How to measure the percentage of the total effect that occurs through the indirect effects (i.e.,5.1%, 18.8%) and direct effect (i.e., 76.0%)? For below figure, In this figure, HFT is the independent variable, Liquidity comovement is the dependent variable, Liquidity and Volitality are the mediator variables. According to my understanding, Liquidity comovement=β5×HFT+β3×Liquidity+β4×IVoL+e Liquidity comovement=β5×HFT+β3(β1×HFT+e)+β4(β2×HFT+e)+e Liquidity comovement=β5×HFT+β1β3×HFT+β2β4×HFT+e Liquidity comovement=(β5+β1β3+β2β4)HFT+e and thus, I suppose that Indirect effect of Liquidity= β1β3/(β5+β1β3+β2β4)=(3.26×213.07)/(10.27+3.26×213.07+1431×1.78)=21.36% Indirect effect of Volatility= β2β4/(β5+β1β3+β2β4)=(1431×1.78)/(10.27+3.26×213.07+1431×1.78)=78.33% Direct effect of HFT= β5/(β5+β1β3+β2β4)= 0.387/(10.27+3.26×213.07+1431×1.78)=0.32% However, my results are different from the percentage in the Figure. May I ask where I was wrong and how to get this percentage？Any help is appreciated. Source of the Figure: https://www.sciencedirect.com/science/article/pii/S0304405X19300832?casa_token=rZ9cPnhMxc8AAAAA:_UXLAjwRqgpzExN8Y7pjkVn5BYKw03HRWZrIjjF739HGA5lCyNEpidv3Z1UQllL0v2aA1QK6xN8

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