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Fig 1.

Theoretical framework.

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Table 1.

Variable definitions.

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Table 2.

Descriptive statistics.

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Table 3.

Baseline regression.

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Table 4.

Mediating effects: InQuantity.

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Table 5.

Mediating effects: InQuality.

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Table 6.

Heterogeneity in the type of firm ownership.

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Table 7.

Heterogeneity in compensation incentives.

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Table 8.

Estimation results for the instrumental variable.

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Table 9.

Propensity score matching.

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Table 10.

OLS regression results.

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