Table 12 Results of the test of the mediating effect of GTFP on the pilot ETS–GPT 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

(1)

(2)

(3)

(7)

(8)

(6)

(8)

(9)

(10)

lnCEa

GTFP

lnCEa

lnCIa

lnCIa

lnREG

lnREG

lnPREG

lnPREG

GTFP

  

−0.3322*** (0.1127)

 

−0.3332*** (0.1130)

 

0.5150** (0.2191)

 

−0.0338 (0.0981)

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

−0.5654*** (0.0591)

−0.0280 (0.0271)

−0.5747*** (0.0586)

−0.5663*** (0.0593)

−0.5756*** (0.0588)

−0.0347 (0.1145)

−0.0203 (0.1140)

−0.1042** (0.0509)

−0.1052** (0.0510)

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

6.9104 (4.3399)

−2.2766 (1.9893)

6.1540 (4.3028)

16.3262*** (4.3153)

15.5676*** (2.6337)

−44.1114*** (8.4029)

−42.9389*** (8.3665)

7.8334** (3.7353)

7.7564** (3.7465)

Sobel test

  

0.0093 (0.0095)

 

0.0205 (0.0180)

 

−0.0144 (0.0153)

 

0.0009 (0.0029)

Size of mediation effect

  

0.0093

 

0.0106

 

−0.0145

 

−0.0091

Share of intermediation effect

  

−0.0165

 

−0.0353

 

0.4157

 

0.0010

Sample size

420

420

420

420

420

420

420

420

420

R2

0.9550

0.8347

0.9560

0.9612

0.9621

0.9348

0.9393

0.8601

0.8601

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