Table 11 The results of the intermediary effect of FD, UR and ER between LI and CE.

From: Urban land supply strategies and carbon emissions in China: from the perspective of land-based fiscal revenue and land-based investment

Variables

Fiscal decentralization effect

Urbanization effect

Environmental regulatory effect

Financial development effect

 

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

 

FD

CO2

FD

CO2

UR

CO2

UR

CO2

ER

CO2

ER

CO2

FIN

CO2

FIN

CO2

LI

−1.129*** (0.305)

0.006*** (0.001)

−0.489 (0.335)

0.005*** (0.001)

0 (0.005)

0.006*** (0.001)

−0.006 (0.005)

0. 005*** (0.001)

0.007* (0.004)

0.007*** (0.001)

0.007** (0.004)

0.005*** (0.001)

−0.036 (0.83)

0.006*** (0.001)

−0.248*** (0.094)

0.005*** (0.001)

FD

 

0.015 (0.021)

 

0.034 (0.022)

            

Ur

     

−0.001*** (0.0003)

 

−0.001** (0.0003)

        

ER

         

0 (0.0003)

 

0 (0.0002)

    

FIN

             

−0.041*** (0.006)

 

−0.048*** (0.006)

Constant

4.887*** (0.361)

1.851*** (0.026)

3.597*** (1.500)

1.939*** (0.139)

8.887*** (0.648)

1.31 (0.044)

8.342*** (1.510)

2.010*** (0.141)

9.1 (0.379)

1.184*** (0.025)

3.396 (2.140)

1.952*** (0.139)

7.864*** (0.527)

1.851*** (0.026)

14.103*** (1.242)

2.063*** (0.138)

Control variables

N

N

Y

Y

N

N

Y

Y

N

N

Y

Y

N

N

Y

Y

Time effect

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

City- effect

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Obs.

4260

4260

4260

4260

4260

4260

4260

4260

4260

4260

4260

4260

4260

4260

4260

4260

R2

0.548

0.987

0.557

0.989

0.547

0.987

0.523

0.989

0.55

0.987

0.557

0.989

0.547

0.988

0.556

0.989

F

16.13

1035

16.14

1169.32

16.04

1038

16.14

1170.15

16.1

1035

16.15

1169.20

16.03

1048.37

16.18

1187.72

Prob (F-statistic)

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Sobel test

−0.007*** (Z = −3.092)

−0.002 (Z = −1.389)

−0.00003 (Z = −0.807)

−0.00003 (Z = −1.139)

0.00004* (Z = 1.747)

0.00003* (Z = 1.777)

−0.0002 (Z = −0.432)

−0.001** (Z = −2.268)

Goodman test 1

−0.007*** (Z = −3.058)

−0.002 (Z = −1.361)

−0.00003 (Z = −0.795)

−0.00003 (Z = −1.115)

0.00004* (Z = 1.723)

0.00003* (Z = 1.744)

−0.0002 (Z = −0.425)

−0.001** (Z = −2.227)

Goodman test 2

−0.007*** (Z = −3.126)

−0.002 (Z = −1.418)

−0.00003 (Z = −0.820)

−0.00003 (Z = −1.164)

0.00004* (Z = 1.773)

0.00004* (Z = 1.812)

−0.0002 (Z = −0.439)

−0.001** (Z = −2.313)

Indirect effect

−0.007*** (Z = −3.092)

−0.002 (Z = −1.389)

−0.00003 (Z = −0.807)

−0.00003 (Z = −1.139)

0.00004* (Z = 1.747)

0.00003* (Z = 1.777)

−0.0002 (Z = −0.432)

−0.001** (Z = −2.268)

direct effect

0.015 (Z = 0.727)

0.033 (Z = 1.550)

−0.001*** (Z = −3.568)

−0.001** (Z = −2.278)

−0.0002 (Z = −0.912)

−0.0003 (Z = −1.419)

−0.041*** (Z = −7.202)

−0.048*** (Z = −7.995)

Total effect

0.008 (Z = 0.395)

0.031 (Z = 0.151)

−0.0003*** (Z = −3.627)

−0.001** (Z = −2.359)

−0.0002 (Z = −0.746)

−0.0003 (Z = −1.272)

−0.041*** (Z = −7.213)

−0.049*** (Z = −8.168)

Proportion of total effect that is mediated

−0.835

−0.076

0.02

0.037

−0.22

−0.114

0.005

0.023

  1. *, **, and *** indicate statistical significance at 10%, 5%, and 1%, respectively. Standard errors in brackets.
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