“…Finally, to capture the firm’s home country tendency toward individualism vs collectivism, we use the 2007 version of the “individualism index” developed and annually updated by Hofstede Insights , thereby building on the renowned work of Hofstede (1991, 1980). This measure has been used in seminal studies in a plethora of management, economic, and organizational disciplines (Block et al, 2019; Oosterbeek et al, 2004), and ranges between 0 and 100, where values closer to 100 denote more individualist cultures, and values closer to 0 indicate more collectivist cultures. To enhance the interpretation of the results, we recoded the individualism index (100 – index score ) to reflect the country’s level of collectivism , including the latter in our analyses.…”