“…Several papers have found that the adoption of IDD has significant economic effects on firm outcomes, such as changes in the capital structure (Klasa et al., 2018), investments (Bai et al., 2020; Qiu & Wang, 2018), disclosure behavior (Ali et al., 2019; Yan Li & Li, 2020), cost structure (F. Gao & Wang, 2018), tax avoidance (N. Li et al., 2022) and merger and acquisition activities (D. Chen et al., 2021). Others have found that IDD has influenced managers’ risk‐taking preferences by altering career concerns, thereby exacerbating agency risk‐related problems (Islam et al., 2020).…”