“…Besides the classical control variables in this type of research, we also controlled for differences among countries, as level of income (McWilliams & Siegel 2001) and institutional disparity (Aguilera & Cuervo-Cazurra 2004;Esty & Porter 2005;Chiu & Sharfman 2011;Rodrigo et al 2015), as both might influence CSP and profitability. To control for power of purchase in each country, GDP per capita (power purchase parity) (GDPPC) was used, and institutional differences were assessed by the mean of the six Worldwide Governance Indicators (GOV) whose goal is to measure these differences (Kaufmann et al 2011): voice and accountability, political stability and no violence, government effectiveness, regulatory quality, rule of law, and corruption control.…”