Table 15 Regression results of mediation...

Table 15

Regression results of mediation tests (mediation effects)

Panel A - Baron and Kenny's (1986) causal step regression results (TONE)
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Variables	TONE	MEETING	TONE	JONTENU	TONE	FCF	TONE	MJONES	TONE
GAPU	−0.002***	−0.001***	−0.002***	−0.004***	−0.002***	0.000***	−0.002***	0.000**	−0.002***
GAPU	(−2.906)	(−2.602)	(−2.725)	(−9.826)	(−2.653)	(3.125)	(−2.840)	(2.456)	(−2.839)
MEETING			0.046***
MEETING			(5.251)
JONTENU					0.021**
JONTENU					(2.500)
FCF							0.168*
FCF							(1.760)
MJONES									0.129**
MJONES									(2.147)
Constant	3.336***	−0.385***	2.320***	2.662***	2.245***	0.011	2.300***	0.158***	2.282***
Constant	(27.769)	(−4.931)	(20.617)	(33.283)	(19.554)	(1.498)	(20.442)	(13.811)	(20.207)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	26,876	26,876	26,876	26,876	26,876	26,876	26,876	26,876	26,876
Adjusted-R²	0.0964	0.1105	0.0279	0.6847	0.0272	0.7066	0.0270	0.3726	0.0271

Panel A - Baron and Kenny's (1986) causal step regression results (TONE)
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Variables	TONE	MEETING	TONE	JONTENU	TONE	FCF	TONE	MJONES	TONE
GAPU	−0.002***	−0.001***	−0.002***	−0.004***	−0.002***	0.000***	−0.002***	0.000**	−0.002***
GAPU	(−2.906)	(−2.602)	(−2.725)	(−9.826)	(−2.653)	(3.125)	(−2.840)	(2.456)	(−2.839)
MEETING			0.046***
MEETING			(5.251)
JONTENU					0.021**
JONTENU					(2.500)
FCF							0.168*
FCF							(1.760)
MJONES									0.129**
MJONES									(2.147)
Constant	3.336***	−0.385***	2.320***	2.662***	2.245***	0.011	2.300***	0.158***	2.282***
Constant	(27.769)	(−4.931)	(20.617)	(33.283)	(19.554)	(1.498)	(20.442)	(13.811)	(20.207)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	26,876	26,876	26,876	26,876	26,876	26,876	26,876	26,876	26,876
Adjusted-R²	0.0964	0.1105	0.0279	0.6847	0.0272	0.7066	0.0270	0.3726	0.0271

Panel B: Bootstrap approach results (mediation effects) (TONE)
Dependent variable	TONE
Independent variable	GAPU
	(1)	(2)	(3)	(4)
Mediation variables	MEETING	JONTENU	FCF	MJONES
Indirect effect	−0.0000104	−0.0000275	−0.0000185	−0.0000227
Direct effect	−0.0017525	−0.0017354	−0.0017444	−0.0017856
Total effect	−0.0017629	−0.0017629	−0.0017629	−0.0018083
Indirect/total	0.0058993	0.0155993	0.0104941	0.0125532
Indirect/direct	0.0059343	0.0158465	0.0106054	0.0127128
Total/direct	1.0059344	1.0158465	1.0106054	1.0127128
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	26,876	26,876	26,876	26,876

Panel B: Bootstrap approach results (mediation effects) (TONE)
Dependent variable	TONE
Independent variable	GAPU
	(1)	(2)	(3)	(4)
Mediation variables	MEETING	JONTENU	FCF	MJONES
Indirect effect	−0.0000104	−0.0000275	−0.0000185	−0.0000227
Direct effect	−0.0017525	−0.0017354	−0.0017444	−0.0017856
Total effect	−0.0017629	−0.0017629	−0.0017629	−0.0018083
Indirect/total	0.0058993	0.0155993	0.0104941	0.0125532
Indirect/direct	0.0059343	0.0158465	0.0106054	0.0127128
Total/direct	1.0059344	1.0158465	1.0106054	1.0127128
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	26,876	26,876	26,876	26,876

Note(s): Table 15 reports the mediation effects test results. Table 15 Panel A reports the mediation test results (Baron and Kenny's (1986) causal step regression results (TONE, GAPU, MEETING & JONTENU)). Table 15 Panel B reports the mediation effects test using the Bootstrap approach results (Panel B Column 1 to 4, Replications 5,000 times). t-statistics are in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01. Robust t-statistics (in parentheses) are based on standard errors clustered by firm and year. All the variables are defined in Appendix A

Source(s): Authors' calculations

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