Table 2 Pooled versus random-effect regressions, Eurasia region

Human development

10.246 {1.016}

(0.288)***

6.947 {0.689}

(0.539)***

4.154 {0.412}

(0.636)***

Power distance

−0.007 {−0.108}

(0.002)***

−0.010 {−0.148}

(0.005)**

−0.013 {−0.192}

(0.009)

Individualism

−0.0001 {−0.002}

(0.0019)

0.009 {0.145}

(0.005)*

0.016 {0.258}

(0.008)**

Masculinity

0.002 {0.031}

(0.002)

0.003 {0.048}

(0.004)

0.004 {0.064}

(0.007)

Uncertainty avoidance

−0.003 {−0.045}

(0.001)***

−0.001 {−0.017}

(0.003)

−0.0002 {−0.003}

(0.006)

Time-specific effect 2003–2007

−0.455 {−0.143}

(0.085)***

−0.247 {−0.077}

(0.053)***

−0.070 {−0.022}

(0.049)

Time-specific effect 2008–2012

−0.914 {−0.287}

(0.090)***

−0.520 {−0.163}

(0.076)***

−0.186 {−0.058}

(0.081)**

Time-specific effect 2013–2017

−1.009 {−0.316}

(0.092)***

−0.550 {−0.173}

(0.085)***

−0.161 {−0.050}

(0.093)*

Intercept

2.721

(0.251)***

4.612

(0.558)***

6.213

(0.902)***

Observations

104

104

106

Countries

26

26

26

Adjusted R squared

0.954

R squared

0.922

Heteroskedasticity test

0.04 [0.840]

Linearity test

1.81 [0.152]

Random-effect test

55.27 [0.000]

Normality test (residuals)

AIC/BIC

−21.774/7.314