Table 3. Cluster analysis Panel A: Mean...

Table 3.

Cluster analysis

Panel A: Mean values of institutional characteristics by cluster
	Cluster 1	Cluster 2	Cluster 3
Voice and accountability index	1.180	1.443	0.578
Voice and accountability standard deviation	0.142	0.144	0.135
Political stability index	0.484	0.847	0.104
Government effectiveness index	1.544	1.753	0.404
Government effectiveness standard deviation	0.222	0.222	0.212
Regulatory quality index	1.573	1.822	0.441
Regulatory quality standard deviation	0.222	0.225	0.208
Rule of law index	1.626	1.743	0.218
Rule of law standard deviation	0.167	0.168	0.163
Control of corruption index	1.659	1.908	−0.015
Control of corruption standard deviation	0.138	0.141	0.137

Panel A: Mean values of institutional characteristics by cluster
	Cluster 1	Cluster 2	Cluster 3
Voice and accountability index	1.180	1.443	0.578
Voice and accountability standard deviation	0.142	0.144	0.135
Political stability index	0.484	0.847	0.104
Government effectiveness index	1.544	1.753	0.404
Government effectiveness standard deviation	0.222	0.222	0.212
Regulatory quality index	1.573	1.822	0.441
Regulatory quality standard deviation	0.222	0.225	0.208
Rule of law index	1.626	1.743	0.218
Rule of law standard deviation	0.167	0.168	0.163
Control of corruption index	1.659	1.908	−0.015
Control of corruption standard deviation	0.138	0.141	0.137

Panel B: Cluster membership of countries

Cluster 1

Cluster 2

Cluster 3

France

Australia

Brazil

Japan

Canada

China

Hong Kong

Denmark

Greece

United Kingdom

Germany

Italy

USA

Luxembourg

Namibia

The Netherlands

Republic of South Korea

New Zealand

Sri Lanka

Switzerland

Panel C: Pervasiveness of IR release by cluster
	IR adopters		IR non-adopters
Cluster	No. of companies	No. of observations	No. of companies	No. of observations
1	85	474	57	205
2	31	301	20	54
3	23	154	2	21
Total	139	929	79	280