Table 11 Sobel Z tests for innovation outputs.

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

Model/Dependent variable

ESGP

Estimates

Sobel

Aroian

Goodman

Indirect effect

0.015

0.015

0.015

Std. Err.

0.007

0.007

0.007

z-value

2.310

2.265

2.358

p-value

0.02

0.024

0.018

Indirect effect/Total effect

0.015/0.094 = 0.160

Indirect /Direct effect

0.015/ 0.079 = 0.190

Baron and Kenny’s approach

The mediation is partial.

Zhao, Lynch, and Chen’s approach

Complementary Partial mediation