This study explores the relationship between the Hofstede's cultural values of indulgencerestraint, long-term-short-term orientation, and risk aversion in 53 developed and developing countries. The author used linear multiple regression analysis, controlled for the countries' per capita income, and religiosity secondary data from multiple sources to test the two hypotheses. These sources include Hofstede's Cultural Study in 2010; Relative Risk Aversion Around the World; the Country-level Religiosity Index; and the World Bank Group.
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