Table 13.

Empirical results on impact mechanisms—EC

Variable	Coefficient	Standard error	P value
Gfinance	-0.140***	0.0308	0.000
AG	0.0309***	0.0069	0.000
lntech	0.0767**	0.0275	0.009
power	-0.409***	0.0790	0.000
lnhu	0.0771	0.0655	0.249
road	-0.0038	0.0029	0.204
gov	-0.0719	0.186	0.702
cons	1.589***	0.287	0.000

***, **, and * indicate statistical significance at the 1%, 5%, and 10% levels, respectively