Table 8.

Mechanism test: mediating effect model of land transfers.

Modeling the mediating effects of land transfers
Variant	Equation 1	Equation 2	Equation 3	Variant	Equation 4	Equation 5	Equation 6
	Multidimensional relative poverty index	Land transfer	Multidimensional relative poverty index		Multidimensional relative poverty index	Land transfer	Multidimensional relative poverty index
Formal financial participation	−0.025*** (0.006)	0.038*** (0.014)	−0.024*** (0.006)	Informal financial participation	−0.014** (0.006)	0.079*** (0.013)	−0.012** (0.006)
Land transfer			−0.021*** (0.006)	Land transfer			−0.021*** (0.006)
Control variable	Controlled	Controlled	Controlled	Control variable	Controlled	Controlled	Controlled
Constant term	0.568*** (0.043)	−0.046 (0.095)	0.567*** (0.043)	Constant term	0.568*** (0.043)	−0.058 (0.095)	0.566*** (0.043)
R2	0.159	0.123	0.161	R2	0.158	0.176	0.159
N	5,303	5,303	5,303	N	5,303	5,303	5,303

^*** and ^** indicate significant at the 1% and 5% levels, respectively; control variables are the same as in Table 4.