Table 1.
Descriptive statistics of main variables.
Table 2.
Baseline and robustness results.
Fig 1.
Event study estimates for parallel trends validation.
This figure plots the event study estimates of average treatment effects (ATT) around the adoption year (2021). Blue bars represent pre-treatment periods (t = −2,−1), while red bars represent post-treatment periods (t = 0,1). The vertical lines denote 95% confidence intervals.
Table 3.
Mechanism analysis.
Table 4.
Heterogeneous effects.