Table 8.

Robustness test results of the moderating effect model.

		Education	Digital Infrastructure	Traditional Finance
		(1)	(2)	(3)
$L.ga{d}_{t-1}$		1.050 ***	1.130 ***	1.153 ***
		(0.015)	(0.015)	(0.015)
short-term	Direct effect	0.006 **	0.004 **	−0.002 **
		(0.001)	(0.001)	(0.001)
	Indirect effect	0.011	0.002 *	−0.005 *
		(0.004)	(0.003)	(0.003)
	Total effect	0.005 **	0.002 *	−0.006 **
		(0.004)	(0.004)	(0.003)
long-term	Direct effect	0.023 **	0.012 **	0.011 *
		(0.711)	(0.004)	(0.004)
	Indirect effect	0.030	0.007 *	0.027
		(0.710)	(0.006)	(0.002)
	Total effect	0.013 **	0.005 *	0.013 *
		(0.011)	(0.009)	(0.007)
Control variables		Yes
$\rho$		0.249 ***	0.191 ***	0.213 ***
$R^2$		0.955	0.953	0.943
${\sigma }^2$		0.001 ***	0.001 ***	0.001 ***
L-L		368.823	326.840	279.574

Notes: $ga{d}_{j,t-1}$ represents the one-period lag of agricultural green development. t statistics in parentheses. $\rho$ represents the spatial autoregressive coefficient. L-L represents the log likelihood estimator. *, ** and *** denote statistical significance levels at 10%, 5% and 1%, respectively.