Table A2

Additional tests on mediation

Non-financial performanceFinancial performanceLagged accounting data
Coefficient (Z)Coefficient (Z)Coefficient (Z)
Sobel0.017 (3.59)***0.017 (3.20)**0.008 (1.99)*
Goodman 10.017 (3.56)***0.017 (3.16)**0.008 (1.96)*
Goodman 20.017 (3.63)***0.017 (3.23)**0.008 (2.01)*
Bootstrap0.017 (3.31)**0.017 (2.61)**0.008 (2.10)*
95% confidence interval0.007–0.0270.004–0.0310.001–0.017

Note(s): *p < 0.05; **p < 0.01; ***p < 0.001

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