Table 10 Mediation analysis for innovation outputs.

From: Intellectual capital and financial performance of European professional football club: the mediating role of financial innovation

VAR

ROA

InnOut

InnOut

0.518***

  
 

(2.785)

  

VAIC

0.079***

0.094**

0.030***

 

(2.755)

3.280

4.140

CSIZE

−0.0183

−0.015

0.006**

 

(−1.552)

−1.280

1.990

LEV

−0.0767***

−0.074***

0.004*

 

(−6.785)

−6.680

1.830

AGE

−1.356

−1.211

0.280

 

(−1.310)

−1.140

0.820

LATA

−0.333**

−0.328**

0.010

 

(−2.411)

−2.400

0.490

TANG

−0.261*

−0.258*

0.006

 

(−1.856)

−1.850

0.300

Constant

4.812

4.294

−0.999

 

(1.401)

1.220

−0.890

Observations

350

350

350

R-squared

0.313

0.300

0.120

  1. t-statistics are in parentheses. *p < 0.01, **p < 0.05, ***p < 0.1.
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