Table 11 Results of the mediating effect test of GTFP on pilot ETS–TGC policy synergy.

From: Synergy pathway innovation of carbon emission trading, tradable green certificate and green power trading policies: achieving China’s dual carbon goals

Variable name

lnCEa

GTFP

lnCEa

lnCIa

lnCIa

lnREG

lnREG

lnPREG

lnPREG

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

GTFP

  

−0.3732*** (0.1261)

 

−0.3775*** (0.1262)

 

0.4604** (0.2226)

 

−0.0711 (0.0996)

\(DI{D}_{pilotETS}\times pos{t}_{TGC}\)

−0.2274*** (0.0642)

−0.1002*** (0.0263)

−0.2648*** (0.0648)

−0.2360*** (0.0643)

−0.2738*** (0.0649)

−0.1954* (0.1127)

−0.1493 (0.1144)

−0.1199** (0.0502)

−0.1271** (0.0512)

Control variable

YES

YES

YES

YES

YES

YES

YES

YES

YES

Province fixed effect

YES

YES

YES

YES

YES

YES

YES

YES

YES

Year fixed effect

YES

YES

YES

YES

YES

YES

YES

YES

YES

Constant

8.3215* (4.8057)

−3.2513* (1.9689)

7.1082 (4.7733)

17.6430*** (4.8125)

16.4157*** (4.7789)

−46.1567*** (8.4336)

−44.6597*** (8.4274)

7.1769* (3.7562)

6.9456* (3.7726)

Sobel test

  

0.0374** (0.0160)

 

0.0378** (0.0161)

 

−0.0461* (0.0254)

 

0.0071 (0.0101)

Size of mediation effect

  

0.0374

 

0.0378

 

−0.0461

 

0.0072

Share of intermediation effect

  

−0.1644

 

−0.1602

 

0.2360

 

−0.0594

Sample size

420

420

420

420

420

420

420

420

420

R2

0.9456

0.8406

0.9469

0.9481

0.9544

0.9389

0.9396

0.8607

0.8609

  1. Standard errors are in brackets; ***, **, * indicate significant at the 1%, 5% and 10% levels respectively.