Variable

Direct Effect

T statistic

Indirect Effect

T statistic

Total Effect

T statistic

ER

0.1987***

2.9824

0.1135*

1.9833

0.3122**

2.9443

LNHC

0.0154***

2.7762

−0.0921***

2.7852

−0.0767***

5.1001

EN

0.1321*

−1.7934

−0.1110

−1.6032

0.0211−

1.3223

LNGDP

−0.1774***

−4.2732

0.1002**

−2.8436

−0.0772**

−2.1274

IS

0.6237*

1.9802

0.0762**

2.1063

0.6999*

1.8902

OPEN

0.0102*

2.0013

−0.0062

0.8265

0.0040

1.1985

FDI

0.2648**

2.3695

−0.1354**

2.2023

−0.4002***

3.9827