Article History
Received: 23 November 2025
Revised: 27 February 2026
Accepted: 3 March 2026
First Online: 19 March 2026
Declarations
:
: Not applicable. This study uses secondary, publicly available and/or licensed firm-level data (e.g., CSMAR and publicly disclosed annual reports) and does not involve human participants, personal data, or animal subjects; therefore, ethical approval and informed consent were not required.
: The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.