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