“…Previous studies suggest that Hofstede's dimensions of cultural differences might explain the differences in some, but not in all CDMS (Durvasula et al, 1993;Leng & Botelho, 2010;Leo et al, 2005;Lysonski et al, 1996), while some differences may exist due to the different stages of economic development, the level of income and the standard of quality of goods and services, and different consumer perceptions as well (Anić, Piri Rajh, & Rajh, 2014;Leo et al, 2005;Zeithaml, 1985). Hofstede's typology of culture includes five dimensions (Hofstede, 1980): (1) Power distance (PDI, i.e., the degree of equality among people in society that deals with inequality in prestige, wealth and power); (2) Individualism vs. collectivism (IND, i.e., the degree to which people act as a group or as individuals); (3) Masculinity vs. femininity (MAS, i.e., the degree to which masculine and feminine values are distinct); (4) Uncertainty avoidance (UAI, i.e., the degree to which people are able to tolerate ambiguity); (5) Long-term orientation (LTO, i.e., the degree to which people delay gratification of their material, social and emotional needs).…”