Research Article
The Inhibition of Institutional Investor Clique on the Tunneling Behavior
Table 6
Institutional investor clique’s robustness test on tunneling behavior.
| Variable names | (1) | (2) | Appropriation of funds | Related party transactions |
| Institutional investor clique’s share ratio | −0.0010 | −0.0024 | (−6.4471) | (−3.1366) |
| Company size | −0.0306 | −0.0219 | (−6.4000) | (−1.4755) |
| Market value | 0.0310 | 0.0183 | −6.5149 | −1.1645 |
| The shareholding ratio of the controlling shareholder | −0.0008 | −0.0008 | (−9.7744) | (−1.8813) |
| Management shareholding | −0.0003 | −0.0020 | (−4.5749) | (−6.7457) |
| Separation of two rights | −0.0003 | 0.0007 | (−2.4420) | −0.992 |
| Company age | 0.0006 | 0.0038 | −2.6132 | −3.3661 |
| Board size | −0.0006 | −0.0003 | (−0.7692) | (−0.0833) |
| Number of general meetings | 0.0034 | 0.0402 | −6.8655 | −13.9292 |
| Nature of the firm | −0.0025 | −0.0019 | (−1.3744) | (−0.2060) |
| Equity checks and balances | −0.0066 | −0.0344 | (−5.2242) | (−5.3760) |
| Constant terms | 0.0624 | 0.2658 | −2.3389 | −1.8574 |
| N | 18,039 | 18,039 |
|
|
Robust standard error in parentheses: < 0.01, < 0.05, < 0.1. |