Table 5.

Mediating effect test of green technology innovation

Variable	Tfp_lp (1)	Gpatent (2)	Tfp_lp (3)	UGpatent (4)	Tfp_lp (5)	IGpatent (6)	Tfp_lp (7)
CEPI	0.034**	0.032*	0.034**	0.041***	0.034**	0.004	0.034**
	(2.33)	(1.76)	(2.30)	(2.85)	(2.30)	(0.23)	(2.33)
Gpatent			0.011**
			(2.07)
UGpatent					0.011*
					(1.81)
IGpatent							0.009
							(1.42)
Size	0.534***	0.056***	0.533***	0.0251**	0.534***	0.049***	0.534***
	(23.96)	(3.46)	(23.90)	(2.05)	(23.94)	(3.83)	(23.91)
Debt	0.209***	0.019	0.209***	0.022	0.209***	0.010	0.209***
	(3.19)	(0.60)	(3.19)	(0.82)	(3.19)	(0.42)	(3.19)
Roa	0.205***	0.009	0.205***	0.013	0.205***	0.005	0.205***
	(3.00)	(0.30)	(3.00)	(0.51)	(3.00)	(0.22)	(3.00)
TobinQ	0.015***	− 0.002	0.015***	− 0.002	0.015***	− 0.001	0.015***
	(3.57)	(− 1.06)	(3.56)	(− 1.34)	(3.57)	(− 0.64)	(3.57)
Capital	− 0.016***	− 0.001***	− 0.016***	− 0.001**	− 0.016***	− 0.001***	− 0.016***
	(− 2.59)	(− 3.16)	(− 2.59)	(− 2.56)	(− 2.59)	(− 2.99)	(− 2.59)
Market	0.015	0.021	0.015	0.008	0.015	0.020	0.015
	(0.94)	(0.88)	(0.92)	(0.43)	(0.93)	(1.02)	(0.93)
Firm fixed effect	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed effect	Yes	Yes	Yes	Yes	Yes	Yes	Yes
N	12,745	12,745	12,745	12,745	12,745	12,745	12,745
$R^2$	0.534	0.074	0.534	0.068	0.534	0.043	0.534

t statistics in parentheses, ^* p < 0.1, ^** p < 0.05, ^*** p < 0.01