Long term orientation Masculinity Individualism Uncertainty avoidance Power distance

Rank b Index Rank a Index Rank a Index Rank a Index Rank a Index

26 20 11 18 20 5 38 48 18 38 Germany

27 25 19 10 52 30 49 50 6 40 Brazil

10 19 27 39 48 29 22 49 5 59 Japan

5 51 25 31 17 11 57 21 45 31 France

6 40 30 50 10 30 12 10 50 30 Indonesia

A1 = highest rank: 60 = lowers' rank

B1= highest rank: 30 = lowest rank

Required:

Using gray's hypothesis relating culture to the accounting value of conservatism, answer the following:

A) rank countries according to the level of conservatism (from 1; high conservatism to 5; low conservatism).

B) rank countries according to the level of disclosure (from 1; high disclosure to 5; low level of disclosure).