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Article History

Received: 4 November 2024

Accepted: 28 April 2026

First Online: 14 May 2026

Competing interests

: The authors declare no competing interests.

: This study did not involve human participants, human tissues, animals, or identifiable personal data. Therefore, ethical approval was not required for this research. All analyses were conducted using secondary firm-level data in accordance with relevant institutional and national guidelines and regulations. This study did not involve human participants or personal data. The analysis was conducted using publicly available, anonymized data from industrial firms, which does not require ethical approval. All data handling procedures complied with relevant guidelines and regulations to ensure confidentiality and data integrity.

: This study did not involve human participants or identifiable personal data; therefore, informed consent was not required.