“…Over the years, scholars have made significant progress in constructing and improving default prediction models (Altman, 1968;Bharath & Shumway, 2008;Hernandez Tinoco & Wilson, 2013;Merton, 1974;Zhang et al, 2022). Existing research on the influencing factors of corporate default risk primarily revolves around macroeconomic or institutional environments (Chen et al, 2022;He et al, 2023;Islam et al, 2022;Kanas & Molyneux, 2020;Nguyen, 2023;Nie et al, 2023;Thakerngkiat et al, 2023), firmspecific characteristics (Brogaard et al, 2017;Chen et al, 2023;Hsu et al, 2015;Li et al, 2022;Shih et al, 2021;Sun & Price, 2016;Zhitao & Xiang, 2023), and governance mechanisms (Abinzano et al, 2021;Ali et al, 2018Ali et al, , 2021Chiang et al, 2015;Fernando et al, 2020;Garcia et al, 2022;Switzer et al, 2018aSwitzer et al, , 2018bZeitun & Gang, 2007).…”