Code:
πΏπ‘’π‘£π‘’π‘Ÿπ‘Žπ‘”π‘’ π‘Ÿπ‘Žπ‘‘π‘–π‘œπ‘–,π‘˜,𝑑 = Ξ± + Ξ² ∗ Hofstede′s Cultural dimensionsπ‘˜ + Ξ³1 ∗ Firm level variables𝑖,π‘˜,𝑑 + Ξ³2 ∗ Country level variablesπ‘˜,𝑑 + Ξ΄ ∗ Year dummies𝑑 + Ρ𝑖,π‘˜,�
Code:
πΏπ‘’π‘£π‘’π‘Ÿπ‘Žπ‘”π‘’ π‘Ÿπ‘Žπ‘‘π‘–π‘œ= Ξ± + Ξ² ∗ Independent cariables + Ξ³1∗ Firm level  control variables + Ξ³2 ∗ Country level control variables + Ξ΄ ∗ Year dummies