Table 13 Sobel Z tests for robustness check.

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

0.059

0.059

0.059

Std. Err.

0.034

0.035

0.033

z-value

1.742

1.701

1.785

p-value

0.082

0.089

0.074

Indirect effect/Total effect

0.059/0.559 = 0.106

Indirect /Direct effect

0.059/ 0.500 = 0.118

Baron and Kenny’s approach

The mediation is partial.

Zhao, Lynch, and Chen’s approach

Complementary Partial mediation