Table 6. Mechanism test.

Variables	Model 1	Model 2	Model 3	Model 4
	GVCP	GVCP	GVCP	GVCP
ROD		-0.0004		-0.0093
		(-0.1161)		(-1.2231)
HHC	0.0078***	0.0052
	(3.1052)	(1.7084)
ROD×HHC		0.0039**
		(1.8154)
PSE			0.0143**	0.0117
			(1.8196)	(1.4721)
ROD×PSE				0.0013**
				(1.9669)
EPR	0.0514*	0.0701**	0.0882**	0.1075***
	(1.8389)	(2.4550)	(2.4440)	(2.9088)
PGDP	0.0644*	0.0399	0.0539	0.0137
	(2.1000)	(1.2590)	(1.5471)	(0.3244)
TAF	-0.0080	-0.0100	-0.0141	-0.0172*
	(-1.1972)	(-1.5032)	(-1.5899)	(-2.0238)
REX	-0.0336***	-0.0378***	-0.0254**	-0.0281**
	(-3.1759)	(-3.3833)	(-2.4680)	(-2.6491)
IEF	0.0040	0.0293	-0.0099	0.0261
	(0.0885)	(0.6585)	(-0.2039)	(0.4847)
EMP	-0.0168	-0.0173	-0.0197	-0.0187
	(-1.4068)	(-1.5020)	(-1.5114)	(-1.4621)
EXP	-0.0055	-0.0057	-0.0055	-0.0053
	(-0.9961)	(-1.0160)	(-0.9944)	(-0.9955)
IMP	-0.0237***	-0.0197**	-0.0272***	-0.0204**
	(-3.2095)	(-2.5959)	(-4.1476)	(-2.8823)
Constant	0.9423***	1.0505***	0.8328***	1.0525***
	(3.8775)	(4.2838)	(3.9262)	(4.3036)
National	YES	YES	YES	YES
Industry	YES	YES	YES	YES
Year	YES	YES	YES	YES
N	10,260	10,260	10,260	10,260
R2	0.977	0.977	0.977	0.977