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Fig 1.

Theoretical model diagram.

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Table 1.

Variable Definitions.

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Table 1 Expand

Table 2.

Descriptive Statistics of Key Variables.

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Table 2 Expand

Table 3.

Baseline Regression Results.

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Table 3 Expand

Table 4.

Mechanism Test Results.

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Table 5.

Moderation Test Results.

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Table 6.

Robustness Test Results.

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Table 7.

Endogeneity Test Results.

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Table 7 Expand