The impact of institutional factors components on economic growth

In this research, to investigate the effect of the components of institutional factors (voice and accountability, political stability and absence of violence, government effectiveness, regulatory quality, rule of law and control of corruption) on economic growth in 15 selected developing countries during the period from 2006 to 2020 using from the dynamic panel of Generalized Method of Moments (GMM) technique. The estimation results indicate that all the components of institutional factors have a positive effect on economic growth. Based on this, by improving and then expanding the components of institutional factors, it is possible to play a significant role in increasing economic growth.