Table 10 Robustness test results.

From: RETRACTED ARTICLE: Inverted U-shaped pattern of green finance influencing the synergistic effect of pollution and carbon reduction

Variant

Replacement matrix

Adding control variables

Excluding green finance pilots

Adjustment of the estimation sample

Gf

1.014***

0.638***

0.993***

0.754**

(0.231)

(0.222)

(0.286)

(0.342)

Gf2

āˆ’1.098***

āˆ’0.666***

āˆ’1.059***

āˆ’0.935***

(0.171)

(0.618)

(0.034)

(0.278)

Wx.Gf

1.233***

1.067***

2.037***

1.465**

(0.416)

(0.435)

(0682)

(0.661)

Wx.Gf2

āˆ’0.959***

āˆ’0.687***

āˆ’1.374***

āˆ’1.164**

(0.286)

(0.321)

(0.459)

(0.479)

Spatial rho

0.225***

0.435***

0.299**

0.264**

(0.107)

(0.067)

(0.120)

(0.127)

aggregate effect

Gf

3.032***

3.047***

4.594***

3.210***

(0.690)

(0.885)

(1.438)

(1.130)

Gf2

āˆ’2.751***

āˆ’2.408***

āˆ’3.671***

āˆ’3.015***

(0.548)

(0.717)

(1.034)

(0.899)

direct effect

Gf

1.061***

0.818***

1.101***

0.819**

(0.239)

(0.251)

(1.309)

(0.354)

Gf2

āˆ’1.130**

āˆ’0.798***

āˆ’1.140***

āˆ’0.994***

(0.183)

(0.195)

(0.229)

(0.287)

indirect effect

Gf

1.971***

2.230***

3.493***

2.390***

(0.630)

(0.732)

(1.303)

(1.027)

Gf2

āˆ’1.622***

āˆ’1.610***

āˆ’2531***

āˆ’2.021**

(0.481)

(0.582)

(0.923)

(0.795)

control variable

Yes

Yes

Yes

Yes

Individual fixation

Yes

Yes

Yes

Yes

fixed time

Yes

Yes

Yes

Yes

R2

0.184

0.161

0.060

0.117

N

330

330

253

240

  1. ***, **, * indicate significance at the 1%, 5% and 10% levels respectively, with robust standard errors in parentheses.