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