| Mediation path | P1 × P2 | P3 | P1 × P2 × P3 | Result | ||
| COMP > ESG > ROA | −0.027 | Significant | −0.019 | Significant | Positive | Partial mediation (Complementary) |
| COMP > ESG > ROE | 0.033 | Significant | 0.046 | Significant | Positive | Partial mediation (Complementary) |
| COMP > ESG > Tobin’s Q | −0.003 | Significant | −0.033 | Significant | Positive | Partial mediation (Complementary) |
| COMP > EPS > ROA | −0.015 | Not significant | −0.008 | Not significant |
| No effect |
| COMP > EPS > ROE | −0.045 | Not significant | 0.039 | Not significant |
| No effect |
| COMP > EPS > Tobin’s Q | 0.015 | Significant | −0.034 | Significant | Negative | Partial mediation (Competitive) |
| COMP > SPS > ROA | 0.043 | Not significant | −0.008 | Not significant |
| No effect |
| COMP > SPS > ROE | 0.016 | Significant | 0.039 | Significant | Positive | Partial mediation (Complementary) |
| COMP > SPS > Tobin’s Q | −0.023 | Significant | −0.034 | Significant | Positive | Partial mediation (Complementary) |
| COMP > GPS > ROA | 0.005 | Not significant | −0.008 | Not significant |
| No effect |
| COMP > GPS > ROE | −0.006 | Not significant | 0.039 | Significant |
| Direct only |
| COMP > GPS > Tobin’s Q | −0.003 | Significant | −0.034 | Significant | Positive | Partial mediation (Complementary) |