Research Article
The Inhibition of Institutional Investor Clique on the Tunneling Behavior
Table 2
Descriptive statistics of the main variables, estimated from the Wind Database Institutional Research Subdatabase and the CSMAR database.
| Variable names | Number of samples | Mean | Standard deviation | Minimum | Maximum |
| Institutional investor clique’s share ratio | 20241 | 6.48 | 7.049 | 0.0045 | 31.75 | Degree centrality | 20241 | 0.357 | 0.226 | 0.0003 | 1.874 | Betweenness centrality | 20241 | 0.0295 | 0.0074 | 0 | 0.0419 | Closeness centrality | 20241 | 0.0055 | 0.0057 | 0 | 0.128 | Appropriation of funds | 20241 | 0.0533 | 0.0867 | 0 | 0.734 | Related party transactions | 20241 | 0.32 | 0.419 | 0.0001 | 2.726 | Company size | 20241 | 22.26 | 1.295 | 19.29 | 26.05 | Market value | 20241 | 22.79 | 1.138 | 20.45 | 26.12 | Company age | 20241 | 36.43 | 15.05 | 0.23 | 76.07 | The shareholding ratio of the controlling shareholder | 20241 | 12.49 | 19.13 | 0 | 70.7 | Management shareholding | 20241 | 5.04 | 7.595 | 0 | 28.15 | Board size | 20241 | 8.668 | 1.727 | 3 | 18 | Separation of two rights | 20241 | 37.37 | 5.55 | 9.09 | 80 | Number of general meetings | 20241 | 3.405 | 1.89 | 1 | 33 | Nature of the audit firm | 20241 | 0.546 | 0.498 | 0 | 1 | Equity checks and balances | 20241 | 0.93 | 0.805 | 0.01 | 7.046 |
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