Table 4

Hypothesis testing results

Structural pathsCoefficientSEz-value
Direct effects
Company size → Sustainability performance−0.0090.016−0.59
Company exports → Sustainability performance0.0500.0820.61
Company size → Business performance−0.0120.022−0.51
Company exports → Business performance−0.0540.097−0.56
Supply-side governance → Sustainability performance0.0590.0600.99
Demand-side governance → Sustainability performance−0.0190.040−0.46
Supply-side governance → Business performance0.1750.0832.12*
Demand-side governance → Business performance0.1940.0553.55***
PMM → Supply-side governance0.4610.0944.86***
PMM - > Demand-side governance0.9580.1217.91***
PMM → Sustainability performance0.1470.0801.83
PMM → Business performance−0.0200.099−0.20
Business performance → Sustainability performance0.1420.0572.50*
Indirect effects
Supply-side governance → Sustainability performance0.0250.0151.65
Demand-side governance → Sustainability performance0.0270.0142.03*
PMM → Sustainability performance0.0450.0490.91
PMM → Business performance0.2660.0763.50***

Note(s): Sign. ***p ≤ 0.001, ** 0.001 < p ≤ 0.01, * 0.01 < p ≤ 0.05

Source(s): Authors’ own creation

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