Note(s): Table 2 presents the OLS regression results on the effect of hierarchical culture on independent directors' social status. Column (1) reports the estimated regression coefficients without firm and year fixed effects. Column (2) presents the bivariate regression results with firm fixed effects and year fixed effects. Column (3) includes both firm and year fixed effects and additionally controls firm-level and executive-level characteristics. ***, **, and * indicate significance at the 1%, 5%, and 10% levels and standard errors are reported in parentheses. See  Appendix for definitions of all variables