Table 2.
Partially Standardized Effect and 95% CIs for Direct and Indirect Effects.
| Path | Effect | SE | 95% CI |
|---|---|---|---|
| Total effect | |||
| HIE→IB | −0.550 *** | 1.73 a | [−11.41, −4.58] |
| LIE→IB | 1.17 *** | 1.88 a | [13.30, 20.70] |
| HIE→LRP | 0.003 | 19.33 | [−37.75, 38.46] |
| LIE→LRP | 0.39 * | 20.95 a | [7.63, 90.22] |
| Specific indirect effect | |||
| HIE→IRP→IB | 0.0004 | 0.84 | [−0.09, 0.14] |
| LIE→IPR→IB | −0.0004 | 0.80 | [−0.11, 0.10] |
| HIE→LRP→IB | 0.04 | 0.62 | [−0.003, 0.16] |
| LIE→LPR→IB | 0.004 | 0.17 | [−0.01, 0.04] |
| HIE→IRP→LRP→IB | −0.04 *** | 0.37 a | [−0.10, −0.004] |
| LIE→IRP→LRP→IB | 0.04 *** | 0.38 a | [0.004, 0.11] |
Note: HIE, High-risk investment experience; LIE, Low-risk investment experience; IRP, initial risk perception; LRP, later risk perception; IB, investment behavior. * p < 0.1, *** p < 0.001. a. Empirical 95% confidence interval does not include zero.