id	sid	tid	token	lemma	pos
aeasj-363	1	1	copyright	copyright	NOUN
aeasj-363	1	2	©	©	PROPN
aeasj-363	1	3	cc	cc	PROPN
aeasj-363	1	4	-	-	PUNCT
aeasj-363	1	5	by	by	ADP
aeasj-363	1	6	-	-	PUNCT
aeasj-363	1	7	nc	nc	PROPN
aeasj-363	1	8	2019	2019	NUM
aeasj-363	1	9	,	,	PUNCT
aeasj-363	1	10	cribfb	cribfb	VERB
aeasj-363	1	11	|	|	ADV
aeasj-363	1	12	aesr	aesr	VERB
aeasj-363	1	13	american	american	PROPN
aeasj-363	1	14	economic	economic	PROPN
aeasj-363	1	15	&	&	CCONJ
aeasj-363	1	16	social	social	PROPN
aeasj-363	1	17	review	review	NOUN
aeasj-363	1	18	;	;	PUNCT
aeasj-363	1	19	vol	vol	NOUN
aeasj-363	1	20	.	.	PROPN
aeasj-363	1	21	5	5	NUM
aeasj-363	1	22	,	,	PUNCT
aeasj-363	1	23	no	no	INTJ
aeasj-363	1	24	.	.	NOUN
aeasj-363	1	25	2	2	NUM
aeasj-363	1	26	;	;	PUNCT
aeasj-363	1	27	2019	2019	NUM
aeasj-363	1	28	issn	issn	VERB
aeasj-363	1	29	2576	2576	NUM
aeasj-363	1	30	-	-	SYM
aeasj-363	1	31	1269	1269	NUM
aeasj-363	1	32	e	e	NOUN
aeasj-363	1	33	-	-	NOUN
aeasj-363	1	34	issn	issn	PROPN
aeasj-363	1	35	2576	2576	NUM
aeasj-363	1	36	-	-	SYM
aeasj-363	1	37	1277	1277	NUM
aeasj-363	1	38	published	publish	VERB
aeasj-363	1	39	by	by	ADP
aeasj-363	1	40	centre	centre	NOUN
aeasj-363	1	41	for	for	ADP
aeasj-363	1	42	research	research	NOUN
aeasj-363	1	43	on	on	ADP
aeasj-363	1	44	islamic	islamic	ADJ
aeasj-363	1	45	banking	banking	PROPN
aeasj-363	1	46	&	&	CCONJ
aeasj-363	1	47	finance	finance	PROPN
aeasj-363	1	48	and	and	CCONJ
aeasj-363	1	49	business	business	NOUN
aeasj-363	1	50	,	,	PUNCT
aeasj-363	1	51	usa	usa	PROPN
aeasj-363	1	52	45	45	NUM
aeasj-363	1	53	dividend	dividend	NOUN
aeasj-363	1	54	decision	decision	NOUN
aeasj-363	1	55	and	and	CCONJ
aeasj-363	1	56	economic	economic	ADJ
aeasj-363	1	57	value	value	NOUN
aeasj-363	1	58	added	add	VERB
aeasj-363	1	59	of	of	ADP
aeasj-363	1	60	quoted	quote	VERB
aeasj-363	1	61	nigeria	nigeria	PROPN
aeasj-363	1	62	manufacturing	manufacturing	NOUN
aeasj-363	1	63	firms	firm	NOUN
aeasj-363	1	64	agilebu	agilebu	PROPN
aeasj-363	1	65	ogechi	ogechi	PROPN
aeasj-363	1	66	michael	michael	PROPN
aeasj-363	1	67	department	department	PROPN
aeasj-363	1	68	of	of	ADP
aeasj-363	1	69	banking	banking	NOUN
aeasj-363	1	70	and	and	CCONJ
aeasj-363	1	71	finance	finance	NOUN
aeasj-363	1	72	rivers	river	NOUN
aeasj-363	1	73	state	state	PROPN
aeasj-363	1	74	university	university	PROPN
aeasj-363	1	75	,	,	PUNCT
aeasj-363	1	76	port	port	NOUN
aeasj-363	1	77	harcourt	harcourt	PROPN
aeasj-363	1	78	,	,	PUNCT
aeasj-363	1	79	nigeria	nigeria	PROPN
aeasj-363	1	80	e	e	NOUN
aeasj-363	1	81	-	-	NOUN
aeasj-363	1	82	mail	mail	NOUN
aeasj-363	1	83	:	:	PUNCT
aeasj-363	1	84	ogeberth2003@gmail.com	ogeberth2003@gmail.com	X
aeasj-363	2	1	abstract	abstract	ADJ
aeasj-363	2	2	this	this	DET
aeasj-363	2	3	study	study	NOUN
aeasj-363	2	4	examined	examine	VERB
aeasj-363	2	5	the	the	DET
aeasj-363	2	6	effect	effect	NOUN
aeasj-363	2	7	dividend	dividend	NOUN
aeasj-363	2	8	decision	decision	NOUN
aeasj-363	2	9	and	and	CCONJ
aeasj-363	2	10	economic	economic	ADJ
aeasj-363	2	11	value	value	NOUN
aeasj-363	2	12	added	add	VERB
aeasj-363	2	13	of	of	ADP
aeasj-363	2	14	quoted	quote	VERB
aeasj-363	2	15	manufacturing	manufacturing	NOUN
aeasj-363	2	16	firms	firm	NOUN
aeasj-363	2	17	in	in	ADP
aeasj-363	2	18	nigeria	nigeria	PROPN
aeasj-363	2	19	.	.	PUNCT
aeasj-363	3	1	the	the	DET
aeasj-363	3	2	objective	objective	NOUN
aeasj-363	3	3	is	be	AUX
aeasj-363	3	4	to	to	PART
aeasj-363	3	5	examine	examine	VERB
aeasj-363	3	6	if	if	SCONJ
aeasj-363	3	7	dividend	dividend	NOUN
aeasj-363	3	8	decision	decision	NOUN
aeasj-363	3	9	have	have	VERB
aeasj-363	3	10	any	any	DET
aeasj-363	3	11	effect	effect	NOUN
aeasj-363	3	12	on	on	ADP
aeasj-363	3	13	economic	economic	ADJ
aeasj-363	3	14	valued	value	VERB
aeasj-363	3	15	added	add	VERB
aeasj-363	3	16	of	of	ADP
aeasj-363	3	17	the	the	DET
aeasj-363	3	18	nigeria	nigeria	PROPN
aeasj-363	3	19	firms	firm	NOUN
aeasj-363	3	20	.	.	PUNCT
aeasj-363	4	1	cross	cross	PROPN
aeasj-363	4	2	sectional	sectional	ADJ
aeasj-363	4	3	data	datum	NOUN
aeasj-363	4	4	was	be	AUX
aeasj-363	4	5	sourced	source	VERB
aeasj-363	4	6	from	from	ADP
aeasj-363	4	7	financial	financial	ADJ
aeasj-363	4	8	statement	statement	NOUN
aeasj-363	4	9	of	of	ADP
aeasj-363	4	10	15	15	NUM
aeasj-363	4	11	quoted	quote	VERB
aeasj-363	4	12	manufacturing	manufacturing	NOUN
aeasj-363	4	13	firms	firm	NOUN
aeasj-363	4	14	.	.	PUNCT
aeasj-363	5	1	economic	economic	ADJ
aeasj-363	5	2	valued	value	VERB
aeasj-363	5	3	added	add	VERB
aeasj-363	5	4	was	be	AUX
aeasj-363	5	5	proxy	proxy	NOUN
aeasj-363	5	6	for	for	ADP
aeasj-363	5	7	dependent	dependent	ADJ
aeasj-363	5	8	variables	variable	NOUN
aeasj-363	5	9	while	while	SCONJ
aeasj-363	5	10	dividend	dividend	NOUN
aeasj-363	5	11	yield	yield	NOUN
aeasj-363	5	12	,	,	PUNCT
aeasj-363	5	13	dividend	dividend	NOUN
aeasj-363	5	14	payout	payout	NOUN
aeasj-363	5	15	ratio	ratio	NOUN
aeasj-363	5	16	,	,	PUNCT
aeasj-363	5	17	retention	retention	NOUN
aeasj-363	5	18	ratio	ratio	NOUN
aeasj-363	5	19	and	and	CCONJ
aeasj-363	5	20	dividend	dividend	NOUN
aeasj-363	5	21	per	per	ADP
aeasj-363	5	22	share	share	NOUN
aeasj-363	5	23	were	be	AUX
aeasj-363	5	24	proxy	proxy	ADJ
aeasj-363	5	25	for	for	ADP
aeasj-363	5	26	predictor	predictor	NOUN
aeasj-363	5	27	variables	variable	NOUN
aeasj-363	5	28	.	.	PUNCT
aeasj-363	6	1	after	after	ADP
aeasj-363	6	2	cross	cross	NOUN
aeasj-363	6	3	examination	examination	NOUN
aeasj-363	6	4	of	of	ADP
aeasj-363	6	5	the	the	DET
aeasj-363	6	6	validity	validity	NOUN
aeasj-363	6	7	of	of	ADP
aeasj-363	6	8	the	the	DET
aeasj-363	6	9	pooled	pooled	ADJ
aeasj-363	6	10	effect	effect	NOUN
aeasj-363	6	11	,	,	PUNCT
aeasj-363	6	12	fixed	fix	VERB
aeasj-363	6	13	effect	effect	NOUN
aeasj-363	6	14	and	and	CCONJ
aeasj-363	6	15	the	the	DET
aeasj-363	6	16	random	random	ADJ
aeasj-363	6	17	effect	effect	NOUN
aeasj-363	6	18	,	,	PUNCT
aeasj-363	6	19	the	the	DET
aeasj-363	6	20	study	study	NOUN
aeasj-363	6	21	accepts	accept	VERB
aeasj-363	6	22	the	the	DET
aeasj-363	6	23	fixed	fixed	ADJ
aeasj-363	6	24	effect	effect	NOUN
aeasj-363	6	25	model	model	NOUN
aeasj-363	6	26	.	.	PUNCT
aeasj-363	7	1	findings	finding	NOUN
aeasj-363	7	2	revealed	reveal	VERB
aeasj-363	7	3	that75	that75	NOUN
aeasj-363	7	4	percent	percent	NOUN
aeasj-363	7	5	variation	variation	NOUN
aeasj-363	7	6	from	from	ADP
aeasj-363	7	7	the	the	DET
aeasj-363	7	8	fixed	fix	VERB
aeasj-363	7	9	effect	effect	NOUN
aeasj-363	7	10	results	result	NOUN
aeasj-363	7	11	on	on	ADP
aeasj-363	7	12	economic	economic	ADJ
aeasj-363	7	13	value	value	NOUN
aeasj-363	7	14	added	add	VERB
aeasj-363	7	15	of	of	ADP
aeasj-363	7	16	the	the	DET
aeasj-363	7	17	manufacturing	manufacturing	NOUN
aeasj-363	7	18	firms	firm	NOUN
aeasj-363	7	19	.	.	PUNCT
aeasj-363	8	1	beta	beta	ADJ
aeasj-363	8	2	coefficient	coefficient	NOUN
aeasj-363	8	3	of	of	ADP
aeasj-363	8	4	the	the	DET
aeasj-363	8	5	predictor	predictor	NOUN
aeasj-363	8	6	variables	variable	NOUN
aeasj-363	8	7	found	find	VERB
aeasj-363	8	8	that	that	SCONJ
aeasj-363	8	9	dividend	dividend	NOUN
aeasj-363	8	10	yield	yield	NOUN
aeasj-363	8	11	have	have	VERB
aeasj-363	8	12	negative	negative	ADJ
aeasj-363	8	13	effect	effect	NOUN
aeasj-363	8	14	on	on	ADP
aeasj-363	8	15	economic	economic	ADJ
aeasj-363	8	16	value	value	NOUN
aeasj-363	8	17	added	add	VERB
aeasj-363	8	18	while	while	SCONJ
aeasj-363	8	19	dividend	dividend	NOUN
aeasj-363	8	20	per	per	ADP
aeasj-363	8	21	share	share	NOUN
aeasj-363	8	22	,	,	PUNCT
aeasj-363	8	23	dividend	dividend	VERB
aeasj-363	8	24	payout	payout	NOUN
aeasj-363	8	25	ratio	ratio	NOUN
aeasj-363	8	26	and	and	CCONJ
aeasj-363	8	27	retention	retention	NOUN
aeasj-363	8	28	ratio	ratio	NOUN
aeasj-363	8	29	has	have	VERB
aeasj-363	8	30	positive	positive	ADJ
aeasj-363	8	31	and	and	CCONJ
aeasj-363	8	32	significant	significant	ADJ
aeasj-363	8	33	effect	effect	NOUN
aeasj-363	8	34	on	on	ADP
aeasj-363	8	35	economic	economic	ADJ
aeasj-363	8	36	value	value	NOUN
aeasj-363	8	37	added	add	VERB
aeasj-363	8	38	of	of	ADP
aeasj-363	8	39	the	the	DET
aeasj-363	8	40	quoted	quote	VERB
aeasj-363	8	41	manufacturing	manufacturing	NOUN
aeasj-363	8	42	firms	firm	NOUN
aeasj-363	8	43	.	.	PUNCT
aeasj-363	9	1	it	it	PRON
aeasj-363	9	2	’s	’s	AUX
aeasj-363	9	3	therefore	therefore	ADV
aeasj-363	9	4	recommend	recommend	VERB
aeasj-363	9	5	that	that	SCONJ
aeasj-363	9	6	constant	constant	ADJ
aeasj-363	9	7	dividend	dividend	NOUN
aeasj-363	9	8	decision	decision	NOUN
aeasj-363	9	9	should	should	AUX
aeasj-363	9	10	be	be	AUX
aeasj-363	9	11	maintained	maintain	VERB
aeasj-363	9	12	among	among	ADP
aeasj-363	9	13	the	the	DET
aeasj-363	9	14	quoted	quote	VERB
aeasj-363	9	15	manufacturing	manufacturing	NOUN
aeasj-363	9	16	firms	firm	NOUN
aeasj-363	9	17	and	and	CCONJ
aeasj-363	9	18	retention	retention	NOUN
aeasj-363	9	19	forms	form	NOUN
aeasj-363	9	20	should	should	AUX
aeasj-363	9	21	be	be	AUX
aeasj-363	9	22	properly	properly	ADV
aeasj-363	9	23	invested	invest	VERB
aeasj-363	9	24	and	and	CCONJ
aeasj-363	9	25	the	the	DET
aeasj-363	9	26	investment	investment	NOUN
aeasj-363	9	27	environment	environment	NOUN
aeasj-363	9	28	should	should	AUX
aeasj-363	9	29	be	be	AUX
aeasj-363	9	30	well	well	ADV
aeasj-363	9	31	managed	manage	VERB
aeasj-363	9	32	to	to	PART
aeasj-363	9	33	increase	increase	VERB
aeasj-363	9	34	economic	economic	ADJ
aeasj-363	9	35	value	value	NOUN
aeasj-363	9	36	added	add	VERB
aeasj-363	9	37	through	through	ADP
aeasj-363	9	38	the	the	DET
aeasj-363	9	39	dividend	dividend	NOUN
aeasj-363	9	40	decision	decision	NOUN
aeasj-363	9	41	channel	channel	NOUN
aeasj-363	9	42	.	.	PUNCT
aeasj-363	10	1	keywords	keyword	NOUN
aeasj-363	10	2	:	:	PUNCT
aeasj-363	10	3	dividend	dividend	NOUN
aeasj-363	10	4	decision	decision	NOUN
aeasj-363	10	5	,	,	PUNCT
aeasj-363	10	6	economic	economic	ADJ
aeasj-363	10	7	value	value	NOUN
aeasj-363	10	8	added	add	VERB
aeasj-363	10	9	,	,	PUNCT
aeasj-363	10	10	quoted	quote	VERB
aeasj-363	10	11	nigeria	nigeria	PROPN
aeasj-363	10	12	manufacturing	manufacturing	NOUN
aeasj-363	10	13	firms	firm	NOUN
aeasj-363	10	14	1	1	NUM
aeasj-363	10	15	.	.	PUNCT
aeasj-363	11	1	introduction	introduction	NOUN
aeasj-363	11	2	the	the	DET
aeasj-363	11	3	accepted	accepted	ADJ
aeasj-363	11	4	financial	financial	ADJ
aeasj-363	11	5	principle	principle	NOUN
aeasj-363	11	6	is	be	AUX
aeasj-363	11	7	that	that	SCONJ
aeasj-363	11	8	the	the	DET
aeasj-363	11	9	role	role	NOUN
aeasj-363	11	10	of	of	ADP
aeasj-363	11	11	managers	manager	NOUN
aeasj-363	11	12	is	be	AUX
aeasj-363	11	13	to	to	PART
aeasj-363	11	14	maximize	maximize	VERB
aeasj-363	11	15	the	the	DET
aeasj-363	11	16	wealth	wealth	NOUN
aeasj-363	11	17	of	of	ADP
aeasj-363	11	18	shareholders	shareholder	NOUN
aeasj-363	11	19	by	by	ADP
aeasj-363	11	20	the	the	DET
aeasj-363	11	21	efficient	efficient	ADJ
aeasj-363	11	22	allocation	allocation	NOUN
aeasj-363	11	23	of	of	ADP
aeasj-363	11	24	resources	resource	NOUN
aeasj-363	11	25	.	.	PUNCT
aeasj-363	12	1	in	in	ADP
aeasj-363	12	2	order	order	NOUN
aeasj-363	12	3	to	to	PART
aeasj-363	12	4	operationalise	operationalise	VERB
aeasj-363	12	5	this	this	DET
aeasj-363	12	6	objective	objective	NOUN
aeasj-363	12	7	,	,	PUNCT
aeasj-363	12	8	shareholder	shareholder	NOUN
aeasj-363	12	9	wealth	wealth	NOUN
aeasj-363	12	10	is	be	AUX
aeasj-363	12	11	traditionally	traditionally	ADV
aeasj-363	12	12	proxy	proxy	ADJ
aeasj-363	12	13	by	by	ADP
aeasj-363	12	14	either	either	CCONJ
aeasj-363	12	15	standard	standard	ADJ
aeasj-363	12	16	accounting	accounting	NOUN
aeasj-363	12	17	magnitudes	magnitude	NOUN
aeasj-363	12	18	such	such	ADJ
aeasj-363	12	19	as	as	ADP
aeasj-363	12	20	profits	profit	NOUN
aeasj-363	12	21	,	,	PUNCT
aeasj-363	12	22	earnings	earning	NOUN
aeasj-363	12	23	and	and	CCONJ
aeasj-363	12	24	cash	cash	NOUN
aeasj-363	12	25	flows	flow	NOUN
aeasj-363	12	26	from	from	ADP
aeasj-363	12	27	operations	operation	NOUN
aeasj-363	12	28	or	or	CCONJ
aeasj-363	12	29	financial	financial	ADJ
aeasj-363	12	30	statement	statement	NOUN
aeasj-363	12	31	ratios	ratio	NOUN
aeasj-363	12	32	including	include	VERB
aeasj-363	12	33	earnings	earning	NOUN
aeasj-363	12	34	per	per	ADP
aeasj-363	12	35	share	share	NOUN
aeasj-363	12	36	and	and	CCONJ
aeasj-363	12	37	the	the	DET
aeasj-363	12	38	returns	return	NOUN
aeasj-363	12	39	on	on	ADP
aeasj-363	12	40	assets	asset	NOUN
aeasj-363	12	41	,	,	PUNCT
aeasj-363	12	42	investment	investment	NOUN
aeasj-363	12	43	and	and	CCONJ
aeasj-363	12	44	equity	equity	NOUN
aeasj-363	12	45	.	.	PUNCT
aeasj-363	13	1	this	this	DET
aeasj-363	13	2	financial	financial	ADJ
aeasj-363	13	3	statement	statement	NOUN
aeasj-363	13	4	information	information	NOUN
aeasj-363	13	5	is	be	AUX
aeasj-363	13	6	then	then	ADV
aeasj-363	13	7	used	use	VERB
aeasj-363	13	8	by	by	ADP
aeasj-363	13	9	managers	manager	NOUN
aeasj-363	13	10	,	,	PUNCT
aeasj-363	13	11	shareholders	shareholder	NOUN
aeasj-363	13	12	and	and	CCONJ
aeasj-363	13	13	other	other	ADJ
aeasj-363	13	14	interested	interested	ADJ
aeasj-363	13	15	parties	party	NOUN
aeasj-363	13	16	to	to	PART
aeasj-363	13	17	assess	assess	VERB
aeasj-363	13	18	current	current	ADJ
aeasj-363	13	19	firm	firm	ADJ
aeasj-363	13	20	performance	performance	NOUN
aeasj-363	13	21	and	and	CCONJ
aeasj-363	13	22	also	also	ADV
aeasj-363	13	23	used	use	VERB
aeasj-363	13	24	by	by	ADP
aeasj-363	13	25	these	these	DET
aeasj-363	13	26	same	same	ADJ
aeasj-363	13	27	stakeholders	stakeholder	NOUN
aeasj-363	13	28	to	to	PART
aeasj-363	13	29	predict	predict	VERB
aeasj-363	13	30	future	future	ADJ
aeasj-363	13	31	performance	performance	NOUN
aeasj-363	13	32	.	.	PUNCT
aeasj-363	14	1	further	far	ADV
aeasj-363	14	2	,	,	PUNCT
aeasj-363	14	3	under	under	ADP
aeasj-363	14	4	the	the	DET
aeasj-363	14	5	semi	semi	ADJ
aeasj-363	14	6	-	-	ADJ
aeasj-363	14	7	strong	strong	ADJ
aeasj-363	14	8	form	form	NOUN
aeasj-363	14	9	of	of	ADP
aeasj-363	14	10	the	the	DET
aeasj-363	14	11	efficient	efficient	ADJ
aeasj-363	14	12	market	market	NOUN
aeasj-363	14	13	hypothesis	hypothesis	NOUN
aeasj-363	14	14	,	,	PUNCT
aeasj-363	14	15	the	the	DET
aeasj-363	14	16	publicly	publicly	ADV
aeasj-363	14	17	available	available	ADJ
aeasj-363	14	18	information	information	NOUN
aeasj-363	14	19	contained	contain	VERB
aeasj-363	14	20	in	in	ADP
aeasj-363	14	21	these	these	DET
aeasj-363	14	22	variables	variable	NOUN
aeasj-363	14	23	is	be	AUX
aeasj-363	14	24	readily	readily	ADV
aeasj-363	14	25	interpreted	interpret	VERB
aeasj-363	14	26	by	by	ADP
aeasj-363	14	27	the	the	DET
aeasj-363	14	28	market	market	NOUN
aeasj-363	14	29	and	and	CCONJ
aeasj-363	14	30	thereby	thereby	ADV
aeasj-363	14	31	incorporated	incorporate	VERB
aeasj-363	14	32	into	into	ADP
aeasj-363	14	33	future	future	ADJ
aeasj-363	14	34	stock	stock	NOUN
aeasj-363	14	35	prices	price	NOUN
aeasj-363	14	36	(	(	PUNCT
aeasj-363	14	37	damodaran	damodaran	VERB
aeasj-363	14	38	,	,	PUNCT
aeasj-363	14	39	2006a	2006a	NUM
aeasj-363	14	40	)	)	PUNCT
aeasj-363	14	41	.	.	PUNCT
aeasj-363	15	1	the	the	DET
aeasj-363	15	2	conventional	conventional	ADJ
aeasj-363	15	3	thought	thought	NOUN
aeasj-363	15	4	that	that	PRON
aeasj-363	15	5	dividend	dividend	NOUN
aeasj-363	15	6	policy	policy	NOUN
aeasj-363	15	7	is	be	AUX
aeasj-363	15	8	relevant	relevant	ADJ
aeasj-363	15	9	and	and	CCONJ
aeasj-363	15	10	matters	matter	NOUN
aeasj-363	15	11	on	on	ADP
aeasj-363	15	12	the	the	DET
aeasj-363	15	13	performance	performance	NOUN
aeasj-363	15	14	of	of	ADP
aeasj-363	15	15	the	the	DET
aeasj-363	15	16	firm	firm	NOUN
aeasj-363	15	17	can	can	AUX
aeasj-363	15	18	be	be	AUX
aeasj-363	15	19	traced	trace	VERB
aeasj-363	15	20	to	to	ADP
aeasj-363	15	21	graham	graham	PROPN
aeasj-363	15	22	and	and	CCONJ
aeasj-363	15	23	dodd	dodd	PROPN
aeasj-363	15	24	(	(	PUNCT
aeasj-363	15	25	1934	1934	NUM
aeasj-363	15	26	)	)	PUNCT
aeasj-363	15	27	who	who	PRON
aeasj-363	15	28	were	be	AUX
aeasj-363	15	29	proponents	proponent	NOUN
aeasj-363	15	30	of	of	ADP
aeasj-363	15	31	traditionalist	traditionalist	NOUN
aeasj-363	15	32	schools	school	NOUN
aeasj-363	15	33	of	of	ADP
aeasj-363	15	34	thought	thought	NOUN
aeasj-363	15	35	,	,	PUNCT
aeasj-363	15	36	later	later	ADV
aeasj-363	15	37	to	to	PART
aeasj-363	15	38	lintner	lintner	VERB
aeasj-363	15	39	(	(	PUNCT
aeasj-363	15	40	1956	1956	NUM
aeasj-363	15	41	)	)	PUNCT
aeasj-363	15	42	and	and	CCONJ
aeasj-363	15	43	to	to	ADP
aeasj-363	15	44	gordon	gordon	PROPN
aeasj-363	15	45	(	(	PUNCT
aeasj-363	15	46	1960	1960	NUM
aeasj-363	15	47	)	)	PUNCT
aeasj-363	15	48	while	while	SCONJ
aeasj-363	15	49	miller	miller	PROPN
aeasj-363	15	50	and	and	CCONJ
aeasj-363	15	51	modigliani	modigliani	PROPN
aeasj-363	15	52	(	(	PUNCT
aeasj-363	15	53	1961	1961	NUM
aeasj-363	15	54	)	)	PUNCT
aeasj-363	15	55	argued	argue	VERB
aeasj-363	15	56	that	that	SCONJ
aeasj-363	15	57	dividend	dividend	NOUN
aeasj-363	15	58	policy	policy	NOUN
aeasj-363	15	59	is	be	AUX
aeasj-363	15	60	irrelevant	irrelevant	ADJ
aeasj-363	15	61	under	under	ADP
aeasj-363	15	62	certain	certain	ADJ
aeasj-363	15	63	assumptions	assumption	NOUN
aeasj-363	15	64	.	.	PUNCT
aeasj-363	16	1	dividend	dividend	NOUN
aeasj-363	16	2	policy	policy	NOUN
aeasj-363	16	3	decision	decision	NOUN
aeasj-363	16	4	is	be	AUX
aeasj-363	16	5	a	a	DET
aeasj-363	16	6	finance	finance	NOUN
aeasj-363	16	7	management	management	NOUN
aeasj-363	16	8	function	function	NOUN
aeasj-363	16	9	(	(	PUNCT
aeasj-363	16	10	ezirim	ezirim	NOUN
aeasj-363	16	11	,	,	PUNCT
aeasj-363	16	12	2005	2005	NUM
aeasj-363	16	13	)	)	PUNCT
aeasj-363	16	14	.	.	PUNCT
aeasj-363	17	1	dividend	dividend	NOUN
aeasj-363	17	2	policy	policy	NOUN
aeasj-363	17	3	determines	determine	VERB
aeasj-363	17	4	the	the	DET
aeasj-363	17	5	proportion	proportion	NOUN
aeasj-363	17	6	of	of	ADP
aeasj-363	17	7	company	company	NOUN
aeasj-363	17	8	’s	’s	PART
aeasj-363	17	9	profit	profit	NOUN
aeasj-363	17	10	that	that	PRON
aeasj-363	17	11	can	can	AUX
aeasj-363	17	12	be	be	AUX
aeasj-363	17	13	distributed	distribute	VERB
aeasj-363	17	14	to	to	ADP
aeasj-363	17	15	the	the	DET
aeasj-363	17	16	shareholders	shareholder	NOUN
aeasj-363	17	17	as	as	ADP
aeasj-363	17	18	return	return	NOUN
aeasj-363	17	19	on	on	ADP
aeasj-363	17	20	investment	investment	NOUN
aeasj-363	17	21	and	and	CCONJ
aeasj-363	17	22	proportion	proportion	NOUN
aeasj-363	17	23	that	that	PRON
aeasj-363	17	24	will	will	AUX
aeasj-363	17	25	be	be	AUX
aeasj-363	17	26	retained	retain	VERB
aeasj-363	17	27	for	for	ADP
aeasj-363	17	28	the	the	DET
aeasj-363	17	29	company	company	NOUN
aeasj-363	17	30	’s	’s	PART
aeasj-363	17	31	reinvestment	reinvestment	NOUN
aeasj-363	17	32	(	(	PUNCT
aeasj-363	17	33	osegbu	osegbu	PROPN
aeasj-363	17	34	,	,	PUNCT
aeasj-363	17	35	ifurueze	ifurueze	VERB
aeasj-363	17	36	and	and	CCONJ
aeasj-363	17	37	ifurueze	ifurueze	VERB
aeasj-363	17	38	,	,	PUNCT
aeasj-363	17	39	2014	2014	NUM
aeasj-363	17	40	)	)	PUNCT
aeasj-363	17	41	.	.	PUNCT
aeasj-363	18	1	it	it	PRON
aeasj-363	18	2	is	be	AUX
aeasj-363	18	3	one	one	NUM
aeasj-363	18	4	of	of	ADP
aeasj-363	18	5	the	the	DET
aeasj-363	18	6	most	most	ADV
aeasj-363	18	7	important	important	ADJ
aeasj-363	18	8	financial	financial	ADJ
aeasj-363	18	9	decisions	decision	NOUN
aeasj-363	18	10	that	that	PRON
aeasj-363	18	11	corporate	corporate	ADJ
aeasj-363	18	12	managers	manager	NOUN
aeasj-363	18	13	’	'	PUNCT
aeasj-363	18	14	encounter	encounter	NOUN
aeasj-363	18	15	(	(	PUNCT
aeasj-363	18	16	m’rebetandboujjat	m’rebetandboujjat	PROPN
aeasj-363	18	17	,	,	PUNCT
aeasj-363	18	18	2016).dividend	2016).dividend	NUM
aeasj-363	18	19	policy	policy	NOUN
aeasj-363	18	20	is	be	AUX
aeasj-363	18	21	a	a	DET
aeasj-363	18	22	micro	micro	ADJ
aeasj-363	18	23	determinant	determinant	ADJ
aeasj-363	18	24	of	of	ADP
aeasj-363	18	25	firms	firm	NOUN
aeasj-363	18	26	’	’	PART
aeasj-363	18	27	profitability	profitability	NOUN
aeasj-363	18	28	.	.	PUNCT
aeasj-363	19	1	firms	firm	NOUN
aeasj-363	19	2	adopt	adopt	VERB
aeasj-363	19	3	dividend	dividend	NOUN
aeasj-363	19	4	policy	policy	NOUN
aeasj-363	19	5	that	that	PRON
aeasj-363	19	6	will	will	AUX
aeasj-363	19	7	facilitate	facilitate	VERB
aeasj-363	19	8	the	the	DET
aeasj-363	19	9	achievement	achievement	NOUN
aeasj-363	19	10	of	of	ADP
aeasj-363	19	11	the	the	DET
aeasj-363	19	12	organizational	organizational	ADJ
aeasj-363	19	13	goals	goal	NOUN
aeasj-363	19	14	such	such	ADJ
aeasj-363	19	15	as	as	ADP
aeasj-363	19	16	maximization	maximization	NOUN
aeasj-363	19	17	of	of	ADP
aeasj-363	19	18	shareholders	shareholder	NOUN
aeasj-363	19	19	wealth	wealth	NOUN
aeasj-363	19	20	.	.	PUNCT
aeasj-363	20	1	like	like	ADP
aeasj-363	20	2	investment	investment	NOUN
aeasj-363	20	3	and	and	CCONJ
aeasj-363	20	4	capital	capital	NOUN
aeasj-363	20	5	structure	structure	NOUN
aeasj-363	20	6	decision	decision	NOUN
aeasj-363	20	7	,	,	PUNCT
aeasj-363	20	8	dividend	dividend	NOUN
aeasj-363	20	9	policy	policy	NOUN
aeasj-363	20	10	influences	influence	VERB
aeasj-363	20	11	the	the	DET
aeasj-363	20	12	value	value	NOUN
aeasj-363	20	13	and	and	CCONJ
aeasj-363	20	14	cost	cost	NOUN
aeasj-363	20	15	capital	capital	NOUN
aeasj-363	20	16	in	in	ADP
aeasj-363	20	17	the	the	DET
aeasj-363	20	18	firm	firm	NOUN
aeasj-363	20	19	.	.	PUNCT
aeasj-363	21	1	unfortunately	unfortunately	ADV
aeasj-363	21	2	,	,	PUNCT
aeasj-363	21	3	the	the	DET
aeasj-363	21	4	empirical	empirical	ADJ
aeasj-363	21	5	literature	literature	NOUN
aeasj-363	21	6	to	to	ADP
aeasj-363	21	7	date	date	NOUN
aeasj-363	21	8	suggests	suggest	VERB
aeasj-363	21	9	that	that	SCONJ
aeasj-363	21	10	there	there	PRON
aeasj-363	21	11	is	be	VERB
aeasj-363	21	12	no	no	DET
aeasj-363	21	13	single	single	ADJ
aeasj-363	21	14	finance	finance	NOUN
aeasj-363	21	15	based	base	VERB
aeasj-363	21	16	measure	measure	NOUN
aeasj-363	21	17	upon	upon	SCONJ
aeasj-363	21	18	which	which	PRON
aeasj-363	21	19	one	one	PRON
aeasj-363	21	20	can	can	AUX
aeasj-363	21	21	rely	rely	VERB
aeasj-363	21	22	to	to	PART
aeasj-363	21	23	explain	explain	VERB
aeasj-363	21	24	changes	change	NOUN
aeasj-363	21	25	in	in	ADP
aeasj-363	21	26	shareholder	shareholder	NOUN
aeasj-363	21	27	wealth	wealth	NOUN
aeasj-363	21	28	(	(	PUNCT
aeasj-363	21	29	chen	chen	PROPN
aeasj-363	21	30	and	and	CCONJ
aeasj-363	21	31	dodd	dodd	PROPN
aeasj-363	21	32	,	,	PUNCT
aeasj-363	21	33	1997	1997	NUM
aeasj-363	21	34	;	;	PUNCT
aeasj-363	21	35	riahi	riahi	NOUN
aeasj-363	21	36	-	-	PUNCT
aeasj-363	21	37	belkaoui	belkaoui	NOUN
aeasj-363	21	38	,	,	PUNCT
aeasj-363	21	39	1993	1993	NUM
aeasj-363	21	40	;	;	PUNCT
aeasj-363	21	41	rogerson	rogerson	NOUN
aeasj-363	21	42	,	,	PUNCT
aeasj-363	21	43	1997	1997	NUM
aeasj-363	21	44	;	;	PUNCT
aeasj-363	21	45	lehn	lehn	NOUN
aeasj-363	21	46	and	and	CCONJ
aeasj-363	21	47	makhija	makhija	NOUN
aeasj-363	21	48	,	,	PUNCT
aeasj-363	21	49	1997	1997	NUM
aeasj-363	21	50	;	;	PUNCT
aeasj-363	21	51	akani	akani	NOUN
aeasj-363	21	52	and	and	CCONJ
aeasj-363	21	53	lucky	lucky	ADJ
aeasj-363	21	54	,	,	PUNCT
aeasj-363	21	55	2015	2015	NUM
aeasj-363	21	56	:	:	PUNCT
aeasj-363	21	57	lucky	lucky	ADJ
aeasj-363	21	58	,	,	PUNCT
aeasj-363	21	59	2018	2018	NUM
aeasj-363	21	60	;	;	PUNCT
aeasj-363	21	61	anyamaobi	anyamaobi	NOUN
aeasj-363	21	62	and	and	CCONJ
aeasj-363	21	63	lucky	lucky	ADJ
aeasj-363	21	64	,	,	PUNCT
aeasj-363	21	65	2018	2018	NUM
aeasj-363	21	66	)	)	PUNCT
aeasj-363	21	67	.	.	PUNCT
aeasj-363	22	1	this	this	PRON
aeasj-363	22	2	is	be	AUX
aeasj-363	22	3	despite	despite	SCONJ
aeasj-363	22	4	the	the	DET
aeasj-363	22	5	fact	fact	NOUN
aeasj-363	22	6	that	that	SCONJ
aeasj-363	22	7	such	such	DET
aeasj-363	22	8	a	a	DET
aeasj-363	22	9	measure	measure	NOUN
aeasj-363	22	10	would	would	AUX
aeasj-363	22	11	prove	prove	VERB
aeasj-363	22	12	invaluable	invaluable	ADJ
aeasj-363	22	13	to	to	ADP
aeasj-363	22	14	the	the	DET
aeasj-363	22	15	various	various	ADJ
aeasj-363	22	16	parties	party	NOUN
aeasj-363	22	17	interested	interested	ADJ
aeasj-363	22	18	in	in	ADP
aeasj-363	22	19	aspects	aspect	NOUN
aeasj-363	22	20	of	of	ADP
aeasj-363	22	21	firm	firm	ADJ
aeasj-363	22	22	performance	performance	NOUN
aeasj-363	22	23	.	.	PUNCT
aeasj-363	23	1	lee	lee	PROPN
aeasj-363	23	2	(	(	PUNCT
aeasj-363	23	3	1996	1996	NUM
aeasj-363	23	4	)	)	PUNCT
aeasj-363	23	5	for	for	ADP
aeasj-363	23	6	example	example	NOUN
aeasj-363	23	7	,	,	PUNCT
aeasj-363	23	8	argued	argue	VERB
aeasj-363	23	9	that	that	SCONJ
aeasj-363	23	10	the	the	DET
aeasj-363	23	11	search	search	NOUN
aeasj-363	23	12	for	for	ADP
aeasj-363	23	13	a	a	DET
aeasj-363	23	14	superior	superior	ADJ
aeasj-363	23	15	measure	measure	NOUN
aeasj-363	23	16	of	of	ADP
aeasj-363	23	17	firm	firm	ADJ
aeasj-363	23	18	valuation	valuation	NOUN
aeasj-363	23	19	is	be	AUX
aeasj-363	23	20	not	not	PART
aeasj-363	23	21	the	the	DET
aeasj-363	23	22	,	,	PUNCT
aeasj-363	23	23	key	key	ADJ
aeasj-363	23	24	feature	feature	NOUN
aeasj-363	23	25	of	of	ADP
aeasj-363	23	26	contemporary	contemporary	ADJ
aeasj-363	23	27	empirical	empirical	ADJ
aeasj-363	23	28	finance	finance	NOUN
aeasj-363	23	29	.	.	PUNCT
aeasj-363	24	1	for	for	ADP
aeasj-363	24	2	years	year	NOUN
aeasj-363	24	3	,	,	PUNCT
aeasj-363	24	4	investors	investor	NOUN
aeasj-363	24	5	and	and	CCONJ
aeasj-363	24	6	corporate	corporate	ADJ
aeasj-363	24	7	managers	manager	NOUN
aeasj-363	24	8	have	have	AUX
aeasj-363	24	9	been	be	AUX
aeasj-363	24	10	seeking	seek	VERB
aeasj-363	24	11	a	a	DET
aeasj-363	24	12	timely	timely	ADJ
aeasj-363	24	13	and	and	CCONJ
aeasj-363	24	14	reliable	reliable	ADJ
aeasj-363	24	15	measurement	measurement	NOUN
aeasj-363	24	16	of	of	ADP
aeasj-363	24	17	shareholders	shareholder	NOUN
aeasj-363	24	18	’	'	PUNCT
aeasj-363	24	19	wealth	wealth	NOUN
aeasj-363	24	20	.	.	PUNCT
aeasj-363	25	1	with	with	ADP
aeasj-363	25	2	such	such	DET
aeasj-363	25	3	a	a	DET
aeasj-363	25	4	measure	measure	NOUN
aeasj-363	25	5	,	,	PUNCT
aeasj-363	25	6	investors	investor	NOUN
aeasj-363	25	7	could	could	AUX
aeasj-363	25	8	spot	spot	VERB
aeasj-363	25	9	over	over	ADP
aeasj-363	25	10	or	or	CCONJ
aeasj-363	25	11	underpriced	underpriced	ADJ
aeasj-363	25	12	stocks	stock	NOUN
aeasj-363	25	13	,	,	PUNCT
aeasj-363	25	14	lenders	lender	NOUN
aeasj-363	25	15	could	could	AUX
aeasj-363	25	16	gauge	gauge	VERB
aeasj-363	25	17	the	the	DET
aeasj-363	25	18	security	security	NOUN
aeasj-363	25	19	of	of	ADP
aeasj-363	25	20	their	their	PRON
aeasj-363	25	21	loans	loan	NOUN
aeasj-363	25	22	and	and	CCONJ
aeasj-363	25	23	managers	manager	NOUN
aeasj-363	25	24	could	could	AUX
aeasj-363	25	25	monitor	monitor	VERB
aeasj-363	25	26	the	the	DET
aeasj-363	25	27	profitability	profitability	NOUN
aeasj-363	25	28	of	of	ADP
aeasj-363	25	29	their	their	PRON
aeasj-363	25	30	factories	factory	NOUN
aeasj-363	25	31	,	,	PUNCT
aeasj-363	25	32	divisions	division	NOUN
aeasj-363	25	33	and	and	CCONJ
aeasj-363	25	34	firms	firm	NOUN
aeasj-363	25	35	(	(	PUNCT
aeasj-363	25	36	gay	gay	PROPN
aeasj-363	25	37	,	,	PUNCT
aeasj-363	25	38	lin	lin	PROPN
aeasj-363	25	39	and	and	CCONJ
aeasj-363	25	40	smith	smith	PROPN
aeasj-363	25	41	,	,	PUNCT
aeasj-363	25	42	2010	2010	NUM
aeasj-363	25	43	)	)	PUNCT
aeasj-363	25	44	.	.	PUNCT
aeasj-363	26	1	one	one	NUM
aeasj-363	26	2	professedly	professedly	ADV
aeasj-363	26	3	recent	recent	ADJ
aeasj-363	26	4	innovation	innovation	NOUN
aeasj-363	26	5	in	in	ADP
aeasj-363	26	6	the	the	DET
aeasj-363	26	7	field	field	NOUN
aeasj-363	26	8	of	of	ADP
aeasj-363	26	9	finance	finance	NOUN
aeasj-363	26	10	on	on	ADP
aeasj-363	26	11	performance	performance	NOUN
aeasj-363	26	12	measurement	measurement	NOUN
aeasj-363	26	13	is	be	AUX
aeasj-363	26	14	an	an	DET
aeasj-363	26	15	economic	economic	ADJ
aeasj-363	26	16	value	value	NOUN
aeasj-363	26	17	-	-	PUNCT
aeasj-363	26	18	added	add	VERB
aeasj-363	26	19	.	.	PUNCT
aeasj-363	27	1	economic	economic	ADJ
aeasj-363	27	2	value	value	NOUN
aeasj-363	27	3	added	add	VERB
aeasj-363	27	4	is	be	AUX
aeasj-363	27	5	the	the	DET
aeasj-363	27	6	financial	financial	ADJ
aeasj-363	27	7	performance	performance	NOUN
aeasj-363	27	8	measure	measure	NOUN
aeasj-363	27	9	that	that	PRON
aeasj-363	27	10	comes	come	VERB
aeasj-363	27	11	closer	close	ADV
aeasj-363	27	12	than	than	ADP
aeasj-363	27	13	any	any	DET
aeasj-363	27	14	other	other	ADJ
aeasj-363	27	15	to	to	ADP
aeasj-363	27	16	capturing	capture	VERB
aeasj-363	27	17	the	the	DET
aeasj-363	27	18	true	true	ADJ
aeasj-363	27	19	economic	economic	ADJ
aeasj-363	27	20	profit	profit	NOUN
aeasj-363	27	21	of	of	ADP
aeasj-363	27	22	an	an	DET
aeasj-363	27	23	enterprise	enterprise	NOUN
aeasj-363	27	24	.	.	PUNCT
aeasj-363	28	1	it	it	PRON
aeasj-363	28	2	is	be	AUX
aeasj-363	28	3	the	the	DET
aeasj-363	28	4	copyright	copyright	NOUN
aeasj-363	28	5	©	©	PROPN
aeasj-363	28	6	cc	cc	PROPN
aeasj-363	28	7	-	-	PUNCT
aeasj-363	28	8	by	by	ADP
aeasj-363	28	9	-	-	PUNCT
aeasj-363	28	10	nc	nc	PROPN
aeasj-363	28	11	2019	2019	NUM
aeasj-363	28	12	,	,	PUNCT
aeasj-363	28	13	cribfb	cribfb	VERB
aeasj-363	28	14	|	|	ADV
aeasj-363	28	15	aesr	aesr	ADV
aeasj-363	28	16	www.cribfb.com/journal/index.php/aesr	www.cribfb.com/journal/index.php/aesr	VERB
aeasj-363	28	17	american	american	PROPN
aeasj-363	28	18	economic	economic	PROPN
aeasj-363	28	19	&	&	CCONJ
aeasj-363	28	20	social	social	PROPN
aeasj-363	28	21	review	review	PROPN
aeasj-363	28	22	vol	vol	NOUN
aeasj-363	28	23	.	.	PROPN
aeasj-363	29	1	5	5	NUM
aeasj-363	29	2	,	,	PUNCT
aeasj-363	29	3	no	no	INTJ
aeasj-363	29	4	.	.	NOUN
aeasj-363	29	5	2	2	NUM
aeasj-363	29	6	;	;	PUNCT
aeasj-363	29	7	2019	2019	NUM
aeasj-363	29	8	46	46	NUM
aeasj-363	29	9	performance	performance	NOUN
aeasj-363	29	10	measure	measure	NOUN
aeasj-363	29	11	most	most	ADV
aeasj-363	29	12	directly	directly	ADV
aeasj-363	29	13	linked	link	VERB
aeasj-363	29	14	to	to	ADP
aeasj-363	29	15	the	the	DET
aeasj-363	29	16	creation	creation	NOUN
aeasj-363	29	17	of	of	ADP
aeasj-363	29	18	shareholder	shareholder	NOUN
aeasj-363	29	19	wealth	wealth	NOUN
aeasj-363	29	20	over	over	ADP
aeasj-363	29	21	time	time	NOUN
aeasj-363	29	22	.	.	PUNCT
aeasj-363	30	1	from	from	ADP
aeasj-363	30	2	the	the	DET
aeasj-363	30	3	above	above	ADJ
aeasj-363	30	4	problems	problem	NOUN
aeasj-363	30	5	,	,	PUNCT
aeasj-363	30	6	this	this	DET
aeasj-363	30	7	study	study	NOUN
aeasj-363	30	8	examined	examine	VERB
aeasj-363	30	9	the	the	DET
aeasj-363	30	10	effect	effect	NOUN
aeasj-363	30	11	of	of	ADP
aeasj-363	30	12	corporate	corporate	ADJ
aeasj-363	30	13	dividend	dividend	NOUN
aeasj-363	30	14	decision	decision	NOUN
aeasj-363	30	15	on	on	ADP
aeasj-363	30	16	the	the	DET
aeasj-363	30	17	economic	economic	ADJ
aeasj-363	30	18	value	value	NOUN
aeasj-363	30	19	added	add	VERB
aeasj-363	30	20	of	of	ADP
aeasj-363	30	21	quoted	quote	VERB
aeasj-363	30	22	firms	firm	NOUN
aeasj-363	30	23	in	in	ADP
aeasj-363	30	24	nigeria	nigeria	PROPN
aeasj-363	30	25	.	.	PUNCT
aeasj-363	31	1	2	2	X
aeasj-363	31	2	.	.	X
aeasj-363	31	3	literature	literature	NOUN
aeasj-363	31	4	review	review	VERB
aeasj-363	31	5	2.1	2.1	NUM
aeasj-363	31	6	dividend	dividend	NOUN
aeasj-363	31	7	decision	decision	NOUN
aeasj-363	31	8	dividend	dividend	NOUN
aeasj-363	31	9	decision	decision	NOUN
aeasj-363	31	10	refers	refer	VERB
aeasj-363	31	11	to	to	ADP
aeasj-363	31	12	a	a	DET
aeasj-363	31	13	company	company	NOUN
aeasj-363	31	14	’s	’s	PART
aeasj-363	31	15	policy	policy	NOUN
aeasj-363	31	16	which	which	PRON
aeasj-363	31	17	determines	determine	VERB
aeasj-363	31	18	the	the	DET
aeasj-363	31	19	amount	amount	NOUN
aeasj-363	31	20	of	of	ADP
aeasj-363	31	21	dividend	dividend	NOUN
aeasj-363	31	22	payments	payment	NOUN
aeasj-363	31	23	and	and	CCONJ
aeasj-363	31	24	the	the	DET
aeasj-363	31	25	amounts	amount	NOUN
aeasj-363	31	26	of	of	ADP
aeasj-363	31	27	retained	retain	VERB
aeasj-363	31	28	earnings	earning	NOUN
aeasj-363	31	29	for	for	ADP
aeasj-363	31	30	reinvesting	reinveste	VERB
aeasj-363	31	31	in	in	ADP
aeasj-363	31	32	new	new	ADJ
aeasj-363	31	33	projects	project	NOUN
aeasj-363	31	34	.	.	PUNCT
aeasj-363	32	1	this	this	DET
aeasj-363	32	2	decision	decision	NOUN
aeasj-363	32	3	is	be	AUX
aeasj-363	32	4	related	relate	VERB
aeasj-363	32	5	to	to	ADP
aeasj-363	32	6	dividing	divide	VERB
aeasj-363	32	7	the	the	DET
aeasj-363	32	8	firm	firm	NOUN
aeasj-363	32	9	’s	’s	PART
aeasj-363	32	10	earning	earning	NOUN
aeasj-363	32	11	between	between	ADP
aeasj-363	32	12	payment	payment	NOUN
aeasj-363	32	13	to	to	ADP
aeasj-363	32	14	shareholders	shareholder	NOUN
aeasj-363	32	15	and	and	CCONJ
aeasj-363	32	16	reinvestment	reinvestment	NOUN
aeasj-363	32	17	in	in	ADP
aeasj-363	32	18	new	new	ADJ
aeasj-363	32	19	opportunities	opportunity	NOUN
aeasj-363	32	20	.	.	PUNCT
aeasj-363	33	1	dividend	dividend	NOUN
aeasj-363	33	2	decision	decision	NOUN
aeasj-363	33	3	involves	involve	VERB
aeasj-363	33	4	the	the	DET
aeasj-363	33	5	determination	determination	NOUN
aeasj-363	33	6	of	of	ADP
aeasj-363	33	7	the	the	DET
aeasj-363	33	8	payout	payout	ADJ
aeasj-363	33	9	policy	policy	NOUN
aeasj-363	33	10	that	that	PRON
aeasj-363	33	11	management	management	NOUN
aeasj-363	33	12	follows	follow	VERB
aeasj-363	33	13	in	in	ADP
aeasj-363	33	14	determining	determine	VERB
aeasj-363	33	15	the	the	DET
aeasj-363	33	16	size	size	NOUN
aeasj-363	33	17	and	and	CCONJ
aeasj-363	33	18	pattern	pattern	NOUN
aeasj-363	33	19	of	of	ADP
aeasj-363	33	20	cash	cash	NOUN
aeasj-363	33	21	distributions	distribution	NOUN
aeasj-363	33	22	to	to	ADP
aeasj-363	33	23	shareholders	shareholder	NOUN
aeasj-363	33	24	over	over	ADP
aeasj-363	33	25	time	time	NOUN
aeasj-363	33	26	(	(	PUNCT
aeasj-363	33	27	lease	lease	VERB
aeasj-363	33	28	et	et	PROPN
aeasj-363	33	29	al	al	PROPN
aeasj-363	33	30	,	,	PUNCT
aeasj-363	33	31	2000	2000	NUM
aeasj-363	33	32	)	)	PUNCT
aeasj-363	33	33	.	.	PUNCT
aeasj-363	34	1	dividend	dividend	NOUN
aeasj-363	34	2	decision	decision	NOUN
aeasj-363	34	3	was	be	AUX
aeasj-363	34	4	just	just	ADV
aeasj-363	34	5	concerned	concerned	ADJ
aeasj-363	34	6	with	with	ADP
aeasj-363	34	7	selecting	selecting	NOUN
aeasj-363	34	8	between	between	ADP
aeasj-363	34	9	payments	payment	NOUN
aeasj-363	34	10	of	of	ADP
aeasj-363	34	11	earnings	earning	NOUN
aeasj-363	34	12	to	to	PART
aeasj-363	34	13	shareholder	shareholder	NOUN
aeasj-363	34	14	as	as	ADP
aeasj-363	34	15	cash	cash	NOUN
aeasj-363	34	16	dividend	dividend	NOUN
aeasj-363	34	17	or	or	CCONJ
aeasj-363	34	18	retaining	retain	VERB
aeasj-363	34	19	the	the	DET
aeasj-363	34	20	profit	profit	NOUN
aeasj-363	34	21	in	in	ADP
aeasj-363	34	22	firm	firm	NOUN
aeasj-363	34	23	.	.	PUNCT
aeasj-363	35	1	it	it	PRON
aeasj-363	35	2	only	only	ADV
aeasj-363	35	3	determined	determine	VERB
aeasj-363	35	4	the	the	DET
aeasj-363	35	5	incidence	incidence	NOUN
aeasj-363	35	6	of	of	ADP
aeasj-363	35	7	dividend	dividend	NOUN
aeasj-363	35	8	payments	payment	NOUN
aeasj-363	35	9	and	and	CCONJ
aeasj-363	35	10	the	the	DET
aeasj-363	35	11	amount	amount	NOUN
aeasj-363	35	12	dividends	dividend	NOUN
aeasj-363	35	13	.	.	PUNCT
aeasj-363	36	1	however	however	ADV
aeasj-363	36	2	,	,	PUNCT
aeasj-363	36	3	in	in	ADP
aeasj-363	36	4	today	today	NOUN
aeasj-363	36	5	’s	’s	PART
aeasj-363	36	6	corporate	corporate	ADJ
aeasj-363	36	7	finance	finance	NOUN
aeasj-363	36	8	,	,	PUNCT
aeasj-363	36	9	dividend	dividend	NOUN
aeasj-363	36	10	policy	policy	NOUN
aeasj-363	36	11	addresses	address	NOUN
aeasj-363	36	12	more	more	ADJ
aeasj-363	36	13	issues	issue	NOUN
aeasj-363	36	14	such	such	ADJ
aeasj-363	36	15	as	as	ADP
aeasj-363	36	16	how	how	SCONJ
aeasj-363	36	17	firms	firm	NOUN
aeasj-363	36	18	can	can	AUX
aeasj-363	36	19	attract	attract	VERB
aeasj-363	36	20	investors	investor	NOUN
aeasj-363	36	21	in	in	ADP
aeasj-363	36	22	different	different	ADJ
aeasj-363	36	23	tax	tax	NOUN
aeasj-363	36	24	brackets	bracket	NOUN
aeasj-363	36	25	and	and	CCONJ
aeasj-363	36	26	how	how	SCONJ
aeasj-363	36	27	firms	firm	NOUN
aeasj-363	36	28	can	can	AUX
aeasj-363	36	29	increase	increase	VERB
aeasj-363	36	30	the	the	DET
aeasj-363	36	31	market	market	NOUN
aeasj-363	36	32	value	value	NOUN
aeasj-363	36	33	of	of	ADP
aeasj-363	36	34	firm	firm	ADJ
aeasj-363	36	35	and	and	CCONJ
aeasj-363	36	36	share	share	NOUN
aeasj-363	36	37	repurchase	repurchase	VERB
aeasj-363	36	38	instead	instead	ADV
aeasj-363	36	39	of	of	ADP
aeasj-363	36	40	cash	cash	NOUN
aeasj-363	36	41	dividends	dividend	NOUN
aeasj-363	36	42	.	.	PUNCT
aeasj-363	37	1	2.2	2.2	NUM
aeasj-363	37	2	types	type	NOUN
aeasj-363	37	3	of	of	ADP
aeasj-363	37	4	dividend	dividend	NOUN
aeasj-363	37	5	decision	decision	NOUN
aeasj-363	37	6	2.2.1	2.2.1	NUM
aeasj-363	37	7	pure	pure	ADJ
aeasj-363	37	8	residual	residual	ADJ
aeasj-363	37	9	dividend	dividend	NOUN
aeasj-363	37	10	decision	decision	NOUN
aeasj-363	37	11	this	this	DET
aeasj-363	37	12	states	state	VERB
aeasj-363	37	13	that	that	SCONJ
aeasj-363	37	14	when	when	SCONJ
aeasj-363	37	15	the	the	DET
aeasj-363	37	16	corporation	corporation	NOUN
aeasj-363	37	17	’s	’s	PART
aeasj-363	37	18	return	return	NOUN
aeasj-363	37	19	on	on	ADP
aeasj-363	37	20	equity	equity	NOUN
aeasj-363	37	21	capital	capital	NOUN
aeasj-363	37	22	is	be	AUX
aeasj-363	37	23	greater	great	ADJ
aeasj-363	37	24	than	than	ADP
aeasj-363	37	25	the	the	DET
aeasj-363	37	26	rate	rate	NOUN
aeasj-363	37	27	of	of	ADP
aeasj-363	37	28	return	return	NOUN
aeasj-363	37	29	the	the	DET
aeasj-363	37	30	investor	investor	NOUN
aeasj-363	37	31	could	could	AUX
aeasj-363	37	32	obtain	obtain	VERB
aeasj-363	37	33	by	by	ADP
aeasj-363	37	34	reinvesting	reinveste	VERB
aeasj-363	37	35	those	those	DET
aeasj-363	37	36	dividends	dividend	NOUN
aeasj-363	37	37	in	in	ADP
aeasj-363	37	38	another	another	DET
aeasj-363	37	39	investment	investment	NOUN
aeasj-363	37	40	of	of	ADP
aeasj-363	37	41	equivalent	equivalent	ADJ
aeasj-363	37	42	risk	risk	NOUN
aeasj-363	37	43	,	,	PUNCT
aeasj-363	37	44	the	the	DET
aeasj-363	37	45	investor	investor	NOUN
aeasj-363	37	46	would	would	AUX
aeasj-363	37	47	rather	rather	ADV
aeasj-363	37	48	the	the	DET
aeasj-363	37	49	corporation	corporation	NOUN
aeasj-363	37	50	act	act	VERB
aeasj-363	37	51	on	on	ADP
aeasj-363	37	52	his	his	PRON
aeasj-363	37	53	behalf	behalf	NOUN
aeasj-363	37	54	and	and	CCONJ
aeasj-363	37	55	reinvest	reinvest	VERB
aeasj-363	37	56	the	the	DET
aeasj-363	37	57	earnings	earning	NOUN
aeasj-363	37	58	rather	rather	ADV
aeasj-363	37	59	than	than	ADP
aeasj-363	37	60	issue	issue	VERB
aeasj-363	37	61	a	a	DET
aeasj-363	37	62	dividend	dividend	NOUN
aeasj-363	37	63	;	;	PUNCT
aeasj-363	37	64	the	the	DET
aeasj-363	37	65	firm	firm	NOUN
aeasj-363	37	66	can	can	AUX
aeasj-363	37	67	determine	determine	VERB
aeasj-363	37	68	which	which	DET
aeasj-363	37	69	option	option	NOUN
aeasj-363	37	70	is	be	AUX
aeasj-363	37	71	better	well	ADV
aeasj-363	37	72	suited	suited	ADJ
aeasj-363	37	73	to	to	ADP
aeasj-363	37	74	benefiting	benefit	VERB
aeasj-363	37	75	the	the	DET
aeasj-363	37	76	investor	investor	NOUN
aeasj-363	37	77	by	by	ADP
aeasj-363	37	78	first	first	ADV
aeasj-363	37	79	identifying	identify	VERB
aeasj-363	37	80	the	the	DET
aeasj-363	37	81	firm	firm	NOUN
aeasj-363	37	82	’s	’s	PART
aeasj-363	37	83	optimal	optimal	ADJ
aeasj-363	37	84	capital	capital	NOUN
aeasj-363	37	85	budget	budget	NOUN
aeasj-363	37	86	,	,	PUNCT
aeasj-363	37	87	thereby	thereby	ADV
aeasj-363	37	88	noting	note	VERB
aeasj-363	37	89	the	the	DET
aeasj-363	37	90	level	level	NOUN
aeasj-363	37	91	of	of	ADP
aeasj-363	37	92	equity	equity	NOUN
aeasj-363	37	93	capital	capital	NOUN
aeasj-363	37	94	required	require	VERB
aeasj-363	37	95	,	,	PUNCT
aeasj-363	37	96	and	and	CCONJ
aeasj-363	37	97	then	then	ADV
aeasj-363	37	98	maintaining	maintain	VERB
aeasj-363	37	99	the	the	DET
aeasj-363	37	100	amount	amount	NOUN
aeasj-363	37	101	of	of	ADP
aeasj-363	37	102	earnings	earning	NOUN
aeasj-363	37	103	required	require	VERB
aeasj-363	37	104	to	to	PART
aeasj-363	37	105	finance	finance	VERB
aeasj-363	37	106	the	the	DET
aeasj-363	37	107	equity	equity	NOUN
aeasj-363	37	108	capital	capital	NOUN
aeasj-363	37	109	in	in	ADP
aeasj-363	37	110	the	the	DET
aeasj-363	37	111	capital	capital	NOUN
aeasj-363	37	112	budget	budget	NOUN
aeasj-363	37	113	and	and	CCONJ
aeasj-363	37	114	allowing	allow	VERB
aeasj-363	37	115	“	"	PUNCT
aeasj-363	37	116	residual	residual	ADJ
aeasj-363	37	117	”	"	PUNCT
aeasj-363	37	118	funds	fund	NOUN
aeasj-363	37	119	(	(	PUNCT
aeasj-363	37	120	earnings	earning	NOUN
aeasj-363	37	121	not	not	PART
aeasj-363	37	122	utilized	utilize	VERB
aeasj-363	37	123	in	in	ADP
aeasj-363	37	124	internal	internal	ADJ
aeasj-363	37	125	investment	investment	NOUN
aeasj-363	37	126	)	)	PUNCT
aeasj-363	37	127	after	after	SCONJ
aeasj-363	37	128	the	the	DET
aeasj-363	37	129	mandated	mandate	VERB
aeasj-363	37	130	reinvestment	reinvestment	NOUN
aeasj-363	37	131	to	to	PART
aeasj-363	37	132	be	be	AUX
aeasj-363	37	133	issued	issue	VERB
aeasj-363	37	134	as	as	ADP
aeasj-363	37	135	a	a	DET
aeasj-363	37	136	dividend	dividend	NOUN
aeasj-363	37	137	droms	drom	NOUN
aeasj-363	37	138	(	(	PUNCT
aeasj-363	37	139	1990	1990	NUM
aeasj-363	37	140	)	)	PUNCT
aeasj-363	37	141	.	.	PUNCT
aeasj-363	38	1	therefore	therefore	ADV
aeasj-363	38	2	,	,	PUNCT
aeasj-363	38	3	dividends	dividend	NOUN
aeasj-363	38	4	are	be	AUX
aeasj-363	38	5	a	a	DET
aeasj-363	38	6	function	function	NOUN
aeasj-363	38	7	of	of	ADP
aeasj-363	38	8	earnings	earning	NOUN
aeasj-363	38	9	fluctuations	fluctuation	NOUN
aeasj-363	38	10	,	,	PUNCT
aeasj-363	38	11	and	and	CCONJ
aeasj-363	38	12	this	this	DET
aeasj-363	38	13	method	method	NOUN
aeasj-363	38	14	allows	allow	VERB
aeasj-363	38	15	for	for	ADP
aeasj-363	38	16	significant	significant	ADJ
aeasj-363	38	17	fluctuations	fluctuation	NOUN
aeasj-363	38	18	in	in	ADP
aeasj-363	38	19	dividends	dividend	NOUN
aeasj-363	38	20	with	with	ADP
aeasj-363	38	21	changes	change	NOUN
aeasj-363	38	22	in	in	ADP
aeasj-363	38	23	earnings	earning	NOUN
aeasj-363	38	24	and	and	CCONJ
aeasj-363	38	25	corporate	corporate	ADJ
aeasj-363	38	26	investment	investment	NOUN
aeasj-363	38	27	opportunities	opportunity	NOUN
aeasj-363	38	28	.	.	PUNCT
aeasj-363	39	1	in	in	ADP
aeasj-363	39	2	effect	effect	NOUN
aeasj-363	39	3	,	,	PUNCT
aeasj-363	39	4	all	all	DET
aeasj-363	39	5	residual	residual	ADJ
aeasj-363	39	6	earnings	earning	NOUN
aeasj-363	39	7	are	be	AUX
aeasj-363	39	8	paid	pay	VERB
aeasj-363	39	9	out	out	ADP
aeasj-363	39	10	which	which	PRON
aeasj-363	39	11	causes	cause	VERB
aeasj-363	39	12	the	the	DET
aeasj-363	39	13	dividend	dividend	NOUN
aeasj-363	39	14	payout	payout	NOUN
aeasj-363	39	15	ratio	ratio	NOUN
aeasj-363	39	16	to	to	ADP
aeasj-363	39	17	fluctuate	fluctuate	NOUN
aeasj-363	39	18	.	.	PUNCT
aeasj-363	40	1	this	this	DET
aeasj-363	40	2	policy	policy	NOUN
aeasj-363	40	3	also	also	ADV
aeasj-363	40	4	results	result	VERB
aeasj-363	40	5	in	in	ADP
aeasj-363	40	6	a	a	DET
aeasj-363	40	7	dividend	dividend	NOUN
aeasj-363	40	8	that	that	PRON
aeasj-363	40	9	varies	vary	VERB
aeasj-363	40	10	from	from	ADP
aeasj-363	40	11	year	year	NOUN
aeasj-363	40	12	to	to	ADP
aeasj-363	40	13	year	year	NOUN
aeasj-363	40	14	,	,	PUNCT
aeasj-363	40	15	and	and	CCONJ
aeasj-363	40	16	when	when	SCONJ
aeasj-363	40	17	equity	equity	NOUN
aeasj-363	40	18	investment	investment	NOUN
aeasj-363	40	19	is	be	AUX
aeasj-363	40	20	greater	great	ADJ
aeasj-363	40	21	than	than	ADP
aeasj-363	40	22	earnings	earning	NOUN
aeasj-363	40	23	,	,	PUNCT
aeasj-363	40	24	equity	equity	NOUN
aeasj-363	40	25	financing	financing	NOUN
aeasj-363	40	26	must	must	AUX
aeasj-363	40	27	be	be	AUX
aeasj-363	40	28	initiated	initiate	VERB
aeasj-363	40	29	to	to	PART
aeasj-363	40	30	create	create	VERB
aeasj-363	40	31	a	a	DET
aeasj-363	40	32	residual	residual	ADJ
aeasj-363	40	33	(	(	PUNCT
aeasj-363	40	34	droms	drom	NOUN
aeasj-363	40	35	,	,	PUNCT
aeasj-363	40	36	1990	1990	NUM
aeasj-363	40	37	)	)	PUNCT
aeasj-363	40	38	.	.	PUNCT
aeasj-363	41	1	2.2.2	2.2.2	NUM
aeasj-363	41	2	smoothed	smooth	VERB
aeasj-363	41	3	residual	residual	ADJ
aeasj-363	41	4	dividend	dividend	NOUN
aeasj-363	41	5	decision	decision	NOUN
aeasj-363	41	6	this	this	PRON
aeasj-363	41	7	suggests	suggest	VERB
aeasj-363	41	8	that	that	SCONJ
aeasj-363	41	9	dividend	dividend	NOUN
aeasj-363	41	10	fluctuations	fluctuation	NOUN
aeasj-363	41	11	are	be	AUX
aeasj-363	41	12	kept	keep	VERB
aeasj-363	41	13	to	to	ADP
aeasj-363	41	14	a	a	DET
aeasj-363	41	15	minimum	minimum	NOUN
aeasj-363	41	16	.	.	PUNCT
aeasj-363	42	1	dividend	dividend	NOUN
aeasj-363	42	2	policy	policy	NOUN
aeasj-363	42	3	changes	change	NOUN
aeasj-363	42	4	tend	tend	VERB
aeasj-363	42	5	to	to	PART
aeasj-363	42	6	lag	lag	VERB
aeasj-363	42	7	behind	behind	ADP
aeasj-363	42	8	earnings	earning	NOUN
aeasj-363	42	9	fluctuations	fluctuation	NOUN
aeasj-363	42	10	according	accord	VERB
aeasj-363	42	11	to	to	ADP
aeasj-363	42	12	shapiro	shapiro	PROPN
aeasj-363	42	13	,	,	PUNCT
aeasj-363	42	14	as	as	SCONJ
aeasj-363	42	15	dividends	dividend	NOUN
aeasj-363	42	16	are	be	AUX
aeasj-363	42	17	set	set	VERB
aeasj-363	42	18	equal	equal	ADJ
aeasj-363	42	19	to	to	ADP
aeasj-363	42	20	the	the	DET
aeasj-363	42	21	long	long	ADV
aeasj-363	42	22	-	-	PUNCT
aeasj-363	42	23	run	run	NOUN
aeasj-363	42	24	residual	residual	ADJ
aeasj-363	42	25	between	between	ADP
aeasj-363	42	26	forecasted	forecast	VERB
aeasj-363	42	27	earnings	earning	NOUN
aeasj-363	42	28	and	and	CCONJ
aeasj-363	42	29	investment	investment	NOUN
aeasj-363	42	30	requirements	requirement	NOUN
aeasj-363	42	31	.	.	PUNCT
aeasj-363	43	1	dividend	dividend	NOUN
aeasj-363	43	2	changes	change	NOUN
aeasj-363	43	3	,	,	PUNCT
aeasj-363	43	4	in	in	ADP
aeasj-363	43	5	turn	turn	NOUN
aeasj-363	43	6	,	,	PUNCT
aeasj-363	43	7	are	be	AUX
aeasj-363	43	8	made	make	VERB
aeasj-363	43	9	only	only	ADV
aeasj-363	43	10	when	when	SCONJ
aeasj-363	43	11	this	this	DET
aeasj-363	43	12	long	long	ADJ
aeasj-363	43	13	run	run	NOUN
aeasj-363	43	14	residual	residual	ADJ
aeasj-363	43	15	is	be	AUX
aeasj-363	43	16	expected	expect	VERB
aeasj-363	43	17	to	to	PART
aeasj-363	43	18	change	change	VERB
aeasj-363	43	19	;	;	PUNCT
aeasj-363	43	20	earnings	earning	NOUN
aeasj-363	43	21	fluctuations	fluctuation	NOUN
aeasj-363	43	22	believed	believe	VERB
aeasj-363	43	23	to	to	PART
aeasj-363	43	24	be	be	AUX
aeasj-363	43	25	temporary	temporary	ADJ
aeasj-363	43	26	are	be	AUX
aeasj-363	43	27	ignored	ignore	VERB
aeasj-363	43	28	in	in	ADP
aeasj-363	43	29	setting	set	VERB
aeasj-363	43	30	dividend	dividend	NOUN
aeasj-363	43	31	payments	payment	NOUN
aeasj-363	43	32	,	,	PUNCT
aeasj-363	43	33	the	the	DET
aeasj-363	43	34	clear	clear	ADJ
aeasj-363	43	35	preference	preference	NOUN
aeasj-363	43	36	is	be	AUX
aeasj-363	43	37	for	for	ADP
aeasj-363	43	38	a	a	DET
aeasj-363	43	39	stable	stable	ADJ
aeasj-363	43	40	,	,	PUNCT
aeasj-363	43	41	but	but	CCONJ
aeasj-363	43	42	increasing	increase	VERB
aeasj-363	43	43	,	,	PUNCT
aeasj-363	43	44	dividend	dividend	NOUN
aeasj-363	43	45	per	per	ADP
aeasj-363	43	46	share	share	NOUN
aeasj-363	43	47	(	(	PUNCT
aeasj-363	43	48	shapiro	shapiro	NOUN
aeasj-363	43	49	,	,	PUNCT
aeasj-363	43	50	1990	1990	NUM
aeasj-363	43	51	)	)	PUNCT
aeasj-363	43	52	.	.	PUNCT
aeasj-363	44	1	as	as	ADP
aeasj-363	44	2	such	such	ADJ
aeasj-363	44	3	,	,	PUNCT
aeasj-363	44	4	the	the	DET
aeasj-363	44	5	dividend	dividend	NOUN
aeasj-363	44	6	payout	payout	NOUN
aeasj-363	44	7	ratio	ratio	NOUN
aeasj-363	44	8	fluctuates	fluctuate	NOUN
aeasj-363	44	9	significantly	significantly	ADV
aeasj-363	44	10	with	with	ADP
aeasj-363	44	11	this	this	DET
aeasj-363	44	12	payment	payment	NOUN
aeasj-363	44	13	method	method	NOUN
aeasj-363	44	14	,	,	PUNCT
aeasj-363	44	15	and	and	CCONJ
aeasj-363	44	16	dividends	dividend	NOUN
aeasj-363	44	17	have	have	VERB
aeasj-363	44	18	the	the	DET
aeasj-363	44	19	potential	potential	NOUN
aeasj-363	44	20	to	to	PART
aeasj-363	44	21	exceed	exceed	VERB
aeasj-363	44	22	the	the	DET
aeasj-363	44	23	residual	residual	ADJ
aeasj-363	44	24	if	if	SCONJ
aeasj-363	44	25	earnings	earning	NOUN
aeasj-363	44	26	are	be	AUX
aeasj-363	44	27	unexpectedly	unexpectedly	ADV
aeasj-363	44	28	low	low	ADJ
aeasj-363	44	29	.	.	PUNCT
aeasj-363	45	1	2.2.3	2.2.3	NUM
aeasj-363	45	2	constant	constant	ADJ
aeasj-363	45	3	or	or	CCONJ
aeasj-363	45	4	fixed	fix	VERB
aeasj-363	45	5	decision	decision	NOUN
aeasj-363	45	6	the	the	DET
aeasj-363	45	7	company	company	NOUN
aeasj-363	45	8	pays	pay	VERB
aeasj-363	45	9	out	out	ADP
aeasj-363	45	10	a	a	DET
aeasj-363	45	11	fixed	fix	VERB
aeasj-363	45	12	amount	amount	NOUN
aeasj-363	45	13	of	of	ADP
aeasj-363	45	14	its	its	PRON
aeasj-363	45	15	profit	profit	NOUN
aeasj-363	45	16	after	after	ADP
aeasj-363	45	17	tax	tax	NOUN
aeasj-363	45	18	as	as	ADP
aeasj-363	45	19	dividend	dividend	NOUN
aeasj-363	45	20	.	.	PUNCT
aeasj-363	46	1	thus	thus	ADV
aeasj-363	46	2	,	,	PUNCT
aeasj-363	46	3	the	the	DET
aeasj-363	46	4	company	company	NOUN
aeasj-363	46	5	maintains	maintain	VERB
aeasj-363	46	6	a	a	DET
aeasj-363	46	7	fixed	fix	VERB
aeasj-363	46	8	payout	payout	NOUN
aeasj-363	46	9	ratio	ratio	NOUN
aeasj-363	46	10	of	of	ADP
aeasj-363	46	11	dividend	dividend	NOUN
aeasj-363	46	12	.	.	PUNCT
aeasj-363	47	1	pandey	pandey	PROPN
aeasj-363	47	2	(	(	PUNCT
aeasj-363	47	3	2005	2005	NUM
aeasj-363	47	4	)	)	PUNCT
aeasj-363	47	5	define	define	VERB
aeasj-363	47	6	payout	payout	NOUN
aeasj-363	47	7	as	as	ADP
aeasj-363	47	8	the	the	DET
aeasj-363	47	9	ratio	ratio	NOUN
aeasj-363	47	10	of	of	ADP
aeasj-363	47	11	dividend	dividend	NOUN
aeasj-363	47	12	to	to	ADP
aeasj-363	47	13	earnings	earning	NOUN
aeasj-363	47	14	.	.	PUNCT
aeasj-363	48	1	a	a	DET
aeasj-363	48	2	company	company	NOUN
aeasj-363	48	3	may	may	AUX
aeasj-363	48	4	as	as	ADP
aeasj-363	48	5	a	a	DET
aeasj-363	48	6	matter	matter	NOUN
aeasj-363	48	7	of	of	ADP
aeasj-363	48	8	policy	policy	NOUN
aeasj-363	48	9	,	,	PUNCT
aeasj-363	48	10	decide	decide	VERB
aeasj-363	48	11	to	to	PART
aeasj-363	48	12	constantly	constantly	ADV
aeasj-363	48	13	payout	payout	VERB
aeasj-363	48	14	sixty	sixty	NUM
aeasj-363	48	15	percent	percent	NOUN
aeasj-363	48	16	of	of	ADP
aeasj-363	48	17	its	its	PRON
aeasj-363	48	18	after	after	ADP
aeasj-363	48	19	tax	tax	NOUN
aeasj-363	48	20	profit	profit	NOUN
aeasj-363	48	21	as	as	ADP
aeasj-363	48	22	dividend	dividend	NOUN
aeasj-363	48	23	to	to	ADP
aeasj-363	48	24	its	its	PRON
aeasj-363	48	25	shareholders	shareholder	NOUN
aeasj-363	48	26	and	and	CCONJ
aeasj-363	48	27	retaining	retain	VERB
aeasj-363	48	28	the	the	DET
aeasj-363	48	29	remaining	remain	VERB
aeasj-363	48	30	fraction	fraction	NOUN
aeasj-363	48	31	.	.	PUNCT
aeasj-363	49	1	this	this	DET
aeasj-363	49	2	type	type	NOUN
aeasj-363	49	3	of	of	ADP
aeasj-363	49	4	policy	policy	NOUN
aeasj-363	49	5	allows	allow	VERB
aeasj-363	49	6	the	the	DET
aeasj-363	49	7	shareholders	shareholder	NOUN
aeasj-363	49	8	the	the	DET
aeasj-363	49	9	opportunity	opportunity	NOUN
aeasj-363	49	10	to	to	PART
aeasj-363	49	11	clearly	clearly	ADV
aeasj-363	49	12	know	know	VERB
aeasj-363	49	13	the	the	DET
aeasj-363	49	14	amount	amount	NOUN
aeasj-363	49	15	of	of	ADP
aeasj-363	49	16	dividend	dividend	NOUN
aeasj-363	49	17	to	to	PART
aeasj-363	49	18	expect	expect	VERB
aeasj-363	49	19	from	from	ADP
aeasj-363	49	20	their	their	PRON
aeasj-363	49	21	investments	investment	NOUN
aeasj-363	49	22	in	in	ADP
aeasj-363	49	23	the	the	DET
aeasj-363	49	24	company	company	NOUN
aeasj-363	49	25	.	.	PUNCT
aeasj-363	50	1	however	however	ADV
aeasj-363	50	2	as	as	SCONJ
aeasj-363	50	3	noted	note	VERB
aeasj-363	50	4	by	by	ADP
aeasj-363	50	5	watson	watson	PROPN
aeasj-363	50	6	and	and	CCONJ
aeasj-363	50	7	head	head	NOUN
aeasj-363	50	8	(	(	PUNCT
aeasj-363	50	9	2004	2004	NUM
aeasj-363	50	10	)	)	PUNCT
aeasj-363	50	11	,	,	PUNCT
aeasj-363	50	12	the	the	DET
aeasj-363	50	13	policy	policy	NOUN
aeasj-363	50	14	could	could	AUX
aeasj-363	50	15	be	be	AUX
aeasj-363	50	16	traumatic	traumatic	ADJ
aeasj-363	50	17	to	to	ADP
aeasj-363	50	18	companies	company	NOUN
aeasj-363	50	19	experiencing	experience	VERB
aeasj-363	50	20	a	a	DET
aeasj-363	50	21	volatile	volatile	ADJ
aeasj-363	50	22	or	or	CCONJ
aeasj-363	50	23	fluctuating	fluctuate	VERB
aeasj-363	50	24	profit	profit	NOUN
aeasj-363	50	25	earning	earning	NOUN
aeasj-363	50	26	.	.	PUNCT
aeasj-363	51	1	this	this	PRON
aeasj-363	51	2	is	be	AUX
aeasj-363	51	3	because	because	SCONJ
aeasj-363	51	4	of	of	ADP
aeasj-363	51	5	the	the	DET
aeasj-363	51	6	uncertainty	uncertainty	NOUN
aeasj-363	51	7	of	of	ADP
aeasj-363	51	8	its	its	PRON
aeasj-363	51	9	profit	profit	NOUN
aeasj-363	51	10	.	.	PUNCT
aeasj-363	52	1	if	if	SCONJ
aeasj-363	52	2	capital	capital	NOUN
aeasj-363	52	3	projects	project	NOUN
aeasj-363	52	4	are	be	AUX
aeasj-363	52	5	to	to	ADP
aeasj-363	52	6	viable	viable	ADJ
aeasj-363	52	7	capital	capital	NOUN
aeasj-363	52	8	projects	project	NOUN
aeasj-363	52	9	,	,	PUNCT
aeasj-363	52	10	the	the	DET
aeasj-363	52	11	policy	policy	NOUN
aeasj-363	52	12	can	can	AUX
aeasj-363	52	13	be	be	AUX
aeasj-363	52	14	chaotic	chaotic	ADJ
aeasj-363	52	15	.	.	PUNCT
aeasj-363	53	1	2.2.4	2.2.4	NUM
aeasj-363	53	2	progressive	progressive	ADJ
aeasj-363	53	3	decision	decision	NOUN
aeasj-363	53	4	payments	payment	NOUN
aeasj-363	53	5	on	on	ADP
aeasj-363	53	6	dividend	dividend	NOUN
aeasj-363	53	7	are	be	AUX
aeasj-363	53	8	on	on	ADP
aeasj-363	53	9	a	a	DET
aeasj-363	53	10	steady	steady	ADJ
aeasj-363	53	11	increase	increase	NOUN
aeasj-363	53	12	usually	usually	ADV
aeasj-363	53	13	in	in	ADP
aeasj-363	53	14	line	line	NOUN
aeasj-363	53	15	with	with	ADP
aeasj-363	53	16	inflation	inflation	NOUN
aeasj-363	53	17	.	.	PUNCT
aeasj-363	54	1	this	this	PRON
aeasj-363	54	2	could	could	AUX
aeasj-363	54	3	result	result	VERB
aeasj-363	54	4	in	in	ADP
aeasj-363	54	5	increasing	increase	VERB
aeasj-363	54	6	dividend	dividend	NOUN
aeasj-363	54	7	in	in	ADP
aeasj-363	54	8	money	money	NOUN
aeasj-363	54	9	terms	term	NOUN
aeasj-363	54	10	.	.	PUNCT
aeasj-363	55	1	the	the	DET
aeasj-363	55	2	firm	firm	NOUN
aeasj-363	55	3	uses	use	VERB
aeasj-363	55	4	the	the	DET
aeasj-363	55	5	policy	policy	NOUN
aeasj-363	55	6	as	as	ADP
aeasj-363	55	7	a	a	DET
aeasj-363	55	8	ratchet	ratchet	NOUN
aeasj-363	55	9	.	.	PUNCT
aeasj-363	56	1	every	every	DET
aeasj-363	56	2	effort	effort	NOUN
aeasj-363	56	3	is	be	AUX
aeasj-363	56	4	made	make	VERB
aeasj-363	56	5	to	to	PART
aeasj-363	56	6	sustain	sustain	VERB
aeasj-363	56	7	the	the	DET
aeasj-363	56	8	increase	increase	NOUN
aeasj-363	56	9	even	even	ADV
aeasj-363	56	10	though	though	SCONJ
aeasj-363	56	11	marginal	marginal	ADJ
aeasj-363	56	12	.	.	PUNCT
aeasj-363	57	1	seldom	seldom	ADV
aeasj-363	57	2	,	,	PUNCT
aeasj-363	57	3	the	the	DET
aeasj-363	57	4	company	company	NOUN
aeasj-363	57	5	may	may	AUX
aeasj-363	57	6	be	be	AUX
aeasj-363	57	7	constrained	constrain	VERB
aeasj-363	57	8	to	to	PART
aeasj-363	57	9	cut	cut	VERB
aeasj-363	57	10	down	down	ADP
aeasj-363	57	11	on	on	ADP
aeasj-363	57	12	dividend	dividend	NOUN
aeasj-363	57	13	payout	payout	NOUN
aeasj-363	57	14	.	.	PUNCT
aeasj-363	58	1	this	this	PRON
aeasj-363	58	2	is	be	AUX
aeasj-363	58	3	to	to	PART
aeasj-363	58	4	enable	enable	VERB
aeasj-363	58	5	it	it	PRON
aeasj-363	58	6	sustain	sustain	VERB
aeasj-363	58	7	its	its	PRON
aeasj-363	58	8	operations	operation	NOUN
aeasj-363	58	9	.	.	PUNCT
aeasj-363	59	1	this	this	PRON
aeasj-363	59	2	though	though	SCONJ
aeasj-363	59	3	not	not	PART
aeasj-363	59	4	a	a	DET
aeasj-363	59	5	frequent	frequent	ADJ
aeasj-363	59	6	action	action	NOUN
aeasj-363	59	7	as	as	SCONJ
aeasj-363	59	8	it	it	PRON
aeasj-363	59	9	sends	send	VERB
aeasj-363	59	10	a	a	DET
aeasj-363	59	11	wrong	wrong	ADJ
aeasj-363	59	12	signal	signal	NOUN
aeasj-363	59	13	to	to	ADP
aeasj-363	59	14	investors	investor	NOUN
aeasj-363	59	15	.	.	PUNCT
aeasj-363	60	1	firms	firm	NOUN
aeasj-363	60	2	operating	operate	VERB
aeasj-363	60	3	this	this	DET
aeasj-363	60	4	policy	policy	NOUN
aeasj-363	60	5	will	will	AUX
aeasj-363	60	6	opt	opt	VERB
aeasj-363	60	7	to	to	PART
aeasj-363	60	8	avoid	avoid	VERB
aeasj-363	60	9	paying	pay	VERB
aeasj-363	60	10	dividends	dividend	NOUN
aeasj-363	60	11	during	during	ADP
aeasj-363	60	12	the	the	DET
aeasj-363	60	13	period	period	NOUN
aeasj-363	60	14	rather	rather	ADV
aeasj-363	60	15	than	than	ADP
aeasj-363	60	16	consistently	consistently	ADV
aeasj-363	60	17	cut	cut	VERB
aeasj-363	60	18	down	down	ADP
aeasj-363	60	19	on	on	ADP
aeasj-363	60	20	the	the	DET
aeasj-363	60	21	dividend	dividend	NOUN
aeasj-363	60	22	(	(	PUNCT
aeasj-363	60	23	kolb	kolb	PROPN
aeasj-363	60	24	&	&	CCONJ
aeasj-363	60	25	rodriguez	rodriguez	PROPN
aeasj-363	60	26	,	,	PUNCT
aeasj-363	60	27	1996	1996	NUM
aeasj-363	60	28	)	)	PUNCT
aeasj-363	60	29	.	.	PUNCT
aeasj-363	61	1	2.2.5	2.2.5	NUM
aeasj-363	61	2	zero	zero	NUM
aeasj-363	61	3	dividend	dividend	NOUN
aeasj-363	61	4	decision	decision	NOUN
aeasj-363	61	5	some	some	DET
aeasj-363	61	6	firms	firm	NOUN
aeasj-363	61	7	may	may	AUX
aeasj-363	61	8	decide	decide	VERB
aeasj-363	61	9	not	not	PART
aeasj-363	61	10	to	to	PART
aeasj-363	61	11	pay	pay	VERB
aeasj-363	61	12	dividend	dividend	NOUN
aeasj-363	61	13	.	.	PUNCT
aeasj-363	62	1	this	this	PRON
aeasj-363	62	2	is	be	AUX
aeasj-363	62	3	especially	especially	ADV
aeasj-363	62	4	common	common	ADJ
aeasj-363	62	5	in	in	ADP
aeasj-363	62	6	newly	newly	ADV
aeasj-363	62	7	formed	form	VERB
aeasj-363	62	8	companies	company	NOUN
aeasj-363	62	9	that	that	PRON
aeasj-363	62	10	rather	rather	ADV
aeasj-363	62	11	require	require	VERB
aeasj-363	62	12	capital	capital	NOUN
aeasj-363	62	13	to	to	PART
aeasj-363	62	14	execute	execute	VERB
aeasj-363	62	15	its	its	PRON
aeasj-363	62	16	projects	project	NOUN
aeasj-363	62	17	.	.	PUNCT
aeasj-363	63	1	all	all	DET
aeasj-363	63	2	the	the	DET
aeasj-363	63	3	profit	profit	NOUN
aeasj-363	63	4	is	be	AUX
aeasj-363	63	5	thus	thus	ADV
aeasj-363	63	6	retained	retain	VERB
aeasj-363	63	7	for	for	ADP
aeasj-363	63	8	expansion	expansion	NOUN
aeasj-363	63	9	of	of	ADP
aeasj-363	63	10	the	the	DET
aeasj-363	63	11	business	business	NOUN
aeasj-363	63	12	.	.	PUNCT
aeasj-363	64	1	investors	investor	NOUN
aeasj-363	64	2	who	who	PRON
aeasj-363	64	3	prefer	prefer	VERB
aeasj-363	64	4	capital	capital	NOUN
aeasj-363	64	5	gains	gain	NOUN
aeasj-363	64	6	to	to	ADP
aeasj-363	64	7	dividends	dividend	NOUN
aeasj-363	64	8	copyright	copyright	NOUN
aeasj-363	64	9	©	©	PROPN
aeasj-363	64	10	cc	cc	PROPN
aeasj-363	64	11	-	-	PUNCT
aeasj-363	64	12	by	by	ADP
aeasj-363	64	13	-	-	PUNCT
aeasj-363	64	14	nc	nc	PROPN
aeasj-363	64	15	2019	2019	NUM
aeasj-363	64	16	,	,	PUNCT
aeasj-363	64	17	cribfb	cribfb	VERB
aeasj-363	64	18	|	|	ADV
aeasj-363	64	19	aesr	aesr	ADV
aeasj-363	64	20	www.cribfb.com/journal/index.php/aesr	www.cribfb.com/journal/index.php/aesr	AUX
aeasj-363	64	21	american	american	PROPN
aeasj-363	64	22	economic	economic	PROPN
aeasj-363	64	23	&	&	CCONJ
aeasj-363	64	24	social	social	PROPN
aeasj-363	64	25	review	review	PROPN
aeasj-363	64	26	vol	vol	NOUN
aeasj-363	64	27	.	.	PROPN
aeasj-363	65	1	5	5	NUM
aeasj-363	65	2	,	,	PUNCT
aeasj-363	65	3	no	no	INTJ
aeasj-363	65	4	.	.	NOUN
aeasj-363	65	5	2	2	NUM
aeasj-363	65	6	;	;	PUNCT
aeasj-363	65	7	2019	2019	NUM
aeasj-363	65	8	47	47	NUM
aeasj-363	65	9	because	because	SCONJ
aeasj-363	65	10	of	of	ADP
aeasj-363	65	11	taxation	taxation	NOUN
aeasj-363	65	12	will	will	AUX
aeasj-363	65	13	naturally	naturally	ADV
aeasj-363	65	14	be	be	AUX
aeasj-363	65	15	lured	lure	VERB
aeasj-363	65	16	by	by	ADP
aeasj-363	65	17	this	this	DET
aeasj-363	65	18	kind	kind	NOUN
aeasj-363	65	19	of	of	ADP
aeasj-363	65	20	policy	policy	NOUN
aeasj-363	65	21	.	.	PUNCT
aeasj-363	66	1	this	this	DET
aeasj-363	66	2	type	type	NOUN
aeasj-363	66	3	of	of	ADP
aeasj-363	66	4	policy	policy	NOUN
aeasj-363	66	5	is	be	AUX
aeasj-363	66	6	quite	quite	ADV
aeasj-363	66	7	easy	easy	ADJ
aeasj-363	66	8	to	to	PART
aeasj-363	66	9	operate	operate	VERB
aeasj-363	66	10	and	and	CCONJ
aeasj-363	66	11	avoids	avoid	VERB
aeasj-363	66	12	all	all	DET
aeasj-363	66	13	the	the	DET
aeasj-363	66	14	costs	cost	NOUN
aeasj-363	66	15	associated	associate	VERB
aeasj-363	66	16	with	with	ADP
aeasj-363	66	17	payment	payment	NOUN
aeasj-363	66	18	of	of	ADP
aeasj-363	66	19	dividends	dividend	NOUN
aeasj-363	66	20	watson	watson	NOUN
aeasj-363	66	21	and	and	CCONJ
aeasj-363	66	22	head	head	NOUN
aeasj-363	66	23	(	(	PUNCT
aeasj-363	66	24	2004	2004	NUM
aeasj-363	66	25	)	)	PUNCT
aeasj-363	66	26	.	.	PUNCT
aeasj-363	67	1	2.2.6	2.2.6	NUM
aeasj-363	67	2	alternative	alternative	ADJ
aeasj-363	67	3	decision	decision	NOUN
aeasj-363	67	4	in	in	ADP
aeasj-363	67	5	order	order	NOUN
aeasj-363	67	6	to	to	PART
aeasj-363	67	7	give	give	VERB
aeasj-363	67	8	shareholders	shareholder	NOUN
aeasj-363	67	9	a	a	DET
aeasj-363	67	10	choice	choice	NOUN
aeasj-363	67	11	between	between	ADP
aeasj-363	67	12	dividends	dividend	NOUN
aeasj-363	67	13	or	or	CCONJ
aeasj-363	67	14	new	new	ADJ
aeasj-363	67	15	shares	share	NOUN
aeasj-363	67	16	,	,	PUNCT
aeasj-363	67	17	the	the	DET
aeasj-363	67	18	company	company	NOUN
aeasj-363	67	19	might	might	AUX
aeasj-363	67	20	choose	choose	VERB
aeasj-363	67	21	to	to	PART
aeasj-363	67	22	buy	buy	VERB
aeasj-363	67	23	back	back	ADP
aeasj-363	67	24	shares	share	NOUN
aeasj-363	67	25	.	.	PUNCT
aeasj-363	68	1	this	this	PRON
aeasj-363	68	2	is	be	AUX
aeasj-363	68	3	share	share	NOUN
aeasj-363	68	4	or	or	CCONJ
aeasj-363	68	5	stock	stock	NOUN
aeasj-363	68	6	repurchase	repurchase	NOUN
aeasj-363	68	7	.	.	PUNCT
aeasj-363	69	1	this	this	PRON
aeasj-363	69	2	has	have	VERB
aeasj-363	69	3	a	a	DET
aeasj-363	69	4	significant	significant	ADJ
aeasj-363	69	5	advantage	advantage	NOUN
aeasj-363	69	6	in	in	ADP
aeasj-363	69	7	terms	term	NOUN
aeasj-363	69	8	of	of	ADP
aeasj-363	69	9	tax	tax	NOUN
aeasj-363	69	10	to	to	ADP
aeasj-363	69	11	the	the	DET
aeasj-363	69	12	shareholder	shareholder	NOUN
aeasj-363	69	13	.	.	PUNCT
aeasj-363	70	1	while	while	SCONJ
aeasj-363	70	2	the	the	DET
aeasj-363	70	3	dividend	dividend	NOUN
aeasj-363	70	4	is	be	AUX
aeasj-363	70	5	fully	fully	ADV
aeasj-363	70	6	taxed	tax	VERB
aeasj-363	70	7	just	just	ADV
aeasj-363	70	8	as	as	SCONJ
aeasj-363	70	9	ordinary	ordinary	ADJ
aeasj-363	70	10	income	income	NOUN
aeasj-363	70	11	,	,	PUNCT
aeasj-363	70	12	the	the	DET
aeasj-363	70	13	stock	stock	NOUN
aeasj-363	70	14	repurchase	repurchase	NOUN
aeasj-363	70	15	or	or	CCONJ
aeasj-363	70	16	buyback	buyback	NOUN
aeasj-363	70	17	is	be	AUX
aeasj-363	70	18	not	not	PART
aeasj-363	70	19	taxed	tax	VERB
aeasj-363	70	20	until	until	SCONJ
aeasj-363	70	21	the	the	DET
aeasj-363	70	22	shares	share	NOUN
aeasj-363	70	23	are	be	AUX
aeasj-363	70	24	sold	sell	VERB
aeasj-363	70	25	and	and	CCONJ
aeasj-363	70	26	the	the	DET
aeasj-363	70	27	shareholder	shareholder	NOUN
aeasj-363	70	28	makes	make	VERB
aeasj-363	70	29	a	a	DET
aeasj-363	70	30	profit	profit	NOUN
aeasj-363	70	31	or	or	CCONJ
aeasj-363	70	32	capital	capital	NOUN
aeasj-363	70	33	gain	gain	NOUN
aeasj-363	70	34	(	(	PUNCT
aeasj-363	70	35	jordan	jordan	PROPN
aeasj-363	70	36	,	,	PUNCT
aeasj-363	70	37	et	et	PROPN
aeasj-363	70	38	al	al	PROPN
aeasj-363	70	39	.	.	PROPN
aeasj-363	70	40	,	,	PUNCT
aeasj-363	70	41	2001	2001	NUM
aeasj-363	70	42	)	)	PUNCT
aeasj-363	70	43	.	.	PUNCT
aeasj-363	71	1	there	there	PRON
aeasj-363	71	2	is	be	VERB
aeasj-363	71	3	also	also	ADV
aeasj-363	71	4	the	the	DET
aeasj-363	71	5	policy	policy	NOUN
aeasj-363	71	6	of	of	ADP
aeasj-363	71	7	stock	stock	NOUN
aeasj-363	71	8	dividends	dividend	NOUN
aeasj-363	71	9	and	and	CCONJ
aeasj-363	71	10	split	split	NOUN
aeasj-363	71	11	.	.	PUNCT
aeasj-363	72	1	shareholders	shareholder	NOUN
aeasj-363	72	2	are	be	AUX
aeasj-363	72	3	given	give	VERB
aeasj-363	72	4	additional	additional	ADJ
aeasj-363	72	5	shares	share	NOUN
aeasj-363	72	6	in	in	ADP
aeasj-363	72	7	lieu	lieu	NOUN
aeasj-363	72	8	of	of	ADP
aeasj-363	72	9	cash	cash	NOUN
aeasj-363	72	10	to	to	ADP
aeasj-363	72	11	the	the	DET
aeasj-363	72	12	shareholders	shareholder	NOUN
aeasj-363	72	13	brealey	brealey	NOUN
aeasj-363	72	14	and	and	CCONJ
aeasj-363	72	15	myers	myers	PROPN
aeasj-363	72	16	(	(	PUNCT
aeasj-363	72	17	2003	2003	NUM
aeasj-363	72	18	)	)	PUNCT
aeasj-363	72	19	.	.	PUNCT
aeasj-363	73	1	2.3	2.3	NUM
aeasj-363	73	2	economic	economic	ADJ
aeasj-363	73	3	value	value	NOUN
aeasj-363	73	4	-	-	PUNCT
aeasj-363	73	5	added	add	VERB
aeasj-363	73	6	despite	despite	SCONJ
aeasj-363	73	7	the	the	DET
aeasj-363	73	8	relatively	relatively	ADV
aeasj-363	73	9	recent	recent	ADJ
aeasj-363	73	10	adoption	adoption	NOUN
aeasj-363	73	11	of	of	ADP
aeasj-363	73	12	economic	economic	ADJ
aeasj-363	73	13	value	value	NOUN
aeasj-363	73	14	added	add	VERB
aeasj-363	73	15	as	as	ADP
aeasj-363	73	16	an	an	DET
aeasj-363	73	17	internal	internal	ADJ
aeasj-363	73	18	and	and	CCONJ
aeasj-363	73	19	external	external	ADJ
aeasj-363	73	20	financial	financial	ADJ
aeasj-363	73	21	performance	performance	NOUN
aeasj-363	73	22	measure	measure	NOUN
aeasj-363	73	23	,	,	PUNCT
aeasj-363	73	24	its	its	PRON
aeasj-363	73	25	conceptual	conceptual	ADJ
aeasj-363	73	26	underpinnings	underpinning	NOUN
aeasj-363	73	27	derive	derive	ADJ
aeasj-363	73	28	from	from	ADP
aeasj-363	73	29	a	a	DET
aeasj-363	73	30	well	well	ADV
aeasj-363	73	31	-	-	PUNCT
aeasj-363	73	32	established	establish	VERB
aeasj-363	73	33	microeconomic	microeconomic	ADJ
aeasj-363	73	34	literature	literature	NOUN
aeasj-363	73	35	regarding	regard	VERB
aeasj-363	73	36	the	the	DET
aeasj-363	73	37	link	link	NOUN
aeasj-363	73	38	between	between	ADP
aeasj-363	73	39	firm	firm	ADJ
aeasj-363	73	40	earnings	earning	NOUN
aeasj-363	73	41	and	and	CCONJ
aeasj-363	73	42	wealth	wealth	NOUN
aeasj-363	73	43	creation	creation	NOUN
aeasj-363	73	44	(	(	PUNCT
aeasj-363	73	45	bell	bell	NOUN
aeasj-363	73	46	,	,	PUNCT
aeasj-363	73	47	1998	1998	NUM
aeasj-363	73	48	)	)	PUNCT
aeasj-363	73	49	.	.	PUNCT
aeasj-363	74	1	for	for	ADP
aeasj-363	74	2	much	much	ADJ
aeasj-363	74	3	of	of	ADP
aeasj-363	74	4	this	this	DET
aeasj-363	74	5	history	history	NOUN
aeasj-363	74	6	,	,	PUNCT
aeasj-363	74	7	at	at	ADP
aeasj-363	74	8	least	least	ADJ
aeasj-363	74	9	since	since	SCONJ
aeasj-363	74	10	alfred	alfred	PROPN
aeasj-363	74	11	marshall	marshall	PROPN
aeasj-363	74	12	’s	’s	PART
aeasj-363	74	13	principles	principle	NOUN
aeasj-363	74	14	of	of	ADP
aeasj-363	74	15	economics	economic	NOUN
aeasj-363	74	16	,	,	PUNCT
aeasj-363	74	17	the	the	DET
aeasj-363	74	18	focus	focus	NOUN
aeasj-363	74	19	of	of	ADP
aeasj-363	74	20	analysis	analysis	NOUN
aeasj-363	74	21	has	have	AUX
aeasj-363	74	22	been	be	AUX
aeasj-363	74	23	on	on	ADP
aeasj-363	74	24	adjustments	adjustment	NOUN
aeasj-363	74	25	to	to	ADP
aeasj-363	74	26	accounting	account	VERB
aeasj-363	74	27	earnings	earning	NOUN
aeasj-363	74	28	to	to	PART
aeasj-363	74	29	reflect	reflect	VERB
aeasj-363	74	30	the	the	DET
aeasj-363	74	31	opportunity	opportunity	NOUN
aeasj-363	74	32	cost	cost	NOUN
aeasj-363	74	33	of	of	ADP
aeasj-363	74	34	capital	capital	NOUN
aeasj-363	74	35	,	,	PUNCT
aeasj-363	74	36	primarily	primarily	ADV
aeasj-363	74	37	because	because	SCONJ
aeasj-363	74	38	the	the	DET
aeasj-363	74	39	unadjusted	unadjusted	ADJ
aeasj-363	74	40	measure	measure	NOUN
aeasj-363	74	41	can	can	AUX
aeasj-363	74	42	be	be	AUX
aeasj-363	74	43	a	a	DET
aeasj-363	74	44	misleading	misleading	ADJ
aeasj-363	74	45	indicator	indicator	NOUN
aeasj-363	74	46	of	of	ADP
aeasj-363	74	47	performance	performance	NOUN
aeasj-363	74	48	in	in	ADP
aeasj-363	74	49	both	both	DET
aeasj-363	74	50	theory	theory	NOUN
aeasj-363	74	51	and	and	CCONJ
aeasj-363	74	52	practice	practice	NOUN
aeasj-363	74	53	.	.	PUNCT
aeasj-363	75	1	the	the	DET
aeasj-363	75	2	desirability	desirability	NOUN
aeasj-363	75	3	of	of	ADP
aeasj-363	75	4	quantifying	quantify	VERB
aeasj-363	75	5	economic	economic	ADJ
aeasj-363	75	6	profit	profit	NOUN
aeasj-363	75	7	as	as	ADP
aeasj-363	75	8	a	a	DET
aeasj-363	75	9	measure	measure	NOUN
aeasj-363	75	10	of	of	ADP
aeasj-363	75	11	wealth	wealth	NOUN
aeasj-363	75	12	creation	creation	NOUN
aeasj-363	75	13	was	be	AUX
aeasj-363	75	14	operationalised	operationalise	VERB
aeasj-363	75	15	by	by	ADP
aeasj-363	75	16	david	david	PROPN
aeasj-363	75	17	solomon	solomon	PROPN
aeasj-363	75	18	(	(	PUNCT
aeasj-363	75	19	1965	1965	NUM
aeasj-363	75	20	)	)	PUNCT
aeasj-363	75	21	as	as	ADP
aeasj-363	75	22	the	the	DET
aeasj-363	75	23	difference	difference	NOUN
aeasj-363	75	24	between	between	ADP
aeasj-363	75	25	two	two	NUM
aeasj-363	75	26	quantities	quantity	NOUN
aeasj-363	75	27	,	,	PUNCT
aeasj-363	75	28	net	net	ADJ
aeasj-363	75	29	earnings	earning	NOUN
aeasj-363	75	30	and	and	CCONJ
aeasj-363	75	31	the	the	DET
aeasj-363	75	32	cost	cost	NOUN
aeasj-363	75	33	of	of	ADP
aeasj-363	75	34	capital	capital	NOUN
aeasj-363	75	35	.	.	PUNCT
aeasj-363	76	1	this	this	DET
aeasj-363	76	2	measure	measure	NOUN
aeasj-363	76	3	of	of	ADP
aeasj-363	76	4	‘	'	PUNCT
aeasj-363	76	5	residual	residual	ADJ
aeasj-363	76	6	income	income	NOUN
aeasj-363	76	7	’	'	PUNCT
aeasj-363	76	8	is	be	AUX
aeasj-363	76	9	then	then	ADV
aeasj-363	76	10	defined	define	VERB
aeasj-363	76	11	in	in	ADP
aeasj-363	76	12	terms	term	NOUN
aeasj-363	76	13	of	of	ADP
aeasj-363	76	14	after	after	ADP
aeasj-363	76	15	-	-	PUNCT
aeasj-363	76	16	tax	tax	NOUN
aeasj-363	76	17	operating	operating	NOUN
aeasj-363	76	18	profits	profit	NOUN
aeasj-363	76	19	less	less	ADJ
aeasj-363	76	20	a	a	DET
aeasj-363	76	21	charge	charge	NOUN
aeasj-363	76	22	for	for	ADP
aeasj-363	76	23	invested	invest	VERB
aeasj-363	76	24	capital	capital	NOUN
aeasj-363	76	25	which	which	PRON
aeasj-363	76	26	reflects	reflect	VERB
aeasj-363	76	27	the	the	DET
aeasj-363	76	28	firm	firm	NOUN
aeasj-363	76	29	’s	’s	PART
aeasj-363	76	30	weighted	weighted	ADJ
aeasj-363	76	31	average	average	ADJ
aeasj-363	76	32	cost	cost	NOUN
aeasj-363	76	33	of	of	ADP
aeasj-363	76	34	capital	capital	NOUN
aeasj-363	76	35	.	.	PUNCT
aeasj-363	77	1	close	close	ADJ
aeasj-363	77	2	parallels	parallel	NOUN
aeasj-363	77	3	are	be	AUX
aeasj-363	77	4	thereby	thereby	ADV
aeasj-363	77	5	found	find	VERB
aeasj-363	77	6	in	in	ADP
aeasj-363	77	7	the	the	DET
aeasj-363	77	8	related	relate	VERB
aeasj-363	77	9	(	(	PUNCT
aeasj-363	77	10	non	non	ADJ
aeasj-363	77	11	-	-	ADJ
aeasj-363	77	12	trademarked	trademarked	ADJ
aeasj-363	77	13	)	)	PUNCT
aeasj-363	77	14	concepts	concept	NOUN
aeasj-363	77	15	of	of	ADP
aeasj-363	77	16	‘	'	PUNCT
aeasj-363	77	17	abnormal	abnormal	ADJ
aeasj-363	77	18	earnings	earning	NOUN
aeasj-363	77	19	excess	excess	ADJ
aeasj-363	77	20	earnings	earning	NOUN
aeasj-363	77	21	excess	excess	ADJ
aeasj-363	77	22	income	income	NOUN
aeasj-363	77	23	excess	excess	ADJ
aeasj-363	77	24	realizable	realizable	ADJ
aeasj-363	77	25	profits	profit	NOUN
aeasj-363	77	26	’	'	PUNCT
aeasj-363	77	27	and	and	CCONJ
aeasj-363	77	28	‘	'	PUNCT
aeasj-363	77	29	super	super	ADJ
aeasj-363	77	30	profits	profit	NOUN
aeasj-363	77	31	’	'	PUNCT
aeasj-363	77	32	(	(	PUNCT
aeasj-363	77	33	biddle	biddle	PROPN
aeasj-363	77	34	et	et	PROPN
aeasj-363	77	35	al	al	PROPN
aeasj-363	77	36	.	.	PROPN
aeasj-363	77	37	,	,	PUNCT
aeasj-363	77	38	1997	1997	NUM
aeasj-363	77	39	)	)	PUNCT
aeasj-363	77	40	.	.	PUNCT
aeasj-363	78	1	the	the	DET
aeasj-363	78	2	economic	economic	ADJ
aeasj-363	78	3	value	value	NOUN
aeasj-363	78	4	added	add	VERB
aeasj-363	78	5	(	(	PUNCT
aeasj-363	78	6	eva	eva	NOUN
aeasj-363	78	7	)	)	PUNCT
aeasj-363	78	8	approach	approach	NOUN
aeasj-363	78	9	is	be	AUX
aeasj-363	78	10	a	a	DET
aeasj-363	78	11	widely	widely	ADV
aeasj-363	78	12	used	use	VERB
aeasj-363	78	13	excess	excess	ADJ
aeasj-363	78	14	return	return	NOUN
aeasj-363	78	15	model	model	NOUN
aeasj-363	78	16	.	.	PUNCT
aeasj-363	79	1	the	the	DET
aeasj-363	79	2	cash	cash	NOUN
aeasj-363	79	3	flows	flow	VERB
aeasj-363	79	4	,	,	PUNCT
aeasj-363	79	5	generated	generate	VERB
aeasj-363	79	6	by	by	ADP
aeasj-363	79	7	an	an	DET
aeasj-363	79	8	investment	investment	NOUN
aeasj-363	79	9	projects	project	NOUN
aeasj-363	79	10	,	,	PUNCT
aeasj-363	79	11	that	that	PRON
aeasj-363	79	12	are	be	AUX
aeasj-363	79	13	smaller	small	ADJ
aeasj-363	79	14	or	or	CCONJ
aeasj-363	79	15	larger	large	ADJ
aeasj-363	79	16	than	than	ADP
aeasj-363	79	17	the	the	DET
aeasj-363	79	18	required	require	VERB
aeasj-363	79	19	return	return	NOUN
aeasj-363	79	20	(	(	PUNCT
aeasj-363	79	21	cost	cost	NOUN
aeasj-363	79	22	of	of	ADP
aeasj-363	79	23	capital	capital	NOUN
aeasj-363	79	24	)	)	PUNCT
aeasj-363	79	25	are	be	AUX
aeasj-363	79	26	called	call	VERB
aeasj-363	79	27	excess	excess	ADJ
aeasj-363	79	28	returns	return	NOUN
aeasj-363	79	29	,	,	PUNCT
aeasj-363	79	30	and	and	CCONJ
aeasj-363	79	31	can	can	AUX
aeasj-363	79	32	be	be	AUX
aeasj-363	79	33	both	both	CCONJ
aeasj-363	79	34	negative	negative	ADJ
aeasj-363	79	35	and	and	CCONJ
aeasj-363	79	36	positive	positive	ADJ
aeasj-363	79	37	.	.	PUNCT
aeasj-363	80	1	cash	cash	NOUN
aeasj-363	80	2	flows	flow	NOUN
aeasj-363	80	3	of	of	ADP
aeasj-363	80	4	investments	investment	NOUN
aeasj-363	80	5	that	that	PRON
aeasj-363	80	6	exactly	exactly	ADV
aeasj-363	80	7	yield	yield	VERB
aeasj-363	80	8	the	the	DET
aeasj-363	80	9	required	require	VERB
aeasj-363	80	10	rate	rate	NOUN
aeasj-363	80	11	of	of	ADP
aeasj-363	80	12	return	return	NOUN
aeasj-363	80	13	are	be	AUX
aeasj-363	80	14	considered	consider	VERB
aeasj-363	80	15	as	as	ADP
aeasj-363	80	16	normal	normal	ADJ
aeasj-363	80	17	returns	return	NOUN
aeasj-363	80	18	.	.	PUNCT
aeasj-363	81	1	the	the	DET
aeasj-363	81	2	eva	eva	NOUN
aeasj-363	81	3	of	of	ADP
aeasj-363	81	4	a	a	DET
aeasj-363	81	5	project	project	NOUN
aeasj-363	81	6	is	be	AUX
aeasj-363	81	7	obtained	obtain	VERB
aeasj-363	81	8	by	by	ADP
aeasj-363	81	9	multiplying	multiply	VERB
aeasj-363	81	10	the	the	DET
aeasj-363	81	11	excess	excess	ADJ
aeasj-363	81	12	return	return	NOUN
aeasj-363	81	13	of	of	ADP
aeasj-363	81	14	an	an	DET
aeasj-363	81	15	investment	investment	NOUN
aeasj-363	81	16	by	by	ADP
aeasj-363	81	17	the	the	DET
aeasj-363	81	18	amount	amount	NOUN
aeasj-363	81	19	of	of	ADP
aeasj-363	81	20	money	money	NOUN
aeasj-363	81	21	invested	invest	VERB
aeasj-363	81	22	(	(	PUNCT
aeasj-363	81	23	damodaran	damodaran	VERB
aeasj-363	81	24	,	,	PUNCT
aeasj-363	81	25	2006a	2006a	NUM
aeasj-363	81	26	;	;	PUNCT
aeasj-363	81	27	titman	titman	PROPN
aeasj-363	81	28	&	&	CCONJ
aeasj-363	81	29	martin	martin	PROPN
aeasj-363	81	30	,	,	PUNCT
aeasj-363	81	31	2008	2008	NUM
aeasj-363	81	32	)	)	PUNCT
aeasj-363	81	33	.	.	PUNCT
aeasj-363	82	1	the	the	DET
aeasj-363	82	2	calculation	calculation	NOUN
aeasj-363	82	3	of	of	ADP
aeasj-363	82	4	firm	firm	ADJ
aeasj-363	82	5	value	value	NOUN
aeasj-363	82	6	with	with	ADP
aeasj-363	82	7	the	the	DET
aeasj-363	82	8	eva	eva	NOUN
aeasj-363	82	9	model	model	NOUN
aeasj-363	82	10	brings	bring	VERB
aeasj-363	82	11	along	along	ADP
aeasj-363	82	12	some	some	DET
aeasj-363	82	13	troubles	trouble	NOUN
aeasj-363	82	14	.	.	PUNCT
aeasj-363	83	1	for	for	ADP
aeasj-363	83	2	example	example	NOUN
aeasj-363	83	3	,	,	PUNCT
aeasj-363	83	4	to	to	PART
aeasj-363	83	5	obtain	obtain	VERB
aeasj-363	83	6	the	the	DET
aeasj-363	83	7	capital	capital	NOUN
aeasj-363	83	8	invested	invest	VERB
aeasj-363	83	9	,	,	PUNCT
aeasj-363	83	10	often	often	ADV
aeasj-363	83	11	book	book	NOUN
aeasj-363	83	12	values	value	NOUN
aeasj-363	83	13	are	be	AUX
aeasj-363	83	14	used	use	VERB
aeasj-363	83	15	,	,	PUNCT
aeasj-363	83	16	which	which	PRON
aeasj-363	83	17	often	often	ADV
aeasj-363	83	18	do	do	AUX
aeasj-363	83	19	not	not	PART
aeasj-363	83	20	reflect	reflect	VERB
aeasj-363	83	21	the	the	DET
aeasj-363	83	22	proper	proper	ADJ
aeasj-363	83	23	(	(	PUNCT
aeasj-363	83	24	market	market	NOUN
aeasj-363	83	25	)	)	PUNCT
aeasj-363	83	26	value	value	NOUN
aeasj-363	83	27	of	of	ADP
aeasj-363	83	28	an	an	DET
aeasj-363	83	29	asset	asset	NOUN
aeasj-363	83	30	and	and	CCONJ
aeasj-363	83	31	which	which	PRON
aeasj-363	83	32	could	could	AUX
aeasj-363	83	33	yield	yield	VERB
aeasj-363	83	34	inaccurate	inaccurate	ADJ
aeasj-363	83	35	valuations	valuation	NOUN
aeasj-363	83	36	.	.	PUNCT
aeasj-363	84	1	in	in	ADP
aeasj-363	84	2	addition	addition	NOUN
aeasj-363	84	3	,	,	PUNCT
aeasj-363	84	4	imam	imam	PROPN
aeasj-363	84	5	et	et	PROPN
aeasj-363	84	6	al	al	PROPN
aeasj-363	84	7	.	.	PROPN
aeasj-363	84	8	(	(	PUNCT
aeasj-363	84	9	2008	2008	NUM
aeasj-363	84	10	)	)	PUNCT
aeasj-363	84	11	found	find	VERB
aeasj-363	84	12	that	that	SCONJ
aeasj-363	84	13	,	,	PUNCT
aeasj-363	84	14	although	although	SCONJ
aeasj-363	84	15	the	the	DET
aeasj-363	84	16	standard	standard	ADJ
aeasj-363	84	17	dcf	dcf	PROPN
aeasj-363	84	18	model	model	NOUN
aeasj-363	84	19	has	have	VERB
aeasj-363	84	20	the	the	DET
aeasj-363	84	21	same	same	ADJ
aeasj-363	84	22	structure	structure	NOUN
aeasj-363	84	23	of	of	ADP
aeasj-363	84	24	discounting	discount	VERB
aeasj-363	84	25	cash	cash	NOUN
aeasj-363	84	26	flows	flow	NOUN
aeasj-363	84	27	and	and	CCONJ
aeasj-363	84	28	similar	similar	ADJ
aeasj-363	84	29	inputs	input	NOUN
aeasj-363	84	30	,	,	PUNCT
aeasj-363	84	31	the	the	DET
aeasj-363	84	32	eva	eva	NOUN
aeasj-363	84	33	model	model	NOUN
aeasj-363	84	34	was	be	AUX
aeasj-363	84	35	considered	consider	VERB
aeasj-363	84	36	to	to	PART
aeasj-363	84	37	be	be	AUX
aeasj-363	84	38	of	of	ADP
aeasj-363	84	39	very	very	ADV
aeasj-363	84	40	little	little	ADJ
aeasj-363	84	41	importance	importance	NOUN
aeasj-363	84	42	by	by	ADP
aeasj-363	84	43	the	the	DET
aeasj-363	84	44	interviewed	interview	VERB
aeasj-363	84	45	analysts	analyst	NOUN
aeasj-363	84	46	,	,	PUNCT
aeasj-363	84	47	whereas	whereas	SCONJ
aeasj-363	84	48	the	the	DET
aeasj-363	84	49	standard	standard	ADJ
aeasj-363	84	50	dcf	dcf	PROPN
aeasj-363	84	51	model	model	NOUN
aeasj-363	84	52	was	be	AUX
aeasj-363	84	53	considered	consider	VERB
aeasj-363	84	54	as	as	ADP
aeasj-363	84	55	highly	highly	ADV
aeasj-363	84	56	important	important	ADJ
aeasj-363	84	57	.	.	PUNCT
aeasj-363	85	1	2.4	2.4	NUM
aeasj-363	85	2	dividend	dividend	NOUN
aeasj-363	85	3	irrelevance	irrelevance	NOUN
aeasj-363	85	4	theory	theory	NOUN
aeasj-363	85	5	modigliani	modigliani	PROPN
aeasj-363	85	6	and	and	CCONJ
aeasj-363	85	7	miller	miller	PROPN
aeasj-363	85	8	(	(	PUNCT
aeasj-363	85	9	1961	1961	NUM
aeasj-363	85	10	)	)	PUNCT
aeasj-363	85	11	dividend	dividend	NOUN
aeasj-363	85	12	-	-	PUNCT
aeasj-363	85	13	irrelevance	irrelevance	NOUN
aeasj-363	85	14	theory	theory	NOUN
aeasj-363	85	15	says	say	VERB
aeasj-363	85	16	that	that	SCONJ
aeasj-363	85	17	investors	investor	NOUN
aeasj-363	85	18	can	can	AUX
aeasj-363	85	19	affect	affect	VERB
aeasj-363	85	20	their	their	PRON
aeasj-363	85	21	return	return	NOUN
aeasj-363	85	22	on	on	ADP
aeasj-363	85	23	a	a	DET
aeasj-363	85	24	stock	stock	NOUN
aeasj-363	85	25	regardless	regardless	ADV
aeasj-363	85	26	of	of	ADP
aeasj-363	85	27	the	the	DET
aeasj-363	85	28	stock	stock	NOUN
aeasj-363	85	29	's	's	PART
aeasj-363	85	30	dividend	dividend	NOUN
aeasj-363	85	31	.	.	PUNCT
aeasj-363	86	1	investor	investor	NOUN
aeasj-363	86	2	could	could	AUX
aeasj-363	86	3	then	then	ADV
aeasj-363	86	4	buy	buy	VERB
aeasj-363	86	5	more	more	ADJ
aeasj-363	86	6	stock	stock	NOUN
aeasj-363	86	7	with	with	ADP
aeasj-363	86	8	the	the	DET
aeasj-363	86	9	dividend	dividend	NOUN
aeasj-363	86	10	that	that	PRON
aeasj-363	86	11	is	be	AUX
aeasj-363	86	12	over	over	ADP
aeasj-363	86	13	the	the	DET
aeasj-363	86	14	investor	investor	NOUN
aeasj-363	86	15	's	's	PART
aeasj-363	86	16	expectations	expectation	NOUN
aeasj-363	86	17	.	.	PUNCT
aeasj-363	87	1	as	as	ADP
aeasj-363	87	2	such	such	ADJ
aeasj-363	87	3	,	,	PUNCT
aeasj-363	87	4	the	the	DET
aeasj-363	87	5	dividend	dividend	NOUN
aeasj-363	87	6	is	be	AUX
aeasj-363	87	7	irrelevant	irrelevant	ADJ
aeasj-363	87	8	to	to	ADP
aeasj-363	87	9	investors	investor	NOUN
aeasj-363	87	10	,	,	PUNCT
aeasj-363	87	11	meaning	mean	VERB
aeasj-363	87	12	investors	investor	NOUN
aeasj-363	87	13	care	care	VERB
aeasj-363	87	14	little	little	ADJ
aeasj-363	87	15	about	about	ADP
aeasj-363	87	16	a	a	DET
aeasj-363	87	17	company	company	NOUN
aeasj-363	87	18	's	's	PART
aeasj-363	87	19	dividend	dividend	NOUN
aeasj-363	87	20	policy	policy	NOUN
aeasj-363	87	21	since	since	SCONJ
aeasj-363	87	22	they	they	PRON
aeasj-363	87	23	can	can	AUX
aeasj-363	87	24	simulate	simulate	VERB
aeasj-363	87	25	their	their	PRON
aeasj-363	87	26	own	own	ADJ
aeasj-363	87	27	.	.	PUNCT
aeasj-363	88	1	their	their	PRON
aeasj-363	88	2	theory	theory	NOUN
aeasj-363	88	3	was	be	AUX
aeasj-363	88	4	built	build	VERB
aeasj-363	88	5	on	on	ADP
aeasj-363	88	6	a	a	DET
aeasj-363	88	7	range	range	NOUN
aeasj-363	88	8	of	of	ADP
aeasj-363	88	9	key	key	ADJ
aeasj-363	88	10	assumptions	assumption	NOUN
aeasj-363	88	11	,	,	PUNCT
aeasj-363	88	12	similar	similar	ADJ
aeasj-363	88	13	to	to	ADP
aeasj-363	88	14	those	those	PRON
aeasj-363	88	15	on	on	ADP
aeasj-363	88	16	which	which	PRON
aeasj-363	88	17	they	they	PRON
aeasj-363	88	18	based	base	VERB
aeasj-363	88	19	their	their	PRON
aeasj-363	88	20	theory	theory	NOUN
aeasj-363	88	21	of	of	ADP
aeasj-363	88	22	capital	capital	NOUN
aeasj-363	88	23	structure	structure	NOUN
aeasj-363	88	24	irrelevancy	irrelevancy	NOUN
aeasj-363	88	25	.	.	PUNCT
aeasj-363	89	1	modigliani	modigliani	PROPN
aeasj-363	89	2	and	and	CCONJ
aeasj-363	89	3	miller	miller	PROPN
aeasj-363	89	4	(	(	PUNCT
aeasj-363	89	5	1961	1961	NUM
aeasj-363	89	6	)	)	PUNCT
aeasj-363	89	7	argue	argue	VERB
aeasj-363	89	8	that	that	SCONJ
aeasj-363	89	9	the	the	DET
aeasj-363	89	10	value	value	NOUN
aeasj-363	89	11	of	of	ADP
aeasj-363	89	12	the	the	DET
aeasj-363	89	13	firm	firm	NOUN
aeasj-363	89	14	in	in	ADP
aeasj-363	89	15	a	a	DET
aeasj-363	89	16	perfect	perfect	ADJ
aeasj-363	89	17	capital	capital	NOUN
aeasj-363	89	18	market	market	NOUN
aeasj-363	89	19	depends	depend	VERB
aeasj-363	89	20	only	only	ADV
aeasj-363	89	21	on	on	ADP
aeasj-363	89	22	the	the	DET
aeasj-363	89	23	income	income	NOUN
aeasj-363	89	24	produced	produce	VERB
aeasj-363	89	25	by	by	ADP
aeasj-363	89	26	its	its	PRON
aeasj-363	89	27	assets	asset	NOUN
aeasj-363	89	28	not	not	PART
aeasj-363	89	29	on	on	ADP
aeasj-363	89	30	how	how	SCONJ
aeasj-363	89	31	this	this	DET
aeasj-363	89	32	income	income	NOUN
aeasj-363	89	33	is	be	AUX
aeasj-363	89	34	split	split	VERB
aeasj-363	89	35	between	between	ADP
aeasj-363	89	36	dividends	dividend	NOUN
aeasj-363	89	37	and	and	CCONJ
aeasj-363	89	38	the	the	DET
aeasj-363	89	39	retained	retain	VERB
aeasj-363	89	40	earnings	earning	NOUN
aeasj-363	89	41	.	.	PUNCT
aeasj-363	90	1	assumed	assume	VERB
aeasj-363	90	2	that	that	SCONJ
aeasj-363	90	3	in	in	ADP
aeasj-363	90	4	a	a	DET
aeasj-363	90	5	perfect	perfect	ADJ
aeasj-363	90	6	capital	capital	NOUN
aeasj-363	90	7	markets	market	NOUN
aeasj-363	90	8	,	,	PUNCT
aeasj-363	90	9	that	that	PRON
aeasj-363	90	10	is	be	AUX
aeasj-363	90	11	there	there	PRON
aeasj-363	90	12	are	be	VERB
aeasj-363	90	13	no	no	DET
aeasj-363	90	14	taxes	taxis	NOUN
aeasj-363	90	15	both	both	CCONJ
aeasj-363	90	16	corporate	corporate	ADJ
aeasj-363	90	17	and	and	CCONJ
aeasj-363	90	18	personal	personal	ADJ
aeasj-363	90	19	taxes	taxis	NOUN
aeasj-363	90	20	,	,	PUNCT
aeasj-363	90	21	no	no	DET
aeasj-363	90	22	transaction	transaction	NOUN
aeasj-363	90	23	costs	cost	VERB
aeasj-363	90	24	on	on	ADP
aeasj-363	90	25	securities	security	NOUN
aeasj-363	90	26	,	,	PUNCT
aeasj-363	90	27	investors	investor	NOUN
aeasj-363	90	28	are	be	AUX
aeasj-363	90	29	rational	rational	ADJ
aeasj-363	90	30	,	,	PUNCT
aeasj-363	90	31	information	information	NOUN
aeasj-363	90	32	is	be	AUX
aeasj-363	90	33	symmetrical	symmetrical	ADJ
aeasj-363	90	34	hence	hence	ADV
aeasj-363	90	35	all	all	DET
aeasj-363	90	36	investors	investor	NOUN
aeasj-363	90	37	have	have	VERB
aeasj-363	90	38	access	access	NOUN
aeasj-363	90	39	to	to	ADP
aeasj-363	90	40	the	the	DET
aeasj-363	90	41	same	same	ADJ
aeasj-363	90	42	information	information	NOUN
aeasj-363	90	43	and	and	CCONJ
aeasj-363	90	44	share	share	VERB
aeasj-363	90	45	the	the	DET
aeasj-363	90	46	same	same	ADJ
aeasj-363	90	47	expectations	expectation	NOUN
aeasj-363	90	48	about	about	ADP
aeasj-363	90	49	the	the	DET
aeasj-363	90	50	firm	firm	NOUN
aeasj-363	90	51	's	's	PART
aeasj-363	90	52	future	future	NOUN
aeasj-363	90	53	as	as	ADP
aeasj-363	90	54	its	its	PRON
aeasj-363	90	55	managers	manager	NOUN
aeasj-363	90	56	.	.	PUNCT
aeasj-363	91	1	according	accord	VERB
aeasj-363	91	2	to	to	ADP
aeasj-363	91	3	m&m	m&m	PROPN
aeasj-363	91	4	's	's	PART
aeasj-363	91	5	irrelevancy	irrelevancy	NOUN
aeasj-363	91	6	theory	theory	NOUN
aeasj-363	91	7	,	,	PUNCT
aeasj-363	91	8	if	if	SCONJ
aeasj-363	91	9	therefore	therefore	ADV
aeasj-363	91	10	does	do	AUX
aeasj-363	91	11	not	not	PART
aeasj-363	91	12	matter	matter	VERB
aeasj-363	91	13	how	how	SCONJ
aeasj-363	91	14	a	a	DET
aeasj-363	91	15	firm	firm	NOUN
aeasj-363	91	16	divides	divide	VERB
aeasj-363	91	17	its	its	PRON
aeasj-363	91	18	earnings	earning	NOUN
aeasj-363	91	19	between	between	ADP
aeasj-363	91	20	dividend	dividend	NOUN
aeasj-363	91	21	payments	payment	NOUN
aeasj-363	91	22	to	to	ADP
aeasj-363	91	23	shareholders	shareholder	NOUN
aeasj-363	91	24	and	and	CCONJ
aeasj-363	91	25	internal	internal	ADJ
aeasj-363	91	26	retentions	retention	NOUN
aeasj-363	91	27	.	.	PUNCT
aeasj-363	92	1	dividend	dividend	NOUN
aeasj-363	92	2	irrelevancy	irrelevancy	NOUN
aeasj-363	92	3	theory	theory	NOUN
aeasj-363	92	4	asserts	assert	VERB
aeasj-363	92	5	that	that	SCONJ
aeasj-363	92	6	a	a	DET
aeasj-363	92	7	firm	firm	NOUN
aeasj-363	92	8	's	's	PART
aeasj-363	92	9	dividend	dividend	NOUN
aeasj-363	92	10	policy	policy	NOUN
aeasj-363	92	11	has	have	VERB
aeasj-363	92	12	no	no	DET
aeasj-363	92	13	effect	effect	NOUN
aeasj-363	92	14	on	on	ADP
aeasj-363	92	15	its	its	PRON
aeasj-363	92	16	market	market	NOUN
aeasj-363	92	17	value	value	NOUN
aeasj-363	92	18	or	or	CCONJ
aeasj-363	92	19	its	its	PRON
aeasj-363	92	20	cost	cost	NOUN
aeasj-363	92	21	of	of	ADP
aeasj-363	92	22	capital	capital	NOUN
aeasj-363	92	23	.	.	PUNCT
aeasj-363	93	1	2.5	2.5	NUM
aeasj-363	93	2	bird	bird	NOUN
aeasj-363	93	3	in	in	ADP
aeasj-363	93	4	hand	hand	NOUN
aeasj-363	93	5	theory	theory	NOUN
aeasj-363	93	6	gordon	gordon	PROPN
aeasj-363	93	7	and	and	CCONJ
aeasj-363	93	8	lintner	lintner	NOUN
aeasj-363	93	9	(	(	PUNCT
aeasj-363	93	10	1959	1959	NUM
aeasj-363	93	11	)	)	PUNCT
aeasj-363	93	12	the	the	DET
aeasj-363	93	13	bird	bird	NOUN
aeasj-363	93	14	-	-	PUNCT
aeasj-363	93	15	in	in	ADP
aeasj-363	93	16	-	-	PUNCT
aeasj-363	93	17	the	the	DET
aeasj-363	93	18	-	-	PUNCT
aeasj-363	93	19	hand	hand	NOUN
aeasj-363	93	20	theory	theory	NOUN
aeasj-363	93	21	states	state	VERB
aeasj-363	93	22	that	that	SCONJ
aeasj-363	93	23	dividends	dividend	NOUN
aeasj-363	93	24	are	be	AUX
aeasj-363	93	25	relevant	relevant	ADJ
aeasj-363	93	26	.	.	PUNCT
aeasj-363	94	1	the	the	DET
aeasj-363	94	2	bird	bird	NOUN
aeasj-363	94	3	-	-	PUNCT
aeasj-363	94	4	in	in	ADP
aeasj-363	94	5	-	-	PUNCT
aeasj-363	94	6	the	the	DET
aeasj-363	94	7	-	-	PUNCT
aeasj-363	94	8	hand	hand	NOUN
aeasj-363	94	9	may	may	AUX
aeasj-363	94	10	sound	sound	VERB
aeasj-363	94	11	familiar	familiar	ADJ
aeasj-363	94	12	as	as	SCONJ
aeasj-363	94	13	it	it	PRON
aeasj-363	94	14	is	be	AUX
aeasj-363	94	15	taken	take	VERB
aeasj-363	94	16	from	from	ADP
aeasj-363	94	17	an	an	DET
aeasj-363	94	18	old	old	ADJ
aeasj-363	94	19	saying	saying	NOUN
aeasj-363	94	20	;	;	PUNCT
aeasj-363	94	21	a	a	DET
aeasj-363	94	22	bird	bird	NOUN
aeasj-363	94	23	in	in	ADP
aeasj-363	94	24	the	the	DET
aeasj-363	94	25	hand	hand	NOUN
aeasj-363	94	26	is	be	AUX
aeasj-363	94	27	worth	worth	ADJ
aeasj-363	94	28	two	two	NUM
aeasj-363	94	29	in	in	ADP
aeasj-363	94	30	the	the	DET
aeasj-363	94	31	bush	bush	NOUN
aeasj-363	94	32	.	.	PUNCT
aeasj-363	95	1	in	in	ADP
aeasj-363	95	2	this	this	DET
aeasj-363	95	3	theory	theory	NOUN
aeasj-363	95	4	the	the	DET
aeasj-363	95	5	bird	bird	NOUN
aeasj-363	95	6	in	in	ADP
aeasj-363	95	7	the	the	DET
aeasj-363	95	8	hand	hand	NOUN
aeasj-363	95	9	'	'	PUNCT
aeasj-363	95	10	is	be	AUX
aeasj-363	95	11	referring	refer	VERB
aeasj-363	95	12	to	to	ADP
aeasj-363	95	13	dividends	dividend	NOUN
aeasj-363	95	14	and	and	CCONJ
aeasj-363	95	15	the	the	DET
aeasj-363	95	16	bush	bush	PROPN
aeasj-363	95	17	is	be	AUX
aeasj-363	95	18	referring	refer	VERB
aeasj-363	95	19	to	to	ADP
aeasj-363	95	20	capital	capital	NOUN
aeasj-363	95	21	gains	gain	NOUN
aeasj-363	95	22	.	.	PUNCT
aeasj-363	96	1	they	they	PRON
aeasj-363	96	2	argued	argue	VERB
aeasj-363	96	3	that	that	SCONJ
aeasj-363	96	4	investors	investor	NOUN
aeasj-363	96	5	value	value	VERB
aeasj-363	96	6	dividends	dividend	NOUN
aeasj-363	96	7	more	more	ADJ
aeasj-363	96	8	than	than	ADP
aeasj-363	96	9	capital	capital	NOUN
aeasj-363	96	10	gains	gain	NOUN
aeasj-363	96	11	when	when	SCONJ
aeasj-363	96	12	making	make	VERB
aeasj-363	96	13	decisions	decision	NOUN
aeasj-363	96	14	related	relate	VERB
aeasj-363	96	15	to	to	ADP
aeasj-363	96	16	stocks	stock	NOUN
aeasj-363	96	17	.	.	PUNCT
aeasj-363	97	1	as	as	SCONJ
aeasj-363	97	2	a	a	DET
aeasj-363	97	3	company	company	NOUN
aeasj-363	97	4	increases	increase	VERB
aeasj-363	97	5	its	its	PRON
aeasj-363	97	6	payout	payout	NOUN
aeasj-363	97	7	ratio	ratio	NOUN
aeasj-363	97	8	,	,	PUNCT
aeasj-363	97	9	investors	investor	NOUN
aeasj-363	97	10	become	become	VERB
aeasj-363	97	11	concerned	concerned	ADJ
aeasj-363	97	12	that	that	SCONJ
aeasj-363	97	13	the	the	DET
aeasj-363	97	14	company	company	NOUN
aeasj-363	97	15	's	's	PART
aeasj-363	97	16	future	future	ADJ
aeasj-363	97	17	capital	capital	NOUN
aeasj-363	97	18	gains	gain	NOUN
aeasj-363	97	19	will	will	AUX
aeasj-363	97	20	dissipate	dissipate	VERB
aeasj-363	97	21	since	since	SCONJ
aeasj-363	97	22	the	the	DET
aeasj-363	97	23	retained	retain	VERB
aeasj-363	97	24	earnings	earning	NOUN
aeasj-363	97	25	that	that	PRON
aeasj-363	97	26	the	the	DET
aeasj-363	97	27	company	company	NOUN
aeasj-363	97	28	reinvests	reinvest	VERB
aeasj-363	97	29	into	into	ADP
aeasj-363	97	30	the	the	DET
aeasj-363	97	31	business	business	NOUN
aeasj-363	97	32	will	will	AUX
aeasj-363	97	33	be	be	AUX
aeasj-363	97	34	less	less	ADJ
aeasj-363	97	35	.	.	PUNCT
aeasj-363	98	1	the	the	DET
aeasj-363	98	2	essence	essence	NOUN
aeasj-363	98	3	of	of	ADP
aeasj-363	98	4	the	the	DET
aeasj-363	98	5	bird	bird	NOUN
aeasj-363	98	6	-	-	PUNCT
aeasj-363	98	7	in	in	ADP
aeasj-363	98	8	-	-	PUNCT
aeasj-363	98	9	the	the	DET
aeasj-363	98	10	-	-	PUNCT
aeasj-363	98	11	hand	hand	NOUN
aeasj-363	98	12	theory	theory	NOUN
aeasj-363	98	13	of	of	ADP
aeasj-363	98	14	dividend	dividend	NOUN
aeasj-363	98	15	policy	policy	NOUN
aeasj-363	98	16	is	be	AUX
aeasj-363	98	17	that	that	SCONJ
aeasj-363	98	18	shareholders	shareholder	NOUN
aeasj-363	98	19	are	be	AUX
aeasj-363	98	20	risk	risk	NOUN
aeasj-363	98	21	-	-	PUNCT
aeasj-363	98	22	averse	averse	ADJ
aeasj-363	98	23	and	and	CCONJ
aeasj-363	98	24	prefer	prefer	VERB
aeasj-363	98	25	to	to	PART
aeasj-363	98	26	receive	receive	VERB
aeasj-363	98	27	dividend	dividend	NOUN
aeasj-363	98	28	payments	payment	NOUN
aeasj-363	98	29	rather	rather	ADV
aeasj-363	98	30	than	than	ADP
aeasj-363	98	31	future	future	ADJ
aeasj-363	98	32	capital	capital	NOUN
aeasj-363	98	33	gains	gain	NOUN
aeasj-363	98	34	.	.	PUNCT
aeasj-363	99	1	shareholders	shareholder	NOUN
aeasj-363	99	2	consider	consider	VERB
aeasj-363	99	3	dividend	dividend	NOUN
aeasj-363	99	4	payments	payment	NOUN
aeasj-363	99	5	to	to	PART
aeasj-363	99	6	be	be	AUX
aeasj-363	99	7	more	more	ADV
aeasj-363	99	8	certain	certain	ADJ
aeasj-363	99	9	that	that	SCONJ
aeasj-363	99	10	future	future	ADJ
aeasj-363	99	11	capital	capital	NOUN
aeasj-363	99	12	gains	gain	VERB
aeasj-363	99	13	thus	thus	ADV
aeasj-363	99	14	a	a	DET
aeasj-363	99	15	bird	bird	NOUN
aeasj-363	99	16	in	in	ADP
aeasj-363	99	17	the	the	DET
aeasj-363	99	18	hand	hand	NOUN
aeasj-363	99	19	is	be	AUX
aeasj-363	99	20	worth	worth	ADJ
aeasj-363	99	21	more	more	ADJ
aeasj-363	99	22	than	than	ADP
aeasj-363	99	23	two	two	NUM
aeasj-363	99	24	in	in	ADP
aeasj-363	99	25	the	the	DET
aeasj-363	99	26	bush	bush	NOUN
aeasj-363	99	27	.	.	PUNCT
aeasj-363	100	1	gordon	gordon	PROPN
aeasj-363	100	2	contended	contend	VERB
aeasj-363	100	3	that	that	SCONJ
aeasj-363	100	4	the	the	DET
aeasj-363	100	5	payment	payment	NOUN
aeasj-363	100	6	of	of	ADP
aeasj-363	100	7	current	current	ADJ
aeasj-363	100	8	dividends	dividend	NOUN
aeasj-363	100	9	resolves	resolve	VERB
aeasj-363	100	10	investor	investor	NOUN
aeasj-363	100	11	uncertainty	uncertainty	NOUN
aeasj-363	100	12	.	.	PUNCT
aeasj-363	101	1	investors	investor	NOUN
aeasj-363	101	2	have	have	VERB
aeasj-363	101	3	a	a	DET
aeasj-363	101	4	preference	preference	NOUN
aeasj-363	101	5	for	for	ADP
aeasj-363	101	6	a	a	DET
aeasj-363	101	7	certain	certain	ADJ
aeasj-363	101	8	level	level	NOUN
aeasj-363	101	9	of	of	ADP
aeasj-363	101	10	income	income	NOUN
aeasj-363	101	11	now	now	ADV
aeasj-363	101	12	rather	rather	ADV
aeasj-363	101	13	that	that	SCONJ
aeasj-363	101	14	the	the	DET
aeasj-363	101	15	prospect	prospect	NOUN
aeasj-363	101	16	of	of	ADP
aeasj-363	101	17	a	a	DET
aeasj-363	101	18	higher	high	ADJ
aeasj-363	101	19	,	,	PUNCT
aeasj-363	101	20	but	but	CCONJ
aeasj-363	101	21	less	less	ADJ
aeasj-363	101	22	copyright	copyright	NOUN
aeasj-363	101	23	©	©	PROPN
aeasj-363	101	24	cc	cc	NOUN
aeasj-363	101	25	-	-	PUNCT
aeasj-363	101	26	by	by	ADP
aeasj-363	101	27	-	-	PUNCT
aeasj-363	101	28	nc	nc	PROPN
aeasj-363	101	29	2019	2019	NUM
aeasj-363	101	30	,	,	PUNCT
aeasj-363	101	31	cribfb	cribfb	VERB
aeasj-363	101	32	|	|	ADV
aeasj-363	101	33	aesr	aesr	ADV
aeasj-363	101	34	www.cribfb.com/journal/index.php/aesr	www.cribfb.com/journal/index.php/aesr	VERB
aeasj-363	101	35	american	american	PROPN
aeasj-363	101	36	economic	economic	PROPN
aeasj-363	101	37	&	&	CCONJ
aeasj-363	101	38	social	social	PROPN
aeasj-363	101	39	review	review	PROPN
aeasj-363	101	40	vol	vol	NOUN
aeasj-363	101	41	.	.	PROPN
aeasj-363	102	1	5	5	NUM
aeasj-363	102	2	,	,	PUNCT
aeasj-363	102	3	no	no	INTJ
aeasj-363	102	4	.	.	NOUN
aeasj-363	102	5	2	2	NUM
aeasj-363	102	6	;	;	PUNCT
aeasj-363	102	7	2019	2019	NUM
aeasj-363	102	8	48	48	NUM
aeasj-363	102	9	certain	certain	ADJ
aeasj-363	102	10	,	,	PUNCT
aeasj-363	102	11	income	income	NOUN
aeasj-363	102	12	at	at	ADP
aeasj-363	102	13	some	some	DET
aeasj-363	102	14	time	time	NOUN
aeasj-363	102	15	in	in	ADP
aeasj-363	102	16	the	the	DET
aeasj-363	102	17	future	future	NOUN
aeasj-363	102	18	.	.	PUNCT
aeasj-363	103	1	investors	investor	NOUN
aeasj-363	103	2	’	'	PUNCT
aeasj-363	103	3	value	value	VERB
aeasj-363	103	4	a	a	DET
aeasj-363	103	5	dollar	dollar	NOUN
aeasj-363	103	6	expected	expect	VERB
aeasj-363	103	7	dividend	dividend	NOUN
aeasj-363	103	8	more	more	ADV
aeasj-363	103	9	highly	highly	ADV
aeasj-363	103	10	than	than	ADP
aeasj-363	103	11	a	a	DET
aeasj-363	103	12	dollar	dollar	NOUN
aeasj-363	103	13	expected	expect	VERB
aeasj-363	103	14	capital	capital	NOUN
aeasj-363	103	15	gain	gain	NOUN
aeasj-363	103	16	because	because	SCONJ
aeasj-363	103	17	the	the	DET
aeasj-363	103	18	dividend	dividend	NOUN
aeasj-363	103	19	yields	yield	NOUN
aeasj-363	103	20	component	component	NOUN
aeasj-363	103	21	is	be	AUX
aeasj-363	103	22	less	less	ADV
aeasj-363	103	23	risky	risky	ADJ
aeasj-363	103	24	than	than	ADP
aeasj-363	103	25	the	the	DET
aeasj-363	103	26	expected	expect	VERB
aeasj-363	103	27	return	return	NOUN
aeasj-363	103	28	hence	hence	ADV
aeasj-363	103	29	,	,	PUNCT
aeasj-363	103	30	believed	believe	VERB
aeasj-363	103	31	that	that	SCONJ
aeasj-363	103	32	investors	investor	NOUN
aeasj-363	103	33	require	require	VERB
aeasj-363	103	34	and	and	CCONJ
aeasj-363	103	35	prefer	prefer	VERB
aeasj-363	103	36	high	high	ADJ
aeasj-363	103	37	dividends	dividend	NOUN
aeasj-363	103	38	to	to	ADP
aeasj-363	103	39	capital	capital	NOUN
aeasj-363	103	40	gains	gain	NOUN
aeasj-363	103	41	resulting	result	VERB
aeasj-363	103	42	to	to	ADP
aeasj-363	103	43	a	a	DET
aeasj-363	103	44	generous	generous	ADJ
aeasj-363	103	45	dividend	dividend	NOUN
aeasj-363	103	46	policy	policy	NOUN
aeasj-363	103	47	by	by	ADP
aeasj-363	103	48	a	a	DET
aeasj-363	103	49	firm	firm	NOUN
aeasj-363	103	50	.	.	PUNCT
aeasj-363	104	1	2.6	2.6	NUM
aeasj-363	104	2	information	information	NOUN
aeasj-363	104	3	asymmetry	asymmetry	NOUN
aeasj-363	104	4	and	and	CCONJ
aeasj-363	104	5	dividend	dividend	NOUN
aeasj-363	104	6	signaling	signal	VERB
aeasj-363	104	7	given	give	VERB
aeasj-363	104	8	information	information	NOUN
aeasj-363	104	9	asymmetry	asymmetry	NOUN
aeasj-363	104	10	as	as	ADP
aeasj-363	104	11	a	a	DET
aeasj-363	104	12	market	market	NOUN
aeasj-363	104	13	imperfection	imperfection	NOUN
aeasj-363	104	14	,	,	PUNCT
aeasj-363	104	15	the	the	DET
aeasj-363	104	16	signaling	signal	VERB
aeasj-363	104	17	concept	concept	NOUN
aeasj-363	104	18	of	of	ADP
aeasj-363	104	19	financial	financial	ADJ
aeasj-363	104	20	capital	capital	NOUN
aeasj-363	104	21	structure	structure	NOUN
aeasj-363	104	22	can	can	AUX
aeasj-363	104	23	be	be	AUX
aeasj-363	104	24	readily	readily	ADV
aeasj-363	104	25	applied	apply	VERB
aeasj-363	104	26	to	to	PART
aeasj-363	104	27	dividend	dividend	VERB
aeasj-363	104	28	policy	policy	NOUN
aeasj-363	104	29	.	.	PUNCT
aeasj-363	105	1	according	accord	VERB
aeasj-363	105	2	to	to	ADP
aeasj-363	105	3	the	the	DET
aeasj-363	105	4	dividend	dividend	NOUN
aeasj-363	105	5	signaling	signal	VERB
aeasj-363	105	6	theory	theory	NOUN
aeasj-363	105	7	,	,	PUNCT
aeasj-363	105	8	a	a	DET
aeasj-363	105	9	firm	firm	NOUN
aeasj-363	105	10	that	that	PRON
aeasj-363	105	11	increases	increase	VERB
aeasj-363	105	12	its	its	PRON
aeasj-363	105	13	dividend	dividend	NOUN
aeasj-363	105	14	payouts	payout	NOUN
aeasj-363	105	15	is	be	AUX
aeasj-363	105	16	signaling	signal	VERB
aeasj-363	105	17	that	that	SCONJ
aeasj-363	105	18	it	it	PRON
aeasj-363	105	19	has	have	AUX
aeasj-363	105	20	expected	expect	VERB
aeasj-363	105	21	future	future	ADJ
aeasj-363	105	22	cash	cash	NOUN
aeasj-363	105	23	flows	flow	VERB
aeasj-363	105	24	sufficient	sufficient	ADJ
aeasj-363	105	25	to	to	PART
aeasj-363	105	26	meet	meet	VERB
aeasj-363	105	27	expenses	expense	NOUN
aeasj-363	105	28	without	without	ADP
aeasj-363	105	29	increasing	increase	VERB
aeasj-363	105	30	the	the	DET
aeasj-363	105	31	probability	probability	NOUN
aeasj-363	105	32	of	of	ADP
aeasj-363	105	33	bankruptcy	bankruptcy	NOUN
aeasj-363	105	34	.	.	PUNCT
aeasj-363	106	1	managers	manager	NOUN
aeasj-363	106	2	signal	signal	VERB
aeasj-363	106	3	investors	investor	NOUN
aeasj-363	106	4	because	because	SCONJ
aeasj-363	106	5	financial	financial	ADJ
aeasj-363	106	6	managers	manager	NOUN
aeasj-363	106	7	have	have	VERB
aeasj-363	106	8	privileged	privileged	ADJ
aeasj-363	106	9	information	information	NOUN
aeasj-363	106	10	about	about	ADP
aeasj-363	106	11	the	the	DET
aeasj-363	106	12	firm	firm	NOUN
aeasj-363	106	13	’s	’s	PART
aeasj-363	106	14	expected	expect	VERB
aeasj-363	106	15	cash	cash	NOUN
aeasj-363	106	16	flows	flow	VERB
aeasj-363	106	17	that	that	SCONJ
aeasj-363	106	18	outside	outside	ADJ
aeasj-363	106	19	investors	investor	NOUN
aeasj-363	106	20	can	can	AUX
aeasj-363	106	21	not	not	PART
aeasj-363	106	22	know	know	VERB
aeasj-363	106	23	.	.	PUNCT
aeasj-363	107	1	bhattacharya	bhattacharya	PROPN
aeasj-363	107	2	(	(	PUNCT
aeasj-363	107	3	1979	1979	NUM
aeasj-363	107	4	)	)	PUNCT
aeasj-363	107	5	proposes	propose	VERB
aeasj-363	107	6	a	a	DET
aeasj-363	107	7	dividend	dividend	NOUN
aeasj-363	107	8	signaling	signal	VERB
aeasj-363	107	9	model	model	NOUN
aeasj-363	107	10	to	to	PART
aeasj-363	107	11	explain	explain	VERB
aeasj-363	107	12	why	why	SCONJ
aeasj-363	107	13	firms	firm	NOUN
aeasj-363	107	14	pay	pay	VERB
aeasj-363	107	15	dividends	dividend	NOUN
aeasj-363	107	16	despite	despite	SCONJ
aeasj-363	107	17	the	the	DET
aeasj-363	107	18	apparent	apparent	ADJ
aeasj-363	107	19	tax	tax	NOUN
aeasj-363	107	20	disadvantage	disadvantage	NOUN
aeasj-363	107	21	.	.	PUNCT
aeasj-363	108	1	in	in	ADP
aeasj-363	108	2	bhattacharya	bhattacharya	PROPN
aeasj-363	108	3	’s	’s	PART
aeasj-363	108	4	(	(	PUNCT
aeasj-363	108	5	1979	1979	NUM
aeasj-363	108	6	)	)	PUNCT
aeasj-363	108	7	dividend	dividend	NOUN
aeasj-363	108	8	signaling	signal	VERB
aeasj-363	108	9	model	model	NOUN
aeasj-363	108	10	,	,	PUNCT
aeasj-363	108	11	investors	investor	NOUN
aeasj-363	108	12	believe	believe	VERB
aeasj-363	108	13	that	that	SCONJ
aeasj-363	108	14	an	an	DET
aeasj-363	108	15	unexpected	unexpected	ADJ
aeasj-363	108	16	dividend	dividend	NOUN
aeasj-363	108	17	increase	increase	NOUN
aeasj-363	108	18	is	be	AUX
aeasj-363	108	19	a	a	DET
aeasj-363	108	20	favorable	favorable	ADJ
aeasj-363	108	21	signal	signal	NOUN
aeasj-363	108	22	.	.	PUNCT
aeasj-363	109	1	this	this	PRON
aeasj-363	109	2	assumes	assume	VERB
aeasj-363	109	3	that	that	SCONJ
aeasj-363	109	4	the	the	DET
aeasj-363	109	5	dividend	dividend	NOUN
aeasj-363	109	6	contains	contain	VERB
aeasj-363	109	7	information	information	NOUN
aeasj-363	109	8	regarding	regard	VERB
aeasj-363	109	9	firm	firm	ADJ
aeasj-363	109	10	value	value	NOUN
aeasj-363	109	11	not	not	PART
aeasj-363	109	12	conveyed	convey	VERB
aeasj-363	109	13	in	in	ADP
aeasj-363	109	14	other	other	ADJ
aeasj-363	109	15	public	public	ADJ
aeasj-363	109	16	information	information	NOUN
aeasj-363	109	17	,	,	PUNCT
aeasj-363	109	18	and	and	CCONJ
aeasj-363	109	19	that	that	SCONJ
aeasj-363	109	20	the	the	DET
aeasj-363	109	21	dividend	dividend	NOUN
aeasj-363	109	22	is	be	AUX
aeasj-363	109	23	a	a	DET
aeasj-363	109	24	valid	valid	ADJ
aeasj-363	109	25	signal	signal	NOUN
aeasj-363	109	26	since	since	SCONJ
aeasj-363	109	27	it	it	PRON
aeasj-363	109	28	is	be	AUX
aeasj-363	109	29	expensive	expensive	ADJ
aeasj-363	109	30	for	for	SCONJ
aeasj-363	109	31	less	less	ADV
aeasj-363	109	32	valuable	valuable	ADJ
aeasj-363	109	33	firms	firm	NOUN
aeasj-363	109	34	to	to	PART
aeasj-363	109	35	mimic	mimic	VERB
aeasj-363	109	36	.	.	PUNCT
aeasj-363	110	1	then	then	ADV
aeasj-363	110	2	the	the	DET
aeasj-363	110	3	signaling	signal	VERB
aeasj-363	110	4	value	value	NOUN
aeasj-363	110	5	of	of	ADP
aeasj-363	110	6	dividends	dividend	NOUN
aeasj-363	110	7	is	be	AUX
aeasj-363	110	8	positive	positive	ADJ
aeasj-363	110	9	and	and	CCONJ
aeasj-363	110	10	can	can	AUX
aeasj-363	110	11	be	be	AUX
aeasj-363	110	12	traded	trade	VERB
aeasj-363	110	13	off	off	ADP
aeasj-363	110	14	against	against	ADP
aeasj-363	110	15	the	the	DET
aeasj-363	110	16	tax	tax	NOUN
aeasj-363	110	17	costs	cost	NOUN
aeasj-363	110	18	.	.	PUNCT
aeasj-363	111	1	the	the	DET
aeasj-363	111	2	implication	implication	NOUN
aeasj-363	111	3	of	of	ADP
aeasj-363	111	4	such	such	DET
aeasj-363	111	5	a	a	DET
aeasj-363	111	6	dividend	dividend	NOUN
aeasj-363	111	7	signaling	signal	VERB
aeasj-363	111	8	model	model	NOUN
aeasj-363	111	9	is	be	AUX
aeasj-363	111	10	that	that	SCONJ
aeasj-363	111	11	it	it	PRON
aeasj-363	111	12	suggests	suggest	VERB
aeasj-363	111	13	an	an	DET
aeasj-363	111	14	optimal	optimal	ADJ
aeasj-363	111	15	dividend	dividend	NOUN
aeasj-363	111	16	policy	policy	NOUN
aeasj-363	111	17	where	where	SCONJ
aeasj-363	111	18	the	the	DET
aeasj-363	111	19	signaling	signal	VERB
aeasj-363	111	20	benefits	benefit	NOUN
aeasj-363	111	21	of	of	ADP
aeasj-363	111	22	paying	pay	VERB
aeasj-363	111	23	dividends	dividend	NOUN
aeasj-363	111	24	offsets	offset	VERB
aeasj-363	111	25	the	the	DET
aeasj-363	111	26	tax	tax	NOUN
aeasj-363	111	27	disadvantages	disadvantage	NOUN
aeasj-363	111	28	of	of	ADP
aeasj-363	111	29	paying	pay	VERB
aeasj-363	111	30	dividends	dividend	NOUN
aeasj-363	111	31	.	.	PUNCT
aeasj-363	112	1	2.7	2.7	NUM
aeasj-363	112	2	empirical	empirical	ADJ
aeasj-363	112	3	review	review	NOUN
aeasj-363	112	4	eniola	eniola	PROPN
aeasj-363	112	5	and	and	CCONJ
aeasj-363	112	6	akinselure	akinselure	NOUN
aeasj-363	112	7	(	(	PUNCT
aeasj-363	112	8	2016	2016	NUM
aeasj-363	112	9	)	)	PUNCT
aeasj-363	112	10	examined	examine	VERB
aeasj-363	112	11	the	the	DET
aeasj-363	112	12	impact	impact	NOUN
aeasj-363	112	13	of	of	ADP
aeasj-363	112	14	dividend	dividend	NOUN
aeasj-363	112	15	policy	policy	NOUN
aeasj-363	112	16	and	and	CCONJ
aeasj-363	112	17	earnings	earning	NOUN
aeasj-363	112	18	on	on	ADP
aeasj-363	112	19	selected	select	VERB
aeasj-363	112	20	quoted	quote	VERB
aeasj-363	112	21	companies	company	NOUN
aeasj-363	112	22	in	in	ADP
aeasj-363	112	23	nigeria	nigeria	PROPN
aeasj-363	112	24	.	.	PUNCT
aeasj-363	113	1	the	the	DET
aeasj-363	113	2	secondary	secondary	ADJ
aeasj-363	113	3	data	datum	NOUN
aeasj-363	113	4	were	be	AUX
aeasj-363	113	5	obtained	obtain	VERB
aeasj-363	113	6	through	through	ADP
aeasj-363	113	7	the	the	DET
aeasj-363	113	8	internet	internet	NOUN
aeasj-363	113	9	from	from	ADP
aeasj-363	113	10	stock	stock	NOUN
aeasj-363	113	11	broking	broking	NOUN
aeasj-363	113	12	firm	firm	NOUN
aeasj-363	113	13	’s	’s	PART
aeasj-363	113	14	online	online	ADJ
aeasj-363	113	15	database	database	NOUN
aeasj-363	113	16	.	.	PUNCT
aeasj-363	114	1	multiple	multiple	ADJ
aeasj-363	114	2	regression	regression	NOUN
aeasj-363	114	3	and	and	CCONJ
aeasj-363	114	4	durbin	durbin	ADJ
aeasj-363	114	5	watson	watson	PROPN
aeasj-363	114	6	in	in	ADP
aeasj-363	114	7	testing	testing	NOUN
aeasj-363	114	8	was	be	AUX
aeasj-363	114	9	used	use	VERB
aeasj-363	114	10	in	in	ADP
aeasj-363	114	11	the	the	DET
aeasj-363	114	12	hypothesis	hypothesis	NOUN
aeasj-363	114	13	considered	consider	VERB
aeasj-363	114	14	in	in	ADP
aeasj-363	114	15	this	this	DET
aeasj-363	114	16	study	study	NOUN
aeasj-363	114	17	,	,	PUNCT
aeasj-363	114	18	and	and	CCONJ
aeasj-363	114	19	the	the	DET
aeasj-363	114	20	statistical	statistical	ADJ
aeasj-363	114	21	analysis	analysis	NOUN
aeasj-363	114	22	was	be	AUX
aeasj-363	114	23	done	do	VERB
aeasj-363	114	24	using	use	VERB
aeasj-363	114	25	statistical	statistical	ADJ
aeasj-363	114	26	package	package	NOUN
aeasj-363	114	27	for	for	ADP
aeasj-363	114	28	social	social	ADJ
aeasj-363	114	29	sciences	science	NOUN
aeasj-363	114	30	(	(	PUNCT
aeasj-363	114	31	spss	spss	PROPN
aeasj-363	114	32	version	version	PROPN
aeasj-363	114	33	20).the	20).the	DET
aeasj-363	114	34	findings	finding	NOUN
aeasj-363	114	35	revealed	reveal	VERB
aeasj-363	114	36	that	that	SCONJ
aeasj-363	114	37	there	there	PRON
aeasj-363	114	38	was	be	VERB
aeasj-363	114	39	a	a	DET
aeasj-363	114	40	significant	significant	ADJ
aeasj-363	114	41	relationship	relationship	NOUN
aeasj-363	114	42	between	between	ADP
aeasj-363	114	43	dividend	dividend	NOUN
aeasj-363	114	44	and	and	CCONJ
aeasj-363	114	45	market	market	NOUN
aeasj-363	114	46	value	value	NOUN
aeasj-363	114	47	but	but	CCONJ
aeasj-363	114	48	,	,	PUNCT
aeasj-363	114	49	this	this	DET
aeasj-363	114	50	relationship	relationship	NOUN
aeasj-363	114	51	can	can	AUX
aeasj-363	114	52	only	only	ADV
aeasj-363	114	53	be	be	AUX
aeasj-363	114	54	established	establish	VERB
aeasj-363	114	55	between	between	ADP
aeasj-363	114	56	earning	earn	VERB
aeasj-363	114	57	per	per	ADP
aeasj-363	114	58	share	share	NOUN
aeasj-363	114	59	and	and	CCONJ
aeasj-363	114	60	divide	divide	VERB
aeasj-363	114	61	and	and	CCONJ
aeasj-363	114	62	yield	yield	NOUN
aeasj-363	114	63	,	,	PUNCT
aeasj-363	114	64	because	because	SCONJ
aeasj-363	114	65	,	,	PUNCT
aeasj-363	114	66	it	it	PRON
aeasj-363	114	67	is	be	AUX
aeasj-363	114	68	the	the	DET
aeasj-363	114	69	only	only	ADJ
aeasj-363	114	70	proxies	proxy	NOUN
aeasj-363	114	71	of	of	ADP
aeasj-363	114	72	divide	divide	NOUN
aeasj-363	114	73	and	and	CCONJ
aeasj-363	114	74	polices	police	NOUN
aeasj-363	114	75	that	that	PRON
aeasj-363	114	76	had	have	VERB
aeasj-363	114	77	a	a	DET
aeasj-363	114	78	p	p	NOUN
aeasj-363	114	79	-	-	PUNCT
aeasj-363	114	80	value	value	NOUN
aeasj-363	114	81	(	(	PUNCT
aeasj-363	114	82	0.020	0.020	NUM
aeasj-363	114	83	)	)	PUNCT
aeasj-363	114	84	which	which	PRON
aeasj-363	114	85	is	be	AUX
aeasj-363	114	86	less	less	ADJ
aeasj-363	114	87	than	than	ADP
aeasj-363	114	88	the	the	DET
aeasj-363	114	89	alpha	alpha	NOUN
aeasj-363	114	90	value	value	NOUN
aeasj-363	114	91	of	of	ADP
aeasj-363	114	92	(	(	PUNCT
aeasj-363	114	93	0.05	0.05	NUM
aeasj-363	114	94	)	)	PUNCT
aeasj-363	114	95	which	which	PRON
aeasj-363	114	96	implies	imply	VERB
aeasj-363	114	97	that	that	SCONJ
aeasj-363	114	98	there	there	PRON
aeasj-363	114	99	is	be	VERB
aeasj-363	114	100	relationship	relationship	NOUN
aeasj-363	114	101	with	with	ADP
aeasj-363	114	102	market	market	NOUN
aeasj-363	114	103	value	value	NOUN
aeasj-363	114	104	proxy	proxy	NOUN
aeasj-363	114	105	(	(	PUNCT
aeasj-363	114	106	earnings	earning	NOUN
aeasj-363	114	107	per	per	ADP
aeasj-363	114	108	share	share	NOUN
aeasj-363	114	109	)	)	PUNCT
aeasj-363	114	110	while	while	SCONJ
aeasj-363	114	111	the	the	DET
aeasj-363	114	112	other	other	ADJ
aeasj-363	114	113	proxies	proxy	NOUN
aeasj-363	114	114	of	of	ADP
aeasj-363	114	115	dividend	dividend	NOUN
aeasj-363	114	116	policy	policy	NOUN
aeasj-363	114	117	did	do	AUX
aeasj-363	114	118	not	not	PART
aeasj-363	114	119	show	show	VERB
aeasj-363	114	120	any	any	DET
aeasj-363	114	121	relationship	relationship	NOUN
aeasj-363	114	122	.	.	PUNCT
aeasj-363	115	1	momgbe	momgbe	NOUN
aeasj-363	115	2	and	and	CCONJ
aeasj-363	115	3	ibrahim	ibrahim	PROPN
aeasj-363	115	4	(	(	PUNCT
aeasj-363	115	5	2014	2014	NUM
aeasj-363	115	6	)	)	PUNCT
aeasj-363	115	7	ascertained	ascertain	VERB
aeasj-363	115	8	the	the	DET
aeasj-363	115	9	relationship	relationship	NOUN
aeasj-363	115	10	between	between	ADP
aeasj-363	115	11	dividend	dividend	NOUN
aeasj-363	115	12	policy	policy	NOUN
aeasj-363	115	13	and	and	CCONJ
aeasj-363	115	14	corporate	corporate	ADJ
aeasj-363	115	15	profitability	profitability	NOUN
aeasj-363	115	16	,	,	PUNCT
aeasj-363	115	17	investment	investment	NOUN
aeasj-363	115	18	and	and	CCONJ
aeasj-363	115	19	earning	earn	VERB
aeasj-363	115	20	per	per	ADP
aeasj-363	115	21	shares	share	NOUN
aeasj-363	115	22	.	.	PUNCT
aeasj-363	116	1	data	datum	NOUN
aeasj-363	116	2	for	for	ADP
aeasj-363	116	3	the	the	DET
aeasj-363	116	4	study	study	NOUN
aeasj-363	116	5	were	be	AUX
aeasj-363	116	6	extracted	extract	VERB
aeasj-363	116	7	from	from	ADP
aeasj-363	116	8	annual	annual	ADJ
aeasj-363	116	9	report	report	NOUN
aeasj-363	116	10	and	and	CCONJ
aeasj-363	116	11	accounts	account	NOUN
aeasj-363	116	12	of	of	ADP
aeasj-363	116	13	twenty	twenty	NUM
aeasj-363	116	14	five	five	NUM
aeasj-363	116	15	quoted	quote	VERB
aeasj-363	116	16	companies	company	NOUN
aeasj-363	116	17	in	in	ADP
aeasj-363	116	18	nigeria	nigeria	PROPN
aeasj-363	116	19	.	.	PUNCT
aeasj-363	117	1	the	the	DET
aeasj-363	117	2	study	study	NOUN
aeasj-363	117	3	found	find	VERB
aeasj-363	117	4	positive	positive	ADJ
aeasj-363	117	5	and	and	CCONJ
aeasj-363	117	6	significant	significant	ADJ
aeasj-363	117	7	association	association	NOUN
aeasj-363	117	8	between	between	ADP
aeasj-363	117	9	the	the	DET
aeasj-363	117	10	firm	firm	ADJ
aeasj-363	117	11	performance	performance	NOUN
aeasj-363	117	12	and	and	CCONJ
aeasj-363	117	13	dividend	dividend	NOUN
aeasj-363	117	14	policy	policy	NOUN
aeasj-363	117	15	of	of	ADP
aeasj-363	117	16	the	the	DET
aeasj-363	117	17	sampled	sample	VERB
aeasj-363	117	18	firm	firm	NOUN
aeasj-363	117	19	.	.	PUNCT
aeasj-363	118	1	richard	richard	PROPN
aeasj-363	118	2	and	and	CCONJ
aeasj-363	118	3	thomas	thomas	PROPN
aeasj-363	118	4	(	(	PUNCT
aeasj-363	118	5	2014	2014	NUM
aeasj-363	118	6	)	)	PUNCT
aeasj-363	118	7	ascertained	ascertain	VERB
aeasj-363	118	8	the	the	DET
aeasj-363	118	9	impact	impact	NOUN
aeasj-363	118	10	of	of	ADP
aeasj-363	118	11	dividend	dividend	NOUN
aeasj-363	118	12	payout	payout	NOUN
aeasj-363	118	13	on	on	ADP
aeasj-363	118	14	the	the	DET
aeasj-363	118	15	financial	financial	ADJ
aeasj-363	118	16	performance	performance	NOUN
aeasj-363	118	17	of	of	ADP
aeasj-363	118	18	manufacturing	manufacturing	NOUN
aeasj-363	118	19	firms	firm	NOUN
aeasj-363	118	20	which	which	PRON
aeasj-363	118	21	trade	trade	VERB
aeasj-363	118	22	on	on	ADP
aeasj-363	118	23	the	the	DET
aeasj-363	118	24	ghana	ghana	PROPN
aeasj-363	118	25	stock	stock	PROPN
aeasj-363	118	26	exchange	exchange	PROPN
aeasj-363	118	27	.	.	PUNCT
aeasj-363	119	1	panel	panel	NOUN
aeasj-363	119	2	data	datum	NOUN
aeasj-363	119	3	extracted	extract	VERB
aeasj-363	119	4	from	from	ADP
aeasj-363	119	5	audited	audit	VERB
aeasj-363	119	6	financial	financial	ADJ
aeasj-363	119	7	statements	statement	NOUN
aeasj-363	119	8	of	of	ADP
aeasj-363	119	9	sampled	sample	VERB
aeasj-363	119	10	firms	firm	NOUN
aeasj-363	119	11	from	from	ADP
aeasj-363	119	12	2004	2004	NUM
aeasj-363	119	13	to	to	ADP
aeasj-363	119	14	2011	2011	NUM
aeasj-363	119	15	financial	financial	ADJ
aeasj-363	119	16	years	year	NOUN
aeasj-363	119	17	were	be	AUX
aeasj-363	119	18	analyzed	analyze	VERB
aeasj-363	119	19	within	within	ADP
aeasj-363	119	20	the	the	DET
aeasj-363	119	21	framework	framework	NOUN
aeasj-363	119	22	of	of	ADP
aeasj-363	119	23	the	the	DET
aeasj-363	119	24	fixed	fix	VERB
aeasj-363	119	25	effects	effect	NOUN
aeasj-363	119	26	model	model	NOUN
aeasj-363	119	27	after	after	ADP
aeasj-363	119	28	carrying	carry	VERB
aeasj-363	119	29	out	out	ADP
aeasj-363	119	30	hausman	hausman	ADJ
aeasj-363	119	31	specification	specification	NOUN
aeasj-363	119	32	test	test	NOUN
aeasj-363	119	33	.	.	PUNCT
aeasj-363	120	1	the	the	DET
aeasj-363	120	2	descriptive	descriptive	ADJ
aeasj-363	120	3	statistics	statistic	NOUN
aeasj-363	120	4	show	show	VERB
aeasj-363	120	5	that	that	SCONJ
aeasj-363	120	6	the	the	DET
aeasj-363	120	7	average	average	ADJ
aeasj-363	120	8	dividend	dividend	NOUN
aeasj-363	120	9	payout	payout	NOUN
aeasj-363	120	10	is	be	AUX
aeasj-363	120	11	32.93	32.93	NUM
aeasj-363	120	12	%	%	NOUN
aeasj-363	120	13	while	while	SCONJ
aeasj-363	120	14	the	the	DET
aeasj-363	120	15	mean	mean	ADJ
aeasj-363	120	16	performance	performance	NOUN
aeasj-363	120	17	(	(	PUNCT
aeasj-363	120	18	return	return	VERB
aeasj-363	120	19	on	on	ADP
aeasj-363	120	20	assets	asset	NOUN
aeasj-363	120	21	)	)	PUNCT
aeasj-363	120	22	is	be	AUX
aeasj-363	120	23	1.08	1.08	NUM
aeasj-363	120	24	%	%	NOUN
aeasj-363	120	25	during	during	ADP
aeasj-363	120	26	the	the	DET
aeasj-363	120	27	study	study	NOUN
aeasj-363	120	28	period	period	NOUN
aeasj-363	120	29	.	.	PUNCT
aeasj-363	121	1	the	the	DET
aeasj-363	121	2	regression	regression	NOUN
aeasj-363	121	3	results	result	NOUN
aeasj-363	121	4	reveal	reveal	VERB
aeasj-363	121	5	that	that	PRON
aeasj-363	121	6	dividend	dividend	NOUN
aeasj-363	121	7	payout	payout	NOUN
aeasj-363	121	8	significantly	significantly	ADV
aeasj-363	121	9	but	but	CCONJ
aeasj-363	121	10	negatively	negatively	ADV
aeasj-363	121	11	impacts	impact	NOUN
aeasj-363	121	12	on	on	ADP
aeasj-363	121	13	quoted	quote	VERB
aeasj-363	121	14	manufacturing	manufacturing	NOUN
aeasj-363	121	15	firms	firm	NOUN
aeasj-363	121	16	’	’	PART
aeasj-363	121	17	financial	financial	ADJ
aeasj-363	121	18	performance	performance	NOUN
aeasj-363	121	19	in	in	ADP
aeasj-363	121	20	ghana	ghana	PROPN
aeasj-363	121	21	.	.	PUNCT
aeasj-363	122	1	for	for	ADP
aeasj-363	122	2	the	the	DET
aeasj-363	122	3	control	control	NOUN
aeasj-363	122	4	variables	variable	NOUN
aeasj-363	122	5	,	,	PUNCT
aeasj-363	122	6	size	size	NOUN
aeasj-363	122	7	and	and	CCONJ
aeasj-363	122	8	leverage	leverage	NOUN
aeasj-363	122	9	were	be	AUX
aeasj-363	122	10	inversely	inversely	ADV
aeasj-363	122	11	related	relate	VERB
aeasj-363	122	12	to	to	ADP
aeasj-363	122	13	performance	performance	NOUN
aeasj-363	122	14	whiles	while	NOUN
aeasj-363	122	15	sales	sale	NOUN
aeasj-363	122	16	growth	growth	NOUN
aeasj-363	122	17	positively	positively	ADV
aeasj-363	122	18	correlated	correlate	VERB
aeasj-363	122	19	with	with	ADP
aeasj-363	122	20	performance	performance	NOUN
aeasj-363	122	21	.	.	PUNCT
aeasj-363	123	1	except	except	SCONJ
aeasj-363	123	2	size	size	NOUN
aeasj-363	123	3	,	,	PUNCT
aeasj-363	123	4	all	all	DET
aeasj-363	123	5	the	the	DET
aeasj-363	123	6	control	control	NOUN
aeasj-363	123	7	variables	variable	NOUN
aeasj-363	123	8	were	be	AUX
aeasj-363	123	9	found	find	VERB
aeasj-363	123	10	to	to	PART
aeasj-363	123	11	be	be	AUX
aeasj-363	123	12	statistically	statistically	ADV
aeasj-363	123	13	significant	significant	ADJ
aeasj-363	123	14	.	.	PUNCT
aeasj-363	124	1	m’rbet	m’rbet	PROPN
aeasj-363	124	2	and	and	CCONJ
aeasj-363	124	3	boujjat(2016)examined	boujjat(2016)examine	VERB
aeasj-363	124	4	the	the	DET
aeasj-363	124	5	relationship	relationship	NOUN
aeasj-363	124	6	between	between	ADP
aeasj-363	124	7	dividend	dividend	NOUN
aeasj-363	124	8	policies	policy	NOUN
aeasj-363	124	9	and	and	CCONJ
aeasj-363	124	10	financial	financial	ADJ
aeasj-363	124	11	performance	performance	NOUN
aeasj-363	124	12	of	of	ADP
aeasj-363	124	13	selected	select	VERB
aeasj-363	124	14	listed	list	VERB
aeasj-363	124	15	firms	firm	NOUN
aeasj-363	124	16	in	in	ADP
aeasj-363	124	17	morocco	morocco	PROPN
aeasj-363	124	18	.	.	PUNCT
aeasj-363	125	1	data	datum	NOUN
aeasj-363	125	2	were	be	AUX
aeasj-363	125	3	sourced	source	VERB
aeasj-363	125	4	through	through	ADP
aeasj-363	125	5	secondary	secondary	ADJ
aeasj-363	125	6	means	mean	NOUN
aeasj-363	125	7	from	from	ADP
aeasj-363	125	8	the	the	DET
aeasj-363	125	9	annual	annual	ADJ
aeasj-363	125	10	reports	report	NOUN
aeasj-363	125	11	of	of	ADP
aeasj-363	125	12	the	the	DET
aeasj-363	125	13	sampled	sample	VERB
aeasj-363	125	14	quoted	quote	VERB
aeasj-363	125	15	firms	firm	NOUN
aeasj-363	125	16	and	and	CCONJ
aeasj-363	125	17	was	be	AUX
aeasj-363	125	18	analyzed	analyze	VERB
aeasj-363	125	19	using	use	VERB
aeasj-363	125	20	panel	panel	NOUN
aeasj-363	125	21	data	data	PROPN
aeasj-363	125	22	regression	regression	NOUN
aeasj-363	125	23	model	model	NOUN
aeasj-363	125	24	.	.	PUNCT
aeasj-363	126	1	two	two	NUM
aeasj-363	126	2	models	model	NOUN
aeasj-363	126	3	were	be	AUX
aeasj-363	126	4	developed	develop	VERB
aeasj-363	126	5	in	in	ADP
aeasj-363	126	6	an	an	DET
aeasj-363	126	7	attempt	attempt	NOUN
aeasj-363	126	8	to	to	PART
aeasj-363	126	9	provide	provide	VERB
aeasj-363	126	10	a	a	DET
aeasj-363	126	11	theoretical	theoretical	ADJ
aeasj-363	126	12	explanation	explanation	NOUN
aeasj-363	126	13	on	on	ADP
aeasj-363	126	14	the	the	DET
aeasj-363	126	15	birds	bird	NOUN
aeasj-363	126	16	-	-	PUNCT
aeasj-363	126	17	in	in	ADP
aeasj-363	126	18	-	-	PUNCT
aeasj-363	126	19	hand	hand	NOUN
aeasj-363	126	20	dividend	dividend	NOUN
aeasj-363	126	21	relevance	relevance	NOUN
aeasj-363	126	22	theory	theory	NOUN
aeasj-363	126	23	and	and	CCONJ
aeasj-363	126	24	the	the	DET
aeasj-363	126	25	modigliani	modigliani	PROPN
aeasj-363	126	26	and	and	CCONJ
aeasj-363	126	27	miller	miller	PROPN
aeasj-363	126	28	’s	’s	PART
aeasj-363	126	29	(	(	PUNCT
aeasj-363	126	30	mm	mm	NOUN
aeasj-363	126	31	)	)	PUNCT
aeasj-363	126	32	dividend	dividend	NOUN
aeasj-363	126	33	irrelevance	irrelevance	NOUN
aeasj-363	126	34	theory	theory	NOUN
aeasj-363	126	35	.	.	PUNCT
aeasj-363	127	1	the	the	DET
aeasj-363	127	2	findings	finding	NOUN
aeasj-363	127	3	indicated	indicate	VERB
aeasj-363	127	4	that	that	SCONJ
aeasj-363	127	5	dividend	dividend	NOUN
aeasj-363	127	6	policy	policy	NOUN
aeasj-363	127	7	is	be	AUX
aeasj-363	127	8	an	an	DET
aeasj-363	127	9	important	important	ADJ
aeasj-363	127	10	factor	factor	NOUN
aeasj-363	127	11	affecting	affect	VERB
aeasj-363	127	12	firm	firm	ADJ
aeasj-363	127	13	performance	performance	NOUN
aeasj-363	127	14	.	.	PUNCT
aeasj-363	128	1	their	their	PRON
aeasj-363	128	2	relationship	relationship	NOUN
aeasj-363	128	3	was	be	AUX
aeasj-363	128	4	also	also	ADV
aeasj-363	128	5	strong	strong	ADJ
aeasj-363	128	6	and	and	CCONJ
aeasj-363	128	7	positive	positive	ADJ
aeasj-363	128	8	.	.	PUNCT
aeasj-363	129	1	this	this	PRON
aeasj-363	129	2	therefore	therefore	ADV
aeasj-363	129	3	showed	show	VERB
aeasj-363	129	4	that	that	SCONJ
aeasj-363	129	5	dividend	dividend	NOUN
aeasj-363	129	6	policy	policy	NOUN
aeasj-363	129	7	was	be	AUX
aeasj-363	129	8	relevant	relevant	ADJ
aeasj-363	129	9	.	.	PUNCT
aeasj-363	130	1	it	it	PRON
aeasj-363	130	2	can	can	AUX
aeasj-363	130	3	be	be	AUX
aeasj-363	130	4	concluded	conclude	VERB
aeasj-363	130	5	,	,	PUNCT
aeasj-363	130	6	based	base	VERB
aeasj-363	130	7	on	on	ADP
aeasj-363	130	8	the	the	DET
aeasj-363	130	9	findings	finding	NOUN
aeasj-363	130	10	of	of	ADP
aeasj-363	130	11	this	this	DET
aeasj-363	130	12	research	research	NOUN
aeasj-363	130	13	that	that	PRON
aeasj-363	130	14	dividend	dividend	NOUN
aeasj-363	130	15	policy	policy	NOUN
aeasj-363	130	16	is	be	AUX
aeasj-363	130	17	relevant	relevant	ADJ
aeasj-363	130	18	and	and	CCONJ
aeasj-363	130	19	that	that	SCONJ
aeasj-363	130	20	managers	manager	NOUN
aeasj-363	130	21	should	should	AUX
aeasj-363	130	22	devote	devote	VERB
aeasj-363	130	23	adequate	adequate	ADJ
aeasj-363	130	24	time	time	NOUN
aeasj-363	130	25	in	in	ADP
aeasj-363	130	26	designing	design	VERB
aeasj-363	130	27	a	a	DET
aeasj-363	130	28	dividend	dividend	NOUN
aeasj-363	130	29	policy	policy	NOUN
aeasj-363	130	30	that	that	PRON
aeasj-363	130	31	will	will	AUX
aeasj-363	130	32	enhance	enhance	VERB
aeasj-363	130	33	firm	firm	ADJ
aeasj-363	130	34	performance	performance	NOUN
aeasj-363	130	35	and	and	CCONJ
aeasj-363	130	36	therefore	therefore	ADV
aeasj-363	130	37	shareholder	shareholder	NOUN
aeasj-363	130	38	value	value	NOUN
aeasj-363	130	39	.	.	PUNCT
aeasj-363	131	1	sunday	sunday	PROPN
aeasj-363	131	2	et	et	PROPN
aeasj-363	131	3	.	.	PUNCT
aeasj-363	132	1	al	al	PROPN
aeasj-363	132	2	(	(	PUNCT
aeasj-363	132	3	2015	2015	NUM
aeasj-363	132	4	)	)	PUNCT
aeasj-363	132	5	are	be	AUX
aeasj-363	132	6	examining	examine	VERB
aeasj-363	132	7	the	the	DET
aeasj-363	132	8	relationship	relationship	NOUN
aeasj-363	132	9	between	between	ADP
aeasj-363	132	10	dividend	dividend	NOUN
aeasj-363	132	11	policy	policy	NOUN
aeasj-363	132	12	and	and	CCONJ
aeasj-363	132	13	financial	financial	ADJ
aeasj-363	132	14	performance	performance	NOUN
aeasj-363	132	15	of	of	ADP
aeasj-363	132	16	nonfinancial	nonfinancial	ADJ
aeasj-363	132	17	firms	firm	NOUN
aeasj-363	132	18	in	in	ADP
aeasj-363	132	19	nigeria	nigeria	PROPN
aeasj-363	132	20	.	.	PUNCT
aeasj-363	133	1	they	they	PRON
aeasj-363	133	2	had	have	AUX
aeasj-363	133	3	selected	select	VERB
aeasj-363	133	4	25	25	NUM
aeasj-363	133	5	listed	list	VERB
aeasj-363	133	6	non	non	ADJ
aeasj-363	133	7	-	-	ADJ
aeasj-363	133	8	financial	financial	ADJ
aeasj-363	133	9	firms	firm	NOUN
aeasj-363	133	10	in	in	ADP
aeasj-363	133	11	nigeria	nigeria	PROPN
aeasj-363	133	12	with	with	ADP
aeasj-363	133	13	supported	support	VERB
aeasj-363	133	14	by	by	ADP
aeasj-363	133	15	the	the	DET
aeasj-363	133	16	below	below	ADJ
aeasj-363	133	17	theoretical	theoretical	ADJ
aeasj-363	133	18	empirical	empirical	ADJ
aeasj-363	133	19	studies	study	NOUN
aeasj-363	133	20	and	and	CCONJ
aeasj-363	133	21	secondary	secondary	ADJ
aeasj-363	133	22	data	datum	NOUN
aeasj-363	133	23	sources	source	NOUN
aeasj-363	133	24	,	,	PUNCT
aeasj-363	133	25	the	the	DET
aeasj-363	133	26	audited	audit	VERB
aeasj-363	133	27	report	report	NOUN
aeasj-363	133	28	of	of	ADP
aeasj-363	133	29	the	the	DET
aeasj-363	133	30	firms	firm	NOUN
aeasj-363	133	31	had	have	AUX
aeasj-363	133	32	chosen	choose	VERB
aeasj-363	133	33	.	.	PUNCT
aeasj-363	134	1	panel	panel	NOUN
aeasj-363	134	2	data	datum	NOUN
aeasj-363	134	3	methodology	methodology	NOUN
aeasj-363	134	4	was	be	AUX
aeasj-363	134	5	employed	employ	VERB
aeasj-363	134	6	and	and	CCONJ
aeasj-363	134	7	pooled	pool	VERB
aeasj-363	134	8	ordinary	ordinary	ADJ
aeasj-363	134	9	least	least	ADJ
aeasj-363	134	10	squares	square	NOUN
aeasj-363	134	11	(	(	PUNCT
aeasj-363	134	12	ols	ol	NOUN
aeasj-363	134	13	)	)	PUNCT
aeasj-363	134	14	was	be	AUX
aeasj-363	134	15	used	use	VERB
aeasj-363	134	16	to	to	PART
aeasj-363	134	17	estimate	estimate	VERB
aeasj-363	134	18	the	the	DET
aeasj-363	134	19	coefficients	coefficient	NOUN
aeasj-363	134	20	of	of	ADP
aeasj-363	134	21	explanatory	explanatory	ADJ
aeasj-363	134	22	and	and	CCONJ
aeasj-363	134	23	control	control	NOUN
aeasj-363	134	24	variables	variable	NOUN
aeasj-363	134	25	where	where	SCONJ
aeasj-363	134	26	the	the	DET
aeasj-363	134	27	return	return	NOUN
aeasj-363	134	28	on	on	ADP
aeasj-363	134	29	assets	asset	NOUN
aeasj-363	134	30	(	(	PUNCT
aeasj-363	134	31	roa	roa	NOUN
aeasj-363	134	32	)	)	PUNCT
aeasj-363	134	33	served	serve	VERB
aeasj-363	134	34	as	as	ADP
aeasj-363	134	35	the	the	DET
aeasj-363	134	36	dependent	dependent	ADJ
aeasj-363	134	37	variable	variable	NOUN
aeasj-363	134	38	,	,	PUNCT
aeasj-363	134	39	profitability	profitability	NOUN
aeasj-363	134	40	,	,	PUNCT
aeasj-363	134	41	while	while	SCONJ
aeasj-363	134	42	dividend	dividend	VERB
aeasj-363	134	43	payout	payout	NOUN
aeasj-363	134	44	ratio	ratio	NOUN
aeasj-363	134	45	proxies	proxy	NOUN
aeasj-363	134	46	for	for	ADP
aeasj-363	134	47	dividend	dividend	NOUN
aeasj-363	134	48	policy	policy	NOUN
aeasj-363	134	49	and	and	CCONJ
aeasj-363	134	50	was	be	AUX
aeasj-363	134	51	the	the	DET
aeasj-363	134	52	only	only	ADJ
aeasj-363	134	53	explanatory	explanatory	ADJ
aeasj-363	134	54	variable	variable	NOUN
aeasj-363	134	55	.	.	PUNCT
aeasj-363	135	1	result	result	NOUN
aeasj-363	135	2	reveals	reveal	VERB
aeasj-363	135	3	a	a	DET
aeasj-363	135	4	positive	positive	ADJ
aeasj-363	135	5	and	and	CCONJ
aeasj-363	135	6	significant	significant	ADJ
aeasj-363	135	7	relationship	relationship	NOUN
aeasj-363	135	8	between	between	ADP
aeasj-363	135	9	dividend	dividend	NOUN
aeasj-363	135	10	pay	pay	VERB
aeasj-363	135	11	-	-	PUNCT
aeasj-363	135	12	out	out	ADP
aeasj-363	135	13	policy	policy	NOUN
aeasj-363	135	14	(	(	PUNCT
aeasj-363	135	15	dpo	dpo	NOUN
aeasj-363	135	16	)	)	PUNCT
aeasj-363	135	17	and	and	CCONJ
aeasj-363	135	18	firm	firm	ADJ
aeasj-363	135	19	performance	performance	NOUN
aeasj-363	135	20	(	(	PUNCT
aeasj-363	135	21	roa	roa	NOUN
aeasj-363	135	22	)	)	PUNCT
aeasj-363	135	23	.	.	PUNCT
aeasj-363	136	1	this	this	DET
aeasj-363	136	2	finding	finding	NOUN
aeasj-363	136	3	is	be	AUX
aeasj-363	136	4	consistent	consistent	ADJ
aeasj-363	136	5	with	with	ADP
aeasj-363	136	6	some	some	DET
aeasj-363	136	7	prior	prior	ADJ
aeasj-363	136	8	empirical	empirical	ADJ
aeasj-363	136	9	studies	study	NOUN
aeasj-363	136	10	and	and	CCONJ
aeasj-363	136	11	provides	provide	VERB
aeasj-363	136	12	evidence	evidence	NOUN
aeasj-363	136	13	in	in	ADP
aeasj-363	136	14	support	support	NOUN
aeasj-363	136	15	of	of	ADP
aeasj-363	136	16	both	both	DET
aeasj-363	136	17	signaling	signal	VERB
aeasj-363	136	18	and	and	CCONJ
aeasj-363	136	19	bird	bird	NOUN
aeasj-363	136	20	–	–	PUNCT
aeasj-363	136	21	inhand	inhand	PROPN
aeasj-363	136	22	hypotheses	hypothesis	NOUN
aeasj-363	136	23	of	of	ADP
aeasj-363	136	24	dividend	dividend	NOUN
aeasj-363	136	25	policy	policy	NOUN
aeasj-363	136	26	theory	theory	NOUN
aeasj-363	136	27	.	.	PUNCT
aeasj-363	137	1	barman	barman	NOUN
aeasj-363	137	2	(	(	PUNCT
aeasj-363	137	3	2008	2008	NUM
aeasj-363	137	4	)	)	PUNCT
aeasj-363	137	5	did	do	VERB
aeasj-363	137	6	a	a	DET
aeasj-363	137	7	survey	survey	NOUN
aeasj-363	137	8	designed	design	VERB
aeasj-363	137	9	to	to	PART
aeasj-363	137	10	achieve	achieve	VERB
aeasj-363	137	11	an	an	DET
aeasj-363	137	12	independent	independent	ADJ
aeasj-363	137	13	analysis	analysis	NOUN
aeasj-363	137	14	of	of	ADP
aeasj-363	137	15	the	the	DET
aeasj-363	137	16	dividend	dividend	NOUN
aeasj-363	137	17	function	function	NOUN
aeasj-363	137	18	used	use	VERB
aeasj-363	137	19	by	by	ADP
aeasj-363	137	20	companies	company	NOUN
aeasj-363	137	21	in	in	ADP
aeasj-363	137	22	south	south	PROPN
aeasj-363	137	23	africa	africa	PROPN
aeasj-363	137	24	.	.	PUNCT
aeasj-363	138	1	the	the	DET
aeasj-363	138	2	study	study	NOUN
aeasj-363	138	3	consisted	consist	VERB
aeasj-363	138	4	of	of	ADP
aeasj-363	138	5	a	a	DET
aeasj-363	138	6	sample	sample	NOUN
aeasj-363	138	7	of	of	ADP
aeasj-363	138	8	42	42	NUM
aeasj-363	138	9	companies	company	NOUN
aeasj-363	138	10	both	both	CCONJ
aeasj-363	138	11	listed	list	VERB
aeasj-363	138	12	and	and	CCONJ
aeasj-363	138	13	private	private	ADJ
aeasj-363	138	14	in	in	ADP
aeasj-363	138	15	south	south	PROPN
aeasj-363	138	16	africa	africa	PROPN
aeasj-363	138	17	which	which	PRON
aeasj-363	138	18	paid	pay	VERB
aeasj-363	138	19	a	a	DET
aeasj-363	138	20	cash	cash	NOUN
aeasj-363	138	21	copyright	copyright	NOUN
aeasj-363	138	22	©	©	PROPN
aeasj-363	138	23	cc	cc	PROPN
aeasj-363	138	24	-	-	PUNCT
aeasj-363	138	25	by	by	ADP
aeasj-363	138	26	-	-	PUNCT
aeasj-363	138	27	nc	nc	PROPN
aeasj-363	138	28	2019	2019	NUM
aeasj-363	138	29	,	,	PUNCT
aeasj-363	138	30	cribfb	cribfb	VERB
aeasj-363	138	31	|	|	ADV
aeasj-363	138	32	aesr	aesr	ADV
aeasj-363	138	33	www.cribfb.com/journal/index.php/aesr	www.cribfb.com/journal/index.php/aesr	VERB
aeasj-363	138	34	american	american	PROPN
aeasj-363	138	35	economic	economic	PROPN
aeasj-363	138	36	&	&	CCONJ
aeasj-363	138	37	social	social	PROPN
aeasj-363	138	38	review	review	PROPN
aeasj-363	138	39	vol	vol	NOUN
aeasj-363	138	40	.	.	PROPN
aeasj-363	139	1	5	5	NUM
aeasj-363	139	2	,	,	PUNCT
aeasj-363	139	3	no	no	INTJ
aeasj-363	139	4	.	.	NOUN
aeasj-363	139	5	2	2	NUM
aeasj-363	139	6	;	;	PUNCT
aeasj-363	139	7	2019	2019	NUM
aeasj-363	139	8	49	49	NUM
aeasj-363	139	9	dividend	dividend	NOUN
aeasj-363	139	10	during	during	ADP
aeasj-363	139	11	the	the	DET
aeasj-363	139	12	previous	previous	ADJ
aeasj-363	139	13	financial	financial	ADJ
aeasj-363	139	14	year	year	NOUN
aeasj-363	139	15	(	(	PUNCT
aeasj-363	139	16	2007	2007	NUM
aeasj-363	139	17	)	)	PUNCT
aeasj-363	139	18	.	.	PUNCT
aeasj-363	140	1	questionnaires	questionnaire	NOUN
aeasj-363	140	2	were	be	AUX
aeasj-363	140	3	sent	send	VERB
aeasj-363	140	4	out	out	ADP
aeasj-363	140	5	to	to	ADP
aeasj-363	140	6	the	the	DET
aeasj-363	140	7	chief	chief	ADJ
aeasj-363	140	8	financial	financial	ADJ
aeasj-363	140	9	officer	officer	NOUN
aeasj-363	140	10	(	(	PUNCT
aeasj-363	140	11	cfo	cfo	PROPN
aeasj-363	140	12	’s	’s	NOUN
aeasj-363	140	13	)	)	PUNCT
aeasj-363	140	14	of	of	ADP
aeasj-363	140	15	both	both	CCONJ
aeasj-363	140	16	listed	list	VERB
aeasj-363	140	17	and	and	CCONJ
aeasj-363	140	18	private	private	ADJ
aeasj-363	140	19	firms	firm	NOUN
aeasj-363	140	20	to	to	PART
aeasj-363	140	21	get	get	VERB
aeasj-363	140	22	managers	manager	NOUN
aeasj-363	140	23	’	'	PUNCT
aeasj-363	140	24	view	view	NOUN
aeasj-363	140	25	on	on	ADP
aeasj-363	140	26	dividend	dividend	NOUN
aeasj-363	140	27	payments	payment	NOUN
aeasj-363	140	28	and	and	CCONJ
aeasj-363	140	29	the	the	DET
aeasj-363	140	30	effect	effect	NOUN
aeasj-363	140	31	it	it	PRON
aeasj-363	140	32	has	have	VERB
aeasj-363	140	33	on	on	ADP
aeasj-363	140	34	firm	firm	ADJ
aeasj-363	140	35	value	value	NOUN
aeasj-363	140	36	.	.	PUNCT
aeasj-363	141	1	barman	barman	ADJ
aeasj-363	141	2	study	study	NOUN
aeasj-363	141	3	was	be	AUX
aeasj-363	141	4	based	base	VERB
aeasj-363	141	5	on	on	ADP
aeasj-363	141	6	questionnaires	questionnaire	NOUN
aeasj-363	141	7	that	that	PRON
aeasj-363	141	8	aimed	aim	VERB
aeasj-363	141	9	to	to	PART
aeasj-363	141	10	get	get	VERB
aeasj-363	141	11	managers	manager	NOUN
aeasj-363	141	12	view	view	NOUN
aeasj-363	141	13	on	on	ADP
aeasj-363	141	14	dividend	dividend	NOUN
aeasj-363	141	15	policy	policy	NOUN
aeasj-363	141	16	and	and	CCONJ
aeasj-363	141	17	its	its	PRON
aeasj-363	141	18	impact	impact	NOUN
aeasj-363	141	19	on	on	ADP
aeasj-363	141	20	firm	firm	ADJ
aeasj-363	141	21	value	value	NOUN
aeasj-363	141	22	in	in	ADP
aeasj-363	141	23	south	south	PROPN
aeasj-363	141	24	africa	africa	PROPN
aeasj-363	141	25	.	.	PUNCT
aeasj-363	142	1	however	however	ADV
aeasj-363	142	2	the	the	DET
aeasj-363	142	3	samples	sample	NOUN
aeasj-363	142	4	of	of	ADP
aeasj-363	142	5	42	42	NUM
aeasj-363	142	6	listed	list	VERB
aeasj-363	142	7	and	and	CCONJ
aeasj-363	142	8	private	private	ADJ
aeasj-363	142	9	companies	company	NOUN
aeasj-363	142	10	that	that	PRON
aeasj-363	142	11	selected	select	VERB
aeasj-363	142	12	relatively	relatively	ADV
aeasj-363	142	13	small	small	ADJ
aeasj-363	142	14	.	.	PUNCT
aeasj-363	143	1	therefore	therefore	ADV
aeasj-363	143	2	,	,	PUNCT
aeasj-363	143	3	the	the	DET
aeasj-363	143	4	results	result	NOUN
aeasj-363	143	5	of	of	ADP
aeasj-363	143	6	the	the	DET
aeasj-363	143	7	study	study	NOUN
aeasj-363	143	8	are	be	AUX
aeasj-363	143	9	only	only	ADV
aeasj-363	143	10	indicative	indicative	ADJ
aeasj-363	143	11	and	and	CCONJ
aeasj-363	143	12	not	not	PART
aeasj-363	143	13	conclusive	conclusive	ADJ
aeasj-363	143	14	.	.	PUNCT
aeasj-363	144	1	according	accord	VERB
aeasj-363	144	2	to	to	ADP
aeasj-363	144	3	his	his	PRON
aeasj-363	144	4	findings	finding	NOUN
aeasj-363	144	5	,	,	PUNCT
aeasj-363	144	6	managements	management	NOUN
aeasj-363	144	7	are	be	AUX
aeasj-363	144	8	of	of	ADP
aeasj-363	144	9	the	the	DET
aeasj-363	144	10	view	view	NOUN
aeasj-363	144	11	that	that	SCONJ
aeasj-363	144	12	optimal	optimal	ADJ
aeasj-363	144	13	policy	policy	NOUN
aeasj-363	144	14	strike	strike	VERB
aeasj-363	144	15	a	a	DET
aeasj-363	144	16	balance	balance	NOUN
aeasj-363	144	17	between	between	ADP
aeasj-363	144	18	dividend	dividend	NOUN
aeasj-363	144	19	payment	payment	NOUN
aeasj-363	144	20	and	and	CCONJ
aeasj-363	144	21	the	the	DET
aeasj-363	144	22	growth	growth	NOUN
aeasj-363	144	23	of	of	ADP
aeasj-363	144	24	a	a	DET
aeasj-363	144	25	firm	firm	NOUN
aeasj-363	144	26	;	;	PUNCT
aeasj-363	144	27	about	about	ADV
aeasj-363	144	28	half	half	NOUN
aeasj-363	144	29	of	of	ADP
aeasj-363	144	30	managers	manager	NOUN
aeasj-363	144	31	interviewed	interview	VERB
aeasj-363	144	32	are	be	AUX
aeasj-363	144	33	neutral	neutral	ADJ
aeasj-363	144	34	when	when	SCONJ
aeasj-363	144	35	asked	ask	VERB
aeasj-363	144	36	if	if	SCONJ
aeasj-363	144	37	they	they	PRON
aeasj-363	144	38	think	think	VERB
aeasj-363	144	39	dividends	dividend	NOUN
aeasj-363	144	40	policy	policy	NOUN
aeasj-363	144	41	has	have	VERB
aeasj-363	144	42	an	an	DET
aeasj-363	144	43	impact	impact	NOUN
aeasj-363	144	44	on	on	ADP
aeasj-363	144	45	firm	firm	ADJ
aeasj-363	144	46	value	value	NOUN
aeasj-363	144	47	.	.	PUNCT
aeasj-363	145	1	it	it	PRON
aeasj-363	145	2	appears	appear	VERB
aeasj-363	145	3	that	that	SCONJ
aeasj-363	145	4	management	management	NOUN
aeasj-363	145	5	do	do	AUX
aeasj-363	145	6	view	view	VERB
aeasj-363	145	7	dividend	dividend	NOUN
aeasj-363	145	8	policy	policy	NOUN
aeasj-363	145	9	as	as	ADP
aeasj-363	145	10	being	be	AUX
aeasj-363	145	11	important	important	ADJ
aeasj-363	145	12	,	,	PUNCT
aeasj-363	145	13	however	however	SCONJ
aeasj-363	145	14	majority	majority	NOUN
aeasj-363	145	15	of	of	ADP
aeasj-363	145	16	the	the	DET
aeasj-363	145	17	managers	manager	NOUN
aeasj-363	145	18	do	do	AUX
aeasj-363	145	19	not	not	PART
aeasj-363	145	20	think	think	VERB
aeasj-363	145	21	dividend	dividend	NOUN
aeasj-363	145	22	policy	policy	NOUN
aeasj-363	145	23	have	have	VERB
aeasj-363	145	24	an	an	DET
aeasj-363	145	25	effect	effect	NOUN
aeasj-363	145	26	on	on	ADP
aeasj-363	145	27	the	the	DET
aeasj-363	145	28	intrinsic	intrinsic	ADJ
aeasj-363	145	29	value	value	NOUN
aeasj-363	145	30	of	of	ADP
aeasj-363	145	31	shares	share	NOUN
aeasj-363	145	32	.	.	PUNCT
aeasj-363	146	1	azhagaiah	azhagaiah	PROPN
aeasj-363	146	2	and	and	CCONJ
aeasj-363	146	3	priya	priya	PROPN
aeasj-363	146	4	(	(	PUNCT
aeasj-363	146	5	2008	2008	NUM
aeasj-363	146	6	)	)	PUNCT
aeasj-363	146	7	did	do	VERB
aeasj-363	146	8	a	a	DET
aeasj-363	146	9	study	study	NOUN
aeasj-363	146	10	which	which	PRON
aeasj-363	146	11	aimed	aim	VERB
aeasj-363	146	12	at	at	ADP
aeasj-363	146	13	analyzing	analyze	VERB
aeasj-363	146	14	the	the	DET
aeasj-363	146	15	impact	impact	NOUN
aeasj-363	146	16	of	of	ADP
aeasj-363	146	17	dividend	dividend	NOUN
aeasj-363	146	18	policy	policy	NOUN
aeasj-363	146	19	on	on	ADP
aeasj-363	146	20	shareholders	shareholder	NOUN
aeasj-363	146	21	’	’	PART
aeasj-363	146	22	wealth	wealth	NOUN
aeasj-363	146	23	in	in	ADP
aeasj-363	146	24	organic	organic	ADJ
aeasj-363	146	25	and	and	CCONJ
aeasj-363	146	26	chemical	chemical	NOUN
aeasj-363	146	27	companies	company	NOUN
aeasj-363	146	28	in	in	ADP
aeasj-363	146	29	india	india	PROPN
aeasj-363	146	30	.	.	PUNCT
aeasj-363	147	1	in	in	ADP
aeasj-363	147	2	order	order	NOUN
aeasj-363	147	3	to	to	PART
aeasj-363	147	4	measure	measure	VERB
aeasj-363	147	5	the	the	DET
aeasj-363	147	6	impact	impact	NOUN
aeasj-363	147	7	of	of	ADP
aeasj-363	147	8	dividend	dividend	NOUN
aeasj-363	147	9	policy	policy	NOUN
aeasj-363	147	10	on	on	ADP
aeasj-363	147	11	shareholders	shareholder	NOUN
aeasj-363	147	12	’	'	PUNCT
aeasj-363	147	13	wealth	wealth	NOUN
aeasj-363	147	14	,	,	PUNCT
aeasj-363	147	15	they	they	PRON
aeasj-363	147	16	used	use	VERB
aeasj-363	147	17	multiple	multiple	ADJ
aeasj-363	147	18	regression	regression	NOUN
aeasj-363	147	19	models	model	NOUN
aeasj-363	147	20	and	and	CCONJ
aeasj-363	147	21	stepwise	stepwise	ADJ
aeasj-363	147	22	regression	regression	NOUN
aeasj-363	147	23	models	model	NOUN
aeasj-363	147	24	.	.	PUNCT
aeasj-363	148	1	they	they	PRON
aeasj-363	148	2	used	use	VERB
aeasj-363	148	3	market	market	NOUN
aeasj-363	148	4	price	price	NOUN
aeasj-363	148	5	per	per	ADP
aeasj-363	148	6	share	share	NOUN
aeasj-363	148	7	as	as	ADP
aeasj-363	148	8	the	the	DET
aeasj-363	148	9	dependent	dependent	ADJ
aeasj-363	148	10	variable	variable	NOUN
aeasj-363	148	11	and	and	CCONJ
aeasj-363	148	12	dividend	dividend	NOUN
aeasj-363	148	13	per	per	ADP
aeasj-363	148	14	share	share	NOUN
aeasj-363	148	15	,	,	PUNCT
aeasj-363	148	16	retained	retain	VERB
aeasj-363	148	17	earnings	earning	NOUN
aeasj-363	148	18	per	per	ADP
aeasj-363	148	19	share	share	NOUN
aeasj-363	148	20	,	,	PUNCT
aeasj-363	148	21	lagged	lag	VERB
aeasj-363	148	22	price	price	NOUN
aeasj-363	148	23	earning	earning	NOUN
aeasj-363	148	24	ration	ration	NOUN
aeasj-363	148	25	and	and	CCONJ
aeasj-363	148	26	lagged	lag	VERB
aeasj-363	148	27	market	market	NOUN
aeasj-363	148	28	price	price	NOUN
aeasj-363	148	29	as	as	ADP
aeasj-363	148	30	the	the	DET
aeasj-363	148	31	independent	independent	ADJ
aeasj-363	148	32	variable	variable	NOUN
aeasj-363	148	33	.	.	PUNCT
aeasj-363	149	1	in	in	ADP
aeasj-363	149	2	comparing	compare	VERB
aeasj-363	149	3	dividend	dividend	NOUN
aeasj-363	149	4	and	and	CCONJ
aeasj-363	149	5	non	non	ADJ
aeasj-363	149	6	-	-	ADJ
aeasj-363	149	7	dividend	dividend	ADJ
aeasj-363	149	8	paying	pay	VERB
aeasj-363	149	9	firms	firm	NOUN
aeasj-363	149	10	they	they	PRON
aeasj-363	149	11	found	find	VERB
aeasj-363	149	12	that	that	SCONJ
aeasj-363	149	13	in	in	ADP
aeasj-363	149	14	the	the	DET
aeasj-363	149	15	long	long	ADV
aeasj-363	149	16	-	-	PUNCT
aeasj-363	149	17	run	run	NOUN
aeasj-363	149	18	,	,	PUNCT
aeasj-363	149	19	the	the	DET
aeasj-363	149	20	wealth	wealth	NOUN
aeasj-363	149	21	of	of	ADP
aeasj-363	149	22	shareholders	shareholder	NOUN
aeasj-363	149	23	in	in	ADP
aeasj-363	149	24	dividend	dividend	NOUN
aeasj-363	149	25	paying	pay	VERB
aeasj-363	149	26	chemical	chemical	NOUN
aeasj-363	149	27	companies	company	NOUN
aeasj-363	149	28	had	have	AUX
aeasj-363	149	29	increased	increase	VERB
aeasj-363	149	30	significantly	significantly	ADV
aeasj-363	149	31	.	.	PUNCT
aeasj-363	150	1	this	this	PRON
aeasj-363	150	2	indicated	indicate	VERB
aeasj-363	150	3	the	the	DET
aeasj-363	150	4	impact	impact	NOUN
aeasj-363	150	5	of	of	ADP
aeasj-363	150	6	dividend	dividend	NOUN
aeasj-363	150	7	policy	policy	NOUN
aeasj-363	150	8	on	on	ADP
aeasj-363	150	9	wealth	wealth	NOUN
aeasj-363	150	10	creation	creation	NOUN
aeasj-363	150	11	.	.	PUNCT
aeasj-363	151	1	the	the	DET
aeasj-363	151	2	regression	regression	NOUN
aeasj-363	151	3	analysis	analysis	NOUN
aeasj-363	151	4	indicates	indicate	VERB
aeasj-363	151	5	that	that	SCONJ
aeasj-363	151	6	dividend	dividend	NOUN
aeasj-363	151	7	payments	payment	NOUN
aeasj-363	151	8	by	by	ADP
aeasj-363	151	9	organic	organic	ADJ
aeasj-363	151	10	and	and	CCONJ
aeasj-363	151	11	chemical	chemical	NOUN
aeasj-363	151	12	companies	company	NOUN
aeasj-363	151	13	have	have	VERB
aeasj-363	151	14	a	a	DET
aeasj-363	151	15	positive	positive	ADJ
aeasj-363	151	16	and	and	CCONJ
aeasj-363	151	17	significant	significant	ADJ
aeasj-363	151	18	impact	impact	NOUN
aeasj-363	151	19	on	on	ADP
aeasj-363	151	20	their	their	PRON
aeasj-363	151	21	shareholders	shareholder	NOUN
aeasj-363	151	22	’	'	PUNCT
aeasj-363	151	23	wealth	wealth	NOUN
aeasj-363	151	24	.	.	PUNCT
aeasj-363	152	1	the	the	DET
aeasj-363	152	2	authors	author	NOUN
aeasj-363	152	3	indicated	indicate	VERB
aeasj-363	152	4	that	that	SCONJ
aeasj-363	152	5	shareholders	shareholder	NOUN
aeasj-363	152	6	prefer	prefer	VERB
aeasj-363	152	7	current	current	ADJ
aeasj-363	152	8	dividend	dividend	NOUN
aeasj-363	152	9	to	to	ADP
aeasj-363	152	10	future	future	ADJ
aeasj-363	152	11	income	income	NOUN
aeasj-363	152	12	,	,	PUNCT
aeasj-363	152	13	as	as	SCONJ
aeasj-363	152	14	dividends	dividend	NOUN
aeasj-363	152	15	are	be	AUX
aeasj-363	152	16	considered	consider	VERB
aeasj-363	152	17	as	as	ADP
aeasj-363	152	18	an	an	DET
aeasj-363	152	19	important	important	ADJ
aeasj-363	152	20	factor	factor	NOUN
aeasj-363	152	21	which	which	PRON
aeasj-363	152	22	determines	determine	VERB
aeasj-363	152	23	shareholders	shareholder	NOUN
aeasj-363	152	24	‘	'	PUNCT
aeasj-363	152	25	wealth	wealth	NOUN
aeasj-363	152	26	.	.	PUNCT
aeasj-363	153	1	agyei	agyei	ADJ
aeasj-363	153	2	and	and	CCONJ
aeasj-363	153	3	marfo	marfo	ADJ
aeasj-363	153	4	-	-	PUNCT
aeasj-363	153	5	yiadom	yiadom	NOUN
aeasj-363	153	6	(	(	PUNCT
aeasj-363	153	7	2011	2011	NUM
aeasj-363	153	8	)	)	PUNCT
aeasj-363	153	9	studied	study	VERB
aeasj-363	153	10	the	the	DET
aeasj-363	153	11	relationship	relationship	NOUN
aeasj-363	153	12	between	between	ADP
aeasj-363	153	13	dividend	dividend	NOUN
aeasj-363	153	14	policy	policy	NOUN
aeasj-363	153	15	and	and	CCONJ
aeasj-363	153	16	performance	performance	NOUN
aeasj-363	153	17	of	of	ADP
aeasj-363	153	18	16	16	NUM
aeasj-363	153	19	commercial	commercial	ADJ
aeasj-363	153	20	banks	bank	NOUN
aeasj-363	153	21	in	in	ADP
aeasj-363	153	22	ghana	ghana	PROPN
aeasj-363	153	23	for	for	ADP
aeasj-363	153	24	a	a	DET
aeasj-363	153	25	period	period	NOUN
aeasj-363	153	26	of	of	ADP
aeasj-363	153	27	5	5	NUM
aeasj-363	153	28	years	year	NOUN
aeasj-363	153	29	(	(	PUNCT
aeasj-363	153	30	1993	1993	NUM
aeasj-363	153	31	-	-	SYM
aeasj-363	153	32	2003	2003	NUM
aeasj-363	153	33	)	)	PUNCT
aeasj-363	153	34	.	.	PUNCT
aeasj-363	154	1	result	result	NOUN
aeasj-363	154	2	shows	show	VERB
aeasj-363	154	3	a	a	DET
aeasj-363	154	4	positive	positive	ADJ
aeasj-363	154	5	relationship	relationship	NOUN
aeasj-363	154	6	between	between	ADP
aeasj-363	154	7	dividend	dividend	NOUN
aeasj-363	154	8	policy	policy	NOUN
aeasj-363	154	9	and	and	CCONJ
aeasj-363	154	10	performance	performance	NOUN
aeasj-363	154	11	.	.	PUNCT
aeasj-363	155	1	it	it	PRON
aeasj-363	155	2	further	far	ADV
aeasj-363	155	3	reveals	reveal	VERB
aeasj-363	155	4	that	that	SCONJ
aeasj-363	155	5	leverage	leverage	NOUN
aeasj-363	155	6	,	,	PUNCT
aeasj-363	155	7	size	size	NOUN
aeasj-363	155	8	of	of	ADP
aeasj-363	155	9	bank	bank	NOUN
aeasj-363	155	10	and	and	CCONJ
aeasj-363	155	11	growth	growth	NOUN
aeasj-363	155	12	,	,	PUNCT
aeasj-363	155	13	enhance	enhance	VERB
aeasj-363	155	14	the	the	DET
aeasj-363	155	15	performance	performance	NOUN
aeasj-363	155	16	of	of	ADP
aeasj-363	155	17	banks	bank	NOUN
aeasj-363	155	18	.	.	PUNCT
aeasj-363	156	1	uwuigbe	uwuigbe	PROPN
aeasj-363	156	2	,	,	PUNCT
aeasj-363	156	3	jafaru	jafaru	NOUN
aeasj-363	156	4	and	and	CCONJ
aeasj-363	156	5	ajayi	ajayi	NOUN
aeasj-363	156	6	(	(	PUNCT
aeasj-363	156	7	2012	2012	NUM
aeasj-363	156	8	)	)	PUNCT
aeasj-363	156	9	investigate	investigate	VERB
aeasj-363	156	10	the	the	DET
aeasj-363	156	11	relationship	relationship	NOUN
aeasj-363	156	12	between	between	ADP
aeasj-363	156	13	the	the	DET
aeasj-363	156	14	financial	financial	ADJ
aeasj-363	156	15	performance	performance	NOUN
aeasj-363	156	16	and	and	CCONJ
aeasj-363	156	17	dividend	dividend	NOUN
aeasj-363	156	18	payout	payout	NOUN
aeasj-363	156	19	among	among	ADP
aeasj-363	156	20	50	50	NUM
aeasj-363	156	21	listed	list	VERB
aeasj-363	156	22	firms	firm	NOUN
aeasj-363	156	23	in	in	ADP
aeasj-363	156	24	nigeria	nigeria	PROPN
aeasj-363	156	25	for	for	ADP
aeasj-363	156	26	2006	2006	NUM
aeasj-363	156	27	to	to	ADP
aeasj-363	156	28	2010	2010	NUM
aeasj-363	156	29	.	.	PUNCT
aeasj-363	157	1	result	result	NOUN
aeasj-363	157	2	shows	show	VERB
aeasj-363	157	3	a	a	DET
aeasj-363	157	4	significant	significant	ADJ
aeasj-363	157	5	and	and	CCONJ
aeasj-363	157	6	positive	positive	ADJ
aeasj-363	157	7	association	association	NOUN
aeasj-363	157	8	between	between	ADP
aeasj-363	157	9	the	the	DET
aeasj-363	157	10	performance	performance	NOUN
aeasj-363	157	11	of	of	ADP
aeasj-363	157	12	firms	firm	NOUN
aeasj-363	157	13	and	and	CCONJ
aeasj-363	157	14	the	the	DET
aeasj-363	157	15	dividend	dividend	NOUN
aeasj-363	157	16	pay	pay	NOUN
aeasj-363	157	17	-	-	PUNCT
aeasj-363	157	18	out	out	NOUN
aeasj-363	157	19	.	.	PUNCT
aeasj-363	158	1	the	the	DET
aeasj-363	158	2	study	study	NOUN
aeasj-363	158	3	also	also	ADV
aeasj-363	158	4	reveals	reveal	VERB
aeasj-363	158	5	that	that	SCONJ
aeasj-363	158	6	ownership	ownership	NOUN
aeasj-363	158	7	structure	structure	NOUN
aeasj-363	158	8	and	and	CCONJ
aeasj-363	158	9	firm	firm	NOUN
aeasj-363	158	10	’s	’s	PART
aeasj-363	158	11	size	size	NOUN
aeasj-363	158	12	has	have	VERB
aeasj-363	158	13	a	a	DET
aeasj-363	158	14	significant	significant	ADJ
aeasj-363	158	15	impact	impact	NOUN
aeasj-363	158	16	on	on	ADP
aeasj-363	158	17	dividend	dividend	NOUN
aeasj-363	158	18	pay	pay	NOUN
aeasj-363	158	19	-	-	PUNCT
aeasj-363	158	20	out	out	NOUN
aeasj-363	158	21	of	of	ADP
aeasj-363	158	22	firms	firm	NOUN
aeasj-363	158	23	.	.	PUNCT
aeasj-363	159	1	merekefu	merekefu	PROPN
aeasj-363	159	2	and	and	CCONJ
aeasj-363	159	3	ouma	ouma	PROPN
aeasj-363	159	4	(	(	PUNCT
aeasj-363	159	5	2012	2012	NUM
aeasj-363	159	6	)	)	PUNCT
aeasj-363	159	7	examined	examine	VERB
aeasj-363	159	8	the	the	DET
aeasj-363	159	9	relationship	relationship	NOUN
aeasj-363	159	10	between	between	ADP
aeasj-363	159	11	dividend	dividend	NOUN
aeasj-363	159	12	pay	pay	NOUN
aeasj-363	159	13	-	-	PUNCT
aeasj-363	159	14	out	out	NOUN
aeasj-363	159	15	and	and	CCONJ
aeasj-363	159	16	firm	firm	ADJ
aeasj-363	159	17	performance	performance	NOUN
aeasj-363	159	18	.	.	PUNCT
aeasj-363	160	1	the	the	DET
aeasj-363	160	2	study	study	NOUN
aeasj-363	160	3	was	be	AUX
aeasj-363	160	4	based	base	VERB
aeasj-363	160	5	on	on	ADP
aeasj-363	160	6	41	41	NUM
aeasj-363	160	7	companies	company	NOUN
aeasj-363	160	8	listed	list	VERB
aeasj-363	160	9	on	on	ADP
aeasj-363	160	10	the	the	DET
aeasj-363	160	11	nairobi	nairobi	PROPN
aeasj-363	160	12	securities	securities	PROPN
aeasj-363	160	13	exchange	exchange	NOUN
aeasj-363	160	14	from	from	ADP
aeasj-363	160	15	2002	2002	NUM
aeasj-363	160	16	-	-	SYM
aeasj-363	160	17	2010	2010	NUM
aeasj-363	160	18	.	.	PUNCT
aeasj-363	161	1	they	they	PRON
aeasj-363	161	2	did	do	VERB
aeasj-363	161	3	a	a	DET
aeasj-363	161	4	regression	regression	NOUN
aeasj-363	161	5	analysis	analysis	NOUN
aeasj-363	161	6	to	to	PART
aeasj-363	161	7	determine	determine	VERB
aeasj-363	161	8	the	the	DET
aeasj-363	161	9	relationship	relationship	NOUN
aeasj-363	161	10	between	between	ADP
aeasj-363	161	11	dividend	dividend	NOUN
aeasj-363	161	12	payout	payout	NOUN
aeasj-363	161	13	and	and	CCONJ
aeasj-363	161	14	firm	firm	ADJ
aeasj-363	161	15	performance	performance	NOUN
aeasj-363	161	16	.	.	PUNCT
aeasj-363	162	1	net	net	ADJ
aeasj-363	162	2	profit	profit	NOUN
aeasj-363	162	3	margin	margin	NOUN
aeasj-363	162	4	was	be	AUX
aeasj-363	162	5	the	the	DET
aeasj-363	162	6	dependent	dependent	ADJ
aeasj-363	162	7	variable	variable	NOUN
aeasj-363	162	8	,	,	PUNCT
aeasj-363	162	9	while	while	SCONJ
aeasj-363	162	10	dividends	dividend	NOUN
aeasj-363	162	11	paid	pay	VERB
aeasj-363	162	12	;	;	PUNCT
aeasj-363	162	13	total	total	ADJ
aeasj-363	162	14	assets	asset	NOUN
aeasj-363	162	15	and	and	CCONJ
aeasj-363	162	16	revenue	revenue	NOUN
aeasj-363	162	17	were	be	AUX
aeasj-363	162	18	the	the	DET
aeasj-363	162	19	independent	independent	ADJ
aeasj-363	162	20	variables	variable	NOUN
aeasj-363	162	21	.	.	PUNCT
aeasj-363	163	1	the	the	DET
aeasj-363	163	2	results	result	NOUN
aeasj-363	163	3	indicated	indicate	VERB
aeasj-363	163	4	that	that	SCONJ
aeasj-363	163	5	about	about	ADP
aeasj-363	163	6	80.7%of	80.7%of	PROPN
aeasj-363	163	7	net	net	ADJ
aeasj-363	163	8	profit	profit	NOUN
aeasj-363	163	9	after	after	ADP
aeasj-363	163	10	tax	tax	NOUN
aeasj-363	163	11	was	be	AUX
aeasj-363	163	12	influenced	influence	VERB
aeasj-363	163	13	by	by	ADP
aeasj-363	163	14	dividends	dividend	NOUN
aeasj-363	163	15	paid	pay	VERB
aeasj-363	163	16	,	,	PUNCT
aeasj-363	163	17	total	total	ADJ
aeasj-363	163	18	assets	asset	NOUN
aeasj-363	163	19	and	and	CCONJ
aeasj-363	163	20	revenue	revenue	NOUN
aeasj-363	163	21	.	.	PUNCT
aeasj-363	164	1	they	they	PRON
aeasj-363	164	2	found	find	VERB
aeasj-363	164	3	a	a	DET
aeasj-363	164	4	positive	positive	ADJ
aeasj-363	164	5	strong	strong	ADJ
aeasj-363	164	6	relationship	relationship	NOUN
aeasj-363	164	7	between	between	ADP
aeasj-363	164	8	net	net	ADJ
aeasj-363	164	9	profit	profit	NOUN
aeasj-363	164	10	after	after	ADP
aeasj-363	164	11	tax	tax	NOUN
aeasj-363	164	12	and	and	CCONJ
aeasj-363	164	13	dividends	dividend	NOUN
aeasj-363	164	14	.	.	PUNCT
aeasj-363	165	1	gul	gul	PROPN
aeasj-363	165	2	(	(	PUNCT
aeasj-363	165	3	2012	2012	NUM
aeasj-363	165	4	)	)	PUNCT
aeasj-363	165	5	examined	examine	VERB
aeasj-363	165	6	in	in	ADP
aeasj-363	165	7	pakistan	pakistan	PROPN
aeasj-363	165	8	testing	testing	NOUN
aeasj-363	165	9	the	the	DET
aeasj-363	165	10	relationship	relationship	NOUN
aeasj-363	165	11	between	between	ADP
aeasj-363	165	12	dividend	dividend	NOUN
aeasj-363	165	13	policy	policy	NOUN
aeasj-363	165	14	and	and	CCONJ
aeasj-363	165	15	shareholders	shareholder	NOUN
aeasj-363	165	16	’	'	PUNCT
aeasj-363	165	17	wealth	wealth	NOUN
aeasj-363	165	18	.	.	PUNCT
aeasj-363	166	1	the	the	DET
aeasj-363	166	2	study	study	NOUN
aeasj-363	166	3	was	be	AUX
aeasj-363	166	4	based	base	VERB
aeasj-363	166	5	on	on	ADP
aeasj-363	166	6	a	a	DET
aeasj-363	166	7	sample	sample	NOUN
aeasj-363	166	8	of	of	ADP
aeasj-363	166	9	72	72	NUM
aeasj-363	166	10	companies	company	NOUN
aeasj-363	166	11	listed	list	VERB
aeasj-363	166	12	on	on	ADP
aeasj-363	166	13	the	the	DET
aeasj-363	166	14	karachi	karachi	PROPN
aeasj-363	166	15	stock	stock	PROPN
aeasj-363	166	16	exchange	exchange	PROPN
aeasj-363	166	17	from	from	ADP
aeasj-363	166	18	2005	2005	NUM
aeasj-363	166	19	-	-	SYM
aeasj-363	166	20	2010	2010	NUM
aeasj-363	166	21	.	.	PUNCT
aeasj-363	167	1	the	the	DET
aeasj-363	167	2	authors	author	NOUN
aeasj-363	167	3	used	use	VERB
aeasj-363	167	4	multiple	multiple	ADJ
aeasj-363	167	5	regression	regression	NOUN
aeasj-363	167	6	and	and	CCONJ
aeasj-363	167	7	stepwise	stepwise	ADJ
aeasj-363	167	8	regression	regression	NOUN
aeasj-363	167	9	method	method	NOUN
aeasj-363	167	10	to	to	PART
aeasj-363	167	11	study	study	VERB
aeasj-363	167	12	the	the	DET
aeasj-363	167	13	impact	impact	NOUN
aeasj-363	167	14	of	of	ADP
aeasj-363	167	15	dividend	dividend	NOUN
aeasj-363	167	16	policy	policy	NOUN
aeasj-363	167	17	on	on	ADP
aeasj-363	167	18	shareholders	shareholder	NOUN
aeasj-363	167	19	’	'	PUNCT
aeasj-363	167	20	wealth	wealth	NOUN
aeasj-363	167	21	.	.	PUNCT
aeasj-363	168	1	market	market	NOUN
aeasj-363	168	2	value	value	NOUN
aeasj-363	168	3	of	of	ADP
aeasj-363	168	4	equity	equity	NOUN
aeasj-363	168	5	is	be	AUX
aeasj-363	168	6	the	the	DET
aeasj-363	168	7	depended	depended	ADJ
aeasj-363	168	8	variable	variable	NOUN
aeasj-363	168	9	and	and	CCONJ
aeasj-363	168	10	was	be	AUX
aeasj-363	168	11	used	use	VERB
aeasj-363	168	12	as	as	ADP
aeasj-363	168	13	a	a	DET
aeasj-363	168	14	proxy	proxy	NOUN
aeasj-363	168	15	for	for	ADP
aeasj-363	168	16	measuring	measure	VERB
aeasj-363	168	17	shareholders	shareholder	NOUN
aeasj-363	168	18	’	'	PUNCT
aeasj-363	168	19	wealth	wealth	NOUN
aeasj-363	168	20	.	.	PUNCT
aeasj-363	169	1	the	the	DET
aeasj-363	169	2	independent	independent	ADJ
aeasj-363	169	3	variables	variable	NOUN
aeasj-363	169	4	include	include	VERB
aeasj-363	169	5	dividend	dividend	NOUN
aeasj-363	169	6	per	per	ADP
aeasj-363	169	7	share	share	NOUN
aeasj-363	169	8	,	,	PUNCT
aeasj-363	169	9	retained	retain	VERB
aeasj-363	169	10	earnings	earning	NOUN
aeasj-363	169	11	,	,	PUNCT
aeasj-363	169	12	lagged	lag	VERB
aeasj-363	169	13	price	price	NOUN
aeasj-363	169	14	to	to	ADP
aeasj-363	169	15	earnings	earning	NOUN
aeasj-363	169	16	ratio	ratio	NOUN
aeasj-363	169	17	and	and	CCONJ
aeasj-363	169	18	lagged	lag	VERB
aeasj-363	169	19	market	market	NOUN
aeasj-363	169	20	value	value	NOUN
aeasj-363	169	21	of	of	ADP
aeasj-363	169	22	equity	equity	NOUN
aeasj-363	169	23	.	.	PUNCT
aeasj-363	170	1	dividend	dividend	NOUN
aeasj-363	170	2	per	per	ADP
aeasj-363	170	3	share	share	NOUN
aeasj-363	170	4	was	be	AUX
aeasj-363	170	5	used	use	VERB
aeasj-363	170	6	as	as	ADP
aeasj-363	170	7	a	a	DET
aeasj-363	170	8	proxy	proxy	NOUN
aeasj-363	170	9	for	for	ADP
aeasj-363	170	10	measuring	measure	VERB
aeasj-363	170	11	the	the	DET
aeasj-363	170	12	dividend	dividend	NOUN
aeasj-363	170	13	policy	policy	NOUN
aeasj-363	170	14	of	of	ADP
aeasj-363	170	15	a	a	DET
aeasj-363	170	16	firm	firm	NOUN
aeasj-363	170	17	.	.	PUNCT
aeasj-363	171	1	gul	gul	PROPN
aeasj-363	171	2	(	(	PUNCT
aeasj-363	171	3	2012	2012	NUM
aeasj-363	171	4	)	)	PUNCT
aeasj-363	171	5	found	find	VERB
aeasj-363	171	6	that	that	SCONJ
aeasj-363	171	7	the	the	DET
aeasj-363	171	8	market	market	NOUN
aeasj-363	171	9	value	value	NOUN
aeasj-363	171	10	of	of	ADP
aeasj-363	171	11	companies	company	NOUN
aeasj-363	171	12	that	that	PRON
aeasj-363	171	13	pay	pay	VERB
aeasj-363	171	14	dividends	dividend	NOUN
aeasj-363	171	15	is	be	AUX
aeasj-363	171	16	well	well	ADV
aeasj-363	171	17	above	above	ADP
aeasj-363	171	18	the	the	DET
aeasj-363	171	19	book	book	NOUN
aeasj-363	171	20	value	value	NOUN
aeasj-363	171	21	as	as	SCONJ
aeasj-363	171	22	compared	compare	VERB
aeasj-363	171	23	to	to	ADP
aeasj-363	171	24	companies	company	NOUN
aeasj-363	171	25	that	that	PRON
aeasj-363	171	26	do	do	AUX
aeasj-363	171	27	not	not	PART
aeasj-363	171	28	pay	pay	VERB
aeasj-363	171	29	dividends	dividend	NOUN
aeasj-363	171	30	.	.	PUNCT
aeasj-363	172	1	they	they	PRON
aeasj-363	172	2	reported	report	VERB
aeasj-363	172	3	that	that	SCONJ
aeasj-363	172	4	there	there	PRON
aeasj-363	172	5	is	be	VERB
aeasj-363	172	6	a	a	DET
aeasj-363	172	7	significant	significant	ADJ
aeasj-363	172	8	difference	difference	NOUN
aeasj-363	172	9	between	between	ADP
aeasj-363	172	10	shareholders	shareholder	NOUN
aeasj-363	172	11	’	’	PART
aeasj-363	172	12	wealth	wealth	NOUN
aeasj-363	172	13	in	in	ADP
aeasj-363	172	14	companies	company	NOUN
aeasj-363	172	15	that	that	PRON
aeasj-363	172	16	pay	pay	VERB
aeasj-363	172	17	dividends	dividend	NOUN
aeasj-363	172	18	than	than	ADP
aeasj-363	172	19	those	those	PRON
aeasj-363	172	20	that	that	PRON
aeasj-363	172	21	do	do	AUX
aeasj-363	172	22	not	not	PART
aeasj-363	172	23	pay	pay	VERB
aeasj-363	172	24	dividends	dividend	NOUN
aeasj-363	172	25	.	.	PUNCT
aeasj-363	173	1	their	their	PRON
aeasj-363	173	2	findings	finding	NOUN
aeasj-363	173	3	also	also	ADV
aeasj-363	173	4	indicate	indicate	VERB
aeasj-363	173	5	that	that	SCONJ
aeasj-363	173	6	the	the	DET
aeasj-363	173	7	wealth	wealth	NOUN
aeasj-363	173	8	of	of	ADP
aeasj-363	173	9	dividend	dividend	NOUN
aeasj-363	173	10	payers	payer	NOUN
aeasj-363	173	11	increased	increase	VERB
aeasj-363	173	12	significantly	significantly	ADV
aeasj-363	173	13	as	as	SCONJ
aeasj-363	173	14	compared	compare	VERB
aeasj-363	173	15	to	to	ADP
aeasj-363	173	16	nonpayers	nonpayer	NOUN
aeasj-363	173	17	,	,	PUNCT
aeasj-363	173	18	which	which	PRON
aeasj-363	173	19	shows	show	VERB
aeasj-363	173	20	the	the	DET
aeasj-363	173	21	impact	impact	NOUN
aeasj-363	173	22	of	of	ADP
aeasj-363	173	23	dividend	dividend	NOUN
aeasj-363	173	24	policy	policy	NOUN
aeasj-363	173	25	on	on	ADP
aeasj-363	173	26	shareholders	shareholder	NOUN
aeasj-363	173	27	‘	'	PUNCT
aeasj-363	173	28	wealth	wealth	NOUN
aeasj-363	173	29	.	.	PUNCT
aeasj-363	174	1	the	the	DET
aeasj-363	174	2	regression	regression	NOUN
aeasj-363	174	3	analysis	analysis	NOUN
aeasj-363	174	4	on	on	ADP
aeasj-363	174	5	the	the	DET
aeasj-363	174	6	4	4	NUM
aeasj-363	174	7	models	model	NOUN
aeasj-363	174	8	are	be	AUX
aeasj-363	174	9	significant	significant	ADJ
aeasj-363	174	10	at	at	ADP
aeasj-363	174	11	a	a	DET
aeasj-363	174	12	1	1	NUM
aeasj-363	174	13	%	%	NOUN
aeasj-363	174	14	level	level	NOUN
aeasj-363	174	15	and	and	CCONJ
aeasj-363	174	16	the	the	DET
aeasj-363	174	17	results	result	NOUN
aeasj-363	174	18	indicate	indicate	VERB
aeasj-363	174	19	that	that	DET
aeasj-363	174	20	dividend	dividend	NOUN
aeasj-363	174	21	per	per	ADP
aeasj-363	174	22	share	share	NOUN
aeasj-363	174	23	has	have	VERB
aeasj-363	174	24	a	a	DET
aeasj-363	174	25	significant	significant	ADJ
aeasj-363	174	26	positive	positive	ADJ
aeasj-363	174	27	influence	influence	NOUN
aeasj-363	174	28	on	on	ADP
aeasj-363	174	29	the	the	DET
aeasj-363	174	30	dependent	dependent	ADJ
aeasj-363	174	31	variable	variable	NOUN
aeasj-363	174	32	in	in	ADP
aeasj-363	174	33	all	all	DET
aeasj-363	174	34	models	model	NOUN
aeasj-363	174	35	except	except	SCONJ
aeasj-363	174	36	model	model	NOUN
aeasj-363	174	37	3	3	NUM
aeasj-363	174	38	.	.	PUNCT
aeasj-363	175	1	these	these	PRON
aeasj-363	175	2	suggest	suggest	VERB
aeasj-363	175	3	that	that	SCONJ
aeasj-363	175	4	the	the	PRON
aeasj-363	175	5	higher	high	ADJ
aeasj-363	175	6	the	the	DET
aeasj-363	175	7	companies	company	NOUN
aeasj-363	175	8	pay	pay	VERB
aeasj-363	175	9	dividend	dividend	NOUN
aeasj-363	175	10	per	per	ADP
aeasj-363	175	11	share	share	NOUN
aeasj-363	175	12	the	the	DET
aeasj-363	175	13	higher	high	ADJ
aeasj-363	175	14	shareholders	shareholder	NOUN
aeasj-363	175	15	wealth	wealth	NOUN
aeasj-363	175	16	will	will	AUX
aeasj-363	175	17	be	be	AUX
aeasj-363	175	18	.	.	PUNCT
aeasj-363	176	1	timothy	timothy	PROPN
aeasj-363	176	2	and	and	CCONJ
aeasj-363	176	3	peter	peter	PROPN
aeasj-363	176	4	(	(	PUNCT
aeasj-363	176	5	2012	2012	NUM
aeasj-363	176	6	)	)	PUNCT
aeasj-363	176	7	sought	seek	VERB
aeasj-363	176	8	to	to	PART
aeasj-363	176	9	establish	establish	VERB
aeasj-363	176	10	the	the	DET
aeasj-363	176	11	relationship	relationship	NOUN
aeasj-363	176	12	between	between	ADP
aeasj-363	176	13	dividend	dividend	NOUN
aeasj-363	176	14	payout	payout	NOUN
aeasj-363	176	15	and	and	CCONJ
aeasj-363	176	16	firm	firm	ADJ
aeasj-363	176	17	performance	performance	NOUN
aeasj-363	176	18	among	among	ADP
aeasj-363	176	19	listed	list	VERB
aeasj-363	176	20	firms	firm	NOUN
aeasj-363	176	21	on	on	ADP
aeasj-363	176	22	the	the	DET
aeasj-363	176	23	nairobi	nairobi	PROPN
aeasj-363	176	24	securities	securities	PROPN
aeasj-363	176	25	exchange	exchange	PROPN
aeasj-363	176	26	during	during	ADP
aeasj-363	176	27	the	the	DET
aeasj-363	176	28	period	period	NOUN
aeasj-363	176	29	of	of	ADP
aeasj-363	176	30	2002	2002	NUM
aeasj-363	176	31	-2010	-2010	PROPN
aeasj-363	176	32	.	.	PUNCT
aeasj-363	177	1	they	they	PRON
aeasj-363	177	2	employed	employ	VERB
aeasj-363	177	3	regression	regression	NOUN
aeasj-363	177	4	analysis	analysis	NOUN
aeasj-363	177	5	to	to	PART
aeasj-363	177	6	establish	establish	VERB
aeasj-363	177	7	the	the	DET
aeasj-363	177	8	relationship	relationship	NOUN
aeasj-363	177	9	between	between	ADP
aeasj-363	177	10	dividend	dividend	NOUN
aeasj-363	177	11	payout	payout	NOUN
aeasj-363	177	12	and	and	CCONJ
aeasj-363	177	13	firm	firm	ADJ
aeasj-363	177	14	performance	performance	NOUN
aeasj-363	177	15	.	.	PUNCT
aeasj-363	178	1	their	their	PRON
aeasj-363	178	2	findings	finding	NOUN
aeasj-363	178	3	indicated	indicate	VERB
aeasj-363	178	4	that	that	SCONJ
aeasj-363	178	5	dividend	dividend	NOUN
aeasj-363	178	6	payout	payout	NOUN
aeasj-363	178	7	was	be	AUX
aeasj-363	178	8	a	a	DET
aeasj-363	178	9	major	major	ADJ
aeasj-363	178	10	factor	factor	NOUN
aeasj-363	178	11	affecting	affect	VERB
aeasj-363	178	12	firm	firm	ADJ
aeasj-363	178	13	profitability	profitability	NOUN
aeasj-363	178	14	measured	measure	VERB
aeasj-363	178	15	by	by	ADP
aeasj-363	178	16	net	net	ADJ
aeasj-363	178	17	profit	profit	NOUN
aeasj-363	178	18	after	after	ADP
aeasj-363	178	19	tax	tax	NOUN
aeasj-363	178	20	.	.	PUNCT
aeasj-363	179	1	their	their	PRON
aeasj-363	179	2	relationship	relationship	NOUN
aeasj-363	179	3	was	be	AUX
aeasj-363	179	4	also	also	ADV
aeasj-363	179	5	strong	strong	ADJ
aeasj-363	179	6	and	and	CCONJ
aeasj-363	179	7	positive	positive	ADJ
aeasj-363	179	8	.	.	PUNCT
aeasj-363	180	1	this	this	PRON
aeasj-363	180	2	therefore	therefore	ADV
aeasj-363	180	3	showed	show	VERB
aeasj-363	180	4	that	that	SCONJ
aeasj-363	180	5	dividend	dividend	NOUN
aeasj-363	180	6	policy	policy	NOUN
aeasj-363	180	7	was	be	AUX
aeasj-363	180	8	relevant	relevant	ADJ
aeasj-363	180	9	.	.	PUNCT
aeasj-363	181	1	salehnezhad	salehnezhad	PROPN
aeasj-363	181	2	(	(	PUNCT
aeasj-363	181	3	2013	2013	NUM
aeasj-363	181	4	)	)	PUNCT
aeasj-363	181	5	investigates	investigate	VERB
aeasj-363	181	6	corporate	corporate	ADJ
aeasj-363	181	7	governance	governance	NOUN
aeasj-363	181	8	and	and	CCONJ
aeasj-363	181	9	dividend	dividend	NOUN
aeasj-363	181	10	policy	policy	NOUN
aeasj-363	181	11	in	in	ADP
aeasj-363	181	12	firms	firm	NOUN
aeasj-363	181	13	listed	list	VERB
aeasj-363	181	14	in	in	ADP
aeasj-363	181	15	tehran	tehran	PROPN
aeasj-363	181	16	stock	stock	PROPN
aeasj-363	181	17	exchange	exchange	PROPN
aeasj-363	181	18	for	for	ADP
aeasj-363	181	19	the	the	DET
aeasj-363	181	20	period	period	NOUN
aeasj-363	181	21	2010	2010	NUM
aeasj-363	181	22	to	to	ADP
aeasj-363	181	23	2012	2012	NUM
aeasj-363	181	24	.	.	PUNCT
aeasj-363	182	1	using	use	VERB
aeasj-363	182	2	fuzzy	fuzzy	ADJ
aeasj-363	182	3	regression	regression	NOUN
aeasj-363	182	4	analysis	analysis	NOUN
aeasj-363	182	5	,	,	PUNCT
aeasj-363	182	6	the	the	DET
aeasj-363	182	7	result	result	NOUN
aeasj-363	182	8	shows	show	VERB
aeasj-363	182	9	that	that	SCONJ
aeasj-363	182	10	a	a	DET
aeasj-363	182	11	positive	positive	ADJ
aeasj-363	182	12	relationship	relationship	NOUN
aeasj-363	182	13	exists	exist	VERB
aeasj-363	182	14	between	between	ADP
aeasj-363	182	15	financial	financial	ADJ
aeasj-363	182	16	performance	performance	NOUN
aeasj-363	182	17	(	(	PUNCT
aeasj-363	182	18	stock	stock	NOUN
aeasj-363	182	19	returns	return	NOUN
aeasj-363	182	20	)	)	PUNCT
aeasj-363	182	21	and	and	CCONJ
aeasj-363	182	22	dividend	dividend	NOUN
aeasj-363	182	23	policy	policy	NOUN
aeasj-363	182	24	.	.	PUNCT
aeasj-363	183	1	dwita	dwita	PROPN
aeasj-363	183	2	ayurizqia	ayurizqia	PROPN
aeasj-363	183	3	,	,	PUNCT
aeasj-363	183	4	sitiaisjahsimiati	sitiaisjahsimiati	NOUN
aeasj-363	183	5	(	(	PUNCT
aeasj-363	183	6	2013	2013	NUM
aeasj-363	183	7	)	)	PUNCT
aeasj-363	183	8	study	study	VERB
aeasj-363	183	9	the	the	DET
aeasj-363	183	10	effect	effect	NOUN
aeasj-363	183	11	of	of	ADP
aeasj-363	183	12	managerial	managerial	ADJ
aeasj-363	183	13	ownership	ownership	NOUN
aeasj-363	183	14	,	,	PUNCT
aeasj-363	183	15	financial	financial	ADJ
aeasj-363	183	16	leverage	leverage	NOUN
aeasj-363	183	17	,	,	PUNCT
aeasj-363	183	18	profitability	profitability	NOUN
aeasj-363	183	19	,	,	PUNCT
aeasj-363	183	20	firm	firm	ADJ
aeasj-363	183	21	size	size	NOUN
aeasj-363	183	22	and	and	CCONJ
aeasj-363	183	23	investment	investment	NOUN
aeasj-363	183	24	opportunity	opportunity	NOUN
aeasj-363	183	25	on	on	ADP
aeasj-363	183	26	dividend	dividend	NOUN
aeasj-363	183	27	policy	policy	NOUN
aeasj-363	183	28	and	and	CCONJ
aeasj-363	183	29	effect	effect	NOUN
aeasj-363	183	30	of	of	ADP
aeasj-363	183	31	all	all	PRON
aeasj-363	183	32	that	that	PRON
aeasj-363	183	33	variables	variable	VERB
aeasj-363	183	34	on	on	ADP
aeasj-363	183	35	firm	firm	ADJ
aeasj-363	183	36	value	value	NOUN
aeasj-363	183	37	on	on	ADP
aeasj-363	183	38	manufacturing	manufacturing	NOUN
aeasj-363	183	39	firms	firm	NOUN
aeasj-363	183	40	that	that	PRON
aeasj-363	183	41	go	go	VERB
aeasj-363	183	42	-	-	PUNCT
aeasj-363	183	43	public	public	ADJ
aeasj-363	183	44	and	and	CCONJ
aeasj-363	183	45	listed	list	VERB
aeasj-363	183	46	in	in	ADP
aeasj-363	183	47	indonesia	indonesia	PROPN
aeasj-363	183	48	stock	stock	PROPN
aeasj-363	183	49	exchange	exchange	PROPN
aeasj-363	183	50	during	during	ADP
aeasj-363	183	51	2006	2006	NUM
aeasj-363	183	52	-	-	SYM
aeasj-363	183	53	2011	2011	NUM
aeasj-363	183	54	.	.	PUNCT
aeasj-363	184	1	during	during	ADP
aeasj-363	184	2	2006	2006	NUM
aeasj-363	184	3	-	-	SYM
aeasj-363	184	4	2009	2009	NUM
aeasj-363	184	5	,	,	PUNCT
aeasj-363	184	6	the	the	DET
aeasj-363	184	7	manufacturing	manufacturing	NOUN
aeasj-363	184	8	sector	sector	NOUN
aeasj-363	184	9	growth	growth	NOUN
aeasj-363	184	10	is	be	AUX
aeasj-363	184	11	declining	decline	VERB
aeasj-363	184	12	which	which	PRON
aeasj-363	184	13	will	will	AUX
aeasj-363	184	14	hinder	hinder	VERB
aeasj-363	184	15	goal	goal	NOUN
aeasj-363	184	16	to	to	PART
aeasj-363	184	17	increase	increase	VERB
aeasj-363	184	18	firm	firm	ADJ
aeasj-363	184	19	value	value	NOUN
aeasj-363	184	20	.	.	PUNCT
aeasj-363	185	1	there	there	PRON
aeasj-363	185	2	were	be	VERB
aeasj-363	185	3	15	15	NUM
aeasj-363	185	4	firms	firm	NOUN
aeasj-363	185	5	committed	commit	VERB
aeasj-363	185	6	to	to	PART
aeasj-363	185	7	distribute	distribute	VERB
aeasj-363	185	8	dividends	dividend	NOUN
aeasj-363	185	9	for	for	ADP
aeasj-363	185	10	5consecutive	5consecutive	NUM
aeasj-363	185	11	years	year	NOUN
aeasj-363	185	12	during	during	ADP
aeasj-363	185	13	2007	2007	NUM
aeasj-363	185	14	-	-	SYM
aeasj-363	185	15	2011	2011	NUM
aeasj-363	185	16	and	and	CCONJ
aeasj-363	185	17	most	most	ADJ
aeasj-363	185	18	of	of	ADP
aeasj-363	185	19	15	15	NUM
aeasj-363	185	20	firms	firm	NOUN
aeasj-363	185	21	decided	decide	VERB
aeasj-363	185	22	large	large	ADJ
aeasj-363	185	23	copyright	copyright	NOUN
aeasj-363	185	24	©	©	PROPN
aeasj-363	185	25	cc	cc	NOUN
aeasj-363	185	26	-	-	PUNCT
aeasj-363	185	27	by	by	ADP
aeasj-363	185	28	-	-	PUNCT
aeasj-363	185	29	nc	nc	PROPN
aeasj-363	185	30	2019	2019	NUM
aeasj-363	185	31	,	,	PUNCT
aeasj-363	185	32	cribfb	cribfb	VERB
aeasj-363	185	33	|	|	ADV
aeasj-363	185	34	aesr	aesr	ADV
aeasj-363	185	35	www.cribfb.com/journal/index.php/aesr	www.cribfb.com/journal/index.php/aesr	VERB
aeasj-363	185	36	american	american	PROPN
aeasj-363	185	37	economic	economic	PROPN
aeasj-363	185	38	&	&	CCONJ
aeasj-363	185	39	social	social	PROPN
aeasj-363	185	40	review	review	PROPN
aeasj-363	185	41	vol	vol	NOUN
aeasj-363	185	42	.	.	PROPN
aeasj-363	186	1	5	5	NUM
aeasj-363	186	2	,	,	PUNCT
aeasj-363	186	3	no	no	INTJ
aeasj-363	186	4	.	.	NOUN
aeasj-363	186	5	2	2	NUM
aeasj-363	186	6	;	;	PUNCT
aeasj-363	186	7	2019	2019	NUM
aeasj-363	186	8	50	50	NUM
aeasj-363	186	9	percentage	percentage	NOUN
aeasj-363	186	10	of	of	ADP
aeasj-363	186	11	retained	retain	VERB
aeasj-363	186	12	earnings	earning	NOUN
aeasj-363	186	13	.	.	PUNCT
aeasj-363	187	1	this	this	PRON
aeasj-363	187	2	also	also	ADV
aeasj-363	187	3	shows	show	VERB
aeasj-363	187	4	management	management	NOUN
aeasj-363	187	5	decisions	decision	NOUN
aeasj-363	187	6	making	making	AUX
aeasj-363	187	7	influenced	influence	VERB
aeasj-363	187	8	by	by	ADP
aeasj-363	187	9	distribution	distribution	NOUN
aeasj-363	187	10	and	and	CCONJ
aeasj-363	187	11	growth	growth	NOUN
aeasj-363	187	12	of	of	ADP
aeasj-363	187	13	firm	firm	ADJ
aeasj-363	187	14	profitable	profitable	ADJ
aeasj-363	187	15	investment	investment	NOUN
aeasj-363	187	16	opportunities	opportunity	NOUN
aeasj-363	187	17	.	.	PUNCT
aeasj-363	188	1	the	the	DET
aeasj-363	188	2	sample	sample	NOUN
aeasj-363	188	3	was	be	AUX
aeasj-363	188	4	decided	decide	VERB
aeasj-363	188	5	by	by	ADP
aeasj-363	188	6	census	census	NOUN
aeasj-363	188	7	method	method	NOUN
aeasj-363	188	8	.	.	PUNCT
aeasj-363	189	1	they	they	PRON
aeasj-363	189	2	had	have	AUX
aeasj-363	189	3	tested	test	VERB
aeasj-363	189	4	that	that	SCONJ
aeasj-363	189	5	most	most	ADJ
aeasj-363	189	6	of	of	ADP
aeasj-363	189	7	the	the	DET
aeasj-363	189	8	firms	firm	NOUN
aeasj-363	189	9	tend	tend	VERB
aeasj-363	189	10	to	to	PART
aeasj-363	189	11	pay	pay	VERB
aeasj-363	189	12	dividend	dividend	NOUN
aeasj-363	189	13	to	to	ADP
aeasj-363	189	14	the	the	DET
aeasj-363	189	15	investors	investor	NOUN
aeasj-363	189	16	that	that	PRON
aeasj-363	189	17	believe	believe	VERB
aeasj-363	189	18	will	will	AUX
aeasj-363	189	19	increase	increase	VERB
aeasj-363	189	20	the	the	DET
aeasj-363	189	21	firm	firm	ADJ
aeasj-363	189	22	share	share	NOUN
aeasj-363	189	23	price	price	NOUN
aeasj-363	189	24	as	as	SCONJ
aeasj-363	189	25	shareholder	shareholder	NOUN
aeasj-363	189	26	believe	believe	VERB
aeasj-363	189	27	only	only	ADV
aeasj-363	189	28	a	a	DET
aeasj-363	189	29	firm	firm	NOUN
aeasj-363	189	30	with	with	ADP
aeasj-363	189	31	good	good	ADJ
aeasj-363	189	32	profit	profit	NOUN
aeasj-363	189	33	is	be	AUX
aeasj-363	189	34	able	able	ADJ
aeasj-363	189	35	to	to	PART
aeasj-363	189	36	payout	payout	VERB
aeasj-363	189	37	dividend	dividend	NOUN
aeasj-363	189	38	.	.	PUNCT
aeasj-363	190	1	ajanthan	ajanthan	PROPN
aeasj-363	190	2	(	(	PUNCT
aeasj-363	190	3	2013	2013	NUM
aeasj-363	190	4	)	)	PUNCT
aeasj-363	190	5	did	do	VERB
aeasj-363	190	6	a	a	DET
aeasj-363	190	7	study	study	NOUN
aeasj-363	190	8	in	in	ADP
aeasj-363	190	9	sri	sri	PROPN
aeasj-363	190	10	lanka	lanka	PROPN
aeasj-363	190	11	on	on	ADP
aeasj-363	190	12	the	the	DET
aeasj-363	190	13	relationship	relationship	NOUN
aeasj-363	190	14	between	between	ADP
aeasj-363	190	15	dividend	dividend	NOUN
aeasj-363	190	16	payout	payout	NOUN
aeasj-363	190	17	and	and	CCONJ
aeasj-363	190	18	profitability	profitability	NOUN
aeasj-363	190	19	among	among	ADP
aeasj-363	190	20	listed	list	VERB
aeasj-363	190	21	hotels	hotel	NOUN
aeasj-363	190	22	and	and	CCONJ
aeasj-363	190	23	restaurant	restaurant	NOUN
aeasj-363	190	24	companies	company	NOUN
aeasj-363	190	25	on	on	ADP
aeasj-363	190	26	the	the	DET
aeasj-363	190	27	colombo	colombo	NOUN
aeasj-363	190	28	stock	stock	NOUN
aeasj-363	190	29	exchange	exchange	NOUN
aeasj-363	190	30	.	.	PUNCT
aeasj-363	191	1	a	a	PRON
aeasj-363	191	2	than	than	SCONJ
aeasj-363	191	3	did	do	VERB
aeasj-363	191	4	a	a	DET
aeasj-363	191	5	regression	regression	NOUN
aeasj-363	191	6	and	and	CCONJ
aeasj-363	191	7	correlation	correlation	NOUN
aeasj-363	191	8	analysis	analysis	NOUN
aeasj-363	191	9	to	to	PART
aeasj-363	191	10	test	test	VERB
aeasj-363	191	11	the	the	DET
aeasj-363	191	12	relationship	relationship	NOUN
aeasj-363	191	13	between	between	ADP
aeasj-363	191	14	dividend	dividend	NOUN
aeasj-363	191	15	payout	payout	NOUN
aeasj-363	191	16	and	and	CCONJ
aeasj-363	191	17	firm	firm	ADJ
aeasj-363	191	18	profitability	profitability	NOUN
aeasj-363	191	19	.	.	PUNCT
aeasj-363	192	1	conclusion	conclusion	NOUN
aeasj-363	192	2	is	be	AUX
aeasj-363	192	3	that	that	SCONJ
aeasj-363	192	4	based	base	VERB
aeasj-363	192	5	on	on	ADP
aeasj-363	192	6	the	the	DET
aeasj-363	192	7	results	result	NOUN
aeasj-363	192	8	“	"	PUNCT
aeasj-363	192	9	dividend	dividend	NOUN
aeasj-363	192	10	policy	policy	NOUN
aeasj-363	192	11	is	be	AUX
aeasj-363	192	12	relevant	relevant	ADJ
aeasj-363	192	13	and	and	CCONJ
aeasj-363	192	14	that	that	SCONJ
aeasj-363	192	15	managers	manager	NOUN
aeasj-363	192	16	should	should	AUX
aeasj-363	192	17	pay	pay	VERB
aeasj-363	192	18	attention	attention	NOUN
aeasj-363	192	19	and	and	CCONJ
aeasj-363	192	20	devote	devote	VERB
aeasj-363	192	21	adequate	adequate	ADJ
aeasj-363	192	22	time	time	NOUN
aeasj-363	192	23	in	in	ADP
aeasj-363	192	24	designing	design	VERB
aeasj-363	192	25	a	a	DET
aeasj-363	192	26	dividend	dividend	NOUN
aeasj-363	192	27	policy	policy	NOUN
aeasj-363	192	28	that	that	PRON
aeasj-363	192	29	will	will	AUX
aeasj-363	192	30	enhance	enhance	VERB
aeasj-363	192	31	firm	firm	ADJ
aeasj-363	192	32	profitability	profitability	NOUN
aeasj-363	192	33	and	and	CCONJ
aeasj-363	192	34	therefore	therefore	ADV
aeasj-363	192	35	shareholder	shareholder	NOUN
aeasj-363	192	36	value	value	NOUN
aeasj-363	192	37	.	.	PUNCT
aeasj-363	193	1	oyinlola	oyinlola	PROPN
aeasj-363	193	2	and	and	CCONJ
aeasj-363	193	3	ajeigbe	ajeigbe	PROPN
aeasj-363	193	4	(	(	PUNCT
aeasj-363	193	5	2013	2013	NUM
aeasj-363	193	6	)	)	PUNCT
aeasj-363	193	7	examined	examine	VERB
aeasj-363	193	8	the	the	DET
aeasj-363	193	9	impact	impact	NOUN
aeasj-363	193	10	of	of	ADP
aeasj-363	193	11	dividend	dividend	NOUN
aeasj-363	193	12	policy	policy	NOUN
aeasj-363	193	13	on	on	ADP
aeasj-363	193	14	the	the	DET
aeasj-363	193	15	stock	stock	NOUN
aeasj-363	193	16	prices	price	NOUN
aeasj-363	193	17	of	of	ADP
aeasj-363	193	18	22quoted	22quote	VERB
aeasj-363	193	19	firms	firm	NOUN
aeasj-363	193	20	in	in	ADP
aeasj-363	193	21	nigeria	nigeria	PROPN
aeasj-363	193	22	during	during	ADP
aeasj-363	193	23	the	the	DET
aeasj-363	193	24	period	period	NOUN
aeasj-363	193	25	2009	2009	NUM
aeasj-363	193	26	to	to	ADP
aeasj-363	193	27	2013	2013	NUM
aeasj-363	193	28	.	.	PUNCT
aeasj-363	194	1	regression	regression	NOUN
aeasj-363	194	2	analysis	analysis	NOUN
aeasj-363	194	3	,	,	PUNCT
aeasj-363	194	4	correlation	correlation	NOUN
aeasj-363	194	5	analysisandgranger	analysisandgranger	NOUN
aeasj-363	194	6	causality	causality	NOUN
aeasj-363	194	7	test	test	NOUN
aeasj-363	194	8	was	be	AUX
aeasj-363	194	9	used	use	VERB
aeasj-363	194	10	to	to	PART
aeasj-363	194	11	test	test	VERB
aeasj-363	194	12	research	research	NOUN
aeasj-363	194	13	hypothesis	hypothesis	NOUN
aeasj-363	194	14	on	on	ADP
aeasj-363	194	15	110	110	NUM
aeasj-363	194	16	observations	observation	NOUN
aeasj-363	194	17	.	.	PUNCT
aeasj-363	195	1	findings	finding	NOUN
aeasj-363	195	2	reveal	reveal	VERB
aeasj-363	195	3	that	that	SCONJ
aeasj-363	195	4	both	both	DET
aeasj-363	195	5	dividend	dividend	NOUN
aeasj-363	195	6	payout	payout	NOUN
aeasj-363	195	7	and	and	CCONJ
aeasj-363	195	8	retained	retain	VERB
aeasj-363	195	9	earnings	earning	NOUN
aeasj-363	195	10	are	be	AUX
aeasj-363	195	11	significantly	significantly	ADV
aeasj-363	195	12	relevant	relevant	ADJ
aeasj-363	195	13	to	to	ADP
aeasj-363	195	14	the	the	DET
aeasj-363	195	15	market	market	NOUN
aeasj-363	195	16	per	per	ADP
aeasj-363	195	17	share	share	NOUN
aeasj-363	195	18	of	of	ADP
aeasj-363	195	19	the	the	DET
aeasj-363	195	20	firms	firm	NOUN
aeasj-363	195	21	.	.	PUNCT
aeasj-363	196	1	oyinlola	oyinlola	PROPN
aeasj-363	196	2	,	,	PUNCT
aeasj-363	196	3	oyinlola	oyinlola	PROPN
aeasj-363	196	4	and	and	CCONJ
aeasj-363	196	5	adeniran	adeniran	PROPN
aeasj-363	196	6	(	(	PUNCT
aeasj-363	196	7	2014	2014	NUM
aeasj-363	196	8	)	)	PUNCT
aeasj-363	196	9	investigated	investigate	VERB
aeasj-363	196	10	the	the	DET
aeasj-363	196	11	impact	impact	NOUN
aeasj-363	196	12	of	of	ADP
aeasj-363	196	13	performance	performance	NOUN
aeasj-363	196	14	on	on	ADP
aeasj-363	196	15	the	the	DET
aeasj-363	196	16	dividend	dividend	NOUN
aeasj-363	196	17	policy	policy	NOUN
aeasj-363	196	18	of	of	ADP
aeasj-363	196	19	two	two	NUM
aeasj-363	196	20	major	major	ADJ
aeasj-363	196	21	brewery	brewery	NOUN
aeasj-363	196	22	firms	firm	NOUN
aeasj-363	196	23	quoted	quote	VERB
aeasj-363	196	24	on	on	ADP
aeasj-363	196	25	the	the	DET
aeasj-363	196	26	nigerian	nigerian	ADJ
aeasj-363	196	27	stock	stock	NOUN
aeasj-363	196	28	exchange	exchange	NOUN
aeasj-363	196	29	for	for	ADP
aeasj-363	196	30	the	the	DET
aeasj-363	196	31	period	period	NOUN
aeasj-363	196	32	2002	2002	NUM
aeasj-363	196	33	-	-	SYM
aeasj-363	196	34	2010	2010	NUM
aeasj-363	196	35	.	.	PUNCT
aeasj-363	197	1	findings	finding	NOUN
aeasj-363	197	2	reveal	reveal	VERB
aeasj-363	197	3	that	that	SCONJ
aeasj-363	197	4	dividend	dividend	NOUN
aeasj-363	197	5	policy	policy	NOUN
aeasj-363	197	6	is	be	AUX
aeasj-363	197	7	relevant	relevant	ADJ
aeasj-363	197	8	and	and	CCONJ
aeasj-363	197	9	that	that	SCONJ
aeasj-363	197	10	a	a	DET
aeasj-363	197	11	firm	firm	NOUN
aeasj-363	197	12	’s	’s	PART
aeasj-363	197	13	dividend	dividend	NOUN
aeasj-363	197	14	policy	policy	NOUN
aeasj-363	197	15	is	be	AUX
aeasj-363	197	16	seen	see	VERB
aeasj-363	197	17	as	as	ADP
aeasj-363	197	18	a	a	DET
aeasj-363	197	19	major	major	ADJ
aeasj-363	197	20	determinant	determinant	NOUN
aeasj-363	197	21	for	for	ADP
aeasj-363	197	22	a	a	DET
aeasj-363	197	23	firm	firm	NOUN
aeasj-363	197	24	’s	’s	PART
aeasj-363	197	25	performance	performance	NOUN
aeasj-363	197	26	.	.	PUNCT
aeasj-363	198	1	positive	positive	ADJ
aeasj-363	198	2	relationship	relationship	NOUN
aeasj-363	198	3	exists	exist	VERB
aeasj-363	198	4	between	between	ADP
aeasj-363	198	5	the	the	DET
aeasj-363	198	6	dividend	dividend	NOUN
aeasj-363	198	7	policy	policy	NOUN
aeasj-363	198	8	and	and	CCONJ
aeasj-363	198	9	performance	performance	NOUN
aeasj-363	198	10	.	.	PUNCT
aeasj-363	199	1	osegbuet	osegbuet	PROPN
aeasj-363	199	2	al	al	PROPN
aeasj-363	199	3	(	(	PUNCT
aeasj-363	199	4	2014	2014	NUM
aeasj-363	199	5	)	)	PUNCT
aeasj-363	199	6	analyses	analyse	VERB
aeasj-363	199	7	the	the	DET
aeasj-363	199	8	extent	extent	NOUN
aeasj-363	199	9	of	of	ADP
aeasj-363	199	10	relationships	relationship	NOUN
aeasj-363	199	11	between	between	ADP
aeasj-363	199	12	dividend	dividend	NOUN
aeasj-363	199	13	payment	payment	NOUN
aeasj-363	199	14	and	and	CCONJ
aeasj-363	199	15	corporate	corporate	ADJ
aeasj-363	199	16	performance	performance	NOUN
aeasj-363	199	17	in	in	ADP
aeasj-363	199	18	the	the	DET
aeasj-363	199	19	nigerian	nigerian	ADJ
aeasj-363	199	20	banking	banking	NOUN
aeasj-363	199	21	industry	industry	NOUN
aeasj-363	199	22	between	between	ADP
aeasj-363	199	23	1990	1990	NUM
aeasj-363	199	24	and	and	CCONJ
aeasj-363	199	25	2010	2010	NUM
aeasj-363	199	26	.	.	PUNCT
aeasj-363	200	1	using	use	VERB
aeasj-363	200	2	regression	regression	NOUN
aeasj-363	200	3	models	model	NOUN
aeasj-363	200	4	,	,	PUNCT
aeasj-363	200	5	the	the	DET
aeasj-363	200	6	result	result	NOUN
aeasj-363	200	7	shows	show	VERB
aeasj-363	200	8	no	no	DET
aeasj-363	200	9	significant	significant	ADJ
aeasj-363	200	10	relation	relation	NOUN
aeasj-363	200	11	between	between	ADP
aeasj-363	200	12	dividend	dividend	NOUN
aeasj-363	200	13	policy	policy	NOUN
aeasj-363	200	14	and	and	CCONJ
aeasj-363	200	15	performance	performance	NOUN
aeasj-363	200	16	.	.	PUNCT
aeasj-363	201	1	interestingly	interestingly	ADV
aeasj-363	201	2	,	,	PUNCT
aeasj-363	201	3	insignificant	insignificant	ADJ
aeasj-363	201	4	relationship	relationship	NOUN
aeasj-363	201	5	occurs	occur	VERB
aeasj-363	201	6	between	between	ADP
aeasj-363	201	7	dividend	dividend	NOUN
aeasj-363	201	8	policy	policy	NOUN
aeasj-363	201	9	and	and	CCONJ
aeasj-363	201	10	other	other	ADJ
aeasj-363	201	11	four	four	NUM
aeasj-363	201	12	explanatory	explanatory	ADJ
aeasj-363	201	13	variables	variable	NOUN
aeasj-363	201	14	(	(	PUNCT
aeasj-363	201	15	free	free	ADJ
aeasj-363	201	16	cash	cash	NOUN
aeasj-363	201	17	flow	flow	NOUN
aeasj-363	201	18	,	,	PUNCT
aeasj-363	201	19	financial	financial	ADJ
aeasj-363	201	20	leverage	leverage	NOUN
aeasj-363	201	21	,	,	PUNCT
aeasj-363	201	22	business	business	NOUN
aeasj-363	201	23	risk	risk	NOUN
aeasj-363	201	24	and	and	CCONJ
aeasj-363	201	25	tax	tax	NOUN
aeasj-363	201	26	paid	pay	VERB
aeasj-363	201	27	on	on	ADP
aeasj-363	201	28	dividend	dividend	NOUN
aeasj-363	201	29	payment	payment	NOUN
aeasj-363	201	30	ratio	ratio	NOUN
aeasj-363	201	31	)	)	PUNCT
aeasj-363	201	32	.	.	PUNCT
aeasj-363	202	1	charles	charles	PROPN
aeasj-363	202	2	et	et	PROPN
aeasj-363	202	3	al	al	PROPN
aeasj-363	202	4	(	(	PUNCT
aeasj-363	202	5	2014	2014	NUM
aeasj-363	202	6	)	)	PUNCT
aeasj-363	202	7	conducted	conduct	VERB
aeasj-363	202	8	a	a	DET
aeasj-363	202	9	study	study	NOUN
aeasj-363	202	10	to	to	ADP
aeasj-363	202	11	ascertaining	ascertain	VERB
aeasj-363	202	12	the	the	DET
aeasj-363	202	13	relationship	relationship	NOUN
aeasj-363	202	14	between	between	ADP
aeasj-363	202	15	dividend	dividend	NOUN
aeasj-363	202	16	policy	policy	NOUN
aeasj-363	202	17	and	and	CCONJ
aeasj-363	202	18	firm	firm	NOUN
aeasj-363	202	19	’s	’s	PART
aeasj-363	202	20	profitability	profitability	NOUN
aeasj-363	202	21	,	,	PUNCT
aeasj-363	202	22	investment	investment	NOUN
aeasj-363	202	23	per	per	ADP
aeasj-363	202	24	shares	share	NOUN
aeasj-363	202	25	.	.	PUNCT
aeasj-363	203	1	the	the	DET
aeasj-363	203	2	data	datum	NOUN
aeasj-363	203	3	of	of	ADP
aeasj-363	203	4	this	this	DET
aeasj-363	203	5	study	study	NOUN
aeasj-363	203	6	were	be	AUX
aeasj-363	203	7	extracted	extract	VERB
aeasj-363	203	8	from	from	ADP
aeasj-363	203	9	annual	annual	ADJ
aeasj-363	203	10	report	report	NOUN
aeasj-363	203	11	and	and	CCONJ
aeasj-363	203	12	accounts	account	NOUN
aeasj-363	203	13	of	of	ADP
aeasj-363	203	14	2013	2013	NUM
aeasj-363	203	15	and	and	CCONJ
aeasj-363	203	16	9	9	NUM
aeasj-363	203	17	manufacturing	manufacturing	NOUN
aeasj-363	203	18	firm	firm	NOUN
aeasj-363	203	19	is	be	AUX
aeasj-363	203	20	selected	select	VERB
aeasj-363	203	21	in	in	ADP
aeasj-363	203	22	nairobi	nairobi	PROPN
aeasj-363	203	23	stock	stock	PROPN
aeasj-363	203	24	exchange	exchange	PROPN
aeasj-363	203	25	of	of	ADP
aeasj-363	203	26	kenya	kenya	PROPN
aeasj-363	203	27	and	and	CCONJ
aeasj-363	203	28	other	other	ADJ
aeasj-363	203	29	empirical	empirical	ADJ
aeasj-363	203	30	study	study	NOUN
aeasj-363	203	31	.	.	PUNCT
aeasj-363	204	1	it	it	PRON
aeasj-363	204	2	was	be	AUX
aeasj-363	204	3	discovered	discover	VERB
aeasj-363	204	4	that	that	SCONJ
aeasj-363	204	5	the	the	DET
aeasj-363	204	6	dividend	dividend	NOUN
aeasj-363	204	7	policies	policy	NOUN
aeasj-363	204	8	of	of	ADP
aeasj-363	204	9	organizations	organization	NOUN
aeasj-363	204	10	have	have	VERB
aeasj-363	204	11	a	a	DET
aeasj-363	204	12	significant	significant	ADJ
aeasj-363	204	13	positive	positive	ADJ
aeasj-363	204	14	relationship	relationship	NOUN
aeasj-363	204	15	with	with	ADP
aeasj-363	204	16	profitability	profitability	NOUN
aeasj-363	204	17	,	,	PUNCT
aeasj-363	204	18	investments	investment	NOUN
aeasj-363	204	19	and	and	CCONJ
aeasj-363	204	20	earnings	earning	NOUN
aeasj-363	204	21	per	per	ADP
aeasj-363	204	22	share	share	NOUN
aeasj-363	204	23	of	of	ADP
aeasj-363	204	24	corporate	corporate	ADJ
aeasj-363	204	25	organization	organization	NOUN
aeasj-363	204	26	.	.	PUNCT
aeasj-363	205	1	they	they	PRON
aeasj-363	205	2	proved	prove	VERB
aeasj-363	205	3	that	that	PRON
aeasj-363	205	4	dividend	dividend	NOUN
aeasj-363	205	5	policies	policy	NOUN
aeasj-363	205	6	of	of	ADP
aeasj-363	205	7	organizations	organization	NOUN
aeasj-363	205	8	are	be	AUX
aeasj-363	205	9	vital	vital	ADJ
aeasj-363	205	10	in	in	ADP
aeasj-363	205	11	enhancing	enhance	VERB
aeasj-363	205	12	the	the	DET
aeasj-363	205	13	profitability	profitability	NOUN
aeasj-363	205	14	and	and	CCONJ
aeasj-363	205	15	investment	investment	NOUN
aeasj-363	205	16	of	of	ADP
aeasj-363	205	17	manufacturing	manufacturing	NOUN
aeasj-363	205	18	sector	sector	NOUN
aeasj-363	205	19	in	in	ADP
aeasj-363	205	20	kenya	kenya	PROPN
aeasj-363	205	21	.	.	PUNCT
aeasj-363	206	1	fathima	fathima	PROPN
aeasj-363	206	2	et	et	PROPN
aeasj-363	206	3	al	al	PROPN
aeasj-363	206	4	(	(	PUNCT
aeasj-363	206	5	2014	2014	NUM
aeasj-363	206	6	)	)	PUNCT
aeasj-363	206	7	,	,	PUNCT
aeasj-363	206	8	sought	seek	VERB
aeasj-363	206	9	the	the	DET
aeasj-363	206	10	impact	impact	NOUN
aeasj-363	206	11	of	of	ADP
aeasj-363	206	12	dividend	dividend	NOUN
aeasj-363	206	13	payout	payout	NOUN
aeasj-363	206	14	on	on	ADP
aeasj-363	206	15	corporate	corporate	ADJ
aeasj-363	206	16	profitability	profitability	NOUN
aeasj-363	206	17	in	in	ADP
aeasj-363	206	18	the	the	DET
aeasj-363	206	19	manufacturing	manufacturing	NOUN
aeasj-363	206	20	companies	company	NOUN
aeasj-363	206	21	listed	list	VERB
aeasj-363	206	22	on	on	ADP
aeasj-363	206	23	colombo	colombo	NOUN
aeasj-363	206	24	stock	stock	NOUN
aeasj-363	206	25	exchange	exchange	NOUN
aeasj-363	206	26	in	in	ADP
aeasj-363	206	27	sri	sri	PROPN
aeasj-363	206	28	lanka	lanka	PROPN
aeasj-363	206	29	.	.	PUNCT
aeasj-363	207	1	for	for	ADP
aeasj-363	207	2	this	this	DET
aeasj-363	207	3	purpose	purpose	NOUN
aeasj-363	207	4	,	,	PUNCT
aeasj-363	207	5	the	the	DET
aeasj-363	207	6	data	datum	NOUN
aeasj-363	207	7	were	be	AUX
aeasj-363	207	8	extracted	extract	VERB
aeasj-363	207	9	from	from	ADP
aeasj-363	207	10	the	the	DET
aeasj-363	207	11	annual	annual	ADJ
aeasj-363	207	12	reports	report	NOUN
aeasj-363	207	13	of	of	ADP
aeasj-363	207	14	the	the	DET
aeasj-363	207	15	21	21	NUM
aeasj-363	207	16	manufacturing	manufacturing	NOUN
aeasj-363	207	17	companies	company	NOUN
aeasj-363	207	18	during	during	ADP
aeasj-363	207	19	the	the	DET
aeasj-363	207	20	period	period	NOUN
aeasj-363	207	21	from	from	ADP
aeasj-363	207	22	2007	2007	NUM
aeasj-363	207	23	-	-	SYM
aeasj-363	207	24	2011	2011	NUM
aeasj-363	207	25	.	.	PUNCT
aeasj-363	208	1	regression	regression	NOUN
aeasj-363	208	2	model	model	NOUN
aeasj-363	208	3	is	be	AUX
aeasj-363	208	4	used	use	VERB
aeasj-363	208	5	to	to	PART
aeasj-363	208	6	study	study	VERB
aeasj-363	208	7	and	and	CCONJ
aeasj-363	208	8	estimate	estimate	VERB
aeasj-363	208	9	the	the	DET
aeasj-363	208	10	relationship	relationship	NOUN
aeasj-363	208	11	between	between	ADP
aeasj-363	208	12	dividend	dividend	NOUN
aeasj-363	208	13	payout	payout	NOUN
aeasj-363	208	14	and	and	CCONJ
aeasj-363	208	15	corporate	corporate	ADJ
aeasj-363	208	16	profitability	profitability	NOUN
aeasj-363	208	17	.	.	PUNCT
aeasj-363	209	1	the	the	DET
aeasj-363	209	2	study	study	NOUN
aeasj-363	209	3	also	also	ADV
aeasj-363	209	4	employed	employ	VERB
aeasj-363	209	5	a	a	DET
aeasj-363	209	6	subsample	subsample	NOUN
aeasj-363	209	7	in	in	ADP
aeasj-363	209	8	order	order	NOUN
aeasj-363	209	9	to	to	PART
aeasj-363	209	10	arrive	arrive	VERB
aeasj-363	209	11	at	at	ADP
aeasj-363	209	12	a	a	DET
aeasj-363	209	13	profound	profound	ADJ
aeasj-363	209	14	conclusion	conclusion	NOUN
aeasj-363	209	15	with	with	ADP
aeasj-363	209	16	regard	regard	NOUN
aeasj-363	209	17	to	to	ADP
aeasj-363	209	18	the	the	DET
aeasj-363	209	19	impact	impact	NOUN
aeasj-363	209	20	of	of	ADP
aeasj-363	209	21	dividend	dividend	NOUN
aeasj-363	209	22	policy	policy	NOUN
aeasj-363	209	23	on	on	ADP
aeasj-363	209	24	corporate	corporate	ADJ
aeasj-363	209	25	profitability	profitability	NOUN
aeasj-363	209	26	.	.	PUNCT
aeasj-363	210	1	the	the	DET
aeasj-363	210	2	results	result	NOUN
aeasj-363	210	3	of	of	ADP
aeasj-363	210	4	the	the	DET
aeasj-363	210	5	study	study	NOUN
aeasj-363	210	6	revealed	reveal	VERB
aeasj-363	210	7	that	that	SCONJ
aeasj-363	210	8	there	there	PRON
aeasj-363	210	9	was	be	VERB
aeasj-363	210	10	a	a	DET
aeasj-363	210	11	significant	significant	ADJ
aeasj-363	210	12	relationship	relationship	NOUN
aeasj-363	210	13	between	between	ADP
aeasj-363	210	14	dividend	dividend	NOUN
aeasj-363	210	15	payout	payout	NOUN
aeasj-363	210	16	and	and	CCONJ
aeasj-363	210	17	corporate	corporate	ADJ
aeasj-363	210	18	profitability	profitability	NOUN
aeasj-363	210	19	in	in	ADP
aeasj-363	210	20	terms	term	NOUN
aeasj-363	210	21	of	of	ADP
aeasj-363	210	22	return	return	NOUN
aeasj-363	210	23	on	on	ADP
aeasj-363	210	24	assets	asset	NOUN
aeasj-363	210	25	,	,	PUNCT
aeasj-363	210	26	return	return	VERB
aeasj-363	210	27	on	on	ADP
aeasj-363	210	28	equity	equity	NOUN
aeasj-363	210	29	and	and	CCONJ
aeasj-363	210	30	earnings	earning	NOUN
aeasj-363	210	31	per	per	ADP
aeasj-363	210	32	share	share	NOUN
aeasj-363	210	33	.	.	PUNCT
aeasj-363	211	1	a	a	DET
aeasj-363	211	2	positive	positive	ADJ
aeasj-363	211	3	significant	significant	ADJ
aeasj-363	211	4	relation	relation	NOUN
aeasj-363	211	5	is	be	AUX
aeasj-363	211	6	found	find	VERB
aeasj-363	211	7	between	between	ADP
aeasj-363	211	8	dividend	dividend	NOUN
aeasj-363	211	9	payout	payout	NOUN
aeasj-363	211	10	and	and	CCONJ
aeasj-363	211	11	return	return	VERB
aeasj-363	211	12	on	on	ADP
aeasj-363	211	13	assets	asset	NOUN
aeasj-363	211	14	and	and	CCONJ
aeasj-363	211	15	return	return	VERB
aeasj-363	211	16	on	on	ADP
aeasj-363	211	17	equity	equity	NOUN
aeasj-363	211	18	for	for	ADP
aeasj-363	211	19	the	the	DET
aeasj-363	211	20	whole	whole	ADJ
aeasj-363	211	21	sample	sample	NOUN
aeasj-363	211	22	while	while	SCONJ
aeasj-363	211	23	significant	significant	ADJ
aeasj-363	211	24	negative	negative	ADJ
aeasj-363	211	25	relationship	relationship	NOUN
aeasj-363	211	26	is	be	AUX
aeasj-363	211	27	found	find	VERB
aeasj-363	211	28	between	between	ADP
aeasj-363	211	29	dividend	dividend	NOUN
aeasj-363	211	30	payout	payout	NOUN
aeasj-363	211	31	and	and	CCONJ
aeasj-363	211	32	earnings	earning	NOUN
aeasj-363	211	33	per	per	ADP
aeasj-363	211	34	share	share	NOUN
aeasj-363	211	35	as	as	ADV
aeasj-363	211	36	far	far	ADV
aeasj-363	211	37	as	as	SCONJ
aeasj-363	211	38	the	the	DET
aeasj-363	211	39	dividend	dividend	NOUN
aeasj-363	211	40	paying	pay	VERB
aeasj-363	211	41	sample	sample	NOUN
aeasj-363	211	42	is	be	AUX
aeasj-363	211	43	concerned	concern	VERB
aeasj-363	211	44	.	.	PUNCT
aeasj-363	212	1	ifueroet	ifueroet	PROPN
aeasj-363	213	1	al	al	PROPN
aeasj-363	213	2	.	.	PUNCT
aeasj-363	214	1	(	(	PUNCT
aeasj-363	214	2	2016	2016	NUM
aeasj-363	214	3	)	)	PUNCT
aeasj-363	214	4	conducted	conduct	VERB
aeasj-363	214	5	a	a	DET
aeasj-363	214	6	study	study	NOUN
aeasj-363	214	7	of	of	ADP
aeasj-363	214	8	effect	effect	NOUN
aeasj-363	214	9	of	of	ADP
aeasj-363	214	10	dividend	dividend	NOUN
aeasj-363	214	11	policy	policy	NOUN
aeasj-363	214	12	on	on	ADP
aeasj-363	214	13	firm	firm	NOUN
aeasj-363	214	14	’s	’s	PART
aeasj-363	214	15	returns	return	NOUN
aeasj-363	214	16	using	use	VERB
aeasj-363	214	17	data	datum	NOUN
aeasj-363	214	18	of	of	ADP
aeasj-363	214	19	seventeen	seventeen	NUM
aeasj-363	214	20	(	(	PUNCT
aeasj-363	214	21	17	17	NUM
aeasj-363	214	22	)	)	PUNCT
aeasj-363	214	23	manufacturing	manufacturing	NOUN
aeasj-363	214	24	firms	firm	NOUN
aeasj-363	214	25	listed	list	VERB
aeasj-363	214	26	on	on	ADP
aeasj-363	214	27	the	the	DET
aeasj-363	214	28	nigerian	nigerian	ADJ
aeasj-363	214	29	stock	stock	NOUN
aeasj-363	214	30	exchange	exchange	NOUN
aeasj-363	214	31	by	by	ADP
aeasj-363	214	32	using	use	VERB
aeasj-363	214	33	descriptive	descriptive	ADJ
aeasj-363	214	34	statistics	statistic	NOUN
aeasj-363	214	35	,	,	PUNCT
aeasj-363	214	36	correlation	correlation	NOUN
aeasj-363	214	37	analysis	analysis	NOUN
aeasj-363	214	38	and	and	CCONJ
aeasj-363	214	39	panel	panel	NOUN
aeasj-363	214	40	regression	regression	NOUN
aeasj-363	214	41	technique	technique	NOUN
aeasj-363	214	42	,	,	PUNCT
aeasj-363	214	43	where	where	SCONJ
aeasj-363	214	44	the	the	DET
aeasj-363	214	45	fixed	fixed	ADJ
aeasj-363	214	46	effect	effect	NOUN
aeasj-363	214	47	regression	regression	NOUN
aeasj-363	214	48	.	.	PUNCT
aeasj-363	215	1	the	the	DET
aeasj-363	215	2	finding	finding	NOUN
aeasj-363	215	3	reveal	reveal	VERB
aeasj-363	215	4	that	that	SCONJ
aeasj-363	215	5	current	current	ADJ
aeasj-363	215	6	dividend	dividend	NOUN
aeasj-363	215	7	payout	payout	NOUN
aeasj-363	215	8	,	,	PUNCT
aeasj-363	215	9	growth	growth	NOUN
aeasj-363	215	10	opportunity	opportunity	NOUN
aeasj-363	215	11	of	of	ADP
aeasj-363	215	12	firms	firm	NOUN
aeasj-363	215	13	and	and	CCONJ
aeasj-363	215	14	dividend	dividend	NOUN
aeasj-363	215	15	per	per	ADP
aeasj-363	215	16	share	share	NOUN
aeasj-363	215	17	has	have	VERB
aeasj-363	215	18	positive	positive	ADJ
aeasj-363	215	19	and	and	CCONJ
aeasj-363	215	20	significant	significant	ADJ
aeasj-363	215	21	effect	effect	NOUN
aeasj-363	215	22	on	on	ADP
aeasj-363	215	23	earnings	earning	NOUN
aeasj-363	215	24	per	per	ADP
aeasj-363	215	25	share	share	NOUN
aeasj-363	215	26	,	,	PUNCT
aeasj-363	215	27	with	with	ADP
aeasj-363	215	28	that	that	PRON
aeasj-363	215	29	of	of	ADP
aeasj-363	215	30	growth	growth	NOUN
aeasj-363	215	31	having	have	VERB
aeasj-363	215	32	an	an	DET
aeasj-363	215	33	overwhelming	overwhelming	ADJ
aeasj-363	215	34	influence	influence	NOUN
aeasj-363	215	35	.	.	PUNCT
aeasj-363	216	1	current	current	ADJ
aeasj-363	216	2	dividend	dividend	NOUN
aeasj-363	216	3	payout	payout	NOUN
aeasj-363	216	4	and	and	CCONJ
aeasj-363	216	5	dividend	dividend	NOUN
aeasj-363	216	6	per	per	ADP
aeasj-363	216	7	share	share	NOUN
aeasj-363	216	8	are	be	AUX
aeasj-363	216	9	both	both	ADV
aeasj-363	216	10	significant	significant	ADJ
aeasj-363	216	11	at	at	ADP
aeasj-363	216	12	the	the	DET
aeasj-363	216	13	5	5	NUM
aeasj-363	216	14	%	%	NOUN
aeasj-363	216	15	level	level	NOUN
aeasj-363	216	16	.	.	PUNCT
aeasj-363	217	1	one	one	NUM
aeasj-363	217	2	lagged	lag	VERB
aeasj-363	217	3	dividend	dividend	NOUN
aeasj-363	217	4	payout	payout	NOUN
aeasj-363	217	5	(	(	PUNCT
aeasj-363	217	6	previous	previous	ADJ
aeasj-363	217	7	dividend	dividend	NOUN
aeasj-363	217	8	payout	payout	NOUN
aeasj-363	217	9	)	)	PUNCT
aeasj-363	217	10	,	,	PUNCT
aeasj-363	217	11	cash	cash	NOUN
aeasj-363	217	12	flow	flow	NOUN
aeasj-363	217	13	and	and	CCONJ
aeasj-363	217	14	leverage	leverage	NOUN
aeasj-363	217	15	have	have	VERB
aeasj-363	217	16	positive	positive	ADJ
aeasj-363	217	17	but	but	CCONJ
aeasj-363	217	18	not	not	PART
aeasj-363	217	19	significant	significant	ADJ
aeasj-363	217	20	influence	influence	NOUN
aeasj-363	217	21	on	on	ADP
aeasj-363	217	22	eps	eps	PROPN
aeasj-363	217	23	,	,	PUNCT
aeasj-363	217	24	while	while	SCONJ
aeasj-363	217	25	the	the	DET
aeasj-363	217	26	impact	impact	NOUN
aeasj-363	217	27	of	of	ADP
aeasj-363	217	28	size	size	NOUN
aeasj-363	217	29	is	be	AUX
aeasj-363	217	30	negative	negative	ADJ
aeasj-363	217	31	and	and	CCONJ
aeasj-363	217	32	not	not	PART
aeasj-363	217	33	significant	significant	ADJ
aeasj-363	217	34	.	.	PUNCT
aeasj-363	218	1	tax	tax	NOUN
aeasj-363	218	2	preference	preference	NOUN
aeasj-363	218	3	theory	theory	NOUN
aeasj-363	218	4	stated	state	VERB
aeasj-363	218	5	that	that	SCONJ
aeasj-363	218	6	tax	tax	NOUN
aeasj-363	218	7	treatment	treatment	NOUN
aeasj-363	218	8	may	may	AUX
aeasj-363	218	9	influence	influence	VERB
aeasj-363	218	10	on	on	ADP
aeasj-363	218	11	the	the	DET
aeasj-363	218	12	distributed	distribute	VERB
aeasj-363	218	13	income	income	NOUN
aeasj-363	218	14	of	of	ADP
aeasj-363	218	15	a	a	DET
aeasj-363	218	16	firm	firm	NOUN
aeasj-363	218	17	.	.	PUNCT
aeasj-363	219	1	an	an	DET
aeasj-363	219	2	example	example	NOUN
aeasj-363	219	3	given	give	VERB
aeasj-363	219	4	in	in	ADP
aeasj-363	219	5	the	the	DET
aeasj-363	219	6	article	article	NOUN
aeasj-363	219	7	,	,	PUNCT
aeasj-363	219	8	if	if	SCONJ
aeasj-363	219	9	the	the	DET
aeasj-363	219	10	investors	investor	NOUN
aeasj-363	219	11	in	in	ADP
aeasj-363	219	12	high	high	ADJ
aeasj-363	219	13	tax	tax	NOUN
aeasj-363	219	14	bracket	bracket	NOUN
aeasj-363	219	15	might	might	AUX
aeasj-363	219	16	require	require	VERB
aeasj-363	219	17	higher	high	ADJ
aeasj-363	219	18	pre	pre	ADJ
aeasj-363	219	19	-	-	ADJ
aeasj-363	219	20	tax	tax	ADJ
aeasj-363	219	21	risk	risk	NOUN
aeasj-363	219	22	adjusted	adjust	VERB
aeasj-363	219	23	premium	premium	NOUN
aeasj-363	219	24	returns	return	NOUN
aeasj-363	219	25	to	to	PART
aeasj-363	219	26	hold	hold	VERB
aeasj-363	219	27	stocks	stock	NOUN
aeasj-363	219	28	with	with	ADP
aeasj-363	219	29	higher	high	ADJ
aeasj-363	219	30	dividend	dividend	NOUN
aeasj-363	219	31	yield	yield	NOUN
aeasj-363	219	32	.	.	PUNCT
aeasj-363	220	1	farsio	farsio	NOUN
aeasj-363	220	2	et	et	PROPN
aeasj-363	220	3	al	al	PROPN
aeasj-363	220	4	.	.	PROPN
aeasj-363	221	1	(	(	PUNCT
aeasj-363	221	2	2004	2004	NUM
aeasj-363	221	3	)	)	PUNCT
aeasj-363	221	4	argue	argue	VERB
aeasj-363	221	5	that	that	SCONJ
aeasj-363	221	6	there	there	PRON
aeasj-363	221	7	is	be	VERB
aeasj-363	221	8	no	no	DET
aeasj-363	221	9	significant	significant	ADJ
aeasj-363	221	10	relationship	relationship	NOUN
aeasj-363	221	11	between	between	ADP
aeasj-363	221	12	dividends	dividend	NOUN
aeasj-363	221	13	and	and	CCONJ
aeasj-363	221	14	earnings	earning	NOUN
aeasj-363	221	15	hold	hold	NOUN
aeasj-363	221	16	in	in	ADP
aeasj-363	221	17	the	the	DET
aeasj-363	221	18	long	long	ADJ
aeasj-363	221	19	run	run	NOUN
aeasj-363	221	20	and	and	CCONJ
aeasj-363	221	21	studies	study	NOUN
aeasj-363	221	22	that	that	PRON
aeasj-363	221	23	support	support	VERB
aeasj-363	221	24	this	this	DET
aeasj-363	221	25	relationship	relationship	NOUN
aeasj-363	221	26	are	be	AUX
aeasj-363	221	27	based	base	VERB
aeasj-363	221	28	on	on	ADP
aeasj-363	221	29	short	short	ADJ
aeasj-363	221	30	periods	period	NOUN
aeasj-363	221	31	and	and	CCONJ
aeasj-363	221	32	therefore	therefore	ADV
aeasj-363	221	33	misleading	misleading	ADJ
aeasj-363	221	34	to	to	ADP
aeasj-363	221	35	investors	investor	NOUN
aeasj-363	221	36	.	.	PUNCT
aeasj-363	222	1	as	as	SCONJ
aeasj-363	222	2	it	it	PRON
aeasj-363	222	3	point	point	VERB
aeasj-363	222	4	out	out	ADP
aeasj-363	222	5	that	that	SCONJ
aeasj-363	222	6	an	an	DET
aeasj-363	222	7	increase	increase	NOUN
aeasj-363	222	8	in	in	ADP
aeasj-363	222	9	dividends	dividend	NOUN
aeasj-363	222	10	many	many	ADJ
aeasj-363	222	11	lead	lead	VERB
aeasj-363	222	12	to	to	ADP
aeasj-363	222	13	a	a	DET
aeasj-363	222	14	decline	decline	NOUN
aeasj-363	222	15	in	in	ADP
aeasj-363	222	16	funds	fund	NOUN
aeasj-363	222	17	that	that	PRON
aeasj-363	222	18	are	be	AUX
aeasj-363	222	19	to	to	PART
aeasj-363	222	20	be	be	AUX
aeasj-363	222	21	reinvested	reinveste	VERB
aeasj-363	222	22	and	and	CCONJ
aeasj-363	222	23	pay	pay	VERB
aeasj-363	222	24	high	high	ADJ
aeasj-363	222	25	dividend	dividend	NOUN
aeasj-363	222	26	without	without	ADP
aeasj-363	222	27	considering	consider	VERB
aeasj-363	222	28	investment	investment	NOUN
aeasj-363	222	29	needs	need	NOUN
aeasj-363	222	30	may	may	AUX
aeasj-363	222	31	lead	lead	VERB
aeasj-363	222	32	to	to	AUX
aeasj-363	222	33	lower	lower	VERB
aeasj-363	222	34	future	future	ADJ
aeasj-363	222	35	earnings	earning	NOUN
aeasj-363	222	36	.	.	PUNCT
aeasj-363	223	1	thus	thus	ADV
aeasj-363	223	2	is	be	AUX
aeasj-363	223	3	a	a	DET
aeasj-363	223	4	negative	negative	ADJ
aeasj-363	223	5	relationship	relationship	NOUN
aeasj-363	223	6	between	between	ADP
aeasj-363	223	7	dividend	dividend	NOUN
aeasj-363	223	8	payout	payout	NOUN
aeasj-363	223	9	and	and	CCONJ
aeasj-363	223	10	future	future	ADJ
aeasj-363	223	11	earnings	earning	NOUN
aeasj-363	223	12	.	.	PUNCT
aeasj-363	224	1	grullanet	grullanet	PROPN
aeasj-363	224	2	al	al	PROPN
aeasj-363	224	3	.	.	PUNCT
aeasj-363	225	1	(	(	PUNCT
aeasj-363	225	2	2005)revealed	2005)reveale	VERB
aeasj-363	225	3	that	that	SCONJ
aeasj-363	225	4	dividends	dividend	NOUN
aeasj-363	225	5	changes	change	NOUN
aeasj-363	225	6	are	be	AUX
aeasj-363	225	7	very	very	ADV
aeasj-363	225	8	poor	poor	ADJ
aeasj-363	225	9	indicators	indicator	NOUN
aeasj-363	225	10	of	of	ADP
aeasj-363	225	11	both	both	PRON
aeasj-363	225	12	earnings	earning	NOUN
aeasj-363	225	13	and	and	CCONJ
aeasj-363	225	14	profitability	profitability	NOUN
aeasj-363	225	15	levels	level	NOUN
aeasj-363	225	16	hence	hence	ADV
aeasj-363	225	17	concluded	conclude	VERB
aeasj-363	225	18	that	that	SCONJ
aeasj-363	225	19	there	there	PRON
aeasj-363	225	20	is	be	VERB
aeasj-363	225	21	no	no	DET
aeasj-363	225	22	evidence	evidence	NOUN
aeasj-363	225	23	supporting	support	VERB
aeasj-363	225	24	the	the	DET
aeasj-363	225	25	idea	idea	NOUN
aeasj-363	225	26	that	that	PRON
aeasj-363	225	27	dividend	dividend	NOUN
aeasj-363	225	28	increases	increase	NOUN
aeasj-363	225	29	signal	signal	VERB
aeasj-363	225	30	better	well	ADJ
aeasj-363	225	31	prospects	prospect	NOUN
aeasj-363	225	32	for	for	ADP
aeasj-363	225	33	firm	firm	ADJ
aeasj-363	225	34	profitability	profitability	NOUN
aeasj-363	225	35	.	.	PUNCT
aeasj-363	226	1	yusuf	yusuf	PROPN
aeasj-363	226	2	(	(	PUNCT
aeasj-363	226	3	2015	2015	NUM
aeasj-363	226	4	)	)	PUNCT
aeasj-363	226	5	examined	examine	VERB
aeasj-363	226	6	the	the	DET
aeasj-363	226	7	impact	impact	NOUN
aeasj-363	226	8	of	of	ADP
aeasj-363	226	9	performance	performance	NOUN
aeasj-363	226	10	on	on	ADP
aeasj-363	226	11	dividend	dividend	NOUN
aeasj-363	226	12	payout	payout	NOUN
aeasj-363	226	13	ratio	ratio	NOUN
aeasj-363	226	14	of	of	ADP
aeasj-363	226	15	some	some	DET
aeasj-363	226	16	selected	select	VERB
aeasj-363	226	17	commercial	commercial	ADJ
aeasj-363	226	18	banks	bank	NOUN
aeasj-363	226	19	in	in	ADP
aeasj-363	226	20	nigeria	nigeria	PROPN
aeasj-363	226	21	spanning	span	VERB
aeasj-363	226	22	the	the	DET
aeasj-363	226	23	periods	period	NOUN
aeasj-363	226	24	between	between	ADP
aeasj-363	226	25	2004	2004	NUM
aeasj-363	226	26	and	and	CCONJ
aeasj-363	226	27	2013	2013	NUM
aeasj-363	226	28	.	.	PUNCT
aeasj-363	227	1	guided	guide	VERB
aeasj-363	227	2	by	by	ADP
aeasj-363	227	3	explanatory	explanatory	ADJ
aeasj-363	227	4	research	research	NOUN
aeasj-363	227	5	design	design	NOUN
aeasj-363	227	6	,	,	PUNCT
aeasj-363	227	7	four	four	NUM
aeasj-363	227	8	commercial	commercial	ADJ
aeasj-363	227	9	banks	bank	NOUN
aeasj-363	227	10	were	be	AUX
aeasj-363	227	11	selected	select	VERB
aeasj-363	227	12	and	and	CCONJ
aeasj-363	227	13	data	datum	NOUN
aeasj-363	227	14	relating	relate	VERB
aeasj-363	227	15	to	to	ADP
aeasj-363	227	16	relevant	relevant	ADJ
aeasj-363	227	17	variables	variable	NOUN
aeasj-363	227	18	of	of	ADP
aeasj-363	227	19	leverage	leverage	NOUN
aeasj-363	227	20	and	and	CCONJ
aeasj-363	227	21	profitability	profitability	NOUN
aeasj-363	227	22	and	and	CCONJ
aeasj-363	227	23	dividend	dividend	NOUN
aeasj-363	227	24	payout	payout	NOUN
aeasj-363	227	25	ratio	ratio	NOUN
aeasj-363	227	26	were	be	AUX
aeasj-363	227	27	gathered	gather	VERB
aeasj-363	227	28	.	.	PUNCT
aeasj-363	228	1	correlation	correlation	NOUN
aeasj-363	228	2	analysis	analysis	NOUN
aeasj-363	228	3	and	and	CCONJ
aeasj-363	228	4	multiple	multiple	ADJ
aeasj-363	228	5	regressions	regression	NOUN
aeasj-363	228	6	were	be	AUX
aeasj-363	228	7	carried	carry	VERB
aeasj-363	228	8	out	out	ADP
aeasj-363	228	9	to	to	PART
aeasj-363	228	10	analyses	analyse	VERB
aeasj-363	228	11	the	the	DET
aeasj-363	228	12	data	datum	NOUN
aeasj-363	228	13	.	.	PUNCT
aeasj-363	229	1	the	the	DET
aeasj-363	229	2	findings	finding	NOUN
aeasj-363	229	3	revealed	reveal	VERB
aeasj-363	229	4	that	that	SCONJ
aeasj-363	229	5	dividend	dividend	NOUN
aeasj-363	229	6	payout	payout	ADJ
aeasj-363	229	7	ratio	ratio	NOUN
aeasj-363	229	8	is	be	AUX
aeasj-363	229	9	copyright	copyright	NOUN
aeasj-363	229	10	©	©	PROPN
aeasj-363	229	11	cc	cc	NOUN
aeasj-363	229	12	-	-	PUNCT
aeasj-363	229	13	by	by	ADP
aeasj-363	229	14	-	-	PUNCT
aeasj-363	229	15	nc	nc	PROPN
aeasj-363	229	16	2019	2019	NUM
aeasj-363	229	17	,	,	PUNCT
aeasj-363	229	18	cribfb	cribfb	VERB
aeasj-363	229	19	|	|	ADV
aeasj-363	229	20	aesr	aesr	ADV
aeasj-363	229	21	www.cribfb.com/journal/index.php/aesr	www.cribfb.com/journal/index.php/aesr	AUX
aeasj-363	229	22	american	american	PROPN
aeasj-363	229	23	economic	economic	PROPN
aeasj-363	229	24	&	&	CCONJ
aeasj-363	229	25	social	social	PROPN
aeasj-363	229	26	review	review	PROPN
aeasj-363	229	27	vol	vol	NOUN
aeasj-363	229	28	.	.	PROPN
aeasj-363	230	1	5	5	NUM
aeasj-363	230	2	,	,	PUNCT
aeasj-363	230	3	no	no	INTJ
aeasj-363	230	4	.	.	NOUN
aeasj-363	230	5	2	2	NUM
aeasj-363	230	6	;	;	PUNCT
aeasj-363	230	7	2019	2019	NUM
aeasj-363	230	8	51	51	NUM
aeasj-363	230	9	negatively	negatively	ADV
aeasj-363	230	10	related	relate	VERB
aeasj-363	230	11	to	to	ADP
aeasj-363	230	12	banks	bank	NOUN
aeasj-363	230	13	’	'	PUNCT
aeasj-363	230	14	leverage	leverage	NOUN
aeasj-363	230	15	and	and	CCONJ
aeasj-363	230	16	profitability	profitability	NOUN
aeasj-363	230	17	.	.	PUNCT
aeasj-363	231	1	the	the	DET
aeasj-363	231	2	study	study	NOUN
aeasj-363	231	3	concludes	conclude	VERB
aeasj-363	231	4	that	that	SCONJ
aeasj-363	231	5	dividend	dividend	NOUN
aeasj-363	231	6	payout	payout	ADJ
aeasj-363	231	7	ratio	ratio	NOUN
aeasj-363	231	8	is	be	AUX
aeasj-363	231	9	inversely	inversely	ADV
aeasj-363	231	10	related	relate	VERB
aeasj-363	231	11	to	to	ADP
aeasj-363	231	12	performance	performance	NOUN
aeasj-363	231	13	of	of	ADP
aeasj-363	231	14	commercial	commercial	ADJ
aeasj-363	231	15	banks	bank	NOUN
aeasj-363	231	16	in	in	ADP
aeasj-363	231	17	nigeria	nigeria	PROPN
aeasj-363	231	18	.	.	PUNCT
aeasj-363	232	1	simon	simon	PROPN
aeasj-363	232	2	-	-	PUNCT
aeasj-363	232	3	oke	oke	PROPN
aeasj-363	232	4	and	and	CCONJ
aeasj-363	232	5	ologdinwa	ologdinwa	ADJ
aeasj-363	232	6	(	(	PUNCT
aeasj-363	232	7	2016	2016	NUM
aeasj-363	232	8	)	)	PUNCT
aeasj-363	232	9	evaluated	evaluate	VERB
aeasj-363	232	10	the	the	DET
aeasj-363	232	11	effect	effect	NOUN
aeasj-363	232	12	of	of	ADP
aeasj-363	232	13	dividend	dividend	NOUN
aeasj-363	232	14	policy	policy	NOUN
aeasj-363	232	15	on	on	ADP
aeasj-363	232	16	corporate	corporate	ADJ
aeasj-363	232	17	performance	performance	NOUN
aeasj-363	232	18	in	in	ADP
aeasj-363	232	19	nigeria	nigeria	PROPN
aeasj-363	232	20	,	,	PUNCT
aeasj-363	232	21	using	use	VERB
aeasj-363	232	22	time	time	NOUN
aeasj-363	232	23	series	series	PROPN
aeasj-363	232	24	data	data	PROPN
aeasj-363	232	25	generated	generate	VERB
aeasj-363	232	26	from	from	ADP
aeasj-363	232	27	secondary	secondary	ADJ
aeasj-363	232	28	sources	source	NOUN
aeasj-363	232	29	through	through	ADP
aeasj-363	232	30	the	the	DET
aeasj-363	232	31	publications	publication	NOUN
aeasj-363	232	32	of	of	ADP
aeasj-363	232	33	nigeria	nigeria	PROPN
aeasj-363	232	34	stock	stock	PROPN
aeasj-363	232	35	exchange	exchange	PROPN
aeasj-363	232	36	and	and	CCONJ
aeasj-363	232	37	financial	financial	ADJ
aeasj-363	232	38	statements	statement	NOUN
aeasj-363	232	39	of	of	ADP
aeasj-363	232	40	the	the	DET
aeasj-363	232	41	companies	company	NOUN
aeasj-363	232	42	under	under	ADP
aeasj-363	232	43	review	review	NOUN
aeasj-363	232	44	.	.	PUNCT
aeasj-363	233	1	the	the	DET
aeasj-363	233	2	study	study	NOUN
aeasj-363	233	3	also	also	ADV
aeasj-363	233	4	employed	employ	VERB
aeasj-363	233	5	ols	ol	NOUN
aeasj-363	233	6	multiple	multiple	ADJ
aeasj-363	233	7	regression	regression	NOUN
aeasj-363	233	8	analytical	analytical	ADJ
aeasj-363	233	9	techniques	technique	NOUN
aeasj-363	233	10	to	to	PART
aeasj-363	233	11	establish	establish	VERB
aeasj-363	233	12	the	the	DET
aeasj-363	233	13	relationships	relationship	NOUN
aeasj-363	233	14	among	among	ADP
aeasj-363	233	15	the	the	DET
aeasj-363	233	16	variables	variable	NOUN
aeasj-363	233	17	of	of	ADP
aeasj-363	233	18	dividend	dividend	NOUN
aeasj-363	233	19	policy	policy	NOUN
aeasj-363	233	20	and	and	CCONJ
aeasj-363	233	21	the	the	DET
aeasj-363	233	22	corporate	corporate	ADJ
aeasj-363	233	23	performance	performance	NOUN
aeasj-363	233	24	of	of	ADP
aeasj-363	233	25	firms	firm	NOUN
aeasj-363	233	26	in	in	ADP
aeasj-363	233	27	nigeria	nigeria	PROPN
aeasj-363	233	28	.	.	PUNCT
aeasj-363	234	1	the	the	DET
aeasj-363	234	2	findings	finding	NOUN
aeasj-363	234	3	reveal	reveal	VERB
aeasj-363	234	4	that	that	SCONJ
aeasj-363	234	5	dividend	dividend	NOUN
aeasj-363	234	6	policy	policy	NOUN
aeasj-363	234	7	in	in	ADP
aeasj-363	234	8	nigeria	nigeria	PROPN
aeasj-363	234	9	still	still	ADV
aeasj-363	234	10	remains	remain	VERB
aeasj-363	234	11	a	a	DET
aeasj-363	234	12	function	function	NOUN
aeasj-363	234	13	of	of	ADP
aeasj-363	234	14	strong	strong	ADJ
aeasj-363	234	15	dynamic	dynamic	ADJ
aeasj-363	234	16	variables	variable	NOUN
aeasj-363	234	17	such	such	ADJ
aeasj-363	234	18	as	as	ADP
aeasj-363	234	19	return	return	NOUN
aeasj-363	234	20	on	on	ADP
aeasj-363	234	21	investment	investment	NOUN
aeasj-363	234	22	(	(	PUNCT
aeasj-363	234	23	roi	roi	NOUN
aeasj-363	234	24	)	)	PUNCT
aeasj-363	234	25	,	,	PUNCT
aeasj-363	234	26	earnings	earning	NOUN
aeasj-363	234	27	per	per	ADP
aeasj-363	234	28	share	share	NOUN
aeasj-363	234	29	(	(	PUNCT
aeasj-363	234	30	eps	eps	PROPN
aeasj-363	234	31	)	)	PUNCT
aeasj-363	234	32	and	and	CCONJ
aeasj-363	234	33	dividend	dividend	NOUN
aeasj-363	234	34	per	per	ADP
aeasj-363	234	35	share	share	NOUN
aeasj-363	234	36	(	(	PUNCT
aeasj-363	234	37	dps	dps	NOUN
aeasj-363	234	38	)	)	PUNCT
aeasj-363	234	39	.	.	PUNCT
aeasj-363	235	1	osegbu	osegbu	PROPN
aeasj-363	235	2	,	,	PUNCT
aeasj-363	235	3	ifurueze	ifurueze	VERB
aeasj-363	235	4	and	and	CCONJ
aeasj-363	235	5	ifurueze(2014	ifurueze(2014	PROPN
aeasj-363	235	6	)	)	PUNCT
aeasj-363	235	7	analyzed	analyze	VERB
aeasj-363	235	8	the	the	DET
aeasj-363	235	9	extent	extent	NOUN
aeasj-363	235	10	of	of	ADP
aeasj-363	235	11	relationships	relationship	NOUN
aeasj-363	235	12	between	between	ADP
aeasj-363	235	13	dividend	dividend	NOUN
aeasj-363	235	14	payment	payment	NOUN
aeasj-363	235	15	and	and	CCONJ
aeasj-363	235	16	corporate	corporate	ADJ
aeasj-363	235	17	performance	performance	NOUN
aeasj-363	235	18	in	in	ADP
aeasj-363	235	19	the	the	DET
aeasj-363	235	20	nigerian	nigerian	ADJ
aeasj-363	235	21	banking	banking	NOUN
aeasj-363	235	22	industry	industry	NOUN
aeasj-363	235	23	.	.	PUNCT
aeasj-363	236	1	the	the	DET
aeasj-363	236	2	study	study	NOUN
aeasj-363	236	3	uses	use	VERB
aeasj-363	236	4	a	a	DET
aeasj-363	236	5	panel	panel	NOUN
aeasj-363	236	6	data	datum	NOUN
aeasj-363	236	7	set	set	VERB
aeasj-363	236	8	of	of	ADP
aeasj-363	236	9	banks	bank	NOUN
aeasj-363	236	10	listed	list	VERB
aeasj-363	236	11	on	on	ADP
aeasj-363	236	12	the	the	DET
aeasj-363	236	13	nigeria	nigeria	PROPN
aeasj-363	236	14	stock	stock	PROPN
aeasj-363	236	15	exchange	exchange	PROPN
aeasj-363	236	16	between	between	ADP
aeasj-363	236	17	the	the	DET
aeasj-363	236	18	year	year	NOUN
aeasj-363	236	19	1990	1990	NUM
aeasj-363	236	20	and	and	CCONJ
aeasj-363	236	21	2010	2010	NUM
aeasj-363	236	22	.	.	PUNCT
aeasj-363	237	1	the	the	DET
aeasj-363	237	2	five	five	NUM
aeasj-363	237	3	hypotheses	hypothesis	NOUN
aeasj-363	237	4	were	be	AUX
aeasj-363	237	5	applied	apply	VERB
aeasj-363	237	6	to	to	PART
aeasj-363	237	7	examine	examine	VERB
aeasj-363	237	8	the	the	DET
aeasj-363	237	9	extent	extent	NOUN
aeasj-363	237	10	and	and	CCONJ
aeasj-363	237	11	the	the	DET
aeasj-363	237	12	level	level	NOUN
aeasj-363	237	13	of	of	ADP
aeasj-363	237	14	significance	significance	NOUN
aeasj-363	237	15	of	of	ADP
aeasj-363	237	16	the	the	DET
aeasj-363	237	17	relationship	relationship	NOUN
aeasj-363	237	18	between	between	ADP
aeasj-363	237	19	the	the	DET
aeasj-363	237	20	amount	amount	NOUN
aeasj-363	237	21	of	of	ADP
aeasj-363	237	22	dividend	dividend	NOUN
aeasj-363	237	23	payment	payment	NOUN
aeasj-363	237	24	and	and	CCONJ
aeasj-363	237	25	corporate	corporate	ADJ
aeasj-363	237	26	performance	performance	NOUN
aeasj-363	237	27	using	use	VERB
aeasj-363	237	28	regression	regression	NOUN
aeasj-363	237	29	models	model	NOUN
aeasj-363	237	30	.	.	PUNCT
aeasj-363	238	1	the	the	DET
aeasj-363	238	2	research	research	NOUN
aeasj-363	238	3	indicated	indicate	VERB
aeasj-363	238	4	that	that	SCONJ
aeasj-363	238	5	there	there	PRON
aeasj-363	238	6	is	be	VERB
aeasj-363	238	7	no	no	DET
aeasj-363	238	8	significant	significant	ADJ
aeasj-363	238	9	relationship	relationship	NOUN
aeasj-363	238	10	between	between	ADP
aeasj-363	238	11	dividend	dividend	NOUN
aeasj-363	238	12	payout	payout	NOUN
aeasj-363	238	13	of	of	ADP
aeasj-363	238	14	banks	bank	NOUN
aeasj-363	238	15	in	in	ADP
aeasj-363	238	16	nigeria	nigeria	PROPN
aeasj-363	238	17	and	and	CCONJ
aeasj-363	238	18	the	the	DET
aeasj-363	238	19	explanatory	explanatory	ADJ
aeasj-363	238	20	variables	variable	NOUN
aeasj-363	238	21	.	.	PUNCT
aeasj-363	239	1	uwuigbe	uwuigbe	NOUN
aeasj-363	239	2	(	(	PUNCT
aeasj-363	239	3	2012	2012	NUM
aeasj-363	239	4	)	)	PUNCT
aeasj-363	239	5	investigated	investigate	VERB
aeasj-363	239	6	the	the	DET
aeasj-363	239	7	relationship	relationship	NOUN
aeasj-363	239	8	between	between	ADP
aeasj-363	239	9	the	the	DET
aeasj-363	239	10	financial	financial	ADJ
aeasj-363	239	11	performance	performance	NOUN
aeasj-363	239	12	and	and	CCONJ
aeasj-363	239	13	dividend	dividend	NOUN
aeasj-363	239	14	payout	payout	NOUN
aeasj-363	239	15	among	among	ADP
aeasj-363	239	16	listed	list	VERB
aeasj-363	239	17	firms	firm	NOUN
aeasj-363	239	18	’	'	PUNCT
aeasj-363	239	19	in	in	ADP
aeasj-363	239	20	nigeria	nigeria	PROPN
aeasj-363	239	21	.	.	PUNCT
aeasj-363	240	1	it	it	PRON
aeasj-363	240	2	also	also	ADV
aeasj-363	240	3	looks	look	VERB
aeasj-363	240	4	at	at	ADP
aeasj-363	240	5	the	the	DET
aeasj-363	240	6	relationship	relationship	NOUN
aeasj-363	240	7	between	between	ADP
aeasj-363	240	8	ownership	ownership	NOUN
aeasj-363	240	9	structure	structure	NOUN
aeasj-363	240	10	,	,	PUNCT
aeasj-363	240	11	size	size	NOUN
aeasj-363	240	12	of	of	ADP
aeasj-363	240	13	firms	firm	NOUN
aeasj-363	240	14	and	and	CCONJ
aeasj-363	240	15	the	the	DET
aeasj-363	240	16	dividend	dividend	NOUN
aeasj-363	240	17	payouts	payout	NOUN
aeasj-363	240	18	.	.	PUNCT
aeasj-363	241	1	the	the	DET
aeasj-363	241	2	annual	annual	ADJ
aeasj-363	241	3	reports	report	NOUN
aeasj-363	241	4	for	for	ADP
aeasj-363	241	5	the	the	DET
aeasj-363	241	6	period2006	period2006	PROPN
aeasj-363	241	7	-	-	SYM
aeasj-363	241	8	2010	2010	NUM
aeasj-363	241	9	were	be	AUX
aeasj-363	241	10	utilized	utilize	VERB
aeasj-363	241	11	as	as	ADP
aeasj-363	241	12	the	the	DET
aeasj-363	241	13	main	main	ADJ
aeasj-363	241	14	source	source	NOUN
aeasj-363	241	15	of	of	ADP
aeasj-363	241	16	data	datum	NOUN
aeasj-363	241	17	collection	collection	NOUN
aeasj-363	241	18	for	for	ADP
aeasj-363	241	19	the50	the50	NOUN
aeasj-363	241	20	sampled	sample	VERB
aeasj-363	241	21	firms	firm	NOUN
aeasj-363	241	22	.	.	PUNCT
aeasj-363	242	1	the	the	DET
aeasj-363	242	2	regression	regression	NOUN
aeasj-363	242	3	analysis	analysis	NOUN
aeasj-363	242	4	method	method	NOUN
aeasj-363	242	5	was	be	AUX
aeasj-363	242	6	employed	employ	VERB
aeasj-363	242	7	as	as	ADP
aeasj-363	242	8	a	a	DET
aeasj-363	242	9	statistical	statistical	ADJ
aeasj-363	242	10	technique	technique	NOUN
aeasj-363	242	11	for	for	ADP
aeasj-363	242	12	analyzing	analyze	VERB
aeasj-363	242	13	the	the	DET
aeasj-363	242	14	data	datum	NOUN
aeasj-363	242	15	collected	collect	VERB
aeasj-363	242	16	.	.	PUNCT
aeasj-363	243	1	the	the	DET
aeasj-363	243	2	study	study	NOUN
aeasj-363	243	3	found	find	VERB
aeasj-363	243	4	that	that	SCONJ
aeasj-363	243	5	that	that	SCONJ
aeasj-363	243	6	there	there	PRON
aeasj-363	243	7	is	be	VERB
aeasj-363	243	8	a	a	DET
aeasj-363	243	9	significant	significant	ADJ
aeasj-363	243	10	positive	positive	ADJ
aeasj-363	243	11	association	association	NOUN
aeasj-363	243	12	between	between	ADP
aeasj-363	243	13	the	the	DET
aeasj-363	243	14	performance	performance	NOUN
aeasj-363	243	15	of	of	ADP
aeasj-363	243	16	firms	firm	NOUN
aeasj-363	243	17	and	and	CCONJ
aeasj-363	243	18	the	the	DET
aeasj-363	243	19	dividend	dividend	NOUN
aeasj-363	243	20	payout	payout	NOUN
aeasj-363	243	21	of	of	ADP
aeasj-363	243	22	the	the	DET
aeasj-363	243	23	sampled	sample	VERB
aeasj-363	243	24	firms	firm	NOUN
aeasj-363	243	25	in	in	ADP
aeasj-363	243	26	nigeria	nigeria	PROPN
aeasj-363	243	27	.	.	PUNCT
aeasj-363	244	1	the	the	DET
aeasj-363	244	2	study	study	NOUN
aeasj-363	244	3	also	also	ADV
aeasj-363	244	4	revealed	reveal	VERB
aeasj-363	244	5	that	that	SCONJ
aeasj-363	244	6	ownership	ownership	NOUN
aeasj-363	244	7	structure	structure	NOUN
aeasj-363	244	8	and	and	CCONJ
aeasj-363	244	9	firm	firm	NOUN
aeasj-363	244	10	’s	’s	PART
aeasj-363	244	11	size	size	NOUN
aeasj-363	244	12	has	have	VERB
aeasj-363	244	13	a	a	DET
aeasj-363	244	14	significant	significant	ADJ
aeasj-363	244	15	impact	impact	NOUN
aeasj-363	244	16	of	of	ADP
aeasj-363	244	17	the	the	DET
aeasj-363	244	18	dividend	dividend	NOUN
aeasj-363	244	19	payout	payout	NOUN
aeasj-363	244	20	of	of	ADP
aeasj-363	244	21	firms	firm	NOUN
aeasj-363	244	22	too	too	ADV
aeasj-363	244	23	.	.	PUNCT
aeasj-363	245	1	nwannamka	nwannamka	PROPN
aeasj-363	245	2	and	and	CCONJ
aeasj-363	245	3	ezeabsili	ezeabsili	NOUN
aeasj-363	245	4	(	(	PUNCT
aeasj-363	245	5	2017	2017	NUM
aeasj-363	245	6	)	)	PUNCT
aeasj-363	245	7	examined	examine	VERB
aeasj-363	245	8	the	the	DET
aeasj-363	245	9	effects	effect	NOUN
aeasj-363	245	10	of	of	ADP
aeasj-363	245	11	dividend	dividend	NOUN
aeasj-363	245	12	policy	policy	NOUN
aeasj-363	245	13	on	on	ADP
aeasj-363	245	14	firm	firm	ADJ
aeasj-363	245	15	value	value	NOUN
aeasj-363	245	16	.	.	PUNCT
aeasj-363	246	1	the	the	DET
aeasj-363	246	2	study	study	NOUN
aeasj-363	246	3	covers	cover	VERB
aeasj-363	246	4	10	10	NUM
aeasj-363	246	5	quoted	quote	VERB
aeasj-363	246	6	companies	company	NOUN
aeasj-363	246	7	studied	study	VERB
aeasj-363	246	8	for	for	ADP
aeasj-363	246	9	the	the	DET
aeasj-363	246	10	period	period	NOUN
aeasj-363	246	11	of	of	ADP
aeasj-363	246	12	1995	1995	NUM
aeasj-363	246	13	-	-	SYM
aeasj-363	246	14	2015	2015	NUM
aeasj-363	246	15	.	.	PUNCT
aeasj-363	247	1	the	the	DET
aeasj-363	247	2	methodology	methodology	NOUN
aeasj-363	247	3	adopted	adopt	VERB
aeasj-363	247	4	is	be	AUX
aeasj-363	247	5	the	the	DET
aeasj-363	247	6	ordinary	ordinary	ADJ
aeasj-363	247	7	least	least	ADJ
aeasj-363	247	8	square	square	ADJ
aeasj-363	247	9	regression	regression	NOUN
aeasj-363	247	10	analysis	analysis	NOUN
aeasj-363	247	11	for	for	ADP
aeasj-363	247	12	primary	primary	ADJ
aeasj-363	247	13	data	datum	NOUN
aeasj-363	247	14	analyses	analysis	NOUN
aeasj-363	247	15	and	and	CCONJ
aeasj-363	247	16	multiple	multiple	ADJ
aeasj-363	247	17	regression	regression	NOUN
aeasj-363	247	18	analysis	analysis	NOUN
aeasj-363	247	19	for	for	ADP
aeasj-363	247	20	the	the	DET
aeasj-363	247	21	secondary	secondary	ADJ
aeasj-363	247	22	data	data	NOUN
aeasj-363	247	23	analyses	analysis	NOUN
aeasj-363	247	24	with	with	ADP
aeasj-363	247	25	models	model	NOUN
aeasj-363	247	26	mps	mps	PROPN
aeasj-363	247	27	(	(	PUNCT
aeasj-363	247	28	market	market	NOUN
aeasj-363	247	29	price	price	NOUN
aeasj-363	247	30	per	per	ADP
aeasj-363	247	31	share	share	NOUN
aeasj-363	247	32	)	)	PUNCT
aeasj-363	247	33	as	as	ADP
aeasj-363	247	34	dependent	dependent	ADJ
aeasj-363	247	35	variable	variable	NOUN
aeasj-363	247	36	,	,	PUNCT
aeasj-363	247	37	eps	eps	PROPN
aeasj-363	247	38	(	(	PUNCT
aeasj-363	247	39	earnings	earning	NOUN
aeasj-363	247	40	per	per	ADP
aeasj-363	247	41	share	share	NOUN
aeasj-363	247	42	)	)	PUNCT
aeasj-363	247	43	and	and	CCONJ
aeasj-363	247	44	dps	dps	NOUN
aeasj-363	247	45	(	(	PUNCT
aeasj-363	247	46	dividend	dividend	VERB
aeasj-363	247	47	per	per	ADP
aeasj-363	247	48	share	share	NOUN
aeasj-363	247	49	)	)	PUNCT
aeasj-363	247	50	as	as	ADP
aeasj-363	247	51	independent	independent	ADJ
aeasj-363	247	52	variables	variable	NOUN
aeasj-363	247	53	.	.	PUNCT
aeasj-363	248	1	the	the	DET
aeasj-363	248	2	study	study	NOUN
aeasj-363	248	3	shows	show	VERB
aeasj-363	248	4	the	the	DET
aeasj-363	248	5	relevance	relevance	NOUN
aeasj-363	248	6	of	of	ADP
aeasj-363	248	7	dividend	dividend	NOUN
aeasj-363	248	8	,	,	PUNCT
aeasj-363	248	9	dividend	dividend	VERB
aeasj-363	248	10	as	as	ADP
aeasj-363	248	11	a	a	DET
aeasj-363	248	12	signaling	signal	VERB
aeasj-363	248	13	model	model	NOUN
aeasj-363	248	14	and	and	CCONJ
aeasj-363	248	15	proves	prove	VERB
aeasj-363	248	16	that	that	PRON
aeasj-363	248	17	firm	firm	ADJ
aeasj-363	248	18	value	value	NOUN
aeasj-363	248	19	is	be	AUX
aeasj-363	248	20	greatly	greatly	ADV
aeasj-363	248	21	influenced	influence	VERB
aeasj-363	248	22	by	by	ADP
aeasj-363	248	23	dividend	dividend	NOUN
aeasj-363	248	24	policy	policy	NOUN
aeasj-363	248	25	as	as	ADV
aeasj-363	248	26	far	far	ADV
aeasj-363	248	27	as	as	SCONJ
aeasj-363	248	28	public	public	ADJ
aeasj-363	248	29	limited	limited	ADJ
aeasj-363	248	30	companies	company	NOUN
aeasj-363	248	31	are	be	AUX
aeasj-363	248	32	concerned	concern	VERB
aeasj-363	248	33	.	.	PUNCT
aeasj-363	249	1	peter	peter	PROPN
aeasj-363	249	2	and	and	CCONJ
aeasj-363	249	3	lyndon	lyndon	PROPN
aeasj-363	249	4	(	(	PUNCT
aeasj-363	249	5	2016	2016	NUM
aeasj-363	249	6	)	)	PUNCT
aeasj-363	249	7	this	this	DET
aeasj-363	249	8	study	study	NOUN
aeasj-363	249	9	investigated	investigate	VERB
aeasj-363	249	10	the	the	DET
aeasj-363	249	11	relationship	relationship	NOUN
aeasj-363	249	12	between	between	ADP
aeasj-363	249	13	dividend	dividend	NOUN
aeasj-363	249	14	payout	payout	ADP
aeasj-363	249	15	policyand	policyand	ADJ
aeasj-363	249	16	firm	firm	ADJ
aeasj-363	249	17	performance	performance	NOUN
aeasj-363	249	18	in	in	ADP
aeasj-363	249	19	nigeria	nigeria	PROPN
aeasj-363	249	20	,	,	PUNCT
aeasj-363	249	21	using	use	VERB
aeasj-363	249	22	a	a	DET
aeasj-363	249	23	sample	sample	NOUN
aeasj-363	249	24	of	of	ADP
aeasj-363	249	25	some	some	DET
aeasj-363	249	26	listed	list	VERB
aeasj-363	249	27	firms	firm	NOUN
aeasj-363	249	28	in	in	ADP
aeasj-363	249	29	the	the	DET
aeasj-363	249	30	nigerian	nigerian	ADJ
aeasj-363	249	31	stock	stock	NOUN
aeasj-363	249	32	exchange	exchange	PROPN
aeasj-363	249	33	(	(	PUNCT
aeasj-363	249	34	nse	nse	NOUN
aeasj-363	249	35	)	)	PUNCT
aeasj-363	249	36	for	for	ADP
aeasj-363	249	37	the	the	DET
aeasj-363	249	38	period	period	NOUN
aeasj-363	249	39	2002	2002	NUM
aeasj-363	249	40	to	to	ADP
aeasj-363	249	41	2012	2012	NUM
aeasj-363	249	42	.	.	PUNCT
aeasj-363	250	1	the	the	DET
aeasj-363	250	2	study	study	NOUN
aeasj-363	250	3	adopted	adopt	VERB
aeasj-363	250	4	comparative	comparative	ADJ
aeasj-363	250	5	/	/	SYM
aeasj-363	250	6	descriptive	descriptive	ADJ
aeasj-363	250	7	research	research	NOUN
aeasj-363	250	8	designs	design	NOUN
aeasj-363	250	9	as	as	SCONJ
aeasj-363	250	10	a	a	DET
aeasj-363	250	11	set	set	NOUN
aeasj-363	250	12	of	of	ADP
aeasj-363	250	13	time	time	NOUN
aeasj-363	250	14	series	series	PROPN
aeasj-363	250	15	dimension	dimension	NOUN
aeasj-363	250	16	of	of	ADP
aeasj-363	250	17	panel	panel	NOUN
aeasj-363	250	18	data	datum	NOUN
aeasj-363	250	19	estimation	estimation	NOUN
aeasj-363	250	20	techniques	technique	NOUN
aeasj-363	250	21	were	be	AUX
aeasj-363	250	22	utilized	utilize	VERB
aeasj-363	250	23	.	.	PUNCT
aeasj-363	251	1	the	the	DET
aeasj-363	251	2	result	result	NOUN
aeasj-363	251	3	shows	show	VERB
aeasj-363	251	4	a	a	DET
aeasj-363	251	5	positive	positive	ADJ
aeasj-363	251	6	and	and	CCONJ
aeasj-363	251	7	significant	significant	ADJ
aeasj-363	251	8	relationship	relationship	NOUN
aeasj-363	251	9	between	between	ADP
aeasj-363	251	10	dividend	dividend	NOUN
aeasj-363	251	11	payout	payout	NOUN
aeasj-363	251	12	policy	policy	NOUN
aeasj-363	251	13	and	and	CCONJ
aeasj-363	251	14	profit	profit	NOUN
aeasj-363	251	15	after	after	ADP
aeasj-363	251	16	tax	tax	NOUN
aeasj-363	251	17	(	(	PUNCT
aeasj-363	251	18	pat	pat	PROPN
aeasj-363	251	19	)	)	PUNCT
aeasj-363	251	20	.	.	PUNCT
aeasj-363	252	1	this	this	DET
aeasj-363	252	2	result	result	NOUN
aeasj-363	252	3	indicates	indicate	VERB
aeasj-363	252	4	that	that	SCONJ
aeasj-363	252	5	dividend	dividend	NOUN
aeasj-363	252	6	payout	payout	NOUN
aeasj-363	252	7	policy	policy	NOUN
aeasj-363	252	8	enhances	enhance	VERB
aeasj-363	252	9	firm	firm	ADJ
aeasj-363	252	10	performance	performance	NOUN
aeasj-363	252	11	in	in	ADP
aeasj-363	252	12	nigeria	nigeria	PROPN
aeasj-363	252	13	.	.	PUNCT
aeasj-363	253	1	while	while	SCONJ
aeasj-363	253	2	earning	earn	VERB
aeasj-363	253	3	per	per	ADP
aeasj-363	253	4	share	share	NOUN
aeasj-363	253	5	(	(	PUNCT
aeasj-363	253	6	eps	eps	PROPN
aeasj-363	253	7	)	)	PUNCT
aeasj-363	253	8	had	have	VERB
aeasj-363	253	9	a	a	DET
aeasj-363	253	10	negative	negative	ADJ
aeasj-363	253	11	influence	influence	NOUN
aeasj-363	253	12	on	on	ADP
aeasj-363	253	13	dividend	dividend	NOUN
aeasj-363	253	14	payout	payout	ADJ
aeasj-363	253	15	policy	policy	NOUN
aeasj-363	253	16	of	of	ADP
aeasj-363	253	17	firms	firm	NOUN
aeasj-363	253	18	in	in	ADP
aeasj-363	253	19	nigeria	nigeria	PROPN
aeasj-363	253	20	for	for	ADP
aeasj-363	253	21	the	the	DET
aeasj-363	253	22	period	period	NOUN
aeasj-363	253	23	the	the	DET
aeasj-363	253	24	study	study	NOUN
aeasj-363	253	25	covered	cover	VERB
aeasj-363	253	26	.	.	PUNCT
aeasj-363	254	1	rheman	rheman	NOUN
aeasj-363	254	2	and	and	CCONJ
aeasj-363	254	3	hussain(2017	hussain(2017	NOUN
aeasj-363	254	4	)	)	PUNCT
aeasj-363	254	5	tried	try	VERB
aeasj-363	254	6	to	to	PART
aeasj-363	254	7	find	find	VERB
aeasj-363	254	8	out	out	ADP
aeasj-363	254	9	the	the	DET
aeasj-363	254	10	key	key	ADJ
aeasj-363	254	11	indicators	indicator	NOUN
aeasj-363	254	12	that	that	PRON
aeasj-363	254	13	do	do	AUX
aeasj-363	254	14	impact	impact	VERB
aeasj-363	254	15	the	the	DET
aeasj-363	254	16	performance	performance	NOUN
aeasj-363	254	17	of	of	ADP
aeasj-363	254	18	the	the	DET
aeasj-363	254	19	firm	firm	NOUN
aeasj-363	254	20	and	and	CCONJ
aeasj-363	254	21	are	be	AUX
aeasj-363	254	22	also	also	ADV
aeasj-363	254	23	incorporated	incorporate	VERB
aeasj-363	254	24	in	in	ADP
aeasj-363	254	25	the	the	DET
aeasj-363	254	26	dividend	dividend	NOUN
aeasj-363	254	27	policy	policy	NOUN
aeasj-363	254	28	of	of	ADP
aeasj-363	254	29	the	the	DET
aeasj-363	254	30	firm	firm	NOUN
aeasj-363	254	31	.	.	PUNCT
aeasj-363	255	1	ratios	ratio	NOUN
aeasj-363	255	2	have	have	AUX
aeasj-363	255	3	been	be	AUX
aeasj-363	255	4	computed	compute	VERB
aeasj-363	255	5	of	of	ADP
aeasj-363	255	6	all	all	DET
aeasj-363	255	7	the	the	DET
aeasj-363	255	8	companies	company	NOUN
aeasj-363	255	9	that	that	PRON
aeasj-363	255	10	basically	basically	ADV
aeasj-363	255	11	determine	determine	VERB
aeasj-363	255	12	the	the	DET
aeasj-363	255	13	dividend	dividend	NOUN
aeasj-363	255	14	policy	policy	NOUN
aeasj-363	255	15	and	and	CCONJ
aeasj-363	255	16	then	then	ADV
aeasj-363	255	17	the	the	DET
aeasj-363	255	18	correlation	correlation	NOUN
aeasj-363	255	19	tests	test	NOUN
aeasj-363	255	20	have	have	AUX
aeasj-363	255	21	been	be	AUX
aeasj-363	255	22	run	run	VERB
aeasj-363	255	23	to	to	PART
aeasj-363	255	24	see	see	VERB
aeasj-363	255	25	the	the	PRON
aeasj-363	255	26	whether	whether	SCONJ
aeasj-363	255	27	the	the	DET
aeasj-363	255	28	results	result	NOUN
aeasj-363	255	29	are	be	AUX
aeasj-363	255	30	significant	significant	ADJ
aeasj-363	255	31	or	or	CCONJ
aeasj-363	255	32	not	not	PART
aeasj-363	255	33	.	.	PUNCT
aeasj-363	256	1	in	in	ADP
aeasj-363	256	2	the	the	DET
aeasj-363	256	3	conclusion	conclusion	NOUN
aeasj-363	256	4	we	we	PRON
aeasj-363	256	5	have	have	AUX
aeasj-363	256	6	mentioned	mention	VERB
aeasj-363	256	7	the	the	DET
aeasj-363	256	8	variables	variable	NOUN
aeasj-363	256	9	that	that	PRON
aeasj-363	256	10	play	play	VERB
aeasj-363	256	11	a	a	DET
aeasj-363	256	12	key	key	ADJ
aeasj-363	256	13	role	role	NOUN
aeasj-363	256	14	in	in	ADP
aeasj-363	256	15	determining	determine	VERB
aeasj-363	256	16	the	the	DET
aeasj-363	256	17	performance	performance	NOUN
aeasj-363	256	18	of	of	ADP
aeasj-363	256	19	the	the	DET
aeasj-363	256	20	firms	firm	NOUN
aeasj-363	256	21	ojeme	ojeme	NOUN
aeasj-363	256	22	,	,	PUNCT
aeasj-363	256	23	mamid	mamid	NOUN
aeasj-363	256	24	and	and	CCONJ
aeasj-363	256	25	ojo	ojo	NOUN
aeasj-363	256	26	,	,	PUNCT
aeasj-363	256	27	(	(	PUNCT
aeasj-363	256	28	2015	2015	NUM
aeasj-363	256	29	)	)	PUNCT
aeasj-363	256	30	examined	examine	VERB
aeasj-363	256	31	empirically	empirically	ADV
aeasj-363	256	32	the	the	DET
aeasj-363	256	33	implications	implication	NOUN
aeasj-363	256	34	of	of	ADP
aeasj-363	256	35	adopted	adopt	VERB
aeasj-363	256	36	dividend	dividend	NOUN
aeasj-363	256	37	policies	policy	NOUN
aeasj-363	256	38	on	on	ADP
aeasj-363	256	39	the	the	DET
aeasj-363	256	40	value	value	NOUN
aeasj-363	256	41	of	of	ADP
aeasj-363	256	42	shareholders	shareholder	NOUN
aeasj-363	256	43	’	’	PART
aeasj-363	256	44	wealth	wealth	NOUN
aeasj-363	256	45	and	and	CCONJ
aeasj-363	256	46	the	the	DET
aeasj-363	256	47	extent	extent	NOUN
aeasj-363	256	48	to	to	PART
aeasj-363	256	49	which	which	PRON
aeasj-363	256	50	dividend	dividend	NOUN
aeasj-363	256	51	policy	policy	NOUN
aeasj-363	256	52	affects	affect	VERB
aeasj-363	256	53	the	the	DET
aeasj-363	256	54	market	market	NOUN
aeasj-363	256	55	value	value	NOUN
aeasj-363	256	56	of	of	ADP
aeasj-363	256	57	shares	share	NOUN
aeasj-363	256	58	in	in	ADP
aeasj-363	256	59	quoted	quote	VERB
aeasj-363	256	60	banks	bank	NOUN
aeasj-363	256	61	in	in	ADP
aeasj-363	256	62	nigeria	nigeria	PROPN
aeasj-363	256	63	.	.	PUNCT
aeasj-363	257	1	the	the	DET
aeasj-363	257	2	paper	paper	NOUN
aeasj-363	257	3	focuses	focus	VERB
aeasj-363	257	4	on	on	ADP
aeasj-363	257	5	the	the	DET
aeasj-363	257	6	situation	situation	NOUN
aeasj-363	257	7	before	before	ADP
aeasj-363	257	8	and	and	CCONJ
aeasj-363	257	9	after	after	ADP
aeasj-363	257	10	the	the	DET
aeasj-363	257	11	financial	financial	ADJ
aeasj-363	257	12	meltdown	meltdown	NOUN
aeasj-363	257	13	.	.	PUNCT
aeasj-363	258	1	correlation	correlation	NOUN
aeasj-363	258	2	results	result	NOUN
aeasj-363	258	3	of	of	ADP
aeasj-363	258	4	dividend	dividend	NOUN
aeasj-363	258	5	paid	pay	VERB
aeasj-363	258	6	in	in	ADP
aeasj-363	258	7	2007	2007	NUM
aeasj-363	258	8	-	-	SYM
aeasj-363	258	9	2010	2010	NUM
aeasj-363	258	10	and	and	CCONJ
aeasj-363	258	11	their	their	PRON
aeasj-363	258	12	corresponding	correspond	VERB
aeasj-363	258	13	market	market	NOUN
aeasj-363	258	14	value	value	NOUN
aeasj-363	258	15	showed	show	VERB
aeasj-363	258	16	that	that	SCONJ
aeasj-363	258	17	payment	payment	NOUN
aeasj-363	258	18	of	of	ADP
aeasj-363	258	19	dividend	dividend	NOUN
aeasj-363	258	20	by	by	ADP
aeasj-363	258	21	quoted	quote	VERB
aeasj-363	258	22	banks	bank	NOUN
aeasj-363	258	23	is	be	AUX
aeasj-363	258	24	relevant	relevant	ADJ
aeasj-363	258	25	to	to	ADP
aeasj-363	258	26	their	their	PRON
aeasj-363	258	27	market	market	NOUN
aeasj-363	258	28	value	value	NOUN
aeasj-363	258	29	and	and	CCONJ
aeasj-363	258	30	the	the	DET
aeasj-363	258	31	amount	amount	NOUN
aeasj-363	258	32	paid	pay	VERB
aeasj-363	258	33	as	as	ADP
aeasj-363	258	34	dividend	dividend	NOUN
aeasj-363	258	35	affects	affect	VERB
aeasj-363	258	36	the	the	DET
aeasj-363	258	37	value	value	NOUN
aeasj-363	258	38	of	of	ADP
aeasj-363	258	39	their	their	PRON
aeasj-363	258	40	share	share	NOUN
aeasj-363	258	41	.	.	PUNCT
aeasj-363	259	1	findings	finding	NOUN
aeasj-363	259	2	revealed	reveal	VERB
aeasj-363	259	3	the	the	DET
aeasj-363	259	4	effects	effect	NOUN
aeasj-363	259	5	of	of	ADP
aeasj-363	259	6	policy	policy	NOUN
aeasj-363	259	7	decisions	decision	NOUN
aeasj-363	259	8	as	as	SCONJ
aeasj-363	259	9	it	it	PRON
aeasj-363	259	10	affects	affect	VERB
aeasj-363	259	11	dividend	dividend	NOUN
aeasj-363	259	12	payout	payout	NOUN
aeasj-363	259	13	and	and	CCONJ
aeasj-363	259	14	dividend	dividend	NOUN
aeasj-363	259	15	retained	retain	VERB
aeasj-363	259	16	for	for	ADP
aeasj-363	259	17	further	further	ADJ
aeasj-363	259	18	growth	growth	NOUN
aeasj-363	259	19	on	on	ADP
aeasj-363	259	20	shareholders	shareholder	NOUN
aeasj-363	259	21	‘	'	PUNCT
aeasj-363	259	22	wealth	wealth	NOUN
aeasj-363	259	23	.	.	PUNCT
aeasj-363	260	1	3	3	X
aeasj-363	260	2	.	.	X
aeasj-363	260	3	research	research	NOUN
aeasj-363	260	4	methodology	methodology	NOUN
aeasj-363	260	5	descriptive	descriptive	ADJ
aeasj-363	260	6	and	and	CCONJ
aeasj-363	260	7	longitudinal	longitudinal	ADJ
aeasj-363	260	8	design	design	NOUN
aeasj-363	260	9	was	be	AUX
aeasj-363	260	10	employed	employ	VERB
aeasj-363	260	11	with	with	ADP
aeasj-363	260	12	a	a	DET
aeasj-363	260	13	view	view	NOUN
aeasj-363	260	14	to	to	ADP
aeasj-363	260	15	making	make	VERB
aeasj-363	260	16	statistical	statistical	ADJ
aeasj-363	260	17	inferences	inference	NOUN
aeasj-363	260	18	on	on	ADP
aeasj-363	260	19	the	the	DET
aeasj-363	260	20	effect	effect	NOUN
aeasj-363	260	21	leverage	leverage	NOUN
aeasj-363	260	22	on	on	ADP
aeasj-363	260	23	corporate	corporate	ADJ
aeasj-363	260	24	financial	financial	ADJ
aeasj-363	260	25	distress	distress	NOUN
aeasj-363	260	26	of	of	ADP
aeasj-363	260	27	manufacturing	manufacturing	NOUN
aeasj-363	260	28	firms	firm	NOUN
aeasj-363	260	29	.	.	PUNCT
aeasj-363	261	1	a	a	DET
aeasj-363	261	2	sampling	sample	VERB
aeasj-363	261	3	frame	frame	NOUN
aeasj-363	261	4	of	of	ADP
aeasj-363	261	5	15	15	NUM
aeasj-363	261	6	quoted	quote	VERB
aeasj-363	261	7	manufacturing	manufacturing	NOUN
aeasj-363	261	8	firms	firm	NOUN
aeasj-363	261	9	was	be	AUX
aeasj-363	261	10	selected	select	VERB
aeasj-363	261	11	using	use	VERB
aeasj-363	261	12	random	random	ADJ
aeasj-363	261	13	sampling	sampling	NOUN
aeasj-363	261	14	techniques	technique	NOUN
aeasj-363	261	15	.	.	PUNCT
aeasj-363	262	1	the	the	DET
aeasj-363	262	2	required	require	VERB
aeasj-363	262	3	cross	cross	ADJ
aeasj-363	262	4	-	-	ADJ
aeasj-363	262	5	sectional	sectional	ADJ
aeasj-363	262	6	data	datum	NOUN
aeasj-363	262	7	were	be	AUX
aeasj-363	262	8	sourced	source	VERB
aeasj-363	262	9	from	from	ADP
aeasj-363	262	10	annual	annual	ADJ
aeasj-363	262	11	reports	report	NOUN
aeasj-363	262	12	of	of	ADP
aeasj-363	262	13	the	the	DET
aeasj-363	262	14	firms	firm	NOUN
aeasj-363	262	15	and	and	CCONJ
aeasj-363	262	16	stock	stock	NOUN
aeasj-363	262	17	exchange	exchange	NOUN
aeasj-363	262	18	factbook	factbook	VERB
aeasj-363	262	19	from	from	ADP
aeasj-363	262	20	2008	2008	NUM
aeasj-363	262	21	-	-	SYM
aeasj-363	262	22	2017	2017	NUM
aeasj-363	262	23	.	.	PUNCT
aeasj-363	263	1	3.1	3.1	NUM
aeasj-363	263	2	analytical	analytical	ADJ
aeasj-363	263	3	framework	framework	NOUN
aeasj-363	263	4	and	and	CCONJ
aeasj-363	263	5	empirical	empirical	ADJ
aeasj-363	263	6	model	model	NOUN
aeasj-363	263	7	specification	specification	NOUN
aeasj-363	263	8	this	this	DET
aeasj-363	263	9	analysis	analysis	NOUN
aeasj-363	263	10	is	be	AUX
aeasj-363	263	11	carried	carry	VERB
aeasj-363	263	12	out	out	ADP
aeasj-363	263	13	within	within	ADP
aeasj-363	263	14	a	a	DET
aeasj-363	263	15	panel	panel	NOUN
aeasj-363	263	16	data	data	NOUN
aeasj-363	263	17	estimation	estimation	NOUN
aeasj-363	263	18	framework	framework	NOUN
aeasj-363	263	19	.	.	PUNCT
aeasj-363	264	1	the	the	DET
aeasj-363	264	2	preference	preference	NOUN
aeasj-363	264	3	of	of	ADP
aeasj-363	264	4	this	this	DET
aeasj-363	264	5	estimation	estimation	NOUN
aeasj-363	264	6	method	method	NOUN
aeasj-363	264	7	is	be	AUX
aeasj-363	264	8	not	not	PART
aeasj-363	264	9	only	only	ADV
aeasj-363	264	10	because	because	SCONJ
aeasj-363	264	11	it	it	PRON
aeasj-363	264	12	enables	enable	VERB
aeasj-363	264	13	a	a	DET
aeasj-363	264	14	cross	cross	ADJ
aeasj-363	264	15	-	-	ADJ
aeasj-363	264	16	sectional	sectional	ADJ
aeasj-363	264	17	time	time	NOUN
aeasj-363	264	18	series	series	PROPN
aeasj-363	264	19	analysis	analysis	NOUN
aeasj-363	264	20	which	which	PRON
aeasj-363	264	21	usually	usually	ADV
aeasj-363	264	22	makes	make	VERB
aeasj-363	264	23	provision	provision	NOUN
aeasj-363	264	24	for	for	ADP
aeasj-363	264	25	broader	broad	ADJ
aeasj-363	264	26	set	set	NOUN
aeasj-363	264	27	of	of	ADP
aeasj-363	264	28	data	datum	NOUN
aeasj-363	264	29	points	point	NOUN
aeasj-363	264	30	,	,	PUNCT
aeasj-363	264	31	but	but	CCONJ
aeasj-363	264	32	also	also	ADV
aeasj-363	264	33	because	because	SCONJ
aeasj-363	264	34	of	of	ADP
aeasj-363	264	35	its	its	PRON
aeasj-363	264	36	ability	ability	NOUN
aeasj-363	264	37	to	to	PART
aeasj-363	264	38	control	control	VERB
aeasj-363	264	39	for	for	ADP
aeasj-363	264	40	heterogeneity	heterogeneity	NOUN
aeasj-363	264	41	and	and	CCONJ
aeasj-363	264	42	endogencity	endogencity	NOUN
aeasj-363	264	43	issues	issue	NOUN
aeasj-363	264	44	.	.	PUNCT
aeasj-363	265	1	hence	hence	ADV
aeasj-363	265	2	panel	panel	NOUN
aeasj-363	265	3	data	datum	NOUN
aeasj-363	265	4	estimation	estimation	NOUN
aeasj-363	265	5	allows	allow	VERB
aeasj-363	265	6	for	for	ADP
aeasj-363	265	7	the	the	DET
aeasj-363	265	8	control	control	NOUN
aeasj-363	265	9	of	of	ADP
aeasj-363	265	10	copyright	copyright	NOUN
aeasj-363	265	11	©	©	PROPN
aeasj-363	265	12	cc	cc	PROPN
aeasj-363	265	13	-	-	PUNCT
aeasj-363	265	14	by	by	ADP
aeasj-363	265	15	-	-	PUNCT
aeasj-363	265	16	nc	nc	PROPN
aeasj-363	265	17	2019	2019	NUM
aeasj-363	265	18	,	,	PUNCT
aeasj-363	265	19	cribfb	cribfb	VERB
aeasj-363	265	20	|	|	ADV
aeasj-363	265	21	aesr	aesr	ADV
aeasj-363	265	22	www.cribfb.com/journal/index.php/aesr	www.cribfb.com/journal/index.php/aesr	AUX
aeasj-363	265	23	american	american	PROPN
aeasj-363	265	24	economic	economic	PROPN
aeasj-363	265	25	&	&	CCONJ
aeasj-363	265	26	social	social	PROPN
aeasj-363	265	27	review	review	PROPN
aeasj-363	265	28	vol	vol	NOUN
aeasj-363	265	29	.	.	PROPN
aeasj-363	266	1	5	5	NUM
aeasj-363	266	2	,	,	PUNCT
aeasj-363	266	3	no	no	INTJ
aeasj-363	266	4	.	.	NOUN
aeasj-363	266	5	2	2	NUM
aeasj-363	266	6	;	;	PUNCT
aeasj-363	266	7	2019	2019	NUM
aeasj-363	266	8	52	52	NUM
aeasj-363	266	9	individual	individual	ADJ
aeasj-363	266	10	-	-	PUNCT
aeasj-363	266	11	specific	specific	ADJ
aeasj-363	266	12	effects	effect	NOUN
aeasj-363	266	13	usually	usually	ADV
aeasj-363	266	14	unobservable	unobservable	ADJ
aeasj-363	266	15	which	which	PRON
aeasj-363	266	16	may	may	AUX
aeasj-363	266	17	be	be	AUX
aeasj-363	266	18	correlated	correlate	VERB
aeasj-363	266	19	with	with	ADP
aeasj-363	266	20	other	other	ADJ
aeasj-363	266	21	explanatory	explanatory	ADJ
aeasj-363	266	22	variables	variable	NOUN
aeasj-363	266	23	included	include	VERB
aeasj-363	266	24	in	in	ADP
aeasj-363	266	25	the	the	DET
aeasj-363	266	26	specification	specification	NOUN
aeasj-363	266	27	of	of	ADP
aeasj-363	266	28	the	the	DET
aeasj-363	266	29	relationship	relationship	NOUN
aeasj-363	266	30	between	between	ADP
aeasj-363	266	31	dependent	dependent	ADJ
aeasj-363	266	32	and	and	CCONJ
aeasj-363	266	33	explanatory	explanatory	ADJ
aeasj-363	266	34	variables	variable	NOUN
aeasj-363	266	35	(	(	PUNCT
aeasj-363	266	36	hausman	hausman	NOUN
aeasj-363	266	37	and	and	CCONJ
aeasj-363	266	38	taylor	taylor	PROPN
aeasj-363	266	39	,	,	PUNCT
aeasj-363	266	40	1981	1981	NUM
aeasj-363	266	41	)	)	PUNCT
aeasj-363	266	42	.	.	PUNCT
aeasj-363	267	1	the	the	DET
aeasj-363	267	2	basic	basic	ADJ
aeasj-363	267	3	framework	framework	NOUN
aeasj-363	267	4	for	for	ADP
aeasj-363	267	5	panel	panel	NOUN
aeasj-363	267	6	data	datum	NOUN
aeasj-363	267	7	regression	regression	NOUN
aeasj-363	267	8	takes	take	VERB
aeasj-363	267	9	the	the	DET
aeasj-363	267	10	form	form	NOUN
aeasj-363	267	11	:	:	PUNCT
aeasj-363	267	12	1	1	NUM
aeasj-363	268	1	where	where	SCONJ
aeasj-363	268	2	:	:	PUNCT
aeasj-363	268	3	y	y	NOUN
aeasj-363	268	4	=	=	PUNCT
aeasj-363	268	5	dependent	dependent	ADJ
aeasj-363	268	6	variable	variable	ADJ
aeasj-363	268	7	d	d	NOUN
aeasj-363	268	8	=	=	SYM
aeasj-363	268	9	independent	independent	ADJ
aeasj-363	268	10	variable	variable	NOUN
aeasj-363	268	11	o	o	PROPN
aeasj-363	268	12	=	=	PUNCT
aeasj-363	268	13	intercept	intercept	VERB
aeasj-363	268	14	i	i	X
aeasj-363	268	15	=	=	SYM
aeasj-363	268	16	coefficient	coefficient	NOUN
aeasj-363	268	17	of	of	ADP
aeasj-363	268	18	the	the	DET
aeasj-363	268	19	explanatory	explanatory	ADJ
aeasj-363	268	20	variable	variable	ADJ
aeasj-363	268	21	e	e	NOUN
aeasj-363	268	22	=	=	NOUN
aeasj-363	268	23	error	error	NOUN
aeasj-363	268	24	term	term	NOUN
aeasj-363	268	25	i	i	PRON
aeasj-363	268	26	=	=	PUNCT
aeasj-363	268	27	cross	cross	ADJ
aeasj-363	268	28	-	-	ADJ
aeasj-363	268	29	sectional	sectional	ADJ
aeasj-363	268	30	variable	variable	ADJ
aeasj-363	268	31	t	t	NOUN
aeasj-363	268	32	=	=	PUNCT
aeasj-363	268	33	time	time	NOUN
aeasj-363	268	34	series	series	PROPN
aeasj-363	268	35	variable	variable	NOUN
aeasj-363	268	36	in	in	ADP
aeasj-363	268	37	the	the	DET
aeasj-363	268	38	equation	equation	NOUN
aeasj-363	268	39	above	above	ADV
aeasj-363	268	40	,	,	PUNCT
aeasj-363	268	41	the	the	DET
aeasj-363	268	42	heterogeneity	heterogeneity	NOUN
aeasj-363	268	43	or	or	CCONJ
aeasj-363	268	44	individual	individual	ADJ
aeasj-363	268	45	effect	effect	NOUN
aeasj-363	268	46	is	be	AUX
aeasj-363	268	47	iz	iz	ADP
aeasj-363	268	48	which	which	PRON
aeasj-363	268	49	may	may	AUX
aeasj-363	268	50	represent	represent	VERB
aeasj-363	268	51	a	a	DET
aeasj-363	268	52	constant	constant	ADJ
aeasj-363	268	53	term	term	NOUN
aeasj-363	268	54	and	and	CCONJ
aeasj-363	268	55	a	a	DET
aeasj-363	268	56	set	set	NOUN
aeasj-363	268	57	of	of	ADP
aeasj-363	268	58	observable	observable	ADJ
aeasj-363	268	59	and	and	CCONJ
aeasj-363	268	60	unobservable	unobservable	ADJ
aeasj-363	268	61	variables	variable	NOUN
aeasj-363	268	62	.	.	PUNCT
aeasj-363	269	1	when	when	SCONJ
aeasj-363	269	2	the	the	DET
aeasj-363	269	3	individual	individual	ADJ
aeasj-363	269	4	effect	effect	NOUN
aeasj-363	269	5	iz	iz	INTJ
aeasj-363	269	6	,	,	PUNCT
aeasj-363	269	7	contains	contain	VERB
aeasj-363	269	8	only	only	ADV
aeasj-363	269	9	a	a	DET
aeasj-363	269	10	constant	constant	ADJ
aeasj-363	269	11	term	term	NOUN
aeasj-363	269	12	,	,	PUNCT
aeasj-363	269	13	ols	ol	NOUN
aeasj-363	269	14	estimation	estimation	NOUN
aeasj-363	269	15	provides	provide	VERB
aeasj-363	269	16	a	a	DET
aeasj-363	269	17	consistent	consistent	ADJ
aeasj-363	269	18	and	and	CCONJ
aeasj-363	269	19	efficient	efficient	ADJ
aeasj-363	269	20	estimates	estimate	NOUN
aeasj-363	269	21	of	of	ADP
aeasj-363	269	22	the	the	DET
aeasj-363	269	23	underlying	underlie	VERB
aeasj-363	269	24	parameters	parameter	NOUN
aeasj-363	269	25	(	(	PUNCT
aeasj-363	269	26	kyereboah	kyereboah	PROPN
aeasj-363	269	27	-	-	PUNCT
aeasj-363	269	28	coleman	coleman	NOUN
aeasj-363	269	29	,	,	PUNCT
aeasj-363	269	30	2007	2007	NUM
aeasj-363	269	31	)	)	PUNCT
aeasj-363	269	32	;	;	PUNCT
aeasj-363	269	33	hut	hut	NOUN
aeasj-363	269	34	if	if	SCONJ
aeasj-363	269	35	iz	iz	INTJ
aeasj-363	269	36	,	,	PUNCT
aeasj-363	269	37	is	be	AUX
aeasj-363	269	38	un	un	ADJ
aeasj-363	269	39	-	-	ADJ
aeasj-363	269	40	observable	observable	ADJ
aeasj-363	269	41	and	and	CCONJ
aeasj-363	269	42	correlated	correlate	VERB
aeasj-363	269	43	with	with	ADP
aeasj-363	269	44	itx	itx	NOUN
aeasj-363	269	45	,	,	PUNCT
aeasj-363	269	46	then	then	ADV
aeasj-363	269	47	emerges	emerge	VERB
aeasj-363	269	48	the	the	DET
aeasj-363	269	49	need	need	NOUN
aeasj-363	269	50	to	to	PART
aeasj-363	269	51	use	use	VERB
aeasj-363	269	52	other	other	ADJ
aeasj-363	269	53	estimation	estimation	NOUN
aeasj-363	269	54	method	method	NOUN
aeasj-363	269	55	because	because	SCONJ
aeasj-363	269	56	ols	ol	NOUN
aeasj-363	269	57	will	will	AUX
aeasj-363	269	58	give	give	VERB
aeasj-363	269	59	rise	rise	NOUN
aeasj-363	269	60	to	to	ADP
aeasj-363	269	61	biased	biased	ADJ
aeasj-363	269	62	and	and	CCONJ
aeasj-363	269	63	inconsistent	inconsistent	ADJ
aeasj-363	269	64	estimates	estimate	NOUN
aeasj-363	269	65	.	.	PUNCT
aeasj-363	270	1	similarly	similarly	ADV
aeasj-363	270	2	for	for	ADP
aeasj-363	270	3	endogeneity	endogeneity	NOUN
aeasj-363	270	4	issues	issue	NOUN
aeasj-363	270	5	,	,	PUNCT
aeasj-363	270	6	it	it	PRON
aeasj-363	270	7	is	be	AUX
aeasj-363	270	8	generally	generally	ADV
aeasj-363	270	9	assumed	assume	VERB
aeasj-363	270	10	that	that	SCONJ
aeasj-363	270	11	the	the	DET
aeasj-363	270	12	explanatory	explanatory	ADJ
aeasj-363	270	13	variables	variable	NOUN
aeasj-363	270	14	located	locate	VERB
aeasj-363	270	15	on	on	ADP
aeasj-363	270	16	the	the	DET
aeasj-363	270	17	right	right	ADJ
aeasj-363	270	18	hand	hand	NOUN
aeasj-363	270	19	side	side	NOUN
aeasj-363	270	20	of	of	ADP
aeasj-363	270	21	the	the	DET
aeasj-363	270	22	regression	regression	NOUN
aeasj-363	270	23	equation	equation	NOUN
aeasj-363	270	24	are	be	AUX
aeasj-363	270	25	statistically	statistically	ADV
aeasj-363	270	26	independent	independent	ADJ
aeasj-363	270	27	of	of	ADP
aeasj-363	270	28	the	the	DET
aeasj-363	270	29	disturbance	disturbance	NOUN
aeasj-363	270	30	it	it	NOUN
aeasj-363	270	31	such	such	ADJ
aeasj-363	270	32	that	that	SCONJ
aeasj-363	270	33	the	the	DET
aeasj-363	270	34	disturbance	disturbance	NOUN
aeasj-363	270	35	term	term	NOUN
aeasj-363	270	36	it	it	NUM
aeasj-363	270	37	is	be	AUX
aeasj-363	270	38	assumed	assume	VERB
aeasj-363	270	39	to	to	PART
aeasj-363	270	40	be	be	AUX
aeasj-363	270	41	uncorrelated	uncorrelate	VERB
aeasj-363	270	42	with	with	ADP
aeasj-363	270	43	columns	column	NOUN
aeasj-363	270	44	of	of	ADP
aeasj-363	270	45	’	'	PUNCT
aeasj-363	270	46	the	the	DET
aeasj-363	270	47	parameters	parameter	NOUN
aeasj-363	270	48	itx	itx	VERB
aeasj-363	270	49	and	and	CCONJ
aeasj-363	270	50	itz	itz	PROPN
aeasj-363	270	51	as	as	SCONJ
aeasj-363	270	52	stated	state	VERB
aeasj-363	270	53	in	in	ADP
aeasj-363	270	54	equation	equation	NOUN
aeasj-363	270	55	(	(	PUNCT
aeasj-363	270	56	1	1	NUM
aeasj-363	270	57	)	)	PUNCT
aeasj-363	270	58	,	,	PUNCT
aeasj-363	270	59	and	and	CCONJ
aeasj-363	270	60	has	have	VERB
aeasj-363	270	61	zero	zero	NUM
aeasj-363	270	62	mean	mean	ADJ
aeasj-363	270	63	and	and	CCONJ
aeasj-363	270	64	constant	constant	ADJ
aeasj-363	270	65	variance	variance	NOUN
aeasj-363	270	66			PROPN
aeasj-363	270	67	2	2	NUM
aeasj-363	270	68	(	(	PUNCT
aeasj-363	270	69	hausman	hausman	NOUN
aeasj-363	270	70	and	and	CCONJ
aeasj-363	270	71	taylor	taylor	PROPN
aeasj-363	270	72	,	,	PUNCT
aeasj-363	270	73	198	198	NUM
aeasj-363	270	74	)	)	PUNCT
aeasj-363	270	75	.	.	PUNCT
aeasj-363	271	1	if	if	SCONJ
aeasj-363	271	2	this	this	DET
aeasj-363	271	3	assumption	assumption	NOUN
aeasj-363	271	4	is	be	AUX
aeasj-363	271	5	violated	violate	VERB
aeasj-363	271	6	,	,	PUNCT
aeasj-363	271	7	then	then	ADV
aeasj-363	271	8	ols	ol	NOUN
aeasj-363	271	9	estimation	estimation	NOUN
aeasj-363	271	10	will	will	AUX
aeasj-363	271	11	yield	yield	VERB
aeasj-363	271	12	biased	biased	ADJ
aeasj-363	271	13	estimates	estimate	NOUN
aeasj-363	271	14	of	of	ADP
aeasj-363	271	15	the	the	DET
aeasj-363	271	16	underlying	underlie	VERB
aeasj-363	271	17	parameters	parameter	NOUN
aeasj-363	271	18	of	of	ADP
aeasj-363	271	19			PROPN
aeasj-363	271	20	(	(	PUNCT
aeasj-363	271	21	mayston	mayston	PROPN
aeasj-363	271	22	,	,	PUNCT
aeasj-363	271	23	2002).hence	2002).hence	NUM
aeasj-363	271	24	,	,	PUNCT
aeasj-363	271	25	endogeneitv	endogeneitv	NOUN
aeasj-363	271	26	problems	problem	NOUN
aeasj-363	271	27	arise	arise	VERB
aeasj-363	271	28	when	when	SCONJ
aeasj-363	271	29	the	the	DET
aeasj-363	271	30	explanatory	explanatory	ADJ
aeasj-363	271	31	variables	variable	NOUN
aeasj-363	271	32	are	be	AUX
aeasj-363	271	33	correlated	correlate	VERB
aeasj-363	271	34	with	with	ADP
aeasj-363	271	35	the	the	DET
aeasj-363	271	36	disturbance	disturbance	NOUN
aeasj-363	271	37	term	term	NOUN
aeasj-363	271	38	it	it	PROPN
aeasj-363	271	39	(	(	PUNCT
aeasj-363	271	40	mayston	mayston	PROPN
aeasj-363	271	41	,	,	PUNCT
aeasj-363	271	42	2002	2002	NUM
aeasj-363	271	43	;	;	PUNCT
aeasj-363	271	44	hausman	hausman	PROPN
aeasj-363	271	45	and	and	CCONJ
aeasj-363	271	46	taylor	taylor	PROPN
aeasj-363	271	47	,	,	PUNCT
aeasj-363	271	48	1981	1981	NUM
aeasj-363	271	49	)	)	PUNCT
aeasj-363	271	50	.	.	PUNCT
aeasj-363	272	1	in	in	ADP
aeasj-363	272	2	order	order	NOUN
aeasj-363	272	3	to	to	PART
aeasj-363	272	4	circumvent	circumvent	VERB
aeasj-363	272	5	these	these	DET
aeasj-363	272	6	problems	problem	NOUN
aeasj-363	272	7	,	,	PUNCT
aeasj-363	272	8	panel	panel	NOUN
aeasj-363	272	9	estimation	estimation	NOUN
aeasj-363	272	10	techniques	technique	NOUN
aeasj-363	272	11	of	of	ADP
aeasj-363	272	12	fixed	fix	VERB
aeasj-363	272	13	and	and	CCONJ
aeasj-363	272	14	random	random	ADJ
aeasj-363	272	15	effects	effect	NOUN
aeasj-363	272	16	will	will	AUX
aeasj-363	272	17	be	be	AUX
aeasj-363	272	18	adopted	adopt	VERB
aeasj-363	272	19	in	in	ADP
aeasj-363	272	20	this	this	DET
aeasj-363	272	21	study	study	NOUN
aeasj-363	272	22	,	,	PUNCT
aeasj-363	272	23	in	in	ADP
aeasj-363	272	24	addition	addition	NOUN
aeasj-363	272	25	to	to	ADP
aeasj-363	272	26	the	the	DET
aeasj-363	272	27	traditional	traditional	ADJ
aeasj-363	272	28	pooled	pool	VERB
aeasj-363	272	29	regression	regression	NOUN
aeasj-363	272	30	estimation	estimation	NOUN
aeasj-363	272	31	.	.	PUNCT
aeasj-363	273	1	decisions	decision	NOUN
aeasj-363	273	2	will	will	AUX
aeasj-363	273	3	be	be	AUX
aeasj-363	273	4	made	make	VERB
aeasj-363	273	5	between	between	ADP
aeasj-363	273	6	the	the	DET
aeasj-363	273	7	fixed	fix	VERB
aeasj-363	273	8	and	and	CCONJ
aeasj-363	273	9	random	random	ADJ
aeasj-363	273	10	effect	effect	NOUN
aeasj-363	273	11	models	model	NOUN
aeasj-363	273	12	using	use	VERB
aeasj-363	273	13	the	the	DET
aeasj-363	273	14	hausman	hausman	ADJ
aeasj-363	273	15	specification	specification	NOUN
aeasj-363	273	16	test	test	NOUN
aeasj-363	273	17	.	.	PUNCT
aeasj-363	274	1	the	the	DET
aeasj-363	274	2	panel	panel	NOUN
aeasj-363	274	3	model	model	NOUN
aeasj-363	274	4	for	for	ADP
aeasj-363	274	5	the	the	DET
aeasj-363	274	6	study	study	NOUN
aeasj-363	274	7	is	be	AUX
aeasj-363	274	8	specified	specify	VERB
aeasj-363	274	9	base	base	NOUN
aeasj-363	274	10	on	on	ADP
aeasj-363	274	11	the	the	DET
aeasj-363	274	12	modified	modify	VERB
aeasj-363	274	13	model	model	NOUN
aeasj-363	274	14	of	of	ADP
aeasj-363	274	15	lucky	lucky	ADJ
aeasj-363	274	16	(	(	PUNCT
aeasj-363	274	17	2018	2018	NUM
aeasj-363	274	18	)	)	PUNCT
aeasj-363	274	19	.	.	PUNCT
aeasj-363	275	1	model	model	NOUN
aeasj-363	275	2	specification	specification	PROPN
aeasj-363	275	3	pooled	pool	VERB
aeasj-363	275	4	regression	regression	NOUN
aeasj-363	275	5	specification	specification	NOUN
aeasj-363	275	6			VERB
aeasj-363	275	7	ititiii	ititiii	PROPN
aeasj-363	275	8	dpsdyrrddproeva	dpsdyrrddproeva	PROPN
aeasj-363	275	9	4332211	4332211	NUM
aeasj-363	275	10			X
aeasj-363	275	11	µ	µ	SYM
aeasj-363	275	12	2	2	NUM
aeasj-363	275	13	fixed	fix	VERB
aeasj-363	275	14	effect	effect	NOUN
aeasj-363	275	15	model	model	NOUN
aeasj-363	275	16	specification	specification	PROPN
aeasj-363	275	17	itiiititiiit	itiiititiiit	PROPN
aeasj-363	275	18	idumdpsdyrrdproeva	idumdpsdyrrdproeva	PROPN
aeasj-363	275	19	119	119	NUM
aeasj-363	275	20	4332211	4332211	NUM
aeasj-363	275	21			PROPN
aeasj-363	275	22			VERB
aeasj-363	275	23			X
aeasj-363	275	24	3	3	NUM
aeasj-363	275	25	random	random	ADJ
aeasj-363	275	26	effect	effect	NOUN
aeasj-363	275	27	model	model	NOUN
aeasj-363	275	28	specification	specification	NOUN
aeasj-363	275	29	itititiiit	itititiiit	PROPN
aeasj-363	275	30	idpsdyrrdproeva	idpsdyrrdproeva	PROPN
aeasj-363	275	31	143322111	143322111	NUM
aeasj-363	275	32			NOUN
aeasj-363	275	33			VERB
aeasj-363	275	34	4	4	NUM
aeasj-363	275	35	where	where	SCONJ
aeasj-363	275	36	eva	eva	NOUN
aeasj-363	275	37	=	=	SYM
aeasj-363	275	38	economic	economic	ADJ
aeasj-363	275	39	value	value	NOUN
aeasj-363	275	40	added	add	VERB
aeasj-363	275	41	of	of	ADP
aeasj-363	275	42	the	the	DET
aeasj-363	275	43	quoted	quote	VERB
aeasj-363	275	44	firms	firm	NOUN
aeasj-363	275	45	dpr	dpr	PROPN
aeasj-363	275	46	=	=	PUNCT
aeasj-363	275	47	dividend	dividend	NOUN
aeasj-363	275	48	payout	payout	NOUN
aeasj-363	275	49	rate	rate	NOUN
aeasj-363	275	50	rr	rr	NOUN
aeasj-363	275	51	=	=	NOUN
aeasj-363	275	52	retention	retention	NOUN
aeasj-363	275	53	rate	rate	NOUN
aeasj-363	275	54	dy	dy	X
aeasj-363	275	55	=	=	NOUN
aeasj-363	275	56	dividend	dividend	NOUN
aeasj-363	275	57	yield	yield	NOUN
aeasj-363	275	58	dps	dps	NOUN
aeasj-363	275	59	=	=	PUNCT
aeasj-363	275	60	dividend	dividend	NOUN
aeasj-363	275	61	per	per	ADP
aeasj-363	275	62	share	share	NOUN
aeasj-363	275	63	µ	µ	X
aeasj-363	275	64	=	=	SYM
aeasj-363	275	65	stochastic	stochastic	NOUN
aeasj-363	275	66	or	or	CCONJ
aeasj-363	275	67	disturbance	disturbance	NOUN
aeasj-363	275	68	/	/	SYM
aeasj-363	275	69	error	error	NOUN
aeasj-363	275	70	term	term	NOUN
aeasj-363	275	71	.	.	PUNCT
aeasj-363	276	1	t	t	NOUN
aeasj-363	276	2	=	=	PUNCT
aeasj-363	276	3	time	time	NOUN
aeasj-363	276	4	dimension	dimension	NOUN
aeasj-363	276	5	of	of	ADP
aeasj-363	276	6	the	the	DET
aeasj-363	276	7	variables	variable	NOUN
aeasj-363	276	8	α	α	NOUN
aeasj-363	276	9	0	0	X
aeasj-363	277	1	=	=	SYM
aeasj-363	277	2	constant	constant	ADJ
aeasj-363	277	3	or	or	CCONJ
aeasj-363	277	4	intercept	intercept	NOUN
aeasj-363	277	5	.	.	PROPN
aeasj-363	277	6	itiitit	itiitit	PROPN
aeasj-363	277	7	zxy	zxy	PROPN
aeasj-363	277	8			PROPN
aeasj-363	277	9			VERB
aeasj-363	277	10	,	,	PUNCT
aeasj-363	277	11	,	,	PUNCT
aeasj-363	277	12	copyright	copyright	NOUN
aeasj-363	277	13	©	©	PROPN
aeasj-363	277	14	cc	cc	PROPN
aeasj-363	277	15	-	-	PUNCT
aeasj-363	277	16	by	by	ADP
aeasj-363	277	17	-	-	PUNCT
aeasj-363	277	18	nc	nc	PROPN
aeasj-363	277	19	2019	2019	NUM
aeasj-363	277	20	,	,	PUNCT
aeasj-363	277	21	cribfb	cribfb	VERB
aeasj-363	277	22	|	|	ADV
aeasj-363	277	23	aesr	aesr	ADV
aeasj-363	277	24	www.cribfb.com/journal/index.php/aesr	www.cribfb.com/journal/index.php/aesr	VERB
aeasj-363	277	25	american	american	PROPN
aeasj-363	277	26	economic	economic	PROPN
aeasj-363	277	27	&	&	CCONJ
aeasj-363	277	28	social	social	PROPN
aeasj-363	277	29	review	review	PROPN
aeasj-363	277	30	vol	vol	NOUN
aeasj-363	277	31	.	.	PROPN
aeasj-363	278	1	5	5	NUM
aeasj-363	278	2	,	,	PUNCT
aeasj-363	278	3	no	no	INTJ
aeasj-363	278	4	.	.	NOUN
aeasj-363	278	5	2	2	NUM
aeasj-363	278	6	;	;	PUNCT
aeasj-363	278	7	2019	2019	NUM
aeasj-363	278	8	53	53	NUM
aeasj-363	278	9	estimation	estimation	NOUN
aeasj-363	278	10	techniques	technique	NOUN
aeasj-363	278	11	panel	panel	NOUN
aeasj-363	278	12	unit	unit	NOUN
aeasj-363	278	13	root	root	PROPN
aeasj-363	278	14	test	test	NOUN
aeasj-363	278	15	result	result	VERB
aeasj-363	278	16	the	the	DET
aeasj-363	278	17	data	datum	NOUN
aeasj-363	278	18	were	be	AUX
aeasj-363	278	19	checked	check	VERB
aeasj-363	278	20	for	for	ADP
aeasj-363	278	21	the	the	DET
aeasj-363	278	22	presence	presence	NOUN
aeasj-363	278	23	of	of	ADP
aeasj-363	278	24	unit	unit	NOUN
aeasj-363	278	25	root	root	NOUN
aeasj-363	278	26	using	use	VERB
aeasj-363	278	27	the	the	DET
aeasj-363	278	28	adf	adf	PROPN
aeasj-363	278	29	fisher	fisher	PROPN
aeasj-363	278	30	chi	chi	PROPN
aeasj-363	278	31	-	-	PUNCT
aeasj-363	278	32	square	square	PROPN
aeasj-363	278	33	andphiliperon	andphiliperon	PROPN
aeasj-363	278	34	fisher	fisher	PROPN
aeasj-363	278	35	chi	chi	PROPN
aeasj-363	278	36	-	-	PUNCT
aeasj-363	278	37	square	square	NOUN
aeasj-363	278	38	,	,	PUNCT
aeasj-363	278	39	which	which	PRON
aeasj-363	278	40	is	be	AUX
aeasj-363	278	41	based	base	VERB
aeasj-363	278	42	on	on	ADP
aeasj-363	278	43	the	the	DET
aeasj-363	278	44	well	well	ADV
aeasj-363	278	45	-	-	PUNCT
aeasj-363	278	46	known	know	VERB
aeasj-363	278	47	dickey	dickey	NOUN
aeasj-363	278	48	–	–	PUNCT
aeasj-363	278	49	fuller	full	ADJ
aeasj-363	278	50	procedure	procedure	NOUN
aeasj-363	278	51	.	.	PUNCT
aeasj-363	279	1	the	the	DET
aeasj-363	279	2	null	null	ADJ
aeasj-363	279	3	hypothesis	hypothesis	NOUN
aeasj-363	279	4	for	for	ADP
aeasj-363	279	5	these	these	DET
aeasj-363	279	6	tests	test	NOUN
aeasj-363	279	7	is	be	AUX
aeasj-363	279	8	that	that	SCONJ
aeasj-363	279	9	there	there	PRON
aeasj-363	279	10	is	be	VERB
aeasj-363	279	11	a	a	DET
aeasj-363	279	12	presence	presence	NOUN
aeasj-363	279	13	of	of	ADP
aeasj-363	279	14	nonstationary	nonstationary	ADJ
aeasj-363	279	15	series	series	NOUN
aeasj-363	279	16	against	against	ADP
aeasj-363	279	17	the	the	DET
aeasj-363	279	18	alternative	alternative	ADJ
aeasj-363	279	19	hypothesis	hypothesis	NOUN
aeasj-363	279	20	of	of	ADP
aeasj-363	279	21	stationary	stationary	ADJ
aeasj-363	279	22	series	series	NOUN
aeasj-363	279	23	.	.	PUNCT
aeasj-363	280	1	the	the	DET
aeasj-363	280	2	unit	unit	NOUN
aeasj-363	280	3	root	root	NOUN
aeasj-363	280	4	test	test	NOUN
aeasj-363	280	5	is	be	AUX
aeasj-363	280	6	important	important	ADJ
aeasj-363	280	7	because	because	SCONJ
aeasj-363	280	8	non	non	ADJ
aeasj-363	280	9	-	-	ADJ
aeasj-363	280	10	stationary	stationary	ADJ
aeasj-363	280	11	series	series	NOUN
aeasj-363	280	12	regression	regression	NOUN
aeasj-363	280	13	estimation	estimation	NOUN
aeasj-363	280	14	leads	lead	VERB
aeasj-363	280	15	to	to	ADP
aeasj-363	280	16	spurious	spurious	ADJ
aeasj-363	280	17	regression	regression	NOUN
aeasj-363	280	18	estimations	estimation	NOUN
aeasj-363	280	19	with	with	ADP
aeasj-363	280	20	the	the	DET
aeasj-363	280	21	wrong	wrong	ADJ
aeasj-363	280	22	magnitude	magnitude	NOUN
aeasj-363	280	23	and	and	CCONJ
aeasj-363	280	24	sign	sign	NOUN
aeasj-363	280	25	of	of	ADP
aeasj-363	280	26	the	the	DET
aeasj-363	280	27	parameter	parameter	NOUN
aeasj-363	280	28	of	of	ADP
aeasj-363	280	29	the	the	DET
aeasj-363	280	30	regressors	regressor	NOUN
aeasj-363	280	31	,	,	PUNCT
aeasj-363	280	32	with	with	ADP
aeasj-363	280	33	wrongly	wrongly	ADV
aeasj-363	280	34	inferred	infer	VERB
aeasj-363	280	35	implications	implication	NOUN
aeasj-363	280	36	.	.	PUNCT
aeasj-363	281	1	the	the	DET
aeasj-363	281	2	study	study	NOUN
aeasj-363	281	3	assumes	assume	VERB
aeasj-363	281	4	an	an	DET
aeasj-363	281	5	absence	absence	NOUN
aeasj-363	281	6	of	of	ADP
aeasj-363	281	7	a	a	DET
aeasj-363	281	8	time	time	NOUN
aeasj-363	281	9	trend	trend	NOUN
aeasj-363	281	10	;	;	PUNCT
aeasj-363	281	11	hence	hence	ADV
aeasj-363	281	12	it	it	PRON
aeasj-363	281	13	is	be	AUX
aeasj-363	281	14	tested	test	VERB
aeasj-363	281	15	for	for	ADP
aeasj-363	281	16	stationarity	stationarity	NOUN
aeasj-363	281	17	allowing	allow	VERB
aeasj-363	281	18	for	for	ADP
aeasj-363	281	19	constant	constant	ADJ
aeasj-363	281	20	only	only	ADV
aeasj-363	281	21	.	.	PUNCT
aeasj-363	282	1	stationarity	stationarity	NOUN
aeasj-363	282	2	denotes	denote	VERB
aeasj-363	282	3	the	the	DET
aeasj-363	282	4	non	non	PROPN
aeasj-363	282	5	existence	existence	NOUN
aeasj-363	282	6	of	of	ADP
aeasj-363	282	7	unit	unit	NOUN
aeasj-363	282	8	root	root	NOUN
aeasj-363	282	9	.	.	PUNCT
aeasj-363	283	1	we	we	PRON
aeasj-363	283	2	shall	shall	AUX
aeasj-363	283	3	therefore	therefore	ADV
aeasj-363	283	4	subject	subject	VERB
aeasj-363	283	5	all	all	DET
aeasj-363	283	6	the	the	DET
aeasj-363	283	7	variables	variable	NOUN
aeasj-363	283	8	to	to	ADP
aeasj-363	283	9	unit	unit	NOUN
aeasj-363	283	10	root	root	NOUN
aeasj-363	283	11	test	test	NOUN
aeasj-363	283	12	using	use	VERB
aeasj-363	283	13	the	the	DET
aeasj-363	283	14	augmented	augment	VERB
aeasj-363	283	15	dickey	dickey	PROPN
aeasj-363	283	16	fuller	full	ADJ
aeasj-363	283	17	(	(	PUNCT
aeasj-363	283	18	adf	adf	NOUN
aeasj-363	283	19	)	)	PUNCT
aeasj-363	283	20	test	test	NOUN
aeasj-363	283	21	specified	specify	VERB
aeasj-363	283	22	in	in	ADP
aeasj-363	283	23	gujarati	gujarati	PROPN
aeasj-363	283	24	(	(	PUNCT
aeasj-363	283	25	2004	2004	NUM
aeasj-363	283	26	)	)	PUNCT
aeasj-363	283	27	as	as	SCONJ
aeasj-363	283	28	follows	follow	VERB
aeasj-363	283	29	.	.	PUNCT
aeasj-363	284	1	etyiyy	etyiyy	PROPN
aeasj-363	284	2	t	t	PROPN
aeasj-363	284	3	m	m	VERB
aeasj-363	284	4	i	i	PRON
aeasj-363	284	5	tt	tt	PROPN
aeasj-363	284	6			ADJ
aeasj-363	284	7			PROPN
aeasj-363	284	8			PROPN
aeasj-363	284	9			NOUN
aeasj-363	284	10	1	1	NUM
aeasj-363	284	11	1	1	NUM
aeasj-363	284	12	121	121	NUM
aeasj-363	284	13			NOUN
aeasj-363	284	14	5	5	NUM
aeasj-363	284	15	where	where	SCONJ
aeasj-363	284	16	:	:	PUNCT
aeasj-363	284	17	ty	ty	NOUN
aeasj-363	284	18	=	=	PUNCT
aeasj-363	284	19	change	change	NOUN
aeasj-363	284	20	time	time	NOUN
aeasj-363	284	21	t	t	PROPN
aeasj-363	284	22	1	1	NUM
aeasj-363	284	23	ty	ty	INTJ
aeasj-363	284	24	=	=	PUNCT
aeasj-363	284	25	the	the	DET
aeasj-363	284	26	lagged	lag	VERB
aeasj-363	284	27	value	value	NOUN
aeasj-363	284	28	of	of	ADP
aeasj-363	284	29	the	the	DET
aeasj-363	284	30	dependent	dependent	ADJ
aeasj-363	284	31	variables	variable	NOUN
aeasj-363	284	32	t	t	ADP
aeasj-363	284	33	=	=	PUNCT
aeasj-363	284	34	white	white	ADJ
aeasj-363	284	35	noise	noise	NOUN
aeasj-363	284	36	error	error	NOUN
aeasj-363	284	37	term	term	NOUN
aeasj-363	284	38	if	if	SCONJ
aeasj-363	284	39	in	in	ADP
aeasj-363	284	40	the	the	DET
aeasj-363	284	41	above	above	ADJ
aeasj-363	284	42			PROPN
aeasj-363	284	43	=	=	NOUN
aeasj-363	284	44	0	0	NUM
aeasj-363	284	45	,	,	PUNCT
aeasj-363	284	46	then	then	ADV
aeasj-363	284	47	we	we	PRON
aeasj-363	284	48	conclude	conclude	VERB
aeasj-363	284	49	that	that	SCONJ
aeasj-363	284	50	there	there	PRON
aeasj-363	284	51	is	be	VERB
aeasj-363	284	52	a	a	DET
aeasj-363	284	53	unit	unit	NOUN
aeasj-363	284	54	root	root	NOUN
aeasj-363	284	55	.	.	PUNCT
aeasj-363	285	1	otherwise	otherwise	ADV
aeasj-363	285	2	there	there	PRON
aeasj-363	285	3	is	be	VERB
aeasj-363	285	4	no	no	DET
aeasj-363	285	5	unit	unit	NOUN
aeasj-363	285	6	root	root	NOUN
aeasj-363	285	7	,	,	PUNCT
aeasj-363	285	8	meaning	mean	VERB
aeasj-363	285	9	that	that	SCONJ
aeasj-363	285	10	it	it	PRON
aeasj-363	285	11	is	be	AUX
aeasj-363	285	12	stationary	stationary	ADJ
aeasj-363	285	13	.	.	PUNCT
aeasj-363	286	1	the	the	DET
aeasj-363	286	2	choice	choice	NOUN
aeasj-363	286	3	of	of	ADP
aeasj-363	286	4	lag	lag	NOUN
aeasj-363	286	5	will	will	AUX
aeasj-363	286	6	be	be	AUX
aeasj-363	286	7	determined	determine	VERB
aeasj-363	286	8	by	by	ADP
aeasj-363	286	9	akaike	akaike	ADJ
aeasj-363	286	10	information	information	NOUN
aeasj-363	286	11	criteria	criterion	NOUN
aeasj-363	286	12	.	.	PUNCT
aeasj-363	287	1	decision	decision	NOUN
aeasj-363	287	2	rule	rule	NOUN
aeasj-363	287	3	t	t	PROPN
aeasj-363	287	4	-	-	PUNCT
aeasj-363	287	5	adf	adf	PROPN
aeasj-363	287	6	(	(	PUNCT
aeasj-363	287	7	absolute	absolute	ADJ
aeasj-363	287	8	value	value	NOUN
aeasj-363	287	9	)	)	PUNCT
aeasj-363	287	10	>	>	X
aeasj-363	287	11	t	t	PROPN
aeasj-363	287	12	-	-	PUNCT
aeasj-363	287	13	adf	adf	PROPN
aeasj-363	287	14	(	(	PUNCT
aeasj-363	287	15	critical	critical	ADJ
aeasj-363	287	16	value	value	NOUN
aeasj-363	287	17	)	)	PUNCT
aeasj-363	287	18	:	:	PUNCT
aeasj-363	287	19	reject	reject	VERB
aeasj-363	287	20	ho	ho	PROPN
aeasj-363	287	21	(	(	PUNCT
aeasj-363	287	22	otherwise	otherwise	ADV
aeasj-363	287	23	accept	accept	VERB
aeasj-363	287	24	h1	h1	PROPN
aeasj-363	287	25	)	)	PUNCT
aeasj-363	287	26	note	note	VERB
aeasj-363	287	27	that	that	SCONJ
aeasj-363	287	28	each	each	DET
aeasj-363	287	29	variable	variable	NOUN
aeasj-363	287	30	will	will	AUX
aeasj-363	287	31	have	have	VERB
aeasj-363	287	32	its	its	PRON
aeasj-363	287	33	own	own	ADJ
aeasj-363	287	34	adf	adf	NOUN
aeasj-363	287	35	test	test	NOUN
aeasj-363	287	36	value	value	NOUN
aeasj-363	287	37	.	.	PUNCT
aeasj-363	288	1	if	if	SCONJ
aeasj-363	288	2	the	the	DET
aeasj-363	288	3	variables	variable	NOUN
aeasj-363	288	4	are	be	AUX
aeasj-363	288	5	stationary	stationary	ADJ
aeasj-363	288	6	at	at	ADP
aeasj-363	288	7	level	level	NOUN
aeasj-363	288	8	,	,	PUNCT
aeasj-363	288	9	then	then	ADV
aeasj-363	288	10	they	they	PRON
aeasj-363	288	11	are	be	AUX
aeasj-363	288	12	integrated	integrate	VERB
aeasj-363	288	13	of	of	ADP
aeasj-363	288	14	order	order	NOUN
aeasj-363	288	15	zero	zero	NUM
aeasj-363	288	16	i.e	i.e	PRON
aeasj-363	288	17	1(0	1(0	NUM
aeasj-363	288	18	)	)	PUNCT
aeasj-363	288	19	.	.	PUNCT
aeasj-363	289	1	the	the	DET
aeasj-363	289	2	unit	unit	NOUN
aeasj-363	289	3	root	root	NOUN
aeasj-363	289	4	problem	problem	NOUN
aeasj-363	289	5	earlier	early	ADV
aeasj-363	289	6	mentioned	mention	VERB
aeasj-363	289	7	can	can	AUX
aeasj-363	289	8	be	be	AUX
aeasj-363	289	9	explained	explain	VERB
aeasj-363	289	10	using	use	VERB
aeasj-363	289	11	the	the	DET
aeasj-363	289	12	model	model	NOUN
aeasj-363	289	13	:	:	PUNCT
aeasj-363	289	14	y=	y=	NUM
aeasj-363	289	15	yt-1	yt-1	PUNCT
aeasj-363	290	1	+	+	CCONJ
aeasj-363	290	2	i	i	PROPN
aeasj-363	290	3	6	6	NUM
aeasj-363	290	4	where	where	SCONJ
aeasj-363	290	5	yt	yt	PROPN
aeasj-363	290	6	is	be	AUX
aeasj-363	290	7	the	the	DET
aeasj-363	290	8	variable	variable	NOUN
aeasj-363	290	9	in	in	ADP
aeasj-363	290	10	question	question	NOUN
aeasj-363	290	11	;	;	PUNCT
aeasj-363	290	12	i	i	PROPN
aeasj-363	290	13	is	be	AUX
aeasj-363	290	14	stochastic	stochastic	ADJ
aeasj-363	290	15	error	error	NOUN
aeasj-363	290	16	term	term	NOUN
aeasj-363	290	17	.	.	PUNCT
aeasj-363	291	1	equation	equation	NOUN
aeasj-363	291	2	(	(	PUNCT
aeasj-363	291	3	a	a	X
aeasj-363	291	4	)	)	PUNCT
aeasj-363	291	5	is	be	AUX
aeasj-363	291	6	termed	term	VERB
aeasj-363	291	7	first	first	ADJ
aeasj-363	291	8	order	order	NOUN
aeasj-363	291	9	regression	regression	NOUN
aeasj-363	291	10	because	because	SCONJ
aeasj-363	291	11	we	we	PRON
aeasj-363	291	12	regress	regress	VERB
aeasj-363	291	13	the	the	DET
aeasj-363	291	14	value	value	NOUN
aeasj-363	291	15	y	y	PROPN
aeasj-363	291	16	at	at	ADP
aeasj-363	291	17	time	time	NOUN
aeasj-363	291	18	“	"	PUNCT
aeasj-363	291	19	t	t	PROPN
aeasj-363	291	20	”	"	PUNCT
aeasj-363	291	21	on	on	ADP
aeasj-363	291	22	its	its	PRON
aeasj-363	291	23	value	value	NOUN
aeasj-363	291	24	at	at	ADP
aeasj-363	291	25	time	time	NOUN
aeasj-363	291	26	(	(	PUNCT
aeasj-363	291	27	t1	t1	NOUN
aeasj-363	291	28	)	)	PUNCT
aeasj-363	291	29	.	.	PUNCT
aeasj-363	292	1	if	if	SCONJ
aeasj-363	292	2	the	the	DET
aeasj-363	292	3	coefficient	coefficient	NOUN
aeasj-363	292	4	of	of	ADP
aeasj-363	292	5	yt	yt	PROPN
aeasj-363	292	6	-	-	PUNCT
aeasj-363	292	7	i	i	PRON
aeasj-363	292	8	is	be	AUX
aeasj-363	292	9	equal	equal	ADJ
aeasj-363	292	10	to	to	ADP
aeasj-363	292	11	1	1	NUM
aeasj-363	292	12	,	,	PUNCT
aeasj-363	292	13	then	then	ADV
aeasj-363	292	14	we	we	PRON
aeasj-363	292	15	have	have	VERB
aeasj-363	292	16	a	a	DET
aeasj-363	292	17	unit	unit	NOUN
aeasj-363	292	18	root	root	NOUN
aeasj-363	292	19	problem	problem	NOUN
aeasj-363	292	20	(	(	PUNCT
aeasj-363	292	21	non	non	X
aeasj-363	292	22	stationary	stationary	ADJ
aeasj-363	292	23	situation	situation	NOUN
aeasj-363	292	24	)	)	PUNCT
aeasj-363	292	25	.	.	PUNCT
aeasj-363	293	1	this	this	PRON
aeasj-363	293	2	means	mean	VERB
aeasj-363	293	3	that	that	SCONJ
aeasj-363	293	4	if	if	SCONJ
aeasj-363	293	5	the	the	DET
aeasj-363	293	6	regression	regression	NOUN
aeasj-363	293	7	.	.	PUNCT
aeasj-363	294	1	y=	y=	PRON
aeasj-363	294	2	yt-1	yt-1	PUNCT
aeasj-363	295	1	+	+	CCONJ
aeasj-363	295	2	i	i	PROPN
aeasj-363	295	3	7	7	NUM
aeasj-363	295	4	is	be	AUX
aeasj-363	295	5	run	run	VERB
aeasj-363	295	6	and	and	CCONJ
aeasj-363	295	7	l	l	NOUN
aeasj-363	295	8	is	be	AUX
aeasj-363	295	9	found	find	VERB
aeasj-363	295	10	to	to	PART
aeasj-363	295	11	be	be	AUX
aeasj-363	295	12	equal	equal	ADJ
aeasj-363	295	13	to	to	ADP
aeasj-363	295	14	1	1	NUM
aeasj-363	295	15	then	then	ADV
aeasj-363	295	16	the	the	DET
aeasj-363	295	17	variable	variable	ADJ
aeasj-363	295	18	yt	yt	NOUN
aeasj-363	295	19	has	have	VERB
aeasj-363	295	20	a	a	DET
aeasj-363	295	21	unit	unit	NOUN
aeasj-363	295	22	root	root	NOUN
aeasj-363	295	23	(	(	PUNCT
aeasj-363	295	24	random	random	ADJ
aeasj-363	295	25	work	work	NOUN
aeasj-363	295	26	in	in	ADP
aeasj-363	295	27	time	time	NOUN
aeasj-363	295	28	series	series	PROPN
aeasj-363	295	29	econometrics	econometrics	PROPN
aeasj-363	295	30	)	)	PUNCT
aeasj-363	295	31	.	.	PUNCT
aeasj-363	296	1	if	if	SCONJ
aeasj-363	296	2	a	a	DET
aeasj-363	296	3	time	time	NOUN
aeasj-363	296	4	series	series	NOUN
aeasj-363	296	5	has	have	VERB
aeasj-363	296	6	a	a	DET
aeasj-363	296	7	unit	unit	NOUN
aeasj-363	296	8	root	root	NOUN
aeasj-363	296	9	,	,	PUNCT
aeasj-363	296	10	the	the	DET
aeasj-363	296	11	first	first	ADJ
aeasj-363	296	12	difference	difference	NOUN
aeasj-363	296	13	of	of	ADP
aeasj-363	296	14	such	such	ADJ
aeasj-363	296	15	time	time	NOUN
aeasj-363	296	16	series	series	NOUN
aeasj-363	296	17	are	be	AUX
aeasj-363	296	18	usually	usually	ADV
aeasj-363	296	19	stationary	stationary	ADJ
aeasj-363	296	20	.	.	PUNCT
aeasj-363	297	1	therefore	therefore	ADV
aeasj-363	297	2	to	to	PART
aeasj-363	297	3	salve	salve	VERB
aeasj-363	297	4	the	the	DET
aeasj-363	297	5	problem	problem	NOUN
aeasj-363	297	6	,	,	PUNCT
aeasj-363	297	7	take	take	VERB
aeasj-363	297	8	the	the	DET
aeasj-363	297	9	first	first	ADJ
aeasj-363	297	10	difference	difference	NOUN
aeasj-363	297	11	of	of	ADP
aeasj-363	297	12	the	the	DET
aeasj-363	297	13	time	time	NOUN
aeasj-363	297	14	series	series	NOUN
aeasj-363	297	15	.	.	PUNCT
aeasj-363	298	1	the	the	DET
aeasj-363	298	2	first	first	ADJ
aeasj-363	298	3	difference	difference	NOUN
aeasj-363	298	4	operation	operation	NOUN
aeasj-363	298	5	is	be	AUX
aeasj-363	298	6	shown	show	VERB
aeasj-363	298	7	in	in	ADP
aeasj-363	298	8	the	the	DET
aeasj-363	298	9	following	following	ADJ
aeasj-363	298	10	model	model	NOUN
aeasj-363	298	11	:	:	PUNCT
aeasj-363	298	12	y=	y=	NOUN
aeasj-363	298	13	(	(	PUNCT
aeasj-363	298	14	l-1	l-1	NUM
aeasj-363	298	15	)	)	PUNCT
aeasj-363	298	16	yt-1	yt-1	PUNCT
aeasj-363	299	1	+	+	CCONJ
aeasj-363	299	2	i	i	PROPN
aeasj-363	299	3	8	8	NUM
aeasj-363	299	4	yt-1	yt-1	NOUN
aeasj-363	299	5	+	+	CCONJ
aeasj-363	299	6	i	i	PROPN
aeasj-363	299	7	9	9	NUM
aeasj-363	299	8	(	(	PUNCT
aeasj-363	299	9	note	note	NOUN
aeasj-363	299	10	:	:	PUNCT
aeasj-363	299	11			NUM
aeasj-363	299	12	=	=	ADJ
aeasj-363	299	13	1	1	NUM
aeasj-363	299	14	-	-	PUNCT
aeasj-363	299	15	1=	1=	NOUN
aeasj-363	299	16	0	0	NUM
aeasj-363	299	17	;	;	PUNCT
aeasj-363	299	18	where	where	SCONJ
aeasj-363	299	19	l	l	NOUN
aeasj-363	299	20	=	=	NOUN
aeasj-363	299	21	1	1	NUM
aeasj-363	299	22	;	;	PUNCT
aeasj-363	299	23	yt	yt	NOUN
aeasj-363	299	24	=	=	PUNCT
aeasj-363	299	25	yt	yt	PRON
aeasj-363	299	26	yt	yt	PROPN
aeasj-363	299	27	-	-	PUNCT
aeasj-363	299	28	i	i	PROPN
aeasj-363	299	29	)	)	PUNCT
aeasj-363	299	30	10	10	NUM
aeasj-363	299	31	integrated	integrate	VERB
aeasj-363	299	32	of	of	ADP
aeasj-363	299	33	order	order	NOUN
aeasj-363	299	34	1	1	NUM
aeasj-363	299	35	or	or	CCONJ
aeasj-363	299	36	i(i	i(i	NUM
aeasj-363	299	37	)	)	PUNCT
aeasj-363	299	38	given	give	VERB
aeasj-363	299	39	that	that	SCONJ
aeasj-363	299	40	the	the	DET
aeasj-363	299	41	original	original	ADJ
aeasj-363	299	42	(	(	PUNCT
aeasj-363	299	43	random	random	ADJ
aeasj-363	299	44	walk	walk	NOUN
aeasj-363	299	45	)	)	PUNCT
aeasj-363	299	46	series	series	NOUN
aeasj-363	299	47	is	be	AUX
aeasj-363	299	48	differenced	difference	VERB
aeasj-363	299	49	once	once	ADV
aeasj-363	299	50	and	and	CCONJ
aeasj-363	299	51	the	the	DET
aeasj-363	299	52	differenced	differenced	ADJ
aeasj-363	299	53	series	series	NOUN
aeasj-363	299	54	becomes	become	VERB
aeasj-363	299	55	stationary	stationary	ADJ
aeasj-363	299	56	,	,	PUNCT
aeasj-363	299	57	then	then	ADV
aeasj-363	299	58	the	the	DET
aeasj-363	299	59	original	original	ADJ
aeasj-363	299	60	series	series	NOUN
aeasj-363	299	61	is	be	AUX
aeasj-363	299	62	said	say	VERB
aeasj-363	299	63	to	to	PART
aeasj-363	299	64	be	be	AUX
aeasj-363	299	65	integrated	integrate	VERB
aeasj-363	299	66	of	of	ADP
aeasj-363	299	67	order	order	NOUN
aeasj-363	300	1	i	i	PRON
aeasj-363	300	2	or	or	CCONJ
aeasj-363	300	3	i	i	PRON
aeasj-363	300	4	(	(	PUNCT
aeasj-363	300	5	1	1	NUM
aeasj-363	300	6	)	)	PUNCT
aeasj-363	300	7	.	.	PUNCT
aeasj-363	301	1	integrated	integrate	VERB
aeasj-363	301	2	of	of	ADP
aeasj-363	301	3	order	order	NOUN
aeasj-363	301	4	2	2	NUM
aeasj-363	301	5	or	or	CCONJ
aeasj-363	301	6	i	i	PRON
aeasj-363	301	7	(	(	PUNCT
aeasj-363	301	8	2	2	X
aeasj-363	301	9	)	)	PUNCT
aeasj-363	301	10	given	give	VERB
aeasj-363	301	11	that	that	SCONJ
aeasj-363	301	12	the	the	DET
aeasj-363	301	13	original	original	ADJ
aeasj-363	301	14	series	series	NOUN
aeasj-363	301	15	is	be	AUX
aeasj-363	301	16	differenced	difference	VERB
aeasj-363	301	17	twice	twice	ADV
aeasj-363	301	18	before	before	SCONJ
aeasj-363	301	19	it	it	PRON
aeasj-363	301	20	becomes	become	VERB
aeasj-363	301	21	stationary	stationary	ADJ
aeasj-363	301	22	(	(	PUNCT
aeasj-363	301	23	the	the	DET
aeasj-363	301	24	first	first	ADJ
aeasj-363	301	25	difference	difference	NOUN
aeasj-363	301	26	of	of	ADP
aeasj-363	301	27	the	the	DET
aeasj-363	301	28	first	first	ADJ
aeasj-363	301	29	difference	difference	NOUN
aeasj-363	301	30	)	)	PUNCT
aeasj-363	301	31	,	,	PUNCT
aeasj-363	301	32	then	then	ADV
aeasj-363	301	33	the	the	DET
aeasj-363	301	34	original	original	ADJ
aeasj-363	301	35	series	series	NOUN
aeasj-363	301	36	is	be	AUX
aeasj-363	301	37	integrated	integrate	VERB
aeasj-363	301	38	of	of	ADP
aeasj-363	301	39	order	order	NOUN
aeasj-363	301	40	2	2	NUM
aeasj-363	301	41	or	or	CCONJ
aeasj-363	301	42	1(2	1(2	NUM
aeasj-363	301	43	)	)	PUNCT
aeasj-363	301	44	.	.	PUNCT
aeasj-363	302	1	therefore	therefore	ADV
aeasj-363	302	2	,	,	PUNCT
aeasj-363	302	3	given	give	VERB
aeasj-363	302	4	a	a	DET
aeasj-363	302	5	time	time	NOUN
aeasj-363	302	6	series	series	NOUN
aeasj-363	302	7	has	have	VERB
aeasj-363	302	8	to	to	PART
aeasj-363	302	9	be	be	AUX
aeasj-363	302	10	differenced	difference	VERB
aeasj-363	302	11	q	q	ADJ
aeasj-363	302	12	times	time	NOUN
aeasj-363	302	13	before	before	ADP
aeasj-363	302	14	becoming	become	VERB
aeasj-363	302	15	stationary	stationary	ADJ
aeasj-363	302	16	it	it	PRON
aeasj-363	302	17	said	say	VERB
aeasj-363	302	18	to	to	PART
aeasj-363	302	19	be	be	AUX
aeasj-363	302	20	integrated	integrate	VERB
aeasj-363	302	21	of	of	ADP
aeasj-363	302	22	order	order	NOUN
aeasj-363	302	23	q	q	NOUN
aeasj-363	302	24	or	or	CCONJ
aeasj-363	302	25	i	i	PRON
aeasj-363	302	26	(	(	PUNCT
aeasj-363	302	27	q	q	NOUN
aeasj-363	302	28	)	)	PUNCT
aeasj-363	302	29	.	.	PUNCT
aeasj-363	303	1	hence	hence	ADV
aeasj-363	303	2	,	,	PUNCT
aeasj-363	303	3	non	non	ADJ
aeasj-363	303	4	-	-	ADJ
aeasj-363	303	5	stationary	stationary	ADJ
aeasj-363	303	6	time	time	NOUN
aeasj-363	303	7	series	series	NOUN
aeasj-363	303	8	are	be	AUX
aeasj-363	303	9	those	those	PRON
aeasj-363	303	10	that	that	PRON
aeasj-363	303	11	are	be	AUX
aeasj-363	303	12	integrated	integrate	VERB
aeasj-363	303	13	of	of	ADP
aeasj-363	303	14	order	order	NOUN
aeasj-363	303	15	1	1	NUM
aeasj-363	303	16	or	or	CCONJ
aeasj-363	303	17	greater	great	ADJ
aeasj-363	303	18	.	.	PUNCT
aeasj-363	304	1	the	the	DET
aeasj-363	304	2	null	null	ADJ
aeasj-363	304	3	hypothesis	hypothesis	NOUN
aeasj-363	304	4	for	for	ADP
aeasj-363	304	5	the	the	DET
aeasj-363	304	6	unit	unit	NOUN
aeasj-363	304	7	root	root	NOUN
aeasj-363	304	8	is	be	AUX
aeasj-363	304	9	:	:	PUNCT
aeasj-363	304	10	ho	ho	ADJ
aeasj-363	304	11	:	:	PUNCT
aeasj-363	304	12	a	a	DET
aeasj-363	304	13	=	=	NOUN
aeasj-363	304	14	1	1	NUM
aeasj-363	304	15	;	;	PUNCT
aeasj-363	304	16	the	the	DET
aeasj-363	304	17	alternative	alternative	ADJ
aeasj-363	304	18	hypothesis	hypothesis	NOUN
aeasj-363	304	19	is	be	AUX
aeasj-363	304	20	hi	hi	ADJ
aeasj-363	304	21	:	:	PUNCT
aeasj-363	304	22	a	a	DET
aeasj-363	304	23	<	<	X
aeasj-363	304	24	1	1	NUM
aeasj-363	304	25	.	.	PUNCT
aeasj-363	305	1	we	we	PRON
aeasj-363	305	2	shall	shall	AUX
aeasj-363	305	3	test	test	VERB
aeasj-363	305	4	the	the	DET
aeasj-363	305	5	stationarity	stationarity	NOUN
aeasj-363	305	6	of	of	ADP
aeasj-363	305	7	our	our	PRON
aeasj-363	305	8	data	datum	NOUN
aeasj-363	305	9	using	use	VERB
aeasj-363	305	10	the	the	DET
aeasj-363	305	11	adf	adf	PROPN
aeasj-363	305	12	test	test	NOUN
aeasj-363	305	13	.	.	PUNCT
aeasj-363	306	1	copyright	copyright	NOUN
aeasj-363	306	2	©	©	PROPN
aeasj-363	306	3	cc	cc	PROPN
aeasj-363	306	4	-	-	PUNCT
aeasj-363	306	5	by	by	ADP
aeasj-363	306	6	-	-	PUNCT
aeasj-363	306	7	nc	nc	PROPN
aeasj-363	306	8	2019	2019	NUM
aeasj-363	306	9	,	,	PUNCT
aeasj-363	306	10	cribfb	cribfb	VERB
aeasj-363	306	11	|	|	ADV
aeasj-363	306	12	aesr	aesr	ADV
aeasj-363	306	13	www.cribfb.com/journal/index.php/aesr	www.cribfb.com/journal/index.php/aesr	VERB
aeasj-363	306	14	american	american	PROPN
aeasj-363	306	15	economic	economic	PROPN
aeasj-363	306	16	&	&	CCONJ
aeasj-363	306	17	social	social	PROPN
aeasj-363	306	18	review	review	PROPN
aeasj-363	306	19	vol	vol	NOUN
aeasj-363	306	20	.	.	PROPN
aeasj-363	307	1	5	5	NUM
aeasj-363	307	2	,	,	PUNCT
aeasj-363	307	3	no	no	INTJ
aeasj-363	307	4	.	.	NOUN
aeasj-363	307	5	2	2	NUM
aeasj-363	307	6	;	;	PUNCT
aeasj-363	307	7	2019	2019	NUM
aeasj-363	307	8	54	54	NUM
aeasj-363	307	9	granger	granger	NOUN
aeasj-363	307	10	causality	causality	NOUN
aeasj-363	307	11	test	test	NOUN
aeasj-363	307	12	thus	thus	ADV
aeasj-363	307	13	,	,	PUNCT
aeasj-363	307	14	granger	granger	PROPN
aeasj-363	307	15	causality	causality	PROPN
aeasj-363	307	16	test	test	NOUN
aeasj-363	307	17	helps	help	VERB
aeasj-363	307	18	in	in	ADP
aeasj-363	307	19	adequate	adequate	ADJ
aeasj-363	307	20	specification	specification	NOUN
aeasj-363	307	21	of	of	ADP
aeasj-363	307	22	model	model	NOUN
aeasj-363	307	23	.	.	PUNCT
aeasj-363	308	1	in	in	ADP
aeasj-363	308	2	granger	granger	PROPN
aeasj-363	308	3	causality	causality	PROPN
aeasj-363	308	4	,	,	PUNCT
aeasj-363	308	5	test	test	NOUN
aeasj-363	308	6	,	,	PUNCT
aeasj-363	308	7	the	the	DET
aeasj-363	308	8	null	null	ADJ
aeasj-363	308	9	hypothesis	hypothesis	NOUN
aeasj-363	308	10	is	be	AUX
aeasj-363	308	11	that	that	SCONJ
aeasj-363	308	12	no	no	DET
aeasj-363	308	13	causality	causality	NOUN
aeasj-363	308	14	between	between	ADP
aeasj-363	308	15	two	two	NUM
aeasj-363	308	16	variables	variable	NOUN
aeasj-363	308	17	.	.	PUNCT
aeasj-363	309	1	the	the	DET
aeasj-363	309	2	null	null	ADJ
aeasj-363	309	3	hypotheses	hypothesis	NOUN
aeasj-363	309	4	is	be	AUX
aeasj-363	309	5	rejected	reject	VERB
aeasj-363	309	6	if	if	SCONJ
aeasj-363	309	7	the	the	DET
aeasj-363	309	8	probability	probability	NOUN
aeasj-363	309	9	of	of	ADP
aeasj-363	309	10	f	f	PROPN
aeasj-363	309	11	*	*	PROPN
aeasj-363	309	12	statistics	statistic	NOUN
aeasj-363	309	13	given	give	VERB
aeasj-363	309	14	in	in	ADP
aeasj-363	309	15	the	the	DET
aeasj-363	309	16	granger	granger	PROPN
aeasj-363	309	17	causality	causality	PROPN
aeasj-363	309	18	result	result	NOUN
aeasj-363	309	19	is	be	AUX
aeasj-363	309	20	less	less	ADJ
aeasj-363	309	21	than	than	ADP
aeasj-363	309	22	0.05	0.05	NUM
aeasj-363	309	23	.	.	PUNCT
aeasj-363	310	1	the	the	DET
aeasj-363	310	2	pair	pair	NOUN
aeasj-363	310	3	-	-	PUNCT
aeasj-363	310	4	wise	wise	ADJ
aeasj-363	310	5	granger	granger	PROPN
aeasj-363	310	6	causality	causality	NOUN
aeasj-363	310	7	test	test	NOUN
aeasj-363	310	8	is	be	AUX
aeasj-363	310	9	mathematically	mathematically	ADV
aeasj-363	310	10	expressed	express	VERB
aeasj-363	310	11	as	as	ADP
aeasj-363	310	12	:	:	SYM
aeasj-363	310	13	111	111	NUM
aeasj-363	310	14	1	1	NUM
aeasj-363	310	15	11	11	NUM
aeasj-363	310	16	1	1	NUM
aeasj-363	310	17	uxyxy	uxyxy	NOUN
aeasj-363	310	18	t	t	NOUN
aeasj-363	310	19	x	x	PUNCT
aeasj-363	311	1	n	n	INTJ
aeasj-363	311	2	i	i	PRON
aeasj-363	311	3	t	t	VERB
aeasj-363	312	1	y	y	PROPN
aeasj-363	313	1	n	n	INTJ
aeasj-363	314	1	i	i	PRON
aeasj-363	314	2	ot	ot	VERB
aeasj-363	314	3			ADJ
aeasj-363	314	4			PROPN
aeasj-363	314	5			PROPN
aeasj-363	314	6			PROPN
aeasj-363	314	7			NOUN
aeasj-363	314	8			PROPN
aeasj-363	315	1			PROPN
aeasj-363	315	2	11	11	NUM
aeasj-363	315	3	and	and	CCONJ
aeasj-363	315	4	1	1	NUM
aeasj-363	315	5	v	v	NUM
aeasj-363	315	6	1y	1y	NUM
aeasj-363	315	7	xxdp1	xxdp1	PROPN
aeasj-363	316	1	n	n	PROPN
aeasj-363	316	2	1i	1i	NOUN
aeasj-363	316	3	1yt	1yt	NOUN
aeasj-363	317	1	y	y	PROPN
aeasj-363	317	2	1	1	NUM
aeasj-363	317	3	dp	dp	NOUN
aeasj-363	317	4	n	n	NUM
aeasj-363	317	5	1i	1i	NOUN
aeasj-363	317	6	o	o	NOUN
aeasj-363	318	1	dp	dp	NOUN
aeasj-363	318	2	t	t	PROPN
aeasj-363	318	3	x	x	PROPN
aeasj-363	318	4			PROPN
aeasj-363	318	5			X
aeasj-363	318	6			X
aeasj-363	318	7			NUM
aeasj-363	319	1			VERB
aeasj-363	320	1			PROPN
aeasj-363	320	2			SYM
aeasj-363	320	3	12	12	NUM
aeasj-363	320	4	where	where	SCONJ
aeasj-363	320	5	xt	xt	PUNCT
aeasj-363	320	6	and	and	CCONJ
aeasj-363	320	7	yt	yt	PROPN
aeasj-363	320	8	are	be	AUX
aeasj-363	320	9	the	the	DET
aeasj-363	320	10	variables	variable	NOUN
aeasj-363	320	11	to	to	PART
aeasj-363	320	12	be	be	AUX
aeasj-363	320	13	tested	test	VERB
aeasj-363	320	14	white	white	PROPN
aeasj-363	320	15	ut	ut	PROPN
aeasj-363	320	16	and	and	CCONJ
aeasj-363	320	17	vt	vt	PROPN
aeasj-363	320	18	are	be	AUX
aeasj-363	320	19	the	the	DET
aeasj-363	320	20	white	white	ADJ
aeasj-363	320	21	noise	noise	NOUN
aeasj-363	320	22	disturbance	disturbance	NOUN
aeasj-363	320	23	terms	term	NOUN
aeasj-363	320	24	.	.	PUNCT
aeasj-363	321	1	the	the	DET
aeasj-363	321	2	null	null	ADJ
aeasj-363	321	3	hypothesis	hypothesis	NOUN
aeasj-363	321	4	011	011	NUM
aeasj-363	321	5			NUM
aeasj-363	321	6	yy	yy	PROPN
aeasj-363	321	7	dp	dp	PROPN
aeasj-363	321	8	,	,	PUNCT
aeasj-363	321	9	for	for	ADP
aeasj-363	321	10	all	all	PRON
aeasj-363	321	11	i	i	PRON
aeasj-363	321	12	’s	’	VERB
aeasj-363	321	13	is	be	AUX
aeasj-363	321	14	tested	test	VERB
aeasj-363	321	15	against	against	ADP
aeasj-363	321	16	the	the	DET
aeasj-363	321	17	alternative	alternative	ADJ
aeasj-363	321	18	hypothesis	hypothesis	NOUN
aeasj-363	321	19	01	01	NUM
aeasj-363	321	20	x	x	PUNCT
aeasj-363	321	21	and	and	CCONJ
aeasj-363	321	22	.01	.01	NUM
aeasj-363	321	23	ydp	ydp	PROPN
aeasj-363	321	24	if	if	SCONJ
aeasj-363	321	25	the	the	DET
aeasj-363	321	26	co	co	NOUN
aeasj-363	321	27	-	-	ADJ
aeasj-363	321	28	efficient	efficient	ADJ
aeasj-363	321	29	of	of	ADP
aeasj-363	321	30	x	x	SYM
aeasj-363	321	31	1	1	NUM
aeasj-363	321	32	are	be	AUX
aeasj-363	321	33	statistically	statistically	ADV
aeasj-363	321	34	significant	significant	ADJ
aeasj-363	321	35	but	but	CCONJ
aeasj-363	321	36	that	that	PRON
aeasj-363	321	37	of	of	ADP
aeasj-363	321	38	ydp1	ydp1	NOUN
aeasj-363	321	39	are	be	AUX
aeasj-363	321	40	not	not	PART
aeasj-363	321	41	,	,	PUNCT
aeasj-363	321	42	then	then	ADV
aeasj-363	321	43	x	x	PUNCT
aeasj-363	321	44	causes	cause	VERB
aeasj-363	321	45	y.	y.	PROPN
aeasj-363	321	46	if	if	SCONJ
aeasj-363	321	47	the	the	DET
aeasj-363	321	48	reverse	reverse	NOUN
aeasj-363	321	49	is	be	AUX
aeasj-363	321	50	true	true	ADJ
aeasj-363	321	51	then	then	ADV
aeasj-363	321	52	y	y	PROPN
aeasj-363	321	53	causes	cause	VERB
aeasj-363	321	54	x.	x.	NOUN
aeasj-363	321	55	however	however	ADV
aeasj-363	321	56	,	,	PUNCT
aeasj-363	321	57	where	where	SCONJ
aeasj-363	321	58	both	both	DET
aeasj-363	321	59	co	co	ADJ
aeasj-363	321	60	-	-	ADJ
aeasj-363	321	61	efficient	efficient	ADJ
aeasj-363	321	62	of	of	ADP
aeasj-363	321	63	x	x	SYM
aeasj-363	321	64	1	1	NUM
aeasj-363	321	65	and	and	CCONJ
aeasj-363	321	66	ydp1	ydp1	NOUN
aeasj-363	321	67	are	be	AUX
aeasj-363	321	68	significant	significant	ADJ
aeasj-363	321	69	then	then	ADV
aeasj-363	321	70	causality	causality	NOUN
aeasj-363	321	71	is	be	AUX
aeasj-363	321	72	bi	bi	ADJ
aeasj-363	321	73	–	–	PUNCT
aeasj-363	321	74	directional	directional	ADJ
aeasj-363	321	75	4	4	NUM
aeasj-363	321	76	.	.	NOUN
aeasj-363	321	77	presentation	presentation	NOUN
aeasj-363	321	78	of	of	ADP
aeasj-363	321	79	results	result	NOUN
aeasj-363	321	80	and	and	CCONJ
aeasj-363	321	81	discussion	discussion	NOUN
aeasj-363	321	82	of	of	ADP
aeasj-363	321	83	findings	finding	NOUN
aeasj-363	321	84	the	the	DET
aeasj-363	321	85	following	follow	VERB
aeasj-363	321	86	tables	table	NOUN
aeasj-363	321	87	explain	explain	VERB
aeasj-363	321	88	the	the	DET
aeasj-363	321	89	dynamic	dynamic	ADJ
aeasj-363	321	90	relationship	relationship	NOUN
aeasj-363	321	91	between	between	ADP
aeasj-363	321	92	dividend	dividend	NOUN
aeasj-363	321	93	decision	decision	NOUN
aeasj-363	321	94	and	and	CCONJ
aeasj-363	321	95	economic	economic	ADJ
aeasj-363	321	96	value	value	NOUN
aeasj-363	321	97	added	add	VERB
aeasj-363	321	98	of	of	ADP
aeasj-363	321	99	the	the	DET
aeasj-363	321	100	selected	select	VERB
aeasj-363	321	101	manufacturing	manufacturing	NOUN
aeasj-363	321	102	firms	firm	NOUN
aeasj-363	321	103	in	in	ADP
aeasj-363	321	104	nigeria	nigeria	PROPN
aeasj-363	321	105	.	.	PUNCT
aeasj-363	322	1	table	table	NOUN
aeasj-363	323	1	i	i	PRON
aeasj-363	323	2	:	:	PUNCT
aeasj-363	323	3	test	test	NOUN
aeasj-363	323	4	of	of	ADP
aeasj-363	323	5	appropriate	appropriate	ADJ
aeasj-363	323	6	model	model	NOUN
aeasj-363	323	7	redundant	redundant	VERB
aeasj-363	323	8	fixed	fix	VERB
aeasj-363	323	9	effects	effect	NOUN
aeasj-363	323	10	tests	test	VERB
aeasj-363	323	11	effects	effect	NOUN
aeasj-363	323	12	test	test	NOUN
aeasj-363	323	13	statistic	statistic	PROPN
aeasj-363	323	14	d.f	d.f	PROPN
aeasj-363	323	15	.	.	PROPN
aeasj-363	323	16	prob	prob	PROPN
aeasj-363	323	17	.	.	PUNCT
aeasj-363	324	1	cross	cross	NOUN
aeasj-363	324	2	-	-	NOUN
aeasj-363	324	3	section	section	ADJ
aeasj-363	324	4	f	f	PROPN
aeasj-363	324	5	2.698090	2.698090	NUM
aeasj-363	324	6	(	(	PUNCT
aeasj-363	324	7	14,71	14,71	NOUN
aeasj-363	324	8	)	)	PUNCT
aeasj-363	324	9	0.0032	0.0032	NUM
aeasj-363	324	10	cross	cross	ADJ
aeasj-363	324	11	-	-	ADJ
aeasj-363	324	12	section	section	ADJ
aeasj-363	324	13	chi	chi	ADJ
aeasj-363	324	14	-	-	PUNCT
aeasj-363	324	15	square	square	NOUN
aeasj-363	324	16	38.392708	38.392708	NUM
aeasj-363	324	17	14	14	NUM
aeasj-363	324	18	0.0005	0.0005	NUM
aeasj-363	324	19	correlated	correlate	VERB
aeasj-363	324	20	random	random	ADJ
aeasj-363	324	21	effects	effect	NOUN
aeasj-363	324	22	hausman	hausman	PROPN
aeasj-363	324	23	test	test	NOUN
aeasj-363	324	24	test	test	NOUN
aeasj-363	324	25	summary	summary	NOUN
aeasj-363	324	26	chi	chi	PROPN
aeasj-363	324	27	-	-	PUNCT
aeasj-363	324	28	sq	sq	PROPN
aeasj-363	324	29	.	.	PROPN
aeasj-363	324	30	statistic	statistic	ADJ
aeasj-363	324	31	chi	chi	PROPN
aeasj-363	324	32	-	-	PUNCT
aeasj-363	324	33	sq	sq	PROPN
aeasj-363	324	34	.	.	PUNCT
aeasj-363	324	35	d.f	d.f	PROPN
aeasj-363	324	36	.	.	PROPN
aeasj-363	324	37	prob	prob	PROPN
aeasj-363	324	38	.	.	PUNCT
aeasj-363	325	1	cross	cross	ADJ
aeasj-363	325	2	-	-	ADJ
aeasj-363	325	3	section	section	ADJ
aeasj-363	325	4	random	random	ADJ
aeasj-363	325	5	11.031481	11.031481	NUM
aeasj-363	325	6	4	4	NUM
aeasj-363	325	7	0.0050	0.0050	NUM
aeasj-363	325	8	source	source	NOUN
aeasj-363	325	9	:	:	PUNCT
aeasj-363	325	10	extract	extract	NOUN
aeasj-363	325	11	from	from	ADP
aeasj-363	325	12	e	e	NOUN
aeasj-363	325	13	-	-	NOUN
aeasj-363	325	14	view	view	NOUN
aeasj-363	325	15	9.0	9.0	NUM
aeasj-363	325	16	,	,	PUNCT
aeasj-363	325	17	2019	2019	NUM
aeasj-363	325	18	our	our	PRON
aeasj-363	325	19	study	study	NOUN
aeasj-363	325	20	used	use	VERB
aeasj-363	325	21	the	the	DET
aeasj-363	325	22	likelihood	likelihood	NOUN
aeasj-363	325	23	ratio	ratio	NOUN
aeasj-363	325	24	test	test	NOUN
aeasj-363	325	25	to	to	PART
aeasj-363	325	26	choose	choose	VERB
aeasj-363	325	27	between	between	ADP
aeasj-363	325	28	the	the	DET
aeasj-363	325	29	pooled	pooled	ADJ
aeasj-363	325	30	effect	effect	NOUN
aeasj-363	325	31	model	model	NOUN
aeasj-363	325	32	and	and	CCONJ
aeasj-363	325	33	the	the	DET
aeasj-363	325	34	fixed	fix	VERB
aeasj-363	325	35	effects	effect	NOUN
aeasj-363	325	36	model	model	NOUN
aeasj-363	325	37	as	as	ADP
aeasj-363	325	38	how	how	SCONJ
aeasj-363	325	39	in	in	ADP
aeasj-363	325	40	table	table	NOUN
aeasj-363	325	41	i	i	PRON
aeasj-363	325	42	above	above	ADV
aeasj-363	325	43	.	.	PUNCT
aeasj-363	326	1	the	the	DET
aeasj-363	326	2	fixed	fix	VERB
aeasj-363	326	3	effects	effect	NOUN
aeasj-363	326	4	model	model	NOUN
aeasj-363	326	5	is	be	AUX
aeasj-363	326	6	better	well	ADJ
aeasj-363	326	7	than	than	SCONJ
aeasj-363	326	8	pooled	pooled	ADJ
aeasj-363	326	9	effect	effect	NOUN
aeasj-363	326	10	that	that	SCONJ
aeasj-363	326	11	the	the	DET
aeasj-363	326	12	results	result	NOUN
aeasj-363	326	13	of	of	ADP
aeasj-363	326	14	the	the	DET
aeasj-363	326	15	likelihood	likelihood	NOUN
aeasj-363	326	16	ratio	ratio	NOUN
aeasj-363	326	17	test	test	NOUN
aeasj-363	326	18	were	be	AUX
aeasj-363	326	19	significant	significant	ADJ
aeasj-363	326	20	(	(	PUNCT
aeasj-363	326	21	pvalue	pvalue	NOUN
aeasj-363	326	22	<	<	X
aeasj-363	326	23	0.0000	0.0000	NUM
aeasj-363	326	24	for	for	ADP
aeasj-363	326	25	the	the	DET
aeasj-363	326	26	three	three	NUM
aeasj-363	326	27	models	model	NOUN
aeasj-363	326	28	.	.	PUNCT
aeasj-363	327	1	this	this	DET
aeasj-363	327	2	result	result	NOUN
aeasj-363	327	3	means	mean	VERB
aeasj-363	327	4	that	that	SCONJ
aeasj-363	327	5	we	we	PRON
aeasj-363	327	6	reject	reject	VERB
aeasj-363	327	7	the	the	DET
aeasj-363	327	8	pooled	pooled	ADJ
aeasj-363	327	9	effect	effect	NOUN
aeasj-363	327	10	model	model	NOUN
aeasj-363	327	11	and	and	CCONJ
aeasj-363	327	12	choose	choose	VERB
aeasj-363	327	13	the	the	DET
aeasj-363	327	14	fixed	fix	VERB
aeasj-363	327	15	effects	effect	NOUN
aeasj-363	327	16	model	model	NOUN
aeasj-363	327	17	for	for	ADP
aeasj-363	327	18	this	this	DET
aeasj-363	327	19	study	study	NOUN
aeasj-363	327	20	.	.	PUNCT
aeasj-363	328	1	to	to	PART
aeasj-363	328	2	make	make	VERB
aeasj-363	328	3	a	a	DET
aeasj-363	328	4	choice	choice	NOUN
aeasj-363	328	5	between	between	ADP
aeasj-363	328	6	the	the	DET
aeasj-363	328	7	fixed	fix	VERB
aeasj-363	328	8	effects	effect	NOUN
aeasj-363	328	9	model	model	NOUN
aeasj-363	328	10	and	and	CCONJ
aeasj-363	328	11	the	the	DET
aeasj-363	328	12	random	random	ADJ
aeasj-363	328	13	effects	effect	NOUN
aeasj-363	328	14	model	model	NOUN
aeasj-363	328	15	,	,	PUNCT
aeasj-363	328	16	we	we	PRON
aeasj-363	328	17	utilized	utilize	VERB
aeasj-363	328	18	the	the	DET
aeasj-363	328	19	hausman	hausman	ADJ
aeasj-363	328	20	test	test	NOUN
aeasj-363	328	21	as	as	SCONJ
aeasj-363	328	22	shown	show	VERB
aeasj-363	328	23	in	in	ADP
aeasj-363	328	24	the	the	DET
aeasj-363	328	25	table	table	NOUN
aeasj-363	328	26	above	above	ADV
aeasj-363	328	27	.	.	PUNCT
aeasj-363	329	1	the	the	DET
aeasj-363	329	2	hypotheses	hypothesis	NOUN
aeasj-363	329	3	of	of	ADP
aeasj-363	329	4	the	the	DET
aeasj-363	329	5	test	test	NOUN
aeasj-363	329	6	are	be	AUX
aeasj-363	329	7	as	as	SCONJ
aeasj-363	329	8	follows	follow	VERB
aeasj-363	329	9	:	:	PUNCT
aeasj-363	329	10	the	the	DET
aeasj-363	329	11	fixed	fix	VERB
aeasj-363	329	12	effects	effect	NOUN
aeasj-363	329	13	model	model	NOUN
aeasj-363	329	14	is	be	AUX
aeasj-363	329	15	more	more	ADV
aeasj-363	329	16	appropriate	appropriate	ADJ
aeasj-363	329	17	than	than	ADP
aeasj-363	329	18	the	the	DET
aeasj-363	329	19	random	random	ADJ
aeasj-363	329	20	effects	effect	NOUN
aeasj-363	329	21	model	model	NOUN
aeasj-363	329	22	.	.	PUNCT
aeasj-363	330	1	as	as	SCONJ
aeasj-363	330	2	the	the	DET
aeasj-363	330	3	result	result	NOUN
aeasj-363	330	4	found	find	VERB
aeasj-363	330	5	that	that	SCONJ
aeasj-363	330	6	the	the	DET
aeasj-363	330	7	results	result	NOUN
aeasj-363	330	8	of	of	ADP
aeasj-363	330	9	this	this	DET
aeasj-363	330	10	test	test	NOUN
aeasj-363	330	11	were	be	AUX
aeasj-363	330	12	significant	significant	ADJ
aeasj-363	330	13	(	(	PUNCT
aeasj-363	330	14	p	p	NOUN
aeasj-363	330	15	-	-	PUNCT
aeasj-363	330	16	value	value	NOUN
aeasj-363	330	17	=	=	PUNCT
aeasj-363	330	18	0.0241	0.0241	NUM
aeasj-363	330	19	)	)	PUNCT
aeasj-363	330	20	.	.	PUNCT
aeasj-363	331	1	hence	hence	ADV
aeasj-363	331	2	,	,	PUNCT
aeasj-363	331	3	we	we	PRON
aeasj-363	331	4	reject	reject	VERB
aeasj-363	331	5	the	the	DET
aeasj-363	331	6	null	null	ADJ
aeasj-363	331	7	hypothesis	hypothesis	NOUN
aeasj-363	331	8	and	and	CCONJ
aeasj-363	331	9	conclude	conclude	VERB
aeasj-363	331	10	that	that	SCONJ
aeasj-363	331	11	the	the	DET
aeasj-363	331	12	fixed	fix	VERB
aeasj-363	331	13	effects	effect	NOUN
aeasj-363	331	14	model	model	NOUN
aeasj-363	331	15	is	be	AUX
aeasj-363	331	16	the	the	DET
aeasj-363	331	17	most	most	ADV
aeasj-363	331	18	appropriate	appropriate	ADJ
aeasj-363	331	19	of	of	ADP
aeasj-363	331	20	the	the	DET
aeasj-363	331	21	three	three	NUM
aeasj-363	331	22	models	model	NOUN
aeasj-363	331	23	.	.	PUNCT
aeasj-363	332	1	table	table	NOUN
aeasj-363	332	2	ii	ii	PROPN
aeasj-363	332	3	:	:	PUNCT
aeasj-363	332	4	presentation	presentation	NOUN
aeasj-363	332	5	of	of	ADP
aeasj-363	332	6	pooled	pool	VERB
aeasj-363	332	7	regression	regression	NOUN
aeasj-363	332	8	model	model	NOUN
aeasj-363	332	9	variable	variable	ADJ
aeasj-363	332	10	coefficient	coefficient	NOUN
aeasj-363	332	11	std	std	PROPN
aeasj-363	332	12	.	.	NOUN
aeasj-363	332	13	error	error	NOUN
aeasj-363	332	14	t	t	NOUN
aeasj-363	332	15	-	-	PUNCT
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aeasj-363	337	7	-	-	PUNCT
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aeasj-363	337	11	prob(f	prob(f	NOUN
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aeasj-363	337	42	prob	prob	NOUN
aeasj-363	337	43	.	.	PUNCT
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aeasj-363	346	1	prob	prob	PROPN
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aeasj-363	347	19	0.000923	0.000923	NUM
aeasj-363	347	20	0.4350	0.4350	NUM
aeasj-363	347	21	source	source	NOUN
aeasj-363	347	22	:	:	PUNCT
aeasj-363	347	23	extract	extract	NOUN
aeasj-363	347	24	from	from	ADP
aeasj-363	347	25	e	e	NOUN
aeasj-363	347	26	-	-	NOUN
aeasj-363	347	27	view	view	NOUN
aeasj-363	347	28	9.0	9.0	NUM
aeasj-363	347	29	,	,	PUNCT
aeasj-363	347	30	2019	2019	NUM
aeasj-363	347	31	copyright	copyright	NOUN
aeasj-363	347	32	©	©	PROPN
aeasj-363	347	33	cc	cc	PROPN
aeasj-363	347	34	-	-	PUNCT
aeasj-363	347	35	by	by	ADP
aeasj-363	347	36	-	-	PUNCT
aeasj-363	347	37	nc	nc	PROPN
aeasj-363	347	38	2019	2019	NUM
aeasj-363	347	39	,	,	PUNCT
aeasj-363	347	40	cribfb	cribfb	VERB
aeasj-363	347	41	|	|	ADV
aeasj-363	347	42	aesr	aesr	ADV
aeasj-363	347	43	www.cribfb.com/journal/index.php/aesr	www.cribfb.com/journal/index.php/aesr	VERB
aeasj-363	347	44	american	american	PROPN
aeasj-363	347	45	economic	economic	PROPN
aeasj-363	347	46	&	&	CCONJ
aeasj-363	347	47	social	social	PROPN
aeasj-363	347	48	review	review	PROPN
aeasj-363	347	49	vol	vol	NOUN
aeasj-363	347	50	.	.	PROPN
aeasj-363	348	1	5	5	NUM
aeasj-363	348	2	,	,	PUNCT
aeasj-363	348	3	no	no	INTJ
aeasj-363	348	4	.	.	NOUN
aeasj-363	348	5	2	2	NUM
aeasj-363	348	6	;	;	PUNCT
aeasj-363	348	7	2019	2019	NUM
aeasj-363	348	8	56	56	NUM
aeasj-363	348	9	table	table	NOUN
aeasj-363	348	10	vi	vi	NOUN
aeasj-363	348	11	:	:	PUNCT
aeasj-363	348	12	presentation	presentation	NOUN
aeasj-363	348	13	of	of	ADP
aeasj-363	348	14	causality	causality	NOUN
aeasj-363	348	15	test	test	NOUN
aeasj-363	348	16	null	null	ADJ
aeasj-363	348	17	hypothesis	hypothesis	NOUN
aeasj-363	348	18	:	:	PUNCT
aeasj-363	348	19	obs	obs	PROPN
aeasj-363	348	20	f	f	NOUN
aeasj-363	348	21	-	-	PUNCT
aeasj-363	348	22	statistic	statistic	ADJ
aeasj-363	348	23	prob	prob	NOUN
aeasj-363	348	24	.	.	PUNCT
aeasj-363	349	1	dy	dy	PROPN
aeasj-363	349	2	does	do	AUX
aeasj-363	349	3	not	not	PART
aeasj-363	349	4	granger	granger	AUX
aeasj-363	349	5	cause	cause	VERB
aeasj-363	349	6	eva	eva	PROPN
aeasj-363	349	7	60	60	NUM
aeasj-363	349	8	0.32035	0.32035	NUM
aeasj-363	349	9	0.7272	0.7272	NUM
aeasj-363	349	10	evadoes	evadoe	NOUN
aeasj-363	349	11	not	not	PART
aeasj-363	349	12	granger	granger	NOUN
aeasj-363	349	13	cause	cause	VERB
aeasj-363	349	14	dy	dy	NOUN
aeasj-363	349	15	0.15716	0.15716	NUM
aeasj-363	349	16	0.8550	0.8550	NUM
aeasj-363	349	17	dps	dps	NOUN
aeasj-363	349	18	does	do	AUX
aeasj-363	349	19	not	not	PART
aeasj-363	349	20	granger	granger	AUX
aeasj-363	349	21	cause	cause	VERB
aeasj-363	349	22	eva	eva	PROPN
aeasj-363	349	23	60	60	NUM
aeasj-363	349	24	0.32299	0.32299	NUM
aeasj-363	349	25	0.7253	0.7253	NUM
aeasj-363	349	26	eva	eva	NOUN
aeasj-363	349	27	does	do	AUX
aeasj-363	349	28	not	not	PART
aeasj-363	349	29	granger	granger	AUX
aeasj-363	349	30	cause	cause	VERB
aeasj-363	349	31	dps	dps	NOUN
aeasj-363	349	32	0.21823	0.21823	NUM
aeasj-363	349	33	0.8046	0.8046	NUM
aeasj-363	349	34	dpr	dpr	PROPN
aeasj-363	349	35	does	do	AUX
aeasj-363	349	36	not	not	PART
aeasj-363	349	37	granger	granger	AUX
aeasj-363	349	38	cause	cause	VERB
aeasj-363	349	39	eva	eva	PROPN
aeasj-363	349	40	60	60	NUM
aeasj-363	349	41	1.17205	1.17205	NUM
aeasj-363	349	42	0.3173	0.3173	NUM
aeasj-363	349	43	eva	eva	NOUN
aeasj-363	349	44	does	do	AUX
aeasj-363	349	45	not	not	PART
aeasj-363	349	46	granger	granger	AUX
aeasj-363	349	47	cause	cause	VERB
aeasj-363	349	48	dpr	dpr	PROPN
aeasj-363	349	49	1.49205	1.49205	NUM
aeasj-363	349	50	0.2339	0.2339	NUM
aeasj-363	349	51	rr	rr	NOUN
aeasj-363	349	52	does	do	AUX
aeasj-363	349	53	not	not	PART
aeasj-363	349	54	granger	granger	AUX
aeasj-363	349	55	cause	cause	VERB
aeasj-363	349	56	eva	eva	PROPN
aeasj-363	349	57	60	60	NUM
aeasj-363	349	58	0.86169	0.86169	NUM
aeasj-363	349	59	0.4281	0.4281	NUM
aeasj-363	349	60	eva	eva	NOUN
aeasj-363	349	61	does	do	AUX
aeasj-363	349	62	not	not	PART
aeasj-363	349	63	granger	granger	AUX
aeasj-363	349	64	cause	cause	VERB
aeasj-363	349	65	rr	rr	PROPN
aeasj-363	349	66	1.52567	1.52567	NUM
aeasj-363	349	67	0.2265	0.2265	NUM
aeasj-363	349	68	source	source	NOUN
aeasj-363	349	69	:	:	PUNCT
aeasj-363	349	70	extract	extract	NOUN
aeasj-363	349	71	from	from	ADP
aeasj-363	349	72	e	e	NOUN
aeasj-363	349	73	-	-	NOUN
aeasj-363	349	74	view	view	NOUN
aeasj-363	349	75	9.0	9.0	NUM
aeasj-363	349	76	,	,	PUNCT
aeasj-363	349	77	2019	2019	NUM
aeasj-363	349	78	table	table	NOUN
aeasj-363	349	79	vii	vii	PROPN
aeasj-363	349	80	:	:	PUNCT
aeasj-363	349	81	test	test	NOUN
aeasj-363	349	82	for	for	ADP
aeasj-363	349	83	stationarity	stationarity	NOUN
aeasj-363	349	84	variables	variable	NOUN
aeasj-363	349	85	adf	adf	PROPN
aeasj-363	349	86	fisher	fisher	PROPN
aeasj-363	349	87	chi	chi	PROPN
aeasj-363	349	88	-	-	PUNCT
aeasj-363	349	89	square/	square/	PROPN
aeasj-363	349	90	pp	pp	PROPN
aeasj-363	349	91	fisher	fisher	PROPN
aeasj-363	349	92	chi	chi	ADJ
aeasj-363	349	93	-	-	PUNCT
aeasj-363	349	94	square	square	ADJ
aeasj-363	349	95	statistics	statistic	NOUN
aeasj-363	349	96	probability	probability	NOUN
aeasj-363	349	97	remark	remark	NOUN
aeasj-363	349	98	decision	decision	NOUN
aeasj-363	349	99	eva	eva	PROPN
aeasj-363	349	100	pp	pp	PROPN
aeasj-363	349	101	fisher	fisher	PROPN
aeasj-363	349	102	chi	chi	PROPN
aeasj-363	349	103	-	-	PUNCT
aeasj-363	349	104	square	square	ADJ
aeasj-363	349	105	73.4606	73.4606	NUM
aeasj-363	349	106	0.0000	0.0000	NUM
aeasj-363	349	107	stationary	stationary	ADJ
aeasj-363	349	108	reject	reject	NOUN
aeasj-363	349	109	h0	h0	NOUN
aeasj-363	349	110	pp	pp	ADP
aeasj-363	349	111	choi	choi	PROPN
aeasj-363	349	112	z	z	PROPN
aeasj-363	349	113	-	-	PUNCT
aeasj-363	349	114	stat	stat	PROPN
aeasj-363	349	115	-2.69812	-2.69812	NOUN
aeasj-363	349	116	0.0035	0.0035	NUM
aeasj-363	349	117	stationary	stationary	ADJ
aeasj-363	349	118	reject	reject	PROPN
aeasj-363	349	119	h0	h0	PROPN
aeasj-363	349	120	rr	rr	PROPN
aeasj-363	350	1	pp	pp	PROPN
aeasj-363	350	2	fisher	fisher	PROPN
aeasj-363	350	3	chi	chi	PROPN
aeasj-363	350	4	-	-	PUNCT
aeasj-363	350	5	square	square	ADJ
aeasj-363	350	6	74.3608	74.3608	NUM
aeasj-363	350	7	0.0000	0.0000	NUM
aeasj-363	350	8	stationary	stationary	ADJ
aeasj-363	350	9	reject	reject	NOUN
aeasj-363	350	10	h0	h0	NOUN
aeasj-363	350	11	pp	pp	ADP
aeasj-363	350	12	choi	choi	PROPN
aeasj-363	350	13	z	z	PROPN
aeasj-363	350	14	-	-	PUNCT
aeasj-363	350	15	stat	stat	NOUN
aeasj-363	350	16	-4.04781	-4.04781	NOUN
aeasj-363	350	17	0.0000	0.0000	NUM
aeasj-363	350	18	stationary	stationary	ADJ
aeasj-363	350	19	reject	reject	NOUN
aeasj-363	350	20	h0	h0	PROPN
aeasj-363	350	21	dy	dy	PROPN
aeasj-363	350	22	pp	pp	PROPN
aeasj-363	350	23	fisher	fisher	PROPN
aeasj-363	350	24	chi	chi	PROPN
aeasj-363	350	25	-	-	PUNCT
aeasj-363	350	26	square	square	ADJ
aeasj-363	350	27	60.9287	60.9287	NUM
aeasj-363	350	28	0.0007	0.0007	NUM
aeasj-363	350	29	stationary	stationary	ADJ
aeasj-363	350	30	reject	reject	NOUN
aeasj-363	350	31	h0	h0	NOUN
aeasj-363	350	32	pp	pp	ADP
aeasj-363	350	33	choi	choi	PROPN
aeasj-363	350	34	z	z	PROPN
aeasj-363	350	35	-	-	PUNCT
aeasj-363	350	36	stat	stat	NOUN
aeasj-363	350	37	-2.84488	-2.84488	NOUN
aeasj-363	351	1	0.0022	0.0022	NUM
aeasj-363	351	2	stationary	stationary	ADJ
aeasj-363	351	3	reject	reject	PROPN
aeasj-363	351	4	h0	h0	PROPN
aeasj-363	351	5	dps	dps	PROPN
aeasj-363	351	6	pp	pp	ADP
aeasj-363	351	7	fisher	fisher	PROPN
aeasj-363	351	8	chi	chi	PROPN
aeasj-363	351	9	-	-	PUNCT
aeasj-363	351	10	square	square	ADJ
aeasj-363	351	11	62.1951	62.1951	NUM
aeasj-363	351	12	0.0005	0.0005	NUM
aeasj-363	351	13	stationary	stationary	ADJ
aeasj-363	351	14	reject	reject	NOUN
aeasj-363	351	15	h0	h0	NOUN
aeasj-363	351	16	pp	pp	ADP
aeasj-363	351	17	choi	choi	PROPN
aeasj-363	351	18	z	z	PROPN
aeasj-363	351	19	-	-	PUNCT
aeasj-363	351	20	stat	stat	PROPN
aeasj-363	351	21	-3.00666	-3.00666	NOUN
aeasj-363	351	22	0.0013	0.0013	NUM
aeasj-363	351	23	stationary	stationary	ADJ
aeasj-363	351	24	reject	reject	PROPN
aeasj-363	351	25	h0	h0	PROPN
aeasj-363	351	26	dpr	dpr	PROPN
aeasj-363	351	27	pp	pp	PROPN
aeasj-363	351	28	fisher	fisher	PROPN
aeasj-363	351	29	chi	chi	PROPN
aeasj-363	351	30	-	-	PUNCT
aeasj-363	351	31	square	square	ADJ
aeasj-363	351	32	74.9173	74.9173	NUM
aeasj-363	351	33	0.0000	0.0000	NUM
aeasj-363	351	34	stationary	stationary	ADJ
aeasj-363	351	35	reject	reject	NOUN
aeasj-363	351	36	h0	h0	NOUN
aeasj-363	351	37	pp	pp	ADP
aeasj-363	351	38	choi	choi	PROPN
aeasj-363	351	39	z	z	PROPN
aeasj-363	351	40	-	-	PUNCT
aeasj-363	351	41	stat	stat	NOUN
aeasj-363	351	42	-4.11845	-4.11845	NOUN
aeasj-363	351	43	0.0000	0.0000	NUM
aeasj-363	351	44	stationary	stationary	ADJ
aeasj-363	351	45	reject	reject	PROPN
aeasj-363	351	46	h0	h0	PROPN
aeasj-363	351	47	source	source	NOUN
aeasj-363	351	48	:	:	PUNCT
aeasj-363	351	49	extract	extract	NOUN
aeasj-363	351	50	from	from	ADP
aeasj-363	351	51	e	e	NOUN
aeasj-363	351	52	-	-	NOUN
aeasj-363	351	53	view	view	ADJ
aeasj-363	351	54	9.0	9.0	NUM
aeasj-363	351	55	5	5	NUM
aeasj-363	351	56	.	.	PUNCT
aeasj-363	352	1	discussion	discussion	NOUN
aeasj-363	352	2	and	and	CCONJ
aeasj-363	352	3	analysis	analysis	NOUN
aeasj-363	352	4	of	of	ADP
aeasj-363	352	5	results	result	NOUN
aeasj-363	352	6	dividend	dividend	NOUN
aeasj-363	352	7	decisions	decision	NOUN
aeasj-363	352	8	have	have	AUX
aeasj-363	352	9	long	long	ADV
aeasj-363	352	10	been	be	AUX
aeasj-363	352	11	the	the	DET
aeasj-363	352	12	most	most	ADV
aeasj-363	352	13	controversial	controversial	ADJ
aeasj-363	352	14	issue	issue	NOUN
aeasj-363	352	15	in	in	ADP
aeasj-363	352	16	corporate	corporate	ADJ
aeasj-363	352	17	finance	finance	NOUN
aeasj-363	352	18	among	among	ADP
aeasj-363	352	19	scholars	scholar	NOUN
aeasj-363	352	20	(	(	PUNCT
aeasj-363	352	21	olowe	olowe	NOUN
aeasj-363	352	22	,	,	PUNCT
aeasj-363	352	23	2011	2011	NUM
aeasj-363	352	24	)	)	PUNCT
aeasj-363	352	25	.	.	PUNCT
aeasj-363	353	1	the	the	DET
aeasj-363	353	2	pattern	pattern	NOUN
aeasj-363	353	3	of	of	ADP
aeasj-363	353	4	corporate	corporate	ADJ
aeasj-363	353	5	dividend	dividend	NOUN
aeasj-363	353	6	decisions	decision	NOUN
aeasj-363	353	7	not	not	PART
aeasj-363	353	8	only	only	ADV
aeasj-363	353	9	varies	vary	VERB
aeasj-363	353	10	overtime	overtime	NOUN
aeasj-363	353	11	but	but	CCONJ
aeasj-363	353	12	also	also	ADV
aeasj-363	353	13	affect	affect	VERB
aeasj-363	353	14	by	by	ADP
aeasj-363	353	15	internal	internal	ADJ
aeasj-363	353	16	and	and	CCONJ
aeasj-363	353	17	external	external	ADJ
aeasj-363	353	18	factors	factor	NOUN
aeasj-363	353	19	of	of	ADP
aeasj-363	353	20	the	the	DET
aeasj-363	353	21	firm	firm	NOUN
aeasj-363	353	22	.	.	PUNCT
aeasj-363	354	1	the	the	DET
aeasj-363	354	2	issue	issue	NOUN
aeasj-363	354	3	of	of	ADP
aeasj-363	354	4	dividend	dividend	NOUN
aeasj-363	354	5	decisions	decision	NOUN
aeasj-363	354	6	has	have	AUX
aeasj-363	354	7	long	long	ADV
aeasj-363	354	8	been	be	AUX
aeasj-363	354	9	one	one	NUM
aeasj-363	354	10	of	of	ADP
aeasj-363	354	11	the	the	DET
aeasj-363	354	12	most	most	ADV
aeasj-363	354	13	controversial	controversial	ADJ
aeasj-363	354	14	issues	issue	NOUN
aeasj-363	354	15	among	among	ADP
aeasj-363	354	16	scholars	scholar	NOUN
aeasj-363	354	17	in	in	ADP
aeasj-363	354	18	the	the	DET
aeasj-363	354	19	field	field	NOUN
aeasj-363	354	20	of	of	ADP
aeasj-363	354	21	corporate	corporate	ADJ
aeasj-363	354	22	finance	finance	NOUN
aeasj-363	354	23	.	.	PUNCT
aeasj-363	355	1	from	from	ADP
aeasj-363	355	2	the	the	DET
aeasj-363	355	3	opinion	opinion	NOUN
aeasj-363	355	4	of	of	ADP
aeasj-363	355	5	gordon	gordon	PROPN
aeasj-363	355	6	’s	’s	PART
aeasj-363	355	7	,	,	PUNCT
aeasj-363	355	8	the	the	DET
aeasj-363	355	9	dividend	dividend	NOUN
aeasj-363	355	10	policy	policy	NOUN
aeasj-363	355	11	is	be	AUX
aeasj-363	355	12	relevant	relevant	ADJ
aeasj-363	355	13	while	while	SCONJ
aeasj-363	355	14	from	from	ADP
aeasj-363	355	15	the	the	DET
aeasj-363	355	16	opinion	opinion	NOUN
aeasj-363	355	17	of	of	ADP
aeasj-363	355	18	miller	miller	PROPN
aeasj-363	355	19	and	and	CCONJ
aeasj-363	355	20	modigliani	modigliani	ADJ
aeasj-363	355	21	dividend	dividend	NOUN
aeasj-363	355	22	policy	policy	NOUN
aeasj-363	355	23	is	be	AUX
aeasj-363	355	24	irrelevant	irrelevant	ADJ
aeasj-363	355	25	under	under	ADP
aeasj-363	355	26	specific	specific	ADJ
aeasj-363	355	27	assumptions	assumption	NOUN
aeasj-363	355	28	that	that	SCONJ
aeasj-363	355	29	the	the	DET
aeasj-363	355	30	market	market	NOUN
aeasj-363	355	31	is	be	AUX
aeasj-363	355	32	perfect	perfect	ADJ
aeasj-363	355	33	.	.	PUNCT
aeasj-363	356	1	the	the	DET
aeasj-363	356	2	question	question	NOUN
aeasj-363	356	3	that	that	SCONJ
aeasj-363	356	4	boarder	boarder	NOUN
aeasj-363	356	5	most	most	ADJ
aeasj-363	356	6	scholars	scholar	NOUN
aeasj-363	356	7	is	be	AUX
aeasj-363	356	8	that	that	PRON
aeasj-363	356	9	can	can	AUX
aeasj-363	356	10	there	there	PRON
aeasj-363	356	11	be	be	AUX
aeasj-363	356	12	any	any	DET
aeasj-363	356	13	perfect	perfect	ADJ
aeasj-363	356	14	market	market	NOUN
aeasj-363	356	15	that	that	PRON
aeasj-363	356	16	can	can	AUX
aeasj-363	356	17	make	make	VERB
aeasj-363	356	18	dividend	dividend	NOUN
aeasj-363	356	19	policy	policy	NOUN
aeasj-363	356	20	irrelevant	irrelevant	ADJ
aeasj-363	356	21	?	?	PUNCT
aeasj-363	357	1	for	for	ADP
aeasj-363	357	2	instance	instance	NOUN
aeasj-363	357	3	,	,	PUNCT
aeasj-363	357	4	the	the	DET
aeasj-363	357	5	financial	financial	ADJ
aeasj-363	357	6	market	market	NOUN
aeasj-363	357	7	of	of	ADP
aeasj-363	357	8	the	the	DET
aeasj-363	357	9	developing	develop	VERB
aeasj-363	357	10	countries	country	NOUN
aeasj-363	357	11	specifically	specifically	ADV
aeasj-363	357	12	nigeria	nigeria	PROPN
aeasj-363	357	13	is	be	AUX
aeasj-363	357	14	known	know	VERB
aeasj-363	357	15	for	for	ADP
aeasj-363	357	16	its	its	PRON
aeasj-363	357	17	imperfection	imperfection	NOUN
aeasj-363	357	18	because	because	SCONJ
aeasj-363	357	19	it	it	PRON
aeasj-363	357	20	is	be	AUX
aeasj-363	357	21	characterized	characterize	VERB
aeasj-363	357	22	with	with	ADP
aeasj-363	357	23	insider	insider	NOUN
aeasj-363	357	24	dealings	dealing	NOUN
aeasj-363	357	25	where	where	SCONJ
aeasj-363	357	26	stock	stock	NOUN
aeasj-363	357	27	brokers	broker	NOUN
aeasj-363	357	28	are	be	AUX
aeasj-363	357	29	also	also	ADV
aeasj-363	357	30	floor	floor	NOUN
aeasj-363	357	31	dealers	dealer	NOUN
aeasj-363	357	32	(	(	PUNCT
aeasj-363	357	33	onoh	onoh	PROPN
aeasj-363	357	34	,	,	PUNCT
aeasj-363	357	35	2002	2002	NUM
aeasj-363	357	36	)	)	PUNCT
aeasj-363	357	37	.	.	PUNCT
aeasj-363	358	1	this	this	PRON
aeasj-363	358	2	justifies	justify	VERB
aeasj-363	358	3	the	the	DET
aeasj-363	358	4	agency	agency	NOUN
aeasj-363	358	5	theory	theory	NOUN
aeasj-363	358	6	as	as	SCONJ
aeasj-363	358	7	noted	note	VERB
aeasj-363	358	8	by	by	ADP
aeasj-363	358	9	jesen	jesen	NOUN
aeasj-363	358	10	(	(	PUNCT
aeasj-363	358	11	1979).the	1979).the	DET
aeasj-363	358	12	a	a	PRON
aeasj-363	358	13	-	-	PUNCT
aeasj-363	358	14	priori	priori	ADJ
aeasj-363	358	15	expectation	expectation	NOUN
aeasj-363	358	16	of	of	ADP
aeasj-363	358	17	the	the	DET
aeasj-363	358	18	result	result	NOUN
aeasj-363	358	19	is	be	AUX
aeasj-363	358	20	that	that	SCONJ
aeasj-363	358	21	the	the	DET
aeasj-363	358	22	independent	independent	ADJ
aeasj-363	358	23	variables	variable	NOUN
aeasj-363	358	24	are	be	AUX
aeasj-363	358	25	expected	expect	VERB
aeasj-363	358	26	to	to	PART
aeasj-363	358	27	have	have	VERB
aeasj-363	358	28	a	a	DET
aeasj-363	358	29	positive	positive	ADJ
aeasj-363	358	30	impact	impact	NOUN
aeasj-363	358	31	on	on	ADP
aeasj-363	358	32	shareholders	shareholder	NOUN
aeasj-363	358	33	’	'	PUNCT
aeasj-363	358	34	return	return	NOUN
aeasj-363	358	35	of	of	ADP
aeasj-363	358	36	the	the	DET
aeasj-363	358	37	quoted	quote	VERB
aeasj-363	358	38	commercial	commercial	ADJ
aeasj-363	358	39	banks	bank	NOUN
aeasj-363	358	40	.	.	PUNCT
aeasj-363	359	1	the	the	DET
aeasj-363	359	2	results	result	NOUN
aeasj-363	359	3	of	of	ADP
aeasj-363	359	4	the	the	DET
aeasj-363	359	5	regression	regression	NOUN
aeasj-363	359	6	model	model	NOUN
aeasj-363	359	7	found	find	VERB
aeasj-363	359	8	that	that	SCONJ
aeasj-363	359	9	the	the	DET
aeasj-363	359	10	independent	independent	ADJ
aeasj-363	359	11	variables	variable	NOUN
aeasj-363	359	12	can	can	AUX
aeasj-363	359	13	explain	explain	VERB
aeasj-363	359	14	5	5	NUM
aeasj-363	359	15	percent	percent	NOUN
aeasj-363	359	16	variation	variation	NOUN
aeasj-363	359	17	on	on	ADP
aeasj-363	359	18	economic	economic	ADJ
aeasj-363	359	19	value	value	NOUN
aeasj-363	359	20	added	add	VERB
aeasj-363	359	21	from	from	ADP
aeasj-363	359	22	the	the	DET
aeasj-363	359	23	pooled	pool	VERB
aeasj-363	359	24	regression	regression	NOUN
aeasj-363	359	25	results	result	NOUN
aeasj-363	359	26	,	,	PUNCT
aeasj-363	359	27	75	75	NUM
aeasj-363	359	28	percent	percent	NOUN
aeasj-363	359	29	variation	variation	NOUN
aeasj-363	359	30	from	from	ADP
aeasj-363	359	31	the	the	DET
aeasj-363	359	32	fixed	fix	VERB
aeasj-363	359	33	effect	effect	NOUN
aeasj-363	359	34	results	result	NOUN
aeasj-363	359	35	and	and	CCONJ
aeasj-363	359	36	44	44	NUM
aeasj-363	359	37	percent	percent	NOUN
aeasj-363	359	38	from	from	ADP
aeasj-363	359	39	the	the	DET
aeasj-363	359	40	random	random	ADJ
aeasj-363	359	41	effect	effect	NOUN
aeasj-363	359	42	(	(	PUNCT
aeasj-363	359	43	table	table	NOUN
aeasj-363	359	44	ii	ii	PROPN
aeasj-363	359	45	,	,	PUNCT
aeasj-363	359	46	iii	iii	PROPN
aeasj-363	359	47	and	and	CCONJ
aeasj-363	359	48	iv	iv	X
aeasj-363	359	49	)	)	PUNCT
aeasj-363	359	50	results	result	NOUN
aeasj-363	359	51	from	from	ADP
aeasj-363	359	52	model	model	NOUN
aeasj-363	359	53	found	find	VERB
aeasj-363	359	54	that	that	SCONJ
aeasj-363	359	55	dividend	dividend	NOUN
aeasj-363	359	56	yield	yield	NOUN
aeasj-363	359	57	have	have	VERB
aeasj-363	359	58	negative	negative	ADJ
aeasj-363	359	59	effect	effect	NOUN
aeasj-363	359	60	on	on	ADP
aeasj-363	359	61	economic	economic	ADJ
aeasj-363	359	62	value	value	NOUN
aeasj-363	359	63	added	add	VERB
aeasj-363	359	64	while	while	SCONJ
aeasj-363	359	65	dividend	dividend	NOUN
aeasj-363	359	66	per	per	ADP
aeasj-363	359	67	share	share	NOUN
aeasj-363	359	68	,	,	PUNCT
aeasj-363	359	69	dividend	dividend	VERB
aeasj-363	359	70	payout	payout	NOUN
aeasj-363	359	71	ratio	ratio	NOUN
aeasj-363	359	72	and	and	CCONJ
aeasj-363	359	73	retention	retention	NOUN
aeasj-363	359	74	ratio	ratio	NOUN
aeasj-363	359	75	has	have	VERB
aeasj-363	359	76	positive	positive	ADJ
aeasj-363	359	77	and	and	CCONJ
aeasj-363	359	78	significant	significant	ADJ
aeasj-363	359	79	effect	effect	NOUN
aeasj-363	359	80	on	on	ADP
aeasj-363	359	81	economic	economic	ADJ
aeasj-363	359	82	value	value	NOUN
aeasj-363	359	83	added	add	VERB
aeasj-363	359	84	of	of	ADP
aeasj-363	359	85	the	the	DET
aeasj-363	359	86	quoted	quote	VERB
aeasj-363	359	87	manufacturing	manufacturing	NOUN
aeasj-363	359	88	firms	firm	NOUN
aeasj-363	359	89	.	.	PUNCT
aeasj-363	360	1	the	the	DET
aeasj-363	360	2	positive	positive	ADJ
aeasj-363	360	3	impact	impact	NOUN
aeasj-363	360	4	of	of	ADP
aeasj-363	360	5	retention	retention	NOUN
aeasj-363	360	6	ratio	ratio	NOUN
aeasj-363	360	7	and	and	CCONJ
aeasj-363	360	8	dividend	dividend	NOUN
aeasj-363	360	9	per	per	ADP
aeasj-363	360	10	share	share	NOUN
aeasj-363	360	11	confirm	confirm	VERB
aeasj-363	360	12	the	the	DET
aeasj-363	360	13	a	a	PRON
aeasj-363	360	14	-	-	PUNCT
aeasj-363	360	15	priori	priori	ADJ
aeasj-363	360	16	expectation	expectation	NOUN
aeasj-363	360	17	of	of	ADP
aeasj-363	360	18	the	the	DET
aeasj-363	360	19	result	result	NOUN
aeasj-363	360	20	and	and	CCONJ
aeasj-363	360	21	justifies	justify	VERB
aeasj-363	360	22	the	the	DET
aeasj-363	360	23	objective	objective	NOUN
aeasj-363	360	24	of	of	ADP
aeasj-363	360	25	constant	constant	ADJ
aeasj-363	360	26	dividend	dividend	NOUN
aeasj-363	360	27	policies	policy	NOUN
aeasj-363	360	28	.	.	PUNCT
aeasj-363	361	1	retention	retention	NOUN
aeasj-363	361	2	ratio	ratio	NOUN
aeasj-363	361	3	is	be	AUX
aeasj-363	361	4	a	a	DET
aeasj-363	361	5	source	source	NOUN
aeasj-363	361	6	of	of	ADP
aeasj-363	361	7	internal	internal	ADJ
aeasj-363	361	8	investment	investment	NOUN
aeasj-363	361	9	.	.	PUNCT
aeasj-363	362	1	increase	increase	NOUN
aeasj-363	362	2	in	in	ADP
aeasj-363	362	3	retention	retention	NOUN
aeasj-363	362	4	ratio	ratio	NOUN
aeasj-363	362	5	makes	make	VERB
aeasj-363	362	6	the	the	DET
aeasj-363	362	7	company	company	NOUN
aeasj-363	362	8	to	to	PART
aeasj-363	362	9	be	be	AUX
aeasj-363	362	10	less	less	ADV
aeasj-363	362	11	levered	lever	VERB
aeasj-363	362	12	which	which	PRON
aeasj-363	362	13	means	mean	VERB
aeasj-363	362	14	that	that	SCONJ
aeasj-363	362	15	significant	significant	ADJ
aeasj-363	362	16	proportion	proportion	NOUN
aeasj-363	362	17	of	of	ADP
aeasj-363	362	18	corporate	corporate	ADJ
aeasj-363	362	19	investment	investment	NOUN
aeasj-363	362	20	is	be	AUX
aeasj-363	362	21	financed	finance	VERB
aeasj-363	362	22	by	by	ADP
aeasj-363	362	23	equity	equity	NOUN
aeasj-363	362	24	capital	capital	NOUN
aeasj-363	362	25	.	.	PUNCT
aeasj-363	363	1	this	this	PRON
aeasj-363	363	2	makes	make	VERB
aeasj-363	363	3	corporate	corporate	ADJ
aeasj-363	363	4	organizations	organization	NOUN
aeasj-363	363	5	not	not	PART
aeasj-363	363	6	to	to	PART
aeasj-363	363	7	face	face	VERB
aeasj-363	363	8	leverage	leverage	NOUN
aeasj-363	363	9	risk	risk	NOUN
aeasj-363	363	10	.	.	PUNCT
aeasj-363	364	1	it	it	PRON
aeasj-363	364	2	also	also	ADV
aeasj-363	364	3	makes	make	VERB
aeasj-363	364	4	the	the	DET
aeasj-363	364	5	organization	organization	NOUN
aeasj-363	364	6	to	to	PART
aeasj-363	364	7	grow	grow	VERB
aeasj-363	364	8	as	as	SCONJ
aeasj-363	364	9	noted	note	VERB
aeasj-363	364	10	by	by	ADP
aeasj-363	364	11	pandey	pandey	PROPN
aeasj-363	364	12	(	(	PUNCT
aeasj-363	364	13	2005	2005	NUM
aeasj-363	364	14	)	)	PUNCT
aeasj-363	364	15	.	.	PUNCT
aeasj-363	365	1	the	the	DET
aeasj-363	365	2	positive	positive	ADJ
aeasj-363	365	3	effect	effect	NOUN
aeasj-363	365	4	of	of	ADP
aeasj-363	365	5	the	the	DET
aeasj-363	365	6	variables	variable	NOUN
aeasj-363	365	7	confirm	confirm	VERB
aeasj-363	365	8	the	the	DET
aeasj-363	365	9	findings	finding	NOUN
aeasj-363	365	10	of	of	ADP
aeasj-363	365	11	agyei	agyei	NOUN
aeasj-363	365	12	and	and	CCONJ
aeasj-363	365	13	marfoyiadom	marfoyiadom	ADJ
aeasj-363	365	14	(	(	PUNCT
aeasj-363	365	15	2011	2011	NUM
aeasj-363	365	16	)	)	PUNCT
aeasj-363	365	17	whose	whose	DET
aeasj-363	365	18	results	result	NOUN
aeasj-363	365	19	found	find	VERB
aeasj-363	365	20	positive	positive	ADJ
aeasj-363	365	21	relationship	relationship	NOUN
aeasj-363	365	22	between	between	ADP
aeasj-363	365	23	dividend	dividend	NOUN
aeasj-363	365	24	policy	policy	NOUN
aeasj-363	365	25	and	and	CCONJ
aeasj-363	365	26	performance	performance	NOUN
aeasj-363	365	27	,	,	PUNCT
aeasj-363	365	28	uwuigbe	uwuigbe	NOUN
aeasj-363	365	29	,	,	PUNCT
aeasj-363	365	30	jafaru	jafaru	NOUN
aeasj-363	365	31	and	and	CCONJ
aeasj-363	365	32	ajayi	ajayi	NOUN
aeasj-363	365	33	(	(	PUNCT
aeasj-363	365	34	2012	2012	NUM
aeasj-363	365	35	)	)	PUNCT
aeasj-363	365	36	whose	whose	DET
aeasj-363	365	37	result	result	NOUN
aeasj-363	365	38	shows	show	VERB
aeasj-363	365	39	a	a	DET
aeasj-363	365	40	significant	significant	ADJ
aeasj-363	365	41	and	and	CCONJ
aeasj-363	365	42	positive	positive	ADJ
aeasj-363	365	43	association	association	NOUN
aeasj-363	365	44	between	between	ADP
aeasj-363	365	45	the	the	DET
aeasj-363	365	46	performance	performance	NOUN
aeasj-363	365	47	of	of	ADP
aeasj-363	365	48	firms	firm	NOUN
aeasj-363	365	49	and	and	CCONJ
aeasj-363	365	50	the	the	DET
aeasj-363	365	51	dividend	dividend	NOUN
aeasj-363	365	52	payout	payout	NOUN
aeasj-363	365	53	.	.	PUNCT
aeasj-363	366	1	merekefu	merekefu	NOUN
aeasj-363	366	2	and	and	CCONJ
aeasj-363	366	3	ouma	ouma	PROPN
aeasj-363	366	4	(	(	PUNCT
aeasj-363	366	5	2012	2012	NUM
aeasj-363	366	6	)	)	PUNCT
aeasj-363	366	7	whose	whose	DET
aeasj-363	366	8	findings	finding	NOUN
aeasj-363	366	9	revealed	reveal	VERB
aeasj-363	366	10	positive	positive	ADJ
aeasj-363	366	11	strong	strong	ADJ
aeasj-363	366	12	relationship	relationship	NOUN
aeasj-363	366	13	between	between	ADP
aeasj-363	366	14	net	net	ADJ
aeasj-363	366	15	profit	profit	NOUN
aeasj-363	366	16	after	after	ADP
aeasj-363	366	17	tax	tax	NOUN
aeasj-363	366	18	and	and	CCONJ
aeasj-363	366	19	dividends	dividend	NOUN
aeasj-363	366	20	and	and	CCONJ
aeasj-363	366	21	the	the	DET
aeasj-363	366	22	findings	finding	NOUN
aeasj-363	366	23	of	of	ADP
aeasj-363	366	24	timothy	timothy	PROPN
aeasj-363	366	25	and	and	CCONJ
aeasj-363	366	26	peter	peter	PROPN
aeasj-363	366	27	(	(	PUNCT
aeasj-363	366	28	2012	2012	NUM
aeasj-363	366	29	)	)	PUNCT
aeasj-363	366	30	findings	finding	NOUN
aeasj-363	366	31	indicated	indicate	VERB
aeasj-363	366	32	that	that	SCONJ
aeasj-363	366	33	dividend	dividend	NOUN
aeasj-363	366	34	payout	payout	NOUN
aeasj-363	366	35	was	be	AUX
aeasj-363	366	36	a	a	DET
aeasj-363	366	37	major	major	ADJ
aeasj-363	366	38	factor	factor	NOUN
aeasj-363	366	39	affecting	affect	VERB
aeasj-363	366	40	firm	firm	ADJ
aeasj-363	366	41	profitability	profitability	NOUN
aeasj-363	366	42	measured	measure	VERB
aeasj-363	366	43	by	by	ADP
aeasj-363	366	44	net	net	ADJ
aeasj-363	366	45	profit	profit	NOUN
aeasj-363	366	46	after	after	ADP
aeasj-363	366	47	tax	tax	NOUN
aeasj-363	366	48	.	.	PUNCT
aeasj-363	367	1	the	the	DET
aeasj-363	367	2	negative	negative	ADJ
aeasj-363	367	3	impact	impact	NOUN
aeasj-363	367	4	of	of	ADP
aeasj-363	367	5	dividend	dividend	NOUN
aeasj-363	367	6	yield	yield	NOUN
aeasj-363	367	7	is	be	AUX
aeasj-363	367	8	contrary	contrary	ADJ
aeasj-363	367	9	to	to	ADP
aeasj-363	367	10	the	the	DET
aeasj-363	367	11	expectation	expectation	NOUN
aeasj-363	367	12	of	of	ADP
aeasj-363	367	13	the	the	DET
aeasj-363	367	14	results	result	NOUN
aeasj-363	367	15	and	and	CCONJ
aeasj-363	367	16	can	can	AUX
aeasj-363	367	17	be	be	AUX
aeasj-363	367	18	traced	trace	VERB
aeasj-363	367	19	to	to	ADP
aeasj-363	367	20	monetary	monetary	ADJ
aeasj-363	367	21	policy	policy	NOUN
aeasj-363	367	22	shocks	shock	NOUN
aeasj-363	367	23	that	that	PRON
aeasj-363	367	24	affect	affect	VERB
aeasj-363	367	25	the	the	DET
aeasj-363	367	26	performance	performance	NOUN
aeasj-363	367	27	of	of	ADP
aeasj-363	367	28	the	the	DET
aeasj-363	367	29	manufacturing	manufacturing	NOUN
aeasj-363	367	30	firms	firm	NOUN
aeasj-363	367	31	over	over	ADP
aeasj-363	367	32	the	the	DET
aeasj-363	367	33	period	period	NOUN
aeasj-363	367	34	.	.	PUNCT
aeasj-363	368	1	the	the	DET
aeasj-363	368	2	negative	negative	ADJ
aeasj-363	368	3	impact	impact	NOUN
aeasj-363	368	4	is	be	AUX
aeasj-363	368	5	contrary	contrary	ADJ
aeasj-363	368	6	to	to	ADP
aeasj-363	368	7	the	the	DET
aeasj-363	368	8	findings	finding	NOUN
aeasj-363	368	9	of	of	ADP
aeasj-363	368	10	gul	gul	PROPN
aeasj-363	368	11	(	(	PUNCT
aeasj-363	368	12	2012	2012	NUM
aeasj-363	368	13	)	)	PUNCT
aeasj-363	368	14	who	who	PRON
aeasj-363	368	15	found	find	VERB
aeasj-363	368	16	that	that	SCONJ
aeasj-363	368	17	the	the	DET
aeasj-363	368	18	market	market	NOUN
aeasj-363	368	19	value	value	NOUN
aeasj-363	368	20	of	of	ADP
aeasj-363	368	21	companies	company	NOUN
aeasj-363	368	22	that	that	PRON
aeasj-363	368	23	pay	pay	VERB
aeasj-363	368	24	dividends	dividend	NOUN
aeasj-363	368	25	is	be	AUX
aeasj-363	368	26	well	well	ADV
aeasj-363	368	27	above	above	ADP
aeasj-363	368	28	the	the	DET
aeasj-363	368	29	book	book	NOUN
aeasj-363	368	30	value	value	NOUN
aeasj-363	368	31	as	as	SCONJ
aeasj-363	368	32	compared	compare	VERB
aeasj-363	368	33	to	to	ADP
aeasj-363	368	34	companies	company	NOUN
aeasj-363	368	35	that	that	PRON
aeasj-363	368	36	do	do	AUX
aeasj-363	368	37	not	not	PART
aeasj-363	368	38	pay	pay	VERB
aeasj-363	368	39	dividends	dividend	NOUN
aeasj-363	368	40	and	and	CCONJ
aeasj-363	368	41	the	the	DET
aeasj-363	368	42	findings	finding	NOUN
aeasj-363	368	43	of	of	ADP
aeasj-363	368	44	salehnezhad	salehnezhad	PROPN
aeasj-363	368	45	(	(	PUNCT
aeasj-363	368	46	2013	2013	NUM
aeasj-363	368	47	)	)	PUNCT
aeasj-363	368	48	who	who	PRON
aeasj-363	368	49	found	find	VERB
aeasj-363	368	50	a	a	DET
aeasj-363	368	51	positive	positive	ADJ
aeasj-363	368	52	relationship	relationship	NOUN
aeasj-363	368	53	between	between	ADP
aeasj-363	368	54	financial	financial	ADJ
aeasj-363	368	55	performance	performance	NOUN
aeasj-363	368	56	(	(	PUNCT
aeasj-363	368	57	stock	stock	NOUN
aeasj-363	368	58	returns	return	NOUN
aeasj-363	368	59	)	)	PUNCT
aeasj-363	368	60	and	and	CCONJ
aeasj-363	368	61	dividend	dividend	NOUN
aeasj-363	368	62	policy	policy	NOUN
aeasj-363	368	63	.	.	PUNCT
aeasj-363	369	1	however	however	ADV
aeasj-363	369	2	,	,	PUNCT
aeasj-363	369	3	evidence	evidence	NOUN
aeasj-363	369	4	from	from	ADP
aeasj-363	369	5	the	the	DET
aeasj-363	369	6	cross	cross	ADJ
aeasj-363	369	7	-	-	ADJ
aeasj-363	369	8	sectional	sectional	ADJ
aeasj-363	369	9	copyright	copyright	NOUN
aeasj-363	369	10	©	©	PROPN
aeasj-363	369	11	cc	cc	PROPN
aeasj-363	369	12	-	-	PUNCT
aeasj-363	369	13	by	by	ADP
aeasj-363	369	14	-	-	PUNCT
aeasj-363	369	15	nc	nc	PROPN
aeasj-363	369	16	2019	2019	NUM
aeasj-363	369	17	,	,	PUNCT
aeasj-363	369	18	cribfb	cribfb	VERB
aeasj-363	369	19	|	|	ADV
aeasj-363	369	20	aesr	aesr	ADV
aeasj-363	369	21	www.cribfb.com/journal/index.php/aesr	www.cribfb.com/journal/index.php/aesr	VERB
aeasj-363	369	22	american	american	PROPN
aeasj-363	369	23	economic	economic	PROPN
aeasj-363	369	24	&	&	CCONJ
aeasj-363	369	25	social	social	PROPN
aeasj-363	369	26	review	review	PROPN
aeasj-363	369	27	vol	vol	NOUN
aeasj-363	369	28	.	.	PROPN
aeasj-363	370	1	5	5	NUM
aeasj-363	370	2	,	,	PUNCT
aeasj-363	370	3	no	no	INTJ
aeasj-363	370	4	.	.	NOUN
aeasj-363	370	5	2	2	NUM
aeasj-363	370	6	;	;	PUNCT
aeasj-363	370	7	2019	2019	NUM
aeasj-363	370	8	57	57	NUM
aeasj-363	370	9	comparison	comparison	NOUN
aeasj-363	370	10	found	find	VERB
aeasj-363	370	11	that	that	SCONJ
aeasj-363	370	12	variables	variable	NOUN
aeasj-363	370	13	are	be	AUX
aeasj-363	370	14	statistically	statistically	ADV
aeasj-363	370	15	not	not	PART
aeasj-363	370	16	significant	significant	ADJ
aeasj-363	370	17	(	(	PUNCT
aeasj-363	370	18	table	table	NOUN
aeasj-363	370	19	v	v	NOUN
aeasj-363	370	20	)	)	PUNCT
aeasj-363	370	21	which	which	PRON
aeasj-363	370	22	implies	imply	VERB
aeasj-363	370	23	that	that	SCONJ
aeasj-363	370	24	there	there	PRON
aeasj-363	370	25	statistical	statistical	ADJ
aeasj-363	370	26	differences	difference	NOUN
aeasj-363	370	27	between	between	ADP
aeasj-363	370	28	fixed	fix	VERB
aeasj-363	370	29	and	and	CCONJ
aeasj-363	370	30	random	random	ADJ
aeasj-363	370	31	effect	effect	NOUN
aeasj-363	370	32	models	model	NOUN
aeasj-363	370	33	.	.	PUNCT
aeasj-363	371	1	the	the	DET
aeasj-363	371	2	granger	granger	PROPN
aeasj-363	371	3	causality	causality	PROPN
aeasj-363	371	4	test	test	NOUN
aeasj-363	371	5	found	find	VERB
aeasj-363	371	6	that	that	SCONJ
aeasj-363	371	7	there	there	PRON
aeasj-363	371	8	is	be	VERB
aeasj-363	371	9	no	no	DET
aeasj-363	371	10	causality	causality	NOUN
aeasj-363	371	11	between	between	ADP
aeasj-363	371	12	the	the	DET
aeasj-363	371	13	variables	variable	NOUN
aeasj-363	371	14	,	,	PUNCT
aeasj-363	371	15	this	this	DET
aeasj-363	371	16	findings	finding	NOUN
aeasj-363	371	17	is	be	AUX
aeasj-363	371	18	contrary	contrary	ADJ
aeasj-363	371	19	to	to	ADP
aeasj-363	371	20	the	the	DET
aeasj-363	371	21	expectation	expectation	NOUN
aeasj-363	371	22	of	of	ADP
aeasj-363	371	23	the	the	DET
aeasj-363	371	24	results	result	NOUN
aeasj-363	371	25	(	(	PUNCT
aeasj-363	371	26	table	table	NOUN
aeasj-363	371	27	vi	vi	NOUN
aeasj-363	371	28	)	)	PUNCT
aeasj-363	371	29	and	and	CCONJ
aeasj-363	371	30	can	can	AUX
aeasj-363	371	31	be	be	AUX
aeasj-363	371	32	traced	trace	VERB
aeasj-363	371	33	to	to	ADP
aeasj-363	371	34	poor	poor	ADJ
aeasj-363	371	35	performance	performance	NOUN
aeasj-363	371	36	of	of	ADP
aeasj-363	371	37	the	the	DET
aeasj-363	371	38	firms	firm	NOUN
aeasj-363	371	39	over	over	ADP
aeasj-363	371	40	the	the	DET
aeasj-363	371	41	periods	period	NOUN
aeasj-363	371	42	covered	cover	VERB
aeasj-363	371	43	in	in	ADP
aeasj-363	371	44	this	this	DET
aeasj-363	371	45	study	study	NOUN
aeasj-363	371	46	.	.	PUNCT
aeasj-363	372	1	the	the	DET
aeasj-363	372	2	variables	variable	NOUN
aeasj-363	372	3	are	be	AUX
aeasj-363	372	4	stationary	stationary	ADJ
aeasj-363	372	5	from	from	ADP
aeasj-363	372	6	the	the	DET
aeasj-363	372	7	results	result	NOUN
aeasj-363	372	8	of	of	ADP
aeasj-363	372	9	the	the	DET
aeasj-363	372	10	stationarity	stationarity	NOUN
aeasj-363	372	11	test	test	NOUN
aeasj-363	372	12	(	(	PUNCT
aeasj-363	372	13	table	table	NOUN
aeasj-363	372	14	vii	vii	PROPN
aeasj-363	372	15	)	)	PUNCT
aeasj-363	372	16	.	.	PUNCT
aeasj-363	373	1	6	6	X
aeasj-363	373	2	.	.	X
aeasj-363	373	3	conclusion	conclusion	VERB
aeasj-363	373	4	the	the	DET
aeasj-363	373	5	objective	objective	NOUN
aeasj-363	373	6	of	of	ADP
aeasj-363	373	7	this	this	DET
aeasj-363	373	8	study	study	NOUN
aeasj-363	373	9	was	be	AUX
aeasj-363	373	10	to	to	PART
aeasj-363	373	11	investigate	investigate	VERB
aeasj-363	373	12	the	the	DET
aeasj-363	373	13	effect	effect	NOUN
aeasj-363	373	14	of	of	ADP
aeasj-363	373	15	dividend	dividend	NOUN
aeasj-363	373	16	decision	decision	NOUN
aeasj-363	373	17	on	on	ADP
aeasj-363	373	18	economic	economic	ADJ
aeasj-363	373	19	value	value	NOUN
aeasj-363	373	20	added	add	VERB
aeasj-363	373	21	quoted	quote	VERB
aeasj-363	373	22	manufacturing	manufacturing	NOUN
aeasj-363	373	23	in	in	ADP
aeasj-363	373	24	nigerian	nigerian	PROPN
aeasj-363	373	25	.	.	PUNCT
aeasj-363	374	1	the	the	DET
aeasj-363	374	2	study	study	NOUN
aeasj-363	374	3	made	make	VERB
aeasj-363	374	4	use	use	NOUN
aeasj-363	374	5	of	of	ADP
aeasj-363	374	6	secondary	secondary	ADJ
aeasj-363	374	7	data	datum	NOUN
aeasj-363	374	8	from	from	ADP
aeasj-363	374	9	financial	financial	ADJ
aeasj-363	374	10	statement	statement	NOUN
aeasj-363	374	11	of	of	ADP
aeasj-363	374	12	the	the	DET
aeasj-363	374	13	quoted	quote	VERB
aeasj-363	374	14	manufacturing	manufacturing	NOUN
aeasj-363	374	15	firms	firm	NOUN
aeasj-363	374	16	.	.	PUNCT
aeasj-363	375	1	the	the	DET
aeasj-363	375	2	hausman	hausman	PROPN
aeasj-363	375	3	test	test	NOUN
aeasj-363	375	4	validated	validate	VERB
aeasj-363	375	5	the	the	DET
aeasj-363	375	6	use	use	NOUN
aeasj-363	375	7	of	of	ADP
aeasj-363	375	8	fixed	fix	VERB
aeasj-363	375	9	effect	effect	NOUN
aeasj-363	375	10	model	model	NOUN
aeasj-363	375	11	.	.	PUNCT
aeasj-363	376	1	from	from	ADP
aeasj-363	376	2	the	the	DET
aeasj-363	376	3	results	result	NOUN
aeasj-363	376	4	the	the	DET
aeasj-363	376	5	study	study	NOUN
aeasj-363	376	6	conclude	conclude	VERB
aeasj-363	376	7	that	that	SCONJ
aeasj-363	376	8	dividend	dividend	NOUN
aeasj-363	376	9	yield	yield	NOUN
aeasj-363	376	10	have	have	VERB
aeasj-363	376	11	negative	negative	ADJ
aeasj-363	376	12	and	and	CCONJ
aeasj-363	376	13	significant	significant	ADJ
aeasj-363	376	14	effect	effect	NOUN
aeasj-363	376	15	on	on	ADP
aeasj-363	376	16	the	the	DET
aeasj-363	376	17	economic	economic	ADJ
aeasj-363	376	18	value	value	NOUN
aeasj-363	376	19	added	add	VERB
aeasj-363	376	20	of	of	ADP
aeasj-363	376	21	the	the	DET
aeasj-363	376	22	manufacturing	manufacturing	NOUN
aeasj-363	376	23	firms	firm	NOUN
aeasj-363	376	24	,	,	PUNCT
aeasj-363	376	25	this	this	PRON
aeasj-363	376	26	implies	imply	VERB
aeasj-363	376	27	,	,	PUNCT
aeasj-363	376	28	variation	variation	NOUN
aeasj-363	376	29	on	on	ADP
aeasj-363	376	30	dividend	dividend	NOUN
aeasj-363	376	31	yield	yield	NOUN
aeasj-363	376	32	of	of	ADP
aeasj-363	376	33	the	the	DET
aeasj-363	376	34	firms	firm	NOUN
aeasj-363	376	35	will	will	AUX
aeasj-363	376	36	significantly	significantly	ADV
aeasj-363	376	37	reduce	reduce	VERB
aeasj-363	376	38	economic	economic	PROPN
aeasj-363	376	39	valued	value	VERB
aeasj-363	376	40	added	add	VERB
aeasj-363	376	41	.	.	PUNCT
aeasj-363	377	1	dividend	dividend	NOUN
aeasj-363	377	2	per	per	ADP
aeasj-363	377	3	share	share	NOUN
aeasj-363	377	4	have	have	VERB
aeasj-363	377	5	positive	positive	ADJ
aeasj-363	377	6	and	and	CCONJ
aeasj-363	377	7	significant	significant	ADJ
aeasj-363	377	8	effect	effect	NOUN
aeasj-363	377	9	on	on	ADP
aeasj-363	377	10	the	the	DET
aeasj-363	377	11	economic	economic	ADJ
aeasj-363	377	12	value	value	NOUN
aeasj-363	377	13	added	add	VERB
aeasj-363	377	14	of	of	ADP
aeasj-363	377	15	the	the	DET
aeasj-363	377	16	manufacturing	manufacturing	NOUN
aeasj-363	377	17	firms	firm	NOUN
aeasj-363	377	18	,	,	PUNCT
aeasj-363	377	19	this	this	PRON
aeasj-363	377	20	implies	imply	VERB
aeasj-363	377	21	,	,	PUNCT
aeasj-363	377	22	variation	variation	NOUN
aeasj-363	377	23	on	on	ADP
aeasj-363	377	24	dividend	dividend	NOUN
aeasj-363	377	25	per	per	ADP
aeasj-363	377	26	share	share	NOUN
aeasj-363	377	27	of	of	ADP
aeasj-363	377	28	the	the	DET
aeasj-363	377	29	firms	firm	NOUN
aeasj-363	377	30	will	will	AUX
aeasj-363	377	31	significantly	significantly	ADV
aeasj-363	377	32	increase	increase	VERB
aeasj-363	377	33	economic	economic	ADJ
aeasj-363	377	34	valued	value	VERB
aeasj-363	377	35	added	add	VERB
aeasj-363	377	36	.	.	PUNCT
aeasj-363	378	1	dividend	dividend	NOUN
aeasj-363	378	2	payout	payout	NOUN
aeasj-363	378	3	rate	rate	NOUN
aeasj-363	378	4	have	have	VERB
aeasj-363	378	5	positive	positive	ADJ
aeasj-363	378	6	but	but	CCONJ
aeasj-363	378	7	insignificant	insignificant	ADJ
aeasj-363	378	8	effect	effect	NOUN
aeasj-363	378	9	on	on	ADP
aeasj-363	378	10	the	the	DET
aeasj-363	378	11	economic	economic	ADJ
aeasj-363	378	12	value	value	NOUN
aeasj-363	378	13	added	add	VERB
aeasj-363	378	14	of	of	ADP
aeasj-363	378	15	the	the	DET
aeasj-363	378	16	manufacturing	manufacturing	NOUN
aeasj-363	378	17	firms	firm	NOUN
aeasj-363	378	18	,	,	PUNCT
aeasj-363	378	19	this	this	PRON
aeasj-363	378	20	implies	imply	VERB
aeasj-363	378	21	,	,	PUNCT
aeasj-363	378	22	variation	variation	NOUN
aeasj-363	378	23	on	on	ADP
aeasj-363	378	24	dividend	dividend	NOUN
aeasj-363	378	25	payout	payout	NOUN
aeasj-363	378	26	rate	rate	NOUN
aeasj-363	378	27	of	of	ADP
aeasj-363	378	28	the	the	DET
aeasj-363	378	29	firms	firm	NOUN
aeasj-363	378	30	will	will	AUX
aeasj-363	378	31	not	not	PART
aeasj-363	378	32	significantly	significantly	ADV
aeasj-363	378	33	affect	affect	VERB
aeasj-363	378	34	economic	economic	PROPN
aeasj-363	378	35	valued	value	VERB
aeasj-363	378	36	added	add	VERB
aeasj-363	378	37	.	.	PUNCT
aeasj-363	379	1	retention	retention	NOUN
aeasj-363	379	2	rate	rate	NOUN
aeasj-363	379	3	have	have	VERB
aeasj-363	379	4	positive	positive	ADJ
aeasj-363	379	5	and	and	CCONJ
aeasj-363	379	6	significant	significant	ADJ
aeasj-363	379	7	effect	effect	NOUN
aeasj-363	379	8	on	on	ADP
aeasj-363	379	9	the	the	DET
aeasj-363	379	10	economic	economic	ADJ
aeasj-363	379	11	value	value	NOUN
aeasj-363	379	12	added	add	VERB
aeasj-363	379	13	of	of	ADP
aeasj-363	379	14	the	the	DET
aeasj-363	379	15	manufacturing	manufacturing	NOUN
aeasj-363	379	16	firms	firm	NOUN
aeasj-363	379	17	,	,	PUNCT
aeasj-363	379	18	this	this	PRON
aeasj-363	379	19	implies	imply	VERB
aeasj-363	379	20	,	,	PUNCT
aeasj-363	379	21	variation	variation	NOUN
aeasj-363	379	22	on	on	ADP
aeasj-363	379	23	retention	retention	NOUN
aeasj-363	379	24	rate	rate	NOUN
aeasj-363	379	25	of	of	ADP
aeasj-363	379	26	the	the	DET
aeasj-363	379	27	firms	firm	NOUN
aeasj-363	379	28	will	will	AUX
aeasj-363	379	29	significantly	significantly	ADV
aeasj-363	379	30	increase	increase	VERB
aeasj-363	379	31	economic	economic	ADJ
aeasj-363	379	32	valued	value	VERB
aeasj-363	379	33	added	add	VERB
aeasj-363	379	34	.	.	PUNCT
aeasj-363	380	1	7	7	X
aeasj-363	380	2	.	.	X
aeasj-363	380	3	recommendation	recommendation	NOUN
aeasj-363	380	4	from	from	ADP
aeasj-363	380	5	the	the	DET
aeasj-363	380	6	findings	finding	NOUN
aeasj-363	380	7	,	,	PUNCT
aeasj-363	380	8	the	the	DET
aeasj-363	380	9	study	study	NOUN
aeasj-363	380	10	made	make	VERB
aeasj-363	380	11	the	the	DET
aeasj-363	380	12	following	follow	VERB
aeasj-363	380	13	recommendations	recommendation	NOUN
aeasj-363	380	14	:	:	PUNCT
aeasj-363	380	15			ADP
aeasj-363	380	16	the	the	DET
aeasj-363	380	17	cross	cross	PROPN
aeasj-363	380	18	sectional	sectional	ADJ
aeasj-363	380	19	data	datum	NOUN
aeasj-363	380	20	indicates	indicate	VERB
aeasj-363	380	21	that	that	SCONJ
aeasj-363	380	22	the	the	DET
aeasj-363	380	23	manufacturing	manufacture	VERB
aeasj-363	380	24	dividend	dividend	NOUN
aeasj-363	380	25	decision	decision	NOUN
aeasj-363	380	26	was	be	AUX
aeasj-363	380	27	a	a	DET
aeasj-363	380	28	constant	constant	ADJ
aeasj-363	380	29	dividend	dividend	NOUN
aeasj-363	380	30	decision	decision	NOUN
aeasj-363	380	31	,	,	PUNCT
aeasj-363	380	32	therefore	therefore	ADV
aeasj-363	380	33	we	we	PRON
aeasj-363	380	34	recommend	recommend	VERB
aeasj-363	380	35	that	that	PRON
aeasj-363	380	36	constant	constant	ADJ
aeasj-363	380	37	dividend	dividend	NOUN
aeasj-363	380	38	decision	decision	NOUN
aeasj-363	380	39	should	should	AUX
aeasj-363	380	40	be	be	AUX
aeasj-363	380	41	maintained	maintain	VERB
aeasj-363	380	42	among	among	ADP
aeasj-363	380	43	the	the	DET
aeasj-363	380	44	quoted	quote	VERB
aeasj-363	380	45	manufacturing	manufacturing	NOUN
aeasj-363	380	46	firms	firm	NOUN
aeasj-363	380	47	.	.	PUNCT
aeasj-363	381	1			X
aeasj-363	381	2	retention	retention	NOUN
aeasj-363	381	3	forms	form	NOUN
aeasj-363	381	4	should	should	AUX
aeasj-363	381	5	be	be	AUX
aeasj-363	381	6	properly	properly	ADV
aeasj-363	381	7	invested	invest	VERB
aeasj-363	381	8	and	and	CCONJ
aeasj-363	381	9	the	the	DET
aeasj-363	381	10	investment	investment	NOUN
aeasj-363	381	11	environment	environment	NOUN
aeasj-363	381	12	should	should	AUX
aeasj-363	381	13	be	be	AUX
aeasj-363	381	14	well	well	ADV
aeasj-363	381	15	managed	manage	VERB
aeasj-363	381	16	to	to	PART
aeasj-363	381	17	increase	increase	VERB
aeasj-363	381	18	shareholders	shareholder	NOUN
aeasj-363	381	19	return	return	VERB
aeasj-363	381	20	through	through	ADP
aeasj-363	381	21	the	the	DET
aeasj-363	381	22	dividend	dividend	NOUN
aeasj-363	381	23	decision	decision	NOUN
aeasj-363	381	24	channel	channel	NOUN
aeasj-363	381	25	.	.	PUNCT
aeasj-363	381	26			PUNCT
aeasj-363	382	1	the	the	DET
aeasj-363	382	2	management	management	NOUN
aeasj-363	382	3	should	should	AUX
aeasj-363	382	4	devise	devise	VERB
aeasj-363	382	5	measures	measure	NOUN
aeasj-363	382	6	of	of	ADP
aeasj-363	382	7	managing	manage	VERB
aeasj-363	382	8	shareholders	shareholder	NOUN
aeasj-363	382	9	to	to	PART
aeasj-363	382	10	achieve	achieve	VERB
aeasj-363	382	11	shareholders	shareholder	NOUN
aeasj-363	382	12	wealth	wealth	NOUN
aeasj-363	382	13	maximization	maximization	NOUN
aeasj-363	382	14	through	through	ADP
aeasj-363	382	15	dividend	dividend	NOUN
aeasj-363	382	16	policy	policy	NOUN
aeasj-363	382	17	and	and	CCONJ
aeasj-363	382	18	the	the	DET
aeasj-363	382	19	operational	operational	ADJ
aeasj-363	382	20	environment	environment	NOUN
aeasj-363	382	21	of	of	ADP
aeasj-363	382	22	the	the	DET
aeasj-363	382	23	quoted	quote	VERB
aeasj-363	382	24	manufacturing	manufacturing	NOUN
aeasj-363	382	25	firms	firm	NOUN
aeasj-363	382	26	should	should	AUX
aeasj-363	382	27	be	be	AUX
aeasj-363	382	28	integrated	integrate	VERB
aeasj-363	382	29	with	with	ADP
aeasj-363	382	30	the	the	DET
aeasj-363	382	31	companies	company	NOUN
aeasj-363	382	32	’	'	PUNCT
aeasj-363	382	33	operating	operate	VERB
aeasj-363	382	34	objectives	objective	NOUN
aeasj-363	382	35	to	to	PART
aeasj-363	382	36	achieve	achieve	VERB
aeasj-363	382	37	the	the	DET
aeasj-363	382	38	objective	objective	NOUN
aeasj-363	382	39	of	of	ADP
aeasj-363	382	40	the	the	DET
aeasj-363	382	41	shareholders	shareholder	NOUN
aeasj-363	382	42	.	.	PUNCT
aeasj-363	383	1			X
aeasj-363	384	1	the	the	DET
aeasj-363	384	2	negative	negative	ADJ
aeasj-363	384	3	effect	effect	NOUN
aeasj-363	384	4	of	of	ADP
aeasj-363	384	5	the	the	DET
aeasj-363	384	6	independent	independent	ADJ
aeasj-363	384	7	variables	variable	NOUN
aeasj-363	384	8	could	could	AUX
aeasj-363	384	9	be	be	AUX
aeasj-363	384	10	traced	trace	VERB
aeasj-363	384	11	to	to	ADP
aeasj-363	384	12	poor	poor	ADJ
aeasj-363	384	13	corporate	corporate	ADJ
aeasj-363	384	14	governance	governance	NOUN
aeasj-363	384	15	and	and	CCONJ
aeasj-363	384	16	poor	poor	ADJ
aeasj-363	384	17	optimal	optimal	ADJ
aeasj-363	384	18	capital	capital	NOUN
aeasj-363	384	19	structure	structure	NOUN
aeasj-363	384	20	,	,	PUNCT
aeasj-363	384	21	therefore	therefore	ADV
aeasj-363	384	22	we	we	PRON
aeasj-363	384	23	recommend	recommend	VERB
aeasj-363	384	24	that	that	SCONJ
aeasj-363	384	25	the	the	DET
aeasj-363	384	26	operating	operate	VERB
aeasj-363	384	27	leverage	leverage	NOUN
aeasj-363	384	28	and	and	CCONJ
aeasj-363	384	29	the	the	DET
aeasj-363	384	30	capital	capital	NOUN
aeasj-363	384	31	structure	structure	NOUN
aeasj-363	384	32	of	of	ADP
aeasj-363	384	33	the	the	DET
aeasj-363	384	34	firms	firm	NOUN
aeasj-363	384	35	should	should	AUX
aeasj-363	384	36	be	be	AUX
aeasj-363	384	37	examined	examine	VERB
aeasj-363	384	38	or	or	CCONJ
aeasj-363	384	39	revisited	revisit	VERB
aeasj-363	384	40	to	to	PART
aeasj-363	384	41	enhance	enhance	VERB
aeasj-363	384	42	profitability	profitability	NOUN
aeasj-363	384	43	performance	performance	NOUN
aeasj-363	384	44	of	of	ADP
aeasj-363	384	45	the	the	DET
aeasj-363	384	46	quoted	quote	VERB
aeasj-363	384	47	firms	firm	NOUN
aeasj-363	384	48	and	and	CCONJ
aeasj-363	384	49	corporate	corporate	ADJ
aeasj-363	384	50	governance	governance	NOUN
aeasj-363	384	51	should	should	AUX
aeasj-363	384	52	be	be	AUX
aeasj-363	384	53	ensured	ensure	VERB
aeasj-363	384	54	in	in	ADP
aeasj-363	384	55	the	the	DET
aeasj-363	384	56	management	management	NOUN
aeasj-363	384	57	of	of	ADP
aeasj-363	384	58	the	the	DET
aeasj-363	384	59	firms	firm	NOUN
aeasj-363	384	60	to	to	PART
aeasj-363	384	61	enhance	enhance	VERB
aeasj-363	384	62	the	the	DET
aeasj-363	384	63	profitability	profitability	NOUN
aeasj-363	384	64	performance	performance	NOUN
aeasj-363	384	65	that	that	PRON
aeasj-363	384	66	will	will	AUX
aeasj-363	384	67	affect	affect	VERB
aeasj-363	384	68	positively	positively	ADV
aeasj-363	384	69	the	the	DET
aeasj-363	384	70	dividend	dividend	NOUN
aeasj-363	384	71	policy	policy	NOUN
aeasj-363	384	72	.	.	PUNCT
aeasj-363	385	1	references	reference	NOUN
aeasj-363	385	2	agyei	agyei	PROPN
aeasj-363	385	3	,	,	PUNCT
aeasj-363	385	4	s.	s.	PROPN
aeasj-363	385	5	k.	k.	PROPN
aeasj-363	385	6	,	,	PUNCT
aeasj-363	385	7	&	&	CCONJ
aeasj-363	385	8	marfo	marfo	ADJ
aeasj-363	385	9	,	,	PUNCT
aeasj-363	385	10	y.	y.	PROPN
aeasj-363	385	11	e.	e.	PROPN
aeasj-363	385	12	(	(	PUNCT
aeasj-363	385	13	2011).dividend	2011).dividend	NUM
aeasj-363	385	14	policy	policy	NOUN
aeasj-363	385	15	and	and	CCONJ
aeasj-363	385	16	bank	bank	NOUN
aeasj-363	385	17	performance	performance	NOUN
aeasj-363	385	18	in	in	ADP
aeasj-363	385	19	ghana	ghana	PROPN
aeasj-363	385	20	,	,	PUNCT
aeasj-363	385	21	international	international	ADJ
aeasj-363	385	22	journal	journal	NOUN
aeasj-363	385	23	of	of	ADP
aeasj-363	385	24	economics	economic	NOUN
aeasj-363	385	25	and	and	CCONJ
aeasj-363	385	26	finance	finance	NOUN
aeasj-363	385	27	,	,	PUNCT
aeasj-363	385	28	3(4),23	3(4),23	NUM
aeasj-363	385	29	-	-	SYM
aeasj-363	385	30	42	42	NUM
aeasj-363	385	31	.	.	PUNCT
aeasj-363	386	1	ajanthan	ajanthan	PROPN
aeasj-363	386	2	,	,	PUNCT
aeasj-363	386	3	a.	a.	PROPN
aeasj-363	386	4	(	(	PUNCT
aeasj-363	386	5	2013	2013	NUM
aeasj-363	386	6	)	)	PUNCT
aeasj-363	386	7	.	.	PUNCT
aeasj-363	387	1	the	the	DET
aeasj-363	387	2	relationship	relationship	NOUN
aeasj-363	387	3	between	between	ADP
aeasj-363	387	4	dividend	dividend	NOUN
aeasj-363	387	5	payout	payout	NOUN
aeasj-363	387	6	and	and	CCONJ
aeasj-363	387	7	firm	firm	ADJ
aeasj-363	387	8	profitability	profitability	NOUN
aeasj-363	387	9	:	:	PUNCT
aeasj-363	387	10	a	a	DET
aeasj-363	387	11	study	study	NOUN
aeasj-363	387	12	of	of	ADP
aeasj-363	387	13	listed	list	VERB
aeasj-363	387	14	hotels	hotel	NOUN
aeasj-363	387	15	and	and	CCONJ
aeasj-363	387	16	restaurant	restaurant	NOUN
aeasj-363	387	17	companies	company	NOUN
aeasj-363	387	18	in	in	ADP
aeasj-363	387	19	sir	sir	PROPN
aeasj-363	387	20	lanka	lanka	PROPN
aeasj-363	387	21	.	.	PUNCT
aeasj-363	388	1	research	research	PROPN
aeasj-363	388	2	journal	journal	PROPN
aeasj-363	388	3	of	of	ADP
aeasj-363	388	4	finance	finance	NOUN
aeasj-363	388	5	and	and	CCONJ
aeasj-363	388	6	accounting	accounting	NOUN
aeasj-363	388	7	4(10	4(10	NUM
aeasj-363	388	8	)	)	PUNCT
aeasj-363	388	9	,	,	PUNCT
aeasj-363	388	10	115	115	NUM
aeasj-363	388	11	-	-	SYM
aeasj-363	388	12	126	126	NUM
aeasj-363	388	13	.	.	PUNCT
aeasj-363	389	1	akani	akani	NOUN
aeasj-363	389	2	,	,	PUNCT
aeasj-363	389	3	h.	h.	PROPN
aeasj-363	389	4	w.	w.	PROPN
aeasj-363	389	5	,	,	PUNCT
aeasj-363	389	6	&	&	CCONJ
aeasj-363	389	7	lucky	lucky	ADJ
aeasj-363	389	8	,	,	PUNCT
aeasj-363	389	9	a.	a.	PROPN
aeasj-363	389	10	l.	l.	PROPN
aeasj-363	389	11	,	,	PUNCT
aeasj-363	389	12	(	(	PUNCT
aeasj-363	389	13	2015	2015	NUM
aeasj-363	389	14	)	)	PUNCT
aeasj-363	389	15	.	.	PUNCT
aeasj-363	390	1	econometric	econometric	ADJ
aeasj-363	390	2	analysis	analysis	NOUN
aeasj-363	390	3	of	of	ADP
aeasj-363	390	4	capital	capital	NOUN
aeasj-363	390	5	adequacy	adequacy	NOUN
aeasj-363	390	6	ratios	ratio	NOUN
aeasj-363	390	7	and	and	CCONJ
aeasj-363	390	8	the	the	DET
aeasj-363	390	9	impact	impact	NOUN
aeasj-363	390	10	on	on	ADP
aeasj-363	390	11	profitability	profitability	NOUN
aeasj-363	390	12	of	of	ADP
aeasj-363	390	13	commercial	commercial	ADJ
aeasj-363	390	14	banks	bank	NOUN
aeasj-363	390	15	in	in	ADP
aeasj-363	390	16	nigeria	nigeria	PROPN
aeasj-363	390	17	.	.	PUNCT
aeasj-363	391	1	iosr	iosr	PROPN
aeasj-363	391	2	journal	journal	PROPN
aeasj-363	391	3	of	of	ADP
aeasj-363	391	4	economics	economic	NOUN
aeasj-363	391	5	and	and	CCONJ
aeasj-363	391	6	finance	finance	NOUN
aeasj-363	391	7	,	,	PUNCT
aeasj-363	391	8	6	6	NUM
aeasj-363	391	9	(	(	PUNCT
aeasj-363	391	10	6	6	NUM
aeasj-363	391	11	)	)	PUNCT
aeasj-363	391	12	,	,	PUNCT
aeasj-363	391	13	11	11	NUM
aeasj-363	391	14	–	–	SYM
aeasj-363	391	15	24	24	NUM
aeasj-363	391	16	.	.	PUNCT
aeasj-363	391	17	akani	akani	NOUN
aeasj-363	391	18	,	,	PUNCT
aeasj-363	391	19	h.	h.	PROPN
aeasj-363	391	20	w.	w.	PROPN
aeasj-363	391	21	,	,	PUNCT
aeasj-363	391	22	&	&	CCONJ
aeasj-363	391	23	lucky	lucky	ADJ
aeasj-363	391	24	,	,	PUNCT
aeasj-363	391	25	a.	a.	PROPN
aeasj-363	391	26	l.	l.	PROPN
aeasj-363	391	27	,	,	PUNCT
aeasj-363	391	28	(	(	PUNCT
aeasj-363	391	29	2016	2016	NUM
aeasj-363	391	30	)	)	PUNCT
aeasj-363	391	31	.	.	PUNCT
aeasj-363	392	1	capital	capital	NOUN
aeasj-363	392	2	structure	structure	NOUN
aeasj-363	392	3	and	and	CCONJ
aeasj-363	392	4	shareholders	shareholder	NOUN
aeasj-363	392	5	’	'	PUNCT
aeasj-363	392	6	value	value	NOUN
aeasj-363	392	7	of	of	ADP
aeasj-363	392	8	commercial	commercial	ADJ
aeasj-363	392	9	banks	bank	NOUN
aeasj-363	392	10	in	in	ADP
aeasj-363	392	11	nigeria	nigeria	PROPN
aeasj-363	392	12	:	:	PUNCT
aeasj-363	392	13	a	a	DET
aeasj-363	392	14	multi	multi	ADJ
aeasj-363	392	15	-	-	ADJ
aeasj-363	392	16	variate	variate	ADJ
aeasj-363	392	17	study	study	NOUN
aeasj-363	392	18	analysis	analysis	NOUN
aeasj-363	392	19	.	.	PUNCT
aeasj-363	393	1	iiard	iiard	ADJ
aeasj-363	393	2	international	international	ADJ
aeasj-363	393	3	journal	journal	PROPN
aeasj-363	393	4	of	of	ADP
aeasj-363	393	5	economics	economic	NOUN
aeasj-363	393	6	and	and	CCONJ
aeasj-363	393	7	business	business	NOUN
aeasj-363	393	8	management	management	NOUN
aeasj-363	393	9	,	,	PUNCT
aeasj-363	393	10	2	2	NUM
aeasj-363	393	11	(	(	PUNCT
aeasj-363	393	12	5	5	NUM
aeasj-363	393	13	)	)	PUNCT
aeasj-363	393	14	,	,	PUNCT
aeasj-363	393	15	1	1	NUM
aeasj-363	393	16	–	–	SYM
aeasj-363	393	17	24	24	NUM
aeasj-363	393	18	.	.	PUNCT
aeasj-363	393	19	anyamaobi	anyamaobi	PROPN
aeasj-363	393	20	,	,	PUNCT
aeasj-363	393	21	c.	c.	PROPN
aeasj-363	393	22	,	,	PUNCT
aeasj-363	393	23	&	&	CCONJ
aeasj-363	393	24	lucky	lucky	ADJ
aeasj-363	393	25	,	,	PUNCT
aeasj-363	393	26	a.	a.	PROPN
aeasj-363	393	27	l.	l.	PROPN
aeasj-363	393	28	,	,	PUNCT
aeasj-363	393	29	(	(	PUNCT
aeasj-363	393	30	2017	2017	NUM
aeasj-363	393	31	)	)	PUNCT
aeasj-363	393	32	.	.	PUNCT
aeasj-363	394	1	corporate	corporate	ADJ
aeasj-363	394	2	characteristics	characteristic	NOUN
aeasj-363	394	3	and	and	CCONJ
aeasj-363	394	4	value	value	NOUN
aeasj-363	394	5	creation	creation	NOUN
aeasj-363	394	6	:	:	PUNCT
aeasj-363	394	7	a	a	DET
aeasj-363	394	8	panel	panel	NOUN
aeasj-363	394	9	data	data	VERB
aeasj-363	394	10	evidence	evidence	NOUN
aeasj-363	394	11	of	of	ADP
aeasj-363	394	12	nigeria	nigeria	PROPN
aeasj-363	394	13	quoted	quote	VERB
aeasj-363	394	14	manufacturing	manufacturing	NOUN
aeasj-363	394	15	firms	firm	NOUN
aeasj-363	394	16	.	.	PUNCT
aeasj-363	395	1	world	world	PROPN
aeasj-363	395	2	journal	journal	PROPN
aeasj-363	395	3	of	of	ADP
aeasj-363	395	4	finance	finance	NOUN
aeasj-363	395	5	and	and	CCONJ
aeasj-363	395	6	investment	investment	NOUN
aeasj-363	395	7	research	research	NOUN
aeasj-363	395	8	,	,	PUNCT
aeasj-363	395	9	2(1	2(1	NUM
aeasj-363	395	10	)	)	PUNCT
aeasj-363	395	11	,	,	PUNCT
aeasj-363	395	12	31	31	NUM
aeasj-363	395	13	-	-	SYM
aeasj-363	395	14	49	49	NUM
aeasj-363	395	15	.	.	PUNCT
aeasj-363	396	1	azhagaiah	azhagaiah	PROPN
aeasj-363	396	2	,	,	PUNCT
aeasj-363	396	3	r.	r.	PROPN
aeasj-363	396	4	,	,	PUNCT
aeasj-363	396	5	&	&	CCONJ
aeasj-363	396	6	priya	priya	PROPN
aeasj-363	396	7	,	,	PUNCT
aeasj-363	396	8	n.s	n.s	PROPN
aeasj-363	396	9	.	.	PROPN
aeasj-363	397	1	(	(	PUNCT
aeasj-363	397	2	2008).the	2008).the	DET
aeasj-363	397	3	impact	impact	NOUN
aeasj-363	397	4	of	of	ADP
aeasj-363	397	5	dividend	dividend	NOUN
aeasj-363	397	6	policy	policy	NOUN
aeasj-363	397	7	on	on	ADP
aeasj-363	397	8	shareholders	shareholder	NOUN
aeasj-363	397	9	’	'	PUNCT
aeasj-363	397	10	wealth	wealth	NOUN
aeasj-363	397	11	.	.	PUNCT
aeasj-363	398	1	international	international	ADJ
aeasj-363	398	2	research	research	PROPN
aeasj-363	398	3	journal	journal	NOUN
aeasj-363	398	4	of	of	ADP
aeasj-363	398	5	finance	finance	NOUN
aeasj-363	398	6	and	and	CCONJ
aeasj-363	398	7	economic	economic	ADJ
aeasj-363	398	8	,	,	PUNCT
aeasj-363	398	9	3(8	3(8	NUM
aeasj-363	398	10	)	)	PUNCT
aeasj-363	398	11	,	,	PUNCT
aeasj-363	398	12	180	180	NUM
aeasj-363	398	13	-	-	SYM
aeasj-363	398	14	187	187	NUM
aeasj-363	398	15	.	.	PUNCT
aeasj-363	399	1	bell	bell	NOUN
aeasj-363	399	2	,	,	PUNCT
aeasj-363	399	3	l.w.w	l.w.w	PROPN
aeasj-363	399	4	.	.	PROPN
aeasj-363	399	5	,	,	PUNCT
aeasj-363	399	6	(	(	PUNCT
aeasj-363	399	7	1998	1998	NUM
aeasj-363	399	8	)	)	PUNCT
aeasj-363	399	9	economic	economic	ADJ
aeasj-363	399	10	profit	profit	NOUN
aeasj-363	399	11	:	:	PUNCT
aeasj-363	399	12	an	an	DET
aeasj-363	399	13	old	old	ADJ
aeasj-363	399	14	concept	concept	NOUN
aeasj-363	399	15	gains	gain	VERB
aeasj-363	399	16	new	new	ADJ
aeasj-363	399	17	significance	significance	NOUN
aeasj-363	399	18	.	.	PUNCT
aeasj-363	400	1	journal	journal	NOUN
aeasj-363	400	2	of	of	ADP
aeasj-363	400	3	business	business	NOUN
aeasj-363	400	4	strategy	strategy	NOUN
aeasj-363	400	5	,	,	PUNCT
aeasj-363	400	6	19	19	NUM
aeasj-363	400	7	,	,	PUNCT
aeasj-363	400	8	5	5	NUM
aeasj-363	400	9	:	:	SYM
aeasj-363	400	10	13	13	NUM
aeasj-363	400	11	-	-	SYM
aeasj-363	400	12	15	15	NUM
aeasj-363	400	13	.	.	PUNCT
aeasj-363	401	1	bhattacharya	bhattacharya	PROPN
aeasj-363	401	2	,	,	PUNCT
aeasj-363	401	3	s.	s.	PROPN
aeasj-363	401	4	,	,	PUNCT
aeasj-363	401	5	(	(	PUNCT
aeasj-363	401	6	1979).imperfect	1979).imperfect	NUM
aeasj-363	401	7	information	information	NOUN
aeasj-363	401	8	,	,	PUNCT
aeasj-363	401	9	dividend	dividend	NOUN
aeasj-363	401	10	policy	policy	NOUN
aeasj-363	401	11	,	,	PUNCT
aeasj-363	401	12	and	and	CCONJ
aeasj-363	401	13	the	the	DET
aeasj-363	401	14	bird	bird	NOUN
aeasj-363	401	15	in	in	ADP
aeasj-363	401	16	hand	hand	NOUN
aeasj-363	401	17	fallacy	fallacy	NOUN
aeasj-363	401	18	.	.	PUNCT
aeasj-363	402	1	the	the	DET
aeasj-363	402	2	bell	bell	PROPN
aeasj-363	402	3	journal	journal	PROPN
aeasj-363	402	4	of	of	ADP
aeasj-363	402	5	economics	economic	NOUN
aeasj-363	402	6	,	,	PUNCT
aeasj-363	402	7	10	10	NUM
aeasj-363	402	8	,	,	PUNCT
aeasj-363	402	9	(	(	PUNCT
aeasj-363	402	10	1	1	NUM
aeasj-363	402	11	)	)	PUNCT
aeasj-363	402	12	,	,	PUNCT
aeasj-363	402	13	259	259	NUM
aeasj-363	402	14	-	-	SYM
aeasj-363	402	15	270	270	NUM
aeasj-363	402	16	.	.	PUNCT
aeasj-363	403	1	chen	chen	PROPN
aeasj-363	403	2	,	,	PUNCT
aeasj-363	403	3	s.	s.	PROPN
aeasj-363	403	4	,	,	PUNCT
aeasj-363	403	5	&	&	CCONJ
aeasj-363	403	6	dodd	dodd	PROPN
aeasj-363	403	7	,	,	PUNCT
aeasj-363	403	8	j.l	j.l	PROPN
aeasj-363	403	9	.	.	PROPN
aeasj-363	403	10	,	,	PUNCT
aeasj-363	403	11	(	(	PUNCT
aeasj-363	403	12	1977	1977	NUM
aeasj-363	403	13	)	)	PUNCT
aeasj-363	403	14	economic	economic	ADJ
aeasj-363	403	15	value	value	NOUN
aeasj-363	403	16	added	add	VERB
aeasj-363	403	17	(	(	PUNCT
aeasj-363	403	18	eva	eva	PROPN
aeasj-363	403	19	):	):	PUNCT
aeasj-363	403	20	an	an	DET
aeasj-363	403	21	empirical	empirical	ADJ
aeasj-363	403	22	examination	examination	NOUN
aeasj-363	403	23	of	of	ADP
aeasj-363	403	24	a	a	DET
aeasj-363	403	25	new	new	ADJ
aeasj-363	403	26	corporate	corporate	ADJ
aeasj-363	403	27	performance	performance	NOUN
aeasj-363	403	28	measure	measure	NOUN
aeasj-363	403	29	.	.	PUNCT
aeasj-363	404	1	journal	journal	NOUN
aeasj-363	404	2	of	of	ADP
aeasj-363	404	3	managerial	managerial	ADJ
aeasj-363	404	4	issues	issue	NOUN
aeasj-363	404	5	,	,	PUNCT
aeasj-363	404	6	9	9	NUM
aeasj-363	404	7	,	,	PUNCT
aeasj-363	404	8	3	3	NUM
aeasj-363	404	9	:	:	SYM
aeasj-363	404	10	318	318	NUM
aeasj-363	404	11	-	-	SYM
aeasj-363	404	12	333	333	NUM
aeasj-363	404	13	.	.	PUNCT
aeasj-363	405	1	eniola	eniola	PROPN
aeasj-363	405	2	,	,	PUNCT
aeasj-363	405	3	o.	o.	PROPN
aeasj-363	405	4	j.	j.	PROPN
aeasj-363	405	5	&	&	CCONJ
aeasj-363	405	6	akinselure	akinselure	PROPN
aeasj-363	405	7	,	,	PUNCT
aeasj-363	405	8	o.p	o.p	PROPN
aeasj-363	405	9	.	.	PROPN
aeasj-363	405	10	(	(	PUNCT
aeasj-363	405	11	2016).impact	2016).impact	NUM
aeasj-363	405	12	of	of	ADP
aeasj-363	405	13	divided	divide	VERB
aeasj-363	405	14	policy	policy	NOUN
aeasj-363	405	15	and	and	CCONJ
aeasj-363	405	16	earnings	earning	NOUN
aeasj-363	405	17	on	on	ADP
aeasj-363	405	18	selected	select	VERB
aeasj-363	405	19	quoted	quote	VERB
aeasj-363	405	20	companies	company	NOUN
aeasj-363	405	21	in	in	ADP
aeasj-363	405	22	nigeria	nigeria	PROPN
aeasj-363	405	23	.	.	PUNCT
aeasj-363	406	1	international	international	ADJ
aeasj-363	406	2	journal	journal	PROPN
aeasj-363	406	3	of	of	ADP
aeasj-363	406	4	innovative	innovative	ADJ
aeasj-363	406	5	research	research	NOUN
aeasj-363	406	6	and	and	CCONJ
aeasj-363	406	7	development	development	NOUN
aeasj-363	406	8	,	,	PUNCT
aeasj-363	406	9	5(6	5(6	NUM
aeasj-363	406	10	)	)	PUNCT
aeasj-363	406	11	,	,	PUNCT
aeasj-363	406	12	308	308	NUM
aeasj-363	406	13	-	-	SYM
aeasj-363	406	14	321	321	NUM
aeasj-363	406	15	.	.	PUNCT
aeasj-363	407	1	ezirim	ezirim	PROPN
aeasj-363	407	2	,	,	PUNCT
aeasj-363	407	3	b.	b.	PROPN
aeasj-363	407	4	c.	c.	PROPN
aeasj-363	407	5	,	,	PUNCT
aeasj-363	407	6	(	(	PUNCT
aeasj-363	407	7	2005	2005	NUM
aeasj-363	407	8	)	)	PUNCT
aeasj-363	407	9	.	.	PUNCT
aeasj-363	408	1	finance	finance	NOUN
aeasj-363	408	2	dynamics	dynamic	NOUN
aeasj-363	408	3	:	:	PUNCT
aeasj-363	408	4	principle	principle	NOUN
aeasj-363	408	5	,	,	PUNCT
aeasj-363	408	6	techniques	technique	NOUN
aeasj-363	408	7	and	and	CCONJ
aeasj-363	408	8	application	application	NOUN
aeasj-363	408	9	.	.	PUNCT
aeasj-363	409	1	markowitz	markowitz	PROPN
aeasj-363	409	2	centre	centre	PROPN
aeasj-363	409	3	for	for	ADP
aeasj-363	409	4	research	research	NOUN
aeasj-363	409	5	and	and	CCONJ
aeasj-363	409	6	development	development	NOUN
aeasj-363	409	7	.	.	PUNCT
aeasj-363	410	1	copyright	copyright	NOUN
aeasj-363	410	2	©	©	PROPN
aeasj-363	410	3	cc	cc	PROPN
aeasj-363	410	4	-	-	PUNCT
aeasj-363	410	5	by	by	ADP
aeasj-363	410	6	-	-	PUNCT
aeasj-363	410	7	nc	nc	PROPN
aeasj-363	410	8	2019	2019	NUM
aeasj-363	410	9	,	,	PUNCT
aeasj-363	410	10	cribfb	cribfb	VERB
aeasj-363	410	11	|	|	ADV
aeasj-363	410	12	aesr	aesr	ADV
aeasj-363	410	13	www.cribfb.com/journal/index.php/aesr	www.cribfb.com/journal/index.php/aesr	VERB
aeasj-363	410	14	american	american	PROPN
aeasj-363	410	15	economic	economic	PROPN
aeasj-363	410	16	&	&	CCONJ
aeasj-363	410	17	social	social	PROPN
aeasj-363	410	18	review	review	PROPN
aeasj-363	410	19	vol	vol	NOUN
aeasj-363	410	20	.	.	PROPN
aeasj-363	411	1	5	5	NUM
aeasj-363	411	2	,	,	PUNCT
aeasj-363	411	3	no	no	INTJ
aeasj-363	411	4	.	.	NOUN
aeasj-363	411	5	2	2	NUM
aeasj-363	411	6	;	;	PUNCT
aeasj-363	411	7	2019	2019	NUM
aeasj-363	411	8	58	58	NUM
aeasj-363	411	9	fathima	fathima	PROPN
aeasj-363	411	10	,	,	PUNCT
aeasj-363	411	11	t	t	PROPN
aeasj-363	411	12	,	,	PUNCT
aeasj-363	411	13	(	(	PUNCT
aeasj-363	411	14	2014	2014	NUM
aeasj-363	411	15	)	)	PUNCT
aeasj-363	411	16	.	.	PUNCT
aeasj-363	412	1	impact	impact	NOUN
aeasj-363	412	2	of	of	ADP
aeasj-363	412	3	dividend	dividend	NOUN
aeasj-363	412	4	payout	payout	NOUN
aeasj-363	412	5	on	on	ADP
aeasj-363	412	6	corporate	corporate	ADJ
aeasj-363	412	7	profitability	profitability	NOUN
aeasj-363	412	8	:	:	PUNCT
aeasj-363	412	9	evident	evident	ADJ
aeasj-363	412	10	from	from	ADP
aeasj-363	412	11	colombo	colombo	NOUN
aeasj-363	412	12	stock	stock	NOUN
aeasj-363	412	13	exchange	exchange	NOUN
aeasj-363	412	14	.	.	PUNCT
aeasj-363	413	1	advances	advance	NOUN
aeasj-363	413	2	in	in	ADP
aeasj-363	413	3	economics	economic	NOUN
aeasj-363	413	4	and	and	CCONJ
aeasj-363	413	5	business	business	NOUN
aeasj-363	413	6	management	management	NOUN
aeasj-363	413	7	1(1	1(1	NUM
aeasj-363	413	8	)	)	PUNCT
aeasj-363	413	9	,	,	PUNCT
aeasj-363	413	10	27	27	NUM
aeasj-363	413	11	-	-	SYM
aeasj-363	413	12	33	33	NUM
aeasj-363	413	13	.	.	PUNCT
aeasj-363	414	1	gordon	gordon	PROPN
aeasj-363	414	2	,	,	PUNCT
aeasj-363	414	3	m.	m.	PROPN
aeasj-363	414	4	j.	j.	PROPN
aeasj-363	414	5	&	&	CCONJ
aeasj-363	414	6	shapiro	shapiro	PROPN
aeasj-363	414	7	,	,	PUNCT
aeasj-363	414	8	e.	e.	PROPN
aeasj-363	414	9	(	(	PUNCT
aeasj-363	414	10	1956	1956	NUM
aeasj-363	414	11	)	)	PUNCT
aeasj-363	414	12	.	.	PUNCT
aeasj-363	415	1	capital	capital	NOUN
aeasj-363	415	2	equipment	equipment	NOUN
aeasj-363	415	3	and	and	CCONJ
aeasj-363	415	4	analysis	analysis	NOUN
aeasj-363	415	5	:	:	PUNCT
aeasj-363	415	6	the	the	DET
aeasj-363	415	7	required	require	VERB
aeasj-363	415	8	rate	rate	NOUN
aeasj-363	415	9	of	of	ADP
aeasj-363	415	10	profit	profit	NOUN
aeasj-363	415	11	.	.	PUNCT
aeasj-363	416	1	journal	journal	NOUN
aeasj-363	416	2	of	of	ADP
aeasj-363	416	3	management	management	NOUN
aeasj-363	416	4	science	science	NOUN
aeasj-363	416	5	31	31	NUM
aeasj-363	416	6	,	,	PUNCT
aeasj-363	416	7	102	102	NUM
aeasj-363	416	8	-	-	SYM
aeasj-363	416	9	110	110	NUM
aeasj-363	416	10	.	.	PUNCT
aeasj-363	417	1	gordon	gordon	PROPN
aeasj-363	417	2	,	,	PUNCT
aeasj-363	417	3	m.	m.	PROPN
aeasj-363	417	4	j.	j.	PROPN
aeasj-363	417	5	&	&	CCONJ
aeasj-363	417	6	lintner	lintner	PROPN
aeasj-363	417	7	,	,	PUNCT
aeasj-363	417	8	j.	j.	PROPN
aeasj-363	417	9	(	(	PUNCT
aeasj-363	417	10	1959).dividends	1959).dividends	PROPN
aeasj-363	417	11	,	,	PUNCT
aeasj-363	417	12	earnings	earning	NOUN
aeasj-363	417	13	and	and	CCONJ
aeasj-363	417	14	stock	stock	NOUN
aeasj-363	417	15	prices	price	NOUN
aeasj-363	417	16	.	.	PUNCT
aeasj-363	418	1	review	review	NOUN
aeasj-363	418	2	of	of	ADP
aeasj-363	418	3	economics	economic	NOUN
aeasj-363	418	4	and	and	CCONJ
aeasj-363	418	5	statistics	statistic	NOUN
aeasj-363	418	6	,	,	PUNCT
aeasj-363	418	7	4(1	4(1	NOUN
aeasj-363	418	8	)	)	PUNCT
aeasj-363	418	9	,	,	PUNCT
aeasj-363	418	10	99	99	NUM
aeasj-363	418	11	-	-	SYM
aeasj-363	418	12	105	105	NUM
aeasj-363	418	13	.	.	PUNCT
aeasj-363	419	1	gordon	gordon	PROPN
aeasj-363	419	2	,	,	PUNCT
aeasj-363	419	3	m.	m.	NOUN
aeasj-363	419	4	,	,	PUNCT
aeasj-363	419	5	(	(	PUNCT
aeasj-363	419	6	1960).the	1960).the	PRON
aeasj-363	419	7	savings	saving	NOUN
aeasj-363	419	8	,	,	PUNCT
aeasj-363	419	9	investment	investment	NOUN
aeasj-363	419	10	and	and	CCONJ
aeasj-363	419	11	valuation	valuation	NOUN
aeasj-363	419	12	of	of	ADP
aeasj-363	419	13	a	a	DET
aeasj-363	419	14	corporation	corporation	NOUN
aeasj-363	419	15	.	.	PUNCT
aeasj-363	420	1	review	review	NOUN
aeasj-363	420	2	of	of	ADP
aeasj-363	420	3	economics	economic	NOUN
aeasj-363	420	4	and	and	CCONJ
aeasj-363	420	5	statistics	statistic	NOUN
aeasj-363	420	6	,	,	PUNCT
aeasj-363	420	7	37	37	NUM
aeasj-363	420	8	-	-	SYM
aeasj-363	420	9	51	51	NUM
aeasj-363	420	10	.	.	PUNCT
aeasj-363	421	1	graham	graham	PROPN
aeasj-363	421	2	,	,	PUNCT
aeasj-363	421	3	b.	b.	PROPN
aeasj-363	421	4	,	,	PUNCT
aeasj-363	421	5	dodd	dodd	PROPN
aeasj-363	421	6	,	,	PUNCT
aeasj-363	421	7	d	d	NOUN
aeasj-363	421	8	,	,	PUNCT
aeasj-363	421	9	(	(	PUNCT
aeasj-363	421	10	1934).security	1934).security	NUM
aeasj-363	421	11	analysis	analysis	NOUN
aeasj-363	421	12	,	,	PUNCT
aeasj-363	421	13	1st	1st	ADJ
aeasj-363	421	14	edition	edition	NOUN
aeasj-363	421	15	,	,	PUNCT
aeasj-363	421	16	mcgraw	mcgraw	PROPN
aeasj-363	421	17	-	-	PUNCT
aeasj-363	421	18	hill	hill	PROPN
aeasj-363	421	19	,	,	PUNCT
aeasj-363	421	20	new	new	PROPN
aeasj-363	421	21	york	york	PROPN
aeasj-363	421	22	.	.	PUNCT
aeasj-363	422	1	international	international	ADJ
aeasj-363	422	2	journal	journal	PROPN
aeasj-363	422	3	of	of	ADP
aeasj-363	422	4	economics	economic	NOUN
aeasj-363	422	5	,	,	PUNCT
aeasj-363	422	6	commerce	commerce	NOUN
aeasj-363	422	7	and	and	CCONJ
aeasj-363	422	8	management	management	NOUN
aeasj-363	422	9	,	,	PUNCT
aeasj-363	422	10	3	3	NUM
aeasj-363	422	11	(	(	PUNCT
aeasj-363	422	12	4	4	NUM
aeasj-363	422	13	)	)	PUNCT
aeasj-363	422	14	,	,	PUNCT
aeasj-363	422	15	1	1	NUM
aeasj-363	422	16	-	-	SYM
aeasj-363	422	17	13	13	NUM
aeasj-363	422	18	.	.	PUNCT
aeasj-363	423	1	gul	gul	PROPN
aeasj-363	423	2	,	,	PUNCT
aeasj-363	423	3	s.	s.	PROPN
aeasj-363	423	4	,	,	PUNCT
aeasj-363	423	5	(	(	PUNCT
aeasj-363	423	6	2012	2012	NUM
aeasj-363	423	7	)	)	PUNCT
aeasj-363	423	8	.	.	PUNCT
aeasj-363	424	1	the	the	DET
aeasj-363	424	2	relationship	relationship	NOUN
aeasj-363	424	3	between	between	ADP
aeasj-363	424	4	dividend	dividend	NOUN
aeasj-363	424	5	policy	policy	NOUN
aeasj-363	424	6	and	and	CCONJ
aeasj-363	424	7	shareholders	shareholder	NOUN
aeasj-363	424	8	wealth	wealth	NOUN
aeasj-363	424	9	(	(	PUNCT
aeasj-363	424	10	evidence	evidence	NOUN
aeasj-363	424	11	from	from	ADP
aeasj-363	424	12	pakistan	pakistan	PROPN
aeasj-363	424	13	)	)	PUNCT
aeasj-363	424	14	,	,	PUNCT
aeasj-363	424	15	economic	economic	ADJ
aeasj-363	424	16	and	and	CCONJ
aeasj-363	424	17	finance	finance	NOUN
aeasj-363	424	18	review	review	NOUN
aeasj-363	424	19	,	,	PUNCT
aeasj-363	424	20	2(2	2(2	NUM
aeasj-363	424	21	)	)	PUNCT
aeasj-363	424	22	,	,	PUNCT
aeasj-363	424	23	55	55	NUM
aeasj-363	424	24	-	-	SYM
aeasj-363	424	25	59	59	NUM
aeasj-363	424	26	.	.	PUNCT
aeasj-363	425	1	ifuero	ifuero	PROPN
aeasj-363	426	1	o.	o.	PROPN
aeasj-363	426	2	o	o	PROPN
aeasj-363	426	3	,	,	PUNCT
aeasj-363	426	4	(	(	PUNCT
aeasj-363	426	5	2016	2016	NUM
aeasj-363	426	6	)	)	PUNCT
aeasj-363	426	7	.	.	PUNCT
aeasj-363	427	1	does	do	AUX
aeasj-363	427	2	dividend	dividend	VERB
aeasj-363	427	3	policy	policy	NOUN
aeasj-363	427	4	affect	affect	VERB
aeasj-363	427	5	firm	firm	NOUN
aeasj-363	427	6	earning	earn	VERB
aeasj-363	427	7	?	?	PUNCT
aeasj-363	428	1	empirical	empirical	ADJ
aeasj-363	428	2	evidence	evidence	NOUN
aeasj-363	428	3	from	from	ADP
aeasj-363	428	4	nigeria	nigeria	PROPN
aeasj-363	428	5	.	.	PUNCT
aeasj-363	429	1	international	international	ADJ
aeasj-363	429	2	journal	journal	PROPN
aeasj-363	429	3	of	of	ADP
aeasj-363	429	4	financial	financial	ADJ
aeasj-363	429	5	research	research	NOUN
aeasj-363	429	6	,	,	PUNCT
aeasj-363	429	7	7	7	NUM
aeasj-363	429	8	(	(	PUNCT
aeasj-363	429	9	5	5	NUM
aeasj-363	429	10	)	)	PUNCT
aeasj-363	429	11	,	,	PUNCT
aeasj-363	429	12	77	77	NUM
aeasj-363	429	13	-	-	SYM
aeasj-363	429	14	86	86	NUM
aeasj-363	429	15	.	.	PUNCT
aeasj-363	430	1	jensen	jensen	PROPN
aeasj-363	430	2	,	,	PUNCT
aeasj-363	430	3	m.	m.	PROPN
aeasj-363	430	4	c.	c.	PROPN
aeasj-363	430	5	(	(	PUNCT
aeasj-363	430	6	1979	1979	NUM
aeasj-363	430	7	)	)	PUNCT
aeasj-363	430	8	.	.	PUNCT
aeasj-363	431	1	agency	agency	NOUN
aeasj-363	431	2	costs	cost	NOUN
aeasj-363	431	3	of	of	ADP
aeasj-363	431	4	free	free	ADJ
aeasj-363	431	5	cash	cash	NOUN
aeasj-363	431	6	flow	flow	NOUN
aeasj-363	431	7	,	,	PUNCT
aeasj-363	431	8	corporate	corporate	ADJ
aeasj-363	431	9	finance	finance	NOUN
aeasj-363	431	10	,	,	PUNCT
aeasj-363	431	11	and	and	CCONJ
aeasj-363	431	12	takeovers	takeover	NOUN
aeasj-363	431	13	.	.	PUNCT
aeasj-363	432	1	the	the	DET
aeasj-363	432	2	american	american	PROPN
aeasj-363	432	3	economic	economic	PROPN
aeasj-363	432	4	review	review	PROPN
aeasj-363	432	5	,	,	PUNCT
aeasj-363	432	6	7(6	7(6	NUM
aeasj-363	432	7	)	)	PUNCT
aeasj-363	432	8	,	,	PUNCT
aeasj-363	432	9	323	323	NUM
aeasj-363	432	10	-	-	SYM
aeasj-363	432	11	329	329	NUM
aeasj-363	432	12	.	.	PUNCT
aeasj-363	433	1	lee	lee	PROPN
aeasj-363	433	2	,	,	PUNCT
aeasj-363	433	3	b.	b.	PROPN
aeasj-363	433	4	(	(	PUNCT
aeasj-363	433	5	1996	1996	NUM
aeasj-363	433	6	)	)	PUNCT
aeasj-363	433	7	.	.	PUNCT
aeasj-363	434	1	causal	causal	ADJ
aeasj-363	434	2	relations	relation	NOUN
aeasj-363	434	3	among	among	ADP
aeasj-363	434	4	stock	stock	NOUN
aeasj-363	434	5	returns	return	NOUN
aeasj-363	434	6	,	,	PUNCT
aeasj-363	434	7	interest	interest	NOUN
aeasj-363	434	8	rates	rate	NOUN
aeasj-363	434	9	,	,	PUNCT
aeasj-363	434	10	real	real	ADJ
aeasj-363	434	11	activity	activity	NOUN
aeasj-363	434	12	and	and	CCONJ
aeasj-363	434	13	inflation	inflation	NOUN
aeasj-363	434	14	,	,	PUNCT
aeasj-363	434	15	journal	journal	NOUN
aeasj-363	434	16	of	of	ADP
aeasj-363	434	17	finance	finance	NOUN
aeasj-363	434	18	,	,	PUNCT
aeasj-363	434	19	47	47	NUM
aeasj-363	434	20	,	,	PUNCT
aeasj-363	434	21	1591	1591	NUM
aeasj-363	434	22	–	–	PUNCT
aeasj-363	434	23	1603	1603	NUM
aeasj-363	434	24	.	.	PUNCT
aeasj-363	435	1	lehn	lehn	PROPN
aeasj-363	435	2	,	,	PUNCT
aeasj-363	435	3	k.	k.	PROPN
aeasj-363	435	4	,	,	PUNCT
aeasj-363	435	5	&	&	CCONJ
aeasj-363	435	6	makhija	makhija	PROPN
aeasj-363	435	7	,	,	PUNCT
aeasj-363	435	8	a.k	a.k	PROPN
aeasj-363	435	9	.	.	PROPN
aeasj-363	435	10	,	,	PUNCT
aeasj-363	435	11	(	(	PUNCT
aeasj-363	435	12	1997	1997	NUM
aeasj-363	435	13	)	)	PUNCT
aeasj-363	435	14	.	.	PUNCT
aeasj-363	436	1	eva	eva	PROPN
aeasj-363	436	2	,	,	PUNCT
aeasj-363	436	3	accounting	accounting	NOUN
aeasj-363	436	4	profits	profit	NOUN
aeasj-363	436	5	,	,	PUNCT
aeasj-363	436	6	and	and	CCONJ
aeasj-363	436	7	ceo	ceo	NOUN
aeasj-363	436	8	turnover	turnover	NOUN
aeasj-363	436	9	:	:	PUNCT
aeasj-363	436	10	an	an	DET
aeasj-363	436	11	empirical	empirical	ADJ
aeasj-363	436	12	examination	examination	NOUN
aeasj-363	436	13	,	,	PUNCT
aeasj-363	436	14	1985	1985	NUM
aeasj-363	436	15	-	-	SYM
aeasj-363	436	16	1994	1994	NUM
aeasj-363	436	17	.	.	PUNCT
aeasj-363	437	1	journal	journal	NOUN
aeasj-363	437	2	of	of	ADP
aeasj-363	437	3	applied	apply	VERB
aeasj-363	437	4	corporate	corporate	ADJ
aeasj-363	437	5	finance	finance	NOUN
aeasj-363	437	6	,	,	PUNCT
aeasj-363	437	7	10	10	NUM
aeasj-363	437	8	(	(	PUNCT
aeasj-363	437	9	2	2	NUM
aeasj-363	437	10	)	)	PUNCT
aeasj-363	437	11	,	,	PUNCT
aeasj-363	437	12	90	90	NUM
aeasj-363	437	13	-	-	SYM
aeasj-363	437	14	97	97	NUM
aeasj-363	437	15	.	.	PUNCT
aeasj-363	438	1	lintner	lintner	PROPN
aeasj-363	438	2	,	,	PUNCT
aeasj-363	438	3	j.	j.	PROPN
aeasj-363	438	4	,	,	PUNCT
aeasj-363	438	5	(	(	PUNCT
aeasj-363	438	6	1996	1996	NUM
aeasj-363	438	7	)	)	PUNCT
aeasj-363	438	8	.	.	PUNCT
aeasj-363	439	1	the	the	DET
aeasj-363	439	2	potential	potential	ADJ
aeasj-363	439	3	role	role	NOUN
aeasj-363	439	4	of	of	ADP
aeasj-363	439	5	managed	manage	VERB
aeasj-363	439	6	commodity	commodity	NOUN
aeasj-363	439	7	-	-	PUNCT
aeasj-363	439	8	financial	financial	ADJ
aeasj-363	439	9	futures	future	NOUN
aeasj-363	439	10	accounts	account	NOUN
aeasj-363	439	11	(	(	PUNCT
aeasj-363	439	12	and/or	and/or	CCONJ
aeasj-363	439	13	funds	fund	NOUN
aeasj-363	439	14	)	)	PUNCT
aeasj-363	439	15	in	in	ADP
aeasj-363	439	16	portfolios	portfolio	NOUN
aeasj-363	439	17	of	of	ADP
aeasj-363	439	18	stocks	stock	NOUN
aeasj-363	439	19	and	and	CCONJ
aeasj-363	439	20	bonds	bond	NOUN
aeasj-363	439	21	.	.	PUNCT
aeasj-363	440	1	the	the	DET
aeasj-363	440	2	handbook	handbook	NOUN
aeasj-363	440	3	of	of	ADP
aeasj-363	440	4	managed	manage	VERB
aeasj-363	440	5	futures	future	NOUN
aeasj-363	440	6	:	:	PUNCT
aeasj-363	440	7	performance	performance	NOUN
aeasj-363	440	8	,	,	PUNCT
aeasj-363	440	9	evaluation	evaluation	NOUN
aeasj-363	440	10	&	&	CCONJ
aeasj-363	440	11	analysis	analysis	NOUN
aeasj-363	440	12	.	.	PUNCT
aeasj-363	441	1	ed	ed	NOUN
aeasj-363	441	2	.	.	PUNCT
aeasj-363	442	1	lucky	lucky	ADJ
aeasj-363	442	2	,	,	PUNCT
aeasj-363	442	3	a.	a.	PROPN
aeasj-363	442	4	l.	l.	PROPN
aeasj-363	442	5	,	,	PUNCT
aeasj-363	442	6	(	(	PUNCT
aeasj-363	442	7	2017	2017	NUM
aeasj-363	442	8	)	)	PUNCT
aeasj-363	442	9	.	.	PUNCT
aeasj-363	443	1	cost	cost	NOUN
aeasj-363	443	2	of	of	ADP
aeasj-363	443	3	capital	capital	NOUN
aeasj-363	443	4	and	and	CCONJ
aeasj-363	443	5	corporate	corporate	ADJ
aeasj-363	443	6	earning	earning	NOUN
aeasj-363	443	7	of	of	ADP
aeasj-363	443	8	quoted	quote	VERB
aeasj-363	443	9	firms	firm	NOUN
aeasj-363	443	10	in	in	ADP
aeasj-363	443	11	nigeria	nigeria	PROPN
aeasj-363	443	12	:	:	PUNCT
aeasj-363	443	13	a	a	DET
aeasj-363	443	14	multi	multi	ADJ
aeasj-363	443	15	-	-	ADJ
aeasj-363	443	16	dimensional	dimensional	ADJ
aeasj-363	443	17	analysis	analysis	NOUN
aeasj-363	443	18	of	of	ADP
aeasj-363	443	19	quoted	quote	VERB
aeasj-363	443	20	firms	firm	NOUN
aeasj-363	443	21	in	in	ADP
aeasj-363	443	22	nigeria	nigeria	PROPN
aeasj-363	443	23	.	.	PUNCT
aeasj-363	444	1	australian	australian	ADJ
aeasj-363	444	2	journal	journal	NOUN
aeasj-363	444	3	of	of	ADP
aeasj-363	444	4	finance	finance	NOUN
aeasj-363	444	5	and	and	CCONJ
aeasj-363	444	6	banking	banking	NOUN
aeasj-363	444	7	review	review	NOUN
aeasj-363	444	8	,	,	PUNCT
aeasj-363	444	9	1(1	1(1	NUM
aeasj-363	444	10	)	)	PUNCT
aeasj-363	444	11	,	,	PUNCT
aeasj-363	444	12	41	41	NUM
aeasj-363	444	13	-	-	SYM
aeasj-363	444	14	65	65	NUM
aeasj-363	444	15	.	.	PUNCT
aeasj-363	445	1	m	m	PROPN
aeasj-363	445	2	rabet	rabet	PROPN
aeasj-363	445	3	r.	r.	PROPN
aeasj-363	445	4	,	,	PUNCT
aeasj-363	445	5	&	&	CCONJ
aeasj-363	445	6	bouffat	bouffat	PROPN
aeasj-363	445	7	w.	w.	PROPN
aeasj-363	445	8	,	,	PUNCT
aeasj-363	445	9	(	(	PUNCT
aeasj-363	445	10	2016	2016	NUM
aeasj-363	445	11	)	)	PUNCT
aeasj-363	445	12	.	.	PUNCT
aeasj-363	446	1	the	the	DET
aeasj-363	446	2	relationship	relationship	NOUN
aeasj-363	446	3	between	between	ADP
aeasj-363	446	4	dividend	dividend	NOUN
aeasj-363	446	5	policy	policy	NOUN
aeasj-363	446	6	and	and	CCONJ
aeasj-363	446	7	firms	firm	NOUN
aeasj-363	446	8	performances	performance	VERB
aeasj-363	446	9	:	:	PUNCT
aeasj-363	446	10	a	a	DET
aeasj-363	446	11	study	study	NOUN
aeasj-363	446	12	of	of	ADP
aeasj-363	446	13	listed	list	VERB
aeasj-363	446	14	companies	company	NOUN
aeasj-363	446	15	in	in	ADP
aeasj-363	446	16	morallo	morallo	PROPN
aeasj-363	446	17	.	.	PUNCT
aeasj-363	447	1	european	european	ADJ
aeasj-363	447	2	scientific	scientific	ADJ
aeasj-363	447	3	journal	journal	NOUN
aeasj-363	447	4	.	.	PUNCT
aeasj-363	448	1	12(4	12(4	NUM
aeasj-363	448	2	)	)	PUNCT
aeasj-363	448	3	,	,	PUNCT
aeasj-363	448	4	469	469	NUM
aeasj-363	448	5	-	-	SYM
aeasj-363	448	6	482	482	NUM
aeasj-363	448	7	.	.	PUNCT
aeasj-363	448	8	marshall	marshall	PROPN
aeasj-363	448	9	,	,	PUNCT
aeasj-363	448	10	t.	t.	PROPN
aeasj-363	448	11	h.	h.	PROPN
aeasj-363	448	12	(	(	PUNCT
aeasj-363	448	13	1920	1920	NUM
aeasj-363	448	14	)	)	PUNCT
aeasj-363	448	15	.	.	PUNCT
aeasj-363	449	1	reappraising	reappraise	VERB
aeasj-363	449	2	“	"	PUNCT
aeasj-363	449	3	social	social	ADJ
aeasj-363	449	4	citizenship	citizenship	NOUN
aeasj-363	449	5	in	in	ADP
aeasj-363	449	6	the	the	DET
aeasj-363	449	7	twenty	twenty	NUM
aeasj-363	449	8	first	first	ADJ
aeasj-363	449	9	century	century	NOUN
aeasj-363	449	10	.	.	PUNCT
aeasj-363	450	1	journal	journal	NOUN
aeasj-363	450	2	of	of	ADP
aeasj-363	450	3	citizenship	citizenship	NOUN
aeasj-363	450	4	studies	study	NOUN
aeasj-363	450	5	18	18	NUM
aeasj-363	450	6	,	,	PUNCT
aeasj-363	450	7	3	3	NUM
aeasj-363	450	8	-	-	SYM
aeasj-363	450	9	4	4	NUM
aeasj-363	450	10	.	.	PUNCT
aeasj-363	450	11	merekefu	merekefu	NOUN
aeasj-363	450	12	,	,	PUNCT
aeasj-363	450	13	t.	t.	PROPN
aeasj-363	450	14	m	m	PROPN
aeasj-363	450	15	&	&	CCONJ
aeasj-363	450	16	ouma	ouma	PROPN
aeasj-363	450	17	,	,	PUNCT
aeasj-363	450	18	o.	o.	PROPN
aeasj-363	450	19	p.	p.	NOUN
aeasj-363	450	20	(	(	PUNCT
aeasj-363	450	21	2012	2012	NUM
aeasj-363	450	22	)	)	PUNCT
aeasj-363	450	23	.	.	PUNCT
aeasj-363	451	1	dividend	dividend	NOUN
aeasj-363	451	2	policy	policy	NOUN
aeasj-363	451	3	and	and	CCONJ
aeasj-363	451	4	its	its	PRON
aeasj-363	451	5	impact	impact	NOUN
aeasj-363	451	6	on	on	ADP
aeasj-363	451	7	firm	firm	ADJ
aeasj-363	451	8	value	value	NOUN
aeasj-363	451	9	:	:	PUNCT
aeasj-363	451	10	a	a	DET
aeasj-363	451	11	review	review	NOUN
aeasj-363	451	12	of	of	ADP
aeasj-363	451	13	theories	theory	NOUN
aeasj-363	451	14	and	and	CCONJ
aeasj-363	451	15	empirical	empirical	ADJ
aeasj-363	451	16	evidence	evidence	NOUN
aeasj-363	451	17	.	.	PUNCT
aeasj-363	452	1	international	international	ADJ
aeasj-363	452	2	journal	journal	PROPN
aeasj-363	452	3	of	of	ADP
aeasj-363	452	4	scientific	scientific	ADJ
aeasj-363	452	5	and	and	CCONJ
aeasj-363	452	6	research	research	NOUN
aeasj-363	452	7	,	,	PUNCT
aeasj-363	452	8	22(2	22(2	NUM
aeasj-363	452	9	)	)	PUNCT
aeasj-363	452	10	,	,	PUNCT
aeasj-363	452	11	2	2	NUM
aeasj-363	452	12	-	-	SYM
aeasj-363	452	13	4	4	NUM
aeasj-363	452	14	.	.	PUNCT
aeasj-363	453	1	miller	miller	PROPN
aeasj-363	453	2	,	,	PUNCT
aeasj-363	453	3	m	m	PROPN
aeasj-363	453	4	&	&	CCONJ
aeasj-363	453	5	modigliani	modigliani	PROPN
aeasj-363	453	6	,	,	PUNCT
aeasj-363	453	7	f	f	PROPN
aeasj-363	453	8	(	(	PUNCT
aeasj-363	453	9	1961	1961	NUM
aeasj-363	453	10	)	)	PUNCT
aeasj-363	453	11	dividend	dividend	NOUN
aeasj-363	453	12	policy	policy	NOUN
aeasj-363	453	13	,	,	PUNCT
aeasj-363	453	14	growth	growth	NOUN
aeasj-363	453	15	and	and	CCONJ
aeasj-363	453	16	the	the	DET
aeasj-363	453	17	valuation	valuation	NOUN
aeasj-363	453	18	of	of	ADP
aeasj-363	453	19	shares	share	NOUN
aeasj-363	453	20	.	.	PUNCT
aeasj-363	454	1	chicago	chicago	PROPN
aeasj-363	454	2	journals	journals	PROPN
aeasj-363	454	3	,	,	PUNCT
aeasj-363	454	4	3(4	3(4	NUM
aeasj-363	454	5	)	)	PUNCT
aeasj-363	454	6	,	,	PUNCT
aeasj-363	454	7	411	411	NUM
aeasj-363	454	8	-	-	SYM
aeasj-363	454	9	433	433	NUM
aeasj-363	454	10	.	.	PUNCT
aeasj-363	455	1	momgbe	momgbe	PROPN
aeasj-363	455	2	t.g	t.g	PROPN
aeasj-363	455	3	&	&	CCONJ
aeasj-363	455	4	ibrahim	ibrahim	PROPN
aeasj-363	455	5	a.a	a.a	PROPN
aeasj-363	455	6	(	(	PUNCT
aeasj-363	455	7	2014	2014	NUM
aeasj-363	455	8	)	)	PUNCT
aeasj-363	455	9	.	.	PUNCT
aeasj-363	456	1	dividend	dividend	NOUN
aeasj-363	456	2	policy	policy	NOUN
aeasj-363	456	3	on	on	ADP
aeasj-363	456	4	financial	financial	ADJ
aeasj-363	456	5	performance	performance	NOUN
aeasj-363	456	6	:	:	PUNCT
aeasj-363	456	7	a	a	DET
aeasj-363	456	8	case	case	NOUN
aeasj-363	456	9	study	study	NOUN
aeasj-363	456	10	of	of	ADP
aeasj-363	456	11	selected	select	VERB
aeasj-363	456	12	resgistred	resgistre	VERB
aeasj-363	456	13	firms	firm	NOUN
aeasj-363	456	14	in	in	ADP
aeasj-363	456	15	nigeria	nigeria	PROPN
aeasj-363	456	16	.	.	PUNCT
aeasj-363	457	1	research	research	NOUN
aeasj-363	457	2	journal	journal	PROPN
aeasj-363	457	3	of	of	ADP
aeasj-363	457	4	finance	finance	NOUN
aeasj-363	457	5	and	and	CCONJ
aeasj-363	457	6	accounting	accounting	NOUN
aeasj-363	457	7	6(20	6(20	NUM
aeasj-363	457	8	)	)	PUNCT
aeasj-363	457	9	,	,	PUNCT
aeasj-363	457	10	1	1	NUM
aeasj-363	457	11	-	-	SYM
aeasj-363	457	12	2	2	NUM
aeasj-363	457	13	.	.	PUNCT
aeasj-363	458	1	nwamaka	nwamaka	PROPN
aeasj-363	458	2	,	,	PUNCT
aeasj-363	458	3	o.	o.	PROPN
aeasj-363	458	4	c.	c.	PROPN
aeasj-363	458	5	,	,	PUNCT
aeasj-363	458	6	&	&	CCONJ
aeasj-363	458	7	ezeabasili	ezeabasili	NOUN
aeasj-363	458	8	,	,	PUNCT
aeasj-363	458	9	u.	u.	NOUN
aeasj-363	458	10	(	(	PUNCT
aeasj-363	458	11	2017	2017	NUM
aeasj-363	458	12	)	)	PUNCT
aeasj-363	458	13	.	.	PUNCT
aeasj-363	459	1	effect	effect	NOUN
aeasj-363	459	2	of	of	ADP
aeasj-363	459	3	dividend	dividend	NOUN
aeasj-363	459	4	policies	policy	NOUN
aeasj-363	459	5	on	on	ADP
aeasj-363	459	6	firm	firm	ADJ
aeasj-363	459	7	value	value	NOUN
aeasj-363	459	8	:	:	PUNCT
aeasj-363	459	9	evidence	evidence	NOUN
aeasj-363	459	10	from	from	ADP
aeasj-363	459	11	quoted	quote	VERB
aeasj-363	459	12	firms	firm	NOUN
aeasj-363	459	13	in	in	ADP
aeasj-363	459	14	nigeria	nigeria	PROPN
aeasj-363	459	15	.	.	PUNCT
aeasj-363	460	1	international	international	ADJ
aeasj-363	460	2	journal	journal	PROPN
aeasj-363	460	3	of	of	ADP
aeasj-363	460	4	management	management	NOUN
aeasj-363	460	5	excellence	excellence	NOUN
aeasj-363	460	6	,	,	PUNCT
aeasj-363	460	7	8(2	8(2	NUM
aeasj-363	460	8	)	)	PUNCT
aeasj-363	460	9	.	.	PUNCT
aeasj-363	461	1	ojeme	ojeme	NOUN
aeasj-363	461	2	,	,	PUNCT
aeasj-363	461	3	s	s	PROPN
aeasj-363	461	4	,	,	PUNCT
aeasj-363	461	5	mamidu	mamidu	ADV
aeasj-363	461	6	,	,	PUNCT
aeasj-363	461	7	a	a	PRON
aeasj-363	461	8	,	,	PUNCT
aeasj-363	461	9	i.	i.	NOUN
aeasj-363	461	10	&	&	CCONJ
aeasj-363	461	11	ojo	ojo	PROPN
aeasj-363	461	12	,	,	PUNCT
aeasj-363	461	13	j.	j.	PROPN
aeasj-363	461	14	a.	a.	PROPN
aeasj-363	461	15	(	(	PUNCT
aeasj-363	461	16	2015	2015	NUM
aeasj-363	461	17	)	)	PUNCT
aeasj-363	461	18	.	.	PUNCT
aeasj-363	462	1	impact	impact	NOUN
aeasj-363	462	2	of	of	ADP
aeasj-363	462	3	dividend	dividend	NOUN
aeasj-363	462	4	policy	policy	NOUN
aeasj-363	462	5	on	on	ADP
aeasj-363	462	6	shareholders	shareholder	NOUN
aeasj-363	462	7	wealth	wealth	NOUN
aeasj-363	462	8	:	:	PUNCT
aeasj-363	462	9	a	a	DET
aeasj-363	462	10	study	study	NOUN
aeasj-363	462	11	on	on	ADP
aeasj-363	462	12	manufacturing	manufacture	VERB
aeasj-363	462	13	industry	industry	NOUN
aeasj-363	462	14	listed	list	VERB
aeasj-363	462	15	in	in	ADP
aeasj-363	462	16	nasdaq	nasdaq	PROPN
aeasj-363	462	17	,	,	PUNCT
aeasj-363	462	18	america	america	PROPN
aeasj-363	462	19	.	.	PUNCT
aeasj-363	463	1	international	international	ADJ
aeasj-363	463	2	journal	journal	PROPN
aeasj-363	463	3	of	of	ADP
aeasj-363	463	4	accounting	accounting	PROPN
aeasj-363	463	5	&	&	CCONJ
aeasj-363	463	6	business	business	PROPN
aeasj-363	463	7	management	management	NOUN
aeasj-363	463	8	,	,	PUNCT
aeasj-363	463	9	4(2	4(2	NUM
aeasj-363	463	10	)	)	PUNCT
aeasj-363	463	11	,	,	PUNCT
aeasj-363	463	12	607	607	NUM
aeasj-363	463	13	-	-	SYM
aeasj-363	463	14	619	619	NUM
aeasj-363	463	15	.	.	PUNCT
aeasj-363	464	1	olowe	olowe	NOUN
aeasj-363	464	2	,	,	PUNCT
aeasj-363	464	3	r.	r.	PROPN
aeasj-363	464	4	a.(2011	a.(2011	PROPN
aeasj-363	464	5	)	)	PUNCT
aeasj-363	464	6	.	.	PUNCT
aeasj-363	465	1	the	the	DET
aeasj-363	465	2	impact	impact	NOUN
aeasj-363	465	3	of	of	ADP
aeasj-363	465	4	2004	2004	NUM
aeasj-363	465	5	banking	banking	NOUN
aeasj-363	465	6	capital	capital	NOUN
aeasj-363	465	7	announcement	announcement	NOUN
aeasj-363	465	8	on	on	ADP
aeasj-363	465	9	the	the	DET
aeasj-363	465	10	nigeria	nigeria	PROPN
aeasj-363	465	11	stock	stock	NOUN
aeasj-363	465	12	market.african	market.african	NUM
aeasj-363	465	13	journal	journal	NOUN
aeasj-363	465	14	of	of	ADP
aeasj-363	465	15	management	management	NOUN
aeasj-363	465	16	,	,	PUNCT
aeasj-363	465	17	2(2	2(2	NUM
aeasj-363	465	18	)	)	PUNCT
aeasj-363	465	19	,	,	PUNCT
aeasj-363	465	20	180	180	NUM
aeasj-363	465	21	-	-	SYM
aeasj-363	465	22	201	201	NUM
aeasj-363	465	23	.	.	PUNCT
aeasj-363	466	1	onoh	onoh	PROPN
aeasj-363	466	2	,	,	PUNCT
aeasj-363	466	3	j.	j.	PROPN
aeasj-363	466	4	k.	k.	PROPN
aeasj-363	466	5	(	(	PUNCT
aeasj-363	466	6	2002	2002	NUM
aeasj-363	466	7	)	)	PUNCT
aeasj-363	466	8	.	.	PUNCT
aeasj-363	467	1	dynamics	dynamic	NOUN
aeasj-363	467	2	of	of	ADP
aeasj-363	467	3	money	money	NOUN
aeasj-363	467	4	banking	banking	NOUN
aeasj-363	467	5	and	and	CCONJ
aeasj-363	467	6	faineance	faineance	NOUN
aeasj-363	467	7	in	in	ADP
aeasj-363	467	8	nigeria	nigeria	PROPN
aeasj-363	467	9	:	:	PUNCT
aeasj-363	467	10	an	an	DET
aeasj-363	467	11	emerging	emerge	VERB
aeasj-363	467	12	market	market	NOUN
aeasj-363	467	13	.	.	PUNCT
aeasj-363	468	1	astra	astra	PROPN
aeasj-363	468	2	meridian	meridian	PROPN
aeasj-363	468	3	publishers	publisher	NOUN
aeasj-363	468	4	.	.	PUNCT
aeasj-363	469	1	osegbu	osegbu	PROPN
aeasj-363	469	2	,	,	PUNCT
aeasj-363	469	3	i.	i.	PROPN
aeasj-363	469	4	f.	f.	PROPN
aeasj-363	469	5	,	,	PUNCT
aeasj-363	469	6	ifurueze	ifurueze	NOUN
aeasj-363	469	7	,	,	PUNCT
aeasj-363	469	8	m.	m.	NOUN
aeasj-363	469	9	,	,	PUNCT
aeasj-363	469	10	&	&	CCONJ
aeasj-363	469	11	ifurueze	ifurueze	NOUN
aeasj-363	469	12	,	,	PUNCT
aeasj-363	469	13	p.	p.	NOUN
aeasj-363	469	14	,	,	PUNCT
aeasj-363	469	15	(	(	PUNCT
aeasj-363	469	16	2014).an	2014).an	NUM
aeasj-363	469	17	analysis	analysis	NOUN
aeasj-363	469	18	of	of	ADP
aeasj-363	469	19	the	the	DET
aeasj-363	469	20	relationship	relationship	NOUN
aeasj-363	469	21	between	between	ADP
aeasj-363	469	22	dividends	dividend	NOUN
aeasj-363	469	23	payment	payment	NOUN
aeasj-363	469	24	and	and	CCONJ
aeasj-363	469	25	corporate	corporate	ADJ
aeasj-363	469	26	performance	performance	NOUN
aeasj-363	469	27	of	of	ADP
aeasj-363	469	28	nigerian	nigerian	ADJ
aeasj-363	469	29	banks	bank	NOUN
aeasj-363	469	30	.	.	PUNCT
aeasj-363	470	1	global	global	ADJ
aeasj-363	470	2	business	business	NOUN
aeasj-363	470	3	and	and	CCONJ
aeasj-363	470	4	economic	economic	ADJ
aeasj-363	470	5	research	research	NOUN
aeasj-363	470	6	journal	journal	NOUN
aeasj-363	470	7	,	,	PUNCT
aeasj-363	470	8	3(2	3(2	NUM
aeasj-363	470	9	)	)	PUNCT
aeasj-363	470	10	,	,	PUNCT
aeasj-363	470	11	75	75	NUM
aeasj-363	470	12	-	-	SYM
aeasj-363	470	13	99	99	NUM
aeasj-363	470	14	.	.	PUNCT
aeasj-363	471	1	osegbue	osegbue	PROPN
aeasj-363	471	2	,	,	PUNCT
aeasj-363	471	3	i.	i.	PROPN
aeasj-363	471	4	f.	f.	PROPN
aeasj-363	471	5	,	,	PUNCT
aeasj-363	471	6	et	et	PROPN
aeasj-363	471	7	al	al	PROPN
aeasj-363	471	8	.	.	PUNCT
aeasj-363	472	1	(	(	PUNCT
aeasj-363	472	2	2014).an	2014).an	NUM
aeasj-363	472	3	analysis	analysis	NOUN
aeasj-363	472	4	of	of	ADP
aeasj-363	472	5	the	the	DET
aeasj-363	472	6	relationship	relationship	NOUN
aeasj-363	472	7	between	between	ADP
aeasj-363	472	8	dividend	dividend	NOUN
aeasj-363	472	9	payment	payment	NOUN
aeasj-363	472	10	and	and	CCONJ
aeasj-363	472	11	corporate	corporate	ADJ
aeasj-363	472	12	performance	performance	NOUN
aeasj-363	472	13	of	of	ADP
aeasj-363	472	14	nigerian	nigerian	ADJ
aeasj-363	472	15	banks.global	banks.global	PROPN
aeasj-363	472	16	business	business	NOUN
aeasj-363	472	17	and	and	CCONJ
aeasj-363	472	18	economics	economics	PROPN
aeasj-363	472	19	research	research	PROPN
aeasj-363	472	20	journal	journal	NOUN
aeasj-363	472	21	,	,	PUNCT
aeasj-363	472	22	3(2	3(2	NUM
aeasj-363	472	23	)	)	PUNCT
aeasj-363	472	24	,	,	PUNCT
aeasj-363	472	25	75	75	NUM
aeasj-363	472	26	-	-	SYM
aeasj-363	472	27	95	95	NUM
aeasj-363	472	28	.	.	PUNCT
aeasj-363	473	1	oyinlola	oyinlola	PROPN
aeasj-363	473	2	,	,	PUNCT
aeasj-363	473	3	o.m	o.m	PROPN
aeasj-363	473	4	.	.	PROPN
aeasj-363	473	5	,	,	PUNCT
aeasj-363	473	6	&	&	CCONJ
aeasj-363	473	7	ajeigbe	ajeigbe	PROPN
aeasj-363	473	8	,	,	PUNCT
aeasj-363	473	9	k.b	k.b	PROPN
aeasj-363	473	10	.	.	PROPN
aeasj-363	473	11	,	,	PUNCT
aeasj-363	473	12	(	(	PUNCT
aeasj-363	473	13	2013	2013	NUM
aeasj-363	473	14	)	)	PUNCT
aeasj-363	473	15	.	.	PUNCT
aeasj-363	474	1	the	the	DET
aeasj-363	474	2	impact	impact	NOUN
aeasj-363	474	3	of	of	ADP
aeasj-363	474	4	dividend	dividend	NOUN
aeasj-363	474	5	policy	policy	NOUN
aeasj-363	474	6	on	on	ADP
aeasj-363	474	7	stock	stock	NOUN
aeasj-363	474	8	prices	price	NOUN
aeasj-363	474	9	of	of	ADP
aeasj-363	474	10	quoted	quote	VERB
aeasj-363	474	11	firms	firm	NOUN
aeasj-363	474	12	in	in	ADP
aeasj-363	474	13	nigeria	nigeria	PROPN
aeasj-363	474	14	.	.	PUNCT
aeasj-363	475	1	international	international	ADJ
aeasj-363	475	2	journal	journal	PROPN
aeasj-363	475	3	of	of	ADP
aeasj-363	475	4	economics	economic	NOUN
aeasj-363	475	5	,	,	PUNCT
aeasj-363	475	6	commerce	commerce	NOUN
aeasj-363	475	7	and	and	CCONJ
aeasj-363	475	8	management	management	NOUN
aeasj-363	475	9	,	,	PUNCT
aeasj-363	475	10	11	11	NUM
aeasj-363	475	11	(	(	PUNCT
aeasj-363	475	12	9	9	NUM
aeasj-363	475	13	)	)	PUNCT
aeasj-363	475	14	,	,	PUNCT
aeasj-363	475	15	1	1	NUM
aeasj-363	475	16	-	-	SYM
aeasj-363	475	17	17	17	NUM
aeasj-363	475	18	.	.	PUNCT
aeasj-363	476	1	pandey	pandey	PROPN
aeasj-363	476	2	,	,	PUNCT
aeasj-363	476	3	i.	i.	PROPN
aeasj-363	476	4	m.	m.	PROPN
aeasj-363	476	5	(	(	PUNCT
aeasj-363	476	6	2005	2005	NUM
aeasj-363	476	7	)	)	PUNCT
aeasj-363	476	8	.	.	PUNCT
aeasj-363	477	1	finance	finance	NOUN
aeasj-363	477	2	management	management	NOUN
aeasj-363	477	3	,	,	PUNCT
aeasj-363	477	4	9th	9th	ADJ
aeasj-363	477	5	edition	edition	NOUN
aeasj-363	477	6	,	,	PUNCT
aeasj-363	477	7	vikas	vikas	PROPN
aeasj-363	477	8	publishing	publishing	PROPN
aeasj-363	477	9	house	house	PROPN
aeasj-363	477	10	pvt	pvt	PROPN
aeasj-363	477	11	ltd	ltd	PROPN
aeasj-363	477	12	.	.	PROPN
aeasj-363	478	1	peter	peter	PROPN
aeasj-363	478	2	e.a	e.a	PROPN
aeasj-363	478	3	.	.	PROPN
aeasj-363	478	4	,	,	PUNCT
aeasj-363	478	5	&	&	CCONJ
aeasj-363	478	6	lyndon	lyndon	PROPN
aeasj-363	478	7	m.e	m.e	PROPN
aeasj-363	478	8	.	.	PROPN
aeasj-363	478	9	,	,	PUNCT
aeasj-363	478	10	(	(	PUNCT
aeasj-363	478	11	2016	2016	NUM
aeasj-363	478	12	)	)	PUNCT
aeasj-363	478	13	.	.	PUNCT
aeasj-363	479	1	dividend	dividend	NOUN
aeasj-363	479	2	payment	payment	NOUN
aeasj-363	479	3	policy	policy	NOUN
aeasj-363	479	4	and	and	CCONJ
aeasj-363	479	5	performances	performance	VERB
aeasj-363	479	6	evidence	evidence	NOUN
aeasj-363	479	7	from	from	ADP
aeasj-363	479	8	nigeria	nigeria	PROPN
aeasj-363	479	9	.	.	PUNCT
aeasj-363	480	1	social	social	ADJ
aeasj-363	480	2	sciences	sciences	PROPN
aeasj-363	480	3	learning	learn	VERB
aeasj-363	480	4	education	education	PROPN
aeasj-363	480	5	journal	journal	PROPN
aeasj-363	480	6	1(1	1(1	NUM
aeasj-363	480	7	)	)	PUNCT
aeasj-363	480	8	,	,	PUNCT
aeasj-363	480	9	6	6	NUM
aeasj-363	480	10	-	-	SYM
aeasj-363	480	11	9	9	NUM
aeasj-363	480	12	.	.	PUNCT
aeasj-363	480	13	riahi	riahi	NOUN
aeasj-363	480	14	-	-	PUNCT
aeasj-363	480	15	belkaeoui	belkaeoui	NOUN
aeasj-363	480	16	,	,	PUNCT
aeasj-363	480	17	a.	a.	NOUN
aeasj-363	480	18	,	,	PUNCT
aeasj-363	480	19	(	(	PUNCT
aeasj-363	480	20	1993	1993	NUM
aeasj-363	480	21	)	)	PUNCT
aeasj-363	480	22	.	.	PUNCT
aeasj-363	481	1	the	the	DET
aeasj-363	481	2	information	information	NOUN
aeasj-363	481	3	content	content	NOUN
aeasj-363	481	4	of	of	ADP
aeasj-363	481	5	value	value	NOUN
aeasj-363	481	6	added	add	VERB
aeasj-363	481	7	,	,	PUNCT
aeasj-363	481	8	earnings	earning	NOUN
aeasj-363	481	9	,	,	PUNCT
aeasj-363	481	10	and	and	CCONJ
aeasj-363	481	11	cash	cash	NOUN
aeasj-363	481	12	flow	flow	NOUN
aeasj-363	481	13	:	:	PUNCT
aeasj-363	481	14	us	us	PROPN
aeasj-363	481	15	evidence	evidence	NOUN
aeasj-363	481	16	.	.	PUNCT
aeasj-363	482	1	the	the	DET
aeasj-363	482	2	international	international	ADJ
aeasj-363	482	3	journal	journal	NOUN
aeasj-363	482	4	of	of	ADP
aeasj-363	482	5	accounting	accounting	NOUN
aeasj-363	482	6	,	,	PUNCT
aeasj-363	482	7	28(1),140	28(1),140	NUM
aeasj-363	482	8	-	-	SYM
aeasj-363	482	9	146	146	NUM
aeasj-363	482	10	.	.	PUNCT
aeasj-363	483	1	rogerson	rogerson	NOUN
aeasj-363	483	2	,	,	PUNCT
aeasj-363	483	3	w.p	w.p	PROPN
aeasj-363	483	4	.	.	PROPN
aeasj-363	483	5	,	,	PUNCT
aeasj-363	483	6	(	(	PUNCT
aeasj-363	483	7	1977	1977	NUM
aeasj-363	483	8	)	)	PUNCT
aeasj-363	483	9	.	.	PUNCT
aeasj-363	484	1	intertemporal	intertemporal	ADJ
aeasj-363	484	2	cost	cost	NOUN
aeasj-363	484	3	allocation	allocation	NOUN
aeasj-363	484	4	and	and	CCONJ
aeasj-363	484	5	managerial	managerial	ADJ
aeasj-363	484	6	investment	investment	NOUN
aeasj-363	484	7	incentives	incentive	NOUN
aeasj-363	484	8	:	:	PUNCT
aeasj-363	484	9	a	a	DET
aeasj-363	484	10	theory	theory	NOUN
aeasj-363	484	11	explaining	explain	VERB
aeasj-363	484	12	the	the	DET
aeasj-363	484	13	use	use	NOUN
aeasj-363	484	14	of	of	ADP
aeasj-363	484	15	economic	economic	ADJ
aeasj-363	484	16	value	value	NOUN
aeasj-363	484	17	added	add	VERB
aeasj-363	484	18	as	as	ADP
aeasj-363	484	19	a	a	DET
aeasj-363	484	20	performance	performance	NOUN
aeasj-363	484	21	measure	measure	NOUN
aeasj-363	484	22	.	.	PUNCT
aeasj-363	485	1	journal	journal	NOUN
aeasj-363	485	2	of	of	ADP
aeasj-363	485	3	political	political	ADJ
aeasj-363	485	4	economy	economy	NOUN
aeasj-363	485	5	,	,	PUNCT
aeasj-363	485	6	105	105	NUM
aeasj-363	485	7	,	,	PUNCT
aeasj-363	485	8	(	(	PUNCT
aeasj-363	485	9	4	4	NUM
aeasj-363	485	10	)	)	PUNCT
aeasj-363	485	11	,	,	PUNCT
aeasj-363	485	12	770	770	NUM
aeasj-363	485	13	-	-	SYM
aeasj-363	485	14	795	795	NUM
aeasj-363	485	15	.	.	PUNCT
aeasj-363	486	1	salehnezhad	salehnezhad	VERB
aeasj-363	486	2	,	,	PUNCT
aeasj-363	487	1	s.	s.	PROPN
aeasj-363	487	2	h.	h.	PROPN
aeasj-363	487	3	(	(	PUNCT
aeasj-363	487	4	2013	2013	NUM
aeasj-363	487	5	)	)	PUNCT
aeasj-363	487	6	.	.	PUNCT
aeasj-363	488	1	a	a	DET
aeasj-363	488	2	study	study	NOUN
aeasj-363	488	3	relationship	relationship	NOUN
aeasj-363	488	4	between	between	ADP
aeasj-363	488	5	firm	firm	ADJ
aeasj-363	488	6	performance	performance	NOUN
aeasj-363	488	7	and	and	CCONJ
aeasj-363	488	8	dividend	dividend	NOUN
aeasj-363	488	9	policy	policy	NOUN
aeasj-363	488	10	by	by	ADP
aeasj-363	488	11	fuzzy	fuzzy	ADJ
aeasj-363	488	12	regression	regression	NOUN
aeasj-363	488	13	iranian	iranian	PROPN
aeasj-363	488	14	scenario	scenario	PROPN
aeasj-363	488	15	.	.	PUNCT
aeasj-363	489	1	international	international	ADJ
aeasj-363	489	2	journal	journal	PROPN
aeasj-363	489	3	of	of	ADP
aeasj-363	489	4	accounting	accounting	NOUN
aeasj-363	489	5	and	and	CCONJ
aeasj-363	489	6	financial	financial	ADJ
aeasj-363	489	7	reporting	reporting	NOUN
aeasj-363	489	8	,	,	PUNCT
aeasj-363	489	9	3(2	3(2	NUM
aeasj-363	489	10	)	)	PUNCT
aeasj-363	489	11	,	,	PUNCT
aeasj-363	489	12	41	41	NUM
aeasj-363	489	13	-	-	SYM
aeasj-363	489	14	69	69	NUM
aeasj-363	489	15	.	.	PUNCT
aeasj-363	490	1	shapiro	shapiro	PROPN
aeasj-363	490	2	,	,	PUNCT
aeasj-363	490	3	d.	d.	PROPN
aeasj-363	490	4	(	(	PUNCT
aeasj-363	490	5	1990	1990	NUM
aeasj-363	490	6	)	)	PUNCT
aeasj-363	490	7	.	.	PUNCT
aeasj-363	491	1	what	what	PRON
aeasj-363	491	2	went	go	VERB
aeasj-363	491	3	wrong	wrong	ADJ
aeasj-363	491	4	?	?	PUNCT
aeasj-363	492	1	journal	journal	NOUN
aeasj-363	492	2	of	of	ADP
aeasj-363	492	3	corporate	corporate	ADJ
aeasj-363	492	4	accounting	accounting	NOUN
aeasj-363	492	5	&	&	CCONJ
aeasj-363	492	6	finance	finance	NOUN
aeasj-363	492	7	,	,	PUNCT
aeasj-363	492	8	24(4	24(4	NUM
aeasj-363	492	9	)	)	PUNCT
aeasj-363	492	10	49	49	NUM
aeasj-363	492	11	-	-	SYM
aeasj-363	492	12	53	53	NUM
aeasj-363	492	13	.	.	PUNCT
aeasj-363	493	1	simon	simon	PROPN
aeasj-363	493	2	-	-	PUNCT
aeasj-363	493	3	oke	oke	PROPN
aeasj-363	493	4	p.o	p.o	PROPN
aeasj-363	493	5	.	.	PROPN
aeasj-363	493	6	,	,	PUNCT
aeasj-363	493	7	&	&	CCONJ
aeasj-363	493	8	ologunwa	ologunwa	PROPN
aeasj-363	493	9	o.p	o.p	PROPN
aeasj-363	493	10	.	.	PROPN
aeasj-363	493	11	,	,	PUNCT
aeasj-363	493	12	(	(	PUNCT
aeasj-363	493	13	2016).evaluation	2016).evaluation	NUM
aeasj-363	493	14	of	of	ADP
aeasj-363	493	15	the	the	DET
aeasj-363	493	16	effect	effect	NOUN
aeasj-363	493	17	of	of	ADP
aeasj-363	493	18	dividend	dividend	NOUN
aeasj-363	493	19	policy	policy	NOUN
aeasj-363	493	20	on	on	ADP
aeasj-363	493	21	the	the	DET
aeasj-363	493	22	performance	performance	NOUN
aeasj-363	493	23	of	of	ADP
aeasj-363	493	24	corporate	corporate	ADJ
aeasj-363	493	25	firms	firm	NOUN
aeasj-363	493	26	in	in	ADP
aeasj-363	493	27	nigeria	nigeria	PROPN
aeasj-363	493	28	.	.	PUNCT
aeasj-363	494	1	fufa	fufa	PROPN
aeasj-363	494	2	journal	journal	PROPN
aeasj-363	494	3	of	of	ADP
aeasj-363	494	4	management	management	NOUN
aeasj-363	494	5	and	and	CCONJ
aeasj-363	494	6	technology	technology	NOUN
aeasj-363	494	7	maiden	maiden	PROPN
aeasj-363	494	8	edition	edition	NOUN
aeasj-363	494	9	111	111	NUM
aeasj-363	494	10	-	-	SYM
aeasj-363	494	11	120	120	NUM
aeasj-363	494	12	.	.	PUNCT
aeasj-363	495	1	copyright	copyright	NOUN
aeasj-363	495	2	©	©	PROPN
aeasj-363	495	3	cc	cc	PROPN
aeasj-363	495	4	-	-	PUNCT
aeasj-363	495	5	by	by	ADP
aeasj-363	495	6	-	-	PUNCT
aeasj-363	495	7	nc	nc	PROPN
aeasj-363	495	8	2019	2019	NUM
aeasj-363	495	9	,	,	PUNCT
aeasj-363	495	10	cribfb	cribfb	VERB
aeasj-363	495	11	|	|	ADV
aeasj-363	495	12	aesr	aesr	ADV
aeasj-363	495	13	www.cribfb.com/journal/index.php/aesr	www.cribfb.com/journal/index.php/aesr	VERB
aeasj-363	495	14	american	american	PROPN
aeasj-363	495	15	economic	economic	PROPN
aeasj-363	495	16	&	&	CCONJ
aeasj-363	495	17	social	social	PROPN
aeasj-363	495	18	review	review	PROPN
aeasj-363	495	19	vol	vol	NOUN
aeasj-363	495	20	.	.	PROPN
aeasj-363	496	1	5	5	NUM
aeasj-363	496	2	,	,	PUNCT
aeasj-363	496	3	no	no	INTJ
aeasj-363	496	4	.	.	NOUN
aeasj-363	496	5	2	2	NUM
aeasj-363	496	6	;	;	PUNCT
aeasj-363	497	1	2019	2019	NUM
aeasj-363	497	2	59	59	NUM
aeasj-363	497	3	simon	simon	PROPN
aeasj-363	497	4	-	-	PUNCT
aeasj-363	497	5	oke	oke	PROPN
aeasj-363	497	6	,	,	PUNCT
aeasj-363	497	7	o.	o.	PROPN
aeasj-363	497	8	o.	o.	PROPN
aeasj-363	497	9	,	,	PUNCT
aeasj-363	497	10	&	&	CCONJ
aeasj-363	497	11	ologuntra	ologuntra	PROPN
aeasj-363	497	12	,	,	PUNCT
aeasj-363	497	13	o.	o.	PROPN
aeasj-363	497	14	p.	p.	NOUN
aeasj-363	497	15	(	(	PUNCT
aeasj-363	497	16	2016	2016	NUM
aeasj-363	497	17	)	)	PUNCT
aeasj-363	497	18	.	.	PUNCT
aeasj-363	498	1	evolution	evolution	NOUN
aeasj-363	498	2	of	of	ADP
aeasj-363	498	3	the	the	DET
aeasj-363	498	4	effect	effect	NOUN
aeasj-363	498	5	of	of	ADP
aeasj-363	498	6	dividend	dividend	NOUN
aeasj-363	498	7	policy	policy	NOUN
aeasj-363	498	8	on	on	ADP
aeasj-363	498	9	the	the	DET
aeasj-363	498	10	performance	performance	NOUN
aeasj-363	498	11	of	of	ADP
aeasj-363	498	12	corporate	corporate	ADJ
aeasj-363	498	13	firms	firm	NOUN
aeasj-363	498	14	in	in	ADP
aeasj-363	498	15	nigeria	nigeria	PROPN
aeasj-363	498	16	.	.	PUNCT
aeasj-363	499	1	futa	futa	PROPN
aeasj-363	499	2	journal	journal	PROPN
aeasj-363	499	3	of	of	ADP
aeasj-363	499	4	management	management	NOUN
aeasj-363	499	5	and	and	CCONJ
aeasj-363	499	6	technology	technology	NOUN
aeasj-363	499	7	maiden	maiden	ADJ
aeasj-363	499	8	edition,111	edition,111	PROPN
aeasj-363	499	9	-	-	PROPN
aeasj-363	499	10	120	120	NUM
aeasj-363	499	11	.	.	PUNCT
aeasj-363	500	1	skinner	skinner	PROPN
aeasj-363	500	2	,	,	PUNCT
aeasj-363	500	3	d.	d.	PROPN
aeasj-363	500	4	j.	j.	PROPN
aeasj-363	500	5	&	&	CCONJ
aeasj-363	500	6	soltes	solte	VERB
aeasj-363	500	7	,	,	PUNCT
aeasj-363	500	8	e.	e.	PROPN
aeasj-363	500	9	(	(	PUNCT
aeasj-363	500	10	2011	2011	NUM
aeasj-363	500	11	)	)	PUNCT
aeasj-363	500	12	.	.	PUNCT
aeasj-363	501	1	what	what	PRON
aeasj-363	501	2	do	do	AUX
aeasj-363	501	3	dividends	dividend	NOUN
aeasj-363	501	4	tell	tell	VERB
aeasj-363	501	5	us	we	PRON
aeasj-363	501	6	about	about	ADP
aeasj-363	501	7	earnings	earning	NOUN
aeasj-363	501	8	quality	quality	NOUN
aeasj-363	501	9	?	?	PUNCT
aeasj-363	502	1	spyrou	spyrou	NOUN
aeasj-363	502	2	,	,	PUNCT
aeasj-363	502	3	s.	s.	PROPN
aeasj-363	502	4	(	(	PUNCT
aeasj-363	502	5	2001	2001	NUM
aeasj-363	502	6	)	)	PUNCT
aeasj-363	502	7	.	.	PUNCT
aeasj-363	503	1	stock	stock	NOUN
aeasj-363	503	2	returns	return	NOUN
aeasj-363	503	3	and	and	CCONJ
aeasj-363	503	4	inflation	inflation	NOUN
aeasj-363	503	5	:	:	PUNCT
aeasj-363	503	6	evidence	evidence	NOUN
aeasj-363	503	7	from	from	ADP
aeasj-363	503	8	an	an	DET
aeasj-363	503	9	emerging	emerge	VERB
aeasj-363	503	10	market	market	NOUN
aeasj-363	503	11	.	.	PUNCT
aeasj-363	504	1	article	article	NOUN
aeasj-363	504	2	in	in	ADP
aeasj-363	504	3	applied	apply	VERB
aeasj-363	504	4	economic	economic	ADJ
aeasj-363	504	5	letters	letter	NOUN
aeasj-363	504	6	8(7	8(7	NUM
aeasj-363	504	7	)	)	PUNCT
aeasj-363	504	8	,	,	PUNCT
aeasj-363	504	9	447	447	NUM
aeasj-363	504	10	-	-	SYM
aeasj-363	504	11	450	450	NUM
aeasj-363	504	12	.	.	PUNCT
aeasj-363	505	1	stulz	stulz	ADJ
aeasj-363	505	2	,	,	PUNCT
aeasj-363	505	3	r.	r.	PROPN
aeasj-363	505	4	,	,	PUNCT
aeasj-363	505	5	(	(	PUNCT
aeasj-363	505	6	2000	2000	NUM
aeasj-363	505	7	)	)	PUNCT
aeasj-363	505	8	.	.	PUNCT
aeasj-363	506	1	merton	merton	PROPN
aeasj-363	506	2	miller	miller	PROPN
aeasj-363	506	3	and	and	CCONJ
aeasj-363	506	4	modern	modern	ADJ
aeasj-363	506	5	finance	finance	NOUN
aeasj-363	506	6	.	.	PUNCT
aeasj-363	507	1	financial	financial	ADJ
aeasj-363	507	2	management	management	NOUN
aeasj-363	507	3	,	,	PUNCT
aeasj-363	507	4	29(4	29(4	NOUN
aeasj-363	507	5	)	)	PUNCT
aeasj-363	507	6	,	,	PUNCT
aeasj-363	507	7	119–131	119–131	NUM
aeasj-363	507	8	.	.	PUNCT
aeasj-363	508	1	suranta	suranta	PROPN
aeasj-363	508	2	,	,	PUNCT
aeasj-363	508	3	e.	e.	PROPN
aeasj-363	508	4	,	,	PUNCT
aeasj-363	508	5	&	&	CCONJ
aeasj-363	508	6	machfoedz	machfoedz	PROPN
aeasj-363	508	7	,	,	PUNCT
aeasj-363	508	8	m.	m.	NOUN
aeasj-363	508	9	,(2003	,(2003	PROPN
aeasj-363	508	10	)	)	PUNCT
aeasj-363	508	11	.	.	PUNCT
aeasj-363	509	1	analisisstrukturkepemilikan	analisisstrukturkepemilikan	PROPN
aeasj-363	509	2	,	,	PUNCT
aeasj-363	509	3	nilaiperusahaan	nilaiperusahaan	PROPN
aeasj-363	509	4	,	,	PUNCT
aeasj-363	509	5	investasi	investasi	PROPN
aeasj-363	509	6	,	,	PUNCT
aeasj-363	509	7	danukurandewandireksi.simposiumnasionalakuntansi	danukurandewandireksi.simposiumnasionalakuntansi	PROPN
aeasj-363	509	8	,	,	PUNCT
aeasj-363	509	9	6	6	NUM
aeasj-363	509	10	,	,	PUNCT
aeasj-363	509	11	214	214	NUM
aeasj-363	509	12	-	-	SYM
aeasj-363	509	13	226	226	NUM
aeasj-363	509	14	.	.	PUNCT
aeasj-363	510	1	taimi	taimi	PROPN
aeasj-363	510	2	m.	m.	PROPN
aeasj-363	510	3	e.	e.	PROPN
aeasj-363	510	4	,	,	PUNCT
aeasj-363	510	5	(	(	PUNCT
aeasj-363	510	6	2014	2014	NUM
aeasj-363	510	7	)	)	PUNCT
aeasj-363	510	8	.	.	PUNCT
aeasj-363	511	1	dividend	dividend	NOUN
aeasj-363	511	2	policy	policy	NOUN
aeasj-363	511	3	and	and	CCONJ
aeasj-363	511	4	its	its	PRON
aeasj-363	511	5	impact	impact	NOUN
aeasj-363	511	6	on	on	ADP
aeasj-363	511	7	firm	firm	ADJ
aeasj-363	511	8	value	value	NOUN
aeasj-363	511	9	:	:	PUNCT
aeasj-363	511	10	a	a	DET
aeasj-363	511	11	review	review	NOUN
aeasj-363	511	12	of	of	ADP
aeasj-363	511	13	taxes	taxis	NOUN
aeasj-363	511	14	.	.	PUNCT
aeasj-363	512	1	american	american	PROPN
aeasj-363	512	2	economic	economic	PROPN
aeasj-363	512	3	review	review	PROPN
aeasj-363	512	4	,	,	PUNCT
aeasj-363	512	5	60	60	NUM
aeasj-363	512	6	,	,	PUNCT
aeasj-363	512	7	1	1	NUM
aeasj-363	512	8	-	-	SYM
aeasj-363	512	9	40	40	NUM
aeasj-363	512	10	.	.	PUNCT
aeasj-363	513	1	timothy	timothy	PROPN
aeasj-363	513	2	,	,	PUNCT
aeasj-363	513	3	m.	m.	NOUN
aeasj-363	513	4	m.	m.	NOUN
aeasj-363	513	5	,	,	PUNCT
aeasj-363	513	6	&	&	CCONJ
aeasj-363	513	7	peter	peter	PROPN
aeasj-363	513	8	o.	o.	PROPN
aeasj-363	513	9	,	,	PUNCT
aeasj-363	513	10	(	(	PUNCT
aeasj-363	513	11	2012	2012	NUM
aeasj-363	513	12	)	)	PUNCT
aeasj-363	513	13	.	.	PUNCT
aeasj-363	514	1	the	the	DET
aeasj-363	514	2	relationship	relationship	NOUN
aeasj-363	514	3	between	between	ADP
aeasj-363	514	4	dividend	dividend	NOUN
aeasj-363	514	5	payout	payout	NOUN
aeasj-363	514	6	and	and	CCONJ
aeasj-363	514	7	firm	firm	NOUN
aeasj-363	514	8	.	.	PUNCT
aeasj-363	515	1	theories	theory	NOUN
aeasj-363	515	2	and	and	CCONJ
aeasj-363	515	3	empirical	empirical	ADJ
aeasj-363	515	4	evidence	evidence	NOUN
aeasj-363	515	5	,	,	PUNCT
aeasj-363	515	6	1	1	NUM
aeasj-363	515	7	-	-	SYM
aeasj-363	515	8	33	33	NUM
aeasj-363	515	9	.	.	PUNCT
aeasj-363	515	10	tiriongo	tiriongo	PROPN
aeasj-363	515	11	t.	t.	PROPN
aeasj-363	515	12	k.	k.	PROPN
aeasj-363	515	13	,	,	PUNCT
aeasj-363	515	14	(	(	PUNCT
aeasj-363	515	15	2004	2004	NUM
aeasj-363	515	16	)	)	PUNCT
aeasj-363	515	17	.	.	PUNCT
aeasj-363	516	1	dividend	dividend	NOUN
aeasj-363	516	2	policy	policy	NOUN
aeasj-363	516	3	practices	practice	NOUN
aeasj-363	516	4	of	of	ADP
aeasj-363	516	5	the	the	DET
aeasj-363	516	6	companies	company	NOUN
aeasj-363	516	7	listed	list	VERB
aeasj-363	516	8	at	at	ADP
aeasj-363	516	9	the	the	DET
aeasj-363	516	10	nairobi	nairobi	PROPN
aeasj-363	516	11	stock	stock	PROPN
aeasj-363	516	12	.	.	PUNCT
aeasj-363	517	1	exchange	exchange	NOUN
aeasj-363	517	2	,	,	PUNCT
aeasj-363	517	3	unpublished	unpublished	ADJ
aeasj-363	517	4	mba	mba	NOUN
aeasj-363	517	5	project	project	NOUN
aeasj-363	517	6	university	university	PROPN
aeasj-363	517	7	of	of	ADP
aeasj-363	517	8	nairobi	nairobi	PROPN
aeasj-363	517	9	.	.	PUNCT
aeasj-363	518	1	travlos	travlos	PROPN
aeasj-363	518	2	,	,	PUNCT
aeasj-363	518	3	w.	w.	PROPN
aeasj-363	518	4	trigeorgis	trigeorgis	PROPN
aeasj-363	518	5	,	,	PUNCT
aeasj-363	518	6	l.	l.	PROPN
aeasj-363	518	7	&	&	CCONJ
aeasj-363	518	8	vafeas	vafeas	PROPN
aeasj-363	518	9	,	,	PUNCT
aeasj-363	518	10	w.	w.	PROPN
aeasj-363	518	11	(	(	PUNCT
aeasj-363	518	12	2001	2001	NUM
aeasj-363	518	13	)	)	PUNCT
aeasj-363	518	14	.	.	PUNCT
aeasj-363	519	1	shareholder	shareholder	NOUN
aeasj-363	519	2	wealth	wealth	NOUN
aeasj-363	519	3	effects	effect	NOUN
aeasj-363	519	4	of	of	ADP
aeasj-363	519	5	dividend	dividend	NOUN
aeasj-363	519	6	policy	policy	NOUN
aeasj-363	519	7	changes	change	NOUN
aeasj-363	519	8	in	in	ADP
aeasj-363	519	9	an	an	DET
aeasj-363	519	10	emerging	emerge	VERB
aeasj-363	519	11	stock	stock	NOUN
aeasj-363	519	12	market	market	NOUN
aeasj-363	519	13	:	:	PUNCT
aeasj-363	519	14	the	the	DET
aeasj-363	519	15	case	case	NOUN
aeasj-363	519	16	of	of	ADP
aeasj-363	519	17	cyprus	cyprus	PROPN
aeasj-363	519	18	.	.	PUNCT
aeasj-363	520	1	multinational	multinational	ADJ
aeasj-363	520	2	finance	finance	NOUN
aeasj-363	520	3	journal	journal	NOUN
aeasj-363	520	4	,	,	PUNCT
aeasj-363	520	5	5(2	5(2	NUM
aeasj-363	520	6	)	)	PUNCT
aeasj-363	520	7	,	,	PUNCT
aeasj-363	520	8	87	87	NUM
aeasj-363	520	9	-	-	SYM
aeasj-363	520	10	112	112	NUM
aeasj-363	520	11	.	.	PUNCT
aeasj-363	521	1	urouigbe	urouigbe	PROPN
aeasj-363	521	2	u.	u.	PROPN
aeasj-363	521	3	,	,	PUNCT
aeasj-363	521	4	(	(	PUNCT
aeasj-363	521	5	2012	2012	NUM
aeasj-363	521	6	)	)	PUNCT
aeasj-363	521	7	.	.	PUNCT
aeasj-363	522	1	dividend	dividend	NOUN
aeasj-363	522	2	policy	policy	NOUN
aeasj-363	522	3	and	and	CCONJ
aeasj-363	522	4	firm	firm	ADJ
aeasj-363	522	5	performance	performance	NOUN
aeasj-363	522	6	:	:	PUNCT
aeasj-363	522	7	a	a	DET
aeasj-363	522	8	study	study	NOUN
aeasj-363	522	9	of	of	ADP
aeasj-363	522	10	listed	list	VERB
aeasj-363	522	11	firms	firm	NOUN
aeasj-363	522	12	in	in	ADP
aeasj-363	522	13	nigeria	nigeria	PROPN
aeasj-363	522	14	.	.	PUNCT
aeasj-363	523	1	accounting	accounting	NOUN
aeasj-363	523	2	and	and	CCONJ
aeasj-363	523	3	management	management	NOUN
aeasj-363	523	4	information	information	NOUN
aeasj-363	523	5	system	system	NOUN
aeasj-363	523	6	.	.	PUNCT
aeasj-363	524	1	11(3	11(3	NUM
aeasj-363	524	2	)	)	PUNCT
aeasj-363	524	3	,	,	PUNCT
aeasj-363	524	4	442	442	NUM
aeasj-363	524	5	-	-	SYM
aeasj-363	524	6	454	454	NUM
aeasj-363	524	7	.	.	PUNCT
aeasj-363	525	1	uwuigbe	uwuigbe	NOUN
aeasj-363	525	2	,	,	PUNCT
aeasj-363	525	3	u.	u.	PROPN
aeasj-363	525	4	,	,	PUNCT
aeasj-363	525	5	jafaru	jafaru	PROPN
aeasj-363	525	6	,	,	PUNCT
aeasj-363	525	7	j.	j.	PROPN
aeasj-363	525	8	,	,	PUNCT
aeasj-363	525	9	&	&	CCONJ
aeasj-363	525	10	ajayi	ajayi	NOUN
aeasj-363	525	11	,	,	PUNCT
aeasj-363	525	12	a.	a.	PROPN
aeasj-363	525	13	,	,	PUNCT
aeasj-363	525	14	(	(	PUNCT
aeasj-363	525	15	2012	2012	NUM
aeasj-363	525	16	)	)	PUNCT
aeasj-363	525	17	.	.	PUNCT
aeasj-363	526	1	dividend	dividend	NOUN
aeasj-363	526	2	policy	policy	NOUN
aeasj-363	526	3	and	and	CCONJ
aeasj-363	526	4	firm	firm	ADJ
aeasj-363	526	5	performance	performance	NOUN
aeasj-363	526	6	:	:	PUNCT
aeasj-363	526	7	a	a	DET
aeasj-363	526	8	study	study	NOUN
aeasj-363	526	9	of	of	ADP
aeasj-363	526	10	listed	list	VERB
aeasj-363	526	11	firms	firm	NOUN
aeasj-363	526	12	in	in	ADP
aeasj-363	526	13	nigeria	nigeria	PROPN
aeasj-363	526	14	.	.	PUNCT
aeasj-363	527	1	accounting	accounting	NOUN
aeasj-363	527	2	and	and	CCONJ
aeasj-363	527	3	management	management	NOUN
aeasj-363	527	4	information	information	NOUN
aeasj-363	527	5	systems	system	NOUN
aeasj-363	527	6	,	,	PUNCT
aeasj-363	527	7	11(3	11(3	NUM
aeasj-363	527	8	)	)	PUNCT
aeasj-363	527	9	,	,	PUNCT
aeasj-363	527	10	442	442	NUM
aeasj-363	527	11	-	-	SYM
aeasj-363	527	12	454	454	NUM
aeasj-363	527	13	.	.	PUNCT
aeasj-363	528	1	vogt	vogt	PROPN
aeasj-363	528	2	,	,	PUNCT
aeasj-363	528	3	r.	r.	PROPN
aeasj-363	528	4	d.	d.	PROPN
aeasj-363	528	5	(	(	PUNCT
aeasj-363	528	6	1994	1994	NUM
aeasj-363	528	7	)	)	PUNCT
aeasj-363	528	8	.	.	PUNCT
aeasj-363	529	1	the	the	DET
aeasj-363	529	2	source	source	NOUN
aeasj-363	529	3	of	of	ADP
aeasj-363	529	4	investment	investment	NOUN
aeasj-363	529	5	cash	cash	NOUN
aeasj-363	529	6	flow	flow	NOUN
aeasj-363	529	7	sensitivity	sensitivity	NOUN
aeasj-363	529	8	in	in	ADP
aeasj-363	529	9	manufacturing	manufacturing	NOUN
aeasj-363	529	10	firms	firm	NOUN
aeasj-363	529	11	:	:	PUNCT
aeasj-363	529	12	is	be	AUX
aeasj-363	529	13	it	it	PRON
aeasj-363	529	14	asymmetric	asymmetric	ADJ
aeasj-363	529	15	information	information	NOUN
aeasj-363	529	16	or	or	CCONJ
aeasj-363	529	17	agency	agency	NOUN
aeasj-363	529	18	costs	cost	NOUN
aeasj-363	529	19	?	?	PUNCT
aeasj-363	530	1	walter	walter	PROPN
aeasj-363	530	2	,	,	PUNCT
aeasj-363	530	3	j.	j.	PROPN
aeasj-363	530	4	e.	e.	PROPN
aeasj-363	530	5	,	,	PUNCT
aeasj-363	530	6	(	(	PUNCT
aeasj-363	530	7	1963	1963	NUM
aeasj-363	530	8	)	)	PUNCT
aeasj-363	530	9	.	.	PUNCT
aeasj-363	531	1	dividend	dividend	NOUN
aeasj-363	531	2	policy	policy	NOUN
aeasj-363	531	3	:	:	PUNCT
aeasj-363	531	4	its	its	PRON
aeasj-363	531	5	influence	influence	NOUN
aeasj-363	531	6	on	on	ADP
aeasj-363	531	7	the	the	DET
aeasj-363	531	8	value	value	NOUN
aeasj-363	531	9	of	of	ADP
aeasj-363	531	10	the	the	DET
aeasj-363	531	11	enterprise	enterprise	NOUN
aeasj-363	531	12	.	.	PUNCT
aeasj-363	532	1	of	of	ADP
aeasj-363	532	2	economics	economic	NOUN
aeasj-363	532	3	,	,	PUNCT
aeasj-363	532	4	commerce	commerce	NOUN
aeasj-363	532	5	and	and	CCONJ
aeasj-363	532	6	management	management	NOUN
aeasj-363	532	7	,	,	PUNCT
aeasj-363	532	8	11	11	NUM
aeasj-363	532	9	(	(	PUNCT
aeasj-363	532	10	9	9	NUM
aeasj-363	532	11	)	)	PUNCT
aeasj-363	532	12	,	,	PUNCT
aeasj-363	532	13	1	1	NUM
aeasj-363	532	14	-	-	SYM
aeasj-363	532	15	17	17	NUM
aeasj-363	532	16	.	.	PUNCT
aeasj-363	532	17	wolmarans	wolmarans	PROPN
aeasj-363	532	18	,	,	PUNCT
aeasj-363	532	19	h.	h.	PROPN
aeasj-363	532	20	,	,	PUNCT
aeasj-363	532	21	(	(	PUNCT
aeasj-363	532	22	2003	2003	NUM
aeasj-363	532	23	)	)	PUNCT
aeasj-363	532	24	.	.	PUNCT
aeasj-363	533	1	does	do	AUX
aeasj-363	533	2	lintner	lintner	VERB
aeasj-363	533	3	’s	’s	PART
aeasj-363	533	4	dividend	dividend	NOUN
aeasj-363	533	5	model	model	NOUN
aeasj-363	533	6	explain	explain	VERB
aeasj-363	533	7	south	south	ADJ
aeasj-363	533	8	african	african	ADJ
aeasj-363	533	9	dividend	dividend	NOUN
aeasj-363	533	10	payments	payment	NOUN
aeasj-363	533	11	?	?	PUNCT
aeasj-363	534	1	meditari	meditari	ADJ
aeasj-363	534	2	accountancy	accountancy	NOUN
aeasj-363	534	3	research	research	NOUN
aeasj-363	534	4	1(1	1(1	NUM
aeasj-363	534	5	)	)	PUNCT
aeasj-363	534	6	,	,	PUNCT
aeasj-363	534	7	243	243	NUM
aeasj-363	534	8	-	-	SYM
aeasj-363	534	9	253	253	NUM
aeasj-363	534	10	.	.	PUNCT
aeasj-363	535	1	yusuf	yusuf	PROPN
aeasj-363	535	2	b.	b.	PROPN
aeasj-363	535	3	r.	r.	PROPN
aeasj-363	535	4	,	,	PUNCT
aeasj-363	535	5	(	(	PUNCT
aeasj-363	535	6	2015	2015	NUM
aeasj-363	535	7	)	)	PUNCT
aeasj-363	535	8	.	.	PUNCT
aeasj-363	536	1	dividend	dividend	NOUN
aeasj-363	536	2	payment	payment	NOUN
aeasj-363	536	3	and	and	CCONJ
aeasj-363	536	4	performance	performance	NOUN
aeasj-363	536	5	of	of	ADP
aeasj-363	536	6	deposit	deposit	NOUN
aeasj-363	536	7	money	money	NOUN
aeasj-363	536	8	banks	bank	NOUN
aeasj-363	536	9	in	in	ADP
aeasj-363	536	10	nigeria	nigeria	PROPN
aeasj-363	536	11	.	.	PUNCT
aeasj-363	537	1	international	international	ADJ
aeasj-363	537	2	journal	journal	NOUN
aeasj-363	537	3	of	of	ADP
aeasj-363	537	4	achiness	achiness	NOUN
aeasj-363	537	5	in	in	ADP
aeasj-363	537	6	management	management	NOUN
aeasj-363	537	7	and	and	CCONJ
aeasj-363	537	8	economics	economic	NOUN
aeasj-363	537	9	.	.	PUNCT
aeasj-363	538	1	4(6	4(6	NUM
aeasj-363	538	2	)	)	PUNCT
aeasj-363	538	3	,	,	PUNCT
aeasj-363	538	4	98	98	NUM
aeasj-363	538	5	-	-	SYM
aeasj-363	538	6	105	105	NUM
aeasj-363	538	7	.	.	PUNCT
aeasj-363	539	1	zhou	zhou	PROPN
aeasj-363	539	2	,	,	PUNCT
aeasj-363	539	3	p.	p.	PROPN
aeasj-363	539	4	&	&	CCONJ
aeasj-363	539	5	ruland	ruland	PROPN
aeasj-363	539	6	,	,	PUNCT
aeasj-363	539	7	w.	w.	PROPN
aeasj-363	539	8	(	(	PUNCT
aeasj-363	539	9	2006).dividend	2006).dividend	NUM
aeasj-363	539	10	payout	payout	NOUN
aeasj-363	539	11	and	and	CCONJ
aeasj-363	539	12	future	future	ADJ
aeasj-363	539	13	earnings	earning	NOUN
aeasj-363	539	14	growth	growth	NOUN
aeasj-363	539	15	.	.	PUNCT
aeasj-363	540	1	financial	financial	ADJ
aeasj-363	540	2	analysts	analyst	NOUN
aeasj-363	540	3	journal	journal	NOUN
aeasj-363	540	4	,	,	PUNCT
aeasj-363	540	5	62(3	62(3	NOUN
aeasj-363	540	6	)	)	PUNCT
aeasj-363	540	7	,	,	PUNCT
aeasj-363	540	8	58	58	NUM
aeasj-363	540	9	–	–	SYM
aeasj-363	540	10	69	69	NUM
aeasj-363	540	11	.	.	PUNCT
aeasj-363	541	1	copyrights	copyright	VERB
aeasj-363	541	2	copyright	copyright	NOUN
aeasj-363	541	3	for	for	ADP
aeasj-363	541	4	this	this	DET
aeasj-363	541	5	article	article	NOUN
aeasj-363	541	6	is	be	AUX
aeasj-363	541	7	retained	retain	VERB
aeasj-363	541	8	by	by	ADP
aeasj-363	541	9	the	the	DET
aeasj-363	541	10	author(s	author(s	PROPN
aeasj-363	541	11	)	)	PUNCT
aeasj-363	541	12	,	,	PUNCT
aeasj-363	541	13	with	with	ADP
aeasj-363	541	14	first	first	ADJ
aeasj-363	541	15	publication	publication	NOUN
aeasj-363	541	16	rights	right	NOUN
aeasj-363	541	17	granted	grant	VERB
aeasj-363	541	18	to	to	ADP
aeasj-363	541	19	the	the	DET
aeasj-363	541	20	journal	journal	NOUN
aeasj-363	541	21	.	.	PUNCT
aeasj-363	542	1	this	this	PRON
aeasj-363	542	2	is	be	AUX
aeasj-363	542	3	an	an	DET
aeasj-363	542	4	open	open	ADJ
aeasj-363	542	5	-	-	PUNCT
aeasj-363	542	6	access	access	NOUN
aeasj-363	542	7	article	article	NOUN
aeasj-363	542	8	distributed	distribute	VERB
aeasj-363	542	9	under	under	ADP
aeasj-363	542	10	the	the	DET
aeasj-363	542	11	terms	term	NOUN
aeasj-363	542	12	and	and	CCONJ
aeasj-363	542	13	conditions	condition	NOUN
aeasj-363	542	14	of	of	ADP
aeasj-363	542	15	the	the	DET
aeasj-363	542	16	creative	creative	ADJ
aeasj-363	542	17	commons	common	NOUN
aeasj-363	542	18	attribution	attribution	NOUN
aeasj-363	542	19	license	license	NOUN
aeasj-363	542	20	(	(	PUNCT
aeasj-363	542	21	http://creativecommons.org/licenses/by/4.0/	http://creativecommons.org/licenses/by/4.0/	PROPN
aeasj-363	542	22	)	)	PUNCT
aeasj-363	542	23	.	.	PUNCT