Figure 1. Cross-country plots of the overall CSE score and its components (environmental, social and governance) against social trust A set of scatter plots compares social trust with corporate social responsibility, environmental, social, and governance indices. The set of four scatter plot... More about this image found in Cross-country plots of the overall CSE score and its components (environm...

Figure 2. Marginal effect of trust across institutional development. This figure plots the marginal effect of Trust on CSE across the 25th, 50th and 75th percentiles of institutional development (Score). The x-axis represents the level of institutional development (Score), while the y-axis shows the estimated marginal effect of Trust on CSE . Error bars denote 95% confidence intervals A line plot shows declining marginal effects of trust on corporate social engagement across institutional quality levels. The line plot presents average marginal effects of trust with 95 per cent confidence intervals across institutional quality scores. The x-axis represents Institutional Quality Score with values at negative 0.6, 0.92, and 1.78, while the y-axis represents Marginal Effect of Trust on C S E ranging from negative 40 to negative 60. Three plotted points connected by a downward-sloping line indicate that the marginal effect becomes more negative as institutional quality increases. Vertical error bars around each point represent 95 per cent confidence intervals. More about this image found in Marginal effect of trust across institutional development. This figure plot...

Figure 3. A 2 × 2 conceptual matrix that depicts the interaction between societal trust and institutional development. Societal trust (country-level measure) is divided into low and high categories, and institutional development (PC1) is similarly classified. The four quadrants represent the joint... More about this image found in A 2 × 2 conceptual matrix that depicts the interaction between societal tru...

Figure 1. Original series of the variables Six financial market time-series graphs show trends for D J S I, M S C I W, Brent, S P B I, Bitcoin, and Gold from 2015 to 2025. The six-panel time-series figure displays price or index trends from approximately 2015 to 2025 for D J S I, M S C I W, Br... More about this image found in Original series of the variables Six financial market time-series graphs...

Figure 2. Return series of the variables Source(s): Authors’ own work Six return volatility graphs compare fluctuations of D J S I, M S C I W, Brent, S P B I, Bitcoin, and Gold from 2015 to 2025. The six-panel graph displays return fluctuations for D J S I, M S C I W, Brent, S P B I, Bitcoi... More about this image found in Return series of the variables Source(s): Authors’ own work Six retur...

Figure 3. Correlations between variables (Kendall) Source(s): Authors’ own work Correlation heatmap showing relationships among D J S I, M S C I W, Brent, Bitcoin, S P B I, and Gold. The correlation heatmap presents pairwise correlation coefficients among D J S I, M S C I W, Brent, Bitcoin,... More about this image found in Correlations between variables (Kendall) Source(s): Authors’ own work ...

Figure 4. Total connectedness index ( TCI ) Note(s): The figure illustrates the time-varying total spillovers over the sample period under analysis. It depicts how the overall degree of connectedness within the system fluctuated throughout the examined timeframe. This plot was derived from the ... More about this image found in Total connectedness index ( TCI ) Note(s): The figure illustrates the ti...

Figure 5. Total quantile-on-quantile connectedness index (nlag = 1) Note(s): The figure presents the total quantile-on-quantile connectedness between the Dow Jones Best-in-Class World Index ( DJSI ) and the other variables. The vertical axis corresponds to quantile levels for the DJSI, while th... More about this image found in Total quantile-on-quantile connectedness index (nlag = 1) Note(s): The f...

Figure 6. Dynamic direct and reverse quantile-on-quantile connectedness (nlag = 1) Note(s): The figure depicts the time-varying direct and reverse quantile-on-quantile connectedness between the Dow Jones Best-in-Class World Index ( DJSI ) and the other variables over the sample period under ana... More about this image found in Dynamic direct and reverse quantile-on-quantile connectedness (nlag = 1) ...

Figure 7. Net quantile-on-quantile connectedness (nlag = 1) Note(s): The figure illustrates the net pairwise spillovers between the Dow Jones Best-in-Class World Index ( DJSI ) and the other variables over the sample period. Blue indicates quantiles in which the DJSI acts as a net transmitter... More about this image found in Net quantile-on-quantile connectedness (nlag = 1) Note(s): The figure il...

Figure 8. Cumulative returns of different portfolio strategies Note(s): MVP refers to the minimum variance portfolio ( Markowitz, 1959 ), MCP denotes the minimum correlation portfolio ( Christoffersen et al., 2014 ) and MCoP represents the minimum connectedness portfolio ( Broadstock et al., 2022 ). The dark blue line illustrates the cumulative returns of the MVP, the red line corresponds to the cumulative returns of MCP and the light blue line represents the cumulative returns of McoP Source(s): Authors’ own work Line graph comparing cumulative performance of M V P, M C P, and M C o P portfolios from 2015 to 2025. The line graph compares cumulative portfolio performance for M V P, M C P, and M C o P from approximately 2015 to 2025. The y-axis ranges from negative values to approximately 2.6. M C P and M C o P follow similar upward trajectories, rising sharply after 2016, declining briefly around 2020, and then increasing steadily to values above 2.5 by 2025. M V P displays lower but more stable growth, increasing gradually to around 0.5 by the end of the period. More about this image found in Cumulative returns of different portfolio strategies Note(s): MVP refer...

Figure 9. Dynamic portfolio weights Note(s): The figure illustrates the time-varying optimal portfolio weights for the three portfolio strategies (MVP, MCP and McoP) over the sample period. Each row in the figure corresponds to one of the portfolio strategies under consideration Source(s): ... More about this image found in Dynamic portfolio weights Note(s): The figure illustrates the time-varyi...

Figure A1. Total quantile-on-quantile connectedness index (nlag = 5 days) Source(s): Authors’ own work A set of 5 heatmaps shows T C I connectedness values between D J S I and B R E N T, M S C I W, B T C, S P B I, and G O L D. The five heatmaps arranged in 2 upper rows and 1 lower centred p... More about this image found in Total quantile-on-quantile connectedness index (nlag = 5 days) Source(s):...

Figure A2. Dynamic direct and reverse quantile-on-quantile connectedness (nlag = 5 days) Source(s): Authors’ own work A set of 5 connectedness panels compares Direct T C I, Reverse T C I, and delta T C I trends across financial markets from 2015 to 2025. The five-line panels display connect... More about this image found in Dynamic direct and reverse quantile-on-quantile connectedness (nlag = 5 day...

Figure A3. Net quantile-on-quantile connectedness (nlag = 5 days) Source(s): Authors’ own work A set of 5 N E T heatmaps compares positive and negative spillover connectedness values between D J S I and financial markets. The five heatmaps display N E T connectedness values between D J S I ... More about this image found in Net quantile-on-quantile connectedness (nlag = 5 days) Source(s): Author...