Table 5 Testing mediating effect of firm efficiency on the association between controlling shareholdings and firm performance (Y = ROA)
Variables | Y = ROA, X = CS5, Mediator = EFF_SBM | Y = ROA, X = CS5, Mediator = EFF_DDF | ||
|---|---|---|---|---|
Coefficient | t-stat | Coefficient | t-stat | |
Step1: Total effect of X on Y (Path c) | ||||
CS5 | 0.0187 | 2.6036*** | 0.0187 | 2.6036*** |
Step2: X to mediator (path a) and mediator to Y (path b) | ||||
CS5 | 0.0448 | 1.9687** | 0.0263 | 3.0978*** |
Firm efficiency | 0.0909 | 16.0286*** | 0.3279 | 19.7095*** |
Step3: Direct effect of X on Y (path c’) | ||||
CS5 | 0.0146 | 2.1248** | 0.0110 | 1.6271* |
Partial effect of control variables on Y | ||||
BIND | 0.0020 | 1.8704* | 0.0011 | 1.0651 |
FSIZE | − 0.0032 | − 3.439*** | 0.0011 | 1.3412 |
FLEV | − 0.0659 | − 10.9294*** | − 0.0697 | − 11.8867*** |
Adjusted R2 | 0.1411 | 0.1761 | ||
F-statistic | 93.2496*** | 121.3387*** | ||