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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
The Relationship Between Institutional Factors and Economic
Success of Countries
Author(s): Elvis Rambanapasi
Citation: Elvis Rambanapasi, (2012) "The Relationship Between Institutional Factors and Economic
Success of Countries," Vol. 13, Iss. 4, pp. 72-84
Article Type: Research paper
Publisher: North American Business Press
Abstract:
The purpose of this study is to identify a set of institutional factors that may be considered as critical for
the economic success of a broad range of countries. Using data from the United Nations, Transparency
International, Political Risk Services, Geert Hofstede, and the U.S. Central Intelligence Agency this study
identified five variables that explained approximately 70% of the variance in the economic status of 65
countries. These variables included, individualism, corruption, gender inequality, political stability, and
women’s tertiary education with the measure of economic status identified as GDP /cap/ppp. Results,
limitations, implications and suggested future research are discussed.
