Table 3 Regression results of non spatial correlation panel data econometric model of carbon sequestration cost

Forestry GDP

− 8.493^***

− 24.873^***

− 7.822^***

− 25.456^***

(− 6.935)

(− 8.753)

(− 5.914)

(− 6.817)

Wood production

− 0.081

− 3.702^***

− 0.626

− 4.568^***

(− 0.137)

(− 5.130)

(− 1.010)

(− 6.123)

Afforestation area

9.900^***

1.429

11.842^***

1.828^*

(12.300)

(1.633)

(12.932)

(1.889)

Labor Price

− 0.309

− 2.558^***

2.929^*

− 2.178

(− 0.294)

(− 2.787)

(1.866)

(− 1.496)

Land use costs

34.337^***

39.607^***

37.198^***

57.210^***

(18.260)

(14.441)

(18.004)

(13.606)

Rural residents’ consumption

7.728^***

16.576^***

15.485^***

19.739^***

(5.128)

(6.875)

(4.928)

(4.336)

Forest stock

− 7.281^***

− 12.033^***

− 7.291^***

− 11.142^***

(− 11.530)

(− 11.610)

(− 11.462)

(− 10.635)

Population density

− 2.961^***

47.994^***

− 4.093^***

55.289^***

(− 4.486)

(6.321)

(− 5.281)

(6.404)

Year FE

No

No

Yes

Yes

Prov FE

No

Yes

No

Yes

N

870

870

870

870

r²

0.668

0.831

0.683

0.844

Spatial error Lagrange multiplier

0.409

Spatial error Robust Lagrange multiplier

18.284^***

Spatial lag Lagrange multiplier

11.973^***

Spatial lag Robust Lagrange multiplier

29.848^***