“…Some scholars argue that it is very important to account for the convexityconcavity nature of such relations [23]. Besides, from the perspective of the regions involved in the ESG-related research objects, previous literature mainly interested in developed countries such as the United States [24][25][26][27], Germany [2,28], the United Kingdom [12], Japan [18] and Australia [17,29], followed by developing countries, especially emerging economies such as China [4,30], India [21], Malaysia [13,14]. Other studies take a global perspective, covering a wider range of countries [3,5,6,16,20,22,[31][32][33][34][35].…”