Figure 2
The figure is a line chart titled “Temporal Trends in Governance Performance (2022 to 2024)”. The horizontal axis is labeled “Quarter” and displays values from Q 1 2022 to Q 4 2024, progressing sequentially in quarterly increments. The vertical axis is labeled “Score” and ranges from 0 to 100, in increments of 20. A legend positioned below the title identifies four line series and their styles: “Board Indep” shown with a solid line, “Stakeholder” shown with a dashed line, “Transparency” shown with a dotted line, and “Anti-Corrupt” shown with a dash-dot line. The “Board Indep” line begins at 52 in Q 1 2022 and steadily rises to about 75 by Q 4 2024. The “Stakeholder” line starts near 48 in Q 1 2022 and increases gradually to around 72 in Q 4 2024. The “Transparency” line starts at 61 in Q 1 2022 and consistently increases to 82 by Q 4 2024, remaining the highest throughout the period. The “Anti-Corrupt” line begins near 45 in Q 1 2022 and rises steadily to 70 in Q 4 2024, showing continuous improvement over time. Note: All numerical values are approximated.Temporal trends in governance performance (2022–2024). Source: Authors’ calculations based on company disclosure data