id	sid	tid	token	lemma	pos
arjefm-1162	1	1	american	american	PROPN
arjefm-1162	1	2	research	research	PROPN
arjefm-1162	1	3	journal	journal	PROPN
arjefm-1162	1	4	of	of	ADP
arjefm-1162	1	5	economics	economic	NOUN
arjefm-1162	1	6	,	,	PUNCT
arjefm-1162	1	7	finance	finance	NOUN
arjefm-1162	1	8	and	and	CCONJ
arjefm-1162	1	9	management	management	NOUN
arjefm-1162	1	10	volume	volume	NOUN
arjefm-1162	1	11	13	13	NUM
arjefm-1162	1	12	issue	issue	NOUN
arjefm-1162	1	13	1	1	NUM
arjefm-1162	1	14	,	,	PUNCT
arjefm-1162	1	15	january	january	PROPN
arjefm-1162	1	16	-	-	PUNCT
arjefm-1162	1	17	march	march	PROPN
arjefm-1162	1	18	2025	2025	NUM
arjefm-1162	1	19	issn	issn	NOUN
arjefm-1162	1	20	:	:	PUNCT
arjefm-1162	1	21	2836	2836	NUM
arjefm-1162	1	22	-	-	SYM
arjefm-1162	1	23	9416	9416	NUM
arjefm-1162	1	24	impact	impact	NOUN
arjefm-1162	1	25	factor	factor	NOUN
arjefm-1162	1	26	:	:	PUNCT
arjefm-1162	1	27	6.41	6.41	NUM
arjefm-1162	1	28	journal	journal	NOUN
arjefm-1162	1	29	homepage	homepage	NOUN
arjefm-1162	1	30	:	:	PUNCT
arjefm-1162	1	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	1	32	,	,	PUNCT
arjefm-1162	1	33	email	email	NOUN
arjefm-1162	1	34	:	:	PUNCT
arjefm-1162	1	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	1	36	official	official	ADJ
arjefm-1162	1	37	journal	journal	PROPN
arjefm-1162	1	38	of	of	ADP
arjefm-1162	1	39	america	america	PROPN
arjefm-1162	1	40	serial	serial	PROPN
arjefm-1162	1	41	publication	publication	NOUN
arjefm-1162	1	42	american	american	PROPN
arjefm-1162	1	43	research	research	PROPN
arjefm-1162	1	44	journal	journal	PROPN
arjefm-1162	1	45	of	of	ADP
arjefm-1162	1	46	economics	economic	NOUN
arjefm-1162	1	47	,	,	PUNCT
arjefm-1162	1	48	finance	finance	NOUN
arjefm-1162	1	49	and	and	CCONJ
arjefm-1162	1	50	management	management	NOUN
arjefm-1162	1	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	1	52	,	,	PUNCT
arjefm-1162	1	53	email	email	NOUN
arjefm-1162	1	54	:	:	PUNCT
arjefm-1162	1	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	2	1	118	118	NUM
arjefm-1162	3	1	|	|	ADV
arjefm-1162	3	2	p	p	X
arjefm-1162	3	3	a	a	DET
arjefm-1162	3	4	g	g	NOUN
arjefm-1162	3	5	e	e	NOUN
arjefm-1162	3	6	effect	effect	NOUN
arjefm-1162	3	7	of	of	ADP
arjefm-1162	3	8	leverage	leverage	NOUN
arjefm-1162	3	9	on	on	ADP
arjefm-1162	3	10	financial	financial	ADJ
arjefm-1162	3	11	performance	performance	NOUN
arjefm-1162	3	12	:	:	PUNCT
arjefm-1162	3	13	a	a	DET
arjefm-1162	3	14	study	study	NOUN
arjefm-1162	3	15	of	of	ADP
arjefm-1162	3	16	listed	list	VERB
arjefm-1162	3	17	fast	fast	ADV
arjefm-1162	3	18	-	-	PUNCT
arjefm-1162	3	19	moving	move	VERB
arjefm-1162	3	20	consumer	consumer	NOUN
arjefm-1162	3	21	goods	good	NOUN
arjefm-1162	3	22	companies	company	NOUN
arjefm-1162	3	23	in	in	ADP
arjefm-1162	3	24	nigeria	nigeria	PROPN
arjefm-1162	3	25	bright	bright	PROPN
arjefm-1162	3	26	moses	moses	PROPN
arjefm-1162	3	27	oseni	oseni	PROPN
arjefm-1162	3	28	&	&	CCONJ
arjefm-1162	3	29	olufemi	olufemi	PROPN
arjefm-1162	3	30	oghonogho	oghonogho	PROPN
arjefm-1162	3	31	gina	gina	PROPN
arjefm-1162	3	32	department	department	PROPN
arjefm-1162	3	33	of	of	ADP
arjefm-1162	3	34	accounting	accounting	PROPN
arjefm-1162	3	35	wellspring	wellspring	PROPN
arjefm-1162	3	36	university	university	PROPN
arjefm-1162	3	37	,	,	PUNCT
arjefm-1162	3	38	benin	benin	PROPN
arjefm-1162	3	39	city	city	PROPN
arjefm-1162	3	40	email	email	NOUN
arjefm-1162	3	41	:	:	PUNCT
arjefm-1162	3	42	mosesbright17@yahoo.com/atugina18@gmail.com	mosesbright17@yahoo.com/atugina18@gmail.com	X
arjefm-1162	4	1	doi	doi	NOUN
arjefm-1162	4	2	:	:	PUNCT
arjefm-1162	4	3	https://doi.org/10.5281/zenodo.14888290	https://doi.org/10.5281/zenodo.14888290	ADJ
arjefm-1162	4	4	abstract	abstract	NOUN
arjefm-1162	4	5	:	:	PUNCT
arjefm-1162	4	6	this	this	DET
arjefm-1162	4	7	study	study	NOUN
arjefm-1162	4	8	examines	examine	VERB
arjefm-1162	4	9	and	and	CCONJ
arjefm-1162	4	10	compares	compare	VERB
arjefm-1162	4	11	the	the	DET
arjefm-1162	4	12	impact	impact	NOUN
arjefm-1162	4	13	of	of	ADP
arjefm-1162	4	14	financial	financial	ADJ
arjefm-1162	4	15	leverage	leverage	NOUN
arjefm-1162	4	16	on	on	ADP
arjefm-1162	4	17	the	the	DET
arjefm-1162	4	18	financial	financial	ADJ
arjefm-1162	4	19	performance	performance	NOUN
arjefm-1162	4	20	of	of	ADP
arjefm-1162	4	21	listed	list	VERB
arjefm-1162	4	22	fast	fast	ADV
arjefm-1162	4	23	-	-	PUNCT
arjefm-1162	4	24	moving	move	VERB
arjefm-1162	4	25	consumer	consumer	NOUN
arjefm-1162	4	26	goods	good	NOUN
arjefm-1162	4	27	companies	company	NOUN
arjefm-1162	4	28	in	in	ADP
arjefm-1162	4	29	nigeria	nigeria	PROPN
arjefm-1162	4	30	.	.	PUNCT
arjefm-1162	5	1	an	an	DET
arjefm-1162	5	2	ex	ex	NOUN
arjefm-1162	5	3	-	-	ADJ
arjefm-1162	5	4	post	post	ADJ
arjefm-1162	5	5	facto	facto	X
arjefm-1162	5	6	research	research	NOUN
arjefm-1162	5	7	design	design	NOUN
arjefm-1162	5	8	was	be	AUX
arjefm-1162	5	9	adopted	adopt	VERB
arjefm-1162	5	10	,	,	PUNCT
arjefm-1162	5	11	short	short	ADJ
arjefm-1162	5	12	-	-	PUNCT
arjefm-1162	5	13	term	term	NOUN
arjefm-1162	5	14	leverage	leverage	NOUN
arjefm-1162	5	15	ratio	ratio	NOUN
arjefm-1162	5	16	(	(	PUNCT
arjefm-1162	5	17	slr	slr	NOUN
arjefm-1162	5	18	)	)	PUNCT
arjefm-1162	5	19	,	,	PUNCT
arjefm-1162	5	20	long	long	ADJ
arjefm-1162	5	21	-	-	PUNCT
arjefm-1162	5	22	term	term	NOUN
arjefm-1162	5	23	leverage	leverage	NOUN
arjefm-1162	5	24	ratio	ratio	NOUN
arjefm-1162	5	25	(	(	PUNCT
arjefm-1162	5	26	ll	ll	NOUN
arjefm-1162	5	27	)	)	PUNCT
arjefm-1162	5	28	,	,	PUNCT
arjefm-1162	5	29	with	with	ADP
arjefm-1162	5	30	return	return	NOUN
arjefm-1162	5	31	on	on	ADP
arjefm-1162	5	32	equity	equity	NOUN
arjefm-1162	5	33	(	(	PUNCT
arjefm-1162	5	34	roe	roe	NOUN
arjefm-1162	5	35	)	)	PUNCT
arjefm-1162	5	36	serving	serve	VERB
arjefm-1162	5	37	as	as	ADP
arjefm-1162	5	38	the	the	DET
arjefm-1162	5	39	dependent	dependent	ADJ
arjefm-1162	5	40	variable	variable	NOUN
arjefm-1162	5	41	to	to	PART
arjefm-1162	5	42	measure	measure	VERB
arjefm-1162	5	43	financial	financial	ADJ
arjefm-1162	5	44	performance	performance	NOUN
arjefm-1162	5	45	.	.	PUNCT
arjefm-1162	6	1	panel	panel	NOUN
arjefm-1162	6	2	data	datum	NOUN
arjefm-1162	6	3	were	be	AUX
arjefm-1162	6	4	analyzed	analyze	VERB
arjefm-1162	6	5	using	use	VERB
arjefm-1162	6	6	a	a	DET
arjefm-1162	6	7	fixed	fix	VERB
arjefm-1162	6	8	effect	effect	NOUN
arjefm-1162	6	9	model	model	NOUN
arjefm-1162	6	10	to	to	PART
arjefm-1162	6	11	control	control	VERB
arjefm-1162	6	12	for	for	ADP
arjefm-1162	6	13	individual	individual	ADJ
arjefm-1162	6	14	firm	firm	ADJ
arjefm-1162	6	15	-	-	PUNCT
arjefm-1162	6	16	specific	specific	ADJ
arjefm-1162	6	17	factors	factor	NOUN
arjefm-1162	6	18	and	and	CCONJ
arjefm-1162	6	19	to	to	PART
arjefm-1162	6	20	capture	capture	VERB
arjefm-1162	6	21	variations	variation	NOUN
arjefm-1162	6	22	within	within	ADP
arjefm-1162	6	23	the	the	DET
arjefm-1162	6	24	data	datum	NOUN
arjefm-1162	6	25	.	.	PUNCT
arjefm-1162	7	1	the	the	DET
arjefm-1162	7	2	results	result	NOUN
arjefm-1162	7	3	revealed	reveal	VERB
arjefm-1162	7	4	that	that	SCONJ
arjefm-1162	7	5	slr	slr	NOUN
arjefm-1162	7	6	significantly	significantly	ADV
arjefm-1162	7	7	improves	improve	VERB
arjefm-1162	7	8	roe	roe	NOUN
arjefm-1162	7	9	in	in	ADP
arjefm-1162	7	10	fast	fast	ADJ
arjefm-1162	7	11	consumer	consumer	NOUN
arjefm-1162	7	12	goods	good	NOUN
arjefm-1162	7	13	companies	company	NOUN
arjefm-1162	7	14	,	,	PUNCT
arjefm-1162	7	15	emphasizing	emphasize	VERB
arjefm-1162	7	16	the	the	DET
arjefm-1162	7	17	importance	importance	NOUN
arjefm-1162	7	18	of	of	ADP
arjefm-1162	7	19	short	short	ADJ
arjefm-1162	7	20	-	-	PUNCT
arjefm-1162	7	21	term	term	NOUN
arjefm-1162	7	22	financial	financial	ADJ
arjefm-1162	7	23	management	management	NOUN
arjefm-1162	7	24	.	.	PUNCT
arjefm-1162	8	1	the	the	DET
arjefm-1162	8	2	long	long	ADJ
arjefm-1162	8	3	-	-	PUNCT
arjefm-1162	8	4	term	term	NOUN
arjefm-1162	8	5	leverage	leverage	NOUN
arjefm-1162	8	6	ratio	ratio	NOUN
arjefm-1162	8	7	showing	show	VERB
arjefm-1162	8	8	a	a	DET
arjefm-1162	8	9	statistically	statistically	ADV
arjefm-1162	8	10	significant	significant	ADJ
arjefm-1162	8	11	negative	negative	ADJ
arjefm-1162	8	12	impact	impact	NOUN
arjefm-1162	8	13	on	on	ADP
arjefm-1162	8	14	performance	performance	NOUN
arjefm-1162	8	15	.	.	PUNCT
arjefm-1162	9	1	the	the	DET
arjefm-1162	9	2	study	study	NOUN
arjefm-1162	9	3	concludes	conclude	VERB
arjefm-1162	9	4	that	that	SCONJ
arjefm-1162	9	5	financial	financial	ADJ
arjefm-1162	9	6	leverage	leverage	NOUN
arjefm-1162	9	7	plays	play	VERB
arjefm-1162	9	8	a	a	DET
arjefm-1162	9	9	critical	critical	ADJ
arjefm-1162	9	10	role	role	NOUN
arjefm-1162	9	11	in	in	ADP
arjefm-1162	9	12	determining	determine	VERB
arjefm-1162	9	13	the	the	DET
arjefm-1162	9	14	financial	financial	ADJ
arjefm-1162	9	15	performance	performance	NOUN
arjefm-1162	9	16	of	of	ADP
arjefm-1162	9	17	fast	fast	ADV
arjefm-1162	9	18	-	-	PUNCT
arjefm-1162	9	19	moving	move	VERB
arjefm-1162	9	20	consumer	consumer	NOUN
arjefm-1162	9	21	goods	good	NOUN
arjefm-1162	9	22	companies	company	NOUN
arjefm-1162	9	23	.	.	PUNCT
arjefm-1162	10	1	these	these	DET
arjefm-1162	10	2	findings	finding	NOUN
arjefm-1162	10	3	suggest	suggest	VERB
arjefm-1162	10	4	the	the	DET
arjefm-1162	10	5	companies	company	NOUN
arjefm-1162	10	6	should	should	AUX
arjefm-1162	10	7	therefore	therefore	ADV
arjefm-1162	10	8	consider	consider	VERB
arjefm-1162	10	9	increasing	increase	VERB
arjefm-1162	10	10	their	their	PRON
arjefm-1162	10	11	use	use	NOUN
arjefm-1162	10	12	of	of	ADP
arjefm-1162	10	13	short	short	ADJ
arjefm-1162	10	14	-	-	PUNCT
arjefm-1162	10	15	term	term	NOUN
arjefm-1162	10	16	debt	debt	NOUN
arjefm-1162	10	17	to	to	PART
arjefm-1162	10	18	capitalize	capitalize	VERB
arjefm-1162	10	19	on	on	ADP
arjefm-1162	10	20	immediate	immediate	ADJ
arjefm-1162	10	21	growth	growth	NOUN
arjefm-1162	10	22	opportunities	opportunity	NOUN
arjefm-1162	10	23	and	and	CCONJ
arjefm-1162	10	24	enhance	enhance	VERB
arjefm-1162	10	25	returns	return	NOUN
arjefm-1162	10	26	.	.	PUNCT
arjefm-1162	11	1	however	however	ADV
arjefm-1162	11	2	,	,	PUNCT
arjefm-1162	11	3	this	this	DET
arjefm-1162	11	4	strategy	strategy	NOUN
arjefm-1162	11	5	requires	require	VERB
arjefm-1162	11	6	careful	careful	ADJ
arjefm-1162	11	7	monitoring	monitoring	NOUN
arjefm-1162	11	8	to	to	PART
arjefm-1162	11	9	avoid	avoid	VERB
arjefm-1162	11	10	liquidity	liquidity	NOUN
arjefm-1162	11	11	risks	risk	NOUN
arjefm-1162	11	12	and	and	CCONJ
arjefm-1162	11	13	ensure	ensure	VERB
arjefm-1162	11	14	that	that	SCONJ
arjefm-1162	11	15	debt	debt	NOUN
arjefm-1162	11	16	obligations	obligation	NOUN
arjefm-1162	11	17	are	be	AUX
arjefm-1162	11	18	met	meet	VERB
arjefm-1162	11	19	.	.	PUNCT
arjefm-1162	12	1	keywords	keyword	NOUN
arjefm-1162	12	2	:	:	PUNCT
arjefm-1162	12	3	short	short	ADJ
arjefm-1162	12	4	-	-	PUNCT
arjefm-1162	12	5	term	term	NOUN
arjefm-1162	12	6	leverage	leverage	NOUN
arjefm-1162	12	7	ratio	ratio	NOUN
arjefm-1162	12	8	,	,	PUNCT
arjefm-1162	12	9	long	long	ADJ
arjefm-1162	12	10	-	-	PUNCT
arjefm-1162	12	11	term	term	NOUN
arjefm-1162	12	12	leverage	leverage	NOUN
arjefm-1162	12	13	ratio	ratio	NOUN
arjefm-1162	12	14	and	and	CCONJ
arjefm-1162	12	15	return	return	NOUN
arjefm-1162	12	16	on	on	ADP
arjefm-1162	12	17	equity	equity	NOUN
arjefm-1162	12	18	introduction	introduction	NOUN
arjefm-1162	12	19	in	in	ADP
arjefm-1162	12	20	nigeria	nigeria	PROPN
arjefm-1162	12	21	's	's	PART
arjefm-1162	12	22	rapidly	rapidly	ADV
arjefm-1162	12	23	evolving	evolve	VERB
arjefm-1162	12	24	business	business	NOUN
arjefm-1162	12	25	landscape	landscape	NOUN
arjefm-1162	12	26	,	,	PUNCT
arjefm-1162	12	27	the	the	DET
arjefm-1162	12	28	strategic	strategic	ADJ
arjefm-1162	12	29	use	use	NOUN
arjefm-1162	12	30	of	of	ADP
arjefm-1162	12	31	financial	financial	ADJ
arjefm-1162	12	32	leverage	leverage	NOUN
arjefm-1162	12	33	has	have	AUX
arjefm-1162	12	34	become	become	VERB
arjefm-1162	12	35	a	a	DET
arjefm-1162	12	36	crucial	crucial	ADJ
arjefm-1162	12	37	determinant	determinant	NOUN
arjefm-1162	12	38	of	of	ADP
arjefm-1162	12	39	corporate	corporate	ADJ
arjefm-1162	12	40	success	success	NOUN
arjefm-1162	12	41	(	(	PUNCT
arjefm-1162	12	42	olokoyo	olokoyo	NOUN
arjefm-1162	12	43	,	,	PUNCT
arjefm-1162	12	44	2016	2016	NUM
arjefm-1162	12	45	)	)	PUNCT
arjefm-1162	12	46	.	.	PUNCT
arjefm-1162	13	1	by	by	ADP
arjefm-1162	13	2	utilizing	utilize	VERB
arjefm-1162	13	3	debt	debt	NOUN
arjefm-1162	13	4	to	to	PART
arjefm-1162	13	5	fund	fund	VERB
arjefm-1162	13	6	operations	operation	NOUN
arjefm-1162	13	7	strategically	strategically	ADV
arjefm-1162	13	8	,	,	PUNCT
arjefm-1162	13	9	entities	entity	NOUN
arjefm-1162	13	10	can	can	AUX
arjefm-1162	13	11	enhance	enhance	VERB
arjefm-1162	13	12	their	their	PRON
arjefm-1162	13	13	financial	financial	ADJ
arjefm-1162	13	14	leverage	leverage	NOUN
arjefm-1162	13	15	,	,	PUNCT
arjefm-1162	13	16	which	which	PRON
arjefm-1162	13	17	offers	offer	VERB
arjefm-1162	13	18	various	various	ADJ
arjefm-1162	13	19	advantages	advantage	NOUN
arjefm-1162	13	20	including	include	VERB
arjefm-1162	13	21	stable	stable	ADJ
arjefm-1162	13	22	interest	interest	NOUN
arjefm-1162	13	23	rates	rate	NOUN
arjefm-1162	13	24	,	,	PUNCT
arjefm-1162	13	25	increased	increase	VERB
arjefm-1162	13	26	financial	financial	ADJ
arjefm-1162	13	27	flexibility	flexibility	NOUN
arjefm-1162	13	28	,	,	PUNCT
arjefm-1162	13	29	and	and	CCONJ
arjefm-1162	13	30	tax	tax	NOUN
arjefm-1162	13	31	deductions	deduction	NOUN
arjefm-1162	13	32	(	(	PUNCT
arjefm-1162	13	33	santos	santos	PROPN
arjefm-1162	13	34	,	,	PUNCT
arjefm-1162	13	35	silva	silva	PROPN
arjefm-1162	13	36	&	&	CCONJ
arjefm-1162	13	37	martins	martin	NOUN
arjefm-1162	13	38	2023	2023	NUM
arjefm-1162	13	39	)	)	PUNCT
arjefm-1162	13	40	.	.	PUNCT
arjefm-1162	14	1	firms	firm	NOUN
arjefm-1162	14	2	face	face	VERB
arjefm-1162	14	3	numerous	numerous	ADJ
arjefm-1162	14	4	challenges	challenge	NOUN
arjefm-1162	14	5	in	in	ADP
arjefm-1162	14	6	their	their	PRON
arjefm-1162	14	7	pursuit	pursuit	NOUN
arjefm-1162	14	8	of	of	ADP
arjefm-1162	14	9	sustainable	sustainable	ADJ
arjefm-1162	14	10	growth	growth	NOUN
arjefm-1162	14	11	,	,	PUNCT
arjefm-1162	14	12	profitability	profitability	NOUN
arjefm-1162	14	13	,	,	PUNCT
arjefm-1162	14	14	and	and	CCONJ
arjefm-1162	14	15	competitive	competitive	ADJ
arjefm-1162	14	16	advantage	advantage	NOUN
arjefm-1162	14	17	.	.	PUNCT
arjefm-1162	15	1	one	one	NUM
arjefm-1162	15	2	critical	critical	ADJ
arjefm-1162	15	3	aspect	aspect	NOUN
arjefm-1162	15	4	of	of	ADP
arjefm-1162	15	5	corporate	corporate	ADJ
arjefm-1162	15	6	strategy	strategy	NOUN
arjefm-1162	15	7	is	be	AUX
arjefm-1162	15	8	the	the	DET
arjefm-1162	15	9	optimal	optimal	ADJ
arjefm-1162	15	10	utilization	utilization	NOUN
arjefm-1162	15	11	of	of	ADP
arjefm-1162	15	12	financial	financial	ADJ
arjefm-1162	15	13	leverage	leverage	NOUN
arjefm-1162	15	14	,	,	PUNCT
arjefm-1162	15	15	which	which	PRON
arjefm-1162	15	16	can	can	AUX
arjefm-1162	15	17	significantly	significantly	ADV
arjefm-1162	15	18	influence	influence	VERB
arjefm-1162	15	19	firm	firm	ADJ
arjefm-1162	15	20	performance	performance	NOUN
arjefm-1162	15	21	.	.	PUNCT
arjefm-1162	16	1	financial	financial	ADJ
arjefm-1162	16	2	leverage	leverage	NOUN
arjefm-1162	16	3	,	,	PUNCT
arjefm-1162	16	4	defined	define	VERB
arjefm-1162	16	5	as	as	ADP
arjefm-1162	16	6	the	the	DET
arjefm-1162	16	7	strategic	strategic	ADJ
arjefm-1162	16	8	use	use	NOUN
arjefm-1162	16	9	of	of	ADP
arjefm-1162	16	10	debt	debt	NOUN
arjefm-1162	16	11	financing	financing	NOUN
arjefm-1162	16	12	to	to	PART
arjefm-1162	16	13	amplify	amplify	VERB
arjefm-1162	16	14	shareholder	shareholder	NOUN
arjefm-1162	16	15	returns	return	NOUN
arjefm-1162	16	16	and	and	CCONJ
arjefm-1162	16	17	enhance	enhance	VERB
arjefm-1162	16	18	financial	financial	ADJ
arjefm-1162	16	19	efficiency	efficiency	NOUN
arjefm-1162	16	20	(	(	PUNCT
arjefm-1162	16	21	frank	frank	PROPN
arjefm-1162	16	22	&	&	CCONJ
arjefm-1162	16	23	goyal	goyal	PROPN
arjefm-1162	16	24	,	,	PUNCT
arjefm-1162	16	25	2019	2019	NUM
arjefm-1162	16	26	)	)	PUNCT
arjefm-1162	16	27	,	,	PUNCT
arjefm-1162	16	28	has	have	AUX
arjefm-1162	16	29	been	be	AUX
arjefm-1162	16	30	a	a	DET
arjefm-1162	16	31	topic	topic	NOUN
arjefm-1162	16	32	of	of	ADP
arjefm-1162	16	33	intense	intense	ADJ
arjefm-1162	16	34	debate	debate	NOUN
arjefm-1162	16	35	and	and	CCONJ
arjefm-1162	16	36	research	research	NOUN
arjefm-1162	16	37	in	in	ADP
arjefm-1162	16	38	corporate	corporate	ADJ
arjefm-1162	16	39	finance	finance	NOUN
arjefm-1162	16	40	.	.	PUNCT
arjefm-1162	17	1	while	while	SCONJ
arjefm-1162	17	2	some	some	DET
arjefm-1162	17	3	studies	study	NOUN
arjefm-1162	17	4	suggest	suggest	VERB
arjefm-1162	17	5	that	that	SCONJ
arjefm-1162	17	6	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	17	7	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	17	8	american	american	PROPN
arjefm-1162	17	9	research	research	PROPN
arjefm-1162	17	10	journal	journal	PROPN
arjefm-1162	17	11	of	of	ADP
arjefm-1162	17	12	economics	economic	NOUN
arjefm-1162	17	13	,	,	PUNCT
arjefm-1162	17	14	finance	finance	NOUN
arjefm-1162	17	15	and	and	CCONJ
arjefm-1162	17	16	management	management	NOUN
arjefm-1162	17	17	volume	volume	NOUN
arjefm-1162	17	18	13	13	NUM
arjefm-1162	17	19	issue	issue	NOUN
arjefm-1162	17	20	1	1	NUM
arjefm-1162	17	21	,	,	PUNCT
arjefm-1162	17	22	january	january	PROPN
arjefm-1162	17	23	-	-	PUNCT
arjefm-1162	17	24	march	march	PROPN
arjefm-1162	17	25	2025	2025	NUM
arjefm-1162	17	26	issn	issn	NOUN
arjefm-1162	17	27	:	:	PUNCT
arjefm-1162	17	28	2836	2836	NUM
arjefm-1162	17	29	-	-	SYM
arjefm-1162	17	30	9416	9416	NUM
arjefm-1162	17	31	impact	impact	NOUN
arjefm-1162	17	32	factor	factor	NOUN
arjefm-1162	17	33	:	:	PUNCT
arjefm-1162	17	34	6.41	6.41	NUM
arjefm-1162	17	35	journal	journal	NOUN
arjefm-1162	17	36	homepage	homepage	NOUN
arjefm-1162	17	37	:	:	PUNCT
arjefm-1162	17	38	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	17	39	,	,	PUNCT
arjefm-1162	17	40	email	email	NOUN
arjefm-1162	17	41	:	:	PUNCT
arjefm-1162	17	42	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	17	43	official	official	ADJ
arjefm-1162	17	44	journal	journal	PROPN
arjefm-1162	17	45	of	of	ADP
arjefm-1162	17	46	america	america	PROPN
arjefm-1162	17	47	serial	serial	PROPN
arjefm-1162	17	48	publication	publication	NOUN
arjefm-1162	17	49	american	american	PROPN
arjefm-1162	17	50	research	research	PROPN
arjefm-1162	17	51	journal	journal	PROPN
arjefm-1162	17	52	of	of	ADP
arjefm-1162	17	53	economics	economic	NOUN
arjefm-1162	17	54	,	,	PUNCT
arjefm-1162	17	55	finance	finance	NOUN
arjefm-1162	17	56	and	and	CCONJ
arjefm-1162	17	57	management	management	NOUN
arjefm-1162	17	58	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	17	59	,	,	PUNCT
arjefm-1162	17	60	email	email	NOUN
arjefm-1162	17	61	:	:	PUNCT
arjefm-1162	17	62	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	18	1	119	119	NUM
arjefm-1162	19	1	|	|	ADV
arjefm-1162	19	2	p	p	X
arjefm-1162	19	3	a	a	DET
arjefm-1162	19	4	g	g	NOUN
arjefm-1162	19	5	e	e	NOUN
arjefm-1162	19	6	judicious	judicious	ADJ
arjefm-1162	19	7	use	use	NOUN
arjefm-1162	19	8	of	of	ADP
arjefm-1162	19	9	financial	financial	ADJ
arjefm-1162	19	10	leverage	leverage	NOUN
arjefm-1162	19	11	can	can	AUX
arjefm-1162	19	12	improve	improve	VERB
arjefm-1162	19	13	firm	firm	ADJ
arjefm-1162	19	14	performance	performance	NOUN
arjefm-1162	19	15	and	and	CCONJ
arjefm-1162	19	16	create	create	VERB
arjefm-1162	19	17	shareholder	shareholder	NOUN
arjefm-1162	19	18	value	value	NOUN
arjefm-1162	19	19	(	(	PUNCT
arjefm-1162	19	20	kayhan	kayhan	PROPN
arjefm-1162	19	21	&	&	CCONJ
arjefm-1162	19	22	titman	titman	PROPN
arjefm-1162	19	23	,	,	PUNCT
arjefm-1162	19	24	2007	2007	NUM
arjefm-1162	19	25	)	)	PUNCT
arjefm-1162	19	26	,	,	PUNCT
arjefm-1162	19	27	others	other	NOUN
arjefm-1162	19	28	argue	argue	VERB
arjefm-1162	19	29	that	that	SCONJ
arjefm-1162	19	30	excessive	excessive	ADJ
arjefm-1162	19	31	debt	debt	NOUN
arjefm-1162	19	32	can	can	AUX
arjefm-1162	19	33	lead	lead	VERB
arjefm-1162	19	34	to	to	ADP
arjefm-1162	19	35	financial	financial	ADJ
arjefm-1162	19	36	distress	distress	NOUN
arjefm-1162	19	37	,	,	PUNCT
arjefm-1162	19	38	increased	increase	VERB
arjefm-1162	19	39	risk	risk	NOUN
arjefm-1162	19	40	,	,	PUNCT
arjefm-1162	19	41	and	and	CCONJ
arjefm-1162	19	42	diminished	diminish	VERB
arjefm-1162	19	43	firm	firm	ADJ
arjefm-1162	19	44	value	value	NOUN
arjefm-1162	19	45	(	(	PUNCT
arjefm-1162	19	46	almeida	almeida	PROPN
arjefm-1162	19	47	,	,	PUNCT
arjefm-1162	19	48	campello	campello	PROPN
arjefm-1162	19	49	&	&	CCONJ
arjefm-1162	19	50	weisbach	weisbach	NOUN
arjefm-1162	19	51	2019	2019	NUM
arjefm-1162	19	52	)	)	PUNCT
arjefm-1162	19	53	.	.	PUNCT
arjefm-1162	20	1	financial	financial	ADJ
arjefm-1162	20	2	leverage	leverage	NOUN
arjefm-1162	20	3	can	can	AUX
arjefm-1162	20	4	also	also	ADV
arjefm-1162	20	5	provide	provide	VERB
arjefm-1162	20	6	firms	firm	NOUN
arjefm-1162	20	7	with	with	ADP
arjefm-1162	20	8	enhanced	enhanced	ADJ
arjefm-1162	20	9	financial	financial	ADJ
arjefm-1162	20	10	flexibility	flexibility	NOUN
arjefm-1162	20	11	,	,	PUNCT
arjefm-1162	20	12	enabling	enable	VERB
arjefm-1162	20	13	them	they	PRON
arjefm-1162	20	14	to	to	PART
arjefm-1162	20	15	respond	respond	VERB
arjefm-1162	20	16	swiftly	swiftly	ADV
arjefm-1162	20	17	to	to	ADP
arjefm-1162	20	18	changing	change	VERB
arjefm-1162	20	19	market	market	NOUN
arjefm-1162	20	20	conditions	condition	NOUN
arjefm-1162	20	21	and	and	CCONJ
arjefm-1162	20	22	capitalize	capitalize	VERB
arjefm-1162	20	23	on	on	ADP
arjefm-1162	20	24	new	new	ADJ
arjefm-1162	20	25	opportunities	opportunity	NOUN
arjefm-1162	20	26	(	(	PUNCT
arjefm-1162	20	27	almeida	almeida	PROPN
arjefm-1162	20	28	et	et	PROPN
arjefm-1162	20	29	al	al	PROPN
arjefm-1162	20	30	.	.	PROPN
arjefm-1162	20	31	,	,	PUNCT
arjefm-1162	20	32	2019	2019	NUM
arjefm-1162	20	33	)	)	PUNCT
arjefm-1162	20	34	.	.	PUNCT
arjefm-1162	21	1	by	by	ADP
arjefm-1162	21	2	utilizing	utilize	VERB
arjefm-1162	21	3	debt	debt	NOUN
arjefm-1162	21	4	financing	financing	NOUN
arjefm-1162	21	5	,	,	PUNCT
arjefm-1162	21	6	firms	firm	NOUN
arjefm-1162	21	7	can	can	AUX
arjefm-1162	21	8	rapidly	rapidly	ADV
arjefm-1162	21	9	raise	raise	VERB
arjefm-1162	21	10	capital	capital	NOUN
arjefm-1162	21	11	to	to	PART
arjefm-1162	21	12	invest	invest	VERB
arjefm-1162	21	13	in	in	ADP
arjefm-1162	21	14	new	new	ADJ
arjefm-1162	21	15	projects	project	NOUN
arjefm-1162	21	16	,	,	PUNCT
arjefm-1162	21	17	acquire	acquire	NOUN
arjefm-1162	21	18	competitors	competitor	NOUN
arjefm-1162	21	19	,	,	PUNCT
arjefm-1162	21	20	or	or	CCONJ
arjefm-1162	21	21	respond	respond	VERB
arjefm-1162	21	22	to	to	ADP
arjefm-1162	21	23	unexpected	unexpected	ADJ
arjefm-1162	21	24	expenses	expense	NOUN
arjefm-1162	21	25	,	,	PUNCT
arjefm-1162	21	26	thereby	thereby	ADV
arjefm-1162	21	27	facilitating	facilitate	VERB
arjefm-1162	21	28	strategic	strategic	ADJ
arjefm-1162	21	29	growth	growth	NOUN
arjefm-1162	21	30	initiatives	initiative	NOUN
arjefm-1162	21	31	(	(	PUNCT
arjefm-1162	21	32	graham	graham	PROPN
arjefm-1162	21	33	&	&	CCONJ
arjefm-1162	21	34	harvey	harvey	PROPN
arjefm-1162	21	35	,	,	PUNCT
arjefm-1162	21	36	2001	2001	NUM
arjefm-1162	21	37	)	)	PUNCT
arjefm-1162	21	38	.	.	PUNCT
arjefm-1162	22	1	moreover	moreover	ADV
arjefm-1162	22	2	,	,	PUNCT
arjefm-1162	22	3	financial	financial	ADJ
arjefm-1162	22	4	leverage	leverage	NOUN
arjefm-1162	22	5	can	can	AUX
arjefm-1162	22	6	enable	enable	VERB
arjefm-1162	22	7	firms	firm	NOUN
arjefm-1162	22	8	to	to	PART
arjefm-1162	22	9	take	take	VERB
arjefm-1162	22	10	advantage	advantage	NOUN
arjefm-1162	22	11	of	of	ADP
arjefm-1162	22	12	investment	investment	NOUN
arjefm-1162	22	13	opportunities	opportunity	NOUN
arjefm-1162	22	14	that	that	PRON
arjefm-1162	22	15	may	may	AUX
arjefm-1162	22	16	arise	arise	VERB
arjefm-1162	22	17	unexpectedly	unexpectedly	ADV
arjefm-1162	22	18	,	,	PUNCT
arjefm-1162	22	19	such	such	ADJ
arjefm-1162	22	20	as	as	ADP
arjefm-1162	22	21	acquiring	acquire	VERB
arjefm-1162	22	22	a	a	DET
arjefm-1162	22	23	competitor	competitor	NOUN
arjefm-1162	22	24	or	or	CCONJ
arjefm-1162	22	25	investing	invest	VERB
arjefm-1162	22	26	in	in	ADP
arjefm-1162	22	27	a	a	DET
arjefm-1162	22	28	new	new	ADJ
arjefm-1162	22	29	technology	technology	NOUN
arjefm-1162	22	30	(	(	PUNCT
arjefm-1162	22	31	merton	merton	PROPN
arjefm-1162	22	32	,	,	PUNCT
arjefm-1162	22	33	2013	2013	NUM
arjefm-1162	22	34	)	)	PUNCT
arjefm-1162	22	35	.	.	PUNCT
arjefm-1162	23	1	according	accord	VERB
arjefm-1162	23	2	to	to	ADP
arjefm-1162	23	3	a	a	DET
arjefm-1162	23	4	study	study	NOUN
arjefm-1162	23	5	by	by	ADP
arjefm-1162	23	6	almeida	almeida	PROPN
arjefm-1162	23	7	et	et	PROPN
arjefm-1162	23	8	al	al	PROPN
arjefm-1162	23	9	.	.	PROPN
arjefm-1162	24	1	(	(	PUNCT
arjefm-1162	24	2	2019	2019	NUM
arjefm-1162	24	3	)	)	PUNCT
arjefm-1162	24	4	,	,	PUNCT
arjefm-1162	24	5	firms	firm	NOUN
arjefm-1162	24	6	with	with	ADP
arjefm-1162	24	7	higher	high	ADJ
arjefm-1162	24	8	debt	debt	NOUN
arjefm-1162	24	9	levels	level	NOUN
arjefm-1162	24	10	are	be	AUX
arjefm-1162	24	11	more	more	ADV
arjefm-1162	24	12	likely	likely	ADJ
arjefm-1162	24	13	to	to	PART
arjefm-1162	24	14	invest	invest	VERB
arjefm-1162	24	15	in	in	ADP
arjefm-1162	24	16	research	research	NOUN
arjefm-1162	24	17	and	and	CCONJ
arjefm-1162	24	18	development	development	NOUN
arjefm-1162	24	19	(	(	PUNCT
arjefm-1162	24	20	r&d	r&d	NOUN
arjefm-1162	24	21	)	)	PUNCT
arjefm-1162	24	22	,	,	PUNCT
arjefm-1162	24	23	indicating	indicate	VERB
arjefm-1162	24	24	that	that	SCONJ
arjefm-1162	24	25	financial	financial	ADJ
arjefm-1162	24	26	leverage	leverage	NOUN
arjefm-1162	24	27	can	can	AUX
arjefm-1162	24	28	facilitate	facilitate	VERB
arjefm-1162	24	29	innovation	innovation	NOUN
arjefm-1162	24	30	and	and	CCONJ
arjefm-1162	24	31	growth	growth	NOUN
arjefm-1162	24	32	.	.	PUNCT
arjefm-1162	25	1	another	another	DET
arjefm-1162	25	2	study	study	NOUN
arjefm-1162	25	3	by	by	ADP
arjefm-1162	25	4	aghion	aghion	NOUN
arjefm-1162	25	5	,	,	PUNCT
arjefm-1162	25	6	howitt	howitt	PROPN
arjefm-1162	25	7	&	&	CCONJ
arjefm-1162	25	8	murtin	murtin	PROPN
arjefm-1162	25	9	(	(	PUNCT
arjefm-1162	25	10	2019	2019	NUM
arjefm-1162	25	11	)	)	PUNCT
arjefm-1162	25	12	finds	find	VERB
arjefm-1162	25	13	that	that	SCONJ
arjefm-1162	25	14	debt	debt	NOUN
arjefm-1162	25	15	financing	financing	NOUN
arjefm-1162	25	16	can	can	AUX
arjefm-1162	25	17	enable	enable	VERB
arjefm-1162	25	18	firms	firm	NOUN
arjefm-1162	25	19	to	to	PART
arjefm-1162	25	20	invest	invest	VERB
arjefm-1162	25	21	in	in	ADP
arjefm-1162	25	22	new	new	ADJ
arjefm-1162	25	23	projects	project	NOUN
arjefm-1162	25	24	and	and	CCONJ
arjefm-1162	25	25	expand	expand	VERB
arjefm-1162	25	26	their	their	PRON
arjefm-1162	25	27	operations	operation	NOUN
arjefm-1162	25	28	,	,	PUNCT
arjefm-1162	25	29	leading	lead	VERB
arjefm-1162	25	30	to	to	ADP
arjefm-1162	25	31	increased	increase	VERB
arjefm-1162	25	32	innovation	innovation	NOUN
arjefm-1162	25	33	and	and	CCONJ
arjefm-1162	25	34	entrepreneurship	entrepreneurship	NOUN
arjefm-1162	25	35	.	.	PUNCT
arjefm-1162	26	1	financial	financial	ADJ
arjefm-1162	26	2	leverage	leverage	NOUN
arjefm-1162	26	3	can	can	AUX
arjefm-1162	26	4	provide	provide	VERB
arjefm-1162	26	5	firms	firm	NOUN
arjefm-1162	26	6	with	with	ADP
arjefm-1162	26	7	the	the	DET
arjefm-1162	26	8	flexibility	flexibility	NOUN
arjefm-1162	26	9	to	to	PART
arjefm-1162	26	10	adjust	adjust	VERB
arjefm-1162	26	11	their	their	PRON
arjefm-1162	26	12	capital	capital	NOUN
arjefm-1162	26	13	structure	structure	NOUN
arjefm-1162	26	14	in	in	ADP
arjefm-1162	26	15	response	response	NOUN
arjefm-1162	26	16	to	to	ADP
arjefm-1162	26	17	changing	change	VERB
arjefm-1162	26	18	market	market	NOUN
arjefm-1162	26	19	conditions	condition	NOUN
arjefm-1162	26	20	.	.	PUNCT
arjefm-1162	27	1	for	for	ADP
arjefm-1162	27	2	example	example	NOUN
arjefm-1162	27	3	,	,	PUNCT
arjefm-1162	27	4	firms	firm	NOUN
arjefm-1162	27	5	can	can	AUX
arjefm-1162	27	6	use	use	VERB
arjefm-1162	27	7	debt	debt	NOUN
arjefm-1162	27	8	financing	financing	NOUN
arjefm-1162	27	9	to	to	PART
arjefm-1162	27	10	reduce	reduce	VERB
arjefm-1162	27	11	their	their	PRON
arjefm-1162	27	12	equity	equity	NOUN
arjefm-1162	27	13	base	base	NOUN
arjefm-1162	27	14	and	and	CCONJ
arjefm-1162	27	15	increase	increase	VERB
arjefm-1162	27	16	their	their	PRON
arjefm-1162	27	17	financial	financial	ADJ
arjefm-1162	27	18	leverage	leverage	NOUN
arjefm-1162	27	19	during	during	ADP
arjefm-1162	27	20	periods	period	NOUN
arjefm-1162	27	21	of	of	ADP
arjefm-1162	27	22	high	high	ADJ
arjefm-1162	27	23	growth	growth	NOUN
arjefm-1162	27	24	,	,	PUNCT
arjefm-1162	27	25	and	and	CCONJ
arjefm-1162	27	26	then	then	ADV
arjefm-1162	27	27	reduce	reduce	VERB
arjefm-1162	27	28	their	their	PRON
arjefm-1162	27	29	debt	debt	NOUN
arjefm-1162	27	30	levels	level	NOUN
arjefm-1162	27	31	during	during	ADP
arjefm-1162	27	32	periods	period	NOUN
arjefm-1162	27	33	of	of	ADP
arjefm-1162	27	34	slow	slow	ADJ
arjefm-1162	27	35	growth	growth	NOUN
arjefm-1162	27	36	(	(	PUNCT
arjefm-1162	27	37	welch	welch	PROPN
arjefm-1162	27	38	,	,	PUNCT
arjefm-1162	27	39	2011	2011	NUM
arjefm-1162	27	40	)	)	PUNCT
arjefm-1162	27	41	.	.	PUNCT
arjefm-1162	28	1	financial	financial	ADJ
arjefm-1162	28	2	leverage	leverage	NOUN
arjefm-1162	28	3	can	can	AUX
arjefm-1162	28	4	provide	provide	VERB
arjefm-1162	28	5	firms	firm	NOUN
arjefm-1162	28	6	with	with	ADP
arjefm-1162	28	7	the	the	DET
arjefm-1162	28	8	financial	financial	ADJ
arjefm-1162	28	9	flexibility	flexibility	NOUN
arjefm-1162	28	10	to	to	PART
arjefm-1162	28	11	respond	respond	VERB
arjefm-1162	28	12	to	to	ADP
arjefm-1162	28	13	changing	change	VERB
arjefm-1162	28	14	market	market	NOUN
arjefm-1162	28	15	conditions	condition	NOUN
arjefm-1162	28	16	,	,	PUNCT
arjefm-1162	28	17	capitalize	capitalize	VERB
arjefm-1162	28	18	on	on	ADP
arjefm-1162	28	19	new	new	ADJ
arjefm-1162	28	20	opportunities	opportunity	NOUN
arjefm-1162	28	21	,	,	PUNCT
arjefm-1162	28	22	and	and	CCONJ
arjefm-1162	28	23	facilitate	facilitate	VERB
arjefm-1162	28	24	innovation	innovation	NOUN
arjefm-1162	28	25	and	and	CCONJ
arjefm-1162	28	26	growth	growth	NOUN
arjefm-1162	28	27	.	.	PUNCT
arjefm-1162	29	1	fast	fast	ADV
arjefm-1162	29	2	-	-	PUNCT
arjefm-1162	29	3	moving	move	VERB
arjefm-1162	29	4	consumer	consumer	NOUN
arjefm-1162	29	5	goods	good	NOUN
arjefm-1162	29	6	companies	company	NOUN
arjefm-1162	29	7	sectors	sector	NOUN
arjefm-1162	29	8	are	be	AUX
arjefm-1162	29	9	essential	essential	ADJ
arjefm-1162	29	10	to	to	ADP
arjefm-1162	29	11	nigeria	nigeria	PROPN
arjefm-1162	29	12	’s	’s	PART
arjefm-1162	29	13	economy	economy	NOUN
arjefm-1162	29	14	.	.	PUNCT
arjefm-1162	30	1	the	the	DET
arjefm-1162	30	2	fastmoving	fastmove	VERB
arjefm-1162	30	3	consumer	consumer	NOUN
arjefm-1162	30	4	goods	good	NOUN
arjefm-1162	30	5	companies	company	NOUN
arjefm-1162	30	6	is	be	AUX
arjefm-1162	30	7	vital	vital	ADJ
arjefm-1162	30	8	for	for	ADP
arjefm-1162	30	9	providing	provide	VERB
arjefm-1162	30	10	essential	essential	ADJ
arjefm-1162	30	11	consumer	consumer	NOUN
arjefm-1162	30	12	goods	good	NOUN
arjefm-1162	30	13	,	,	PUNCT
arjefm-1162	30	14	while	while	SCONJ
arjefm-1162	30	15	the	the	DET
arjefm-1162	30	16	logistics	logistic	NOUN
arjefm-1162	30	17	industry	industry	NOUN
arjefm-1162	30	18	plays	play	VERB
arjefm-1162	30	19	an	an	DET
arjefm-1162	30	20	important	important	ADJ
arjefm-1162	30	21	role	role	NOUN
arjefm-1162	30	22	in	in	ADP
arjefm-1162	30	23	ensuring	ensure	VERB
arjefm-1162	30	24	efficient	efficient	ADJ
arjefm-1162	30	25	supply	supply	NOUN
arjefm-1162	30	26	chain	chain	NOUN
arjefm-1162	30	27	operations	operation	NOUN
arjefm-1162	30	28	,	,	PUNCT
arjefm-1162	30	29	enabling	enable	VERB
arjefm-1162	30	30	goods	good	NOUN
arjefm-1162	30	31	to	to	PART
arjefm-1162	30	32	move	move	VERB
arjefm-1162	30	33	from	from	ADP
arjefm-1162	30	34	manufacturers	manufacturer	NOUN
arjefm-1162	30	35	to	to	ADP
arjefm-1162	30	36	consumers	consumer	NOUN
arjefm-1162	30	37	.	.	PUNCT
arjefm-1162	31	1	while	while	SCONJ
arjefm-1162	31	2	financial	financial	ADJ
arjefm-1162	31	3	leverage	leverage	NOUN
arjefm-1162	31	4	has	have	AUX
arjefm-1162	31	5	been	be	AUX
arjefm-1162	31	6	studied	study	VERB
arjefm-1162	31	7	extensively	extensively	ADV
arjefm-1162	31	8	in	in	ADP
arjefm-1162	31	9	other	other	ADJ
arjefm-1162	31	10	sectors	sector	NOUN
arjefm-1162	31	11	,	,	PUNCT
arjefm-1162	31	12	the	the	DET
arjefm-1162	31	13	fast	fast	ADV
arjefm-1162	31	14	-	-	PUNCT
arjefm-1162	31	15	moving	move	VERB
arjefm-1162	31	16	consumer	consumer	NOUN
arjefm-1162	31	17	goods	good	NOUN
arjefm-1162	31	18	companies	company	NOUN
arjefm-1162	31	19	industries	industry	NOUN
arjefm-1162	31	20	have	have	VERB
arjefm-1162	31	21	unique	unique	ADJ
arjefm-1162	31	22	characteristics	characteristic	NOUN
arjefm-1162	31	23	that	that	PRON
arjefm-1162	31	24	make	make	VERB
arjefm-1162	31	25	them	they	PRON
arjefm-1162	31	26	particularly	particularly	ADV
arjefm-1162	31	27	sensitive	sensitive	ADJ
arjefm-1162	31	28	to	to	ADP
arjefm-1162	31	29	leverage	leverage	NOUN
arjefm-1162	31	30	decisions	decision	NOUN
arjefm-1162	31	31	.	.	PUNCT
arjefm-1162	32	1	the	the	DET
arjefm-1162	32	2	fast	fast	ADV
arjefm-1162	32	3	-	-	PUNCT
arjefm-1162	32	4	moving	move	VERB
arjefm-1162	32	5	consumer	consumer	NOUN
arjefm-1162	32	6	goods	good	NOUN
arjefm-1162	32	7	companies	company	NOUN
arjefm-1162	32	8	,	,	PUNCT
arjefm-1162	32	9	deals	deal	NOUN
arjefm-1162	32	10	with	with	ADP
arjefm-1162	32	11	high	high	ADJ
arjefm-1162	32	12	product	product	NOUN
arjefm-1162	32	13	turnover	turnover	NOUN
arjefm-1162	32	14	,	,	PUNCT
arjefm-1162	32	15	requiring	require	VERB
arjefm-1162	32	16	efficient	efficient	ADJ
arjefm-1162	32	17	working	work	VERB
arjefm-1162	32	18	capital	capital	NOUN
arjefm-1162	32	19	management	management	NOUN
arjefm-1162	32	20	,	,	PUNCT
arjefm-1162	32	21	while	while	SCONJ
arjefm-1162	32	22	the	the	DET
arjefm-1162	32	23	logistics	logistic	NOUN
arjefm-1162	32	24	industry	industry	NOUN
arjefm-1162	32	25	is	be	AUX
arjefm-1162	32	26	capital	capital	NOUN
arjefm-1162	32	27	intensive	intensive	ADJ
arjefm-1162	32	28	,	,	PUNCT
arjefm-1162	32	29	often	often	ADV
arjefm-1162	32	30	relying	rely	VERB
arjefm-1162	32	31	on	on	ADP
arjefm-1162	32	32	debt	debt	NOUN
arjefm-1162	32	33	for	for	ADP
arjefm-1162	32	34	infrastructure	infrastructure	NOUN
arjefm-1162	32	35	development	development	NOUN
arjefm-1162	32	36	.	.	PUNCT
arjefm-1162	33	1	exploring	explore	VERB
arjefm-1162	33	2	the	the	DET
arjefm-1162	33	3	impact	impact	NOUN
arjefm-1162	33	4	of	of	ADP
arjefm-1162	33	5	financial	financial	ADJ
arjefm-1162	33	6	leverage	leverage	NOUN
arjefm-1162	33	7	on	on	ADP
arjefm-1162	33	8	these	these	DET
arjefm-1162	33	9	specific	specific	ADJ
arjefm-1162	33	10	sectors	sector	NOUN
arjefm-1162	33	11	will	will	AUX
arjefm-1162	33	12	provide	provide	VERB
arjefm-1162	33	13	industry	industry	NOUN
arjefm-1162	33	14	specific	specific	ADJ
arjefm-1162	33	15	insights	insight	NOUN
arjefm-1162	33	16	,	,	PUNCT
arjefm-1162	33	17	helping	help	VERB
arjefm-1162	33	18	managers	manager	NOUN
arjefm-1162	33	19	and	and	CCONJ
arjefm-1162	33	20	policymakers	policymaker	NOUN
arjefm-1162	33	21	to	to	PART
arjefm-1162	33	22	develop	develop	VERB
arjefm-1162	33	23	strategies	strategy	NOUN
arjefm-1162	33	24	that	that	PRON
arjefm-1162	33	25	optimize	optimize	VERB
arjefm-1162	33	26	financial	financial	ADJ
arjefm-1162	33	27	performance	performance	NOUN
arjefm-1162	33	28	in	in	ADP
arjefm-1162	33	29	these	these	DET
arjefm-1162	33	30	industries	industry	NOUN
arjefm-1162	33	31	.	.	PUNCT
arjefm-1162	34	1	existing	exist	VERB
arjefm-1162	34	2	literature	literature	NOUN
arjefm-1162	34	3	on	on	ADP
arjefm-1162	34	4	the	the	DET
arjefm-1162	34	5	impact	impact	NOUN
arjefm-1162	34	6	of	of	ADP
arjefm-1162	34	7	financial	financial	ADJ
arjefm-1162	34	8	leverage	leverage	NOUN
arjefm-1162	34	9	on	on	ADP
arjefm-1162	34	10	firm	firm	ADJ
arjefm-1162	34	11	performance	performance	NOUN
arjefm-1162	34	12	reveals	reveal	VERB
arjefm-1162	34	13	several	several	ADJ
arjefm-1162	34	14	gaps	gap	NOUN
arjefm-1162	34	15	.	.	PUNCT
arjefm-1162	35	1	these	these	PRON
arjefm-1162	35	2	include	include	VERB
arjefm-1162	35	3	a	a	DET
arjefm-1162	35	4	lack	lack	NOUN
arjefm-1162	35	5	of	of	ADP
arjefm-1162	35	6	comparative	comparative	ADJ
arjefm-1162	35	7	analysis	analysis	NOUN
arjefm-1162	35	8	across	across	ADP
arjefm-1162	35	9	different	different	ADJ
arjefm-1162	35	10	sectors	sector	NOUN
arjefm-1162	35	11	or	or	CCONJ
arjefm-1162	35	12	regions	region	NOUN
arjefm-1162	35	13	,	,	PUNCT
arjefm-1162	35	14	limited	limited	ADJ
arjefm-1162	35	15	focus	focus	NOUN
arjefm-1162	35	16	on	on	ADP
arjefm-1162	35	17	specific	specific	ADJ
arjefm-1162	35	18	variables	variable	NOUN
arjefm-1162	35	19	like	like	ADP
arjefm-1162	35	20	interest	interest	NOUN
arjefm-1162	35	21	coverage	coverage	NOUN
arjefm-1162	35	22	ratios	ratio	NOUN
arjefm-1162	35	23	,	,	PUNCT
arjefm-1162	35	24	absence	absence	NOUN
arjefm-1162	35	25	of	of	ADP
arjefm-1162	35	26	longitudinal	longitudinal	ADJ
arjefm-1162	35	27	studies	study	NOUN
arjefm-1162	35	28	tracking	track	VERB
arjefm-1162	35	29	long	long	ADJ
arjefm-1162	35	30	-	-	PUNCT
arjefm-1162	35	31	term	term	NOUN
arjefm-1162	35	32	trends	trend	NOUN
arjefm-1162	35	33	,	,	PUNCT
arjefm-1162	35	34	neglect	neglect	NOUN
arjefm-1162	35	35	of	of	ADP
arjefm-1162	35	36	industry	industry	NOUN
arjefm-1162	35	37	dynamics	dynamic	NOUN
arjefm-1162	35	38	in	in	ADP
arjefm-1162	35	39	influencing	influence	VERB
arjefm-1162	35	40	leverage	leverage	NOUN
arjefm-1162	35	41	effects	effect	NOUN
arjefm-1162	35	42	.	.	PUNCT
arjefm-1162	36	1	addressing	address	VERB
arjefm-1162	36	2	these	these	DET
arjefm-1162	36	3	gaps	gap	NOUN
arjefm-1162	36	4	could	could	AUX
arjefm-1162	36	5	lead	lead	VERB
arjefm-1162	36	6	to	to	ADP
arjefm-1162	36	7	more	more	ADV
arjefm-1162	36	8	comprehensive	comprehensive	ADJ
arjefm-1162	36	9	research	research	NOUN
arjefm-1162	36	10	that	that	PRON
arjefm-1162	36	11	provides	provide	VERB
arjefm-1162	36	12	insights	insight	NOUN
arjefm-1162	36	13	into	into	ADP
arjefm-1162	36	14	the	the	DET
arjefm-1162	36	15	relationship	relationship	NOUN
arjefm-1162	36	16	between	between	ADP
arjefm-1162	36	17	financial	financial	ADJ
arjefm-1162	36	18	leverage	leverage	NOUN
arjefm-1162	36	19	and	and	CCONJ
arjefm-1162	36	20	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	36	21	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	36	22	american	american	PROPN
arjefm-1162	36	23	research	research	PROPN
arjefm-1162	36	24	journal	journal	PROPN
arjefm-1162	36	25	of	of	ADP
arjefm-1162	36	26	economics	economic	NOUN
arjefm-1162	36	27	,	,	PUNCT
arjefm-1162	36	28	finance	finance	NOUN
arjefm-1162	36	29	and	and	CCONJ
arjefm-1162	36	30	management	management	NOUN
arjefm-1162	36	31	volume	volume	NOUN
arjefm-1162	36	32	13	13	NUM
arjefm-1162	36	33	issue	issue	NOUN
arjefm-1162	36	34	1	1	NUM
arjefm-1162	36	35	,	,	PUNCT
arjefm-1162	36	36	january	january	PROPN
arjefm-1162	36	37	-	-	PUNCT
arjefm-1162	36	38	march	march	PROPN
arjefm-1162	36	39	2025	2025	NUM
arjefm-1162	36	40	issn	issn	NOUN
arjefm-1162	36	41	:	:	PUNCT
arjefm-1162	36	42	2836	2836	NUM
arjefm-1162	36	43	-	-	SYM
arjefm-1162	36	44	9416	9416	NUM
arjefm-1162	36	45	impact	impact	NOUN
arjefm-1162	36	46	factor	factor	NOUN
arjefm-1162	36	47	:	:	PUNCT
arjefm-1162	36	48	6.41	6.41	NUM
arjefm-1162	36	49	journal	journal	NOUN
arjefm-1162	36	50	homepage	homepage	NOUN
arjefm-1162	36	51	:	:	PUNCT
arjefm-1162	36	52	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	36	53	,	,	PUNCT
arjefm-1162	36	54	email	email	NOUN
arjefm-1162	36	55	:	:	PUNCT
arjefm-1162	36	56	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	36	57	official	official	ADJ
arjefm-1162	36	58	journal	journal	PROPN
arjefm-1162	36	59	of	of	ADP
arjefm-1162	36	60	america	america	PROPN
arjefm-1162	36	61	serial	serial	PROPN
arjefm-1162	36	62	publication	publication	NOUN
arjefm-1162	36	63	american	american	PROPN
arjefm-1162	36	64	research	research	PROPN
arjefm-1162	36	65	journal	journal	PROPN
arjefm-1162	36	66	of	of	ADP
arjefm-1162	36	67	economics	economic	NOUN
arjefm-1162	36	68	,	,	PUNCT
arjefm-1162	36	69	finance	finance	NOUN
arjefm-1162	36	70	and	and	CCONJ
arjefm-1162	36	71	management	management	NOUN
arjefm-1162	36	72	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	36	73	,	,	PUNCT
arjefm-1162	36	74	email	email	NOUN
arjefm-1162	36	75	:	:	PUNCT
arjefm-1162	37	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	37	2	120	120	NUM
arjefm-1162	38	1	|	|	ADV
arjefm-1162	38	2	p	p	X
arjefm-1162	38	3	a	a	DET
arjefm-1162	38	4	g	g	NOUN
arjefm-1162	38	5	e	e	NOUN
arjefm-1162	38	6	firm	firm	NOUN
arjefm-1162	38	7	performance	performance	NOUN
arjefm-1162	38	8	across	across	ADP
arjefm-1162	38	9	diverse	diverse	ADJ
arjefm-1162	38	10	contexts	context	NOUN
arjefm-1162	38	11	and	and	CCONJ
arjefm-1162	38	12	over	over	ADP
arjefm-1162	38	13	extended	extended	ADJ
arjefm-1162	38	14	periods	period	NOUN
arjefm-1162	38	15	.	.	PUNCT
arjefm-1162	39	1	however	however	ADV
arjefm-1162	39	2	,	,	PUNCT
arjefm-1162	39	3	this	this	DET
arjefm-1162	39	4	study	study	NOUN
arjefm-1162	39	5	is	be	AUX
arjefm-1162	39	6	unique	unique	ADJ
arjefm-1162	39	7	in	in	ADP
arjefm-1162	39	8	that	that	PRON
arjefm-1162	39	9	,	,	PUNCT
arjefm-1162	39	10	it	it	PRON
arjefm-1162	39	11	empirically	empirically	ADV
arjefm-1162	39	12	examined	examine	VERB
arjefm-1162	39	13	the	the	DET
arjefm-1162	39	14	most	most	ADV
arjefm-1162	39	15	crucial	crucial	ADJ
arjefm-1162	39	16	measure	measure	NOUN
arjefm-1162	39	17	of	of	ADP
arjefm-1162	39	18	financial	financial	ADJ
arjefm-1162	39	19	leverage	leverage	NOUN
arjefm-1162	39	20	.	.	PUNCT
arjefm-1162	40	1	specifically	specifically	ADV
arjefm-1162	40	2	,	,	PUNCT
arjefm-1162	40	3	examine	examine	VERB
arjefm-1162	40	4	and	and	CCONJ
arjefm-1162	40	5	compare	compare	VERB
arjefm-1162	40	6	the	the	DET
arjefm-1162	40	7	impact	impact	NOUN
arjefm-1162	40	8	financial	financial	ADJ
arjefm-1162	40	9	leverage	leverage	NOUN
arjefm-1162	40	10	has	have	VERB
arjefm-1162	40	11	on	on	ADP
arjefm-1162	40	12	the	the	DET
arjefm-1162	40	13	financial	financial	ADJ
arjefm-1162	40	14	performance	performance	NOUN
arjefm-1162	40	15	of	of	ADP
arjefm-1162	40	16	listed	list	VERB
arjefm-1162	40	17	fast	fast	ADV
arjefm-1162	40	18	-	-	PUNCT
arjefm-1162	40	19	moving	move	VERB
arjefm-1162	40	20	consumer	consumer	NOUN
arjefm-1162	40	21	goods	good	NOUN
arjefm-1162	40	22	companies	company	NOUN
arjefm-1162	40	23	in	in	ADP
arjefm-1162	40	24	nigeria	nigeria	PROPN
arjefm-1162	40	25	.	.	PUNCT
arjefm-1162	41	1	the	the	DET
arjefm-1162	41	2	main	main	ADJ
arjefm-1162	41	3	objective	objective	NOUN
arjefm-1162	41	4	of	of	ADP
arjefm-1162	41	5	this	this	DET
arjefm-1162	41	6	study	study	NOUN
arjefm-1162	41	7	is	be	AUX
arjefm-1162	41	8	to	to	PART
arjefm-1162	41	9	examine	examine	VERB
arjefm-1162	41	10	and	and	CCONJ
arjefm-1162	41	11	compare	compare	VERB
arjefm-1162	41	12	the	the	DET
arjefm-1162	41	13	impact	impact	NOUN
arjefm-1162	41	14	financial	financial	ADJ
arjefm-1162	41	15	leverage	leverage	NOUN
arjefm-1162	41	16	has	have	VERB
arjefm-1162	41	17	on	on	ADP
arjefm-1162	41	18	the	the	DET
arjefm-1162	41	19	financial	financial	ADJ
arjefm-1162	41	20	performance	performance	NOUN
arjefm-1162	41	21	of	of	ADP
arjefm-1162	41	22	listed	list	VERB
arjefm-1162	41	23	fast	fast	ADV
arjefm-1162	41	24	-	-	PUNCT
arjefm-1162	41	25	moving	move	VERB
arjefm-1162	41	26	consumer	consumer	NOUN
arjefm-1162	41	27	goods	good	NOUN
arjefm-1162	41	28	companies	company	NOUN
arjefm-1162	41	29	in	in	ADP
arjefm-1162	41	30	nigeria	nigeria	PROPN
arjefm-1162	41	31	.	.	PUNCT
arjefm-1162	42	1	specifically	specifically	ADV
arjefm-1162	42	2	,	,	PUNCT
arjefm-1162	42	3	the	the	DET
arjefm-1162	42	4	study	study	NOUN
arjefm-1162	42	5	sought	seek	VERB
arjefm-1162	42	6	to	to	PART
arjefm-1162	42	7	:	:	PUNCT
arjefm-1162	43	1	1	1	X
arjefm-1162	43	2	.	.	X
arjefm-1162	43	3	ascertain	ascertain	VERB
arjefm-1162	43	4	the	the	DET
arjefm-1162	43	5	impact	impact	NOUN
arjefm-1162	43	6	of	of	ADP
arjefm-1162	43	7	short	short	ADJ
arjefm-1162	43	8	-	-	PUNCT
arjefm-1162	43	9	term	term	NOUN
arjefm-1162	43	10	leverage	leverage	NOUN
arjefm-1162	43	11	ratio	ratio	NOUN
arjefm-1162	43	12	on	on	ADP
arjefm-1162	43	13	the	the	DET
arjefm-1162	43	14	financial	financial	ADJ
arjefm-1162	43	15	performance	performance	NOUN
arjefm-1162	43	16	of	of	ADP
arjefm-1162	43	17	listed	list	VERB
arjefm-1162	43	18	fastmoving	fastmoving	NOUN
arjefm-1162	43	19	consumer	consumer	NOUN
arjefm-1162	43	20	goods	good	NOUN
arjefm-1162	43	21	companies	company	NOUN
arjefm-1162	43	22	in	in	ADP
arjefm-1162	43	23	nigeria	nigeria	PROPN
arjefm-1162	43	24	.	.	PUNCT
arjefm-1162	44	1	2	2	X
arjefm-1162	44	2	.	.	X
arjefm-1162	44	3	determine	determine	VERB
arjefm-1162	44	4	the	the	DET
arjefm-1162	44	5	impact	impact	NOUN
arjefm-1162	44	6	of	of	ADP
arjefm-1162	44	7	long	long	ADJ
arjefm-1162	44	8	-	-	PUNCT
arjefm-1162	44	9	term	term	NOUN
arjefm-1162	44	10	leverage	leverage	NOUN
arjefm-1162	44	11	ratio	ratio	NOUN
arjefm-1162	44	12	on	on	ADP
arjefm-1162	44	13	the	the	DET
arjefm-1162	44	14	financial	financial	ADJ
arjefm-1162	44	15	performance	performance	NOUN
arjefm-1162	44	16	of	of	ADP
arjefm-1162	44	17	listed	list	VERB
arjefm-1162	44	18	fastmoving	fastmoving	NOUN
arjefm-1162	44	19	consumer	consumer	NOUN
arjefm-1162	44	20	goods	good	NOUN
arjefm-1162	44	21	companies	company	NOUN
arjefm-1162	44	22	in	in	ADP
arjefm-1162	44	23	nigeria	nigeria	PROPN
arjefm-1162	44	24	.	.	PUNCT
arjefm-1162	45	1	conceptual	conceptual	ADJ
arjefm-1162	45	2	review	review	PROPN
arjefm-1162	45	3	financial	financial	ADJ
arjefm-1162	45	4	leverage	leverage	NOUN
arjefm-1162	45	5	moreover	moreover	ADV
arjefm-1162	45	6	,	,	PUNCT
arjefm-1162	45	7	financial	financial	ADJ
arjefm-1162	45	8	leverage	leverage	NOUN
arjefm-1162	45	9	can	can	AUX
arjefm-1162	45	10	impact	impact	VERB
arjefm-1162	45	11	the	the	DET
arjefm-1162	45	12	company	company	NOUN
arjefm-1162	45	13	’s	’s	PART
arjefm-1162	45	14	flexibility	flexibility	NOUN
arjefm-1162	45	15	in	in	ADP
arjefm-1162	45	16	managing	manage	VERB
arjefm-1162	45	17	its	its	PRON
arjefm-1162	45	18	operations	operation	NOUN
arjefm-1162	45	19	and	and	CCONJ
arjefm-1162	45	20	pursuing	pursue	VERB
arjefm-1162	45	21	new	new	ADJ
arjefm-1162	45	22	opportunities	opportunity	NOUN
arjefm-1162	45	23	.	.	PUNCT
arjefm-1162	46	1	high	high	ADJ
arjefm-1162	46	2	levels	level	NOUN
arjefm-1162	46	3	of	of	ADP
arjefm-1162	46	4	debt	debt	NOUN
arjefm-1162	46	5	may	may	AUX
arjefm-1162	46	6	limit	limit	VERB
arjefm-1162	46	7	the	the	DET
arjefm-1162	46	8	company	company	NOUN
arjefm-1162	46	9	’s	’s	PART
arjefm-1162	46	10	ability	ability	NOUN
arjefm-1162	46	11	to	to	PART
arjefm-1162	46	12	take	take	VERB
arjefm-1162	46	13	on	on	ADP
arjefm-1162	46	14	additional	additional	ADJ
arjefm-1162	46	15	financing	financing	NOUN
arjefm-1162	46	16	or	or	CCONJ
arjefm-1162	46	17	invest	invest	VERB
arjefm-1162	46	18	in	in	ADP
arjefm-1162	46	19	new	new	ADJ
arjefm-1162	46	20	projects	project	NOUN
arjefm-1162	46	21	,	,	PUNCT
arjefm-1162	46	22	as	as	SCONJ
arjefm-1162	46	23	it	it	PRON
arjefm-1162	46	24	may	may	AUX
arjefm-1162	46	25	already	already	ADV
arjefm-1162	46	26	be	be	AUX
arjefm-1162	46	27	burdened	burden	VERB
arjefm-1162	46	28	with	with	ADP
arjefm-1162	46	29	significant	significant	ADJ
arjefm-1162	46	30	fixed	fix	VERB
arjefm-1162	46	31	obligations	obligation	NOUN
arjefm-1162	46	32	.	.	PUNCT
arjefm-1162	47	1	this	this	DET
arjefm-1162	47	2	lack	lack	NOUN
arjefm-1162	47	3	of	of	ADP
arjefm-1162	47	4	financial	financial	ADJ
arjefm-1162	47	5	flexibility	flexibility	NOUN
arjefm-1162	47	6	can	can	AUX
arjefm-1162	47	7	be	be	AUX
arjefm-1162	47	8	particularly	particularly	ADV
arjefm-1162	47	9	problematic	problematic	ADJ
arjefm-1162	47	10	in	in	ADP
arjefm-1162	47	11	volatile	volatile	ADJ
arjefm-1162	47	12	industries	industry	NOUN
arjefm-1162	47	13	or	or	CCONJ
arjefm-1162	47	14	during	during	ADP
arjefm-1162	47	15	economic	economic	ADJ
arjefm-1162	47	16	downturns	downturn	NOUN
arjefm-1162	47	17	,	,	PUNCT
arjefm-1162	47	18	where	where	SCONJ
arjefm-1162	47	19	the	the	DET
arjefm-1162	47	20	ability	ability	NOUN
arjefm-1162	47	21	to	to	PART
arjefm-1162	47	22	adapt	adapt	VERB
arjefm-1162	47	23	and	and	CCONJ
arjefm-1162	47	24	respond	respond	VERB
arjefm-1162	47	25	to	to	ADP
arjefm-1162	47	26	changing	change	VERB
arjefm-1162	47	27	market	market	NOUN
arjefm-1162	47	28	conditions	condition	NOUN
arjefm-1162	47	29	is	be	AUX
arjefm-1162	47	30	crucial	crucial	ADJ
arjefm-1162	47	31	(	(	PUNCT
arjefm-1162	47	32	brealey	brealey	PROPN
arjefm-1162	47	33	et	et	PROPN
arjefm-1162	47	34	al	al	PROPN
arjefm-1162	47	35	.	.	PROPN
arjefm-1162	47	36	,	,	PUNCT
arjefm-1162	47	37	2020	2020	NUM
arjefm-1162	47	38	)	)	PUNCT
arjefm-1162	47	39	.	.	PUNCT
arjefm-1162	48	1	while	while	SCONJ
arjefm-1162	48	2	financial	financial	ADJ
arjefm-1162	48	3	leverage	leverage	NOUN
arjefm-1162	48	4	can	can	AUX
arjefm-1162	48	5	be	be	AUX
arjefm-1162	48	6	a	a	DET
arjefm-1162	48	7	powerful	powerful	ADJ
arjefm-1162	48	8	tool	tool	NOUN
arjefm-1162	48	9	for	for	ADP
arjefm-1162	48	10	increasing	increase	VERB
arjefm-1162	48	11	returns	return	NOUN
arjefm-1162	48	12	on	on	ADP
arjefm-1162	48	13	equity	equity	NOUN
arjefm-1162	48	14	and	and	CCONJ
arjefm-1162	48	15	providing	provide	VERB
arjefm-1162	48	16	tax	tax	NOUN
arjefm-1162	48	17	benefits	benefit	NOUN
arjefm-1162	48	18	,	,	PUNCT
arjefm-1162	48	19	it	it	PRON
arjefm-1162	48	20	also	also	ADV
arjefm-1162	48	21	introduces	introduce	VERB
arjefm-1162	48	22	substantial	substantial	ADJ
arjefm-1162	48	23	risks	risk	NOUN
arjefm-1162	48	24	related	relate	VERB
arjefm-1162	48	25	to	to	ADP
arjefm-1162	48	26	financial	financial	ADJ
arjefm-1162	48	27	stability	stability	NOUN
arjefm-1162	48	28	and	and	CCONJ
arjefm-1162	48	29	operational	operational	ADJ
arjefm-1162	48	30	flexibility	flexibility	NOUN
arjefm-1162	48	31	.	.	PUNCT
arjefm-1162	49	1	companies	company	NOUN
arjefm-1162	49	2	must	must	AUX
arjefm-1162	49	3	carefully	carefully	ADV
arjefm-1162	49	4	consider	consider	VERB
arjefm-1162	49	5	these	these	DET
arjefm-1162	49	6	factors	factor	NOUN
arjefm-1162	49	7	when	when	SCONJ
arjefm-1162	49	8	deciding	decide	VERB
arjefm-1162	49	9	on	on	ADP
arjefm-1162	49	10	the	the	DET
arjefm-1162	49	11	appropriate	appropriate	ADJ
arjefm-1162	49	12	level	level	NOUN
arjefm-1162	49	13	of	of	ADP
arjefm-1162	49	14	leverage	leverage	NOUN
arjefm-1162	49	15	to	to	PART
arjefm-1162	49	16	use	use	VERB
arjefm-1162	49	17	in	in	ADP
arjefm-1162	49	18	their	their	PRON
arjefm-1162	49	19	capital	capital	NOUN
arjefm-1162	49	20	structure	structure	NOUN
arjefm-1162	49	21	,	,	PUNCT
arjefm-1162	49	22	balancing	balance	VERB
arjefm-1162	49	23	the	the	DET
arjefm-1162	49	24	potential	potential	NOUN
arjefm-1162	49	25	for	for	ADP
arjefm-1162	49	26	higher	high	ADJ
arjefm-1162	49	27	returns	return	NOUN
arjefm-1162	49	28	with	with	ADP
arjefm-1162	49	29	the	the	DET
arjefm-1162	49	30	increased	increase	VERB
arjefm-1162	49	31	risk	risk	NOUN
arjefm-1162	49	32	of	of	ADP
arjefm-1162	49	33	financial	financial	ADJ
arjefm-1162	49	34	distress	distress	NOUN
arjefm-1162	49	35	(	(	PUNCT
arjefm-1162	49	36	ross	ross	PROPN
arjefm-1162	49	37	et	et	PROPN
arjefm-1162	49	38	al	al	PROPN
arjefm-1162	49	39	.	.	PROPN
arjefm-1162	49	40	,	,	PUNCT
arjefm-1162	49	41	2019	2019	NUM
arjefm-1162	49	42	)	)	PUNCT
arjefm-1162	49	43	.	.	PUNCT
arjefm-1162	50	1	long	long	ADJ
arjefm-1162	50	2	-	-	PUNCT
arjefm-1162	50	3	term	term	NOUN
arjefm-1162	50	4	leverage	leverage	NOUN
arjefm-1162	50	5	the	the	DET
arjefm-1162	50	6	use	use	NOUN
arjefm-1162	50	7	of	of	ADP
arjefm-1162	50	8	long	long	ADJ
arjefm-1162	50	9	-	-	PUNCT
arjefm-1162	50	10	term	term	NOUN
arjefm-1162	50	11	leverage	leverage	NOUN
arjefm-1162	50	12	varies	vary	VERB
arjefm-1162	50	13	across	across	ADP
arjefm-1162	50	14	sectors	sector	NOUN
arjefm-1162	50	15	.	.	PUNCT
arjefm-1162	51	1	in	in	ADP
arjefm-1162	51	2	the	the	DET
arjefm-1162	51	3	fast	fast	ADV
arjefm-1162	51	4	-	-	PUNCT
arjefm-1162	51	5	moving	move	VERB
arjefm-1162	51	6	consumer	consumer	NOUN
arjefm-1162	51	7	goods	good	NOUN
arjefm-1162	51	8	(	(	PUNCT
arjefm-1162	51	9	fmcg	fmcg	NOUN
arjefm-1162	51	10	)	)	PUNCT
arjefm-1162	51	11	sector	sector	NOUN
arjefm-1162	51	12	,	,	PUNCT
arjefm-1162	51	13	firms	firm	NOUN
arjefm-1162	51	14	may	may	AUX
arjefm-1162	51	15	use	use	VERB
arjefm-1162	51	16	long	long	ADJ
arjefm-1162	51	17	-	-	PUNCT
arjefm-1162	51	18	term	term	NOUN
arjefm-1162	51	19	leverage	leverage	NOUN
arjefm-1162	51	20	to	to	ADP
arjefm-1162	51	21	finance	finance	NOUN
arjefm-1162	51	22	expansion	expansion	NOUN
arjefm-1162	51	23	,	,	PUNCT
arjefm-1162	51	24	new	new	ADJ
arjefm-1162	51	25	product	product	NOUN
arjefm-1162	51	26	development	development	NOUN
arjefm-1162	51	27	,	,	PUNCT
arjefm-1162	51	28	or	or	CCONJ
arjefm-1162	51	29	capitalintensive	capitalintensive	ADJ
arjefm-1162	51	30	production	production	NOUN
arjefm-1162	51	31	facilities	facility	NOUN
arjefm-1162	51	32	(	(	PUNCT
arjefm-1162	51	33	harris	harris	PROPN
arjefm-1162	51	34	&	&	CCONJ
arjefm-1162	51	35	raviv	raviv	PROPN
arjefm-1162	51	36	,	,	PUNCT
arjefm-1162	51	37	2019	2019	NUM
arjefm-1162	51	38	)	)	PUNCT
arjefm-1162	51	39	.	.	PUNCT
arjefm-1162	52	1	however	however	ADV
arjefm-1162	52	2	,	,	PUNCT
arjefm-1162	52	3	the	the	DET
arjefm-1162	52	4	sector	sector	NOUN
arjefm-1162	52	5	's	's	PART
arjefm-1162	52	6	focus	focus	NOUN
arjefm-1162	52	7	on	on	ADP
arjefm-1162	52	8	rapid	rapid	ADJ
arjefm-1162	52	9	turnover	turnover	NOUN
arjefm-1162	52	10	and	and	CCONJ
arjefm-1162	52	11	market	market	NOUN
arjefm-1162	52	12	fluctuations	fluctuation	NOUN
arjefm-1162	52	13	means	mean	VERB
arjefm-1162	52	14	that	that	SCONJ
arjefm-1162	52	15	high	high	ADJ
arjefm-1162	52	16	long	long	ADJ
arjefm-1162	52	17	-	-	PUNCT
arjefm-1162	52	18	term	term	NOUN
arjefm-1162	52	19	leverage	leverage	NOUN
arjefm-1162	52	20	needs	need	VERB
arjefm-1162	52	21	to	to	PART
arjefm-1162	52	22	be	be	AUX
arjefm-1162	52	23	managed	manage	VERB
arjefm-1162	52	24	carefully	carefully	ADV
arjefm-1162	52	25	to	to	PART
arjefm-1162	52	26	avoid	avoid	VERB
arjefm-1162	52	27	financial	financial	ADJ
arjefm-1162	52	28	strain	strain	NOUN
arjefm-1162	52	29	(	(	PUNCT
arjefm-1162	52	30	brigham	brigham	PROPN
arjefm-1162	52	31	&	&	CCONJ
arjefm-1162	52	32	ehrhardt	ehrhardt	PROPN
arjefm-1162	52	33	,	,	PUNCT
arjefm-1162	52	34	2019	2019	NUM
arjefm-1162	52	35	)	)	PUNCT
arjefm-1162	52	36	.	.	PUNCT
arjefm-1162	53	1	in	in	ADP
arjefm-1162	53	2	the	the	DET
arjefm-1162	53	3	logistics	logistic	NOUN
arjefm-1162	53	4	sector	sector	NOUN
arjefm-1162	53	5	,	,	PUNCT
arjefm-1162	53	6	companies	company	NOUN
arjefm-1162	53	7	often	often	ADV
arjefm-1162	53	8	use	use	VERB
arjefm-1162	53	9	long	long	ADJ
arjefm-1162	53	10	-	-	PUNCT
arjefm-1162	53	11	term	term	NOUN
arjefm-1162	53	12	debt	debt	NOUN
arjefm-1162	53	13	to	to	PART
arjefm-1162	53	14	finance	finance	VERB
arjefm-1162	53	15	large	large	ADJ
arjefm-1162	53	16	-	-	PUNCT
arjefm-1162	53	17	scale	scale	NOUN
arjefm-1162	53	18	infrastructure	infrastructure	NOUN
arjefm-1162	53	19	investments	investment	NOUN
arjefm-1162	53	20	,	,	PUNCT
arjefm-1162	53	21	such	such	ADJ
arjefm-1162	53	22	as	as	ADP
arjefm-1162	53	23	warehouses	warehouse	NOUN
arjefm-1162	53	24	and	and	CCONJ
arjefm-1162	53	25	fleets	fleet	NOUN
arjefm-1162	53	26	(	(	PUNCT
arjefm-1162	53	27	chung	chung	PROPN
arjefm-1162	53	28	,	,	PUNCT
arjefm-1162	53	29	2022	2022	NUM
arjefm-1162	53	30	)	)	PUNCT
arjefm-1162	53	31	.	.	PUNCT
arjefm-1162	54	1	given	give	VERB
arjefm-1162	54	2	the	the	DET
arjefm-1162	54	3	capital	capital	NOUN
arjefm-1162	54	4	-	-	PUNCT
arjefm-1162	54	5	intensive	intensive	ADJ
arjefm-1162	54	6	nature	nature	NOUN
arjefm-1162	54	7	of	of	ADP
arjefm-1162	54	8	the	the	DET
arjefm-1162	54	9	logistics	logistic	NOUN
arjefm-1162	54	10	industry	industry	NOUN
arjefm-1162	54	11	,	,	PUNCT
arjefm-1162	54	12	long	long	ADJ
arjefm-1162	54	13	-	-	PUNCT
arjefm-1162	54	14	term	term	NOUN
arjefm-1162	54	15	debt	debt	NOUN
arjefm-1162	54	16	can	can	AUX
arjefm-1162	54	17	provide	provide	VERB
arjefm-1162	54	18	necessary	necessary	ADJ
arjefm-1162	54	19	funds	fund	NOUN
arjefm-1162	54	20	but	but	CCONJ
arjefm-1162	54	21	also	also	ADV
arjefm-1162	54	22	adds	add	VERB
arjefm-1162	54	23	financial	financial	ADJ
arjefm-1162	54	24	obligations	obligation	NOUN
arjefm-1162	54	25	that	that	PRON
arjefm-1162	54	26	must	must	AUX
arjefm-1162	54	27	be	be	AUX
arjefm-1162	54	28	managed	manage	VERB
arjefm-1162	54	29	over	over	ADP
arjefm-1162	54	30	time	time	NOUN
arjefm-1162	54	31	(	(	PUNCT
arjefm-1162	54	32	berger	berger	PROPN
arjefm-1162	54	33	&	&	CCONJ
arjefm-1162	54	34	udell	udell	PROPN
arjefm-1162	54	35	,	,	PUNCT
arjefm-1162	54	36	2021	2021	NUM
arjefm-1162	54	37	)	)	PUNCT
arjefm-1162	54	38	.	.	PUNCT
arjefm-1162	55	1	long	long	ADJ
arjefm-1162	55	2	-	-	PUNCT
arjefm-1162	55	3	term	term	NOUN
arjefm-1162	55	4	leverage	leverage	NOUN
arjefm-1162	55	5	provides	provide	VERB
arjefm-1162	55	6	essential	essential	ADJ
arjefm-1162	55	7	funding	funding	NOUN
arjefm-1162	55	8	for	for	ADP
arjefm-1162	55	9	significant	significant	ADJ
arjefm-1162	55	10	investments	investment	NOUN
arjefm-1162	55	11	and	and	CCONJ
arjefm-1162	55	12	expansion	expansion	NOUN
arjefm-1162	55	13	,	,	PUNCT
arjefm-1162	55	14	offering	offer	VERB
arjefm-1162	55	15	stability	stability	NOUN
arjefm-1162	55	16	and	and	CCONJ
arjefm-1162	55	17	potential	potential	ADJ
arjefm-1162	55	18	tax	tax	NOUN
arjefm-1162	55	19	benefits	benefit	NOUN
arjefm-1162	55	20	.	.	PUNCT
arjefm-1162	56	1	however	however	ADV
arjefm-1162	56	2	,	,	PUNCT
arjefm-1162	56	3	it	it	PRON
arjefm-1162	56	4	also	also	ADV
arjefm-1162	56	5	entails	entail	VERB
arjefm-1162	56	6	risks	risk	NOUN
arjefm-1162	56	7	related	relate	VERB
arjefm-1162	56	8	to	to	ADP
arjefm-1162	56	9	interest	interest	NOUN
arjefm-1162	56	10	rate	rate	NOUN
arjefm-1162	56	11	fluctuations	fluctuation	NOUN
arjefm-1162	56	12	,	,	PUNCT
arjefm-1162	56	13	financial	financial	ADJ
arjefm-1162	56	14	distress	distress	NOUN
arjefm-1162	56	15	,	,	PUNCT
arjefm-1162	56	16	and	and	CCONJ
arjefm-1162	56	17	reduced	reduce	VERB
arjefm-1162	56	18	operational	operational	ADJ
arjefm-1162	56	19	flexibility	flexibility	NOUN
arjefm-1162	56	20	.	.	PUNCT
arjefm-1162	57	1	effective	effective	ADJ
arjefm-1162	57	2	management	management	NOUN
arjefm-1162	57	3	of	of	ADP
arjefm-1162	57	4	long	long	ADJ
arjefm-1162	57	5	-	-	PUNCT
arjefm-1162	57	6	term	term	NOUN
arjefm-1162	57	7	debt	debt	NOUN
arjefm-1162	57	8	is	be	AUX
arjefm-1162	57	9	crucial	crucial	ADJ
arjefm-1162	57	10	to	to	PART
arjefm-1162	57	11	balance	balance	VERB
arjefm-1162	57	12	these	these	DET
arjefm-1162	57	13	benefits	benefit	NOUN
arjefm-1162	57	14	and	and	CCONJ
arjefm-1162	57	15	risks	risk	NOUN
arjefm-1162	57	16	.	.	PUNCT
arjefm-1162	58	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-1162	58	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	59	1	american	american	PROPN
arjefm-1162	59	2	research	research	PROPN
arjefm-1162	59	3	journal	journal	PROPN
arjefm-1162	59	4	of	of	ADP
arjefm-1162	59	5	economics	economic	NOUN
arjefm-1162	59	6	,	,	PUNCT
arjefm-1162	59	7	finance	finance	NOUN
arjefm-1162	59	8	and	and	CCONJ
arjefm-1162	59	9	management	management	NOUN
arjefm-1162	59	10	volume	volume	NOUN
arjefm-1162	59	11	13	13	NUM
arjefm-1162	59	12	issue	issue	NOUN
arjefm-1162	59	13	1	1	NUM
arjefm-1162	59	14	,	,	PUNCT
arjefm-1162	59	15	january	january	PROPN
arjefm-1162	59	16	-	-	PUNCT
arjefm-1162	59	17	march	march	PROPN
arjefm-1162	59	18	2025	2025	NUM
arjefm-1162	59	19	issn	issn	NOUN
arjefm-1162	59	20	:	:	PUNCT
arjefm-1162	59	21	2836	2836	NUM
arjefm-1162	59	22	-	-	SYM
arjefm-1162	59	23	9416	9416	NUM
arjefm-1162	59	24	impact	impact	NOUN
arjefm-1162	59	25	factor	factor	NOUN
arjefm-1162	59	26	:	:	PUNCT
arjefm-1162	59	27	6.41	6.41	NUM
arjefm-1162	59	28	journal	journal	NOUN
arjefm-1162	59	29	homepage	homepage	NOUN
arjefm-1162	59	30	:	:	PUNCT
arjefm-1162	59	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	59	32	,	,	PUNCT
arjefm-1162	59	33	email	email	NOUN
arjefm-1162	59	34	:	:	PUNCT
arjefm-1162	60	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	60	2	official	official	ADJ
arjefm-1162	60	3	journal	journal	PROPN
arjefm-1162	60	4	of	of	ADP
arjefm-1162	60	5	america	america	PROPN
arjefm-1162	60	6	serial	serial	PROPN
arjefm-1162	60	7	publication	publication	NOUN
arjefm-1162	60	8	american	american	PROPN
arjefm-1162	60	9	research	research	PROPN
arjefm-1162	60	10	journal	journal	PROPN
arjefm-1162	60	11	of	of	ADP
arjefm-1162	60	12	economics	economic	NOUN
arjefm-1162	60	13	,	,	PUNCT
arjefm-1162	60	14	finance	finance	NOUN
arjefm-1162	60	15	and	and	CCONJ
arjefm-1162	60	16	management	management	NOUN
arjefm-1162	60	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	60	18	,	,	PUNCT
arjefm-1162	60	19	email	email	NOUN
arjefm-1162	60	20	:	:	PUNCT
arjefm-1162	60	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	61	1	121	121	NUM
arjefm-1162	62	1	|	|	ADV
arjefm-1162	62	2	p	p	NOUN
arjefm-1162	62	3	a	a	DET
arjefm-1162	62	4	g	g	NOUN
arjefm-1162	62	5	e	e	X
arjefm-1162	62	6	short	short	ADJ
arjefm-1162	62	7	term	term	NOUN
arjefm-1162	62	8	leverage	leverage	NOUN
arjefm-1162	62	9	short	short	ADJ
arjefm-1162	62	10	-	-	PUNCT
arjefm-1162	62	11	term	term	NOUN
arjefm-1162	62	12	leverage	leverage	NOUN
arjefm-1162	62	13	refers	refer	VERB
arjefm-1162	62	14	to	to	ADP
arjefm-1162	62	15	a	a	DET
arjefm-1162	62	16	company	company	NOUN
arjefm-1162	62	17	's	's	PART
arjefm-1162	62	18	reliance	reliance	NOUN
arjefm-1162	62	19	on	on	ADP
arjefm-1162	62	20	short	short	ADJ
arjefm-1162	62	21	-	-	PUNCT
arjefm-1162	62	22	term	term	NOUN
arjefm-1162	62	23	debt	debt	NOUN
arjefm-1162	62	24	instruments	instrument	NOUN
arjefm-1162	62	25	to	to	PART
arjefm-1162	62	26	finance	finance	VERB
arjefm-1162	62	27	its	its	PRON
arjefm-1162	62	28	operational	operational	ADJ
arjefm-1162	62	29	needs	need	NOUN
arjefm-1162	62	30	or	or	CCONJ
arjefm-1162	62	31	to	to	PART
arjefm-1162	62	32	bridge	bridge	VERB
arjefm-1162	62	33	temporary	temporary	ADJ
arjefm-1162	62	34	gaps	gap	NOUN
arjefm-1162	62	35	in	in	ADP
arjefm-1162	62	36	cash	cash	NOUN
arjefm-1162	62	37	flow	flow	NOUN
arjefm-1162	62	38	.	.	PUNCT
arjefm-1162	63	1	this	this	DET
arjefm-1162	63	2	type	type	NOUN
arjefm-1162	63	3	of	of	ADP
arjefm-1162	63	4	leverage	leverage	NOUN
arjefm-1162	63	5	typically	typically	ADV
arjefm-1162	63	6	includes	include	VERB
arjefm-1162	63	7	obligations	obligation	NOUN
arjefm-1162	63	8	that	that	PRON
arjefm-1162	63	9	are	be	AUX
arjefm-1162	63	10	due	due	ADJ
arjefm-1162	63	11	within	within	ADP
arjefm-1162	63	12	a	a	DET
arjefm-1162	63	13	year	year	NOUN
arjefm-1162	63	14	,	,	PUNCT
arjefm-1162	63	15	such	such	ADJ
arjefm-1162	63	16	as	as	ADP
arjefm-1162	63	17	short	short	ADJ
arjefm-1162	63	18	-	-	PUNCT
arjefm-1162	63	19	term	term	NOUN
arjefm-1162	63	20	loans	loan	NOUN
arjefm-1162	63	21	,	,	PUNCT
arjefm-1162	63	22	credit	credit	NOUN
arjefm-1162	63	23	lines	line	NOUN
arjefm-1162	63	24	,	,	PUNCT
arjefm-1162	63	25	trade	trade	NOUN
arjefm-1162	63	26	credit	credit	NOUN
arjefm-1162	63	27	,	,	PUNCT
arjefm-1162	63	28	and	and	CCONJ
arjefm-1162	63	29	commercial	commercial	ADJ
arjefm-1162	63	30	paper	paper	NOUN
arjefm-1162	63	31	.	.	PUNCT
arjefm-1162	64	1	according	accord	VERB
arjefm-1162	64	2	to	to	ADP
arjefm-1162	64	3	brigham	brigham	PROPN
arjefm-1162	64	4	and	and	CCONJ
arjefm-1162	64	5	ehrhardt	ehrhardt	PROPN
arjefm-1162	64	6	(	(	PUNCT
arjefm-1162	64	7	2021	2021	NUM
arjefm-1162	64	8	)	)	PUNCT
arjefm-1162	64	9	,	,	PUNCT
arjefm-1162	64	10	businesses	business	NOUN
arjefm-1162	64	11	often	often	ADV
arjefm-1162	64	12	utilize	utilize	VERB
arjefm-1162	64	13	short	short	ADJ
arjefm-1162	64	14	-	-	PUNCT
arjefm-1162	64	15	term	term	NOUN
arjefm-1162	64	16	loans	loan	NOUN
arjefm-1162	64	17	or	or	CCONJ
arjefm-1162	64	18	revolving	revolve	VERB
arjefm-1162	64	19	credit	credit	NOUN
arjefm-1162	64	20	lines	line	NOUN
arjefm-1162	64	21	to	to	PART
arjefm-1162	64	22	maintain	maintain	VERB
arjefm-1162	64	23	liquidity	liquidity	NOUN
arjefm-1162	64	24	,	,	PUNCT
arjefm-1162	64	25	especially	especially	ADV
arjefm-1162	64	26	during	during	ADP
arjefm-1162	64	27	periods	period	NOUN
arjefm-1162	64	28	of	of	ADP
arjefm-1162	64	29	low	low	ADJ
arjefm-1162	64	30	cash	cash	NOUN
arjefm-1162	64	31	flow	flow	NOUN
arjefm-1162	64	32	or	or	CCONJ
arjefm-1162	64	33	increased	increase	VERB
arjefm-1162	64	34	operational	operational	ADJ
arjefm-1162	64	35	expenses	expense	NOUN
arjefm-1162	64	36	.	.	PUNCT
arjefm-1162	65	1	trade	trade	NOUN
arjefm-1162	65	2	credit	credit	NOUN
arjefm-1162	65	3	,	,	PUNCT
arjefm-1162	65	4	which	which	PRON
arjefm-1162	65	5	is	be	AUX
arjefm-1162	65	6	credit	credit	NOUN
arjefm-1162	65	7	extended	extend	VERB
arjefm-1162	65	8	by	by	ADP
arjefm-1162	65	9	suppliers	supplier	NOUN
arjefm-1162	65	10	,	,	PUNCT
arjefm-1162	65	11	also	also	ADV
arjefm-1162	65	12	plays	play	VERB
arjefm-1162	65	13	a	a	DET
arjefm-1162	65	14	significant	significant	ADJ
arjefm-1162	65	15	role	role	NOUN
arjefm-1162	65	16	in	in	ADP
arjefm-1162	65	17	short	short	ADJ
arjefm-1162	65	18	-	-	PUNCT
arjefm-1162	65	19	term	term	NOUN
arjefm-1162	65	20	leverage	leverage	NOUN
arjefm-1162	65	21	,	,	PUNCT
arjefm-1162	65	22	as	as	SCONJ
arjefm-1162	65	23	companies	company	NOUN
arjefm-1162	65	24	can	can	AUX
arjefm-1162	65	25	defer	defer	VERB
arjefm-1162	65	26	payment	payment	NOUN
arjefm-1162	65	27	for	for	ADP
arjefm-1162	65	28	goods	good	NOUN
arjefm-1162	65	29	and	and	CCONJ
arjefm-1162	65	30	services	service	NOUN
arjefm-1162	65	31	,	,	PUNCT
arjefm-1162	65	32	providing	provide	VERB
arjefm-1162	65	33	flexibility	flexibility	NOUN
arjefm-1162	65	34	to	to	PART
arjefm-1162	65	35	manage	manage	VERB
arjefm-1162	65	36	working	working	NOUN
arjefm-1162	65	37	capital	capital	NOUN
arjefm-1162	65	38	(	(	PUNCT
arjefm-1162	65	39	brealey	brealey	PROPN
arjefm-1162	65	40	,	,	PUNCT
arjefm-1162	65	41	myers	myers	PROPN
arjefm-1162	65	42	,	,	PUNCT
arjefm-1162	65	43	&	&	CCONJ
arjefm-1162	65	44	allen	allen	PROPN
arjefm-1162	65	45	,	,	PUNCT
arjefm-1162	65	46	2020	2020	NUM
arjefm-1162	65	47	)	)	PUNCT
arjefm-1162	65	48	.	.	PUNCT
arjefm-1162	66	1	while	while	SCONJ
arjefm-1162	66	2	short	short	ADJ
arjefm-1162	66	3	-	-	PUNCT
arjefm-1162	66	4	term	term	NOUN
arjefm-1162	66	5	leverage	leverage	NOUN
arjefm-1162	66	6	can	can	AUX
arjefm-1162	66	7	be	be	AUX
arjefm-1162	66	8	advantageous	advantageous	ADJ
arjefm-1162	66	9	due	due	ADP
arjefm-1162	66	10	to	to	ADP
arjefm-1162	66	11	its	its	PRON
arjefm-1162	66	12	lower	low	ADJ
arjefm-1162	66	13	interest	interest	NOUN
arjefm-1162	66	14	rates	rate	NOUN
arjefm-1162	66	15	and	and	CCONJ
arjefm-1162	66	16	easier	easy	ADJ
arjefm-1162	66	17	retirement	retirement	NOUN
arjefm-1162	66	18	compared	compare	VERB
arjefm-1162	66	19	to	to	ADP
arjefm-1162	66	20	long	long	ADJ
arjefm-1162	66	21	-	-	PUNCT
arjefm-1162	66	22	term	term	NOUN
arjefm-1162	66	23	debt	debt	NOUN
arjefm-1162	66	24	,	,	PUNCT
arjefm-1162	66	25	it	it	PRON
arjefm-1162	66	26	also	also	ADV
arjefm-1162	66	27	carries	carry	VERB
arjefm-1162	66	28	risks	risk	NOUN
arjefm-1162	66	29	.	.	PUNCT
arjefm-1162	67	1	short	short	ADJ
arjefm-1162	67	2	-	-	PUNCT
arjefm-1162	67	3	term	term	NOUN
arjefm-1162	67	4	obligations	obligation	NOUN
arjefm-1162	67	5	must	must	AUX
arjefm-1162	67	6	be	be	AUX
arjefm-1162	67	7	repaid	repay	VERB
arjefm-1162	67	8	or	or	CCONJ
arjefm-1162	67	9	refinanced	refinance	VERB
arjefm-1162	67	10	quickly	quickly	ADV
arjefm-1162	67	11	,	,	PUNCT
arjefm-1162	67	12	and	and	CCONJ
arjefm-1162	67	13	failure	failure	NOUN
arjefm-1162	67	14	to	to	PART
arjefm-1162	67	15	manage	manage	VERB
arjefm-1162	67	16	them	they	PRON
arjefm-1162	67	17	properly	properly	ADV
arjefm-1162	67	18	can	can	AUX
arjefm-1162	67	19	lead	lead	VERB
arjefm-1162	67	20	to	to	ADP
arjefm-1162	67	21	liquidity	liquidity	NOUN
arjefm-1162	67	22	problems	problem	NOUN
arjefm-1162	67	23	,	,	PUNCT
arjefm-1162	67	24	as	as	SCONJ
arjefm-1162	67	25	noted	note	VERB
arjefm-1162	67	26	by	by	ADP
arjefm-1162	67	27	ross	ross	PROPN
arjefm-1162	67	28	,	,	PUNCT
arjefm-1162	67	29	westerfield	westerfield	PROPN
arjefm-1162	67	30	,	,	PUNCT
arjefm-1162	67	31	and	and	CCONJ
arjefm-1162	67	32	jaffe	jaffe	PROPN
arjefm-1162	67	33	(	(	PUNCT
arjefm-1162	67	34	2019	2019	NUM
arjefm-1162	67	35	)	)	PUNCT
arjefm-1162	67	36	.	.	PUNCT
arjefm-1162	68	1	firms	firm	NOUN
arjefm-1162	68	2	that	that	SCONJ
arjefm-1162	68	3	over	over	ADV
arjefm-1162	68	4	-	-	PUNCT
arjefm-1162	68	5	rely	rely	NOUN
arjefm-1162	68	6	on	on	ADP
arjefm-1162	68	7	short	short	ADJ
arjefm-1162	68	8	-	-	PUNCT
arjefm-1162	68	9	term	term	NOUN
arjefm-1162	68	10	debt	debt	NOUN
arjefm-1162	68	11	may	may	AUX
arjefm-1162	68	12	find	find	VERB
arjefm-1162	68	13	themselves	themselves	PRON
arjefm-1162	68	14	vulnerable	vulnerable	ADJ
arjefm-1162	68	15	to	to	ADP
arjefm-1162	68	16	fluctuations	fluctuation	NOUN
arjefm-1162	68	17	in	in	ADP
arjefm-1162	68	18	cash	cash	NOUN
arjefm-1162	68	19	flow	flow	NOUN
arjefm-1162	68	20	or	or	CCONJ
arjefm-1162	68	21	changes	change	NOUN
arjefm-1162	68	22	in	in	ADP
arjefm-1162	68	23	market	market	NOUN
arjefm-1162	68	24	conditions	condition	NOUN
arjefm-1162	68	25	.	.	PUNCT
arjefm-1162	69	1	therefore	therefore	ADV
arjefm-1162	69	2	,	,	PUNCT
arjefm-1162	69	3	companies	company	NOUN
arjefm-1162	69	4	must	must	AUX
arjefm-1162	69	5	carefully	carefully	ADV
arjefm-1162	69	6	balance	balance	VERB
arjefm-1162	69	7	their	their	PRON
arjefm-1162	69	8	short	short	ADJ
arjefm-1162	69	9	-	-	PUNCT
arjefm-1162	69	10	term	term	NOUN
arjefm-1162	69	11	leverage	leverage	NOUN
arjefm-1162	69	12	to	to	PART
arjefm-1162	69	13	avoid	avoid	VERB
arjefm-1162	69	14	financial	financial	ADJ
arjefm-1162	69	15	strain	strain	NOUN
arjefm-1162	69	16	while	while	SCONJ
arjefm-1162	69	17	still	still	ADV
arjefm-1162	69	18	taking	take	VERB
arjefm-1162	69	19	advantage	advantage	NOUN
arjefm-1162	69	20	of	of	ADP
arjefm-1162	69	21	its	its	PRON
arjefm-1162	69	22	benefits	benefit	NOUN
arjefm-1162	69	23	for	for	ADP
arjefm-1162	69	24	operational	operational	ADJ
arjefm-1162	69	25	flexibility	flexibility	NOUN
arjefm-1162	69	26	and	and	CCONJ
arjefm-1162	69	27	working	working	NOUN
arjefm-1162	69	28	capital	capital	NOUN
arjefm-1162	69	29	management	management	NOUN
arjefm-1162	69	30	.	.	PUNCT
arjefm-1162	70	1	roe	roe	PROPN
arjefm-1162	70	2	however	however	ADV
arjefm-1162	70	3	,	,	PUNCT
arjefm-1162	70	4	while	while	SCONJ
arjefm-1162	70	5	a	a	DET
arjefm-1162	70	6	high	high	ADJ
arjefm-1162	70	7	roe	roe	NOUN
arjefm-1162	70	8	is	be	AUX
arjefm-1162	70	9	generally	generally	ADV
arjefm-1162	70	10	favourable	favourable	ADJ
arjefm-1162	70	11	,	,	PUNCT
arjefm-1162	70	12	it	it	PRON
arjefm-1162	70	13	is	be	AUX
arjefm-1162	70	14	essential	essential	ADJ
arjefm-1162	70	15	to	to	PART
arjefm-1162	70	16	consider	consider	VERB
arjefm-1162	70	17	the	the	DET
arjefm-1162	70	18	influence	influence	NOUN
arjefm-1162	70	19	of	of	ADP
arjefm-1162	70	20	financial	financial	ADJ
arjefm-1162	70	21	leverage	leverage	NOUN
arjefm-1162	70	22	.	.	PUNCT
arjefm-1162	71	1	high	high	ADJ
arjefm-1162	71	2	levels	level	NOUN
arjefm-1162	71	3	of	of	ADP
arjefm-1162	71	4	debt	debt	NOUN
arjefm-1162	71	5	can	can	AUX
arjefm-1162	71	6	artificially	artificially	ADV
arjefm-1162	71	7	inflate	inflate	VERB
arjefm-1162	71	8	roe	roe	NOUN
arjefm-1162	71	9	by	by	ADP
arjefm-1162	71	10	reducing	reduce	VERB
arjefm-1162	71	11	the	the	DET
arjefm-1162	71	12	equity	equity	NOUN
arjefm-1162	71	13	base	base	NOUN
arjefm-1162	71	14	,	,	PUNCT
arjefm-1162	71	15	which	which	PRON
arjefm-1162	71	16	is	be	AUX
arjefm-1162	71	17	why	why	SCONJ
arjefm-1162	71	18	analysts	analyst	NOUN
arjefm-1162	71	19	must	must	AUX
arjefm-1162	71	20	consider	consider	VERB
arjefm-1162	71	21	roe	roe	NOUN
arjefm-1162	71	22	alongside	alongside	ADP
arjefm-1162	71	23	other	other	ADJ
arjefm-1162	71	24	financial	financial	ADJ
arjefm-1162	71	25	ratios	ratio	NOUN
arjefm-1162	71	26	,	,	PUNCT
arjefm-1162	71	27	such	such	ADJ
arjefm-1162	71	28	as	as	ADP
arjefm-1162	71	29	the	the	DET
arjefm-1162	71	30	debt	debt	NOUN
arjefm-1162	71	31	-	-	PUNCT
arjefm-1162	71	32	to	to	ADP
arjefm-1162	71	33	-	-	PUNCT
arjefm-1162	71	34	equity	equity	NOUN
arjefm-1162	71	35	ratio	ratio	NOUN
arjefm-1162	71	36	,	,	PUNCT
arjefm-1162	71	37	to	to	PART
arjefm-1162	71	38	get	get	VERB
arjefm-1162	71	39	a	a	DET
arjefm-1162	71	40	comprehensive	comprehensive	ADJ
arjefm-1162	71	41	understanding	understanding	NOUN
arjefm-1162	71	42	of	of	ADP
arjefm-1162	71	43	a	a	DET
arjefm-1162	71	44	company	company	NOUN
arjefm-1162	71	45	's	's	PART
arjefm-1162	71	46	financial	financial	ADJ
arjefm-1162	71	47	stability	stability	NOUN
arjefm-1162	71	48	(	(	PUNCT
arjefm-1162	71	49	ibe	ibe	PROPN
arjefm-1162	71	50	&	&	CCONJ
arjefm-1162	71	51	pibowei	pibowei	PROPN
arjefm-1162	71	52	,	,	PUNCT
arjefm-1162	71	53	2022	2022	NUM
arjefm-1162	71	54	)	)	PUNCT
arjefm-1162	71	55	.	.	PUNCT
arjefm-1162	72	1	additionally	additionally	ADV
arjefm-1162	72	2	,	,	PUNCT
arjefm-1162	72	3	industry	industry	NOUN
arjefm-1162	72	4	norms	norm	NOUN
arjefm-1162	72	5	play	play	VERB
arjefm-1162	72	6	a	a	DET
arjefm-1162	72	7	significant	significant	ADJ
arjefm-1162	72	8	role	role	NOUN
arjefm-1162	72	9	in	in	ADP
arjefm-1162	72	10	interpreting	interpret	VERB
arjefm-1162	72	11	roe	roe	NOUN
arjefm-1162	72	12	,	,	PUNCT
arjefm-1162	72	13	as	as	SCONJ
arjefm-1162	72	14	different	different	ADJ
arjefm-1162	72	15	industries	industry	NOUN
arjefm-1162	72	16	have	have	VERB
arjefm-1162	72	17	varying	vary	VERB
arjefm-1162	72	18	standards	standard	NOUN
arjefm-1162	72	19	for	for	ADP
arjefm-1162	72	20	what	what	PRON
arjefm-1162	72	21	constitutes	constitute	VERB
arjefm-1162	72	22	a	a	DET
arjefm-1162	72	23	good	good	ADJ
arjefm-1162	72	24	roe	roe	NOUN
arjefm-1162	72	25	(	(	PUNCT
arjefm-1162	72	26	olagunju	olagunju	NOUN
arjefm-1162	72	27	et	et	PROPN
arjefm-1162	72	28	al	al	PROPN
arjefm-1162	72	29	.	.	PROPN
arjefm-1162	72	30	,	,	PUNCT
arjefm-1162	72	31	2022	2022	NUM
arjefm-1162	72	32	)	)	PUNCT
arjefm-1162	72	33	.	.	PUNCT
arjefm-1162	73	1	despite	despite	SCONJ
arjefm-1162	73	2	its	its	PRON
arjefm-1162	73	3	usefulness	usefulness	NOUN
arjefm-1162	73	4	,	,	PUNCT
arjefm-1162	73	5	roe	roe	PROPN
arjefm-1162	73	6	has	have	VERB
arjefm-1162	73	7	limitations	limitation	NOUN
arjefm-1162	73	8	,	,	PUNCT
arjefm-1162	73	9	such	such	ADJ
arjefm-1162	73	10	as	as	ADP
arjefm-1162	73	11	not	not	PART
arjefm-1162	73	12	accounting	account	VERB
arjefm-1162	73	13	for	for	ADP
arjefm-1162	73	14	earnings	earning	NOUN
arjefm-1162	73	15	quality	quality	NOUN
arjefm-1162	73	16	and	and	CCONJ
arjefm-1162	73	17	being	be	AUX
arjefm-1162	73	18	less	less	ADV
arjefm-1162	73	19	informative	informative	ADJ
arjefm-1162	73	20	for	for	ADP
arjefm-1162	73	21	companies	company	NOUN
arjefm-1162	73	22	at	at	ADP
arjefm-1162	73	23	different	different	ADJ
arjefm-1162	73	24	growth	growth	NOUN
arjefm-1162	73	25	stages	stage	NOUN
arjefm-1162	73	26	.	.	PUNCT
arjefm-1162	74	1	therefore	therefore	ADV
arjefm-1162	74	2	,	,	PUNCT
arjefm-1162	74	3	it	it	PRON
arjefm-1162	74	4	should	should	AUX
arjefm-1162	74	5	be	be	AUX
arjefm-1162	74	6	used	use	VERB
arjefm-1162	74	7	in	in	ADP
arjefm-1162	74	8	conjunction	conjunction	NOUN
arjefm-1162	74	9	with	with	ADP
arjefm-1162	74	10	other	other	ADJ
arjefm-1162	74	11	metrics	metric	NOUN
arjefm-1162	74	12	to	to	PART
arjefm-1162	74	13	make	make	VERB
arjefm-1162	74	14	wellrounded	wellrounded	ADJ
arjefm-1162	74	15	financial	financial	ADJ
arjefm-1162	74	16	assessments	assessment	NOUN
arjefm-1162	74	17	.	.	PUNCT
arjefm-1162	75	1	empirical	empirical	ADJ
arjefm-1162	75	2	studies	study	NOUN
arjefm-1162	75	3	nakamura	nakamura	NOUN
arjefm-1162	75	4	and	and	CCONJ
arjefm-1162	75	5	sato	sato	PROPN
arjefm-1162	75	6	(	(	PUNCT
arjefm-1162	75	7	2024	2024	NUM
arjefm-1162	75	8	)	)	PUNCT
arjefm-1162	75	9	studied	study	VERB
arjefm-1162	75	10	the	the	DET
arjefm-1162	75	11	impact	impact	NOUN
arjefm-1162	75	12	of	of	ADP
arjefm-1162	75	13	financial	financial	ADJ
arjefm-1162	75	14	leverage	leverage	NOUN
arjefm-1162	75	15	on	on	ADP
arjefm-1162	75	16	the	the	DET
arjefm-1162	75	17	profitability	profitability	NOUN
arjefm-1162	75	18	of	of	ADP
arjefm-1162	75	19	japanese	japanese	ADJ
arjefm-1162	75	20	automotive	automotive	ADJ
arjefm-1162	75	21	companies	company	NOUN
arjefm-1162	75	22	,	,	PUNCT
arjefm-1162	75	23	aiming	aim	VERB
arjefm-1162	75	24	to	to	PART
arjefm-1162	75	25	understand	understand	VERB
arjefm-1162	75	26	how	how	SCONJ
arjefm-1162	75	27	leverage	leverage	NOUN
arjefm-1162	75	28	influences	influence	VERB
arjefm-1162	75	29	profitability	profitability	NOUN
arjefm-1162	75	30	,	,	PUNCT
arjefm-1162	75	31	particularly	particularly	ADV
arjefm-1162	75	32	in	in	ADP
arjefm-1162	75	33	terms	term	NOUN
arjefm-1162	75	34	of	of	ADP
arjefm-1162	75	35	its	its	PRON
arjefm-1162	75	36	role	role	NOUN
arjefm-1162	75	37	in	in	ADP
arjefm-1162	75	38	enabling	enable	VERB
arjefm-1162	75	39	higher	high	ADJ
arjefm-1162	75	40	investment	investment	NOUN
arjefm-1162	75	41	in	in	ADP
arjefm-1162	75	42	technology	technology	NOUN
arjefm-1162	75	43	.	.	PUNCT
arjefm-1162	76	1	the	the	DET
arjefm-1162	76	2	study	study	NOUN
arjefm-1162	76	3	analyzed	analyze	VERB
arjefm-1162	76	4	data	datum	NOUN
arjefm-1162	76	5	from	from	ADP
arjefm-1162	76	6	2018	2018	NUM
arjefm-1162	76	7	to	to	ADP
arjefm-1162	76	8	2023	2023	NUM
arjefm-1162	76	9	using	use	VERB
arjefm-1162	76	10	a	a	DET
arjefm-1162	76	11	fixed	fix	VERB
arjefm-1162	76	12	-	-	PUNCT
arjefm-1162	76	13	effects	effect	NOUN
arjefm-1162	76	14	model	model	NOUN
arjefm-1162	76	15	,	,	PUNCT
arjefm-1162	76	16	which	which	PRON
arjefm-1162	76	17	controlled	control	VERB
arjefm-1162	76	18	for	for	ADP
arjefm-1162	76	19	firm	firm	ADJ
arjefm-1162	76	20	-	-	PUNCT
arjefm-1162	76	21	specific	specific	ADJ
arjefm-1162	76	22	factors	factor	NOUN
arjefm-1162	76	23	that	that	PRON
arjefm-1162	76	24	might	might	AUX
arjefm-1162	76	25	affect	affect	VERB
arjefm-1162	76	26	profitability	profitability	NOUN
arjefm-1162	76	27	.	.	PUNCT
arjefm-1162	77	1	the	the	DET
arjefm-1162	77	2	findings	finding	NOUN
arjefm-1162	77	3	revealed	reveal	VERB
arjefm-1162	77	4	that	that	SCONJ
arjefm-1162	77	5	leverage	leverage	NOUN
arjefm-1162	77	6	positively	positively	ADV
arjefm-1162	77	7	impacts	impact	VERB
arjefm-1162	77	8	profitability	profitability	NOUN
arjefm-1162	77	9	by	by	ADP
arjefm-1162	77	10	allowing	allow	VERB
arjefm-1162	77	11	companies	company	NOUN
arjefm-1162	77	12	to	to	PART
arjefm-1162	77	13	invest	invest	VERB
arjefm-1162	77	14	more	more	ADV
arjefm-1162	77	15	in	in	ADP
arjefm-1162	77	16	technological	technological	ADJ
arjefm-1162	77	17	advancements	advancement	NOUN
arjefm-1162	77	18	,	,	PUNCT
arjefm-1162	77	19	but	but	CCONJ
arjefm-1162	77	20	excessive	excessive	ADJ
arjefm-1162	77	21	leverage	leverage	NOUN
arjefm-1162	77	22	poses	pose	VERB
arjefm-1162	77	23	risks	risk	NOUN
arjefm-1162	77	24	of	of	ADP
arjefm-1162	77	25	financial	financial	ADJ
arjefm-1162	77	26	distress	distress	NOUN
arjefm-1162	77	27	.	.	PUNCT
arjefm-1162	78	1	although	although	SCONJ
arjefm-1162	78	2	the	the	DET
arjefm-1162	78	3	study	study	NOUN
arjefm-1162	78	4	offers	offer	VERB
arjefm-1162	78	5	valuable	valuable	ADJ
arjefm-1162	78	6	insights	insight	NOUN
arjefm-1162	78	7	into	into	ADP
arjefm-1162	78	8	the	the	DET
arjefm-1162	78	9	automotive	automotive	ADJ
arjefm-1162	78	10	sector	sector	NOUN
arjefm-1162	78	11	,	,	PUNCT
arjefm-1162	78	12	its	its	PRON
arjefm-1162	78	13	sectorspecific	sectorspecific	ADJ
arjefm-1162	78	14	focus	focus	NOUN
arjefm-1162	78	15	may	may	AUX
arjefm-1162	78	16	limit	limit	VERB
arjefm-1162	78	17	the	the	DET
arjefm-1162	78	18	generalizability	generalizability	NOUN
arjefm-1162	78	19	of	of	ADP
arjefm-1162	78	20	the	the	DET
arjefm-1162	78	21	findings	finding	NOUN
arjefm-1162	78	22	to	to	ADP
arjefm-1162	78	23	other	other	ADJ
arjefm-1162	78	24	industries	industry	NOUN
arjefm-1162	78	25	.	.	PUNCT
arjefm-1162	79	1	additionally	additionally	ADV
arjefm-1162	79	2	,	,	PUNCT
arjefm-1162	79	3	while	while	SCONJ
arjefm-1162	79	4	the	the	DET
arjefm-1162	79	5	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	79	6	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	79	7	american	american	PROPN
arjefm-1162	79	8	research	research	PROPN
arjefm-1162	79	9	journal	journal	PROPN
arjefm-1162	79	10	of	of	ADP
arjefm-1162	79	11	economics	economic	NOUN
arjefm-1162	79	12	,	,	PUNCT
arjefm-1162	79	13	finance	finance	NOUN
arjefm-1162	79	14	and	and	CCONJ
arjefm-1162	79	15	management	management	NOUN
arjefm-1162	79	16	volume	volume	NOUN
arjefm-1162	79	17	13	13	NUM
arjefm-1162	79	18	issue	issue	NOUN
arjefm-1162	79	19	1	1	NUM
arjefm-1162	79	20	,	,	PUNCT
arjefm-1162	79	21	january	january	PROPN
arjefm-1162	79	22	-	-	PUNCT
arjefm-1162	79	23	march	march	PROPN
arjefm-1162	79	24	2025	2025	NUM
arjefm-1162	79	25	issn	issn	NOUN
arjefm-1162	79	26	:	:	PUNCT
arjefm-1162	79	27	2836	2836	NUM
arjefm-1162	79	28	-	-	SYM
arjefm-1162	79	29	9416	9416	NUM
arjefm-1162	79	30	impact	impact	NOUN
arjefm-1162	79	31	factor	factor	NOUN
arjefm-1162	79	32	:	:	PUNCT
arjefm-1162	79	33	6.41	6.41	NUM
arjefm-1162	79	34	journal	journal	NOUN
arjefm-1162	79	35	homepage	homepage	NOUN
arjefm-1162	79	36	:	:	PUNCT
arjefm-1162	79	37	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	79	38	,	,	PUNCT
arjefm-1162	79	39	email	email	NOUN
arjefm-1162	79	40	:	:	PUNCT
arjefm-1162	79	41	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	79	42	official	official	ADJ
arjefm-1162	79	43	journal	journal	PROPN
arjefm-1162	79	44	of	of	ADP
arjefm-1162	79	45	america	america	PROPN
arjefm-1162	79	46	serial	serial	PROPN
arjefm-1162	79	47	publication	publication	NOUN
arjefm-1162	79	48	american	american	PROPN
arjefm-1162	79	49	research	research	PROPN
arjefm-1162	79	50	journal	journal	PROPN
arjefm-1162	79	51	of	of	ADP
arjefm-1162	79	52	economics	economic	NOUN
arjefm-1162	79	53	,	,	PUNCT
arjefm-1162	79	54	finance	finance	NOUN
arjefm-1162	79	55	and	and	CCONJ
arjefm-1162	79	56	management	management	NOUN
arjefm-1162	79	57	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	79	58	,	,	PUNCT
arjefm-1162	79	59	email	email	NOUN
arjefm-1162	79	60	:	:	PUNCT
arjefm-1162	79	61	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	79	62	122	122	NUM
arjefm-1162	80	1	|	|	ADV
arjefm-1162	80	2	p	p	ADP
arjefm-1162	80	3	a	a	DET
arjefm-1162	80	4	g	g	NOUN
arjefm-1162	80	5	e	e	NOUN
arjefm-1162	80	6	research	research	NOUN
arjefm-1162	80	7	highlights	highlight	VERB
arjefm-1162	80	8	the	the	DET
arjefm-1162	80	9	benefits	benefit	NOUN
arjefm-1162	80	10	and	and	CCONJ
arjefm-1162	80	11	risks	risk	NOUN
arjefm-1162	80	12	of	of	ADP
arjefm-1162	80	13	leverage	leverage	NOUN
arjefm-1162	80	14	,	,	PUNCT
arjefm-1162	80	15	it	it	PRON
arjefm-1162	80	16	does	do	AUX
arjefm-1162	80	17	not	not	PART
arjefm-1162	80	18	explore	explore	VERB
arjefm-1162	80	19	cross	cross	ADJ
arjefm-1162	80	20	-	-	ADJ
arjefm-1162	80	21	sectoral	sectoral	ADJ
arjefm-1162	80	22	comparisons	comparison	NOUN
arjefm-1162	80	23	,	,	PUNCT
arjefm-1162	80	24	which	which	PRON
arjefm-1162	80	25	could	could	AUX
arjefm-1162	80	26	have	have	AUX
arjefm-1162	80	27	broadened	broaden	VERB
arjefm-1162	80	28	the	the	DET
arjefm-1162	80	29	scope	scope	NOUN
arjefm-1162	80	30	of	of	ADP
arjefm-1162	80	31	the	the	DET
arjefm-1162	80	32	findings	finding	NOUN
arjefm-1162	80	33	and	and	CCONJ
arjefm-1162	80	34	enhanced	enhance	VERB
arjefm-1162	80	35	their	their	PRON
arjefm-1162	80	36	relevance	relevance	NOUN
arjefm-1162	80	37	beyond	beyond	ADP
arjefm-1162	80	38	the	the	DET
arjefm-1162	80	39	automotive	automotive	ADJ
arjefm-1162	80	40	industry	industry	NOUN
arjefm-1162	80	41	.	.	PUNCT
arjefm-1162	81	1	overall	overall	ADV
arjefm-1162	81	2	,	,	PUNCT
arjefm-1162	81	3	while	while	SCONJ
arjefm-1162	81	4	the	the	DET
arjefm-1162	81	5	study	study	NOUN
arjefm-1162	81	6	makes	make	VERB
arjefm-1162	81	7	a	a	DET
arjefm-1162	81	8	significant	significant	ADJ
arjefm-1162	81	9	contribution	contribution	NOUN
arjefm-1162	81	10	to	to	ADP
arjefm-1162	81	11	understanding	understand	VERB
arjefm-1162	81	12	leverage	leverage	NOUN
arjefm-1162	81	13	in	in	ADP
arjefm-1162	81	14	the	the	DET
arjefm-1162	81	15	automotive	automotive	ADJ
arjefm-1162	81	16	sector	sector	NOUN
arjefm-1162	81	17	,	,	PUNCT
arjefm-1162	81	18	its	its	PRON
arjefm-1162	81	19	narrow	narrow	ADJ
arjefm-1162	81	20	focus	focus	NOUN
arjefm-1162	81	21	restricts	restrict	VERB
arjefm-1162	81	22	its	its	PRON
arjefm-1162	81	23	broader	broad	ADJ
arjefm-1162	81	24	applicability	applicability	NOUN
arjefm-1162	81	25	.	.	PUNCT
arjefm-1162	82	1	hassan	hassan	PROPN
arjefm-1162	82	2	and	and	CCONJ
arjefm-1162	82	3	ibrahim	ibrahim	PROPN
arjefm-1162	82	4	(	(	PUNCT
arjefm-1162	82	5	2024	2024	NUM
arjefm-1162	82	6	)	)	PUNCT
arjefm-1162	82	7	investigated	investigate	VERB
arjefm-1162	82	8	the	the	DET
arjefm-1162	82	9	relationship	relationship	NOUN
arjefm-1162	82	10	between	between	ADP
arjefm-1162	82	11	financial	financial	ADJ
arjefm-1162	82	12	leverage	leverage	NOUN
arjefm-1162	82	13	and	and	CCONJ
arjefm-1162	82	14	firm	firm	ADJ
arjefm-1162	82	15	performance	performance	NOUN
arjefm-1162	82	16	in	in	ADP
arjefm-1162	82	17	nigerian	nigerian	ADJ
arjefm-1162	82	18	agricultural	agricultural	ADJ
arjefm-1162	82	19	firms	firm	NOUN
arjefm-1162	82	20	,	,	PUNCT
arjefm-1162	82	21	aiming	aim	VERB
arjefm-1162	82	22	to	to	PART
arjefm-1162	82	23	evaluate	evaluate	VERB
arjefm-1162	82	24	how	how	SCONJ
arjefm-1162	82	25	leverage	leverage	NOUN
arjefm-1162	82	26	impacts	impact	VERB
arjefm-1162	82	27	performance	performance	NOUN
arjefm-1162	82	28	.	.	PUNCT
arjefm-1162	83	1	using	use	VERB
arjefm-1162	83	2	a	a	DET
arjefm-1162	83	3	panel	panel	NOUN
arjefm-1162	83	4	data	datum	NOUN
arjefm-1162	83	5	analysis	analysis	NOUN
arjefm-1162	83	6	methodology	methodology	NOUN
arjefm-1162	83	7	with	with	ADP
arjefm-1162	83	8	a	a	DET
arjefm-1162	83	9	sample	sample	NOUN
arjefm-1162	83	10	of	of	ADP
arjefm-1162	83	11	50	50	NUM
arjefm-1162	83	12	firms	firm	NOUN
arjefm-1162	83	13	and	and	CCONJ
arjefm-1162	83	14	data	datum	NOUN
arjefm-1162	83	15	from	from	ADP
arjefm-1162	83	16	2018	2018	NUM
arjefm-1162	83	17	to	to	ADP
arjefm-1162	83	18	2023	2023	NUM
arjefm-1162	83	19	,	,	PUNCT
arjefm-1162	83	20	they	they	PRON
arjefm-1162	83	21	examined	examine	VERB
arjefm-1162	83	22	variables	variable	NOUN
arjefm-1162	83	23	such	such	ADJ
arjefm-1162	83	24	as	as	ADP
arjefm-1162	83	25	debt	debt	NOUN
arjefm-1162	83	26	-	-	PUNCT
arjefm-1162	83	27	to	to	ADP
arjefm-1162	83	28	-	-	PUNCT
arjefm-1162	83	29	equity	equity	NOUN
arjefm-1162	83	30	ratio	ratio	NOUN
arjefm-1162	83	31	(	(	PUNCT
arjefm-1162	83	32	leverage	leverage	NOUN
arjefm-1162	83	33	)	)	PUNCT
arjefm-1162	83	34	and	and	CCONJ
arjefm-1162	83	35	return	return	VERB
arjefm-1162	83	36	on	on	ADP
arjefm-1162	83	37	assets	asset	NOUN
arjefm-1162	83	38	(	(	PUNCT
arjefm-1162	83	39	performance	performance	NOUN
arjefm-1162	83	40	)	)	PUNCT
arjefm-1162	83	41	.	.	PUNCT
arjefm-1162	84	1	the	the	DET
arjefm-1162	84	2	findings	finding	NOUN
arjefm-1162	84	3	revealed	reveal	VERB
arjefm-1162	84	4	that	that	SCONJ
arjefm-1162	84	5	financial	financial	ADJ
arjefm-1162	84	6	leverage	leverage	NOUN
arjefm-1162	84	7	positively	positively	ADV
arjefm-1162	84	8	affects	affect	VERB
arjefm-1162	84	9	firm	firm	ADJ
arjefm-1162	84	10	performance	performance	NOUN
arjefm-1162	84	11	by	by	ADP
arjefm-1162	84	12	supplying	supply	VERB
arjefm-1162	84	13	necessary	necessary	ADJ
arjefm-1162	84	14	growth	growth	NOUN
arjefm-1162	84	15	capital	capital	NOUN
arjefm-1162	84	16	,	,	PUNCT
arjefm-1162	84	17	although	although	SCONJ
arjefm-1162	84	18	excessive	excessive	ADJ
arjefm-1162	84	19	leverage	leverage	NOUN
arjefm-1162	84	20	increases	increase	VERB
arjefm-1162	84	21	financial	financial	ADJ
arjefm-1162	84	22	risk	risk	NOUN
arjefm-1162	84	23	.	.	PUNCT
arjefm-1162	85	1	the	the	DET
arjefm-1162	85	2	study	study	NOUN
arjefm-1162	85	3	’s	’s	PART
arjefm-1162	85	4	robust	robust	ADJ
arjefm-1162	85	5	sample	sample	NOUN
arjefm-1162	85	6	size	size	NOUN
arjefm-1162	85	7	and	and	CCONJ
arjefm-1162	85	8	sector	sector	NOUN
arjefm-1162	85	9	-	-	PUNCT
arjefm-1162	85	10	specific	specific	ADJ
arjefm-1162	85	11	focus	focus	NOUN
arjefm-1162	85	12	were	be	AUX
arjefm-1162	85	13	appropriate	appropriate	ADJ
arjefm-1162	85	14	;	;	PUNCT
arjefm-1162	85	15	however	however	ADV
arjefm-1162	85	16	,	,	PUNCT
arjefm-1162	85	17	it	it	PRON
arjefm-1162	85	18	was	be	AUX
arjefm-1162	85	19	just	just	ADV
arjefm-1162	85	20	on	on	ADP
arjefm-1162	85	21	a	a	DET
arjefm-1162	85	22	single	single	ADJ
arjefm-1162	85	23	sector	sector	NOUN
arjefm-1162	85	24	and	and	CCONJ
arjefm-1162	85	25	generalization	generalization	NOUN
arjefm-1162	85	26	can	can	AUX
arjefm-1162	85	27	not	not	PART
arjefm-1162	85	28	be	be	AUX
arjefm-1162	85	29	made	make	VERB
arjefm-1162	85	30	.	.	PUNCT
arjefm-1162	86	1	li	li	PROPN
arjefm-1162	86	2	and	and	CCONJ
arjefm-1162	86	3	zhang	zhang	PROPN
arjefm-1162	86	4	(	(	PUNCT
arjefm-1162	86	5	2024	2024	NUM
arjefm-1162	86	6	)	)	PUNCT
arjefm-1162	86	7	analyzed	analyze	VERB
arjefm-1162	86	8	the	the	DET
arjefm-1162	86	9	effects	effect	NOUN
arjefm-1162	86	10	of	of	ADP
arjefm-1162	86	11	financial	financial	ADJ
arjefm-1162	86	12	leverage	leverage	NOUN
arjefm-1162	86	13	on	on	ADP
arjefm-1162	86	14	the	the	DET
arjefm-1162	86	15	performance	performance	NOUN
arjefm-1162	86	16	of	of	ADP
arjefm-1162	86	17	chinese	chinese	ADJ
arjefm-1162	86	18	pharmaceutical	pharmaceutical	ADJ
arjefm-1162	86	19	companies	company	NOUN
arjefm-1162	86	20	.	.	PUNCT
arjefm-1162	87	1	they	they	PRON
arjefm-1162	87	2	used	use	VERB
arjefm-1162	87	3	financial	financial	ADJ
arjefm-1162	87	4	leverage	leverage	NOUN
arjefm-1162	87	5	(	(	PUNCT
arjefm-1162	87	6	measured	measure	VERB
arjefm-1162	87	7	by	by	ADP
arjefm-1162	87	8	the	the	DET
arjefm-1162	87	9	debt	debt	NOUN
arjefm-1162	87	10	-	-	PUNCT
arjefm-1162	87	11	to	to	ADP
arjefm-1162	87	12	-	-	PUNCT
arjefm-1162	87	13	equity	equity	NOUN
arjefm-1162	87	14	ratio	ratio	NOUN
arjefm-1162	87	15	)	)	PUNCT
arjefm-1162	87	16	and	and	CCONJ
arjefm-1162	87	17	profitability	profitability	NOUN
arjefm-1162	87	18	(	(	PUNCT
arjefm-1162	87	19	measured	measure	VERB
arjefm-1162	87	20	by	by	ADP
arjefm-1162	87	21	return	return	NOUN
arjefm-1162	87	22	on	on	ADP
arjefm-1162	87	23	equity	equity	NOUN
arjefm-1162	87	24	)	)	PUNCT
arjefm-1162	87	25	as	as	ADP
arjefm-1162	87	26	key	key	ADJ
arjefm-1162	87	27	variables	variable	NOUN
arjefm-1162	87	28	.	.	PUNCT
arjefm-1162	88	1	employing	employ	VERB
arjefm-1162	88	2	a	a	DET
arjefm-1162	88	3	dynamic	dynamic	ADJ
arjefm-1162	88	4	panel	panel	NOUN
arjefm-1162	88	5	data	datum	NOUN
arjefm-1162	88	6	approach	approach	NOUN
arjefm-1162	88	7	with	with	ADP
arjefm-1162	88	8	data	datum	NOUN
arjefm-1162	88	9	from	from	ADP
arjefm-1162	88	10	2019	2019	NUM
arjefm-1162	88	11	to	to	ADP
arjefm-1162	88	12	2023	2023	NUM
arjefm-1162	88	13	,	,	PUNCT
arjefm-1162	88	14	their	their	PRON
arjefm-1162	88	15	research	research	NOUN
arjefm-1162	88	16	found	find	VERB
arjefm-1162	88	17	that	that	SCONJ
arjefm-1162	88	18	financial	financial	ADJ
arjefm-1162	88	19	leverage	leverage	NOUN
arjefm-1162	88	20	positively	positively	ADV
arjefm-1162	88	21	impacts	impact	VERB
arjefm-1162	88	22	profitability	profitability	NOUN
arjefm-1162	88	23	by	by	ADP
arjefm-1162	88	24	offering	offer	VERB
arjefm-1162	88	25	tax	tax	NOUN
arjefm-1162	88	26	advantages	advantage	NOUN
arjefm-1162	88	27	and	and	CCONJ
arjefm-1162	88	28	additional	additional	ADJ
arjefm-1162	88	29	capital	capital	NOUN
arjefm-1162	88	30	for	for	ADP
arjefm-1162	88	31	research	research	NOUN
arjefm-1162	88	32	and	and	CCONJ
arjefm-1162	88	33	development	development	NOUN
arjefm-1162	88	34	.	.	PUNCT
arjefm-1162	89	1	however	however	ADV
arjefm-1162	89	2	,	,	PUNCT
arjefm-1162	89	3	they	they	PRON
arjefm-1162	89	4	also	also	ADV
arjefm-1162	89	5	noted	note	VERB
arjefm-1162	89	6	that	that	SCONJ
arjefm-1162	89	7	high	high	ADJ
arjefm-1162	89	8	levels	level	NOUN
arjefm-1162	89	9	of	of	ADP
arjefm-1162	89	10	debt	debt	NOUN
arjefm-1162	89	11	increase	increase	VERB
arjefm-1162	89	12	financial	financial	ADJ
arjefm-1162	89	13	risk	risk	NOUN
arjefm-1162	89	14	.	.	PUNCT
arjefm-1162	90	1	while	while	SCONJ
arjefm-1162	90	2	the	the	DET
arjefm-1162	90	3	study	study	NOUN
arjefm-1162	90	4	provides	provide	VERB
arjefm-1162	90	5	valuable	valuable	ADJ
arjefm-1162	90	6	insights	insight	NOUN
arjefm-1162	90	7	specific	specific	ADJ
arjefm-1162	90	8	to	to	ADP
arjefm-1162	90	9	the	the	DET
arjefm-1162	90	10	pharmaceutical	pharmaceutical	NOUN
arjefm-1162	90	11	sector	sector	NOUN
arjefm-1162	90	12	,	,	PUNCT
arjefm-1162	90	13	its	its	PRON
arjefm-1162	90	14	findings	finding	NOUN
arjefm-1162	90	15	may	may	AUX
arjefm-1162	90	16	have	have	VERB
arjefm-1162	90	17	limited	limit	VERB
arjefm-1162	90	18	general	general	ADJ
arjefm-1162	90	19	applicability	applicability	NOUN
arjefm-1162	90	20	beyond	beyond	ADP
arjefm-1162	90	21	this	this	DET
arjefm-1162	90	22	industry	industry	NOUN
arjefm-1162	90	23	.	.	PUNCT
arjefm-1162	91	1	the	the	DET
arjefm-1162	91	2	study	study	NOUN
arjefm-1162	91	3	's	's	PART
arjefm-1162	91	4	findings	finding	NOUN
arjefm-1162	91	5	are	be	AUX
arjefm-1162	91	6	specific	specific	ADJ
arjefm-1162	91	7	to	to	ADP
arjefm-1162	91	8	the	the	DET
arjefm-1162	91	9	pharmaceutical	pharmaceutical	NOUN
arjefm-1162	91	10	sector	sector	NOUN
arjefm-1162	91	11	,	,	PUNCT
arjefm-1162	91	12	which	which	PRON
arjefm-1162	91	13	may	may	AUX
arjefm-1162	91	14	limit	limit	VERB
arjefm-1162	91	15	their	their	PRON
arjefm-1162	91	16	general	general	ADJ
arjefm-1162	91	17	applicability	applicability	NOUN
arjefm-1162	91	18	.	.	PUNCT
arjefm-1162	92	1	alvarez	alvarez	PROPN
arjefm-1162	92	2	and	and	CCONJ
arjefm-1162	92	3	martinez	martinez	PROPN
arjefm-1162	92	4	(	(	PUNCT
arjefm-1162	92	5	2023	2023	NUM
arjefm-1162	92	6	)	)	PUNCT
arjefm-1162	92	7	conducted	conduct	VERB
arjefm-1162	92	8	a	a	DET
arjefm-1162	92	9	study	study	NOUN
arjefm-1162	92	10	on	on	ADP
arjefm-1162	92	11	the	the	DET
arjefm-1162	92	12	impact	impact	NOUN
arjefm-1162	92	13	of	of	ADP
arjefm-1162	92	14	financial	financial	ADJ
arjefm-1162	92	15	leverage	leverage	NOUN
arjefm-1162	92	16	on	on	ADP
arjefm-1162	92	17	the	the	DET
arjefm-1162	92	18	profitability	profitability	NOUN
arjefm-1162	92	19	of	of	ADP
arjefm-1162	92	20	european	european	ADJ
arjefm-1162	92	21	smes	sme	NOUN
arjefm-1162	92	22	,	,	PUNCT
arjefm-1162	92	23	aiming	aim	VERB
arjefm-1162	92	24	to	to	PART
arjefm-1162	92	25	understand	understand	VERB
arjefm-1162	92	26	how	how	SCONJ
arjefm-1162	92	27	leverage	leverage	NOUN
arjefm-1162	92	28	affects	affect	VERB
arjefm-1162	92	29	profitability	profitability	NOUN
arjefm-1162	92	30	.	.	PUNCT
arjefm-1162	93	1	they	they	PRON
arjefm-1162	93	2	utilized	utilize	VERB
arjefm-1162	93	3	a	a	DET
arjefm-1162	93	4	randomeffects	randomeffect	NOUN
arjefm-1162	93	5	model	model	NOUN
arjefm-1162	93	6	with	with	ADP
arjefm-1162	93	7	data	datum	NOUN
arjefm-1162	93	8	from	from	ADP
arjefm-1162	93	9	2018	2018	NUM
arjefm-1162	93	10	to	to	ADP
arjefm-1162	93	11	2022	2022	NUM
arjefm-1162	93	12	.	.	PUNCT
arjefm-1162	94	1	the	the	DET
arjefm-1162	94	2	study	study	NOUN
arjefm-1162	94	3	found	find	VERB
arjefm-1162	94	4	that	that	SCONJ
arjefm-1162	94	5	financial	financial	ADJ
arjefm-1162	94	6	leverage	leverage	NOUN
arjefm-1162	94	7	significantly	significantly	ADV
arjefm-1162	94	8	enhances	enhance	VERB
arjefm-1162	94	9	firm	firm	ADJ
arjefm-1162	94	10	profitability	profitability	NOUN
arjefm-1162	94	11	by	by	ADP
arjefm-1162	94	12	lowering	lower	VERB
arjefm-1162	94	13	the	the	DET
arjefm-1162	94	14	cost	cost	NOUN
arjefm-1162	94	15	of	of	ADP
arjefm-1162	94	16	capital	capital	NOUN
arjefm-1162	94	17	and	and	CCONJ
arjefm-1162	94	18	boosting	boost	VERB
arjefm-1162	94	19	investment	investment	NOUN
arjefm-1162	94	20	capacity	capacity	NOUN
arjefm-1162	94	21	.	.	PUNCT
arjefm-1162	95	1	however	however	ADV
arjefm-1162	95	2	,	,	PUNCT
arjefm-1162	95	3	it	it	PRON
arjefm-1162	95	4	also	also	ADV
arjefm-1162	95	5	noted	note	VERB
arjefm-1162	95	6	that	that	SCONJ
arjefm-1162	95	7	high	high	ADJ
arjefm-1162	95	8	leverage	leverage	NOUN
arjefm-1162	95	9	ratios	ratio	NOUN
arjefm-1162	95	10	are	be	AUX
arjefm-1162	95	11	linked	link	VERB
arjefm-1162	95	12	to	to	ADP
arjefm-1162	95	13	increased	increase	VERB
arjefm-1162	95	14	bankruptcy	bankruptcy	NOUN
arjefm-1162	95	15	risk	risk	NOUN
arjefm-1162	95	16	.	.	PUNCT
arjefm-1162	96	1	while	while	SCONJ
arjefm-1162	96	2	the	the	DET
arjefm-1162	96	3	research	research	NOUN
arjefm-1162	96	4	emphasizes	emphasize	VERB
arjefm-1162	96	5	the	the	DET
arjefm-1162	96	6	need	need	NOUN
arjefm-1162	96	7	for	for	ADP
arjefm-1162	96	8	careful	careful	ADJ
arjefm-1162	96	9	debt	debt	NOUN
arjefm-1162	96	10	management	management	NOUN
arjefm-1162	96	11	,	,	PUNCT
arjefm-1162	96	12	it	it	PRON
arjefm-1162	96	13	lacks	lack	VERB
arjefm-1162	96	14	a	a	DET
arjefm-1162	96	15	comparative	comparative	ADJ
arjefm-1162	96	16	analysis	analysis	NOUN
arjefm-1162	96	17	across	across	ADP
arjefm-1162	96	18	different	different	ADJ
arjefm-1162	96	19	firm	firm	ADJ
arjefm-1162	96	20	sizes	size	NOUN
arjefm-1162	96	21	,	,	PUNCT
arjefm-1162	96	22	which	which	PRON
arjefm-1162	96	23	could	could	AUX
arjefm-1162	96	24	provide	provide	VERB
arjefm-1162	96	25	a	a	DET
arjefm-1162	96	26	broader	broad	ADJ
arjefm-1162	96	27	perspective	perspective	NOUN
arjefm-1162	96	28	on	on	ADP
arjefm-1162	96	29	leverage	leverage	NOUN
arjefm-1162	96	30	's	's	PART
arjefm-1162	96	31	impact	impact	NOUN
arjefm-1162	96	32	.	.	PUNCT
arjefm-1162	97	1	wang	wang	PROPN
arjefm-1162	97	2	et	et	PROPN
arjefm-1162	97	3	al	al	PROPN
arjefm-1162	97	4	.	.	PROPN
arjefm-1162	97	5	(	(	PUNCT
arjefm-1162	97	6	2023	2023	NUM
arjefm-1162	97	7	)	)	PUNCT
arjefm-1162	97	8	investigated	investigate	VERB
arjefm-1162	97	9	the	the	DET
arjefm-1162	97	10	impact	impact	NOUN
arjefm-1162	97	11	of	of	ADP
arjefm-1162	97	12	financial	financial	ADJ
arjefm-1162	97	13	leverage	leverage	NOUN
arjefm-1162	97	14	on	on	ADP
arjefm-1162	97	15	the	the	DET
arjefm-1162	97	16	performance	performance	NOUN
arjefm-1162	97	17	of	of	ADP
arjefm-1162	97	18	chinese	chinese	ADJ
arjefm-1162	97	19	real	real	ADJ
arjefm-1162	97	20	estate	estate	NOUN
arjefm-1162	97	21	companies	company	NOUN
arjefm-1162	97	22	,	,	PUNCT
arjefm-1162	97	23	aiming	aim	VERB
arjefm-1162	97	24	to	to	PART
arjefm-1162	97	25	assess	assess	VERB
arjefm-1162	97	26	how	how	SCONJ
arjefm-1162	97	27	leverage	leverage	NOUN
arjefm-1162	97	28	affects	affect	VERB
arjefm-1162	97	29	performance	performance	NOUN
arjefm-1162	97	30	.	.	PUNCT
arjefm-1162	98	1	they	they	PRON
arjefm-1162	98	2	employed	employ	VERB
arjefm-1162	98	3	a	a	DET
arjefm-1162	98	4	panel	panel	NOUN
arjefm-1162	98	5	data	datum	NOUN
arjefm-1162	98	6	regression	regression	NOUN
arjefm-1162	98	7	analysis	analysis	NOUN
arjefm-1162	98	8	using	use	VERB
arjefm-1162	98	9	data	datum	NOUN
arjefm-1162	98	10	from	from	ADP
arjefm-1162	98	11	2019	2019	NUM
arjefm-1162	98	12	to	to	ADP
arjefm-1162	98	13	2023	2023	NUM
arjefm-1162	98	14	.	.	PUNCT
arjefm-1162	99	1	their	their	PRON
arjefm-1162	99	2	findings	finding	NOUN
arjefm-1162	99	3	revealed	reveal	VERB
arjefm-1162	99	4	that	that	SCONJ
arjefm-1162	99	5	higher	high	ADJ
arjefm-1162	99	6	leverage	leverage	NOUN
arjefm-1162	99	7	positively	positively	ADV
arjefm-1162	99	8	influences	influence	VERB
arjefm-1162	99	9	firm	firm	ADJ
arjefm-1162	99	10	performance	performance	NOUN
arjefm-1162	99	11	by	by	ADP
arjefm-1162	99	12	utilizing	utilize	VERB
arjefm-1162	99	13	tax	tax	NOUN
arjefm-1162	99	14	shields	shield	NOUN
arjefm-1162	99	15	and	and	CCONJ
arjefm-1162	99	16	providing	provide	VERB
arjefm-1162	99	17	capital	capital	NOUN
arjefm-1162	99	18	for	for	ADP
arjefm-1162	99	19	growth	growth	NOUN
arjefm-1162	99	20	opportunities	opportunity	NOUN
arjefm-1162	99	21	.	.	PUNCT
arjefm-1162	100	1	however	however	ADV
arjefm-1162	100	2	,	,	PUNCT
arjefm-1162	100	3	the	the	DET
arjefm-1162	100	4	study	study	NOUN
arjefm-1162	100	5	also	also	ADV
arjefm-1162	100	6	found	find	VERB
arjefm-1162	100	7	that	that	SCONJ
arjefm-1162	100	8	excessive	excessive	ADJ
arjefm-1162	100	9	leverage	leverage	NOUN
arjefm-1162	100	10	is	be	AUX
arjefm-1162	100	11	associated	associate	VERB
arjefm-1162	100	12	with	with	ADP
arjefm-1162	100	13	liquidity	liquidity	NOUN
arjefm-1162	100	14	problems	problem	NOUN
arjefm-1162	100	15	and	and	CCONJ
arjefm-1162	100	16	financial	financial	ADJ
arjefm-1162	100	17	instability	instability	NOUN
arjefm-1162	100	18	.	.	PUNCT
arjefm-1162	101	1	while	while	SCONJ
arjefm-1162	101	2	the	the	DET
arjefm-1162	101	3	research	research	NOUN
arjefm-1162	101	4	highlights	highlight	VERB
arjefm-1162	101	5	the	the	DET
arjefm-1162	101	6	benefits	benefit	NOUN
arjefm-1162	101	7	of	of	ADP
arjefm-1162	101	8	leverage	leverage	NOUN
arjefm-1162	101	9	within	within	ADP
arjefm-1162	101	10	the	the	DET
arjefm-1162	101	11	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	101	12	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	101	13	american	american	PROPN
arjefm-1162	101	14	research	research	PROPN
arjefm-1162	101	15	journal	journal	PROPN
arjefm-1162	101	16	of	of	ADP
arjefm-1162	101	17	economics	economic	NOUN
arjefm-1162	101	18	,	,	PUNCT
arjefm-1162	101	19	finance	finance	NOUN
arjefm-1162	101	20	and	and	CCONJ
arjefm-1162	101	21	management	management	NOUN
arjefm-1162	101	22	volume	volume	NOUN
arjefm-1162	101	23	13	13	NUM
arjefm-1162	101	24	issue	issue	NOUN
arjefm-1162	101	25	1	1	NUM
arjefm-1162	101	26	,	,	PUNCT
arjefm-1162	101	27	january	january	PROPN
arjefm-1162	101	28	-	-	PUNCT
arjefm-1162	101	29	march	march	PROPN
arjefm-1162	101	30	2025	2025	NUM
arjefm-1162	101	31	issn	issn	NOUN
arjefm-1162	101	32	:	:	PUNCT
arjefm-1162	101	33	2836	2836	NUM
arjefm-1162	101	34	-	-	SYM
arjefm-1162	101	35	9416	9416	NUM
arjefm-1162	101	36	impact	impact	NOUN
arjefm-1162	101	37	factor	factor	NOUN
arjefm-1162	101	38	:	:	PUNCT
arjefm-1162	101	39	6.41	6.41	NUM
arjefm-1162	101	40	journal	journal	NOUN
arjefm-1162	101	41	homepage	homepage	NOUN
arjefm-1162	101	42	:	:	PUNCT
arjefm-1162	101	43	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	101	44	,	,	PUNCT
arjefm-1162	101	45	email	email	NOUN
arjefm-1162	101	46	:	:	PUNCT
arjefm-1162	101	47	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	101	48	official	official	ADJ
arjefm-1162	101	49	journal	journal	PROPN
arjefm-1162	101	50	of	of	ADP
arjefm-1162	101	51	america	america	PROPN
arjefm-1162	101	52	serial	serial	PROPN
arjefm-1162	101	53	publication	publication	NOUN
arjefm-1162	101	54	american	american	PROPN
arjefm-1162	101	55	research	research	PROPN
arjefm-1162	101	56	journal	journal	PROPN
arjefm-1162	101	57	of	of	ADP
arjefm-1162	101	58	economics	economic	NOUN
arjefm-1162	101	59	,	,	PUNCT
arjefm-1162	101	60	finance	finance	NOUN
arjefm-1162	101	61	and	and	CCONJ
arjefm-1162	101	62	management	management	NOUN
arjefm-1162	101	63	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	101	64	,	,	PUNCT
arjefm-1162	101	65	email	email	NOUN
arjefm-1162	101	66	:	:	PUNCT
arjefm-1162	101	67	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	101	68	123	123	NUM
arjefm-1162	102	1	|	|	ADV
arjefm-1162	102	2	p	p	X
arjefm-1162	102	3	a	a	DET
arjefm-1162	102	4	g	g	NOUN
arjefm-1162	102	5	e	e	NOUN
arjefm-1162	102	6	real	real	ADJ
arjefm-1162	102	7	estate	estate	NOUN
arjefm-1162	102	8	sector	sector	NOUN
arjefm-1162	102	9	,	,	PUNCT
arjefm-1162	102	10	its	its	PRON
arjefm-1162	102	11	sector	sector	NOUN
arjefm-1162	102	12	-	-	PUNCT
arjefm-1162	102	13	specific	specific	ADJ
arjefm-1162	102	14	focus	focus	NOUN
arjefm-1162	102	15	may	may	AUX
arjefm-1162	102	16	limit	limit	VERB
arjefm-1162	102	17	the	the	DET
arjefm-1162	102	18	generalizability	generalizability	NOUN
arjefm-1162	102	19	of	of	ADP
arjefm-1162	102	20	the	the	DET
arjefm-1162	102	21	findings	finding	NOUN
arjefm-1162	102	22	to	to	ADP
arjefm-1162	102	23	other	other	ADJ
arjefm-1162	102	24	industries	industry	NOUN
arjefm-1162	102	25	.	.	PUNCT
arjefm-1162	103	1	kumar	kumar	PROPN
arjefm-1162	103	2	and	and	CCONJ
arjefm-1162	103	3	patel	patel	PROPN
arjefm-1162	103	4	(	(	PUNCT
arjefm-1162	103	5	2023	2023	NUM
arjefm-1162	103	6	)	)	PUNCT
arjefm-1162	103	7	analyzed	analyze	VERB
arjefm-1162	103	8	the	the	DET
arjefm-1162	103	9	impact	impact	NOUN
arjefm-1162	103	10	of	of	ADP
arjefm-1162	103	11	financial	financial	ADJ
arjefm-1162	103	12	leverage	leverage	NOUN
arjefm-1162	103	13	on	on	ADP
arjefm-1162	103	14	the	the	DET
arjefm-1162	103	15	performance	performance	NOUN
arjefm-1162	103	16	of	of	ADP
arjefm-1162	103	17	indian	indian	ADJ
arjefm-1162	103	18	manufacturing	manufacturing	NOUN
arjefm-1162	103	19	firms	firm	NOUN
arjefm-1162	103	20	,	,	PUNCT
arjefm-1162	103	21	aiming	aim	VERB
arjefm-1162	103	22	to	to	PART
arjefm-1162	103	23	understand	understand	VERB
arjefm-1162	103	24	the	the	DET
arjefm-1162	103	25	relationship	relationship	NOUN
arjefm-1162	103	26	between	between	ADP
arjefm-1162	103	27	leverage	leverage	NOUN
arjefm-1162	103	28	,	,	PUNCT
arjefm-1162	103	29	profitability	profitability	NOUN
arjefm-1162	103	30	,	,	PUNCT
arjefm-1162	103	31	and	and	CCONJ
arjefm-1162	103	32	growth	growth	NOUN
arjefm-1162	103	33	.	.	PUNCT
arjefm-1162	104	1	utilizing	utilize	VERB
arjefm-1162	104	2	a	a	DET
arjefm-1162	104	3	panel	panel	NOUN
arjefm-1162	104	4	data	datum	NOUN
arjefm-1162	104	5	approach	approach	NOUN
arjefm-1162	104	6	with	with	ADP
arjefm-1162	104	7	data	datum	NOUN
arjefm-1162	104	8	spanning	span	VERB
arjefm-1162	104	9	from	from	ADP
arjefm-1162	104	10	2018	2018	NUM
arjefm-1162	104	11	to	to	ADP
arjefm-1162	104	12	2022	2022	NUM
arjefm-1162	104	13	,	,	PUNCT
arjefm-1162	104	14	the	the	DET
arjefm-1162	104	15	researchers	researcher	NOUN
arjefm-1162	104	16	found	find	VERB
arjefm-1162	104	17	that	that	SCONJ
arjefm-1162	104	18	financial	financial	ADJ
arjefm-1162	104	19	leverage	leverage	NOUN
arjefm-1162	104	20	positively	positively	ADV
arjefm-1162	104	21	affects	affect	VERB
arjefm-1162	104	22	both	both	DET
arjefm-1162	104	23	profitability	profitability	NOUN
arjefm-1162	104	24	and	and	CCONJ
arjefm-1162	104	25	growth	growth	NOUN
arjefm-1162	104	26	up	up	ADP
arjefm-1162	104	27	to	to	ADP
arjefm-1162	104	28	an	an	DET
arjefm-1162	104	29	optimal	optimal	ADJ
arjefm-1162	104	30	point	point	NOUN
arjefm-1162	104	31	.	.	PUNCT
arjefm-1162	105	1	beyond	beyond	ADP
arjefm-1162	105	2	this	this	DET
arjefm-1162	105	3	threshold	threshold	NOUN
arjefm-1162	105	4	,	,	PUNCT
arjefm-1162	105	5	however	however	ADV
arjefm-1162	105	6	,	,	PUNCT
arjefm-1162	105	7	increased	increase	VERB
arjefm-1162	105	8	leverage	leverage	NOUN
arjefm-1162	105	9	negatively	negatively	ADV
arjefm-1162	105	10	impacts	impact	VERB
arjefm-1162	105	11	performance	performance	NOUN
arjefm-1162	105	12	,	,	PUNCT
arjefm-1162	105	13	underscoring	underscore	VERB
arjefm-1162	105	14	the	the	DET
arjefm-1162	105	15	importance	importance	NOUN
arjefm-1162	105	16	of	of	ADP
arjefm-1162	105	17	maintaining	maintain	VERB
arjefm-1162	105	18	a	a	DET
arjefm-1162	105	19	balanced	balanced	ADJ
arjefm-1162	105	20	approach	approach	NOUN
arjefm-1162	105	21	to	to	ADP
arjefm-1162	105	22	leverage	leverage	NOUN
arjefm-1162	105	23	.	.	PUNCT
arjefm-1162	106	1	despite	despite	SCONJ
arjefm-1162	106	2	these	these	DET
arjefm-1162	106	3	valuable	valuable	ADJ
arjefm-1162	106	4	insights	insight	NOUN
arjefm-1162	106	5	,	,	PUNCT
arjefm-1162	106	6	the	the	DET
arjefm-1162	106	7	study	study	NOUN
arjefm-1162	106	8	does	do	AUX
arjefm-1162	106	9	not	not	PART
arjefm-1162	106	10	account	account	VERB
arjefm-1162	106	11	for	for	ADP
arjefm-1162	106	12	the	the	DET
arjefm-1162	106	13	potential	potential	ADJ
arjefm-1162	106	14	influence	influence	NOUN
arjefm-1162	106	15	of	of	ADP
arjefm-1162	106	16	macroeconomic	macroeconomic	ADJ
arjefm-1162	106	17	variables	variable	NOUN
arjefm-1162	106	18	,	,	PUNCT
arjefm-1162	106	19	which	which	PRON
arjefm-1162	106	20	could	could	AUX
arjefm-1162	106	21	provide	provide	VERB
arjefm-1162	106	22	a	a	DET
arjefm-1162	106	23	more	more	ADV
arjefm-1162	106	24	comprehensive	comprehensive	ADJ
arjefm-1162	106	25	understanding	understanding	NOUN
arjefm-1162	106	26	of	of	ADP
arjefm-1162	106	27	the	the	DET
arjefm-1162	106	28	factors	factor	NOUN
arjefm-1162	106	29	affecting	affect	VERB
arjefm-1162	106	30	firm	firm	ADJ
arjefm-1162	106	31	performance	performance	NOUN
arjefm-1162	106	32	in	in	ADP
arjefm-1162	106	33	the	the	DET
arjefm-1162	106	34	manufacturing	manufacturing	NOUN
arjefm-1162	106	35	sector	sector	NOUN
arjefm-1162	106	36	.	.	PUNCT
arjefm-1162	107	1	miller	miller	PROPN
arjefm-1162	107	2	and	and	CCONJ
arjefm-1162	107	3	davis	davis	PROPN
arjefm-1162	107	4	(	(	PUNCT
arjefm-1162	107	5	2023	2023	NUM
arjefm-1162	107	6	)	)	PUNCT
arjefm-1162	107	7	examined	examine	VERB
arjefm-1162	107	8	the	the	DET
arjefm-1162	107	9	effects	effect	NOUN
arjefm-1162	107	10	of	of	ADP
arjefm-1162	107	11	financial	financial	ADJ
arjefm-1162	107	12	leverage	leverage	NOUN
arjefm-1162	107	13	on	on	ADP
arjefm-1162	107	14	the	the	DET
arjefm-1162	107	15	profitability	profitability	NOUN
arjefm-1162	107	16	of	of	ADP
arjefm-1162	107	17	australian	australian	ADJ
arjefm-1162	107	18	retail	retail	ADJ
arjefm-1162	107	19	firms	firm	NOUN
arjefm-1162	107	20	,	,	PUNCT
arjefm-1162	107	21	focusing	focus	VERB
arjefm-1162	107	22	on	on	ADP
arjefm-1162	107	23	how	how	SCONJ
arjefm-1162	107	24	leverage	leverage	NOUN
arjefm-1162	107	25	influences	influence	VERB
arjefm-1162	107	26	financial	financial	ADJ
arjefm-1162	107	27	outcomes	outcome	NOUN
arjefm-1162	107	28	within	within	ADP
arjefm-1162	107	29	this	this	DET
arjefm-1162	107	30	sector	sector	NOUN
arjefm-1162	107	31	.	.	PUNCT
arjefm-1162	108	1	utilizing	utilize	VERB
arjefm-1162	108	2	data	datum	NOUN
arjefm-1162	108	3	from	from	ADP
arjefm-1162	108	4	2018	2018	NUM
arjefm-1162	108	5	to	to	ADP
arjefm-1162	108	6	2022	2022	NUM
arjefm-1162	108	7	and	and	CCONJ
arjefm-1162	108	8	employing	employ	VERB
arjefm-1162	108	9	a	a	DET
arjefm-1162	108	10	fixed	fix	VERB
arjefm-1162	108	11	-	-	PUNCT
arjefm-1162	108	12	effects	effect	NOUN
arjefm-1162	108	13	model	model	NOUN
arjefm-1162	108	14	,	,	PUNCT
arjefm-1162	108	15	the	the	DET
arjefm-1162	108	16	researchers	researcher	NOUN
arjefm-1162	108	17	found	find	VERB
arjefm-1162	108	18	that	that	SCONJ
arjefm-1162	108	19	financial	financial	ADJ
arjefm-1162	108	20	leverage	leverage	NOUN
arjefm-1162	108	21	positively	positively	ADV
arjefm-1162	108	22	impacts	impact	VERB
arjefm-1162	108	23	profitability	profitability	NOUN
arjefm-1162	108	24	by	by	ADP
arjefm-1162	108	25	reducing	reduce	VERB
arjefm-1162	108	26	the	the	DET
arjefm-1162	108	27	cost	cost	NOUN
arjefm-1162	108	28	of	of	ADP
arjefm-1162	108	29	capital	capital	NOUN
arjefm-1162	108	30	,	,	PUNCT
arjefm-1162	108	31	thereby	thereby	ADV
arjefm-1162	108	32	enhancing	enhance	VERB
arjefm-1162	108	33	operational	operational	ADJ
arjefm-1162	108	34	efficiency	efficiency	NOUN
arjefm-1162	108	35	.	.	PUNCT
arjefm-1162	109	1	however	however	ADV
arjefm-1162	109	2	,	,	PUNCT
arjefm-1162	109	3	they	they	PRON
arjefm-1162	109	4	also	also	ADV
arjefm-1162	109	5	identified	identify	VERB
arjefm-1162	109	6	that	that	SCONJ
arjefm-1162	109	7	high	high	ADJ
arjefm-1162	109	8	leverage	leverage	NOUN
arjefm-1162	109	9	ratios	ratio	NOUN
arjefm-1162	109	10	are	be	AUX
arjefm-1162	109	11	linked	link	VERB
arjefm-1162	109	12	to	to	ADP
arjefm-1162	109	13	increased	increase	VERB
arjefm-1162	109	14	financial	financial	ADJ
arjefm-1162	109	15	distress	distress	NOUN
arjefm-1162	109	16	,	,	PUNCT
arjefm-1162	109	17	highlighting	highlight	VERB
arjefm-1162	109	18	the	the	DET
arjefm-1162	109	19	importance	importance	NOUN
arjefm-1162	109	20	of	of	ADP
arjefm-1162	109	21	careful	careful	ADJ
arjefm-1162	109	22	debt	debt	NOUN
arjefm-1162	109	23	management	management	NOUN
arjefm-1162	109	24	.	.	PUNCT
arjefm-1162	110	1	while	while	SCONJ
arjefm-1162	110	2	the	the	DET
arjefm-1162	110	3	study	study	NOUN
arjefm-1162	110	4	underscores	underscore	VERB
arjefm-1162	110	5	the	the	DET
arjefm-1162	110	6	benefits	benefit	NOUN
arjefm-1162	110	7	of	of	ADP
arjefm-1162	110	8	leverage	leverage	NOUN
arjefm-1162	110	9	in	in	ADP
arjefm-1162	110	10	the	the	DET
arjefm-1162	110	11	retail	retail	ADJ
arjefm-1162	110	12	sector	sector	NOUN
arjefm-1162	110	13	,	,	PUNCT
arjefm-1162	110	14	it	it	PRON
arjefm-1162	110	15	does	do	AUX
arjefm-1162	110	16	not	not	PART
arjefm-1162	110	17	account	account	VERB
arjefm-1162	110	18	for	for	ADP
arjefm-1162	110	19	the	the	DET
arjefm-1162	110	20	potential	potential	ADJ
arjefm-1162	110	21	impact	impact	NOUN
arjefm-1162	110	22	of	of	ADP
arjefm-1162	110	23	economic	economic	ADJ
arjefm-1162	110	24	cycles	cycle	NOUN
arjefm-1162	110	25	,	,	PUNCT
arjefm-1162	110	26	which	which	PRON
arjefm-1162	110	27	could	could	AUX
arjefm-1162	110	28	affect	affect	VERB
arjefm-1162	110	29	the	the	DET
arjefm-1162	110	30	broader	broad	ADJ
arjefm-1162	110	31	applicability	applicability	NOUN
arjefm-1162	110	32	of	of	ADP
arjefm-1162	110	33	the	the	DET
arjefm-1162	110	34	findings	finding	NOUN
arjefm-1162	110	35	across	across	ADP
arjefm-1162	110	36	varying	vary	VERB
arjefm-1162	110	37	economic	economic	ADJ
arjefm-1162	110	38	conditions	condition	NOUN
arjefm-1162	110	39	.	.	PUNCT
arjefm-1162	111	1	nguyen	nguyen	PROPN
arjefm-1162	111	2	minh	minh	PROPN
arjefm-1162	111	3	and	and	CCONJ
arjefm-1162	111	4	tran	tran	PROPN
arjefm-1162	111	5	anh	anh	PROPN
arjefm-1162	111	6	(	(	PUNCT
arjefm-1162	111	7	2022	2022	NUM
arjefm-1162	111	8	)	)	PUNCT
arjefm-1162	111	9	investigated	investigate	VERB
arjefm-1162	111	10	the	the	DET
arjefm-1162	111	11	impact	impact	NOUN
arjefm-1162	111	12	of	of	ADP
arjefm-1162	111	13	financial	financial	ADJ
arjefm-1162	111	14	leverage	leverage	NOUN
arjefm-1162	111	15	on	on	ADP
arjefm-1162	111	16	firm	firm	ADJ
arjefm-1162	111	17	performance	performance	NOUN
arjefm-1162	111	18	in	in	ADP
arjefm-1162	111	19	the	the	DET
arjefm-1162	111	20	vietnamese	vietnamese	ADJ
arjefm-1162	111	21	manufacturing	manufacturing	NOUN
arjefm-1162	111	22	sector	sector	NOUN
arjefm-1162	111	23	,	,	PUNCT
arjefm-1162	111	24	aiming	aim	VERB
arjefm-1162	111	25	to	to	PART
arjefm-1162	111	26	understand	understand	VERB
arjefm-1162	111	27	how	how	SCONJ
arjefm-1162	111	28	leverage	leverage	NOUN
arjefm-1162	111	29	affects	affect	VERB
arjefm-1162	111	30	key	key	ADJ
arjefm-1162	111	31	performance	performance	NOUN
arjefm-1162	111	32	metrics	metric	NOUN
arjefm-1162	111	33	.	.	PUNCT
arjefm-1162	112	1	utilizing	utilize	VERB
arjefm-1162	112	2	panel	panel	NOUN
arjefm-1162	112	3	data	datum	NOUN
arjefm-1162	112	4	from	from	ADP
arjefm-1162	112	5	2015	2015	NUM
arjefm-1162	112	6	to	to	ADP
arjefm-1162	112	7	2021	2021	NUM
arjefm-1162	112	8	and	and	CCONJ
arjefm-1162	112	9	applying	apply	VERB
arjefm-1162	112	10	the	the	DET
arjefm-1162	112	11	generalized	generalized	ADJ
arjefm-1162	112	12	method	method	NOUN
arjefm-1162	112	13	of	of	ADP
arjefm-1162	112	14	moments	moment	NOUN
arjefm-1162	112	15	(	(	PUNCT
arjefm-1162	112	16	gmm	gmm	NOUN
arjefm-1162	112	17	)	)	PUNCT
arjefm-1162	112	18	approach	approach	NOUN
arjefm-1162	112	19	,	,	PUNCT
arjefm-1162	112	20	the	the	DET
arjefm-1162	112	21	study	study	NOUN
arjefm-1162	112	22	found	find	VERB
arjefm-1162	112	23	that	that	SCONJ
arjefm-1162	112	24	financial	financial	ADJ
arjefm-1162	112	25	leverage	leverage	NOUN
arjefm-1162	112	26	negatively	negatively	ADV
arjefm-1162	112	27	impacts	impact	VERB
arjefm-1162	112	28	both	both	DET
arjefm-1162	112	29	return	return	VERB
arjefm-1162	112	30	on	on	ADP
arjefm-1162	112	31	assets	asset	NOUN
arjefm-1162	112	32	(	(	PUNCT
arjefm-1162	112	33	roa	roa	NOUN
arjefm-1162	112	34	)	)	PUNCT
arjefm-1162	112	35	and	and	CCONJ
arjefm-1162	112	36	return	return	VERB
arjefm-1162	112	37	on	on	ADP
arjefm-1162	112	38	equity	equity	NOUN
arjefm-1162	112	39	(	(	PUNCT
arjefm-1162	112	40	roe	roe	PROPN
arjefm-1162	112	41	)	)	PUNCT
arjefm-1162	112	42	.	.	PUNCT
arjefm-1162	113	1	the	the	DET
arjefm-1162	113	2	researchers	researcher	NOUN
arjefm-1162	113	3	concluded	conclude	VERB
arjefm-1162	113	4	that	that	SCONJ
arjefm-1162	113	5	higher	high	ADJ
arjefm-1162	113	6	levels	level	NOUN
arjefm-1162	113	7	of	of	ADP
arjefm-1162	113	8	debt	debt	NOUN
arjefm-1162	113	9	increase	increase	VERB
arjefm-1162	113	10	financial	financial	ADJ
arjefm-1162	113	11	risk	risk	NOUN
arjefm-1162	113	12	and	and	CCONJ
arjefm-1162	113	13	diminish	diminish	VERB
arjefm-1162	113	14	profitability	profitability	NOUN
arjefm-1162	113	15	,	,	PUNCT
arjefm-1162	113	16	emphasizing	emphasize	VERB
arjefm-1162	113	17	the	the	DET
arjefm-1162	113	18	need	need	NOUN
arjefm-1162	113	19	for	for	SCONJ
arjefm-1162	113	20	firms	firm	NOUN
arjefm-1162	113	21	to	to	PART
arjefm-1162	113	22	optimize	optimize	VERB
arjefm-1162	113	23	their	their	PRON
arjefm-1162	113	24	capital	capital	NOUN
arjefm-1162	113	25	structure	structure	NOUN
arjefm-1162	113	26	to	to	PART
arjefm-1162	113	27	mitigate	mitigate	VERB
arjefm-1162	113	28	these	these	DET
arjefm-1162	113	29	adverse	adverse	ADJ
arjefm-1162	113	30	effects	effect	NOUN
arjefm-1162	113	31	.	.	PUNCT
arjefm-1162	114	1	however	however	ADV
arjefm-1162	114	2	,	,	PUNCT
arjefm-1162	114	3	the	the	DET
arjefm-1162	114	4	study	study	NOUN
arjefm-1162	114	5	's	's	PART
arjefm-1162	114	6	focus	focus	NOUN
arjefm-1162	114	7	on	on	ADP
arjefm-1162	114	8	a	a	DET
arjefm-1162	114	9	single	single	ADJ
arjefm-1162	114	10	sector	sector	NOUN
arjefm-1162	114	11	may	may	AUX
arjefm-1162	114	12	limit	limit	VERB
arjefm-1162	114	13	the	the	DET
arjefm-1162	114	14	generalizability	generalizability	NOUN
arjefm-1162	114	15	of	of	ADP
arjefm-1162	114	16	the	the	DET
arjefm-1162	114	17	findings	finding	NOUN
arjefm-1162	114	18	to	to	ADP
arjefm-1162	114	19	other	other	ADJ
arjefm-1162	114	20	industries	industry	NOUN
arjefm-1162	114	21	,	,	PUNCT
arjefm-1162	114	22	suggesting	suggest	VERB
arjefm-1162	114	23	that	that	SCONJ
arjefm-1162	114	24	further	further	ADJ
arjefm-1162	114	25	research	research	NOUN
arjefm-1162	114	26	across	across	ADP
arjefm-1162	114	27	various	various	ADJ
arjefm-1162	114	28	sectors	sector	NOUN
arjefm-1162	114	29	would	would	AUX
arjefm-1162	114	30	be	be	AUX
arjefm-1162	114	31	beneficial	beneficial	ADJ
arjefm-1162	114	32	for	for	ADP
arjefm-1162	114	33	a	a	DET
arjefm-1162	114	34	more	more	ADV
arjefm-1162	114	35	comprehensive	comprehensive	ADJ
arjefm-1162	114	36	understanding	understanding	NOUN
arjefm-1162	114	37	of	of	ADP
arjefm-1162	114	38	the	the	DET
arjefm-1162	114	39	relationship	relationship	NOUN
arjefm-1162	114	40	between	between	ADP
arjefm-1162	114	41	financial	financial	ADJ
arjefm-1162	114	42	leverage	leverage	NOUN
arjefm-1162	114	43	and	and	CCONJ
arjefm-1162	114	44	firm	firm	ADJ
arjefm-1162	114	45	performance	performance	NOUN
arjefm-1162	114	46	.	.	PUNCT
arjefm-1162	115	1	smith	smith	PROPN
arjefm-1162	115	2	and	and	CCONJ
arjefm-1162	115	3	jones	jones	PROPN
arjefm-1162	115	4	(	(	PUNCT
arjefm-1162	115	5	2022	2022	NUM
arjefm-1162	115	6	)	)	PUNCT
arjefm-1162	115	7	analyzed	analyze	VERB
arjefm-1162	115	8	the	the	DET
arjefm-1162	115	9	effects	effect	NOUN
arjefm-1162	115	10	of	of	ADP
arjefm-1162	115	11	financial	financial	ADJ
arjefm-1162	115	12	leverage	leverage	NOUN
arjefm-1162	115	13	on	on	ADP
arjefm-1162	115	14	the	the	DET
arjefm-1162	115	15	performance	performance	NOUN
arjefm-1162	115	16	of	of	ADP
arjefm-1162	115	17	u.s	u.s	PROPN
arjefm-1162	115	18	.	.	PROPN
arjefm-1162	115	19	technology	technology	NOUN
arjefm-1162	115	20	firms	firm	NOUN
arjefm-1162	115	21	,	,	PUNCT
arjefm-1162	115	22	focusing	focus	VERB
arjefm-1162	115	23	on	on	ADP
arjefm-1162	115	24	how	how	SCONJ
arjefm-1162	115	25	leverage	leverage	NOUN
arjefm-1162	115	26	influences	influence	VERB
arjefm-1162	115	27	financial	financial	ADJ
arjefm-1162	115	28	outcomes	outcome	NOUN
arjefm-1162	115	29	in	in	ADP
arjefm-1162	115	30	this	this	DET
arjefm-1162	115	31	sector	sector	NOUN
arjefm-1162	115	32	.	.	PUNCT
arjefm-1162	116	1	the	the	DET
arjefm-1162	116	2	researchers	researcher	NOUN
arjefm-1162	116	3	employed	employ	VERB
arjefm-1162	116	4	a	a	DET
arjefm-1162	116	5	fixed	fix	VERB
arjefm-1162	116	6	-	-	PUNCT
arjefm-1162	116	7	effects	effect	NOUN
arjefm-1162	116	8	model	model	NOUN
arjefm-1162	116	9	on	on	ADP
arjefm-1162	116	10	data	datum	NOUN
arjefm-1162	116	11	collected	collect	VERB
arjefm-1162	116	12	from	from	ADP
arjefm-1162	116	13	2016	2016	NUM
arjefm-1162	116	14	to	to	ADP
arjefm-1162	116	15	2021	2021	NUM
arjefm-1162	116	16	and	and	CCONJ
arjefm-1162	116	17	found	find	VERB
arjefm-1162	116	18	that	that	SCONJ
arjefm-1162	116	19	moderate	moderate	ADJ
arjefm-1162	116	20	leverage	leverage	NOUN
arjefm-1162	116	21	positively	positively	ADV
arjefm-1162	116	22	influences	influence	VERB
arjefm-1162	116	23	firm	firm	ADJ
arjefm-1162	116	24	performance	performance	NOUN
arjefm-1162	116	25	by	by	ADP
arjefm-1162	116	26	providing	provide	VERB
arjefm-1162	116	27	tax	tax	NOUN
arjefm-1162	116	28	benefits	benefit	NOUN
arjefm-1162	116	29	and	and	CCONJ
arjefm-1162	116	30	essential	essential	ADJ
arjefm-1162	116	31	capital	capital	NOUN
arjefm-1162	116	32	for	for	ADP
arjefm-1162	116	33	growth	growth	NOUN
arjefm-1162	116	34	.	.	PUNCT
arjefm-1162	117	1	however	however	ADV
arjefm-1162	117	2	,	,	PUNCT
arjefm-1162	117	3	they	they	PRON
arjefm-1162	117	4	also	also	ADV
arjefm-1162	117	5	identified	identify	VERB
arjefm-1162	117	6	that	that	SCONJ
arjefm-1162	117	7	excessive	excessive	ADJ
arjefm-1162	117	8	leverage	leverage	NOUN
arjefm-1162	117	9	can	can	AUX
arjefm-1162	117	10	lead	lead	VERB
arjefm-1162	117	11	to	to	ADP
arjefm-1162	117	12	financial	financial	ADJ
arjefm-1162	117	13	distress	distress	NOUN
arjefm-1162	117	14	and	and	CCONJ
arjefm-1162	117	15	reduced	reduced	ADJ
arjefm-1162	117	16	profitability	profitability	NOUN
arjefm-1162	117	17	,	,	PUNCT
arjefm-1162	117	18	highlighting	highlight	VERB
arjefm-1162	117	19	the	the	DET
arjefm-1162	117	20	importance	importance	NOUN
arjefm-1162	117	21	of	of	ADP
arjefm-1162	117	22	maintaining	maintain	VERB
arjefm-1162	117	23	an	an	DET
arjefm-1162	117	24	optimal	optimal	ADJ
arjefm-1162	117	25	debt	debt	NOUN
arjefm-1162	117	26	level	level	NOUN
arjefm-1162	117	27	.	.	PUNCT
arjefm-1162	118	1	while	while	SCONJ
arjefm-1162	118	2	the	the	DET
arjefm-1162	118	3	study	study	NOUN
arjefm-1162	118	4	emphasizes	emphasize	VERB
arjefm-1162	118	5	these	these	DET
arjefm-1162	118	6	crucial	crucial	ADJ
arjefm-1162	118	7	insights	insight	NOUN
arjefm-1162	118	8	,	,	PUNCT
arjefm-1162	118	9	it	it	PRON
arjefm-1162	118	10	does	do	AUX
arjefm-1162	118	11	not	not	PART
arjefm-1162	118	12	account	account	VERB
arjefm-1162	118	13	for	for	ADP
arjefm-1162	118	14	industry	industry	NOUN
arjefm-1162	118	15	-	-	PUNCT
arjefm-1162	118	16	specific	specific	ADJ
arjefm-1162	118	17	factors	factor	NOUN
arjefm-1162	118	18	that	that	PRON
arjefm-1162	118	19	may	may	AUX
arjefm-1162	118	20	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	118	21	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	118	22	american	american	PROPN
arjefm-1162	118	23	research	research	PROPN
arjefm-1162	118	24	journal	journal	PROPN
arjefm-1162	118	25	of	of	ADP
arjefm-1162	118	26	economics	economic	NOUN
arjefm-1162	118	27	,	,	PUNCT
arjefm-1162	118	28	finance	finance	NOUN
arjefm-1162	118	29	and	and	CCONJ
arjefm-1162	118	30	management	management	NOUN
arjefm-1162	118	31	volume	volume	NOUN
arjefm-1162	118	32	13	13	NUM
arjefm-1162	118	33	issue	issue	NOUN
arjefm-1162	118	34	1	1	NUM
arjefm-1162	118	35	,	,	PUNCT
arjefm-1162	118	36	january	january	PROPN
arjefm-1162	118	37	-	-	PUNCT
arjefm-1162	118	38	march	march	PROPN
arjefm-1162	118	39	2025	2025	NUM
arjefm-1162	118	40	issn	issn	NOUN
arjefm-1162	118	41	:	:	PUNCT
arjefm-1162	118	42	2836	2836	NUM
arjefm-1162	118	43	-	-	SYM
arjefm-1162	118	44	9416	9416	NUM
arjefm-1162	118	45	impact	impact	NOUN
arjefm-1162	118	46	factor	factor	NOUN
arjefm-1162	118	47	:	:	PUNCT
arjefm-1162	118	48	6.41	6.41	NUM
arjefm-1162	118	49	journal	journal	NOUN
arjefm-1162	118	50	homepage	homepage	NOUN
arjefm-1162	118	51	:	:	PUNCT
arjefm-1162	118	52	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	118	53	,	,	PUNCT
arjefm-1162	118	54	email	email	NOUN
arjefm-1162	118	55	:	:	PUNCT
arjefm-1162	118	56	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	118	57	official	official	ADJ
arjefm-1162	118	58	journal	journal	PROPN
arjefm-1162	118	59	of	of	ADP
arjefm-1162	118	60	america	america	PROPN
arjefm-1162	118	61	serial	serial	PROPN
arjefm-1162	118	62	publication	publication	NOUN
arjefm-1162	118	63	american	american	PROPN
arjefm-1162	118	64	research	research	PROPN
arjefm-1162	118	65	journal	journal	PROPN
arjefm-1162	118	66	of	of	ADP
arjefm-1162	118	67	economics	economic	NOUN
arjefm-1162	118	68	,	,	PUNCT
arjefm-1162	118	69	finance	finance	NOUN
arjefm-1162	118	70	and	and	CCONJ
arjefm-1162	118	71	management	management	NOUN
arjefm-1162	118	72	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	118	73	,	,	PUNCT
arjefm-1162	118	74	email	email	NOUN
arjefm-1162	118	75	:	:	PUNCT
arjefm-1162	118	76	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	119	1	124	124	NUM
arjefm-1162	120	1	|	|	ADV
arjefm-1162	120	2	p	p	ADP
arjefm-1162	120	3	a	a	DET
arjefm-1162	120	4	g	g	NOUN
arjefm-1162	120	5	e	e	NOUN
arjefm-1162	120	6	affect	affect	VERB
arjefm-1162	120	7	leverage	leverage	NOUN
arjefm-1162	120	8	outcomes	outcome	NOUN
arjefm-1162	120	9	,	,	PUNCT
arjefm-1162	120	10	suggesting	suggest	VERB
arjefm-1162	120	11	that	that	SCONJ
arjefm-1162	120	12	further	further	ADJ
arjefm-1162	120	13	research	research	NOUN
arjefm-1162	120	14	could	could	AUX
arjefm-1162	120	15	enhance	enhance	VERB
arjefm-1162	120	16	understanding	understanding	NOUN
arjefm-1162	120	17	by	by	ADP
arjefm-1162	120	18	considering	consider	VERB
arjefm-1162	120	19	the	the	DET
arjefm-1162	120	20	unique	unique	ADJ
arjefm-1162	120	21	dynamics	dynamic	NOUN
arjefm-1162	120	22	of	of	ADP
arjefm-1162	120	23	the	the	DET
arjefm-1162	120	24	technology	technology	NOUN
arjefm-1162	120	25	sector	sector	NOUN
arjefm-1162	120	26	.	.	PUNCT
arjefm-1162	121	1	doan	doan	NOUN
arjefm-1162	121	2	(	(	PUNCT
arjefm-1162	121	3	2020	2020	NUM
arjefm-1162	121	4	)	)	PUNCT
arjefm-1162	121	5	provided	provide	VERB
arjefm-1162	121	6	empirical	empirical	ADJ
arjefm-1162	121	7	evidence	evidence	NOUN
arjefm-1162	121	8	from	from	ADP
arjefm-1162	121	9	vietnam	vietnam	PROPN
arjefm-1162	121	10	regarding	regard	VERB
arjefm-1162	121	11	the	the	DET
arjefm-1162	121	12	impact	impact	NOUN
arjefm-1162	121	13	of	of	ADP
arjefm-1162	121	14	financing	financing	NOUN
arjefm-1162	121	15	decisions	decision	NOUN
arjefm-1162	121	16	on	on	ADP
arjefm-1162	121	17	firm	firm	ADJ
arjefm-1162	121	18	performance	performance	NOUN
arjefm-1162	121	19	,	,	PUNCT
arjefm-1162	121	20	utilizing	utilize	VERB
arjefm-1162	121	21	data	datum	NOUN
arjefm-1162	121	22	from	from	ADP
arjefm-1162	121	23	102	102	NUM
arjefm-1162	121	24	non	non	ADJ
arjefm-1162	121	25	-	-	ADJ
arjefm-1162	121	26	financial	financial	ADJ
arjefm-1162	121	27	firms	firm	NOUN
arjefm-1162	121	28	listed	list	VERB
arjefm-1162	121	29	on	on	ADP
arjefm-1162	121	30	the	the	DET
arjefm-1162	121	31	ho	ho	PROPN
arjefm-1162	121	32	chi	chi	PROPN
arjefm-1162	121	33	minh	minh	PROPN
arjefm-1162	121	34	stock	stock	NOUN
arjefm-1162	121	35	exchange	exchange	NOUN
arjefm-1162	121	36	.	.	PUNCT
arjefm-1162	122	1	the	the	DET
arjefm-1162	122	2	study	study	NOUN
arjefm-1162	122	3	employed	employ	VERB
arjefm-1162	122	4	the	the	DET
arjefm-1162	122	5	generalized	generalized	ADJ
arjefm-1162	122	6	method	method	NOUN
arjefm-1162	122	7	of	of	ADP
arjefm-1162	122	8	moments	moment	NOUN
arjefm-1162	122	9	(	(	PUNCT
arjefm-1162	122	10	gmm	gmm	NOUN
arjefm-1162	122	11	)	)	PUNCT
arjefm-1162	122	12	approach	approach	NOUN
arjefm-1162	122	13	and	and	CCONJ
arjefm-1162	122	14	used	use	VERB
arjefm-1162	122	15	return	return	NOUN
arjefm-1162	122	16	on	on	ADP
arjefm-1162	122	17	assets	asset	NOUN
arjefm-1162	122	18	(	(	PUNCT
arjefm-1162	122	19	roa	roa	NOUN
arjefm-1162	122	20	)	)	PUNCT
arjefm-1162	122	21	as	as	SCONJ
arjefm-1162	122	22	the	the	DET
arjefm-1162	122	23	primary	primary	ADJ
arjefm-1162	122	24	performance	performance	NOUN
arjefm-1162	122	25	metric	metric	NOUN
arjefm-1162	122	26	.	.	PUNCT
arjefm-1162	123	1	the	the	DET
arjefm-1162	123	2	findings	finding	NOUN
arjefm-1162	123	3	revealed	reveal	VERB
arjefm-1162	123	4	that	that	SCONJ
arjefm-1162	123	5	increased	increase	VERB
arjefm-1162	123	6	debt	debt	NOUN
arjefm-1162	123	7	usage	usage	NOUN
arjefm-1162	123	8	negatively	negatively	ADV
arjefm-1162	123	9	affects	affect	VERB
arjefm-1162	123	10	firm	firm	ADJ
arjefm-1162	123	11	performance	performance	NOUN
arjefm-1162	123	12	,	,	PUNCT
arjefm-1162	123	13	specifically	specifically	ADV
arjefm-1162	123	14	highlighting	highlight	VERB
arjefm-1162	123	15	a	a	DET
arjefm-1162	123	16	significant	significant	ADJ
arjefm-1162	123	17	correlation	correlation	NOUN
arjefm-1162	123	18	between	between	ADP
arjefm-1162	123	19	financing	financing	NOUN
arjefm-1162	123	20	decisions	decision	NOUN
arjefm-1162	123	21	and	and	CCONJ
arjefm-1162	123	22	overall	overall	ADJ
arjefm-1162	123	23	firm	firm	ADJ
arjefm-1162	123	24	performance	performance	NOUN
arjefm-1162	123	25	.	.	PUNCT
arjefm-1162	124	1	however	however	ADV
arjefm-1162	124	2	,	,	PUNCT
arjefm-1162	124	3	the	the	DET
arjefm-1162	124	4	study	study	NOUN
arjefm-1162	124	5	primarily	primarily	ADV
arjefm-1162	124	6	focused	focus	VERB
arjefm-1162	124	7	on	on	ADP
arjefm-1162	124	8	roa	roa	NOUN
arjefm-1162	124	9	and	and	CCONJ
arjefm-1162	124	10	did	do	AUX
arjefm-1162	124	11	not	not	PART
arjefm-1162	124	12	provide	provide	VERB
arjefm-1162	124	13	independent	independent	ADJ
arjefm-1162	124	14	results	result	NOUN
arjefm-1162	124	15	for	for	ADP
arjefm-1162	124	16	each	each	DET
arjefm-1162	124	17	dimension	dimension	NOUN
arjefm-1162	124	18	of	of	ADP
arjefm-1162	124	19	financial	financial	ADJ
arjefm-1162	124	20	performance	performance	NOUN
arjefm-1162	124	21	,	,	PUNCT
arjefm-1162	124	22	suggesting	suggest	VERB
arjefm-1162	124	23	that	that	SCONJ
arjefm-1162	124	24	further	further	ADJ
arjefm-1162	124	25	research	research	NOUN
arjefm-1162	124	26	could	could	AUX
arjefm-1162	124	27	explore	explore	VERB
arjefm-1162	124	28	additional	additional	ADJ
arjefm-1162	124	29	metrics	metric	NOUN
arjefm-1162	124	30	to	to	PART
arjefm-1162	124	31	gain	gain	VERB
arjefm-1162	124	32	a	a	DET
arjefm-1162	124	33	more	more	ADV
arjefm-1162	124	34	comprehensive	comprehensive	ADJ
arjefm-1162	124	35	understanding	understanding	NOUN
arjefm-1162	124	36	of	of	ADP
arjefm-1162	124	37	the	the	DET
arjefm-1162	124	38	relationship	relationship	NOUN
arjefm-1162	124	39	between	between	ADP
arjefm-1162	124	40	financing	financing	NOUN
arjefm-1162	124	41	decisions	decision	NOUN
arjefm-1162	124	42	and	and	CCONJ
arjefm-1162	124	43	performance	performance	NOUN
arjefm-1162	124	44	.	.	PUNCT
arjefm-1162	125	1	njoroge	njoroge	PROPN
arjefm-1162	125	2	et	et	PROPN
arjefm-1162	125	3	al	al	PROPN
arjefm-1162	125	4	.	.	PROPN
arjefm-1162	126	1	(	(	PUNCT
arjefm-1162	126	2	2020	2020	NUM
arjefm-1162	126	3	)	)	PUNCT
arjefm-1162	126	4	explored	explore	VERB
arjefm-1162	126	5	the	the	DET
arjefm-1162	126	6	impact	impact	NOUN
arjefm-1162	126	7	of	of	ADP
arjefm-1162	126	8	financial	financial	ADJ
arjefm-1162	126	9	leverage	leverage	NOUN
arjefm-1162	126	10	on	on	ADP
arjefm-1162	126	11	the	the	DET
arjefm-1162	126	12	performance	performance	NOUN
arjefm-1162	126	13	of	of	ADP
arjefm-1162	126	14	smes	sme	NOUN
arjefm-1162	126	15	in	in	ADP
arjefm-1162	126	16	kenya	kenya	PROPN
arjefm-1162	126	17	.	.	PUNCT
arjefm-1162	127	1	they	they	PRON
arjefm-1162	127	2	used	use	VERB
arjefm-1162	127	3	survey	survey	NOUN
arjefm-1162	127	4	data	datum	NOUN
arjefm-1162	127	5	and	and	CCONJ
arjefm-1162	127	6	regression	regression	VERB
arjefm-1162	127	7	analysis	analysis	NOUN
arjefm-1162	127	8	to	to	PART
arjefm-1162	127	9	assess	assess	VERB
arjefm-1162	127	10	the	the	DET
arjefm-1162	127	11	relationship	relationship	NOUN
arjefm-1162	127	12	between	between	ADP
arjefm-1162	127	13	financial	financial	ADJ
arjefm-1162	127	14	leverage	leverage	NOUN
arjefm-1162	127	15	and	and	CCONJ
arjefm-1162	127	16	profitability	profitability	NOUN
arjefm-1162	127	17	.	.	PUNCT
arjefm-1162	128	1	the	the	DET
arjefm-1162	128	2	study	study	NOUN
arjefm-1162	128	3	found	find	VERB
arjefm-1162	128	4	that	that	SCONJ
arjefm-1162	128	5	financial	financial	ADJ
arjefm-1162	128	6	leverage	leverage	NOUN
arjefm-1162	128	7	negatively	negatively	ADV
arjefm-1162	128	8	affects	affect	VERB
arjefm-1162	128	9	the	the	DET
arjefm-1162	128	10	profitability	profitability	NOUN
arjefm-1162	128	11	of	of	ADP
arjefm-1162	128	12	smes	sme	NOUN
arjefm-1162	128	13	,	,	PUNCT
arjefm-1162	128	14	with	with	ADP
arjefm-1162	128	15	high	high	ADJ
arjefm-1162	128	16	debt	debt	NOUN
arjefm-1162	128	17	levels	level	NOUN
arjefm-1162	128	18	constraining	constrain	VERB
arjefm-1162	128	19	their	their	PRON
arjefm-1162	128	20	ability	ability	NOUN
arjefm-1162	128	21	to	to	PART
arjefm-1162	128	22	generate	generate	VERB
arjefm-1162	128	23	profits	profit	NOUN
arjefm-1162	128	24	.	.	PUNCT
arjefm-1162	129	1	the	the	DET
arjefm-1162	129	2	results	result	NOUN
arjefm-1162	129	3	highlight	highlight	VERB
arjefm-1162	129	4	the	the	DET
arjefm-1162	129	5	challenges	challenge	NOUN
arjefm-1162	129	6	that	that	PRON
arjefm-1162	129	7	excessive	excessive	ADJ
arjefm-1162	129	8	leverage	leverage	NOUN
arjefm-1162	129	9	poses	pose	NOUN
arjefm-1162	129	10	to	to	ADP
arjefm-1162	129	11	sme	sme	NOUN
arjefm-1162	129	12	performance	performance	NOUN
arjefm-1162	129	13	.	.	PUNCT
arjefm-1162	130	1	however	however	ADV
arjefm-1162	130	2	,	,	PUNCT
arjefm-1162	130	3	the	the	DET
arjefm-1162	130	4	study	study	NOUN
arjefm-1162	130	5	's	's	PART
arjefm-1162	130	6	small	small	ADJ
arjefm-1162	130	7	sample	sample	NOUN
arjefm-1162	130	8	size	size	NOUN
arjefm-1162	130	9	and	and	CCONJ
arjefm-1162	130	10	exclusive	exclusive	ADJ
arjefm-1162	130	11	focus	focus	NOUN
arjefm-1162	130	12	on	on	ADP
arjefm-1162	130	13	smes	sme	NOUN
arjefm-1162	130	14	limit	limit	VERB
arjefm-1162	130	15	the	the	DET
arjefm-1162	130	16	generalizability	generalizability	NOUN
arjefm-1162	130	17	of	of	ADP
arjefm-1162	130	18	the	the	DET
arjefm-1162	130	19	findings	finding	NOUN
arjefm-1162	130	20	to	to	ADP
arjefm-1162	130	21	larger	large	ADJ
arjefm-1162	130	22	firms	firm	NOUN
arjefm-1162	130	23	,	,	PUNCT
arjefm-1162	130	24	which	which	PRON
arjefm-1162	130	25	may	may	AUX
arjefm-1162	130	26	experience	experience	VERB
arjefm-1162	130	27	different	different	ADJ
arjefm-1162	130	28	impacts	impact	NOUN
arjefm-1162	130	29	from	from	ADP
arjefm-1162	130	30	financial	financial	ADJ
arjefm-1162	130	31	leverage	leverage	NOUN
arjefm-1162	130	32	.	.	PUNCT
arjefm-1162	131	1	usman	usman	NOUN
arjefm-1162	131	2	and	and	CCONJ
arjefm-1162	131	3	zubairu	zubairu	PROPN
arjefm-1162	131	4	(	(	PUNCT
arjefm-1162	131	5	2019	2019	NUM
arjefm-1162	131	6	)	)	PUNCT
arjefm-1162	131	7	explored	explore	VERB
arjefm-1162	131	8	the	the	DET
arjefm-1162	131	9	relationship	relationship	NOUN
arjefm-1162	131	10	between	between	ADP
arjefm-1162	131	11	financial	financial	ADJ
arjefm-1162	131	12	leverage	leverage	NOUN
arjefm-1162	131	13	and	and	CCONJ
arjefm-1162	131	14	firm	firm	ADJ
arjefm-1162	131	15	performance	performance	NOUN
arjefm-1162	131	16	among	among	ADP
arjefm-1162	131	17	nigerian	nigerian	ADJ
arjefm-1162	131	18	listed	list	VERB
arjefm-1162	131	19	companies	company	NOUN
arjefm-1162	131	20	.	.	PUNCT
arjefm-1162	132	1	they	they	PRON
arjefm-1162	132	2	utilized	utilize	VERB
arjefm-1162	132	3	panel	panel	NOUN
arjefm-1162	132	4	data	datum	NOUN
arjefm-1162	132	5	regression	regression	VERB
arjefm-1162	132	6	analysis	analysis	NOUN
arjefm-1162	132	7	to	to	PART
arjefm-1162	132	8	assess	assess	VERB
arjefm-1162	132	9	this	this	DET
arjefm-1162	132	10	relationship	relationship	NOUN
arjefm-1162	132	11	,	,	PUNCT
arjefm-1162	132	12	focusing	focus	VERB
arjefm-1162	132	13	on	on	ADP
arjefm-1162	132	14	return	return	NOUN
arjefm-1162	132	15	on	on	ADP
arjefm-1162	132	16	equity	equity	NOUN
arjefm-1162	132	17	(	(	PUNCT
arjefm-1162	132	18	roe	roe	PROPN
arjefm-1162	132	19	)	)	PUNCT
arjefm-1162	132	20	as	as	ADP
arjefm-1162	132	21	a	a	DET
arjefm-1162	132	22	primary	primary	ADJ
arjefm-1162	132	23	performance	performance	NOUN
arjefm-1162	132	24	metric	metric	ADJ
arjefm-1162	132	25	.	.	PUNCT
arjefm-1162	133	1	their	their	PRON
arjefm-1162	133	2	study	study	NOUN
arjefm-1162	133	3	found	find	VERB
arjefm-1162	133	4	that	that	SCONJ
arjefm-1162	133	5	financial	financial	ADJ
arjefm-1162	133	6	leverage	leverage	NOUN
arjefm-1162	133	7	negatively	negatively	ADV
arjefm-1162	133	8	impacts	impact	VERB
arjefm-1162	133	9	firm	firm	ADJ
arjefm-1162	133	10	performance	performance	NOUN
arjefm-1162	133	11	,	,	PUNCT
arjefm-1162	133	12	with	with	ADP
arjefm-1162	133	13	high	high	ADJ
arjefm-1162	133	14	levels	level	NOUN
arjefm-1162	133	15	of	of	ADP
arjefm-1162	133	16	debt	debt	NOUN
arjefm-1162	133	17	increasing	increase	VERB
arjefm-1162	133	18	financial	financial	ADJ
arjefm-1162	133	19	risk	risk	NOUN
arjefm-1162	133	20	and	and	CCONJ
arjefm-1162	133	21	thereby	thereby	ADV
arjefm-1162	133	22	reducing	reduce	VERB
arjefm-1162	133	23	profitability	profitability	NOUN
arjefm-1162	133	24	.	.	PUNCT
arjefm-1162	134	1	this	this	PRON
arjefm-1162	134	2	suggests	suggest	VERB
arjefm-1162	134	3	that	that	SCONJ
arjefm-1162	134	4	excessive	excessive	ADJ
arjefm-1162	134	5	leverage	leverage	NOUN
arjefm-1162	134	6	can	can	AUX
arjefm-1162	134	7	lead	lead	VERB
arjefm-1162	134	8	to	to	ADP
arjefm-1162	134	9	diminished	diminished	ADJ
arjefm-1162	134	10	returns	return	NOUN
arjefm-1162	134	11	for	for	ADP
arjefm-1162	134	12	shareholders	shareholder	NOUN
arjefm-1162	134	13	.	.	PUNCT
arjefm-1162	135	1	however	however	ADV
arjefm-1162	135	2	,	,	PUNCT
arjefm-1162	135	3	a	a	DET
arjefm-1162	135	4	key	key	ADJ
arjefm-1162	135	5	limitation	limitation	NOUN
arjefm-1162	135	6	of	of	ADP
arjefm-1162	135	7	the	the	DET
arjefm-1162	135	8	study	study	NOUN
arjefm-1162	135	9	is	be	AUX
arjefm-1162	135	10	its	its	PRON
arjefm-1162	135	11	focus	focus	NOUN
arjefm-1162	135	12	on	on	ADP
arjefm-1162	135	13	a	a	DET
arjefm-1162	135	14	single	single	ADJ
arjefm-1162	135	15	performance	performance	NOUN
arjefm-1162	135	16	metric	metric	ADJ
arjefm-1162	135	17	roe	roe	NOUN
arjefm-1162	135	18	which	which	PRON
arjefm-1162	135	19	may	may	AUX
arjefm-1162	135	20	not	not	PART
arjefm-1162	135	21	capture	capture	VERB
arjefm-1162	135	22	the	the	DET
arjefm-1162	135	23	full	full	ADJ
arjefm-1162	135	24	spectrum	spectrum	NOUN
arjefm-1162	135	25	of	of	ADP
arjefm-1162	135	26	financial	financial	ADJ
arjefm-1162	135	27	impacts	impact	NOUN
arjefm-1162	135	28	and	and	CCONJ
arjefm-1162	135	29	could	could	AUX
arjefm-1162	135	30	limit	limit	VERB
arjefm-1162	135	31	the	the	DET
arjefm-1162	135	32	breadth	breadth	NOUN
arjefm-1162	135	33	of	of	ADP
arjefm-1162	135	34	insights	insight	NOUN
arjefm-1162	135	35	into	into	ADP
arjefm-1162	135	36	how	how	SCONJ
arjefm-1162	135	37	leverage	leverage	NOUN
arjefm-1162	135	38	affects	affect	VERB
arjefm-1162	135	39	overall	overall	ADJ
arjefm-1162	135	40	firm	firm	ADJ
arjefm-1162	135	41	performance	performance	NOUN
arjefm-1162	135	42	.	.	PUNCT
arjefm-1162	136	1	incorporating	incorporate	VERB
arjefm-1162	136	2	additional	additional	ADJ
arjefm-1162	136	3	performance	performance	NOUN
arjefm-1162	136	4	metrics	metric	NOUN
arjefm-1162	136	5	could	could	AUX
arjefm-1162	136	6	provide	provide	VERB
arjefm-1162	136	7	a	a	DET
arjefm-1162	136	8	more	more	ADV
arjefm-1162	136	9	comprehensive	comprehensive	ADJ
arjefm-1162	136	10	understanding	understanding	NOUN
arjefm-1162	136	11	of	of	ADP
arjefm-1162	136	12	the	the	DET
arjefm-1162	136	13	effects	effect	NOUN
arjefm-1162	136	14	of	of	ADP
arjefm-1162	136	15	financial	financial	ADJ
arjefm-1162	136	16	leverage	leverage	NOUN
arjefm-1162	136	17	.	.	PUNCT
arjefm-1162	137	1	methodology	methodology	NOUN
arjefm-1162	137	2	for	for	ADP
arjefm-1162	137	3	this	this	DET
arjefm-1162	137	4	study	study	NOUN
arjefm-1162	137	5	,	,	PUNCT
arjefm-1162	137	6	an	an	DET
arjefm-1162	137	7	ex	ex	NOUN
arjefm-1162	137	8	-	-	ADJ
arjefm-1162	137	9	post	post	ADJ
arjefm-1162	137	10	facto	facto	X
arjefm-1162	137	11	research	research	NOUN
arjefm-1162	137	12	design	design	NOUN
arjefm-1162	137	13	.	.	PUNCT
arjefm-1162	138	1	the	the	DET
arjefm-1162	138	2	choice	choice	NOUN
arjefm-1162	138	3	of	of	ADP
arjefm-1162	138	4	this	this	DET
arjefm-1162	138	5	design	design	NOUN
arjefm-1162	138	6	was	be	AUX
arjefm-1162	138	7	justified	justify	VERB
arjefm-1162	138	8	due	due	ADP
arjefm-1162	138	9	to	to	ADP
arjefm-1162	138	10	the	the	DET
arjefm-1162	138	11	reliance	reliance	NOUN
arjefm-1162	138	12	on	on	ADP
arjefm-1162	138	13	historical	historical	ADJ
arjefm-1162	138	14	data	datum	NOUN
arjefm-1162	138	15	that	that	SCONJ
arjefm-1162	138	16	researchers	researcher	NOUN
arjefm-1162	138	17	can	can	AUX
arjefm-1162	138	18	not	not	PART
arjefm-1162	138	19	manipulate	manipulate	VERB
arjefm-1162	138	20	(	(	PUNCT
arjefm-1162	138	21	okoye	okoye	PROPN
arjefm-1162	138	22	&	&	CCONJ
arjefm-1162	138	23	adeniyi	adeniyi	ADV
arjefm-1162	138	24	,	,	PUNCT
arjefm-1162	138	25	2018	2018	NUM
arjefm-1162	138	26	)	)	PUNCT
arjefm-1162	138	27	.	.	PUNCT
arjefm-1162	139	1	this	this	DET
arjefm-1162	139	2	design	design	NOUN
arjefm-1162	139	3	allows	allow	VERB
arjefm-1162	139	4	for	for	ADP
arjefm-1162	139	5	the	the	DET
arjefm-1162	139	6	investigation	investigation	NOUN
arjefm-1162	139	7	of	of	ADP
arjefm-1162	139	8	relationships	relationship	NOUN
arjefm-1162	139	9	between	between	ADP
arjefm-1162	139	10	variables	variable	NOUN
arjefm-1162	139	11	without	without	ADP
arjefm-1162	139	12	the	the	DET
arjefm-1162	139	13	need	need	NOUN
arjefm-1162	139	14	for	for	ADP
arjefm-1162	139	15	direct	direct	ADJ
arjefm-1162	139	16	manipulation	manipulation	NOUN
arjefm-1162	139	17	,	,	PUNCT
arjefm-1162	139	18	aligning	align	VERB
arjefm-1162	139	19	with	with	ADP
arjefm-1162	139	20	the	the	DET
arjefm-1162	139	21	objectives	objective	NOUN
arjefm-1162	139	22	of	of	ADP
arjefm-1162	139	23	the	the	DET
arjefm-1162	139	24	study	study	NOUN
arjefm-1162	139	25	to	to	PART
arjefm-1162	139	26	analyze	analyze	VERB
arjefm-1162	139	27	the	the	DET
arjefm-1162	139	28	impact	impact	NOUN
arjefm-1162	139	29	of	of	ADP
arjefm-1162	139	30	financial	financial	ADJ
arjefm-1162	139	31	leverage	leverage	NOUN
arjefm-1162	139	32	on	on	ADP
arjefm-1162	139	33	firm	firm	ADJ
arjefm-1162	139	34	performance	performance	NOUN
arjefm-1162	139	35	using	use	VERB
arjefm-1162	139	36	historical	historical	ADJ
arjefm-1162	139	37	data	datum	NOUN
arjefm-1162	139	38	.	.	PUNCT
arjefm-1162	140	1	the	the	DET
arjefm-1162	140	2	population	population	NOUN
arjefm-1162	140	3	study	study	NOUN
arjefm-1162	140	4	constitutes	constitute	VERB
arjefm-1162	140	5	the	the	DET
arjefm-1162	140	6	entire	entire	ADJ
arjefm-1162	140	7	fast	fast	ADV
arjefm-1162	140	8	-	-	PUNCT
arjefm-1162	140	9	moving	move	VERB
arjefm-1162	140	10	consumer	consumer	NOUN
arjefm-1162	140	11	goods	good	NOUN
arjefm-1162	140	12	companies	company	NOUN
arjefm-1162	140	13	listed	list	VERB
arjefm-1162	140	14	on	on	ADP
arjefm-1162	140	15	the	the	DET
arjefm-1162	140	16	nigeria	nigeria	PROPN
arjefm-1162	140	17	stock	stock	PROPN
arjefm-1162	140	18	exchange	exchange	PROPN
arjefm-1162	140	19	.	.	PUNCT
arjefm-1162	141	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-1162	141	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	142	1	american	american	PROPN
arjefm-1162	142	2	research	research	PROPN
arjefm-1162	142	3	journal	journal	PROPN
arjefm-1162	142	4	of	of	ADP
arjefm-1162	142	5	economics	economic	NOUN
arjefm-1162	142	6	,	,	PUNCT
arjefm-1162	142	7	finance	finance	NOUN
arjefm-1162	142	8	and	and	CCONJ
arjefm-1162	142	9	management	management	NOUN
arjefm-1162	142	10	volume	volume	NOUN
arjefm-1162	142	11	13	13	NUM
arjefm-1162	142	12	issue	issue	NOUN
arjefm-1162	142	13	1	1	NUM
arjefm-1162	142	14	,	,	PUNCT
arjefm-1162	142	15	january	january	PROPN
arjefm-1162	142	16	-	-	PUNCT
arjefm-1162	142	17	march	march	PROPN
arjefm-1162	142	18	2025	2025	NUM
arjefm-1162	142	19	issn	issn	NOUN
arjefm-1162	142	20	:	:	PUNCT
arjefm-1162	142	21	2836	2836	NUM
arjefm-1162	142	22	-	-	SYM
arjefm-1162	142	23	9416	9416	NUM
arjefm-1162	142	24	impact	impact	NOUN
arjefm-1162	142	25	factor	factor	NOUN
arjefm-1162	142	26	:	:	PUNCT
arjefm-1162	142	27	6.41	6.41	NUM
arjefm-1162	142	28	journal	journal	NOUN
arjefm-1162	142	29	homepage	homepage	NOUN
arjefm-1162	142	30	:	:	PUNCT
arjefm-1162	142	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	142	32	,	,	PUNCT
arjefm-1162	142	33	email	email	NOUN
arjefm-1162	142	34	:	:	PUNCT
arjefm-1162	143	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	143	2	official	official	ADJ
arjefm-1162	143	3	journal	journal	PROPN
arjefm-1162	143	4	of	of	ADP
arjefm-1162	143	5	america	america	PROPN
arjefm-1162	143	6	serial	serial	PROPN
arjefm-1162	143	7	publication	publication	NOUN
arjefm-1162	143	8	american	american	PROPN
arjefm-1162	143	9	research	research	PROPN
arjefm-1162	143	10	journal	journal	PROPN
arjefm-1162	143	11	of	of	ADP
arjefm-1162	143	12	economics	economic	NOUN
arjefm-1162	143	13	,	,	PUNCT
arjefm-1162	143	14	finance	finance	NOUN
arjefm-1162	143	15	and	and	CCONJ
arjefm-1162	143	16	management	management	NOUN
arjefm-1162	143	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	143	18	,	,	PUNCT
arjefm-1162	143	19	email	email	NOUN
arjefm-1162	143	20	:	:	PUNCT
arjefm-1162	143	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	144	1	125	125	NUM
arjefm-1162	144	2	|	|	ADV
arjefm-1162	144	3	p	p	X
arjefm-1162	144	4	a	a	DET
arjefm-1162	144	5	g	g	NOUN
arjefm-1162	144	6	e	e	NOUN
arjefm-1162	144	7	population	population	NOUN
arjefm-1162	144	8	of	of	ADP
arjefm-1162	144	9	the	the	DET
arjefm-1162	144	10	study	study	NOUN
arjefm-1162	144	11	as	as	ADP
arjefm-1162	144	12	at	at	ADP
arjefm-1162	144	13	12th	12th	NOUN
arjefm-1162	144	14	of	of	ADP
arjefm-1162	144	15	june	june	PROPN
arjefm-1162	144	16	,	,	PUNCT
arjefm-1162	144	17	2024	2024	NUM
arjefm-1162	144	18	nigeria	nigeria	PROPN
arjefm-1162	144	19	has	have	VERB
arjefm-1162	144	20	a	a	DET
arjefm-1162	144	21	total	total	ADJ
arjefm-1162	144	22	number	number	NOUN
arjefm-1162	144	23	of	of	ADP
arjefm-1162	144	24	fourteen	fourteen	NUM
arjefm-1162	144	25	(	(	PUNCT
arjefm-1162	144	26	14	14	NUM
arjefm-1162	144	27	)	)	PUNCT
arjefm-1162	144	28	listed	list	VERB
arjefm-1162	144	29	fast	fast	ADV
arjefm-1162	144	30	-	-	PUNCT
arjefm-1162	144	31	moving	move	VERB
arjefm-1162	144	32	consumer	consumer	NOUN
arjefm-1162	144	33	goods	good	NOUN
arjefm-1162	144	34	companies	company	NOUN
arjefm-1162	144	35	on	on	ADP
arjefm-1162	144	36	the	the	DET
arjefm-1162	144	37	nigeria	nigeria	PROPN
arjefm-1162	144	38	exchange	exchange	PROPN
arjefm-1162	144	39	group	group	NOUN
arjefm-1162	144	40	and	and	CCONJ
arjefm-1162	144	41	this	this	PRON
arjefm-1162	144	42	constitute	constitute	VERB
arjefm-1162	144	43	the	the	DET
arjefm-1162	144	44	population	population	NOUN
arjefm-1162	144	45	size	size	NOUN
arjefm-1162	144	46	of	of	ADP
arjefm-1162	144	47	this	this	DET
arjefm-1162	144	48	study	study	NOUN
arjefm-1162	144	49	.	.	PUNCT
arjefm-1162	145	1	sample	sample	NOUN
arjefm-1162	145	2	size	size	NOUN
arjefm-1162	145	3	and	and	CCONJ
arjefm-1162	145	4	sampling	sample	VERB
arjefm-1162	145	5	technique	technique	NOUN
arjefm-1162	145	6	four	four	NUM
arjefm-1162	145	7	(	(	PUNCT
arjefm-1162	145	8	4	4	NUM
arjefm-1162	145	9	)	)	PUNCT
arjefm-1162	145	10	of	of	ADP
arjefm-1162	145	11	the	the	DET
arjefm-1162	145	12	listed	list	VERB
arjefm-1162	145	13	fast	fast	ADV
arjefm-1162	145	14	-	-	PUNCT
arjefm-1162	145	15	moving	move	VERB
arjefm-1162	145	16	consumer	consumer	NOUN
arjefm-1162	145	17	goods	good	NOUN
arjefm-1162	145	18	companies	company	NOUN
arjefm-1162	145	19	where	where	SCONJ
arjefm-1162	145	20	;	;	PUNCT
arjefm-1162	145	21	selected	select	VERB
arjefm-1162	145	22	on	on	ADP
arjefm-1162	145	23	the	the	DET
arjefm-1162	145	24	bases	basis	NOUN
arjefm-1162	145	25	of	of	ADP
arjefm-1162	145	26	highest	high	ADJ
arjefm-1162	145	27	share	share	NOUN
arjefm-1162	145	28	prices	price	NOUN
arjefm-1162	145	29	were	be	AUX
arjefm-1162	145	30	selected	select	VERB
arjefm-1162	145	31	as	as	ADP
arjefm-1162	145	32	the	the	DET
arjefm-1162	145	33	sample	sample	NOUN
arjefm-1162	145	34	for	for	ADP
arjefm-1162	145	35	the	the	DET
arjefm-1162	145	36	study	study	NOUN
arjefm-1162	145	37	.	.	PUNCT
arjefm-1162	146	1	eleven	eleven	NUM
arjefm-1162	146	2	years	year	NOUN
arjefm-1162	146	3	(	(	PUNCT
arjefm-1162	146	4	2013	2013	NUM
arjefm-1162	146	5	to	to	ADP
arjefm-1162	146	6	2023	2023	NUM
arjefm-1162	146	7	)	)	PUNCT
arjefm-1162	146	8	financial	financial	ADJ
arjefm-1162	146	9	statements	statement	NOUN
arjefm-1162	146	10	of	of	ADP
arjefm-1162	146	11	selected	select	VERB
arjefm-1162	146	12	firms	firm	NOUN
arjefm-1162	146	13	as	as	SCONJ
arjefm-1162	146	14	also	also	ADV
arjefm-1162	146	15	used	use	VERB
arjefm-1162	146	16	.	.	PUNCT
arjefm-1162	147	1	table	table	NOUN
arjefm-1162	147	2	3.1	3.1	NUM
arjefm-1162	147	3	list	list	NOUN
arjefm-1162	147	4	of	of	ADP
arjefm-1162	147	5	sampled	sample	VERB
arjefm-1162	147	6	firms	firm	NOUN
arjefm-1162	147	7	fmcg	fmcg	PROPN
arjefm-1162	147	8	nestle	nestle	PROPN
arjefm-1162	147	9	nigeria	nigeria	PROPN
arjefm-1162	147	10	plc	plc	PROPN
arjefm-1162	147	11	bua	bua	PROPN
arjefm-1162	147	12	foods	foods	PROPN
arjefm-1162	147	13	plc	plc	PROPN
arjefm-1162	147	14	flour	flour	NOUN
arjefm-1162	147	15	mills	mills	PROPN
arjefm-1162	147	16	nigeria	nigeria	PROPN
arjefm-1162	147	17	plc	plc	PROPN
arjefm-1162	147	18	dangote	dangote	PROPN
arjefm-1162	147	19	sugar	sugar	PROPN
arjefm-1162	147	20	refinery	refinery	PROPN
arjefm-1162	147	21	plc	plc	PROPN
arjefm-1162	147	22	source	source	NOUN
arjefm-1162	147	23	:	:	PUNCT
arjefm-1162	147	24	researcher	researcher	NOUN
arjefm-1162	147	25	’s	’s	PART
arjefm-1162	147	26	compilation	compilation	NOUN
arjefm-1162	147	27	,	,	PUNCT
arjefm-1162	147	28	2024	2024	NUM
arjefm-1162	147	29	sources	source	NOUN
arjefm-1162	147	30	and	and	CCONJ
arjefm-1162	147	31	method	method	NOUN
arjefm-1162	147	32	of	of	ADP
arjefm-1162	147	33	data	datum	NOUN
arjefm-1162	147	34	collection	collection	NOUN
arjefm-1162	147	35	the	the	DET
arjefm-1162	147	36	data	datum	NOUN
arjefm-1162	147	37	of	of	ADP
arjefm-1162	147	38	the	the	DET
arjefm-1162	147	39	study	study	NOUN
arjefm-1162	147	40	have	have	AUX
arjefm-1162	147	41	been	be	AUX
arjefm-1162	147	42	collected	collect	VERB
arjefm-1162	147	43	from	from	ADP
arjefm-1162	147	44	secondary	secondary	ADJ
arjefm-1162	147	45	sources	source	NOUN
arjefm-1162	147	46	only	only	ADV
arjefm-1162	147	47	.	.	PUNCT
arjefm-1162	148	1	the	the	DET
arjefm-1162	148	2	data	datum	NOUN
arjefm-1162	148	3	used	use	VERB
arjefm-1162	148	4	for	for	ADP
arjefm-1162	148	5	the	the	DET
arjefm-1162	148	6	analysis	analysis	NOUN
arjefm-1162	148	7	were	be	AUX
arjefm-1162	148	8	extracted	extract	VERB
arjefm-1162	148	9	from	from	ADP
arjefm-1162	148	10	the	the	DET
arjefm-1162	148	11	audited	audit	VERB
arjefm-1162	148	12	financial	financial	ADJ
arjefm-1162	148	13	statements	statement	NOUN
arjefm-1162	148	14	and	and	CCONJ
arjefm-1162	148	15	reports	report	NOUN
arjefm-1162	148	16	of	of	ADP
arjefm-1162	148	17	the	the	DET
arjefm-1162	148	18	sampled	sample	VERB
arjefm-1162	148	19	firms	firm	NOUN
arjefm-1162	148	20	for	for	ADP
arjefm-1162	148	21	the	the	DET
arjefm-1162	148	22	period	period	NOUN
arjefm-1162	148	23	of	of	ADP
arjefm-1162	148	24	2014	2014	NUM
arjefm-1162	148	25	to	to	ADP
arjefm-1162	148	26	2023	2023	NUM
arjefm-1162	148	27	.	.	PUNCT
arjefm-1162	149	1	the	the	DET
arjefm-1162	149	2	various	various	ADJ
arjefm-1162	149	3	data	datum	NOUN
arjefm-1162	149	4	were	be	AUX
arjefm-1162	149	5	soured	sour	VERB
arjefm-1162	149	6	based	base	VERB
arjefm-1162	149	7	on	on	ADP
arjefm-1162	149	8	the	the	DET
arjefm-1162	149	9	parameters	parameter	NOUN
arjefm-1162	149	10	of	of	ADP
arjefm-1162	149	11	the	the	DET
arjefm-1162	149	12	variables	variable	NOUN
arjefm-1162	149	13	.	.	PUNCT
arjefm-1162	150	1	the	the	DET
arjefm-1162	150	2	use	use	NOUN
arjefm-1162	150	3	of	of	ADP
arjefm-1162	150	4	secondary	secondary	ADJ
arjefm-1162	150	5	data	datum	NOUN
arjefm-1162	150	6	in	in	ADP
arjefm-1162	150	7	this	this	DET
arjefm-1162	150	8	study	study	NOUN
arjefm-1162	150	9	was	be	AUX
arjefm-1162	150	10	chosen	choose	VERB
arjefm-1162	150	11	because	because	SCONJ
arjefm-1162	150	12	the	the	DET
arjefm-1162	150	13	study	study	NOUN
arjefm-1162	150	14	is	be	AUX
arjefm-1162	150	15	based	base	VERB
arjefm-1162	150	16	on	on	ADP
arjefm-1162	150	17	the	the	DET
arjefm-1162	150	18	quantitative	quantitative	ADJ
arjefm-1162	150	19	research	research	NOUN
arjefm-1162	150	20	methodology	methodology	NOUN
arjefm-1162	150	21	that	that	PRON
arjefm-1162	150	22	requires	require	VERB
arjefm-1162	150	23	quantitative	quantitative	ADJ
arjefm-1162	150	24	data	datum	NOUN
arjefm-1162	150	25	to	to	PART
arjefm-1162	150	26	test	test	VERB
arjefm-1162	150	27	the	the	DET
arjefm-1162	150	28	research	research	NOUN
arjefm-1162	150	29	hypotheses	hypothesis	NOUN
arjefm-1162	150	30	.	.	PUNCT
arjefm-1162	151	1	the	the	DET
arjefm-1162	151	2	method	method	NOUN
arjefm-1162	151	3	of	of	ADP
arjefm-1162	151	4	data	datum	NOUN
arjefm-1162	151	5	collection	collection	NOUN
arjefm-1162	151	6	is	be	AUX
arjefm-1162	151	7	the	the	DET
arjefm-1162	151	8	process	process	NOUN
arjefm-1162	151	9	adopted	adopt	VERB
arjefm-1162	151	10	in	in	ADP
arjefm-1162	151	11	collecting	collect	VERB
arjefm-1162	151	12	the	the	DET
arjefm-1162	151	13	first	first	ADJ
arjefm-1162	151	14	-	-	PUNCT
arjefm-1162	151	15	hand	hand	NOUN
arjefm-1162	151	16	data	datum	NOUN
arjefm-1162	151	17	.	.	PUNCT
arjefm-1162	152	1	the	the	DET
arjefm-1162	152	2	secondary	secondary	ADJ
arjefm-1162	152	3	data	datum	NOUN
arjefm-1162	152	4	used	use	VERB
arjefm-1162	152	5	includes	include	VERB
arjefm-1162	152	6	financial	financial	ADJ
arjefm-1162	152	7	reports	report	NOUN
arjefm-1162	152	8	of	of	ADP
arjefm-1162	152	9	the	the	DET
arjefm-1162	152	10	sampled	sample	VERB
arjefm-1162	152	11	companies	company	NOUN
arjefm-1162	152	12	which	which	PRON
arjefm-1162	152	13	were	be	AUX
arjefm-1162	152	14	downloaded	download	VERB
arjefm-1162	152	15	from	from	ADP
arjefm-1162	152	16	the	the	DET
arjefm-1162	152	17	website	website	NOUN
arjefm-1162	152	18	of	of	ADP
arjefm-1162	152	19	the	the	DET
arjefm-1162	152	20	companies	company	NOUN
arjefm-1162	152	21	.	.	PUNCT
arjefm-1162	153	1	techniques	technique	NOUN
arjefm-1162	153	2	of	of	ADP
arjefm-1162	153	3	data	datum	NOUN
arjefm-1162	153	4	analysis	analysis	NOUN
arjefm-1162	153	5	two	two	NUM
arjefm-1162	153	6	data	datum	NOUN
arjefm-1162	153	7	analysis	analysis	NOUN
arjefm-1162	153	8	techniques	technique	NOUN
arjefm-1162	153	9	were	be	AUX
arjefm-1162	153	10	used	use	VERB
arjefm-1162	153	11	namely	namely	ADV
arjefm-1162	153	12	:	:	PUNCT
arjefm-1162	153	13	descriptive	descriptive	ADJ
arjefm-1162	153	14	statistics	statistic	NOUN
arjefm-1162	153	15	and	and	CCONJ
arjefm-1162	153	16	panel	panel	NOUN
arjefm-1162	153	17	regression	regression	NOUN
arjefm-1162	153	18	method	method	NOUN
arjefm-1162	153	19	.	.	PUNCT
arjefm-1162	154	1	with	with	ADP
arjefm-1162	154	2	the	the	DET
arjefm-1162	154	3	aid	aid	NOUN
arjefm-1162	154	4	of	of	ADP
arjefm-1162	154	5	e	e	NOUN
arjefm-1162	154	6	-	-	NOUN
arjefm-1162	154	7	views	views	ADJ
arjefm-1162	154	8	10	10	NUM
arjefm-1162	154	9	software	software	NOUN
arjefm-1162	154	10	for	for	ADP
arjefm-1162	154	11	windows	window	NOUN
arjefm-1162	154	12	the	the	DET
arjefm-1162	154	13	study	study	NOUN
arjefm-1162	154	14	utilized	utilize	VERB
arjefm-1162	154	15	the	the	DET
arjefm-1162	154	16	descriptive	descriptive	ADJ
arjefm-1162	154	17	statistics	statistic	NOUN
arjefm-1162	154	18	because	because	SCONJ
arjefm-1162	154	19	it	it	PRON
arjefm-1162	154	20	summarized	summarize	VERB
arjefm-1162	154	21	the	the	DET
arjefm-1162	154	22	collected	collect	VERB
arjefm-1162	154	23	data	datum	NOUN
arjefm-1162	154	24	in	in	ADP
arjefm-1162	154	25	a	a	DET
arjefm-1162	154	26	clear	clear	ADJ
arjefm-1162	154	27	and	and	CCONJ
arjefm-1162	154	28	understandable	understandable	ADJ
arjefm-1162	154	29	way	way	NOUN
arjefm-1162	154	30	using	use	VERB
arjefm-1162	154	31	numerical	numerical	ADJ
arjefm-1162	154	32	approach	approach	NOUN
arjefm-1162	154	33	.	.	PUNCT
arjefm-1162	155	1	the	the	DET
arjefm-1162	155	2	descriptive	descriptive	ADJ
arjefm-1162	155	3	statistics	statistic	NOUN
arjefm-1162	155	4	includes	include	VERB
arjefm-1162	155	5	the	the	DET
arjefm-1162	155	6	mean	mean	ADJ
arjefm-1162	155	7	,	,	PUNCT
arjefm-1162	155	8	madian	madian	NOUN
arjefm-1162	155	9	,	,	PUNCT
arjefm-1162	155	10	standard	standard	ADJ
arjefm-1162	155	11	deviation	deviation	NOUN
arjefm-1162	155	12	,	,	PUNCT
arjefm-1162	155	13	minimum	minimum	ADJ
arjefm-1162	155	14	,	,	PUNCT
arjefm-1162	155	15	maximum	maximum	ADJ
arjefm-1162	155	16	,	,	PUNCT
arjefm-1162	155	17	skewness	skewness	NOUN
arjefm-1162	155	18	and	and	CCONJ
arjefm-1162	155	19	kurtosis	kurtosis	NOUN
arjefm-1162	155	20	.	.	PUNCT
arjefm-1162	156	1	the	the	DET
arjefm-1162	156	2	skewness	skewness	NOUN
arjefm-1162	156	3	and	and	CCONJ
arjefm-1162	156	4	kurtosis	kurtosis	NOUN
arjefm-1162	156	5	explain	explain	VERB
arjefm-1162	156	6	the	the	DET
arjefm-1162	156	7	shape	shape	NOUN
arjefm-1162	156	8	of	of	ADP
arjefm-1162	156	9	the	the	DET
arjefm-1162	156	10	data	datum	NOUN
arjefm-1162	156	11	distribution	distribution	NOUN
arjefm-1162	156	12	.	.	PUNCT
arjefm-1162	157	1	also	also	ADV
arjefm-1162	157	2	,	,	PUNCT
arjefm-1162	157	3	panel	panel	NOUN
arjefm-1162	157	4	regression	regression	NOUN
arjefm-1162	157	5	method	method	NOUN
arjefm-1162	157	6	was	be	AUX
arjefm-1162	157	7	used	use	VERB
arjefm-1162	157	8	.	.	PUNCT
arjefm-1162	158	1	the	the	DET
arjefm-1162	158	2	panel	panel	NOUN
arjefm-1162	158	3	was	be	AUX
arjefm-1162	158	4	developed	develop	VERB
arjefm-1162	158	5	and	and	CCONJ
arjefm-1162	158	6	used	use	VERB
arjefm-1162	158	7	for	for	ADP
arjefm-1162	158	8	the	the	DET
arjefm-1162	158	9	study	study	NOUN
arjefm-1162	158	10	as	as	SCONJ
arjefm-1162	158	11	it	it	PRON
arjefm-1162	158	12	increases	increase	VERB
arjefm-1162	158	13	efficiency	efficiency	NOUN
arjefm-1162	158	14	by	by	ADP
arjefm-1162	158	15	combining	combine	VERB
arjefm-1162	158	16	time	time	NOUN
arjefm-1162	158	17	series	series	NOUN
arjefm-1162	158	18	and	and	CCONJ
arjefm-1162	158	19	cross	cross	ADJ
arjefm-1162	158	20	-	-	ADJ
arjefm-1162	158	21	section	section	ADJ
arjefm-1162	158	22	data	datum	NOUN
arjefm-1162	158	23	.	.	PUNCT
arjefm-1162	159	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-1162	159	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	160	1	american	american	PROPN
arjefm-1162	160	2	research	research	PROPN
arjefm-1162	160	3	journal	journal	PROPN
arjefm-1162	160	4	of	of	ADP
arjefm-1162	160	5	economics	economic	NOUN
arjefm-1162	160	6	,	,	PUNCT
arjefm-1162	160	7	finance	finance	NOUN
arjefm-1162	160	8	and	and	CCONJ
arjefm-1162	160	9	management	management	NOUN
arjefm-1162	160	10	volume	volume	NOUN
arjefm-1162	160	11	13	13	NUM
arjefm-1162	160	12	issue	issue	NOUN
arjefm-1162	160	13	1	1	NUM
arjefm-1162	160	14	,	,	PUNCT
arjefm-1162	160	15	january	january	PROPN
arjefm-1162	160	16	-	-	PUNCT
arjefm-1162	160	17	march	march	PROPN
arjefm-1162	160	18	2025	2025	NUM
arjefm-1162	160	19	issn	issn	NOUN
arjefm-1162	160	20	:	:	PUNCT
arjefm-1162	160	21	2836	2836	NUM
arjefm-1162	160	22	-	-	SYM
arjefm-1162	160	23	9416	9416	NUM
arjefm-1162	160	24	impact	impact	NOUN
arjefm-1162	160	25	factor	factor	NOUN
arjefm-1162	160	26	:	:	PUNCT
arjefm-1162	160	27	6.41	6.41	NUM
arjefm-1162	160	28	journal	journal	NOUN
arjefm-1162	160	29	homepage	homepage	NOUN
arjefm-1162	160	30	:	:	PUNCT
arjefm-1162	160	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	160	32	,	,	PUNCT
arjefm-1162	160	33	email	email	NOUN
arjefm-1162	160	34	:	:	PUNCT
arjefm-1162	161	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	161	2	official	official	ADJ
arjefm-1162	161	3	journal	journal	PROPN
arjefm-1162	161	4	of	of	ADP
arjefm-1162	161	5	america	america	PROPN
arjefm-1162	161	6	serial	serial	PROPN
arjefm-1162	161	7	publication	publication	NOUN
arjefm-1162	161	8	american	american	PROPN
arjefm-1162	161	9	research	research	PROPN
arjefm-1162	161	10	journal	journal	PROPN
arjefm-1162	161	11	of	of	ADP
arjefm-1162	161	12	economics	economic	NOUN
arjefm-1162	161	13	,	,	PUNCT
arjefm-1162	161	14	finance	finance	NOUN
arjefm-1162	161	15	and	and	CCONJ
arjefm-1162	161	16	management	management	NOUN
arjefm-1162	161	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	161	18	,	,	PUNCT
arjefm-1162	161	19	email	email	NOUN
arjefm-1162	161	20	:	:	PUNCT
arjefm-1162	161	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	162	1	126	126	NUM
arjefm-1162	163	1	|	|	ADV
arjefm-1162	163	2	p	p	X
arjefm-1162	163	3	a	a	DET
arjefm-1162	163	4	g	g	NOUN
arjefm-1162	163	5	e	e	NOUN
arjefm-1162	163	6	each	each	DET
arjefm-1162	163	7	sector	sector	NOUN
arjefm-1162	163	8	i.e.	i.e.	X
arjefm-1162	163	9	fast	fast	ADV
arjefm-1162	163	10	-	-	PUNCT
arjefm-1162	163	11	moving	move	VERB
arjefm-1162	163	12	consumer	consumer	NOUN
arjefm-1162	163	13	goods	good	NOUN
arjefm-1162	163	14	companies	company	NOUN
arjefm-1162	163	15	would	would	AUX
arjefm-1162	163	16	be	be	AUX
arjefm-1162	163	17	analyzed	analyze	VERB
arjefm-1162	163	18	separately	separately	ADV
arjefm-1162	163	19	thereafter	thereafter	ADV
arjefm-1162	163	20	,	,	PUNCT
arjefm-1162	163	21	the	the	DET
arjefm-1162	163	22	results	result	NOUN
arjefm-1162	163	23	from	from	ADP
arjefm-1162	163	24	each	each	DET
arjefm-1162	163	25	sector	sector	NOUN
arjefm-1162	163	26	would	would	AUX
arjefm-1162	163	27	be	be	AUX
arjefm-1162	163	28	used	use	VERB
arjefm-1162	163	29	to	to	PART
arjefm-1162	163	30	carry	carry	VERB
arjefm-1162	163	31	out	out	ADP
arjefm-1162	163	32	a	a	DET
arjefm-1162	163	33	detailed	detailed	ADJ
arjefm-1162	163	34	comparative	comparative	ADJ
arjefm-1162	163	35	analysis	analysis	NOUN
arjefm-1162	163	36	among	among	ADP
arjefm-1162	163	37	the	the	DET
arjefm-1162	163	38	two	two	NUM
arjefm-1162	163	39	sectors	sector	NOUN
arjefm-1162	163	40	.	.	PUNCT
arjefm-1162	164	1	multicollinearity	multicollinearity	NOUN
arjefm-1162	164	2	–	–	PUNCT
arjefm-1162	164	3	there	there	PRON
arjefm-1162	164	4	should	should	AUX
arjefm-1162	164	5	be	be	AUX
arjefm-1162	164	6	no	no	DET
arjefm-1162	164	7	exact	exact	ADJ
arjefm-1162	164	8	collinearity	collinearity	NOUN
arjefm-1162	164	9	among	among	ADP
arjefm-1162	164	10	predictors	predictor	NOUN
arjefm-1162	164	11	.	.	PUNCT
arjefm-1162	165	1	from	from	ADP
arjefm-1162	165	2	the	the	DET
arjefm-1162	165	3	regression	regression	NOUN
arjefm-1162	165	4	results	result	NOUN
arjefm-1162	165	5	,	,	PUNCT
arjefm-1162	165	6	the	the	DET
arjefm-1162	165	7	p	p	NOUN
arjefm-1162	165	8	-	-	PUNCT
arjefm-1162	165	9	value	value	NOUN
arjefm-1162	165	10	statistics	statistic	NOUN
arjefm-1162	165	11	was	be	AUX
arjefm-1162	165	12	used	use	VERB
arjefm-1162	165	13	to	to	PART
arjefm-1162	165	14	test	test	VERB
arjefm-1162	165	15	the	the	DET
arjefm-1162	165	16	hypotheses	hypothesis	NOUN
arjefm-1162	165	17	stated	state	VERB
arjefm-1162	165	18	in	in	ADP
arjefm-1162	165	19	chapter	chapter	NOUN
arjefm-1162	165	20	one	one	NUM
arjefm-1162	165	21	(	(	PUNCT
arjefm-1162	165	22	1.5	1.5	NUM
arjefm-1162	165	23	)	)	PUNCT
arjefm-1162	165	24	at	at	ADP
arjefm-1162	165	25	5	5	NUM
arjefm-1162	165	26	%	%	NOUN
arjefm-1162	165	27	level	level	NOUN
arjefm-1162	165	28	of	of	ADP
arjefm-1162	165	29	significance	significance	NOUN
arjefm-1162	165	30	(	(	PUNCT
arjefm-1162	165	31	)	)	PUNCT
arjefm-1162	165	32	.	.	PUNCT
arjefm-1162	166	1	a	a	DET
arjefm-1162	166	2	p	p	NOUN
arjefm-1162	166	3	-	-	PUNCT
arjefm-1162	166	4	value	value	NOUN
arjefm-1162	166	5	less	less	ADJ
arjefm-1162	166	6	than	than	ADP
arjefm-1162	166	7	α=0.05	α=0.05	NOUN
arjefm-1162	166	8	indicates	indicate	VERB
arjefm-1162	166	9	that	that	SCONJ
arjefm-1162	166	10	there	there	PRON
arjefm-1162	166	11	is	be	VERB
arjefm-1162	166	12	enough	enough	ADJ
arjefm-1162	166	13	statistical	statistical	ADJ
arjefm-1162	166	14	evidence	evidence	NOUN
arjefm-1162	166	15	to	to	PART
arjefm-1162	166	16	reject	reject	VERB
arjefm-1162	166	17	the	the	DET
arjefm-1162	166	18	null	null	ADJ
arjefm-1162	166	19	hypothesis	hypothesis	NOUN
arjefm-1162	166	20	,	,	PUNCT
arjefm-1162	166	21	and	and	CCONJ
arjefm-1162	166	22	thereby	thereby	ADV
arjefm-1162	166	23	accept	accept	VERB
arjefm-1162	166	24	the	the	DET
arjefm-1162	166	25	alternative	alternative	ADJ
arjefm-1162	166	26	hypothesis	hypothesis	NOUN
arjefm-1162	166	27	.	.	PUNCT
arjefm-1162	167	1	model	model	PROPN
arjefm-1162	167	2	specification	specification	PROPN
arjefm-1162	167	3	the	the	DET
arjefm-1162	167	4	model	model	NOUN
arjefm-1162	167	5	for	for	ADP
arjefm-1162	167	6	this	this	DET
arjefm-1162	167	7	study	study	NOUN
arjefm-1162	167	8	is	be	AUX
arjefm-1162	167	9	a	a	DET
arjefm-1162	167	10	multiple	multiple	ADJ
arjefm-1162	167	11	regression	regression	NOUN
arjefm-1162	167	12	model	model	NOUN
arjefm-1162	167	13	.	.	PUNCT
arjefm-1162	168	1	the	the	DET
arjefm-1162	168	2	panel	panel	NOUN
arjefm-1162	168	3	methodology	methodology	NOUN
arjefm-1162	168	4	was	be	AUX
arjefm-1162	168	5	adopted	adopt	VERB
arjefm-1162	168	6	since	since	SCONJ
arjefm-1162	168	7	the	the	DET
arjefm-1162	168	8	data	datum	NOUN
arjefm-1162	168	9	to	to	PART
arjefm-1162	168	10	be	be	AUX
arjefm-1162	168	11	analyzed	analyze	VERB
arjefm-1162	168	12	has	have	VERB
arjefm-1162	168	13	panel	panel	NOUN
arjefm-1162	168	14	attributes	attribute	NOUN
arjefm-1162	168	15	.	.	PUNCT
arjefm-1162	169	1	the	the	DET
arjefm-1162	169	2	model	model	NOUN
arjefm-1162	169	3	is	be	AUX
arjefm-1162	169	4	as	as	SCONJ
arjefm-1162	169	5	follows	follow	VERB
arjefm-1162	169	6	:	:	PUNCT
arjefm-1162	169	7	roeit	roeit	NOUN
arjefm-1162	169	8	=	=	NOUN
arjefm-1162	169	9	β0	β0	PROPN
arjefm-1162	169	10	+	+	NOUN
arjefm-1162	169	11	β3slrit	β3slrit	NOUN
arjefm-1162	170	1	+	+	PUNCT
arjefm-1162	170	2	β2llit+β5scrit	β2llit+β5scrit	PROPN
arjefm-1162	170	3	+	+	ADJ
arjefm-1162	170	4	β6prit+eit	β6prit+eit	PROPN
arjefm-1162	170	5	…	…	PUNCT
arjefm-1162	170	6	…	…	PUNCT
arjefm-1162	170	7	…	…	PUNCT
arjefm-1162	170	8	…	…	PUNCT
arjefm-1162	170	9	…	…	PUNCT
arjefm-1162	170	10	..	..	PUNCT
arjefm-1162	170	11	…	…	PUNCT
arjefm-1162	170	12	…	…	PUNCT
arjefm-1162	170	13	…	…	PUNCT
arjefm-1162	170	14	…	…	PUNCT
arjefm-1162	170	15	....	....	PUNCT
arjefm-1162	170	16	1	1	NUM
arjefm-1162	170	17	where	where	SCONJ
arjefm-1162	170	18	:	:	PUNCT
arjefm-1162	170	19	roeit	roeit	NOUN
arjefm-1162	170	20	=	=	SYM
arjefm-1162	170	21	return	return	VERB
arjefm-1162	170	22	on	on	ADP
arjefm-1162	170	23	equity	equity	NOUN
arjefm-1162	170	24	βoβ2	βoβ2	NOUN
arjefm-1162	170	25	=	=	PUNCT
arjefm-1162	171	1	coefficients	coefficient	NOUN
arjefm-1162	171	2	of	of	ADP
arjefm-1162	171	3	the	the	DET
arjefm-1162	171	4	independent	independent	ADJ
arjefm-1162	171	5	variables	variable	NOUN
arjefm-1162	171	6	slrit	slrit	NOUN
arjefm-1162	171	7	=	=	SYM
arjefm-1162	171	8	short	short	ADJ
arjefm-1162	171	9	term	term	NOUN
arjefm-1162	171	10	leverage	leverage	NOUN
arjefm-1162	171	11	ratio	ratio	NOUN
arjefm-1162	171	12	llit	llit	NOUN
arjefm-1162	171	13	=	=	SYM
arjefm-1162	171	14	long	long	ADJ
arjefm-1162	171	15	term	term	NOUN
arjefm-1162	171	16	leverage	leverage	NOUN
arjefm-1162	171	17	eit	eit	NOUN
arjefm-1162	172	1	=	=	NOUN
arjefm-1162	172	2	error	error	NOUN
arjefm-1162	172	3	term	term	NOUN
arjefm-1162	172	4	data	datum	NOUN
arjefm-1162	172	5	analysis	analysis	NOUN
arjefm-1162	172	6	table	table	NOUN
arjefm-1162	172	7	1	1	NUM
arjefm-1162	172	8	:	:	PUNCT
arjefm-1162	172	9	descriptive	descriptive	ADJ
arjefm-1162	172	10	analysis	analysis	NOUN
arjefm-1162	172	11	roe	roe	NOUN
arjefm-1162	172	12	c	c	PROPN
arjefm-1162	172	13	slr	slr	PROPN
arjefm-1162	172	14	ll	ll	AUX
arjefm-1162	172	15	mean	mean	VERB
arjefm-1162	172	16	0.774853	0.774853	NUM
arjefm-1162	172	17	1.000000	1.000000	NUM
arjefm-1162	172	18	0.196251	0.196251	NUM
arjefm-1162	172	19	0.847565	0.847565	NUM
arjefm-1162	172	20	median	median	NOUN
arjefm-1162	172	21	0.215651	0.215651	NUM
arjefm-1162	172	22	1.000000	1.000000	NUM
arjefm-1162	172	23	0.152287	0.152287	NUM
arjefm-1162	172	24	0.867869	0.867869	NUM
arjefm-1162	172	25	maximum	maximum	ADJ
arjefm-1162	172	26	16.16437	16.16437	NUM
arjefm-1162	172	27	1.000000	1.000000	NUM
arjefm-1162	172	28	0.706248	0.706248	NUM
arjefm-1162	172	29	0.977973	0.977973	NUM
arjefm-1162	172	30	minimum	minimum	ADJ
arjefm-1162	172	31	-0.88008	-0.88008	NOUN
arjefm-1162	172	32	1.000000	1.000000	NUM
arjefm-1162	172	33	0.022523	0.022523	NUM
arjefm-1162	172	34	0.586081	0.586081	NUM
arjefm-1162	172	35	std	std	NOUN
arjefm-1162	172	36	.	.	PUNCT
arjefm-1162	172	37	dev	dev	PROPN
arjefm-1162	172	38	.	.	PUNCT
arjefm-1162	173	1	2.543897	2.543897	NUM
arjefm-1162	173	2	0.000000	0.000000	NUM
arjefm-1162	173	3	0.154644	0.154644	NUM
arjefm-1162	173	4	0.093118	0.093118	NUM
arjefm-1162	173	5	skewness	skewness	NOUN
arjefm-1162	173	6	5.735108	5.735108	NUM
arjefm-1162	173	7	na	na	SYM
arjefm-1162	173	8	1.652839	1.652839	NUM
arjefm-1162	173	9	-1.13933	-1.13933	NOUN
arjefm-1162	173	10	kurtosis	kurtosis	NOUN
arjefm-1162	173	11	35.23208	35.23208	NUM
arjefm-1162	173	12	na	na	ADP
arjefm-1162	173	13	5.290364	5.290364	NUM
arjefm-1162	173	14	3.678461	3.678461	NUM
arjefm-1162	173	15	jarque	jarque	NOUN
arjefm-1162	173	16	-	-	PUNCT
arjefm-1162	173	17	bera	bera	NOUN
arjefm-1162	173	18	1950.789	1950.789	PROPN
arjefm-1162	173	19	na	na	ADP
arjefm-1162	173	20	26.95546	26.95546	NUM
arjefm-1162	173	21	9.420933	9.420933	NUM
arjefm-1162	173	22	probability	probability	NOUN
arjefm-1162	173	23	0.000000	0.000000	NUM
arjefm-1162	173	24	na	na	PART
arjefm-1162	173	25	0.000001	0.000001	NUM
arjefm-1162	173	26	0.009001	0.009001	NUM
arjefm-1162	173	27	sum	sum	NOUN
arjefm-1162	173	28	30.99412	30.99412	NUM
arjefm-1162	173	29	40.00000	40.00000	NUM
arjefm-1162	173	30	7.850044	7.850044	NUM
arjefm-1162	173	31	33.90258	33.90258	NUM
arjefm-1162	173	32	sum	sum	NOUN
arjefm-1162	173	33	sq	sq	PROPN
arjefm-1162	173	34	.	.	PROPN
arjefm-1162	173	35	dev	dev	PROPN
arjefm-1162	173	36	.	.	PUNCT
arjefm-1162	174	1	252.3850	252.3850	NUM
arjefm-1162	174	2	0.000000	0.000000	NUM
arjefm-1162	174	3	0.932670	0.932670	NUM
arjefm-1162	174	4	0.338165	0.338165	NUM
arjefm-1162	174	5	observations	observation	NOUN
arjefm-1162	174	6	40	40	NUM
arjefm-1162	174	7	40	40	NUM
arjefm-1162	174	8	40	40	NUM
arjefm-1162	174	9	40	40	NUM
arjefm-1162	174	10	mailto:contact@americaserial.com	mailto:contact@americaserial.com	NOUN
arjefm-1162	174	11	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	174	12	american	american	PROPN
arjefm-1162	174	13	research	research	PROPN
arjefm-1162	174	14	journal	journal	PROPN
arjefm-1162	174	15	of	of	ADP
arjefm-1162	174	16	economics	economic	NOUN
arjefm-1162	174	17	,	,	PUNCT
arjefm-1162	174	18	finance	finance	NOUN
arjefm-1162	174	19	and	and	CCONJ
arjefm-1162	174	20	management	management	NOUN
arjefm-1162	174	21	volume	volume	NOUN
arjefm-1162	174	22	13	13	NUM
arjefm-1162	174	23	issue	issue	NOUN
arjefm-1162	174	24	1	1	NUM
arjefm-1162	174	25	,	,	PUNCT
arjefm-1162	174	26	january	january	PROPN
arjefm-1162	174	27	-	-	PUNCT
arjefm-1162	174	28	march	march	PROPN
arjefm-1162	174	29	2025	2025	NUM
arjefm-1162	174	30	issn	issn	NOUN
arjefm-1162	174	31	:	:	PUNCT
arjefm-1162	174	32	2836	2836	NUM
arjefm-1162	174	33	-	-	SYM
arjefm-1162	174	34	9416	9416	NUM
arjefm-1162	174	35	impact	impact	NOUN
arjefm-1162	174	36	factor	factor	NOUN
arjefm-1162	174	37	:	:	PUNCT
arjefm-1162	174	38	6.41	6.41	NUM
arjefm-1162	174	39	journal	journal	NOUN
arjefm-1162	174	40	homepage	homepage	NOUN
arjefm-1162	174	41	:	:	PUNCT
arjefm-1162	174	42	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	174	43	,	,	PUNCT
arjefm-1162	174	44	email	email	NOUN
arjefm-1162	174	45	:	:	PUNCT
arjefm-1162	174	46	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	174	47	official	official	ADJ
arjefm-1162	174	48	journal	journal	PROPN
arjefm-1162	174	49	of	of	ADP
arjefm-1162	174	50	america	america	PROPN
arjefm-1162	174	51	serial	serial	PROPN
arjefm-1162	174	52	publication	publication	NOUN
arjefm-1162	174	53	american	american	PROPN
arjefm-1162	174	54	research	research	PROPN
arjefm-1162	174	55	journal	journal	PROPN
arjefm-1162	174	56	of	of	ADP
arjefm-1162	174	57	economics	economic	NOUN
arjefm-1162	174	58	,	,	PUNCT
arjefm-1162	174	59	finance	finance	NOUN
arjefm-1162	174	60	and	and	CCONJ
arjefm-1162	174	61	management	management	NOUN
arjefm-1162	174	62	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	174	63	,	,	PUNCT
arjefm-1162	174	64	email	email	NOUN
arjefm-1162	174	65	:	:	PUNCT
arjefm-1162	174	66	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	175	1	127	127	NUM
arjefm-1162	176	1	|	|	ADV
arjefm-1162	176	2	p	p	X
arjefm-1162	176	3	a	a	DET
arjefm-1162	176	4	g	g	NOUN
arjefm-1162	176	5	e	e	NOUN
arjefm-1162	176	6	table	table	NOUN
arjefm-1162	176	7	4.1	4.1	NUM
arjefm-1162	176	8	present	present	ADJ
arjefm-1162	176	9	the	the	DET
arjefm-1162	176	10	descriptive	descriptive	ADJ
arjefm-1162	176	11	statistics	statistic	NOUN
arjefm-1162	176	12	of	of	ADP
arjefm-1162	176	13	four	four	NUM
arjefm-1162	176	14	proxies	proxy	NOUN
arjefm-1162	176	15	of	of	ADP
arjefm-1162	176	16	financial	financial	ADJ
arjefm-1162	176	17	leverage	leverage	NOUN
arjefm-1162	176	18	(	(	PUNCT
arjefm-1162	176	19	slr	slr	X
arjefm-1162	176	20	,	,	PUNCT
arjefm-1162	176	21	ll	ll	NOUN
arjefm-1162	176	22	)	)	PUNCT
arjefm-1162	176	23	and	and	CCONJ
arjefm-1162	176	24	performance	performance	NOUN
arjefm-1162	176	25	measures	measure	NOUN
arjefm-1162	176	26	(	(	PUNCT
arjefm-1162	176	27	roe	roe	NOUN
arjefm-1162	176	28	,	,	PUNCT
arjefm-1162	176	29	)	)	PUNCT
arjefm-1162	176	30	containing	contain	VERB
arjefm-1162	176	31	mean	mean	NOUN
arjefm-1162	176	32	,	,	PUNCT
arjefm-1162	176	33	median	median	ADJ
arjefm-1162	176	34	,	,	PUNCT
arjefm-1162	176	35	standard	standard	ADJ
arjefm-1162	176	36	deviation	deviation	NOUN
arjefm-1162	176	37	,	,	PUNCT
arjefm-1162	176	38	minimum	minimum	NOUN
arjefm-1162	176	39	and	and	CCONJ
arjefm-1162	176	40	maximum	maximum	ADJ
arjefm-1162	176	41	.	.	PUNCT
arjefm-1162	177	1	the	the	DET
arjefm-1162	177	2	descriptive	descriptive	ADJ
arjefm-1162	177	3	statistics	statistic	NOUN
arjefm-1162	177	4	reveal	reveal	VERB
arjefm-1162	177	5	significant	significant	ADJ
arjefm-1162	177	6	insights	insight	NOUN
arjefm-1162	177	7	into	into	ADP
arjefm-1162	177	8	the	the	DET
arjefm-1162	177	9	financial	financial	ADJ
arjefm-1162	177	10	performance	performance	NOUN
arjefm-1162	177	11	and	and	CCONJ
arjefm-1162	177	12	leverage	leverage	NOUN
arjefm-1162	177	13	ratios	ratio	NOUN
arjefm-1162	177	14	of	of	ADP
arjefm-1162	177	15	the	the	DET
arjefm-1162	177	16	companies	company	NOUN
arjefm-1162	177	17	in	in	ADP
arjefm-1162	177	18	the	the	DET
arjefm-1162	177	19	sample	sample	NOUN
arjefm-1162	177	20	.	.	PUNCT
arjefm-1162	178	1	the	the	DET
arjefm-1162	178	2	return	return	NOUN
arjefm-1162	178	3	on	on	ADP
arjefm-1162	178	4	equity	equity	NOUN
arjefm-1162	178	5	(	(	PUNCT
arjefm-1162	178	6	roe	roe	PROPN
arjefm-1162	178	7	)	)	PUNCT
arjefm-1162	178	8	shows	show	VERB
arjefm-1162	178	9	an	an	DET
arjefm-1162	178	10	average	average	NOUN
arjefm-1162	178	11	of	of	ADP
arjefm-1162	178	12	0.7749	0.7749	NUM
arjefm-1162	178	13	,	,	PUNCT
arjefm-1162	178	14	indicating	indicate	VERB
arjefm-1162	178	15	that	that	SCONJ
arjefm-1162	178	16	companies	company	NOUN
arjefm-1162	178	17	generally	generally	ADV
arjefm-1162	178	18	deliver	deliver	VERB
arjefm-1162	178	19	a	a	DET
arjefm-1162	178	20	77.49	77.49	NUM
arjefm-1162	178	21	%	%	NOUN
arjefm-1162	178	22	return	return	NOUN
arjefm-1162	178	23	on	on	ADP
arjefm-1162	178	24	equity	equity	NOUN
arjefm-1162	178	25	.	.	PUNCT
arjefm-1162	179	1	however	however	ADV
arjefm-1162	179	2	,	,	PUNCT
arjefm-1162	179	3	the	the	DET
arjefm-1162	179	4	median	median	ADJ
arjefm-1162	179	5	roe	roe	NOUN
arjefm-1162	179	6	is	be	AUX
arjefm-1162	179	7	much	much	ADV
arjefm-1162	179	8	lower	low	ADJ
arjefm-1162	179	9	at	at	ADP
arjefm-1162	179	10	0.2157	0.2157	NUM
arjefm-1162	179	11	,	,	PUNCT
arjefm-1162	179	12	highlighting	highlight	VERB
arjefm-1162	179	13	a	a	DET
arjefm-1162	179	14	skewed	skewed	ADJ
arjefm-1162	179	15	distribution	distribution	NOUN
arjefm-1162	179	16	where	where	SCONJ
arjefm-1162	179	17	a	a	DET
arjefm-1162	179	18	few	few	ADJ
arjefm-1162	179	19	companies	company	NOUN
arjefm-1162	179	20	with	with	ADP
arjefm-1162	179	21	high	high	ADJ
arjefm-1162	179	22	returns	return	NOUN
arjefm-1162	179	23	are	be	AUX
arjefm-1162	179	24	inflating	inflate	VERB
arjefm-1162	179	25	the	the	DET
arjefm-1162	179	26	mean	mean	NOUN
arjefm-1162	179	27	.	.	PUNCT
arjefm-1162	180	1	this	this	DET
arjefm-1162	180	2	skewness	skewness	NOUN
arjefm-1162	180	3	is	be	AUX
arjefm-1162	180	4	confirmed	confirm	VERB
arjefm-1162	180	5	by	by	ADP
arjefm-1162	180	6	a	a	DET
arjefm-1162	180	7	high	high	ADJ
arjefm-1162	180	8	skewness	skewness	NOUN
arjefm-1162	180	9	value	value	NOUN
arjefm-1162	180	10	of	of	ADP
arjefm-1162	180	11	5.7351	5.7351	NUM
arjefm-1162	180	12	and	and	CCONJ
arjefm-1162	180	13	a	a	DET
arjefm-1162	180	14	kurtosis	kurtosis	NOUN
arjefm-1162	180	15	of	of	ADP
arjefm-1162	180	16	35.2321	35.2321	NUM
arjefm-1162	180	17	,	,	PUNCT
arjefm-1162	180	18	indicating	indicate	VERB
arjefm-1162	180	19	the	the	DET
arjefm-1162	180	20	presence	presence	NOUN
arjefm-1162	180	21	of	of	ADP
arjefm-1162	180	22	outliers	outlier	NOUN
arjefm-1162	180	23	.	.	PUNCT
arjefm-1162	181	1	the	the	DET
arjefm-1162	181	2	roe	roe	NOUN
arjefm-1162	181	3	distribution	distribution	NOUN
arjefm-1162	181	4	is	be	AUX
arjefm-1162	181	5	non	non	ADJ
arjefm-1162	181	6	-	-	ADJ
arjefm-1162	181	7	normal	normal	ADJ
arjefm-1162	181	8	,	,	PUNCT
arjefm-1162	181	9	as	as	SCONJ
arjefm-1162	181	10	reflected	reflect	VERB
arjefm-1162	181	11	by	by	ADP
arjefm-1162	181	12	the	the	DET
arjefm-1162	181	13	jarque	jarque	NOUN
arjefm-1162	181	14	-	-	PUNCT
arjefm-1162	181	15	bera	bera	NOUN
arjefm-1162	181	16	test	test	NOUN
arjefm-1162	181	17	,	,	PUNCT
arjefm-1162	181	18	with	with	ADP
arjefm-1162	181	19	a	a	DET
arjefm-1162	181	20	probability	probability	NOUN
arjefm-1162	181	21	of	of	ADP
arjefm-1162	181	22	0.000000	0.000000	NUM
arjefm-1162	181	23	.	.	PUNCT
arjefm-1162	182	1	the	the	DET
arjefm-1162	182	2	short	short	ADJ
arjefm-1162	182	3	-	-	PUNCT
arjefm-1162	182	4	term	term	NOUN
arjefm-1162	182	5	leverage	leverage	NOUN
arjefm-1162	182	6	ratio	ratio	NOUN
arjefm-1162	182	7	(	(	PUNCT
arjefm-1162	182	8	slr	slr	X
arjefm-1162	182	9	)	)	PUNCT
arjefm-1162	182	10	reveals	reveal	VERB
arjefm-1162	182	11	that	that	SCONJ
arjefm-1162	182	12	,	,	PUNCT
arjefm-1162	182	13	on	on	ADP
arjefm-1162	182	14	average	average	ADJ
arjefm-1162	182	15	,	,	PUNCT
arjefm-1162	182	16	19.63	19.63	NUM
arjefm-1162	182	17	%	%	NOUN
arjefm-1162	182	18	of	of	ADP
arjefm-1162	182	19	companies	company	NOUN
arjefm-1162	182	20	'	'	PART
arjefm-1162	182	21	liabilities	liability	NOUN
arjefm-1162	182	22	are	be	AUX
arjefm-1162	182	23	short	short	ADJ
arjefm-1162	182	24	-	-	PUNCT
arjefm-1162	182	25	term	term	NOUN
arjefm-1162	182	26	,	,	PUNCT
arjefm-1162	182	27	with	with	ADP
arjefm-1162	182	28	a	a	DET
arjefm-1162	182	29	median	median	NOUN
arjefm-1162	182	30	of	of	ADP
arjefm-1162	182	31	0.1523	0.1523	NUM
arjefm-1162	182	32	.	.	PUNCT
arjefm-1162	183	1	the	the	DET
arjefm-1162	183	2	high	high	ADJ
arjefm-1162	183	3	skewness	skewness	NOUN
arjefm-1162	183	4	(	(	PUNCT
arjefm-1162	183	5	1.6528	1.6528	NUM
arjefm-1162	183	6	)	)	PUNCT
arjefm-1162	183	7	and	and	CCONJ
arjefm-1162	183	8	kurtosis	kurtosis	X
arjefm-1162	183	9	(	(	PUNCT
arjefm-1162	183	10	5.2904	5.2904	NUM
arjefm-1162	183	11	)	)	PUNCT
arjefm-1162	183	12	indicate	indicate	VERB
arjefm-1162	183	13	that	that	SCONJ
arjefm-1162	183	14	some	some	DET
arjefm-1162	183	15	companies	company	NOUN
arjefm-1162	183	16	heavily	heavily	ADV
arjefm-1162	183	17	rely	rely	VERB
arjefm-1162	183	18	on	on	ADP
arjefm-1162	183	19	short	short	ADJ
arjefm-1162	183	20	-	-	PUNCT
arjefm-1162	183	21	term	term	NOUN
arjefm-1162	183	22	debt	debt	NOUN
arjefm-1162	183	23	,	,	PUNCT
arjefm-1162	183	24	as	as	SCONJ
arjefm-1162	183	25	reflected	reflect	VERB
arjefm-1162	183	26	by	by	ADP
arjefm-1162	183	27	the	the	DET
arjefm-1162	183	28	maximum	maximum	ADJ
arjefm-1162	183	29	slr	slr	NOUN
arjefm-1162	183	30	of	of	ADP
arjefm-1162	183	31	0.7062	0.7062	NUM
arjefm-1162	183	32	.	.	PUNCT
arjefm-1162	184	1	the	the	DET
arjefm-1162	184	2	distribution	distribution	NOUN
arjefm-1162	184	3	is	be	AUX
arjefm-1162	184	4	non	non	ADJ
arjefm-1162	184	5	-	-	ADJ
arjefm-1162	184	6	normal	normal	ADJ
arjefm-1162	184	7	,	,	PUNCT
arjefm-1162	184	8	as	as	SCONJ
arjefm-1162	184	9	confirmed	confirm	VERB
arjefm-1162	184	10	by	by	ADP
arjefm-1162	184	11	the	the	DET
arjefm-1162	184	12	jarque	jarque	NOUN
arjefm-1162	184	13	-	-	PUNCT
arjefm-1162	184	14	bera	bera	NOUN
arjefm-1162	184	15	test	test	NOUN
arjefm-1162	184	16	probability	probability	NOUN
arjefm-1162	184	17	of	of	ADP
arjefm-1162	184	18	0.000001	0.000001	NUM
arjefm-1162	184	19	.	.	PUNCT
arjefm-1162	185	1	the	the	DET
arjefm-1162	185	2	long	long	ADJ
arjefm-1162	185	3	-	-	PUNCT
arjefm-1162	185	4	term	term	NOUN
arjefm-1162	185	5	leverage	leverage	NOUN
arjefm-1162	185	6	(	(	PUNCT
arjefm-1162	185	7	ll	ll	NOUN
arjefm-1162	185	8	)	)	PUNCT
arjefm-1162	185	9	ratio	ratio	NOUN
arjefm-1162	185	10	shows	show	VERB
arjefm-1162	185	11	that	that	SCONJ
arjefm-1162	185	12	,	,	PUNCT
arjefm-1162	185	13	on	on	ADP
arjefm-1162	185	14	average	average	ADJ
arjefm-1162	185	15	,	,	PUNCT
arjefm-1162	185	16	companies	company	NOUN
arjefm-1162	185	17	have	have	VERB
arjefm-1162	185	18	a	a	DET
arjefm-1162	185	19	long	long	ADJ
arjefm-1162	185	20	-	-	PUNCT
arjefm-1162	185	21	term	term	NOUN
arjefm-1162	185	22	debt	debt	NOUN
arjefm-1162	185	23	ratio	ratio	NOUN
arjefm-1162	185	24	of	of	ADP
arjefm-1162	185	25	84.76	84.76	NUM
arjefm-1162	185	26	%	%	NOUN
arjefm-1162	185	27	,	,	PUNCT
arjefm-1162	185	28	with	with	ADP
arjefm-1162	185	29	a	a	DET
arjefm-1162	185	30	relatively	relatively	ADV
arjefm-1162	185	31	low	low	ADJ
arjefm-1162	185	32	standard	standard	ADJ
arjefm-1162	185	33	deviation	deviation	NOUN
arjefm-1162	185	34	(	(	PUNCT
arjefm-1162	185	35	0.0931	0.0931	NUM
arjefm-1162	185	36	)	)	PUNCT
arjefm-1162	185	37	.	.	PUNCT
arjefm-1162	186	1	the	the	DET
arjefm-1162	186	2	distribution	distribution	NOUN
arjefm-1162	186	3	is	be	AUX
arjefm-1162	186	4	slightly	slightly	ADV
arjefm-1162	186	5	left	leave	VERB
arjefm-1162	186	6	-	-	PUNCT
arjefm-1162	186	7	skewed	skewed	ADJ
arjefm-1162	186	8	(	(	PUNCT
arjefm-1162	186	9	1.1393	1.1393	NUM
arjefm-1162	186	10	)	)	PUNCT
arjefm-1162	186	11	,	,	PUNCT
arjefm-1162	186	12	suggesting	suggest	VERB
arjefm-1162	186	13	most	most	ADJ
arjefm-1162	186	14	companies	company	NOUN
arjefm-1162	186	15	have	have	VERB
arjefm-1162	186	16	ll	ll	AUX
arjefm-1162	186	17	ratios	ratio	NOUN
arjefm-1162	186	18	below	below	ADP
arjefm-1162	186	19	the	the	DET
arjefm-1162	186	20	mean	mean	NOUN
arjefm-1162	186	21	.	.	PUNCT
arjefm-1162	187	1	while	while	SCONJ
arjefm-1162	187	2	the	the	DET
arjefm-1162	187	3	distribution	distribution	NOUN
arjefm-1162	187	4	is	be	AUX
arjefm-1162	187	5	close	close	ADJ
arjefm-1162	187	6	to	to	ADP
arjefm-1162	187	7	normal	normal	ADJ
arjefm-1162	187	8	,	,	PUNCT
arjefm-1162	187	9	the	the	DET
arjefm-1162	187	10	jarque	jarque	NOUN
arjefm-1162	187	11	-	-	PUNCT
arjefm-1162	187	12	bera	bera	NOUN
arjefm-1162	187	13	test	test	NOUN
arjefm-1162	187	14	probability	probability	NOUN
arjefm-1162	187	15	of	of	ADP
arjefm-1162	187	16	0.0090	0.0090	NUM
arjefm-1162	187	17	indicates	indicate	VERB
arjefm-1162	187	18	a	a	DET
arjefm-1162	187	19	slight	slight	ADJ
arjefm-1162	187	20	deviation	deviation	NOUN
arjefm-1162	187	21	from	from	ADP
arjefm-1162	187	22	normality	normality	NOUN
arjefm-1162	187	23	.	.	PUNCT
arjefm-1162	188	1	test	test	NOUN
arjefm-1162	188	2	of	of	ADP
arjefm-1162	188	3	hypotheses	hypothesis	NOUN
arjefm-1162	188	4	(	(	PUNCT
arjefm-1162	188	5	a	a	X
arjefm-1162	188	6	)	)	PUNCT
arjefm-1162	188	7	regression	regression	NOUN
arjefm-1162	188	8	result	result	NOUN
arjefm-1162	188	9	for	for	SCONJ
arjefm-1162	188	10	the	the	DET
arjefm-1162	188	11	return	return	NOUN
arjefm-1162	188	12	on	on	ADP
arjefm-1162	188	13	equity	equity	NOUN
arjefm-1162	188	14	(	(	PUNCT
arjefm-1162	188	15	roe	roe	PROPN
arjefm-1162	188	16	)	)	PUNCT
arjefm-1162	188	17	panel	panel	NOUN
arjefm-1162	188	18	data	datum	NOUN
arjefm-1162	188	19	method	method	NOUN
arjefm-1162	188	20	was	be	AUX
arjefm-1162	188	21	used	use	VERB
arjefm-1162	188	22	to	to	PART
arjefm-1162	188	23	analyse	analyse	VERB
arjefm-1162	188	24	the	the	DET
arjefm-1162	188	25	regression	regression	NOUN
arjefm-1162	188	26	result	result	NOUN
arjefm-1162	188	27	of	of	ADP
arjefm-1162	188	28	this	this	DET
arjefm-1162	188	29	study	study	NOUN
arjefm-1162	188	30	.	.	PUNCT
arjefm-1162	189	1	for	for	ADP
arjefm-1162	189	2	analysis	analysis	NOUN
arjefm-1162	189	3	,	,	PUNCT
arjefm-1162	189	4	the	the	DET
arjefm-1162	189	5	hausman	hausman	ADJ
arjefm-1162	189	6	test	test	NOUN
arjefm-1162	189	7	was	be	AUX
arjefm-1162	189	8	used	use	VERB
arjefm-1162	189	9	to	to	PART
arjefm-1162	189	10	compare	compare	VERB
arjefm-1162	189	11	the	the	DET
arjefm-1162	189	12	estimation	estimation	NOUN
arjefm-1162	189	13	method	method	NOUN
arjefm-1162	189	14	of	of	ADP
arjefm-1162	189	15	fixed	fix	VERB
arjefm-1162	189	16	and	and	CCONJ
arjefm-1162	189	17	random	random	ADJ
arjefm-1162	189	18	effects	effect	NOUN
arjefm-1162	189	19	.	.	PUNCT
arjefm-1162	190	1	h0	h0	PROPN
arjefm-1162	190	2	:	:	PUNCT
arjefm-1162	190	3	regression	regression	NOUN
arjefm-1162	190	4	is	be	AUX
arjefm-1162	190	5	based	base	VERB
arjefm-1162	190	6	on	on	ADP
arjefm-1162	190	7	the	the	DET
arjefm-1162	190	8	random	random	ADJ
arjefm-1162	190	9	effects	effect	NOUN
arjefm-1162	190	10	;	;	PUNCT
arjefm-1162	190	11	there	there	PRON
arjefm-1162	190	12	is	be	VERB
arjefm-1162	190	13	a	a	DET
arjefm-1162	190	14	relationship	relationship	NOUN
arjefm-1162	190	15	between	between	ADP
arjefm-1162	190	16	individual	individual	ADJ
arjefm-1162	190	17	effects	effect	NOUN
arjefm-1162	190	18	and	and	CCONJ
arjefm-1162	190	19	description	description	NOUN
arjefm-1162	190	20	variables	variable	NOUN
arjefm-1162	190	21	.	.	PUNCT
arjefm-1162	191	1	h1	h1	PROPN
arjefm-1162	191	2	:	:	PUNCT
arjefm-1162	191	3	regression	regression	NOUN
arjefm-1162	191	4	is	be	AUX
arjefm-1162	191	5	based	base	VERB
arjefm-1162	191	6	on	on	ADP
arjefm-1162	191	7	the	the	DET
arjefm-1162	191	8	fixed	fix	VERB
arjefm-1162	191	9	effects	effect	NOUN
arjefm-1162	191	10	;	;	PUNCT
arjefm-1162	191	11	there	there	PRON
arjefm-1162	191	12	is	be	VERB
arjefm-1162	191	13	no	no	DET
arjefm-1162	191	14	relationship	relationship	NOUN
arjefm-1162	191	15	between	between	ADP
arjefm-1162	191	16	individual	individual	ADJ
arjefm-1162	191	17	effects	effect	NOUN
arjefm-1162	191	18	and	and	CCONJ
arjefm-1162	191	19	description	description	NOUN
arjefm-1162	191	20	variables	variable	NOUN
arjefm-1162	191	21	.	.	PUNCT
arjefm-1162	192	1	table	table	NOUN
arjefm-1162	192	2	2	2	NUM
arjefm-1162	192	3	hausman	hausman	NOUN
arjefm-1162	192	4	test	test	NOUN
arjefm-1162	192	5	correlated	correlate	VERB
arjefm-1162	192	6	random	random	ADJ
arjefm-1162	192	7	effects	effect	NOUN
arjefm-1162	192	8	hausman	hausman	ADJ
arjefm-1162	192	9	test	test	NOUN
arjefm-1162	192	10	equation	equation	NOUN
arjefm-1162	192	11	:	:	PUNCT
arjefm-1162	192	12	untitled	untitled	ADJ
arjefm-1162	192	13	test	test	NOUN
arjefm-1162	192	14	cross	cross	ADJ
arjefm-1162	192	15	-	-	ADJ
arjefm-1162	192	16	section	section	ADJ
arjefm-1162	192	17	random	random	ADJ
arjefm-1162	192	18	effects	effect	NOUN
arjefm-1162	192	19	test	test	NOUN
arjefm-1162	192	20	summary	summary	NOUN
arjefm-1162	192	21	chi	chi	PROPN
arjefm-1162	192	22	-	-	PUNCT
arjefm-1162	192	23	sq	sq	PROPN
arjefm-1162	192	24	.	.	PROPN
arjefm-1162	192	25	statistic	statistic	ADJ
arjefm-1162	192	26	chi	chi	PROPN
arjefm-1162	192	27	-	-	PUNCT
arjefm-1162	192	28	sq	sq	PROPN
arjefm-1162	192	29	.	.	PUNCT
arjefm-1162	192	30	d.f	d.f	PROPN
arjefm-1162	192	31	.	.	PROPN
arjefm-1162	192	32	prob	prob	PROPN
arjefm-1162	192	33	.	.	PUNCT
arjefm-1162	193	1	cross	cross	ADJ
arjefm-1162	193	2	-	-	ADJ
arjefm-1162	193	3	section	section	ADJ
arjefm-1162	193	4	random	random	ADJ
arjefm-1162	193	5	0.000000	0.000000	NUM
arjefm-1162	193	6	6	6	NUM
arjefm-1162	193	7	1.0000	1.0000	NUM
arjefm-1162	193	8	source	source	NOUN
arjefm-1162	193	9	:	:	PUNCT
arjefm-1162	193	10	eviews	eviews	PROPN
arjefm-1162	193	11	10	10	NUM
arjefm-1162	193	12	output	output	NOUN
arjefm-1162	193	13	,	,	PUNCT
arjefm-1162	193	14	2024	2024	NUM
arjefm-1162	193	15	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-1162	193	16	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	194	1	american	american	PROPN
arjefm-1162	194	2	research	research	PROPN
arjefm-1162	194	3	journal	journal	PROPN
arjefm-1162	194	4	of	of	ADP
arjefm-1162	194	5	economics	economic	NOUN
arjefm-1162	194	6	,	,	PUNCT
arjefm-1162	194	7	finance	finance	NOUN
arjefm-1162	194	8	and	and	CCONJ
arjefm-1162	194	9	management	management	NOUN
arjefm-1162	194	10	volume	volume	NOUN
arjefm-1162	194	11	13	13	NUM
arjefm-1162	194	12	issue	issue	NOUN
arjefm-1162	194	13	1	1	NUM
arjefm-1162	194	14	,	,	PUNCT
arjefm-1162	194	15	january	january	PROPN
arjefm-1162	194	16	-	-	PUNCT
arjefm-1162	194	17	march	march	PROPN
arjefm-1162	194	18	2025	2025	NUM
arjefm-1162	194	19	issn	issn	NOUN
arjefm-1162	194	20	:	:	PUNCT
arjefm-1162	194	21	2836	2836	NUM
arjefm-1162	194	22	-	-	SYM
arjefm-1162	194	23	9416	9416	NUM
arjefm-1162	194	24	impact	impact	NOUN
arjefm-1162	194	25	factor	factor	NOUN
arjefm-1162	194	26	:	:	PUNCT
arjefm-1162	194	27	6.41	6.41	NUM
arjefm-1162	194	28	journal	journal	NOUN
arjefm-1162	194	29	homepage	homepage	NOUN
arjefm-1162	194	30	:	:	PUNCT
arjefm-1162	194	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	194	32	,	,	PUNCT
arjefm-1162	194	33	email	email	NOUN
arjefm-1162	194	34	:	:	PUNCT
arjefm-1162	194	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	194	36	official	official	ADJ
arjefm-1162	194	37	journal	journal	PROPN
arjefm-1162	194	38	of	of	ADP
arjefm-1162	194	39	america	america	PROPN
arjefm-1162	194	40	serial	serial	PROPN
arjefm-1162	194	41	publication	publication	NOUN
arjefm-1162	194	42	american	american	PROPN
arjefm-1162	194	43	research	research	PROPN
arjefm-1162	194	44	journal	journal	PROPN
arjefm-1162	194	45	of	of	ADP
arjefm-1162	194	46	economics	economic	NOUN
arjefm-1162	194	47	,	,	PUNCT
arjefm-1162	194	48	finance	finance	NOUN
arjefm-1162	194	49	and	and	CCONJ
arjefm-1162	194	50	management	management	NOUN
arjefm-1162	194	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	194	52	,	,	PUNCT
arjefm-1162	194	53	email	email	NOUN
arjefm-1162	194	54	:	:	PUNCT
arjefm-1162	194	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	195	1	128	128	NUM
arjefm-1162	196	1	|	|	ADV
arjefm-1162	196	2	p	p	ADP
arjefm-1162	196	3	a	a	DET
arjefm-1162	196	4	g	g	NOUN
arjefm-1162	196	5	e	e	NOUN
arjefm-1162	196	6	results	result	NOUN
arjefm-1162	196	7	of	of	ADP
arjefm-1162	196	8	the	the	DET
arjefm-1162	196	9	hausman	hausman	ADJ
arjefm-1162	196	10	test	test	NOUN
arjefm-1162	196	11	for	for	ADP
arjefm-1162	196	12	the	the	DET
arjefm-1162	196	13	roe	roe	PROPN
arjefm-1162	196	14	model	model	NOUN
arjefm-1162	196	15	was	be	AUX
arjefm-1162	196	16	given	give	VERB
arjefm-1162	196	17	in	in	ADP
arjefm-1162	196	18	table	table	NOUN
arjefm-1162	196	19	4.2	4.2	NUM
arjefm-1162	196	20	above	above	ADV
arjefm-1162	196	21	.	.	PUNCT
arjefm-1162	197	1	the	the	DET
arjefm-1162	197	2	hausman	hausman	PROPN
arjefm-1162	197	3	chisquare	chisquare	PROPN
arjefm-1162	197	4	test	test	NOUN
arjefm-1162	197	5	for	for	ADP
arjefm-1162	197	6	the	the	DET
arjefm-1162	197	7	roe	roe	NOUN
arjefm-1162	197	8	model	model	NOUN
arjefm-1162	197	9	(	(	PUNCT
arjefm-1162	197	10	0.000000	0.000000	NUM
arjefm-1162	197	11	)	)	PUNCT
arjefm-1162	197	12	shows	show	VERB
arjefm-1162	197	13	that	that	SCONJ
arjefm-1162	197	14	the	the	DET
arjefm-1162	197	15	hausman	hausman	ADJ
arjefm-1162	197	16	test	test	NOUN
arjefm-1162	197	17	is	be	AUX
arjefm-1162	197	18	significant	significant	ADJ
arjefm-1162	197	19	at	at	ADP
arjefm-1162	197	20	5	5	NUM
arjefm-1162	197	21	%	%	NOUN
arjefm-1162	197	22	level	level	NOUN
arjefm-1162	197	23	.	.	PUNCT
arjefm-1162	198	1	the	the	DET
arjefm-1162	198	2	findings	finding	NOUN
arjefm-1162	198	3	demonstrate	demonstrate	VERB
arjefm-1162	198	4	the	the	DET
arjefm-1162	198	5	rejection	rejection	NOUN
arjefm-1162	198	6	of	of	ADP
arjefm-1162	198	7	the	the	DET
arjefm-1162	198	8	null	null	ADJ
arjefm-1162	198	9	hypothesis	hypothesis	NOUN
arjefm-1162	198	10	;	;	PUNCT
arjefm-1162	198	11	hence	hence	ADV
arjefm-1162	198	12	,	,	PUNCT
arjefm-1162	198	13	the	the	DET
arjefm-1162	198	14	analysis	analysis	NOUN
arjefm-1162	198	15	is	be	AUX
arjefm-1162	198	16	based	base	VERB
arjefm-1162	198	17	on	on	ADP
arjefm-1162	198	18	the	the	DET
arjefm-1162	198	19	results	result	NOUN
arjefm-1162	198	20	of	of	ADP
arjefm-1162	198	21	the	the	DET
arjefm-1162	198	22	fixed	fix	VERB
arjefm-1162	198	23	effect	effect	NOUN
arjefm-1162	198	24	estimates	estimate	NOUN
arjefm-1162	198	25	.	.	PUNCT
arjefm-1162	199	1	the	the	DET
arjefm-1162	199	2	fixed	fix	VERB
arjefm-1162	199	3	effects	effect	NOUN
arjefm-1162	199	4	model	model	NOUN
arjefm-1162	199	5	is	be	AUX
arjefm-1162	199	6	used	use	VERB
arjefm-1162	199	7	in	in	ADP
arjefm-1162	199	8	this	this	DET
arjefm-1162	199	9	study	study	NOUN
arjefm-1162	199	10	because	because	SCONJ
arjefm-1162	199	11	,	,	PUNCT
arjefm-1162	199	12	if	if	SCONJ
arjefm-1162	199	13	there	there	PRON
arjefm-1162	199	14	are	be	VERB
arjefm-1162	199	15	omitted	omit	VERB
arjefm-1162	199	16	variables	variable	NOUN
arjefm-1162	199	17	,	,	PUNCT
arjefm-1162	199	18	and	and	CCONJ
arjefm-1162	199	19	these	these	DET
arjefm-1162	199	20	variables	variable	NOUN
arjefm-1162	199	21	are	be	AUX
arjefm-1162	199	22	correlated	correlate	VERB
arjefm-1162	199	23	with	with	ADP
arjefm-1162	199	24	the	the	DET
arjefm-1162	199	25	variables	variable	NOUN
arjefm-1162	199	26	in	in	ADP
arjefm-1162	199	27	the	the	DET
arjefm-1162	199	28	model	model	NOUN
arjefm-1162	199	29	,	,	PUNCT
arjefm-1162	199	30	then	then	ADV
arjefm-1162	199	31	fixed	fix	VERB
arjefm-1162	199	32	effects	effect	NOUN
arjefm-1162	199	33	models	model	NOUN
arjefm-1162	199	34	may	may	AUX
arjefm-1162	199	35	provide	provide	VERB
arjefm-1162	199	36	a	a	DET
arjefm-1162	199	37	means	mean	NOUN
arjefm-1162	199	38	for	for	ADP
arjefm-1162	199	39	controlling	control	VERB
arjefm-1162	199	40	for	for	ADP
arjefm-1162	199	41	omitted	omit	VERB
arjefm-1162	199	42	variable	variable	ADJ
arjefm-1162	199	43	bias	bias	NOUN
arjefm-1162	199	44	.	.	PUNCT
arjefm-1162	200	1	table	table	NOUN
arjefm-1162	200	2	3	3	NUM
arjefm-1162	200	3	:	:	PUNCT
arjefm-1162	200	4	regression	regression	NOUN
arjefm-1162	200	5	result	result	NOUN
arjefm-1162	200	6	(	(	PUNCT
arjefm-1162	200	7	panel	panel	NOUN
arjefm-1162	200	8	least	least	ADJ
arjefm-1162	200	9	squares	square	NOUN
arjefm-1162	200	10	)	)	PUNCT
arjefm-1162	200	11	variable	variable	ADJ
arjefm-1162	200	12	coefficient	coefficient	NOUN
arjefm-1162	200	13	std	std	PROPN
arjefm-1162	200	14	.	.	NOUN
arjefm-1162	200	15	error	error	NOUN
arjefm-1162	200	16	t	t	NOUN
arjefm-1162	200	17	-	-	PUNCT
arjefm-1162	200	18	statistic	statistic	NOUN
arjefm-1162	200	19	prob	prob	NOUN
arjefm-1162	200	20	.	.	PUNCT
arjefm-1162	201	1	c	c	NOUN
arjefm-1162	201	2	-6.883889	-6.883889	NOUN
arjefm-1162	202	1	4.603891	4.603891	NUM
arjefm-1162	202	2	-1.495233	-1.495233	NOUN
arjefm-1162	202	3	0.1453	0.1453	NUM
arjefm-1162	202	4	slr	slr	VERB
arjefm-1162	202	5	5.623473	5.623473	NUM
arjefm-1162	202	6	2.682907	2.682907	NUM
arjefm-1162	202	7	2.096038	2.096038	NUM
arjefm-1162	202	8	0.0446	0.0446	NUM
arjefm-1162	202	9	ll	ll	NOUN
arjefm-1162	202	10	7.507721	7.507721	NUM
arjefm-1162	202	11	4.702655	4.702655	NUM
arjefm-1162	202	12	1.596486	1.596486	NUM
arjefm-1162	202	13	0.1209	0.1209	NUM
arjefm-1162	202	14	effects	effect	NOUN
arjefm-1162	202	15	specification	specification	NOUN
arjefm-1162	202	16	cross	cross	ADJ
arjefm-1162	202	17	-	-	ADJ
arjefm-1162	202	18	section	section	NOUN
arjefm-1162	202	19	fixed	fix	VERB
arjefm-1162	202	20	(	(	PUNCT
arjefm-1162	202	21	dummy	dummy	ADJ
arjefm-1162	202	22	variables	variable	NOUN
arjefm-1162	202	23	)	)	PUNCT
arjefm-1162	202	24	r	r	X
arjefm-1162	202	25	-	-	PUNCT
arjefm-1162	202	26	squared	square	VERB
arjefm-1162	202	27	0.987715	0.987715	NUM
arjefm-1162	202	28	mean	mean	NOUN
arjefm-1162	202	29	dependent	dependent	ADJ
arjefm-1162	202	30	var	var	NOUN
arjefm-1162	202	31	0.774853	0.774853	NUM
arjefm-1162	202	32	adjusted	adjusted	ADJ
arjefm-1162	202	33	r	r	NOUN
arjefm-1162	202	34	-	-	PUNCT
arjefm-1162	202	35	squared	square	VERB
arjefm-1162	202	36	0.984029	0.984029	NUM
arjefm-1162	202	37	s.d	s.d	PROPN
arjefm-1162	202	38	.	.	PUNCT
arjefm-1162	203	1	dependent	dependent	ADJ
arjefm-1162	203	2	var	var	NOUN
arjefm-1162	203	3	2.543897	2.543897	NUM
arjefm-1162	203	4	s.e	s.e	PROPN
arjefm-1162	203	5	.	.	PROPN
arjefm-1162	203	6	of	of	ADP
arjefm-1162	203	7	regression	regression	NOUN
arjefm-1162	203	8	0.321485	0.321485	NUM
arjefm-1162	203	9	akaike	akaike	ADJ
arjefm-1162	203	10	info	info	NOUN
arjefm-1162	203	11	criterion	criterion	NOUN
arjefm-1162	203	12	0.780587	0.780587	NUM
arjefm-1162	203	13	sum	sum	NOUN
arjefm-1162	203	14	squared	square	VERB
arjefm-1162	203	15	resid	resid	NOUN
arjefm-1162	203	16	3.100579	3.100579	NUM
arjefm-1162	203	17	schwarz	schwarz	NOUN
arjefm-1162	203	18	criterion	criterion	NOUN
arjefm-1162	203	19	1.202806	1.202806	NUM
arjefm-1162	203	20	log	log	NOUN
arjefm-1162	203	21	likelihood	likelihood	NOUN
arjefm-1162	203	22	-5.611733	-5.611733	VERB
arjefm-1162	203	23	hannan	hannan	PROPN
arjefm-1162	203	24	-	-	PUNCT
arjefm-1162	203	25	quinn	quinn	PROPN
arjefm-1162	203	26	criter	criter	NOUN
arjefm-1162	203	27	.	.	PUNCT
arjefm-1162	204	1	0.933248	0.933248	NUM
arjefm-1162	204	2	f	f	X
arjefm-1162	204	3	-	-	PUNCT
arjefm-1162	204	4	statistic	statistic	ADJ
arjefm-1162	204	5	267.9977	267.9977	NUM
arjefm-1162	204	6	durbin	durbin	ADJ
arjefm-1162	204	7	-	-	PUNCT
arjefm-1162	204	8	watson	watson	NOUN
arjefm-1162	204	9	stat	stat	NOUN
arjefm-1162	204	10	1.762300	1.762300	NUM
arjefm-1162	204	11	prob(f	prob(f	NOUN
arjefm-1162	204	12	-	-	PUNCT
arjefm-1162	204	13	statistic	statistic	NOUN
arjefm-1162	204	14	)	)	PUNCT
arjefm-1162	204	15	0.000000	0.000000	NUM
arjefm-1162	204	16	source	source	NOUN
arjefm-1162	204	17	:	:	PUNCT
arjefm-1162	204	18	eviews	eviews	PROPN
arjefm-1162	204	19	10	10	NUM
arjefm-1162	204	20	output	output	NOUN
arjefm-1162	204	21	,	,	PUNCT
arjefm-1162	204	22	2024	2024	NUM
arjefm-1162	204	23	the	the	DET
arjefm-1162	204	24	panel	panel	NOUN
arjefm-1162	204	25	least	least	ADJ
arjefm-1162	204	26	squares	square	NOUN
arjefm-1162	204	27	regression	regression	VERB
arjefm-1162	204	28	analysis	analysis	NOUN
arjefm-1162	204	29	for	for	ADP
arjefm-1162	204	30	fmcg	fmcg	NOUN
arjefm-1162	204	31	companies	company	NOUN
arjefm-1162	204	32	,	,	PUNCT
arjefm-1162	204	33	with	with	ADP
arjefm-1162	204	34	return	return	NOUN
arjefm-1162	204	35	on	on	ADP
arjefm-1162	204	36	equity	equity	NOUN
arjefm-1162	204	37	(	(	PUNCT
arjefm-1162	204	38	roe	roe	PROPN
arjefm-1162	204	39	)	)	PUNCT
arjefm-1162	204	40	as	as	ADP
arjefm-1162	204	41	the	the	DET
arjefm-1162	204	42	dependent	dependent	ADJ
arjefm-1162	204	43	variable	variable	NOUN
arjefm-1162	204	44	,	,	PUNCT
arjefm-1162	204	45	provides	provide	VERB
arjefm-1162	204	46	key	key	ADJ
arjefm-1162	204	47	explanation	explanation	NOUN
arjefm-1162	204	48	on	on	ADP
arjefm-1162	204	49	how	how	SCONJ
arjefm-1162	204	50	various	various	ADJ
arjefm-1162	204	51	proxies	proxy	NOUN
arjefm-1162	204	52	affect	affect	VERB
arjefm-1162	204	53	financial	financial	ADJ
arjefm-1162	204	54	performance	performance	NOUN
arjefm-1162	204	55	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	204	56	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	204	57	american	american	PROPN
arjefm-1162	204	58	research	research	PROPN
arjefm-1162	204	59	journal	journal	PROPN
arjefm-1162	204	60	of	of	ADP
arjefm-1162	204	61	economics	economic	NOUN
arjefm-1162	204	62	,	,	PUNCT
arjefm-1162	204	63	finance	finance	NOUN
arjefm-1162	204	64	and	and	CCONJ
arjefm-1162	204	65	management	management	NOUN
arjefm-1162	204	66	volume	volume	NOUN
arjefm-1162	204	67	13	13	NUM
arjefm-1162	204	68	issue	issue	NOUN
arjefm-1162	204	69	1	1	NUM
arjefm-1162	204	70	,	,	PUNCT
arjefm-1162	204	71	january	january	PROPN
arjefm-1162	204	72	-	-	PUNCT
arjefm-1162	204	73	march	march	PROPN
arjefm-1162	204	74	2025	2025	NUM
arjefm-1162	204	75	issn	issn	NOUN
arjefm-1162	204	76	:	:	PUNCT
arjefm-1162	204	77	2836	2836	NUM
arjefm-1162	204	78	-	-	SYM
arjefm-1162	204	79	9416	9416	NUM
arjefm-1162	204	80	impact	impact	NOUN
arjefm-1162	204	81	factor	factor	NOUN
arjefm-1162	204	82	:	:	PUNCT
arjefm-1162	204	83	6.41	6.41	NUM
arjefm-1162	204	84	journal	journal	NOUN
arjefm-1162	204	85	homepage	homepage	NOUN
arjefm-1162	204	86	:	:	PUNCT
arjefm-1162	204	87	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	204	88	,	,	PUNCT
arjefm-1162	204	89	email	email	NOUN
arjefm-1162	204	90	:	:	PUNCT
arjefm-1162	204	91	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	204	92	official	official	ADJ
arjefm-1162	204	93	journal	journal	PROPN
arjefm-1162	204	94	of	of	ADP
arjefm-1162	204	95	america	america	PROPN
arjefm-1162	204	96	serial	serial	PROPN
arjefm-1162	204	97	publication	publication	NOUN
arjefm-1162	204	98	american	american	PROPN
arjefm-1162	204	99	research	research	PROPN
arjefm-1162	204	100	journal	journal	PROPN
arjefm-1162	204	101	of	of	ADP
arjefm-1162	204	102	economics	economic	NOUN
arjefm-1162	204	103	,	,	PUNCT
arjefm-1162	204	104	finance	finance	NOUN
arjefm-1162	204	105	and	and	CCONJ
arjefm-1162	204	106	management	management	NOUN
arjefm-1162	204	107	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	204	108	,	,	PUNCT
arjefm-1162	204	109	email	email	NOUN
arjefm-1162	204	110	:	:	PUNCT
arjefm-1162	204	111	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	204	112	129	129	NUM
arjefm-1162	205	1	|	|	ADV
arjefm-1162	205	2	p	p	X
arjefm-1162	205	3	a	a	DET
arjefm-1162	205	4	g	g	NOUN
arjefm-1162	205	5	e	e	NOUN
arjefm-1162	205	6	over	over	ADP
arjefm-1162	205	7	the	the	DET
arjefm-1162	205	8	period	period	NOUN
arjefm-1162	205	9	from	from	ADP
arjefm-1162	205	10	2014	2014	NUM
arjefm-1162	205	11	to	to	ADP
arjefm-1162	205	12	2023	2023	NUM
arjefm-1162	205	13	.	.	PUNCT
arjefm-1162	206	1	the	the	DET
arjefm-1162	206	2	regression	regression	NOUN
arjefm-1162	206	3	model	model	NOUN
arjefm-1162	206	4	from	from	ADP
arjefm-1162	206	5	table	table	NOUN
arjefm-1162	206	6	3	3	NUM
arjefm-1162	206	7	above	above	ADV
arjefm-1162	206	8	includes	include	VERB
arjefm-1162	206	9	the	the	DET
arjefm-1162	206	10	shortterm	shortterm	PROPN
arjefm-1162	206	11	leverage	leverage	NOUN
arjefm-1162	206	12	ratio	ratio	NOUN
arjefm-1162	206	13	(	(	PUNCT
arjefm-1162	206	14	slr	slr	X
arjefm-1162	206	15	)	)	PUNCT
arjefm-1162	206	16	and	and	CCONJ
arjefm-1162	206	17	long	long	ADJ
arjefm-1162	206	18	-	-	PUNCT
arjefm-1162	206	19	term	term	NOUN
arjefm-1162	206	20	leverage	leverage	NOUN
arjefm-1162	206	21	ratio	ratio	NOUN
arjefm-1162	206	22	(	(	PUNCT
arjefm-1162	206	23	ll	ll	NOUN
arjefm-1162	206	24	)	)	PUNCT
arjefm-1162	206	25	,	,	PUNCT
arjefm-1162	206	26	as	as	ADP
arjefm-1162	206	27	independent	independent	ADJ
arjefm-1162	206	28	variables	variable	NOUN
arjefm-1162	206	29	.	.	PUNCT
arjefm-1162	207	1	the	the	DET
arjefm-1162	207	2	short	short	ADJ
arjefm-1162	207	3	-	-	PUNCT
arjefm-1162	207	4	term	term	NOUN
arjefm-1162	207	5	liquidity	liquidity	NOUN
arjefm-1162	207	6	ratio	ratio	NOUN
arjefm-1162	207	7	(	(	PUNCT
arjefm-1162	207	8	slr	slr	X
arjefm-1162	207	9	)	)	PUNCT
arjefm-1162	207	10	shows	show	VERB
arjefm-1162	207	11	a	a	DET
arjefm-1162	207	12	positive	positive	ADJ
arjefm-1162	207	13	coefficient	coefficient	NOUN
arjefm-1162	207	14	of	of	ADP
arjefm-1162	207	15	5.623473	5.623473	NUM
arjefm-1162	207	16	,	,	PUNCT
arjefm-1162	207	17	which	which	PRON
arjefm-1162	207	18	is	be	AUX
arjefm-1162	207	19	statistically	statistically	ADV
arjefm-1162	207	20	significant	significant	ADJ
arjefm-1162	207	21	with	with	ADP
arjefm-1162	207	22	a	a	DET
arjefm-1162	207	23	p	p	NOUN
arjefm-1162	207	24	-	-	PUNCT
arjefm-1162	207	25	value	value	NOUN
arjefm-1162	207	26	of	of	ADP
arjefm-1162	207	27	0.0446	0.0446	NUM
arjefm-1162	207	28	.	.	PUNCT
arjefm-1162	208	1	this	this	PRON
arjefm-1162	208	2	indicates	indicate	VERB
arjefm-1162	208	3	that	that	SCONJ
arjefm-1162	208	4	better	well	ADJ
arjefm-1162	208	5	short	short	ADJ
arjefm-1162	208	6	-	-	PUNCT
arjefm-1162	208	7	term	term	NOUN
arjefm-1162	208	8	liquidity	liquidity	NOUN
arjefm-1162	208	9	improves	improve	VERB
arjefm-1162	208	10	profitability	profitability	NOUN
arjefm-1162	208	11	for	for	ADP
arjefm-1162	208	12	fmcg	fmcg	NOUN
arjefm-1162	208	13	companies	company	NOUN
arjefm-1162	208	14	,	,	PUNCT
arjefm-1162	208	15	possibly	possibly	ADV
arjefm-1162	208	16	due	due	ADP
arjefm-1162	208	17	to	to	ADP
arjefm-1162	208	18	their	their	PRON
arjefm-1162	208	19	ability	ability	NOUN
arjefm-1162	208	20	to	to	PART
arjefm-1162	208	21	manage	manage	VERB
arjefm-1162	208	22	working	work	VERB
arjefm-1162	208	23	capital	capital	NOUN
arjefm-1162	208	24	more	more	ADV
arjefm-1162	208	25	efficiently	efficiently	ADV
arjefm-1162	208	26	.	.	PUNCT
arjefm-1162	209	1	the	the	DET
arjefm-1162	209	2	long	long	ADJ
arjefm-1162	209	3	-	-	PUNCT
arjefm-1162	209	4	term	term	NOUN
arjefm-1162	209	5	liabilities	liability	NOUN
arjefm-1162	209	6	(	(	PUNCT
arjefm-1162	209	7	ll	ll	NOUN
arjefm-1162	209	8	)	)	PUNCT
arjefm-1162	209	9	variable	variable	NOUN
arjefm-1162	209	10	,	,	PUNCT
arjefm-1162	209	11	while	while	SCONJ
arjefm-1162	209	12	having	have	VERB
arjefm-1162	209	13	a	a	DET
arjefm-1162	209	14	large	large	ADJ
arjefm-1162	209	15	positive	positive	ADJ
arjefm-1162	209	16	coefficient	coefficient	NOUN
arjefm-1162	209	17	(	(	PUNCT
arjefm-1162	209	18	7.507721	7.507721	NUM
arjefm-1162	209	19	)	)	PUNCT
arjefm-1162	209	20	,	,	PUNCT
arjefm-1162	209	21	is	be	AUX
arjefm-1162	209	22	not	not	PART
arjefm-1162	209	23	statistically	statistically	ADV
arjefm-1162	209	24	significant	significant	ADJ
arjefm-1162	209	25	with	with	ADP
arjefm-1162	209	26	a	a	DET
arjefm-1162	209	27	p	p	NOUN
arjefm-1162	209	28	-	-	PUNCT
arjefm-1162	209	29	value	value	NOUN
arjefm-1162	209	30	of	of	ADP
arjefm-1162	209	31	0.1209	0.1209	NUM
arjefm-1162	209	32	.	.	PUNCT
arjefm-1162	210	1	the	the	DET
arjefm-1162	210	2	model	model	NOUN
arjefm-1162	210	3	has	have	VERB
arjefm-1162	210	4	a	a	DET
arjefm-1162	210	5	high	high	ADJ
arjefm-1162	210	6	r	r	NOUN
arjefm-1162	210	7	-	-	PUNCT
arjefm-1162	210	8	squared	square	VERB
arjefm-1162	210	9	value	value	NOUN
arjefm-1162	210	10	of	of	ADP
arjefm-1162	210	11	0.987715	0.987715	NUM
arjefm-1162	210	12	,	,	PUNCT
arjefm-1162	210	13	indicating	indicate	VERB
arjefm-1162	210	14	that	that	SCONJ
arjefm-1162	210	15	about	about	ADP
arjefm-1162	210	16	98.77	98.77	NUM
arjefm-1162	210	17	%	%	NOUN
arjefm-1162	210	18	of	of	ADP
arjefm-1162	210	19	the	the	DET
arjefm-1162	210	20	variation	variation	NOUN
arjefm-1162	210	21	in	in	ADP
arjefm-1162	210	22	roe	roe	PROPN
arjefm-1162	210	23	is	be	AUX
arjefm-1162	210	24	explained	explain	VERB
arjefm-1162	210	25	by	by	ADP
arjefm-1162	210	26	the	the	DET
arjefm-1162	210	27	independent	independent	ADJ
arjefm-1162	210	28	variables	variable	NOUN
arjefm-1162	210	29	in	in	ADP
arjefm-1162	210	30	the	the	DET
arjefm-1162	210	31	model	model	NOUN
arjefm-1162	210	32	.	.	PUNCT
arjefm-1162	211	1	the	the	DET
arjefm-1162	211	2	adjusted	adjusted	ADJ
arjefm-1162	211	3	r	r	NOUN
arjefm-1162	211	4	-	-	PUNCT
arjefm-1162	211	5	squared	square	VERB
arjefm-1162	211	6	is	be	AUX
arjefm-1162	211	7	also	also	ADV
arjefm-1162	211	8	high	high	ADJ
arjefm-1162	211	9	(	(	PUNCT
arjefm-1162	211	10	0.984029	0.984029	NUM
arjefm-1162	211	11	)	)	PUNCT
arjefm-1162	211	12	,	,	PUNCT
arjefm-1162	211	13	affirming	affirm	VERB
arjefm-1162	211	14	the	the	DET
arjefm-1162	211	15	model	model	NOUN
arjefm-1162	211	16	's	's	PART
arjefm-1162	211	17	goodness	goodness	NOUN
arjefm-1162	211	18	of	of	ADP
arjefm-1162	211	19	fit	fit	NOUN
arjefm-1162	211	20	.	.	PUNCT
arjefm-1162	212	1	the	the	DET
arjefm-1162	212	2	f	f	NOUN
arjefm-1162	212	3	-	-	PUNCT
arjefm-1162	212	4	statistic	statistic	NOUN
arjefm-1162	212	5	of	of	ADP
arjefm-1162	212	6	267.9977	267.9977	NUM
arjefm-1162	212	7	,	,	PUNCT
arjefm-1162	212	8	with	with	ADP
arjefm-1162	212	9	a	a	DET
arjefm-1162	212	10	p	p	NOUN
arjefm-1162	212	11	-	-	PUNCT
arjefm-1162	212	12	value	value	NOUN
arjefm-1162	212	13	of	of	ADP
arjefm-1162	212	14	0.000000	0.000000	NUM
arjefm-1162	212	15	,	,	PUNCT
arjefm-1162	212	16	confirms	confirm	VERB
arjefm-1162	212	17	the	the	DET
arjefm-1162	212	18	overall	overall	ADJ
arjefm-1162	212	19	significance	significance	NOUN
arjefm-1162	212	20	of	of	ADP
arjefm-1162	212	21	the	the	DET
arjefm-1162	212	22	model	model	NOUN
arjefm-1162	212	23	.	.	PUNCT
arjefm-1162	213	1	the	the	DET
arjefm-1162	213	2	durbin	durbin	PROPN
arjefm-1162	213	3	-	-	PUNCT
arjefm-1162	213	4	watson	watson	NOUN
arjefm-1162	213	5	statistic	statistic	NOUN
arjefm-1162	213	6	of	of	ADP
arjefm-1162	213	7	1.762300	1.762300	NUM
arjefm-1162	213	8	suggests	suggest	VERB
arjefm-1162	213	9	that	that	SCONJ
arjefm-1162	213	10	there	there	PRON
arjefm-1162	213	11	is	be	VERB
arjefm-1162	213	12	no	no	DET
arjefm-1162	213	13	significant	significant	ADJ
arjefm-1162	213	14	autocorrelation	autocorrelation	NOUN
arjefm-1162	213	15	in	in	ADP
arjefm-1162	213	16	the	the	DET
arjefm-1162	213	17	residuals	residual	NOUN
arjefm-1162	213	18	.	.	PUNCT
arjefm-1162	214	1	this	this	DET
arjefm-1162	214	2	result	result	NOUN
arjefm-1162	214	3	aligns	align	VERB
arjefm-1162	214	4	with	with	ADP
arjefm-1162	214	5	studies	study	NOUN
arjefm-1162	214	6	such	such	ADJ
arjefm-1162	214	7	as	as	ADP
arjefm-1162	214	8	chadha	chadha	PROPN
arjefm-1162	214	9	and	and	CCONJ
arjefm-1162	214	10	sharma	sharma	PROPN
arjefm-1162	214	11	(	(	PUNCT
arjefm-1162	214	12	2015	2015	NUM
arjefm-1162	214	13	)	)	PUNCT
arjefm-1162	214	14	,	,	PUNCT
arjefm-1162	214	15	which	which	PRON
arjefm-1162	214	16	highlight	highlight	VERB
arjefm-1162	214	17	the	the	DET
arjefm-1162	214	18	positive	positive	ADJ
arjefm-1162	214	19	effect	effect	NOUN
arjefm-1162	214	20	of	of	ADP
arjefm-1162	214	21	financial	financial	ADJ
arjefm-1162	214	22	leverage	leverage	NOUN
arjefm-1162	214	23	on	on	ADP
arjefm-1162	214	24	firm	firm	ADJ
arjefm-1162	214	25	performance	performance	NOUN
arjefm-1162	214	26	,	,	PUNCT
arjefm-1162	214	27	especially	especially	ADV
arjefm-1162	214	28	in	in	ADP
arjefm-1162	214	29	industries	industry	NOUN
arjefm-1162	214	30	like	like	ADP
arjefm-1162	214	31	fmcg	fmcg	NOUN
arjefm-1162	214	32	where	where	SCONJ
arjefm-1162	214	33	liquidity	liquidity	NOUN
arjefm-1162	214	34	and	and	CCONJ
arjefm-1162	214	35	capital	capital	NOUN
arjefm-1162	214	36	structure	structure	NOUN
arjefm-1162	214	37	management	management	NOUN
arjefm-1162	214	38	are	be	AUX
arjefm-1162	214	39	crucial	crucial	ADJ
arjefm-1162	214	40	to	to	ADP
arjefm-1162	214	41	operational	operational	ADJ
arjefm-1162	214	42	success	success	NOUN
arjefm-1162	214	43	.	.	PUNCT
arjefm-1162	215	1	additionally	additionally	ADV
arjefm-1162	215	2	,	,	PUNCT
arjefm-1162	215	3	the	the	DET
arjefm-1162	215	4	inverse	inverse	NOUN
arjefm-1162	215	5	relationship	relationship	NOUN
arjefm-1162	215	6	between	between	ADP
arjefm-1162	215	7	solvency	solvency	NOUN
arjefm-1162	215	8	ratios	ratio	NOUN
arjefm-1162	215	9	and	and	CCONJ
arjefm-1162	215	10	profitability	profitability	NOUN
arjefm-1162	215	11	has	have	AUX
arjefm-1162	215	12	been	be	AUX
arjefm-1162	215	13	observed	observe	VERB
arjefm-1162	215	14	in	in	ADP
arjefm-1162	215	15	deloof	deloof	NOUN
arjefm-1162	215	16	(	(	PUNCT
arjefm-1162	215	17	2003	2003	NUM
arjefm-1162	215	18	)	)	PUNCT
arjefm-1162	215	19	,	,	PUNCT
arjefm-1162	215	20	suggesting	suggest	VERB
arjefm-1162	215	21	a	a	DET
arjefm-1162	215	22	trade	trade	NOUN
arjefm-1162	215	23	-	-	PUNCT
arjefm-1162	215	24	off	off	NOUN
arjefm-1162	215	25	between	between	ADP
arjefm-1162	215	26	financial	financial	ADJ
arjefm-1162	215	27	health	health	NOUN
arjefm-1162	215	28	and	and	CCONJ
arjefm-1162	215	29	profitability	profitability	NOUN
arjefm-1162	215	30	.	.	PUNCT
arjefm-1162	216	1	test	test	NOUN
arjefm-1162	216	2	of	of	ADP
arjefm-1162	216	3	hypothesis	hypothesis	NOUN
arjefm-1162	216	4	one	one	NUM
arjefm-1162	216	5	h03	h03	NOUN
arjefm-1162	216	6	:	:	PUNCT
arjefm-1162	216	7	short	short	ADJ
arjefm-1162	216	8	-	-	PUNCT
arjefm-1162	216	9	term	term	NOUN
arjefm-1162	216	10	leverage	leverage	NOUN
arjefm-1162	216	11	ratio	ratio	NOUN
arjefm-1162	216	12	has	have	VERB
arjefm-1162	216	13	no	no	DET
arjefm-1162	216	14	impact	impact	NOUN
arjefm-1162	216	15	on	on	ADP
arjefm-1162	216	16	the	the	DET
arjefm-1162	216	17	financial	financial	ADJ
arjefm-1162	216	18	performance	performance	NOUN
arjefm-1162	216	19	of	of	ADP
arjefm-1162	216	20	listed	list	VERB
arjefm-1162	216	21	fmcg	fmcg	NOUN
arjefm-1162	216	22	companies	company	NOUN
arjefm-1162	216	23	in	in	ADP
arjefm-1162	216	24	nigeria	nigeria	PROPN
arjefm-1162	216	25	.	.	PUNCT
arjefm-1162	217	1	decision	decision	NOUN
arjefm-1162	217	2	rule	rule	NOUN
arjefm-1162	217	3	:	:	PUNCT
arjefm-1162	217	4	in	in	ADP
arjefm-1162	217	5	table	table	NOUN
arjefm-1162	217	6	above	above	ADP
arjefm-1162	217	7	the	the	DET
arjefm-1162	217	8	coefficient	coefficient	NOUN
arjefm-1162	217	9	of	of	ADP
arjefm-1162	217	10	slr	slr	NOUN
arjefm-1162	217	11	is	be	AUX
arjefm-1162	217	12	positive	positive	ADJ
arjefm-1162	217	13	and	and	CCONJ
arjefm-1162	217	14	statistically	statistically	ADV
arjefm-1162	217	15	significant	significant	ADJ
arjefm-1162	217	16	for	for	ADP
arjefm-1162	217	17	the	the	DET
arjefm-1162	217	18	fmcg	fmcg	NOUN
arjefm-1162	217	19	,	,	PUNCT
arjefm-1162	217	20	it	it	PRON
arjefm-1162	217	21	suggests	suggest	VERB
arjefm-1162	217	22	that	that	SCONJ
arjefm-1162	217	23	short	short	ADJ
arjefm-1162	217	24	-	-	PUNCT
arjefm-1162	217	25	term	term	NOUN
arjefm-1162	217	26	leverage	leverage	NOUN
arjefm-1162	217	27	have	have	VERB
arjefm-1162	217	28	a	a	DET
arjefm-1162	217	29	positive	positive	ADJ
arjefm-1162	217	30	and	and	CCONJ
arjefm-1162	217	31	significant	significant	ADJ
arjefm-1162	217	32	effect	effect	NOUN
arjefm-1162	217	33	on	on	ADP
arjefm-1162	217	34	roe	roe	NOUN
arjefm-1162	217	35	using	use	VERB
arjefm-1162	217	36	the	the	DET
arjefm-1162	217	37	fmcg	fmcg	NOUN
arjefm-1162	217	38	model	model	NOUN
arjefm-1162	217	39	.	.	PUNCT
arjefm-1162	218	1	conversely	conversely	ADV
arjefm-1162	218	2	,	,	PUNCT
arjefm-1162	218	3	the	the	DET
arjefm-1162	218	4	impact	impact	NOUN
arjefm-1162	218	5	of	of	ADP
arjefm-1162	218	6	slr	slr	NOUN
arjefm-1162	218	7	on	on	ADP
arjefm-1162	218	8	roe	roe	PROPN
arjefm-1162	218	9	is	be	AUX
arjefm-1162	218	10	statistically	statistically	ADV
arjefm-1162	218	11	insignificant	insignificant	ADJ
arjefm-1162	218	12	for	for	ADP
arjefm-1162	218	13	logistics	logistic	NOUN
arjefm-1162	218	14	companies	company	NOUN
arjefm-1162	218	15	.	.	PUNCT
arjefm-1162	219	1	these	these	PRON
arjefm-1162	219	2	can	can	AUX
arjefm-1162	219	3	be	be	AUX
arjefm-1162	219	4	seen	see	VERB
arjefm-1162	219	5	in	in	ADP
arjefm-1162	219	6	the	the	DET
arjefm-1162	219	7	coefficients	coefficient	NOUN
arjefm-1162	219	8	and	and	CCONJ
arjefm-1162	219	9	p	p	NOUN
arjefm-1162	219	10	-	-	PUNCT
arjefm-1162	219	11	value	value	NOUN
arjefm-1162	219	12	of	of	ADP
arjefm-1162	219	13	both	both	PRON
arjefm-1162	219	14	fmcg	fmcg	NOUN
arjefm-1162	219	15	and	and	CCONJ
arjefm-1162	219	16	logistics	logistic	NOUN
arjefm-1162	219	17	sectors	sector	NOUN
arjefm-1162	219	18	.	.	PUNCT
arjefm-1162	220	1	slr	slr	NOUN
arjefm-1162	220	2	;	;	PUNCT
arjefm-1162	220	3	(	(	PUNCT
arjefm-1162	220	4	fmcg	fmcg	NOUN
arjefm-1162	220	5	:	:	PUNCT
arjefm-1162	220	6	5.623473	5.623473	NUM
arjefm-1162	220	7	,	,	PUNCT
arjefm-1162	220	8	p	p	NOUN
arjefm-1162	220	9	-	-	PUNCT
arjefm-1162	220	10	value	value	NOUN
arjefm-1162	220	11	:	:	PUNCT
arjefm-1162	220	12	0.0446	0.0446	NUM
arjefm-1162	220	13	;	;	PUNCT
arjefm-1162	220	14	logistics	logistic	NOUN
arjefm-1162	220	15	:	:	PUNCT
arjefm-1162	220	16	-0.073765	-0.073765	PROPN
arjefm-1162	220	17	,	,	PUNCT
arjefm-1162	220	18	p	p	NOUN
arjefm-1162	220	19	-	-	PUNCT
arjefm-1162	220	20	value	value	NOUN
arjefm-1162	220	21	:	:	PUNCT
arjefm-1162	220	22	0.4426	0.4426	NUM
arjefm-1162	220	23	)	)	PUNCT
arjefm-1162	220	24	.	.	PUNCT
arjefm-1162	221	1	therefore	therefore	ADV
arjefm-1162	221	2	,	,	PUNCT
arjefm-1162	221	3	the	the	DET
arjefm-1162	221	4	null	null	ADJ
arjefm-1162	221	5	hypothesis	hypothesis	NOUN
arjefm-1162	221	6	would	would	AUX
arjefm-1162	221	7	be	be	AUX
arjefm-1162	221	8	rejected	reject	VERB
arjefm-1162	221	9	for	for	ADP
arjefm-1162	221	10	fmcg	fmcg	NOUN
arjefm-1162	221	11	model	model	NOUN
arjefm-1162	221	12	and	and	CCONJ
arjefm-1162	221	13	accepted	accept	VERB
arjefm-1162	221	14	for	for	ADP
arjefm-1162	221	15	logistics	logistic	NOUN
arjefm-1162	221	16	model	model	NOUN
arjefm-1162	221	17	.	.	PUNCT
arjefm-1162	222	1	meaning	mean	VERB
arjefm-1162	222	2	that	that	SCONJ
arjefm-1162	222	3	shortterm	shortterm	PROPN
arjefm-1162	222	4	leverage	leverage	NOUN
arjefm-1162	222	5	(	(	PUNCT
arjefm-1162	222	6	slr	slr	X
arjefm-1162	222	7	)	)	PUNCT
arjefm-1162	222	8	has	have	VERB
arjefm-1162	222	9	significant	significant	ADJ
arjefm-1162	222	10	impact	impact	NOUN
arjefm-1162	222	11	on	on	ADP
arjefm-1162	222	12	the	the	DET
arjefm-1162	222	13	financial	financial	ADJ
arjefm-1162	222	14	performance	performance	NOUN
arjefm-1162	222	15	of	of	ADP
arjefm-1162	222	16	listed	list	VERB
arjefm-1162	222	17	fmcg	fmcg	NOUN
arjefm-1162	222	18	and	and	CCONJ
arjefm-1162	222	19	no	no	DET
arjefm-1162	222	20	significant	significant	ADJ
arjefm-1162	222	21	impact	impact	NOUN
arjefm-1162	222	22	on	on	ADP
arjefm-1162	222	23	performance	performance	NOUN
arjefm-1162	222	24	of	of	ADP
arjefm-1162	222	25	logistics	logistic	NOUN
arjefm-1162	222	26	companies	company	NOUN
arjefm-1162	222	27	in	in	ADP
arjefm-1162	222	28	nigeria	nigeria	PROPN
arjefm-1162	222	29	.	.	PUNCT
arjefm-1162	223	1	test	test	NOUN
arjefm-1162	223	2	of	of	ADP
arjefm-1162	223	3	hypothesis	hypothesis	NOUN
arjefm-1162	223	4	two	two	NUM
arjefm-1162	223	5	h05	h05	NOUN
arjefm-1162	223	6	:	:	PUNCT
arjefm-1162	223	7	long	long	ADJ
arjefm-1162	223	8	-	-	PUNCT
arjefm-1162	223	9	term	term	NOUN
arjefm-1162	223	10	leverage	leverage	NOUN
arjefm-1162	223	11	ratio	ratio	NOUN
arjefm-1162	223	12	has	have	VERB
arjefm-1162	223	13	no	no	DET
arjefm-1162	223	14	impact	impact	NOUN
arjefm-1162	223	15	on	on	ADP
arjefm-1162	223	16	the	the	DET
arjefm-1162	223	17	financial	financial	ADJ
arjefm-1162	223	18	performance	performance	NOUN
arjefm-1162	223	19	of	of	ADP
arjefm-1162	223	20	listed	list	VERB
arjefm-1162	223	21	fmcg	fmcg	NOUN
arjefm-1162	223	22	and	and	CCONJ
arjefm-1162	223	23	companies	company	NOUN
arjefm-1162	223	24	in	in	ADP
arjefm-1162	223	25	nigeria	nigeria	PROPN
arjefm-1162	223	26	.	.	PUNCT
arjefm-1162	224	1	decision	decision	NOUN
arjefm-1162	224	2	rule	rule	NOUN
arjefm-1162	224	3	:	:	PUNCT
arjefm-1162	224	4	in	in	ADP
arjefm-1162	224	5	table	table	NOUN
arjefm-1162	224	6	above	above	ADP
arjefm-1162	224	7	the	the	DET
arjefm-1162	224	8	coefficient	coefficient	NOUN
arjefm-1162	224	9	of	of	ADP
arjefm-1162	224	10	ll	ll	NOUN
arjefm-1162	224	11	is	be	AUX
arjefm-1162	224	12	positive	positive	ADJ
arjefm-1162	224	13	and	and	CCONJ
arjefm-1162	224	14	not	not	PART
arjefm-1162	224	15	significant	significant	ADJ
arjefm-1162	224	16	for	for	ADP
arjefm-1162	224	17	the	the	DET
arjefm-1162	224	18	fmcg	fmcg	NOUN
arjefm-1162	224	19	,	,	PUNCT
arjefm-1162	224	20	it	it	PRON
arjefm-1162	224	21	suggests	suggest	VERB
arjefm-1162	224	22	that	that	SCONJ
arjefm-1162	224	23	long	long	ADJ
arjefm-1162	224	24	-	-	PUNCT
arjefm-1162	224	25	term	term	NOUN
arjefm-1162	224	26	leverage	leverage	NOUN
arjefm-1162	224	27	have	have	VERB
arjefm-1162	224	28	a	a	DET
arjefm-1162	224	29	positive	positive	ADJ
arjefm-1162	224	30	and	and	CCONJ
arjefm-1162	224	31	non	non	ADJ
arjefm-1162	224	32	-	-	ADJ
arjefm-1162	224	33	significant	significant	ADJ
arjefm-1162	224	34	effect	effect	NOUN
arjefm-1162	224	35	on	on	ADP
arjefm-1162	224	36	roe	roe	NOUN
arjefm-1162	224	37	using	use	VERB
arjefm-1162	224	38	the	the	DET
arjefm-1162	224	39	fmcg	fmcg	NOUN
arjefm-1162	224	40	model	model	NOUN
arjefm-1162	224	41	.	.	PUNCT
arjefm-1162	225	1	conversely	conversely	ADV
arjefm-1162	225	2	,	,	PUNCT
arjefm-1162	225	3	the	the	DET
arjefm-1162	225	4	impact	impact	NOUN
arjefm-1162	225	5	of	of	ADP
arjefm-1162	225	6	ll	ll	NOUN
arjefm-1162	225	7	on	on	ADP
arjefm-1162	225	8	roe	roe	PROPN
arjefm-1162	225	9	is	be	AUX
arjefm-1162	225	10	negative	negative	ADJ
arjefm-1162	225	11	and	and	CCONJ
arjefm-1162	225	12	statistically	statistically	ADV
arjefm-1162	225	13	significant	significant	ADJ
arjefm-1162	225	14	for	for	ADP
arjefm-1162	225	15	logistics	logistic	NOUN
arjefm-1162	225	16	companies	company	NOUN
arjefm-1162	225	17	.	.	PUNCT
arjefm-1162	226	1	these	these	PRON
arjefm-1162	226	2	can	can	AUX
arjefm-1162	226	3	be	be	AUX
arjefm-1162	226	4	seen	see	VERB
arjefm-1162	226	5	in	in	ADP
arjefm-1162	226	6	the	the	DET
arjefm-1162	226	7	coefficients	coefficient	NOUN
arjefm-1162	226	8	and	and	CCONJ
arjefm-1162	226	9	p	p	NOUN
arjefm-1162	226	10	-	-	PUNCT
arjefm-1162	226	11	value	value	NOUN
arjefm-1162	226	12	of	of	ADP
arjefm-1162	226	13	both	both	PRON
arjefm-1162	226	14	fmcg	fmcg	NOUN
arjefm-1162	226	15	and	and	CCONJ
arjefm-1162	226	16	logistics	logistic	NOUN
arjefm-1162	226	17	sectors	sector	NOUN
arjefm-1162	226	18	.	.	PUNCT
arjefm-1162	227	1	ll	ll	AUX
arjefm-1162	227	2	;	;	PUNCT
arjefm-1162	227	3	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	227	4	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	227	5	american	american	PROPN
arjefm-1162	227	6	research	research	PROPN
arjefm-1162	227	7	journal	journal	PROPN
arjefm-1162	227	8	of	of	ADP
arjefm-1162	227	9	economics	economic	NOUN
arjefm-1162	227	10	,	,	PUNCT
arjefm-1162	227	11	finance	finance	NOUN
arjefm-1162	227	12	and	and	CCONJ
arjefm-1162	227	13	management	management	NOUN
arjefm-1162	227	14	volume	volume	NOUN
arjefm-1162	227	15	13	13	NUM
arjefm-1162	227	16	issue	issue	NOUN
arjefm-1162	227	17	1	1	NUM
arjefm-1162	227	18	,	,	PUNCT
arjefm-1162	227	19	january	january	PROPN
arjefm-1162	227	20	-	-	PUNCT
arjefm-1162	227	21	march	march	PROPN
arjefm-1162	227	22	2025	2025	NUM
arjefm-1162	227	23	issn	issn	NOUN
arjefm-1162	227	24	:	:	PUNCT
arjefm-1162	227	25	2836	2836	NUM
arjefm-1162	227	26	-	-	SYM
arjefm-1162	227	27	9416	9416	NUM
arjefm-1162	227	28	impact	impact	NOUN
arjefm-1162	227	29	factor	factor	NOUN
arjefm-1162	227	30	:	:	PUNCT
arjefm-1162	227	31	6.41	6.41	NUM
arjefm-1162	227	32	journal	journal	NOUN
arjefm-1162	227	33	homepage	homepage	NOUN
arjefm-1162	227	34	:	:	PUNCT
arjefm-1162	227	35	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	227	36	,	,	PUNCT
arjefm-1162	227	37	email	email	NOUN
arjefm-1162	227	38	:	:	PUNCT
arjefm-1162	227	39	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	227	40	official	official	ADJ
arjefm-1162	227	41	journal	journal	PROPN
arjefm-1162	227	42	of	of	ADP
arjefm-1162	227	43	america	america	PROPN
arjefm-1162	227	44	serial	serial	PROPN
arjefm-1162	227	45	publication	publication	NOUN
arjefm-1162	227	46	american	american	PROPN
arjefm-1162	227	47	research	research	PROPN
arjefm-1162	227	48	journal	journal	PROPN
arjefm-1162	227	49	of	of	ADP
arjefm-1162	227	50	economics	economic	NOUN
arjefm-1162	227	51	,	,	PUNCT
arjefm-1162	227	52	finance	finance	NOUN
arjefm-1162	227	53	and	and	CCONJ
arjefm-1162	227	54	management	management	NOUN
arjefm-1162	227	55	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	227	56	,	,	PUNCT
arjefm-1162	227	57	email	email	NOUN
arjefm-1162	227	58	:	:	PUNCT
arjefm-1162	228	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	228	2	130	130	NUM
arjefm-1162	229	1	|	|	ADV
arjefm-1162	229	2	p	p	ADP
arjefm-1162	229	3	a	a	DET
arjefm-1162	229	4	g	g	NOUN
arjefm-1162	229	5	e	e	NOUN
arjefm-1162	229	6	(	(	PUNCT
arjefm-1162	229	7	fmcg	fmcg	PROPN
arjefm-1162	229	8	:	:	PUNCT
arjefm-1162	229	9	7.507721	7.507721	NUM
arjefm-1162	229	10	,	,	PUNCT
arjefm-1162	229	11	p	p	NOUN
arjefm-1162	229	12	-	-	PUNCT
arjefm-1162	229	13	value	value	NOUN
arjefm-1162	229	14	:	:	PUNCT
arjefm-1162	229	15	0.1209	0.1209	NUM
arjefm-1162	229	16	;	;	PUNCT
arjefm-1162	229	17	logistics	logistic	NOUN
arjefm-1162	229	18	:	:	PUNCT
arjefm-1162	229	19	-0.073763	-0.073763	ADJ
arjefm-1162	229	20	,	,	PUNCT
arjefm-1162	229	21	p	p	NOUN
arjefm-1162	229	22	-	-	PUNCT
arjefm-1162	229	23	value	value	NOUN
arjefm-1162	229	24	:	:	PUNCT
arjefm-1162	229	25	0.0065	0.0065	NUM
arjefm-1162	229	26	)	)	PUNCT
arjefm-1162	229	27	.	.	PUNCT
arjefm-1162	230	1	therefore	therefore	ADV
arjefm-1162	230	2	,	,	PUNCT
arjefm-1162	230	3	the	the	DET
arjefm-1162	230	4	null	null	ADJ
arjefm-1162	230	5	hypothesis	hypothesis	NOUN
arjefm-1162	230	6	would	would	AUX
arjefm-1162	230	7	be	be	AUX
arjefm-1162	230	8	accepted	accept	VERB
arjefm-1162	230	9	for	for	ADP
arjefm-1162	230	10	fmcg	fmcg	NOUN
arjefm-1162	230	11	model	model	NOUN
arjefm-1162	230	12	and	and	CCONJ
arjefm-1162	230	13	rejected	reject	VERB
arjefm-1162	230	14	for	for	ADP
arjefm-1162	230	15	logistics	logistic	NOUN
arjefm-1162	230	16	model	model	NOUN
arjefm-1162	230	17	.	.	PUNCT
arjefm-1162	231	1	meaning	mean	VERB
arjefm-1162	231	2	that	that	SCONJ
arjefm-1162	231	3	longterm	longterm	VERB
arjefm-1162	231	4	leverage	leverage	NOUN
arjefm-1162	231	5	(	(	PUNCT
arjefm-1162	231	6	ll	ll	NOUN
arjefm-1162	231	7	)	)	PUNCT
arjefm-1162	231	8	has	have	VERB
arjefm-1162	231	9	no	no	DET
arjefm-1162	231	10	significant	significant	ADJ
arjefm-1162	231	11	impact	impact	NOUN
arjefm-1162	231	12	on	on	ADP
arjefm-1162	231	13	the	the	DET
arjefm-1162	231	14	financial	financial	ADJ
arjefm-1162	231	15	performance	performance	NOUN
arjefm-1162	231	16	of	of	ADP
arjefm-1162	231	17	listed	list	VERB
arjefm-1162	231	18	fmcg	fmcg	NOUN
arjefm-1162	231	19	and	and	CCONJ
arjefm-1162	231	20	significant	significant	ADJ
arjefm-1162	231	21	negative	negative	ADJ
arjefm-1162	231	22	impact	impact	NOUN
arjefm-1162	231	23	on	on	ADP
arjefm-1162	231	24	performance	performance	NOUN
arjefm-1162	231	25	of	of	ADP
arjefm-1162	231	26	logistics	logistic	NOUN
arjefm-1162	231	27	companies	company	NOUN
arjefm-1162	231	28	in	in	ADP
arjefm-1162	231	29	nigeria	nigeria	PROPN
arjefm-1162	231	30	.	.	PUNCT
arjefm-1162	232	1	the	the	DET
arjefm-1162	232	2	impact	impact	NOUN
arjefm-1162	232	3	of	of	ADP
arjefm-1162	232	4	short	short	ADJ
arjefm-1162	232	5	-	-	PUNCT
arjefm-1162	232	6	term	term	NOUN
arjefm-1162	232	7	leverage	leverage	NOUN
arjefm-1162	232	8	ratio	ratio	NOUN
arjefm-1162	232	9	(	(	PUNCT
arjefm-1162	232	10	slr	slr	NOUN
arjefm-1162	232	11	)	)	PUNCT
arjefm-1162	232	12	on	on	ADP
arjefm-1162	232	13	performance	performance	NOUN
arjefm-1162	232	14	for	for	ADP
arjefm-1162	232	15	fmcg	fmcg	NOUN
arjefm-1162	232	16	companies	company	NOUN
arjefm-1162	232	17	,	,	PUNCT
arjefm-1162	232	18	the	the	DET
arjefm-1162	232	19	short	short	ADJ
arjefm-1162	232	20	-	-	PUNCT
arjefm-1162	232	21	term	term	NOUN
arjefm-1162	232	22	leverage	leverage	NOUN
arjefm-1162	232	23	ratio	ratio	NOUN
arjefm-1162	232	24	(	(	PUNCT
arjefm-1162	232	25	slr	slr	X
arjefm-1162	232	26	)	)	PUNCT
arjefm-1162	232	27	has	have	VERB
arjefm-1162	232	28	a	a	DET
arjefm-1162	232	29	strong	strong	ADJ
arjefm-1162	232	30	positive	positive	ADJ
arjefm-1162	232	31	and	and	CCONJ
arjefm-1162	232	32	statistically	statistically	ADV
arjefm-1162	232	33	significant	significant	ADJ
arjefm-1162	232	34	effect	effect	NOUN
arjefm-1162	232	35	on	on	ADP
arjefm-1162	232	36	roe	roe	PROPN
arjefm-1162	232	37	,	,	PUNCT
arjefm-1162	232	38	with	with	ADP
arjefm-1162	232	39	a	a	DET
arjefm-1162	232	40	coefficient	coefficient	NOUN
arjefm-1162	232	41	of	of	ADP
arjefm-1162	232	42	5.623473	5.623473	NUM
arjefm-1162	232	43	and	and	CCONJ
arjefm-1162	232	44	a	a	DET
arjefm-1162	232	45	p	p	NOUN
arjefm-1162	232	46	-	-	PUNCT
arjefm-1162	232	47	value	value	NOUN
arjefm-1162	232	48	of	of	ADP
arjefm-1162	232	49	0.0446	0.0446	NUM
arjefm-1162	232	50	.	.	PUNCT
arjefm-1162	233	1	this	this	PRON
arjefm-1162	233	2	indicates	indicate	VERB
arjefm-1162	233	3	that	that	SCONJ
arjefm-1162	233	4	higher	high	ADJ
arjefm-1162	233	5	short	short	ADJ
arjefm-1162	233	6	-	-	PUNCT
arjefm-1162	233	7	term	term	NOUN
arjefm-1162	233	8	leverage	leverage	NOUN
arjefm-1162	233	9	is	be	AUX
arjefm-1162	233	10	associated	associate	VERB
arjefm-1162	233	11	with	with	ADP
arjefm-1162	233	12	improved	improved	ADJ
arjefm-1162	233	13	profitability	profitability	NOUN
arjefm-1162	233	14	,	,	PUNCT
arjefm-1162	233	15	possibly	possibly	ADV
arjefm-1162	233	16	due	due	ADP
arjefm-1162	233	17	to	to	ADP
arjefm-1162	233	18	efficient	efficient	ADJ
arjefm-1162	233	19	working	working	NOUN
arjefm-1162	233	20	capital	capital	NOUN
arjefm-1162	233	21	management	management	NOUN
arjefm-1162	233	22	.	.	PUNCT
arjefm-1162	234	1	in	in	ADP
arjefm-1162	234	2	contrast	contrast	NOUN
arjefm-1162	234	3	,	,	PUNCT
arjefm-1162	234	4	for	for	ADP
arjefm-1162	234	5	logistics	logistic	NOUN
arjefm-1162	234	6	firms	firm	NOUN
arjefm-1162	234	7	,	,	PUNCT
arjefm-1162	234	8	slr	slr	PROPN
arjefm-1162	234	9	has	have	VERB
arjefm-1162	234	10	a	a	DET
arjefm-1162	234	11	negative	negative	ADJ
arjefm-1162	234	12	but	but	CCONJ
arjefm-1162	234	13	statistically	statistically	ADV
arjefm-1162	234	14	insignificant	insignificant	ADJ
arjefm-1162	234	15	effect	effect	NOUN
arjefm-1162	234	16	on	on	ADP
arjefm-1162	234	17	roe	roe	PROPN
arjefm-1162	234	18	(	(	PUNCT
arjefm-1162	234	19	coefficient	coefficient	NOUN
arjefm-1162	234	20	:	:	PUNCT
arjefm-1162	234	21	-0.073765	-0.073765	PROPN
arjefm-1162	234	22	,	,	PUNCT
arjefm-1162	234	23	p	p	NOUN
arjefm-1162	234	24	-	-	PUNCT
arjefm-1162	234	25	value	value	NOUN
arjefm-1162	234	26	:	:	PUNCT
arjefm-1162	234	27	0.4426	0.4426	NUM
arjefm-1162	234	28	)	)	PUNCT
arjefm-1162	234	29	,	,	PUNCT
arjefm-1162	234	30	suggesting	suggest	VERB
arjefm-1162	234	31	that	that	SCONJ
arjefm-1162	234	32	short	short	ADJ
arjefm-1162	234	33	-	-	PUNCT
arjefm-1162	234	34	term	term	NOUN
arjefm-1162	234	35	leverage	leverage	NOUN
arjefm-1162	234	36	is	be	AUX
arjefm-1162	234	37	less	less	ADV
arjefm-1162	234	38	relevant	relevant	ADJ
arjefm-1162	234	39	in	in	ADP
arjefm-1162	234	40	driving	drive	VERB
arjefm-1162	234	41	profitability	profitability	NOUN
arjefm-1162	234	42	in	in	ADP
arjefm-1162	234	43	the	the	DET
arjefm-1162	234	44	logistics	logistic	NOUN
arjefm-1162	234	45	sector	sector	NOUN
arjefm-1162	234	46	.	.	PUNCT
arjefm-1162	235	1	the	the	DET
arjefm-1162	235	2	significant	significant	ADJ
arjefm-1162	235	3	positive	positive	ADJ
arjefm-1162	235	4	impact	impact	NOUN
arjefm-1162	235	5	of	of	ADP
arjefm-1162	235	6	slr	slr	NOUN
arjefm-1162	235	7	on	on	ADP
arjefm-1162	235	8	fmcg	fmcg	NOUN
arjefm-1162	235	9	firms	firm	NOUN
arjefm-1162	235	10	supports	support	VERB
arjefm-1162	235	11	the	the	DET
arjefm-1162	235	12	view	view	NOUN
arjefm-1162	235	13	that	that	SCONJ
arjefm-1162	235	14	short	short	ADJ
arjefm-1162	235	15	-	-	PUNCT
arjefm-1162	235	16	term	term	NOUN
arjefm-1162	235	17	financial	financial	ADJ
arjefm-1162	235	18	management	management	NOUN
arjefm-1162	235	19	is	be	AUX
arjefm-1162	235	20	key	key	ADJ
arjefm-1162	235	21	to	to	ADP
arjefm-1162	235	22	their	their	PRON
arjefm-1162	235	23	operational	operational	ADJ
arjefm-1162	235	24	success	success	NOUN
arjefm-1162	235	25	.	.	PUNCT
arjefm-1162	236	1	the	the	DET
arjefm-1162	236	2	impact	impact	NOUN
arjefm-1162	236	3	of	of	ADP
arjefm-1162	236	4	long	long	ADJ
arjefm-1162	236	5	-	-	PUNCT
arjefm-1162	236	6	term	term	NOUN
arjefm-1162	236	7	leverage	leverage	NOUN
arjefm-1162	236	8	ratio	ratio	NOUN
arjefm-1162	236	9	(	(	PUNCT
arjefm-1162	236	10	ll	ll	NOUN
arjefm-1162	236	11	)	)	PUNCT
arjefm-1162	236	12	on	on	ADP
arjefm-1162	236	13	performance	performance	NOUN
arjefm-1162	236	14	for	for	ADP
arjefm-1162	236	15	fmcg	fmcg	NOUN
arjefm-1162	236	16	firms	firm	NOUN
arjefm-1162	236	17	,	,	PUNCT
arjefm-1162	236	18	the	the	DET
arjefm-1162	236	19	long	long	ADJ
arjefm-1162	236	20	-	-	PUNCT
arjefm-1162	236	21	term	term	NOUN
arjefm-1162	236	22	leverage	leverage	NOUN
arjefm-1162	236	23	ratio	ratio	NOUN
arjefm-1162	236	24	(	(	PUNCT
arjefm-1162	236	25	ll	ll	NOUN
arjefm-1162	236	26	)	)	PUNCT
arjefm-1162	236	27	has	have	VERB
arjefm-1162	236	28	a	a	DET
arjefm-1162	236	29	large	large	ADJ
arjefm-1162	236	30	positive	positive	ADJ
arjefm-1162	236	31	coefficient	coefficient	NOUN
arjefm-1162	236	32	(	(	PUNCT
arjefm-1162	236	33	7.507721	7.507721	NUM
arjefm-1162	236	34	)	)	PUNCT
arjefm-1162	236	35	but	but	CCONJ
arjefm-1162	236	36	is	be	AUX
arjefm-1162	236	37	not	not	PART
arjefm-1162	236	38	statistically	statistically	ADV
arjefm-1162	236	39	significant	significant	ADJ
arjefm-1162	236	40	(	(	PUNCT
arjefm-1162	236	41	p	p	NOUN
arjefm-1162	236	42	-	-	PUNCT
arjefm-1162	236	43	value	value	NOUN
arjefm-1162	236	44	:	:	PUNCT
arjefm-1162	236	45	0.1209	0.1209	NUM
arjefm-1162	236	46	)	)	PUNCT
arjefm-1162	236	47	,	,	PUNCT
arjefm-1162	236	48	suggesting	suggest	VERB
arjefm-1162	236	49	that	that	SCONJ
arjefm-1162	236	50	long	long	ADJ
arjefm-1162	236	51	-	-	PUNCT
arjefm-1162	236	52	term	term	NOUN
arjefm-1162	236	53	debt	debt	NOUN
arjefm-1162	236	54	does	do	AUX
arjefm-1162	236	55	not	not	PART
arjefm-1162	236	56	significantly	significantly	ADV
arjefm-1162	236	57	impact	impact	VERB
arjefm-1162	236	58	profitability	profitability	NOUN
arjefm-1162	236	59	in	in	ADP
arjefm-1162	236	60	these	these	DET
arjefm-1162	236	61	firms	firm	NOUN
arjefm-1162	236	62	.	.	PUNCT
arjefm-1162	237	1	conversely	conversely	ADV
arjefm-1162	237	2	,	,	PUNCT
arjefm-1162	237	3	for	for	ADP
arjefm-1162	237	4	logistics	logistic	NOUN
arjefm-1162	237	5	companies	company	NOUN
arjefm-1162	237	6	,	,	PUNCT
arjefm-1162	237	7	ll	ll	AUX
arjefm-1162	237	8	shows	show	VERB
arjefm-1162	237	9	a	a	DET
arjefm-1162	237	10	negative	negative	ADJ
arjefm-1162	237	11	and	and	CCONJ
arjefm-1162	237	12	statistically	statistically	ADV
arjefm-1162	237	13	significant	significant	ADJ
arjefm-1162	237	14	relationship	relationship	NOUN
arjefm-1162	237	15	with	with	ADP
arjefm-1162	237	16	roe	roe	PROPN
arjefm-1162	237	17	(	(	PUNCT
arjefm-1162	237	18	coefficient	coefficient	NOUN
arjefm-1162	237	19	:	:	PUNCT
arjefm-1162	237	20	-0.073263	-0.073263	ADJ
arjefm-1162	237	21	,	,	PUNCT
arjefm-1162	237	22	p	p	NOUN
arjefm-1162	237	23	-	-	PUNCT
arjefm-1162	237	24	value	value	NOUN
arjefm-1162	237	25	:	:	PUNCT
arjefm-1162	237	26	0.0065	0.0065	NUM
arjefm-1162	237	27	)	)	PUNCT
arjefm-1162	237	28	.	.	PUNCT
arjefm-1162	238	1	this	this	PRON
arjefm-1162	238	2	suggests	suggest	VERB
arjefm-1162	238	3	that	that	SCONJ
arjefm-1162	238	4	high	high	ADJ
arjefm-1162	238	5	long	long	ADJ
arjefm-1162	238	6	-	-	PUNCT
arjefm-1162	238	7	term	term	NOUN
arjefm-1162	238	8	liabilities	liability	NOUN
arjefm-1162	238	9	can	can	AUX
arjefm-1162	238	10	significantly	significantly	ADV
arjefm-1162	238	11	reduce	reduce	VERB
arjefm-1162	238	12	profitability	profitability	NOUN
arjefm-1162	238	13	for	for	ADP
arjefm-1162	238	14	logistics	logistic	NOUN
arjefm-1162	238	15	companies	company	NOUN
arjefm-1162	238	16	,	,	PUNCT
arjefm-1162	238	17	highlighting	highlight	VERB
arjefm-1162	238	18	the	the	DET
arjefm-1162	238	19	risks	risk	NOUN
arjefm-1162	238	20	associated	associate	VERB
arjefm-1162	238	21	with	with	ADP
arjefm-1162	238	22	long	long	ADJ
arjefm-1162	238	23	-	-	PUNCT
arjefm-1162	238	24	term	term	NOUN
arjefm-1162	238	25	debt	debt	NOUN
arjefm-1162	238	26	in	in	ADP
arjefm-1162	238	27	this	this	DET
arjefm-1162	238	28	sector	sector	NOUN
arjefm-1162	238	29	.	.	PUNCT
arjefm-1162	239	1	these	these	DET
arjefm-1162	239	2	findings	finding	NOUN
arjefm-1162	239	3	align	align	VERB
arjefm-1162	239	4	with	with	ADP
arjefm-1162	239	5	akintoye	akintoye	NOUN
arjefm-1162	239	6	(	(	PUNCT
arjefm-1162	239	7	2019	2019	NUM
arjefm-1162	239	8	)	)	PUNCT
arjefm-1162	239	9	,	,	PUNCT
arjefm-1162	239	10	who	who	PRON
arjefm-1162	239	11	noted	note	VERB
arjefm-1162	239	12	the	the	DET
arjefm-1162	239	13	detrimental	detrimental	ADJ
arjefm-1162	239	14	effects	effect	NOUN
arjefm-1162	239	15	of	of	ADP
arjefm-1162	239	16	long	long	ADJ
arjefm-1162	239	17	-	-	PUNCT
arjefm-1162	239	18	term	term	NOUN
arjefm-1162	239	19	leverage	leverage	NOUN
arjefm-1162	239	20	on	on	ADP
arjefm-1162	239	21	logistics	logistic	NOUN
arjefm-1162	239	22	firm	firm	NOUN
arjefm-1162	239	23	performance	performance	NOUN
arjefm-1162	239	24	.	.	PUNCT
arjefm-1162	240	1	conclusion	conclusion	NOUN
arjefm-1162	240	2	and	and	CCONJ
arjefm-1162	240	3	recommendations	recommendation	NOUN
arjefm-1162	240	4	financial	financial	ADJ
arjefm-1162	240	5	leverage	leverage	NOUN
arjefm-1162	240	6	is	be	AUX
arjefm-1162	240	7	an	an	DET
arjefm-1162	240	8	important	important	ADJ
arjefm-1162	240	9	part	part	NOUN
arjefm-1162	240	10	in	in	ADP
arjefm-1162	240	11	a	a	DET
arjefm-1162	240	12	firm	firm	NOUN
arjefm-1162	240	13	’s	’s	PART
arjefm-1162	240	14	management	management	NOUN
arjefm-1162	240	15	decision	decision	NOUN
arjefm-1162	240	16	.	.	PUNCT
arjefm-1162	241	1	the	the	DET
arjefm-1162	241	2	ability	ability	NOUN
arjefm-1162	241	3	of	of	ADP
arjefm-1162	241	4	the	the	DET
arjefm-1162	241	5	firm	firm	NOUN
arjefm-1162	241	6	to	to	PART
arjefm-1162	241	7	continuously	continuously	ADV
arjefm-1162	241	8	operate	operate	VERB
arjefm-1162	241	9	in	in	ADP
arjefm-1162	241	10	longer	long	ADJ
arjefm-1162	241	11	period	period	NOUN
arjefm-1162	241	12	depends	depend	VERB
arjefm-1162	241	13	on	on	ADP
arjefm-1162	241	14	how	how	SCONJ
arjefm-1162	241	15	they	they	PRON
arjefm-1162	241	16	deal	deal	VERB
arjefm-1162	241	17	with	with	ADP
arjefm-1162	241	18	matter	matter	NOUN
arjefm-1162	241	19	of	of	ADP
arjefm-1162	241	20	composition	composition	NOUN
arjefm-1162	241	21	of	of	ADP
arjefm-1162	241	22	capital	capital	NOUN
arjefm-1162	241	23	structure	structure	NOUN
arjefm-1162	241	24	,	,	PUNCT
arjefm-1162	241	25	it	it	PRON
arjefm-1162	241	26	can	can	AUX
arjefm-1162	241	27	be	be	AUX
arjefm-1162	241	28	concluded	conclude	VERB
arjefm-1162	241	29	that	that	SCONJ
arjefm-1162	241	30	short	short	ADJ
arjefm-1162	241	31	-	-	PUNCT
arjefm-1162	241	32	term	term	NOUN
arjefm-1162	241	33	leverage	leverage	NOUN
arjefm-1162	241	34	ratio	ratio	NOUN
arjefm-1162	241	35	(	(	PUNCT
arjefm-1162	241	36	slr	slr	NOUN
arjefm-1162	241	37	):	):	PUNCT
arjefm-1162	241	38	for	for	ADP
arjefm-1162	241	39	fmcg	fmcg	NOUN
arjefm-1162	241	40	firms	firm	NOUN
arjefm-1162	241	41	,	,	PUNCT
arjefm-1162	241	42	the	the	DET
arjefm-1162	241	43	aggressive	aggressive	ADJ
arjefm-1162	241	44	financial	financial	ADJ
arjefm-1162	241	45	management	management	NOUN
arjefm-1162	241	46	policy	policy	NOUN
arjefm-1162	241	47	is	be	AUX
arjefm-1162	241	48	effective	effective	ADJ
arjefm-1162	241	49	,	,	PUNCT
arjefm-1162	241	50	as	as	SCONJ
arjefm-1162	241	51	higher	high	ADJ
arjefm-1162	241	52	short	short	ADJ
arjefm-1162	241	53	-	-	PUNCT
arjefm-1162	241	54	term	term	NOUN
arjefm-1162	241	55	leverage	leverage	NOUN
arjefm-1162	241	56	has	have	VERB
arjefm-1162	241	57	a	a	DET
arjefm-1162	241	58	positive	positive	ADJ
arjefm-1162	241	59	and	and	CCONJ
arjefm-1162	241	60	statistically	statistically	ADV
arjefm-1162	241	61	significant	significant	ADJ
arjefm-1162	241	62	effect	effect	NOUN
arjefm-1162	241	63	on	on	ADP
arjefm-1162	241	64	roe	roe	NOUN
arjefm-1162	241	65	.	.	PUNCT
arjefm-1162	242	1	this	this	PRON
arjefm-1162	242	2	highlights	highlight	VERB
arjefm-1162	242	3	the	the	DET
arjefm-1162	242	4	importance	importance	NOUN
arjefm-1162	242	5	of	of	ADP
arjefm-1162	242	6	efficient	efficient	ADJ
arjefm-1162	242	7	short	short	ADJ
arjefm-1162	242	8	-	-	PUNCT
arjefm-1162	242	9	term	term	NOUN
arjefm-1162	242	10	financial	financial	ADJ
arjefm-1162	242	11	management	management	NOUN
arjefm-1162	242	12	in	in	ADP
arjefm-1162	242	13	improving	improve	VERB
arjefm-1162	242	14	profitability	profitability	NOUN
arjefm-1162	242	15	.	.	PUNCT
arjefm-1162	243	1	in	in	ADP
arjefm-1162	243	2	contrast	contrast	NOUN
arjefm-1162	243	3	,	,	PUNCT
arjefm-1162	243	4	for	for	ADP
arjefm-1162	243	5	logistics	logistic	NOUN
arjefm-1162	243	6	companies	company	NOUN
arjefm-1162	243	7	,	,	PUNCT
arjefm-1162	243	8	slr	slr	PROPN
arjefm-1162	243	9	has	have	VERB
arjefm-1162	243	10	a	a	DET
arjefm-1162	243	11	negative	negative	ADJ
arjefm-1162	243	12	but	but	CCONJ
arjefm-1162	243	13	statistically	statistically	ADV
arjefm-1162	243	14	insignificant	insignificant	ADJ
arjefm-1162	243	15	effect	effect	NOUN
arjefm-1162	243	16	,	,	PUNCT
arjefm-1162	243	17	suggesting	suggest	VERB
arjefm-1162	243	18	that	that	SCONJ
arjefm-1162	243	19	the	the	DET
arjefm-1162	243	20	use	use	NOUN
arjefm-1162	243	21	of	of	ADP
arjefm-1162	243	22	short	short	ADJ
arjefm-1162	243	23	-	-	PUNCT
arjefm-1162	243	24	term	term	NOUN
arjefm-1162	243	25	debt	debt	NOUN
arjefm-1162	243	26	in	in	ADP
arjefm-1162	243	27	an	an	DET
arjefm-1162	243	28	aggressive	aggressive	ADJ
arjefm-1162	243	29	manner	manner	NOUN
arjefm-1162	243	30	may	may	AUX
arjefm-1162	243	31	not	not	PART
arjefm-1162	243	32	yield	yield	VERB
arjefm-1162	243	33	the	the	DET
arjefm-1162	243	34	same	same	ADJ
arjefm-1162	243	35	benefits	benefit	NOUN
arjefm-1162	243	36	in	in	ADP
arjefm-1162	243	37	this	this	DET
arjefm-1162	243	38	sector	sector	NOUN
arjefm-1162	243	39	,	,	PUNCT
arjefm-1162	243	40	where	where	SCONJ
arjefm-1162	243	41	a	a	DET
arjefm-1162	243	42	more	more	ADV
arjefm-1162	243	43	conservative	conservative	ADJ
arjefm-1162	243	44	approach	approach	NOUN
arjefm-1162	243	45	might	might	AUX
arjefm-1162	243	46	be	be	AUX
arjefm-1162	243	47	safer	safe	ADJ
arjefm-1162	243	48	.	.	PUNCT
arjefm-1162	244	1	long	long	ADJ
arjefm-1162	244	2	-	-	PUNCT
arjefm-1162	244	3	term	term	NOUN
arjefm-1162	244	4	leverage	leverage	NOUN
arjefm-1162	244	5	ratio	ratio	NOUN
arjefm-1162	244	6	(	(	PUNCT
arjefm-1162	244	7	ll	ll	NOUN
arjefm-1162	244	8	):	):	PUNCT
arjefm-1162	244	9	in	in	ADP
arjefm-1162	244	10	fmcg	fmcg	NOUN
arjefm-1162	244	11	firms	firm	NOUN
arjefm-1162	244	12	,	,	PUNCT
arjefm-1162	244	13	long	long	ADJ
arjefm-1162	244	14	-	-	PUNCT
arjefm-1162	244	15	term	term	NOUN
arjefm-1162	244	16	leverage	leverage	NOUN
arjefm-1162	244	17	has	have	VERB
arjefm-1162	244	18	a	a	DET
arjefm-1162	244	19	positive	positive	ADJ
arjefm-1162	244	20	but	but	CCONJ
arjefm-1162	244	21	statistically	statistically	ADV
arjefm-1162	244	22	insignificant	insignificant	ADJ
arjefm-1162	244	23	effect	effect	NOUN
arjefm-1162	244	24	on	on	ADP
arjefm-1162	244	25	roe	roe	NOUN
arjefm-1162	244	26	,	,	PUNCT
arjefm-1162	244	27	indicating	indicate	VERB
arjefm-1162	244	28	that	that	SCONJ
arjefm-1162	244	29	conservative	conservative	ADJ
arjefm-1162	244	30	financial	financial	ADJ
arjefm-1162	244	31	management	management	NOUN
arjefm-1162	244	32	policies	policy	NOUN
arjefm-1162	244	33	,	,	PUNCT
arjefm-1162	244	34	which	which	PRON
arjefm-1162	244	35	focus	focus	VERB
arjefm-1162	244	36	on	on	ADP
arjefm-1162	244	37	long	long	ADJ
arjefm-1162	244	38	-	-	PUNCT
arjefm-1162	244	39	term	term	NOUN
arjefm-1162	244	40	debt	debt	NOUN
arjefm-1162	244	41	,	,	PUNCT
arjefm-1162	244	42	may	may	AUX
arjefm-1162	244	43	not	not	PART
arjefm-1162	244	44	heavily	heavily	ADV
arjefm-1162	244	45	influence	influence	VERB
arjefm-1162	244	46	profitability	profitability	NOUN
arjefm-1162	244	47	.	.	PUNCT
arjefm-1162	245	1	however	however	ADV
arjefm-1162	245	2	,	,	PUNCT
arjefm-1162	245	3	in	in	ADP
arjefm-1162	245	4	logistics	logistic	NOUN
arjefm-1162	245	5	companies	company	NOUN
arjefm-1162	245	6	,	,	PUNCT
arjefm-1162	245	7	a	a	DET
arjefm-1162	245	8	significant	significant	ADJ
arjefm-1162	245	9	negative	negative	ADJ
arjefm-1162	245	10	relationship	relationship	NOUN
arjefm-1162	245	11	with	with	ADP
arjefm-1162	245	12	roe	roe	PROPN
arjefm-1162	245	13	implies	imply	VERB
arjefm-1162	245	14	that	that	SCONJ
arjefm-1162	245	15	relying	rely	VERB
arjefm-1162	245	16	on	on	ADP
arjefm-1162	245	17	long	long	ADJ
arjefm-1162	245	18	-	-	PUNCT
arjefm-1162	245	19	term	term	NOUN
arjefm-1162	245	20	debt	debt	NOUN
arjefm-1162	245	21	under	under	ADP
arjefm-1162	245	22	a	a	DET
arjefm-1162	245	23	conservative	conservative	ADJ
arjefm-1162	245	24	approach	approach	NOUN
arjefm-1162	245	25	can	can	AUX
arjefm-1162	245	26	reduce	reduce	VERB
arjefm-1162	245	27	profitability	profitability	NOUN
arjefm-1162	245	28	.	.	PUNCT
arjefm-1162	246	1	akintoye	akintoye	PROPN
arjefm-1162	246	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	246	3	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	247	1	american	american	PROPN
arjefm-1162	247	2	research	research	PROPN
arjefm-1162	247	3	journal	journal	PROPN
arjefm-1162	247	4	of	of	ADP
arjefm-1162	247	5	economics	economic	NOUN
arjefm-1162	247	6	,	,	PUNCT
arjefm-1162	247	7	finance	finance	NOUN
arjefm-1162	247	8	and	and	CCONJ
arjefm-1162	247	9	management	management	NOUN
arjefm-1162	247	10	volume	volume	NOUN
arjefm-1162	247	11	13	13	NUM
arjefm-1162	247	12	issue	issue	NOUN
arjefm-1162	247	13	1	1	NUM
arjefm-1162	247	14	,	,	PUNCT
arjefm-1162	247	15	january	january	PROPN
arjefm-1162	247	16	-	-	PUNCT
arjefm-1162	247	17	march	march	PROPN
arjefm-1162	247	18	2025	2025	NUM
arjefm-1162	247	19	issn	issn	NOUN
arjefm-1162	247	20	:	:	PUNCT
arjefm-1162	247	21	2836	2836	NUM
arjefm-1162	247	22	-	-	SYM
arjefm-1162	247	23	9416	9416	NUM
arjefm-1162	247	24	impact	impact	NOUN
arjefm-1162	247	25	factor	factor	NOUN
arjefm-1162	247	26	:	:	PUNCT
arjefm-1162	247	27	6.41	6.41	NUM
arjefm-1162	247	28	journal	journal	NOUN
arjefm-1162	247	29	homepage	homepage	NOUN
arjefm-1162	247	30	:	:	PUNCT
arjefm-1162	247	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	247	32	,	,	PUNCT
arjefm-1162	247	33	email	email	NOUN
arjefm-1162	247	34	:	:	PUNCT
arjefm-1162	248	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	248	2	official	official	ADJ
arjefm-1162	248	3	journal	journal	PROPN
arjefm-1162	248	4	of	of	ADP
arjefm-1162	248	5	america	america	PROPN
arjefm-1162	248	6	serial	serial	PROPN
arjefm-1162	248	7	publication	publication	NOUN
arjefm-1162	248	8	american	american	PROPN
arjefm-1162	248	9	research	research	PROPN
arjefm-1162	248	10	journal	journal	PROPN
arjefm-1162	248	11	of	of	ADP
arjefm-1162	248	12	economics	economic	NOUN
arjefm-1162	248	13	,	,	PUNCT
arjefm-1162	248	14	finance	finance	NOUN
arjefm-1162	248	15	and	and	CCONJ
arjefm-1162	248	16	management	management	NOUN
arjefm-1162	248	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	248	18	,	,	PUNCT
arjefm-1162	248	19	email	email	NOUN
arjefm-1162	248	20	:	:	PUNCT
arjefm-1162	248	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	249	1	131	131	NUM
arjefm-1162	250	1	|	|	ADV
arjefm-1162	250	2	p	p	X
arjefm-1162	250	3	a	a	DET
arjefm-1162	250	4	g	g	NOUN
arjefm-1162	250	5	e	e	X
arjefm-1162	250	6	(	(	PUNCT
arjefm-1162	250	7	2019	2019	NUM
arjefm-1162	250	8	)	)	PUNCT
arjefm-1162	250	9	similarly	similarly	ADV
arjefm-1162	250	10	found	find	VERB
arjefm-1162	250	11	that	that	SCONJ
arjefm-1162	250	12	long	long	ADJ
arjefm-1162	250	13	-	-	PUNCT
arjefm-1162	250	14	term	term	NOUN
arjefm-1162	250	15	leverage	leverage	NOUN
arjefm-1162	250	16	hampers	hamper	VERB
arjefm-1162	250	17	performance	performance	NOUN
arjefm-1162	250	18	in	in	ADP
arjefm-1162	250	19	logistics	logistic	NOUN
arjefm-1162	250	20	firms	firm	NOUN
arjefm-1162	250	21	,	,	PUNCT
arjefm-1162	250	22	suggesting	suggest	VERB
arjefm-1162	250	23	that	that	SCONJ
arjefm-1162	250	24	a	a	DET
arjefm-1162	250	25	balanced	balanced	ADJ
arjefm-1162	250	26	or	or	CCONJ
arjefm-1162	250	27	even	even	ADV
arjefm-1162	250	28	aggressive	aggressive	ADJ
arjefm-1162	250	29	policy	policy	NOUN
arjefm-1162	250	30	might	might	AUX
arjefm-1162	250	31	be	be	AUX
arjefm-1162	250	32	more	more	ADV
arjefm-1162	250	33	beneficial	beneficial	ADJ
arjefm-1162	250	34	here	here	ADV
arjefm-1162	250	35	.	.	PUNCT
arjefm-1162	251	1	based	base	VERB
arjefm-1162	251	2	on	on	ADP
arjefm-1162	251	3	the	the	DET
arjefm-1162	251	4	findings	finding	NOUN
arjefm-1162	251	5	,	,	PUNCT
arjefm-1162	251	6	the	the	DET
arjefm-1162	251	7	following	follow	VERB
arjefm-1162	251	8	recommendations	recommendation	NOUN
arjefm-1162	251	9	are	be	AUX
arjefm-1162	251	10	made	make	VERB
arjefm-1162	251	11	for	for	SCONJ
arjefm-1162	251	12	fmcg	fmcg	NOUN
arjefm-1162	251	13	and	and	CCONJ
arjefm-1162	251	14	logistics	logistic	NOUN
arjefm-1162	251	15	companies	company	NOUN
arjefm-1162	251	16	to	to	PART
arjefm-1162	251	17	enhance	enhance	VERB
arjefm-1162	251	18	their	their	PRON
arjefm-1162	251	19	financial	financial	ADJ
arjefm-1162	251	20	performance	performance	NOUN
arjefm-1162	251	21	:	:	PUNCT
arjefm-1162	251	22	1	1	X
arjefm-1162	251	23	.	.	X
arjefm-1162	252	1	for	for	ADP
arjefm-1162	252	2	fmcg	fmcg	NOUN
arjefm-1162	252	3	companies	company	NOUN
arjefm-1162	252	4	,	,	PUNCT
arjefm-1162	252	5	an	an	DET
arjefm-1162	252	6	aggressive	aggressive	ADJ
arjefm-1162	252	7	financial	financial	ADJ
arjefm-1162	252	8	management	management	NOUN
arjefm-1162	252	9	policy	policy	NOUN
arjefm-1162	252	10	focusing	focus	VERB
arjefm-1162	252	11	on	on	ADP
arjefm-1162	252	12	short	short	ADJ
arjefm-1162	252	13	-	-	PUNCT
arjefm-1162	252	14	term	term	NOUN
arjefm-1162	252	15	leverage	leverage	NOUN
arjefm-1162	252	16	is	be	AUX
arjefm-1162	252	17	recommended	recommend	VERB
arjefm-1162	252	18	,	,	PUNCT
arjefm-1162	252	19	as	as	SCONJ
arjefm-1162	252	20	higher	high	ADJ
arjefm-1162	252	21	short	short	ADJ
arjefm-1162	252	22	-	-	PUNCT
arjefm-1162	252	23	term	term	NOUN
arjefm-1162	252	24	leverage	leverage	NOUN
arjefm-1162	252	25	(	(	PUNCT
arjefm-1162	252	26	slr	slr	X
arjefm-1162	252	27	)	)	PUNCT
arjefm-1162	252	28	has	have	VERB
arjefm-1162	252	29	a	a	DET
arjefm-1162	252	30	positive	positive	ADJ
arjefm-1162	252	31	and	and	CCONJ
arjefm-1162	252	32	statistically	statistically	ADV
arjefm-1162	252	33	significant	significant	ADJ
arjefm-1162	252	34	effect	effect	NOUN
arjefm-1162	252	35	on	on	ADP
arjefm-1162	252	36	return	return	NOUN
arjefm-1162	252	37	on	on	ADP
arjefm-1162	252	38	equity	equity	NOUN
arjefm-1162	252	39	(	(	PUNCT
arjefm-1162	252	40	roe	roe	PROPN
arjefm-1162	252	41	)	)	PUNCT
arjefm-1162	252	42	.	.	PUNCT
arjefm-1162	253	1	this	this	PRON
arjefm-1162	253	2	suggests	suggest	VERB
arjefm-1162	253	3	that	that	SCONJ
arjefm-1162	253	4	efficient	efficient	ADJ
arjefm-1162	253	5	management	management	NOUN
arjefm-1162	253	6	of	of	ADP
arjefm-1162	253	7	short	short	ADJ
arjefm-1162	253	8	-	-	PUNCT
arjefm-1162	253	9	term	term	NOUN
arjefm-1162	253	10	debt	debt	NOUN
arjefm-1162	253	11	can	can	AUX
arjefm-1162	253	12	significantly	significantly	ADV
arjefm-1162	253	13	boost	boost	VERB
arjefm-1162	253	14	profitability	profitability	NOUN
arjefm-1162	253	15	.	.	PUNCT
arjefm-1162	254	1	fmcg	fmcg	NOUN
arjefm-1162	254	2	firms	firm	NOUN
arjefm-1162	254	3	should	should	AUX
arjefm-1162	254	4	therefore	therefore	ADV
arjefm-1162	254	5	consider	consider	VERB
arjefm-1162	254	6	increasing	increase	VERB
arjefm-1162	254	7	their	their	PRON
arjefm-1162	254	8	use	use	NOUN
arjefm-1162	254	9	of	of	ADP
arjefm-1162	254	10	short	short	ADJ
arjefm-1162	254	11	-	-	PUNCT
arjefm-1162	254	12	term	term	NOUN
arjefm-1162	254	13	debt	debt	NOUN
arjefm-1162	254	14	to	to	PART
arjefm-1162	254	15	capitalize	capitalize	VERB
arjefm-1162	254	16	on	on	ADP
arjefm-1162	254	17	immediate	immediate	ADJ
arjefm-1162	254	18	growth	growth	NOUN
arjefm-1162	254	19	opportunities	opportunity	NOUN
arjefm-1162	254	20	and	and	CCONJ
arjefm-1162	254	21	enhance	enhance	VERB
arjefm-1162	254	22	returns	return	NOUN
arjefm-1162	254	23	.	.	PUNCT
arjefm-1162	255	1	however	however	ADV
arjefm-1162	255	2	,	,	PUNCT
arjefm-1162	255	3	this	this	DET
arjefm-1162	255	4	strategy	strategy	NOUN
arjefm-1162	255	5	requires	require	VERB
arjefm-1162	255	6	careful	careful	ADJ
arjefm-1162	255	7	monitoring	monitoring	NOUN
arjefm-1162	255	8	to	to	PART
arjefm-1162	255	9	avoid	avoid	VERB
arjefm-1162	255	10	liquidity	liquidity	NOUN
arjefm-1162	255	11	risks	risk	NOUN
arjefm-1162	255	12	and	and	CCONJ
arjefm-1162	255	13	ensure	ensure	VERB
arjefm-1162	255	14	that	that	SCONJ
arjefm-1162	255	15	debt	debt	NOUN
arjefm-1162	255	16	obligations	obligation	NOUN
arjefm-1162	255	17	are	be	AUX
arjefm-1162	255	18	met	meet	VERB
arjefm-1162	255	19	.	.	PUNCT
arjefm-1162	256	1	a	a	DET
arjefm-1162	256	2	conservative	conservative	ADJ
arjefm-1162	256	3	strategy	strategy	NOUN
arjefm-1162	256	4	will	will	AUX
arjefm-1162	256	5	better	well	ADV
arjefm-1162	256	6	safeguard	safeguard	VERB
arjefm-1162	256	7	logistics	logistic	NOUN
arjefm-1162	256	8	companies	company	NOUN
arjefm-1162	256	9	from	from	ADP
arjefm-1162	256	10	the	the	DET
arjefm-1162	256	11	risks	risk	NOUN
arjefm-1162	256	12	associated	associate	VERB
arjefm-1162	256	13	with	with	ADP
arjefm-1162	256	14	short	short	ADJ
arjefm-1162	256	15	-	-	PUNCT
arjefm-1162	256	16	term	term	NOUN
arjefm-1162	256	17	liabilities	liability	NOUN
arjefm-1162	256	18	.	.	PUNCT
arjefm-1162	257	1	2	2	X
arjefm-1162	257	2	.	.	X
arjefm-1162	257	3	for	for	ADP
arjefm-1162	257	4	fmcg	fmcg	NOUN
arjefm-1162	257	5	companies	company	NOUN
arjefm-1162	257	6	,	,	PUNCT
arjefm-1162	257	7	fmcg	fmcg	NOUN
arjefm-1162	257	8	firms	firm	NOUN
arjefm-1162	257	9	should	should	AUX
arjefm-1162	257	10	adopt	adopt	VERB
arjefm-1162	257	11	a	a	DET
arjefm-1162	257	12	more	more	ADV
arjefm-1162	257	13	flexible	flexible	ADJ
arjefm-1162	257	14	approach	approach	NOUN
arjefm-1162	257	15	to	to	ADP
arjefm-1162	257	16	long	long	ADJ
arjefm-1162	257	17	-	-	PUNCT
arjefm-1162	257	18	term	term	NOUN
arjefm-1162	257	19	debt	debt	NOUN
arjefm-1162	257	20	,	,	PUNCT
arjefm-1162	257	21	as	as	ADP
arjefm-1162	257	22	conservative	conservative	ADJ
arjefm-1162	257	23	policies	policy	NOUN
arjefm-1162	257	24	centered	center	VERB
arjefm-1162	257	25	on	on	ADP
arjefm-1162	257	26	long	long	ADJ
arjefm-1162	257	27	-	-	PUNCT
arjefm-1162	257	28	term	term	NOUN
arjefm-1162	257	29	leverage	leverage	NOUN
arjefm-1162	257	30	neither	neither	CCONJ
arjefm-1162	257	31	significantly	significantly	ADV
arjefm-1162	257	32	harm	harm	NOUN
arjefm-1162	257	33	nor	nor	CCONJ
arjefm-1162	257	34	benefit	benefit	VERB
arjefm-1162	257	35	profitability	profitability	NOUN
arjefm-1162	257	36	.	.	PUNCT
arjefm-1162	258	1	companies	company	NOUN
arjefm-1162	258	2	in	in	ADP
arjefm-1162	258	3	this	this	DET
arjefm-1162	258	4	sector	sector	NOUN
arjefm-1162	258	5	can	can	AUX
arjefm-1162	258	6	continue	continue	VERB
arjefm-1162	258	7	to	to	PART
arjefm-1162	258	8	use	use	VERB
arjefm-1162	258	9	long	long	ADJ
arjefm-1162	258	10	-	-	PUNCT
arjefm-1162	258	11	term	term	NOUN
arjefm-1162	258	12	debt	debt	NOUN
arjefm-1162	258	13	moderately	moderately	ADV
arjefm-1162	258	14	without	without	ADP
arjefm-1162	258	15	concerns	concern	NOUN
arjefm-1162	258	16	about	about	ADP
arjefm-1162	258	17	profitability	profitability	NOUN
arjefm-1162	258	18	loss	loss	NOUN
arjefm-1162	258	19	,	,	PUNCT
arjefm-1162	258	20	while	while	SCONJ
arjefm-1162	258	21	focusing	focus	VERB
arjefm-1162	258	22	on	on	ADP
arjefm-1162	258	23	other	other	ADJ
arjefm-1162	258	24	strategies	strategy	NOUN
arjefm-1162	258	25	to	to	PART
arjefm-1162	258	26	drive	drive	VERB
arjefm-1162	258	27	growth	growth	NOUN
arjefm-1162	258	28	.	.	PUNCT
arjefm-1162	259	1	for	for	ADP
arjefm-1162	259	2	logistics	logistic	NOUN
arjefm-1162	259	3	companies	company	NOUN
arjefm-1162	259	4	,	,	PUNCT
arjefm-1162	259	5	however	however	ADV
arjefm-1162	259	6	,	,	PUNCT
arjefm-1162	259	7	long	long	ADJ
arjefm-1162	259	8	-	-	PUNCT
arjefm-1162	259	9	term	term	NOUN
arjefm-1162	259	10	debt	debt	NOUN
arjefm-1162	259	11	hampers	hamper	NOUN
arjefm-1162	259	12	performance	performance	NOUN
arjefm-1162	259	13	in	in	ADP
arjefm-1162	259	14	logistics	logistic	NOUN
arjefm-1162	259	15	firms	firm	NOUN
arjefm-1162	259	16	,	,	PUNCT
arjefm-1162	259	17	implying	imply	VERB
arjefm-1162	259	18	that	that	SCONJ
arjefm-1162	259	19	a	a	DET
arjefm-1162	259	20	balanced	balanced	ADJ
arjefm-1162	259	21	or	or	CCONJ
arjefm-1162	259	22	even	even	ADV
arjefm-1162	259	23	aggressive	aggressive	ADJ
arjefm-1162	259	24	financial	financial	ADJ
arjefm-1162	259	25	policy	policy	NOUN
arjefm-1162	259	26	would	would	AUX
arjefm-1162	259	27	be	be	AUX
arjefm-1162	259	28	more	more	ADV
arjefm-1162	259	29	appropriate	appropriate	ADJ
arjefm-1162	259	30	.	.	PUNCT
arjefm-1162	260	1	references	reference	NOUN
arjefm-1162	260	2	alvarez	alvarez	PROPN
arjefm-1162	260	3	,	,	PUNCT
arjefm-1162	260	4	l.	l.	PROPN
arjefm-1162	260	5	,	,	PUNCT
arjefm-1162	260	6	&	&	CCONJ
arjefm-1162	260	7	martinez	martinez	PROPN
arjefm-1162	260	8	,	,	PUNCT
arjefm-1162	260	9	r.	r.	PROPN
arjefm-1162	260	10	(	(	PUNCT
arjefm-1162	260	11	2023	2023	NUM
arjefm-1162	260	12	)	)	PUNCT
arjefm-1162	260	13	.	.	PUNCT
arjefm-1162	261	1	financial	financial	ADJ
arjefm-1162	261	2	leverage	leverage	NOUN
arjefm-1162	261	3	and	and	CCONJ
arjefm-1162	261	4	profitability	profitability	NOUN
arjefm-1162	261	5	of	of	ADP
arjefm-1162	261	6	european	european	ADJ
arjefm-1162	261	7	smes	sme	NOUN
arjefm-1162	261	8	.	.	PUNCT
arjefm-1162	262	1	european	european	PROPN
arjefm-1162	262	2	journal	journal	PROPN
arjefm-1162	262	3	of	of	ADP
arjefm-1162	262	4	business	business	NOUN
arjefm-1162	262	5	and	and	CCONJ
arjefm-1162	262	6	management	management	NOUN
arjefm-1162	262	7	,	,	PUNCT
arjefm-1162	262	8	15(3	15(3	NUM
arjefm-1162	262	9	)	)	PUNCT
arjefm-1162	262	10	,	,	PUNCT
arjefm-1162	262	11	200	200	NUM
arjefm-1162	262	12	-	-	SYM
arjefm-1162	262	13	215	215	NUM
arjefm-1162	262	14	.	.	PUNCT
arjefm-1162	263	1	almeida	almeida	PROPN
arjefm-1162	263	2	,	,	PUNCT
arjefm-1162	263	3	h.	h.	PROPN
arjefm-1162	263	4	,	,	PUNCT
arjefm-1162	263	5	campello	campello	PROPN
arjefm-1162	263	6	,	,	PUNCT
arjefm-1162	263	7	m.	m.	NOUN
arjefm-1162	263	8	,	,	PUNCT
arjefm-1162	263	9	&	&	CCONJ
arjefm-1162	263	10	weisbach	weisbach	NOUN
arjefm-1162	263	11	,	,	PUNCT
arjefm-1162	263	12	m.	m.	NOUN
arjefm-1162	263	13	s.	s.	PROPN
arjefm-1162	263	14	(	(	PUNCT
arjefm-1162	263	15	2019	2019	NUM
arjefm-1162	263	16	)	)	PUNCT
arjefm-1162	263	17	.	.	PUNCT
arjefm-1162	264	1	the	the	DET
arjefm-1162	264	2	role	role	NOUN
arjefm-1162	264	3	of	of	ADP
arjefm-1162	264	4	financial	financial	ADJ
arjefm-1162	264	5	leverage	leverage	NOUN
arjefm-1162	264	6	in	in	ADP
arjefm-1162	264	7	corporate	corporate	ADJ
arjefm-1162	264	8	performance	performance	NOUN
arjefm-1162	264	9	.	.	PUNCT
arjefm-1162	265	1	journal	journal	NOUN
arjefm-1162	265	2	of	of	ADP
arjefm-1162	265	3	corporate	corporate	ADJ
arjefm-1162	265	4	finance	finance	NOUN
arjefm-1162	265	5	,	,	PUNCT
arjefm-1162	265	6	58	58	NUM
arjefm-1162	265	7	,	,	PUNCT
arjefm-1162	265	8	80	80	NUM
arjefm-1162	265	9	-	-	SYM
arjefm-1162	265	10	97	97	NUM
arjefm-1162	265	11	.	.	PUNCT
arjefm-1162	266	1	almeida	almeida	PROPN
arjefm-1162	266	2	,	,	PUNCT
arjefm-1162	266	3	h.	h.	PROPN
arjefm-1162	266	4	,	,	PUNCT
arjefm-1162	266	5	campello	campello	PROPN
arjefm-1162	266	6	,	,	PUNCT
arjefm-1162	266	7	m.	m.	NOUN
arjefm-1162	266	8	,	,	PUNCT
arjefm-1162	266	9	&	&	CCONJ
arjefm-1162	266	10	weisbach	weisbach	NOUN
arjefm-1162	266	11	,	,	PUNCT
arjefm-1162	266	12	m.	m.	NOUN
arjefm-1162	266	13	s.	s.	PROPN
arjefm-1162	266	14	(	(	PUNCT
arjefm-1162	266	15	2019	2019	NUM
arjefm-1162	266	16	)	)	PUNCT
arjefm-1162	266	17	.	.	PUNCT
arjefm-1162	267	1	the	the	DET
arjefm-1162	267	2	role	role	NOUN
arjefm-1162	267	3	of	of	ADP
arjefm-1162	267	4	financial	financial	ADJ
arjefm-1162	267	5	leverage	leverage	NOUN
arjefm-1162	267	6	in	in	ADP
arjefm-1162	267	7	the	the	DET
arjefm-1162	267	8	risk	risk	NOUN
arjefm-1162	267	9	-	-	PUNCT
arjefm-1162	267	10	taking	take	VERB
arjefm-1162	267	11	behavior	behavior	NOUN
arjefm-1162	267	12	of	of	ADP
arjefm-1162	267	13	firms	firm	NOUN
arjefm-1162	267	14	.	.	PUNCT
arjefm-1162	268	1	journal	journal	NOUN
arjefm-1162	268	2	of	of	ADP
arjefm-1162	268	3	financial	financial	ADJ
arjefm-1162	268	4	economics	economic	NOUN
arjefm-1162	268	5	,	,	PUNCT
arjefm-1162	268	6	130(1	130(1	NUM
arjefm-1162	268	7	)	)	PUNCT
arjefm-1162	268	8	,	,	PUNCT
arjefm-1162	268	9	1	1	NUM
arjefm-1162	268	10	-	-	SYM
arjefm-1162	268	11	23	23	NUM
arjefm-1162	268	12	.	.	PUNCT
arjefm-1162	269	1	aghion	aghion	NOUN
arjefm-1162	269	2	,	,	PUNCT
arjefm-1162	269	3	p.	p.	PROPN
arjefm-1162	269	4	,	,	PUNCT
arjefm-1162	269	5	howitt	howitt	ADV
arjefm-1162	269	6	,	,	PUNCT
arjefm-1162	269	7	p.	p.	NOUN
arjefm-1162	269	8	,	,	PUNCT
arjefm-1162	269	9	&	&	CCONJ
arjefm-1162	269	10	murtin	murtin	PROPN
arjefm-1162	269	11	,	,	PUNCT
arjefm-1162	269	12	f.	f.	PROPN
arjefm-1162	269	13	(	(	PUNCT
arjefm-1162	269	14	2019	2019	NUM
arjefm-1162	269	15	)	)	PUNCT
arjefm-1162	269	16	.	.	PUNCT
arjefm-1162	270	1	financial	financial	ADJ
arjefm-1162	270	2	leverage	leverage	NOUN
arjefm-1162	270	3	and	and	CCONJ
arjefm-1162	270	4	innovation	innovation	NOUN
arjefm-1162	270	5	:	:	PUNCT
arjefm-1162	270	6	the	the	DET
arjefm-1162	270	7	case	case	NOUN
arjefm-1162	270	8	of	of	ADP
arjefm-1162	270	9	r&d	r&d	NOUN
arjefm-1162	270	10	spending	spending	NOUN
arjefm-1162	270	11	.	.	PUNCT
arjefm-1162	271	1	american	american	PROPN
arjefm-1162	271	2	economic	economic	PROPN
arjefm-1162	271	3	review	review	PROPN
arjefm-1162	271	4	,	,	PUNCT
arjefm-1162	271	5	109(2	109(2	NUM
arjefm-1162	271	6	)	)	PUNCT
arjefm-1162	271	7	,	,	PUNCT
arjefm-1162	271	8	345	345	NUM
arjefm-1162	271	9	-	-	SYM
arjefm-1162	271	10	378	378	NUM
arjefm-1162	271	11	.	.	PUNCT
arjefm-1162	272	1	brealey	brealey	PROPN
arjefm-1162	272	2	,	,	PUNCT
arjefm-1162	272	3	r.	r.	PROPN
arjefm-1162	272	4	a.	a.	PROPN
arjefm-1162	272	5	,	,	PUNCT
arjefm-1162	272	6	myers	myers	PROPN
arjefm-1162	272	7	,	,	PUNCT
arjefm-1162	272	8	s.	s.	PROPN
arjefm-1162	272	9	c.	c.	PROPN
arjefm-1162	272	10	,	,	PUNCT
arjefm-1162	272	11	&	&	CCONJ
arjefm-1162	272	12	allen	allen	PROPN
arjefm-1162	272	13	,	,	PUNCT
arjefm-1162	272	14	f.	f.	PROPN
arjefm-1162	272	15	(	(	PUNCT
arjefm-1162	272	16	2020	2020	NUM
arjefm-1162	272	17	)	)	PUNCT
arjefm-1162	272	18	.	.	PUNCT
arjefm-1162	273	1	principles	principle	NOUN
arjefm-1162	273	2	of	of	ADP
arjefm-1162	273	3	corporate	corporate	ADJ
arjefm-1162	273	4	finance	finance	NOUN
arjefm-1162	273	5	(	(	PUNCT
arjefm-1162	273	6	13th	13th	NOUN
arjefm-1162	273	7	ed	ed	NOUN
arjefm-1162	273	8	.	.	PUNCT
arjefm-1162	273	9	)	)	PUNCT
arjefm-1162	273	10	.	.	PUNCT
arjefm-1162	274	1	mcgrawhill	mcgrawhill	PROPN
arjefm-1162	274	2	education	education	PROPN
arjefm-1162	274	3	.	.	PUNCT
arjefm-1162	275	1	brigham	brigham	PROPN
arjefm-1162	275	2	,	,	PUNCT
arjefm-1162	275	3	e.	e.	PROPN
arjefm-1162	275	4	f.	f.	PROPN
arjefm-1162	275	5	,	,	PUNCT
arjefm-1162	275	6	&	&	CCONJ
arjefm-1162	275	7	ehrhardt	ehrhardt	PROPN
arjefm-1162	275	8	,	,	PUNCT
arjefm-1162	275	9	m.	m.	NOUN
arjefm-1162	275	10	c.	c.	PROPN
arjefm-1162	275	11	(	(	PUNCT
arjefm-1162	275	12	2021	2021	NUM
arjefm-1162	275	13	)	)	PUNCT
arjefm-1162	275	14	.	.	PUNCT
arjefm-1162	276	1	financial	financial	ADJ
arjefm-1162	276	2	management	management	NOUN
arjefm-1162	276	3	:	:	PUNCT
arjefm-1162	276	4	theory	theory	NOUN
arjefm-1162	276	5	&	&	CCONJ
arjefm-1162	276	6	practice	practice	NOUN
arjefm-1162	276	7	(	(	PUNCT
arjefm-1162	276	8	16th	16th	ADJ
arjefm-1162	276	9	ed	ed	NOUN
arjefm-1162	276	10	.	.	PUNCT
arjefm-1162	276	11	)	)	PUNCT
arjefm-1162	276	12	.	.	PUNCT
arjefm-1162	277	1	cengage	cengage	PROPN
arjefm-1162	277	2	learning	learning	PROPN
arjefm-1162	277	3	.	.	PUNCT
arjefm-1162	278	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-1162	278	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	279	1	american	american	PROPN
arjefm-1162	279	2	research	research	PROPN
arjefm-1162	279	3	journal	journal	PROPN
arjefm-1162	279	4	of	of	ADP
arjefm-1162	279	5	economics	economic	NOUN
arjefm-1162	279	6	,	,	PUNCT
arjefm-1162	279	7	finance	finance	NOUN
arjefm-1162	279	8	and	and	CCONJ
arjefm-1162	279	9	management	management	NOUN
arjefm-1162	279	10	volume	volume	NOUN
arjefm-1162	279	11	13	13	NUM
arjefm-1162	279	12	issue	issue	NOUN
arjefm-1162	279	13	1	1	NUM
arjefm-1162	279	14	,	,	PUNCT
arjefm-1162	279	15	january	january	PROPN
arjefm-1162	279	16	-	-	PUNCT
arjefm-1162	279	17	march	march	PROPN
arjefm-1162	279	18	2025	2025	NUM
arjefm-1162	279	19	issn	issn	NOUN
arjefm-1162	279	20	:	:	PUNCT
arjefm-1162	279	21	2836	2836	NUM
arjefm-1162	279	22	-	-	SYM
arjefm-1162	279	23	9416	9416	NUM
arjefm-1162	279	24	impact	impact	NOUN
arjefm-1162	279	25	factor	factor	NOUN
arjefm-1162	279	26	:	:	PUNCT
arjefm-1162	279	27	6.41	6.41	NUM
arjefm-1162	279	28	journal	journal	NOUN
arjefm-1162	279	29	homepage	homepage	NOUN
arjefm-1162	279	30	:	:	PUNCT
arjefm-1162	279	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	279	32	,	,	PUNCT
arjefm-1162	279	33	email	email	NOUN
arjefm-1162	279	34	:	:	PUNCT
arjefm-1162	280	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	280	2	official	official	ADJ
arjefm-1162	280	3	journal	journal	PROPN
arjefm-1162	280	4	of	of	ADP
arjefm-1162	280	5	america	america	PROPN
arjefm-1162	280	6	serial	serial	PROPN
arjefm-1162	280	7	publication	publication	NOUN
arjefm-1162	280	8	american	american	PROPN
arjefm-1162	280	9	research	research	PROPN
arjefm-1162	280	10	journal	journal	PROPN
arjefm-1162	280	11	of	of	ADP
arjefm-1162	280	12	economics	economic	NOUN
arjefm-1162	280	13	,	,	PUNCT
arjefm-1162	280	14	finance	finance	NOUN
arjefm-1162	280	15	and	and	CCONJ
arjefm-1162	280	16	management	management	NOUN
arjefm-1162	280	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	280	18	,	,	PUNCT
arjefm-1162	280	19	email	email	NOUN
arjefm-1162	280	20	:	:	PUNCT
arjefm-1162	280	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	281	1	132	132	NUM
arjefm-1162	281	2	|	|	ADV
arjefm-1162	281	3	p	p	X
arjefm-1162	281	4	a	a	DET
arjefm-1162	281	5	g	g	PROPN
arjefm-1162	281	6	e	e	PROPN
arjefm-1162	281	7	frank	frank	PROPN
arjefm-1162	281	8	,	,	PUNCT
arjefm-1162	281	9	m.	m.	NOUN
arjefm-1162	281	10	z.	z.	PROPN
arjefm-1162	281	11	,	,	PUNCT
arjefm-1162	281	12	&	&	CCONJ
arjefm-1162	281	13	goyal	goyal	PROPN
arjefm-1162	281	14	,	,	PUNCT
arjefm-1162	281	15	v.	v.	PROPN
arjefm-1162	281	16	k.	k.	PROPN
arjefm-1162	281	17	(	(	PUNCT
arjefm-1162	281	18	2003	2003	NUM
arjefm-1162	281	19	)	)	PUNCT
arjefm-1162	281	20	.	.	PUNCT
arjefm-1162	282	1	testing	test	VERB
arjefm-1162	282	2	the	the	DET
arjefm-1162	282	3	pecking	pecking	NOUN
arjefm-1162	282	4	order	order	NOUN
arjefm-1162	282	5	theory	theory	NOUN
arjefm-1162	282	6	of	of	ADP
arjefm-1162	282	7	capital	capital	NOUN
arjefm-1162	282	8	structure	structure	NOUN
arjefm-1162	282	9	.	.	PUNCT
arjefm-1162	283	1	journal	journal	NOUN
arjefm-1162	283	2	of	of	ADP
arjefm-1162	283	3	financial	financial	ADJ
arjefm-1162	283	4	economics	economic	NOUN
arjefm-1162	283	5	,	,	PUNCT
arjefm-1162	283	6	67(2	67(2	NUM
arjefm-1162	283	7	)	)	PUNCT
arjefm-1162	283	8	,	,	PUNCT
arjefm-1162	283	9	217	217	NUM
arjefm-1162	283	10	-	-	SYM
arjefm-1162	283	11	248	248	NUM
arjefm-1162	283	12	.	.	PUNCT
arjefm-1162	284	1	graham	graham	PROPN
arjefm-1162	284	2	,	,	PUNCT
arjefm-1162	284	3	j.	j.	PROPN
arjefm-1162	284	4	r.	r.	PROPN
arjefm-1162	284	5	,	,	PUNCT
arjefm-1162	284	6	&	&	CCONJ
arjefm-1162	284	7	harvey	harvey	PROPN
arjefm-1162	284	8	,	,	PUNCT
arjefm-1162	284	9	c.	c.	PROPN
arjefm-1162	284	10	r.	r.	PROPN
arjefm-1162	284	11	(	(	PUNCT
arjefm-1162	284	12	2001	2001	NUM
arjefm-1162	284	13	)	)	PUNCT
arjefm-1162	284	14	.	.	PUNCT
arjefm-1162	285	1	the	the	DET
arjefm-1162	285	2	theory	theory	NOUN
arjefm-1162	285	3	and	and	CCONJ
arjefm-1162	285	4	practice	practice	NOUN
arjefm-1162	285	5	of	of	ADP
arjefm-1162	285	6	corporate	corporate	ADJ
arjefm-1162	285	7	finance	finance	NOUN
arjefm-1162	285	8	:	:	PUNCT
arjefm-1162	285	9	evidence	evidence	NOUN
arjefm-1162	285	10	from	from	ADP
arjefm-1162	285	11	the	the	DET
arjefm-1162	285	12	field	field	NOUN
arjefm-1162	285	13	.	.	PUNCT
arjefm-1162	286	1	journal	journal	NOUN
arjefm-1162	286	2	of	of	ADP
arjefm-1162	286	3	financial	financial	ADJ
arjefm-1162	286	4	economics	economic	NOUN
arjefm-1162	286	5	,	,	PUNCT
arjefm-1162	286	6	60(2	60(2	NUM
arjefm-1162	286	7	)	)	PUNCT
arjefm-1162	286	8	,	,	PUNCT
arjefm-1162	286	9	187	187	NUM
arjefm-1162	286	10	-	-	SYM
arjefm-1162	286	11	243	243	NUM
arjefm-1162	286	12	.	.	PUNCT
arjefm-1162	287	1	hassan	hassan	PROPN
arjefm-1162	287	2	,	,	PUNCT
arjefm-1162	287	3	a.	a.	PROPN
arjefm-1162	287	4	,	,	PUNCT
arjefm-1162	287	5	&	&	CCONJ
arjefm-1162	287	6	ibrahim	ibrahim	PROPN
arjefm-1162	287	7	,	,	PUNCT
arjefm-1162	287	8	m.	m.	NOUN
arjefm-1162	287	9	(	(	PUNCT
arjefm-1162	287	10	2024	2024	NUM
arjefm-1162	287	11	)	)	PUNCT
arjefm-1162	287	12	.	.	PUNCT
arjefm-1162	288	1	financial	financial	ADJ
arjefm-1162	288	2	leverage	leverage	NOUN
arjefm-1162	288	3	and	and	CCONJ
arjefm-1162	288	4	firm	firm	ADJ
arjefm-1162	288	5	performance	performance	NOUN
arjefm-1162	288	6	in	in	ADP
arjefm-1162	288	7	nigerian	nigerian	ADJ
arjefm-1162	288	8	agricultural	agricultural	ADJ
arjefm-1162	288	9	firms	firm	NOUN
arjefm-1162	288	10	.	.	PUNCT
arjefm-1162	289	1	african	african	ADJ
arjefm-1162	289	2	journal	journal	PROPN
arjefm-1162	289	3	of	of	ADP
arjefm-1162	289	4	economic	economic	ADJ
arjefm-1162	289	5	and	and	CCONJ
arjefm-1162	289	6	management	management	NOUN
arjefm-1162	289	7	studies	study	NOUN
arjefm-1162	289	8	,	,	PUNCT
arjefm-1162	289	9	15(1	15(1	NUM
arjefm-1162	289	10	)	)	PUNCT
arjefm-1162	289	11	,	,	PUNCT
arjefm-1162	289	12	112	112	NUM
arjefm-1162	289	13	-	-	SYM
arjefm-1162	289	14	127	127	NUM
arjefm-1162	289	15	.	.	PUNCT
arjefm-1162	290	1	ibe	ibe	PROPN
arjefm-1162	290	2	,	,	PUNCT
arjefm-1162	290	3	u.	u.	PROPN
arjefm-1162	290	4	g.	g.	PROPN
arjefm-1162	290	5	,	,	PUNCT
arjefm-1162	290	6	&	&	CCONJ
arjefm-1162	290	7	pibowei	pibowei	PROPN
arjefm-1162	290	8	,	,	PUNCT
arjefm-1162	290	9	w.	w.	PROPN
arjefm-1162	290	10	e.	e.	PROPN
arjefm-1162	290	11	(	(	PUNCT
arjefm-1162	290	12	2022	2022	NUM
arjefm-1162	290	13	)	)	PUNCT
arjefm-1162	290	14	.	.	PUNCT
arjefm-1162	291	1	the	the	DET
arjefm-1162	291	2	effect	effect	NOUN
arjefm-1162	291	3	of	of	ADP
arjefm-1162	291	4	financial	financial	ADJ
arjefm-1162	291	5	leverage	leverage	NOUN
arjefm-1162	291	6	on	on	ADP
arjefm-1162	291	7	corporate	corporate	ADJ
arjefm-1162	291	8	financial	financial	ADJ
arjefm-1162	291	9	performance	performance	NOUN
arjefm-1162	291	10	of	of	ADP
arjefm-1162	291	11	dangote	dangote	NOUN
arjefm-1162	291	12	cement	cement	PROPN
arjefm-1162	291	13	plc	plc	PROPN
arjefm-1162	291	14	(	(	PUNCT
arjefm-1162	291	15	2010	2010	NUM
arjefm-1162	291	16	-	-	SYM
arjefm-1162	291	17	2021	2021	NUM
arjefm-1162	291	18	)	)	PUNCT
arjefm-1162	291	19	.	.	PUNCT
arjefm-1162	292	1	ssrn	ssrn	PROPN
arjefm-1162	292	2	journal	journal	PROPN
arjefm-1162	292	3	,	,	PUNCT
arjefm-1162	292	4	22	22	NUM
arjefm-1162	292	5	.	.	PUNCT
arjefm-1162	293	1	kayhan	kayhan	PROPN
arjefm-1162	293	2	,	,	PUNCT
arjefm-1162	293	3	a.	a.	PROPN
arjefm-1162	293	4	,	,	PUNCT
arjefm-1162	293	5	&	&	CCONJ
arjefm-1162	293	6	titman	titman	PROPN
arjefm-1162	293	7	,	,	PUNCT
arjefm-1162	293	8	s.	s.	PROPN
arjefm-1162	293	9	(	(	PUNCT
arjefm-1162	293	10	2007	2007	NUM
arjefm-1162	293	11	)	)	PUNCT
arjefm-1162	293	12	.	.	PUNCT
arjefm-1162	294	1	firms	firm	NOUN
arjefm-1162	294	2	’	’	PART
arjefm-1162	294	3	histories	history	NOUN
arjefm-1162	294	4	and	and	CCONJ
arjefm-1162	294	5	their	their	PRON
arjefm-1162	294	6	capital	capital	NOUN
arjefm-1162	294	7	structures	structure	NOUN
arjefm-1162	294	8	.	.	PUNCT
arjefm-1162	295	1	journal	journal	NOUN
arjefm-1162	295	2	of	of	ADP
arjefm-1162	295	3	financial	financial	ADJ
arjefm-1162	295	4	economics	economic	NOUN
arjefm-1162	295	5	,	,	PUNCT
arjefm-1162	295	6	83(1	83(1	PROPN
arjefm-1162	295	7	)	)	PUNCT
arjefm-1162	295	8	,	,	PUNCT
arjefm-1162	295	9	1	1	NUM
arjefm-1162	295	10	-	-	SYM
arjefm-1162	295	11	32	32	NUM
arjefm-1162	295	12	.	.	PUNCT
arjefm-1162	296	1	kumar	kumar	PROPN
arjefm-1162	296	2	,	,	PUNCT
arjefm-1162	296	3	p.	p.	PROPN
arjefm-1162	296	4	,	,	PUNCT
arjefm-1162	296	5	&	&	CCONJ
arjefm-1162	296	6	patel	patel	PROPN
arjefm-1162	296	7	,	,	PUNCT
arjefm-1162	296	8	s.	s.	PROPN
arjefm-1162	296	9	(	(	PUNCT
arjefm-1162	296	10	2023	2023	NUM
arjefm-1162	296	11	)	)	PUNCT
arjefm-1162	296	12	.	.	PUNCT
arjefm-1162	297	1	financial	financial	ADJ
arjefm-1162	297	2	leverage	leverage	NOUN
arjefm-1162	297	3	and	and	CCONJ
arjefm-1162	297	4	performance	performance	NOUN
arjefm-1162	297	5	of	of	ADP
arjefm-1162	297	6	indian	indian	ADJ
arjefm-1162	297	7	manufacturing	manufacturing	NOUN
arjefm-1162	297	8	firms	firm	NOUN
arjefm-1162	297	9	.	.	PUNCT
arjefm-1162	298	1	international	international	ADJ
arjefm-1162	298	2	journal	journal	PROPN
arjefm-1162	298	3	of	of	ADP
arjefm-1162	298	4	business	business	NOUN
arjefm-1162	298	5	and	and	CCONJ
arjefm-1162	298	6	economics	economic	NOUN
arjefm-1162	298	7	,	,	PUNCT
arjefm-1162	298	8	20(4	20(4	NOUN
arjefm-1162	298	9	)	)	PUNCT
arjefm-1162	298	10	,	,	PUNCT
arjefm-1162	298	11	457	457	NUM
arjefm-1162	298	12	-	-	SYM
arjefm-1162	298	13	470	470	NUM
arjefm-1162	298	14	.	.	PUNCT
arjefm-1162	299	1	lee	lee	PROPN
arjefm-1162	299	2	,	,	PUNCT
arjefm-1162	299	3	s.	s.	PROPN
arjefm-1162	299	4	h.	h.	PROPN
arjefm-1162	299	5	,	,	PUNCT
arjefm-1162	299	6	&	&	CCONJ
arjefm-1162	299	7	kim	kim	PROPN
arjefm-1162	299	8	,	,	PUNCT
arjefm-1162	299	9	j.	j.	PROPN
arjefm-1162	299	10	h.	h.	PROPN
arjefm-1162	299	11	(	(	PUNCT
arjefm-1162	299	12	2022	2022	NUM
arjefm-1162	299	13	)	)	PUNCT
arjefm-1162	299	14	.	.	PUNCT
arjefm-1162	300	1	the	the	DET
arjefm-1162	300	2	relationship	relationship	NOUN
arjefm-1162	300	3	between	between	ADP
arjefm-1162	300	4	financial	financial	ADJ
arjefm-1162	300	5	leverage	leverage	NOUN
arjefm-1162	300	6	and	and	CCONJ
arjefm-1162	300	7	firm	firm	ADJ
arjefm-1162	300	8	performance	performance	NOUN
arjefm-1162	300	9	in	in	ADP
arjefm-1162	300	10	south	south	ADJ
arjefm-1162	300	11	korean	korean	ADJ
arjefm-1162	300	12	listed	list	VERB
arjefm-1162	300	13	companies	company	NOUN
arjefm-1162	300	14	.	.	PUNCT
arjefm-1162	301	1	asian	asian	ADJ
arjefm-1162	301	2	financial	financial	PROPN
arjefm-1162	301	3	review	review	PROPN
arjefm-1162	301	4	,	,	PUNCT
arjefm-1162	301	5	15(1	15(1	NUM
arjefm-1162	301	6	)	)	PUNCT
arjefm-1162	301	7	,	,	PUNCT
arjefm-1162	301	8	87	87	NUM
arjefm-1162	301	9	-	-	SYM
arjefm-1162	301	10	104	104	NUM
arjefm-1162	301	11	.	.	PUNCT
arjefm-1162	302	1	li	li	PROPN
arjefm-1162	302	2	,	,	PUNCT
arjefm-1162	302	3	x.	x.	PROPN
arjefm-1162	302	4	,	,	PUNCT
arjefm-1162	302	5	&	&	CCONJ
arjefm-1162	302	6	zhang	zhang	PROPN
arjefm-1162	302	7	,	,	PUNCT
arjefm-1162	302	8	y.	y.	PROPN
arjefm-1162	302	9	(	(	PUNCT
arjefm-1162	302	10	2024	2024	NUM
arjefm-1162	302	11	)	)	PUNCT
arjefm-1162	302	12	.	.	PUNCT
arjefm-1162	303	1	financial	financial	ADJ
arjefm-1162	303	2	leverage	leverage	NOUN
arjefm-1162	303	3	and	and	CCONJ
arjefm-1162	303	4	performance	performance	NOUN
arjefm-1162	303	5	of	of	ADP
arjefm-1162	303	6	chinese	chinese	ADJ
arjefm-1162	303	7	pharmaceutical	pharmaceutical	ADJ
arjefm-1162	303	8	companies	company	NOUN
arjefm-1162	303	9	.	.	PUNCT
arjefm-1162	304	1	journal	journal	NOUN
arjefm-1162	304	2	of	of	ADP
arjefm-1162	304	3	pharmaceutical	pharmaceutical	NOUN
arjefm-1162	304	4	economics	economic	NOUN
arjefm-1162	304	5	,	,	PUNCT
arjefm-1162	304	6	21(2	21(2	NUM
arjefm-1162	304	7	)	)	PUNCT
arjefm-1162	304	8	,	,	PUNCT
arjefm-1162	304	9	205	205	NUM
arjefm-1162	304	10	-	-	SYM
arjefm-1162	304	11	220	220	NUM
arjefm-1162	304	12	.	.	PUNCT
arjefm-1162	305	1	miller	miller	PROPN
arjefm-1162	305	2	,	,	PUNCT
arjefm-1162	305	3	t.	t.	PROPN
arjefm-1162	305	4	,	,	PUNCT
arjefm-1162	305	5	&	&	CCONJ
arjefm-1162	305	6	davis	davis	PROPN
arjefm-1162	305	7	,	,	PUNCT
arjefm-1162	305	8	p.	p.	NOUN
arjefm-1162	305	9	(	(	PUNCT
arjefm-1162	305	10	2023	2023	NUM
arjefm-1162	305	11	)	)	PUNCT
arjefm-1162	305	12	.	.	PUNCT
arjefm-1162	306	1	financial	financial	ADJ
arjefm-1162	306	2	leverage	leverage	NOUN
arjefm-1162	306	3	and	and	CCONJ
arjefm-1162	306	4	profitability	profitability	NOUN
arjefm-1162	306	5	of	of	ADP
arjefm-1162	306	6	australian	australian	ADJ
arjefm-1162	306	7	retail	retail	ADJ
arjefm-1162	306	8	firms	firm	NOUN
arjefm-1162	306	9	.	.	PUNCT
arjefm-1162	307	1	retail	retail	ADJ
arjefm-1162	307	2	management	management	NOUN
arjefm-1162	307	3	journal	journal	NOUN
arjefm-1162	307	4	,	,	PUNCT
arjefm-1162	307	5	28(3	28(3	NUM
arjefm-1162	307	6	)	)	PUNCT
arjefm-1162	307	7	,	,	PUNCT
arjefm-1162	307	8	310	310	NUM
arjefm-1162	307	9	-	-	SYM
arjefm-1162	307	10	325	325	NUM
arjefm-1162	307	11	.	.	PUNCT
arjefm-1162	308	1	merton	merton	PROPN
arjefm-1162	308	2	,	,	PUNCT
arjefm-1162	308	3	r.	r.	PROPN
arjefm-1162	308	4	c.	c.	PROPN
arjefm-1162	308	5	(	(	PUNCT
arjefm-1162	308	6	2013	2013	NUM
arjefm-1162	308	7	)	)	PUNCT
arjefm-1162	308	8	.	.	PUNCT
arjefm-1162	309	1	financial	financial	ADJ
arjefm-1162	309	2	theory	theory	NOUN
arjefm-1162	309	3	and	and	CCONJ
arjefm-1162	309	4	financial	financial	ADJ
arjefm-1162	309	5	institutions	institution	NOUN
arjefm-1162	309	6	.	.	PUNCT
arjefm-1162	310	1	journal	journal	PROPN
arjefm-1162	310	2	of	of	ADP
arjefm-1162	310	3	financial	financial	ADJ
arjefm-1162	310	4	economics	economic	NOUN
arjefm-1162	310	5	,	,	PUNCT
arjefm-1162	310	6	108(2	108(2	NUM
arjefm-1162	310	7	)	)	PUNCT
arjefm-1162	310	8	,	,	PUNCT
arjefm-1162	310	9	416	416	NUM
arjefm-1162	310	10	-	-	SYM
arjefm-1162	310	11	429	429	NUM
arjefm-1162	310	12	.	.	PUNCT
arjefm-1162	311	1	nakamura	nakamura	PROPN
arjefm-1162	311	2	,	,	PUNCT
arjefm-1162	311	3	t.	t.	PROPN
arjefm-1162	311	4	,	,	PUNCT
arjefm-1162	311	5	&	&	CCONJ
arjefm-1162	311	6	sato	sato	PROPN
arjefm-1162	311	7	,	,	PUNCT
arjefm-1162	311	8	h.	h.	PROPN
arjefm-1162	311	9	(	(	PUNCT
arjefm-1162	311	10	2024	2024	NUM
arjefm-1162	311	11	)	)	PUNCT
arjefm-1162	311	12	.	.	PUNCT
arjefm-1162	312	1	financial	financial	ADJ
arjefm-1162	312	2	leverage	leverage	NOUN
arjefm-1162	312	3	and	and	CCONJ
arjefm-1162	312	4	profitability	profitability	NOUN
arjefm-1162	312	5	of	of	ADP
arjefm-1162	312	6	japanese	japanese	ADJ
arjefm-1162	312	7	automotive	automotive	ADJ
arjefm-1162	312	8	companies	company	NOUN
arjefm-1162	312	9	.	.	PUNCT
arjefm-1162	313	1	japanese	japanese	ADJ
arjefm-1162	313	2	journal	journal	PROPN
arjefm-1162	313	3	of	of	ADP
arjefm-1162	313	4	economics	economic	NOUN
arjefm-1162	313	5	and	and	CCONJ
arjefm-1162	313	6	business	business	NOUN
arjefm-1162	313	7	,	,	PUNCT
arjefm-1162	313	8	50(2	50(2	NUM
arjefm-1162	313	9	)	)	PUNCT
arjefm-1162	313	10	,	,	PUNCT
arjefm-1162	313	11	145	145	NUM
arjefm-1162	313	12	-	-	SYM
arjefm-1162	313	13	160	160	NUM
arjefm-1162	313	14	.	.	PUNCT
arjefm-1162	314	1	okoye	okoye	PROPN
arjefm-1162	314	2	,	,	PUNCT
arjefm-1162	314	3	e.	e.	PROPN
arjefm-1162	314	4	i.	i.	PROPN
arjefm-1162	314	5	,	,	PUNCT
arjefm-1162	314	6	&	&	CCONJ
arjefm-1162	314	7	adeniyi	adeniyi	ADV
arjefm-1162	314	8	,	,	PUNCT
arjefm-1162	314	9	s.	s.	PROPN
arjefm-1162	314	10	i.	i.	PROPN
arjefm-1162	314	11	(	(	PUNCT
arjefm-1162	314	12	2018	2018	NUM
arjefm-1162	314	13	)	)	PUNCT
arjefm-1162	314	14	.	.	PUNCT
arjefm-1162	315	1	company	company	NOUN
arjefm-1162	315	2	age	age	NOUN
arjefm-1162	315	3	and	and	CCONJ
arjefm-1162	315	4	voluntary	voluntary	ADJ
arjefm-1162	315	5	corporate	corporate	ADJ
arjefm-1162	315	6	social	social	ADJ
arjefm-1162	315	7	disclosure	disclosure	NOUN
arjefm-1162	315	8	in	in	ADP
arjefm-1162	315	9	nigeria	nigeria	PROPN
arjefm-1162	315	10	:	:	PUNCT
arjefm-1162	315	11	a	a	DET
arjefm-1162	315	12	study	study	NOUN
arjefm-1162	315	13	of	of	ADP
arjefm-1162	315	14	selected	select	VERB
arjefm-1162	315	15	listed	list	VERB
arjefm-1162	315	16	manufacturing	manufacturing	NOUN
arjefm-1162	315	17	firms	firm	NOUN
arjefm-1162	315	18	on	on	ADP
arjefm-1162	315	19	the	the	DET
arjefm-1162	315	20	nigerian	nigerian	ADJ
arjefm-1162	315	21	stock	stock	NOUN
arjefm-1162	315	22	exchange	exchange	PROPN
arjefm-1162	315	23	.	.	PUNCT
arjefm-1162	316	1	academic	academic	ADJ
arjefm-1162	316	2	journal	journal	NOUN
arjefm-1162	316	3	of	of	ADP
arjefm-1162	316	4	economic	economic	ADJ
arjefm-1162	316	5	studies	study	NOUN
arjefm-1162	316	6	,	,	PUNCT
arjefm-1162	316	7	4(2	4(2	NUM
arjefm-1162	316	8	)	)	PUNCT
arjefm-1162	316	9	,	,	PUNCT
arjefm-1162	316	10	138	138	NUM
arjefm-1162	316	11	-	-	SYM
arjefm-1162	316	12	145	145	NUM
arjefm-1162	316	13	.	.	PUNCT
arjefm-1162	317	1	olagunju	olagunju	PROPN
arjefm-1162	317	2	,	,	PUNCT
arjefm-1162	317	3	a.	a.	NOUN
arjefm-1162	317	4	,	,	PUNCT
arjefm-1162	317	5	adeniyi	adeniyi	ADV
arjefm-1162	317	6	,	,	PUNCT
arjefm-1162	317	7	a.	a.	NOUN
arjefm-1162	317	8	,	,	PUNCT
arjefm-1162	317	9	&	&	CCONJ
arjefm-1162	317	10	abiola	abiola	PROPN
arjefm-1162	317	11	,	,	PUNCT
arjefm-1162	317	12	o.	o.	PROPN
arjefm-1162	317	13	(	(	PUNCT
arjefm-1162	317	14	2022	2022	NUM
arjefm-1162	317	15	)	)	PUNCT
arjefm-1162	317	16	.	.	PUNCT
arjefm-1162	318	1	return	return	VERB
arjefm-1162	318	2	on	on	ADP
arjefm-1162	318	3	assets	asset	NOUN
arjefm-1162	318	4	and	and	CCONJ
arjefm-1162	318	5	firm	firm	ADJ
arjefm-1162	318	6	performance	performance	NOUN
arjefm-1162	318	7	in	in	ADP
arjefm-1162	318	8	nigeria	nigeria	PROPN
arjefm-1162	318	9	.	.	PUNCT
arjefm-1162	319	1	journal	journal	PROPN
arjefm-1162	319	2	of	of	ADP
arjefm-1162	319	3	financial	financial	ADJ
arjefm-1162	319	4	studies	study	NOUN
arjefm-1162	319	5	,	,	PUNCT
arjefm-1162	319	6	45(3	45(3	NUM
arjefm-1162	319	7	)	)	PUNCT
arjefm-1162	319	8	,	,	PUNCT
arjefm-1162	319	9	267	267	NUM
arjefm-1162	319	10	-	-	SYM
arjefm-1162	319	11	284	284	NUM
arjefm-1162	319	12	.	.	PUNCT
arjefm-1162	320	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-1162	320	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1162	321	1	american	american	PROPN
arjefm-1162	321	2	research	research	PROPN
arjefm-1162	321	3	journal	journal	PROPN
arjefm-1162	321	4	of	of	ADP
arjefm-1162	321	5	economics	economic	NOUN
arjefm-1162	321	6	,	,	PUNCT
arjefm-1162	321	7	finance	finance	NOUN
arjefm-1162	321	8	and	and	CCONJ
arjefm-1162	321	9	management	management	NOUN
arjefm-1162	321	10	volume	volume	NOUN
arjefm-1162	321	11	13	13	NUM
arjefm-1162	321	12	issue	issue	NOUN
arjefm-1162	321	13	1	1	NUM
arjefm-1162	321	14	,	,	PUNCT
arjefm-1162	321	15	january	january	PROPN
arjefm-1162	321	16	-	-	PUNCT
arjefm-1162	321	17	march	march	PROPN
arjefm-1162	321	18	2025	2025	NUM
arjefm-1162	321	19	issn	issn	NOUN
arjefm-1162	321	20	:	:	PUNCT
arjefm-1162	321	21	2836	2836	NUM
arjefm-1162	321	22	-	-	SYM
arjefm-1162	321	23	9416	9416	NUM
arjefm-1162	321	24	impact	impact	NOUN
arjefm-1162	321	25	factor	factor	NOUN
arjefm-1162	321	26	:	:	PUNCT
arjefm-1162	321	27	6.41	6.41	NUM
arjefm-1162	321	28	journal	journal	NOUN
arjefm-1162	321	29	homepage	homepage	NOUN
arjefm-1162	321	30	:	:	PUNCT
arjefm-1162	321	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	321	32	,	,	PUNCT
arjefm-1162	321	33	email	email	NOUN
arjefm-1162	321	34	:	:	PUNCT
arjefm-1162	322	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1162	322	2	official	official	ADJ
arjefm-1162	322	3	journal	journal	PROPN
arjefm-1162	322	4	of	of	ADP
arjefm-1162	322	5	america	america	PROPN
arjefm-1162	322	6	serial	serial	PROPN
arjefm-1162	322	7	publication	publication	NOUN
arjefm-1162	322	8	american	american	PROPN
arjefm-1162	322	9	research	research	PROPN
arjefm-1162	322	10	journal	journal	PROPN
arjefm-1162	322	11	of	of	ADP
arjefm-1162	322	12	economics	economic	NOUN
arjefm-1162	322	13	,	,	PUNCT
arjefm-1162	322	14	finance	finance	NOUN
arjefm-1162	322	15	and	and	CCONJ
arjefm-1162	322	16	management	management	NOUN
arjefm-1162	322	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1162	322	18	,	,	PUNCT
arjefm-1162	322	19	email	email	NOUN
arjefm-1162	322	20	:	:	PUNCT
arjefm-1162	322	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-1162	323	1	133	133	NUM
arjefm-1162	324	1	|	|	ADV
arjefm-1162	324	2	p	p	X
arjefm-1162	324	3	a	a	DET
arjefm-1162	324	4	g	g	PROPN
arjefm-1162	324	5	e	e	PROPN
arjefm-1162	324	6	hossain	hossain	PROPN
arjefm-1162	324	7	,	,	PUNCT
arjefm-1162	324	8	t.	t.	PROPN
arjefm-1162	324	9	,	,	PUNCT
arjefm-1162	324	10	&	&	CCONJ
arjefm-1162	324	11	rahman	rahman	PROPN
arjefm-1162	324	12	,	,	PUNCT
arjefm-1162	324	13	m.	m.	NOUN
arjefm-1162	324	14	(	(	PUNCT
arjefm-1162	324	15	2022	2022	NUM
arjefm-1162	324	16	)	)	PUNCT
arjefm-1162	324	17	.	.	PUNCT
arjefm-1162	325	1	impact	impact	NOUN
arjefm-1162	325	2	of	of	ADP
arjefm-1162	325	3	capital	capital	NOUN
arjefm-1162	325	4	structure	structure	NOUN
arjefm-1162	325	5	on	on	ADP
arjefm-1162	325	6	firm	firm	ADJ
arjefm-1162	325	7	profitability	profitability	NOUN
arjefm-1162	325	8	:	:	PUNCT
arjefm-1162	325	9	evidence	evidence	NOUN
arjefm-1162	325	10	from	from	ADP
arjefm-1162	325	11	bangladesh	bangladesh	PROPN
arjefm-1162	325	12	.	.	PUNCT
arjefm-1162	326	1	journal	journal	PROPN
arjefm-1162	326	2	of	of	ADP
arjefm-1162	326	3	business	business	NOUN
arjefm-1162	326	4	and	and	CCONJ
arjefm-1162	326	5	finance	finance	NOUN
arjefm-1162	326	6	,	,	PUNCT
arjefm-1162	326	7	14(3	14(3	NUM
arjefm-1162	326	8	)	)	PUNCT
arjefm-1162	326	9	,	,	PUNCT
arjefm-1162	326	10	72	72	NUM
arjefm-1162	326	11	-	-	SYM
arjefm-1162	326	12	85	85	NUM
arjefm-1162	326	13	.	.	PUNCT
arjefm-1162	327	1	ross	ross	PROPN
arjefm-1162	327	2	,	,	PUNCT
arjefm-1162	327	3	s.	s.	PROPN
arjefm-1162	327	4	a.	a.	PROPN
arjefm-1162	327	5	,	,	PUNCT
arjefm-1162	327	6	westerfield	westerfield	PROPN
arjefm-1162	327	7	,	,	PUNCT
arjefm-1162	327	8	r.	r.	PROPN
arjefm-1162	327	9	w.	w.	PROPN
arjefm-1162	327	10	,	,	PUNCT
arjefm-1162	327	11	&	&	CCONJ
arjefm-1162	327	12	jaffe	jaffe	PROPN
arjefm-1162	327	13	,	,	PUNCT
arjefm-1162	327	14	j.	j.	PROPN
arjefm-1162	327	15	(	(	PUNCT
arjefm-1162	327	16	2019	2019	NUM
arjefm-1162	327	17	)	)	PUNCT
arjefm-1162	327	18	.	.	PUNCT
arjefm-1162	328	1	corporate	corporate	ADJ
arjefm-1162	328	2	finance	finance	NOUN
arjefm-1162	328	3	:	:	PUNCT
arjefm-1162	328	4	core	core	NOUN
arjefm-1162	328	5	principles	principle	NOUN
arjefm-1162	328	6	and	and	CCONJ
arjefm-1162	328	7	applications	application	NOUN
arjefm-1162	328	8	(	(	PUNCT
arjefm-1162	328	9	12th	12th	NOUN
arjefm-1162	328	10	ed	ed	NOUN
arjefm-1162	328	11	.	.	PUNCT
arjefm-1162	328	12	)	)	PUNCT
arjefm-1162	328	13	.	.	PUNCT
arjefm-1162	329	1	mcgraw	mcgraw	PROPN
arjefm-1162	329	2	-	-	PUNCT
arjefm-1162	329	3	hill	hill	NOUN
arjefm-1162	329	4	education	education	NOUN
arjefm-1162	329	5	.	.	PUNCT
arjefm-1162	330	1	santos	santos	PROPN
arjefm-1162	330	2	,	,	PUNCT
arjefm-1162	330	3	j.	j.	PROPN
arjefm-1162	330	4	,	,	PUNCT
arjefm-1162	330	5	silva	silva	PROPN
arjefm-1162	330	6	,	,	PUNCT
arjefm-1162	330	7	p.	p.	PROPN
arjefm-1162	330	8	,	,	PUNCT
arjefm-1162	330	9	&	&	CCONJ
arjefm-1162	330	10	martins	martin	NOUN
arjefm-1162	330	11	,	,	PUNCT
arjefm-1162	330	12	a.	a.	NOUN
arjefm-1162	330	13	(	(	PUNCT
arjefm-1162	330	14	2023	2023	NUM
arjefm-1162	330	15	)	)	PUNCT
arjefm-1162	330	16	.	.	PUNCT
arjefm-1162	331	1	the	the	DET
arjefm-1162	331	2	influence	influence	NOUN
arjefm-1162	331	3	of	of	ADP
arjefm-1162	331	4	financial	financial	ADJ
arjefm-1162	331	5	leverage	leverage	NOUN
arjefm-1162	331	6	on	on	ADP
arjefm-1162	331	7	firm	firm	ADJ
arjefm-1162	331	8	profitability	profitability	NOUN
arjefm-1162	331	9	:	:	PUNCT
arjefm-1162	331	10	a	a	DET
arjefm-1162	331	11	global	global	ADJ
arjefm-1162	331	12	perspective	perspective	NOUN
arjefm-1162	331	13	.	.	PUNCT
arjefm-1162	332	1	journal	journal	PROPN
arjefm-1162	332	2	of	of	ADP
arjefm-1162	332	3	international	international	ADJ
arjefm-1162	332	4	financial	financial	ADJ
arjefm-1162	332	5	management	management	NOUN
arjefm-1162	332	6	,	,	PUNCT
arjefm-1162	332	7	22(1	22(1	NUM
arjefm-1162	332	8	)	)	PUNCT
arjefm-1162	332	9	,	,	PUNCT
arjefm-1162	332	10	78	78	NUM
arjefm-1162	332	11	-	-	SYM
arjefm-1162	332	12	93	93	NUM
arjefm-1162	332	13	.	.	PUNCT
arjefm-1162	333	1	smith	smith	PROPN
arjefm-1162	333	2	,	,	PUNCT
arjefm-1162	333	3	j.	j.	PROPN
arjefm-1162	333	4	,	,	PUNCT
arjefm-1162	333	5	&	&	CCONJ
arjefm-1162	333	6	brown	brown	PROPN
arjefm-1162	333	7	,	,	PUNCT
arjefm-1162	333	8	r.	r.	PROPN
arjefm-1162	333	9	(	(	PUNCT
arjefm-1162	333	10	2022	2022	NUM
arjefm-1162	333	11	)	)	PUNCT
arjefm-1162	333	12	.	.	PUNCT
arjefm-1162	334	1	leverage	leverage	NOUN
arjefm-1162	334	2	and	and	CCONJ
arjefm-1162	334	3	profitability	profitability	NOUN
arjefm-1162	334	4	in	in	ADP
arjefm-1162	334	5	nigerian	nigerian	ADJ
arjefm-1162	334	6	manufacturing	manufacturing	NOUN
arjefm-1162	334	7	firms	firm	NOUN
arjefm-1162	334	8	.	.	PUNCT
arjefm-1162	335	1	nigerian	nigerian	ADJ
arjefm-1162	335	2	business	business	PROPN
arjefm-1162	335	3	review	review	PROPN
arjefm-1162	335	4	,	,	PUNCT
arjefm-1162	335	5	18(5	18(5	NUM
arjefm-1162	335	6	)	)	PUNCT
arjefm-1162	335	7	,	,	PUNCT
arjefm-1162	335	8	119	119	NUM
arjefm-1162	335	9	-	-	SYM
arjefm-1162	335	10	137	137	NUM
arjefm-1162	335	11	.	.	PUNCT
arjefm-1162	336	1	wang	wang	PROPN
arjefm-1162	336	2	,	,	PUNCT
arjefm-1162	336	3	y.	y.	PROPN
arjefm-1162	336	4	,	,	PUNCT
arjefm-1162	336	5	chen	chen	PROPN
arjefm-1162	336	6	,	,	PUNCT
arjefm-1162	336	7	h.	h.	PROPN
arjefm-1162	336	8	,	,	PUNCT
arjefm-1162	336	9	&	&	CCONJ
arjefm-1162	336	10	li	li	PROPN
arjefm-1162	336	11	,	,	PUNCT
arjefm-1162	336	12	j.	j.	PROPN
arjefm-1162	336	13	(	(	PUNCT
arjefm-1162	336	14	2023	2023	NUM
arjefm-1162	336	15	)	)	PUNCT
arjefm-1162	336	16	.	.	PUNCT
arjefm-1162	337	1	the	the	DET
arjefm-1162	337	2	influence	influence	NOUN
arjefm-1162	337	3	of	of	ADP
arjefm-1162	337	4	financial	financial	ADJ
arjefm-1162	337	5	leverage	leverage	NOUN
arjefm-1162	337	6	on	on	ADP
arjefm-1162	337	7	the	the	DET
arjefm-1162	337	8	performance	performance	NOUN
arjefm-1162	337	9	of	of	ADP
arjefm-1162	337	10	chinese	chinese	ADJ
arjefm-1162	337	11	real	real	ADJ
arjefm-1162	337	12	estate	estate	NOUN
arjefm-1162	337	13	companies	company	NOUN
arjefm-1162	337	14	.	.	PUNCT
arjefm-1162	338	1	journal	journal	NOUN
arjefm-1162	338	2	of	of	ADP
arjefm-1162	338	3	real	real	ADJ
arjefm-1162	338	4	estate	estate	NOUN
arjefm-1162	338	5	finance	finance	NOUN
arjefm-1162	338	6	and	and	CCONJ
arjefm-1162	338	7	economics	economic	NOUN
arjefm-1162	338	8	,	,	PUNCT
arjefm-1162	338	9	49(2	49(2	NUM
arjefm-1162	338	10	)	)	PUNCT
arjefm-1162	338	11	,	,	PUNCT
arjefm-1162	338	12	345	345	NUM
arjefm-1162	338	13	-	-	SYM
arjefm-1162	338	14	362	362	NUM
arjefm-1162	338	15	.	.	PUNCT
arjefm-1162	339	1	welch	welch	PROPN
arjefm-1162	339	2	,	,	PUNCT
arjefm-1162	339	3	i.	i.	PROPN
arjefm-1162	339	4	(	(	PUNCT
arjefm-1162	339	5	2011	2011	NUM
arjefm-1162	339	6	)	)	PUNCT
arjefm-1162	339	7	.	.	PUNCT
arjefm-1162	340	1	two	two	NUM
arjefm-1162	340	2	common	common	ADJ
arjefm-1162	340	3	problems	problem	NOUN
arjefm-1162	340	4	in	in	ADP
arjefm-1162	340	5	capital	capital	NOUN
arjefm-1162	340	6	structure	structure	NOUN
arjefm-1162	340	7	research	research	NOUN
arjefm-1162	340	8	:	:	PUNCT
arjefm-1162	340	9	the	the	DET
arjefm-1162	340	10	linear	linear	ADJ
arjefm-1162	340	11	relationship	relationship	NOUN
arjefm-1162	340	12	and	and	CCONJ
arjefm-1162	340	13	the	the	DET
arjefm-1162	340	14	endogeneity	endogeneity	NOUN
arjefm-1162	340	15	.	.	PUNCT
arjefm-1162	341	1	journal	journal	NOUN
arjefm-1162	341	2	of	of	ADP
arjefm-1162	341	3	financial	financial	ADJ
arjefm-1162	341	4	economics	economic	NOUN
arjefm-1162	341	5	,	,	PUNCT
arjefm-1162	341	6	99(1	99(1	NUM
arjefm-1162	341	7	)	)	PUNCT
arjefm-1162	341	8	,	,	PUNCT
arjefm-1162	341	9	109	109	NUM
arjefm-1162	341	10	-	-	SYM
arjefm-1162	341	11	127	127	NUM
arjefm-1162	341	12	.	.	PUNCT
arjefm-1162	342	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-1162	342	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X