Research Data

The data package includes the following files:
Figures: Including all images appearing in the article.
Original data: This document includes each variable and the data processing procedure Data_management.do. The DO document shows all the steps of data management, clearly demonstrating how we create the final ALL.dta process from raw data.
Replication: Including two documents: the final data ALL.dta and the result replication process Replication.do. You can use this dataset and accompanying scripts to copy all regression tables and graphs in the main text.
Data Construction Principles: This document details the construction methodology for all variables, including data sources from CSMAR, processing procedures, and anonymization techniques that preserve statistical characteristics while retaining company identifiers for verification purposes.