Fig 1.
Flowchart of the mechanism analysis.
Table 1.
Variable descriptions and descriptive statistics.
Table 2.
Benchmark regression results.
Table 3.
Robustness test: alternative dependent variables.
Table 4.
Robustness test: alternative independent variables.
Table 5.
Robustness test: alternative model framework.
Table 6.
Instrumental variable estimation results.
Table 7.
Mechanism analysis: income and wealth growth.
Table 8.
Mechanism analysis: optimized risk management.
Table 9.
Heterogeneity analysis results.