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.