Table 5.
Mechanism tests: Digital finance and green development.
| (1) | (2) | (3) | |
|---|---|---|---|
| GTFP | EC | TC | |
| DFI*Post13 | 0.0012** | 0.0001 | 0.0014*** |
| (0.0006) | (0.0007) | (0.0005) | |
| Baseline controls | Yes | Yes | Yes |
| City FE | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes |
| Province-by-year FE | Yes | Yes | Yes |
| Adjusted R2 | 0.5723 | 0.0723 | 0.6228 |
| N | 1219 | 1219 | 1219 |
**, ***
represent the significant levels of 5%, and 1%, respectively. Parentheses indicate standard errors clustered at the city level. The baseline control variables are consistent with column (4) in Table 2.