Table 10 Robustness test results.
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 | ā1.098*** | ā0.666*** | ā1.059*** | ā0.935*** | |
(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 | ā0.959*** | ā0.687*** | ā1.374*** | ā1.164** | |
(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 | ā2.751*** | ā2.408*** | ā3.671*** | ā3.015*** | |
(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 | ā1.130** | ā0.798*** | ā1.140*** | ā0.994*** | |
(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 | ā1.622*** | ā1.610*** | ā2531*** | ā2.021** | |
(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 | |