84 | 9.47 | Share of votes received by the political parties which formed the government | Srinivasan (1994) |
| OverGovtIdeol | 5.79 | 6.44 | 2.50 | 8.66 | 1.81 | Overall ideological stance of ruling political parties in a particular country for a particular period. Each party’s overall ideology on a scale ranges between 0 (extreme left) and 10 (extreme right) | Aidt et al. (2018); Potrafke (2017) |
| Globalisation | 82.13 | 82.54 | 63.04 | 91.31 | 5.81 | KOF globalisation index is a composite indicator consists of economic, social and political globalisation of a country. The index score ranges from 1 to 100. The higher the score higher the degree of globalisation | Pleninger and Sturm (2020); Ulucak et al. (2020) |
| GFCE | 19.33 | 19.50 | 9.93 | 27.94 | 3.78 | Government final consumption expenditure (as % of GDP) | Andrašić et al. (2018); Machova and Kotlan (2013) |
| Exp | 50.20 | 41.23 | 10.65 | 222.70 | 32.39 | Total export earnings (as % of GDP) | Amirkhalkhali and Atul (2019); Konstantakopoulou (2017) |
| Inv | 23.00 | 22.69 | 9.82 | 41.54 | 4.53 | Total public and private investment (as % of GDP) | Andrašić et al. (2018); Ghosh (2019) |
Note: GDPG GDP growth, Gini Gini index, PE Public expenditure on the social sector, Forest Forest area, GovtEff government effectiveness, Vote Vote share of the elected government, and OverGovtIdeol Overall ideology of the government. Med: Median; Max: Maximum; Min: Minimum; Std.: Standard Deviation.