id	sid	tid	token	lemma	pos
ajm-7108	1	1	american	american	PROPN
ajm-7108	1	2	journal	journal	PROPN
ajm-7108	1	3	of	of	ADP
ajm-7108	1	4	management	management	NOUN
ajm-7108	1	5	vol	vol	NOUN
ajm-7108	1	6	.	.	PUNCT
ajm-7108	2	1	24(2	24(2	NUM
ajm-7108	2	2	)	)	PUNCT
ajm-7108	2	3	2024	2024	NUM
ajm-7108	2	4	17	17	NUM
ajm-7108	2	5	greenwashing	greenwashing	NOUN
ajm-7108	2	6	or	or	CCONJ
ajm-7108	2	7	going	go	VERB
ajm-7108	2	8	green	green	ADJ
ajm-7108	2	9	?	?	PUNCT
ajm-7108	3	1	an	an	DET
ajm-7108	3	2	empirical	empirical	ADJ
ajm-7108	3	3	analysis	analysis	NOUN
ajm-7108	3	4	of	of	ADP
ajm-7108	3	5	the	the	DET
ajm-7108	3	6	drivers	driver	NOUN
ajm-7108	3	7	and	and	CCONJ
ajm-7108	3	8	the	the	DET
ajm-7108	3	9	effects	effect	NOUN
ajm-7108	3	10	of	of	ADP
ajm-7108	3	11	carbon	carbon	NOUN
ajm-7108	3	12	offsets	offset	NOUN
ajm-7108	3	13	and	and	CCONJ
ajm-7108	3	14	renewable	renewable	ADJ
ajm-7108	3	15	energy	energy	NOUN
ajm-7108	3	16	certificates	certificate	NOUN
ajm-7108	3	17	on	on	ADP
ajm-7108	3	18	firm	firm	ADJ
ajm-7108	3	19	performance	performance	NOUN
ajm-7108	3	20	maria	maria	PROPN
ajm-7108	3	21	hatalis	hatalis	PROPN
ajm-7108	3	22	rutgers	rutgers	PROPN
ajm-7108	3	23	university	university	PROPN
ajm-7108	3	24	carbon	carbon	NOUN
ajm-7108	3	25	offsets	offset	NOUN
ajm-7108	3	26	and	and	CCONJ
ajm-7108	3	27	renewable	renewable	ADJ
ajm-7108	3	28	energy	energy	NOUN
ajm-7108	3	29	certificates	certificate	NOUN
ajm-7108	3	30	(	(	PUNCT
ajm-7108	3	31	recs	rec	NOUN
ajm-7108	3	32	)	)	PUNCT
ajm-7108	3	33	are	be	AUX
ajm-7108	3	34	widely	widely	ADV
ajm-7108	3	35	used	use	VERB
ajm-7108	3	36	instruments	instrument	NOUN
ajm-7108	3	37	that	that	PRON
ajm-7108	3	38	help	help	VERB
ajm-7108	3	39	firms	firm	NOUN
ajm-7108	3	40	mitigate	mitigate	VERB
ajm-7108	3	41	their	their	PRON
ajm-7108	3	42	greenhouse	greenhouse	NOUN
ajm-7108	3	43	gas	gas	NOUN
ajm-7108	3	44	emissions	emission	NOUN
ajm-7108	3	45	(	(	PUNCT
ajm-7108	3	46	ghg	ghg	PROPN
ajm-7108	3	47	)	)	PUNCT
ajm-7108	3	48	.	.	PUNCT
ajm-7108	4	1	this	this	DET
ajm-7108	4	2	paper	paper	NOUN
ajm-7108	4	3	investigates	investigate	VERB
ajm-7108	4	4	which	which	PRON
ajm-7108	4	5	internal	internal	ADJ
ajm-7108	4	6	firm	firm	ADJ
ajm-7108	4	7	characteristics	characteristic	NOUN
ajm-7108	4	8	are	be	AUX
ajm-7108	4	9	associated	associate	VERB
ajm-7108	4	10	with	with	ADP
ajm-7108	4	11	investments	investment	NOUN
ajm-7108	4	12	in	in	ADP
ajm-7108	4	13	carbon	carbon	NOUN
ajm-7108	4	14	offsets	offset	NOUN
ajm-7108	4	15	or	or	CCONJ
ajm-7108	4	16	recs	rec	NOUN
ajm-7108	4	17	and	and	CCONJ
ajm-7108	4	18	how	how	SCONJ
ajm-7108	4	19	these	these	DET
ajm-7108	4	20	purchases	purchase	NOUN
ajm-7108	4	21	impact	impact	NOUN
ajm-7108	4	22	firms	firm	NOUN
ajm-7108	4	23	’	’	PART
ajm-7108	4	24	performance	performance	NOUN
ajm-7108	4	25	.	.	PUNCT
ajm-7108	5	1	based	base	VERB
ajm-7108	5	2	on	on	ADP
ajm-7108	5	3	data	datum	NOUN
ajm-7108	5	4	from	from	ADP
ajm-7108	5	5	publicly	publicly	ADV
ajm-7108	5	6	traded	trade	VERB
ajm-7108	5	7	firms	firm	NOUN
ajm-7108	5	8	in	in	ADP
ajm-7108	5	9	north	north	PROPN
ajm-7108	5	10	america	america	PROPN
ajm-7108	5	11	and	and	CCONJ
ajm-7108	5	12	europe	europe	PROPN
ajm-7108	5	13	from	from	ADP
ajm-7108	5	14	2012	2012	NUM
ajm-7108	5	15	-	-	SYM
ajm-7108	5	16	2022	2022	NUM
ajm-7108	5	17	,	,	PUNCT
ajm-7108	5	18	this	this	DET
ajm-7108	5	19	paper	paper	NOUN
ajm-7108	5	20	uses	use	VERB
ajm-7108	5	21	a	a	DET
ajm-7108	5	22	propensity	propensity	NOUN
ajm-7108	5	23	score	score	NOUN
ajm-7108	5	24	matching	matching	NOUN
ajm-7108	5	25	approach	approach	NOUN
ajm-7108	5	26	to	to	PART
ajm-7108	5	27	analyze	analyze	VERB
ajm-7108	5	28	the	the	DET
ajm-7108	5	29	effects	effect	NOUN
ajm-7108	5	30	of	of	ADP
ajm-7108	5	31	these	these	DET
ajm-7108	5	32	investments	investment	NOUN
ajm-7108	5	33	on	on	ADP
ajm-7108	5	34	firms	firm	NOUN
ajm-7108	5	35	’	’	PART
ajm-7108	5	36	environmental	environmental	ADJ
ajm-7108	5	37	scores	score	NOUN
ajm-7108	5	38	,	,	PUNCT
ajm-7108	5	39	ghg	ghg	PROPN
ajm-7108	5	40	emissions	emission	NOUN
ajm-7108	5	41	,	,	PUNCT
ajm-7108	5	42	and	and	CCONJ
ajm-7108	5	43	financial	financial	ADJ
ajm-7108	5	44	performance	performance	NOUN
ajm-7108	5	45	.	.	PUNCT
ajm-7108	6	1	additionally	additionally	ADV
ajm-7108	6	2	,	,	PUNCT
ajm-7108	6	3	this	this	DET
ajm-7108	6	4	paper	paper	NOUN
ajm-7108	6	5	employs	employ	VERB
ajm-7108	6	6	an	an	DET
ajm-7108	6	7	instrumental	instrumental	ADJ
ajm-7108	6	8	variable	variable	ADJ
ajm-7108	6	9	approach	approach	NOUN
ajm-7108	6	10	to	to	PART
ajm-7108	6	11	examine	examine	VERB
ajm-7108	6	12	whether	whether	SCONJ
ajm-7108	6	13	board	board	NOUN
ajm-7108	6	14	gender	gender	NOUN
ajm-7108	6	15	diversity	diversity	NOUN
ajm-7108	6	16	increases	increase	VERB
ajm-7108	6	17	carbon	carbon	NOUN
ajm-7108	6	18	offset	offset	NOUN
ajm-7108	6	19	or	or	CCONJ
ajm-7108	6	20	rec	rec	NOUN
ajm-7108	6	21	purchases	purchase	NOUN
ajm-7108	6	22	.	.	PUNCT
ajm-7108	7	1	the	the	DET
ajm-7108	7	2	findings	finding	NOUN
ajm-7108	7	3	reveal	reveal	VERB
ajm-7108	7	4	that	that	SCONJ
ajm-7108	7	5	firms	firm	NOUN
ajm-7108	7	6	that	that	PRON
ajm-7108	7	7	purchase	purchase	VERB
ajm-7108	7	8	carbon	carbon	NOUN
ajm-7108	7	9	offsets	offset	NOUN
ajm-7108	7	10	or	or	CCONJ
ajm-7108	7	11	recs	rec	NOUN
ajm-7108	7	12	face	face	VERB
ajm-7108	7	13	higher	high	ADJ
ajm-7108	7	14	environmental	environmental	ADJ
ajm-7108	7	15	scores	score	NOUN
ajm-7108	7	16	and	and	CCONJ
ajm-7108	7	17	higher	high	ADJ
ajm-7108	7	18	ghg	ghg	PROPN
ajm-7108	7	19	emissions	emission	NOUN
ajm-7108	7	20	,	,	PUNCT
ajm-7108	7	21	suggesting	suggest	VERB
ajm-7108	7	22	corporate	corporate	ADJ
ajm-7108	7	23	greenwashing	greenwashing	NOUN
ajm-7108	7	24	behavior	behavior	NOUN
ajm-7108	7	25	.	.	PUNCT
ajm-7108	8	1	this	this	DET
ajm-7108	8	2	paper	paper	NOUN
ajm-7108	8	3	also	also	ADV
ajm-7108	8	4	demonstrates	demonstrate	VERB
ajm-7108	8	5	that	that	SCONJ
ajm-7108	8	6	these	these	DET
ajm-7108	8	7	purchases	purchase	NOUN
ajm-7108	8	8	lead	lead	VERB
ajm-7108	8	9	to	to	ADP
ajm-7108	8	10	higher	high	ADJ
ajm-7108	8	11	sales	sale	NOUN
ajm-7108	8	12	,	,	PUNCT
ajm-7108	8	13	profitability	profitability	NOUN
ajm-7108	8	14	,	,	PUNCT
ajm-7108	8	15	and	and	CCONJ
ajm-7108	8	16	assets	asset	NOUN
ajm-7108	8	17	,	,	PUNCT
ajm-7108	8	18	but	but	CCONJ
ajm-7108	8	19	lower	low	ADJ
ajm-7108	8	20	tobin	tobin	NOUN
ajm-7108	8	21	’s	’s	PART
ajm-7108	8	22	q	q	NOUN
ajm-7108	8	23	for	for	ADP
ajm-7108	8	24	rec	rec	NOUN
ajm-7108	8	25	buyers	buyer	NOUN
ajm-7108	8	26	.	.	PUNCT
ajm-7108	9	1	lastly	lastly	ADV
ajm-7108	9	2	,	,	PUNCT
ajm-7108	9	3	this	this	DET
ajm-7108	9	4	paper	paper	NOUN
ajm-7108	9	5	finds	find	VERB
ajm-7108	9	6	that	that	SCONJ
ajm-7108	9	7	a	a	DET
ajm-7108	9	8	greater	great	ADJ
ajm-7108	9	9	presence	presence	NOUN
ajm-7108	9	10	of	of	ADP
ajm-7108	9	11	women	woman	NOUN
ajm-7108	9	12	on	on	ADP
ajm-7108	9	13	the	the	DET
ajm-7108	9	14	board	board	NOUN
ajm-7108	9	15	does	do	AUX
ajm-7108	9	16	not	not	PART
ajm-7108	9	17	lead	lead	VERB
ajm-7108	9	18	to	to	ADP
ajm-7108	9	19	greater	great	ADJ
ajm-7108	9	20	purchases	purchase	NOUN
ajm-7108	9	21	of	of	ADP
ajm-7108	9	22	carbon	carbon	NOUN
ajm-7108	9	23	offsets	offset	NOUN
ajm-7108	9	24	or	or	CCONJ
ajm-7108	9	25	recs	rec	NOUN
ajm-7108	9	26	.	.	PUNCT
ajm-7108	10	1	keywords	keyword	NOUN
ajm-7108	10	2	:	:	PUNCT
ajm-7108	10	3	corporate	corporate	ADJ
ajm-7108	10	4	sustainability	sustainability	NOUN
ajm-7108	10	5	,	,	PUNCT
ajm-7108	10	6	greenwashing	greenwashing	NOUN
ajm-7108	10	7	,	,	PUNCT
ajm-7108	10	8	ghg	ghg	PROPN
ajm-7108	10	9	emissions	emission	NOUN
ajm-7108	10	10	,	,	PUNCT
ajm-7108	10	11	carbon	carbon	NOUN
ajm-7108	10	12	offset	offset	NOUN
ajm-7108	10	13	,	,	PUNCT
ajm-7108	10	14	renewable	renewable	ADJ
ajm-7108	10	15	energy	energy	NOUN
ajm-7108	10	16	certificate	certificate	NOUN
ajm-7108	10	17	,	,	PUNCT
ajm-7108	10	18	environmental	environmental	ADJ
ajm-7108	10	19	performance	performance	NOUN
ajm-7108	10	20	,	,	PUNCT
ajm-7108	10	21	board	board	NOUN
ajm-7108	10	22	gender	gender	NOUN
ajm-7108	10	23	diversity	diversity	NOUN
ajm-7108	10	24	introduction	introduction	NOUN
ajm-7108	10	25	in	in	ADP
ajm-7108	10	26	recent	recent	ADJ
ajm-7108	10	27	years	year	NOUN
ajm-7108	10	28	,	,	PUNCT
ajm-7108	10	29	the	the	DET
ajm-7108	10	30	urgency	urgency	NOUN
ajm-7108	10	31	to	to	PART
ajm-7108	10	32	address	address	VERB
ajm-7108	10	33	climate	climate	NOUN
ajm-7108	10	34	change	change	NOUN
ajm-7108	10	35	has	have	AUX
ajm-7108	10	36	led	lead	VERB
ajm-7108	10	37	to	to	ADP
ajm-7108	10	38	a	a	DET
ajm-7108	10	39	significant	significant	ADJ
ajm-7108	10	40	increase	increase	NOUN
ajm-7108	10	41	in	in	ADP
ajm-7108	10	42	firms	firm	NOUN
ajm-7108	10	43	pledging	pledge	VERB
ajm-7108	10	44	to	to	PART
ajm-7108	10	45	reduce	reduce	VERB
ajm-7108	10	46	their	their	PRON
ajm-7108	10	47	greenhouse	greenhouse	NOUN
ajm-7108	10	48	gas	gas	NOUN
ajm-7108	10	49	emissions	emission	NOUN
ajm-7108	10	50	(	(	PUNCT
ajm-7108	10	51	ghg)1	ghg)1	PROPN
ajm-7108	10	52	and	and	CCONJ
ajm-7108	10	53	striving	strive	VERB
ajm-7108	10	54	to	to	PART
ajm-7108	10	55	become	become	VERB
ajm-7108	10	56	carbon	carbon	NOUN
ajm-7108	10	57	neutral	neutral	ADJ
ajm-7108	10	58	or	or	CCONJ
ajm-7108	10	59	achieve	achieve	VERB
ajm-7108	10	60	net	net	ADJ
ajm-7108	10	61	zero	zero	NUM
ajm-7108	10	62	ghg	ghg	PROPN
ajm-7108	10	63	emissions	emission	NOUN
ajm-7108	10	64	.	.	PUNCT
ajm-7108	11	1	while	while	SCONJ
ajm-7108	11	2	firms	firm	NOUN
ajm-7108	11	3	have	have	VERB
ajm-7108	11	4	various	various	ADJ
ajm-7108	11	5	options	option	NOUN
ajm-7108	11	6	to	to	PART
ajm-7108	11	7	lower	lower	VERB
ajm-7108	11	8	their	their	PRON
ajm-7108	11	9	greenhouse	greenhouse	NOUN
ajm-7108	11	10	gas	gas	NOUN
ajm-7108	11	11	emissions	emission	NOUN
ajm-7108	11	12	,	,	PUNCT
ajm-7108	11	13	there	there	PRON
ajm-7108	11	14	has	have	AUX
ajm-7108	11	15	been	be	AUX
ajm-7108	11	16	unprecedented	unprecedented	ADJ
ajm-7108	11	17	growth	growth	NOUN
ajm-7108	11	18	in	in	ADP
ajm-7108	11	19	demand	demand	NOUN
ajm-7108	11	20	for	for	ADP
ajm-7108	11	21	voluntary	voluntary	ADJ
ajm-7108	11	22	carbon	carbon	NOUN
ajm-7108	11	23	offsets	offset	NOUN
ajm-7108	11	24	and	and	CCONJ
ajm-7108	11	25	renewable	renewable	ADJ
ajm-7108	11	26	energy	energy	NOUN
ajm-7108	11	27	certificates	certificate	NOUN
ajm-7108	11	28	(	(	PUNCT
ajm-7108	11	29	rec	rec	NOUN
ajm-7108	11	30	)	)	PUNCT
ajm-7108	11	31	to	to	PART
ajm-7108	11	32	help	help	VERB
ajm-7108	11	33	achieve	achieve	VERB
ajm-7108	11	34	their	their	PRON
ajm-7108	11	35	sustainability	sustainability	NOUN
ajm-7108	11	36	goals	goal	NOUN
ajm-7108	11	37	.	.	PUNCT
ajm-7108	12	1	firms	firm	NOUN
ajm-7108	12	2	that	that	PRON
ajm-7108	12	3	purchase	purchase	VERB
ajm-7108	12	4	carbon	carbon	NOUN
ajm-7108	12	5	offsets	offset	NOUN
ajm-7108	12	6	can	can	AUX
ajm-7108	12	7	manage	manage	VERB
ajm-7108	12	8	their	their	PRON
ajm-7108	12	9	emissions	emission	NOUN
ajm-7108	12	10	footprint	footprint	NOUN
ajm-7108	12	11	by	by	ADP
ajm-7108	12	12	investing	invest	VERB
ajm-7108	12	13	in	in	ADP
ajm-7108	12	14	projects	project	NOUN
ajm-7108	12	15	that	that	PRON
ajm-7108	12	16	reduce	reduce	VERB
ajm-7108	12	17	or	or	CCONJ
ajm-7108	12	18	remove	remove	VERB
ajm-7108	12	19	ghg	ghg	PROPN
ajm-7108	12	20	emissions	emission	NOUN
ajm-7108	12	21	elsewhere	elsewhere	ADV
ajm-7108	12	22	in	in	ADP
ajm-7108	12	23	the	the	DET
ajm-7108	12	24	world	world	NOUN
ajm-7108	12	25	,	,	PUNCT
ajm-7108	12	26	such	such	ADJ
ajm-7108	12	27	as	as	ADP
ajm-7108	12	28	direct	direct	ADJ
ajm-7108	12	29	air	air	NOUN
ajm-7108	12	30	capture	capture	NOUN
ajm-7108	12	31	projects	project	NOUN
ajm-7108	12	32	or	or	CCONJ
ajm-7108	12	33	reforestation	reforestation	NOUN
ajm-7108	12	34	initiatives	initiative	NOUN
ajm-7108	12	35	(	(	PUNCT
ajm-7108	12	36	jiang	jiang	PROPN
ajm-7108	12	37	et	et	PROPN
ajm-7108	12	38	al	al	PROPN
ajm-7108	12	39	.	.	PROPN
ajm-7108	12	40	,	,	PUNCT
ajm-7108	12	41	2022	2022	NUM
ajm-7108	12	42	;	;	PUNCT
ajm-7108	12	43	epa	epa	PROPN
ajm-7108	12	44	green	green	PROPN
ajm-7108	12	45	power	power	PROPN
ajm-7108	12	46	partnership	partnership	PROPN
ajm-7108	12	47	,	,	PUNCT
ajm-7108	12	48	2018).2	2018).2	NUM
ajm-7108	12	49	on	on	ADP
ajm-7108	12	50	the	the	DET
ajm-7108	12	51	other	other	ADJ
ajm-7108	12	52	hand	hand	NOUN
ajm-7108	12	53	,	,	PUNCT
ajm-7108	12	54	recs	rec	NOUN
ajm-7108	12	55	are	be	AUX
ajm-7108	12	56	a	a	DET
ajm-7108	12	57	way	way	NOUN
ajm-7108	12	58	for	for	SCONJ
ajm-7108	12	59	firms	firm	NOUN
ajm-7108	12	60	to	to	PART
ajm-7108	12	61	support	support	VERB
ajm-7108	12	62	the	the	DET
ajm-7108	12	63	generation	generation	NOUN
ajm-7108	12	64	of	of	ADP
ajm-7108	12	65	low	low	ADJ
ajm-7108	12	66	or	or	CCONJ
ajm-7108	12	67	zero	zero	NUM
ajm-7108	12	68	-	-	PUNCT
ajm-7108	12	69	emissions	emission	NOUN
ajm-7108	12	70	energy	energy	NOUN
ajm-7108	12	71	by	by	ADP
ajm-7108	12	72	purchasing	purchase	VERB
ajm-7108	12	73	certificates	certificate	NOUN
ajm-7108	12	74	equivalent	equivalent	ADJ
ajm-7108	12	75	to	to	ADP
ajm-7108	12	76	the	the	DET
ajm-7108	12	77	amount	amount	NOUN
ajm-7108	12	78	of	of	ADP
ajm-7108	12	79	renewable	renewable	ADJ
ajm-7108	12	80	energy	energy	NOUN
ajm-7108	12	81	produced	produce	VERB
ajm-7108	12	82	by	by	ADP
ajm-7108	12	83	another	another	DET
ajm-7108	12	84	entity	entity	NOUN
ajm-7108	12	85	(	(	PUNCT
ajm-7108	12	86	e.g.	e.g.	ADV
ajm-7108	12	87	,	,	PUNCT
ajm-7108	12	88	wind	wind	NOUN
ajm-7108	12	89	or	or	CCONJ
ajm-7108	12	90	solar	solar	ADJ
ajm-7108	12	91	energy	energy	NOUN
ajm-7108	12	92	farm	farm	NOUN
ajm-7108	12	93	)	)	PUNCT
ajm-7108	12	94	(	(	PUNCT
ajm-7108	12	95	epa	epa	PROPN
ajm-7108	12	96	green	green	PROPN
ajm-7108	12	97	power	power	PROPN
ajm-7108	12	98	partnership	partnership	PROPN
ajm-7108	12	99	,	,	PUNCT
ajm-7108	12	100	2018).3	2018).3	NUM
ajm-7108	12	101	by	by	ADP
ajm-7108	12	102	purchasing	purchase	VERB
ajm-7108	12	103	carbon	carbon	NOUN
ajm-7108	12	104	offsets	offset	NOUN
ajm-7108	12	105	or	or	CCONJ
ajm-7108	12	106	recs	rec	NOUN
ajm-7108	12	107	,	,	PUNCT
ajm-7108	12	108	firms	firm	NOUN
ajm-7108	12	109	can	can	AUX
ajm-7108	12	110	indirectly	indirectly	ADV
ajm-7108	12	111	offset	offset	VERB
ajm-7108	12	112	their	their	PRON
ajm-7108	12	113	own	own	ADJ
ajm-7108	12	114	ghg	ghg	PROPN
ajm-7108	12	115	emissions	emission	NOUN
ajm-7108	12	116	.	.	PUNCT
ajm-7108	13	1	demand	demand	NOUN
ajm-7108	13	2	for	for	ADP
ajm-7108	13	3	carbon	carbon	NOUN
ajm-7108	13	4	offsets	offset	NOUN
ajm-7108	13	5	is	be	AUX
ajm-7108	13	6	expected	expect	VERB
ajm-7108	13	7	to	to	PART
ajm-7108	13	8	grow	grow	VERB
ajm-7108	13	9	considerably	considerably	ADV
ajm-7108	13	10	to	to	ADP
ajm-7108	13	11	potentially	potentially	ADV
ajm-7108	13	12	$	$	SYM
ajm-7108	13	13	50	50	NUM
ajm-7108	13	14	billion	billion	NUM
ajm-7108	13	15	by	by	ADP
ajm-7108	13	16	2030	2030	NUM
ajm-7108	13	17	(	(	PUNCT
ajm-7108	13	18	up	up	ADP
ajm-7108	13	19	from	from	ADP
ajm-7108	13	20	<	<	X
ajm-7108	13	21	$	$	SYM
ajm-7108	13	22	1	1	NUM
ajm-7108	13	23	billion	billion	NUM
ajm-7108	13	24	in	in	ADP
ajm-7108	13	25	2020	2020	NUM
ajm-7108	13	26	)	)	PUNCT
ajm-7108	14	1	(	(	PUNCT
ajm-7108	14	2	jiang	jiang	PROPN
ajm-7108	14	3	et	et	PROPN
ajm-7108	14	4	al	al	PROPN
ajm-7108	14	5	.	.	PROPN
ajm-7108	14	6	,	,	PUNCT
ajm-7108	14	7	2022	2022	NUM
ajm-7108	14	8	)	)	PUNCT
ajm-7108	14	9	.	.	PUNCT
ajm-7108	15	1	forecasts	forecast	NOUN
ajm-7108	15	2	expect	expect	VERB
ajm-7108	15	3	demand	demand	NOUN
ajm-7108	15	4	for	for	ADP
ajm-7108	15	5	recs	rec	NOUN
ajm-7108	15	6	in	in	ADP
ajm-7108	15	7	the	the	DET
ajm-7108	15	8	us	we	PRON
ajm-7108	15	9	to	to	AUX
ajm-7108	15	10	more	more	ADV
ajm-7108	15	11	than	than	ADP
ajm-7108	15	12	double	double	ADJ
ajm-7108	15	13	from	from	ADP
ajm-7108	15	14	$	$	SYM
ajm-7108	15	15	12.1	12.1	NUM
ajm-7108	15	16	billion	billion	NUM
ajm-7108	15	17	in	in	ADP
ajm-7108	15	18	2023	2023	NUM
ajm-7108	15	19	to	to	ADP
ajm-7108	15	20	$	$	SYM
ajm-7108	15	21	26.5	26.5	NUM
ajm-7108	15	22	billion	billion	NUM
ajm-7108	15	23	by	by	ADP
ajm-7108	15	24	2030	2030	NUM
ajm-7108	15	25	(	(	PUNCT
ajm-7108	15	26	wilson	wilson	PROPN
ajm-7108	15	27	et	et	PROPN
ajm-7108	15	28	al	al	PROPN
ajm-7108	15	29	.	.	PROPN
ajm-7108	15	30	,	,	PUNCT
ajm-7108	15	31	2022	2022	NUM
ajm-7108	15	32	)	)	PUNCT
ajm-7108	15	33	.	.	PUNCT
ajm-7108	16	1	despite	despite	SCONJ
ajm-7108	16	2	this	this	DET
ajm-7108	16	3	heightened	heighten	VERB
ajm-7108	16	4	interest	interest	NOUN
ajm-7108	16	5	in	in	ADP
ajm-7108	16	6	these	these	DET
ajm-7108	16	7	two	two	NUM
ajm-7108	16	8	instruments	instrument	NOUN
ajm-7108	16	9	,	,	PUNCT
ajm-7108	16	10	there	there	PRON
ajm-7108	16	11	is	be	VERB
ajm-7108	16	12	limited	limited	ADJ
ajm-7108	16	13	research	research	NOUN
ajm-7108	16	14	on	on	ADP
ajm-7108	16	15	18	18	NUM
ajm-7108	16	16	american	american	ADJ
ajm-7108	16	17	journal	journal	PROPN
ajm-7108	16	18	of	of	ADP
ajm-7108	16	19	management	management	NOUN
ajm-7108	16	20	vol	vol	NOUN
ajm-7108	16	21	.	.	PUNCT
ajm-7108	17	1	24(2	24(2	NUM
ajm-7108	17	2	)	)	PUNCT
ajm-7108	17	3	2024	2024	NUM
ajm-7108	17	4	the	the	DET
ajm-7108	17	5	factors	factor	NOUN
ajm-7108	17	6	influencing	influence	VERB
ajm-7108	17	7	firms	firm	NOUN
ajm-7108	17	8	’	'	PUNCT
ajm-7108	17	9	decisions	decision	NOUN
ajm-7108	17	10	to	to	PART
ajm-7108	17	11	purchase	purchase	VERB
ajm-7108	17	12	carbon	carbon	NOUN
ajm-7108	17	13	offsets	offset	NOUN
ajm-7108	17	14	or	or	CCONJ
ajm-7108	17	15	recs	rec	NOUN
ajm-7108	17	16	and	and	CCONJ
ajm-7108	17	17	the	the	DET
ajm-7108	17	18	potential	potential	ADJ
ajm-7108	17	19	effects	effect	NOUN
ajm-7108	17	20	of	of	ADP
ajm-7108	17	21	these	these	DET
ajm-7108	17	22	actions	action	NOUN
ajm-7108	17	23	on	on	ADP
ajm-7108	17	24	firms	firm	NOUN
ajm-7108	17	25	’	'	PUNCT
ajm-7108	17	26	value	value	NOUN
ajm-7108	17	27	and	and	CCONJ
ajm-7108	17	28	environmental	environmental	ADJ
ajm-7108	17	29	performance	performance	NOUN
ajm-7108	17	30	.	.	PUNCT
ajm-7108	18	1	this	this	DET
ajm-7108	18	2	paper	paper	NOUN
ajm-7108	18	3	aims	aim	VERB
ajm-7108	18	4	to	to	PART
ajm-7108	18	5	fill	fill	VERB
ajm-7108	18	6	this	this	DET
ajm-7108	18	7	gap	gap	NOUN
ajm-7108	18	8	by	by	ADP
ajm-7108	18	9	investigating	investigate	VERB
ajm-7108	18	10	the	the	DET
ajm-7108	18	11	firm	firm	ADJ
ajm-7108	18	12	characteristics	characteristic	NOUN
ajm-7108	18	13	associated	associate	VERB
ajm-7108	18	14	with	with	ADP
ajm-7108	18	15	investments	investment	NOUN
ajm-7108	18	16	in	in	ADP
ajm-7108	18	17	carbon	carbon	NOUN
ajm-7108	18	18	offsets	offset	NOUN
ajm-7108	18	19	or	or	CCONJ
ajm-7108	18	20	recs	rec	NOUN
ajm-7108	18	21	and	and	CCONJ
ajm-7108	18	22	examining	examine	VERB
ajm-7108	18	23	their	their	PRON
ajm-7108	18	24	impact	impact	NOUN
ajm-7108	18	25	on	on	ADP
ajm-7108	18	26	greenhouse	greenhouse	NOUN
ajm-7108	18	27	gas	gas	NOUN
ajm-7108	18	28	emissions	emission	NOUN
ajm-7108	18	29	levels	level	NOUN
ajm-7108	18	30	and	and	CCONJ
ajm-7108	18	31	the	the	DET
ajm-7108	18	32	financial	financial	ADJ
ajm-7108	18	33	performance	performance	NOUN
ajm-7108	18	34	of	of	ADP
ajm-7108	18	35	companies	company	NOUN
ajm-7108	18	36	in	in	ADP
ajm-7108	18	37	north	north	PROPN
ajm-7108	18	38	america	america	PROPN
ajm-7108	18	39	and	and	CCONJ
ajm-7108	18	40	europe	europe	PROPN
ajm-7108	18	41	.	.	PUNCT
ajm-7108	19	1	developed	develop	VERB
ajm-7108	19	2	-	-	PUNCT
ajm-7108	19	3	country	country	NOUN
ajm-7108	19	4	markets	market	NOUN
ajm-7108	19	5	,	,	PUNCT
ajm-7108	19	6	such	such	ADJ
ajm-7108	19	7	as	as	ADP
ajm-7108	19	8	north	north	PROPN
ajm-7108	19	9	america	america	PROPN
ajm-7108	19	10	and	and	CCONJ
ajm-7108	19	11	europe	europe	PROPN
ajm-7108	19	12	,	,	PUNCT
ajm-7108	19	13	dominate	dominate	VERB
ajm-7108	19	14	the	the	DET
ajm-7108	19	15	voluntary	voluntary	ADJ
ajm-7108	19	16	market	market	NOUN
ajm-7108	19	17	for	for	ADP
ajm-7108	19	18	carbon	carbon	NOUN
ajm-7108	19	19	offsets	offset	NOUN
ajm-7108	19	20	and	and	CCONJ
ajm-7108	19	21	recs	rec	NOUN
ajm-7108	19	22	and	and	CCONJ
ajm-7108	19	23	thus	thus	ADV
ajm-7108	19	24	provide	provide	VERB
ajm-7108	19	25	an	an	DET
ajm-7108	19	26	ideal	ideal	ADJ
ajm-7108	19	27	setting	setting	NOUN
ajm-7108	19	28	to	to	PART
ajm-7108	19	29	analyze	analyze	VERB
ajm-7108	19	30	how	how	SCONJ
ajm-7108	19	31	firms	firm	NOUN
ajm-7108	19	32	utilize	utilize	VERB
ajm-7108	19	33	these	these	DET
ajm-7108	19	34	two	two	NUM
ajm-7108	19	35	instruments	instrument	NOUN
ajm-7108	19	36	.	.	PUNCT
ajm-7108	20	1	driven	drive	VERB
ajm-7108	20	2	by	by	ADP
ajm-7108	20	3	corporate	corporate	ADJ
ajm-7108	20	4	commitments	commitment	NOUN
ajm-7108	20	5	and	and	CCONJ
ajm-7108	20	6	external	external	ADJ
ajm-7108	20	7	pressures	pressure	NOUN
ajm-7108	20	8	from	from	ADP
ajm-7108	20	9	regulators	regulator	NOUN
ajm-7108	20	10	and	and	CCONJ
ajm-7108	20	11	stakeholders	stakeholder	NOUN
ajm-7108	20	12	to	to	PART
ajm-7108	20	13	transition	transition	VERB
ajm-7108	20	14	away	away	ADV
ajm-7108	20	15	from	from	ADP
ajm-7108	20	16	fossil	fossil	ADJ
ajm-7108	20	17	fuels	fuel	NOUN
ajm-7108	20	18	,	,	PUNCT
ajm-7108	20	19	developed	develop	VERB
ajm-7108	20	20	-	-	PUNCT
ajm-7108	20	21	market	market	NOUN
ajm-7108	20	22	firms	firm	NOUN
ajm-7108	20	23	—	—	PUNCT
ajm-7108	20	24	such	such	ADJ
ajm-7108	20	25	as	as	ADP
ajm-7108	20	26	shell	shell	NOUN
ajm-7108	20	27	,	,	PUNCT
ajm-7108	20	28	volkswagen	volkswagen	NOUN
ajm-7108	20	29	,	,	PUNCT
ajm-7108	20	30	chevron	chevron	NOUN
ajm-7108	20	31	,	,	PUNCT
ajm-7108	20	32	delta	delta	NOUN
ajm-7108	20	33	airlines	airline	NOUN
ajm-7108	20	34	,	,	PUNCT
ajm-7108	20	35	and	and	CCONJ
ajm-7108	20	36	microsoft	microsoft	PROPN
ajm-7108	20	37	,	,	PUNCT
ajm-7108	20	38	etc.—have	etc.—have	AUX
ajm-7108	20	39	become	become	VERB
ajm-7108	20	40	the	the	DET
ajm-7108	20	41	biggest	big	ADJ
ajm-7108	20	42	buyers	buyer	NOUN
ajm-7108	20	43	of	of	ADP
ajm-7108	20	44	voluntary	voluntary	ADJ
ajm-7108	20	45	carbon	carbon	NOUN
ajm-7108	20	46	offsets	offset	NOUN
ajm-7108	20	47	and	and	CCONJ
ajm-7108	20	48	recs	rec	NOUN
ajm-7108	20	49	over	over	ADP
ajm-7108	20	50	the	the	DET
ajm-7108	20	51	last	last	ADJ
ajm-7108	20	52	few	few	ADJ
ajm-7108	20	53	years	year	NOUN
ajm-7108	20	54	(	(	PUNCT
ajm-7108	20	55	donofrio	donofrio	PROPN
ajm-7108	20	56	et	et	PROPN
ajm-7108	20	57	al	al	PROPN
ajm-7108	20	58	.	.	PROPN
ajm-7108	20	59	,	,	PUNCT
ajm-7108	20	60	2023	2023	NUM
ajm-7108	20	61	)	)	PUNCT
ajm-7108	20	62	.	.	PUNCT
ajm-7108	21	1	the	the	DET
ajm-7108	21	2	annual	annual	ADJ
ajm-7108	21	3	traded	trade	VERB
ajm-7108	21	4	value	value	NOUN
ajm-7108	21	5	in	in	ADP
ajm-7108	21	6	voluntary	voluntary	ADJ
ajm-7108	21	7	carbon	carbon	NOUN
ajm-7108	21	8	markets	market	NOUN
ajm-7108	21	9	has	have	AUX
ajm-7108	21	10	grown	grow	VERB
ajm-7108	21	11	more	more	ADJ
ajm-7108	21	12	than	than	ADP
ajm-7108	21	13	six	six	NUM
ajm-7108	21	14	times	time	NOUN
ajm-7108	21	15	the	the	DET
ajm-7108	21	16	2019	2019	NUM
ajm-7108	21	17	level	level	NOUN
ajm-7108	21	18	(	(	PUNCT
ajm-7108	21	19	$	$	SYM
ajm-7108	21	20	320	320	NUM
ajm-7108	21	21	million	million	NUM
ajm-7108	21	22	)	)	PUNCT
ajm-7108	21	23	,	,	PUNCT
ajm-7108	21	24	reaching	reach	VERB
ajm-7108	21	25	almost	almost	ADV
ajm-7108	21	26	$	$	SYM
ajm-7108	21	27	2	2	NUM
ajm-7108	21	28	billion	billion	NUM
ajm-7108	21	29	in	in	ADP
ajm-7108	21	30	2021	2021	NUM
ajm-7108	21	31	(	(	PUNCT
ajm-7108	21	32	donofrio	donofrio	PROPN
ajm-7108	21	33	et	et	PROPN
ajm-7108	21	34	al	al	PROPN
ajm-7108	21	35	.	.	PROPN
ajm-7108	21	36	,	,	PUNCT
ajm-7108	21	37	2022	2022	NUM
ajm-7108	21	38	)	)	PUNCT
ajm-7108	21	39	.	.	PUNCT
ajm-7108	22	1	traded	trade	VERB
ajm-7108	22	2	volumes	volume	NOUN
ajm-7108	22	3	in	in	ADP
ajm-7108	22	4	the	the	DET
ajm-7108	22	5	rec	rec	NOUN
ajm-7108	22	6	market	market	NOUN
ajm-7108	22	7	have	have	AUX
ajm-7108	22	8	also	also	ADV
ajm-7108	22	9	grown	grow	VERB
ajm-7108	22	10	rapidly	rapidly	ADV
ajm-7108	22	11	(	(	PUNCT
ajm-7108	22	12	reaching	reach	VERB
ajm-7108	22	13	$	$	SYM
ajm-7108	22	14	11.45	11.45	NUM
ajm-7108	22	15	billion	billion	NUM
ajm-7108	22	16	in	in	ADP
ajm-7108	22	17	2021	2021	NUM
ajm-7108	22	18	)	)	PUNCT
ajm-7108	22	19	.	.	PUNCT
ajm-7108	23	1	the	the	DET
ajm-7108	23	2	voluntary	voluntary	ADJ
ajm-7108	23	3	market	market	NOUN
ajm-7108	23	4	is	be	AUX
ajm-7108	23	5	expected	expect	VERB
ajm-7108	23	6	to	to	PART
ajm-7108	23	7	form	form	VERB
ajm-7108	23	8	more	more	ADJ
ajm-7108	23	9	than	than	ADP
ajm-7108	23	10	two	two	NUM
ajm-7108	23	11	-	-	PUNCT
ajm-7108	23	12	thirds	third	NOUN
ajm-7108	23	13	of	of	ADP
ajm-7108	23	14	total	total	ADJ
ajm-7108	23	15	us	us	PROPN
ajm-7108	23	16	renewable	renewable	ADJ
ajm-7108	23	17	generation	generation	NOUN
ajm-7108	23	18	by	by	ADP
ajm-7108	23	19	2026	2026	NUM
ajm-7108	23	20	(	(	PUNCT
ajm-7108	23	21	wilson	wilson	PROPN
ajm-7108	23	22	et	et	PROPN
ajm-7108	23	23	al	al	PROPN
ajm-7108	23	24	.	.	PROPN
ajm-7108	23	25	,	,	PUNCT
ajm-7108	23	26	2022	2022	NUM
ajm-7108	23	27	)	)	PUNCT
ajm-7108	23	28	.	.	PUNCT
ajm-7108	24	1	amidst	amidst	ADP
ajm-7108	24	2	this	this	DET
ajm-7108	24	3	growth	growth	NOUN
ajm-7108	24	4	,	,	PUNCT
ajm-7108	24	5	the	the	DET
ajm-7108	24	6	concern	concern	NOUN
ajm-7108	24	7	of	of	ADP
ajm-7108	24	8	greenwashing	greenwashing	NOUN
ajm-7108	24	9	has	have	AUX
ajm-7108	24	10	also	also	ADV
ajm-7108	24	11	become	become	VERB
ajm-7108	24	12	more	more	ADV
ajm-7108	24	13	prevalent	prevalent	ADJ
ajm-7108	24	14	.	.	PUNCT
ajm-7108	25	1	greenwashing	greenwashing	NOUN
ajm-7108	25	2	refers	refer	VERB
ajm-7108	25	3	to	to	ADP
ajm-7108	25	4	a	a	DET
ajm-7108	25	5	firm	firm	NOUN
ajm-7108	25	6	’s	’s	PART
ajm-7108	25	7	practice	practice	NOUN
ajm-7108	25	8	of	of	ADP
ajm-7108	25	9	using	use	VERB
ajm-7108	25	10	carbon	carbon	NOUN
ajm-7108	25	11	offsets	offset	NOUN
ajm-7108	25	12	and	and	CCONJ
ajm-7108	25	13	recs	rec	NOUN
ajm-7108	25	14	as	as	ADP
ajm-7108	25	15	green	green	ADJ
ajm-7108	25	16	marketing	marketing	NOUN
ajm-7108	25	17	tactics	tactic	NOUN
ajm-7108	25	18	to	to	PART
ajm-7108	25	19	create	create	VERB
ajm-7108	25	20	an	an	DET
ajm-7108	25	21	image	image	NOUN
ajm-7108	25	22	of	of	ADP
ajm-7108	25	23	environmental	environmental	ADJ
ajm-7108	25	24	responsibility	responsibility	NOUN
ajm-7108	25	25	,	,	PUNCT
ajm-7108	25	26	without	without	ADP
ajm-7108	25	27	substantially	substantially	ADV
ajm-7108	25	28	reducing	reduce	VERB
ajm-7108	25	29	their	their	PRON
ajm-7108	25	30	own	own	ADJ
ajm-7108	25	31	carbon	carbon	NOUN
ajm-7108	25	32	emissions	emission	NOUN
ajm-7108	25	33	.	.	PUNCT
ajm-7108	26	1	given	give	VERB
ajm-7108	26	2	that	that	DET
ajm-7108	26	3	carbon	carbon	NOUN
ajm-7108	26	4	offsets	offset	NOUN
ajm-7108	26	5	and	and	CCONJ
ajm-7108	26	6	recs	rec	NOUN
ajm-7108	26	7	are	be	AUX
ajm-7108	26	8	being	be	AUX
ajm-7108	26	9	increasingly	increasingly	ADV
ajm-7108	26	10	traded	trade	VERB
ajm-7108	26	11	as	as	ADP
ajm-7108	26	12	commodities	commodity	NOUN
ajm-7108	26	13	and	and	CCONJ
ajm-7108	26	14	that	that	DET
ajm-7108	26	15	greenwashing	greenwashing	NOUN
ajm-7108	26	16	may	may	AUX
ajm-7108	26	17	be	be	AUX
ajm-7108	26	18	a	a	DET
ajm-7108	26	19	widespread	widespread	ADJ
ajm-7108	26	20	problem	problem	NOUN
ajm-7108	26	21	throughout	throughout	ADP
ajm-7108	26	22	the	the	DET
ajm-7108	26	23	marketplace	marketplace	NOUN
ajm-7108	26	24	,	,	PUNCT
ajm-7108	26	25	it	it	PRON
ajm-7108	26	26	is	be	AUX
ajm-7108	26	27	crucial	crucial	ADJ
ajm-7108	26	28	to	to	PART
ajm-7108	26	29	evaluate	evaluate	VERB
ajm-7108	26	30	the	the	DET
ajm-7108	26	31	effectiveness	effectiveness	NOUN
ajm-7108	26	32	of	of	ADP
ajm-7108	26	33	these	these	DET
ajm-7108	26	34	instruments	instrument	NOUN
ajm-7108	26	35	in	in	ADP
ajm-7108	26	36	firms	firm	NOUN
ajm-7108	26	37	’	'	PUNCT
ajm-7108	26	38	efforts	effort	NOUN
ajm-7108	26	39	to	to	ADP
ajm-7108	26	40	reducing	reduce	VERB
ajm-7108	26	41	their	their	PRON
ajm-7108	26	42	carbon	carbon	NOUN
ajm-7108	26	43	footprints	footprint	NOUN
ajm-7108	26	44	.	.	PUNCT
ajm-7108	27	1	based	base	VERB
ajm-7108	27	2	on	on	ADP
ajm-7108	27	3	this	this	DET
ajm-7108	27	4	context	context	NOUN
ajm-7108	27	5	,	,	PUNCT
ajm-7108	27	6	this	this	DET
ajm-7108	27	7	paper	paper	NOUN
ajm-7108	27	8	investigates	investigate	VERB
ajm-7108	27	9	the	the	DET
ajm-7108	27	10	following	follow	VERB
ajm-7108	27	11	research	research	NOUN
ajm-7108	27	12	questions	question	NOUN
ajm-7108	27	13	.	.	PUNCT
ajm-7108	28	1	first	first	ADV
ajm-7108	28	2	,	,	PUNCT
ajm-7108	28	3	how	how	SCONJ
ajm-7108	28	4	does	do	AUX
ajm-7108	28	5	the	the	DET
ajm-7108	28	6	quantity	quantity	NOUN
ajm-7108	28	7	of	of	ADP
ajm-7108	28	8	carbon	carbon	NOUN
ajm-7108	28	9	offsets	offset	NOUN
ajm-7108	28	10	or	or	CCONJ
ajm-7108	28	11	rec	rec	NOUN
ajm-7108	28	12	purchases	purchase	NOUN
ajm-7108	28	13	affect	affect	VERB
ajm-7108	28	14	firm	firm	ADJ
ajm-7108	28	15	-	-	PUNCT
ajm-7108	28	16	level	level	NOUN
ajm-7108	28	17	outcomes	outcome	NOUN
ajm-7108	28	18	,	,	PUNCT
ajm-7108	28	19	such	such	ADJ
ajm-7108	28	20	as	as	ADP
ajm-7108	28	21	environmental	environmental	ADJ
ajm-7108	28	22	and	and	CCONJ
ajm-7108	28	23	financial	financial	ADJ
ajm-7108	28	24	performance	performance	NOUN
ajm-7108	28	25	?	?	PUNCT
ajm-7108	29	1	more	more	ADV
ajm-7108	29	2	specifically	specifically	ADV
ajm-7108	29	3	,	,	PUNCT
ajm-7108	29	4	do	do	VERB
ajm-7108	29	5	carbon	carbon	NOUN
ajm-7108	29	6	offsets	offset	NOUN
ajm-7108	29	7	or	or	CCONJ
ajm-7108	29	8	recs	recs	NOUN
ajm-7108	29	9	lead	lead	NOUN
ajm-7108	29	10	to	to	ADP
ajm-7108	29	11	a	a	DET
ajm-7108	29	12	significant	significant	ADJ
ajm-7108	29	13	reduction	reduction	NOUN
ajm-7108	29	14	in	in	ADP
ajm-7108	29	15	firms	firm	NOUN
ajm-7108	29	16	’	'	PUNCT
ajm-7108	29	17	ghg	ghg	PROPN
ajm-7108	29	18	emissions	emission	NOUN
ajm-7108	29	19	or	or	CCONJ
ajm-7108	29	20	an	an	DET
ajm-7108	29	21	improvement	improvement	NOUN
ajm-7108	29	22	in	in	ADP
ajm-7108	29	23	environmental	environmental	ADJ
ajm-7108	29	24	scores	score	NOUN
ajm-7108	29	25	and	and	CCONJ
ajm-7108	29	26	firm	firm	ADJ
ajm-7108	29	27	value	value	NOUN
ajm-7108	29	28	?	?	PUNCT
ajm-7108	30	1	second	second	ADJ
ajm-7108	30	2	,	,	PUNCT
ajm-7108	30	3	what	what	PRON
ajm-7108	30	4	internal	internal	ADJ
ajm-7108	30	5	firm	firm	ADJ
ajm-7108	30	6	characteristics	characteristic	NOUN
ajm-7108	30	7	are	be	AUX
ajm-7108	30	8	associated	associate	VERB
ajm-7108	30	9	with	with	ADP
ajm-7108	30	10	investment	investment	NOUN
ajm-7108	30	11	in	in	ADP
ajm-7108	30	12	carbon	carbon	NOUN
ajm-7108	30	13	offsets	offset	NOUN
ajm-7108	30	14	or	or	CCONJ
ajm-7108	30	15	recs	rec	NOUN
ajm-7108	30	16	?	?	PUNCT
ajm-7108	31	1	to	to	PART
ajm-7108	31	2	examine	examine	VERB
ajm-7108	31	3	these	these	DET
ajm-7108	31	4	questions	question	NOUN
ajm-7108	31	5	,	,	PUNCT
ajm-7108	31	6	this	this	DET
ajm-7108	31	7	paper	paper	NOUN
ajm-7108	31	8	employs	employ	VERB
ajm-7108	31	9	a	a	DET
ajm-7108	31	10	unique	unique	ADJ
ajm-7108	31	11	panel	panel	NOUN
ajm-7108	31	12	data	datum	NOUN
ajm-7108	31	13	set	set	VERB
ajm-7108	31	14	using	use	VERB
ajm-7108	31	15	financial	financial	ADJ
ajm-7108	31	16	and	and	CCONJ
ajm-7108	31	17	environmental	environmental	ADJ
ajm-7108	31	18	data	datum	NOUN
ajm-7108	31	19	from	from	ADP
ajm-7108	31	20	bloomberg	bloomberg	PROPN
ajm-7108	31	21	.	.	PUNCT
ajm-7108	32	1	in	in	ADP
ajm-7108	32	2	particular	particular	ADJ
ajm-7108	32	3	,	,	PUNCT
ajm-7108	32	4	this	this	DET
ajm-7108	32	5	paper	paper	NOUN
ajm-7108	32	6	focuses	focus	VERB
ajm-7108	32	7	on	on	ADP
ajm-7108	32	8	north	north	ADJ
ajm-7108	32	9	american	american	ADJ
ajm-7108	32	10	firms	firm	NOUN
ajm-7108	32	11	from	from	ADP
ajm-7108	32	12	the	the	DET
ajm-7108	32	13	russell	russell	PROPN
ajm-7108	32	14	3000	3000	NUM
ajm-7108	32	15	index	index	NOUN
ajm-7108	32	16	and	and	CCONJ
ajm-7108	32	17	european	european	ADJ
ajm-7108	32	18	firms	firm	NOUN
ajm-7108	32	19	from	from	ADP
ajm-7108	32	20	the	the	DET
ajm-7108	32	21	stoxx	stoxx	PROPN
ajm-7108	32	22	europe	europe	PROPN
ajm-7108	32	23	600	600	NUM
ajm-7108	32	24	from	from	ADP
ajm-7108	32	25	2012	2012	NUM
ajm-7108	32	26	to	to	ADP
ajm-7108	32	27	2022.4	2022.4	NUM
ajm-7108	32	28	our	our	PRON
ajm-7108	32	29	final	final	ADJ
ajm-7108	32	30	sample	sample	NOUN
ajm-7108	32	31	consists	consist	VERB
ajm-7108	32	32	of	of	ADP
ajm-7108	32	33	561	561	NUM
ajm-7108	32	34	firms	firm	NOUN
ajm-7108	32	35	,	,	PUNCT
ajm-7108	32	36	which	which	PRON
ajm-7108	32	37	includes	include	VERB
ajm-7108	32	38	131	131	NUM
ajm-7108	32	39	firms	firm	NOUN
ajm-7108	32	40	that	that	PRON
ajm-7108	32	41	have	have	AUX
ajm-7108	32	42	purchased	purchase	VERB
ajm-7108	32	43	carbon	carbon	NOUN
ajm-7108	32	44	offsets	offset	NOUN
ajm-7108	32	45	(	(	PUNCT
ajm-7108	32	46	23	23	NUM
ajm-7108	32	47	%	%	NOUN
ajm-7108	32	48	of	of	ADP
ajm-7108	32	49	the	the	DET
ajm-7108	32	50	sample	sample	NOUN
ajm-7108	32	51	)	)	PUNCT
ajm-7108	32	52	and	and	CCONJ
ajm-7108	32	53	117	117	NUM
ajm-7108	32	54	have	have	AUX
ajm-7108	32	55	purchased	purchase	VERB
ajm-7108	32	56	recs	rec	NOUN
ajm-7108	32	57	(	(	PUNCT
ajm-7108	32	58	21	21	NUM
ajm-7108	32	59	%	%	NOUN
ajm-7108	32	60	of	of	ADP
ajm-7108	32	61	the	the	DET
ajm-7108	32	62	sample	sample	NOUN
ajm-7108	32	63	)	)	PUNCT
ajm-7108	32	64	.	.	PUNCT
ajm-7108	33	1	the	the	DET
ajm-7108	33	2	main	main	ADJ
ajm-7108	33	3	area	area	NOUN
ajm-7108	33	4	of	of	ADP
ajm-7108	33	5	focus	focus	NOUN
ajm-7108	33	6	of	of	ADP
ajm-7108	33	7	this	this	DET
ajm-7108	33	8	paper	paper	NOUN
ajm-7108	33	9	is	be	AUX
ajm-7108	33	10	to	to	PART
ajm-7108	33	11	determine	determine	VERB
ajm-7108	33	12	whether	whether	SCONJ
ajm-7108	33	13	there	there	PRON
ajm-7108	33	14	is	be	VERB
ajm-7108	33	15	a	a	DET
ajm-7108	33	16	positive	positive	ADJ
ajm-7108	33	17	relationship	relationship	NOUN
ajm-7108	33	18	between	between	ADP
ajm-7108	33	19	firms	firm	NOUN
ajm-7108	33	20	’	’	PART
ajm-7108	33	21	purchases	purchase	NOUN
ajm-7108	33	22	of	of	ADP
ajm-7108	33	23	carbon	carbon	NOUN
ajm-7108	33	24	offsets	offset	NOUN
ajm-7108	33	25	or	or	CCONJ
ajm-7108	33	26	recs	rec	NOUN
ajm-7108	33	27	and	and	CCONJ
ajm-7108	33	28	their	their	PRON
ajm-7108	33	29	environmental	environmental	ADJ
ajm-7108	33	30	performance	performance	NOUN
ajm-7108	33	31	.	.	PUNCT
ajm-7108	34	1	this	this	DET
ajm-7108	34	2	paper	paper	NOUN
ajm-7108	34	3	expects	expect	VERB
ajm-7108	34	4	firms	firm	NOUN
ajm-7108	34	5	engaging	engage	VERB
ajm-7108	34	6	in	in	ADP
ajm-7108	34	7	carbon	carbon	NOUN
ajm-7108	34	8	offset	offset	NOUN
ajm-7108	34	9	or	or	CCONJ
ajm-7108	34	10	rec	rec	NOUN
ajm-7108	34	11	purchases	purchase	NOUN
ajm-7108	34	12	to	to	PART
ajm-7108	34	13	potentially	potentially	ADV
ajm-7108	34	14	have	have	VERB
ajm-7108	34	15	lower	low	ADJ
ajm-7108	34	16	ghg	ghg	PROPN
ajm-7108	34	17	emissions	emission	NOUN
ajm-7108	34	18	for	for	ADP
ajm-7108	34	19	the	the	DET
ajm-7108	34	20	following	follow	VERB
ajm-7108	34	21	reasons	reason	NOUN
ajm-7108	34	22	.	.	PUNCT
ajm-7108	35	1	first	first	ADV
ajm-7108	35	2	,	,	PUNCT
ajm-7108	35	3	by	by	ADP
ajm-7108	35	4	definition	definition	NOUN
ajm-7108	35	5	,	,	PUNCT
ajm-7108	35	6	purchasing	purchase	VERB
ajm-7108	35	7	a	a	DET
ajm-7108	35	8	carbon	carbon	NOUN
ajm-7108	35	9	offset	offset	NOUN
ajm-7108	35	10	or	or	CCONJ
ajm-7108	35	11	rec	rec	NOUN
ajm-7108	35	12	allows	allow	VERB
ajm-7108	35	13	a	a	DET
ajm-7108	35	14	firm	firm	NOUN
ajm-7108	35	15	to	to	PART
ajm-7108	35	16	report	report	VERB
ajm-7108	35	17	lower	low	ADJ
ajm-7108	35	18	ghg	ghg	PROPN
ajm-7108	35	19	emissions	emission	NOUN
ajm-7108	35	20	on	on	ADP
ajm-7108	35	21	their	their	PRON
ajm-7108	35	22	environmental	environmental	ADJ
ajm-7108	35	23	reports	report	NOUN
ajm-7108	35	24	,	,	PUNCT
ajm-7108	35	25	thereby	thereby	ADV
ajm-7108	35	26	reducing	reduce	VERB
ajm-7108	35	27	a	a	DET
ajm-7108	35	28	firm	firm	NOUN
ajm-7108	35	29	’s	’s	PART
ajm-7108	35	30	carbon	carbon	NOUN
ajm-7108	35	31	footprint	footprint	NOUN
ajm-7108	35	32	and	and	CCONJ
ajm-7108	35	33	improving	improve	VERB
ajm-7108	35	34	their	their	PRON
ajm-7108	35	35	environmental	environmental	ADJ
ajm-7108	35	36	ratings	rating	NOUN
ajm-7108	35	37	.	.	PUNCT
ajm-7108	36	1	additionally	additionally	ADV
ajm-7108	36	2	,	,	PUNCT
ajm-7108	36	3	a	a	DET
ajm-7108	36	4	profit	profit	NOUN
ajm-7108	36	5	-	-	PUNCT
ajm-7108	36	6	maximizing	maximize	VERB
ajm-7108	36	7	firm	firm	NOUN
ajm-7108	36	8	incurring	incur	VERB
ajm-7108	36	9	a	a	DET
ajm-7108	36	10	voluntary	voluntary	ADJ
ajm-7108	36	11	business	business	NOUN
ajm-7108	36	12	cost	cost	NOUN
ajm-7108	36	13	for	for	ADP
ajm-7108	36	14	purchasing	purchase	VERB
ajm-7108	36	15	carbon	carbon	NOUN
ajm-7108	36	16	offsets	offset	NOUN
ajm-7108	36	17	or	or	CCONJ
ajm-7108	36	18	recs	rec	NOUN
ajm-7108	36	19	is	be	AUX
ajm-7108	36	20	incentivized	incentivize	VERB
ajm-7108	36	21	to	to	PART
ajm-7108	36	22	lower	lower	VERB
ajm-7108	36	23	its	its	PRON
ajm-7108	36	24	ghg	ghg	PROPN
ajm-7108	36	25	emissions	emission	NOUN
ajm-7108	36	26	to	to	PART
ajm-7108	36	27	reduce	reduce	VERB
ajm-7108	36	28	its	its	PRON
ajm-7108	36	29	operating	operating	NOUN
ajm-7108	36	30	costs	cost	NOUN
ajm-7108	36	31	.	.	PUNCT
ajm-7108	37	1	on	on	ADP
ajm-7108	37	2	the	the	DET
ajm-7108	37	3	other	other	ADJ
ajm-7108	37	4	hand	hand	NOUN
ajm-7108	37	5	,	,	PUNCT
ajm-7108	37	6	firms	firm	NOUN
ajm-7108	37	7	may	may	AUX
ajm-7108	37	8	be	be	AUX
ajm-7108	37	9	purchasing	purchase	VERB
ajm-7108	37	10	carbon	carbon	NOUN
ajm-7108	37	11	offsets	offset	NOUN
ajm-7108	37	12	or	or	CCONJ
ajm-7108	37	13	recs	rec	NOUN
ajm-7108	37	14	in	in	ADP
ajm-7108	37	15	order	order	NOUN
ajm-7108	37	16	to	to	PART
ajm-7108	37	17	publicly	publicly	ADV
ajm-7108	37	18	demonstrate	demonstrate	VERB
ajm-7108	37	19	a	a	DET
ajm-7108	37	20	commitment	commitment	NOUN
ajm-7108	37	21	to	to	ADP
ajm-7108	37	22	the	the	DET
ajm-7108	37	23	environment	environment	NOUN
ajm-7108	37	24	,	,	PUNCT
ajm-7108	37	25	but	but	CCONJ
ajm-7108	37	26	do	do	AUX
ajm-7108	37	27	not	not	PART
ajm-7108	37	28	make	make	VERB
ajm-7108	37	29	significant	significant	ADJ
ajm-7108	37	30	efforts	effort	NOUN
ajm-7108	37	31	to	to	PART
ajm-7108	37	32	reduce	reduce	VERB
ajm-7108	37	33	their	their	PRON
ajm-7108	37	34	ghg	ghg	PROPN
ajm-7108	37	35	emissions	emission	NOUN
ajm-7108	37	36	.	.	PUNCT
ajm-7108	38	1	in	in	ADP
ajm-7108	38	2	other	other	ADJ
ajm-7108	38	3	words	word	NOUN
ajm-7108	38	4	,	,	PUNCT
ajm-7108	38	5	firms	firm	NOUN
ajm-7108	38	6	may	may	AUX
ajm-7108	38	7	be	be	AUX
ajm-7108	38	8	investing	invest	VERB
ajm-7108	38	9	in	in	ADP
ajm-7108	38	10	carbon	carbon	NOUN
ajm-7108	38	11	offsets	offset	NOUN
ajm-7108	38	12	or	or	CCONJ
ajm-7108	38	13	recs	rec	NOUN
ajm-7108	38	14	to	to	PART
ajm-7108	38	15	capture	capture	VERB
ajm-7108	38	16	the	the	DET
ajm-7108	38	17	upside	upside	NOUN
ajm-7108	38	18	of	of	ADP
ajm-7108	38	19	green	green	ADJ
ajm-7108	38	20	branding	branding	NOUN
ajm-7108	38	21	and	and	CCONJ
ajm-7108	38	22	higher	high	ADJ
ajm-7108	38	23	environmental	environmental	ADJ
ajm-7108	38	24	ratings	rating	NOUN
ajm-7108	38	25	without	without	ADP
ajm-7108	38	26	having	have	VERB
ajm-7108	38	27	to	to	PART
ajm-7108	38	28	undergo	undergo	VERB
ajm-7108	38	29	costly	costly	ADJ
ajm-7108	38	30	changes	change	NOUN
ajm-7108	38	31	to	to	ADP
ajm-7108	38	32	their	their	PRON
ajm-7108	38	33	business	business	NOUN
ajm-7108	38	34	models	model	NOUN
ajm-7108	38	35	to	to	PART
ajm-7108	38	36	reduce	reduce	VERB
ajm-7108	38	37	their	their	PRON
ajm-7108	38	38	ghg	ghg	PROPN
ajm-7108	38	39	emissions	emission	NOUN
ajm-7108	38	40	.	.	PUNCT
ajm-7108	39	1	if	if	SCONJ
ajm-7108	39	2	the	the	DET
ajm-7108	39	3	above	above	ADJ
ajm-7108	39	4	holds	hold	VERB
ajm-7108	39	5	true	true	ADJ
ajm-7108	39	6	,	,	PUNCT
ajm-7108	39	7	then	then	ADV
ajm-7108	39	8	we	we	PRON
ajm-7108	39	9	would	would	AUX
ajm-7108	39	10	expect	expect	VERB
ajm-7108	39	11	to	to	PART
ajm-7108	39	12	see	see	VERB
ajm-7108	39	13	a	a	DET
ajm-7108	39	14	negative	negative	ADJ
ajm-7108	39	15	relationship	relationship	NOUN
ajm-7108	39	16	between	between	ADP
ajm-7108	39	17	firms	firm	NOUN
ajm-7108	39	18	’	'	PUNCT
ajm-7108	39	19	carbon	carbon	NOUN
ajm-7108	39	20	offset	offset	NOUN
ajm-7108	39	21	or	or	CCONJ
ajm-7108	39	22	rec	rec	NOUN
ajm-7108	39	23	purchases	purchase	NOUN
ajm-7108	39	24	and	and	CCONJ
ajm-7108	39	25	its	its	PRON
ajm-7108	39	26	environmental	environmental	ADJ
ajm-7108	39	27	performance	performance	NOUN
ajm-7108	39	28	,	,	PUNCT
ajm-7108	39	29	which	which	PRON
ajm-7108	39	30	could	could	AUX
ajm-7108	39	31	indicate	indicate	VERB
ajm-7108	39	32	that	that	SCONJ
ajm-7108	39	33	firms	firm	NOUN
ajm-7108	39	34	are	be	AUX
ajm-7108	39	35	using	use	VERB
ajm-7108	39	36	these	these	DET
ajm-7108	39	37	purchases	purchase	NOUN
ajm-7108	39	38	as	as	ADP
ajm-7108	39	39	a	a	DET
ajm-7108	39	40	form	form	NOUN
ajm-7108	39	41	of	of	ADP
ajm-7108	39	42	greenwashing	greenwashing	NOUN
ajm-7108	39	43	.	.	PUNCT
ajm-7108	40	1	to	to	PART
ajm-7108	40	2	conduct	conduct	VERB
ajm-7108	40	3	this	this	DET
ajm-7108	40	4	analysis	analysis	NOUN
ajm-7108	40	5	,	,	PUNCT
ajm-7108	40	6	this	this	DET
ajm-7108	40	7	paper	paper	NOUN
ajm-7108	40	8	uses	use	VERB
ajm-7108	40	9	ghg	ghg	PROPN
ajm-7108	40	10	emissions	emission	NOUN
ajm-7108	40	11	voluntarily	voluntarily	ADV
ajm-7108	40	12	disclosed	disclose	VERB
ajm-7108	40	13	by	by	ADP
ajm-7108	40	14	publicly	publicly	ADV
ajm-7108	40	15	traded	trade	VERB
ajm-7108	40	16	firms	firm	NOUN
ajm-7108	40	17	and	and	CCONJ
ajm-7108	40	18	environmental	environmental	ADJ
ajm-7108	40	19	scores	score	NOUN
ajm-7108	40	20	assigned	assign	VERB
ajm-7108	40	21	by	by	ADP
ajm-7108	40	22	bloomberg	bloomberg	PROPN
ajm-7108	40	23	.	.	PUNCT
ajm-7108	41	1	unlike	unlike	ADP
ajm-7108	41	2	previous	previous	ADJ
ajm-7108	41	3	studies	study	NOUN
ajm-7108	41	4	(	(	PUNCT
ajm-7108	41	5	park	park	NOUN
ajm-7108	41	6	et	et	PROPN
ajm-7108	41	7	al	al	PROPN
ajm-7108	41	8	.	.	PROPN
ajm-7108	41	9	,	,	PUNCT
ajm-7108	41	10	2022	2022	NUM
ajm-7108	41	11	)	)	PUNCT
ajm-7108	41	12	,	,	PUNCT
ajm-7108	41	13	this	this	DET
ajm-7108	41	14	research	research	NOUN
ajm-7108	41	15	focuses	focus	VERB
ajm-7108	41	16	on	on	ADP
ajm-7108	41	17	the	the	DET
ajm-7108	41	18	quantity	quantity	NOUN
ajm-7108	41	19	or	or	CCONJ
ajm-7108	41	20	volume	volume	NOUN
ajm-7108	41	21	of	of	ADP
ajm-7108	41	22	carbon	carbon	NOUN
ajm-7108	41	23	offsets5	offsets5	NOUN
ajm-7108	41	24	or	or	CCONJ
ajm-7108	41	25	recs6	recs6	NOUN
ajm-7108	41	26	purchased	purchase	VERB
ajm-7108	41	27	by	by	ADP
ajm-7108	41	28	a	a	DET
ajm-7108	41	29	firm	firm	NOUN
ajm-7108	41	30	rather	rather	ADV
ajm-7108	41	31	than	than	ADP
ajm-7108	41	32	simply	simply	ADV
ajm-7108	41	33	using	use	VERB
ajm-7108	41	34	a	a	DET
ajm-7108	41	35	binary	binary	ADJ
ajm-7108	41	36	variable	variable	NOUN
ajm-7108	41	37	indicating	indicate	VERB
ajm-7108	41	38	a	a	DET
ajm-7108	41	39	purchase	purchase	NOUN
ajm-7108	41	40	of	of	ADP
ajm-7108	41	41	an	an	DET
ajm-7108	41	42	offset	offset	NOUN
ajm-7108	41	43	.	.	PUNCT
ajm-7108	42	1	using	use	VERB
ajm-7108	42	2	this	this	DET
ajm-7108	42	3	approach	approach	NOUN
ajm-7108	42	4	,	,	PUNCT
ajm-7108	42	5	this	this	DET
ajm-7108	42	6	paper	paper	NOUN
ajm-7108	42	7	can	can	AUX
ajm-7108	42	8	better	well	ADV
ajm-7108	42	9	evaluate	evaluate	VERB
ajm-7108	42	10	the	the	DET
ajm-7108	42	11	extent	extent	NOUN
ajm-7108	42	12	of	of	ADP
ajm-7108	42	13	a	a	DET
ajm-7108	42	14	firm	firm	NOUN
ajm-7108	42	15	’s	’s	PART
ajm-7108	42	16	efforts	effort	NOUN
ajm-7108	42	17	in	in	ADP
ajm-7108	42	18	reducing	reduce	VERB
ajm-7108	42	19	its	its	PRON
ajm-7108	42	20	ghg	ghg	PROPN
ajm-7108	42	21	emissions	emission	NOUN
ajm-7108	42	22	.	.	PUNCT
ajm-7108	43	1	to	to	PART
ajm-7108	43	2	address	address	VERB
ajm-7108	43	3	potential	potential	ADJ
ajm-7108	43	4	selection	selection	NOUN
ajm-7108	43	5	bias	bias	NOUN
ajm-7108	43	6	concerning	concern	VERB
ajm-7108	43	7	the	the	DET
ajm-7108	43	8	voluntary	voluntary	ADJ
ajm-7108	43	9	purchase	purchase	NOUN
ajm-7108	43	10	of	of	ADP
ajm-7108	43	11	recs	rec	NOUN
ajm-7108	43	12	or	or	CCONJ
ajm-7108	43	13	carbon	carbon	NOUN
ajm-7108	43	14	offsets	offset	NOUN
ajm-7108	43	15	and	and	CCONJ
ajm-7108	43	16	a	a	DET
ajm-7108	43	17	firm	firm	NOUN
ajm-7108	43	18	’s	’s	PART
ajm-7108	43	19	environmental	environmental	ADJ
ajm-7108	43	20	performance	performance	NOUN
ajm-7108	43	21	,	,	PUNCT
ajm-7108	43	22	we	we	PRON
ajm-7108	43	23	use	use	VERB
ajm-7108	43	24	propensity	propensity	NOUN
ajm-7108	43	25	score	score	NOUN
ajm-7108	43	26	matching	matching	NOUN
ajm-7108	43	27	(	(	PUNCT
ajm-7108	43	28	psm	psm	NOUN
ajm-7108	43	29	)	)	PUNCT
ajm-7108	43	30	to	to	PART
ajm-7108	43	31	build	build	VERB
ajm-7108	43	32	a	a	DET
ajm-7108	43	33	control	control	NOUN
ajm-7108	43	34	group	group	NOUN
ajm-7108	43	35	and	and	CCONJ
ajm-7108	43	36	then	then	ADV
ajm-7108	43	37	run	run	VERB
ajm-7108	43	38	regressions	regression	NOUN
ajm-7108	43	39	on	on	ADP
ajm-7108	43	40	a	a	DET
ajm-7108	43	41	matched	match	VERB
ajm-7108	43	42	sample	sample	NOUN
ajm-7108	43	43	of	of	ADP
ajm-7108	43	44	firm	firm	ADJ
ajm-7108	43	45	-	-	PUNCT
ajm-7108	43	46	year	year	NOUN
ajm-7108	43	47	american	american	ADJ
ajm-7108	43	48	journal	journal	PROPN
ajm-7108	43	49	of	of	ADP
ajm-7108	43	50	management	management	NOUN
ajm-7108	43	51	vol	vol	NOUN
ajm-7108	43	52	.	.	PUNCT
ajm-7108	44	1	24(2	24(2	NUM
ajm-7108	44	2	)	)	PUNCT
ajm-7108	44	3	2024	2024	NUM
ajm-7108	44	4	19	19	NUM
ajm-7108	44	5	observations	observation	NOUN
ajm-7108	44	6	.	.	PUNCT
ajm-7108	45	1	the	the	DET
ajm-7108	45	2	findings	finding	NOUN
ajm-7108	45	3	of	of	ADP
ajm-7108	45	4	this	this	DET
ajm-7108	45	5	paper	paper	NOUN
ajm-7108	45	6	reveal	reveal	VERB
ajm-7108	45	7	that	that	SCONJ
ajm-7108	45	8	firms	firm	NOUN
ajm-7108	45	9	that	that	PRON
ajm-7108	45	10	purchase	purchase	VERB
ajm-7108	45	11	carbon	carbon	NOUN
ajm-7108	45	12	offsets	offset	NOUN
ajm-7108	45	13	or	or	CCONJ
ajm-7108	45	14	recs	rec	NOUN
ajm-7108	45	15	receive	receive	VERB
ajm-7108	45	16	higher	high	ADJ
ajm-7108	45	17	environmental	environmental	ADJ
ajm-7108	45	18	scores	score	NOUN
ajm-7108	45	19	,	,	PUNCT
ajm-7108	45	20	but	but	CCONJ
ajm-7108	45	21	their	their	PRON
ajm-7108	45	22	ghg	ghg	PROPN
ajm-7108	45	23	emissions	emission	NOUN
ajm-7108	45	24	also	also	ADV
ajm-7108	45	25	tend	tend	VERB
ajm-7108	45	26	to	to	PART
ajm-7108	45	27	increase	increase	VERB
ajm-7108	45	28	.	.	PUNCT
ajm-7108	46	1	this	this	DET
ajm-7108	46	2	discrepancy	discrepancy	NOUN
ajm-7108	46	3	between	between	ADP
ajm-7108	46	4	higher	high	ADJ
ajm-7108	46	5	environmental	environmental	ADJ
ajm-7108	46	6	scores	score	NOUN
ajm-7108	46	7	coupled	couple	VERB
ajm-7108	46	8	with	with	ADP
ajm-7108	46	9	higher	high	ADJ
ajm-7108	46	10	ghg	ghg	PROPN
ajm-7108	46	11	emissions	emission	NOUN
ajm-7108	46	12	suggests	suggest	VERB
ajm-7108	46	13	the	the	DET
ajm-7108	46	14	presence	presence	NOUN
ajm-7108	46	15	of	of	ADP
ajm-7108	46	16	corporate	corporate	ADJ
ajm-7108	46	17	greenwashing	greenwashing	NOUN
ajm-7108	46	18	behavior	behavior	NOUN
ajm-7108	46	19	.	.	PUNCT
ajm-7108	47	1	as	as	ADP
ajm-7108	47	2	an	an	DET
ajm-7108	47	3	additional	additional	ADJ
ajm-7108	47	4	test	test	NOUN
ajm-7108	47	5	,	,	PUNCT
ajm-7108	47	6	this	this	DET
ajm-7108	47	7	paper	paper	NOUN
ajm-7108	47	8	also	also	ADV
ajm-7108	47	9	employs	employ	VERB
ajm-7108	47	10	firms	firm	NOUN
ajm-7108	47	11	’	’	PART
ajm-7108	47	12	marketing	marketing	NOUN
ajm-7108	47	13	expense	expense	NOUN
ajm-7108	47	14	as	as	ADP
ajm-7108	47	15	an	an	DET
ajm-7108	47	16	instrumental	instrumental	ADJ
ajm-7108	47	17	variable	variable	NOUN
ajm-7108	47	18	to	to	PART
ajm-7108	47	19	estimate	estimate	VERB
ajm-7108	47	20	the	the	DET
ajm-7108	47	21	effects	effect	NOUN
ajm-7108	47	22	of	of	ADP
ajm-7108	47	23	purchasing	purchase	VERB
ajm-7108	47	24	carbon	carbon	NOUN
ajm-7108	47	25	offsets	offset	NOUN
ajm-7108	47	26	or	or	CCONJ
ajm-7108	47	27	recs	rec	NOUN
ajm-7108	47	28	on	on	ADP
ajm-7108	47	29	firms	firm	NOUN
ajm-7108	47	30	’	'	PUNCT
ajm-7108	47	31	ghg	ghg	PROPN
ajm-7108	47	32	emissions	emission	NOUN
ajm-7108	47	33	.	.	PUNCT
ajm-7108	48	1	additionally	additionally	ADV
ajm-7108	48	2	,	,	PUNCT
ajm-7108	48	3	this	this	DET
ajm-7108	48	4	paper	paper	NOUN
ajm-7108	48	5	examines	examine	VERB
ajm-7108	48	6	the	the	DET
ajm-7108	48	7	relationship	relationship	NOUN
ajm-7108	48	8	between	between	ADP
ajm-7108	48	9	the	the	DET
ajm-7108	48	10	volume	volume	NOUN
ajm-7108	48	11	of	of	ADP
ajm-7108	48	12	carbon	carbon	NOUN
ajm-7108	48	13	offsets	offset	NOUN
ajm-7108	48	14	or	or	CCONJ
ajm-7108	48	15	recs	rec	NOUN
ajm-7108	48	16	purchased	purchase	VERB
ajm-7108	48	17	by	by	ADP
ajm-7108	48	18	firms	firm	NOUN
ajm-7108	48	19	and	and	CCONJ
ajm-7108	48	20	their	their	PRON
ajm-7108	48	21	financial	financial	ADJ
ajm-7108	48	22	results	result	NOUN
ajm-7108	48	23	.	.	PUNCT
ajm-7108	49	1	initially	initially	ADV
ajm-7108	49	2	,	,	PUNCT
ajm-7108	49	3	it	it	PRON
ajm-7108	49	4	is	be	AUX
ajm-7108	49	5	uncertain	uncertain	ADJ
ajm-7108	49	6	how	how	SCONJ
ajm-7108	49	7	the	the	DET
ajm-7108	49	8	purchase	purchase	NOUN
ajm-7108	49	9	of	of	ADP
ajm-7108	49	10	carbon	carbon	NOUN
ajm-7108	49	11	offsets	offset	NOUN
ajm-7108	49	12	or	or	CCONJ
ajm-7108	49	13	recs	recs	NOUN
ajm-7108	49	14	impacts	impact	NOUN
ajm-7108	49	15	the	the	DET
ajm-7108	49	16	financial	financial	ADJ
ajm-7108	49	17	performance	performance	NOUN
ajm-7108	49	18	of	of	ADP
ajm-7108	49	19	firms	firm	NOUN
ajm-7108	49	20	.	.	PUNCT
ajm-7108	50	1	previous	previous	ADJ
ajm-7108	50	2	studies	study	NOUN
ajm-7108	50	3	have	have	AUX
ajm-7108	50	4	shown	show	VERB
ajm-7108	50	5	a	a	DET
ajm-7108	50	6	positive	positive	ADJ
ajm-7108	50	7	association	association	NOUN
ajm-7108	50	8	between	between	ADP
ajm-7108	50	9	a	a	DET
ajm-7108	50	10	firm	firm	NOUN
ajm-7108	50	11	’s	’s	PART
ajm-7108	50	12	carbon	carbon	NOUN
ajm-7108	50	13	emissions	emission	NOUN
ajm-7108	50	14	,	,	PUNCT
ajm-7108	50	15	carbon	carbon	NOUN
ajm-7108	50	16	disclosures	disclosure	NOUN
ajm-7108	50	17	,	,	PUNCT
ajm-7108	50	18	esg	esg	NOUN
ajm-7108	50	19	ratings	rating	NOUN
ajm-7108	50	20	,	,	PUNCT
ajm-7108	50	21	and	and	CCONJ
ajm-7108	50	22	corporate	corporate	ADJ
ajm-7108	50	23	financial	financial	ADJ
ajm-7108	50	24	performance	performance	NOUN
ajm-7108	50	25	(	(	PUNCT
ajm-7108	50	26	matsumura	matsumura	X
ajm-7108	50	27	et	et	PROPN
ajm-7108	50	28	al	al	PROPN
ajm-7108	50	29	,	,	PUNCT
ajm-7108	50	30	2014	2014	NUM
ajm-7108	50	31	;	;	PUNCT
ajm-7108	50	32	tang	tang	X
ajm-7108	50	33	et	et	PROPN
ajm-7108	50	34	al	al	PROPN
ajm-7108	50	35	.	.	PROPN
ajm-7108	50	36	,	,	PUNCT
ajm-7108	50	37	2019	2019	NUM
ajm-7108	50	38	;	;	PUNCT
ajm-7108	50	39	delmas	delmas	PROPN
ajm-7108	50	40	et	et	PROPN
ajm-7108	50	41	al	al	PROPN
ajm-7108	50	42	.	.	PROPN
ajm-7108	50	43	,	,	PUNCT
ajm-7108	50	44	2011	2011	NUM
ajm-7108	50	45	;	;	PUNCT
ajm-7108	50	46	whelan	whelan	PROPN
ajm-7108	50	47	et	et	PROPN
ajm-7108	50	48	al	al	PROPN
ajm-7108	50	49	.	.	PROPN
ajm-7108	50	50	,	,	PUNCT
ajm-7108	50	51	2021	2021	NUM
ajm-7108	50	52	)	)	PUNCT
ajm-7108	50	53	.	.	PUNCT
ajm-7108	51	1	furthermore	furthermore	ADV
ajm-7108	51	2	,	,	PUNCT
ajm-7108	51	3	investing	invest	VERB
ajm-7108	51	4	in	in	ADP
ajm-7108	51	5	carbon	carbon	NOUN
ajm-7108	51	6	offsets	offset	NOUN
ajm-7108	51	7	or	or	CCONJ
ajm-7108	51	8	recs	rec	NOUN
ajm-7108	51	9	may	may	AUX
ajm-7108	51	10	improve	improve	VERB
ajm-7108	51	11	a	a	DET
ajm-7108	51	12	firm	firm	NOUN
ajm-7108	51	13	’s	’s	PART
ajm-7108	51	14	reputation	reputation	NOUN
ajm-7108	51	15	for	for	ADP
ajm-7108	51	16	environmental	environmental	ADJ
ajm-7108	51	17	responsibility	responsibility	NOUN
ajm-7108	51	18	.	.	PUNCT
ajm-7108	52	1	it	it	PRON
ajm-7108	52	2	may	may	AUX
ajm-7108	52	3	also	also	ADV
ajm-7108	52	4	result	result	VERB
ajm-7108	52	5	in	in	ADP
ajm-7108	52	6	financial	financial	ADJ
ajm-7108	52	7	advantages	advantage	NOUN
ajm-7108	52	8	from	from	ADP
ajm-7108	52	9	the	the	DET
ajm-7108	52	10	broader	broad	ADJ
ajm-7108	52	11	stakeholder	stakeholder	NOUN
ajm-7108	52	12	community	community	NOUN
ajm-7108	52	13	(	(	PUNCT
ajm-7108	52	14	e.g.	e.g.	ADV
ajm-7108	52	15	,	,	PUNCT
ajm-7108	52	16	greater	great	ADJ
ajm-7108	52	17	customer	customer	NOUN
ajm-7108	52	18	or	or	CCONJ
ajm-7108	52	19	employee	employee	NOUN
ajm-7108	52	20	satisfaction	satisfaction	NOUN
ajm-7108	52	21	,	,	PUNCT
ajm-7108	52	22	increased	increase	VERB
ajm-7108	52	23	resource	resource	NOUN
ajm-7108	52	24	efficiency	efficiency	NOUN
ajm-7108	52	25	,	,	PUNCT
ajm-7108	52	26	or	or	CCONJ
ajm-7108	52	27	better	well	ADJ
ajm-7108	52	28	access	access	NOUN
ajm-7108	52	29	to	to	ADP
ajm-7108	52	30	financing	financing	NOUN
ajm-7108	52	31	sources	source	NOUN
ajm-7108	52	32	)	)	PUNCT
ajm-7108	52	33	(	(	PUNCT
ajm-7108	52	34	matsumura	matsumura	X
ajm-7108	52	35	et	et	PROPN
ajm-7108	52	36	al	al	PROPN
ajm-7108	52	37	.	.	PROPN
ajm-7108	52	38	,	,	PUNCT
ajm-7108	52	39	2014	2014	NUM
ajm-7108	52	40	;	;	PUNCT
ajm-7108	52	41	whelan	whelan	PROPN
ajm-7108	52	42	et	et	PROPN
ajm-7108	52	43	al	al	PROPN
ajm-7108	52	44	.	.	PROPN
ajm-7108	52	45	,	,	PUNCT
ajm-7108	52	46	2021	2021	NUM
ajm-7108	52	47	)	)	PUNCT
ajm-7108	52	48	.	.	PUNCT
ajm-7108	53	1	on	on	ADP
ajm-7108	53	2	the	the	DET
ajm-7108	53	3	other	other	ADJ
ajm-7108	53	4	hand	hand	NOUN
ajm-7108	53	5	,	,	PUNCT
ajm-7108	53	6	a	a	DET
ajm-7108	53	7	firm	firm	NOUN
ajm-7108	53	8	’s	’s	PART
ajm-7108	53	9	stakeholders	stakeholder	NOUN
ajm-7108	53	10	may	may	AUX
ajm-7108	53	11	perceive	perceive	VERB
ajm-7108	53	12	the	the	DET
ajm-7108	53	13	purchase	purchase	NOUN
ajm-7108	53	14	of	of	ADP
ajm-7108	53	15	carbon	carbon	NOUN
ajm-7108	53	16	offsets	offset	NOUN
ajm-7108	53	17	or	or	CCONJ
ajm-7108	53	18	recs	rec	NOUN
ajm-7108	53	19	as	as	ADP
ajm-7108	53	20	unnecessary	unnecessary	ADJ
ajm-7108	53	21	expenditures	expenditure	NOUN
ajm-7108	53	22	that	that	PRON
ajm-7108	53	23	diminish	diminish	VERB
ajm-7108	53	24	a	a	DET
ajm-7108	53	25	firm	firm	NOUN
ajm-7108	53	26	’s	’s	PART
ajm-7108	53	27	resources	resource	NOUN
ajm-7108	53	28	and	and	CCONJ
ajm-7108	53	29	dampen	dampen	VERB
ajm-7108	53	30	its	its	PRON
ajm-7108	53	31	profits	profit	NOUN
ajm-7108	53	32	,	,	PUNCT
ajm-7108	53	33	potentially	potentially	ADV
ajm-7108	53	34	devaluing	devalue	VERB
ajm-7108	53	35	a	a	DET
ajm-7108	53	36	company	company	NOUN
ajm-7108	53	37	and	and	CCONJ
ajm-7108	53	38	decreasing	decrease	VERB
ajm-7108	53	39	its	its	PRON
ajm-7108	53	40	financial	financial	ADJ
ajm-7108	53	41	performance	performance	NOUN
ajm-7108	53	42	(	(	PUNCT
ajm-7108	53	43	delmas	delmas	PROPN
ajm-7108	53	44	et	et	PROPN
ajm-7108	53	45	al	al	PROPN
ajm-7108	53	46	.	.	PROPN
ajm-7108	53	47	,	,	PUNCT
ajm-7108	53	48	2011	2011	NUM
ajm-7108	53	49	)	)	PUNCT
ajm-7108	53	50	.	.	PUNCT
ajm-7108	54	1	in	in	ADP
ajm-7108	54	2	order	order	NOUN
ajm-7108	54	3	to	to	PART
ajm-7108	54	4	conduct	conduct	VERB
ajm-7108	54	5	our	our	PRON
ajm-7108	54	6	analysis	analysis	NOUN
ajm-7108	54	7	,	,	PUNCT
ajm-7108	54	8	we	we	PRON
ajm-7108	54	9	use	use	VERB
ajm-7108	54	10	various	various	ADJ
ajm-7108	54	11	measures	measure	NOUN
ajm-7108	54	12	of	of	ADP
ajm-7108	54	13	firms	firm	NOUN
ajm-7108	54	14	’	'	PUNCT
ajm-7108	54	15	financial	financial	ADJ
ajm-7108	54	16	performance	performance	NOUN
ajm-7108	54	17	,	,	PUNCT
ajm-7108	54	18	including	include	VERB
ajm-7108	54	19	sales	sale	NOUN
ajm-7108	54	20	,	,	PUNCT
ajm-7108	54	21	profitability	profitability	NOUN
ajm-7108	54	22	,	,	PUNCT
ajm-7108	54	23	assets	asset	NOUN
ajm-7108	54	24	,	,	PUNCT
ajm-7108	54	25	and	and	CCONJ
ajm-7108	54	26	tobin	tobin	PROPN
ajm-7108	54	27	’s	’s	PART
ajm-7108	54	28	q.	q.	PROPN
ajm-7108	54	29	similar	similar	ADJ
ajm-7108	54	30	to	to	ADP
ajm-7108	54	31	our	our	PRON
ajm-7108	54	32	previous	previous	ADJ
ajm-7108	54	33	analysis	analysis	NOUN
ajm-7108	54	34	on	on	ADP
ajm-7108	54	35	environmental	environmental	ADJ
ajm-7108	54	36	performance	performance	NOUN
ajm-7108	54	37	,	,	PUNCT
ajm-7108	54	38	a	a	DET
ajm-7108	54	39	psm	psm	NOUN
ajm-7108	54	40	approach	approach	NOUN
ajm-7108	54	41	is	be	AUX
ajm-7108	54	42	employed	employ	VERB
ajm-7108	54	43	,	,	PUNCT
ajm-7108	54	44	and	and	CCONJ
ajm-7108	54	45	regressions	regression	NOUN
ajm-7108	54	46	are	be	AUX
ajm-7108	54	47	run	run	VERB
ajm-7108	54	48	on	on	ADP
ajm-7108	54	49	a	a	DET
ajm-7108	54	50	matched	match	VERB
ajm-7108	54	51	sample	sample	NOUN
ajm-7108	54	52	.	.	PUNCT
ajm-7108	55	1	this	this	DET
ajm-7108	55	2	paper	paper	NOUN
ajm-7108	55	3	finds	find	VERB
ajm-7108	55	4	that	that	SCONJ
ajm-7108	55	5	purchasing	purchase	VERB
ajm-7108	55	6	carbon	carbon	NOUN
ajm-7108	55	7	offsets	offset	NOUN
ajm-7108	55	8	or	or	CCONJ
ajm-7108	55	9	recs	rec	NOUN
ajm-7108	55	10	leads	lead	VERB
ajm-7108	55	11	to	to	ADP
ajm-7108	55	12	higher	high	ADJ
ajm-7108	55	13	sales	sale	NOUN
ajm-7108	55	14	,	,	PUNCT
ajm-7108	55	15	profitability	profitability	NOUN
ajm-7108	55	16	,	,	PUNCT
ajm-7108	55	17	and	and	CCONJ
ajm-7108	55	18	assets	asset	NOUN
ajm-7108	55	19	,	,	PUNCT
ajm-7108	55	20	but	but	CCONJ
ajm-7108	55	21	lower	low	ADJ
ajm-7108	55	22	tobin	tobin	NOUN
ajm-7108	55	23	’s	’s	PART
ajm-7108	55	24	q	q	NOUN
ajm-7108	55	25	for	for	ADP
ajm-7108	55	26	rec	rec	NOUN
ajm-7108	55	27	buyers	buyer	NOUN
ajm-7108	55	28	.	.	PUNCT
ajm-7108	56	1	these	these	DET
ajm-7108	56	2	findings	finding	NOUN
ajm-7108	56	3	suggest	suggest	VERB
ajm-7108	56	4	that	that	SCONJ
ajm-7108	56	5	there	there	PRON
ajm-7108	56	6	is	be	VERB
ajm-7108	56	7	a	a	DET
ajm-7108	56	8	segment	segment	NOUN
ajm-7108	56	9	of	of	ADP
ajm-7108	56	10	the	the	DET
ajm-7108	56	11	market	market	NOUN
ajm-7108	56	12	that	that	PRON
ajm-7108	56	13	sees	see	VERB
ajm-7108	56	14	buying	buy	VERB
ajm-7108	56	15	carbon	carbon	NOUN
ajm-7108	56	16	offsets	offset	NOUN
ajm-7108	56	17	and	and	CCONJ
ajm-7108	56	18	recs	rec	NOUN
ajm-7108	56	19	as	as	ADP
ajm-7108	56	20	a	a	DET
ajm-7108	56	21	beneficial	beneficial	ADJ
ajm-7108	56	22	means	mean	NOUN
ajm-7108	56	23	to	to	PART
ajm-7108	56	24	enhance	enhance	VERB
ajm-7108	56	25	a	a	DET
ajm-7108	56	26	company	company	NOUN
ajm-7108	56	27	’s	’s	PART
ajm-7108	56	28	environmental	environmental	ADJ
ajm-7108	56	29	ratings	rating	NOUN
ajm-7108	56	30	and	and	CCONJ
ajm-7108	56	31	financial	financial	ADJ
ajm-7108	56	32	prospects	prospect	NOUN
ajm-7108	56	33	in	in	ADP
ajm-7108	56	34	the	the	DET
ajm-7108	56	35	short	short	ADJ
ajm-7108	56	36	run	run	NOUN
ajm-7108	56	37	.	.	PUNCT
ajm-7108	57	1	in	in	ADP
ajm-7108	57	2	contrast	contrast	NOUN
ajm-7108	57	3	,	,	PUNCT
ajm-7108	57	4	another	another	DET
ajm-7108	57	5	segment	segment	NOUN
ajm-7108	57	6	may	may	AUX
ajm-7108	57	7	view	view	VERB
ajm-7108	57	8	rec	rec	NOUN
ajm-7108	57	9	purchases	purchase	NOUN
ajm-7108	57	10	as	as	ADP
ajm-7108	57	11	a	a	DET
ajm-7108	57	12	burden	burden	NOUN
ajm-7108	57	13	on	on	ADP
ajm-7108	57	14	companies	company	NOUN
ajm-7108	57	15	’	'	PUNCT
ajm-7108	57	16	resources	resource	NOUN
ajm-7108	57	17	in	in	ADP
ajm-7108	57	18	the	the	DET
ajm-7108	57	19	long	long	ADJ
ajm-7108	57	20	run	run	NOUN
ajm-7108	57	21	.	.	PUNCT
ajm-7108	58	1	finally	finally	ADV
ajm-7108	58	2	,	,	PUNCT
ajm-7108	58	3	this	this	DET
ajm-7108	58	4	paper	paper	NOUN
ajm-7108	58	5	explores	explore	VERB
ajm-7108	58	6	whether	whether	SCONJ
ajm-7108	58	7	certain	certain	ADJ
ajm-7108	58	8	internal	internal	ADJ
ajm-7108	58	9	firm	firm	ADJ
ajm-7108	58	10	characteristics	characteristic	NOUN
ajm-7108	58	11	—	—	PUNCT
ajm-7108	58	12	namely	namely	ADV
ajm-7108	58	13	board	board	NOUN
ajm-7108	58	14	gender	gender	NOUN
ajm-7108	58	15	diversity	diversity	NOUN
ajm-7108	58	16	—	—	PUNCT
ajm-7108	58	17	are	be	AUX
ajm-7108	58	18	associated	associate	VERB
ajm-7108	58	19	with	with	ADP
ajm-7108	58	20	purchasing	purchase	VERB
ajm-7108	58	21	carbon	carbon	NOUN
ajm-7108	58	22	offsets	offset	NOUN
ajm-7108	58	23	or	or	CCONJ
ajm-7108	58	24	recs	rec	NOUN
ajm-7108	58	25	.	.	PUNCT
ajm-7108	59	1	a	a	PRON
ajm-7108	59	2	priori	priori	ADV
ajm-7108	59	3	,	,	PUNCT
ajm-7108	59	4	it	it	PRON
ajm-7108	59	5	is	be	AUX
ajm-7108	59	6	unclear	unclear	ADJ
ajm-7108	59	7	whether	whether	SCONJ
ajm-7108	59	8	firms	firm	NOUN
ajm-7108	59	9	with	with	ADP
ajm-7108	59	10	a	a	DET
ajm-7108	59	11	higher	high	ADJ
ajm-7108	59	12	percentage	percentage	NOUN
ajm-7108	59	13	of	of	ADP
ajm-7108	59	14	women	woman	NOUN
ajm-7108	59	15	directors	director	NOUN
ajm-7108	59	16	on	on	ADP
ajm-7108	59	17	corporate	corporate	ADJ
ajm-7108	59	18	boards	board	NOUN
ajm-7108	59	19	purchase	purchase	VERB
ajm-7108	59	20	more	more	ADJ
ajm-7108	59	21	carbon	carbon	NOUN
ajm-7108	59	22	offsets	offset	NOUN
ajm-7108	59	23	or	or	CCONJ
ajm-7108	59	24	recs	rec	NOUN
ajm-7108	59	25	.	.	PUNCT
ajm-7108	60	1	the	the	DET
ajm-7108	60	2	limited	limited	ADJ
ajm-7108	60	3	number	number	NOUN
ajm-7108	60	4	of	of	ADP
ajm-7108	60	5	studies	study	NOUN
ajm-7108	60	6	that	that	PRON
ajm-7108	60	7	have	have	AUX
ajm-7108	60	8	studied	study	VERB
ajm-7108	60	9	the	the	DET
ajm-7108	60	10	association	association	NOUN
ajm-7108	60	11	between	between	ADP
ajm-7108	60	12	women	woman	NOUN
ajm-7108	60	13	in	in	ADP
ajm-7108	60	14	managerial	managerial	ADJ
ajm-7108	60	15	or	or	CCONJ
ajm-7108	60	16	board	board	NOUN
ajm-7108	60	17	positions	position	NOUN
ajm-7108	60	18	and	and	CCONJ
ajm-7108	60	19	the	the	DET
ajm-7108	60	20	effect	effect	NOUN
ajm-7108	60	21	on	on	ADP
ajm-7108	60	22	firms	firm	NOUN
ajm-7108	60	23	’	'	PUNCT
ajm-7108	60	24	environmental	environmental	ADJ
ajm-7108	60	25	outcomes	outcome	NOUN
ajm-7108	60	26	have	have	AUX
ajm-7108	60	27	found	find	VERB
ajm-7108	60	28	mixed	mixed	ADJ
ajm-7108	60	29	results	result	NOUN
ajm-7108	60	30	.	.	PUNCT
ajm-7108	61	1	few	few	ADJ
ajm-7108	61	2	studies	study	NOUN
ajm-7108	61	3	have	have	AUX
ajm-7108	61	4	found	find	VERB
ajm-7108	61	5	a	a	DET
ajm-7108	61	6	positive	positive	ADJ
ajm-7108	61	7	relationship	relationship	NOUN
ajm-7108	61	8	between	between	ADP
ajm-7108	61	9	gender	gender	NOUN
ajm-7108	61	10	diversity	diversity	NOUN
ajm-7108	61	11	on	on	ADP
ajm-7108	61	12	the	the	DET
ajm-7108	61	13	board	board	NOUN
ajm-7108	61	14	and	and	CCONJ
ajm-7108	61	15	the	the	DET
ajm-7108	61	16	reduction	reduction	NOUN
ajm-7108	61	17	of	of	ADP
ajm-7108	61	18	carbon	carbon	NOUN
ajm-7108	61	19	emissions	emission	NOUN
ajm-7108	61	20	,	,	PUNCT
ajm-7108	61	21	renewable	renewable	ADJ
ajm-7108	61	22	energy	energy	NOUN
ajm-7108	61	23	consumption	consumption	NOUN
ajm-7108	61	24	,	,	PUNCT
ajm-7108	61	25	and	and	CCONJ
ajm-7108	61	26	implementation	implementation	NOUN
ajm-7108	61	27	of	of	ADP
ajm-7108	61	28	environmental	environmental	ADJ
ajm-7108	61	29	policies	policy	NOUN
ajm-7108	61	30	(	(	PUNCT
ajm-7108	61	31	atif	atif	PROPN
ajm-7108	61	32	et	et	PROPN
ajm-7108	61	33	al	al	PROPN
ajm-7108	61	34	.	.	PROPN
ajm-7108	61	35	2021	2021	NUM
ajm-7108	61	36	;	;	PUNCT
ajm-7108	61	37	zhang	zhang	PROPN
ajm-7108	61	38	et	et	PROPN
ajm-7108	61	39	al	al	PROPN
ajm-7108	61	40	.	.	PROPN
ajm-7108	61	41	,	,	PUNCT
ajm-7108	61	42	2021	2021	NUM
ajm-7108	61	43	;	;	PUNCT
ajm-7108	61	44	liao	liao	PROPN
ajm-7108	61	45	et	et	PROPN
ajm-7108	61	46	al	al	PROPN
ajm-7108	61	47	.	.	PROPN
ajm-7108	61	48	,	,	PUNCT
ajm-7108	61	49	2015	2015	NUM
ajm-7108	61	50	;	;	PUNCT
ajm-7108	61	51	martinez	martinez	PROPN
ajm-7108	61	52	et	et	PROPN
ajm-7108	61	53	al	al	PROPN
ajm-7108	61	54	.	.	PROPN
ajm-7108	61	55	,	,	PUNCT
ajm-7108	61	56	2022	2022	NUM
ajm-7108	61	57	;	;	PUNCT
ajm-7108	61	58	martin	martin	PROPN
ajm-7108	61	59	et	et	PROPN
ajm-7108	61	60	al	al	PROPN
ajm-7108	61	61	.	.	PROPN
ajm-7108	61	62	,	,	PUNCT
ajm-7108	61	63	2019	2019	NUM
ajm-7108	61	64	;	;	PUNCT
ajm-7108	61	65	oyewo	oyewo	PROPN
ajm-7108	61	66	,	,	PUNCT
ajm-7108	61	67	2023	2023	NUM
ajm-7108	61	68	)	)	PUNCT
ajm-7108	61	69	.	.	PUNCT
ajm-7108	62	1	however	however	ADV
ajm-7108	62	2	,	,	PUNCT
ajm-7108	62	3	some	some	DET
ajm-7108	62	4	studies	study	NOUN
ajm-7108	62	5	have	have	AUX
ajm-7108	62	6	noted	note	VERB
ajm-7108	62	7	that	that	SCONJ
ajm-7108	62	8	the	the	DET
ajm-7108	62	9	presence	presence	NOUN
ajm-7108	62	10	of	of	ADP
ajm-7108	62	11	women	woman	NOUN
ajm-7108	62	12	on	on	ADP
ajm-7108	62	13	the	the	DET
ajm-7108	62	14	board	board	NOUN
ajm-7108	62	15	may	may	AUX
ajm-7108	62	16	not	not	PART
ajm-7108	62	17	be	be	AUX
ajm-7108	62	18	enough	enough	ADJ
ajm-7108	62	19	to	to	PART
ajm-7108	62	20	increase	increase	VERB
ajm-7108	62	21	the	the	DET
ajm-7108	62	22	likelihood	likelihood	NOUN
ajm-7108	62	23	of	of	ADP
ajm-7108	62	24	ghg	ghg	PROPN
ajm-7108	62	25	emissions	emission	NOUN
ajm-7108	62	26	disclosure	disclosure	NOUN
ajm-7108	62	27	or	or	CCONJ
ajm-7108	62	28	reduce	reduce	VERB
ajm-7108	62	29	ghg	ghg	PROPN
ajm-7108	62	30	emissions	emission	NOUN
ajm-7108	62	31	.	.	PUNCT
ajm-7108	63	1	this	this	PRON
ajm-7108	63	2	may	may	AUX
ajm-7108	63	3	be	be	AUX
ajm-7108	63	4	because	because	SCONJ
ajm-7108	63	5	the	the	DET
ajm-7108	63	6	board	board	NOUN
ajm-7108	63	7	may	may	AUX
ajm-7108	63	8	be	be	AUX
ajm-7108	63	9	more	more	ADV
ajm-7108	63	10	inclined	inclined	ADJ
ajm-7108	63	11	to	to	PART
ajm-7108	63	12	pursue	pursue	VERB
ajm-7108	63	13	more	more	ADV
ajm-7108	63	14	traditional	traditional	ADJ
ajm-7108	63	15	value	value	NOUN
ajm-7108	63	16	-	-	PUNCT
ajm-7108	63	17	creating	create	VERB
ajm-7108	63	18	objectives	objective	NOUN
ajm-7108	63	19	(	(	PUNCT
ajm-7108	63	20	e.g.	e.g.	ADV
ajm-7108	63	21	,	,	PUNCT
ajm-7108	63	22	profitability	profitability	NOUN
ajm-7108	63	23	or	or	CCONJ
ajm-7108	63	24	shareholder	shareholder	NOUN
ajm-7108	63	25	wealth	wealth	NOUN
ajm-7108	63	26	maximization	maximization	PROPN
ajm-7108	63	27	)	)	PUNCT
ajm-7108	63	28	or	or	CCONJ
ajm-7108	63	29	because	because	SCONJ
ajm-7108	63	30	the	the	DET
ajm-7108	63	31	difference	difference	NOUN
ajm-7108	63	32	in	in	ADP
ajm-7108	63	33	environmentally	environmentally	ADV
ajm-7108	63	34	friendly	friendly	ADJ
ajm-7108	63	35	attitudes	attitude	NOUN
ajm-7108	63	36	between	between	ADP
ajm-7108	63	37	male	male	ADJ
ajm-7108	63	38	and	and	CCONJ
ajm-7108	63	39	female	female	ADJ
ajm-7108	63	40	board	board	NOUN
ajm-7108	63	41	members	member	NOUN
ajm-7108	63	42	is	be	AUX
ajm-7108	63	43	not	not	PART
ajm-7108	63	44	as	as	ADV
ajm-7108	63	45	significant	significant	ADJ
ajm-7108	63	46	as	as	SCONJ
ajm-7108	63	47	expected	expect	VERB
ajm-7108	63	48	(	(	PUNCT
ajm-7108	63	49	prado	prado	PROPN
ajm-7108	63	50	-	-	PUNCT
ajm-7108	63	51	lorenzo	lorenzo	PROPN
ajm-7108	63	52	et	et	PROPN
ajm-7108	63	53	al	al	PROPN
ajm-7108	63	54	.	.	PROPN
ajm-7108	63	55	,	,	PUNCT
ajm-7108	63	56	2010	2010	NUM
ajm-7108	63	57	;	;	PUNCT
ajm-7108	63	58	adams	adams	PROPN
ajm-7108	63	59	et	et	PROPN
ajm-7108	63	60	al	al	PROPN
ajm-7108	63	61	.	.	PROPN
ajm-7108	63	62	,	,	PUNCT
ajm-7108	63	63	2012	2012	NUM
ajm-7108	63	64	)	)	PUNCT
ajm-7108	63	65	.	.	PUNCT
ajm-7108	64	1	to	to	PART
ajm-7108	64	2	conduct	conduct	VERB
ajm-7108	64	3	our	our	PRON
ajm-7108	64	4	analysis	analysis	NOUN
ajm-7108	64	5	,	,	PUNCT
ajm-7108	64	6	we	we	PRON
ajm-7108	64	7	use	use	VERB
ajm-7108	64	8	the	the	DET
ajm-7108	64	9	percentage	percentage	NOUN
ajm-7108	64	10	of	of	ADP
ajm-7108	64	11	women	woman	NOUN
ajm-7108	64	12	employees	employee	NOUN
ajm-7108	64	13	as	as	ADP
ajm-7108	64	14	an	an	DET
ajm-7108	64	15	instrumental	instrumental	ADJ
ajm-7108	64	16	variable	variable	NOUN
ajm-7108	64	17	to	to	PART
ajm-7108	64	18	address	address	VERB
ajm-7108	64	19	potential	potential	ADJ
ajm-7108	64	20	endogeneity	endogeneity	NOUN
ajm-7108	64	21	concerns	concern	NOUN
ajm-7108	64	22	in	in	ADP
ajm-7108	64	23	the	the	DET
ajm-7108	64	24	independent	independent	ADJ
ajm-7108	64	25	variable	variable	NOUN
ajm-7108	64	26	for	for	ADP
ajm-7108	64	27	the	the	DET
ajm-7108	64	28	percentage	percentage	NOUN
ajm-7108	64	29	of	of	ADP
ajm-7108	64	30	women	woman	NOUN
ajm-7108	64	31	on	on	ADP
ajm-7108	64	32	the	the	DET
ajm-7108	64	33	board	board	NOUN
ajm-7108	64	34	.	.	PUNCT
ajm-7108	65	1	our	our	PRON
ajm-7108	65	2	results	result	NOUN
ajm-7108	65	3	indicate	indicate	VERB
ajm-7108	65	4	that	that	SCONJ
ajm-7108	65	5	a	a	DET
ajm-7108	65	6	greater	great	ADJ
ajm-7108	65	7	presence	presence	NOUN
ajm-7108	65	8	of	of	ADP
ajm-7108	65	9	women	woman	NOUN
ajm-7108	65	10	on	on	ADP
ajm-7108	65	11	the	the	DET
ajm-7108	65	12	board	board	NOUN
ajm-7108	65	13	does	do	AUX
ajm-7108	65	14	not	not	PART
ajm-7108	65	15	lead	lead	VERB
ajm-7108	65	16	to	to	ADP
ajm-7108	65	17	greater	great	ADJ
ajm-7108	65	18	carbon	carbon	NOUN
ajm-7108	65	19	offsets	offset	NOUN
ajm-7108	65	20	or	or	CCONJ
ajm-7108	65	21	recs	recs	NOUN
ajm-7108	65	22	purchases	purchase	NOUN
ajm-7108	65	23	.	.	PUNCT
ajm-7108	66	1	this	this	PRON
ajm-7108	66	2	lends	lend	VERB
ajm-7108	66	3	evidence	evidence	NOUN
ajm-7108	66	4	to	to	PART
ajm-7108	66	5	suggest	suggest	VERB
ajm-7108	66	6	that	that	SCONJ
ajm-7108	66	7	gender	gender	NOUN
ajm-7108	66	8	diversity	diversity	NOUN
ajm-7108	66	9	does	do	AUX
ajm-7108	66	10	not	not	PART
ajm-7108	66	11	play	play	VERB
ajm-7108	66	12	a	a	DET
ajm-7108	66	13	significant	significant	ADJ
ajm-7108	66	14	role	role	NOUN
ajm-7108	66	15	for	for	ADP
ajm-7108	66	16	firms	firm	NOUN
ajm-7108	66	17	using	use	VERB
ajm-7108	66	18	carbon	carbon	NOUN
ajm-7108	66	19	offsets	offset	NOUN
ajm-7108	66	20	or	or	CCONJ
ajm-7108	66	21	recs	recs	NOUN
ajm-7108	66	22	as	as	ADP
ajm-7108	66	23	decarbonization	decarbonization	NOUN
ajm-7108	66	24	strategies	strategy	NOUN
ajm-7108	66	25	.	.	PUNCT
ajm-7108	67	1	this	this	DET
ajm-7108	67	2	paper	paper	NOUN
ajm-7108	67	3	contributes	contribute	VERB
ajm-7108	67	4	to	to	ADP
ajm-7108	67	5	the	the	DET
ajm-7108	67	6	growing	grow	VERB
ajm-7108	67	7	literature	literature	NOUN
ajm-7108	67	8	on	on	ADP
ajm-7108	67	9	climate	climate	NOUN
ajm-7108	67	10	change	change	NOUN
ajm-7108	67	11	and	and	CCONJ
ajm-7108	67	12	emissions	emission	NOUN
ajm-7108	67	13	reduction	reduction	NOUN
ajm-7108	67	14	efforts	effort	NOUN
ajm-7108	67	15	in	in	ADP
ajm-7108	67	16	the	the	DET
ajm-7108	67	17	following	following	ADJ
ajm-7108	67	18	ways	way	NOUN
ajm-7108	67	19	.	.	PUNCT
ajm-7108	68	1	first	first	ADV
ajm-7108	68	2	,	,	PUNCT
ajm-7108	68	3	to	to	ADP
ajm-7108	68	4	the	the	DET
ajm-7108	68	5	best	good	ADJ
ajm-7108	68	6	of	of	ADP
ajm-7108	68	7	our	our	PRON
ajm-7108	68	8	knowledge	knowledge	NOUN
ajm-7108	68	9	,	,	PUNCT
ajm-7108	68	10	this	this	PRON
ajm-7108	68	11	is	be	AUX
ajm-7108	68	12	the	the	DET
ajm-7108	68	13	first	first	ADJ
ajm-7108	68	14	study	study	NOUN
ajm-7108	68	15	analyzing	analyze	VERB
ajm-7108	68	16	how	how	SCONJ
ajm-7108	68	17	the	the	DET
ajm-7108	68	18	quantity	quantity	NOUN
ajm-7108	68	19	of	of	ADP
ajm-7108	68	20	carbon	carbon	NOUN
ajm-7108	68	21	offsets	offset	NOUN
ajm-7108	68	22	or	or	CCONJ
ajm-7108	68	23	recs	rec	NOUN
ajm-7108	68	24	purchased	purchase	VERB
ajm-7108	68	25	by	by	ADP
ajm-7108	68	26	firms	firm	NOUN
ajm-7108	68	27	impact	impact	NOUN
ajm-7108	68	28	firms	firm	NOUN
ajm-7108	68	29	’	'	PUNCT
ajm-7108	68	30	environmental	environmental	ADJ
ajm-7108	68	31	and	and	CCONJ
ajm-7108	68	32	financial	financial	ADJ
ajm-7108	68	33	performance	performance	NOUN
ajm-7108	68	34	in	in	ADP
ajm-7108	68	35	north	north	PROPN
ajm-7108	68	36	america	america	PROPN
ajm-7108	68	37	and	and	CCONJ
ajm-7108	68	38	europe	europe	PROPN
ajm-7108	68	39	.	.	PUNCT
ajm-7108	69	1	this	this	DET
ajm-7108	69	2	paper	paper	NOUN
ajm-7108	69	3	also	also	ADV
ajm-7108	69	4	utilizes	utilize	VERB
ajm-7108	69	5	more	more	ADJ
ajm-7108	69	6	granular	granular	ADJ
ajm-7108	69	7	firm	firm	ADJ
ajm-7108	69	8	-	-	PUNCT
ajm-7108	69	9	level	level	NOUN
ajm-7108	69	10	emissions	emission	NOUN
ajm-7108	69	11	data	datum	NOUN
ajm-7108	69	12	(	(	PUNCT
ajm-7108	69	13	including	include	VERB
ajm-7108	69	14	ghg	ghg	PROPN
ajm-7108	69	15	scope	scope	NOUN
ajm-7108	69	16	1	1	NUM
ajm-7108	69	17	,	,	PUNCT
ajm-7108	69	18	ghg	ghg	PROPN
ajm-7108	69	19	scope	scope	NOUN
ajm-7108	69	20	2	2	NUM
ajm-7108	69	21	market	market	NOUN
ajm-7108	69	22	,	,	PUNCT
ajm-7108	69	23	and	and	CCONJ
ajm-7108	69	24	total	total	ADJ
ajm-7108	69	25	ghg	ghg	PROPN
ajm-7108	69	26	market	market	PROPN
ajm-7108	69	27	emissions),7	emissions),7	PROPN
ajm-7108	69	28	unlike	unlike	ADP
ajm-7108	69	29	previous	previous	ADJ
ajm-7108	69	30	studies	study	NOUN
ajm-7108	69	31	that	that	PRON
ajm-7108	69	32	relied	rely	VERB
ajm-7108	69	33	on	on	ADP
ajm-7108	69	34	carbon	carbon	NOUN
ajm-7108	69	35	emission	emission	NOUN
ajm-7108	69	36	disclosures	disclosure	NOUN
ajm-7108	69	37	or	or	CCONJ
ajm-7108	69	38	other	other	ADJ
ajm-7108	69	39	carbon	carbon	NOUN
ajm-7108	69	40	performance	performance	NOUN
ajm-7108	69	41	indicators	indicator	NOUN
ajm-7108	69	42	.	.	PUNCT
ajm-7108	70	1	by	by	ADP
ajm-7108	70	2	using	use	VERB
ajm-7108	70	3	this	this	DET
ajm-7108	70	4	approach	approach	NOUN
ajm-7108	70	5	,	,	PUNCT
ajm-7108	70	6	this	this	DET
ajm-7108	70	7	study	study	NOUN
ajm-7108	70	8	can	can	AUX
ajm-7108	70	9	more	more	ADV
ajm-7108	70	10	clearly	clearly	ADV
ajm-7108	70	11	assess	assess	VERB
ajm-7108	70	12	the	the	DET
ajm-7108	70	13	effectiveness	effectiveness	NOUN
ajm-7108	70	14	of	of	ADP
ajm-7108	70	15	using	use	VERB
ajm-7108	70	16	carbon	carbon	NOUN
ajm-7108	70	17	offsets	offset	NOUN
ajm-7108	70	18	or	or	CCONJ
ajm-7108	70	19	recs	rec	NOUN
ajm-7108	70	20	in	in	ADP
ajm-7108	70	21	mitigating	mitigate	VERB
ajm-7108	70	22	firms	firm	NOUN
ajm-7108	70	23	’	'	PUNCT
ajm-7108	70	24	ghg	ghg	PROPN
ajm-7108	70	25	emissions	emission	NOUN
ajm-7108	70	26	and	and	CCONJ
ajm-7108	70	27	achieving	achieve	VERB
ajm-7108	70	28	their	their	PRON
ajm-7108	70	29	sustainability	sustainability	NOUN
ajm-7108	70	30	goals	goal	NOUN
ajm-7108	70	31	.	.	PUNCT
ajm-7108	71	1	second	second	ADJ
ajm-7108	71	2	,	,	PUNCT
ajm-7108	71	3	our	our	PRON
ajm-7108	71	4	findings	finding	NOUN
ajm-7108	71	5	contribute	contribute	VERB
ajm-7108	71	6	to	to	ADP
ajm-7108	71	7	the	the	DET
ajm-7108	71	8	literature	literature	NOUN
ajm-7108	71	9	on	on	ADP
ajm-7108	71	10	corporate	corporate	ADJ
ajm-7108	71	11	greenwashing	greenwashing	NOUN
ajm-7108	71	12	behavior	behavior	NOUN
ajm-7108	71	13	by	by	ADP
ajm-7108	71	14	revealing	reveal	VERB
ajm-7108	71	15	that	that	SCONJ
ajm-7108	71	16	firms	firm	NOUN
ajm-7108	71	17	that	that	PRON
ajm-7108	71	18	purchase	purchase	VERB
ajm-7108	71	19	carbon	carbon	NOUN
ajm-7108	71	20	offsets	offset	NOUN
ajm-7108	71	21	or	or	CCONJ
ajm-7108	71	22	recs	rec	NOUN
ajm-7108	71	23	receive	receive	VERB
ajm-7108	71	24	higher	high	ADJ
ajm-7108	71	25	20	20	NUM
ajm-7108	71	26	american	american	ADJ
ajm-7108	71	27	journal	journal	NOUN
ajm-7108	71	28	of	of	ADP
ajm-7108	71	29	management	management	NOUN
ajm-7108	71	30	vol	vol	NOUN
ajm-7108	71	31	.	.	PUNCT
ajm-7108	72	1	24(2	24(2	NUM
ajm-7108	72	2	)	)	PUNCT
ajm-7108	72	3	2024	2024	NUM
ajm-7108	72	4	environmental	environmental	ADJ
ajm-7108	72	5	scores	score	NOUN
ajm-7108	72	6	,	,	PUNCT
ajm-7108	72	7	but	but	CCONJ
ajm-7108	72	8	also	also	ADV
ajm-7108	72	9	have	have	VERB
ajm-7108	72	10	higher	high	ADJ
ajm-7108	72	11	ghg	ghg	PROPN
ajm-7108	72	12	emissions	emission	NOUN
ajm-7108	72	13	.	.	PUNCT
ajm-7108	73	1	these	these	DET
ajm-7108	73	2	findings	finding	NOUN
ajm-7108	73	3	are	be	AUX
ajm-7108	73	4	relevant	relevant	ADJ
ajm-7108	73	5	and	and	CCONJ
ajm-7108	73	6	timely	timely	ADV
ajm-7108	73	7	given	give	VERB
ajm-7108	73	8	that	that	DET
ajm-7108	73	9	demand	demand	NOUN
ajm-7108	73	10	for	for	ADP
ajm-7108	73	11	carbon	carbon	NOUN
ajm-7108	73	12	offsets	offset	NOUN
ajm-7108	73	13	and	and	CCONJ
ajm-7108	73	14	recs	rec	NOUN
ajm-7108	73	15	has	have	AUX
ajm-7108	73	16	rapidly	rapidly	ADV
ajm-7108	73	17	grown	grow	VERB
ajm-7108	73	18	,	,	PUNCT
ajm-7108	73	19	particularly	particularly	ADV
ajm-7108	73	20	from	from	ADP
ajm-7108	73	21	developed	develop	VERB
ajm-7108	73	22	-	-	PUNCT
ajm-7108	73	23	market	market	NOUN
ajm-7108	73	24	firms	firm	NOUN
ajm-7108	73	25	in	in	ADP
ajm-7108	73	26	carbon	carbon	NOUN
ajm-7108	73	27	-	-	PUNCT
ajm-7108	73	28	intensive	intensive	ADJ
ajm-7108	73	29	industries	industry	NOUN
ajm-7108	73	30	.	.	PUNCT
ajm-7108	74	1	third	third	ADJ
ajm-7108	74	2	,	,	PUNCT
ajm-7108	74	3	this	this	DET
ajm-7108	74	4	paper	paper	NOUN
ajm-7108	74	5	offers	offer	VERB
ajm-7108	74	6	new	new	ADJ
ajm-7108	74	7	insights	insight	NOUN
ajm-7108	74	8	into	into	ADP
ajm-7108	74	9	the	the	DET
ajm-7108	74	10	relationship	relationship	NOUN
ajm-7108	74	11	between	between	ADP
ajm-7108	74	12	carbon	carbon	NOUN
ajm-7108	74	13	offset	offset	NOUN
ajm-7108	74	14	or	or	CCONJ
ajm-7108	74	15	rec	rec	NOUN
ajm-7108	74	16	purchases	purchase	NOUN
ajm-7108	74	17	and	and	CCONJ
ajm-7108	74	18	firm	firm	ADJ
ajm-7108	74	19	financial	financial	ADJ
ajm-7108	74	20	performance	performance	NOUN
ajm-7108	74	21	,	,	PUNCT
ajm-7108	74	22	highlighting	highlight	VERB
ajm-7108	74	23	how	how	SCONJ
ajm-7108	74	24	stakeholders	stakeholder	NOUN
ajm-7108	74	25	have	have	AUX
ajm-7108	74	26	diverging	diverge	VERB
ajm-7108	74	27	views	view	NOUN
ajm-7108	74	28	on	on	ADP
ajm-7108	74	29	the	the	DET
ajm-7108	74	30	benefits	benefit	NOUN
ajm-7108	74	31	of	of	ADP
ajm-7108	74	32	these	these	DET
ajm-7108	74	33	purchases	purchase	NOUN
ajm-7108	74	34	.	.	PUNCT
ajm-7108	75	1	lastly	lastly	ADV
ajm-7108	75	2	,	,	PUNCT
ajm-7108	75	3	this	this	DET
ajm-7108	75	4	paper	paper	NOUN
ajm-7108	75	5	’s	’s	PART
ajm-7108	75	6	findings	finding	NOUN
ajm-7108	75	7	also	also	ADV
ajm-7108	75	8	contribute	contribute	VERB
ajm-7108	75	9	to	to	ADP
ajm-7108	75	10	the	the	DET
ajm-7108	75	11	literature	literature	NOUN
ajm-7108	75	12	on	on	ADP
ajm-7108	75	13	internal	internal	ADJ
ajm-7108	75	14	corporate	corporate	ADJ
ajm-7108	75	15	governance	governance	NOUN
ajm-7108	75	16	by	by	ADP
ajm-7108	75	17	demonstrating	demonstrate	VERB
ajm-7108	75	18	that	that	SCONJ
ajm-7108	75	19	gender	gender	NOUN
ajm-7108	75	20	board	board	NOUN
ajm-7108	75	21	diversity	diversity	NOUN
ajm-7108	75	22	alone	alone	ADV
ajm-7108	75	23	does	do	AUX
ajm-7108	75	24	not	not	PART
ajm-7108	75	25	necessarily	necessarily	ADV
ajm-7108	75	26	indicate	indicate	VERB
ajm-7108	75	27	a	a	DET
ajm-7108	75	28	stronger	strong	ADJ
ajm-7108	75	29	inclination	inclination	NOUN
ajm-7108	75	30	towards	towards	ADP
ajm-7108	75	31	environmental	environmental	ADJ
ajm-7108	75	32	initiatives	initiative	NOUN
ajm-7108	75	33	such	such	ADJ
ajm-7108	75	34	as	as	ADP
ajm-7108	75	35	carbon	carbon	NOUN
ajm-7108	75	36	offsetting	offsetting	NOUN
ajm-7108	75	37	and	and	CCONJ
ajm-7108	75	38	investment	investment	NOUN
ajm-7108	75	39	in	in	ADP
ajm-7108	75	40	green	green	ADJ
ajm-7108	75	41	energy	energy	NOUN
ajm-7108	75	42	.	.	PUNCT
ajm-7108	76	1	overall	overall	ADV
ajm-7108	76	2	,	,	PUNCT
ajm-7108	76	3	these	these	DET
ajm-7108	76	4	findings	finding	NOUN
ajm-7108	76	5	have	have	VERB
ajm-7108	76	6	important	important	ADJ
ajm-7108	76	7	implications	implication	NOUN
ajm-7108	76	8	for	for	ADP
ajm-7108	76	9	policymakers	policymaker	NOUN
ajm-7108	76	10	and	and	CCONJ
ajm-7108	76	11	businesses	business	NOUN
ajm-7108	76	12	worldwide	worldwide	ADV
ajm-7108	76	13	as	as	SCONJ
ajm-7108	76	14	they	they	PRON
ajm-7108	76	15	work	work	VERB
ajm-7108	76	16	towards	towards	ADP
ajm-7108	76	17	reducing	reduce	VERB
ajm-7108	76	18	their	their	PRON
ajm-7108	76	19	carbon	carbon	NOUN
ajm-7108	76	20	footprint	footprint	NOUN
ajm-7108	76	21	and	and	CCONJ
ajm-7108	76	22	achieving	achieve	VERB
ajm-7108	76	23	their	their	PRON
ajm-7108	76	24	environmental	environmental	ADJ
ajm-7108	76	25	targets	target	NOUN
ajm-7108	76	26	.	.	PUNCT
ajm-7108	77	1	literature	literature	NOUN
ajm-7108	77	2	review	review	NOUN
ajm-7108	77	3	despite	despite	SCONJ
ajm-7108	77	4	the	the	DET
ajm-7108	77	5	significant	significant	ADJ
ajm-7108	77	6	expansion	expansion	NOUN
ajm-7108	77	7	in	in	ADP
ajm-7108	77	8	the	the	DET
ajm-7108	77	9	voluntary	voluntary	ADJ
ajm-7108	77	10	market	market	NOUN
ajm-7108	77	11	for	for	ADP
ajm-7108	77	12	carbon	carbon	NOUN
ajm-7108	77	13	offsets	offset	NOUN
ajm-7108	77	14	and	and	CCONJ
ajm-7108	77	15	recs	rec	NOUN
ajm-7108	77	16	over	over	ADP
ajm-7108	77	17	the	the	DET
ajm-7108	77	18	last	last	ADJ
ajm-7108	77	19	few	few	ADJ
ajm-7108	77	20	years	year	NOUN
ajm-7108	77	21	,	,	PUNCT
ajm-7108	77	22	surprisingly	surprisingly	ADV
ajm-7108	77	23	,	,	PUNCT
ajm-7108	77	24	little	little	ADJ
ajm-7108	77	25	is	be	AUX
ajm-7108	77	26	known	know	VERB
ajm-7108	77	27	about	about	ADP
ajm-7108	77	28	the	the	DET
ajm-7108	77	29	internal	internal	ADJ
ajm-7108	77	30	governance	governance	NOUN
ajm-7108	77	31	characteristics	characteristic	NOUN
ajm-7108	77	32	of	of	ADP
ajm-7108	77	33	companies	company	NOUN
ajm-7108	77	34	that	that	PRON
ajm-7108	77	35	have	have	AUX
ajm-7108	77	36	invested	invest	VERB
ajm-7108	77	37	in	in	ADP
ajm-7108	77	38	carbon	carbon	NOUN
ajm-7108	77	39	offsets	offset	NOUN
ajm-7108	77	40	or	or	CCONJ
ajm-7108	77	41	recs	rec	NOUN
ajm-7108	77	42	or	or	CCONJ
ajm-7108	77	43	how	how	SCONJ
ajm-7108	77	44	these	these	DET
ajm-7108	77	45	purchases	purchase	NOUN
ajm-7108	77	46	impact	impact	NOUN
ajm-7108	77	47	firms	firm	NOUN
ajm-7108	77	48	’	'	PUNCT
ajm-7108	77	49	environmental	environmental	ADJ
ajm-7108	77	50	and	and	CCONJ
ajm-7108	77	51	financial	financial	ADJ
ajm-7108	77	52	performance	performance	NOUN
ajm-7108	77	53	.	.	PUNCT
ajm-7108	78	1	to	to	ADP
ajm-7108	78	2	the	the	DET
ajm-7108	78	3	best	good	ADJ
ajm-7108	78	4	of	of	ADP
ajm-7108	78	5	our	our	PRON
ajm-7108	78	6	knowledge	knowledge	NOUN
ajm-7108	78	7	,	,	PUNCT
ajm-7108	78	8	no	no	DET
ajm-7108	78	9	empirical	empirical	ADJ
ajm-7108	78	10	research	research	NOUN
ajm-7108	78	11	has	have	AUX
ajm-7108	78	12	been	be	AUX
ajm-7108	78	13	carried	carry	VERB
ajm-7108	78	14	out	out	ADP
ajm-7108	78	15	in	in	ADP
ajm-7108	78	16	developed	develop	VERB
ajm-7108	78	17	markets	market	NOUN
ajm-7108	78	18	such	such	ADJ
ajm-7108	78	19	as	as	ADP
ajm-7108	78	20	north	north	PROPN
ajm-7108	78	21	america	america	PROPN
ajm-7108	78	22	and	and	CCONJ
ajm-7108	78	23	europe	europe	PROPN
ajm-7108	78	24	,	,	PUNCT
ajm-7108	78	25	where	where	SCONJ
ajm-7108	78	26	firms	firm	NOUN
ajm-7108	78	27	are	be	AUX
ajm-7108	78	28	increasingly	increasingly	ADV
ajm-7108	78	29	utilizing	utilize	VERB
ajm-7108	78	30	these	these	DET
ajm-7108	78	31	tools	tool	NOUN
ajm-7108	78	32	to	to	PART
ajm-7108	78	33	reduce	reduce	VERB
ajm-7108	78	34	their	their	PRON
ajm-7108	78	35	carbon	carbon	NOUN
ajm-7108	78	36	footprint.8	footprint.8	NOUN
ajm-7108	78	37	we	we	PRON
ajm-7108	78	38	begin	begin	VERB
ajm-7108	78	39	our	our	PRON
ajm-7108	78	40	analysis	analysis	NOUN
ajm-7108	78	41	by	by	ADP
ajm-7108	78	42	considering	consider	VERB
ajm-7108	78	43	the	the	DET
ajm-7108	78	44	link	link	NOUN
ajm-7108	78	45	between	between	ADP
ajm-7108	78	46	carbon	carbon	NOUN
ajm-7108	78	47	offsets	offset	NOUN
ajm-7108	78	48	and	and	CCONJ
ajm-7108	78	49	recs	rec	NOUN
ajm-7108	78	50	on	on	ADP
ajm-7108	78	51	the	the	DET
ajm-7108	78	52	following	follow	VERB
ajm-7108	78	53	three	three	NUM
ajm-7108	78	54	variables	variable	NOUN
ajm-7108	78	55	:	:	PUNCT
ajm-7108	78	56	i	i	PRON
ajm-7108	78	57	)	)	PUNCT
ajm-7108	78	58	environmental	environmental	ADJ
ajm-7108	78	59	performance	performance	NOUN
ajm-7108	78	60	;	;	PUNCT
ajm-7108	78	61	ii	ii	X
ajm-7108	78	62	)	)	PUNCT
ajm-7108	78	63	financial	financial	ADJ
ajm-7108	78	64	performance	performance	NOUN
ajm-7108	78	65	;	;	PUNCT
ajm-7108	78	66	and	and	CCONJ
ajm-7108	78	67	iii	iii	X
ajm-7108	78	68	)	)	PUNCT
ajm-7108	78	69	board	board	NOUN
ajm-7108	78	70	gender	gender	NOUN
ajm-7108	78	71	diversity	diversity	NOUN
ajm-7108	78	72	.	.	PUNCT
ajm-7108	79	1	environmental	environmental	ADJ
ajm-7108	79	2	performance	performance	NOUN
ajm-7108	79	3	in	in	ADP
ajm-7108	79	4	recent	recent	ADJ
ajm-7108	79	5	years	year	NOUN
ajm-7108	79	6	,	,	PUNCT
ajm-7108	79	7	greenwashing	greenwashing	NOUN
ajm-7108	79	8	has	have	AUX
ajm-7108	79	9	become	become	VERB
ajm-7108	79	10	so	so	ADV
ajm-7108	79	11	widespread	widespread	ADJ
ajm-7108	79	12	in	in	ADP
ajm-7108	79	13	corporate	corporate	ADJ
ajm-7108	79	14	marketing	marketing	NOUN
ajm-7108	79	15	that	that	SCONJ
ajm-7108	79	16	it	it	PRON
ajm-7108	79	17	is	be	AUX
ajm-7108	79	18	considered	consider	VERB
ajm-7108	79	19	by	by	ADP
ajm-7108	79	20	some	some	DET
ajm-7108	79	21	studies	study	NOUN
ajm-7108	79	22	to	to	PART
ajm-7108	79	23	have	have	AUX
ajm-7108	79	24	reached	reach	VERB
ajm-7108	79	25	epidemic	epidemic	NOUN
ajm-7108	79	26	proportions	proportion	NOUN
ajm-7108	79	27	(	(	PUNCT
ajm-7108	79	28	trouwloon	trouwloon	NOUN
ajm-7108	79	29	,	,	PUNCT
ajm-7108	79	30	2023	2023	NUM
ajm-7108	79	31	)	)	PUNCT
ajm-7108	79	32	.	.	PUNCT
ajm-7108	80	1	however	however	ADV
ajm-7108	80	2	,	,	PUNCT
ajm-7108	80	3	despite	despite	SCONJ
ajm-7108	80	4	its	its	PRON
ajm-7108	80	5	prevalence	prevalence	NOUN
ajm-7108	80	6	,	,	PUNCT
ajm-7108	80	7	there	there	PRON
ajm-7108	80	8	is	be	VERB
ajm-7108	80	9	a	a	DET
ajm-7108	80	10	lack	lack	NOUN
ajm-7108	80	11	of	of	ADP
ajm-7108	80	12	studies	study	NOUN
ajm-7108	80	13	that	that	PRON
ajm-7108	80	14	measure	measure	VERB
ajm-7108	80	15	its	its	PRON
ajm-7108	80	16	impact	impact	NOUN
ajm-7108	80	17	on	on	ADP
ajm-7108	80	18	firms	firm	NOUN
ajm-7108	80	19	’	’	PART
ajm-7108	80	20	climate	climate	NOUN
ajm-7108	80	21	actions	action	NOUN
ajm-7108	80	22	and	and	CCONJ
ajm-7108	80	23	environmental	environmental	ADJ
ajm-7108	80	24	performance	performance	NOUN
ajm-7108	80	25	.	.	PUNCT
ajm-7108	81	1	this	this	DET
ajm-7108	81	2	paper	paper	NOUN
ajm-7108	81	3	’s	’s	PART
ajm-7108	81	4	main	main	ADJ
ajm-7108	81	5	contribution	contribution	NOUN
ajm-7108	81	6	to	to	ADP
ajm-7108	81	7	the	the	DET
ajm-7108	81	8	literature	literature	NOUN
ajm-7108	81	9	is	be	AUX
ajm-7108	81	10	to	to	PART
ajm-7108	81	11	address	address	VERB
ajm-7108	81	12	the	the	DET
ajm-7108	81	13	ongoing	ongoing	ADJ
ajm-7108	81	14	greenwashing	greenwashing	NOUN
ajm-7108	81	15	debate	debate	NOUN
ajm-7108	81	16	on	on	ADP
ajm-7108	81	17	whether	whether	SCONJ
ajm-7108	81	18	carbon	carbon	NOUN
ajm-7108	81	19	offsets	offset	NOUN
ajm-7108	81	20	and	and	CCONJ
ajm-7108	81	21	recs	rec	NOUN
ajm-7108	81	22	lead	lead	VERB
ajm-7108	81	23	to	to	ADP
ajm-7108	81	24	a	a	DET
ajm-7108	81	25	reduction	reduction	NOUN
ajm-7108	81	26	in	in	ADP
ajm-7108	81	27	firms	firm	NOUN
ajm-7108	81	28	’	'	PUNCT
ajm-7108	81	29	ghg	ghg	PROPN
ajm-7108	81	30	emissions	emission	NOUN
ajm-7108	81	31	or	or	CCONJ
ajm-7108	81	32	whether	whether	SCONJ
ajm-7108	81	33	they	they	PRON
ajm-7108	81	34	function	function	VERB
ajm-7108	81	35	as	as	ADP
ajm-7108	81	36	an	an	DET
ajm-7108	81	37	accounting	accounting	NOUN
ajm-7108	81	38	maneuver	maneuver	NOUN
ajm-7108	81	39	that	that	PRON
ajm-7108	81	40	allows	allow	VERB
ajm-7108	81	41	firms	firm	NOUN
ajm-7108	81	42	to	to	PART
ajm-7108	81	43	continue	continue	VERB
ajm-7108	81	44	polluting	pollute	VERB
ajm-7108	81	45	(	(	PUNCT
ajm-7108	81	46	rathi	rathi	PROPN
ajm-7108	81	47	et	et	PROPN
ajm-7108	81	48	al	al	PROPN
ajm-7108	81	49	.	.	PROPN
ajm-7108	81	50	,	,	PUNCT
ajm-7108	81	51	2022	2022	NUM
ajm-7108	81	52	)	)	PUNCT
ajm-7108	81	53	.	.	PUNCT
ajm-7108	82	1	to	to	ADP
ajm-7108	82	2	the	the	DET
ajm-7108	82	3	best	good	ADJ
ajm-7108	82	4	of	of	ADP
ajm-7108	82	5	our	our	PRON
ajm-7108	82	6	knowledge	knowledge	NOUN
ajm-7108	82	7	,	,	PUNCT
ajm-7108	82	8	this	this	PRON
ajm-7108	82	9	is	be	AUX
ajm-7108	82	10	the	the	DET
ajm-7108	82	11	first	first	ADJ
ajm-7108	82	12	study	study	NOUN
ajm-7108	82	13	analyzing	analyze	VERB
ajm-7108	82	14	how	how	SCONJ
ajm-7108	82	15	the	the	DET
ajm-7108	82	16	quantity	quantity	NOUN
ajm-7108	82	17	of	of	ADP
ajm-7108	82	18	purchased	purchase	VERB
ajm-7108	82	19	carbon	carbon	NOUN
ajm-7108	82	20	offsets	offset	NOUN
ajm-7108	82	21	or	or	CCONJ
ajm-7108	82	22	recs	rec	NOUN
ajm-7108	82	23	have	have	VERB
ajm-7108	82	24	an	an	DET
ajm-7108	82	25	impact	impact	NOUN
ajm-7108	82	26	on	on	ADP
ajm-7108	82	27	firms	firm	NOUN
ajm-7108	82	28	’	'	PUNCT
ajm-7108	82	29	environmental	environmental	ADJ
ajm-7108	82	30	performance	performance	NOUN
ajm-7108	82	31	in	in	ADP
ajm-7108	82	32	north	north	PROPN
ajm-7108	82	33	america	america	PROPN
ajm-7108	82	34	and	and	CCONJ
ajm-7108	82	35	europe	europe	PROPN
ajm-7108	82	36	.	.	PUNCT
ajm-7108	83	1	this	this	DET
ajm-7108	83	2	paper	paper	NOUN
ajm-7108	83	3	expects	expect	VERB
ajm-7108	83	4	firms	firm	NOUN
ajm-7108	83	5	that	that	PRON
ajm-7108	83	6	purchase	purchase	VERB
ajm-7108	83	7	carbon	carbon	NOUN
ajm-7108	83	8	offsets	offset	NOUN
ajm-7108	83	9	or	or	CCONJ
ajm-7108	83	10	recs	rec	NOUN
ajm-7108	83	11	may	may	AUX
ajm-7108	83	12	potentially	potentially	ADV
ajm-7108	83	13	have	have	VERB
ajm-7108	83	14	positive	positive	ADJ
ajm-7108	83	15	environmental	environmental	ADJ
ajm-7108	83	16	performance	performance	NOUN
ajm-7108	83	17	for	for	ADP
ajm-7108	83	18	the	the	DET
ajm-7108	83	19	following	follow	VERB
ajm-7108	83	20	reasons	reason	NOUN
ajm-7108	83	21	.	.	PUNCT
ajm-7108	84	1	first	first	ADV
ajm-7108	84	2	,	,	PUNCT
ajm-7108	84	3	by	by	ADP
ajm-7108	84	4	definition	definition	NOUN
ajm-7108	84	5	,	,	PUNCT
ajm-7108	84	6	purchasing	purchase	VERB
ajm-7108	84	7	a	a	DET
ajm-7108	84	8	carbon	carbon	NOUN
ajm-7108	84	9	offset	offset	NOUN
ajm-7108	84	10	or	or	CCONJ
ajm-7108	84	11	rec	rec	NOUN
ajm-7108	84	12	allows	allow	VERB
ajm-7108	84	13	a	a	DET
ajm-7108	84	14	firm	firm	NOUN
ajm-7108	84	15	to	to	PART
ajm-7108	84	16	report	report	VERB
ajm-7108	84	17	lower	low	ADJ
ajm-7108	84	18	ghg	ghg	PROPN
ajm-7108	84	19	emissions	emission	NOUN
ajm-7108	84	20	on	on	ADP
ajm-7108	84	21	their	their	PRON
ajm-7108	84	22	environmental	environmental	ADJ
ajm-7108	84	23	reports	report	NOUN
ajm-7108	84	24	,	,	PUNCT
ajm-7108	84	25	thereby	thereby	ADV
ajm-7108	84	26	reducing	reduce	VERB
ajm-7108	84	27	a	a	DET
ajm-7108	84	28	firm	firm	NOUN
ajm-7108	84	29	’s	’s	PART
ajm-7108	84	30	carbon	carbon	NOUN
ajm-7108	84	31	footprint	footprint	NOUN
ajm-7108	84	32	and	and	CCONJ
ajm-7108	84	33	boosting	boost	VERB
ajm-7108	84	34	their	their	PRON
ajm-7108	84	35	environmental	environmental	ADJ
ajm-7108	84	36	ratings	rating	NOUN
ajm-7108	84	37	.	.	PUNCT
ajm-7108	85	1	additionally	additionally	ADV
ajm-7108	85	2	,	,	PUNCT
ajm-7108	85	3	a	a	DET
ajm-7108	85	4	profit	profit	NOUN
ajm-7108	85	5	-	-	PUNCT
ajm-7108	85	6	maximizing	maximize	VERB
ajm-7108	85	7	firm	firm	NOUN
ajm-7108	85	8	incurring	incur	VERB
ajm-7108	85	9	a	a	DET
ajm-7108	85	10	voluntary	voluntary	ADJ
ajm-7108	85	11	business	business	NOUN
ajm-7108	85	12	cost	cost	NOUN
ajm-7108	85	13	for	for	ADP
ajm-7108	85	14	purchasing	purchase	VERB
ajm-7108	85	15	carbon	carbon	NOUN
ajm-7108	85	16	offsets	offset	NOUN
ajm-7108	85	17	or	or	CCONJ
ajm-7108	85	18	recs	rec	NOUN
ajm-7108	85	19	is	be	AUX
ajm-7108	85	20	incentivized	incentivize	VERB
ajm-7108	85	21	to	to	PART
ajm-7108	85	22	lower	lower	VERB
ajm-7108	85	23	its	its	PRON
ajm-7108	85	24	ghg	ghg	PROPN
ajm-7108	85	25	emissions	emission	NOUN
ajm-7108	85	26	to	to	PART
ajm-7108	85	27	reduce	reduce	VERB
ajm-7108	85	28	its	its	PRON
ajm-7108	85	29	operating	operating	NOUN
ajm-7108	85	30	costs	cost	NOUN
ajm-7108	85	31	.	.	PUNCT
ajm-7108	86	1	on	on	ADP
ajm-7108	86	2	the	the	DET
ajm-7108	86	3	other	other	ADJ
ajm-7108	86	4	hand	hand	NOUN
ajm-7108	86	5	,	,	PUNCT
ajm-7108	86	6	firms	firm	NOUN
ajm-7108	86	7	may	may	AUX
ajm-7108	86	8	purchase	purchase	VERB
ajm-7108	86	9	carbon	carbon	NOUN
ajm-7108	86	10	offsets	offset	NOUN
ajm-7108	86	11	or	or	CCONJ
ajm-7108	86	12	recs	rec	NOUN
ajm-7108	86	13	to	to	PART
ajm-7108	86	14	publicly	publicly	ADV
ajm-7108	86	15	demonstrate	demonstrate	VERB
ajm-7108	86	16	a	a	DET
ajm-7108	86	17	commitment	commitment	NOUN
ajm-7108	86	18	to	to	ADP
ajm-7108	86	19	the	the	DET
ajm-7108	86	20	environment	environment	NOUN
ajm-7108	86	21	,	,	PUNCT
ajm-7108	86	22	but	but	CCONJ
ajm-7108	86	23	do	do	AUX
ajm-7108	86	24	not	not	PART
ajm-7108	86	25	make	make	VERB
ajm-7108	86	26	significant	significant	ADJ
ajm-7108	86	27	efforts	effort	NOUN
ajm-7108	86	28	to	to	PART
ajm-7108	86	29	reduce	reduce	VERB
ajm-7108	86	30	their	their	PRON
ajm-7108	86	31	ghg	ghg	PROPN
ajm-7108	86	32	emissions	emission	NOUN
ajm-7108	86	33	.	.	PUNCT
ajm-7108	87	1	in	in	ADP
ajm-7108	87	2	other	other	ADJ
ajm-7108	87	3	words	word	NOUN
ajm-7108	87	4	,	,	PUNCT
ajm-7108	87	5	firms	firm	NOUN
ajm-7108	87	6	may	may	AUX
ajm-7108	87	7	be	be	AUX
ajm-7108	87	8	purchasing	purchase	VERB
ajm-7108	87	9	carbon	carbon	NOUN
ajm-7108	87	10	offsets	offset	NOUN
ajm-7108	87	11	or	or	CCONJ
ajm-7108	87	12	recs	rec	NOUN
ajm-7108	87	13	to	to	PART
ajm-7108	87	14	capture	capture	VERB
ajm-7108	87	15	the	the	DET
ajm-7108	87	16	upside	upside	NOUN
ajm-7108	87	17	of	of	ADP
ajm-7108	87	18	green	green	ADJ
ajm-7108	87	19	branding	branding	NOUN
ajm-7108	87	20	and	and	CCONJ
ajm-7108	87	21	higher	high	ADJ
ajm-7108	87	22	environmental	environmental	ADJ
ajm-7108	87	23	ratings	rating	NOUN
ajm-7108	87	24	without	without	ADP
ajm-7108	87	25	having	have	VERB
ajm-7108	87	26	to	to	PART
ajm-7108	87	27	undergo	undergo	VERB
ajm-7108	87	28	costly	costly	ADJ
ajm-7108	87	29	changes	change	NOUN
ajm-7108	87	30	to	to	ADP
ajm-7108	87	31	their	their	PRON
ajm-7108	87	32	business	business	NOUN
ajm-7108	87	33	models	model	NOUN
ajm-7108	87	34	to	to	PART
ajm-7108	87	35	reduce	reduce	VERB
ajm-7108	87	36	their	their	PRON
ajm-7108	87	37	ghg	ghg	PROPN
ajm-7108	87	38	emissions	emission	NOUN
ajm-7108	87	39	.	.	PUNCT
ajm-7108	88	1	if	if	SCONJ
ajm-7108	88	2	the	the	DET
ajm-7108	88	3	above	above	ADJ
ajm-7108	88	4	holds	hold	VERB
ajm-7108	88	5	true	true	ADJ
ajm-7108	88	6	,	,	PUNCT
ajm-7108	88	7	then	then	ADV
ajm-7108	88	8	we	we	PRON
ajm-7108	88	9	would	would	AUX
ajm-7108	88	10	expect	expect	VERB
ajm-7108	88	11	to	to	PART
ajm-7108	88	12	see	see	VERB
ajm-7108	88	13	a	a	DET
ajm-7108	88	14	negative	negative	ADJ
ajm-7108	88	15	relationship	relationship	NOUN
ajm-7108	88	16	between	between	ADP
ajm-7108	88	17	a	a	DET
ajm-7108	88	18	firm	firm	NOUN
ajm-7108	88	19	’s	’s	PART
ajm-7108	88	20	carbon	carbon	NOUN
ajm-7108	88	21	offset	offset	NOUN
ajm-7108	88	22	or	or	CCONJ
ajm-7108	88	23	rec	rec	NOUN
ajm-7108	88	24	purchases	purchase	NOUN
ajm-7108	88	25	and	and	CCONJ
ajm-7108	88	26	its	its	PRON
ajm-7108	88	27	environmental	environmental	ADJ
ajm-7108	88	28	performance	performance	NOUN
ajm-7108	88	29	.	.	PUNCT
ajm-7108	89	1	this	this	DET
ajm-7108	89	2	result	result	NOUN
ajm-7108	89	3	could	could	AUX
ajm-7108	89	4	indicate	indicate	VERB
ajm-7108	89	5	that	that	SCONJ
ajm-7108	89	6	firms	firm	NOUN
ajm-7108	89	7	may	may	AUX
ajm-7108	89	8	be	be	AUX
ajm-7108	89	9	using	use	VERB
ajm-7108	89	10	these	these	DET
ajm-7108	89	11	purchases	purchase	NOUN
ajm-7108	89	12	as	as	ADP
ajm-7108	89	13	a	a	DET
ajm-7108	89	14	form	form	NOUN
ajm-7108	89	15	of	of	ADP
ajm-7108	89	16	greenwashing	greenwashing	NOUN
ajm-7108	89	17	or	or	CCONJ
ajm-7108	89	18	“	"	PUNCT
ajm-7108	89	19	carbonwashing	carbonwashing	NOUN
ajm-7108	89	20	”	"	PUNCT
ajm-7108	89	21	,	,	PUNCT
ajm-7108	89	22	as	as	SCONJ
ajm-7108	89	23	it	it	PRON
ajm-7108	89	24	could	could	AUX
ajm-7108	89	25	create	create	VERB
ajm-7108	89	26	a	a	DET
ajm-7108	89	27	misleading	misleading	ADJ
ajm-7108	89	28	impression	impression	NOUN
ajm-7108	89	29	to	to	ADP
ajm-7108	89	30	consumers	consumer	NOUN
ajm-7108	89	31	and	and	CCONJ
ajm-7108	89	32	stakeholders	stakeholder	NOUN
ajm-7108	89	33	that	that	SCONJ
ajm-7108	89	34	companies	company	NOUN
ajm-7108	89	35	are	be	AUX
ajm-7108	89	36	taking	take	VERB
ajm-7108	89	37	steps	step	NOUN
ajm-7108	89	38	to	to	PART
ajm-7108	89	39	address	address	VERB
ajm-7108	89	40	their	their	PRON
ajm-7108	89	41	carbon	carbon	NOUN
ajm-7108	89	42	emissions	emission	NOUN
ajm-7108	89	43	when	when	SCONJ
ajm-7108	89	44	,	,	PUNCT
ajm-7108	89	45	in	in	ADP
ajm-7108	89	46	reality	reality	NOUN
ajm-7108	89	47	,	,	PUNCT
ajm-7108	89	48	they	they	PRON
ajm-7108	89	49	are	be	AUX
ajm-7108	89	50	not	not	PART
ajm-7108	89	51	(	(	PUNCT
ajm-7108	89	52	young	young	PROPN
ajm-7108	89	53	et	et	PROPN
ajm-7108	89	54	al	al	PROPN
ajm-7108	89	55	.	.	PROPN
ajm-7108	89	56	,	,	PUNCT
ajm-7108	89	57	2021	2021	NUM
ajm-7108	89	58	;	;	PUNCT
ajm-7108	89	59	trouwloon	trouwloon	NOUN
ajm-7108	89	60	,	,	PUNCT
ajm-7108	89	61	2023	2023	NUM
ajm-7108	89	62	)	)	PUNCT
ajm-7108	89	63	.	.	PUNCT
ajm-7108	90	1	our	our	PRON
ajm-7108	90	2	paper	paper	NOUN
ajm-7108	90	3	is	be	AUX
ajm-7108	90	4	related	relate	VERB
ajm-7108	90	5	to	to	ADP
ajm-7108	90	6	a	a	DET
ajm-7108	90	7	few	few	ADJ
ajm-7108	90	8	studies	study	NOUN
ajm-7108	90	9	on	on	ADP
ajm-7108	90	10	corporate	corporate	ADJ
ajm-7108	90	11	offsetting	offset	VERB
ajm-7108	90	12	and	and	CCONJ
ajm-7108	90	13	greenwashing	greenwashing	NOUN
ajm-7108	90	14	behavior	behavior	NOUN
ajm-7108	90	15	.	.	PUNCT
ajm-7108	91	1	regarding	regard	VERB
ajm-7108	91	2	carbon	carbon	NOUN
ajm-7108	91	3	offsets	offset	NOUN
ajm-7108	91	4	,	,	PUNCT
ajm-7108	91	5	wei	wei	PROPN
ajm-7108	91	6	et	et	PROPN
ajm-7108	91	7	al	al	PROPN
ajm-7108	91	8	.	.	PROPN
ajm-7108	92	1	(	(	PUNCT
ajm-7108	92	2	2021	2021	NUM
ajm-7108	92	3	)	)	PUNCT
ajm-7108	92	4	conducts	conduct	VERB
ajm-7108	92	5	a	a	DET
ajm-7108	92	6	systematic	systematic	ADJ
ajm-7108	92	7	literature	literature	NOUN
ajm-7108	92	8	review	review	NOUN
ajm-7108	92	9	of	of	ADP
ajm-7108	92	10	carbon	carbon	NOUN
ajm-7108	92	11	offset	offset	NOUN
ajm-7108	92	12	research	research	NOUN
ajm-7108	92	13	and	and	CCONJ
ajm-7108	92	14	finds	find	VERB
ajm-7108	92	15	that	that	SCONJ
ajm-7108	92	16	most	most	ADJ
ajm-7108	92	17	of	of	ADP
ajm-7108	92	18	the	the	DET
ajm-7108	92	19	existing	exist	VERB
ajm-7108	92	20	literature	literature	NOUN
ajm-7108	92	21	does	do	AUX
ajm-7108	92	22	not	not	PART
ajm-7108	92	23	cover	cover	VERB
ajm-7108	92	24	corporate	corporate	ADJ
ajm-7108	92	25	involvement	involvement	NOUN
ajm-7108	92	26	in	in	ADP
ajm-7108	92	27	the	the	DET
ajm-7108	92	28	carbon	carbon	NOUN
ajm-7108	92	29	offset	offset	NOUN
ajm-7108	92	30	market	market	NOUN
ajm-7108	92	31	.	.	PUNCT
ajm-7108	93	1	instead	instead	ADV
ajm-7108	93	2	,	,	PUNCT
ajm-7108	93	3	extant	extant	ADJ
ajm-7108	93	4	studies	study	NOUN
ajm-7108	93	5	focus	focus	VERB
ajm-7108	93	6	on	on	ADP
ajm-7108	93	7	the	the	DET
ajm-7108	93	8	following	follow	VERB
ajm-7108	93	9	areas	area	NOUN
ajm-7108	93	10	:	:	PUNCT
ajm-7108	93	11	individuals	individual	NOUN
ajm-7108	93	12	carbon	carbon	NOUN
ajm-7108	93	13	offsets	offset	NOUN
ajm-7108	93	14	(	(	PUNCT
ajm-7108	93	15	e.g.	e.g.	ADV
ajm-7108	93	16	,	,	PUNCT
ajm-7108	93	17	aviation	aviation	NOUN
ajm-7108	93	18	passenger	passenger	NOUN
ajm-7108	93	19	carbon	carbon	NOUN
ajm-7108	93	20	offset	offset	NOUN
ajm-7108	93	21	)	)	PUNCT
ajm-7108	93	22	;	;	PUNCT
ajm-7108	93	23	forest	forest	NOUN
ajm-7108	93	24	and	and	CCONJ
ajm-7108	93	25	land	land	NOUN
ajm-7108	93	26	carbon	carbon	NOUN
ajm-7108	93	27	offsets	offset	NOUN
ajm-7108	93	28	;	;	PUNCT
ajm-7108	93	29	public	public	ADJ
ajm-7108	93	30	transportation	transportation	NOUN
ajm-7108	93	31	carbon	carbon	NOUN
ajm-7108	93	32	offsets	offset	NOUN
ajm-7108	93	33	;	;	PUNCT
ajm-7108	93	34	and	and	CCONJ
ajm-7108	93	35	the	the	DET
ajm-7108	93	36	impact	impact	NOUN
ajm-7108	93	37	of	of	ADP
ajm-7108	93	38	carbon	carbon	NOUN
ajm-7108	93	39	offsets	offset	NOUN
ajm-7108	93	40	on	on	ADP
ajm-7108	93	41	ecosystem	ecosystem	NOUN
ajm-7108	93	42	development	development	NOUN
ajm-7108	93	43	.	.	PUNCT
ajm-7108	94	1	furthermore	furthermore	ADV
ajm-7108	94	2	,	,	PUNCT
ajm-7108	94	3	these	these	DET
ajm-7108	94	4	studies	study	NOUN
ajm-7108	94	5	on	on	ADP
ajm-7108	94	6	carbon	carbon	NOUN
ajm-7108	94	7	offsets	offset	NOUN
ajm-7108	94	8	are	be	AUX
ajm-7108	94	9	focused	focus	VERB
ajm-7108	94	10	on	on	ADP
ajm-7108	94	11	examining	examine	VERB
ajm-7108	94	12	the	the	DET
ajm-7108	94	13	effects	effect	NOUN
ajm-7108	94	14	of	of	ADP
ajm-7108	94	15	specific	specific	ADJ
ajm-7108	94	16	projects	project	NOUN
ajm-7108	94	17	.	.	PUNCT
ajm-7108	95	1	for	for	ADP
ajm-7108	95	2	example	example	NOUN
ajm-7108	95	3	,	,	PUNCT
ajm-7108	95	4	studies	study	NOUN
ajm-7108	95	5	such	such	ADJ
ajm-7108	95	6	as	as	ADP
ajm-7108	95	7	jaraite	jaraite	PROPN
ajm-7108	95	8	et	et	PROPN
ajm-7108	95	9	al	al	PROPN
ajm-7108	95	10	.	.	PROPN
ajm-7108	95	11	(	(	PUNCT
ajm-7108	95	12	2022	2022	NUM
ajm-7108	95	13	)	)	PUNCT
ajm-7108	95	14	and	and	CCONJ
ajm-7108	95	15	guizar	guizar	NOUN
ajm-7108	95	16	-	-	PUNCT
ajm-7108	95	17	coutiño	coutiño	NOUN
ajm-7108	95	18	et	et	PROPN
ajm-7108	95	19	al	al	PROPN
ajm-7108	95	20	.	.	PROPN
ajm-7108	95	21	american	american	PROPN
ajm-7108	95	22	journal	journal	PROPN
ajm-7108	95	23	of	of	ADP
ajm-7108	95	24	management	management	NOUN
ajm-7108	95	25	vol	vol	NOUN
ajm-7108	95	26	.	.	PUNCT
ajm-7108	96	1	24(2	24(2	NUM
ajm-7108	96	2	)	)	PUNCT
ajm-7108	96	3	2024	2024	NUM
ajm-7108	96	4	21	21	NUM
ajm-7108	96	5	(	(	PUNCT
ajm-7108	96	6	2022	2022	NUM
ajm-7108	96	7	)	)	PUNCT
ajm-7108	96	8	analyze	analyze	VERB
ajm-7108	96	9	the	the	DET
ajm-7108	96	10	impact	impact	NOUN
ajm-7108	96	11	of	of	ADP
ajm-7108	96	12	339	339	NUM
ajm-7108	96	13	carbon	carbon	NOUN
ajm-7108	96	14	offset	offset	NOUN
ajm-7108	96	15	projects	project	NOUN
ajm-7108	96	16	in	in	ADP
ajm-7108	96	17	india	india	PROPN
ajm-7108	96	18	and	and	CCONJ
ajm-7108	96	19	forty	forty	NUM
ajm-7108	96	20	global	global	ADJ
ajm-7108	96	21	deforestation	deforestation	NOUN
ajm-7108	96	22	projects	project	NOUN
ajm-7108	96	23	on	on	ADP
ajm-7108	96	24	ghg	ghg	PROPN
ajm-7108	96	25	emissions	emission	NOUN
ajm-7108	96	26	,	,	PUNCT
ajm-7108	96	27	respectively	respectively	ADV
ajm-7108	96	28	.	.	PUNCT
ajm-7108	97	1	by	by	ADP
ajm-7108	97	2	contrast	contrast	NOUN
ajm-7108	97	3	,	,	PUNCT
ajm-7108	97	4	our	our	PRON
ajm-7108	97	5	paper	paper	NOUN
ajm-7108	97	6	adopts	adopt	VERB
ajm-7108	97	7	a	a	DET
ajm-7108	97	8	firm	firm	ADJ
ajm-7108	97	9	-	-	PUNCT
ajm-7108	97	10	level	level	NOUN
ajm-7108	97	11	rather	rather	ADV
ajm-7108	97	12	than	than	ADP
ajm-7108	97	13	project	project	NOUN
ajm-7108	97	14	-	-	PUNCT
ajm-7108	97	15	level	level	NOUN
ajm-7108	97	16	focus	focus	NOUN
ajm-7108	97	17	.	.	PUNCT
ajm-7108	98	1	additionally	additionally	ADV
ajm-7108	98	2	,	,	PUNCT
ajm-7108	98	3	our	our	PRON
ajm-7108	98	4	paper	paper	NOUN
ajm-7108	98	5	analyzes	analyze	VERB
ajm-7108	98	6	the	the	DET
ajm-7108	98	7	effects	effect	NOUN
ajm-7108	98	8	of	of	ADP
ajm-7108	98	9	firms	firm	NOUN
ajm-7108	98	10	’	’	PART
ajm-7108	98	11	purchases	purchase	NOUN
ajm-7108	98	12	of	of	ADP
ajm-7108	98	13	carbon	carbon	NOUN
ajm-7108	98	14	offset	offset	NOUN
ajm-7108	98	15	and	and	CCONJ
ajm-7108	98	16	recs	rec	NOUN
ajm-7108	98	17	on	on	ADP
ajm-7108	98	18	ghg	ghg	PROPN
ajm-7108	98	19	emissions	emission	NOUN
ajm-7108	98	20	,	,	PUNCT
ajm-7108	98	21	firms	firm	NOUN
ajm-7108	98	22	’	'	PUNCT
ajm-7108	98	23	environmental	environmental	ADJ
ajm-7108	98	24	ratings	rating	NOUN
ajm-7108	98	25	,	,	PUNCT
ajm-7108	98	26	and	and	CCONJ
ajm-7108	98	27	renewable	renewable	ADJ
ajm-7108	98	28	energy	energy	NOUN
ajm-7108	98	29	usage	usage	NOUN
ajm-7108	98	30	.	.	PUNCT
ajm-7108	99	1	regarding	regard	VERB
ajm-7108	99	2	corporate	corporate	ADJ
ajm-7108	99	3	greenwashing	greenwashing	NOUN
ajm-7108	99	4	,	,	PUNCT
ajm-7108	99	5	mateo	mateo	PROPN
ajm-7108	99	6	-	-	PUNCT
ajm-7108	99	7	marquez	marquez	PROPN
ajm-7108	99	8	et	et	PROPN
ajm-7108	99	9	al	al	PROPN
ajm-7108	99	10	.	.	PROPN
ajm-7108	100	1	(	(	PUNCT
ajm-7108	100	2	2022	2022	NUM
ajm-7108	100	3	)	)	PUNCT
ajm-7108	100	4	study	study	VERB
ajm-7108	100	5	a	a	DET
ajm-7108	100	6	sample	sample	NOUN
ajm-7108	100	7	of	of	ADP
ajm-7108	100	8	international	international	ADJ
ajm-7108	100	9	firms	firm	NOUN
ajm-7108	100	10	from	from	ADP
ajm-7108	100	11	twelve	twelve	NUM
ajm-7108	100	12	countries	country	NOUN
ajm-7108	100	13	and	and	CCONJ
ajm-7108	100	14	find	find	VERB
ajm-7108	100	15	that	that	SCONJ
ajm-7108	100	16	there	there	PRON
ajm-7108	100	17	is	be	VERB
ajm-7108	100	18	a	a	DET
ajm-7108	100	19	negative	negative	ADJ
ajm-7108	100	20	relationship	relationship	NOUN
ajm-7108	100	21	between	between	ADP
ajm-7108	100	22	the	the	DET
ajm-7108	100	23	number	number	NOUN
ajm-7108	100	24	of	of	ADP
ajm-7108	100	25	regulations	regulation	NOUN
ajm-7108	100	26	related	relate	VERB
ajm-7108	100	27	to	to	ADP
ajm-7108	100	28	climate	climate	NOUN
ajm-7108	100	29	change	change	NOUN
ajm-7108	100	30	and	and	CCONJ
ajm-7108	100	31	the	the	DET
ajm-7108	100	32	propensity	propensity	NOUN
ajm-7108	100	33	of	of	ADP
ajm-7108	100	34	firms	firm	NOUN
ajm-7108	100	35	to	to	PART
ajm-7108	100	36	engage	engage	VERB
ajm-7108	100	37	in	in	ADP
ajm-7108	100	38	greenwashing	greenwashing	NOUN
ajm-7108	100	39	.	.	PUNCT
ajm-7108	101	1	this	this	DET
ajm-7108	101	2	study	study	NOUN
ajm-7108	101	3	defined	define	VERB
ajm-7108	101	4	greenwashing	greenwashing	NOUN
ajm-7108	101	5	as	as	ADP
ajm-7108	101	6	firms	firm	NOUN
ajm-7108	101	7	who	who	PRON
ajm-7108	101	8	reported	report	VERB
ajm-7108	101	9	positive	positive	ADJ
ajm-7108	101	10	communication	communication	NOUN
ajm-7108	101	11	regarding	regard	VERB
ajm-7108	101	12	their	their	PRON
ajm-7108	101	13	environmental	environmental	ADJ
ajm-7108	101	14	performance	performance	NOUN
ajm-7108	101	15	,	,	PUNCT
ajm-7108	101	16	but	but	CCONJ
ajm-7108	101	17	featured	feature	VERB
ajm-7108	101	18	a	a	DET
ajm-7108	101	19	high	high	ADJ
ajm-7108	101	20	carbon	carbon	NOUN
ajm-7108	101	21	intensity	intensity	NOUN
ajm-7108	101	22	ratio	ratio	NOUN
ajm-7108	101	23	(	(	PUNCT
ajm-7108	101	24	i.e.	i.e.	X
ajm-7108	101	25	,	,	PUNCT
ajm-7108	101	26	high	high	ADJ
ajm-7108	101	27	carbon	carbon	NOUN
ajm-7108	101	28	emissions	emission	NOUN
ajm-7108	101	29	/	/	SYM
ajm-7108	101	30	total	total	NOUN
ajm-7108	101	31	revenue	revenue	NOUN
ajm-7108	101	32	)	)	PUNCT
ajm-7108	101	33	.	.	PUNCT
ajm-7108	102	1	since	since	SCONJ
ajm-7108	102	2	the	the	DET
ajm-7108	102	3	carbon	carbon	NOUN
ajm-7108	102	4	offsets	offset	NOUN
ajm-7108	102	5	and	and	CCONJ
ajm-7108	102	6	recs	recs	NOUN
ajm-7108	102	7	market	market	NOUN
ajm-7108	102	8	is	be	AUX
ajm-7108	102	9	largely	largely	ADV
ajm-7108	102	10	voluntary	voluntary	ADJ
ajm-7108	102	11	and	and	CCONJ
ajm-7108	102	12	therefore	therefore	ADV
ajm-7108	102	13	lacks	lack	VERB
ajm-7108	102	14	strict	strict	ADJ
ajm-7108	102	15	regulation	regulation	NOUN
ajm-7108	102	16	,	,	PUNCT
ajm-7108	102	17	this	this	PRON
ajm-7108	102	18	may	may	AUX
ajm-7108	102	19	imply	imply	VERB
ajm-7108	102	20	a	a	DET
ajm-7108	102	21	greater	great	ADJ
ajm-7108	102	22	presence	presence	NOUN
ajm-7108	102	23	of	of	ADP
ajm-7108	102	24	greenwashing	greenwashing	NOUN
ajm-7108	102	25	behavior	behavior	NOUN
ajm-7108	102	26	in	in	ADP
ajm-7108	102	27	our	our	PRON
ajm-7108	102	28	dataset	dataset	NOUN
ajm-7108	102	29	.	.	PUNCT
ajm-7108	103	1	while	while	SCONJ
ajm-7108	103	2	the	the	DET
ajm-7108	103	3	study	study	NOUN
ajm-7108	103	4	by	by	ADP
ajm-7108	103	5	park	park	NOUN
ajm-7108	103	6	et	et	PROPN
ajm-7108	103	7	al	al	PROPN
ajm-7108	103	8	.	.	PROPN
ajm-7108	104	1	(	(	PUNCT
ajm-7108	104	2	2022	2022	NUM
ajm-7108	104	3	)	)	PUNCT
ajm-7108	104	4	also	also	ADV
ajm-7108	104	5	examines	examine	VERB
ajm-7108	104	6	firms	firm	NOUN
ajm-7108	104	7	’	'	PUNCT
ajm-7108	104	8	carbon	carbon	NOUN
ajm-7108	104	9	offset	offset	VERB
ajm-7108	104	10	purchases	purchase	NOUN
ajm-7108	104	11	in	in	ADP
ajm-7108	104	12	south	south	PROPN
ajm-7108	104	13	korea	korea	PROPN
ajm-7108	104	14	during	during	ADP
ajm-7108	104	15	2011	2011	NUM
ajm-7108	104	16	-	-	SYM
ajm-7108	104	17	2019	2019	NUM
ajm-7108	104	18	,	,	PUNCT
ajm-7108	104	19	our	our	PRON
ajm-7108	104	20	paper	paper	NOUN
ajm-7108	104	21	improves	improve	VERB
ajm-7108	104	22	upon	upon	SCONJ
ajm-7108	104	23	this	this	DET
ajm-7108	104	24	existing	exist	VERB
ajm-7108	104	25	study	study	NOUN
ajm-7108	104	26	in	in	ADP
ajm-7108	104	27	the	the	DET
ajm-7108	104	28	following	following	ADJ
ajm-7108	104	29	ways	way	NOUN
ajm-7108	104	30	.	.	PUNCT
ajm-7108	105	1	first	first	ADV
ajm-7108	105	2	,	,	PUNCT
ajm-7108	105	3	our	our	PRON
ajm-7108	105	4	paper	paper	NOUN
ajm-7108	105	5	focuses	focus	VERB
ajm-7108	105	6	on	on	ADP
ajm-7108	105	7	the	the	DET
ajm-7108	105	8	quantity	quantity	NOUN
ajm-7108	105	9	or	or	CCONJ
ajm-7108	105	10	volume	volume	NOUN
ajm-7108	105	11	of	of	ADP
ajm-7108	105	12	carbon	carbon	NOUN
ajm-7108	105	13	offsets	offset	NOUN
ajm-7108	105	14	or	or	CCONJ
ajm-7108	105	15	recs	rec	NOUN
ajm-7108	105	16	purchased	purchase	VERB
ajm-7108	105	17	by	by	ADP
ajm-7108	105	18	a	a	DET
ajm-7108	105	19	firm	firm	NOUN
ajm-7108	105	20	rather	rather	ADV
ajm-7108	105	21	than	than	ADP
ajm-7108	105	22	simply	simply	ADV
ajm-7108	105	23	using	use	VERB
ajm-7108	105	24	a	a	DET
ajm-7108	105	25	binary	binary	ADJ
ajm-7108	105	26	variable	variable	NOUN
ajm-7108	105	27	indicating	indicate	VERB
ajm-7108	105	28	a	a	DET
ajm-7108	105	29	purchase	purchase	NOUN
ajm-7108	105	30	of	of	ADP
ajm-7108	105	31	an	an	DET
ajm-7108	105	32	offset.9	offset.9	NOUN
ajm-7108	105	33	unlike	unlike	ADP
ajm-7108	105	34	previous	previous	ADJ
ajm-7108	105	35	studies	study	NOUN
ajm-7108	105	36	on	on	ADP
ajm-7108	105	37	carbon	carbon	NOUN
ajm-7108	105	38	emission	emission	NOUN
ajm-7108	105	39	disclosures	disclosure	NOUN
ajm-7108	105	40	or	or	CCONJ
ajm-7108	105	41	other	other	ADJ
ajm-7108	105	42	carbon	carbon	NOUN
ajm-7108	105	43	performance	performance	NOUN
ajm-7108	105	44	indicators	indicator	NOUN
ajm-7108	105	45	,	,	PUNCT
ajm-7108	105	46	our	our	PRON
ajm-7108	105	47	paper	paper	NOUN
ajm-7108	105	48	utilizes	utilize	VERB
ajm-7108	105	49	more	more	ADJ
ajm-7108	105	50	granular	granular	ADJ
ajm-7108	105	51	firm	firm	ADJ
ajm-7108	105	52	-	-	PUNCT
ajm-7108	105	53	level	level	NOUN
ajm-7108	105	54	emissions	emission	NOUN
ajm-7108	105	55	data	datum	NOUN
ajm-7108	105	56	(	(	PUNCT
ajm-7108	105	57	including	include	VERB
ajm-7108	105	58	ghg	ghg	PROPN
ajm-7108	105	59	scope	scope	NOUN
ajm-7108	105	60	1	1	NUM
ajm-7108	105	61	,	,	PUNCT
ajm-7108	105	62	ghg	ghg	PROPN
ajm-7108	105	63	scope	scope	NOUN
ajm-7108	105	64	2	2	NUM
ajm-7108	105	65	market	market	NOUN
ajm-7108	105	66	,	,	PUNCT
ajm-7108	105	67	and	and	CCONJ
ajm-7108	105	68	total	total	ADJ
ajm-7108	105	69	ghg	ghg	PROPN
ajm-7108	105	70	market	market	NOUN
ajm-7108	105	71	emissions	emission	NOUN
ajm-7108	105	72	)	)	PUNCT
ajm-7108	105	73	.	.	PUNCT
ajm-7108	106	1	combined	combine	VERB
ajm-7108	106	2	with	with	ADP
ajm-7108	106	3	a	a	DET
ajm-7108	106	4	psm	psm	NOUN
ajm-7108	106	5	approach	approach	NOUN
ajm-7108	106	6	to	to	PART
ajm-7108	106	7	deal	deal	VERB
ajm-7108	106	8	with	with	ADP
ajm-7108	106	9	concerns	concern	NOUN
ajm-7108	106	10	on	on	ADP
ajm-7108	106	11	potential	potential	ADJ
ajm-7108	106	12	selection	selection	NOUN
ajm-7108	106	13	bias	bias	NOUN
ajm-7108	106	14	,	,	PUNCT
ajm-7108	106	15	this	this	DET
ajm-7108	106	16	study	study	NOUN
ajm-7108	106	17	can	can	AUX
ajm-7108	106	18	more	more	ADV
ajm-7108	106	19	clearly	clearly	ADV
ajm-7108	106	20	assess	assess	VERB
ajm-7108	106	21	the	the	DET
ajm-7108	106	22	effectiveness	effectiveness	NOUN
ajm-7108	106	23	of	of	ADP
ajm-7108	106	24	using	use	VERB
ajm-7108	106	25	carbon	carbon	NOUN
ajm-7108	106	26	offsets	offset	NOUN
ajm-7108	106	27	or	or	CCONJ
ajm-7108	106	28	recs	rec	NOUN
ajm-7108	106	29	in	in	ADP
ajm-7108	106	30	mitigating	mitigate	VERB
ajm-7108	106	31	firms	firm	NOUN
ajm-7108	106	32	’	'	PUNCT
ajm-7108	106	33	indirect	indirect	ADJ
ajm-7108	106	34	or	or	CCONJ
ajm-7108	106	35	direct	direct	ADJ
ajm-7108	106	36	ghg	ghg	PROPN
ajm-7108	106	37	emissions	emission	NOUN
ajm-7108	106	38	and	and	CCONJ
ajm-7108	106	39	achieving	achieve	VERB
ajm-7108	106	40	their	their	PRON
ajm-7108	106	41	sustainability	sustainability	NOUN
ajm-7108	106	42	goals	goal	NOUN
ajm-7108	106	43	.	.	PUNCT
ajm-7108	107	1	second	second	ADJ
ajm-7108	107	2	,	,	PUNCT
ajm-7108	107	3	as	as	SCONJ
ajm-7108	107	4	mentioned	mention	VERB
ajm-7108	107	5	before	before	ADV
ajm-7108	107	6	,	,	PUNCT
ajm-7108	107	7	we	we	PRON
ajm-7108	107	8	broaden	broaden	VERB
ajm-7108	107	9	the	the	DET
ajm-7108	107	10	geographic	geographic	ADJ
ajm-7108	107	11	focus	focus	NOUN
ajm-7108	107	12	in	in	ADP
ajm-7108	107	13	our	our	PRON
ajm-7108	107	14	paper	paper	NOUN
ajm-7108	107	15	by	by	ADP
ajm-7108	107	16	examining	examine	VERB
ajm-7108	107	17	developed	develop	VERB
ajm-7108	107	18	-	-	PUNCT
ajm-7108	107	19	market	market	NOUN
ajm-7108	107	20	firms	firm	NOUN
ajm-7108	107	21	in	in	ADP
ajm-7108	107	22	north	north	PROPN
ajm-7108	107	23	america	america	PROPN
ajm-7108	107	24	and	and	CCONJ
ajm-7108	107	25	europe	europe	PROPN
ajm-7108	107	26	as	as	SCONJ
ajm-7108	107	27	they	they	PRON
ajm-7108	107	28	constitute	constitute	VERB
ajm-7108	107	29	the	the	DET
ajm-7108	107	30	largest	large	ADJ
ajm-7108	107	31	buyers	buyer	NOUN
ajm-7108	107	32	of	of	ADP
ajm-7108	107	33	carbon	carbon	NOUN
ajm-7108	107	34	offsets	offset	NOUN
ajm-7108	107	35	worldwide	worldwide	ADV
ajm-7108	107	36	.	.	PUNCT
ajm-7108	108	1	for	for	ADP
ajm-7108	108	2	example	example	NOUN
ajm-7108	108	3	,	,	PUNCT
ajm-7108	108	4	83.7	83.7	NUM
ajm-7108	108	5	%	%	NOUN
ajm-7108	108	6	of	of	ADP
ajm-7108	108	7	all	all	DET
ajm-7108	108	8	offsets	offset	NOUN
ajm-7108	108	9	in	in	ADP
ajm-7108	108	10	2021	2021	NUM
ajm-7108	108	11	were	be	AUX
ajm-7108	108	12	bought	buy	VERB
ajm-7108	108	13	by	by	ADP
ajm-7108	108	14	firms	firm	NOUN
ajm-7108	108	15	in	in	ADP
ajm-7108	108	16	north	north	PROPN
ajm-7108	108	17	america	america	PROPN
ajm-7108	108	18	and	and	CCONJ
ajm-7108	108	19	europe	europe	PROPN
ajm-7108	108	20	,	,	PUNCT
ajm-7108	108	21	thus	thus	ADV
ajm-7108	108	22	we	we	PRON
ajm-7108	108	23	may	may	AUX
ajm-7108	108	24	expect	expect	VERB
ajm-7108	108	25	to	to	PART
ajm-7108	108	26	see	see	VERB
ajm-7108	108	27	a	a	DET
ajm-7108	108	28	greater	great	ADJ
ajm-7108	108	29	degree	degree	NOUN
ajm-7108	108	30	of	of	ADP
ajm-7108	108	31	ghg	ghg	PROPN
ajm-7108	108	32	emissions	emission	NOUN
ajm-7108	108	33	reductions	reduction	NOUN
ajm-7108	108	34	in	in	ADP
ajm-7108	108	35	firms	firm	NOUN
ajm-7108	108	36	in	in	ADP
ajm-7108	108	37	our	our	PRON
ajm-7108	108	38	data	data	NOUN
ajm-7108	108	39	set	set	VERB
ajm-7108	108	40	(	(	PUNCT
ajm-7108	108	41	harrison	harrison	PROPN
ajm-7108	108	42	et	et	PROPN
ajm-7108	108	43	al	al	PROPN
ajm-7108	108	44	.	.	PROPN
ajm-7108	108	45	,	,	PUNCT
ajm-7108	108	46	2022	2022	NUM
ajm-7108	108	47	)	)	PUNCT
ajm-7108	108	48	.	.	PUNCT
ajm-7108	109	1	lastly	lastly	ADV
ajm-7108	109	2	,	,	PUNCT
ajm-7108	109	3	this	this	DET
ajm-7108	109	4	paper	paper	NOUN
ajm-7108	109	5	analyzes	analyze	VERB
ajm-7108	109	6	the	the	DET
ajm-7108	109	7	effect	effect	NOUN
ajm-7108	109	8	of	of	ADP
ajm-7108	109	9	rec	rec	ADJ
ajm-7108	109	10	purchases	purchase	NOUN
ajm-7108	109	11	on	on	ADP
ajm-7108	109	12	firms	firm	NOUN
ajm-7108	109	13	’	'	PUNCT
ajm-7108	109	14	subsequent	subsequent	ADJ
ajm-7108	109	15	renewable	renewable	ADJ
ajm-7108	109	16	energy	energy	NOUN
ajm-7108	109	17	usage	usage	NOUN
ajm-7108	109	18	and	and	CCONJ
ajm-7108	109	19	intensity	intensity	NOUN
ajm-7108	109	20	,	,	PUNCT
ajm-7108	109	21	a	a	DET
ajm-7108	109	22	new	new	ADJ
ajm-7108	109	23	channel	channel	NOUN
ajm-7108	109	24	that	that	PRON
ajm-7108	109	25	park	park	NOUN
ajm-7108	109	26	et	et	PROPN
ajm-7108	109	27	al	al	PROPN
ajm-7108	109	28	.	.	PROPN
ajm-7108	110	1	(	(	PUNCT
ajm-7108	110	2	2022	2022	NUM
ajm-7108	110	3	)	)	PUNCT
ajm-7108	110	4	did	do	AUX
ajm-7108	110	5	not	not	PART
ajm-7108	110	6	explore	explore	VERB
ajm-7108	110	7	.	.	PUNCT
ajm-7108	111	1	overall	overall	ADV
ajm-7108	111	2	,	,	PUNCT
ajm-7108	111	3	our	our	PRON
ajm-7108	111	4	findings	finding	NOUN
ajm-7108	111	5	contribute	contribute	VERB
ajm-7108	111	6	to	to	ADP
ajm-7108	111	7	the	the	DET
ajm-7108	111	8	literature	literature	NOUN
ajm-7108	111	9	on	on	ADP
ajm-7108	111	10	corporate	corporate	ADJ
ajm-7108	111	11	greenwashing	greenwashing	NOUN
ajm-7108	111	12	behavior	behavior	NOUN
ajm-7108	111	13	by	by	ADP
ajm-7108	111	14	revealing	reveal	VERB
ajm-7108	111	15	that	that	SCONJ
ajm-7108	111	16	firms	firm	NOUN
ajm-7108	111	17	that	that	PRON
ajm-7108	111	18	purchase	purchase	VERB
ajm-7108	111	19	carbon	carbon	NOUN
ajm-7108	111	20	offsets	offset	NOUN
ajm-7108	111	21	or	or	CCONJ
ajm-7108	111	22	recs	rec	NOUN
ajm-7108	111	23	receive	receive	VERB
ajm-7108	111	24	higher	high	ADJ
ajm-7108	111	25	environmental	environmental	ADJ
ajm-7108	111	26	scores	score	NOUN
ajm-7108	111	27	,	,	PUNCT
ajm-7108	111	28	but	but	CCONJ
ajm-7108	111	29	also	also	ADV
ajm-7108	111	30	have	have	VERB
ajm-7108	111	31	higher	high	ADJ
ajm-7108	111	32	ghg	ghg	PROPN
ajm-7108	111	33	emissions	emission	NOUN
ajm-7108	111	34	.	.	PUNCT
ajm-7108	112	1	these	these	DET
ajm-7108	112	2	findings	finding	NOUN
ajm-7108	112	3	are	be	AUX
ajm-7108	112	4	relevant	relevant	ADJ
ajm-7108	112	5	and	and	CCONJ
ajm-7108	112	6	timely	timely	ADV
ajm-7108	112	7	given	give	VERB
ajm-7108	112	8	that	that	DET
ajm-7108	112	9	demand	demand	NOUN
ajm-7108	112	10	for	for	ADP
ajm-7108	112	11	carbon	carbon	NOUN
ajm-7108	112	12	offsets	offset	NOUN
ajm-7108	112	13	and	and	CCONJ
ajm-7108	112	14	recs	rec	NOUN
ajm-7108	112	15	has	have	AUX
ajm-7108	112	16	been	be	AUX
ajm-7108	112	17	rapidly	rapidly	ADV
ajm-7108	112	18	growing	grow	VERB
ajm-7108	112	19	,	,	PUNCT
ajm-7108	112	20	particularly	particularly	ADV
ajm-7108	112	21	from	from	ADP
ajm-7108	112	22	developed	develop	VERB
ajm-7108	112	23	-	-	PUNCT
ajm-7108	112	24	market	market	NOUN
ajm-7108	112	25	firms	firm	NOUN
ajm-7108	112	26	in	in	ADP
ajm-7108	112	27	carbon	carbon	NOUN
ajm-7108	112	28	-	-	PUNCT
ajm-7108	112	29	intensive	intensive	ADJ
ajm-7108	112	30	industries	industry	NOUN
ajm-7108	112	31	.	.	PUNCT
ajm-7108	113	1	financial	financial	ADJ
ajm-7108	113	2	performance	performance	NOUN
ajm-7108	113	3	the	the	DET
ajm-7108	113	4	question	question	NOUN
ajm-7108	113	5	on	on	ADP
ajm-7108	113	6	whether	whether	SCONJ
ajm-7108	113	7	it	it	PRON
ajm-7108	113	8	“	"	PUNCT
ajm-7108	113	9	pays	pay	VERB
ajm-7108	113	10	to	to	PART
ajm-7108	113	11	be	be	AUX
ajm-7108	113	12	green	green	ADJ
ajm-7108	113	13	”	"	PUNCT
ajm-7108	113	14	—	—	PUNCT
ajm-7108	113	15	i.e.	i.e.	X
ajm-7108	113	16	,	,	PUNCT
ajm-7108	113	17	companies	company	NOUN
ajm-7108	113	18	profiting	profit	VERB
ajm-7108	113	19	from	from	ADP
ajm-7108	113	20	improving	improve	VERB
ajm-7108	113	21	their	their	PRON
ajm-7108	113	22	environmental	environmental	ADJ
ajm-7108	113	23	performance	performance	NOUN
ajm-7108	113	24	—	—	PUNCT
ajm-7108	113	25	has	have	AUX
ajm-7108	113	26	been	be	AUX
ajm-7108	113	27	the	the	DET
ajm-7108	113	28	subject	subject	NOUN
ajm-7108	113	29	of	of	ADP
ajm-7108	113	30	long	long	ADV
ajm-7108	113	31	-	-	PUNCT
ajm-7108	113	32	standing	stand	VERB
ajm-7108	113	33	debate	debate	NOUN
ajm-7108	113	34	in	in	ADP
ajm-7108	113	35	the	the	DET
ajm-7108	113	36	literature	literature	NOUN
ajm-7108	113	37	,	,	PUNCT
ajm-7108	113	38	but	but	CCONJ
ajm-7108	113	39	little	little	ADJ
ajm-7108	113	40	empirical	empirical	ADJ
ajm-7108	113	41	evidence	evidence	NOUN
ajm-7108	113	42	exists	exist	VERB
ajm-7108	113	43	within	within	ADP
ajm-7108	113	44	the	the	DET
ajm-7108	113	45	context	context	NOUN
ajm-7108	113	46	of	of	ADP
ajm-7108	113	47	carbon	carbon	NOUN
ajm-7108	113	48	emissions	emission	NOUN
ajm-7108	113	49	(	(	PUNCT
ajm-7108	113	50	delmas	delmas	PROPN
ajm-7108	113	51	et	et	PROPN
ajm-7108	113	52	al	al	PROPN
ajm-7108	113	53	.	.	PROPN
ajm-7108	113	54	,	,	PUNCT
ajm-7108	113	55	2011	2011	NUM
ajm-7108	113	56	;	;	PUNCT
ajm-7108	113	57	ghisetti	ghisetti	NOUN
ajm-7108	113	58	et	et	NOUN
ajm-7108	113	59	al	al	PROPN
ajm-7108	113	60	.	.	PROPN
ajm-7108	113	61	,	,	PUNCT
ajm-7108	113	62	2014	2014	NUM
ajm-7108	113	63	;	;	PUNCT
ajm-7108	113	64	tang	tang	PROPN
ajm-7108	113	65	,	,	PUNCT
ajm-7108	113	66	2019	2019	NUM
ajm-7108	113	67	)	)	PUNCT
ajm-7108	113	68	.	.	PUNCT
ajm-7108	114	1	our	our	PRON
ajm-7108	114	2	analysis	analysis	NOUN
ajm-7108	114	3	is	be	AUX
ajm-7108	114	4	motivated	motivate	VERB
ajm-7108	114	5	by	by	ADP
ajm-7108	114	6	the	the	DET
ajm-7108	114	7	question	question	NOUN
ajm-7108	114	8	of	of	ADP
ajm-7108	114	9	whether	whether	SCONJ
ajm-7108	114	10	it	it	PRON
ajm-7108	114	11	pays	pay	VERB
ajm-7108	114	12	to	to	PART
ajm-7108	114	13	be	be	AUX
ajm-7108	114	14	green	green	ADJ
ajm-7108	114	15	when	when	SCONJ
ajm-7108	114	16	it	it	PRON
ajm-7108	114	17	comes	come	VERB
ajm-7108	114	18	to	to	ADP
ajm-7108	114	19	firms	firm	NOUN
ajm-7108	114	20	’	'	PUNCT
ajm-7108	114	21	investment	investment	NOUN
ajm-7108	114	22	in	in	ADP
ajm-7108	114	23	carbon	carbon	NOUN
ajm-7108	114	24	offsets	offset	NOUN
ajm-7108	114	25	or	or	CCONJ
ajm-7108	114	26	recs	rec	NOUN
ajm-7108	114	27	in	in	ADP
ajm-7108	114	28	developed	develop	VERB
ajm-7108	114	29	markets	market	NOUN
ajm-7108	114	30	.	.	PUNCT
ajm-7108	115	1	recent	recent	ADJ
ajm-7108	115	2	studies	study	NOUN
ajm-7108	115	3	in	in	ADP
ajm-7108	115	4	the	the	DET
ajm-7108	115	5	literature	literature	NOUN
ajm-7108	115	6	on	on	ADP
ajm-7108	115	7	financial	financial	ADJ
ajm-7108	115	8	and	and	CCONJ
ajm-7108	115	9	environmental	environmental	ADJ
ajm-7108	115	10	performance	performance	NOUN
ajm-7108	115	11	have	have	AUX
ajm-7108	115	12	primarily	primarily	ADV
ajm-7108	115	13	focused	focus	VERB
ajm-7108	115	14	on	on	ADP
ajm-7108	115	15	the	the	DET
ajm-7108	115	16	role	role	NOUN
ajm-7108	115	17	of	of	ADP
ajm-7108	115	18	firms	firm	NOUN
ajm-7108	115	19	’	'	PUNCT
ajm-7108	115	20	carbon	carbon	NOUN
ajm-7108	115	21	emissions	emission	NOUN
ajm-7108	115	22	,	,	PUNCT
ajm-7108	115	23	carbon	carbon	NOUN
ajm-7108	115	24	disclosures	disclosure	NOUN
ajm-7108	115	25	,	,	PUNCT
ajm-7108	115	26	and	and	CCONJ
ajm-7108	115	27	esg	esg	NOUN
ajm-7108	115	28	ratings	rating	NOUN
ajm-7108	115	29	(	(	PUNCT
ajm-7108	115	30	matsumura	matsumura	X
ajm-7108	115	31	et	et	PROPN
ajm-7108	115	32	al	al	PROPN
ajm-7108	115	33	,	,	PUNCT
ajm-7108	115	34	2014	2014	NUM
ajm-7108	115	35	;	;	PUNCT
ajm-7108	115	36	tang	tang	X
ajm-7108	115	37	et	et	PROPN
ajm-7108	115	38	al	al	PROPN
ajm-7108	115	39	.	.	PROPN
ajm-7108	115	40	,	,	PUNCT
ajm-7108	115	41	2019	2019	NUM
ajm-7108	115	42	;	;	PUNCT
ajm-7108	115	43	delmas	delmas	PROPN
ajm-7108	115	44	et	et	PROPN
ajm-7108	115	45	al	al	PROPN
ajm-7108	115	46	.	.	PROPN
ajm-7108	115	47	,	,	PUNCT
ajm-7108	115	48	2011	2011	NUM
ajm-7108	115	49	;	;	PUNCT
ajm-7108	115	50	whelan	whelan	PROPN
ajm-7108	115	51	et	et	PROPN
ajm-7108	115	52	al	al	PROPN
ajm-7108	115	53	.	.	PROPN
ajm-7108	115	54	,	,	PUNCT
ajm-7108	115	55	2021	2021	NUM
ajm-7108	115	56	)	)	PUNCT
ajm-7108	115	57	.	.	PUNCT
ajm-7108	116	1	several	several	ADJ
ajm-7108	116	2	studies	study	NOUN
ajm-7108	116	3	have	have	AUX
ajm-7108	116	4	found	find	VERB
ajm-7108	116	5	a	a	DET
ajm-7108	116	6	positive	positive	ADJ
ajm-7108	116	7	association	association	NOUN
ajm-7108	116	8	between	between	ADP
ajm-7108	116	9	environmental	environmental	ADJ
ajm-7108	116	10	and	and	CCONJ
ajm-7108	116	11	financial	financial	ADJ
ajm-7108	116	12	performance	performance	NOUN
ajm-7108	116	13	,	,	PUNCT
ajm-7108	116	14	supporting	support	VERB
ajm-7108	116	15	a	a	DET
ajm-7108	116	16	“	"	PUNCT
ajm-7108	116	17	win	win	NOUN
ajm-7108	116	18	-	-	PUNCT
ajm-7108	116	19	win	win	NOUN
ajm-7108	116	20	”	"	PUNCT
ajm-7108	116	21	hypothesis	hypothesis	NOUN
ajm-7108	116	22	first	first	ADV
ajm-7108	116	23	posited	posit	VERB
ajm-7108	116	24	by	by	ADP
ajm-7108	116	25	porter	porter	NOUN
ajm-7108	116	26	and	and	CCONJ
ajm-7108	116	27	van	van	PROPN
ajm-7108	116	28	der	der	NOUN
ajm-7108	116	29	linde	linde	PROPN
ajm-7108	116	30	(	(	PUNCT
ajm-7108	116	31	1995	1995	NUM
ajm-7108	116	32	)	)	PUNCT
ajm-7108	116	33	.	.	PUNCT
ajm-7108	117	1	this	this	DET
ajm-7108	117	2	viewpoint	viewpoint	NOUN
ajm-7108	117	3	supports	support	VERB
ajm-7108	117	4	the	the	DET
ajm-7108	117	5	idea	idea	NOUN
ajm-7108	117	6	that	that	SCONJ
ajm-7108	117	7	firms	firm	NOUN
ajm-7108	117	8	gain	gain	VERB
ajm-7108	117	9	a	a	DET
ajm-7108	117	10	competitive	competitive	ADJ
ajm-7108	117	11	advantage	advantage	NOUN
ajm-7108	117	12	when	when	SCONJ
ajm-7108	117	13	implementing	implement	VERB
ajm-7108	117	14	proactive	proactive	ADJ
ajm-7108	117	15	environmental	environmental	ADJ
ajm-7108	117	16	strategies	strategy	NOUN
ajm-7108	117	17	,	,	PUNCT
ajm-7108	117	18	which	which	PRON
ajm-7108	117	19	can	can	AUX
ajm-7108	117	20	reduce	reduce	VERB
ajm-7108	117	21	regulatory	regulatory	ADJ
ajm-7108	117	22	obligations	obligation	NOUN
ajm-7108	117	23	,	,	PUNCT
ajm-7108	117	24	minimize	minimize	VERB
ajm-7108	117	25	business	business	NOUN
ajm-7108	117	26	risks	risk	NOUN
ajm-7108	117	27	,	,	PUNCT
ajm-7108	117	28	improve	improve	VERB
ajm-7108	117	29	operational	operational	ADJ
ajm-7108	117	30	efficiencies	efficiency	NOUN
ajm-7108	117	31	through	through	ADP
ajm-7108	117	32	eco	eco	NOUN
ajm-7108	117	33	-	-	PUNCT
ajm-7108	117	34	friendly	friendly	ADJ
ajm-7108	117	35	innovation	innovation	NOUN
ajm-7108	117	36	,	,	PUNCT
ajm-7108	117	37	and	and	CCONJ
ajm-7108	117	38	attract	attract	VERB
ajm-7108	117	39	important	important	ADJ
ajm-7108	117	40	stakeholders	stakeholder	NOUN
ajm-7108	117	41	(	(	PUNCT
ajm-7108	117	42	porter	porter	NOUN
ajm-7108	117	43	et	et	PROPN
ajm-7108	117	44	al	al	PROPN
ajm-7108	117	45	.	.	PROPN
ajm-7108	117	46	,	,	PUNCT
ajm-7108	117	47	1995	1995	NUM
ajm-7108	117	48	;	;	PUNCT
ajm-7108	117	49	delmas	delmas	PROPN
ajm-7108	117	50	et	et	PROPN
ajm-7108	117	51	al	al	PROPN
ajm-7108	117	52	.	.	PROPN
ajm-7108	117	53	,	,	PUNCT
ajm-7108	117	54	2011	2011	NUM
ajm-7108	117	55	)	)	PUNCT
ajm-7108	117	56	.	.	PUNCT
ajm-7108	118	1	empirical	empirical	ADJ
ajm-7108	118	2	evidence	evidence	NOUN
ajm-7108	118	3	supporting	support	VERB
ajm-7108	118	4	this	this	DET
ajm-7108	118	5	view	view	NOUN
ajm-7108	118	6	includes	include	VERB
ajm-7108	118	7	matsumura	matsumura	PROPN
ajm-7108	118	8	et	et	PROPN
ajm-7108	118	9	al	al	PROPN
ajm-7108	118	10	.	.	PUNCT
ajm-7108	119	1	(	(	PUNCT
ajm-7108	119	2	2014	2014	NUM
ajm-7108	119	3	)	)	PUNCT
ajm-7108	119	4	,	,	PUNCT
ajm-7108	119	5	which	which	PRON
ajm-7108	119	6	analyzes	analyze	VERB
ajm-7108	119	7	firms	firm	NOUN
ajm-7108	119	8	’	'	PUNCT
ajm-7108	119	9	ghg	ghg	PROPN
ajm-7108	119	10	emissions	emissions	PROPN
ajm-7108	119	11	data	datum	NOUN
ajm-7108	119	12	and	and	CCONJ
ajm-7108	119	13	voluntary	voluntary	ADJ
ajm-7108	119	14	emissions	emission	NOUN
ajm-7108	119	15	disclosures	disclosure	NOUN
ajm-7108	119	16	for	for	ADP
ajm-7108	119	17	s&p	s&p	PROPN
ajm-7108	119	18	500	500	NUM
ajm-7108	119	19	firms	firm	NOUN
ajm-7108	119	20	during	during	ADP
ajm-7108	119	21	the	the	DET
ajm-7108	119	22	period	period	NOUN
ajm-7108	119	23	2006	2006	NUM
ajm-7108	119	24	-	-	SYM
ajm-7108	119	25	2008	2008	NUM
ajm-7108	119	26	.	.	PUNCT
ajm-7108	120	1	this	this	DET
ajm-7108	120	2	study	study	NOUN
ajm-7108	120	3	finds	find	VERB
ajm-7108	120	4	a	a	DET
ajm-7108	120	5	positive	positive	ADJ
ajm-7108	120	6	relationship	relationship	NOUN
ajm-7108	120	7	between	between	ADP
ajm-7108	120	8	lower	low	ADJ
ajm-7108	120	9	carbon	carbon	NOUN
ajm-7108	120	10	emissions	emission	NOUN
ajm-7108	120	11	and	and	CCONJ
ajm-7108	120	12	increased	increase	VERB
ajm-7108	120	13	voluntary	voluntary	ADJ
ajm-7108	120	14	carbon	carbon	NOUN
ajm-7108	120	15	disclosures	disclosure	NOUN
ajm-7108	120	16	on	on	ADP
ajm-7108	120	17	firm	firm	ADJ
ajm-7108	120	18	value	value	NOUN
ajm-7108	120	19	,	,	PUNCT
ajm-7108	120	20	suggesting	suggest	VERB
ajm-7108	120	21	that	that	SCONJ
ajm-7108	120	22	the	the	DET
ajm-7108	120	23	market	market	NOUN
ajm-7108	120	24	rewards	reward	VERB
ajm-7108	120	25	firms	firm	NOUN
ajm-7108	120	26	for	for	ADP
ajm-7108	120	27	exhibiting	exhibit	VERB
ajm-7108	120	28	environmentally	environmentally	ADV
ajm-7108	120	29	responsible	responsible	ADJ
ajm-7108	120	30	behavior	behavior	NOUN
ajm-7108	120	31	.	.	PUNCT
ajm-7108	121	1	another	another	DET
ajm-7108	121	2	study	study	NOUN
ajm-7108	121	3	by	by	ADP
ajm-7108	121	4	tang	tang	PROPN
ajm-7108	121	5	et	et	PROPN
ajm-7108	121	6	al	al	PROPN
ajm-7108	121	7	.	.	PROPN
ajm-7108	121	8	(	(	PUNCT
ajm-7108	121	9	2019	2019	NUM
ajm-7108	121	10	)	)	PUNCT
ajm-7108	121	11	,	,	PUNCT
ajm-7108	121	12	analyzing	analyze	VERB
ajm-7108	121	13	data	datum	NOUN
ajm-7108	121	14	from	from	ADP
ajm-7108	121	15	china	china	PROPN
ajm-7108	121	16	and	and	CCONJ
ajm-7108	121	17	hong	hong	PROPN
ajm-7108	121	18	kong	kong	PROPN
ajm-7108	121	19	from	from	ADP
ajm-7108	121	20	2012	2012	NUM
ajm-7108	121	21	to	to	ADP
ajm-7108	121	22	2013	2013	NUM
ajm-7108	121	23	,	,	PUNCT
ajm-7108	121	24	also	also	ADV
ajm-7108	121	25	finds	find	VERB
ajm-7108	121	26	that	that	SCONJ
ajm-7108	121	27	firms	firm	NOUN
ajm-7108	121	28	’	'	PUNCT
ajm-7108	121	29	efforts	effort	NOUN
ajm-7108	121	30	to	to	PART
ajm-7108	121	31	reduce	reduce	VERB
ajm-7108	121	32	carbon	carbon	NOUN
ajm-7108	121	33	emissions	emission	NOUN
ajm-7108	121	34	are	be	AUX
ajm-7108	121	35	compensated	compensate	VERB
ajm-7108	121	36	by	by	ADP
ajm-7108	121	37	higher	high	ADJ
ajm-7108	121	38	profitability	profitability	NOUN
ajm-7108	121	39	(	(	PUNCT
ajm-7108	121	40	e.g.	e.g.	ADV
ajm-7108	121	41	,	,	PUNCT
ajm-7108	121	42	return	return	VERB
ajm-7108	121	43	on	on	ADP
ajm-7108	121	44	assets	asset	NOUN
ajm-7108	121	45	and	and	CCONJ
ajm-7108	121	46	tobin	tobin	PROPN
ajm-7108	121	47	’s	’s	PART
ajm-7108	121	48	q	q	NOUN
ajm-7108	121	49	)	)	PUNCT
ajm-7108	121	50	.	.	PUNCT
ajm-7108	122	1	lastly	lastly	ADV
ajm-7108	122	2	,	,	PUNCT
ajm-7108	122	3	whelan	whelan	PROPN
ajm-7108	122	4	et	et	PROPN
ajm-7108	122	5	al	al	PROPN
ajm-7108	122	6	.	.	PROPN
ajm-7108	122	7	(	(	PUNCT
ajm-7108	122	8	2021	2021	NUM
ajm-7108	122	9	)	)	PUNCT
ajm-7108	122	10	conduct	conduct	VERB
ajm-7108	122	11	a	a	DET
ajm-7108	122	12	meta	meta	NOUN
ajm-7108	122	13	-	-	PUNCT
ajm-7108	122	14	analysis	analysis	NOUN
ajm-7108	122	15	for	for	ADP
ajm-7108	122	16	the	the	DET
ajm-7108	122	17	period	period	NOUN
ajm-7108	122	18	2015	2015	NUM
ajm-7108	122	19	-	-	SYM
ajm-7108	122	20	2020	2020	NUM
ajm-7108	122	21	and	and	CCONJ
ajm-7108	122	22	find	find	VERB
ajm-7108	122	23	a	a	DET
ajm-7108	122	24	positive	positive	ADJ
ajm-7108	122	25	relationship	relationship	NOUN
ajm-7108	122	26	between	between	ADP
ajm-7108	122	27	esg	esg	PROPN
ajm-7108	122	28	22	22	NUM
ajm-7108	122	29	american	american	PROPN
ajm-7108	122	30	journal	journal	PROPN
ajm-7108	122	31	of	of	ADP
ajm-7108	122	32	management	management	NOUN
ajm-7108	122	33	vol	vol	NOUN
ajm-7108	122	34	.	.	PUNCT
ajm-7108	123	1	24(2	24(2	NUM
ajm-7108	123	2	)	)	PUNCT
ajm-7108	123	3	2024	2024	NUM
ajm-7108	123	4	and	and	CCONJ
ajm-7108	123	5	financial	financial	ADJ
ajm-7108	123	6	performance	performance	NOUN
ajm-7108	123	7	for	for	ADP
ajm-7108	123	8	58	58	NUM
ajm-7108	123	9	%	%	NOUN
ajm-7108	123	10	of	of	ADP
ajm-7108	123	11	firm	firm	ADJ
ajm-7108	123	12	-	-	PUNCT
ajm-7108	123	13	level	level	NOUN
ajm-7108	123	14	studies	study	NOUN
ajm-7108	123	15	focused	focus	VERB
ajm-7108	123	16	on	on	ADP
ajm-7108	123	17	measures	measure	NOUN
ajm-7108	123	18	such	such	ADJ
ajm-7108	123	19	as	as	ADP
ajm-7108	123	20	return	return	NOUN
ajm-7108	123	21	on	on	ADP
ajm-7108	123	22	equity	equity	NOUN
ajm-7108	123	23	,	,	PUNCT
ajm-7108	123	24	return	return	VERB
ajm-7108	123	25	on	on	ADP
ajm-7108	123	26	assets	asset	NOUN
ajm-7108	123	27	,	,	PUNCT
ajm-7108	123	28	or	or	CCONJ
ajm-7108	123	29	stock	stock	NOUN
ajm-7108	123	30	price	price	NOUN
ajm-7108	123	31	.	.	PUNCT
ajm-7108	124	1	this	this	DET
ajm-7108	124	2	“	"	PUNCT
ajm-7108	124	3	win	win	NOUN
ajm-7108	124	4	-	-	PUNCT
ajm-7108	124	5	win	win	NOUN
ajm-7108	124	6	”	"	PUNCT
ajm-7108	124	7	viewpoint	viewpoint	NOUN
ajm-7108	124	8	may	may	AUX
ajm-7108	124	9	be	be	AUX
ajm-7108	124	10	extended	extend	VERB
ajm-7108	124	11	to	to	ADP
ajm-7108	124	12	investing	invest	VERB
ajm-7108	124	13	in	in	ADP
ajm-7108	124	14	carbon	carbon	NOUN
ajm-7108	124	15	offsets	offset	NOUN
ajm-7108	124	16	or	or	CCONJ
ajm-7108	124	17	recs	rec	NOUN
ajm-7108	124	18	as	as	SCONJ
ajm-7108	124	19	they	they	PRON
ajm-7108	124	20	may	may	AUX
ajm-7108	124	21	improve	improve	VERB
ajm-7108	124	22	a	a	DET
ajm-7108	124	23	firm	firm	NOUN
ajm-7108	124	24	’s	’s	PART
ajm-7108	124	25	reputation	reputation	NOUN
ajm-7108	124	26	for	for	ADP
ajm-7108	124	27	environmental	environmental	ADJ
ajm-7108	124	28	responsibility	responsibility	NOUN
ajm-7108	124	29	and	and	CCONJ
ajm-7108	124	30	may	may	AUX
ajm-7108	124	31	also	also	ADV
ajm-7108	124	32	result	result	VERB
ajm-7108	124	33	in	in	ADP
ajm-7108	124	34	financial	financial	ADJ
ajm-7108	124	35	advantages	advantage	NOUN
ajm-7108	124	36	from	from	ADP
ajm-7108	124	37	the	the	DET
ajm-7108	124	38	broader	broad	ADJ
ajm-7108	124	39	stakeholder	stakeholder	NOUN
ajm-7108	124	40	community	community	NOUN
ajm-7108	124	41	(	(	PUNCT
ajm-7108	124	42	e.g.	e.g.	ADV
ajm-7108	124	43	,	,	PUNCT
ajm-7108	124	44	greater	great	ADJ
ajm-7108	124	45	customer	customer	NOUN
ajm-7108	124	46	or	or	CCONJ
ajm-7108	124	47	employee	employee	NOUN
ajm-7108	124	48	satisfaction	satisfaction	NOUN
ajm-7108	124	49	,	,	PUNCT
ajm-7108	124	50	increased	increase	VERB
ajm-7108	124	51	resource	resource	NOUN
ajm-7108	124	52	efficiency	efficiency	NOUN
ajm-7108	124	53	,	,	PUNCT
ajm-7108	124	54	or	or	CCONJ
ajm-7108	124	55	better	well	ADJ
ajm-7108	124	56	access	access	NOUN
ajm-7108	124	57	to	to	ADP
ajm-7108	124	58	financing	financing	NOUN
ajm-7108	124	59	sources	source	NOUN
ajm-7108	124	60	)	)	PUNCT
ajm-7108	124	61	(	(	PUNCT
ajm-7108	124	62	matsumura	matsumura	X
ajm-7108	124	63	et	et	PROPN
ajm-7108	124	64	al	al	PROPN
ajm-7108	124	65	.	.	PROPN
ajm-7108	124	66	,	,	PUNCT
ajm-7108	124	67	2014	2014	NUM
ajm-7108	124	68	;	;	PUNCT
ajm-7108	124	69	whelan	whelan	PROPN
ajm-7108	124	70	et	et	PROPN
ajm-7108	124	71	al	al	PROPN
ajm-7108	124	72	.	.	PROPN
ajm-7108	124	73	,	,	PUNCT
ajm-7108	124	74	2021	2021	NUM
ajm-7108	124	75	)	)	PUNCT
ajm-7108	124	76	.	.	PUNCT
ajm-7108	125	1	on	on	ADP
ajm-7108	125	2	the	the	DET
ajm-7108	125	3	other	other	ADJ
ajm-7108	125	4	hand	hand	NOUN
ajm-7108	125	5	,	,	PUNCT
ajm-7108	125	6	some	some	DET
ajm-7108	125	7	studies	study	NOUN
ajm-7108	125	8	find	find	VERB
ajm-7108	125	9	evidence	evidence	NOUN
ajm-7108	125	10	that	that	PRON
ajm-7108	125	11	does	do	AUX
ajm-7108	125	12	not	not	PART
ajm-7108	125	13	support	support	VERB
ajm-7108	125	14	porter	porter	NOUN
ajm-7108	125	15	’s	’s	PART
ajm-7108	125	16	hypothesis	hypothesis	NOUN
ajm-7108	125	17	.	.	PUNCT
ajm-7108	126	1	delmas	delmas	PROPN
ajm-7108	126	2	et	et	PROPN
ajm-7108	126	3	al	al	PROPN
ajm-7108	126	4	.	.	PROPN
ajm-7108	127	1	(	(	PUNCT
ajm-7108	127	2	2011	2011	NUM
ajm-7108	127	3	)	)	PUNCT
ajm-7108	127	4	examine	examine	VERB
ajm-7108	127	5	over	over	ADP
ajm-7108	127	6	1,100	1,100	NUM
ajm-7108	127	7	us	us	PROPN
ajm-7108	127	8	firms	firm	NOUN
ajm-7108	127	9	during	during	ADP
ajm-7108	127	10	the	the	DET
ajm-7108	127	11	period	period	NOUN
ajm-7108	127	12	2004	2004	NUM
ajm-7108	127	13	-	-	SYM
ajm-7108	127	14	2008	2008	NUM
ajm-7108	127	15	and	and	CCONJ
ajm-7108	127	16	find	find	VERB
ajm-7108	127	17	mixed	mixed	ADJ
ajm-7108	127	18	results	result	NOUN
ajm-7108	127	19	on	on	ADP
ajm-7108	127	20	the	the	DET
ajm-7108	127	21	effects	effect	NOUN
ajm-7108	127	22	of	of	ADP
ajm-7108	127	23	ghg	ghg	PROPN
ajm-7108	127	24	emissions	emission	NOUN
ajm-7108	127	25	on	on	ADP
ajm-7108	127	26	short	short	ADJ
ajm-7108	127	27	and	and	CCONJ
ajm-7108	127	28	long	long	ADJ
ajm-7108	127	29	-	-	PUNCT
ajm-7108	127	30	term	term	NOUN
ajm-7108	127	31	measures	measure	NOUN
ajm-7108	127	32	of	of	ADP
ajm-7108	127	33	financial	financial	ADJ
ajm-7108	127	34	performance	performance	NOUN
ajm-7108	127	35	.	.	PUNCT
ajm-7108	128	1	this	this	DET
ajm-7108	128	2	study	study	NOUN
ajm-7108	128	3	demonstrates	demonstrate	VERB
ajm-7108	128	4	that	that	SCONJ
ajm-7108	128	5	higher	high	ADJ
ajm-7108	128	6	levels	level	NOUN
ajm-7108	128	7	of	of	ADP
ajm-7108	128	8	carbon	carbon	NOUN
ajm-7108	128	9	emissions	emission	NOUN
ajm-7108	128	10	positively	positively	ADV
ajm-7108	128	11	impact	impact	NOUN
ajm-7108	128	12	firms	firm	NOUN
ajm-7108	128	13	’	'	PUNCT
ajm-7108	128	14	financial	financial	ADJ
ajm-7108	128	15	performance	performance	NOUN
ajm-7108	128	16	when	when	SCONJ
ajm-7108	128	17	using	use	VERB
ajm-7108	128	18	short	short	ADJ
ajm-7108	128	19	term	term	NOUN
ajm-7108	128	20	,	,	PUNCT
ajm-7108	128	21	accounting	accounting	NOUN
ajm-7108	128	22	-	-	PUNCT
ajm-7108	128	23	based	base	VERB
ajm-7108	128	24	measures	measure	NOUN
ajm-7108	128	25	(	(	PUNCT
ajm-7108	128	26	e.g.	e.g.	ADV
ajm-7108	128	27	,	,	PUNCT
ajm-7108	128	28	roa	roa	PROPN
ajm-7108	128	29	)	)	PUNCT
ajm-7108	128	30	,	,	PUNCT
ajm-7108	128	31	but	but	CCONJ
ajm-7108	128	32	a	a	DET
ajm-7108	128	33	negative	negative	ADJ
ajm-7108	128	34	impact	impact	NOUN
ajm-7108	128	35	when	when	SCONJ
ajm-7108	128	36	considering	consider	VERB
ajm-7108	128	37	long	long	ADJ
ajm-7108	128	38	term	term	NOUN
ajm-7108	128	39	,	,	PUNCT
ajm-7108	128	40	market	market	NOUN
ajm-7108	128	41	-	-	PUNCT
ajm-7108	128	42	based	base	VERB
ajm-7108	128	43	measures	measure	NOUN
ajm-7108	128	44	of	of	ADP
ajm-7108	128	45	financial	financial	ADJ
ajm-7108	128	46	performance	performance	NOUN
ajm-7108	128	47	(	(	PUNCT
ajm-7108	128	48	e.g.	e.g.	ADV
ajm-7108	128	49	,	,	PUNCT
ajm-7108	128	50	tobin	tobin	PROPN
ajm-7108	128	51	’s	’s	PART
ajm-7108	128	52	q	q	NOUN
ajm-7108	128	53	)	)	PUNCT
ajm-7108	128	54	.	.	PUNCT
ajm-7108	129	1	these	these	DET
ajm-7108	129	2	results	result	NOUN
ajm-7108	129	3	suggest	suggest	VERB
ajm-7108	129	4	that	that	SCONJ
ajm-7108	129	5	from	from	ADP
ajm-7108	129	6	an	an	DET
ajm-7108	129	7	accounting	accounting	NOUN
ajm-7108	129	8	-	-	PUNCT
ajm-7108	129	9	based	base	VERB
ajm-7108	129	10	perspective	perspective	NOUN
ajm-7108	129	11	,	,	PUNCT
ajm-7108	129	12	firms	firm	NOUN
ajm-7108	129	13	have	have	VERB
ajm-7108	129	14	no	no	DET
ajm-7108	129	15	financial	financial	ADJ
ajm-7108	129	16	incentive	incentive	NOUN
ajm-7108	129	17	to	to	PART
ajm-7108	129	18	minimize	minimize	VERB
ajm-7108	129	19	their	their	PRON
ajm-7108	129	20	ghg	ghg	PROPN
ajm-7108	129	21	emissions	emission	NOUN
ajm-7108	129	22	in	in	ADP
ajm-7108	129	23	the	the	DET
ajm-7108	129	24	absence	absence	NOUN
ajm-7108	129	25	of	of	ADP
ajm-7108	129	26	carbon	carbon	NOUN
ajm-7108	129	27	regulation	regulation	NOUN
ajm-7108	129	28	in	in	ADP
ajm-7108	129	29	voluntary	voluntary	ADJ
ajm-7108	129	30	markets	market	NOUN
ajm-7108	129	31	.	.	PUNCT
ajm-7108	130	1	however	however	ADV
ajm-7108	130	2	,	,	PUNCT
ajm-7108	130	3	evidence	evidence	NOUN
ajm-7108	130	4	delmas	delma	VERB
ajm-7108	130	5	et	et	PROPN
ajm-7108	130	6	al	al	PROPN
ajm-7108	130	7	.	.	PROPN
ajm-7108	131	1	(	(	PUNCT
ajm-7108	131	2	2011	2011	NUM
ajm-7108	131	3	)	)	PUNCT
ajm-7108	131	4	also	also	ADV
ajm-7108	131	5	suggests	suggest	VERB
ajm-7108	131	6	that	that	SCONJ
ajm-7108	131	7	investors	investor	NOUN
ajm-7108	131	8	see	see	VERB
ajm-7108	131	9	the	the	DET
ajm-7108	131	10	potential	potential	ADJ
ajm-7108	131	11	long	long	ADJ
ajm-7108	131	12	-	-	PUNCT
ajm-7108	131	13	term	term	NOUN
ajm-7108	131	14	value	value	NOUN
ajm-7108	131	15	of	of	ADP
ajm-7108	131	16	improved	improved	ADJ
ajm-7108	131	17	environmental	environmental	ADJ
ajm-7108	131	18	performance	performance	NOUN
ajm-7108	131	19	,	,	PUNCT
ajm-7108	131	20	manifested	manifest	VERB
ajm-7108	131	21	by	by	ADP
ajm-7108	131	22	an	an	DET
ajm-7108	131	23	increase	increase	NOUN
ajm-7108	131	24	in	in	ADP
ajm-7108	131	25	tobin	tobin	PROPN
ajm-7108	131	26	’s	’s	PART
ajm-7108	131	27	q.	q.	PROPN
ajm-7108	131	28	with	with	ADP
ajm-7108	131	29	regards	regard	NOUN
ajm-7108	131	30	to	to	ADP
ajm-7108	131	31	carbon	carbon	NOUN
ajm-7108	131	32	offsetting	offsetting	NOUN
ajm-7108	131	33	and	and	CCONJ
ajm-7108	131	34	recs	rec	NOUN
ajm-7108	131	35	,	,	PUNCT
ajm-7108	131	36	a	a	DET
ajm-7108	131	37	firm	firm	NOUN
ajm-7108	131	38	’s	’s	PART
ajm-7108	131	39	stakeholders	stakeholder	NOUN
ajm-7108	131	40	may	may	AUX
ajm-7108	131	41	perceive	perceive	VERB
ajm-7108	131	42	the	the	DET
ajm-7108	131	43	purchase	purchase	NOUN
ajm-7108	131	44	of	of	ADP
ajm-7108	131	45	these	these	DET
ajm-7108	131	46	instruments	instrument	NOUN
ajm-7108	131	47	as	as	ADP
ajm-7108	131	48	unnecessary	unnecessary	ADJ
ajm-7108	131	49	costs	cost	NOUN
ajm-7108	131	50	that	that	PRON
ajm-7108	131	51	diminish	diminish	VERB
ajm-7108	131	52	a	a	DET
ajm-7108	131	53	firm	firm	NOUN
ajm-7108	131	54	’s	’s	PART
ajm-7108	131	55	resources	resource	NOUN
ajm-7108	131	56	and	and	CCONJ
ajm-7108	131	57	detracts	detract	VERB
ajm-7108	131	58	their	their	PRON
ajm-7108	131	59	focus	focus	NOUN
ajm-7108	131	60	from	from	ADP
ajm-7108	131	61	profitmaximization	profitmaximization	NOUN
ajm-7108	131	62	,	,	PUNCT
ajm-7108	131	63	which	which	PRON
ajm-7108	131	64	may	may	AUX
ajm-7108	131	65	potentially	potentially	ADV
ajm-7108	131	66	devalue	devalue	VERB
ajm-7108	131	67	a	a	DET
ajm-7108	131	68	company	company	NOUN
ajm-7108	131	69	and	and	CCONJ
ajm-7108	131	70	decrease	decrease	VERB
ajm-7108	131	71	its	its	PRON
ajm-7108	131	72	financial	financial	ADJ
ajm-7108	131	73	performance	performance	NOUN
ajm-7108	131	74	(	(	PUNCT
ajm-7108	131	75	delmas	delmas	PROPN
ajm-7108	131	76	et	et	PROPN
ajm-7108	131	77	al	al	PROPN
ajm-7108	131	78	.	.	PROPN
ajm-7108	131	79	,	,	PUNCT
ajm-7108	131	80	2011	2011	NUM
ajm-7108	131	81	)	)	PUNCT
ajm-7108	131	82	.	.	PUNCT
ajm-7108	132	1	based	base	VERB
ajm-7108	132	2	on	on	ADP
ajm-7108	132	3	the	the	DET
ajm-7108	132	4	literature	literature	NOUN
ajm-7108	132	5	mentioned	mention	VERB
ajm-7108	132	6	above	above	ADV
ajm-7108	132	7	,	,	PUNCT
ajm-7108	132	8	this	this	DET
ajm-7108	132	9	paper	paper	NOUN
ajm-7108	132	10	analyzes	analyze	VERB
ajm-7108	132	11	the	the	DET
ajm-7108	132	12	effect	effect	NOUN
ajm-7108	132	13	of	of	ADP
ajm-7108	132	14	carbon	carbon	NOUN
ajm-7108	132	15	offsets	offset	NOUN
ajm-7108	132	16	and	and	CCONJ
ajm-7108	132	17	recs	rec	NOUN
ajm-7108	132	18	on	on	ADP
ajm-7108	132	19	various	various	ADJ
ajm-7108	132	20	measures	measure	NOUN
ajm-7108	132	21	of	of	ADP
ajm-7108	132	22	firms	firm	NOUN
ajm-7108	132	23	’	'	PUNCT
ajm-7108	132	24	financial	financial	ADJ
ajm-7108	132	25	performance	performance	NOUN
ajm-7108	132	26	,	,	PUNCT
ajm-7108	132	27	including	include	VERB
ajm-7108	132	28	sales	sale	NOUN
ajm-7108	132	29	,	,	PUNCT
ajm-7108	132	30	profitability	profitability	NOUN
ajm-7108	132	31	,	,	PUNCT
ajm-7108	132	32	assets	asset	NOUN
ajm-7108	132	33	,	,	PUNCT
ajm-7108	132	34	and	and	CCONJ
ajm-7108	132	35	tobin	tobin	PROPN
ajm-7108	132	36	’s	’s	PART
ajm-7108	132	37	q.	q.	NOUN
ajm-7108	132	38	this	this	DET
ajm-7108	132	39	paper	paper	NOUN
ajm-7108	132	40	contributes	contribute	VERB
ajm-7108	132	41	to	to	ADP
ajm-7108	132	42	the	the	DET
ajm-7108	132	43	extant	extant	ADJ
ajm-7108	132	44	literature	literature	NOUN
ajm-7108	132	45	by	by	ADP
ajm-7108	132	46	analyzing	analyze	VERB
ajm-7108	132	47	whether	whether	SCONJ
ajm-7108	132	48	carbon	carbon	NOUN
ajm-7108	132	49	offsets	offset	NOUN
ajm-7108	132	50	or	or	CCONJ
ajm-7108	132	51	recs	rec	NOUN
ajm-7108	132	52	have	have	VERB
ajm-7108	132	53	a	a	DET
ajm-7108	132	54	strengthening	strengthening	NOUN
ajm-7108	132	55	or	or	CCONJ
ajm-7108	132	56	weakening	weaken	VERB
ajm-7108	132	57	effect	effect	NOUN
ajm-7108	132	58	on	on	ADP
ajm-7108	132	59	firms	firm	NOUN
ajm-7108	132	60	’	'	PUNCT
ajm-7108	132	61	financial	financial	ADJ
ajm-7108	132	62	performance	performance	NOUN
ajm-7108	132	63	in	in	ADP
ajm-7108	132	64	the	the	DET
ajm-7108	132	65	short	short	ADJ
ajm-7108	132	66	term	term	NOUN
ajm-7108	132	67	and	and	CCONJ
ajm-7108	132	68	long	long	ADJ
ajm-7108	132	69	term	term	NOUN
ajm-7108	132	70	.	.	PUNCT
ajm-7108	133	1	we	we	PRON
ajm-7108	133	2	also	also	ADV
ajm-7108	133	3	improve	improve	VERB
ajm-7108	133	4	upon	upon	SCONJ
ajm-7108	133	5	existing	exist	VERB
ajm-7108	133	6	studies	study	NOUN
ajm-7108	133	7	,	,	PUNCT
ajm-7108	133	8	such	such	ADJ
ajm-7108	133	9	as	as	ADP
ajm-7108	133	10	park	park	NOUN
ajm-7108	133	11	et	et	PROPN
ajm-7108	133	12	al	al	PROPN
ajm-7108	133	13	.	.	PROPN
ajm-7108	134	1	(	(	PUNCT
ajm-7108	134	2	2022	2022	NUM
ajm-7108	134	3	)	)	PUNCT
ajm-7108	134	4	,	,	PUNCT
ajm-7108	134	5	by	by	ADP
ajm-7108	134	6	employing	employ	VERB
ajm-7108	134	7	a	a	DET
ajm-7108	134	8	psm	psm	NOUN
ajm-7108	134	9	approach	approach	NOUN
ajm-7108	134	10	to	to	PART
ajm-7108	134	11	deal	deal	VERB
ajm-7108	134	12	with	with	ADP
ajm-7108	134	13	potential	potential	ADJ
ajm-7108	134	14	selection	selection	NOUN
ajm-7108	134	15	bias	bias	NOUN
ajm-7108	134	16	concerns	concern	NOUN
ajm-7108	134	17	.	.	PUNCT
ajm-7108	135	1	lastly	lastly	ADV
ajm-7108	135	2	,	,	PUNCT
ajm-7108	135	3	our	our	PRON
ajm-7108	135	4	findings	finding	NOUN
ajm-7108	135	5	help	help	VERB
ajm-7108	135	6	answer	answer	VERB
ajm-7108	135	7	whether	whether	SCONJ
ajm-7108	135	8	firms	firm	NOUN
ajm-7108	135	9	have	have	VERB
ajm-7108	135	10	a	a	DET
ajm-7108	135	11	financial	financial	ADJ
ajm-7108	135	12	incentive	incentive	NOUN
ajm-7108	135	13	to	to	PART
ajm-7108	135	14	use	use	VERB
ajm-7108	135	15	carbon	carbon	NOUN
ajm-7108	135	16	offsets	offset	NOUN
ajm-7108	135	17	or	or	CCONJ
ajm-7108	135	18	recs	rec	NOUN
ajm-7108	135	19	to	to	PART
ajm-7108	135	20	manage	manage	VERB
ajm-7108	135	21	their	their	PRON
ajm-7108	135	22	ghg	ghg	PROPN
ajm-7108	135	23	emissions	emission	NOUN
ajm-7108	135	24	and	and	CCONJ
ajm-7108	135	25	renewable	renewable	ADJ
ajm-7108	135	26	energy	energy	NOUN
ajm-7108	135	27	consumption	consumption	NOUN
ajm-7108	135	28	.	.	PUNCT
ajm-7108	136	1	board	board	NOUN
ajm-7108	136	2	gender	gender	NOUN
ajm-7108	136	3	diversity	diversity	NOUN
ajm-7108	136	4	in	in	ADP
ajm-7108	136	5	general	general	ADJ
ajm-7108	136	6	,	,	PUNCT
ajm-7108	136	7	many	many	ADJ
ajm-7108	136	8	studies	study	NOUN
ajm-7108	136	9	have	have	AUX
ajm-7108	136	10	examined	examine	VERB
ajm-7108	136	11	different	different	ADJ
ajm-7108	136	12	solutions	solution	NOUN
ajm-7108	136	13	to	to	PART
ajm-7108	136	14	reduce	reduce	VERB
ajm-7108	136	15	ghg	ghg	PROPN
ajm-7108	136	16	emissions	emission	NOUN
ajm-7108	136	17	,	,	PUNCT
ajm-7108	136	18	including	include	VERB
ajm-7108	136	19	carbon	carbon	NOUN
ajm-7108	136	20	taxes	taxis	NOUN
ajm-7108	136	21	,	,	PUNCT
ajm-7108	136	22	carbon	carbon	NOUN
ajm-7108	136	23	-	-	PUNCT
ajm-7108	136	24	contingent	contingent	NOUN
ajm-7108	136	25	securities	security	NOUN
ajm-7108	136	26	,	,	PUNCT
ajm-7108	136	27	green	green	ADJ
ajm-7108	136	28	bonds	bond	NOUN
ajm-7108	136	29	,	,	PUNCT
ajm-7108	136	30	and	and	CCONJ
ajm-7108	136	31	cap	cap	NOUN
ajm-7108	136	32	-	-	PUNCT
ajm-7108	136	33	and	and	CCONJ
ajm-7108	136	34	-	-	PUNCT
ajm-7108	136	35	trade	trade	NOUN
ajm-7108	136	36	systems	system	NOUN
ajm-7108	136	37	(	(	PUNCT
ajm-7108	136	38	allen	allen	PROPN
ajm-7108	136	39	et	et	PROPN
ajm-7108	136	40	al	al	PROPN
ajm-7108	136	41	.	.	PROPN
ajm-7108	136	42	,	,	PUNCT
ajm-7108	136	43	2023	2023	NUM
ajm-7108	136	44	;	;	PUNCT
ajm-7108	136	45	stavins	stavin	NOUN
ajm-7108	136	46	,	,	PUNCT
ajm-7108	136	47	2020	2020	NUM
ajm-7108	136	48	)	)	PUNCT
ajm-7108	136	49	.	.	PUNCT
ajm-7108	137	1	however	however	ADV
ajm-7108	137	2	,	,	PUNCT
ajm-7108	137	3	the	the	DET
ajm-7108	137	4	role	role	NOUN
ajm-7108	137	5	of	of	ADP
ajm-7108	137	6	internal	internal	ADJ
ajm-7108	137	7	corporate	corporate	ADJ
ajm-7108	137	8	governance	governance	NOUN
ajm-7108	137	9	—	—	PUNCT
ajm-7108	137	10	namely	namely	ADV
ajm-7108	137	11	gender	gender	NOUN
ajm-7108	137	12	diversity	diversity	NOUN
ajm-7108	137	13	on	on	ADP
ajm-7108	137	14	a	a	DET
ajm-7108	137	15	firm	firm	NOUN
ajm-7108	137	16	’s	’s	PART
ajm-7108	137	17	board	board	NOUN
ajm-7108	137	18	—	—	PUNCT
ajm-7108	137	19	is	be	AUX
ajm-7108	137	20	largely	largely	ADV
ajm-7108	137	21	overlooked	overlook	VERB
ajm-7108	137	22	in	in	ADP
ajm-7108	137	23	the	the	DET
ajm-7108	137	24	existing	exist	VERB
ajm-7108	137	25	literature	literature	NOUN
ajm-7108	137	26	.	.	PUNCT
ajm-7108	138	1	the	the	DET
ajm-7108	138	2	limited	limited	ADJ
ajm-7108	138	3	number	number	NOUN
ajm-7108	138	4	of	of	ADP
ajm-7108	138	5	empirical	empirical	ADJ
ajm-7108	138	6	studies	study	NOUN
ajm-7108	138	7	on	on	ADP
ajm-7108	138	8	the	the	DET
ajm-7108	138	9	effects	effect	NOUN
ajm-7108	138	10	of	of	ADP
ajm-7108	138	11	board	board	NOUN
ajm-7108	138	12	gender	gender	NOUN
ajm-7108	138	13	diversity	diversity	NOUN
ajm-7108	138	14	on	on	ADP
ajm-7108	138	15	ghg	ghg	PROPN
ajm-7108	138	16	emissions	emission	NOUN
ajm-7108	138	17	and	and	CCONJ
ajm-7108	138	18	other	other	ADJ
ajm-7108	138	19	environmental	environmental	ADJ
ajm-7108	138	20	outcomes	outcome	NOUN
ajm-7108	138	21	exhibit	exhibit	VERB
ajm-7108	138	22	mixed	mixed	ADJ
ajm-7108	138	23	results	result	NOUN
ajm-7108	138	24	.	.	PUNCT
ajm-7108	139	1	few	few	ADJ
ajm-7108	139	2	studies	study	NOUN
ajm-7108	139	3	have	have	AUX
ajm-7108	139	4	found	find	VERB
ajm-7108	139	5	a	a	DET
ajm-7108	139	6	positive	positive	ADJ
ajm-7108	139	7	relationship	relationship	NOUN
ajm-7108	139	8	between	between	ADP
ajm-7108	139	9	board	board	NOUN
ajm-7108	139	10	gender	gender	NOUN
ajm-7108	139	11	diversity	diversity	NOUN
ajm-7108	139	12	and	and	CCONJ
ajm-7108	139	13	firms	firm	NOUN
ajm-7108	139	14	’	’	PART
ajm-7108	139	15	environmental	environmental	ADJ
ajm-7108	139	16	performance	performance	NOUN
ajm-7108	139	17	,	,	PUNCT
ajm-7108	139	18	including	include	VERB
ajm-7108	139	19	ghg	ghg	PROPN
ajm-7108	139	20	emissions	emission	NOUN
ajm-7108	139	21	,	,	PUNCT
ajm-7108	139	22	carbon	carbon	NOUN
ajm-7108	139	23	disclosures	disclosure	NOUN
ajm-7108	139	24	,	,	PUNCT
ajm-7108	139	25	and	and	CCONJ
ajm-7108	139	26	renewable	renewable	ADJ
ajm-7108	139	27	energy	energy	NOUN
ajm-7108	139	28	consumption	consumption	NOUN
ajm-7108	139	29	(	(	PUNCT
ajm-7108	139	30	martin	martin	PROPN
ajm-7108	139	31	et	et	PROPN
ajm-7108	139	32	al	al	PROPN
ajm-7108	139	33	.	.	PROPN
ajm-7108	139	34	,	,	PUNCT
ajm-7108	139	35	2019	2019	NUM
ajm-7108	139	36	;	;	PUNCT
ajm-7108	139	37	martinez	martinez	PROPN
ajm-7108	139	38	et	et	PROPN
ajm-7108	139	39	al	al	PROPN
ajm-7108	139	40	.	.	PROPN
ajm-7108	139	41	,	,	PUNCT
ajm-7108	139	42	2022	2022	NUM
ajm-7108	139	43	;	;	PUNCT
ajm-7108	139	44	oyewo	oyewo	PROPN
ajm-7108	139	45	,	,	PUNCT
ajm-7108	139	46	2023	2023	NUM
ajm-7108	139	47	;	;	PUNCT
ajm-7108	139	48	liao	liao	PROPN
ajm-7108	139	49	et	et	PROPN
ajm-7108	139	50	al	al	PROPN
ajm-7108	139	51	.	.	PROPN
ajm-7108	139	52	,	,	PUNCT
ajm-7108	139	53	2015	2015	NUM
ajm-7108	139	54	;	;	PUNCT
ajm-7108	139	55	atif	atif	PROPN
ajm-7108	139	56	et	et	PROPN
ajm-7108	139	57	al	al	PROPN
ajm-7108	139	58	.	.	PROPN
ajm-7108	139	59	2021	2021	NUM
ajm-7108	139	60	;	;	PUNCT
ajm-7108	139	61	zhang	zhang	PROPN
ajm-7108	139	62	et	et	PROPN
ajm-7108	139	63	al	al	PROPN
ajm-7108	139	64	.	.	PROPN
ajm-7108	139	65	,	,	PUNCT
ajm-7108	139	66	2021	2021	NUM
ajm-7108	139	67	)	)	PUNCT
ajm-7108	139	68	.	.	PUNCT
ajm-7108	140	1	regarding	regard	VERB
ajm-7108	140	2	ghg	ghg	PROPN
ajm-7108	140	3	emissions	emission	NOUN
ajm-7108	140	4	,	,	PUNCT
ajm-7108	140	5	a	a	DET
ajm-7108	140	6	study	study	NOUN
ajm-7108	140	7	by	by	ADP
ajm-7108	140	8	martin	martin	PROPN
ajm-7108	140	9	and	and	CCONJ
ajm-7108	140	10	herrero	herrero	PROPN
ajm-7108	140	11	(	(	PUNCT
ajm-7108	140	12	2019	2019	NUM
ajm-7108	140	13	)	)	PUNCT
ajm-7108	140	14	analyzes	analyze	VERB
ajm-7108	140	15	a	a	DET
ajm-7108	140	16	sample	sample	NOUN
ajm-7108	140	17	of	of	ADP
ajm-7108	140	18	644	644	NUM
ajm-7108	140	19	european	european	ADJ
ajm-7108	140	20	companies	company	NOUN
ajm-7108	140	21	from	from	ADP
ajm-7108	140	22	2002	2002	NUM
ajm-7108	140	23	to	to	ADP
ajm-7108	140	24	2017	2017	NUM
ajm-7108	140	25	.	.	PUNCT
ajm-7108	141	1	it	it	PRON
ajm-7108	141	2	demonstrates	demonstrate	VERB
ajm-7108	141	3	that	that	SCONJ
ajm-7108	141	4	board	board	NOUN
ajm-7108	141	5	gender	gender	NOUN
ajm-7108	141	6	diversity	diversity	NOUN
ajm-7108	141	7	is	be	AUX
ajm-7108	141	8	positively	positively	ADV
ajm-7108	141	9	associated	associate	VERB
ajm-7108	141	10	with	with	ADP
ajm-7108	141	11	firms	firm	NOUN
ajm-7108	141	12	’	'	PUNCT
ajm-7108	141	13	implementation	implementation	NOUN
ajm-7108	141	14	of	of	ADP
ajm-7108	141	15	environmental	environmental	ADJ
ajm-7108	141	16	initiatives	initiative	NOUN
ajm-7108	141	17	and	and	CCONJ
ajm-7108	141	18	ghg	ghg	PROPN
ajm-7108	141	19	emission	emission	NOUN
ajm-7108	141	20	reduction	reduction	NOUN
ajm-7108	141	21	efforts	effort	NOUN
ajm-7108	141	22	.	.	PUNCT
ajm-7108	142	1	studies	study	NOUN
ajm-7108	142	2	by	by	ADP
ajm-7108	142	3	oyewo	oyewo	NOUN
ajm-7108	142	4	(	(	PUNCT
ajm-7108	142	5	2023	2023	NUM
ajm-7108	142	6	)	)	PUNCT
ajm-7108	142	7	and	and	CCONJ
ajm-7108	142	8	martinez	martinez	PROPN
ajm-7108	142	9	et	et	PROPN
ajm-7108	142	10	al	al	PROPN
ajm-7108	142	11	.	.	PROPN
ajm-7108	142	12	(	(	PUNCT
ajm-7108	142	13	2022	2022	NUM
ajm-7108	142	14	)	)	PUNCT
ajm-7108	142	15	also	also	ADV
ajm-7108	142	16	exhibit	exhibit	VERB
ajm-7108	142	17	similar	similar	ADJ
ajm-7108	142	18	findings	finding	NOUN
ajm-7108	142	19	between	between	ADP
ajm-7108	142	20	board	board	NOUN
ajm-7108	142	21	gender	gender	NOUN
ajm-7108	142	22	diversity	diversity	NOUN
ajm-7108	142	23	and	and	CCONJ
ajm-7108	142	24	reductions	reduction	NOUN
ajm-7108	142	25	in	in	ADP
ajm-7108	142	26	carbon	carbon	NOUN
ajm-7108	142	27	emissions	emission	NOUN
ajm-7108	142	28	for	for	ADP
ajm-7108	142	29	international	international	ADJ
ajm-7108	142	30	mnes	mne	NOUN
ajm-7108	142	31	and	and	CCONJ
ajm-7108	142	32	emerging	emerge	VERB
ajm-7108	142	33	market	market	NOUN
ajm-7108	142	34	firms	firm	NOUN
ajm-7108	142	35	.	.	PUNCT
ajm-7108	143	1	regarding	regard	VERB
ajm-7108	143	2	carbon	carbon	NOUN
ajm-7108	143	3	disclosure	disclosure	NOUN
ajm-7108	143	4	,	,	PUNCT
ajm-7108	143	5	liao	liao	PROPN
ajm-7108	143	6	et	et	PROPN
ajm-7108	143	7	al	al	PROPN
ajm-7108	143	8	.	.	PROPN
ajm-7108	144	1	(	(	PUNCT
ajm-7108	144	2	2015	2015	NUM
ajm-7108	144	3	)	)	PUNCT
ajm-7108	144	4	examines	examine	VERB
ajm-7108	144	5	a	a	DET
ajm-7108	144	6	sample	sample	NOUN
ajm-7108	144	7	of	of	ADP
ajm-7108	144	8	329	329	NUM
ajm-7108	144	9	uk	uk	PROPN
ajm-7108	144	10	-	-	PUNCT
ajm-7108	144	11	based	base	VERB
ajm-7108	144	12	firms	firm	NOUN
ajm-7108	144	13	and	and	CCONJ
ajm-7108	144	14	finds	find	VERB
ajm-7108	144	15	a	a	DET
ajm-7108	144	16	significant	significant	ADJ
ajm-7108	144	17	positive	positive	ADJ
ajm-7108	144	18	association	association	NOUN
ajm-7108	144	19	between	between	ADP
ajm-7108	144	20	board	board	NOUN
ajm-7108	144	21	gender	gender	NOUN
ajm-7108	144	22	diversity	diversity	NOUN
ajm-7108	144	23	and	and	CCONJ
ajm-7108	144	24	greater	great	ADJ
ajm-7108	144	25	likelihood	likelihood	NOUN
ajm-7108	144	26	of	of	ADP
ajm-7108	144	27	ghg	ghg	PROPN
ajm-7108	144	28	disclosures	disclosure	NOUN
ajm-7108	144	29	.	.	PUNCT
ajm-7108	145	1	lastly	lastly	ADV
ajm-7108	145	2	,	,	PUNCT
ajm-7108	145	3	studies	study	NOUN
ajm-7108	145	4	such	such	ADJ
ajm-7108	145	5	as	as	ADP
ajm-7108	145	6	atif	atif	PROPN
ajm-7108	145	7	et	et	PROPN
ajm-7108	145	8	al	al	PROPN
ajm-7108	145	9	.	.	PROPN
ajm-7108	145	10	(	(	PUNCT
ajm-7108	145	11	2021	2021	NUM
ajm-7108	145	12	)	)	PUNCT
ajm-7108	145	13	and	and	CCONJ
ajm-7108	145	14	zhang	zhang	PROPN
ajm-7108	145	15	et	et	PROPN
ajm-7108	145	16	al	al	PROPN
ajm-7108	145	17	.	.	PROPN
ajm-7108	145	18	(	(	PUNCT
ajm-7108	145	19	2021	2021	NUM
ajm-7108	145	20	)	)	PUNCT
ajm-7108	145	21	,	,	PUNCT
ajm-7108	145	22	which	which	PRON
ajm-7108	145	23	examine	examine	VERB
ajm-7108	145	24	samples	sample	NOUN
ajm-7108	145	25	of	of	ADP
ajm-7108	145	26	us	we	PRON
ajm-7108	145	27	and	and	CCONJ
ajm-7108	145	28	international	international	ADJ
ajm-7108	145	29	firms	firm	NOUN
ajm-7108	145	30	over	over	ADP
ajm-7108	145	31	the	the	DET
ajm-7108	145	32	last	last	ADJ
ajm-7108	145	33	decade	decade	NOUN
ajm-7108	145	34	,	,	PUNCT
ajm-7108	145	35	highlight	highlight	VERB
ajm-7108	145	36	a	a	DET
ajm-7108	145	37	positive	positive	ADJ
ajm-7108	145	38	relationship	relationship	NOUN
ajm-7108	145	39	between	between	ADP
ajm-7108	145	40	board	board	NOUN
ajm-7108	145	41	gender	gender	NOUN
ajm-7108	145	42	diversity	diversity	NOUN
ajm-7108	145	43	and	and	CCONJ
ajm-7108	145	44	renewable	renewable	ADJ
ajm-7108	145	45	energy	energy	NOUN
ajm-7108	145	46	consumption	consumption	NOUN
ajm-7108	145	47	.	.	PUNCT
ajm-7108	146	1	these	these	DET
ajm-7108	146	2	empirical	empirical	ADJ
ajm-7108	146	3	results	result	NOUN
ajm-7108	146	4	lend	lend	VERB
ajm-7108	146	5	support	support	NOUN
ajm-7108	146	6	to	to	ADP
ajm-7108	146	7	theories	theory	NOUN
ajm-7108	146	8	such	such	ADJ
ajm-7108	146	9	as	as	ADP
ajm-7108	146	10	the	the	DET
ajm-7108	146	11	gender	gender	NOUN
ajm-7108	146	12	socialization	socialization	NOUN
ajm-7108	146	13	theory	theory	NOUN
ajm-7108	146	14	by	by	ADP
ajm-7108	146	15	chodorow	chodorow	NOUN
ajm-7108	146	16	(	(	PUNCT
ajm-7108	146	17	1978	1978	NUM
ajm-7108	146	18	)	)	PUNCT
ajm-7108	146	19	and	and	CCONJ
ajm-7108	146	20	the	the	DET
ajm-7108	146	21	social	social	ADJ
ajm-7108	146	22	role	role	NOUN
ajm-7108	146	23	theory	theory	NOUN
ajm-7108	146	24	by	by	ADP
ajm-7108	146	25	eagly	eagly	ADV
ajm-7108	146	26	(	(	PUNCT
ajm-7108	146	27	1987	1987	NUM
ajm-7108	146	28	)	)	PUNCT
ajm-7108	146	29	,	,	PUNCT
ajm-7108	146	30	which	which	PRON
ajm-7108	146	31	predict	predict	VERB
ajm-7108	146	32	that	that	SCONJ
ajm-7108	146	33	female	female	ADJ
ajm-7108	146	34	decision	decision	NOUN
ajm-7108	146	35	-	-	PUNCT
ajm-7108	146	36	makers	maker	NOUN
ajm-7108	146	37	are	be	AUX
ajm-7108	146	38	key	key	ADJ
ajm-7108	146	39	drivers	driver	NOUN
ajm-7108	146	40	on	on	ADP
ajm-7108	146	41	environmental	environmental	ADJ
ajm-7108	146	42	issues	issue	NOUN
ajm-7108	146	43	thanks	thank	NOUN
ajm-7108	146	44	to	to	ADP
ajm-7108	146	45	their	their	PRON
ajm-7108	146	46	abilities	ability	NOUN
ajm-7108	146	47	to	to	PART
ajm-7108	146	48	empathize	empathize	VERB
ajm-7108	146	49	,	,	PUNCT
ajm-7108	146	50	collaborate	collaborate	VERB
ajm-7108	146	51	,	,	PUNCT
ajm-7108	146	52	manage	manage	VERB
ajm-7108	146	53	risk	risk	NOUN
ajm-7108	146	54	,	,	PUNCT
ajm-7108	146	55	and	and	CCONJ
ajm-7108	146	56	pay	pay	VERB
ajm-7108	146	57	attention	attention	NOUN
ajm-7108	146	58	to	to	ADP
ajm-7108	146	59	detail	detail	NOUN
ajm-7108	146	60	(	(	PUNCT
ajm-7108	146	61	altunbas	altunbas	PROPN
ajm-7108	146	62	et	et	PROPN
ajm-7108	146	63	al	al	PROPN
ajm-7108	146	64	.	.	PROPN
ajm-7108	146	65	,	,	PUNCT
ajm-7108	146	66	2022	2022	NUM
ajm-7108	146	67	)	)	PUNCT
ajm-7108	146	68	.	.	PUNCT
ajm-7108	147	1	however	however	ADV
ajm-7108	147	2	,	,	PUNCT
ajm-7108	147	3	some	some	DET
ajm-7108	147	4	studies	study	NOUN
ajm-7108	147	5	have	have	AUX
ajm-7108	147	6	noted	note	VERB
ajm-7108	147	7	that	that	SCONJ
ajm-7108	147	8	the	the	DET
ajm-7108	147	9	presence	presence	NOUN
ajm-7108	147	10	of	of	ADP
ajm-7108	147	11	women	woman	NOUN
ajm-7108	147	12	on	on	ADP
ajm-7108	147	13	the	the	DET
ajm-7108	147	14	board	board	NOUN
ajm-7108	147	15	may	may	AUX
ajm-7108	147	16	not	not	PART
ajm-7108	147	17	lead	lead	VERB
ajm-7108	147	18	to	to	ADP
ajm-7108	147	19	favorable	favorable	ADJ
ajm-7108	147	20	environmental	environmental	ADJ
ajm-7108	147	21	outcomes	outcome	NOUN
ajm-7108	147	22	.	.	PUNCT
ajm-7108	148	1	for	for	ADP
ajm-7108	148	2	example	example	NOUN
ajm-7108	148	3	,	,	PUNCT
ajm-7108	148	4	haque	haque	PROPN
ajm-7108	148	5	(	(	PUNCT
ajm-7108	148	6	2017	2017	NUM
ajm-7108	148	7	)	)	PUNCT
ajm-7108	148	8	examines	examine	VERB
ajm-7108	148	9	a	a	DET
ajm-7108	148	10	sample	sample	NOUN
ajm-7108	148	11	of	of	ADP
ajm-7108	148	12	256	256	NUM
ajm-7108	148	13	uk	uk	PROPN
ajm-7108	148	14	-	-	PUNCT
ajm-7108	148	15	based	base	VERB
ajm-7108	148	16	firms	firm	NOUN
ajm-7108	148	17	from	from	ADP
ajm-7108	148	18	2002	2002	NUM
ajm-7108	148	19	american	american	PROPN
ajm-7108	148	20	journal	journal	PROPN
ajm-7108	148	21	of	of	ADP
ajm-7108	148	22	management	management	NOUN
ajm-7108	148	23	vol	vol	NOUN
ajm-7108	148	24	.	.	PUNCT
ajm-7108	149	1	24(2	24(2	NUM
ajm-7108	149	2	)	)	PUNCT
ajm-7108	150	1	2024	2024	NUM
ajm-7108	150	2	23	23	NUM
ajm-7108	150	3	to	to	ADP
ajm-7108	150	4	2014	2014	NUM
ajm-7108	151	1	and	and	CCONJ
ajm-7108	151	2	does	do	AUX
ajm-7108	151	3	not	not	PART
ajm-7108	151	4	find	find	VERB
ajm-7108	151	5	any	any	DET
ajm-7108	151	6	relationship	relationship	NOUN
ajm-7108	151	7	between	between	ADP
ajm-7108	151	8	board	board	NOUN
ajm-7108	151	9	gender	gender	NOUN
ajm-7108	151	10	diversity	diversity	NOUN
ajm-7108	151	11	and	and	CCONJ
ajm-7108	151	12	firms	firm	NOUN
ajm-7108	151	13	’	'	PUNCT
ajm-7108	151	14	ghg	ghg	PROPN
ajm-7108	151	15	emissions	emission	NOUN
ajm-7108	151	16	.	.	PUNCT
ajm-7108	152	1	haque	haque	PROPN
ajm-7108	152	2	(	(	PUNCT
ajm-7108	152	3	2017	2017	NUM
ajm-7108	152	4	)	)	PUNCT
ajm-7108	152	5	findings	finding	NOUN
ajm-7108	152	6	lend	lend	VERB
ajm-7108	152	7	evidence	evidence	NOUN
ajm-7108	152	8	to	to	PART
ajm-7108	152	9	suggest	suggest	VERB
ajm-7108	152	10	firms	firm	NOUN
ajm-7108	152	11	may	may	AUX
ajm-7108	152	12	be	be	AUX
ajm-7108	152	13	more	more	ADV
ajm-7108	152	14	focused	focused	ADJ
ajm-7108	152	15	on	on	ADP
ajm-7108	152	16	pursuing	pursue	VERB
ajm-7108	152	17	carbon	carbon	NOUN
ajm-7108	152	18	initiatives	initiative	NOUN
ajm-7108	152	19	in	in	ADP
ajm-7108	152	20	order	order	NOUN
ajm-7108	152	21	to	to	PART
ajm-7108	152	22	be	be	AUX
ajm-7108	152	23	seen	see	VERB
ajm-7108	152	24	as	as	ADP
ajm-7108	152	25	environmentally	environmentally	ADV
ajm-7108	152	26	responsible	responsible	ADJ
ajm-7108	152	27	and	and	CCONJ
ajm-7108	152	28	improve	improve	VERB
ajm-7108	152	29	their	their	PRON
ajm-7108	152	30	financial	financial	ADJ
ajm-7108	152	31	performance	performance	NOUN
ajm-7108	152	32	,	,	PUNCT
ajm-7108	152	33	rather	rather	ADV
ajm-7108	152	34	than	than	ADP
ajm-7108	152	35	make	make	VERB
ajm-7108	152	36	any	any	DET
ajm-7108	152	37	actual	actual	ADJ
ajm-7108	152	38	ghg	ghg	PROPN
ajm-7108	152	39	emissions	emission	NOUN
ajm-7108	152	40	reductions	reduction	NOUN
ajm-7108	152	41	.	.	PUNCT
ajm-7108	153	1	other	other	ADJ
ajm-7108	153	2	studies	study	NOUN
ajm-7108	153	3	have	have	AUX
ajm-7108	153	4	also	also	ADV
ajm-7108	153	5	shown	show	VERB
ajm-7108	153	6	that	that	SCONJ
ajm-7108	153	7	this	this	DET
ajm-7108	153	8	negative	negative	ADJ
ajm-7108	153	9	relationship	relationship	NOUN
ajm-7108	153	10	may	may	AUX
ajm-7108	153	11	also	also	ADV
ajm-7108	153	12	be	be	AUX
ajm-7108	153	13	because	because	SCONJ
ajm-7108	153	14	the	the	DET
ajm-7108	153	15	board	board	NOUN
ajm-7108	153	16	may	may	AUX
ajm-7108	153	17	be	be	AUX
ajm-7108	153	18	more	more	ADV
ajm-7108	153	19	inclined	inclined	ADJ
ajm-7108	153	20	to	to	PART
ajm-7108	153	21	pursue	pursue	VERB
ajm-7108	153	22	more	more	ADV
ajm-7108	153	23	traditional	traditional	ADJ
ajm-7108	153	24	value	value	NOUN
ajm-7108	153	25	-	-	PUNCT
ajm-7108	153	26	creating	create	VERB
ajm-7108	153	27	objectives	objective	NOUN
ajm-7108	153	28	(	(	PUNCT
ajm-7108	153	29	e.g.	e.g.	ADV
ajm-7108	153	30	,	,	PUNCT
ajm-7108	153	31	profitability	profitability	NOUN
ajm-7108	153	32	or	or	CCONJ
ajm-7108	153	33	shareholder	shareholder	NOUN
ajm-7108	153	34	wealth	wealth	NOUN
ajm-7108	153	35	maximization	maximization	PROPN
ajm-7108	153	36	)	)	PUNCT
ajm-7108	153	37	or	or	CCONJ
ajm-7108	153	38	the	the	DET
ajm-7108	153	39	difference	difference	NOUN
ajm-7108	153	40	in	in	ADP
ajm-7108	153	41	perspectives	perspective	NOUN
ajm-7108	153	42	on	on	ADP
ajm-7108	153	43	environmental	environmental	ADJ
ajm-7108	153	44	issues	issue	NOUN
ajm-7108	153	45	between	between	ADP
ajm-7108	153	46	male	male	ADJ
ajm-7108	153	47	and	and	CCONJ
ajm-7108	153	48	female	female	ADJ
ajm-7108	153	49	board	board	NOUN
ajm-7108	153	50	members	member	NOUN
ajm-7108	153	51	is	be	AUX
ajm-7108	153	52	not	not	PART
ajm-7108	153	53	as	as	ADV
ajm-7108	153	54	significant	significant	ADJ
ajm-7108	153	55	as	as	SCONJ
ajm-7108	153	56	expected	expect	VERB
ajm-7108	153	57	(	(	PUNCT
ajm-7108	153	58	prado	prado	PROPN
ajm-7108	153	59	-	-	PUNCT
ajm-7108	153	60	lorenzo	lorenzo	PROPN
ajm-7108	153	61	et	et	PROPN
ajm-7108	153	62	al	al	PROPN
ajm-7108	153	63	.	.	PROPN
ajm-7108	153	64	,	,	PUNCT
ajm-7108	153	65	2010	2010	NUM
ajm-7108	153	66	;	;	PUNCT
ajm-7108	153	67	adams	adams	PROPN
ajm-7108	153	68	et	et	PROPN
ajm-7108	153	69	al	al	PROPN
ajm-7108	153	70	.	.	PROPN
ajm-7108	153	71	,	,	PUNCT
ajm-7108	153	72	2012	2012	NUM
ajm-7108	153	73	;	;	PUNCT
ajm-7108	153	74	altunbas	altunbas	PROPN
ajm-7108	153	75	et	et	PROPN
ajm-7108	153	76	al	al	PROPN
ajm-7108	153	77	.	.	PROPN
ajm-7108	153	78	,	,	PUNCT
ajm-7108	153	79	2022	2022	NUM
ajm-7108	153	80	)	)	PUNCT
ajm-7108	153	81	.	.	PUNCT
ajm-7108	154	1	this	this	DET
ajm-7108	154	2	paper	paper	NOUN
ajm-7108	154	3	also	also	ADV
ajm-7108	154	4	expands	expand	VERB
ajm-7108	154	5	upon	upon	SCONJ
ajm-7108	154	6	a	a	DET
ajm-7108	154	7	study	study	NOUN
ajm-7108	154	8	by	by	ADP
ajm-7108	154	9	park	park	NOUN
ajm-7108	154	10	et	et	PROPN
ajm-7108	154	11	al	al	PROPN
ajm-7108	154	12	.	.	PROPN
ajm-7108	155	1	(	(	PUNCT
ajm-7108	155	2	2022	2022	NUM
ajm-7108	155	3	)	)	PUNCT
ajm-7108	155	4	,	,	PUNCT
ajm-7108	155	5	which	which	PRON
ajm-7108	155	6	shows	show	VERB
ajm-7108	155	7	insignificant	insignificant	ADJ
ajm-7108	155	8	evidence	evidence	NOUN
ajm-7108	155	9	on	on	ADP
ajm-7108	155	10	the	the	DET
ajm-7108	155	11	relationship	relationship	NOUN
ajm-7108	155	12	between	between	ADP
ajm-7108	155	13	gender	gender	NOUN
ajm-7108	155	14	board	board	NOUN
ajm-7108	155	15	diversity	diversity	NOUN
ajm-7108	155	16	and	and	CCONJ
ajm-7108	155	17	firms	firm	NOUN
ajm-7108	155	18	’	'	PUNCT
ajm-7108	155	19	carbon	carbon	NOUN
ajm-7108	155	20	offset	offset	VERB
ajm-7108	155	21	purchases	purchase	NOUN
ajm-7108	155	22	in	in	ADP
ajm-7108	155	23	south	south	PROPN
ajm-7108	155	24	korea	korea	PROPN
ajm-7108	155	25	between	between	ADP
ajm-7108	155	26	2011	2011	NUM
ajm-7108	155	27	-	-	SYM
ajm-7108	155	28	2019	2019	NUM
ajm-7108	155	29	.	.	PUNCT
ajm-7108	156	1	our	our	PRON
ajm-7108	156	2	paper	paper	NOUN
ajm-7108	156	3	expands	expand	VERB
ajm-7108	156	4	upon	upon	SCONJ
ajm-7108	156	5	the	the	DET
ajm-7108	156	6	narrow	narrow	ADJ
ajm-7108	156	7	single	single	ADJ
ajm-7108	156	8	-	-	PUNCT
ajm-7108	156	9	country	country	NOUN
ajm-7108	156	10	focus	focus	NOUN
ajm-7108	156	11	in	in	ADP
ajm-7108	156	12	park	park	NOUN
ajm-7108	156	13	et	et	PROPN
ajm-7108	156	14	al	al	PROPN
ajm-7108	156	15	.	.	PROPN
ajm-7108	157	1	(	(	PUNCT
ajm-7108	157	2	2022	2022	NUM
ajm-7108	157	3	)	)	PUNCT
ajm-7108	157	4	by	by	ADP
ajm-7108	157	5	examining	examine	VERB
ajm-7108	157	6	a	a	DET
ajm-7108	157	7	multi	multi	ADJ
ajm-7108	157	8	-	-	ADJ
ajm-7108	157	9	country	country	ADJ
ajm-7108	157	10	dataset	dataset	NOUN
ajm-7108	157	11	comprised	comprise	VERB
ajm-7108	157	12	of	of	ADP
ajm-7108	157	13	over	over	ADP
ajm-7108	157	14	fifteen	fifteen	NUM
ajm-7108	157	15	countries	country	NOUN
ajm-7108	157	16	across	across	ADP
ajm-7108	157	17	europe	europe	PROPN
ajm-7108	157	18	and	and	CCONJ
ajm-7108	157	19	north	north	PROPN
ajm-7108	157	20	america	america	PROPN
ajm-7108	157	21	.	.	PUNCT
ajm-7108	158	1	while	while	SCONJ
ajm-7108	158	2	board	board	NOUN
ajm-7108	158	3	gender	gender	NOUN
ajm-7108	158	4	diversity	diversity	NOUN
ajm-7108	158	5	is	be	AUX
ajm-7108	158	6	virtually	virtually	ADV
ajm-7108	158	7	non	non	ADJ
ajm-7108	158	8	-	-	ADJ
ajm-7108	158	9	existent	existent	ADJ
ajm-7108	158	10	in	in	ADP
ajm-7108	158	11	south	south	PROPN
ajm-7108	158	12	korea	korea	PROPN
ajm-7108	158	13	(	(	PUNCT
ajm-7108	158	14	park	park	NOUN
ajm-7108	158	15	et	et	PROPN
ajm-7108	158	16	al	al	PROPN
ajm-7108	158	17	.	.	PROPN
ajm-7108	158	18	,	,	PUNCT
ajm-7108	158	19	2022	2022	NUM
ajm-7108	158	20	)	)	PUNCT
ajm-7108	158	21	,	,	PUNCT
ajm-7108	158	22	we	we	PRON
ajm-7108	158	23	expect	expect	VERB
ajm-7108	158	24	to	to	PART
ajm-7108	158	25	find	find	VERB
ajm-7108	158	26	that	that	SCONJ
ajm-7108	158	27	our	our	PRON
ajm-7108	158	28	wider	wide	ADJ
ajm-7108	158	29	range	range	NOUN
ajm-7108	158	30	of	of	ADP
ajm-7108	158	31	developed	develop	VERB
ajm-7108	158	32	-	-	PUNCT
ajm-7108	158	33	country	country	NOUN
ajm-7108	158	34	markets	market	NOUN
ajm-7108	158	35	could	could	AUX
ajm-7108	158	36	consist	consist	VERB
ajm-7108	158	37	of	of	ADP
ajm-7108	158	38	firms	firm	NOUN
ajm-7108	158	39	with	with	ADP
ajm-7108	158	40	greater	great	ADJ
ajm-7108	158	41	diversity	diversity	NOUN
ajm-7108	158	42	of	of	ADP
ajm-7108	158	43	corporate	corporate	ADJ
ajm-7108	158	44	leadership	leadership	NOUN
ajm-7108	158	45	.	.	PUNCT
ajm-7108	159	1	furthermore	furthermore	ADV
ajm-7108	159	2	,	,	PUNCT
ajm-7108	159	3	this	this	DET
ajm-7108	159	4	paper	paper	NOUN
ajm-7108	159	5	expands	expand	VERB
ajm-7108	159	6	on	on	ADP
ajm-7108	159	7	the	the	DET
ajm-7108	159	8	role	role	NOUN
ajm-7108	159	9	of	of	ADP
ajm-7108	159	10	board	board	NOUN
ajm-7108	159	11	gender	gender	NOUN
ajm-7108	159	12	diversity	diversity	NOUN
ajm-7108	159	13	by	by	ADP
ajm-7108	159	14	exploring	explore	VERB
ajm-7108	159	15	the	the	DET
ajm-7108	159	16	effects	effect	NOUN
ajm-7108	159	17	on	on	ADP
ajm-7108	159	18	renewable	renewable	ADJ
ajm-7108	159	19	energy	energy	NOUN
ajm-7108	159	20	certificates	certificate	NOUN
ajm-7108	159	21	,	,	PUNCT
ajm-7108	159	22	which	which	PRON
ajm-7108	159	23	is	be	AUX
ajm-7108	159	24	a	a	DET
ajm-7108	159	25	new	new	ADJ
ajm-7108	159	26	environmental	environmental	ADJ
ajm-7108	159	27	dimension	dimension	NOUN
ajm-7108	159	28	that	that	PRON
ajm-7108	159	29	park	park	NOUN
ajm-7108	159	30	et	et	PROPN
ajm-7108	159	31	al	al	PROPN
ajm-7108	159	32	.	.	PROPN
ajm-7108	160	1	(	(	PUNCT
ajm-7108	160	2	2022	2022	NUM
ajm-7108	160	3	)	)	PUNCT
ajm-7108	160	4	do	do	AUX
ajm-7108	160	5	not	not	PART
ajm-7108	160	6	consider	consider	VERB
ajm-7108	160	7	.	.	PUNCT
ajm-7108	161	1	this	this	DET
ajm-7108	161	2	paper	paper	NOUN
ajm-7108	161	3	also	also	ADV
ajm-7108	161	4	employs	employ	VERB
ajm-7108	161	5	a	a	DET
ajm-7108	161	6	more	more	ADV
ajm-7108	161	7	robust	robust	ADJ
ajm-7108	161	8	instrumental	instrumental	ADJ
ajm-7108	161	9	variable	variable	ADJ
ajm-7108	161	10	approach	approach	NOUN
ajm-7108	161	11	than	than	ADP
ajm-7108	161	12	park	park	NOUN
ajm-7108	161	13	et	et	PROPN
ajm-7108	161	14	al	al	PROPN
ajm-7108	161	15	.	.	PROPN
ajm-7108	162	1	(	(	PUNCT
ajm-7108	162	2	2022	2022	NUM
ajm-7108	162	3	)	)	PUNCT
ajm-7108	162	4	to	to	PART
ajm-7108	162	5	account	account	VERB
ajm-7108	162	6	for	for	ADP
ajm-7108	162	7	potential	potential	ADJ
ajm-7108	162	8	endogeneity	endogeneity	NOUN
ajm-7108	162	9	concerns	concern	NOUN
ajm-7108	162	10	(	(	PUNCT
ajm-7108	162	11	e.g.	e.g.	ADV
ajm-7108	162	12	,	,	PUNCT
ajm-7108	162	13	omitted	omit	VERB
ajm-7108	162	14	variables	variable	NOUN
ajm-7108	162	15	may	may	AUX
ajm-7108	162	16	drive	drive	VERB
ajm-7108	162	17	the	the	DET
ajm-7108	162	18	positive	positive	ADJ
ajm-7108	162	19	relationship	relationship	NOUN
ajm-7108	162	20	between	between	ADP
ajm-7108	162	21	women	woman	NOUN
ajm-7108	162	22	on	on	ADP
ajm-7108	162	23	the	the	DET
ajm-7108	162	24	board	board	NOUN
ajm-7108	162	25	and	and	CCONJ
ajm-7108	162	26	firms	firm	NOUN
ajm-7108	162	27	’	’	PART
ajm-7108	162	28	purchases	purchase	NOUN
ajm-7108	162	29	of	of	ADP
ajm-7108	162	30	carbon	carbon	NOUN
ajm-7108	162	31	offsets	offset	NOUN
ajm-7108	162	32	or	or	CCONJ
ajm-7108	162	33	recs).10	recs).10	VERB
ajm-7108	162	34	while	while	SCONJ
ajm-7108	162	35	this	this	DET
ajm-7108	162	36	paper	paper	NOUN
ajm-7108	162	37	also	also	ADV
ajm-7108	162	38	investigates	investigate	VERB
ajm-7108	162	39	the	the	DET
ajm-7108	162	40	link	link	NOUN
ajm-7108	162	41	between	between	ADP
ajm-7108	162	42	gender	gender	NOUN
ajm-7108	162	43	board	board	NOUN
ajm-7108	162	44	diversity	diversity	NOUN
ajm-7108	162	45	and	and	CCONJ
ajm-7108	162	46	environmental	environmental	ADJ
ajm-7108	162	47	outcomes	outcome	NOUN
ajm-7108	162	48	,	,	PUNCT
ajm-7108	162	49	the	the	DET
ajm-7108	162	50	focus	focus	NOUN
ajm-7108	162	51	on	on	ADP
ajm-7108	162	52	carbon	carbon	NOUN
ajm-7108	162	53	offsets	offset	NOUN
ajm-7108	162	54	and	and	CCONJ
ajm-7108	162	55	recs	rec	NOUN
ajm-7108	162	56	is	be	AUX
ajm-7108	162	57	new	new	ADJ
ajm-7108	162	58	to	to	ADP
ajm-7108	162	59	the	the	DET
ajm-7108	162	60	literature	literature	NOUN
ajm-7108	162	61	.	.	PUNCT
ajm-7108	163	1	our	our	PRON
ajm-7108	163	2	findings	finding	NOUN
ajm-7108	163	3	contribute	contribute	VERB
ajm-7108	163	4	to	to	ADP
ajm-7108	163	5	the	the	DET
ajm-7108	163	6	extant	extant	ADJ
ajm-7108	163	7	literature	literature	NOUN
ajm-7108	163	8	by	by	ADP
ajm-7108	163	9	demonstrating	demonstrate	VERB
ajm-7108	163	10	whether	whether	SCONJ
ajm-7108	163	11	gender	gender	NOUN
ajm-7108	163	12	board	board	NOUN
ajm-7108	163	13	diversity	diversity	NOUN
ajm-7108	163	14	plays	play	VERB
ajm-7108	163	15	a	a	DET
ajm-7108	163	16	role	role	NOUN
ajm-7108	163	17	in	in	ADP
ajm-7108	163	18	environmental	environmental	ADJ
ajm-7108	163	19	initiatives	initiative	NOUN
ajm-7108	163	20	such	such	ADJ
ajm-7108	163	21	as	as	ADP
ajm-7108	163	22	carbon	carbon	NOUN
ajm-7108	163	23	offsetting	offsetting	NOUN
ajm-7108	163	24	and	and	CCONJ
ajm-7108	163	25	investment	investment	NOUN
ajm-7108	163	26	in	in	ADP
ajm-7108	163	27	green	green	ADJ
ajm-7108	163	28	energy	energy	NOUN
ajm-7108	163	29	.	.	PUNCT
ajm-7108	164	1	research	research	NOUN
ajm-7108	164	2	design	design	NOUN
ajm-7108	164	3	sample	sample	NOUN
ajm-7108	164	4	data	datum	NOUN
ajm-7108	164	5	source	source	NOUN
ajm-7108	164	6	the	the	DET
ajm-7108	164	7	data	data	NOUN
ajm-7108	164	8	sample	sample	NOUN
ajm-7108	164	9	used	use	VERB
ajm-7108	164	10	in	in	ADP
ajm-7108	164	11	the	the	DET
ajm-7108	164	12	following	follow	VERB
ajm-7108	164	13	empirical	empirical	ADJ
ajm-7108	164	14	analysis	analysis	NOUN
ajm-7108	164	15	includes	include	VERB
ajm-7108	164	16	annual	annual	ADJ
ajm-7108	164	17	data	datum	NOUN
ajm-7108	164	18	on	on	ADP
ajm-7108	164	19	north	north	ADJ
ajm-7108	164	20	american	american	ADJ
ajm-7108	164	21	firms	firm	NOUN
ajm-7108	164	22	from	from	ADP
ajm-7108	164	23	the	the	DET
ajm-7108	164	24	russell	russell	PROPN
ajm-7108	164	25	3000	3000	NUM
ajm-7108	164	26	index	index	NOUN
ajm-7108	164	27	and	and	CCONJ
ajm-7108	164	28	european	european	ADJ
ajm-7108	164	29	firms	firm	NOUN
ajm-7108	164	30	from	from	ADP
ajm-7108	164	31	the	the	DET
ajm-7108	164	32	stoxx	stoxx	PROPN
ajm-7108	164	33	europe	europe	PROPN
ajm-7108	164	34	600	600	NUM
ajm-7108	164	35	index	index	NOUN
ajm-7108	164	36	from	from	ADP
ajm-7108	164	37	2012	2012	NUM
ajm-7108	164	38	to	to	ADP
ajm-7108	164	39	2022	2022	NUM
ajm-7108	164	40	.	.	PUNCT
ajm-7108	165	1	in	in	ADP
ajm-7108	165	2	order	order	NOUN
ajm-7108	165	3	to	to	PART
ajm-7108	165	4	avoid	avoid	VERB
ajm-7108	165	5	selection	selection	NOUN
ajm-7108	165	6	bias	bias	NOUN
ajm-7108	165	7	in	in	ADP
ajm-7108	165	8	our	our	PRON
ajm-7108	165	9	data	data	NOUN
ajm-7108	165	10	sample	sample	NOUN
ajm-7108	165	11	,	,	PUNCT
ajm-7108	165	12	firms	firm	NOUN
ajm-7108	165	13	are	be	AUX
ajm-7108	165	14	selected	select	VERB
ajm-7108	165	15	from	from	ADP
ajm-7108	165	16	these	these	DET
ajm-7108	165	17	two	two	NUM
ajm-7108	165	18	indexes	index	NOUN
ajm-7108	165	19	as	as	SCONJ
ajm-7108	165	20	they	they	PRON
ajm-7108	165	21	both	both	PRON
ajm-7108	165	22	consist	consist	VERB
ajm-7108	165	23	of	of	ADP
ajm-7108	165	24	the	the	DET
ajm-7108	165	25	broadest	broad	ADJ
ajm-7108	165	26	range	range	NOUN
ajm-7108	165	27	of	of	ADP
ajm-7108	165	28	small	small	ADJ
ajm-7108	165	29	,	,	PUNCT
ajm-7108	165	30	medium	medium	ADJ
ajm-7108	165	31	,	,	PUNCT
ajm-7108	165	32	or	or	CCONJ
ajm-7108	165	33	large	large	ADJ
ajm-7108	165	34	capitalization	capitalization	NOUN
ajm-7108	165	35	firms	firm	NOUN
ajm-7108	165	36	in	in	ADP
ajm-7108	165	37	north	north	PROPN
ajm-7108	165	38	america	america	PROPN
ajm-7108	165	39	or	or	CCONJ
ajm-7108	165	40	europe11	europe11	VERB
ajm-7108	165	41	.	.	PUNCT
ajm-7108	166	1	the	the	DET
ajm-7108	166	2	data	data	NOUN
ajm-7108	166	3	is	be	AUX
ajm-7108	166	4	sourced	source	VERB
ajm-7108	166	5	from	from	ADP
ajm-7108	166	6	bloomberg	bloomberg	PROPN
ajm-7108	166	7	,	,	PUNCT
ajm-7108	166	8	which	which	PRON
ajm-7108	166	9	reports	report	VERB
ajm-7108	166	10	financial	financial	ADJ
ajm-7108	166	11	,	,	PUNCT
ajm-7108	166	12	environmental	environmental	ADJ
ajm-7108	166	13	,	,	PUNCT
ajm-7108	166	14	and	and	CCONJ
ajm-7108	166	15	governance	governance	NOUN
ajm-7108	166	16	data	datum	NOUN
ajm-7108	166	17	for	for	ADP
ajm-7108	166	18	any	any	DET
ajm-7108	166	19	global	global	ADJ
ajm-7108	166	20	,	,	PUNCT
ajm-7108	166	21	publicly	publicly	ADV
ajm-7108	166	22	traded	trade	VERB
ajm-7108	166	23	firms	firm	NOUN
ajm-7108	166	24	based	base	VERB
ajm-7108	166	25	on	on	ADP
ajm-7108	166	26	corporate	corporate	ADJ
ajm-7108	166	27	financial	financial	ADJ
ajm-7108	166	28	reports	report	NOUN
ajm-7108	166	29	,	,	PUNCT
ajm-7108	166	30	environmental	environmental	ADJ
ajm-7108	166	31	reports	report	NOUN
ajm-7108	166	32	,	,	PUNCT
ajm-7108	166	33	real	real	ADJ
ajm-7108	166	34	time	time	NOUN
ajm-7108	166	35	market	market	NOUN
ajm-7108	166	36	data	datum	NOUN
ajm-7108	166	37	,	,	PUNCT
ajm-7108	166	38	and	and	CCONJ
ajm-7108	166	39	voluntary	voluntary	ADJ
ajm-7108	166	40	disclosed	disclose	VERB
ajm-7108	166	41	data	datum	NOUN
ajm-7108	166	42	reported	report	VERB
ajm-7108	166	43	directly	directly	ADV
ajm-7108	166	44	by	by	ADP
ajm-7108	166	45	firms	firm	NOUN
ajm-7108	166	46	.	.	PUNCT
ajm-7108	167	1	our	our	PRON
ajm-7108	167	2	final	final	ADJ
ajm-7108	167	3	sample	sample	NOUN
ajm-7108	167	4	consists	consist	VERB
ajm-7108	167	5	of	of	ADP
ajm-7108	167	6	561	561	NUM
ajm-7108	167	7	firms	firm	NOUN
ajm-7108	167	8	or	or	CCONJ
ajm-7108	167	9	6171	6171	NUM
ajm-7108	167	10	firm	firm	ADJ
ajm-7108	167	11	-	-	PUNCT
ajm-7108	167	12	year	year	NOUN
ajm-7108	167	13	observations	observation	NOUN
ajm-7108	167	14	,	,	PUNCT
ajm-7108	167	15	which	which	PRON
ajm-7108	167	16	all	all	PRON
ajm-7108	167	17	have	have	VERB
ajm-7108	167	18	non	non	ADJ
ajm-7108	167	19	-	-	ADJ
ajm-7108	167	20	missing	missing	ADJ
ajm-7108	167	21	data	datum	NOUN
ajm-7108	167	22	for	for	ADP
ajm-7108	167	23	their	their	PRON
ajm-7108	167	24	ghg	ghg	PROPN
ajm-7108	167	25	emissions	emission	NOUN
ajm-7108	167	26	.	.	PUNCT
ajm-7108	168	1	from	from	ADP
ajm-7108	168	2	this	this	DET
ajm-7108	168	3	sample	sample	NOUN
ajm-7108	168	4	,	,	PUNCT
ajm-7108	168	5	131	131	NUM
ajm-7108	168	6	firms	firm	NOUN
ajm-7108	168	7	that	that	PRON
ajm-7108	168	8	have	have	AUX
ajm-7108	168	9	purchased	purchase	VERB
ajm-7108	168	10	carbon	carbon	NOUN
ajm-7108	168	11	offsets	offset	NOUN
ajm-7108	168	12	(	(	PUNCT
ajm-7108	168	13	representing	represent	VERB
ajm-7108	168	14	23	23	NUM
ajm-7108	168	15	%	%	NOUN
ajm-7108	168	16	of	of	ADP
ajm-7108	168	17	the	the	DET
ajm-7108	168	18	sample	sample	NOUN
ajm-7108	168	19	)	)	PUNCT
ajm-7108	168	20	and	and	CCONJ
ajm-7108	168	21	117	117	NUM
ajm-7108	168	22	have	have	AUX
ajm-7108	168	23	purchased	purchase	VERB
ajm-7108	168	24	recs	rec	NOUN
ajm-7108	168	25	(	(	PUNCT
ajm-7108	168	26	21	21	NUM
ajm-7108	168	27	%	%	NOUN
ajm-7108	168	28	of	of	ADP
ajm-7108	168	29	the	the	DET
ajm-7108	168	30	sample	sample	NOUN
ajm-7108	168	31	)	)	PUNCT
ajm-7108	168	32	.	.	PUNCT
ajm-7108	169	1	empirical	empirical	ADJ
ajm-7108	169	2	model	model	NOUN
ajm-7108	169	3	and	and	CCONJ
ajm-7108	169	4	variables	variable	NOUN
ajm-7108	169	5	carbon	carbon	NOUN
ajm-7108	169	6	offsets	offset	NOUN
ajm-7108	169	7	,	,	PUNCT
ajm-7108	169	8	recs	rec	NOUN
ajm-7108	169	9	,	,	PUNCT
ajm-7108	169	10	and	and	CCONJ
ajm-7108	169	11	firm	firm	ADJ
ajm-7108	169	12	performance	performance	NOUN
ajm-7108	169	13	the	the	DET
ajm-7108	169	14	first	first	ADJ
ajm-7108	169	15	part	part	NOUN
ajm-7108	169	16	of	of	ADP
ajm-7108	169	17	our	our	PRON
ajm-7108	169	18	analysis	analysis	NOUN
ajm-7108	169	19	focuses	focus	VERB
ajm-7108	169	20	on	on	ADP
ajm-7108	169	21	how	how	SCONJ
ajm-7108	169	22	the	the	DET
ajm-7108	169	23	purchase	purchase	NOUN
ajm-7108	169	24	of	of	ADP
ajm-7108	169	25	carbon	carbon	NOUN
ajm-7108	169	26	offsets	offset	NOUN
ajm-7108	169	27	or	or	CCONJ
ajm-7108	169	28	recs	recs	NOUN
ajm-7108	169	29	affects	affect	VERB
ajm-7108	169	30	firm	firm	ADJ
ajm-7108	169	31	-	-	PUNCT
ajm-7108	169	32	level	level	NOUN
ajm-7108	169	33	outcomes	outcome	NOUN
ajm-7108	169	34	,	,	PUNCT
ajm-7108	169	35	such	such	ADJ
ajm-7108	169	36	as	as	ADP
ajm-7108	169	37	environmental	environmental	ADJ
ajm-7108	169	38	and	and	CCONJ
ajm-7108	169	39	financial	financial	ADJ
ajm-7108	169	40	performance	performance	NOUN
ajm-7108	169	41	.	.	PUNCT
ajm-7108	170	1	in	in	ADP
ajm-7108	170	2	particular	particular	ADJ
ajm-7108	170	3	,	,	PUNCT
ajm-7108	170	4	this	this	DET
ajm-7108	170	5	paper	paper	NOUN
ajm-7108	170	6	evaluates	evaluate	VERB
ajm-7108	170	7	whether	whether	SCONJ
ajm-7108	170	8	carbon	carbon	NOUN
ajm-7108	170	9	offsets	offset	NOUN
ajm-7108	170	10	or	or	CCONJ
ajm-7108	170	11	recs	rec	NOUN
ajm-7108	170	12	affect	affect	VERB
ajm-7108	170	13	firms	firm	NOUN
ajm-7108	170	14	’	'	PUNCT
ajm-7108	170	15	:	:	PUNCT
ajm-7108	170	16	1	1	X
ajm-7108	170	17	)	)	PUNCT
ajm-7108	170	18	level	level	NOUN
ajm-7108	170	19	of	of	ADP
ajm-7108	170	20	ghg	ghg	PROPN
ajm-7108	170	21	emissions	emission	NOUN
ajm-7108	170	22	;	;	PUNCT
ajm-7108	170	23	2	2	X
ajm-7108	170	24	)	)	PUNCT
ajm-7108	170	25	total	total	ADJ
ajm-7108	170	26	renewable	renewable	ADJ
ajm-7108	170	27	energy	energy	NOUN
ajm-7108	170	28	consumption	consumption	NOUN
ajm-7108	170	29	;	;	PUNCT
ajm-7108	170	30	3	3	X
ajm-7108	170	31	)	)	PUNCT
ajm-7108	170	32	environmental	environmental	ADJ
ajm-7108	170	33	score	score	NOUN
ajm-7108	170	34	;	;	PUNCT
ajm-7108	170	35	and	and	CCONJ
ajm-7108	170	36	4	4	X
ajm-7108	170	37	)	)	PUNCT
ajm-7108	170	38	financial	financial	ADJ
ajm-7108	170	39	performance	performance	NOUN
ajm-7108	170	40	.	.	PUNCT
ajm-7108	171	1	the	the	DET
ajm-7108	171	2	following	follow	VERB
ajm-7108	171	3	models	model	NOUN
ajm-7108	171	4	are	be	AUX
ajm-7108	171	5	employed	employ	VERB
ajm-7108	171	6	:	:	PUNCT
ajm-7108	171	7	𝐺𝐻𝐺𝐸𝑚𝑖𝑠𝑠𝑖𝑜𝑛𝑠𝑖𝑓𝑗𝑡	𝐺𝐻𝐺𝐸𝑚𝑖𝑠𝑠𝑖𝑜𝑛𝑠𝑖𝑓𝑗𝑡	NOUN
ajm-7108	171	8	=	=	SYM
ajm-7108	171	9	𝑎	𝑎	NOUN
ajm-7108	171	10	+	+	X
ajm-7108	171	11	𝛽1𝐶𝑎𝑟𝑏𝑜𝑛𝑂𝑓𝑓𝑠𝑒𝑡𝑖,𝑡−1	𝛽1𝐶𝑎𝑟𝑏𝑜𝑛𝑂𝑓𝑓𝑠𝑒𝑡𝑖,𝑡−1	PUNCT
ajm-7108	171	12	+	+	CCONJ
ajm-7108	171	13	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	PROPN
ajm-7108	171	14	+	+	CCONJ
ajm-7108	171	15	𝛾𝑓	𝛾𝑓	NOUN
ajm-7108	171	16	+	+	CCONJ
ajm-7108	171	17	휁𝑗	휁𝑗	PRON
ajm-7108	171	18	+	+	NOUN
ajm-7108	171	19	𝛿𝑡	𝛿𝑡	NOUN
ajm-7108	171	20	+	+	CCONJ
ajm-7108	171	21	휀𝑖𝑓𝑗𝑡	휀𝑖𝑓𝑗𝑡	NOUN
ajm-7108	171	22	(	(	PUNCT
ajm-7108	171	23	1	1	NUM
ajm-7108	171	24	)	)	PUNCT
ajm-7108	171	25	𝐺𝐻𝐺𝐸𝑚𝑖𝑠𝑠𝑖𝑜𝑛𝑠𝑖𝑓𝑗𝑡	𝐺𝐻𝐺𝐸𝑚𝑖𝑠𝑠𝑖𝑜𝑛𝑠𝑖𝑓𝑗𝑡	NOUN
ajm-7108	171	26	=	=	SYM
ajm-7108	171	27	𝑎	𝑎	NOUN
ajm-7108	172	1	+	+	X
ajm-7108	172	2	𝛽1𝑅𝐸𝐶𝑖,𝑡−1	𝛽1𝑅𝐸𝐶𝑖,𝑡−1	NOUN
ajm-7108	172	3	+	+	CCONJ
ajm-7108	172	4	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	PROPN
ajm-7108	172	5	+	+	CCONJ
ajm-7108	172	6	𝛾𝑓	𝛾𝑓	NOUN
ajm-7108	172	7	+	+	CCONJ
ajm-7108	172	8	휁𝑗	휁𝑗	PRON
ajm-7108	172	9	+	+	NOUN
ajm-7108	172	10	𝛿𝑡	𝛿𝑡	NOUN
ajm-7108	172	11	+	+	CCONJ
ajm-7108	172	12	휀𝑖𝑓𝑗𝑡	휀𝑖𝑓𝑗𝑡	NOUN
ajm-7108	172	13	(	(	PUNCT
ajm-7108	172	14	2	2	NUM
ajm-7108	172	15	)	)	PUNCT
ajm-7108	172	16	𝑅𝑒𝑛𝑒𝑤𝑎𝑏𝑙𝑒𝐸𝑛𝑒𝑟𝑔𝑦𝑈𝑠𝑒𝑖𝑓𝑗𝑡	𝑅𝑒𝑛𝑒𝑤𝑎𝑏𝑙𝑒𝐸𝑛𝑒𝑟𝑔𝑦𝑈𝑠𝑒𝑖𝑓𝑗𝑡	PUNCT
ajm-7108	173	1	=	=	SYM
ajm-7108	173	2	𝑎	𝑎	PRON
ajm-7108	173	3	+	+	X
ajm-7108	173	4	𝛽1𝑅𝐸𝐶𝑖,𝑡−1	𝛽1𝑅𝐸𝐶𝑖,𝑡−1	NOUN
ajm-7108	173	5	+	+	CCONJ
ajm-7108	173	6	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	PROPN
ajm-7108	173	7	+	+	CCONJ
ajm-7108	173	8	𝛾𝑓	𝛾𝑓	NOUN
ajm-7108	173	9	+	+	CCONJ
ajm-7108	173	10	휁𝑗	휁𝑗	PRON
ajm-7108	173	11	+	+	NOUN
ajm-7108	173	12	𝛿𝑡	𝛿𝑡	NOUN
ajm-7108	173	13	+	+	CCONJ
ajm-7108	173	14	휀𝑖𝑓𝑗𝑡	휀𝑖𝑓𝑗𝑡	NOUN
ajm-7108	173	15	(	(	PUNCT
ajm-7108	173	16	3	3	NUM
ajm-7108	173	17	)	)	PUNCT
ajm-7108	173	18	24	24	NUM
ajm-7108	173	19	american	american	ADJ
ajm-7108	173	20	journal	journal	PROPN
ajm-7108	173	21	of	of	ADP
ajm-7108	173	22	management	management	NOUN
ajm-7108	173	23	vol	vol	NOUN
ajm-7108	173	24	.	.	PUNCT
ajm-7108	174	1	24(2	24(2	NUM
ajm-7108	174	2	)	)	PUNCT
ajm-7108	174	3	2024	2024	NUM
ajm-7108	174	4	𝐸𝑛𝑣𝑆𝑐𝑜𝑟𝑒𝑖𝑓𝑗𝑡	𝐸𝑛𝑣𝑆𝑐𝑜𝑟𝑒𝑖𝑓𝑗𝑡	PROPN
ajm-7108	174	5	=	=	PUNCT
ajm-7108	174	6	𝑎	𝑎	DET
ajm-7108	174	7	+	+	X
ajm-7108	174	8	𝛽1𝐶𝑎𝑟𝑏𝑜𝑛𝑂𝑓𝑓𝑠𝑒𝑡𝑖,𝑡−1	𝛽1𝐶𝑎𝑟𝑏𝑜𝑛𝑂𝑓𝑓𝑠𝑒𝑡𝑖,𝑡−1	PUNCT
ajm-7108	174	9	+	+	CCONJ
ajm-7108	174	10	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	PROPN
ajm-7108	174	11	+	+	CCONJ
ajm-7108	174	12	𝛾𝑓	𝛾𝑓	NOUN
ajm-7108	174	13	+	+	CCONJ
ajm-7108	174	14	휁𝑗	휁𝑗	PRON
ajm-7108	174	15	+	+	NOUN
ajm-7108	174	16	𝛿𝑡	𝛿𝑡	NOUN
ajm-7108	174	17	+	+	CCONJ
ajm-7108	174	18	휀𝑖𝑓𝑗𝑡	휀𝑖𝑓𝑗𝑡	NOUN
ajm-7108	174	19	(	(	PUNCT
ajm-7108	174	20	4	4	NUM
ajm-7108	174	21	)	)	PUNCT
ajm-7108	174	22	𝐸𝑛𝑣𝑆𝑐𝑜𝑟𝑒𝑖𝑓𝑗𝑡	𝐸𝑛𝑣𝑆𝑐𝑜𝑟𝑒𝑖𝑓𝑗𝑡	NOUN
ajm-7108	174	23	=	=	PUNCT
ajm-7108	175	1	𝑎	𝑎	DET
ajm-7108	175	2	+	+	X
ajm-7108	175	3	𝛽1𝑅𝐸𝐶𝑖,𝑡−1	𝛽1𝑅𝐸𝐶𝑖,𝑡−1	NOUN
ajm-7108	175	4	+	+	CCONJ
ajm-7108	175	5	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	PROPN
ajm-7108	175	6	+	+	CCONJ
ajm-7108	175	7	𝛾𝑓	𝛾𝑓	NOUN
ajm-7108	175	8	+	+	CCONJ
ajm-7108	175	9	휁𝑗	휁𝑗	PRON
ajm-7108	175	10	+	+	NOUN
ajm-7108	175	11	𝛿𝑡	𝛿𝑡	NOUN
ajm-7108	175	12	+	+	CCONJ
ajm-7108	175	13	휀𝑖𝑓𝑗𝑡	휀𝑖𝑓𝑗𝑡	NOUN
ajm-7108	175	14	(	(	PUNCT
ajm-7108	175	15	5	5	NUM
ajm-7108	175	16	)	)	PUNCT
ajm-7108	175	17	𝐹𝑖𝑟𝑚	𝐹𝑖𝑟𝑚	PROPN
ajm-7108	175	18	𝑃𝑒𝑟𝑓𝑜𝑟𝑚𝑎𝑛𝑐𝑒𝑖𝑓𝑗𝑡	𝑃𝑒𝑟𝑓𝑜𝑟𝑚𝑎𝑛𝑐𝑒𝑖𝑓𝑗𝑡	PROPN
ajm-7108	175	19	=	=	PROPN
ajm-7108	175	20	=	=	SYM
ajm-7108	175	21	𝑎	𝑎	NOUN
ajm-7108	175	22	+	+	X
ajm-7108	175	23	𝛽1𝐶𝑎𝑟𝑏𝑜𝑛𝑂𝑓𝑓𝑠𝑒𝑡𝑖,𝑡−1	𝛽1𝐶𝑎𝑟𝑏𝑜𝑛𝑂𝑓𝑓𝑠𝑒𝑡𝑖,𝑡−1	PUNCT
ajm-7108	175	24	+	+	CCONJ
ajm-7108	175	25	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	PROPN
ajm-7108	175	26	+	+	CCONJ
ajm-7108	175	27	𝛾𝑓	𝛾𝑓	NOUN
ajm-7108	175	28	+	+	CCONJ
ajm-7108	175	29	휁𝑗	휁𝑗	PRON
ajm-7108	175	30	+	+	NOUN
ajm-7108	175	31	𝛿𝑡	𝛿𝑡	NOUN
ajm-7108	175	32	+	+	CCONJ
ajm-7108	175	33	휀𝑖𝑓𝑗𝑡	휀𝑖𝑓𝑗𝑡	NOUN
ajm-7108	175	34	(	(	PUNCT
ajm-7108	175	35	6	6	NUM
ajm-7108	175	36	)	)	PUNCT
ajm-7108	175	37	𝐹𝑖𝑟𝑚	𝐹𝑖𝑟𝑚	PROPN
ajm-7108	175	38	𝑃𝑒𝑟𝑓𝑜𝑟𝑚𝑎𝑛𝑐𝑒𝑖𝑓𝑗𝑡	𝑃𝑒𝑟𝑓𝑜𝑟𝑚𝑎𝑛𝑐𝑒𝑖𝑓𝑗𝑡	PROPN
ajm-7108	175	39	=	=	PUNCT
ajm-7108	175	40	𝑎	𝑎	PROPN
ajm-7108	175	41	+	+	X
ajm-7108	175	42	𝛽1𝑅𝐸𝐶𝑖,𝑡−1	𝛽1𝑅𝐸𝐶𝑖,𝑡−1	NOUN
ajm-7108	175	43	+	+	CCONJ
ajm-7108	175	44	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	PROPN
ajm-7108	175	45	+	+	CCONJ
ajm-7108	175	46	𝛾𝑓	𝛾𝑓	NOUN
ajm-7108	175	47	+	+	CCONJ
ajm-7108	175	48	휁𝑗	휁𝑗	PRON
ajm-7108	175	49	+	+	NOUN
ajm-7108	175	50	𝛿𝑡	𝛿𝑡	NOUN
ajm-7108	175	51	+	+	CCONJ
ajm-7108	175	52	휀𝑖𝑓𝑗𝑡	휀𝑖𝑓𝑗𝑡	NOUN
ajm-7108	175	53	(	(	PUNCT
ajm-7108	175	54	7	7	NUM
ajm-7108	175	55	)	)	PUNCT
ajm-7108	175	56	the	the	DET
ajm-7108	175	57	dependent	dependent	ADJ
ajm-7108	175	58	variable	variable	NOUN
ajm-7108	175	59	in	in	ADP
ajm-7108	175	60	models	model	NOUN
ajm-7108	175	61	1	1	NUM
ajm-7108	175	62	and	and	CCONJ
ajm-7108	175	63	2	2	NUM
ajm-7108	175	64	is	be	AUX
ajm-7108	175	65	𝐺𝐻𝐺𝐸𝑚𝑖𝑠𝑠𝑖𝑜𝑛𝑠	𝐺𝐻𝐺𝐸𝑚𝑖𝑠𝑠𝑖𝑜𝑛𝑠	PROPN
ajm-7108	175	66	,	,	PUNCT
ajm-7108	175	67	which	which	PRON
ajm-7108	175	68	is	be	AUX
ajm-7108	175	69	the	the	DET
ajm-7108	175	70	natural	natural	ADJ
ajm-7108	175	71	log	log	NOUN
ajm-7108	175	72	of	of	ADP
ajm-7108	175	73	ghg	ghg	PROPN
ajm-7108	175	74	scope	scope	PROPN
ajm-7108	175	75	1	1	NUM
ajm-7108	175	76	emissions	emission	NOUN
ajm-7108	175	77	,	,	PUNCT
ajm-7108	175	78	ghg	ghg	PROPN
ajm-7108	175	79	scope	scope	NOUN
ajm-7108	175	80	2	2	NUM
ajm-7108	175	81	market	market	NOUN
ajm-7108	175	82	emissions	emission	NOUN
ajm-7108	175	83	,	,	PUNCT
ajm-7108	175	84	and	and	CCONJ
ajm-7108	175	85	total	total	ADJ
ajm-7108	175	86	ghg	ghg	PROPN
ajm-7108	175	87	market	market	NOUN
ajm-7108	175	88	emissions	emission	NOUN
ajm-7108	175	89	in	in	ADP
ajm-7108	175	90	a	a	DET
ajm-7108	175	91	given	give	VERB
ajm-7108	175	92	year	year	NOUN
ajm-7108	175	93	t	t	NOUN
ajm-7108	175	94	for	for	ADP
ajm-7108	175	95	a	a	DET
ajm-7108	175	96	firm	firm	ADJ
ajm-7108	175	97	i.	i.	NOUN
ajm-7108	175	98	the	the	DET
ajm-7108	175	99	dependent	dependent	ADJ
ajm-7108	175	100	variable	variable	NOUN
ajm-7108	175	101	for	for	ADP
ajm-7108	175	102	model	model	NOUN
ajm-7108	175	103	3	3	NUM
ajm-7108	175	104	is	be	AUX
ajm-7108	175	105	𝑅𝑒𝑛𝑒𝑤𝑎𝑏𝑙𝑒𝐸𝑛𝑒𝑟𝑔𝑦𝑈𝑠𝑒	𝑅𝑒𝑛𝑒𝑤𝑎𝑏𝑙𝑒𝐸𝑛𝑒𝑟𝑔𝑦𝑈𝑠𝑒	NOUN
ajm-7108	175	106	,	,	PUNCT
ajm-7108	175	107	which	which	PRON
ajm-7108	175	108	we	we	PRON
ajm-7108	175	109	measure	measure	VERB
ajm-7108	175	110	using	use	VERB
ajm-7108	175	111	2	2	NUM
ajm-7108	175	112	ways	way	NOUN
ajm-7108	175	113	including	include	VERB
ajm-7108	175	114	:	:	PUNCT
ajm-7108	175	115	1	1	NUM
ajm-7108	175	116	)	)	PUNCT
ajm-7108	175	117	the	the	DET
ajm-7108	175	118	natural	natural	ADJ
ajm-7108	175	119	logarithm	logarithm	NOUN
ajm-7108	175	120	of	of	ADP
ajm-7108	175	121	a	a	DET
ajm-7108	175	122	firm	firm	NOUN
ajm-7108	175	123	’s	’s	PART
ajm-7108	175	124	renewable	renewable	ADJ
ajm-7108	175	125	energy	energy	NOUN
ajm-7108	175	126	consumption	consumption	NOUN
ajm-7108	175	127	for	for	ADP
ajm-7108	175	128	a	a	DET
ajm-7108	175	129	given	give	VERB
ajm-7108	175	130	year	year	NOUN
ajm-7108	175	131	t	t	NOUN
ajm-7108	175	132	and	and	CCONJ
ajm-7108	175	133	2	2	NUM
ajm-7108	175	134	)	)	PUNCT
ajm-7108	175	135	renewable	renewable	ADJ
ajm-7108	175	136	energy	energy	NOUN
ajm-7108	175	137	intensity	intensity	NOUN
ajm-7108	175	138	(	(	PUNCT
ajm-7108	175	139	i.e.	i.e.	X
ajm-7108	175	140	,	,	PUNCT
ajm-7108	175	141	a	a	DET
ajm-7108	175	142	ratio	ratio	NOUN
ajm-7108	175	143	of	of	ADP
ajm-7108	175	144	a	a	DET
ajm-7108	175	145	firm	firm	NOUN
ajm-7108	175	146	’s	’s	PART
ajm-7108	175	147	renewable	renewable	ADJ
ajm-7108	175	148	energy	energy	NOUN
ajm-7108	175	149	consumption	consumption	NOUN
ajm-7108	175	150	over	over	ADP
ajm-7108	175	151	its	its	PRON
ajm-7108	175	152	total	total	ADJ
ajm-7108	175	153	energy	energy	NOUN
ajm-7108	175	154	consumption	consumption	NOUN
ajm-7108	175	155	)	)	PUNCT
ajm-7108	175	156	.	.	PUNCT
ajm-7108	176	1	in	in	ADP
ajm-7108	176	2	models	model	NOUN
ajm-7108	176	3	4	4	NUM
ajm-7108	176	4	and	and	CCONJ
ajm-7108	176	5	5	5	NUM
ajm-7108	176	6	,	,	PUNCT
ajm-7108	176	7	we	we	PRON
ajm-7108	176	8	also	also	ADV
ajm-7108	176	9	measure	measure	VERB
ajm-7108	176	10	the	the	DET
ajm-7108	176	11	effect	effect	NOUN
ajm-7108	176	12	of	of	ADP
ajm-7108	176	13	carbon	carbon	NOUN
ajm-7108	176	14	offsets	offset	NOUN
ajm-7108	176	15	on	on	ADP
ajm-7108	176	16	another	another	DET
ajm-7108	176	17	dependent	dependent	ADJ
ajm-7108	176	18	variable	variable	NOUN
ajm-7108	176	19	𝐸𝑛𝑣𝑆𝑐𝑜𝑟𝑒	𝐸𝑛𝑣𝑆𝑐𝑜𝑟𝑒	PROPN
ajm-7108	176	20	,	,	PUNCT
ajm-7108	176	21	which	which	PRON
ajm-7108	176	22	indicates	indicate	VERB
ajm-7108	176	23	the	the	DET
ajm-7108	176	24	natural	natural	ADJ
ajm-7108	176	25	logarithm	logarithm	NOUN
ajm-7108	176	26	of	of	ADP
ajm-7108	176	27	a	a	DET
ajm-7108	176	28	firm	firm	NOUN
ajm-7108	176	29	’s	’s	PART
ajm-7108	176	30	environmental	environmental	ADJ
ajm-7108	176	31	score	score	NOUN
ajm-7108	176	32	.	.	PUNCT
ajm-7108	177	1	furthermore	furthermore	ADV
ajm-7108	177	2	,	,	PUNCT
ajm-7108	177	3	we	we	PRON
ajm-7108	177	4	analyze	analyze	VERB
ajm-7108	177	5	the	the	DET
ajm-7108	177	6	effects	effect	NOUN
ajm-7108	177	7	on	on	ADP
ajm-7108	177	8	a	a	DET
ajm-7108	177	9	firm	firm	NOUN
ajm-7108	177	10	’s	’s	PART
ajm-7108	177	11	financial	financial	ADJ
ajm-7108	177	12	performance	performance	NOUN
ajm-7108	177	13	,	,	PUNCT
ajm-7108	177	14	which	which	PRON
ajm-7108	177	15	we	we	PRON
ajm-7108	177	16	measure	measure	VERB
ajm-7108	177	17	using	use	VERB
ajm-7108	177	18	log	log	NOUN
ajm-7108	177	19	sales	sale	NOUN
ajm-7108	177	20	,	,	PUNCT
ajm-7108	177	21	log	log	NOUN
ajm-7108	177	22	operating	operating	NOUN
ajm-7108	177	23	income	income	NOUN
ajm-7108	177	24	,	,	PUNCT
ajm-7108	177	25	log	log	NOUN
ajm-7108	177	26	assets	asset	NOUN
ajm-7108	177	27	,	,	PUNCT
ajm-7108	177	28	and	and	CCONJ
ajm-7108	177	29	tobin	tobin	PROPN
ajm-7108	177	30	’s	’s	PART
ajm-7108	177	31	q.	q.	PROPN
ajm-7108	177	32	the	the	DET
ajm-7108	177	33	one	one	NUM
ajm-7108	177	34	-	-	PUNCT
ajm-7108	177	35	year	year	NOUN
ajm-7108	177	36	lagged	lag	VERB
ajm-7108	177	37	independent	independent	ADJ
ajm-7108	177	38	variable	variable	NOUN
ajm-7108	177	39	in	in	ADP
ajm-7108	177	40	models	model	NOUN
ajm-7108	177	41	1	1	NUM
ajm-7108	177	42	,	,	PUNCT
ajm-7108	177	43	4	4	NUM
ajm-7108	177	44	,	,	PUNCT
ajm-7108	177	45	and	and	CCONJ
ajm-7108	177	46	6	6	NUM
ajm-7108	177	47	is	be	AUX
ajm-7108	177	48	carbonoffset	carbonoffset	NOUN
ajm-7108	177	49	,	,	PUNCT
ajm-7108	177	50	which	which	PRON
ajm-7108	177	51	is	be	AUX
ajm-7108	177	52	the	the	DET
ajm-7108	177	53	natural	natural	ADJ
ajm-7108	177	54	logarithm	logarithm	NOUN
ajm-7108	177	55	of	of	ADP
ajm-7108	177	56	the	the	DET
ajm-7108	177	57	total	total	ADJ
ajm-7108	177	58	amount	amount	NOUN
ajm-7108	177	59	of	of	ADP
ajm-7108	177	60	carbon	carbon	NOUN
ajm-7108	177	61	offsets	offset	NOUN
ajm-7108	177	62	purchased	purchase	VERB
ajm-7108	177	63	in	in	ADP
ajm-7108	177	64	thousands	thousand	NOUN
ajm-7108	177	65	of	of	ADP
ajm-7108	177	66	metric	metric	ADJ
ajm-7108	177	67	tons	ton	NOUN
ajm-7108	177	68	(	(	PUNCT
ajm-7108	177	69	co2	co2	NOUN
ajm-7108	177	70	)	)	PUNCT
ajm-7108	177	71	for	for	ADP
ajm-7108	177	72	a	a	DET
ajm-7108	177	73	given	give	VERB
ajm-7108	177	74	firm	firm	NOUN
ajm-7108	177	75	i	i	PRON
ajm-7108	177	76	in	in	ADP
ajm-7108	177	77	year	year	NOUN
ajm-7108	177	78	t.	t.	PROPN
ajm-7108	177	79	the	the	DET
ajm-7108	177	80	one	one	NUM
ajm-7108	177	81	-	-	PUNCT
ajm-7108	177	82	year	year	NOUN
ajm-7108	177	83	lagged	lag	VERB
ajm-7108	177	84	independent	independent	ADJ
ajm-7108	177	85	variable	variable	NOUN
ajm-7108	177	86	in	in	ADP
ajm-7108	177	87	models	model	NOUN
ajm-7108	177	88	2	2	NUM
ajm-7108	177	89	,	,	PUNCT
ajm-7108	177	90	3	3	NUM
ajm-7108	177	91	,	,	PUNCT
ajm-7108	177	92	5	5	NUM
ajm-7108	177	93	,	,	PUNCT
ajm-7108	177	94	and	and	CCONJ
ajm-7108	177	95	7	7	NUM
ajm-7108	177	96	is	be	AUX
ajm-7108	177	97	rec	rec	NOUN
ajm-7108	177	98	,	,	PUNCT
ajm-7108	177	99	the	the	DET
ajm-7108	177	100	natural	natural	ADJ
ajm-7108	177	101	logarithm	logarithm	NOUN
ajm-7108	177	102	of	of	ADP
ajm-7108	177	103	the	the	DET
ajm-7108	177	104	total	total	ADJ
ajm-7108	177	105	amount	amount	NOUN
ajm-7108	177	106	of	of	ADP
ajm-7108	177	107	renewable	renewable	ADJ
ajm-7108	177	108	energy	energy	NOUN
ajm-7108	177	109	certificates	certificate	NOUN
ajm-7108	177	110	purchased	purchase	VERB
ajm-7108	177	111	in	in	ADP
ajm-7108	177	112	thousands	thousand	NOUN
ajm-7108	177	113	of	of	ADP
ajm-7108	177	114	megawatt	megawatt	NOUN
ajm-7108	177	115	hours	hour	NOUN
ajm-7108	177	116	(	(	PUNCT
ajm-7108	177	117	mwh	mwh	PROPN
ajm-7108	177	118	)	)	PUNCT
ajm-7108	177	119	.	.	PUNCT
ajm-7108	178	1	table	table	NOUN
ajm-7108	178	2	1	1	NUM
ajm-7108	178	3	displays	display	VERB
ajm-7108	178	4	the	the	DET
ajm-7108	178	5	descriptions	description	NOUN
ajm-7108	178	6	of	of	ADP
ajm-7108	178	7	all	all	DET
ajm-7108	178	8	the	the	DET
ajm-7108	178	9	variables	variable	NOUN
ajm-7108	178	10	included	include	VERB
ajm-7108	178	11	in	in	ADP
ajm-7108	178	12	the	the	DET
ajm-7108	178	13	empirical	empirical	ADJ
ajm-7108	178	14	analysis	analysis	NOUN
ajm-7108	178	15	.	.	PUNCT
ajm-7108	179	1	to	to	PART
ajm-7108	179	2	address	address	VERB
ajm-7108	179	3	concerns	concern	NOUN
ajm-7108	179	4	for	for	ADP
ajm-7108	179	5	potential	potential	ADJ
ajm-7108	179	6	selection	selection	NOUN
ajm-7108	179	7	bias	bias	NOUN
ajm-7108	179	8	regarding	regard	VERB
ajm-7108	179	9	the	the	DET
ajm-7108	179	10	voluntary	voluntary	ADJ
ajm-7108	179	11	,	,	PUNCT
ajm-7108	179	12	and	and	CCONJ
ajm-7108	179	13	thus	thus	ADV
ajm-7108	179	14	non	non	ADJ
ajm-7108	179	15	-	-	ADJ
ajm-7108	179	16	random	random	ADJ
ajm-7108	179	17	,	,	PUNCT
ajm-7108	179	18	purchase	purchase	NOUN
ajm-7108	179	19	of	of	ADP
ajm-7108	179	20	recs	rec	NOUN
ajm-7108	179	21	or	or	CCONJ
ajm-7108	179	22	carbon	carbon	NOUN
ajm-7108	179	23	offsets	offset	NOUN
ajm-7108	179	24	and	and	CCONJ
ajm-7108	179	25	a	a	DET
ajm-7108	179	26	firm	firm	NOUN
ajm-7108	179	27	’s	’s	PART
ajm-7108	179	28	environmental	environmental	ADJ
ajm-7108	179	29	and	and	CCONJ
ajm-7108	179	30	financial	financial	ADJ
ajm-7108	179	31	performance	performance	NOUN
ajm-7108	179	32	,	,	PUNCT
ajm-7108	179	33	we	we	PRON
ajm-7108	179	34	use	use	VERB
ajm-7108	179	35	propensity	propensity	NOUN
ajm-7108	179	36	score	score	NOUN
ajm-7108	179	37	matching	match	VERB
ajm-7108	179	38	to	to	PART
ajm-7108	179	39	build	build	VERB
ajm-7108	179	40	a	a	DET
ajm-7108	179	41	control	control	NOUN
ajm-7108	179	42	group	group	NOUN
ajm-7108	179	43	and	and	CCONJ
ajm-7108	179	44	then	then	ADV
ajm-7108	179	45	run	run	VERB
ajm-7108	179	46	regressions	regression	NOUN
ajm-7108	179	47	on	on	ADP
ajm-7108	179	48	a	a	DET
ajm-7108	179	49	matched	match	VERB
ajm-7108	179	50	sample	sample	NOUN
ajm-7108	179	51	of	of	ADP
ajm-7108	179	52	firm	firm	ADJ
ajm-7108	179	53	-	-	PUNCT
ajm-7108	179	54	year	year	NOUN
ajm-7108	179	55	observations	observation	NOUN
ajm-7108	179	56	.	.	PUNCT
ajm-7108	180	1	we	we	PRON
ajm-7108	180	2	first	first	ADV
ajm-7108	180	3	assign	assign	NOUN
ajm-7108	180	4	firms	firm	NOUN
ajm-7108	180	5	who	who	PRON
ajm-7108	180	6	have	have	AUX
ajm-7108	180	7	purchased	purchase	VERB
ajm-7108	180	8	carbon	carbon	NOUN
ajm-7108	180	9	offsets	offset	NOUN
ajm-7108	180	10	or	or	CCONJ
ajm-7108	180	11	recs	rec	NOUN
ajm-7108	180	12	to	to	ADP
ajm-7108	180	13	the	the	DET
ajm-7108	180	14	treatment	treatment	NOUN
ajm-7108	180	15	group	group	NOUN
ajm-7108	180	16	and	and	CCONJ
ajm-7108	180	17	firms	firm	NOUN
ajm-7108	180	18	who	who	PRON
ajm-7108	180	19	have	have	AUX
ajm-7108	180	20	not	not	PART
ajm-7108	180	21	purchased	purchase	VERB
ajm-7108	180	22	anything	anything	PRON
ajm-7108	180	23	to	to	ADP
ajm-7108	180	24	the	the	DET
ajm-7108	180	25	control	control	NOUN
ajm-7108	180	26	group	group	NOUN
ajm-7108	180	27	.	.	PUNCT
ajm-7108	181	1	next	next	ADV
ajm-7108	181	2	,	,	PUNCT
ajm-7108	181	3	we	we	PRON
ajm-7108	181	4	estimate	estimate	VERB
ajm-7108	181	5	the	the	DET
ajm-7108	181	6	probability	probability	NOUN
ajm-7108	181	7	that	that	SCONJ
ajm-7108	181	8	a	a	DET
ajm-7108	181	9	firm	firm	NOUN
ajm-7108	181	10	has	have	AUX
ajm-7108	181	11	purchased	purchase	VERB
ajm-7108	181	12	carbon	carbon	NOUN
ajm-7108	181	13	offsets	offset	NOUN
ajm-7108	181	14	or	or	CCONJ
ajm-7108	181	15	recs	rec	NOUN
ajm-7108	181	16	.	.	PUNCT
ajm-7108	182	1	we	we	PRON
ajm-7108	182	2	run	run	VERB
ajm-7108	182	3	a	a	DET
ajm-7108	182	4	logit	logit	NOUN
ajm-7108	182	5	regression	regression	NOUN
ajm-7108	182	6	to	to	PART
ajm-7108	182	7	explain	explain	VERB
ajm-7108	182	8	a	a	DET
ajm-7108	182	9	dummy	dummy	ADJ
ajm-7108	182	10	variable	variable	NOUN
ajm-7108	182	11	which	which	PRON
ajm-7108	182	12	equals	equal	VERB
ajm-7108	182	13	one	one	NUM
ajm-7108	182	14	if	if	SCONJ
ajm-7108	182	15	a	a	DET
ajm-7108	182	16	firm	firm	NOUN
ajm-7108	182	17	has	have	AUX
ajm-7108	182	18	purchased	purchase	VERB
ajm-7108	182	19	carbon	carbon	NOUN
ajm-7108	182	20	offsets	offset	NOUN
ajm-7108	182	21	or	or	CCONJ
ajm-7108	182	22	recs	rec	NOUN
ajm-7108	182	23	,	,	PUNCT
ajm-7108	182	24	respectively	respectively	ADV
ajm-7108	182	25	,	,	PUNCT
ajm-7108	182	26	and	and	CCONJ
ajm-7108	182	27	zero	zero	NUM
ajm-7108	182	28	otherwise	otherwise	ADV
ajm-7108	182	29	.	.	PUNCT
ajm-7108	183	1	additionally	additionally	ADV
ajm-7108	183	2	,	,	PUNCT
ajm-7108	183	3	the	the	DET
ajm-7108	183	4	nearestneighbor	nearestneighbor	NOUN
ajm-7108	183	5	approach	approach	NOUN
ajm-7108	183	6	is	be	AUX
ajm-7108	183	7	employed	employ	VERB
ajm-7108	183	8	to	to	PART
ajm-7108	183	9	ensure	ensure	VERB
ajm-7108	183	10	that	that	SCONJ
ajm-7108	183	11	firms	firm	NOUN
ajm-7108	183	12	in	in	ADP
ajm-7108	183	13	the	the	DET
ajm-7108	183	14	treatment	treatment	NOUN
ajm-7108	183	15	and	and	CCONJ
ajm-7108	183	16	control	control	NOUN
ajm-7108	183	17	groups	group	NOUN
ajm-7108	183	18	are	be	AUX
ajm-7108	183	19	sufficiently	sufficiently	ADV
ajm-7108	183	20	identical	identical	ADJ
ajm-7108	183	21	.	.	PUNCT
ajm-7108	184	1	each	each	DET
ajm-7108	184	2	firm	firm	ADJ
ajm-7108	184	3	-	-	PUNCT
ajm-7108	184	4	year	year	NOUN
ajm-7108	184	5	observation	observation	NOUN
ajm-7108	184	6	with	with	ADP
ajm-7108	184	7	firms	firm	NOUN
ajm-7108	184	8	who	who	PRON
ajm-7108	184	9	have	have	AUX
ajm-7108	184	10	purchased	purchase	VERB
ajm-7108	184	11	carbon	carbon	NOUN
ajm-7108	184	12	offsets	offset	NOUN
ajm-7108	184	13	or	or	CCONJ
ajm-7108	184	14	recs	rec	NOUN
ajm-7108	184	15	is	be	AUX
ajm-7108	184	16	matched	match	VERB
ajm-7108	184	17	with	with	ADP
ajm-7108	184	18	a	a	DET
ajm-7108	184	19	firm	firm	ADJ
ajm-7108	184	20	-	-	PUNCT
ajm-7108	184	21	year	year	NOUN
ajm-7108	184	22	observation	observation	NOUN
ajm-7108	184	23	of	of	ADP
ajm-7108	184	24	non	non	NOUN
ajm-7108	184	25	-	-	NOUN
ajm-7108	184	26	buyers	buyer	NOUN
ajm-7108	184	27	and	and	CCONJ
ajm-7108	184	28	with	with	ADP
ajm-7108	184	29	the	the	DET
ajm-7108	184	30	closest	close	ADJ
ajm-7108	184	31	propensity	propensity	NOUN
ajm-7108	184	32	score	score	NOUN
ajm-7108	184	33	(	(	PUNCT
ajm-7108	184	34	i.e.	i.e.	X
ajm-7108	184	35	,	,	PUNCT
ajm-7108	184	36	we	we	PRON
ajm-7108	184	37	require	require	VERB
ajm-7108	184	38	the	the	DET
ajm-7108	184	39	caliper	caliper	NOUN
ajm-7108	184	40	not	not	PART
ajm-7108	184	41	to	to	PART
ajm-7108	184	42	exceed	exceed	VERB
ajm-7108	184	43	0.1	0.1	NUM
ajm-7108	184	44	%	%	NOUN
ajm-7108	184	45	in	in	ADP
ajm-7108	184	46	absolute	absolute	ADJ
ajm-7108	184	47	value	value	NOUN
ajm-7108	184	48	)	)	PUNCT
ajm-7108	184	49	.	.	PUNCT
ajm-7108	185	1	based	base	VERB
ajm-7108	185	2	on	on	ADP
ajm-7108	185	3	the	the	DET
ajm-7108	185	4	matched	match	VERB
ajm-7108	185	5	sample	sample	NOUN
ajm-7108	185	6	of	of	ADP
ajm-7108	185	7	firm	firm	ADJ
ajm-7108	185	8	-	-	PUNCT
ajm-7108	185	9	year	year	NOUN
ajm-7108	185	10	observations	observation	NOUN
ajm-7108	185	11	,	,	PUNCT
ajm-7108	185	12	we	we	PRON
ajm-7108	185	13	employ	employ	VERB
ajm-7108	185	14	logit	logit	NOUN
ajm-7108	185	15	regressions	regression	NOUN
ajm-7108	185	16	in	in	ADP
ajm-7108	185	17	models	model	NOUN
ajm-7108	185	18	1	1	NUM
ajm-7108	185	19	-	-	SYM
ajm-7108	185	20	7	7	NUM
ajm-7108	185	21	to	to	PART
ajm-7108	185	22	estimate	estimate	VERB
ajm-7108	185	23	the	the	DET
ajm-7108	185	24	effect	effect	NOUN
ajm-7108	185	25	on	on	ADP
ajm-7108	185	26	firms	firm	NOUN
ajm-7108	185	27	’	’	PART
ajm-7108	185	28	financial	financial	ADJ
ajm-7108	185	29	and	and	CCONJ
ajm-7108	185	30	environmental	environmental	ADJ
ajm-7108	185	31	performance	performance	NOUN
ajm-7108	185	32	.	.	PUNCT
ajm-7108	186	1	in	in	ADP
ajm-7108	186	2	this	this	DET
ajm-7108	186	3	case	case	NOUN
ajm-7108	186	4	,	,	PUNCT
ajm-7108	186	5	𝛽1	𝛽1	NOUN
ajm-7108	186	6	measures	measure	VERB
ajm-7108	186	7	the	the	DET
ajm-7108	186	8	change	change	NOUN
ajm-7108	186	9	in	in	ADP
ajm-7108	186	10	a	a	DET
ajm-7108	186	11	firm	firm	NOUN
ajm-7108	186	12	’s	’s	PART
ajm-7108	186	13	financial	financial	ADJ
ajm-7108	186	14	or	or	CCONJ
ajm-7108	186	15	environmental	environmental	ADJ
ajm-7108	186	16	performance	performance	NOUN
ajm-7108	186	17	after	after	ADP
ajm-7108	186	18	purchasing	purchase	VERB
ajm-7108	186	19	carbon	carbon	NOUN
ajm-7108	186	20	offsets	offset	NOUN
ajm-7108	186	21	or	or	CCONJ
ajm-7108	186	22	recs	rec	NOUN
ajm-7108	186	23	.	.	PUNCT
ajm-7108	187	1	our	our	PRON
ajm-7108	187	2	study	study	NOUN
ajm-7108	187	3	also	also	ADV
ajm-7108	187	4	includes	include	VERB
ajm-7108	187	5	several	several	ADJ
ajm-7108	187	6	controls	control	NOUN
ajm-7108	187	7	for	for	ADP
ajm-7108	187	8	firms	firm	NOUN
ajm-7108	187	9	’	'	PUNCT
ajm-7108	187	10	financial	financial	ADJ
ajm-7108	187	11	performance	performance	NOUN
ajm-7108	187	12	.	.	PUNCT
ajm-7108	188	1	these	these	DET
ajm-7108	188	2	controls	control	NOUN
ajm-7108	188	3	are	be	AUX
ajm-7108	188	4	as	as	SCONJ
ajm-7108	188	5	follows	follow	VERB
ajm-7108	188	6	.	.	PUNCT
ajm-7108	189	1	cash	cash	NOUN
ajm-7108	189	2	holdings	holding	NOUN
ajm-7108	189	3	is	be	AUX
ajm-7108	189	4	the	the	DET
ajm-7108	189	5	ratio	ratio	NOUN
ajm-7108	189	6	of	of	ADP
ajm-7108	189	7	cash	cash	NOUN
ajm-7108	189	8	and	and	CCONJ
ajm-7108	189	9	cash	cash	NOUN
ajm-7108	189	10	equivalents	equivalent	NOUN
ajm-7108	189	11	to	to	ADP
ajm-7108	189	12	total	total	ADJ
ajm-7108	189	13	assets	asset	NOUN
ajm-7108	189	14	.	.	PUNCT
ajm-7108	190	1	leverage	leverage	NOUN
ajm-7108	190	2	is	be	AUX
ajm-7108	190	3	the	the	DET
ajm-7108	190	4	ratio	ratio	NOUN
ajm-7108	190	5	of	of	ADP
ajm-7108	190	6	total	total	ADJ
ajm-7108	190	7	debt	debt	NOUN
ajm-7108	190	8	(	(	PUNCT
ajm-7108	190	9	short	short	ADJ
ajm-7108	190	10	term	term	NOUN
ajm-7108	190	11	and	and	CCONJ
ajm-7108	190	12	long	long	ADJ
ajm-7108	190	13	term	term	NOUN
ajm-7108	190	14	)	)	PUNCT
ajm-7108	190	15	to	to	ADP
ajm-7108	190	16	total	total	ADJ
ajm-7108	190	17	assets	asset	NOUN
ajm-7108	190	18	.	.	PUNCT
ajm-7108	191	1	investment	investment	NOUN
ajm-7108	191	2	is	be	AUX
ajm-7108	191	3	the	the	DET
ajm-7108	191	4	ratio	ratio	NOUN
ajm-7108	191	5	of	of	ADP
ajm-7108	191	6	capital	capital	NOUN
ajm-7108	191	7	expenditures	expenditure	NOUN
ajm-7108	191	8	to	to	ADP
ajm-7108	191	9	total	total	ADJ
ajm-7108	191	10	assets	asset	NOUN
ajm-7108	191	11	.	.	PUNCT
ajm-7108	192	1	return	return	VERB
ajm-7108	192	2	on	on	ADP
ajm-7108	192	3	assets	asset	NOUN
ajm-7108	192	4	(	(	PUNCT
ajm-7108	192	5	roa	roa	NOUN
ajm-7108	192	6	)	)	PUNCT
ajm-7108	192	7	is	be	AUX
ajm-7108	192	8	a	a	DET
ajm-7108	192	9	measure	measure	NOUN
ajm-7108	192	10	of	of	ADP
ajm-7108	192	11	a	a	DET
ajm-7108	192	12	firm	firm	NOUN
ajm-7108	192	13	’s	’s	PART
ajm-7108	192	14	efficiency	efficiency	NOUN
ajm-7108	192	15	and	and	CCONJ
ajm-7108	192	16	equals	equal	VERB
ajm-7108	192	17	the	the	DET
ajm-7108	192	18	ratio	ratio	NOUN
ajm-7108	192	19	of	of	ADP
ajm-7108	192	20	net	net	ADJ
ajm-7108	192	21	income	income	NOUN
ajm-7108	192	22	to	to	ADP
ajm-7108	192	23	total	total	ADJ
ajm-7108	192	24	assets	asset	NOUN
ajm-7108	192	25	.	.	PUNCT
ajm-7108	193	1	return	return	VERB
ajm-7108	193	2	on	on	ADP
ajm-7108	193	3	equity	equity	NOUN
ajm-7108	193	4	(	(	PUNCT
ajm-7108	193	5	roe	roe	PROPN
ajm-7108	193	6	)	)	PUNCT
ajm-7108	193	7	,	,	PUNCT
ajm-7108	193	8	a	a	DET
ajm-7108	193	9	measure	measure	NOUN
ajm-7108	193	10	of	of	ADP
ajm-7108	193	11	a	a	DET
ajm-7108	193	12	firm	firm	NOUN
ajm-7108	193	13	’s	’s	PART
ajm-7108	193	14	profitability	profitability	NOUN
ajm-7108	193	15	,	,	PUNCT
ajm-7108	193	16	is	be	AUX
ajm-7108	193	17	the	the	DET
ajm-7108	193	18	net	net	ADJ
ajm-7108	193	19	income	income	NOUN
ajm-7108	193	20	ratio	ratio	NOUN
ajm-7108	193	21	to	to	ADP
ajm-7108	193	22	total	total	ADJ
ajm-7108	193	23	shareholder	shareholder	NOUN
ajm-7108	193	24	’s	’s	PART
ajm-7108	193	25	equity	equity	NOUN
ajm-7108	193	26	.	.	PUNCT
ajm-7108	194	1	capital	capital	NOUN
ajm-7108	194	2	spending	spending	NOUN
ajm-7108	194	3	is	be	AUX
ajm-7108	194	4	the	the	DET
ajm-7108	194	5	ratio	ratio	NOUN
ajm-7108	194	6	of	of	ADP
ajm-7108	194	7	a	a	DET
ajm-7108	194	8	firm	firm	NOUN
ajm-7108	194	9	’s	’s	PART
ajm-7108	194	10	capital	capital	NOUN
ajm-7108	194	11	expenditures	expenditure	NOUN
ajm-7108	194	12	to	to	PART
ajm-7108	194	13	total	total	ADJ
ajm-7108	194	14	sales	sale	NOUN
ajm-7108	194	15	.	.	PUNCT
ajm-7108	195	1	one	one	NUM
ajm-7108	195	2	-	-	PUNCT
ajm-7108	195	3	year	year	NOUN
ajm-7108	195	4	lagged	lag	VERB
ajm-7108	195	5	levels	level	NOUN
ajm-7108	195	6	(	(	PUNCT
ajm-7108	195	7	i.e.	i.e.	X
ajm-7108	195	8	,	,	PUNCT
ajm-7108	195	9	t-1	t-1	PROPN
ajm-7108	195	10	)	)	PUNCT
ajm-7108	195	11	of	of	ADP
ajm-7108	195	12	the	the	DET
ajm-7108	195	13	independent	independent	ADJ
ajm-7108	195	14	and	and	CCONJ
ajm-7108	195	15	control	control	NOUN
ajm-7108	195	16	variables	variable	NOUN
ajm-7108	195	17	are	be	AUX
ajm-7108	195	18	used	use	VERB
ajm-7108	195	19	to	to	PART
ajm-7108	195	20	mitigate	mitigate	VERB
ajm-7108	195	21	endogeneity	endogeneity	NOUN
ajm-7108	195	22	concerns	concern	NOUN
ajm-7108	195	23	and	and	CCONJ
ajm-7108	195	24	because	because	SCONJ
ajm-7108	195	25	it	it	PRON
ajm-7108	195	26	may	may	AUX
ajm-7108	195	27	take	take	VERB
ajm-7108	195	28	time	time	NOUN
ajm-7108	195	29	for	for	ADP
ajm-7108	195	30	carbon	carbon	NOUN
ajm-7108	195	31	offset	offset	NOUN
ajm-7108	195	32	or	or	CCONJ
ajm-7108	195	33	rec	rec	NOUN
ajm-7108	195	34	purchases	purchase	NOUN
ajm-7108	195	35	to	to	PART
ajm-7108	195	36	affect	affect	VERB
ajm-7108	195	37	firms	firm	NOUN
ajm-7108	195	38	’	'	PUNCT
ajm-7108	195	39	environmental	environmental	ADJ
ajm-7108	195	40	policies	policy	NOUN
ajm-7108	195	41	.	.	PUNCT
ajm-7108	196	1	additionally	additionally	ADV
ajm-7108	196	2	,	,	PUNCT
ajm-7108	196	3	for	for	ADP
ajm-7108	196	4	firm	firm	ADJ
ajm-7108	196	5	i	i	NOUN
ajm-7108	196	6	,	,	PUNCT
ajm-7108	196	7	𝛾𝑓	𝛾𝑓	PROPN
ajm-7108	196	8	refers	refer	VERB
ajm-7108	196	9	to	to	ADP
ajm-7108	196	10	industry	industry	NOUN
ajm-7108	196	11	(	(	PUNCT
ajm-7108	196	12	based	base	VERB
ajm-7108	196	13	on	on	ADP
ajm-7108	196	14	two	two	NUM
ajm-7108	196	15	-	-	PUNCT
ajm-7108	196	16	digit	digit	NOUN
ajm-7108	196	17	sic	sic	ADJ
ajm-7108	196	18	industry	industry	NOUN
ajm-7108	196	19	codes	code	NOUN
ajm-7108	196	20	)	)	PUNCT
ajm-7108	196	21	effects	effect	NOUN
ajm-7108	196	22	,	,	PUNCT
ajm-7108	196	23	𝛿𝑡	𝛿𝑡	PROPN
ajm-7108	196	24	refers	refer	VERB
ajm-7108	196	25	to	to	ADP
ajm-7108	196	26	year	year	NOUN
ajm-7108	196	27	effects	effect	NOUN
ajm-7108	196	28	,	,	PUNCT
ajm-7108	196	29	and	and	CCONJ
ajm-7108	196	30	휁𝑗	휁𝑗	NOUN
ajm-7108	196	31	refers	refer	VERB
ajm-7108	196	32	to	to	ADP
ajm-7108	196	33	country	country	NOUN
ajm-7108	196	34	effects	effect	NOUN
ajm-7108	196	35	,	,	PUNCT
ajm-7108	196	36	which	which	PRON
ajm-7108	196	37	are	be	AUX
ajm-7108	196	38	included	include	VERB
ajm-7108	196	39	in	in	ADP
ajm-7108	196	40	all	all	DET
ajm-7108	196	41	regressions	regression	NOUN
ajm-7108	196	42	.	.	PUNCT
ajm-7108	197	1	lastly	lastly	ADV
ajm-7108	197	2	,	,	PUNCT
ajm-7108	197	3	standard	standard	ADJ
ajm-7108	197	4	errors	error	NOUN
ajm-7108	197	5	are	be	AUX
ajm-7108	197	6	clustered	cluster	VERB
ajm-7108	197	7	at	at	ADP
ajm-7108	197	8	the	the	DET
ajm-7108	197	9	industry	industry	NOUN
ajm-7108	197	10	level	level	NOUN
ajm-7108	197	11	to	to	PART
ajm-7108	197	12	control	control	VERB
ajm-7108	197	13	for	for	ADP
ajm-7108	197	14	heteroskedasticity	heteroskedasticity	NOUN
ajm-7108	197	15	and	and	CCONJ
ajm-7108	197	16	intra	intra	ADJ
ajm-7108	197	17	-	-	ADJ
ajm-7108	197	18	industry	industry	ADJ
ajm-7108	197	19	correlation	correlation	NOUN
ajm-7108	197	20	in	in	ADP
ajm-7108	197	21	the	the	DET
ajm-7108	197	22	residuals	residual	NOUN
ajm-7108	197	23	.	.	PUNCT
ajm-7108	198	1	american	american	ADJ
ajm-7108	198	2	journal	journal	PROPN
ajm-7108	198	3	of	of	ADP
ajm-7108	198	4	management	management	NOUN
ajm-7108	198	5	vol	vol	NOUN
ajm-7108	198	6	.	.	PUNCT
ajm-7108	199	1	24(2	24(2	NUM
ajm-7108	199	2	)	)	PUNCT
ajm-7108	199	3	2024	2024	NUM
ajm-7108	199	4	25	25	NUM
ajm-7108	199	5	percentage	percentage	NOUN
ajm-7108	199	6	of	of	ADP
ajm-7108	199	7	women	woman	NOUN
ajm-7108	199	8	on	on	ADP
ajm-7108	199	9	the	the	DET
ajm-7108	199	10	board	board	NOUN
ajm-7108	199	11	and	and	CCONJ
ajm-7108	199	12	the	the	DET
ajm-7108	199	13	purchase	purchase	NOUN
ajm-7108	199	14	of	of	ADP
ajm-7108	199	15	carbon	carbon	NOUN
ajm-7108	199	16	offsets	offset	NOUN
ajm-7108	199	17	or	or	CCONJ
ajm-7108	199	18	recs	rec	NOUN
ajm-7108	199	19	the	the	DET
ajm-7108	199	20	second	second	ADJ
ajm-7108	199	21	part	part	NOUN
ajm-7108	199	22	of	of	ADP
ajm-7108	199	23	our	our	PRON
ajm-7108	199	24	analysis	analysis	NOUN
ajm-7108	199	25	focuses	focus	VERB
ajm-7108	199	26	on	on	ADP
ajm-7108	199	27	whether	whether	SCONJ
ajm-7108	199	28	a	a	DET
ajm-7108	199	29	certain	certain	ADJ
ajm-7108	199	30	internal	internal	ADJ
ajm-7108	199	31	governance	governance	NOUN
ajm-7108	199	32	characteristic	characteristic	NOUN
ajm-7108	199	33	(	(	PUNCT
ajm-7108	199	34	i.e.	i.e.	X
ajm-7108	199	35	,	,	PUNCT
ajm-7108	199	36	women	woman	NOUN
ajm-7108	199	37	directors	director	NOUN
ajm-7108	199	38	on	on	ADP
ajm-7108	199	39	the	the	DET
ajm-7108	199	40	board	board	NOUN
ajm-7108	199	41	)	)	PUNCT
ajm-7108	199	42	have	have	AUX
ajm-7108	199	43	an	an	DET
ajm-7108	199	44	impact	impact	NOUN
ajm-7108	199	45	on	on	ADP
ajm-7108	199	46	the	the	DET
ajm-7108	199	47	volume	volume	NOUN
ajm-7108	199	48	of	of	ADP
ajm-7108	199	49	carbon	carbon	NOUN
ajm-7108	199	50	offsets	offset	NOUN
ajm-7108	199	51	or	or	CCONJ
ajm-7108	199	52	recs	rec	NOUN
ajm-7108	199	53	purchased	purchase	VERB
ajm-7108	199	54	.	.	PUNCT
ajm-7108	200	1	models	model	NOUN
ajm-7108	200	2	8	8	NUM
ajm-7108	200	3	and	and	CCONJ
ajm-7108	200	4	9	9	NUM
ajm-7108	200	5	are	be	AUX
ajm-7108	200	6	employed	employ	VERB
ajm-7108	200	7	to	to	PART
ajm-7108	200	8	conduct	conduct	VERB
ajm-7108	200	9	this	this	DET
ajm-7108	200	10	investigation	investigation	NOUN
ajm-7108	200	11	:	:	PUNCT
ajm-7108	201	1	𝐶𝑎𝑟𝑏𝑜𝑛𝑂𝑓𝑓𝑠𝑒𝑡𝑖𝑓𝑗𝑡	𝐶𝑎𝑟𝑏𝑜𝑛𝑂𝑓𝑓𝑠𝑒𝑡𝑖𝑓𝑗𝑡	PROPN
ajm-7108	201	2	=	=	PUNCT
ajm-7108	202	1	𝑎	𝑎	PROPN
ajm-7108	202	2	+	+	X
ajm-7108	202	3	𝛽1%𝑊𝑜𝑚𝑒𝑛𝑜𝑛𝐵𝑜𝑎𝑟𝑑𝑖,𝑡−1	𝛽1%𝑊𝑜𝑚𝑒𝑛𝑜𝑛𝐵𝑜𝑎𝑟𝑑𝑖,𝑡−1	ADJ
ajm-7108	202	4	+	+	NOUN
ajm-7108	202	5	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	PROPN
ajm-7108	202	6	+	+	CCONJ
ajm-7108	202	7	𝛾𝑓	𝛾𝑓	NOUN
ajm-7108	203	1	+	+	CCONJ
ajm-7108	204	1	휁𝑗	휁𝑗	PRON
ajm-7108	205	1	+	+	NOUN
ajm-7108	205	2	𝛿𝑡	𝛿𝑡	NOUN
ajm-7108	205	3	+	+	CCONJ
ajm-7108	205	4	휀𝑖𝑓𝑗𝑡	휀𝑖𝑓𝑗𝑡	NOUN
ajm-7108	205	5	(	(	PUNCT
ajm-7108	205	6	8)	8)	NUM
ajm-7108	205	7	𝑅𝐸𝐶𝑖𝑓𝑗𝑡	𝑅𝐸𝐶𝑖𝑓𝑗𝑡	PROPN
ajm-7108	205	8	=	=	SYM
ajm-7108	205	9	𝑎	𝑎	PROPN
ajm-7108	205	10	+	+	X
ajm-7108	205	11	𝛽1%𝑊𝑜𝑚𝑒𝑛𝑜𝑛𝐵𝑜𝑎𝑟𝑑𝑖,𝑡−1	𝛽1%𝑊𝑜𝑚𝑒𝑛𝑜𝑛𝐵𝑜𝑎𝑟𝑑𝑖,𝑡−1	NOUN
ajm-7108	205	12	+	+	NOUN
ajm-7108	205	13	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	𝛽2𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖,𝑡−1	PROPN
ajm-7108	205	14	+	+	CCONJ
ajm-7108	205	15	𝛾𝑓	𝛾𝑓	NOUN
ajm-7108	205	16	+	+	CCONJ
ajm-7108	205	17	휁𝑗	휁𝑗	PRON
ajm-7108	205	18	+	+	NOUN
ajm-7108	205	19	𝛿𝑡	𝛿𝑡	NOUN
ajm-7108	205	20	+	+	CCONJ
ajm-7108	205	21	휀𝑖𝑓𝑗𝑡	휀𝑖𝑓𝑗𝑡	NOUN
ajm-7108	205	22	(	(	PUNCT
ajm-7108	205	23	9	9	NUM
ajm-7108	205	24	)	)	PUNCT
ajm-7108	205	25	table	table	NOUN
ajm-7108	205	26	1	1	NUM
ajm-7108	205	27	variable	variable	ADJ
ajm-7108	205	28	description	description	NOUN
ajm-7108	205	29	variable	variable	ADJ
ajm-7108	205	30	name	name	NOUN
ajm-7108	205	31	definition	definition	NOUN
ajm-7108	205	32	panel	panel	NOUN
ajm-7108	205	33	a	a	DET
ajm-7108	205	34	:	:	PUNCT
ajm-7108	205	35	independent	independent	ADJ
ajm-7108	205	36	variables	variable	NOUN
ajm-7108	205	37	%	%	INTJ
ajm-7108	205	38	women	woman	NOUN
ajm-7108	205	39	on	on	ADP
ajm-7108	205	40	board	board	NOUN
ajm-7108	205	41	the	the	DET
ajm-7108	205	42	number	number	NOUN
ajm-7108	205	43	of	of	ADP
ajm-7108	205	44	women	woman	NOUN
ajm-7108	205	45	directors	director	NOUN
ajm-7108	205	46	on	on	ADP
ajm-7108	205	47	the	the	DET
ajm-7108	205	48	board	board	NOUN
ajm-7108	205	49	expressed	express	VERB
ajm-7108	205	50	as	as	ADP
ajm-7108	205	51	a	a	DET
ajm-7108	205	52	percentage	percentage	NOUN
ajm-7108	205	53	of	of	ADP
ajm-7108	205	54	total	total	ADJ
ajm-7108	205	55	board	board	NOUN
ajm-7108	205	56	size	size	NOUN
ajm-7108	205	57	%	%	NOUN
ajm-7108	205	58	women	woman	NOUN
ajm-7108	205	59	employees	employee	VERB
ajm-7108	205	60	the	the	DET
ajm-7108	205	61	number	number	NOUN
ajm-7108	205	62	of	of	ADP
ajm-7108	205	63	women	woman	NOUN
ajm-7108	205	64	employees	employee	NOUN
ajm-7108	205	65	expressed	express	VERB
ajm-7108	205	66	as	as	ADP
ajm-7108	205	67	a	a	DET
ajm-7108	205	68	percentage	percentage	NOUN
ajm-7108	205	69	of	of	ADP
ajm-7108	205	70	total	total	ADJ
ajm-7108	205	71	employment	employment	NOUN
ajm-7108	205	72	carbon	carbon	NOUN
ajm-7108	205	73	offsets	offset	VERB
ajm-7108	205	74	the	the	DET
ajm-7108	205	75	natural	natural	ADJ
ajm-7108	205	76	logarithm	logarithm	NOUN
ajm-7108	205	77	of	of	ADP
ajm-7108	205	78	total	total	ADJ
ajm-7108	205	79	carbon	carbon	NOUN
ajm-7108	205	80	offsets	offset	NOUN
ajm-7108	205	81	purchased	purchase	VERB
ajm-7108	205	82	in	in	ADP
ajm-7108	205	83	thousand	thousand	NUM
ajm-7108	205	84	metric	metric	ADJ
ajm-7108	205	85	tons	ton	NOUN
ajm-7108	205	86	of	of	ADP
ajm-7108	205	87	carbon	carbon	NOUN
ajm-7108	205	88	emissions	emission	NOUN
ajm-7108	205	89	rec	rec	X
ajm-7108	205	90	the	the	DET
ajm-7108	205	91	natural	natural	ADJ
ajm-7108	205	92	logarithm	logarithm	NOUN
ajm-7108	205	93	of	of	ADP
ajm-7108	205	94	renewable	renewable	ADJ
ajm-7108	205	95	energy	energy	NOUN
ajm-7108	205	96	certificates	certificate	NOUN
ajm-7108	205	97	purchased	purchase	VERB
ajm-7108	205	98	in	in	ADP
ajm-7108	205	99	thousands	thousand	NOUN
ajm-7108	205	100	of	of	ADP
ajm-7108	205	101	megawatt	megawatt	NOUN
ajm-7108	205	102	hours	hour	NOUN
ajm-7108	205	103	panel	panel	NOUN
ajm-7108	205	104	b	b	NOUN
ajm-7108	205	105	:	:	PUNCT
ajm-7108	205	106	dependent	dependent	ADJ
ajm-7108	205	107	variables	variable	NOUN
ajm-7108	205	108	co2	co2	NOUN
ajm-7108	205	109	&	&	CCONJ
ajm-7108	205	110	co2	co2	ADJ
ajm-7108	205	111	equivalent	equivalent	ADJ
ajm-7108	205	112	emissions	emission	NOUN
ajm-7108	205	113	ghg	ghg	PROPN
ajm-7108	205	114	scope	scope	NOUN
ajm-7108	205	115	1	1	NUM
ajm-7108	205	116	emissions	emission	NOUN
ajm-7108	205	117	the	the	DET
ajm-7108	205	118	natural	natural	ADJ
ajm-7108	205	119	logarithm	logarithm	NOUN
ajm-7108	205	120	of	of	ADP
ajm-7108	205	121	ghg	ghg	PROPN
ajm-7108	205	122	scope	scope	PROPN
ajm-7108	205	123	1	1	NUM
ajm-7108	205	124	emissions	emission	NOUN
ajm-7108	205	125	in	in	ADP
ajm-7108	205	126	thousand	thousand	NUM
ajm-7108	205	127	metric	metric	ADJ
ajm-7108	205	128	tons	ton	NOUN
ajm-7108	205	129	ghg	ghg	PROPN
ajm-7108	205	130	emissions	emissions	PROPN
ajm-7108	205	131	ghg	ghg	PROPN
ajm-7108	205	132	scope	scope	NOUN
ajm-7108	205	133	2	2	NUM
ajm-7108	205	134	market	market	NOUN
ajm-7108	205	135	emissions	emission	NOUN
ajm-7108	205	136	the	the	DET
ajm-7108	205	137	natural	natural	ADJ
ajm-7108	205	138	logarithm	logarithm	NOUN
ajm-7108	205	139	of	of	ADP
ajm-7108	205	140	ghg	ghg	PROPN
ajm-7108	205	141	scope	scope	NOUN
ajm-7108	205	142	2	2	NUM
ajm-7108	205	143	market	market	NOUN
ajm-7108	205	144	emissions	emission	NOUN
ajm-7108	205	145	in	in	ADP
ajm-7108	205	146	thousand	thousand	NUM
ajm-7108	205	147	metric	metric	ADJ
ajm-7108	205	148	tons	ton	NOUN
ajm-7108	205	149	ghg	ghg	PROPN
ajm-7108	205	150	emissions	emissions	PROPN
ajm-7108	205	151	total	total	NOUN
ajm-7108	205	152	ghg	ghg	PROPN
ajm-7108	205	153	market	market	NOUN
ajm-7108	205	154	emissions	emission	NOUN
ajm-7108	205	155	the	the	DET
ajm-7108	205	156	natural	natural	ADJ
ajm-7108	205	157	logarithm	logarithm	NOUN
ajm-7108	205	158	of	of	ADP
ajm-7108	205	159	total	total	ADJ
ajm-7108	205	160	ghg	ghg	PROPN
ajm-7108	205	161	market	market	NOUN
ajm-7108	205	162	emissions	emission	NOUN
ajm-7108	205	163	(	(	PUNCT
ajm-7108	205	164	scope	scope	NOUN
ajm-7108	205	165	1	1	NUM
ajm-7108	205	166	&	&	CCONJ
ajm-7108	205	167	2	2	NUM
ajm-7108	205	168	)	)	PUNCT
ajm-7108	205	169	in	in	ADP
ajm-7108	205	170	thousand	thousand	NUM
ajm-7108	205	171	metric	metric	ADJ
ajm-7108	205	172	tons	ton	NOUN
ajm-7108	205	173	ghg	ghg	PROPN
ajm-7108	205	174	emissions	emission	NOUN
ajm-7108	205	175	renewable	renewable	ADJ
ajm-7108	205	176	energy	energy	NOUN
ajm-7108	205	177	renewable	renewable	ADJ
ajm-7108	205	178	energy	energy	NOUN
ajm-7108	205	179	use	use	VERB
ajm-7108	205	180	natural	natural	ADJ
ajm-7108	205	181	logarithm	logarithm	NOUN
ajm-7108	205	182	of	of	ADP
ajm-7108	205	183	total	total	ADJ
ajm-7108	205	184	annual	annual	ADJ
ajm-7108	205	185	renewable	renewable	ADJ
ajm-7108	205	186	energy	energy	NOUN
ajm-7108	205	187	consumption	consumption	NOUN
ajm-7108	205	188	in	in	ADP
ajm-7108	205	189	thousands	thousand	NOUN
ajm-7108	205	190	of	of	ADP
ajm-7108	205	191	megawatt	megawatt	NOUN
ajm-7108	205	192	hours	hour	NOUN
ajm-7108	205	193	renewable	renewable	ADJ
ajm-7108	205	194	energy	energy	NOUN
ajm-7108	205	195	intensity	intensity	NOUN
ajm-7108	205	196	the	the	DET
ajm-7108	205	197	share	share	NOUN
ajm-7108	205	198	of	of	ADP
ajm-7108	205	199	renewable	renewable	ADJ
ajm-7108	205	200	energy	energy	NOUN
ajm-7108	205	201	use	use	NOUN
ajm-7108	205	202	over	over	ADP
ajm-7108	205	203	total	total	ADJ
ajm-7108	205	204	energy	energy	NOUN
ajm-7108	205	205	consumption	consumption	NOUN
ajm-7108	205	206	(	(	PUNCT
ajm-7108	205	207	%	%	INTJ
ajm-7108	205	208	)	)	PUNCT
ajm-7108	205	209	environmental	environmental	ADJ
ajm-7108	205	210	performance	performance	NOUN
ajm-7108	205	211	environmental	environmental	ADJ
ajm-7108	205	212	score	score	NOUN
ajm-7108	205	213	natural	natural	ADJ
ajm-7108	205	214	logarithm	logarithm	NOUN
ajm-7108	205	215	of	of	ADP
ajm-7108	205	216	bloomberg	bloomberg	PROPN
ajm-7108	205	217	’s	’s	PART
ajm-7108	205	218	environmental	environmental	ADJ
ajm-7108	205	219	score	score	NOUN
ajm-7108	205	220	financial	financial	ADJ
ajm-7108	205	221	performance	performance	NOUN
ajm-7108	205	222	tobin	tobin	NOUN
ajm-7108	205	223	’s	’s	PART
ajm-7108	205	224	q	q	NOUN
ajm-7108	205	225	market	market	NOUN
ajm-7108	205	226	value	value	NOUN
ajm-7108	205	227	of	of	ADP
ajm-7108	205	228	equity	equity	NOUN
ajm-7108	205	229	plus	plus	CCONJ
ajm-7108	205	230	total	total	ADJ
ajm-7108	205	231	assets	asset	NOUN
ajm-7108	205	232	minus	minus	ADP
ajm-7108	205	233	the	the	DET
ajm-7108	205	234	book	book	NOUN
ajm-7108	205	235	value	value	NOUN
ajm-7108	205	236	of	of	ADP
ajm-7108	205	237	equity	equity	NOUN
ajm-7108	205	238	,	,	PUNCT
ajm-7108	205	239	all	all	PRON
ajm-7108	205	240	divided	divide	VERB
ajm-7108	205	241	by	by	ADP
ajm-7108	205	242	total	total	ADJ
ajm-7108	205	243	assets	asset	NOUN
ajm-7108	205	244	sales	sale	NOUN
ajm-7108	205	245	the	the	DET
ajm-7108	205	246	natural	natural	ADJ
ajm-7108	205	247	logarithm	logarithm	NOUN
ajm-7108	205	248	of	of	ADP
ajm-7108	205	249	total	total	ADJ
ajm-7108	205	250	sales	sale	NOUN
ajm-7108	205	251	assets	asset	NOUN
ajm-7108	205	252	firm	firm	ADJ
ajm-7108	205	253	size	size	NOUN
ajm-7108	205	254	measured	measure	VERB
ajm-7108	205	255	by	by	ADP
ajm-7108	205	256	the	the	DET
ajm-7108	205	257	natural	natural	ADJ
ajm-7108	205	258	logarithm	logarithm	NOUN
ajm-7108	205	259	of	of	ADP
ajm-7108	205	260	total	total	ADJ
ajm-7108	205	261	assets	asset	NOUN
ajm-7108	205	262	operating	operate	VERB
ajm-7108	205	263	income	income	NOUN
ajm-7108	205	264	the	the	DET
ajm-7108	205	265	natural	natural	ADJ
ajm-7108	205	266	logarithm	logarithm	NOUN
ajm-7108	205	267	of	of	ADP
ajm-7108	205	268	operating	operate	VERB
ajm-7108	205	269	income	income	NOUN
ajm-7108	205	270	26	26	NUM
ajm-7108	205	271	american	american	PROPN
ajm-7108	205	272	journal	journal	PROPN
ajm-7108	205	273	of	of	ADP
ajm-7108	205	274	management	management	NOUN
ajm-7108	205	275	vol	vol	NOUN
ajm-7108	205	276	.	.	PUNCT
ajm-7108	206	1	24(2	24(2	NUM
ajm-7108	206	2	)	)	PUNCT
ajm-7108	206	3	2024	2024	NUM
ajm-7108	206	4	panel	panel	NOUN
ajm-7108	206	5	c	c	NOUN
ajm-7108	206	6	:	:	PUNCT
ajm-7108	206	7	control	control	NOUN
ajm-7108	206	8	variables	variable	VERB
ajm-7108	206	9	cash	cash	NOUN
ajm-7108	206	10	holdings	holding	NOUN
ajm-7108	206	11	ratio	ratio	NOUN
ajm-7108	206	12	of	of	ADP
ajm-7108	206	13	cash	cash	NOUN
ajm-7108	206	14	to	to	ADP
ajm-7108	206	15	total	total	ADJ
ajm-7108	206	16	assets	asset	NOUN
ajm-7108	206	17	leverage	leverage	NOUN
ajm-7108	206	18	ratio	ratio	NOUN
ajm-7108	206	19	of	of	ADP
ajm-7108	206	20	long	long	ADJ
ajm-7108	206	21	-	-	PUNCT
ajm-7108	206	22	term	term	NOUN
ajm-7108	206	23	&	&	CCONJ
ajm-7108	206	24	short	short	ADJ
ajm-7108	206	25	-	-	PUNCT
ajm-7108	206	26	term	term	NOUN
ajm-7108	206	27	debt	debt	NOUN
ajm-7108	206	28	to	to	ADP
ajm-7108	206	29	total	total	ADJ
ajm-7108	206	30	assets	asset	NOUN
ajm-7108	206	31	investment	investment	NOUN
ajm-7108	206	32	ratio	ratio	NOUN
ajm-7108	206	33	of	of	ADP
ajm-7108	206	34	capital	capital	NOUN
ajm-7108	206	35	expenditure	expenditure	NOUN
ajm-7108	206	36	to	to	ADP
ajm-7108	206	37	total	total	ADJ
ajm-7108	206	38	assets	asset	NOUN
ajm-7108	206	39	return	return	VERB
ajm-7108	206	40	on	on	ADP
ajm-7108	206	41	assets	asset	NOUN
ajm-7108	206	42	net	net	ADJ
ajm-7108	206	43	income	income	NOUN
ajm-7108	206	44	as	as	ADP
ajm-7108	206	45	a	a	DET
ajm-7108	206	46	percentage	percentage	NOUN
ajm-7108	206	47	of	of	ADP
ajm-7108	206	48	total	total	ADJ
ajm-7108	206	49	assets	asset	NOUN
ajm-7108	206	50	return	return	VERB
ajm-7108	206	51	on	on	ADP
ajm-7108	206	52	equity	equity	NOUN
ajm-7108	206	53	net	net	ADJ
ajm-7108	206	54	income	income	NOUN
ajm-7108	206	55	as	as	ADP
ajm-7108	206	56	a	a	DET
ajm-7108	206	57	percentage	percentage	NOUN
ajm-7108	206	58	of	of	ADP
ajm-7108	206	59	total	total	ADJ
ajm-7108	206	60	equity	equity	NOUN
ajm-7108	206	61	capital	capital	NOUN
ajm-7108	206	62	spending	spending	NOUN
ajm-7108	206	63	ratio	ratio	NOUN
ajm-7108	206	64	of	of	ADP
ajm-7108	206	65	capital	capital	NOUN
ajm-7108	206	66	expenditure	expenditure	NOUN
ajm-7108	206	67	to	to	ADP
ajm-7108	206	68	total	total	ADJ
ajm-7108	206	69	sales	sale	NOUN
ajm-7108	206	70	board	board	NOUN
ajm-7108	206	71	size	size	NOUN
ajm-7108	206	72	the	the	DET
ajm-7108	206	73	total	total	ADJ
ajm-7108	206	74	number	number	NOUN
ajm-7108	206	75	of	of	ADP
ajm-7108	206	76	directors	director	NOUN
ajm-7108	206	77	on	on	ADP
ajm-7108	206	78	the	the	DET
ajm-7108	206	79	firm	firm	NOUN
ajm-7108	206	80	’s	’s	PART
ajm-7108	206	81	board	board	NOUN
ajm-7108	206	82	the	the	DET
ajm-7108	206	83	dependent	dependent	ADJ
ajm-7108	206	84	variable	variable	NOUN
ajm-7108	206	85	in	in	ADP
ajm-7108	206	86	model	model	NOUN
ajm-7108	206	87	8	8	NUM
ajm-7108	206	88	,	,	PUNCT
ajm-7108	206	89	carbonoffset	carbonoffset	NOUN
ajm-7108	206	90	,	,	PUNCT
ajm-7108	206	91	is	be	AUX
ajm-7108	206	92	the	the	DET
ajm-7108	206	93	natural	natural	ADJ
ajm-7108	206	94	logarithm	logarithm	NOUN
ajm-7108	206	95	of	of	ADP
ajm-7108	206	96	the	the	DET
ajm-7108	206	97	total	total	ADJ
ajm-7108	206	98	amount	amount	NOUN
ajm-7108	206	99	of	of	ADP
ajm-7108	206	100	carbon	carbon	NOUN
ajm-7108	206	101	offset	offset	VERB
ajm-7108	206	102	purchase(s	purchase(s	NOUN
ajm-7108	206	103	)	)	PUNCT
ajm-7108	206	104	in	in	ADP
ajm-7108	206	105	metric	metric	ADJ
ajm-7108	206	106	tons	ton	NOUN
ajm-7108	206	107	of	of	ADP
ajm-7108	206	108	carbon	carbon	NOUN
ajm-7108	206	109	emissions	emission	NOUN
ajm-7108	206	110	for	for	ADP
ajm-7108	206	111	a	a	DET
ajm-7108	206	112	given	give	VERB
ajm-7108	206	113	firm	firm	NOUN
ajm-7108	206	114	i	i	PRON
ajm-7108	206	115	in	in	ADP
ajm-7108	206	116	year	year	NOUN
ajm-7108	206	117	t.	t.	NOUN
ajm-7108	206	118	the	the	DET
ajm-7108	206	119	dependent	dependent	ADJ
ajm-7108	206	120	variable	variable	NOUN
ajm-7108	206	121	in	in	ADP
ajm-7108	206	122	model	model	NOUN
ajm-7108	206	123	9	9	NUM
ajm-7108	206	124	,	,	PUNCT
ajm-7108	206	125	rec	rec	NOUN
ajm-7108	206	126	,	,	PUNCT
ajm-7108	206	127	is	be	AUX
ajm-7108	206	128	the	the	DET
ajm-7108	206	129	natural	natural	ADJ
ajm-7108	206	130	logarithm	logarithm	NOUN
ajm-7108	206	131	of	of	ADP
ajm-7108	206	132	the	the	DET
ajm-7108	206	133	total	total	ADJ
ajm-7108	206	134	renewable	renewable	ADJ
ajm-7108	206	135	energy	energy	NOUN
ajm-7108	206	136	certificate	certificate	NOUN
ajm-7108	206	137	purchase(s	purchase(s	PROPN
ajm-7108	206	138	)	)	PUNCT
ajm-7108	206	139	in	in	ADP
ajm-7108	206	140	thousands	thousand	NOUN
ajm-7108	206	141	of	of	ADP
ajm-7108	206	142	megawatt	megawatt	NOUN
ajm-7108	206	143	hours	hour	NOUN
ajm-7108	206	144	(	(	PUNCT
ajm-7108	206	145	mwh	mwh	PROPN
ajm-7108	206	146	)	)	PUNCT
ajm-7108	206	147	.	.	PUNCT
ajm-7108	207	1	the	the	DET
ajm-7108	207	2	same	same	ADJ
ajm-7108	207	3	financial	financial	ADJ
ajm-7108	207	4	control	control	NOUN
ajm-7108	207	5	variables	variable	NOUN
ajm-7108	207	6	are	be	AUX
ajm-7108	207	7	employed	employ	VERB
ajm-7108	207	8	as	as	ADP
ajm-7108	207	9	in	in	ADP
ajm-7108	207	10	the	the	DET
ajm-7108	207	11	previous	previous	ADJ
ajm-7108	207	12	analysis	analysis	NOUN
ajm-7108	207	13	(	(	PUNCT
ajm-7108	207	14	i.e.	i.e.	X
ajm-7108	207	15	,	,	PUNCT
ajm-7108	207	16	cash	cash	NOUN
ajm-7108	207	17	holdings	holding	NOUN
ajm-7108	207	18	,	,	PUNCT
ajm-7108	207	19	leverage	leverage	NOUN
ajm-7108	207	20	,	,	PUNCT
ajm-7108	207	21	investment	investment	NOUN
ajm-7108	207	22	,	,	PUNCT
ajm-7108	207	23	roa	roa	PROPN
ajm-7108	207	24	,	,	PUNCT
ajm-7108	207	25	roe	roe	NOUN
ajm-7108	207	26	,	,	PUNCT
ajm-7108	207	27	and	and	CCONJ
ajm-7108	207	28	capital	capital	NOUN
ajm-7108	207	29	spending	spending	NOUN
ajm-7108	207	30	)	)	PUNCT
ajm-7108	207	31	and	and	CCONJ
ajm-7108	207	32	industry	industry	NOUN
ajm-7108	207	33	,	,	PUNCT
ajm-7108	207	34	year	year	NOUN
ajm-7108	207	35	,	,	PUNCT
ajm-7108	207	36	and	and	CCONJ
ajm-7108	207	37	country	country	NOUN
ajm-7108	207	38	fixed	fix	VERB
ajm-7108	207	39	effects	effect	NOUN
ajm-7108	207	40	.	.	PUNCT
ajm-7108	208	1	board	board	NOUN
ajm-7108	208	2	size	size	NOUN
ajm-7108	208	3	is	be	AUX
ajm-7108	208	4	also	also	ADV
ajm-7108	208	5	included	include	VERB
ajm-7108	208	6	in	in	ADP
ajm-7108	208	7	the	the	DET
ajm-7108	208	8	regression	regression	NOUN
ajm-7108	208	9	as	as	ADP
ajm-7108	208	10	a	a	DET
ajm-7108	208	11	control	control	NOUN
ajm-7108	208	12	variable	variable	NOUN
ajm-7108	208	13	.	.	PUNCT
ajm-7108	209	1	our	our	PRON
ajm-7108	209	2	variable	variable	NOUN
ajm-7108	209	3	of	of	ADP
ajm-7108	209	4	interest	interest	NOUN
ajm-7108	209	5	in	in	ADP
ajm-7108	209	6	this	this	DET
ajm-7108	209	7	analysis	analysis	NOUN
ajm-7108	209	8	is	be	AUX
ajm-7108	209	9	a	a	DET
ajm-7108	209	10	characteristic	characteristic	NOUN
ajm-7108	209	11	of	of	ADP
ajm-7108	209	12	firms	firm	NOUN
ajm-7108	209	13	’	'	PUNCT
ajm-7108	209	14	internal	internal	ADJ
ajm-7108	209	15	governance	governance	NOUN
ajm-7108	209	16	,	,	PUNCT
ajm-7108	209	17	namely	namely	ADV
ajm-7108	209	18	the	the	DET
ajm-7108	209	19	percentage	percentage	NOUN
ajm-7108	209	20	of	of	ADP
ajm-7108	209	21	women	woman	NOUN
ajm-7108	209	22	directors	director	NOUN
ajm-7108	209	23	on	on	ADP
ajm-7108	209	24	the	the	DET
ajm-7108	209	25	board	board	NOUN
ajm-7108	209	26	(	(	PUNCT
ajm-7108	209	27	%	%	INTJ
ajm-7108	209	28	womenonboard	womenonboard	NOUN
ajm-7108	209	29	)	)	PUNCT
ajm-7108	209	30	.	.	PUNCT
ajm-7108	210	1	to	to	PART
ajm-7108	210	2	address	address	VERB
ajm-7108	210	3	potential	potential	ADJ
ajm-7108	210	4	endogeneity	endogeneity	NOUN
ajm-7108	210	5	in	in	ADP
ajm-7108	210	6	the	the	DET
ajm-7108	210	7	independent	independent	ADJ
ajm-7108	210	8	variable	variable	NOUN
ajm-7108	210	9	(	(	PUNCT
ajm-7108	210	10	%	%	INTJ
ajm-7108	210	11	womenonboard	womenonboard	NOUN
ajm-7108	210	12	)	)	PUNCT
ajm-7108	210	13	as	as	SCONJ
ajm-7108	210	14	noted	note	VERB
ajm-7108	210	15	by	by	ADP
ajm-7108	210	16	the	the	DET
ajm-7108	210	17	extant	extant	ADJ
ajm-7108	210	18	literature	literature	NOUN
ajm-7108	210	19	(	(	PUNCT
ajm-7108	210	20	atif	atif	PROPN
ajm-7108	210	21	et	et	PROPN
ajm-7108	210	22	al	al	PROPN
ajm-7108	210	23	.	.	PROPN
ajm-7108	210	24	,	,	PUNCT
ajm-7108	210	25	2021	2021	NUM
ajm-7108	210	26	)	)	PUNCT
ajm-7108	210	27	,	,	PUNCT
ajm-7108	210	28	we	we	PRON
ajm-7108	210	29	use	use	VERB
ajm-7108	210	30	an	an	DET
ajm-7108	210	31	instrumental	instrumental	ADJ
ajm-7108	210	32	variable	variable	NOUN
ajm-7108	210	33	(	(	PUNCT
ajm-7108	210	34	iv	iv	X
ajm-7108	210	35	)	)	PUNCT
ajm-7108	210	36	approach	approach	NOUN
ajm-7108	210	37	to	to	PART
ajm-7108	210	38	determine	determine	VERB
ajm-7108	210	39	the	the	DET
ajm-7108	210	40	percentage	percentage	NOUN
ajm-7108	210	41	of	of	ADP
ajm-7108	210	42	women	woman	NOUN
ajm-7108	210	43	on	on	ADP
ajm-7108	210	44	the	the	DET
ajm-7108	210	45	board	board	NOUN
ajm-7108	210	46	of	of	ADP
ajm-7108	210	47	directors	director	NOUN
ajm-7108	210	48	.	.	PUNCT
ajm-7108	211	1	we	we	PRON
ajm-7108	211	2	use	use	VERB
ajm-7108	211	3	the	the	DET
ajm-7108	211	4	percentage	percentage	NOUN
ajm-7108	211	5	of	of	ADP
ajm-7108	211	6	women	woman	NOUN
ajm-7108	211	7	employees	employee	NOUN
ajm-7108	211	8	(	(	PUNCT
ajm-7108	211	9	%	%	INTJ
ajm-7108	211	10	womenemployees	womenemployee	NOUN
ajm-7108	211	11	)	)	PUNCT
ajm-7108	211	12	as	as	ADP
ajm-7108	211	13	an	an	DET
ajm-7108	211	14	iv	iv	NOUN
ajm-7108	211	15	for	for	ADP
ajm-7108	211	16	the	the	DET
ajm-7108	211	17	%	%	NOUN
ajm-7108	211	18	womenonboard	womenonboard	NOUN
ajm-7108	211	19	.	.	PUNCT
ajm-7108	212	1	like	like	INTJ
ajm-7108	212	2	(	(	PUNCT
ajm-7108	212	3	martinez	martinez	PROPN
ajm-7108	212	4	et	et	PROPN
ajm-7108	212	5	al	al	PROPN
ajm-7108	212	6	.	.	PROPN
ajm-7108	212	7	,	,	PUNCT
ajm-7108	212	8	2022	2022	NUM
ajm-7108	212	9	)	)	PUNCT
ajm-7108	212	10	,	,	PUNCT
ajm-7108	212	11	we	we	PRON
ajm-7108	212	12	expect	expect	VERB
ajm-7108	212	13	this	this	DET
ajm-7108	212	14	instrument	instrument	NOUN
ajm-7108	212	15	to	to	PART
ajm-7108	212	16	be	be	AUX
ajm-7108	212	17	relevant	relevant	ADJ
ajm-7108	212	18	given	give	VERB
ajm-7108	212	19	that	that	DET
ajm-7108	212	20	firms	firm	NOUN
ajm-7108	212	21	that	that	PRON
ajm-7108	212	22	employ	employ	VERB
ajm-7108	212	23	more	more	ADJ
ajm-7108	212	24	women	woman	NOUN
ajm-7108	212	25	are	be	AUX
ajm-7108	212	26	more	more	ADV
ajm-7108	212	27	likely	likely	ADJ
ajm-7108	212	28	to	to	PART
ajm-7108	212	29	have	have	VERB
ajm-7108	212	30	a	a	DET
ajm-7108	212	31	larger	large	ADJ
ajm-7108	212	32	group	group	NOUN
ajm-7108	212	33	of	of	ADP
ajm-7108	212	34	female	female	ADJ
ajm-7108	212	35	candidates	candidate	NOUN
ajm-7108	212	36	to	to	PART
ajm-7108	212	37	elect	elect	VERB
ajm-7108	212	38	as	as	ADP
ajm-7108	212	39	members	member	NOUN
ajm-7108	212	40	to	to	ADP
ajm-7108	212	41	the	the	DET
ajm-7108	212	42	board	board	NOUN
ajm-7108	212	43	.	.	PUNCT
ajm-7108	213	1	thus	thus	ADV
ajm-7108	213	2	,	,	PUNCT
ajm-7108	213	3	we	we	PRON
ajm-7108	213	4	anticipate	anticipate	VERB
ajm-7108	213	5	%	%	INTJ
ajm-7108	213	6	womenemployees	womenemployee	VERB
ajm-7108	213	7	to	to	PART
ajm-7108	213	8	be	be	AUX
ajm-7108	213	9	positively	positively	ADV
ajm-7108	213	10	correlated	correlate	VERB
ajm-7108	213	11	to	to	ADP
ajm-7108	213	12	%	%	NOUN
ajm-7108	213	13	womenonboard	womenonboard	NOUN
ajm-7108	213	14	.	.	PUNCT
ajm-7108	214	1	additionally	additionally	ADV
ajm-7108	214	2	,	,	PUNCT
ajm-7108	214	3	we	we	PRON
ajm-7108	214	4	expect	expect	VERB
ajm-7108	214	5	this	this	DET
ajm-7108	214	6	instrument	instrument	NOUN
ajm-7108	214	7	be	be	AUX
ajm-7108	214	8	excludable12	excludable12	NOUN
ajm-7108	214	9	as	as	SCONJ
ajm-7108	214	10	the	the	DET
ajm-7108	214	11	purchase	purchase	NOUN
ajm-7108	214	12	of	of	ADP
ajm-7108	214	13	carbon	carbon	NOUN
ajm-7108	214	14	offsets	offset	NOUN
ajm-7108	214	15	or	or	CCONJ
ajm-7108	214	16	recs	rec	NOUN
ajm-7108	214	17	are	be	AUX
ajm-7108	214	18	costly	costly	ADJ
ajm-7108	214	19	investments	investment	NOUN
ajm-7108	214	20	that	that	PRON
ajm-7108	214	21	require	require	VERB
ajm-7108	214	22	oversight	oversight	NOUN
ajm-7108	214	23	and	and	CCONJ
ajm-7108	214	24	budget	budget	NOUN
ajm-7108	214	25	approval	approval	NOUN
ajm-7108	214	26	by	by	ADP
ajm-7108	214	27	firms	firm	NOUN
ajm-7108	214	28	’	'	PUNCT
ajm-7108	214	29	boards	board	NOUN
ajm-7108	214	30	rather	rather	ADV
ajm-7108	214	31	than	than	ADP
ajm-7108	214	32	its	its	PRON
ajm-7108	214	33	employees	employee	NOUN
ajm-7108	214	34	.	.	PUNCT
ajm-7108	215	1	this	this	DET
ajm-7108	215	2	view	view	NOUN
ajm-7108	215	3	is	be	AUX
ajm-7108	215	4	supported	support	VERB
ajm-7108	215	5	by	by	ADP
ajm-7108	215	6	a	a	DET
ajm-7108	215	7	recent	recent	ADJ
ajm-7108	215	8	study	study	NOUN
ajm-7108	215	9	by	by	ADP
ajm-7108	215	10	ecosystem	ecosystem	NOUN
ajm-7108	215	11	marketplace,13	marketplace,13	NOUN
ajm-7108	215	12	which	which	PRON
ajm-7108	215	13	revealed	reveal	VERB
ajm-7108	215	14	that	that	SCONJ
ajm-7108	215	15	companies	company	NOUN
ajm-7108	215	16	that	that	PRON
ajm-7108	215	17	purchase	purchase	VERB
ajm-7108	215	18	voluntary	voluntary	ADJ
ajm-7108	215	19	carbon	carbon	NOUN
ajm-7108	215	20	offsets	offset	NOUN
ajm-7108	215	21	have	have	VERB
ajm-7108	215	22	a	a	DET
ajm-7108	215	23	dedicated	dedicated	ADJ
ajm-7108	215	24	budget	budget	NOUN
ajm-7108	215	25	towards	towards	ADP
ajm-7108	215	26	ghg	ghg	PROPN
ajm-7108	215	27	emission	emission	NOUN
ajm-7108	215	28	reduction	reduction	NOUN
ajm-7108	215	29	activities	activity	NOUN
ajm-7108	215	30	and	and	CCONJ
ajm-7108	215	31	invest	invest	VERB
ajm-7108	215	32	an	an	DET
ajm-7108	215	33	average	average	NOUN
ajm-7108	215	34	of	of	ADP
ajm-7108	215	35	$	$	SYM
ajm-7108	215	36	1.3	1.3	NUM
ajm-7108	215	37	million.14	million.14	NOUN
ajm-7108	215	38	additionally	additionally	ADV
ajm-7108	215	39	,	,	PUNCT
ajm-7108	215	40	97	97	NUM
ajm-7108	215	41	%	%	NOUN
ajm-7108	215	42	of	of	ADP
ajm-7108	215	43	these	these	DET
ajm-7108	215	44	carbon	carbon	NOUN
ajm-7108	215	45	-	-	PUNCT
ajm-7108	215	46	offset	offset	VERB
ajm-7108	215	47	buyers	buyer	NOUN
ajm-7108	215	48	mandate	mandate	VERB
ajm-7108	215	49	board	board	NOUN
ajm-7108	215	50	-	-	PUNCT
ajm-7108	215	51	level	level	NOUN
ajm-7108	215	52	supervision	supervision	NOUN
ajm-7108	215	53	and	and	CCONJ
ajm-7108	215	54	approval	approval	NOUN
ajm-7108	215	55	for	for	ADP
ajm-7108	215	56	these	these	DET
ajm-7108	215	57	investment	investment	NOUN
ajm-7108	215	58	initiatives	initiative	NOUN
ajm-7108	215	59	.	.	PUNCT
ajm-7108	216	1	to	to	PART
ajm-7108	216	2	estimate	estimate	VERB
ajm-7108	216	3	the	the	DET
ajm-7108	216	4	effect	effect	NOUN
ajm-7108	216	5	on	on	ADP
ajm-7108	216	6	1	1	NUM
ajm-7108	216	7	)	)	PUNCT
ajm-7108	216	8	carbon	carbon	NOUN
ajm-7108	216	9	offsets	offset	NOUN
ajm-7108	216	10	and	and	CCONJ
ajm-7108	216	11	2	2	X
ajm-7108	216	12	)	)	PUNCT
ajm-7108	216	13	recs	rec	NOUN
ajm-7108	216	14	,	,	PUNCT
ajm-7108	216	15	a	a	DET
ajm-7108	216	16	two	two	NUM
ajm-7108	216	17	-	-	PUNCT
ajm-7108	216	18	stage	stage	NOUN
ajm-7108	216	19	least	least	ADJ
ajm-7108	216	20	squares	square	NOUN
ajm-7108	216	21	(	(	PUNCT
ajm-7108	216	22	2sls	2sls	NOUN
ajm-7108	216	23	)	)	PUNCT
ajm-7108	216	24	approach	approach	NOUN
ajm-7108	216	25	is	be	AUX
ajm-7108	216	26	employed	employ	VERB
ajm-7108	216	27	.	.	PUNCT
ajm-7108	217	1	while	while	SCONJ
ajm-7108	217	2	previous	previous	ADJ
ajm-7108	217	3	studies	study	NOUN
ajm-7108	217	4	have	have	AUX
ajm-7108	217	5	studied	study	VERB
ajm-7108	217	6	the	the	DET
ajm-7108	217	7	effect	effect	NOUN
ajm-7108	217	8	of	of	ADP
ajm-7108	217	9	female	female	ADJ
ajm-7108	217	10	board	board	NOUN
ajm-7108	217	11	members	member	NOUN
ajm-7108	217	12	on	on	ADP
ajm-7108	217	13	renewable	renewable	ADJ
ajm-7108	217	14	energy	energy	NOUN
ajm-7108	217	15	consumption	consumption	NOUN
ajm-7108	217	16	or	or	CCONJ
ajm-7108	217	17	corporate	corporate	ADJ
ajm-7108	217	18	social	social	ADJ
ajm-7108	217	19	responsibility	responsibility	NOUN
ajm-7108	217	20	performance	performance	NOUN
ajm-7108	217	21	,	,	PUNCT
ajm-7108	217	22	the	the	DET
ajm-7108	217	23	relationship	relationship	NOUN
ajm-7108	217	24	between	between	ADP
ajm-7108	217	25	the	the	DET
ajm-7108	217	26	female	female	ADJ
ajm-7108	217	27	board	board	NOUN
ajm-7108	217	28	membership	membership	NOUN
ajm-7108	217	29	and	and	CCONJ
ajm-7108	217	30	the	the	DET
ajm-7108	217	31	volume	volume	NOUN
ajm-7108	217	32	of	of	ADP
ajm-7108	217	33	green	green	ADJ
ajm-7108	217	34	power	power	NOUN
ajm-7108	217	35	purchases	purchase	NOUN
ajm-7108	217	36	(	(	PUNCT
ajm-7108	217	37	i.e.	i.e.	X
ajm-7108	217	38	,	,	PUNCT
ajm-7108	217	39	recs	rec	NOUN
ajm-7108	217	40	)	)	PUNCT
ajm-7108	217	41	and	and	CCONJ
ajm-7108	217	42	carbon	carbon	NOUN
ajm-7108	217	43	offsets	offset	NOUN
ajm-7108	217	44	has	have	AUX
ajm-7108	217	45	not	not	PART
ajm-7108	217	46	been	be	AUX
ajm-7108	217	47	studied	study	VERB
ajm-7108	217	48	.	.	PUNCT
ajm-7108	218	1	studying	study	VERB
ajm-7108	218	2	the	the	DET
ajm-7108	218	3	volume	volume	NOUN
ajm-7108	218	4	and	and	CCONJ
ajm-7108	218	5	magnitude	magnitude	NOUN
ajm-7108	218	6	of	of	ADP
ajm-7108	218	7	recs	rec	NOUN
ajm-7108	218	8	or	or	CCONJ
ajm-7108	218	9	carbon	carbon	NOUN
ajm-7108	218	10	offset	offset	NOUN
ajm-7108	218	11	purchases	purchase	NOUN
ajm-7108	218	12	is	be	AUX
ajm-7108	218	13	important	important	ADJ
ajm-7108	218	14	as	as	SCONJ
ajm-7108	218	15	it	it	PRON
ajm-7108	218	16	focuses	focus	VERB
ajm-7108	218	17	on	on	ADP
ajm-7108	218	18	the	the	DET
ajm-7108	218	19	scale	scale	NOUN
ajm-7108	218	20	of	of	ADP
ajm-7108	218	21	ghg	ghg	PROPN
ajm-7108	218	22	emission	emission	NOUN
ajm-7108	218	23	reduction	reduction	NOUN
ajm-7108	218	24	or	or	CCONJ
ajm-7108	218	25	energy	energy	NOUN
ajm-7108	218	26	efficient	efficient	ADJ
ajm-7108	218	27	policies	policy	NOUN
ajm-7108	218	28	,	,	PUNCT
ajm-7108	218	29	which	which	PRON
ajm-7108	218	30	is	be	AUX
ajm-7108	218	31	of	of	ADP
ajm-7108	218	32	vital	vital	ADJ
ajm-7108	218	33	importance	importance	NOUN
ajm-7108	218	34	to	to	ADP
ajm-7108	218	35	firms	firm	NOUN
ajm-7108	218	36	who	who	PRON
ajm-7108	218	37	have	have	AUX
ajm-7108	218	38	set	set	VERB
ajm-7108	218	39	emissions	emission	NOUN
ajm-7108	218	40	targets	target	NOUN
ajm-7108	218	41	or	or	CCONJ
ajm-7108	218	42	made	make	VERB
ajm-7108	218	43	commitments	commitment	NOUN
ajm-7108	218	44	to	to	PART
ajm-7108	218	45	reduce	reduce	VERB
ajm-7108	218	46	their	their	PRON
ajm-7108	218	47	environmental	environmental	ADJ
ajm-7108	218	48	impact	impact	NOUN
ajm-7108	218	49	.	.	PUNCT
ajm-7108	219	1	descriptive	descriptive	ADJ
ajm-7108	219	2	statistics	statistics	PROPN
ajm-7108	219	3	table	table	NOUN
ajm-7108	219	4	2	2	NUM
ajm-7108	219	5	displays	display	VERB
ajm-7108	219	6	the	the	DET
ajm-7108	219	7	descriptive	descriptive	ADJ
ajm-7108	219	8	statistics	statistic	NOUN
ajm-7108	219	9	for	for	ADP
ajm-7108	219	10	the	the	DET
ajm-7108	219	11	full	full	ADJ
ajm-7108	219	12	sample	sample	NOUN
ajm-7108	219	13	of	of	ADP
ajm-7108	219	14	firms	firm	NOUN
ajm-7108	219	15	as	as	ADV
ajm-7108	219	16	well	well	ADV
ajm-7108	219	17	as	as	ADP
ajm-7108	219	18	the	the	DET
ajm-7108	219	19	sub	sub	NOUN
ajm-7108	219	20	-	-	NOUN
ajm-7108	219	21	samples	sample	NOUN
ajm-7108	219	22	with	with	ADP
ajm-7108	219	23	1	1	NUM
ajm-7108	219	24	)	)	PUNCT
ajm-7108	219	25	carbon	carbon	NOUN
ajm-7108	219	26	offset	offset	VERB
ajm-7108	219	27	buyers	buyer	NOUN
ajm-7108	219	28	and	and	CCONJ
ajm-7108	219	29	without	without	ADP
ajm-7108	219	30	carbon	carbon	NOUN
ajm-7108	219	31	offset	offset	NOUN
ajm-7108	219	32	buyers	buyer	NOUN
ajm-7108	219	33	and	and	CCONJ
ajm-7108	219	34	2	2	NUM
ajm-7108	219	35	)	)	PUNCT
ajm-7108	219	36	with	with	ADP
ajm-7108	219	37	rec	rec	ADJ
ajm-7108	219	38	buyers	buyer	NOUN
ajm-7108	219	39	and	and	CCONJ
ajm-7108	219	40	without	without	ADP
ajm-7108	219	41	rec	rec	NOUN
ajm-7108	219	42	buyers	buyer	NOUN
ajm-7108	219	43	.	.	PUNCT
ajm-7108	220	1	the	the	DET
ajm-7108	220	2	t	t	PROPN
ajm-7108	220	3	-	-	PUNCT
ajm-7108	220	4	statistics	statistic	NOUN
ajm-7108	220	5	for	for	ADP
ajm-7108	220	6	the	the	DET
ajm-7108	220	7	differences	difference	NOUN
ajm-7108	220	8	in	in	ADP
ajm-7108	220	9	means	mean	NOUN
ajm-7108	220	10	between	between	ADP
ajm-7108	220	11	the	the	DET
ajm-7108	220	12	control	control	NOUN
ajm-7108	220	13	and	and	CCONJ
ajm-7108	220	14	treatment	treatment	NOUN
ajm-7108	220	15	groups	group	NOUN
ajm-7108	220	16	are	be	AUX
ajm-7108	220	17	shown	show	VERB
ajm-7108	220	18	based	base	VERB
ajm-7108	220	19	on	on	ADP
ajm-7108	220	20	a	a	DET
ajm-7108	220	21	two	two	NUM
ajm-7108	220	22	-	-	PUNCT
ajm-7108	220	23	sample	sample	NOUN
ajm-7108	220	24	t	t	NOUN
ajm-7108	220	25	-	-	PUNCT
ajm-7108	220	26	test	test	NOUN
ajm-7108	220	27	.	.	PUNCT
ajm-7108	221	1	in	in	ADP
ajm-7108	221	2	particular	particular	ADJ
ajm-7108	221	3	,	,	PUNCT
ajm-7108	221	4	panel	panel	NOUN
ajm-7108	221	5	a	a	DET
ajm-7108	221	6	exhibits	exhibit	NOUN
ajm-7108	221	7	that	that	PRON
ajm-7108	221	8	firms	firm	NOUN
ajm-7108	221	9	on	on	ADP
ajm-7108	221	10	average	average	ADJ
ajm-7108	221	11	have	have	AUX
ajm-7108	221	12	purchased	purchase	VERB
ajm-7108	221	13	approximately	approximately	ADV
ajm-7108	221	14	525.89	525.89	NUM
ajm-7108	221	15	thousand	thousand	NUM
ajm-7108	221	16	metric	metric	ADJ
ajm-7108	221	17	tons	ton	NOUN
ajm-7108	221	18	of	of	ADP
ajm-7108	221	19	carbon	carbon	NOUN
ajm-7108	221	20	offsets	offset	NOUN
ajm-7108	221	21	and	and	CCONJ
ajm-7108	221	22	407.40	407.40	NUM
ajm-7108	221	23	thousand	thousand	NUM
ajm-7108	221	24	of	of	ADP
ajm-7108	221	25	mwh	mwh	PROPN
ajm-7108	221	26	of	of	ADP
ajm-7108	221	27	recs.15	recs.15	PROPN
ajm-7108	221	28	panel	panel	PROPN
ajm-7108	221	29	b	b	PROPN
ajm-7108	221	30	shows	show	VERB
ajm-7108	221	31	that	that	SCONJ
ajm-7108	221	32	firms	firm	NOUN
ajm-7108	221	33	in	in	ADP
ajm-7108	221	34	our	our	PRON
ajm-7108	221	35	full	full	ADJ
ajm-7108	221	36	sample	sample	NOUN
ajm-7108	221	37	emit	emit	NOUN
ajm-7108	221	38	an	an	DET
ajm-7108	221	39	average	average	ADJ
ajm-7108	221	40	volume	volume	NOUN
ajm-7108	221	41	of	of	ADP
ajm-7108	221	42	3446.14	3446.14	NUM
ajm-7108	221	43	thousand	thousand	NUM
ajm-7108	221	44	tons	ton	NOUN
ajm-7108	221	45	of	of	ADP
ajm-7108	221	46	total	total	ADJ
ajm-7108	221	47	ghg	ghg	PROPN
ajm-7108	221	48	market	market	NOUN
ajm-7108	221	49	emissions	emission	NOUN
ajm-7108	221	50	,	,	PUNCT
ajm-7108	221	51	with	with	ADP
ajm-7108	221	52	a	a	DET
ajm-7108	221	53	higher	high	ADJ
ajm-7108	221	54	average	average	ADJ
ajm-7108	221	55	volume	volume	NOUN
ajm-7108	221	56	of	of	ADP
ajm-7108	221	57	ghg	ghg	PROPN
ajm-7108	221	58	scope	scope	PROPN
ajm-7108	221	59	1	1	NUM
ajm-7108	221	60	emissions	emission	NOUN
ajm-7108	221	61	than	than	ADP
ajm-7108	221	62	ghg	ghg	PROPN
ajm-7108	221	63	scope	scope	NOUN
ajm-7108	221	64	2	2	NUM
ajm-7108	221	65	market	market	NOUN
ajm-7108	221	66	emissions	emission	NOUN
ajm-7108	221	67	(	(	PUNCT
ajm-7108	221	68	3894.64	3894.64	NUM
ajm-7108	221	69	vs.	vs.	ADP
ajm-7108	221	70	659.89	659.89	NUM
ajm-7108	221	71	thousand	thousand	NUM
ajm-7108	221	72	tons	ton	NOUN
ajm-7108	221	73	)	)	PUNCT
ajm-7108	221	74	.	.	PUNCT
ajm-7108	222	1	on	on	ADP
ajm-7108	222	2	average	average	ADJ
ajm-7108	222	3	,	,	PUNCT
ajm-7108	222	4	firms	firm	NOUN
ajm-7108	222	5	who	who	PRON
ajm-7108	222	6	have	have	AUX
ajm-7108	222	7	purchased	purchase	VERB
ajm-7108	222	8	carbon	carbon	NOUN
ajm-7108	222	9	offsets	offset	NOUN
ajm-7108	222	10	emit	emit	VERB
ajm-7108	222	11	higher	high	ADJ
ajm-7108	222	12	volumes	volume	NOUN
ajm-7108	222	13	of	of	ADP
ajm-7108	222	14	total	total	ADJ
ajm-7108	222	15	ghg	ghg	PROPN
ajm-7108	222	16	market	market	NOUN
ajm-7108	222	17	emissions	emission	NOUN
ajm-7108	222	18	than	than	ADP
ajm-7108	222	19	non	non	NOUN
ajm-7108	222	20	-	-	NOUN
ajm-7108	222	21	buyers	buyer	NOUN
ajm-7108	222	22	of	of	ADP
ajm-7108	222	23	carbon	carbon	NOUN
ajm-7108	222	24	offsets	offset	NOUN
ajm-7108	222	25	(	(	PUNCT
ajm-7108	222	26	4967.83	4967.83	NUM
ajm-7108	222	27	vs.	vs.	ADP
ajm-7108	222	28	2787.26	2787.26	NUM
ajm-7108	222	29	thousand	thousand	NUM
ajm-7108	222	30	tons	ton	NOUN
ajm-7108	222	31	)	)	PUNCT
ajm-7108	222	32	.	.	PUNCT
ajm-7108	223	1	this	this	DET
ajm-7108	223	2	difference	difference	NOUN
ajm-7108	223	3	is	be	AUX
ajm-7108	223	4	significant	significant	ADJ
ajm-7108	223	5	at	at	ADP
ajm-7108	223	6	the	the	DET
ajm-7108	223	7	1	1	NUM
ajm-7108	223	8	%	%	NOUN
ajm-7108	223	9	level	level	NOUN
ajm-7108	223	10	.	.	PUNCT
ajm-7108	224	1	additionally	additionally	ADV
ajm-7108	224	2	,	,	PUNCT
ajm-7108	224	3	buyers	buyer	NOUN
ajm-7108	224	4	of	of	ADP
ajm-7108	224	5	carbon	carbon	NOUN
ajm-7108	224	6	offsets	offset	NOUN
ajm-7108	224	7	also	also	ADV
ajm-7108	224	8	display	display	VERB
ajm-7108	224	9	a	a	DET
ajm-7108	224	10	higher	high	ADJ
ajm-7108	224	11	average	average	ADJ
ajm-7108	224	12	environmental	environmental	ADJ
ajm-7108	224	13	score	score	NOUN
ajm-7108	224	14	than	than	ADP
ajm-7108	224	15	non	non	NOUN
ajm-7108	224	16	-	-	NOUN
ajm-7108	224	17	buyers	buyer	NOUN
ajm-7108	224	18	.	.	PUNCT
ajm-7108	225	1	american	american	ADJ
ajm-7108	225	2	journal	journal	PROPN
ajm-7108	225	3	of	of	ADP
ajm-7108	225	4	management	management	NOUN
ajm-7108	225	5	vol	vol	NOUN
ajm-7108	225	6	.	.	PUNCT
ajm-7108	226	1	24(2	24(2	NUM
ajm-7108	226	2	)	)	PUNCT
ajm-7108	226	3	2024	2024	NUM
ajm-7108	226	4	27	27	NUM
ajm-7108	226	5	additionally	additionally	ADV
ajm-7108	226	6	,	,	PUNCT
ajm-7108	226	7	the	the	DET
ajm-7108	226	8	sub	sub	NOUN
ajm-7108	226	9	-	-	NOUN
ajm-7108	226	10	sample	sample	NOUN
ajm-7108	226	11	of	of	ADP
ajm-7108	226	12	firms	firm	NOUN
ajm-7108	226	13	that	that	PRON
ajm-7108	226	14	have	have	AUX
ajm-7108	226	15	purchased	purchase	VERB
ajm-7108	226	16	recs	rec	NOUN
ajm-7108	226	17	differs	differ	NOUN
ajm-7108	226	18	from	from	ADP
ajm-7108	226	19	firms	firm	NOUN
ajm-7108	226	20	that	that	PRON
ajm-7108	226	21	have	have	VERB
ajm-7108	226	22	not	not	PART
ajm-7108	226	23	.	.	PUNCT
ajm-7108	227	1	panel	panel	NOUN
ajm-7108	227	2	b	b	PROPN
ajm-7108	227	3	shows	show	VERB
ajm-7108	227	4	that	that	SCONJ
ajm-7108	227	5	firms	firm	NOUN
ajm-7108	227	6	in	in	ADP
ajm-7108	227	7	our	our	PRON
ajm-7108	227	8	full	full	ADJ
ajm-7108	227	9	sample	sample	NOUN
ajm-7108	227	10	have	have	VERB
ajm-7108	227	11	an	an	DET
ajm-7108	227	12	average	average	ADJ
ajm-7108	227	13	renewable	renewable	ADJ
ajm-7108	227	14	energy	energy	NOUN
ajm-7108	227	15	intensity	intensity	NOUN
ajm-7108	227	16	of	of	ADP
ajm-7108	227	17	22.60	22.60	NUM
ajm-7108	227	18	%	%	NOUN
ajm-7108	227	19	.	.	PUNCT
ajm-7108	228	1	notably	notably	ADV
ajm-7108	228	2	,	,	PUNCT
ajm-7108	228	3	buyers	buyer	NOUN
ajm-7108	228	4	of	of	ADP
ajm-7108	228	5	recs	rec	NOUN
ajm-7108	228	6	display	display	VERB
ajm-7108	228	7	a	a	DET
ajm-7108	228	8	higher	high	ADJ
ajm-7108	228	9	usage	usage	NOUN
ajm-7108	228	10	of	of	ADP
ajm-7108	228	11	renewable	renewable	ADJ
ajm-7108	228	12	energy	energy	NOUN
ajm-7108	228	13	as	as	ADP
ajm-7108	228	14	a	a	DET
ajm-7108	228	15	percentage	percentage	NOUN
ajm-7108	228	16	of	of	ADP
ajm-7108	228	17	total	total	ADJ
ajm-7108	228	18	energy	energy	NOUN
ajm-7108	228	19	consumption	consumption	NOUN
ajm-7108	228	20	than	than	ADP
ajm-7108	228	21	non	non	NOUN
ajm-7108	228	22	-	-	NOUN
ajm-7108	228	23	buyers	buyer	NOUN
ajm-7108	228	24	of	of	ADP
ajm-7108	228	25	recs	rec	NOUN
ajm-7108	228	26	(	(	PUNCT
ajm-7108	228	27	33.22	33.22	NUM
ajm-7108	228	28	%	%	NOUN
ajm-7108	228	29	vs.	vs.	ADP
ajm-7108	228	30	17.94	17.94	NUM
ajm-7108	228	31	%	%	NOUN
ajm-7108	228	32	)	)	PUNCT
ajm-7108	228	33	.	.	PUNCT
ajm-7108	229	1	this	this	DET
ajm-7108	229	2	difference	difference	NOUN
ajm-7108	229	3	is	be	AUX
ajm-7108	229	4	significant	significant	ADJ
ajm-7108	229	5	at	at	ADP
ajm-7108	229	6	the	the	DET
ajm-7108	229	7	1	1	NUM
ajm-7108	229	8	%	%	NOUN
ajm-7108	229	9	level	level	NOUN
ajm-7108	229	10	.	.	PUNCT
ajm-7108	230	1	furthermore	furthermore	ADV
ajm-7108	230	2	,	,	PUNCT
ajm-7108	230	3	buyers	buyer	NOUN
ajm-7108	230	4	of	of	ADP
ajm-7108	230	5	recs	rec	NOUN
ajm-7108	230	6	display	display	VERB
ajm-7108	230	7	a	a	DET
ajm-7108	230	8	lower	low	ADJ
ajm-7108	230	9	average	average	ADJ
ajm-7108	230	10	volume	volume	NOUN
ajm-7108	230	11	of	of	ADP
ajm-7108	230	12	total	total	ADJ
ajm-7108	230	13	ghg	ghg	PROPN
ajm-7108	230	14	market	market	NOUN
ajm-7108	230	15	emissions	emission	NOUN
ajm-7108	230	16	compared	compare	VERB
ajm-7108	230	17	to	to	ADP
ajm-7108	230	18	non	non	NOUN
ajm-7108	230	19	-	-	NOUN
ajm-7108	230	20	buyers	buyer	NOUN
ajm-7108	230	21	(	(	PUNCT
ajm-7108	230	22	996.29	996.29	NUM
ajm-7108	230	23	vs.	vs.	ADP
ajm-7108	230	24	4329.36	4329.36	NUM
ajm-7108	230	25	thousand	thousand	NUM
ajm-7108	230	26	mwh	mwh	PROPN
ajm-7108	230	27	)	)	PUNCT
ajm-7108	230	28	.	.	PUNCT
ajm-7108	231	1	furthermore	furthermore	ADV
ajm-7108	231	2	,	,	PUNCT
ajm-7108	231	3	buyers	buyer	NOUN
ajm-7108	231	4	of	of	ADP
ajm-7108	231	5	recs	rec	NOUN
ajm-7108	231	6	also	also	ADV
ajm-7108	231	7	display	display	VERB
ajm-7108	231	8	a	a	DET
ajm-7108	231	9	higher	high	ADJ
ajm-7108	231	10	average	average	ADJ
ajm-7108	231	11	environmental	environmental	ADJ
ajm-7108	231	12	score	score	NOUN
ajm-7108	231	13	than	than	ADP
ajm-7108	231	14	non	non	NOUN
ajm-7108	231	15	-	-	NOUN
ajm-7108	231	16	buyers	buyer	NOUN
ajm-7108	231	17	of	of	ADP
ajm-7108	231	18	recs	rec	NOUN
ajm-7108	231	19	.	.	PUNCT
ajm-7108	232	1	panel	panel	NOUN
ajm-7108	232	2	c	c	PROPN
ajm-7108	232	3	of	of	ADP
ajm-7108	232	4	table	table	NOUN
ajm-7108	232	5	2	2	NUM
ajm-7108	232	6	focuses	focus	VERB
ajm-7108	232	7	on	on	ADP
ajm-7108	232	8	the	the	DET
ajm-7108	232	9	financial	financial	ADJ
ajm-7108	232	10	variables	variable	NOUN
ajm-7108	232	11	that	that	PRON
ajm-7108	232	12	may	may	AUX
ajm-7108	232	13	impact	impact	VERB
ajm-7108	232	14	firms	firm	NOUN
ajm-7108	232	15	’	’	PART
ajm-7108	232	16	propensity	propensity	NOUN
ajm-7108	232	17	to	to	PART
ajm-7108	232	18	buy	buy	VERB
ajm-7108	232	19	carbon	carbon	NOUN
ajm-7108	232	20	offsets	offset	NOUN
ajm-7108	232	21	or	or	CCONJ
ajm-7108	232	22	recs	rec	NOUN
ajm-7108	232	23	and	and	CCONJ
ajm-7108	232	24	their	their	PRON
ajm-7108	232	25	ghg	ghg	PROPN
ajm-7108	232	26	emissions	emission	NOUN
ajm-7108	232	27	.	.	PUNCT
ajm-7108	233	1	firms	firm	NOUN
ajm-7108	233	2	in	in	ADP
ajm-7108	233	3	the	the	DET
ajm-7108	233	4	sample	sample	NOUN
ajm-7108	233	5	have	have	VERB
ajm-7108	233	6	average	average	ADJ
ajm-7108	233	7	cash	cash	NOUN
ajm-7108	233	8	holdings	holding	NOUN
ajm-7108	233	9	of	of	ADP
ajm-7108	233	10	0.12	0.12	NUM
ajm-7108	233	11	,	,	PUNCT
ajm-7108	233	12	leverage	leverage	NOUN
ajm-7108	233	13	of	of	ADP
ajm-7108	233	14	0.30	0.30	NUM
ajm-7108	233	15	,	,	PUNCT
ajm-7108	233	16	investment	investment	NOUN
ajm-7108	233	17	of	of	ADP
ajm-7108	233	18	-0.03	-0.03	NUM
ajm-7108	233	19	,	,	PUNCT
ajm-7108	233	20	roa	roa	NOUN
ajm-7108	233	21	of	of	ADP
ajm-7108	233	22	0.04	0.04	NUM
ajm-7108	233	23	,	,	PUNCT
ajm-7108	233	24	roe	roe	NOUN
ajm-7108	233	25	of	of	ADP
ajm-7108	233	26	19.57	19.57	NUM
ajm-7108	233	27	,	,	PUNCT
ajm-7108	233	28	and	and	CCONJ
ajm-7108	233	29	capital	capital	NOUN
ajm-7108	233	30	spending	spending	NOUN
ajm-7108	233	31	of	of	ADP
ajm-7108	233	32	-0.12	-0.12	NOUN
ajm-7108	233	33	.	.	PUNCT
ajm-7108	234	1	the	the	DET
ajm-7108	234	2	average	average	ADJ
ajm-7108	234	3	board	board	NOUN
ajm-7108	234	4	size	size	NOUN
ajm-7108	234	5	of	of	ADP
ajm-7108	234	6	firms	firm	NOUN
ajm-7108	234	7	is	be	AUX
ajm-7108	234	8	~11	~11	X
ajm-7108	234	9	members	member	NOUN
ajm-7108	234	10	.	.	PUNCT
ajm-7108	235	1	table	table	NOUN
ajm-7108	235	2	2	2	NUM
ajm-7108	235	3	descriptive	descriptive	ADJ
ajm-7108	235	4	statistics	statistic	NOUN
ajm-7108	235	5	with	with	ADP
ajm-7108	235	6	carbon	carbon	NOUN
ajm-7108	235	7	offsets	offset	NOUN
ajm-7108	235	8	without	without	ADP
ajm-7108	235	9	offsets	offset	NOUN
ajm-7108	235	10	with	with	ADP
ajm-7108	235	11	recs	rec	NOUN
ajm-7108	235	12	without	without	ADP
ajm-7108	235	13	recs	rec	NOUN
ajm-7108	235	14	n=	n=	ADJ
ajm-7108	235	15	1,441	1,441	NUM
ajm-7108	235	16	n=	n=	ADJ
ajm-7108	235	17	4,730	4,730	NUM
ajm-7108	235	18	n=1,287	n=1,287	PROPN
ajm-7108	235	19	n=	n=	ADJ
ajm-7108	236	1	4,884	4,884	NUM
ajm-7108	236	2	variable	variable	ADJ
ajm-7108	236	3	mean	mean	NOUN
ajm-7108	236	4	std	std	PROPN
ajm-7108	236	5	.	.	PROPN
ajm-7108	236	6	dev	dev	PROPN
ajm-7108	236	7	.	.	PUNCT
ajm-7108	237	1	mean	mean	PROPN
ajm-7108	237	2	mean	mean	PROPN
ajm-7108	237	3	t	t	NOUN
ajm-7108	237	4	-	-	PUNCT
ajm-7108	237	5	stat	stat	NOUN
ajm-7108	237	6	of	of	ADP
ajm-7108	237	7	difference	difference	NOUN
ajm-7108	237	8	in	in	ADP
ajm-7108	237	9	means	mean	NOUN
ajm-7108	237	10	mean	mean	VERB
ajm-7108	237	11	mean	mean	VERB
ajm-7108	237	12	t	t	NOUN
ajm-7108	237	13	-	-	PUNCT
ajm-7108	237	14	stat	stat	NOUN
ajm-7108	237	15	of	of	ADP
ajm-7108	237	16	difference	difference	NOUN
ajm-7108	237	17	in	in	ADP
ajm-7108	237	18	means	mean	VERB
ajm-7108	237	19	panel	panel	NOUN
ajm-7108	237	20	a	a	DET
ajm-7108	237	21	:	:	PUNCT
ajm-7108	237	22	independent	independent	ADJ
ajm-7108	237	23	variables	variable	NOUN
ajm-7108	237	24	%	%	INTJ
ajm-7108	237	25	women	woman	NOUN
ajm-7108	237	26	on	on	ADP
ajm-7108	237	27	board	board	NOUN
ajm-7108	237	28	(	(	PUNCT
ajm-7108	237	29	wob	wob	X
ajm-7108	237	30	)	)	PUNCT
ajm-7108	237	31	24.347	24.347	NUM
ajm-7108	237	32	11.490	11.490	NUM
ajm-7108	237	33	27.482	27.482	NUM
ajm-7108	237	34	23.351	23.351	NUM
ajm-7108	237	35	-11.904	-11.904	NUM
ajm-7108	238	1	26.776	26.776	NUM
ajm-7108	238	2	23.691	23.691	NUM
ajm-7108	238	3	-8.456	-8.456	NOUN
ajm-7108	238	4	carbon	carbon	NOUN
ajm-7108	238	5	offsets	offset	VERB
ajm-7108	238	6	525.890	525.890	NUM
ajm-7108	238	7	2089.595	2089.595	NUM
ajm-7108	238	8	525.924	525.924	NUM
ajm-7108	238	9	112.079	112.079	NUM
ajm-7108	238	10	734.444	734.444	NUM
ajm-7108	238	11	3.899	3.899	NUM
ajm-7108	238	12	recs	rec	NOUN
ajm-7108	238	13	407.406	407.406	NUM
ajm-7108	238	14	987.921	987.921	NUM
ajm-7108	238	15	595.170	595.170	NUM
ajm-7108	238	16	273.574	273.574	NUM
ajm-7108	238	17	-4.122	-4.122	NOUN
ajm-7108	238	18	407.406	407.406	NUM
ajm-7108	238	19	ln(carbon	ln(carbon	NOUN
ajm-7108	238	20	offsets	offset	VERB
ajm-7108	238	21	)	)	PUNCT
ajm-7108	238	22	3.916	3.916	NUM
ajm-7108	238	23	2.325	2.325	NUM
ajm-7108	238	24	3.912	3.912	NUM
ajm-7108	238	25	3.229	3.229	NUM
ajm-7108	238	26	4.248	4.248	NUM
ajm-7108	238	27	5.497	5.497	NUM
ajm-7108	238	28	ln(recs	ln(rec	NOUN
ajm-7108	238	29	)	)	PUNCT
ajm-7108	238	30	4.478	4.478	NUM
ajm-7108	238	31	1.966	1.966	NUM
ajm-7108	238	32	5.014	5.014	NUM
ajm-7108	238	33	4.091	4.091	NUM
ajm-7108	238	34	-6.019	-6.019	PUNCT
ajm-7108	238	35	4.478	4.478	NUM
ajm-7108	238	36	panel	panel	NOUN
ajm-7108	238	37	b	b	NOUN
ajm-7108	238	38	:	:	PUNCT
ajm-7108	238	39	dependent	dependent	ADJ
ajm-7108	238	40	variables	variable	NOUN
ajm-7108	238	41	ghg	ghg	PROPN
ajm-7108	238	42	emissions	emissions	PROPN
ajm-7108	238	43	ghg	ghg	PROPN
ajm-7108	238	44	scope	scope	NOUN
ajm-7108	238	45	1	1	NUM
ajm-7108	238	46	emissions	emission	NOUN
ajm-7108	238	47	3894.649	3894.649	NUM
ajm-7108	238	48	14315.26	14315.26	NUM
ajm-7108	238	49	7382.713	7382.713	NUM
ajm-7108	238	50	2415.23	2415.23	NUM
ajm-7108	238	51	-10.328	-10.328	PUNCT
ajm-7108	239	1	604.418	604.418	NUM
ajm-7108	239	2	4944.455	4944.455	NUM
ajm-7108	239	3	8.414	8.414	NUM
ajm-7108	239	4	ghg	ghg	PROPN
ajm-7108	239	5	scope	scope	NOUN
ajm-7108	239	6	2	2	NUM
ajm-7108	239	7	market	market	NOUN
ajm-7108	239	8	emissions	emission	NOUN
ajm-7108	239	9	659.8981	659.8981	NUM
ajm-7108	239	10	2042.873	2042.873	NUM
ajm-7108	239	11	842.582	842.582	NUM
ajm-7108	239	12	580.798	580.798	NUM
ajm-7108	239	13	-2.948	-2.948	NOUN
ajm-7108	239	14	603.625	603.625	NUM
ajm-7108	239	15	680.186	680.186	NUM
ajm-7108	239	16	0.827	0.827	NUM
ajm-7108	239	17	total	total	ADJ
ajm-7108	239	18	ghg	ghg	PROPN
ajm-7108	239	19	market	market	NOUN
ajm-7108	239	20	emissions	emission	NOUN
ajm-7108	239	21	3446.141	3446.141	NUM
ajm-7108	239	22	11336.280	11336.280	NUM
ajm-7108	239	23	4967.830	4967.830	NUM
ajm-7108	239	24	2787.265	2787.265	NUM
ajm-7108	239	25	-4.435	-4.435	NUM
ajm-7108	239	26	996.297	996.297	NUM
ajm-7108	239	27	4329.364	4329.364	NUM
ajm-7108	239	28	6.545	6.545	NUM
ajm-7108	239	29	ln(ghg	ln(ghg	NOUN
ajm-7108	239	30	scope	scope	NOUN
ajm-7108	239	31	1	1	NUM
ajm-7108	239	32	emissions	emission	NOUN
ajm-7108	239	33	)	)	PUNCT
ajm-7108	239	34	4.650	4.650	NUM
ajm-7108	239	35	2.988	2.988	NUM
ajm-7108	239	36	4.813	4.813	NUM
ajm-7108	239	37	4.581	4.581	NUM
ajm-7108	239	38	-2.277	-2.277	NUM
ajm-7108	239	39	3.915	3.915	NUM
ajm-7108	239	40	4.883	4.883	NUM
ajm-7108	239	41	8.971	8.971	NUM
ajm-7108	239	42	ln(ghg	ln(ghg	NOUN
ajm-7108	239	43	scope	scope	NOUN
ajm-7108	239	44	2	2	NUM
ajm-7108	239	45	market	market	NOUN
ajm-7108	239	46	emissions	emission	NOUN
ajm-7108	239	47	)	)	PUNCT
ajm-7108	239	48	4.529	4.529	NUM
ajm-7108	239	49	2.393	2.393	NUM
ajm-7108	239	50	4.282	4.282	NUM
ajm-7108	239	51	4.635	4.635	NUM
ajm-7108	239	52	3.339	3.339	NUM
ajm-7108	239	53	4.185	4.185	NUM
ajm-7108	239	54	4.650	4.650	NUM
ajm-7108	239	55	4.213	4.213	NUM
ajm-7108	239	56	ln(total	ln(total	PROPN
ajm-7108	239	57	ghg	ghg	PROPN
ajm-7108	239	58	market	market	NOUN
ajm-7108	239	59	emissions	emission	NOUN
ajm-7108	239	60	)	)	PUNCT
ajm-7108	239	61	5.505	5.505	NUM
ajm-7108	239	62	2.473	2.473	NUM
ajm-7108	239	63	5.451	5.451	NUM
ajm-7108	239	64	5.529	5.529	NUM
ajm-7108	239	65	0.727	0.727	NUM
ajm-7108	239	66	5.006	5.006	NUM
ajm-7108	239	67	5.686	5.686	NUM
ajm-7108	239	68	6.107	6.107	NUM
ajm-7108	239	69	renewable	renewable	ADJ
ajm-7108	239	70	energy	energy	NOUN
ajm-7108	239	71	ln(renewable	ln(renewable	ADJ
ajm-7108	239	72	energy	energy	NOUN
ajm-7108	239	73	use	use	NOUN
ajm-7108	239	74	)	)	PUNCT
ajm-7108	240	1	4.449	4.449	NUM
ajm-7108	240	2	2.651	2.651	NUM
ajm-7108	240	3	5.023	5.023	NUM
ajm-7108	240	4	4.139	4.139	NUM
ajm-7108	240	5	-8.117	-8.117	PUNCT
ajm-7108	240	6	4.835	4.835	NUM
ajm-7108	240	7	4.268	4.268	NUM
ajm-7108	240	8	-5.038	-5.038	NOUN
ajm-7108	240	9	renew	renew	NOUN
ajm-7108	240	10	.	.	PUNCT
ajm-7108	241	1	energy	energy	NOUN
ajm-7108	241	2	intensity	intensity	NOUN
ajm-7108	241	3	0.226	0.226	NUM
ajm-7108	241	4	0.279	0.279	NUM
ajm-7108	241	5	0.323	0.323	NUM
ajm-7108	241	6	0.176	0.176	NUM
ajm-7108	241	7	-13.305	-13.305	NUM
ajm-7108	241	8	0.332	0.332	NUM
ajm-7108	241	9	0.179	0.179	NUM
ajm-7108	241	10	-13.372	-13.372	NUM
ajm-7108	241	11	environmental	environmental	ADJ
ajm-7108	241	12	performance	performance	NOUN
ajm-7108	241	13	ln(environmental	ln(environmental	ADJ
ajm-7108	241	14	score	score	NOUN
ajm-7108	241	15	)	)	PUNCT
ajm-7108	241	16	3.288	3.288	NUM
ajm-7108	241	17	1.068	1.068	NUM
ajm-7108	241	18	3.578	3.578	NUM
ajm-7108	241	19	3.184	3.184	NUM
ajm-7108	241	20	-11.519	-11.519	PROPN
ajm-7108	241	21	3.492	3.492	NUM
ajm-7108	241	22	3.228	3.228	NUM
ajm-7108	241	23	-7.285	-7.285	PUNCT
ajm-7108	241	24	financial	financial	ADJ
ajm-7108	241	25	performance	performance	NOUN
ajm-7108	241	26	tobin	tobin	NOUN
ajm-7108	241	27	's	's	PART
ajm-7108	241	28	q	q	NOUN
ajm-7108	241	29	2.281	2.281	NUM
ajm-7108	241	30	3.001	3.001	NUM
ajm-7108	241	31	2.420	2.420	NUM
ajm-7108	241	32	2.237	2.237	NUM
ajm-7108	241	33	-1.998	-1.998	NUM
ajm-7108	241	34	2.353	2.353	NUM
ajm-7108	241	35	2.262	2.262	NUM
ajm-7108	242	1	-0.948	-0.948	PUNCT
ajm-7108	242	2	ln(sales	ln(sale	NOUN
ajm-7108	242	3	)	)	PUNCT
ajm-7108	242	4	9.007	9.007	NUM
ajm-7108	242	5	1.554	1.554	NUM
ajm-7108	242	6	9.815	9.815	NUM
ajm-7108	242	7	8.754	8.754	NUM
ajm-7108	242	8	-23.524	-23.524	PROPN
ajm-7108	242	9	9.444	9.444	NUM
ajm-7108	242	10	8.889	8.889	NUM
ajm-7108	242	11	-11.425	-11.425	NOUN
ajm-7108	242	12	ln(assets	ln(asset	NOUN
ajm-7108	242	13	)	)	PUNCT
ajm-7108	242	14	9.816	9.816	NUM
ajm-7108	242	15	1.817	1.817	NUM
ajm-7108	242	16	10.987	10.987	NUM
ajm-7108	242	17	9.449	9.449	NUM
ajm-7108	242	18	-29.956	-29.956	PROPN
ajm-7108	242	19	10.380	10.380	NUM
ajm-7108	242	20	9.665	9.665	NUM
ajm-7108	242	21	-12.625	-12.625	ADJ
ajm-7108	242	22	ln(operating	ln(operate	VERB
ajm-7108	242	23	income	income	NOUN
ajm-7108	242	24	)	)	PUNCT
ajm-7108	242	25	7.046	7.046	NUM
ajm-7108	242	26	1.597	1.597	NUM
ajm-7108	242	27	7.878	7.878	NUM
ajm-7108	242	28	6.782	6.782	NUM
ajm-7108	242	29	-22.627	-22.627	PROPN
ajm-7108	242	30	7.615	7.615	NUM
ajm-7108	242	31	6.891	6.891	NUM
ajm-7108	242	32	-13.974	-13.974	PROPN
ajm-7108	242	33	panel	panel	NOUN
ajm-7108	242	34	c	c	NOUN
ajm-7108	242	35	:	:	PUNCT
ajm-7108	242	36	control	control	NOUN
ajm-7108	242	37	variables	variable	VERB
ajm-7108	242	38	cash	cash	NOUN
ajm-7108	242	39	holdings	holding	NOUN
ajm-7108	242	40	0.128	0.128	NUM
ajm-7108	242	41	0.138	0.138	NUM
ajm-7108	242	42	0.149	0.149	NUM
ajm-7108	242	43	0.121	0.121	NUM
ajm-7108	242	44	-6.631	-6.631	PUNCT
ajm-7108	242	45	0.150	0.150	NUM
ajm-7108	242	46	0.121	0.121	NUM
ajm-7108	242	47	-6.694	-6.694	VERB
ajm-7108	242	48	leverage	leverage	NOUN
ajm-7108	242	49	0.305	0.305	NUM
ajm-7108	242	50	0.223	0.223	NUM
ajm-7108	242	51	0.255	0.255	NUM
ajm-7108	242	52	0.320	0.320	NUM
ajm-7108	242	53	9.662	9.662	NUM
ajm-7108	242	54	0.248	0.248	NUM
ajm-7108	242	55	0.320	0.320	NUM
ajm-7108	242	56	10.237	10.237	NUM
ajm-7108	242	57	investment	investment	NOUN
ajm-7108	242	58	-0.039	-0.039	PUNCT
ajm-7108	242	59	0.043	0.043	NUM
ajm-7108	242	60	-0.033	-0.033	PUNCT
ajm-7108	242	61	-0.041	-0.041	PUNCT
ajm-7108	242	62	-6.560	-6.560	PUNCT
ajm-7108	242	63	-0.033	-0.033	PUNCT
ajm-7108	242	64	-0.041	-0.041	PUNCT
ajm-7108	242	65	-6.352	-6.352	PUNCT
ajm-7108	242	66	return	return	NOUN
ajm-7108	242	67	on	on	ADP
ajm-7108	242	68	assets	asset	NOUN
ajm-7108	242	69	0.043	0.043	NUM
ajm-7108	242	70	0.580	0.580	NUM
ajm-7108	242	71	0.058	0.058	NUM
ajm-7108	242	72	0.038	0.038	NUM
ajm-7108	242	73	-1.118	-1.118	NUM
ajm-7108	242	74	0.057	0.057	NUM
ajm-7108	242	75	0.039	0.039	NUM
ajm-7108	242	76	-0.943	-0.943	PUNCT
ajm-7108	242	77	return	return	NOUN
ajm-7108	242	78	on	on	ADP
ajm-7108	242	79	equity	equity	NOUN
ajm-7108	242	80	19.572	19.572	NUM
ajm-7108	242	81	68.733	68.733	NUM
ajm-7108	242	82	26.363	26.363	NUM
ajm-7108	242	83	17.360	17.360	NUM
ajm-7108	242	84	-4.245	-4.245	PUNCT
ajm-7108	242	85	20.581	20.581	NUM
ajm-7108	242	86	19.296	19.296	NUM
ajm-7108	242	87	-0.577	-0.577	ADJ
ajm-7108	242	88	capital	capital	NOUN
ajm-7108	242	89	spending	spending	NOUN
ajm-7108	242	90	-0.125	-0.125	PROPN
ajm-7108	242	91	0.499	0.499	NUM
ajm-7108	242	92	-0.081	-0.081	NUM
ajm-7108	242	93	-0.138	-0.138	NUM
ajm-7108	243	1	-3.780	-3.780	NUM
ajm-7108	243	2	-0.087	-0.087	NOUN
ajm-7108	243	3	-0.135	-0.135	NUM
ajm-7108	243	4	-3.063	-3.063	NOUN
ajm-7108	243	5	board	board	NOUN
ajm-7108	243	6	size	size	NOUN
ajm-7108	243	7	11.011	11.011	NUM
ajm-7108	243	8	2.664	2.664	NUM
ajm-7108	243	9	12.393	12.393	NUM
ajm-7108	243	10	10.572	10.572	NUM
ajm-7108	243	11	-23.391	-23.391	NUM
ajm-7108	243	12	11.387	11.387	NUM
ajm-7108	243	13	10.909	10.909	NUM
ajm-7108	243	14	-5.634	-5.634	NOUN
ajm-7108	243	15	table	table	NOUN
ajm-7108	243	16	above	above	ADP
ajm-7108	243	17	exhibits	exhibit	VERB
ajm-7108	243	18	the	the	DET
ajm-7108	243	19	descriptive	descriptive	ADJ
ajm-7108	243	20	statistics	statistic	NOUN
ajm-7108	243	21	for	for	ADP
ajm-7108	243	22	the	the	DET
ajm-7108	243	23	full	full	ADJ
ajm-7108	243	24	sample	sample	NOUN
ajm-7108	243	25	as	as	ADV
ajm-7108	243	26	well	well	ADV
ajm-7108	243	27	as	as	ADP
ajm-7108	243	28	the	the	DET
ajm-7108	243	29	sub	sub	NOUN
ajm-7108	243	30	-	-	NOUN
ajm-7108	243	31	samples	sample	NOUN
ajm-7108	243	32	with	with	ADP
ajm-7108	243	33	1	1	NUM
ajm-7108	243	34	)	)	PUNCT
ajm-7108	243	35	carbon	carbon	NOUN
ajm-7108	243	36	offset	offset	VERB
ajm-7108	243	37	buyers	buyer	NOUN
ajm-7108	243	38	and	and	CCONJ
ajm-7108	243	39	without	without	ADP
ajm-7108	243	40	carbon	carbon	NOUN
ajm-7108	243	41	offset	offset	NOUN
ajm-7108	243	42	buyers	buyer	NOUN
ajm-7108	243	43	and	and	CCONJ
ajm-7108	243	44	2	2	NUM
ajm-7108	243	45	)	)	PUNCT
ajm-7108	243	46	with	with	ADP
ajm-7108	243	47	rec	rec	ADJ
ajm-7108	243	48	buyers	buyer	NOUN
ajm-7108	243	49	and	and	CCONJ
ajm-7108	243	50	without	without	ADP
ajm-7108	243	51	rec	rec	NOUN
ajm-7108	243	52	buyers	buyer	NOUN
ajm-7108	243	53	.	.	PUNCT
ajm-7108	244	1	*	*	PUNCT
ajm-7108	244	2	*	*	PUNCT
ajm-7108	244	3	*	*	PUNCT
ajm-7108	244	4	,	,	PUNCT
ajm-7108	244	5	*	*	PUNCT
ajm-7108	244	6	*	*	PUNCT
ajm-7108	244	7	,	,	PUNCT
ajm-7108	244	8	*	*	PUNCT
ajm-7108	244	9	denotes	denote	NOUN
ajm-7108	244	10	significance	significance	NOUN
ajm-7108	244	11	at	at	ADP
ajm-7108	244	12	the	the	DET
ajm-7108	244	13	1	1	NUM
ajm-7108	244	14	%	%	NOUN
ajm-7108	244	15	,	,	PUNCT
ajm-7108	244	16	5	5	NUM
ajm-7108	244	17	%	%	NOUN
ajm-7108	244	18	and	and	CCONJ
ajm-7108	244	19	10	10	NUM
ajm-7108	244	20	%	%	NOUN
ajm-7108	244	21	level	level	NOUN
ajm-7108	244	22	respectively	respectively	ADV
ajm-7108	244	23	.	.	PUNCT
ajm-7108	245	1	full	full	ADJ
ajm-7108	245	2	sample	sample	NOUN
ajm-7108	245	3	n=	n=	ADJ
ajm-7108	245	4	6,171	6,171	NUM
ajm-7108	245	5	with	with	ADP
ajm-7108	245	6	carbon	carbon	NOUN
ajm-7108	245	7	offsets	offset	NOUN
ajm-7108	245	8	without	without	ADP
ajm-7108	245	9	offsets	offset	NOUN
ajm-7108	245	10	with	with	ADP
ajm-7108	245	11	recs	rec	NOUN
ajm-7108	245	12	without	without	ADP
ajm-7108	245	13	recs	rec	NOUN
ajm-7108	245	14	n=	n=	ADJ
ajm-7108	245	15	1,441	1,441	NUM
ajm-7108	245	16	n=	n=	ADJ
ajm-7108	245	17	4,730	4,730	NUM
ajm-7108	245	18	n=1,287	n=1,287	PROPN
ajm-7108	245	19	n=	n=	ADJ
ajm-7108	246	1	4,884	4,884	NUM
ajm-7108	246	2	variable	variable	ADJ
ajm-7108	246	3	mean	mean	NOUN
ajm-7108	246	4	std	std	PROPN
ajm-7108	246	5	.	.	PROPN
ajm-7108	246	6	dev	dev	PROPN
ajm-7108	246	7	.	.	PUNCT
ajm-7108	247	1	mean	mean	PROPN
ajm-7108	247	2	mean	mean	PROPN
ajm-7108	247	3	t	t	NOUN
ajm-7108	247	4	-	-	PUNCT
ajm-7108	247	5	stat	stat	NOUN
ajm-7108	247	6	of	of	ADP
ajm-7108	247	7	difference	difference	NOUN
ajm-7108	247	8	in	in	ADP
ajm-7108	247	9	means	mean	NOUN
ajm-7108	247	10	mean	mean	VERB
ajm-7108	247	11	mean	mean	VERB
ajm-7108	247	12	t	t	NOUN
ajm-7108	247	13	-	-	PUNCT
ajm-7108	247	14	stat	stat	NOUN
ajm-7108	247	15	of	of	ADP
ajm-7108	247	16	difference	difference	NOUN
ajm-7108	247	17	in	in	ADP
ajm-7108	247	18	means	mean	VERB
ajm-7108	247	19	panel	panel	NOUN
ajm-7108	247	20	a	a	DET
ajm-7108	247	21	:	:	PUNCT
ajm-7108	247	22	independent	independent	ADJ
ajm-7108	247	23	variables	variable	NOUN
ajm-7108	247	24	%	%	INTJ
ajm-7108	247	25	women	woman	NOUN
ajm-7108	247	26	on	on	ADP
ajm-7108	247	27	board	board	NOUN
ajm-7108	247	28	(	(	PUNCT
ajm-7108	247	29	wob	wob	X
ajm-7108	247	30	)	)	PUNCT
ajm-7108	247	31	24.347	24.347	NUM
ajm-7108	247	32	11.490	11.490	NUM
ajm-7108	247	33	27.482	27.482	NUM
ajm-7108	247	34	23.351	23.351	NUM
ajm-7108	247	35	-11.904	-11.904	NUM
ajm-7108	248	1	26.776	26.776	NUM
ajm-7108	248	2	23.691	23.691	NUM
ajm-7108	248	3	-8.456	-8.456	NOUN
ajm-7108	248	4	carbon	carbon	NOUN
ajm-7108	248	5	offsets	offset	VERB
ajm-7108	248	6	525.890	525.890	NUM
ajm-7108	248	7	2089.595	2089.595	NUM
ajm-7108	248	8	525.924	525.924	NUM
ajm-7108	248	9	112.079	112.079	NUM
ajm-7108	248	10	734.444	734.444	NUM
ajm-7108	248	11	3.899	3.899	NUM
ajm-7108	248	12	recs	rec	NOUN
ajm-7108	248	13	407.406	407.406	NUM
ajm-7108	248	14	987.921	987.921	NUM
ajm-7108	248	15	595.170	595.170	NUM
ajm-7108	248	16	273.574	273.574	NUM
ajm-7108	248	17	-4.122	-4.122	NOUN
ajm-7108	248	18	407.406	407.406	NUM
ajm-7108	248	19	ln(carbon	ln(carbon	NOUN
ajm-7108	248	20	offsets	offset	VERB
ajm-7108	248	21	)	)	PUNCT
ajm-7108	248	22	3.916	3.916	NUM
ajm-7108	248	23	2.325	2.325	NUM
ajm-7108	248	24	3.912	3.912	NUM
ajm-7108	248	25	3.229	3.229	NUM
ajm-7108	248	26	4.248	4.248	NUM
ajm-7108	248	27	5.497	5.497	NUM
ajm-7108	248	28	ln(recs	ln(rec	NOUN
ajm-7108	248	29	)	)	PUNCT
ajm-7108	248	30	4.478	4.478	NUM
ajm-7108	248	31	1.966	1.966	NUM
ajm-7108	248	32	5.014	5.014	NUM
ajm-7108	248	33	4.091	4.091	NUM
ajm-7108	248	34	-6.019	-6.019	PUNCT
ajm-7108	248	35	4.478	4.478	NUM
ajm-7108	248	36	panel	panel	NOUN
ajm-7108	248	37	b	b	NOUN
ajm-7108	248	38	:	:	PUNCT
ajm-7108	248	39	dependent	dependent	ADJ
ajm-7108	248	40	variables	variable	NOUN
ajm-7108	248	41	ghg	ghg	PROPN
ajm-7108	248	42	emissions	emissions	PROPN
ajm-7108	248	43	ghg	ghg	PROPN
ajm-7108	248	44	scope	scope	NOUN
ajm-7108	248	45	1	1	NUM
ajm-7108	248	46	emissions	emission	NOUN
ajm-7108	248	47	3894.649	3894.649	NUM
ajm-7108	248	48	14315.26	14315.26	NUM
ajm-7108	248	49	7382.713	7382.713	NUM
ajm-7108	248	50	2415.23	2415.23	NUM
ajm-7108	248	51	-10.328	-10.328	PUNCT
ajm-7108	249	1	604.418	604.418	NUM
ajm-7108	249	2	4944.455	4944.455	NUM
ajm-7108	249	3	8.414	8.414	NUM
ajm-7108	249	4	ghg	ghg	PROPN
ajm-7108	249	5	scope	scope	NOUN
ajm-7108	249	6	2	2	NUM
ajm-7108	249	7	market	market	NOUN
ajm-7108	249	8	emissions	emission	NOUN
ajm-7108	249	9	659.8981	659.8981	NUM
ajm-7108	249	10	2042.873	2042.873	NUM
ajm-7108	249	11	842.582	842.582	NUM
ajm-7108	249	12	580.798	580.798	NUM
ajm-7108	249	13	-2.948	-2.948	NOUN
ajm-7108	249	14	603.625	603.625	NUM
ajm-7108	249	15	680.186	680.186	NUM
ajm-7108	249	16	0.827	0.827	NUM
ajm-7108	249	17	total	total	ADJ
ajm-7108	249	18	ghg	ghg	PROPN
ajm-7108	249	19	market	market	NOUN
ajm-7108	249	20	emissions	emission	NOUN
ajm-7108	249	21	3446.141	3446.141	NUM
ajm-7108	249	22	11336.280	11336.280	NUM
ajm-7108	249	23	4967.830	4967.830	NUM
ajm-7108	249	24	2787.265	2787.265	NUM
ajm-7108	249	25	-4.435	-4.435	NUM
ajm-7108	249	26	996.297	996.297	NUM
ajm-7108	249	27	4329.364	4329.364	NUM
ajm-7108	249	28	6.545	6.545	NUM
ajm-7108	249	29	ln(ghg	ln(ghg	NOUN
ajm-7108	249	30	scope	scope	NOUN
ajm-7108	249	31	1	1	NUM
ajm-7108	249	32	emissions	emission	NOUN
ajm-7108	249	33	)	)	PUNCT
ajm-7108	249	34	4.650	4.650	NUM
ajm-7108	249	35	2.988	2.988	NUM
ajm-7108	249	36	4.813	4.813	NUM
ajm-7108	249	37	4.581	4.581	NUM
ajm-7108	249	38	-2.277	-2.277	NUM
ajm-7108	249	39	3.915	3.915	NUM
ajm-7108	249	40	4.883	4.883	NUM
ajm-7108	249	41	8.971	8.971	NUM
ajm-7108	249	42	ln(ghg	ln(ghg	NOUN
ajm-7108	249	43	scope	scope	NOUN
ajm-7108	249	44	2	2	NUM
ajm-7108	249	45	market	market	NOUN
ajm-7108	249	46	emissions	emission	NOUN
ajm-7108	249	47	)	)	PUNCT
ajm-7108	249	48	4.529	4.529	NUM
ajm-7108	249	49	2.393	2.393	NUM
ajm-7108	249	50	4.282	4.282	NUM
ajm-7108	249	51	4.635	4.635	NUM
ajm-7108	249	52	3.339	3.339	NUM
ajm-7108	249	53	4.185	4.185	NUM
ajm-7108	249	54	4.650	4.650	NUM
ajm-7108	249	55	4.213	4.213	NUM
ajm-7108	249	56	ln(total	ln(total	PROPN
ajm-7108	249	57	ghg	ghg	PROPN
ajm-7108	249	58	market	market	NOUN
ajm-7108	249	59	emissions	emission	NOUN
ajm-7108	249	60	)	)	PUNCT
ajm-7108	249	61	5.505	5.505	NUM
ajm-7108	249	62	2.473	2.473	NUM
ajm-7108	249	63	5.451	5.451	NUM
ajm-7108	249	64	5.529	5.529	NUM
ajm-7108	249	65	0.727	0.727	NUM
ajm-7108	249	66	5.006	5.006	NUM
ajm-7108	249	67	5.686	5.686	NUM
ajm-7108	249	68	6.107	6.107	NUM
ajm-7108	249	69	renewable	renewable	ADJ
ajm-7108	249	70	energy	energy	NOUN
ajm-7108	249	71	ln(renewable	ln(renewable	ADJ
ajm-7108	249	72	energy	energy	NOUN
ajm-7108	249	73	use	use	NOUN
ajm-7108	249	74	)	)	PUNCT
ajm-7108	250	1	4.449	4.449	NUM
ajm-7108	250	2	2.651	2.651	NUM
ajm-7108	250	3	5.023	5.023	NUM
ajm-7108	250	4	4.139	4.139	NUM
ajm-7108	250	5	-8.117	-8.117	PUNCT
ajm-7108	250	6	4.835	4.835	NUM
ajm-7108	250	7	4.268	4.268	NUM
ajm-7108	250	8	-5.038	-5.038	NOUN
ajm-7108	250	9	renew	renew	NOUN
ajm-7108	250	10	.	.	PUNCT
ajm-7108	251	1	energy	energy	NOUN
ajm-7108	251	2	intensity	intensity	NOUN
ajm-7108	251	3	0.226	0.226	NUM
ajm-7108	251	4	0.279	0.279	NUM
ajm-7108	251	5	0.323	0.323	NUM
ajm-7108	251	6	0.176	0.176	NUM
ajm-7108	251	7	-13.305	-13.305	NUM
ajm-7108	251	8	0.332	0.332	NUM
ajm-7108	251	9	0.179	0.179	NUM
ajm-7108	251	10	-13.372	-13.372	NUM
ajm-7108	251	11	environmental	environmental	ADJ
ajm-7108	251	12	performance	performance	NOUN
ajm-7108	251	13	ln(environmental	ln(environmental	ADJ
ajm-7108	251	14	score	score	NOUN
ajm-7108	251	15	)	)	PUNCT
ajm-7108	251	16	3.288	3.288	NUM
ajm-7108	251	17	1.068	1.068	NUM
ajm-7108	251	18	3.578	3.578	NUM
ajm-7108	251	19	3.184	3.184	NUM
ajm-7108	251	20	-11.519	-11.519	PROPN
ajm-7108	251	21	3.492	3.492	NUM
ajm-7108	251	22	3.228	3.228	NUM
ajm-7108	251	23	-7.285	-7.285	PUNCT
ajm-7108	251	24	financial	financial	ADJ
ajm-7108	251	25	performance	performance	NOUN
ajm-7108	251	26	tobin	tobin	NOUN
ajm-7108	251	27	's	's	PART
ajm-7108	251	28	q	q	NOUN
ajm-7108	251	29	2.281	2.281	NUM
ajm-7108	251	30	3.001	3.001	NUM
ajm-7108	251	31	2.420	2.420	NUM
ajm-7108	251	32	2.237	2.237	NUM
ajm-7108	251	33	-1.998	-1.998	NUM
ajm-7108	251	34	2.353	2.353	NUM
ajm-7108	251	35	2.262	2.262	NUM
ajm-7108	252	1	-0.948	-0.948	PUNCT
ajm-7108	252	2	ln(sales	ln(sale	NOUN
ajm-7108	252	3	)	)	PUNCT
ajm-7108	252	4	9.007	9.007	NUM
ajm-7108	252	5	1.554	1.554	NUM
ajm-7108	252	6	9.815	9.815	NUM
ajm-7108	252	7	8.754	8.754	NUM
ajm-7108	252	8	-23.524	-23.524	PROPN
ajm-7108	252	9	9.444	9.444	NUM
ajm-7108	252	10	8.889	8.889	NUM
ajm-7108	252	11	-11.425	-11.425	NOUN
ajm-7108	252	12	ln(assets	ln(asset	NOUN
ajm-7108	252	13	)	)	PUNCT
ajm-7108	252	14	9.816	9.816	NUM
ajm-7108	252	15	1.817	1.817	NUM
ajm-7108	252	16	10.987	10.987	NUM
ajm-7108	252	17	9.449	9.449	NUM
ajm-7108	252	18	-29.956	-29.956	PROPN
ajm-7108	252	19	10.380	10.380	NUM
ajm-7108	252	20	9.665	9.665	NUM
ajm-7108	252	21	-12.625	-12.625	ADJ
ajm-7108	252	22	ln(operating	ln(operate	VERB
ajm-7108	252	23	income	income	NOUN
ajm-7108	252	24	)	)	PUNCT
ajm-7108	252	25	7.046	7.046	NUM
ajm-7108	252	26	1.597	1.597	NUM
ajm-7108	252	27	7.878	7.878	NUM
ajm-7108	252	28	6.782	6.782	NUM
ajm-7108	252	29	-22.627	-22.627	PROPN
ajm-7108	252	30	7.615	7.615	NUM
ajm-7108	252	31	6.891	6.891	NUM
ajm-7108	252	32	-13.974	-13.974	PROPN
ajm-7108	252	33	panel	panel	NOUN
ajm-7108	252	34	c	c	NOUN
ajm-7108	252	35	:	:	PUNCT
ajm-7108	252	36	control	control	NOUN
ajm-7108	252	37	variables	variable	VERB
ajm-7108	252	38	cash	cash	NOUN
ajm-7108	252	39	holdings	holding	NOUN
ajm-7108	252	40	0.128	0.128	NUM
ajm-7108	252	41	0.138	0.138	NUM
ajm-7108	252	42	0.149	0.149	NUM
ajm-7108	252	43	0.121	0.121	NUM
ajm-7108	252	44	-6.631	-6.631	PUNCT
ajm-7108	252	45	0.150	0.150	NUM
ajm-7108	252	46	0.121	0.121	NUM
ajm-7108	252	47	-6.694	-6.694	VERB
ajm-7108	252	48	leverage	leverage	NOUN
ajm-7108	252	49	0.305	0.305	NUM
ajm-7108	252	50	0.223	0.223	NUM
ajm-7108	252	51	0.255	0.255	NUM
ajm-7108	252	52	0.320	0.320	NUM
ajm-7108	252	53	9.662	9.662	NUM
ajm-7108	252	54	0.248	0.248	NUM
ajm-7108	252	55	0.320	0.320	NUM
ajm-7108	252	56	10.237	10.237	NUM
ajm-7108	252	57	investment	investment	NOUN
ajm-7108	252	58	-0.039	-0.039	PUNCT
ajm-7108	252	59	0.043	0.043	NUM
ajm-7108	252	60	-0.033	-0.033	PUNCT
ajm-7108	252	61	-0.041	-0.041	PUNCT
ajm-7108	252	62	-6.560	-6.560	PUNCT
ajm-7108	252	63	-0.033	-0.033	PUNCT
ajm-7108	252	64	-0.041	-0.041	PUNCT
ajm-7108	252	65	-6.352	-6.352	PUNCT
ajm-7108	252	66	return	return	NOUN
ajm-7108	252	67	on	on	ADP
ajm-7108	252	68	assets	asset	NOUN
ajm-7108	252	69	0.043	0.043	NUM
ajm-7108	252	70	0.580	0.580	NUM
ajm-7108	252	71	0.058	0.058	NUM
ajm-7108	252	72	0.038	0.038	NUM
ajm-7108	252	73	-1.118	-1.118	NUM
ajm-7108	252	74	0.057	0.057	NUM
ajm-7108	252	75	0.039	0.039	NUM
ajm-7108	252	76	-0.943	-0.943	PUNCT
ajm-7108	252	77	return	return	NOUN
ajm-7108	252	78	on	on	ADP
ajm-7108	252	79	equity	equity	NOUN
ajm-7108	252	80	19.572	19.572	NUM
ajm-7108	252	81	68.733	68.733	NUM
ajm-7108	252	82	26.363	26.363	NUM
ajm-7108	252	83	17.360	17.360	NUM
ajm-7108	252	84	-4.245	-4.245	PUNCT
ajm-7108	252	85	20.581	20.581	NUM
ajm-7108	252	86	19.296	19.296	NUM
ajm-7108	252	87	-0.577	-0.577	ADJ
ajm-7108	252	88	capital	capital	NOUN
ajm-7108	252	89	spending	spending	NOUN
ajm-7108	252	90	-0.125	-0.125	PROPN
ajm-7108	252	91	0.499	0.499	NUM
ajm-7108	252	92	-0.081	-0.081	NUM
ajm-7108	252	93	-0.138	-0.138	NUM
ajm-7108	253	1	-3.780	-3.780	NUM
ajm-7108	253	2	-0.087	-0.087	NOUN
ajm-7108	253	3	-0.135	-0.135	NUM
ajm-7108	253	4	-3.063	-3.063	NOUN
ajm-7108	253	5	board	board	NOUN
ajm-7108	253	6	size	size	NOUN
ajm-7108	253	7	11.011	11.011	NUM
ajm-7108	253	8	2.664	2.664	NUM
ajm-7108	253	9	12.393	12.393	NUM
ajm-7108	253	10	10.572	10.572	NUM
ajm-7108	253	11	-23.391	-23.391	NUM
ajm-7108	253	12	11.387	11.387	NUM
ajm-7108	253	13	10.909	10.909	NUM
ajm-7108	253	14	-5.634	-5.634	NOUN
ajm-7108	253	15	table	table	NOUN
ajm-7108	253	16	above	above	ADP
ajm-7108	253	17	exhibits	exhibit	VERB
ajm-7108	253	18	the	the	DET
ajm-7108	253	19	descriptive	descriptive	ADJ
ajm-7108	253	20	statistics	statistic	NOUN
ajm-7108	253	21	for	for	ADP
ajm-7108	253	22	the	the	DET
ajm-7108	253	23	full	full	ADJ
ajm-7108	253	24	sample	sample	NOUN
ajm-7108	253	25	as	as	ADV
ajm-7108	253	26	well	well	ADV
ajm-7108	253	27	as	as	ADP
ajm-7108	253	28	the	the	DET
ajm-7108	253	29	sub	sub	NOUN
ajm-7108	253	30	-	-	NOUN
ajm-7108	253	31	samples	sample	NOUN
ajm-7108	253	32	with	with	ADP
ajm-7108	253	33	1	1	NUM
ajm-7108	253	34	)	)	PUNCT
ajm-7108	253	35	carbon	carbon	NOUN
ajm-7108	253	36	offset	offset	VERB
ajm-7108	253	37	buyers	buyer	NOUN
ajm-7108	253	38	and	and	CCONJ
ajm-7108	253	39	without	without	ADP
ajm-7108	253	40	carbon	carbon	NOUN
ajm-7108	253	41	offset	offset	NOUN
ajm-7108	253	42	buyers	buyer	NOUN
ajm-7108	253	43	and	and	CCONJ
ajm-7108	253	44	2	2	NUM
ajm-7108	253	45	)	)	PUNCT
ajm-7108	253	46	with	with	ADP
ajm-7108	253	47	rec	rec	ADJ
ajm-7108	253	48	buyers	buyer	NOUN
ajm-7108	253	49	and	and	CCONJ
ajm-7108	253	50	without	without	ADP
ajm-7108	253	51	rec	rec	NOUN
ajm-7108	253	52	buyers	buyer	NOUN
ajm-7108	253	53	.	.	PUNCT
ajm-7108	254	1	*	*	PUNCT
ajm-7108	254	2	*	*	PUNCT
ajm-7108	254	3	*	*	PUNCT
ajm-7108	254	4	,	,	PUNCT
ajm-7108	254	5	*	*	PUNCT
ajm-7108	254	6	*	*	PUNCT
ajm-7108	254	7	,	,	PUNCT
ajm-7108	254	8	*	*	PUNCT
ajm-7108	254	9	denotes	denote	NOUN
ajm-7108	254	10	significance	significance	NOUN
ajm-7108	254	11	at	at	ADP
ajm-7108	254	12	the	the	DET
ajm-7108	254	13	1	1	NUM
ajm-7108	254	14	%	%	NOUN
ajm-7108	254	15	,	,	PUNCT
ajm-7108	254	16	5	5	NUM
ajm-7108	254	17	%	%	NOUN
ajm-7108	254	18	and	and	CCONJ
ajm-7108	254	19	10	10	NUM
ajm-7108	254	20	%	%	NOUN
ajm-7108	254	21	level	level	NOUN
ajm-7108	254	22	respectively	respectively	ADV
ajm-7108	254	23	.	.	PUNCT
ajm-7108	255	1	full	full	ADJ
ajm-7108	255	2	sample	sample	NOUN
ajm-7108	255	3	n=	n=	ADJ
ajm-7108	255	4	6,171	6,171	NUM
ajm-7108	255	5	28	28	NUM
ajm-7108	255	6	american	american	ADJ
ajm-7108	255	7	journal	journal	PROPN
ajm-7108	255	8	of	of	ADP
ajm-7108	255	9	management	management	NOUN
ajm-7108	255	10	vol	vol	NOUN
ajm-7108	255	11	.	.	PUNCT
ajm-7108	256	1	24(2	24(2	NUM
ajm-7108	256	2	)	)	PUNCT
ajm-7108	256	3	2024	2024	NUM
ajm-7108	256	4	lastly	lastly	ADV
ajm-7108	256	5	,	,	PUNCT
ajm-7108	256	6	panel	panel	NOUN
ajm-7108	256	7	a	a	DET
ajm-7108	256	8	shows	show	NOUN
ajm-7108	256	9	that	that	SCONJ
ajm-7108	256	10	the	the	DET
ajm-7108	256	11	firms	firm	NOUN
ajm-7108	256	12	,	,	PUNCT
ajm-7108	256	13	on	on	ADP
ajm-7108	256	14	average	average	ADJ
ajm-7108	256	15	,	,	PUNCT
ajm-7108	256	16	have	have	AUX
ajm-7108	256	17	24.34	24.34	NUM
ajm-7108	256	18	%	%	NOUN
ajm-7108	256	19	of	of	ADP
ajm-7108	256	20	women	woman	NOUN
ajm-7108	256	21	directors	director	NOUN
ajm-7108	256	22	on	on	ADP
ajm-7108	256	23	the	the	DET
ajm-7108	256	24	board	board	NOUN
ajm-7108	256	25	.	.	PUNCT
ajm-7108	257	1	when	when	SCONJ
ajm-7108	257	2	comparing	compare	VERB
ajm-7108	257	3	the	the	DET
ajm-7108	257	4	subsamples	subsample	NOUN
ajm-7108	257	5	,	,	PUNCT
ajm-7108	257	6	firms	firm	NOUN
ajm-7108	257	7	who	who	PRON
ajm-7108	257	8	have	have	AUX
ajm-7108	257	9	purchased	purchase	VERB
ajm-7108	257	10	carbon	carbon	NOUN
ajm-7108	257	11	offsets	offset	NOUN
ajm-7108	257	12	or	or	CCONJ
ajm-7108	257	13	recs	recs	NOUN
ajm-7108	257	14	exhibit	exhibit	VERB
ajm-7108	257	15	a	a	DET
ajm-7108	257	16	higher	high	ADJ
ajm-7108	257	17	percentage	percentage	NOUN
ajm-7108	257	18	of	of	ADP
ajm-7108	257	19	women	woman	NOUN
ajm-7108	257	20	directors	director	NOUN
ajm-7108	257	21	on	on	ADP
ajm-7108	257	22	the	the	DET
ajm-7108	257	23	board	board	NOUN
ajm-7108	257	24	than	than	ADP
ajm-7108	257	25	firms	firm	NOUN
ajm-7108	257	26	who	who	PRON
ajm-7108	257	27	have	have	AUX
ajm-7108	257	28	not	not	PART
ajm-7108	257	29	purchased	purchase	VERB
ajm-7108	257	30	carbon	carbon	NOUN
ajm-7108	257	31	offsets	offset	NOUN
ajm-7108	257	32	or	or	CCONJ
ajm-7108	257	33	recs	rec	NOUN
ajm-7108	257	34	(	(	PUNCT
ajm-7108	257	35	27.48	27.48	NUM
ajm-7108	257	36	%	%	NOUN
ajm-7108	257	37	vs	vs	ADP
ajm-7108	257	38	23.35	23.35	NUM
ajm-7108	257	39	%	%	NOUN
ajm-7108	257	40	and	and	CCONJ
ajm-7108	257	41	26.77	26.77	NUM
ajm-7108	257	42	%	%	NOUN
ajm-7108	257	43	vs	vs	ADP
ajm-7108	257	44	23.69	23.69	NUM
ajm-7108	257	45	%	%	NOUN
ajm-7108	257	46	,	,	PUNCT
ajm-7108	257	47	respectively	respectively	ADV
ajm-7108	257	48	)	)	PUNCT
ajm-7108	257	49	.	.	PUNCT
ajm-7108	258	1	figure	figure	NOUN
ajm-7108	258	2	1	1	NUM
ajm-7108	258	3	(	(	PUNCT
ajm-7108	258	4	shown	show	VERB
ajm-7108	258	5	in	in	ADP
ajm-7108	258	6	the	the	DET
ajm-7108	258	7	appendix	appendix	NOUN
ajm-7108	258	8	)	)	PUNCT
ajm-7108	258	9	also	also	ADV
ajm-7108	258	10	displays	display	VERB
ajm-7108	258	11	the	the	DET
ajm-7108	258	12	increase	increase	NOUN
ajm-7108	258	13	in	in	ADP
ajm-7108	258	14	the	the	DET
ajm-7108	258	15	average	average	ADJ
ajm-7108	258	16	percentage	percentage	NOUN
ajm-7108	258	17	of	of	ADP
ajm-7108	258	18	women	woman	NOUN
ajm-7108	258	19	directors	director	NOUN
ajm-7108	258	20	on	on	ADP
ajm-7108	258	21	the	the	DET
ajm-7108	258	22	board	board	NOUN
ajm-7108	258	23	from	from	ADP
ajm-7108	258	24	2012	2012	NUM
ajm-7108	258	25	-	-	SYM
ajm-7108	258	26	2022	2022	NUM
ajm-7108	258	27	.	.	PUNCT
ajm-7108	259	1	the	the	DET
ajm-7108	259	2	percentage	percentage	NOUN
ajm-7108	259	3	of	of	ADP
ajm-7108	259	4	women	woman	NOUN
ajm-7108	259	5	on	on	ADP
ajm-7108	259	6	the	the	DET
ajm-7108	259	7	board	board	NOUN
ajm-7108	259	8	almost	almost	ADV
ajm-7108	259	9	doubled	double	VERB
ajm-7108	259	10	from	from	ADP
ajm-7108	259	11	an	an	DET
ajm-7108	259	12	average	average	NOUN
ajm-7108	259	13	of	of	ADP
ajm-7108	259	14	16.71	16.71	NUM
ajm-7108	259	15	%	%	NOUN
ajm-7108	259	16	in	in	ADP
ajm-7108	259	17	2012	2012	NUM
ajm-7108	259	18	to	to	ADP
ajm-7108	259	19	comprising	comprise	VERB
ajm-7108	259	20	a	a	DET
ajm-7108	259	21	third	third	ADJ
ajm-7108	259	22	(	(	PUNCT
ajm-7108	259	23	33.39	33.39	NUM
ajm-7108	259	24	%	%	NOUN
ajm-7108	259	25	)	)	PUNCT
ajm-7108	259	26	of	of	ADP
ajm-7108	259	27	the	the	DET
ajm-7108	259	28	board	board	NOUN
ajm-7108	259	29	in	in	ADP
ajm-7108	259	30	2022	2022	NUM
ajm-7108	259	31	.	.	PUNCT
ajm-7108	260	1	according	accord	VERB
ajm-7108	260	2	to	to	PART
ajm-7108	260	3	figure	figure	NOUN
ajm-7108	260	4	1	1	NUM
ajm-7108	260	5	,	,	PUNCT
ajm-7108	260	6	this	this	DET
ajm-7108	260	7	pattern	pattern	NOUN
ajm-7108	260	8	of	of	ADP
ajm-7108	260	9	an	an	DET
ajm-7108	260	10	increasing	increase	VERB
ajm-7108	260	11	average	average	NOUN
ajm-7108	260	12	of	of	ADP
ajm-7108	260	13	percentage	percentage	NOUN
ajm-7108	260	14	of	of	ADP
ajm-7108	260	15	women	woman	NOUN
ajm-7108	260	16	on	on	ADP
ajm-7108	260	17	the	the	DET
ajm-7108	260	18	board	board	NOUN
ajm-7108	260	19	is	be	AUX
ajm-7108	260	20	seemingly	seemingly	ADV
ajm-7108	260	21	higher	high	ADJ
ajm-7108	260	22	for	for	ADP
ajm-7108	260	23	buyers	buyer	NOUN
ajm-7108	260	24	of	of	ADP
ajm-7108	260	25	carbon	carbon	NOUN
ajm-7108	260	26	offsets	offset	NOUN
ajm-7108	260	27	or	or	CCONJ
ajm-7108	260	28	recs	rec	NOUN
ajm-7108	260	29	.	.	PUNCT
ajm-7108	261	1	table	table	NOUN
ajm-7108	261	2	3	3	NUM
ajm-7108	261	3	presents	present	VERB
ajm-7108	261	4	the	the	DET
ajm-7108	261	5	average	average	ADJ
ajm-7108	261	6	ghg	ghg	PROPN
ajm-7108	261	7	market	market	NOUN
ajm-7108	261	8	emissions	emission	NOUN
ajm-7108	261	9	,	,	PUNCT
ajm-7108	261	10	average	average	ADJ
ajm-7108	261	11	carbon	carbon	NOUN
ajm-7108	261	12	offsets	offset	NOUN
ajm-7108	261	13	purchased	purchase	VERB
ajm-7108	261	14	,	,	PUNCT
ajm-7108	261	15	average	average	ADJ
ajm-7108	261	16	recs	rec	NOUN
ajm-7108	261	17	purchased	purchase	VERB
ajm-7108	261	18	,	,	PUNCT
ajm-7108	261	19	average	average	ADJ
ajm-7108	261	20	renewable	renewable	ADJ
ajm-7108	261	21	energy	energy	NOUN
ajm-7108	261	22	intensity	intensity	NOUN
ajm-7108	261	23	,	,	PUNCT
ajm-7108	261	24	average	average	ADJ
ajm-7108	261	25	environmental	environmental	ADJ
ajm-7108	261	26	score	score	NOUN
ajm-7108	261	27	,	,	PUNCT
ajm-7108	261	28	and	and	CCONJ
ajm-7108	261	29	average	average	ADJ
ajm-7108	261	30	percentage	percentage	NOUN
ajm-7108	261	31	of	of	ADP
ajm-7108	261	32	women	woman	NOUN
ajm-7108	261	33	on	on	ADP
ajm-7108	261	34	board	board	NOUN
ajm-7108	261	35	for	for	ADP
ajm-7108	261	36	different	different	ADJ
ajm-7108	261	37	industry	industry	NOUN
ajm-7108	261	38	sectors	sector	NOUN
ajm-7108	261	39	.	.	PUNCT
ajm-7108	262	1	table	table	NOUN
ajm-7108	262	2	3	3	NUM
ajm-7108	262	3	indicates	indicate	VERB
ajm-7108	262	4	that	that	SCONJ
ajm-7108	262	5	firms	firm	NOUN
ajm-7108	262	6	in	in	ADP
ajm-7108	262	7	carbon	carbon	NOUN
ajm-7108	262	8	-	-	PUNCT
ajm-7108	262	9	intensive	intensive	ADJ
ajm-7108	262	10	industries	industry	NOUN
ajm-7108	262	11	,	,	PUNCT
ajm-7108	262	12	such	such	ADJ
ajm-7108	262	13	as	as	ADP
ajm-7108	262	14	energy	energy	NOUN
ajm-7108	262	15	,	,	PUNCT
ajm-7108	262	16	utilities	utility	NOUN
ajm-7108	262	17	,	,	PUNCT
ajm-7108	262	18	materials	material	NOUN
ajm-7108	262	19	,	,	PUNCT
ajm-7108	262	20	and	and	CCONJ
ajm-7108	262	21	industrials	industrial	NOUN
ajm-7108	262	22	,	,	PUNCT
ajm-7108	262	23	emit	emit	VERB
ajm-7108	262	24	the	the	DET
ajm-7108	262	25	highest	high	ADJ
ajm-7108	262	26	average	average	ADJ
ajm-7108	262	27	volume	volume	NOUN
ajm-7108	262	28	of	of	ADP
ajm-7108	262	29	ghg	ghg	PROPN
ajm-7108	262	30	market	market	NOUN
ajm-7108	262	31	emissions	emission	NOUN
ajm-7108	262	32	.	.	PUNCT
ajm-7108	263	1	in	in	ADP
ajm-7108	263	2	contrast	contrast	NOUN
ajm-7108	263	3	,	,	PUNCT
ajm-7108	263	4	the	the	DET
ajm-7108	263	5	information	information	NOUN
ajm-7108	263	6	technology	technology	NOUN
ajm-7108	263	7	,	,	PUNCT
ajm-7108	263	8	real	real	ADJ
ajm-7108	263	9	estate	estate	NOUN
ajm-7108	263	10	,	,	PUNCT
ajm-7108	263	11	and	and	CCONJ
ajm-7108	263	12	financial	financial	ADJ
ajm-7108	263	13	sectors	sector	NOUN
ajm-7108	263	14	emit	emit	VERB
ajm-7108	263	15	the	the	DET
ajm-7108	263	16	lowest	low	ADJ
ajm-7108	263	17	.	.	PUNCT
ajm-7108	264	1	firms	firm	NOUN
ajm-7108	264	2	in	in	ADP
ajm-7108	264	3	these	these	DET
ajm-7108	264	4	carbon	carbon	NOUN
ajm-7108	264	5	-	-	PUNCT
ajm-7108	264	6	intensive	intensive	ADJ
ajm-7108	264	7	industries	industry	NOUN
ajm-7108	264	8	are	be	AUX
ajm-7108	264	9	also	also	ADV
ajm-7108	264	10	the	the	DET
ajm-7108	264	11	biggest	big	ADJ
ajm-7108	264	12	buyers	buyer	NOUN
ajm-7108	264	13	of	of	ADP
ajm-7108	264	14	carbon	carbon	NOUN
ajm-7108	264	15	offsets	offset	NOUN
ajm-7108	264	16	.	.	PUNCT
ajm-7108	265	1	for	for	ADP
ajm-7108	265	2	example	example	NOUN
ajm-7108	265	3	,	,	PUNCT
ajm-7108	265	4	firms	firm	NOUN
ajm-7108	265	5	in	in	ADP
ajm-7108	265	6	the	the	DET
ajm-7108	265	7	energy	energy	NOUN
ajm-7108	265	8	and	and	CCONJ
ajm-7108	265	9	industrial	industrial	ADJ
ajm-7108	265	10	sectors	sector	NOUN
ajm-7108	265	11	purchase	purchase	VERB
ajm-7108	265	12	the	the	DET
ajm-7108	265	13	highest	high	ADJ
ajm-7108	265	14	average	average	ADJ
ajm-7108	265	15	volumes	volume	NOUN
ajm-7108	265	16	of	of	ADP
ajm-7108	265	17	carbon	carbon	NOUN
ajm-7108	265	18	offsets	offset	NOUN
ajm-7108	265	19	(	(	PUNCT
ajm-7108	265	20	2003.47	2003.47	NUM
ajm-7108	265	21	and	and	CCONJ
ajm-7108	265	22	1429.26	1429.26	NUM
ajm-7108	265	23	thousand	thousand	NUM
ajm-7108	265	24	tons	ton	NOUN
ajm-7108	265	25	of	of	ADP
ajm-7108	265	26	co2e	co2e	NOUN
ajm-7108	265	27	respectively	respectively	ADV
ajm-7108	265	28	)	)	PUNCT
ajm-7108	265	29	.	.	PUNCT
ajm-7108	266	1	this	this	PRON
ajm-7108	266	2	is	be	AUX
ajm-7108	266	3	followed	follow	VERB
ajm-7108	266	4	by	by	ADP
ajm-7108	266	5	the	the	DET
ajm-7108	266	6	communications	communication	NOUN
ajm-7108	266	7	,	,	PUNCT
ajm-7108	266	8	consumer	consumer	NOUN
ajm-7108	266	9	discretionary	discretionary	NOUN
ajm-7108	266	10	,	,	PUNCT
ajm-7108	266	11	and	and	CCONJ
ajm-7108	266	12	information	information	NOUN
ajm-7108	266	13	technology	technology	NOUN
ajm-7108	266	14	sectors.16	sectors.16	PROPN
ajm-7108	266	15	on	on	ADP
ajm-7108	266	16	average	average	ADJ
ajm-7108	266	17	,	,	PUNCT
ajm-7108	266	18	the	the	DET
ajm-7108	266	19	real	real	ADJ
ajm-7108	266	20	estate	estate	NOUN
ajm-7108	266	21	(	(	PUNCT
ajm-7108	266	22	71.49	71.49	NUM
ajm-7108	266	23	%	%	NOUN
ajm-7108	266	24	)	)	PUNCT
ajm-7108	266	25	,	,	PUNCT
ajm-7108	266	26	information	information	NOUN
ajm-7108	266	27	technology	technology	NOUN
ajm-7108	266	28	(	(	PUNCT
ajm-7108	266	29	44.79	44.79	NUM
ajm-7108	266	30	%	%	NOUN
ajm-7108	266	31	)	)	PUNCT
ajm-7108	266	32	,	,	PUNCT
ajm-7108	266	33	and	and	CCONJ
ajm-7108	266	34	financials	financial	NOUN
ajm-7108	266	35	sector	sector	NOUN
ajm-7108	266	36	(	(	PUNCT
ajm-7108	266	37	42.90	42.90	NUM
ajm-7108	266	38	%	%	NOUN
ajm-7108	266	39	)	)	PUNCT
ajm-7108	266	40	use	use	VERB
ajm-7108	266	41	the	the	DET
ajm-7108	266	42	most	most	ADV
ajm-7108	266	43	renewable	renewable	ADJ
ajm-7108	266	44	energy	energy	NOUN
ajm-7108	266	45	as	as	ADP
ajm-7108	266	46	a	a	DET
ajm-7108	266	47	percentage	percentage	NOUN
ajm-7108	266	48	of	of	ADP
ajm-7108	266	49	total	total	ADJ
ajm-7108	266	50	energy	energy	NOUN
ajm-7108	266	51	consumption	consumption	NOUN
ajm-7108	266	52	.	.	PUNCT
ajm-7108	267	1	on	on	ADP
ajm-7108	267	2	average	average	ADJ
ajm-7108	267	3	,	,	PUNCT
ajm-7108	267	4	the	the	DET
ajm-7108	267	5	biggest	big	ADJ
ajm-7108	267	6	buyers	buyer	NOUN
ajm-7108	267	7	of	of	ADP
ajm-7108	267	8	recs	rec	NOUN
ajm-7108	267	9	have	have	AUX
ajm-7108	267	10	been	be	AUX
ajm-7108	267	11	communications	communication	NOUN
ajm-7108	267	12	and	and	CCONJ
ajm-7108	267	13	information	information	NOUN
ajm-7108	267	14	technology	technology	NOUN
ajm-7108	267	15	firms	firm	NOUN
ajm-7108	267	16	(	(	PUNCT
ajm-7108	267	17	average	average	ADJ
ajm-7108	267	18	volume	volume	NOUN
ajm-7108	267	19	of	of	ADP
ajm-7108	267	20	846.96	846.96	NUM
ajm-7108	267	21	and	and	CCONJ
ajm-7108	267	22	756.56	756.56	NUM
ajm-7108	267	23	thousand	thousand	NUM
ajm-7108	267	24	mwh	mwh	PROPN
ajm-7108	267	25	respectively	respectively	ADV
ajm-7108	267	26	)	)	PUNCT
ajm-7108	267	27	.	.	PUNCT
ajm-7108	268	1	the	the	DET
ajm-7108	268	2	utilities	utility	NOUN
ajm-7108	268	3	,	,	PUNCT
ajm-7108	268	4	energy	energy	NOUN
ajm-7108	268	5	,	,	PUNCT
ajm-7108	268	6	and	and	CCONJ
ajm-7108	268	7	financials	financial	NOUN
ajm-7108	268	8	sectors	sector	NOUN
ajm-7108	268	9	follow	follow	VERB
ajm-7108	268	10	this.17	this.17	NOUN
ajm-7108	268	11	with	with	ADP
ajm-7108	268	12	regards	regard	NOUN
ajm-7108	268	13	to	to	ADP
ajm-7108	268	14	the	the	DET
ajm-7108	268	15	percentage	percentage	NOUN
ajm-7108	268	16	of	of	ADP
ajm-7108	268	17	women	woman	NOUN
ajm-7108	268	18	on	on	ADP
ajm-7108	268	19	the	the	DET
ajm-7108	268	20	board	board	NOUN
ajm-7108	268	21	,	,	PUNCT
ajm-7108	268	22	the	the	DET
ajm-7108	268	23	industry	industry	NOUN
ajm-7108	268	24	sectors	sector	NOUN
ajm-7108	268	25	with	with	ADP
ajm-7108	268	26	the	the	DET
ajm-7108	268	27	highest	high	ADJ
ajm-7108	268	28	averages	average	NOUN
ajm-7108	268	29	are	be	AUX
ajm-7108	268	30	financials	financial	NOUN
ajm-7108	268	31	,	,	PUNCT
ajm-7108	268	32	communication	communication	NOUN
ajm-7108	268	33	,	,	PUNCT
ajm-7108	268	34	and	and	CCONJ
ajm-7108	268	35	consumer	consumer	NOUN
ajm-7108	268	36	staples	staple	NOUN
ajm-7108	268	37	.	.	PUNCT
ajm-7108	269	1	conversely	conversely	ADV
ajm-7108	269	2	,	,	PUNCT
ajm-7108	269	3	on	on	ADP
ajm-7108	269	4	average	average	ADJ
ajm-7108	269	5	,	,	PUNCT
ajm-7108	269	6	the	the	DET
ajm-7108	269	7	materials	material	NOUN
ajm-7108	269	8	and	and	CCONJ
ajm-7108	269	9	energy	energy	NOUN
ajm-7108	269	10	sectors	sector	NOUN
ajm-7108	269	11	feature	feature	VERB
ajm-7108	269	12	a	a	DET
ajm-7108	269	13	lower	low	ADJ
ajm-7108	269	14	percentage	percentage	NOUN
ajm-7108	269	15	of	of	ADP
ajm-7108	269	16	women	woman	NOUN
ajm-7108	269	17	on	on	ADP
ajm-7108	269	18	the	the	DET
ajm-7108	269	19	board	board	NOUN
ajm-7108	269	20	.	.	PUNCT
ajm-7108	270	1	interestingly	interestingly	ADV
ajm-7108	270	2	,	,	PUNCT
ajm-7108	270	3	on	on	ADP
ajm-7108	270	4	average	average	ADJ
ajm-7108	270	5	,	,	PUNCT
ajm-7108	270	6	there	there	PRON
ajm-7108	270	7	seems	seem	VERB
ajm-7108	270	8	to	to	PART
ajm-7108	270	9	be	be	AUX
ajm-7108	270	10	a	a	DET
ajm-7108	270	11	higher	high	ADJ
ajm-7108	270	12	percentage	percentage	NOUN
ajm-7108	270	13	of	of	ADP
ajm-7108	270	14	women	woman	NOUN
ajm-7108	270	15	on	on	ADP
ajm-7108	270	16	the	the	DET
ajm-7108	270	17	board	board	NOUN
ajm-7108	270	18	in	in	ADP
ajm-7108	270	19	less	less	ADJ
ajm-7108	270	20	carbon	carbon	NOUN
ajm-7108	270	21	-	-	PUNCT
ajm-7108	270	22	intensive	intensive	ADJ
ajm-7108	270	23	industries	industry	NOUN
ajm-7108	270	24	,	,	PUNCT
ajm-7108	270	25	whereas	whereas	SCONJ
ajm-7108	270	26	a	a	DET
ajm-7108	270	27	lower	low	ADJ
ajm-7108	270	28	presence	presence	NOUN
ajm-7108	270	29	of	of	ADP
ajm-7108	270	30	women	woman	NOUN
ajm-7108	270	31	on	on	ADP
ajm-7108	270	32	the	the	DET
ajm-7108	270	33	board	board	NOUN
ajm-7108	270	34	in	in	ADP
ajm-7108	270	35	more	more	ADJ
ajm-7108	270	36	polluting	polluting	NOUN
ajm-7108	270	37	industry	industry	NOUN
ajm-7108	270	38	sectors	sector	NOUN
ajm-7108	270	39	.	.	PUNCT
ajm-7108	271	1	lastly	lastly	ADV
ajm-7108	271	2	,	,	PUNCT
ajm-7108	271	3	carbon	carbon	NOUN
ajm-7108	271	4	-	-	PUNCT
ajm-7108	271	5	intensive	intensive	ADJ
ajm-7108	271	6	industries	industry	NOUN
ajm-7108	271	7	such	such	ADJ
ajm-7108	271	8	as	as	ADP
ajm-7108	271	9	utilities	utility	NOUN
ajm-7108	271	10	,	,	PUNCT
ajm-7108	271	11	materials	material	NOUN
ajm-7108	271	12	,	,	PUNCT
ajm-7108	271	13	and	and	CCONJ
ajm-7108	271	14	energy	energy	NOUN
ajm-7108	271	15	feature	feature	VERB
ajm-7108	271	16	a	a	DET
ajm-7108	271	17	high	high	ADJ
ajm-7108	271	18	average	average	ADJ
ajm-7108	271	19	environmental	environmental	ADJ
ajm-7108	271	20	score	score	NOUN
ajm-7108	271	21	(	(	PUNCT
ajm-7108	271	22	43.45	43.45	NUM
ajm-7108	271	23	,	,	PUNCT
ajm-7108	271	24	41.02	41.02	NUM
ajm-7108	271	25	,	,	PUNCT
ajm-7108	271	26	and	and	CCONJ
ajm-7108	271	27	38.73	38.73	NUM
ajm-7108	271	28	,	,	PUNCT
ajm-7108	271	29	respectively	respectively	ADV
ajm-7108	271	30	)	)	PUNCT
ajm-7108	271	31	.	.	PUNCT
ajm-7108	272	1	on	on	ADP
ajm-7108	272	2	the	the	DET
ajm-7108	272	3	other	other	ADJ
ajm-7108	272	4	hand	hand	NOUN
ajm-7108	272	5	,	,	PUNCT
ajm-7108	272	6	the	the	DET
ajm-7108	272	7	communication	communication	NOUN
ajm-7108	272	8	and	and	CCONJ
ajm-7108	272	9	real	real	ADJ
ajm-7108	272	10	estate	estate	NOUN
ajm-7108	272	11	sectors	sector	NOUN
ajm-7108	272	12	feature	feature	VERB
ajm-7108	272	13	the	the	DET
ajm-7108	272	14	lowest	low	ADJ
ajm-7108	272	15	average	average	ADJ
ajm-7108	272	16	environmental	environmental	ADJ
ajm-7108	272	17	scores	score	NOUN
ajm-7108	272	18	.	.	PUNCT
ajm-7108	273	1	table	table	NOUN
ajm-7108	273	2	3	3	NUM
ajm-7108	273	3	industry	industry	NOUN
ajm-7108	273	4	averages	average	NOUN
ajm-7108	273	5	gics	gic	VERB
ajm-7108	273	6	industry	industry	NOUN
ajm-7108	273	7	sectors	sector	NOUN
ajm-7108	273	8	n	n	PART
ajm-7108	273	9	ghg	ghg	PROPN
ajm-7108	273	10	market	market	NOUN
ajm-7108	273	11	emissions	emission	NOUN
ajm-7108	273	12	(	(	PUNCT
ajm-7108	273	13	thousand	thousand	NUM
ajm-7108	273	14	metric	metric	ADJ
ajm-7108	273	15	tonnes	tonne	NOUN
ajm-7108	273	16	co2e	co2e	PROPN
ajm-7108	273	17	)	)	PUNCT
ajm-7108	273	18	carbon	carbon	NOUN
ajm-7108	273	19	offsets	offset	NOUN
ajm-7108	273	20	(	(	PUNCT
ajm-7108	273	21	thousand	thousand	NUM
ajm-7108	273	22	metric	metric	ADJ
ajm-7108	273	23	tonnes	tonne	NOUN
ajm-7108	273	24	co2e	co2e	PROPN
ajm-7108	273	25	)	)	PUNCT
ajm-7108	273	26	recs	rec	NOUN
ajm-7108	273	27	(	(	PUNCT
ajm-7108	273	28	thousand	thousand	NUM
ajm-7108	273	29	mwh	mwh	NOUN
ajm-7108	273	30	)	)	PUNCT
ajm-7108	273	31	renew	renew	NOUN
ajm-7108	273	32	.	.	PUNCT
ajm-7108	274	1	energy	energy	NOUN
ajm-7108	274	2	intensity	intensity	NOUN
ajm-7108	274	3	environmental	environmental	ADJ
ajm-7108	274	4	score	score	NOUN
ajm-7108	274	5	women	woman	NOUN
ajm-7108	274	6	on	on	ADP
ajm-7108	274	7	board	board	NOUN
ajm-7108	274	8	communication	communication	NOUN
ajm-7108	274	9	253	253	NUM
ajm-7108	275	1	1262.773	1262.773	NUM
ajm-7108	275	2	570.582	570.582	NUM
ajm-7108	275	3	846.965	846.965	NUM
ajm-7108	275	4	30.57	30.57	NUM
ajm-7108	275	5	%	%	NOUN
ajm-7108	275	6	24.093	24.093	NUM
ajm-7108	275	7	26.74	26.74	NUM
ajm-7108	275	8	%	%	NOUN
ajm-7108	275	9	consumer	consumer	NOUN
ajm-7108	275	10	discretionary	discretionary	NOUN
ajm-7108	275	11	737	737	NUM
ajm-7108	275	12	1537.081	1537.081	NUM
ajm-7108	275	13	242.952	242.952	NUM
ajm-7108	275	14	294.045	294.045	NUM
ajm-7108	275	15	5.57	5.57	NUM
ajm-7108	275	16	%	%	NOUN
ajm-7108	275	17	30.467	30.467	NUM
ajm-7108	275	18	26.47	26.47	NUM
ajm-7108	275	19	%	%	NOUN
ajm-7108	275	20	consumer	consumer	NOUN
ajm-7108	275	21	staples	staple	NOUN
ajm-7108	275	22	517	517	NUM
ajm-7108	275	23	1880.880	1880.880	NUM
ajm-7108	275	24	87.896	87.896	NUM
ajm-7108	275	25	326.322	326.322	NUM
ajm-7108	275	26	17.13	17.13	NUM
ajm-7108	275	27	%	%	NOUN
ajm-7108	275	28	39.311	39.311	NUM
ajm-7108	275	29	26.69	26.69	NUM
ajm-7108	275	30	%	%	NOUN
ajm-7108	275	31	energy	energy	NOUN
ajm-7108	275	32	275	275	NUM
ajm-7108	276	1	29212.843	29212.843	NUM
ajm-7108	276	2	2003.472	2003.472	NUM
ajm-7108	276	3	365.600	365.600	NUM
ajm-7108	276	4	3.77	3.77	NUM
ajm-7108	276	5	%	%	NOUN
ajm-7108	276	6	38.731	38.731	NUM
ajm-7108	276	7	21.53	21.53	NUM
ajm-7108	276	8	%	%	NOUN
ajm-7108	276	9	financials	financial	NOUN
ajm-7108	276	10	847	847	NUM
ajm-7108	276	11	96.494	96.494	NUM
ajm-7108	276	12	80.767	80.767	NUM
ajm-7108	276	13	327.928	327.928	NUM
ajm-7108	276	14	42.90	42.90	NUM
ajm-7108	276	15	%	%	NOUN
ajm-7108	276	16	28.032	28.032	NUM
ajm-7108	276	17	27.63	27.63	NUM
ajm-7108	276	18	%	%	NOUN
ajm-7108	276	19	health	health	NOUN
ajm-7108	276	20	care	care	NOUN
ajm-7108	276	21	539	539	NUM
ajm-7108	276	22	869.204	869.204	NUM
ajm-7108	276	23	81.752	81.752	NUM
ajm-7108	276	24	226.893	226.893	NUM
ajm-7108	276	25	8.79	8.79	NUM
ajm-7108	276	26	%	%	NOUN
ajm-7108	276	27	35.230	35.230	NUM
ajm-7108	276	28	25.06	25.06	NUM
ajm-7108	276	29	%	%	NOUN
ajm-7108	276	30	industrials	industrial	NOUN
ajm-7108	276	31	990	990	NUM
ajm-7108	276	32	3877.555	3877.555	NUM
ajm-7108	276	33	1429.260	1429.260	NUM
ajm-7108	276	34	213.315	213.315	NUM
ajm-7108	276	35	1.95	1.95	NUM
ajm-7108	276	36	%	%	NOUN
ajm-7108	276	37	32.511	32.511	NUM
ajm-7108	276	38	22.68	22.68	NUM
ajm-7108	276	39	%	%	NOUN
ajm-7108	276	40	information	information	NOUN
ajm-7108	276	41	technology	technology	NOUN
ajm-7108	276	42	869	869	NUM
ajm-7108	276	43	375.620	375.620	NUM
ajm-7108	276	44	174.609	174.609	NUM
ajm-7108	276	45	756.561	756.561	NUM
ajm-7108	276	46	44.79	44.79	NUM
ajm-7108	276	47	%	%	NOUN
ajm-7108	276	48	31.018	31.018	NUM
ajm-7108	276	49	22.00	22.00	NUM
ajm-7108	276	50	%	%	NOUN
ajm-7108	276	51	materials	material	NOUN
ajm-7108	276	52	495	495	NUM
ajm-7108	276	53	4730.770	4730.770	NUM
ajm-7108	276	54	0.000	0.000	NUM
ajm-7108	276	55	126.166	126.166	NUM
ajm-7108	276	56	30.53	30.53	NUM
ajm-7108	276	57	%	%	NOUN
ajm-7108	276	58	41.027	41.027	NUM
ajm-7108	276	59	21.20	21.20	NUM
ajm-7108	276	60	%	%	NOUN
ajm-7108	276	61	real	real	ADJ
ajm-7108	276	62	estate	estate	NOUN
ajm-7108	276	63	418	418	NUM
ajm-7108	276	64	209.883	209.883	NUM
ajm-7108	276	65	5.050	5.050	NUM
ajm-7108	276	66	237.289	237.289	NUM
ajm-7108	276	67	71.49	71.49	NUM
ajm-7108	276	68	%	%	NOUN
ajm-7108	276	69	25.746	25.746	NUM
ajm-7108	276	70	22.32	22.32	NUM
ajm-7108	276	71	%	%	NOUN
ajm-7108	276	72	utilities	utility	NOUN
ajm-7108	276	73	231	231	NUM
ajm-7108	276	74	25895.820	25895.820	NUM
ajm-7108	276	75	7.888	7.888	NUM
ajm-7108	276	76	453.333	453.333	NUM
ajm-7108	276	77	7.26	7.26	NUM
ajm-7108	276	78	%	%	NOUN
ajm-7108	276	79	43.451	43.451	NUM
ajm-7108	276	80	24.64	24.64	NUM
ajm-7108	276	81	%	%	NOUN
ajm-7108	276	82	table	table	NOUN
ajm-7108	276	83	3	3	NUM
ajm-7108	276	84	displays	display	VERB
ajm-7108	276	85	the	the	DET
ajm-7108	276	86	number	number	NOUN
ajm-7108	276	87	of	of	ADP
ajm-7108	276	88	observations	observation	NOUN
ajm-7108	276	89	,	,	PUNCT
ajm-7108	276	90	average	average	ADJ
ajm-7108	276	91	ghg	ghg	PROPN
ajm-7108	276	92	market	market	NOUN
ajm-7108	276	93	emissions	emission	NOUN
ajm-7108	276	94	,	,	PUNCT
ajm-7108	276	95	average	average	ADJ
ajm-7108	276	96	carbon	carbon	NOUN
ajm-7108	276	97	offsets	offset	NOUN
ajm-7108	276	98	purchased	purchase	VERB
ajm-7108	276	99	,	,	PUNCT
ajm-7108	276	100	average	average	ADJ
ajm-7108	276	101	recs	rec	NOUN
ajm-7108	276	102	purchased	purchase	VERB
ajm-7108	276	103	,	,	PUNCT
ajm-7108	276	104	average	average	ADJ
ajm-7108	276	105	renewable	renewable	ADJ
ajm-7108	276	106	energy	energy	NOUN
ajm-7108	276	107	intensity	intensity	NOUN
ajm-7108	276	108	,	,	PUNCT
ajm-7108	276	109	average	average	ADJ
ajm-7108	276	110	environmental	environmental	ADJ
ajm-7108	276	111	score	score	NOUN
ajm-7108	276	112	,	,	PUNCT
ajm-7108	276	113	and	and	CCONJ
ajm-7108	276	114	average	average	ADJ
ajm-7108	276	115	percentage	percentage	NOUN
ajm-7108	276	116	of	of	ADP
ajm-7108	276	117	women	woman	NOUN
ajm-7108	276	118	on	on	ADP
ajm-7108	276	119	board	board	NOUN
ajm-7108	276	120	for	for	ADP
ajm-7108	276	121	different	different	ADJ
ajm-7108	276	122	industry	industry	NOUN
ajm-7108	276	123	sectors	sector	NOUN
ajm-7108	276	124	.	.	PUNCT
ajm-7108	277	1	american	american	ADJ
ajm-7108	277	2	journal	journal	PROPN
ajm-7108	277	3	of	of	ADP
ajm-7108	277	4	management	management	NOUN
ajm-7108	277	5	vol	vol	NOUN
ajm-7108	277	6	.	.	PUNCT
ajm-7108	278	1	24(2	24(2	NUM
ajm-7108	278	2	)	)	PUNCT
ajm-7108	278	3	2024	2024	NUM
ajm-7108	278	4	29	29	NUM
ajm-7108	278	5	results	result	NOUN
ajm-7108	278	6	and	and	CCONJ
ajm-7108	278	7	discussion	discussion	NOUN
ajm-7108	278	8	carbon	carbon	NOUN
ajm-7108	278	9	offsets	offset	NOUN
ajm-7108	278	10	,	,	PUNCT
ajm-7108	278	11	recs	rec	NOUN
ajm-7108	278	12	,	,	PUNCT
ajm-7108	278	13	and	and	CCONJ
ajm-7108	278	14	firm	firm	ADJ
ajm-7108	278	15	performance	performance	NOUN
ajm-7108	278	16	effect	effect	NOUN
ajm-7108	278	17	of	of	ADP
ajm-7108	278	18	carbon	carbon	NOUN
ajm-7108	278	19	offset	offset	NOUN
ajm-7108	278	20	purchases	purchase	NOUN
ajm-7108	278	21	on	on	ADP
ajm-7108	278	22	firm	firm	ADJ
ajm-7108	278	23	environmental	environmental	ADJ
ajm-7108	278	24	and	and	CCONJ
ajm-7108	278	25	financial	financial	ADJ
ajm-7108	278	26	performance	performance	NOUN
ajm-7108	278	27	the	the	DET
ajm-7108	278	28	first	first	ADJ
ajm-7108	278	29	part	part	NOUN
ajm-7108	278	30	of	of	ADP
ajm-7108	278	31	our	our	PRON
ajm-7108	278	32	analysis	analysis	NOUN
ajm-7108	278	33	examines	examine	VERB
ajm-7108	278	34	whether	whether	SCONJ
ajm-7108	278	35	the	the	DET
ajm-7108	278	36	volume	volume	NOUN
ajm-7108	278	37	of	of	ADP
ajm-7108	278	38	carbon	carbon	NOUN
ajm-7108	278	39	offsets	offset	NOUN
ajm-7108	278	40	purchased	purchase	VERB
ajm-7108	278	41	affects	affect	NOUN
ajm-7108	278	42	firms	firm	NOUN
ajm-7108	278	43	’	'	PUNCT
ajm-7108	278	44	environmental	environmental	ADJ
ajm-7108	278	45	and	and	CCONJ
ajm-7108	278	46	financial	financial	ADJ
ajm-7108	278	47	performance	performance	NOUN
ajm-7108	278	48	.	.	PUNCT
ajm-7108	279	1	in	in	ADP
ajm-7108	279	2	particular	particular	ADJ
ajm-7108	279	3	,	,	PUNCT
ajm-7108	279	4	we	we	PRON
ajm-7108	279	5	focus	focus	VERB
ajm-7108	279	6	on	on	ADP
ajm-7108	279	7	whether	whether	SCONJ
ajm-7108	279	8	carbon	carbon	NOUN
ajm-7108	279	9	offsets	offset	NOUN
ajm-7108	279	10	affect	affect	VERB
ajm-7108	279	11	firms	firm	NOUN
ajm-7108	279	12	’	'	PUNCT
ajm-7108	279	13	:	:	PUNCT
ajm-7108	279	14	1	1	X
ajm-7108	279	15	)	)	PUNCT
ajm-7108	279	16	level	level	NOUN
ajm-7108	279	17	of	of	ADP
ajm-7108	279	18	ghg	ghg	PROPN
ajm-7108	279	19	emissions	emission	NOUN
ajm-7108	279	20	;	;	PUNCT
ajm-7108	279	21	2	2	X
ajm-7108	279	22	)	)	PUNCT
ajm-7108	279	23	environmental	environmental	ADJ
ajm-7108	279	24	score	score	NOUN
ajm-7108	279	25	;	;	PUNCT
ajm-7108	279	26	and	and	CCONJ
ajm-7108	279	27	3	3	X
ajm-7108	279	28	)	)	PUNCT
ajm-7108	279	29	financial	financial	ADJ
ajm-7108	279	30	performance	performance	NOUN
ajm-7108	279	31	(	(	PUNCT
ajm-7108	279	32	i.e.	i.e.	X
ajm-7108	279	33	,	,	PUNCT
ajm-7108	279	34	log	log	NOUN
ajm-7108	279	35	sales	sale	NOUN
ajm-7108	279	36	,	,	PUNCT
ajm-7108	279	37	log	log	NOUN
ajm-7108	279	38	operating	operating	NOUN
ajm-7108	279	39	income	income	NOUN
ajm-7108	279	40	,	,	PUNCT
ajm-7108	279	41	log	log	NOUN
ajm-7108	279	42	assets	asset	NOUN
ajm-7108	279	43	,	,	PUNCT
ajm-7108	279	44	and	and	CCONJ
ajm-7108	279	45	tobin	tobin	PROPN
ajm-7108	279	46	’s	’s	PART
ajm-7108	279	47	q	q	NOUN
ajm-7108	279	48	)	)	PUNCT
ajm-7108	279	49	.	.	PUNCT
ajm-7108	280	1	logit	logit	PROPN
ajm-7108	280	2	regressions	regression	NOUN
ajm-7108	280	3	are	be	AUX
ajm-7108	280	4	run	run	VERB
ajm-7108	280	5	on	on	ADP
ajm-7108	280	6	a	a	DET
ajm-7108	280	7	matched	match	VERB
ajm-7108	280	8	sample	sample	NOUN
ajm-7108	280	9	of	of	ADP
ajm-7108	280	10	firm	firm	ADJ
ajm-7108	280	11	-	-	PUNCT
ajm-7108	280	12	year	year	NOUN
ajm-7108	280	13	observations	observation	NOUN
ajm-7108	280	14	using	use	VERB
ajm-7108	280	15	the	the	DET
ajm-7108	280	16	propensity	propensity	NOUN
ajm-7108	280	17	scores	score	NOUN
ajm-7108	280	18	as	as	ADP
ajm-7108	280	19	weights	weight	NOUN
ajm-7108	280	20	to	to	PART
ajm-7108	280	21	address	address	VERB
ajm-7108	280	22	endogeneity	endogeneity	NOUN
ajm-7108	280	23	concerns.18	concerns.18	NOUN
ajm-7108	280	24	table	table	NOUN
ajm-7108	280	25	4	4	NUM
ajm-7108	280	26	reports	report	VERB
ajm-7108	280	27	the	the	DET
ajm-7108	280	28	results	result	NOUN
ajm-7108	280	29	of	of	ADP
ajm-7108	280	30	the	the	DET
ajm-7108	280	31	logit	logit	NOUN
ajm-7108	280	32	regression	regression	NOUN
ajm-7108	280	33	explaining	explain	VERB
ajm-7108	280	34	the	the	DET
ajm-7108	280	35	impact	impact	NOUN
ajm-7108	280	36	on	on	ADP
ajm-7108	280	37	firms	firm	NOUN
ajm-7108	280	38	’	'	PUNCT
ajm-7108	280	39	environmental	environmental	ADJ
ajm-7108	280	40	score	score	NOUN
ajm-7108	280	41	(	(	PUNCT
ajm-7108	280	42	column	column	NOUN
ajm-7108	280	43	1	1	NUM
ajm-7108	280	44	)	)	PUNCT
ajm-7108	280	45	,	,	PUNCT
ajm-7108	280	46	the	the	DET
ajm-7108	280	47	log	log	NOUN
ajm-7108	280	48	of	of	ADP
ajm-7108	280	49	total	total	ADJ
ajm-7108	280	50	ghg	ghg	PROPN
ajm-7108	280	51	market	market	NOUN
ajm-7108	280	52	emissions	emission	NOUN
ajm-7108	280	53	(	(	PUNCT
ajm-7108	280	54	column	column	NOUN
ajm-7108	280	55	2	2	NUM
ajm-7108	280	56	)	)	PUNCT
ajm-7108	280	57	,	,	PUNCT
ajm-7108	280	58	the	the	DET
ajm-7108	280	59	log	log	NOUN
ajm-7108	280	60	of	of	ADP
ajm-7108	280	61	ghg	ghg	PROPN
ajm-7108	280	62	scope	scope	NOUN
ajm-7108	280	63	2	2	NUM
ajm-7108	280	64	market	market	NOUN
ajm-7108	280	65	emissions	emission	NOUN
ajm-7108	280	66	(	(	PUNCT
ajm-7108	280	67	column	column	NOUN
ajm-7108	280	68	3	3	NUM
ajm-7108	280	69	)	)	PUNCT
ajm-7108	280	70	,	,	PUNCT
ajm-7108	280	71	and	and	CCONJ
ajm-7108	280	72	the	the	DET
ajm-7108	280	73	log	log	NOUN
ajm-7108	280	74	of	of	ADP
ajm-7108	280	75	ghg	ghg	PROPN
ajm-7108	280	76	scope	scope	PROPN
ajm-7108	280	77	1	1	NUM
ajm-7108	280	78	emissions	emission	NOUN
ajm-7108	280	79	(	(	PUNCT
ajm-7108	280	80	column	column	NOUN
ajm-7108	280	81	4	4	NUM
ajm-7108	280	82	)	)	PUNCT
ajm-7108	280	83	.	.	PUNCT
ajm-7108	281	1	table	table	NOUN
ajm-7108	281	2	4	4	NUM
ajm-7108	281	3	effect	effect	NOUN
ajm-7108	281	4	of	of	ADP
ajm-7108	281	5	carbon	carbon	NOUN
ajm-7108	281	6	offset	offset	NOUN
ajm-7108	281	7	purchases	purchase	NOUN
ajm-7108	281	8	on	on	ADP
ajm-7108	281	9	firms	firm	NOUN
ajm-7108	281	10	’	'	PUNCT
ajm-7108	281	11	environmental	environmental	ADJ
ajm-7108	281	12	performance	performance	NOUN
ajm-7108	281	13	note	note	NOUN
ajm-7108	281	14	:	:	PUNCT
ajm-7108	281	15	numbers	number	NOUN
ajm-7108	281	16	in	in	ADP
ajm-7108	281	17	parentheses	parenthesis	NOUN
ajm-7108	281	18	are	be	AUX
ajm-7108	281	19	standard	standard	ADJ
ajm-7108	281	20	errors	error	NOUN
ajm-7108	281	21	,	,	PUNCT
ajm-7108	281	22	which	which	PRON
ajm-7108	281	23	are	be	AUX
ajm-7108	281	24	clustered	cluster	VERB
ajm-7108	281	25	at	at	ADP
ajm-7108	281	26	the	the	DET
ajm-7108	281	27	industry	industry	NOUN
ajm-7108	281	28	level	level	NOUN
ajm-7108	281	29	.	.	PUNCT
ajm-7108	282	1	*	*	PUNCT
ajm-7108	283	1	*	*	PUNCT
ajm-7108	283	2	*	*	PUNCT
ajm-7108	283	3	,	,	PUNCT
ajm-7108	283	4	*	*	PUNCT
ajm-7108	283	5	*	*	PUNCT
ajm-7108	283	6	,	,	PUNCT
ajm-7108	283	7	and	and	CCONJ
ajm-7108	283	8	*	*	AUX
ajm-7108	283	9	refer	refer	VERB
ajm-7108	283	10	to	to	ADP
ajm-7108	283	11	statistical	statistical	ADJ
ajm-7108	283	12	significance	significance	NOUN
ajm-7108	283	13	at	at	ADP
ajm-7108	283	14	the	the	DET
ajm-7108	283	15	1	1	NUM
ajm-7108	283	16	%	%	NOUN
ajm-7108	283	17	,	,	PUNCT
ajm-7108	283	18	5	5	NUM
ajm-7108	283	19	%	%	NOUN
ajm-7108	283	20	,	,	PUNCT
ajm-7108	283	21	and	and	CCONJ
ajm-7108	283	22	10	10	NUM
ajm-7108	283	23	%	%	NOUN
ajm-7108	283	24	levels	level	NOUN
ajm-7108	283	25	,	,	PUNCT
ajm-7108	283	26	respectively	respectively	ADV
ajm-7108	283	27	.	.	PUNCT
ajm-7108	284	1	column	column	NOUN
ajm-7108	284	2	1	1	NUM
ajm-7108	284	3	shows	show	VERB
ajm-7108	284	4	that	that	SCONJ
ajm-7108	284	5	the	the	DET
ajm-7108	284	6	coefficient	coefficient	NOUN
ajm-7108	284	7	on	on	ADP
ajm-7108	284	8	the	the	DET
ajm-7108	284	9	log	log	NOUN
ajm-7108	284	10	of	of	ADP
ajm-7108	284	11	carbon	carbon	NOUN
ajm-7108	284	12	offsets	offset	NOUN
ajm-7108	284	13	(	(	PUNCT
ajm-7108	284	14	thousand	thousand	NUM
ajm-7108	284	15	tons	ton	NOUN
ajm-7108	284	16	of	of	ADP
ajm-7108	284	17	co2e	co2e	PROPN
ajm-7108	284	18	)	)	PUNCT
ajm-7108	284	19	is	be	AUX
ajm-7108	284	20	significantly	significantly	ADV
ajm-7108	284	21	positive	positive	ADJ
ajm-7108	284	22	at	at	ADP
ajm-7108	284	23	the	the	DET
ajm-7108	284	24	1	1	NUM
ajm-7108	284	25	%	%	NOUN
ajm-7108	284	26	level	level	NOUN
ajm-7108	284	27	suggesting	suggest	VERB
ajm-7108	284	28	that	that	SCONJ
ajm-7108	284	29	the	the	DET
ajm-7108	284	30	purchase	purchase	NOUN
ajm-7108	284	31	of	of	ADP
ajm-7108	284	32	carbon	carbon	NOUN
ajm-7108	284	33	offsets	offset	NOUN
ajm-7108	284	34	leads	lead	VERB
ajm-7108	284	35	to	to	ADP
ajm-7108	284	36	an	an	DET
ajm-7108	284	37	improvement	improvement	NOUN
ajm-7108	284	38	in	in	ADP
ajm-7108	284	39	firms	firm	NOUN
ajm-7108	284	40	’	'	PUNCT
ajm-7108	284	41	environmental	environmental	ADJ
ajm-7108	284	42	score	score	NOUN
ajm-7108	284	43	.	.	PUNCT
ajm-7108	285	1	columns	column	NOUN
ajm-7108	285	2	2	2	NUM
ajm-7108	285	3	to	to	ADP
ajm-7108	285	4	4	4	NUM
ajm-7108	285	5	,	,	PUNCT
ajm-7108	285	6	on	on	ADP
ajm-7108	285	7	the	the	DET
ajm-7108	285	8	other	other	ADJ
ajm-7108	285	9	hand	hand	NOUN
ajm-7108	285	10	,	,	PUNCT
ajm-7108	285	11	suggests	suggest	VERB
ajm-7108	285	12	a	a	DET
ajm-7108	285	13	positive	positive	ADJ
ajm-7108	285	14	relationship	relationship	NOUN
ajm-7108	285	15	between	between	ADP
ajm-7108	285	16	the	the	DET
ajm-7108	285	17	(	(	PUNCT
ajm-7108	285	18	1	1	NUM
ajm-7108	285	19	)	)	PUNCT
ajm-7108	285	20	(	(	PUNCT
ajm-7108	285	21	2	2	NUM
ajm-7108	285	22	)	)	PUNCT
ajm-7108	285	23	(	(	PUNCT
ajm-7108	285	24	3	3	X
ajm-7108	285	25	)	)	PUNCT
ajm-7108	285	26	(	(	PUNCT
ajm-7108	285	27	4	4	X
ajm-7108	285	28	)	)	PUNCT
ajm-7108	285	29	dependent	dependent	ADJ
ajm-7108	285	30	variable	variable	NOUN
ajm-7108	285	31	:	:	PUNCT
ajm-7108	285	32	environmental	environmental	ADJ
ajm-7108	285	33	score	score	NOUN
ajm-7108	285	34	ln	ln	ADJ
ajm-7108	285	35	(	(	PUNCT
ajm-7108	285	36	total	total	ADJ
ajm-7108	285	37	ghg	ghg	PROPN
ajm-7108	285	38	market	market	NOUN
ajm-7108	285	39	emissions	emission	NOUN
ajm-7108	285	40	)	)	PUNCT
ajm-7108	285	41	ln(ghg	ln(ghg	NOUN
ajm-7108	285	42	scope	scope	NOUN
ajm-7108	285	43	2	2	NUM
ajm-7108	285	44	market	market	NOUN
ajm-7108	285	45	emissions	emission	NOUN
ajm-7108	285	46	)	)	PUNCT
ajm-7108	286	1	ln	ln	NOUN
ajm-7108	286	2	(	(	PUNCT
ajm-7108	286	3	ghg	ghg	PROPN
ajm-7108	286	4	scope	scope	NOUN
ajm-7108	286	5	1	1	NUM
ajm-7108	286	6	emissions	emission	NOUN
ajm-7108	286	7	)	)	PUNCT
ajm-7108	286	8	ln	ln	ADJ
ajm-7108	286	9	carbon	carbon	NOUN
ajm-7108	286	10	offset	offset	VERB
ajm-7108	286	11	0.025	0.025	NUM
ajm-7108	286	12	*	*	PUNCT
ajm-7108	286	13	*	*	PUNCT
ajm-7108	286	14	*	*	PUNCT
ajm-7108	286	15	0.293	0.293	NUM
ajm-7108	286	16	*	*	PUNCT
ajm-7108	286	17	*	*	PUNCT
ajm-7108	286	18	*	*	PUNCT
ajm-7108	286	19	0.252	0.252	NUM
ajm-7108	286	20	*	*	X
ajm-7108	286	21	*	*	PUNCT
ajm-7108	286	22	0.321	0.321	NUM
ajm-7108	286	23	*	*	NOUN
ajm-7108	286	24	*	*	PUNCT
ajm-7108	286	25	(	(	PUNCT
ajm-7108	286	26	0.006	0.006	NUM
ajm-7108	286	27	)	)	PUNCT
ajm-7108	286	28	(	(	PUNCT
ajm-7108	286	29	0.089	0.089	NUM
ajm-7108	286	30	)	)	PUNCT
ajm-7108	286	31	(	(	PUNCT
ajm-7108	286	32	0.110	0.110	NUM
ajm-7108	286	33	)	)	PUNCT
ajm-7108	286	34	(	(	PUNCT
ajm-7108	286	35	0.110	0.110	NUM
ajm-7108	286	36	)	)	PUNCT
ajm-7108	286	37	cash	cash	NOUN
ajm-7108	286	38	holdings	holding	NOUN
ajm-7108	286	39	0.139	0.139	NUM
ajm-7108	286	40	-4.547	-4.547	X
ajm-7108	286	41	*	*	PUNCT
ajm-7108	286	42	*	*	PUNCT
ajm-7108	286	43	*	*	PUNCT
ajm-7108	286	44	-5.364	-5.364	PROPN
ajm-7108	286	45	*	*	PUNCT
ajm-7108	286	46	*	*	PUNCT
ajm-7108	287	1	-3.887	-3.887	VERB
ajm-7108	287	2	*	*	PUNCT
ajm-7108	287	3	*	*	PUNCT
ajm-7108	287	4	*	*	PUNCT
ajm-7108	287	5	(	(	PUNCT
ajm-7108	287	6	0.286	0.286	NUM
ajm-7108	287	7	)	)	PUNCT
ajm-7108	287	8	(	(	PUNCT
ajm-7108	287	9	1.363	1.363	NUM
ajm-7108	287	10	)	)	PUNCT
ajm-7108	287	11	(	(	PUNCT
ajm-7108	287	12	1.765	1.765	NUM
ajm-7108	287	13	)	)	PUNCT
ajm-7108	287	14	(	(	PUNCT
ajm-7108	287	15	0.986	0.986	NUM
ajm-7108	287	16	)	)	PUNCT
ajm-7108	287	17	investment	investment	NOUN
ajm-7108	287	18	-2.517	-2.517	INTJ
ajm-7108	287	19	-36.884	-36.884	NOUN
ajm-7108	287	20	*	*	PUNCT
ajm-7108	287	21	*	*	PUNCT
ajm-7108	288	1	-40.854	-40.854	PUNCT
ajm-7108	288	2	*	*	PUNCT
ajm-7108	288	3	*	*	PUNCT
ajm-7108	288	4	*	*	PUNCT
ajm-7108	288	5	-35.467	-35.467	PROPN
ajm-7108	288	6	*	*	NOUN
ajm-7108	288	7	*	*	PROPN
ajm-7108	288	8	*	*	PUNCT
ajm-7108	288	9	(	(	PUNCT
ajm-7108	288	10	1.945	1.945	NUM
ajm-7108	288	11	)	)	PUNCT
ajm-7108	288	12	(	(	PUNCT
ajm-7108	288	13	11.965	11.965	NUM
ajm-7108	288	14	)	)	PUNCT
ajm-7108	288	15	(	(	PUNCT
ajm-7108	288	16	6.991	6.991	NUM
ajm-7108	288	17	)	)	PUNCT
ajm-7108	288	18	(	(	PUNCT
ajm-7108	288	19	8.331	8.331	NUM
ajm-7108	288	20	)	)	PUNCT
ajm-7108	288	21	leverage	leverage	NOUN
ajm-7108	288	22	-0.190	-0.190	VERB
ajm-7108	288	23	3.790	3.790	NUM
ajm-7108	288	24	*	*	NOUN
ajm-7108	288	25	*	*	PUNCT
ajm-7108	288	26	*	*	PUNCT
ajm-7108	288	27	3.527	3.527	NUM
ajm-7108	288	28	*	*	NOUN
ajm-7108	288	29	2.823	2.823	NUM
ajm-7108	288	30	*	*	SYM
ajm-7108	288	31	*	*	PUNCT
ajm-7108	288	32	(	(	PUNCT
ajm-7108	288	33	0.208	0.208	NUM
ajm-7108	288	34	)	)	PUNCT
ajm-7108	288	35	(	(	PUNCT
ajm-7108	288	36	1.115	1.115	NUM
ajm-7108	288	37	)	)	PUNCT
ajm-7108	288	38	(	(	PUNCT
ajm-7108	288	39	1.734	1.734	NUM
ajm-7108	288	40	)	)	PUNCT
ajm-7108	288	41	(	(	PUNCT
ajm-7108	288	42	1.165	1.165	NUM
ajm-7108	288	43	)	)	PUNCT
ajm-7108	288	44	roe	roe	NOUN
ajm-7108	288	45	0.001	0.001	NUM
ajm-7108	288	46	*	*	PUNCT
ajm-7108	288	47	*	*	PUNCT
ajm-7108	288	48	*	*	PUNCT
ajm-7108	288	49	-0.001	-0.001	NOUN
ajm-7108	288	50	0.001	0.001	NUM
ajm-7108	288	51	-0.001	-0.001	NOUN
ajm-7108	288	52	(	(	PUNCT
ajm-7108	288	53	0.000	0.000	NUM
ajm-7108	288	54	)	)	PUNCT
ajm-7108	288	55	(	(	PUNCT
ajm-7108	288	56	0.001	0.001	NUM
ajm-7108	288	57	)	)	PUNCT
ajm-7108	288	58	(	(	PUNCT
ajm-7108	288	59	0.002	0.002	NUM
ajm-7108	288	60	)	)	PUNCT
ajm-7108	288	61	(	(	PUNCT
ajm-7108	288	62	0.001	0.001	NUM
ajm-7108	288	63	)	)	PUNCT
ajm-7108	288	64	roa	roa	NOUN
ajm-7108	288	65	-0.680	-0.680	NOUN
ajm-7108	288	66	*	*	PROPN
ajm-7108	288	67	*	*	NOUN
ajm-7108	288	68	-2.834	-2.834	NOUN
ajm-7108	288	69	-2.461	-2.461	NUM
ajm-7108	288	70	0.814	0.814	NUM
ajm-7108	288	71	(	(	PUNCT
ajm-7108	288	72	0.257	0.257	NUM
ajm-7108	288	73	)	)	PUNCT
ajm-7108	288	74	(	(	PUNCT
ajm-7108	288	75	1.818	1.818	NUM
ajm-7108	288	76	)	)	PUNCT
ajm-7108	288	77	(	(	PUNCT
ajm-7108	288	78	6.456	6.456	NUM
ajm-7108	288	79	)	)	PUNCT
ajm-7108	288	80	(	(	PUNCT
ajm-7108	288	81	2.111	2.111	NUM
ajm-7108	288	82	)	)	PUNCT
ajm-7108	288	83	capital	capital	NOUN
ajm-7108	288	84	spending	spend	VERB
ajm-7108	288	85	0.156	0.156	NUM
ajm-7108	288	86	4.378	4.378	NUM
ajm-7108	288	87	6.612	6.612	NUM
ajm-7108	288	88	*	*	PUNCT
ajm-7108	288	89	*	*	PROPN
ajm-7108	288	90	2.389	2.389	NUM
ajm-7108	288	91	(	(	PUNCT
ajm-7108	288	92	0.376	0.376	NUM
ajm-7108	288	93	)	)	PUNCT
ajm-7108	288	94	(	(	PUNCT
ajm-7108	288	95	2.710	2.710	NUM
ajm-7108	288	96	)	)	PUNCT
ajm-7108	288	97	(	(	PUNCT
ajm-7108	288	98	2.245	2.245	NUM
ajm-7108	288	99	)	)	PUNCT
ajm-7108	288	100	(	(	PUNCT
ajm-7108	288	101	1.819	1.819	NUM
ajm-7108	288	102	)	)	PUNCT
ajm-7108	288	103	industry	industry	NOUN
ajm-7108	288	104	fe	fe	X
ajm-7108	288	105	y	y	PROPN
ajm-7108	288	106	y	y	PROPN
ajm-7108	288	107	y	y	PROPN
ajm-7108	288	108	y	y	PROPN
ajm-7108	288	109	country	country	PROPN
ajm-7108	288	110	fe	fe	INTJ
ajm-7108	288	111	y	y	PROPN
ajm-7108	288	112	y	y	PROPN
ajm-7108	288	113	y	y	PROPN
ajm-7108	288	114	y	y	PROPN
ajm-7108	288	115	year	year	PROPN
ajm-7108	288	116	fe	fe	X
ajm-7108	288	117	y	y	PROPN
ajm-7108	288	118	y	y	PROPN
ajm-7108	288	119	y	y	PROPN
ajm-7108	288	120	y	y	PROPN
ajm-7108	288	121	n	n	PROPN
ajm-7108	288	122	1367	1367	NUM
ajm-7108	288	123	969	969	NUM
ajm-7108	288	124	922	922	NUM
ajm-7108	288	125	1371	1371	NUM
ajm-7108	288	126	r	r	NOUN
ajm-7108	288	127	2	2	NUM
ajm-7108	288	128	0.42	0.42	NUM
ajm-7108	288	129	0.72	0.72	NUM
ajm-7108	288	130	0.54	0.54	NUM
ajm-7108	288	131	0.83	0.83	NUM
ajm-7108	288	132	post	post	ADJ
ajm-7108	288	133	-	-	ADJ
ajm-7108	288	134	match	match	ADJ
ajm-7108	288	135	sample	sample	NOUN
ajm-7108	288	136	note	note	NOUN
ajm-7108	288	137	:	:	PUNCT
ajm-7108	288	138	numbers	number	NOUN
ajm-7108	288	139	in	in	ADP
ajm-7108	288	140	parentheses	parenthesis	NOUN
ajm-7108	288	141	are	be	AUX
ajm-7108	288	142	standard	standard	ADJ
ajm-7108	288	143	errors	error	NOUN
ajm-7108	288	144	,	,	PUNCT
ajm-7108	288	145	which	which	PRON
ajm-7108	288	146	are	be	AUX
ajm-7108	288	147	clustered	cluster	VERB
ajm-7108	288	148	at	at	ADP
ajm-7108	288	149	the	the	DET
ajm-7108	288	150	industry	industry	NOUN
ajm-7108	288	151	level	level	NOUN
ajm-7108	288	152	.	.	PUNCT
ajm-7108	289	1	*	*	PUNCT
ajm-7108	290	1	*	*	PUNCT
ajm-7108	290	2	*	*	PUNCT
ajm-7108	290	3	,	,	PUNCT
ajm-7108	290	4	*	*	PUNCT
ajm-7108	290	5	*	*	PUNCT
ajm-7108	290	6	,	,	PUNCT
ajm-7108	290	7	and	and	CCONJ
ajm-7108	290	8	*	*	PUNCT
ajm-7108	290	9	refer	refer	VERB
ajm-7108	290	10	to	to	ADP
ajm-7108	290	11	statistical	statistical	ADJ
ajm-7108	290	12	significance	significance	NOUN
ajm-7108	290	13	at	at	ADP
ajm-7108	290	14	the	the	DET
ajm-7108	290	15	1	1	NUM
ajm-7108	290	16	%	%	NOUN
ajm-7108	290	17	,	,	PUNCT
ajm-7108	290	18	5	5	NUM
ajm-7108	290	19	%	%	NOUN
ajm-7108	290	20	,	,	PUNCT
ajm-7108	290	21	and	and	CCONJ
ajm-7108	290	22	10	10	NUM
ajm-7108	290	23	%	%	NOUN
ajm-7108	290	24	levels	level	NOUN
ajm-7108	290	25	,	,	PUNCT
ajm-7108	290	26	respectively	respectively	ADV
ajm-7108	290	27	.	.	PUNCT
ajm-7108	290	28	30	30	NUM
ajm-7108	290	29	american	american	ADJ
ajm-7108	290	30	journal	journal	PROPN
ajm-7108	290	31	of	of	ADP
ajm-7108	290	32	management	management	NOUN
ajm-7108	290	33	vol	vol	NOUN
ajm-7108	290	34	.	.	PUNCT
ajm-7108	291	1	24(2	24(2	NUM
ajm-7108	291	2	)	)	PUNCT
ajm-7108	291	3	2024	2024	NUM
ajm-7108	291	4	volumes	volume	NOUN
ajm-7108	291	5	of	of	ADP
ajm-7108	291	6	carbon	carbon	NOUN
ajm-7108	291	7	offsets	offset	NOUN
ajm-7108	291	8	purchased	purchase	VERB
ajm-7108	291	9	and	and	CCONJ
ajm-7108	291	10	the	the	DET
ajm-7108	291	11	level	level	NOUN
ajm-7108	291	12	of	of	ADP
ajm-7108	291	13	a	a	DET
ajm-7108	291	14	firm	firm	NOUN
ajm-7108	291	15	’s	’s	PART
ajm-7108	291	16	direct	direct	ADJ
ajm-7108	291	17	and	and	CCONJ
ajm-7108	291	18	indirect	indirect	ADJ
ajm-7108	291	19	ghg	ghg	PROPN
ajm-7108	291	20	emissions	emission	NOUN
ajm-7108	291	21	(	(	PUNCT
ajm-7108	291	22	i.e.	i.e.	X
ajm-7108	291	23	,	,	PUNCT
ajm-7108	291	24	scope	scope	NOUN
ajm-7108	291	25	1	1	NUM
ajm-7108	291	26	emissions	emission	NOUN
ajm-7108	291	27	,	,	PUNCT
ajm-7108	291	28	scope	scope	NOUN
ajm-7108	291	29	2	2	NUM
ajm-7108	291	30	market	market	NOUN
ajm-7108	291	31	emissions	emission	NOUN
ajm-7108	291	32	,	,	PUNCT
ajm-7108	291	33	and	and	CCONJ
ajm-7108	291	34	total	total	ADJ
ajm-7108	291	35	ghg	ghg	PROPN
ajm-7108	291	36	market	market	NOUN
ajm-7108	291	37	emissions	emission	NOUN
ajm-7108	291	38	)	)	PUNCT
ajm-7108	291	39	.	.	PUNCT
ajm-7108	292	1	the	the	DET
ajm-7108	292	2	coefficient	coefficient	NOUN
ajm-7108	292	3	on	on	ADP
ajm-7108	292	4	the	the	DET
ajm-7108	292	5	log	log	NOUN
ajm-7108	292	6	of	of	ADP
ajm-7108	292	7	carbon	carbon	NOUN
ajm-7108	292	8	offsets	offset	NOUN
ajm-7108	292	9	is	be	AUX
ajm-7108	292	10	significant	significant	ADJ
ajm-7108	292	11	at	at	ADP
ajm-7108	292	12	the	the	DET
ajm-7108	292	13	1	1	NUM
ajm-7108	292	14	%	%	NOUN
ajm-7108	292	15	level	level	NOUN
ajm-7108	292	16	in	in	ADP
ajm-7108	292	17	column	column	NOUN
ajm-7108	292	18	2	2	NUM
ajm-7108	292	19	and	and	CCONJ
ajm-7108	292	20	5	5	NUM
ajm-7108	292	21	%	%	NOUN
ajm-7108	292	22	level	level	NOUN
ajm-7108	292	23	in	in	ADP
ajm-7108	292	24	columns	column	NOUN
ajm-7108	292	25	3	3	NUM
ajm-7108	292	26	and	and	CCONJ
ajm-7108	292	27	4	4	NUM
ajm-7108	292	28	.	.	PUNCT
ajm-7108	293	1	using	use	VERB
ajm-7108	293	2	the	the	DET
ajm-7108	293	3	propensity	propensity	NOUN
ajm-7108	293	4	score	score	NOUN
ajm-7108	293	5	matching	matching	NOUN
ajm-7108	293	6	method	method	NOUN
ajm-7108	293	7	suggests	suggest	VERB
ajm-7108	293	8	that	that	SCONJ
ajm-7108	293	9	these	these	DET
ajm-7108	293	10	results	result	NOUN
ajm-7108	293	11	are	be	AUX
ajm-7108	293	12	not	not	PART
ajm-7108	293	13	affected	affect	VERB
ajm-7108	293	14	by	by	ADP
ajm-7108	293	15	observable	observable	ADJ
ajm-7108	293	16	differences	difference	NOUN
ajm-7108	293	17	between	between	ADP
ajm-7108	293	18	firm	firm	ADJ
ajm-7108	293	19	-	-	PUNCT
ajm-7108	293	20	year	year	NOUN
ajm-7108	293	21	observations	observation	NOUN
ajm-7108	293	22	for	for	ADP
ajm-7108	293	23	carbon	carbon	NOUN
ajm-7108	293	24	offset	offset	NOUN
ajm-7108	293	25	buyers	buyer	NOUN
ajm-7108	293	26	and	and	CCONJ
ajm-7108	293	27	non	non	NOUN
ajm-7108	293	28	-	-	NOUN
ajm-7108	293	29	buyers	buyer	NOUN
ajm-7108	293	30	of	of	ADP
ajm-7108	293	31	carbon	carbon	NOUN
ajm-7108	293	32	offsets	offset	NOUN
ajm-7108	293	33	.	.	PUNCT
ajm-7108	294	1	these	these	DET
ajm-7108	294	2	findings	finding	NOUN
ajm-7108	294	3	suggest	suggest	VERB
ajm-7108	294	4	that	that	SCONJ
ajm-7108	294	5	while	while	SCONJ
ajm-7108	294	6	the	the	DET
ajm-7108	294	7	volume	volume	NOUN
ajm-7108	294	8	of	of	ADP
ajm-7108	294	9	carbon	carbon	NOUN
ajm-7108	294	10	offsets	offset	NOUN
ajm-7108	294	11	purchased	purchase	VERB
ajm-7108	294	12	positively	positively	ADV
ajm-7108	294	13	impacts	impact	VERB
ajm-7108	294	14	environmental	environmental	ADJ
ajm-7108	294	15	scores	score	NOUN
ajm-7108	294	16	,	,	PUNCT
ajm-7108	294	17	it	it	PRON
ajm-7108	294	18	does	do	AUX
ajm-7108	294	19	not	not	PART
ajm-7108	294	20	lead	lead	VERB
ajm-7108	294	21	to	to	ADP
ajm-7108	294	22	an	an	DET
ajm-7108	294	23	improvement	improvement	NOUN
ajm-7108	294	24	in	in	ADP
ajm-7108	294	25	volumes	volume	NOUN
ajm-7108	294	26	of	of	ADP
ajm-7108	294	27	direct	direct	ADJ
ajm-7108	294	28	or	or	CCONJ
ajm-7108	294	29	indirect	indirect	ADJ
ajm-7108	294	30	ghg	ghg	PROPN
ajm-7108	294	31	emissions	emission	NOUN
ajm-7108	294	32	.	.	PUNCT
ajm-7108	295	1	these	these	DET
ajm-7108	295	2	results	result	NOUN
ajm-7108	295	3	lend	lend	VERB
ajm-7108	295	4	evidence	evidence	NOUN
ajm-7108	295	5	to	to	ADP
ajm-7108	295	6	greenwashing	greenwashe	VERB
ajm-7108	295	7	(	(	PUNCT
ajm-7108	295	8	as	as	SCONJ
ajm-7108	295	9	proposed	propose	VERB
ajm-7108	295	10	in	in	ADP
ajm-7108	295	11	park	park	NOUN
ajm-7108	295	12	et	et	PROPN
ajm-7108	295	13	al	al	PROPN
ajm-7108	295	14	.	.	PROPN
ajm-7108	295	15	,	,	PUNCT
ajm-7108	295	16	2022	2022	NUM
ajm-7108	295	17	)	)	PUNCT
ajm-7108	295	18	,	,	PUNCT
ajm-7108	295	19	whereby	whereby	SCONJ
ajm-7108	295	20	firms	firm	NOUN
ajm-7108	295	21	are	be	AUX
ajm-7108	295	22	rewarded	reward	VERB
ajm-7108	295	23	for	for	ADP
ajm-7108	295	24	pursuing	pursue	VERB
ajm-7108	295	25	sustainable	sustainable	ADJ
ajm-7108	295	26	initiatives	initiative	NOUN
ajm-7108	295	27	such	such	ADJ
ajm-7108	295	28	as	as	ADP
ajm-7108	295	29	buying	buy	VERB
ajm-7108	295	30	carbon	carbon	NOUN
ajm-7108	295	31	offsets	offset	NOUN
ajm-7108	295	32	,	,	PUNCT
ajm-7108	295	33	but	but	CCONJ
ajm-7108	295	34	do	do	AUX
ajm-7108	295	35	not	not	PART
ajm-7108	295	36	substantially	substantially	ADV
ajm-7108	295	37	reduce	reduce	VERB
ajm-7108	295	38	the	the	DET
ajm-7108	295	39	volume	volume	NOUN
ajm-7108	295	40	of	of	ADP
ajm-7108	295	41	their	their	PRON
ajm-7108	295	42	ghg	ghg	PROPN
ajm-7108	295	43	emissions	emission	NOUN
ajm-7108	295	44	.	.	PUNCT
ajm-7108	296	1	while	while	SCONJ
ajm-7108	296	2	the	the	DET
ajm-7108	296	3	study	study	NOUN
ajm-7108	296	4	by	by	ADP
ajm-7108	296	5	park	park	NOUN
ajm-7108	296	6	et	et	PROPN
ajm-7108	296	7	al	al	PROPN
ajm-7108	296	8	.	.	PROPN
ajm-7108	297	1	(	(	PUNCT
ajm-7108	297	2	2022	2022	NUM
ajm-7108	297	3	)	)	PUNCT
ajm-7108	297	4	also	also	ADV
ajm-7108	297	5	examines	examine	VERB
ajm-7108	297	6	this	this	DET
ajm-7108	297	7	concept	concept	NOUN
ajm-7108	297	8	of	of	ADP
ajm-7108	297	9	greenwashing	greenwashing	NOUN
ajm-7108	297	10	,	,	PUNCT
ajm-7108	297	11	the	the	DET
ajm-7108	297	12	relationship	relationship	NOUN
ajm-7108	297	13	between	between	ADP
ajm-7108	297	14	firms	firm	NOUN
ajm-7108	297	15	’	'	PUNCT
ajm-7108	297	16	environmental	environmental	ADJ
ajm-7108	297	17	and	and	CCONJ
ajm-7108	297	18	financial	financial	ADJ
ajm-7108	297	19	performance	performance	NOUN
ajm-7108	297	20	and	and	CCONJ
ajm-7108	297	21	the	the	DET
ajm-7108	297	22	volume	volume	NOUN
ajm-7108	297	23	of	of	ADP
ajm-7108	297	24	carbon	carbon	NOUN
ajm-7108	297	25	offsets	offset	NOUN
ajm-7108	297	26	purchased	purchase	VERB
ajm-7108	297	27	has	have	AUX
ajm-7108	297	28	not	not	PART
ajm-7108	297	29	been	be	AUX
ajm-7108	297	30	studied	study	VERB
ajm-7108	297	31	.	.	PUNCT
ajm-7108	298	1	studying	study	VERB
ajm-7108	298	2	the	the	DET
ajm-7108	298	3	volume	volume	NOUN
ajm-7108	298	4	and	and	CCONJ
ajm-7108	298	5	magnitude	magnitude	NOUN
ajm-7108	298	6	of	of	ADP
ajm-7108	298	7	carbon	carbon	NOUN
ajm-7108	298	8	offset	offset	NOUN
ajm-7108	298	9	purchases	purchase	NOUN
ajm-7108	298	10	is	be	AUX
ajm-7108	298	11	important	important	ADJ
ajm-7108	298	12	as	as	SCONJ
ajm-7108	298	13	it	it	PRON
ajm-7108	298	14	focuses	focus	VERB
ajm-7108	298	15	on	on	ADP
ajm-7108	298	16	the	the	DET
ajm-7108	298	17	scale	scale	NOUN
ajm-7108	298	18	of	of	ADP
ajm-7108	298	19	ghg	ghg	PROPN
ajm-7108	298	20	emission	emission	NOUN
ajm-7108	298	21	reduction	reduction	NOUN
ajm-7108	298	22	policies	policy	NOUN
ajm-7108	298	23	,	,	PUNCT
ajm-7108	298	24	which	which	PRON
ajm-7108	298	25	is	be	AUX
ajm-7108	298	26	vital	vital	ADJ
ajm-7108	298	27	to	to	ADP
ajm-7108	298	28	firms	firm	NOUN
ajm-7108	298	29	who	who	PRON
ajm-7108	298	30	have	have	AUX
ajm-7108	298	31	set	set	VERB
ajm-7108	298	32	emissions	emission	NOUN
ajm-7108	298	33	targets	target	NOUN
ajm-7108	298	34	or	or	CCONJ
ajm-7108	298	35	made	make	VERB
ajm-7108	298	36	commitments	commitment	NOUN
ajm-7108	298	37	to	to	PART
ajm-7108	298	38	reduce	reduce	VERB
ajm-7108	298	39	their	their	PRON
ajm-7108	298	40	environmental	environmental	ADJ
ajm-7108	298	41	impact	impact	NOUN
ajm-7108	298	42	.	.	PUNCT
ajm-7108	299	1	studying	study	VERB
ajm-7108	299	2	the	the	DET
ajm-7108	299	3	impact	impact	NOUN
ajm-7108	299	4	of	of	ADP
ajm-7108	299	5	these	these	DET
ajm-7108	299	6	carbon	carbon	NOUN
ajm-7108	299	7	offset	offset	VERB
ajm-7108	299	8	purchases	purchase	NOUN
ajm-7108	299	9	on	on	ADP
ajm-7108	299	10	firm	firm	ADJ
ajm-7108	299	11	performance	performance	NOUN
ajm-7108	299	12	is	be	AUX
ajm-7108	299	13	relevant	relevant	ADJ
ajm-7108	299	14	and	and	CCONJ
ajm-7108	299	15	timely	timely	ADV
ajm-7108	299	16	given	give	VERB
ajm-7108	299	17	the	the	DET
ajm-7108	299	18	volume	volume	NOUN
ajm-7108	299	19	of	of	ADP
ajm-7108	299	20	carbon	carbon	NOUN
ajm-7108	299	21	offsets	offset	NOUN
ajm-7108	299	22	purchased	purchase	VERB
ajm-7108	299	23	has	have	AUX
ajm-7108	299	24	been	be	AUX
ajm-7108	299	25	rapidly	rapidly	ADV
ajm-7108	299	26	growing	grow	VERB
ajm-7108	299	27	,	,	PUNCT
ajm-7108	299	28	particularly	particularly	ADV
ajm-7108	299	29	from	from	ADP
ajm-7108	299	30	buyers	buyer	NOUN
ajm-7108	299	31	in	in	ADP
ajm-7108	299	32	carbon	carbon	NOUN
ajm-7108	299	33	-	-	PUNCT
ajm-7108	299	34	intensive	intensive	ADJ
ajm-7108	299	35	industries	industry	NOUN
ajm-7108	299	36	,	,	PUNCT
ajm-7108	299	37	and	and	CCONJ
ajm-7108	299	38	is	be	AUX
ajm-7108	299	39	forecast	forecast	VERB
ajm-7108	299	40	to	to	PART
ajm-7108	299	41	substantially	substantially	ADV
ajm-7108	299	42	increase	increase	VERB
ajm-7108	299	43	(	(	PUNCT
ajm-7108	299	44	martinez	martinez	PROPN
ajm-7108	299	45	et	et	PROPN
ajm-7108	299	46	al	al	PROPN
ajm-7108	299	47	.	.	PROPN
ajm-7108	299	48	,	,	PUNCT
ajm-7108	299	49	2023	2023	NUM
ajm-7108	299	50	)	)	PUNCT
ajm-7108	299	51	.	.	PUNCT
ajm-7108	300	1	table	table	NOUN
ajm-7108	300	2	5	5	NUM
ajm-7108	300	3	effect	effect	NOUN
ajm-7108	300	4	of	of	ADP
ajm-7108	300	5	carbon	carbon	NOUN
ajm-7108	300	6	purchases	purchase	NOUN
ajm-7108	300	7	on	on	ADP
ajm-7108	300	8	firms	firm	NOUN
ajm-7108	300	9	’	'	PUNCT
ajm-7108	300	10	financial	financial	ADJ
ajm-7108	300	11	performance	performance	NOUN
ajm-7108	300	12	note	note	NOUN
ajm-7108	300	13	:	:	PUNCT
ajm-7108	300	14	numbers	number	NOUN
ajm-7108	300	15	in	in	ADP
ajm-7108	300	16	parentheses	parenthesis	NOUN
ajm-7108	300	17	are	be	AUX
ajm-7108	300	18	standard	standard	ADJ
ajm-7108	300	19	errors	error	NOUN
ajm-7108	300	20	,	,	PUNCT
ajm-7108	300	21	which	which	PRON
ajm-7108	300	22	are	be	AUX
ajm-7108	300	23	clustered	cluster	VERB
ajm-7108	300	24	at	at	ADP
ajm-7108	300	25	the	the	DET
ajm-7108	300	26	industry	industry	NOUN
ajm-7108	300	27	level	level	NOUN
ajm-7108	300	28	.	.	PUNCT
ajm-7108	301	1	*	*	PUNCT
ajm-7108	302	1	*	*	PUNCT
ajm-7108	302	2	*	*	PUNCT
ajm-7108	302	3	,	,	PUNCT
ajm-7108	302	4	*	*	PUNCT
ajm-7108	302	5	*	*	PUNCT
ajm-7108	302	6	,	,	PUNCT
ajm-7108	302	7	and	and	CCONJ
ajm-7108	302	8	*	*	AUX
ajm-7108	302	9	refer	refer	VERB
ajm-7108	302	10	to	to	ADP
ajm-7108	302	11	statistical	statistical	ADJ
ajm-7108	302	12	significance	significance	NOUN
ajm-7108	302	13	at	at	ADP
ajm-7108	302	14	the	the	DET
ajm-7108	302	15	1	1	NUM
ajm-7108	302	16	%	%	NOUN
ajm-7108	302	17	,	,	PUNCT
ajm-7108	302	18	5	5	NUM
ajm-7108	302	19	%	%	NOUN
ajm-7108	302	20	,	,	PUNCT
ajm-7108	302	21	and	and	CCONJ
ajm-7108	302	22	10	10	NUM
ajm-7108	302	23	%	%	NOUN
ajm-7108	302	24	level	level	NOUN
ajm-7108	302	25	.	.	PUNCT
ajm-7108	303	1	(	(	PUNCT
ajm-7108	303	2	1	1	X
ajm-7108	303	3	)	)	PUNCT
ajm-7108	303	4	(	(	PUNCT
ajm-7108	303	5	2	2	NUM
ajm-7108	303	6	)	)	PUNCT
ajm-7108	303	7	(	(	PUNCT
ajm-7108	303	8	3	3	X
ajm-7108	303	9	)	)	PUNCT
ajm-7108	303	10	(	(	PUNCT
ajm-7108	303	11	4	4	X
ajm-7108	303	12	)	)	PUNCT
ajm-7108	303	13	dependent	dependent	ADJ
ajm-7108	303	14	variable	variable	NOUN
ajm-7108	303	15	:	:	PUNCT
ajm-7108	303	16	tobin	tobin	PROPN
ajm-7108	303	17	's	's	PART
ajm-7108	303	18	q	q	X
ajm-7108	303	19	ln	ln	ADJ
ajm-7108	303	20	(	(	PUNCT
ajm-7108	303	21	sales	sale	NOUN
ajm-7108	303	22	)	)	PUNCT
ajm-7108	303	23	ln	ln	NOUN
ajm-7108	304	1	(	(	PUNCT
ajm-7108	304	2	operating	operate	VERB
ajm-7108	304	3	income	income	NOUN
ajm-7108	304	4	)	)	PUNCT
ajm-7108	305	1	ln	ln	NOUN
ajm-7108	305	2	(	(	PUNCT
ajm-7108	305	3	assets	asset	NOUN
ajm-7108	305	4	)	)	PUNCT
ajm-7108	305	5	ln	ln	ADJ
ajm-7108	305	6	carbon	carbon	NOUN
ajm-7108	305	7	offset	offset	NOUN
ajm-7108	305	8	-0.320	-0.320	X
ajm-7108	305	9	0.190	0.190	NOUN
ajm-7108	305	10	*	*	PUNCT
ajm-7108	305	11	*	*	PUNCT
ajm-7108	305	12	*	*	PUNCT
ajm-7108	305	13	0.177	0.177	NUM
ajm-7108	305	14	*	*	PUNCT
ajm-7108	305	15	*	*	PUNCT
ajm-7108	305	16	*	*	X
ajm-7108	305	17	0.205	0.205	NUM
ajm-7108	305	18	*	*	PUNCT
ajm-7108	305	19	*	*	PUNCT
ajm-7108	305	20	*	*	PUNCT
ajm-7108	305	21	(	(	PUNCT
ajm-7108	305	22	0.191	0.191	NUM
ajm-7108	305	23	)	)	PUNCT
ajm-7108	305	24	(	(	PUNCT
ajm-7108	305	25	0.040	0.040	NUM
ajm-7108	305	26	)	)	PUNCT
ajm-7108	305	27	(	(	PUNCT
ajm-7108	305	28	0.047	0.047	NUM
ajm-7108	305	29	)	)	PUNCT
ajm-7108	305	30	(	(	PUNCT
ajm-7108	305	31	0.050	0.050	NUM
ajm-7108	305	32	)	)	PUNCT
ajm-7108	305	33	cash	cash	NOUN
ajm-7108	305	34	holdings	holding	NOUN
ajm-7108	305	35	7.249	7.249	NUM
ajm-7108	305	36	-0.818	-0.818	NUM
ajm-7108	305	37	-0.237	-0.237	PUNCT
ajm-7108	305	38	-0.869	-0.869	X
ajm-7108	305	39	(	(	PUNCT
ajm-7108	305	40	4.288	4.288	NUM
ajm-7108	305	41	)	)	PUNCT
ajm-7108	305	42	(	(	PUNCT
ajm-7108	305	43	0.476	0.476	NUM
ajm-7108	305	44	)	)	PUNCT
ajm-7108	305	45	(	(	PUNCT
ajm-7108	305	46	0.564	0.564	NUM
ajm-7108	305	47	)	)	PUNCT
ajm-7108	305	48	(	(	PUNCT
ajm-7108	305	49	0.830	0.830	NUM
ajm-7108	305	50	)	)	PUNCT
ajm-7108	305	51	investment	investment	NOUN
ajm-7108	305	52	14.349	14.349	NUM
ajm-7108	305	53	-17.517	-17.517	NOUN
ajm-7108	305	54	*	*	PUNCT
ajm-7108	305	55	*	*	PUNCT
ajm-7108	305	56	*	*	PUNCT
ajm-7108	305	57	-6.761	-6.761	VERB
ajm-7108	305	58	-10.902	-10.902	ADJ
ajm-7108	305	59	*	*	PUNCT
ajm-7108	305	60	(	(	PUNCT
ajm-7108	305	61	16.695	16.695	NUM
ajm-7108	305	62	)	)	PUNCT
ajm-7108	305	63	(	(	PUNCT
ajm-7108	305	64	5.437	5.437	NUM
ajm-7108	305	65	)	)	PUNCT
ajm-7108	305	66	(	(	PUNCT
ajm-7108	305	67	4.984	4.984	NUM
ajm-7108	305	68	)	)	PUNCT
ajm-7108	305	69	(	(	PUNCT
ajm-7108	305	70	5.202	5.202	NUM
ajm-7108	305	71	)	)	PUNCT
ajm-7108	305	72	leverage	leverage	NOUN
ajm-7108	305	73	1.851	1.851	NUM
ajm-7108	305	74	0.178	0.178	NUM
ajm-7108	305	75	0.478	0.478	NUM
ajm-7108	305	76	-0.191	-0.191	NOUN
ajm-7108	305	77	(	(	PUNCT
ajm-7108	305	78	1.186	1.186	NUM
ajm-7108	305	79	)	)	PUNCT
ajm-7108	305	80	(	(	PUNCT
ajm-7108	305	81	0.788	0.788	NUM
ajm-7108	305	82	)	)	PUNCT
ajm-7108	305	83	(	(	PUNCT
ajm-7108	305	84	0.951	0.951	NUM
ajm-7108	305	85	)	)	PUNCT
ajm-7108	305	86	(	(	PUNCT
ajm-7108	305	87	0.875	0.875	NUM
ajm-7108	305	88	)	)	PUNCT
ajm-7108	305	89	roe	roe	NOUN
ajm-7108	305	90	0.001	0.001	NUM
ajm-7108	305	91	0.0002	0.0002	NUM
ajm-7108	305	92	0.0003	0.0003	NUM
ajm-7108	305	93	-0.002	-0.002	PUNCT
ajm-7108	305	94	(	(	PUNCT
ajm-7108	305	95	0.005	0.005	NUM
ajm-7108	305	96	)	)	PUNCT
ajm-7108	305	97	(	(	PUNCT
ajm-7108	305	98	0.002	0.002	NUM
ajm-7108	305	99	)	)	PUNCT
ajm-7108	305	100	(	(	PUNCT
ajm-7108	305	101	0.001	0.001	NUM
ajm-7108	305	102	)	)	PUNCT
ajm-7108	305	103	(	(	PUNCT
ajm-7108	305	104	0.003	0.003	NUM
ajm-7108	305	105	)	)	PUNCT
ajm-7108	305	106	roa	roa	NOUN
ajm-7108	305	107	25.479	25.479	NUM
ajm-7108	305	108	*	*	PUNCT
ajm-7108	305	109	*	*	PUNCT
ajm-7108	305	110	*	*	PUNCT
ajm-7108	305	111	-1.619	-1.619	NUM
ajm-7108	305	112	0.522	0.522	NUM
ajm-7108	305	113	-2.277	-2.277	NOUN
ajm-7108	305	114	*	*	PUNCT
ajm-7108	305	115	*	*	PUNCT
ajm-7108	305	116	(	(	PUNCT
ajm-7108	305	117	3.191	3.191	NUM
ajm-7108	305	118	)	)	PUNCT
ajm-7108	305	119	(	(	PUNCT
ajm-7108	305	120	1.085	1.085	NUM
ajm-7108	305	121	)	)	PUNCT
ajm-7108	305	122	(	(	PUNCT
ajm-7108	305	123	1.290	1.290	NUM
ajm-7108	305	124	)	)	PUNCT
ajm-7108	305	125	(	(	PUNCT
ajm-7108	305	126	0.866	0.866	NUM
ajm-7108	305	127	)	)	PUNCT
ajm-7108	305	128	capital	capital	NOUN
ajm-7108	305	129	spending	spending	NOUN
ajm-7108	305	130	-0.572	-0.572	ADP
ajm-7108	305	131	2.070	2.070	NUM
ajm-7108	305	132	0.297	0.297	NUM
ajm-7108	305	133	0.696	0.696	NUM
ajm-7108	305	134	(	(	PUNCT
ajm-7108	305	135	3.069	3.069	NUM
ajm-7108	305	136	)	)	PUNCT
ajm-7108	305	137	(	(	PUNCT
ajm-7108	305	138	1.939	1.939	NUM
ajm-7108	305	139	)	)	PUNCT
ajm-7108	305	140	(	(	PUNCT
ajm-7108	305	141	1.273	1.273	NUM
ajm-7108	305	142	)	)	PUNCT
ajm-7108	305	143	(	(	PUNCT
ajm-7108	305	144	1.825	1.825	NUM
ajm-7108	305	145	)	)	PUNCT
ajm-7108	305	146	industry	industry	NOUN
ajm-7108	305	147	fe	fe	X
ajm-7108	305	148	y	y	PROPN
ajm-7108	305	149	y	y	PROPN
ajm-7108	305	150	y	y	PROPN
ajm-7108	305	151	y	y	PROPN
ajm-7108	305	152	country	country	PROPN
ajm-7108	305	153	fe	fe	INTJ
ajm-7108	306	1	y	y	PROPN
ajm-7108	306	2	y	y	PROPN
ajm-7108	306	3	y	y	PROPN
ajm-7108	306	4	y	y	PROPN
ajm-7108	306	5	year	year	PROPN
ajm-7108	306	6	fe	fe	X
ajm-7108	306	7	y	y	PROPN
ajm-7108	306	8	y	y	PROPN
ajm-7108	306	9	y	y	PROPN
ajm-7108	306	10	y	y	PROPN
ajm-7108	306	11	n	n	PROPN
ajm-7108	306	12	1803	1803	NUM
ajm-7108	306	13	1828	1828	NUM
ajm-7108	306	14	1665	1665	NUM
ajm-7108	306	15	1898	1898	NUM
ajm-7108	306	16	r	r	NOUN
ajm-7108	306	17	2	2	NUM
ajm-7108	306	18	0.58	0.58	NUM
ajm-7108	306	19	0.56	0.56	NUM
ajm-7108	306	20	0.41	0.41	NUM
ajm-7108	306	21	0.70	0.70	NUM
ajm-7108	306	22	post	post	ADJ
ajm-7108	306	23	-	-	ADJ
ajm-7108	306	24	match	match	ADJ
ajm-7108	306	25	sample	sample	NOUN
ajm-7108	306	26	note	note	NOUN
ajm-7108	306	27	:	:	PUNCT
ajm-7108	306	28	numbers	number	NOUN
ajm-7108	306	29	in	in	ADP
ajm-7108	306	30	parentheses	parenthesis	NOUN
ajm-7108	306	31	are	be	AUX
ajm-7108	306	32	standard	standard	ADJ
ajm-7108	306	33	errors	error	NOUN
ajm-7108	306	34	,	,	PUNCT
ajm-7108	306	35	which	which	PRON
ajm-7108	306	36	are	be	AUX
ajm-7108	306	37	clustered	cluster	VERB
ajm-7108	306	38	at	at	ADP
ajm-7108	306	39	the	the	DET
ajm-7108	306	40	industry	industry	NOUN
ajm-7108	306	41	level	level	NOUN
ajm-7108	306	42	.	.	PUNCT
ajm-7108	307	1	*	*	PUNCT
ajm-7108	308	1	*	*	PUNCT
ajm-7108	308	2	*	*	PUNCT
ajm-7108	308	3	,	,	PUNCT
ajm-7108	308	4	*	*	PUNCT
ajm-7108	308	5	*	*	PUNCT
ajm-7108	308	6	,	,	PUNCT
ajm-7108	308	7	and	and	CCONJ
ajm-7108	308	8	*	*	PUNCT
ajm-7108	308	9	refer	refer	VERB
ajm-7108	308	10	to	to	ADP
ajm-7108	308	11	statistical	statistical	ADJ
ajm-7108	308	12	significance	significance	NOUN
ajm-7108	308	13	at	at	ADP
ajm-7108	308	14	the	the	DET
ajm-7108	308	15	1	1	NUM
ajm-7108	308	16	%	%	NOUN
ajm-7108	308	17	,	,	PUNCT
ajm-7108	308	18	5	5	NUM
ajm-7108	308	19	%	%	NOUN
ajm-7108	308	20	,	,	PUNCT
ajm-7108	308	21	and	and	CCONJ
ajm-7108	308	22	10	10	NUM
ajm-7108	308	23	%	%	NOUN
ajm-7108	308	24	levels	level	NOUN
ajm-7108	308	25	,	,	PUNCT
ajm-7108	308	26	respectively	respectively	ADV
ajm-7108	308	27	.	.	PUNCT
ajm-7108	309	1	american	american	PROPN
ajm-7108	309	2	journal	journal	PROPN
ajm-7108	309	3	of	of	ADP
ajm-7108	309	4	management	management	NOUN
ajm-7108	309	5	vol	vol	NOUN
ajm-7108	309	6	.	.	PUNCT
ajm-7108	310	1	24(2	24(2	NUM
ajm-7108	310	2	)	)	PUNCT
ajm-7108	310	3	2024	2024	NUM
ajm-7108	310	4	31	31	NUM
ajm-7108	310	5	table	table	NOUN
ajm-7108	310	6	5	5	NUM
ajm-7108	310	7	reports	report	VERB
ajm-7108	310	8	the	the	DET
ajm-7108	310	9	results	result	NOUN
ajm-7108	310	10	of	of	ADP
ajm-7108	310	11	the	the	DET
ajm-7108	310	12	logit	logit	PROPN
ajm-7108	310	13	regression	regression	NOUN
ajm-7108	310	14	that	that	PRON
ajm-7108	310	15	explains	explain	VERB
ajm-7108	310	16	the	the	DET
ajm-7108	310	17	effects	effect	NOUN
ajm-7108	310	18	of	of	ADP
ajm-7108	310	19	the	the	DET
ajm-7108	310	20	volume	volume	NOUN
ajm-7108	310	21	of	of	ADP
ajm-7108	310	22	carbon	carbon	NOUN
ajm-7108	310	23	offsets	offset	NOUN
ajm-7108	310	24	purchased	purchase	VERB
ajm-7108	310	25	on	on	ADP
ajm-7108	310	26	firm	firm	ADJ
ajm-7108	310	27	financial	financial	ADJ
ajm-7108	310	28	performance	performance	NOUN
ajm-7108	310	29	using	use	VERB
ajm-7108	310	30	a	a	DET
ajm-7108	310	31	matched	match	VERB
ajm-7108	310	32	sample	sample	NOUN
ajm-7108	310	33	of	of	ADP
ajm-7108	310	34	firm	firm	ADJ
ajm-7108	310	35	-	-	PUNCT
ajm-7108	310	36	year	year	NOUN
ajm-7108	310	37	observations	observation	NOUN
ajm-7108	310	38	.	.	PUNCT
ajm-7108	311	1	column	column	NOUN
ajm-7108	311	2	1	1	NUM
ajm-7108	311	3	displays	display	VERB
ajm-7108	311	4	a	a	DET
ajm-7108	311	5	negative	negative	ADJ
ajm-7108	311	6	relationship	relationship	NOUN
ajm-7108	311	7	between	between	ADP
ajm-7108	311	8	tobin	tobin	PROPN
ajm-7108	311	9	’s	’s	PART
ajm-7108	311	10	q	q	NOUN
ajm-7108	311	11	and	and	CCONJ
ajm-7108	311	12	the	the	DET
ajm-7108	311	13	quantity	quantity	NOUN
ajm-7108	311	14	of	of	ADP
ajm-7108	311	15	carbon	carbon	NOUN
ajm-7108	311	16	offsets	offset	NOUN
ajm-7108	311	17	purchased	purchase	VERB
ajm-7108	311	18	,	,	PUNCT
ajm-7108	311	19	although	although	SCONJ
ajm-7108	311	20	this	this	DET
ajm-7108	311	21	effect	effect	NOUN
ajm-7108	311	22	is	be	AUX
ajm-7108	311	23	statistically	statistically	ADV
ajm-7108	311	24	insignificant	insignificant	ADJ
ajm-7108	311	25	.	.	PUNCT
ajm-7108	312	1	on	on	ADP
ajm-7108	312	2	the	the	DET
ajm-7108	312	3	other	other	ADJ
ajm-7108	312	4	hand	hand	NOUN
ajm-7108	312	5	,	,	PUNCT
ajm-7108	312	6	columns	column	NOUN
ajm-7108	312	7	2	2	NUM
ajm-7108	312	8	to	to	PART
ajm-7108	312	9	4	4	NUM
ajm-7108	312	10	show	show	VERB
ajm-7108	312	11	the	the	DET
ajm-7108	312	12	coefficients	coefficient	NOUN
ajm-7108	312	13	on	on	ADP
ajm-7108	312	14	the	the	DET
ajm-7108	312	15	log	log	NOUN
ajm-7108	312	16	of	of	ADP
ajm-7108	312	17	carbon	carbon	NOUN
ajm-7108	312	18	offsets	offset	NOUN
ajm-7108	312	19	are	be	AUX
ajm-7108	312	20	statistically	statistically	ADV
ajm-7108	312	21	significant	significant	ADJ
ajm-7108	312	22	and	and	CCONJ
ajm-7108	312	23	positively	positively	ADV
ajm-7108	312	24	correlated	correlate	VERB
ajm-7108	312	25	with	with	ADP
ajm-7108	312	26	other	other	ADJ
ajm-7108	312	27	accounting	accounting	NOUN
ajm-7108	312	28	-	-	PUNCT
ajm-7108	312	29	based	base	VERB
ajm-7108	312	30	measures	measure	NOUN
ajm-7108	312	31	of	of	ADP
ajm-7108	312	32	short	short	ADJ
ajm-7108	312	33	-	-	PUNCT
ajm-7108	312	34	term	term	NOUN
ajm-7108	312	35	financial	financial	ADJ
ajm-7108	312	36	performance	performance	NOUN
ajm-7108	312	37	,	,	PUNCT
ajm-7108	312	38	including	include	VERB
ajm-7108	312	39	log	log	NOUN
ajm-7108	312	40	sales	sale	NOUN
ajm-7108	312	41	,	,	PUNCT
ajm-7108	312	42	log	log	NOUN
ajm-7108	312	43	assets	asset	NOUN
ajm-7108	312	44	and	and	CCONJ
ajm-7108	312	45	log	log	VERB
ajm-7108	312	46	operating	operating	NOUN
ajm-7108	312	47	income	income	NOUN
ajm-7108	312	48	.	.	PUNCT
ajm-7108	313	1	this	this	DET
ajm-7108	313	2	evidence	evidence	NOUN
ajm-7108	313	3	may	may	AUX
ajm-7108	313	4	suggest	suggest	VERB
ajm-7108	313	5	that	that	SCONJ
ajm-7108	313	6	in	in	ADP
ajm-7108	313	7	the	the	DET
ajm-7108	313	8	short	short	ADJ
ajm-7108	313	9	term	term	NOUN
ajm-7108	313	10	,	,	PUNCT
ajm-7108	313	11	firms	firm	NOUN
ajm-7108	313	12	can	can	AUX
ajm-7108	313	13	use	use	VERB
ajm-7108	313	14	carbon	carbon	NOUN
ajm-7108	313	15	offsets	offset	NOUN
ajm-7108	313	16	to	to	PART
ajm-7108	313	17	boost	boost	VERB
ajm-7108	313	18	their	their	PRON
ajm-7108	313	19	esg	esg	NOUN
ajm-7108	313	20	ratings	rating	NOUN
ajm-7108	313	21	,	,	PUNCT
ajm-7108	313	22	which	which	PRON
ajm-7108	313	23	existing	exist	VERB
ajm-7108	313	24	studies	study	NOUN
ajm-7108	313	25	have	have	AUX
ajm-7108	313	26	linked	link	VERB
ajm-7108	313	27	with	with	ADP
ajm-7108	313	28	better	well	ADJ
ajm-7108	313	29	financial	financial	ADJ
ajm-7108	313	30	performance	performance	NOUN
ajm-7108	313	31	due	due	ADP
ajm-7108	313	32	to	to	ADP
ajm-7108	313	33	lower	low	ADJ
ajm-7108	313	34	carbon	carbon	NOUN
ajm-7108	313	35	risk	risk	NOUN
ajm-7108	313	36	and	and	CCONJ
ajm-7108	313	37	cost	cost	NOUN
ajm-7108	313	38	of	of	ADP
ajm-7108	313	39	capital	capital	NOUN
ajm-7108	313	40	(	(	PUNCT
ajm-7108	313	41	whelan	whelan	PROPN
ajm-7108	313	42	et	et	PROPN
ajm-7108	313	43	al	al	PROPN
ajm-7108	313	44	.	.	PROPN
ajm-7108	313	45	,	,	PUNCT
ajm-7108	313	46	2021	2021	NUM
ajm-7108	313	47	)	)	PUNCT
ajm-7108	313	48	.	.	PUNCT
ajm-7108	314	1	effect	effect	NOUN
ajm-7108	314	2	of	of	ADP
ajm-7108	314	3	rec	rec	NOUN
ajm-7108	314	4	purchases	purchase	NOUN
ajm-7108	314	5	on	on	ADP
ajm-7108	314	6	firm	firm	ADJ
ajm-7108	314	7	environmental	environmental	ADJ
ajm-7108	314	8	and	and	CCONJ
ajm-7108	314	9	financial	financial	ADJ
ajm-7108	314	10	performance	performance	NOUN
ajm-7108	314	11	similar	similar	ADJ
ajm-7108	314	12	to	to	ADP
ajm-7108	314	13	tables	table	NOUN
ajm-7108	314	14	4	4	NUM
ajm-7108	314	15	and	and	CCONJ
ajm-7108	314	16	5	5	NUM
ajm-7108	314	17	,	,	PUNCT
ajm-7108	314	18	tables	table	NOUN
ajm-7108	314	19	6	6	NUM
ajm-7108	314	20	and	and	CCONJ
ajm-7108	314	21	7	7	NUM
ajm-7108	314	22	report	report	VERB
ajm-7108	314	23	the	the	DET
ajm-7108	314	24	effects	effect	NOUN
ajm-7108	314	25	of	of	ADP
ajm-7108	314	26	rec	rec	NOUN
ajm-7108	314	27	purchases	purchase	NOUN
ajm-7108	314	28	on	on	ADP
ajm-7108	314	29	firm	firm	ADJ
ajm-7108	314	30	environmental	environmental	ADJ
ajm-7108	314	31	and	and	CCONJ
ajm-7108	314	32	financial	financial	ADJ
ajm-7108	314	33	performance	performance	NOUN
ajm-7108	314	34	.	.	PUNCT
ajm-7108	315	1	table	table	NOUN
ajm-7108	315	2	6	6	NUM
ajm-7108	315	3	reports	report	VERB
ajm-7108	315	4	the	the	DET
ajm-7108	315	5	results	result	NOUN
ajm-7108	315	6	of	of	ADP
ajm-7108	315	7	the	the	DET
ajm-7108	315	8	logit	logit	NOUN
ajm-7108	315	9	regression	regression	NOUN
ajm-7108	315	10	explaining	explain	VERB
ajm-7108	315	11	the	the	DET
ajm-7108	315	12	impact	impact	NOUN
ajm-7108	315	13	on	on	ADP
ajm-7108	315	14	firms	firm	NOUN
ajm-7108	315	15	’	'	PUNCT
ajm-7108	315	16	environmental	environmental	ADJ
ajm-7108	315	17	score	score	NOUN
ajm-7108	315	18	(	(	PUNCT
ajm-7108	315	19	column	column	NOUN
ajm-7108	315	20	1	1	NUM
ajm-7108	315	21	)	)	PUNCT
ajm-7108	315	22	,	,	PUNCT
ajm-7108	315	23	the	the	DET
ajm-7108	315	24	log	log	NOUN
ajm-7108	315	25	of	of	ADP
ajm-7108	315	26	total	total	ADJ
ajm-7108	315	27	ghg	ghg	PROPN
ajm-7108	315	28	market	market	NOUN
ajm-7108	315	29	emissions	emission	NOUN
ajm-7108	315	30	(	(	PUNCT
ajm-7108	315	31	column	column	NOUN
ajm-7108	315	32	2	2	NUM
ajm-7108	315	33	)	)	PUNCT
ajm-7108	315	34	,	,	PUNCT
ajm-7108	315	35	the	the	DET
ajm-7108	315	36	log	log	NOUN
ajm-7108	315	37	of	of	ADP
ajm-7108	315	38	ghg	ghg	PROPN
ajm-7108	315	39	scope	scope	NOUN
ajm-7108	315	40	2	2	NUM
ajm-7108	315	41	market	market	NOUN
ajm-7108	315	42	emissions	emission	NOUN
ajm-7108	315	43	(	(	PUNCT
ajm-7108	315	44	column	column	NOUN
ajm-7108	315	45	3	3	NUM
ajm-7108	315	46	)	)	PUNCT
ajm-7108	315	47	,	,	PUNCT
ajm-7108	315	48	renewable	renewable	ADJ
ajm-7108	315	49	energy	energy	NOUN
ajm-7108	315	50	intensity	intensity	NOUN
ajm-7108	315	51	(	(	PUNCT
ajm-7108	315	52	column	column	NOUN
ajm-7108	315	53	4	4	NUM
ajm-7108	315	54	)	)	PUNCT
ajm-7108	315	55	,	,	PUNCT
ajm-7108	315	56	and	and	CCONJ
ajm-7108	315	57	the	the	DET
ajm-7108	315	58	log	log	NOUN
ajm-7108	315	59	of	of	ADP
ajm-7108	315	60	renewable	renewable	ADJ
ajm-7108	315	61	energy	energy	NOUN
ajm-7108	315	62	usage	usage	NOUN
ajm-7108	315	63	(	(	PUNCT
ajm-7108	315	64	column	column	NOUN
ajm-7108	315	65	5	5	NUM
ajm-7108	315	66	)	)	PUNCT
ajm-7108	315	67	.	.	PUNCT
ajm-7108	316	1	table	table	NOUN
ajm-7108	316	2	6	6	NUM
ajm-7108	316	3	effect	effect	NOUN
ajm-7108	316	4	of	of	ADP
ajm-7108	316	5	rec	rec	ADJ
ajm-7108	316	6	purchases	purchase	NOUN
ajm-7108	316	7	on	on	ADP
ajm-7108	316	8	firms	firm	NOUN
ajm-7108	316	9	’	'	PUNCT
ajm-7108	316	10	environmental	environmental	ADJ
ajm-7108	316	11	performance	performance	NOUN
ajm-7108	316	12	column	column	NOUN
ajm-7108	316	13	1	1	NUM
ajm-7108	316	14	shows	show	VERB
ajm-7108	316	15	that	that	SCONJ
ajm-7108	316	16	the	the	DET
ajm-7108	316	17	coefficient	coefficient	NOUN
ajm-7108	316	18	on	on	ADP
ajm-7108	316	19	the	the	DET
ajm-7108	316	20	log	log	NOUN
ajm-7108	316	21	of	of	ADP
ajm-7108	316	22	recs	rec	NOUN
ajm-7108	316	23	(	(	PUNCT
ajm-7108	316	24	thousand	thousand	NUM
ajm-7108	316	25	mwh	mwh	NOUN
ajm-7108	316	26	)	)	PUNCT
ajm-7108	316	27	is	be	AUX
ajm-7108	316	28	significantly	significantly	ADV
ajm-7108	316	29	positive	positive	ADJ
ajm-7108	316	30	,	,	PUNCT
ajm-7108	316	31	implying	imply	VERB
ajm-7108	316	32	that	that	SCONJ
ajm-7108	316	33	the	the	DET
ajm-7108	316	34	volume	volume	NOUN
ajm-7108	316	35	of	of	ADP
ajm-7108	316	36	recs	rec	NOUN
ajm-7108	316	37	purchased	purchase	VERB
ajm-7108	316	38	leads	lead	NOUN
ajm-7108	316	39	to	to	ADP
ajm-7108	316	40	an	an	DET
ajm-7108	316	41	improvement	improvement	NOUN
ajm-7108	316	42	in	in	ADP
ajm-7108	316	43	firms	firm	NOUN
ajm-7108	316	44	’	'	PUNCT
ajm-7108	316	45	environmental	environmental	ADJ
ajm-7108	316	46	score	score	NOUN
ajm-7108	316	47	.	.	PUNCT
ajm-7108	317	1	additionally	additionally	ADV
ajm-7108	317	2	,	,	PUNCT
ajm-7108	317	3	column	column	NOUN
ajm-7108	317	4	2	2	NUM
ajm-7108	317	5	displays	display	VERB
ajm-7108	317	6	a	a	DET
ajm-7108	317	7	statistically	statistically	ADV
ajm-7108	317	8	significant	significant	ADJ
ajm-7108	317	9	and	and	CCONJ
ajm-7108	317	10	positive	positive	ADJ
ajm-7108	317	11	relationship	relationship	NOUN
ajm-7108	317	12	between	between	ADP
ajm-7108	317	13	the	the	DET
ajm-7108	317	14	volumes	volume	NOUN
ajm-7108	317	15	of	of	ADP
ajm-7108	317	16	(	(	PUNCT
ajm-7108	317	17	1	1	NUM
ajm-7108	317	18	)	)	PUNCT
ajm-7108	317	19	(	(	PUNCT
ajm-7108	317	20	2	2	NUM
ajm-7108	317	21	)	)	PUNCT
ajm-7108	317	22	(	(	PUNCT
ajm-7108	317	23	3	3	X
ajm-7108	317	24	)	)	PUNCT
ajm-7108	317	25	(	(	PUNCT
ajm-7108	317	26	4	4	NUM
ajm-7108	317	27	)	)	PUNCT
ajm-7108	317	28	(	(	PUNCT
ajm-7108	317	29	5	5	X
ajm-7108	317	30	)	)	PUNCT
ajm-7108	317	31	dependent	dependent	ADJ
ajm-7108	317	32	variable	variable	NOUN
ajm-7108	317	33	:	:	PUNCT
ajm-7108	318	1	environmental	environmental	ADJ
ajm-7108	318	2	score	score	NOUN
ajm-7108	318	3	ln	ln	ADJ
ajm-7108	319	1	(	(	PUNCT
ajm-7108	319	2	total	total	ADJ
ajm-7108	319	3	ghg	ghg	PROPN
ajm-7108	319	4	market	market	NOUN
ajm-7108	319	5	emissions	emission	NOUN
ajm-7108	319	6	)	)	PUNCT
ajm-7108	319	7	ln(ghg	ln(ghg	NOUN
ajm-7108	319	8	scope	scope	NOUN
ajm-7108	319	9	2	2	NUM
ajm-7108	319	10	market	market	NOUN
ajm-7108	319	11	emissions	emission	NOUN
ajm-7108	319	12	)	)	PUNCT
ajm-7108	319	13	renewable	renewable	ADJ
ajm-7108	319	14	energy	energy	NOUN
ajm-7108	319	15	intensity	intensity	NOUN
ajm-7108	319	16	ln(renewable	ln(renewable	ADJ
ajm-7108	319	17	energy	energy	NOUN
ajm-7108	319	18	use	use	NOUN
ajm-7108	319	19	)	)	PUNCT
ajm-7108	319	20	ln	ln	ADJ
ajm-7108	319	21	rec	rec	X
ajm-7108	319	22	0.039	0.039	NUM
ajm-7108	319	23	*	*	NOUN
ajm-7108	319	24	0.203	0.203	NUM
ajm-7108	319	25	*	*	PUNCT
ajm-7108	319	26	0.205	0.205	NUM
ajm-7108	319	27	*	*	PUNCT
ajm-7108	319	28	0.041	0.041	NUM
ajm-7108	319	29	*	*	PUNCT
ajm-7108	319	30	*	*	PUNCT
ajm-7108	319	31	*	*	PUNCT
ajm-7108	319	32	0.609	0.609	NUM
ajm-7108	319	33	*	*	PUNCT
ajm-7108	319	34	*	*	PUNCT
ajm-7108	319	35	*	*	PUNCT
ajm-7108	319	36	(	(	PUNCT
ajm-7108	319	37	0.018	0.018	NUM
ajm-7108	319	38	)	)	PUNCT
ajm-7108	319	39	(	(	PUNCT
ajm-7108	319	40	0.099	0.099	NUM
ajm-7108	319	41	)	)	PUNCT
ajm-7108	319	42	(	(	PUNCT
ajm-7108	319	43	0.096	0.096	NUM
ajm-7108	319	44	)	)	PUNCT
ajm-7108	319	45	(	(	PUNCT
ajm-7108	319	46	0.010	0.010	NUM
ajm-7108	319	47	)	)	PUNCT
ajm-7108	319	48	(	(	PUNCT
ajm-7108	319	49	0.100	0.100	NUM
ajm-7108	319	50	)	)	PUNCT
ajm-7108	319	51	cash	cash	NOUN
ajm-7108	319	52	holdings	holding	NOUN
ajm-7108	319	53	-0.059	-0.059	PUNCT
ajm-7108	320	1	-4.653	-4.653	PUNCT
ajm-7108	320	2	*	*	PUNCT
ajm-7108	320	3	-7.697	-7.697	PUNCT
ajm-7108	320	4	*	*	PUNCT
ajm-7108	320	5	*	*	NOUN
ajm-7108	320	6	0.737	0.737	NUM
ajm-7108	320	7	*	*	PUNCT
ajm-7108	320	8	*	*	PUNCT
ajm-7108	320	9	*	*	X
ajm-7108	320	10	0.393	0.393	NUM
ajm-7108	320	11	(	(	PUNCT
ajm-7108	320	12	0.450	0.450	NUM
ajm-7108	320	13	)	)	PUNCT
ajm-7108	320	14	(	(	PUNCT
ajm-7108	320	15	2.214	2.214	NUM
ajm-7108	320	16	)	)	PUNCT
ajm-7108	320	17	(	(	PUNCT
ajm-7108	320	18	3.188	3.188	NUM
ajm-7108	320	19	)	)	PUNCT
ajm-7108	320	20	(	(	PUNCT
ajm-7108	320	21	0.198	0.198	NUM
ajm-7108	320	22	)	)	PUNCT
ajm-7108	320	23	(	(	PUNCT
ajm-7108	320	24	0.501	0.501	NUM
ajm-7108	320	25	)	)	PUNCT
ajm-7108	320	26	investment	investment	NOUN
ajm-7108	320	27	2.319	2.319	NUM
ajm-7108	320	28	-8.277	-8.277	NUM
ajm-7108	320	29	-11.478	-11.478	NUM
ajm-7108	320	30	-0.070	-0.070	NUM
ajm-7108	320	31	-6.232	-6.232	PROPN
ajm-7108	320	32	(	(	PUNCT
ajm-7108	320	33	1.902	1.902	NUM
ajm-7108	320	34	)	)	PUNCT
ajm-7108	320	35	(	(	PUNCT
ajm-7108	320	36	11.025	11.025	NUM
ajm-7108	320	37	)	)	PUNCT
ajm-7108	320	38	(	(	PUNCT
ajm-7108	320	39	19.171	19.171	NUM
ajm-7108	320	40	)	)	PUNCT
ajm-7108	320	41	(	(	PUNCT
ajm-7108	320	42	1.234	1.234	NUM
ajm-7108	320	43	)	)	PUNCT
ajm-7108	320	44	(	(	PUNCT
ajm-7108	320	45	7.905	7.905	NUM
ajm-7108	320	46	)	)	PUNCT
ajm-7108	320	47	leverage	leverage	NOUN
ajm-7108	320	48	0.344	0.344	NUM
ajm-7108	320	49	0.321	0.321	NUM
ajm-7108	320	50	2.574	2.574	NUM
ajm-7108	320	51	-0.473	-0.473	NOUN
ajm-7108	320	52	1.491	1.491	NUM
ajm-7108	320	53	*	*	SYM
ajm-7108	320	54	(	(	PUNCT
ajm-7108	320	55	0.421	0.421	NUM
ajm-7108	320	56	)	)	PUNCT
ajm-7108	320	57	(	(	PUNCT
ajm-7108	320	58	2.368	2.368	NUM
ajm-7108	320	59	)	)	PUNCT
ajm-7108	320	60	(	(	PUNCT
ajm-7108	320	61	2.463	2.463	NUM
ajm-7108	320	62	)	)	PUNCT
ajm-7108	320	63	(	(	PUNCT
ajm-7108	320	64	0.314	0.314	NUM
ajm-7108	320	65	)	)	PUNCT
ajm-7108	320	66	(	(	PUNCT
ajm-7108	320	67	0.756	0.756	NUM
ajm-7108	320	68	)	)	PUNCT
ajm-7108	320	69	roe	roe	NOUN
ajm-7108	320	70	0.002	0.002	NUM
ajm-7108	320	71	*	*	NOUN
ajm-7108	320	72	0.004	0.004	NUM
ajm-7108	320	73	-0.004	-0.004	PUNCT
ajm-7108	320	74	0.000	0.000	NUM
ajm-7108	320	75	0.007	0.007	NUM
ajm-7108	320	76	*	*	PUNCT
ajm-7108	320	77	*	*	PUNCT
ajm-7108	320	78	(	(	PUNCT
ajm-7108	320	79	0.001	0.001	NUM
ajm-7108	320	80	)	)	PUNCT
ajm-7108	320	81	(	(	PUNCT
ajm-7108	320	82	0.007	0.007	NUM
ajm-7108	320	83	)	)	PUNCT
ajm-7108	320	84	(	(	PUNCT
ajm-7108	320	85	0.013	0.013	NUM
ajm-7108	320	86	)	)	PUNCT
ajm-7108	320	87	(	(	PUNCT
ajm-7108	320	88	0.001	0.001	NUM
ajm-7108	320	89	)	)	PUNCT
ajm-7108	320	90	(	(	PUNCT
ajm-7108	320	91	0.003	0.003	NUM
ajm-7108	320	92	)	)	PUNCT
ajm-7108	320	93	roa	roa	NOUN
ajm-7108	320	94	-0.564	-0.564	NOUN
ajm-7108	320	95	-4.572	-4.572	PUNCT
ajm-7108	320	96	-0.404	-0.404	X
ajm-7108	320	97	0.191	0.191	NUM
ajm-7108	320	98	-2.146	-2.146	PUNCT
ajm-7108	320	99	(	(	PUNCT
ajm-7108	320	100	0.540	0.540	NUM
ajm-7108	320	101	)	)	PUNCT
ajm-7108	320	102	(	(	PUNCT
ajm-7108	320	103	6.628	6.628	NUM
ajm-7108	320	104	)	)	PUNCT
ajm-7108	320	105	(	(	PUNCT
ajm-7108	320	106	10.995	10.995	NUM
ajm-7108	320	107	)	)	PUNCT
ajm-7108	320	108	(	(	PUNCT
ajm-7108	320	109	0.525	0.525	NUM
ajm-7108	320	110	)	)	PUNCT
ajm-7108	320	111	(	(	PUNCT
ajm-7108	320	112	2.197	2.197	NUM
ajm-7108	320	113	)	)	PUNCT
ajm-7108	320	114	capital	capital	NOUN
ajm-7108	320	115	spending	spend	VERB
ajm-7108	320	116	0.076	0.076	NUM
ajm-7108	320	117	1.847	1.847	NUM
ajm-7108	320	118	*	*	NOUN
ajm-7108	320	119	*	*	PROPN
ajm-7108	320	120	1.383	1.383	NUM
ajm-7108	320	121	-0.126	-0.126	NOUN
ajm-7108	320	122	-0.105	-0.105	NOUN
ajm-7108	320	123	(	(	PUNCT
ajm-7108	320	124	0.198	0.198	NUM
ajm-7108	320	125	)	)	PUNCT
ajm-7108	320	126	(	(	PUNCT
ajm-7108	320	127	0.592	0.592	NUM
ajm-7108	320	128	)	)	PUNCT
ajm-7108	320	129	(	(	PUNCT
ajm-7108	320	130	1.777	1.777	NUM
ajm-7108	320	131	)	)	PUNCT
ajm-7108	320	132	(	(	PUNCT
ajm-7108	320	133	0.091	0.091	NUM
ajm-7108	320	134	)	)	PUNCT
ajm-7108	320	135	(	(	PUNCT
ajm-7108	320	136	0.529	0.529	NUM
ajm-7108	320	137	)	)	PUNCT
ajm-7108	320	138	industry	industry	NOUN
ajm-7108	320	139	fe	fe	X
ajm-7108	320	140	y	y	PROPN
ajm-7108	320	141	y	y	PROPN
ajm-7108	320	142	y	y	PROPN
ajm-7108	320	143	y	y	PROPN
ajm-7108	320	144	y	y	PROPN
ajm-7108	320	145	country	country	PROPN
ajm-7108	320	146	fe	fe	INTJ
ajm-7108	320	147	y	y	PROPN
ajm-7108	320	148	y	y	PROPN
ajm-7108	320	149	y	y	PROPN
ajm-7108	320	150	y	y	PROPN
ajm-7108	320	151	y	y	PROPN
ajm-7108	320	152	year	year	PROPN
ajm-7108	320	153	fe	fe	X
ajm-7108	320	154	y	y	PROPN
ajm-7108	320	155	y	y	PROPN
ajm-7108	320	156	y	y	PROPN
ajm-7108	320	157	y	y	PROPN
ajm-7108	320	158	y	y	PROPN
ajm-7108	320	159	n	n	PROPN
ajm-7108	320	160	1614	1614	NUM
ajm-7108	320	161	1242	1242	NUM
ajm-7108	320	162	1163	1163	NUM
ajm-7108	320	163	1043	1043	NUM
ajm-7108	320	164	988	988	NUM
ajm-7108	320	165	r	r	NOUN
ajm-7108	320	166	2	2	NUM
ajm-7108	320	167	0.37	0.37	NUM
ajm-7108	320	168	0.49	0.49	NUM
ajm-7108	320	169	0.39	0.39	NUM
ajm-7108	320	170	0.44	0.44	NUM
ajm-7108	320	171	0.66	0.66	NUM
ajm-7108	320	172	post	post	ADJ
ajm-7108	320	173	-	-	ADJ
ajm-7108	320	174	match	match	ADJ
ajm-7108	320	175	sample	sample	NOUN
ajm-7108	320	176	note	note	NOUN
ajm-7108	320	177	:	:	PUNCT
ajm-7108	320	178	numbers	number	NOUN
ajm-7108	320	179	in	in	ADP
ajm-7108	320	180	parentheses	parenthesis	NOUN
ajm-7108	320	181	are	be	AUX
ajm-7108	320	182	standard	standard	ADJ
ajm-7108	320	183	errors	error	NOUN
ajm-7108	320	184	,	,	PUNCT
ajm-7108	320	185	which	which	PRON
ajm-7108	320	186	are	be	AUX
ajm-7108	320	187	clustered	cluster	VERB
ajm-7108	320	188	at	at	ADP
ajm-7108	320	189	the	the	DET
ajm-7108	320	190	industry	industry	NOUN
ajm-7108	320	191	level	level	NOUN
ajm-7108	320	192	.	.	PUNCT
ajm-7108	321	1	*	*	PUNCT
ajm-7108	322	1	*	*	PUNCT
ajm-7108	322	2	*	*	PUNCT
ajm-7108	322	3	,	,	PUNCT
ajm-7108	322	4	*	*	PUNCT
ajm-7108	322	5	*	*	PUNCT
ajm-7108	322	6	,	,	PUNCT
ajm-7108	322	7	and	and	CCONJ
ajm-7108	322	8	*	*	PUNCT
ajm-7108	322	9	refer	refer	VERB
ajm-7108	322	10	to	to	ADP
ajm-7108	322	11	statistical	statistical	ADJ
ajm-7108	322	12	significance	significance	NOUN
ajm-7108	322	13	at	at	ADP
ajm-7108	322	14	the	the	DET
ajm-7108	322	15	1	1	NUM
ajm-7108	322	16	%	%	NOUN
ajm-7108	322	17	,	,	PUNCT
ajm-7108	322	18	5	5	NUM
ajm-7108	322	19	%	%	NOUN
ajm-7108	322	20	,	,	PUNCT
ajm-7108	322	21	and	and	CCONJ
ajm-7108	322	22	10	10	NUM
ajm-7108	322	23	%	%	NOUN
ajm-7108	322	24	levels	level	NOUN
ajm-7108	322	25	,	,	PUNCT
ajm-7108	322	26	respectively	respectively	ADV
ajm-7108	322	27	.	.	PUNCT
ajm-7108	323	1	32	32	NUM
ajm-7108	323	2	american	american	PROPN
ajm-7108	323	3	journal	journal	PROPN
ajm-7108	323	4	of	of	ADP
ajm-7108	323	5	management	management	NOUN
ajm-7108	323	6	vol	vol	NOUN
ajm-7108	323	7	.	.	PUNCT
ajm-7108	324	1	24(2	24(2	NUM
ajm-7108	324	2	)	)	PUNCT
ajm-7108	324	3	2024	2024	NUM
ajm-7108	324	4	recs	rec	NOUN
ajm-7108	324	5	purchased	purchase	VERB
ajm-7108	324	6	and	and	CCONJ
ajm-7108	324	7	the	the	DET
ajm-7108	324	8	level	level	NOUN
ajm-7108	324	9	of	of	ADP
ajm-7108	324	10	a	a	DET
ajm-7108	324	11	firm	firm	NOUN
ajm-7108	324	12	’s	’s	PART
ajm-7108	324	13	total	total	ADJ
ajm-7108	324	14	ghg	ghg	PROPN
ajm-7108	324	15	market	market	NOUN
ajm-7108	324	16	emissions	emission	NOUN
ajm-7108	324	17	.	.	PUNCT
ajm-7108	325	1	furthermore	furthermore	ADV
ajm-7108	325	2	,	,	PUNCT
ajm-7108	325	3	this	this	DET
ajm-7108	325	4	positive	positive	ADJ
ajm-7108	325	5	effect	effect	NOUN
ajm-7108	325	6	also	also	ADV
ajm-7108	325	7	continues	continue	VERB
ajm-7108	325	8	if	if	SCONJ
ajm-7108	325	9	we	we	PRON
ajm-7108	325	10	look	look	VERB
ajm-7108	325	11	at	at	ADP
ajm-7108	325	12	more	more	ADJ
ajm-7108	325	13	granular	granular	ADJ
ajm-7108	325	14	emissions	emission	NOUN
ajm-7108	325	15	data	datum	NOUN
ajm-7108	325	16	,	,	PUNCT
ajm-7108	325	17	namely	namely	ADV
ajm-7108	325	18	firms	firm	NOUN
ajm-7108	325	19	’	'	PUNCT
ajm-7108	325	20	scope	scope	NOUN
ajm-7108	325	21	2	2	NUM
ajm-7108	325	22	market	market	NOUN
ajm-7108	325	23	emissions	emission	NOUN
ajm-7108	325	24	(	(	PUNCT
ajm-7108	325	25	noted	note	VERB
ajm-7108	325	26	in	in	ADP
ajm-7108	325	27	column	column	NOUN
ajm-7108	325	28	3	3	NUM
ajm-7108	325	29	)	)	PUNCT
ajm-7108	325	30	.	.	PUNCT
ajm-7108	326	1	lastly	lastly	ADV
ajm-7108	326	2	columns	column	NOUN
ajm-7108	326	3	4	4	NUM
ajm-7108	326	4	and	and	CCONJ
ajm-7108	326	5	5	5	NUM
ajm-7108	326	6	demonstrate	demonstrate	VERB
ajm-7108	326	7	a	a	DET
ajm-7108	326	8	statistically	statistically	ADV
ajm-7108	326	9	positive	positive	ADJ
ajm-7108	326	10	relationship	relationship	NOUN
ajm-7108	326	11	between	between	ADP
ajm-7108	326	12	the	the	DET
ajm-7108	326	13	volume	volume	NOUN
ajm-7108	326	14	of	of	ADP
ajm-7108	326	15	recs	rec	NOUN
ajm-7108	326	16	purchased	purchase	VERB
ajm-7108	326	17	and	and	CCONJ
ajm-7108	326	18	firms	firm	NOUN
ajm-7108	326	19	’	'	PUNCT
ajm-7108	326	20	renewable	renewable	ADJ
ajm-7108	326	21	energy	energy	NOUN
ajm-7108	326	22	usage	usage	NOUN
ajm-7108	326	23	and	and	CCONJ
ajm-7108	326	24	intensity	intensity	NOUN
ajm-7108	326	25	.	.	PUNCT
ajm-7108	327	1	similar	similar	ADJ
ajm-7108	327	2	to	to	ADP
ajm-7108	327	3	carbon	carbon	NOUN
ajm-7108	327	4	offsets	offset	NOUN
ajm-7108	327	5	,	,	PUNCT
ajm-7108	327	6	the	the	DET
ajm-7108	327	7	purchase	purchase	NOUN
ajm-7108	327	8	of	of	ADP
ajm-7108	327	9	recs	rec	NOUN
ajm-7108	327	10	may	may	AUX
ajm-7108	327	11	also	also	ADV
ajm-7108	327	12	be	be	AUX
ajm-7108	327	13	another	another	DET
ajm-7108	327	14	form	form	NOUN
ajm-7108	327	15	of	of	ADP
ajm-7108	327	16	greenwashing	greenwashing	NOUN
ajm-7108	327	17	as	as	SCONJ
ajm-7108	327	18	firms	firm	NOUN
ajm-7108	327	19	get	get	AUX
ajm-7108	327	20	rewarded	reward	VERB
ajm-7108	327	21	(	(	PUNCT
ajm-7108	327	22	with	with	ADP
ajm-7108	327	23	greater	great	ADJ
ajm-7108	327	24	environmental	environmental	ADJ
ajm-7108	327	25	scores	score	NOUN
ajm-7108	327	26	)	)	PUNCT
ajm-7108	327	27	for	for	ADP
ajm-7108	327	28	investing	invest	VERB
ajm-7108	327	29	in	in	ADP
ajm-7108	327	30	green	green	ADJ
ajm-7108	327	31	energy	energy	NOUN
ajm-7108	327	32	,	,	PUNCT
ajm-7108	327	33	but	but	CCONJ
ajm-7108	327	34	this	this	PRON
ajm-7108	327	35	is	be	AUX
ajm-7108	327	36	not	not	PART
ajm-7108	327	37	enough	enough	ADJ
ajm-7108	327	38	to	to	PART
ajm-7108	327	39	significantly	significantly	ADV
ajm-7108	327	40	cut	cut	VERB
ajm-7108	327	41	back	back	ADP
ajm-7108	327	42	their	their	PRON
ajm-7108	327	43	total	total	ADJ
ajm-7108	327	44	ghg	ghg	PROPN
ajm-7108	327	45	market	market	NOUN
ajm-7108	327	46	emissions	emission	NOUN
ajm-7108	327	47	.	.	PUNCT
ajm-7108	328	1	nevertheless	nevertheless	ADV
ajm-7108	328	2	,	,	PUNCT
ajm-7108	328	3	while	while	SCONJ
ajm-7108	328	4	recs	rec	NOUN
ajm-7108	328	5	may	may	AUX
ajm-7108	328	6	not	not	PART
ajm-7108	328	7	reduce	reduce	VERB
ajm-7108	328	8	firms	firm	NOUN
ajm-7108	328	9	’	'	PUNCT
ajm-7108	328	10	ghg	ghg	PROPN
ajm-7108	328	11	emissions	emission	NOUN
ajm-7108	328	12	,	,	PUNCT
ajm-7108	328	13	these	these	DET
ajm-7108	328	14	findings	finding	NOUN
ajm-7108	328	15	suggest	suggest	VERB
ajm-7108	328	16	that	that	SCONJ
ajm-7108	328	17	they	they	PRON
ajm-7108	328	18	may	may	AUX
ajm-7108	328	19	be	be	AUX
ajm-7108	328	20	more	more	ADV
ajm-7108	328	21	effective	effective	ADJ
ajm-7108	328	22	in	in	ADP
ajm-7108	328	23	increasing	increase	VERB
ajm-7108	328	24	a	a	DET
ajm-7108	328	25	company	company	NOUN
ajm-7108	328	26	’s	’s	PART
ajm-7108	328	27	usage	usage	NOUN
ajm-7108	328	28	and	and	CCONJ
ajm-7108	328	29	intensity	intensity	NOUN
ajm-7108	328	30	of	of	ADP
ajm-7108	328	31	renewable	renewable	ADJ
ajm-7108	328	32	energy	energy	NOUN
ajm-7108	328	33	.	.	PUNCT
ajm-7108	329	1	table	table	NOUN
ajm-7108	329	2	7	7	NUM
ajm-7108	329	3	effect	effect	NOUN
ajm-7108	329	4	of	of	ADP
ajm-7108	329	5	rec	rec	ADJ
ajm-7108	329	6	purchases	purchase	NOUN
ajm-7108	329	7	on	on	ADP
ajm-7108	329	8	firms	firm	NOUN
ajm-7108	329	9	’	'	PUNCT
ajm-7108	329	10	financial	financial	ADJ
ajm-7108	329	11	performance	performance	NOUN
ajm-7108	329	12	note	note	NOUN
ajm-7108	329	13	:	:	PUNCT
ajm-7108	329	14	numbers	number	NOUN
ajm-7108	329	15	in	in	ADP
ajm-7108	329	16	parentheses	parenthesis	NOUN
ajm-7108	329	17	are	be	AUX
ajm-7108	329	18	standard	standard	ADJ
ajm-7108	329	19	errors	error	NOUN
ajm-7108	329	20	,	,	PUNCT
ajm-7108	329	21	which	which	PRON
ajm-7108	329	22	are	be	AUX
ajm-7108	329	23	clustered	cluster	VERB
ajm-7108	329	24	at	at	ADP
ajm-7108	329	25	the	the	DET
ajm-7108	329	26	industry	industry	NOUN
ajm-7108	329	27	level	level	NOUN
ajm-7108	329	28	.	.	PUNCT
ajm-7108	330	1	*	*	PUNCT
ajm-7108	331	1	*	*	PUNCT
ajm-7108	331	2	*	*	PUNCT
ajm-7108	331	3	,	,	PUNCT
ajm-7108	331	4	*	*	PUNCT
ajm-7108	331	5	*	*	PUNCT
ajm-7108	331	6	,	,	PUNCT
ajm-7108	331	7	and	and	CCONJ
ajm-7108	331	8	*	*	PUNCT
ajm-7108	331	9	refer	refer	VERB
ajm-7108	331	10	to	to	ADP
ajm-7108	331	11	the	the	DET
ajm-7108	331	12	statistical	statistical	ADJ
ajm-7108	331	13	significance	significance	NOUN
ajm-7108	331	14	at	at	ADP
ajm-7108	331	15	the	the	DET
ajm-7108	331	16	1	1	NUM
ajm-7108	331	17	%	%	NOUN
ajm-7108	331	18	,	,	PUNCT
ajm-7108	331	19	and	and	CCONJ
ajm-7108	331	20	5	5	NUM
ajm-7108	331	21	%	%	NOUN
ajm-7108	331	22	,	,	PUNCT
ajm-7108	331	23	and	and	CCONJ
ajm-7108	331	24	10	10	NUM
ajm-7108	331	25	%	%	NOUN
ajm-7108	331	26	levels	level	NOUN
ajm-7108	331	27	,	,	PUNCT
ajm-7108	331	28	respectively	respectively	ADV
ajm-7108	331	29	.	.	PUNCT
ajm-7108	332	1	lastly	lastly	ADV
ajm-7108	332	2	,	,	PUNCT
ajm-7108	332	3	table	table	NOUN
ajm-7108	332	4	7	7	NUM
ajm-7108	332	5	reports	report	NOUN
ajm-7108	332	6	the	the	DET
ajm-7108	332	7	logit	logit	PROPN
ajm-7108	332	8	regression	regression	NOUN
ajm-7108	332	9	results	result	NOUN
ajm-7108	332	10	that	that	PRON
ajm-7108	332	11	explain	explain	VERB
ajm-7108	332	12	the	the	DET
ajm-7108	332	13	effects	effect	NOUN
ajm-7108	332	14	of	of	ADP
ajm-7108	332	15	the	the	DET
ajm-7108	332	16	volume	volume	NOUN
ajm-7108	332	17	of	of	ADP
ajm-7108	332	18	recs	rec	NOUN
ajm-7108	332	19	purchased	purchase	VERB
ajm-7108	332	20	on	on	ADP
ajm-7108	332	21	firms	firm	NOUN
ajm-7108	332	22	’	'	PUNCT
ajm-7108	332	23	financial	financial	ADJ
ajm-7108	332	24	performance	performance	NOUN
ajm-7108	332	25	using	use	VERB
ajm-7108	332	26	a	a	DET
ajm-7108	332	27	matched	match	VERB
ajm-7108	332	28	sample	sample	NOUN
ajm-7108	332	29	of	of	ADP
ajm-7108	332	30	firm	firm	ADJ
ajm-7108	332	31	-	-	PUNCT
ajm-7108	332	32	year	year	NOUN
ajm-7108	332	33	observations	observation	NOUN
ajm-7108	332	34	.	.	PUNCT
ajm-7108	333	1	similar	similar	ADJ
ajm-7108	333	2	to	to	ADP
ajm-7108	333	3	the	the	DET
ajm-7108	333	4	purchase	purchase	NOUN
ajm-7108	333	5	of	of	ADP
ajm-7108	333	6	carbon	carbon	NOUN
ajm-7108	333	7	offsets	offset	NOUN
ajm-7108	333	8	,	,	PUNCT
ajm-7108	333	9	column	column	NOUN
ajm-7108	333	10	1	1	NUM
ajm-7108	333	11	shows	show	VERB
ajm-7108	333	12	that	that	SCONJ
ajm-7108	333	13	there	there	PRON
ajm-7108	333	14	is	be	VERB
ajm-7108	333	15	a	a	DET
ajm-7108	333	16	statistically	statistically	ADV
ajm-7108	333	17	significant	significant	ADJ
ajm-7108	333	18	and	and	CCONJ
ajm-7108	333	19	negative	negative	ADJ
ajm-7108	333	20	relationship	relationship	NOUN
ajm-7108	333	21	between	between	ADP
ajm-7108	333	22	the	the	DET
ajm-7108	333	23	volume	volume	NOUN
ajm-7108	333	24	of	of	ADP
ajm-7108	333	25	recs	rec	NOUN
ajm-7108	333	26	purchased	purchase	VERB
ajm-7108	333	27	and	and	CCONJ
ajm-7108	333	28	firms	firm	NOUN
ajm-7108	333	29	’	'	PUNCT
ajm-7108	333	30	tobin	tobin	PROPN
ajm-7108	333	31	’s	’s	PART
ajm-7108	333	32	q.	q.	PROPN
ajm-7108	333	33	tobin	tobin	PROPN
ajm-7108	333	34	’s	’s	PART
ajm-7108	333	35	q	q	PROPN
ajm-7108	333	36	is	be	AUX
ajm-7108	333	37	typically	typically	ADV
ajm-7108	333	38	a	a	DET
ajm-7108	333	39	measure	measure	NOUN
ajm-7108	333	40	of	of	ADP
ajm-7108	333	41	how	how	SCONJ
ajm-7108	333	42	the	the	DET
ajm-7108	333	43	market	market	NOUN
ajm-7108	333	44	values	value	VERB
ajm-7108	333	45	a	a	DET
ajm-7108	333	46	company	company	NOUN
ajm-7108	333	47	and	and	CCONJ
ajm-7108	333	48	how	how	SCONJ
ajm-7108	333	49	it	it	PRON
ajm-7108	333	50	represents	represent	VERB
ajm-7108	333	51	investors	investor	NOUN
ajm-7108	333	52	’	'	PUNCT
ajm-7108	333	53	beliefs	belief	NOUN
ajm-7108	333	54	about	about	ADP
ajm-7108	333	55	its	its	PRON
ajm-7108	333	56	long	long	ADJ
ajm-7108	333	57	-	-	PUNCT
ajm-7108	333	58	term	term	NOUN
ajm-7108	333	59	profitability	profitability	NOUN
ajm-7108	333	60	(	(	PUNCT
ajm-7108	333	61	delmas	delmas	PROPN
ajm-7108	333	62	et	et	PROPN
ajm-7108	333	63	al	al	PROPN
ajm-7108	333	64	.	.	PROPN
ajm-7108	333	65	,	,	PUNCT
ajm-7108	333	66	2011	2011	NUM
ajm-7108	333	67	)	)	PUNCT
ajm-7108	333	68	.	.	PUNCT
ajm-7108	334	1	this	this	PRON
ajm-7108	334	2	may	may	AUX
ajm-7108	334	3	suggest	suggest	VERB
ajm-7108	334	4	that	that	SCONJ
ajm-7108	334	5	the	the	DET
ajm-7108	334	6	market	market	NOUN
ajm-7108	334	7	perceives	perceive	VERB
ajm-7108	334	8	the	the	DET
ajm-7108	334	9	purchase	purchase	NOUN
ajm-7108	334	10	of	of	ADP
ajm-7108	334	11	recs	rec	NOUN
ajm-7108	334	12	as	as	ADP
ajm-7108	334	13	an	an	DET
ajm-7108	334	14	additional	additional	ADJ
ajm-7108	334	15	expenditure	expenditure	NOUN
ajm-7108	334	16	that	that	PRON
ajm-7108	334	17	diminishes	diminish	VERB
ajm-7108	334	18	firms	firm	NOUN
ajm-7108	334	19	’	'	PUNCT
ajm-7108	334	20	resources	resource	NOUN
ajm-7108	334	21	,	,	PUNCT
ajm-7108	334	22	leading	lead	VERB
ajm-7108	334	23	to	to	ADP
ajm-7108	334	24	a	a	DET
ajm-7108	334	25	reduction	reduction	NOUN
ajm-7108	334	26	in	in	ADP
ajm-7108	334	27	firms	firm	NOUN
ajm-7108	334	28	’	'	PUNCT
ajm-7108	334	29	long	long	ADJ
ajm-7108	334	30	-	-	PUNCT
ajm-7108	334	31	term	term	NOUN
ajm-7108	334	32	value	value	NOUN
ajm-7108	334	33	.	.	PUNCT
ajm-7108	335	1	these	these	DET
ajm-7108	335	2	results	result	NOUN
ajm-7108	335	3	suggest	suggest	VERB
ajm-7108	335	4	that	that	SCONJ
ajm-7108	335	5	profit	profit	NOUN
ajm-7108	335	6	-	-	PUNCT
ajm-7108	335	7	maximizing	maximize	VERB
ajm-7108	335	8	firms	firm	NOUN
ajm-7108	335	9	may	may	AUX
ajm-7108	335	10	not	not	PART
ajm-7108	335	11	have	have	VERB
ajm-7108	335	12	a	a	DET
ajm-7108	335	13	financial	financial	ADJ
ajm-7108	335	14	incentive	incentive	NOUN
ajm-7108	335	15	to	to	PART
ajm-7108	335	16	reduce	reduce	VERB
ajm-7108	335	17	their	their	PRON
ajm-7108	335	18	ghg	ghg	PROPN
ajm-7108	335	19	emissions	emission	NOUN
ajm-7108	335	20	by	by	ADP
ajm-7108	335	21	using	use	VERB
ajm-7108	335	22	recs	rec	NOUN
ajm-7108	335	23	.	.	PUNCT
ajm-7108	336	1	conversely	conversely	ADV
ajm-7108	336	2	,	,	PUNCT
ajm-7108	336	3	columns	column	NOUN
ajm-7108	336	4	2	2	NUM
ajm-7108	336	5	-	-	SYM
ajm-7108	336	6	4	4	NUM
ajm-7108	336	7	display	display	NOUN
ajm-7108	336	8	a	a	DET
ajm-7108	336	9	statistically	statistically	ADV
ajm-7108	336	10	significant	significant	ADJ
ajm-7108	336	11	and	and	CCONJ
ajm-7108	336	12	positive	positive	ADJ
ajm-7108	336	13	relationship	relationship	NOUN
ajm-7108	336	14	between	between	ADP
ajm-7108	336	15	(	(	PUNCT
ajm-7108	336	16	1	1	NUM
ajm-7108	336	17	)	)	PUNCT
ajm-7108	336	18	(	(	PUNCT
ajm-7108	336	19	2	2	NUM
ajm-7108	336	20	)	)	PUNCT
ajm-7108	336	21	(	(	PUNCT
ajm-7108	336	22	3	3	X
ajm-7108	336	23	)	)	PUNCT
ajm-7108	336	24	(	(	PUNCT
ajm-7108	336	25	4	4	X
ajm-7108	336	26	)	)	PUNCT
ajm-7108	336	27	dependent	dependent	ADJ
ajm-7108	336	28	variable	variable	NOUN
ajm-7108	336	29	:	:	PUNCT
ajm-7108	336	30	tobin	tobin	PROPN
ajm-7108	336	31	's	's	PART
ajm-7108	336	32	q	q	X
ajm-7108	336	33	ln	ln	ADJ
ajm-7108	336	34	(	(	PUNCT
ajm-7108	336	35	sales	sale	NOUN
ajm-7108	336	36	)	)	PUNCT
ajm-7108	336	37	ln	ln	NOUN
ajm-7108	337	1	(	(	PUNCT
ajm-7108	337	2	operating	operate	VERB
ajm-7108	337	3	income	income	NOUN
ajm-7108	337	4	)	)	PUNCT
ajm-7108	337	5	ln	ln	NOUN
ajm-7108	337	6	(	(	PUNCT
ajm-7108	337	7	assets	asset	NOUN
ajm-7108	337	8	)	)	PUNCT
ajm-7108	337	9	ln	ln	ADJ
ajm-7108	337	10	rec	rec	X
ajm-7108	337	11	-0.131	-0.131	PUNCT
ajm-7108	337	12	*	*	PUNCT
ajm-7108	337	13	*	*	PUNCT
ajm-7108	337	14	*	*	PUNCT
ajm-7108	337	15	0.208	0.208	NUM
ajm-7108	337	16	*	*	PUNCT
ajm-7108	337	17	*	*	PUNCT
ajm-7108	337	18	*	*	PUNCT
ajm-7108	337	19	0.153	0.153	NUM
ajm-7108	337	20	*	*	PUNCT
ajm-7108	337	21	*	*	NOUN
ajm-7108	337	22	0.266	0.266	NUM
ajm-7108	337	23	*	*	PUNCT
ajm-7108	337	24	*	*	PUNCT
ajm-7108	337	25	*	*	PUNCT
ajm-7108	337	26	(	(	PUNCT
ajm-7108	337	27	0.037	0.037	NUM
ajm-7108	337	28	)	)	PUNCT
ajm-7108	337	29	(	(	PUNCT
ajm-7108	337	30	0.065	0.065	NUM
ajm-7108	337	31	)	)	PUNCT
ajm-7108	337	32	(	(	PUNCT
ajm-7108	337	33	0.056	0.056	NUM
ajm-7108	337	34	)	)	PUNCT
ajm-7108	337	35	(	(	PUNCT
ajm-7108	337	36	0.053	0.053	NUM
ajm-7108	337	37	)	)	PUNCT
ajm-7108	337	38	cash	cash	NOUN
ajm-7108	337	39	holdings	holding	NOUN
ajm-7108	337	40	4.738	4.738	NUM
ajm-7108	337	41	*	*	NOUN
ajm-7108	337	42	*	*	PUNCT
ajm-7108	337	43	-0.096	-0.096	NOUN
ajm-7108	337	44	2.402	2.402	NUM
ajm-7108	337	45	*	*	PUNCT
ajm-7108	337	46	*	*	PUNCT
ajm-7108	337	47	*	*	PUNCT
ajm-7108	337	48	0.223	0.223	NUM
ajm-7108	337	49	(	(	PUNCT
ajm-7108	337	50	1.521	1.521	NUM
ajm-7108	337	51	)	)	PUNCT
ajm-7108	337	52	(	(	PUNCT
ajm-7108	337	53	0.711	0.711	NUM
ajm-7108	337	54	)	)	PUNCT
ajm-7108	337	55	(	(	PUNCT
ajm-7108	337	56	0.612	0.612	NUM
ajm-7108	337	57	)	)	PUNCT
ajm-7108	337	58	(	(	PUNCT
ajm-7108	337	59	0.500	0.500	NUM
ajm-7108	337	60	)	)	PUNCT
ajm-7108	337	61	investment	investment	NOUN
ajm-7108	337	62	-6.905	-6.905	NOUN
ajm-7108	337	63	*	*	PUNCT
ajm-7108	337	64	*	*	PUNCT
ajm-7108	337	65	*	*	PUNCT
ajm-7108	337	66	1.842	1.842	NUM
ajm-7108	337	67	-6.044	-6.044	PUNCT
ajm-7108	337	68	*	*	PUNCT
ajm-7108	337	69	*	*	PUNCT
ajm-7108	337	70	*	*	PUNCT
ajm-7108	337	71	4.793	4.793	NUM
ajm-7108	337	72	*	*	PUNCT
ajm-7108	337	73	(	(	PUNCT
ajm-7108	337	74	0.974	0.974	NUM
ajm-7108	337	75	)	)	PUNCT
ajm-7108	337	76	(	(	PUNCT
ajm-7108	337	77	5.104	5.104	NUM
ajm-7108	337	78	)	)	PUNCT
ajm-7108	337	79	(	(	PUNCT
ajm-7108	337	80	1.638	1.638	NUM
ajm-7108	337	81	)	)	PUNCT
ajm-7108	337	82	(	(	PUNCT
ajm-7108	337	83	2.252	2.252	NUM
ajm-7108	337	84	)	)	PUNCT
ajm-7108	337	85	leverage	leverage	NOUN
ajm-7108	337	86	0.599	0.599	NUM
ajm-7108	337	87	-0.221	-0.221	NOUN
ajm-7108	337	88	0.764	0.764	NUM
ajm-7108	337	89	0.826	0.826	NUM
ajm-7108	337	90	(	(	PUNCT
ajm-7108	337	91	1.040	1.040	NUM
ajm-7108	337	92	)	)	PUNCT
ajm-7108	337	93	(	(	PUNCT
ajm-7108	337	94	0.733	0.733	NUM
ajm-7108	337	95	)	)	PUNCT
ajm-7108	337	96	(	(	PUNCT
ajm-7108	337	97	1.170	1.170	NUM
ajm-7108	337	98	)	)	PUNCT
ajm-7108	337	99	(	(	PUNCT
ajm-7108	337	100	1.000	1.000	NUM
ajm-7108	337	101	)	)	PUNCT
ajm-7108	337	102	roe	roe	NOUN
ajm-7108	337	103	0.002	0.002	NUM
ajm-7108	337	104	0.004	0.004	NUM
ajm-7108	337	105	*	*	PUNCT
ajm-7108	337	106	*	*	PUNCT
ajm-7108	337	107	*	*	PUNCT
ajm-7108	337	108	0.003	0.003	NUM
ajm-7108	337	109	*	*	PUNCT
ajm-7108	337	110	*	*	PUNCT
ajm-7108	337	111	*	*	PUNCT
ajm-7108	337	112	0.003	0.003	NUM
ajm-7108	337	113	*	*	PUNCT
ajm-7108	337	114	*	*	PUNCT
ajm-7108	337	115	*	*	PUNCT
ajm-7108	337	116	(	(	PUNCT
ajm-7108	337	117	0.003	0.003	NUM
ajm-7108	337	118	)	)	PUNCT
ajm-7108	337	119	(	(	PUNCT
ajm-7108	337	120	0.001	0.001	NUM
ajm-7108	337	121	)	)	PUNCT
ajm-7108	337	122	(	(	PUNCT
ajm-7108	337	123	0.001	0.001	NUM
ajm-7108	337	124	)	)	PUNCT
ajm-7108	337	125	(	(	PUNCT
ajm-7108	337	126	0.000	0.000	X
ajm-7108	337	127	)	)	PUNCT
ajm-7108	337	128	roa	roa	NOUN
ajm-7108	337	129	6.067	6.067	NUM
ajm-7108	337	130	*	*	NOUN
ajm-7108	337	131	*	*	PUNCT
ajm-7108	337	132	2.182	2.182	NUM
ajm-7108	337	133	*	*	SYM
ajm-7108	337	134	3.104	3.104	NUM
ajm-7108	337	135	0.823	0.823	NUM
ajm-7108	337	136	(	(	PUNCT
ajm-7108	337	137	2.402	2.402	NUM
ajm-7108	337	138	)	)	PUNCT
ajm-7108	337	139	(	(	PUNCT
ajm-7108	337	140	1.168	1.168	NUM
ajm-7108	337	141	)	)	PUNCT
ajm-7108	337	142	(	(	PUNCT
ajm-7108	337	143	1.746	1.746	NUM
ajm-7108	337	144	)	)	PUNCT
ajm-7108	337	145	(	(	PUNCT
ajm-7108	337	146	1.407	1.407	NUM
ajm-7108	337	147	)	)	PUNCT
ajm-7108	337	148	capital	capital	NOUN
ajm-7108	337	149	spending	spend	VERB
ajm-7108	337	150	0.309	0.309	NUM
ajm-7108	337	151	0.966	0.966	NUM
ajm-7108	337	152	1.637	1.637	NUM
ajm-7108	337	153	*	*	PUNCT
ajm-7108	337	154	*	*	PUNCT
ajm-7108	337	155	*	*	PUNCT
ajm-7108	337	156	-0.382	-0.382	INTJ
ajm-7108	337	157	(	(	PUNCT
ajm-7108	337	158	0.187	0.187	NUM
ajm-7108	337	159	)	)	PUNCT
ajm-7108	337	160	(	(	PUNCT
ajm-7108	337	161	0.596	0.596	NUM
ajm-7108	337	162	)	)	PUNCT
ajm-7108	337	163	(	(	PUNCT
ajm-7108	337	164	0.183	0.183	NUM
ajm-7108	337	165	)	)	PUNCT
ajm-7108	337	166	(	(	PUNCT
ajm-7108	337	167	0.219	0.219	NUM
ajm-7108	337	168	)	)	PUNCT
ajm-7108	337	169	industry	industry	NOUN
ajm-7108	337	170	fe	fe	X
ajm-7108	337	171	y	y	PROPN
ajm-7108	337	172	y	y	PROPN
ajm-7108	337	173	y	y	PROPN
ajm-7108	337	174	y	y	PROPN
ajm-7108	337	175	country	country	PROPN
ajm-7108	337	176	fe	fe	INTJ
ajm-7108	338	1	y	y	PROPN
ajm-7108	338	2	y	y	PROPN
ajm-7108	338	3	y	y	PROPN
ajm-7108	338	4	y	y	PROPN
ajm-7108	338	5	year	year	PROPN
ajm-7108	338	6	fe	fe	X
ajm-7108	338	7	y	y	PROPN
ajm-7108	338	8	y	y	PROPN
ajm-7108	338	9	y	y	PROPN
ajm-7108	338	10	y	y	PROPN
ajm-7108	338	11	n	n	PROPN
ajm-7108	338	12	1988	1988	NUM
ajm-7108	338	13	2088	2088	NUM
ajm-7108	338	14	1810	1810	NUM
ajm-7108	338	15	2137	2137	NUM
ajm-7108	338	16	r	r	NOUN
ajm-7108	338	17	2	2	NUM
ajm-7108	338	18	0.45	0.45	NUM
ajm-7108	338	19	0.54	0.54	NUM
ajm-7108	338	20	0.61	0.61	NUM
ajm-7108	338	21	0.70	0.70	NUM
ajm-7108	338	22	post	post	ADJ
ajm-7108	338	23	-	-	ADJ
ajm-7108	338	24	match	match	ADJ
ajm-7108	338	25	sample	sample	NOUN
ajm-7108	338	26	note	note	NOUN
ajm-7108	338	27	:	:	PUNCT
ajm-7108	338	28	numbers	number	NOUN
ajm-7108	338	29	in	in	ADP
ajm-7108	338	30	parentheses	parenthesis	NOUN
ajm-7108	338	31	are	be	AUX
ajm-7108	338	32	standard	standard	ADJ
ajm-7108	338	33	errors	error	NOUN
ajm-7108	338	34	,	,	PUNCT
ajm-7108	338	35	which	which	PRON
ajm-7108	338	36	are	be	AUX
ajm-7108	338	37	clustered	cluster	VERB
ajm-7108	338	38	at	at	ADP
ajm-7108	338	39	the	the	DET
ajm-7108	338	40	industry	industry	NOUN
ajm-7108	338	41	level	level	NOUN
ajm-7108	338	42	.	.	PUNCT
ajm-7108	339	1	*	*	PUNCT
ajm-7108	340	1	*	*	PUNCT
ajm-7108	340	2	*	*	PUNCT
ajm-7108	340	3	,	,	PUNCT
ajm-7108	340	4	*	*	PUNCT
ajm-7108	340	5	*	*	PUNCT
ajm-7108	340	6	,	,	PUNCT
ajm-7108	340	7	and	and	CCONJ
ajm-7108	340	8	*	*	PUNCT
ajm-7108	340	9	refer	refer	VERB
ajm-7108	340	10	to	to	ADP
ajm-7108	340	11	statistical	statistical	ADJ
ajm-7108	340	12	significance	significance	NOUN
ajm-7108	340	13	at	at	ADP
ajm-7108	340	14	the	the	DET
ajm-7108	340	15	1	1	NUM
ajm-7108	340	16	%	%	NOUN
ajm-7108	340	17	,	,	PUNCT
ajm-7108	340	18	5	5	NUM
ajm-7108	340	19	%	%	NOUN
ajm-7108	340	20	,	,	PUNCT
ajm-7108	340	21	and	and	CCONJ
ajm-7108	340	22	10	10	NUM
ajm-7108	340	23	%	%	NOUN
ajm-7108	340	24	levels	level	NOUN
ajm-7108	340	25	,	,	PUNCT
ajm-7108	340	26	respectively	respectively	ADV
ajm-7108	340	27	.	.	PUNCT
ajm-7108	341	1	american	american	PROPN
ajm-7108	341	2	journal	journal	PROPN
ajm-7108	341	3	of	of	ADP
ajm-7108	341	4	management	management	NOUN
ajm-7108	341	5	vol	vol	NOUN
ajm-7108	341	6	.	.	PUNCT
ajm-7108	342	1	24(2	24(2	NUM
ajm-7108	342	2	)	)	PUNCT
ajm-7108	342	3	2024	2024	NUM
ajm-7108	342	4	33	33	NUM
ajm-7108	342	5	the	the	DET
ajm-7108	342	6	volume	volume	NOUN
ajm-7108	342	7	of	of	ADP
ajm-7108	342	8	recs	rec	NOUN
ajm-7108	342	9	purchased	purchase	VERB
ajm-7108	342	10	and	and	CCONJ
ajm-7108	342	11	log	log	VERB
ajm-7108	342	12	sales	sale	NOUN
ajm-7108	342	13	,	,	PUNCT
ajm-7108	342	14	log	log	NOUN
ajm-7108	342	15	assets	asset	NOUN
ajm-7108	342	16	,	,	PUNCT
ajm-7108	342	17	and	and	CCONJ
ajm-7108	342	18	log	log	VERB
ajm-7108	342	19	operating	operating	NOUN
ajm-7108	342	20	income	income	NOUN
ajm-7108	342	21	.	.	PUNCT
ajm-7108	343	1	overall	overall	ADV
ajm-7108	343	2	,	,	PUNCT
ajm-7108	343	3	the	the	DET
ajm-7108	343	4	market	market	NOUN
ajm-7108	343	5	may	may	AUX
ajm-7108	343	6	view	view	VERB
ajm-7108	343	7	recs	rec	NOUN
ajm-7108	343	8	as	as	ADP
ajm-7108	343	9	a	a	DET
ajm-7108	343	10	costly	costly	ADJ
ajm-7108	343	11	use	use	NOUN
ajm-7108	343	12	of	of	ADP
ajm-7108	343	13	firms	firm	NOUN
ajm-7108	343	14	’	’	PART
ajm-7108	343	15	resources	resource	NOUN
ajm-7108	343	16	,	,	PUNCT
ajm-7108	343	17	leading	lead	VERB
ajm-7108	343	18	to	to	ADP
ajm-7108	343	19	a	a	DET
ajm-7108	343	20	decline	decline	NOUN
ajm-7108	343	21	in	in	ADP
ajm-7108	343	22	long	long	ADJ
ajm-7108	343	23	-	-	PUNCT
ajm-7108	343	24	term	term	NOUN
ajm-7108	343	25	firm	firm	ADJ
ajm-7108	343	26	value	value	NOUN
ajm-7108	343	27	.	.	PUNCT
ajm-7108	344	1	however	however	ADV
ajm-7108	344	2	,	,	PUNCT
ajm-7108	344	3	investing	invest	VERB
ajm-7108	344	4	in	in	ADP
ajm-7108	344	5	green	green	ADJ
ajm-7108	344	6	energy	energy	NOUN
ajm-7108	344	7	by	by	ADP
ajm-7108	344	8	purchasing	purchase	VERB
ajm-7108	344	9	recs	rec	NOUN
ajm-7108	344	10	may	may	AUX
ajm-7108	344	11	also	also	ADV
ajm-7108	344	12	promote	promote	VERB
ajm-7108	344	13	greater	great	ADJ
ajm-7108	344	14	energy	energy	NOUN
ajm-7108	344	15	efficiency	efficiency	NOUN
ajm-7108	344	16	and	and	CCONJ
ajm-7108	344	17	serve	serve	VERB
ajm-7108	344	18	as	as	ADP
ajm-7108	344	19	a	a	DET
ajm-7108	344	20	helpful	helpful	ADJ
ajm-7108	344	21	way	way	NOUN
ajm-7108	344	22	to	to	PART
ajm-7108	344	23	boost	boost	VERB
ajm-7108	344	24	esg	esg	NOUN
ajm-7108	344	25	ratings	rating	NOUN
ajm-7108	344	26	,	,	PUNCT
ajm-7108	344	27	thus	thus	ADV
ajm-7108	344	28	improving	improve	VERB
ajm-7108	344	29	short	short	ADJ
ajm-7108	344	30	-	-	PUNCT
ajm-7108	344	31	term	term	NOUN
ajm-7108	344	32	financial	financial	ADJ
ajm-7108	344	33	performance	performance	NOUN
ajm-7108	344	34	for	for	ADP
ajm-7108	344	35	firms	firm	NOUN
ajm-7108	344	36	.	.	PUNCT
ajm-7108	345	1	percentage	percentage	NOUN
ajm-7108	345	2	of	of	ADP
ajm-7108	345	3	women	woman	NOUN
ajm-7108	345	4	on	on	ADP
ajm-7108	345	5	the	the	DET
ajm-7108	345	6	board	board	NOUN
ajm-7108	345	7	and	and	CCONJ
ajm-7108	345	8	the	the	DET
ajm-7108	345	9	purchase	purchase	NOUN
ajm-7108	345	10	of	of	ADP
ajm-7108	345	11	carbon	carbon	NOUN
ajm-7108	345	12	offsets	offset	NOUN
ajm-7108	345	13	or	or	CCONJ
ajm-7108	345	14	recs	rec	NOUN
ajm-7108	345	15	the	the	DET
ajm-7108	345	16	second	second	ADJ
ajm-7108	345	17	part	part	NOUN
ajm-7108	345	18	of	of	ADP
ajm-7108	345	19	our	our	PRON
ajm-7108	345	20	analysis	analysis	NOUN
ajm-7108	345	21	investigates	investigate	VERB
ajm-7108	345	22	whether	whether	SCONJ
ajm-7108	345	23	women	woman	NOUN
ajm-7108	345	24	directors	director	NOUN
ajm-7108	345	25	on	on	ADP
ajm-7108	345	26	the	the	DET
ajm-7108	345	27	board	board	NOUN
ajm-7108	345	28	impact	impact	NOUN
ajm-7108	345	29	the	the	DET
ajm-7108	345	30	quantity	quantity	NOUN
ajm-7108	345	31	of	of	ADP
ajm-7108	345	32	1	1	NUM
ajm-7108	345	33	)	)	PUNCT
ajm-7108	345	34	carbon	carbon	NOUN
ajm-7108	345	35	offsets	offset	NOUN
ajm-7108	345	36	or	or	CCONJ
ajm-7108	345	37	2	2	NUM
ajm-7108	345	38	)	)	PUNCT
ajm-7108	345	39	recs	rec	NOUN
ajm-7108	345	40	purchased	purchase	VERB
ajm-7108	345	41	.	.	PUNCT
ajm-7108	346	1	table	table	NOUN
ajm-7108	346	2	8	8	NUM
ajm-7108	346	3	reports	report	VERB
ajm-7108	346	4	the	the	DET
ajm-7108	346	5	results	result	NOUN
ajm-7108	346	6	of	of	ADP
ajm-7108	346	7	the	the	DET
ajm-7108	346	8	2	2	NUM
ajm-7108	346	9	sls	sls	NOUN
ajm-7108	346	10	regressions	regression	NOUN
ajm-7108	346	11	for	for	ADP
ajm-7108	346	12	the	the	DET
ajm-7108	346	13	effect	effect	NOUN
ajm-7108	346	14	on	on	ADP
ajm-7108	346	15	the	the	DET
ajm-7108	346	16	volume	volume	NOUN
ajm-7108	346	17	of	of	ADP
ajm-7108	346	18	carbon	carbon	NOUN
ajm-7108	346	19	offsets	offset	NOUN
ajm-7108	346	20	purchased	purchase	VERB
ajm-7108	346	21	in	in	ADP
ajm-7108	346	22	columns	column	NOUN
ajm-7108	346	23	1	1	NUM
ajm-7108	346	24	and	and	CCONJ
ajm-7108	346	25	2	2	NUM
ajm-7108	346	26	and	and	CCONJ
ajm-7108	346	27	the	the	DET
ajm-7108	346	28	effects	effect	NOUN
ajm-7108	346	29	on	on	ADP
ajm-7108	346	30	the	the	DET
ajm-7108	346	31	volume	volume	NOUN
ajm-7108	346	32	of	of	ADP
ajm-7108	346	33	recs	rec	NOUN
ajm-7108	346	34	purchased	purchase	VERB
ajm-7108	346	35	in	in	ADP
ajm-7108	346	36	columns	column	NOUN
ajm-7108	346	37	3	3	NUM
ajm-7108	346	38	and	and	CCONJ
ajm-7108	346	39	4	4	NUM
ajm-7108	346	40	.	.	PUNCT
ajm-7108	347	1	the	the	DET
ajm-7108	347	2	one	one	NUM
ajm-7108	347	3	-	-	PUNCT
ajm-7108	347	4	year	year	NOUN
ajm-7108	347	5	lagged	lag	VERB
ajm-7108	347	6	percentage	percentage	NOUN
ajm-7108	347	7	of	of	ADP
ajm-7108	347	8	women	woman	NOUN
ajm-7108	347	9	employees	employee	NOUN
ajm-7108	347	10	was	be	AUX
ajm-7108	347	11	used	use	VERB
ajm-7108	347	12	as	as	ADP
ajm-7108	347	13	an	an	DET
ajm-7108	347	14	iv	iv	NOUN
ajm-7108	347	15	for	for	ADP
ajm-7108	347	16	the	the	DET
ajm-7108	347	17	percentage	percentage	NOUN
ajm-7108	347	18	of	of	ADP
ajm-7108	347	19	women	woman	NOUN
ajm-7108	347	20	on	on	ADP
ajm-7108	347	21	board	board	NOUN
ajm-7108	347	22	.	.	PUNCT
ajm-7108	348	1	table	table	NOUN
ajm-7108	348	2	8	8	NUM
ajm-7108	348	3	two	two	NUM
ajm-7108	348	4	stage	stage	NOUN
ajm-7108	348	5	least	least	ADJ
ajm-7108	348	6	squares	square	NOUN
ajm-7108	349	1	regression	regression	NOUN
ajm-7108	349	2	analyzing	analyze	VERB
ajm-7108	349	3	effect	effect	NOUN
ajm-7108	349	4	of	of	ADP
ajm-7108	349	5	women	woman	NOUN
ajm-7108	349	6	on	on	ADP
ajm-7108	349	7	the	the	DET
ajm-7108	349	8	board	board	NOUN
ajm-7108	349	9	on	on	ADP
ajm-7108	349	10	volume	volume	NOUN
ajm-7108	349	11	of	of	ADP
ajm-7108	349	12	carbon	carbon	NOUN
ajm-7108	349	13	offsets	offset	NOUN
ajm-7108	349	14	&	&	CCONJ
ajm-7108	349	15	recs	rec	NOUN
ajm-7108	349	16	purchased	purchase	VERB
ajm-7108	349	17	note	note	NOUN
ajm-7108	349	18	:	:	PUNCT
ajm-7108	349	19	numbers	number	NOUN
ajm-7108	349	20	in	in	ADP
ajm-7108	349	21	parentheses	parenthesis	NOUN
ajm-7108	349	22	are	be	AUX
ajm-7108	349	23	standard	standard	ADJ
ajm-7108	349	24	errors	error	NOUN
ajm-7108	349	25	,	,	PUNCT
ajm-7108	349	26	which	which	PRON
ajm-7108	349	27	are	be	AUX
ajm-7108	349	28	clustered	cluster	VERB
ajm-7108	349	29	at	at	ADP
ajm-7108	349	30	the	the	DET
ajm-7108	349	31	industry	industry	NOUN
ajm-7108	349	32	level	level	NOUN
ajm-7108	349	33	.	.	PUNCT
ajm-7108	350	1	*	*	PUNCT
ajm-7108	351	1	*	*	PUNCT
ajm-7108	351	2	*	*	PUNCT
ajm-7108	351	3	,	,	PUNCT
ajm-7108	351	4	*	*	PUNCT
ajm-7108	351	5	*	*	PUNCT
ajm-7108	351	6	,	,	PUNCT
ajm-7108	351	7	and	and	CCONJ
ajm-7108	351	8	*	*	AUX
ajm-7108	351	9	refer	refer	VERB
ajm-7108	351	10	to	to	ADP
ajm-7108	351	11	statistical	statistical	ADJ
ajm-7108	351	12	significance	significance	NOUN
ajm-7108	351	13	at	at	ADP
ajm-7108	351	14	the	the	DET
ajm-7108	351	15	1	1	NUM
ajm-7108	351	16	%	%	NOUN
ajm-7108	351	17	,	,	PUNCT
ajm-7108	351	18	5	5	NUM
ajm-7108	351	19	%	%	NOUN
ajm-7108	351	20	,	,	PUNCT
ajm-7108	351	21	and	and	CCONJ
ajm-7108	351	22	10	10	NUM
ajm-7108	351	23	%	%	NOUN
ajm-7108	351	24	levels	level	NOUN
ajm-7108	351	25	,	,	PUNCT
ajm-7108	351	26	respectively	respectively	ADV
ajm-7108	351	27	.	.	PUNCT
ajm-7108	352	1	column	column	NOUN
ajm-7108	352	2	1	1	NUM
ajm-7108	352	3	displays	display	VERB
ajm-7108	352	4	the	the	DET
ajm-7108	352	5	results	result	NOUN
ajm-7108	352	6	of	of	ADP
ajm-7108	352	7	the	the	DET
ajm-7108	352	8	first	first	ADJ
ajm-7108	352	9	-	-	PUNCT
ajm-7108	352	10	stage	stage	NOUN
ajm-7108	352	11	regression	regression	NOUN
ajm-7108	352	12	,	,	PUNCT
ajm-7108	352	13	which	which	PRON
ajm-7108	352	14	includes	include	VERB
ajm-7108	352	15	the	the	DET
ajm-7108	352	16	contemporaneous	contemporaneous	ADJ
ajm-7108	352	17	level	level	NOUN
ajm-7108	352	18	of	of	ADP
ajm-7108	352	19	percentage	percentage	NOUN
ajm-7108	352	20	of	of	ADP
ajm-7108	352	21	women	woman	NOUN
ajm-7108	352	22	on	on	ADP
ajm-7108	352	23	board	board	NOUN
ajm-7108	352	24	as	as	ADP
ajm-7108	352	25	a	a	DET
ajm-7108	352	26	dependent	dependent	ADJ
ajm-7108	352	27	variable	variable	NOUN
ajm-7108	352	28	and	and	CCONJ
ajm-7108	352	29	one	one	NUM
ajm-7108	352	30	-	-	PUNCT
ajm-7108	352	31	year	year	NOUN
ajm-7108	352	32	lagged	lag	VERB
ajm-7108	352	33	financial	financial	ADJ
ajm-7108	352	34	characteristics	characteristic	NOUN
ajm-7108	352	35	and	and	CCONJ
ajm-7108	352	36	(	(	PUNCT
ajm-7108	352	37	1	1	NUM
ajm-7108	352	38	)	)	PUNCT
ajm-7108	352	39	(	(	PUNCT
ajm-7108	352	40	2	2	NUM
ajm-7108	352	41	)	)	PUNCT
ajm-7108	352	42	(	(	PUNCT
ajm-7108	352	43	3	3	X
ajm-7108	352	44	)	)	PUNCT
ajm-7108	352	45	(	(	PUNCT
ajm-7108	352	46	4	4	X
ajm-7108	352	47	)	)	PUNCT
ajm-7108	352	48	first	first	ADJ
ajm-7108	352	49	stage	stage	NOUN
ajm-7108	352	50	second	second	ADJ
ajm-7108	352	51	stage	stage	NOUN
ajm-7108	352	52	first	first	ADJ
ajm-7108	352	53	stage	stage	NOUN
ajm-7108	352	54	second	second	ADJ
ajm-7108	352	55	stage	stage	NOUN
ajm-7108	352	56	dependent	dependent	ADJ
ajm-7108	352	57	variable	variable	NOUN
ajm-7108	352	58	:	:	PUNCT
ajm-7108	352	59	%	%	NOUN
ajm-7108	352	60	women	woman	NOUN
ajm-7108	352	61	board	board	VERB
ajm-7108	352	62	members	member	NOUN
ajm-7108	352	63	ln(carbon	ln(carbon	PROPN
ajm-7108	352	64	offsets	offset	NOUN
ajm-7108	352	65	)	)	PUNCT
ajm-7108	352	66	%	%	NOUN
ajm-7108	353	1	women	woman	NOUN
ajm-7108	353	2	board	board	NOUN
ajm-7108	353	3	members	member	NOUN
ajm-7108	353	4	ln(rec	ln(rec	NOUN
ajm-7108	353	5	)	)	PUNCT
ajm-7108	353	6	%	%	NOUN
ajm-7108	353	7	women	woman	NOUN
ajm-7108	353	8	employees	employee	VERB
ajm-7108	353	9	0.168	0.168	NUM
ajm-7108	353	10	*	*	PUNCT
ajm-7108	353	11	*	*	PUNCT
ajm-7108	353	12	*	*	PUNCT
ajm-7108	353	13	0.178	0.178	NUM
ajm-7108	353	14	*	*	PUNCT
ajm-7108	353	15	*	*	PUNCT
ajm-7108	353	16	*	*	PUNCT
ajm-7108	353	17	(	(	PUNCT
ajm-7108	353	18	0.034	0.034	NUM
ajm-7108	353	19	)	)	PUNCT
ajm-7108	353	20	(	(	PUNCT
ajm-7108	353	21	0.038	0.038	NUM
ajm-7108	353	22	)	)	PUNCT
ajm-7108	353	23	%	%	NOUN
ajm-7108	353	24	women	woman	NOUN
ajm-7108	353	25	board	board	NOUN
ajm-7108	353	26	members	member	NOUN
ajm-7108	353	27	fitted	fit	VERB
ajm-7108	353	28	-0.121	-0.121	NOUN
ajm-7108	353	29	*	*	PUNCT
ajm-7108	353	30	-0.193	-0.193	PUNCT
ajm-7108	353	31	*	*	PUNCT
ajm-7108	353	32	*	*	PUNCT
ajm-7108	353	33	*	*	PUNCT
ajm-7108	353	34	(	(	PUNCT
ajm-7108	353	35	0.064	0.064	NUM
ajm-7108	353	36	)	)	PUNCT
ajm-7108	353	37	(	(	PUNCT
ajm-7108	353	38	0.063	0.063	NUM
ajm-7108	353	39	)	)	PUNCT
ajm-7108	353	40	board	board	NOUN
ajm-7108	353	41	size	size	NOUN
ajm-7108	353	42	0.232	0.232	NUM
ajm-7108	353	43	-0.008	-0.008	NOUN
ajm-7108	353	44	1.017	1.017	NUM
ajm-7108	353	45	*	*	PUNCT
ajm-7108	353	46	*	*	PUNCT
ajm-7108	353	47	*	*	PUNCT
ajm-7108	353	48	0.280	0.280	NUM
ajm-7108	353	49	*	*	PUNCT
ajm-7108	353	50	*	*	PUNCT
ajm-7108	353	51	*	*	PUNCT
ajm-7108	353	52	(	(	PUNCT
ajm-7108	353	53	0.156	0.156	NUM
ajm-7108	353	54	)	)	PUNCT
ajm-7108	353	55	(	(	PUNCT
ajm-7108	353	56	0.046	0.046	NUM
ajm-7108	353	57	)	)	PUNCT
ajm-7108	353	58	(	(	PUNCT
ajm-7108	353	59	0.180	0.180	NUM
ajm-7108	353	60	)	)	PUNCT
ajm-7108	353	61	(	(	PUNCT
ajm-7108	353	62	0.072	0.072	NUM
ajm-7108	353	63	)	)	PUNCT
ajm-7108	353	64	cash	cash	NOUN
ajm-7108	353	65	holdings	holding	NOUN
ajm-7108	353	66	1.017	1.017	NUM
ajm-7108	353	67	0.914	0.914	NUM
ajm-7108	353	68	-0.580	-0.580	NUM
ajm-7108	354	1	2.051	2.051	NUM
ajm-7108	354	2	*	*	NOUN
ajm-7108	354	3	*	*	PUNCT
ajm-7108	354	4	(	(	PUNCT
ajm-7108	354	5	2.863	2.863	NUM
ajm-7108	354	6	)	)	PUNCT
ajm-7108	354	7	(	(	PUNCT
ajm-7108	354	8	0.890	0.890	NOUN
ajm-7108	354	9	)	)	PUNCT
ajm-7108	354	10	(	(	PUNCT
ajm-7108	354	11	3.190	3.190	NUM
ajm-7108	354	12	)	)	PUNCT
ajm-7108	354	13	(	(	PUNCT
ajm-7108	354	14	0.959	0.959	NUM
ajm-7108	354	15	)	)	PUNCT
ajm-7108	354	16	investment	investment	NOUN
ajm-7108	354	17	33.501	33.501	NUM
ajm-7108	354	18	*	*	SYM
ajm-7108	354	19	-6.512	-6.512	X
ajm-7108	354	20	-33.912	-33.912	PROPN
ajm-7108	354	21	*	*	PROPN
ajm-7108	354	22	-21.322	-21.322	PROPN
ajm-7108	354	23	*	*	PUNCT
ajm-7108	354	24	*	*	PUNCT
ajm-7108	354	25	*	*	PUNCT
ajm-7108	354	26	(	(	PUNCT
ajm-7108	354	27	19.367	19.367	NUM
ajm-7108	354	28	)	)	PUNCT
ajm-7108	354	29	(	(	PUNCT
ajm-7108	354	30	5.804	5.804	NUM
ajm-7108	354	31	)	)	PUNCT
ajm-7108	354	32	(	(	PUNCT
ajm-7108	354	33	20.506	20.506	NUM
ajm-7108	354	34	)	)	PUNCT
ajm-7108	354	35	(	(	PUNCT
ajm-7108	354	36	6.164	6.164	NUM
ajm-7108	354	37	)	)	PUNCT
ajm-7108	354	38	leverage	leverage	NOUN
ajm-7108	354	39	-6.175	-6.175	NOUN
ajm-7108	354	40	*	*	PUNCT
ajm-7108	354	41	-0.474	-0.474	X
ajm-7108	354	42	-3.395	-3.395	PROPN
ajm-7108	354	43	1.086	1.086	NUM
ajm-7108	354	44	(	(	PUNCT
ajm-7108	354	45	3.334	3.334	NUM
ajm-7108	354	46	)	)	PUNCT
ajm-7108	354	47	(	(	PUNCT
ajm-7108	354	48	1.094	1.094	NUM
ajm-7108	354	49	)	)	PUNCT
ajm-7108	354	50	(	(	PUNCT
ajm-7108	354	51	3.585	3.585	NUM
ajm-7108	354	52	)	)	PUNCT
ajm-7108	354	53	(	(	PUNCT
ajm-7108	354	54	1.003	1.003	NUM
ajm-7108	354	55	)	)	PUNCT
ajm-7108	354	56	roe	roe	NOUN
ajm-7108	354	57	0.019	0.019	NUM
ajm-7108	354	58	*	*	PUNCT
ajm-7108	354	59	*	*	PUNCT
ajm-7108	354	60	*	*	PUNCT
ajm-7108	354	61	0.0003	0.0003	NUM
ajm-7108	354	62	-0.001	-0.001	NUM
ajm-7108	354	63	-0.001	-0.001	PUNCT
ajm-7108	354	64	(	(	PUNCT
ajm-7108	354	65	0.006	0.006	NUM
ajm-7108	354	66	)	)	PUNCT
ajm-7108	354	67	(	(	PUNCT
ajm-7108	354	68	0.002	0.002	NUM
ajm-7108	354	69	)	)	PUNCT
ajm-7108	354	70	(	(	PUNCT
ajm-7108	354	71	0.015	0.015	NUM
ajm-7108	354	72	)	)	PUNCT
ajm-7108	354	73	(	(	PUNCT
ajm-7108	354	74	0.005	0.005	NUM
ajm-7108	354	75	)	)	PUNCT
ajm-7108	354	76	roa	roa	NOUN
ajm-7108	354	77	0.569	0.569	NUM
ajm-7108	354	78	-1.124	-1.124	NUM
ajm-7108	354	79	8.186	8.186	NUM
ajm-7108	354	80	2.014	2.014	NUM
ajm-7108	354	81	(	(	PUNCT
ajm-7108	354	82	2.974	2.974	NUM
ajm-7108	354	83	)	)	PUNCT
ajm-7108	354	84	(	(	PUNCT
ajm-7108	354	85	1.123	1.123	NUM
ajm-7108	354	86	)	)	PUNCT
ajm-7108	354	87	(	(	PUNCT
ajm-7108	354	88	8.487	8.487	NUM
ajm-7108	354	89	)	)	PUNCT
ajm-7108	354	90	(	(	PUNCT
ajm-7108	354	91	2.496	2.496	NUM
ajm-7108	354	92	)	)	PUNCT
ajm-7108	354	93	capital	capital	NOUN
ajm-7108	354	94	spending	spending	NOUN
ajm-7108	354	95	-7.222	-7.222	PROPN
ajm-7108	354	96	2.325	2.325	NUM
ajm-7108	354	97	7.018	7.018	NUM
ajm-7108	354	98	*	*	PUNCT
ajm-7108	354	99	0.305	0.305	NUM
ajm-7108	354	100	(	(	PUNCT
ajm-7108	354	101	6.032	6.032	NUM
ajm-7108	354	102	)	)	PUNCT
ajm-7108	354	103	(	(	PUNCT
ajm-7108	354	104	1.828	1.828	NUM
ajm-7108	354	105	)	)	PUNCT
ajm-7108	354	106	(	(	PUNCT
ajm-7108	354	107	3.728	3.728	NUM
ajm-7108	354	108	)	)	PUNCT
ajm-7108	354	109	(	(	PUNCT
ajm-7108	354	110	0.891	0.891	NUM
ajm-7108	354	111	)	)	PUNCT
ajm-7108	354	112	industry	industry	NOUN
ajm-7108	354	113	effects	effect	NOUN
ajm-7108	354	114	y	y	PROPN
ajm-7108	354	115	y	y	PROPN
ajm-7108	354	116	y	y	PROPN
ajm-7108	354	117	y	y	PROPN
ajm-7108	354	118	country	country	PROPN
ajm-7108	354	119	effects	effect	VERB
ajm-7108	354	120	y	y	PROPN
ajm-7108	354	121	y	y	PROPN
ajm-7108	354	122	y	y	PROPN
ajm-7108	354	123	y	y	PROPN
ajm-7108	354	124	year	year	NOUN
ajm-7108	354	125	effects	effect	VERB
ajm-7108	354	126	y	y	PROPN
ajm-7108	354	127	y	y	PROPN
ajm-7108	354	128	y	y	PROPN
ajm-7108	354	129	y	y	PROPN
ajm-7108	354	130	n	n	PROPN
ajm-7108	354	131	593	593	NUM
ajm-7108	354	132	593	593	NUM
ajm-7108	354	133	506	506	NUM
ajm-7108	354	134	506	506	NUM
ajm-7108	354	135	f	f	NOUN
ajm-7108	354	136	-	-	PUNCT
ajm-7108	354	137	statistic	statistic	NOUN
ajm-7108	354	138	266.62	266.62	NUM
ajm-7108	354	139	26.80	26.80	NUM
ajm-7108	354	140	wald	wald	NOUN
ajm-7108	354	141	chi	chi	PROPN
ajm-7108	354	142	squared	square	VERB
ajm-7108	354	143	2585.57	2585.57	NUM
ajm-7108	354	144	256.72	256.72	NUM
ajm-7108	354	145	note	note	NOUN
ajm-7108	354	146	:	:	PUNCT
ajm-7108	354	147	numbers	number	NOUN
ajm-7108	354	148	in	in	ADP
ajm-7108	354	149	parentheses	parenthesis	NOUN
ajm-7108	354	150	are	be	AUX
ajm-7108	354	151	standard	standard	ADJ
ajm-7108	354	152	errors	error	NOUN
ajm-7108	354	153	,	,	PUNCT
ajm-7108	354	154	which	which	PRON
ajm-7108	354	155	are	be	AUX
ajm-7108	354	156	clustered	cluster	VERB
ajm-7108	354	157	at	at	ADP
ajm-7108	354	158	the	the	DET
ajm-7108	354	159	industry	industry	NOUN
ajm-7108	354	160	level	level	NOUN
ajm-7108	354	161	.	.	PUNCT
ajm-7108	355	1	*	*	PUNCT
ajm-7108	356	1	*	*	PUNCT
ajm-7108	356	2	*	*	PUNCT
ajm-7108	356	3	,	,	PUNCT
ajm-7108	356	4	*	*	PUNCT
ajm-7108	356	5	*	*	PUNCT
ajm-7108	356	6	,	,	PUNCT
ajm-7108	356	7	and	and	CCONJ
ajm-7108	356	8	*	*	PUNCT
ajm-7108	356	9	refer	refer	VERB
ajm-7108	356	10	to	to	ADP
ajm-7108	356	11	statistical	statistical	ADJ
ajm-7108	356	12	significance	significance	NOUN
ajm-7108	356	13	at	at	ADP
ajm-7108	356	14	the	the	DET
ajm-7108	356	15	1	1	NUM
ajm-7108	356	16	%	%	NOUN
ajm-7108	356	17	,	,	PUNCT
ajm-7108	356	18	5	5	NUM
ajm-7108	356	19	%	%	NOUN
ajm-7108	356	20	,	,	PUNCT
ajm-7108	356	21	and	and	CCONJ
ajm-7108	356	22	10	10	NUM
ajm-7108	356	23	%	%	NOUN
ajm-7108	356	24	levels	level	NOUN
ajm-7108	356	25	,	,	PUNCT
ajm-7108	356	26	respectively	respectively	ADV
ajm-7108	356	27	.	.	PUNCT
ajm-7108	357	1	34	34	NUM
ajm-7108	357	2	american	american	PROPN
ajm-7108	357	3	journal	journal	PROPN
ajm-7108	357	4	of	of	ADP
ajm-7108	357	5	management	management	NOUN
ajm-7108	357	6	vol	vol	NOUN
ajm-7108	357	7	.	.	PUNCT
ajm-7108	358	1	24(2	24(2	NUM
ajm-7108	358	2	)	)	PUNCT
ajm-7108	358	3	2024	2024	NUM
ajm-7108	358	4	board	board	NOUN
ajm-7108	358	5	size	size	NOUN
ajm-7108	358	6	as	as	ADP
ajm-7108	358	7	control	control	NOUN
ajm-7108	358	8	variables	variable	NOUN
ajm-7108	358	9	.	.	PUNCT
ajm-7108	359	1	we	we	PRON
ajm-7108	359	2	confirm	confirm	VERB
ajm-7108	359	3	that	that	SCONJ
ajm-7108	359	4	the	the	DET
ajm-7108	359	5	percentage	percentage	NOUN
ajm-7108	359	6	of	of	ADP
ajm-7108	359	7	women	woman	NOUN
ajm-7108	359	8	employees	employee	NOUN
ajm-7108	359	9	is	be	AUX
ajm-7108	359	10	a	a	DET
ajm-7108	359	11	valid	valid	ADJ
ajm-7108	359	12	iv	iv	NOUN
ajm-7108	359	13	given	give	VERB
ajm-7108	359	14	that	that	SCONJ
ajm-7108	359	15	it	it	PRON
ajm-7108	359	16	is	be	AUX
ajm-7108	359	17	positively	positively	ADV
ajm-7108	359	18	correlated	correlate	VERB
ajm-7108	359	19	with	with	ADP
ajm-7108	359	20	the	the	DET
ajm-7108	359	21	percentage	percentage	NOUN
ajm-7108	359	22	of	of	ADP
ajm-7108	359	23	women	woman	NOUN
ajm-7108	359	24	on	on	ADP
ajm-7108	359	25	board	board	NOUN
ajm-7108	359	26	,	,	PUNCT
ajm-7108	359	27	and	and	CCONJ
ajm-7108	359	28	the	the	DET
ajm-7108	359	29	coefficient	coefficient	NOUN
ajm-7108	359	30	is	be	AUX
ajm-7108	359	31	significant	significant	ADJ
ajm-7108	359	32	at	at	ADP
ajm-7108	359	33	the	the	DET
ajm-7108	359	34	1	1	NUM
ajm-7108	359	35	%	%	NOUN
ajm-7108	359	36	level	level	NOUN
ajm-7108	359	37	.	.	PUNCT
ajm-7108	360	1	the	the	DET
ajm-7108	360	2	value	value	NOUN
ajm-7108	360	3	of	of	ADP
ajm-7108	360	4	the	the	DET
ajm-7108	360	5	f	f	NOUN
ajm-7108	360	6	-	-	PUNCT
ajm-7108	360	7	statistic	statistic	NOUN
ajm-7108	360	8	is	be	AUX
ajm-7108	360	9	also	also	ADV
ajm-7108	360	10	greater	great	ADJ
ajm-7108	360	11	than	than	ADP
ajm-7108	360	12	ten	ten	NUM
ajm-7108	360	13	and	and	CCONJ
ajm-7108	360	14	statistically	statistically	ADV
ajm-7108	360	15	significant	significant	ADJ
ajm-7108	360	16	.	.	PUNCT
ajm-7108	361	1	the	the	DET
ajm-7108	361	2	results	result	NOUN
ajm-7108	361	3	for	for	ADP
ajm-7108	361	4	the	the	DET
ajm-7108	361	5	second	second	ADJ
ajm-7108	361	6	-	-	PUNCT
ajm-7108	361	7	stage	stage	NOUN
ajm-7108	361	8	regression	regression	NOUN
ajm-7108	361	9	are	be	AUX
ajm-7108	361	10	shown	show	VERB
ajm-7108	361	11	in	in	ADP
ajm-7108	361	12	column	column	NOUN
ajm-7108	361	13	2	2	NUM
ajm-7108	361	14	of	of	ADP
ajm-7108	361	15	table	table	NOUN
ajm-7108	361	16	8	8	NUM
ajm-7108	361	17	,	,	PUNCT
ajm-7108	361	18	which	which	PRON
ajm-7108	361	19	uses	use	VERB
ajm-7108	361	20	the	the	DET
ajm-7108	361	21	predicted	predict	VERB
ajm-7108	361	22	percentage	percentage	NOUN
ajm-7108	361	23	of	of	ADP
ajm-7108	361	24	women	woman	NOUN
ajm-7108	361	25	on	on	ADP
ajm-7108	361	26	the	the	DET
ajm-7108	361	27	board	board	NOUN
ajm-7108	361	28	from	from	ADP
ajm-7108	361	29	the	the	DET
ajm-7108	361	30	first	first	ADJ
ajm-7108	361	31	-	-	PUNCT
ajm-7108	361	32	stage	stage	NOUN
ajm-7108	361	33	regression	regression	NOUN
ajm-7108	361	34	to	to	PART
ajm-7108	361	35	estimate	estimate	VERB
ajm-7108	361	36	the	the	DET
ajm-7108	361	37	effect	effect	NOUN
ajm-7108	361	38	on	on	ADP
ajm-7108	361	39	the	the	DET
ajm-7108	361	40	volumes	volume	NOUN
ajm-7108	361	41	of	of	ADP
ajm-7108	361	42	carbon	carbon	NOUN
ajm-7108	361	43	offsets	offset	NOUN
ajm-7108	361	44	purchased	purchase	VERB
ajm-7108	361	45	.	.	PUNCT
ajm-7108	362	1	the	the	DET
ajm-7108	362	2	results	result	NOUN
ajm-7108	362	3	suggest	suggest	VERB
ajm-7108	362	4	a	a	DET
ajm-7108	362	5	negative	negative	ADJ
ajm-7108	362	6	relationship	relationship	NOUN
ajm-7108	362	7	between	between	ADP
ajm-7108	362	8	the	the	DET
ajm-7108	362	9	percentage	percentage	NOUN
ajm-7108	362	10	of	of	ADP
ajm-7108	362	11	women	woman	NOUN
ajm-7108	362	12	on	on	ADP
ajm-7108	362	13	the	the	DET
ajm-7108	362	14	board	board	NOUN
ajm-7108	362	15	and	and	CCONJ
ajm-7108	362	16	the	the	DET
ajm-7108	362	17	volumes	volume	NOUN
ajm-7108	362	18	of	of	ADP
ajm-7108	362	19	carbon	carbon	NOUN
ajm-7108	362	20	offsets	offset	NOUN
ajm-7108	362	21	purchased	purchase	VERB
ajm-7108	362	22	.	.	PUNCT
ajm-7108	363	1	the	the	DET
ajm-7108	363	2	coefficient	coefficient	NOUN
ajm-7108	363	3	on	on	ADP
ajm-7108	363	4	the	the	DET
ajm-7108	363	5	predicted	predict	VERB
ajm-7108	363	6	percentage	percentage	NOUN
ajm-7108	363	7	of	of	ADP
ajm-7108	363	8	women	woman	NOUN
ajm-7108	363	9	on	on	ADP
ajm-7108	363	10	the	the	DET
ajm-7108	363	11	board	board	NOUN
ajm-7108	363	12	is	be	AUX
ajm-7108	363	13	significant	significant	ADJ
ajm-7108	363	14	at	at	ADP
ajm-7108	363	15	the	the	DET
ajm-7108	363	16	10	10	NUM
ajm-7108	363	17	%	%	NOUN
ajm-7108	363	18	level	level	NOUN
ajm-7108	363	19	in	in	ADP
ajm-7108	363	20	column	column	NOUN
ajm-7108	363	21	2	2	NUM
ajm-7108	363	22	.	.	PUNCT
ajm-7108	364	1	this	this	DET
ajm-7108	364	2	result	result	NOUN
ajm-7108	364	3	suggests	suggest	VERB
ajm-7108	364	4	that	that	SCONJ
ajm-7108	364	5	having	have	VERB
ajm-7108	364	6	women	woman	NOUN
ajm-7108	364	7	directors	director	NOUN
ajm-7108	364	8	on	on	ADP
ajm-7108	364	9	the	the	DET
ajm-7108	364	10	board	board	NOUN
ajm-7108	364	11	does	do	AUX
ajm-7108	364	12	not	not	PART
ajm-7108	364	13	lead	lead	VERB
ajm-7108	364	14	to	to	ADP
ajm-7108	364	15	a	a	DET
ajm-7108	364	16	significant	significant	ADJ
ajm-7108	364	17	increase	increase	NOUN
ajm-7108	364	18	in	in	ADP
ajm-7108	364	19	the	the	DET
ajm-7108	364	20	purchase	purchase	NOUN
ajm-7108	364	21	of	of	ADP
ajm-7108	364	22	carbon	carbon	NOUN
ajm-7108	364	23	offsets	offset	NOUN
ajm-7108	364	24	,	,	PUNCT
ajm-7108	364	25	despite	despite	SCONJ
ajm-7108	364	26	the	the	DET
ajm-7108	364	27	evidence	evidence	NOUN
ajm-7108	364	28	in	in	ADP
ajm-7108	364	29	literature	literature	NOUN
ajm-7108	364	30	suggesting	suggest	VERB
ajm-7108	364	31	having	have	VERB
ajm-7108	364	32	gender	gender	NOUN
ajm-7108	364	33	board	board	NOUN
ajm-7108	364	34	diversity	diversity	NOUN
ajm-7108	364	35	are	be	AUX
ajm-7108	364	36	positively	positively	ADV
ajm-7108	364	37	correlated	correlate	VERB
ajm-7108	364	38	to	to	ADP
ajm-7108	364	39	firms	firm	NOUN
ajm-7108	364	40	’	'	PUNCT
ajm-7108	364	41	environmental	environmental	ADJ
ajm-7108	364	42	performance	performance	NOUN
ajm-7108	364	43	and	and	CCONJ
ajm-7108	364	44	that	that	SCONJ
ajm-7108	364	45	women	woman	NOUN
ajm-7108	364	46	foster	foster	VERB
ajm-7108	364	47	sustainable	sustainable	ADJ
ajm-7108	364	48	environmental	environmental	ADJ
ajm-7108	364	49	initiatives	initiative	NOUN
ajm-7108	364	50	(	(	PUNCT
ajm-7108	364	51	martin	martin	PROPN
ajm-7108	364	52	et	et	PROPN
ajm-7108	364	53	al	al	PROPN
ajm-7108	364	54	.	.	PROPN
ajm-7108	364	55	,	,	PUNCT
ajm-7108	364	56	2019	2019	NUM
ajm-7108	364	57	)	)	PUNCT
ajm-7108	364	58	.	.	PUNCT
ajm-7108	365	1	columns	column	NOUN
ajm-7108	365	2	3	3	NUM
ajm-7108	365	3	and	and	CCONJ
ajm-7108	365	4	4	4	NUM
ajm-7108	365	5	in	in	ADP
ajm-7108	365	6	table	table	NOUN
ajm-7108	365	7	8	8	NUM
ajm-7108	365	8	report	report	VERB
ajm-7108	365	9	the	the	DET
ajm-7108	365	10	results	result	NOUN
ajm-7108	365	11	of	of	ADP
ajm-7108	365	12	the	the	DET
ajm-7108	365	13	2	2	NUM
ajm-7108	365	14	sls	sls	NOUN
ajm-7108	365	15	regression	regression	NOUN
ajm-7108	365	16	for	for	ADP
ajm-7108	365	17	the	the	DET
ajm-7108	365	18	effect	effect	NOUN
ajm-7108	365	19	of	of	ADP
ajm-7108	365	20	board	board	NOUN
ajm-7108	365	21	gender	gender	NOUN
ajm-7108	365	22	diversity	diversity	NOUN
ajm-7108	365	23	on	on	ADP
ajm-7108	365	24	the	the	DET
ajm-7108	365	25	volume	volume	NOUN
ajm-7108	365	26	of	of	ADP
ajm-7108	365	27	recs	rec	NOUN
ajm-7108	365	28	purchased	purchase	VERB
ajm-7108	365	29	.	.	PUNCT
ajm-7108	366	1	the	the	DET
ajm-7108	366	2	first	first	ADJ
ajm-7108	366	3	-	-	PUNCT
ajm-7108	366	4	stage	stage	NOUN
ajm-7108	366	5	regression	regression	NOUN
ajm-7108	366	6	is	be	AUX
ajm-7108	366	7	displayed	display	VERB
ajm-7108	366	8	in	in	ADP
ajm-7108	366	9	column	column	NOUN
ajm-7108	366	10	3	3	NUM
ajm-7108	366	11	where	where	SCONJ
ajm-7108	366	12	the	the	DET
ajm-7108	366	13	one	one	NUM
ajm-7108	366	14	-	-	PUNCT
ajm-7108	366	15	year	year	NOUN
ajm-7108	366	16	lagged	lag	VERB
ajm-7108	366	17	percentage	percentage	NOUN
ajm-7108	366	18	of	of	ADP
ajm-7108	366	19	women	woman	NOUN
ajm-7108	366	20	employees	employee	NOUN
ajm-7108	366	21	was	be	AUX
ajm-7108	366	22	used	use	VERB
ajm-7108	366	23	as	as	ADP
ajm-7108	366	24	an	an	DET
ajm-7108	366	25	iv	iv	NOUN
ajm-7108	366	26	for	for	ADP
ajm-7108	366	27	the	the	DET
ajm-7108	366	28	percentage	percentage	NOUN
ajm-7108	366	29	of	of	ADP
ajm-7108	366	30	women	woman	NOUN
ajm-7108	366	31	on	on	ADP
ajm-7108	366	32	board	board	NOUN
ajm-7108	366	33	with	with	ADP
ajm-7108	366	34	the	the	DET
ajm-7108	366	35	same	same	ADJ
ajm-7108	366	36	control	control	NOUN
ajm-7108	366	37	variables	variable	NOUN
ajm-7108	366	38	as	as	ADP
ajm-7108	366	39	our	our	PRON
ajm-7108	366	40	previous	previous	ADJ
ajm-7108	366	41	analysis	analysis	NOUN
ajm-7108	366	42	.	.	PUNCT
ajm-7108	367	1	we	we	PRON
ajm-7108	367	2	confirm	confirm	VERB
ajm-7108	367	3	that	that	SCONJ
ajm-7108	367	4	the	the	DET
ajm-7108	367	5	percentage	percentage	NOUN
ajm-7108	367	6	of	of	ADP
ajm-7108	367	7	women	woman	NOUN
ajm-7108	367	8	employees	employee	NOUN
ajm-7108	367	9	is	be	AUX
ajm-7108	367	10	a	a	DET
ajm-7108	367	11	valid	valid	ADJ
ajm-7108	367	12	iv	iv	NOUN
ajm-7108	367	13	given	give	VERB
ajm-7108	367	14	that	that	SCONJ
ajm-7108	367	15	it	it	PRON
ajm-7108	367	16	is	be	AUX
ajm-7108	367	17	positively	positively	ADV
ajm-7108	367	18	correlated	correlate	VERB
ajm-7108	367	19	with	with	ADP
ajm-7108	367	20	the	the	DET
ajm-7108	367	21	percentage	percentage	NOUN
ajm-7108	367	22	of	of	ADP
ajm-7108	367	23	women	woman	NOUN
ajm-7108	367	24	on	on	ADP
ajm-7108	367	25	board	board	NOUN
ajm-7108	367	26	and	and	CCONJ
ajm-7108	367	27	the	the	DET
ajm-7108	367	28	coefficient	coefficient	NOUN
ajm-7108	367	29	at	at	ADP
ajm-7108	367	30	the	the	DET
ajm-7108	367	31	significant	significant	ADJ
ajm-7108	367	32	at	at	ADP
ajm-7108	367	33	the	the	DET
ajm-7108	367	34	1	1	NUM
ajm-7108	367	35	%	%	NOUN
ajm-7108	367	36	level	level	NOUN
ajm-7108	367	37	.	.	PUNCT
ajm-7108	368	1	the	the	DET
ajm-7108	368	2	value	value	NOUN
ajm-7108	368	3	of	of	ADP
ajm-7108	368	4	the	the	DET
ajm-7108	368	5	f	f	NOUN
ajm-7108	368	6	-	-	PUNCT
ajm-7108	368	7	statistic	statistic	NOUN
ajm-7108	368	8	is	be	AUX
ajm-7108	368	9	also	also	ADV
ajm-7108	368	10	high	high	ADJ
ajm-7108	368	11	and	and	CCONJ
ajm-7108	368	12	statistically	statistically	ADV
ajm-7108	368	13	significant	significant	ADJ
ajm-7108	368	14	.	.	PUNCT
ajm-7108	369	1	the	the	DET
ajm-7108	369	2	results	result	NOUN
ajm-7108	369	3	for	for	ADP
ajm-7108	369	4	the	the	DET
ajm-7108	369	5	second	second	ADJ
ajm-7108	369	6	-	-	PUNCT
ajm-7108	369	7	stage	stage	NOUN
ajm-7108	369	8	regression	regression	NOUN
ajm-7108	369	9	are	be	AUX
ajm-7108	369	10	shown	show	VERB
ajm-7108	369	11	in	in	ADP
ajm-7108	369	12	column	column	NOUN
ajm-7108	369	13	4	4	NUM
ajm-7108	369	14	of	of	ADP
ajm-7108	369	15	table	table	NOUN
ajm-7108	369	16	8	8	NUM
ajm-7108	369	17	,	,	PUNCT
ajm-7108	369	18	which	which	PRON
ajm-7108	369	19	suggests	suggest	VERB
ajm-7108	369	20	a	a	DET
ajm-7108	369	21	negative	negative	ADJ
ajm-7108	369	22	relationship	relationship	NOUN
ajm-7108	369	23	between	between	ADP
ajm-7108	369	24	the	the	DET
ajm-7108	369	25	percentage	percentage	NOUN
ajm-7108	369	26	of	of	ADP
ajm-7108	369	27	women	woman	NOUN
ajm-7108	369	28	on	on	ADP
ajm-7108	369	29	the	the	DET
ajm-7108	369	30	board	board	NOUN
ajm-7108	369	31	and	and	CCONJ
ajm-7108	369	32	the	the	DET
ajm-7108	369	33	volumes	volume	NOUN
ajm-7108	369	34	of	of	ADP
ajm-7108	369	35	recs	rec	NOUN
ajm-7108	369	36	purchased	purchase	VERB
ajm-7108	369	37	.	.	PUNCT
ajm-7108	370	1	the	the	DET
ajm-7108	370	2	coefficient	coefficient	NOUN
ajm-7108	370	3	on	on	ADP
ajm-7108	370	4	the	the	DET
ajm-7108	370	5	predicted	predict	VERB
ajm-7108	370	6	percentage	percentage	NOUN
ajm-7108	370	7	of	of	ADP
ajm-7108	370	8	women	woman	NOUN
ajm-7108	370	9	on	on	ADP
ajm-7108	370	10	the	the	DET
ajm-7108	370	11	board	board	NOUN
ajm-7108	370	12	is	be	AUX
ajm-7108	370	13	significant	significant	ADJ
ajm-7108	370	14	at	at	ADP
ajm-7108	370	15	the	the	DET
ajm-7108	370	16	1	1	NUM
ajm-7108	370	17	%	%	NOUN
ajm-7108	370	18	level	level	NOUN
ajm-7108	370	19	in	in	ADP
ajm-7108	370	20	column	column	NOUN
ajm-7108	370	21	4	4	NUM
ajm-7108	370	22	.	.	PUNCT
ajm-7108	371	1	this	this	DET
ajm-7108	371	2	result	result	NOUN
ajm-7108	371	3	suggests	suggest	VERB
ajm-7108	371	4	that	that	SCONJ
ajm-7108	371	5	having	have	VERB
ajm-7108	371	6	women	woman	NOUN
ajm-7108	371	7	directors	director	NOUN
ajm-7108	371	8	on	on	ADP
ajm-7108	371	9	the	the	DET
ajm-7108	371	10	board	board	NOUN
ajm-7108	371	11	does	do	AUX
ajm-7108	371	12	not	not	PART
ajm-7108	371	13	lead	lead	VERB
ajm-7108	371	14	to	to	ADP
ajm-7108	371	15	a	a	DET
ajm-7108	371	16	significant	significant	ADJ
ajm-7108	371	17	increase	increase	NOUN
ajm-7108	371	18	in	in	ADP
ajm-7108	371	19	the	the	DET
ajm-7108	371	20	purchase	purchase	NOUN
ajm-7108	371	21	of	of	ADP
ajm-7108	371	22	recs	rec	NOUN
ajm-7108	371	23	,	,	PUNCT
ajm-7108	371	24	contrary	contrary	ADV
ajm-7108	371	25	to	to	ADP
ajm-7108	371	26	the	the	DET
ajm-7108	371	27	extant	extant	ADJ
ajm-7108	371	28	literature	literature	NOUN
ajm-7108	371	29	suggesting	suggest	VERB
ajm-7108	371	30	that	that	SCONJ
ajm-7108	371	31	gender	gender	NOUN
ajm-7108	371	32	board	board	NOUN
ajm-7108	371	33	diversity	diversity	NOUN
ajm-7108	371	34	is	be	AUX
ajm-7108	371	35	positively	positively	ADV
ajm-7108	371	36	correlated	correlate	VERB
ajm-7108	371	37	to	to	ADP
ajm-7108	371	38	firms	firm	NOUN
ajm-7108	371	39	’	'	PUNCT
ajm-7108	371	40	renewable	renewable	ADJ
ajm-7108	371	41	energy	energy	NOUN
ajm-7108	371	42	consumption	consumption	NOUN
ajm-7108	371	43	(	(	PUNCT
ajm-7108	371	44	atif	atif	PROPN
ajm-7108	371	45	et	et	PROPN
ajm-7108	371	46	al	al	PROPN
ajm-7108	371	47	.	.	PROPN
ajm-7108	371	48	,	,	PUNCT
ajm-7108	371	49	2021	2021	NUM
ajm-7108	371	50	;	;	PUNCT
ajm-7108	371	51	zhang	zhang	PROPN
ajm-7108	371	52	et	et	PROPN
ajm-7108	371	53	al	al	PROPN
ajm-7108	371	54	.	.	PROPN
ajm-7108	371	55	,	,	PUNCT
ajm-7108	371	56	2021	2021	NUM
ajm-7108	371	57	)	)	PUNCT
ajm-7108	371	58	.	.	PUNCT
ajm-7108	372	1	robustness	robustness	NOUN
ajm-7108	372	2	checks	check	NOUN
ajm-7108	372	3	and	and	CCONJ
ajm-7108	372	4	further	further	ADJ
ajm-7108	372	5	analysis	analysis	NOUN
ajm-7108	372	6	in	in	ADP
ajm-7108	372	7	this	this	DET
ajm-7108	372	8	section	section	NOUN
ajm-7108	372	9	,	,	PUNCT
ajm-7108	372	10	we	we	PRON
ajm-7108	372	11	examine	examine	VERB
ajm-7108	372	12	the	the	DET
ajm-7108	372	13	effects	effect	NOUN
ajm-7108	372	14	of	of	ADP
ajm-7108	372	15	buying	buy	VERB
ajm-7108	372	16	carbon	carbon	NOUN
ajm-7108	372	17	offsets	offset	NOUN
ajm-7108	372	18	or	or	CCONJ
ajm-7108	372	19	recs	rec	NOUN
ajm-7108	372	20	on	on	ADP
ajm-7108	372	21	firms	firm	NOUN
ajm-7108	372	22	’	’	PART
ajm-7108	372	23	financial	financial	ADJ
ajm-7108	372	24	and	and	CCONJ
ajm-7108	372	25	environmental	environmental	ADJ
ajm-7108	372	26	performance	performance	NOUN
ajm-7108	372	27	for	for	ADP
ajm-7108	372	28	subsamples	subsample	NOUN
ajm-7108	372	29	of	of	ADP
ajm-7108	372	30	different	different	ADJ
ajm-7108	372	31	industries	industry	NOUN
ajm-7108	372	32	.	.	PUNCT
ajm-7108	373	1	in	in	ADP
ajm-7108	373	2	particular	particular	ADJ
ajm-7108	373	3	,	,	PUNCT
ajm-7108	373	4	we	we	PRON
ajm-7108	373	5	exclude	exclude	VERB
ajm-7108	373	6	firm	firm	ADJ
ajm-7108	373	7	-	-	PUNCT
ajm-7108	373	8	year	year	NOUN
ajm-7108	373	9	observations	observation	NOUN
ajm-7108	373	10	for	for	ADP
ajm-7108	373	11	the	the	DET
ajm-7108	373	12	top	top	ADJ
ajm-7108	373	13	two	two	NUM
ajm-7108	373	14	carbon	carbon	NOUN
ajm-7108	373	15	-	-	PUNCT
ajm-7108	373	16	intensive	intensive	ADJ
ajm-7108	373	17	industry	industry	NOUN
ajm-7108	373	18	sectors	sector	NOUN
ajm-7108	373	19	(	(	PUNCT
ajm-7108	373	20	i.e.	i.e.	X
ajm-7108	373	21	,	,	PUNCT
ajm-7108	373	22	energy	energy	NOUN
ajm-7108	373	23	and	and	CCONJ
ajm-7108	373	24	utilities	utility	NOUN
ajm-7108	373	25	)	)	PUNCT
ajm-7108	373	26	in	in	ADP
ajm-7108	373	27	our	our	PRON
ajm-7108	373	28	sample	sample	NOUN
ajm-7108	373	29	to	to	PART
ajm-7108	373	30	ensure	ensure	VERB
ajm-7108	373	31	that	that	SCONJ
ajm-7108	373	32	a	a	DET
ajm-7108	373	33	specific	specific	ADJ
ajm-7108	373	34	group	group	NOUN
ajm-7108	373	35	of	of	ADP
ajm-7108	373	36	industries	industry	NOUN
ajm-7108	373	37	is	be	AUX
ajm-7108	373	38	not	not	PART
ajm-7108	373	39	influencing	influence	VERB
ajm-7108	373	40	the	the	DET
ajm-7108	373	41	results	result	NOUN
ajm-7108	373	42	.	.	PUNCT
ajm-7108	374	1	employing	employ	VERB
ajm-7108	374	2	the	the	DET
ajm-7108	374	3	same	same	ADJ
ajm-7108	374	4	methodology	methodology	NOUN
ajm-7108	374	5	as	as	ADP
ajm-7108	374	6	before	before	ADV
ajm-7108	374	7	,	,	PUNCT
ajm-7108	374	8	tables	table	NOUN
ajm-7108	374	9	9	9	NUM
ajm-7108	374	10	,	,	PUNCT
ajm-7108	374	11	10	10	NUM
ajm-7108	374	12	,	,	PUNCT
ajm-7108	374	13	and	and	CCONJ
ajm-7108	374	14	11	11	NUM
ajm-7108	374	15	in	in	ADP
ajm-7108	374	16	the	the	DET
ajm-7108	374	17	appendix	appendix	NOUN
ajm-7108	374	18	show	show	VERB
ajm-7108	374	19	that	that	SCONJ
ajm-7108	374	20	the	the	DET
ajm-7108	374	21	coefficients	coefficient	NOUN
ajm-7108	374	22	for	for	ADP
ajm-7108	374	23	log	log	NOUN
ajm-7108	374	24	carbon	carbon	NOUN
ajm-7108	374	25	offsets	offset	NOUN
ajm-7108	374	26	and	and	CCONJ
ajm-7108	374	27	log	log	VERB
ajm-7108	374	28	recs	rec	NOUN
ajm-7108	374	29	are	be	AUX
ajm-7108	374	30	statistically	statistically	ADV
ajm-7108	374	31	significant	significant	ADJ
ajm-7108	374	32	and	and	CCONJ
ajm-7108	374	33	exhibit	exhibit	VERB
ajm-7108	374	34	patterns	pattern	NOUN
ajm-7108	374	35	consistent	consistent	ADJ
ajm-7108	374	36	with	with	ADP
ajm-7108	374	37	our	our	PRON
ajm-7108	374	38	main	main	ADJ
ajm-7108	374	39	findings	finding	NOUN
ajm-7108	374	40	.	.	PUNCT
ajm-7108	375	1	most	most	ADJ
ajm-7108	375	2	of	of	ADP
ajm-7108	375	3	these	these	DET
ajm-7108	375	4	results	result	NOUN
ajm-7108	375	5	also	also	ADV
ajm-7108	375	6	hold	hold	VERB
ajm-7108	375	7	if	if	SCONJ
ajm-7108	375	8	we	we	PRON
ajm-7108	375	9	exclude	exclude	VERB
ajm-7108	375	10	the	the	DET
ajm-7108	375	11	top	top	ADJ
ajm-7108	375	12	three	three	NUM
ajm-7108	375	13	carbon	carbon	NOUN
ajm-7108	375	14	-	-	PUNCT
ajm-7108	375	15	intensive	intensive	ADJ
ajm-7108	375	16	industries	industry	NOUN
ajm-7108	375	17	(	(	PUNCT
ajm-7108	375	18	i.e.	i.e.	X
ajm-7108	375	19	,	,	PUNCT
ajm-7108	375	20	energy	energy	NOUN
ajm-7108	375	21	,	,	PUNCT
ajm-7108	375	22	utilities	utility	NOUN
ajm-7108	375	23	,	,	PUNCT
ajm-7108	375	24	and	and	CCONJ
ajm-7108	375	25	industrials	industrial	NOUN
ajm-7108	375	26	)	)	PUNCT
ajm-7108	375	27	.	.	PUNCT
ajm-7108	376	1	these	these	DET
ajm-7108	376	2	results	result	NOUN
ajm-7108	376	3	are	be	AUX
ajm-7108	376	4	available	available	ADJ
ajm-7108	376	5	upon	upon	SCONJ
ajm-7108	376	6	request	request	NOUN
ajm-7108	376	7	.	.	PUNCT
ajm-7108	377	1	furthermore	furthermore	ADV
ajm-7108	377	2	,	,	PUNCT
ajm-7108	377	3	this	this	DET
ajm-7108	377	4	paper	paper	NOUN
ajm-7108	377	5	also	also	ADV
ajm-7108	377	6	examines	examine	VERB
ajm-7108	377	7	the	the	DET
ajm-7108	377	8	effects	effect	NOUN
ajm-7108	377	9	of	of	ADP
ajm-7108	377	10	board	board	NOUN
ajm-7108	377	11	gender	gender	NOUN
ajm-7108	377	12	diversity	diversity	NOUN
ajm-7108	377	13	on	on	ADP
ajm-7108	377	14	the	the	DET
ajm-7108	377	15	quantity	quantity	NOUN
ajm-7108	377	16	of	of	ADP
ajm-7108	377	17	carbon	carbon	NOUN
ajm-7108	377	18	offsets	offset	NOUN
ajm-7108	377	19	or	or	CCONJ
ajm-7108	377	20	recs	rec	NOUN
ajm-7108	377	21	purchased	purchase	VERB
ajm-7108	377	22	if	if	SCONJ
ajm-7108	377	23	we	we	PRON
ajm-7108	377	24	exclude	exclude	VERB
ajm-7108	377	25	the	the	DET
ajm-7108	377	26	top	top	ADJ
ajm-7108	377	27	two	two	NUM
ajm-7108	377	28	industries	industry	NOUN
ajm-7108	377	29	with	with	ADP
ajm-7108	377	30	the	the	DET
ajm-7108	377	31	highest	high	ADJ
ajm-7108	377	32	number	number	NOUN
ajm-7108	377	33	of	of	ADP
ajm-7108	377	34	observations	observation	NOUN
ajm-7108	377	35	for	for	ADP
ajm-7108	377	36	the	the	DET
ajm-7108	377	37	percentage	percentage	NOUN
ajm-7108	377	38	of	of	ADP
ajm-7108	377	39	women	woman	NOUN
ajm-7108	377	40	on	on	ADP
ajm-7108	377	41	the	the	DET
ajm-7108	377	42	board	board	NOUN
ajm-7108	377	43	.	.	PUNCT
ajm-7108	378	1	in	in	ADP
ajm-7108	378	2	table	table	NOUN
ajm-7108	378	3	12	12	NUM
ajm-7108	378	4	(	(	PUNCT
ajm-7108	378	5	please	please	INTJ
ajm-7108	378	6	refer	refer	VERB
ajm-7108	378	7	to	to	ADP
ajm-7108	378	8	appendix	appendix	NOUN
ajm-7108	378	9	)	)	PUNCT
ajm-7108	378	10	,	,	PUNCT
ajm-7108	378	11	we	we	PRON
ajm-7108	378	12	focus	focus	VERB
ajm-7108	378	13	on	on	ADP
ajm-7108	378	14	a	a	DET
ajm-7108	378	15	subsample	subsample	NOUN
ajm-7108	378	16	of	of	ADP
ajm-7108	378	17	carbon	carbon	NOUN
ajm-7108	378	18	offset	offset	NOUN
ajm-7108	378	19	buyers	buyer	NOUN
ajm-7108	378	20	that	that	PRON
ajm-7108	378	21	excludes	exclude	VERB
ajm-7108	378	22	the	the	DET
ajm-7108	378	23	financial	financial	ADJ
ajm-7108	378	24	and	and	CCONJ
ajm-7108	378	25	it	it	PRON
ajm-7108	378	26	sectors	sector	NOUN
ajm-7108	378	27	.	.	PUNCT
ajm-7108	379	1	additionally	additionally	ADV
ajm-7108	379	2	,	,	PUNCT
ajm-7108	379	3	table	table	NOUN
ajm-7108	379	4	13	13	NUM
ajm-7108	379	5	(	(	PUNCT
ajm-7108	379	6	please	please	INTJ
ajm-7108	379	7	refer	refer	VERB
ajm-7108	379	8	to	to	ADP
ajm-7108	379	9	appendix	appendix	NOUN
ajm-7108	379	10	)	)	PUNCT
ajm-7108	379	11	,	,	PUNCT
ajm-7108	379	12	displays	display	VERB
ajm-7108	379	13	the	the	DET
ajm-7108	379	14	results	result	NOUN
ajm-7108	379	15	for	for	ADP
ajm-7108	379	16	a	a	DET
ajm-7108	379	17	subsample	subsample	NOUN
ajm-7108	379	18	of	of	ADP
ajm-7108	379	19	rec	rec	NOUN
ajm-7108	379	20	buyers	buyer	NOUN
ajm-7108	379	21	that	that	PRON
ajm-7108	379	22	also	also	ADV
ajm-7108	379	23	disregards	disregard	VERB
ajm-7108	379	24	the	the	DET
ajm-7108	379	25	financial	financial	ADJ
ajm-7108	379	26	and	and	CCONJ
ajm-7108	379	27	it	it	PRON
ajm-7108	379	28	sectors	sector	NOUN
ajm-7108	379	29	.	.	PUNCT
ajm-7108	380	1	employing	employ	VERB
ajm-7108	380	2	the	the	DET
ajm-7108	380	3	same	same	ADJ
ajm-7108	380	4	iv	iv	NUM
ajm-7108	380	5	methodology	methodology	NOUN
ajm-7108	380	6	as	as	ADP
ajm-7108	380	7	before	before	ADV
ajm-7108	380	8	,	,	PUNCT
ajm-7108	380	9	tables	table	NOUN
ajm-7108	380	10	12	12	NUM
ajm-7108	380	11	and	and	CCONJ
ajm-7108	380	12	13	13	NUM
ajm-7108	380	13	show	show	VERB
ajm-7108	380	14	that	that	SCONJ
ajm-7108	380	15	the	the	DET
ajm-7108	380	16	coefficients	coefficient	NOUN
ajm-7108	380	17	for	for	ADP
ajm-7108	380	18	log	log	NOUN
ajm-7108	380	19	carbon	carbon	NOUN
ajm-7108	380	20	offsets	offset	NOUN
ajm-7108	380	21	and	and	CCONJ
ajm-7108	380	22	log	log	VERB
ajm-7108	380	23	recs	rec	NOUN
ajm-7108	380	24	are	be	AUX
ajm-7108	380	25	statistically	statistically	ADV
ajm-7108	380	26	significant	significant	ADJ
ajm-7108	380	27	and	and	CCONJ
ajm-7108	380	28	display	display	VERB
ajm-7108	380	29	patterns	pattern	NOUN
ajm-7108	380	30	consistent	consistent	ADJ
ajm-7108	380	31	with	with	ADP
ajm-7108	380	32	our	our	PRON
ajm-7108	380	33	main	main	ADJ
ajm-7108	380	34	analysis	analysis	NOUN
ajm-7108	380	35	.	.	PUNCT
ajm-7108	381	1	these	these	DET
ajm-7108	381	2	results	result	NOUN
ajm-7108	381	3	also	also	ADV
ajm-7108	381	4	hold	hold	VERB
ajm-7108	381	5	if	if	SCONJ
ajm-7108	381	6	we	we	PRON
ajm-7108	381	7	exclude	exclude	VERB
ajm-7108	381	8	the	the	DET
ajm-7108	381	9	industrial	industrial	ADJ
ajm-7108	381	10	sector	sector	NOUN
ajm-7108	381	11	.	.	PUNCT
ajm-7108	382	1	these	these	DET
ajm-7108	382	2	results	result	NOUN
ajm-7108	382	3	are	be	AUX
ajm-7108	382	4	available	available	ADJ
ajm-7108	382	5	upon	upon	SCONJ
ajm-7108	382	6	request	request	NOUN
ajm-7108	382	7	.	.	PUNCT
ajm-7108	383	1	as	as	ADP
ajm-7108	383	2	a	a	DET
ajm-7108	383	3	further	further	ADJ
ajm-7108	383	4	check	check	NOUN
ajm-7108	383	5	,	,	PUNCT
ajm-7108	383	6	we	we	PRON
ajm-7108	383	7	use	use	VERB
ajm-7108	383	8	an	an	DET
ajm-7108	383	9	instrumental	instrumental	ADJ
ajm-7108	383	10	variable	variable	ADJ
ajm-7108	383	11	approach	approach	NOUN
ajm-7108	383	12	to	to	PART
ajm-7108	383	13	estimate	estimate	VERB
ajm-7108	383	14	the	the	DET
ajm-7108	383	15	effects	effect	NOUN
ajm-7108	383	16	of	of	ADP
ajm-7108	383	17	purchasing	purchase	VERB
ajm-7108	383	18	carbon	carbon	NOUN
ajm-7108	383	19	offsets	offset	NOUN
ajm-7108	383	20	or	or	CCONJ
ajm-7108	383	21	recs	rec	NOUN
ajm-7108	383	22	on	on	ADP
ajm-7108	383	23	firms	firm	NOUN
ajm-7108	383	24	’	'	PUNCT
ajm-7108	383	25	ghg	ghg	PROPN
ajm-7108	383	26	emissions	emission	NOUN
ajm-7108	383	27	.	.	PUNCT
ajm-7108	384	1	specifically	specifically	ADV
ajm-7108	384	2	,	,	PUNCT
ajm-7108	384	3	we	we	PRON
ajm-7108	384	4	use	use	VERB
ajm-7108	384	5	a	a	DET
ajm-7108	384	6	firm	firm	NOUN
ajm-7108	384	7	’s	’s	PART
ajm-7108	384	8	marketing	marketing	NOUN
ajm-7108	384	9	expense	expense	NOUN
ajm-7108	384	10	(	(	PUNCT
ajm-7108	384	11	proxied	proxie	VERB
ajm-7108	384	12	by	by	ADP
ajm-7108	384	13	a	a	DET
ajm-7108	384	14	firm	firm	NOUN
ajm-7108	384	15	’s	’s	PART
ajm-7108	384	16	selling	sell	VERB
ajm-7108	384	17	expense	expense	NOUN
ajm-7108	384	18	from	from	ADP
ajm-7108	384	19	its	its	PRON
ajm-7108	384	20	financial	financial	ADJ
ajm-7108	384	21	statements	statement	NOUN
ajm-7108	384	22	)	)	PUNCT
ajm-7108	384	23	at	at	ADP
ajm-7108	384	24	t=-1	t=-1	ADP
ajm-7108	384	25	as	as	ADP
ajm-7108	384	26	an	an	DET
ajm-7108	384	27	instrumental	instrumental	ADJ
ajm-7108	384	28	variable	variable	NOUN
ajm-7108	384	29	for	for	ADP
ajm-7108	384	30	carbon	carbon	NOUN
ajm-7108	384	31	offsets	offset	NOUN
ajm-7108	384	32	or	or	CCONJ
ajm-7108	384	33	recs	rec	NOUN
ajm-7108	384	34	.	.	PUNCT
ajm-7108	385	1	we	we	PRON
ajm-7108	385	2	expect	expect	VERB
ajm-7108	385	3	firms	firm	NOUN
ajm-7108	385	4	’	'	PUNCT
ajm-7108	385	5	selling	sell	VERB
ajm-7108	385	6	expenses	expense	NOUN
ajm-7108	385	7	to	to	PART
ajm-7108	385	8	be	be	AUX
ajm-7108	385	9	relevant	relevant	ADJ
ajm-7108	385	10	and	and	CCONJ
ajm-7108	385	11	positively	positively	ADV
ajm-7108	385	12	related	relate	VERB
ajm-7108	385	13	to	to	ADP
ajm-7108	385	14	carbon	carbon	NOUN
ajm-7108	385	15	offsets	offset	NOUN
ajm-7108	385	16	or	or	CCONJ
ajm-7108	385	17	recs	rec	NOUN
ajm-7108	385	18	if	if	SCONJ
ajm-7108	385	19	they	they	PRON
ajm-7108	385	20	attempt	attempt	VERB
ajm-7108	385	21	to	to	PART
ajm-7108	385	22	greenwash	greenwash	VERB
ajm-7108	385	23	or	or	CCONJ
ajm-7108	385	24	market	market	VERB
ajm-7108	385	25	themselves	themselves	PRON
ajm-7108	385	26	as	as	ADP
ajm-7108	385	27	environmentally	environmentally	ADV
ajm-7108	385	28	sustainable	sustainable	ADJ
ajm-7108	385	29	.	.	PUNCT
ajm-7108	386	1	for	for	ADP
ajm-7108	386	2	example	example	NOUN
ajm-7108	386	3	,	,	PUNCT
ajm-7108	386	4	a	a	DET
ajm-7108	386	5	study	study	NOUN
ajm-7108	386	6	of	of	ADP
ajm-7108	386	7	voluntary	voluntary	ADJ
ajm-7108	386	8	carbon	carbon	NOUN
ajm-7108	386	9	offsets	offset	NOUN
ajm-7108	386	10	in	in	ADP
ajm-7108	386	11	the	the	DET
ajm-7108	386	12	aviation	aviation	NOUN
ajm-7108	386	13	industry	industry	NOUN
ajm-7108	386	14	by	by	ADP
ajm-7108	386	15	guix	guix	NOUN
ajm-7108	386	16	et	et	PROPN
ajm-7108	386	17	al	al	PROPN
ajm-7108	386	18	.	.	PROPN
ajm-7108	387	1	(	(	PUNCT
ajm-7108	387	2	2022	2022	NUM
ajm-7108	387	3	)	)	PUNCT
ajm-7108	387	4	found	find	VERB
ajm-7108	387	5	that	that	SCONJ
ajm-7108	387	6	thirty	thirty	NUM
ajm-7108	387	7	-	-	PUNCT
ajm-7108	387	8	seven	seven	NUM
ajm-7108	387	9	airlines	airline	NOUN
ajm-7108	387	10	are	be	AUX
ajm-7108	387	11	vulnerable	vulnerable	ADJ
ajm-7108	387	12	to	to	ADP
ajm-7108	387	13	greenwashing	greenwashe	VERB
ajm-7108	387	14	due	due	ADJ
ajm-7108	387	15	to	to	ADP
ajm-7108	387	16	“	"	PUNCT
ajm-7108	387	17	poor	poor	ADJ
ajm-7108	387	18	communication	communication	NOUN
ajm-7108	387	19	and	and	CCONJ
ajm-7108	387	20	low	low	ADJ
ajm-7108	387	21	transparency	transparency	NOUN
ajm-7108	387	22	”	"	PUNCT
ajm-7108	387	23	in	in	ADP
ajm-7108	387	24	their	their	PRON
ajm-7108	387	25	carbon	carbon	NOUN
ajm-7108	387	26	american	american	ADJ
ajm-7108	387	27	journal	journal	PROPN
ajm-7108	387	28	of	of	ADP
ajm-7108	387	29	management	management	NOUN
ajm-7108	387	30	vol	vol	NOUN
ajm-7108	387	31	.	.	PUNCT
ajm-7108	388	1	24(2	24(2	NUM
ajm-7108	388	2	)	)	PUNCT
ajm-7108	388	3	2024	2024	NUM
ajm-7108	388	4	35	35	NUM
ajm-7108	388	5	offset	offset	NOUN
ajm-7108	388	6	marketing	marketing	NOUN
ajm-7108	388	7	.	.	PUNCT
ajm-7108	389	1	additionally	additionally	ADV
ajm-7108	389	2	,	,	PUNCT
ajm-7108	389	3	we	we	PRON
ajm-7108	389	4	expect	expect	VERB
ajm-7108	389	5	firms	firm	NOUN
ajm-7108	389	6	’	'	PUNCT
ajm-7108	389	7	selling	sell	VERB
ajm-7108	389	8	expenses	expense	NOUN
ajm-7108	389	9	to	to	PART
ajm-7108	389	10	be	be	AUX
ajm-7108	389	11	excludable	excludable	ADJ
ajm-7108	389	12	as	as	SCONJ
ajm-7108	389	13	it	it	PRON
ajm-7108	389	14	does	do	AUX
ajm-7108	389	15	not	not	PART
ajm-7108	389	16	directly	directly	ADV
ajm-7108	389	17	influence	influence	VERB
ajm-7108	389	18	business	business	NOUN
ajm-7108	389	19	operations	operation	NOUN
ajm-7108	389	20	(	(	PUNCT
ajm-7108	389	21	which	which	PRON
ajm-7108	389	22	lead	lead	VERB
ajm-7108	389	23	to	to	PART
ajm-7108	389	24	scope	scope	VERB
ajm-7108	389	25	1	1	NUM
ajm-7108	389	26	emissions	emission	NOUN
ajm-7108	389	27	)	)	PUNCT
ajm-7108	389	28	or	or	CCONJ
ajm-7108	389	29	energy	energy	NOUN
ajm-7108	389	30	purchasing	purchasing	NOUN
ajm-7108	389	31	decisions	decision	NOUN
ajm-7108	389	32	(	(	PUNCT
ajm-7108	389	33	which	which	PRON
ajm-7108	389	34	result	result	VERB
ajm-7108	389	35	in	in	ADP
ajm-7108	389	36	scope	scope	NOUN
ajm-7108	389	37	2	2	NUM
ajm-7108	389	38	emissions	emission	NOUN
ajm-7108	389	39	)	)	PUNCT
ajm-7108	389	40	.	.	PUNCT
ajm-7108	390	1	we	we	PRON
ajm-7108	390	2	add	add	VERB
ajm-7108	390	3	sales	sale	NOUN
ajm-7108	390	4	growth	growth	NOUN
ajm-7108	390	5	as	as	ADP
ajm-7108	390	6	an	an	DET
ajm-7108	390	7	additional	additional	ADJ
ajm-7108	390	8	control	control	NOUN
ajm-7108	390	9	variable	variable	NOUN
ajm-7108	390	10	to	to	PART
ajm-7108	390	11	further	further	ADJ
ajm-7108	390	12	control	control	VERB
ajm-7108	390	13	for	for	ADP
ajm-7108	390	14	firm	firm	ADJ
ajm-7108	390	15	size	size	NOUN
ajm-7108	390	16	.	.	PUNCT
ajm-7108	391	1	tables	table	NOUN
ajm-7108	391	2	14	14	NUM
ajm-7108	391	3	and	and	CCONJ
ajm-7108	391	4	15	15	NUM
ajm-7108	391	5	in	in	ADP
ajm-7108	391	6	the	the	DET
ajm-7108	391	7	appendix	appendix	NOUN
ajm-7108	391	8	demonstrate	demonstrate	VERB
ajm-7108	391	9	that	that	SCONJ
ajm-7108	391	10	the	the	DET
ajm-7108	391	11	results	result	NOUN
ajm-7108	391	12	following	follow	VERB
ajm-7108	391	13	this	this	DET
ajm-7108	391	14	approach	approach	NOUN
ajm-7108	391	15	are	be	AUX
ajm-7108	391	16	consistent	consistent	ADJ
ajm-7108	391	17	with	with	ADP
ajm-7108	391	18	the	the	DET
ajm-7108	391	19	main	main	ADJ
ajm-7108	391	20	analysis	analysis	NOUN
ajm-7108	391	21	and	and	CCONJ
ajm-7108	391	22	suggest	suggest	VERB
ajm-7108	391	23	that	that	SCONJ
ajm-7108	391	24	firms	firm	NOUN
ajm-7108	391	25	that	that	PRON
ajm-7108	391	26	purchase	purchase	VERB
ajm-7108	391	27	carbon	carbon	NOUN
ajm-7108	391	28	offsets	offset	NOUN
ajm-7108	391	29	or	or	CCONJ
ajm-7108	391	30	recs	rec	NOUN
ajm-7108	391	31	continue	continue	VERB
ajm-7108	391	32	to	to	PART
ajm-7108	391	33	pollute	pollute	VERB
ajm-7108	391	34	rather	rather	ADV
ajm-7108	391	35	than	than	ADP
ajm-7108	391	36	decrease	decrease	VERB
ajm-7108	391	37	their	their	PRON
ajm-7108	391	38	ghg	ghg	PROPN
ajm-7108	391	39	emissions	emission	NOUN
ajm-7108	391	40	.	.	PUNCT
ajm-7108	392	1	lastly	lastly	ADV
ajm-7108	392	2	,	,	PUNCT
ajm-7108	392	3	we	we	PRON
ajm-7108	392	4	employ	employ	VERB
ajm-7108	392	5	an	an	DET
ajm-7108	392	6	event	event	NOUN
ajm-7108	392	7	study	study	NOUN
ajm-7108	392	8	model	model	NOUN
ajm-7108	392	9	to	to	PART
ajm-7108	392	10	verify	verify	VERB
ajm-7108	392	11	that	that	SCONJ
ajm-7108	392	12	buyers	buyer	NOUN
ajm-7108	392	13	and	and	CCONJ
ajm-7108	392	14	non	non	NOUN
ajm-7108	392	15	-	-	NOUN
ajm-7108	392	16	buyers	buyer	NOUN
ajm-7108	392	17	of	of	ADP
ajm-7108	392	18	carbon	carbon	NOUN
ajm-7108	392	19	offsets	offset	NOUN
ajm-7108	392	20	or	or	CCONJ
ajm-7108	392	21	recs	rec	NOUN
ajm-7108	392	22	do	do	AUX
ajm-7108	392	23	not	not	PART
ajm-7108	392	24	exhibit	exhibit	VERB
ajm-7108	392	25	significant	significant	ADJ
ajm-7108	392	26	differences	difference	NOUN
ajm-7108	392	27	before	before	ADP
ajm-7108	392	28	acquiring	acquire	VERB
ajm-7108	392	29	these	these	DET
ajm-7108	392	30	instruments	instrument	NOUN
ajm-7108	392	31	.	.	PUNCT
ajm-7108	393	1	our	our	PRON
ajm-7108	393	2	results	result	NOUN
ajm-7108	393	3	confirm	confirm	VERB
ajm-7108	393	4	that	that	SCONJ
ajm-7108	393	5	these	these	DET
ajm-7108	393	6	two	two	NUM
ajm-7108	393	7	groups	group	NOUN
ajm-7108	393	8	of	of	ADP
ajm-7108	393	9	firms	firm	NOUN
ajm-7108	393	10	are	be	AUX
ajm-7108	393	11	not	not	PART
ajm-7108	393	12	significantly	significantly	ADV
ajm-7108	393	13	different	different	ADJ
ajm-7108	393	14	from	from	ADP
ajm-7108	393	15	each	each	DET
ajm-7108	393	16	other	other	ADJ
ajm-7108	393	17	prior	prior	ADV
ajm-7108	393	18	to	to	ADP
ajm-7108	393	19	their	their	PRON
ajm-7108	393	20	first	first	ADJ
ajm-7108	393	21	purchase	purchase	NOUN
ajm-7108	393	22	of	of	ADP
ajm-7108	393	23	a	a	DET
ajm-7108	393	24	carbon	carbon	NOUN
ajm-7108	393	25	offset	offset	NOUN
ajm-7108	393	26	or	or	CCONJ
ajm-7108	393	27	rec	rec	NOUN
ajm-7108	393	28	,	,	PUNCT
ajm-7108	393	29	and	and	CCONJ
ajm-7108	393	30	that	that	SCONJ
ajm-7108	393	31	their	their	PRON
ajm-7108	393	32	financial	financial	ADJ
ajm-7108	393	33	and	and	CCONJ
ajm-7108	393	34	environmental	environmental	ADJ
ajm-7108	393	35	performance	performance	NOUN
ajm-7108	393	36	only	only	ADV
ajm-7108	393	37	diverges	diverge	VERB
ajm-7108	393	38	after	after	SCONJ
ajm-7108	393	39	they	they	PRON
ajm-7108	393	40	have	have	AUX
ajm-7108	393	41	made	make	VERB
ajm-7108	393	42	these	these	DET
ajm-7108	393	43	investments	investment	NOUN
ajm-7108	393	44	.	.	PUNCT
ajm-7108	394	1	these	these	DET
ajm-7108	394	2	results	result	NOUN
ajm-7108	394	3	are	be	AUX
ajm-7108	394	4	available	available	ADJ
ajm-7108	394	5	upon	upon	SCONJ
ajm-7108	394	6	request	request	NOUN
ajm-7108	394	7	.	.	PUNCT
ajm-7108	395	1	conclusion	conclusion	NOUN
ajm-7108	395	2	as	as	ADP
ajm-7108	395	3	carbon	carbon	NOUN
ajm-7108	395	4	offset	offset	NOUN
ajm-7108	395	5	and	and	CCONJ
ajm-7108	395	6	rec	rec	NOUN
ajm-7108	395	7	markets	market	NOUN
ajm-7108	395	8	continue	continue	VERB
ajm-7108	395	9	to	to	PART
ajm-7108	395	10	grow	grow	VERB
ajm-7108	395	11	,	,	PUNCT
ajm-7108	395	12	it	it	PRON
ajm-7108	395	13	is	be	AUX
ajm-7108	395	14	essential	essential	ADJ
ajm-7108	395	15	to	to	PART
ajm-7108	395	16	understand	understand	VERB
ajm-7108	395	17	the	the	DET
ajm-7108	395	18	internal	internal	ADJ
ajm-7108	395	19	governance	governance	NOUN
ajm-7108	395	20	characteristics	characteristic	NOUN
ajm-7108	395	21	of	of	ADP
ajm-7108	395	22	companies	company	NOUN
ajm-7108	395	23	purchasing	purchase	VERB
ajm-7108	395	24	these	these	DET
ajm-7108	395	25	instruments	instrument	NOUN
ajm-7108	395	26	and	and	CCONJ
ajm-7108	395	27	the	the	DET
ajm-7108	395	28	effects	effect	NOUN
ajm-7108	395	29	of	of	ADP
ajm-7108	395	30	these	these	DET
ajm-7108	395	31	purchases	purchase	NOUN
ajm-7108	395	32	on	on	ADP
ajm-7108	395	33	firm	firm	ADJ
ajm-7108	395	34	-	-	PUNCT
ajm-7108	395	35	level	level	NOUN
ajm-7108	395	36	outcomes	outcome	NOUN
ajm-7108	395	37	.	.	PUNCT
ajm-7108	396	1	this	this	DET
ajm-7108	396	2	paper	paper	NOUN
ajm-7108	396	3	aims	aim	VERB
ajm-7108	396	4	to	to	PART
ajm-7108	396	5	fill	fill	VERB
ajm-7108	396	6	this	this	DET
ajm-7108	396	7	gap	gap	NOUN
ajm-7108	396	8	by	by	ADP
ajm-7108	396	9	examining	examine	VERB
ajm-7108	396	10	how	how	SCONJ
ajm-7108	396	11	board	board	NOUN
ajm-7108	396	12	gender	gender	NOUN
ajm-7108	396	13	diversity	diversity	NOUN
ajm-7108	396	14	affects	affect	VERB
ajm-7108	396	15	firms	firm	NOUN
ajm-7108	396	16	’	'	PUNCT
ajm-7108	396	17	investment	investment	NOUN
ajm-7108	396	18	in	in	ADP
ajm-7108	396	19	carbon	carbon	NOUN
ajm-7108	396	20	offsets	offset	NOUN
ajm-7108	396	21	and	and	CCONJ
ajm-7108	396	22	recs	rec	NOUN
ajm-7108	396	23	and	and	CCONJ
ajm-7108	396	24	how	how	SCONJ
ajm-7108	396	25	these	these	DET
ajm-7108	396	26	instruments	instrument	NOUN
ajm-7108	396	27	impact	impact	NOUN
ajm-7108	396	28	firms	firm	NOUN
ajm-7108	396	29	’	'	PUNCT
ajm-7108	396	30	financial	financial	ADJ
ajm-7108	396	31	and	and	CCONJ
ajm-7108	396	32	environmental	environmental	ADJ
ajm-7108	396	33	performance	performance	NOUN
ajm-7108	396	34	in	in	ADP
ajm-7108	396	35	developed	develop	VERB
ajm-7108	396	36	-	-	PUNCT
ajm-7108	396	37	country	country	NOUN
ajm-7108	396	38	markets	market	NOUN
ajm-7108	396	39	.	.	PUNCT
ajm-7108	397	1	this	this	DET
ajm-7108	397	2	paper	paper	NOUN
ajm-7108	397	3	contributes	contribute	VERB
ajm-7108	397	4	to	to	ADP
ajm-7108	397	5	the	the	DET
ajm-7108	397	6	growing	grow	VERB
ajm-7108	397	7	literature	literature	NOUN
ajm-7108	397	8	on	on	ADP
ajm-7108	397	9	climate	climate	NOUN
ajm-7108	397	10	change	change	NOUN
ajm-7108	397	11	and	and	CCONJ
ajm-7108	397	12	ghg	ghg	PROPN
ajm-7108	397	13	emissions	emission	NOUN
ajm-7108	397	14	reduction	reduction	NOUN
ajm-7108	397	15	efforts	effort	NOUN
ajm-7108	397	16	in	in	ADP
ajm-7108	397	17	the	the	DET
ajm-7108	397	18	following	following	ADJ
ajm-7108	397	19	ways	way	NOUN
ajm-7108	397	20	.	.	PUNCT
ajm-7108	398	1	first	first	ADV
ajm-7108	398	2	,	,	PUNCT
ajm-7108	398	3	this	this	DET
ajm-7108	398	4	study	study	NOUN
ajm-7108	398	5	employs	employ	VERB
ajm-7108	398	6	a	a	DET
ajm-7108	398	7	novel	novel	ADJ
ajm-7108	398	8	approach	approach	NOUN
ajm-7108	398	9	by	by	ADP
ajm-7108	398	10	analyzing	analyze	VERB
ajm-7108	398	11	the	the	DET
ajm-7108	398	12	relationship	relationship	NOUN
ajm-7108	398	13	between	between	ADP
ajm-7108	398	14	the	the	DET
ajm-7108	398	15	quantity	quantity	NOUN
ajm-7108	398	16	of	of	ADP
ajm-7108	398	17	carbon	carbon	NOUN
ajm-7108	398	18	offsets	offset	NOUN
ajm-7108	398	19	or	or	CCONJ
ajm-7108	398	20	recs	rec	NOUN
ajm-7108	398	21	purchased	purchase	VERB
ajm-7108	398	22	and	and	CCONJ
ajm-7108	398	23	firms	firm	NOUN
ajm-7108	398	24	’	'	PUNCT
ajm-7108	398	25	environmental	environmental	ADJ
ajm-7108	398	26	and	and	CCONJ
ajm-7108	398	27	financial	financial	ADJ
ajm-7108	398	28	performance	performance	NOUN
ajm-7108	398	29	.	.	PUNCT
ajm-7108	399	1	our	our	PRON
ajm-7108	399	2	paper	paper	NOUN
ajm-7108	399	3	also	also	ADV
ajm-7108	399	4	expands	expand	VERB
ajm-7108	399	5	upon	upon	SCONJ
ajm-7108	399	6	the	the	DET
ajm-7108	399	7	narrow	narrow	ADJ
ajm-7108	399	8	single	single	ADJ
ajm-7108	399	9	-	-	PUNCT
ajm-7108	399	10	country	country	NOUN
ajm-7108	399	11	focus	focus	NOUN
ajm-7108	399	12	of	of	ADP
ajm-7108	399	13	previous	previous	ADJ
ajm-7108	399	14	research	research	NOUN
ajm-7108	399	15	by	by	ADP
ajm-7108	399	16	examining	examine	VERB
ajm-7108	399	17	a	a	DET
ajm-7108	399	18	multi	multi	ADJ
ajm-7108	399	19	-	-	ADJ
ajm-7108	399	20	country	country	ADJ
ajm-7108	399	21	dataset	dataset	NOUN
ajm-7108	399	22	comprised	comprise	VERB
ajm-7108	399	23	of	of	ADP
ajm-7108	399	24	over	over	ADP
ajm-7108	399	25	fifteen	fifteen	NUM
ajm-7108	399	26	countries	country	NOUN
ajm-7108	399	27	across	across	ADP
ajm-7108	399	28	europe	europe	PROPN
ajm-7108	399	29	and	and	CCONJ
ajm-7108	399	30	north	north	PROPN
ajm-7108	399	31	america	america	PROPN
ajm-7108	399	32	.	.	PUNCT
ajm-7108	400	1	this	this	DET
ajm-7108	400	2	paper	paper	NOUN
ajm-7108	400	3	also	also	ADV
ajm-7108	400	4	uses	use	VERB
ajm-7108	400	5	detailed	detailed	ADJ
ajm-7108	400	6	firm	firm	ADJ
ajm-7108	400	7	-	-	PUNCT
ajm-7108	400	8	level	level	NOUN
ajm-7108	400	9	emissions	emission	NOUN
ajm-7108	400	10	data	datum	NOUN
ajm-7108	400	11	(	(	PUNCT
ajm-7108	400	12	including	include	VERB
ajm-7108	400	13	ghg	ghg	PROPN
ajm-7108	400	14	scope	scope	NOUN
ajm-7108	400	15	1	1	NUM
ajm-7108	400	16	,	,	PUNCT
ajm-7108	400	17	ghg	ghg	PROPN
ajm-7108	400	18	scope	scope	NOUN
ajm-7108	400	19	2	2	NUM
ajm-7108	400	20	market	market	NOUN
ajm-7108	400	21	,	,	PUNCT
ajm-7108	400	22	and	and	CCONJ
ajm-7108	400	23	total	total	ADJ
ajm-7108	400	24	ghg	ghg	PROPN
ajm-7108	400	25	market	market	PROPN
ajm-7108	400	26	emissions),19	emissions),19	PROPN
ajm-7108	400	27	unlike	unlike	ADP
ajm-7108	400	28	previous	previous	ADJ
ajm-7108	400	29	studies	study	NOUN
ajm-7108	400	30	that	that	PRON
ajm-7108	400	31	relied	rely	VERB
ajm-7108	400	32	on	on	ADP
ajm-7108	400	33	carbon	carbon	NOUN
ajm-7108	400	34	emission	emission	NOUN
ajm-7108	400	35	disclosures	disclosure	NOUN
ajm-7108	400	36	or	or	CCONJ
ajm-7108	400	37	other	other	ADJ
ajm-7108	400	38	carbon	carbon	NOUN
ajm-7108	400	39	performance	performance	NOUN
ajm-7108	400	40	indicators	indicator	NOUN
ajm-7108	400	41	.	.	PUNCT
ajm-7108	401	1	combined	combine	VERB
ajm-7108	401	2	with	with	ADP
ajm-7108	401	3	a	a	DET
ajm-7108	401	4	psm	psm	NOUN
ajm-7108	401	5	approach	approach	NOUN
ajm-7108	401	6	to	to	PART
ajm-7108	401	7	deal	deal	VERB
ajm-7108	401	8	with	with	ADP
ajm-7108	401	9	concerns	concern	NOUN
ajm-7108	401	10	on	on	ADP
ajm-7108	401	11	potential	potential	ADJ
ajm-7108	401	12	selection	selection	NOUN
ajm-7108	401	13	bias	bias	NOUN
ajm-7108	401	14	,	,	PUNCT
ajm-7108	401	15	this	this	DET
ajm-7108	401	16	study	study	NOUN
ajm-7108	401	17	can	can	AUX
ajm-7108	401	18	more	more	ADV
ajm-7108	401	19	clearly	clearly	ADV
ajm-7108	401	20	examine	examine	VERB
ajm-7108	401	21	the	the	DET
ajm-7108	401	22	effectiveness	effectiveness	NOUN
ajm-7108	401	23	of	of	ADP
ajm-7108	401	24	using	use	VERB
ajm-7108	401	25	carbon	carbon	NOUN
ajm-7108	401	26	offsets	offset	NOUN
ajm-7108	401	27	or	or	CCONJ
ajm-7108	401	28	recs	rec	NOUN
ajm-7108	401	29	in	in	ADP
ajm-7108	401	30	mitigating	mitigate	VERB
ajm-7108	401	31	firms	firm	NOUN
ajm-7108	401	32	’	'	PUNCT
ajm-7108	401	33	indirect	indirect	ADJ
ajm-7108	401	34	or	or	CCONJ
ajm-7108	401	35	direct	direct	ADJ
ajm-7108	401	36	ghg	ghg	PROPN
ajm-7108	401	37	emissions	emission	NOUN
ajm-7108	401	38	and	and	CCONJ
ajm-7108	401	39	achieving	achieve	VERB
ajm-7108	401	40	their	their	PRON
ajm-7108	401	41	sustainability	sustainability	NOUN
ajm-7108	401	42	goals	goal	NOUN
ajm-7108	401	43	.	.	PUNCT
ajm-7108	402	1	as	as	ADP
ajm-7108	402	2	an	an	DET
ajm-7108	402	3	additional	additional	ADJ
ajm-7108	402	4	test	test	NOUN
ajm-7108	402	5	,	,	PUNCT
ajm-7108	402	6	this	this	DET
ajm-7108	402	7	paper	paper	NOUN
ajm-7108	402	8	employs	employ	VERB
ajm-7108	402	9	firms	firm	NOUN
ajm-7108	402	10	’	’	PART
ajm-7108	402	11	marketing	marketing	NOUN
ajm-7108	402	12	expense	expense	NOUN
ajm-7108	402	13	as	as	ADP
ajm-7108	402	14	an	an	DET
ajm-7108	402	15	instrumental	instrumental	ADJ
ajm-7108	402	16	variable	variable	NOUN
ajm-7108	402	17	to	to	PART
ajm-7108	402	18	estimate	estimate	VERB
ajm-7108	402	19	the	the	DET
ajm-7108	402	20	effects	effect	NOUN
ajm-7108	402	21	of	of	ADP
ajm-7108	402	22	purchasing	purchase	VERB
ajm-7108	402	23	carbon	carbon	NOUN
ajm-7108	402	24	offsets	offset	NOUN
ajm-7108	402	25	or	or	CCONJ
ajm-7108	402	26	recs	rec	NOUN
ajm-7108	402	27	on	on	ADP
ajm-7108	402	28	their	their	PRON
ajm-7108	402	29	ghg	ghg	PROPN
ajm-7108	402	30	emissions	emission	NOUN
ajm-7108	402	31	.	.	PUNCT
ajm-7108	403	1	the	the	DET
ajm-7108	403	2	results	result	NOUN
ajm-7108	403	3	from	from	ADP
ajm-7108	403	4	using	use	VERB
ajm-7108	403	5	this	this	DET
ajm-7108	403	6	approach	approach	NOUN
ajm-7108	403	7	are	be	AUX
ajm-7108	403	8	consistent	consistent	ADJ
ajm-7108	403	9	with	with	ADP
ajm-7108	403	10	our	our	PRON
ajm-7108	403	11	main	main	ADJ
ajm-7108	403	12	findings	finding	NOUN
ajm-7108	403	13	.	.	PUNCT
ajm-7108	404	1	second	second	ADJ
ajm-7108	404	2	,	,	PUNCT
ajm-7108	404	3	our	our	PRON
ajm-7108	404	4	findings	finding	NOUN
ajm-7108	404	5	shed	shed	VERB
ajm-7108	404	6	light	light	NOUN
ajm-7108	404	7	on	on	ADP
ajm-7108	404	8	corporate	corporate	ADJ
ajm-7108	404	9	greenwashing	greenwashing	NOUN
ajm-7108	404	10	behavior	behavior	NOUN
ajm-7108	404	11	by	by	ADP
ajm-7108	404	12	demonstrating	demonstrate	VERB
ajm-7108	404	13	that	that	SCONJ
ajm-7108	404	14	firms	firm	NOUN
ajm-7108	404	15	that	that	PRON
ajm-7108	404	16	purchase	purchase	VERB
ajm-7108	404	17	carbon	carbon	NOUN
ajm-7108	404	18	offsets	offset	NOUN
ajm-7108	404	19	or	or	CCONJ
ajm-7108	404	20	recs	rec	NOUN
ajm-7108	404	21	receive	receive	VERB
ajm-7108	404	22	higher	high	ADJ
ajm-7108	404	23	environmental	environmental	ADJ
ajm-7108	404	24	scores	score	NOUN
ajm-7108	404	25	,	,	PUNCT
ajm-7108	404	26	but	but	CCONJ
ajm-7108	404	27	also	also	ADV
ajm-7108	404	28	have	have	VERB
ajm-7108	404	29	higher	high	ADJ
ajm-7108	404	30	ghg	ghg	PROPN
ajm-7108	404	31	emissions	emission	NOUN
ajm-7108	404	32	.	.	PUNCT
ajm-7108	405	1	additionally	additionally	ADV
ajm-7108	405	2	,	,	PUNCT
ajm-7108	405	3	our	our	PRON
ajm-7108	405	4	findings	finding	NOUN
ajm-7108	405	5	point	point	VERB
ajm-7108	405	6	out	out	ADP
ajm-7108	405	7	that	that	SCONJ
ajm-7108	405	8	while	while	SCONJ
ajm-7108	405	9	purchasing	purchase	VERB
ajm-7108	405	10	recs	rec	NOUN
ajm-7108	405	11	may	may	AUX
ajm-7108	405	12	not	not	PART
ajm-7108	405	13	reduce	reduce	VERB
ajm-7108	405	14	firms	firm	NOUN
ajm-7108	405	15	’	'	PUNCT
ajm-7108	405	16	ghg	ghg	PROPN
ajm-7108	405	17	emissions	emission	NOUN
ajm-7108	405	18	,	,	PUNCT
ajm-7108	405	19	they	they	PRON
ajm-7108	405	20	are	be	AUX
ajm-7108	405	21	more	more	ADV
ajm-7108	405	22	effective	effective	ADJ
ajm-7108	405	23	in	in	ADP
ajm-7108	405	24	increasing	increase	VERB
ajm-7108	405	25	a	a	DET
ajm-7108	405	26	firm	firm	NOUN
ajm-7108	405	27	’s	’s	PART
ajm-7108	405	28	usage	usage	NOUN
ajm-7108	405	29	of	of	ADP
ajm-7108	405	30	renewable	renewable	ADJ
ajm-7108	405	31	energy	energy	NOUN
ajm-7108	405	32	.	.	PUNCT
ajm-7108	406	1	these	these	DET
ajm-7108	406	2	findings	finding	NOUN
ajm-7108	406	3	are	be	AUX
ajm-7108	406	4	relevant	relevant	ADJ
ajm-7108	406	5	and	and	CCONJ
ajm-7108	406	6	timely	timely	ADV
ajm-7108	406	7	given	give	VERB
ajm-7108	406	8	that	that	DET
ajm-7108	406	9	demand	demand	NOUN
ajm-7108	406	10	for	for	ADP
ajm-7108	406	11	carbon	carbon	NOUN
ajm-7108	406	12	offsets	offset	NOUN
ajm-7108	406	13	and	and	CCONJ
ajm-7108	406	14	recs	rec	NOUN
ajm-7108	406	15	has	have	AUX
ajm-7108	406	16	rapidly	rapidly	ADV
ajm-7108	406	17	grown	grow	VERB
ajm-7108	406	18	,	,	PUNCT
ajm-7108	406	19	particularly	particularly	ADV
ajm-7108	406	20	from	from	ADP
ajm-7108	406	21	developedmarket	developedmarket	NOUN
ajm-7108	406	22	firms	firm	NOUN
ajm-7108	406	23	in	in	ADP
ajm-7108	406	24	carbon	carbon	NOUN
ajm-7108	406	25	-	-	PUNCT
ajm-7108	406	26	intensive	intensive	ADJ
ajm-7108	406	27	industries	industry	NOUN
ajm-7108	406	28	.	.	PUNCT
ajm-7108	407	1	third	third	ADJ
ajm-7108	407	2	,	,	PUNCT
ajm-7108	407	3	this	this	DET
ajm-7108	407	4	paper	paper	NOUN
ajm-7108	407	5	offers	offer	VERB
ajm-7108	407	6	new	new	ADJ
ajm-7108	407	7	insights	insight	NOUN
ajm-7108	407	8	into	into	ADP
ajm-7108	407	9	the	the	DET
ajm-7108	407	10	relationship	relationship	NOUN
ajm-7108	407	11	between	between	ADP
ajm-7108	407	12	carbon	carbon	NOUN
ajm-7108	407	13	offset	offset	NOUN
ajm-7108	407	14	or	or	CCONJ
ajm-7108	407	15	rec	rec	NOUN
ajm-7108	407	16	purchases	purchase	NOUN
ajm-7108	407	17	and	and	CCONJ
ajm-7108	407	18	firms	firm	NOUN
ajm-7108	407	19	’	'	PUNCT
ajm-7108	407	20	financial	financial	ADJ
ajm-7108	407	21	performance	performance	NOUN
ajm-7108	407	22	,	,	PUNCT
ajm-7108	407	23	highlighting	highlight	VERB
ajm-7108	407	24	how	how	SCONJ
ajm-7108	407	25	stakeholders	stakeholder	NOUN
ajm-7108	407	26	have	have	AUX
ajm-7108	407	27	diverging	diverge	VERB
ajm-7108	407	28	views	view	NOUN
ajm-7108	407	29	on	on	ADP
ajm-7108	407	30	the	the	DET
ajm-7108	407	31	benefits	benefit	NOUN
ajm-7108	407	32	of	of	ADP
ajm-7108	407	33	these	these	DET
ajm-7108	407	34	purchases	purchase	NOUN
ajm-7108	407	35	.	.	PUNCT
ajm-7108	408	1	while	while	SCONJ
ajm-7108	408	2	carbon	carbon	NOUN
ajm-7108	408	3	offsets	offset	NOUN
ajm-7108	408	4	and	and	CCONJ
ajm-7108	408	5	recs	rec	NOUN
ajm-7108	408	6	may	may	AUX
ajm-7108	408	7	be	be	AUX
ajm-7108	408	8	a	a	DET
ajm-7108	408	9	useful	useful	ADJ
ajm-7108	408	10	tool	tool	NOUN
ajm-7108	408	11	to	to	PART
ajm-7108	408	12	boost	boost	VERB
ajm-7108	408	13	esg	esg	NOUN
ajm-7108	408	14	ratings	rating	NOUN
ajm-7108	408	15	and	and	CCONJ
ajm-7108	408	16	financial	financial	ADJ
ajm-7108	408	17	performance	performance	NOUN
ajm-7108	408	18	in	in	ADP
ajm-7108	408	19	the	the	DET
ajm-7108	408	20	short	short	ADJ
ajm-7108	408	21	term	term	NOUN
ajm-7108	408	22	,	,	PUNCT
ajm-7108	408	23	our	our	PRON
ajm-7108	408	24	findings	finding	NOUN
ajm-7108	408	25	suggest	suggest	VERB
ajm-7108	408	26	that	that	SCONJ
ajm-7108	408	27	firms	firm	NOUN
ajm-7108	408	28	may	may	AUX
ajm-7108	408	29	have	have	VERB
ajm-7108	408	30	less	less	ADJ
ajm-7108	408	31	financial	financial	ADJ
ajm-7108	408	32	incentive	incentive	NOUN
ajm-7108	408	33	in	in	ADP
ajm-7108	408	34	the	the	DET
ajm-7108	408	35	longterm	longterm	NOUN
ajm-7108	408	36	to	to	PART
ajm-7108	408	37	use	use	VERB
ajm-7108	408	38	such	such	ADJ
ajm-7108	408	39	tools	tool	NOUN
ajm-7108	408	40	to	to	PART
ajm-7108	408	41	manage	manage	VERB
ajm-7108	408	42	their	their	PRON
ajm-7108	408	43	ghg	ghg	PROPN
ajm-7108	408	44	emissions	emission	NOUN
ajm-7108	408	45	and	and	CCONJ
ajm-7108	408	46	renewable	renewable	ADJ
ajm-7108	408	47	energy	energy	NOUN
ajm-7108	408	48	consumption	consumption	NOUN
ajm-7108	408	49	.	.	PUNCT
ajm-7108	409	1	lastly	lastly	ADV
ajm-7108	409	2	,	,	PUNCT
ajm-7108	409	3	this	this	DET
ajm-7108	409	4	paper	paper	NOUN
ajm-7108	409	5	’s	’s	PART
ajm-7108	409	6	findings	finding	NOUN
ajm-7108	409	7	contribute	contribute	VERB
ajm-7108	409	8	to	to	ADP
ajm-7108	409	9	the	the	DET
ajm-7108	409	10	literature	literature	NOUN
ajm-7108	409	11	on	on	ADP
ajm-7108	409	12	internal	internal	ADJ
ajm-7108	409	13	corporate	corporate	ADJ
ajm-7108	409	14	governance	governance	NOUN
ajm-7108	409	15	by	by	ADP
ajm-7108	409	16	demonstrating	demonstrate	VERB
ajm-7108	409	17	that	that	SCONJ
ajm-7108	409	18	gender	gender	NOUN
ajm-7108	409	19	board	board	NOUN
ajm-7108	409	20	diversity	diversity	NOUN
ajm-7108	409	21	alone	alone	ADV
ajm-7108	409	22	does	do	AUX
ajm-7108	409	23	not	not	PART
ajm-7108	409	24	necessarily	necessarily	ADV
ajm-7108	409	25	indicate	indicate	VERB
ajm-7108	409	26	a	a	DET
ajm-7108	409	27	stronger	strong	ADJ
ajm-7108	409	28	inclination	inclination	NOUN
ajm-7108	409	29	towards	towards	ADP
ajm-7108	409	30	environmental	environmental	ADJ
ajm-7108	409	31	initiatives	initiative	NOUN
ajm-7108	409	32	such	such	ADJ
ajm-7108	409	33	as	as	ADP
ajm-7108	409	34	carbon	carbon	NOUN
ajm-7108	409	35	offsetting	offsetting	NOUN
ajm-7108	409	36	and	and	CCONJ
ajm-7108	409	37	investment	investment	NOUN
ajm-7108	409	38	in	in	ADP
ajm-7108	409	39	green	green	ADJ
ajm-7108	409	40	energy	energy	NOUN
ajm-7108	409	41	.	.	PUNCT
ajm-7108	410	1	we	we	PRON
ajm-7108	410	2	also	also	ADV
ajm-7108	410	3	refine	refine	VERB
ajm-7108	410	4	the	the	DET
ajm-7108	410	5	existing	exist	VERB
ajm-7108	410	6	methodology	methodology	NOUN
ajm-7108	410	7	by	by	ADP
ajm-7108	410	8	following	follow	VERB
ajm-7108	410	9	an	an	DET
ajm-7108	410	10	instrumental	instrumental	ADJ
ajm-7108	410	11	variable	variable	ADJ
ajm-7108	410	12	approach	approach	NOUN
ajm-7108	410	13	that	that	PRON
ajm-7108	410	14	deals	deal	VERB
ajm-7108	410	15	with	with	ADP
ajm-7108	410	16	potential	potential	ADJ
ajm-7108	410	17	endogeneity	endogeneity	NOUN
ajm-7108	410	18	in	in	ADP
ajm-7108	410	19	the	the	DET
ajm-7108	410	20	variable	variable	NOUN
ajm-7108	410	21	for	for	ADP
ajm-7108	410	22	the	the	DET
ajm-7108	410	23	percentage	percentage	NOUN
ajm-7108	410	24	of	of	ADP
ajm-7108	410	25	women	woman	NOUN
ajm-7108	410	26	on	on	ADP
ajm-7108	410	27	the	the	DET
ajm-7108	410	28	board	board	NOUN
ajm-7108	410	29	.	.	PUNCT
ajm-7108	411	1	overall	overall	ADV
ajm-7108	411	2	,	,	PUNCT
ajm-7108	411	3	this	this	DET
ajm-7108	411	4	paper	paper	NOUN
ajm-7108	411	5	’s	’s	PART
ajm-7108	411	6	findings	finding	NOUN
ajm-7108	411	7	may	may	AUX
ajm-7108	411	8	have	have	VERB
ajm-7108	411	9	important	important	ADJ
ajm-7108	411	10	implications	implication	NOUN
ajm-7108	411	11	for	for	ADP
ajm-7108	411	12	policymakers	policymaker	NOUN
ajm-7108	411	13	,	,	PUNCT
ajm-7108	411	14	businesses	business	NOUN
ajm-7108	411	15	,	,	PUNCT
ajm-7108	411	16	and	and	CCONJ
ajm-7108	411	17	other	other	ADJ
ajm-7108	411	18	stakeholders	stakeholder	NOUN
ajm-7108	411	19	in	in	ADP
ajm-7108	411	20	understanding	understand	VERB
ajm-7108	411	21	the	the	DET
ajm-7108	411	22	potential	potential	ADJ
ajm-7108	411	23	benefits	benefit	NOUN
ajm-7108	411	24	of	of	ADP
ajm-7108	411	25	investing	invest	VERB
ajm-7108	411	26	in	in	ADP
ajm-7108	411	27	carbon	carbon	NOUN
ajm-7108	411	28	offsets	offset	NOUN
ajm-7108	411	29	and	and	CCONJ
ajm-7108	411	30	recs	rec	NOUN
ajm-7108	411	31	.	.	PUNCT
ajm-7108	412	1	by	by	ADP
ajm-7108	412	2	comprehending	comprehend	VERB
ajm-7108	412	3	these	these	DET
ajm-7108	412	4	dynamics	dynamic	NOUN
ajm-7108	412	5	,	,	PUNCT
ajm-7108	412	6	firms	firm	NOUN
ajm-7108	412	7	can	can	AUX
ajm-7108	412	8	also	also	ADV
ajm-7108	412	9	make	make	VERB
ajm-7108	412	10	better	well	ADJ
ajm-7108	412	11	decisions	decision	NOUN
ajm-7108	412	12	toward	toward	ADP
ajm-7108	412	13	reducing	reduce	VERB
ajm-7108	412	14	their	their	PRON
ajm-7108	412	15	carbon	carbon	NOUN
ajm-7108	412	16	footprint	footprint	NOUN
ajm-7108	412	17	and	and	CCONJ
ajm-7108	412	18	achieving	achieve	VERB
ajm-7108	412	19	their	their	PRON
ajm-7108	412	20	environmental	environmental	ADJ
ajm-7108	412	21	targets	target	NOUN
ajm-7108	412	22	.	.	PUNCT
ajm-7108	413	1	36	36	NUM
ajm-7108	413	2	american	american	ADJ
ajm-7108	413	3	journal	journal	PROPN
ajm-7108	413	4	of	of	ADP
ajm-7108	413	5	management	management	NOUN
ajm-7108	413	6	vol	vol	NOUN
ajm-7108	413	7	.	.	PUNCT
ajm-7108	414	1	24(2	24(2	NUM
ajm-7108	414	2	)	)	PUNCT
ajm-7108	414	3	2024	2024	NUM
ajm-7108	414	4	endnotes	endnote	NOUN
ajm-7108	414	5	1	1	NUM
ajm-7108	414	6	.	.	PUNCT
ajm-7108	415	1	ghg	ghg	PROPN
ajm-7108	415	2	emissions	emissions	PROPN
ajm-7108	415	3	comprise	comprise	VERB
ajm-7108	415	4	of	of	ADP
ajm-7108	415	5	co2	co2	NOUN
ajm-7108	415	6	and	and	CCONJ
ajm-7108	415	7	co2	co2	NOUN
ajm-7108	415	8	-	-	PUNCT
ajm-7108	415	9	equivalent	equivalent	ADJ
ajm-7108	415	10	emissions	emission	NOUN
ajm-7108	415	11	that	that	PRON
ajm-7108	415	12	are	be	AUX
ajm-7108	415	13	typically	typically	ADV
ajm-7108	415	14	classified	classify	VERB
ajm-7108	415	15	in	in	ADP
ajm-7108	415	16	three	three	NUM
ajm-7108	415	17	categories	category	NOUN
ajm-7108	415	18	:	:	PUNCT
ajm-7108	415	19	scope	scope	NOUN
ajm-7108	415	20	1	1	NUM
ajm-7108	415	21	,	,	PUNCT
ajm-7108	415	22	scope	scope	NOUN
ajm-7108	415	23	2	2	NUM
ajm-7108	415	24	,	,	PUNCT
ajm-7108	415	25	and	and	CCONJ
ajm-7108	415	26	scope	scope	VERB
ajm-7108	415	27	3	3	NUM
ajm-7108	415	28	emissions	emission	NOUN
ajm-7108	415	29	.	.	PUNCT
ajm-7108	416	1	scope	scope	NOUN
ajm-7108	416	2	1	1	NUM
ajm-7108	416	3	emissions	emission	NOUN
ajm-7108	416	4	include	include	VERB
ajm-7108	416	5	direct	direct	ADJ
ajm-7108	416	6	emissions	emission	NOUN
ajm-7108	416	7	from	from	ADP
ajm-7108	416	8	sources	source	NOUN
ajm-7108	416	9	that	that	PRON
ajm-7108	416	10	are	be	AUX
ajm-7108	416	11	owned	own	VERB
ajm-7108	416	12	or	or	CCONJ
ajm-7108	416	13	controlled	control	VERB
ajm-7108	416	14	by	by	ADP
ajm-7108	416	15	a	a	DET
ajm-7108	416	16	firm	firm	NOUN
ajm-7108	416	17	(	(	PUNCT
ajm-7108	416	18	e.g.	e.g.	ADV
ajm-7108	416	19	,	,	PUNCT
ajm-7108	416	20	vehicles	vehicle	NOUN
ajm-7108	416	21	,	,	PUNCT
ajm-7108	416	22	equipment	equipment	NOUN
ajm-7108	416	23	,	,	PUNCT
ajm-7108	416	24	power	power	NOUN
ajm-7108	416	25	plants	plant	NOUN
ajm-7108	416	26	,	,	PUNCT
ajm-7108	416	27	landfills	landfill	NOUN
ajm-7108	416	28	,	,	PUNCT
ajm-7108	416	29	wastewater	wastewater	NOUN
ajm-7108	416	30	treatment	treatment	NOUN
ajm-7108	416	31	,	,	PUNCT
ajm-7108	416	32	etc	etc	X
ajm-7108	416	33	.	.	X
ajm-7108	416	34	)	)	PUNCT
ajm-7108	416	35	.	.	PUNCT
ajm-7108	417	1	scope	scope	NOUN
ajm-7108	417	2	2	2	NUM
ajm-7108	417	3	emissions	emission	NOUN
ajm-7108	417	4	refer	refer	VERB
ajm-7108	417	5	to	to	ADP
ajm-7108	417	6	indirect	indirect	ADJ
ajm-7108	417	7	emissions	emission	NOUN
ajm-7108	417	8	that	that	PRON
ajm-7108	417	9	result	result	VERB
ajm-7108	417	10	from	from	ADP
ajm-7108	417	11	the	the	DET
ajm-7108	417	12	generation	generation	NOUN
ajm-7108	417	13	of	of	ADP
ajm-7108	417	14	electricity	electricity	NOUN
ajm-7108	417	15	,	,	PUNCT
ajm-7108	417	16	heat	heat	NOUN
ajm-7108	417	17	,	,	PUNCT
ajm-7108	417	18	or	or	CCONJ
ajm-7108	417	19	steam	steam	NOUN
ajm-7108	417	20	purchased	purchase	VERB
ajm-7108	417	21	by	by	ADP
ajm-7108	417	22	a	a	DET
ajm-7108	417	23	firm	firm	NOUN
ajm-7108	417	24	,	,	PUNCT
ajm-7108	417	25	but	but	CCONJ
ajm-7108	417	26	not	not	PART
ajm-7108	417	27	produced	produce	VERB
ajm-7108	417	28	directly	directly	ADV
ajm-7108	417	29	by	by	ADP
ajm-7108	417	30	the	the	DET
ajm-7108	417	31	firm	firm	NOUN
ajm-7108	417	32	.	.	PUNCT
ajm-7108	418	1	these	these	DET
ajm-7108	418	2	emissions	emission	NOUN
ajm-7108	418	3	are	be	AUX
ajm-7108	418	4	associated	associate	VERB
ajm-7108	418	5	with	with	ADP
ajm-7108	418	6	the	the	DET
ajm-7108	418	7	company	company	NOUN
ajm-7108	418	8	’s	’s	PART
ajm-7108	418	9	energy	energy	NOUN
ajm-7108	418	10	consumption	consumption	NOUN
ajm-7108	418	11	and	and	CCONJ
ajm-7108	418	12	can	can	AUX
ajm-7108	418	13	include	include	VERB
ajm-7108	418	14	purchased	purchase	VERB
ajm-7108	418	15	electricity	electricity	NOUN
ajm-7108	418	16	,	,	PUNCT
ajm-7108	418	17	heating	heating	NOUN
ajm-7108	418	18	and	and	CCONJ
ajm-7108	418	19	cooling	cooling	NOUN
ajm-7108	418	20	,	,	PUNCT
ajm-7108	418	21	and	and	CCONJ
ajm-7108	418	22	steam	steam	NOUN
ajm-7108	418	23	generation	generation	NOUN
ajm-7108	418	24	.	.	PUNCT
ajm-7108	419	1	lastly	lastly	ADV
ajm-7108	419	2	,	,	PUNCT
ajm-7108	419	3	scope	scope	NOUN
ajm-7108	419	4	3	3	NUM
ajm-7108	419	5	emissions	emission	NOUN
ajm-7108	419	6	include	include	VERB
ajm-7108	419	7	all	all	DET
ajm-7108	419	8	other	other	ADJ
ajm-7108	419	9	indirect	indirect	ADJ
ajm-7108	419	10	emissions	emission	NOUN
ajm-7108	419	11	that	that	PRON
ajm-7108	419	12	occur	occur	VERB
ajm-7108	419	13	due	due	ADP
ajm-7108	419	14	to	to	ADP
ajm-7108	419	15	the	the	DET
ajm-7108	419	16	company	company	NOUN
ajm-7108	419	17	’s	’s	PART
ajm-7108	419	18	value	value	NOUN
ajm-7108	419	19	chain	chain	NOUN
ajm-7108	419	20	and	and	CCONJ
ajm-7108	419	21	activities	activity	NOUN
ajm-7108	419	22	but	but	CCONJ
ajm-7108	419	23	are	be	AUX
ajm-7108	419	24	not	not	PART
ajm-7108	419	25	owned	own	VERB
ajm-7108	419	26	or	or	CCONJ
ajm-7108	419	27	directly	directly	ADV
ajm-7108	419	28	controlled	control	VERB
ajm-7108	419	29	by	by	ADP
ajm-7108	419	30	the	the	DET
ajm-7108	419	31	company	company	NOUN
ajm-7108	419	32	(	(	PUNCT
ajm-7108	419	33	e.g.	e.g.	ADV
ajm-7108	419	34	,	,	PUNCT
ajm-7108	419	35	business	business	NOUN
ajm-7108	419	36	travel	travel	NOUN
ajm-7108	419	37	,	,	PUNCT
ajm-7108	419	38	employee	employee	NOUN
ajm-7108	419	39	commute	commute	NOUN
ajm-7108	419	40	,	,	PUNCT
ajm-7108	419	41	supply	supply	NOUN
ajm-7108	419	42	chain	chain	NOUN
ajm-7108	419	43	,	,	PUNCT
ajm-7108	419	44	wastewater	wastewater	NOUN
ajm-7108	419	45	from	from	ADP
ajm-7108	419	46	contractors	contractor	NOUN
ajm-7108	419	47	,	,	PUNCT
ajm-7108	419	48	etc	etc	X
ajm-7108	419	49	.	.	X
ajm-7108	419	50	)	)	PUNCT
ajm-7108	420	1	scope	scope	NOUN
ajm-7108	420	2	3	3	NUM
ajm-7108	420	3	emissions	emission	NOUN
ajm-7108	420	4	are	be	AUX
ajm-7108	420	5	often	often	ADV
ajm-7108	420	6	the	the	DET
ajm-7108	420	7	most	most	ADV
ajm-7108	420	8	challenging	challenging	ADJ
ajm-7108	420	9	to	to	PART
ajm-7108	420	10	track	track	VERB
ajm-7108	420	11	and	and	CCONJ
ajm-7108	420	12	manage	manage	VERB
ajm-7108	420	13	due	due	ADP
ajm-7108	420	14	to	to	ADP
ajm-7108	420	15	their	their	PRON
ajm-7108	420	16	broader	broad	ADJ
ajm-7108	420	17	scope	scope	NOUN
ajm-7108	420	18	and	and	CCONJ
ajm-7108	420	19	dependence	dependence	NOUN
ajm-7108	420	20	on	on	ADP
ajm-7108	420	21	external	external	ADJ
ajm-7108	420	22	factors	factor	NOUN
ajm-7108	420	23	.	.	PUNCT
ajm-7108	421	1	(	(	PUNCT
ajm-7108	421	2	epa	epa	PROPN
ajm-7108	421	3	green	green	PROPN
ajm-7108	421	4	power	power	PROPN
ajm-7108	421	5	partnership	partnership	PROPN
ajm-7108	421	6	,	,	PUNCT
ajm-7108	421	7	2018	2018	NUM
ajm-7108	421	8	)	)	PUNCT
ajm-7108	421	9	.	.	PUNCT
ajm-7108	422	1	2	2	X
ajm-7108	422	2	.	.	X
ajm-7108	422	3	in	in	ADP
ajm-7108	422	4	terms	term	NOUN
ajm-7108	422	5	of	of	ADP
ajm-7108	422	6	ghg	ghg	PROPN
ajm-7108	422	7	emissions	emission	NOUN
ajm-7108	422	8	reporting	reporting	NOUN
ajm-7108	422	9	,	,	PUNCT
ajm-7108	422	10	firms	firm	NOUN
ajm-7108	422	11	who	who	PRON
ajm-7108	422	12	purchase	purchase	VERB
ajm-7108	422	13	carbon	carbon	NOUN
ajm-7108	422	14	offsets	offset	NOUN
ajm-7108	422	15	can	can	AUX
ajm-7108	422	16	reduce	reduce	VERB
ajm-7108	422	17	their	their	PRON
ajm-7108	422	18	scope	scope	NOUN
ajm-7108	422	19	1	1	NUM
ajm-7108	422	20	,	,	PUNCT
ajm-7108	422	21	2	2	NUM
ajm-7108	422	22	or	or	CCONJ
ajm-7108	422	23	3	3	NUM
ajm-7108	422	24	emissions	emission	NOUN
ajm-7108	422	25	,	,	PUNCT
ajm-7108	422	26	as	as	ADP
ajm-7108	422	27	a	a	DET
ajm-7108	422	28	net	net	ADJ
ajm-7108	422	29	adjustment	adjustment	NOUN
ajm-7108	422	30	(	(	PUNCT
ajm-7108	422	31	epa	epa	PROPN
ajm-7108	422	32	green	green	PROPN
ajm-7108	422	33	power	power	PROPN
ajm-7108	422	34	partnership	partnership	PROPN
ajm-7108	422	35	,	,	PUNCT
ajm-7108	422	36	2018	2018	NUM
ajm-7108	422	37	)	)	PUNCT
ajm-7108	422	38	.	.	PUNCT
ajm-7108	423	1	the	the	DET
ajm-7108	423	2	main	main	ADJ
ajm-7108	423	3	focus	focus	NOUN
ajm-7108	423	4	of	of	ADP
ajm-7108	423	5	this	this	DET
ajm-7108	423	6	paper	paper	NOUN
ajm-7108	423	7	is	be	AUX
ajm-7108	423	8	on	on	ADP
ajm-7108	423	9	the	the	DET
ajm-7108	423	10	effects	effect	NOUN
ajm-7108	423	11	of	of	ADP
ajm-7108	423	12	carbon	carbon	NOUN
ajm-7108	423	13	offset	offset	NOUN
ajm-7108	423	14	purchases	purchase	NOUN
ajm-7108	423	15	on	on	ADP
ajm-7108	423	16	a	a	DET
ajm-7108	423	17	company	company	NOUN
ajm-7108	423	18	’s	’s	PART
ajm-7108	423	19	scope	scope	NOUN
ajm-7108	423	20	1	1	NUM
ajm-7108	423	21	and	and	CCONJ
ajm-7108	423	22	2	2	NUM
ajm-7108	423	23	emissions	emission	NOUN
ajm-7108	423	24	.	.	PUNCT
ajm-7108	424	1	since	since	SCONJ
ajm-7108	424	2	scope	scope	NOUN
ajm-7108	424	3	3	3	NUM
ajm-7108	424	4	emissions	emission	NOUN
ajm-7108	424	5	have	have	VERB
ajm-7108	424	6	a	a	DET
ajm-7108	424	7	broader	broad	ADJ
ajm-7108	424	8	range	range	NOUN
ajm-7108	424	9	and	and	CCONJ
ajm-7108	424	10	can	can	AUX
ajm-7108	424	11	be	be	AUX
ajm-7108	424	12	challenging	challenge	VERB
ajm-7108	424	13	to	to	PART
ajm-7108	424	14	accurately	accurately	ADV
ajm-7108	424	15	quantify	quantify	VERB
ajm-7108	424	16	,	,	PUNCT
ajm-7108	424	17	they	they	PRON
ajm-7108	424	18	are	be	AUX
ajm-7108	424	19	not	not	PART
ajm-7108	424	20	included	include	VERB
ajm-7108	424	21	in	in	ADP
ajm-7108	424	22	the	the	DET
ajm-7108	424	23	analysis	analysis	NOUN
ajm-7108	424	24	.	.	PUNCT
ajm-7108	425	1	3	3	X
ajm-7108	425	2	.	.	X
ajm-7108	425	3	firms	firm	NOUN
ajm-7108	425	4	who	who	PRON
ajm-7108	425	5	purchase	purchase	VERB
ajm-7108	425	6	recs	rec	NOUN
ajm-7108	425	7	can	can	AUX
ajm-7108	425	8	lower	lower	VERB
ajm-7108	425	9	their	their	PRON
ajm-7108	425	10	gross	gross	ADJ
ajm-7108	425	11	scope	scope	NOUN
ajm-7108	425	12	2	2	NUM
ajm-7108	425	13	market	market	NOUN
ajm-7108	425	14	-	-	PUNCT
ajm-7108	425	15	based	base	VERB
ajm-7108	425	16	emissions	emission	NOUN
ajm-7108	425	17	from	from	ADP
ajm-7108	425	18	purchased	purchase	VERB
ajm-7108	425	19	electricity	electricity	NOUN
ajm-7108	425	20	generated	generate	VERB
ajm-7108	425	21	by	by	ADP
ajm-7108	425	22	another	another	DET
ajm-7108	425	23	entity	entity	NOUN
ajm-7108	425	24	(	(	PUNCT
ajm-7108	425	25	epa	epa	PROPN
ajm-7108	425	26	green	green	PROPN
ajm-7108	425	27	power	power	PROPN
ajm-7108	425	28	partnership	partnership	PROPN
ajm-7108	425	29	,	,	PUNCT
ajm-7108	425	30	2018	2018	NUM
ajm-7108	425	31	)	)	PUNCT
ajm-7108	425	32	.	.	PUNCT
ajm-7108	426	1	4	4	X
ajm-7108	426	2	.	.	X
ajm-7108	426	3	to	to	PART
ajm-7108	426	4	avoid	avoid	VERB
ajm-7108	426	5	sample	sample	NOUN
ajm-7108	426	6	selection	selection	NOUN
ajm-7108	426	7	bias	bias	NOUN
ajm-7108	426	8	,	,	PUNCT
ajm-7108	426	9	firms	firm	NOUN
ajm-7108	426	10	are	be	AUX
ajm-7108	426	11	selected	select	VERB
ajm-7108	426	12	from	from	ADP
ajm-7108	426	13	these	these	DET
ajm-7108	426	14	two	two	NUM
ajm-7108	426	15	stock	stock	NOUN
ajm-7108	426	16	indexes	index	NOUN
ajm-7108	426	17	as	as	SCONJ
ajm-7108	426	18	they	they	PRON
ajm-7108	426	19	both	both	PRON
ajm-7108	426	20	consist	consist	VERB
ajm-7108	426	21	of	of	ADP
ajm-7108	426	22	the	the	DET
ajm-7108	426	23	broadest	broad	ADJ
ajm-7108	426	24	range	range	NOUN
ajm-7108	426	25	of	of	ADP
ajm-7108	426	26	small	small	ADJ
ajm-7108	426	27	,	,	PUNCT
ajm-7108	426	28	medium	medium	ADJ
ajm-7108	426	29	,	,	PUNCT
ajm-7108	426	30	or	or	CCONJ
ajm-7108	426	31	large	large	ADJ
ajm-7108	426	32	capitalization	capitalization	NOUN
ajm-7108	426	33	firms	firm	NOUN
ajm-7108	426	34	in	in	ADP
ajm-7108	426	35	north	north	PROPN
ajm-7108	426	36	america	america	PROPN
ajm-7108	426	37	or	or	CCONJ
ajm-7108	426	38	europe	europe	PROPN
ajm-7108	426	39	.	.	PUNCT
ajm-7108	427	1	5	5	X
ajm-7108	427	2	.	.	X
ajm-7108	427	3	specifically	specifically	ADV
ajm-7108	427	4	,	,	PUNCT
ajm-7108	427	5	this	this	DET
ajm-7108	427	6	paper	paper	NOUN
ajm-7108	427	7	uses	use	VERB
ajm-7108	427	8	the	the	DET
ajm-7108	427	9	natural	natural	ADJ
ajm-7108	427	10	logarithm	logarithm	NOUN
ajm-7108	427	11	of	of	ADP
ajm-7108	427	12	total	total	ADJ
ajm-7108	427	13	carbon	carbon	NOUN
ajm-7108	427	14	offsets	offset	NOUN
ajm-7108	427	15	purchased	purchase	VERB
ajm-7108	427	16	in	in	ADP
ajm-7108	427	17	thousands	thousand	NOUN
ajm-7108	427	18	of	of	ADP
ajm-7108	427	19	metric	metric	ADJ
ajm-7108	427	20	tons	ton	NOUN
ajm-7108	427	21	of	of	ADP
ajm-7108	427	22	co2	co2	NOUN
ajm-7108	427	23	and	and	CCONJ
ajm-7108	427	24	co2‐equivalent	co2‐equivalent	NOUN
ajm-7108	427	25	emissions	emission	NOUN
ajm-7108	427	26	.	.	PUNCT
ajm-7108	428	1	6	6	X
ajm-7108	428	2	.	.	X
ajm-7108	428	3	this	this	DET
ajm-7108	428	4	paper	paper	NOUN
ajm-7108	428	5	uses	use	VERB
ajm-7108	428	6	the	the	DET
ajm-7108	428	7	natural	natural	ADJ
ajm-7108	428	8	logarithm	logarithm	NOUN
ajm-7108	428	9	of	of	ADP
ajm-7108	428	10	renewable	renewable	ADJ
ajm-7108	428	11	energy	energy	NOUN
ajm-7108	428	12	purchased	purchase	VERB
ajm-7108	428	13	in	in	ADP
ajm-7108	428	14	thousands	thousand	NOUN
ajm-7108	428	15	of	of	ADP
ajm-7108	428	16	megawatt	megawatt	NOUN
ajm-7108	428	17	(	(	PUNCT
ajm-7108	428	18	mwh	mwh	PROPN
ajm-7108	428	19	)	)	PUNCT
ajm-7108	428	20	hours	hour	NOUN
ajm-7108	428	21	.	.	PUNCT
ajm-7108	429	1	7	7	X
ajm-7108	429	2	.	.	X
ajm-7108	429	3	ghg	ghg	PROPN
ajm-7108	429	4	scope	scope	NOUN
ajm-7108	429	5	1	1	NUM
ajm-7108	429	6	emissions	emission	NOUN
ajm-7108	429	7	includes	include	VERB
ajm-7108	429	8	direct	direct	ADJ
ajm-7108	429	9	emissions	emission	NOUN
ajm-7108	429	10	that	that	PRON
ajm-7108	429	11	originate	originate	VERB
ajm-7108	429	12	from	from	ADP
ajm-7108	429	13	sources	source	NOUN
ajm-7108	429	14	owned	own	VERB
ajm-7108	429	15	or	or	CCONJ
ajm-7108	429	16	controlled	control	VERB
ajm-7108	429	17	by	by	ADP
ajm-7108	429	18	the	the	DET
ajm-7108	429	19	firm	firm	NOUN
ajm-7108	429	20	.	.	PUNCT
ajm-7108	430	1	ghg	ghg	PROPN
ajm-7108	430	2	scope	scope	NOUN
ajm-7108	430	3	2	2	NUM
ajm-7108	430	4	market	market	NOUN
ajm-7108	430	5	emissions	emission	NOUN
ajm-7108	430	6	include	include	VERB
ajm-7108	430	7	indirect	indirect	ADJ
ajm-7108	430	8	emissions	emission	NOUN
ajm-7108	430	9	from	from	ADP
ajm-7108	430	10	the	the	DET
ajm-7108	430	11	firm	firm	NOUN
ajm-7108	430	12	’s	’s	PART
ajm-7108	430	13	consumption	consumption	NOUN
ajm-7108	430	14	of	of	ADP
ajm-7108	430	15	electricity	electricity	NOUN
ajm-7108	430	16	,	,	PUNCT
ajm-7108	430	17	heat	heat	NOUN
ajm-7108	430	18	,	,	PUNCT
ajm-7108	430	19	or	or	CCONJ
ajm-7108	430	20	steam	steam	NOUN
ajm-7108	430	21	purchased	purchase	VERB
ajm-7108	430	22	from	from	ADP
ajm-7108	430	23	another	another	DET
ajm-7108	430	24	entity	entity	NOUN
ajm-7108	430	25	(	(	PUNCT
ajm-7108	430	26	e.g.	e.g.	ADV
ajm-7108	430	27	,	,	PUNCT
ajm-7108	430	28	wind	wind	NOUN
ajm-7108	430	29	or	or	CCONJ
ajm-7108	430	30	solar	solar	ADJ
ajm-7108	430	31	farm	farm	NOUN
ajm-7108	430	32	)	)	PUNCT
ajm-7108	430	33	.	.	PUNCT
ajm-7108	431	1	lastly	lastly	ADV
ajm-7108	431	2	,	,	PUNCT
ajm-7108	431	3	total	total	ADJ
ajm-7108	431	4	ghg	ghg	PROPN
ajm-7108	431	5	market	market	NOUN
ajm-7108	431	6	emissions	emission	NOUN
ajm-7108	431	7	encompass	encompass	VERB
ajm-7108	431	8	both	both	CCONJ
ajm-7108	431	9	direct	direct	ADJ
ajm-7108	431	10	and	and	CCONJ
ajm-7108	431	11	indirect	indirect	ADJ
ajm-7108	431	12	emissions	emission	NOUN
ajm-7108	431	13	,	,	PUNCT
ajm-7108	431	14	providing	provide	VERB
ajm-7108	431	15	a	a	DET
ajm-7108	431	16	comprehensive	comprehensive	ADJ
ajm-7108	431	17	picture	picture	NOUN
ajm-7108	431	18	of	of	ADP
ajm-7108	431	19	a	a	DET
ajm-7108	431	20	firm	firm	NOUN
ajm-7108	431	21	’s	’s	PART
ajm-7108	431	22	ghg	ghg	PROPN
ajm-7108	431	23	emissions	emissions	PROPN
ajm-7108	431	24	(	(	PUNCT
ajm-7108	431	25	epa	epa	PROPN
ajm-7108	431	26	green	green	PROPN
ajm-7108	431	27	power	power	PROPN
ajm-7108	431	28	partnership	partnership	PROPN
ajm-7108	431	29	,	,	PUNCT
ajm-7108	431	30	2018	2018	NUM
ajm-7108	431	31	)	)	PUNCT
ajm-7108	431	32	.	.	PUNCT
ajm-7108	432	1	8	8	X
ajm-7108	432	2	.	.	X
ajm-7108	432	3	for	for	ADP
ajm-7108	432	4	example	example	NOUN
ajm-7108	432	5	,	,	PUNCT
ajm-7108	432	6	according	accord	VERB
ajm-7108	432	7	to	to	ADP
ajm-7108	432	8	net	net	ADJ
ajm-7108	432	9	zero	zero	NUM
ajm-7108	432	10	tracker	tracker	NOUN
ajm-7108	432	11	,	,	PUNCT
ajm-7108	432	12	which	which	PRON
ajm-7108	432	13	analyses	analyse	VERB
ajm-7108	432	14	the	the	DET
ajm-7108	432	15	climate	climate	NOUN
ajm-7108	432	16	pledges	pledge	NOUN
ajm-7108	432	17	from	from	ADP
ajm-7108	432	18	over	over	ADP
ajm-7108	432	19	1,000	1,000	NUM
ajm-7108	432	20	of	of	ADP
ajm-7108	432	21	the	the	DET
ajm-7108	432	22	largest	large	ADJ
ajm-7108	432	23	firms	firm	NOUN
ajm-7108	432	24	in	in	ADP
ajm-7108	432	25	north	north	PROPN
ajm-7108	432	26	america	america	PROPN
ajm-7108	432	27	and	and	CCONJ
ajm-7108	432	28	europe	europe	PROPN
ajm-7108	432	29	,	,	PUNCT
ajm-7108	432	30	roughly	roughly	ADV
ajm-7108	432	31	61	61	NUM
ajm-7108	432	32	%	%	NOUN
ajm-7108	432	33	companies	company	NOUN
ajm-7108	432	34	have	have	AUX
ajm-7108	432	35	made	make	VERB
ajm-7108	432	36	a	a	DET
ajm-7108	432	37	commitment	commitment	NOUN
ajm-7108	432	38	to	to	ADP
ajm-7108	432	39	achieving	achieve	VERB
ajm-7108	432	40	net	net	ADJ
ajm-7108	432	41	zero	zero	NUM
ajm-7108	432	42	emissions	emission	NOUN
ajm-7108	432	43	as	as	ADP
ajm-7108	432	44	of	of	ADP
ajm-7108	432	45	2023	2023	NUM
ajm-7108	432	46	.	.	PUNCT
ajm-7108	433	1	out	out	ADP
ajm-7108	433	2	of	of	ADP
ajm-7108	433	3	those	those	DET
ajm-7108	433	4	companies	company	NOUN
ajm-7108	433	5	,	,	PUNCT
ajm-7108	433	6	nearly	nearly	ADV
ajm-7108	433	7	45	45	NUM
ajm-7108	433	8	%	%	NOUN
ajm-7108	433	9	have	have	AUX
ajm-7108	433	10	expressed	express	VERB
ajm-7108	433	11	their	their	PRON
ajm-7108	433	12	intentions	intention	NOUN
ajm-7108	433	13	to	to	PART
ajm-7108	433	14	use	use	VERB
ajm-7108	433	15	carbon	carbon	NOUN
ajm-7108	433	16	offsets	offset	NOUN
ajm-7108	433	17	as	as	ADP
ajm-7108	433	18	a	a	DET
ajm-7108	433	19	means	means	NOUN
ajm-7108	433	20	to	to	PART
ajm-7108	433	21	help	help	VERB
ajm-7108	433	22	meet	meet	VERB
ajm-7108	433	23	their	their	PRON
ajm-7108	433	24	climate	climate	NOUN
ajm-7108	433	25	goals	goal	NOUN
ajm-7108	433	26	(	(	PUNCT
ajm-7108	433	27	for	for	ADP
ajm-7108	433	28	more	more	ADJ
ajm-7108	433	29	information	information	NOUN
ajm-7108	433	30	,	,	PUNCT
ajm-7108	433	31	please	please	INTJ
ajm-7108	433	32	see	see	VERB
ajm-7108	433	33	zerotracker.net	zerotracker.net	NOUN
ajm-7108	433	34	)	)	PUNCT
ajm-7108	433	35	.	.	PUNCT
ajm-7108	434	1	9	9	X
ajm-7108	434	2	.	.	X
ajm-7108	434	3	using	use	VERB
ajm-7108	434	4	a	a	DET
ajm-7108	434	5	binary	binary	ADJ
ajm-7108	434	6	variable	variable	NOUN
ajm-7108	434	7	to	to	PART
ajm-7108	434	8	indicate	indicate	VERB
ajm-7108	434	9	whether	whether	SCONJ
ajm-7108	434	10	a	a	DET
ajm-7108	434	11	firm	firm	NOUN
ajm-7108	434	12	has	have	AUX
ajm-7108	434	13	purchased	purchase	VERB
ajm-7108	434	14	a	a	DET
ajm-7108	434	15	carbon	carbon	NOUN
ajm-7108	434	16	offset	offset	NOUN
ajm-7108	434	17	may	may	AUX
ajm-7108	434	18	lead	lead	VERB
ajm-7108	434	19	to	to	ADP
ajm-7108	434	20	misinterpretation	misinterpretation	NOUN
ajm-7108	434	21	of	of	ADP
ajm-7108	434	22	the	the	DET
ajm-7108	434	23	data	datum	NOUN
ajm-7108	434	24	.	.	PUNCT
ajm-7108	435	1	for	for	ADP
ajm-7108	435	2	example	example	NOUN
ajm-7108	435	3	,	,	PUNCT
ajm-7108	435	4	if	if	SCONJ
ajm-7108	435	5	we	we	PRON
ajm-7108	435	6	used	use	VERB
ajm-7108	435	7	a	a	DET
ajm-7108	435	8	dummy	dummy	ADJ
ajm-7108	435	9	variable	variable	ADJ
ajm-7108	435	10	approach	approach	NOUN
ajm-7108	435	11	,	,	PUNCT
ajm-7108	435	12	the	the	DET
ajm-7108	435	13	biggest	big	ADJ
ajm-7108	435	14	buyer	buyer	NOUN
ajm-7108	435	15	of	of	ADP
ajm-7108	435	16	carbon	carbon	NOUN
ajm-7108	435	17	offsets	offset	NOUN
ajm-7108	435	18	in	in	ADP
ajm-7108	435	19	our	our	PRON
ajm-7108	435	20	sample	sample	NOUN
ajm-7108	435	21	of	of	ADP
ajm-7108	435	22	data	datum	NOUN
ajm-7108	435	23	are	be	AUX
ajm-7108	435	24	firms	firm	NOUN
ajm-7108	435	25	in	in	ADP
ajm-7108	435	26	the	the	DET
ajm-7108	435	27	financial	financial	ADJ
ajm-7108	435	28	sector	sector	NOUN
ajm-7108	435	29	.	.	PUNCT
ajm-7108	436	1	financial	financial	ADJ
ajm-7108	436	2	firms	firm	NOUN
ajm-7108	436	3	,	,	PUNCT
ajm-7108	436	4	on	on	ADP
ajm-7108	436	5	average	average	ADJ
ajm-7108	436	6	,	,	PUNCT
ajm-7108	436	7	typically	typically	ADV
ajm-7108	436	8	emit	emit	VERB
ajm-7108	436	9	low	low	ADJ
ajm-7108	436	10	levels	level	NOUN
ajm-7108	436	11	of	of	ADP
ajm-7108	436	12	ghg	ghg	PROPN
ajm-7108	436	13	.	.	PUNCT
ajm-7108	437	1	on	on	ADP
ajm-7108	437	2	the	the	DET
ajm-7108	437	3	other	other	ADJ
ajm-7108	437	4	hand	hand	NOUN
ajm-7108	437	5	,	,	PUNCT
ajm-7108	437	6	the	the	DET
ajm-7108	437	7	industrials	industrial	NOUN
ajm-7108	437	8	sector	sector	NOUN
ajm-7108	437	9	is	be	AUX
ajm-7108	437	10	the	the	DET
ajm-7108	437	11	largest	large	ADJ
ajm-7108	437	12	buyer	buyer	NOUN
ajm-7108	437	13	of	of	ADP
ajm-7108	437	14	carbon	carbon	NOUN
ajm-7108	437	15	offsets	offset	NOUN
ajm-7108	437	16	when	when	SCONJ
ajm-7108	437	17	considering	consider	VERB
ajm-7108	437	18	the	the	DET
ajm-7108	437	19	quantity	quantity	NOUN
ajm-7108	437	20	or	or	CCONJ
ajm-7108	437	21	volume	volume	NOUN
ajm-7108	437	22	of	of	ADP
ajm-7108	437	23	offsets	offset	NOUN
ajm-7108	437	24	bought	buy	VERB
ajm-7108	437	25	by	by	ADP
ajm-7108	437	26	firms	firm	NOUN
ajm-7108	437	27	.	.	PUNCT
ajm-7108	438	1	industrial	industrial	ADJ
ajm-7108	438	2	firms	firm	NOUN
ajm-7108	438	3	,	,	PUNCT
ajm-7108	438	4	on	on	ADP
ajm-7108	438	5	average	average	ADJ
ajm-7108	438	6	,	,	PUNCT
ajm-7108	438	7	are	be	AUX
ajm-7108	438	8	more	more	ADJ
ajm-7108	438	9	carbon	carbon	NOUN
ajm-7108	438	10	-	-	PUNCT
ajm-7108	438	11	intensive	intensive	ADJ
ajm-7108	438	12	than	than	ADP
ajm-7108	438	13	financial	financial	ADJ
ajm-7108	438	14	firms	firm	NOUN
ajm-7108	438	15	in	in	ADP
ajm-7108	438	16	our	our	PRON
ajm-7108	438	17	data	datum	NOUN
ajm-7108	438	18	set	set	VERB
ajm-7108	438	19	.	.	PUNCT
ajm-7108	439	1	we	we	PRON
ajm-7108	439	2	could	could	AUX
ajm-7108	439	3	expect	expect	VERB
ajm-7108	439	4	to	to	PART
ajm-7108	439	5	see	see	VERB
ajm-7108	439	6	high	high	ADJ
ajm-7108	439	7	carbon	carbon	NOUN
ajm-7108	439	8	-	-	PUNCT
ajm-7108	439	9	emitting	emit	VERB
ajm-7108	439	10	firms	firm	NOUN
ajm-7108	439	11	,	,	PUNCT
ajm-7108	439	12	which	which	PRON
ajm-7108	439	13	on	on	ADP
ajm-7108	439	14	average	average	ADJ
ajm-7108	439	15	buy	buy	VERB
ajm-7108	439	16	more	more	ADJ
ajm-7108	439	17	carbon	carbon	NOUN
ajm-7108	439	18	offsets	offset	NOUN
ajm-7108	439	19	,	,	PUNCT
ajm-7108	439	20	may	may	AUX
ajm-7108	439	21	have	have	VERB
ajm-7108	439	22	a	a	DET
ajm-7108	439	23	greater	great	ADJ
ajm-7108	439	24	impact	impact	NOUN
ajm-7108	439	25	on	on	ADP
ajm-7108	439	26	reducing	reduce	VERB
ajm-7108	439	27	carbon	carbon	NOUN
ajm-7108	439	28	emissions	emission	NOUN
ajm-7108	439	29	compared	compare	VERB
ajm-7108	439	30	to	to	ADP
ajm-7108	439	31	low	low	ADJ
ajm-7108	439	32	carbon	carbon	NOUN
ajm-7108	439	33	-	-	PUNCT
ajm-7108	439	34	emitting	emit	VERB
ajm-7108	439	35	firms	firm	NOUN
ajm-7108	439	36	that	that	PRON
ajm-7108	439	37	purchase	purchase	VERB
ajm-7108	439	38	fewer	few	ADJ
ajm-7108	439	39	carbon	carbon	NOUN
ajm-7108	439	40	offsets	offset	NOUN
ajm-7108	439	41	.	.	PUNCT
ajm-7108	440	1	anecdotally	anecdotally	ADV
ajm-7108	440	2	,	,	PUNCT
ajm-7108	440	3	there	there	PRON
ajm-7108	440	4	has	have	AUX
ajm-7108	440	5	been	be	AUX
ajm-7108	440	6	increased	increase	VERB
ajm-7108	440	7	criticism	criticism	NOUN
ajm-7108	440	8	that	that	SCONJ
ajm-7108	440	9	firms	firm	NOUN
ajm-7108	440	10	from	from	ADP
ajm-7108	440	11	the	the	DET
ajm-7108	440	12	financial	financial	ADJ
ajm-7108	440	13	sector	sector	NOUN
ajm-7108	440	14	,	,	PUNCT
ajm-7108	440	15	such	such	ADJ
ajm-7108	440	16	as	as	ADP
ajm-7108	440	17	credit	credit	NOUN
ajm-7108	440	18	suisse	suisse	NOUN
ajm-7108	440	19	group	group	NOUN
ajm-7108	440	20	,	,	PUNCT
ajm-7108	440	21	are	be	AUX
ajm-7108	440	22	heavily	heavily	ADV
ajm-7108	440	23	relying	rely	VERB
ajm-7108	440	24	on	on	ADP
ajm-7108	440	25	carbon	carbon	NOUN
ajm-7108	440	26	offsets	offset	NOUN
ajm-7108	440	27	that	that	PRON
ajm-7108	440	28	do	do	AUX
ajm-7108	440	29	not	not	PART
ajm-7108	440	30	lead	lead	VERB
ajm-7108	440	31	to	to	ADP
ajm-7108	440	32	actual	actual	ADJ
ajm-7108	440	33	ghg	ghg	PROPN
ajm-7108	440	34	emissions	emission	NOUN
ajm-7108	440	35	reductions	reduction	NOUN
ajm-7108	440	36	(	(	PUNCT
ajm-7108	440	37	rathi	rathi	NOUN
ajm-7108	440	38	et	et	PROPN
ajm-7108	440	39	al	al	PROPN
ajm-7108	440	40	.	.	PROPN
ajm-7108	440	41	,	,	PUNCT
ajm-7108	440	42	2022	2022	NUM
ajm-7108	440	43	)	)	PUNCT
ajm-7108	440	44	.	.	PUNCT
ajm-7108	441	1	thus	thus	ADV
ajm-7108	441	2	,	,	PUNCT
ajm-7108	441	3	focusing	focus	VERB
ajm-7108	441	4	on	on	ADP
ajm-7108	441	5	the	the	DET
ajm-7108	441	6	quantity	quantity	NOUN
ajm-7108	441	7	of	of	ADP
ajm-7108	441	8	carbon	carbon	NOUN
ajm-7108	441	9	offsets	offset	NOUN
ajm-7108	441	10	or	or	CCONJ
ajm-7108	441	11	recs	rec	NOUN
ajm-7108	441	12	purchased	purchase	VERB
ajm-7108	441	13	may	may	AUX
ajm-7108	441	14	lead	lead	VERB
ajm-7108	441	15	to	to	ADP
ajm-7108	441	16	a	a	DET
ajm-7108	441	17	better	well	ADJ
ajm-7108	441	18	understanding	understanding	NOUN
ajm-7108	441	19	of	of	ADP
ajm-7108	441	20	the	the	DET
ajm-7108	441	21	scale	scale	NOUN
ajm-7108	441	22	of	of	ADP
ajm-7108	441	23	firms	firm	NOUN
ajm-7108	441	24	’	'	PUNCT
ajm-7108	441	25	efforts	effort	NOUN
ajm-7108	441	26	to	to	PART
ajm-7108	441	27	reduce	reduce	VERB
ajm-7108	441	28	ghg	ghg	PROPN
ajm-7108	441	29	emissions	emission	NOUN
ajm-7108	441	30	.	.	PUNCT
ajm-7108	442	1	10	10	NUM
ajm-7108	442	2	.	.	PUNCT
ajm-7108	443	1	this	this	DET
ajm-7108	443	2	paper	paper	NOUN
ajm-7108	443	3	uses	use	VERB
ajm-7108	443	4	the	the	DET
ajm-7108	443	5	percentage	percentage	NOUN
ajm-7108	443	6	of	of	ADP
ajm-7108	443	7	women	woman	NOUN
ajm-7108	443	8	employees	employee	NOUN
ajm-7108	443	9	as	as	ADP
ajm-7108	443	10	an	an	DET
ajm-7108	443	11	instrumental	instrumental	ADJ
ajm-7108	443	12	variable	variable	NOUN
ajm-7108	443	13	for	for	ADP
ajm-7108	443	14	the	the	DET
ajm-7108	443	15	percentage	percentage	NOUN
ajm-7108	443	16	of	of	ADP
ajm-7108	443	17	women	woman	NOUN
ajm-7108	443	18	on	on	ADP
ajm-7108	443	19	the	the	DET
ajm-7108	443	20	board	board	NOUN
ajm-7108	443	21	.	.	PUNCT
ajm-7108	444	1	11	11	NUM
ajm-7108	444	2	.	.	PUNCT
ajm-7108	445	1	the	the	DET
ajm-7108	445	2	stoxx	stoxx	ADJ
ajm-7108	445	3	600	600	NUM
ajm-7108	445	4	europe	europe	PROPN
ajm-7108	445	5	consists	consist	VERB
ajm-7108	445	6	of	of	ADP
ajm-7108	445	7	small	small	ADJ
ajm-7108	445	8	,	,	PUNCT
ajm-7108	445	9	mid	mid	ADJ
ajm-7108	445	10	,	,	PUNCT
ajm-7108	445	11	and	and	CCONJ
ajm-7108	445	12	large	large	ADJ
ajm-7108	445	13	-	-	PUNCT
ajm-7108	445	14	cap	cap	NOUN
ajm-7108	445	15	firms	firm	NOUN
ajm-7108	445	16	from	from	ADP
ajm-7108	445	17	seventeen	seventeen	NUM
ajm-7108	445	18	countries	country	NOUN
ajm-7108	445	19	in	in	ADP
ajm-7108	445	20	europe	europe	PROPN
ajm-7108	445	21	:	:	PUNCT
ajm-7108	445	22	austria	austria	PROPN
ajm-7108	445	23	,	,	PUNCT
ajm-7108	445	24	belgium	belgium	PROPN
ajm-7108	445	25	,	,	PUNCT
ajm-7108	445	26	denmark	denmark	PROPN
ajm-7108	445	27	,	,	PUNCT
ajm-7108	445	28	finland	finland	PROPN
ajm-7108	445	29	,	,	PUNCT
ajm-7108	445	30	france	france	PROPN
ajm-7108	445	31	,	,	PUNCT
ajm-7108	445	32	germany	germany	PROPN
ajm-7108	445	33	,	,	PUNCT
ajm-7108	445	34	ireland	ireland	PROPN
ajm-7108	445	35	,	,	PUNCT
ajm-7108	445	36	italy	italy	PROPN
ajm-7108	445	37	,	,	PUNCT
ajm-7108	445	38	luxembourg	luxembourg	PROPN
ajm-7108	445	39	,	,	PUNCT
ajm-7108	445	40	the	the	DET
ajm-7108	445	41	netherlands	netherlands	PROPN
ajm-7108	445	42	,	,	PUNCT
ajm-7108	445	43	norway	norway	PROPN
ajm-7108	445	44	,	,	PUNCT
ajm-7108	445	45	poland	poland	PROPN
ajm-7108	445	46	,	,	PUNCT
ajm-7108	445	47	portugal	portugal	PROPN
ajm-7108	445	48	,	,	PUNCT
ajm-7108	445	49	spain	spain	PROPN
ajm-7108	445	50	,	,	PUNCT
ajm-7108	445	51	sweden	sweden	PROPN
ajm-7108	445	52	,	,	PUNCT
ajm-7108	445	53	switzerland	switzerland	PROPN
ajm-7108	445	54	,	,	PUNCT
ajm-7108	445	55	and	and	CCONJ
ajm-7108	445	56	the	the	DET
ajm-7108	445	57	united	united	ADJ
ajm-7108	445	58	kingdom	kingdom	PROPN
ajm-7108	445	59	.	.	PUNCT
ajm-7108	446	1	12	12	NUM
ajm-7108	446	2	.	.	PUNCT
ajm-7108	447	1	by	by	ADP
ajm-7108	447	2	excludability	excludability	NOUN
ajm-7108	447	3	,	,	PUNCT
ajm-7108	447	4	we	we	PRON
ajm-7108	447	5	imply	imply	VERB
ajm-7108	447	6	that	that	SCONJ
ajm-7108	447	7	the	the	DET
ajm-7108	447	8	instrumental	instrumental	ADJ
ajm-7108	447	9	variable	variable	NOUN
ajm-7108	447	10	is	be	AUX
ajm-7108	447	11	only	only	ADV
ajm-7108	447	12	affecting	affect	VERB
ajm-7108	447	13	carbon	carbon	NOUN
ajm-7108	447	14	offset	offset	NOUN
ajm-7108	447	15	or	or	CCONJ
ajm-7108	447	16	rec	rec	NOUN
ajm-7108	447	17	purchases	purchase	NOUN
ajm-7108	447	18	through	through	ADP
ajm-7108	447	19	the	the	DET
ajm-7108	447	20	women	woman	NOUN
ajm-7108	447	21	on	on	ADP
ajm-7108	447	22	the	the	DET
ajm-7108	447	23	board	board	NOUN
ajm-7108	447	24	,	,	PUNCT
ajm-7108	447	25	but	but	CCONJ
ajm-7108	447	26	not	not	PART
ajm-7108	447	27	directly	directly	ADV
ajm-7108	447	28	.	.	PUNCT
ajm-7108	448	1	13	13	NUM
ajm-7108	448	2	.	.	PUNCT
ajm-7108	449	1	the	the	DET
ajm-7108	449	2	study	study	NOUN
ajm-7108	449	3	by	by	ADP
ajm-7108	449	4	ecosystem	ecosystem	NOUN
ajm-7108	449	5	marketplace	marketplace	NOUN
ajm-7108	449	6	examined	examine	VERB
ajm-7108	449	7	over	over	ADP
ajm-7108	449	8	830	830	NUM
ajm-7108	449	9	global	global	ADJ
ajm-7108	449	10	firms	firm	NOUN
ajm-7108	449	11	that	that	PRON
ajm-7108	449	12	purchased	purchase	VERB
ajm-7108	449	13	voluntary	voluntary	ADJ
ajm-7108	449	14	carbon	carbon	NOUN
ajm-7108	449	15	offsets	offset	NOUN
ajm-7108	449	16	.	.	PUNCT
ajm-7108	450	1	14	14	NUM
ajm-7108	450	2	.	.	PUNCT
ajm-7108	451	1	anecdotal	anecdotal	ADJ
ajm-7108	451	2	evidence	evidence	NOUN
ajm-7108	451	3	indicates	indicate	VERB
ajm-7108	451	4	that	that	SCONJ
ajm-7108	451	5	some	some	DET
ajm-7108	451	6	large	large	ADJ
ajm-7108	451	7	-	-	PUNCT
ajm-7108	451	8	cap	cap	NOUN
ajm-7108	451	9	companies	company	NOUN
ajm-7108	451	10	are	be	AUX
ajm-7108	451	11	spending	spend	VERB
ajm-7108	451	12	even	even	ADV
ajm-7108	451	13	more	more	ADJ
ajm-7108	451	14	than	than	ADP
ajm-7108	451	15	$	$	SYM
ajm-7108	451	16	1	1	NUM
ajm-7108	451	17	million	million	NUM
ajm-7108	451	18	on	on	ADP
ajm-7108	451	19	carbon	carbon	NOUN
ajm-7108	451	20	offset	offset	NOUN
ajm-7108	451	21	purchases	purchase	NOUN
ajm-7108	451	22	.	.	PUNCT
ajm-7108	452	1	for	for	ADP
ajm-7108	452	2	example	example	NOUN
ajm-7108	452	3	,	,	PUNCT
ajm-7108	452	4	shell	shell	NOUN
ajm-7108	452	5	invested	invest	VERB
ajm-7108	452	6	$	$	SYM
ajm-7108	452	7	300	300	NUM
ajm-7108	452	8	million	million	NUM
ajm-7108	452	9	in	in	ADP
ajm-7108	452	10	carbon	carbon	NOUN
ajm-7108	452	11	offsets	offset	NOUN
ajm-7108	452	12	from	from	ADP
ajm-7108	452	13	mid-2019	mid-2019	NOUN
ajm-7108	452	14	through	through	ADP
ajm-7108	452	15	american	american	PROPN
ajm-7108	452	16	journal	journal	PROPN
ajm-7108	452	17	of	of	ADP
ajm-7108	452	18	management	management	NOUN
ajm-7108	452	19	vol	vol	NOUN
ajm-7108	452	20	.	.	PUNCT
ajm-7108	453	1	24(2	24(2	NUM
ajm-7108	453	2	)	)	PUNCT
ajm-7108	453	3	2024	2024	NUM
ajm-7108	453	4	37	37	NUM
ajm-7108	453	5	mid-2022	mid-2022	NOUN
ajm-7108	453	6	(	(	PUNCT
ajm-7108	453	7	forest	forest	NOUN
ajm-7108	453	8	trends	trend	NOUN
ajm-7108	453	9	,	,	PUNCT
ajm-7108	453	10	2019	2019	NUM
ajm-7108	453	11	)	)	PUNCT
ajm-7108	453	12	.	.	PUNCT
ajm-7108	454	1	additionally	additionally	ADV
ajm-7108	454	2	,	,	PUNCT
ajm-7108	454	3	companies	company	NOUN
ajm-7108	454	4	such	such	ADJ
ajm-7108	454	5	as	as	ADP
ajm-7108	454	6	disney	disney	PROPN
ajm-7108	454	7	,	,	PUNCT
ajm-7108	454	8	conocophillips	conocophillips	PROPN
ajm-7108	454	9	,	,	PUNCT
ajm-7108	454	10	and	and	CCONJ
ajm-7108	454	11	poseidon	poseidon	NOUN
ajm-7108	454	12	resources	resource	NOUN
ajm-7108	454	13	bought	buy	VERB
ajm-7108	454	14	$	$	SYM
ajm-7108	454	15	6.7	6.7	NUM
ajm-7108	454	16	million	million	NUM
ajm-7108	454	17	worth	worth	NOUN
ajm-7108	454	18	of	of	ADP
ajm-7108	454	19	offsets	offset	NOUN
ajm-7108	454	20	to	to	PART
ajm-7108	454	21	reforest	reforest	VERB
ajm-7108	454	22	a	a	DET
ajm-7108	454	23	state	state	NOUN
ajm-7108	454	24	park	park	NOUN
ajm-7108	454	25	in	in	ADP
ajm-7108	454	26	san	san	PROPN
ajm-7108	454	27	diego	diego	PROPN
ajm-7108	454	28	(	(	PUNCT
ajm-7108	454	29	niller	niller	PROPN
ajm-7108	454	30	,	,	PUNCT
ajm-7108	454	31	2020	2020	NUM
ajm-7108	454	32	)	)	PUNCT
ajm-7108	454	33	.	.	PUNCT
ajm-7108	455	1	15	15	NUM
ajm-7108	455	2	.	.	PUNCT
ajm-7108	456	1	while	while	SCONJ
ajm-7108	456	2	we	we	PRON
ajm-7108	456	3	are	be	AUX
ajm-7108	456	4	comparing	compare	VERB
ajm-7108	456	5	the	the	DET
ajm-7108	456	6	actual	actual	ADJ
ajm-7108	456	7	values	value	NOUN
ajm-7108	456	8	of	of	ADP
ajm-7108	456	9	carbon	carbon	NOUN
ajm-7108	456	10	offsets	offset	NOUN
ajm-7108	456	11	(	(	PUNCT
ajm-7108	456	12	in	in	ADP
ajm-7108	456	13	thousands	thousand	NOUN
ajm-7108	456	14	of	of	ADP
ajm-7108	456	15	metric	metric	ADJ
ajm-7108	456	16	tons	ton	NOUN
ajm-7108	456	17	of	of	ADP
ajm-7108	456	18	co2e	co2e	PROPN
ajm-7108	456	19	)	)	PUNCT
ajm-7108	456	20	,	,	PUNCT
ajm-7108	456	21	recs	rec	NOUN
ajm-7108	456	22	(	(	PUNCT
ajm-7108	456	23	in	in	ADP
ajm-7108	456	24	thousands	thousand	NOUN
ajm-7108	456	25	of	of	ADP
ajm-7108	456	26	mwh	mwh	PROPN
ajm-7108	456	27	)	)	PUNCT
ajm-7108	456	28	,	,	PUNCT
ajm-7108	456	29	and	and	CCONJ
ajm-7108	456	30	ghg	ghg	PROPN
ajm-7108	456	31	emissions	emission	NOUN
ajm-7108	456	32	(	(	PUNCT
ajm-7108	456	33	in	in	ADP
ajm-7108	456	34	thousands	thousand	NOUN
ajm-7108	456	35	of	of	ADP
ajm-7108	456	36	metric	metric	ADJ
ajm-7108	456	37	tons	ton	NOUN
ajm-7108	456	38	of	of	ADP
ajm-7108	456	39	co2e	co2e	PROPN
ajm-7108	456	40	)	)	PUNCT
ajm-7108	456	41	,	,	PUNCT
ajm-7108	456	42	for	for	ADP
ajm-7108	456	43	simplicity	simplicity	NOUN
ajm-7108	456	44	in	in	ADP
ajm-7108	456	45	our	our	PRON
ajm-7108	456	46	discussion	discussion	NOUN
ajm-7108	456	47	of	of	ADP
ajm-7108	456	48	table	table	NOUN
ajm-7108	456	49	2	2	NUM
ajm-7108	456	50	,	,	PUNCT
ajm-7108	456	51	we	we	PRON
ajm-7108	456	52	use	use	VERB
ajm-7108	456	53	the	the	DET
ajm-7108	456	54	natural	natural	ADJ
ajm-7108	456	55	logarithm	logarithm	NOUN
ajm-7108	456	56	of	of	ADP
ajm-7108	456	57	carbon	carbon	NOUN
ajm-7108	456	58	offsets	offset	NOUN
ajm-7108	456	59	,	,	PUNCT
ajm-7108	456	60	rec	rec	NOUN
ajm-7108	456	61	,	,	PUNCT
ajm-7108	456	62	and	and	CCONJ
ajm-7108	456	63	ghg	ghg	PROPN
ajm-7108	456	64	emissions	emission	NOUN
ajm-7108	456	65	in	in	ADP
ajm-7108	456	66	the	the	DET
ajm-7108	456	67	regression	regression	NOUN
ajm-7108	456	68	analysis	analysis	NOUN
ajm-7108	456	69	.	.	PUNCT
ajm-7108	457	1	16	16	NUM
ajm-7108	457	2	.	.	PUNCT
ajm-7108	457	3	figures	figure	NOUN
ajm-7108	457	4	2	2	NUM
ajm-7108	457	5	in	in	ADP
ajm-7108	457	6	the	the	DET
ajm-7108	457	7	appendix	appendix	NOUN
ajm-7108	457	8	shows	show	VERB
ajm-7108	457	9	the	the	DET
ajm-7108	457	10	total	total	ADJ
ajm-7108	457	11	volumes	volume	NOUN
ajm-7108	457	12	of	of	ADP
ajm-7108	457	13	carbon	carbon	NOUN
ajm-7108	457	14	offsets	offset	NOUN
ajm-7108	457	15	purchased	purchase	VERB
ajm-7108	457	16	by	by	ADP
ajm-7108	457	17	industry	industry	NOUN
ajm-7108	457	18	and	and	CCONJ
ajm-7108	457	19	confirms	confirm	VERB
ajm-7108	457	20	that	that	SCONJ
ajm-7108	457	21	firms	firm	NOUN
ajm-7108	457	22	in	in	ADP
ajm-7108	457	23	the	the	DET
ajm-7108	457	24	industrials	industrial	NOUN
ajm-7108	457	25	and	and	CCONJ
ajm-7108	457	26	energy	energy	NOUN
ajm-7108	457	27	sectors	sector	NOUN
ajm-7108	457	28	are	be	AUX
ajm-7108	457	29	the	the	DET
ajm-7108	457	30	largest	large	ADJ
ajm-7108	457	31	buyers	buyer	NOUN
ajm-7108	457	32	of	of	ADP
ajm-7108	457	33	carbon	carbon	NOUN
ajm-7108	457	34	offsets	offset	NOUN
ajm-7108	457	35	.	.	PUNCT
ajm-7108	458	1	furthermore	furthermore	ADV
ajm-7108	458	2	,	,	PUNCT
ajm-7108	458	3	figures	figure	NOUN
ajm-7108	458	4	3	3	NUM
ajm-7108	458	5	and	and	CCONJ
ajm-7108	458	6	4	4	NUM
ajm-7108	458	7	in	in	ADP
ajm-7108	458	8	the	the	DET
ajm-7108	458	9	appendix	appendix	NOUN
ajm-7108	458	10	show	show	VERB
ajm-7108	458	11	the	the	DET
ajm-7108	458	12	evolution	evolution	NOUN
ajm-7108	458	13	of	of	ADP
ajm-7108	458	14	carbon	carbon	NOUN
ajm-7108	458	15	offset	offset	NOUN
ajm-7108	458	16	purchases	purchase	NOUN
ajm-7108	458	17	over	over	ADP
ajm-7108	458	18	the	the	DET
ajm-7108	458	19	period	period	NOUN
ajm-7108	458	20	2012	2012	NUM
ajm-7108	458	21	-	-	SYM
ajm-7108	458	22	2022	2022	NUM
ajm-7108	458	23	.	.	PUNCT
ajm-7108	459	1	figure	figure	NOUN
ajm-7108	459	2	3	3	NUM
ajm-7108	459	3	shows	show	VERB
ajm-7108	459	4	that	that	SCONJ
ajm-7108	459	5	the	the	DET
ajm-7108	459	6	purchases	purchase	NOUN
ajm-7108	459	7	conducted	conduct	VERB
ajm-7108	459	8	by	by	ADP
ajm-7108	459	9	firms	firm	NOUN
ajm-7108	459	10	in	in	ADP
ajm-7108	459	11	the	the	DET
ajm-7108	459	12	energy	energy	NOUN
ajm-7108	459	13	and	and	CCONJ
ajm-7108	459	14	industrial	industrial	ADJ
ajm-7108	459	15	sectors	sector	NOUN
ajm-7108	459	16	have	have	AUX
ajm-7108	459	17	increased	increase	VERB
ajm-7108	459	18	significantly	significantly	ADV
ajm-7108	459	19	since	since	SCONJ
ajm-7108	459	20	2019	2019	NUM
ajm-7108	459	21	.	.	PUNCT
ajm-7108	460	1	figure	figure	NOUN
ajm-7108	460	2	4	4	NUM
ajm-7108	460	3	,	,	PUNCT
ajm-7108	460	4	which	which	PRON
ajm-7108	460	5	shows	show	VERB
ajm-7108	460	6	the	the	DET
ajm-7108	460	7	evolution	evolution	NOUN
ajm-7108	460	8	of	of	ADP
ajm-7108	460	9	carbon	carbon	NOUN
ajm-7108	460	10	offset	offset	NOUN
ajm-7108	460	11	purchases	purchase	NOUN
ajm-7108	460	12	but	but	CCONJ
ajm-7108	460	13	excludes	exclude	VERB
ajm-7108	460	14	the	the	DET
ajm-7108	460	15	energy	energy	NOUN
ajm-7108	460	16	and	and	CCONJ
ajm-7108	460	17	industrial	industrial	ADJ
ajm-7108	460	18	sectors	sector	NOUN
ajm-7108	460	19	,	,	PUNCT
ajm-7108	460	20	exhibits	exhibit	VERB
ajm-7108	460	21	the	the	DET
ajm-7108	460	22	rise	rise	NOUN
ajm-7108	460	23	of	of	ADP
ajm-7108	460	24	other	other	ADJ
ajm-7108	460	25	key	key	ADJ
ajm-7108	460	26	sector	sector	NOUN
ajm-7108	460	27	players	player	NOUN
ajm-7108	460	28	over	over	ADP
ajm-7108	460	29	the	the	DET
ajm-7108	460	30	last	last	ADJ
ajm-7108	460	31	few	few	ADJ
ajm-7108	460	32	years	year	NOUN
ajm-7108	460	33	,	,	PUNCT
ajm-7108	460	34	particularly	particularly	ADV
ajm-7108	460	35	the	the	DET
ajm-7108	460	36	information	information	NOUN
ajm-7108	460	37	technology	technology	NOUN
ajm-7108	460	38	,	,	PUNCT
ajm-7108	460	39	communications	communication	NOUN
ajm-7108	460	40	,	,	PUNCT
ajm-7108	460	41	and	and	CCONJ
ajm-7108	460	42	consumer	consumer	NOUN
ajm-7108	460	43	discretionary	discretionary	ADJ
ajm-7108	460	44	sectors	sector	NOUN
ajm-7108	460	45	.	.	PUNCT
ajm-7108	461	1	17	17	NUM
ajm-7108	461	2	.	.	PUNCT
ajm-7108	462	1	according	accord	VERB
ajm-7108	462	2	to	to	PART
ajm-7108	462	3	figure	figure	VERB
ajm-7108	462	4	5	5	NUM
ajm-7108	462	5	in	in	ADP
ajm-7108	462	6	the	the	DET
ajm-7108	462	7	appendix	appendix	NOUN
ajm-7108	462	8	,	,	PUNCT
ajm-7108	462	9	which	which	PRON
ajm-7108	462	10	displays	display	VERB
ajm-7108	462	11	the	the	DET
ajm-7108	462	12	total	total	ADJ
ajm-7108	462	13	volumes	volume	NOUN
ajm-7108	462	14	of	of	ADP
ajm-7108	462	15	recs	rec	NOUN
ajm-7108	462	16	purchased	purchase	VERB
ajm-7108	462	17	by	by	ADP
ajm-7108	462	18	industry	industry	NOUN
ajm-7108	462	19	,	,	PUNCT
ajm-7108	462	20	the	the	DET
ajm-7108	462	21	information	information	NOUN
ajm-7108	462	22	technology	technology	NOUN
ajm-7108	462	23	and	and	CCONJ
ajm-7108	462	24	financial	financial	ADJ
ajm-7108	462	25	sectors	sector	NOUN
ajm-7108	462	26	have	have	AUX
ajm-7108	462	27	been	be	AUX
ajm-7108	462	28	the	the	DET
ajm-7108	462	29	largest	large	ADJ
ajm-7108	462	30	buyers	buyer	NOUN
ajm-7108	462	31	of	of	ADP
ajm-7108	462	32	recs	rec	NOUN
ajm-7108	462	33	.	.	PUNCT
ajm-7108	463	1	figure	figure	NOUN
ajm-7108	463	2	6	6	NUM
ajm-7108	463	3	in	in	ADP
ajm-7108	463	4	the	the	DET
ajm-7108	463	5	appendix	appendix	NOUN
ajm-7108	463	6	also	also	ADV
ajm-7108	463	7	shows	show	VERB
ajm-7108	463	8	the	the	DET
ajm-7108	463	9	evolution	evolution	NOUN
ajm-7108	463	10	of	of	ADP
ajm-7108	463	11	rec	rec	NOUN
ajm-7108	463	12	purchases	purchase	NOUN
ajm-7108	463	13	over	over	ADP
ajm-7108	463	14	the	the	DET
ajm-7108	463	15	last	last	ADJ
ajm-7108	463	16	10	10	NUM
ajm-7108	463	17	years	year	NOUN
ajm-7108	463	18	.	.	PUNCT
ajm-7108	464	1	similarly	similarly	ADV
ajm-7108	464	2	,	,	PUNCT
ajm-7108	464	3	the	the	DET
ajm-7108	464	4	information	information	NOUN
ajm-7108	464	5	technology	technology	NOUN
ajm-7108	464	6	,	,	PUNCT
ajm-7108	464	7	financials	financial	NOUN
ajm-7108	464	8	,	,	PUNCT
ajm-7108	464	9	and	and	CCONJ
ajm-7108	464	10	communications	communication	NOUN
ajm-7108	464	11	sectors	sector	NOUN
ajm-7108	464	12	have	have	AUX
ajm-7108	464	13	been	be	AUX
ajm-7108	464	14	purchasing	purchase	VERB
ajm-7108	464	15	the	the	DET
ajm-7108	464	16	most	most	ADJ
ajm-7108	464	17	recs	rec	NOUN
ajm-7108	464	18	,	,	PUNCT
ajm-7108	464	19	most	most	ADV
ajm-7108	464	20	notably	notably	ADV
ajm-7108	464	21	after	after	ADP
ajm-7108	464	22	2018	2018	NUM
ajm-7108	464	23	.	.	PUNCT
ajm-7108	465	1	18	18	NUM
ajm-7108	465	2	.	.	PUNCT
ajm-7108	465	3	results	result	NOUN
ajm-7108	465	4	of	of	ADP
ajm-7108	465	5	psm	psm	NOUN
ajm-7108	465	6	balance	balance	NOUN
ajm-7108	465	7	tests	test	NOUN
ajm-7108	465	8	for	for	ADP
ajm-7108	465	9	either	either	CCONJ
ajm-7108	465	10	the	the	DET
ajm-7108	465	11	carbon	carbon	NOUN
ajm-7108	465	12	offsets	offset	NOUN
ajm-7108	465	13	or	or	CCONJ
ajm-7108	465	14	rec	rec	NOUN
ajm-7108	465	15	analysis	analysis	NOUN
ajm-7108	465	16	are	be	AUX
ajm-7108	465	17	available	available	ADJ
ajm-7108	465	18	upon	upon	SCONJ
ajm-7108	465	19	request	request	NOUN
ajm-7108	465	20	.	.	PUNCT
ajm-7108	466	1	19	19	NUM
ajm-7108	466	2	.	.	PUNCT
ajm-7108	466	3	ghg	ghg	PROPN
ajm-7108	466	4	scope	scope	NOUN
ajm-7108	466	5	1	1	NUM
ajm-7108	466	6	emissions	emission	NOUN
ajm-7108	466	7	includes	include	VERB
ajm-7108	466	8	direct	direct	ADJ
ajm-7108	466	9	emissions	emission	NOUN
ajm-7108	466	10	that	that	PRON
ajm-7108	466	11	originate	originate	VERB
ajm-7108	466	12	from	from	ADP
ajm-7108	466	13	sources	source	NOUN
ajm-7108	466	14	owned	own	VERB
ajm-7108	466	15	or	or	CCONJ
ajm-7108	466	16	controlled	control	VERB
ajm-7108	466	17	by	by	ADP
ajm-7108	466	18	the	the	DET
ajm-7108	466	19	firm	firm	NOUN
ajm-7108	466	20	.	.	PUNCT
ajm-7108	467	1	ghg	ghg	PROPN
ajm-7108	467	2	scope	scope	NOUN
ajm-7108	467	3	2	2	NUM
ajm-7108	467	4	market	market	NOUN
ajm-7108	467	5	emissions	emission	NOUN
ajm-7108	467	6	include	include	VERB
ajm-7108	467	7	indirect	indirect	ADJ
ajm-7108	467	8	emissions	emission	NOUN
ajm-7108	467	9	from	from	ADP
ajm-7108	467	10	the	the	DET
ajm-7108	467	11	firm	firm	NOUN
ajm-7108	467	12	’s	’s	PART
ajm-7108	467	13	consumption	consumption	NOUN
ajm-7108	467	14	of	of	ADP
ajm-7108	467	15	electricity	electricity	NOUN
ajm-7108	467	16	,	,	PUNCT
ajm-7108	467	17	heat	heat	NOUN
ajm-7108	467	18	,	,	PUNCT
ajm-7108	467	19	or	or	CCONJ
ajm-7108	467	20	steam	steam	NOUN
ajm-7108	467	21	purchased	purchase	VERB
ajm-7108	467	22	from	from	ADP
ajm-7108	467	23	another	another	DET
ajm-7108	467	24	entity	entity	NOUN
ajm-7108	467	25	(	(	PUNCT
ajm-7108	467	26	e.g.	e.g.	ADV
ajm-7108	467	27	,	,	PUNCT
ajm-7108	467	28	wind	wind	NOUN
ajm-7108	467	29	or	or	CCONJ
ajm-7108	467	30	solar	solar	ADJ
ajm-7108	467	31	farm	farm	NOUN
ajm-7108	467	32	)	)	PUNCT
ajm-7108	467	33	.	.	PUNCT
ajm-7108	468	1	lastly	lastly	ADV
ajm-7108	468	2	,	,	PUNCT
ajm-7108	468	3	total	total	ADJ
ajm-7108	468	4	ghg	ghg	PROPN
ajm-7108	468	5	market	market	NOUN
ajm-7108	468	6	emissions	emission	NOUN
ajm-7108	468	7	encompass	encompass	VERB
ajm-7108	468	8	both	both	CCONJ
ajm-7108	468	9	direct	direct	ADJ
ajm-7108	468	10	and	and	CCONJ
ajm-7108	468	11	indirect	indirect	ADJ
ajm-7108	468	12	emissions	emission	NOUN
ajm-7108	468	13	,	,	PUNCT
ajm-7108	468	14	providing	provide	VERB
ajm-7108	468	15	a	a	DET
ajm-7108	468	16	comprehensive	comprehensive	ADJ
ajm-7108	468	17	picture	picture	NOUN
ajm-7108	468	18	of	of	ADP
ajm-7108	468	19	a	a	DET
ajm-7108	468	20	firm	firm	NOUN
ajm-7108	468	21	’s	’s	PART
ajm-7108	468	22	ghg	ghg	PROPN
ajm-7108	468	23	emissions	emissions	PROPN
ajm-7108	468	24	(	(	PUNCT
ajm-7108	468	25	epa	epa	PROPN
ajm-7108	468	26	green	green	PROPN
ajm-7108	468	27	power	power	PROPN
ajm-7108	468	28	partnership	partnership	PROPN
ajm-7108	468	29	,	,	PUNCT
ajm-7108	468	30	2018	2018	NUM
ajm-7108	468	31	)	)	PUNCT
ajm-7108	468	32	.	.	PUNCT
ajm-7108	469	1	references	reference	NOUN
ajm-7108	469	2	adams	adams	PROPN
ajm-7108	469	3	,	,	PUNCT
ajm-7108	469	4	r.b	r.b	PROPN
ajm-7108	469	5	.	.	PROPN
ajm-7108	469	6	,	,	PUNCT
ajm-7108	469	7	&	&	CCONJ
ajm-7108	469	8	funk	funk	NOUN
ajm-7108	469	9	,	,	PUNCT
ajm-7108	469	10	p.c	p.c	PROPN
ajm-7108	469	11	.	.	PROPN
ajm-7108	469	12	(	(	PUNCT
ajm-7108	469	13	2012	2012	NUM
ajm-7108	469	14	)	)	PUNCT
ajm-7108	469	15	.	.	PUNCT
ajm-7108	470	1	beyond	beyond	ADP
ajm-7108	470	2	the	the	DET
ajm-7108	470	3	glass	glass	NOUN
ajm-7108	470	4	ceiling	ceiling	NOUN
ajm-7108	470	5	:	:	PUNCT
ajm-7108	470	6	does	do	VERB
ajm-7108	470	7	gender	gender	NOUN
ajm-7108	470	8	matter	matter	NOUN
ajm-7108	470	9	?	?	PUNCT
ajm-7108	471	1	management	management	NOUN
ajm-7108	471	2	science	science	NOUN
ajm-7108	471	3	,	,	PUNCT
ajm-7108	471	4	58(2	58(2	NUM
ajm-7108	471	5	)	)	PUNCT
ajm-7108	471	6	,	,	PUNCT
ajm-7108	471	7	219–235	219–235	NUM
ajm-7108	471	8	.	.	PUNCT
ajm-7108	472	1	allen	allen	PROPN
ajm-7108	472	2	,	,	PUNCT
ajm-7108	472	3	f.	f.	PROPN
ajm-7108	472	4	,	,	PUNCT
ajm-7108	472	5	barbalau	barbalau	PROPN
ajm-7108	472	6	,	,	PUNCT
ajm-7108	472	7	a.	a.	NOUN
ajm-7108	472	8	,	,	PUNCT
ajm-7108	472	9	&	&	CCONJ
ajm-7108	472	10	zeni	zeni	PROPN
ajm-7108	472	11	,	,	PUNCT
ajm-7108	472	12	f.	f.	PROPN
ajm-7108	472	13	(	(	PUNCT
ajm-7108	472	14	2023	2023	NUM
ajm-7108	472	15	)	)	PUNCT
ajm-7108	472	16	.	.	PUNCT
ajm-7108	473	1	reducing	reduce	VERB
ajm-7108	473	2	carbon	carbon	NOUN
ajm-7108	473	3	using	use	VERB
ajm-7108	473	4	regulatory	regulatory	ADJ
ajm-7108	473	5	and	and	CCONJ
ajm-7108	473	6	financial	financial	ADJ
ajm-7108	473	7	market	market	NOUN
ajm-7108	473	8	tools	tool	NOUN
ajm-7108	473	9	(	(	PUNCT
ajm-7108	473	10	working	working	NOUN
ajm-7108	473	11	paper	paper	NOUN
ajm-7108	473	12	)	)	PUNCT
ajm-7108	473	13	.	.	PUNCT
ajm-7108	474	1	https://doi.org/10.2139/ssrn.4357160	https://doi.org/10.2139/ssrn.4357160	VERB
ajm-7108	474	2	altunbas	altunbas	ADJ
ajm-7108	474	3	,	,	PUNCT
ajm-7108	474	4	y.	y.	NOUN
ajm-7108	474	5	,	,	PUNCT
ajm-7108	474	6	gambacorta	gambacorta	PROPN
ajm-7108	474	7	,	,	PUNCT
ajm-7108	474	8	l.	l.	PROPN
ajm-7108	474	9	,	,	PUNCT
ajm-7108	474	10	reghezza	reghezza	NOUN
ajm-7108	474	11	,	,	PUNCT
ajm-7108	474	12	a.	a.	NOUN
ajm-7108	474	13	,	,	PUNCT
ajm-7108	474	14	&	&	CCONJ
ajm-7108	474	15	velliscig	velliscig	PROPN
ajm-7108	474	16	,	,	PUNCT
ajm-7108	474	17	g.	g.	PROPN
ajm-7108	474	18	(	(	PUNCT
ajm-7108	474	19	2022	2022	NUM
ajm-7108	474	20	)	)	PUNCT
ajm-7108	474	21	.	.	PUNCT
ajm-7108	475	1	does	do	AUX
ajm-7108	475	2	gender	gender	NOUN
ajm-7108	475	3	diversity	diversity	NOUN
ajm-7108	475	4	in	in	ADP
ajm-7108	475	5	the	the	DET
ajm-7108	475	6	workplace	workplace	NOUN
ajm-7108	475	7	mitigate	mitigate	VERB
ajm-7108	475	8	climate	climate	NOUN
ajm-7108	475	9	change	change	NOUN
ajm-7108	475	10	?	?	PUNCT
ajm-7108	476	1	european	european	ADJ
ajm-7108	476	2	central	central	PROPN
ajm-7108	476	3	bank	bank	PROPN
ajm-7108	476	4	working	working	PROPN
ajm-7108	476	5	paper	paper	NOUN
ajm-7108	476	6	series	series	NOUN
ajm-7108	476	7	,	,	PUNCT
ajm-7108	476	8	2650	2650	NUM
ajm-7108	476	9	.	.	PUNCT
ajm-7108	477	1	atif	atif	PROPN
ajm-7108	477	2	,	,	PUNCT
ajm-7108	477	3	m.	m.	NOUN
ajm-7108	477	4	,	,	PUNCT
ajm-7108	477	5	hossain	hossain	PROPN
ajm-7108	477	6	,	,	PUNCT
ajm-7108	477	7	m.	m.	NOUN
ajm-7108	477	8	,	,	PUNCT
ajm-7108	477	9	alam	alam	PROPN
ajm-7108	477	10	,	,	PUNCT
ajm-7108	477	11	md.s	md.s	PROPN
ajm-7108	477	12	.	.	PROPN
ajm-7108	477	13	,	,	PUNCT
ajm-7108	477	14	&	&	CCONJ
ajm-7108	477	15	goergen	goergen	PROPN
ajm-7108	477	16	,	,	PUNCT
ajm-7108	477	17	m.	m.	NOUN
ajm-7108	477	18	(	(	PUNCT
ajm-7108	477	19	2021	2021	NUM
ajm-7108	477	20	)	)	PUNCT
ajm-7108	477	21	.	.	PUNCT
ajm-7108	478	1	does	do	AUX
ajm-7108	478	2	board	board	VERB
ajm-7108	478	3	gender	gender	NOUN
ajm-7108	478	4	diversity	diversity	NOUN
ajm-7108	478	5	affect	affect	VERB
ajm-7108	478	6	renewable	renewable	ADJ
ajm-7108	478	7	energy	energy	NOUN
ajm-7108	478	8	consumption	consumption	NOUN
ajm-7108	478	9	?	?	PUNCT
ajm-7108	479	1	journal	journal	NOUN
ajm-7108	479	2	of	of	ADP
ajm-7108	479	3	corporate	corporate	ADJ
ajm-7108	479	4	finance	finance	NOUN
ajm-7108	479	5	,	,	PUNCT
ajm-7108	479	6	66	66	NUM
ajm-7108	479	7	.	.	PUNCT
ajm-7108	480	1	http://dx.doi.org/10.2139/ssrn.3428921	http://dx.doi.org/10.2139/ssrn.3428921	PROPN
ajm-7108	480	2	chodorow	chodorow	PROPN
ajm-7108	480	3	,	,	PUNCT
ajm-7108	480	4	n.	n.	PROPN
ajm-7108	480	5	(	(	PUNCT
ajm-7108	480	6	1978	1978	NUM
ajm-7108	480	7	)	)	PUNCT
ajm-7108	480	8	.	.	PUNCT
ajm-7108	481	1	the	the	DET
ajm-7108	481	2	reproduction	reproduction	NOUN
ajm-7108	481	3	of	of	ADP
ajm-7108	481	4	mothering	mothering	NOUN
ajm-7108	481	5	:	:	PUNCT
ajm-7108	481	6	psychoanalysis	psychoanalysis	NOUN
ajm-7108	481	7	and	and	CCONJ
ajm-7108	481	8	the	the	DET
ajm-7108	481	9	sociology	sociology	NOUN
ajm-7108	481	10	of	of	ADP
ajm-7108	481	11	gender	gender	NOUN
ajm-7108	481	12	.	.	PUNCT
ajm-7108	482	1	redwood	redwood	NOUN
ajm-7108	482	2	city	city	PROPN
ajm-7108	482	3	:	:	PUNCT
ajm-7108	482	4	stanford	stanford	PROPN
ajm-7108	482	5	university	university	PROPN
ajm-7108	482	6	press	press	NOUN
ajm-7108	482	7	.	.	PUNCT
ajm-7108	483	1	delmas	delmas	PROPN
ajm-7108	483	2	,	,	PUNCT
ajm-7108	483	3	m.a	m.a	PROPN
ajm-7108	483	4	.	.	PROPN
ajm-7108	483	5	,	,	PUNCT
ajm-7108	483	6	&	&	CCONJ
ajm-7108	483	7	nairn	nairn	PROPN
ajm-7108	483	8	-	-	PUNCT
ajm-7108	483	9	birch	birch	PROPN
ajm-7108	483	10	,	,	PUNCT
ajm-7108	483	11	n.s	n.s	PROPN
ajm-7108	483	12	.	.	PROPN
ajm-7108	483	13	(	(	PUNCT
ajm-7108	483	14	2011	2011	NUM
ajm-7108	483	15	)	)	PUNCT
ajm-7108	483	16	.	.	PUNCT
ajm-7108	484	1	is	be	AUX
ajm-7108	484	2	the	the	DET
ajm-7108	484	3	tail	tail	NOUN
ajm-7108	484	4	wagging	wag	VERB
ajm-7108	484	5	the	the	DET
ajm-7108	484	6	dog	dog	NOUN
ajm-7108	484	7	?	?	PUNCT
ajm-7108	485	1	an	an	DET
ajm-7108	485	2	empirical	empirical	ADJ
ajm-7108	485	3	analysis	analysis	NOUN
ajm-7108	485	4	of	of	ADP
ajm-7108	485	5	corporate	corporate	ADJ
ajm-7108	485	6	carbon	carbon	NOUN
ajm-7108	485	7	footprints	footprint	NOUN
ajm-7108	485	8	and	and	CCONJ
ajm-7108	485	9	financial	financial	ADJ
ajm-7108	485	10	performance	performance	NOUN
ajm-7108	485	11	.	.	PUNCT
ajm-7108	486	1	ucla	ucla	NOUN
ajm-7108	486	2	:	:	PUNCT
ajm-7108	486	3	institute	institute	NOUN
ajm-7108	486	4	of	of	ADP
ajm-7108	486	5	the	the	DET
ajm-7108	486	6	environment	environment	NOUN
ajm-7108	486	7	and	and	CCONJ
ajm-7108	486	8	sustainability	sustainability	NOUN
ajm-7108	486	9	.	.	PUNCT
ajm-7108	487	1	retrieved	retrieve	VERB
ajm-7108	487	2	from	from	ADP
ajm-7108	487	3	https://escholarship.org/uc/item/3k89n5b7	https://escholarship.org/uc/item/3k89n5b7	PROPN
ajm-7108	487	4	donofrio	donofrio	PROPN
ajm-7108	487	5	,	,	PUNCT
ajm-7108	487	6	s.	s.	PROPN
ajm-7108	487	7	,	,	PUNCT
ajm-7108	487	8	maguire	maguire	NOUN
ajm-7108	487	9	,	,	PUNCT
ajm-7108	487	10	p.	p.	NOUN
ajm-7108	487	11	,	,	PUNCT
ajm-7108	487	12	daley	daley	PROPN
ajm-7108	487	13	,	,	PUNCT
ajm-7108	487	14	c.	c.	PROPN
ajm-7108	487	15	,	,	PUNCT
ajm-7108	487	16	calderon	calderon	PROPN
ajm-7108	487	17	,	,	PUNCT
ajm-7108	487	18	c.	c.	PROPN
ajm-7108	487	19	,	,	PUNCT
ajm-7108	487	20	&	&	CCONJ
ajm-7108	487	21	lin	lin	PROPN
ajm-7108	487	22	,	,	PUNCT
ajm-7108	487	23	k.	k.	PROPN
ajm-7108	487	24	(	(	PUNCT
ajm-7108	487	25	2022	2022	NUM
ajm-7108	487	26	)	)	PUNCT
ajm-7108	487	27	.	.	PUNCT
ajm-7108	488	1	ecosystem	ecosystem	NOUN
ajm-7108	488	2	marketplace	marketplace	NOUN
ajm-7108	488	3	insights	insight	NOUN
ajm-7108	488	4	brief	brief	VERB
ajm-7108	488	5	:	:	PUNCT
ajm-7108	488	6	the	the	DET
ajm-7108	488	7	art	art	NOUN
ajm-7108	488	8	of	of	ADP
ajm-7108	488	9	integrity	integrity	NOUN
ajm-7108	488	10	–	–	PUNCT
ajm-7108	488	11	state	state	NOUN
ajm-7108	488	12	of	of	ADP
ajm-7108	488	13	the	the	DET
ajm-7108	488	14	voluntary	voluntary	ADJ
ajm-7108	488	15	carbon	carbon	NOUN
ajm-7108	488	16	markets	market	NOUN
ajm-7108	488	17	2022	2022	NUM
ajm-7108	488	18	.	.	PUNCT
ajm-7108	489	1	ecosystem	ecosystem	NOUN
ajm-7108	489	2	marketplace	marketplace	NOUN
ajm-7108	489	3	.	.	PUNCT
ajm-7108	490	1	retrieved	retrieve	VERB
ajm-7108	490	2	from	from	ADP
ajm-7108	490	3	https://www.ecosystemmarketplace.com/publications/state-of-thevoluntary-carbon-markets-2022/	https://www.ecosystemmarketplace.com/publications/state-of-thevoluntary-carbon-markets-2022/	PROPN
ajm-7108	490	4	donofrio	donofrio	PROPN
ajm-7108	490	5	,	,	PUNCT
ajm-7108	490	6	s.	s.	PROPN
ajm-7108	490	7	,	,	PUNCT
ajm-7108	490	8	procton	procton	PROPN
ajm-7108	490	9	,	,	PUNCT
ajm-7108	490	10	a.	a.	NOUN
ajm-7108	490	11	,	,	PUNCT
ajm-7108	490	12	weatherer	weatherer	AUX
ajm-7108	490	13	,	,	PUNCT
ajm-7108	490	14	l.	l.	PROPN
ajm-7108	490	15	,	,	PUNCT
ajm-7108	490	16	calderon	calderon	PROPN
ajm-7108	490	17	,	,	PUNCT
ajm-7108	490	18	c.	c.	PROPN
ajm-7108	490	19	,	,	PUNCT
ajm-7108	490	20	&	&	CCONJ
ajm-7108	490	21	bennett	bennett	PROPN
ajm-7108	490	22	,	,	PUNCT
ajm-7108	490	23	g.	g.	PROPN
ajm-7108	490	24	(	(	PUNCT
ajm-7108	490	25	2023	2023	NUM
ajm-7108	490	26	)	)	PUNCT
ajm-7108	490	27	.	.	PUNCT
ajm-7108	491	1	all	all	ADV
ajm-7108	491	2	in	in	ADV
ajm-7108	491	3	on	on	ADP
ajm-7108	491	4	climate	climate	NOUN
ajm-7108	491	5	:	:	PUNCT
ajm-7108	491	6	the	the	DET
ajm-7108	491	7	role	role	NOUN
ajm-7108	491	8	of	of	ADP
ajm-7108	491	9	cabron	cabron	PROPN
ajm-7108	491	10	credits	credit	NOUN
ajm-7108	491	11	in	in	ADP
ajm-7108	491	12	corporate	corporate	ADJ
ajm-7108	491	13	climate	climate	NOUN
ajm-7108	491	14	strategies	strategy	NOUN
ajm-7108	491	15	.	.	PUNCT
ajm-7108	492	1	ecosystem	ecosystem	NOUN
ajm-7108	492	2	marketplace	marketplace	NOUN
ajm-7108	492	3	.	.	PUNCT
ajm-7108	493	1	retrieved	retrieve	VERB
ajm-7108	493	2	from	from	ADP
ajm-7108	493	3	https://www.ecosystemmarketplace.com/publications/2023-em-all-in-on-climate-report/	https://www.ecosystemmarketplace.com/publications/2023-em-all-in-on-climate-report/	NOUN
ajm-7108	493	4	eagly	eagly	ADV
ajm-7108	493	5	,	,	PUNCT
ajm-7108	493	6	a.h	a.h	PROPN
ajm-7108	493	7	.	.	PROPN
ajm-7108	493	8	(	(	PUNCT
ajm-7108	493	9	1987	1987	NUM
ajm-7108	493	10	)	)	PUNCT
ajm-7108	493	11	.	.	PUNCT
ajm-7108	494	1	sex	sex	NOUN
ajm-7108	494	2	differences	difference	NOUN
ajm-7108	494	3	in	in	ADP
ajm-7108	494	4	social	social	ADJ
ajm-7108	494	5	behavior	behavior	NOUN
ajm-7108	494	6	:	:	PUNCT
ajm-7108	494	7	a	a	DET
ajm-7108	494	8	social	social	ADJ
ajm-7108	494	9	-	-	PUNCT
ajm-7108	494	10	role	role	NOUN
ajm-7108	494	11	interpretation	interpretation	NOUN
ajm-7108	494	12	(	(	PUNCT
ajm-7108	494	13	1st	1st	ADJ
ajm-7108	494	14	ed	ed	NOUN
ajm-7108	494	15	.	.	PUNCT
ajm-7108	494	16	)	)	PUNCT
ajm-7108	494	17	.	.	PUNCT
ajm-7108	495	1	psychology	psychology	NOUN
ajm-7108	495	2	press	press	NOUN
ajm-7108	495	3	.	.	PUNCT
ajm-7108	496	1	https://doi.org/10.4324/9780203781906	https://doi.org/10.4324/9780203781906	X
ajm-7108	496	2	epa	epa	PROPN
ajm-7108	496	3	green	green	PROPN
ajm-7108	496	4	power	power	PROPN
ajm-7108	496	5	partnership	partnership	PROPN
ajm-7108	496	6	.	.	PUNCT
ajm-7108	497	1	(	(	PUNCT
ajm-7108	497	2	2018	2018	NUM
ajm-7108	497	3	)	)	PUNCT
ajm-7108	497	4	.	.	PUNCT
ajm-7108	498	1	offsets	offset	NOUN
ajm-7108	498	2	and	and	CCONJ
ajm-7108	498	3	recs	rec	NOUN
ajm-7108	498	4	:	:	PUNCT
ajm-7108	498	5	what	what	PRON
ajm-7108	498	6	’s	’	VERB
ajm-7108	498	7	the	the	DET
ajm-7108	498	8	difference	difference	NOUN
ajm-7108	498	9	?	?	PUNCT
ajm-7108	499	1	united	united	PROPN
ajm-7108	499	2	states	states	PROPN
ajm-7108	499	3	environmental	environmental	PROPN
ajm-7108	499	4	protection	protection	PROPN
ajm-7108	499	5	agency	agency	PROPN
ajm-7108	499	6	.	.	PUNCT
ajm-7108	500	1	retrieved	retrieve	VERB
ajm-7108	500	2	from	from	ADP
ajm-7108	500	3	https://www.epa.gov/sites/default/files/201803/documents/gpp_guide_recs_offsets.pdf	https://www.epa.gov/sites/default/files/201803/documents/gpp_guide_recs_offsets.pdf	PROPN
ajm-7108	500	4	38	38	NUM
ajm-7108	500	5	american	american	ADJ
ajm-7108	500	6	journal	journal	NOUN
ajm-7108	500	7	of	of	ADP
ajm-7108	500	8	management	management	NOUN
ajm-7108	500	9	vol	vol	NOUN
ajm-7108	500	10	.	.	PUNCT
ajm-7108	501	1	24(2	24(2	NUM
ajm-7108	501	2	)	)	PUNCT
ajm-7108	501	3	2024	2024	NUM
ajm-7108	501	4	forest	forest	NOUN
ajm-7108	501	5	trends	trend	NOUN
ajm-7108	501	6	.	.	PUNCT
ajm-7108	502	1	(	(	PUNCT
ajm-7108	502	2	2019	2019	NUM
ajm-7108	502	3	)	)	PUNCT
ajm-7108	502	4	.	.	PUNCT
ajm-7108	503	1	demand	demand	NOUN
ajm-7108	503	2	for	for	ADP
ajm-7108	503	3	nature	nature	NOUN
ajm-7108	503	4	-	-	PUNCT
ajm-7108	503	5	based	base	VERB
ajm-7108	503	6	solutions	solution	NOUN
ajm-7108	503	7	for	for	ADP
ajm-7108	503	8	climate	climate	NOUN
ajm-7108	503	9	drives	drive	VERB
ajm-7108	503	10	voluntary	voluntary	ADJ
ajm-7108	503	11	carbon	carbon	NOUN
ajm-7108	503	12	markets	market	NOUN
ajm-7108	503	13	to	to	ADP
ajm-7108	503	14	a	a	DET
ajm-7108	503	15	seven	seven	NUM
ajm-7108	503	16	-	-	PUNCT
ajm-7108	503	17	year	year	NOUN
ajm-7108	503	18	high	high	NOUN
ajm-7108	503	19	.	.	PUNCT
ajm-7108	504	1	retrieved	retrieve	VERB
ajm-7108	504	2	from	from	ADP
ajm-7108	504	3	https://www.forest-trends.org/pressroom/demand-fornature-based-solutions-for-climate-drives-voluntary-carbon-markets-to-a-seven-year-high/	https://www.forest-trends.org/pressroom/demand-fornature-based-solutions-for-climate-drives-voluntary-carbon-markets-to-a-seven-year-high/	NOUN
ajm-7108	504	4	ghisetti	ghisetti	NOUN
ajm-7108	504	5	,	,	PUNCT
ajm-7108	504	6	c.	c.	PROPN
ajm-7108	504	7	,	,	PUNCT
ajm-7108	504	8	&	&	CCONJ
ajm-7108	504	9	rennings	renning	NOUN
ajm-7108	504	10	,	,	PUNCT
ajm-7108	504	11	k.	k.	PROPN
ajm-7108	504	12	(	(	PUNCT
ajm-7108	504	13	2014	2014	NUM
ajm-7108	504	14	)	)	PUNCT
ajm-7108	504	15	.	.	PUNCT
ajm-7108	505	1	environmental	environmental	ADJ
ajm-7108	505	2	innovations	innovation	NOUN
ajm-7108	505	3	and	and	CCONJ
ajm-7108	505	4	profitability	profitability	NOUN
ajm-7108	505	5	:	:	PUNCT
ajm-7108	505	6	how	how	SCONJ
ajm-7108	505	7	does	do	AUX
ajm-7108	505	8	it	it	PRON
ajm-7108	505	9	pay	pay	VERB
ajm-7108	505	10	to	to	PART
ajm-7108	505	11	be	be	AUX
ajm-7108	505	12	green	green	ADJ
ajm-7108	505	13	?	?	PUNCT
ajm-7108	506	1	an	an	DET
ajm-7108	506	2	empirical	empirical	ADJ
ajm-7108	506	3	analysis	analysis	NOUN
ajm-7108	506	4	on	on	ADP
ajm-7108	506	5	the	the	DET
ajm-7108	506	6	german	german	ADJ
ajm-7108	506	7	innovation	innovation	NOUN
ajm-7108	506	8	survey	survey	NOUN
ajm-7108	506	9	.	.	PUNCT
ajm-7108	507	1	journal	journal	NOUN
ajm-7108	507	2	of	of	ADP
ajm-7108	507	3	cleaner	clean	ADJ
ajm-7108	507	4	production	production	NOUN
ajm-7108	507	5	,	,	PUNCT
ajm-7108	507	6	75	75	NUM
ajm-7108	507	7	,	,	PUNCT
ajm-7108	507	8	106–117	106–117	NUM
ajm-7108	507	9	.	.	PUNCT
ajm-7108	508	1	https://doi.org/10.1016/j.jclepro.2014.03.097	https://doi.org/10.1016/j.jclepro.2014.03.097	PROPN
ajm-7108	508	2	guizar	guizar	NOUN
ajm-7108	508	3	-	-	PUNCT
ajm-7108	508	4	coutiño	coutiño	PROPN
ajm-7108	508	5	,	,	PUNCT
ajm-7108	508	6	a.	a.	PROPN
ajm-7108	508	7	,	,	PUNCT
ajm-7108	508	8	jones	jones	PROPN
ajm-7108	508	9	,	,	PUNCT
ajm-7108	508	10	j.p.g	j.p.g	PROPN
ajm-7108	508	11	.	.	PROPN
ajm-7108	508	12	,	,	PUNCT
ajm-7108	508	13	balmford	balmford	PROPN
ajm-7108	508	14	,	,	PUNCT
ajm-7108	508	15	a.	a.	PROPN
ajm-7108	508	16	,	,	PUNCT
ajm-7108	508	17	carmenta	carmenta	PROPN
ajm-7108	508	18	,	,	PUNCT
ajm-7108	508	19	r.	r.	PROPN
ajm-7108	508	20	,	,	PUNCT
ajm-7108	508	21	&	&	CCONJ
ajm-7108	508	22	coomes	coomes	PROPN
ajm-7108	508	23	,	,	PUNCT
ajm-7108	508	24	d.a	d.a	PROPN
ajm-7108	508	25	.	.	PROPN
ajm-7108	508	26	(	(	PUNCT
ajm-7108	508	27	2022	2022	NUM
ajm-7108	508	28	)	)	PUNCT
ajm-7108	508	29	.	.	PUNCT
ajm-7108	509	1	a	a	DET
ajm-7108	509	2	global	global	ADJ
ajm-7108	509	3	evaluation	evaluation	NOUN
ajm-7108	509	4	of	of	ADP
ajm-7108	509	5	the	the	DET
ajm-7108	509	6	effectiveness	effectiveness	NOUN
ajm-7108	509	7	of	of	ADP
ajm-7108	509	8	voluntary	voluntary	ADJ
ajm-7108	509	9	redd+	redd+	ADJ
ajm-7108	509	10	projects	project	NOUN
ajm-7108	509	11	at	at	ADP
ajm-7108	509	12	reducing	reduce	VERB
ajm-7108	509	13	deforestation	deforestation	NOUN
ajm-7108	509	14	and	and	CCONJ
ajm-7108	509	15	degradation	degradation	NOUN
ajm-7108	509	16	in	in	ADP
ajm-7108	509	17	the	the	DET
ajm-7108	509	18	moist	moist	ADJ
ajm-7108	509	19	tropics	tropic	NOUN
ajm-7108	509	20	.	.	PUNCT
ajm-7108	510	1	conservation	conservation	NOUN
ajm-7108	510	2	biology	biology	NOUN
ajm-7108	510	3	,	,	PUNCT
ajm-7108	510	4	36(6	36(6	NUM
ajm-7108	510	5	)	)	PUNCT
ajm-7108	510	6	.	.	PUNCT
ajm-7108	511	1	doi	doi	NOUN
ajm-7108	511	2	:	:	PUNCT
ajm-7108	511	3	10.1111	10.1111	NUM
ajm-7108	511	4	/	/	SYM
ajm-7108	511	5	cobi.13970	cobi.13970	PROPN
ajm-7108	511	6	haque	haque	PROPN
ajm-7108	511	7	,	,	PUNCT
ajm-7108	511	8	f.	f.	PROPN
ajm-7108	511	9	(	(	PUNCT
ajm-7108	511	10	2017	2017	NUM
ajm-7108	511	11	)	)	PUNCT
ajm-7108	511	12	.	.	PUNCT
ajm-7108	512	1	the	the	DET
ajm-7108	512	2	effects	effect	NOUN
ajm-7108	512	3	of	of	ADP
ajm-7108	512	4	board	board	NOUN
ajm-7108	512	5	characteristics	characteristic	NOUN
ajm-7108	512	6	and	and	CCONJ
ajm-7108	512	7	sustainable	sustainable	ADJ
ajm-7108	512	8	compensation	compensation	NOUN
ajm-7108	512	9	policy	policy	NOUN
ajm-7108	512	10	on	on	ADP
ajm-7108	512	11	carbon	carbon	NOUN
ajm-7108	512	12	performance	performance	NOUN
ajm-7108	512	13	of	of	ADP
ajm-7108	512	14	uk	uk	PROPN
ajm-7108	512	15	firms	firm	NOUN
ajm-7108	512	16	.	.	PUNCT
ajm-7108	513	1	the	the	DET
ajm-7108	513	2	british	british	PROPN
ajm-7108	513	3	accounting	accounting	PROPN
ajm-7108	513	4	review	review	PROPN
ajm-7108	513	5	,	,	PUNCT
ajm-7108	513	6	49	49	NUM
ajm-7108	513	7	.	.	PUNCT
ajm-7108	514	1	https://doi:10.1016	https://doi:10.1016	PROPN
ajm-7108	514	2	/	/	SYM
ajm-7108	514	3	j.bar.2017.01.001	j.bar.2017.01.001	PROPN
ajm-7108	514	4	harrison	harrison	PROPN
ajm-7108	514	5	,	,	PUNCT
ajm-7108	514	6	k.	k.	PROPN
ajm-7108	514	7	,	,	PUNCT
ajm-7108	514	8	linstaedt	linstaedt	PROPN
ajm-7108	514	9	,	,	PUNCT
ajm-7108	514	10	j.	j.	PROPN
ajm-7108	514	11	,	,	PUNCT
ajm-7108	514	12	&	&	CCONJ
ajm-7108	514	13	cheung	cheung	PROPN
ajm-7108	514	14	,	,	PUNCT
ajm-7108	514	15	a.	a.	NOUN
ajm-7108	514	16	(	(	PUNCT
ajm-7108	514	17	2022	2022	NUM
ajm-7108	514	18	)	)	PUNCT
ajm-7108	514	19	.	.	PUNCT
ajm-7108	515	1	voluntary	voluntary	ADJ
ajm-7108	515	2	carbon	carbon	NOUN
ajm-7108	515	3	offset	offset	NOUN
ajm-7108	515	4	demand	demand	NOUN
ajm-7108	515	5	demystified	demystify	VERB
ajm-7108	515	6	.	.	PUNCT
ajm-7108	516	1	bloomberg	bloomberg	PROPN
ajm-7108	516	2	nef	nef	PROPN
ajm-7108	516	3	.	.	PROPN
ajm-7108	516	4	jaraitė	jaraitė	PROPN
ajm-7108	516	5	,	,	PUNCT
ajm-7108	516	6	j.	j.	PROPN
ajm-7108	516	7	,	,	PUNCT
ajm-7108	516	8	kurtyka	kurtyka	PROPN
ajm-7108	516	9	,	,	PUNCT
ajm-7108	516	10	o.	o.	PROPN
ajm-7108	516	11	,	,	PUNCT
ajm-7108	516	12	&	&	CCONJ
ajm-7108	516	13	ollivier	ollivier	PROPN
ajm-7108	516	14	,	,	PUNCT
ajm-7108	516	15	h.	h.	PROPN
ajm-7108	516	16	(	(	PUNCT
ajm-7108	516	17	2022	2022	NUM
ajm-7108	516	18	)	)	PUNCT
ajm-7108	516	19	.	.	PUNCT
ajm-7108	517	1	take	take	VERB
ajm-7108	517	2	a	a	DET
ajm-7108	517	3	ride	ride	NOUN
ajm-7108	517	4	on	on	ADP
ajm-7108	517	5	the	the	DET
ajm-7108	517	6	(	(	PUNCT
ajm-7108	517	7	not	not	PART
ajm-7108	517	8	so	so	ADV
ajm-7108	517	9	)	)	PUNCT
ajm-7108	517	10	green	green	ADJ
ajm-7108	517	11	side	side	NOUN
ajm-7108	517	12	:	:	PUNCT
ajm-7108	517	13	how	how	SCONJ
ajm-7108	517	14	do	do	AUX
ajm-7108	517	15	cdm	cdm	PROPN
ajm-7108	517	16	projects	project	NOUN
ajm-7108	517	17	affect	affect	VERB
ajm-7108	517	18	indian	indian	ADJ
ajm-7108	517	19	manufacturing	manufacturing	NOUN
ajm-7108	517	20	firms	firm	NOUN
ajm-7108	517	21	’	’	PART
ajm-7108	517	22	environmental	environmental	ADJ
ajm-7108	517	23	performance	performance	NOUN
ajm-7108	517	24	?	?	PUNCT
ajm-7108	518	1	journal	journal	NOUN
ajm-7108	518	2	of	of	ADP
ajm-7108	518	3	environmental	environmental	ADJ
ajm-7108	518	4	economics	economic	NOUN
ajm-7108	518	5	and	and	CCONJ
ajm-7108	518	6	management	management	NOUN
ajm-7108	518	7	,	,	PUNCT
ajm-7108	518	8	114	114	NUM
ajm-7108	518	9	.	.	PUNCT
ajm-7108	519	1	elsevier	elsevier	NOUN
ajm-7108	519	2	.	.	PUNCT
ajm-7108	520	1	doi	doi	PROPN
ajm-7108	520	2	:	:	PUNCT
ajm-7108	520	3	10.1016	10.1016	NUM
ajm-7108	520	4	/	/	SYM
ajm-7108	520	5	j.jeem.2022.102684	j.jeem.2022.102684	PROPN
ajm-7108	520	6	jiang	jiang	PROPN
ajm-7108	520	7	,	,	PUNCT
ajm-7108	520	8	b.	b.	PROPN
ajm-7108	520	9	,	,	PUNCT
ajm-7108	520	10	klerk	klerk	PROPN
ajm-7108	520	11	,	,	PUNCT
ajm-7108	520	12	e.	e.	PROPN
ajm-7108	520	13	,	,	PUNCT
ajm-7108	520	14	ziffer	ziffer	PROPN
ajm-7108	520	15	,	,	PUNCT
ajm-7108	520	16	m.	m.	NOUN
ajm-7108	520	17	,	,	PUNCT
ajm-7108	520	18	longworth	longworth	PROPN
ajm-7108	520	19	,	,	PUNCT
ajm-7108	520	20	b.s	b.s	PROPN
ajm-7108	520	21	.	.	PROPN
ajm-7108	520	22	,	,	PUNCT
ajm-7108	520	23	&	&	CCONJ
ajm-7108	520	24	glover	glover	PROPN
ajm-7108	520	25	,	,	PUNCT
ajm-7108	520	26	p.	p.	NOUN
ajm-7108	520	27	(	(	PUNCT
ajm-7108	520	28	2022	2022	NUM
ajm-7108	520	29	)	)	PUNCT
ajm-7108	520	30	.	.	PUNCT
ajm-7108	521	1	carbon	carbon	NOUN
ajm-7108	521	2	markets	market	NOUN
ajm-7108	521	3	esg	esg	PROPN
ajm-7108	521	4	report	report	NOUN
ajm-7108	521	5	:	:	PUNCT
ajm-7108	521	6	voluntary	voluntary	ADJ
ajm-7108	521	7	carbon	carbon	NOUN
ajm-7108	521	8	offsetsenabling	offsetsenabling	NOUN
ajm-7108	521	9	the	the	DET
ajm-7108	521	10	“	"	PUNCT
ajm-7108	521	11	net	net	NOUN
ajm-7108	521	12	”	"	PUNCT
ajm-7108	521	13	in	in	ADP
ajm-7108	521	14	net	net	ADJ
ajm-7108	521	15	zero	zero	NUM
ajm-7108	521	16	.	.	PUNCT
ajm-7108	522	1	credit	credit	NOUN
ajm-7108	522	2	suisse	suisse	NOUN
ajm-7108	522	3	equity	equity	NOUN
ajm-7108	522	4	research	research	NOUN
ajm-7108	522	5	.	.	PUNCT
ajm-7108	523	1	liao	liao	PROPN
ajm-7108	523	2	,	,	PUNCT
ajm-7108	523	3	l.	l.	PROPN
ajm-7108	523	4	,	,	PUNCT
ajm-7108	523	5	luo	luo	PROPN
ajm-7108	523	6	,	,	PUNCT
ajm-7108	523	7	l.	l.	PROPN
ajm-7108	523	8	,	,	PUNCT
ajm-7108	523	9	&	&	CCONJ
ajm-7108	523	10	tang	tang	PROPN
ajm-7108	523	11	,	,	PUNCT
ajm-7108	523	12	q.	q.	PROPN
ajm-7108	523	13	(	(	PUNCT
ajm-7108	523	14	2015	2015	NUM
ajm-7108	523	15	)	)	PUNCT
ajm-7108	523	16	.	.	PUNCT
ajm-7108	524	1	gender	gender	NOUN
ajm-7108	524	2	diversity	diversity	NOUN
ajm-7108	524	3	,	,	PUNCT
ajm-7108	524	4	board	board	NOUN
ajm-7108	524	5	independence	independence	NOUN
ajm-7108	524	6	,	,	PUNCT
ajm-7108	524	7	environmental	environmental	ADJ
ajm-7108	524	8	committee	committee	NOUN
ajm-7108	524	9	and	and	CCONJ
ajm-7108	524	10	greenhouse	greenhouse	NOUN
ajm-7108	524	11	gas	gas	NOUN
ajm-7108	524	12	disclosure	disclosure	NOUN
ajm-7108	524	13	.	.	PUNCT
ajm-7108	525	1	the	the	DET
ajm-7108	525	2	british	british	PROPN
ajm-7108	525	3	accounting	accounting	PROPN
ajm-7108	525	4	review	review	PROPN
ajm-7108	525	5	,	,	PUNCT
ajm-7108	525	6	47(4	47(4	PROPN
ajm-7108	525	7	)	)	PUNCT
ajm-7108	525	8	,	,	PUNCT
ajm-7108	525	9	409–424	409–424	NUM
ajm-7108	525	10	.	.	PUNCT
ajm-7108	526	1	martín	martín	PROPN
ajm-7108	526	2	,	,	PUNCT
ajm-7108	526	3	c.j.g	c.j.g	NOUN
ajm-7108	526	4	.	.	PROPN
ajm-7108	526	5	,	,	PUNCT
ajm-7108	526	6	&	&	CCONJ
ajm-7108	526	7	herrero	herrero	PROPN
ajm-7108	526	8	,	,	PUNCT
ajm-7108	526	9	b.	b.	PROPN
ajm-7108	526	10	(	(	PUNCT
ajm-7108	526	11	2019	2019	NUM
ajm-7108	526	12	)	)	PUNCT
ajm-7108	526	13	.	.	PUNCT
ajm-7108	527	1	do	do	AUX
ajm-7108	527	2	board	board	NOUN
ajm-7108	527	3	characteristics	characteristic	NOUN
ajm-7108	527	4	affect	affect	VERB
ajm-7108	527	5	environmental	environmental	ADJ
ajm-7108	527	6	performance	performance	NOUN
ajm-7108	527	7	?	?	PUNCT
ajm-7108	528	1	a	a	DET
ajm-7108	528	2	study	study	NOUN
ajm-7108	528	3	of	of	ADP
ajm-7108	528	4	eu	eu	PROPN
ajm-7108	528	5	firms	firm	NOUN
ajm-7108	528	6	.	.	PUNCT
ajm-7108	529	1	corporate	corporate	ADJ
ajm-7108	529	2	social	social	ADJ
ajm-7108	529	3	responsibility	responsibility	NOUN
ajm-7108	529	4	and	and	CCONJ
ajm-7108	529	5	environmental	environmental	ADJ
ajm-7108	529	6	management	management	NOUN
ajm-7108	529	7	,	,	PUNCT
ajm-7108	529	8	27(1	27(1	NUM
ajm-7108	529	9	)	)	PUNCT
ajm-7108	529	10	,	,	PUNCT
ajm-7108	529	11	74	74	NUM
ajm-7108	529	12	–	–	SYM
ajm-7108	529	13	94	94	NUM
ajm-7108	529	14	.	.	PUNCT
ajm-7108	530	1	john	john	PROPN
ajm-7108	530	2	wiley	wiley	PROPN
ajm-7108	530	3	&	&	CCONJ
ajm-7108	530	4	sons	son	NOUN
ajm-7108	530	5	.	.	PUNCT
ajm-7108	531	1	martínez	martínez	PROPN
ajm-7108	531	2	,	,	PUNCT
ajm-7108	531	3	m.	m.	NOUN
ajm-7108	531	4	,	,	PUNCT
ajm-7108	531	5	santos	santos	PROPN
ajm-7108	531	6	jaen	jaen	PROPN
ajm-7108	531	7	,	,	PUNCT
ajm-7108	531	8	j.m	j.m	PROPN
ajm-7108	531	9	.	.	PROPN
ajm-7108	531	10	,	,	PUNCT
ajm-7108	531	11	soriano	soriano	PROPN
ajm-7108	531	12	román	román	PROPN
ajm-7108	531	13	,	,	PUNCT
ajm-7108	531	14	r.	r.	PROPN
ajm-7108	531	15	,	,	PUNCT
ajm-7108	531	16	&	&	CCONJ
ajm-7108	531	17	martin	martin	PROPN
ajm-7108	531	18	-	-	PUNCT
ajm-7108	531	19	cervantes	cervante	NOUN
ajm-7108	531	20	,	,	PUNCT
ajm-7108	531	21	p.a	p.a	PROPN
ajm-7108	531	22	.	.	PROPN
ajm-7108	532	1	(	(	PUNCT
ajm-7108	532	2	2022	2022	NUM
ajm-7108	532	3	)	)	PUNCT
ajm-7108	532	4	.	.	PUNCT
ajm-7108	533	1	are	be	AUX
ajm-7108	533	2	gender	gender	NOUN
ajm-7108	533	3	and	and	CCONJ
ajm-7108	533	4	cultural	cultural	ADJ
ajm-7108	533	5	diversities	diversity	NOUN
ajm-7108	533	6	on	on	ADP
ajm-7108	533	7	board	board	NOUN
ajm-7108	533	8	related	relate	VERB
ajm-7108	533	9	to	to	ADP
ajm-7108	533	10	corporate	corporate	ADJ
ajm-7108	533	11	co2	co2	NOUN
ajm-7108	533	12	emissions	emission	NOUN
ajm-7108	533	13	?	?	PUNCT
ajm-7108	534	1	journal	journal	NOUN
ajm-7108	534	2	of	of	ADP
ajm-7108	534	3	cleaner	clean	ADJ
ajm-7108	534	4	production	production	NOUN
ajm-7108	534	5	,	,	PUNCT
ajm-7108	534	6	363	363	NUM
ajm-7108	534	7	.	.	PUNCT
ajm-7108	535	1	martinez	martinez	PROPN
ajm-7108	535	2	,	,	PUNCT
ajm-7108	535	3	r.	r.	PROPN
ajm-7108	535	4	,	,	PUNCT
ajm-7108	535	5	srinivas	srinivas	PROPN
ajm-7108	535	6	,	,	PUNCT
ajm-7108	535	7	v.	v.	PROPN
ajm-7108	535	8	,	,	PUNCT
ajm-7108	535	9	&	&	CCONJ
ajm-7108	535	10	gregorie	gregorie	PROPN
ajm-7108	535	11	,	,	PUNCT
ajm-7108	535	12	j.	j.	PROPN
ajm-7108	535	13	(	(	PUNCT
ajm-7108	535	14	2023	2023	NUM
ajm-7108	535	15	)	)	PUNCT
ajm-7108	535	16	.	.	PUNCT
ajm-7108	536	1	consumers	consumer	NOUN
ajm-7108	536	2	will	will	AUX
ajm-7108	536	3	increasingly	increasingly	ADV
ajm-7108	536	4	use	use	VERB
ajm-7108	536	5	their	their	PRON
ajm-7108	536	6	wallets	wallet	NOUN
ajm-7108	536	7	to	to	PART
ajm-7108	536	8	help	help	VERB
ajm-7108	536	9	fight	fight	VERB
ajm-7108	536	10	climate	climate	NOUN
ajm-7108	536	11	change	change	NOUN
ajm-7108	536	12	with	with	ADP
ajm-7108	536	13	carbon	carbon	NOUN
ajm-7108	536	14	-	-	PUNCT
ajm-7108	536	15	offset	offset	NOUN
ajm-7108	536	16	purchases	purchase	NOUN
ajm-7108	536	17	.	.	PUNCT
ajm-7108	537	1	deloitte	deloitte	NOUN
ajm-7108	537	2	insights	insight	NOUN
ajm-7108	537	3	.	.	PUNCT
ajm-7108	538	1	retrieved	retrieve	VERB
ajm-7108	538	2	from	from	ADP
ajm-7108	538	3	https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industrypredictions/2023/financial-firms-carbon-offset-market.html	https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industrypredictions/2023/financial-firms-carbon-offset-market.html	PROPN
ajm-7108	538	4	mateo	mateo	PROPN
ajm-7108	538	5	-	-	PUNCT
ajm-7108	538	6	márquez	márquez	PROPN
ajm-7108	538	7	,	,	PUNCT
ajm-7108	538	8	a.j	a.j	PROPN
ajm-7108	538	9	.	.	PROPN
ajm-7108	538	10	,	,	PUNCT
ajm-7108	538	11	gonzález	gonzález	PROPN
ajm-7108	538	12	-	-	PUNCT
ajm-7108	538	13	gonzález	gonzález	PROPN
ajm-7108	538	14	,	,	PUNCT
ajm-7108	538	15	j.m	j.m	PROPN
ajm-7108	538	16	.	.	PROPN
ajm-7108	538	17	,	,	PUNCT
ajm-7108	538	18	&	&	CCONJ
ajm-7108	538	19	zamora	zamora	PROPN
ajm-7108	538	20	-	-	PUNCT
ajm-7108	538	21	ramírez	ramírez	NOUN
ajm-7108	538	22	,	,	PUNCT
ajm-7108	538	23	c.	c.	NOUN
ajm-7108	538	24	(	(	PUNCT
ajm-7108	538	25	2022	2022	NUM
ajm-7108	538	26	)	)	PUNCT
ajm-7108	538	27	.	.	PUNCT
ajm-7108	539	1	an	an	DET
ajm-7108	539	2	international	international	ADJ
ajm-7108	539	3	empirical	empirical	ADJ
ajm-7108	539	4	study	study	NOUN
ajm-7108	539	5	of	of	ADP
ajm-7108	539	6	greenwashing	greenwashing	NOUN
ajm-7108	539	7	and	and	CCONJ
ajm-7108	539	8	voluntary	voluntary	ADJ
ajm-7108	539	9	carbon	carbon	NOUN
ajm-7108	539	10	disclosure	disclosure	NOUN
ajm-7108	539	11	.	.	PUNCT
ajm-7108	540	1	journal	journal	NOUN
ajm-7108	540	2	of	of	ADP
ajm-7108	540	3	cleaner	clean	ADJ
ajm-7108	540	4	production	production	NOUN
ajm-7108	540	5	,	,	PUNCT
ajm-7108	540	6	363	363	NUM
ajm-7108	540	7	.	.	PUNCT
ajm-7108	541	1	https://doi.org/10.1016/j.jclepro.2022.132567	https://doi.org/10.1016/j.jclepro.2022.132567	VERB
ajm-7108	541	2	matsumura	matsumura	ADJ
ajm-7108	541	3	,	,	PUNCT
ajm-7108	541	4	e.m	e.m	PROPN
ajm-7108	541	5	.	.	PROPN
ajm-7108	541	6	,	,	PUNCT
ajm-7108	541	7	prakash	prakash	PROPN
ajm-7108	541	8	,	,	PUNCT
ajm-7108	541	9	r.	r.	PROPN
ajm-7108	541	10	,	,	PUNCT
ajm-7108	541	11	&	&	CCONJ
ajm-7108	541	12	vera	vera	PROPN
ajm-7108	541	13	-	-	PUNCT
ajm-7108	541	14	munoz	munoz	PROPN
ajm-7108	541	15	,	,	PUNCT
ajm-7108	541	16	s.c	s.c	PROPN
ajm-7108	541	17	.	.	PROPN
ajm-7108	541	18	(	(	PUNCT
ajm-7108	541	19	2014	2014	NUM
ajm-7108	541	20	)	)	PUNCT
ajm-7108	541	21	.	.	PUNCT
ajm-7108	542	1	firm	firm	ADJ
ajm-7108	542	2	-	-	PUNCT
ajm-7108	542	3	value	value	NOUN
ajm-7108	542	4	effects	effect	NOUN
ajm-7108	542	5	of	of	ADP
ajm-7108	542	6	carbon	carbon	NOUN
ajm-7108	542	7	emissions	emission	NOUN
ajm-7108	542	8	and	and	CCONJ
ajm-7108	542	9	carbon	carbon	NOUN
ajm-7108	542	10	disclosures	disclosure	NOUN
ajm-7108	542	11	.	.	PUNCT
ajm-7108	543	1	the	the	DET
ajm-7108	543	2	accounting	accounting	NOUN
ajm-7108	543	3	review	review	NOUN
ajm-7108	543	4	,	,	PUNCT
ajm-7108	543	5	89(2	89(2	NUM
ajm-7108	543	6	)	)	PUNCT
ajm-7108	543	7	,	,	PUNCT
ajm-7108	543	8	695–724	695–724	NUM
ajm-7108	543	9	.	.	PUNCT
ajm-7108	544	1	https://doi.org/10.2139/ssrn.1921809	https://doi.org/10.2139/ssrn.1921809	PROPN
ajm-7108	544	2	niller	niller	PROPN
ajm-7108	544	3	,	,	PUNCT
ajm-7108	544	4	e.	e.	PROPN
ajm-7108	544	5	(	(	PUNCT
ajm-7108	544	6	2020	2020	NUM
ajm-7108	544	7	)	)	PUNCT
ajm-7108	544	8	.	.	PUNCT
ajm-7108	545	1	do	do	VERB
ajm-7108	545	2	carbon	carbon	NOUN
ajm-7108	545	3	offsets	offset	NOUN
ajm-7108	545	4	really	really	ADV
ajm-7108	545	5	work	work	VERB
ajm-7108	545	6	?	?	PUNCT
ajm-7108	546	1	it	it	PRON
ajm-7108	546	2	depends	depend	VERB
ajm-7108	546	3	on	on	ADP
ajm-7108	546	4	the	the	DET
ajm-7108	546	5	details	detail	NOUN
ajm-7108	546	6	.	.	PUNCT
ajm-7108	547	1	wired	wire	VERB
ajm-7108	547	2	.	.	PUNCT
ajm-7108	548	1	retrieved	retrieve	VERB
ajm-7108	548	2	from	from	ADP
ajm-7108	548	3	https://www.wired.com/story/do-carbon-offsets-really-work-it-depends-on-the-details/	https://www.wired.com/story/do-carbon-offsets-really-work-it-depends-on-the-details/	PROPN
ajm-7108	548	4	oyewo	oyewo	PROPN
ajm-7108	548	5	,	,	PUNCT
ajm-7108	548	6	b.	b.	PROPN
ajm-7108	548	7	(	(	PUNCT
ajm-7108	548	8	2023	2023	NUM
ajm-7108	548	9	)	)	PUNCT
ajm-7108	548	10	.	.	PUNCT
ajm-7108	549	1	corporate	corporate	ADJ
ajm-7108	549	2	governance	governance	NOUN
ajm-7108	549	3	and	and	CCONJ
ajm-7108	549	4	carbon	carbon	NOUN
ajm-7108	549	5	emissions	emission	NOUN
ajm-7108	549	6	performance	performance	NOUN
ajm-7108	549	7	:	:	PUNCT
ajm-7108	549	8	international	international	ADJ
ajm-7108	549	9	evidence	evidence	NOUN
ajm-7108	549	10	on	on	ADP
ajm-7108	549	11	curvilinear	curvilinear	ADJ
ajm-7108	549	12	relationships	relationship	NOUN
ajm-7108	549	13	.	.	PUNCT
ajm-7108	550	1	journal	journal	PROPN
ajm-7108	550	2	of	of	ADP
ajm-7108	550	3	environmental	environmental	ADJ
ajm-7108	550	4	management	management	NOUN
ajm-7108	550	5	,	,	PUNCT
ajm-7108	550	6	334	334	NUM
ajm-7108	550	7	.	.	PUNCT
ajm-7108	551	1	https://doi.org/10.1016/j.jenvman.2023.117474	https://doi.org/10.1016/j.jenvman.2023.117474	ADJ
ajm-7108	551	2	park	park	PROPN
ajm-7108	551	3	,	,	PUNCT
ajm-7108	551	4	h.	h.	PROPN
ajm-7108	551	5	,	,	PUNCT
ajm-7108	551	6	lee	lee	PROPN
ajm-7108	551	7	,	,	PUNCT
ajm-7108	551	8	j.	j.	PROPN
ajm-7108	551	9	,	,	PUNCT
ajm-7108	551	10	&	&	CCONJ
ajm-7108	551	11	shin	shin	PROPN
ajm-7108	551	12	,	,	PUNCT
ajm-7108	551	13	j.	j.	PROPN
ajm-7108	551	14	(	(	PUNCT
ajm-7108	551	15	2022	2022	NUM
ajm-7108	551	16	)	)	PUNCT
ajm-7108	551	17	.	.	PUNCT
ajm-7108	552	1	corporate	corporate	ADJ
ajm-7108	552	2	carbon	carbon	NOUN
ajm-7108	552	3	offsetting	offset	VERB
ajm-7108	552	4	:	:	PUNCT
ajm-7108	552	5	an	an	DET
ajm-7108	552	6	empirical	empirical	ADJ
ajm-7108	552	7	analysis	analysis	NOUN
ajm-7108	552	8	of	of	ADP
ajm-7108	552	9	korean	korean	ADJ
ajm-7108	552	10	firms	firm	NOUN
ajm-7108	552	11	(	(	PUNCT
ajm-7108	552	12	working	working	NOUN
ajm-7108	552	13	paper	paper	NOUN
ajm-7108	552	14	)	)	PUNCT
ajm-7108	552	15	.	.	PUNCT
ajm-7108	553	1	https://doi.org/10.2139/ssrn.4112663	https://doi.org/10.2139/ssrn.4112663	PROPN
ajm-7108	553	2	porter	porter	PROPN
ajm-7108	553	3	,	,	PUNCT
ajm-7108	553	4	m.e	m.e	PROPN
ajm-7108	553	5	.	.	PROPN
ajm-7108	553	6	,	,	PUNCT
ajm-7108	553	7	&	&	CCONJ
ajm-7108	553	8	van	van	PROPN
ajm-7108	553	9	der	der	PROPN
ajm-7108	553	10	linde	linde	PROPN
ajm-7108	553	11	,	,	PUNCT
ajm-7108	553	12	c.	c.	PROPN
ajm-7108	553	13	(	(	PUNCT
ajm-7108	553	14	1995	1995	NUM
ajm-7108	553	15	)	)	PUNCT
ajm-7108	553	16	.	.	PUNCT
ajm-7108	554	1	toward	toward	ADP
ajm-7108	554	2	a	a	DET
ajm-7108	554	3	new	new	ADJ
ajm-7108	554	4	conception	conception	NOUN
ajm-7108	554	5	of	of	ADP
ajm-7108	554	6	the	the	DET
ajm-7108	554	7	environment	environment	NOUN
ajm-7108	554	8	-	-	PUNCT
ajm-7108	554	9	competitiveness	competitiveness	NOUN
ajm-7108	554	10	relationship	relationship	NOUN
ajm-7108	554	11	.	.	PUNCT
ajm-7108	555	1	the	the	DET
ajm-7108	555	2	journal	journal	NOUN
ajm-7108	555	3	of	of	ADP
ajm-7108	555	4	economic	economic	ADJ
ajm-7108	555	5	perspectives	perspective	NOUN
ajm-7108	555	6	,	,	PUNCT
ajm-7108	555	7	9(4	9(4	NUM
ajm-7108	555	8	)	)	PUNCT
ajm-7108	555	9	,	,	PUNCT
ajm-7108	555	10	97–118	97–118	NUM
ajm-7108	555	11	.	.	PUNCT
ajm-7108	555	12	prado	prado	PROPN
ajm-7108	555	13	-	-	PUNCT
ajm-7108	555	14	lorenzo	lorenzo	PROPN
ajm-7108	555	15	,	,	PUNCT
ajm-7108	555	16	j.m	j.m	PROPN
ajm-7108	555	17	.	.	PROPN
ajm-7108	555	18	,	,	PUNCT
ajm-7108	555	19	&	&	CCONJ
ajm-7108	555	20	garcia	garcia	PROPN
ajm-7108	555	21	-	-	PUNCT
ajm-7108	555	22	sanchez	sanchez	PROPN
ajm-7108	555	23	,	,	PUNCT
ajm-7108	555	24	i.m	i.m	PROPN
ajm-7108	555	25	.	.	PUNCT
ajm-7108	555	26	(	(	PUNCT
ajm-7108	555	27	2010	2010	NUM
ajm-7108	555	28	)	)	PUNCT
ajm-7108	555	29	.	.	PUNCT
ajm-7108	556	1	the	the	DET
ajm-7108	556	2	role	role	NOUN
ajm-7108	556	3	of	of	ADP
ajm-7108	556	4	the	the	DET
ajm-7108	556	5	board	board	NOUN
ajm-7108	556	6	of	of	ADP
ajm-7108	556	7	directors	director	NOUN
ajm-7108	556	8	in	in	ADP
ajm-7108	556	9	disseminating	disseminate	VERB
ajm-7108	556	10	relevant	relevant	ADJ
ajm-7108	556	11	information	information	NOUN
ajm-7108	556	12	on	on	ADP
ajm-7108	556	13	greenhouse	greenhouse	NOUN
ajm-7108	556	14	gases	gas	NOUN
ajm-7108	556	15	.	.	PUNCT
ajm-7108	557	1	journal	journal	PROPN
ajm-7108	557	2	of	of	ADP
ajm-7108	557	3	business	business	NOUN
ajm-7108	557	4	ethics	ethic	NOUN
ajm-7108	557	5	,	,	PUNCT
ajm-7108	557	6	97	97	NUM
ajm-7108	557	7	,	,	PUNCT
ajm-7108	557	8	391–424	391–424	NUM
ajm-7108	557	9	.	.	PUNCT
ajm-7108	558	1	rathi	rathi	PROPN
ajm-7108	558	2	,	,	PUNCT
ajm-7108	558	3	a.	a.	NOUN
ajm-7108	558	4	,	,	PUNCT
ajm-7108	558	5	white	white	ADJ
ajm-7108	558	6	,	,	PUNCT
ajm-7108	558	7	n.	n.	NOUN
ajm-7108	558	8	,	,	PUNCT
ajm-7108	558	9	&	&	CCONJ
ajm-7108	558	10	pogkas	pogkas	PROPN
ajm-7108	558	11	,	,	PUNCT
ajm-7108	558	12	d.	d.	PROPN
ajm-7108	558	13	(	(	PUNCT
ajm-7108	558	14	2022	2022	NUM
ajm-7108	558	15	)	)	PUNCT
ajm-7108	558	16	.	.	PUNCT
ajm-7108	559	1	junk	junk	NOUN
ajm-7108	559	2	carbon	carbon	NOUN
ajm-7108	559	3	offsets	offset	NOUN
ajm-7108	559	4	are	be	AUX
ajm-7108	559	5	what	what	PRON
ajm-7108	559	6	make	make	VERB
ajm-7108	559	7	these	these	DET
ajm-7108	559	8	big	big	ADJ
ajm-7108	559	9	companies	company	NOUN
ajm-7108	559	10	‘	'	PUNCT
ajm-7108	559	11	carbon	carbon	NOUN
ajm-7108	559	12	neutral	neutral	ADJ
ajm-7108	559	13	’	'	PUNCT
ajm-7108	559	14	.	.	PUNCT
ajm-7108	560	1	bloomberg	bloomberg	PROPN
ajm-7108	560	2	green	green	PROPN
ajm-7108	560	3	.	.	PUNCT
ajm-7108	561	1	retrieved	retrieve	VERB
ajm-7108	561	2	from	from	ADP
ajm-7108	561	3	https://www.bloomberg.com/graphics/2022-carbon-offsets-renewable-energy/	https://www.bloomberg.com/graphics/2022-carbon-offsets-renewable-energy/	PROPN
ajm-7108	561	4	american	american	PROPN
ajm-7108	561	5	journal	journal	PROPN
ajm-7108	561	6	of	of	ADP
ajm-7108	561	7	management	management	NOUN
ajm-7108	561	8	vol	vol	NOUN
ajm-7108	561	9	.	.	PUNCT
ajm-7108	562	1	24(2	24(2	NUM
ajm-7108	562	2	)	)	PUNCT
ajm-7108	562	3	2024	2024	NUM
ajm-7108	562	4	39	39	NUM
ajm-7108	562	5	stavins	stavin	NOUN
ajm-7108	562	6	,	,	PUNCT
ajm-7108	562	7	r.	r.	PROPN
ajm-7108	562	8	(	(	PUNCT
ajm-7108	562	9	2020	2020	NUM
ajm-7108	562	10	)	)	PUNCT
ajm-7108	562	11	.	.	PUNCT
ajm-7108	563	1	the	the	DET
ajm-7108	563	2	future	future	NOUN
ajm-7108	563	3	of	of	ADP
ajm-7108	563	4	us	us	PROPN
ajm-7108	563	5	carbon	carbon	NOUN
ajm-7108	563	6	-	-	PUNCT
ajm-7108	563	7	pricing	pricing	NOUN
ajm-7108	563	8	policy	policy	NOUN
ajm-7108	563	9	.	.	PUNCT
ajm-7108	564	1	environmental	environmental	ADJ
ajm-7108	564	2	and	and	CCONJ
ajm-7108	564	3	energy	energy	NOUN
ajm-7108	564	4	policy	policy	NOUN
ajm-7108	564	5	and	and	CCONJ
ajm-7108	564	6	the	the	DET
ajm-7108	564	7	economy	economy	NOUN
ajm-7108	564	8	,	,	PUNCT
ajm-7108	564	9	1(1	1(1	NUM
ajm-7108	564	10	)	)	PUNCT
ajm-7108	564	11	,	,	PUNCT
ajm-7108	564	12	8–64	8–64	PROPN
ajm-7108	564	13	.	.	PUNCT
ajm-7108	564	14	tang	tang	PROPN
ajm-7108	564	15	,	,	PUNCT
ajm-7108	564	16	s.	s.	PROPN
ajm-7108	564	17	,	,	PUNCT
ajm-7108	564	18	cao	cao	PROPN
ajm-7108	564	19	,	,	PUNCT
ajm-7108	564	20	y.	y.	PROPN
ajm-7108	564	21	,	,	PUNCT
ajm-7108	564	22	zhang	zhang	PROPN
ajm-7108	564	23	,	,	PUNCT
ajm-7108	564	24	x.	x.	PROPN
ajm-7108	564	25	,	,	PUNCT
ajm-7108	564	26	&	&	CCONJ
ajm-7108	564	27	wang	wang	PROPN
ajm-7108	564	28	,	,	PUNCT
ajm-7108	564	29	w.	w.	PROPN
ajm-7108	564	30	(	(	PUNCT
ajm-7108	564	31	2020	2020	NUM
ajm-7108	564	32	)	)	PUNCT
ajm-7108	564	33	.	.	PUNCT
ajm-7108	565	1	does	do	AUX
ajm-7108	565	2	carbon	carbon	NOUN
ajm-7108	565	3	emission	emission	NOUN
ajm-7108	565	4	reduction	reduction	NOUN
ajm-7108	565	5	affect	affect	VERB
ajm-7108	565	6	corporate	corporate	ADJ
ajm-7108	565	7	performances	performance	NOUN
ajm-7108	565	8	:	:	PUNCT
ajm-7108	565	9	evidence	evidence	NOUN
ajm-7108	565	10	from	from	ADP
ajm-7108	565	11	china	china	PROPN
ajm-7108	565	12	.	.	PUNCT
ajm-7108	566	1	in	in	ADP
ajm-7108	566	2	e.	e.	PROPN
ajm-7108	566	3	lau	lau	PROPN
ajm-7108	566	4	,	,	PUNCT
ajm-7108	566	5	b.	b.	PROPN
ajm-7108	566	6	simonetti	simonetti	PROPN
ajm-7108	566	7	,	,	PUNCT
ajm-7108	566	8	i.	i.	NOUN
ajm-7108	566	9	trinugroho	trinugroho	PROPN
ajm-7108	566	10	,	,	PUNCT
ajm-7108	566	11	&	&	CCONJ
ajm-7108	566	12	l.	l.	PROPN
ajm-7108	566	13	tan	tan	PROPN
ajm-7108	566	14	(	(	PUNCT
ajm-7108	566	15	eds	ed	NOUN
ajm-7108	566	16	.	.	PUNCT
ajm-7108	566	17	)	)	PUNCT
ajm-7108	566	18	,	,	PUNCT
ajm-7108	566	19	economics	economic	NOUN
ajm-7108	566	20	and	and	CCONJ
ajm-7108	566	21	finance	finance	NOUN
ajm-7108	566	22	readings	reading	NOUN
ajm-7108	566	23	.	.	PUNCT
ajm-7108	567	1	singapore	singapore	PROPN
ajm-7108	567	2	:	:	PUNCT
ajm-7108	567	3	springer	springer	NOUN
ajm-7108	567	4	.	.	PUNCT
ajm-7108	568	1	https://doi.org/10.1007/978-981-152906-1_2	https://doi.org/10.1007/978-981-152906-1_2	PROPN
ajm-7108	568	2	trouwloon	trouwloon	PROPN
ajm-7108	568	3	,	,	PUNCT
ajm-7108	568	4	d.	d.	PROPN
ajm-7108	568	5	,	,	PUNCT
ajm-7108	568	6	streck	streck	PROPN
ajm-7108	568	7	,	,	PUNCT
ajm-7108	568	8	c.	c.	PROPN
ajm-7108	568	9	,	,	PUNCT
ajm-7108	568	10	chagas	chagas	NOUN
ajm-7108	568	11	,	,	PUNCT
ajm-7108	568	12	t.	t.	PROPN
ajm-7108	568	13	,	,	PUNCT
ajm-7108	568	14	&	&	CCONJ
ajm-7108	568	15	martinus	martinus	PROPN
ajm-7108	568	16	,	,	PUNCT
ajm-7108	568	17	g.	g.	PROPN
ajm-7108	568	18	(	(	PUNCT
ajm-7108	568	19	2023	2023	NUM
ajm-7108	568	20	)	)	PUNCT
ajm-7108	568	21	.	.	PUNCT
ajm-7108	569	1	understanding	understand	VERB
ajm-7108	569	2	the	the	DET
ajm-7108	569	3	use	use	NOUN
ajm-7108	569	4	of	of	ADP
ajm-7108	569	5	carbon	carbon	NOUN
ajm-7108	569	6	credits	credit	NOUN
ajm-7108	569	7	by	by	ADP
ajm-7108	569	8	companies	company	NOUN
ajm-7108	569	9	:	:	PUNCT
ajm-7108	569	10	a	a	DET
ajm-7108	569	11	review	review	NOUN
ajm-7108	569	12	of	of	ADP
ajm-7108	569	13	the	the	DET
ajm-7108	569	14	defining	define	VERB
ajm-7108	569	15	elements	element	NOUN
ajm-7108	569	16	of	of	ADP
ajm-7108	569	17	corporate	corporate	ADJ
ajm-7108	569	18	climate	climate	NOUN
ajm-7108	569	19	claims	claim	NOUN
ajm-7108	569	20	.	.	PUNCT
ajm-7108	570	1	global	global	ADJ
ajm-7108	570	2	challenges	challenge	NOUN
ajm-7108	570	3	,	,	PUNCT
ajm-7108	570	4	7(4	7(4	NUM
ajm-7108	570	5	)	)	PUNCT
ajm-7108	570	6	.	.	PUNCT
ajm-7108	571	1	doi	doi	NOUN
ajm-7108	571	2	:	:	PUNCT
ajm-7108	571	3	10.1002	10.1002	NUM
ajm-7108	571	4	/	/	SYM
ajm-7108	571	5	gch2.202200158	gch2.202200158	PROPN
ajm-7108	571	6	wei	wei	PROPN
ajm-7108	571	7	,	,	PUNCT
ajm-7108	571	8	j.	j.	PROPN
ajm-7108	571	9	,	,	PUNCT
ajm-7108	571	10	zhao	zhao	PROPN
ajm-7108	571	11	,	,	PUNCT
ajm-7108	571	12	k.	k.	PROPN
ajm-7108	571	13	,	,	PUNCT
ajm-7108	571	14	zhang	zhang	PROPN
ajm-7108	571	15	,	,	PUNCT
ajm-7108	571	16	l.	l.	PROPN
ajm-7108	571	17	,	,	PUNCT
ajm-7108	571	18	yang	yang	PROPN
ajm-7108	571	19	,	,	PUNCT
ajm-7108	571	20	r.	r.	PROPN
ajm-7108	571	21	,	,	PUNCT
ajm-7108	571	22	&	&	CCONJ
ajm-7108	571	23	wang	wang	PROPN
ajm-7108	571	24	,	,	PUNCT
ajm-7108	571	25	m.	m.	NOUN
ajm-7108	571	26	(	(	PUNCT
ajm-7108	571	27	2021	2021	NUM
ajm-7108	571	28	)	)	PUNCT
ajm-7108	571	29	.	.	PUNCT
ajm-7108	572	1	exploring	explore	VERB
ajm-7108	572	2	development	development	NOUN
ajm-7108	572	3	and	and	CCONJ
ajm-7108	572	4	evolutionary	evolutionary	ADJ
ajm-7108	572	5	trends	trend	NOUN
ajm-7108	572	6	in	in	ADP
ajm-7108	572	7	carbon	carbon	NOUN
ajm-7108	572	8	offset	offset	NOUN
ajm-7108	572	9	research	research	NOUN
ajm-7108	572	10	:	:	PUNCT
ajm-7108	572	11	a	a	DET
ajm-7108	572	12	bibliometric	bibliometric	ADJ
ajm-7108	572	13	perspective	perspective	NOUN
ajm-7108	572	14	.	.	PUNCT
ajm-7108	573	1	environmental	environmental	ADJ
ajm-7108	573	2	science	science	NOUN
ajm-7108	573	3	and	and	CCONJ
ajm-7108	573	4	pollution	pollution	NOUN
ajm-7108	573	5	research	research	NOUN
ajm-7108	573	6	,	,	PUNCT
ajm-7108	573	7	(	(	PUNCT
ajm-7108	573	8	15	15	NUM
ajm-7108	573	9	)	)	PUNCT
ajm-7108	573	10	,	,	PUNCT
ajm-7108	573	11	18850–18869	18850–18869	NUM
ajm-7108	573	12	.	.	PUNCT
ajm-7108	574	1	doi	doi	NOUN
ajm-7108	574	2	:	:	PUNCT
ajm-7108	574	3	10.1007	10.1007	NUM
ajm-7108	574	4	/	/	SYM
ajm-7108	574	5	s11356	s11356	NOUN
ajm-7108	574	6	-	-	PUNCT
ajm-7108	574	7	021	021	NUM
ajm-7108	574	8	-	-	PUNCT
ajm-7108	574	9	12908	12908	NUM
ajm-7108	574	10	-	-	SYM
ajm-7108	574	11	8	8	NUM
ajm-7108	574	12	whelan	whelan	NOUN
ajm-7108	574	13	,	,	PUNCT
ajm-7108	574	14	t.	t.	PROPN
ajm-7108	574	15	,	,	PUNCT
ajm-7108	574	16	atz	atz	PROPN
ajm-7108	574	17	,	,	PUNCT
ajm-7108	574	18	u.	u.	PROPN
ajm-7108	574	19	,	,	PUNCT
ajm-7108	574	20	&	&	CCONJ
ajm-7108	574	21	clark	clark	PROPN
ajm-7108	574	22	,	,	PUNCT
ajm-7108	574	23	c.	c.	PROPN
ajm-7108	574	24	(	(	PUNCT
ajm-7108	574	25	2021	2021	NUM
ajm-7108	574	26	)	)	PUNCT
ajm-7108	574	27	.	.	PUNCT
ajm-7108	575	1	esg	esg	NOUN
ajm-7108	575	2	and	and	CCONJ
ajm-7108	575	3	financial	financial	ADJ
ajm-7108	575	4	performance	performance	NOUN
ajm-7108	575	5	:	:	PUNCT
ajm-7108	575	6	uncovering	uncover	VERB
ajm-7108	575	7	the	the	DET
ajm-7108	575	8	relationship	relationship	NOUN
ajm-7108	575	9	by	by	ADP
ajm-7108	575	10	aggregating	aggregate	VERB
ajm-7108	575	11	evidence	evidence	NOUN
ajm-7108	575	12	from	from	ADP
ajm-7108	575	13	1,000	1,000	NUM
ajm-7108	575	14	plus	plus	CCONJ
ajm-7108	575	15	studies	study	NOUN
ajm-7108	575	16	published	publish	VERB
ajm-7108	575	17	between	between	ADP
ajm-7108	575	18	2015	2015	NUM
ajm-7108	575	19	–	–	PUNCT
ajm-7108	575	20	2020	2020	NUM
ajm-7108	575	21	.	.	PUNCT
ajm-7108	576	1	nyu	nyu	PROPN
ajm-7108	576	2	stern	stern	ADJ
ajm-7108	576	3	center	center	NOUN
ajm-7108	576	4	for	for	ADP
ajm-7108	576	5	sustainable	sustainable	ADJ
ajm-7108	576	6	business	business	NOUN
ajm-7108	576	7	.	.	PUNCT
ajm-7108	577	1	retrieved	retrieve	VERB
ajm-7108	577	2	from	from	ADP
ajm-7108	577	3	https://www.stern.nyu.edu/sites/default/files/assets/documents/nyu-ram_esgpaper_2021%20rev_0.pdf	https://www.stern.nyu.edu/sites/default/files/assets/documents/nyu-ram_esgpaper_2021%20rev_0.pdf	PROPN
ajm-7108	577	4	wilson	wilson	PROPN
ajm-7108	577	5	,	,	PUNCT
ajm-7108	577	6	a.	a.	PROPN
ajm-7108	577	7	,	,	PUNCT
ajm-7108	577	8	&	&	CCONJ
ajm-7108	577	9	lenoir	lenoir	PROPN
ajm-7108	577	10	,	,	PUNCT
ajm-7108	577	11	t.	t.	PROPN
ajm-7108	577	12	(	(	PUNCT
ajm-7108	577	13	2022	2022	NUM
ajm-7108	577	14	)	)	PUNCT
ajm-7108	577	15	.	.	PUNCT
ajm-7108	578	1	us	we	PRON
ajm-7108	578	2	renewable	renewable	ADJ
ajm-7108	578	3	energy	energy	NOUN
ajm-7108	578	4	credit	credit	NOUN
ajm-7108	578	5	market	market	NOUN
ajm-7108	578	6	size	size	NOUN
ajm-7108	578	7	to	to	PART
ajm-7108	578	8	double	double	VERB
ajm-7108	578	9	to	to	ADP
ajm-7108	578	10	$	$	SYM
ajm-7108	578	11	26	26	NUM
ajm-7108	578	12	billion	billion	NUM
ajm-7108	578	13	by	by	ADP
ajm-7108	578	14	2030	2030	NUM
ajm-7108	578	15	.	.	PUNCT
ajm-7108	579	1	s&p	s&p	PROPN
ajm-7108	579	2	global	global	ADJ
ajm-7108	579	3	market	market	NOUN
ajm-7108	579	4	intelligence	intelligence	NOUN
ajm-7108	579	5	.	.	PUNCT
ajm-7108	580	1	retrieved	retrieve	VERB
ajm-7108	580	2	from	from	ADP
ajm-7108	580	3	https://www.spglobal.com/marketintelligence/en/news-insights/research/us-renewable-energycredit-market-size-to-double-to-26-billion-by-2030	https://www.spglobal.com/marketintelligence/en/news-insights/research/us-renewable-energycredit-market-size-to-double-to-26-billion-by-2030	PROPN
ajm-7108	580	4	young	young	PROPN
ajm-7108	580	5	,	,	PUNCT
ajm-7108	580	6	s.	s.	PROPN
ajm-7108	580	7	,	,	PUNCT
ajm-7108	580	8	&	&	CCONJ
ajm-7108	580	9	schumacher	schumacher	PROPN
ajm-7108	580	10	,	,	PUNCT
ajm-7108	580	11	k.	k.	PROPN
ajm-7108	580	12	(	(	PUNCT
ajm-7108	580	13	2021	2021	NUM
ajm-7108	580	14	)	)	PUNCT
ajm-7108	580	15	.	.	PUNCT
ajm-7108	581	1	carbonwashing	carbonwashe	VERB
ajm-7108	581	2	:	:	PUNCT
ajm-7108	581	3	a	a	DET
ajm-7108	581	4	new	new	ADJ
ajm-7108	581	5	type	type	NOUN
ajm-7108	581	6	of	of	ADP
ajm-7108	581	7	carbon	carbon	NOUN
ajm-7108	581	8	data	datum	NOUN
ajm-7108	581	9	-	-	PUNCT
ajm-7108	581	10	related	relate	VERB
ajm-7108	581	11	esg	esg	NOUN
ajm-7108	581	12	greenwashing	greenwashing	NOUN
ajm-7108	581	13	.	.	PUNCT
ajm-7108	582	1	stanford	stanford	PROPN
ajm-7108	582	2	university	university	PROPN
ajm-7108	582	3	sustainable	sustainable	ADJ
ajm-7108	582	4	finance	finance	NOUN
ajm-7108	582	5	initiative	initiative	NOUN
ajm-7108	582	6	.	.	PUNCT
ajm-7108	583	1	doi	doi	NOUN
ajm-7108	583	2	:	:	PUNCT
ajm-7108	583	3	10.2139	10.2139	NUM
ajm-7108	583	4	/	/	SYM
ajm-7108	583	5	ssrn.3901278	ssrn.3901278	PROPN
ajm-7108	583	6	zhang	zhang	PROPN
ajm-7108	583	7	,	,	PUNCT
ajm-7108	583	8	d.	d.	PROPN
ajm-7108	583	9	,	,	PUNCT
ajm-7108	583	10	zhang	zhang	PROPN
ajm-7108	583	11	,	,	PUNCT
ajm-7108	583	12	z.	z.	PROPN
ajm-7108	583	13	,	,	PUNCT
ajm-7108	583	14	ji	ji	PROPN
ajm-7108	583	15	,	,	PUNCT
ajm-7108	583	16	q.	q.	PROPN
ajm-7108	583	17	,	,	PUNCT
ajm-7108	583	18	lucey	lucey	PROPN
ajm-7108	583	19	,	,	PUNCT
ajm-7108	583	20	b.m	b.m	PROPN
ajm-7108	583	21	.	.	PROPN
ajm-7108	583	22	,	,	PUNCT
ajm-7108	583	23	&	&	CCONJ
ajm-7108	583	24	liu	liu	PROPN
ajm-7108	583	25	,	,	PUNCT
ajm-7108	583	26	j.	j.	PROPN
ajm-7108	583	27	(	(	PUNCT
ajm-7108	583	28	2021	2021	NUM
ajm-7108	583	29	)	)	PUNCT
ajm-7108	583	30	.	.	PUNCT
ajm-7108	584	1	board	board	NOUN
ajm-7108	584	2	characteristics	characteristic	NOUN
ajm-7108	584	3	,	,	PUNCT
ajm-7108	584	4	external	external	ADJ
ajm-7108	584	5	governance	governance	NOUN
ajm-7108	584	6	and	and	CCONJ
ajm-7108	584	7	the	the	DET
ajm-7108	584	8	use	use	NOUN
ajm-7108	584	9	of	of	ADP
ajm-7108	584	10	renewable	renewable	ADJ
ajm-7108	584	11	energy	energy	NOUN
ajm-7108	584	12	:	:	PUNCT
ajm-7108	584	13	international	international	ADJ
ajm-7108	584	14	evidence	evidence	NOUN
ajm-7108	584	15	from	from	ADP
ajm-7108	584	16	public	public	ADJ
ajm-7108	584	17	firms	firm	NOUN
ajm-7108	584	18	.	.	PUNCT
ajm-7108	585	1	journal	journal	PROPN
ajm-7108	585	2	of	of	ADP
ajm-7108	585	3	international	international	ADJ
ajm-7108	585	4	financial	financial	ADJ
ajm-7108	585	5	markets	market	NOUN
ajm-7108	585	6	,	,	PUNCT
ajm-7108	585	7	institutions	institution	NOUN
ajm-7108	585	8	and	and	CCONJ
ajm-7108	585	9	money	money	NOUN
ajm-7108	585	10	,	,	PUNCT
ajm-7108	585	11	72	72	NUM
ajm-7108	585	12	.	.	PUNCT
ajm-7108	586	1	elsevier	elsevier	NOUN
ajm-7108	586	2	.	.	PUNCT
ajm-7108	587	1	https://doi.org/10.2139/ssrn.3636181	https://doi.org/10.2139/ssrn.3636181	PROPN
ajm-7108	587	2	40	40	NUM
ajm-7108	587	3	american	american	ADJ
ajm-7108	587	4	journal	journal	PROPN
ajm-7108	587	5	of	of	ADP
ajm-7108	587	6	management	management	NOUN
ajm-7108	587	7	vol	vol	NOUN
ajm-7108	587	8	.	.	PUNCT
ajm-7108	588	1	24(2	24(2	NUM
ajm-7108	588	2	)	)	PUNCT
ajm-7108	588	3	2024	2024	NUM
ajm-7108	588	4	appendix	appendix	NOUN
ajm-7108	588	5	table	table	NOUN
ajm-7108	588	6	9	9	NUM
ajm-7108	588	7	effect	effect	NOUN
ajm-7108	588	8	of	of	ADP
ajm-7108	588	9	carbon	carbon	NOUN
ajm-7108	588	10	offset	offset	NOUN
ajm-7108	588	11	purchases	purchase	NOUN
ajm-7108	588	12	on	on	ADP
ajm-7108	588	13	firms	firm	NOUN
ajm-7108	588	14	’	'	PUNCT
ajm-7108	588	15	financial	financial	PROPN
ajm-7108	588	16	&	&	CCONJ
ajm-7108	588	17	environmental	environmental	ADJ
ajm-7108	588	18	performance	performance	NOUN
ajm-7108	588	19	(	(	PUNCT
ajm-7108	588	20	1	1	NUM
ajm-7108	588	21	)	)	PUNCT
ajm-7108	588	22	(	(	PUNCT
ajm-7108	588	23	2	2	NUM
ajm-7108	588	24	)	)	PUNCT
ajm-7108	588	25	(	(	PUNCT
ajm-7108	588	26	3	3	X
ajm-7108	588	27	)	)	PUNCT
ajm-7108	588	28	(	(	PUNCT
ajm-7108	588	29	4	4	X
ajm-7108	588	30	)	)	PUNCT
ajm-7108	588	31	dependent	dependent	ADJ
ajm-7108	588	32	variable	variable	NOUN
ajm-7108	588	33	:	:	PUNCT
ajm-7108	588	34	ln	ln	ADJ
ajm-7108	588	35	(	(	PUNCT
ajm-7108	588	36	sales	sale	NOUN
ajm-7108	588	37	)	)	PUNCT
ajm-7108	588	38	ln	ln	NOUN
ajm-7108	588	39	(	(	PUNCT
ajm-7108	588	40	assets	asset	NOUN
ajm-7108	588	41	)	)	PUNCT
ajm-7108	588	42	environmental	environmental	ADJ
ajm-7108	588	43	score	score	NOUN
ajm-7108	588	44	ln	ln	ADJ
ajm-7108	589	1	(	(	PUNCT
ajm-7108	589	2	total	total	ADJ
ajm-7108	589	3	ghg	ghg	PROPN
ajm-7108	589	4	market	market	NOUN
ajm-7108	589	5	emissions	emission	NOUN
ajm-7108	589	6	)	)	PUNCT
ajm-7108	589	7	ln	ln	ADJ
ajm-7108	589	8	carbon	carbon	NOUN
ajm-7108	589	9	offset	offset	VERB
ajm-7108	589	10	0.132	0.132	NUM
ajm-7108	589	11	*	*	PUNCT
ajm-7108	589	12	0.166	0.166	NUM
ajm-7108	589	13	*	*	PUNCT
ajm-7108	589	14	*	*	PUNCT
ajm-7108	589	15	0.024	0.024	NUM
ajm-7108	589	16	*	*	NUM
ajm-7108	589	17	0.293	0.293	NUM
ajm-7108	589	18	*	*	SYM
ajm-7108	589	19	*	*	PUNCT
ajm-7108	589	20	(	(	PUNCT
ajm-7108	589	21	0.068	0.068	NUM
ajm-7108	589	22	)	)	PUNCT
ajm-7108	589	23	(	(	PUNCT
ajm-7108	589	24	0.057	0.057	NUM
ajm-7108	589	25	)	)	PUNCT
ajm-7108	589	26	(	(	PUNCT
ajm-7108	589	27	0.011	0.011	NUM
ajm-7108	589	28	)	)	PUNCT
ajm-7108	589	29	(	(	PUNCT
ajm-7108	589	30	0.109	0.109	NUM
ajm-7108	589	31	)	)	PUNCT
ajm-7108	589	32	cash	cash	NOUN
ajm-7108	589	33	holdings	holding	NOUN
ajm-7108	589	34	-1.493	-1.493	NOUN
ajm-7108	589	35	*	*	PUNCT
ajm-7108	589	36	*	*	PUNCT
ajm-7108	590	1	-1.451	-1.451	PUNCT
ajm-7108	590	2	*	*	NUM
ajm-7108	590	3	0.139	0.139	NUM
ajm-7108	590	4	-3.396	-3.396	NOUN
ajm-7108	591	1	*	*	PUNCT
ajm-7108	591	2	*	*	PUNCT
ajm-7108	591	3	*	*	PUNCT
ajm-7108	591	4	(	(	PUNCT
ajm-7108	591	5	0.454	0.454	NUM
ajm-7108	591	6	)	)	PUNCT
ajm-7108	591	7	(	(	PUNCT
ajm-7108	591	8	0.624	0.624	NUM
ajm-7108	591	9	)	)	PUNCT
ajm-7108	591	10	(	(	PUNCT
ajm-7108	591	11	0.377	0.377	NUM
ajm-7108	591	12	)	)	PUNCT
ajm-7108	591	13	(	(	PUNCT
ajm-7108	591	14	0.992	0.992	NUM
ajm-7108	591	15	)	)	PUNCT
ajm-7108	591	16	investment	investment	NOUN
ajm-7108	591	17	-19.519	-19.519	NOUN
ajm-7108	591	18	*	*	PROPN
ajm-7108	591	19	*	*	PUNCT
ajm-7108	591	20	*	*	PUNCT
ajm-7108	591	21	-8.881	-8.881	NUM
ajm-7108	591	22	*	*	PUNCT
ajm-7108	591	23	-1.119	-1.119	PROPN
ajm-7108	591	24	-41.977	-41.977	PRON
ajm-7108	591	25	*	*	PUNCT
ajm-7108	591	26	*	*	PUNCT
ajm-7108	591	27	*	*	PUNCT
ajm-7108	591	28	(	(	PUNCT
ajm-7108	591	29	2.481	2.481	NUM
ajm-7108	591	30	)	)	PUNCT
ajm-7108	591	31	(	(	PUNCT
ajm-7108	591	32	3.878	3.878	NUM
ajm-7108	591	33	)	)	PUNCT
ajm-7108	591	34	(	(	PUNCT
ajm-7108	591	35	1.837	1.837	NUM
ajm-7108	591	36	)	)	PUNCT
ajm-7108	591	37	(	(	PUNCT
ajm-7108	591	38	8.541	8.541	NUM
ajm-7108	591	39	)	)	PUNCT
ajm-7108	591	40	leverage	leverage	NOUN
ajm-7108	591	41	-0.135	-0.135	NUM
ajm-7108	591	42	0.685	0.685	NUM
ajm-7108	591	43	0.036	0.036	NUM
ajm-7108	591	44	2.722	2.722	NUM
ajm-7108	591	45	*	*	SYM
ajm-7108	591	46	*	*	PUNCT
ajm-7108	591	47	(	(	PUNCT
ajm-7108	591	48	0.969	0.969	NUM
ajm-7108	591	49	)	)	PUNCT
ajm-7108	591	50	(	(	PUNCT
ajm-7108	591	51	0.647	0.647	NUM
ajm-7108	591	52	)	)	PUNCT
ajm-7108	591	53	(	(	PUNCT
ajm-7108	591	54	0.211	0.211	NUM
ajm-7108	591	55	)	)	PUNCT
ajm-7108	591	56	(	(	PUNCT
ajm-7108	591	57	0.948	0.948	NUM
ajm-7108	591	58	)	)	PUNCT
ajm-7108	591	59	roe	roe	NOUN
ajm-7108	591	60	-0.0010	-0.0010	NOUN
ajm-7108	591	61	-0.002	-0.002	PUNCT
ajm-7108	592	1	0.001	0.001	NUM
ajm-7108	592	2	*	*	SYM
ajm-7108	592	3	0.000	0.000	NUM
ajm-7108	592	4	(	(	PUNCT
ajm-7108	592	5	0.002	0.002	NUM
ajm-7108	592	6	)	)	PUNCT
ajm-7108	592	7	(	(	PUNCT
ajm-7108	592	8	0.003	0.003	NUM
ajm-7108	592	9	)	)	PUNCT
ajm-7108	592	10	(	(	PUNCT
ajm-7108	592	11	0.0002	0.0002	NUM
ajm-7108	592	12	)	)	PUNCT
ajm-7108	592	13	(	(	PUNCT
ajm-7108	592	14	0.0005	0.0005	NUM
ajm-7108	592	15	)	)	PUNCT
ajm-7108	592	16	roa	roa	PROPN
ajm-7108	592	17	-0.562	-0.562	PROPN
ajm-7108	592	18	-1.640	-1.640	PROPN
ajm-7108	592	19	-0.315	-0.315	PUNCT
ajm-7108	592	20	-2.861	-2.861	NUM
ajm-7108	592	21	*	*	PUNCT
ajm-7108	592	22	*	*	PUNCT
ajm-7108	592	23	(	(	PUNCT
ajm-7108	592	24	1.252	1.252	NUM
ajm-7108	592	25	)	)	PUNCT
ajm-7108	592	26	(	(	PUNCT
ajm-7108	592	27	1.231	1.231	NUM
ajm-7108	592	28	)	)	PUNCT
ajm-7108	592	29	(	(	PUNCT
ajm-7108	592	30	0.376	0.376	NUM
ajm-7108	592	31	)	)	PUNCT
ajm-7108	592	32	(	(	PUNCT
ajm-7108	592	33	1.164	1.164	NUM
ajm-7108	592	34	)	)	PUNCT
ajm-7108	592	35	capital	capital	NOUN
ajm-7108	592	36	spending	spend	VERB
ajm-7108	592	37	2.081	2.081	NUM
ajm-7108	592	38	-0.933	-0.933	X
ajm-7108	592	39	-0.221	-0.221	PUNCT
ajm-7108	592	40	0.553	0.553	NUM
ajm-7108	592	41	(	(	PUNCT
ajm-7108	592	42	2.039	2.039	NUM
ajm-7108	592	43	)	)	PUNCT
ajm-7108	592	44	(	(	PUNCT
ajm-7108	592	45	1.510	1.510	NUM
ajm-7108	592	46	)	)	PUNCT
ajm-7108	592	47	(	(	PUNCT
ajm-7108	592	48	0.516	0.516	NUM
ajm-7108	592	49	)	)	PUNCT
ajm-7108	592	50	(	(	PUNCT
ajm-7108	592	51	0.974	0.974	NUM
ajm-7108	592	52	)	)	PUNCT
ajm-7108	592	53	industry	industry	NOUN
ajm-7108	592	54	fe	fe	X
ajm-7108	592	55	y	y	PROPN
ajm-7108	592	56	y	y	PROPN
ajm-7108	592	57	y	y	PROPN
ajm-7108	592	58	y	y	PROPN
ajm-7108	592	59	country	country	PROPN
ajm-7108	592	60	fe	fe	INTJ
ajm-7108	592	61	y	y	PROPN
ajm-7108	592	62	y	y	PROPN
ajm-7108	592	63	y	y	PROPN
ajm-7108	592	64	y	y	PROPN
ajm-7108	592	65	year	year	PROPN
ajm-7108	592	66	fe	fe	X
ajm-7108	592	67	y	y	PROPN
ajm-7108	592	68	y	y	PROPN
ajm-7108	592	69	y	y	PROPN
ajm-7108	592	70	y	y	PROPN
ajm-7108	592	71	n	n	PROPN
ajm-7108	592	72	1641	1641	NUM
ajm-7108	592	73	1594	1594	NUM
ajm-7108	592	74	1359	1359	NUM
ajm-7108	592	75	994	994	NUM
ajm-7108	592	76	r	r	NOUN
ajm-7108	592	77	2	2	NUM
ajm-7108	592	78	0.54	0.54	NUM
ajm-7108	592	79	0.75	0.75	NUM
ajm-7108	592	80	0.26	0.26	NUM
ajm-7108	592	81	0.69	0.69	NUM
ajm-7108	592	82	post	post	ADJ
ajm-7108	592	83	-	-	ADJ
ajm-7108	592	84	match	match	ADJ
ajm-7108	592	85	sample	sample	NOUN
ajm-7108	592	86	note	note	NOUN
ajm-7108	592	87	:	:	PUNCT
ajm-7108	592	88	the	the	DET
ajm-7108	592	89	above	above	ADJ
ajm-7108	592	90	analysis	analysis	NOUN
ajm-7108	592	91	focuses	focus	VERB
ajm-7108	592	92	on	on	ADP
ajm-7108	592	93	a	a	DET
ajm-7108	592	94	subsample	subsample	NOUN
ajm-7108	592	95	that	that	PRON
ajm-7108	592	96	excludes	exclude	VERB
ajm-7108	592	97	the	the	DET
ajm-7108	592	98	top	top	ADJ
ajm-7108	592	99	2	2	NUM
ajm-7108	592	100	industries	industry	NOUN
ajm-7108	592	101	with	with	ADP
ajm-7108	592	102	the	the	DET
ajm-7108	592	103	highest	high	ADJ
ajm-7108	592	104	ghg	ghg	PROPN
ajm-7108	592	105	emissions	emission	NOUN
ajm-7108	592	106	:	:	PUNCT
ajm-7108	592	107	energy	energy	NOUN
ajm-7108	592	108	and	and	CCONJ
ajm-7108	592	109	utilities	utility	NOUN
ajm-7108	592	110	.	.	PUNCT
ajm-7108	593	1	numbers	number	NOUN
ajm-7108	593	2	in	in	ADP
ajm-7108	593	3	parentheses	parenthesis	NOUN
ajm-7108	593	4	are	be	AUX
ajm-7108	593	5	standard	standard	ADJ
ajm-7108	593	6	errors	error	NOUN
ajm-7108	593	7	,	,	PUNCT
ajm-7108	593	8	which	which	PRON
ajm-7108	593	9	are	be	AUX
ajm-7108	593	10	clustered	cluster	VERB
ajm-7108	593	11	at	at	ADP
ajm-7108	593	12	the	the	DET
ajm-7108	593	13	industry	industry	NOUN
ajm-7108	593	14	level	level	NOUN
ajm-7108	593	15	.	.	PUNCT
ajm-7108	594	1	*	*	PUNCT
ajm-7108	595	1	*	*	PUNCT
ajm-7108	595	2	*	*	PUNCT
ajm-7108	595	3	,	,	PUNCT
ajm-7108	595	4	*	*	PUNCT
ajm-7108	595	5	*	*	PUNCT
ajm-7108	595	6	,	,	PUNCT
ajm-7108	595	7	and	and	CCONJ
ajm-7108	595	8	*	*	PUNCT
ajm-7108	595	9	refer	refer	VERB
ajm-7108	595	10	to	to	ADP
ajm-7108	595	11	statistical	statistical	ADJ
ajm-7108	595	12	significance	significance	NOUN
ajm-7108	595	13	at	at	ADP
ajm-7108	595	14	the	the	DET
ajm-7108	595	15	1	1	NUM
ajm-7108	595	16	%	%	NOUN
ajm-7108	595	17	,	,	PUNCT
ajm-7108	595	18	5	5	NUM
ajm-7108	595	19	%	%	NOUN
ajm-7108	595	20	,	,	PUNCT
ajm-7108	595	21	and	and	CCONJ
ajm-7108	595	22	10	10	NUM
ajm-7108	595	23	%	%	NOUN
ajm-7108	595	24	levels	level	NOUN
ajm-7108	595	25	,	,	PUNCT
ajm-7108	595	26	respectively	respectively	ADV
ajm-7108	595	27	.	.	PUNCT
ajm-7108	596	1	american	american	PROPN
ajm-7108	596	2	journal	journal	PROPN
ajm-7108	596	3	of	of	ADP
ajm-7108	596	4	management	management	NOUN
ajm-7108	596	5	vol	vol	NOUN
ajm-7108	596	6	.	.	PUNCT
ajm-7108	597	1	24(2	24(2	NUM
ajm-7108	597	2	)	)	PUNCT
ajm-7108	597	3	2024	2024	NUM
ajm-7108	597	4	41	41	NUM
ajm-7108	597	5	table	table	NOUN
ajm-7108	597	6	10	10	NUM
ajm-7108	597	7	effect	effect	NOUN
ajm-7108	597	8	of	of	ADP
ajm-7108	597	9	rec	rec	ADJ
ajm-7108	597	10	purchases	purchase	NOUN
ajm-7108	597	11	on	on	ADP
ajm-7108	597	12	firms	firm	NOUN
ajm-7108	597	13	’	'	PUNCT
ajm-7108	597	14	environmental	environmental	ADJ
ajm-7108	597	15	performance	performance	NOUN
ajm-7108	597	16	(	(	PUNCT
ajm-7108	597	17	1	1	NUM
ajm-7108	597	18	)	)	PUNCT
ajm-7108	597	19	(	(	PUNCT
ajm-7108	597	20	2	2	NUM
ajm-7108	597	21	)	)	PUNCT
ajm-7108	597	22	(	(	PUNCT
ajm-7108	597	23	3	3	X
ajm-7108	597	24	)	)	PUNCT
ajm-7108	597	25	(	(	PUNCT
ajm-7108	597	26	4	4	X
ajm-7108	597	27	)	)	PUNCT
ajm-7108	597	28	dependent	dependent	ADJ
ajm-7108	597	29	variable	variable	NOUN
ajm-7108	597	30	:	:	PUNCT
ajm-7108	597	31	environmental	environmental	ADJ
ajm-7108	597	32	score	score	NOUN
ajm-7108	597	33	ln	ln	ADJ
ajm-7108	597	34	(	(	PUNCT
ajm-7108	597	35	total	total	ADJ
ajm-7108	597	36	ghg	ghg	PROPN
ajm-7108	597	37	market	market	NOUN
ajm-7108	597	38	emissions	emission	NOUN
ajm-7108	597	39	)	)	PUNCT
ajm-7108	597	40	renewable	renewable	ADJ
ajm-7108	597	41	energy	energy	NOUN
ajm-7108	597	42	intensity	intensity	NOUN
ajm-7108	597	43	ln(renewable	ln(renewable	ADJ
ajm-7108	597	44	energy	energy	NOUN
ajm-7108	597	45	use	use	NOUN
ajm-7108	597	46	)	)	PUNCT
ajm-7108	598	1	ln	ln	ADJ
ajm-7108	598	2	rec	rec	NOUN
ajm-7108	598	3	0.034	0.034	NUM
ajm-7108	598	4	*	*	NOUN
ajm-7108	598	5	*	*	PUNCT
ajm-7108	598	6	0.283	0.283	NUM
ajm-7108	598	7	*	*	PUNCT
ajm-7108	598	8	*	*	PUNCT
ajm-7108	598	9	*	*	PUNCT
ajm-7108	598	10	0.037	0.037	NUM
ajm-7108	598	11	*	*	PUNCT
ajm-7108	598	12	*	*	PUNCT
ajm-7108	598	13	*	*	PUNCT
ajm-7108	598	14	0.649	0.649	NUM
ajm-7108	598	15	*	*	PUNCT
ajm-7108	598	16	*	*	PUNCT
ajm-7108	598	17	*	*	PUNCT
ajm-7108	598	18	(	(	PUNCT
ajm-7108	598	19	0.012	0.012	NUM
ajm-7108	598	20	)	)	PUNCT
ajm-7108	598	21	(	(	PUNCT
ajm-7108	598	22	0.070	0.070	NUM
ajm-7108	598	23	)	)	PUNCT
ajm-7108	598	24	(	(	PUNCT
ajm-7108	598	25	0.007	0.007	NUM
ajm-7108	598	26	)	)	PUNCT
ajm-7108	598	27	(	(	PUNCT
ajm-7108	598	28	0.091	0.091	NUM
ajm-7108	598	29	)	)	PUNCT
ajm-7108	598	30	cash	cash	NOUN
ajm-7108	598	31	holdings	holding	NOUN
ajm-7108	598	32	0.262	0.262	NUM
ajm-7108	598	33	-4.934	-4.934	PUNCT
ajm-7108	598	34	*	*	PUNCT
ajm-7108	598	35	*	*	NOUN
ajm-7108	598	36	0.897	0.897	NUM
ajm-7108	598	37	*	*	PUNCT
ajm-7108	598	38	*	*	PUNCT
ajm-7108	598	39	*	*	X
ajm-7108	598	40	0.243	0.243	NUM
ajm-7108	598	41	(	(	PUNCT
ajm-7108	598	42	0.501	0.501	NUM
ajm-7108	598	43	)	)	PUNCT
ajm-7108	598	44	(	(	PUNCT
ajm-7108	598	45	1.839	1.839	NUM
ajm-7108	598	46	)	)	PUNCT
ajm-7108	598	47	(	(	PUNCT
ajm-7108	598	48	0.164	0.164	NUM
ajm-7108	598	49	)	)	PUNCT
ajm-7108	598	50	(	(	PUNCT
ajm-7108	598	51	0.846	0.846	NUM
ajm-7108	598	52	)	)	PUNCT
ajm-7108	598	53	investment	investment	NOUN
ajm-7108	598	54	2.615	2.615	NUM
ajm-7108	598	55	*	*	PUNCT
ajm-7108	598	56	*	*	NOUN
ajm-7108	598	57	-7.728	-7.728	NOUN
ajm-7108	598	58	-0.252	-0.252	NOUN
ajm-7108	598	59	-6.620	-6.620	X
ajm-7108	598	60	(	(	PUNCT
ajm-7108	598	61	0.925	0.925	NUM
ajm-7108	598	62	)	)	PUNCT
ajm-7108	598	63	(	(	PUNCT
ajm-7108	598	64	10.236	10.236	NUM
ajm-7108	598	65	)	)	PUNCT
ajm-7108	598	66	(	(	PUNCT
ajm-7108	598	67	0.958	0.958	NUM
ajm-7108	598	68	)	)	PUNCT
ajm-7108	598	69	(	(	PUNCT
ajm-7108	598	70	7.030	7.030	NUM
ajm-7108	598	71	)	)	PUNCT
ajm-7108	598	72	leverage	leverage	NOUN
ajm-7108	598	73	0.229	0.229	NUM
ajm-7108	598	74	0.521	0.521	NUM
ajm-7108	598	75	-0.467	-0.467	PUNCT
ajm-7108	598	76	*	*	PUNCT
ajm-7108	598	77	*	*	PROPN
ajm-7108	598	78	1.291	1.291	NUM
ajm-7108	598	79	(	(	PUNCT
ajm-7108	598	80	0.389	0.389	NUM
ajm-7108	598	81	)	)	PUNCT
ajm-7108	598	82	(	(	PUNCT
ajm-7108	598	83	1.509	1.509	NUM
ajm-7108	598	84	)	)	PUNCT
ajm-7108	598	85	(	(	PUNCT
ajm-7108	598	86	0.165	0.165	NUM
ajm-7108	598	87	)	)	PUNCT
ajm-7108	598	88	(	(	PUNCT
ajm-7108	598	89	0.961	0.961	NUM
ajm-7108	598	90	)	)	PUNCT
ajm-7108	598	91	roe	roe	NOUN
ajm-7108	598	92	0.0002	0.0002	NUM
ajm-7108	598	93	0.004	0.004	NUM
ajm-7108	598	94	0.002	0.002	NUM
ajm-7108	598	95	0.005	0.005	NUM
ajm-7108	598	96	(	(	PUNCT
ajm-7108	598	97	0.0006	0.0006	NUM
ajm-7108	598	98	)	)	PUNCT
ajm-7108	598	99	(	(	PUNCT
ajm-7108	598	100	0.011	0.011	NUM
ajm-7108	598	101	)	)	PUNCT
ajm-7108	598	102	(	(	PUNCT
ajm-7108	598	103	0.001	0.001	NUM
ajm-7108	598	104	)	)	PUNCT
ajm-7108	598	105	(	(	PUNCT
ajm-7108	598	106	0.004	0.004	NUM
ajm-7108	598	107	)	)	PUNCT
ajm-7108	598	108	roa	roa	NOUN
ajm-7108	598	109	-0.430	-0.430	PROPN
ajm-7108	598	110	-4.723	-4.723	PROPN
ajm-7108	598	111	-0.207	-0.207	X
ajm-7108	598	112	-1.251	-1.251	PUNCT
ajm-7108	598	113	(	(	PUNCT
ajm-7108	598	114	0.608	0.608	NUM
ajm-7108	598	115	)	)	PUNCT
ajm-7108	598	116	(	(	PUNCT
ajm-7108	598	117	7.769	7.769	NUM
ajm-7108	598	118	)	)	PUNCT
ajm-7108	598	119	(	(	PUNCT
ajm-7108	598	120	0.505	0.505	NUM
ajm-7108	598	121	)	)	PUNCT
ajm-7108	598	122	(	(	PUNCT
ajm-7108	598	123	2.343	2.343	NUM
ajm-7108	598	124	)	)	PUNCT
ajm-7108	598	125	capital	capital	NOUN
ajm-7108	598	126	spending	spending	NOUN
ajm-7108	598	127	0.143	0.143	NUM
ajm-7108	598	128	1.412	1.412	NUM
ajm-7108	598	129	*	*	SYM
ajm-7108	598	130	-0.206	-0.206	PUNCT
ajm-7108	598	131	0.731	0.731	NUM
ajm-7108	598	132	(	(	PUNCT
ajm-7108	598	133	0.095	0.095	NUM
ajm-7108	598	134	)	)	PUNCT
ajm-7108	598	135	(	(	PUNCT
ajm-7108	598	136	0.669	0.669	NUM
ajm-7108	598	137	)	)	PUNCT
ajm-7108	598	138	(	(	PUNCT
ajm-7108	598	139	0.115	0.115	NUM
ajm-7108	598	140	)	)	PUNCT
ajm-7108	598	141	(	(	PUNCT
ajm-7108	598	142	0.421	0.421	NUM
ajm-7108	598	143	)	)	PUNCT
ajm-7108	598	144	industry	industry	NOUN
ajm-7108	598	145	fe	fe	X
ajm-7108	598	146	y	y	PROPN
ajm-7108	598	147	y	y	PROPN
ajm-7108	598	148	y	y	PROPN
ajm-7108	598	149	y	y	PROPN
ajm-7108	598	150	country	country	PROPN
ajm-7108	598	151	fe	fe	INTJ
ajm-7108	598	152	y	y	PROPN
ajm-7108	598	153	y	y	PROPN
ajm-7108	598	154	y	y	PROPN
ajm-7108	598	155	y	y	PROPN
ajm-7108	598	156	year	year	PROPN
ajm-7108	598	157	fe	fe	X
ajm-7108	598	158	y	y	PROPN
ajm-7108	598	159	y	y	PROPN
ajm-7108	598	160	y	y	PROPN
ajm-7108	598	161	y	y	PROPN
ajm-7108	598	162	n	n	PROPN
ajm-7108	598	163	1501	1501	NUM
ajm-7108	598	164	1201	1201	NUM
ajm-7108	598	165	949	949	NUM
ajm-7108	598	166	902	902	NUM
ajm-7108	598	167	r	r	NOUN
ajm-7108	598	168	2	2	NUM
ajm-7108	598	169	0.39	0.39	NUM
ajm-7108	598	170	0.48	0.48	NUM
ajm-7108	598	171	0.54	0.54	NUM
ajm-7108	598	172	0.68	0.68	NUM
ajm-7108	598	173	note	note	NOUN
ajm-7108	598	174	:	:	PUNCT
ajm-7108	598	175	the	the	DET
ajm-7108	598	176	above	above	ADJ
ajm-7108	598	177	analysis	analysis	NOUN
ajm-7108	598	178	focuses	focus	VERB
ajm-7108	598	179	on	on	ADP
ajm-7108	598	180	a	a	DET
ajm-7108	598	181	subsample	subsample	NOUN
ajm-7108	598	182	excludes	exclude	VERB
ajm-7108	598	183	the	the	DET
ajm-7108	598	184	top	top	ADJ
ajm-7108	598	185	2	2	NUM
ajm-7108	598	186	industries	industry	NOUN
ajm-7108	598	187	with	with	ADP
ajm-7108	598	188	the	the	DET
ajm-7108	598	189	highest	high	ADJ
ajm-7108	598	190	ghg	ghg	PROPN
ajm-7108	598	191	emissions	emission	NOUN
ajm-7108	598	192	:	:	PUNCT
ajm-7108	598	193	energy	energy	NOUN
ajm-7108	598	194	and	and	CCONJ
ajm-7108	598	195	utilities	utility	NOUN
ajm-7108	598	196	.	.	PUNCT
ajm-7108	599	1	numbers	number	NOUN
ajm-7108	599	2	in	in	ADP
ajm-7108	599	3	parentheses	parenthesis	NOUN
ajm-7108	599	4	are	be	AUX
ajm-7108	599	5	standard	standard	ADJ
ajm-7108	599	6	errors	error	NOUN
ajm-7108	599	7	,	,	PUNCT
ajm-7108	599	8	which	which	PRON
ajm-7108	599	9	are	be	AUX
ajm-7108	599	10	clustered	cluster	VERB
ajm-7108	599	11	at	at	ADP
ajm-7108	599	12	the	the	DET
ajm-7108	599	13	industry	industry	NOUN
ajm-7108	599	14	level	level	NOUN
ajm-7108	599	15	.	.	PUNCT
ajm-7108	600	1	*	*	PUNCT
ajm-7108	601	1	*	*	PUNCT
ajm-7108	601	2	*	*	PUNCT
ajm-7108	601	3	,	,	PUNCT
ajm-7108	601	4	*	*	PUNCT
ajm-7108	601	5	*	*	PUNCT
ajm-7108	601	6	,	,	PUNCT
ajm-7108	601	7	and	and	CCONJ
ajm-7108	601	8	*	*	PUNCT
ajm-7108	601	9	refer	refer	VERB
ajm-7108	601	10	to	to	ADP
ajm-7108	601	11	statistical	statistical	ADJ
ajm-7108	601	12	significance	significance	NOUN
ajm-7108	601	13	at	at	ADP
ajm-7108	601	14	the	the	DET
ajm-7108	601	15	1	1	NUM
ajm-7108	601	16	%	%	NOUN
ajm-7108	601	17	,	,	PUNCT
ajm-7108	601	18	5	5	NUM
ajm-7108	601	19	%	%	NOUN
ajm-7108	601	20	,	,	PUNCT
ajm-7108	601	21	and	and	CCONJ
ajm-7108	601	22	10	10	NUM
ajm-7108	601	23	%	%	NOUN
ajm-7108	601	24	levels	level	NOUN
ajm-7108	601	25	,	,	PUNCT
ajm-7108	601	26	respectively	respectively	ADV
ajm-7108	601	27	.	.	PUNCT
ajm-7108	602	1	post	post	ADJ
ajm-7108	602	2	-	-	ADJ
ajm-7108	602	3	match	match	ADJ
ajm-7108	602	4	sample	sample	NOUN
ajm-7108	602	5	42	42	NUM
ajm-7108	602	6	american	american	ADJ
ajm-7108	602	7	journal	journal	PROPN
ajm-7108	602	8	of	of	ADP
ajm-7108	602	9	management	management	NOUN
ajm-7108	602	10	vol	vol	NOUN
ajm-7108	602	11	.	.	PUNCT
ajm-7108	603	1	24(2	24(2	NUM
ajm-7108	603	2	)	)	PUNCT
ajm-7108	603	3	2024	2024	NUM
ajm-7108	603	4	table	table	NOUN
ajm-7108	603	5	11	11	NUM
ajm-7108	603	6	effect	effect	NOUN
ajm-7108	603	7	of	of	ADP
ajm-7108	603	8	rec	rec	ADJ
ajm-7108	603	9	purchases	purchase	NOUN
ajm-7108	603	10	on	on	ADP
ajm-7108	603	11	firms	firm	NOUN
ajm-7108	603	12	’	'	PUNCT
ajm-7108	603	13	financial	financial	ADJ
ajm-7108	603	14	performance	performance	NOUN
ajm-7108	603	15	(	(	PUNCT
ajm-7108	603	16	1	1	NUM
ajm-7108	603	17	)	)	PUNCT
ajm-7108	603	18	(	(	PUNCT
ajm-7108	603	19	2	2	NUM
ajm-7108	603	20	)	)	PUNCT
ajm-7108	603	21	(	(	PUNCT
ajm-7108	603	22	3	3	X
ajm-7108	603	23	)	)	PUNCT
ajm-7108	603	24	(	(	PUNCT
ajm-7108	603	25	4	4	X
ajm-7108	603	26	)	)	PUNCT
ajm-7108	603	27	dependent	dependent	ADJ
ajm-7108	603	28	variable	variable	NOUN
ajm-7108	603	29	:	:	PUNCT
ajm-7108	603	30	tobin	tobin	PROPN
ajm-7108	603	31	's	's	PART
ajm-7108	603	32	q	q	X
ajm-7108	603	33	ln	ln	ADJ
ajm-7108	603	34	(	(	PUNCT
ajm-7108	603	35	sales	sale	NOUN
ajm-7108	603	36	)	)	PUNCT
ajm-7108	603	37	ln	ln	NOUN
ajm-7108	604	1	(	(	PUNCT
ajm-7108	604	2	operating	operate	VERB
ajm-7108	604	3	income	income	NOUN
ajm-7108	604	4	)	)	PUNCT
ajm-7108	604	5	ln	ln	NOUN
ajm-7108	604	6	(	(	PUNCT
ajm-7108	604	7	assets	asset	NOUN
ajm-7108	604	8	)	)	PUNCT
ajm-7108	604	9	ln	ln	ADJ
ajm-7108	604	10	rec	rec	NOUN
ajm-7108	604	11	-0.139	-0.139	PUNCT
ajm-7108	604	12	*	*	PUNCT
ajm-7108	604	13	*	*	PUNCT
ajm-7108	604	14	*	*	PUNCT
ajm-7108	604	15	0.242	0.242	NUM
ajm-7108	604	16	*	*	PUNCT
ajm-7108	604	17	*	*	PUNCT
ajm-7108	604	18	*	*	PUNCT
ajm-7108	604	19	0.173	0.173	NUM
ajm-7108	604	20	*	*	PUNCT
ajm-7108	604	21	*	*	PUNCT
ajm-7108	604	22	0.311	0.311	NUM
ajm-7108	604	23	*	*	PUNCT
ajm-7108	604	24	*	*	PUNCT
ajm-7108	604	25	*	*	PUNCT
ajm-7108	604	26	(	(	PUNCT
ajm-7108	604	27	0.038	0.038	NUM
ajm-7108	604	28	)	)	PUNCT
ajm-7108	604	29	(	(	PUNCT
ajm-7108	604	30	0.069	0.069	NUM
ajm-7108	604	31	)	)	PUNCT
ajm-7108	604	32	(	(	PUNCT
ajm-7108	604	33	0.058	0.058	NUM
ajm-7108	604	34	)	)	PUNCT
ajm-7108	604	35	(	(	PUNCT
ajm-7108	604	36	0.061	0.061	NUM
ajm-7108	604	37	)	)	PUNCT
ajm-7108	604	38	cash	cash	NOUN
ajm-7108	604	39	holdings	holding	NOUN
ajm-7108	604	40	3.713	3.713	NUM
ajm-7108	604	41	*	*	PUNCT
ajm-7108	604	42	*	*	NOUN
ajm-7108	604	43	0.452	0.452	NUM
ajm-7108	604	44	2.164	2.164	NUM
ajm-7108	604	45	*	*	PUNCT
ajm-7108	604	46	*	*	PUNCT
ajm-7108	604	47	*	*	PUNCT
ajm-7108	604	48	0.710	0.710	NUM
ajm-7108	604	49	(	(	PUNCT
ajm-7108	604	50	1.205	1.205	NUM
ajm-7108	604	51	)	)	PUNCT
ajm-7108	604	52	(	(	PUNCT
ajm-7108	604	53	0.661	0.661	NUM
ajm-7108	604	54	)	)	PUNCT
ajm-7108	604	55	(	(	PUNCT
ajm-7108	604	56	0.478	0.478	NUM
ajm-7108	604	57	)	)	PUNCT
ajm-7108	604	58	(	(	PUNCT
ajm-7108	604	59	0.600	0.600	NUM
ajm-7108	604	60	)	)	PUNCT
ajm-7108	604	61	investment	investment	NOUN
ajm-7108	604	62	-9.633	-9.633	NOUN
ajm-7108	604	63	*	*	PUNCT
ajm-7108	604	64	*	*	PUNCT
ajm-7108	604	65	*	*	PUNCT
ajm-7108	604	66	-5.204	-5.204	PUNCT
ajm-7108	604	67	-11.319	-11.319	ADP
ajm-7108	604	68	*	*	PUNCT
ajm-7108	604	69	*	*	PUNCT
ajm-7108	604	70	*	*	X
ajm-7108	604	71	3.070	3.070	NUM
ajm-7108	604	72	(	(	PUNCT
ajm-7108	604	73	2.402	2.402	NUM
ajm-7108	604	74	)	)	PUNCT
ajm-7108	604	75	(	(	PUNCT
ajm-7108	604	76	7.182	7.182	NUM
ajm-7108	604	77	)	)	PUNCT
ajm-7108	604	78	(	(	PUNCT
ajm-7108	604	79	3.308	3.308	NUM
ajm-7108	604	80	)	)	PUNCT
ajm-7108	604	81	(	(	PUNCT
ajm-7108	604	82	3.035	3.035	NUM
ajm-7108	604	83	)	)	PUNCT
ajm-7108	604	84	leverage	leverage	NOUN
ajm-7108	604	85	-0.500	-0.500	NUM
ajm-7108	604	86	0.500	0.500	NUM
ajm-7108	604	87	1.097	1.097	NUM
ajm-7108	604	88	0.719	0.719	NUM
ajm-7108	604	89	(	(	PUNCT
ajm-7108	604	90	1.083	1.083	NUM
ajm-7108	604	91	)	)	PUNCT
ajm-7108	604	92	(	(	PUNCT
ajm-7108	604	93	0.698	0.698	NUM
ajm-7108	604	94	)	)	PUNCT
ajm-7108	604	95	(	(	PUNCT
ajm-7108	604	96	1.441	1.441	NUM
ajm-7108	604	97	)	)	PUNCT
ajm-7108	604	98	(	(	PUNCT
ajm-7108	604	99	0.853	0.853	NUM
ajm-7108	604	100	)	)	PUNCT
ajm-7108	604	101	roe	roe	NOUN
ajm-7108	604	102	0.002	0.002	NUM
ajm-7108	604	103	*	*	NOUN
ajm-7108	604	104	0.005	0.005	NUM
ajm-7108	604	105	*	*	PUNCT
ajm-7108	604	106	*	*	PUNCT
ajm-7108	604	107	*	*	PUNCT
ajm-7108	604	108	0.007	0.007	NUM
ajm-7108	604	109	0.004	0.004	NUM
ajm-7108	604	110	*	*	PUNCT
ajm-7108	604	111	*	*	PUNCT
ajm-7108	604	112	*	*	PUNCT
ajm-7108	604	113	(	(	PUNCT
ajm-7108	604	114	0.001	0.001	NUM
ajm-7108	604	115	)	)	PUNCT
ajm-7108	604	116	(	(	PUNCT
ajm-7108	604	117	0.001	0.001	NUM
ajm-7108	604	118	)	)	PUNCT
ajm-7108	604	119	(	(	PUNCT
ajm-7108	604	120	0.005	0.005	NUM
ajm-7108	604	121	)	)	PUNCT
ajm-7108	604	122	(	(	PUNCT
ajm-7108	604	123	0.001	0.001	NUM
ajm-7108	604	124	)	)	PUNCT
ajm-7108	604	125	roa	roa	NOUN
ajm-7108	604	126	8.387	8.387	NUM
ajm-7108	604	127	*	*	PUNCT
ajm-7108	604	128	*	*	PUNCT
ajm-7108	604	129	*	*	PUNCT
ajm-7108	604	130	0.509	0.509	NUM
ajm-7108	604	131	0.427	0.427	NUM
ajm-7108	604	132	-0.491	-0.491	NOUN
ajm-7108	604	133	(	(	PUNCT
ajm-7108	604	134	1.646	1.646	NUM
ajm-7108	604	135	)	)	PUNCT
ajm-7108	604	136	(	(	PUNCT
ajm-7108	604	137	1.601	1.601	NUM
ajm-7108	604	138	)	)	PUNCT
ajm-7108	604	139	(	(	PUNCT
ajm-7108	604	140	2.546	2.546	NUM
ajm-7108	604	141	)	)	PUNCT
ajm-7108	604	142	(	(	PUNCT
ajm-7108	604	143	2.272	2.272	NUM
ajm-7108	604	144	)	)	PUNCT
ajm-7108	604	145	capital	capital	NOUN
ajm-7108	604	146	spending	spending	NOUN
ajm-7108	604	147	0.586	0.586	NUM
ajm-7108	604	148	*	*	PUNCT
ajm-7108	604	149	*	*	PUNCT
ajm-7108	604	150	*	*	PUNCT
ajm-7108	605	1	1.604	1.604	NUM
ajm-7108	605	2	*	*	PUNCT
ajm-7108	605	3	*	*	PUNCT
ajm-7108	605	4	1.416	1.416	NUM
ajm-7108	605	5	*	*	PUNCT
ajm-7108	605	6	*	*	PUNCT
ajm-7108	605	7	*	*	PUNCT
ajm-7108	605	8	-0.123	-0.123	PUNCT
ajm-7108	605	9	(	(	PUNCT
ajm-7108	605	10	0.124	0.124	NUM
ajm-7108	605	11	)	)	PUNCT
ajm-7108	605	12	(	(	PUNCT
ajm-7108	605	13	0.582	0.582	NUM
ajm-7108	605	14	)	)	PUNCT
ajm-7108	605	15	(	(	PUNCT
ajm-7108	605	16	0.290	0.290	NUM
ajm-7108	605	17	)	)	PUNCT
ajm-7108	605	18	(	(	PUNCT
ajm-7108	605	19	0.215	0.215	NUM
ajm-7108	605	20	)	)	PUNCT
ajm-7108	605	21	industry	industry	NOUN
ajm-7108	605	22	fe	fe	X
ajm-7108	605	23	y	y	PROPN
ajm-7108	605	24	y	y	PROPN
ajm-7108	605	25	y	y	PROPN
ajm-7108	605	26	y	y	PROPN
ajm-7108	605	27	country	country	PROPN
ajm-7108	605	28	fe	fe	INTJ
ajm-7108	605	29	y	y	PROPN
ajm-7108	605	30	y	y	PROPN
ajm-7108	605	31	y	y	PROPN
ajm-7108	605	32	y	y	PROPN
ajm-7108	605	33	year	year	PROPN
ajm-7108	605	34	fe	fe	X
ajm-7108	605	35	y	y	PROPN
ajm-7108	605	36	y	y	PROPN
ajm-7108	605	37	y	y	PROPN
ajm-7108	605	38	y	y	PROPN
ajm-7108	605	39	n	n	PROPN
ajm-7108	605	40	1761	1761	NUM
ajm-7108	605	41	1782	1782	NUM
ajm-7108	605	42	1602	1602	NUM
ajm-7108	605	43	1782	1782	NUM
ajm-7108	605	44	r	r	NOUN
ajm-7108	605	45	2	2	NUM
ajm-7108	605	46	0.48	0.48	NUM
ajm-7108	605	47	0.58	0.58	NUM
ajm-7108	605	48	0.59	0.59	NUM
ajm-7108	605	49	0.70	0.70	NUM
ajm-7108	605	50	post	post	ADJ
ajm-7108	605	51	-	-	ADJ
ajm-7108	605	52	match	match	ADJ
ajm-7108	605	53	sample	sample	NOUN
ajm-7108	605	54	note	note	NOUN
ajm-7108	605	55	:	:	PUNCT
ajm-7108	605	56	the	the	DET
ajm-7108	605	57	above	above	ADJ
ajm-7108	605	58	analysis	analysis	NOUN
ajm-7108	605	59	focuses	focus	VERB
ajm-7108	605	60	on	on	ADP
ajm-7108	605	61	a	a	DET
ajm-7108	605	62	subsample	subsample	NOUN
ajm-7108	605	63	that	that	PRON
ajm-7108	605	64	excludes	exclude	VERB
ajm-7108	605	65	the	the	DET
ajm-7108	605	66	top	top	ADJ
ajm-7108	605	67	2	2	NUM
ajm-7108	605	68	industries	industry	NOUN
ajm-7108	605	69	with	with	ADP
ajm-7108	605	70	the	the	DET
ajm-7108	605	71	highest	high	ADJ
ajm-7108	605	72	ghg	ghg	PROPN
ajm-7108	605	73	emissions	emission	NOUN
ajm-7108	605	74	:	:	PUNCT
ajm-7108	605	75	energy	energy	NOUN
ajm-7108	605	76	and	and	CCONJ
ajm-7108	605	77	utilities	utility	NOUN
ajm-7108	605	78	.	.	PUNCT
ajm-7108	606	1	numbers	number	NOUN
ajm-7108	606	2	in	in	ADP
ajm-7108	606	3	parentheses	parenthesis	NOUN
ajm-7108	606	4	are	be	AUX
ajm-7108	606	5	standard	standard	ADJ
ajm-7108	606	6	errors	error	NOUN
ajm-7108	606	7	,	,	PUNCT
ajm-7108	606	8	which	which	PRON
ajm-7108	606	9	are	be	AUX
ajm-7108	606	10	clustered	cluster	VERB
ajm-7108	606	11	at	at	ADP
ajm-7108	606	12	the	the	DET
ajm-7108	606	13	industry	industry	NOUN
ajm-7108	606	14	level	level	NOUN
ajm-7108	606	15	.	.	PUNCT
ajm-7108	607	1	*	*	PUNCT
ajm-7108	608	1	*	*	PUNCT
ajm-7108	608	2	*	*	PUNCT
ajm-7108	608	3	,	,	PUNCT
ajm-7108	608	4	*	*	PUNCT
ajm-7108	608	5	*	*	PUNCT
ajm-7108	608	6	,	,	PUNCT
ajm-7108	608	7	and	and	CCONJ
ajm-7108	608	8	*	*	PUNCT
ajm-7108	608	9	refer	refer	VERB
ajm-7108	608	10	to	to	ADP
ajm-7108	608	11	statistical	statistical	ADJ
ajm-7108	608	12	significance	significance	NOUN
ajm-7108	608	13	at	at	ADP
ajm-7108	608	14	the	the	DET
ajm-7108	608	15	1	1	NUM
ajm-7108	608	16	%	%	NOUN
ajm-7108	608	17	,	,	PUNCT
ajm-7108	608	18	5	5	NUM
ajm-7108	608	19	%	%	NOUN
ajm-7108	608	20	,	,	PUNCT
ajm-7108	608	21	and	and	CCONJ
ajm-7108	608	22	10	10	NUM
ajm-7108	608	23	%	%	NOUN
ajm-7108	608	24	levels	level	NOUN
ajm-7108	608	25	,	,	PUNCT
ajm-7108	608	26	respectively	respectively	ADV
ajm-7108	608	27	.	.	PUNCT
ajm-7108	609	1	american	american	PROPN
ajm-7108	609	2	journal	journal	PROPN
ajm-7108	609	3	of	of	ADP
ajm-7108	609	4	management	management	NOUN
ajm-7108	609	5	vol	vol	NOUN
ajm-7108	609	6	.	.	PUNCT
ajm-7108	610	1	24(2	24(2	NUM
ajm-7108	610	2	)	)	PUNCT
ajm-7108	610	3	2024	2024	NUM
ajm-7108	610	4	43	43	NUM
ajm-7108	610	5	table	table	NOUN
ajm-7108	610	6	12	12	NUM
ajm-7108	610	7	two	two	NUM
ajm-7108	610	8	-	-	PUNCT
ajm-7108	610	9	stage	stage	NOUN
ajm-7108	610	10	least	least	ADJ
ajm-7108	610	11	squares	square	NOUN
ajm-7108	610	12	regression	regression	NOUN
ajm-7108	610	13	analyzing	analyze	VERB
ajm-7108	610	14	effect	effect	NOUN
ajm-7108	610	15	of	of	ADP
ajm-7108	610	16	women	woman	NOUN
ajm-7108	610	17	on	on	ADP
ajm-7108	610	18	board	board	NOUN
ajm-7108	610	19	on	on	ADP
ajm-7108	610	20	volume	volume	NOUN
ajm-7108	610	21	of	of	ADP
ajm-7108	610	22	carbon	carbon	NOUN
ajm-7108	610	23	offsets	offset	NOUN
ajm-7108	610	24	purchased	purchase	VERB
ajm-7108	610	25	(	(	PUNCT
ajm-7108	610	26	1	1	NUM
ajm-7108	610	27	)	)	PUNCT
ajm-7108	610	28	(	(	PUNCT
ajm-7108	610	29	2	2	X
ajm-7108	610	30	)	)	PUNCT
ajm-7108	610	31	first	first	ADJ
ajm-7108	610	32	stage	stage	NOUN
ajm-7108	610	33	second	second	ADJ
ajm-7108	610	34	stage	stage	NOUN
ajm-7108	610	35	dependent	dependent	ADJ
ajm-7108	610	36	variable	variable	ADJ
ajm-7108	610	37	%	%	NOUN
ajm-7108	610	38	women	woman	NOUN
ajm-7108	610	39	employees	employee	NOUN
ajm-7108	610	40	ln(carbon	ln(carbon	PROPN
ajm-7108	610	41	offsets	offset	NOUN
ajm-7108	610	42	)	)	PUNCT
ajm-7108	610	43	%	%	NOUN
ajm-7108	610	44	women	woman	NOUN
ajm-7108	610	45	employees	employee	NOUN
ajm-7108	610	46	0.255	0.255	SYM
ajm-7108	610	47	*	*	PUNCT
ajm-7108	610	48	*	*	PUNCT
ajm-7108	610	49	*	*	PUNCT
ajm-7108	610	50	(	(	PUNCT
ajm-7108	610	51	0.036	0.036	NUM
ajm-7108	610	52	)	)	PUNCT
ajm-7108	610	53	%	%	NOUN
ajm-7108	610	54	women	woman	NOUN
ajm-7108	610	55	board	board	NOUN
ajm-7108	610	56	members	member	NOUN
ajm-7108	610	57	fitted	fit	VERB
ajm-7108	610	58	-0.075	-0.075	PUNCT
ajm-7108	610	59	*	*	PUNCT
ajm-7108	610	60	(	(	PUNCT
ajm-7108	610	61	0.064	0.064	NUM
ajm-7108	610	62	)	)	PUNCT
ajm-7108	610	63	board	board	NOUN
ajm-7108	610	64	size	size	NOUN
ajm-7108	610	65	0.568	0.568	NUM
ajm-7108	610	66	*	*	NOUN
ajm-7108	610	67	*	*	PUNCT
ajm-7108	610	68	-0.013	-0.013	PUNCT
ajm-7108	610	69	(	(	PUNCT
ajm-7108	610	70	0.226	0.226	NUM
ajm-7108	610	71	)	)	PUNCT
ajm-7108	610	72	(	(	PUNCT
ajm-7108	610	73	0.064	0.064	NUM
ajm-7108	610	74	)	)	PUNCT
ajm-7108	610	75	cash	cash	NOUN
ajm-7108	610	76	holdings	holding	NOUN
ajm-7108	610	77	0.637	0.637	NUM
ajm-7108	610	78	-0.559	-0.559	NUM
ajm-7108	610	79	(	(	PUNCT
ajm-7108	610	80	5.068	5.068	NUM
ajm-7108	610	81	)	)	PUNCT
ajm-7108	610	82	(	(	PUNCT
ajm-7108	610	83	1.416	1.416	NUM
ajm-7108	610	84	)	)	PUNCT
ajm-7108	610	85	investment	investment	NOUN
ajm-7108	610	86	18.349	18.349	NUM
ajm-7108	610	87	-17.278	-17.278	NOUN
ajm-7108	610	88	*	*	PUNCT
ajm-7108	610	89	*	*	PUNCT
ajm-7108	610	90	*	*	PUNCT
ajm-7108	610	91	(	(	PUNCT
ajm-7108	610	92	23.561	23.561	NUM
ajm-7108	610	93	)	)	PUNCT
ajm-7108	610	94	(	(	PUNCT
ajm-7108	610	95	6.655	6.655	NUM
ajm-7108	610	96	)	)	PUNCT
ajm-7108	610	97	leverage	leverage	NOUN
ajm-7108	610	98	-5.560	-5.560	PRON
ajm-7108	610	99	-2.338	-2.338	NUM
ajm-7108	610	100	(	(	PUNCT
ajm-7108	610	101	5.445	5.445	NUM
ajm-7108	610	102	)	)	PUNCT
ajm-7108	610	103	(	(	PUNCT
ajm-7108	610	104	1.481	1.481	NUM
ajm-7108	610	105	)	)	PUNCT
ajm-7108	610	106	roe	roe	NOUN
ajm-7108	610	107	0.024	0.024	NUM
ajm-7108	610	108	*	*	PROPN
ajm-7108	610	109	*	*	PUNCT
ajm-7108	610	110	*	*	X
ajm-7108	610	111	0.001	0.001	NUM
ajm-7108	610	112	(	(	PUNCT
ajm-7108	610	113	0.008	0.008	NUM
ajm-7108	610	114	)	)	PUNCT
ajm-7108	610	115	(	(	PUNCT
ajm-7108	610	116	0.001	0.001	NUM
ajm-7108	610	117	)	)	PUNCT
ajm-7108	610	118	roa	roa	NOUN
ajm-7108	610	119	-2.446	-2.446	NOUN
ajm-7108	610	120	-2.397	-2.397	PUNCT
ajm-7108	610	121	*	*	PUNCT
ajm-7108	610	122	*	*	PUNCT
ajm-7108	610	123	*	*	PUNCT
ajm-7108	610	124	(	(	PUNCT
ajm-7108	610	125	3.506	3.506	NUM
ajm-7108	610	126	)	)	PUNCT
ajm-7108	610	127	(	(	PUNCT
ajm-7108	610	128	0.853	0.853	NUM
ajm-7108	610	129	)	)	PUNCT
ajm-7108	610	130	capital	capital	NOUN
ajm-7108	610	131	spending	spend	VERB
ajm-7108	610	132	8.820	8.820	NUM
ajm-7108	610	133	5.949	5.949	NUM
ajm-7108	610	134	*	*	PUNCT
ajm-7108	610	135	*	*	PUNCT
ajm-7108	610	136	*	*	PUNCT
ajm-7108	610	137	(	(	PUNCT
ajm-7108	610	138	6.624	6.624	NUM
ajm-7108	610	139	)	)	PUNCT
ajm-7108	610	140	(	(	PUNCT
ajm-7108	610	141	2.169	2.169	NUM
ajm-7108	610	142	)	)	PUNCT
ajm-7108	610	143	industry	industry	NOUN
ajm-7108	610	144	effects	effect	NOUN
ajm-7108	610	145	y	y	PROPN
ajm-7108	610	146	y	y	PROPN
ajm-7108	610	147	country	country	PROPN
ajm-7108	610	148	effects	effect	VERB
ajm-7108	610	149	y	y	PROPN
ajm-7108	610	150	y	y	PROPN
ajm-7108	610	151	year	year	NOUN
ajm-7108	610	152	effects	effect	VERB
ajm-7108	610	153	y	y	PROPN
ajm-7108	610	154	y	y	PROPN
ajm-7108	610	155	n	n	PROPN
ajm-7108	610	156	326	326	NUM
ajm-7108	610	157	326	326	NUM
ajm-7108	610	158	f	f	X
ajm-7108	610	159	-	-	PUNCT
ajm-7108	610	160	statistic	statistic	NOUN
ajm-7108	610	161	168.43	168.43	NUM
ajm-7108	610	162	wald	wald	NOUN
ajm-7108	610	163	chi	chi	PROPN
ajm-7108	610	164	squared	square	VERB
ajm-7108	610	165	1778.94	1778.94	NUM
ajm-7108	610	166	note	note	NOUN
ajm-7108	610	167	:	:	PUNCT
ajm-7108	610	168	numbers	number	NOUN
ajm-7108	610	169	in	in	ADP
ajm-7108	610	170	parentheses	parenthesis	NOUN
ajm-7108	610	171	are	be	AUX
ajm-7108	610	172	standard	standard	ADJ
ajm-7108	610	173	errors	error	NOUN
ajm-7108	610	174	,	,	PUNCT
ajm-7108	610	175	which	which	PRON
ajm-7108	610	176	are	be	AUX
ajm-7108	610	177	clustered	cluster	VERB
ajm-7108	610	178	at	at	ADP
ajm-7108	610	179	the	the	DET
ajm-7108	610	180	industry	industry	NOUN
ajm-7108	610	181	level	level	NOUN
ajm-7108	610	182	.	.	PUNCT
ajm-7108	611	1	*	*	PUNCT
ajm-7108	612	1	*	*	PUNCT
ajm-7108	612	2	*	*	PUNCT
ajm-7108	612	3	,	,	PUNCT
ajm-7108	612	4	*	*	PUNCT
ajm-7108	612	5	*	*	PUNCT
ajm-7108	612	6	,	,	PUNCT
ajm-7108	612	7	and	and	CCONJ
ajm-7108	612	8	*	*	PUNCT
ajm-7108	612	9	refer	refer	VERB
ajm-7108	612	10	to	to	ADP
ajm-7108	612	11	statistical	statistical	ADJ
ajm-7108	612	12	significance	significance	NOUN
ajm-7108	612	13	at	at	ADP
ajm-7108	612	14	the	the	DET
ajm-7108	612	15	1	1	NUM
ajm-7108	612	16	%	%	NOUN
ajm-7108	612	17	,	,	PUNCT
ajm-7108	612	18	5	5	NUM
ajm-7108	612	19	%	%	NOUN
ajm-7108	612	20	,	,	PUNCT
ajm-7108	612	21	and	and	CCONJ
ajm-7108	612	22	10	10	NUM
ajm-7108	612	23	%	%	NOUN
ajm-7108	612	24	levels	level	NOUN
ajm-7108	612	25	,	,	PUNCT
ajm-7108	612	26	respectively	respectively	ADV
ajm-7108	612	27	.	.	PUNCT
ajm-7108	613	1	44	44	NUM
ajm-7108	613	2	american	american	ADJ
ajm-7108	613	3	journal	journal	PROPN
ajm-7108	613	4	of	of	ADP
ajm-7108	613	5	management	management	NOUN
ajm-7108	613	6	vol	vol	NOUN
ajm-7108	613	7	.	.	PUNCT
ajm-7108	614	1	24(2	24(2	NUM
ajm-7108	614	2	)	)	PUNCT
ajm-7108	614	3	2024	2024	NUM
ajm-7108	614	4	table	table	NOUN
ajm-7108	614	5	13	13	NUM
ajm-7108	614	6	two	two	NUM
ajm-7108	614	7	-	-	PUNCT
ajm-7108	614	8	stage	stage	NOUN
ajm-7108	614	9	least	least	ADJ
ajm-7108	614	10	squares	square	NOUN
ajm-7108	614	11	regression	regression	NOUN
ajm-7108	614	12	analyzing	analyze	VERB
ajm-7108	614	13	effect	effect	NOUN
ajm-7108	614	14	of	of	ADP
ajm-7108	614	15	women	woman	NOUN
ajm-7108	614	16	on	on	ADP
ajm-7108	614	17	board	board	NOUN
ajm-7108	614	18	on	on	ADP
ajm-7108	614	19	volume	volume	NOUN
ajm-7108	614	20	of	of	ADP
ajm-7108	614	21	recs	rec	NOUN
ajm-7108	614	22	purchased	purchase	VERB
ajm-7108	614	23	(	(	PUNCT
ajm-7108	614	24	1	1	NUM
ajm-7108	614	25	)	)	PUNCT
ajm-7108	614	26	(	(	PUNCT
ajm-7108	614	27	2	2	X
ajm-7108	614	28	)	)	PUNCT
ajm-7108	614	29	first	first	ADJ
ajm-7108	614	30	stage	stage	NOUN
ajm-7108	614	31	second	second	ADJ
ajm-7108	614	32	stage	stage	NOUN
ajm-7108	614	33	dependent	dependent	ADJ
ajm-7108	614	34	variable	variable	NOUN
ajm-7108	614	35	:	:	PUNCT
ajm-7108	614	36	%	%	NOUN
ajm-7108	614	37	women	woman	NOUN
ajm-7108	614	38	employees	employee	NOUN
ajm-7108	614	39	ln(rec	ln(rec	NOUN
ajm-7108	614	40	)	)	PUNCT
ajm-7108	614	41	%	%	NOUN
ajm-7108	615	1	women	woman	NOUN
ajm-7108	615	2	employees	employee	VERB
ajm-7108	615	3	0.268	0.268	NUM
ajm-7108	615	4	*	*	PUNCT
ajm-7108	615	5	*	*	PUNCT
ajm-7108	615	6	*	*	PUNCT
ajm-7108	615	7	(	(	PUNCT
ajm-7108	615	8	0.046	0.046	NUM
ajm-7108	615	9	)	)	PUNCT
ajm-7108	615	10	%	%	NOUN
ajm-7108	615	11	women	woman	NOUN
ajm-7108	615	12	board	board	NOUN
ajm-7108	615	13	members	member	NOUN
ajm-7108	615	14	fitted	fit	VERB
ajm-7108	615	15	-0.091	-0.091	PROPN
ajm-7108	615	16	*	*	PUNCT
ajm-7108	615	17	*	*	PUNCT
ajm-7108	615	18	(	(	PUNCT
ajm-7108	615	19	0.042	0.042	NUM
ajm-7108	615	20	)	)	PUNCT
ajm-7108	615	21	board	board	NOUN
ajm-7108	615	22	size	size	NOUN
ajm-7108	615	23	1.108	1.108	NUM
ajm-7108	615	24	*	*	PUNCT
ajm-7108	615	25	*	*	PUNCT
ajm-7108	615	26	*	*	PUNCT
ajm-7108	615	27	0.185	0.185	NUM
ajm-7108	615	28	*	*	PUNCT
ajm-7108	615	29	*	*	PUNCT
ajm-7108	615	30	*	*	PUNCT
ajm-7108	615	31	(	(	PUNCT
ajm-7108	615	32	0.244	0.244	NUM
ajm-7108	615	33	)	)	PUNCT
ajm-7108	615	34	(	(	PUNCT
ajm-7108	615	35	0.053	0.053	NUM
ajm-7108	615	36	)	)	PUNCT
ajm-7108	615	37	cash	cash	NOUN
ajm-7108	615	38	holdings	holding	NOUN
ajm-7108	615	39	2.569	2.569	NUM
ajm-7108	615	40	-0.897	-0.897	PUNCT
ajm-7108	615	41	(	(	PUNCT
ajm-7108	615	42	5.743	5.743	NUM
ajm-7108	615	43	)	)	PUNCT
ajm-7108	615	44	(	(	PUNCT
ajm-7108	615	45	1.142	1.142	NUM
ajm-7108	615	46	)	)	PUNCT
ajm-7108	615	47	investment	investment	NOUN
ajm-7108	615	48	-58.585	-58.585	NOUN
ajm-7108	615	49	*	*	PROPN
ajm-7108	615	50	*	*	PUNCT
ajm-7108	615	51	-9.701	-9.701	PUNCT
ajm-7108	615	52	(	(	PUNCT
ajm-7108	615	53	28.056	28.056	NUM
ajm-7108	615	54	)	)	PUNCT
ajm-7108	615	55	(	(	PUNCT
ajm-7108	615	56	6.291	6.291	NUM
ajm-7108	615	57	)	)	PUNCT
ajm-7108	615	58	leverage	leverage	NOUN
ajm-7108	615	59	3.057	3.057	NUM
ajm-7108	615	60	2.731	2.731	NUM
ajm-7108	615	61	*	*	PUNCT
ajm-7108	615	62	*	*	PUNCT
ajm-7108	615	63	*	*	PUNCT
ajm-7108	615	64	(	(	PUNCT
ajm-7108	615	65	5.516	5.516	NUM
ajm-7108	615	66	)	)	PUNCT
ajm-7108	615	67	(	(	PUNCT
ajm-7108	615	68	1.050	1.050	NUM
ajm-7108	615	69	)	)	PUNCT
ajm-7108	615	70	roe	roe	NOUN
ajm-7108	615	71	0.040	0.040	NUM
ajm-7108	615	72	*	*	NOUN
ajm-7108	615	73	0.009	0.009	NUM
ajm-7108	615	74	*	*	PUNCT
ajm-7108	615	75	*	*	PUNCT
ajm-7108	615	76	*	*	PUNCT
ajm-7108	615	77	(	(	PUNCT
ajm-7108	615	78	0.020	0.020	NUM
ajm-7108	615	79	)	)	PUNCT
ajm-7108	615	80	(	(	PUNCT
ajm-7108	615	81	0.002	0.002	NUM
ajm-7108	615	82	)	)	PUNCT
ajm-7108	615	83	roa	roa	NOUN
ajm-7108	615	84	-4.973	-4.973	PROPN
ajm-7108	615	85	-1.397	-1.397	PROPN
ajm-7108	615	86	(	(	PUNCT
ajm-7108	615	87	11.948	11.948	NUM
ajm-7108	615	88	)	)	PUNCT
ajm-7108	615	89	(	(	PUNCT
ajm-7108	615	90	2.104	2.104	NUM
ajm-7108	615	91	)	)	PUNCT
ajm-7108	615	92	capital	capital	NOUN
ajm-7108	615	93	spending	spend	VERB
ajm-7108	615	94	8.179	8.179	NUM
ajm-7108	615	95	*	*	SYM
ajm-7108	615	96	0.367	0.367	NUM
ajm-7108	615	97	(	(	PUNCT
ajm-7108	615	98	4.198	4.198	NUM
ajm-7108	615	99	)	)	PUNCT
ajm-7108	615	100	(	(	PUNCT
ajm-7108	615	101	0.770	0.770	NUM
ajm-7108	615	102	)	)	PUNCT
ajm-7108	615	103	industry	industry	NOUN
ajm-7108	615	104	effects	effect	NOUN
ajm-7108	615	105	y	y	PROPN
ajm-7108	615	106	y	y	PROPN
ajm-7108	615	107	country	country	PROPN
ajm-7108	615	108	effects	effect	VERB
ajm-7108	615	109	y	y	PROPN
ajm-7108	615	110	y	y	PROPN
ajm-7108	615	111	year	year	NOUN
ajm-7108	615	112	effects	effect	VERB
ajm-7108	615	113	y	y	PROPN
ajm-7108	615	114	y	y	PROPN
ajm-7108	615	115	n	n	ADV
ajm-7108	615	116	279	279	NUM
ajm-7108	615	117	279	279	NUM
ajm-7108	615	118	f	f	X
ajm-7108	615	119	-	-	PUNCT
ajm-7108	615	120	statistic	statistic	NOUN
ajm-7108	615	121	23.54	23.54	NUM
ajm-7108	615	122	wald	wald	NOUN
ajm-7108	615	123	chi	chi	PROPN
ajm-7108	615	124	squared	square	VERB
ajm-7108	615	125	648.77	648.77	NUM
ajm-7108	615	126	note	note	NOUN
ajm-7108	615	127	:	:	PUNCT
ajm-7108	615	128	numbers	number	NOUN
ajm-7108	615	129	in	in	ADP
ajm-7108	615	130	parentheses	parenthesis	NOUN
ajm-7108	615	131	are	be	AUX
ajm-7108	615	132	standard	standard	ADJ
ajm-7108	615	133	errors	error	NOUN
ajm-7108	615	134	,	,	PUNCT
ajm-7108	615	135	which	which	PRON
ajm-7108	615	136	are	be	AUX
ajm-7108	615	137	clustered	cluster	VERB
ajm-7108	615	138	at	at	ADP
ajm-7108	615	139	the	the	DET
ajm-7108	615	140	industry	industry	NOUN
ajm-7108	615	141	level	level	NOUN
ajm-7108	615	142	.	.	PUNCT
ajm-7108	616	1	*	*	PUNCT
ajm-7108	617	1	*	*	PUNCT
ajm-7108	617	2	*	*	PUNCT
ajm-7108	617	3	,	,	PUNCT
ajm-7108	617	4	*	*	PUNCT
ajm-7108	617	5	*	*	PUNCT
ajm-7108	617	6	,	,	PUNCT
ajm-7108	617	7	and	and	CCONJ
ajm-7108	617	8	*	*	PUNCT
ajm-7108	617	9	refer	refer	VERB
ajm-7108	617	10	to	to	ADP
ajm-7108	617	11	statistical	statistical	ADJ
ajm-7108	617	12	significance	significance	NOUN
ajm-7108	617	13	at	at	ADP
ajm-7108	617	14	the	the	DET
ajm-7108	617	15	1	1	NUM
ajm-7108	617	16	%	%	NOUN
ajm-7108	617	17	,	,	PUNCT
ajm-7108	617	18	5	5	NUM
ajm-7108	617	19	%	%	NOUN
ajm-7108	617	20	,	,	PUNCT
ajm-7108	617	21	and	and	CCONJ
ajm-7108	617	22	10	10	NUM
ajm-7108	617	23	%	%	NOUN
ajm-7108	617	24	levels	level	NOUN
ajm-7108	617	25	,	,	PUNCT
ajm-7108	617	26	respectively	respectively	ADV
ajm-7108	617	27	.	.	PUNCT
ajm-7108	618	1	american	american	PROPN
ajm-7108	618	2	journal	journal	PROPN
ajm-7108	618	3	of	of	ADP
ajm-7108	618	4	management	management	NOUN
ajm-7108	618	5	vol	vol	NOUN
ajm-7108	618	6	.	.	PUNCT
ajm-7108	619	1	24(2	24(2	NUM
ajm-7108	619	2	)	)	PUNCT
ajm-7108	619	3	2024	2024	NUM
ajm-7108	619	4	45	45	NUM
ajm-7108	619	5	table	table	NOUN
ajm-7108	619	6	14	14	NUM
ajm-7108	619	7	two	two	NUM
ajm-7108	619	8	stage	stage	NOUN
ajm-7108	619	9	least	least	ADJ
ajm-7108	619	10	squares	square	NOUN
ajm-7108	619	11	regression	regression	NOUN
ajm-7108	619	12	analyzing	analyzing	NOUN
ajm-7108	619	13	effect	effect	NOUN
ajm-7108	619	14	of	of	ADP
ajm-7108	619	15	carbon	carbon	NOUN
ajm-7108	619	16	offsets	offset	NOUN
ajm-7108	619	17	on	on	ADP
ajm-7108	619	18	ghg	ghg	PROPN
ajm-7108	619	19	emissions	emission	NOUN
ajm-7108	619	20	(	(	PUNCT
ajm-7108	619	21	1	1	NUM
ajm-7108	619	22	)	)	PUNCT
ajm-7108	619	23	(	(	PUNCT
ajm-7108	619	24	2	2	X
ajm-7108	619	25	)	)	PUNCT
ajm-7108	619	26	first	first	ADJ
ajm-7108	619	27	stage	stage	NOUN
ajm-7108	619	28	second	second	ADJ
ajm-7108	619	29	stage	stage	NOUN
ajm-7108	619	30	dependent	dependent	ADJ
ajm-7108	619	31	variable	variable	NOUN
ajm-7108	619	32	ln(carbon	ln(carbon	NOUN
ajm-7108	619	33	offset	offset	NOUN
ajm-7108	619	34	)	)	PUNCT
ajm-7108	619	35	ln(total	ln(total	PROPN
ajm-7108	619	36	ghg	ghg	PROPN
ajm-7108	619	37	market	market	NOUN
ajm-7108	619	38	emissions	emission	NOUN
ajm-7108	619	39	)	)	PUNCT
ajm-7108	619	40	ln	ln	NOUN
ajm-7108	620	1	(	(	PUNCT
ajm-7108	620	2	selling	sell	VERB
ajm-7108	620	3	expense	expense	NOUN
ajm-7108	620	4	)	)	PUNCT
ajm-7108	620	5	0.531	0.531	NUM
ajm-7108	620	6	*	*	PUNCT
ajm-7108	620	7	*	*	PUNCT
ajm-7108	620	8	*	*	PUNCT
ajm-7108	620	9	(	(	PUNCT
ajm-7108	620	10	0.104	0.104	NUM
ajm-7108	620	11	)	)	PUNCT
ajm-7108	620	12	ln(carbon	ln(carbon	NOUN
ajm-7108	620	13	offset	offset	NOUN
ajm-7108	620	14	)	)	PUNCT
ajm-7108	620	15	1.762	1.762	NUM
ajm-7108	620	16	*	*	PUNCT
ajm-7108	620	17	*	*	PUNCT
ajm-7108	620	18	*	*	PUNCT
ajm-7108	620	19	(	(	PUNCT
ajm-7108	620	20	0.297	0.297	NUM
ajm-7108	620	21	)	)	PUNCT
ajm-7108	620	22	cash	cash	NOUN
ajm-7108	620	23	holdings	holding	NOUN
ajm-7108	620	24	2.497	2.497	NUM
ajm-7108	620	25	*	*	SYM
ajm-7108	620	26	*	*	PUNCT
ajm-7108	620	27	-10.027	-10.027	PUNCT
ajm-7108	620	28	*	*	PUNCT
ajm-7108	620	29	*	*	PUNCT
ajm-7108	620	30	*	*	PUNCT
ajm-7108	620	31	(	(	PUNCT
ajm-7108	620	32	1.217	1.217	NUM
ajm-7108	620	33	)	)	PUNCT
ajm-7108	620	34	(	(	PUNCT
ajm-7108	620	35	2.059	2.059	NUM
ajm-7108	620	36	)	)	PUNCT
ajm-7108	620	37	investment	investment	NOUN
ajm-7108	620	38	-0.101	-0.101	PUNCT
ajm-7108	620	39	-41.916	-41.916	PRON
ajm-7108	620	40	*	*	PUNCT
ajm-7108	620	41	*	*	PUNCT
ajm-7108	620	42	*	*	PUNCT
ajm-7108	620	43	(	(	PUNCT
ajm-7108	620	44	11.445	11.445	NUM
ajm-7108	620	45	)	)	PUNCT
ajm-7108	620	46	(	(	PUNCT
ajm-7108	620	47	15.802	15.802	NUM
ajm-7108	620	48	)	)	PUNCT
ajm-7108	620	49	leverage	leverage	NOUN
ajm-7108	620	50	4.574	4.574	NUM
ajm-7108	620	51	*	*	NOUN
ajm-7108	620	52	*	*	PUNCT
ajm-7108	620	53	-1.49	-1.49	INTJ
ajm-7108	620	54	(	(	PUNCT
ajm-7108	620	55	2.055	2.055	NUM
ajm-7108	620	56	)	)	PUNCT
ajm-7108	620	57	(	(	PUNCT
ajm-7108	620	58	2.586	2.586	NUM
ajm-7108	620	59	)	)	PUNCT
ajm-7108	620	60	roe	roe	NOUN
ajm-7108	620	61	-0.006	-0.006	PROPN
ajm-7108	620	62	*	*	NOUN
ajm-7108	620	63	0.010	0.010	NUM
ajm-7108	620	64	*	*	PUNCT
ajm-7108	620	65	*	*	PUNCT
ajm-7108	620	66	(	(	PUNCT
ajm-7108	620	67	0.003	0.003	NUM
ajm-7108	620	68	)	)	PUNCT
ajm-7108	620	69	(	(	PUNCT
ajm-7108	620	70	0.004	0.004	NUM
ajm-7108	620	71	)	)	PUNCT
ajm-7108	620	72	roa	roa	NOUN
ajm-7108	620	73	7.153	7.153	NUM
ajm-7108	620	74	*	*	NOUN
ajm-7108	620	75	*	*	PUNCT
ajm-7108	620	76	-13.267	-13.267	PROPN
ajm-7108	620	77	*	*	PUNCT
ajm-7108	620	78	*	*	PUNCT
ajm-7108	620	79	*	*	PUNCT
ajm-7108	620	80	(	(	PUNCT
ajm-7108	620	81	2.949	2.949	NUM
ajm-7108	620	82	)	)	PUNCT
ajm-7108	620	83	(	(	PUNCT
ajm-7108	620	84	4.546	4.546	NUM
ajm-7108	620	85	)	)	PUNCT
ajm-7108	620	86	capital	capital	NOUN
ajm-7108	620	87	spending	spend	VERB
ajm-7108	620	88	11.043	11.043	NUM
ajm-7108	620	89	*	*	PUNCT
ajm-7108	620	90	-16.873	-16.873	NOUN
ajm-7108	620	91	*	*	PUNCT
ajm-7108	620	92	(	(	PUNCT
ajm-7108	620	93	5.875	5.875	NUM
ajm-7108	620	94	)	)	PUNCT
ajm-7108	620	95	(	(	PUNCT
ajm-7108	620	96	9.880	9.880	NUM
ajm-7108	620	97	)	)	PUNCT
ajm-7108	620	98	sales	sale	NOUN
ajm-7108	620	99	growth	growth	NOUN
ajm-7108	620	100	0.505	0.505	NUM
ajm-7108	620	101	0.242	0.242	NUM
ajm-7108	620	102	(	(	PUNCT
ajm-7108	620	103	1.248	1.248	NUM
ajm-7108	620	104	)	)	PUNCT
ajm-7108	620	105	(	(	PUNCT
ajm-7108	620	106	1.826	1.826	NUM
ajm-7108	620	107	)	)	PUNCT
ajm-7108	620	108	industry	industry	NOUN
ajm-7108	620	109	effects	effect	NOUN
ajm-7108	620	110	y	y	PROPN
ajm-7108	620	111	y	y	PROPN
ajm-7108	620	112	country	country	PROPN
ajm-7108	620	113	effects	effect	VERB
ajm-7108	620	114	y	y	PROPN
ajm-7108	620	115	y	y	PROPN
ajm-7108	620	116	year	year	NOUN
ajm-7108	620	117	effects	effect	VERB
ajm-7108	620	118	y	y	PROPN
ajm-7108	620	119	y	y	PROPN
ajm-7108	620	120	n	n	ADV
ajm-7108	620	121	203	203	NUM
ajm-7108	620	122	203	203	NUM
ajm-7108	620	123	f	f	X
ajm-7108	620	124	-	-	PUNCT
ajm-7108	620	125	statistic	statistic	NOUN
ajm-7108	620	126	260.41	260.41	NUM
ajm-7108	620	127	wald	wald	NOUN
ajm-7108	620	128	chi	chi	PROPN
ajm-7108	620	129	squared	square	VERB
ajm-7108	620	130	2946.30	2946.30	NUM
ajm-7108	620	131	note	note	NOUN
ajm-7108	620	132	:	:	PUNCT
ajm-7108	620	133	numbers	number	NOUN
ajm-7108	620	134	in	in	ADP
ajm-7108	620	135	parentheses	parenthesis	NOUN
ajm-7108	620	136	are	be	AUX
ajm-7108	620	137	standard	standard	ADJ
ajm-7108	620	138	errors	error	NOUN
ajm-7108	620	139	,	,	PUNCT
ajm-7108	620	140	which	which	PRON
ajm-7108	620	141	are	be	AUX
ajm-7108	620	142	clustered	cluster	VERB
ajm-7108	620	143	at	at	ADP
ajm-7108	620	144	the	the	DET
ajm-7108	620	145	industry	industry	NOUN
ajm-7108	620	146	level	level	NOUN
ajm-7108	620	147	.	.	PUNCT
ajm-7108	621	1	*	*	PUNCT
ajm-7108	622	1	*	*	PUNCT
ajm-7108	622	2	*	*	PUNCT
ajm-7108	622	3	,	,	PUNCT
ajm-7108	622	4	*	*	PUNCT
ajm-7108	622	5	*	*	PUNCT
ajm-7108	622	6	,	,	PUNCT
ajm-7108	622	7	and	and	CCONJ
ajm-7108	622	8	*	*	PUNCT
ajm-7108	622	9	refer	refer	VERB
ajm-7108	622	10	to	to	ADP
ajm-7108	622	11	statistical	statistical	ADJ
ajm-7108	622	12	significance	significance	NOUN
ajm-7108	622	13	at	at	ADP
ajm-7108	622	14	the	the	DET
ajm-7108	622	15	1	1	NUM
ajm-7108	622	16	%	%	NOUN
ajm-7108	622	17	,	,	PUNCT
ajm-7108	622	18	5	5	NUM
ajm-7108	622	19	%	%	NOUN
ajm-7108	622	20	,	,	PUNCT
ajm-7108	622	21	and	and	CCONJ
ajm-7108	622	22	10	10	NUM
ajm-7108	622	23	%	%	NOUN
ajm-7108	622	24	levels	level	NOUN
ajm-7108	622	25	,	,	PUNCT
ajm-7108	622	26	respectively	respectively	ADV
ajm-7108	622	27	.	.	PUNCT
ajm-7108	623	1	46	46	NUM
ajm-7108	623	2	american	american	PROPN
ajm-7108	623	3	journal	journal	PROPN
ajm-7108	623	4	of	of	ADP
ajm-7108	623	5	management	management	NOUN
ajm-7108	623	6	vol	vol	NOUN
ajm-7108	623	7	.	.	PUNCT
ajm-7108	624	1	24(2	24(2	NUM
ajm-7108	624	2	)	)	PUNCT
ajm-7108	624	3	2024	2024	NUM
ajm-7108	624	4	table	table	NOUN
ajm-7108	624	5	15	15	NUM
ajm-7108	624	6	two	two	NUM
ajm-7108	624	7	stage	stage	NOUN
ajm-7108	624	8	least	least	ADJ
ajm-7108	624	9	squares	square	NOUN
ajm-7108	624	10	regression	regression	NOUN
ajm-7108	624	11	analyzing	analyze	VERB
ajm-7108	624	12	effect	effect	NOUN
ajm-7108	624	13	of	of	ADP
ajm-7108	624	14	recs	rec	NOUN
ajm-7108	624	15	on	on	ADP
ajm-7108	624	16	ghg	ghg	PROPN
ajm-7108	624	17	emissions	emission	NOUN
ajm-7108	624	18	(	(	PUNCT
ajm-7108	624	19	1	1	NUM
ajm-7108	624	20	)	)	PUNCT
ajm-7108	624	21	(	(	PUNCT
ajm-7108	624	22	2	2	X
ajm-7108	624	23	)	)	PUNCT
ajm-7108	624	24	first	first	ADJ
ajm-7108	624	25	stage	stage	NOUN
ajm-7108	624	26	second	second	ADJ
ajm-7108	624	27	stage	stage	NOUN
ajm-7108	624	28	dependent	dependent	ADJ
ajm-7108	624	29	variable	variable	ADJ
ajm-7108	624	30	ln(rec	ln(rec	NOUN
ajm-7108	624	31	)	)	PUNCT
ajm-7108	624	32	ln(total	ln(total	PROPN
ajm-7108	624	33	ghg	ghg	PROPN
ajm-7108	624	34	market	market	NOUN
ajm-7108	624	35	emissions	emission	NOUN
ajm-7108	624	36	)	)	PUNCT
ajm-7108	624	37	ln	ln	NOUN
ajm-7108	624	38	(	(	PUNCT
ajm-7108	624	39	selling	sell	VERB
ajm-7108	624	40	expense	expense	NOUN
ajm-7108	624	41	)	)	PUNCT
ajm-7108	624	42	0.370	0.370	NUM
ajm-7108	624	43	*	*	PUNCT
ajm-7108	624	44	*	*	PUNCT
ajm-7108	624	45	*	*	PUNCT
ajm-7108	624	46	(	(	PUNCT
ajm-7108	624	47	0.118	0.118	NUM
ajm-7108	624	48	)	)	PUNCT
ajm-7108	624	49	ln(rec	ln(rec	NOUN
ajm-7108	624	50	)	)	PUNCT
ajm-7108	624	51	2.516	2.516	NUM
ajm-7108	624	52	*	*	PUNCT
ajm-7108	624	53	*	*	PUNCT
ajm-7108	624	54	*	*	PUNCT
ajm-7108	624	55	(	(	PUNCT
ajm-7108	624	56	0.700	0.700	NUM
ajm-7108	624	57	)	)	PUNCT
ajm-7108	624	58	cash	cash	NOUN
ajm-7108	624	59	holdings	holding	NOUN
ajm-7108	624	60	2.905	2.905	NUM
ajm-7108	624	61	*	*	PUNCT
ajm-7108	624	62	*	*	PUNCT
ajm-7108	624	63	*	*	PUNCT
ajm-7108	624	64	-11.915	-11.915	PROPN
ajm-7108	624	65	*	*	PUNCT
ajm-7108	624	66	*	*	PUNCT
ajm-7108	624	67	*	*	PUNCT
ajm-7108	624	68	(	(	PUNCT
ajm-7108	624	69	1.037	1.037	NUM
ajm-7108	624	70	)	)	PUNCT
ajm-7108	624	71	(	(	PUNCT
ajm-7108	624	72	3.287	3.287	NUM
ajm-7108	624	73	)	)	PUNCT
ajm-7108	624	74	investment	investment	NOUN
ajm-7108	624	75	-7.478	-7.478	PUNCT
ajm-7108	624	76	8.895	8.895	NUM
ajm-7108	624	77	(	(	PUNCT
ajm-7108	624	78	7.221	7.221	NUM
ajm-7108	624	79	)	)	PUNCT
ajm-7108	624	80	(	(	PUNCT
ajm-7108	624	81	16.268	16.268	NUM
ajm-7108	624	82	)	)	PUNCT
ajm-7108	624	83	leverage	leverage	NOUN
ajm-7108	624	84	3.400	3.400	NUM
ajm-7108	624	85	*	*	NOUN
ajm-7108	624	86	*	*	X
ajm-7108	624	87	-5.260	-5.260	PUNCT
ajm-7108	624	88	(	(	PUNCT
ajm-7108	624	89	1.495	1.495	NUM
ajm-7108	624	90	)	)	PUNCT
ajm-7108	624	91	(	(	PUNCT
ajm-7108	624	92	4.590	4.590	NUM
ajm-7108	624	93	)	)	PUNCT
ajm-7108	624	94	roe	roe	NOUN
ajm-7108	624	95	-0.026	-0.026	PUNCT
ajm-7108	624	96	*	*	X
ajm-7108	624	97	*	*	PUNCT
ajm-7108	624	98	0.048	0.048	NUM
ajm-7108	624	99	(	(	PUNCT
ajm-7108	624	100	0.011	0.011	NUM
ajm-7108	624	101	)	)	PUNCT
ajm-7108	624	102	(	(	PUNCT
ajm-7108	624	103	0.030	0.030	NUM
ajm-7108	624	104	)	)	PUNCT
ajm-7108	624	105	roa	roa	NOUN
ajm-7108	624	106	8.693	8.693	NUM
ajm-7108	624	107	*	*	PUNCT
ajm-7108	624	108	*	*	PUNCT
ajm-7108	625	1	-20.340	-20.340	PROPN
ajm-7108	625	2	*	*	PUNCT
ajm-7108	625	3	(	(	PUNCT
ajm-7108	625	4	4.092	4.092	NUM
ajm-7108	625	5	)	)	PUNCT
ajm-7108	625	6	(	(	PUNCT
ajm-7108	625	7	11.334	11.334	NUM
ajm-7108	625	8	)	)	PUNCT
ajm-7108	625	9	capital	capital	NOUN
ajm-7108	625	10	spending	spending	NOUN
ajm-7108	625	11	-2.215	-2.215	PUNCT
ajm-7108	625	12	5.831	5.831	NUM
ajm-7108	625	13	(	(	PUNCT
ajm-7108	625	14	2.189	2.189	NUM
ajm-7108	625	15	)	)	PUNCT
ajm-7108	625	16	(	(	PUNCT
ajm-7108	625	17	4.200	4.200	NUM
ajm-7108	625	18	)	)	PUNCT
ajm-7108	625	19	sales	sale	NOUN
ajm-7108	625	20	growth	growth	NOUN
ajm-7108	625	21	-2.129	-2.129	PUNCT
ajm-7108	626	1	*	*	PUNCT
ajm-7108	626	2	*	*	PUNCT
ajm-7108	626	3	*	*	PUNCT
ajm-7108	626	4	3.410	3.410	NUM
ajm-7108	626	5	-0.673	-0.673	NOUN
ajm-7108	626	6	(	(	PUNCT
ajm-7108	626	7	2.193	2.193	NUM
ajm-7108	626	8	)	)	PUNCT
ajm-7108	626	9	industry	industry	NOUN
ajm-7108	626	10	effects	effect	NOUN
ajm-7108	626	11	y	y	PROPN
ajm-7108	626	12	y	y	PROPN
ajm-7108	626	13	country	country	PROPN
ajm-7108	626	14	effects	effect	VERB
ajm-7108	626	15	y	y	PROPN
ajm-7108	626	16	y	y	PROPN
ajm-7108	626	17	year	year	NOUN
ajm-7108	626	18	effects	effect	VERB
ajm-7108	626	19	y	y	PROPN
ajm-7108	626	20	y	y	PROPN
ajm-7108	626	21	n	n	ADV
ajm-7108	626	22	252	252	NUM
ajm-7108	626	23	252	252	NUM
ajm-7108	626	24	f	f	X
ajm-7108	626	25	-	-	PUNCT
ajm-7108	626	26	statistic	statistic	NOUN
ajm-7108	626	27	21.29	21.29	NUM
ajm-7108	626	28	wald	wald	NOUN
ajm-7108	626	29	chi	chi	PROPN
ajm-7108	626	30	squared	square	VERB
ajm-7108	626	31	197.56	197.56	NUM
ajm-7108	626	32	note	note	NOUN
ajm-7108	626	33	:	:	PUNCT
ajm-7108	626	34	numbers	number	NOUN
ajm-7108	626	35	in	in	ADP
ajm-7108	626	36	parentheses	parenthesis	NOUN
ajm-7108	626	37	are	be	AUX
ajm-7108	626	38	standard	standard	ADJ
ajm-7108	626	39	errors	error	NOUN
ajm-7108	626	40	,	,	PUNCT
ajm-7108	626	41	which	which	PRON
ajm-7108	626	42	are	be	AUX
ajm-7108	626	43	clustered	cluster	VERB
ajm-7108	626	44	at	at	ADP
ajm-7108	626	45	the	the	DET
ajm-7108	626	46	industry	industry	NOUN
ajm-7108	626	47	level	level	NOUN
ajm-7108	626	48	.	.	PUNCT
ajm-7108	627	1	*	*	PUNCT
ajm-7108	628	1	*	*	PUNCT
ajm-7108	628	2	*	*	PUNCT
ajm-7108	628	3	,	,	PUNCT
ajm-7108	628	4	*	*	PUNCT
ajm-7108	628	5	*	*	PUNCT
ajm-7108	628	6	,	,	PUNCT
ajm-7108	628	7	and	and	CCONJ
ajm-7108	628	8	*	*	PUNCT
ajm-7108	628	9	refer	refer	VERB
ajm-7108	628	10	to	to	ADP
ajm-7108	628	11	statistical	statistical	ADJ
ajm-7108	628	12	significance	significance	NOUN
ajm-7108	628	13	at	at	ADP
ajm-7108	628	14	the	the	DET
ajm-7108	628	15	1	1	NUM
ajm-7108	628	16	%	%	NOUN
ajm-7108	628	17	,	,	PUNCT
ajm-7108	628	18	5	5	NUM
ajm-7108	628	19	%	%	NOUN
ajm-7108	628	20	,	,	PUNCT
ajm-7108	628	21	and	and	CCONJ
ajm-7108	628	22	10	10	NUM
ajm-7108	628	23	%	%	NOUN
ajm-7108	628	24	levels	level	NOUN
ajm-7108	628	25	,	,	PUNCT
ajm-7108	628	26	respectively	respectively	ADV
ajm-7108	628	27	.	.	PUNCT
ajm-7108	629	1	american	american	PROPN
ajm-7108	629	2	journal	journal	PROPN
ajm-7108	629	3	of	of	ADP
ajm-7108	629	4	management	management	NOUN
ajm-7108	629	5	vol	vol	NOUN
ajm-7108	629	6	.	.	PUNCT
ajm-7108	630	1	24(2	24(2	NUM
ajm-7108	630	2	)	)	PUNCT
ajm-7108	630	3	2024	2024	NUM
ajm-7108	630	4	47	47	NUM
ajm-7108	630	5	figure	figure	NOUN
ajm-7108	630	6	1	1	NUM
ajm-7108	630	7	average	average	ADJ
ajm-7108	630	8	percentage	percentage	NOUN
ajm-7108	630	9	of	of	ADP
ajm-7108	630	10	women	woman	NOUN
ajm-7108	630	11	directors	director	NOUN
ajm-7108	630	12	on	on	ADP
ajm-7108	630	13	the	the	DET
ajm-7108	630	14	board	board	NOUN
ajm-7108	630	15	by	by	ADP
ajm-7108	630	16	year	year	NOUN
ajm-7108	630	17	figure	figure	NOUN
ajm-7108	630	18	2	2	NUM
ajm-7108	630	19	total	total	NOUN
ajm-7108	630	20	volume	volume	NOUN
ajm-7108	630	21	of	of	ADP
ajm-7108	630	22	carbon	carbon	NOUN
ajm-7108	630	23	offsets	offset	NOUN
ajm-7108	630	24	by	by	ADP
ajm-7108	630	25	industry	industry	NOUN
ajm-7108	630	26	0	0	NUM
ajm-7108	631	1	5	5	NUM
ajm-7108	631	2	10	10	NUM
ajm-7108	631	3	15	15	NUM
ajm-7108	631	4	20	20	NUM
ajm-7108	631	5	25	25	NUM
ajm-7108	631	6	30	30	NUM
ajm-7108	631	7	35	35	NUM
ajm-7108	631	8	40	40	NUM
ajm-7108	631	9	2012	2012	NUM
ajm-7108	631	10	2013	2013	NUM
ajm-7108	631	11	2014	2014	NUM
ajm-7108	631	12	2015	2015	NUM
ajm-7108	631	13	2016	2016	NUM
ajm-7108	631	14	2017	2017	NUM
ajm-7108	631	15	2018	2018	NUM
ajm-7108	631	16	2019	2019	NUM
ajm-7108	631	17	2020	2020	NUM
ajm-7108	631	18	2021	2021	NUM
ajm-7108	631	19	2022	2022	NUM
ajm-7108	631	20	average	average	NOUN
ajm-7108	631	21	of	of	ADP
ajm-7108	631	22	percentage	percentage	NOUN
ajm-7108	631	23	of	of	ADP
ajm-7108	631	24	women	woman	NOUN
ajm-7108	631	25	directors	director	NOUN
ajm-7108	631	26	on	on	ADP
ajm-7108	631	27	board	board	NOUN
ajm-7108	631	28	average	average	NOUN
ajm-7108	631	29	of	of	ADP
ajm-7108	631	30	percentage	percentage	NOUN
ajm-7108	631	31	of	of	ADP
ajm-7108	631	32	women	woman	NOUN
ajm-7108	631	33	directors	director	NOUN
ajm-7108	631	34	on	on	ADP
ajm-7108	631	35	board	board	NOUN
ajm-7108	631	36	who	who	PRON
ajm-7108	631	37	have	have	AUX
ajm-7108	631	38	purchased	purchase	VERB
ajm-7108	631	39	carbon	carbon	NOUN
ajm-7108	631	40	offsets	offset	NOUN
ajm-7108	631	41	average	average	NOUN
ajm-7108	631	42	of	of	ADP
ajm-7108	631	43	percentage	percentage	NOUN
ajm-7108	631	44	of	of	ADP
ajm-7108	631	45	women	woman	NOUN
ajm-7108	631	46	directors	director	NOUN
ajm-7108	631	47	on	on	ADP
ajm-7108	631	48	board	board	NOUN
ajm-7108	631	49	who	who	PRON
ajm-7108	631	50	have	have	AUX
ajm-7108	631	51	purchased	purchase	VERB
ajm-7108	631	52	recs	rec	NOUN
ajm-7108	631	53	year	year	NOUN
ajm-7108	631	54	0	0	NUM
ajm-7108	631	55	10000	10000	NUM
ajm-7108	631	56	20000	20000	NUM
ajm-7108	631	57	30000	30000	NUM
ajm-7108	631	58	40000	40000	NUM
ajm-7108	631	59	50000	50000	NUM
ajm-7108	631	60	60000	60000	NUM
ajm-7108	631	61	70000	70000	NUM
ajm-7108	631	62	80000	80000	NUM
ajm-7108	631	63	90000	90000	NUM
ajm-7108	631	64	to	to	ADP
ajm-7108	631	65	ta	ta	ADP
ajm-7108	631	66	l	l	NOUN
ajm-7108	631	67	g	g	PROPN
ajm-7108	631	68	h	h	NOUN
ajm-7108	631	69	g	g	PROPN
ajm-7108	631	70	e	e	PROPN
ajm-7108	631	71	m	m	NOUN
ajm-7108	631	72	is	be	AUX
ajm-7108	631	73	si	si	X
ajm-7108	631	74	o	o	NOUN
ajm-7108	631	75	n	n	X
ajm-7108	631	76	s	s	X
ajm-7108	631	77	(	(	PUNCT
ajm-7108	631	78	t	t	NOUN
ajm-7108	631	79	h	h	NOUN
ajm-7108	631	80	o	o	X
ajm-7108	631	81	u	u	X
ajm-7108	631	82	sa	sa	PROPN
ajm-7108	632	1	n	n	PROPN
ajm-7108	632	2	d	d	NOUN
ajm-7108	632	3	m	m	VERB
ajm-7108	632	4	et	et	NOUN
ajm-7108	632	5	ri	ri	PROPN
ajm-7108	632	6	c	c	NOUN
ajm-7108	632	7	to	to	ADP
ajm-7108	632	8	n	n	PRON
ajm-7108	632	9	s	s	NOUN
ajm-7108	632	10	)	)	PUNCT
ajm-7108	632	11	industry	industry	NOUN
ajm-7108	632	12	industrials	industrial	NOUN
ajm-7108	632	13	energy	energy	NOUN
ajm-7108	632	14	communication	communication	NOUN
ajm-7108	632	15	financials	financial	NOUN
ajm-7108	632	16	information	information	NOUN
ajm-7108	632	17	technology	technology	NOUN
ajm-7108	632	18	consumer	consumer	NOUN
ajm-7108	632	19	discretionary	discretionary	ADJ
ajm-7108	632	20	consumer	consumer	NOUN
ajm-7108	632	21	staples	staple	NOUN
ajm-7108	632	22	health	health	PROPN
ajm-7108	632	23	care	care	PROPN
ajm-7108	632	24	real	real	ADJ
ajm-7108	632	25	estate	estate	NOUN
ajm-7108	632	26	utilities	utility	NOUN
ajm-7108	632	27	48	48	NUM
ajm-7108	632	28	american	american	PROPN
ajm-7108	632	29	journal	journal	PROPN
ajm-7108	632	30	of	of	ADP
ajm-7108	632	31	management	management	NOUN
ajm-7108	632	32	vol	vol	NOUN
ajm-7108	632	33	.	.	PUNCT
ajm-7108	633	1	24(2	24(2	NUM
ajm-7108	633	2	)	)	PUNCT
ajm-7108	633	3	2024	2024	NUM
ajm-7108	633	4	figure	figure	NOUN
ajm-7108	633	5	3	3	NUM
ajm-7108	633	6	total	total	NOUN
ajm-7108	633	7	carbon	carbon	NOUN
ajm-7108	633	8	offsets	offset	NOUN
ajm-7108	633	9	purchases	purchase	NOUN
ajm-7108	633	10	by	by	ADP
ajm-7108	633	11	industry	industry	NOUN
ajm-7108	633	12	sectors	sector	NOUN
ajm-7108	633	13	&	&	CCONJ
ajm-7108	633	14	year	year	NOUN
ajm-7108	633	15	figure	figure	NOUN
ajm-7108	633	16	4	4	NUM
ajm-7108	633	17	total	total	ADJ
ajm-7108	633	18	volume	volume	NOUN
ajm-7108	633	19	of	of	ADP
ajm-7108	633	20	carbon	carbon	NOUN
ajm-7108	633	21	offsets	offset	NOUN
ajm-7108	633	22	by	by	ADP
ajm-7108	633	23	industry	industry	NOUN
ajm-7108	633	24	&	&	CCONJ
ajm-7108	633	25	year	year	PROPN
ajm-7108	633	26	excluding	exclude	VERB
ajm-7108	633	27	industrials	industrial	NOUN
ajm-7108	633	28	&	&	CCONJ
ajm-7108	633	29	energy	energy	NOUN
ajm-7108	633	30	0.00	0.00	NUM
ajm-7108	633	31	5000.00	5000.00	NUM
ajm-7108	633	32	10000.00	10000.00	NUM
ajm-7108	633	33	15000.00	15000.00	NUM
ajm-7108	633	34	20000.00	20000.00	NUM
ajm-7108	633	35	25000.00	25000.00	NUM
ajm-7108	633	36	30000.00	30000.00	NUM
ajm-7108	633	37	35000.00	35000.00	NUM
ajm-7108	633	38	40000.00	40000.00	NUM
ajm-7108	633	39	45000.00	45000.00	NUM
ajm-7108	633	40	50000.00	50000.00	NUM
ajm-7108	633	41	2012	2012	NUM
ajm-7108	633	42	2013	2013	NUM
ajm-7108	633	43	2014	2014	NUM
ajm-7108	633	44	2015	2015	NUM
ajm-7108	633	45	2016	2016	NUM
ajm-7108	633	46	2017	2017	NUM
ajm-7108	633	47	2018	2018	NUM
ajm-7108	633	48	2019	2019	NUM
ajm-7108	633	49	2020	2020	NUM
ajm-7108	633	50	2021	2021	NUM
ajm-7108	633	51	th	th	X
ajm-7108	633	52	o	o	X
ajm-7108	633	53	u	u	X
ajm-7108	633	54	sa	sa	PROPN
ajm-7108	634	1	n	n	PROPN
ajm-7108	635	1	d	d	PROPN
ajm-7108	635	2	s	s	PART
ajm-7108	635	3	m	m	VERB
ajm-7108	635	4	et	et	NOUN
ajm-7108	635	5	ri	ri	NOUN
ajm-7108	635	6	c	c	NOUN
ajm-7108	635	7	to	to	ADP
ajm-7108	635	8	n	n	PROPN
ajm-7108	635	9	s	s	PART
ajm-7108	635	10	o	o	NOUN
ajm-7108	635	11	f	f	X
ajm-7108	636	1	g	g	NOUN
ajm-7108	636	2	h	h	NOUN
ajm-7108	636	3	g	g	PROPN
ajm-7108	636	4	e	e	PROPN
ajm-7108	636	5	m	m	NOUN
ajm-7108	636	6	is	be	AUX
ajm-7108	636	7	si	si	INTJ
ajm-7108	636	8	o	o	NOUN
ajm-7108	636	9	n	n	CCONJ
ajm-7108	636	10	s	s	NOUN
ajm-7108	636	11	year	year	NOUN
ajm-7108	636	12	communication	communication	NOUN
ajm-7108	636	13	consumer	consumer	NOUN
ajm-7108	636	14	discretionary	discretionary	ADJ
ajm-7108	636	15	consumer	consumer	NOUN
ajm-7108	636	16	staples	staple	NOUN
ajm-7108	636	17	energy	energy	NOUN
ajm-7108	636	18	financials	financial	NOUN
ajm-7108	636	19	healthcare	healthcare	PROPN
ajm-7108	636	20	industrials	industrial	NOUN
ajm-7108	636	21	info	info	NOUN
ajm-7108	636	22	tech	tech	NOUN
ajm-7108	636	23	real	real	ADJ
ajm-7108	636	24	estate	estate	NOUN
ajm-7108	636	25	utilities	utility	NOUN
ajm-7108	636	26	0.00	0.00	NUM
ajm-7108	636	27	500.00	500.00	NUM
ajm-7108	636	28	1000.00	1000.00	NUM
ajm-7108	636	29	1500.00	1500.00	NUM
ajm-7108	636	30	2000.00	2000.00	NUM
ajm-7108	636	31	2500.00	2500.00	NUM
ajm-7108	636	32	3000.00	3000.00	NUM
ajm-7108	636	33	3500.00	3500.00	NUM
ajm-7108	636	34	4000.00	4000.00	NUM
ajm-7108	636	35	4500.00	4500.00	NUM
ajm-7108	636	36	5000.00	5000.00	NUM
ajm-7108	636	37	2012	2012	NUM
ajm-7108	636	38	2013	2013	NUM
ajm-7108	636	39	2014	2014	NUM
ajm-7108	636	40	2015	2015	NUM
ajm-7108	636	41	2016	2016	NUM
ajm-7108	636	42	2017	2017	NUM
ajm-7108	636	43	2018	2018	NUM
ajm-7108	636	44	2019	2019	NUM
ajm-7108	636	45	2020	2020	NUM
ajm-7108	636	46	2021	2021	NUM
ajm-7108	636	47	th	th	X
ajm-7108	636	48	o	o	X
ajm-7108	636	49	u	u	X
ajm-7108	636	50	sa	sa	PROPN
ajm-7108	636	51	n	n	PROPN
ajm-7108	636	52	d	d	PROPN
ajm-7108	636	53	s	s	PART
ajm-7108	636	54	m	m	VERB
ajm-7108	636	55	et	et	NOUN
ajm-7108	636	56	ri	ri	NOUN
ajm-7108	636	57	c	c	NOUN
ajm-7108	636	58	to	to	ADP
ajm-7108	636	59	n	n	PROPN
ajm-7108	636	60	s	s	PART
ajm-7108	636	61	o	o	NOUN
ajm-7108	636	62	f	f	X
ajm-7108	636	63	g	g	NOUN
ajm-7108	636	64	h	h	NOUN
ajm-7108	636	65	g	g	PROPN
ajm-7108	636	66	e	e	PROPN
ajm-7108	636	67	m	m	NOUN
ajm-7108	636	68	is	be	AUX
ajm-7108	636	69	si	si	INTJ
ajm-7108	637	1	o	o	NOUN
ajm-7108	637	2	n	n	CCONJ
ajm-7108	637	3	s	s	NOUN
ajm-7108	637	4	year	year	NOUN
ajm-7108	637	5	communication	communication	NOUN
ajm-7108	637	6	consumer	consumer	NOUN
ajm-7108	637	7	discretionary	discretionary	ADJ
ajm-7108	637	8	consumer	consumer	NOUN
ajm-7108	637	9	staples	staple	NOUN
ajm-7108	637	10	financials	financial	NOUN
ajm-7108	637	11	healthcare	healthcare	NOUN
ajm-7108	637	12	info	info	NOUN
ajm-7108	637	13	tech	tech	NOUN
ajm-7108	637	14	real	real	ADJ
ajm-7108	637	15	estate	estate	NOUN
ajm-7108	637	16	utilities	utility	NOUN
ajm-7108	637	17	american	american	PROPN
ajm-7108	637	18	journal	journal	PROPN
ajm-7108	637	19	of	of	ADP
ajm-7108	637	20	management	management	NOUN
ajm-7108	637	21	vol	vol	NOUN
ajm-7108	637	22	.	.	PUNCT
ajm-7108	638	1	24(2	24(2	NUM
ajm-7108	638	2	)	)	PUNCT
ajm-7108	638	3	2024	2024	NUM
ajm-7108	638	4	49	49	NUM
ajm-7108	638	5	figure	figure	NOUN
ajm-7108	638	6	5	5	NUM
ajm-7108	638	7	total	total	ADJ
ajm-7108	638	8	volume	volume	NOUN
ajm-7108	638	9	of	of	ADP
ajm-7108	638	10	recs	rec	NOUN
ajm-7108	638	11	purchased	purchase	VERB
ajm-7108	638	12	by	by	ADP
ajm-7108	638	13	industry	industry	NOUN
ajm-7108	638	14	(	(	PUNCT
ajm-7108	638	15	mwh	mwh	PROPN
ajm-7108	638	16	)	)	PUNCT
ajm-7108	638	17	figure	figure	NOUN
ajm-7108	638	18	6	6	NUM
ajm-7108	638	19	total	total	ADJ
ajm-7108	638	20	volume	volume	NOUN
ajm-7108	638	21	of	of	ADP
ajm-7108	638	22	recs	rec	NOUN
ajm-7108	638	23	purchased	purchase	VERB
ajm-7108	638	24	by	by	ADP
ajm-7108	638	25	industry	industry	NOUN
ajm-7108	638	26	&	&	CCONJ
ajm-7108	638	27	year	year	PROPN
ajm-7108	638	28	0	0	NUM
ajm-7108	638	29	20000	20000	NUM
ajm-7108	638	30	40000	40000	NUM
ajm-7108	638	31	60000	60000	NUM
ajm-7108	638	32	80000	80000	NUM
ajm-7108	638	33	100000	100000	NUM
ajm-7108	638	34	120000	120000	NUM
ajm-7108	638	35	industry	industry	NOUN
ajm-7108	638	36	th	th	X
ajm-7108	638	37	o	o	X
ajm-7108	638	38	u	u	X
ajm-7108	638	39	sa	sa	PROPN
ajm-7108	638	40	n	n	PROPN
ajm-7108	638	41	d	d	PROPN
ajm-7108	638	42	s	s	PROPN
ajm-7108	638	43	o	o	X
ajm-7108	638	44	f	f	X
ajm-7108	638	45	m	m	VERB
ajm-7108	638	46	eg	eg	NOUN
ajm-7108	639	1	aw	aw	INTJ
ajm-7108	639	2	at	at	ADP
ajm-7108	639	3	t	t	PROPN
ajm-7108	639	4	h	h	NOUN
ajm-7108	639	5	o	o	NOUN
ajm-7108	639	6	u	u	NOUN
ajm-7108	639	7	rs	rs	X
ajm-7108	639	8	(	(	PUNCT
ajm-7108	639	9	m	m	PROPN
ajm-7108	639	10	w	w	PROPN
ajm-7108	639	11	h	h	NOUN
ajm-7108	639	12	)	)	PUNCT
ajm-7108	639	13	information	information	NOUN
ajm-7108	639	14	technology	technology	NOUN
ajm-7108	639	15	financials	financial	VERB
ajm-7108	639	16	consumer	consumer	NOUN
ajm-7108	639	17	discretionary	discretionary	ADJ
ajm-7108	639	18	communication	communication	NOUN
ajm-7108	639	19	industrials	industrial	NOUN
ajm-7108	639	20	consumer	consumer	NOUN
ajm-7108	639	21	staples	staple	NOUN
ajm-7108	639	22	real	real	ADJ
ajm-7108	639	23	estate	estate	NOUN
ajm-7108	639	24	health	health	NOUN
ajm-7108	639	25	care	care	NOUN
ajm-7108	639	26	utilities	utilities	PROPN
ajm-7108	639	27	energy	energy	NOUN
ajm-7108	639	28	materials	material	NOUN
ajm-7108	639	29	0	0	NUM
ajm-7108	639	30	2000	2000	NUM
ajm-7108	639	31	4000	4000	NUM
ajm-7108	639	32	6000	6000	NUM
ajm-7108	639	33	8000	8000	NUM
ajm-7108	639	34	10000	10000	NUM
ajm-7108	639	35	12000	12000	NUM
ajm-7108	639	36	14000	14000	NUM
ajm-7108	639	37	16000	16000	NUM
ajm-7108	639	38	18000	18000	NUM
ajm-7108	639	39	2012	2012	NUM
ajm-7108	639	40	2013	2013	NUM
ajm-7108	639	41	2014	2014	NUM
ajm-7108	639	42	2015	2015	NUM
ajm-7108	639	43	2016	2016	NUM
ajm-7108	639	44	2017	2017	NUM
ajm-7108	639	45	2018	2018	NUM
ajm-7108	639	46	2019	2019	NUM
ajm-7108	639	47	2020	2020	NUM
ajm-7108	639	48	2021	2021	NUM
ajm-7108	639	49	th	th	X
ajm-7108	639	50	o	o	X
ajm-7108	639	51	u	u	X
ajm-7108	639	52	sa	sa	PROPN
ajm-7108	640	1	n	n	PROPN
ajm-7108	641	1	d	d	PROPN
ajm-7108	641	2	s	s	PROPN
ajm-7108	641	3	o	o	X
ajm-7108	642	1	f	f	X
ajm-7108	642	2	m	m	PROPN
ajm-7108	642	3	w	w	PROPN
ajm-7108	642	4	h	h	PROPN
ajm-7108	642	5	year	year	NOUN
ajm-7108	642	6	communication	communication	NOUN
ajm-7108	642	7	consumer	consumer	NOUN
ajm-7108	642	8	discretionary	discretionary	ADJ
ajm-7108	642	9	consumer	consumer	NOUN
ajm-7108	642	10	staples	staple	NOUN
ajm-7108	642	11	energy	energy	NOUN
ajm-7108	642	12	financials	financial	NOUN
ajm-7108	642	13	health	health	NOUN
ajm-7108	642	14	care	care	PROPN
ajm-7108	642	15	industrials	industrials	PROPN
ajm-7108	642	16	information	information	NOUN
ajm-7108	642	17	technology	technology	NOUN
ajm-7108	642	18	materials	material	NOUN
ajm-7108	642	19	real	real	ADJ
ajm-7108	642	20	estate	estate	NOUN
ajm-7108	642	21	utilities	utility	NOUN