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Authors
Chen, Xin
Fang, Alex Junyi
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Funding
Funding for this research was provided by:
Sichuan Social Science Project (SCJJ24ND281)
National Natural Science Foundation of China (72372117)
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Article History
Received: 12 February 2025
Accepted: 28 April 2026
First Online: 11 May 2026
Competing interests
: The authors declare no competing interests.
: This study is based exclusively on secondary data obtained from the China Stock Market & Accounting Research (CSMAR) database. All data were used in accordance with the relevant terms and conditions of the authors’ institution. This article does not contain any studies with human participants or identifiable personal data performed by any of the authors. Therefore, ethical approval was not required.
: This study did not involve human participants or identifiable personal data. Therefore, informed consent was not required.
