Note(s): Table 9 reports the moderation analysis examining whether the business environment, board diligence, and board age diversity alter the relationship between hierarchical culture and independent directors' social status. Column (1) tests the moderating role of the regional business environment. Column (2) examines the moderating effect of board diligence. Column (3) evaluates the moderating role of board age diversity. ***, **, and * indicate significance at the 1%, 5%, and 10% levels and standard errors are reported in parentheses