The Sobel test yields a z-statistic of 1.827 with a p-value of 0.0677, indicating that the indirect effect through financing constraints is marginally significant at the 10% level.
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The impact of environmental regulation on the development of new quality productive forces in heavily polluting enterprises.
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The sentences
The Sobel test yields a z-statistic of 4.906 with a p-value less than 0.0001, confirming that the indirect effect through green innovation is highly significant.