Table 1 Correlation matrix and principal component analysis results

Panel A1: Governance indicators' correlation matrix results

Effectiveness

Stability

Corruption

Regulation

Law

Accountability

Effectiveness

1.000

Stability

0.647

1.000

0.000

Corruption

0.824

0.712

1.000

0.000

0.000

Regulation

0.914

0.660

0.783

1.000

0.000

0.000

0.000

Law

0.899

0.772

0.865

0.878

1.000

0.000

0.000

0.000

0.000

Accountability

0.650

0.642

0.635

0.681

0.754

1.000

0.000

0.000

0.000

0.000

0.000

Panel A2: Principal component results

Components

Eigenvalue

Difference

Proportion

Cumulative

Component 1

4.787

4.321

0.798

0.798

Component 2

0.466

0.087

0.078

0.876

Component 3

0.379

0.168

0.063

0.939

Component 4

0.211

0.122

0.035

0.974

Component 5

0.089

0.021

0.015

0.989

Component 6

0.068

0.011

1.000

Panel A3: Principal component eigenvector results

Variables

Component 1

Component 2

Component 3

Component 4

Component 5

Component 6

Unexplained

Effectiveness

0.424

-0.428

0.101

-0.192

-0.380

0.667

0.000

Stability

0.375

0.539

-0.661

-0.327

0.058

0.147

0.000

Corruption

0.412

-0.191

-0.275

0.793

0.294

0.053

0.000

Regulation

0.422

-0.335

0.182

-0.451

0.628

-0.282

0.000

Law

0.442

-0.060

-0.008

0.022

-0.607

-0.658

0.000

Accountability

0.369

0.612

0.667

0.159

0.059

0.135

0.000

Panel B1: ITC indicators correlation matrix results

Internet

Mobile

Internet

1.000

Mobile

0.812

1.000

0.000

Panel B2: Principal Component results

Components

Eigenvalue

Difference

Proportion

Cumulative

Component 1

1.812

1.624

0.906

0.906

Component 2

0.188

0.094

1.000

Panel B3: Principal component eigenvector results

Variables

Component 1

Component 2

Unexplained

Internet

0.707

0.707

0.000

Mobile

0.707

-0.707

0.000