. 2023 Jun 28;9(7):e17451. doi: 10.1016/j.heliyon.2023.e17451

Table 5.

Estimation results of the mediating effects of ×1 and $θ$ .

Dependent	$m_{1}$	$θ$	$m_{2}$	$θ$
Method	FE	Panel Tobit	FE	Panel Tobit
$x_{1}$	0.125*** (10.22)	−0.010*** (−4.80)	0.142*** (11.81)	−0.008*** (−3.66)
$m_{1}$	/	−0.029*** (−3.86)	/	/
$m_{2}$	/	/	/	−0.042*** (−5.46)
Control variables	Yes	Yes	Yes	Yes
$τ_{i}$	Yes	Yes	Yes	Yes
N	486	486	486	486
R²	0.874		0.883

Notes: The parentheses in the table are t-statistics or z-statistics, and ***, **, and * indicate passing significance tests at the 1%, 5%, and 10% levels, respectively.