How are cultural dimensions and governance quality related to socioeconomic development?

► Both Hofstede's cultural value dimensions and Schwartz's cultural values were related to both World Governance Indexes (WGI) and to Human Development Index (HDI). ► WGI was strongly related to HDI. ► The effects of indulgence vs. restrain, embeddedness, intellectual autonomy and affective autonomy on HDI were moderated by WGI. ► A path analysis showed that the effect of Hofstede's cultural value dimensions on HDI were totally mediated by WGI. ► In a path analysis about Schwartz's cultural values and HDI, the effect of embeddedness was partly mediated by WGI.