id	sid	tid	token	lemma	pos
ajbmeb-2851	1	1	american	american	PROPN
ajbmeb-2851	1	2	journal	journal	PROPN
ajbmeb-2851	1	3	of	of	ADP
ajbmeb-2851	1	4	business	business	NOUN
ajbmeb-2851	1	5	management	management	NOUN
ajbmeb-2851	1	6	,	,	PUNCT
ajbmeb-2851	1	7	economics	economic	NOUN
ajbmeb-2851	1	8	and	and	CCONJ
ajbmeb-2851	1	9	banking	banking	NOUN
ajbmeb-2851	1	10	issn	issn	PROPN
ajbmeb-2851	1	11	(	(	PUNCT
ajbmeb-2851	1	12	e	e	NOUN
ajbmeb-2851	1	13	):	):	PUNCT
ajbmeb-2851	1	14	2832	2832	NUM
ajbmeb-2851	1	15	-	-	SYM
ajbmeb-2851	1	16	8078	8078	NUM
ajbmeb-2851	1	17	volume	volume	NOUN
ajbmeb-2851	1	18	35	35	NUM
ajbmeb-2851	1	19	,	,	PUNCT
ajbmeb-2851	1	20	april	april	PROPN
ajbmeb-2851	1	21	2025	2025	NUM
ajbmeb-2851	1	22	p	p	NOUN
ajbmeb-2851	1	23	a	a	DET
ajbmeb-2851	1	24	g	g	NOUN
ajbmeb-2851	1	25	e	e	NOUN
ajbmeb-2851	1	26	|	|	ADV
ajbmeb-2851	1	27	39	39	NUM
ajbmeb-2851	1	28	www.americanjournal.org	www.americanjournal.org	NOUN
ajbmeb-2851	1	29	enhancing	enhance	VERB
ajbmeb-2851	1	30	the	the	DET
ajbmeb-2851	1	31	capital	capital	NOUN
ajbmeb-2851	1	32	value	value	NOUN
ajbmeb-2851	1	33	of	of	ADP
ajbmeb-2851	1	34	joint	joint	ADJ
ajbmeb-2851	1	35	-	-	PUNCT
ajbmeb-2851	1	36	stock	stock	NOUN
ajbmeb-2851	1	37	companies	company	NOUN
ajbmeb-2851	1	38	through	through	ADP
ajbmeb-2851	1	39	good	good	ADJ
ajbmeb-2851	1	40	corporate	corporate	ADJ
ajbmeb-2851	1	41	governance	governance	NOUN
ajbmeb-2851	1	42	:	:	PUNCT
ajbmeb-2851	1	43	a	a	DET
ajbmeb-2851	1	44	methodological	methodological	ADJ
ajbmeb-2851	1	45	approach	approach	NOUN
ajbmeb-2851	1	46	urinov	urinov	PROPN
ajbmeb-2851	1	47	bobur	bobur	PROPN
ajbmeb-2851	1	48	nasilloyevich	nasilloyevich	PROPN
ajbmeb-2851	1	49	head	head	NOUN
ajbmeb-2851	1	50	of	of	ADP
ajbmeb-2851	1	51	innovative	innovative	ADJ
ajbmeb-2851	1	52	management	management	NOUN
ajbmeb-2851	1	53	department	department	PROPN
ajbmeb-2851	1	54	tashkent	tashkent	PROPN
ajbmeb-2851	1	55	state	state	PROPN
ajbmeb-2851	1	56	university	university	PROPN
ajbmeb-2851	1	57	of	of	ADP
ajbmeb-2851	1	58	econocmis	econocmis	PROPN
ajbmeb-2851	1	59	b.urinov@tsue.uz	b.urinov@tsue.uz	PROPN
ajbmeb-2851	1	60	a	a	DET
ajbmeb-2851	1	61	b	b	PROPN
ajbmeb-2851	1	62	s	s	ADP
ajbmeb-2851	1	63	t	t	PROPN
ajbmeb-2851	1	64	r	r	NOUN
ajbmeb-2851	1	65	a	a	DET
ajbmeb-2851	1	66	c	c	NOUN
ajbmeb-2851	1	67	t	t	NOUN
ajbmeb-2851	1	68	k	k	X
ajbmeb-2851	1	69	e	e	PROPN
ajbmeb-2851	1	70	y	y	PROPN
ajbmeb-2851	1	71	w	w	NOUN
ajbmeb-2851	1	72	o	o	NOUN
ajbmeb-2851	1	73	r	r	NOUN
ajbmeb-2851	1	74	d	d	PROPN
ajbmeb-2851	1	75	s	s	VERB
ajbmeb-2851	1	76	this	this	DET
ajbmeb-2851	1	77	study	study	NOUN
ajbmeb-2851	1	78	proposes	propose	VERB
ajbmeb-2851	1	79	a	a	DET
ajbmeb-2851	1	80	comprehensive	comprehensive	ADJ
ajbmeb-2851	1	81	methodological	methodological	ADJ
ajbmeb-2851	1	82	framework	framework	NOUN
ajbmeb-2851	1	83	for	for	ADP
ajbmeb-2851	1	84	enhancing	enhance	VERB
ajbmeb-2851	1	85	the	the	DET
ajbmeb-2851	1	86	capital	capital	NOUN
ajbmeb-2851	1	87	value	value	NOUN
ajbmeb-2851	1	88	of	of	ADP
ajbmeb-2851	1	89	joint	joint	ADJ
ajbmeb-2851	1	90	-	-	PUNCT
ajbmeb-2851	1	91	stock	stock	NOUN
ajbmeb-2851	1	92	companies	company	NOUN
ajbmeb-2851	1	93	,	,	PUNCT
ajbmeb-2851	1	94	emphasizing	emphasize	VERB
ajbmeb-2851	1	95	the	the	DET
ajbmeb-2851	1	96	integration	integration	NOUN
ajbmeb-2851	1	97	of	of	ADP
ajbmeb-2851	1	98	good	good	ADJ
ajbmeb-2851	1	99	corporate	corporate	ADJ
ajbmeb-2851	1	100	governance	governance	NOUN
ajbmeb-2851	1	101	principles	principle	NOUN
ajbmeb-2851	1	102	.	.	PUNCT
ajbmeb-2851	2	1	the	the	DET
ajbmeb-2851	2	2	research	research	NOUN
ajbmeb-2851	2	3	develops	develop	VERB
ajbmeb-2851	2	4	a	a	DET
ajbmeb-2851	2	5	conceptual	conceptual	ADJ
ajbmeb-2851	2	6	and	and	CCONJ
ajbmeb-2851	2	7	empirical	empirical	ADJ
ajbmeb-2851	2	8	model	model	NOUN
ajbmeb-2851	2	9	that	that	PRON
ajbmeb-2851	2	10	incorporates	incorporate	VERB
ajbmeb-2851	2	11	key	key	ADJ
ajbmeb-2851	2	12	governance	governance	NOUN
ajbmeb-2851	2	13	tools	tool	NOUN
ajbmeb-2851	2	14	such	such	ADJ
ajbmeb-2851	2	15	as	as	ADP
ajbmeb-2851	2	16	independent	independent	ADJ
ajbmeb-2851	2	17	directorship	directorship	NOUN
ajbmeb-2851	2	18	,	,	PUNCT
ajbmeb-2851	2	19	strategic	strategic	ADJ
ajbmeb-2851	2	20	openness	openness	NOUN
ajbmeb-2851	2	21	,	,	PUNCT
ajbmeb-2851	2	22	dividend	dividend	NOUN
ajbmeb-2851	2	23	policy	policy	NOUN
ajbmeb-2851	2	24	,	,	PUNCT
ajbmeb-2851	2	25	and	and	CCONJ
ajbmeb-2851	2	26	corporate	corporate	ADJ
ajbmeb-2851	2	27	social	social	ADJ
ajbmeb-2851	2	28	responsibility	responsibility	NOUN
ajbmeb-2851	2	29	.	.	PUNCT
ajbmeb-2851	3	1	the	the	DET
ajbmeb-2851	3	2	model	model	NOUN
ajbmeb-2851	3	3	is	be	AUX
ajbmeb-2851	3	4	tested	test	VERB
ajbmeb-2851	3	5	using	use	VERB
ajbmeb-2851	3	6	data	datum	NOUN
ajbmeb-2851	3	7	from	from	ADP
ajbmeb-2851	3	8	joint	joint	ADJ
ajbmeb-2851	3	9	-	-	PUNCT
ajbmeb-2851	3	10	stock	stock	NOUN
ajbmeb-2851	3	11	companies	company	NOUN
ajbmeb-2851	3	12	in	in	ADP
ajbmeb-2851	3	13	uzbekistan	uzbekistan	PROPN
ajbmeb-2851	3	14	and	and	CCONJ
ajbmeb-2851	3	15	comparator	comparator	NOUN
ajbmeb-2851	3	16	countries	country	NOUN
ajbmeb-2851	3	17	.	.	PUNCT
ajbmeb-2851	4	1	the	the	DET
ajbmeb-2851	4	2	findings	finding	NOUN
ajbmeb-2851	4	3	indicate	indicate	VERB
ajbmeb-2851	4	4	a	a	DET
ajbmeb-2851	4	5	strong	strong	ADJ
ajbmeb-2851	4	6	correlation	correlation	NOUN
ajbmeb-2851	4	7	between	between	ADP
ajbmeb-2851	4	8	good	good	ADJ
ajbmeb-2851	4	9	governance	governance	NOUN
ajbmeb-2851	4	10	practices	practice	NOUN
ajbmeb-2851	4	11	and	and	CCONJ
ajbmeb-2851	4	12	increased	increase	VERB
ajbmeb-2851	4	13	market	market	NOUN
ajbmeb-2851	4	14	value	value	NOUN
ajbmeb-2851	4	15	.	.	PUNCT
ajbmeb-2851	5	1	based	base	VERB
ajbmeb-2851	5	2	on	on	ADP
ajbmeb-2851	5	3	these	these	DET
ajbmeb-2851	5	4	insights	insight	NOUN
ajbmeb-2851	5	5	,	,	PUNCT
ajbmeb-2851	5	6	the	the	DET
ajbmeb-2851	5	7	study	study	NOUN
ajbmeb-2851	5	8	provides	provide	VERB
ajbmeb-2851	5	9	concrete	concrete	ADJ
ajbmeb-2851	5	10	institutional	institutional	ADJ
ajbmeb-2851	5	11	,	,	PUNCT
ajbmeb-2851	5	12	regulatory	regulatory	ADJ
ajbmeb-2851	5	13	,	,	PUNCT
ajbmeb-2851	5	14	and	and	CCONJ
ajbmeb-2851	5	15	managerial	managerial	ADJ
ajbmeb-2851	5	16	recommendations	recommendation	NOUN
ajbmeb-2851	5	17	aligned	align	VERB
ajbmeb-2851	5	18	with	with	ADP
ajbmeb-2851	5	19	sustainable	sustainable	ADJ
ajbmeb-2851	5	20	development	development	NOUN
ajbmeb-2851	5	21	goals	goal	NOUN
ajbmeb-2851	5	22	(	(	PUNCT
ajbmeb-2851	5	23	sdgs	sdgs	ADJ
ajbmeb-2851	5	24	)	)	PUNCT
ajbmeb-2851	5	25	.	.	PUNCT
ajbmeb-2851	6	1	corporate	corporate	ADJ
ajbmeb-2851	6	2	governance	governance	NOUN
ajbmeb-2851	6	3	,	,	PUNCT
ajbmeb-2851	6	4	capital	capital	NOUN
ajbmeb-2851	6	5	value	value	NOUN
ajbmeb-2851	6	6	,	,	PUNCT
ajbmeb-2851	6	7	jointstock	jointstock	NOUN
ajbmeb-2851	6	8	companies	company	NOUN
ajbmeb-2851	6	9	,	,	PUNCT
ajbmeb-2851	6	10	independent	independent	ADJ
ajbmeb-2851	6	11	directors	director	NOUN
ajbmeb-2851	6	12	,	,	PUNCT
ajbmeb-2851	6	13	strategic	strategic	ADJ
ajbmeb-2851	6	14	openness	openness	NOUN
ajbmeb-2851	6	15	,	,	PUNCT
ajbmeb-2851	6	16	sustainable	sustainable	ADJ
ajbmeb-2851	6	17	development	development	NOUN
ajbmeb-2851	6	18	,	,	PUNCT
ajbmeb-2851	6	19	disclosure	disclosure	NOUN
ajbmeb-2851	6	20	index	index	NOUN
ajbmeb-2851	6	21	.	.	PUNCT
ajbmeb-2851	7	1	introduction	introduction	NOUN
ajbmeb-2851	7	2	the	the	DET
ajbmeb-2851	7	3	increasing	increase	VERB
ajbmeb-2851	7	4	complexity	complexity	NOUN
ajbmeb-2851	7	5	of	of	ADP
ajbmeb-2851	7	6	global	global	ADJ
ajbmeb-2851	7	7	markets	market	NOUN
ajbmeb-2851	7	8	and	and	CCONJ
ajbmeb-2851	7	9	financial	financial	ADJ
ajbmeb-2851	7	10	systems	system	NOUN
ajbmeb-2851	7	11	has	have	AUX
ajbmeb-2851	7	12	intensified	intensify	VERB
ajbmeb-2851	7	13	the	the	DET
ajbmeb-2851	7	14	importance	importance	NOUN
ajbmeb-2851	7	15	of	of	ADP
ajbmeb-2851	7	16	sound	sound	ADJ
ajbmeb-2851	7	17	corporate	corporate	ADJ
ajbmeb-2851	7	18	governance	governance	NOUN
ajbmeb-2851	7	19	in	in	ADP
ajbmeb-2851	7	20	determining	determine	VERB
ajbmeb-2851	7	21	the	the	DET
ajbmeb-2851	7	22	sustainability	sustainability	NOUN
ajbmeb-2851	7	23	and	and	CCONJ
ajbmeb-2851	7	24	capital	capital	NOUN
ajbmeb-2851	7	25	valuation	valuation	NOUN
ajbmeb-2851	7	26	of	of	ADP
ajbmeb-2851	7	27	joint	joint	ADJ
ajbmeb-2851	7	28	-	-	PUNCT
ajbmeb-2851	7	29	stock	stock	NOUN
ajbmeb-2851	7	30	companies	company	NOUN
ajbmeb-2851	7	31	.	.	PUNCT
ajbmeb-2851	8	1	in	in	ADP
ajbmeb-2851	8	2	developed	develop	VERB
ajbmeb-2851	8	3	economies	economy	NOUN
ajbmeb-2851	8	4	,	,	PUNCT
ajbmeb-2851	8	5	corporate	corporate	ADJ
ajbmeb-2851	8	6	governance	governance	NOUN
ajbmeb-2851	8	7	frameworks	framework	NOUN
ajbmeb-2851	8	8	have	have	AUX
ajbmeb-2851	8	9	evolved	evolve	VERB
ajbmeb-2851	8	10	in	in	ADP
ajbmeb-2851	8	11	tandem	tandem	NOUN
ajbmeb-2851	8	12	with	with	ADP
ajbmeb-2851	8	13	capital	capital	NOUN
ajbmeb-2851	8	14	market	market	NOUN
ajbmeb-2851	8	15	sophistication	sophistication	NOUN
ajbmeb-2851	8	16	,	,	PUNCT
ajbmeb-2851	8	17	often	often	ADV
ajbmeb-2851	8	18	leading	lead	VERB
ajbmeb-2851	8	19	to	to	ADP
ajbmeb-2851	8	20	more	more	ADV
ajbmeb-2851	8	21	efficient	efficient	ADJ
ajbmeb-2851	8	22	allocation	allocation	NOUN
ajbmeb-2851	8	23	of	of	ADP
ajbmeb-2851	8	24	resources	resource	NOUN
ajbmeb-2851	8	25	,	,	PUNCT
ajbmeb-2851	8	26	enhanced	enhance	VERB
ajbmeb-2851	8	27	investor	investor	NOUN
ajbmeb-2851	8	28	confidence	confidence	NOUN
ajbmeb-2851	8	29	,	,	PUNCT
ajbmeb-2851	8	30	and	and	CCONJ
ajbmeb-2851	8	31	sustainable	sustainable	ADJ
ajbmeb-2851	8	32	economic	economic	ADJ
ajbmeb-2851	8	33	growth	growth	NOUN
ajbmeb-2851	8	34	.	.	PUNCT
ajbmeb-2851	9	1	for	for	ADP
ajbmeb-2851	9	2	instance	instance	NOUN
ajbmeb-2851	9	3	,	,	PUNCT
ajbmeb-2851	9	4	in	in	ADP
ajbmeb-2851	9	5	the	the	DET
ajbmeb-2851	9	6	united	united	PROPN
ajbmeb-2851	9	7	states	states	PROPN
ajbmeb-2851	9	8	and	and	CCONJ
ajbmeb-2851	9	9	the	the	DET
ajbmeb-2851	9	10	united	united	ADJ
ajbmeb-2851	9	11	kingdom	kingdom	PROPN
ajbmeb-2851	9	12	,	,	PUNCT
ajbmeb-2851	9	13	corporate	corporate	ADJ
ajbmeb-2851	9	14	governance	governance	NOUN
ajbmeb-2851	9	15	reforms	reform	NOUN
ajbmeb-2851	9	16	have	have	AUX
ajbmeb-2851	9	17	long	long	ADV
ajbmeb-2851	9	18	been	be	AUX
ajbmeb-2851	9	19	integrated	integrate	VERB
ajbmeb-2851	9	20	into	into	ADP
ajbmeb-2851	9	21	financial	financial	ADJ
ajbmeb-2851	9	22	regulation	regulation	NOUN
ajbmeb-2851	9	23	and	and	CCONJ
ajbmeb-2851	9	24	corporate	corporate	ADJ
ajbmeb-2851	9	25	culture	culture	NOUN
ajbmeb-2851	9	26	.	.	PUNCT
ajbmeb-2851	10	1	at	at	ADP
ajbmeb-2851	10	2	the	the	DET
ajbmeb-2851	10	3	international	international	ADJ
ajbmeb-2851	10	4	level	level	NOUN
ajbmeb-2851	10	5	,	,	PUNCT
ajbmeb-2851	10	6	institutions	institution	NOUN
ajbmeb-2851	10	7	such	such	ADJ
ajbmeb-2851	10	8	as	as	ADP
ajbmeb-2851	10	9	the	the	DET
ajbmeb-2851	10	10	oecd	oecd	PROPN
ajbmeb-2851	10	11	and	and	CCONJ
ajbmeb-2851	10	12	the	the	DET
ajbmeb-2851	10	13	world	world	PROPN
ajbmeb-2851	10	14	bank	bank	PROPN
ajbmeb-2851	10	15	continue	continue	VERB
ajbmeb-2851	10	16	to	to	PART
ajbmeb-2851	10	17	update	update	VERB
ajbmeb-2851	10	18	governance	governance	NOUN
ajbmeb-2851	10	19	principles	principle	NOUN
ajbmeb-2851	10	20	to	to	PART
ajbmeb-2851	10	21	reflect	reflect	VERB
ajbmeb-2851	10	22	changing	change	VERB
ajbmeb-2851	10	23	stakeholder	stakeholder	NOUN
ajbmeb-2851	10	24	expectations	expectation	NOUN
ajbmeb-2851	10	25	,	,	PUNCT
ajbmeb-2851	10	26	esg	esg	NOUN
ajbmeb-2851	10	27	standards	standard	NOUN
ajbmeb-2851	10	28	,	,	PUNCT
ajbmeb-2851	10	29	and	and	CCONJ
ajbmeb-2851	10	30	digital	digital	ADJ
ajbmeb-2851	10	31	transformation	transformation	NOUN
ajbmeb-2851	10	32	.	.	PUNCT
ajbmeb-2851	11	1	the	the	DET
ajbmeb-2851	11	2	rise	rise	NOUN
ajbmeb-2851	11	3	of	of	ADP
ajbmeb-2851	11	4	esg	esg	PROPN
ajbmeb-2851	11	5	investing	investing	NOUN
ajbmeb-2851	11	6	has	have	AUX
ajbmeb-2851	11	7	added	add	VERB
ajbmeb-2851	11	8	new	new	ADJ
ajbmeb-2851	11	9	dimensions	dimension	NOUN
ajbmeb-2851	11	10	to	to	ADP
ajbmeb-2851	11	11	governance	governance	NOUN
ajbmeb-2851	11	12	,	,	PUNCT
ajbmeb-2851	11	13	demanding	demand	VERB
ajbmeb-2851	11	14	transparency	transparency	NOUN
ajbmeb-2851	11	15	not	not	PART
ajbmeb-2851	11	16	only	only	ADV
ajbmeb-2851	11	17	in	in	ADP
ajbmeb-2851	11	18	financial	financial	ADJ
ajbmeb-2851	11	19	disclosures	disclosure	NOUN
ajbmeb-2851	11	20	but	but	CCONJ
ajbmeb-2851	11	21	also	also	ADV
ajbmeb-2851	11	22	in	in	ADP
ajbmeb-2851	11	23	environmental	environmental	ADJ
ajbmeb-2851	11	24	and	and	CCONJ
ajbmeb-2851	11	25	social	social	ADJ
ajbmeb-2851	11	26	responsibility	responsibility	NOUN
ajbmeb-2851	11	27	.	.	PUNCT
ajbmeb-2851	12	1	in	in	ADP
ajbmeb-2851	12	2	emerging	emerge	VERB
ajbmeb-2851	12	3	markets	market	NOUN
ajbmeb-2851	12	4	,	,	PUNCT
ajbmeb-2851	12	5	such	such	ADJ
ajbmeb-2851	12	6	as	as	ADP
ajbmeb-2851	12	7	uzbekistan	uzbekistan	NOUN
ajbmeb-2851	12	8	,	,	PUNCT
ajbmeb-2851	12	9	corporate	corporate	ADJ
ajbmeb-2851	12	10	governance	governance	NOUN
ajbmeb-2851	12	11	remains	remain	VERB
ajbmeb-2851	12	12	at	at	ADP
ajbmeb-2851	12	13	a	a	DET
ajbmeb-2851	12	14	formative	formative	ADJ
ajbmeb-2851	12	15	stage	stage	NOUN
ajbmeb-2851	12	16	.	.	PUNCT
ajbmeb-2851	13	1	governance	governance	NOUN
ajbmeb-2851	13	2	systems	system	NOUN
ajbmeb-2851	13	3	tend	tend	VERB
ajbmeb-2851	13	4	to	to	PART
ajbmeb-2851	13	5	be	be	AUX
ajbmeb-2851	13	6	rule	rule	NOUN
ajbmeb-2851	13	7	-	-	PUNCT
ajbmeb-2851	13	8	based	base	VERB
ajbmeb-2851	13	9	rather	rather	ADV
ajbmeb-2851	13	10	than	than	ADP
ajbmeb-2851	13	11	performance	performance	NOUN
ajbmeb-2851	13	12	-	-	PUNCT
ajbmeb-2851	13	13	oriented	orient	VERB
ajbmeb-2851	13	14	,	,	PUNCT
ajbmeb-2851	13	15	and	and	CCONJ
ajbmeb-2851	13	16	structural	structural	ADJ
ajbmeb-2851	13	17	weaknesses	weakness	NOUN
ajbmeb-2851	13	18	—	—	PUNCT
ajbmeb-2851	13	19	such	such	ADJ
ajbmeb-2851	13	20	as	as	ADP
ajbmeb-2851	13	21	lack	lack	NOUN
ajbmeb-2851	13	22	of	of	ADP
ajbmeb-2851	13	23	board	board	NOUN
ajbmeb-2851	13	24	independence	independence	NOUN
ajbmeb-2851	13	25	,	,	PUNCT
ajbmeb-2851	13	26	limited	limited	ADJ
ajbmeb-2851	13	27	stakeholder	stakeholder	NOUN
ajbmeb-2851	13	28	participation	participation	NOUN
ajbmeb-2851	13	29	,	,	PUNCT
ajbmeb-2851	13	30	and	and	CCONJ
ajbmeb-2851	13	31	poor	poor	ADJ
ajbmeb-2851	13	32	disclosure	disclosure	NOUN
ajbmeb-2851	13	33	practices	practice	NOUN
ajbmeb-2851	13	34	—	—	PUNCT
ajbmeb-2851	13	35	continue	continue	VERB
ajbmeb-2851	13	36	to	to	PART
ajbmeb-2851	13	37	inhibit	inhibit	VERB
ajbmeb-2851	13	38	capital	capital	NOUN
ajbmeb-2851	13	39	market	market	NOUN
ajbmeb-2851	13	40	development	development	NOUN
ajbmeb-2851	13	41	.	.	PUNCT
ajbmeb-2851	14	1	locally	locally	ADV
ajbmeb-2851	14	2	,	,	PUNCT
ajbmeb-2851	14	3	many	many	ADJ
ajbmeb-2851	14	4	joint	joint	ADJ
ajbmeb-2851	14	5	-	-	PUNCT
ajbmeb-2851	14	6	stock	stock	NOUN
ajbmeb-2851	14	7	american	american	ADJ
ajbmeb-2851	14	8	journal	journal	PROPN
ajbmeb-2851	14	9	of	of	ADP
ajbmeb-2851	14	10	business	business	NOUN
ajbmeb-2851	14	11	management	management	NOUN
ajbmeb-2851	14	12	,	,	PUNCT
ajbmeb-2851	14	13	economics	economic	NOUN
ajbmeb-2851	14	14	and	and	CCONJ
ajbmeb-2851	14	15	banking	banking	NOUN
ajbmeb-2851	14	16	volume	volume	NOUN
ajbmeb-2851	14	17	35	35	NUM
ajbmeb-2851	14	18	april	april	PROPN
ajbmeb-2851	14	19	2025	2025	NUM
ajbmeb-2851	14	20	p	p	NOUN
ajbmeb-2851	14	21	a	a	DET
ajbmeb-2851	14	22	g	g	NOUN
ajbmeb-2851	14	23	e	e	NOUN
ajbmeb-2851	14	24	|	|	ADV
ajbmeb-2851	14	25	40	40	NUM
ajbmeb-2851	14	26	www.americanjournal.org	www.americanjournal.org	NOUN
ajbmeb-2851	14	27	companies	company	NOUN
ajbmeb-2851	14	28	are	be	AUX
ajbmeb-2851	14	29	still	still	ADV
ajbmeb-2851	14	30	undergoing	undergo	VERB
ajbmeb-2851	14	31	transitions	transition	NOUN
ajbmeb-2851	14	32	from	from	ADP
ajbmeb-2851	14	33	state	state	NOUN
ajbmeb-2851	14	34	-	-	PUNCT
ajbmeb-2851	14	35	owned	own	VERB
ajbmeb-2851	14	36	to	to	ADP
ajbmeb-2851	14	37	privately	privately	ADV
ajbmeb-2851	14	38	managed	manage	VERB
ajbmeb-2851	14	39	enterprises	enterprise	NOUN
ajbmeb-2851	14	40	,	,	PUNCT
ajbmeb-2851	14	41	where	where	SCONJ
ajbmeb-2851	14	42	governance	governance	NOUN
ajbmeb-2851	14	43	culture	culture	NOUN
ajbmeb-2851	14	44	has	have	VERB
ajbmeb-2851	14	45	yet	yet	ADV
ajbmeb-2851	14	46	to	to	PART
ajbmeb-2851	14	47	mature	mature	VERB
ajbmeb-2851	14	48	.	.	PUNCT
ajbmeb-2851	15	1	against	against	ADP
ajbmeb-2851	15	2	this	this	DET
ajbmeb-2851	15	3	backdrop	backdrop	NOUN
ajbmeb-2851	15	4	,	,	PUNCT
ajbmeb-2851	15	5	this	this	DET
ajbmeb-2851	15	6	study	study	NOUN
ajbmeb-2851	15	7	addresses	address	VERB
ajbmeb-2851	15	8	the	the	DET
ajbmeb-2851	15	9	critical	critical	ADJ
ajbmeb-2851	15	10	question	question	NOUN
ajbmeb-2851	15	11	:	:	PUNCT
ajbmeb-2851	15	12	how	how	SCONJ
ajbmeb-2851	15	13	can	can	AUX
ajbmeb-2851	15	14	the	the	DET
ajbmeb-2851	15	15	capital	capital	NOUN
ajbmeb-2851	15	16	value	value	NOUN
ajbmeb-2851	15	17	of	of	ADP
ajbmeb-2851	15	18	jointstock	jointstock	NOUN
ajbmeb-2851	15	19	companies	company	NOUN
ajbmeb-2851	15	20	be	be	AUX
ajbmeb-2851	15	21	sustainably	sustainably	ADV
ajbmeb-2851	15	22	enhanced	enhance	VERB
ajbmeb-2851	15	23	through	through	ADP
ajbmeb-2851	15	24	improved	improve	VERB
ajbmeb-2851	15	25	corporate	corporate	ADJ
ajbmeb-2851	15	26	governance	governance	NOUN
ajbmeb-2851	15	27	mechanisms	mechanism	NOUN
ajbmeb-2851	15	28	?	?	PUNCT
ajbmeb-2851	16	1	by	by	ADP
ajbmeb-2851	16	2	formulating	formulate	VERB
ajbmeb-2851	16	3	and	and	CCONJ
ajbmeb-2851	16	4	empirically	empirically	ADV
ajbmeb-2851	16	5	testing	test	VERB
ajbmeb-2851	16	6	a	a	DET
ajbmeb-2851	16	7	governance	governance	NOUN
ajbmeb-2851	16	8	-	-	PUNCT
ajbmeb-2851	16	9	value	value	NOUN
ajbmeb-2851	16	10	linkage	linkage	NOUN
ajbmeb-2851	16	11	model	model	NOUN
ajbmeb-2851	16	12	,	,	PUNCT
ajbmeb-2851	16	13	this	this	DET
ajbmeb-2851	16	14	paper	paper	NOUN
ajbmeb-2851	16	15	seeks	seek	VERB
ajbmeb-2851	16	16	to	to	PART
ajbmeb-2851	16	17	bridge	bridge	VERB
ajbmeb-2851	16	18	the	the	DET
ajbmeb-2851	16	19	gap	gap	NOUN
ajbmeb-2851	16	20	between	between	ADP
ajbmeb-2851	16	21	theory	theory	NOUN
ajbmeb-2851	16	22	and	and	CCONJ
ajbmeb-2851	16	23	practice	practice	NOUN
ajbmeb-2851	16	24	and	and	CCONJ
ajbmeb-2851	16	25	offer	offer	VERB
ajbmeb-2851	16	26	actionable	actionable	ADJ
ajbmeb-2851	16	27	pathways	pathway	NOUN
ajbmeb-2851	16	28	for	for	ADP
ajbmeb-2851	16	29	institutional	institutional	ADJ
ajbmeb-2851	16	30	and	and	CCONJ
ajbmeb-2851	16	31	regulatory	regulatory	ADJ
ajbmeb-2851	16	32	reform	reform	NOUN
ajbmeb-2851	16	33	.	.	PUNCT
ajbmeb-2851	17	1	literature	literature	NOUN
ajbmeb-2851	17	2	review	review	VERB
ajbmeb-2851	17	3	the	the	DET
ajbmeb-2851	17	4	relationship	relationship	NOUN
ajbmeb-2851	17	5	between	between	ADP
ajbmeb-2851	17	6	corporate	corporate	ADJ
ajbmeb-2851	17	7	governance	governance	NOUN
ajbmeb-2851	17	8	and	and	CCONJ
ajbmeb-2851	17	9	firm	firm	ADJ
ajbmeb-2851	17	10	performance	performance	NOUN
ajbmeb-2851	17	11	has	have	AUX
ajbmeb-2851	17	12	been	be	AUX
ajbmeb-2851	17	13	extensively	extensively	ADV
ajbmeb-2851	17	14	explored	explore	VERB
ajbmeb-2851	17	15	in	in	ADP
ajbmeb-2851	17	16	both	both	CCONJ
ajbmeb-2851	17	17	theoretical	theoretical	ADJ
ajbmeb-2851	17	18	and	and	CCONJ
ajbmeb-2851	17	19	empirical	empirical	ADJ
ajbmeb-2851	17	20	literature	literature	NOUN
ajbmeb-2851	17	21	.	.	PUNCT
ajbmeb-2851	18	1	agency	agency	NOUN
ajbmeb-2851	18	2	theory	theory	NOUN
ajbmeb-2851	18	3	,	,	PUNCT
ajbmeb-2851	18	4	as	as	SCONJ
ajbmeb-2851	18	5	articulated	articulate	VERB
ajbmeb-2851	18	6	by	by	ADP
ajbmeb-2851	18	7	jensen	jensen	PROPN
ajbmeb-2851	18	8	and	and	CCONJ
ajbmeb-2851	18	9	meckling	meckling	NOUN
ajbmeb-2851	18	10	(	(	PUNCT
ajbmeb-2851	18	11	1976	1976	NUM
ajbmeb-2851	18	12	)	)	PUNCT
ajbmeb-2851	18	13	,	,	PUNCT
ajbmeb-2851	18	14	emphasizes	emphasize	VERB
ajbmeb-2851	18	15	the	the	DET
ajbmeb-2851	18	16	role	role	NOUN
ajbmeb-2851	18	17	of	of	ADP
ajbmeb-2851	18	18	governance	governance	NOUN
ajbmeb-2851	18	19	structures	structure	NOUN
ajbmeb-2851	18	20	in	in	ADP
ajbmeb-2851	18	21	resolving	resolve	VERB
ajbmeb-2851	18	22	conflicts	conflict	NOUN
ajbmeb-2851	18	23	between	between	ADP
ajbmeb-2851	18	24	managers	manager	NOUN
ajbmeb-2851	18	25	and	and	CCONJ
ajbmeb-2851	18	26	shareholders	shareholder	NOUN
ajbmeb-2851	18	27	.	.	PUNCT
ajbmeb-2851	19	1	this	this	DET
ajbmeb-2851	19	2	theory	theory	NOUN
ajbmeb-2851	19	3	underpins	underpin	VERB
ajbmeb-2851	19	4	many	many	ADJ
ajbmeb-2851	19	5	reforms	reform	NOUN
ajbmeb-2851	19	6	that	that	PRON
ajbmeb-2851	19	7	seek	seek	VERB
ajbmeb-2851	19	8	to	to	PART
ajbmeb-2851	19	9	strengthen	strengthen	VERB
ajbmeb-2851	19	10	board	board	NOUN
ajbmeb-2851	19	11	independence	independence	NOUN
ajbmeb-2851	19	12	and	and	CCONJ
ajbmeb-2851	19	13	accountability	accountability	NOUN
ajbmeb-2851	19	14	.	.	PUNCT
ajbmeb-2851	20	1	stakeholder	stakeholder	NOUN
ajbmeb-2851	20	2	theory	theory	NOUN
ajbmeb-2851	20	3	,	,	PUNCT
ajbmeb-2851	20	4	developed	develop	VERB
ajbmeb-2851	20	5	by	by	ADP
ajbmeb-2851	20	6	freeman	freeman	PROPN
ajbmeb-2851	20	7	(	(	PUNCT
ajbmeb-2851	20	8	1984	1984	NUM
ajbmeb-2851	20	9	)	)	PUNCT
ajbmeb-2851	20	10	,	,	PUNCT
ajbmeb-2851	20	11	expands	expand	VERB
ajbmeb-2851	20	12	the	the	DET
ajbmeb-2851	20	13	governance	governance	NOUN
ajbmeb-2851	20	14	framework	framework	NOUN
ajbmeb-2851	20	15	to	to	PART
ajbmeb-2851	20	16	include	include	VERB
ajbmeb-2851	20	17	a	a	DET
ajbmeb-2851	20	18	broader	broad	ADJ
ajbmeb-2851	20	19	array	array	NOUN
ajbmeb-2851	20	20	of	of	ADP
ajbmeb-2851	20	21	actors	actor	NOUN
ajbmeb-2851	20	22	—	—	PUNCT
ajbmeb-2851	20	23	employees	employee	NOUN
ajbmeb-2851	20	24	,	,	PUNCT
ajbmeb-2851	20	25	customers	customer	NOUN
ajbmeb-2851	20	26	,	,	PUNCT
ajbmeb-2851	20	27	suppliers	supplier	NOUN
ajbmeb-2851	20	28	,	,	PUNCT
ajbmeb-2851	20	29	and	and	CCONJ
ajbmeb-2851	20	30	the	the	DET
ajbmeb-2851	20	31	community	community	NOUN
ajbmeb-2851	20	32	—	—	PUNCT
ajbmeb-2851	20	33	thus	thus	ADV
ajbmeb-2851	20	34	emphasizing	emphasize	VERB
ajbmeb-2851	20	35	inclusivity	inclusivity	NOUN
ajbmeb-2851	20	36	and	and	CCONJ
ajbmeb-2851	20	37	ethical	ethical	ADJ
ajbmeb-2851	20	38	decision	decision	NOUN
ajbmeb-2851	20	39	-	-	PUNCT
ajbmeb-2851	20	40	making	making	NOUN
ajbmeb-2851	20	41	.	.	PUNCT
ajbmeb-2851	21	1	this	this	PRON
ajbmeb-2851	21	2	has	have	AUX
ajbmeb-2851	21	3	led	lead	VERB
ajbmeb-2851	21	4	to	to	ADP
ajbmeb-2851	21	5	the	the	DET
ajbmeb-2851	21	6	rise	rise	NOUN
ajbmeb-2851	21	7	of	of	ADP
ajbmeb-2851	21	8	governance	governance	NOUN
ajbmeb-2851	21	9	practices	practice	NOUN
ajbmeb-2851	21	10	that	that	PRON
ajbmeb-2851	21	11	prioritize	prioritize	VERB
ajbmeb-2851	21	12	sustainability	sustainability	NOUN
ajbmeb-2851	21	13	,	,	PUNCT
ajbmeb-2851	21	14	transparency	transparency	NOUN
ajbmeb-2851	21	15	,	,	PUNCT
ajbmeb-2851	21	16	and	and	CCONJ
ajbmeb-2851	21	17	long	long	ADJ
ajbmeb-2851	21	18	-	-	PUNCT
ajbmeb-2851	21	19	term	term	NOUN
ajbmeb-2851	21	20	value	value	NOUN
ajbmeb-2851	21	21	creation	creation	NOUN
ajbmeb-2851	21	22	.	.	PUNCT
ajbmeb-2851	22	1	empirical	empirical	ADJ
ajbmeb-2851	22	2	studies	study	NOUN
ajbmeb-2851	22	3	provide	provide	VERB
ajbmeb-2851	22	4	strong	strong	ADJ
ajbmeb-2851	22	5	evidence	evidence	NOUN
ajbmeb-2851	22	6	supporting	support	VERB
ajbmeb-2851	22	7	the	the	DET
ajbmeb-2851	22	8	positive	positive	ADJ
ajbmeb-2851	22	9	impact	impact	NOUN
ajbmeb-2851	22	10	of	of	ADP
ajbmeb-2851	22	11	corporate	corporate	ADJ
ajbmeb-2851	22	12	governance	governance	NOUN
ajbmeb-2851	22	13	on	on	ADP
ajbmeb-2851	22	14	financial	financial	ADJ
ajbmeb-2851	22	15	performance	performance	NOUN
ajbmeb-2851	22	16	.	.	PUNCT
ajbmeb-2851	23	1	claessens	claessen	NOUN
ajbmeb-2851	23	2	and	and	CCONJ
ajbmeb-2851	23	3	yurtoglu	yurtoglu	PROPN
ajbmeb-2851	23	4	(	(	PUNCT
ajbmeb-2851	23	5	2013	2013	NUM
ajbmeb-2851	23	6	)	)	PUNCT
ajbmeb-2851	23	7	find	find	VERB
ajbmeb-2851	23	8	that	that	SCONJ
ajbmeb-2851	23	9	well	well	ADV
ajbmeb-2851	23	10	-	-	PUNCT
ajbmeb-2851	23	11	governed	govern	VERB
ajbmeb-2851	23	12	firms	firm	NOUN
ajbmeb-2851	23	13	tend	tend	VERB
ajbmeb-2851	23	14	to	to	PART
ajbmeb-2851	23	15	enjoy	enjoy	VERB
ajbmeb-2851	23	16	higher	high	ADJ
ajbmeb-2851	23	17	market	market	NOUN
ajbmeb-2851	23	18	valuations	valuation	NOUN
ajbmeb-2851	23	19	and	and	CCONJ
ajbmeb-2851	23	20	lower	low	ADJ
ajbmeb-2851	23	21	cost	cost	NOUN
ajbmeb-2851	23	22	of	of	ADP
ajbmeb-2851	23	23	capital	capital	NOUN
ajbmeb-2851	23	24	.	.	PUNCT
ajbmeb-2851	24	1	la	la	INTJ
ajbmeb-2851	24	2	porta	porta	PROPN
ajbmeb-2851	24	3	et	et	PROPN
ajbmeb-2851	24	4	al	al	PROPN
ajbmeb-2851	24	5	.	.	PROPN
ajbmeb-2851	25	1	(	(	PUNCT
ajbmeb-2851	25	2	1999	1999	NUM
ajbmeb-2851	25	3	)	)	PUNCT
ajbmeb-2851	25	4	demonstrate	demonstrate	VERB
ajbmeb-2851	25	5	that	that	SCONJ
ajbmeb-2851	25	6	legal	legal	ADJ
ajbmeb-2851	25	7	protections	protection	NOUN
ajbmeb-2851	25	8	for	for	ADP
ajbmeb-2851	25	9	investors	investor	NOUN
ajbmeb-2851	25	10	are	be	AUX
ajbmeb-2851	25	11	closely	closely	ADV
ajbmeb-2851	25	12	linked	link	VERB
ajbmeb-2851	25	13	with	with	ADP
ajbmeb-2851	25	14	financial	financial	ADJ
ajbmeb-2851	25	15	development	development	NOUN
ajbmeb-2851	25	16	and	and	CCONJ
ajbmeb-2851	25	17	firm	firm	ADJ
ajbmeb-2851	25	18	valuation	valuation	NOUN
ajbmeb-2851	25	19	across	across	ADP
ajbmeb-2851	25	20	countries	country	NOUN
ajbmeb-2851	25	21	.	.	PUNCT
ajbmeb-2851	26	1	more	more	ADV
ajbmeb-2851	26	2	recent	recent	ADJ
ajbmeb-2851	26	3	literature	literature	NOUN
ajbmeb-2851	26	4	has	have	AUX
ajbmeb-2851	26	5	explored	explore	VERB
ajbmeb-2851	26	6	the	the	DET
ajbmeb-2851	26	7	link	link	NOUN
ajbmeb-2851	26	8	between	between	ADP
ajbmeb-2851	26	9	esg	esg	PROPN
ajbmeb-2851	26	10	(	(	PUNCT
ajbmeb-2851	26	11	environmental	environmental	ADJ
ajbmeb-2851	26	12	,	,	PUNCT
ajbmeb-2851	26	13	social	social	ADJ
ajbmeb-2851	26	14	,	,	PUNCT
ajbmeb-2851	26	15	and	and	CCONJ
ajbmeb-2851	26	16	governance	governance	NOUN
ajbmeb-2851	26	17	)	)	PUNCT
ajbmeb-2851	26	18	practices	practice	NOUN
ajbmeb-2851	26	19	and	and	CCONJ
ajbmeb-2851	26	20	market	market	NOUN
ajbmeb-2851	26	21	outcomes	outcome	NOUN
ajbmeb-2851	26	22	.	.	PUNCT
ajbmeb-2851	27	1	khan	khan	PROPN
ajbmeb-2851	27	2	,	,	PUNCT
ajbmeb-2851	27	3	serafeim	serafeim	PROPN
ajbmeb-2851	27	4	,	,	PUNCT
ajbmeb-2851	27	5	and	and	CCONJ
ajbmeb-2851	27	6	yoon	yoon	PROPN
ajbmeb-2851	27	7	(	(	PUNCT
ajbmeb-2851	27	8	2016	2016	NUM
ajbmeb-2851	27	9	)	)	PUNCT
ajbmeb-2851	27	10	show	show	VERB
ajbmeb-2851	27	11	that	that	SCONJ
ajbmeb-2851	27	12	firms	firm	NOUN
ajbmeb-2851	27	13	with	with	ADP
ajbmeb-2851	27	14	material	material	NOUN
ajbmeb-2851	27	15	esg	esg	PROPN
ajbmeb-2851	27	16	practices	practice	NOUN
ajbmeb-2851	27	17	experience	experience	VERB
ajbmeb-2851	27	18	superior	superior	ADJ
ajbmeb-2851	27	19	risk	risk	NOUN
ajbmeb-2851	27	20	-	-	PUNCT
ajbmeb-2851	27	21	adjusted	adjust	VERB
ajbmeb-2851	27	22	returns	return	NOUN
ajbmeb-2851	27	23	.	.	PUNCT
ajbmeb-2851	28	1	similarly	similarly	ADV
ajbmeb-2851	28	2	,	,	PUNCT
ajbmeb-2851	28	3	studies	study	NOUN
ajbmeb-2851	28	4	by	by	ADP
ajbmeb-2851	28	5	eccles	eccles	PROPN
ajbmeb-2851	28	6	,	,	PUNCT
ajbmeb-2851	28	7	ioannou	ioannou	NOUN
ajbmeb-2851	28	8	,	,	PUNCT
ajbmeb-2851	28	9	and	and	CCONJ
ajbmeb-2851	28	10	serafeim	serafeim	PROPN
ajbmeb-2851	28	11	(	(	PUNCT
ajbmeb-2851	28	12	2014	2014	NUM
ajbmeb-2851	28	13	)	)	PUNCT
ajbmeb-2851	28	14	find	find	VERB
ajbmeb-2851	28	15	that	that	SCONJ
ajbmeb-2851	28	16	high	high	ADJ
ajbmeb-2851	28	17	-	-	PUNCT
ajbmeb-2851	28	18	sustainability	sustainability	NOUN
ajbmeb-2851	28	19	firms	firm	NOUN
ajbmeb-2851	28	20	outperform	outperform	VERB
ajbmeb-2851	28	21	their	their	PRON
ajbmeb-2851	28	22	counterparts	counterpart	NOUN
ajbmeb-2851	28	23	in	in	ADP
ajbmeb-2851	28	24	both	both	PRON
ajbmeb-2851	28	25	stock	stock	NOUN
ajbmeb-2851	28	26	market	market	NOUN
ajbmeb-2851	28	27	and	and	CCONJ
ajbmeb-2851	28	28	accounting	accounting	NOUN
ajbmeb-2851	28	29	metrics	metric	NOUN
ajbmeb-2851	28	30	.	.	PUNCT
ajbmeb-2851	29	1	in	in	ADP
ajbmeb-2851	29	2	the	the	DET
ajbmeb-2851	29	3	context	context	NOUN
ajbmeb-2851	29	4	of	of	ADP
ajbmeb-2851	29	5	emerging	emerge	VERB
ajbmeb-2851	29	6	markets	market	NOUN
ajbmeb-2851	29	7	,	,	PUNCT
ajbmeb-2851	29	8	corporate	corporate	ADJ
ajbmeb-2851	29	9	governance	governance	NOUN
ajbmeb-2851	29	10	is	be	AUX
ajbmeb-2851	29	11	often	often	ADV
ajbmeb-2851	29	12	shaped	shape	VERB
ajbmeb-2851	29	13	by	by	ADP
ajbmeb-2851	29	14	institutional	institutional	ADJ
ajbmeb-2851	29	15	voids	void	NOUN
ajbmeb-2851	29	16	and	and	CCONJ
ajbmeb-2851	29	17	state	state	NOUN
ajbmeb-2851	29	18	influence	influence	NOUN
ajbmeb-2851	29	19	.	.	PUNCT
ajbmeb-2851	30	1	studies	study	NOUN
ajbmeb-2851	30	2	such	such	ADJ
ajbmeb-2851	30	3	as	as	ADP
ajbmeb-2851	30	4	those	those	PRON
ajbmeb-2851	30	5	by	by	ADP
ajbmeb-2851	30	6	black	black	ADJ
ajbmeb-2851	30	7	,	,	PUNCT
ajbmeb-2851	30	8	jang	jang	PROPN
ajbmeb-2851	30	9	,	,	PUNCT
ajbmeb-2851	30	10	and	and	CCONJ
ajbmeb-2851	30	11	kim	kim	PROPN
ajbmeb-2851	30	12	(	(	PUNCT
ajbmeb-2851	30	13	2006	2006	NUM
ajbmeb-2851	30	14	)	)	PUNCT
ajbmeb-2851	30	15	in	in	ADP
ajbmeb-2851	30	16	korea	korea	PROPN
ajbmeb-2851	30	17	and	and	CCONJ
ajbmeb-2851	30	18	dyck	dyck	NOUN
ajbmeb-2851	30	19	and	and	CCONJ
ajbmeb-2851	30	20	zingales	zingale	NOUN
ajbmeb-2851	30	21	(	(	PUNCT
ajbmeb-2851	30	22	2004	2004	NUM
ajbmeb-2851	30	23	)	)	PUNCT
ajbmeb-2851	30	24	in	in	ADP
ajbmeb-2851	30	25	russia	russia	PROPN
ajbmeb-2851	30	26	demonstrate	demonstrate	VERB
ajbmeb-2851	30	27	that	that	SCONJ
ajbmeb-2851	30	28	improvements	improvement	NOUN
ajbmeb-2851	30	29	in	in	ADP
ajbmeb-2851	30	30	governance	governance	NOUN
ajbmeb-2851	30	31	can	can	AUX
ajbmeb-2851	30	32	result	result	VERB
ajbmeb-2851	30	33	in	in	ADP
ajbmeb-2851	30	34	substantial	substantial	ADJ
ajbmeb-2851	30	35	gains	gain	NOUN
ajbmeb-2851	30	36	in	in	ADP
ajbmeb-2851	30	37	firm	firm	ADJ
ajbmeb-2851	30	38	value	value	NOUN
ajbmeb-2851	30	39	,	,	PUNCT
ajbmeb-2851	30	40	particularly	particularly	ADV
ajbmeb-2851	30	41	when	when	SCONJ
ajbmeb-2851	30	42	investor	investor	NOUN
ajbmeb-2851	30	43	protection	protection	NOUN
ajbmeb-2851	30	44	is	be	AUX
ajbmeb-2851	30	45	weak	weak	ADJ
ajbmeb-2851	30	46	.	.	PUNCT
ajbmeb-2851	31	1	uzbekistan	uzbekistan	PROPN
ajbmeb-2851	31	2	’s	’s	PART
ajbmeb-2851	31	3	corporate	corporate	ADJ
ajbmeb-2851	31	4	governance	governance	NOUN
ajbmeb-2851	31	5	framework	framework	NOUN
ajbmeb-2851	31	6	remains	remain	VERB
ajbmeb-2851	31	7	under	under	ADV
ajbmeb-2851	31	8	-	-	PUNCT
ajbmeb-2851	31	9	studied	study	VERB
ajbmeb-2851	31	10	,	,	PUNCT
ajbmeb-2851	31	11	though	though	SCONJ
ajbmeb-2851	31	12	recent	recent	ADJ
ajbmeb-2851	31	13	reports	report	NOUN
ajbmeb-2851	31	14	by	by	ADP
ajbmeb-2851	31	15	the	the	DET
ajbmeb-2851	31	16	asian	asian	PROPN
ajbmeb-2851	31	17	development	development	PROPN
ajbmeb-2851	31	18	bank	bank	PROPN
ajbmeb-2851	31	19	(	(	PUNCT
ajbmeb-2851	31	20	adb	adb	PROPN
ajbmeb-2851	31	21	)	)	PUNCT
ajbmeb-2851	31	22	and	and	CCONJ
ajbmeb-2851	31	23	ifc	ifc	NOUN
ajbmeb-2851	31	24	suggest	suggest	VERB
ajbmeb-2851	31	25	that	that	SCONJ
ajbmeb-2851	31	26	board	board	NOUN
ajbmeb-2851	31	27	independence	independence	NOUN
ajbmeb-2851	31	28	,	,	PUNCT
ajbmeb-2851	31	29	transparency	transparency	NOUN
ajbmeb-2851	31	30	,	,	PUNCT
ajbmeb-2851	31	31	and	and	CCONJ
ajbmeb-2851	31	32	regulatory	regulatory	ADJ
ajbmeb-2851	31	33	enforcement	enforcement	NOUN
ajbmeb-2851	31	34	remain	remain	VERB
ajbmeb-2851	31	35	critical	critical	ADJ
ajbmeb-2851	31	36	challenges	challenge	NOUN
ajbmeb-2851	31	37	.	.	PUNCT
ajbmeb-2851	32	1	this	this	DET
ajbmeb-2851	32	2	study	study	NOUN
ajbmeb-2851	32	3	builds	build	VERB
ajbmeb-2851	32	4	on	on	ADP
ajbmeb-2851	32	5	the	the	DET
ajbmeb-2851	32	6	above	above	ADJ
ajbmeb-2851	32	7	literature	literature	NOUN
ajbmeb-2851	32	8	by	by	ADP
ajbmeb-2851	32	9	proposing	propose	VERB
ajbmeb-2851	32	10	a	a	DET
ajbmeb-2851	32	11	context	context	NOUN
ajbmeb-2851	32	12	-	-	PUNCT
ajbmeb-2851	32	13	specific	specific	ADJ
ajbmeb-2851	32	14	model	model	NOUN
ajbmeb-2851	32	15	that	that	PRON
ajbmeb-2851	32	16	integrates	integrate	NOUN
ajbmeb-2851	32	17	internationally	internationally	ADV
ajbmeb-2851	32	18	recognized	recognize	VERB
ajbmeb-2851	32	19	governance	governance	NOUN
ajbmeb-2851	32	20	variables	variable	NOUN
ajbmeb-2851	32	21	with	with	ADP
ajbmeb-2851	32	22	localized	localized	ADJ
ajbmeb-2851	32	23	empirical	empirical	ADJ
ajbmeb-2851	32	24	evidence	evidence	NOUN
ajbmeb-2851	32	25	.	.	PUNCT
ajbmeb-2851	33	1	methodology	methodology	NOUN
ajbmeb-2851	33	2	the	the	DET
ajbmeb-2851	33	3	research	research	NOUN
ajbmeb-2851	33	4	methodology	methodology	NOUN
ajbmeb-2851	33	5	follows	follow	VERB
ajbmeb-2851	33	6	a	a	DET
ajbmeb-2851	33	7	structured	structure	VERB
ajbmeb-2851	33	8	mixed	mix	VERB
ajbmeb-2851	33	9	-	-	PUNCT
ajbmeb-2851	33	10	methods	method	NOUN
ajbmeb-2851	33	11	design	design	NOUN
ajbmeb-2851	33	12	involving	involve	VERB
ajbmeb-2851	33	13	theoretical	theoretical	ADJ
ajbmeb-2851	33	14	development	development	NOUN
ajbmeb-2851	33	15	,	,	PUNCT
ajbmeb-2851	33	16	model	model	NOUN
ajbmeb-2851	33	17	construction	construction	NOUN
ajbmeb-2851	33	18	,	,	PUNCT
ajbmeb-2851	33	19	and	and	CCONJ
ajbmeb-2851	33	20	quantitative	quantitative	ADJ
ajbmeb-2851	33	21	validation	validation	NOUN
ajbmeb-2851	33	22	.	.	PUNCT
ajbmeb-2851	34	1	we	we	PRON
ajbmeb-2851	34	2	reconceptualize	reconceptualize	VERB
ajbmeb-2851	34	3	"	"	PUNCT
ajbmeb-2851	34	4	good	good	ADJ
ajbmeb-2851	34	5	corporate	corporate	ADJ
ajbmeb-2851	34	6	governance	governance	NOUN
ajbmeb-2851	34	7	"	"	PUNCT
ajbmeb-2851	34	8	as	as	ADP
ajbmeb-2851	34	9	a	a	DET
ajbmeb-2851	34	10	stakeholder	stakeholder	NOUN
ajbmeb-2851	34	11	-	-	PUNCT
ajbmeb-2851	34	12	centric	centric	ADJ
ajbmeb-2851	34	13	,	,	PUNCT
ajbmeb-2851	34	14	transparent	transparent	ADJ
ajbmeb-2851	34	15	,	,	PUNCT
ajbmeb-2851	34	16	accountable	accountable	ADJ
ajbmeb-2851	34	17	,	,	PUNCT
ajbmeb-2851	34	18	and	and	CCONJ
ajbmeb-2851	34	19	long	long	ADJ
ajbmeb-2851	34	20	-	-	PUNCT
ajbmeb-2851	34	21	term	term	NOUN
ajbmeb-2851	34	22	oriented	orient	VERB
ajbmeb-2851	34	23	system	system	NOUN
ajbmeb-2851	34	24	.	.	PUNCT
ajbmeb-2851	35	1	unlike	unlike	ADP
ajbmeb-2851	35	2	traditional	traditional	ADJ
ajbmeb-2851	35	3	shareholder	shareholder	NOUN
ajbmeb-2851	35	4	models	model	NOUN
ajbmeb-2851	35	5	,	,	PUNCT
ajbmeb-2851	35	6	this	this	DET
ajbmeb-2851	35	7	approach	approach	NOUN
ajbmeb-2851	35	8	emphasizes	emphasize	VERB
ajbmeb-2851	35	9	inclusivity	inclusivity	NOUN
ajbmeb-2851	35	10	and	and	CCONJ
ajbmeb-2851	35	11	strategic	strategic	ADJ
ajbmeb-2851	35	12	openness	openness	NOUN
ajbmeb-2851	35	13	.	.	PUNCT
ajbmeb-2851	36	1	american	american	ADJ
ajbmeb-2851	36	2	journal	journal	PROPN
ajbmeb-2851	36	3	of	of	ADP
ajbmeb-2851	36	4	business	business	NOUN
ajbmeb-2851	36	5	management	management	NOUN
ajbmeb-2851	36	6	,	,	PUNCT
ajbmeb-2851	36	7	economics	economic	NOUN
ajbmeb-2851	36	8	and	and	CCONJ
ajbmeb-2851	36	9	banking	banking	NOUN
ajbmeb-2851	36	10	volume	volume	NOUN
ajbmeb-2851	36	11	35	35	NUM
ajbmeb-2851	36	12	april	april	PROPN
ajbmeb-2851	36	13	2025	2025	NUM
ajbmeb-2851	36	14	p	p	NOUN
ajbmeb-2851	36	15	a	a	DET
ajbmeb-2851	36	16	g	g	NOUN
ajbmeb-2851	36	17	e	e	NOUN
ajbmeb-2851	37	1	|	|	ADV
ajbmeb-2851	37	2	41	41	NUM
ajbmeb-2851	37	3	www.americanjournal.org	www.americanjournal.org	NOUN
ajbmeb-2851	37	4	the	the	DET
ajbmeb-2851	37	5	model	model	NOUN
ajbmeb-2851	37	6	hypothesizes	hypothesize	VERB
ajbmeb-2851	37	7	that	that	SCONJ
ajbmeb-2851	37	8	capital	capital	NOUN
ajbmeb-2851	37	9	value	value	NOUN
ajbmeb-2851	37	10	is	be	AUX
ajbmeb-2851	37	11	influenced	influence	VERB
ajbmeb-2851	37	12	by	by	ADP
ajbmeb-2851	37	13	multiple	multiple	ADJ
ajbmeb-2851	37	14	governance	governance	NOUN
ajbmeb-2851	37	15	variables	variable	NOUN
ajbmeb-2851	37	16	:	:	PUNCT
ajbmeb-2851	38	1	capital	capital	NOUN
ajbmeb-2851	38	2	value	value	NOUN
ajbmeb-2851	38	3	=	=	SYM
ajbmeb-2851	38	4	f	f	PROPN
ajbmeb-2851	38	5	(	(	PUNCT
ajbmeb-2851	38	6	mdu	mdu	PROPN
ajbmeb-2851	38	7	,	,	PUNCT
ajbmeb-2851	38	8	soi	soi	PROPN
ajbmeb-2851	38	9	,	,	PUNCT
ajbmeb-2851	38	10	csr	csr	PROPN
ajbmeb-2851	38	11	,	,	PUNCT
ajbmeb-2851	38	12	di	di	NOUN
ajbmeb-2851	38	13	,	,	PUNCT
ajbmeb-2851	38	14	divpol	divpol	PROPN
ajbmeb-2851	38	15	)	)	PUNCT
ajbmeb-2851	38	16	where	where	SCONJ
ajbmeb-2851	38	17	:	:	PUNCT
ajbmeb-2851	38	18	−	−	PROPN
ajbmeb-2851	38	19	mdu	mdu	NOUN
ajbmeb-2851	38	20	:	:	PUNCT
ajbmeb-2851	38	21	proportion	proportion	NOUN
ajbmeb-2851	38	22	of	of	ADP
ajbmeb-2851	38	23	independent	independent	ADJ
ajbmeb-2851	38	24	directors	director	NOUN
ajbmeb-2851	38	25	on	on	ADP
ajbmeb-2851	38	26	the	the	DET
ajbmeb-2851	38	27	supervisory	supervisory	ADJ
ajbmeb-2851	38	28	board	board	NOUN
ajbmeb-2851	38	29	(	(	PUNCT
ajbmeb-2851	38	30	≥	≥	NOUN
ajbmeb-2851	38	31	20	20	NUM
ajbmeb-2851	38	32	%	%	NOUN
ajbmeb-2851	38	33	)	)	PUNCT
ajbmeb-2851	39	1	−	−	PROPN
ajbmeb-2851	39	2	soi	soi	ADJ
ajbmeb-2851	39	3	:	:	PUNCT
ajbmeb-2851	39	4	strategic	strategic	ADJ
ajbmeb-2851	39	5	openness	openness	NOUN
ajbmeb-2851	39	6	index	index	NOUN
ajbmeb-2851	39	7	,	,	PUNCT
ajbmeb-2851	39	8	capturing	capture	VERB
ajbmeb-2851	39	9	transparency	transparency	NOUN
ajbmeb-2851	39	10	and	and	CCONJ
ajbmeb-2851	39	11	stakeholder	stakeholder	NOUN
ajbmeb-2851	39	12	participation	participation	NOUN
ajbmeb-2851	39	13	(	(	PUNCT
ajbmeb-2851	39	14	0–100	0–100	NUM
ajbmeb-2851	39	15	%	%	NOUN
ajbmeb-2851	39	16	)	)	PUNCT
ajbmeb-2851	40	1	−	−	PROPN
ajbmeb-2851	40	2	csr	csr	NOUN
ajbmeb-2851	40	3	:	:	PUNCT
ajbmeb-2851	40	4	corporate	corporate	ADJ
ajbmeb-2851	40	5	social	social	ADJ
ajbmeb-2851	40	6	responsibility	responsibility	NOUN
ajbmeb-2851	40	7	index	index	NOUN
ajbmeb-2851	40	8	,	,	PUNCT
ajbmeb-2851	40	9	reflecting	reflect	VERB
ajbmeb-2851	40	10	environmental	environmental	ADJ
ajbmeb-2851	40	11	and	and	CCONJ
ajbmeb-2851	40	12	social	social	ADJ
ajbmeb-2851	40	13	efforts	effort	NOUN
ajbmeb-2851	40	14	−	−	ADP
ajbmeb-2851	40	15	di	di	NOUN
ajbmeb-2851	40	16	:	:	PUNCT
ajbmeb-2851	40	17	disclosure	disclosure	NOUN
ajbmeb-2851	40	18	index	index	NOUN
ajbmeb-2851	40	19	,	,	PUNCT
ajbmeb-2851	40	20	measuring	measure	VERB
ajbmeb-2851	40	21	the	the	DET
ajbmeb-2851	40	22	extent	extent	NOUN
ajbmeb-2851	40	23	of	of	ADP
ajbmeb-2851	40	24	information	information	NOUN
ajbmeb-2851	40	25	transparency	transparency	NOUN
ajbmeb-2851	40	26	−	−	PROPN
ajbmeb-2851	40	27	divpol	divpol	NOUN
ajbmeb-2851	40	28	:	:	PUNCT
ajbmeb-2851	40	29	dividend	dividend	NOUN
ajbmeb-2851	40	30	policy	policy	NOUN
ajbmeb-2851	40	31	,	,	PUNCT
ajbmeb-2851	40	32	categorized	categorize	VERB
ajbmeb-2851	40	33	as	as	ADP
ajbmeb-2851	40	34	stable	stable	ADJ
ajbmeb-2851	40	35	or	or	CCONJ
ajbmeb-2851	40	36	aggressive	aggressive	ADJ
ajbmeb-2851	40	37	a	a	DET
ajbmeb-2851	40	38	multiple	multiple	ADJ
ajbmeb-2851	40	39	linear	linear	ADJ
ajbmeb-2851	40	40	regression	regression	NOUN
ajbmeb-2851	40	41	analysis	analysis	NOUN
ajbmeb-2851	40	42	was	be	AUX
ajbmeb-2851	40	43	performed	perform	VERB
ajbmeb-2851	40	44	to	to	PART
ajbmeb-2851	40	45	quantify	quantify	VERB
ajbmeb-2851	40	46	the	the	DET
ajbmeb-2851	40	47	individual	individual	ADJ
ajbmeb-2851	40	48	and	and	CCONJ
ajbmeb-2851	40	49	combined	combined	ADJ
ajbmeb-2851	40	50	impact	impact	NOUN
ajbmeb-2851	40	51	of	of	ADP
ajbmeb-2851	40	52	governance	governance	NOUN
ajbmeb-2851	40	53	variables	variable	NOUN
ajbmeb-2851	40	54	on	on	ADP
ajbmeb-2851	40	55	capital	capital	NOUN
ajbmeb-2851	40	56	valuation	valuation	NOUN
ajbmeb-2851	40	57	,	,	PUNCT
ajbmeb-2851	40	58	measured	measure	VERB
ajbmeb-2851	40	59	through	through	ADP
ajbmeb-2851	40	60	tobin	tobin	PROPN
ajbmeb-2851	40	61	’s	’s	PART
ajbmeb-2851	40	62	q.	q.	PROPN
ajbmeb-2851	40	63	results	result	VERB
ajbmeb-2851	40	64	the	the	DET
ajbmeb-2851	40	65	regression	regression	NOUN
ajbmeb-2851	40	66	results	result	NOUN
ajbmeb-2851	40	67	reveal	reveal	VERB
ajbmeb-2851	40	68	a	a	DET
ajbmeb-2851	40	69	statistically	statistically	ADV
ajbmeb-2851	40	70	significant	significant	ADJ
ajbmeb-2851	40	71	relationship	relationship	NOUN
ajbmeb-2851	40	72	between	between	ADP
ajbmeb-2851	40	73	corporate	corporate	ADJ
ajbmeb-2851	40	74	governance	governance	NOUN
ajbmeb-2851	40	75	variables	variable	NOUN
ajbmeb-2851	40	76	and	and	CCONJ
ajbmeb-2851	40	77	capital	capital	NOUN
ajbmeb-2851	40	78	value	value	NOUN
ajbmeb-2851	40	79	.	.	PUNCT
ajbmeb-2851	41	1	independent	independent	ADJ
ajbmeb-2851	41	2	directors	director	NOUN
ajbmeb-2851	41	3	(	(	PUNCT
ajbmeb-2851	41	4	mdu	mdu	PROPN
ajbmeb-2851	41	5	)	)	PUNCT
ajbmeb-2851	41	6	had	have	VERB
ajbmeb-2851	41	7	a	a	DET
ajbmeb-2851	41	8	coefficient	coefficient	NOUN
ajbmeb-2851	41	9	of	of	ADP
ajbmeb-2851	41	10	+0.0146	+0.0146	NOUN
ajbmeb-2851	41	11	,	,	PUNCT
ajbmeb-2851	41	12	indicating	indicate	VERB
ajbmeb-2851	41	13	that	that	SCONJ
ajbmeb-2851	41	14	a	a	DET
ajbmeb-2851	41	15	10	10	NUM
ajbmeb-2851	41	16	%	%	NOUN
ajbmeb-2851	41	17	increase	increase	NOUN
ajbmeb-2851	41	18	in	in	ADP
ajbmeb-2851	41	19	board	board	NOUN
ajbmeb-2851	41	20	independence	independence	NOUN
ajbmeb-2851	41	21	leads	lead	VERB
ajbmeb-2851	41	22	to	to	ADP
ajbmeb-2851	41	23	a	a	DET
ajbmeb-2851	41	24	0.146	0.146	NUM
ajbmeb-2851	41	25	increase	increase	NOUN
ajbmeb-2851	41	26	in	in	ADP
ajbmeb-2851	41	27	tobin	tobin	PROPN
ajbmeb-2851	41	28	’s	’s	PART
ajbmeb-2851	41	29	q.	q.	PROPN
ajbmeb-2851	41	30	strategic	strategic	ADJ
ajbmeb-2851	41	31	openness	openness	NOUN
ajbmeb-2851	41	32	(	(	PUNCT
ajbmeb-2851	41	33	soi	soi	NOUN
ajbmeb-2851	41	34	)	)	PUNCT
ajbmeb-2851	41	35	had	have	VERB
ajbmeb-2851	41	36	the	the	DET
ajbmeb-2851	41	37	strongest	strong	ADJ
ajbmeb-2851	41	38	impact	impact	NOUN
ajbmeb-2851	41	39	,	,	PUNCT
ajbmeb-2851	41	40	with	with	ADP
ajbmeb-2851	41	41	a	a	DET
ajbmeb-2851	41	42	coefficient	coefficient	NOUN
ajbmeb-2851	41	43	of	of	ADP
ajbmeb-2851	41	44	+0.0198	+0.0198	PROPN
ajbmeb-2851	41	45	,	,	PUNCT
ajbmeb-2851	41	46	demonstrating	demonstrate	VERB
ajbmeb-2851	41	47	that	that	DET
ajbmeb-2851	41	48	transparent	transparent	ADJ
ajbmeb-2851	41	49	and	and	CCONJ
ajbmeb-2851	41	50	inclusive	inclusive	ADJ
ajbmeb-2851	41	51	decision	decision	NOUN
ajbmeb-2851	41	52	-	-	PUNCT
ajbmeb-2851	41	53	making	making	NOUN
ajbmeb-2851	41	54	is	be	AUX
ajbmeb-2851	41	55	a	a	DET
ajbmeb-2851	41	56	major	major	ADJ
ajbmeb-2851	41	57	contributor	contributor	NOUN
ajbmeb-2851	41	58	to	to	ADP
ajbmeb-2851	41	59	market	market	NOUN
ajbmeb-2851	41	60	value	value	NOUN
ajbmeb-2851	41	61	.	.	PUNCT
ajbmeb-2851	42	1	csr	csr	NOUN
ajbmeb-2851	42	2	and	and	CCONJ
ajbmeb-2851	42	3	di	di	NOUN
ajbmeb-2851	42	4	showed	show	VERB
ajbmeb-2851	42	5	positive	positive	ADJ
ajbmeb-2851	42	6	effects	effect	NOUN
ajbmeb-2851	42	7	with	with	ADP
ajbmeb-2851	42	8	coefficients	coefficient	NOUN
ajbmeb-2851	42	9	of	of	ADP
ajbmeb-2851	42	10	+0.462	+0.462	ADJ
ajbmeb-2851	42	11	and	and	CCONJ
ajbmeb-2851	42	12	+0.320	+0.320	NOUN
ajbmeb-2851	42	13	respectively	respectively	ADV
ajbmeb-2851	42	14	,	,	PUNCT
ajbmeb-2851	42	15	while	while	SCONJ
ajbmeb-2851	42	16	stable	stable	ADJ
ajbmeb-2851	42	17	dividend	dividend	NOUN
ajbmeb-2851	42	18	policy	policy	NOUN
ajbmeb-2851	42	19	also	also	ADV
ajbmeb-2851	42	20	positively	positively	ADV
ajbmeb-2851	42	21	influenced	influence	VERB
ajbmeb-2851	42	22	capital	capital	NOUN
ajbmeb-2851	42	23	value	value	NOUN
ajbmeb-2851	42	24	at	at	ADP
ajbmeb-2851	42	25	a	a	DET
ajbmeb-2851	42	26	coefficient	coefficient	NOUN
ajbmeb-2851	42	27	of	of	ADP
ajbmeb-2851	42	28	+0.067	+0.067	NOUN
ajbmeb-2851	42	29	.	.	PUNCT
ajbmeb-2851	43	1	table	table	NOUN
ajbmeb-2851	43	2	1	1	NUM
ajbmeb-2851	43	3	.	.	PUNCT
ajbmeb-2851	43	4	:	:	PUNCT
ajbmeb-2851	44	1	governance	governance	NOUN
ajbmeb-2851	44	2	indicators	indicator	NOUN
ajbmeb-2851	44	3	and	and	CCONJ
ajbmeb-2851	44	4	tobin	tobin	PROPN
ajbmeb-2851	44	5	’s	’s	PART
ajbmeb-2851	44	6	q	q	NOUN
ajbmeb-2851	44	7	of	of	ADP
ajbmeb-2851	44	8	selected	select	VERB
ajbmeb-2851	44	9	companies	company	NOUN
ajbmeb-2851	44	10	company	company	NOUN
ajbmeb-2851	44	11	mdu	mdu	PROPN
ajbmeb-2851	44	12	(	(	PUNCT
ajbmeb-2851	44	13	%	%	INTJ
ajbmeb-2851	44	14	)	)	PUNCT
ajbmeb-2851	44	15	soi	soi	NOUN
ajbmeb-2851	44	16	(	(	PUNCT
ajbmeb-2851	44	17	%	%	INTJ
ajbmeb-2851	44	18	)	)	PUNCT
ajbmeb-2851	44	19	csr	csr	NOUN
ajbmeb-2851	44	20	index	index	NOUN
ajbmeb-2851	44	21	disclosure	disclosure	NOUN
ajbmeb-2851	44	22	index	index	NOUN
ajbmeb-2851	44	23	dividend	dividend	NOUN
ajbmeb-2851	44	24	policy	policy	PROPN
ajbmeb-2851	44	25	tobin	tobin	PROPN
ajbmeb-2851	44	26	’s	’s	PART
ajbmeb-2851	44	27	q	q	PROPN
ajbmeb-2851	44	28	uzauto	uzauto	ADJ
ajbmeb-2851	44	29	motors	motor	NOUN
ajbmeb-2851	44	30	15	15	NUM
ajbmeb-2851	44	31	40	40	NUM
ajbmeb-2851	44	32	0.45	0.45	NUM
ajbmeb-2851	44	33	0.35	0.35	NUM
ajbmeb-2851	44	34	stable	stable	ADJ
ajbmeb-2851	44	35	0.90	0.90	NUM
ajbmeb-2851	44	36	lukoil	lukoil	ADJ
ajbmeb-2851	44	37	uzbekistan	uzbekistan	PROPN
ajbmeb-2851	44	38	20	20	NUM
ajbmeb-2851	44	39	50	50	NUM
ajbmeb-2851	44	40	0.55	0.55	NUM
ajbmeb-2851	44	41	0.40	0.40	NUM
ajbmeb-2851	44	42	stable	stable	ADJ
ajbmeb-2851	44	43	1.10	1.10	NUM
ajbmeb-2851	44	44	tbc	tbc	NOUN
ajbmeb-2851	44	45	bank	bank	NOUN
ajbmeb-2851	44	46	uzbekistan	uzbekistan	PROPN
ajbmeb-2851	44	47	25	25	NUM
ajbmeb-2851	44	48	60	60	NUM
ajbmeb-2851	44	49	0.60	0.60	NUM
ajbmeb-2851	44	50	0.50	0.50	NUM
ajbmeb-2851	44	51	aggressive	aggressive	ADJ
ajbmeb-2851	44	52	1.25	1.25	NUM
ajbmeb-2851	44	53	uztelecom	uztelecom	ADJ
ajbmeb-2851	44	54	30	30	NUM
ajbmeb-2851	44	55	70	70	NUM
ajbmeb-2851	44	56	0.70	0.70	NUM
ajbmeb-2851	44	57	0.60	0.60	NUM
ajbmeb-2851	44	58	aggressive	aggressive	ADJ
ajbmeb-2851	44	59	1.50	1.50	NUM
ajbmeb-2851	44	60	asaka	asaka	ADJ
ajbmeb-2851	44	61	bank	bank	PROPN
ajbmeb-2851	44	62	18	18	NUM
ajbmeb-2851	44	63	45	45	NUM
ajbmeb-2851	44	64	0.48	0.48	NUM
ajbmeb-2851	44	65	0.38	0.38	NUM
ajbmeb-2851	44	66	stable	stable	ADJ
ajbmeb-2851	44	67	1.00	1.00	NUM
ajbmeb-2851	44	68	kapitalbank	kapitalbank	NOUN
ajbmeb-2851	44	69	22	22	NUM
ajbmeb-2851	44	70	55	55	NUM
ajbmeb-2851	44	71	0.52	0.52	NUM
ajbmeb-2851	44	72	0.45	0.45	NUM
ajbmeb-2851	44	73	aggressive	aggressive	ADJ
ajbmeb-2851	44	74	1.20	1.20	NUM
ajbmeb-2851	44	75	coca	coca	PROPN
ajbmeb-2851	44	76	-	-	PUNCT
ajbmeb-2851	44	77	cola	cola	PROPN
ajbmeb-2851	44	78	uzbekistan	uzbekistan	PROPN
ajbmeb-2851	44	79	28	28	NUM
ajbmeb-2851	44	80	75	75	NUM
ajbmeb-2851	44	81	0.68	0.68	NUM
ajbmeb-2851	44	82	0.58	0.58	NUM
ajbmeb-2851	44	83	aggressive	aggressive	ADJ
ajbmeb-2851	44	84	1.60	1.60	NUM
ajbmeb-2851	44	85	agrobank	agrobank	NOUN
ajbmeb-2851	44	86	35	35	NUM
ajbmeb-2851	44	87	80	80	NUM
ajbmeb-2851	44	88	0.75	0.75	NUM
ajbmeb-2851	44	89	0.62	0.62	NUM
ajbmeb-2851	44	90	aggressive	aggressive	ADJ
ajbmeb-2851	44	91	1.70	1.70	NUM
ajbmeb-2851	44	92	qishloq	qishloq	NOUN
ajbmeb-2851	44	93	qurilish	qurilish	PROPN
ajbmeb-2851	44	94	bank	bank	PROPN
ajbmeb-2851	44	95	19	19	NUM
ajbmeb-2851	44	96	49	49	NUM
ajbmeb-2851	44	97	0.50	0.50	NUM
ajbmeb-2851	44	98	0.41	0.41	NUM
ajbmeb-2851	44	99	stable	stable	ADJ
ajbmeb-2851	44	100	1.05	1.05	NUM
ajbmeb-2851	44	101	ipoteka	ipoteka	PROPN
ajbmeb-2851	44	102	bank	bank	PROPN
ajbmeb-2851	44	103	21	21	NUM
ajbmeb-2851	44	104	52	52	NUM
ajbmeb-2851	44	105	0.54	0.54	NUM
ajbmeb-2851	44	106	0.46	0.46	NUM
ajbmeb-2851	44	107	stable	stable	ADJ
ajbmeb-2851	44	108	1.15	1.15	NUM
ajbmeb-2851	44	109	tobin	tobin	NOUN
ajbmeb-2851	44	110	’s	’s	PART
ajbmeb-2851	44	111	q	q	PROPN
ajbmeb-2851	44	112	=	=	PUNCT
ajbmeb-2851	44	113	α	α	PROPN
ajbmeb-2851	44	114	+	+	X
ajbmeb-2851	44	115	β₁(mdu	β₁(mdu	X
ajbmeb-2851	44	116	)	)	PUNCT
ajbmeb-2851	44	117	+	+	NUM
ajbmeb-2851	44	118	β₂(soi	β₂(soi	NUM
ajbmeb-2851	44	119	)	)	PUNCT
ajbmeb-2851	44	120	+	+	NUM
ajbmeb-2851	44	121	β₃(csr	β₃(csr	NUM
ajbmeb-2851	44	122	index	index	NOUN
ajbmeb-2851	44	123	)	)	PUNCT
ajbmeb-2851	44	124	+	+	NUM
ajbmeb-2851	44	125	β₄(disclosure	β₄(disclosure	NOUN
ajbmeb-2851	44	126	index	index	NOUN
ajbmeb-2851	44	127	)	)	PUNCT
ajbmeb-2851	44	128	+	+	PUNCT
ajbmeb-2851	44	129	β₅(dividend	β₅(dividend	NOUN
ajbmeb-2851	44	130	policy	policy	NOUN
ajbmeb-2851	44	131	)	)	PUNCT
ajbmeb-2851	44	132	variable	variable	ADJ
ajbmeb-2851	44	133	coefficient	coefficient	NOUN
ajbmeb-2851	44	134	(	(	PUNCT
ajbmeb-2851	44	135	β	β	NOUN
ajbmeb-2851	44	136	)	)	PUNCT
ajbmeb-2851	44	137	interpretation	interpretation	NOUN
ajbmeb-2851	44	138	intercept	intercept	NOUN
ajbmeb-2851	44	139	(	(	PUNCT
ajbmeb-2851	44	140	α	α	NOUN
ajbmeb-2851	44	141	)	)	PUNCT
ajbmeb-2851	44	142	0.157	0.157	NUM
ajbmeb-2851	44	143	base	base	NOUN
ajbmeb-2851	44	144	capital	capital	NOUN
ajbmeb-2851	44	145	value	value	NOUN
ajbmeb-2851	44	146	when	when	SCONJ
ajbmeb-2851	44	147	all	all	DET
ajbmeb-2851	44	148	other	other	ADJ
ajbmeb-2851	44	149	indicators	indicator	NOUN
ajbmeb-2851	44	150	are	be	AUX
ajbmeb-2851	44	151	0	0	NUM
ajbmeb-2851	44	152	mdu	mdu	X
ajbmeb-2851	44	153	(	(	PUNCT
ajbmeb-2851	44	154	%	%	INTJ
ajbmeb-2851	44	155	)	)	PUNCT
ajbmeb-2851	44	156	+0.0146	+0.0146	NOUN
ajbmeb-2851	44	157	each	each	DET
ajbmeb-2851	44	158	10	10	NUM
ajbmeb-2851	44	159	%	%	NOUN
ajbmeb-2851	44	160	increase	increase	NOUN
ajbmeb-2851	44	161	in	in	ADP
ajbmeb-2851	44	162	independent	independent	ADJ
ajbmeb-2851	44	163	directors	director	NOUN
ajbmeb-2851	44	164	→	→	PUNCT
ajbmeb-2851	44	165	+0.146	+0.146	PROPN
ajbmeb-2851	44	166	in	in	ADP
ajbmeb-2851	44	167	tobin	tobin	PROPN
ajbmeb-2851	44	168	’s	’s	PART
ajbmeb-2851	44	169	q	q	PROPN
ajbmeb-2851	44	170	soi	soi	ADJ
ajbmeb-2851	44	171	(	(	PUNCT
ajbmeb-2851	44	172	%	%	INTJ
ajbmeb-2851	44	173	)	)	PUNCT
ajbmeb-2851	44	174	+0.0198	+0.0198	NOUN
ajbmeb-2851	44	175	each	each	DET
ajbmeb-2851	44	176	10	10	NUM
ajbmeb-2851	44	177	-	-	PUNCT
ajbmeb-2851	44	178	point	point	NOUN
ajbmeb-2851	44	179	increase	increase	NOUN
ajbmeb-2851	44	180	in	in	ADP
ajbmeb-2851	44	181	openness	openness	NOUN
ajbmeb-2851	44	182	→	→	SYM
ajbmeb-2851	44	183	+0.198	+0.198	ADJ
ajbmeb-2851	44	184	in	in	ADP
ajbmeb-2851	44	185	tobin	tobin	PROPN
ajbmeb-2851	44	186	’s	’s	PART
ajbmeb-2851	44	187	q	q	PROPN
ajbmeb-2851	44	188	csr	csr	NOUN
ajbmeb-2851	44	189	index	index	NOUN
ajbmeb-2851	44	190	+0.462	+0.462	VERB
ajbmeb-2851	44	191	a	a	DET
ajbmeb-2851	44	192	0.1	0.1	NUM
ajbmeb-2851	44	193	increase	increase	NOUN
ajbmeb-2851	44	194	in	in	ADP
ajbmeb-2851	44	195	csr	csr	NOUN
ajbmeb-2851	44	196	index	index	NOUN
ajbmeb-2851	44	197	→	→	SYM
ajbmeb-2851	44	198	+0.046	+0.046	PROPN
ajbmeb-2851	44	199	in	in	ADP
ajbmeb-2851	44	200	tobin	tobin	PROPN
ajbmeb-2851	44	201	’s	’s	PART
ajbmeb-2851	44	202	q	q	PROPN
ajbmeb-2851	44	203	disclosure	disclosure	NOUN
ajbmeb-2851	44	204	index	index	NOUN
ajbmeb-2851	44	205	+0.320	+0.320	NOUN
ajbmeb-2851	44	206	each	each	DET
ajbmeb-2851	44	207	0.1	0.1	NUM
ajbmeb-2851	44	208	increase	increase	NOUN
ajbmeb-2851	44	209	in	in	ADP
ajbmeb-2851	44	210	di	di	X
ajbmeb-2851	44	211	→	→	X
ajbmeb-2851	44	212	+0.032	+0.032	PROPN
ajbmeb-2851	44	213	in	in	ADP
ajbmeb-2851	44	214	tobin	tobin	PROPN
ajbmeb-2851	44	215	’s	’s	PART
ajbmeb-2851	44	216	q	q	PROPN
ajbmeb-2851	44	217	dividend	dividend	NOUN
ajbmeb-2851	44	218	policy	policy	NOUN
ajbmeb-2851	44	219	+0.067	+0.067	NOUN
ajbmeb-2851	44	220	(	(	PUNCT
ajbmeb-2851	44	221	stable	stable	ADJ
ajbmeb-2851	44	222	)	)	PUNCT
ajbmeb-2851	44	223	stable	stable	ADJ
ajbmeb-2851	44	224	dividend	dividend	NOUN
ajbmeb-2851	44	225	policy	policy	NOUN
ajbmeb-2851	44	226	adds	add	VERB
ajbmeb-2851	44	227	~0.067	~0.067	PROPN
ajbmeb-2851	44	228	to	to	ADP
ajbmeb-2851	44	229	tobin	tobin	PROPN
ajbmeb-2851	44	230	’s	’s	PART
ajbmeb-2851	44	231	q	q	PUNCT
ajbmeb-2851	44	232	compared	compare	VERB
ajbmeb-2851	44	233	to	to	ADP
ajbmeb-2851	44	234	aggressive	aggressive	ADJ
ajbmeb-2851	44	235	policy	policy	NOUN
ajbmeb-2851	44	236	r²	r²	NOUN
ajbmeb-2851	44	237	0.83	0.83	NUM
ajbmeb-2851	44	238	83	83	NUM
ajbmeb-2851	44	239	%	%	NOUN
ajbmeb-2851	44	240	of	of	ADP
ajbmeb-2851	44	241	tobin	tobin	NOUN
ajbmeb-2851	44	242	’s	’s	PART
ajbmeb-2851	44	243	q	q	NOUN
ajbmeb-2851	44	244	variation	variation	NOUN
ajbmeb-2851	44	245	explained	explain	VERB
ajbmeb-2851	44	246	by	by	ADP
ajbmeb-2851	44	247	governance	governance	NOUN
ajbmeb-2851	44	248	indicators	indicator	NOUN
ajbmeb-2851	44	249	american	american	PROPN
ajbmeb-2851	44	250	journal	journal	PROPN
ajbmeb-2851	44	251	of	of	ADP
ajbmeb-2851	44	252	business	business	NOUN
ajbmeb-2851	44	253	management	management	NOUN
ajbmeb-2851	44	254	,	,	PUNCT
ajbmeb-2851	44	255	economics	economic	NOUN
ajbmeb-2851	44	256	and	and	CCONJ
ajbmeb-2851	44	257	banking	banking	NOUN
ajbmeb-2851	44	258	volume	volume	NOUN
ajbmeb-2851	44	259	35	35	NUM
ajbmeb-2851	44	260	april	april	PROPN
ajbmeb-2851	44	261	2025	2025	NUM
ajbmeb-2851	44	262	p	p	NOUN
ajbmeb-2851	44	263	a	a	DET
ajbmeb-2851	44	264	g	g	NOUN
ajbmeb-2851	44	265	e	e	NOUN
ajbmeb-2851	45	1	|	|	ADV
ajbmeb-2851	45	2	42	42	NUM
ajbmeb-2851	45	3	www.americanjournal.org	www.americanjournal.org	NOUN
ajbmeb-2851	45	4	these	these	DET
ajbmeb-2851	45	5	results	result	VERB
ajbmeb-2851	45	6	further	far	ADV
ajbmeb-2851	45	7	reinforce	reinforce	VERB
ajbmeb-2851	45	8	the	the	DET
ajbmeb-2851	45	9	conclusion	conclusion	NOUN
ajbmeb-2851	45	10	that	that	SCONJ
ajbmeb-2851	45	11	strong	strong	ADJ
ajbmeb-2851	45	12	governance	governance	NOUN
ajbmeb-2851	45	13	—	—	PUNCT
ajbmeb-2851	45	14	especially	especially	ADV
ajbmeb-2851	45	15	high	high	ADJ
ajbmeb-2851	45	16	levels	level	NOUN
ajbmeb-2851	45	17	of	of	ADP
ajbmeb-2851	45	18	strategic	strategic	ADJ
ajbmeb-2851	45	19	openness	openness	NOUN
ajbmeb-2851	45	20	and	and	CCONJ
ajbmeb-2851	45	21	corporate	corporate	ADJ
ajbmeb-2851	45	22	responsibility	responsibility	NOUN
ajbmeb-2851	45	23	—	—	PUNCT
ajbmeb-2851	45	24	plays	play	VERB
ajbmeb-2851	45	25	a	a	DET
ajbmeb-2851	45	26	vital	vital	ADJ
ajbmeb-2851	45	27	role	role	NOUN
ajbmeb-2851	45	28	in	in	ADP
ajbmeb-2851	45	29	determining	determine	VERB
ajbmeb-2851	45	30	firm	firm	ADJ
ajbmeb-2851	45	31	value	value	NOUN
ajbmeb-2851	45	32	.	.	PUNCT
ajbmeb-2851	46	1	firms	firm	NOUN
ajbmeb-2851	46	2	such	such	ADJ
ajbmeb-2851	46	3	as	as	ADP
ajbmeb-2851	46	4	coca	coca	PROPN
ajbmeb-2851	46	5	-	-	PUNCT
ajbmeb-2851	46	6	cola	cola	PROPN
ajbmeb-2851	46	7	uzbekistan	uzbekistan	PROPN
ajbmeb-2851	46	8	and	and	CCONJ
ajbmeb-2851	46	9	agrobank	agrobank	PROPN
ajbmeb-2851	46	10	,	,	PUNCT
ajbmeb-2851	46	11	which	which	PRON
ajbmeb-2851	46	12	demonstrate	demonstrate	VERB
ajbmeb-2851	46	13	both	both	CCONJ
ajbmeb-2851	46	14	high	high	ADJ
ajbmeb-2851	46	15	soi	soi	ADJ
ajbmeb-2851	46	16	and	and	CCONJ
ajbmeb-2851	46	17	strong	strong	ADJ
ajbmeb-2851	46	18	csr	csr	NOUN
ajbmeb-2851	46	19	index	index	NOUN
ajbmeb-2851	46	20	values	value	NOUN
ajbmeb-2851	46	21	,	,	PUNCT
ajbmeb-2851	46	22	are	be	AUX
ajbmeb-2851	46	23	positioned	position	VERB
ajbmeb-2851	46	24	at	at	ADP
ajbmeb-2851	46	25	the	the	DET
ajbmeb-2851	46	26	upper	upper	ADJ
ajbmeb-2851	46	27	end	end	NOUN
ajbmeb-2851	46	28	of	of	ADP
ajbmeb-2851	46	29	the	the	DET
ajbmeb-2851	46	30	tobin	tobin	NOUN
ajbmeb-2851	46	31	’s	’s	PART
ajbmeb-2851	46	32	q	q	PROPN
ajbmeb-2851	46	33	spectrum	spectrum	NOUN
ajbmeb-2851	46	34	,	,	PUNCT
ajbmeb-2851	46	35	confirming	confirm	VERB
ajbmeb-2851	46	36	the	the	DET
ajbmeb-2851	46	37	model	model	NOUN
ajbmeb-2851	46	38	’s	’s	PART
ajbmeb-2851	46	39	predictive	predictive	ADJ
ajbmeb-2851	46	40	power	power	NOUN
ajbmeb-2851	46	41	.	.	PUNCT
ajbmeb-2851	47	1	moreover	moreover	ADV
ajbmeb-2851	47	2	,	,	PUNCT
ajbmeb-2851	47	3	companies	company	NOUN
ajbmeb-2851	47	4	with	with	ADP
ajbmeb-2851	47	5	stable	stable	ADJ
ajbmeb-2851	47	6	dividend	dividend	NOUN
ajbmeb-2851	47	7	policies	policy	NOUN
ajbmeb-2851	47	8	consistently	consistently	ADV
ajbmeb-2851	47	9	show	show	VERB
ajbmeb-2851	47	10	better	well	ADJ
ajbmeb-2851	47	11	performance	performance	NOUN
ajbmeb-2851	47	12	in	in	ADP
ajbmeb-2851	47	13	terms	term	NOUN
ajbmeb-2851	47	14	of	of	ADP
ajbmeb-2851	47	15	capital	capital	NOUN
ajbmeb-2851	47	16	valuation	valuation	NOUN
ajbmeb-2851	47	17	.	.	PUNCT
ajbmeb-2851	48	1	the	the	DET
ajbmeb-2851	48	2	soi	soi	ADJ
ajbmeb-2851	48	3	variable	variable	NOUN
ajbmeb-2851	48	4	remains	remain	VERB
ajbmeb-2851	48	5	the	the	DET
ajbmeb-2851	48	6	most	most	ADV
ajbmeb-2851	48	7	influential	influential	ADJ
ajbmeb-2851	48	8	single	single	ADJ
ajbmeb-2851	48	9	predictor	predictor	NOUN
ajbmeb-2851	48	10	,	,	PUNCT
ajbmeb-2851	48	11	and	and	CCONJ
ajbmeb-2851	48	12	it	it	PRON
ajbmeb-2851	48	13	highlights	highlight	VERB
ajbmeb-2851	48	14	the	the	DET
ajbmeb-2851	48	15	market	market	NOUN
ajbmeb-2851	48	16	's	's	PART
ajbmeb-2851	48	17	preference	preference	NOUN
ajbmeb-2851	48	18	for	for	ADP
ajbmeb-2851	48	19	transparent	transparent	ADJ
ajbmeb-2851	48	20	and	and	CCONJ
ajbmeb-2851	48	21	inclusive	inclusive	ADJ
ajbmeb-2851	48	22	governance	governance	NOUN
ajbmeb-2851	48	23	.	.	PUNCT
ajbmeb-2851	49	1	in	in	ADP
ajbmeb-2851	49	2	light	light	NOUN
ajbmeb-2851	49	3	of	of	ADP
ajbmeb-2851	49	4	the	the	DET
ajbmeb-2851	49	5	high	high	ADJ
ajbmeb-2851	49	6	r²	r²	NOUN
ajbmeb-2851	49	7	value	value	NOUN
ajbmeb-2851	49	8	(	(	PUNCT
ajbmeb-2851	49	9	0.83	0.83	NUM
ajbmeb-2851	49	10	)	)	PUNCT
ajbmeb-2851	49	11	,	,	PUNCT
ajbmeb-2851	49	12	the	the	DET
ajbmeb-2851	49	13	model	model	NOUN
ajbmeb-2851	49	14	exhibits	exhibit	VERB
ajbmeb-2851	49	15	strong	strong	ADJ
ajbmeb-2851	49	16	explanatory	explanatory	ADJ
ajbmeb-2851	49	17	capacity	capacity	NOUN
ajbmeb-2851	49	18	,	,	PUNCT
ajbmeb-2851	49	19	making	make	VERB
ajbmeb-2851	49	20	it	it	PRON
ajbmeb-2851	49	21	a	a	DET
ajbmeb-2851	49	22	valuable	valuable	ADJ
ajbmeb-2851	49	23	tool	tool	NOUN
ajbmeb-2851	49	24	for	for	ADP
ajbmeb-2851	49	25	policymakers	policymaker	NOUN
ajbmeb-2851	49	26	and	and	CCONJ
ajbmeb-2851	49	27	corporate	corporate	ADJ
ajbmeb-2851	49	28	managers	manager	NOUN
ajbmeb-2851	49	29	seeking	seek	VERB
ajbmeb-2851	49	30	to	to	PART
ajbmeb-2851	49	31	identify	identify	VERB
ajbmeb-2851	49	32	governance	governance	NOUN
ajbmeb-2851	49	33	levers	lever	NOUN
ajbmeb-2851	49	34	that	that	PRON
ajbmeb-2851	49	35	most	most	ADV
ajbmeb-2851	49	36	effectively	effectively	ADV
ajbmeb-2851	49	37	enhance	enhance	VERB
ajbmeb-2851	49	38	market	market	NOUN
ajbmeb-2851	49	39	value	value	NOUN
ajbmeb-2851	49	40	.	.	PUNCT
ajbmeb-2851	50	1	these	these	DET
ajbmeb-2851	50	2	findings	finding	NOUN
ajbmeb-2851	50	3	demonstrate	demonstrate	VERB
ajbmeb-2851	50	4	that	that	SCONJ
ajbmeb-2851	50	5	companies	company	NOUN
ajbmeb-2851	50	6	with	with	ADP
ajbmeb-2851	50	7	structured	structured	ADJ
ajbmeb-2851	50	8	governance	governance	NOUN
ajbmeb-2851	50	9	frameworks	framework	NOUN
ajbmeb-2851	50	10	—	—	PUNCT
ajbmeb-2851	50	11	particularly	particularly	ADV
ajbmeb-2851	50	12	those	those	PRON
ajbmeb-2851	50	13	emphasizing	emphasize	VERB
ajbmeb-2851	50	14	transparency	transparency	NOUN
ajbmeb-2851	50	15	,	,	PUNCT
ajbmeb-2851	50	16	stakeholder	stakeholder	NOUN
ajbmeb-2851	50	17	inclusivity	inclusivity	NOUN
ajbmeb-2851	50	18	,	,	PUNCT
ajbmeb-2851	50	19	and	and	CCONJ
ajbmeb-2851	50	20	sustainability	sustainability	NOUN
ajbmeb-2851	50	21	—	—	PUNCT
ajbmeb-2851	50	22	are	be	AUX
ajbmeb-2851	50	23	more	more	ADV
ajbmeb-2851	50	24	likely	likely	ADJ
ajbmeb-2851	50	25	to	to	PART
ajbmeb-2851	50	26	experience	experience	VERB
ajbmeb-2851	50	27	enhanced	enhance	VERB
ajbmeb-2851	50	28	capital	capital	NOUN
ajbmeb-2851	50	29	valuation	valuation	NOUN
ajbmeb-2851	50	30	.	.	PUNCT
ajbmeb-2851	51	1	in	in	ADP
ajbmeb-2851	51	2	the	the	DET
ajbmeb-2851	51	3	context	context	NOUN
ajbmeb-2851	51	4	of	of	ADP
ajbmeb-2851	51	5	uzbekistan	uzbekistan	PROPN
ajbmeb-2851	51	6	and	and	CCONJ
ajbmeb-2851	51	7	similar	similar	ADJ
ajbmeb-2851	51	8	emerging	emerge	VERB
ajbmeb-2851	51	9	markets	market	NOUN
ajbmeb-2851	51	10	,	,	PUNCT
ajbmeb-2851	51	11	where	where	SCONJ
ajbmeb-2851	51	12	investor	investor	NOUN
ajbmeb-2851	51	13	confidence	confidence	NOUN
ajbmeb-2851	51	14	is	be	AUX
ajbmeb-2851	51	15	sensitive	sensitive	ADJ
ajbmeb-2851	51	16	to	to	ADP
ajbmeb-2851	51	17	governance	governance	NOUN
ajbmeb-2851	51	18	practices	practice	NOUN
ajbmeb-2851	51	19	,	,	PUNCT
ajbmeb-2851	51	20	the	the	DET
ajbmeb-2851	51	21	integration	integration	NOUN
ajbmeb-2851	51	22	of	of	ADP
ajbmeb-2851	51	23	these	these	DET
ajbmeb-2851	51	24	components	component	NOUN
ajbmeb-2851	51	25	into	into	ADP
ajbmeb-2851	51	26	legal	legal	ADJ
ajbmeb-2851	51	27	and	and	CCONJ
ajbmeb-2851	51	28	regulatory	regulatory	ADJ
ajbmeb-2851	51	29	frameworks	framework	NOUN
ajbmeb-2851	51	30	is	be	AUX
ajbmeb-2851	51	31	essential	essential	ADJ
ajbmeb-2851	51	32	for	for	ADP
ajbmeb-2851	51	33	improving	improve	VERB
ajbmeb-2851	51	34	access	access	NOUN
ajbmeb-2851	51	35	to	to	ADP
ajbmeb-2851	51	36	capital	capital	NOUN
ajbmeb-2851	51	37	and	and	CCONJ
ajbmeb-2851	51	38	attracting	attract	VERB
ajbmeb-2851	51	39	longterm	longterm	ADJ
ajbmeb-2851	51	40	investments	investment	NOUN
ajbmeb-2851	51	41	.	.	PUNCT
ajbmeb-2851	52	1	therefore	therefore	ADV
ajbmeb-2851	52	2	,	,	PUNCT
ajbmeb-2851	52	3	this	this	DET
ajbmeb-2851	52	4	regression	regression	NOUN
ajbmeb-2851	52	5	analysis	analysis	NOUN
ajbmeb-2851	52	6	not	not	PART
ajbmeb-2851	52	7	only	only	ADV
ajbmeb-2851	52	8	validates	validate	VERB
ajbmeb-2851	52	9	the	the	DET
ajbmeb-2851	52	10	conceptual	conceptual	ADJ
ajbmeb-2851	52	11	framework	framework	NOUN
ajbmeb-2851	52	12	developed	develop	VERB
ajbmeb-2851	52	13	in	in	ADP
ajbmeb-2851	52	14	this	this	DET
ajbmeb-2851	52	15	study	study	NOUN
ajbmeb-2851	52	16	but	but	CCONJ
ajbmeb-2851	52	17	also	also	ADV
ajbmeb-2851	52	18	reinforces	reinforce	VERB
ajbmeb-2851	52	19	the	the	DET
ajbmeb-2851	52	20	global	global	ADJ
ajbmeb-2851	52	21	discourse	discourse	NOUN
ajbmeb-2851	52	22	advocating	advocate	VERB
ajbmeb-2851	52	23	the	the	DET
ajbmeb-2851	52	24	economic	economic	ADJ
ajbmeb-2851	52	25	importance	importance	NOUN
ajbmeb-2851	52	26	of	of	ADP
ajbmeb-2851	52	27	corporate	corporate	ADJ
ajbmeb-2851	52	28	governance	governance	NOUN
ajbmeb-2851	52	29	.	.	PUNCT
ajbmeb-2851	53	1	the	the	DET
ajbmeb-2851	53	2	model	model	NOUN
ajbmeb-2851	53	3	provides	provide	VERB
ajbmeb-2851	53	4	actionable	actionable	ADJ
ajbmeb-2851	53	5	insights	insight	NOUN
ajbmeb-2851	53	6	that	that	PRON
ajbmeb-2851	53	7	can	can	AUX
ajbmeb-2851	53	8	inform	inform	VERB
ajbmeb-2851	53	9	reforms	reform	NOUN
ajbmeb-2851	53	10	and	and	CCONJ
ajbmeb-2851	53	11	guide	guide	VERB
ajbmeb-2851	53	12	companies	company	NOUN
ajbmeb-2851	53	13	in	in	ADP
ajbmeb-2851	53	14	aligning	align	VERB
ajbmeb-2851	53	15	their	their	PRON
ajbmeb-2851	53	16	governance	governance	NOUN
ajbmeb-2851	53	17	strategies	strategy	NOUN
ajbmeb-2851	53	18	with	with	ADP
ajbmeb-2851	53	19	value	value	NOUN
ajbmeb-2851	53	20	-	-	PUNCT
ajbmeb-2851	53	21	maximizing	maximize	VERB
ajbmeb-2851	53	22	goals	goal	NOUN
ajbmeb-2851	53	23	.	.	PUNCT
ajbmeb-2851	54	1	discussion	discussion	NOUN
ajbmeb-2851	54	2	the	the	DET
ajbmeb-2851	54	3	study	study	NOUN
ajbmeb-2851	54	4	’s	’s	PART
ajbmeb-2851	54	5	findings	finding	NOUN
ajbmeb-2851	54	6	confirm	confirm	VERB
ajbmeb-2851	54	7	the	the	DET
ajbmeb-2851	54	8	relevance	relevance	NOUN
ajbmeb-2851	54	9	of	of	ADP
ajbmeb-2851	54	10	modern	modern	ADJ
ajbmeb-2851	54	11	governance	governance	NOUN
ajbmeb-2851	54	12	theories	theory	NOUN
ajbmeb-2851	54	13	.	.	PUNCT
ajbmeb-2851	55	1	the	the	DET
ajbmeb-2851	55	2	presence	presence	NOUN
ajbmeb-2851	55	3	of	of	ADP
ajbmeb-2851	55	4	independent	independent	ADJ
ajbmeb-2851	55	5	directors	director	NOUN
ajbmeb-2851	55	6	supports	support	VERB
ajbmeb-2851	55	7	agency	agency	NOUN
ajbmeb-2851	55	8	theory	theory	NOUN
ajbmeb-2851	55	9	by	by	ADP
ajbmeb-2851	55	10	aligning	align	VERB
ajbmeb-2851	55	11	managerial	managerial	ADJ
ajbmeb-2851	55	12	decisions	decision	NOUN
ajbmeb-2851	55	13	with	with	ADP
ajbmeb-2851	55	14	shareholder	shareholder	NOUN
ajbmeb-2851	55	15	interests	interest	NOUN
ajbmeb-2851	55	16	.	.	PUNCT
ajbmeb-2851	56	1	the	the	DET
ajbmeb-2851	56	2	impact	impact	NOUN
ajbmeb-2851	56	3	of	of	ADP
ajbmeb-2851	56	4	strategic	strategic	ADJ
ajbmeb-2851	56	5	openness	openness	NOUN
ajbmeb-2851	56	6	affirms	affirm	VERB
ajbmeb-2851	56	7	stakeholder	stakeholder	NOUN
ajbmeb-2851	56	8	theory	theory	NOUN
ajbmeb-2851	56	9	,	,	PUNCT
ajbmeb-2851	56	10	suggesting	suggest	VERB
ajbmeb-2851	56	11	that	that	SCONJ
ajbmeb-2851	56	12	involving	involve	VERB
ajbmeb-2851	56	13	diverse	diverse	ADJ
ajbmeb-2851	56	14	interests	interest	NOUN
ajbmeb-2851	56	15	in	in	ADP
ajbmeb-2851	56	16	decision	decision	NOUN
ajbmeb-2851	56	17	-	-	PUNCT
ajbmeb-2851	56	18	making	making	NOUN
ajbmeb-2851	56	19	enhances	enhance	NOUN
ajbmeb-2851	56	20	firm	firm	ADJ
ajbmeb-2851	56	21	credibility	credibility	NOUN
ajbmeb-2851	56	22	and	and	CCONJ
ajbmeb-2851	56	23	performance	performance	NOUN
ajbmeb-2851	56	24	.	.	PUNCT
ajbmeb-2851	57	1	moreover	moreover	ADV
ajbmeb-2851	57	2	,	,	PUNCT
ajbmeb-2851	57	3	the	the	DET
ajbmeb-2851	57	4	contributions	contribution	NOUN
ajbmeb-2851	57	5	of	of	ADP
ajbmeb-2851	57	6	csr	csr	NOUN
ajbmeb-2851	57	7	and	and	CCONJ
ajbmeb-2851	57	8	di	di	NOUN
ajbmeb-2851	57	9	align	align	NOUN
ajbmeb-2851	57	10	with	with	ADP
ajbmeb-2851	57	11	the	the	DET
ajbmeb-2851	57	12	resource	resource	NOUN
ajbmeb-2851	57	13	-	-	PUNCT
ajbmeb-2851	57	14	based	base	VERB
ajbmeb-2851	57	15	view	view	NOUN
ajbmeb-2851	57	16	,	,	PUNCT
ajbmeb-2851	57	17	indicating	indicate	VERB
ajbmeb-2851	57	18	that	that	SCONJ
ajbmeb-2851	57	19	intangible	intangible	ADJ
ajbmeb-2851	57	20	resources	resource	NOUN
ajbmeb-2851	57	21	such	such	ADJ
ajbmeb-2851	57	22	as	as	ADP
ajbmeb-2851	57	23	trust	trust	NOUN
ajbmeb-2851	57	24	and	and	CCONJ
ajbmeb-2851	57	25	reputation	reputation	NOUN
ajbmeb-2851	57	26	contribute	contribute	VERB
ajbmeb-2851	57	27	to	to	ADP
ajbmeb-2851	57	28	long	long	ADJ
ajbmeb-2851	57	29	-	-	PUNCT
ajbmeb-2851	57	30	term	term	NOUN
ajbmeb-2851	57	31	capital	capital	NOUN
ajbmeb-2851	57	32	value	value	NOUN
ajbmeb-2851	57	33	.	.	PUNCT
ajbmeb-2851	58	1	the	the	DET
ajbmeb-2851	58	2	consistent	consistent	ADJ
ajbmeb-2851	58	3	strength	strength	NOUN
ajbmeb-2851	58	4	of	of	ADP
ajbmeb-2851	58	5	soi	soi	PROPN
ajbmeb-2851	58	6	’s	’s	PART
ajbmeb-2851	58	7	impact	impact	NOUN
ajbmeb-2851	58	8	across	across	ADP
ajbmeb-2851	58	9	all	all	DET
ajbmeb-2851	58	10	models	model	NOUN
ajbmeb-2851	58	11	reveals	reveal	VERB
ajbmeb-2851	58	12	it	it	PRON
ajbmeb-2851	58	13	as	as	ADP
ajbmeb-2851	58	14	a	a	DET
ajbmeb-2851	58	15	crucial	crucial	ADJ
ajbmeb-2851	58	16	element	element	NOUN
ajbmeb-2851	58	17	in	in	ADP
ajbmeb-2851	58	18	enhancing	enhance	VERB
ajbmeb-2851	58	19	capital	capital	NOUN
ajbmeb-2851	58	20	valuation	valuation	NOUN
ajbmeb-2851	58	21	.	.	PUNCT
ajbmeb-2851	59	1	firms	firm	NOUN
ajbmeb-2851	59	2	that	that	PRON
ajbmeb-2851	59	3	rank	rank	VERB
ajbmeb-2851	59	4	highly	highly	ADV
ajbmeb-2851	59	5	on	on	ADP
ajbmeb-2851	59	6	openness	openness	NOUN
ajbmeb-2851	59	7	are	be	AUX
ajbmeb-2851	59	8	more	more	ADV
ajbmeb-2851	59	9	likely	likely	ADJ
ajbmeb-2851	59	10	to	to	PART
ajbmeb-2851	59	11	attract	attract	VERB
ajbmeb-2851	59	12	institutional	institutional	ADJ
ajbmeb-2851	59	13	investors	investor	NOUN
ajbmeb-2851	59	14	and	and	CCONJ
ajbmeb-2851	59	15	benefit	benefit	VERB
ajbmeb-2851	59	16	from	from	ADP
ajbmeb-2851	59	17	increased	increase	VERB
ajbmeb-2851	59	18	liquidity	liquidity	NOUN
ajbmeb-2851	59	19	.	.	PUNCT
ajbmeb-2851	60	1	transparency	transparency	NOUN
ajbmeb-2851	60	2	fosters	foster	VERB
ajbmeb-2851	60	3	trust	trust	PROPN
ajbmeb-2851	60	4	,	,	PUNCT
ajbmeb-2851	60	5	while	while	SCONJ
ajbmeb-2851	60	6	inclusivity	inclusivity	NOUN
ajbmeb-2851	60	7	leads	lead	VERB
ajbmeb-2851	60	8	to	to	ADP
ajbmeb-2851	60	9	more	more	ADV
ajbmeb-2851	60	10	informed	informed	ADJ
ajbmeb-2851	60	11	and	and	CCONJ
ajbmeb-2851	60	12	effective	effective	ADJ
ajbmeb-2851	60	13	strategic	strategic	ADJ
ajbmeb-2851	60	14	choices	choice	NOUN
ajbmeb-2851	60	15	.	.	PUNCT
ajbmeb-2851	61	1	csr	csr	NOUN
ajbmeb-2851	61	2	and	and	CCONJ
ajbmeb-2851	61	3	esg	esg	NOUN
ajbmeb-2851	61	4	practices	practice	NOUN
ajbmeb-2851	61	5	,	,	PUNCT
ajbmeb-2851	61	6	although	although	SCONJ
ajbmeb-2851	61	7	producing	produce	VERB
ajbmeb-2851	61	8	modest	modest	ADJ
ajbmeb-2851	61	9	coefficients	coefficient	NOUN
ajbmeb-2851	61	10	,	,	PUNCT
ajbmeb-2851	61	11	play	play	VERB
ajbmeb-2851	61	12	a	a	DET
ajbmeb-2851	61	13	significant	significant	ADJ
ajbmeb-2851	61	14	role	role	NOUN
ajbmeb-2851	61	15	in	in	ADP
ajbmeb-2851	61	16	signaling	signal	VERB
ajbmeb-2851	61	17	responsible	responsible	ADJ
ajbmeb-2851	61	18	business	business	NOUN
ajbmeb-2851	61	19	conduct	conduct	NOUN
ajbmeb-2851	61	20	.	.	PUNCT
ajbmeb-2851	62	1	in	in	ADP
ajbmeb-2851	62	2	a	a	DET
ajbmeb-2851	62	3	global	global	ADJ
ajbmeb-2851	62	4	economy	economy	NOUN
ajbmeb-2851	62	5	increasingly	increasingly	ADV
ajbmeb-2851	62	6	shaped	shape	VERB
ajbmeb-2851	62	7	by	by	ADP
ajbmeb-2851	62	8	sustainability	sustainability	NOUN
ajbmeb-2851	62	9	and	and	CCONJ
ajbmeb-2851	62	10	ethics	ethic	NOUN
ajbmeb-2851	62	11	,	,	PUNCT
ajbmeb-2851	62	12	companies	company	NOUN
ajbmeb-2851	62	13	that	that	PRON
ajbmeb-2851	62	14	report	report	VERB
ajbmeb-2851	62	15	comprehensively	comprehensively	ADV
ajbmeb-2851	62	16	on	on	ADP
ajbmeb-2851	62	17	their	their	PRON
ajbmeb-2851	62	18	social	social	ADJ
ajbmeb-2851	62	19	and	and	CCONJ
ajbmeb-2851	62	20	environmental	environmental	ADJ
ajbmeb-2851	62	21	impacts	impact	NOUN
ajbmeb-2851	62	22	are	be	AUX
ajbmeb-2851	62	23	more	more	ADV
ajbmeb-2851	62	24	likely	likely	ADJ
ajbmeb-2851	62	25	to	to	PART
ajbmeb-2851	62	26	receive	receive	VERB
ajbmeb-2851	62	27	favorable	favorable	ADJ
ajbmeb-2851	62	28	stakeholder	stakeholder	NOUN
ajbmeb-2851	62	29	assessments	assessment	NOUN
ajbmeb-2851	62	30	.	.	PUNCT
ajbmeb-2851	63	1	these	these	DET
ajbmeb-2851	63	2	results	result	NOUN
ajbmeb-2851	63	3	suggest	suggest	VERB
ajbmeb-2851	63	4	policy	policy	NOUN
ajbmeb-2851	63	5	implications	implication	NOUN
ajbmeb-2851	63	6	for	for	ADP
ajbmeb-2851	63	7	emerging	emerge	VERB
ajbmeb-2851	63	8	economies	economy	NOUN
ajbmeb-2851	63	9	,	,	PUNCT
ajbmeb-2851	63	10	particularly	particularly	ADV
ajbmeb-2851	63	11	uzbekistan	uzbekistan	PROPN
ajbmeb-2851	63	12	.	.	PUNCT
ajbmeb-2851	64	1	mandating	mandate	VERB
ajbmeb-2851	64	2	governance	governance	NOUN
ajbmeb-2851	64	3	ratings	rating	NOUN
ajbmeb-2851	64	4	based	base	VERB
ajbmeb-2851	64	5	on	on	ADP
ajbmeb-2851	64	6	soi	soi	NOUN
ajbmeb-2851	64	7	,	,	PUNCT
ajbmeb-2851	64	8	strengthening	strengthen	VERB
ajbmeb-2851	64	9	board	board	NOUN
ajbmeb-2851	64	10	composition	composition	NOUN
ajbmeb-2851	64	11	laws	law	NOUN
ajbmeb-2851	64	12	,	,	PUNCT
ajbmeb-2851	64	13	and	and	CCONJ
ajbmeb-2851	64	14	promoting	promote	VERB
ajbmeb-2851	64	15	esg	esg	NOUN
ajbmeb-2851	64	16	reporting	report	VERB
ajbmeb-2851	64	17	through	through	ADP
ajbmeb-2851	64	18	incentives	incentive	NOUN
ajbmeb-2851	64	19	could	could	AUX
ajbmeb-2851	64	20	catalyze	catalyze	VERB
ajbmeb-2851	64	21	a	a	DET
ajbmeb-2851	64	22	shift	shift	NOUN
ajbmeb-2851	64	23	toward	toward	ADP
ajbmeb-2851	64	24	performance	performance	NOUN
ajbmeb-2851	64	25	-	-	PUNCT
ajbmeb-2851	64	26	based	base	VERB
ajbmeb-2851	64	27	governance	governance	NOUN
ajbmeb-2851	64	28	.	.	PUNCT
ajbmeb-2851	65	1	american	american	PROPN
ajbmeb-2851	65	2	journal	journal	PROPN
ajbmeb-2851	65	3	of	of	ADP
ajbmeb-2851	65	4	business	business	NOUN
ajbmeb-2851	65	5	management	management	NOUN
ajbmeb-2851	65	6	,	,	PUNCT
ajbmeb-2851	65	7	economics	economic	NOUN
ajbmeb-2851	65	8	and	and	CCONJ
ajbmeb-2851	65	9	banking	banking	NOUN
ajbmeb-2851	65	10	volume	volume	NOUN
ajbmeb-2851	65	11	35	35	NUM
ajbmeb-2851	65	12	april	april	PROPN
ajbmeb-2851	65	13	2025	2025	NUM
ajbmeb-2851	65	14	p	p	NOUN
ajbmeb-2851	65	15	a	a	DET
ajbmeb-2851	65	16	g	g	NOUN
ajbmeb-2851	65	17	e	e	NOUN
ajbmeb-2851	65	18	|	|	ADV
ajbmeb-2851	65	19	43	43	NUM
ajbmeb-2851	65	20	www.americanjournal.org	www.americanjournal.org	NOUN
ajbmeb-2851	65	21	conclusion	conclusion	NOUN
ajbmeb-2851	65	22	this	this	DET
ajbmeb-2851	65	23	research	research	NOUN
ajbmeb-2851	65	24	provides	provide	VERB
ajbmeb-2851	65	25	robust	robust	ADJ
ajbmeb-2851	65	26	empirical	empirical	ADJ
ajbmeb-2851	65	27	evidence	evidence	NOUN
ajbmeb-2851	65	28	that	that	SCONJ
ajbmeb-2851	65	29	good	good	ADJ
ajbmeb-2851	65	30	corporate	corporate	ADJ
ajbmeb-2851	65	31	governance	governance	NOUN
ajbmeb-2851	65	32	,	,	PUNCT
ajbmeb-2851	65	33	specifically	specifically	ADV
ajbmeb-2851	65	34	through	through	ADP
ajbmeb-2851	65	35	independent	independent	ADJ
ajbmeb-2851	65	36	board	board	NOUN
ajbmeb-2851	65	37	representation	representation	NOUN
ajbmeb-2851	65	38	and	and	CCONJ
ajbmeb-2851	65	39	strategic	strategic	ADJ
ajbmeb-2851	65	40	openness	openness	NOUN
ajbmeb-2851	65	41	,	,	PUNCT
ajbmeb-2851	65	42	enhances	enhance	VERB
ajbmeb-2851	65	43	the	the	DET
ajbmeb-2851	65	44	capital	capital	NOUN
ajbmeb-2851	65	45	value	value	NOUN
ajbmeb-2851	65	46	of	of	ADP
ajbmeb-2851	65	47	joint	joint	ADJ
ajbmeb-2851	65	48	-	-	PUNCT
ajbmeb-2851	65	49	stock	stock	NOUN
ajbmeb-2851	65	50	companies	company	NOUN
ajbmeb-2851	65	51	.	.	PUNCT
ajbmeb-2851	66	1	the	the	DET
ajbmeb-2851	66	2	regression	regression	NOUN
ajbmeb-2851	66	3	analysis	analysis	NOUN
ajbmeb-2851	66	4	confirms	confirm	VERB
ajbmeb-2851	66	5	that	that	SCONJ
ajbmeb-2851	66	6	these	these	DET
ajbmeb-2851	66	7	variables	variable	NOUN
ajbmeb-2851	66	8	significantly	significantly	ADV
ajbmeb-2851	66	9	explain	explain	VERB
ajbmeb-2851	66	10	market	market	NOUN
ajbmeb-2851	66	11	valuation	valuation	NOUN
ajbmeb-2851	66	12	,	,	PUNCT
ajbmeb-2851	66	13	with	with	ADP
ajbmeb-2851	66	14	soi	soi	PROPN
ajbmeb-2851	66	15	having	have	VERB
ajbmeb-2851	66	16	the	the	DET
ajbmeb-2851	66	17	strongest	strong	ADJ
ajbmeb-2851	66	18	effect	effect	NOUN
ajbmeb-2851	66	19	.	.	PUNCT
ajbmeb-2851	67	1	countries	country	NOUN
ajbmeb-2851	67	2	and	and	CCONJ
ajbmeb-2851	67	3	companies	company	NOUN
ajbmeb-2851	67	4	that	that	PRON
ajbmeb-2851	67	5	institutionalize	institutionalize	VERB
ajbmeb-2851	67	6	these	these	DET
ajbmeb-2851	67	7	governance	governance	NOUN
ajbmeb-2851	67	8	tools	tool	NOUN
ajbmeb-2851	67	9	can	can	AUX
ajbmeb-2851	67	10	achieve	achieve	VERB
ajbmeb-2851	67	11	superior	superior	ADJ
ajbmeb-2851	67	12	capital	capital	NOUN
ajbmeb-2851	67	13	market	market	NOUN
ajbmeb-2851	67	14	outcomes	outcome	NOUN
ajbmeb-2851	67	15	.	.	PUNCT
ajbmeb-2851	68	1	the	the	DET
ajbmeb-2851	68	2	findings	finding	NOUN
ajbmeb-2851	68	3	underscore	underscore	VERB
ajbmeb-2851	68	4	the	the	DET
ajbmeb-2851	68	5	need	need	NOUN
ajbmeb-2851	68	6	for	for	ADP
ajbmeb-2851	68	7	coordinated	coordinated	ADJ
ajbmeb-2851	68	8	policy	policy	NOUN
ajbmeb-2851	68	9	efforts	effort	NOUN
ajbmeb-2851	68	10	,	,	PUNCT
ajbmeb-2851	68	11	particularly	particularly	ADV
ajbmeb-2851	68	12	in	in	ADP
ajbmeb-2851	68	13	transition	transition	NOUN
ajbmeb-2851	68	14	economies	economy	NOUN
ajbmeb-2851	68	15	.	.	PUNCT
ajbmeb-2851	69	1	by	by	ADP
ajbmeb-2851	69	2	embracing	embrace	VERB
ajbmeb-2851	69	3	inclusive	inclusive	ADJ
ajbmeb-2851	69	4	,	,	PUNCT
ajbmeb-2851	69	5	transparent	transparent	ADJ
ajbmeb-2851	69	6	,	,	PUNCT
ajbmeb-2851	69	7	and	and	CCONJ
ajbmeb-2851	69	8	responsible	responsible	ADJ
ajbmeb-2851	69	9	governance	governance	NOUN
ajbmeb-2851	69	10	,	,	PUNCT
ajbmeb-2851	69	11	joint	joint	ADJ
ajbmeb-2851	69	12	-	-	PUNCT
ajbmeb-2851	69	13	stock	stock	NOUN
ajbmeb-2851	69	14	companies	company	NOUN
ajbmeb-2851	69	15	can	can	AUX
ajbmeb-2851	69	16	not	not	PART
ajbmeb-2851	69	17	only	only	ADV
ajbmeb-2851	69	18	improve	improve	VERB
ajbmeb-2851	69	19	investor	investor	NOUN
ajbmeb-2851	69	20	trust	trust	NOUN
ajbmeb-2851	69	21	but	but	CCONJ
ajbmeb-2851	69	22	also	also	ADV
ajbmeb-2851	69	23	align	align	VERB
ajbmeb-2851	69	24	with	with	ADP
ajbmeb-2851	69	25	broader	broad	ADJ
ajbmeb-2851	69	26	development	development	NOUN
ajbmeb-2851	69	27	goals	goal	NOUN
ajbmeb-2851	69	28	.	.	PUNCT
ajbmeb-2851	70	1	future	future	ADJ
ajbmeb-2851	70	2	research	research	NOUN
ajbmeb-2851	70	3	should	should	AUX
ajbmeb-2851	70	4	explore	explore	VERB
ajbmeb-2851	70	5	causal	causal	ADJ
ajbmeb-2851	70	6	relationships	relationship	NOUN
ajbmeb-2851	70	7	using	use	VERB
ajbmeb-2851	70	8	panel	panel	NOUN
ajbmeb-2851	70	9	data	datum	NOUN
ajbmeb-2851	70	10	,	,	PUNCT
ajbmeb-2851	70	11	investigate	investigate	VERB
ajbmeb-2851	70	12	sector	sector	NOUN
ajbmeb-2851	70	13	-	-	PUNCT
ajbmeb-2851	70	14	specific	specific	ADJ
ajbmeb-2851	70	15	governance	governance	NOUN
ajbmeb-2851	70	16	variables	variable	NOUN
ajbmeb-2851	70	17	,	,	PUNCT
ajbmeb-2851	70	18	and	and	CCONJ
ajbmeb-2851	70	19	study	study	VERB
ajbmeb-2851	70	20	digital	digital	ADJ
ajbmeb-2851	70	21	governance	governance	NOUN
ajbmeb-2851	70	22	innovations	innovation	NOUN
ajbmeb-2851	70	23	such	such	ADJ
ajbmeb-2851	70	24	as	as	ADP
ajbmeb-2851	70	25	blockchain	blockchain	NOUN
ajbmeb-2851	70	26	-	-	PUNCT
ajbmeb-2851	70	27	based	base	VERB
ajbmeb-2851	70	28	reporting	reporting	NOUN
ajbmeb-2851	70	29	.	.	PUNCT
ajbmeb-2851	71	1	references	reference	NOUN
ajbmeb-2851	71	2	1	1	NUM
ajbmeb-2851	71	3	.	.	PUNCT
ajbmeb-2851	72	1	oecd	oecd	PROPN
ajbmeb-2851	72	2	(	(	PUNCT
ajbmeb-2851	72	3	2022	2022	NUM
ajbmeb-2851	72	4	)	)	PUNCT
ajbmeb-2851	72	5	.	.	PUNCT
ajbmeb-2851	73	1	principles	principle	NOUN
ajbmeb-2851	73	2	of	of	ADP
ajbmeb-2851	73	3	corporate	corporate	ADJ
ajbmeb-2851	73	4	governance	governance	NOUN
ajbmeb-2851	73	5	.	.	PUNCT
ajbmeb-2851	74	1	2	2	X
ajbmeb-2851	74	2	.	.	X
ajbmeb-2851	74	3	world	world	PROPN
ajbmeb-2851	74	4	bank	bank	PROPN
ajbmeb-2851	74	5	(	(	PUNCT
ajbmeb-2851	74	6	2021	2021	NUM
ajbmeb-2851	74	7	)	)	PUNCT
ajbmeb-2851	74	8	.	.	PUNCT
ajbmeb-2851	75	1	report	report	NOUN
ajbmeb-2851	75	2	on	on	ADP
ajbmeb-2851	75	3	corporate	corporate	ADJ
ajbmeb-2851	75	4	governance	governance	NOUN
ajbmeb-2851	75	5	practices	practice	NOUN
ajbmeb-2851	75	6	in	in	ADP
ajbmeb-2851	75	7	emerging	emerge	VERB
ajbmeb-2851	75	8	markets	market	NOUN
ajbmeb-2851	75	9	.	.	PUNCT
ajbmeb-2851	76	1	3	3	X
ajbmeb-2851	76	2	.	.	X
ajbmeb-2851	76	3	ifc	ifc	NOUN
ajbmeb-2851	76	4	(	(	PUNCT
ajbmeb-2851	76	5	2020	2020	NUM
ajbmeb-2851	76	6	)	)	PUNCT
ajbmeb-2851	76	7	.	.	PUNCT
ajbmeb-2851	77	1	corporate	corporate	ADJ
ajbmeb-2851	77	2	governance	governance	NOUN
ajbmeb-2851	77	3	toolkit	toolkit	NOUN
ajbmeb-2851	77	4	.	.	PUNCT
ajbmeb-2851	78	1	4	4	X
ajbmeb-2851	78	2	.	.	X
ajbmeb-2851	78	3	gri	gri	NOUN
ajbmeb-2851	78	4	standards	standard	NOUN
ajbmeb-2851	78	5	(	(	PUNCT
ajbmeb-2851	78	6	2021	2021	NUM
ajbmeb-2851	78	7	)	)	PUNCT
ajbmeb-2851	78	8	.	.	PUNCT
ajbmeb-2851	79	1	global	global	ADJ
ajbmeb-2851	79	2	reporting	reporting	NOUN
ajbmeb-2851	79	3	initiative	initiative	NOUN
ajbmeb-2851	79	4	.	.	PUNCT
ajbmeb-2851	80	1	5	5	X
ajbmeb-2851	80	2	.	.	X
ajbmeb-2851	80	3	aguilera	aguilera	PROPN
ajbmeb-2851	80	4	,	,	PUNCT
ajbmeb-2851	80	5	r.v	r.v	PROPN
ajbmeb-2851	80	6	.	.	PROPN
ajbmeb-2851	80	7	&	&	CCONJ
ajbmeb-2851	80	8	cuervo	cuervo	PROPN
ajbmeb-2851	80	9	-	-	PUNCT
ajbmeb-2851	80	10	cazurra	cazurra	PROPN
ajbmeb-2851	80	11	,	,	PUNCT
ajbmeb-2851	80	12	a.	a.	NOUN
ajbmeb-2851	80	13	(	(	PUNCT
ajbmeb-2851	80	14	2009	2009	NUM
ajbmeb-2851	80	15	)	)	PUNCT
ajbmeb-2851	80	16	.	.	PUNCT
ajbmeb-2851	81	1	codes	code	NOUN
ajbmeb-2851	81	2	of	of	ADP
ajbmeb-2851	81	3	good	good	ADJ
ajbmeb-2851	81	4	governance	governance	NOUN
ajbmeb-2851	81	5	.	.	PUNCT
ajbmeb-2851	82	1	6	6	NUM
ajbmeb-2851	82	2	.	.	X
ajbmeb-2851	82	3	claessens	claessen	NOUN
ajbmeb-2851	82	4	,	,	PUNCT
ajbmeb-2851	82	5	s.	s.	PROPN
ajbmeb-2851	82	6	(	(	PUNCT
ajbmeb-2851	82	7	2003	2003	NUM
ajbmeb-2851	82	8	)	)	PUNCT
ajbmeb-2851	82	9	.	.	PUNCT
ajbmeb-2851	83	1	corporate	corporate	ADJ
ajbmeb-2851	83	2	governance	governance	NOUN
ajbmeb-2851	83	3	and	and	CCONJ
ajbmeb-2851	83	4	development	development	NOUN
ajbmeb-2851	83	5	.	.	PUNCT
ajbmeb-2851	84	1	7	7	X
ajbmeb-2851	84	2	.	.	X
ajbmeb-2851	84	3	empirical	empirical	ADJ
ajbmeb-2851	84	4	data	datum	NOUN
ajbmeb-2851	84	5	from	from	ADP
ajbmeb-2851	84	6	uzbek	uzbek	ADJ
ajbmeb-2851	84	7	and	and	CCONJ
ajbmeb-2851	84	8	international	international	ADJ
ajbmeb-2851	84	9	joint	joint	ADJ
ajbmeb-2851	84	10	-	-	PUNCT
ajbmeb-2851	84	11	stock	stock	NOUN
ajbmeb-2851	84	12	company	company	NOUN
ajbmeb-2851	84	13	disclosures	disclosure	NOUN
ajbmeb-2851	84	14	.	.	PUNCT