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. 2021 Mar 23;73(1):125–178. doi: 10.1007/s41471-021-00108-6

Table 8.

Model coefficients of the mediation effect of HM on CurrTaxRisk via ∆TaxRisk

Dependent variables
Variables (1)
CurrTaxRisk 		(2)
∆TaxRisk 		(3)
CurrTaxRisk
Direct effects
HM

−1.19***

   (0.35)

−1.51**

   (0.60)

−1.11***

   (0.42)
∆TaxRisk    –    –

   0.04

   (0.16)
Years    –

   0.16

   (0.11)

    –
Constant

   3.19***

   (0.21)

−0.16

   (0.97)

   3.15***

   (0.28)
R2     0.17     0.32     0.17
Indirect effects
HM via ∆TaxRisk    –    –

−0.06

   (0.25)
Total effects
HM

−1.19***

   (0.35)

−1.51**

   (0.60)

−1.18**

   (0.34)

Coefficients and standard errors (in parentheses) were estimated using maximum likelihood estimation with robust standard errors. The dummy variable HM represents HM participation, and ∆TaxRisk reflect perceived changes in tax risk. CurrTaxRisk is the perceived current tax risk. Years represents the timeframe for which participants were asked to indicate change. Direct effects correspond to parameter estimates in multiple regressions and represent the effects net of any effect by control variables included in the model. Indirect effects of HM represent the mediation effect and equals the product of the direct effects of HM on ∆TaxRisk (Column 2) and of ∆TaxRisk on CurrTaxRisk (Column 3). Total effects of HM represent the sum of direct and indirect effects and corresponds to the coefficient of HM in a regression on CurrTaxRisk without controlling for ∆TaxRisk (Column 1). ***, **, and * indicate two-tailed statistical significance at the 1, 5, and 10% level, respectively.