The Inhibition of Institutional Investor Clique on the Tunneling Behavior

Table 4

The impact of institutional investor clique centrality on tunneling behavior.

Variable names	Degree centrality		Betweenness centrality		Closeness to centrality
	Appropriation of funds	Related party transactions	Appropriation of funds	Related party transactions	Appropriation of funds	Related party transactions
Centrality indicator	−0.0121	−0.0271	−0.0045	−0.0054	−2.9710	−7.8864
	(−7.6365)	(−5.0972)	(−4.0558)	(−1.7703)	(−7.2601)	(−5.7685)
Company size	−0.0283	−0.0223	−0.0281	−0.0212	−0.0298	−0.0258
	(−6.4263)	(−1.5859)	(−6.3404)	(−1.4907)	(−6.6238)	(−1.8315)
Market value	0.0295	0.0203	0.0251	0.01	0.0325	0.0294
	−6.6037	−1.3756	−5.9585	−0.6806	−7.0093	−1.9461
The shareholding ratio of the controlling shareholder	−0.0007	−0.0005	−0.0007	−0.0005	−0.0008	−0.0006
	(−9.1812)	(−1.0706)	(−9.3346)	(−1.0620)	(−9.6658)	(−1.3564)
Management shareholding	−0.0002	−0.0021	−0.0003	−0.0022	−0.0001	−0.0018
	(−4.2513)	(−7.1826)	(−4.9375)	(−7.5166)	(−2.1317)	(−5.8747)
Separation of two rights	−0.0004	0.0008	−0.0004	0.0009	−0.0004	0.0009
	(−2.8419)	−1.1015	(−2.9110)	−1.1329	(−2.7166)	−1.1678
Company age	0.0006	0.0042	0.0007	0.0043	0.0006	0.0041
	−2.9867	−3.6974	−3.1618	−3.7527	−2.8199	−3.6115
Board size	−0.0003	0	−0.0003	−0.0003	−0.0003	0
	(−0.4354)	(−0.0084)	(−0.4612)	(−0.0678)	(−0.4228)	−0.0048
Number of general meetings	0.0030	0.0397	0.0031	0.0400	0.0031	0.0398
	−6.2882	−14.068	−6.5908	−14.1199	−6.4702	−14.1043
Nature of the firm	−0.0023	−0.0015	−0.0027	−0.0018	−0.0025	−0.0019
	(−1.2895)	(−0.1682)	(−1.4841)	(−0.1949)	(−1.4022)	(−0.2063)
Equity checks and balances	−0.0085	−0.0378	−0.0082	−0.0362	−0.0072	−0.0346
	(−6.6499)	(−6.0355)	(−6.4837)	(−5.7878)	(−5.6799)	(−5.5537)
Constant terms	0.0139	0.1826	0.0995	0.3945	0.0834	0.3211
	−0.5219	−1.2536	−3.8963	−2.8253	−3.3113	−2.2869
N	21,240	21,240	21,203	21,203	21,240	21,240

Robust standard errors in parentheses:  < 0.01,  < 0.05,  < 0.1.