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Fig 1.

Flowchart of the mechanism analysis.

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Table 1.

Variable descriptions and descriptive statistics.

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Table 2.

Benchmark regression results.

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Table 3.

Robustness test: alternative dependent variables.

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Table 4.

Robustness test: alternative independent variables.

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Table 5.

Robustness test: alternative model framework.

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Table 6.

Instrumental variable estimation results.

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Table 7.

Mechanism analysis: income and wealth growth.

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Table 8.

Mechanism analysis: optimized risk management.

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Table 9.

Heterogeneity analysis results.

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