Research Article
The Inhibition of Institutional Investor Clique on the Tunneling Behavior
Table 7
Robustness test 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 |
| Degree centrality | −0.0115 | −0.0222 | | | | | (−7.1409) | (−4.0432) | | | | |
| Mediation centrality | | | −0.0041 | 0.0001 | | | | | (−3.2857) | (−1.7454) | | |
| Close to centrality | | | | | −2.7716 | −7.7477 | | | | | (−6.6617) | (−5.5834) |
| Company size | −0.0264 | −0.0126 | −0.0264 | −0.0125 | −0.0276 | −0.015 | (−5.9180) | (−0.8794) | (−5.9143) | (−0.8670) | (−6.1095) | (−1.0513) |
| Market value | 0.0279 | 0.0099 | 0.0239 | 0.0028 | 0.0307 | 0.0202 | −6.168 | −0.6619 | −5.6175 | −0.1858 | −6.5068 | −1.3152 |
| Shareholding by controlling shareholders | −0.0008 | −0.0007 | −0.0008 | −0.0007 | −0.0008 | −0.0008 | (−9.4367) | (−1.7029) | (−9.5154) | (−1.6224) | (−9.8153) | (−1.9568) |
| Management shareholding | −0.0002 | −0.0019 | −0.0003 | −0.0020 | −0.0001 | −0.0016 | (−4.1621) | (−6.6195) | (−4.7676) | (−6.8999) | (−2.0594) | (−5.2019) |
| Separation of two rights | −0.0004 | 0.0006 | −0.0004 | 0.0007 | −0.0004 | 0.0007 | (−2.8323) | −0.832 | (−2.8358) | −0.9111 | (−2.7052) | −0.8939 |
| Company age | 0.0006 | 0.0038 | 0.0006 | 0.0038 | 0.0005 | 0.0037 | −2.5957 | −3.376 | −2.7353 | −3.4017 | −2.4345 | −3.2787 |
| Board size | −0.0004 | 0.0001 | −0.0004 | −0.0001 | −0.0004 | 0.0002 | (−0.5089) | −0.0282 | (−0.5309) | (−0.0148) | (−0.4817) | −0.0496 |
| Number of general meetings | 0.0030 | 0.0393 | 0.0031 | 0.0396 | 0.0030 | 0.0393 | −6.1435 | −13.6592 | −6.4307 | −13.726 | −6.2415 | −13.661 |
| Nature of the firm | −0.0017 | −0.0002 | −0.0021 | −0.0003 | −0.0019 | −0.0003 | (−0.9340) | (−0.0175) | (−1.1602) | (−0.0316) | (−1.0281) | (−0.0271) |
| Equity checks and balances | −0.0086 | −0.0386 | −0.0082 | −0.0363 | −0.0073 | −0.0358 | (−6.5881) | (−6.0496) | (−6.3448) | (−5.7003) | (−5.6804) | (−5.6507) |
| Constant terms | 0.0189 | 0.2058 | 0.0991 | 0.3902 | 0.0791 | 0.2872 | −0.6969 | −1.4041 | −3.8276 | −2.7989 | −3.0952 | −2.0461 |
| N | 18039 | 18039 | 18008 | 18008 | 18039 | 18039 |
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Robust standard error in parentheses: < 0.01, < 0.05, < 0.1. |