{"id":"https://openalex.org/W7214928531","doi":"https://doi.org/10.61093/fmir.10(3).262-299.2026","title":"Financial Valuation under High Country Risk: ESG Effects on Cash Flows, Cost of Capital, and Equity Value","display_name":"Financial Valuation under High Country Risk: ESG Effects on Cash Flows, Cost of Capital, and Equity Value","publication_year":2026,"publication_date":"2026-01-01","ids":{"openalex":"https://openalex.org/W7214928531","doi":"https://doi.org/10.61093/fmir.10(3).262-299.2026"},"language":"en","primary_location":{"id":"doi:10.61093/fmir.10(3).262-299.2026","doi":"https://doi.org/10.61093/fmir.10(3).262-299.2026","is_oa":true,"landing_page_url":"https://doi.org/10.61093/fmir.10(3).262-299.2026","pdf_url":"https://armgpublishing.com/wp-content/uploads/2026/09/FMIR_3_2026_11.pdf","source":{"id":"https://openalex.org/S4210202026","display_name":"Financial Markets Institutions and Risks","issn_l":"2521-1242","issn":["2521-1242","2521-1250"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","erih-plus","norway-1"],"host_organization":"https://openalex.org/P4310322296","host_organization_name":"ARMG Publishing","host_organization_lineage":["https://openalex.org/P4310322296","https://openalex.org/P4310322434"],"host_organization_lineage_names":["ARMG Publishing","Sumy State University"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Markets, Institutions and Risks","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://armgpublishing.com/wp-content/uploads/2026/09/FMIR_3_2026_11.pdf","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5013315245","display_name":"Yevheniia Polishchuk","orcid":"https://orcid.org/0000-0002-6133-910X","observed_orcids":["https://orcid.org/0000-0002-6133-910X"]},"institutions":[{"id":"https://openalex.org/I23574469","display_name":"Krakow University of Economics","ror":"https://ror.org/0262te083","country_code":"PL","type":"education","lineage":["https://openalex.org/I23574469"]},{"id":"https://openalex.org/I63966007","display_name":"Massachusetts Institute of Technology","ror":"https://ror.org/042nb2s44","country_code":"US","type":"education","lineage":["https://openalex.org/I63966007"]}],"countries":["PL","US"],"is_corresponding":false,"raw_author_name":"Yevheniia POLISHCHUK","raw_affiliation_strings":["Doctor of Sciences (Economics), Professor, Department of Risk Management and Insurance, Institute of Finance, College of Economics and Finance, Krakow University of Economics, Poland; MIT Cryptoeconomics Lab, MIT Sloan School of Management, Massachusetts Institute of Technology, USA; Fellow, Portulans Institute, USA"],"raw_orcid":"https://orcid.org/0000-0002-6133-910X","affiliations":[{"raw_affiliation_string":"Doctor of Sciences (Economics), Professor, Department of Risk Management and Insurance, Institute of Finance, College of Economics and Finance, Krakow University of Economics, Poland; MIT Cryptoeconomics Lab, MIT Sloan School of Management, Massachusetts Institute of Technology, USA; Fellow, Portulans Institute, USA","institution_ids":["https://openalex.org/I23574469","https://openalex.org/I63966007"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5115921718","display_name":"Yana Valko","orcid":"https://orcid.org/0009-0006-9861-6373","observed_orcids":["https://orcid.org/0009-0006-9861-6373"]},"institutions":[{"id":"https://openalex.org/I75380228","display_name":"McKinsey & Company (United States)","ror":"https://ror.org/01gmv5d77","country_code":"US","type":"company","lineage":["https://openalex.org/I75380228"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Yana VALKO","raw_affiliation_strings":["Senior Business Analyst, McKinsey & Company, Ukraine"],"raw_orcid":"https://orcid.org/0009-0006-9861-6373","affiliations":[{"raw_affiliation_string":"Senior Business Analyst, McKinsey & Company, Ukraine","institution_ids":["https://openalex.org/I75380228"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5072259544","display_name":"Inna Khovrak","orcid":"https://orcid.org/0000-0002-0352-4374","observed_orcids":["https://orcid.org/0000-0002-0352-4374"]},"institutions":[{"id":"https://openalex.org/I4210128595","display_name":"Nordic Institute for Studies in Innovation, Research and Education","ror":"https://ror.org/032jh6m87","country_code":"NO","type":"nonprofit","lineage":["https://openalex.org/I4210128595"]}],"countries":["NO"],"is_corresponding":false,"raw_author_name":"Inna KHOVRAK","raw_affiliation_strings":["Doctor of Sciences (Economics), Senior Researcher, NIFU Nordic Institute for Studies in Innovation, Research and Education, Norway"],"raw_orcid":"https://orcid.org/0000-0002-0352-4374","affiliations":[{"raw_affiliation_string":"Doctor of Sciences (Economics), Senior Researcher, NIFU Nordic Institute for Studies in Innovation, Research and Education, Norway","institution_ids":["https://openalex.org/I4210128595"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5072298369","display_name":"El\u017cbieta Aniela Kubi\u0144ska","orcid":"https://orcid.org/0000-0001-8706-1057","observed_orcids":["https://orcid.org/0000-0001-8706-1057"]},"institutions":[{"id":"https://openalex.org/I23574469","display_name":"Krakow University of Economics","ror":"https://ror.org/0262te083","country_code":"PL","type":"education","lineage":["https://openalex.org/I23574469"]}],"countries":["PL"],"is_corresponding":false,"raw_author_name":"El\u017cbieta KUBI\u0143SKA","raw_affiliation_strings":["Habilitated Doctor, Professor, Head of the Department of Risk Management and Insurance, Director of the Institute of Finance, College of Economics and Finance, Krakow University of Economics, Poland"],"raw_orcid":"https://orcid.org/0000-0001-8706-1057","affiliations":[{"raw_affiliation_string":"Habilitated Doctor, Professor, Head of the Department of Risk Management and Insurance, Director of the Institute of Finance, College of Economics and Finance, Krakow University of Economics, Poland","institution_ids":["https://openalex.org/I23574469"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5040549140","display_name":"\u042e\u043b\u0456\u044f \u0413\u0435\u0440\u043d\u0435\u0433\u043e","orcid":"https://orcid.org/0000-0002-4929-0411","observed_orcids":["https://orcid.org/0000-0002-4929-0411"]},"institutions":[{"id":"https://openalex.org/I4210129449","display_name":"Max Planck Institute for Innovation and Competition","ror":"https://ror.org/033198s46","country_code":"DE","type":"facility","lineage":["https://openalex.org/I149899117","https://openalex.org/I4210129449"]},{"id":"https://openalex.org/I57156483","display_name":"Kyiv National Economic University named after Vadym Hetman","ror":"https://ror.org/019z71x08","country_code":"UA","type":"education","lineage":["https://openalex.org/I57156483"]}],"countries":["DE","UA"],"is_corresponding":false,"raw_author_name":"Iuliia GERNEGO","raw_affiliation_strings":["Doctor of Sciences (Economics), Professor, DAAD Visiting Scholar, Max Planck Institute for Innovation and Competition, Germany, Corporate Finance and Controlling Department, Kyiv National Economic University named after Vadym Hetman, Ukraine"],"raw_orcid":"https://orcid.org/0000-0002-4929-0411","affiliations":[{"raw_affiliation_string":"Doctor of Sciences (Economics), Professor, DAAD Visiting Scholar, Max Planck Institute for Innovation and Competition, Germany, Corporate Finance and Controlling Department, Kyiv National Economic University named after Vadym Hetman, Ukraine","institution_ids":["https://openalex.org/I4210129449","https://openalex.org/I57156483"]}]}],"institutions":[],"countries_distinct_count":5,"institutions_distinct_count":6,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"10","issue":"3","first_page":"262","last_page":"299"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.9937000274658203,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.9937000274658203,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.004699999932199717,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/esg-performance","display_name":"ESG performance","score":0.9210000038146973},{"id":"https://openalex.org/keywords/firm-valuation","display_name":"business valuation","score":0.8960000276565552},{"id":"https://openalex.org/keywords/agribusiness-firms","display_name":"agri-food companies","score":0.75},{"id":"https://openalex.org/keywords/sovereign-risk","display_name":"sovereign risk","score":0.5740000009536743},{"id":"https://openalex.org/keywords/geopolitical-risk","display_name":"geopolitical risk","score":0.7590000033378601},{"id":"https://openalex.org/keywords/funding-risk","display_name":"financing risk","score":0.8510000109672546},{"id":"https://openalex.org/keywords/free-cash-flow-to-the-firm","display_name":"free cash flow to the firm","score":0.8610000014305115},{"id":"https://openalex.org/keywords/cost-of-capital","display_name":"cost of capital","score":0.9380000233650208},{"id":"https://openalex.org/keywords/discount-rate","display_name":"discount rate","score":0.6600000262260437},{"id":"https://openalex.org/keywords/terminal-values","display_name":"terminal values","score":0.7699999809265137},{"id":"https://openalex.org/keywords/enterprise-value","display_name":"enterprise value","score":0.8420000076293945},{"id":"https://openalex.org/keywords/ukrainian-agribusiness","display_name":"Ukrainian agribusiness","score":0.7149999737739563},{"id":"https://openalex.org/keywords/sustainability-reporting","display_name":"sustainability reporting","score":0.6600000262260437},{"id":"https://openalex.org/keywords/discount-rate-sensitivity","display_name":"discount rate sensitivity","score":0.39399999380111694}],"concepts":[{"id":"https://openalex.org/C166819830","wikidata":"https://www.wikidata.org/wiki/Q2025903","display_name":"Operating cash flow","level":3,"score":0.6484000086784363},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.5766000151634216},{"id":"https://openalex.org/C47096860","wikidata":"https://www.wikidata.org/wiki/Q575542","display_name":"Terminal value","level":4,"score":0.567799985408783},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.5616000294685364},{"id":"https://openalex.org/C97366136","wikidata":"https://www.wikidata.org/wiki/Q460184","display_name":"Cash flow statement","level":3,"score":0.5550000071525574},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5393000245094299},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.5108000040054321},{"id":"https://openalex.org/C207972119","wikidata":"https://www.wikidata.org/wiki/Q5048703","display_name":"Cash on cash return","level":5,"score":0.4602000117301941},{"id":"https://openalex.org/C184454666","wikidata":"https://www.wikidata.org/wiki/Q140830","display_name":"Cash and cash equivalents","level":4,"score":0.4593999981880188},{"id":"https://openalex.org/C181230689","wikidata":"https://www.wikidata.org/wiki/Q192472","display_name":"Net present value","level":3,"score":0.4462999999523163},{"id":"https://openalex.org/C76087492","wikidata":"https://www.wikidata.org/wiki/Q1047352","display_name":"Cash management","level":3,"score":0.4397999942302704},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4255000054836273},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.4153999984264374},{"id":"https://openalex.org/C128044525","wikidata":"https://www.wikidata.org/wiki/Q1682806","display_name":"Cash flow forecasting","level":3,"score":0.41200000047683716},{"id":"https://openalex.org/C2781014177","wikidata":"https://www.wikidata.org/wiki/Q455422","display_name":"Discounted cash flow","level":3,"score":0.4050999879837036},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.4007999897003174},{"id":"https://openalex.org/C23032112","wikidata":"https://www.wikidata.org/wiki/Q1344727","display_name":"Enterprise value","level":2,"score":0.40070000290870667},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.382099986076355},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.3815999925136566},{"id":"https://openalex.org/C69637215","wikidata":"https://www.wikidata.org/wiki/Q702362","display_name":"Default","level":2,"score":0.359499990940094},{"id":"https://openalex.org/C80515813","wikidata":"https://www.wikidata.org/wiki/Q1134763","display_name":"Corporate finance","level":2,"score":0.34700000286102295},{"id":"https://openalex.org/C141121606","wikidata":"https://www.wikidata.org/wiki/Q8142","display_name":"Currency","level":2,"score":0.3158000111579895},{"id":"https://openalex.org/C2779093199","wikidata":"https://www.wikidata.org/wiki/Q338010","display_name":"Shareholder value","level":4,"score":0.3082999885082245},{"id":"https://openalex.org/C2778083465","wikidata":"https://www.wikidata.org/wiki/Q693464","display_name":"Cash","level":2,"score":0.2784999907016754},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.2782000005245209},{"id":"https://openalex.org/C6927289","wikidata":"https://www.wikidata.org/wiki/Q1100466","display_name":"Present value","level":2,"score":0.2705000042915344},{"id":"https://openalex.org/C2777764128","wikidata":"https://www.wikidata.org/wiki/Q189539","display_name":"Loan","level":2,"score":0.2662999927997589},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.26600000262260437},{"id":"https://openalex.org/C130731218","wikidata":"https://www.wikidata.org/wiki/Q1363554","display_name":"Financial analysis","level":2,"score":0.26159998774528503},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.2533999979496002},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.25270000100135803}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.61093/fmir.10(3).262-299.2026","doi":"https://doi.org/10.61093/fmir.10(3).262-299.2026","is_oa":true,"landing_page_url":"https://doi.org/10.61093/fmir.10(3).262-299.2026","pdf_url":"https://armgpublishing.com/wp-content/uploads/2026/09/FMIR_3_2026_11.pdf","source":{"id":"https://openalex.org/S4210202026","display_name":"Financial Markets Institutions and Risks","issn_l":"2521-1242","issn":["2521-1242","2521-1250"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","erih-plus","norway-1"],"host_organization":"https://openalex.org/P4310322296","host_organization_name":"ARMG Publishing","host_organization_lineage":["https://openalex.org/P4310322296","https://openalex.org/P4310322434"],"host_organization_lineage_names":["ARMG Publishing","Sumy State University"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Markets, Institutions and Risks","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.61093/fmir.10(3).262-299.2026","doi":"https://doi.org/10.61093/fmir.10(3).262-299.2026","is_oa":true,"landing_page_url":"https://doi.org/10.61093/fmir.10(3).262-299.2026","pdf_url":"https://armgpublishing.com/wp-content/uploads/2026/09/FMIR_3_2026_11.pdf","source":{"id":"https://openalex.org/S4210202026","display_name":"Financial Markets Institutions and Risks","issn_l":"2521-1242","issn":["2521-1242","2521-1250"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","erih-plus","norway-1"],"host_organization":"https://openalex.org/P4310322296","host_organization_name":"ARMG Publishing","host_organization_lineage":["https://openalex.org/P4310322296","https://openalex.org/P4310322434"],"host_organization_lineage_names":["ARMG Publishing","Sumy State University"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Markets, Institutions and Risks","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7214928531.pdf","grobid_xml":"https://content.openalex.org/works/W7214928531.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W7161594007","https://openalex.org/W4393092165","https://openalex.org/W2953899168","https://openalex.org/W3213635209","https://openalex.org/W7213532595","https://openalex.org/W7221179599","https://openalex.org/W4400925178","https://openalex.org/W7172221758","https://openalex.org/W4390406767","https://openalex.org/W7163865488"],"abstract_inverted_index":{"Corporate":[0],"valuation":[1,127,142,343,363],"under":[2,364],"elevated":[3],"sovereign,":[4],"geopolitical,":[5],"and":[6,25,36,42,68,77,83,90,108,113,121,137,143,148,154,162,181,201,209,220,228,232,246,257,259,271,284,298,345,361,371],"financing":[7,40],"risk":[8],"increasingly":[9],"requires":[10],"sustainability":[11,114,354],"information":[12,355],"to":[13],"be":[14],"translated":[15],"into":[16,356],"explicit":[17],"changes":[18],"in":[19,58,125],"operating":[20],"cash":[21,80,165,179,186],"flows,":[22],"required":[23],"returns,":[24],"shareholder":[26,144,303,311],"value.":[27],"Previous":[28],"research":[29],"has":[30,46],"documented":[31],"links":[32],"between":[33],"environmental,":[34,66],"social,":[35,67],"governance":[37,69],"(ESG)":[38],"performance,":[39],"costs,":[41],"firm":[43],"value":[44,73],"but":[45],"rarely":[47],"integrated":[48],"these":[49],"channels":[50],"within":[51],"one":[52],"intrinsic-valuation":[53],"architecture":[54],"for":[55,116,119,213,224,236,306,352],"agribusiness":[56,100],"companies":[57,101],"a":[59,349],"high-risk":[60],"economy.":[61],"This":[62],"study":[63],"assesses":[64],"how":[65],"characteristics":[70],"affect":[71],"corporate":[72,362],"by":[74,268],"comparing":[75],"conventional":[76],"ESG-adjusted":[78,202],"free":[79],"flow-to-the-firm":[81],"valuations":[82],"tracing":[84],"operating,":[85],"discount":[86],"rate,":[87],"terminal":[88,293],"value,":[89],"leverage":[91,158],"effects.":[92],"The":[93,129,239,338],"analysis":[94,317],"covers":[95],"three":[96],"publicly":[97],"listed":[98],"Ukrainian":[99],"(Astarta":[102],"Holding":[103,106,215,226],"N.V.,":[104,216],"Kernel":[105,225],"S.A.,":[107,227],"MHP":[109,237,307],"SE),":[110],"using":[111],"financial":[112],"disclosures":[115],"2019\u20132024,":[117],"forecasts":[118],"2025\u20132029,":[120],"market":[122],"inputs":[123],"embedded":[124],"the":[126,169,174,177,183,189,194,249,260,287,292,310,320,326],"workbooks.":[128],"methodology":[130],"combines":[131],"discounted":[132,164],"cash-flow":[133,136],"valuation,":[134],"symmetric":[135],"discount-rate":[138,150,279],"attribution,":[139],"horizon":[140],"decomposition,":[141],"transmission":[145,312],"multipliers,":[146],"terminal-growth":[147],"two-way":[149],"sensitivity,":[151],"effective":[152,261],"duration":[153],"convexity,":[155],"break-even":[156],"thresholds,":[157],"stress,":[159],"market-consistency":[160],"diagnostics,":[161],"reverse":[163],"flow.":[166],"After":[167],"aligning":[168],"nominal-USD":[170],"cost-of-equity":[171],"specification":[172,198],"with":[173,348],"currency":[175],"of":[176,205,265,286],"forecast":[178],"flows":[180],"discounting":[182],"prorated":[184],"2025":[185],"flow":[187],"over":[188],"corresponding":[190,240],"fractional":[191],"stub":[192],"period,":[193],"central":[195],"5%":[196],"perpetual-growth":[197,328],"yields":[199],"baseline":[200],"enterprise":[203],"values":[204],"USD":[206,210,217,221,229,233],"553.0":[207],"million":[208,212,219,223,231,235],"639.8":[211],"Astarta":[214],"944.8":[218],"1,180.7":[222],"1,809.7":[230],"2,164.9":[234],"SE.":[238],"enterprise-value":[241,289,322],"uplifts":[242],"are":[243,254],"15.70%,":[244],"24.96%,":[245],"19.63%,":[247],"while":[248,291,368],"score-linked":[250],"free-cash-flow":[251],"adjustment":[252],"rates":[253],"3.71%,":[255],"4.47%,":[256],"3.26%,":[258],"weighted":[262],"average":[263],"cost":[264],"capital":[266],"declines":[267],"2.94,":[269],"3.83,":[270],"2.25":[272],"percentage":[273],"points.":[274],"Symmetric":[275],"attribution":[276],"shows":[277],"that":[278,319],"repricing":[280],"explains":[281],"75.0%,":[282],"80.3%":[283],"82.1%":[285],"total":[288],"uplift,":[290],"component":[294],"contributes":[295],"66.6%,":[296],"71.0%":[297],"81.3%.":[299],"Capital":[300],"structure":[301],"magnifies":[302],"outcomes,":[304],"particularly":[305],"SE,":[308],"where":[309],"multiplier":[313],"is":[314],"47.02.":[315],"Sensitivity":[316],"confirms":[318],"positive":[321],"effect":[323],"persists":[324],"across":[325],"3\u201310%":[327],"range,":[329],"although":[330],"its":[331],"magnitude":[332],"remains":[333],"dependent":[334],"on":[335],"long-run":[336],"assumptions.":[337],"framework":[339],"provides":[340],"investors,":[341],"creditors,":[342],"professionals,":[344],"reconstruction-finance":[346],"institutions":[347],"replicable":[350],"basis":[351],"incorporating":[353],"investment":[357],"appraisal,":[358],"credit":[359],"analysis,":[360],"high":[365],"country":[366],"risk,":[367],"supporting":[369],"cross-country":[370],"cross-sector":[372],"testing.":[373]},"counts_by_year":[],"updated_date":"2026-10-28T10:33:24.094632","created_date":"2026-10-01T00:00:00"}