Drawing upon the institutional approach of legitimacy theory and Hofstede's cultural model, this study (a) examines the improvement of integrated thinking (IT) after applying integrated reporting (IR) policies, (b) compares the policy effects in policy‐driven adoption and voluntary adoption and (c) explores the cross‐country differences from the perspective of culture and policy convergence. We collect data from countries with corporate governance codes encouraging IR (i.e., Australia, Japan and Malaysia). We first use a difference‐in‐differences (DID) design to compare policy‐driven adoption with voluntary adoption in each country. Then, we use the treatment‐effect model to examine the influence of culture and policy convergence. The DID results indicate an increase in IT after applying IR policies, but the effect of IR policies on promoting IT is limited in policy‐driven adoption. The treatment effect model results show that power distance and uncertainty avoidance will promote IR adoption, and long‐term orientation and detailed guidance can mitigate the worse performance in policy‐driven adoption. Our suggestions may help countries adjust their IR policy to improve policy effectiveness based on different cultural settings. Furthermore, our study provides quantitative evidence of the relationship between policy‐driven IR and IT and innovative insights into the cross‐country analysis for further IR research.

中文翻译：

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政策驱动的综合报告和综合思维：跨国分析


借鉴合法性理论的制度方法和 Hofstede 的文化模型，本研究 （a） 考察了应用综合报告 （IR） 政策后综合思维 （IT） 的改进，（b） 比较了政策驱动采用和自愿采用的政策效果，以及 （c） 从文化和政策趋同的角度探讨了跨国差异。我们从公司治理准则鼓励投资者关系的国家/地区（即澳大利亚、日本和马来西亚）收集数据。我们首先使用双重差分 （DID） 设计来比较每个国家/地区的政策驱动型采用与自愿采用。然后，我们使用治疗效应模型来检查文化和政策趋同的影响。DID 结果表明，应用 IR 策略后 IT 有所增加，但 IR 策略对促进 IT 的影响在策略驱动的采用中是有限的。处理效应模型结果表明，权力距离和不确定性规避将促进 IR 的采用，长期导向和详细指导可以减轻政策驱动采用中的较差表现。我们的建议可以帮助各国根据不同的文化背景调整其 IR 政策，以提高政策有效性。此外，我们的研究为政策驱动的 IR 和 IT 之间的关系提供了定量证据，并为进一步的 IR 研究提供了对跨国分析的创新见解。