Data Sources and Transformation Procedures .

- Firm-Level Data: Sourced from Tehran Securities and Exchange Organization (www.codal.ir). Variables like ROA and ROE calculated directly from financial statements. Log transformations applied to firm size for skewness reduction. - Macroeconomic Data: GDP, money supply, exchange rate, interest rate, inflation, government expenditure, and tax revenue from Central Bank of Iran and Statistical Center of Iran. Log transformations applied to GDP, money supply, exchange rate, government expenditure, and tax revenue to enable elasticity interpretations.