Mediating effect of firm efficiency on the controlling shareholdings–firm performance nexus: evidence from public listed firms in Malaysia

Financial Innovation

Table 7 Robustness checks (Y = ROE)

Variables	Y = ROE, X = CS5, Mediator = EFF_SBM		Y = ROE, X = CS5, Mediator = EFF_DDF
Variables	Coefficient	t-stat	Coefficient	t-stat
Step1: Total effect of X on Y (Path c)
CS5	0.0278	2.9789***	0.0278	2.9789***
Step2: X to mediator (path a) and mediator to Y (path b)
CS5	0.0673	2.9549***	0.0272	3.5416***
Firm efficiency	0.1120	15.0608***	0.4579	21.5565***
Step3: Direct effect of X on Y (path c’)
CS5	0.0202	2.2525**	0.0153	1.7699*
Partial effect of control variables on Y
BIND	0.0038	2.6915***	0.0025	1.8696*
FSIZE	− 0.0018	− 1.5184	0.0030	2.9585***
FLEV	− 0.0380	− 4.8063***	− 0.0421	− 5.5913***
Adjusted R²	0.1093		0.1741
F-statistic	68.7405***		118.1472***