Empirical Analysis of Supplier Inefficient Investment at Customer Risks Based on Supply Chain Data

Table 6

Test results of mediating effect of enterprise risk.

Regression model	(1)	(2)	(3)
	InvestEff	Gysrisk	InvestEff
khRisk	0.046	0.199	0.046
	(1.948)	(3.32)	(1.918)
gysRisk	—	—	0.002
	—	—	(0.08)
Size	−0.008	−0.015	−0.008
	(−3.729)	(−3.514)	(−3.671)
Lev	0.014	0.076	0.014
	(1.085)	(2.532)	(1.078)
Cash	0.020	0.062	0.020
	(1.247)	(2.472)	(1.235)
Age	0.006	0.019	0.006
	(1.135)	(2.970)	(1.126)
OCF	0.015	−0.093	0.015
	(0.581)	(−1.377)	(0.578)
Tac	−0.007	0.046	−0.007
	(−1.286)	(3.815)	(−1.269)
Share	0.064	−0.114	0.064
	(0.982)	(−1.181)	(0.981)
ROA	0.077	−0.168	0.077
	(2.054)	(−1.195)	(2.051)
khSize	−0.001	0.002	−0.001
	(−0.044)	(1.200)	(−0.048)
khLev	−0.001	−0.018	−0.001
	(−0.046)	(−0.915)	(−0.042)
khAge	0.002	−0.002	0.002
	(0.375)	(−0.253)	(0.374)
khOCF	−0.025	0.030	−0.025
	(−0.997)	(0.704)	(−0.997)
Year	Control	Control	Control
Industry	Control	Control	Control
N	776	776	776
R-squared	0.157	0.275	0.157

Symbols , , and represent significance levels of 1%, 5%, and 10%, respectively.