“…Barro and McCleary (2003) report that religious beliefs in hell and heaven are positively associated with economic performance. Religion also affects other macro-level outcomes, including financial development structure, the quality of governments, household saving behavior, and foreign investment (Hong et al 2022(Hong et al , 2023La Porta et al 1999;Oh 2022a, 2022b;Oh and Shin 2022a). At the microeconomic level, many studies have provided empirical evidence on the role of religion in corporate decision-making, such as innovation, cross-border mergers and acquisitions, environmental responsibility, and fraud (Adhikari and Agrawal 2016a;Du et al 2014;McGuire, Omer, and Sharp 2012;Shin 2022b, 2022c;Hong et al 2022).…”