[Retracted] Land Price Distortion, Financial Development, and Regional Innovation

Table 6

Results of financial efficiency mediating effect test.

Connotation of the model; dependent variable	Total effect lnppatents	Mediating effect (1) fin_effi	Mediating effect (2) lnppatents
Distort	0.0044	−0.0001	0.0044
	(0.002)	(0.001)	(0.002)
fin_effi			0.0599
			(0.038)
Controls	Yes	Yes	Yes
City	Yes	Yes	Yes
Year	Yes	Yes	Yes
Observations	3,020	3,024	3,020
R-squared	0.779	0.079	0.779
Number of cities	287	287	287
Sobel			−0.857

Notes. Robust standard errors in parentheses; , , and represent the significance level of 10%, 5%, and 1%, respectively.