id	sid	tid	token	lemma	pos
arjefm-61	1	1	american	american	PROPN
arjefm-61	1	2	research	research	PROPN
arjefm-61	1	3	journal	journal	PROPN
arjefm-61	1	4	of	of	ADP
arjefm-61	1	5	economics	economic	NOUN
arjefm-61	1	6	,	,	PUNCT
arjefm-61	1	7	finance	finance	NOUN
arjefm-61	1	8	and	and	CCONJ
arjefm-61	1	9	management	management	NOUN
arjefm-61	1	10	volume	volume	NOUN
arjefm-61	1	11	10	10	NUM
arjefm-61	1	12	issue	issue	NOUN
arjefm-61	1	13	1	1	NUM
arjefm-61	1	14	,	,	PUNCT
arjefm-61	1	15	january	january	PROPN
arjefm-61	1	16	-	-	PUNCT
arjefm-61	1	17	march	march	PROPN
arjefm-61	1	18	2022	2022	NUM
arjefm-61	1	19	issn	issn	NOUN
arjefm-61	1	20	:	:	PUNCT
arjefm-61	1	21	2836	2836	NUM
arjefm-61	1	22	-	-	SYM
arjefm-61	1	23	9416	9416	NUM
arjefm-61	1	24	impact	impact	NOUN
arjefm-61	1	25	factor	factor	NOUN
arjefm-61	1	26	:	:	PUNCT
arjefm-61	1	27	4.85	4.85	NUM
arjefm-61	1	28	journal	journal	NOUN
arjefm-61	1	29	homepage	homepage	NOUN
arjefm-61	1	30	:	:	PUNCT
arjefm-61	1	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	1	32	,	,	PUNCT
arjefm-61	1	33	email	email	NOUN
arjefm-61	1	34	:	:	PUNCT
arjefm-61	1	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-61	1	36	official	official	ADJ
arjefm-61	1	37	journal	journal	PROPN
arjefm-61	1	38	of	of	ADP
arjefm-61	1	39	america	america	PROPN
arjefm-61	1	40	serial	serial	PROPN
arjefm-61	1	41	publication	publication	NOUN
arjefm-61	1	42	american	american	PROPN
arjefm-61	1	43	research	research	PROPN
arjefm-61	1	44	journal	journal	PROPN
arjefm-61	1	45	of	of	ADP
arjefm-61	1	46	economics	economic	NOUN
arjefm-61	1	47	,	,	PUNCT
arjefm-61	1	48	finance	finance	NOUN
arjefm-61	1	49	and	and	CCONJ
arjefm-61	1	50	management	management	NOUN
arjefm-61	1	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	1	52	,	,	PUNCT
arjefm-61	1	53	email	email	NOUN
arjefm-61	1	54	:	:	PUNCT
arjefm-61	1	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	2	1	26	26	NUM
arjefm-61	3	1	|	|	ADV
arjefm-61	3	2	p	p	X
arjefm-61	3	3	a	a	DET
arjefm-61	3	4	g	g	NOUN
arjefm-61	3	5	e	e	NOUN
arjefm-61	3	6	analyzing	analyze	VERB
arjefm-61	3	7	financial	financial	ADJ
arjefm-61	3	8	business	business	NOUN
arjefm-61	3	9	risks	risk	NOUN
arjefm-61	3	10	:	:	PUNCT
arjefm-61	3	11	a	a	DET
arjefm-61	3	12	case	case	NOUN
arjefm-61	3	13	study	study	NOUN
arjefm-61	3	14	of	of	ADP
arjefm-61	3	15	cali	cali	PROPN
arjefm-61	3	16	's	's	PART
arjefm-61	3	17	dynamics	dynamic	NOUN
arjefm-61	3	18	1dr	1dr	NOUN
arjefm-61	3	19	.	.	PUNCT
arjefm-61	4	1	maria	maria	PROPN
arjefm-61	4	2	e.	e.	PROPN
arjefm-61	4	3	gomez	gomez	PROPN
arjefm-61	4	4	rios2	rios2	PROPN
arjefm-61	4	5	and	and	CCONJ
arjefm-61	4	6	dr	dr	PROPN
arjefm-61	4	7	.	.	PROPN
arjefm-61	4	8	carlos	carlos	PROPN
arjefm-61	4	9	a.	a.	PROPN
arjefm-61	4	10	rodriguez	rodriguez	PROPN
arjefm-61	4	11	gaviria	gaviria	PROPN
arjefm-61	4	12	1research	1research	NUM
arjefm-61	4	13	professor	professor	NOUN
arjefm-61	4	14	,	,	PUNCT
arjefm-61	4	15	department	department	NOUN
arjefm-61	4	16	of	of	ADP
arjefm-61	4	17	administration	administration	NOUN
arjefm-61	4	18	and	and	CCONJ
arjefm-61	4	19	economics	economic	NOUN
arjefm-61	4	20	,	,	PUNCT
arjefm-61	4	21	university	university	NOUN
arjefm-61	4	22	autonoma	autonoma	NOUN
arjefm-61	4	23	of	of	ADP
arjefm-61	4	24	manizales	manizales	PROPN
arjefm-61	4	25	,	,	PUNCT
arjefm-61	4	26	colombia	colombia	PROPN
arjefm-61	4	27	2research	2research	NUM
arjefm-61	4	28	professor	professor	NOUN
arjefm-61	4	29	,	,	PUNCT
arjefm-61	4	30	department	department	NOUN
arjefm-61	4	31	of	of	ADP
arjefm-61	4	32	management	management	NOUN
arjefm-61	4	33	and	and	CCONJ
arjefm-61	4	34	economics	economic	NOUN
arjefm-61	4	35	,	,	PUNCT
arjefm-61	4	36	university	university	NOUN
arjefm-61	4	37	autonomy	autonomy	NOUN
arjefm-61	4	38	of	of	ADP
arjefm-61	4	39	manizales	manizales	PROPN
arjefm-61	4	40	,	,	PUNCT
arjefm-61	4	41	colombia	colombia	PROPN
arjefm-61	4	42	abstract	abstract	NOUN
arjefm-61	4	43	:	:	PUNCT
arjefm-61	4	44	small	small	ADJ
arjefm-61	4	45	and	and	CCONJ
arjefm-61	4	46	medium	medium	ADJ
arjefm-61	4	47	enterprises	enterprise	NOUN
arjefm-61	4	48	(	(	PUNCT
arjefm-61	4	49	smes	sme	NOUN
arjefm-61	4	50	)	)	PUNCT
arjefm-61	4	51	play	play	VERB
arjefm-61	4	52	a	a	DET
arjefm-61	4	53	pivotal	pivotal	ADJ
arjefm-61	4	54	role	role	NOUN
arjefm-61	4	55	in	in	ADP
arjefm-61	4	56	economies	economy	NOUN
arjefm-61	4	57	worldwide	worldwide	ADV
arjefm-61	4	58	,	,	PUNCT
arjefm-61	4	59	comprising	comprise	VERB
arjefm-61	4	60	a	a	DET
arjefm-61	4	61	significant	significant	ADJ
arjefm-61	4	62	majority	majority	NOUN
arjefm-61	4	63	of	of	ADP
arjefm-61	4	64	business	business	NOUN
arjefm-61	4	65	networks	network	NOUN
arjefm-61	4	66	.	.	PUNCT
arjefm-61	5	1	in	in	ADP
arjefm-61	5	2	colombia	colombia	PROPN
arjefm-61	5	3	,	,	PUNCT
arjefm-61	5	4	for	for	ADP
arjefm-61	5	5	instance	instance	NOUN
arjefm-61	5	6	,	,	PUNCT
arjefm-61	5	7	smes	sme	NOUN
arjefm-61	5	8	constitute	constitute	VERB
arjefm-61	5	9	approximately	approximately	ADV
arjefm-61	5	10	94	94	NUM
arjefm-61	5	11	%	%	NOUN
arjefm-61	5	12	of	of	ADP
arjefm-61	5	13	the	the	DET
arjefm-61	5	14	enterprise	enterprise	NOUN
arjefm-61	5	15	system	system	NOUN
arjefm-61	5	16	,	,	PUNCT
arjefm-61	5	17	driving	drive	VERB
arjefm-61	5	18	economic	economic	ADJ
arjefm-61	5	19	activity	activity	NOUN
arjefm-61	5	20	.	.	PUNCT
arjefm-61	6	1	however	however	ADV
arjefm-61	6	2	,	,	PUNCT
arjefm-61	6	3	despite	despite	SCONJ
arjefm-61	6	4	their	their	PRON
arjefm-61	6	5	importance	importance	NOUN
arjefm-61	6	6	,	,	PUNCT
arjefm-61	6	7	these	these	DET
arjefm-61	6	8	enterprises	enterprise	NOUN
arjefm-61	6	9	often	often	ADV
arjefm-61	6	10	lack	lack	VERB
arjefm-61	6	11	the	the	DET
arjefm-61	6	12	necessary	necessary	ADJ
arjefm-61	6	13	support	support	NOUN
arjefm-61	6	14	to	to	PART
arjefm-61	6	15	thrive	thrive	VERB
arjefm-61	6	16	.	.	PUNCT
arjefm-61	7	1	recent	recent	ADJ
arjefm-61	7	2	governmental	governmental	ADJ
arjefm-61	7	3	policies	policy	NOUN
arjefm-61	7	4	have	have	AUX
arjefm-61	7	5	sought	seek	VERB
arjefm-61	7	6	to	to	PART
arjefm-61	7	7	address	address	VERB
arjefm-61	7	8	this	this	DET
arjefm-61	7	9	issue	issue	NOUN
arjefm-61	7	10	by	by	ADP
arjefm-61	7	11	promoting	promote	VERB
arjefm-61	7	12	sme	sme	NOUN
arjefm-61	7	13	development	development	NOUN
arjefm-61	7	14	through	through	ADP
arjefm-61	7	15	loans	loan	NOUN
arjefm-61	7	16	and	and	CCONJ
arjefm-61	7	17	assistance	assistance	NOUN
arjefm-61	7	18	programs	program	NOUN
arjefm-61	7	19	.	.	PUNCT
arjefm-61	8	1	this	this	DET
arjefm-61	8	2	research	research	NOUN
arjefm-61	8	3	addresses	address	VERB
arjefm-61	8	4	the	the	DET
arjefm-61	8	5	pressing	press	VERB
arjefm-61	8	6	need	need	NOUN
arjefm-61	8	7	to	to	PART
arjefm-61	8	8	understand	understand	VERB
arjefm-61	8	9	the	the	DET
arjefm-61	8	10	risks	risk	NOUN
arjefm-61	8	11	faced	face	VERB
arjefm-61	8	12	by	by	ADP
arjefm-61	8	13	smes	sme	NOUN
arjefm-61	8	14	,	,	PUNCT
arjefm-61	8	15	a	a	DET
arjefm-61	8	16	topic	topic	NOUN
arjefm-61	8	17	that	that	PRON
arjefm-61	8	18	has	have	AUX
arjefm-61	8	19	received	receive	VERB
arjefm-61	8	20	limited	limited	ADJ
arjefm-61	8	21	attention	attention	NOUN
arjefm-61	8	22	.	.	PUNCT
arjefm-61	9	1	additionally	additionally	ADV
arjefm-61	9	2	,	,	PUNCT
arjefm-61	9	3	many	many	ADJ
arjefm-61	9	4	smes	sme	NOUN
arjefm-61	9	5	lack	lack	VERB
arjefm-61	9	6	dedicated	dedicated	ADJ
arjefm-61	9	7	financial	financial	ADJ
arjefm-61	9	8	departments	department	NOUN
arjefm-61	9	9	,	,	PUNCT
arjefm-61	9	10	making	make	VERB
arjefm-61	9	11	it	it	PRON
arjefm-61	9	12	challenging	challenging	ADJ
arjefm-61	9	13	to	to	PART
arjefm-61	9	14	monitor	monitor	VERB
arjefm-61	9	15	risk	risk	NOUN
arjefm-61	9	16	indicators	indicator	NOUN
arjefm-61	9	17	effectively	effectively	ADV
arjefm-61	9	18	and	and	CCONJ
arjefm-61	9	19	make	make	VERB
arjefm-61	9	20	informed	informed	ADJ
arjefm-61	9	21	decisions	decision	NOUN
arjefm-61	9	22	to	to	PART
arjefm-61	9	23	mitigate	mitigate	VERB
arjefm-61	9	24	risks	risk	NOUN
arjefm-61	9	25	.	.	PUNCT
arjefm-61	10	1	our	our	PRON
arjefm-61	10	2	study	study	NOUN
arjefm-61	10	3	aims	aim	VERB
arjefm-61	10	4	to	to	PART
arjefm-61	10	5	provide	provide	VERB
arjefm-61	10	6	evidence	evidence	NOUN
arjefm-61	10	7	-	-	PUNCT
arjefm-61	10	8	based	base	VERB
arjefm-61	10	9	insights	insight	NOUN
arjefm-61	10	10	to	to	PART
arjefm-61	10	11	help	help	VERB
arjefm-61	10	12	smes	sme	NOUN
arjefm-61	10	13	internalize	internalize	VERB
arjefm-61	10	14	processes	process	NOUN
arjefm-61	10	15	for	for	ADP
arjefm-61	10	16	balancing	balance	VERB
arjefm-61	10	17	risk	risk	NOUN
arjefm-61	10	18	indicators	indicator	NOUN
arjefm-61	10	19	and	and	CCONJ
arjefm-61	10	20	achieving	achieve	VERB
arjefm-61	10	21	better	well	ADJ
arjefm-61	10	22	risk	risk	NOUN
arjefm-61	10	23	control	control	NOUN
arjefm-61	10	24	.	.	PUNCT
arjefm-61	11	1	the	the	DET
arjefm-61	11	2	study	study	NOUN
arjefm-61	11	3	also	also	ADV
arjefm-61	11	4	recognizes	recognize	VERB
arjefm-61	11	5	the	the	DET
arjefm-61	11	6	impact	impact	NOUN
arjefm-61	11	7	of	of	ADP
arjefm-61	11	8	globalization	globalization	NOUN
arjefm-61	11	9	,	,	PUNCT
arjefm-61	11	10	financial	financial	ADJ
arjefm-61	11	11	volatility	volatility	NOUN
arjefm-61	11	12	,	,	PUNCT
arjefm-61	11	13	and	and	CCONJ
arjefm-61	11	14	uncertainty	uncertainty	NOUN
arjefm-61	11	15	on	on	ADP
arjefm-61	11	16	smes	sme	NOUN
arjefm-61	11	17	,	,	PUNCT
arjefm-61	11	18	emphasizing	emphasize	VERB
arjefm-61	11	19	the	the	DET
arjefm-61	11	20	importance	importance	NOUN
arjefm-61	11	21	of	of	ADP
arjefm-61	11	22	continuous	continuous	ADJ
arjefm-61	11	23	improvement	improvement	NOUN
arjefm-61	11	24	in	in	ADP
arjefm-61	11	25	various	various	ADJ
arjefm-61	11	26	sectors	sector	NOUN
arjefm-61	11	27	of	of	ADP
arjefm-61	11	28	the	the	DET
arjefm-61	11	29	economy	economy	NOUN
arjefm-61	11	30	.	.	PUNCT
arjefm-61	12	1	furthermore	furthermore	ADV
arjefm-61	12	2	,	,	PUNCT
arjefm-61	12	3	it	it	PRON
arjefm-61	12	4	highlights	highlight	VERB
arjefm-61	12	5	the	the	DET
arjefm-61	12	6	role	role	NOUN
arjefm-61	12	7	of	of	ADP
arjefm-61	12	8	consultants	consultant	NOUN
arjefm-61	12	9	in	in	ADP
arjefm-61	12	10	diagnosing	diagnose	VERB
arjefm-61	12	11	organizational	organizational	ADJ
arjefm-61	12	12	issues	issue	NOUN
arjefm-61	12	13	and	and	CCONJ
arjefm-61	12	14	optimizing	optimizing	NOUN
arjefm-61	12	15	indicators	indicator	NOUN
arjefm-61	12	16	,	,	PUNCT
arjefm-61	12	17	potentially	potentially	ADV
arjefm-61	12	18	leading	lead	VERB
arjefm-61	12	19	to	to	ADP
arjefm-61	12	20	product	product	NOUN
arjefm-61	12	21	/	/	SYM
arjefm-61	12	22	service	service	NOUN
arjefm-61	12	23	diversification	diversification	NOUN
arjefm-61	12	24	and	and	CCONJ
arjefm-61	12	25	enhanced	enhanced	ADJ
arjefm-61	12	26	profitability	profitability	NOUN
arjefm-61	12	27	.	.	PUNCT
arjefm-61	13	1	keywords	keyword	NOUN
arjefm-61	13	2	:	:	PUNCT
arjefm-61	13	3	small	small	ADJ
arjefm-61	13	4	and	and	CCONJ
arjefm-61	13	5	medium	medium	ADJ
arjefm-61	13	6	enterprises	enterprise	NOUN
arjefm-61	13	7	(	(	PUNCT
arjefm-61	13	8	smes	sme	NOUN
arjefm-61	13	9	)	)	PUNCT
arjefm-61	13	10	,	,	PUNCT
arjefm-61	13	11	risk	risk	NOUN
arjefm-61	13	12	management	management	NOUN
arjefm-61	13	13	,	,	PUNCT
arjefm-61	13	14	financial	financial	ADJ
arjefm-61	13	15	indicators	indicator	NOUN
arjefm-61	13	16	,	,	PUNCT
arjefm-61	13	17	globalization	globalization	NOUN
arjefm-61	13	18	,	,	PUNCT
arjefm-61	13	19	value	value	NOUN
arjefm-61	13	20	creation	creation	NOUN
arjefm-61	13	21	.	.	PUNCT
arjefm-61	14	1	introduction	introduction	NOUN
arjefm-61	14	2	around	around	ADP
arjefm-61	14	3	the	the	DET
arjefm-61	14	4	world	world	NOUN
arjefm-61	14	5	,	,	PUNCT
arjefm-61	14	6	small	small	ADJ
arjefm-61	14	7	and	and	CCONJ
arjefm-61	14	8	medium	medium	ADJ
arjefm-61	14	9	enterprises	enterprise	NOUN
arjefm-61	14	10	make	make	VERB
arjefm-61	14	11	up	up	ADP
arjefm-61	14	12	most	most	ADJ
arjefm-61	14	13	of	of	ADP
arjefm-61	14	14	the	the	DET
arjefm-61	14	15	network	network	NOUN
arjefm-61	14	16	business	business	NOUN
arjefm-61	14	17	in	in	ADP
arjefm-61	14	18	numerical	numerical	ADJ
arjefm-61	14	19	terms	term	NOUN
arjefm-61	14	20	"	"	PUNCT
arjefm-61	14	21	in	in	ADP
arjefm-61	14	22	colombia	colombia	PROPN
arjefm-61	14	23	,	,	PUNCT
arjefm-61	14	24	about	about	ADV
arjefm-61	14	25	94	94	NUM
arjefm-61	14	26	%	%	NOUN
arjefm-61	14	27	of	of	ADP
arjefm-61	14	28	the	the	DET
arjefm-61	14	29	enterprise	enterprise	NOUN
arjefm-61	14	30	system	system	NOUN
arjefm-61	14	31	is	be	AUX
arjefm-61	14	32	made	make	VERB
arjefm-61	14	33	up	up	ADP
arjefm-61	14	34	of	of	ADP
arjefm-61	14	35	smes	sme	NOUN
arjefm-61	14	36	,	,	PUNCT
arjefm-61	14	37	which	which	PRON
arjefm-61	14	38	being	be	AUX
arjefm-61	14	39	the	the	DET
arjefm-61	14	40	engine	engine	NOUN
arjefm-61	14	41	of	of	ADP
arjefm-61	14	42	the	the	DET
arjefm-61	14	43	economy	economy	NOUN
arjefm-61	14	44	do	do	AUX
arjefm-61	14	45	not	not	PART
arjefm-61	14	46	have	have	VERB
arjefm-61	14	47	the	the	DET
arjefm-61	14	48	importance	importance	NOUN
arjefm-61	14	49	or	or	CCONJ
arjefm-61	14	50	enough	enough	ADJ
arjefm-61	14	51	support	support	NOUN
arjefm-61	14	52	to	to	PART
arjefm-61	14	53	survive	survive	VERB
arjefm-61	14	54	over	over	ADP
arjefm-61	14	55	time	time	NOUN
arjefm-61	14	56	"	"	PUNCT
arjefm-61	14	57	(	(	PUNCT
arjefm-61	14	58	aguirre	aguirre	PROPN
arjefm-61	14	59	ortiz	ortiz	PROPN
arjefm-61	14	60	,	,	PUNCT
arjefm-61	14	61	et	et	PROPN
arjefm-61	14	62	al	al	PROPN
arjefm-61	14	63	,	,	PUNCT
arjefm-61	14	64	2006	2006	NUM
arjefm-61	14	65	)	)	PUNCT
arjefm-61	14	66	,	,	PUNCT
arjefm-61	14	67	although	although	SCONJ
arjefm-61	14	68	this	this	DET
arjefm-61	14	69	image	image	NOUN
arjefm-61	14	70	has	have	AUX
arjefm-61	14	71	begun	begin	VERB
arjefm-61	14	72	to	to	PART
arjefm-61	14	73	change	change	VERB
arjefm-61	14	74	,	,	PUNCT
arjefm-61	14	75	considering	consider	VERB
arjefm-61	14	76	that	that	SCONJ
arjefm-61	14	77	during	during	ADP
arjefm-61	14	78	“	"	PUNCT
arjefm-61	14	79	the	the	DET
arjefm-61	14	80	last	last	ADJ
arjefm-61	14	81	governments	government	NOUN
arjefm-61	14	82	some	some	DET
arjefm-61	14	83	policies	policy	NOUN
arjefm-61	14	84	have	have	AUX
arjefm-61	14	85	been	be	AUX
arjefm-61	14	86	established	establish	VERB
arjefm-61	14	87	in	in	ADP
arjefm-61	14	88	order	order	NOUN
arjefm-61	14	89	to	to	PART
arjefm-61	14	90	promote	promote	VERB
arjefm-61	14	91	the	the	DET
arjefm-61	14	92	development	development	NOUN
arjefm-61	14	93	of	of	ADP
arjefm-61	14	94	these	these	DET
arjefm-61	14	95	enterprises	enterprise	NOUN
arjefm-61	14	96	through	through	ADP
arjefm-61	14	97	loans	loan	NOUN
arjefm-61	14	98	and	and	CCONJ
arjefm-61	14	99	other	other	ADJ
arjefm-61	14	100	kinds	kind	NOUN
arjefm-61	14	101	of	of	ADP
arjefm-61	14	102	aids	aid	NOUN
arjefm-61	14	103	,	,	PUNCT
arjefm-61	14	104	because	because	SCONJ
arjefm-61	14	105	of	of	ADP
arjefm-61	14	106	the	the	DET
arjefm-61	14	107	large	large	ADJ
arjefm-61	14	108	percentage	percentage	NOUN
arjefm-61	14	109	that	that	PRON
arjefm-61	14	110	these	these	DET
arjefm-61	14	111	companies	company	NOUN
arjefm-61	14	112	represent	represent	VERB
arjefm-61	14	113	,	,	PUNCT
arjefm-61	14	114	a	a	DET
arjefm-61	14	115	concern	concern	NOUN
arjefm-61	14	116	arises	arise	VERB
arjefm-61	14	117	for	for	ADP
arjefm-61	14	118	investigating	investigate	VERB
arjefm-61	14	119	and	and	CCONJ
arjefm-61	14	120	knowing	know	VERB
arjefm-61	14	121	the	the	DET
arjefm-61	14	122	risks	risk	NOUN
arjefm-61	14	123	they	they	PRON
arjefm-61	14	124	are	be	AUX
arjefm-61	14	125	exposed	expose	VERB
arjefm-61	14	126	to	to	ADP
arjefm-61	14	127	,	,	PUNCT
arjefm-61	14	128	with	with	ADP
arjefm-61	14	129	the	the	DET
arjefm-61	14	130	intention	intention	NOUN
arjefm-61	14	131	to	to	PART
arjefm-61	14	132	create	create	VERB
arjefm-61	14	133	tools	tool	NOUN
arjefm-61	14	134	that	that	PRON
arjefm-61	14	135	allow	allow	VERB
arjefm-61	14	136	them	they	PRON
arjefm-61	14	137	to	to	PART
arjefm-61	14	138	act	act	VERB
arjefm-61	14	139	timely	timely	ADV
arjefm-61	14	140	,	,	PUNCT
arjefm-61	14	141	since	since	SCONJ
arjefm-61	14	142	there	there	PRON
arjefm-61	14	143	are	be	VERB
arjefm-61	14	144	few	few	ADJ
arjefm-61	14	145	studies	study	NOUN
arjefm-61	14	146	in	in	ADP
arjefm-61	14	147	this	this	DET
arjefm-61	14	148	field	field	NOUN
arjefm-61	14	149	,	,	PUNCT
arjefm-61	14	150	and	and	CCONJ
arjefm-61	14	151	nonexistent	nonexistent	ADJ
arjefm-61	14	152	in	in	ADP
arjefm-61	14	153	the	the	DET
arjefm-61	14	154	case	case	NOUN
arjefm-61	14	155	we	we	PRON
arjefm-61	14	156	similarly	similarly	ADV
arjefm-61	14	157	,	,	PUNCT
arjefm-61	14	158	the	the	DET
arjefm-61	14	159	interest	interest	NOUN
arjefm-61	14	160	also	also	ADV
arjefm-61	14	161	arises	arise	VERB
arjefm-61	14	162	because	because	SCONJ
arjefm-61	14	163	small	small	ADJ
arjefm-61	14	164	and	and	CCONJ
arjefm-61	14	165	medium	medium	ADJ
arjefm-61	14	166	-	-	PUNCT
arjefm-61	14	167	sized	sized	ADJ
arjefm-61	14	168	enterprises	enterprise	NOUN
arjefm-61	14	169	often	often	ADV
arjefm-61	14	170	do	do	AUX
arjefm-61	14	171	not	not	PART
arjefm-61	14	172	have	have	VERB
arjefm-61	14	173	(	(	PUNCT
arjefm-61	14	174	a	a	DET
arjefm-61	14	175	priori	priori	ADJ
arjefm-61	14	176	hypothesis	hypothesis	NOUN
arjefm-61	14	177	)	)	PUNCT
arjefm-61	14	178	with	with	ADP
arjefm-61	14	179	a	a	DET
arjefm-61	14	180	financial	financial	ADJ
arjefm-61	14	181	department	department	NOUN
arjefm-61	14	182	to	to	PART
arjefm-61	14	183	conduct	conduct	VERB
arjefm-61	14	184	a	a	DET
arjefm-61	14	185	full	full	ADJ
arjefm-61	14	186	and	and	CCONJ
arjefm-61	14	187	proper	proper	ADJ
arjefm-61	14	188	monitoring	monitoring	NOUN
arjefm-61	14	189	of	of	ADP
arjefm-61	14	190	the	the	DET
arjefm-61	14	191	various	various	ADJ
arjefm-61	14	192	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	14	193	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	14	194	american	american	PROPN
arjefm-61	14	195	research	research	PROPN
arjefm-61	14	196	journal	journal	PROPN
arjefm-61	14	197	of	of	ADP
arjefm-61	14	198	economics	economic	NOUN
arjefm-61	14	199	,	,	PUNCT
arjefm-61	14	200	finance	finance	NOUN
arjefm-61	14	201	and	and	CCONJ
arjefm-61	14	202	management	management	NOUN
arjefm-61	14	203	volume	volume	NOUN
arjefm-61	14	204	10	10	NUM
arjefm-61	14	205	issue	issue	NOUN
arjefm-61	14	206	1	1	NUM
arjefm-61	14	207	,	,	PUNCT
arjefm-61	14	208	january	january	PROPN
arjefm-61	14	209	-	-	PUNCT
arjefm-61	14	210	march	march	PROPN
arjefm-61	14	211	2022	2022	NUM
arjefm-61	14	212	issn	issn	NOUN
arjefm-61	14	213	:	:	PUNCT
arjefm-61	14	214	2836	2836	NUM
arjefm-61	14	215	-	-	SYM
arjefm-61	14	216	9416	9416	NUM
arjefm-61	14	217	impact	impact	NOUN
arjefm-61	14	218	factor	factor	NOUN
arjefm-61	14	219	:	:	PUNCT
arjefm-61	14	220	4.85	4.85	NUM
arjefm-61	14	221	journal	journal	NOUN
arjefm-61	14	222	homepage	homepage	NOUN
arjefm-61	14	223	:	:	PUNCT
arjefm-61	14	224	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	14	225	,	,	PUNCT
arjefm-61	14	226	email	email	NOUN
arjefm-61	14	227	:	:	PUNCT
arjefm-61	14	228	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-61	14	229	official	official	ADJ
arjefm-61	14	230	journal	journal	PROPN
arjefm-61	14	231	of	of	ADP
arjefm-61	14	232	america	america	PROPN
arjefm-61	14	233	serial	serial	PROPN
arjefm-61	14	234	publication	publication	NOUN
arjefm-61	14	235	american	american	PROPN
arjefm-61	14	236	research	research	PROPN
arjefm-61	14	237	journal	journal	PROPN
arjefm-61	14	238	of	of	ADP
arjefm-61	14	239	economics	economic	NOUN
arjefm-61	14	240	,	,	PUNCT
arjefm-61	14	241	finance	finance	NOUN
arjefm-61	14	242	and	and	CCONJ
arjefm-61	14	243	management	management	NOUN
arjefm-61	14	244	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	14	245	,	,	PUNCT
arjefm-61	14	246	email	email	NOUN
arjefm-61	14	247	:	:	PUNCT
arjefm-61	15	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	15	2	27	27	NUM
arjefm-61	16	1	|	|	ADV
arjefm-61	16	2	p	p	NOUN
arjefm-61	16	3	a	a	DET
arjefm-61	16	4	g	g	NOUN
arjefm-61	16	5	e	e	NOUN
arjefm-61	16	6	risk	risk	NOUN
arjefm-61	16	7	indicators	indicator	NOUN
arjefm-61	16	8	and	and	CCONJ
arjefm-61	16	9	from	from	ADP
arjefm-61	16	10	this	this	PRON
arjefm-61	16	11	,	,	PUNCT
arjefm-61	16	12	take	take	VERB
arjefm-61	16	13	the	the	DET
arjefm-61	16	14	relevant	relevant	ADJ
arjefm-61	16	15	decisions	decision	NOUN
arjefm-61	16	16	and	and	CCONJ
arjefm-61	16	17	implement	implement	VERB
arjefm-61	16	18	strategies	strategy	NOUN
arjefm-61	16	19	conducive	conducive	ADJ
arjefm-61	16	20	to	to	ADP
arjefm-61	16	21	mitigating	mitigate	VERB
arjefm-61	16	22	the	the	DET
arjefm-61	16	23	risks	risk	NOUN
arjefm-61	16	24	that	that	PRON
arjefm-61	16	25	are	be	AUX
arjefm-61	16	26	embedded	embed	VERB
arjefm-61	16	27	as	as	SCONJ
arjefm-61	16	28	indicated	indicate	VERB
arjefm-61	16	29	by	by	ADP
arjefm-61	16	30	miller	miller	PROPN
arjefm-61	16	31	(	(	PUNCT
arjefm-61	16	32	1994	1994	NUM
arjefm-61	16	33	)	)	PUNCT
arjefm-61	16	34	.	.	PUNCT
arjefm-61	17	1	this	this	DET
arjefm-61	17	2	work	work	NOUN
arjefm-61	17	3	aims	aim	VERB
arjefm-61	17	4	to	to	PART
arjefm-61	17	5	provide	provide	VERB
arjefm-61	17	6	evidence	evidence	NOUN
arjefm-61	17	7	to	to	PART
arjefm-61	17	8	allow	allow	VERB
arjefm-61	17	9	businesses	business	NOUN
arjefm-61	17	10	to	to	PART
arjefm-61	17	11	internalize	internalize	VERB
arjefm-61	17	12	the	the	DET
arjefm-61	17	13	processes	process	NOUN
arjefm-61	17	14	that	that	PRON
arjefm-61	17	15	serve	serve	VERB
arjefm-61	17	16	to	to	PART
arjefm-61	17	17	balance	balance	VERB
arjefm-61	17	18	the	the	DET
arjefm-61	17	19	results	result	NOUN
arjefm-61	17	20	of	of	ADP
arjefm-61	17	21	the	the	DET
arjefm-61	17	22	calculated	calculate	VERB
arjefm-61	17	23	indicators	indicator	NOUN
arjefm-61	17	24	and	and	CCONJ
arjefm-61	17	25	have	have	VERB
arjefm-61	17	26	a	a	DET
arjefm-61	17	27	controllable	controllable	ADJ
arjefm-61	17	28	risk	risk	NOUN
arjefm-61	17	29	.	.	PUNCT
arjefm-61	18	1	according	accord	VERB
arjefm-61	18	2	to	to	ADP
arjefm-61	18	3	st	st	PROPN
arjefm-61	18	4	.	.	PROPN
arjefm-61	18	5	martin	martin	PROPN
arjefm-61	18	6	et	et	PROPN
arjefm-61	18	7	rodriguez	rodriguez	PROPN
arjefm-61	18	8	(	(	PUNCT
arjefm-61	18	9	2011	2011	NUM
arjefm-61	18	10	)	)	PUNCT
arjefm-61	18	11	the	the	DET
arjefm-61	18	12	current	current	ADJ
arjefm-61	18	13	crisis	crisis	NOUN
arjefm-61	18	14	has	have	AUX
arjefm-61	18	15	highlighted	highlight	VERB
arjefm-61	18	16	the	the	DET
arjefm-61	18	17	close	close	ADJ
arjefm-61	18	18	relationship	relationship	NOUN
arjefm-61	18	19	among	among	ADP
arjefm-61	18	20	three	three	NUM
arjefm-61	18	21	circumstantial	circumstantial	ADJ
arjefm-61	18	22	aspects	aspect	NOUN
arjefm-61	18	23	to	to	ADP
arjefm-61	18	24	the	the	DET
arjefm-61	18	25	development	development	NOUN
arjefm-61	18	26	of	of	ADP
arjefm-61	18	27	financial	financial	ADJ
arjefm-61	18	28	markets	market	NOUN
arjefm-61	18	29	in	in	ADP
arjefm-61	18	30	recent	recent	ADJ
arjefm-61	18	31	decades	decade	NOUN
arjefm-61	18	32	:	:	PUNCT
arjefm-61	18	33	the	the	DET
arjefm-61	18	34	globalization	globalization	NOUN
arjefm-61	18	35	process	process	NOUN
arjefm-61	18	36	,	,	PUNCT
arjefm-61	18	37	the	the	DET
arjefm-61	18	38	volatility	volatility	NOUN
arjefm-61	18	39	of	of	ADP
arjefm-61	18	40	financial	financial	ADJ
arjefm-61	18	41	figures	figure	NOUN
arjefm-61	18	42	and	and	CCONJ
arjefm-61	18	43	uncertainty	uncertainty	NOUN
arjefm-61	18	44	.	.	PUNCT
arjefm-61	19	1	in	in	ADP
arjefm-61	19	2	this	this	DET
arjefm-61	19	3	sense	sense	NOUN
arjefm-61	19	4	the	the	DET
arjefm-61	19	5	subsectors	subsector	NOUN
arjefm-61	19	6	of	of	ADP
arjefm-61	19	7	the	the	DET
arjefm-61	19	8	economy	economy	NOUN
arjefm-61	19	9	in	in	ADP
arjefm-61	19	10	the	the	DET
arjefm-61	19	11	geographical	geographical	ADJ
arjefm-61	19	12	scope	scope	NOUN
arjefm-61	19	13	of	of	ADP
arjefm-61	19	14	this	this	DET
arjefm-61	19	15	study	study	NOUN
arjefm-61	19	16	should	should	AUX
arjefm-61	19	17	be	be	AUX
arjefm-61	19	18	prepared	prepare	VERB
arjefm-61	19	19	for	for	ADP
arjefm-61	19	20	a	a	DET
arjefm-61	19	21	continuous	continuous	ADJ
arjefm-61	19	22	improvement	improvement	NOUN
arjefm-61	19	23	,	,	PUNCT
arjefm-61	19	24	so	so	SCONJ
arjefm-61	19	25	that	that	SCONJ
arjefm-61	19	26	it	it	PRON
arjefm-61	19	27	helps	help	VERB
arjefm-61	19	28	them	they	PRON
arjefm-61	19	29	to	to	PART
arjefm-61	19	30	achieve	achieve	VERB
arjefm-61	19	31	national	national	ADJ
arjefm-61	19	32	and	and	CCONJ
arjefm-61	19	33	international	international	ADJ
arjefm-61	19	34	economic	economic	ADJ
arjefm-61	19	35	growth	growth	NOUN
arjefm-61	19	36	,	,	PUNCT
arjefm-61	19	37	according	accord	VERB
arjefm-61	19	38	to	to	ADP
arjefm-61	19	39	the	the	DET
arjefm-61	19	40	negotiations	negotiation	NOUN
arjefm-61	19	41	that	that	PRON
arjefm-61	19	42	are	be	AUX
arjefm-61	19	43	taking	take	VERB
arjefm-61	19	44	place	place	NOUN
arjefm-61	19	45	in	in	ADP
arjefm-61	19	46	this	this	DET
arjefm-61	19	47	context	context	NOUN
arjefm-61	19	48	of	of	ADP
arjefm-61	19	49	globalization	globalization	NOUN
arjefm-61	19	50	.	.	PUNCT
arjefm-61	20	1	however	however	ADV
arjefm-61	20	2	,	,	PUNCT
arjefm-61	20	3	it	it	PRON
arjefm-61	20	4	is	be	AUX
arjefm-61	20	5	important	important	ADJ
arjefm-61	20	6	to	to	PART
arjefm-61	20	7	note	note	VERB
arjefm-61	20	8	that	that	SCONJ
arjefm-61	20	9	companies	company	NOUN
arjefm-61	20	10	also	also	ADV
arjefm-61	20	11	need	need	VERB
arjefm-61	20	12	consultants	consultant	NOUN
arjefm-61	20	13	in	in	ADP
arjefm-61	20	14	other	other	ADJ
arjefm-61	20	15	fields	field	NOUN
arjefm-61	20	16	in	in	ADP
arjefm-61	20	17	order	order	NOUN
arjefm-61	20	18	to	to	PART
arjefm-61	20	19	make	make	VERB
arjefm-61	20	20	a	a	DET
arjefm-61	20	21	diagnosis	diagnosis	NOUN
arjefm-61	20	22	versus	versus	ADP
arjefm-61	20	23	what	what	PRON
arjefm-61	20	24	is	be	AUX
arjefm-61	20	25	going	go	VERB
arjefm-61	20	26	wrong	wrong	ADJ
arjefm-61	20	27	in	in	ADP
arjefm-61	20	28	the	the	DET
arjefm-61	20	29	organization	organization	NOUN
arjefm-61	20	30	,	,	PUNCT
arjefm-61	20	31	which	which	PRON
arjefm-61	20	32	means	mean	VERB
arjefm-61	20	33	their	their	PRON
arjefm-61	20	34	indicators	indicator	NOUN
arjefm-61	20	35	could	could	AUX
arjefm-61	20	36	beat	beat	VERB
arjefm-61	20	37	inadequate	inadequate	ADJ
arjefm-61	20	38	levels	level	NOUN
arjefm-61	20	39	.	.	PUNCT
arjefm-61	21	1	this	this	PRON
arjefm-61	21	2	means	mean	VERB
arjefm-61	21	3	that	that	SCONJ
arjefm-61	21	4	in	in	ADP
arjefm-61	21	5	many	many	ADJ
arjefm-61	21	6	cases	case	NOUN
arjefm-61	21	7	you	you	PRON
arjefm-61	21	8	might	might	AUX
arjefm-61	21	9	find	find	VERB
arjefm-61	21	10	that	that	SCONJ
arjefm-61	21	11	the	the	DET
arjefm-61	21	12	company	company	NOUN
arjefm-61	21	13	should	should	AUX
arjefm-61	21	14	diversify	diversify	VERB
arjefm-61	21	15	its	its	PRON
arjefm-61	21	16	products	product	NOUN
arjefm-61	21	17	and	and	CCONJ
arjefm-61	21	18	services	service	NOUN
arjefm-61	21	19	to	to	PART
arjefm-61	21	20	supply	supply	VERB
arjefm-61	21	21	a	a	DET
arjefm-61	21	22	demand	demand	NOUN
arjefm-61	21	23	that	that	PRON
arjefm-61	21	24	is	be	AUX
arjefm-61	21	25	being	be	AUX
arjefm-61	21	26	ignored	ignore	VERB
arjefm-61	21	27	and	and	CCONJ
arjefm-61	21	28	this	this	PRON
arjefm-61	21	29	will	will	AUX
arjefm-61	21	30	generate	generate	VERB
arjefm-61	21	31	greater	great	ADJ
arjefm-61	21	32	profitability	profitability	NOUN
arjefm-61	21	33	or	or	CCONJ
arjefm-61	21	34	value	value	NOUN
arjefm-61	21	35	creation	creation	NOUN
arjefm-61	21	36	.	.	PUNCT
arjefm-61	22	1	the	the	DET
arjefm-61	22	2	intention	intention	NOUN
arjefm-61	22	3	is	be	AUX
arjefm-61	22	4	making	make	VERB
arjefm-61	22	5	the	the	DET
arjefm-61	22	6	financial	financial	ADJ
arjefm-61	22	7	area	area	NOUN
arjefm-61	22	8	assist	assist	VERB
arjefm-61	22	9	the	the	DET
arjefm-61	22	10	company	company	NOUN
arjefm-61	22	11	in	in	ADP
arjefm-61	22	12	the	the	DET
arjefm-61	22	13	creation	creation	NOUN
arjefm-61	22	14	of	of	ADP
arjefm-61	22	15	value	value	NOUN
arjefm-61	22	16	.	.	PUNCT
arjefm-61	23	1	smes	sme	NOUN
arjefm-61	23	2	often	often	ADV
arjefm-61	23	3	have	have	VERB
arjefm-61	23	4	some	some	DET
arjefm-61	23	5	adaptive	adaptive	ADJ
arjefm-61	23	6	advantage	advantage	NOUN
arjefm-61	23	7	to	to	PART
arjefm-61	23	8	quickly	quickly	ADV
arjefm-61	23	9	change	change	VERB
arjefm-61	23	10	its	its	PRON
arjefm-61	23	11	production	production	NOUN
arjefm-61	23	12	structure	structure	NOUN
arjefm-61	23	13	in	in	ADP
arjefm-61	23	14	case	case	NOUN
arjefm-61	23	15	of	of	ADP
arjefm-61	23	16	changing	change	VERB
arjefm-61	23	17	market	market	NOUN
arjefm-61	23	18	needs	need	NOUN
arjefm-61	23	19	,	,	PUNCT
arjefm-61	23	20	which	which	PRON
arjefm-61	23	21	is	be	AUX
arjefm-61	23	22	often	often	ADV
arjefm-61	23	23	more	more	ADV
arjefm-61	23	24	difficult	difficult	ADJ
arjefm-61	23	25	in	in	ADP
arjefm-61	23	26	a	a	DET
arjefm-61	23	27	large	large	ADJ
arjefm-61	23	28	company	company	NOUN
arjefm-61	23	29	.	.	PUNCT
arjefm-61	24	1	thus	thus	ADV
arjefm-61	24	2	,	,	PUNCT
arjefm-61	24	3	toro	toro	PROPN
arjefm-61	24	4	(	(	PUNCT
arjefm-61	24	5	2009	2009	NUM
arjefm-61	24	6	and	and	CCONJ
arjefm-61	24	7	2012	2012	NUM
arjefm-61	24	8	)	)	PUNCT
arjefm-61	24	9	mentions	mention	VERB
arjefm-61	24	10	the	the	DET
arjefm-61	24	11	following	follow	VERB
arjefm-61	24	12	:	:	PUNCT
arjefm-61	24	13			X
arjefm-61	24	14	small	small	ADJ
arjefm-61	24	15	businesses	business	NOUN
arjefm-61	24	16	have	have	AUX
arjefm-61	24	17	more	more	ADJ
arjefm-61	24	18	difficulty	difficulty	NOUN
arjefm-61	24	19	finding	find	VERB
arjefm-61	24	20	funding	funding	NOUN
arjefm-61	24	21	in	in	ADP
arjefm-61	24	22	an	an	DET
arjefm-61	24	23	appropriate	appropriate	ADJ
arjefm-61	24	24	cost	cost	NOUN
arjefm-61	24	25	and	and	CCONJ
arjefm-61	24	26	term	term	NOUN
arjefm-61	24	27	,	,	PUNCT
arjefm-61	24	28	because	because	SCONJ
arjefm-61	24	29	of	of	ADP
arjefm-61	24	30	their	their	PRON
arjefm-61	24	31	increased	increase	VERB
arjefm-61	24	32	risk	risk	NOUN
arjefm-61	24	33	and	and	CCONJ
arjefm-61	24	34	in	in	ADP
arjefm-61	24	35	order	order	NOUN
arjefm-61	24	36	to	to	PART
arjefm-61	24	37	solve	solve	VERB
arjefm-61	24	38	this	this	DET
arjefm-61	24	39	difficulty	difficulty	NOUN
arjefm-61	24	40	,	,	PUNCT
arjefm-61	24	41	they	they	PRON
arjefm-61	24	42	resort	resort	VERB
arjefm-61	24	43	to	to	ADP
arjefm-61	24	44	financial	financial	ADJ
arjefm-61	24	45	institutions	institution	NOUN
arjefm-61	24	46	.	.	PUNCT
arjefm-61	25	1			PUNCT
arjefm-61	26	1	they	they	PRON
arjefm-61	26	2	are	be	AUX
arjefm-61	26	3	companies	company	NOUN
arjefm-61	26	4	with	with	ADP
arjefm-61	26	5	greater	great	ADJ
arjefm-61	26	6	labor	labor	NOUN
arjefm-61	26	7	rigidity	rigidity	NOUN
arjefm-61	26	8	and	and	CCONJ
arjefm-61	26	9	difficulty	difficulty	NOUN
arjefm-61	26	10	in	in	ADP
arjefm-61	26	11	finding	find	VERB
arjefm-61	26	12	skilled	skilled	ADJ
arjefm-61	26	13	labor	labor	NOUN
arjefm-61	26	14	,	,	PUNCT
arjefm-61	26	15	so	so	ADV
arjefm-61	26	16	the	the	DET
arjefm-61	26	17	employee	employee	NOUN
arjefm-61	26	18	prior	prior	ADJ
arjefm-61	26	19	training	training	NOUN
arjefm-61	26	20	is	be	AUX
arjefm-61	26	21	essential	essential	ADJ
arjefm-61	26	22	for	for	ADP
arjefm-61	26	23	them	they	PRON
arjefm-61	26	24	.	.	PUNCT
arjefm-61	26	25			X
arjefm-61	27	1	because	because	SCONJ
arjefm-61	27	2	of	of	ADP
arjefm-61	27	3	the	the	DET
arjefm-61	27	4	small	small	ADJ
arjefm-61	27	5	volume	volume	NOUN
arjefm-61	27	6	of	of	ADP
arjefm-61	27	7	profits	profit	NOUN
arjefm-61	27	8	presented	present	VERB
arjefm-61	27	9	by	by	ADP
arjefm-61	27	10	these	these	DET
arjefm-61	27	11	companies	company	NOUN
arjefm-61	27	12	,	,	PUNCT
arjefm-61	27	13	they	they	PRON
arjefm-61	27	14	can	can	AUX
arjefm-61	27	15	not	not	PART
arjefm-61	27	16	dedicate	dedicate	VERB
arjefm-61	27	17	funds	fund	NOUN
arjefm-61	27	18	to	to	AUX
arjefm-61	27	19	research	research	NOUN
arjefm-61	27	20	,	,	PUNCT
arjefm-61	27	21	however	however	ADV
arjefm-61	27	22	,	,	PUNCT
arjefm-61	27	23	in	in	ADP
arjefm-61	27	24	many	many	ADJ
arjefm-61	27	25	cases	case	NOUN
arjefm-61	27	26	they	they	PRON
arjefm-61	27	27	have	have	VERB
arjefm-61	27	28	innovative	innovative	ADJ
arjefm-61	27	29	processes	process	NOUN
arjefm-61	27	30	and	and	CCONJ
arjefm-61	27	31	products	product	NOUN
arjefm-61	27	32	.	.	PUNCT
arjefm-61	28	1			PART
arjefm-61	29	1	for	for	ADP
arjefm-61	29	2	their	their	PRON
arjefm-61	29	3	size	size	NOUN
arjefm-61	29	4	,	,	PUNCT
arjefm-61	29	5	they	they	PRON
arjefm-61	29	6	have	have	VERB
arjefm-61	29	7	a	a	DET
arjefm-61	29	8	small	small	ADJ
arjefm-61	29	9	customer	customer	NOUN
arjefm-61	29	10	base	base	NOUN
arjefm-61	29	11	.	.	PUNCT
arjefm-61	30	1	other	other	ADJ
arjefm-61	30	2	disadvantages	disadvantage	NOUN
arjefm-61	30	3	of	of	ADP
arjefm-61	30	4	this	this	DET
arjefm-61	30	5	type	type	NOUN
arjefm-61	30	6	of	of	ADP
arjefm-61	30	7	organizations	organization	NOUN
arjefm-61	30	8	,	,	PUNCT
arjefm-61	30	9	according	accord	VERB
arjefm-61	30	10	beltran	beltran	PROPN
arjefm-61	30	11	(	(	PUNCT
arjefm-61	30	12	2004	2004	NUM
arjefm-61	30	13	)	)	PUNCT
arjefm-61	30	14	,	,	PUNCT
arjefm-61	30	15	are	be	AUX
arjefm-61	30	16	as	as	SCONJ
arjefm-61	30	17	follows	follow	VERB
arjefm-61	30	18	:	:	PUNCT
arjefm-61	30	19			NUM
arjefm-61	30	20	smes	sme	NOUN
arjefm-61	30	21	have	have	VERB
arjefm-61	30	22	great	great	ADJ
arjefm-61	30	23	structural	structural	ADJ
arjefm-61	30	24	weakness	weakness	NOUN
arjefm-61	30	25	for	for	ADP
arjefm-61	30	26	several	several	ADJ
arjefm-61	30	27	main	main	ADJ
arjefm-61	30	28	reasons	reason	NOUN
arjefm-61	30	29	:	:	PUNCT
arjefm-61	30	30			VERB
arjefm-61	30	31	they	they	PRON
arjefm-61	30	32	lack	lack	VERB
arjefm-61	30	33	strategy	strategy	NOUN
arjefm-61	30	34	and	and	CCONJ
arjefm-61	30	35	planning	planning	NOUN
arjefm-61	30	36	,	,	PUNCT
arjefm-61	30	37	which	which	PRON
arjefm-61	30	38	becomes	become	VERB
arjefm-61	30	39	a	a	DET
arjefm-61	30	40	limiting	limit	VERB
arjefm-61	30	41	factor	factor	NOUN
arjefm-61	30	42	for	for	ADP
arjefm-61	30	43	inclusion	inclusion	NOUN
arjefm-61	30	44	in	in	ADP
arjefm-61	30	45	an	an	DET
arjefm-61	30	46	international	international	ADJ
arjefm-61	30	47	context	context	NOUN
arjefm-61	30	48	and	and	CCONJ
arjefm-61	30	49	jeopardizes	jeopardize	VERB
arjefm-61	30	50	their	their	PRON
arjefm-61	30	51	continuity	continuity	NOUN
arjefm-61	30	52	in	in	ADP
arjefm-61	30	53	the	the	DET
arjefm-61	30	54	domestic	domestic	ADJ
arjefm-61	30	55	market	market	NOUN
arjefm-61	30	56	.	.	PUNCT
arjefm-61	31	1			PUNCT
arjefm-61	32	1	the	the	DET
arjefm-61	32	2	access	access	NOUN
arjefm-61	32	3	to	to	ADP
arjefm-61	32	4	credit	credit	NOUN
arjefm-61	32	5	lines	line	NOUN
arjefm-61	32	6	is	be	AUX
arjefm-61	32	7	difficult	difficult	ADJ
arjefm-61	32	8	and	and	CCONJ
arjefm-61	32	9	therefore	therefore	ADV
arjefm-61	32	10	the	the	DET
arjefm-61	32	11	investment	investment	NOUN
arjefm-61	32	12	in	in	ADP
arjefm-61	32	13	technology	technology	NOUN
arjefm-61	32	14	,	,	PUNCT
arjefm-61	32	15	working	work	VERB
arjefm-61	32	16	capital	capital	NOUN
arjefm-61	32	17	and	and	CCONJ
arjefm-61	32	18	knowledge	knowledge	NOUN
arjefm-61	32	19	is	be	AUX
arjefm-61	32	20	not	not	PART
arjefm-61	32	21	possible	possible	ADJ
arjefm-61	32	22			X
arjefm-61	32	23	administrative	administrative	ADJ
arjefm-61	32	24	,	,	PUNCT
arjefm-61	32	25	financial	financial	ADJ
arjefm-61	32	26	,	,	PUNCT
arjefm-61	32	27	accounting	accounting	NOUN
arjefm-61	32	28	and	and	CCONJ
arjefm-61	32	29	operational	operational	ADJ
arjefm-61	32	30	management	management	NOUN
arjefm-61	32	31	is	be	AUX
arjefm-61	32	32	very	very	ADV
arjefm-61	32	33	informal	informal	ADJ
arjefm-61	32	34	and	and	CCONJ
arjefm-61	32	35	intuitive	intuitive	ADJ
arjefm-61	32	36	.	.	PUNCT
arjefm-61	33	1	taking	take	VERB
arjefm-61	33	2	into	into	ADP
arjefm-61	33	3	account	account	NOUN
arjefm-61	33	4	what	what	PRON
arjefm-61	33	5	was	be	AUX
arjefm-61	33	6	mentioned	mention	VERB
arjefm-61	33	7	previously	previously	ADV
arjefm-61	33	8	in	in	ADP
arjefm-61	33	9	smes	sme	NOUN
arjefm-61	33	10	and	and	CCONJ
arjefm-61	33	11	knowing	know	VERB
arjefm-61	33	12	their	their	PRON
arjefm-61	33	13	high	high	ADJ
arjefm-61	33	14	degree	degree	NOUN
arjefm-61	33	15	of	of	ADP
arjefm-61	33	16	vulnerability	vulnerability	NOUN
arjefm-61	33	17	facing	face	VERB
arjefm-61	33	18	the	the	DET
arjefm-61	33	19	international	international	ADJ
arjefm-61	33	20	market	market	NOUN
arjefm-61	33	21	,	,	PUNCT
arjefm-61	33	22	they	they	PRON
arjefm-61	33	23	were	be	AUX
arjefm-61	33	24	considered	consider	VERB
arjefm-61	33	25	as	as	ADP
arjefm-61	33	26	an	an	DET
arjefm-61	33	27	object	object	NOUN
arjefm-61	33	28	of	of	ADP
arjefm-61	33	29	study	study	NOUN
arjefm-61	33	30	,	,	PUNCT
arjefm-61	33	31	in	in	ADP
arjefm-61	33	32	order	order	NOUN
arjefm-61	33	33	to	to	PART
arjefm-61	33	34	contribute	contribute	VERB
arjefm-61	33	35	to	to	ADP
arjefm-61	33	36	their	their	PRON
arjefm-61	33	37	permanence	permanence	NOUN
arjefm-61	33	38	in	in	ADP
arjefm-61	33	39	time	time	NOUN
arjefm-61	33	40	.	.	PUNCT
arjefm-61	34	1	to	to	PART
arjefm-61	34	2	contrast	contrast	VERB
arjefm-61	34	3	the	the	DET
arjefm-61	34	4	hypotheses	hypothesis	NOUN
arjefm-61	34	5	,	,	PUNCT
arjefm-61	34	6	the	the	DET
arjefm-61	34	7	sample	sample	NOUN
arjefm-61	34	8	of	of	ADP
arjefm-61	34	9	smes	sme	NOUN
arjefm-61	34	10	indicated	indicate	VERB
arjefm-61	34	11	above	above	ADV
arjefm-61	34	12	was	be	AUX
arjefm-61	34	13	taken	take	VERB
arjefm-61	34	14	with	with	ADP
arjefm-61	34	15	regard	regard	NOUN
arjefm-61	34	16	to	to	PART
arjefm-61	34	17	observe	observe	VERB
arjefm-61	34	18	what	what	PRON
arjefm-61	34	19	the	the	DET
arjefm-61	34	20	behavior	behavior	NOUN
arjefm-61	34	21	is	be	AUX
arjefm-61	34	22	of	of	ADP
arjefm-61	34	23	the	the	DET
arjefm-61	34	24	financial	financial	ADJ
arjefm-61	34	25	risk	risk	NOUN
arjefm-61	34	26	of	of	ADP
arjefm-61	34	27	smes	sme	NOUN
arjefm-61	34	28	in	in	ADP
arjefm-61	34	29	the	the	DET
arjefm-61	34	30	cityof	cityof	NOUN
arjefm-61	34	31	cali	cali	VERB
arjefm-61	34	32	during	during	ADP
arjefm-61	34	33	the	the	DET
arjefm-61	34	34	years	year	NOUN
arjefm-61	34	35	2012	2012	NUM
arjefm-61	34	36	,	,	PUNCT
arjefm-61	34	37	2013	2013	NUM
arjefm-61	34	38	and	and	CCONJ
arjefm-61	34	39	2014.to	2014.to	NUM
arjefm-61	34	40	this	this	DET
arjefm-61	34	41	end	end	NOUN
arjefm-61	34	42	,	,	PUNCT
arjefm-61	34	43	a	a	DET
arjefm-61	34	44	number	number	NOUN
arjefm-61	34	45	of	of	ADP
arjefm-61	34	46	primary	primary	ADJ
arjefm-61	34	47	and	and	CCONJ
arjefm-61	34	48	secondary	secondary	ADJ
arjefm-61	34	49	objectives	objective	NOUN
arjefm-61	34	50	were	be	AUX
arjefm-61	34	51	established	establish	VERB
arjefm-61	34	52	as	as	ADP
arjefm-61	34	53	:	:	PUNCT
arjefm-61	34	54	•	•	ADP
arjefm-61	34	55	characterize	characterize	VERB
arjefm-61	34	56	the	the	DET
arjefm-61	34	57	financial	financial	ADJ
arjefm-61	34	58	risk	risk	NOUN
arjefm-61	34	59	in	in	ADP
arjefm-61	34	60	companies	company	NOUN
arjefm-61	34	61	in	in	ADP
arjefm-61	34	62	the	the	DET
arjefm-61	34	63	city	city	NOUN
arjefm-61	34	64	of	of	ADP
arjefm-61	34	65	cali	cali	PROPN
arjefm-61	34	66	.	.	PUNCT
arjefm-61	35	1	•	•	NUM
arjefm-61	36	1	debugging	debug	VERB
arjefm-61	36	2	the	the	DET
arjefm-61	36	3	financial	financial	ADJ
arjefm-61	36	4	statements	statement	NOUN
arjefm-61	36	5	of	of	ADP
arjefm-61	36	6	the	the	DET
arjefm-61	36	7	companies	company	NOUN
arjefm-61	36	8	under	under	ADP
arjefm-61	36	9	study	study	NOUN
arjefm-61	36	10	.	.	PUNCT
arjefm-61	37	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-61	37	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	38	1	american	american	PROPN
arjefm-61	38	2	research	research	PROPN
arjefm-61	38	3	journal	journal	PROPN
arjefm-61	38	4	of	of	ADP
arjefm-61	38	5	economics	economic	NOUN
arjefm-61	38	6	,	,	PUNCT
arjefm-61	38	7	finance	finance	NOUN
arjefm-61	38	8	and	and	CCONJ
arjefm-61	38	9	management	management	NOUN
arjefm-61	38	10	volume	volume	NOUN
arjefm-61	38	11	10	10	NUM
arjefm-61	38	12	issue	issue	NOUN
arjefm-61	38	13	1	1	NUM
arjefm-61	38	14	,	,	PUNCT
arjefm-61	38	15	january	january	PROPN
arjefm-61	38	16	-	-	PUNCT
arjefm-61	38	17	march	march	PROPN
arjefm-61	38	18	2022	2022	NUM
arjefm-61	38	19	issn	issn	NOUN
arjefm-61	38	20	:	:	PUNCT
arjefm-61	38	21	2836	2836	NUM
arjefm-61	38	22	-	-	SYM
arjefm-61	38	23	9416	9416	NUM
arjefm-61	38	24	impact	impact	NOUN
arjefm-61	38	25	factor	factor	NOUN
arjefm-61	38	26	:	:	PUNCT
arjefm-61	38	27	4.85	4.85	NUM
arjefm-61	38	28	journal	journal	NOUN
arjefm-61	38	29	homepage	homepage	NOUN
arjefm-61	38	30	:	:	PUNCT
arjefm-61	38	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	38	32	,	,	PUNCT
arjefm-61	38	33	email	email	NOUN
arjefm-61	38	34	:	:	PUNCT
arjefm-61	39	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-61	39	2	official	official	ADJ
arjefm-61	39	3	journal	journal	PROPN
arjefm-61	39	4	of	of	ADP
arjefm-61	39	5	america	america	PROPN
arjefm-61	39	6	serial	serial	PROPN
arjefm-61	39	7	publication	publication	NOUN
arjefm-61	39	8	american	american	PROPN
arjefm-61	39	9	research	research	PROPN
arjefm-61	39	10	journal	journal	PROPN
arjefm-61	39	11	of	of	ADP
arjefm-61	39	12	economics	economic	NOUN
arjefm-61	39	13	,	,	PUNCT
arjefm-61	39	14	finance	finance	NOUN
arjefm-61	39	15	and	and	CCONJ
arjefm-61	39	16	management	management	NOUN
arjefm-61	39	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	39	18	,	,	PUNCT
arjefm-61	39	19	email	email	NOUN
arjefm-61	39	20	:	:	PUNCT
arjefm-61	39	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	40	1	28	28	NUM
arjefm-61	41	1	|	|	ADV
arjefm-61	41	2	p	p	X
arjefm-61	41	3	a	a	DET
arjefm-61	41	4	g	g	NOUN
arjefm-61	41	5	e	e	NOUN
arjefm-61	41	6	•	•	NOUN
arjefm-61	41	7	determine	determine	VERB
arjefm-61	41	8	liquidity	liquidity	NOUN
arjefm-61	41	9	ratios	ratio	NOUN
arjefm-61	41	10	,	,	PUNCT
arjefm-61	41	11	debt	debt	NOUN
arjefm-61	41	12	and	and	CCONJ
arjefm-61	41	13	portfolio	portfolio	NOUN
arjefm-61	41	14	recovery	recovery	NOUN
arjefm-61	41	15	that	that	PRON
arjefm-61	41	16	are	be	AUX
arjefm-61	41	17	influencing	influence	VERB
arjefm-61	41	18	the	the	DET
arjefm-61	41	19	financial	financial	ADJ
arjefm-61	41	20	risk	risk	NOUN
arjefm-61	41	21	of	of	ADP
arjefm-61	41	22	a	a	DET
arjefm-61	41	23	group	group	NOUN
arjefm-61	41	24	of	of	ADP
arjefm-61	41	25	companies	company	NOUN
arjefm-61	41	26	in	in	ADP
arjefm-61	41	27	cali	cali	PROPN
arjefm-61	41	28	.	.	PUNCT
arjefm-61	42	1	•	•	NUM
arjefm-61	42	2	establish	establish	VERB
arjefm-61	42	3	the	the	DET
arjefm-61	42	4	risk	risk	NOUN
arjefm-61	42	5	condition	condition	NOUN
arjefm-61	42	6	possessed	possess	VERB
arjefm-61	42	7	by	by	ADP
arjefm-61	42	8	the	the	DET
arjefm-61	42	9	companies	company	NOUN
arjefm-61	42	10	under	under	ADP
arjefm-61	42	11	study	study	NOUN
arjefm-61	42	12	.	.	PUNCT
arjefm-61	43	1	•	•	NUM
arjefm-61	43	2	analyzing	analyze	VERB
arjefm-61	43	3	financial	financial	ADJ
arjefm-61	43	4	risk	risk	NOUN
arjefm-61	43	5	according	accord	VERB
arjefm-61	43	6	to	to	ADP
arjefm-61	43	7	the	the	DET
arjefm-61	43	8	productive	productive	ADJ
arjefm-61	43	9	sectors	sector	NOUN
arjefm-61	43	10	for	for	ADP
arjefm-61	43	11	companies	company	NOUN
arjefm-61	43	12	under	under	ADP
arjefm-61	43	13	study	study	NOUN
arjefm-61	43	14	.	.	PUNCT
arjefm-61	44	1	similarly	similarly	ADV
arjefm-61	44	2	,	,	PUNCT
arjefm-61	44	3	before	before	ADP
arjefm-61	44	4	developing	develop	VERB
arjefm-61	44	5	the	the	DET
arjefm-61	44	6	work	work	NOUN
arjefm-61	44	7	,	,	PUNCT
arjefm-61	44	8	research	research	NOUN
arjefm-61	44	9	about	about	ADP
arjefm-61	44	10	studies	study	NOUN
arjefm-61	44	11	that	that	PRON
arjefm-61	44	12	were	be	AUX
arjefm-61	44	13	related	relate	VERB
arjefm-61	44	14	to	to	ADP
arjefm-61	44	15	the	the	DET
arjefm-61	44	16	main	main	ADJ
arjefm-61	44	17	objective	objective	NOUN
arjefm-61	44	18	was	be	AUX
arjefm-61	44	19	done	do	VERB
arjefm-61	44	20	.	.	PUNCT
arjefm-61	45	1	one	one	PRON
arjefm-61	45	2	might	might	AUX
arjefm-61	45	3	mention	mention	VERB
arjefm-61	45	4	at	at	ADP
arjefm-61	45	5	this	this	DET
arjefm-61	45	6	point	point	NOUN
arjefm-61	45	7	the	the	DET
arjefm-61	45	8	study	study	NOUN
arjefm-61	45	9	by	by	ADP
arjefm-61	45	10	ávila	ávila	PROPN
arjefm-61	45	11	bustos	bustos	PROPN
arjefm-61	45	12	(	(	PUNCT
arjefm-61	45	13	2005	2005	NUM
arjefm-61	45	14	)	)	PUNCT
arjefm-61	45	15	,	,	PUNCT
arjefm-61	45	16	in	in	ADP
arjefm-61	45	17	the	the	DET
arjefm-61	45	18	city	city	NOUN
arjefm-61	45	19	of	of	ADP
arjefm-61	45	20	bogotá	bogotá	NOUN
arjefm-61	45	21	,	,	PUNCT
arjefm-61	45	22	called	call	VERB
arjefm-61	45	23	measurement	measurement	NOUN
arjefm-61	45	24	and	and	CCONJ
arjefm-61	45	25	control	control	NOUN
arjefm-61	45	26	of	of	ADP
arjefm-61	45	27	financial	financial	ADJ
arjefm-61	45	28	risks	risk	NOUN
arjefm-61	45	29	of	of	ADP
arjefm-61	45	30	companies	company	NOUN
arjefm-61	45	31	in	in	ADP
arjefm-61	45	32	the	the	DET
arjefm-61	45	33	real	real	ADJ
arjefm-61	45	34	sector	sector	NOUN
arjefm-61	45	35	.	.	PUNCT
arjefm-61	46	1	the	the	DET
arjefm-61	46	2	author	author	NOUN
arjefm-61	46	3	believes	believe	VERB
arjefm-61	46	4	that	that	SCONJ
arjefm-61	46	5	there	there	PRON
arjefm-61	46	6	are	be	VERB
arjefm-61	46	7	three	three	NUM
arjefm-61	46	8	types	type	NOUN
arjefm-61	46	9	of	of	ADP
arjefm-61	46	10	financial	financial	ADJ
arjefm-61	46	11	risks	risk	NOUN
arjefm-61	46	12	in	in	ADP
arjefm-61	46	13	organizations	organization	NOUN
arjefm-61	46	14	known	know	VERB
arjefm-61	46	15	as	as	ADP
arjefm-61	46	16	market	market	NOUN
arjefm-61	46	17	risks	risk	NOUN
arjefm-61	46	18	,	,	PUNCT
arjefm-61	46	19	credit	credit	NOUN
arjefm-61	46	20	risks	risk	NOUN
arjefm-61	46	21	and	and	CCONJ
arjefm-61	46	22	liquidity	liquidity	NOUN
arjefm-61	46	23	risks	risk	NOUN
arjefm-61	46	24	,	,	PUNCT
arjefm-61	46	25	and	and	CCONJ
arjefm-61	46	26	he	he	PRON
arjefm-61	46	27	develops	develop	VERB
arjefm-61	46	28	for	for	ADP
arjefm-61	46	29	each	each	DET
arjefm-61	46	30	asides	aside	NOUN
arjefm-61	46	31	on	on	ADP
arjefm-61	46	32	management	management	NOUN
arjefm-61	46	33	,	,	PUNCT
arjefm-61	46	34	administration	administration	NOUN
arjefm-61	46	35	and	and	CCONJ
arjefm-61	46	36	measurement	measurement	NOUN
arjefm-61	46	37	,	,	PUNCT
arjefm-61	46	38	being	be	AUX
arjefm-61	46	39	these	these	DET
arjefm-61	46	40	risks	risk	NOUN
arjefm-61	46	41	classically	classically	ADV
arjefm-61	46	42	described	describe	VERB
arjefm-61	46	43	by	by	ADP
arjefm-61	46	44	authors	author	NOUN
arjefm-61	46	45	such	such	ADJ
arjefm-61	46	46	as	as	ADP
arjefm-61	46	47	markowitz	markowitz	PROPN
arjefm-61	46	48	,	,	PUNCT
arjefm-61	46	49	miller	miller	PROPN
arjefm-61	46	50	and	and	CCONJ
arjefm-61	46	51	sharpe	sharpe	PROPN
arjefm-61	46	52	(	(	PUNCT
arjefm-61	46	53	1990	1990	NUM
arjefm-61	46	54	)	)	PUNCT
arjefm-61	46	55	,	,	PUNCT
arjefm-61	46	56	also	also	ADV
arjefm-61	46	57	retaken	retake	VERB
arjefm-61	46	58	by	by	ADP
arjefm-61	46	59	tudela	tudela	NOUN
arjefm-61	46	60	and	and	CCONJ
arjefm-61	46	61	young	young	ADJ
arjefm-61	46	62	(	(	PUNCT
arjefm-61	46	63	2005	2005	NUM
arjefm-61	46	64	)	)	PUNCT
arjefm-61	46	65	ie	ie	CCONJ
arjefm-61	46	66	not	not	PART
arjefm-61	46	67	articulated	articulate	VERB
arjefm-61	46	68	for	for	ADP
arjefm-61	46	69	an	an	DET
arjefm-61	46	70	integral	integral	ADJ
arjefm-61	46	71	analysis	analysis	NOUN
arjefm-61	46	72	,	,	PUNCT
arjefm-61	46	73	but	but	CCONJ
arjefm-61	46	74	for	for	ADP
arjefm-61	46	75	an	an	DET
arjefm-61	46	76	individual	individual	ADJ
arjefm-61	46	77	perspective	perspective	NOUN
arjefm-61	46	78	of	of	ADP
arjefm-61	46	79	them	they	PRON
arjefm-61	46	80	.	.	PUNCT
arjefm-61	47	1	an	an	DET
arjefm-61	47	2	important	important	ADJ
arjefm-61	47	3	aspect	aspect	NOUN
arjefm-61	47	4	of	of	ADP
arjefm-61	47	5	this	this	DET
arjefm-61	47	6	study	study	NOUN
arjefm-61	47	7	is	be	AUX
arjefm-61	47	8	that	that	SCONJ
arjefm-61	47	9	it	it	PRON
arjefm-61	47	10	recognizes	recognize	VERB
arjefm-61	47	11	the	the	DET
arjefm-61	47	12	need	need	NOUN
arjefm-61	47	13	for	for	ADP
arjefm-61	47	14	risk	risk	NOUN
arjefm-61	47	15	measurement	measurement	NOUN
arjefm-61	47	16	in	in	ADP
arjefm-61	47	17	organizations	organization	NOUN
arjefm-61	47	18	;	;	PUNCT
arjefm-61	47	19	moreover	moreover	ADV
arjefm-61	47	20	it	it	PRON
arjefm-61	47	21	deepens	deepen	VERB
arjefm-61	47	22	the	the	DET
arjefm-61	47	23	research	research	NOUN
arjefm-61	47	24	on	on	ADP
arjefm-61	47	25	management	management	NOUN
arjefm-61	47	26	and	and	CCONJ
arjefm-61	47	27	administration	administration	NOUN
arjefm-61	47	28	of	of	ADP
arjefm-61	47	29	the	the	DET
arjefm-61	47	30	same	same	ADJ
arjefm-61	47	31	one	one	NOUN
arjefm-61	47	32	;	;	PUNCT
arjefm-61	47	33	to	to	ADP
arjefm-61	47	34	the	the	DET
arjefm-61	47	35	extent	extent	NOUN
arjefm-61	47	36	that	that	PRON
arjefm-61	47	37	is	be	AUX
arjefm-61	47	38	considered	consider	VERB
arjefm-61	47	39	to	to	PART
arjefm-61	47	40	be	be	AUX
arjefm-61	47	41	a	a	DET
arjefm-61	47	42	complementary	complementary	ADJ
arjefm-61	47	43	element	element	NOUN
arjefm-61	47	44	to	to	ADP
arjefm-61	47	45	the	the	DET
arjefm-61	47	46	development	development	NOUN
arjefm-61	47	47	of	of	ADP
arjefm-61	47	48	the	the	DET
arjefm-61	47	49	corporate	corporate	ADJ
arjefm-61	47	50	purpose	purpose	NOUN
arjefm-61	47	51	of	of	ADP
arjefm-61	47	52	the	the	DET
arjefm-61	47	53	organizations	organization	NOUN
arjefm-61	47	54	.	.	PUNCT
arjefm-61	48	1	in	in	ADP
arjefm-61	48	2	this	this	DET
arjefm-61	48	3	context	context	NOUN
arjefm-61	48	4	,	,	PUNCT
arjefm-61	48	5	zorrilla	zorrilla	NOUN
arjefm-61	48	6	(	(	PUNCT
arjefm-61	48	7	2003	2003	NUM
arjefm-61	48	8	)	)	PUNCT
arjefm-61	48	9	also	also	ADV
arjefm-61	48	10	conducted	conduct	VERB
arjefm-61	48	11	a	a	DET
arjefm-61	48	12	study	study	NOUN
arjefm-61	48	13	in	in	ADP
arjefm-61	48	14	the	the	DET
arjefm-61	48	15	city	city	NOUN
arjefm-61	48	16	of	of	ADP
arjefm-61	48	17	veracruz	veracruz	PROPN
arjefm-61	48	18	(	(	PUNCT
arjefm-61	48	19	mexico	mexico	PROPN
arjefm-61	48	20	)	)	PUNCT
arjefm-61	48	21	on	on	ADP
arjefm-61	48	22	financial	financial	ADJ
arjefm-61	48	23	risk	risk	NOUN
arjefm-61	48	24	management	management	NOUN
arjefm-61	48	25	of	of	ADP
arjefm-61	48	26	exportation	exportation	NOUN
arjefm-61	48	27	smes	sme	NOUN
arjefm-61	48	28	in	in	ADP
arjefm-61	48	29	contributions	contribution	NOUN
arjefm-61	48	30	to	to	ADP
arjefm-61	48	31	the	the	DET
arjefm-61	48	32	economy	economy	NOUN
arjefm-61	48	33	,	,	PUNCT
arjefm-61	48	34	which	which	PRON
arjefm-61	48	35	aims	aim	VERB
arjefm-61	48	36	to	to	PART
arjefm-61	48	37	provide	provide	VERB
arjefm-61	48	38	guidance	guidance	NOUN
arjefm-61	48	39	and	and	CCONJ
arjefm-61	48	40	show	show	VERB
arjefm-61	48	41	the	the	DET
arjefm-61	48	42	entrepreneurs	entrepreneur	NOUN
arjefm-61	48	43	the	the	DET
arjefm-61	48	44	importance	importance	NOUN
arjefm-61	48	45	of	of	ADP
arjefm-61	48	46	using	use	VERB
arjefm-61	48	47	derivative	derivative	ADJ
arjefm-61	48	48	financial	financial	ADJ
arjefm-61	48	49	instruments	instrument	NOUN
arjefm-61	48	50	such	such	ADJ
arjefm-61	48	51	as	as	ADP
arjefm-61	48	52	“	"	PUNCT
arjefm-61	48	53	forwards	forwards	X
arjefm-61	48	54	"	"	PUNCT
arjefm-61	48	55	,	,	PUNCT
arjefm-61	48	56	"	"	PUNCT
arjefm-61	48	57	futures	future	NOUN
arjefm-61	48	58	"	"	PUNCT
arjefm-61	48	59	,	,	PUNCT
arjefm-61	48	60	options	option	NOUN
arjefm-61	48	61	,	,	PUNCT
arjefm-61	48	62	“	"	PUNCT
arjefm-61	48	63	swaps	swap	NOUN
arjefm-61	48	64	"	"	PUNCT
arjefm-61	48	65	,	,	PUNCT
arjefm-61	48	66	to	to	PART
arjefm-61	48	67	achieve	achieve	VERB
arjefm-61	48	68	the	the	DET
arjefm-61	48	69	reduction	reduction	NOUN
arjefm-61	48	70	in	in	ADP
arjefm-61	48	71	market	market	NOUN
arjefm-61	48	72	risks	risk	NOUN
arjefm-61	48	73	.	.	PUNCT
arjefm-61	49	1	this	this	DET
arjefm-61	49	2	work	work	NOUN
arjefm-61	49	3	focuses	focus	VERB
arjefm-61	49	4	on	on	ADP
arjefm-61	49	5	these	these	DET
arjefm-61	49	6	derivative	derivative	ADJ
arjefm-61	49	7	financial	financial	ADJ
arjefm-61	49	8	instruments	instrument	NOUN
arjefm-61	49	9	,	,	PUNCT
arjefm-61	49	10	for	for	ADP
arjefm-61	49	11	their	their	PRON
arjefm-61	49	12	ability	ability	NOUN
arjefm-61	49	13	to	to	PART
arjefm-61	49	14	mitigate	mitigate	VERB
arjefm-61	49	15	or	or	CCONJ
arjefm-61	49	16	reduce	reduce	VERB
arjefm-61	49	17	the	the	DET
arjefm-61	49	18	risks	risk	NOUN
arjefm-61	49	19	faced	face	VERB
arjefm-61	49	20	by	by	ADP
arjefm-61	49	21	smes	sme	NOUN
arjefm-61	49	22	.	.	PUNCT
arjefm-61	50	1	another	another	DET
arjefm-61	50	2	study	study	NOUN
arjefm-61	50	3	,	,	PUNCT
arjefm-61	50	4	is	be	AUX
arjefm-61	50	5	the	the	DET
arjefm-61	50	6	one	one	NUM
arjefm-61	50	7	made	make	VERB
arjefm-61	50	8	by	by	ADP
arjefm-61	50	9	navarro	navarro	PROPN
arjefm-61	50	10	and	and	CCONJ
arjefm-61	50	11	lopez	lopez	PROPN
arjefm-61	50	12	(	(	PUNCT
arjefm-61	50	13	2009	2009	NUM
arjefm-61	50	14	)	)	PUNCT
arjefm-61	50	15	from	from	ADP
arjefm-61	50	16	the	the	DET
arjefm-61	50	17	university	university	NOUN
arjefm-61	50	18	of	of	ADP
arjefm-61	50	19	sevilla	sevilla	NOUN
arjefm-61	50	20	,	,	PUNCT
arjefm-61	50	21	this	this	PRON
arjefm-61	50	22	is	be	AUX
arjefm-61	50	23	a	a	DET
arjefm-61	50	24	proposal	proposal	NOUN
arjefm-61	50	25	for	for	ADP
arjefm-61	50	26	simplified	simplified	ADJ
arjefm-61	50	27	model	model	NOUN
arjefm-61	50	28	risk	risk	NOUN
arjefm-61	50	29	detection	detection	NOUN
arjefm-61	50	30	in	in	ADP
arjefm-61	50	31	companies	company	NOUN
arjefm-61	50	32	:	:	PUNCT
arjefm-61	50	33	empirical	empirical	ADJ
arjefm-61	50	34	study	study	NOUN
arjefm-61	50	35	applied	apply	VERB
arjefm-61	50	36	to	to	ADP
arjefm-61	50	37	the	the	DET
arjefm-61	50	38	construction	construction	NOUN
arjefm-61	50	39	sector	sector	NOUN
arjefm-61	50	40	(	(	PUNCT
arjefm-61	50	41	smes	sme	NOUN
arjefm-61	50	42	)	)	PUNCT
arjefm-61	50	43	.	.	PUNCT
arjefm-61	51	1	its	its	PRON
arjefm-61	51	2	purpose	purpose	NOUN
arjefm-61	51	3	is	be	AUX
arjefm-61	51	4	to	to	PART
arjefm-61	51	5	identify	identify	VERB
arjefm-61	51	6	the	the	DET
arjefm-61	51	7	variables	variable	NOUN
arjefm-61	51	8	or	or	CCONJ
arjefm-61	51	9	more	more	ADV
arjefm-61	51	10	significant	significant	ADJ
arjefm-61	51	11	ratios	ratio	NOUN
arjefm-61	51	12	of	of	ADP
arjefm-61	51	13	corporate	corporate	ADJ
arjefm-61	51	14	solvency	solvency	NOUN
arjefm-61	51	15	in	in	ADP
arjefm-61	51	16	construction	construction	NOUN
arjefm-61	51	17	companies	company	NOUN
arjefm-61	51	18	by	by	ADP
arjefm-61	51	19	analyzing	analyze	VERB
arjefm-61	51	20	the	the	DET
arjefm-61	51	21	annual	annual	ADJ
arjefm-61	51	22	accounts	account	NOUN
arjefm-61	51	23	of	of	ADP
arjefm-61	51	24	a	a	DET
arjefm-61	51	25	sample	sample	NOUN
arjefm-61	51	26	of	of	ADP
arjefm-61	51	27	societies	society	NOUN
arjefm-61	51	28	,	,	PUNCT
arjefm-61	51	29	some	some	PRON
arjefm-61	51	30	of	of	ADP
arjefm-61	51	31	them	they	PRON
arjefm-61	51	32	without	without	ADP
arjefm-61	51	33	continuity	continuity	NOUN
arjefm-61	51	34	problems	problem	NOUN
arjefm-61	51	35	in	in	ADP
arjefm-61	51	36	their	their	PRON
arjefm-61	51	37	activities	activity	NOUN
arjefm-61	51	38	(	(	PUNCT
arjefm-61	51	39	a	a	DET
arjefm-61	51	40	sound	sound	ADJ
arjefm-61	51	41	and	and	CCONJ
arjefm-61	51	42	profitable	profitable	ADJ
arjefm-61	51	43	enterprise	enterprise	NOUN
arjefm-61	51	44	)	)	PUNCT
arjefm-61	51	45	and	and	CCONJ
arjefm-61	51	46	others	other	NOUN
arjefm-61	51	47	that	that	PRON
arjefm-61	51	48	are	be	AUX
arjefm-61	51	49	in	in	ADP
arjefm-61	51	50	situation	situation	NOUN
arjefm-61	51	51	of	of	ADP
arjefm-61	51	52	bankruptcy	bankruptcy	NOUN
arjefm-61	51	53	or	or	CCONJ
arjefm-61	51	54	receivership	receivership	NOUN
arjefm-61	51	55	(	(	PUNCT
arjefm-61	51	56	failed	fail	VERB
arjefm-61	51	57	or	or	CCONJ
arjefm-61	51	58	unsuccessful	unsuccessful	ADJ
arjefm-61	51	59	companies	company	NOUN
arjefm-61	51	60	)	)	PUNCT
arjefm-61	51	61	,	,	PUNCT
arjefm-61	51	62	with	with	ADP
arjefm-61	51	63	the	the	DET
arjefm-61	51	64	ultimate	ultimate	ADJ
arjefm-61	51	65	aim	aim	NOUN
arjefm-61	51	66	of	of	ADP
arjefm-61	51	67	proposing	propose	VERB
arjefm-61	51	68	a	a	DET
arjefm-61	51	69	simplified	simplified	ADJ
arjefm-61	51	70	method	method	NOUN
arjefm-61	51	71	for	for	ADP
arjefm-61	51	72	detecting	detect	VERB
arjefm-61	51	73	in	in	ADP
arjefm-61	51	74	advance	advance	NOUN
arjefm-61	51	75	possible	possible	ADJ
arjefm-61	51	76	risks	risk	NOUN
arjefm-61	51	77	situations	situation	NOUN
arjefm-61	51	78	.	.	PUNCT
arjefm-61	52	1	the	the	DET
arjefm-61	52	2	author	author	NOUN
arjefm-61	52	3	uses	use	VERB
arjefm-61	52	4	information	information	NOUN
arjefm-61	52	5	about	about	ADP
arjefm-61	52	6	sound	sound	ADJ
arjefm-61	52	7	and	and	CCONJ
arjefm-61	52	8	profitable	profitable	ADJ
arjefm-61	52	9	companies	company	NOUN
arjefm-61	52	10	and	and	CCONJ
arjefm-61	52	11	failed	fail	VERB
arjefm-61	52	12	companies	company	NOUN
arjefm-61	52	13	,	,	PUNCT
arjefm-61	52	14	taking	take	VERB
arjefm-61	52	15	into	into	ADP
arjefm-61	52	16	account	account	NOUN
arjefm-61	52	17	the	the	DET
arjefm-61	52	18	economic	economic	ADJ
arjefm-61	52	19	and	and	CCONJ
arjefm-61	52	20	financial	financial	ADJ
arjefm-61	52	21	data	datum	NOUN
arjefm-61	52	22	of	of	ADP
arjefm-61	52	23	all	all	DET
arjefm-61	52	24	companies	company	NOUN
arjefm-61	52	25	for	for	ADP
arjefm-61	52	26	the	the	DET
arjefm-61	52	27	preceding	precede	VERB
arjefm-61	52	28	four	four	NUM
arjefm-61	52	29	years	year	NOUN
arjefm-61	52	30	before	before	ADP
arjefm-61	52	31	the	the	DET
arjefm-61	52	32	business	business	NOUN
arjefm-61	52	33	failure	failure	NOUN
arjefm-61	52	34	.	.	PUNCT
arjefm-61	53	1	the	the	DET
arjefm-61	53	2	statistical	statistical	ADJ
arjefm-61	53	3	technique	technique	NOUN
arjefm-61	53	4	used	use	VERB
arjefm-61	53	5	to	to	PART
arjefm-61	53	6	reduce	reduce	VERB
arjefm-61	53	7	the	the	DET
arjefm-61	53	8	variables	variable	NOUN
arjefm-61	53	9	that	that	PRON
arjefm-61	53	10	finally	finally	ADV
arjefm-61	53	11	are	be	AUX
arjefm-61	53	12	integrated	integrate	VERB
arjefm-61	53	13	into	into	ADP
arjefm-61	53	14	the	the	DET
arjefm-61	53	15	system	system	NOUN
arjefm-61	53	16	is	be	AUX
arjefm-61	53	17	them	they	PRON
arjefm-61	53	18	ultivariate	ultivariate	ADJ
arjefm-61	53	19	analysis	analysis	NOUN
arjefm-61	53	20	.	.	PUNCT
arjefm-61	54	1	according	accord	VERB
arjefm-61	54	2	ballesteros	ballesteros	PROPN
arjefm-61	54	3	,	,	PUNCT
arjefm-61	54	4	the	the	DET
arjefm-61	54	5	usefulness	usefulness	NOUN
arjefm-61	54	6	of	of	ADP
arjefm-61	54	7	the	the	DET
arjefm-61	54	8	discriminant	discriminant	NOUN
arjefm-61	54	9	method	method	NOUN
arjefm-61	54	10	is	be	AUX
arjefm-61	54	11	its	its	PRON
arjefm-61	54	12	ability	ability	NOUN
arjefm-61	54	13	to	to	PART
arjefm-61	54	14	provide	provide	VERB
arjefm-61	54	15	a	a	DET
arjefm-61	54	16	comprehensive	comprehensive	ADJ
arjefm-61	54	17	analysis	analysis	NOUN
arjefm-61	54	18	model	model	NOUN
arjefm-61	54	19	,	,	PUNCT
arjefm-61	54	20	comprising	comprise	VERB
arjefm-61	54	21	a	a	DET
arjefm-61	54	22	combination	combination	NOUN
arjefm-61	54	23	of	of	ADP
arjefm-61	54	24	ratios	ratio	NOUN
arjefm-61	54	25	correlated	correlate	VERB
arjefm-61	54	26	with	with	ADP
arjefm-61	54	27	each	each	DET
arjefm-61	54	28	other	other	ADJ
arjefm-61	54	29	,	,	PUNCT
arjefm-61	54	30	which	which	PRON
arjefm-61	54	31	summarizes	summarize	VERB
arjefm-61	54	32	the	the	DET
arjefm-61	54	33	financial	financial	ADJ
arjefm-61	54	34	economic	economic	ADJ
arjefm-61	54	35	information	information	NOUN
arjefm-61	54	36	in	in	ADP
arjefm-61	54	37	a	a	DET
arjefm-61	54	38	more	more	ADV
arjefm-61	54	39	assimilative	assimilative	ADJ
arjefm-61	54	40	way	way	NOUN
arjefm-61	54	41	to	to	ADP
arjefm-61	54	42	the	the	DET
arjefm-61	54	43	user	user	NOUN
arjefm-61	54	44	.	.	PUNCT
arjefm-61	55	1	discriminant	discriminant	ADJ
arjefm-61	55	2	analysis	analysis	NOUN
arjefm-61	55	3	also	also	ADV
arjefm-61	55	4	applies	apply	VERB
arjefm-61	55	5	for	for	ADP
arjefm-61	55	6	predictive	predictive	ADJ
arjefm-61	55	7	purposes	purpose	NOUN
arjefm-61	55	8	.	.	PUNCT
arjefm-61	56	1	the	the	DET
arjefm-61	56	2	main	main	ADJ
arjefm-61	56	3	issue	issue	NOUN
arjefm-61	56	4	in	in	ADP
arjefm-61	56	5	the	the	DET
arjefm-61	56	6	predictive	predictive	ADJ
arjefm-61	56	7	application	application	NOUN
arjefm-61	56	8	of	of	ADP
arjefm-61	56	9	discriminant	discriminant	ADJ
arjefm-61	56	10	analysis	analysis	NOUN
arjefm-61	56	11	is	be	AUX
arjefm-61	56	12	to	to	PART
arjefm-61	56	13	determine	determine	VERB
arjefm-61	56	14	early	early	ADJ
arjefm-61	56	15	enough	enough	ADJ
arjefm-61	56	16	business	business	NOUN
arjefm-61	56	17	crisis	crisis	NOUN
arjefm-61	56	18	situations	situation	NOUN
arjefm-61	56	19	.	.	PUNCT
arjefm-61	57	1	the	the	DET
arjefm-61	57	2	idea	idea	NOUN
arjefm-61	57	3	is	be	AUX
arjefm-61	57	4	cataloging	catalog	VERB
arjefm-61	57	5	in	in	ADP
arjefm-61	57	6	advance	advance	NOUN
arjefm-61	57	7	a	a	DET
arjefm-61	57	8	company	company	NOUN
arjefm-61	57	9	as	as	ADP
arjefm-61	57	10	sound	sound	ADJ
arjefm-61	57	11	and	and	CCONJ
arjefm-61	57	12	profitable	profitable	ADJ
arjefm-61	57	13	or	or	CCONJ
arjefm-61	57	14	failed	fail	VERB
arjefm-61	57	15	depending	depend	VERB
arjefm-61	57	16	on	on	ADP
arjefm-61	57	17	the	the	DET
arjefm-61	57	18	values	value	NOUN
arjefm-61	57	19	of	of	ADP
arjefm-61	57	20	its	its	PRON
arjefm-61	57	21	ratios	ratio	NOUN
arjefm-61	57	22	in	in	ADP
arjefm-61	57	23	the	the	DET
arjefm-61	57	24	precedent	precedent	NOUN
arjefm-61	57	25	years	year	NOUN
arjefm-61	57	26	of	of	ADP
arjefm-61	57	27	the	the	DET
arjefm-61	57	28	crisis	crisis	NOUN
arjefm-61	57	29	,	,	PUNCT
arjefm-61	57	30	by	by	ADP
arjefm-61	57	31	applying	apply	VERB
arjefm-61	57	32	built	build	VERB
arjefm-61	57	33	discriminant	discriminant	ADJ
arjefm-61	57	34	functions	function	NOUN
arjefm-61	57	35	.	.	PUNCT
arjefm-61	58	1	hincapie	hincapie	PROPN
arjefm-61	58	2	(	(	PUNCT
arjefm-61	58	3	2007	2007	NUM
arjefm-61	58	4	)	)	PUNCT
arjefm-61	58	5	in	in	ADP
arjefm-61	58	6	his	his	PRON
arjefm-61	58	7	study	study	NOUN
arjefm-61	58	8	of	of	ADP
arjefm-61	58	9	financial	financial	ADJ
arjefm-61	58	10	risk	risk	NOUN
arjefm-61	58	11	analysis	analysis	NOUN
arjefm-61	58	12	for	for	ADP
arjefm-61	58	13	micro	micro	NOUN
arjefm-61	58	14	,	,	PUNCT
arjefm-61	58	15	small	small	ADJ
arjefm-61	58	16	and	and	CCONJ
arjefm-61	58	17	medium	medium	ADJ
arjefm-61	58	18	enterprises	enterprise	NOUN
arjefm-61	58	19	in	in	ADP
arjefm-61	58	20	the	the	DET
arjefm-61	58	21	metallurgical	metallurgical	ADJ
arjefm-61	58	22	sector	sector	NOUN
arjefm-61	58	23	of	of	ADP
arjefm-61	58	24	the	the	DET
arjefm-61	58	25	city	city	NOUN
arjefm-61	58	26	of	of	ADP
arjefm-61	58	27	manizales	manizales	PROPN
arjefm-61	58	28	makes	make	VERB
arjefm-61	58	29	a	a	DET
arjefm-61	58	30	theoretical	theoretical	ADJ
arjefm-61	58	31	study	study	NOUN
arjefm-61	58	32	with	with	ADP
arjefm-61	58	33	an	an	DET
arjefm-61	58	34	analysis	analysis	NOUN
arjefm-61	58	35	unit	unit	NOUN
arjefm-61	58	36	similar	similar	ADJ
arjefm-61	58	37	to	to	ADP
arjefm-61	58	38	the	the	DET
arjefm-61	58	39	object	object	NOUN
arjefm-61	58	40	of	of	ADP
arjefm-61	58	41	this	this	DET
arjefm-61	58	42	work	work	NOUN
arjefm-61	58	43	,	,	PUNCT
arjefm-61	58	44	albeit	albeit	SCONJ
arjefm-61	58	45	with	with	ADP
arjefm-61	58	46	a	a	DET
arjefm-61	58	47	different	different	ADJ
arjefm-61	58	48	methodological	methodological	ADJ
arjefm-61	58	49	model	model	NOUN
arjefm-61	58	50	.	.	PUNCT
arjefm-61	59	1	this	this	DET
arjefm-61	59	2	study	study	NOUN
arjefm-61	59	3	proposes	propose	VERB
arjefm-61	59	4	the	the	DET
arjefm-61	59	5	use	use	NOUN
arjefm-61	59	6	of	of	ADP
arjefm-61	59	7	the	the	DET
arjefm-61	59	8	z2	z2	PROPN
arjefm-61	59	9	index	index	NOUN
arjefm-61	59	10	,	,	PUNCT
arjefm-61	59	11	which	which	PRON
arjefm-61	59	12	is	be	AUX
arjefm-61	59	13	an	an	DET
arjefm-61	59	14	econometric	econometric	ADJ
arjefm-61	59	15	mailto:contact@americaserial.com	mailto:contact@americaserial.com	NOUN
arjefm-61	59	16	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	59	17	american	american	PROPN
arjefm-61	59	18	research	research	PROPN
arjefm-61	59	19	journal	journal	PROPN
arjefm-61	59	20	of	of	ADP
arjefm-61	59	21	economics	economic	NOUN
arjefm-61	59	22	,	,	PUNCT
arjefm-61	59	23	finance	finance	NOUN
arjefm-61	59	24	and	and	CCONJ
arjefm-61	59	25	management	management	NOUN
arjefm-61	59	26	volume	volume	NOUN
arjefm-61	59	27	10	10	NUM
arjefm-61	59	28	issue	issue	NOUN
arjefm-61	59	29	1	1	NUM
arjefm-61	59	30	,	,	PUNCT
arjefm-61	59	31	january	january	PROPN
arjefm-61	59	32	-	-	PUNCT
arjefm-61	59	33	march	march	PROPN
arjefm-61	59	34	2022	2022	NUM
arjefm-61	59	35	issn	issn	NOUN
arjefm-61	59	36	:	:	PUNCT
arjefm-61	59	37	2836	2836	NUM
arjefm-61	59	38	-	-	SYM
arjefm-61	59	39	9416	9416	NUM
arjefm-61	59	40	impact	impact	NOUN
arjefm-61	59	41	factor	factor	NOUN
arjefm-61	59	42	:	:	PUNCT
arjefm-61	59	43	4.85	4.85	NUM
arjefm-61	59	44	journal	journal	NOUN
arjefm-61	59	45	homepage	homepage	NOUN
arjefm-61	59	46	:	:	PUNCT
arjefm-61	59	47	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	59	48	,	,	PUNCT
arjefm-61	59	49	email	email	NOUN
arjefm-61	59	50	:	:	PUNCT
arjefm-61	59	51	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-61	59	52	official	official	ADJ
arjefm-61	59	53	journal	journal	PROPN
arjefm-61	59	54	of	of	ADP
arjefm-61	59	55	america	america	PROPN
arjefm-61	59	56	serial	serial	PROPN
arjefm-61	59	57	publication	publication	NOUN
arjefm-61	59	58	american	american	PROPN
arjefm-61	59	59	research	research	PROPN
arjefm-61	59	60	journal	journal	PROPN
arjefm-61	59	61	of	of	ADP
arjefm-61	59	62	economics	economic	NOUN
arjefm-61	59	63	,	,	PUNCT
arjefm-61	59	64	finance	finance	NOUN
arjefm-61	59	65	and	and	CCONJ
arjefm-61	59	66	management	management	NOUN
arjefm-61	59	67	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	59	68	,	,	PUNCT
arjefm-61	59	69	email	email	NOUN
arjefm-61	59	70	:	:	PUNCT
arjefm-61	59	71	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	60	1	29	29	NUM
arjefm-61	61	1	|	|	ADV
arjefm-61	61	2	p	p	X
arjefm-61	61	3	a	a	DET
arjefm-61	61	4	g	g	NOUN
arjefm-61	61	5	e	e	NOUN
arjefm-61	61	6	model	model	NOUN
arjefm-61	61	7	that	that	PRON
arjefm-61	61	8	is	be	AUX
arjefm-61	61	9	constructed	construct	VERB
arjefm-61	61	10	from	from	ADP
arjefm-61	61	11	financial	financial	ADJ
arjefm-61	61	12	ratios	ratio	NOUN
arjefm-61	61	13	.	.	PUNCT
arjefm-61	62	1	such	such	ADJ
arjefm-61	62	2	ratios	ratio	NOUN
arjefm-61	62	3	are	be	AUX
arjefm-61	62	4	linearly	linearly	ADV
arjefm-61	62	5	combined	combine	VERB
arjefm-61	62	6	with	with	ADP
arjefm-61	62	7	a	a	DET
arjefm-61	62	8	specific	specific	ADJ
arjefm-61	62	9	weight	weight	NOUN
arjefm-61	62	10	to	to	ADP
arjefm-61	62	11	each	each	PRON
arjefm-61	62	12	,	,	PUNCT
arjefm-61	62	13	to	to	PART
arjefm-61	62	14	obtain	obtain	VERB
arjefm-61	62	15	a	a	DET
arjefm-61	62	16	final	final	ADJ
arjefm-61	62	17	result	result	NOUN
arjefm-61	62	18	score	score	NOUN
arjefm-61	62	19	(	(	PUNCT
arjefm-61	62	20	z	z	NOUN
arjefm-61	62	21	-	-	PUNCT
arjefm-61	62	22	score	score	NOUN
arjefm-61	62	23	)	)	PUNCT
arjefm-61	62	24	that	that	PRON
arjefm-61	62	25	discriminates	discriminate	VERB
arjefm-61	62	26	companies	company	NOUN
arjefm-61	62	27	that	that	PRON
arjefm-61	62	28	breach	breach	VERB
arjefm-61	62	29	their	their	PRON
arjefm-61	62	30	commitments	commitment	NOUN
arjefm-61	62	31	.	.	PUNCT
arjefm-61	63	1	the	the	DET
arjefm-61	63	2	model	model	NOUN
arjefm-61	63	3	was	be	AUX
arjefm-61	63	4	created	create	VERB
arjefm-61	63	5	by	by	ADP
arjefm-61	63	6	altman	altman	PROPN
arjefm-61	63	7	(	(	PUNCT
arjefm-61	63	8	1968)for	1968)for	PROPN
arjefm-61	63	9	predicting	predict	VERB
arjefm-61	63	10	bankruptcy	bankruptcy	NOUN
arjefm-61	63	11	.	.	PUNCT
arjefm-61	64	1	altman´s	altman´	VERB
arjefm-61	64	2	model	model	NOUN
arjefm-61	64	3	uses	use	VERB
arjefm-61	64	4	discriminant	discriminant	ADJ
arjefm-61	64	5	analysis	analysis	NOUN
arjefm-61	64	6	as	as	ADP
arjefm-61	64	7	a	a	DET
arjefm-61	64	8	multivariate	multivariate	NOUN
arjefm-61	64	9	statistical	statistical	ADJ
arjefm-61	64	10	technique	technique	NOUN
arjefm-61	64	11	that	that	PRON
arjefm-61	64	12	is	be	AUX
arjefm-61	64	13	a	a	DET
arjefm-61	64	14	sequential	sequential	ADJ
arjefm-61	64	15	process	process	NOUN
arjefm-61	64	16	in	in	ADP
arjefm-61	64	17	which	which	PRON
arjefm-61	64	18	the	the	DET
arjefm-61	64	19	analyst	analyst	NOUN
arjefm-61	64	20	excludes	exclude	VERB
arjefm-61	64	21	those	those	DET
arjefm-61	64	22	financial	financial	ADJ
arjefm-61	64	23	reasons	reason	NOUN
arjefm-61	64	24	that	that	PRON
arjefm-61	64	25	are	be	AUX
arjefm-61	64	26	not	not	PART
arjefm-61	64	27	statistically	statistically	ADV
arjefm-61	64	28	significant	significant	ADJ
arjefm-61	64	29	and	and	CCONJ
arjefm-61	64	30	include	include	VERB
arjefm-61	64	31	those	those	PRON
arjefm-61	64	32	that	that	PRON
arjefm-61	64	33	are	be	AUX
arjefm-61	64	34	considered	consider	VERB
arjefm-61	64	35	meaningful	meaningful	ADJ
arjefm-61	64	36	.	.	PUNCT
arjefm-61	65	1	the	the	DET
arjefm-61	65	2	author	author	NOUN
arjefm-61	65	3	considered	consider	VERB
arjefm-61	65	4	that	that	SCONJ
arjefm-61	65	5	the	the	DET
arjefm-61	65	6	model	model	NOUN
arjefm-61	65	7	above	above	ADV
arjefm-61	65	8	,	,	PUNCT
arjefm-61	65	9	required	require	VERB
arjefm-61	65	10	to	to	PART
arjefm-61	65	11	have	have	VERB
arjefm-61	65	12	risk	risk	NOUN
arjefm-61	65	13	measurement	measurement	NOUN
arjefm-61	65	14	,	,	PUNCT
arjefm-61	65	15	since	since	SCONJ
arjefm-61	65	16	the	the	DET
arjefm-61	65	17	factors	factor	NOUN
arjefm-61	65	18	of	of	ADP
arjefm-61	65	19	independent	independent	ADJ
arjefm-61	65	20	variables	variable	NOUN
arjefm-61	65	21	will	will	AUX
arjefm-61	65	22	enter	enter	VERB
arjefm-61	65	23	as	as	ADV
arjefm-61	65	24	numeric	numeric	ADJ
arjefm-61	65	25	variables	variable	NOUN
arjefm-61	65	26	that	that	PRON
arjefm-61	65	27	will	will	AUX
arjefm-61	65	28	qualify	qualify	VERB
arjefm-61	65	29	each	each	DET
arjefm-61	65	30	observation	observation	NOUN
arjefm-61	65	31	according	accord	VERB
arjefm-61	65	32	to	to	ADP
arjefm-61	65	33	the	the	DET
arjefm-61	65	34	company	company	NOUN
arjefm-61	65	35	,	,	PUNCT
arjefm-61	65	36	the	the	DET
arjefm-61	65	37	sector	sector	NOUN
arjefm-61	65	38	effect	effect	NOUN
arjefm-61	65	39	,	,	PUNCT
arjefm-61	65	40	me	i	PRON
arjefm-61	65	41	so	so	ADV
arjefm-61	65	42	economic	economic	ADJ
arjefm-61	65	43	environment	environment	NOUN
arjefm-61	65	44	and	and	CCONJ
arjefm-61	65	45	the	the	DET
arjefm-61	65	46	overall	overall	ADJ
arjefm-61	65	47	environment	environment	NOUN
arjefm-61	65	48	.	.	PUNCT
arjefm-61	66	1	consequently	consequently	ADV
arjefm-61	66	2	,	,	PUNCT
arjefm-61	66	3	the	the	DET
arjefm-61	66	4	dependent	dependent	ADJ
arjefm-61	66	5	variable	variable	NOUN
arjefm-61	66	6	of	of	ADP
arjefm-61	66	7	corporate	corporate	ADJ
arjefm-61	66	8	performance	performance	NOUN
arjefm-61	66	9	to	to	PART
arjefm-61	66	10	be	be	AUX
arjefm-61	66	11	used	use	VERB
arjefm-61	66	12	will	will	AUX
arjefm-61	66	13	be	be	AUX
arjefm-61	66	14	the	the	DET
arjefm-61	66	15	calculation	calculation	NOUN
arjefm-61	66	16	of	of	ADP
arjefm-61	66	17	altman	altman	PROPN
arjefm-61	66	18	z	z	PROPN
arjefm-61	66	19	model	model	PROPN
arjefm-61	66	20	,	,	PUNCT
arjefm-61	66	21	known	know	VERB
arjefm-61	66	22	as	as	ADP
arjefm-61	66	23	the	the	DET
arjefm-61	66	24	probability	probability	NOUN
arjefm-61	66	25	of	of	ADP
arjefm-61	66	26	bankruptcy	bankruptcy	NOUN
arjefm-61	66	27	.	.	PUNCT
arjefm-61	67	1	therefore	therefore	ADV
arjefm-61	67	2	,	,	PUNCT
arjefm-61	67	3	the	the	DET
arjefm-61	67	4	concept	concept	NOUN
arjefm-61	67	5	of	of	ADP
arjefm-61	67	6	risk	risk	NOUN
arjefm-61	67	7	is	be	AUX
arjefm-61	67	8	articulated	articulate	VERB
arjefm-61	67	9	in	in	ADP
arjefm-61	67	10	this	this	DET
arjefm-61	67	11	perspective	perspective	NOUN
arjefm-61	67	12	,	,	PUNCT
arjefm-61	67	13	with	with	ADP
arjefm-61	67	14	those	those	DET
arjefm-61	67	15	factors	factor	NOUN
arjefm-61	67	16	that	that	SCONJ
arjefm-61	67	17	at	at	ADP
arjefm-61	67	18	the	the	DET
arjefm-61	67	19	moment	moment	NOUN
arjefm-61	67	20	of	of	ADP
arjefm-61	67	21	doing	do	VERB
arjefm-61	67	22	an	an	DET
arjefm-61	67	23	internal	internal	ADJ
arjefm-61	67	24	or	or	CCONJ
arjefm-61	67	25	external	external	ADJ
arjefm-61	67	26	evaluation	evaluation	NOUN
arjefm-61	67	27	can	can	AUX
arjefm-61	67	28	affect	affect	VERB
arjefm-61	67	29	the	the	DET
arjefm-61	67	30	company	company	NOUN
arjefm-61	67	31	negatively	negatively	ADV
arjefm-61	67	32	.	.	PUNCT
arjefm-61	68	1	the	the	DET
arjefm-61	68	2	positive	positive	ADJ
arjefm-61	68	3	impact	impact	NOUN
arjefm-61	68	4	transforms	transform	VERB
arjefm-61	68	5	them	they	PRON
arjefm-61	68	6	into	into	ADP
arjefm-61	68	7	successful	successful	ADJ
arjefm-61	68	8	factors	factor	NOUN
arjefm-61	68	9	as	as	SCONJ
arjefm-61	68	10	alvarez	alvarez	PROPN
arjefm-61	68	11	and	and	CCONJ
arjefm-61	68	12	garcia	garcia	PROPN
arjefm-61	68	13	said	say	VERB
arjefm-61	68	14	in	in	ADP
arjefm-61	68	15	1996	1996	NUM
arjefm-61	68	16	.	.	PUNCT
arjefm-61	69	1	under	under	ADP
arjefm-61	69	2	these	these	DET
arjefm-61	69	3	proposals	proposal	NOUN
arjefm-61	69	4	,	,	PUNCT
arjefm-61	69	5	the	the	DET
arjefm-61	69	6	performance	performance	NOUN
arjefm-61	69	7	of	of	ADP
arjefm-61	69	8	this	this	DET
arjefm-61	69	9	work	work	NOUN
arjefm-61	69	10	has	have	AUX
arjefm-61	69	11	been	be	AUX
arjefm-61	69	12	considered	consider	VERB
arjefm-61	69	13	appropriate	appropriate	ADJ
arjefm-61	69	14	,	,	PUNCT
arjefm-61	69	15	since	since	SCONJ
arjefm-61	69	16	companies	company	NOUN
arjefm-61	69	17	can	can	AUX
arjefm-61	69	18	generate	generate	VERB
arjefm-61	69	19	agreements	agreement	NOUN
arjefm-61	69	20	based	base	VERB
arjefm-61	69	21	on	on	ADP
arjefm-61	69	22	the	the	DET
arjefm-61	69	23	results	result	NOUN
arjefm-61	69	24	presented	present	VERB
arjefm-61	69	25	by	by	ADP
arjefm-61	69	26	them	they	PRON
arjefm-61	69	27	,	,	PUNCT
arjefm-61	69	28	agreements	agreement	NOUN
arjefm-61	69	29	by	by	ADP
arjefm-61	69	30	which	which	PRON
arjefm-61	69	31	companies	company	NOUN
arjefm-61	69	32	can	can	AUX
arjefm-61	69	33	design	design	VERB
arjefm-61	69	34	necessary	necessary	ADJ
arjefm-61	69	35	tools	tool	NOUN
arjefm-61	69	36	,	,	PUNCT
arjefm-61	69	37	so	so	SCONJ
arjefm-61	69	38	they	they	PRON
arjefm-61	69	39	can	can	AUX
arjefm-61	69	40	anticipate	anticipate	VERB
arjefm-61	69	41	unfavorable	unfavorable	ADJ
arjefm-61	69	42	situations	situation	NOUN
arjefm-61	69	43	for	for	ADP
arjefm-61	69	44	the	the	DET
arjefm-61	69	45	company	company	NOUN
arjefm-61	69	46	that	that	PRON
arjefm-61	69	47	perhaps	perhaps	ADV
arjefm-61	69	48	can	can	AUX
arjefm-61	69	49	seriously	seriously	ADV
arjefm-61	69	50	affect	affect	VERB
arjefm-61	69	51	or	or	CCONJ
arjefm-61	69	52	compromise	compromise	VERB
arjefm-61	69	53	in	in	ADP
arjefm-61	69	54	a	a	DET
arjefm-61	69	55	short	short	ADJ
arjefm-61	69	56	or	or	CCONJ
arjefm-61	69	57	medium	medium	ADJ
arjefm-61	69	58	term	term	NOUN
arjefm-61	69	59	the	the	DET
arjefm-61	69	60	enterprise	enterprise	NOUN
arjefm-61	69	61	.	.	PUNCT
arjefm-61	70	1	therefore	therefore	ADV
arjefm-61	70	2	,	,	PUNCT
arjefm-61	70	3	those	those	DET
arjefm-61	70	4	signals	signal	NOUN
arjefm-61	70	5	are	be	AUX
arjefm-61	70	6	the	the	DET
arjefm-61	70	7	ones	one	NOUN
arjefm-61	70	8	that	that	PRON
arjefm-61	70	9	will	will	AUX
arjefm-61	70	10	allow	allow	VERB
arjefm-61	70	11	the	the	DET
arjefm-61	70	12	company	company	NOUN
arjefm-61	70	13	to	to	PART
arjefm-61	70	14	take	take	VERB
arjefm-61	70	15	appropriate	appropriate	ADJ
arjefm-61	70	16	decisions	decision	NOUN
arjefm-61	70	17	and	and	CCONJ
arjefm-61	70	18	act	act	VERB
arjefm-61	70	19	at	at	ADP
arjefm-61	70	20	the	the	DET
arjefm-61	70	21	right	right	ADJ
arjefm-61	70	22	time	time	NOUN
arjefm-61	70	23	.	.	PUNCT
arjefm-61	71	1	the	the	DET
arjefm-61	71	2	aim	aim	NOUN
arjefm-61	71	3	is	be	AUX
arjefm-61	71	4	to	to	PART
arjefm-61	71	5	provide	provide	VERB
arjefm-61	71	6	support	support	NOUN
arjefm-61	71	7	criteria	criterion	NOUN
arjefm-61	71	8	for	for	ADP
arjefm-61	71	9	decision	decision	NOUN
arjefm-61	71	10	-	-	PUNCT
arjefm-61	71	11	making	making	NOUN
arjefm-61	71	12	,	,	PUNCT
arjefm-61	71	13	this	this	PRON
arjefm-61	71	14	being	be	AUX
arjefm-61	71	15	the	the	DET
arjefm-61	71	16	cause	cause	NOUN
arjefm-61	71	17	that	that	PRON
arjefm-61	71	18	led	lead	VERB
arjefm-61	71	19	to	to	ADP
arjefm-61	71	20	the	the	DET
arjefm-61	71	21	search	search	NOUN
arjefm-61	71	22	for	for	ADP
arjefm-61	71	23	new	new	ADJ
arjefm-61	71	24	and	and	CCONJ
arjefm-61	71	25	better	well	ADJ
arjefm-61	71	26	alternative	alternative	ADJ
arjefm-61	71	27	solutions	solution	NOUN
arjefm-61	71	28	to	to	ADP
arjefm-61	71	29	organizational	organizational	ADJ
arjefm-61	71	30	problems	problem	NOUN
arjefm-61	71	31	of	of	ADP
arjefm-61	71	32	smes	sme	NOUN
arjefm-61	71	33	,	,	PUNCT
arjefm-61	71	34	in	in	ADP
arjefm-61	71	35	order	order	NOUN
arjefm-61	71	36	to	to	PART
arjefm-61	71	37	respond	respond	VERB
arjefm-61	71	38	to	to	ADP
arjefm-61	71	39	their	their	PRON
arjefm-61	71	40	needs	need	NOUN
arjefm-61	71	41	.	.	PUNCT
arjefm-61	72	1	one	one	NUM
arjefm-61	72	2	element	element	NOUN
arjefm-61	72	3	that	that	PRON
arjefm-61	72	4	brings	bring	VERB
arjefm-61	72	5	the	the	DET
arjefm-61	72	6	design	design	NOUN
arjefm-61	72	7	of	of	ADP
arjefm-61	72	8	this	this	DET
arjefm-61	72	9	tool	tool	NOUN
arjefm-61	72	10	within	within	ADP
arjefm-61	72	11	its	its	PRON
arjefm-61	72	12	methodology	methodology	NOUN
arjefm-61	72	13	is	be	AUX
arjefm-61	72	14	the	the	DET
arjefm-61	72	15	integral	integral	ADJ
arjefm-61	72	16	analysis	analysis	NOUN
arjefm-61	72	17	of	of	ADP
arjefm-61	72	18	the	the	DET
arjefm-61	72	19	financial	financial	ADJ
arjefm-61	72	20	indicators	indicator	NOUN
arjefm-61	72	21	that	that	PRON
arjefm-61	72	22	will	will	AUX
arjefm-61	72	23	be	be	AUX
arjefm-61	72	24	calculated	calculate	VERB
arjefm-61	72	25	,	,	PUNCT
arjefm-61	72	26	as	as	SCONJ
arjefm-61	72	27	they	they	PRON
arjefm-61	72	28	always	always	ADV
arjefm-61	72	29	are	be	AUX
arjefm-61	72	30	analyzed	analyze	VERB
arjefm-61	72	31	and	and	CCONJ
arjefm-61	72	32	evaluated	evaluate	VERB
arjefm-61	72	33	individually	individually	ADV
arjefm-61	72	34	in	in	ADP
arjefm-61	72	35	some	some	DET
arjefm-61	72	36	organizations	organization	NOUN
arjefm-61	72	37	.	.	PUNCT
arjefm-61	73	1	finance	finance	NOUN
arjefm-61	73	2	and	and	CCONJ
arjefm-61	73	3	financial	financial	ADJ
arjefm-61	73	4	risk	risk	NOUN
arjefm-61	73	5	in	in	ADP
arjefm-61	73	6	1973	1973	NUM
arjefm-61	73	7	after	after	ADP
arjefm-61	73	8	the	the	DET
arjefm-61	73	9	first	first	ADJ
arjefm-61	73	10	oil	oil	NOUN
arjefm-61	73	11	shock	shock	NOUN
arjefm-61	73	12	until	until	ADP
arjefm-61	73	13	today	today	NOUN
arjefm-61	73	14	,	,	PUNCT
arjefm-61	73	15	scientific	scientific	ADJ
arjefm-61	73	16	studies	study	NOUN
arjefm-61	73	17	on	on	ADP
arjefm-61	73	18	financial	financial	ADJ
arjefm-61	73	19	management	management	NOUN
arjefm-61	73	20	of	of	ADP
arjefm-61	73	21	the	the	DET
arjefm-61	73	22	company	company	NOUN
arjefm-61	73	23	have	have	AUX
arjefm-61	73	24	expanded	expand	VERB
arjefm-61	73	25	and	and	CCONJ
arjefm-61	73	26	deepened	deepen	VERB
arjefm-61	73	27	considerably	considerably	ADV
arjefm-61	73	28	.	.	PUNCT
arjefm-61	74	1	new	new	ADJ
arjefm-61	74	2	lines	line	NOUN
arjefm-61	74	3	of	of	ADP
arjefm-61	74	4	research	research	NOUN
arjefm-61	74	5	emerged	emerge	VERB
arjefm-61	74	6	as	as	ADP
arjefm-61	74	7	the	the	DET
arjefm-61	74	8	option	option	NOUN
arjefm-61	74	9	pricing	pricing	NOUN
arjefm-61	74	10	theory	theory	NOUN
arjefm-61	74	11	,	,	PUNCT
arjefm-61	74	12	arbitrage	arbitrage	NOUN
arjefm-61	74	13	pricing	pricing	NOUN
arjefm-61	74	14	theory	theory	NOUN
arjefm-61	74	15	and	and	CCONJ
arjefm-61	74	16	agency	agency	NOUN
arjefm-61	74	17	theory	theory	NOUN
arjefm-61	74	18	.	.	PUNCT
arjefm-61	75	1	in	in	ADP
arjefm-61	75	2	the	the	DET
arjefm-61	75	3	eighties	eighty	NOUN
arjefm-61	75	4	and	and	CCONJ
arjefm-61	75	5	nineties	ninety	NOUN
arjefm-61	75	6	,	,	PUNCT
arjefm-61	75	7	the	the	DET
arjefm-61	75	8	theoretical	theoretical	ADJ
arjefm-61	75	9	and	and	CCONJ
arjefm-61	75	10	methodological	methodological	ADJ
arjefm-61	75	11	investigation	investigation	NOUN
arjefm-61	75	12	of	of	ADP
arjefm-61	75	13	the	the	DET
arjefm-61	75	14	aspects	aspect	NOUN
arjefm-61	75	15	above	above	ADV
arjefm-61	75	16	was	be	AUX
arjefm-61	75	17	brilliant	brilliant	ADJ
arjefm-61	75	18	,	,	PUNCT
arjefm-61	75	19	as	as	ADV
arjefm-61	75	20	well	well	ADV
arjefm-61	75	21	as	as	ADP
arjefm-61	75	22	the	the	DET
arjefm-61	75	23	diversity	diversity	NOUN
arjefm-61	75	24	of	of	ADP
arjefm-61	75	25	empirical	empirical	ADJ
arjefm-61	75	26	validations	validation	NOUN
arjefm-61	75	27	,	,	PUNCT
arjefm-61	75	28	with	with	ADP
arjefm-61	75	29	sophisticated	sophisticated	ADJ
arjefm-61	75	30	valuation	valuation	NOUN
arjefm-61	75	31	models	model	NOUN
arjefm-61	75	32	and	and	CCONJ
arjefm-61	75	33	mathematical	mathematical	ADJ
arjefm-61	75	34	techniques	technique	NOUN
arjefm-61	75	35	and	and	CCONJ
arjefm-61	75	36	widespread	widespread	ADJ
arjefm-61	75	37	use	use	NOUN
arjefm-61	75	38	of	of	ADP
arjefm-61	75	39	information	information	NOUN
arjefm-61	75	40	technology	technology	NOUN
arjefm-61	75	41	.	.	PUNCT
arjefm-61	76	1	in	in	ADP
arjefm-61	76	2	addition	addition	NOUN
arjefm-61	76	3	,	,	PUNCT
arjefm-61	76	4	it	it	PRON
arjefm-61	76	5	is	be	AUX
arjefm-61	76	6	deepened	deepen	VERB
arjefm-61	76	7	in	in	ADP
arjefm-61	76	8	research	research	NOUN
arjefm-61	76	9	streams	stream	NOUN
arjefm-61	76	10	as	as	ADP
arjefm-61	76	11	the	the	DET
arjefm-61	76	12	agency	agency	NOUN
arjefm-61	76	13	theory	theory	NOUN
arjefm-61	76	14	and	and	CCONJ
arjefm-61	76	15	methodology	methodology	NOUN
arjefm-61	76	16	provided	provide	VERB
arjefm-61	76	17	by	by	ADP
arjefm-61	76	18	the	the	DET
arjefm-61	76	19	theory	theory	NOUN
arjefm-61	76	20	of	of	ADP
arjefm-61	76	21	fuzzy	fuzzy	ADJ
arjefm-61	76	22	sets	set	NOUN
arjefm-61	76	23	applied	apply	VERB
arjefm-61	76	24	to	to	ADP
arjefm-61	76	25	the	the	DET
arjefm-61	76	26	financial	financial	ADJ
arjefm-61	76	27	subsystem	subsystem	NOUN
arjefm-61	76	28	in	in	ADP
arjefm-61	76	29	an	an	DET
arjefm-61	76	30	atmosphere	atmosphere	NOUN
arjefm-61	76	31	of	of	ADP
arjefm-61	76	32	uncertainty	uncertainty	NOUN
arjefm-61	76	33	with	with	ADP
arjefm-61	76	34	significant	significant	ADJ
arjefm-61	76	35	results	result	NOUN
arjefm-61	76	36	.	.	PUNCT
arjefm-61	77	1	interest	interest	NOUN
arjefm-61	77	2	is	be	AUX
arjefm-61	77	3	bolstered	bolster	VERB
arjefm-61	77	4	by	by	ADP
arjefm-61	77	5	the	the	DET
arjefm-61	77	6	internationalization	internationalization	NOUN
arjefm-61	77	7	of	of	ADP
arjefm-61	77	8	phenomena	phenomenon	NOUN
arjefm-61	77	9	and	and	CCONJ
arjefm-61	77	10	financial	financial	ADJ
arjefm-61	77	11	decisions	decision	NOUN
arjefm-61	77	12	,	,	PUNCT
arjefm-61	77	13	leading	lead	VERB
arjefm-61	77	14	to	to	ADP
arjefm-61	77	15	many	many	ADJ
arjefm-61	77	16	studies	study	NOUN
arjefm-61	77	17	on	on	ADP
arjefm-61	77	18	issues	issue	NOUN
arjefm-61	77	19	such	such	ADJ
arjefm-61	77	20	as	as	ADP
arjefm-61	77	21	political	political	ADJ
arjefm-61	77	22	risk	risk	NOUN
arjefm-61	77	23	and	and	CCONJ
arjefm-61	77	24	the	the	DET
arjefm-61	77	25	risk	risk	NOUN
arjefm-61	77	26	of	of	ADP
arjefm-61	77	27	variability	variability	NOUN
arjefm-61	77	28	in	in	ADP
arjefm-61	77	29	the	the	DET
arjefm-61	77	30	exchange	exchange	NOUN
arjefm-61	77	31	rate	rate	NOUN
arjefm-61	77	32	of	of	ADP
arjefm-61	77	33	the	the	DET
arjefm-61	77	34	currencies	currency	NOUN
arjefm-61	77	35	in	in	ADP
arjefm-61	77	36	which	which	PRON
arjefm-61	77	37	international	international	ADJ
arjefm-61	77	38	finance	finance	NOUN
arjefm-61	77	39	management	management	NOUN
arjefm-61	77	40	operates	operate	VERB
arjefm-61	77	41	.	.	PUNCT
arjefm-61	78	1	also	also	ADV
arjefm-61	78	2	,	,	PUNCT
arjefm-61	78	3	to	to	PART
arjefm-61	78	4	overcome	overcome	VERB
arjefm-61	78	5	some	some	DET
arjefm-61	78	6	criticism	criticism	NOUN
arjefm-61	78	7	of	of	ADP
arjefm-61	78	8	the	the	DET
arjefm-61	78	9	capm	capm	PROPN
arjefm-61	78	10	the	the	DET
arjefm-61	78	11	ecapm	ecapm	NOUN
arjefm-61	78	12	has	have	AUX
arjefm-61	78	13	emerged	emerge	VERB
arjefm-61	78	14	"	"	PUNCT
arjefm-61	78	15	porgue	porgue	NOUN
arjefm-61	78	16	"	"	PUNCT
arjefm-61	78	17	in	in	ADP
arjefm-61	78	18	which	which	PRON
arjefm-61	78	19	initial	initial	ADJ
arjefm-61	78	20	work	work	NOUN
arjefm-61	78	21	in	in	ADP
arjefm-61	78	22	an	an	DET
arjefm-61	78	23	international	international	ADJ
arjefm-61	78	24	context	context	NOUN
arjefm-61	78	25	referred	refer	VERB
arjefm-61	78	26	to	to	ADP
arjefm-61	78	27	pipeline	pipeline	NOUN
arjefm-61	78	28	companies	company	NOUN
arjefm-61	78	29	,	,	PUNCT
arjefm-61	78	30	and	and	CCONJ
arjefm-61	78	31	expanded	expand	VERB
arjefm-61	78	32	later	later	ADV
arjefm-61	78	33	by	by	ADP
arjefm-61	78	34	litzenberg	litzenberg	ADJ
arjefm-61	78	35	,	,	PUNCT
arjefm-61	78	36	ramaswamy	ramaswamy	ADJ
arjefm-61	78	37	and	and	CCONJ
arjefm-61	78	38	sosin	sosin	PROPN
arjefm-61	78	39	(	(	PUNCT
arjefm-61	78	40	1980	1980	NUM
arjefm-61	78	41	)	)	PUNCT
arjefm-61	78	42	.	.	PUNCT
arjefm-61	79	1	risk	risk	NOUN
arjefm-61	79	2	management	management	NOUN
arjefm-61	79	3	,	,	PUNCT
arjefm-61	79	4	evidence	evidence	NOUN
arjefm-61	79	5	on	on	ADP
arjefm-61	79	6	risk	risk	NOUN
arjefm-61	79	7	hedges	hedge	NOUN
arjefm-61	79	8	.	.	PUNCT
arjefm-61	80	1	hull	hull	NOUN
arjefm-61	80	2	(	(	PUNCT
arjefm-61	80	3	1980	1980	NUM
arjefm-61	80	4	2002	2002	NUM
arjefm-61	80	5	)	)	PUNCT
arjefm-61	80	6	;	;	PUNCT
arjefm-61	80	7	and	and	CCONJ
arjefm-61	80	8	later	later	ADV
arjefm-61	80	9	diez	diez	PROPN
arjefm-61	80	10	de	de	PROPN
arjefm-61	80	11	castro	castro	PROPN
arjefm-61	80	12	&	&	CCONJ
arjefm-61	80	13	mascareñas	mascareñas	NOUN
arjefm-61	80	14	(	(	PUNCT
arjefm-61	80	15	1994	1994	NUM
arjefm-61	80	16	)	)	PUNCT
arjefm-61	80	17	,	,	PUNCT
arjefm-61	80	18	izquierdo	izquierdo	PROPN
arjefm-61	80	19	(	(	PUNCT
arjefm-61	80	20	2004	2004	NUM
arjefm-61	80	21	)	)	PUNCT
arjefm-61	80	22	.	.	PUNCT
arjefm-61	81	1	regarding	regard	VERB
arjefm-61	81	2	,	,	PUNCT
arjefm-61	81	3	financial	financial	ADJ
arjefm-61	81	4	structure	structure	NOUN
arjefm-61	81	5	,	,	PUNCT
arjefm-61	81	6	de	de	X
arjefm-61	81	7	angelo	angelo	PROPN
arjefm-61	81	8	and	and	CCONJ
arjefm-61	81	9	masulis	masulis	PROPN
arjefm-61	81	10	(	(	PUNCT
arjefm-61	81	11	1980	1980	NUM
arjefm-61	81	12	)	)	PUNCT
arjefm-61	81	13	admit	admit	VERB
arjefm-61	81	14	the	the	DET
arjefm-61	81	15	existence	existence	NOUN
arjefm-61	81	16	of	of	ADP
arjefm-61	81	17	an	an	DET
arjefm-61	81	18	optimal	optimal	ADJ
arjefm-61	81	19	financial	financial	ADJ
arjefm-61	81	20	structure	structure	NOUN
arjefm-61	81	21	contemplating	contemplate	VERB
arjefm-61	81	22	the	the	DET
arjefm-61	81	23	effects	effect	NOUN
arjefm-61	81	24	of	of	ADP
arjefm-61	81	25	taxation	taxation	NOUN
arjefm-61	81	26	,	,	PUNCT
arjefm-61	81	27	amortization	amortization	NOUN
arjefm-61	81	28	and	and	CCONJ
arjefm-61	81	29	private	private	ADJ
arjefm-61	81	30	investments	investment	NOUN
arjefm-61	81	31	of	of	ADP
arjefm-61	81	32	each	each	DET
arjefm-61	81	33	company	company	NOUN
arjefm-61	81	34	.	.	PUNCT
arjefm-61	82	1	ross	ross	PROPN
arjefm-61	82	2	(	(	PUNCT
arjefm-61	82	3	1985	1985	NUM
arjefm-61	82	4	)	)	PUNCT
arjefm-61	82	5	adopts	adopt	VERB
arjefm-61	82	6	a	a	DET
arjefm-61	82	7	position	position	NOUN
arjefm-61	82	8	in	in	ADP
arjefm-61	82	9	the	the	DET
arjefm-61	82	10	same	same	ADJ
arjefm-61	82	11	direction	direction	NOUN
arjefm-61	82	12	in	in	ADP
arjefm-61	82	13	risk	risk	NOUN
arjefm-61	82	14	conditions	condition	NOUN
arjefm-61	82	15	and	and	CCONJ
arjefm-61	82	16	perfect	perfect	ADJ
arjefm-61	82	17	market	market	NOUN
arjefm-61	82	18	.	.	PUNCT
arjefm-61	83	1	regarding	regard	VERB
arjefm-61	83	2	dividend	dividend	NOUN
arjefm-61	83	3	policy	policy	NOUN
arjefm-61	83	4	,	,	PUNCT
arjefm-61	83	5	the	the	DET
arjefm-61	83	6	work	work	NOUN
arjefm-61	83	7	of	of	ADP
arjefm-61	83	8	jalilvand	jalilvand	NOUN
arjefm-61	83	9	and	and	CCONJ
arjefm-61	83	10	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	83	11	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	83	12	american	american	PROPN
arjefm-61	83	13	research	research	PROPN
arjefm-61	83	14	journal	journal	PROPN
arjefm-61	83	15	of	of	ADP
arjefm-61	83	16	economics	economic	NOUN
arjefm-61	83	17	,	,	PUNCT
arjefm-61	83	18	finance	finance	NOUN
arjefm-61	83	19	and	and	CCONJ
arjefm-61	83	20	management	management	NOUN
arjefm-61	83	21	volume	volume	NOUN
arjefm-61	83	22	10	10	NUM
arjefm-61	83	23	issue	issue	NOUN
arjefm-61	83	24	1	1	NUM
arjefm-61	83	25	,	,	PUNCT
arjefm-61	83	26	january	january	PROPN
arjefm-61	83	27	-	-	PUNCT
arjefm-61	83	28	march	march	PROPN
arjefm-61	83	29	2022	2022	NUM
arjefm-61	83	30	issn	issn	NOUN
arjefm-61	83	31	:	:	PUNCT
arjefm-61	83	32	2836	2836	NUM
arjefm-61	83	33	-	-	SYM
arjefm-61	83	34	9416	9416	NUM
arjefm-61	83	35	impact	impact	NOUN
arjefm-61	83	36	factor	factor	NOUN
arjefm-61	83	37	:	:	PUNCT
arjefm-61	83	38	4.85	4.85	NUM
arjefm-61	83	39	journal	journal	NOUN
arjefm-61	83	40	homepage	homepage	NOUN
arjefm-61	83	41	:	:	PUNCT
arjefm-61	83	42	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	83	43	,	,	PUNCT
arjefm-61	83	44	email	email	NOUN
arjefm-61	83	45	:	:	PUNCT
arjefm-61	83	46	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-61	83	47	official	official	ADJ
arjefm-61	83	48	journal	journal	PROPN
arjefm-61	83	49	of	of	ADP
arjefm-61	83	50	america	america	PROPN
arjefm-61	83	51	serial	serial	PROPN
arjefm-61	83	52	publication	publication	NOUN
arjefm-61	83	53	american	american	PROPN
arjefm-61	83	54	research	research	PROPN
arjefm-61	83	55	journal	journal	PROPN
arjefm-61	83	56	of	of	ADP
arjefm-61	83	57	economics	economic	NOUN
arjefm-61	83	58	,	,	PUNCT
arjefm-61	83	59	finance	finance	NOUN
arjefm-61	83	60	and	and	CCONJ
arjefm-61	83	61	management	management	NOUN
arjefm-61	83	62	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	83	63	,	,	PUNCT
arjefm-61	83	64	email	email	NOUN
arjefm-61	83	65	:	:	PUNCT
arjefm-61	84	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	84	2	30	30	NUM
arjefm-61	85	1	|	|	ADV
arjefm-61	85	2	p	p	NOUN
arjefm-61	85	3	a	a	DET
arjefm-61	85	4	g	g	PROPN
arjefm-61	85	5	e	e	PROPN
arjefm-61	85	6	harris	harris	PROPN
arjefm-61	85	7	(	(	PUNCT
arjefm-61	85	8	1984	1984	NUM
arjefm-61	85	9	)	)	PUNCT
arjefm-61	85	10	is	be	AUX
arjefm-61	85	11	remarkable	remarkable	ADJ
arjefm-61	85	12	,	,	PUNCT
arjefm-61	85	13	they	they	PRON
arjefm-61	85	14	conclude	conclude	VERB
arjefm-61	85	15	that	that	SCONJ
arjefm-61	85	16	market	market	NOUN
arjefm-61	85	17	imperfections	imperfection	NOUN
arjefm-61	85	18	may	may	AUX
arjefm-61	85	19	involve	involve	VERB
arjefm-61	85	20	interdependencies	interdependency	NOUN
arjefm-61	85	21	among	among	ADP
arjefm-61	85	22	investment	investment	NOUN
arjefm-61	85	23	decisions	decision	NOUN
arjefm-61	85	24	,	,	PUNCT
arjefm-61	85	25	financing	financing	NOUN
arjefm-61	85	26	and	and	CCONJ
arjefm-61	85	27	dividends	dividend	NOUN
arjefm-61	85	28	.	.	PUNCT
arjefm-61	86	1	on	on	ADP
arjefm-61	86	2	the	the	DET
arjefm-61	86	3	fiscal	fiscal	ADJ
arjefm-61	86	4	impact	impact	NOUN
arjefm-61	86	5	on	on	ADP
arjefm-61	86	6	the	the	DET
arjefm-61	86	7	dividend	dividend	NOUN
arjefm-61	86	8	policy	policy	NOUN
arjefm-61	86	9	poterba	poterba	NOUN
arjefm-61	86	10	and	and	CCONJ
arjefm-61	86	11	summers	summer	NOUN
arjefm-61	86	12	(	(	PUNCT
arjefm-61	86	13	1984	1984	NUM
arjefm-61	86	14	)	)	PUNCT
arjefm-61	86	15	conclude	conclude	VERB
arjefm-61	86	16	a	a	DET
arjefm-61	86	17	higher	high	ADJ
arjefm-61	86	18	taxation	taxation	NOUN
arjefm-61	86	19	of	of	ADP
arjefm-61	86	20	dividends	dividend	NOUN
arjefm-61	86	21	versus	versus	ADP
arjefm-61	86	22	capital	capital	NOUN
arjefm-61	86	23	gains	gain	NOUN
arjefm-61	86	24	.	.	PUNCT
arjefm-61	87	1	moreover	moreover	ADV
arjefm-61	87	2	,	,	PUNCT
arjefm-61	87	3	sarig	sarig	NOUN
arjefm-61	87	4	and	and	CCONJ
arjefm-61	87	5	scott	scott	PROPN
arjefm-61	87	6	(	(	PUNCT
arjefm-61	87	7	1985	1985	NUM
arjefm-61	87	8	)	)	PUNCT
arjefm-61	87	9	are	be	AUX
arjefm-61	87	10	positioned	position	VERB
arjefm-61	87	11	in	in	ADP
arjefm-61	87	12	a	a	DET
arjefm-61	87	13	similar	similar	ADJ
arjefm-61	87	14	line	line	NOUN
arjefm-61	87	15	to	to	PART
arjefm-61	87	16	dim	dim	VERB
arjefm-61	87	17	,	,	PUNCT
arjefm-61	87	18	lewellen	lewellen	NOUN
arjefm-61	87	19	and	and	CCONJ
arjefm-61	87	20	mcconnell	mcconnell	PROPN
arjefm-61	87	21	,	,	PUNCT
arjefm-61	87	22	reaffirming	reaffirm	VERB
arjefm-61	87	23	the	the	DET
arjefm-61	87	24	phenomenon	phenomenon	NOUN
arjefm-61	87	25	of	of	ADP
arjefm-61	87	26	different	different	ADJ
arjefm-61	87	27	segments	segment	NOUN
arjefm-61	87	28	or	or	CCONJ
arjefm-61	87	29	clienteles	clientele	NOUN
arjefm-61	87	30	about	about	ADP
arjefm-61	87	31	the	the	DET
arjefm-61	87	32	apt	apt	ADJ
arjefm-61	87	33	,	,	PUNCT
arjefm-61	87	34	new	new	ADJ
arjefm-61	87	35	researches	research	NOUN
arjefm-61	87	36	continue	continue	VERB
arjefm-61	87	37	being	be	AUX
arjefm-61	87	38	added	add	VERB
arjefm-61	87	39	such	such	ADJ
arjefm-61	87	40	as	as	ADP
arjefm-61	87	41	roll	roll	NOUN
arjefm-61	87	42	and	and	CCONJ
arjefm-61	87	43	ross	ross	PROPN
arjefm-61	87	44	(	(	PUNCT
arjefm-61	87	45	1980	1980	NUM
arjefm-61	87	46	,	,	PUNCT
arjefm-61	87	47	1984	1984	NUM
arjefm-61	87	48	)	)	PUNCT
arjefm-61	87	49	using	use	VERB
arjefm-61	87	50	the	the	DET
arjefm-61	87	51	multivariate	multivariate	NOUN
arjefm-61	87	52	analysis	analysis	NOUN
arjefm-61	87	53	,	,	PUNCT
arjefm-61	87	54	this	this	DET
arjefm-61	87	55	last	last	ADJ
arjefm-61	87	56	one	one	NOUN
arjefm-61	87	57	subjected	subject	VERB
arjefm-61	87	58	to	to	ADP
arjefm-61	87	59	criticisms	criticism	NOUN
arjefm-61	87	60	as	as	ADP
arjefm-61	87	61	dhrymes	dhryme	NOUN
arjefm-61	87	62	,	,	PUNCT
arjefm-61	87	63	friend	friend	NOUN
arjefm-61	87	64	and	and	CCONJ
arjefm-61	87	65	gultekin	gultekin	NOUN
arjefm-61	87	66	(	(	PUNCT
arjefm-61	87	67	1984	1984	NUM
arjefm-61	87	68	)	)	PUNCT
arjefm-61	87	69	.	.	PUNCT
arjefm-61	88	1	it	it	PRON
arjefm-61	88	2	is	be	AUX
arjefm-61	88	3	also	also	ADV
arjefm-61	88	4	remarkable	remarkable	ADJ
arjefm-61	88	5	that	that	SCONJ
arjefm-61	88	6	during	during	ADP
arjefm-61	88	7	these	these	DET
arjefm-61	88	8	years	year	NOUN
arjefm-61	88	9	many	many	ADJ
arjefm-61	88	10	studies	study	NOUN
arjefm-61	88	11	among	among	ADP
arjefm-61	88	12	supporters	supporter	NOUN
arjefm-61	88	13	of	of	ADP
arjefm-61	88	14	capm	capm	PROPN
arjefm-61	88	15	have	have	AUX
arjefm-61	88	16	been	be	AUX
arjefm-61	88	17	conducted	conduct	VERB
arjefm-61	88	18	,	,	PUNCT
arjefm-61	88	19	as	as	ADP
arjefm-61	88	20	tinic	tinic	ADJ
arjefm-61	88	21	and	and	CCONJ
arjefm-61	88	22	west	west	PROPN
arjefm-61	88	23	(	(	PUNCT
arjefm-61	88	24	1984.1986	1984.1986	NUM
arjefm-61	88	25	)	)	PUNCT
arjefm-61	88	26	,	,	PUNCT
arjefm-61	88	27	and	and	CCONJ
arjefm-61	88	28	on	on	ADP
arjefm-61	88	29	apt	apt	ADJ
arjefm-61	88	30	,	,	PUNCT
arjefm-61	88	31	gultekin	gultekin	NOUN
arjefm-61	88	32	and	and	CCONJ
arjefm-61	88	33	gultekin	gultekin	PROPN
arjefm-61	88	34	(	(	PUNCT
arjefm-61	88	35	1987	1987	NUM
arjefm-61	88	36	,	,	PUNCT
arjefm-61	88	37	1989	1989	NUM
arjefm-61	88	38	)	)	PUNCT
arjefm-61	88	39	without	without	ADP
arjefm-61	88	40	reaching	reach	VERB
arjefm-61	88	41	definitive	definitive	ADJ
arjefm-61	88	42	conclusions	conclusion	NOUN
arjefm-61	88	43	about	about	ADP
arjefm-61	88	44	which	which	PRON
arjefm-61	88	45	of	of	ADP
arjefm-61	88	46	the	the	DET
arjefm-61	88	47	two	two	NUM
arjefm-61	88	48	models	model	NOUN
arjefm-61	88	49	is	be	AUX
arjefm-61	88	50	better	well	ADJ
arjefm-61	88	51	,	,	PUNCT
arjefm-61	88	52	both	both	CCONJ
arjefm-61	88	53	in	in	ADP
arjefm-61	88	54	national	national	ADJ
arjefm-61	88	55	and	and	CCONJ
arjefm-61	88	56	in	in	ADP
arjefm-61	88	57	the	the	DET
arjefm-61	88	58	international	international	ADJ
arjefm-61	88	59	version	version	NOUN
arjefm-61	88	60	.	.	PUNCT
arjefm-61	89	1	titman	titman	NOUN
arjefm-61	89	2	and	and	CCONJ
arjefm-61	89	3	wesseles	wessele	NOUN
arjefm-61	89	4	(	(	PUNCT
arjefm-61	89	5	1989	1989	NUM
arjefm-61	89	6	)	)	PUNCT
arjefm-61	89	7	verify	verify	VERB
arjefm-61	89	8	the	the	DET
arjefm-61	89	9	apt	apt	ADJ
arjefm-61	89	10	and	and	CCONJ
arjefm-61	89	11	conduct	conduct	VERB
arjefm-61	89	12	empirical	empirical	ADJ
arjefm-61	89	13	research	research	NOUN
arjefm-61	89	14	on	on	ADP
arjefm-61	89	15	capital	capital	NOUN
arjefm-61	89	16	structure	structure	NOUN
arjefm-61	89	17	,	,	PUNCT
arjefm-61	89	18	in	in	ADP
arjefm-61	89	19	which	which	PRON
arjefm-61	89	20	they	they	PRON
arjefm-61	89	21	draw	draw	VERB
arjefm-61	89	22	conclusions	conclusion	NOUN
arjefm-61	89	23	such	such	ADJ
arjefm-61	89	24	as	as	ADP
arjefm-61	89	25	that	that	DET
arjefm-61	89	26	transaction	transaction	NOUN
arjefm-61	89	27	costs	cost	NOUN
arjefm-61	89	28	can	can	AUX
arjefm-61	89	29	be	be	AUX
arjefm-61	89	30	an	an	DET
arjefm-61	89	31	important	important	ADJ
arjefm-61	89	32	determinant	determinant	ADJ
arjefm-61	89	33	in	in	ADP
arjefm-61	89	34	the	the	DET
arjefm-61	89	35	choice	choice	NOUN
arjefm-61	89	36	of	of	ADP
arjefm-61	89	37	the	the	DET
arjefm-61	89	38	capital	capital	NOUN
arjefm-61	89	39	structure	structure	NOUN
arjefm-61	89	40	,	,	PUNCT
arjefm-61	89	41	especially	especially	ADV
arjefm-61	89	42	in	in	ADP
arjefm-61	89	43	small	small	ADJ
arjefm-61	89	44	businesses	business	NOUN
arjefm-61	89	45	by	by	ADP
arjefm-61	89	46	issuing	issue	VERB
arjefm-61	89	47	long	long	ADJ
arjefm-61	89	48	-	-	PUNCT
arjefm-61	89	49	term	term	NOUN
arjefm-61	89	50	financial	financial	ADJ
arjefm-61	89	51	instruments	instrument	NOUN
arjefm-61	89	52	.	.	PUNCT
arjefm-61	90	1	leland	leland	PROPN
arjefm-61	90	2	(	(	PUNCT
arjefm-61	90	3	1994)5	1994)5	NUM
arjefm-61	90	4	in	in	ADP
arjefm-61	90	5	the	the	DET
arjefm-61	90	6	search	search	NOUN
arjefm-61	90	7	of	of	ADP
arjefm-61	90	8	the	the	DET
arjefm-61	90	9	optimal	optimal	ADJ
arjefm-61	90	10	financial	financial	ADJ
arjefm-61	90	11	structure	structure	NOUN
arjefm-61	90	12	finds	find	VERB
arjefm-61	90	13	that	that	SCONJ
arjefm-61	90	14	the	the	DET
arjefm-61	90	15	value	value	NOUN
arjefm-61	90	16	of	of	ADP
arjefm-61	90	17	debt	debt	NOUN
arjefm-61	90	18	and	and	CCONJ
arjefm-61	90	19	optical	optical	ADJ
arjefm-61	90	20	indebtedness	indebtedness	NOUN
arjefm-61	90	21	are	be	AUX
arjefm-61	90	22	explicitly	explicitly	ADV
arjefm-61	90	23	connected	connect	VERB
arjefm-61	90	24	with	with	ADP
arjefm-61	90	25	the	the	DET
arjefm-61	90	26	risk	risk	NOUN
arjefm-61	90	27	of	of	ADP
arjefm-61	90	28	the	the	DET
arjefm-61	90	29	company	company	NOUN
arjefm-61	90	30	,	,	PUNCT
arjefm-61	90	31	taxes	taxis	NOUN
arjefm-61	90	32	,	,	PUNCT
arjefm-61	90	33	bankruptcy	bankruptcy	NOUN
arjefm-61	90	34	costs	cost	NOUN
arjefm-61	90	35	,	,	PUNCT
arjefm-61	90	36	the	the	DET
arjefm-61	90	37	free	free	ADJ
arjefm-61	90	38	rate	rate	NOUN
arjefm-61	90	39	risk	risk	NOUN
arjefm-61	90	40	and	and	CCONJ
arjefm-61	90	41	payout	payout	ADJ
arjefm-61	90	42	ratios	ratio	NOUN
arjefm-61	90	43	.	.	PUNCT
arjefm-61	91	1	fama	fama	PROPN
arjefm-61	91	2	and	and	CCONJ
arjefm-61	91	3	french	french	ADJ
arjefm-61	91	4	in	in	ADP
arjefm-61	91	5	1992	1992	NUM
arjefm-61	91	6	revealed	reveal	VERB
arjefm-61	91	7	important	important	ADJ
arjefm-61	91	8	findings	finding	NOUN
arjefm-61	91	9	in	in	ADP
arjefm-61	91	10	this	this	DET
arjefm-61	91	11	regard	regard	NOUN
arjefm-61	91	12	and	and	CCONJ
arjefm-61	91	13	concluded	conclude	VERB
arjefm-61	91	14	that	that	SCONJ
arjefm-61	91	15	in	in	ADP
arjefm-61	91	16	the	the	DET
arjefm-61	91	17	american	american	ADJ
arjefm-61	91	18	market	market	NOUN
arjefm-61	91	19	for	for	ADP
arjefm-61	91	20	non	non	ADJ
arjefm-61	91	21	-	-	ADJ
arjefm-61	91	22	financial	financial	ADJ
arjefm-61	91	23	firms	firm	NOUN
arjefm-61	91	24	there	there	PRON
arjefm-61	91	25	is	be	VERB
arjefm-61	91	26	a	a	DET
arjefm-61	91	27	weak	weak	ADJ
arjefm-61	91	28	positive	positive	ADJ
arjefm-61	91	29	relationship	relationship	NOUN
arjefm-61	91	30	between	between	ADP
arjefm-61	91	31	the	the	DET
arjefm-61	91	32	average	average	ADJ
arjefm-61	91	33	and	and	CCONJ
arjefm-61	91	34	beta	beta	ADJ
arjefm-61	91	35	profitability	profitability	NOUN
arjefm-61	91	36	.	.	PUNCT
arjefm-61	92	1	these	these	DET
arjefm-61	92	2	same	same	ADJ
arjefm-61	92	3	authors	author	NOUN
arjefm-61	92	4	in	in	ADP
arjefm-61	92	5	1995	1995	NUM
arjefm-61	92	6	try	try	VERB
arjefm-61	92	7	to	to	PART
arjefm-61	92	8	detect	detect	VERB
arjefm-61	92	9	whether	whether	SCONJ
arjefm-61	92	10	the	the	DET
arjefm-61	92	11	behavior	behavior	NOUN
arjefm-61	92	12	of	of	ADP
arjefm-61	92	13	asset	asset	NOUN
arjefm-61	92	14	prices	price	NOUN
arjefm-61	92	15	in	in	ADP
arjefm-61	92	16	relation	relation	NOUN
arjefm-61	92	17	to	to	ADP
arjefm-61	92	18	the	the	DET
arjefm-61	92	19	previous	previous	ADJ
arjefm-61	92	20	ratio	ratio	NOUN
arjefm-61	92	21	,	,	PUNCT
arjefm-61	92	22	reflects	reflect	VERB
arjefm-61	92	23	the	the	DET
arjefm-61	92	24	behavior	behavior	NOUN
arjefm-61	92	25	of	of	ADP
arjefm-61	92	26	the	the	DET
arjefm-61	92	27	benefits	benefit	NOUN
arjefm-61	92	28	.	.	PUNCT
arjefm-61	93	1	however	however	ADV
arjefm-61	93	2	,	,	PUNCT
arjefm-61	93	3	definitive	definitive	ADJ
arjefm-61	93	4	and	and	CCONJ
arjefm-61	93	5	satisfactory	satisfactory	ADJ
arjefm-61	93	6	conclusions	conclusion	NOUN
arjefm-61	93	7	were	be	AUX
arjefm-61	93	8	not	not	PART
arjefm-61	93	9	drawn	draw	VERB
arjefm-61	93	10	,	,	PUNCT
arjefm-61	93	11	making	make	VERB
arjefm-61	93	12	necessary	necessary	ADJ
arjefm-61	93	13	other	other	ADJ
arjefm-61	93	14	researches	research	NOUN
arjefm-61	93	15	.	.	PUNCT
arjefm-61	94	1	daniel	daniel	PROPN
arjefm-61	94	2	and	and	CCONJ
arjefm-61	94	3	titman(1997	titman(1997	ADV
arjefm-61	94	4	)	)	PUNCT
arjefm-61	94	5	reexamined	reexamine	VERB
arjefm-61	94	6	the	the	DET
arjefm-61	94	7	fama	fama	NOUN
arjefm-61	94	8	and	and	CCONJ
arjefm-61	94	9	french	french	ADJ
arjefm-61	94	10	model	model	NOUN
arjefm-61	94	11	.	.	PUNCT
arjefm-61	95	1	they	they	PRON
arjefm-61	95	2	argue	argue	VERB
arjefm-61	95	3	that	that	SCONJ
arjefm-61	95	4	the	the	DET
arjefm-61	95	5	characteristics	characteristic	NOUN
arjefm-61	95	6	rather	rather	ADV
arjefm-61	95	7	than	than	ADP
arjefm-61	95	8	the	the	DET
arjefm-61	95	9	betas	beta	NOUN
arjefm-61	95	10	determine	determine	VERB
arjefm-61	95	11	the	the	DET
arjefm-61	95	12	expected	expect	VERB
arjefm-61	95	13	benefits	benefit	NOUN
arjefm-61	95	14	.	.	PUNCT
arjefm-61	96	1	specifically	specifically	ADV
arjefm-61	96	2	,	,	PUNCT
arjefm-61	96	3	they	they	PRON
arjefm-61	96	4	found	find	VERB
arjefm-61	96	5	that	that	SCONJ
arjefm-61	96	6	stocks	stock	NOUN
arjefm-61	96	7	with	with	ADP
arjefm-61	96	8	low	low	ADJ
arjefm-61	96	9	market	market	NOUN
arjefm-61	96	10	-	-	PUNCT
arjefm-61	96	11	to	to	ADP
arjefm-61	96	12	-	-	PUNCT
arjefm-61	96	13	book	book	NOUN
arjefm-61	96	14	ratios	ratio	NOUN
arjefm-61	96	15	,	,	PUNCT
arjefm-61	96	16	but	but	CCONJ
arjefm-61	96	17	higher	high	ADJ
arjefm-61	96	18	betas	beta	NOUN
arjefm-61	96	19	with	with	ADP
arjefm-61	96	20	respect	respect	NOUN
arjefm-61	96	21	to	to	ADP
arjefm-61	96	22	market	market	NOUN
arjefm-61	96	23	-	-	PUNCT
arjefm-61	96	24	to	to	ADP
arjefm-61	96	25	-	-	PUNCT
arjefm-61	96	26	book	book	NOUN
arjefm-61	96	27	portfolio	portfolio	NOUN
arjefm-61	96	28	factor	factor	NOUN
arjefm-61	96	29	,	,	PUNCT
arjefm-61	96	30	tend	tend	VERB
arjefm-61	96	31	to	to	PART
arjefm-61	96	32	have	have	VERB
arjefm-61	96	33	similar	similar	ADJ
arjefm-61	96	34	benefits	benefit	NOUN
arjefm-61	96	35	to	to	ADP
arjefm-61	96	36	other	other	ADJ
arjefm-61	96	37	low	low	ADJ
arjefm-61	96	38	market	market	NOUN
arjefm-61	96	39	-	-	PUNCT
arjefm-61	96	40	to	to	ADP
arjefm-61	96	41	-	-	PUNCT
arjefm-61	96	42	book	book	NOUN
arjefm-61	96	43	stocks	stock	NOUN
arjefm-61	96	44	.	.	PUNCT
arjefm-61	97	1	enrique	enrique	PROPN
arjefm-61	97	2	sentana	sentana	PROPN
arjefm-61	97	3	has	have	AUX
arjefm-61	97	4	published	publish	VERB
arjefm-61	97	5	over	over	ADP
arjefm-61	97	6	the	the	DET
arjefm-61	97	7	years	year	NOUN
arjefm-61	97	8	numerous	numerous	ADJ
arjefm-61	97	9	works	work	NOUN
arjefm-61	97	10	related	relate	VERB
arjefm-61	97	11	to	to	ADP
arjefm-61	97	12	factor	factor	NOUN
arjefm-61	97	13	models	model	NOUN
arjefm-61	97	14	of	of	ADP
arjefm-61	97	15	conditioned	condition	VERB
arjefm-61	97	16	heteroskedasticity	heteroskedasticity	NOUN
arjefm-61	97	17	applicable	applicable	ADJ
arjefm-61	97	18	to	to	ADP
arjefm-61	97	19	atp	atp	PROPN
arjefm-61	97	20	and	and	CCONJ
arjefm-61	97	21	other	other	ADJ
arjefm-61	97	22	models	model	NOUN
arjefm-61	97	23	as	as	ADP
arjefm-61	97	24	(	(	PUNCT
arjefm-61	97	25	pricing	pricing	NOUN
arjefm-61	97	26	options	option	NOUN
arjefm-61	97	27	on	on	ADP
arjefm-61	97	28	assets	asset	NOUN
arjefm-61	97	29	with	with	ADP
arjefm-61	97	30	predictable	predictable	ADJ
arjefm-61	97	31	white	white	ADJ
arjefm-61	97	32	noise	noise	NOUN
arjefm-61	97	33	returns	return	NOUN
arjefm-61	97	34	)	)	PUNCT
arjefm-61	97	35	or	or	CCONJ
arjefm-61	97	36	quadratic	quadratic	ADJ
arjefm-61	97	37	predictions	prediction	NOUN
arjefm-61	97	38	and	and	CCONJ
arjefm-61	97	39	mean	mean	ADJ
arjefm-61	97	40	-	-	PUNCT
arjefm-61	97	41	variance	variance	NOUN
arjefm-61	97	42	analysis	analysis	NOUN
arjefm-61	97	43	in	in	ADP
arjefm-61	97	44	models	model	NOUN
arjefm-61	97	45	with	with	ADP
arjefm-61	97	46	conditioned	condition	VERB
arjefm-61	97	47	heteroskedasticity	heteroskedasticity	NOUN
arjefm-61	97	48	and	and	CCONJ
arjefm-61	97	49	garch	garch	NOUN
arjefm-61	97	50	models	model	NOUN
arjefm-61	97	51	.	.	PUNCT
arjefm-61	98	1	in	in	ADP
arjefm-61	98	2	recent	recent	ADJ
arjefm-61	98	3	years	year	NOUN
arjefm-61	98	4	there	there	PRON
arjefm-61	98	5	have	have	AUX
arjefm-61	98	6	been	be	AUX
arjefm-61	98	7	numerous	numerous	ADJ
arjefm-61	98	8	articles	article	NOUN
arjefm-61	98	9	and	and	CCONJ
arjefm-61	98	10	research	research	NOUN
arjefm-61	98	11	conducted	conduct	VERB
arjefm-61	98	12	about	about	ADP
arjefm-61	98	13	the	the	DET
arjefm-61	98	14	great	great	ADJ
arjefm-61	98	15	existence	existence	NOUN
arjefm-61	98	16	of	of	ADP
arjefm-61	98	17	smes	sme	NOUN
arjefm-61	98	18	and	and	CCONJ
arjefm-61	98	19	their	their	PRON
arjefm-61	98	20	role	role	NOUN
arjefm-61	98	21	in	in	ADP
arjefm-61	98	22	today	today	NOUN
arjefm-61	98	23	's	's	PART
arjefm-61	98	24	society	society	NOUN
arjefm-61	98	25	.	.	PUNCT
arjefm-61	99	1	one	one	NUM
arjefm-61	99	2	example	example	NOUN
arjefm-61	99	3	is	be	AUX
arjefm-61	99	4	the	the	DET
arjefm-61	99	5	work	work	NOUN
arjefm-61	99	6	done	do	VERB
arjefm-61	99	7	by	by	ADP
arjefm-61	99	8	lopez	lopez	NOUN
arjefm-61	99	9	revuelta	revuelta	NOUN
arjefm-61	99	10	and	and	CCONJ
arjefm-61	99	11	sanchez	sanchez	PROPN
arjefm-61	99	12	(	(	PUNCT
arjefm-61	99	13	1998)6	1998)6	NUM
arjefm-61	99	14	in	in	ADP
arjefm-61	99	15	which	which	PRON
arjefm-61	99	16	they	they	PRON
arjefm-61	99	17	pretend	pretend	VERB
arjefm-61	99	18	to	to	PART
arjefm-61	99	19	show	show	VERB
arjefm-61	99	20	,	,	PUNCT
arjefm-61	99	21	in	in	ADP
arjefm-61	99	22	a	a	DET
arjefm-61	99	23	synthetic	synthetic	ADJ
arjefm-61	99	24	and	and	CCONJ
arjefm-61	99	25	global	global	ADJ
arjefm-61	99	26	manner	manner	NOUN
arjefm-61	99	27	,	,	PUNCT
arjefm-61	99	28	the	the	DET
arjefm-61	99	29	specific	specific	ADJ
arjefm-61	99	30	problems	problem	NOUN
arjefm-61	99	31	that	that	PRON
arjefm-61	99	32	these	these	DET
arjefm-61	99	33	family	family	NOUN
arjefm-61	99	34	businesses	business	NOUN
arjefm-61	99	35	can	can	AUX
arjefm-61	99	36	suffer	suffer	VERB
arjefm-61	99	37	.	.	PUNCT
arjefm-61	100	1	from	from	ADP
arjefm-61	100	2	this	this	DET
arjefm-61	100	3	work	work	NOUN
arjefm-61	100	4	,	,	PUNCT
arjefm-61	100	5	interesting	interesting	ADJ
arjefm-61	100	6	conclusions	conclusion	NOUN
arjefm-61	100	7	were	be	AUX
arjefm-61	100	8	drawn	draw	VERB
arjefm-61	100	9	such	such	ADJ
arjefm-61	100	10	as	as	ADP
arjefm-61	100	11	that	that	PRON
arjefm-61	100	12	due	due	ADP
arjefm-61	100	13	to	to	ADP
arjefm-61	100	14	the	the	DET
arjefm-61	100	15	family	family	NOUN
arjefm-61	100	16	structure	structure	NOUN
arjefm-61	100	17	of	of	ADP
arjefm-61	100	18	the	the	DET
arjefm-61	100	19	company	company	NOUN
arjefm-61	100	20	;	;	PUNCT
arjefm-61	100	21	the	the	DET
arjefm-61	100	22	maximizing	maximize	VERB
arjefm-61	100	23	criterion	criterion	NOUN
arjefm-61	100	24	of	of	ADP
arjefm-61	100	25	the	the	DET
arjefm-61	100	26	market	market	NOUN
arjefm-61	100	27	value	value	NOUN
arjefm-61	100	28	may	may	AUX
arjefm-61	100	29	not	not	PART
arjefm-61	100	30	be	be	AUX
arjefm-61	100	31	the	the	DET
arjefm-61	100	32	most	most	ADV
arjefm-61	100	33	suitable	suitable	ADJ
arjefm-61	100	34	in	in	ADP
arjefm-61	100	35	some	some	DET
arjefm-61	100	36	cases	case	NOUN
arjefm-61	100	37	.	.	PUNCT
arjefm-61	101	1	in	in	ADP
arjefm-61	101	2	other	other	ADJ
arjefm-61	101	3	works	work	NOUN
arjefm-61	101	4	it	it	PRON
arjefm-61	101	5	has	have	AUX
arjefm-61	101	6	deepened	deepen	VERB
arjefm-61	101	7	in	in	ADP
arjefm-61	101	8	the	the	DET
arjefm-61	101	9	study	study	NOUN
arjefm-61	101	10	of	of	ADP
arjefm-61	101	11	human	human	ADJ
arjefm-61	101	12	resource	resource	NOUN
arjefm-61	101	13	management	management	NOUN
arjefm-61	101	14	in	in	ADP
arjefm-61	101	15	smes	smes	PROPN
arjefm-61	101	16	,	,	PUNCT
arjefm-61	101	17	funding	funding	NOUN
arjefm-61	101	18	,	,	PUNCT
arjefm-61	101	19	or	or	CCONJ
arjefm-61	101	20	direct	direct	ADJ
arjefm-61	101	21	investment	investment	NOUN
arjefm-61	101	22	in	in	ADP
arjefm-61	101	23	developing	develop	VERB
arjefm-61	101	24	countries	country	NOUN
arjefm-61	101	25	.	.	PUNCT
arjefm-61	102	1	the	the	DET
arjefm-61	102	2	companies	company	NOUN
arjefm-61	102	3	valuation	valuation	NOUN
arjefm-61	102	4	theory	theory	NOUN
arjefm-61	102	5	seemed	seem	VERB
arjefm-61	102	6	to	to	PART
arjefm-61	102	7	be	be	AUX
arjefm-61	102	8	bogged	bogge	VERB
arjefm-61	102	9	down	down	ADP
arjefm-61	102	10	,	,	PUNCT
arjefm-61	102	11	at	at	ADP
arjefm-61	102	12	least	least	ADJ
arjefm-61	102	13	since	since	SCONJ
arjefm-61	102	14	the	the	DET
arjefm-61	102	15	seventies	seventy	NOUN
arjefm-61	102	16	and	and	CCONJ
arjefm-61	102	17	only	only	ADV
arjefm-61	102	18	recently	recently	ADV
arjefm-61	102	19	it	it	PRON
arjefm-61	102	20	has	have	AUX
arjefm-61	102	21	gained	gain	VERB
arjefm-61	102	22	a	a	DET
arjefm-61	102	23	significant	significant	ADJ
arjefm-61	102	24	boost	boost	NOUN
arjefm-61	102	25	under	under	ADP
arjefm-61	102	26	the	the	DET
arjefm-61	102	27	influence	influence	NOUN
arjefm-61	102	28	of	of	ADP
arjefm-61	102	29	authors	author	NOUN
arjefm-61	102	30	as	as	ADP
arjefm-61	102	31	cornell	cornell	PROPN
arjefm-61	102	32	(	(	PUNCT
arjefm-61	102	33	1993	1993	NUM
arjefm-61	102	34	)	)	PUNCT
arjefm-61	102	35	,	,	PUNCT
arjefm-61	102	36	copeland	copeland	PROPN
arjefm-61	102	37	,	,	PUNCT
arjefm-61	102	38	koller	koller	PROPN
arjefm-61	102	39	and	and	CCONJ
arjefm-61	102	40	murrin	murrin	NOUN
arjefm-61	102	41	(	(	PUNCT
arjefm-61	102	42	1995	1995	NUM
arjefm-61	102	43	)	)	PUNCT
arjefm-61	102	44	and	and	CCONJ
arjefm-61	102	45	damodaran(1996	damodaran(1996	NOUN
arjefm-61	102	46	)	)	PUNCT
arjefm-61	102	47	.	.	PUNCT
arjefm-61	103	1	o	o	PROPN
arjefm-61	103	2	fernandez	fernandez	PROPN
arjefm-61	103	3	(	(	PUNCT
arjefm-61	103	4	1999	1999	NUM
arjefm-61	103	5	)	)	PUNCT
arjefm-61	103	6	and	and	CCONJ
arjefm-61	103	7	amat	amat	PROPN
arjefm-61	103	8	(	(	PUNCT
arjefm-61	103	9	1999	1999	NUM
arjefm-61	103	10	)	)	PUNCT
arjefm-61	103	11	in	in	ADP
arjefm-61	103	12	spain	spain	PROPN
arjefm-61	103	13	.	.	PUNCT
arjefm-61	104	1	in	in	ADP
arjefm-61	104	2	the	the	DET
arjefm-61	104	3	nineties	ninety	NOUN
arjefm-61	104	4	,	,	PUNCT
arjefm-61	104	5	the	the	DET
arjefm-61	104	6	theory	theory	NOUN
arjefm-61	104	7	and	and	CCONJ
arjefm-61	104	8	practice	practice	NOUN
arjefm-61	104	9	of	of	ADP
arjefm-61	104	10	business	business	NOUN
arjefm-61	104	11	valuation	valuation	NOUN
arjefm-61	104	12	was	be	AUX
arjefm-61	104	13	centered	center	VERB
arjefm-61	104	14	on	on	ADP
arjefm-61	104	15	very	very	ADV
arjefm-61	104	16	classic	classic	ADJ
arjefm-61	104	17	and	and	CCONJ
arjefm-61	104	18	somewhat	somewhat	ADV
arjefm-61	104	19	obsolete	obsolete	ADJ
arjefm-61	104	20	methods	method	NOUN
arjefm-61	104	21	such	such	ADJ
arjefm-61	104	22	as	as	ADP
arjefm-61	104	23	static	static	ADJ
arjefm-61	104	24	approaches	approach	NOUN
arjefm-61	104	25	or	or	CCONJ
arjefm-61	104	26	balances	balance	NOUN
arjefm-61	104	27	and	and	CCONJ
arjefm-61	104	28	mixed	mixed	ADJ
arjefm-61	104	29	models	model	NOUN
arjefm-61	104	30	such	such	ADJ
arjefm-61	104	31	as	as	ADP
arjefm-61	104	32	the	the	DET
arjefm-61	104	33	german	german	ADJ
arjefm-61	104	34	and	and	CCONJ
arjefm-61	104	35	anglo	anglo	ADJ
arjefm-61	104	36	saxon	saxon	PROPN
arjefm-61	104	37	.	.	PUNCT
arjefm-61	105	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	105	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	106	1	american	american	PROPN
arjefm-61	106	2	research	research	PROPN
arjefm-61	106	3	journal	journal	PROPN
arjefm-61	106	4	of	of	ADP
arjefm-61	106	5	economics	economic	NOUN
arjefm-61	106	6	,	,	PUNCT
arjefm-61	106	7	finance	finance	NOUN
arjefm-61	106	8	and	and	CCONJ
arjefm-61	106	9	management	management	NOUN
arjefm-61	106	10	volume	volume	NOUN
arjefm-61	106	11	10	10	NUM
arjefm-61	106	12	issue	issue	NOUN
arjefm-61	106	13	1	1	NUM
arjefm-61	106	14	,	,	PUNCT
arjefm-61	106	15	january	january	PROPN
arjefm-61	106	16	-	-	PUNCT
arjefm-61	106	17	march	march	PROPN
arjefm-61	106	18	2022	2022	NUM
arjefm-61	106	19	issn	issn	NOUN
arjefm-61	106	20	:	:	PUNCT
arjefm-61	106	21	2836	2836	NUM
arjefm-61	106	22	-	-	SYM
arjefm-61	106	23	9416	9416	NUM
arjefm-61	106	24	impact	impact	NOUN
arjefm-61	106	25	factor	factor	NOUN
arjefm-61	106	26	:	:	PUNCT
arjefm-61	106	27	4.85	4.85	NUM
arjefm-61	106	28	journal	journal	NOUN
arjefm-61	106	29	homepage	homepage	NOUN
arjefm-61	106	30	:	:	PUNCT
arjefm-61	106	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	106	32	,	,	PUNCT
arjefm-61	106	33	email	email	NOUN
arjefm-61	106	34	:	:	PUNCT
arjefm-61	107	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-61	107	2	official	official	ADJ
arjefm-61	107	3	journal	journal	PROPN
arjefm-61	107	4	of	of	ADP
arjefm-61	107	5	america	america	PROPN
arjefm-61	107	6	serial	serial	PROPN
arjefm-61	107	7	publication	publication	NOUN
arjefm-61	107	8	american	american	PROPN
arjefm-61	107	9	research	research	PROPN
arjefm-61	107	10	journal	journal	PROPN
arjefm-61	107	11	of	of	ADP
arjefm-61	107	12	economics	economic	NOUN
arjefm-61	107	13	,	,	PUNCT
arjefm-61	107	14	finance	finance	NOUN
arjefm-61	107	15	and	and	CCONJ
arjefm-61	107	16	management	management	NOUN
arjefm-61	107	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	107	18	,	,	PUNCT
arjefm-61	107	19	email	email	NOUN
arjefm-61	107	20	:	:	PUNCT
arjefm-61	107	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	108	1	31	31	NUM
arjefm-61	109	1	|	|	ADV
arjefm-61	109	2	p	p	X
arjefm-61	109	3	a	a	DET
arjefm-61	109	4	g	g	NOUN
arjefm-61	109	5	e	e	NOUN
arjefm-61	109	6	these	these	DET
arjefm-61	109	7	methods	method	NOUN
arjefm-61	109	8	have	have	AUX
arjefm-61	109	9	been	be	AUX
arjefm-61	109	10	overcome	overcome	VERB
arjefm-61	109	11	nowadays	nowadays	ADV
arjefm-61	109	12	,	,	PUNCT
arjefm-61	109	13	even	even	ADV
arjefm-61	109	14	admitting	admit	VERB
arjefm-61	109	15	their	their	PRON
arjefm-61	109	16	virtuality	virtuality	NOUN
arjefm-61	109	17	and	and	CCONJ
arjefm-61	109	18	usefulness	usefulness	NOUN
arjefm-61	109	19	for	for	ADP
arjefm-61	109	20	small	small	ADJ
arjefm-61	109	21	business	business	NOUN
arjefm-61	109	22	valuation	valuation	NOUN
arjefm-61	109	23	.	.	PUNCT
arjefm-61	110	1	currently	currently	ADV
arjefm-61	110	2	,	,	PUNCT
arjefm-61	110	3	the	the	DET
arjefm-61	110	4	methodology	methodology	NOUN
arjefm-61	110	5	based	base	VERB
arjefm-61	110	6	on	on	ADP
arjefm-61	110	7	discounted	discount	VERB
arjefm-61	110	8	cash	cash	NOUN
arjefm-61	110	9	flows	flow	NOUN
arjefm-61	110	10	seems	seem	VERB
arjefm-61	110	11	indisputable	indisputable	ADJ
arjefm-61	110	12	and	and	CCONJ
arjefm-61	110	13	is	be	AUX
arjefm-61	110	14	the	the	DET
arjefm-61	110	15	most	most	ADV
arjefm-61	110	16	consistent	consistent	ADJ
arjefm-61	110	17	and	and	CCONJ
arjefm-61	110	18	solid	solid	ADJ
arjefm-61	110	19	in	in	ADP
arjefm-61	110	20	terms	term	NOUN
arjefm-61	110	21	of	of	ADP
arjefm-61	110	22	its	its	PRON
arjefm-61	110	23	theoretical	theoretical	ADJ
arjefm-61	110	24	foundations	foundation	NOUN
arjefm-61	110	25	.	.	PUNCT
arjefm-61	111	1	by	by	ADP
arjefm-61	111	2	this	this	DET
arjefm-61	111	3	line	line	NOUN
arjefm-61	111	4	some	some	DET
arjefm-61	111	5	authors	author	NOUN
arjefm-61	111	6	have	have	AUX
arjefm-61	111	7	tried	try	VERB
arjefm-61	111	8	to	to	PART
arjefm-61	111	9	advance	advance	VERB
arjefm-61	111	10	such	such	ADJ
arjefm-61	111	11	as	as	ADP
arjefm-61	111	12	martín	martín	NOUN
arjefm-61	111	13	marín	marín	PROPN
arjefm-61	111	14	and	and	CCONJ
arjefm-61	111	15	trujillo	trujillo	PROPN
arjefm-61	111	16	ponce	ponce	NOUN
arjefm-61	111	17	(	(	PUNCT
arjefm-61	111	18	2000	2000	NUM
arjefm-61	111	19	)	)	PUNCT
arjefm-61	111	20	in	in	ADP
arjefm-61	111	21	their	their	PRON
arjefm-61	111	22	book	book	NOUN
arjefm-61	111	23	"	"	PUNCT
arjefm-61	111	24	manual	manual	NOUN
arjefm-61	111	25	of	of	ADP
arjefm-61	111	26	business	business	NOUN
arjefm-61	111	27	valuation	valuation	NOUN
arjefm-61	111	28	.	.	PUNCT
arjefm-61	111	29	"	"	PUNCT
arjefm-61	112	1	regarding	regard	VERB
arjefm-61	112	2	the	the	DET
arjefm-61	112	3	issue	issue	NOUN
arjefm-61	112	4	of	of	ADP
arjefm-61	112	5	new	new	ADJ
arjefm-61	112	6	economy	economy	NOUN
arjefm-61	112	7	or	or	CCONJ
arjefm-61	112	8	internet	internet	NOUN
arjefm-61	112	9	-	-	PUNCT
arjefm-61	112	10	related	relate	VERB
arjefm-61	112	11	virtual	virtual	ADJ
arjefm-61	112	12	economy	economy	NOUN
arjefm-61	112	13	companies	company	NOUN
arjefm-61	112	14	,	,	PUNCT
arjefm-61	112	15	these	these	DET
arjefm-61	112	16	authors	author	NOUN
arjefm-61	112	17	in	in	ADP
arjefm-61	112	18	their	their	PRON
arjefm-61	112	19	own	own	ADJ
arjefm-61	112	20	words	word	NOUN
arjefm-61	112	21	prefer	prefer	VERB
arjefm-61	112	22	waiting	wait	VERB
arjefm-61	112	23	a	a	DET
arjefm-61	112	24	period	period	NOUN
arjefm-61	112	25	of	of	ADP
arjefm-61	112	26	time	time	NOUN
arjefm-61	112	27	before	before	ADP
arjefm-61	112	28	tackling	tackle	VERB
arjefm-61	112	29	such	such	DET
arjefm-61	112	30	a	a	DET
arjefm-61	112	31	thorny	thorny	ADJ
arjefm-61	112	32	issue	issue	NOUN
arjefm-61	112	33	.	.	PUNCT
arjefm-61	113	1	these	these	DET
arjefm-61	113	2	companies	company	NOUN
arjefm-61	113	3	seem	seem	VERB
arjefm-61	113	4	to	to	PART
arjefm-61	113	5	escape	escape	VERB
arjefm-61	113	6	the	the	DET
arjefm-61	113	7	logic	logic	NOUN
arjefm-61	113	8	of	of	ADP
arjefm-61	113	9	the	the	DET
arjefm-61	113	10	so	so	ADV
arjefm-61	113	11	far	far	ADV
arjefm-61	113	12	developed	develop	VERB
arjefm-61	113	13	valuation	valuation	NOUN
arjefm-61	113	14	models	model	NOUN
arjefm-61	113	15	.	.	PUNCT
arjefm-61	114	1	high	high	ADJ
arjefm-61	114	2	volatility	volatility	NOUN
arjefm-61	114	3	and	and	CCONJ
arjefm-61	114	4	soaring	soar	VERB
arjefm-61	114	5	prices	price	NOUN
arjefm-61	114	6	seem	seem	VERB
arjefm-61	114	7	to	to	PART
arjefm-61	114	8	prevail	prevail	VERB
arjefm-61	114	9	in	in	ADP
arjefm-61	114	10	the	the	DET
arjefm-61	114	11	shares	share	NOUN
arjefm-61	114	12	listed	list	VERB
arjefm-61	114	13	on	on	ADP
arjefm-61	114	14	the	the	DET
arjefm-61	114	15	north	north	PROPN
arjefm-61	114	16	american	american	PROPN
arjefm-61	114	17	nasdaq	nasdaq	PROPN
arjefm-61	114	18	.	.	PUNCT
arjefm-61	115	1	associated	associate	VERB
arjefm-61	115	2	with	with	ADP
arjefm-61	115	3	the	the	DET
arjefm-61	115	4	previous	previous	ADJ
arjefm-61	115	5	idea	idea	NOUN
arjefm-61	115	6	,	,	PUNCT
arjefm-61	115	7	it	it	PRON
arjefm-61	115	8	is	be	AUX
arjefm-61	115	9	important	important	ADJ
arjefm-61	115	10	to	to	PART
arjefm-61	115	11	take	take	VERB
arjefm-61	115	12	into	into	ADP
arjefm-61	115	13	account	account	NOUN
arjefm-61	115	14	the	the	DET
arjefm-61	115	15	increasing	increase	VERB
arjefm-61	115	16	value	value	NOUN
arjefm-61	115	17	acquired	acquire	VERB
arjefm-61	115	18	by	by	ADP
arjefm-61	115	19	the	the	DET
arjefm-61	115	20	information	information	NOUN
arjefm-61	115	21	and	and	CCONJ
arjefm-61	115	22	communication	communication	NOUN
arjefm-61	115	23	technologies	technology	NOUN
arjefm-61	115	24	within	within	ADP
arjefm-61	115	25	the	the	DET
arjefm-61	115	26	company	company	NOUN
arjefm-61	115	27	,	,	PUNCT
arjefm-61	115	28	factors	factor	NOUN
arjefm-61	115	29	that	that	PRON
arjefm-61	115	30	enable	enable	VERB
arjefm-61	115	31	organizations	organization	NOUN
arjefm-61	115	32	to	to	PART
arjefm-61	115	33	create	create	VERB
arjefm-61	115	34	value	value	NOUN
arjefm-61	115	35	through	through	ADP
arjefm-61	115	36	the	the	DET
arjefm-61	115	37	integrated	integrate	VERB
arjefm-61	115	38	management	management	NOUN
arjefm-61	115	39	of	of	ADP
arjefm-61	115	40	the	the	DET
arjefm-61	115	41	physical	physical	ADJ
arjefm-61	115	42	and	and	CCONJ
arjefm-61	115	43	virtual	virtual	ADJ
arjefm-61	115	44	chain	chain	NOUN
arjefm-61	115	45	value	value	NOUN
arjefm-61	115	46	.	.	PUNCT
arjefm-61	116	1	something	something	PRON
arjefm-61	116	2	like	like	ADP
arjefm-61	116	3	what	what	PRON
arjefm-61	116	4	ordiz	ordiz	NOUN
arjefm-61	116	5	and	and	CCONJ
arjefm-61	116	6	pérezbustamante	pérezbustamante	VERB
arjefm-61	116	7	(	(	PUNCT
arjefm-61	116	8	2000	2000	NUM
arjefm-61	116	9	)	)	PUNCT
arjefm-61	116	10	believe	believe	VERB
arjefm-61	116	11	when	when	SCONJ
arjefm-61	116	12	they	they	PRON
arjefm-61	116	13	say	say	VERB
arjefm-61	116	14	that	that	SCONJ
arjefm-61	116	15	"	"	PUNCT
arjefm-61	116	16	these	these	DET
arjefm-61	116	17	technologies	technology	NOUN
arjefm-61	116	18	can	can	AUX
arjefm-61	116	19	bring	bring	VERB
arjefm-61	116	20	benefits	benefit	NOUN
arjefm-61	116	21	to	to	ADP
arjefm-61	116	22	the	the	DET
arjefm-61	116	23	company	company	NOUN
arjefm-61	116	24	,	,	PUNCT
arjefm-61	116	25	such	such	ADJ
arjefm-61	116	26	as	as	ADP
arjefm-61	116	27	reductions	reduction	NOUN
arjefm-61	116	28	in	in	ADP
arjefm-61	116	29	costs	cost	NOUN
arjefm-61	116	30	or	or	CCONJ
arjefm-61	116	31	increases	increase	NOUN
arjefm-61	116	32	in	in	ADP
arjefm-61	116	33	value	value	NOUN
arjefm-61	116	34	,	,	PUNCT
arjefm-61	116	35	but	but	CCONJ
arjefm-61	116	36	for	for	ADP
arjefm-61	116	37	that	that	PRON
arjefm-61	116	38	,	,	PUNCT
arjefm-61	116	39	it	it	PRON
arjefm-61	116	40	should	should	AUX
arjefm-61	116	41	be	be	AUX
arjefm-61	116	42	assumed	assume	VERB
arjefm-61	116	43	that	that	SCONJ
arjefm-61	116	44	investment	investment	NOUN
arjefm-61	116	45	in	in	ADP
arjefm-61	116	46	information	information	NOUN
arjefm-61	116	47	and	and	CCONJ
arjefm-61	116	48	communication	communication	NOUN
arjefm-61	116	49	technologies	technology	NOUN
arjefm-61	116	50	is	be	AUX
arjefm-61	116	51	not	not	PART
arjefm-61	116	52	a	a	DET
arjefm-61	116	53	business	business	NOUN
arjefm-61	116	54	decision	decision	NOUN
arjefm-61	116	55	,	,	PUNCT
arjefm-61	116	56	but	but	CCONJ
arjefm-61	116	57	acquires	acquire	VERB
arjefm-61	116	58	the	the	DET
arjefm-61	116	59	category	category	NOUN
arjefm-61	116	60	of	of	ADP
arjefm-61	116	61	strategic	strategic	ADJ
arjefm-61	116	62	investment	investment	NOUN
arjefm-61	116	63	for	for	ADP
arjefm-61	116	64	the	the	DET
arjefm-61	116	65	business	business	NOUN
arjefm-61	116	66	,	,	PUNCT
arjefm-61	116	67	given	give	VERB
arjefm-61	116	68	the	the	DET
arjefm-61	116	69	impact	impact	NOUN
arjefm-61	116	70	it	it	PRON
arjefm-61	116	71	may	may	AUX
arjefm-61	116	72	mean	mean	VERB
arjefm-61	116	73	for	for	ADP
arjefm-61	116	74	the	the	DET
arjefm-61	116	75	future	future	NOUN
arjefm-61	116	76	of	of	ADP
arjefm-61	116	77	the	the	DET
arjefm-61	116	78	business	business	NOUN
arjefm-61	116	79	.	.	PUNCT
arjefm-61	117	1	leland	leland	PROPN
arjefm-61	117	2	,	,	PUNCT
arjefm-61	117	3	hayne	hayne	PROPN
arjefm-61	117	4	and	and	CCONJ
arjefm-61	117	5	goldstein	goldstein	PROPN
arjefm-61	117	6	,	,	PUNCT
arjefm-61	117	7	robert	robert	PROPN
arjefm-61	117	8	.	.	PROPN
arjefm-61	118	1	an	an	DET
arjefm-61	118	2	ebit	ebit	NOUN
arjefm-61	118	3	based	base	VERB
arjefm-61	118	4	model	model	NOUN
arjefm-61	118	5	of	of	ADP
arjefm-61	118	6	dynamic	dynamic	ADJ
arjefm-61	118	7	capital	capital	NOUN
arjefm-61	118	8	structure	structure	NOUN
arjefm-61	118	9	.	.	PUNCT
arjefm-61	119	1	the	the	DET
arjefm-61	119	2	journal	journal	NOUN
arjefm-61	119	3	of	of	ADP
arjefm-61	119	4	business	business	NOUN
arjefm-61	119	5	.	.	PUNCT
arjefm-61	120	1	university	university	NOUN
arjefm-61	120	2	of	of	ADP
arjefm-61	120	3	chicago	chicago	PROPN
arjefm-61	120	4	,	,	PUNCT
arjefm-61	120	5	2001	2001	NUM
arjefm-61	120	6	,	,	PUNCT
arjefm-61	120	7	vol	vol	NOUN
arjefm-61	120	8	.	.	PROPN
arjefm-61	120	9	74	74	NUM
arjefm-61	120	10	,	,	PUNCT
arjefm-61	120	11	no	no	INTJ
arjefm-61	120	12	.	.	NOUN
arjefm-61	121	1	4	4	NUM
arjefm-61	121	2	.	.	NUM
arjefm-61	121	3	6	6	NUM
arjefm-61	121	4	sanchez	sanchez	PROPN
arjefm-61	121	5	p.	p.	PROPN
arjefm-61	121	6	,	,	PUNCT
arjefm-61	121	7	josé	josé	PROPN
arjefm-61	121	8	and	and	CCONJ
arjefm-61	121	9	revuelta	revuelta	PROPN
arjefm-61	121	10	b.	b.	PROPN
arjefm-61	121	11	,	,	PUNCT
arjefm-61	121	12	daniel	daniel	PROPN
arjefm-61	121	13	.	.	PUNCT
arjefm-61	122	1	desafíos	desafíos	PROPN
arjefm-61	122	2	de	de	PROPN
arjefm-61	122	3	las	las	PROPN
arjefm-61	122	4	pymes	pymes	PROPN
arjefm-61	122	5	familiares	familiare	NOUN
arjefm-61	122	6	(	(	PUNCT
arjefm-61	122	7	challenges	challenge	NOUN
arjefm-61	122	8	of	of	ADP
arjefm-61	122	9	family	family	NOUN
arjefm-61	122	10	smes	sme	NOUN
arjefm-61	122	11	)	)	PUNCT
arjefm-61	122	12	.	.	PUNCT
arjefm-61	123	1	issn	issn	PROPN
arjefm-61	123	2	02121867	02121867	NUM
arjefm-61	123	3	,	,	PUNCT
arjefm-61	123	4	no	no	INTJ
arjefm-61	123	5	.	.	NOUN
arjefm-61	123	6	99	99	NUM
arjefm-61	123	7	,	,	PUNCT
arjefm-61	123	8	1998	1998	NUM
arjefm-61	123	9	.	.	PUNCT
arjefm-61	124	1	pag	pag	PROPN
arjefm-61	124	2	.	.	PROPN
arjefm-61	125	1	159	159	NUM
arjefm-61	125	2	173	173	NUM
arjefm-61	125	3	in	in	ADP
arjefm-61	125	4	recent	recent	ADJ
arjefm-61	125	5	years	year	NOUN
arjefm-61	125	6	theories	theory	NOUN
arjefm-61	125	7	on	on	ADP
arjefm-61	125	8	risk	risk	NOUN
arjefm-61	125	9	management	management	NOUN
arjefm-61	125	10	have	have	AUX
arjefm-61	125	11	been	be	AUX
arjefm-61	125	12	considered	consider	VERB
arjefm-61	125	13	as	as	ADP
arjefm-61	125	14	an	an	DET
arjefm-61	125	15	interactive	interactive	ADJ
arjefm-61	125	16	process	process	NOUN
arjefm-61	125	17	based	base	VERB
arjefm-61	125	18	on	on	ADP
arjefm-61	125	19	knowledge	knowledge	NOUN
arjefm-61	125	20	,	,	PUNCT
arjefm-61	125	21	assessment	assessment	NOUN
arjefm-61	125	22	and	and	CCONJ
arjefm-61	125	23	management	management	NOUN
arjefm-61	125	24	of	of	ADP
arjefm-61	125	25	risks	risk	NOUN
arjefm-61	125	26	and	and	CCONJ
arjefm-61	125	27	their	their	PRON
arjefm-61	125	28	possible	possible	ADJ
arjefm-61	125	29	impacts	impact	NOUN
arjefm-61	125	30	,	,	PUNCT
arjefm-61	125	31	whose	whose	DET
arjefm-61	125	32	fundamental	fundamental	ADJ
arjefm-61	125	33	purpose	purpose	NOUN
arjefm-61	125	34	is	be	AUX
arjefm-61	125	35	to	to	PART
arjefm-61	125	36	improve	improve	VERB
arjefm-61	125	37	decision	decision	NOUN
arjefm-61	125	38	-	-	PUNCT
arjefm-61	125	39	making	making	NOUN
arjefm-61	125	40	in	in	ADP
arjefm-61	125	41	organizations	organization	NOUN
arjefm-61	125	42	.	.	PUNCT
arjefm-61	126	1	thus	thus	ADV
arjefm-61	126	2	,	,	PUNCT
arjefm-61	126	3	on	on	ADP
arjefm-61	126	4	the	the	DET
arjefm-61	126	5	basis	basis	NOUN
arjefm-61	126	6	of	of	ADP
arjefm-61	126	7	the	the	DET
arjefm-61	126	8	studies	study	NOUN
arjefm-61	126	9	on	on	ADP
arjefm-61	126	10	the	the	DET
arjefm-61	126	11	cost	cost	NOUN
arjefm-61	126	12	of	of	ADP
arjefm-61	126	13	capital	capital	NOUN
arjefm-61	126	14	made	make	VERB
arjefm-61	126	15	by	by	ADP
arjefm-61	126	16	modigliani	modigliani	PROPN
arjefm-61	126	17	and	and	CCONJ
arjefm-61	126	18	miller	miller	PROPN
arjefm-61	126	19	(	(	PUNCT
arjefm-61	126	20	1958	1958	NUM
arjefm-61	126	21	)	)	PUNCT
arjefm-61	126	22	,	,	PUNCT
arjefm-61	126	23	then	then	ADV
arjefm-61	126	24	the	the	DET
arjefm-61	126	25	valuation	valuation	NOUN
arjefm-61	126	26	models	model	NOUN
arjefm-61	126	27	and	and	CCONJ
arjefm-61	126	28	risk	risk	NOUN
arjefm-61	126	29	regulation	regulation	NOUN
arjefm-61	126	30	by	by	ADP
arjefm-61	126	31	lopez	lopez	NOUN
arjefm-61	126	32	,	,	PUNCT
arjefm-61	126	33	j.	j.	PROPN
arjefm-61	126	34	(	(	PUNCT
arjefm-61	126	35	1996	1996	NUM
arjefm-61	126	36	)	)	PUNCT
arjefm-61	126	37	and	and	CCONJ
arjefm-61	126	38	marshall	marshall	PROPN
arjefm-61	126	39	,	,	PUNCT
arjefm-61	126	40	c.	c.	PROPN
arjefm-61	126	41	siegel	siegel	PROPN
arjefm-61	126	42	,	,	PUNCT
arjefm-61	126	43	m.	m.	NOUN
arjefm-61	126	44	(	(	PUNCT
arjefm-61	126	45	1996	1996	NUM
arjefm-61	126	46	)	)	PUNCT
arjefm-61	126	47	,	,	PUNCT
arjefm-61	126	48	stochastic	stochastic	NOUN
arjefm-61	126	49	models	model	NOUN
arjefm-61	126	50	of	of	ADP
arjefm-61	126	51	risk	risk	NOUN
arjefm-61	126	52	assessment	assessment	NOUN
arjefm-61	126	53	developed	develop	VERB
arjefm-61	126	54	by	by	ADP
arjefm-61	126	55	berkowitz	berkowitz	PROPN
arjefm-61	126	56	,	,	PUNCT
arjefm-61	126	57	j.	j.	PROPN
arjefm-61	126	58	(	(	PUNCT
arjefm-61	126	59	1999	1999	NUM
arjefm-61	126	60	)	)	PUNCT
arjefm-61	126	61	are	be	AUX
arjefm-61	126	62	presented	present	VERB
arjefm-61	126	63	as	as	ADP
arjefm-61	126	64	a	a	DET
arjefm-61	126	65	process	process	NOUN
arjefm-61	126	66	applicable	applicable	ADJ
arjefm-61	126	67	to	to	ADP
arjefm-61	126	68	any	any	DET
arjefm-61	126	69	situation	situation	NOUN
arjefm-61	126	70	where	where	SCONJ
arjefm-61	126	71	a	a	DET
arjefm-61	126	72	desired	desire	VERB
arjefm-61	126	73	or	or	CCONJ
arjefm-61	126	74	unexpected	unexpected	ADJ
arjefm-61	126	75	outcome	outcome	NOUN
arjefm-61	126	76	could	could	AUX
arjefm-61	126	77	be	be	AUX
arjefm-61	126	78	obtained	obtain	VERB
arjefm-61	126	79	,	,	PUNCT
arjefm-61	126	80	which	which	PRON
arjefm-61	126	81	at	at	ADP
arjefm-61	126	82	the	the	DET
arjefm-61	126	83	same	same	ADJ
arjefm-61	126	84	time	time	NOUN
arjefm-61	126	85	could	could	AUX
arjefm-61	126	86	be	be	AUX
arjefm-61	126	87	significant	significant	ADJ
arjefm-61	126	88	or	or	CCONJ
arjefm-61	126	89	may	may	AUX
arjefm-61	126	90	bring	bring	VERB
arjefm-61	126	91	an	an	DET
arjefm-61	126	92	impact	impact	NOUN
arjefm-61	126	93	to	to	ADP
arjefm-61	126	94	the	the	DET
arjefm-61	126	95	organization	organization	NOUN
arjefm-61	126	96	,	,	PUNCT
arjefm-61	126	97	izquierdo	izquierdo	PROPN
arjefm-61	126	98	(	(	PUNCT
arjefm-61	126	99	2005	2005	NUM
arjefm-61	126	100	)	)	PUNCT
arjefm-61	126	101	.	.	PUNCT
arjefm-61	127	1	risk	risk	NOUN
arjefm-61	127	2	management	management	NOUN
arjefm-61	127	3	ensures	ensure	VERB
arjefm-61	127	4	that	that	SCONJ
arjefm-61	127	5	financial	financial	ADJ
arjefm-61	127	6	resources	resource	NOUN
arjefm-61	127	7	have	have	AUX
arjefm-61	127	8	been	be	AUX
arjefm-61	127	9	properly	properly	ADV
arjefm-61	127	10	assigned	assign	VERB
arjefm-61	127	11	to	to	ADP
arjefm-61	127	12	the	the	DET
arjefm-61	127	13	corresponding	corresponding	ADJ
arjefm-61	127	14	functions	function	NOUN
arjefm-61	127	15	,	,	PUNCT
arjefm-61	127	16	favoring	favor	VERB
arjefm-61	127	17	the	the	DET
arjefm-61	127	18	maximization	maximization	NOUN
arjefm-61	127	19	of	of	ADP
arjefm-61	127	20	the	the	DET
arjefm-61	127	21	value	value	NOUN
arjefm-61	127	22	of	of	ADP
arjefm-61	127	23	shareholders	shareholder	NOUN
arjefm-61	127	24	partners	partner	NOUN
arjefm-61	127	25	,	,	PUNCT
arjefm-61	127	26	including	include	VERB
arjefm-61	127	27	third	third	ADJ
arjefm-61	127	28	parties	party	NOUN
arjefm-61	127	29	.	.	PUNCT
arjefm-61	128	1	(	(	PUNCT
arjefm-61	128	2	"	"	PUNCT
arjefm-61	128	3	financial	financial	ADJ
arjefm-61	128	4	risk	risk	NOUN
arjefm-61	128	5	management	management	NOUN
arjefm-61	128	6	,	,	PUNCT
arjefm-61	128	7	2006	2006	NUM
arjefm-61	128	8	)	)	PUNCT
arjefm-61	128	9	.	.	PUNCT
arjefm-61	129	1	some	some	DET
arjefm-61	129	2	benefits	benefit	NOUN
arjefm-61	129	3	to	to	ADP
arjefm-61	129	4	the	the	DET
arjefm-61	129	5	organization	organization	NOUN
arjefm-61	129	6	are	be	AUX
arjefm-61	129	7	related	relate	VERB
arjefm-61	129	8	to	to	ADP
arjefm-61	129	9	achieving	achieve	VERB
arjefm-61	129	10	the	the	DET
arjefm-61	129	11	goals	goal	NOUN
arjefm-61	129	12	and	and	CCONJ
arjefm-61	129	13	objectives	objective	NOUN
arjefm-61	129	14	;	;	PUNCT
arjefm-61	129	15	hence	hence	ADV
arjefm-61	129	16	the	the	DET
arjefm-61	129	17	decision	decision	NOUN
arjefm-61	129	18	-	-	PUNCT
arjefm-61	129	19	making	making	NOUN
arjefm-61	129	20	turns	turn	VERB
arjefm-61	129	21	out	out	ADP
arjefm-61	129	22	to	to	PART
arjefm-61	129	23	be	be	AUX
arjefm-61	129	24	an	an	DET
arjefm-61	129	25	important	important	ADJ
arjefm-61	129	26	element	element	NOUN
arjefm-61	129	27	to	to	PART
arjefm-61	129	28	observe	observe	VERB
arjefm-61	129	29	,	,	PUNCT
arjefm-61	129	30	within	within	ADP
arjefm-61	129	31	risk	risk	NOUN
arjefm-61	129	32	management	management	NOUN
arjefm-61	129	33	in	in	ADP
arjefm-61	129	34	the	the	DET
arjefm-61	129	35	company	company	NOUN
arjefm-61	129	36	.	.	PUNCT
arjefm-61	130	1	added	add	VERB
arjefm-61	130	2	value	value	NOUN
arjefm-61	130	3	of	of	ADP
arjefm-61	130	4	smes	sme	NOUN
arjefm-61	130	5	in	in	ADP
arjefm-61	130	6	colombia	colombia	PROPN
arjefm-61	130	7	micro	micro	PROPN
arjefm-61	130	8	,	,	PUNCT
arjefm-61	130	9	small	small	ADJ
arjefm-61	130	10	and	and	CCONJ
arjefm-61	130	11	medium	medium	ADJ
arjefm-61	130	12	colombian	colombian	ADJ
arjefm-61	130	13	enterprises	enterprise	NOUN
arjefm-61	130	14	(	(	PUNCT
arjefm-61	130	15	msme	msme	NOUN
arjefm-61	130	16	)	)	PUNCT
arjefm-61	130	17	,	,	PUNCT
arjefm-61	130	18	as	as	ADP
arjefm-61	130	19	in	in	ADP
arjefm-61	130	20	most	most	ADJ
arjefm-61	130	21	countries	country	NOUN
arjefm-61	130	22	,	,	PUNCT
arjefm-61	130	23	are	be	AUX
arjefm-61	130	24	the	the	DET
arjefm-61	130	25	engine	engine	NOUN
arjefm-61	130	26	of	of	ADP
arjefm-61	130	27	the	the	DET
arjefm-61	130	28	economy	economy	NOUN
arjefm-61	130	29	.	.	PUNCT
arjefm-61	131	1	they	they	PRON
arjefm-61	131	2	generate	generate	VERB
arjefm-61	131	3	more	more	ADJ
arjefm-61	131	4	than	than	ADP
arjefm-61	131	5	50	50	NUM
arjefm-61	131	6	%	%	NOUN
arjefm-61	131	7	of	of	ADP
arjefm-61	131	8	national	national	ADJ
arjefm-61	131	9	employment	employment	NOUN
arjefm-61	131	10	,	,	PUNCT
arjefm-61	131	11	they	they	PRON
arjefm-61	131	12	represent	represent	VERB
arjefm-61	131	13	36	36	NUM
arjefm-61	131	14	%	%	NOUN
arjefm-61	131	15	of	of	ADP
arjefm-61	131	16	industrial	industrial	ADJ
arjefm-61	131	17	added	add	VERB
arjefm-61	131	18	value	value	NOUN
arjefm-61	131	19	,	,	PUNCT
arjefm-61	131	20	92	92	NUM
arjefm-61	131	21	%	%	NOUN
arjefm-61	131	22	of	of	ADP
arjefm-61	131	23	commercial	commercial	ADJ
arjefm-61	131	24	establishments	establishment	NOUN
arjefm-61	131	25	and	and	CCONJ
arjefm-61	131	26	40	40	NUM
arjefm-61	131	27	%	%	NOUN
arjefm-61	131	28	of	of	ADP
arjefm-61	131	29	total	total	ADJ
arjefm-61	131	30	production	production	NOUN
arjefm-61	131	31	of	of	ADP
arjefm-61	131	32	the	the	DET
arjefm-61	131	33	country	country	NOUN
arjefm-61	131	34	,	,	PUNCT
arjefm-61	131	35	demonstrating	demonstrate	VERB
arjefm-61	131	36	its	its	PRON
arjefm-61	131	37	importance	importance	NOUN
arjefm-61	131	38	and	and	CCONJ
arjefm-61	131	39	great	great	ADJ
arjefm-61	131	40	potential	potential	NOUN
arjefm-61	131	41	for	for	ADP
arjefm-61	131	42	growth	growth	NOUN
arjefm-61	131	43	(	(	PUNCT
arjefm-61	131	44	comparing	compare	VERB
arjefm-61	131	45	its	its	PRON
arjefm-61	131	46	participation	participation	NOUN
arjefm-61	131	47	in	in	ADP
arjefm-61	131	48	the	the	DET
arjefm-61	131	49	gdp	gdp	NOUN
arjefm-61	131	50	and	and	CCONJ
arjefm-61	131	51	the	the	DET
arjefm-61	131	52	number	number	NOUN
arjefm-61	131	53	of	of	ADP
arjefm-61	131	54	establishments	establishment	NOUN
arjefm-61	131	55	)	)	PUNCT
arjefm-61	132	1	but	but	CCONJ
arjefm-61	132	2	,	,	PUNCT
arjefm-61	132	3	unlike	unlike	ADP
arjefm-61	132	4	the	the	DET
arjefm-61	132	5	fundamentals	fundamental	NOUN
arjefm-61	132	6	that	that	PRON
arjefm-61	132	7	have	have	AUX
arjefm-61	132	8	been	be	AUX
arjefm-61	132	9	a	a	DET
arjefm-61	132	10	relevant	relevant	ADJ
arjefm-61	132	11	actor	actor	NOUN
arjefm-61	132	12	in	in	ADP
arjefm-61	132	13	the	the	DET
arjefm-61	132	14	remarkable	remarkable	ADJ
arjefm-61	132	15	growth	growth	NOUN
arjefm-61	132	16	of	of	ADP
arjefm-61	132	17	the	the	DET
arjefm-61	132	18	countries	country	NOUN
arjefm-61	132	19	of	of	ADP
arjefm-61	132	20	south	south	PROPN
arjefm-61	132	21	east	east	PROPN
arjefm-61	132	22	asia	asia	PROPN
arjefm-61	132	23	and	and	CCONJ
arjefm-61	132	24	europe	europe	PROPN
arjefm-61	132	25	like	like	ADP
arjefm-61	132	26	italy	italy	PROPN
arjefm-61	132	27	and	and	CCONJ
arjefm-61	132	28	spain	spain	PROPN
arjefm-61	132	29	due	due	ADP
arjefm-61	132	30	to	to	ADP
arjefm-61	132	31	their	their	PRON
arjefm-61	132	32	outstanding	outstanding	ADJ
arjefm-61	132	33	participation	participation	NOUN
arjefm-61	132	34	in	in	ADP
arjefm-61	132	35	foreign	foreign	ADJ
arjefm-61	132	36	trade	trade	NOUN
arjefm-61	132	37	,	,	PUNCT
arjefm-61	132	38	the	the	DET
arjefm-61	132	39	contribution	contribution	NOUN
arjefm-61	132	40	of	of	ADP
arjefm-61	132	41	smes	sme	NOUN
arjefm-61	132	42	to	to	ADP
arjefm-61	132	43	the	the	DET
arjefm-61	132	44	country	country	NOUN
arjefm-61	132	45	's	's	PART
arjefm-61	132	46	trade	trade	NOUN
arjefm-61	132	47	balance	balance	NOUN
arjefm-61	132	48	has	have	AUX
arjefm-61	132	49	been	be	AUX
arjefm-61	132	50	very	very	ADV
arjefm-61	132	51	poor	poor	ADJ
arjefm-61	132	52	.	.	PUNCT
arjefm-61	133	1	while	while	SCONJ
arjefm-61	133	2	exports	export	NOUN
arjefm-61	133	3	(	(	PUNCT
arjefm-61	133	4	us	us	PROPN
arjefm-61	133	5	$	$	SYM
arjefm-61	133	6	12,547	12,547	NUM
arjefm-61	133	7	million	million	NUM
arjefm-61	133	8	)	)	PUNCT
arjefm-61	133	9	of	of	ADP
arjefm-61	133	10	smes	sme	NOUN
arjefm-61	133	11	in	in	ADP
arjefm-61	133	12	taiwan	taiwan	PROPN
arjefm-61	133	13	correspond	correspond	VERB
arjefm-61	133	14	to	to	ADP
arjefm-61	133	15	56	56	NUM
arjefm-61	133	16	%	%	NOUN
arjefm-61	133	17	of	of	ADP
arjefm-61	133	18	total	total	ADJ
arjefm-61	133	19	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	133	20	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	134	1	american	american	PROPN
arjefm-61	134	2	research	research	PROPN
arjefm-61	134	3	journal	journal	PROPN
arjefm-61	134	4	of	of	ADP
arjefm-61	134	5	economics	economic	NOUN
arjefm-61	134	6	,	,	PUNCT
arjefm-61	134	7	finance	finance	NOUN
arjefm-61	134	8	and	and	CCONJ
arjefm-61	134	9	management	management	NOUN
arjefm-61	134	10	volume	volume	NOUN
arjefm-61	134	11	10	10	NUM
arjefm-61	134	12	issue	issue	NOUN
arjefm-61	134	13	1	1	NUM
arjefm-61	134	14	,	,	PUNCT
arjefm-61	134	15	january	january	PROPN
arjefm-61	134	16	-	-	PUNCT
arjefm-61	134	17	march	march	PROPN
arjefm-61	134	18	2022	2022	NUM
arjefm-61	134	19	issn	issn	NOUN
arjefm-61	134	20	:	:	PUNCT
arjefm-61	134	21	2836	2836	NUM
arjefm-61	134	22	-	-	SYM
arjefm-61	134	23	9416	9416	NUM
arjefm-61	134	24	impact	impact	NOUN
arjefm-61	134	25	factor	factor	NOUN
arjefm-61	134	26	:	:	PUNCT
arjefm-61	134	27	4.85	4.85	NUM
arjefm-61	134	28	journal	journal	NOUN
arjefm-61	134	29	homepage	homepage	NOUN
arjefm-61	134	30	:	:	PUNCT
arjefm-61	134	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	134	32	,	,	PUNCT
arjefm-61	134	33	email	email	NOUN
arjefm-61	134	34	:	:	PUNCT
arjefm-61	135	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-61	135	2	official	official	ADJ
arjefm-61	135	3	journal	journal	PROPN
arjefm-61	135	4	of	of	ADP
arjefm-61	135	5	america	america	PROPN
arjefm-61	135	6	serial	serial	PROPN
arjefm-61	135	7	publication	publication	NOUN
arjefm-61	135	8	american	american	PROPN
arjefm-61	135	9	research	research	PROPN
arjefm-61	135	10	journal	journal	PROPN
arjefm-61	135	11	of	of	ADP
arjefm-61	135	12	economics	economic	NOUN
arjefm-61	135	13	,	,	PUNCT
arjefm-61	135	14	finance	finance	NOUN
arjefm-61	135	15	and	and	CCONJ
arjefm-61	135	16	management	management	NOUN
arjefm-61	135	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	135	18	,	,	PUNCT
arjefm-61	135	19	email	email	NOUN
arjefm-61	135	20	:	:	PUNCT
arjefm-61	135	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	136	1	32	32	NUM
arjefm-61	137	1	|	|	ADV
arjefm-61	137	2	p	p	X
arjefm-61	137	3	a	a	DET
arjefm-61	137	4	g	g	NOUN
arjefm-61	137	5	e	e	NOUN
arjefm-61	137	6	exports	export	NOUN
arjefm-61	137	7	of	of	ADP
arjefm-61	137	8	the	the	DET
arjefm-61	137	9	island	island	NOUN
arjefm-61	137	10	,	,	PUNCT
arjefm-61	137	11	in	in	ADP
arjefm-61	137	12	korea	korea	PROPN
arjefm-61	137	13	we	we	PRON
arjefm-61	137	14	talk	talk	VERB
arjefm-61	137	15	of	of	ADP
arjefm-61	137	16	(	(	PUNCT
arjefm-61	137	17	us	us	PROPN
arjefm-61	137	18	$	$	SYM
arjefm-61	137	19	18,241	18,241	NUM
arjefm-61	137	20	million	million	NUM
arjefm-61	137	21	)	)	PUNCT
arjefm-61	137	22	40	40	NUM
arjefm-61	137	23	%	%	NOUN
arjefm-61	137	24	and	and	CCONJ
arjefm-61	137	25	italy	italy	PROPN
arjefm-61	137	26	(	(	PUNCT
arjefm-61	137	27	us	us	PROPN
arjefm-61	137	28	$	$	SYM
arjefm-61	137	29	110,552	110,552	NUM
arjefm-61	137	30	million	million	NUM
arjefm-61	137	31	)	)	PUNCT
arjefm-61	137	32	53	53	NUM
arjefm-61	137	33	%	%	NOUN
arjefm-61	137	34	,	,	PUNCT
arjefm-61	137	35	the	the	DET
arjefm-61	137	36	colombian	colombian	ADJ
arjefm-61	137	37	smes	sme	NOUN
arjefm-61	137	38	correspond	correspond	VERB
arjefm-61	137	39	to	to	ADP
arjefm-61	137	40	no	no	DET
arjefm-61	137	41	more	more	ADJ
arjefm-61	137	42	than	than	ADP
arjefm-61	137	43	20	20	NUM
arjefm-61	137	44	%	%	NOUN
arjefm-61	137	45	of	of	ADP
arjefm-61	137	46	total	total	ADJ
arjefm-61	137	47	exports	export	NOUN
arjefm-61	137	48	from	from	ADP
arjefm-61	137	49	colombia	colombia	PROPN
arjefm-61	137	50	.	.	PUNCT
arjefm-61	138	1	with	with	ADP
arjefm-61	138	2	the	the	DET
arjefm-61	138	3	aim	aim	NOUN
arjefm-61	138	4	of	of	ADP
arjefm-61	138	5	doubling	double	VERB
arjefm-61	138	6	and	and	CCONJ
arjefm-61	138	7	diversifying	diversify	VERB
arjefm-61	138	8	exports	export	NOUN
arjefm-61	138	9	of	of	ADP
arjefm-61	138	10	non	non	ADJ
arjefm-61	138	11	traditional	traditional	ADJ
arjefm-61	138	12	products	product	NOUN
arjefm-61	138	13	,	,	PUNCT
arjefm-61	138	14	the	the	DET
arjefm-61	138	15	government	government	NOUN
arjefm-61	138	16	developed	develop	VERB
arjefm-61	138	17	the	the	DET
arjefm-61	138	18	strategic	strategic	ADJ
arjefm-61	138	19	export	export	NOUN
arjefm-61	138	20	plan	plan	NOUN
arjefm-61	138	21	,	,	PUNCT
arjefm-61	138	22	which	which	PRON
arjefm-61	138	23	included	include	VERB
arjefm-61	138	24	the	the	DET
arjefm-61	138	25	expopyme	expopyme	NOUN
arjefm-61	138	26	program	program	NOUN
arjefm-61	138	27	,	,	PUNCT
arjefm-61	138	28	designed	design	VERB
arjefm-61	138	29	and	and	CCONJ
arjefm-61	138	30	coordinated	coordinate	VERB
arjefm-61	138	31	by	by	ADP
arjefm-61	138	32	proexport	proexport	PROPN
arjefm-61	138	33	colombia	colombia	PROPN
arjefm-61	138	34	,	,	PUNCT
arjefm-61	138	35	aimed	aim	VERB
arjefm-61	138	36	at	at	ADP
arjefm-61	138	37	promoting	promote	VERB
arjefm-61	138	38	the	the	DET
arjefm-61	138	39	successful	successful	ADJ
arjefm-61	138	40	and	and	CCONJ
arjefm-61	138	41	permanent	permanent	ADJ
arjefm-61	138	42	position	position	NOUN
arjefm-61	138	43	in	in	ADP
arjefm-61	138	44	exports	export	NOUN
arjefm-61	138	45	of	of	ADP
arjefm-61	138	46	smes	sme	NOUN
arjefm-61	138	47	and	and	CCONJ
arjefm-61	138	48	their	their	PRON
arjefm-61	138	49	adaptation	adaptation	NOUN
arjefm-61	138	50	to	to	ADP
arjefm-61	138	51	the	the	DET
arjefm-61	138	52	demands	demand	NOUN
arjefm-61	138	53	of	of	ADP
arjefm-61	138	54	the	the	DET
arjefm-61	138	55	global	global	ADJ
arjefm-61	138	56	economy	economy	NOUN
arjefm-61	138	57	.	.	PUNCT
arjefm-61	139	1	at	at	ADP
arjefm-61	139	2	the	the	DET
arjefm-61	139	3	end	end	NOUN
arjefm-61	139	4	of	of	ADP
arjefm-61	139	5	2001	2001	NUM
arjefm-61	139	6	proexport	proexport	NOUN
arjefm-61	139	7	had	have	AUX
arjefm-61	139	8	invested	invest	VERB
arjefm-61	139	9	more	more	ADJ
arjefm-61	139	10	than	than	ADP
arjefm-61	139	11	$	$	SYM
arjefm-61	139	12	6000	6000	NUM
arjefm-61	139	13	million	million	NUM
arjefm-61	139	14	in	in	ADP
arjefm-61	139	15	its	its	PRON
arjefm-61	139	16	development	development	NOUN
arjefm-61	139	17	and	and	CCONJ
arjefm-61	139	18	1650	1650	NUM
arjefm-61	139	19	msmes	msme	NOUN
arjefm-61	139	20	had	have	AUX
arjefm-61	139	21	participated	participate	VERB
arjefm-61	139	22	,	,	PUNCT
arjefm-61	139	23	of	of	ADP
arjefm-61	139	24	which	which	PRON
arjefm-61	139	25	more	more	ADJ
arjefm-61	139	26	than	than	ADP
arjefm-61	139	27	600	600	NUM
arjefm-61	139	28	made	make	VERB
arjefm-61	139	29	exports	export	NOUN
arjefm-61	139	30	of	of	ADP
arjefm-61	139	31	us	we	PRON
arjefm-61	139	32	$	$	SYM
arjefm-61	139	33	110,700,029	110,700,029	NUM
arjefm-61	139	34	in	in	ADP
arjefm-61	139	35	that	that	DET
arjefm-61	139	36	year	year	NOUN
arjefm-61	139	37	.	.	PUNCT
arjefm-61	140	1	however	however	ADV
arjefm-61	140	2	,	,	PUNCT
arjefm-61	140	3	colombia	colombia	PROPN
arjefm-61	140	4	continues	continue	VERB
arjefm-61	140	5	representing	represent	VERB
arjefm-61	140	6	only	only	ADV
arjefm-61	140	7	0.2	0.2	NUM
arjefm-61	140	8	%	%	NOUN
arjefm-61	140	9	of	of	ADP
arjefm-61	140	10	total	total	ADJ
arjefm-61	140	11	world	world	NOUN
arjefm-61	140	12	merchandise	merchandise	NOUN
arjefm-61	140	13	exports	export	NOUN
arjefm-61	140	14	,	,	PUNCT
arjefm-61	140	15	with	with	ADP
arjefm-61	140	16	a	a	DET
arjefm-61	140	17	per	per	X
arjefm-61	140	18	capita	capita	X
arjefm-61	140	19	export	export	NOUN
arjefm-61	140	20	income	income	NOUN
arjefm-61	140	21	of	of	ADP
arjefm-61	140	22	us	we	PRON
arjefm-61	140	23	$	$	SYM
arjefm-61	140	24	270	270	NUM
arjefm-61	140	25	in	in	ADP
arjefm-61	140	26	2000	2000	NUM
arjefm-61	140	27	compared	compare	VERB
arjefm-61	140	28	to	to	ADP
arjefm-61	140	29	the	the	DET
arjefm-61	140	30	world	world	NOUN
arjefm-61	140	31	average	average	NOUN
arjefm-61	140	32	of	of	ADP
arjefm-61	140	33	us	we	PRON
arjefm-61	140	34	$	$	SYM
arjefm-61	140	35	600	600	NUM
arjefm-61	140	36	in	in	ADP
arjefm-61	140	37	that	that	DET
arjefm-61	140	38	year	year	NOUN
arjefm-61	140	39	.	.	PUNCT
arjefm-61	141	1	as	as	ADP
arjefm-61	141	2	for	for	ADP
arjefm-61	141	3	smes	sme	NOUN
arjefm-61	141	4	,	,	PUNCT
arjefm-61	141	5	in	in	ADP
arjefm-61	141	6	2000	2000	NUM
arjefm-61	141	7	,	,	PUNCT
arjefm-61	141	8	exports	export	NOUN
arjefm-61	141	9	as	as	ADP
arjefm-61	141	10	a	a	DET
arjefm-61	141	11	percentage	percentage	NOUN
arjefm-61	141	12	of	of	ADP
arjefm-61	141	13	gross	gross	ADJ
arjefm-61	141	14	sales	sale	NOUN
arjefm-61	141	15	(	(	PUNCT
arjefm-61	141	16	measured	measure	VERB
arjefm-61	141	17	in	in	ADP
arjefm-61	141	18	pesos	pesos	NOUN
arjefm-61	141	19	)	)	PUNCT
arjefm-61	141	20	only	only	ADV
arjefm-61	141	21	reached	reach	VERB
arjefm-61	141	22	14	14	NUM
arjefm-61	141	23	%	%	NOUN
arjefm-61	141	24	,	,	PUNCT
arjefm-61	141	25	being	be	AUX
arjefm-61	141	26	the	the	DET
arjefm-61	141	27	packaging	packaging	NOUN
arjefm-61	141	28	and	and	CCONJ
arjefm-61	141	29	cardboard	cardboard	NOUN
arjefm-61	141	30	boxes	box	NOUN
arjefm-61	141	31	sector	sector	NOUN
arjefm-61	141	32	with	with	ADP
arjefm-61	141	33	37.6	37.6	NUM
arjefm-61	141	34	%	%	NOUN
arjefm-61	141	35	the	the	DET
arjefm-61	141	36	highest	high	ADJ
arjefm-61	141	37	export	export	NOUN
arjefm-61	141	38	coefficient	coefficient	NOUN
arjefm-61	141	39	and	and	CCONJ
arjefm-61	141	40	the	the	DET
arjefm-61	141	41	furniture	furniture	NOUN
arjefm-61	141	42	sector	sector	NOUN
arjefm-61	141	43	with	with	ADP
arjefm-61	141	44	10.5	10.5	NUM
arjefm-61	141	45	%	%	NOUN
arjefm-61	141	46	the	the	DET
arjefm-61	141	47	lowest	low	ADJ
arjefm-61	141	48	coefficient	coefficient	NOUN
arjefm-61	141	49	,	,	PUNCT
arjefm-61	141	50	which	which	PRON
arjefm-61	141	51	shows	show	VERB
arjefm-61	141	52	that	that	SCONJ
arjefm-61	141	53	our	our	PRON
arjefm-61	141	54	smes	sme	NOUN
arjefm-61	141	55	have	have	AUX
arjefm-61	141	56	been	be	AUX
arjefm-61	141	57	born	bear	VERB
arjefm-61	141	58	and	and	CCONJ
arjefm-61	141	59	raised	raise	VERB
arjefm-61	141	60	considering	consider	VERB
arjefm-61	141	61	basically	basically	ADV
arjefm-61	141	62	the	the	DET
arjefm-61	141	63	local	local	ADJ
arjefm-61	141	64	market	market	NOUN
arjefm-61	141	65	and	and	CCONJ
arjefm-61	141	66	demonstrating	demonstrate	VERB
arjefm-61	141	67	that	that	SCONJ
arjefm-61	141	68	only	only	ADV
arjefm-61	141	69	when	when	SCONJ
arjefm-61	141	70	domestic	domestic	ADJ
arjefm-61	141	71	demand	demand	NOUN
arjefm-61	141	72	has	have	AUX
arjefm-61	141	73	shrunk	shrink	VERB
arjefm-61	141	74	have	have	AUX
arjefm-61	141	75	they	they	PRON
arjefm-61	141	76	looked	look	VERB
arjefm-61	141	77	for	for	ADP
arjefm-61	141	78	the	the	DET
arjefm-61	141	79	world	world	NOUN
arjefm-61	141	80	market	market	NOUN
arjefm-61	141	81	.	.	PUNCT
arjefm-61	142	1	in	in	ADP
arjefm-61	142	2	view	view	NOUN
arjefm-61	142	3	of	of	ADP
arjefm-61	142	4	the	the	DET
arjefm-61	142	5	above	above	ADJ
arjefm-61	142	6	,	,	PUNCT
arjefm-61	142	7	one	one	NUM
arjefm-61	142	8	of	of	ADP
arjefm-61	142	9	the	the	DET
arjefm-61	142	10	greatest	great	ADJ
arjefm-61	142	11	difficulties	difficulty	NOUN
arjefm-61	142	12	faced	face	VERB
arjefm-61	142	13	by	by	ADP
arjefm-61	142	14	the	the	DET
arjefm-61	142	15	colombian	colombian	ADJ
arjefm-61	142	16	pyme	pyme	NOUN
arjefm-61	142	17	's	's	PART
arjefm-61	142	18	is	be	AUX
arjefm-61	142	19	their	their	PRON
arjefm-61	142	20	low	low	ADJ
arjefm-61	142	21	administrative	administrative	ADJ
arjefm-61	142	22	capacity	capacity	NOUN
arjefm-61	142	23	to	to	PART
arjefm-61	142	24	be	be	AUX
arjefm-61	142	25	linked	link	VERB
arjefm-61	142	26	to	to	ADP
arjefm-61	142	27	the	the	DET
arjefm-61	142	28	external	external	ADJ
arjefm-61	142	29	sector	sector	NOUN
arjefm-61	142	30	,	,	PUNCT
arjefm-61	142	31	the	the	DET
arjefm-61	142	32	lack	lack	NOUN
arjefm-61	142	33	of	of	ADP
arjefm-61	142	34	information	information	NOUN
arjefm-61	142	35	on	on	ADP
arjefm-61	142	36	opportunities	opportunity	NOUN
arjefm-61	142	37	for	for	ADP
arjefm-61	142	38	competitive	competitive	ADJ
arjefm-61	142	39	and	and	CCONJ
arjefm-61	142	40	sustainable	sustainable	ADJ
arjefm-61	142	41	exports	export	NOUN
arjefm-61	142	42	,	,	PUNCT
arjefm-61	142	43	with	with	ADP
arjefm-61	142	44	high	high	ADJ
arjefm-61	142	45	levels	level	NOUN
arjefm-61	142	46	of	of	ADP
arjefm-61	142	47	local	local	ADJ
arjefm-61	142	48	added	add	VERB
arjefm-61	142	49	value	value	NOUN
arjefm-61	142	50	as	as	ADP
arjefm-61	142	51	a	a	DET
arjefm-61	142	52	result	result	NOUN
arjefm-61	142	53	of	of	ADP
arjefm-61	142	54	a	a	DET
arjefm-61	142	55	minimal	minimal	ADJ
arjefm-61	142	56	training	training	NOUN
arjefm-61	142	57	and	and	CCONJ
arjefm-61	142	58	management	management	NOUN
arjefm-61	142	59	in	in	ADP
arjefm-61	142	60	the	the	DET
arjefm-61	142	61	international	international	ADJ
arjefm-61	142	62	arena	arena	NOUN
arjefm-61	142	63	and	and	CCONJ
arjefm-61	142	64	their	their	PRON
arjefm-61	142	65	limited	limited	ADJ
arjefm-61	142	66	access	access	NOUN
arjefm-61	142	67	to	to	ADP
arjefm-61	142	68	technologies	technology	NOUN
arjefm-61	142	69	,	,	PUNCT
arjefm-61	142	70	especially	especially	ADV
arjefm-61	142	71	those	those	PRON
arjefm-61	142	72	related	relate	VERB
arjefm-61	142	73	to	to	ADP
arjefm-61	142	74	foreign	foreign	ADJ
arjefm-61	142	75	trade	trade	NOUN
arjefm-61	142	76	,	,	PUNCT
arjefm-61	142	77	because	because	SCONJ
arjefm-61	142	78	as	as	SCONJ
arjefm-61	142	79	shown	show	VERB
arjefm-61	142	80	by	by	ADP
arjefm-61	142	81	the	the	DET
arjefm-61	142	82	recent	recent	ADJ
arjefm-61	142	83	work	work	NOUN
arjefm-61	142	84	developed	develop	VERB
arjefm-61	142	85	at	at	ADP
arjefm-61	142	86	the	the	DET
arjefm-61	142	87	university	university	NOUN
arjefm-61	142	88	of	of	ADP
arjefm-61	142	89	the	the	DET
arjefm-61	142	90	andes	ande	NOUN
arjefm-61	142	91	about	about	ADP
arjefm-61	142	92	this	this	DET
arjefm-61	142	93	topic	topic	NOUN
arjefm-61	142	94	.	.	PUNCT
arjefm-61	143	1	the	the	DET
arjefm-61	143	2	biggest	big	ADJ
arjefm-61	143	3	obstacles	obstacle	NOUN
arjefm-61	143	4	to	to	ADP
arjefm-61	143	5	the	the	DET
arjefm-61	143	6	export	export	NOUN
arjefm-61	143	7	process	process	NOUN
arjefm-61	143	8	of	of	ADP
arjefm-61	143	9	domestic	domestic	ADJ
arjefm-61	143	10	smes	sme	NOUN
arjefm-61	143	11	are	be	AUX
arjefm-61	143	12	referred	refer	VERB
arjefm-61	143	13	to	to	ADP
arjefm-61	143	14	factors	factor	NOUN
arjefm-61	143	15	related	relate	VERB
arjefm-61	143	16	to	to	ADP
arjefm-61	143	17	marketing	market	VERB
arjefm-61	143	18	such	such	ADJ
arjefm-61	143	19	as	as	ADP
arjefm-61	143	20	the	the	DET
arjefm-61	143	21	suitability	suitability	NOUN
arjefm-61	143	22	of	of	ADP
arjefm-61	143	23	the	the	DET
arjefm-61	143	24	product	product	NOUN
arjefm-61	143	25	to	to	ADP
arjefm-61	143	26	the	the	DET
arjefm-61	143	27	requirements	requirement	NOUN
arjefm-61	143	28	of	of	ADP
arjefm-61	143	29	the	the	DET
arjefm-61	143	30	external	external	ADJ
arjefm-61	143	31	market	market	NOUN
arjefm-61	143	32	,	,	PUNCT
arjefm-61	143	33	lack	lack	NOUN
arjefm-61	143	34	of	of	ADP
arjefm-61	143	35	markets	market	NOUN
arjefm-61	143	36	information	information	NOUN
arjefm-61	143	37	(	(	PUNCT
arjefm-61	143	38	knowledge	knowledge	NOUN
arjefm-61	143	39	)	)	PUNCT
arjefm-61	143	40	,	,	PUNCT
arjefm-61	143	41	access	access	NOUN
arjefm-61	143	42	to	to	ADP
arjefm-61	143	43	adequate	adequate	ADJ
arjefm-61	143	44	distribution	distribution	NOUN
arjefm-61	143	45	channels	channel	NOUN
arjefm-61	143	46	and	and	CCONJ
arjefm-61	143	47	lack	lack	NOUN
arjefm-61	143	48	of	of	ADP
arjefm-61	143	49	training	training	NOUN
arjefm-61	143	50	in	in	ADP
arjefm-61	143	51	international	international	ADJ
arjefm-61	143	52	marketing	marketing	NOUN
arjefm-61	143	53	.	.	PUNCT
arjefm-61	144	1	without	without	ADP
arjefm-61	144	2	overcoming	overcome	VERB
arjefm-61	144	3	these	these	DET
arjefm-61	144	4	shortcomings	shortcoming	NOUN
arjefm-61	144	5	,	,	PUNCT
arjefm-61	144	6	it	it	PRON
arjefm-61	144	7	will	will	AUX
arjefm-61	144	8	be	be	AUX
arjefm-61	144	9	difficult	difficult	ADJ
arjefm-61	144	10	for	for	SCONJ
arjefm-61	144	11	colombian	colombian	ADJ
arjefm-61	144	12	smes	sme	NOUN
arjefm-61	144	13	to	to	PART
arjefm-61	144	14	take	take	VERB
arjefm-61	144	15	advantage	advantage	NOUN
arjefm-61	144	16	of	of	ADP
arjefm-61	144	17	the	the	DET
arjefm-61	144	18	great	great	ADJ
arjefm-61	144	19	opportunities	opportunity	NOUN
arjefm-61	144	20	offered	offer	VERB
arjefm-61	144	21	by	by	ADP
arjefm-61	144	22	the	the	DET
arjefm-61	144	23	global	global	ADJ
arjefm-61	144	24	market	market	NOUN
arjefm-61	144	25	,	,	PUNCT
arjefm-61	144	26	particularly	particularly	ADV
arjefm-61	144	27	those	those	PRON
arjefm-61	144	28	occurring	occur	VERB
arjefm-61	144	29	as	as	ADP
arjefm-61	144	30	a	a	DET
arjefm-61	144	31	result	result	NOUN
arjefm-61	144	32	of	of	ADP
arjefm-61	144	33	the	the	DET
arjefm-61	144	34	integration	integration	NOUN
arjefm-61	144	35	agreements	agreement	NOUN
arjefm-61	144	36	and	and	CCONJ
arjefm-61	144	37	preference	preference	NOUN
arjefm-61	144	38	systems	system	NOUN
arjefm-61	144	39	such	such	ADJ
arjefm-61	144	40	as	as	ADP
arjefm-61	144	41	can	can	AUX
arjefm-61	144	42	,	,	PUNCT
arjefm-61	144	43	alide	alide	ADV
arjefm-61	144	44	,	,	PUNCT
arjefm-61	144	45	atpa	atpa	NOUN
arjefm-61	144	46	and	and	CCONJ
arjefm-61	144	47	sgpa	sgpa	NOUN
arjefm-61	144	48	,	,	PUNCT
arjefm-61	144	49	signed	sign	VERB
arjefm-61	144	50	and	and	CCONJ
arjefm-61	144	51	granted	grant	VERB
arjefm-61	144	52	to	to	ADP
arjefm-61	144	53	colombia	colombia	PROPN
arjefm-61	144	54	.	.	PUNCT
arjefm-61	145	1	in	in	ADP
arjefm-61	145	2	this	this	DET
arjefm-61	145	3	regard	regard	NOUN
arjefm-61	145	4	,	,	PUNCT
arjefm-61	145	5	it	it	PRON
arjefm-61	145	6	is	be	AUX
arjefm-61	145	7	important	important	ADJ
arjefm-61	145	8	to	to	PART
arjefm-61	145	9	highlight	highlight	VERB
arjefm-61	145	10	the	the	DET
arjefm-61	145	11	recent	recent	ADJ
arjefm-61	145	12	approval	approval	NOUN
arjefm-61	145	13	given	give	VERB
arjefm-61	145	14	by	by	ADP
arjefm-61	145	15	the	the	DET
arjefm-61	145	16	us	us	PROPN
arjefm-61	145	17	congress	congress	PROPN
arjefm-61	145	18	to	to	PART
arjefm-61	145	19	atpa	atpa	PROPN
arjefm-61	145	20	,	,	PUNCT
arjefm-61	145	21	which	which	PRON
arjefm-61	145	22	opens	open	VERB
arjefm-61	145	23	great	great	ADJ
arjefm-61	145	24	possibilities	possibility	NOUN
arjefm-61	145	25	to	to	PART
arjefm-61	145	26	expand	expand	VERB
arjefm-61	145	27	the	the	DET
arjefm-61	145	28	participation	participation	NOUN
arjefm-61	145	29	of	of	ADP
arjefm-61	145	30	colombian	colombian	ADJ
arjefm-61	145	31	smes	sme	NOUN
arjefm-61	145	32	in	in	ADP
arjefm-61	145	33	the	the	DET
arjefm-61	145	34	market	market	NOUN
arjefm-61	145	35	of	of	ADP
arjefm-61	145	36	manufactures	manufacture	NOUN
arjefm-61	145	37	of	of	ADP
arjefm-61	145	38	that	that	DET
arjefm-61	145	39	country	country	NOUN
arjefm-61	145	40	(	(	PUNCT
arjefm-61	145	41	a	a	DET
arjefm-61	145	42	trillion	trillion	NUM
arjefm-61	145	43	dollars	dollar	NOUN
arjefm-61	145	44	were	be	AUX
arjefm-61	145	45	their	their	PRON
arjefm-61	145	46	purchases	purchase	NOUN
arjefm-61	145	47	to	to	ADP
arjefm-61	145	48	countries	country	NOUN
arjefm-61	145	49	around	around	ADP
arjefm-61	145	50	the	the	DET
arjefm-61	145	51	world	world	NOUN
arjefm-61	145	52	in	in	ADP
arjefm-61	145	53	2001	2001	NUM
arjefm-61	145	54	)	)	PUNCT
arjefm-61	145	55	given	give	VERB
arjefm-61	145	56	that	that	PRON
arjefm-61	145	57	,	,	PUNCT
arjefm-61	145	58	with	with	ADP
arjefm-61	145	59	the	the	DET
arjefm-61	145	60	expansion	expansion	NOUN
arjefm-61	145	61	of	of	ADP
arjefm-61	145	62	the	the	DET
arjefm-61	145	63	number	number	NOUN
arjefm-61	145	64	of	of	ADP
arjefm-61	145	65	products	product	NOUN
arjefm-61	145	66	benefiting	benefit	VERB
arjefm-61	145	67	from	from	ADP
arjefm-61	145	68	the	the	DET
arjefm-61	145	69	relief	relief	NOUN
arjefm-61	145	70	,	,	PUNCT
arjefm-61	145	71	it	it	PRON
arjefm-61	145	72	is	be	AUX
arjefm-61	145	73	estimated	estimate	VERB
arjefm-61	145	74	that	that	SCONJ
arjefm-61	145	75	75	75	NUM
arjefm-61	145	76	%	%	NOUN
arjefm-61	145	77	of	of	ADP
arjefm-61	145	78	the	the	DET
arjefm-61	145	79	national	national	ADJ
arjefm-61	145	80	export	export	NOUN
arjefm-61	145	81	supply	supply	NOUN
arjefm-61	145	82	may	may	AUX
arjefm-61	145	83	enter	enter	VERB
arjefm-61	145	84	without	without	ADP
arjefm-61	145	85	paying	pay	VERB
arjefm-61	145	86	tariffs	tariff	NOUN
arjefm-61	145	87	,	,	PUNCT
arjefm-61	145	88	opening	open	VERB
arjefm-61	145	89	up	up	ADP
arjefm-61	145	90	new	new	ADJ
arjefm-61	145	91	sources	source	NOUN
arjefm-61	145	92	of	of	ADP
arjefm-61	145	93	employment	employment	NOUN
arjefm-61	145	94	and	and	CCONJ
arjefm-61	145	95	generation	generation	NOUN
arjefm-61	145	96	currency	currency	NOUN
arjefm-61	145	97	,	,	PUNCT
arjefm-61	145	98	becoming	become	VERB
arjefm-61	145	99	a	a	DET
arjefm-61	145	100	crucial	crucial	ADJ
arjefm-61	145	101	support	support	NOUN
arjefm-61	145	102	in	in	ADP
arjefm-61	145	103	the	the	DET
arjefm-61	145	104	process	process	NOUN
arjefm-61	145	105	of	of	ADP
arjefm-61	145	106	reviving	revive	VERB
arjefm-61	145	107	local	local	ADJ
arjefm-61	145	108	production	production	NOUN
arjefm-61	145	109	and	and	CCONJ
arjefm-61	145	110	the	the	DET
arjefm-61	145	111	recovery	recovery	NOUN
arjefm-61	145	112	of	of	ADP
arjefm-61	145	113	the	the	DET
arjefm-61	145	114	us	us	PROPN
arjefm-61	145	115	market	market	NOUN
arjefm-61	145	116	.	.	PUNCT
arjefm-61	146	1	also	also	ADV
arjefm-61	146	2	,	,	PUNCT
arjefm-61	146	3	it	it	PRON
arjefm-61	146	4	should	should	AUX
arjefm-61	146	5	be	be	AUX
arjefm-61	146	6	noted	note	VERB
arjefm-61	146	7	that	that	SCONJ
arjefm-61	146	8	the	the	DET
arjefm-61	146	9	ftaa	ftaa	ADJ
arjefm-61	146	10	(	(	PUNCT
arjefm-61	146	11	free	free	ADJ
arjefm-61	146	12	trade	trade	NOUN
arjefm-61	146	13	area	area	NOUN
arjefm-61	146	14	of	of	ADP
arjefm-61	146	15	the	the	DET
arjefm-61	146	16	americas	america	NOUN
arjefm-61	146	17	)	)	PUNCT
arjefm-61	146	18	from	from	ADP
arjefm-61	146	19	2005	2005	NUM
arjefm-61	146	20	will	will	AUX
arjefm-61	146	21	change	change	VERB
arjefm-61	146	22	the	the	DET
arjefm-61	146	23	fate	fate	NOUN
arjefm-61	146	24	of	of	ADP
arjefm-61	146	25	their	their	PRON
arjefm-61	146	26	member	member	NOUN
arjefm-61	146	27	countries	country	NOUN
arjefm-61	146	28	and	and	CCONJ
arjefm-61	146	29	in	in	ADP
arjefm-61	146	30	particular	particular	ADJ
arjefm-61	146	31	of	of	ADP
arjefm-61	146	32	the	the	DET
arjefm-61	146	33	smes	sme	NOUN
arjefm-61	146	34	,	,	PUNCT
arjefm-61	146	35	which	which	PRON
arjefm-61	146	36	should	should	AUX
arjefm-61	146	37	face	face	VERB
arjefm-61	146	38	the	the	DET
arjefm-61	146	39	expanded	expand	VERB
arjefm-61	146	40	market	market	NOUN
arjefm-61	146	41	(	(	PUNCT
arjefm-61	146	42	800	800	NUM
arjefm-61	146	43	million	million	NUM
arjefm-61	146	44	people	people	NOUN
arjefm-61	146	45	)	)	PUNCT
arjefm-61	146	46	by	by	ADP
arjefm-61	146	47	using	use	VERB
arjefm-61	146	48	international	international	ADJ
arjefm-61	146	49	strategies	strategy	NOUN
arjefm-61	146	50	and	and	CCONJ
arjefm-61	146	51	new	new	ADJ
arjefm-61	146	52	and	and	CCONJ
arjefm-61	146	53	multiple	multiple	ADJ
arjefm-61	146	54	competitors	competitor	NOUN
arjefm-61	146	55	and	and	CCONJ
arjefm-61	146	56	therefore	therefore	ADV
arjefm-61	146	57	the	the	DET
arjefm-61	146	58	msme	msme	NOUN
arjefm-61	146	59	's	's	PART
arjefm-61	146	60	entrepreneurs	entrepreneur	NOUN
arjefm-61	146	61	must	must	AUX
arjefm-61	146	62	be	be	AUX
arjefm-61	146	63	prepared	prepare	VERB
arjefm-61	146	64	to	to	PART
arjefm-61	146	65	be	be	AUX
arjefm-61	146	66	competitive	competitive	ADJ
arjefm-61	146	67	with	with	ADP
arjefm-61	146	68	those	those	PRON
arjefm-61	146	69	of	of	ADP
arjefm-61	146	70	other	other	ADJ
arjefm-61	146	71	countries	country	NOUN
arjefm-61	146	72	.	.	PUNCT
arjefm-61	147	1	it	it	PRON
arjefm-61	147	2	is	be	AUX
arjefm-61	147	3	necessary	necessary	ADJ
arjefm-61	147	4	therefore	therefore	ADV
arjefm-61	147	5	to	to	PART
arjefm-61	147	6	provide	provide	VERB
arjefm-61	147	7	them	they	PRON
arjefm-61	147	8	with	with	ADP
arjefm-61	147	9	high	high	ADJ
arjefm-61	147	10	quality	quality	NOUN
arjefm-61	147	11	support	support	NOUN
arjefm-61	147	12	in	in	ADP
arjefm-61	147	13	these	these	DET
arjefm-61	147	14	areas	area	NOUN
arjefm-61	147	15	if	if	SCONJ
arjefm-61	147	16	we	we	PRON
arjefm-61	147	17	want	want	VERB
arjefm-61	147	18	to	to	PART
arjefm-61	147	19	consolidate	consolidate	VERB
arjefm-61	147	20	this	this	DET
arjefm-61	147	21	business	business	NOUN
arjefm-61	147	22	sector	sector	NOUN
arjefm-61	147	23	as	as	ADP
arjefm-61	147	24	an	an	DET
arjefm-61	147	25	emerging	emerge	VERB
arjefm-61	147	26	possibility	possibility	NOUN
arjefm-61	147	27	for	for	SCONJ
arjefm-61	147	28	colombia	colombia	PROPN
arjefm-61	147	29	to	to	PART
arjefm-61	147	30	take	take	VERB
arjefm-61	147	31	risks	risk	NOUN
arjefm-61	147	32	outside	outside	ADP
arjefm-61	147	33	its	its	PRON
arjefm-61	147	34	borders	border	NOUN
arjefm-61	147	35	.	.	PUNCT
arjefm-61	148	1	because	because	SCONJ
arjefm-61	148	2	of	of	ADP
arjefm-61	148	3	all	all	DET
arjefm-61	148	4	this	this	PRON
arjefm-61	148	5	,	,	PUNCT
arjefm-61	148	6	a	a	DET
arjefm-61	148	7	government	government	NOUN
arjefm-61	148	8	program	program	NOUN
arjefm-61	148	9	that	that	PRON
arjefm-61	148	10	helps	help	VERB
arjefm-61	148	11	them	they	PRON
arjefm-61	148	12	to	to	PART
arjefm-61	148	13	solve	solve	VERB
arjefm-61	148	14	in	in	ADP
arjefm-61	148	15	part	part	NOUN
arjefm-61	148	16	these	these	DET
arjefm-61	148	17	weaknesses	weakness	NOUN
arjefm-61	148	18	,	,	PUNCT
arjefm-61	148	19	giving	give	VERB
arjefm-61	148	20	them	they	PRON
arjefm-61	148	21	the	the	DET
arjefm-61	148	22	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	148	23	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	148	24	american	american	PROPN
arjefm-61	148	25	research	research	PROPN
arjefm-61	148	26	journal	journal	PROPN
arjefm-61	148	27	of	of	ADP
arjefm-61	148	28	economics	economic	NOUN
arjefm-61	148	29	,	,	PUNCT
arjefm-61	148	30	finance	finance	NOUN
arjefm-61	148	31	and	and	CCONJ
arjefm-61	148	32	management	management	NOUN
arjefm-61	148	33	volume	volume	NOUN
arjefm-61	148	34	10	10	NUM
arjefm-61	148	35	issue	issue	NOUN
arjefm-61	148	36	1	1	NUM
arjefm-61	148	37	,	,	PUNCT
arjefm-61	148	38	january	january	PROPN
arjefm-61	148	39	-	-	PUNCT
arjefm-61	148	40	march	march	PROPN
arjefm-61	148	41	2022	2022	NUM
arjefm-61	148	42	issn	issn	NOUN
arjefm-61	148	43	:	:	PUNCT
arjefm-61	148	44	2836	2836	NUM
arjefm-61	148	45	-	-	SYM
arjefm-61	148	46	9416	9416	NUM
arjefm-61	148	47	impact	impact	NOUN
arjefm-61	148	48	factor	factor	NOUN
arjefm-61	148	49	:	:	PUNCT
arjefm-61	148	50	4.85	4.85	NUM
arjefm-61	148	51	journal	journal	NOUN
arjefm-61	148	52	homepage	homepage	NOUN
arjefm-61	148	53	:	:	PUNCT
arjefm-61	148	54	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	148	55	,	,	PUNCT
arjefm-61	148	56	email	email	NOUN
arjefm-61	148	57	:	:	PUNCT
arjefm-61	148	58	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-61	148	59	official	official	ADJ
arjefm-61	148	60	journal	journal	PROPN
arjefm-61	148	61	of	of	ADP
arjefm-61	148	62	america	america	PROPN
arjefm-61	148	63	serial	serial	PROPN
arjefm-61	148	64	publication	publication	NOUN
arjefm-61	148	65	american	american	PROPN
arjefm-61	148	66	research	research	PROPN
arjefm-61	148	67	journal	journal	PROPN
arjefm-61	148	68	of	of	ADP
arjefm-61	148	69	economics	economic	NOUN
arjefm-61	148	70	,	,	PUNCT
arjefm-61	148	71	finance	finance	NOUN
arjefm-61	148	72	and	and	CCONJ
arjefm-61	148	73	management	management	NOUN
arjefm-61	148	74	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	148	75	,	,	PUNCT
arjefm-61	148	76	email	email	NOUN
arjefm-61	148	77	:	:	PUNCT
arjefm-61	148	78	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	149	1	33	33	NUM
arjefm-61	150	1	|	|	ADV
arjefm-61	150	2	p	p	NOUN
arjefm-61	150	3	a	a	DET
arjefm-61	150	4	g	g	NOUN
arjefm-61	150	5	e	e	NOUN
arjefm-61	150	6	required	require	VERB
arjefm-61	150	7	management	management	NOUN
arjefm-61	150	8	tools	tool	NOUN
arjefm-61	150	9	and	and	CCONJ
arjefm-61	150	10	business	business	NOUN
arjefm-61	150	11	knowledge	knowledge	NOUN
arjefm-61	150	12	to	to	PART
arjefm-61	150	13	start	start	VERB
arjefm-61	150	14	and	and	CCONJ
arjefm-61	150	15	successfully	successfully	ADV
arjefm-61	150	16	develop	develop	VERB
arjefm-61	150	17	an	an	DET
arjefm-61	150	18	optimal	optimal	ADJ
arjefm-61	150	19	process	process	NOUN
arjefm-61	150	20	of	of	ADP
arjefm-61	150	21	internationalization	internationalization	NOUN
arjefm-61	150	22	of	of	ADP
arjefm-61	150	23	its	its	PRON
arjefm-61	150	24	products	product	NOUN
arjefm-61	150	25	and	and	CCONJ
arjefm-61	150	26	services	service	NOUN
arjefm-61	150	27	,	,	PUNCT
arjefm-61	150	28	supporting	support	VERB
arjefm-61	150	29	them	they	PRON
arjefm-61	150	30	in	in	ADP
arjefm-61	150	31	their	their	PRON
arjefm-61	150	32	use	use	NOUN
arjefm-61	150	33	,	,	PUNCT
arjefm-61	150	34	becomes	become	VERB
arjefm-61	150	35	of	of	ADP
arjefm-61	150	36	paramount	paramount	ADJ
arjefm-61	150	37	importance	importance	NOUN
arjefm-61	150	38	when	when	SCONJ
arjefm-61	150	39	there	there	PRON
arjefm-61	150	40	is	be	VERB
arjefm-61	150	41	a	a	DET
arjefm-61	150	42	marked	mark	VERB
arjefm-61	150	43	decrease	decrease	NOUN
arjefm-61	150	44	in	in	ADP
arjefm-61	150	45	domestic	domestic	ADJ
arjefm-61	150	46	demand	demand	NOUN
arjefm-61	150	47	and	and	CCONJ
arjefm-61	150	48	weakness	weakness	NOUN
arjefm-61	150	49	in	in	ADP
arjefm-61	150	50	our	our	PRON
arjefm-61	150	51	major	major	ADJ
arjefm-61	150	52	trading	trading	NOUN
arjefm-61	150	53	partners	partner	NOUN
arjefm-61	150	54	(	(	PUNCT
arjefm-61	150	55	the	the	DET
arjefm-61	150	56	united	united	PROPN
arjefm-61	150	57	states	states	PROPN
arjefm-61	150	58	and	and	CCONJ
arjefm-61	150	59	venezuela	venezuela	PROPN
arjefm-61	150	60	)	)	PUNCT
arjefm-61	150	61	.	.	PUNCT
arjefm-61	151	1	methodology	methodology	VERB
arjefm-61	151	2	the	the	DET
arjefm-61	151	3	emphasis	emphasis	NOUN
arjefm-61	151	4	of	of	ADP
arjefm-61	151	5	a	a	DET
arjefm-61	151	6	case	case	NOUN
arjefm-61	151	7	study	study	NOUN
arjefm-61	151	8	is	be	AUX
arjefm-61	151	9	to	to	PART
arjefm-61	151	10	describe	describe	VERB
arjefm-61	151	11	or	or	CCONJ
arjefm-61	151	12	measure	measure	VERB
arjefm-61	151	13	two	two	NUM
arjefm-61	151	14	or	or	CCONJ
arjefm-61	151	15	more	more	ADJ
arjefm-61	151	16	features	feature	NOUN
arjefm-61	151	17	or	or	CCONJ
arjefm-61	151	18	units	unit	NOUN
arjefm-61	151	19	of	of	ADP
arjefm-61	151	20	analysis	analysis	NOUN
arjefm-61	151	21	in	in	ADP
arjefm-61	151	22	order	order	NOUN
arjefm-61	151	23	to	to	PART
arjefm-61	151	24	determine	determine	VERB
arjefm-61	151	25	how	how	SCONJ
arjefm-61	151	26	it	it	PRON
arjefm-61	151	27	is	be	AUX
arjefm-61	151	28	or	or	CCONJ
arjefm-61	151	29	how	how	SCONJ
arjefm-61	151	30	the	the	DET
arjefm-61	151	31	phenomenon	phenomenon	NOUN
arjefm-61	151	32	occurs	occur	VERB
arjefm-61	151	33	.	.	PUNCT
arjefm-61	152	1	in	in	ADP
arjefm-61	152	2	this	this	DET
arjefm-61	152	3	sense	sense	NOUN
arjefm-61	152	4	this	this	DET
arjefm-61	152	5	study	study	NOUN
arjefm-61	152	6	is	be	AUX
arjefm-61	152	7	aimed	aim	VERB
arjefm-61	152	8	to	to	PART
arjefm-61	152	9	observe	observe	VERB
arjefm-61	152	10	and	and	CCONJ
arjefm-61	152	11	characterize	characterize	VERB
arjefm-61	152	12	a	a	DET
arjefm-61	152	13	reality	reality	NOUN
arjefm-61	152	14	of	of	ADP
arjefm-61	152	15	some	some	DET
arjefm-61	152	16	companies	company	NOUN
arjefm-61	152	17	of	of	ADP
arjefm-61	152	18	cali	cali	ADJ
arjefm-61	152	19	,	,	PUNCT
arjefm-61	152	20	where	where	SCONJ
arjefm-61	152	21	the	the	DET
arjefm-61	152	22	financial	financial	ADJ
arjefm-61	152	23	statements	statement	NOUN
arjefm-61	152	24	of	of	ADP
arjefm-61	152	25	some	some	DET
arjefm-61	152	26	companies	company	NOUN
arjefm-61	152	27	were	be	AUX
arjefm-61	152	28	analyzed	analyze	VERB
arjefm-61	152	29	during	during	ADP
arjefm-61	152	30	2012	2012	NUM
arjefm-61	152	31	,	,	PUNCT
arjefm-61	152	32	2013	2013	NUM
arjefm-61	152	33	and	and	CCONJ
arjefm-61	152	34	2014	2014	NUM
arjefm-61	152	35	,	,	PUNCT
arjefm-61	152	36	to	to	PART
arjefm-61	152	37	then	then	ADV
arjefm-61	152	38	proceed	proceed	VERB
arjefm-61	152	39	to	to	PART
arjefm-61	152	40	perform	perform	VERB
arjefm-61	152	41	calculations	calculation	NOUN
arjefm-61	152	42	and	and	CCONJ
arjefm-61	152	43	analysis	analysis	NOUN
arjefm-61	152	44	of	of	ADP
arjefm-61	152	45	financial	financial	ADJ
arjefm-61	152	46	liquidity	liquidity	NOUN
arjefm-61	152	47	indicators	indicator	NOUN
arjefm-61	152	48	,	,	PUNCT
arjefm-61	152	49	debt	debt	NOUN
arjefm-61	152	50	and	and	CCONJ
arjefm-61	152	51	portfolio	portfolio	NOUN
arjefm-61	152	52	turnover	turnover	NOUN
arjefm-61	152	53	and	and	CCONJ
arjefm-61	152	54	description	description	NOUN
arjefm-61	152	55	of	of	ADP
arjefm-61	152	56	their	their	PRON
arjefm-61	152	57	behavior	behavior	NOUN
arjefm-61	152	58	in	in	ADP
arjefm-61	152	59	risk	risk	NOUN
arjefm-61	152	60	for	for	ADP
arjefm-61	152	61	each	each	DET
arjefm-61	152	62	one	one	NUM
arjefm-61	152	63	.	.	PUNCT
arjefm-61	153	1	initially	initially	ADV
arjefm-61	153	2	liquidity	liquidity	NOUN
arjefm-61	153	3	ratios	ratio	NOUN
arjefm-61	153	4	,	,	PUNCT
arjefm-61	153	5	debt	debt	NOUN
arjefm-61	153	6	and	and	CCONJ
arjefm-61	153	7	portfolio	portfolio	NOUN
arjefm-61	153	8	management	management	NOUN
arjefm-61	153	9	will	will	AUX
arjefm-61	153	10	be	be	AUX
arjefm-61	153	11	calculated	calculate	VERB
arjefm-61	153	12	,	,	PUNCT
arjefm-61	153	13	based	base	VERB
arjefm-61	153	14	on	on	ADP
arjefm-61	153	15	the	the	DET
arjefm-61	153	16	historical	historical	ADJ
arjefm-61	153	17	series	series	NOUN
arjefm-61	153	18	of	of	ADP
arjefm-61	153	19	financial	financial	ADJ
arjefm-61	153	20	statements	statement	NOUN
arjefm-61	153	21	selected	select	VERB
arjefm-61	153	22	from	from	ADP
arjefm-61	153	23	the	the	DET
arjefm-61	153	24	database	database	NOUN
arjefm-61	153	25	of	of	ADP
arjefm-61	153	26	the	the	DET
arjefm-61	153	27	super	super	PROPN
arjefm-61	153	28	intendencia	intendencia	PROPN
arjefm-61	153	29	de	de	PROPN
arjefm-61	153	30	sociedades	sociedades	PROPN
arjefm-61	153	31	de	de	X
arjefm-61	153	32	colombia	colombia	PROPN
arjefm-61	153	33	(	(	PUNCT
arjefm-61	153	34	colombian	colombian	ADJ
arjefm-61	153	35	superintendence	superintendence	NOUN
arjefm-61	153	36	of	of	ADP
arjefm-61	153	37	corporations	corporation	NOUN
arjefm-61	153	38	)	)	PUNCT
arjefm-61	153	39	.	.	PUNCT
arjefm-61	154	1	in	in	ADP
arjefm-61	154	2	order	order	NOUN
arjefm-61	154	3	to	to	PART
arjefm-61	154	4	obtain	obtain	VERB
arjefm-61	154	5	the	the	DET
arjefm-61	154	6	liquidity	liquidity	NOUN
arjefm-61	154	7	the	the	DET
arjefm-61	154	8	index	index	NOUN
arjefm-61	154	9	ratio	ratio	NOUN
arjefm-61	154	10	or	or	CCONJ
arjefm-61	154	11	current	current	ADJ
arjefm-61	154	12	ratio	ratio	NOUN
arjefm-61	154	13	calculation	calculation	NOUN
arjefm-61	154	14	was	be	AUX
arjefm-61	154	15	used	use	VERB
arjefm-61	154	16	.	.	PUNCT
arjefm-61	155	1	this	this	PRON
arjefm-61	155	2	tries	try	VERB
arjefm-61	155	3	to	to	PART
arjefm-61	155	4	verify	verify	VERB
arjefm-61	155	5	the	the	DET
arjefm-61	155	6	availability	availability	NOUN
arjefm-61	155	7	of	of	ADP
arjefm-61	155	8	the	the	DET
arjefm-61	155	9	company	company	NOUN
arjefm-61	155	10	,	,	PUNCT
arjefm-61	155	11	in	in	ADP
arjefm-61	155	12	the	the	DET
arjefm-61	155	13	short	short	ADJ
arjefm-61	155	14	term	term	NOUN
arjefm-61	155	15	to	to	PART
arjefm-61	155	16	meet	meet	VERB
arjefm-61	155	17	its	its	PRON
arjefm-61	155	18	commitments	commitment	NOUN
arjefm-61	155	19	,	,	PUNCT
arjefm-61	155	20	also	also	ADV
arjefm-61	155	21	in	in	ADP
arjefm-61	155	22	a	a	DET
arjefm-61	155	23	long	long	ADJ
arjefm-61	155	24	term	term	NOUN
arjefm-61	155	25	.	.	PUNCT
arjefm-61	156	1	the	the	DET
arjefm-61	156	2	formula	formula	NOUN
arjefm-61	156	3	is	be	AUX
arjefm-61	156	4	current	current	ADJ
arjefm-61	156	5	ratio	ratio	NOUN
arjefm-61	156	6	=	=	SYM
arjefm-61	156	7	current	current	ADJ
arjefm-61	156	8	asset	asset	NOUN
arjefm-61	156	9	/	/	SYM
arjefm-61	156	10	current	current	ADJ
arjefm-61	156	11	liabilities	liability	NOUN
arjefm-61	156	12	for	for	ADP
arjefm-61	156	13	the	the	DET
arjefm-61	156	14	indebtedness	indebtedness	NOUN
arjefm-61	156	15	,	,	PUNCT
arjefm-61	156	16	the	the	DET
arjefm-61	156	17	rate	rate	NOUN
arjefm-61	156	18	or	or	CCONJ
arjefm-61	156	19	level	level	NOUN
arjefm-61	156	20	of	of	ADP
arjefm-61	156	21	indebtedness	indebtedness	NOUN
arjefm-61	156	22	was	be	AUX
arjefm-61	156	23	used	use	VERB
arjefm-61	156	24	:	:	PUNCT
arjefm-61	156	25	this	this	DET
arjefm-61	156	26	indicator	indicator	NOUN
arjefm-61	156	27	provides	provide	VERB
arjefm-61	156	28	the	the	DET
arjefm-61	156	29	percentage	percentage	NOUN
arjefm-61	156	30	of	of	ADP
arjefm-61	156	31	participation	participation	NOUN
arjefm-61	156	32	of	of	ADP
arjefm-61	156	33	creditors	creditor	NOUN
arjefm-61	156	34	in	in	ADP
arjefm-61	156	35	the	the	DET
arjefm-61	156	36	company	company	NOUN
arjefm-61	156	37	.	.	PUNCT
arjefm-61	157	1	the	the	DET
arjefm-61	157	2	formula	formula	NOUN
arjefm-61	157	3	is	be	AUX
arjefm-61	157	4	:	:	PUNCT
arjefm-61	157	5	indebtedness	indebtedness	NOUN
arjefm-61	157	6	level	level	NOUN
arjefm-61	157	7	=	=	SYM
arjefm-61	157	8	total	total	ADJ
arjefm-61	157	9	liabilities	liability	NOUN
arjefm-61	157	10	to	to	ADP
arjefm-61	157	11	third	third	ADJ
arjefm-61	157	12	parties	party	NOUN
arjefm-61	157	13	/	/	SYM
arjefm-61	157	14	total	total	ADJ
arjefm-61	157	15	assets	asset	NOUN
arjefm-61	157	16	in	in	ADP
arjefm-61	157	17	the	the	DET
arjefm-61	157	18	case	case	NOUN
arjefm-61	157	19	of	of	ADP
arjefm-61	157	20	the	the	DET
arjefm-61	157	21	portfolio	portfolio	NOUN
arjefm-61	157	22	turnover	turnover	NOUN
arjefm-61	157	23	,	,	PUNCT
arjefm-61	157	24	the	the	DET
arjefm-61	157	25	portfolio	portfolio	NOUN
arjefm-61	157	26	turnover	turnover	NOUN
arjefm-61	157	27	rate	rate	NOUN
arjefm-61	157	28	was	be	AUX
arjefm-61	157	29	used	use	VERB
arjefm-61	157	30	which	which	PRON
arjefm-61	157	31	shows	show	VERB
arjefm-61	157	32	how	how	SCONJ
arjefm-61	157	33	many	many	ADJ
arjefm-61	157	34	times	time	NOUN
arjefm-61	157	35	the	the	DET
arjefm-61	157	36	accounts	account	NOUN
arjefm-61	157	37	receivable	receivable	ADJ
arjefm-61	157	38	or	or	CCONJ
arjefm-61	157	39	portfolio	portfolio	NOUN
arjefm-61	157	40	are	be	AUX
arjefm-61	157	41	converted	convert	VERB
arjefm-61	157	42	into	into	ADP
arjefm-61	157	43	cash	cash	NOUN
arjefm-61	157	44	or	or	CCONJ
arjefm-61	157	45	are	be	AUX
arjefm-61	157	46	recovered	recover	VERB
arjefm-61	157	47	during	during	ADP
arjefm-61	157	48	this	this	DET
arjefm-61	157	49	period	period	NOUN
arjefm-61	157	50	,	,	PUNCT
arjefm-61	157	51	this	this	DET
arjefm-61	157	52	period	period	NOUN
arjefm-61	157	53	may	may	AUX
arjefm-61	157	54	be	be	AUX
arjefm-61	157	55	month	month	NOUN
arjefm-61	157	56	or	or	CCONJ
arjefm-61	157	57	year	year	NOUN
arjefm-61	157	58	:	:	PUNCT
arjefm-61	157	59	among	among	ADP
arjefm-61	157	60	the	the	DET
arjefm-61	157	61	risks	risk	NOUN
arjefm-61	157	62	described	describe	VERB
arjefm-61	157	63	by	by	ADP
arjefm-61	157	64	the	the	DET
arjefm-61	157	65	literature	literature	NOUN
arjefm-61	157	66	that	that	PRON
arjefm-61	157	67	may	may	AUX
arjefm-61	157	68	affect	affect	VERB
arjefm-61	157	69	companies	company	NOUN
arjefm-61	157	70	,	,	PUNCT
arjefm-61	157	71	there	there	PRON
arjefm-61	157	72	is	be	VERB
arjefm-61	157	73	the	the	DET
arjefm-61	157	74	operational	operational	ADJ
arjefm-61	157	75	or	or	CCONJ
arjefm-61	157	76	business	business	NOUN
arjefm-61	157	77	risk	risk	NOUN
arjefm-61	157	78	treated	treat	VERB
arjefm-61	157	79	as	as	ADP
arjefm-61	157	80	the	the	DET
arjefm-61	157	81	derivative	derivative	NOUN
arjefm-61	157	82	of	of	ADP
arjefm-61	157	83	decisions	decision	NOUN
arjefm-61	157	84	that	that	PRON
arjefm-61	157	85	are	be	AUX
arjefm-61	157	86	taken	take	VERB
arjefm-61	157	87	daily	daily	ADV
arjefm-61	157	88	within	within	ADP
arjefm-61	157	89	the	the	DET
arjefm-61	157	90	company	company	NOUN
arjefm-61	157	91	,	,	PUNCT
arjefm-61	157	92	either	either	CCONJ
arjefm-61	157	93	in	in	ADP
arjefm-61	157	94	relation	relation	NOUN
arjefm-61	157	95	to	to	ADP
arjefm-61	157	96	production	production	NOUN
arjefm-61	157	97	,	,	PUNCT
arjefm-61	157	98	distribution	distribution	NOUN
arjefm-61	157	99	,	,	PUNCT
arjefm-61	157	100	prices	price	NOUN
arjefm-61	157	101	,	,	PUNCT
arjefm-61	157	102	etc	etc	X
arjefm-61	157	103	.	.	X
arjefm-61	158	1	on	on	ADP
arjefm-61	158	2	the	the	DET
arjefm-61	158	3	other	other	ADJ
arjefm-61	158	4	hand	hand	NOUN
arjefm-61	158	5	jorion	jorion	NOUN
arjefm-61	158	6	(	(	PUNCT
arjefm-61	158	7	2001	2001	NUM
arjefm-61	158	8	)	)	PUNCT
arjefm-61	158	9	defines	define	VERB
arjefm-61	158	10	financial	financial	ADJ
arjefm-61	158	11	risk	risk	NOUN
arjefm-61	158	12	as	as	ADP
arjefm-61	158	13	the	the	DET
arjefm-61	158	14	risk	risk	NOUN
arjefm-61	158	15	of	of	ADP
arjefm-61	158	16	not	not	PART
arjefm-61	158	17	being	be	AUX
arjefm-61	158	18	able	able	ADJ
arjefm-61	158	19	to	to	PART
arjefm-61	158	20	cover	cover	VERB
arjefm-61	158	21	the	the	DET
arjefm-61	158	22	financial	financial	ADJ
arjefm-61	158	23	costs	cost	NOUN
arjefm-61	158	24	of	of	ADP
arjefm-61	158	25	a	a	DET
arjefm-61	158	26	company	company	NOUN
arjefm-61	158	27	.	.	PUNCT
arjefm-61	159	1	among	among	ADP
arjefm-61	159	2	the	the	DET
arjefm-61	159	3	main	main	ADJ
arjefm-61	159	4	financial	financial	ADJ
arjefm-61	159	5	risks	risk	NOUN
arjefm-61	159	6	described	describe	VERB
arjefm-61	159	7	in	in	ADP
arjefm-61	159	8	the	the	DET
arjefm-61	159	9	literature	literature	NOUN
arjefm-61	159	10	there	there	PRON
arjefm-61	159	11	are	be	VERB
arjefm-61	159	12	:	:	PUNCT
arjefm-61	159	13	market	market	NOUN
arjefm-61	159	14	risk	risk	NOUN
arjefm-61	159	15	,	,	PUNCT
arjefm-61	159	16	credit	credit	NOUN
arjefm-61	159	17	risk	risk	NOUN
arjefm-61	159	18	,	,	PUNCT
arjefm-61	159	19	liquidity	liquidity	NOUN
arjefm-61	159	20	risk	risk	NOUN
arjefm-61	159	21	,	,	PUNCT
arjefm-61	159	22	operational	operational	ADJ
arjefm-61	159	23	risk	risk	NOUN
arjefm-61	159	24	,	,	PUNCT
arjefm-61	159	25	legal	legal	ADJ
arjefm-61	159	26	risk	risk	NOUN
arjefm-61	159	27	and	and	CCONJ
arjefm-61	159	28	transaction	transaction	NOUN
arjefm-61	159	29	risk	risk	NOUN
arjefm-61	159	30	,	,	PUNCT
arjefm-61	159	31	but	but	CCONJ
arjefm-61	159	32	as	as	SCONJ
arjefm-61	159	33	we	we	PRON
arjefm-61	159	34	can	can	AUX
arjefm-61	159	35	see	see	VERB
arjefm-61	159	36	the	the	DET
arjefm-61	159	37	theory	theory	NOUN
arjefm-61	159	38	shows	show	VERB
arjefm-61	159	39	and	and	CCONJ
arjefm-61	159	40	describes	describe	VERB
arjefm-61	159	41	how	how	SCONJ
arjefm-61	159	42	they	they	PRON
arjefm-61	159	43	are	be	AUX
arjefm-61	159	44	calculated	calculate	VERB
arjefm-61	159	45	and	and	CCONJ
arjefm-61	159	46	analyzed	analyze	VERB
arjefm-61	159	47	independently	independently	ADV
arjefm-61	159	48	,	,	PUNCT
arjefm-61	159	49	which	which	PRON
arjefm-61	159	50	is	be	AUX
arjefm-61	159	51	why	why	SCONJ
arjefm-61	159	52	this	this	DET
arjefm-61	159	53	study	study	NOUN
arjefm-61	159	54	aims	aim	VERB
arjefm-61	159	55	to	to	PART
arjefm-61	159	56	show	show	VERB
arjefm-61	159	57	a	a	DET
arjefm-61	159	58	model	model	NOUN
arjefm-61	159	59	for	for	ADP
arjefm-61	159	60	risk	risk	NOUN
arjefm-61	159	61	assessment	assessment	NOUN
arjefm-61	159	62	of	of	ADP
arjefm-61	159	63	companies	company	NOUN
arjefm-61	159	64	that	that	PRON
arjefm-61	159	65	have	have	VERB
arjefm-61	159	66	no	no	DET
arjefm-61	159	67	market	market	NOUN
arjefm-61	159	68	prices	price	NOUN
arjefm-61	159	69	(	(	PUNCT
arjefm-61	159	70	unlisted	unliste	VERB
arjefm-61	159	71	)	)	PUNCT
arjefm-61	159	72	more	more	ADV
arjefm-61	159	73	holistically	holistically	ADV
arjefm-61	159	74	,	,	PUNCT
arjefm-61	159	75	based	base	VERB
arjefm-61	159	76	on	on	ADP
arjefm-61	159	77	operational	operational	ADJ
arjefm-61	159	78	risks	risk	NOUN
arjefm-61	159	79	(	(	PUNCT
arjefm-61	159	80	management	management	NOUN
arjefm-61	159	81	or	or	CCONJ
arjefm-61	159	82	recovery	recovery	NOUN
arjefm-61	159	83	portfolio	portfolio	NOUN
arjefm-61	159	84	)	)	PUNCT
arjefm-61	159	85	and	and	CCONJ
arjefm-61	159	86	financial	financial	ADJ
arjefm-61	159	87	risks	risk	NOUN
arjefm-61	159	88	(	(	PUNCT
arjefm-61	159	89	liquidity	liquidity	NOUN
arjefm-61	159	90	risk	risk	NOUN
arjefm-61	159	91	and	and	CCONJ
arjefm-61	159	92	debt	debt	NOUN
arjefm-61	159	93	or	or	CCONJ
arjefm-61	159	94	credit	credit	NOUN
arjefm-61	159	95	risk	risk	NOUN
arjefm-61	159	96	)	)	PUNCT
arjefm-61	159	97	,	,	PUNCT
arjefm-61	159	98	which	which	PRON
arjefm-61	159	99	affect	affect	VERB
arjefm-61	159	100	in	in	ADP
arjefm-61	159	101	a	a	DET
arjefm-61	159	102	short	short	ADJ
arjefm-61	159	103	and	and	CCONJ
arjefm-61	159	104	medium	medium	ADJ
arjefm-61	159	105	-	-	PUNCT
arjefm-61	159	106	level	level	NOUN
arjefm-61	159	107	the	the	DET
arjefm-61	159	108	operation	operation	NOUN
arjefm-61	159	109	of	of	ADP
arjefm-61	159	110	enterprises	enterprise	NOUN
arjefm-61	159	111	and	and	CCONJ
arjefm-61	159	112	even	even	ADV
arjefm-61	159	113	more	more	ADV
arjefm-61	159	114	so	so	ADV
arjefm-61	159	115	in	in	ADP
arjefm-61	159	116	countries	country	NOUN
arjefm-61	159	117	with	with	ADP
arjefm-61	159	118	emerging	emerge	VERB
arjefm-61	159	119	economies	economy	NOUN
arjefm-61	159	120	.	.	PUNCT
arjefm-61	160	1	this	this	DET
arjefm-61	160	2	work	work	NOUN
arjefm-61	160	3	was	be	AUX
arjefm-61	160	4	based	base	VERB
arjefm-61	160	5	on	on	ADP
arjefm-61	160	6	the	the	DET
arjefm-61	160	7	database	database	NOUN
arjefm-61	160	8	of	of	ADP
arjefm-61	160	9	the	the	DET
arjefm-61	160	10	superintendence	superintendence	NOUN
arjefm-61	160	11	of	of	ADP
arjefm-61	160	12	corporations	corporation	NOUN
arjefm-61	160	13	of	of	ADP
arjefm-61	160	14	colombia	colombia	PROPN
arjefm-61	160	15	,	,	PUNCT
arjefm-61	160	16	excluding	exclude	VERB
arjefm-61	160	17	those	those	PRON
arjefm-61	160	18	that	that	PRON
arjefm-61	160	19	are	be	AUX
arjefm-61	160	20	in	in	ADP
arjefm-61	160	21	liquidation	liquidation	NOUN
arjefm-61	160	22	process	process	NOUN
arjefm-61	160	23	where	where	SCONJ
arjefm-61	160	24	companies	company	NOUN
arjefm-61	160	25	were	be	AUX
arjefm-61	160	26	classified	classify	VERB
arjefm-61	160	27	by	by	ADP
arjefm-61	160	28	sub	sub	NOUN
arjefm-61	160	29	-	-	NOUN
arjefm-61	160	30	sectors	sector	NOUN
arjefm-61	160	31	,	,	PUNCT
arjefm-61	160	32	which	which	PRON
arjefm-61	160	33	according	accord	VERB
arjefm-61	160	34	to	to	ADP
arjefm-61	160	35	the	the	DET
arjefm-61	160	36	studied	study	VERB
arjefm-61	160	37	companies	company	NOUN
arjefm-61	160	38	were	be	AUX
arjefm-61	160	39	:	:	PUNCT
arjefm-61	160	40	construction	construction	NOUN
arjefm-61	160	41	of	of	ADP
arjefm-61	160	42	residential	residential	ADJ
arjefm-61	160	43	construction	construction	NOUN
arjefm-61	160	44	,	,	PUNCT
arjefm-61	160	45	construction	construction	NOUN
arjefm-61	160	46	of	of	ADP
arjefm-61	160	47	civil	civil	ADJ
arjefm-61	160	48	works	work	NOUN
arjefm-61	160	49	,	,	PUNCT
arjefm-61	160	50	adequacy	adequacy	NOUN
arjefm-61	160	51	of	of	ADP
arjefm-61	160	52	construction	construction	NOUN
arjefm-61	160	53	works	work	NOUN
arjefm-61	160	54	,	,	PUNCT
arjefm-61	160	55	trade	trade	NOUN
arjefm-61	160	56	of	of	ADP
arjefm-61	160	57	vehicles	vehicle	NOUN
arjefm-61	160	58	and	and	CCONJ
arjefm-61	160	59	related	related	ADJ
arjefm-61	160	60	activities	activity	NOUN
arjefm-61	160	61	,	,	PUNCT
arjefm-61	160	62	trade	trade	NOUN
arjefm-61	160	63	of	of	ADP
arjefm-61	160	64	fuels	fuel	NOUN
arjefm-61	160	65	,	,	PUNCT
arjefm-61	160	66	lubricants	lubricant	NOUN
arjefm-61	160	67	and	and	CCONJ
arjefm-61	160	68	wholesale	wholesale	NOUN
arjefm-61	160	69	.	.	PUNCT
arjefm-61	161	1	subsequently	subsequently	ADV
arjefm-61	161	2	,	,	PUNCT
arjefm-61	161	3	with	with	ADP
arjefm-61	161	4	the	the	DET
arjefm-61	161	5	results	result	NOUN
arjefm-61	161	6	of	of	ADP
arjefm-61	161	7	the	the	DET
arjefm-61	161	8	companies	company	NOUN
arjefm-61	161	9	under	under	ADP
arjefm-61	161	10	study	study	NOUN
arjefm-61	161	11	,	,	PUNCT
arjefm-61	161	12	every	every	DET
arjefm-61	161	13	financial	financial	ADJ
arjefm-61	161	14	indicator	indicator	NOUN
arjefm-61	161	15	was	be	AUX
arjefm-61	161	16	calculated	calculate	VERB
arjefm-61	161	17	,	,	PUNCT
arjefm-61	161	18	in	in	ADP
arjefm-61	161	19	addition	addition	NOUN
arjefm-61	161	20	descriptive	descriptive	ADJ
arjefm-61	161	21	statistics	statistic	NOUN
arjefm-61	161	22	was	be	AUX
arjefm-61	161	23	applied	apply	VERB
arjefm-61	161	24	in	in	ADP
arjefm-61	161	25	order	order	NOUN
arjefm-61	161	26	to	to	PART
arjefm-61	161	27	obtain	obtain	VERB
arjefm-61	161	28	simplified	simplified	ADJ
arjefm-61	161	29	information	information	NOUN
arjefm-61	161	30	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-61	161	31	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	162	1	american	american	PROPN
arjefm-61	162	2	research	research	PROPN
arjefm-61	162	3	journal	journal	PROPN
arjefm-61	162	4	of	of	ADP
arjefm-61	162	5	economics	economic	NOUN
arjefm-61	162	6	,	,	PUNCT
arjefm-61	162	7	finance	finance	NOUN
arjefm-61	162	8	and	and	CCONJ
arjefm-61	162	9	management	management	NOUN
arjefm-61	162	10	volume	volume	NOUN
arjefm-61	162	11	10	10	NUM
arjefm-61	162	12	issue	issue	NOUN
arjefm-61	162	13	1	1	NUM
arjefm-61	162	14	,	,	PUNCT
arjefm-61	162	15	january	january	PROPN
arjefm-61	162	16	-	-	PUNCT
arjefm-61	162	17	march	march	PROPN
arjefm-61	162	18	2022	2022	NUM
arjefm-61	162	19	issn	issn	NOUN
arjefm-61	162	20	:	:	PUNCT
arjefm-61	162	21	2836	2836	NUM
arjefm-61	162	22	-	-	SYM
arjefm-61	162	23	9416	9416	NUM
arjefm-61	162	24	impact	impact	NOUN
arjefm-61	162	25	factor	factor	NOUN
arjefm-61	162	26	:	:	PUNCT
arjefm-61	162	27	4.85	4.85	NUM
arjefm-61	162	28	journal	journal	NOUN
arjefm-61	162	29	homepage	homepage	NOUN
arjefm-61	162	30	:	:	PUNCT
arjefm-61	162	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	162	32	,	,	PUNCT
arjefm-61	162	33	email	email	NOUN
arjefm-61	162	34	:	:	PUNCT
arjefm-61	163	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-61	163	2	official	official	ADJ
arjefm-61	163	3	journal	journal	PROPN
arjefm-61	163	4	of	of	ADP
arjefm-61	163	5	america	america	PROPN
arjefm-61	163	6	serial	serial	PROPN
arjefm-61	163	7	publication	publication	NOUN
arjefm-61	163	8	american	american	PROPN
arjefm-61	163	9	research	research	PROPN
arjefm-61	163	10	journal	journal	PROPN
arjefm-61	163	11	of	of	ADP
arjefm-61	163	12	economics	economic	NOUN
arjefm-61	163	13	,	,	PUNCT
arjefm-61	163	14	finance	finance	NOUN
arjefm-61	163	15	and	and	CCONJ
arjefm-61	163	16	management	management	NOUN
arjefm-61	163	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	163	18	,	,	PUNCT
arjefm-61	163	19	email	email	NOUN
arjefm-61	163	20	:	:	PUNCT
arjefm-61	163	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	164	1	34	34	NUM
arjefm-61	165	1	|	|	ADV
arjefm-61	165	2	p	p	X
arjefm-61	165	3	a	a	DET
arjefm-61	165	4	g	g	NOUN
arjefm-61	165	5	e	e	NOUN
arjefm-61	165	6	to	to	PART
arjefm-61	165	7	be	be	AUX
arjefm-61	165	8	analyzed	analyze	VERB
arjefm-61	165	9	and	and	CCONJ
arjefm-61	165	10	interpreted	interpret	VERB
arjefm-61	165	11	in	in	ADP
arjefm-61	165	12	a	a	DET
arjefm-61	165	13	more	more	ADV
arjefm-61	165	14	comfortable	comfortable	ADJ
arjefm-61	165	15	and	and	CCONJ
arjefm-61	165	16	quick	quick	ADJ
arjefm-61	165	17	way	way	NOUN
arjefm-61	165	18	.	.	PUNCT
arjefm-61	166	1	this	this	DET
arjefm-61	166	2	information	information	NOUN
arjefm-61	166	3	was	be	AUX
arjefm-61	166	4	obtained	obtain	VERB
arjefm-61	166	5	with	with	ADP
arjefm-61	166	6	the	the	DET
arjefm-61	166	7	intention	intention	NOUN
arjefm-61	166	8	of	of	ADP
arjefm-61	166	9	being	be	AUX
arjefm-61	166	10	used	use	VERB
arjefm-61	166	11	effectively	effectively	ADV
arjefm-61	166	12	for	for	ADP
arjefm-61	166	13	the	the	DET
arjefm-61	166	14	purpose	purpose	NOUN
arjefm-61	166	15	of	of	ADP
arjefm-61	166	16	this	this	DET
arjefm-61	166	17	work	work	NOUN
arjefm-61	166	18	.	.	PUNCT
arjefm-61	167	1	specifically	specifically	ADV
arjefm-61	167	2	,	,	PUNCT
arjefm-61	167	3	measures	measure	NOUN
arjefm-61	167	4	of	of	ADP
arjefm-61	167	5	central	central	ADJ
arjefm-61	167	6	tendency	tendency	NOUN
arjefm-61	167	7	were	be	AUX
arjefm-61	167	8	used	use	VERB
arjefm-61	167	9	,	,	PUNCT
arjefm-61	167	10	which	which	PRON
arjefm-61	167	11	served	serve	VERB
arjefm-61	167	12	as	as	ADP
arjefm-61	167	13	landmarks	landmark	NOUN
arjefm-61	167	14	to	to	PART
arjefm-61	167	15	interpret	interpret	VERB
arjefm-61	167	16	and	and	CCONJ
arjefm-61	167	17	corroborate	corroborate	VERB
arjefm-61	167	18	the	the	DET
arjefm-61	167	19	results	result	NOUN
arjefm-61	167	20	obtained	obtain	VERB
arjefm-61	167	21	through	through	ADP
arjefm-61	167	22	indicators	indicator	NOUN
arjefm-61	167	23	.	.	PUNCT
arjefm-61	168	1	after	after	ADP
arjefm-61	168	2	calculating	calculate	VERB
arjefm-61	168	3	each	each	DET
arjefm-61	168	4	index	index	NOUN
arjefm-61	168	5	(	(	PUNCT
arjefm-61	168	6	liquidity	liquidity	NOUN
arjefm-61	168	7	,	,	PUNCT
arjefm-61	168	8	debt	debt	NOUN
arjefm-61	168	9	and	and	CCONJ
arjefm-61	168	10	portfolio	portfolio	NOUN
arjefm-61	168	11	turnover	turnover	NOUN
arjefm-61	168	12	)	)	PUNCT
arjefm-61	168	13	,	,	PUNCT
arjefm-61	168	14	this	this	DET
arjefm-61	168	15	result	result	NOUN
arjefm-61	168	16	will	will	AUX
arjefm-61	168	17	be	be	AUX
arjefm-61	168	18	converted	convert	VERB
arjefm-61	168	19	in	in	ADP
arjefm-61	168	20	terms	term	NOUN
arjefm-61	168	21	of	of	ADP
arjefm-61	168	22	risk	risk	NOUN
arjefm-61	168	23	as	as	ADP
arjefm-61	168	24	a	a	DET
arjefm-61	168	25	dichotomous	dichotomous	ADJ
arjefm-61	168	26	variable	variable	NOUN
arjefm-61	168	27	as	as	SCONJ
arjefm-61	168	28	follows	follow	VERB
arjefm-61	168	29	:	:	PUNCT
arjefm-61	168	30	1	1	NUM
arjefm-61	168	31	if	if	SCONJ
arjefm-61	168	32	the	the	DET
arjefm-61	168	33	financial	financial	ADJ
arjefm-61	168	34	index	index	NOUN
arjefm-61	168	35	has	have	VERB
arjefm-61	168	36	risk	risk	NOUN
arjefm-61	168	37	0	0	NUM
arjefm-61	169	1	if	if	SCONJ
arjefm-61	169	2	the	the	DET
arjefm-61	169	3	financial	financial	ADJ
arjefm-61	169	4	index	index	NOUN
arjefm-61	169	5	has	have	VERB
arjefm-61	169	6	no	no	DET
arjefm-61	169	7	risk	risk	NOUN
arjefm-61	169	8	a	a	DET
arjefm-61	169	9	"	"	PUNCT
arjefm-61	169	10	dummy	dummy	ADJ
arjefm-61	169	11	"	"	PUNCT
arjefm-61	169	12	or	or	CCONJ
arjefm-61	169	13	dichotomous	dichotomous	ADJ
arjefm-61	169	14	variable	variable	NOUN
arjefm-61	169	15	is	be	AUX
arjefm-61	169	16	a	a	DET
arjefm-61	169	17	numeric	numeric	ADJ
arjefm-61	169	18	variable	variable	NOUN
arjefm-61	169	19	used	use	VERB
arjefm-61	169	20	in	in	ADP
arjefm-61	169	21	the	the	DET
arjefm-61	169	22	linear	linear	ADJ
arjefm-61	169	23	regression	regression	NOUN
arjefm-61	169	24	analysis	analysis	NOUN
arjefm-61	169	25	to	to	PART
arjefm-61	169	26	represent	represent	VERB
arjefm-61	169	27	subsets	subset	NOUN
arjefm-61	169	28	of	of	ADP
arjefm-61	169	29	the	the	DET
arjefm-61	169	30	sample	sample	NOUN
arjefm-61	169	31	in	in	ADP
arjefm-61	169	32	study	study	NOUN
arjefm-61	169	33	.	.	PUNCT
arjefm-61	170	1	in	in	ADP
arjefm-61	170	2	the	the	DET
arjefm-61	170	3	research	research	NOUN
arjefm-61	170	4	design	design	NOUN
arjefm-61	170	5	,	,	PUNCT
arjefm-61	170	6	a	a	DET
arjefm-61	170	7	"	"	PUNCT
arjefm-61	170	8	dummy	dummy	ADJ
arjefm-61	170	9	"	"	PUNCT
arjefm-61	170	10	variable	variable	NOUN
arjefm-61	170	11	is	be	AUX
arjefm-61	170	12	often	often	ADV
arjefm-61	170	13	used	use	VERB
arjefm-61	170	14	to	to	PART
arjefm-61	170	15	distinguish	distinguish	VERB
arjefm-61	170	16	different	different	ADJ
arjefm-61	170	17	groups	group	NOUN
arjefm-61	170	18	of	of	ADP
arjefm-61	170	19	variables	variable	NOUN
arjefm-61	170	20	.	.	PUNCT
arjefm-61	171	1	in	in	ADP
arjefm-61	171	2	the	the	DET
arjefm-61	171	3	simplest	simple	ADJ
arjefm-61	171	4	case	case	NOUN
arjefm-61	171	5	,	,	PUNCT
arjefm-61	171	6	with	with	ADP
arjefm-61	171	7	values0	values0	NOUN
arjefm-61	171	8	and	and	CCONJ
arjefm-61	171	9	1.the	1.the	DET
arjefm-61	171	10	"	"	PUNCT
arjefm-61	171	11	dummy	dummy	ADJ
arjefm-61	171	12	"	"	PUNCT
arjefm-61	171	13	variables	variable	NOUN
arjefm-61	171	14	are	be	AUX
arjefm-61	171	15	useful	useful	ADJ
arjefm-61	171	16	because	because	SCONJ
arjefm-61	171	17	they	they	PRON
arjefm-61	171	18	allow	allow	VERB
arjefm-61	171	19	the	the	DET
arjefm-61	171	20	use	use	NOUN
arjefm-61	171	21	of	of	ADP
arjefm-61	171	22	a	a	DET
arjefm-61	171	23	single	single	ADJ
arjefm-61	171	24	regression	regression	NOUN
arjefm-61	171	25	equation	equation	NOUN
arjefm-61	171	26	to	to	PART
arjefm-61	171	27	represent	represent	VERB
arjefm-61	171	28	multiple	multiple	ADJ
arjefm-61	171	29	groups	group	NOUN
arjefm-61	171	30	.	.	PUNCT
arjefm-61	172	1	finally	finally	ADV
arjefm-61	172	2	,	,	PUNCT
arjefm-61	172	3	after	after	ADP
arjefm-61	172	4	having	have	VERB
arjefm-61	172	5	the	the	DET
arjefm-61	172	6	results	result	NOUN
arjefm-61	172	7	of	of	ADP
arjefm-61	172	8	each	each	DET
arjefm-61	172	9	indicator	indicator	NOUN
arjefm-61	172	10	,	,	PUNCT
arjefm-61	172	11	a	a	DET
arjefm-61	172	12	conditional	conditional	ADJ
arjefm-61	172	13	probability	probability	NOUN
arjefm-61	172	14	formula	formula	NOUN
arjefm-61	172	15	was	be	AUX
arjefm-61	172	16	applied	apply	VERB
arjefm-61	172	17	to	to	PART
arjefm-61	172	18	determine	determine	VERB
arjefm-61	172	19	whether	whether	SCONJ
arjefm-61	172	20	the	the	DET
arjefm-61	172	21	company	company	NOUN
arjefm-61	172	22	owned	own	VERB
arjefm-61	172	23	any	any	DET
arjefm-61	172	24	risk	risk	NOUN
arjefm-61	172	25	,	,	PUNCT
arjefm-61	172	26	according	accord	VERB
arjefm-61	172	27	to	to	ADP
arjefm-61	172	28	the	the	DET
arjefm-61	172	29	three	three	NUM
arjefm-61	172	30	indicators	indicator	NOUN
arjefm-61	172	31	calculated	calculate	VERB
arjefm-61	172	32	.	.	PUNCT
arjefm-61	173	1	the	the	DET
arjefm-61	173	2	formula	formula	NOUN
arjefm-61	173	3	consisted	consist	VERB
arjefm-61	173	4	in	in	ADP
arjefm-61	173	5	whether	whether	SCONJ
arjefm-61	173	6	the	the	DET
arjefm-61	173	7	sum	sum	NOUN
arjefm-61	173	8	of	of	ADP
arjefm-61	173	9	the	the	DET
arjefm-61	173	10	three	three	NUM
arjefm-61	173	11	indicators	indicator	NOUN
arjefm-61	173	12	was	be	AUX
arjefm-61	173	13	less	less	ADJ
arjefm-61	173	14	or	or	CCONJ
arjefm-61	173	15	higher	high	ADJ
arjefm-61	173	16	than	than	ADP
arjefm-61	173	17	2	2	NUM
arjefm-61	173	18	,	,	PUNCT
arjefm-61	173	19	then	then	ADV
arjefm-61	173	20	the	the	DET
arjefm-61	173	21	company	company	NOUN
arjefm-61	173	22	had	have	VERB
arjefm-61	173	23	risk	risk	NOUN
arjefm-61	173	24	,	,	PUNCT
arjefm-61	173	25	as	as	SCONJ
arjefm-61	173	26	the	the	DET
arjefm-61	173	27	analysis	analysis	NOUN
arjefm-61	173	28	described	describe	VERB
arjefm-61	173	29	above	above	ADV
arjefm-61	173	30	was	be	AUX
arjefm-61	173	31	aimed	aim	VERB
arjefm-61	173	32	at	at	ADP
arjefm-61	173	33	only	only	ADV
arjefm-61	173	34	determining	determine	VERB
arjefm-61	173	35	the	the	DET
arjefm-61	173	36	risk	risk	NOUN
arjefm-61	173	37	indicator	indicator	NOUN
arjefm-61	173	38	.	.	PUNCT
arjefm-61	174	1	this	this	PRON
arjefm-61	174	2	means	mean	VERB
arjefm-61	174	3	,	,	PUNCT
arjefm-61	174	4	the	the	DET
arjefm-61	174	5	analysis	analysis	NOUN
arjefm-61	174	6	in	in	ADP
arjefm-61	174	7	this	this	DET
arjefm-61	174	8	part	part	NOUN
arjefm-61	174	9	of	of	ADP
arjefm-61	174	10	the	the	DET
arjefm-61	174	11	work	work	NOUN
arjefm-61	174	12	was	be	AUX
arjefm-61	174	13	done	do	VERB
arjefm-61	174	14	holistically	holistically	ADV
arjefm-61	174	15	.	.	PUNCT
arjefm-61	175	1	once	once	SCONJ
arjefm-61	175	2	this	this	DET
arjefm-61	175	3	data	data	NOUN
arjefm-61	175	4	is	be	AUX
arjefm-61	175	5	obtained	obtain	VERB
arjefm-61	175	6	,	,	PUNCT
arjefm-61	175	7	a	a	DET
arjefm-61	175	8	risk	risk	NOUN
arjefm-61	175	9	table	table	NOUN
arjefm-61	175	10	is	be	AUX
arjefm-61	175	11	generated	generate	VERB
arjefm-61	175	12	in	in	ADP
arjefm-61	175	13	order	order	NOUN
arjefm-61	175	14	to	to	PART
arjefm-61	175	15	determine	determine	VERB
arjefm-61	175	16	individually	individually	ADV
arjefm-61	175	17	per	per	ADP
arjefm-61	175	18	industry	industry	NOUN
arjefm-61	175	19	and	and	CCONJ
arjefm-61	175	20	sector	sector	VERB
arjefm-61	175	21	its	its	PRON
arjefm-61	175	22	financial	financial	ADJ
arjefm-61	175	23	risk	risk	NOUN
arjefm-61	175	24	through	through	ADP
arjefm-61	175	25	the	the	DET
arjefm-61	175	26	following	follow	VERB
arjefm-61	175	27	criteria	criterion	NOUN
arjefm-61	175	28	:	:	PUNCT
arjefm-61	175	29	the	the	DET
arjefm-61	175	30	company	company	NOUN
arjefm-61	175	31	that	that	PRON
arjefm-61	175	32	owns	own	VERB
arjefm-61	175	33	2	2	NUM
arjefm-61	175	34	or	or	CCONJ
arjefm-61	175	35	3	3	NUM
arjefm-61	175	36	of	of	ADP
arjefm-61	175	37	the	the	DET
arjefm-61	175	38	indicators	indicator	NOUN
arjefm-61	175	39	at	at	ADP
arjefm-61	175	40	risk	risk	NOUN
arjefm-61	175	41	condition	condition	NOUN
arjefm-61	175	42	(	(	PUNCT
arjefm-61	175	43	1	1	X
arjefm-61	175	44	)	)	PUNCT
arjefm-61	175	45	shall	shall	AUX
arjefm-61	175	46	possess	possess	VERB
arjefm-61	175	47	financial	financial	ADJ
arjefm-61	175	48	risk	risk	NOUN
arjefm-61	175	49	.	.	PUNCT
arjefm-61	176	1	the	the	DET
arjefm-61	176	2	company	company	NOUN
arjefm-61	176	3	that	that	PRON
arjefm-61	176	4	owns	own	VERB
arjefm-61	176	5	2	2	NUM
arjefm-61	176	6	or	or	CCONJ
arjefm-61	176	7	3	3	NUM
arjefm-61	176	8	of	of	ADP
arjefm-61	176	9	the	the	DET
arjefm-61	176	10	no	no	DET
arjefm-61	176	11	risk	risk	NOUN
arjefm-61	176	12	indicators	indicator	NOUN
arjefm-61	176	13	(	(	PUNCT
arjefm-61	176	14	0	0	NUM
arjefm-61	176	15	)	)	PUNCT
arjefm-61	176	16	,	,	PUNCT
arjefm-61	176	17	has	have	VERB
arjefm-61	176	18	no	no	DET
arjefm-61	176	19	financial	financial	ADJ
arjefm-61	176	20	risk	risk	NOUN
arjefm-61	176	21	.	.	PUNCT
arjefm-61	177	1	once	once	ADV
arjefm-61	177	2	the	the	DET
arjefm-61	177	3	financial	financial	ADJ
arjefm-61	177	4	risk	risk	NOUN
arjefm-61	177	5	for	for	ADP
arjefm-61	177	6	businesses	business	NOUN
arjefm-61	177	7	is	be	AUX
arjefm-61	177	8	calculated	calculate	VERB
arjefm-61	177	9	the	the	DET
arjefm-61	177	10	next	next	ADJ
arjefm-61	177	11	procedure	procedure	NOUN
arjefm-61	177	12	is	be	AUX
arjefm-61	177	13	to	to	PART
arjefm-61	177	14	make	make	VERB
arjefm-61	177	15	a	a	DET
arjefm-61	177	16	descriptive	descriptive	ADJ
arjefm-61	177	17	analysis	analysis	NOUN
arjefm-61	177	18	of	of	ADP
arjefm-61	177	19	risk	risk	NOUN
arjefm-61	177	20	behavior	behavior	NOUN
arjefm-61	177	21	by	by	ADP
arjefm-61	177	22	company	company	NOUN
arjefm-61	177	23	type	type	NOUN
arjefm-61	177	24	(	(	PUNCT
arjefm-61	177	25	small	small	ADJ
arjefm-61	177	26	or	or	CCONJ
arjefm-61	177	27	medium	medium	ADJ
arjefm-61	177	28	)	)	PUNCT
arjefm-61	177	29	,	,	PUNCT
arjefm-61	177	30	by	by	ADP
arjefm-61	177	31	productive	productive	ADJ
arjefm-61	177	32	sectors	sector	NOUN
arjefm-61	177	33	as	as	ADP
arjefm-61	177	34	conglomerates	conglomerate	NOUN
arjefm-61	177	35	done	do	VERB
arjefm-61	177	36	through	through	ADP
arjefm-61	177	37	cluster	cluster	NOUN
arjefm-61	177	38	analysis	analysis	NOUN
arjefm-61	177	39	.	.	PUNCT
arjefm-61	178	1	this	this	DET
arjefm-61	178	2	model	model	NOUN
arjefm-61	178	3	will	will	AUX
arjefm-61	178	4	be	be	AUX
arjefm-61	178	5	applied	apply	VERB
arjefm-61	178	6	to	to	ADP
arjefm-61	178	7	each	each	DET
arjefm-61	178	8	company	company	NOUN
arjefm-61	178	9	and	and	CCONJ
arjefm-61	178	10	with	with	ADP
arjefm-61	178	11	these	these	DET
arjefm-61	178	12	results	result	VERB
arjefm-61	178	13	a	a	DET
arjefm-61	178	14	classification	classification	NOUN
arjefm-61	178	15	table	table	NOUN
arjefm-61	178	16	is	be	AUX
arjefm-61	178	17	constructed	construct	VERB
arjefm-61	178	18	including	include	VERB
arjefm-61	178	19	levels	level	NOUN
arjefm-61	178	20	,	,	PUNCT
arjefm-61	178	21	and	and	CCONJ
arjefm-61	178	22	risk	risk	NOUN
arjefm-61	178	23	scale	scale	NOUN
arjefm-61	178	24	intervals	interval	NOUN
arjefm-61	178	25	,	,	PUNCT
arjefm-61	178	26	being	be	AUX
arjefm-61	178	27	the	the	DET
arjefm-61	178	28	amount	amount	NOUN
arjefm-61	178	29	of	of	ADP
arjefm-61	178	30	variables	variable	NOUN
arjefm-61	178	31	odd	odd	ADJ
arjefm-61	178	32	number	number	NOUN
arjefm-61	178	33	(	(	PUNCT
arjefm-61	178	34	3	3	NUM
arjefm-61	178	35	)	)	PUNCT
arjefm-61	178	36	.	.	PUNCT
arjefm-61	179	1	after	after	ADP
arjefm-61	179	2	debugging	debug	VERB
arjefm-61	179	3	the	the	DET
arjefm-61	179	4	financial	financial	ADJ
arjefm-61	179	5	statements	statement	NOUN
arjefm-61	179	6	of	of	ADP
arjefm-61	179	7	the	the	DET
arjefm-61	179	8	series	series	NOUN
arjefm-61	179	9	2012	2012	NUM
arjefm-61	179	10	,	,	PUNCT
arjefm-61	179	11	2013	2013	NUM
arjefm-61	179	12	and	and	CCONJ
arjefm-61	179	13	2014	2014	NUM
arjefm-61	179	14	supplied	supply	VERB
arjefm-61	179	15	by	by	ADP
arjefm-61	179	16	the	the	DET
arjefm-61	179	17	colombian	colombian	ADJ
arjefm-61	179	18	superintendence	superintendence	NOUN
arjefm-61	179	19	of	of	ADP
arjefm-61	179	20	corporations	corporation	NOUN
arjefm-61	179	21	,	,	PUNCT
arjefm-61	179	22	calculating	calculate	VERB
arjefm-61	179	23	the	the	DET
arjefm-61	179	24	dichotomous	dichotomous	ADJ
arjefm-61	179	25	variables	variable	NOUN
arjefm-61	179	26	of	of	ADP
arjefm-61	179	27	"	"	PUNCT
arjefm-61	179	28	risk	risk	NOUN
arjefm-61	179	29	"	"	PUNCT
arjefm-61	179	30	and	and	CCONJ
arjefm-61	179	31	"	"	PUNCT
arjefm-61	179	32	no	no	DET
arjefm-61	179	33	risk	risk	NOUN
arjefm-61	179	34	"	"	PUNCT
arjefm-61	179	35	for	for	ADP
arjefm-61	179	36	each	each	DET
arjefm-61	179	37	indicator	indicator	NOUN
arjefm-61	179	38	(	(	PUNCT
arjefm-61	179	39	liquidity	liquidity	NOUN
arjefm-61	179	40	,	,	PUNCT
arjefm-61	179	41	debt	debt	NOUN
arjefm-61	179	42	and	and	CCONJ
arjefm-61	179	43	portfolio	portfolio	NOUN
arjefm-61	179	44	management	management	NOUN
arjefm-61	179	45	)	)	PUNCT
arjefm-61	179	46	as	as	ADV
arjefm-61	179	47	well	well	ADV
arjefm-61	179	48	as	as	ADP
arjefm-61	179	49	determining	determine	VERB
arjefm-61	179	50	the	the	DET
arjefm-61	179	51	risk	risk	NOUN
arjefm-61	179	52	by	by	ADP
arjefm-61	179	53	enterprise	enterprise	NOUN
arjefm-61	179	54	and	and	CCONJ
arjefm-61	179	55	sector	sector	NOUN
arjefm-61	179	56	,	,	PUNCT
arjefm-61	179	57	it	it	PRON
arjefm-61	179	58	was	be	AUX
arjefm-61	179	59	proceeded	proceed	VERB
arjefm-61	179	60	to	to	PART
arjefm-61	179	61	run	run	VERB
arjefm-61	179	62	the	the	DET
arjefm-61	179	63	logit	logit	NOUN
arjefm-61	179	64	model	model	NOUN
arjefm-61	179	65	using	use	VERB
arjefm-61	179	66	the	the	DET
arjefm-61	179	67	spss	spss	PROPN
arjefm-61	179	68	software	software	NOUN
arjefm-61	179	69	.	.	PUNCT
arjefm-61	180	1	in	in	ADP
arjefm-61	180	2	order	order	NOUN
arjefm-61	180	3	to	to	PART
arjefm-61	180	4	do	do	AUX
arjefm-61	180	5	the	the	DET
arjefm-61	180	6	above	above	ADJ
arjefm-61	180	7	mentioned	mention	VERB
arjefm-61	180	8	process	process	NOUN
arjefm-61	180	9	,	,	PUNCT
arjefm-61	180	10	figures	figure	NOUN
arjefm-61	180	11	were	be	AUX
arjefm-61	180	12	taken	take	VERB
arjefm-61	180	13	as	as	ADP
arjefm-61	180	14	a	a	DET
arjefm-61	180	15	basis	basis	NOUN
arjefm-61	180	16	calculation	calculation	NOUN
arjefm-61	180	17	of	of	ADP
arjefm-61	180	18	average	average	ADJ
arjefm-61	180	19	data	datum	NOUN
arjefm-61	180	20	previously	previously	ADV
arjefm-61	180	21	performed	perform	VERB
arjefm-61	180	22	on	on	ADP
arjefm-61	180	23	the	the	DET
arjefm-61	180	24	pilot	pilot	NOUN
arjefm-61	180	25	test	test	NOUN
arjefm-61	180	26	in	in	ADP
arjefm-61	180	27	50	50	NUM
arjefm-61	180	28	and	and	CCONJ
arjefm-61	180	29	the	the	DET
arjefm-61	180	30	references	reference	NOUN
arjefm-61	180	31	were	be	AUX
arjefm-61	180	32	established	establish	VERB
arjefm-61	180	33	as	as	SCONJ
arjefm-61	180	34	follows	follow	VERB
arjefm-61	180	35	:	:	PUNCT
arjefm-61	180	36	the	the	DET
arjefm-61	180	37	analysis	analysis	NOUN
arjefm-61	180	38	of	of	ADP
arjefm-61	180	39	the	the	DET
arjefm-61	180	40	logistic	logistic	ADJ
arjefm-61	180	41	regression	regression	NOUN
arjefm-61	180	42	results	result	NOUN
arjefm-61	180	43	,	,	PUNCT
arjefm-61	180	44	whose	whose	DET
arjefm-61	180	45	statistical	statistical	ADJ
arjefm-61	180	46	technique	technique	NOUN
arjefm-61	180	47	aims	aim	VERB
arjefm-61	180	48	to	to	PART
arjefm-61	180	49	express	express	VERB
arjefm-61	180	50	the	the	DET
arjefm-61	180	51	probability	probability	NOUN
arjefm-61	180	52	of	of	ADP
arjefm-61	180	53	an	an	DET
arjefm-61	180	54	event	event	NOUN
arjefm-61	180	55	as	as	ADP
arjefm-61	180	56	a	a	DET
arjefm-61	180	57	function	function	NOUN
arjefm-61	180	58	of	of	ADP
arjefm-61	180	59	certain	certain	ADJ
arjefm-61	180	60	variables	variable	NOUN
arjefm-61	180	61	,	,	PUNCT
arjefm-61	180	62	is	be	AUX
arjefm-61	180	63	considered	consider	VERB
arjefm-61	180	64	potentially	potentially	ADV
arjefm-61	180	65	influential	influential	ADJ
arjefm-61	180	66	.	.	PUNCT
arjefm-61	181	1	the	the	DET
arjefm-61	181	2	logistic	logistic	ADJ
arjefm-61	181	3	regression	regression	NOUN
arjefm-61	181	4	,	,	PUNCT
arjefm-61	181	5	like	like	ADP
arjefm-61	181	6	other	other	ADJ
arjefm-61	181	7	multivariate	multivariate	NOUN
arjefm-61	181	8	statistical	statistical	ADJ
arjefm-61	181	9	techniques	technique	NOUN
arjefm-61	181	10	,	,	PUNCT
arjefm-61	181	11	gives	give	VERB
arjefm-61	181	12	the	the	DET
arjefm-61	181	13	possibility	possibility	NOUN
arjefm-61	181	14	to	to	PART
arjefm-61	181	15	evaluate	evaluate	VERB
arjefm-61	181	16	the	the	DET
arjefm-61	181	17	influence	influence	NOUN
arjefm-61	181	18	of	of	ADP
arjefm-61	181	19	each	each	PRON
arjefm-61	181	20	of	of	ADP
arjefm-61	181	21	the	the	DET
arjefm-61	181	22	independent	independent	ADJ
arjefm-61	181	23	variables	variable	NOUN
arjefm-61	181	24	on	on	ADP
arjefm-61	181	25	the	the	DET
arjefm-61	181	26	response	response	NOUN
arjefm-61	181	27	variable	variable	NOUN
arjefm-61	181	28	and	and	CCONJ
arjefm-61	181	29	control	control	VERB
arjefm-61	181	30	the	the	DET
arjefm-61	181	31	effect	effect	NOUN
arjefm-61	181	32	of	of	ADP
arjefm-61	181	33	the	the	DET
arjefm-61	181	34	rest	rest	NOUN
arjefm-61	181	35	.	.	PUNCT
arjefm-61	182	1	the	the	DET
arjefm-61	182	2	analytical	analytical	ADJ
arjefm-61	182	3	way	way	NOUN
arjefm-61	182	4	in	in	ADP
arjefm-61	182	5	which	which	PRON
arjefm-61	182	6	the	the	DET
arjefm-61	182	7	probability	probability	NOUN
arjefm-61	182	8	object	object	NOUN
arjefm-61	182	9	of	of	ADP
arjefm-61	182	10	interest	interest	NOUN
arjefm-61	182	11	is	be	AUX
arjefm-61	182	12	linked	link	VERB
arjefm-61	182	13	to	to	ADP
arjefm-61	182	14	the	the	DET
arjefm-61	182	15	explanatory	explanatory	ADJ
arjefm-61	182	16	variables	variable	NOUN
arjefm-61	182	17	is	be	AUX
arjefm-61	182	18	as	as	SCONJ
arjefm-61	182	19	follows	follow	VERB
arjefm-61	182	20	.	.	PUNCT
arjefm-61	183	1	this	this	DET
arjefm-61	183	2	expression	expression	NOUN
arjefm-61	183	3	is	be	AUX
arjefm-61	183	4	known	know	VERB
arjefm-61	183	5	as	as	ADP
arjefm-61	183	6	logistic	logistic	ADJ
arjefm-61	183	7	function	function	NOUN
arjefm-61	183	8	;	;	PUNCT
arjefm-61	183	9	where	where	SCONJ
arjefm-61	183	10	"	"	PUNCT
arjefm-61	183	11	e	e	NOUN
arjefm-61	183	12	"	"	PUNCT
arjefm-61	183	13	denotes	denote	VERB
arjefm-61	183	14	the	the	DET
arjefm-61	183	15	exponential	exponential	ADJ
arjefm-61	183	16	function	function	NOUN
arjefm-61	183	17	and	and	CCONJ
arjefm-61	183	18	b0	b0	NOUN
arjefm-61	183	19	,	,	PUNCT
arjefm-61	183	20	b1	b1	NOUN
arjefm-61	183	21	,	,	PUNCT
arjefm-61	183	22	b2	b2	NOUN
arjefm-61	183	23	...	...	PUNCT
arjefm-61	183	24	bkare	bkare	VERB
arjefm-61	183	25	the	the	DET
arjefm-61	183	26	parameters	parameter	NOUN
arjefm-61	183	27	of	of	ADP
arjefm-61	183	28	the	the	DET
arjefm-61	183	29	model	model	NOUN
arjefm-61	183	30	.	.	PUNCT
arjefm-61	184	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-61	184	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	185	1	american	american	PROPN
arjefm-61	185	2	research	research	PROPN
arjefm-61	185	3	journal	journal	PROPN
arjefm-61	185	4	of	of	ADP
arjefm-61	185	5	economics	economic	NOUN
arjefm-61	185	6	,	,	PUNCT
arjefm-61	185	7	finance	finance	NOUN
arjefm-61	185	8	and	and	CCONJ
arjefm-61	185	9	management	management	NOUN
arjefm-61	185	10	volume	volume	NOUN
arjefm-61	185	11	10	10	NUM
arjefm-61	185	12	issue	issue	NOUN
arjefm-61	185	13	1	1	NUM
arjefm-61	185	14	,	,	PUNCT
arjefm-61	185	15	january	january	PROPN
arjefm-61	185	16	-	-	PUNCT
arjefm-61	185	17	march	march	PROPN
arjefm-61	185	18	2022	2022	NUM
arjefm-61	185	19	issn	issn	NOUN
arjefm-61	185	20	:	:	PUNCT
arjefm-61	185	21	2836	2836	NUM
arjefm-61	185	22	-	-	SYM
arjefm-61	185	23	9416	9416	NUM
arjefm-61	185	24	impact	impact	NOUN
arjefm-61	185	25	factor	factor	NOUN
arjefm-61	185	26	:	:	PUNCT
arjefm-61	185	27	4.85	4.85	NUM
arjefm-61	185	28	journal	journal	NOUN
arjefm-61	185	29	homepage	homepage	NOUN
arjefm-61	185	30	:	:	PUNCT
arjefm-61	185	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	185	32	,	,	PUNCT
arjefm-61	185	33	email	email	NOUN
arjefm-61	185	34	:	:	PUNCT
arjefm-61	186	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-61	186	2	official	official	ADJ
arjefm-61	186	3	journal	journal	PROPN
arjefm-61	186	4	of	of	ADP
arjefm-61	186	5	america	america	PROPN
arjefm-61	186	6	serial	serial	PROPN
arjefm-61	186	7	publication	publication	NOUN
arjefm-61	186	8	american	american	PROPN
arjefm-61	186	9	research	research	PROPN
arjefm-61	186	10	journal	journal	PROPN
arjefm-61	186	11	of	of	ADP
arjefm-61	186	12	economics	economic	NOUN
arjefm-61	186	13	,	,	PUNCT
arjefm-61	186	14	finance	finance	NOUN
arjefm-61	186	15	and	and	CCONJ
arjefm-61	186	16	management	management	NOUN
arjefm-61	186	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	186	18	,	,	PUNCT
arjefm-61	186	19	email	email	NOUN
arjefm-61	186	20	:	:	PUNCT
arjefm-61	186	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	186	22	35	35	NUM
arjefm-61	187	1	|	|	ADV
arjefm-61	187	2	p	p	NOUN
arjefm-61	187	3	a	a	DET
arjefm-61	187	4	g	g	NOUN
arjefm-61	187	5	e	e	NOUN
arjefm-61	187	6	if	if	SCONJ
arjefm-61	187	7	the	the	DET
arjefm-61	187	8	exponential	exponential	ADJ
arjefm-61	187	9	function	function	NOUN
arjefm-61	187	10	produces	produce	VERB
arjefm-61	187	11	values	value	NOUN
arjefm-61	187	12	greater	great	ADJ
arjefm-61	187	13	than	than	ADP
arjefm-61	187	14	0	0	NUM
arjefm-61	187	15	for	for	ADP
arjefm-61	187	16	any	any	DET
arjefm-61	187	17	arguments	argument	NOUN
arjefm-61	187	18	,	,	PUNCT
arjefm-61	187	19	p	p	PRON
arjefm-61	187	20	will	will	AUX
arjefm-61	187	21	take	take	VERB
arjefm-61	187	22	only	only	ADJ
arjefm-61	187	23	values	value	NOUN
arjefm-61	187	24	between	between	ADP
arjefm-61	187	25	0	0	NUM
arjefm-61	187	26	and	and	CCONJ
arjefm-61	187	27	1	1	NUM
arjefm-61	187	28	.	.	X
arjefm-61	188	1	if	if	SCONJ
arjefm-61	188	2	the	the	DET
arjefm-61	188	3	betas	beta	NOUN
arjefm-61	188	4	are	be	AUX
arjefm-61	188	5	positive	positive	ADJ
arjefm-61	188	6	(	(	PUNCT
arjefm-61	188	7	greater	great	ADJ
arjefm-61	188	8	than	than	ADP
arjefm-61	188	9	0	0	NUM
arjefm-61	188	10	)	)	PUNCT
arjefm-61	188	11	then	then	ADV
arjefm-61	188	12	the	the	DET
arjefm-61	188	13	function	function	NOUN
arjefm-61	188	14	is	be	AUX
arjefm-61	188	15	increasing	increase	VERB
arjefm-61	188	16	and	and	CCONJ
arjefm-61	188	17	decreasing	decrease	VERB
arjefm-61	188	18	in	in	ADP
arjefm-61	188	19	the	the	DET
arjefm-61	188	20	opposite	opposite	ADJ
arjefm-61	188	21	case	case	NOUN
arjefm-61	188	22	.	.	PUNCT
arjefm-61	189	1	a	a	DET
arjefm-61	189	2	positive	positive	ADJ
arjefm-61	189	3	coefficient	coefficient	NOUN
arjefm-61	189	4	indicates	indicate	VERB
arjefm-61	189	5	that	that	SCONJ
arjefm-61	189	6	p	p	NOUN
arjefm-61	189	7	increases	increase	NOUN
arjefm-61	189	8	as	as	SCONJ
arjefm-61	189	9	the	the	DET
arjefm-61	189	10	variable	variable	NOUN
arjefm-61	189	11	grows	grow	VERB
arjefm-61	189	12	.	.	PUNCT
arjefm-61	190	1	for	for	ADP
arjefm-61	190	2	the	the	DET
arjefm-61	190	3	interpretation	interpretation	NOUN
arjefm-61	190	4	of	of	ADP
arjefm-61	190	5	the	the	DET
arjefm-61	190	6	beta	beta	ADJ
arjefm-61	190	7	coefficients	coefficient	NOUN
arjefm-61	190	8	,	,	PUNCT
arjefm-61	190	9	it	it	PRON
arjefm-61	190	10	is	be	AUX
arjefm-61	190	11	necessary	necessary	ADJ
arjefm-61	190	12	to	to	PART
arjefm-61	190	13	refer	refer	VERB
arjefm-61	190	14	to	to	ADP
arjefm-61	190	15	the	the	DET
arjefm-61	190	16	concept	concept	NOUN
arjefm-61	190	17	of	of	ADP
arjefm-61	190	18	relative	relative	ADJ
arjefm-61	190	19	risk	risk	NOUN
arjefm-61	190	20	.	.	PUNCT
arjefm-61	191	1	the	the	DET
arjefm-61	191	2	relative	relative	ADJ
arjefm-61	191	3	risk	risk	NOUN
arjefm-61	191	4	of	of	ADP
arjefm-61	191	5	an	an	DET
arjefm-61	191	6	event	event	NOUN
arjefm-61	191	7	is	be	AUX
arjefm-61	191	8	defined	define	VERB
arjefm-61	191	9	as	as	ADP
arjefm-61	191	10	the	the	DET
arjefm-61	191	11	ratio	ratio	NOUN
arjefm-61	191	12	of	of	ADP
arjefm-61	191	13	the	the	DET
arjefm-61	191	14	probability	probability	NOUN
arjefm-61	191	15	that	that	SCONJ
arjefm-61	191	16	this	this	DET
arjefm-61	191	17	event	event	NOUN
arjefm-61	191	18	occurs	occur	VERB
arjefm-61	191	19	(	(	PUNCT
arjefm-61	191	20	p	p	NOUN
arjefm-61	191	21	)	)	PUNCT
arjefm-61	191	22	and	and	CCONJ
arjefm-61	191	23	the	the	DET
arjefm-61	191	24	probability	probability	NOUN
arjefm-61	191	25	of	of	ADP
arjefm-61	191	26	not	not	PART
arjefm-61	191	27	occurring	occur	VERB
arjefm-61	191	28	(	(	PUNCT
arjefm-61	191	29	1	1	NUM
arjefm-61	191	30	-	-	PUNCT
arjefm-61	191	31	p	p	NOUN
arjefm-61	191	32	)	)	PUNCT
arjefm-61	191	33	.	.	PUNCT
arjefm-61	192	1	the	the	DET
arjefm-61	192	2	exponential	exponential	NOUN
arjefm-61	192	3	of	of	ADP
arjefm-61	192	4	bi	bi	NOUN
arjefm-61	192	5	is	be	AUX
arjefm-61	192	6	known	know	VERB
arjefm-61	192	7	as	as	ADP
arjefm-61	192	8	the	the	DET
arjefm-61	192	9	relative	relative	ADJ
arjefm-61	192	10	risk	risk	NOUN
arjefm-61	192	11	,	,	PUNCT
arjefm-61	192	12	which	which	PRON
arjefm-61	192	13	means	mean	VERB
arjefm-61	192	14	,	,	PUNCT
arjefm-61	192	15	it	it	PRON
arjefm-61	192	16	is	be	AUX
arjefm-61	192	17	a	a	DET
arjefm-61	192	18	measure	measure	NOUN
arjefm-61	192	19	of	of	ADP
arjefm-61	192	20	the	the	DET
arjefm-61	192	21	influence	influence	NOUN
arjefm-61	192	22	of	of	ADP
arjefm-61	192	23	variable	variable	NOUN
arjefm-61	192	24	x	x	PUNCT
arjefm-61	192	25	ion	ion	NOUN
arjefm-61	192	26	the	the	DET
arjefm-61	192	27	risk	risk	NOUN
arjefm-61	192	28	that	that	SCONJ
arjefm-61	192	29	the	the	DET
arjefm-61	192	30	event	event	NOUN
arjefm-61	192	31	occurs	occur	VERB
arjefm-61	192	32	and	and	CCONJ
arjefm-61	192	33	assuming	assume	VERB
arjefm-61	192	34	that	that	SCONJ
arjefm-61	192	35	all	all	DET
arjefm-61	192	36	the	the	DET
arjefm-61	192	37	other	other	ADJ
arjefm-61	192	38	variables	variable	NOUN
arjefm-61	192	39	of	of	ADP
arjefm-61	192	40	the	the	DET
arjefm-61	192	41	model	model	NOUN
arjefm-61	192	42	remain	remain	VERB
arjefm-61	192	43	constant	constant	ADJ
arjefm-61	192	44	.	.	PUNCT
arjefm-61	193	1	a	a	DET
arjefm-61	193	2	confidence	confidence	NOUN
arjefm-61	193	3	interval	interval	NOUN
arjefm-61	193	4	for	for	ADP
arjefm-61	193	5	the	the	DET
arjefm-61	193	6	exponential	exponential	ADJ
arjefm-61	193	7	b	b	NOUN
arjefm-61	193	8	containing	contain	VERB
arjefm-61	193	9	1	1	NUM
arjefm-61	193	10	indicates	indicate	VERB
arjefm-61	193	11	that	that	SCONJ
arjefm-61	193	12	the	the	DET
arjefm-61	193	13	variable	variable	NOUN
arjefm-61	193	14	has	have	VERB
arjefm-61	193	15	no	no	DET
arjefm-61	193	16	significant	significant	ADJ
arjefm-61	193	17	influence	influence	NOUN
arjefm-61	193	18	on	on	ADP
arjefm-61	193	19	the	the	DET
arjefm-61	193	20	occurrence	occurrence	NOUN
arjefm-61	193	21	of	of	ADP
arjefm-61	193	22	the	the	DET
arjefm-61	193	23	event	event	NOUN
arjefm-61	193	24	and	and	CCONJ
arjefm-61	193	25	,	,	PUNCT
arjefm-61	193	26	conversely	conversely	ADV
arjefm-61	193	27	,	,	PUNCT
arjefm-61	193	28	values	value	NOUN
arjefm-61	193	29	further	far	ADV
arjefm-61	193	30	from	from	ADP
arjefm-61	193	31	this	this	PRON
arjefm-61	193	32	indicate	indicate	VERB
arjefm-61	193	33	a	a	DET
arjefm-61	193	34	greater	great	ADJ
arjefm-61	193	35	influence	influence	NOUN
arjefm-61	193	36	of	of	ADP
arjefm-61	193	37	the	the	DET
arjefm-61	193	38	variable	variable	NOUN
arjefm-61	193	39	.	.	PUNCT
arjefm-61	194	1	once	once	SCONJ
arjefm-61	194	2	the	the	DET
arjefm-61	194	3	values	value	NOUN
arjefm-61	194	4	of	of	ADP
arjefm-61	194	5	the	the	DET
arjefm-61	194	6	parameters	parameter	NOUN
arjefm-61	194	7	or	or	CCONJ
arjefm-61	194	8	coefficients	coefficient	NOUN
arjefm-61	194	9	b	b	NUM
arjefm-61	194	10	are	be	AUX
arjefm-61	194	11	estimated	estimate	VERB
arjefm-61	194	12	,	,	PUNCT
arjefm-61	194	13	we	we	PRON
arjefm-61	194	14	can	can	AUX
arjefm-61	194	15	determine	determine	VERB
arjefm-61	194	16	the	the	DET
arjefm-61	194	17	probability	probability	NOUN
arjefm-61	194	18	of	of	ADP
arjefm-61	194	19	the	the	DET
arjefm-61	194	20	event	event	NOUN
arjefm-61	194	21	for	for	ADP
arjefm-61	194	22	different	different	ADJ
arjefm-61	194	23	values	value	NOUN
arjefm-61	194	24	of	of	ADP
arjefm-61	194	25	xi	xi	PROPN
arjefm-61	194	26	.	.	PUNCT
arjefm-61	195	1	to	to	PART
arjefm-61	195	2	run	run	VERB
arjefm-61	195	3	the	the	DET
arjefm-61	195	4	model	model	NOUN
arjefm-61	195	5	data	datum	NOUN
arjefm-61	195	6	for	for	ADP
arjefm-61	195	7	the	the	DET
arjefm-61	195	8	third	third	ADJ
arjefm-61	195	9	series	series	NOUN
arjefm-61	195	10	,	,	PUNCT
arjefm-61	195	11	the	the	DET
arjefm-61	195	12	results	result	NOUN
arjefm-61	195	13	of	of	ADP
arjefm-61	195	14	some	some	DET
arjefm-61	195	15	indices	index	NOUN
arjefm-61	195	16	were	be	AUX
arjefm-61	195	17	softened	soften	VERB
arjefm-61	195	18	,	,	PUNCT
arjefm-61	195	19	in	in	ADP
arjefm-61	195	20	the	the	DET
arjefm-61	195	21	same	same	ADJ
arjefm-61	195	22	way	way	NOUN
arjefm-61	195	23	it	it	PRON
arjefm-61	195	24	was	be	AUX
arjefm-61	195	25	done	do	VERB
arjefm-61	195	26	for	for	ADP
arjefm-61	195	27	the	the	DET
arjefm-61	195	28	previous	previous	ADJ
arjefm-61	195	29	series	series	NOUN
arjefm-61	195	30	.	.	PUNCT
arjefm-61	196	1	in	in	ADP
arjefm-61	196	2	the	the	DET
arjefm-61	196	3	debt	debt	NOUN
arjefm-61	196	4	ratio	ratio	NOUN
arjefm-61	196	5	,	,	PUNCT
arjefm-61	196	6	indices	index	NOUN
arjefm-61	196	7	or	or	CCONJ
arjefm-61	196	8	outliers	outlier	NOUN
arjefm-61	196	9	much	much	ADV
arjefm-61	196	10	higher	high	ADJ
arjefm-61	196	11	than	than	ADP
arjefm-61	196	12	the	the	DET
arjefm-61	196	13	maximum	maximum	ADJ
arjefm-61	196	14	debt	debt	NOUN
arjefm-61	196	15	ratios	ratio	NOUN
arjefm-61	196	16	(	(	PUNCT
arjefm-61	196	17	100	100	NUM
arjefm-61	196	18	%	%	NOUN
arjefm-61	196	19	)	)	PUNCT
arjefm-61	196	20	were	be	AUX
arjefm-61	196	21	replaced	replace	VERB
arjefm-61	196	22	,	,	PUNCT
arjefm-61	196	23	given	give	VERB
arjefm-61	196	24	that	that	SCONJ
arjefm-61	196	25	in	in	ADP
arjefm-61	196	26	real	real	ADJ
arjefm-61	196	27	life	life	NOUN
arjefm-61	196	28	a	a	DET
arjefm-61	196	29	company	company	NOUN
arjefm-61	196	30	that	that	PRON
arjefm-61	196	31	surpasses	surpass	VERB
arjefm-61	196	32	its	its	PRON
arjefm-61	196	33	capital	capital	NOUN
arjefm-61	196	34	adequacy	adequacy	NOUN
arjefm-61	196	35	comes	come	VERB
arjefm-61	196	36	to	to	PART
arjefm-61	196	37	be	be	AUX
arjefm-61	196	38	operated	operate	VERB
arjefm-61	196	39	by	by	ADP
arjefm-61	196	40	entities	entity	NOUN
arjefm-61	196	41	of	of	ADP
arjefm-61	196	42	the	the	DET
arjefm-61	196	43	state	state	NOUN
arjefm-61	196	44	or	or	CCONJ
arjefm-61	196	45	shall	shall	AUX
arjefm-61	196	46	enter	enter	VERB
arjefm-61	196	47	into	into	ADP
arjefm-61	196	48	liquidation	liquidation	NOUN
arjefm-61	196	49	laws	law	NOUN
arjefm-61	196	50	or	or	CCONJ
arjefm-61	196	51	concordat	concordat	NOUN
arjefm-61	196	52	.	.	PUNCT
arjefm-61	197	1	for	for	ADP
arjefm-61	197	2	portfolio	portfolio	NOUN
arjefm-61	197	3	management	management	PROPN
arjefm-61	197	4	index	index	NOUN
arjefm-61	197	5	,	,	PUNCT
arjefm-61	197	6	all	all	DET
arjefm-61	197	7	high	high	ADJ
arjefm-61	197	8	outliers	outlier	NOUN
arjefm-61	197	9	or	or	CCONJ
arjefm-61	197	10	extreme	extreme	ADJ
arjefm-61	197	11	values	value	NOUN
arjefm-61	197	12	were	be	AUX
arjefm-61	197	13	taken	take	VERB
arjefm-61	197	14	and	and	CCONJ
arjefm-61	197	15	replaced	replace	VERB
arjefm-61	197	16	by	by	ADP
arjefm-61	197	17	360	360	NUM
arjefm-61	197	18	days	day	NOUN
arjefm-61	197	19	,	,	PUNCT
arjefm-61	197	20	being	be	AUX
arjefm-61	197	21	these	these	PRON
arjefm-61	197	22	,	,	PUNCT
arjefm-61	197	23	the	the	DET
arjefm-61	197	24	maximum	maximum	ADJ
arjefm-61	197	25	rotation	rotation	NOUN
arjefm-61	197	26	days	day	NOUN
arjefm-61	197	27	,	,	PUNCT
arjefm-61	197	28	because	because	SCONJ
arjefm-61	197	29	all	all	DET
arjefm-61	197	30	periods	period	NOUN
arjefm-61	197	31	higher	high	ADJ
arjefm-61	197	32	that	that	SCONJ
arjefm-61	197	33	this	this	PRON
arjefm-61	197	34	are	be	AUX
arjefm-61	197	35	understood	understand	VERB
arjefm-61	197	36	as	as	ADP
arjefm-61	197	37	delinquent	delinquent	ADJ
arjefm-61	197	38	accounts	account	NOUN
arjefm-61	197	39	and	and	CCONJ
arjefm-61	197	40	are	be	AUX
arjefm-61	197	41	punished	punish	VERB
arjefm-61	197	42	as	as	SCONJ
arjefm-61	197	43	lost	lose	VERB
arjefm-61	197	44	in	in	ADP
arjefm-61	197	45	the	the	DET
arjefm-61	197	46	income	income	NOUN
arjefm-61	197	47	statement	statement	NOUN
arjefm-61	197	48	for	for	ADP
arjefm-61	197	49	the	the	DET
arjefm-61	197	50	following	follow	VERB
arjefm-61	197	51	period	period	NOUN
arjefm-61	197	52	.	.	PUNCT
arjefm-61	198	1	the	the	DET
arjefm-61	198	2	model	model	NOUN
arjefm-61	198	3	was	be	AUX
arjefm-61	198	4	run	run	VERB
arjefm-61	198	5	for	for	ADP
arjefm-61	198	6	the	the	DET
arjefm-61	198	7	time	time	NOUN
arjefm-61	198	8	series	series	NOUN
arjefm-61	198	9	in	in	ADP
arjefm-61	198	10	2012	2012	NUM
arjefm-61	198	11	,	,	PUNCT
arjefm-61	198	12	2013	2013	NUM
arjefm-61	198	13	and	and	CCONJ
arjefm-61	198	14	2014	2014	NUM
arjefm-61	198	15	,	,	PUNCT
arjefm-61	198	16	trying	try	VERB
arjefm-61	198	17	to	to	PART
arjefm-61	198	18	strengthen	strengthen	VERB
arjefm-61	198	19	the	the	DET
arjefm-61	198	20	model	model	NOUN
arjefm-61	198	21	,	,	PUNCT
arjefm-61	198	22	the	the	DET
arjefm-61	198	23	analysis	analysis	NOUN
arjefm-61	198	24	and	and	CCONJ
arjefm-61	198	25	besides	besides	ADV
arjefm-61	198	26	to	to	PART
arjefm-61	198	27	see	see	VERB
arjefm-61	198	28	the	the	DET
arjefm-61	198	29	consistency	consistency	NOUN
arjefm-61	198	30	of	of	ADP
arjefm-61	198	31	the	the	DET
arjefm-61	198	32	same	same	ADJ
arjefm-61	198	33	.	.	PUNCT
arjefm-61	199	1	next	next	ADV
arjefm-61	199	2	,	,	PUNCT
arjefm-61	199	3	the	the	DET
arjefm-61	199	4	result	result	NOUN
arjefm-61	199	5	of	of	ADP
arjefm-61	199	6	the	the	DET
arjefm-61	199	7	logistic	logistic	ADJ
arjefm-61	199	8	regression	regression	NOUN
arjefm-61	199	9	is	be	AUX
arjefm-61	199	10	shown	show	VERB
arjefm-61	199	11	.	.	PUNCT
arjefm-61	200	1	the	the	DET
arjefm-61	200	2	dependent	dependent	ADJ
arjefm-61	200	3	variable	variable	NOUN
arjefm-61	200	4	(	(	PUNCT
arjefm-61	200	5	risk	risk	NOUN
arjefm-61	200	6	)	)	PUNCT
arjefm-61	200	7	,	,	PUNCT
arjefm-61	200	8	which	which	PRON
arjefm-61	200	9	is	be	AUX
arjefm-61	200	10	dichotomous	dichotomous	ADJ
arjefm-61	200	11	(	(	PUNCT
arjefm-61	200	12	0	0	NUM
arjefm-61	200	13	when	when	SCONJ
arjefm-61	200	14	there	there	PRON
arjefm-61	200	15	is	be	VERB
arjefm-61	200	16	no	no	DET
arjefm-61	200	17	risk	risk	NOUN
arjefm-61	200	18	and	and	CCONJ
arjefm-61	200	19	1	1	NUM
arjefm-61	200	20	when	when	SCONJ
arjefm-61	200	21	there	there	PRON
arjefm-61	200	22	is	be	VERB
arjefm-61	200	23	a	a	DET
arjefm-61	200	24	risk	risk	NOUN
arjefm-61	200	25	)	)	PUNCT
arjefm-61	200	26	and	and	CCONJ
arjefm-61	200	27	one	one	NUM
arjefm-61	200	28	or	or	CCONJ
arjefm-61	200	29	more	more	ADV
arjefm-61	200	30	independent	independent	ADJ
arjefm-61	200	31	variables	variable	NOUN
arjefm-61	200	32	,	,	PUNCT
arjefm-61	200	33	for	for	ADP
arjefm-61	200	34	our	our	PRON
arjefm-61	200	35	case	case	NOUN
arjefm-61	200	36	(	(	PUNCT
arjefm-61	200	37	liquidity	liquidity	NOUN
arjefm-61	200	38	,	,	PUNCT
arjefm-61	200	39	debt	debt	NOUN
arjefm-61	200	40	and	and	CCONJ
arjefm-61	200	41	portfolio	portfolio	NOUN
arjefm-61	200	42	)	)	PUNCT
arjefm-61	200	43	.	.	PUNCT
arjefm-61	201	1	in	in	ADP
arjefm-61	201	2	analyzing	analyze	VERB
arjefm-61	201	3	the	the	DET
arjefm-61	201	4	results	result	NOUN
arjefm-61	201	5	for	for	ADP
arjefm-61	201	6	the	the	DET
arjefm-61	201	7	risk	risk	NOUN
arjefm-61	201	8	variable	variable	NOUN
arjefm-61	201	9	,	,	PUNCT
arjefm-61	201	10	it	it	PRON
arjefm-61	201	11	can	can	AUX
arjefm-61	201	12	be	be	AUX
arjefm-61	201	13	seen	see	VERB
arjefm-61	201	14	that	that	SCONJ
arjefm-61	201	15	all	all	DET
arjefm-61	201	16	coefficients	coefficient	NOUN
arjefm-61	201	17	are	be	AUX
arjefm-61	201	18	positive	positive	ADJ
arjefm-61	201	19	indicating	indicate	VERB
arjefm-61	201	20	a	a	DET
arjefm-61	201	21	direct	direct	ADJ
arjefm-61	201	22	relationship	relationship	NOUN
arjefm-61	201	23	with	with	ADP
arjefm-61	201	24	risk	risk	NOUN
arjefm-61	201	25	,	,	PUNCT
arjefm-61	201	26	except	except	SCONJ
arjefm-61	201	27	for	for	ADP
arjefm-61	201	28	liquidity	liquidity	NOUN
arjefm-61	201	29	which	which	PRON
arjefm-61	201	30	shows	show	VERB
arjefm-61	201	31	an	an	DET
arjefm-61	201	32	inverse	inverse	NOUN
arjefm-61	201	33	relationship	relationship	NOUN
arjefm-61	201	34	with	with	ADP
arjefm-61	201	35	a	a	DET
arjefm-61	201	36	negative	negative	ADJ
arjefm-61	201	37	coefficient	coefficient	NOUN
arjefm-61	201	38	.	.	PUNCT
arjefm-61	202	1	as	as	SCONJ
arjefm-61	202	2	shown	show	VERB
arjefm-61	202	3	in	in	ADP
arjefm-61	202	4	the	the	DET
arjefm-61	202	5	table	table	NOUN
arjefm-61	202	6	,	,	PUNCT
arjefm-61	202	7	all	all	DET
arjefm-61	202	8	the	the	DET
arjefm-61	202	9	coefficients	coefficient	NOUN
arjefm-61	202	10	are	be	AUX
arjefm-61	202	11	statistically	statistically	ADV
arjefm-61	202	12	significant	significant	ADJ
arjefm-61	202	13	at	at	ADP
arjefm-61	202	14	0.05	0.05	NUM
arjefm-61	202	15	except	except	SCONJ
arjefm-61	202	16	by	by	ADP
arjefm-61	202	17	indebtedness	indebtedness	NOUN
arjefm-61	202	18	which	which	PRON
arjefm-61	202	19	is	be	AUX
arjefm-61	202	20	significant	significant	ADJ
arjefm-61	202	21	at	at	ADP
arjefm-61	202	22	0.1	0.1	NUM
arjefm-61	202	23	.	.	PUNCT
arjefm-61	203	1	the	the	DET
arjefm-61	203	2	previous	previous	ADJ
arjefm-61	203	3	table	table	NOUN
arjefm-61	203	4	also	also	ADV
arjefm-61	203	5	contains	contain	VERB
arjefm-61	203	6	five	five	NUM
arjefm-61	203	7	ways	way	NOUN
arjefm-61	203	8	to	to	PART
arjefm-61	203	9	evaluate	evaluate	VERB
arjefm-61	203	10	the	the	DET
arjefm-61	203	11	benefits	benefit	NOUN
arjefm-61	203	12	of	of	ADP
arjefm-61	203	13	the	the	DET
arjefm-61	203	14	2	2	NUM
arjefm-61	203	15	2	2	NUM
arjefm-61	203	16	model	model	NOUN
arjefm-61	203	17	optimization	optimization	NOUN
arjefm-61	203	18	:	:	PUNCT
arjefm-61	203	19	omnibus	omnibus	ADJ
arjefm-61	203	20	test	test	NOUN
arjefm-61	203	21	-2	-2	X
arjefm-61	204	1	log	log	PROPN
arjefm-61	204	2	likelihood	likelihood	NOUN
arjefm-61	204	3	,	,	PUNCT
arjefm-61	204	4	r	r	NOUN
arjefm-61	204	5	of	of	ADP
arjefm-61	204	6	cox	cox	PROPN
arjefm-61	204	7	and	and	CCONJ
arjefm-61	204	8	snell	snell	PROPN
arjefm-61	204	9	,	,	PUNCT
arjefm-61	204	10	r	r	NOUN
arjefm-61	204	11	of	of	ADP
arjefm-61	204	12	nagelkerke	nagelkerke	NOUN
arjefm-61	204	13	.	.	PUNCT
arjefm-61	205	1	omnibus	omnibus	ADJ
arjefm-61	205	2	model	model	NOUN
arjefm-61	205	3	coefficients	coefficient	NOUN
arjefm-61	205	4	or	or	CCONJ
arjefm-61	205	5	chi	chi	ADJ
arjefm-61	205	6	-	-	PUNCT
arjefm-61	205	7	square	square	NOUN
arjefm-61	205	8	test	test	NOUN
arjefm-61	205	9	is	be	AUX
arjefm-61	205	10	highly	highly	ADV
arjefm-61	205	11	significant	significant	ADJ
arjefm-61	205	12	,	,	PUNCT
arjefm-61	205	13	reflecting	reflect	VERB
arjefm-61	205	14	good	good	ADJ
arjefm-61	205	15	model	model	NOUN
arjefm-61	205	16	fit	fit	ADJ
arjefm-61	205	17	to	to	ADP
arjefm-61	205	18	the	the	DET
arjefm-61	205	19	data	datum	NOUN
arjefm-61	205	20	,	,	PUNCT
arjefm-61	205	21	additionally	additionally	ADV
arjefm-61	205	22	;	;	PUNCT
arjefm-61	205	23	a	a	DET
arjefm-61	205	24	high	high	ADJ
arjefm-61	205	25	percentage	percentage	NOUN
arjefm-61	205	26	of	of	ADP
arjefm-61	205	27	correctly	correctly	ADV
arjefm-61	205	28	classified	classified	ADJ
arjefm-61	205	29	observations	observation	NOUN
arjefm-61	205	30	(	(	PUNCT
arjefm-61	205	31	80.6	80.6	NUM
arjefm-61	205	32	%	%	NOUN
arjefm-61	205	33	)	)	PUNCT
arjefm-61	205	34	is	be	AUX
arjefm-61	205	35	noticed	notice	VERB
arjefm-61	205	36	.	.	PUNCT
arjefm-61	206	1	results	result	NOUN
arjefm-61	206	2	and	and	CCONJ
arjefm-61	206	3	sector	sector	NOUN
arjefm-61	206	4	analysis	analysis	NOUN
arjefm-61	206	5	the	the	DET
arjefm-61	206	6	analysis	analysis	NOUN
arjefm-61	206	7	of	of	ADP
arjefm-61	206	8	detailed	detailed	ADJ
arjefm-61	206	9	results	result	NOUN
arjefm-61	206	10	of	of	ADP
arjefm-61	206	11	financial	financial	ADJ
arjefm-61	206	12	variables	variable	NOUN
arjefm-61	206	13	liquidity	liquidity	NOUN
arjefm-61	206	14	,	,	PUNCT
arjefm-61	206	15	debt	debt	NOUN
arjefm-61	206	16	and	and	CCONJ
arjefm-61	206	17	portfolio	portfolio	NOUN
arjefm-61	206	18	recovery	recovery	NOUN
arjefm-61	206	19	was	be	AUX
arjefm-61	206	20	conducted	conduct	VERB
arjefm-61	206	21	to	to	PART
arjefm-61	206	22	determine	determine	VERB
arjefm-61	206	23	the	the	DET
arjefm-61	206	24	financial	financial	ADJ
arjefm-61	206	25	risk	risk	NOUN
arjefm-61	206	26	between	between	ADP
arjefm-61	206	27	2012	2012	NUM
arjefm-61	206	28	until	until	ADP
arjefm-61	206	29	2014	2014	NUM
arjefm-61	206	30	in	in	ADP
arjefm-61	206	31	the	the	DET
arjefm-61	206	32	city	city	NOUN
arjefm-61	206	33	of	of	ADP
arjefm-61	206	34	cali	cali	ADJ
arjefm-61	206	35	in	in	ADP
arjefm-61	206	36	order	order	NOUN
arjefm-61	206	37	to	to	PART
arjefm-61	206	38	make	make	VERB
arjefm-61	206	39	decisions	decision	NOUN
arjefm-61	206	40	that	that	PRON
arjefm-61	206	41	favor	favor	VERB
arjefm-61	206	42	business	business	NOUN
arjefm-61	206	43	development	development	NOUN
arjefm-61	206	44	and	and	CCONJ
arjefm-61	206	45	business	business	NOUN
arjefm-61	206	46	support	support	NOUN
arjefm-61	206	47	.	.	PUNCT
arjefm-61	207	1	financial	financial	ADJ
arjefm-61	207	2	risk	risk	NOUN
arjefm-61	207	3	analysis	analysis	NOUN
arjefm-61	207	4	in	in	ADP
arjefm-61	207	5	companies	company	NOUN
arjefm-61	207	6	of	of	ADP
arjefm-61	207	7	the	the	DET
arjefm-61	207	8	city	city	NOUN
arjefm-61	207	9	of	of	ADP
arjefm-61	207	10	cali	cali	ADJ
arjefm-61	207	11	year	year	NOUN
arjefm-61	207	12	2012	2012	NUM
arjefm-61	207	13	the	the	DET
arjefm-61	207	14	analysis	analysis	NOUN
arjefm-61	207	15	was	be	AUX
arjefm-61	207	16	conducted	conduct	VERB
arjefm-61	207	17	in	in	ADP
arjefm-61	207	18	924	924	NUM
arjefm-61	207	19	companies	company	NOUN
arjefm-61	207	20	in	in	ADP
arjefm-61	207	21	cali	cali	ADJ
arjefm-61	207	22	during	during	ADP
arjefm-61	207	23	2012	2012	NUM
arjefm-61	207	24	.	.	PUNCT
arjefm-61	208	1	the	the	DET
arjefm-61	208	2	companies	company	NOUN
arjefm-61	208	3	were	be	AUX
arjefm-61	208	4	registered	register	VERB
arjefm-61	208	5	and	and	CCONJ
arjefm-61	208	6	they	they	PRON
arjefm-61	208	7	correspond	correspond	VERB
arjefm-61	208	8	to	to	ADP
arjefm-61	208	9	several	several	ADJ
arjefm-61	208	10	business	business	NOUN
arjefm-61	208	11	subsectors	subsector	NOUN
arjefm-61	208	12	.	.	PUNCT
arjefm-61	209	1	11	11	NUM
arjefm-61	209	2	companies	company	NOUN
arjefm-61	209	3	related	relate	VERB
arjefm-61	209	4	to	to	ADP
arjefm-61	209	5	computer	computer	NOUN
arjefm-61	209	6	activities	activity	NOUN
arjefm-61	209	7	,	,	PUNCT
arjefm-61	209	8	6	6	NUM
arjefm-61	209	9	to	to	ADP
arjefm-61	209	10	tourism	tourism	NOUN
arjefm-61	209	11	activities	activity	NOUN
arjefm-61	209	12	,	,	PUNCT
arjefm-61	209	13	97	97	NUM
arjefm-61	209	14	companies	company	NOUN
arjefm-61	209	15	related	relate	VERB
arjefm-61	209	16	to	to	ADP
arjefm-61	209	17	various	various	ADJ
arjefm-61	209	18	investment	investment	NOUN
arjefm-61	209	19	activities	activity	NOUN
arjefm-61	209	20	and	and	CCONJ
arjefm-61	209	21	financial	financial	ADJ
arjefm-61	209	22	services	service	NOUN
arjefm-61	209	23	,	,	PUNCT
arjefm-61	209	24	87	87	NUM
arjefm-61	209	25	related	relate	VERB
arjefm-61	209	26	to	to	ADP
arjefm-61	209	27	estate	estate	NOUN
arjefm-61	209	28	activities	activity	NOUN
arjefm-61	209	29	,	,	PUNCT
arjefm-61	209	30	21	21	NUM
arjefm-61	209	31	to	to	ADP
arjefm-61	209	32	livestock	livestock	NOUN
arjefm-61	209	33	activities	activity	NOUN
arjefm-61	209	34	and	and	CCONJ
arjefm-61	209	35	hunting	hunt	VERB
arjefm-61	209	36	companies	company	NOUN
arjefm-61	209	37	,	,	PUNCT
arjefm-61	209	38	22	22	NUM
arjefm-61	209	39	companies	company	NOUN
arjefm-61	209	40	related	relate	VERB
arjefm-61	209	41	to	to	ADP
arjefm-61	209	42	construction	construction	NOUN
arjefm-61	209	43	sector	sector	NOUN
arjefm-61	209	44	,	,	PUNCT
arjefm-61	209	45	41	41	NUM
arjefm-61	209	46	to	to	ADP
arjefm-61	209	47	agricultural	agricultural	ADJ
arjefm-61	209	48	companies	company	NOUN
arjefm-61	209	49	especially	especially	ADV
arjefm-61	209	50	exporter	exporter	PROPN
arjefm-61	209	51	,	,	PUNCT
arjefm-61	209	52	4	4	NUM
arjefm-61	209	53	companies	company	NOUN
arjefm-61	209	54	to	to	ADP
arjefm-61	209	55	storage	storage	NOUN
arjefm-61	209	56	and	and	CCONJ
arjefm-61	209	57	other	other	ADJ
arjefm-61	209	58	activities	activity	NOUN
arjefm-61	209	59	related	relate	VERB
arjefm-61	209	60	to	to	ADP
arjefm-61	209	61	transport	transport	NOUN
arjefm-61	209	62	sector	sector	NOUN
arjefm-61	209	63	,	,	PUNCT
arjefm-61	209	64	8	8	NUM
arjefm-61	209	65	housing	housing	NOUN
arjefm-61	209	66	companies	company	NOUN
arjefm-61	209	67	,	,	PUNCT
arjefm-61	209	68	1	1	NUM
arjefm-61	209	69	coal	coal	NOUN
arjefm-61	209	70	derivatives	derivative	NOUN
arjefm-61	209	71	,	,	PUNCT
arjefm-61	209	72	135	135	NUM
arjefm-61	209	73	wholesale	wholesale	ADJ
arjefm-61	209	74	companies	company	NOUN
arjefm-61	209	75	,	,	PUNCT
arjefm-61	209	76	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	209	77	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	209	78	american	american	PROPN
arjefm-61	209	79	research	research	PROPN
arjefm-61	209	80	journal	journal	PROPN
arjefm-61	209	81	of	of	ADP
arjefm-61	209	82	economics	economic	NOUN
arjefm-61	209	83	,	,	PUNCT
arjefm-61	209	84	finance	finance	NOUN
arjefm-61	209	85	and	and	CCONJ
arjefm-61	209	86	management	management	NOUN
arjefm-61	209	87	volume	volume	NOUN
arjefm-61	209	88	10	10	NUM
arjefm-61	209	89	issue	issue	NOUN
arjefm-61	209	90	1	1	NUM
arjefm-61	209	91	,	,	PUNCT
arjefm-61	209	92	january	january	PROPN
arjefm-61	209	93	-	-	PUNCT
arjefm-61	209	94	march	march	PROPN
arjefm-61	209	95	2022	2022	NUM
arjefm-61	209	96	issn	issn	NOUN
arjefm-61	209	97	:	:	PUNCT
arjefm-61	209	98	2836	2836	NUM
arjefm-61	209	99	-	-	SYM
arjefm-61	209	100	9416	9416	NUM
arjefm-61	209	101	impact	impact	NOUN
arjefm-61	209	102	factor	factor	NOUN
arjefm-61	209	103	:	:	PUNCT
arjefm-61	209	104	4.85	4.85	NUM
arjefm-61	209	105	journal	journal	NOUN
arjefm-61	209	106	homepage	homepage	NOUN
arjefm-61	209	107	:	:	PUNCT
arjefm-61	209	108	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	209	109	,	,	PUNCT
arjefm-61	209	110	email	email	NOUN
arjefm-61	209	111	:	:	PUNCT
arjefm-61	209	112	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-61	209	113	official	official	ADJ
arjefm-61	209	114	journal	journal	PROPN
arjefm-61	209	115	of	of	ADP
arjefm-61	209	116	america	america	PROPN
arjefm-61	209	117	serial	serial	PROPN
arjefm-61	209	118	publication	publication	NOUN
arjefm-61	209	119	american	american	PROPN
arjefm-61	209	120	research	research	PROPN
arjefm-61	209	121	journal	journal	PROPN
arjefm-61	209	122	of	of	ADP
arjefm-61	209	123	economics	economic	NOUN
arjefm-61	209	124	,	,	PUNCT
arjefm-61	209	125	finance	finance	NOUN
arjefm-61	209	126	and	and	CCONJ
arjefm-61	209	127	management	management	NOUN
arjefm-61	209	128	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	209	129	,	,	PUNCT
arjefm-61	209	130	email	email	NOUN
arjefm-61	209	131	:	:	PUNCT
arjefm-61	209	132	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	209	133	36	36	NUM
arjefm-61	210	1	|	|	ADV
arjefm-61	210	2	p	p	X
arjefm-61	210	3	a	a	DET
arjefm-61	210	4	g	g	NOUN
arjefm-61	210	5	e	e	PROPN
arjefm-61	210	6	94	94	NUM
arjefm-61	210	7	retail	retail	ADJ
arjefm-61	210	8	companies	company	NOUN
arjefm-61	210	9	,	,	PUNCT
arjefm-61	210	10	15	15	NUM
arjefm-61	210	11	fuels	fuel	NOUN
arjefm-61	210	12	and	and	CCONJ
arjefm-61	210	13	lubricants	lubricant	NOUN
arjefm-61	210	14	trading	trading	NOUN
arjefm-61	210	15	companies	company	NOUN
arjefm-61	210	16	,	,	PUNCT
arjefm-61	210	17	49	49	NUM
arjefm-61	210	18	vehicle	vehicle	NOUN
arjefm-61	210	19	trading	trading	NOUN
arjefm-61	210	20	companies	company	NOUN
arjefm-61	210	21	and	and	CCONJ
arjefm-61	210	22	related	related	ADJ
arjefm-61	210	23	activities	activity	NOUN
arjefm-61	210	24	,	,	PUNCT
arjefm-61	210	25	51	51	NUM
arjefm-61	210	26	construction	construction	NOUN
arjefm-61	210	27	of	of	ADP
arjefm-61	210	28	civil	civil	ADJ
arjefm-61	210	29	works	work	NOUN
arjefm-61	210	30	,	,	PUNCT
arjefm-61	210	31	20	20	NUM
arjefm-61	210	32	companies	company	NOUN
arjefm-61	210	33	of	of	ADP
arjefm-61	210	34	construction	construction	NOUN
arjefm-61	210	35	of	of	ADP
arjefm-61	210	36	residential	residential	ADJ
arjefm-61	210	37	activities	activity	NOUN
arjefm-61	210	38	,	,	PUNCT
arjefm-61	210	39	2	2	NUM
arjefm-61	210	40	mailing	mailing	NOUN
arjefm-61	210	41	companies	company	NOUN
arjefm-61	210	42	,	,	PUNCT
arjefm-61	210	43	1	1	NUM
arjefm-61	210	44	company	company	NOUN
arjefm-61	210	45	of	of	ADP
arjefm-61	210	46	oil	oil	NOUN
arjefm-61	210	47	derivatives	derivative	NOUN
arjefm-61	210	48	and	and	CCONJ
arjefm-61	210	49	gas	gas	NOUN
arjefm-61	210	50	,	,	PUNCT
arjefm-61	210	51	15	15	NUM
arjefm-61	210	52	publishing	publishing	NOUN
arjefm-61	210	53	and	and	CCONJ
arjefm-61	210	54	printing	printing	NOUN
arjefm-61	210	55	companies	company	NOUN
arjefm-61	210	56	without	without	ADP
arjefm-61	210	57	regular	regular	ADJ
arjefm-61	210	58	publications	publication	NOUN
arjefm-61	210	59	,	,	PUNCT
arjefm-61	210	60	6	6	NUM
arjefm-61	210	61	educational	educational	ADJ
arjefm-61	210	62	institutions	institution	NOUN
arjefm-61	210	63	,	,	PUNCT
arjefm-61	210	64	9	9	NUM
arjefm-61	210	65	distribution	distribution	NOUN
arjefm-61	210	66	of	of	ADP
arjefm-61	210	67	food	food	NOUN
arjefm-61	210	68	and	and	CCONJ
arjefm-61	210	69	beverage	beverage	NOUN
arjefm-61	210	70	companies	company	NOUN
arjefm-61	210	71	,	,	PUNCT
arjefm-61	210	72	8	8	NUM
arjefm-61	210	73	manufacture	manufacture	NOUN
arjefm-61	210	74	of	of	ADP
arjefm-61	210	75	machinery	machinery	NOUN
arjefm-61	210	76	and	and	CCONJ
arjefm-61	210	77	equipment	equipment	NOUN
arjefm-61	210	78	companies	company	NOUN
arjefm-61	210	79	,	,	PUNCT
arjefm-61	210	80	6	6	NUM
arjefm-61	210	81	companies	company	NOUN
arjefm-61	210	82	of	of	ADP
arjefm-61	210	83	manufacture	manufacture	NOUN
arjefm-61	210	84	of	of	ADP
arjefm-61	210	85	other	other	ADJ
arjefm-61	210	86	textile	textile	NOUN
arjefm-61	210	87	materials	material	NOUN
arjefm-61	210	88	,	,	PUNCT
arjefm-61	210	89	4	4	NUM
arjefm-61	210	90	companies	company	NOUN
arjefm-61	210	91	of	of	ADP
arjefm-61	210	92	papermaking	papermaking	NOUN
arjefm-61	210	93	,	,	PUNCT
arjefm-61	210	94	cardboard	cardboard	NOUN
arjefm-61	210	95	and	and	CCONJ
arjefm-61	210	96	derivatives	derivative	NOUN
arjefm-61	210	97	,	,	PUNCT
arjefm-61	210	98	20	20	NUM
arjefm-61	210	99	clothing	clothing	NOUN
arjefm-61	210	100	manufacture	manufacture	NOUN
arjefm-61	210	101	,	,	PUNCT
arjefm-61	210	102	manufacturing	manufacturing	NOUN
arjefm-61	210	103	of	of	ADP
arjefm-61	210	104	cement	cement	NOUN
arjefm-61	210	105	,	,	PUNCT
arjefm-61	210	106	concrete	concrete	NOUN
arjefm-61	210	107	,	,	PUNCT
arjefm-61	210	108	plaster	plaster	NOUN
arjefm-61	210	109	and	and	CCONJ
arjefm-61	210	110	lime	lime	NOUN
arjefm-61	210	111	,	,	PUNCT
arjefm-61	210	112	2	2	NUM
arjefm-61	210	113	manufacturing	manufacturing	NOUN
arjefm-61	210	114	companies	company	NOUN
arjefm-61	210	115	of	of	ADP
arjefm-61	210	116	fabrics	fabric	NOUN
arjefm-61	210	117	and	and	CCONJ
arjefm-61	210	118	related	relate	VERB
arjefm-61	210	119	activities,1	activities,1	NOUN
arjefm-61	210	120	production	production	NOUN
arjefm-61	210	121	company	company	NOUN
arjefm-61	210	122	of	of	ADP
arjefm-61	210	123	motor	motor	NOUN
arjefm-61	210	124	vehicles	vehicle	NOUN
arjefm-61	210	125	and	and	CCONJ
arjefm-61	210	126	parts	part	NOUN
arjefm-61	210	127	,	,	PUNCT
arjefm-61	210	128	9	9	NUM
arjefm-61	210	129	metalworking	metalworke	VERB
arjefm-61	210	130	derivative	derivative	ADJ
arjefm-61	210	131	industries	industry	NOUN
arjefm-61	210	132	,	,	PUNCT
arjefm-61	210	133	1	1	NUM
arjefm-61	210	134	company	company	NOUN
arjefm-61	210	135	of	of	ADP
arjefm-61	210	136	basic	basic	ADJ
arjefm-61	210	137	metal	metal	NOUN
arjefm-61	210	138	,	,	PUNCT
arjefm-61	210	139	6	6	NUM
arjefm-61	210	140	manufacture	manufacture	NOUN
arjefm-61	210	141	of	of	ADP
arjefm-61	210	142	footwear	footwear	NOUN
arjefm-61	210	143	companies	company	NOUN
arjefm-61	210	144	and	and	CCONJ
arjefm-61	210	145	related	related	ADJ
arjefm-61	210	146	products	product	NOUN
arjefm-61	210	147	,	,	PUNCT
arjefm-61	210	148	22	22	NUM
arjefm-61	210	149	companies	company	NOUN
arjefm-61	210	150	of	of	ADP
arjefm-61	210	151	community	community	NOUN
arjefm-61	210	152	and	and	CCONJ
arjefm-61	210	153	social	social	ADJ
arjefm-61	210	154	services	service	NOUN
arjefm-61	210	155	,	,	PUNCT
arjefm-61	210	156	73	73	NUM
arjefm-61	210	157	companies	company	NOUN
arjefm-61	210	158	with	with	ADP
arjefm-61	210	159	other	other	ADJ
arjefm-61	210	160	business	business	NOUN
arjefm-61	210	161	activities	activity	NOUN
arjefm-61	210	162	,	,	PUNCT
arjefm-61	210	163	6	6	NUM
arjefm-61	210	164	other	other	ADJ
arjefm-61	210	165	manufacture	manufacture	NOUN
arjefm-61	210	166	industries	industry	NOUN
arjefm-61	210	167	,	,	PUNCT
arjefm-61	210	168	5	5	NUM
arjefm-61	210	169	companies	company	NOUN
arjefm-61	210	170	of	of	ADP
arjefm-61	210	171	agricultural	agricultural	ADJ
arjefm-61	210	172	sectors	sector	NOUN
arjefm-61	210	173	,	,	PUNCT
arjefm-61	210	174	5	5	NUM
arjefm-61	210	175	companies	company	NOUN
arjefm-61	210	176	of	of	ADP
arjefm-61	210	177	other	other	ADJ
arjefm-61	210	178	systems	system	NOUN
arjefm-61	210	179	passenger	passenger	NOUN
arjefm-61	210	180	,	,	PUNCT
arjefm-61	210	181	1	1	NUM
arjefm-61	210	182	company	company	NOUN
arjefm-61	210	183	for	for	ADP
arjefm-61	210	184	fishing	fishing	NOUN
arjefm-61	210	185	,	,	PUNCT
arjefm-61	210	186	fish	fish	NOUN
arjefm-61	210	187	farming	farming	NOUN
arjefm-61	210	188	and	and	CCONJ
arjefm-61	210	189	related	related	ADJ
arjefm-61	210	190	activities,18	activities,18	NOUN
arjefm-61	210	191	companies	company	NOUN
arjefm-61	210	192	of	of	ADP
arjefm-61	210	193	food	food	NOUN
arjefm-61	210	194	products	product	NOUN
arjefm-61	210	195	,	,	PUNCT
arjefm-61	210	196	1	1	NUM
arjefm-61	210	197	company	company	NOUN
arjefm-61	210	198	of	of	ADP
arjefm-61	210	199	rubber	rubber	NOUN
arjefm-61	210	200	products	product	NOUN
arjefm-61	210	201	,	,	PUNCT
arjefm-61	210	202	14	14	NUM
arjefm-61	210	203	companies	company	NOUN
arjefm-61	210	204	of	of	ADP
arjefm-61	210	205	plastic	plastic	ADJ
arjefm-61	210	206	products	product	NOUN
arjefm-61	210	207	,	,	PUNCT
arjefm-61	210	208	8	8	NUM
arjefm-61	210	209	companies	company	NOUN
arjefm-61	210	210	of	of	ADP
arjefm-61	210	211	chemicals	chemical	NOUN
arjefm-61	210	212	,	,	PUNCT
arjefm-61	210	213	1	1	NUM
arjefm-61	210	214	company	company	NOUN
arjefm-61	210	215	of	of	ADP
arjefm-61	210	216	periodicals	periodical	NOUN
arjefm-61	210	217	,	,	PUNCT
arjefm-61	210	218	2	2	NUM
arjefm-61	210	219	companies	company	NOUN
arjefm-61	210	220	of	of	ADP
arjefm-61	210	221	radio	radio	NOUN
arjefm-61	210	222	and	and	CCONJ
arjefm-61	210	223	television	television	NOUN
arjefm-61	210	224	,	,	PUNCT
arjefm-61	210	225	2	2	NUM
arjefm-61	210	226	companies	company	NOUN
arjefm-61	210	227	of	of	ADP
arjefm-61	210	228	social	social	ADJ
arjefm-61	210	229	services	service	NOUN
arjefm-61	210	230	and	and	CCONJ
arjefm-61	210	231	health	health	NOUN
arjefm-61	210	232	,	,	PUNCT
arjefm-61	210	233	10	10	NUM
arjefm-61	210	234	companies	company	NOUN
arjefm-61	210	235	of	of	ADP
arjefm-61	210	236	telephoning	telephoning	NOUN
arjefm-61	210	237	and	and	CCONJ
arjefm-61	210	238	networks	network	NOUN
arjefm-61	210	239	,	,	PUNCT
arjefm-61	210	240	and	and	CCONJ
arjefm-61	210	241	3	3	NUM
arjefm-61	210	242	land	land	NOUN
arjefm-61	210	243	freight	freight	NOUN
arjefm-61	210	244	transportation	transportation	NOUN
arjefm-61	210	245	companies	company	NOUN
arjefm-61	210	246	.	.	PUNCT
arjefm-61	211	1	the	the	DET
arjefm-61	211	2	analysis	analysis	NOUN
arjefm-61	211	3	show	show	VERB
arjefm-61	211	4	that	that	SCONJ
arjefm-61	211	5	subsectors	subsector	NOUN
arjefm-61	211	6	of	of	ADP
arjefm-61	211	7	wholesale	wholesale	ADJ
arjefm-61	211	8	marketing	marketing	NOUN
arjefm-61	211	9	and	and	CCONJ
arjefm-61	211	10	retailing	retailing	NOUN
arjefm-61	211	11	,	,	PUNCT
arjefm-61	211	12	entertaining	entertaining	ADJ
arjefm-61	211	13	activities	activity	NOUN
arjefm-61	211	14	and	and	CCONJ
arjefm-61	211	15	real	real	ADJ
arjefm-61	211	16	estate	estate	NOUN
arjefm-61	211	17	services	service	NOUN
arjefm-61	211	18	join	join	VERB
arjefm-61	211	19	most	most	ADJ
arjefm-61	211	20	of	of	ADP
arjefm-61	211	21	the	the	DET
arjefm-61	211	22	companies	company	NOUN
arjefm-61	211	23	and	and	CCONJ
arjefm-61	211	24	the	the	DET
arjefm-61	211	25	ones	one	NOUN
arjefm-61	211	26	which	which	PRON
arjefm-61	211	27	the	the	DET
arjefm-61	211	28	economic	economic	ADJ
arjefm-61	211	29	and	and	CCONJ
arjefm-61	211	30	social	social	ADJ
arjefm-61	211	31	development	development	NOUN
arjefm-61	211	32	of	of	ADP
arjefm-61	211	33	the	the	DET
arjefm-61	211	34	city	city	NOUN
arjefm-61	211	35	move	move	VERB
arjefm-61	211	36	around	around	ADV
arjefm-61	211	37	.	.	PUNCT
arjefm-61	212	1	source	source	NOUN
arjefm-61	212	2	:	:	PUNCT
arjefm-61	212	3	self	self	NOUN
arjefm-61	212	4	made	make	VERB
arjefm-61	212	5	the	the	DET
arjefm-61	212	6	graph	graph	NOUN
arjefm-61	212	7	shows	show	VERB
arjefm-61	212	8	the	the	DET
arjefm-61	212	9	status	status	NOUN
arjefm-61	212	10	of	of	ADP
arjefm-61	212	11	companies	company	NOUN
arjefm-61	212	12	in	in	ADP
arjefm-61	212	13	cali	cali	ADJ
arjefm-61	212	14	in	in	ADP
arjefm-61	212	15	2012	2012	NUM
arjefm-61	212	16	about	about	ADP
arjefm-61	212	17	the	the	DET
arjefm-61	212	18	risk	risk	NOUN
arjefm-61	212	19	of	of	ADP
arjefm-61	212	20	indebtedness	indebtedness	NOUN
arjefm-61	212	21	,	,	PUNCT
arjefm-61	212	22	liquidity	liquidity	NOUN
arjefm-61	212	23	and	and	CCONJ
arjefm-61	212	24	portfolio	portfolio	NOUN
arjefm-61	212	25	.	.	PUNCT
arjefm-61	213	1	and	and	CCONJ
arjefm-61	213	2	the	the	DET
arjefm-61	213	3	next	next	ADJ
arjefm-61	213	4	graph	graph	NOUN
arjefm-61	213	5	refers	refer	VERB
arjefm-61	213	6	the	the	DET
arjefm-61	213	7	risk	risk	NOUN
arjefm-61	213	8	of	of	ADP
arjefm-61	213	9	indebtedness	indebtedness	NOUN
arjefm-61	213	10	.	.	PUNCT
arjefm-61	214	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-61	214	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	215	1	american	american	PROPN
arjefm-61	215	2	research	research	PROPN
arjefm-61	215	3	journal	journal	PROPN
arjefm-61	215	4	of	of	ADP
arjefm-61	215	5	economics	economic	NOUN
arjefm-61	215	6	,	,	PUNCT
arjefm-61	215	7	finance	finance	NOUN
arjefm-61	215	8	and	and	CCONJ
arjefm-61	215	9	management	management	NOUN
arjefm-61	215	10	volume	volume	NOUN
arjefm-61	215	11	10	10	NUM
arjefm-61	215	12	issue	issue	NOUN
arjefm-61	215	13	1	1	NUM
arjefm-61	215	14	,	,	PUNCT
arjefm-61	215	15	january	january	PROPN
arjefm-61	215	16	-	-	PUNCT
arjefm-61	215	17	march	march	PROPN
arjefm-61	215	18	2022	2022	NUM
arjefm-61	215	19	issn	issn	NOUN
arjefm-61	215	20	:	:	PUNCT
arjefm-61	215	21	2836	2836	NUM
arjefm-61	215	22	-	-	SYM
arjefm-61	215	23	9416	9416	NUM
arjefm-61	215	24	impact	impact	NOUN
arjefm-61	215	25	factor	factor	NOUN
arjefm-61	215	26	:	:	PUNCT
arjefm-61	215	27	4.85	4.85	NUM
arjefm-61	215	28	journal	journal	NOUN
arjefm-61	215	29	homepage	homepage	NOUN
arjefm-61	215	30	:	:	PUNCT
arjefm-61	215	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	215	32	,	,	PUNCT
arjefm-61	215	33	email	email	NOUN
arjefm-61	215	34	:	:	PUNCT
arjefm-61	216	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-61	216	2	official	official	ADJ
arjefm-61	216	3	journal	journal	PROPN
arjefm-61	216	4	of	of	ADP
arjefm-61	216	5	america	america	PROPN
arjefm-61	216	6	serial	serial	PROPN
arjefm-61	216	7	publication	publication	NOUN
arjefm-61	216	8	american	american	PROPN
arjefm-61	216	9	research	research	PROPN
arjefm-61	216	10	journal	journal	PROPN
arjefm-61	216	11	of	of	ADP
arjefm-61	216	12	economics	economic	NOUN
arjefm-61	216	13	,	,	PUNCT
arjefm-61	216	14	finance	finance	NOUN
arjefm-61	216	15	and	and	CCONJ
arjefm-61	216	16	management	management	NOUN
arjefm-61	216	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	216	18	,	,	PUNCT
arjefm-61	216	19	email	email	NOUN
arjefm-61	216	20	:	:	PUNCT
arjefm-61	216	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	217	1	37	37	NUM
arjefm-61	218	1	|	|	ADV
arjefm-61	218	2	p	p	NOUN
arjefm-61	218	3	a	a	DET
arjefm-61	218	4	g	g	NOUN
arjefm-61	218	5	e	e	NOUN
arjefm-61	218	6	graph	graph	NOUN
arjefm-61	218	7	2	2	NUM
arjefm-61	218	8	source	source	NOUN
arjefm-61	218	9	:	:	PUNCT
arjefm-61	218	10	selfauthorship	selfauthorship	NOUN
arjefm-61	218	11	it	it	PRON
arjefm-61	218	12	is	be	AUX
arjefm-61	218	13	observed	observe	VERB
arjefm-61	218	14	that	that	SCONJ
arjefm-61	218	15	17	17	NUM
arjefm-61	218	16	%	%	NOUN
arjefm-61	218	17	of	of	ADP
arjefm-61	218	18	the	the	DET
arjefm-61	218	19	companies	company	NOUN
arjefm-61	218	20	under	under	ADP
arjefm-61	218	21	study	study	NOUN
arjefm-61	218	22	are	be	AUX
arjefm-61	218	23	at	at	ADP
arjefm-61	218	24	risk	risk	NOUN
arjefm-61	218	25	of	of	ADP
arjefm-61	218	26	indebtedness	indebtedness	NOUN
arjefm-61	218	27	.	.	PUNCT
arjefm-61	219	1	from	from	ADP
arjefm-61	219	2	an	an	DET
arjefm-61	219	3	accounting	accounting	NOUN
arjefm-61	219	4	point	point	NOUN
arjefm-61	219	5	of	of	ADP
arjefm-61	219	6	view	view	NOUN
arjefm-61	219	7	,	,	PUNCT
arjefm-61	219	8	the	the	DET
arjefm-61	219	9	graph	graph	NOUN
arjefm-61	219	10	shows	show	VERB
arjefm-61	219	11	a	a	DET
arjefm-61	219	12	good	good	ADJ
arjefm-61	219	13	percentage	percentage	NOUN
arjefm-61	219	14	of	of	ADP
arjefm-61	219	15	debt	debt	NOUN
arjefm-61	219	16	capacity	capacity	NOUN
arjefm-61	219	17	when	when	SCONJ
arjefm-61	219	18	comparing	compare	VERB
arjefm-61	219	19	financial	financial	ADJ
arjefm-61	219	20	structure	structure	NOUN
arjefm-61	219	21	and	and	CCONJ
arjefm-61	219	22	financial	financial	ADJ
arjefm-61	219	23	capacity	capacity	NOUN
arjefm-61	219	24	;	;	PUNCT
arjefm-61	219	25	therefore	therefore	ADV
arjefm-61	219	26	these	these	DET
arjefm-61	219	27	companies	company	NOUN
arjefm-61	219	28	do	do	AUX
arjefm-61	219	29	not	not	PART
arjefm-61	219	30	need	need	VERB
arjefm-61	219	31	to	to	PART
arjefm-61	219	32	be	be	AUX
arjefm-61	219	33	financed	finance	VERB
arjefm-61	219	34	with	with	ADP
arjefm-61	219	35	suppliers	supplier	NOUN
arjefm-61	219	36	,	,	PUNCT
arjefm-61	219	37	labor	labor	NOUN
arjefm-61	219	38	and	and	CCONJ
arjefm-61	219	39	/	/	SYM
arjefm-61	219	40	or	or	CCONJ
arjefm-61	219	41	financial	financial	ADJ
arjefm-61	219	42	institutions	institution	NOUN
arjefm-61	219	43	to	to	PART
arjefm-61	219	44	operate	operate	VERB
arjefm-61	219	45	.	.	PUNCT
arjefm-61	220	1	for	for	ADP
arjefm-61	220	2	this	this	DET
arjefm-61	220	3	financial	financial	ADJ
arjefm-61	220	4	year	year	NOUN
arjefm-61	220	5	,	,	PUNCT
arjefm-61	220	6	cali	cali	PROPN
arjefm-61	220	7	showed	show	VERB
arjefm-61	220	8	good	good	ADJ
arjefm-61	220	9	financial	financial	ADJ
arjefm-61	220	10	paramount	paramount	NOUN
arjefm-61	220	11	and	and	CCONJ
arjefm-61	220	12	this	this	PRON
arjefm-61	220	13	is	be	AUX
arjefm-61	220	14	shown	show	VERB
arjefm-61	220	15	in	in	ADP
arjefm-61	220	16	analyzing	analyze	VERB
arjefm-61	220	17	how	how	SCONJ
arjefm-61	220	18	companies	company	NOUN
arjefm-61	220	19	did	do	AUX
arjefm-61	220	20	not	not	PART
arjefm-61	220	21	have	have	VERB
arjefm-61	220	22	to	to	PART
arjefm-61	220	23	fall	fall	VERB
arjefm-61	220	24	into	into	ADP
arjefm-61	220	25	debt	debt	NOUN
arjefm-61	220	26	to	to	PART
arjefm-61	220	27	make	make	VERB
arjefm-61	220	28	their	their	PRON
arjefm-61	220	29	proposed	propose	VERB
arjefm-61	220	30	activities	activity	NOUN
arjefm-61	220	31	.	.	PUNCT
arjefm-61	221	1	graph	graph	NOUN
arjefm-61	221	2	3	3	NUM
arjefm-61	221	3	source	source	NOUN
arjefm-61	221	4	:	:	PUNCT
arjefm-61	221	5	selfauthorship	selfauthorship	NOUN
arjefm-61	221	6	regarding	regard	VERB
arjefm-61	221	7	liquidity	liquidity	NOUN
arjefm-61	221	8	risk	risk	NOUN
arjefm-61	221	9	,	,	PUNCT
arjefm-61	221	10	most	most	ADJ
arjefm-61	221	11	of	of	ADP
arjefm-61	221	12	the	the	DET
arjefm-61	221	13	companies	company	NOUN
arjefm-61	221	14	,	,	PUNCT
arjefm-61	221	15	80	80	NUM
arjefm-61	221	16	%	%	NOUN
arjefm-61	221	17	had	have	VERB
arjefm-61	221	18	no	no	DET
arjefm-61	221	19	such	such	ADJ
arjefm-61	221	20	risk	risk	NOUN
arjefm-61	221	21	due	due	ADP
arjefm-61	221	22	to	to	ADP
arjefm-61	221	23	the	the	DET
arjefm-61	221	24	type	type	NOUN
arjefm-61	221	25	of	of	ADP
arjefm-61	221	26	companies	company	NOUN
arjefm-61	221	27	and	and	CCONJ
arjefm-61	221	28	sectors	sector	NOUN
arjefm-61	221	29	that	that	PRON
arjefm-61	221	30	mostly	mostly	ADV
arjefm-61	221	31	composed	compose	VERB
arjefm-61	221	32	the	the	DET
arjefm-61	221	33	population	population	NOUN
arjefm-61	221	34	under	under	ADP
arjefm-61	221	35	study	study	NOUN
arjefm-61	221	36	.	.	PUNCT
arjefm-61	222	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-61	223	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	223	2	toro	toro	PROPN
arjefm-61	223	3	,	,	PUNCT
arjefm-61	223	4	arango	arango	PROPN
arjefm-61	223	5	&	&	CCONJ
arjefm-61	223	6	serna	serna	PROPN
arjefm-61	223	7	38	38	NUM
arjefm-61	223	8	american	american	PROPN
arjefm-61	223	9	research	research	PROPN
arjefm-61	223	10	journal	journal	PROPN
arjefm-61	223	11	of	of	ADP
arjefm-61	223	12	economics	economic	NOUN
arjefm-61	223	13	,	,	PUNCT
arjefm-61	223	14	finance	finance	NOUN
arjefm-61	223	15	and	and	CCONJ
arjefm-61	223	16	management	management	NOUN
arjefm-61	223	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	223	18	,	,	PUNCT
arjefm-61	223	19	email	email	NOUN
arjefm-61	223	20	:	:	PUNCT
arjefm-61	223	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	224	1	38	38	NUM
arjefm-61	225	1	|	|	ADV
arjefm-61	225	2	p	p	NOUN
arjefm-61	225	3	a	a	DET
arjefm-61	225	4	g	g	NOUN
arjefm-61	225	5	e	e	NOUN
arjefm-61	225	6	the	the	DET
arjefm-61	225	7	marketing	marketing	NOUN
arjefm-61	225	8	wholesale	wholesale	ADJ
arjefm-61	225	9	and	and	CCONJ
arjefm-61	225	10	retail	retail	ADJ
arjefm-61	225	11	companies	company	NOUN
arjefm-61	225	12	,	,	PUNCT
arjefm-61	225	13	entertainment	entertainment	NOUN
arjefm-61	225	14	activities	activity	NOUN
arjefm-61	225	15	and	and	CCONJ
arjefm-61	225	16	real	real	ADJ
arjefm-61	225	17	estate	estate	NOUN
arjefm-61	225	18	services	service	NOUN
arjefm-61	225	19	are	be	AUX
arjefm-61	225	20	the	the	DET
arjefm-61	225	21	subsectors	subsector	NOUN
arjefm-61	225	22	that	that	PRON
arjefm-61	225	23	gather	gather	VERB
arjefm-61	225	24	most	most	ADJ
arjefm-61	225	25	companies	company	NOUN
arjefm-61	225	26	in	in	ADP
arjefm-61	225	27	cali	cali	PROPN
arjefm-61	225	28	in	in	ADP
arjefm-61	225	29	2012	2012	NUM
arjefm-61	225	30	.	.	PUNCT
arjefm-61	226	1	these	these	DET
arjefm-61	226	2	subsectors	subsector	NOUN
arjefm-61	226	3	represent	represent	VERB
arjefm-61	226	4	more	more	ADJ
arjefm-61	226	5	companies	company	NOUN
arjefm-61	226	6	and	and	CCONJ
arjefm-61	226	7	require	require	VERB
arjefm-61	226	8	minimal	minimal	ADJ
arjefm-61	226	9	funding	funding	NOUN
arjefm-61	226	10	for	for	ADP
arjefm-61	226	11	suppliers	supplier	NOUN
arjefm-61	226	12	due	due	ADP
arjefm-61	226	13	to	to	ADP
arjefm-61	226	14	the	the	DET
arjefm-61	226	15	lack	lack	NOUN
arjefm-61	226	16	of	of	ADP
arjefm-61	226	17	liquidity	liquidity	NOUN
arjefm-61	226	18	risk	risk	NOUN
arjefm-61	226	19	,	,	PUNCT
arjefm-61	226	20	without	without	ADP
arjefm-61	226	21	bearing	bear	VERB
arjefm-61	226	22	in	in	ADP
arjefm-61	226	23	mind	mind	NOUN
arjefm-61	226	24	that	that	SCONJ
arjefm-61	226	25	the	the	DET
arjefm-61	226	26	other	other	ADJ
arjefm-61	226	27	companies	company	NOUN
arjefm-61	226	28	joined	join	VERB
arjefm-61	226	29	in	in	ADP
arjefm-61	226	30	other	other	ADJ
arjefm-61	226	31	subsectors	subsector	NOUN
arjefm-61	226	32	.	.	PUNCT
arjefm-61	227	1	they	they	PRON
arjefm-61	227	2	were	be	AUX
arjefm-61	227	3	not	not	PART
arjefm-61	227	4	so	so	ADV
arjefm-61	227	5	representative	representative	ADJ
arjefm-61	227	6	and	and	CCONJ
arjefm-61	227	7	were	be	AUX
arjefm-61	227	8	not	not	PART
arjefm-61	227	9	taken	take	VERB
arjefm-61	227	10	into	into	ADP
arjefm-61	227	11	account	account	NOUN
arjefm-61	227	12	to	to	PART
arjefm-61	227	13	draw	draw	VERB
arjefm-61	227	14	the	the	DET
arjefm-61	227	15	percentages	percentage	NOUN
arjefm-61	227	16	that	that	PRON
arjefm-61	227	17	were	be	AUX
arjefm-61	227	18	represented	represent	VERB
arjefm-61	227	19	in	in	ADP
arjefm-61	227	20	the	the	DET
arjefm-61	227	21	previous	previous	ADJ
arjefm-61	227	22	graph	graph	NOUN
arjefm-61	227	23	.	.	PUNCT
arjefm-61	228	1	graph	graph	NOUN
arjefm-61	228	2	4	4	NUM
arjefm-61	228	3	source	source	NOUN
arjefm-61	228	4	:	:	PUNCT
arjefm-61	228	5	self	self	NOUN
arjefm-61	228	6	-	-	PUNCT
arjefm-61	228	7	authorship	authorship	NOUN
arjefm-61	228	8	the	the	DET
arjefm-61	228	9	analysis	analysis	NOUN
arjefm-61	228	10	showed	show	VERB
arjefm-61	228	11	lower	low	ADJ
arjefm-61	228	12	risk	risk	NOUN
arjefm-61	228	13	of	of	ADP
arjefm-61	228	14	portfolio	portfolio	NOUN
arjefm-61	228	15	,	,	PUNCT
arjefm-61	228	16	as	as	SCONJ
arjefm-61	228	17	the	the	DET
arjefm-61	228	18	graph	graph	NOUN
arjefm-61	228	19	shows	show	VERB
arjefm-61	228	20	the	the	DET
arjefm-61	228	21	indicators	indicator	NOUN
arjefm-61	228	22	percentages	percentage	NOUN
arjefm-61	228	23	corresponding	correspond	VERB
arjefm-61	228	24	to	to	ADP
arjefm-61	228	25	26	26	NUM
arjefm-61	228	26	%	%	NOUN
arjefm-61	228	27	portfolio	portfolio	NOUN
arjefm-61	228	28	risk	risk	NOUN
arjefm-61	228	29	and	and	CCONJ
arjefm-61	228	30	74	74	NUM
arjefm-61	228	31	%	%	NOUN
arjefm-61	228	32	no	no	DET
arjefm-61	228	33	portfolio	portfolio	NOUN
arjefm-61	228	34	risk	risk	NOUN
arjefm-61	228	35	.	.	PUNCT
arjefm-61	229	1	it	it	PRON
arjefm-61	229	2	reveals	reveal	VERB
arjefm-61	229	3	that	that	SCONJ
arjefm-61	229	4	credit	credit	NOUN
arjefm-61	229	5	sales	sale	NOUN
arjefm-61	229	6	are	be	AUX
arjefm-61	229	7	lower	low	ADJ
arjefm-61	229	8	,	,	PUNCT
arjefm-61	229	9	and	and	CCONJ
arjefm-61	229	10	it	it	PRON
arjefm-61	229	11	is	be	AUX
arjefm-61	229	12	inferred	infer	VERB
arjefm-61	229	13	that	that	SCONJ
arjefm-61	229	14	the	the	DET
arjefm-61	229	15	companies	company	NOUN
arjefm-61	229	16	were	be	AUX
arjefm-61	229	17	having	have	VERB
arjefm-61	229	18	good	good	ADJ
arjefm-61	229	19	turnover	turnover	NOUN
arjefm-61	229	20	in	in	ADP
arjefm-61	229	21	cash	cash	NOUN
arjefm-61	229	22	sales	sale	NOUN
arjefm-61	229	23	and	and	CCONJ
arjefm-61	229	24	profits	profit	NOUN
arjefm-61	229	25	since	since	SCONJ
arjefm-61	229	26	it	it	PRON
arjefm-61	229	27	can	can	AUX
arjefm-61	229	28	not	not	PART
arjefm-61	229	29	have	have	AUX
arjefm-61	229	30	invested	invest	VERB
arjefm-61	229	31	too	too	ADV
arjefm-61	229	32	much	much	ADJ
arjefm-61	229	33	time	time	NOUN
arjefm-61	229	34	or	or	CCONJ
arjefm-61	229	35	working	work	VERB
arjefm-61	229	36	capital	capital	NOUN
arjefm-61	229	37	in	in	ADP
arjefm-61	229	38	loan	loan	NOUN
arjefm-61	229	39	recovery	recovery	NOUN
arjefm-61	229	40	.	.	PUNCT
arjefm-61	230	1	regarding	regard	VERB
arjefm-61	230	2	the	the	DET
arjefm-61	230	3	portfolio	portfolio	NOUN
arjefm-61	230	4	there	there	PRON
arjefm-61	230	5	is	be	VERB
arjefm-61	230	6	always	always	ADV
arjefm-61	230	7	risk	risk	NOUN
arjefm-61	230	8	and	and	CCONJ
arjefm-61	230	9	uncertainty	uncertainty	NOUN
arjefm-61	230	10	,	,	PUNCT
arjefm-61	230	11	however	however	ADV
arjefm-61	230	12	the	the	DET
arjefm-61	230	13	resources	resource	NOUN
arjefm-61	230	14	can	can	AUX
arjefm-61	230	15	be	be	AUX
arjefm-61	230	16	used	use	VERB
arjefm-61	230	17	in	in	ADP
arjefm-61	230	18	the	the	DET
arjefm-61	230	19	best	good	ADJ
arjefm-61	230	20	way	way	NOUN
arjefm-61	230	21	as	as	SCONJ
arjefm-61	230	22	it	it	PRON
arjefm-61	230	23	happens	happen	VERB
arjefm-61	230	24	within	within	ADP
arjefm-61	230	25	most	most	ADJ
arjefm-61	230	26	of	of	ADP
arjefm-61	230	27	the	the	DET
arjefm-61	230	28	companies	company	NOUN
arjefm-61	230	29	under	under	ADP
arjefm-61	230	30	study	study	NOUN
arjefm-61	230	31	,	,	PUNCT
arjefm-61	230	32	and	and	CCONJ
arjefm-61	230	33	more	more	ADV
arjefm-61	230	34	specifically	specifically	ADV
arjefm-61	230	35	to	to	ADP
arjefm-61	230	36	portfolio	portfolio	NOUN
arjefm-61	230	37	risk	risk	NOUN
arjefm-61	230	38	in	in	ADP
arjefm-61	230	39	this	this	DET
arjefm-61	230	40	case	case	NOUN
arjefm-61	230	41	with	with	ADP
arjefm-61	230	42	a	a	DET
arjefm-61	230	43	minimum	minimum	ADJ
arjefm-61	230	44	percentage	percentage	NOUN
arjefm-61	230	45	.	.	PUNCT
arjefm-61	231	1	graph	graph	NOUN
arjefm-61	231	2	5	5	NUM
arjefm-61	231	3	source	source	NOUN
arjefm-61	231	4	:	:	PUNCT
arjefm-61	231	5	self	self	NOUN
arjefm-61	231	6	-	-	PUNCT
arjefm-61	231	7	authorship	authorship	NOUN
arjefm-61	231	8	the	the	DET
arjefm-61	231	9	analysis	analysis	NOUN
arjefm-61	231	10	on	on	ADP
arjefm-61	231	11	the	the	DET
arjefm-61	231	12	previous	previous	ADJ
arjefm-61	231	13	graphs	graph	NOUN
arjefm-61	231	14	showed	show	VERB
arjefm-61	231	15	that	that	SCONJ
arjefm-61	231	16	from	from	ADP
arjefm-61	231	17	924	924	NUM
arjefm-61	231	18	companies	company	NOUN
arjefm-61	231	19	analyzed	analyze	VERB
arjefm-61	231	20	in	in	ADP
arjefm-61	231	21	2012	2012	NUM
arjefm-61	231	22	in	in	ADP
arjefm-61	231	23	cali	cali	ADJ
arjefm-61	231	24	,	,	PUNCT
arjefm-61	231	25	79	79	NUM
arjefm-61	231	26	%	%	NOUN
arjefm-61	231	27	did	do	AUX
arjefm-61	231	28	not	not	PART
arjefm-61	231	29	have	have	VERB
arjefm-61	231	30	financial	financial	ADJ
arjefm-61	231	31	risk	risk	NOUN
arjefm-61	231	32	and	and	CCONJ
arjefm-61	231	33	this	this	DET
arjefm-61	231	34	situation	situation	NOUN
arjefm-61	231	35	makes	make	VERB
arjefm-61	231	36	them	they	PRON
arjefm-61	231	37	feasible	feasible	ADJ
arjefm-61	231	38	to	to	PART
arjefm-61	231	39	obtain	obtain	VERB
arjefm-61	231	40	credits	credit	NOUN
arjefm-61	231	41	.	.	PUNCT
arjefm-61	232	1	it	it	PRON
arjefm-61	232	2	was	be	AUX
arjefm-61	232	3	concluded	conclude	VERB
arjefm-61	232	4	that	that	SCONJ
arjefm-61	232	5	in	in	ADP
arjefm-61	232	6	that	that	DET
arjefm-61	232	7	year	year	NOUN
arjefm-61	232	8	,	,	PUNCT
arjefm-61	232	9	the	the	DET
arjefm-61	232	10	companies	company	NOUN
arjefm-61	232	11	had	have	VERB
arjefm-61	232	12	a	a	DET
arjefm-61	232	13	good	good	ADJ
arjefm-61	232	14	financial	financial	ADJ
arjefm-61	232	15	viability	viability	NOUN
arjefm-61	232	16	,	,	PUNCT
arjefm-61	232	17	since	since	SCONJ
arjefm-61	232	18	as	as	SCONJ
arjefm-61	232	19	discussed	discuss	VERB
arjefm-61	232	20	above	above	ADP
arjefm-61	232	21	it	it	PRON
arjefm-61	232	22	showed	show	VERB
arjefm-61	232	23	how	how	SCONJ
arjefm-61	232	24	companies	company	NOUN
arjefm-61	232	25	that	that	PRON
arjefm-61	232	26	used	use	VERB
arjefm-61	232	27	risk	risk	NOUN
arjefm-61	232	28	analysis	analysis	NOUN
arjefm-61	232	29	had	have	VERB
arjefm-61	232	30	lower	low	ADJ
arjefm-61	232	31	percentages	percentage	NOUN
arjefm-61	232	32	60	60	NUM
arjefm-61	232	33	%	%	NOUN
arjefm-61	232	34	in	in	ADP
arjefm-61	232	35	comparison	comparison	NOUN
arjefm-61	232	36	to	to	ADP
arjefm-61	232	37	debt	debt	NOUN
arjefm-61	232	38	risk	risk	NOUN
arjefm-61	232	39	,	,	PUNCT
arjefm-61	232	40	liquidity	liquidity	NOUN
arjefm-61	232	41	and	and	CCONJ
arjefm-61	232	42	portfolio	portfolio	NOUN
arjefm-61	232	43	.	.	PUNCT
arjefm-61	233	1	multiple	multiple	ADJ
arjefm-61	233	2	factors	factor	NOUN
arjefm-61	233	3	are	be	AUX
arjefm-61	233	4	involved	involve	VERB
arjefm-61	233	5	in	in	ADP
arjefm-61	233	6	the	the	DET
arjefm-61	233	7	activity	activity	NOUN
arjefm-61	233	8	of	of	ADP
arjefm-61	233	9	a	a	DET
arjefm-61	233	10	company	company	NOUN
arjefm-61	233	11	,	,	PUNCT
arjefm-61	233	12	the	the	DET
arjefm-61	233	13	financial	financial	ADJ
arjefm-61	233	14	risk	risk	NOUN
arjefm-61	233	15	management	management	NOUN
arjefm-61	233	16	is	be	AUX
arjefm-61	233	17	paramount	paramount	ADJ
arjefm-61	233	18	in	in	SCONJ
arjefm-61	233	19	order	order	NOUN
arjefm-61	233	20	to	to	PART
arjefm-61	233	21	be	be	AUX
arjefm-61	233	22	prepared	prepare	VERB
arjefm-61	233	23	for	for	ADP
arjefm-61	233	24	disaster	disaster	NOUN
arjefm-61	233	25	situations	situation	NOUN
arjefm-61	233	26	and	and	CCONJ
arjefm-61	233	27	this	this	PRON
arjefm-61	233	28	is	be	AUX
arjefm-61	233	29	achieved	achieve	VERB
arjefm-61	233	30	through	through	ADP
arjefm-61	233	31	financial	financial	ADJ
arjefm-61	233	32	risk	risk	NOUN
arjefm-61	233	33	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	233	34	toro	toro	PROPN
arjefm-61	233	35	,	,	PUNCT
arjefm-61	233	36	arango	arango	PROPN
arjefm-61	233	37	&	&	CCONJ
arjefm-61	233	38	serna	serna	PROPN
arjefm-61	233	39	39	39	NUM
arjefm-61	233	40	american	american	PROPN
arjefm-61	233	41	research	research	PROPN
arjefm-61	233	42	journal	journal	PROPN
arjefm-61	233	43	of	of	ADP
arjefm-61	233	44	economics	economic	NOUN
arjefm-61	233	45	,	,	PUNCT
arjefm-61	233	46	finance	finance	NOUN
arjefm-61	233	47	and	and	CCONJ
arjefm-61	233	48	management	management	NOUN
arjefm-61	233	49	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	233	50	,	,	PUNCT
arjefm-61	233	51	email	email	NOUN
arjefm-61	233	52	:	:	PUNCT
arjefm-61	234	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	234	2	39	39	NUM
arjefm-61	235	1	|	|	ADV
arjefm-61	235	2	p	p	X
arjefm-61	235	3	a	a	DET
arjefm-61	235	4	g	g	NOUN
arjefm-61	235	5	e	e	NOUN
arjefm-61	235	6	management	management	NOUN
arjefm-61	235	7	preventing	prevent	VERB
arjefm-61	235	8	possible	possible	ADJ
arjefm-61	235	9	events	event	NOUN
arjefm-61	235	10	that	that	PRON
arjefm-61	235	11	may	may	AUX
arjefm-61	235	12	affect	affect	VERB
arjefm-61	235	13	the	the	DET
arjefm-61	235	14	normal	normal	ADJ
arjefm-61	235	15	running	running	NOUN
arjefm-61	235	16	of	of	ADP
arjefm-61	235	17	the	the	DET
arjefm-61	235	18	company	company	NOUN
arjefm-61	235	19	.	.	PUNCT
arjefm-61	236	1	however	however	ADV
arjefm-61	236	2	,	,	PUNCT
arjefm-61	236	3	the	the	DET
arjefm-61	236	4	companies	company	NOUN
arjefm-61	236	5	studied	study	VERB
arjefm-61	236	6	in	in	ADP
arjefm-61	236	7	the	the	DET
arjefm-61	236	8	city	city	NOUN
arjefm-61	236	9	showed	show	VERB
arjefm-61	236	10	positive	positive	ADJ
arjefm-61	236	11	results	result	NOUN
arjefm-61	236	12	,	,	PUNCT
arjefm-61	236	13	only	only	ADV
arjefm-61	236	14	21	21	NUM
arjefm-61	236	15	%	%	NOUN
arjefm-61	236	16	of	of	ADP
arjefm-61	236	17	them	they	PRON
arjefm-61	236	18	had	have	VERB
arjefm-61	236	19	chance	chance	NOUN
arjefm-61	236	20	of	of	ADP
arjefm-61	236	21	financial	financial	ADJ
arjefm-61	236	22	risk	risk	NOUN
arjefm-61	236	23	.	.	PUNCT
arjefm-61	237	1	financial	financial	ADJ
arjefm-61	237	2	risk	risk	NOUN
arjefm-61	237	3	analysis	analysis	NOUN
arjefm-61	237	4	in	in	ADP
arjefm-61	237	5	companies	company	NOUN
arjefm-61	237	6	in	in	ADP
arjefm-61	237	7	cali	cali	ADJ
arjefm-61	237	8	in	in	ADP
arjefm-61	237	9	2013	2013	NUM
arjefm-61	237	10	the	the	DET
arjefm-61	237	11	study	study	NOUN
arjefm-61	237	12	reveals	reveal	VERB
arjefm-61	237	13	which	which	PRON
arjefm-61	237	14	sectors	sector	NOUN
arjefm-61	237	15	were	be	AUX
arjefm-61	237	16	most	most	ADV
arjefm-61	237	17	active	active	ADJ
arjefm-61	237	18	that	that	DET
arjefm-61	237	19	year	year	NOUN
arjefm-61	237	20	and	and	CCONJ
arjefm-61	237	21	the	the	DET
arjefm-61	237	22	ones	one	NOUN
arjefm-61	237	23	that	that	PRON
arjefm-61	237	24	contribute	contribute	VERB
arjefm-61	237	25	the	the	DET
arjefm-61	237	26	most	most	ADJ
arjefm-61	237	27	according	accord	VERB
arjefm-61	237	28	to	to	ADP
arjefm-61	237	29	the	the	DET
arjefm-61	237	30	participation	participation	NOUN
arjefm-61	237	31	within	within	ADP
arjefm-61	237	32	the	the	DET
arjefm-61	237	33	economy	economy	NOUN
arjefm-61	237	34	of	of	ADP
arjefm-61	237	35	this	this	DET
arjefm-61	237	36	city	city	NOUN
arjefm-61	237	37	.	.	PUNCT
arjefm-61	238	1	the	the	DET
arjefm-61	238	2	table	table	NOUN
arjefm-61	238	3	shows	show	VERB
arjefm-61	238	4	that	that	SCONJ
arjefm-61	238	5	wholesale	wholesale	ADJ
arjefm-61	238	6	trade	trade	NOUN
arjefm-61	238	7	has	have	VERB
arjefm-61	238	8	the	the	DET
arjefm-61	238	9	highest	high	ADJ
arjefm-61	238	10	participation	participation	NOUN
arjefm-61	238	11	,	,	PUNCT
arjefm-61	238	12	127	127	NUM
arjefm-61	238	13	of	of	ADP
arjefm-61	238	14	companies	company	NOUN
arjefm-61	238	15	were	be	AUX
arjefm-61	238	16	dedicated	dedicate	VERB
arjefm-61	238	17	to	to	ADP
arjefm-61	238	18	this	this	DET
arjefm-61	238	19	activity	activity	NOUN
arjefm-61	238	20	and	and	CCONJ
arjefm-61	238	21	it	it	PRON
arjefm-61	238	22	represents	represent	VERB
arjefm-61	238	23	14.16	14.16	NUM
arjefm-61	238	24	%	%	NOUN
arjefm-61	238	25	of	of	ADP
arjefm-61	238	26	the	the	DET
arjefm-61	238	27	companies	company	NOUN
arjefm-61	238	28	.	.	PUNCT
arjefm-61	239	1	in	in	ADP
arjefm-61	239	2	addition	addition	NOUN
arjefm-61	239	3	,	,	PUNCT
arjefm-61	239	4	diverse	diverse	ADJ
arjefm-61	239	5	investment	investment	NOUN
arjefm-61	239	6	activities	activity	NOUN
arjefm-61	239	7	,	,	PUNCT
arjefm-61	239	8	property	property	NOUN
arjefm-61	239	9	business	business	NOUN
arjefm-61	239	10	and	and	CCONJ
arjefm-61	239	11	retail	retail	ADJ
arjefm-61	239	12	trade	trade	NOUN
arjefm-61	239	13	sectors	sector	NOUN
arjefm-61	239	14	have	have	VERB
arjefm-61	239	15	an	an	DET
arjefm-61	239	16	average	average	NOUN
arjefm-61	239	17	of	of	ADP
arjefm-61	239	18	92	92	NUM
arjefm-61	239	19	to	to	PART
arjefm-61	239	20	96	96	NUM
arjefm-61	239	21	companies	company	NOUN
arjefm-61	239	22	each	each	PRON
arjefm-61	239	23	that	that	PRON
arjefm-61	239	24	represent	represent	VERB
arjefm-61	239	25	between	between	ADP
arjefm-61	239	26	10.2	10.2	NUM
arjefm-61	239	27	%	%	NOUN
arjefm-61	239	28	and	and	CCONJ
arjefm-61	239	29	10.7	10.7	NUM
arjefm-61	239	30	%	%	NOUN
arjefm-61	239	31	of	of	ADP
arjefm-61	239	32	all	all	DET
arjefm-61	239	33	companies	company	NOUN
arjefm-61	239	34	.	.	PUNCT
arjefm-61	240	1	179	179	NUM
arjefm-61	240	2	companies	company	NOUN
arjefm-61	240	3	of	of	ADP
arjefm-61	240	4	the	the	DET
arjefm-61	240	5	city	city	NOUN
arjefm-61	240	6	represent	represent	VERB
arjefm-61	240	7	between	between	ADP
arjefm-61	240	8	1	1	NUM
arjefm-61	240	9	%	%	NOUN
arjefm-61	240	10	and	and	CCONJ
arjefm-61	240	11	2	2	NUM
arjefm-61	240	12	%	%	NOUN
arjefm-61	240	13	and	and	CCONJ
arjefm-61	240	14	the	the	DET
arjefm-61	240	15	sum	sum	NOUN
arjefm-61	240	16	of	of	ADP
arjefm-61	240	17	their	their	PRON
arjefm-61	240	18	percentages	percentage	NOUN
arjefm-61	240	19	constitutes	constitute	VERB
arjefm-61	240	20	the	the	DET
arjefm-61	240	21	minority	minority	NOUN
arjefm-61	240	22	with	with	ADP
arjefm-61	240	23	19.96	19.96	NUM
arjefm-61	240	24	%	%	NOUN
arjefm-61	240	25	.	.	PUNCT
arjefm-61	241	1	other	other	ADJ
arjefm-61	241	2	economic	economic	ADJ
arjefm-61	241	3	sectors	sector	NOUN
arjefm-61	241	4	are	be	AUX
arjefm-61	241	5	agriculture	agriculture	NOUN
arjefm-61	241	6	with	with	ADP
arjefm-61	241	7	export	export	NOUN
arjefm-61	241	8	predominance	predominance	NOUN
arjefm-61	241	9	,	,	PUNCT
arjefm-61	241	10	49	49	NUM
arjefm-61	241	11	companies	company	NOUN
arjefm-61	241	12	that	that	PRON
arjefm-61	241	13	represent	represent	VERB
arjefm-61	241	14	5.46	5.46	NUM
arjefm-61	241	15	%	%	NOUN
arjefm-61	241	16	,	,	PUNCT
arjefm-61	241	17	trade	trade	NOUN
arjefm-61	241	18	in	in	ADP
arjefm-61	241	19	vehicles	vehicle	NOUN
arjefm-61	241	20	and	and	CCONJ
arjefm-61	241	21	related	related	ADJ
arjefm-61	241	22	activities	activity	NOUN
arjefm-61	241	23	with	with	ADP
arjefm-61	241	24	45	45	NUM
arjefm-61	241	25	companies	company	NOUN
arjefm-61	241	26	,	,	PUNCT
arjefm-61	241	27	5.02	5.02	NUM
arjefm-61	241	28	%	%	NOUN
arjefm-61	241	29	;	;	PUNCT
arjefm-61	241	30	construction	construction	NOUN
arjefm-61	241	31	of	of	ADP
arjefm-61	241	32	civil	civil	ADJ
arjefm-61	241	33	works	work	NOUN
arjefm-61	241	34	48	48	NUM
arjefm-61	241	35	companies	company	NOUN
arjefm-61	241	36	that	that	PRON
arjefm-61	241	37	correspond	correspond	VERB
arjefm-61	241	38	to	to	ADP
arjefm-61	241	39	5,35	5,35	NUM
arjefm-61	241	40	%	%	NOUN
arjefm-61	241	41	and	and	CCONJ
arjefm-61	241	42	finally	finally	ADV
arjefm-61	241	43	other	other	ADJ
arjefm-61	241	44	business	business	NOUN
arjefm-61	241	45	activities	activity	NOUN
arjefm-61	241	46	,	,	PUNCT
arjefm-61	241	47	64	64	NUM
arjefm-61	241	48	companies	company	NOUN
arjefm-61	241	49	that	that	PRON
arjefm-61	241	50	represent	represent	VERB
arjefm-61	241	51	7,13	7,13	NUM
arjefm-61	241	52	%	%	NOUN
arjefm-61	241	53	.	.	PUNCT
arjefm-61	242	1	this	this	DET
arjefm-61	242	2	information	information	NOUN
arjefm-61	242	3	is	be	AUX
arjefm-61	242	4	shown	show	VERB
arjefm-61	242	5	in	in	ADP
arjefm-61	242	6	the	the	DET
arjefm-61	242	7	following	follow	VERB
arjefm-61	242	8	table	table	NOUN
arjefm-61	242	9	.	.	PUNCT
arjefm-61	243	1	table	table	NOUN
arjefm-61	243	2	1	1	NUM
arjefm-61	243	3	companies	company	NOUN
arjefm-61	243	4	total	total	VERB
arjefm-61	243	5	diverse	diverse	ADJ
arjefm-61	243	6	activities	activity	NOUN
arjefm-61	243	7	investment	investment	NOUN
arjefm-61	243	8	and	and	CCONJ
arjefm-61	243	9	financial	financial	ADJ
arjefm-61	243	10	percentage	percentage	NOUN
arjefm-61	243	11	services	service	NOUN
arjefm-61	243	12	92	92	NUM
arjefm-61	243	13	10.26	10.26	NUM
arjefm-61	243	14	%	%	NOUN
arjefm-61	243	15	real	real	ADJ
arjefm-61	243	16	estate	estate	NOUN
arjefm-61	243	17	activities	activity	NOUN
arjefm-61	243	18	96	96	NUM
arjefm-61	243	19	10.70	10.70	NUM
arjefm-61	243	20	%	%	NOUN
arjefm-61	243	21	livestock	livestock	NOUN
arjefm-61	243	22	and	and	CCONJ
arjefm-61	243	23	hunting	hunt	VERB
arjefm-61	243	24	activities	activity	NOUN
arjefm-61	243	25	companies	company	NOUN
arjefm-61	243	26	18	18	NUM
arjefm-61	243	27	2.01	2.01	NUM
arjefm-61	243	28	%	%	NOUN
arjefm-61	243	29	adaptation	adaptation	NOUN
arjefm-61	243	30	of	of	ADP
arjefm-61	243	31	construction	construction	NOUN
arjefm-61	243	32	works	work	VERB
arjefm-61	243	33	16	16	NUM
arjefm-61	243	34	1,78	1,78	NUM
arjefm-61	243	35	%	%	NOUN
arjefm-61	243	36	agricultural	agricultural	ADJ
arjefm-61	243	37	export	export	NOUN
arjefm-61	243	38	dominance	dominance	NOUN
arjefm-61	243	39	with	with	ADP
arjefm-61	243	40	49	49	NUM
arjefm-61	243	41	5.46	5.46	NUM
arjefm-61	243	42	%	%	NOUN
arjefm-61	243	43	wholesale	wholesale	ADJ
arjefm-61	243	44	trade	trade	NOUN
arjefm-61	243	45	127	127	NUM
arjefm-61	243	46	14.16	14.16	NUM
arjefm-61	243	47	%	%	NOUN
arjefm-61	243	48	retail	retail	ADJ
arjefm-61	243	49	trade	trade	NOUN
arjefm-61	243	50	92	92	NUM
arjefm-61	243	51	10.26	10.26	NUM
arjefm-61	243	52	%	%	NOUN
arjefm-61	243	53	fuels	fuel	NOUN
arjefm-61	243	54	and	and	CCONJ
arjefm-61	243	55	lubricants	lubricant	NOUN
arjefm-61	243	56	trade	trade	NOUN
arjefm-61	243	57	12	12	NUM
arjefm-61	243	58	1.34	1.34	NUM
arjefm-61	243	59	%	%	NOUN
arjefm-61	243	60	vehicles	vehicle	NOUN
arjefm-61	243	61	trade	trade	VERB
arjefm-61	243	62	and	and	CCONJ
arjefm-61	243	63	related	related	ADJ
arjefm-61	243	64	activities	activity	NOUN
arjefm-61	243	65	45	45	NUM
arjefm-61	243	66	5.02	5.02	NUM
arjefm-61	243	67	%	%	NOUN
arjefm-61	243	68	construction	construction	NOUN
arjefm-61	243	69	of	of	ADP
arjefm-61	243	70	civil	civil	ADJ
arjefm-61	243	71	works	work	NOUN
arjefm-61	243	72	48	48	NUM
arjefm-61	243	73	5,35	5,35	NUM
arjefm-61	243	74	%	%	NOUN
arjefm-61	243	75	residential	residential	ADJ
arjefm-61	243	76	construction	construction	NOUN
arjefm-61	243	77	works	work	VERB
arjefm-61	243	78	23	23	NUM
arjefm-61	243	79	2.56	2.56	NUM
arjefm-61	243	80	%	%	NOUN
arjefm-61	243	81	other	other	ADJ
arjefm-61	243	82	community	community	NOUN
arjefm-61	243	83	,	,	PUNCT
arjefm-61	243	84	social	social	ADJ
arjefm-61	243	85	and	and	CCONJ
arjefm-61	243	86	personal	personal	ADJ
arjefm-61	243	87	18	18	NUM
arjefm-61	243	88	2.01	2.01	NUM
arjefm-61	243	89	%	%	NOUN
arjefm-61	243	90	other	other	ADJ
arjefm-61	243	91	activities	activity	NOUN
arjefm-61	243	92	with	with	ADP
arjefm-61	243	93	less	less	ADJ
arjefm-61	243	94	than	than	ADP
arjefm-61	243	95	1	1	NUM
arjefm-61	243	96	%	%	NOUN
arjefm-61	243	97	of	of	ADP
arjefm-61	243	98	involvement	involvement	NOUN
arjefm-61	243	99	179	179	NUM
arjefm-61	243	100	19.96	19.96	NUM
arjefm-61	243	101	%	%	NOUN
arjefm-61	243	102	other	other	ADJ
arjefm-61	243	103	business	business	NOUN
arjefm-61	243	104	activities	activity	NOUN
arjefm-61	243	105	64	64	NUM
arjefm-61	243	106	7.13	7.13	NUM
arjefm-61	243	107	%	%	NOUN
arjefm-61	243	108	source	source	NOUN
arjefm-61	243	109	:	:	PUNCT
arjefm-61	243	110	self	self	NOUN
arjefm-61	243	111	-	-	PUNCT
arjefm-61	243	112	authorship	authorship	NOUN
arjefm-61	243	113	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	243	114	toro	toro	PROPN
arjefm-61	243	115	,	,	PUNCT
arjefm-61	243	116	arango	arango	PROPN
arjefm-61	243	117	&	&	CCONJ
arjefm-61	243	118	serna	serna	PROPN
arjefm-61	243	119	40	40	NUM
arjefm-61	243	120	american	american	PROPN
arjefm-61	243	121	research	research	PROPN
arjefm-61	243	122	journal	journal	PROPN
arjefm-61	243	123	of	of	ADP
arjefm-61	243	124	economics	economic	NOUN
arjefm-61	243	125	,	,	PUNCT
arjefm-61	243	126	finance	finance	NOUN
arjefm-61	243	127	and	and	CCONJ
arjefm-61	243	128	management	management	NOUN
arjefm-61	243	129	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	243	130	,	,	PUNCT
arjefm-61	243	131	email	email	NOUN
arjefm-61	243	132	:	:	PUNCT
arjefm-61	244	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	244	2	40	40	NUM
arjefm-61	245	1	|	|	ADV
arjefm-61	245	2	p	p	X
arjefm-61	245	3	a	a	DET
arjefm-61	245	4	g	g	NOUN
arjefm-61	245	5	e	e	NOUN
arjefm-61	245	6	graph	graph	NOUN
arjefm-61	245	7	no	no	DET
arjefm-61	245	8	6	6	NUM
arjefm-61	245	9	source	source	NOUN
arjefm-61	245	10	:	:	PUNCT
arjefm-61	245	11	self	self	NOUN
arjefm-61	245	12	-	-	PUNCT
arjefm-61	245	13	authorship	authorship	NOUN
arjefm-61	245	14	regarding	regard	VERB
arjefm-61	245	15	the	the	DET
arjefm-61	245	16	liquidity	liquidity	NOUN
arjefm-61	245	17	risk	risk	NOUN
arjefm-61	245	18	,	,	PUNCT
arjefm-61	245	19	after	after	ADP
arjefm-61	245	20	comparing	compare	VERB
arjefm-61	245	21	the	the	DET
arjefm-61	245	22	current	current	ADJ
arjefm-61	245	23	assets	asset	NOUN
arjefm-61	245	24	over	over	ADP
arjefm-61	245	25	current	current	ADJ
arjefm-61	245	26	liabilities	liability	NOUN
arjefm-61	245	27	to	to	PART
arjefm-61	245	28	get	get	VERB
arjefm-61	245	29	the	the	DET
arjefm-61	245	30	current	current	ADJ
arjefm-61	245	31	ratio	ratio	NOUN
arjefm-61	245	32	,	,	PUNCT
arjefm-61	245	33	it	it	PRON
arjefm-61	245	34	was	be	AUX
arjefm-61	245	35	observed	observe	VERB
arjefm-61	245	36	that	that	SCONJ
arjefm-61	245	37	897	897	NUM
arjefm-61	245	38	companies	company	NOUN
arjefm-61	245	39	in	in	ADP
arjefm-61	245	40	cali	cali	ADJ
arjefm-61	245	41	,	,	PUNCT
arjefm-61	245	42	80	80	NUM
arjefm-61	245	43	%	%	NOUN
arjefm-61	245	44	showed	show	VERB
arjefm-61	245	45	high	high	ADJ
arjefm-61	245	46	liquidity	liquidity	NOUN
arjefm-61	245	47	risk	risk	NOUN
arjefm-61	245	48	and	and	CCONJ
arjefm-61	245	49	only	only	ADV
arjefm-61	245	50	183	183	NUM
arjefm-61	245	51	,	,	PUNCT
arjefm-61	245	52	20	20	NUM
arjefm-61	245	53	%	%	NOUN
arjefm-61	245	54	did	do	AUX
arjefm-61	245	55	not	not	PART
arjefm-61	245	56	show	show	VERB
arjefm-61	245	57	this	this	DET
arjefm-61	245	58	risk	risk	NOUN
arjefm-61	245	59	.	.	PUNCT
arjefm-61	246	1	this	this	DET
arjefm-61	246	2	result	result	NOUN
arjefm-61	246	3	probably	probably	ADV
arjefm-61	246	4	corresponds	correspond	VERB
arjefm-61	246	5	to	to	ADP
arjefm-61	246	6	the	the	DET
arjefm-61	246	7	type	type	NOUN
arjefm-61	246	8	of	of	ADP
arjefm-61	246	9	companies	company	NOUN
arjefm-61	246	10	under	under	ADP
arjefm-61	246	11	study	study	NOUN
arjefm-61	246	12	,	,	PUNCT
arjefm-61	246	13	since	since	SCONJ
arjefm-61	246	14	most	most	ADJ
arjefm-61	246	15	companies	company	NOUN
arjefm-61	246	16	belong	belong	VERB
arjefm-61	246	17	to	to	ADP
arjefm-61	246	18	the	the	DET
arjefm-61	246	19	service	service	NOUN
arjefm-61	246	20	sector	sector	NOUN
arjefm-61	246	21	,	,	PUNCT
arjefm-61	246	22	such	such	ADJ
arjefm-61	246	23	as	as	ADP
arjefm-61	246	24	trading	trading	NOUN
arjefm-61	246	25	and	and	CCONJ
arjefm-61	246	26	construction	construction	NOUN
arjefm-61	246	27	because	because	SCONJ
arjefm-61	246	28	they	they	PRON
arjefm-61	246	29	are	be	AUX
arjefm-61	246	30	leveraged	leverage	VERB
arjefm-61	246	31	by	by	ADP
arjefm-61	246	32	their	their	PRON
arjefm-61	246	33	suppliers	supplier	NOUN
arjefm-61	246	34	.	.	PUNCT
arjefm-61	247	1	liquidity	liquidity	NOUN
arjefm-61	247	2	risk	risk	NOUN
arjefm-61	247	3	.	.	PUNCT
arjefm-61	248	1	when	when	SCONJ
arjefm-61	248	2	the	the	DET
arjefm-61	248	3	index	index	NOUN
arjefm-61	248	4	is	be	AUX
arjefm-61	248	5	less	less	ADJ
arjefm-61	248	6	than	than	ADP
arjefm-61	248	7	1.1	1.1	NUM
arjefm-61	248	8	when	when	SCONJ
arjefm-61	248	9	the	the	DET
arjefm-61	248	10	result	result	NOUN
arjefm-61	248	11	is	be	AUX
arjefm-61	248	12	>	>	X
arjefm-61	248	13	1	1	NUM
arjefm-61	248	14	there	there	PRON
arjefm-61	248	15	is	be	VERB
arjefm-61	248	16	liquidity	liquidity	NOUN
arjefm-61	248	17	,	,	PUNCT
arjefm-61	248	18	and	and	CCONJ
arjefm-61	248	19	when	when	SCONJ
arjefm-61	248	20	the	the	DET
arjefm-61	248	21	index	index	NOUN
arjefm-61	248	22	is	be	AUX
arjefm-61	248	23	<	<	X
arjefm-61	248	24	1	1	NUM
arjefm-61	248	25	there	there	PRON
arjefm-61	248	26	is	be	VERB
arjefm-61	248	27	no	no	DET
arjefm-61	248	28	liquidity	liquidity	NOUN
arjefm-61	248	29	.	.	PUNCT
arjefm-61	249	1	graph	graph	NOUN
arjefm-61	249	2	7	7	NUM
arjefm-61	249	3	source	source	NOUN
arjefm-61	249	4	:	:	PUNCT
arjefm-61	249	5	selfauthorship	selfauthorship	NOUN
arjefm-61	249	6	traditionally	traditionally	ADV
arjefm-61	249	7	,	,	PUNCT
arjefm-61	249	8	it	it	PRON
arjefm-61	249	9	has	have	AUX
arjefm-61	249	10	been	be	AUX
arjefm-61	249	11	used	use	VERB
arjefm-61	249	12	to	to	PART
arjefm-61	249	13	assess	assess	VERB
arjefm-61	249	14	the	the	DET
arjefm-61	249	15	ability	ability	NOUN
arjefm-61	249	16	of	of	ADP
arjefm-61	249	17	future	future	ADJ
arjefm-61	249	18	indebtedness	indebtedness	NOUN
arjefm-61	249	19	of	of	ADP
arjefm-61	249	20	the	the	DET
arjefm-61	249	21	company	company	NOUN
arjefm-61	249	22	and	and	CCONJ
arjefm-61	249	23	shows	show	VERB
arjefm-61	249	24	the	the	DET
arjefm-61	249	25	proportion	proportion	NOUN
arjefm-61	249	26	of	of	ADP
arjefm-61	249	27	assets	asset	NOUN
arjefm-61	249	28	belonging	belong	VERB
arjefm-61	249	29	to	to	ADP
arjefm-61	249	30	creditors	creditor	NOUN
arjefm-61	249	31	:	:	PUNCT
arjefm-61	249	32	indebtedness	indebtedness	NOUN
arjefm-61	249	33	level	level	NOUN
arjefm-61	249	34	:	:	PUNCT
arjefm-61	249	35	this	this	DET
arjefm-61	249	36	indicator	indicator	NOUN
arjefm-61	249	37	provides	provide	VERB
arjefm-61	249	38	the	the	DET
arjefm-61	249	39	percentage	percentage	NOUN
arjefm-61	249	40	of	of	ADP
arjefm-61	249	41	participation	participation	NOUN
arjefm-61	249	42	of	of	ADP
arjefm-61	249	43	creditors	creditor	NOUN
arjefm-61	249	44	in	in	ADP
arjefm-61	249	45	the	the	DET
arjefm-61	249	46	company	company	NOUN
arjefm-61	249	47	.	.	PUNCT
arjefm-61	250	1	the	the	DET
arjefm-61	250	2	risk	risk	NOUN
arjefm-61	250	3	of	of	ADP
arjefm-61	250	4	debt	debt	NOUN
arjefm-61	250	5	of	of	ADP
arjefm-61	250	6	464	464	NUM
arjefm-61	250	7	of	of	ADP
arjefm-61	250	8	the	the	DET
arjefm-61	250	9	companies	company	NOUN
arjefm-61	250	10	under	under	ADP
arjefm-61	250	11	study	study	NOUN
arjefm-61	250	12	that	that	PRON
arjefm-61	250	13	correspond	correspond	VERB
arjefm-61	250	14	to	to	ADP
arjefm-61	250	15	52	52	NUM
arjefm-61	250	16	%	%	NOUN
arjefm-61	250	17	did	do	AUX
arjefm-61	250	18	not	not	PART
arjefm-61	250	19	show	show	VERB
arjefm-61	250	20	risk	risk	NOUN
arjefm-61	250	21	but	but	CCONJ
arjefm-61	250	22	48	48	NUM
arjefm-61	250	23	%	%	NOUN
arjefm-61	250	24	that	that	PRON
arjefm-61	250	25	correspond	correspond	VERB
arjefm-61	250	26	to	to	ADP
arjefm-61	250	27	433	433	NUM
arjefm-61	250	28	of	of	ADP
arjefm-61	250	29	the	the	DET
arjefm-61	250	30	companies	company	NOUN
arjefm-61	250	31	showed	show	VERB
arjefm-61	250	32	indebtedness	indebtedness	NOUN
arjefm-61	250	33	risk	risk	NOUN
arjefm-61	250	34	.	.	PUNCT
arjefm-61	251	1	although	although	SCONJ
arjefm-61	251	2	there	there	PRON
arjefm-61	251	3	were	be	VERB
arjefm-61	251	4	a	a	DET
arjefm-61	251	5	higher	high	ADJ
arjefm-61	251	6	percentage	percentage	NOUN
arjefm-61	251	7	of	of	ADP
arjefm-61	251	8	companies	company	NOUN
arjefm-61	251	9	without	without	ADP
arjefm-61	251	10	indebtedness	indebtedness	NOUN
arjefm-61	251	11	risk	risk	NOUN
arjefm-61	251	12	,	,	PUNCT
arjefm-61	251	13	the	the	DET
arjefm-61	251	14	indicators	indicator	NOUN
arjefm-61	251	15	show	show	VERB
arjefm-61	251	16	that	that	SCONJ
arjefm-61	251	17	this	this	DET
arjefm-61	251	18	issue	issue	NOUN
arjefm-61	251	19	should	should	AUX
arjefm-61	251	20	be	be	AUX
arjefm-61	251	21	monitored	monitor	VERB
arjefm-61	251	22	in	in	ADP
arjefm-61	251	23	order	order	NOUN
arjefm-61	251	24	to	to	PART
arjefm-61	251	25	be	be	AUX
arjefm-61	251	26	aware	aware	ADJ
arjefm-61	251	27	of	of	ADP
arjefm-61	251	28	the	the	DET
arjefm-61	251	29	sector	sector	NOUN
arjefm-61	251	30	debt	debt	NOUN
arjefm-61	251	31	and	and	CCONJ
arjefm-61	251	32	help	help	VERB
arjefm-61	251	33	to	to	PART
arjefm-61	251	34	keep	keep	VERB
arjefm-61	251	35	the	the	DET
arjefm-61	251	36	balance	balance	NOUN
arjefm-61	251	37	within	within	ADP
arjefm-61	251	38	their	their	PRON
arjefm-61	251	39	financial	financial	ADJ
arjefm-61	251	40	structures	structure	NOUN
arjefm-61	251	41	while	while	SCONJ
arjefm-61	251	42	still	still	ADV
arjefm-61	251	43	use	use	VERB
arjefm-61	251	44	the	the	DET
arjefm-61	251	45	leverage	leverage	NOUN
arjefm-61	251	46	provided	provide	VERB
arjefm-61	251	47	by	by	ADP
arjefm-61	251	48	external	external	ADJ
arjefm-61	251	49	entities	entity	NOUN
arjefm-61	251	50	(	(	PUNCT
arjefm-61	251	51	suppliers	supplier	NOUN
arjefm-61	251	52	,	,	PUNCT
arjefm-61	251	53	labor	labor	NOUN
arjefm-61	251	54	or	or	CCONJ
arjefm-61	251	55	financial	financial	ADJ
arjefm-61	251	56	institutions	institution	NOUN
arjefm-61	251	57	)	)	PUNCT
arjefm-61	251	58	that	that	PRON
arjefm-61	251	59	provide	provide	VERB
arjefm-61	251	60	important	important	ADJ
arjefm-61	251	61	resources	resource	NOUN
arjefm-61	251	62	.	.	PUNCT
arjefm-61	252	1	indebtedness	indebtedness	NOUN
arjefm-61	252	2	risk	risk	NOUN
arjefm-61	252	3	:	:	PUNCT
arjefm-61	252	4	when	when	SCONJ
arjefm-61	252	5	the	the	DET
arjefm-61	252	6	index	index	NOUN
arjefm-61	252	7	is	be	AUX
arjefm-61	252	8	higher	high	ADJ
arjefm-61	252	9	than	than	ADP
arjefm-61	252	10	50	50	NUM
arjefm-61	252	11	%	%	NOUN
arjefm-61	252	12	.	.	PUNCT
arjefm-61	253	1	if	if	SCONJ
arjefm-61	253	2	the	the	DET
arjefm-61	253	3	debt	debt	NOUN
arjefm-61	253	4	is	be	AUX
arjefm-61	253	5	more	more	ADJ
arjefm-61	253	6	than	than	ADP
arjefm-61	253	7	50	50	NUM
arjefm-61	253	8	%	%	NOUN
arjefm-61	253	9	there	there	PRON
arjefm-61	253	10	is	be	VERB
arjefm-61	253	11	a	a	DET
arjefm-61	253	12	risk	risk	NOUN
arjefm-61	253	13	or	or	CCONJ
arjefm-61	253	14	if	if	SCONJ
arjefm-61	253	15	it	it	PRON
arjefm-61	253	16	is	be	AUX
arjefm-61	253	17	less	less	ADJ
arjefm-61	253	18	than	than	ADP
arjefm-61	253	19	50	50	NUM
arjefm-61	253	20	%	%	NOUN
arjefm-61	253	21	there	there	PRON
arjefm-61	253	22	is	be	VERB
arjefm-61	253	23	no	no	DET
arjefm-61	253	24	risk	risk	NOUN
arjefm-61	253	25	.	.	PUNCT
arjefm-61	254	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	254	2	toro	toro	PROPN
arjefm-61	254	3	,	,	PUNCT
arjefm-61	254	4	arango	arango	PROPN
arjefm-61	254	5	&	&	CCONJ
arjefm-61	254	6	serna	serna	PROPN
arjefm-61	254	7	41	41	NUM
arjefm-61	254	8	american	american	PROPN
arjefm-61	254	9	research	research	PROPN
arjefm-61	254	10	journal	journal	PROPN
arjefm-61	254	11	of	of	ADP
arjefm-61	254	12	economics	economic	NOUN
arjefm-61	254	13	,	,	PUNCT
arjefm-61	254	14	finance	finance	NOUN
arjefm-61	254	15	and	and	CCONJ
arjefm-61	254	16	management	management	NOUN
arjefm-61	254	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	254	18	,	,	PUNCT
arjefm-61	254	19	email	email	NOUN
arjefm-61	254	20	:	:	PUNCT
arjefm-61	254	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	255	1	41	41	NUM
arjefm-61	256	1	|	|	ADV
arjefm-61	256	2	p	p	X
arjefm-61	256	3	a	a	DET
arjefm-61	256	4	g	g	NOUN
arjefm-61	256	5	e	e	NOUN
arjefm-61	256	6	graph	graph	NOUN
arjefm-61	256	7	8	8	NUM
arjefm-61	256	8	source	source	NOUN
arjefm-61	256	9	:	:	PUNCT
arjefm-61	256	10	selfauthorship	selfauthorship	VERB
arjefm-61	256	11	the	the	DET
arjefm-61	256	12	graph	graph	NOUN
arjefm-61	256	13	shows	show	VERB
arjefm-61	256	14	the	the	DET
arjefm-61	256	15	times	time	NOUN
arjefm-61	256	16	receivable	receivable	ADJ
arjefm-61	256	17	accounts	account	NOUN
arjefm-61	256	18	or	or	CCONJ
arjefm-61	256	19	portfolio	portfolio	NOUN
arjefm-61	256	20	are	be	AUX
arjefm-61	256	21	converted	convert	VERB
arjefm-61	256	22	into	into	ADP
arjefm-61	256	23	cash	cash	NOUN
arjefm-61	256	24	during	during	ADP
arjefm-61	256	25	the	the	DET
arjefm-61	256	26	period	period	NOUN
arjefm-61	256	27	:	:	PUNCT
arjefm-61	256	28	the	the	DET
arjefm-61	256	29	number	number	NOUN
arjefm-61	256	30	of	of	ADP
arjefm-61	256	31	days	day	NOUN
arjefm-61	256	32	that	that	PRON
arjefm-61	256	33	is	be	AUX
arjefm-61	256	34	determined	determine	VERB
arjefm-61	256	35	by	by	ADP
arjefm-61	256	36	dividing	divide	VERB
arjefm-61	256	37	360	360	NUM
arjefm-61	256	38	days	day	NOUN
arjefm-61	256	39	(	(	PUNCT
arjefm-61	256	40	accounting	accounting	NOUN
arjefm-61	256	41	period	period	NOUN
arjefm-61	256	42	)	)	PUNCT
arjefm-61	256	43	into	into	ADP
arjefm-61	256	44	this	this	DET
arjefm-61	256	45	turnover	turnover	NOUN
arjefm-61	256	46	.	.	PUNCT
arjefm-61	257	1	the	the	DET
arjefm-61	257	2	turnover	turnover	NOUN
arjefm-61	257	3	is	be	AUX
arjefm-61	257	4	determined	determine	VERB
arjefm-61	257	5	by	by	ADP
arjefm-61	257	6	the	the	DET
arjefm-61	257	7	collection	collection	NOUN
arjefm-61	257	8	policies	policy	NOUN
arjefm-61	257	9	of	of	ADP
arjefm-61	257	10	the	the	DET
arjefm-61	257	11	company	company	NOUN
arjefm-61	257	12	but	but	CCONJ
arjefm-61	257	13	it	it	PRON
arjefm-61	257	14	is	be	AUX
arjefm-61	257	15	also	also	ADV
arjefm-61	257	16	influenced	influence	VERB
arjefm-61	257	17	by	by	ADP
arjefm-61	257	18	the	the	DET
arjefm-61	257	19	economic	economic	ADJ
arjefm-61	257	20	situation	situation	NOUN
arjefm-61	257	21	of	of	ADP
arjefm-61	257	22	the	the	DET
arjefm-61	257	23	region	region	NOUN
arjefm-61	257	24	of	of	ADP
arjefm-61	257	25	the	the	DET
arjefm-61	257	26	company	company	NOUN
arjefm-61	257	27	and	and	CCONJ
arjefm-61	257	28	contract	contract	NOUN
arjefm-61	257	29	of	of	ADP
arjefm-61	257	30	clients	client	NOUN
arjefm-61	257	31	or	or	CCONJ
arjefm-61	257	32	the	the	DET
arjefm-61	257	33	political	political	ADJ
arjefm-61	257	34	credit	credit	NOUN
arjefm-61	257	35	of	of	ADP
arjefm-61	257	36	the	the	DET
arjefm-61	257	37	company	company	NOUN
arjefm-61	257	38	.	.	PUNCT
arjefm-61	258	1	the	the	DET
arjefm-61	258	2	results	result	NOUN
arjefm-61	258	3	of	of	ADP
arjefm-61	258	4	portfolio	portfolio	NOUN
arjefm-61	258	5	risk	risk	NOUN
arjefm-61	258	6	reveal	reveal	VERB
arjefm-61	258	7	that	that	SCONJ
arjefm-61	258	8	in	in	ADP
arjefm-61	258	9	this	this	DET
arjefm-61	258	10	city	city	NOUN
arjefm-61	258	11	,	,	PUNCT
arjefm-61	258	12	the	the	DET
arjefm-61	258	13	credit	credit	NOUN
arjefm-61	258	14	sales	sale	NOUN
arjefm-61	258	15	are	be	AUX
arjefm-61	258	16	very	very	ADV
arjefm-61	258	17	common	common	ADJ
arjefm-61	258	18	and	and	CCONJ
arjefm-61	258	19	the	the	DET
arjefm-61	258	20	76	76	NUM
arjefm-61	258	21	%	%	NOUN
arjefm-61	258	22	that	that	PRON
arjefm-61	258	23	corresponds	correspond	VERB
arjefm-61	258	24	to	to	ADP
arjefm-61	258	25	678	678	NUM
arjefm-61	258	26	companies	company	NOUN
arjefm-61	258	27	are	be	AUX
arjefm-61	258	28	at	at	ADP
arjefm-61	258	29	risk	risk	NOUN
arjefm-61	258	30	and	and	CCONJ
arjefm-61	258	31	only	only	ADV
arjefm-61	258	32	24	24	NUM
arjefm-61	258	33	%	%	NOUN
arjefm-61	258	34	in	in	ADP
arjefm-61	258	35	other	other	ADJ
arjefm-61	258	36	words	word	NOUN
arjefm-61	258	37	,	,	PUNCT
arjefm-61	258	38	219	219	NUM
arjefm-61	258	39	companies	company	NOUN
arjefm-61	258	40	are	be	AUX
arjefm-61	258	41	not	not	PART
arjefm-61	258	42	.	.	PUNCT
arjefm-61	259	1	this	this	DET
arjefm-61	259	2	indicator	indicator	NOUN
arjefm-61	259	3	reflects	reflect	VERB
arjefm-61	259	4	the	the	DET
arjefm-61	259	5	slow	slow	ADJ
arjefm-61	259	6	portfolio	portfolio	NOUN
arjefm-61	259	7	recovery	recovery	NOUN
arjefm-61	259	8	in	in	ADP
arjefm-61	259	9	the	the	DET
arjefm-61	259	10	city	city	NOUN
arjefm-61	259	11	due	due	ADP
arjefm-61	259	12	to	to	ADP
arjefm-61	259	13	the	the	DET
arjefm-61	259	14	credit	credit	NOUN
arjefm-61	259	15	sale	sale	NOUN
arjefm-61	259	16	is	be	AUX
arjefm-61	259	17	very	very	ADV
arjefm-61	259	18	common	common	ADJ
arjefm-61	259	19	especially	especially	ADV
arjefm-61	259	20	in	in	ADP
arjefm-61	259	21	trading	trading	NOUN
arjefm-61	259	22	companies	company	NOUN
arjefm-61	259	23	.	.	PUNCT
arjefm-61	260	1	action	action	NOUN
arjefm-61	260	2	must	must	AUX
arjefm-61	260	3	be	be	AUX
arjefm-61	260	4	taken	take	VERB
arjefm-61	260	5	in	in	ADP
arjefm-61	260	6	the	the	DET
arjefm-61	260	7	management	management	NOUN
arjefm-61	260	8	and	and	CCONJ
arjefm-61	260	9	loan	loan	NOUN
arjefm-61	260	10	recovery	recovery	NOUN
arjefm-61	260	11	in	in	ADP
arjefm-61	260	12	order	order	NOUN
arjefm-61	260	13	to	to	PART
arjefm-61	260	14	improve	improve	VERB
arjefm-61	260	15	cash	cash	NOUN
arjefm-61	260	16	flow	flow	NOUN
arjefm-61	260	17	and	and	CCONJ
arjefm-61	260	18	provide	provide	VERB
arjefm-61	260	19	solutions	solution	NOUN
arjefm-61	260	20	to	to	ADP
arjefm-61	260	21	portfolio	portfolio	NOUN
arjefm-61	260	22	recovery	recovery	NOUN
arjefm-61	260	23	that	that	PRON
arjefm-61	260	24	may	may	AUX
arjefm-61	260	25	be	be	AUX
arjefm-61	260	26	above	above	ADP
arjefm-61	260	27	60	60	NUM
arjefm-61	260	28	days	day	NOUN
arjefm-61	260	29	(	(	PUNCT
arjefm-61	260	30	difficult	difficult	ADJ
arjefm-61	260	31	portfolio	portfolio	NOUN
arjefm-61	260	32	recovery	recovery	NOUN
arjefm-61	260	33	)	)	PUNCT
arjefm-61	260	34	.	.	PUNCT
arjefm-61	261	1	this	this	DET
arjefm-61	261	2	situation	situation	NOUN
arjefm-61	261	3	allows	allow	VERB
arjefm-61	261	4	companies	company	NOUN
arjefm-61	261	5	to	to	PART
arjefm-61	261	6	improve	improve	VERB
arjefm-61	261	7	cash	cash	NOUN
arjefm-61	261	8	flow	flow	NOUN
arjefm-61	261	9	,	,	PUNCT
arjefm-61	261	10	reduce	reduce	VERB
arjefm-61	261	11	inventory	inventory	NOUN
arjefm-61	261	12	,	,	PUNCT
arjefm-61	261	13	rotate	rotate	VERB
arjefm-61	261	14	goods	good	NOUN
arjefm-61	261	15	and	and	CCONJ
arjefm-61	261	16	balance	balance	NOUN
arjefm-61	261	17	finance	finance	NOUN
arjefm-61	261	18	.	.	PUNCT
arjefm-61	262	1	risk	risk	NOUN
arjefm-61	262	2	in	in	ADP
arjefm-61	262	3	portfolio	portfolio	NOUN
arjefm-61	262	4	management	management	NOUN
arjefm-61	262	5	.	.	PUNCT
arjefm-61	263	1	if	if	SCONJ
arjefm-61	263	2	the	the	DET
arjefm-61	263	3	result	result	NOUN
arjefm-61	263	4	of	of	ADP
arjefm-61	263	5	the	the	DET
arjefm-61	263	6	index	index	NOUN
arjefm-61	263	7	is	be	AUX
arjefm-61	263	8	higher	high	ADJ
arjefm-61	263	9	than	than	ADP
arjefm-61	263	10	60	60	NUM
arjefm-61	263	11	days	day	NOUN
arjefm-61	263	12	there	there	PRON
arjefm-61	263	13	is	be	VERB
arjefm-61	263	14	risk	risk	NOUN
arjefm-61	263	15	and	and	CCONJ
arjefm-61	263	16	if	if	SCONJ
arjefm-61	263	17	the	the	DET
arjefm-61	263	18	result	result	NOUN
arjefm-61	263	19	of	of	ADP
arjefm-61	263	20	the	the	DET
arjefm-61	263	21	index	index	NOUN
arjefm-61	263	22	is	be	AUX
arjefm-61	263	23	lower	low	ADJ
arjefm-61	263	24	than	than	ADP
arjefm-61	263	25	60	60	NUM
arjefm-61	263	26	days	day	NOUN
arjefm-61	263	27	there	there	PRON
arjefm-61	263	28	is	be	VERB
arjefm-61	263	29	no	no	DET
arjefm-61	263	30	risk	risk	NOUN
arjefm-61	263	31	.	.	PUNCT
arjefm-61	264	1	graph	graph	NOUN
arjefm-61	264	2	9	9	NUM
arjefm-61	264	3	source	source	NOUN
arjefm-61	264	4	:	:	PUNCT
arjefm-61	264	5	selfauthorship	selfauthorship	NOUN
arjefm-61	264	6	based	base	VERB
arjefm-61	264	7	on	on	ADP
arjefm-61	264	8	the	the	DET
arjefm-61	264	9	three	three	NUM
arjefm-61	264	10	indicators	indicator	NOUN
arjefm-61	264	11	the	the	DET
arjefm-61	264	12	financial	financial	ADJ
arjefm-61	264	13	risk	risk	NOUN
arjefm-61	264	14	was	be	AUX
arjefm-61	264	15	evaluated	evaluate	VERB
arjefm-61	264	16	in	in	ADP
arjefm-61	264	17	897	897	NUM
arjefm-61	264	18	companies	company	NOUN
arjefm-61	264	19	registered	register	VERB
arjefm-61	264	20	,	,	PUNCT
arjefm-61	264	21	58	58	NUM
arjefm-61	264	22	%	%	NOUN
arjefm-61	264	23	(	(	PUNCT
arjefm-61	264	24	524	524	NUM
arjefm-61	264	25	)	)	PUNCT
arjefm-61	264	26	showed	show	VERB
arjefm-61	264	27	financial	financial	ADJ
arjefm-61	264	28	risk	risk	NOUN
arjefm-61	264	29	while	while	SCONJ
arjefm-61	264	30	42	42	NUM
arjefm-61	264	31	%	%	NOUN
arjefm-61	264	32	,	,	PUNCT
arjefm-61	264	33	(	(	PUNCT
arjefm-61	264	34	323	323	NUM
arjefm-61	264	35	)	)	PUNCT
arjefm-61	264	36	companies	company	NOUN
arjefm-61	264	37	did	do	AUX
arjefm-61	264	38	not	not	PART
arjefm-61	264	39	show	show	VERB
arjefm-61	264	40	financial	financial	ADJ
arjefm-61	264	41	risk	risk	NOUN
arjefm-61	264	42	.	.	PUNCT
arjefm-61	265	1	there	there	PRON
arjefm-61	265	2	is	be	VERB
arjefm-61	265	3	a	a	DET
arjefm-61	265	4	close	close	ADJ
arjefm-61	265	5	relationship	relationship	NOUN
arjefm-61	265	6	between	between	ADP
arjefm-61	265	7	liquidity	liquidity	NOUN
arjefm-61	265	8	ratios	ratio	NOUN
arjefm-61	265	9	and	and	CCONJ
arjefm-61	265	10	portfolio	portfolio	NOUN
arjefm-61	265	11	turnover	turnover	NOUN
arjefm-61	265	12	,	,	PUNCT
arjefm-61	265	13	both	both	PRON
arjefm-61	265	14	are	be	AUX
arjefm-61	265	15	present	present	ADJ
arjefm-61	265	16	at	at	ADP
arjefm-61	265	17	high	high	ADJ
arjefm-61	265	18	risk	risk	NOUN
arjefm-61	265	19	in	in	ADP
arjefm-61	265	20	most	most	ADJ
arjefm-61	265	21	companies	company	NOUN
arjefm-61	265	22	,	,	PUNCT
arjefm-61	265	23	the	the	DET
arjefm-61	265	24	receivable	receivable	ADJ
arjefm-61	265	25	account	account	NOUN
arjefm-61	265	26	as	as	ADP
arjefm-61	265	27	a	a	DET
arjefm-61	265	28	current	current	ADJ
arjefm-61	265	29	asset	asset	NOUN
arjefm-61	265	30	,	,	PUNCT
arjefm-61	265	31	makes	make	VERB
arjefm-61	265	32	part	part	NOUN
arjefm-61	265	33	of	of	ADP
arjefm-61	265	34	the	the	DET
arjefm-61	265	35	analysis	analysis	NOUN
arjefm-61	265	36	of	of	ADP
arjefm-61	265	37	two	two	NUM
arjefm-61	265	38	indicators	indicator	NOUN
arjefm-61	265	39	mentioned	mention	VERB
arjefm-61	265	40	,	,	PUNCT
arjefm-61	265	41	since	since	SCONJ
arjefm-61	265	42	it	it	PRON
arjefm-61	265	43	reduces	reduce	VERB
arjefm-61	265	44	the	the	DET
arjefm-61	265	45	cash	cash	NOUN
arjefm-61	265	46	incomes	income	NOUN
arjefm-61	265	47	.	.	PUNCT
arjefm-61	266	1	studies	study	NOUN
arjefm-61	266	2	should	should	AUX
arjefm-61	266	3	be	be	AUX
arjefm-61	266	4	conducted	conduct	VERB
arjefm-61	266	5	to	to	PART
arjefm-61	266	6	create	create	VERB
arjefm-61	266	7	strategies	strategy	NOUN
arjefm-61	266	8	for	for	ADP
arjefm-61	266	9	companies	company	NOUN
arjefm-61	266	10	that	that	PRON
arjefm-61	266	11	allow	allow	VERB
arjefm-61	266	12	implementing	implement	VERB
arjefm-61	266	13	corrective	corrective	ADJ
arjefm-61	266	14	action	action	NOUN
arjefm-61	266	15	plans	plan	NOUN
arjefm-61	266	16	designed	design	VERB
arjefm-61	266	17	according	accord	VERB
arjefm-61	266	18	to	to	ADP
arjefm-61	266	19	their	their	PRON
arjefm-61	266	20	needs	need	NOUN
arjefm-61	266	21	in	in	ADP
arjefm-61	266	22	order	order	NOUN
arjefm-61	266	23	to	to	PART
arjefm-61	266	24	achieve	achieve	VERB
arjefm-61	266	25	their	their	PRON
arjefm-61	266	26	sustainability	sustainability	NOUN
arjefm-61	266	27	over	over	ADP
arjefm-61	266	28	time	time	NOUN
arjefm-61	266	29	and	and	CCONJ
arjefm-61	266	30	generate	generate	VERB
arjefm-61	266	31	higher	high	ADJ
arjefm-61	266	32	revenues.in	revenues.in	NUM
arjefm-61	266	33	addition	addition	NOUN
arjefm-61	266	34	,	,	PUNCT
arjefm-61	266	35	it	it	PRON
arjefm-61	266	36	is	be	AUX
arjefm-61	266	37	necessary	necessary	ADJ
arjefm-61	266	38	to	to	PART
arjefm-61	266	39	focus	focus	VERB
arjefm-61	266	40	efforts	effort	NOUN
arjefm-61	266	41	on	on	ADP
arjefm-61	266	42	the	the	DET
arjefm-61	266	43	recovery	recovery	NOUN
arjefm-61	266	44	of	of	ADP
arjefm-61	266	45	portfolio	portfolio	NOUN
arjefm-61	266	46	in	in	ADP
arjefm-61	266	47	order	order	NOUN
arjefm-61	266	48	to	to	PART
arjefm-61	266	49	obtain	obtain	VERB
arjefm-61	266	50	higher	high	ADJ
arjefm-61	266	51	liquidity	liquidity	NOUN
arjefm-61	266	52	and	and	CCONJ
arjefm-61	266	53	although	although	SCONJ
arjefm-61	266	54	the	the	DET
arjefm-61	266	55	risk	risk	NOUN
arjefm-61	266	56	of	of	ADP
arjefm-61	266	57	indebtedness	indebtedness	NOUN
arjefm-61	266	58	is	be	AUX
arjefm-61	266	59	not	not	PART
arjefm-61	266	60	so	so	ADV
arjefm-61	266	61	high	high	ADJ
arjefm-61	266	62	,	,	PUNCT
arjefm-61	266	63	working	work	VERB
arjefm-61	266	64	on	on	ADP
arjefm-61	266	65	these	these	DET
arjefm-61	266	66	two	two	NUM
arjefm-61	266	67	indicators	indicator	NOUN
arjefm-61	266	68	,	,	PUNCT
arjefm-61	266	69	most	most	ADV
arjefm-61	266	70	certainly	certainly	ADV
arjefm-61	266	71	cover	cover	VERB
arjefm-61	266	72	the	the	DET
arjefm-61	266	73	payment	payment	NOUN
arjefm-61	266	74	of	of	ADP
arjefm-61	266	75	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	266	76	toro	toro	PROPN
arjefm-61	266	77	,	,	PUNCT
arjefm-61	266	78	arango	arango	PROPN
arjefm-61	266	79	&	&	CCONJ
arjefm-61	266	80	serna	serna	PROPN
arjefm-61	266	81	42	42	NUM
arjefm-61	266	82	american	american	PROPN
arjefm-61	266	83	research	research	PROPN
arjefm-61	266	84	journal	journal	PROPN
arjefm-61	266	85	of	of	ADP
arjefm-61	266	86	economics	economic	NOUN
arjefm-61	266	87	,	,	PUNCT
arjefm-61	266	88	finance	finance	NOUN
arjefm-61	266	89	and	and	CCONJ
arjefm-61	266	90	management	management	NOUN
arjefm-61	266	91	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	266	92	,	,	PUNCT
arjefm-61	266	93	email	email	NOUN
arjefm-61	266	94	:	:	PUNCT
arjefm-61	266	95	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	267	1	42	42	NUM
arjefm-61	268	1	|	|	ADV
arjefm-61	268	2	p	p	X
arjefm-61	268	3	a	a	DET
arjefm-61	268	4	g	g	NOUN
arjefm-61	268	5	e	e	NOUN
arjefm-61	268	6	obligations	obligation	NOUN
arjefm-61	268	7	and	and	CCONJ
arjefm-61	268	8	thus	thus	ADV
arjefm-61	268	9	it	it	PRON
arjefm-61	268	10	may	may	AUX
arjefm-61	268	11	initially	initially	ADV
arjefm-61	268	12	realize	realize	VERB
arjefm-61	268	13	a	a	DET
arjefm-61	268	14	balance	balance	NOUN
arjefm-61	268	15	and	and	CCONJ
arjefm-61	268	16	subsequently	subsequently	ADV
arjefm-61	268	17	get	get	VERB
arjefm-61	268	18	higher	high	ADJ
arjefm-61	268	19	profits	profit	NOUN
arjefm-61	268	20	and	and	CCONJ
arjefm-61	268	21	a	a	DET
arjefm-61	268	22	sustainable	sustainable	ADJ
arjefm-61	268	23	economy	economy	NOUN
arjefm-61	268	24	for	for	ADP
arjefm-61	268	25	the	the	DET
arjefm-61	268	26	city	city	NOUN
arjefm-61	268	27	.	.	PUNCT
arjefm-61	269	1	financial	financial	ADJ
arjefm-61	269	2	risk	risk	NOUN
arjefm-61	269	3	analysis	analysis	NOUN
arjefm-61	269	4	in	in	ADP
arjefm-61	269	5	companies	company	NOUN
arjefm-61	269	6	of	of	ADP
arjefm-61	269	7	the	the	DET
arjefm-61	269	8	city	city	NOUN
arjefm-61	269	9	of	of	ADP
arjefm-61	269	10	cali	cali	ADJ
arjefm-61	269	11	2014	2014	NUM
arjefm-61	269	12	table	table	NOUN
arjefm-61	269	13	2	2	NUM
arjefm-61	269	14	sectors	sector	NOUN
arjefm-61	269	15	main	main	ADJ
arjefm-61	269	16	sectors	sector	NOUN
arjefm-61	269	17	sectors	sector	NOUN
arjefm-61	269	18	a	a	DET
arjefm-61	269	19	wholesale	wholesale	ADJ
arjefm-61	269	20	and	and	CCONJ
arjefm-61	269	21	retail	retail	ADJ
arjefm-61	269	22	trade	trade	NOUN
arjefm-61	269	23	388	388	NUM
arjefm-61	269	24	b	b	NOUN
arjefm-61	269	25	agriculture	agriculture	NOUN
arjefm-61	269	26	,	,	PUNCT
arjefm-61	269	27	livestock	livestock	NOUN
arjefm-61	269	28	,	,	PUNCT
arjefm-61	269	29	forestry	forestry	NOUN
arjefm-61	269	30	and	and	CCONJ
arjefm-61	269	31	fishing	fishing	NOUN
arjefm-61	269	32	216	216	NUM
arjefm-61	269	33	c	c	NOUN
arjefm-61	269	34	financial	financial	ADJ
arjefm-61	269	35	and	and	CCONJ
arjefm-61	269	36	insurance	insurance	NOUN
arjefm-61	269	37	activities	activity	NOUN
arjefm-61	269	38	198	198	NUM
arjefm-61	269	39	d	d	NOUN
arjefm-61	269	40	manufacturing	manufacturing	NOUN
arjefm-61	269	41	industries	industry	NOUN
arjefm-61	269	42	181	181	NUM
arjefm-61	269	43	e	e	NOUN
arjefm-61	269	44	property	property	NOUN
arjefm-61	269	45	activities	activity	NOUN
arjefm-61	269	46	163	163	NUM
arjefm-61	269	47	source	source	NOUN
arjefm-61	269	48	:	:	PUNCT
arjefm-61	269	49	self	self	NOUN
arjefm-61	269	50	-	-	PUNCT
arjefm-61	269	51	authorship	authorship	NOUN
arjefm-61	269	52	source	source	NOUN
arjefm-61	269	53	:	:	PUNCT
arjefm-61	269	54	self	self	NOUN
arjefm-61	269	55	-	-	PUNCT
arjefm-61	269	56	authorship	authorship	NOUN
arjefm-61	269	57	it	it	PRON
arjefm-61	269	58	is	be	AUX
arjefm-61	269	59	important	important	ADJ
arjefm-61	269	60	to	to	PART
arjefm-61	269	61	note	note	VERB
arjefm-61	269	62	that	that	SCONJ
arjefm-61	269	63	from	from	ADP
arjefm-61	269	64	1586	1586	NUM
arjefm-61	269	65	companies	company	NOUN
arjefm-61	269	66	surveyed	survey	VERB
arjefm-61	269	67	most	most	ADJ
arjefm-61	269	68	of	of	ADP
arjefm-61	269	69	them	they	PRON
arjefm-61	269	70	are	be	AUX
arjefm-61	269	71	concentrated	concentrate	VERB
arjefm-61	269	72	into	into	ADP
arjefm-61	269	73	wholesale	wholesale	ADJ
arjefm-61	269	74	and	and	CCONJ
arjefm-61	269	75	retail	retail	ADJ
arjefm-61	269	76	trade	trade	NOUN
arjefm-61	269	77	,	,	PUNCT
arjefm-61	269	78	repair	repair	NOUN
arjefm-61	269	79	of	of	ADP
arjefm-61	269	80	motor	motor	NOUN
arjefm-61	269	81	vehicles	vehicle	NOUN
arjefm-61	269	82	and	and	CCONJ
arjefm-61	269	83	motorcycles,388	motorcycles,388	NOUN
arjefm-61	269	84	companies	company	NOUN
arjefm-61	269	85	;	;	PUNCT
arjefm-61	269	86	agriculture	agriculture	NOUN
arjefm-61	269	87	,	,	PUNCT
arjefm-61	269	88	livestock	livestock	NOUN
arjefm-61	269	89	,	,	PUNCT
arjefm-61	269	90	forestry	forestry	NOUN
arjefm-61	269	91	and	and	CCONJ
arjefm-61	269	92	fishing	fishing	NOUN
arjefm-61	269	93	216	216	NUM
arjefm-61	269	94	companies	company	NOUN
arjefm-61	269	95	;	;	PUNCT
arjefm-61	269	96	financial	financial	ADJ
arjefm-61	269	97	and	and	CCONJ
arjefm-61	269	98	insurance	insurance	NOUN
arjefm-61	269	99	activities	activity	NOUN
arjefm-61	269	100	198	198	NUM
arjefm-61	269	101	;	;	PUNCT
arjefm-61	269	102	and	and	CCONJ
arjefm-61	269	103	to	to	ADP
arjefm-61	269	104	a	a	DET
arjefm-61	269	105	lesser	less	ADJ
arjefm-61	269	106	extent	extent	NOUN
arjefm-61	269	107	manufacturing	manufacturing	NOUN
arjefm-61	269	108	companies	company	NOUN
arjefm-61	269	109	and	and	CCONJ
arjefm-61	269	110	real	real	ADJ
arjefm-61	269	111	estate	estate	NOUN
arjefm-61	269	112	activities	activity	NOUN
arjefm-61	269	113	,	,	PUNCT
arjefm-61	269	114	indicating	indicate	VERB
arjefm-61	269	115	that	that	SCONJ
arjefm-61	269	116	this	this	DET
arjefm-61	269	117	experimental	experimental	ADJ
arjefm-61	269	118	model	model	NOUN
arjefm-61	269	119	prototype	prototype	NOUN
arjefm-61	269	120	applies	apply	VERB
arjefm-61	269	121	to	to	ADP
arjefm-61	269	122	all	all	DET
arjefm-61	269	123	productive	productive	ADJ
arjefm-61	269	124	sectors	sector	NOUN
arjefm-61	269	125	of	of	ADP
arjefm-61	269	126	the	the	DET
arjefm-61	269	127	economy	economy	NOUN
arjefm-61	269	128	in	in	ADP
arjefm-61	269	129	general	general	ADJ
arjefm-61	269	130	and	and	CCONJ
arjefm-61	269	131	it	it	PRON
arjefm-61	269	132	helps	help	VERB
arjefm-61	269	133	to	to	PART
arjefm-61	269	134	clearly	clearly	ADV
arjefm-61	269	135	determine	determine	VERB
arjefm-61	269	136	if	if	SCONJ
arjefm-61	269	137	there	there	PRON
arjefm-61	269	138	is	be	VERB
arjefm-61	269	139	financial	financial	ADJ
arjefm-61	269	140	risk	risk	NOUN
arjefm-61	269	141	in	in	ADP
arjefm-61	269	142	the	the	DET
arjefm-61	269	143	company	company	NOUN
arjefm-61	269	144	to	to	PART
arjefm-61	269	145	take	take	VERB
arjefm-61	269	146	decisions	decision	NOUN
arjefm-61	269	147	that	that	PRON
arjefm-61	269	148	favor	favor	VERB
arjefm-61	269	149	economic	economic	ADJ
arjefm-61	269	150	and	and	CCONJ
arjefm-61	269	151	financial	financial	ADJ
arjefm-61	269	152	development	development	NOUN
arjefm-61	269	153	of	of	ADP
arjefm-61	269	154	the	the	DET
arjefm-61	269	155	company	company	NOUN
arjefm-61	269	156	.	.	PUNCT
arjefm-61	270	1	studies	study	NOUN
arjefm-61	270	2	in	in	ADP
arjefm-61	270	3	colombia	colombia	PROPN
arjefm-61	270	4	determine	determine	VERB
arjefm-61	270	5	approximately	approximately	ADV
arjefm-61	270	6	between	between	ADP
arjefm-61	270	7	90	90	NUM
arjefm-61	270	8	%	%	NOUN
arjefm-61	270	9	and	and	CCONJ
arjefm-61	270	10	95	95	NUM
arjefm-61	270	11	%	%	NOUN
arjefm-61	270	12	of	of	ADP
arjefm-61	270	13	companies	company	NOUN
arjefm-61	270	14	in	in	ADP
arjefm-61	270	15	the	the	DET
arjefm-61	270	16	country	country	NOUN
arjefm-61	270	17	are	be	AUX
arjefm-61	270	18	classified	classify	VERB
arjefm-61	270	19	as	as	ADP
arjefm-61	270	20	smes	sme	NOUN
arjefm-61	270	21	.	.	PUNCT
arjefm-61	271	1	there	there	PRON
arjefm-61	271	2	variables	variable	NOUN
arjefm-61	271	3	,	,	PUNCT
arjefm-61	271	4	debt	debt	NOUN
arjefm-61	271	5	,	,	PUNCT
arjefm-61	271	6	liquidity	liquidity	NOUN
arjefm-61	271	7	and	and	CCONJ
arjefm-61	271	8	recovery	recovery	NOUN
arjefm-61	271	9	of	of	ADP
arjefm-61	271	10	receivables	receivables	NOUN
arjefm-61	271	11	were	be	AUX
arjefm-61	271	12	deeply	deeply	ADV
arjefm-61	271	13	analyzed	analyze	VERB
arjefm-61	271	14	based	base	VERB
arjefm-61	271	15	on	on	ADP
arjefm-61	271	16	the	the	DET
arjefm-61	271	17	analysis	analysis	NOUN
arjefm-61	271	18	of	of	ADP
arjefm-61	271	19	the	the	DET
arjefm-61	271	20	context	context	NOUN
arjefm-61	271	21	and	and	CCONJ
arjefm-61	271	22	a	a	DET
arjefm-61	271	23	database	database	NOUN
arjefm-61	271	24	of	of	ADP
arjefm-61	271	25	such	such	ADJ
arjefm-61	271	26	companies	company	NOUN
arjefm-61	271	27	in	in	ADP
arjefm-61	271	28	valle	valle	PROPN
arjefm-61	271	29	del	del	PROPN
arjefm-61	271	30	cauca	cauca	PROPN
arjefm-61	271	31	.	.	PUNCT
arjefm-61	272	1	an	an	DET
arjefm-61	272	2	experimental	experimental	ADJ
arjefm-61	272	3	model	model	NOUN
arjefm-61	272	4	was	be	AUX
arjefm-61	272	5	used	use	VERB
arjefm-61	272	6	to	to	PART
arjefm-61	272	7	assess	assess	VERB
arjefm-61	272	8	financial	financial	ADJ
arjefm-61	272	9	risk	risk	NOUN
arjefm-61	272	10	and	and	CCONJ
arjefm-61	272	11	be	be	AUX
arjefm-61	272	12	able	able	ADJ
arjefm-61	272	13	to	to	PART
arjefm-61	272	14	deliver	deliver	VERB
arjefm-61	272	15	a	a	DET
arjefm-61	272	16	clearer	clear	ADJ
arjefm-61	272	17	financial	financial	ADJ
arjefm-61	272	18	picture	picture	NOUN
arjefm-61	272	19	.	.	PUNCT
arjefm-61	273	1	the	the	DET
arjefm-61	273	2	aforementioned	aforementioned	ADJ
arjefm-61	273	3	risk	risk	NOUN
arjefm-61	273	4	indicators	indicator	NOUN
arjefm-61	273	5	were	be	AUX
arjefm-61	273	6	studied	study	VERB
arjefm-61	273	7	to	to	PART
arjefm-61	273	8	determine	determine	VERB
arjefm-61	273	9	the	the	DET
arjefm-61	273	10	sector	sector	NOUN
arjefm-61	273	11	of	of	ADP
arjefm-61	273	12	the	the	DET
arjefm-61	273	13	country	country	NOUN
arjefm-61	273	14	,	,	PUNCT
arjefm-61	273	15	the	the	DET
arjefm-61	273	16	behavior	behavior	NOUN
arjefm-61	273	17	of	of	ADP
arjefm-61	273	18	each	each	PRON
arjefm-61	273	19	of	of	ADP
arjefm-61	273	20	these	these	DET
arjefm-61	273	21	variables	variable	NOUN
arjefm-61	273	22	and	and	CCONJ
arjefm-61	273	23	to	to	ADP
arjefm-61	273	24	clear	clear	ADJ
arjefm-61	273	25	arguments	argument	NOUN
arjefm-61	273	26	to	to	PART
arjefm-61	273	27	make	make	VERB
arjefm-61	273	28	decisions	decision	NOUN
arjefm-61	273	29	.	.	PUNCT
arjefm-61	274	1	a	a	DET
arjefm-61	274	2	company	company	NOUN
arjefm-61	274	3	should	should	AUX
arjefm-61	274	4	have	have	VERB
arjefm-61	274	5	as	as	ADP
arjefm-61	274	6	priority	priority	NOUN
arjefm-61	274	7	and	and	CCONJ
arjefm-61	274	8	necessity	necessity	NOUN
arjefm-61	274	9	to	to	PART
arjefm-61	274	10	measure	measure	VERB
arjefm-61	274	11	the	the	DET
arjefm-61	274	12	risk	risk	NOUN
arjefm-61	274	13	in	in	ADP
arjefm-61	274	14	order	order	NOUN
arjefm-61	274	15	to	to	PART
arjefm-61	274	16	be	be	AUX
arjefm-61	274	17	more	more	ADV
arjefm-61	274	18	competitive	competitive	ADJ
arjefm-61	274	19	and	and	CCONJ
arjefm-61	274	20	effective	effective	ADJ
arjefm-61	274	21	in	in	ADP
arjefm-61	274	22	the	the	DET
arjefm-61	274	23	globalized	globalized	ADJ
arjefm-61	274	24	world	world	NOUN
arjefm-61	274	25	.	.	PUNCT
arjefm-61	275	1	a	a	DET
arjefm-61	275	2	concrete	concrete	ADJ
arjefm-61	275	3	judgment	judgment	NOUN
arjefm-61	275	4	of	of	ADP
arjefm-61	275	5	the	the	DET
arjefm-61	275	6	variables	variable	NOUN
arjefm-61	275	7	for	for	ADP
arjefm-61	275	8	supporting	support	VERB
arjefm-61	275	9	decisionmaking	decisionmaking	NOUN
arjefm-61	275	10	of	of	ADP
arjefm-61	275	11	the	the	DET
arjefm-61	275	12	analyzed	analyze	VERB
arjefm-61	275	13	variables	variable	NOUN
arjefm-61	275	14	a	a	DET
arjefm-61	275	15	particular	particular	ADJ
arjefm-61	275	16	view	view	NOUN
arjefm-61	275	17	of	of	ADP
arjefm-61	275	18	the	the	DET
arjefm-61	275	19	aforementioned	aforementioned	ADJ
arjefm-61	275	20	variables	variable	NOUN
arjefm-61	275	21	and	and	CCONJ
arjefm-61	275	22	studied	study	VERB
arjefm-61	275	23	a	a	DET
arjefm-61	275	24	sample	sample	NOUN
arjefm-61	275	25	of	of	ADP
arjefm-61	275	26	smes	sme	NOUN
arjefm-61	275	27	in	in	ADP
arjefm-61	275	28	the	the	DET
arjefm-61	275	29	department	department	NOUN
arjefm-61	275	30	of	of	ADP
arjefm-61	275	31	valle	valle	PROPN
arjefm-61	275	32	del	del	PROPN
arjefm-61	275	33	cauca	cauca	PROPN
arjefm-61	275	34	.	.	PUNCT
arjefm-61	276	1	grafica	grafica	PROPN
arjefm-61	277	1	no	no	DET
arjefm-61	277	2	10	10	NUM
arjefm-61	277	3	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	277	4	toro	toro	PROPN
arjefm-61	277	5	,	,	PUNCT
arjefm-61	277	6	arango	arango	PROPN
arjefm-61	277	7	&	&	CCONJ
arjefm-61	277	8	serna	serna	PROPN
arjefm-61	277	9	43	43	NUM
arjefm-61	277	10	american	american	PROPN
arjefm-61	277	11	research	research	PROPN
arjefm-61	277	12	journal	journal	PROPN
arjefm-61	277	13	of	of	ADP
arjefm-61	277	14	economics	economic	NOUN
arjefm-61	277	15	,	,	PUNCT
arjefm-61	277	16	finance	finance	NOUN
arjefm-61	277	17	and	and	CCONJ
arjefm-61	277	18	management	management	NOUN
arjefm-61	277	19	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	277	20	,	,	PUNCT
arjefm-61	277	21	email	email	NOUN
arjefm-61	277	22	:	:	PUNCT
arjefm-61	277	23	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	277	24	43	43	NUM
arjefm-61	278	1	|	|	ADV
arjefm-61	278	2	p	p	X
arjefm-61	278	3	a	a	DET
arjefm-61	278	4	g	g	NOUN
arjefm-61	278	5	e	e	PROPN
arjefm-61	278	6	grafica	grafica	PROPN
arjefm-61	278	7	no	no	DET
arjefm-61	278	8	11	11	NUM
arjefm-61	278	9	source	source	NOUN
arjefm-61	278	10	:	:	PUNCT
arjefm-61	278	11	self	self	NOUN
arjefm-61	278	12	-	-	PUNCT
arjefm-61	278	13	authorship	authorship	NOUN
arjefm-61	278	14	after	after	ADP
arjefm-61	278	15	analyzing	analyze	VERB
arjefm-61	278	16	the	the	DET
arjefm-61	278	17	financial	financial	ADJ
arjefm-61	278	18	risk	risk	NOUN
arjefm-61	278	19	as	as	ADP
arjefm-61	278	20	a	a	DET
arjefm-61	278	21	dichotomous	dichotomous	ADJ
arjefm-61	278	22	variable	variable	NOUN
arjefm-61	278	23	,	,	PUNCT
arjefm-61	278	24	1,135	1,135	NUM
arjefm-61	278	25	companies	company	NOUN
arjefm-61	278	26	are	be	AUX
arjefm-61	278	27	at	at	ADP
arjefm-61	278	28	risk	risk	NOUN
arjefm-61	278	29	of	of	ADP
arjefm-61	278	30	debt	debt	NOUN
arjefm-61	278	31	,	,	PUNCT
arjefm-61	278	32	it	it	PRON
arjefm-61	278	33	corresponds	correspond	VERB
arjefm-61	278	34	to	to	ADP
arjefm-61	278	35	71.6	71.6	NUM
arjefm-61	278	36	over	over	ADP
arjefm-61	278	37	100	100	NUM
arjefm-61	278	38	%	%	NOUN
arjefm-61	278	39	.	.	PUNCT
arjefm-61	279	1	on	on	ADP
arjefm-61	279	2	the	the	DET
arjefm-61	279	3	other	other	ADJ
arjefm-61	279	4	hand	hand	NOUN
arjefm-61	279	5	,	,	PUNCT
arjefm-61	279	6	451	451	NUM
arjefm-61	279	7	companies	company	NOUN
arjefm-61	279	8	of	of	ADP
arjefm-61	279	9	this	this	DET
arjefm-61	279	10	same	same	ADJ
arjefm-61	279	11	overall	overall	ADJ
arjefm-61	279	12	trend	trend	NOUN
arjefm-61	279	13	do	do	AUX
arjefm-61	279	14	not	not	PART
arjefm-61	279	15	show	show	VERB
arjefm-61	279	16	risk	risk	NOUN
arjefm-61	279	17	of	of	ADP
arjefm-61	279	18	debt	debt	NOUN
arjefm-61	279	19	,	,	PUNCT
arjefm-61	279	20	in	in	ADP
arjefm-61	279	21	other	other	ADJ
arjefm-61	279	22	words	word	NOUN
arjefm-61	279	23	28.4	28.4	NUM
arjefm-61	279	24	%	%	NOUN
arjefm-61	279	25	of	of	ADP
arjefm-61	279	26	all	all	DET
arjefm-61	279	27	companies	company	NOUN
arjefm-61	279	28	.	.	PUNCT
arjefm-61	280	1	most	most	ADJ
arjefm-61	280	2	of	of	ADP
arjefm-61	280	3	the	the	DET
arjefm-61	280	4	companies	company	NOUN
arjefm-61	280	5	have	have	VERB
arjefm-61	280	6	a	a	DET
arjefm-61	280	7	tendency	tendency	NOUN
arjefm-61	280	8	towards	towards	ADP
arjefm-61	280	9	indebtedness	indebtedness	NOUN
arjefm-61	280	10	.	.	PUNCT
arjefm-61	281	1	it	it	PRON
arjefm-61	281	2	demonstrates	demonstrate	VERB
arjefm-61	281	3	that	that	SCONJ
arjefm-61	281	4	companies	company	NOUN
arjefm-61	281	5	in	in	ADP
arjefm-61	281	6	colombia	colombia	PROPN
arjefm-61	281	7	and	and	CCONJ
arjefm-61	281	8	especially	especially	ADV
arjefm-61	281	9	of	of	ADP
arjefm-61	281	10	valle	valle	NOUN
arjefm-61	281	11	del	del	PROPN
arjefm-61	281	12	cauca	cauca	PROPN
arjefm-61	281	13	perform	perform	NOUN
arjefm-61	281	14	practices	practice	NOUN
arjefm-61	281	15	that	that	PRON
arjefm-61	281	16	eventually	eventually	ADV
arjefm-61	281	17	become	become	VERB
arjefm-61	281	18	operational	operational	ADJ
arjefm-61	281	19	risk	risk	NOUN
arjefm-61	281	20	to	to	ADP
arjefm-61	281	21	stability	stability	NOUN
arjefm-61	281	22	.	.	PUNCT
arjefm-61	282	1	average	average	ADJ
arjefm-61	282	2	indebtedness	indebtedness	NOUN
arjefm-61	282	3	in	in	ADP
arjefm-61	282	4	companies	company	NOUN
arjefm-61	282	5	in	in	ADP
arjefm-61	282	6	this	this	DET
arjefm-61	282	7	sector	sector	NOUN
arjefm-61	282	8	represents	represent	VERB
arjefm-61	282	9	three	three	NUM
arjefm-61	282	10	-	-	PUNCT
arjefm-61	282	11	quarters	quarter	NOUN
arjefm-61	282	12	.	.	PUNCT
arjefm-61	283	1	this	this	DET
arjefm-61	283	2	situation	situation	NOUN
arjefm-61	283	3	often	often	ADV
arjefm-61	283	4	limited	limit	VERB
arjefm-61	283	5	operational	operational	ADJ
arjefm-61	283	6	and	and	CCONJ
arjefm-61	283	7	functional	functional	ADJ
arjefm-61	283	8	capacity	capacity	NOUN
arjefm-61	283	9	.	.	PUNCT
arjefm-61	284	1	in	in	ADP
arjefm-61	284	2	addition	addition	NOUN
arjefm-61	284	3	,	,	PUNCT
arjefm-61	284	4	the	the	DET
arjefm-61	284	5	companies	company	NOUN
arjefm-61	284	6	that	that	PRON
arjefm-61	284	7	have	have	VERB
arjefm-61	284	8	no	no	DET
arjefm-61	284	9	debt	debt	NOUN
arjefm-61	284	10	risk	risk	NOUN
arjefm-61	284	11	manage	manage	VERB
arjefm-61	284	12	their	their	PRON
arjefm-61	284	13	financial	financial	ADJ
arjefm-61	284	14	and	and	CCONJ
arjefm-61	284	15	operational	operational	ADJ
arjefm-61	284	16	capacity	capacity	NOUN
arjefm-61	284	17	better	well	ADV
arjefm-61	284	18	.	.	PUNCT
arjefm-61	285	1	it	it	PRON
arjefm-61	285	2	is	be	AUX
arjefm-61	285	3	not	not	PART
arjefm-61	285	4	promising	promise	VERB
arjefm-61	285	5	that	that	SCONJ
arjefm-61	285	6	28	28	NUM
arjefm-61	285	7	%	%	NOUN
arjefm-61	285	8	of	of	ADP
arjefm-61	285	9	the	the	DET
arjefm-61	285	10	companies	company	NOUN
arjefm-61	285	11	correspond	correspond	VERB
arjefm-61	285	12	to	to	ADP
arjefm-61	285	13	this	this	DET
arjefm-61	285	14	group	group	NOUN
arjefm-61	285	15	.	.	PUNCT
arjefm-61	286	1	in	in	ADP
arjefm-61	286	2	the	the	DET
arjefm-61	286	3	study	study	NOUN
arjefm-61	286	4	of	of	ADP
arjefm-61	286	5	liquidity	liquidity	NOUN
arjefm-61	286	6	and	and	CCONJ
arjefm-61	286	7	financial	financial	ADJ
arjefm-61	286	8	risk	risk	NOUN
arjefm-61	286	9	,	,	PUNCT
arjefm-61	286	10	61	61	NUM
arjefm-61	286	11	%	%	NOUN
arjefm-61	286	12	of	of	ADP
arjefm-61	286	13	companies	company	NOUN
arjefm-61	286	14	are	be	AUX
arjefm-61	286	15	under	under	ADP
arjefm-61	286	16	liquidity	liquidity	NOUN
arjefm-61	286	17	risk	risk	NOUN
arjefm-61	286	18	it	it	PRON
arjefm-61	286	19	corresponds	correspond	VERB
arjefm-61	286	20	to	to	ADP
arjefm-61	286	21	961	961	NUM
arjefm-61	286	22	of	of	ADP
arjefm-61	286	23	the	the	DET
arjefm-61	286	24	companies	company	NOUN
arjefm-61	286	25	meanwhile	meanwhile	ADV
arjefm-61	286	26	,	,	PUNCT
arjefm-61	286	27	39	39	NUM
arjefm-61	286	28	%	%	NOUN
arjefm-61	286	29	of	of	ADP
arjefm-61	286	30	the	the	DET
arjefm-61	286	31	companies	company	NOUN
arjefm-61	286	32	that	that	PRON
arjefm-61	286	33	correspond	correspond	VERB
arjefm-61	286	34	to	to	ADP
arjefm-61	286	35	625	625	NUM
arjefm-61	286	36	of	of	ADP
arjefm-61	286	37	the	the	DET
arjefm-61	286	38	companies	company	NOUN
arjefm-61	286	39	did	do	AUX
arjefm-61	286	40	not	not	PART
arjefm-61	286	41	show	show	VERB
arjefm-61	286	42	risk	risk	NOUN
arjefm-61	286	43	of	of	ADP
arjefm-61	286	44	liquidity	liquidity	NOUN
arjefm-61	286	45	.	.	PUNCT
arjefm-61	287	1	graph	graph	NOUN
arjefm-61	287	2	12	12	NUM
arjefm-61	287	3	source	source	NOUN
arjefm-61	287	4	:	:	PUNCT
arjefm-61	287	5	self	self	NOUN
arjefm-61	287	6	-	-	PUNCT
arjefm-61	287	7	authorship	authorship	NOUN
arjefm-61	287	8	this	this	DET
arjefm-61	287	9	liquidity	liquidity	NOUN
arjefm-61	287	10	indicator	indicator	NOUN
arjefm-61	287	11	result	result	NOUN
arjefm-61	287	12	showed	show	VERB
arjefm-61	287	13	that	that	SCONJ
arjefm-61	287	14	61	61	NUM
arjefm-61	287	15	%	%	NOUN
arjefm-61	287	16	of	of	ADP
arjefm-61	287	17	companies	company	NOUN
arjefm-61	287	18	are	be	AUX
arjefm-61	287	19	at	at	ADP
arjefm-61	287	20	risk	risk	NOUN
arjefm-61	287	21	.	.	PUNCT
arjefm-61	288	1	a	a	DET
arjefm-61	288	2	further	further	ADJ
arjefm-61	288	3	assessment	assessment	NOUN
arjefm-61	288	4	revealed	reveal	VERB
arjefm-61	288	5	that	that	SCONJ
arjefm-61	288	6	the	the	DET
arjefm-61	288	7	total	total	ADJ
arjefm-61	288	8	numbers	number	NOUN
arjefm-61	288	9	of	of	ADP
arjefm-61	288	10	companies	company	NOUN
arjefm-61	288	11	have	have	AUX
arjefm-61	288	12	delayed	delay	VERB
arjefm-61	288	13	recovering	recover	VERB
arjefm-61	288	14	their	their	PRON
arjefm-61	288	15	portfolio	portfolio	NOUN
arjefm-61	288	16	;	;	PUNCT
arjefm-61	288	17	it	it	PRON
arjefm-61	288	18	is	be	AUX
arjefm-61	288	19	often	often	ADV
arjefm-61	288	20	up	up	ADP
arjefm-61	288	21	to	to	PART
arjefm-61	288	22	60	60	NUM
arjefm-61	288	23	days	day	NOUN
arjefm-61	288	24	.	.	PUNCT
arjefm-61	289	1	this	this	DET
arjefm-61	289	2	situation	situation	NOUN
arjefm-61	289	3	directly	directly	ADV
arjefm-61	289	4	affects	affect	VERB
arjefm-61	289	5	liquidity	liquidity	NOUN
arjefm-61	289	6	and	and	CCONJ
arjefm-61	289	7	cash	cash	NOUN
arjefm-61	289	8	flow	flow	NOUN
arjefm-61	289	9	that	that	PRON
arjefm-61	289	10	businesses	business	NOUN
arjefm-61	289	11	can	can	AUX
arjefm-61	289	12	have	have	VERB
arjefm-61	289	13	.	.	PUNCT
arjefm-61	290	1	however	however	ADV
arjefm-61	290	2	,	,	PUNCT
arjefm-61	290	3	only	only	ADV
arjefm-61	290	4	39	39	NUM
arjefm-61	290	5	%	%	NOUN
arjefm-61	290	6	of	of	ADP
arjefm-61	290	7	companies	company	NOUN
arjefm-61	290	8	did	do	AUX
arjefm-61	290	9	not	not	PART
arjefm-61	290	10	reveal	reveal	VERB
arjefm-61	290	11	liquidity	liquidity	NOUN
arjefm-61	290	12	risk	risk	NOUN
arjefm-61	290	13	,	,	PUNCT
arjefm-61	290	14	the	the	DET
arjefm-61	290	15	portfolio	portfolio	NOUN
arjefm-61	290	16	recovery	recovery	NOUN
arjefm-61	290	17	is	be	AUX
arjefm-61	290	18	much	much	ADV
arjefm-61	290	19	faster	fast	ADV
arjefm-61	290	20	or	or	CCONJ
arjefm-61	290	21	they	they	PRON
arjefm-61	290	22	possibly	possibly	ADV
arjefm-61	290	23	have	have	VERB
arjefm-61	290	24	few	few	ADJ
arjefm-61	290	25	accounts	account	NOUN
arjefm-61	290	26	receivable	receivable	ADJ
arjefm-61	290	27	.	.	PUNCT
arjefm-61	291	1	it	it	PRON
arjefm-61	291	2	means	mean	VERB
arjefm-61	291	3	,	,	PUNCT
arjefm-61	291	4	they	they	PRON
arjefm-61	291	5	have	have	VERB
arjefm-61	291	6	higher	high	ADJ
arjefm-61	291	7	liquidity	liquidity	NOUN
arjefm-61	291	8	,	,	PUNCT
arjefm-61	291	9	higher	high	ADJ
arjefm-61	291	10	cash	cash	NOUN
arjefm-61	291	11	flow	flow	NOUN
arjefm-61	291	12	,	,	PUNCT
arjefm-61	291	13	and	and	CCONJ
arjefm-61	291	14	greater	great	ADJ
arjefm-61	291	15	financial	financial	ADJ
arjefm-61	291	16	autonomy	autonomy	NOUN
arjefm-61	291	17	.	.	PUNCT
arjefm-61	292	1	perhaps	perhaps	ADV
arjefm-61	292	2	the	the	DET
arjefm-61	292	3	most	most	ADV
arjefm-61	292	4	disturbing	disturbing	ADJ
arjefm-61	292	5	trend	trend	NOUN
arjefm-61	292	6	variable	variable	NOUN
arjefm-61	292	7	in	in	ADP
arjefm-61	292	8	the	the	DET
arjefm-61	292	9	risk	risk	NOUN
arjefm-61	292	10	,	,	PUNCT
arjefm-61	292	11	1,235	1,235	NUM
arjefm-61	292	12	companies	company	NOUN
arjefm-61	292	13	are	be	AUX
arjefm-61	292	14	at	at	ADP
arjefm-61	292	15	risk	risk	NOUN
arjefm-61	292	16	of	of	ADP
arjefm-61	292	17	receivables	receivables	NOUN
arjefm-61	292	18	out	out	ADP
arjefm-61	292	19	of	of	ADP
arjefm-61	292	20	1,586	1,586	NUM
arjefm-61	292	21	,	,	PUNCT
arjefm-61	292	22	this	this	PRON
arjefm-61	292	23	correspond	correspond	VERB
arjefm-61	292	24	to	to	ADP
arjefm-61	292	25	78	78	NUM
arjefm-61	292	26	%	%	NOUN
arjefm-61	292	27	of	of	ADP
arjefm-61	292	28	all	all	DET
arjefm-61	292	29	companies	company	NOUN
arjefm-61	292	30	under	under	ADP
arjefm-61	292	31	study	study	NOUN
arjefm-61	292	32	.	.	PUNCT
arjefm-61	293	1	on	on	ADP
arjefm-61	293	2	the	the	DET
arjefm-61	293	3	other	other	ADJ
arjefm-61	293	4	hand	hand	NOUN
arjefm-61	293	5	,	,	PUNCT
arjefm-61	293	6	only	only	ADV
arjefm-61	293	7	22	22	NUM
arjefm-61	293	8	%	%	NOUN
arjefm-61	293	9	of	of	ADP
arjefm-61	293	10	the	the	DET
arjefm-61	293	11	companies	company	NOUN
arjefm-61	293	12	have	have	VERB
arjefm-61	293	13	no	no	DET
arjefm-61	293	14	risk	risk	NOUN
arjefm-61	293	15	in	in	ADP
arjefm-61	293	16	the	the	DET
arjefm-61	293	17	portfolio	portfolio	NOUN
arjefm-61	293	18	recovery	recovery	NOUN
arjefm-61	293	19	,	,	PUNCT
arjefm-61	293	20	it	it	PRON
arjefm-61	293	21	corresponds	correspond	VERB
arjefm-61	293	22	to	to	ADP
arjefm-61	293	23	351	351	NUM
arjefm-61	293	24	companies	company	NOUN
arjefm-61	293	25	on	on	ADP
arjefm-61	293	26	a	a	DET
arjefm-61	293	27	sample	sample	NOUN
arjefm-61	293	28	of	of	ADP
arjefm-61	293	29	1,586	1,586	NUM
arjefm-61	293	30	companies	company	NOUN
arjefm-61	293	31	.	.	PUNCT
arjefm-61	294	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	294	2	toro	toro	PROPN
arjefm-61	294	3	,	,	PUNCT
arjefm-61	294	4	arango	arango	PROPN
arjefm-61	294	5	&	&	CCONJ
arjefm-61	294	6	serna	serna	PROPN
arjefm-61	294	7	44	44	NUM
arjefm-61	294	8	american	american	PROPN
arjefm-61	294	9	research	research	PROPN
arjefm-61	294	10	journal	journal	PROPN
arjefm-61	294	11	of	of	ADP
arjefm-61	294	12	economics	economic	NOUN
arjefm-61	294	13	,	,	PUNCT
arjefm-61	294	14	finance	finance	NOUN
arjefm-61	294	15	and	and	CCONJ
arjefm-61	294	16	management	management	NOUN
arjefm-61	294	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	294	18	,	,	PUNCT
arjefm-61	294	19	email	email	NOUN
arjefm-61	294	20	:	:	PUNCT
arjefm-61	294	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	295	1	44	44	NUM
arjefm-61	296	1	|	|	ADV
arjefm-61	296	2	p	p	NOUN
arjefm-61	296	3	a	a	DET
arjefm-61	296	4	g	g	NOUN
arjefm-61	296	5	e	e	NOUN
arjefm-61	296	6	graph	graph	NOUN
arjefm-61	296	7	13	13	NUM
arjefm-61	296	8	source	source	NOUN
arjefm-61	296	9	:	:	PUNCT
arjefm-61	296	10	self	self	NOUN
arjefm-61	296	11	-	-	PUNCT
arjefm-61	296	12	authorship	authorship	NOUN
arjefm-61	296	13	this	this	DET
arjefm-61	296	14	phenomenon	phenomenon	NOUN
arjefm-61	296	15	showed	show	VERB
arjefm-61	296	16	a	a	DET
arjefm-61	296	17	trend	trend	NOUN
arjefm-61	296	18	of	of	ADP
arjefm-61	296	19	the	the	DET
arjefm-61	296	20	risk	risk	NOUN
arjefm-61	296	21	of	of	ADP
arjefm-61	296	22	recovery	recovery	NOUN
arjefm-61	296	23	of	of	ADP
arjefm-61	296	24	receivables	receivables	NOUN
arjefm-61	296	25	as	as	ADP
arjefm-61	296	26	totally	totally	ADV
arjefm-61	296	27	daunting	daunt	VERB
arjefm-61	296	28	for	for	ADP
arjefm-61	296	29	the	the	DET
arjefm-61	296	30	businesses	business	NOUN
arjefm-61	296	31	field	field	NOUN
arjefm-61	296	32	.	.	PUNCT
arjefm-61	297	1	this	this	DET
arjefm-61	297	2	trend	trend	NOUN
arjefm-61	297	3	can	can	AUX
arjefm-61	297	4	basically	basically	ADV
arjefm-61	297	5	have	have	VERB
arjefm-61	297	6	two	two	NUM
arjefm-61	297	7	explanations	explanation	NOUN
arjefm-61	297	8	:	:	PUNCT
arjefm-61	297	9	firstly	firstly	ADV
arjefm-61	297	10	,	,	PUNCT
arjefm-61	297	11	the	the	DET
arjefm-61	297	12	needs	need	NOUN
arjefm-61	297	13	of	of	ADP
arjefm-61	297	14	businesses	business	NOUN
arjefm-61	297	15	have	have	VERB
arjefm-61	297	16	a	a	DET
arjefm-61	297	17	committed	committed	ADJ
arjefm-61	297	18	department	department	NOUN
arjefm-61	297	19	when	when	SCONJ
arjefm-61	297	20	there	there	PRON
arjefm-61	297	21	is	be	VERB
arjefm-61	297	22	no	no	DET
arjefm-61	297	23	one	one	NUM
arjefm-61	297	24	person	person	NOUN
arjefm-61	297	25	or	or	CCONJ
arjefm-61	297	26	department	department	NOUN
arjefm-61	297	27	in	in	ADP
arjefm-61	297	28	charge	charge	NOUN
arjefm-61	297	29	of	of	ADP
arjefm-61	297	30	accounts	account	NOUN
arjefm-61	297	31	receivable	receivable	ADJ
arjefm-61	297	32	payments	payment	NOUN
arjefm-61	297	33	times	time	NOUN
arjefm-61	297	34	dilate	dilate	VERB
arjefm-61	297	35	and	and	CCONJ
arjefm-61	297	36	portfolio	portfolio	NOUN
arjefm-61	297	37	recovery	recovery	NOUN
arjefm-61	297	38	takes	take	VERB
arjefm-61	297	39	longer	long	ADV
arjefm-61	297	40	each	each	DET
arjefm-61	297	41	time	time	NOUN
arjefm-61	297	42	.	.	PUNCT
arjefm-61	298	1	the	the	DET
arjefm-61	298	2	second	second	ADJ
arjefm-61	298	3	cause	cause	NOUN
arjefm-61	298	4	of	of	ADP
arjefm-61	298	5	delay	delay	NOUN
arjefm-61	298	6	recovery	recovery	NOUN
arjefm-61	298	7	or	or	CCONJ
arjefm-61	298	8	receivables	receivables	NOUN
arjefm-61	298	9	portfolio	portfolio	NOUN
arjefm-61	298	10	responds	respond	VERB
arjefm-61	298	11	to	to	ADP
arjefm-61	298	12	the	the	DET
arjefm-61	298	13	inability	inability	NOUN
arjefm-61	298	14	of	of	ADP
arjefm-61	298	15	debtors	debtor	NOUN
arjefm-61	298	16	to	to	PART
arjefm-61	298	17	repay	repay	VERB
arjefm-61	298	18	their	their	PRON
arjefm-61	298	19	debts	debt	NOUN
arjefm-61	298	20	and	and	CCONJ
arjefm-61	298	21	in	in	ADP
arjefm-61	298	22	many	many	ADJ
arjefm-61	298	23	cases	case	NOUN
arjefm-61	298	24	not	not	PART
arjefm-61	298	25	only	only	ADV
arjefm-61	298	26	inability	inability	NOUN
arjefm-61	298	27	but	but	CCONJ
arjefm-61	298	28	the	the	DET
arjefm-61	298	29	repeated	repeat	VERB
arjefm-61	298	30	failure	failure	NOUN
arjefm-61	298	31	.	.	PUNCT
arjefm-61	299	1	financial	financial	ADJ
arjefm-61	299	2	risk	risk	NOUN
arjefm-61	299	3	a	a	DET
arjefm-61	299	4	final	final	ADJ
arjefm-61	299	5	assessment	assessment	NOUN
arjefm-61	299	6	of	of	ADP
arjefm-61	299	7	financial	financial	ADJ
arjefm-61	299	8	risk	risk	NOUN
arjefm-61	299	9	demonstrated	demonstrate	VERB
arjefm-61	299	10	that	that	SCONJ
arjefm-61	299	11	1,182	1,182	NUM
arjefm-61	299	12	out	out	ADP
arjefm-61	299	13	of	of	ADP
arjefm-61	299	14	1,586	1,586	NUM
arjefm-61	299	15	companies	company	NOUN
arjefm-61	299	16	under	under	ADP
arjefm-61	299	17	study	study	NOUN
arjefm-61	299	18	are	be	AUX
arjefm-61	299	19	at	at	ADP
arjefm-61	299	20	risk	risk	NOUN
arjefm-61	299	21	in	in	ADP
arjefm-61	299	22	these	these	DET
arjefm-61	299	23	types	type	NOUN
arjefm-61	299	24	of	of	ADP
arjefm-61	299	25	variables	variable	NOUN
arjefm-61	299	26	.	.	PUNCT
arjefm-61	300	1	on	on	ADP
arjefm-61	300	2	the	the	DET
arjefm-61	300	3	other	other	ADJ
arjefm-61	300	4	hand	hand	NOUN
arjefm-61	300	5	,	,	PUNCT
arjefm-61	300	6	404	404	NUM
arjefm-61	300	7	companies	company	NOUN
arjefm-61	300	8	have	have	VERB
arjefm-61	300	9	no	no	DET
arjefm-61	300	10	financial	financial	ADJ
arjefm-61	300	11	risk	risk	NOUN
arjefm-61	300	12	meaning	mean	VERB
arjefm-61	300	13	only	only	ADV
arjefm-61	300	14	25	25	NUM
arjefm-61	300	15	%	%	NOUN
arjefm-61	300	16	of	of	ADP
arjefm-61	300	17	the	the	DET
arjefm-61	300	18	companies	company	NOUN
arjefm-61	300	19	.	.	PUNCT
arjefm-61	301	1	grafica	grafica	PROPN
arjefm-61	302	1	no	no	DET
arjefm-61	302	2	14	14	NUM
arjefm-61	302	3	source	source	NOUN
arjefm-61	302	4	:	:	PUNCT
arjefm-61	302	5	self	self	NOUN
arjefm-61	302	6	-	-	PUNCT
arjefm-61	302	7	authorship	authorship	NOUN
arjefm-61	302	8	finally	finally	ADV
arjefm-61	302	9	,	,	PUNCT
arjefm-61	302	10	75	75	NUM
arjefm-61	302	11	%	%	NOUN
arjefm-61	302	12	of	of	ADP
arjefm-61	302	13	companies	company	NOUN
arjefm-61	302	14	surveyed	survey	VERB
arjefm-61	302	15	in	in	ADP
arjefm-61	302	16	valle	valle	PROPN
arjefm-61	302	17	del	del	PROPN
arjefm-61	302	18	cauca	cauca	PROPN
arjefm-61	302	19	perform	perform	NOUN
arjefm-61	302	20	practices	practice	NOUN
arjefm-61	302	21	that	that	PRON
arjefm-61	302	22	favor	favor	VERB
arjefm-61	302	23	financial	financial	ADJ
arjefm-61	302	24	risk	risk	NOUN
arjefm-61	302	25	,	,	PUNCT
arjefm-61	302	26	1,182	1,182	NUM
arjefm-61	302	27	companies	company	NOUN
arjefm-61	302	28	do	do	AUX
arjefm-61	302	29	not	not	PART
arjefm-61	302	30	perform	perform	VERB
arjefm-61	302	31	good	good	ADJ
arjefm-61	302	32	practices	practice	NOUN
arjefm-61	302	33	in	in	ADP
arjefm-61	302	34	their	their	PRON
arjefm-61	302	35	variables	variable	NOUN
arjefm-61	302	36	debt	debt	NOUN
arjefm-61	302	37	,	,	PUNCT
arjefm-61	302	38	liquidity	liquidity	NOUN
arjefm-61	302	39	and	and	CCONJ
arjefm-61	302	40	recovery	recovery	NOUN
arjefm-61	302	41	of	of	ADP
arjefm-61	302	42	portfolio	portfolio	NOUN
arjefm-61	302	43	.	.	PUNCT
arjefm-61	303	1	it	it	PRON
arjefm-61	303	2	was	be	AUX
arjefm-61	303	3	shown	show	VERB
arjefm-61	303	4	that	that	SCONJ
arjefm-61	303	5	on	on	ADP
arjefm-61	303	6	average	average	ADJ
arjefm-61	303	7	three	three	NUM
arjefm-61	303	8	-	-	PUNCT
arjefm-61	303	9	quarters	quarter	NOUN
arjefm-61	303	10	of	of	ADP
arjefm-61	303	11	companies	company	NOUN
arjefm-61	303	12	have	have	VERB
arjefm-61	303	13	financial	financial	ADJ
arjefm-61	303	14	risk	risk	NOUN
arjefm-61	303	15	and	and	CCONJ
arjefm-61	303	16	are	be	AUX
arjefm-61	303	17	under	under	ADP
arjefm-61	303	18	the	the	DET
arjefm-61	303	19	experimental	experimental	ADJ
arjefm-61	303	20	model	model	NOUN
arjefm-61	303	21	.	.	PUNCT
arjefm-61	304	1	it	it	PRON
arjefm-61	304	2	is	be	AUX
arjefm-61	304	3	essential	essential	ADJ
arjefm-61	304	4	that	that	SCONJ
arjefm-61	304	5	companies	company	NOUN
arjefm-61	304	6	have	have	VERB
arjefm-61	304	7	a	a	DET
arjefm-61	304	8	clear	clear	ADJ
arjefm-61	304	9	picture	picture	NOUN
arjefm-61	304	10	of	of	ADP
arjefm-61	304	11	their	their	PRON
arjefm-61	304	12	financial	financial	ADJ
arjefm-61	304	13	risk	risk	NOUN
arjefm-61	304	14	to	to	PART
arjefm-61	304	15	make	make	VERB
arjefm-61	304	16	assertions	assertion	NOUN
arjefm-61	304	17	and	and	CCONJ
arjefm-61	304	18	timely	timely	ADJ
arjefm-61	304	19	decisions	decision	NOUN
arjefm-61	304	20	,	,	PUNCT
arjefm-61	304	21	therefore	therefore	ADV
arjefm-61	304	22	,	,	PUNCT
arjefm-61	304	23	reverse	reverse	VERB
arjefm-61	304	24	bad	bad	ADJ
arjefm-61	304	25	decisions	decision	NOUN
arjefm-61	304	26	previously	previously	ADV
arjefm-61	304	27	taken	take	VERB
arjefm-61	304	28	and	and	CCONJ
arjefm-61	304	29	correct	correct	VERB
arjefm-61	304	30	timely	timely	ADJ
arjefm-61	304	31	errors	error	NOUN
arjefm-61	304	32	.	.	PUNCT
arjefm-61	305	1	in	in	ADP
arjefm-61	305	2	the	the	DET
arjefm-61	305	3	latter	latter	ADJ
arjefm-61	305	4	part	part	NOUN
arjefm-61	305	5	of	of	ADP
arjefm-61	305	6	the	the	DET
arjefm-61	305	7	investigation	investigation	NOUN
arjefm-61	305	8	a	a	DET
arjefm-61	305	9	comprehensive	comprehensive	ADJ
arjefm-61	305	10	analysis	analysis	NOUN
arjefm-61	305	11	of	of	ADP
arjefm-61	305	12	the	the	DET
arjefm-61	305	13	three	three	NUM
arjefm-61	305	14	variables	variable	NOUN
arjefm-61	305	15	above	above	ADV
arjefm-61	305	16	was	be	AUX
arjefm-61	305	17	performed	perform	VERB
arjefm-61	305	18	,	,	PUNCT
arjefm-61	305	19	it	it	PRON
arjefm-61	305	20	was	be	AUX
arjefm-61	305	21	determined	determine	VERB
arjefm-61	305	22	that	that	SCONJ
arjefm-61	305	23	companies	company	NOUN
arjefm-61	305	24	with	with	ADP
arjefm-61	305	25	two	two	NUM
arjefm-61	305	26	of	of	ADP
arjefm-61	305	27	these	these	DET
arjefm-61	305	28	three	three	NUM
arjefm-61	305	29	variables	variable	NOUN
arjefm-61	305	30	prone	prone	ADJ
arjefm-61	305	31	to	to	ADP
arjefm-61	305	32	risk	risk	NOUN
arjefm-61	305	33	will	will	AUX
arjefm-61	305	34	be	be	AUX
arjefm-61	305	35	classified	classify	VERB
arjefm-61	305	36	as	as	ADP
arjefm-61	305	37	company	company	NOUN
arjefm-61	305	38	in	in	ADP
arjefm-61	305	39	financial	financial	ADJ
arjefm-61	305	40	risk	risk	NOUN
arjefm-61	305	41	.	.	PUNCT
arjefm-61	306	1	the	the	DET
arjefm-61	306	2	companies	company	NOUN
arjefm-61	306	3	should	should	AUX
arjefm-61	306	4	make	make	VERB
arjefm-61	306	5	analysis	analysis	NOUN
arjefm-61	306	6	studies	study	NOUN
arjefm-61	306	7	,	,	PUNCT
arjefm-61	306	8	implementation	implementation	NOUN
arjefm-61	306	9	action	action	NOUN
arjefm-61	306	10	plans	plan	NOUN
arjefm-61	306	11	and	and	CCONJ
arjefm-61	306	12	continuous	continuous	ADJ
arjefm-61	306	13	improvement	improvement	NOUN
arjefm-61	306	14	to	to	PART
arjefm-61	306	15	be	be	AUX
arjefm-61	306	16	sustained	sustain	VERB
arjefm-61	306	17	within	within	ADP
arjefm-61	306	18	the	the	DET
arjefm-61	306	19	market	market	NOUN
arjefm-61	306	20	and	and	CCONJ
arjefm-61	306	21	hence	hence	ADV
arjefm-61	306	22	to	to	PART
arjefm-61	306	23	be	be	AUX
arjefm-61	306	24	competitive	competitive	ADJ
arjefm-61	306	25	.	.	PUNCT
arjefm-61	307	1	references	reference	NOUN
arjefm-61	307	2	altman	altman	PROPN
arjefm-61	307	3	,	,	PUNCT
arjefm-61	307	4	edward	edward	PROPN
arjefm-61	307	5	(	(	PUNCT
arjefm-61	307	6	2002	2002	NUM
arjefm-61	307	7	)	)	PUNCT
arjefm-61	307	8	.	.	PUNCT
arjefm-61	308	1	the	the	DET
arjefm-61	308	2	z	z	NOUN
arjefm-61	308	3	-	-	PUNCT
arjefm-61	308	4	score	score	NOUN
arjefm-61	308	5	formula	formula	NOUN
arjefm-61	308	6	for	for	ADP
arjefm-61	308	7	predicting	predict	VERB
arjefm-61	308	8	bankruptcy	bankruptcy	NOUN
arjefm-61	308	9	was	be	AUX
arjefm-61	308	10	published	publish	VERB
arjefm-61	308	11	in	in	ADP
arjefm-61	308	12	1968	1968	NUM
arjefm-61	308	13	by	by	ADP
arjefm-61	308	14	edward	edward	PROPN
arjefm-61	308	15	i.	i.	PROPN
arjefm-61	308	16	altman	altman	PROPN
arjefm-61	308	17	,	,	PUNCT
arjefm-61	308	18	who	who	PRON
arjefm-61	308	19	was	be	AUX
arjefm-61	308	20	,	,	PUNCT
arjefm-61	308	21	at	at	ADP
arjefm-61	308	22	the	the	DET
arjefm-61	308	23	time	time	NOUN
arjefm-61	308	24	,	,	PUNCT
arjefm-61	308	25	an	an	DET
arjefm-61	308	26	assistant	assistant	ADJ
arjefm-61	308	27	professor	professor	NOUN
arjefm-61	308	28	of	of	ADP
arjefm-61	308	29	finance	finance	NOUN
arjefm-61	308	30	at	at	ADP
arjefm-61	308	31	new	new	PROPN
arjefm-61	308	32	york	york	PROPN
arjefm-61	308	33	university	university	PROPN
arjefm-61	308	34	bankruptcy	bankruptcy	NOUN
arjefm-61	308	35	,	,	PUNCT
arjefm-61	308	36	credit	credit	NOUN
arjefm-61	308	37	risk	risk	NOUN
arjefm-61	308	38	and	and	CCONJ
arjefm-61	308	39	high	high	ADJ
arjefm-61	308	40	yield	yield	NOUN
arjefm-61	308	41	‘	'	PUNCT
arjefm-61	308	42	junk	junk	NOUN
arjefm-61	308	43	’	'	PUNCT
arjefm-61	308	44	bonds	bond	NOUN
arjefm-61	308	45	:	:	PUNCT
arjefm-61	308	46	a	a	DET
arjefm-61	308	47	compendium	compendium	NOUN
arjefm-61	308	48	of	of	ADP
arjefm-61	308	49	writings	writing	NOUN
arjefm-61	308	50	.	.	PUNCT
arjefm-61	309	1	oxford	oxford	PROPN
arjefm-61	309	2	,	,	PUNCT
arjefm-61	309	3	england	england	PROPN
arjefm-61	309	4	and	and	CCONJ
arjefm-61	309	5	malden	malden	PROPN
arjefm-61	309	6	,	,	PUNCT
arjefm-61	309	7	massachusetts	massachusetts	PROPN
arjefm-61	309	8	:	:	PUNCT
arjefm-61	309	9	blackwell	blackwell	PROPN
arjefm-61	309	10	publishing	publishing	NOUN
arjefm-61	309	11	.	.	PUNCT
arjefm-61	310	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-61	310	2	toro	toro	PROPN
arjefm-61	310	3	,	,	PUNCT
arjefm-61	310	4	arango	arango	PROPN
arjefm-61	310	5	&	&	CCONJ
arjefm-61	310	6	serna	serna	PROPN
arjefm-61	310	7	45	45	NUM
arjefm-61	310	8	american	american	PROPN
arjefm-61	310	9	research	research	PROPN
arjefm-61	310	10	journal	journal	PROPN
arjefm-61	310	11	of	of	ADP
arjefm-61	310	12	economics	economic	NOUN
arjefm-61	310	13	,	,	PUNCT
arjefm-61	310	14	finance	finance	NOUN
arjefm-61	310	15	and	and	CCONJ
arjefm-61	310	16	management	management	NOUN
arjefm-61	310	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-61	310	18	,	,	PUNCT
arjefm-61	310	19	email	email	NOUN
arjefm-61	310	20	:	:	PUNCT
arjefm-61	310	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-61	311	1	45	45	NUM
arjefm-61	312	1	|	|	ADV
arjefm-61	312	2	p	p	NOUN
arjefm-61	312	3	a	a	DET
arjefm-61	312	4	g	g	PROPN
arjefm-61	312	5	e	e	PROPN
arjefm-61	312	6	ávila	ávila	PROPN
arjefm-61	312	7	bustos	bustos	PROPN
arjefm-61	312	8	,	,	PUNCT
arjefm-61	312	9	juan	juan	PROPN
arjefm-61	312	10	carlos	carlos	PROPN
arjefm-61	312	11	ávila	ávila	PROPN
arjefm-61	312	12	(	(	PUNCT
arjefm-61	312	13	2005	2005	NUM
arjefm-61	312	14	)	)	PUNCT
arjefm-61	312	15	.	.	PUNCT
arjefm-61	313	1	medición	medición	PROPN
arjefm-61	313	2	y	y	PROPN
arjefm-61	313	3	control	control	PROPN
arjefm-61	313	4	de	de	PROPN
arjefm-61	313	5	riesgos	riesgos	PROPN
arjefm-61	313	6	financieros	financieros	PROPN
arjefm-61	313	7	en	en	PROPN
arjefm-61	313	8	empresas	empresas	PROPN
arjefm-61	313	9	del	del	PROPN
arjefm-61	313	10	sector	sector	PROPN
arjefm-61	313	11	real	real	PROPN
arjefm-61	313	12	.	.	PUNCT
arjefm-61	314	1	bogotá	bogotá	PROPN
arjefm-61	314	2	.	.	PUNCT
arjefm-61	315	1	ballesteros	ballesteros	PROPN
arjefm-61	315	2	navarro	navarro	PROPN
arjefm-61	315	3	,	,	PUNCT
arjefm-61	315	4	juan	juan	PROPN
arjefm-61	315	5	andrés	andrés	PROPN
arjefm-61	315	6	y	y	PROPN
arjefm-61	315	7	lopez	lopez	PROPN
arjefm-61	315	8	,	,	PUNCT
arjefm-61	315	9	herrera	herrera	PROPN
arjefm-61	315	10	diego	diego	PROPN
arjefm-61	315	11	(	(	PUNCT
arjefm-61	315	12	2009	2009	NUM
arjefm-61	315	13	)	)	PUNCT
arjefm-61	315	14	.	.	PUNCT
arjefm-61	316	1	propuesta	propuesta	PROPN
arjefm-61	316	2	de	de	PROPN
arjefm-61	316	3	un	un	PROPN
arjefm-61	316	4	modelo	modelo	PROPN
arjefm-61	316	5	simplificado	simplificado	PROPN
arjefm-61	316	6	de	de	PROPN
arjefm-61	316	7	detección	detección	PROPN
arjefm-61	316	8	del	del	PROPN
arjefm-61	316	9	riesgo	riesgo	PROPN
arjefm-61	316	10	empresarial	empresarial	PROPN
arjefm-61	316	11	:	:	PUNCT
arjefm-61	316	12	estudio	estudio	NOUN
arjefm-61	316	13	empírico	empírico	PROPN
arjefm-61	316	14	aplicado	aplicado	PROPN
arjefm-61	316	15	al	al	PROPN
arjefm-61	316	16	sector	sector	PROPN
arjefm-61	316	17	de	de	X
arjefm-61	316	18	la	la	X
arjefm-61	316	19	construcción	construcción	PROPN
arjefm-61	316	20	(	(	PUNCT
arjefm-61	316	21	pymes	pymes	PROPN
arjefm-61	316	22	)	)	PUNCT
arjefm-61	316	23	.	.	PUNCT
arjefm-61	317	1	revista	revista	PROPN
arjefm-61	317	2	iberoamericana	iberoamericana	PROPN
arjefm-61	317	3	de	de	PROPN
arjefm-61	317	4	contabilidad	contabilidad	PROPN
arjefm-61	317	5	y	y	PROPN
arjefm-61	317	6	gestión	gestión	PROPN
arjefm-61	317	7	.	.	PUNCT
arjefm-61	318	1	pág	pág	NOUN
arjefm-61	318	2	.	.	PUNCT
arjefm-61	319	1	1	1	NUM
arjefm-61	319	2	-	-	SYM
arjefm-61	319	3	27	27	NUM
arjefm-61	319	4	.	.	PUNCT
arjefm-61	319	5	españa	españa	PROPN
arjefm-61	319	6	.	.	PUNCT
arjefm-61	320	1	hincapié	hincapié	NOUN
arjefm-61	320	2	piñeres	piñere	NOUN
arjefm-61	320	3	,	,	PUNCT
arjefm-61	320	4	javier	javier	PROPN
arjefm-61	320	5	eduardo	eduardo	PROPN
arjefm-61	320	6	(	(	PUNCT
arjefm-61	320	7	2007	2007	NUM
arjefm-61	320	8	)	)	PUNCT
arjefm-61	320	9	.	.	PUNCT
arjefm-61	321	1	análisis	análisis	PROPN
arjefm-61	321	2	de	de	PROPN
arjefm-61	321	3	riesgo	riesgo	PROPN
arjefm-61	321	4	financiero	financiero	PROPN
arjefm-61	321	5	para	para	PROPN
arjefm-61	321	6	la	la	PROPN
arjefm-61	321	7	micro	micro	PROPN
arjefm-61	321	8	,	,	PUNCT
arjefm-61	321	9	pequeña	pequeña	PROPN
arjefm-61	321	10	y	y	PROPN
arjefm-61	321	11	mediana	mediana	PROPN
arjefm-61	321	12	empresa	empresa	PROPN
arjefm-61	321	13	del	del	PROPN
arjefm-61	321	14	sector	sector	PROPN
arjefm-61	321	15	metalmecánico	metalmecánico	PROPN
arjefm-61	321	16	.	.	PUNCT
arjefm-61	322	1	manizales	manizales	PROPN
arjefm-61	322	2	.	.	PUNCT
arjefm-61	323	1	jorion	jorion	NOUN
arjefm-61	323	2	,	,	PUNCT
arjefm-61	323	3	phillipe	phillipe	PROPN
arjefm-61	323	4	(	(	PUNCT
arjefm-61	323	5	2001	2001	NUM
arjefm-61	323	6	)	)	PUNCT
arjefm-61	323	7	.	.	PUNCT
arjefm-61	324	1	valor	valor	PROPN
arjefm-61	324	2	en	en	PROPN
arjefm-61	324	3	riesgo	riesgo	PROPN
arjefm-61	324	4	.	.	PUNCT
arjefm-61	325	1	ed	ed	PROPN
arjefm-61	325	2	.	.	PUNCT
arjefm-61	326	1	mc	mc	PROPN
arjefm-61	326	2	graw	graw	PROPN
arjefm-61	326	3	hill	hill	PROPN
arjefm-61	326	4	,	,	PUNCT
arjefm-61	326	5	2ª	2ª	PROPN
arjefm-61	326	6	ed	ed	NOUN
arjefm-61	326	7	.	.	PUNCT
arjefm-61	327	1	miller	miller	PROPN
arjefm-61	327	2	,	,	PUNCT
arjefm-61	327	3	merton	merton	PROPN
arjefm-61	327	4	h.(1994	h.(1994	PROPN
arjefm-61	327	5	)	)	PUNCT
arjefm-61	327	6	financial	financial	ADJ
arjefm-61	327	7	innovations	innovation	NOUN
arjefm-61	327	8	and	and	CCONJ
arjefm-61	327	9	market	market	NOUN
arjefm-61	327	10	volatility	volatility	NOUN
arjefm-61	327	11	.	.	PUNCT
arjefm-61	328	1	journal	journal	NOUN
arjefm-61	328	2	of	of	ADP
arjefm-61	328	3	applied	apply	VERB
arjefm-61	328	4	economics	economic	NOUN
arjefm-61	328	5	,	,	PUNCT
arjefm-61	328	6	nueva	nueva	PROPN
arjefm-61	328	7	york	york	PROPN
arjefm-61	328	8	,	,	PUNCT
arjefm-61	328	9	número	número	NOUN
arjefm-61	328	10	4	4	NUM
arjefm-61	328	11	(	(	PUNCT
arjefm-61	328	12	vol.1	vol.1	NOUN
arjefm-61	328	13	1	1	NUM
arjefm-61	328	14	)	)	PUNCT
arjefm-61	328	15	,	,	PUNCT
arjefm-61	328	16	p6gs	p6gs	NOUN
arjefm-61	328	17	.	.	X
arjefm-61	329	1	205	205	NUM
arjefm-61	329	2	a	a	DET
arjefm-61	329	3	210	210	NUM
arjefm-61	329	4	san	san	NOUN
arjefm-61	329	5	-	-	PUNCT
arjefm-61	329	6	martín	martín	NOUN
arjefm-61	329	7	-	-	PUNCT
arjefm-61	329	8	albizuri	albizuri	NOUN
arjefm-61	329	9	,	,	PUNCT
arjefm-61	329	10	n.	n.	PROPN
arjefm-61	329	11	&	&	CCONJ
arjefm-61	329	12	rodríguez	rodríguez	PROPN
arjefm-61	329	13	-	-	PUNCT
arjefm-61	329	14	castellanos	castellano	NOUN
arjefm-61	329	15	,	,	PUNCT
arjefm-61	329	16	a.	a.	NOUN
arjefm-61	329	17	(	(	PUNCT
arjefm-61	329	18	2011	2011	NUM
arjefm-61	329	19	)	)	PUNCT
arjefm-61	329	20	.	.	PUNCT
arjefm-61	330	1	la	la	PROPN
arjefm-61	330	2	imprevisibilidad	imprevisibilidad	PROPN
arjefm-61	330	3	de	de	PROPN
arjefm-61	330	4	las	las	PROPN
arjefm-61	330	5	crisis	crisis	PROPN
arjefm-61	330	6	:	:	PUNCT
arjefm-61	330	7	un	un	PROPN
arjefm-61	330	8	análisis	análisis	PROPN
arjefm-61	330	9	empírico	empírico	PROPN
arjefm-61	330	10	sobre	sobre	PROPN
arjefm-61	330	11	los	los	PROPN
arjefm-61	330	12	índices	índices	PROPN
arjefm-61	330	13	de	de	X
arjefm-61	330	14	riesgo	riesgo	PROPN
arjefm-61	330	15	país	país	NOUN
arjefm-61	330	16	.	.	PUNCT
arjefm-61	331	1	innovar	innovar	NOUN
arjefm-61	331	2	,	,	PUNCT
arjefm-61	331	3	21(39	21(39	NUM
arjefm-61	331	4	)	)	PUNCT
arjefm-61	331	5	,	,	PUNCT
arjefm-61	331	6	161	161	NUM
arjefm-61	331	7	-	-	SYM
arjefm-61	331	8	178	178	NUM
arjefm-61	331	9	.	.	PUNCT
arjefm-61	332	1	toro	toro	PROPN
arjefm-61	332	2	d.	d.	PROPN
arjefm-61	332	3	,	,	PUNCT
arjefm-61	332	4	jairo	jairo	X
arjefm-61	332	5	(	(	PUNCT
arjefm-61	332	6	2012	2012	NUM
arjefm-61	332	7	)	)	PUNCT
arjefm-61	332	8	.	.	PUNCT
arjefm-61	333	1	"	"	PUNCT
arjefm-61	333	2	las	las	PROPN
arjefm-61	333	3	decisiones	decisiones	PROPN
arjefm-61	333	4	financieras	financieras	PROPN
arjefm-61	333	5	en	en	PROPN
arjefm-61	333	6	las	las	PROPN
arjefm-61	333	7	gerencias	gerencias	PROPN
arjefm-61	333	8	de	de	PROPN
arjefm-61	333	9	las	las	PROPN
arjefm-61	333	10	pymes	pymes	PROPN
arjefm-61	333	11	.	.	PUNCT
arjefm-61	334	1	estudio	estudio	PROPN
arjefm-61	334	2	de	de	ADP
arjefm-61	334	3	caso	caso	PROPN
arjefm-61	334	4	san	san	PROPN
arjefm-61	334	5	juan	juan	PROPN
arjefm-61	334	6	pasto	pasto	PROPN
arjefm-61	334	7	colombia	colombia	PROPN
arjefm-61	334	8	"	"	PUNCT
arjefm-61	334	9	,	,	PUNCT
arjefm-61	334	10	revista	revista	VERB
arjefm-61	334	11	digital	digital	PROPN
arjefm-61	334	12	observatorio	observatorio	PROPN
arjefm-61	334	13	de	de	PROPN
arjefm-61	334	14	la	la	PROPN
arjefm-61	334	15	economia	economia	PROPN
arjefm-61	334	16	latinoamericana	latinoamericana	PROPN
arjefm-61	334	17	,	,	PUNCT
arjefm-61	334	18	nº	nº	PROPN
arjefm-61	334	19	163	163	NUM
arjefm-61	334	20	,	,	PUNCT
arjefm-61	334	21	indexada	indexada	PROPN
arjefm-61	334	22	en	en	PROPN
arjefm-61	334	23	ideas	idea	NOUN
arjefm-61	334	24	-	-	PUNCT
arjefm-61	334	25	repec	repec	ADJ
arjefm-61	334	26	,	,	PUNCT
arjefm-61	334	27	recuperado	recuperado	PROPN
arjefm-61	334	28	de	de	PROPN
arjefm-61	334	29	http://www.eumed.net/cursecon/ecolat/co/	http://www.eumed.net/cursecon/ecolat/co/	PROPN
arjefm-61	334	30	toro	toro	PROPN
arjefm-61	334	31	d.	d.	PROPN
arjefm-61	334	32	,	,	PUNCT
arjefm-61	334	33	jairo	jairo	X
arjefm-61	334	34	(	(	PUNCT
arjefm-61	334	35	2009	2009	NUM
arjefm-61	334	36	)	)	PUNCT
arjefm-61	334	37	.	.	PUNCT
arjefm-61	335	1	financial	financial	ADJ
arjefm-61	335	2	decisions	decision	NOUN
arjefm-61	335	3	of	of	ADP
arjefm-61	335	4	managers	manager	NOUN
arjefm-61	335	5	of	of	ADP
arjefm-61	335	6	pymes	pyme	NOUN
arjefm-61	335	7	in	in	ADP
arjefm-61	335	8	manizales	manizales	PROPN
arjefm-61	335	9	.	.	PUNCT
arjefm-61	336	1	journal	journal	PROPN
arjefm-61	336	2	international	international	PROPN
arjefm-61	336	3	of	of	ADP
arjefm-61	336	4	busisness	busisness	NOUN
arjefm-61	336	5	and	and	CCONJ
arjefm-61	336	6	finance	finance	NOUN
arjefm-61	336	7	,	,	PUNCT
arjefm-61	336	8	vol	vol	NOUN
arjefm-61	336	9	.	.	PROPN
arjefm-61	336	10	4	4	NUM
arjefm-61	336	11	(	(	PUNCT
arjefm-61	336	12	no	no	NOUN
arjefm-61	336	13	.	.	NOUN
arjefm-61	336	14	2	2	NUM
arjefm-61	336	15	)	)	PUNCT
arjefm-61	336	16	,	,	PUNCT
arjefm-61	336	17	p.	p.	NOUN
arjefm-61	336	18	804	804	NUM
arjefm-61	336	19	-	-	PUNCT
arjefm-61	336	20	809	809	NUM
arjefm-61	336	21	.	.	PUNCT
arjefm-61	337	1	recuperado	recuperado	PROPN
arjefm-61	337	2	de	de	PROPN
arjefm-61	337	3	http://www.theibfr.com/archive/issn-1941-9589-v4-n2-2009.pdf	http://www.theibfr.com/archive/issn-1941-9589-v4-n2-2009.pdf	PROPN
arjefm-61	337	4	tudela	tudela	PROPN
arjefm-61	337	5	&	&	CCONJ
arjefm-61	337	6	g.	g.	PROPN
arjefm-61	337	7	young	young	PROPN
arjefm-61	337	8	(	(	PUNCT
arjefm-61	337	9	2005	2005	NUM
arjefm-61	337	10	)	)	PUNCT
arjefm-61	337	11	.	.	PUNCT
arjefm-61	338	1	"	"	PUNCT
arjefm-61	338	2	a	a	DET
arjefm-61	338	3	merton	merton	ADJ
arjefm-61	338	4	-	-	PUNCT
arjefm-61	338	5	model	model	NOUN
arjefm-61	338	6	approach	approach	NOUN
arjefm-61	338	7	to	to	ADP
arjefm-61	338	8	assessing	assess	VERB
arjefm-61	338	9	the	the	DET
arjefm-61	338	10	default	default	NOUN
arjefm-61	338	11	risk	risk	NOUN
arjefm-61	338	12	of	of	ADP
arjefm-61	338	13	uk	uk	PROPN
arjefm-61	338	14	public	public	ADJ
arjefm-61	338	15	companies	company	NOUN
arjefm-61	338	16	,	,	PUNCT
arjefm-61	338	17	"	"	PUNCT
arjefm-61	338	18	international	international	ADJ
arjefm-61	338	19	journal	journal	NOUN
arjefm-61	338	20	of	of	ADP
arjefm-61	338	21	theoretical	theoretical	ADJ
arjefm-61	338	22	and	and	CCONJ
arjefm-61	338	23	applied	apply	VERB
arjefm-61	338	24	finance	finance	NOUN
arjefm-61	338	25	(	(	PUNCT
arjefm-61	338	26	ijtaf	ijtaf	PROPN
arjefm-61	338	27	)	)	PUNCT
arjefm-61	338	28	,	,	PUNCT
arjefm-61	338	29	world	world	NOUN
arjefm-61	338	30	scientific	scientific	PROPN
arjefm-61	338	31	publishing	publishing	PROPN
arjefm-61	338	32	co.	co.	PROPN
arjefm-61	338	33	pte	pte	PROPN
arjefm-61	338	34	.	.	PROPN
arjefm-61	338	35	ltd	ltd	PROPN
arjefm-61	338	36	.	.	PROPN
arjefm-61	338	37	,	,	PUNCT
arjefm-61	338	38	vol	vol	NOUN
arjefm-61	338	39	.	.	PROPN
arjefm-61	338	40	8(06	8(06	NUM
arjefm-61	338	41	)	)	PUNCT
arjefm-61	338	42	,	,	PUNCT
arjefm-61	338	43	pp	pp	ADP
arjefm-61	338	44	737	737	NUM
arjefm-61	338	45	-	-	SYM
arjefm-61	338	46	761	761	NUM
arjefm-61	338	47	.	.	PUNCT
arjefm-61	339	1	wolf	wolf	PROPN
arjefm-61	339	2	,	,	PUNCT
arjefm-61	339	3	martin	martin	PROPN
arjefm-61	339	4	.	.	PUNCT
arjefm-61	340	1	why	why	SCONJ
arjefm-61	340	2	globalization	globalization	NOUN
arjefm-61	340	3	works	work	VERB
arjefm-61	340	4	,	,	PUNCT
arjefm-61	340	5	yale	yale	PROPN
arjefm-61	340	6	university	university	PROPN
arjefm-61	340	7	press	press	NOUN
arjefm-61	340	8	,	,	PUNCT
arjefm-61	340	9	isbn	isbn	PROPN
arjefm-61	340	10	0	0	NUM
arjefm-61	340	11	–	–	PUNCT
arjefm-61	340	12	300	300	NUM
arjefm-61	340	13	–	–	PUNCT
arjefm-61	340	14	10252	10252	NUM
arjefm-61	340	15	6	6	NUM
arjefm-61	340	16	.	.	PUNCT
arjefm-61	340	17	zorrilla	zorrilla	PROPN
arjefm-61	340	18	salgado	salgado	PROPN
arjefm-61	340	19	,	,	PUNCT
arjefm-61	340	20	juan	juan	PROPN
arjefm-61	340	21	pablo	pablo	PROPN
arjefm-61	340	22	(	(	PUNCT
arjefm-61	340	23	2003	2003	NUM
arjefm-61	340	24	)	)	PUNCT
arjefm-61	340	25	.	.	PUNCT
arjefm-61	341	1	la	la	PROPN
arjefm-61	341	2	administración	administración	PROPN
arjefm-61	341	3	de	de	PROPN
arjefm-61	341	4	riesgos	riesgos	PROPN
arjefm-61	341	5	financieros	financieros	PROPN
arjefm-61	341	6	en	en	PROPN
arjefm-61	341	7	las	las	PROPN
arjefm-61	341	8	pymes	pymes	PROPN
arjefm-61	341	9	de	de	PROPN
arjefm-61	341	10	exportación	exportación	PROPN
arjefm-61	341	11	en	en	PROPN
arjefm-61	341	12	contribuciones	contribuciones	PROPN
arjefm-61	341	13	a	a	PROPN
arjefm-61	341	14	la	la	PROPN
arjefm-61	341	15	economía	economía	PROPN
arjefm-61	341	16	.	.	PUNCT
arjefm-61	342	1	veracruz	veracruz	PROPN
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