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Fig 1.

Article structure diagram.

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Table 1.

Variable definition.

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Table 2.

Descriptive statistics.

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Table 3.

Variance inflation factor.

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Table 4.

Baseline regression results.

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Table 5.

Robustness test results.

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Table 6.

Mechanism analysis results.

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Table 7.

Heterogeneity analysis results.

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