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