Table 5 Hypothesis testing Direct... | Emerald Publishing

Table 5

Hypothesis testing

Direct relationships	Path coefficients	Lower CI (2.5%)	Upper CI (97.5%)	T-statistics	Decision
Herding behaviour → Investment decisions	0.229	0.109	0.362	3.543**	Supported
Herding behaviour → Investor sentiment	0.517	0.417	0.614	10.296**	Supported
Herding Behaviour → Risk perception	0.498	0.385	0.610	8.628**	Supported
Investor sentiment → Investment decisions	0.199	0.100	0.301	3.868**	Supported
Investor sentiment → Risk perception	0.284	0.179	0.393	5.099**	Supported
Risk perception → Investment decisions	0.406	0.266	0.537	5.869**	Supported
Mediation effect
Herding behaviour → Investor sentiment → Investment decisions	0.103	0.050	0.165	3.464**	Supported
Herding behaviour → Risk perception → Investment decisions	0.202	0.126	0.287	4.904**	Supported
Herding behaviour → Investor sentiment → Risk perception → Investment decisions	0.060	0.030	0.097	3.461**	Supported

Direct relationships	Path coefficients	Lower CI (2.5%)	Upper CI (97.5%)	T-statistics	Decision
Herding behaviour → Investment decisions	0.229	0.109	0.362	3.543**	Supported
Herding behaviour → Investor sentiment	0.517	0.417	0.614	10.296**	Supported
Herding Behaviour → Risk perception	0.498	0.385	0.610	8.628**	Supported
Investor sentiment → Investment decisions	0.199	0.100	0.301	3.868**	Supported
Investor sentiment → Risk perception	0.284	0.179	0.393	5.099**	Supported
Risk perception → Investment decisions	0.406	0.266	0.537	5.869**	Supported
Mediation effect
Herding behaviour → Investor sentiment → Investment decisions	0.103	0.050	0.165	3.464**	Supported
Herding behaviour → Risk perception → Investment decisions	0.202	0.126	0.287	4.904**	Supported
Herding behaviour → Investor sentiment → Risk perception → Investment decisions	0.060	0.030	0.097	3.461**	Supported

Note(s): Critical t-values; * 1.96 (p < 0.05); **2.58 (p < 0.01)

Source(s): Authors' own work