Certainly knowing the local culture will aid the business so that you don't make any errors that are unintentional but something that would be against the local culture. Even a gesture or a word can be offensive in another culture that would not be in yours. For example, in the Ukraine if you use your index finger to point at someone and curl it back and forth like you want them to come over and see you, that is an offensive gesture. You need to use your whole hand rather than the finger. Please provide the references.