TABLE 7.

Test of mediating effect.

Independent variable	Mediating variable	Dependent variable	Direct effect	Indirect effect	Overall effect	VAF	Hypotheses
INV	IN	BEN	0.586* (11.466)	0.115* (5.409)	0.701	16.37%	H7b was supported
PEOU	PU	INV	0.464* (7.040)	0.050 (1.753)	0.552	15.93%	H4b was not supported
PEOU	INV	IN	0.239* (4.056)	0.186* (5.776)	0.425	43.74%	H6b was supported
PU	INV	IN	0.250* (4.148)	0.050 (1.746)	0.300	16.57%	H6b′ was not supported
PEOU	PU	IN	0.239* (4.056)	0.177* (4.011)	0.416	42.59%	H5b was supported

“*” means it is significant at the significance level of 0.05; () means the t-value.