Table 1 Descriptive and correlation statistics
Panel A: Descriptive statistics (panel dataset) | ||||
| Â | Mean (Standard deviation) | |||
| Â | Observation | Asia and Europe | Asia | Europe |
HDI | 104 | 0.765 (0.138) | 0.683 (0.149) | 0.830 (0.069) |
Power distance | 104 | 62.5 (20.510) | 71.308 (13.926) | 53.692 (22.304) |
Individualism | 104 | 44.5 (22.369) | 27.231 (11.210) | 61.769 (16.635) |
Masculinity | 104 | 47.5 (22.179) | 52.923 (25.331) | 42.077 (26.428) |
Uncertainty avoidance | 104 | 57.038 (22.584) | 49.615 (22.932) | 64.462 (19.794) |
Real per capita gross domestic product | 104 | 22,692.92 (21,518.39) | 12,894.69 (15,814.85) | 32,491.15 (22,119.59) |
Panel B: Correlation statistics (panel dataset combining Asia and Europe) | ||||
| Â | HDI | Power distance | Individualism | Masculinity |
Power distance | −0.381 |  |  |  |
Individualism | 0.526 | −0.598 |  |  |
Masculinity | −0.066 | 0.487 | −0.147 |  |
Uncertainty avoidance | 0.146 | −0.087 | 0.140 | 0.062 |
Panel C: List of countries | ||||
Asia | Europe | |||
China | Nepal | Belgium | Latvia | |
Hong Kong | Pakistan | Croatia | Norway | |
India | Philippines | Czech Republic | Serbia | |
Indonesia | Singapore | Estonia | Slovakia | |
Iran | South Korea | Finland | Sweden | |
Japan | Thailand | France | United Kingdom | |
Malaysia | Â | Germany | Â | |
Panel D: List of Western-Europe countries (including two southwestern countries) | ||||
Belgium | Netherlands | Ireland | Spain | |
France | Portugal | Luxembourg | United Kingdom | |