Relationship between Financial Asset Allocation, Leverage Ratio, and Risk-Taking of Small- and Medium-Sized Enterprises in China: Taking Environment-Related Industries as an Example

Table 6

Robustness test of mediating effect of leverage ratio.

Dependent variable	Sobel test value		Bootstrap (95%) confidence interval
	Z value	The effect proportion (%)	Upper limit	Lower limit
Risk	5.866	53.62	0.0012	0.0233
Risk2	5.838	61.23	0.0015	0.0245

Notes. mean significant at the level of 1%.