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Fig 1.

Schematic Diagram of the Theoretical Mechanism.

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Table 1.

Descriptive statistics.

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Table 2.

Benchmark regression results.

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Fig 2.

Parallel trend test.

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Table 3.

Robustness test results.

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Table 4.

Mechanism test results.

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Table 5.

Heterogeneity test results1.

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Table 6.

Heterogeneity test results2.

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Table 6 Expand