Table 12 Mediating analysis using the robustness test.

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

VAR

NPM

Innova

Innov

0.011*

  
 

(1.920)

  

VAIC_2

0.500***

0.559**

5.556***

 

(2.882)

(3.210)

(4.130)

CSIZE

−0.0284

−0.025

0.283*

 

(−1.417)

(−1.280)

(1.660)

LEV

−0.119***

−0.115***

0.341**

 

(−6.695)

(−6.630)

(2.270)

AGE

−3.482**

−3.391*

8.544

 

(−2.024)

(−1.950)

(0.420)

LATA

−0.496**

−0.483**

1.273

 

(−2.400)

(−2.360)

(0.980)

TANG

−0.386*

−0.376*

0.955

 

(−1.834)

(−1.800)

(0.720)

Year FE

Included

Included

Included

Constant

12.09**

11.738**

−3.730

 

(2.120)

(2.040)

(−0.490)

Observations

350

350

350

R-squared

0.262

0.254

0.080

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