Whole Sample

State-Owned

Private

Mediating Effect (Internal Control)

0.829***

1.236***

0.281***

Sobel Test

(17.98)

(14.03)

(10.44)

Goodman-1 (Aroian) Test

(17.97)

(14.02)

(10.43)

Goodman-2 Test

(17.99)

(14.04)

(10.45)

Direct Effects (Social Responsibility)

1.285***

1.322***

1.005***

(11.07)

(6.54)

(12.60)

Total Effect

2.114***

2.558***

1.286***

(18.37)

(12.63)

(16.37)

The Ratio of Mediating Effects to Total Effects

0.392

0.483

0.219