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

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