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While many factors contribute to peace, economic and governmental factors are considered essential litmus tests for determining peace levels. This study aims to examine the impacts of World Governance Index (WGI) variables on the Global Peace Index (GPI) which ranges from 0 (very high) to 5 (very low).

The GPI serves as a key indicator of peace levels. Valid data from two databases covering 161 countries from 2008 to 2022 were collected and analyzed by using a logarithmic panel data regression model. This approach ensures robust results, particularly when endogenous and exogenous variables have different measurement units.

According to the Feasible Generalized Least Squares (FGLS) estimators, five WGI components exhibit inverse relationships with the GPI (increasing WGI components leads to a decline in GPI, indicating an enhancement in peace quality). The most significant factor influencing peace is “Political Stability and Absence of Violence/Terrorism”, while the effects of “Voice and Accountability” and “Control of Corruption” are also noted.

Extant studies have largely overlooked the interaction between governance and peace, often relying on regional data (with neighboring countries) or case studies on local solutions. This paper, based on data from 161 countries, evaluates governance quality and its dimensions in relation to peace conditions on a global scale, providing more generalizable results for policymakers and scholars.