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Fig 1.

Theoretical model.

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Table 1.

Definition and descriptive statistics of variables.

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Fig 2.

Parallel trend test results.

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Table 2.

Overall impact and source estimation.

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Table 2 Expand

Table 3.

Heterogeneity test of influence.

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Table 4.

Dynamic test of influence.

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Table 5.

Estimation of controlling the impact of different disruptive policies.

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Table 6.

PSM-DID estimation and tool variable estimation.

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Table 6 Expand

Fig 3.

Estimation of 200 random samples.

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