Does location matter?

In Slate, Joel Waldfogel describes a study on the impact of family succession in firms. It is bad, by the way. Here is the final paragraph of the Slate piece:

Like all studies, this one has limits—chiefly that it is limited to Danish firms. But we are left with the conclusion that showing favor to family members in the executive suite isn’t bad just for other CEO candidates. It’s bad for firms’ performance as well. To paraphrase the Bard, something nepotistic is rotten in the state of Denmark. [emphasis added]

I am left wondering whether this qualification would have been stated had the data been from the US or even from a US state. I have never seen that type of qualification but routinely see it for anywhere else.