No not directly, the amount paid by the advertiser determines the CPC and there are multiple things which determine which ad is show, mainly the content of the site, geo location of the viewer, the viewers browsing history etc.
Obviously there may be indirect things where the location of the publisher could have an indirect effect. The location of the hosting company could have a slight effect, as could the type of content added (or the fact that new content isn't being added).
In Short: The country of the viewer is more important than the country of the publisher.
Obviously there may be indirect things where the location of the publisher could have an indirect effect. The location of the hosting company could have a slight effect, as could the type of content added (or the fact that new content isn't being added).
In Short: The country of the viewer is more important than the country of the publisher.