Dear Authors,
Thank you for your valuable work on ESG factors and financial stability. I noticed a few areas that could strengthen the paper: (1) the limited time frame (2019–2021) and regional sample skew may affect generalizability; (2) multicollinearity concerns (e.g., high correlations like 0.83 between ESG and Environmental Innovation) may impact regression reliability; and (3) the emphasis on marginally significant variables, such as “ethics,” might overstate their role. Could you address these to enhance clarity and robustness?