The authors appreciate Department Editor Ranjani Krishnan, the associate editor, and two anonymous reviewers for providing valuable insights throughout the review process. The authors have also benefited from the constructive comments on an earlier version of this paper from conference and seminar participants at the University of Sydney, Xi’an Jiaotong University, Beijing Normal University, Beijing Jiaotong University, the University of Queensland, Deakin University, Xiamen University, City University of Hong Kong, the Fourth Dragon-Horse Accounting and Finance Symposium, and the 2021 Accounting Society of China Annual Meeting.
