Abstract While the main aim of Non-GAAP Financial Measures (NGFMs) is to increase the comparability of the performance, many studies highlight an opportunistic use aimed at distorting investors’ decisions. A recent stream of literature suggests that the conditions in which the company operates affect how NGFMs are used. Many studies focus on the impact of company-specific factors, while the role played by the institutional and cultural context remains scarcely investigated. This research analyses how institutional and cultural factors affect the propensity to disclose NGFMs, and both the materiality and the transparency of adjustments. The analysis is based on 1,731 quarterly press releases of 120 firms from the global Oil and Gas industry. The results show that the propensity to use NGFMs is reduced by a strong institutional system, while increased by the presence of a regulation on NGFMs’ disclosure and the adoption of International Financial Reporting Standards (IFRS). A strong legal system also reduces the materiality of the adjustments. Surprisingly, the presence of a regulation on NGFMs negatively affects the transparencyof the adjustments. Cultural factors, such as uncertainty avoidance and long-term orientation, reduce the propensity to disclose NGFMs and positively increase transparency. However, compared to institutional values, cultural factors play a less relevant role.

中文翻译：

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制度和文化因素对非 GAAP 财务指标使用的影响。来自石油和天然气行业的国际证据

摘要 虽然非 GAAP 财务指标 (NGFM) 的主要目的是提高业绩的可比性，但许多研究强调了一种旨在扭曲投资者决策的机会主义用途。最近的一系列文献表明，公司运营的条件会影响 NGFM 的使用方式。许多研究侧重于公司特定因素的影响，而制度和文化背景所发挥的作用仍然很少被调查。本研究分析了制度和文化因素如何影响披露 NGF​​M 的倾向，以及调整的重要性和透明度。该分析基于全球石油和天然气行业 120 家公司的 1,731 份季度新闻稿。结果表明，强大的制度体系降低了使用 NGFM 的倾向，同时由于对 NGFM 披露的规定和采用国际财务报告准则 (IFRS) 而增加。强大的法律体系也降低了调整的重要性。令人惊讶的是，对 NGFM 的监管会对调整的透明度产生负面影响。文化因素，如不确定性规避和长期导向，降低了披露 NGF​​M 的倾向并积极提高透明度。然而，与制度价值相比，文化因素的作用较小。对 NGFM 的监管会对调整的透明度产生负面影响。文化因素，如不确定性规避和长期导向，降低了披露 NGF​​M 的倾向并积极提高透明度。然而，与制度价值相比，文化因素的作用较小。对 NGFM 的监管会对调整的透明度产生负面影响。文化因素，如不确定性规避和长期导向，降低了披露 NGF​​M 的倾向并积极提高透明度。然而，与制度价值相比，文化因素的作用较小。