Table 10.
Robustness checks using the Sobel Goodman mediation test
| Variables | Model (1) | Model (2) | Model (3) | Model (4) |
|---|---|---|---|---|
| Financial behaviour | 0.996*** | 0.849*** | 1.210*** | 1.045*** |
| (0.0996) | (0.102) | (0.0907) | (0.106) | |
| [0.80,1.19] | [0.64,1.05] | [1.03,1.38] | [0.83,1.25] | |
| Financial literacy | 0.443*** | – | – | – |
| (0.0799) | ||||
| [0.28,0.59] | ||||
| Financial socialisation | – | 0.675*** | – | – |
| (0.0929) | ||||
| [0.49,0.85] | ||||
| Self-control | – | – | 0.222*** | – |
| (0.0722) | ||||
| [0.08,0.36] | ||||
| Financial technology | – | – | 0.286*** | |
| (0.0729) | ||||
| [0.14,0.42] | ||||
| Constant | 6.935*** | 6.325*** | 7.226*** | 7.683*** |
| (1.017) | (0.990) | (1.142) | (1.024) | |
| Observations | 360 | 360 | 360 | 360 |
| R-squared | 0.417 | 0.448 | 0.383 | 0.393 |
| a coefficient |
0.412*** (0.036) |
0.529*** (0.039) |
0.199*** (0.041) |
0.391*** (0.030) |
| b coefficient |
0.996*** (0.100) |
0.849*** (0.102) |
1.210*** (0.091) |
1.045*** (0.106) |
| a × b |
0.411*** (0.055) |
0.449*** (0.063) |
0.241*** (0.053) |
0.408**** (0.052) |
| c′ coefficient |
0.443*** (0.080) |
0.675*** (0.093) |
0.222*** (0.072) |
0.286*** (0.073) |
| Sobel-Goodman mediation test |
0.411*** (0.055) |
0.449*** (0.063) |
0.241*** (0.053) |
0.408*** (0.052) |
| Proportion of total effect that is mediated | 48.1% | 39.9% | 52.0% | 58.8% |
Standard errors in parentheses (). 95% confident interval in brackets []
*, ** and *** denote significant at 1%, 5% and 10% levels, respectively
Dependent variable: Financial well-being