The Inhibition of Institutional Investor Clique on the Tunneling Behavior

Table 5

Hysteresis effect of institutional investor clique centrality on tunneling behavior.

Variable names	Degree centrality		Betweenness centrality		Closeness centrality
	Appropriation of funds	Related party transactions	Appropriation of funds	Related party transactions	Appropriation of funds	Related party transactions
A central indicator of a lagging period	−0.0050	−0.0241	−0.0018	−0.0033	−1.9525	−8.1285
	(−3.0089)	(−3.9302)	(−4.2875)	(−1.7574)	(−4.0951)	(−4.9103)
Company size	−0.0227	−0.0084	−0.0229	−0.0119	−0.0232	−0.0112
	(−5.5924)	(−0.5484)	(−5.6450)	(−0.7759)	(−5.6260)	(−0.7382)
Market value	0.0213	−0.0023	0.0200	−0.0057	0.0237	0.0073
	−5.2436	(−0.1446)	−5.1445	(−0.3569)	−5.5785	−0.4629
The shareholding ratio of the controlling shareholder	−0.0007	−0.0004	−0.0007	−0.0004	−0.0007	−0.0005
	(−8.2618)	(−0.7597)	(−8.2687)	(−0.7767)	(−8.5724)	(−1.0856)
Management shareholding	−0.0002	−0.0021	−0.0002	−0.0021	−0.0001	−0.0018
	(−3.3147)	(−6.4718)	(−3.4384)	(−6.4932)	(−1.9880)	(−5.3340)
Separation of two rights	−0.0003	0.001	−0.0003	0.001	−0.0003	0.001
	(−2.3639)	−1.1639	(−2.3711)	−1.1901	(−2.2854)	−1.2352
Company age	0.0005	0.0036	0.0005	0.0036	0.0004	0.0034
	−2.0563	−2.9334	−2.0938	−2.9397	−1.9323	−2.857
Board size	0.0001	0.0009	0.0001	0.0009	0.0001	0.0009
	−0.1773	−0.2057	−0.1429	−0.2134	−0.1711	−0.2002
Number of general meetings	0.0030	0.0412	0.0031	0.0417	0.0030	0.0411
	−6.0048	−13.2377	−6.183	−13.3967	−5.9716	−13.246
Nature of the firm	−0.0011	0.0025	−0.0011	0.0028	−0.0012	0.002
	(−0.5617)	−0.2502	(−0.5760)	−0.2789	(−0.6207)	−0.2009
Equity checks and balances	−0.0078	−0.0386	−0.0076	−0.0378	−0.0073	−0.0364
	(−5.7461)	(−5.4474)	(−5.6908)	(−5.3463)	(−5.4913)	(−5.1529)
Constant terms	0.0771	0.3805	0.1098	0.5480	0.0984	0.4951
	−2.7333	−2.4593	−4.0025	−3.6079	−3.6607	−3.2664
N	17,496	17,496	17,475	17,475	17,496	17,496

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