According to Zarzeski (1996):

Question

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Zarzeski (1996) found that entities located in countries classified as relatively more individualistic and masculine and relatively lower in terms of uncertainty avoidance are more likely to provide greater levels of disclosure. This is because these cultures place a greater emphasis on transparency and individual achievement.

Answer: C 
 Zarzeski (1996) found that entities from continental European countries, such as France and Germany, which have historically tended to rely more heavily on debt financing than Anglo-American companies, have higher levels of disclosure than Anglo-American companies. This is because these countries have stronger legal and cultural pressures for transparency and accountability in the use of debt financing.