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Article History

Received: 3 July 2025

Accepted: 3 January 2026

First Online: 2 February 2026

Declarations

:

: The authors declare no competing interests.

: The study relies on publicly available financial and macroeconomic data, including firm-level financial information from Datastream and country-level indicators from the World Bank and Transparency International. No personal or sensitive data were used, and no ethical approval was required for the use of these sources.

: Not applicable, as the study does not involve human participants.