Cultural dimension index scores developed by Hofstede for six countries are reported in the table below.

Using Grays hypothesis relating culture to the accounting value of secrecy, rate these six countries as relatively high or relatively low with respect to the level of disclosure you would expect to find in financial statements. Which countries would be expected to have the highest/lowest level of secrecy?

	Power Distance		Uncertainty Avoidance		Individualism		Masculinity		Long-Term Orientation
Country	Index	Rank	Index	Rank	Index	Rank	Index	Rank	Index	Rank
Belgium	65	20	94	56	75	8	54	22	38	18
Brazil	69	14	76	2122	38	2627	49	27	65	6
Korea (South)	60	2728	85	1617	18	43	39	41	75	5
Netherlands	38	40	53	35	80	4-5	14	51	44	1112
Sweden	31	4748	29	4950	71	10-11	5	53	33	20
Thailand	64	2123	64	30	20	39-41	34	44	56	8

Multiple Choice

• Korea/Brazil

• Korea/Sweden

• Cannot be calculated with the information provided