“…For the set of the ESG determinants, the authors use data from the International Country Risk Guide (ICRG) and specifically measures of political institutions (corruption, law and order, civil disorder, civil war, ethnic tensions, foreign pressures, military in politics, and religious tensions), economic institutions (economic and financial risk rating), and macroeconomic variables (real per capita GDP, inflation, trade openness). For comparability and ease of interpretation [101] and following the literature [102][103][104][105], the authors have rescaled the political and economic institutions from ICRG between 0 and 1 (0 ≤ x ≤ 1), where the lowest point 0 indicates low values and the highest point 1, high values.…”