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Authors
Li, Chenxi
Bu, Wei
Liu, Shanshan
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Funding
Funding for this research was provided by:
National Social Science Fund of China,China (NO.23CJY020)
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Article History
Received: 2 June 2025
Accepted: 15 September 2025
First Online: 14 October 2025
Declarations
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: Not applicable. This study is based on analyses of firm-level data obtained from the China Stock Market & Accounting Research (CSMAR) and China National Intellectual Property Administration (CNIPA). As no human subjects were involved, and all data are publicly available and properly licensed, no ethical approval was necessary. This study utilizes exclusively publicly available, anonymized secondary data. No human subjects were directly involved in the research by any of the authors, and no individual-level identifiable information is used; therefore, obtaining consent to participate was not required.
: All authors approved the final manuscript and the submission to this journal.
: Not applicable.
