Table 5 The estimated results of direct, indirect and total effect.

\({\bar{{\rm{M}}}\left({\rm{F}}\right)}_{{\rm{direct}}}\)

−0.0061+ (−1.5779)

−0.0059+ (−1.5441)

−0.0098*** (−2.5632)

−0.0097*** (−2.6116)

−0.0116*** (−3.0582)

−0.0109*** (−2.9637)

−0.0079** (−2.3068)

−0.0070** (−2.0219)

−0.0093** (−2.4174)

−0.0089** (−2.3665)

\({\bar{{\rm{M}}}\left({\rm{D}}\right)}_{{\rm{direct}}}\)

−0.0070 (−0.4008)

−0.0037 (−0.2073)

−0.0354** (−2.2254)

−0.0318* (−1.9209)

0.0029 (0.1928)

0.0055 (0.3469)

−0.0151 (−1.0317)

−0.0152 (−1.0108)

0.0176 (1.2456)

0.0235* (1.6543)

\({\bar{{\rm{M}}}\left({\rm{F}}\right)}_{{\rm{indirect}}}\)

−0.0285** (−2.0854)

−0.0263** (−2.1491)

−0.0453*** (−3.7539)

−0.0426*** (−4.0907)

−0.1050*** (−7.1059)

−0.0970*** (−7.6702)

−0.1157*** (−7.0199)

−0.1069*** (−7.3907)

−0.0490*** (−5.1949)

−0.0450*** (−5.2999)

\({\bar{{\rm{M}}}\left({\rm{D}}\right)}_{{\rm{indirect}}}\)

0.1923*** (4.8016)

0.1773*** (4.7978)

0.3167*** (10.2458)

0.3019*** (10.1508)

0.3062*** (9.6315)

0.2890*** (9.4694)

0.3929*** (10.6224)

0.3714*** (11.0770)

−0.0930** (−2.4262)

−0.0753** (−2.1548)

\({\bar{{\rm{M}}}\left({\rm{F}}\right)}_{{\rm{total}}}\)

−0.0346** (−2.1451)

−0.0323** (−2.2044)

−0.0551*** (−3.8868)

−0.0524*** (−4.3092)

−0.1166*** (−6.9625)

−0.1079*** (−7.6141)

−0.1236*** (−6.9437)

−0.1140*** (−7.2536)

−0.0583*** (−5.1496)

−0.0539*** (−5.4564)

\({\bar{{\rm{M}}}\left({\rm{D}}\right)}_{{\rm{total}}}\)

0.1853*** (5.0523)

0.1735*** (5.4199)

0.2813*** (9.8298)

0.2702*** (10.3579)

0.3091*** (10.2456)

0.2945*** (10.7561)

0.3778*** (10.8247)

0.3562*** (11.7281)

−0.0754 (−1.6381)

−0.0518 (−1.2586)