Table 6.

Mediating effects.

	(1)	(2)	(3)
	GP	GP_SI	GP_CI
DDD	0.2256 * *	0.1881 * *	0.2293 * *
	(0.0915)	(0.0898)	(0.0925)
SI		0.0077***
		(0.0004)
CI			0.0039***
			(0.0004)
DD	0.2184***	0.2209***	0.2056***
	(0.0430)	(0.0429)	(0.0427)
treat	−0.0082	−0.0170	−0.0314
	(0.0853)	(0.0836)	(0.0864)
treat	0.0930 * *	0.0785 *	0.0810 * *
	(0.0408)	(0.0408)	(0.0405)
group	0.0692***	−0.0002	0.0847***
	(0.0247)	(0.0248)	(0.0248)
LnAssets	0.4858***	0.4562***	0.4954***
	(0.0123)	(0.0125)	(0.0123)
Leverage	0.1425***	0.1008 *	0.1427***
	(0.0551)	(0.0549)	(0.0548)
ROA	−0.0684	−0.1551	0.0130
	(0.1137)	(0.1147)	(0.1134)
ROE	0.0000***	0.0000***	0.0000***
	(0.0000)	(0.0000)	(0.0000)
Cash	0.1221***	0.1160***	0.1180***
	(0.0126)	(0.0124)	(0.0125)
Growth	0.0114***	0.0147***	0.0099***
	(0.0018)	(0.0026)	(0.0016)
BM	0.1702***	0.1467***	0.1666***
	(0.0276)	(0.0273)	(0.0275)
Q	0.1218***	0.1128***	0.1342***
	(0.0222)	(0.0220)	(0.0221)
LnAge	9.2754***	8.4337***	9.6107***
	(0.2681)	(0.2742)	(0.2701)

Standard errors in parentheses. * p < 0.1, ** p < 0.05, *** p < 0.01.

(1) GP: Basic regression with GP as the dependent variable.

(2) GP_SI: regression with GP as the dependent variable and SI (supplier concentration) added.

(3) GP_CI: regression with GP as dependent variable and CI (customer concentration) added.