This research aimed to investigate heterogeneity regarding governance, agricultural productivity, and food security between developed and developing nations. Utilizing a three-stage least squares (3SLS) simultaneous equation model, this study found that governance could positively impact food security through capital accumulation and agricultural productivity in both developed and developing countries. However, the magnitude of these effects differed significantly between country groups, with developed countries showing stronger governance-food security linkages than developing countries. This study reaffirms the importance of governance while showcasing its potential to vary based on a country’s economic level. Additionally, it sheds comprehensive light on impacts of agricultural production and agricultural capital accumulation on food security.

ABSTRACT
INTRODUCTION
THEORETICAL BACKGROUNDS
    Defining and Measuring Food Security
    Defining and Measuring Governance and its Impacton Agriculture
    Heterogeneous Impacts on Developed and DevelopingCountries
METHODOLOGICAL FRAMEWORKS
    Agricultural Production Function
    Three-Stage Least Squares (3SLS) Methodology
DATA AND VARIABLES
RESULTS AND POLICY IMPLICATIONS
CONCLUSION
적 요
REFERENCES
Appendix 1. List of countries.
Appendix 2. Descriptive Statistics for Variables.
Appendix 3. Model Estimates (1-2) - Full.
Appendix 4. Model Estimates (3-4) - Full.

• Hyunju Park(Department of Agricultural & Consumer Economics, University of Illinois at Urbana-Champaign, USA) | 박현주 (일리노이 대학교 어바나-샴페인 농업소비자경제학과)
• Sang Hyeon Lee(Department of Food and Resource Economics, Korea University, South Korea) | 이상현 (고려대학교 식품 자원 경제학과) Corresponding author