We express gratitude to Andres Lozano and Lily Polic for their extensive efforts in hand-collecting the data used in this study. We also thank the participants at the 2018 Financial Markets and Corporate Governance Conference, the 2018 European Accounting Conference, and to the seminar participants at the University of Mannheim, for their helpful comments. We have benefited from the constructive feedback provided by the two anonymous reviewers and the associate editor Beatriz García Osma. Special thanks go to Paul Mather and Ted Christensen for their feedback, and to Dirk Black who kindly guided us in the calculation of the consistency and comparability measures. Luisa Unda acknowledges financial support from an Early Career Research Grant from the Monash Business School at Monash University. Sue Wright acknowledges financial support from the UTS Business School at University of Technology Sydney.