Fig 1.
Research framework.
Table 1.
Variables and definitions.
Table 2.
Baseline results.
Table 3.
Instrumental variables method.
Table 4.
System GMM method.
Table 5.
PSM method.
Table 6.
Omitted variable bias tests.
Table 7.
Double Machine Learning.
Table 8.
Robustness test: Alternative model and metric.
Table 9.
Robustness test: Excluding special samples.
Table 10.
Mechanism: Corporate risk-taking.
Table 11.
Mechanism: Agency cost.
Table 12.
Mechanism: Financing constraints.
Table 13.
Heterogeneity test: Grouping based on supplier stability.
Table 14.
Heterogeneity test: Grouping based on supplier stability.
Table 15.
Heterogeneity test: Grouping based on customer stability.
Table 16.
Heterogeneity test: Grouping based on customer stability.