1. Introduction
In recent years, natural disasters, major emergencies, trade frictions, rapid changes in consumer demand, and shortened product iteration cycles have led to a gradual increase in supply chain disruption risks and significantly higher management complexity (Li Shunyong et al., 2025) [
1], making the vulnerability of global supply chains increasingly prominent. Against this backdrop, enhancing supply chain resilience is not only a key measure to ensure sustainable development for countries worldwide, especially China, but also an important foundation for building a manufacturing powerhouse (Jiang Zhongzhong et al., 2025) [
2]. Meanwhile, as environmental awareness rises and policies are implemented, companies face increasing social regulatory pressure, needing to continuously adjust and implement sustainable supply chain networks to meet policy and environmental requirements. Therefore, the question of how to enhance supply chain resilience while balancing the Sustainable Development Goals has become a frontier issue of concern for both academia and industry. In the context of supply chain risk and resilience analysis, Bayesian networks have emerged as a powerful probabilistic graphical modeling tool, as comprehensively reviewed by Hosseini and Ivanov (2020) [
3]. Meanwhile, recent studies have explored resilient supply chain network design under super-disruptions using data-driven stochastic optimization approaches (Vali-Siar et al., 2026) [
4].
Regarding factors influencing supply chain resilience, empirical research conducted by Ma Xiaoyu et al. (2023) [
5] found that flexibility, agility, remodelability, visibility, and supply chain cooperation can all positively affect supply chain resilience, but none of these factors alone constitute a necessary condition for high resilience; high resilience can instead be achieved through multi-factor collaborative configuration. Tao Feng et al. (2023) [
6] took the perspective of industrial and supply chain resilience; they found that downstream enterprises’ digital transformation can enhance the resilience of industrial and supply chains by optimizing supply–demand matching, stabilizing supply–demand relationships, and improving supplier innovation capabilities. Zhang Shushan et al. (2023) [
7] showed that smart logistics can significantly enhance supply chain resilience. According to theoretical and empirical evidence, smart logistics empowers supply chain resilience.
In terms of specific industry applications, Du Wenwen et al. (2024) [
8] used the ANP-VIKOR model to evaluate the resilience of cold chain logistics supply chains. By constructing a network architecture model and using Super Decisions software to calculate weights, they found that low information sharing and market demand are the most important factors restricting the resilience of cold chain supply chains. Zhu Xinjian et al. (2026) [
9] used the DEMATEL-ISM-MICMAC method for their analysis; they found that the IoT, big data, and blockchain are the main drivers of improvements in supply chain resilience. Among them, blockchain can compensate for the disadvantages of other technologies and enhance the reliability of information transmission. From the perspective of supply chain spillover, Yuan Yehu et al. (2025) [
10] found that enterprise digital transformation can significantly improve supply chain resilience, with effects varying by stage. From the enterprise perspective, a supplier’s resilience usually refers to their ability to be restored to their original or an even more ideal state after being disturbed (Wang Xinyu et al., 2025) [
11]. According to Wang Yuhao et al. (2024) [
12], based on micro-level evidence from Chinese listed companies, the development of cross-border e-commerce can significantly enhance the resilience of enterprise supply chains. Cross-border e-commerce empowers enterprises to enhance supply chain resilience. Song Donglin et al. (2024) [
13] found, based on social network analysis, that digital transformation can significantly enhance the capabilities of the supply chain in three areas and indirectly enhance resilience by reducing transaction costs and improving supply quality. Cai Yongmei et al. [
14] (2026) found that data assets can significantly enhance supply chain resilience, and the mechanism lies in simultaneously improving internal and external governance levels within enterprises. He Guosheng et al. (2026) [
15] empirically found that patient capital improves supply chain resilience by enhancing corporate innovation capabilities and increasing relational investment. Li Ting et al. (2026) [
16] used dynamic QCA methods from the perspective of digitalization and green synergy, identifying three configuration paths: organization-led/digital-technology-driven, regulatory-multi-element collaboration, and green innovation-led pathways. Xue Yang et al. (2026) [
17] used dual machine learning methods to find that the marketization of data elements significantly improves supply chain resilience by enhancing enterprises’ coordination, integration, learning, absorption, and transformation capabilities. Wang et al. (2025) [
18] conducted a quantitative analysis of resilience factors in the coal power supply chain using fuzzy DEMATEL, ISM, and ANP methods, providing insights into the mechanisms driving supply chain resilience. Lee et al. (2026) [
19] developed an ANP-based decision framework for ESG-driven green supply chain management, demonstrating the applicability of ANP in sustainability-oriented supply chain contexts.
At the methodological level, previous studies—such as the fuzzy multi-criteria modeling method used by Domínguez and Carnero (2020) [
20] in decision making regarding medical technology updates—share a similar methodological intent, aiming to reduce the uncertainty inherent in expert judgments. The novel surface fuzzy AHP method proposed by Simjanović et al. (2023) [
21] focuses on improving the representation of fuzzy numbers. Nguyen et al. (2021) [
22] combined spherical fuzzy AHP with PLS-SEM and ANN to predict vaccination willingness, demonstrating cutting-edge applications of fuzzy multi-criteria methods in social management decision-making. This study shares similar multi-stage integration characteristics with previous work in its methodological framework, but it differs in its application context and form of fuzzy processing.
Table 1 below compares the methods commonly used in previous studies with the method employed in this study. Zhou et al. (2026) [
23] proposed a fuzzy Bayesian-based integrated framework for risk analysis, combining triangular fuzzy numbers with Bayesian networks to address data scarcity in risk assessment. Khalilzadeh et al. (2025) [
24] integrated fuzzy DEMATEL-ANP with artificial neural networks for risk analysis of water supply projects, showcasing the effectiveness of hybrid fuzzy MCDM approaches. Additionally, Leonelli et al. (2023) [
25] contributed to the sensitivity and robustness analysis of Bayesian networks, providing methodological tools for validating model assumptions.
In summary, while existing research provides an important foundation for assessing supply chain resilience, the following shortcomings remain: 1. Existing resilience evaluation frameworks rarely incorporate sustainability into their evaluation systems, making it difficult to meet ESG-oriented management needs; 2. Most studies rely on deterministic scoring using AHP/ANP, failing to effectively address the inherent ambiguity and uncertainty in expert judgments; 3. Existing fuzzy evaluation methods predominantly use triangular fuzzy numbers, which have limited precision in expressing the range of expert perceptions and do not incorporate a fusion mechanism to address the consistency of opinions among multiple experts. Based on these research gaps, this study makes the following contributions: (1) It constructs a sustainable supply chain resilience evaluation indicator system integrating three dimensions, proactive defense, green operations, and collaborative recovery, systematically incorporating sustainability factors into the resilience evaluation framework for the first time; (2) It proposes an extended Bayesian fusion method based on trapezoidal fuzzy numbers, which effectively addresses the integration of uncertainty in multi-expert judgments by quantifying experts’ relationship degrees and confidence levels; (3) Using three representative enterprises—one each from the semiconductor manufacturing, industrial digital manufacturing, and food and beverage sectors—as empirical samples, the study validates the effectiveness and operability of the proposed evaluation system, providing a practical tool for the quantitative assessment of corporate supply chain resilience.
2. Establishment of a Sustainable Supply Chain Resilience Evaluation System and Determination of the Interrelationship of Indicators
This chapter first establishes an evaluation system for sustainable supply chain resilience and then creates a survey based on trapezoidal fuzzy numbers. The responses are defuzzified according to the degree of relation and confidence filled in by experts. Several defuzzified expert surveys are then combined using Bayesian fusion to obtain a matrix of the interrelationships among the indicators.
2.1. Establishment of a Sustainable Supply Chain Resilience Evaluation System
Based on existing research results, this study follows the principles of systematicness, scientificity, and operability, and constructs a sustainable supply chain resilience evaluation index system containing 12 tertiary indicators across three dimensions: proactive defense capability, green operation capability, and collaborative recovery capability.
2.1.1. Preemptive Defense Capability
Proactive defense capability reflects the preparedness and preventive capacity of the supply chain before risks occur. Specifically, supplier dispersion reflects the level of diversification of the enterprise’s supply chain. Multi-source procurement not only helps improve the service level of the supply chain but also significantly reduces overall supply risks caused by interruptions at specific nodes. Resilient financial reserves measure the enterprise’s cash buffer capacity, and patient capital can significantly enhance supply chain resilience, mainly by suppressing supply chain disruption risks and reducing supply–demand coordination costs. Rapid response capability emphasizes the enterprise’s immediate reaction to sudden disruptions, choosing appropriate plans and strategies to minimize the impact of disruptions. Supply chain transparency reflects the degree of information visibility, as increased visibility enhances information transparency within the supply chain, reduces uncertainty, and helps enterprises grasp more effective decision-making information in real time.
2.1.2. Green Operating Capability
Green operation capability reflects the performance of the supply chain in sustainable development. Green inventory management focuses on the environmental friendliness of the inventory process, and appropriate safety stock can significantly enhance supply chain supply resilience with minimal sacrifice of operational costs. Sustainable suppliers emphasize the green qualifications of suppliers, and corporate green innovation has a positive impact on supply chain resilience, with corporate ESG performance playing a mediating role in this relationship. The level of green processes reflects the greenness of the production process, and green finance can significantly enhance enterprise supply chain resilience, with mechanisms including reducing transaction costs, alleviating financing constraints, and improving the supply chain’s risk resistance.
2.1.3. Collaborative Recovery Capability
Collaborative recovery capability reflects the supply chain’s ability to cooperate and recover after a disruption occurs. Flexible delivery capability reflects the enterprise’s ability to adjust delivery methods to adapt to changes. Flexibility refers to the enterprise’s capacity to respond to long-term or fundamental changes in the market environment by adjusting the supply chain structure, adapting to the constantly changing external environment with minimal time and resources. The degree of information sharing measures the level of information exchange among supply chain members, and information sharing can enhance mutual inventory willingness and collaboration. The cooperative coordination capability reflects the level of collaboration among supply chain partners. The deepening of cooperative relationships and cooperation intensity significantly promotes information sharing and trust building among entities, helping to reduce uncertainty in operations management. Recovery operation time measures the speed at which the supply chain returns to normal after a disruption. Supply chain resilience is a critical capability for preventing, resisting, and managing risks, determining the scope, direction, and intensity of risk transmission within the supply chain. The application of digital technology reflects the empowerment of resilience by digital technology. The Internet of Things, big data, and blockchain are the main drivers of enhanced supply chain resilience, while artificial intelligence can shorten inventory turnover days to improve resilience, alleviate inefficient fund allocation, and address the issue of a single external resource structure.
The indicator structure of this article is shown in
Table 2.
2.2. Determination of Indicator Relationships in an Extended Bayesian Fusion Method Based on Trapezoidal Fuzzy Numbers
Before establishing an ANP network relationship chart, it is necessary to first determine the mutual influence relationships among the three third-level indicators, i.e., to determine their causal relationships. Experts are usually required to score them and then take the average to obtain the relationship map. However, experts’ judgments are inherently uncertain and subjective. To better consider this uncertainty and the experts’ psychological states, this study introduces the relationship between degree k and confidence degree c. Degree k indicates the degree of mutual influence between the two indicators, while confidence level c indicates how confident one is in the relationship. This study compiles scores from five experts.
To address this cognitive ambiguity, this study introduces trapezoidal fuzzy numbers to quantitatively express experts’ language evaluations. Ambiguous numbers generally include interval fuzzy numbers, triangular fuzzy numbers, and trapezoidal fuzzy numbers. Trapezoidal fuzzy numbers describe a fuzzy set through four parameters (a, b, c, d), where the membership degree in the interval [b, c] is always 1, representing the most likely range of expert judgment; [a, b] and [c, d] are transition intervals, representing the boundary of uncertainty in judgment. Compared to trigonometric fuzzy numbers (with only one point membership degree of 1), this structure can more accurately express the “most likely interval” in expert judgment rather than the “most likely single point,” better matching actual decision-making scenarios. The interval number only expresses the upper and lower bounds of the judgment, losing internal information. The interval number describes the expert’s fuzzy judgment as [a, a], implicitly assuming all possible values within the interval, which does not match the actual psychological characteristics of expert judgment. In summary, trapezoidal fuzzy numbers are chosen to handle ambiguity. This paper uses the five-level language evaluation set S = {S0, S1, S2, S3, S4}, corresponding to five levels: “None,” “Weak,” “Average,” “Strong,” and “Very Strong.” The correspondence between each language level and normalized trapezoidal fuzzy numbers is shown in
Table 3.
The reasons for selecting trapezoidal fuzzy numbers rather than triangular fuzzy numbers in this study are as follows. (1) Higher expression accuracy: Triangular fuzzy numbers use only a single vertex to represent the “most likely value,” which is essentially a special case of trapezoidal fuzzy numbers when b = c; trapezoidal fuzzy numbers, on the other hand, use the interval [b, c] to express the range of the expert’s “most confident” judgment, more accurately reflecting the cognitive characteristic that experts often have confidence in a specific interval rather than a single value when assessing the degree of the relationship between indicators. (2) Greater information capacity: The two end intervals [a, b] and [c, d] of trapezoidal fuzzy numbers represent the left and right fuzzy boundaries of the judgment, respectively. This allows for the preservation of more original judgment information during defuzzification, thereby reducing information loss caused by excessive simplification. (3) Suitability for the research problem: Supply chain resilience assessment involves multidimensional qualitative judgments, and experts’ perceptions of such relationships inherently exhibit interval-based fuzziness; the use of trapezoidal fuzzy numbers can more accurately accommodate this cognitive characteristic.
2.2.1. Denoising
For the trapezoidal fuzzy number
, it is converted into a precise value w using the centroid method. The formula for the centroid method is:
where b and c are the main intervals of the trapezoid, representing the values that experts are most likely to want to assign. Therefore, they have a larger weight in the calculation of the geometric centroid, given a weight of 2; a and d are the two end boundaries of the trapezoid, with a weight of 1.
Let the linguistic evaluation of the
n-th expert on the degree of relationship between indicator i and indicator j be converted into a trapezoidal fuzzy number
, and the linguistic evaluation of the confidence level be converted into a trapezoidal fuzzy number
. The formula for converting the degree of relationship and the confidence level into precise values is as follows:
2.2.2. Bayesian Fusion
In order to make the relationships between indicators more accurate, but also considering the large workload of the questionnaire (this study has a total of 12 third-level indicators, so it is necessary to assess 12 × 11 = 132 relationships, plus the degree of relationship and the degree of confidence, amounting to 264 judgments), five experts were invited to make judgments. After obtaining the data from the five experts, the Bayesian fusion method was used to determine the influence relationships between the indicators.
In terms of basic information about the five experts: three are from the field of supply chain management research at universities (including one professor and two associate professors), and two are from the supply chain operations management departments of large manufacturing companies (both senior managers). Their professional backgrounds cover areas such as supply chain risk management, green supply chains, sustainable operations, and digital supply chains, and they all have at least eight years of work experience. The expert selection criteria included: (1) at least eight years of work or research experience in supply chain management; (2) familiarity with multi-criteria decision-making methods such as ANP and AHP, and the ability to accurately understand the evaluation logic of pairwise comparisons; (3) representation from at least three different institutions to ensure diversity and representativeness in judgment and avoid bias stemming from a single institutional perspective. To protect the experts’ privacy and avoid authority bias, their identities have been anonymized.
For the five experts, we first use the confidence level as the weight to perform a weighted average of the relationship degree, obtaining the comprehensive relationship degree
:
At the same time, we take the arithmetic average of the confidence levels to obtain the comprehensive confidence level
:
We substitute the comprehensive relationship degree
and the comprehensive confidence degree
into the Bayesian fusion formula to calculate the probability
that indicator i has an influence on indicator j:
Here, P1 is the comprehensive support for the existence of a relationship, and P2 is the comprehensive support for the non-existence of a relationship. βij ∈ [0, 1] represents the probability that indicator i has an influence on indicator j. A threshold λ = 0.5 is set; exceeding the threshold indicates that the two are related, while a value below the threshold indicates that the two are unrelated. The relationship probability βij is converted into a binary decision value.
We set the threshold λ = 0.5; a value above the threshold indicates a correlation between the two variables, while a value below the threshold indicates no correlation. We convert the relationship probability βij into a binary value.
The selection of the threshold λ has a fundamental impact on the ANP network structure: different values of λ will directly alter the distribution of 0 s and 1 s in the adjacency matrix, thereby affecting the connectivity pattern of the entire indicator relationship network and the subsequent weight calculation results. The rationale for selecting λ = 0.5 in this study is as follows. (1) Probability theory logic: Within the Bayesian fusion framework, the composite probability
p ranges from [0, 1]. The median of this range, 0.5, carries a natural decision-making significance—when
p ≥ 0.5, it implies that the posterior probability of “a relationship exists” is no less than that of “no relationship exists.” In this case, it is determined that a substantive influence exists between the two indicators, which aligns with the neutral prior principle in Bayesian inference. (2) Symmetry and fairness: λ = 0.5 ensures that the determinations of “a relationship exists” and “no relationship exists” have equivalent base probabilities, thereby avoiding prior bias toward either side. If λ is significantly lower than 0.5 (e.g., 0.3), a large number of weak associations would be classified as “having an influence,” resulting in an overly dense network that loses analytical significance; if λ is significantly higher than 0.5 (e.g., 0.7), potential relationships would be excessively excluded, leading to an overly sparse network that loses important structural information. (3) Literature Support: In similar studies combining fuzzy multi-criteria decision-making with Bayesian methods, 0.5 is also the most commonly used neutral threshold for binary conversion, and its validity has been widely accepted. (4) Robustness Verification: To test the validity and robustness of λ = 0.5, this study conducted a sensitivity analysis to examine changes in the ANP network structure and the final weight rankings when λ was set to 0.3, 0.4, 0.5, 0.6, and 0.7. The results indicate that the main conclusions remain robust when λ falls within the range of 0.4 to 0.6 (see the sensitivity analysis section for details), further supporting the validity of λ = 0.5.
After repeating the above calculation for all indicators, a 12 × 12 adjacency matrix was obtained, as shown in
Table 4. In this table, rows represent influencing factors, and columns represent influenced factors. A ‘1’ indicates that the influencing factor affects the influenced factor, while a ‘0’ indicates that the influencing factor does not affect the influenced factor. For example, the element in the first row and second column means that k1 affects k2. The matrix assumes no self-influence, so the diagonal elements are ‘0’. This matrix forms the basis of the ANP network structure and is used for constructing the judgment matrix to determine the weights of each indicator.
Based on this matrix, the indicator relationship model diagram was obtained using SD, as shown in
Figure 1. K1–K4: proactive defense capability indicators; M1–M3: green operation capability indicators; C1–C5: collaborative recovery capability indicators. Arrows represent directional influence relationships.
4. Empirical Research
4.1. Scoring Criteria for Each Tertiary Indicator
To ensure that the evaluation results align with the actual operations of enterprises and that the evaluation indicators are data-collectible, for the 12 established tertiary indicators, since some data have not been disclosed, this article uses the presence of disclosure or clear cases as the scoring method in the scoring standards. Based on this, the following five-level quantitative scoring standards (see
Table 16,
Table 17 and
Table 18) were established to avoid subjective and vague judgments in the evaluation process and ensure objectivity and efficiency.
This study selected three multinational corporations from different industries as empirical case studies, based on the following criteria:
- (1)
Industry diversity: The three companies operate in the semiconductor manufacturing (Company T), industrial digital manufacturing (Company S), and food and beverage (Company N) sectors, ensuring that the proposed resilience evaluation framework is applicable across industries rather than limited to a specific sector.
- (2)
Data availability: All three companies are publicly traded and regularly publish annual reports, ESG/sustainability reports, and supply chain disclosures, ensuring that the data used for the evaluation is verifiable and auditable, thereby avoiding reliance on estimates or internal data.
- (3)
Supply Chain Complexity: All three companies manage large-scale, globally distributed supply chain networks and face multiple disruption risks, including geopolitical risks, raw material shortages, and demand fluctuations, making them typical subjects for supply chain resilience assessment.
- (4)
Sustainability Relevance: All three companies have publicly committed to sustainability goals (such as green procurement, carbon reduction, and the circular economy), which align with the green operations dimension included in this evaluation framework.
To maintain the objectivity of the analysis and prevent readers from focusing on specific corporate cases rather than the evaluation methodology itself, the company names have been anonymized and are designated as T, S, and N.
4.2. Taking Three Companies as an Example
In order to verify the rationality, applicability, and operability of the evaluation system in this article, this section selects companies at three different development stages as empirical samples, namely T, S, and N. Scores were assigned according to the scoring criteria in
Section 4.1, and the scores for the corresponding indicators were given the respective weights (calculated in
Section 3.5) to obtain the scores for each company.
To make scoring more convenient and operable, a five-point scale was adopted, with each indicator divided into five levels from high to low, as shown in
Table 19.
To ensure the objectivity and traceability of the data, all data used in this study come from publicly disclosed annual reports, ESG reports, social responsibility reports, and publicly available statistical data from industry associations. All data can be directly verified through public channels, with no subjective surveys or estimated content involved.
4.3. Overall Corporate Score Situation
After obtaining the scores of each tertiary indicator of the enterprises and then combining them with the weights of the indicators, the weighted comprehensive scores of these three enterprises were obtained, as shown in
Table 20.
4.4. Analysis of Company Scores
The above case analysis shows that, in the highest-weighted digital technology application indicator (C5, 0.1989), both Enterprise T (5 points) and Enterprise S (5 points) received full marks, while Enterprise N (4 points) was slightly lower but still at a relatively high level, fully confirming the research conclusion that “digital technology has become the core engine driving supply chain resilience.” At the same time, supplier dispersion (k1, 0.1146) also had a significant impact on the overall score: Enterprise T scored only 3 points due to high concentration of core equipment suppliers (the top five costs account for over 50%), while both Company S and Company N each scored 5 points, indicating that supplier diversification indeed helps strengthen the resilience foundation.
In terms of overall scores, Enterprise T ranks first with 4.50 points, followed closely by Company S with 4.46 points, with a very small gap (0.04 points), and Company N ranks third with 4.06 points. The specific analysis is as follows:
Enterprise T earned high marks for its strong financial resilience (cash ratio 1.92), comprehensive supply chain transparency, systematic supplier sustainability management, and leading digital manufacturing capabilities. Although there are certain shortcomings in supplier concentration on the equipment side, the outstanding performance in other dimensions effectively compensates for this shortcoming, demonstrating the complementary effects among various resilience dimensions.
Company S scored full marks in supplier dispersion, green material usage rate, information sharing, and digital technology application, with overall balanced performance and nearly equal to T Company scores. This indicates that, in supply chain resilience building, a broad supplier network combined with deep digital collaboration can also generate a powerful comprehensive effect.
Company N excelled in green operations: green material usage, sustainable suppliers, and green process levels all received perfect scores. However, its scores for collaborative recovery capabilities such as rapid response capability and time to resume operations were relatively low (both 3 points), reflecting the unique challenges the food and beverage industry faces in disruption response timeliness and insufficient quantitative information disclosure in the industry. Nevertheless, its composite score remains in a good range, indicating that green operating capability contributes somewhat to overall resilience, though its weight is limited (only 0.0839).
Synthesizing the performance of the three companies, the evaluation system constructed in this study can effectively distinguish the supply chain resilience levels of different enterprises, and the scoring results are consistent with each company’s industry characteristics and publicly available facts. The higher the score for the highest-weighted digital technology application indicator, the higher the enterprise’s overall resilience ranking, further validating the rationality of the indicator weight allocation. Additionally, all three companies scored highly in collaborative recovery capability indicators such as information sharing and collaborative collaboration (average 4.3 points), which aligns with Chapter 2’s conclusion that “collaborative resilience has the highest weight (0.5828),” indicating that collaboration and recovery capability after disruptions have become core concerns in supply chain resilience construction.
5. Conclusions
Based on the above research, this study draws the following conclusions. First, the constructed sustainable supply chain resilience evaluation system, which includes 12 indicators across three dimensions (proactive defense, green operations, and collaborative recovery) can systematically reflect the key factors affecting enterprise supply chain resilience. Second, the use of the trapezoidal-fuzzy-number-improved ANP method effectively addresses the fuzziness and uncertainty in expert judgments. The weight calculation results show that collaborative recovery ability (0.5828) and the application of digital technology (0.1989) rank first in the primary and tertiary indicators, respectively, indicating that post-event collaboration and digital empowerment are the core pathways to enhancing resilience. Third, a case study based on publicly available data from three representative enterprises verifies the system’s discriminative power and operability, with scoring results consistent with each enterprise’s actual resilience performance. This study provides methodological support for enterprises to quantitatively evaluate and, in a targeted manner, enhance supply chain resilience in uncertain environments.
This study has the following limitations: (1) The sample size of experts was small (five individuals), which may affect the representativeness and robustness of the findings; in future studies, the sample could be expanded to 10 or more individuals to enhance statistical reliability; (2) The empirical sample consisted of only three companies, all of which used publicly disclosed data, limiting the study’s applicability to companies that do not fully disclose ESG information; (3) The case companies were anonymized (T, S, N), which to some extent limits other scholars’ ability to independently replicate the findings and conduct cross-study comparative validation.