@Nandini yes it can be done. For example: as per the theory of planned, in the domain of entrepreneurial intention and behaviour research, entrepreneurial intention acts as an outcome variable (dependent variable) of favorable attitude towards entrepreneurship and entrepreneurial self-efficacy and subsequently lead to behavioral action thus acts a a mediator between attitude, self-efficacy, and behavioral action. You can also take the example of Job demands and resource (JD-R) model where a dependent variable acts as a mediator for another dependent variable. For reference, you can refer to one of my manuscripts attached herewith that has used JD-R Model.