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Authors
Liu, Meng
Luo, Yikai
Luo, Xingkai
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Funding
Funding for this research was provided by:
Chinese National Social Science Youth Fund (19CRK022)
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Article History
Received: 24 February 2025
Accepted: 9 October 2025
First Online: 19 November 2025
Competing interests
: The authors declare no competing interests.
: This article does not contain any studies with human participants performed by any of the authors.
: This article does not contain any studies with human participants performed by any of the authors. Data are coming from government disclosures and firm reports.
