id	sid	tid	token	lemma	pos
arjefm-86	1	1	american	american	PROPN
arjefm-86	1	2	research	research	PROPN
arjefm-86	1	3	journal	journal	PROPN
arjefm-86	1	4	of	of	ADP
arjefm-86	1	5	economics	economic	NOUN
arjefm-86	1	6	,	,	PUNCT
arjefm-86	1	7	finance	finance	NOUN
arjefm-86	1	8	and	and	CCONJ
arjefm-86	1	9	management	management	NOUN
arjefm-86	1	10	volume	volume	NOUN
arjefm-86	1	11	11	11	NUM
arjefm-86	1	12	issue	issue	NOUN
arjefm-86	1	13	3	3	NUM
arjefm-86	1	14	,	,	PUNCT
arjefm-86	1	15	july	july	PROPN
arjefm-86	1	16	-	-	PUNCT
arjefm-86	1	17	september	september	PROPN
arjefm-86	1	18	2023	2023	NUM
arjefm-86	1	19	issn	issn	PROPN
arjefm-86	1	20	:	:	PUNCT
arjefm-86	1	21	2836	2836	NUM
arjefm-86	1	22	-	-	SYM
arjefm-86	1	23	9416	9416	NUM
arjefm-86	1	24	impact	impact	NOUN
arjefm-86	1	25	factor	factor	NOUN
arjefm-86	1	26	:	:	PUNCT
arjefm-86	1	27	5.57	5.57	NUM
arjefm-86	1	28	journal	journal	NOUN
arjefm-86	1	29	homepage	homepage	NOUN
arjefm-86	1	30	:	:	PUNCT
arjefm-86	1	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	1	32	,	,	PUNCT
arjefm-86	1	33	email	email	NOUN
arjefm-86	1	34	:	:	PUNCT
arjefm-86	1	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	1	36	official	official	ADJ
arjefm-86	1	37	journal	journal	PROPN
arjefm-86	1	38	of	of	ADP
arjefm-86	1	39	america	america	PROPN
arjefm-86	1	40	serial	serial	PROPN
arjefm-86	1	41	publication	publication	NOUN
arjefm-86	1	42	american	american	PROPN
arjefm-86	1	43	research	research	PROPN
arjefm-86	1	44	journal	journal	PROPN
arjefm-86	1	45	of	of	ADP
arjefm-86	1	46	economics	economic	NOUN
arjefm-86	1	47	,	,	PUNCT
arjefm-86	1	48	finance	finance	NOUN
arjefm-86	1	49	and	and	CCONJ
arjefm-86	1	50	management	management	NOUN
arjefm-86	1	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	1	52	,	,	PUNCT
arjefm-86	1	53	email	email	NOUN
arjefm-86	1	54	:	:	PUNCT
arjefm-86	1	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	2	1	23	23	NUM
arjefm-86	3	1	|	|	ADV
arjefm-86	3	2	p	p	NOUN
arjefm-86	3	3	a	a	DET
arjefm-86	3	4	g	g	NOUN
arjefm-86	3	5	e	e	NOUN
arjefm-86	3	6	examining	examine	VERB
arjefm-86	3	7	corporate	corporate	ADJ
arjefm-86	3	8	ownership	ownership	NOUN
arjefm-86	3	9	and	and	CCONJ
arjefm-86	3	10	risk	risk	NOUN
arjefm-86	3	11	management	management	NOUN
arjefm-86	3	12	in	in	ADP
arjefm-86	3	13	sri	sri	ADJ
arjefm-86	3	14	lankan	lankan	PROPN
arjefm-86	3	15	firms	firm	NOUN
arjefm-86	3	16	1dr	1dr	NOUN
arjefm-86	3	17	.	.	PUNCT
arjefm-86	4	1	anika	anika	PROPN
arjefm-86	4	2	perera	perera	PROPN
arjefm-86	4	3	and	and	CCONJ
arjefm-86	4	4	2prof	2prof	NUM
arjefm-86	4	5	.	.	PUNCT
arjefm-86	5	1	nishan	nishan	PROPN
arjefm-86	5	2	silva	silva	PROPN
arjefm-86	5	3	1assistant	1assistant	PROPN
arjefm-86	5	4	lecturer	lecturer	NOUN
arjefm-86	5	5	,	,	PUNCT
arjefm-86	5	6	department	department	NOUN
arjefm-86	5	7	of	of	ADP
arjefm-86	5	8	accountancy	accountancy	PROPN
arjefm-86	5	9	,	,	PUNCT
arjefm-86	5	10	sri	sri	PROPN
arjefm-86	5	11	lanka	lanka	PROPN
arjefm-86	5	12	institute	institute	PROPN
arjefm-86	5	13	of	of	ADP
arjefm-86	5	14	advanced	advanced	ADJ
arjefm-86	5	15	technological	technological	ADJ
arjefm-86	5	16	education	education	NOUN
arjefm-86	5	17	2professor	2professor	NUM
arjefm-86	5	18	in	in	ADP
arjefm-86	5	19	finance	finance	NOUN
arjefm-86	5	20	,	,	PUNCT
arjefm-86	5	21	faculty	faculty	NOUN
arjefm-86	5	22	of	of	ADP
arjefm-86	5	23	management	management	NOUN
arjefm-86	5	24	and	and	CCONJ
arjefm-86	5	25	finance	finance	NOUN
arjefm-86	5	26	,	,	PUNCT
arjefm-86	5	27	university	university	NOUN
arjefm-86	5	28	of	of	ADP
arjefm-86	5	29	colombo	colombo	NOUN
arjefm-86	5	30	,	,	PUNCT
arjefm-86	5	31	abstract	abstract	ADJ
arjefm-86	5	32	:	:	PUNCT
arjefm-86	5	33	corporate	corporate	ADJ
arjefm-86	5	34	governance	governance	NOUN
arjefm-86	5	35	plays	play	VERB
arjefm-86	5	36	a	a	DET
arjefm-86	5	37	pivotal	pivotal	ADJ
arjefm-86	5	38	role	role	NOUN
arjefm-86	5	39	in	in	ADP
arjefm-86	5	40	mitigating	mitigate	VERB
arjefm-86	5	41	corporate	corporate	ADJ
arjefm-86	5	42	scandals	scandal	NOUN
arjefm-86	5	43	and	and	CCONJ
arjefm-86	5	44	financial	financial	ADJ
arjefm-86	5	45	crises	crisis	NOUN
arjefm-86	5	46	that	that	PRON
arjefm-86	5	47	have	have	AUX
arjefm-86	5	48	plagued	plague	VERB
arjefm-86	5	49	global	global	ADJ
arjefm-86	5	50	economies	economy	NOUN
arjefm-86	5	51	in	in	ADP
arjefm-86	5	52	recent	recent	ADJ
arjefm-86	5	53	years	year	NOUN
arjefm-86	5	54	.	.	PUNCT
arjefm-86	6	1	numerous	numerous	ADJ
arjefm-86	6	2	large	large	ADJ
arjefm-86	6	3	companies	company	NOUN
arjefm-86	6	4	across	across	ADP
arjefm-86	6	5	the	the	DET
arjefm-86	6	6	globe	globe	NOUN
arjefm-86	6	7	,	,	PUNCT
arjefm-86	6	8	including	include	VERB
arjefm-86	6	9	those	those	PRON
arjefm-86	6	10	in	in	ADP
arjefm-86	6	11	the	the	DET
arjefm-86	6	12	united	united	PROPN
arjefm-86	6	13	states	states	PROPN
arjefm-86	6	14	,	,	PUNCT
arjefm-86	6	15	europe	europe	PROPN
arjefm-86	6	16	,	,	PUNCT
arjefm-86	6	17	and	and	CCONJ
arjefm-86	6	18	asia	asia	PROPN
arjefm-86	6	19	,	,	PUNCT
arjefm-86	6	20	faced	face	VERB
arjefm-86	6	21	collapse	collapse	NOUN
arjefm-86	6	22	during	during	ADP
arjefm-86	6	23	financial	financial	ADJ
arjefm-86	6	24	crises	crisis	NOUN
arjefm-86	6	25	,	,	PUNCT
arjefm-86	6	26	highlighting	highlight	VERB
arjefm-86	6	27	the	the	DET
arjefm-86	6	28	importance	importance	NOUN
arjefm-86	6	29	of	of	ADP
arjefm-86	6	30	effective	effective	ADJ
arjefm-86	6	31	corporate	corporate	ADJ
arjefm-86	6	32	risk	risk	NOUN
arjefm-86	6	33	governance	governance	NOUN
arjefm-86	6	34	.	.	PUNCT
arjefm-86	7	1	in	in	ADP
arjefm-86	7	2	sri	sri	PROPN
arjefm-86	7	3	lanka	lanka	PROPN
arjefm-86	7	4	,	,	PUNCT
arjefm-86	7	5	similar	similar	ADJ
arjefm-86	7	6	business	business	NOUN
arjefm-86	7	7	catastrophes	catastrophe	NOUN
arjefm-86	7	8	occurred	occur	VERB
arjefm-86	7	9	primarily	primarily	ADV
arjefm-86	7	10	in	in	ADP
arjefm-86	7	11	the	the	DET
arjefm-86	7	12	banking	banking	NOUN
arjefm-86	7	13	and	and	CCONJ
arjefm-86	7	14	finance	finance	NOUN
arjefm-86	7	15	industry	industry	NOUN
arjefm-86	7	16	between	between	ADP
arjefm-86	7	17	the	the	DET
arjefm-86	7	18	late	late	ADJ
arjefm-86	7	19	1980s	1980	NOUN
arjefm-86	7	20	and	and	CCONJ
arjefm-86	7	21	the	the	DET
arjefm-86	7	22	early	early	ADJ
arjefm-86	7	23	2000s	2000s	NUM
arjefm-86	7	24	.	.	PUNCT
arjefm-86	8	1	corporate	corporate	ADJ
arjefm-86	8	2	governance	governance	NOUN
arjefm-86	8	3	measures	measure	NOUN
arjefm-86	8	4	,	,	PUNCT
arjefm-86	8	5	such	such	ADJ
arjefm-86	8	6	as	as	ADP
arjefm-86	8	7	board	board	NOUN
arjefm-86	8	8	structure	structure	NOUN
arjefm-86	8	9	,	,	PUNCT
arjefm-86	8	10	compensation	compensation	NOUN
arjefm-86	8	11	structure	structure	NOUN
arjefm-86	8	12	,	,	PUNCT
arjefm-86	8	13	and	and	CCONJ
arjefm-86	8	14	ownership	ownership	NOUN
arjefm-86	8	15	structure	structure	NOUN
arjefm-86	8	16	,	,	PUNCT
arjefm-86	8	17	significantly	significantly	ADV
arjefm-86	8	18	influence	influence	VERB
arjefm-86	8	19	a	a	DET
arjefm-86	8	20	firm	firm	NOUN
arjefm-86	8	21	's	's	PART
arjefm-86	8	22	risk	risk	NOUN
arjefm-86	8	23	profile	profile	NOUN
arjefm-86	8	24	,	,	PUNCT
arjefm-86	8	25	cash	cash	NOUN
arjefm-86	8	26	flows	flow	NOUN
arjefm-86	8	27	,	,	PUNCT
arjefm-86	8	28	size	size	NOUN
arjefm-86	8	29	,	,	PUNCT
arjefm-86	8	30	and	and	CCONJ
arjefm-86	8	31	regulatory	regulatory	ADJ
arjefm-86	8	32	compliance	compliance	NOUN
arjefm-86	8	33	.	.	PUNCT
arjefm-86	9	1	ownership	ownership	NOUN
arjefm-86	9	2	structures	structure	NOUN
arjefm-86	9	3	,	,	PUNCT
arjefm-86	9	4	in	in	ADP
arjefm-86	9	5	particular	particular	ADJ
arjefm-86	9	6	,	,	PUNCT
arjefm-86	9	7	play	play	VERB
arjefm-86	9	8	a	a	DET
arjefm-86	9	9	crucial	crucial	ADJ
arjefm-86	9	10	role	role	NOUN
arjefm-86	9	11	in	in	ADP
arjefm-86	9	12	resolving	resolve	VERB
arjefm-86	9	13	or	or	CCONJ
arjefm-86	9	14	exacerbating	exacerbate	VERB
arjefm-86	9	15	agency	agency	NOUN
arjefm-86	9	16	conflicts	conflict	NOUN
arjefm-86	9	17	within	within	ADP
arjefm-86	9	18	firms	firm	NOUN
arjefm-86	9	19	.	.	PUNCT
arjefm-86	10	1	risk	risk	NOUN
arjefm-86	10	2	and	and	CCONJ
arjefm-86	10	3	performance	performance	NOUN
arjefm-86	10	4	are	be	AUX
arjefm-86	10	5	intertwined	intertwine	VERB
arjefm-86	10	6	,	,	PUNCT
arjefm-86	10	7	leading	lead	VERB
arjefm-86	10	8	owners	owner	NOUN
arjefm-86	10	9	to	to	PART
arjefm-86	10	10	seek	seek	VERB
arjefm-86	10	11	the	the	DET
arjefm-86	10	12	balance	balance	NOUN
arjefm-86	10	13	between	between	ADP
arjefm-86	10	14	managing	manage	VERB
arjefm-86	10	15	risk	risk	NOUN
arjefm-86	10	16	and	and	CCONJ
arjefm-86	10	17	achieving	achieve	VERB
arjefm-86	10	18	financial	financial	ADJ
arjefm-86	10	19	success	success	NOUN
arjefm-86	10	20	.	.	PUNCT
arjefm-86	11	1	in	in	ADP
arjefm-86	11	2	response	response	NOUN
arjefm-86	11	3	to	to	ADP
arjefm-86	11	4	these	these	DET
arjefm-86	11	5	crises	crisis	NOUN
arjefm-86	11	6	,	,	PUNCT
arjefm-86	11	7	countries	country	NOUN
arjefm-86	11	8	like	like	ADP
arjefm-86	11	9	the	the	DET
arjefm-86	11	10	uk	uk	PROPN
arjefm-86	11	11	and	and	CCONJ
arjefm-86	11	12	the	the	DET
arjefm-86	11	13	usa	usa	PROPN
arjefm-86	11	14	have	have	AUX
arjefm-86	11	15	initiated	initiate	VERB
arjefm-86	11	16	regulatory	regulatory	ADJ
arjefm-86	11	17	frameworks	framework	NOUN
arjefm-86	11	18	emphasizing	emphasize	VERB
arjefm-86	11	19	the	the	DET
arjefm-86	11	20	role	role	NOUN
arjefm-86	11	21	of	of	ADP
arjefm-86	11	22	corporate	corporate	ADJ
arjefm-86	11	23	governance	governance	NOUN
arjefm-86	11	24	and	and	CCONJ
arjefm-86	11	25	risk	risk	NOUN
arjefm-86	11	26	management	management	NOUN
arjefm-86	11	27	.	.	PUNCT
arjefm-86	12	1	these	these	DET
arjefm-86	12	2	frameworks	framework	NOUN
arjefm-86	12	3	offer	offer	VERB
arjefm-86	12	4	guidance	guidance	NOUN
arjefm-86	12	5	on	on	ADP
arjefm-86	12	6	internal	internal	ADJ
arjefm-86	12	7	control	control	NOUN
arjefm-86	12	8	mechanisms	mechanism	NOUN
arjefm-86	12	9	and	and	CCONJ
arjefm-86	12	10	board	board	NOUN
arjefm-86	12	11	attributes	attribute	NOUN
arjefm-86	12	12	to	to	PART
arjefm-86	12	13	enhance	enhance	VERB
arjefm-86	12	14	corporate	corporate	ADJ
arjefm-86	12	15	accountability	accountability	NOUN
arjefm-86	12	16	and	and	CCONJ
arjefm-86	12	17	reduce	reduce	VERB
arjefm-86	12	18	the	the	DET
arjefm-86	12	19	risk	risk	NOUN
arjefm-86	12	20	of	of	ADP
arjefm-86	12	21	firm	firm	ADJ
arjefm-86	12	22	insolvency	insolvency	NOUN
arjefm-86	12	23	.	.	PUNCT
arjefm-86	13	1	however	however	ADV
arjefm-86	13	2	,	,	PUNCT
arjefm-86	13	3	many	many	ADJ
arjefm-86	13	4	asian	asian	ADJ
arjefm-86	13	5	countries	country	NOUN
arjefm-86	13	6	,	,	PUNCT
arjefm-86	13	7	including	include	VERB
arjefm-86	13	8	sri	sri	PROPN
arjefm-86	13	9	lanka	lanka	PROPN
arjefm-86	13	10	,	,	PUNCT
arjefm-86	13	11	have	have	VERB
arjefm-86	13	12	yet	yet	ADV
arjefm-86	13	13	to	to	PART
arjefm-86	13	14	implement	implement	VERB
arjefm-86	13	15	regulatory	regulatory	ADJ
arjefm-86	13	16	frameworks	framework	NOUN
arjefm-86	13	17	addressing	address	VERB
arjefm-86	13	18	the	the	DET
arjefm-86	13	19	role	role	NOUN
arjefm-86	13	20	of	of	ADP
arjefm-86	13	21	boards	board	NOUN
arjefm-86	13	22	in	in	ADP
arjefm-86	13	23	risk	risk	NOUN
arjefm-86	13	24	management	management	NOUN
arjefm-86	13	25	.	.	PUNCT
arjefm-86	14	1	this	this	DET
arjefm-86	14	2	study	study	NOUN
arjefm-86	14	3	explores	explore	VERB
arjefm-86	14	4	the	the	DET
arjefm-86	14	5	relationship	relationship	NOUN
arjefm-86	14	6	between	between	ADP
arjefm-86	14	7	ownership	ownership	NOUN
arjefm-86	14	8	structures	structure	NOUN
arjefm-86	14	9	and	and	CCONJ
arjefm-86	14	10	corporate	corporate	ADJ
arjefm-86	14	11	risk	risk	NOUN
arjefm-86	14	12	-	-	PUNCT
arjefm-86	14	13	taking	taking	NOUN
arjefm-86	14	14	,	,	PUNCT
arjefm-86	14	15	shedding	shed	VERB
arjefm-86	14	16	light	light	NOUN
arjefm-86	14	17	on	on	ADP
arjefm-86	14	18	the	the	DET
arjefm-86	14	19	significance	significance	NOUN
arjefm-86	14	20	of	of	ADP
arjefm-86	14	21	ownership	ownership	NOUN
arjefm-86	14	22	in	in	ADP
arjefm-86	14	23	shaping	shape	VERB
arjefm-86	14	24	a	a	DET
arjefm-86	14	25	firm	firm	NOUN
arjefm-86	14	26	's	's	PART
arjefm-86	14	27	approach	approach	NOUN
arjefm-86	14	28	to	to	ADP
arjefm-86	14	29	risk	risk	NOUN
arjefm-86	14	30	management	management	NOUN
arjefm-86	14	31	.	.	PUNCT
arjefm-86	15	1	keywords	keyword	NOUN
arjefm-86	15	2	:	:	PUNCT
arjefm-86	15	3	corporate	corporate	ADJ
arjefm-86	15	4	governance	governance	NOUN
arjefm-86	15	5	,	,	PUNCT
arjefm-86	15	6	ownership	ownership	NOUN
arjefm-86	15	7	structure	structure	NOUN
arjefm-86	15	8	,	,	PUNCT
arjefm-86	15	9	risk	risk	NOUN
arjefm-86	15	10	management	management	NOUN
arjefm-86	15	11	,	,	PUNCT
arjefm-86	15	12	financial	financial	ADJ
arjefm-86	15	13	crisis	crisis	NOUN
arjefm-86	15	14	,	,	PUNCT
arjefm-86	15	15	regulatory	regulatory	ADJ
arjefm-86	15	16	framework	framework	NOUN
arjefm-86	15	17	1	1	NUM
arjefm-86	15	18	.	.	PUNCT
arjefm-86	16	1	introduction	introduction	NOUN
arjefm-86	16	2	the	the	DET
arjefm-86	16	3	necessity	necessity	NOUN
arjefm-86	16	4	of	of	ADP
arjefm-86	16	5	corporate	corporate	ADJ
arjefm-86	16	6	governance	governance	NOUN
arjefm-86	16	7	became	become	VERB
arjefm-86	16	8	very	very	ADV
arjefm-86	16	9	crucial	crucial	ADJ
arjefm-86	16	10	with	with	SCONJ
arjefm-86	16	11	many	many	ADJ
arjefm-86	16	12	corporate	corporate	ADJ
arjefm-86	16	13	scandals	scandal	NOUN
arjefm-86	16	14	and	and	CCONJ
arjefm-86	16	15	financial	financial	ADJ
arjefm-86	16	16	crisis	crisis	NOUN
arjefm-86	16	17	took	take	VERB
arjefm-86	16	18	place	place	NOUN
arjefm-86	16	19	around	around	ADP
arjefm-86	16	20	the	the	DET
arjefm-86	16	21	world	world	NOUN
arjefm-86	16	22	in	in	ADP
arjefm-86	16	23	recent	recent	ADJ
arjefm-86	16	24	times	time	NOUN
arjefm-86	16	25	(	(	PUNCT
arjefm-86	16	26	kaur	kaur	PROPN
arjefm-86	16	27	&	&	CCONJ
arjefm-86	16	28	gill	gill	PROPN
arjefm-86	16	29	2008	2008	NUM
arjefm-86	16	30	)	)	PUNCT
arjefm-86	16	31	.	.	PUNCT
arjefm-86	17	1	a	a	DET
arjefm-86	17	2	number	number	NOUN
arjefm-86	17	3	of	of	ADP
arjefm-86	17	4	large	large	ADJ
arjefm-86	17	5	american	american	ADJ
arjefm-86	17	6	,	,	PUNCT
arjefm-86	17	7	european	european	ADJ
arjefm-86	17	8	and	and	CCONJ
arjefm-86	17	9	asian	asian	ADJ
arjefm-86	17	10	companies	company	NOUN
arjefm-86	17	11	collapsed	collapse	VERB
arjefm-86	17	12	during	during	ADP
arjefm-86	17	13	the	the	DET
arjefm-86	17	14	financial	financial	ADJ
arjefm-86	17	15	crisis	crisis	NOUN
arjefm-86	17	16	that	that	PRON
arjefm-86	17	17	took	take	VERB
arjefm-86	17	18	place	place	NOUN
arjefm-86	17	19	all	all	ADV
arjefm-86	17	20	over	over	ADP
arjefm-86	17	21	the	the	DET
arjefm-86	17	22	world	world	NOUN
arjefm-86	17	23	(	(	PUNCT
arjefm-86	17	24	wei	wei	PROPN
arjefm-86	17	25	&	&	CCONJ
arjefm-86	17	26	geng	geng	PROPN
arjefm-86	17	27	,	,	PUNCT
arjefm-86	17	28	2008	2008	NUM
arjefm-86	17	29	)	)	PUNCT
arjefm-86	17	30	.	.	PUNCT
arjefm-86	18	1	in	in	ADP
arjefm-86	18	2	sri	sri	PROPN
arjefm-86	18	3	lankan	lankan	PROPN
arjefm-86	18	4	perspective	perspective	PROPN
arjefm-86	18	5	,	,	PUNCT
arjefm-86	18	6	business	business	NOUN
arjefm-86	18	7	catastrophes	catastrophe	NOUN
arjefm-86	18	8	took	take	VERB
arjefm-86	18	9	place	place	NOUN
arjefm-86	18	10	in	in	ADP
arjefm-86	18	11	the	the	DET
arjefm-86	18	12	late	late	ADJ
arjefm-86	18	13	1980s	1980	NOUN
arjefm-86	18	14	and	and	CCONJ
arjefm-86	18	15	in	in	ADP
arjefm-86	18	16	the	the	DET
arjefm-86	18	17	early	early	ADJ
arjefm-86	18	18	1990s	1990	NOUN
arjefm-86	18	19	through	through	ADP
arjefm-86	18	20	to	to	ADP
arjefm-86	18	21	2008	2008	NUM
arjefm-86	18	22	,	,	PUNCT
arjefm-86	18	23	especially	especially	ADV
arjefm-86	18	24	in	in	ADP
arjefm-86	18	25	the	the	DET
arjefm-86	18	26	banking	banking	NOUN
arjefm-86	18	27	and	and	CCONJ
arjefm-86	18	28	finance	finance	NOUN
arjefm-86	18	29	industry	industry	NOUN
arjefm-86	18	30	(	(	PUNCT
arjefm-86	18	31	heenetigala	heenetigala	NOUN
arjefm-86	18	32	,	,	PUNCT
arjefm-86	18	33	2011	2011	NUM
arjefm-86	18	34	;	;	PUNCT
arjefm-86	18	35	mapita	mapita	PROPN
arjefm-86	18	36	et	et	PROPN
arjefm-86	18	37	al	al	PROPN
arjefm-86	18	38	.	.	PROPN
arjefm-86	18	39	,	,	PUNCT
arjefm-86	18	40	2015	2015	NUM
arjefm-86	18	41	)	)	PUNCT
arjefm-86	18	42	.	.	PUNCT
arjefm-86	19	1	researchers	researcher	NOUN
arjefm-86	19	2	connected	connect	VERB
arjefm-86	19	3	the	the	DET
arjefm-86	19	4	reason	reason	NOUN
arjefm-86	19	5	for	for	ADP
arjefm-86	19	6	the	the	DET
arjefm-86	19	7	corporate	corporate	ADJ
arjefm-86	19	8	collapses	collapse	NOUN
arjefm-86	19	9	and	and	CCONJ
arjefm-86	19	10	financial	financial	ADJ
arjefm-86	19	11	crisis	crisis	NOUN
arjefm-86	19	12	are	be	AUX
arjefm-86	19	13	failure	failure	NOUN
arjefm-86	19	14	of	of	ADP
arjefm-86	19	15	effective	effective	ADJ
arjefm-86	19	16	adaptation	adaptation	NOUN
arjefm-86	19	17	of	of	ADP
arjefm-86	19	18	corporate	corporate	ADJ
arjefm-86	19	19	risk	risk	NOUN
arjefm-86	19	20	governance	governance	NOUN
arjefm-86	19	21	.	.	PUNCT
arjefm-86	20	1	as	as	ADP
arjefm-86	20	2	per	per	ADP
arjefm-86	20	3	jensen	jensen	PROPN
arjefm-86	20	4	and	and	CCONJ
arjefm-86	20	5	meckling	meckling	NOUN
arjefm-86	20	6	(	(	PUNCT
arjefm-86	20	7	1976	1976	NUM
arjefm-86	20	8	)	)	PUNCT
arjefm-86	20	9	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	20	10	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	20	11	american	american	PROPN
arjefm-86	20	12	research	research	PROPN
arjefm-86	20	13	journal	journal	PROPN
arjefm-86	20	14	of	of	ADP
arjefm-86	20	15	economics	economic	NOUN
arjefm-86	20	16	,	,	PUNCT
arjefm-86	20	17	finance	finance	NOUN
arjefm-86	20	18	and	and	CCONJ
arjefm-86	20	19	management	management	NOUN
arjefm-86	20	20	volume	volume	NOUN
arjefm-86	20	21	11	11	NUM
arjefm-86	20	22	issue	issue	NOUN
arjefm-86	20	23	3	3	NUM
arjefm-86	20	24	,	,	PUNCT
arjefm-86	20	25	july	july	PROPN
arjefm-86	20	26	-	-	PUNCT
arjefm-86	20	27	september	september	PROPN
arjefm-86	20	28	2023	2023	NUM
arjefm-86	20	29	issn	issn	PROPN
arjefm-86	20	30	:	:	PUNCT
arjefm-86	20	31	2836	2836	NUM
arjefm-86	20	32	-	-	SYM
arjefm-86	20	33	9416	9416	NUM
arjefm-86	20	34	impact	impact	NOUN
arjefm-86	20	35	factor	factor	NOUN
arjefm-86	20	36	:	:	PUNCT
arjefm-86	20	37	5.57	5.57	NUM
arjefm-86	20	38	journal	journal	NOUN
arjefm-86	20	39	homepage	homepage	NOUN
arjefm-86	20	40	:	:	PUNCT
arjefm-86	20	41	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	20	42	,	,	PUNCT
arjefm-86	20	43	email	email	NOUN
arjefm-86	20	44	:	:	PUNCT
arjefm-86	20	45	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	20	46	official	official	ADJ
arjefm-86	20	47	journal	journal	PROPN
arjefm-86	20	48	of	of	ADP
arjefm-86	20	49	america	america	PROPN
arjefm-86	20	50	serial	serial	PROPN
arjefm-86	20	51	publication	publication	NOUN
arjefm-86	20	52	american	american	PROPN
arjefm-86	20	53	research	research	PROPN
arjefm-86	20	54	journal	journal	PROPN
arjefm-86	20	55	of	of	ADP
arjefm-86	20	56	economics	economic	NOUN
arjefm-86	20	57	,	,	PUNCT
arjefm-86	20	58	finance	finance	NOUN
arjefm-86	20	59	and	and	CCONJ
arjefm-86	20	60	management	management	NOUN
arjefm-86	20	61	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	20	62	,	,	PUNCT
arjefm-86	20	63	email	email	NOUN
arjefm-86	20	64	:	:	PUNCT
arjefm-86	20	65	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	21	1	24	24	NUM
arjefm-86	22	1	|	|	ADV
arjefm-86	22	2	p	p	X
arjefm-86	22	3	a	a	DET
arjefm-86	22	4	g	g	NOUN
arjefm-86	22	5	e	e	NOUN
arjefm-86	22	6	corporate	corporate	ADJ
arjefm-86	22	7	governance	governance	NOUN
arjefm-86	22	8	measures	measure	NOUN
arjefm-86	22	9	like	like	ADP
arjefm-86	22	10	board	board	NOUN
arjefm-86	22	11	structure	structure	NOUN
arjefm-86	22	12	,	,	PUNCT
arjefm-86	22	13	compensation	compensation	NOUN
arjefm-86	22	14	structure	structure	NOUN
arjefm-86	22	15	and	and	CCONJ
arjefm-86	22	16	ownership	ownership	NOUN
arjefm-86	22	17	structure	structure	NOUN
arjefm-86	22	18	determines	determine	VERB
arjefm-86	22	19	the	the	DET
arjefm-86	22	20	risk	risk	NOUN
arjefm-86	22	21	,	,	PUNCT
arjefm-86	22	22	cash	cash	NOUN
arjefm-86	22	23	flows	flow	NOUN
arjefm-86	22	24	,	,	PUNCT
arjefm-86	22	25	firms‟	firms‟	NOUN
arjefm-86	22	26	size	size	NOUN
arjefm-86	22	27	and	and	CCONJ
arjefm-86	22	28	regulations	regulation	NOUN
arjefm-86	22	29	of	of	ADP
arjefm-86	22	30	the	the	DET
arjefm-86	22	31	firm	firm	NOUN
arjefm-86	22	32	and	and	CCONJ
arjefm-86	22	33	further	far	ADV
arjefm-86	22	34	they	they	PRON
arjefm-86	22	35	argued	argue	VERB
arjefm-86	22	36	that	that	SCONJ
arjefm-86	22	37	these	these	DET
arjefm-86	22	38	variables	variable	NOUN
arjefm-86	22	39	have	have	VERB
arjefm-86	22	40	strong	strong	ADJ
arjefm-86	22	41	influence	influence	NOUN
arjefm-86	22	42	on	on	ADP
arjefm-86	22	43	the	the	DET
arjefm-86	22	44	firm‟s	firm‟s	NOUN
arjefm-86	22	45	risk	risk	NOUN
arjefm-86	22	46	.	.	PUNCT
arjefm-86	23	1	further	far	ADV
arjefm-86	23	2	,	,	PUNCT
arjefm-86	23	3	they	they	PRON
arjefm-86	23	4	explicit	explicit	VERB
arjefm-86	23	5	that	that	SCONJ
arjefm-86	23	6	different	different	ADJ
arjefm-86	23	7	ownership	ownership	NOUN
arjefm-86	23	8	structures	structure	NOUN
arjefm-86	23	9	have	have	VERB
arjefm-86	23	10	different	different	ADJ
arjefm-86	23	11	implications	implication	NOUN
arjefm-86	23	12	according	accord	VERB
arjefm-86	23	13	to	to	ADP
arjefm-86	23	14	their	their	PRON
arjefm-86	23	15	tendency	tendency	NOUN
arjefm-86	23	16	to	to	PART
arjefm-86	23	17	resolve	resolve	VERB
arjefm-86	23	18	or	or	CCONJ
arjefm-86	23	19	aggravate	aggravate	VERB
arjefm-86	23	20	agency	agency	NOUN
arjefm-86	23	21	conflicts	conflict	NOUN
arjefm-86	23	22	.	.	PUNCT
arjefm-86	24	1	risk	risk	NOUN
arjefm-86	24	2	and	and	CCONJ
arjefm-86	24	3	performance	performance	NOUN
arjefm-86	24	4	like	like	ADP
arjefm-86	24	5	two	two	NUM
arjefm-86	24	6	side	side	NOUN
arjefm-86	24	7	of	of	ADP
arjefm-86	24	8	the	the	DET
arjefm-86	24	9	coin	coin	NOUN
arjefm-86	24	10	,	,	PUNCT
arjefm-86	24	11	hence	hence	ADV
arjefm-86	24	12	owners	owner	NOUN
arjefm-86	24	13	tend	tend	VERB
arjefm-86	24	14	to	to	PART
arjefm-86	24	15	avoid	avoid	VERB
arjefm-86	24	16	risk	risk	NOUN
arjefm-86	24	17	part	part	NOUN
arjefm-86	24	18	and	and	CCONJ
arjefm-86	24	19	seek	seek	VERB
arjefm-86	24	20	the	the	DET
arjefm-86	24	21	other	other	ADJ
arjefm-86	24	22	side	side	NOUN
arjefm-86	24	23	which	which	PRON
arjefm-86	24	24	is	be	AUX
arjefm-86	24	25	main	main	ADJ
arjefm-86	24	26	reason	reason	NOUN
arjefm-86	24	27	for	for	ADP
arjefm-86	24	28	the	the	DET
arjefm-86	24	29	risk	risk	NOUN
arjefm-86	24	30	governance	governance	NOUN
arjefm-86	24	31	to	to	ADP
arjefm-86	24	32	the	the	DET
arjefm-86	24	33	corporate	corporate	ADJ
arjefm-86	24	34	board	board	NOUN
arjefm-86	24	35	.	.	PUNCT
arjefm-86	25	1	from	from	ADP
arjefm-86	25	2	the	the	DET
arjefm-86	25	3	impact	impact	NOUN
arjefm-86	25	4	of	of	ADP
arjefm-86	25	5	crisis	crisis	NOUN
arjefm-86	25	6	and	and	CCONJ
arjefm-86	25	7	collapse	collapse	NOUN
arjefm-86	25	8	uk	uk	PROPN
arjefm-86	25	9	has	have	AUX
arjefm-86	25	10	been	be	AUX
arjefm-86	25	11	initiated	initiate	VERB
arjefm-86	25	12	the	the	DET
arjefm-86	25	13	regulatory	regulatory	ADJ
arjefm-86	25	14	framework	framework	NOUN
arjefm-86	25	15	with	with	ADP
arjefm-86	25	16	the	the	DET
arjefm-86	25	17	concern	concern	NOUN
arjefm-86	25	18	on	on	ADP
arjefm-86	25	19	the	the	DET
arjefm-86	25	20	role	role	NOUN
arjefm-86	25	21	of	of	ADP
arjefm-86	25	22	corporate	corporate	ADJ
arjefm-86	25	23	governance	governance	NOUN
arjefm-86	25	24	and	and	CCONJ
arjefm-86	25	25	risk	risk	NOUN
arjefm-86	25	26	management	management	NOUN
arjefm-86	25	27	published	publish	VERB
arjefm-86	25	28	in	in	ADP
arjefm-86	25	29	financial	financial	ADJ
arjefm-86	25	30	reporting	reporting	NOUN
arjefm-86	25	31	council	council	NOUN
arjefm-86	25	32	(	(	PUNCT
arjefm-86	25	33	frc,2011	frc,2011	ADV
arjefm-86	25	34	)	)	PUNCT
arjefm-86	25	35	under	under	ADP
arjefm-86	25	36	boards	board	NOUN
arjefm-86	25	37	and	and	CCONJ
arjefm-86	25	38	risk	risk	NOUN
arjefm-86	25	39	.	.	PUNCT
arjefm-86	26	1	simultaneously	simultaneously	ADV
arjefm-86	26	2	,	,	PUNCT
arjefm-86	26	3	in	in	ADP
arjefm-86	26	4	usa	usa	PROPN
arjefm-86	26	5	,	,	PUNCT
arjefm-86	26	6	corporate	corporate	ADJ
arjefm-86	26	7	governance	governance	NOUN
arjefm-86	26	8	reforms	reform	NOUN
arjefm-86	26	9	which	which	PRON
arjefm-86	26	10	form	form	VERB
arjefm-86	26	11	part	part	NOUN
arjefm-86	26	12	of	of	ADP
arjefm-86	26	13	the	the	DET
arjefm-86	26	14	sarbanes	sarbane	NOUN
arjefm-86	26	15	–	–	PUNCT
arjefm-86	26	16	oxley	oxley	ADJ
arjefm-86	26	17	act	act	NOUN
arjefm-86	26	18	(	(	PUNCT
arjefm-86	26	19	2002	2002	NUM
arjefm-86	26	20	)	)	PUNCT
arjefm-86	26	21	provide	provide	VERB
arjefm-86	26	22	specific	specific	ADJ
arjefm-86	26	23	guidance	guidance	NOUN
arjefm-86	26	24	on	on	ADP
arjefm-86	26	25	internal	internal	ADJ
arjefm-86	26	26	control	control	NOUN
arjefm-86	26	27	mechanisms	mechanism	NOUN
arjefm-86	26	28	and	and	CCONJ
arjefm-86	26	29	board	board	NOUN
arjefm-86	26	30	attributes	attribute	NOUN
arjefm-86	26	31	to	to	PART
arjefm-86	26	32	improve	improve	VERB
arjefm-86	26	33	corporate	corporate	ADJ
arjefm-86	26	34	accountability	accountability	NOUN
arjefm-86	26	35	and	and	CCONJ
arjefm-86	26	36	reduce	reduce	VERB
arjefm-86	26	37	the	the	DET
arjefm-86	26	38	risk	risk	NOUN
arjefm-86	26	39	of	of	ADP
arjefm-86	26	40	firm	firm	ADJ
arjefm-86	26	41	insolvency	insolvency	NOUN
arjefm-86	26	42	.	.	PUNCT
arjefm-86	27	1	however	however	ADV
arjefm-86	27	2	,	,	PUNCT
arjefm-86	27	3	no	no	DET
arjefm-86	27	4	any	any	DET
arjefm-86	27	5	regulatory	regulatory	ADJ
arjefm-86	27	6	framework	framework	NOUN
arjefm-86	27	7	has	have	AUX
arjefm-86	27	8	been	be	AUX
arjefm-86	27	9	initiated	initiate	VERB
arjefm-86	27	10	in	in	ADP
arjefm-86	27	11	asian	asian	ADJ
arjefm-86	27	12	countries	country	NOUN
arjefm-86	27	13	perspectives	perspective	NOUN
arjefm-86	27	14	including	include	VERB
arjefm-86	27	15	sri	sri	PROPN
arjefm-86	27	16	lanka	lanka	PROPN
arjefm-86	27	17	with	with	ADP
arjefm-86	27	18	shade	shade	NOUN
arjefm-86	27	19	of	of	ADP
arjefm-86	27	20	boards	board	NOUN
arjefm-86	27	21	and	and	CCONJ
arjefm-86	27	22	risk	risk	NOUN
arjefm-86	27	23	.	.	PUNCT
arjefm-86	28	1	shareholders	shareholder	NOUN
arjefm-86	28	2	are	be	AUX
arjefm-86	28	3	the	the	DET
arjefm-86	28	4	owners	owner	NOUN
arjefm-86	28	5	of	of	ADP
arjefm-86	28	6	corporations	corporation	NOUN
arjefm-86	28	7	(	(	PUNCT
arjefm-86	28	8	monks	monk	NOUN
arjefm-86	28	9	&	&	CCONJ
arjefm-86	28	10	minow	minow	PROPN
arjefm-86	28	11	1995	1995	NUM
arjefm-86	28	12	)	)	PUNCT
arjefm-86	28	13	and	and	CCONJ
arjefm-86	28	14	they	they	PRON
arjefm-86	28	15	are	be	AUX
arjefm-86	28	16	different	different	ADJ
arjefm-86	28	17	types	type	NOUN
arjefm-86	28	18	(	(	PUNCT
arjefm-86	28	19	connelly	connelly	ADV
arjefm-86	28	20	et	et	PROPN
arjefm-86	28	21	al	al	PROPN
arjefm-86	28	22	.	.	PROPN
arjefm-86	28	23	2010	2010	NUM
arjefm-86	28	24	)	)	PUNCT
arjefm-86	28	25	such	such	ADJ
arjefm-86	28	26	as	as	ADP
arjefm-86	28	27	individual	individual	ADJ
arjefm-86	28	28	,	,	PUNCT
arjefm-86	28	29	family	family	NOUN
arjefm-86	28	30	,	,	PUNCT
arjefm-86	28	31	state	state	NOUN
arjefm-86	28	32	,	,	PUNCT
arjefm-86	28	33	and	and	CCONJ
arjefm-86	28	34	professional	professional	ADJ
arjefm-86	28	35	,	,	PUNCT
arjefm-86	28	36	government	government	NOUN
arjefm-86	28	37	,	,	PUNCT
arjefm-86	28	38	foreign	foreign	ADJ
arjefm-86	28	39	and	and	CCONJ
arjefm-86	28	40	public	public	ADJ
arjefm-86	28	41	(	(	PUNCT
arjefm-86	28	42	la	la	INTJ
arjefm-86	28	43	porta	porta	PROPN
arjefm-86	28	44	,	,	PUNCT
arjefm-86	28	45	de	de	PROPN
arjefm-86	28	46	silanes	silanes	PROPN
arjefm-86	28	47	&	&	CCONJ
arjefm-86	28	48	shleifer	shleifer	PROPN
arjefm-86	28	49	,	,	PUNCT
arjefm-86	28	50	1999	1999	NUM
arjefm-86	28	51	;	;	PUNCT
arjefm-86	28	52	gollakota	gollakota	NOUN
arjefm-86	28	53	&	&	CCONJ
arjefm-86	28	54	gupta	gupta	PROPN
arjefm-86	28	55	,	,	PUNCT
arjefm-86	28	56	2006	2006	NUM
arjefm-86	28	57	)	)	PUNCT
arjefm-86	28	58	.	.	PUNCT
arjefm-86	29	1	owner	owner	NOUN
arjefm-86	29	2	structure	structure	NOUN
arjefm-86	29	3	directly	directly	ADV
arjefm-86	29	4	influence	influence	VERB
arjefm-86	29	5	on	on	ADP
arjefm-86	29	6	the	the	DET
arjefm-86	29	7	firm	firm	ADJ
arjefm-86	29	8	risk	risk	NOUN
arjefm-86	29	9	.	.	PUNCT
arjefm-86	30	1	ownership	ownership	NOUN
arjefm-86	30	2	structure	structure	NOUN
arjefm-86	30	3	has	have	AUX
arjefm-86	30	4	been	be	AUX
arjefm-86	30	5	identified	identify	VERB
arjefm-86	30	6	as	as	ADP
arjefm-86	30	7	an	an	DET
arjefm-86	30	8	important	important	ADJ
arjefm-86	30	9	factor	factor	NOUN
arjefm-86	30	10	in	in	ADP
arjefm-86	30	11	shaping	shape	VERB
arjefm-86	30	12	corporate	corporate	ADJ
arjefm-86	30	13	risk	risk	NOUN
arjefm-86	30	14	taking	taking	NOUN
arjefm-86	30	15	(	(	PUNCT
arjefm-86	30	16	amihud	amihud	PROPN
arjefm-86	30	17	&	&	CCONJ
arjefm-86	30	18	lev	lev	PROPN
arjefm-86	30	19	,	,	PUNCT
arjefm-86	30	20	1981	1981	NUM
arjefm-86	30	21	;	;	PUNCT
arjefm-86	30	22	may	may	AUX
arjefm-86	30	23	,	,	PUNCT
arjefm-86	30	24	1995	1995	NUM
arjefm-86	30	25	;	;	PUNCT
arjefm-86	30	26	boubakri	boubakri	NOUN
arjefm-86	30	27	et	et	PROPN
arjefm-86	30	28	al	al	PROPN
arjefm-86	30	29	.	.	PROPN
arjefm-86	30	30	,	,	PUNCT
arjefm-86	30	31	2013	2013	NUM
arjefm-86	30	32	)	)	PUNCT
arjefm-86	30	33	.	.	PUNCT
arjefm-86	31	1	however	however	ADV
arjefm-86	31	2	,	,	PUNCT
arjefm-86	31	3	the	the	DET
arjefm-86	31	4	relationship	relationship	NOUN
arjefm-86	31	5	between	between	ADP
arjefm-86	31	6	ownership	ownership	NOUN
arjefm-86	31	7	structure	structure	NOUN
arjefm-86	31	8	and	and	CCONJ
arjefm-86	31	9	corporate	corporate	ADJ
arjefm-86	31	10	risk	risk	NOUN
arjefm-86	31	11	taking	take	VERB
arjefm-86	31	12	remains	remain	VERB
arjefm-86	31	13	unexplored	unexplored	ADJ
arjefm-86	31	14	in	in	ADP
arjefm-86	31	15	sri	sri	PROPN
arjefm-86	31	16	lankan	lankan	PROPN
arjefm-86	31	17	perspective	perspective	PROPN
arjefm-86	31	18	.	.	PUNCT
arjefm-86	32	1	senaratne	senaratne	NOUN
arjefm-86	32	2	and	and	CCONJ
arjefm-86	32	3	gunaratne	gunaratne	PROPN
arjefm-86	32	4	(	(	PUNCT
arjefm-86	32	5	2008	2008	NUM
arjefm-86	32	6	)	)	PUNCT
arjefm-86	32	7	found	find	VERB
arjefm-86	32	8	that	that	SCONJ
arjefm-86	32	9	ownership	ownership	NOUN
arjefm-86	32	10	is	be	AUX
arjefm-86	32	11	concentrated	concentrate	VERB
arjefm-86	32	12	in	in	ADP
arjefm-86	32	13	most	most	ADJ
arjefm-86	32	14	sri	sri	PROPN
arjefm-86	32	15	lankan	lankan	PROPN
arjefm-86	32	16	listed	list	VERB
arjefm-86	32	17	companies	company	NOUN
arjefm-86	32	18	with	with	ADP
arjefm-86	32	19	the	the	DET
arjefm-86	32	20	presence	presence	NOUN
arjefm-86	32	21	of	of	ADP
arjefm-86	32	22	controlling	control	VERB
arjefm-86	32	23	shareholders	shareholder	NOUN
arjefm-86	32	24	.	.	PUNCT
arjefm-86	33	1	as	as	ADP
arjefm-86	33	2	per	per	ADP
arjefm-86	33	3	them	they	PRON
arjefm-86	33	4	,	,	PUNCT
arjefm-86	33	5	concentrated	concentrated	ADJ
arjefm-86	33	6	ownership	ownership	NOUN
arjefm-86	33	7	,	,	PUNCT
arjefm-86	33	8	institutional	institutional	ADJ
arjefm-86	33	9	ownership	ownership	NOUN
arjefm-86	33	10	and	and	CCONJ
arjefm-86	33	11	executive	executive	NOUN
arjefm-86	33	12	(	(	PUNCT
arjefm-86	33	13	management	management	NOUN
arjefm-86	33	14	ownership	ownership	NOUN
arjefm-86	33	15	)	)	PUNCT
arjefm-86	33	16	are	be	AUX
arjefm-86	33	17	the	the	DET
arjefm-86	33	18	main	main	ADJ
arjefm-86	33	19	elements	element	NOUN
arjefm-86	33	20	for	for	ADP
arjefm-86	33	21	sri	sri	ADJ
arjefm-86	33	22	lankan	lankan	PROPN
arjefm-86	33	23	companies	company	NOUN
arjefm-86	33	24	,	,	PUNCT
arjefm-86	33	25	however	however	ADV
arjefm-86	33	26	the	the	DET
arjefm-86	33	27	impact	impact	NOUN
arjefm-86	33	28	of	of	ADP
arjefm-86	33	29	concentrated	concentrated	ADJ
arjefm-86	33	30	ownership	ownership	NOUN
arjefm-86	33	31	with	with	ADP
arjefm-86	33	32	firm‟s	firm‟s	NOUN
arjefm-86	33	33	risk	risk	NOUN
arjefm-86	33	34	remain	remain	VERB
arjefm-86	33	35	unexplored	unexplored	ADJ
arjefm-86	33	36	.	.	PUNCT
arjefm-86	34	1	this	this	DET
arjefm-86	34	2	study	study	NOUN
arjefm-86	34	3	sheds	shed	VERB
arjefm-86	34	4	on	on	ADP
arjefm-86	34	5	the	the	DET
arjefm-86	34	6	light	light	NOUN
arjefm-86	34	7	on	on	ADP
arjefm-86	34	8	gap	gap	NOUN
arjefm-86	34	9	,	,	PUNCT
arjefm-86	34	10	and	and	CCONJ
arjefm-86	34	11	examine	examine	VERB
arjefm-86	34	12	of	of	ADP
arjefm-86	34	13	empirical	empirical	ADJ
arjefm-86	34	14	study	study	NOUN
arjefm-86	34	15	on	on	ADP
arjefm-86	34	16	ownership	ownership	NOUN
arjefm-86	34	17	structure	structure	NOUN
arjefm-86	34	18	and	and	CCONJ
arjefm-86	34	19	firm	firm	ADJ
arjefm-86	34	20	risk	risk	NOUN
arjefm-86	34	21	.	.	PUNCT
arjefm-86	35	1	the	the	DET
arjefm-86	35	2	next	next	ADJ
arjefm-86	35	3	section	section	NOUN
arjefm-86	35	4	of	of	ADP
arjefm-86	35	5	the	the	DET
arjefm-86	35	6	paper	paper	NOUN
arjefm-86	35	7	discusses	discuss	VERB
arjefm-86	35	8	the	the	DET
arjefm-86	35	9	literature	literature	NOUN
arjefm-86	35	10	related	relate	VERB
arjefm-86	35	11	to	to	ADP
arjefm-86	35	12	ownership	ownership	NOUN
arjefm-86	35	13	type	type	NOUN
arjefm-86	35	14	and	and	CCONJ
arjefm-86	35	15	risk	risk	NOUN
arjefm-86	35	16	of	of	ADP
arjefm-86	35	17	firm	firm	NOUN
arjefm-86	35	18	.	.	PUNCT
arjefm-86	36	1	then	then	ADV
arjefm-86	36	2	the	the	DET
arjefm-86	36	3	hypotheses	hypothesis	NOUN
arjefm-86	36	4	are	be	AUX
arjefm-86	36	5	developed	develop	VERB
arjefm-86	36	6	and	and	CCONJ
arjefm-86	36	7	the	the	DET
arjefm-86	36	8	theoretical	theoretical	ADJ
arjefm-86	36	9	framework	framework	NOUN
arjefm-86	36	10	is	be	AUX
arjefm-86	36	11	presented	present	VERB
arjefm-86	36	12	.	.	PUNCT
arjefm-86	37	1	next	next	ADV
arjefm-86	37	2	,	,	PUNCT
arjefm-86	37	3	the	the	DET
arjefm-86	37	4	methodology	methodology	NOUN
arjefm-86	37	5	is	be	AUX
arjefm-86	37	6	outlined	outline	VERB
arjefm-86	37	7	after	after	ADP
arjefm-86	37	8	in	in	ADP
arjefm-86	37	9	which	which	PRON
arjefm-86	37	10	the	the	DET
arjefm-86	37	11	analysis	analysis	NOUN
arjefm-86	37	12	and	and	CCONJ
arjefm-86	37	13	discussion	discussion	NOUN
arjefm-86	37	14	of	of	ADP
arjefm-86	37	15	findings	finding	NOUN
arjefm-86	37	16	are	be	AUX
arjefm-86	37	17	presented	present	VERB
arjefm-86	37	18	.	.	PUNCT
arjefm-86	38	1	this	this	PRON
arjefm-86	38	2	is	be	AUX
arjefm-86	38	3	followed	follow	VERB
arjefm-86	38	4	by	by	ADP
arjefm-86	38	5	the	the	DET
arjefm-86	38	6	conclusions	conclusion	NOUN
arjefm-86	38	7	of	of	ADP
arjefm-86	38	8	the	the	DET
arjefm-86	38	9	study	study	NOUN
arjefm-86	38	10	with	with	ADP
arjefm-86	38	11	implications	implication	NOUN
arjefm-86	38	12	and	and	CCONJ
arjefm-86	38	13	suggestions	suggestion	NOUN
arjefm-86	38	14	for	for	ADP
arjefm-86	38	15	future	future	ADJ
arjefm-86	38	16	research	research	NOUN
arjefm-86	38	17	.	.	PUNCT
arjefm-86	39	1	2	2	X
arjefm-86	39	2	.	.	X
arjefm-86	39	3	review	review	NOUN
arjefm-86	39	4	of	of	ADP
arjefm-86	39	5	literatures	literature	NOUN
arjefm-86	39	6	and	and	CCONJ
arjefm-86	39	7	hypothesis	hypothesis	NOUN
arjefm-86	39	8	development	development	NOUN
arjefm-86	39	9	an	an	DET
arjefm-86	39	10	owner	owner	NOUN
arjefm-86	39	11	called	call	VERB
arjefm-86	39	12	“	"	PUNCT
arjefm-86	39	13	principal	principal	NOUN
arjefm-86	39	14	”	"	PUNCT
arjefm-86	39	15	is	be	AUX
arjefm-86	39	16	the	the	DET
arjefm-86	39	17	shareholder	shareholder	NOUN
arjefm-86	39	18	who	who	PRON
arjefm-86	39	19	invested	invest	VERB
arjefm-86	39	20	with	with	ADP
arjefm-86	39	21	the	the	DET
arjefm-86	39	22	view	view	NOUN
arjefm-86	39	23	of	of	ADP
arjefm-86	39	24	profit	profit	NOUN
arjefm-86	39	25	and	and	CCONJ
arjefm-86	39	26	“	"	PUNCT
arjefm-86	39	27	agent	agent	NOUN
arjefm-86	39	28	”	"	PUNCT
arjefm-86	39	29	who	who	PRON
arjefm-86	39	30	has	have	AUX
arjefm-86	39	31	been	be	AUX
arjefm-86	39	32	appointed	appoint	VERB
arjefm-86	39	33	by	by	ADP
arjefm-86	39	34	principal	principal	NOUN
arjefm-86	39	35	to	to	PART
arjefm-86	39	36	act	act	VERB
arjefm-86	39	37	on	on	ADP
arjefm-86	39	38	behalf	behalf	NOUN
arjefm-86	39	39	,	,	PUNCT
arjefm-86	39	40	this	this	PRON
arjefm-86	39	41	is	be	AUX
arjefm-86	39	42	agency	agency	NOUN
arjefm-86	39	43	theory	theory	NOUN
arjefm-86	39	44	,	,	PUNCT
arjefm-86	39	45	advanced	advance	VERB
arjefm-86	39	46	by	by	ADP
arjefm-86	39	47	jensen	jensen	PROPN
arjefm-86	39	48	and	and	CCONJ
arjefm-86	39	49	meckling	meckling	NOUN
arjefm-86	39	50	(	(	PUNCT
arjefm-86	39	51	1976	1976	NUM
arjefm-86	39	52	)	)	PUNCT
arjefm-86	39	53	.	.	PUNCT
arjefm-86	40	1	these	these	DET
arjefm-86	40	2	two	two	NUM
arjefm-86	40	3	parties	party	NOUN
arjefm-86	40	4	have	have	VERB
arjefm-86	40	5	incongruence	incongruence	NOUN
arjefm-86	40	6	interest	interest	NOUN
arjefm-86	40	7	;	;	PUNCT
arjefm-86	40	8	due	due	ADP
arjefm-86	40	9	to	to	ADP
arjefm-86	40	10	that	that	DET
arjefm-86	40	11	agency	agency	NOUN
arjefm-86	40	12	cost	cost	NOUN
arjefm-86	40	13	arises	arise	VERB
arjefm-86	40	14	.	.	PUNCT
arjefm-86	41	1	agency	agency	NOUN
arjefm-86	41	2	cost	cost	NOUN
arjefm-86	41	3	is	be	AUX
arjefm-86	41	4	an	an	DET
arjefm-86	41	5	economic	economic	ADJ
arjefm-86	41	6	phenomenon	phenomenon	NOUN
arjefm-86	41	7	concerning	concern	VERB
arjefm-86	41	8	the	the	DET
arjefm-86	41	9	fee	fee	NOUN
arjefm-86	41	10	to	to	ADP
arjefm-86	41	11	a	a	DET
arjefm-86	41	12	„	„	PUNCT
arjefm-86	41	13	principal‟	principal‟	NOUN
arjefm-86	41	14	when	when	SCONJ
arjefm-86	41	15	the	the	DET
arjefm-86	41	16	principal	principal	NOUN
arjefm-86	41	17	chooses	choose	VERB
arjefm-86	41	18	or	or	CCONJ
arjefm-86	41	19	hires	hire	VERB
arjefm-86	41	20	an	an	DET
arjefm-86	41	21	„	„	PUNCT
arjefm-86	41	22	agent‟	agent‟	NOUN
arjefm-86	41	23	to	to	PART
arjefm-86	41	24	act	act	VERB
arjefm-86	41	25	on	on	ADP
arjefm-86	41	26	its	its	PRON
arjefm-86	41	27	behalf	behalf	NOUN
arjefm-86	41	28	(	(	PUNCT
arjefm-86	41	29	jensen	jensen	PROPN
arjefm-86	41	30	&	&	CCONJ
arjefm-86	41	31	meckling,1976	meckling,1976	PROPN
arjefm-86	41	32	)	)	PUNCT
arjefm-86	41	33	.	.	PUNCT
arjefm-86	42	1	agency	agency	NOUN
arjefm-86	42	2	theory	theory	NOUN
arjefm-86	42	3	in	in	ADP
arjefm-86	42	4	the	the	DET
arjefm-86	42	5	viewpoint	viewpoint	NOUN
arjefm-86	42	6	of	of	ADP
arjefm-86	42	7	ownership	ownership	NOUN
arjefm-86	42	8	structure	structure	NOUN
arjefm-86	42	9	and	and	CCONJ
arjefm-86	42	10	firm	firm	ADJ
arjefm-86	42	11	risk	risk	NOUN
arjefm-86	42	12	is	be	AUX
arjefm-86	42	13	first	first	ADV
arjefm-86	42	14	developed	develop	VERB
arjefm-86	42	15	by	by	ADP
arjefm-86	42	16	berle	berle	NOUN
arjefm-86	42	17	and	and	CCONJ
arjefm-86	42	18	means	mean	NOUN
arjefm-86	42	19	(	(	PUNCT
arjefm-86	42	20	1932	1932	NUM
arjefm-86	42	21	)	)	PUNCT
arjefm-86	42	22	and	and	CCONJ
arjefm-86	42	23	then	then	ADV
arjefm-86	42	24	theorized	theorize	VERB
arjefm-86	42	25	by	by	ADP
arjefm-86	42	26	monsen	monsen	NOUN
arjefm-86	42	27	and	and	CCONJ
arjefm-86	42	28	downs	down	NOUN
arjefm-86	42	29	(	(	PUNCT
arjefm-86	42	30	1965	1965	NUM
arjefm-86	42	31	)	)	PUNCT
arjefm-86	42	32	and	and	CCONJ
arjefm-86	42	33	monsen	monsen	PROPN
arjefm-86	42	34	et	et	PROPN
arjefm-86	42	35	al	al	PROPN
arjefm-86	42	36	.	.	PROPN
arjefm-86	42	37	,	,	PUNCT
arjefm-86	42	38	(	(	PUNCT
arjefm-86	42	39	1968	1968	NUM
arjefm-86	42	40	)	)	PUNCT
arjefm-86	42	41	.	.	PUNCT
arjefm-86	43	1	they	they	PRON
arjefm-86	43	2	argue	argue	VERB
arjefm-86	43	3	that	that	SCONJ
arjefm-86	43	4	principalagent	principalagent	NOUN
arjefm-86	43	5	separation	separation	NOUN
arjefm-86	43	6	leaves	leave	VERB
arjefm-86	43	7	possibility	possibility	NOUN
arjefm-86	43	8	for	for	SCONJ
arjefm-86	43	9	conflicting	conflicting	ADJ
arjefm-86	43	10	goals	goal	NOUN
arjefm-86	43	11	to	to	PART
arjefm-86	43	12	arise	arise	VERB
arjefm-86	43	13	.	.	PUNCT
arjefm-86	44	1	in	in	ADP
arjefm-86	44	2	terms	term	NOUN
arjefm-86	44	3	of	of	ADP
arjefm-86	44	4	risk	risk	NOUN
arjefm-86	44	5	-	-	PUNCT
arjefm-86	44	6	taking	taking	NOUN
arjefm-86	44	7	,	,	PUNCT
arjefm-86	44	8	owner	owner	NOUN
arjefm-86	44	9	takes	take	VERB
arjefm-86	44	10	greater	great	ADJ
arjefm-86	44	11	incentives	incentive	NOUN
arjefm-86	44	12	and	and	CCONJ
arjefm-86	44	13	rewards	reward	NOUN
arjefm-86	44	14	than	than	SCONJ
arjefm-86	44	15	the	the	DET
arjefm-86	44	16	managers	manager	NOUN
arjefm-86	44	17	do	do	VERB
arjefm-86	44	18	and	and	CCONJ
arjefm-86	44	19	therefore	therefore	ADV
arjefm-86	44	20	favor	favor	VERB
arjefm-86	44	21	riskier	risky	ADJ
arjefm-86	44	22	projects	project	NOUN
arjefm-86	44	23	to	to	PART
arjefm-86	44	24	maximize	maximize	VERB
arjefm-86	44	25	the	the	DET
arjefm-86	44	26	value	value	NOUN
arjefm-86	44	27	rooted	root	VERB
arjefm-86	44	28	in	in	ADP
arjefm-86	44	29	their	their	PRON
arjefm-86	44	30	equity	equity	NOUN
arjefm-86	44	31	holding	holding	NOUN
arjefm-86	44	32	.	.	PUNCT
arjefm-86	45	1	conversely	conversely	ADV
arjefm-86	45	2	,	,	PUNCT
arjefm-86	45	3	managers	manager	NOUN
arjefm-86	45	4	often	often	ADV
arjefm-86	45	5	have	have	VERB
arjefm-86	45	6	both	both	CCONJ
arjefm-86	45	7	the	the	DET
arjefm-86	45	8	preference	preference	NOUN
arjefm-86	45	9	and	and	CCONJ
arjefm-86	45	10	incentive	incentive	NOUN
arjefm-86	45	11	to	to	PART
arjefm-86	45	12	pursue	pursue	VERB
arjefm-86	45	13	strategies	strategy	NOUN
arjefm-86	45	14	and	and	CCONJ
arjefm-86	45	15	practices	practice	NOUN
arjefm-86	45	16	that	that	PRON
arjefm-86	45	17	benefit	benefit	VERB
arjefm-86	45	18	themselves	themselves	PRON
arjefm-86	45	19	at	at	ADP
arjefm-86	45	20	the	the	DET
arjefm-86	45	21	expense	expense	NOUN
arjefm-86	45	22	of	of	ADP
arjefm-86	45	23	shareholders	shareholder	NOUN
arjefm-86	45	24	.	.	PUNCT
arjefm-86	46	1	managers	manager	NOUN
arjefm-86	46	2	may	may	AUX
arjefm-86	46	3	engage	engage	VERB
arjefm-86	46	4	in	in	ADP
arjefm-86	46	5	short	short	ADJ
arjefm-86	46	6	-	-	PUNCT
arjefm-86	46	7	run	run	NOUN
arjefm-86	46	8	cost	cost	NOUN
arjefm-86	46	9	augmenting	augment	VERB
arjefm-86	46	10	activities	activity	NOUN
arjefm-86	46	11	to	to	PART
arjefm-86	46	12	enhance	enhance	VERB
arjefm-86	46	13	their	their	PRON
arjefm-86	46	14	nonsalary	nonsalary	ADJ
arjefm-86	46	15	income	income	NOUN
arjefm-86	46	16	and/or	and/or	CCONJ
arjefm-86	46	17	they	they	PRON
arjefm-86	46	18	may	may	AUX
arjefm-86	46	19	indulge	indulge	VERB
arjefm-86	46	20	their	their	PRON
arjefm-86	46	21	need	need	NOUN
arjefm-86	46	22	for	for	ADP
arjefm-86	46	23	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	46	24	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	46	25	american	american	PROPN
arjefm-86	46	26	research	research	PROPN
arjefm-86	46	27	journal	journal	PROPN
arjefm-86	46	28	of	of	ADP
arjefm-86	46	29	economics	economic	NOUN
arjefm-86	46	30	,	,	PUNCT
arjefm-86	46	31	finance	finance	NOUN
arjefm-86	46	32	and	and	CCONJ
arjefm-86	46	33	management	management	NOUN
arjefm-86	46	34	volume	volume	NOUN
arjefm-86	46	35	11	11	NUM
arjefm-86	46	36	issue	issue	NOUN
arjefm-86	46	37	3	3	NUM
arjefm-86	46	38	,	,	PUNCT
arjefm-86	46	39	july	july	PROPN
arjefm-86	46	40	-	-	PUNCT
arjefm-86	46	41	september	september	PROPN
arjefm-86	46	42	2023	2023	NUM
arjefm-86	46	43	issn	issn	PROPN
arjefm-86	46	44	:	:	PUNCT
arjefm-86	46	45	2836	2836	NUM
arjefm-86	46	46	-	-	SYM
arjefm-86	46	47	9416	9416	NUM
arjefm-86	46	48	impact	impact	NOUN
arjefm-86	46	49	factor	factor	NOUN
arjefm-86	46	50	:	:	PUNCT
arjefm-86	46	51	5.57	5.57	NUM
arjefm-86	46	52	journal	journal	NOUN
arjefm-86	46	53	homepage	homepage	NOUN
arjefm-86	46	54	:	:	PUNCT
arjefm-86	46	55	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	46	56	,	,	PUNCT
arjefm-86	46	57	email	email	NOUN
arjefm-86	46	58	:	:	PUNCT
arjefm-86	46	59	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	46	60	official	official	ADJ
arjefm-86	46	61	journal	journal	PROPN
arjefm-86	46	62	of	of	ADP
arjefm-86	46	63	america	america	PROPN
arjefm-86	46	64	serial	serial	PROPN
arjefm-86	46	65	publication	publication	NOUN
arjefm-86	46	66	american	american	PROPN
arjefm-86	46	67	research	research	PROPN
arjefm-86	46	68	journal	journal	PROPN
arjefm-86	46	69	of	of	ADP
arjefm-86	46	70	economics	economic	NOUN
arjefm-86	46	71	,	,	PUNCT
arjefm-86	46	72	finance	finance	NOUN
arjefm-86	46	73	and	and	CCONJ
arjefm-86	46	74	management	management	NOUN
arjefm-86	46	75	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	46	76	,	,	PUNCT
arjefm-86	46	77	email	email	NOUN
arjefm-86	46	78	:	:	PUNCT
arjefm-86	47	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	48	1	25	25	NUM
arjefm-86	49	1	|	|	ADV
arjefm-86	49	2	p	p	X
arjefm-86	49	3	a	a	DET
arjefm-86	49	4	g	g	NOUN
arjefm-86	49	5	e	e	NOUN
arjefm-86	49	6	power	power	NOUN
arjefm-86	49	7	,	,	PUNCT
arjefm-86	49	8	prestige	prestige	NOUN
arjefm-86	49	9	,	,	PUNCT
arjefm-86	49	10	and	and	CCONJ
arjefm-86	49	11	status	status	NOUN
arjefm-86	49	12	by	by	ADP
arjefm-86	49	13	attempting	attempt	VERB
arjefm-86	49	14	to	to	PART
arjefm-86	49	15	maximize	maximize	VERB
arjefm-86	49	16	corporate	corporate	ADJ
arjefm-86	49	17	size	size	NOUN
arjefm-86	49	18	and	and	CCONJ
arjefm-86	49	19	growth	growth	NOUN
arjefm-86	49	20	rather	rather	ADV
arjefm-86	49	21	than	than	ADP
arjefm-86	49	22	corporate	corporate	ADJ
arjefm-86	49	23	profits	profit	NOUN
arjefm-86	49	24	(	(	PUNCT
arjefm-86	49	25	chun	chun	PROPN
arjefm-86	49	26	.	.	PUNCT
arjefm-86	50	1	s	s	PROPN
arjefm-86	50	2	&	&	CCONJ
arjefm-86	50	3	lee	lee	PROPN
arjefm-86	50	4	.	.	PROPN
arjefm-86	51	1	m	m	PROPN
arjefm-86	51	2	,	,	PUNCT
arjefm-86	51	3	2017	2017	NUM
arjefm-86	51	4	)	)	PUNCT
arjefm-86	51	5	.	.	PUNCT
arjefm-86	52	1	obviously	obviously	ADV
arjefm-86	52	2	,	,	PUNCT
arjefm-86	52	3	as	as	ADP
arjefm-86	52	4	per	per	ADP
arjefm-86	52	5	fama	fama	NOUN
arjefm-86	52	6	(	(	PUNCT
arjefm-86	52	7	1980	1980	NUM
arjefm-86	52	8	)	)	PUNCT
arjefm-86	52	9	managers	manager	NOUN
arjefm-86	52	10	will	will	AUX
arjefm-86	52	11	choose	choose	VERB
arjefm-86	52	12	to	to	PART
arjefm-86	52	13	invest	invest	VERB
arjefm-86	52	14	in	in	ADP
arjefm-86	52	15	less	less	ADV
arjefm-86	52	16	risky	risky	ADJ
arjefm-86	52	17	investment	investment	NOUN
arjefm-86	52	18	to	to	PART
arjefm-86	52	19	protect	protect	VERB
arjefm-86	52	20	their	their	PRON
arjefm-86	52	21	employability	employability	NOUN
arjefm-86	52	22	in	in	ADP
arjefm-86	52	23	the	the	DET
arjefm-86	52	24	firm	firm	NOUN
arjefm-86	52	25	.	.	PUNCT
arjefm-86	53	1	thus	thus	ADV
arjefm-86	53	2	,	,	PUNCT
arjefm-86	53	3	managers	manager	NOUN
arjefm-86	53	4	may	may	AUX
arjefm-86	53	5	pursue	pursue	VERB
arjefm-86	53	6	non	non	ADJ
arjefm-86	53	7	-	-	ADJ
arjefm-86	53	8	valuemaximizing	valuemaximizing	ADJ
arjefm-86	53	9	strategies	strategy	NOUN
arjefm-86	53	10	unless	unless	SCONJ
arjefm-86	53	11	they	they	PRON
arjefm-86	53	12	have	have	VERB
arjefm-86	53	13	proper	proper	ADJ
arjefm-86	53	14	incentives	incentive	NOUN
arjefm-86	53	15	or	or	CCONJ
arjefm-86	53	16	face	face	VERB
arjefm-86	53	17	appropriate	appropriate	ADJ
arjefm-86	53	18	pressure	pressure	NOUN
arjefm-86	53	19	such	such	ADJ
arjefm-86	53	20	as	as	ADP
arjefm-86	53	21	pressures	pressure	NOUN
arjefm-86	53	22	from	from	ADP
arjefm-86	53	23	director	director	NOUN
arjefm-86	53	24	board	board	PROPN
arjefm-86	53	25	.	.	PUNCT
arjefm-86	54	1	therefore	therefore	ADV
arjefm-86	54	2	,	,	PUNCT
arjefm-86	54	3	agency	agency	NOUN
arjefm-86	54	4	theory	theory	NOUN
arjefm-86	54	5	clearly	clearly	ADV
arjefm-86	54	6	defines	define	VERB
arjefm-86	54	7	the	the	DET
arjefm-86	54	8	association	association	NOUN
arjefm-86	54	9	with	with	ADP
arjefm-86	54	10	the	the	DET
arjefm-86	54	11	ownership	ownership	NOUN
arjefm-86	54	12	structure	structure	NOUN
arjefm-86	54	13	and	and	CCONJ
arjefm-86	54	14	firm	firm	ADJ
arjefm-86	54	15	risk	risk	NOUN
arjefm-86	54	16	seeking	seek	VERB
arjefm-86	54	17	behavior	behavior	NOUN
arjefm-86	54	18	.	.	PUNCT
arjefm-86	55	1	there	there	PRON
arjefm-86	55	2	are	be	VERB
arjefm-86	55	3	many	many	ADJ
arjefm-86	55	4	studies	study	NOUN
arjefm-86	55	5	available	available	ADJ
arjefm-86	55	6	to	to	PART
arjefm-86	55	7	depict	depict	VERB
arjefm-86	55	8	the	the	DET
arjefm-86	55	9	relationship	relationship	NOUN
arjefm-86	55	10	between	between	ADP
arjefm-86	55	11	institutional	institutional	ADJ
arjefm-86	55	12	ownership	ownership	NOUN
arjefm-86	55	13	,	,	PUNCT
arjefm-86	55	14	management	management	NOUN
arjefm-86	55	15	ownership	ownership	NOUN
arjefm-86	55	16	and	and	CCONJ
arjefm-86	55	17	concentrated	concentrated	ADJ
arjefm-86	55	18	ownership	ownership	NOUN
arjefm-86	55	19	structure	structure	NOUN
arjefm-86	55	20	and	and	CCONJ
arjefm-86	55	21	risk	risk	NOUN
arjefm-86	55	22	of	of	ADP
arjefm-86	55	23	the	the	DET
arjefm-86	55	24	firm	firm	NOUN
arjefm-86	55	25	which	which	PRON
arjefm-86	55	26	are	be	AUX
arjefm-86	55	27	outlined	outline	VERB
arjefm-86	55	28	below	below	ADV
arjefm-86	55	29	.	.	PUNCT
arjefm-86	56	1	2.1	2.1	NUM
arjefm-86	56	2	management	management	NOUN
arjefm-86	56	3	ownership	ownership	NOUN
arjefm-86	56	4	and	and	CCONJ
arjefm-86	56	5	firm	firm	ADJ
arjefm-86	56	6	risk	risk	NOUN
arjefm-86	56	7	management	management	NOUN
arjefm-86	56	8	ownership	ownership	NOUN
arjefm-86	56	9	structure	structure	NOUN
arjefm-86	56	10	means	mean	VERB
arjefm-86	56	11	the	the	DET
arjefm-86	56	12	equity	equity	NOUN
arjefm-86	56	13	holding	hold	VERB
arjefm-86	56	14	percentage	percentage	NOUN
arjefm-86	56	15	by	by	ADP
arjefm-86	56	16	the	the	DET
arjefm-86	56	17	executives	executive	NOUN
arjefm-86	56	18	of	of	ADP
arjefm-86	56	19	the	the	DET
arjefm-86	56	20	board	board	NOUN
arjefm-86	56	21	.	.	PUNCT
arjefm-86	57	1	the	the	DET
arjefm-86	57	2	executive	executive	ADJ
arjefm-86	57	3	directors‟	directors‟	PROPN
arjefm-86	57	4	ownership	ownership	NOUN
arjefm-86	57	5	is	be	AUX
arjefm-86	57	6	measured	measure	VERB
arjefm-86	57	7	as	as	ADP
arjefm-86	57	8	the	the	DET
arjefm-86	57	9	percentage	percentage	NOUN
arjefm-86	57	10	of	of	ADP
arjefm-86	57	11	equity	equity	NOUN
arjefm-86	57	12	hold	hold	NOUN
arjefm-86	57	13	by	by	ADP
arjefm-86	57	14	all	all	DET
arjefm-86	57	15	the	the	DET
arjefm-86	57	16	executive	executive	ADJ
arjefm-86	57	17	directors	director	NOUN
arjefm-86	57	18	/	/	SYM
arjefm-86	57	19	management	management	NOUN
arjefm-86	57	20	on	on	ADP
arjefm-86	57	21	the	the	DET
arjefm-86	57	22	board	board	NOUN
arjefm-86	57	23	which	which	PRON
arjefm-86	57	24	include	include	VERB
arjefm-86	57	25	voting	voting	NOUN
arjefm-86	57	26	rights	right	NOUN
arjefm-86	57	27	and	and	CCONJ
arjefm-86	57	28	capital	capital	NOUN
arjefm-86	57	29	percentage	percentage	NOUN
arjefm-86	57	30	.	.	PUNCT
arjefm-86	58	1	the	the	DET
arjefm-86	58	2	voting	voting	NOUN
arjefm-86	58	3	rights	right	NOUN
arjefm-86	58	4	that	that	PRON
arjefm-86	58	5	come	come	VERB
arjefm-86	58	6	with	with	ADP
arjefm-86	58	7	holding	hold	VERB
arjefm-86	58	8	equity	equity	NOUN
arjefm-86	58	9	in	in	ADP
arjefm-86	58	10	the	the	DET
arjefm-86	58	11	firm	firm	NOUN
arjefm-86	58	12	make	make	VERB
arjefm-86	58	13	directors	director	NOUN
arjefm-86	58	14	with	with	ADP
arjefm-86	58	15	large	large	ADJ
arjefm-86	58	16	holdings	holding	NOUN
arjefm-86	58	17	of	of	ADP
arjefm-86	58	18	firm	firm	ADJ
arjefm-86	58	19	equity	equity	NOUN
arjefm-86	58	20	have	have	VERB
arjefm-86	58	21	the	the	DET
arjefm-86	58	22	ability	ability	NOUN
arjefm-86	58	23	to	to	PART
arjefm-86	58	24	influence	influence	VERB
arjefm-86	58	25	decisions	decision	NOUN
arjefm-86	58	26	.	.	PUNCT
arjefm-86	59	1	board	board	NOUN
arjefm-86	59	2	members	member	NOUN
arjefm-86	59	3	with	with	ADP
arjefm-86	59	4	large	large	ADJ
arjefm-86	59	5	ownership	ownership	NOUN
arjefm-86	59	6	can	can	AUX
arjefm-86	59	7	not	not	PART
arjefm-86	59	8	be	be	AUX
arjefm-86	59	9	easily	easily	ADV
arjefm-86	59	10	discharged	discharge	VERB
arjefm-86	59	11	because	because	SCONJ
arjefm-86	59	12	they	they	PRON
arjefm-86	59	13	have	have	VERB
arjefm-86	59	14	voting	voting	NOUN
arjefm-86	59	15	rights	right	NOUN
arjefm-86	59	16	and	and	CCONJ
arjefm-86	59	17	this	this	DET
arjefm-86	59	18	influence	influence	NOUN
arjefm-86	59	19	can	can	AUX
arjefm-86	59	20	keep	keep	VERB
arjefm-86	59	21	them	they	PRON
arjefm-86	59	22	in	in	ADP
arjefm-86	59	23	their	their	PRON
arjefm-86	59	24	jobs	job	NOUN
arjefm-86	59	25	(	(	PUNCT
arjefm-86	59	26	wright	wright	PROPN
arjefm-86	59	27	et	et	PROPN
arjefm-86	59	28	al	al	PROPN
arjefm-86	59	29	.	.	PROPN
arjefm-86	59	30	,	,	PUNCT
arjefm-86	59	31	1996	1996	NUM
arjefm-86	59	32	)	)	PUNCT
arjefm-86	59	33	.	.	PUNCT
arjefm-86	60	1	executive	executive	ADJ
arjefm-86	60	2	directors	director	NOUN
arjefm-86	60	3	are	be	AUX
arjefm-86	60	4	compensated	compensate	VERB
arjefm-86	60	5	in	in	ADP
arjefm-86	60	6	terms	term	NOUN
arjefm-86	60	7	of	of	ADP
arjefm-86	60	8	equity	equity	NOUN
arjefm-86	60	9	,	,	PUNCT
arjefm-86	60	10	as	as	ADV
arjefm-86	60	11	well	well	ADV
arjefm-86	60	12	as	as	ADP
arjefm-86	60	13	salary	salary	NOUN
arjefm-86	60	14	,	,	PUNCT
arjefm-86	60	15	whereas	whereas	SCONJ
arjefm-86	60	16	neds	ned	NOUN
arjefm-86	60	17	are	be	AUX
arjefm-86	60	18	compensated	compensate	VERB
arjefm-86	60	19	with	with	ADP
arjefm-86	60	20	director	director	NOUN
arjefm-86	60	21	fees	fee	NOUN
arjefm-86	60	22	for	for	ADP
arjefm-86	60	23	their	their	PRON
arjefm-86	60	24	work	work	NOUN
arjefm-86	60	25	and	and	CCONJ
arjefm-86	60	26	may	may	AUX
arjefm-86	60	27	be	be	AUX
arjefm-86	60	28	compensated	compensate	VERB
arjefm-86	60	29	with	with	ADP
arjefm-86	60	30	firm	firm	ADJ
arjefm-86	60	31	equity	equity	NOUN
arjefm-86	60	32	.	.	PUNCT
arjefm-86	61	1	this	this	PRON
arjefm-86	61	2	is	be	AUX
arjefm-86	61	3	where	where	SCONJ
arjefm-86	61	4	executives	executive	NOUN
arjefm-86	61	5	owning	own	VERB
arjefm-86	61	6	shares	share	NOUN
arjefm-86	61	7	.	.	PUNCT
arjefm-86	62	1	to	to	PART
arjefm-86	62	2	align	align	VERB
arjefm-86	62	3	the	the	DET
arjefm-86	62	4	interests	interest	NOUN
arjefm-86	62	5	of	of	ADP
arjefm-86	62	6	the	the	DET
arjefm-86	62	7	executive	executive	ADJ
arjefm-86	62	8	directors	director	NOUN
arjefm-86	62	9	with	with	ADP
arjefm-86	62	10	the	the	DET
arjefm-86	62	11	shareholders	shareholder	NOUN
arjefm-86	62	12	who	who	PRON
arjefm-86	62	13	want	want	VERB
arjefm-86	62	14	maximum	maximum	ADJ
arjefm-86	62	15	returns	return	NOUN
arjefm-86	62	16	,	,	PUNCT
arjefm-86	62	17	they	they	PRON
arjefm-86	62	18	are	be	AUX
arjefm-86	62	19	compensated	compensate	VERB
arjefm-86	62	20	with	with	ADP
arjefm-86	62	21	firm	firm	ADJ
arjefm-86	62	22	equity	equity	PROPN
arjefm-86	62	23	.	.	PUNCT
arjefm-86	63	1	agency	agency	NOUN
arjefm-86	63	2	theorists	theorist	NOUN
arjefm-86	63	3	believe	believe	VERB
arjefm-86	63	4	that	that	SCONJ
arjefm-86	63	5	directors	director	NOUN
arjefm-86	63	6	having	have	VERB
arjefm-86	63	7	ownership	ownership	NOUN
arjefm-86	63	8	in	in	ADP
arjefm-86	63	9	the	the	DET
arjefm-86	63	10	firm	firm	NOUN
arjefm-86	63	11	can	can	AUX
arjefm-86	63	12	influence	influence	VERB
arjefm-86	63	13	them	they	PRON
arjefm-86	63	14	to	to	PART
arjefm-86	63	15	maximize	maximize	VERB
arjefm-86	63	16	returns	return	NOUN
arjefm-86	63	17	on	on	ADP
arjefm-86	63	18	shares	share	NOUN
arjefm-86	63	19	and	and	CCONJ
arjefm-86	63	20	reduce	reduce	VERB
arjefm-86	63	21	agency	agency	NOUN
arjefm-86	63	22	costs	cost	NOUN
arjefm-86	63	23	(	(	PUNCT
arjefm-86	63	24	jensen	jensen	PROPN
arjefm-86	63	25	and	and	CCONJ
arjefm-86	63	26	meckling	meckling	NOUN
arjefm-86	63	27	,	,	PUNCT
arjefm-86	63	28	1976	1976	NUM
arjefm-86	63	29	)	)	PUNCT
arjefm-86	63	30	.	.	PUNCT
arjefm-86	64	1	more	more	ADJ
arjefm-86	64	2	ownership	ownership	NOUN
arjefm-86	64	3	in	in	ADP
arjefm-86	64	4	the	the	DET
arjefm-86	64	5	capital	capital	NOUN
arjefm-86	64	6	would	would	AUX
arjefm-86	64	7	encourage	encourage	VERB
arjefm-86	64	8	directors	director	NOUN
arjefm-86	64	9	to	to	PART
arjefm-86	64	10	invest	invest	VERB
arjefm-86	64	11	in	in	ADP
arjefm-86	64	12	more	more	ADJ
arjefm-86	64	13	value	value	NOUN
arjefm-86	64	14	enhancing	enhance	VERB
arjefm-86	64	15	activities	activity	NOUN
arjefm-86	64	16	which	which	PRON
arjefm-86	64	17	ultimately	ultimately	ADV
arjefm-86	64	18	go	go	VERB
arjefm-86	64	19	with	with	ADP
arjefm-86	64	20	risky	risky	ADJ
arjefm-86	64	21	project	project	NOUN
arjefm-86	64	22	(	(	PUNCT
arjefm-86	64	23	jenkins	jenkin	NOUN
arjefm-86	64	24	and	and	CCONJ
arjefm-86	64	25	seiler	seiler	NOUN
arjefm-86	64	26	,	,	PUNCT
arjefm-86	64	27	1990	1990	NUM
arjefm-86	64	28	)	)	PUNCT
arjefm-86	64	29	.	.	PUNCT
arjefm-86	65	1	hitt	hitt	PROPN
arjefm-86	65	2	,	,	PUNCT
arjefm-86	65	3	hoskisson	hoskisson	PROPN
arjefm-86	65	4	and	and	CCONJ
arjefm-86	65	5	ireland	ireland	PROPN
arjefm-86	65	6	(	(	PUNCT
arjefm-86	65	7	1994	1994	NUM
arjefm-86	65	8	)	)	PUNCT
arjefm-86	65	9	states	state	VERB
arjefm-86	65	10	that	that	SCONJ
arjefm-86	65	11	rewarding	reward	VERB
arjefm-86	65	12	to	to	ADP
arjefm-86	65	13	managers	manager	NOUN
arjefm-86	65	14	with	with	ADP
arjefm-86	65	15	firm	firm	ADJ
arjefm-86	65	16	equity	equity	NOUN
arjefm-86	65	17	,	,	PUNCT
arjefm-86	65	18	would	would	AUX
arjefm-86	65	19	help	help	VERB
arjefm-86	65	20	them	they	PRON
arjefm-86	65	21	to	to	PART
arjefm-86	65	22	invest	invest	VERB
arjefm-86	65	23	in	in	ADP
arjefm-86	65	24	initiatives	initiative	NOUN
arjefm-86	65	25	that	that	PRON
arjefm-86	65	26	increase	increase	VERB
arjefm-86	65	27	the	the	DET
arjefm-86	65	28	long	long	ADJ
arjefm-86	65	29	-	-	PUNCT
arjefm-86	65	30	term	term	NOUN
arjefm-86	65	31	value	value	NOUN
arjefm-86	65	32	of	of	ADP
arjefm-86	65	33	the	the	DET
arjefm-86	65	34	firm	firm	NOUN
arjefm-86	65	35	.	.	PUNCT
arjefm-86	66	1	ceos	ceos	PROPN
arjefm-86	66	2	with	with	ADP
arjefm-86	66	3	greater	great	ADJ
arjefm-86	66	4	stockholdings	stockholding	NOUN
arjefm-86	66	5	may	may	AUX
arjefm-86	66	6	have	have	VERB
arjefm-86	66	7	stronger	strong	ADJ
arjefm-86	66	8	incentives	incentive	NOUN
arjefm-86	66	9	to	to	PART
arjefm-86	66	10	take	take	VERB
arjefm-86	66	11	risky	risky	ADJ
arjefm-86	66	12	projects	project	NOUN
arjefm-86	66	13	,	,	PUNCT
arjefm-86	66	14	suggesting	suggest	VERB
arjefm-86	66	15	that	that	SCONJ
arjefm-86	66	16	there	there	PRON
arjefm-86	66	17	may	may	AUX
arjefm-86	66	18	be	be	AUX
arjefm-86	66	19	a	a	DET
arjefm-86	66	20	positive	positive	ADJ
arjefm-86	66	21	association	association	NOUN
arjefm-86	66	22	between	between	ADP
arjefm-86	66	23	ceo	ceo	NOUN
arjefm-86	66	24	ownership	ownership	NOUN
arjefm-86	66	25	and	and	CCONJ
arjefm-86	66	26	performance	performance	NOUN
arjefm-86	66	27	variability	variability	NOUN
arjefm-86	66	28	(	(	PUNCT
arjefm-86	66	29	cheng	cheng	PROPN
arjefm-86	66	30	,	,	PUNCT
arjefm-86	66	31	2007).wright	2007).wright	NUM
arjefm-86	66	32	et	et	NOUN
arjefm-86	66	33	al	al	PROPN
arjefm-86	66	34	.	.	PROPN
arjefm-86	67	1	(	(	PUNCT
arjefm-86	67	2	1996	1996	NUM
arjefm-86	67	3	)	)	PUNCT
arjefm-86	67	4	find	find	VERB
arjefm-86	67	5	positive	positive	ADJ
arjefm-86	67	6	relation	relation	NOUN
arjefm-86	67	7	between	between	ADP
arjefm-86	67	8	equity	equity	NOUN
arjefm-86	67	9	ownership	ownership	NOUN
arjefm-86	67	10	and	and	CCONJ
arjefm-86	67	11	firm	firm	ADJ
arjefm-86	67	12	risk	risk	NOUN
arjefm-86	67	13	when	when	SCONJ
arjefm-86	67	14	executives	executive	NOUN
arjefm-86	67	15	hold	hold	VERB
arjefm-86	67	16	low	low	ADJ
arjefm-86	67	17	equity	equity	NOUN
arjefm-86	67	18	investment	investment	NOUN
arjefm-86	67	19	whereas	whereas	SCONJ
arjefm-86	67	20	,	,	PUNCT
arjefm-86	67	21	the	the	DET
arjefm-86	67	22	relationship	relationship	NOUN
arjefm-86	67	23	shows	show	VERB
arjefm-86	67	24	negative	negative	ADJ
arjefm-86	67	25	when	when	SCONJ
arjefm-86	67	26	management‟s	management‟s	PRON
arjefm-86	67	27	investment	investment	NOUN
arjefm-86	67	28	is	be	AUX
arjefm-86	67	29	high	high	ADJ
arjefm-86	67	30	.	.	PUNCT
arjefm-86	68	1	further	far	ADV
arjefm-86	68	2	,	,	PUNCT
arjefm-86	68	3	they	they	PRON
arjefm-86	68	4	explicate	explicate	VERB
arjefm-86	68	5	that	that	SCONJ
arjefm-86	68	6	investors	investor	NOUN
arjefm-86	68	7	desire	desire	VERB
arjefm-86	68	8	growth	growth	NOUN
arjefm-86	68	9	oriented	orient	VERB
arjefm-86	68	10	risk	risk	NOUN
arjefm-86	68	11	taking	take	VERB
arjefm-86	68	12	whereas	whereas	SCONJ
arjefm-86	68	13	some	some	DET
arjefm-86	68	14	situation	situation	NOUN
arjefm-86	68	15	investor	investor	NOUN
arjefm-86	68	16	want	want	VERB
arjefm-86	68	17	to	to	PART
arjefm-86	68	18	reduce	reduce	VERB
arjefm-86	68	19	risk	risk	NOUN
arjefm-86	68	20	in	in	ADP
arjefm-86	68	21	order	order	NOUN
arjefm-86	68	22	to	to	PART
arjefm-86	68	23	protect	protect	VERB
arjefm-86	68	24	the	the	DET
arjefm-86	68	25	investment	investment	NOUN
arjefm-86	68	26	.	.	PUNCT
arjefm-86	69	1	board	board	NOUN
arjefm-86	69	2	of	of	ADP
arjefm-86	69	3	directors	director	NOUN
arjefm-86	69	4	are	be	AUX
arjefm-86	69	5	making	make	VERB
arjefm-86	69	6	financial	financial	ADJ
arjefm-86	69	7	decision	decision	NOUN
arjefm-86	69	8	whether	whether	SCONJ
arjefm-86	69	9	to	to	PART
arjefm-86	69	10	go	go	VERB
arjefm-86	69	11	with	with	ADP
arjefm-86	69	12	risky	risky	ADJ
arjefm-86	69	13	project	project	NOUN
arjefm-86	69	14	or	or	CCONJ
arjefm-86	69	15	not	not	PART
arjefm-86	69	16	mainly	mainly	ADV
arjefm-86	69	17	because	because	SCONJ
arjefm-86	69	18	of	of	ADP
arjefm-86	69	19	their	their	PRON
arjefm-86	69	20	wealth	wealth	NOUN
arjefm-86	69	21	portfolio	portfolio	NOUN
arjefm-86	69	22	.	.	PUNCT
arjefm-86	70	1	the	the	DET
arjefm-86	70	2	benefits	benefit	NOUN
arjefm-86	70	3	and	and	CCONJ
arjefm-86	70	4	costs	cost	NOUN
arjefm-86	70	5	because	because	SCONJ
arjefm-86	70	6	of	of	ADP
arjefm-86	70	7	their	their	PRON
arjefm-86	70	8	position	position	NOUN
arjefm-86	70	9	and	and	CCONJ
arjefm-86	70	10	the	the	DET
arjefm-86	70	11	potential	potential	NOUN
arjefm-86	70	12	for	for	ADP
arjefm-86	70	13	entrenchment	entrenchment	NOUN
arjefm-86	70	14	.	.	PUNCT
arjefm-86	71	1	if	if	SCONJ
arjefm-86	71	2	the	the	DET
arjefm-86	71	3	board	board	NOUN
arjefm-86	71	4	member‟s	member‟s	AUX
arjefm-86	71	5	invested	invest	VERB
arjefm-86	71	6	mainly	mainly	ADV
arjefm-86	71	7	in	in	ADP
arjefm-86	71	8	the	the	DET
arjefm-86	71	9	firm	firm	NOUN
arjefm-86	71	10	,	,	PUNCT
arjefm-86	71	11	then	then	ADV
arjefm-86	71	12	they	they	PRON
arjefm-86	71	13	may	may	AUX
arjefm-86	71	14	try	try	VERB
arjefm-86	71	15	to	to	PART
arjefm-86	71	16	minimize	minimize	VERB
arjefm-86	71	17	risk	risk	NOUN
arjefm-86	71	18	by	by	ADP
arjefm-86	71	19	avoiding	avoid	VERB
arjefm-86	71	20	riskier	risky	ADJ
arjefm-86	71	21	projects	project	NOUN
arjefm-86	71	22	(	(	PUNCT
arjefm-86	71	23	wright	wright	PROPN
arjefm-86	71	24	et	et	PROPN
arjefm-86	71	25	al	al	PROPN
arjefm-86	71	26	.	.	PROPN
arjefm-86	71	27	,	,	PUNCT
arjefm-86	71	28	1996	1996	NUM
arjefm-86	71	29	)	)	PUNCT
arjefm-86	71	30	.	.	PUNCT
arjefm-86	72	1	most	most	ADJ
arjefm-86	72	2	of	of	ADP
arjefm-86	72	3	the	the	DET
arjefm-86	72	4	risk	risk	NOUN
arjefm-86	72	5	related	relate	VERB
arjefm-86	72	6	literature	literature	NOUN
arjefm-86	72	7	consist	consist	VERB
arjefm-86	72	8	the	the	DET
arjefm-86	72	9	positive	positive	ADJ
arjefm-86	72	10	relation	relation	NOUN
arjefm-86	72	11	between	between	ADP
arjefm-86	72	12	managerial	managerial	ADJ
arjefm-86	72	13	ownership	ownership	NOUN
arjefm-86	72	14	and	and	CCONJ
arjefm-86	72	15	managerial	managerial	ADJ
arjefm-86	72	16	risk	risk	NOUN
arjefm-86	72	17	-	-	PUNCT
arjefm-86	72	18	taking	taking	NOUN
arjefm-86	72	19	.	.	PUNCT
arjefm-86	73	1	some	some	DET
arjefm-86	73	2	studies	study	NOUN
arjefm-86	73	3	are	be	AUX
arjefm-86	73	4	highlighted	highlight	VERB
arjefm-86	73	5	here	here	ADV
arjefm-86	73	6	.	.	PUNCT
arjefm-86	74	1	laeven	laeven	ADJ
arjefm-86	74	2	and	and	CCONJ
arjefm-86	74	3	levine	levine	PROPN
arjefm-86	74	4	(	(	PUNCT
arjefm-86	74	5	2009	2009	NUM
arjefm-86	74	6	)	)	PUNCT
arjefm-86	74	7	did	do	AUX
arjefm-86	74	8	study	study	VERB
arjefm-86	74	9	with	with	ADP
arjefm-86	74	10	bank	bank	NOUN
arjefm-86	74	11	sample	sample	NOUN
arjefm-86	74	12	and	and	CCONJ
arjefm-86	74	13	find	find	VERB
arjefm-86	74	14	that	that	SCONJ
arjefm-86	74	15	,	,	PUNCT
arjefm-86	74	16	if	if	SCONJ
arjefm-86	74	17	there	there	PRON
arjefm-86	74	18	are	be	VERB
arjefm-86	74	19	powerful	powerful	ADJ
arjefm-86	74	20	owners	owner	NOUN
arjefm-86	74	21	,	,	PUNCT
arjefm-86	74	22	they	they	PRON
arjefm-86	74	23	prefer	prefer	VERB
arjefm-86	74	24	to	to	PART
arjefm-86	74	25	face	face	VERB
arjefm-86	74	26	high	high	ADJ
arjefm-86	74	27	risk	risk	NOUN
arjefm-86	74	28	,	,	PUNCT
arjefm-86	74	29	in	in	ADP
arjefm-86	74	30	addition	addition	NOUN
arjefm-86	74	31	to	to	ADP
arjefm-86	74	32	this	this	PRON
arjefm-86	74	33	,	,	PUNCT
arjefm-86	74	34	they	they	PRON
arjefm-86	74	35	find	find	VERB
arjefm-86	74	36	that	that	SCONJ
arjefm-86	74	37	large	large	ADJ
arjefm-86	74	38	executive	executive	ADJ
arjefm-86	74	39	equity	equity	NOUN
arjefm-86	74	40	owners	owner	NOUN
arjefm-86	74	41	have	have	VERB
arjefm-86	74	42	stronger	strong	ADJ
arjefm-86	74	43	inducement	inducement	NOUN
arjefm-86	74	44	for	for	ADP
arjefm-86	74	45	risk	risk	NOUN
arjefm-86	74	46	than	than	ADP
arjefm-86	74	47	non	non	ADJ
arjefm-86	74	48	-	-	ADJ
arjefm-86	74	49	shareholding	shareholding	ADJ
arjefm-86	74	50	executives	executive	NOUN
arjefm-86	74	51	.	.	PUNCT
arjefm-86	75	1	in	in	ADP
arjefm-86	75	2	another	another	DET
arjefm-86	75	3	study	study	NOUN
arjefm-86	75	4	,	,	PUNCT
arjefm-86	75	5	ceos	ceo	NOUN
arjefm-86	75	6	have	have	VERB
arjefm-86	75	7	a	a	DET
arjefm-86	75	8	high	high	ADJ
arjefm-86	75	9	proportion	proportion	NOUN
arjefm-86	75	10	of	of	ADP
arjefm-86	75	11	investment	investment	NOUN
arjefm-86	75	12	in	in	ADP
arjefm-86	75	13	equity	equity	NOUN
arjefm-86	75	14	reveal	reveal	VERB
arjefm-86	75	15	high	high	ADJ
arjefm-86	75	16	performance	performance	NOUN
arjefm-86	75	17	(	(	PUNCT
arjefm-86	75	18	sanders	sanders	PROPN
arjefm-86	75	19	&	&	CCONJ
arjefm-86	75	20	hambrick	hambrick	PROPN
arjefm-86	75	21	,	,	PUNCT
arjefm-86	75	22	2007	2007	NUM
arjefm-86	75	23	)	)	PUNCT
arjefm-86	75	24	.	.	PUNCT
arjefm-86	76	1	on	on	ADP
arjefm-86	76	2	the	the	DET
arjefm-86	76	3	other	other	ADJ
arjefm-86	76	4	hand	hand	NOUN
arjefm-86	76	5	,	,	PUNCT
arjefm-86	76	6	some	some	DET
arjefm-86	76	7	line	line	NOUN
arjefm-86	76	8	of	of	ADP
arjefm-86	76	9	studies	study	NOUN
arjefm-86	76	10	shows	show	VERB
arjefm-86	76	11	if	if	SCONJ
arjefm-86	76	12	compensation	compensation	NOUN
arjefm-86	76	13	is	be	AUX
arjefm-86	76	14	more	more	ADV
arjefm-86	76	15	sensitive	sensitive	ADJ
arjefm-86	76	16	with	with	ADP
arjefm-86	76	17	stock	stock	NOUN
arjefm-86	76	18	return	return	NOUN
arjefm-86	76	19	volatility	volatility	NOUN
arjefm-86	76	20	,	,	PUNCT
arjefm-86	76	21	then	then	ADV
arjefm-86	76	22	executives	executive	NOUN
arjefm-86	76	23	tend	tend	VERB
arjefm-86	76	24	to	to	PART
arjefm-86	76	25	avoid	avoid	VERB
arjefm-86	76	26	risky	risky	ADJ
arjefm-86	76	27	projects	project	NOUN
arjefm-86	76	28	in	in	ADP
arjefm-86	76	29	order	order	NOUN
arjefm-86	76	30	to	to	PART
arjefm-86	76	31	avoid	avoid	VERB
arjefm-86	76	32	high	high	ADJ
arjefm-86	76	33	risk	risk	NOUN
arjefm-86	76	34	and	and	CCONJ
arjefm-86	76	35	claims	claim	NOUN
arjefm-86	76	36	for	for	ADP
arjefm-86	76	37	compensation	compensation	NOUN
arjefm-86	76	38	.	.	PUNCT
arjefm-86	77	1	(	(	PUNCT
arjefm-86	77	2	coles	coles	PROPN
arjefm-86	77	3	,	,	PUNCT
arjefm-86	77	4	daniel	daniel	PROPN
arjefm-86	77	5	,	,	PUNCT
arjefm-86	77	6	&	&	CCONJ
arjefm-86	77	7	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	77	8	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	77	9	american	american	PROPN
arjefm-86	77	10	research	research	PROPN
arjefm-86	77	11	journal	journal	PROPN
arjefm-86	77	12	of	of	ADP
arjefm-86	77	13	economics	economic	NOUN
arjefm-86	77	14	,	,	PUNCT
arjefm-86	77	15	finance	finance	NOUN
arjefm-86	77	16	and	and	CCONJ
arjefm-86	77	17	management	management	NOUN
arjefm-86	77	18	volume	volume	NOUN
arjefm-86	77	19	11	11	NUM
arjefm-86	77	20	issue	issue	NOUN
arjefm-86	77	21	3	3	NUM
arjefm-86	77	22	,	,	PUNCT
arjefm-86	77	23	july	july	PROPN
arjefm-86	77	24	-	-	PUNCT
arjefm-86	77	25	september	september	PROPN
arjefm-86	77	26	2023	2023	NUM
arjefm-86	77	27	issn	issn	PROPN
arjefm-86	77	28	:	:	PUNCT
arjefm-86	77	29	2836	2836	NUM
arjefm-86	77	30	-	-	SYM
arjefm-86	77	31	9416	9416	NUM
arjefm-86	77	32	impact	impact	NOUN
arjefm-86	77	33	factor	factor	NOUN
arjefm-86	77	34	:	:	PUNCT
arjefm-86	77	35	5.57	5.57	NUM
arjefm-86	77	36	journal	journal	NOUN
arjefm-86	77	37	homepage	homepage	NOUN
arjefm-86	77	38	:	:	PUNCT
arjefm-86	77	39	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	77	40	,	,	PUNCT
arjefm-86	77	41	email	email	NOUN
arjefm-86	77	42	:	:	PUNCT
arjefm-86	77	43	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	77	44	official	official	ADJ
arjefm-86	77	45	journal	journal	PROPN
arjefm-86	77	46	of	of	ADP
arjefm-86	77	47	america	america	PROPN
arjefm-86	77	48	serial	serial	PROPN
arjefm-86	77	49	publication	publication	NOUN
arjefm-86	77	50	american	american	PROPN
arjefm-86	77	51	research	research	PROPN
arjefm-86	77	52	journal	journal	PROPN
arjefm-86	77	53	of	of	ADP
arjefm-86	77	54	economics	economic	NOUN
arjefm-86	77	55	,	,	PUNCT
arjefm-86	77	56	finance	finance	NOUN
arjefm-86	77	57	and	and	CCONJ
arjefm-86	77	58	management	management	NOUN
arjefm-86	77	59	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	77	60	,	,	PUNCT
arjefm-86	77	61	email	email	NOUN
arjefm-86	77	62	:	:	PUNCT
arjefm-86	77	63	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	78	1	26	26	NUM
arjefm-86	79	1	|	|	ADV
arjefm-86	79	2	p	p	X
arjefm-86	79	3	a	a	DET
arjefm-86	79	4	g	g	PROPN
arjefm-86	79	5	e	e	PROPN
arjefm-86	79	6	naveen	naveen	PROPN
arjefm-86	79	7	,	,	PUNCT
arjefm-86	79	8	2006	2006	NUM
arjefm-86	79	9	)	)	PUNCT
arjefm-86	79	10	.	.	PUNCT
arjefm-86	80	1	no	no	DET
arjefm-86	80	2	studies	study	NOUN
arjefm-86	80	3	were	be	AUX
arjefm-86	80	4	found	find	VERB
arjefm-86	80	5	that	that	SCONJ
arjefm-86	80	6	associated	associated	PROPN
arjefm-86	80	7	board	board	PROPN
arjefm-86	80	8	executive	executive	PROPN
arjefm-86	80	9	equity	equity	NOUN
arjefm-86	80	10	ownership	ownership	NOUN
arjefm-86	80	11	to	to	ADP
arjefm-86	80	12	firm	firm	ADJ
arjefm-86	80	13	risk	risk	NOUN
arjefm-86	80	14	using	use	VERB
arjefm-86	80	15	a	a	DET
arjefm-86	80	16	sri	sri	ADJ
arjefm-86	80	17	lankan	lankan	X
arjefm-86	80	18	-	-	PUNCT
arjefm-86	80	19	based	base	VERB
arjefm-86	80	20	data	datum	NOUN
arjefm-86	80	21	sample	sample	NOUN
arjefm-86	80	22	.	.	PUNCT
arjefm-86	81	1	the	the	DET
arjefm-86	81	2	literature	literature	NOUN
arjefm-86	81	3	mostly	mostly	ADV
arjefm-86	81	4	supports	support	VERB
arjefm-86	81	5	the	the	DET
arjefm-86	81	6	view	view	NOUN
arjefm-86	81	7	that	that	SCONJ
arjefm-86	81	8	equity	equity	NOUN
arjefm-86	81	9	ownership	ownership	NOUN
arjefm-86	81	10	by	by	ADP
arjefm-86	81	11	executive	executive	ADJ
arjefm-86	81	12	directors	director	NOUN
arjefm-86	81	13	will	will	AUX
arjefm-86	81	14	be	be	AUX
arjefm-86	81	15	positively	positively	ADV
arjefm-86	81	16	related	relate	VERB
arjefm-86	81	17	to	to	ADP
arjefm-86	81	18	firm	firm	ADJ
arjefm-86	81	19	risk	risk	NOUN
arjefm-86	81	20	.	.	PUNCT
arjefm-86	82	1	therefore	therefore	ADV
arjefm-86	82	2	this	this	DET
arjefm-86	82	3	hypothesis	hypothesis	NOUN
arjefm-86	82	4	as	as	SCONJ
arjefm-86	82	5	follows	follow	VERB
arjefm-86	82	6	:	:	PUNCT
arjefm-86	82	7	h1	h1	NOUN
arjefm-86	82	8	:	:	PUNCT
arjefm-86	82	9	management	management	NOUN
arjefm-86	82	10	shareholding	shareholding	NOUN
arjefm-86	82	11	is	be	AUX
arjefm-86	82	12	positively	positively	ADV
arjefm-86	82	13	related	relate	VERB
arjefm-86	82	14	to	to	ADP
arjefm-86	82	15	firm	firm	ADJ
arjefm-86	82	16	risk	risk	NOUN
arjefm-86	82	17	2.2	2.2	NUM
arjefm-86	82	18	institutional	institutional	ADJ
arjefm-86	82	19	owners	owner	NOUN
arjefm-86	82	20	and	and	CCONJ
arjefm-86	82	21	firm	firm	ADJ
arjefm-86	82	22	risk	risk	NOUN
arjefm-86	82	23	one	one	NUM
arjefm-86	82	24	of	of	ADP
arjefm-86	82	25	the	the	DET
arjefm-86	82	26	important	important	ADJ
arjefm-86	82	27	issues	issue	NOUN
arjefm-86	82	28	emerging	emerge	VERB
arjefm-86	82	29	from	from	ADP
arjefm-86	82	30	the	the	DET
arjefm-86	82	31	recent	recent	ADJ
arjefm-86	82	32	financial	financial	ADJ
arjefm-86	82	33	crisis	crisis	NOUN
arjefm-86	82	34	is	be	AUX
arjefm-86	82	35	the	the	DET
arjefm-86	82	36	alleged	allege	VERB
arjefm-86	82	37	negative	negative	ADJ
arjefm-86	82	38	role	role	NOUN
arjefm-86	82	39	played	play	VERB
arjefm-86	82	40	by	by	ADP
arjefm-86	82	41	institutional	institutional	ADJ
arjefm-86	82	42	investors	investor	NOUN
arjefm-86	82	43	leading	lead	VERB
arjefm-86	82	44	up	up	ADP
arjefm-86	82	45	to	to	ADP
arjefm-86	82	46	and	and	CCONJ
arjefm-86	82	47	during	during	ADP
arjefm-86	82	48	the	the	DET
arjefm-86	82	49	crisis	crisis	NOUN
arjefm-86	82	50	period	period	NOUN
arjefm-86	82	51	.	.	PUNCT
arjefm-86	83	1	some	some	DET
arjefm-86	83	2	researchers	researcher	NOUN
arjefm-86	83	3	preserve	preserve	VERB
arjefm-86	83	4	that	that	SCONJ
arjefm-86	83	5	institutional	institutional	ADJ
arjefm-86	83	6	investors	investor	NOUN
arjefm-86	83	7	exacerbated	exacerbate	VERB
arjefm-86	83	8	the	the	DET
arjefm-86	83	9	crisis	crisis	NOUN
arjefm-86	83	10	by	by	ADP
arjefm-86	83	11	pressuring	pressure	VERB
arjefm-86	83	12	financial	financial	ADJ
arjefm-86	83	13	institutions	institution	NOUN
arjefm-86	83	14	for	for	ADP
arjefm-86	83	15	short	short	ADJ
arjefm-86	83	16	-	-	PUNCT
arjefm-86	83	17	term	term	NOUN
arjefm-86	83	18	profits	profit	NOUN
arjefm-86	83	19	and	and	CCONJ
arjefm-86	83	20	increasing	increase	VERB
arjefm-86	83	21	the	the	DET
arjefm-86	83	22	risk	risk	NOUN
arjefm-86	83	23	-	-	PUNCT
arjefm-86	83	24	taking	take	VERB
arjefm-86	83	25	behavior	behavior	NOUN
arjefm-86	83	26	(	(	PUNCT
arjefm-86	83	27	callen	callen	PROPN
arjefm-86	83	28	&	&	CCONJ
arjefm-86	83	29	fang	fang	X
arjefm-86	83	30	,	,	PUNCT
arjefm-86	83	31	2013	2013	NUM
arjefm-86	83	32	)	)	PUNCT
arjefm-86	83	33	.	.	PUNCT
arjefm-86	84	1	institutional	institutional	ADJ
arjefm-86	84	2	investors	investor	NOUN
arjefm-86	84	3	can	can	AUX
arjefm-86	84	4	be	be	AUX
arjefm-86	84	5	any	any	DET
arjefm-86	84	6	entity	entity	NOUN
arjefm-86	84	7	such	such	ADJ
arjefm-86	84	8	as	as	ADP
arjefm-86	84	9	a	a	DET
arjefm-86	84	10	mutual	mutual	ADJ
arjefm-86	84	11	fund	fund	NOUN
arjefm-86	84	12	,	,	PUNCT
arjefm-86	84	13	pension	pension	NOUN
arjefm-86	84	14	fund	fund	NOUN
arjefm-86	84	15	,	,	PUNCT
arjefm-86	84	16	and	and	CCONJ
arjefm-86	84	17	investment	investment	NOUN
arjefm-86	84	18	bank	bank	NOUN
arjefm-86	84	19	,	,	PUNCT
arjefm-86	84	20	insurance	insurance	NOUN
arjefm-86	84	21	company	company	NOUN
arjefm-86	84	22	or	or	CCONJ
arjefm-86	84	23	any	any	DET
arjefm-86	84	24	other	other	ADJ
arjefm-86	84	25	company	company	NOUN
arjefm-86	84	26	that	that	PRON
arjefm-86	84	27	has	have	VERB
arjefm-86	84	28	a	a	DET
arjefm-86	84	29	large	large	ADJ
arjefm-86	84	30	amount	amount	NOUN
arjefm-86	84	31	of	of	ADP
arjefm-86	84	32	money	money	NOUN
arjefm-86	84	33	to	to	PART
arjefm-86	84	34	invest	invest	VERB
arjefm-86	84	35	.	.	PUNCT
arjefm-86	85	1	these	these	DET
arjefm-86	85	2	firms	firm	NOUN
arjefm-86	85	3	can	can	AUX
arjefm-86	85	4	be	be	AUX
arjefm-86	85	5	very	very	ADV
arjefm-86	85	6	knowledgeable	knowledgeable	ADJ
arjefm-86	85	7	about	about	ADP
arjefm-86	85	8	the	the	DET
arjefm-86	85	9	firms	firm	NOUN
arjefm-86	85	10	they	they	PRON
arjefm-86	85	11	invest	invest	VERB
arjefm-86	85	12	in	in	ADP
arjefm-86	85	13	and	and	CCONJ
arjefm-86	85	14	can	can	AUX
arjefm-86	85	15	have	have	VERB
arjefm-86	85	16	a	a	DET
arjefm-86	85	17	strong	strong	ADJ
arjefm-86	85	18	voice	voice	NOUN
arjefm-86	85	19	to	to	PART
arjefm-86	85	20	influence	influence	VERB
arjefm-86	85	21	decisions	decision	NOUN
arjefm-86	85	22	owing	owe	VERB
arjefm-86	85	23	to	to	ADP
arjefm-86	85	24	the	the	DET
arjefm-86	85	25	percentage	percentage	NOUN
arjefm-86	85	26	of	of	ADP
arjefm-86	85	27	stock	stock	NOUN
arjefm-86	85	28	held	hold	VERB
arjefm-86	85	29	in	in	ADP
arjefm-86	85	30	the	the	DET
arjefm-86	85	31	firm	firm	NOUN
arjefm-86	85	32	(	(	PUNCT
arjefm-86	85	33	sudha	sudha	PROPN
arjefm-86	85	34	et	et	PROPN
arjefm-86	85	35	al	al	PROPN
arjefm-86	85	36	.	.	PROPN
arjefm-86	85	37	,	,	PUNCT
arjefm-86	85	38	2016	2016	NUM
arjefm-86	85	39	)	)	PUNCT
arjefm-86	85	40	.	.	PUNCT
arjefm-86	86	1	institutional	institutional	ADJ
arjefm-86	86	2	investor	investor	NOUN
arjefm-86	86	3	could	could	AUX
arjefm-86	86	4	be	be	AUX
arjefm-86	86	5	in	in	ADP
arjefm-86	86	6	two	two	NUM
arjefm-86	86	7	category	category	NOUN
arjefm-86	86	8	one	one	NUM
arjefm-86	86	9	is	be	AUX
arjefm-86	86	10	monitoring	monitor	VERB
arjefm-86	86	11	institutional	institutional	ADJ
arjefm-86	86	12	investors	investor	NOUN
arjefm-86	86	13	and	and	CCONJ
arjefm-86	86	14	other	other	ADJ
arjefm-86	86	15	one	one	NOUN
arjefm-86	86	16	is	be	AUX
arjefm-86	86	17	short	short	ADJ
arjefm-86	86	18	-	-	PUNCT
arjefm-86	86	19	termism	termism	NOUN
arjefm-86	86	20	institutional	institutional	ADJ
arjefm-86	86	21	investors	investor	NOUN
arjefm-86	86	22	.	.	PUNCT
arjefm-86	87	1	monitoring	monitor	VERB
arjefm-86	87	2	institutional	institutional	ADJ
arjefm-86	87	3	investors	investor	NOUN
arjefm-86	87	4	,	,	PUNCT
arjefm-86	87	5	by	by	ADP
arjefm-86	87	6	virtue	virtue	NOUN
arjefm-86	87	7	of	of	ADP
arjefm-86	87	8	their	their	PRON
arjefm-86	87	9	large	large	ADJ
arjefm-86	87	10	shareholdings	shareholding	NOUN
arjefm-86	87	11	,	,	PUNCT
arjefm-86	87	12	have	have	VERB
arjefm-86	87	13	the	the	DET
arjefm-86	87	14	incentive	incentive	NOUN
arjefm-86	87	15	to	to	PART
arjefm-86	87	16	collect	collect	VERB
arjefm-86	87	17	information	information	NOUN
arjefm-86	87	18	and	and	CCONJ
arjefm-86	87	19	monitor	monitor	VERB
arjefm-86	87	20	management	management	NOUN
arjefm-86	87	21	because	because	SCONJ
arjefm-86	87	22	they	they	PRON
arjefm-86	87	23	reap	reap	VERB
arjefm-86	87	24	greater	great	ADJ
arjefm-86	87	25	benefits	benefit	NOUN
arjefm-86	87	26	than	than	ADP
arjefm-86	87	27	smaller	small	ADJ
arjefm-86	87	28	investors	investor	NOUN
arjefm-86	87	29	from	from	ADP
arjefm-86	87	30	monitoring	monitor	VERB
arjefm-86	87	31	the	the	DET
arjefm-86	87	32	organization	organization	NOUN
arjefm-86	87	33	such	such	ADJ
arjefm-86	87	34	as	as	ADP
arjefm-86	87	35	firm	firm	ADJ
arjefm-86	87	36	growth	growth	NOUN
arjefm-86	87	37	,	,	PUNCT
arjefm-86	87	38	r&d	r&d	NOUN
arjefm-86	87	39	investment	investment	NOUN
arjefm-86	87	40	,	,	PUNCT
arjefm-86	87	41	executive	executive	NOUN
arjefm-86	87	42	compensation	compensation	NOUN
arjefm-86	87	43	,	,	PUNCT
arjefm-86	87	44	management	management	NOUN
arjefm-86	87	45	(	(	PUNCT
arjefm-86	87	46	earnings	earning	NOUN
arjefm-86	87	47	forecast	forecast	NOUN
arjefm-86	87	48	)	)	PUNCT
arjefm-86	87	49	disclosures	disclosure	NOUN
arjefm-86	87	50	,	,	PUNCT
arjefm-86	87	51	ceo	ceo	NOUN
arjefm-86	87	52	turnover	turnover	NOUN
arjefm-86	87	53	,	,	PUNCT
arjefm-86	87	54	antitakeover	antitakeover	ADJ
arjefm-86	87	55	amendments	amendment	NOUN
arjefm-86	87	56	,	,	PUNCT
arjefm-86	87	57	and	and	CCONJ
arjefm-86	87	58	corporate	corporate	ADJ
arjefm-86	87	59	governance	governance	NOUN
arjefm-86	87	60	(	(	PUNCT
arjefm-86	87	61	callen	callen	PROPN
arjefm-86	87	62	&	&	CCONJ
arjefm-86	87	63	fang	fang	X
arjefm-86	87	64	,	,	PUNCT
arjefm-86	87	65	2013	2013	NUM
arjefm-86	87	66	)	)	PUNCT
arjefm-86	87	67	.	.	PUNCT
arjefm-86	88	1	actually	actually	ADV
arjefm-86	88	2	,	,	PUNCT
arjefm-86	88	3	prior	prior	ADJ
arjefm-86	88	4	studies	study	NOUN
arjefm-86	88	5	provides	provide	VERB
arjefm-86	88	6	experimental	experimental	ADJ
arjefm-86	88	7	indication	indication	NOUN
arjefm-86	88	8	of	of	ADP
arjefm-86	88	9	this	this	DET
arjefm-86	88	10	„	„	PUNCT
arjefm-86	88	11	„	„	PUNCT
arjefm-86	88	12	short	short	ADJ
arjefm-86	88	13	-	-	PUNCT
arjefm-86	88	14	termism‟‟	termism‟‟	NOUN
arjefm-86	88	15	view	view	NOUN
arjefm-86	88	16	.	.	PUNCT
arjefm-86	89	1	this	this	DET
arjefm-86	89	2	proof	proof	NOUN
arjefm-86	89	3	suggests	suggest	VERB
arjefm-86	89	4	that	that	SCONJ
arjefm-86	89	5	institutional	institutional	ADJ
arjefm-86	89	6	investors	investor	NOUN
arjefm-86	89	7	trade	trade	VERB
arjefm-86	89	8	heavily	heavily	ADV
arjefm-86	89	9	based	base	VERB
arjefm-86	89	10	on	on	ADP
arjefm-86	89	11	current	current	ADJ
arjefm-86	89	12	earnings	earning	NOUN
arjefm-86	89	13	news	news	NOUN
arjefm-86	89	14	,	,	PUNCT
arjefm-86	89	15	place	place	NOUN
arjefm-86	89	16	excessive	excessive	ADJ
arjefm-86	89	17	emphasis	emphasis	NOUN
arjefm-86	89	18	on	on	ADP
arjefm-86	89	19	shortterm	shortterm	PROPN
arjefm-86	89	20	performance	performance	NOUN
arjefm-86	89	21	,	,	PUNCT
arjefm-86	89	22	and	and	CCONJ
arjefm-86	89	23	fail	fail	VERB
arjefm-86	89	24	to	to	PART
arjefm-86	89	25	serve	serve	VERB
arjefm-86	89	26	as	as	ADP
arjefm-86	89	27	monitors	monitor	NOUN
arjefm-86	89	28	in	in	ADP
arjefm-86	89	29	correcting	correct	VERB
arjefm-86	89	30	ceo	ceo	NOUN
arjefm-86	89	31	over	over	ADP
arjefm-86	89	32	compensation	compensation	NOUN
arjefm-86	89	33	(	(	PUNCT
arjefm-86	89	34	cheng	cheng	PROPN
arjefm-86	89	35	et	et	PROPN
arjefm-86	89	36	al	al	PROPN
arjefm-86	89	37	.	.	PROPN
arjefm-86	89	38	,	,	PUNCT
arjefm-86	89	39	2010	2010	NUM
arjefm-86	89	40	;	;	PUNCT
arjefm-86	89	41	cella	cella	PROPN
arjefm-86	89	42	et	et	PROPN
arjefm-86	89	43	al	al	PROPN
arjefm-86	89	44	.	.	PROPN
arjefm-86	89	45	,	,	PUNCT
arjefm-86	89	46	2011	2011	NUM
arjefm-86	89	47	)	)	PUNCT
arjefm-86	89	48	.	.	PUNCT
arjefm-86	90	1	most	most	ADJ
arjefm-86	90	2	of	of	ADP
arjefm-86	90	3	agency	agency	NOUN
arjefm-86	90	4	theorists	theorist	NOUN
arjefm-86	90	5	predict	predict	VERB
arjefm-86	90	6	that	that	SCONJ
arjefm-86	90	7	institutional	institutional	ADJ
arjefm-86	90	8	investors	investor	NOUN
arjefm-86	90	9	having	have	VERB
arjefm-86	90	10	substantial	substantial	ADJ
arjefm-86	90	11	holdings	holding	NOUN
arjefm-86	90	12	of	of	ADP
arjefm-86	90	13	equity	equity	NOUN
arjefm-86	90	14	in	in	ADP
arjefm-86	90	15	a	a	DET
arjefm-86	90	16	firm	firm	NOUN
arjefm-86	90	17	will	will	AUX
arjefm-86	90	18	monitor	monitor	VERB
arjefm-86	90	19	management	management	NOUN
arjefm-86	90	20	to	to	PART
arjefm-86	90	21	protect	protect	VERB
arjefm-86	90	22	their	their	PRON
arjefm-86	90	23	investment	investment	NOUN
arjefm-86	90	24	and	and	CCONJ
arjefm-86	90	25	ensure	ensure	VERB
arjefm-86	90	26	a	a	DET
arjefm-86	90	27	good	good	ADJ
arjefm-86	90	28	return	return	NOUN
arjefm-86	90	29	(	(	PUNCT
arjefm-86	90	30	monks	monk	NOUN
arjefm-86	90	31	and	and	CCONJ
arjefm-86	90	32	minow	minow	NOUN
arjefm-86	90	33	,	,	PUNCT
arjefm-86	90	34	1995	1995	NUM
arjefm-86	90	35	)	)	PUNCT
arjefm-86	90	36	.	.	PUNCT
arjefm-86	91	1	but	but	CCONJ
arjefm-86	91	2	,	,	PUNCT
arjefm-86	91	3	cheng	cheng	PROPN
arjefm-86	91	4	et	et	PROPN
arjefm-86	91	5	al	al	PROPN
arjefm-86	91	6	.	.	PROPN
arjefm-86	92	1	(	(	PUNCT
arjefm-86	92	2	2011	2011	NUM
arjefm-86	92	3	)	)	PUNCT
arjefm-86	92	4	find	find	VERB
arjefm-86	92	5	that	that	SCONJ
arjefm-86	92	6	institutional	institutional	ADJ
arjefm-86	92	7	investors	investor	NOUN
arjefm-86	92	8	may	may	AUX
arjefm-86	92	9	be	be	AUX
arjefm-86	92	10	interested	interested	ADJ
arjefm-86	92	11	in	in	ADP
arjefm-86	92	12	short	short	ADJ
arjefm-86	92	13	-	-	PUNCT
arjefm-86	92	14	term	term	NOUN
arjefm-86	92	15	profits	profit	NOUN
arjefm-86	92	16	and	and	CCONJ
arjefm-86	92	17	,	,	PUNCT
arjefm-86	92	18	therefore	therefore	ADV
arjefm-86	92	19	,	,	PUNCT
arjefm-86	92	20	encourage	encourage	VERB
arjefm-86	92	21	managers‟	managers‟	NOUN
arjefm-86	92	22	risk	risk	NOUN
arjefm-86	92	23	-	-	PUNCT
arjefm-86	92	24	taking	take	VERB
arjefm-86	92	25	behavior	behavior	NOUN
arjefm-86	92	26	.	.	PUNCT
arjefm-86	93	1	wright	wright	PROPN
arjefm-86	93	2	et	et	PROPN
arjefm-86	93	3	al	al	PROPN
arjefm-86	93	4	.	.	PROPN
arjefm-86	93	5	(	(	PUNCT
arjefm-86	93	6	1996	1996	NUM
arjefm-86	93	7	)	)	PUNCT
arjefm-86	93	8	and	and	CCONJ
arjefm-86	93	9	hutchinson	hutchinson	PROPN
arjefm-86	93	10	et	et	PROPN
arjefm-86	93	11	al	al	PROPN
arjefm-86	93	12	.	.	PROPN
arjefm-86	94	1	(	(	PUNCT
arjefm-86	94	2	2015	2015	NUM
arjefm-86	94	3	)	)	PUNCT
arjefm-86	94	4	find	find	VERB
arjefm-86	94	5	that	that	SCONJ
arjefm-86	94	6	these	these	DET
arjefm-86	94	7	investors	investor	NOUN
arjefm-86	94	8	may	may	AUX
arjefm-86	94	9	encourage	encourage	VERB
arjefm-86	94	10	boards	board	NOUN
arjefm-86	94	11	to	to	PART
arjefm-86	94	12	take	take	VERB
arjefm-86	94	13	higher	high	ADJ
arjefm-86	94	14	risks	risk	NOUN
arjefm-86	94	15	to	to	PART
arjefm-86	94	16	achieve	achieve	VERB
arjefm-86	94	17	higher	high	ADJ
arjefm-86	94	18	returns	return	NOUN
arjefm-86	94	19	.	.	PUNCT
arjefm-86	95	1	callen	callen	PROPN
arjefm-86	95	2	and	and	CCONJ
arjefm-86	95	3	fang	fang	X
arjefm-86	95	4	(	(	PUNCT
arjefm-86	95	5	2013	2013	NUM
arjefm-86	95	6	)	)	PUNCT
arjefm-86	95	7	also	also	ADV
arjefm-86	95	8	shows	show	VERB
arjefm-86	95	9	that	that	SCONJ
arjefm-86	95	10	temporary	temporary	ADJ
arjefm-86	95	11	institutional	institutional	ADJ
arjefm-86	95	12	investor	investor	NOUN
arjefm-86	95	13	ownership	ownership	NOUN
arjefm-86	95	14	increases	increase	VERB
arjefm-86	95	15	the	the	DET
arjefm-86	95	16	firm	firm	ADJ
arjefm-86	95	17	risk	risk	NOUN
arjefm-86	95	18	.	.	PUNCT
arjefm-86	96	1	according	accord	VERB
arjefm-86	96	2	to	to	ADP
arjefm-86	96	3	manconi	manconi	PROPN
arjefm-86	96	4	and	and	CCONJ
arjefm-86	96	5	yasuda	yasuda	PROPN
arjefm-86	96	6	(	(	PUNCT
arjefm-86	96	7	2012	2012	NUM
arjefm-86	96	8	)	)	PUNCT
arjefm-86	96	9	,	,	PUNCT
arjefm-86	96	10	one	one	NUM
arjefm-86	96	11	of	of	ADP
arjefm-86	96	12	the	the	DET
arjefm-86	96	13	motives	motive	NOUN
arjefm-86	96	14	for	for	ADP
arjefm-86	96	15	this	this	DET
arjefm-86	96	16	behavior	behavior	NOUN
arjefm-86	96	17	can	can	AUX
arjefm-86	96	18	be	be	AUX
arjefm-86	96	19	the	the	DET
arjefm-86	96	20	cost	cost	NOUN
arjefm-86	96	21	of	of	ADP
arjefm-86	96	22	monitoring	monitor	VERB
arjefm-86	96	23	management	management	NOUN
arjefm-86	96	24	because	because	SCONJ
arjefm-86	96	25	of	of	ADP
arjefm-86	96	26	which	which	PRON
arjefm-86	96	27	the	the	DET
arjefm-86	96	28	institutional	institutional	ADJ
arjefm-86	96	29	investor	investor	NOUN
arjefm-86	96	30	would	would	AUX
arjefm-86	96	31	opt	opt	VERB
arjefm-86	96	32	to	to	PART
arjefm-86	96	33	sell	sell	VERB
arjefm-86	96	34	the	the	DET
arjefm-86	96	35	stock	stock	NOUN
arjefm-86	96	36	.	.	PUNCT
arjefm-86	97	1	the	the	DET
arjefm-86	97	2	recent	recent	ADJ
arjefm-86	97	3	literature	literature	NOUN
arjefm-86	97	4	mostly	mostly	ADV
arjefm-86	97	5	supports	support	VERB
arjefm-86	97	6	the	the	DET
arjefm-86	97	7	positive	positive	ADJ
arjefm-86	97	8	relationship	relationship	NOUN
arjefm-86	97	9	between	between	ADP
arjefm-86	97	10	the	the	DET
arjefm-86	97	11	percentage	percentage	NOUN
arjefm-86	97	12	of	of	ADP
arjefm-86	97	13	substantial	substantial	ADJ
arjefm-86	97	14	institutional	institutional	ADJ
arjefm-86	97	15	holdings	holding	NOUN
arjefm-86	97	16	and	and	CCONJ
arjefm-86	97	17	firm	firm	ADJ
arjefm-86	97	18	risk	risk	NOUN
arjefm-86	97	19	.	.	PUNCT
arjefm-86	98	1	based	base	VERB
arjefm-86	98	2	on	on	ADP
arjefm-86	98	3	the	the	DET
arjefm-86	98	4	empirical	empirical	ADJ
arjefm-86	98	5	finding	finding	NOUN
arjefm-86	98	6	and	and	CCONJ
arjefm-86	98	7	theoretical	theoretical	ADJ
arjefm-86	98	8	support	support	NOUN
arjefm-86	98	9	,	,	PUNCT
arjefm-86	98	10	it	it	PRON
arjefm-86	98	11	assumes	assume	VERB
arjefm-86	98	12	to	to	PART
arjefm-86	98	13	be	be	AUX
arjefm-86	98	14	positive	positive	ADJ
arjefm-86	98	15	association	association	NOUN
arjefm-86	98	16	with	with	ADP
arjefm-86	98	17	firm	firm	ADJ
arjefm-86	98	18	risk	risk	NOUN
arjefm-86	98	19	.	.	PUNCT
arjefm-86	99	1	to	to	PART
arjefm-86	99	2	test	test	VERB
arjefm-86	99	3	the	the	DET
arjefm-86	99	4	above	above	ADJ
arjefm-86	99	5	argument	argument	NOUN
arjefm-86	99	6	in	in	ADP
arjefm-86	99	7	sri	sri	PROPN
arjefm-86	99	8	lankan	lankan	PROPN
arjefm-86	99	9	context	context	NOUN
arjefm-86	99	10	,	,	PUNCT
arjefm-86	99	11	the	the	DET
arjefm-86	99	12	below	below	ADJ
arjefm-86	99	13	hypothesis	hypothesis	NOUN
arjefm-86	99	14	developed	develop	VERB
arjefm-86	99	15	,	,	PUNCT
arjefm-86	99	16	h2	h2	PROPN
arjefm-86	99	17	:	:	PUNCT
arjefm-86	99	18	the	the	DET
arjefm-86	99	19	percentage	percentage	NOUN
arjefm-86	99	20	of	of	ADP
arjefm-86	99	21	substantial	substantial	ADJ
arjefm-86	99	22	holding	holding	NOUN
arjefm-86	99	23	by	by	ADP
arjefm-86	99	24	institutional	institutional	ADJ
arjefm-86	99	25	investors	investor	NOUN
arjefm-86	99	26	is	be	AUX
arjefm-86	99	27	positively	positively	ADV
arjefm-86	99	28	related	relate	VERB
arjefm-86	99	29	to	to	ADP
arjefm-86	99	30	firm	firm	ADJ
arjefm-86	99	31	risk	risk	NOUN
arjefm-86	99	32	2.3	2.3	NUM
arjefm-86	99	33	concentrated	concentrated	ADJ
arjefm-86	99	34	ownership	ownership	NOUN
arjefm-86	99	35	and	and	CCONJ
arjefm-86	99	36	firm	firm	ADJ
arjefm-86	99	37	risk	risk	NOUN
arjefm-86	99	38	jensen	jensen	PROPN
arjefm-86	99	39	and	and	CCONJ
arjefm-86	99	40	meckling	meckling	NOUN
arjefm-86	99	41	(	(	PUNCT
arjefm-86	99	42	1976	1976	NUM
arjefm-86	99	43	)	)	PUNCT
arjefm-86	99	44	argue	argue	VERB
arjefm-86	99	45	that	that	SCONJ
arjefm-86	99	46	large	large	ADJ
arjefm-86	99	47	concentrated	concentrated	ADJ
arjefm-86	99	48	shareholders	shareholder	NOUN
arjefm-86	99	49	can	can	AUX
arjefm-86	99	50	have	have	VERB
arjefm-86	99	51	an	an	DET
arjefm-86	99	52	impact	impact	NOUN
arjefm-86	99	53	on	on	ADP
arjefm-86	99	54	corporate	corporate	ADJ
arjefm-86	99	55	risk	risk	NOUN
arjefm-86	99	56	taking	taking	NOUN
arjefm-86	99	57	.	.	PUNCT
arjefm-86	100	1	la	la	X
arjefm-86	100	2	porta	porta	PROPN
arjefm-86	100	3	et	et	PROPN
arjefm-86	100	4	al	al	PROPN
arjefm-86	100	5	.	.	PROPN
arjefm-86	101	1	(	(	PUNCT
arjefm-86	101	2	2000	2000	NUM
arjefm-86	101	3	)	)	PUNCT
arjefm-86	101	4	express	express	VERB
arjefm-86	101	5	that	that	SCONJ
arjefm-86	101	6	the	the	DET
arjefm-86	101	7	concentrated	concentrated	ADJ
arjefm-86	101	8	ownership	ownership	NOUN
arjefm-86	101	9	structure	structure	NOUN
arjefm-86	101	10	of	of	ADP
arjefm-86	101	11	large	large	ADJ
arjefm-86	101	12	firms	firm	NOUN
arjefm-86	101	13	in	in	ADP
arjefm-86	101	14	emerging	emerge	VERB
arjefm-86	101	15	countries	country	NOUN
arjefm-86	101	16	is	be	AUX
arjefm-86	101	17	known	know	VERB
arjefm-86	101	18	as	as	ADP
arjefm-86	101	19	the	the	DET
arjefm-86	101	20	root	root	NOUN
arjefm-86	101	21	cause	cause	NOUN
arjefm-86	101	22	of	of	ADP
arjefm-86	101	23	agency	agency	NOUN
arjefm-86	101	24	conflicts	conflict	NOUN
arjefm-86	101	25	in	in	ADP
arjefm-86	101	26	the	the	DET
arjefm-86	101	27	firm	firm	NOUN
arjefm-86	101	28	.	.	PUNCT
arjefm-86	102	1	jensen	jensen	PROPN
arjefm-86	102	2	and	and	CCONJ
arjefm-86	102	3	meckling(1976	meckling(1976	NOUN
arjefm-86	102	4	)	)	PUNCT
arjefm-86	102	5	argue	argue	VERB
arjefm-86	102	6	that	that	SCONJ
arjefm-86	102	7	representatives	representative	NOUN
arjefm-86	102	8	of	of	ADP
arjefm-86	102	9	majority	majority	NOUN
arjefm-86	102	10	shareholders	shareholder	NOUN
arjefm-86	102	11	could	could	AUX
arjefm-86	102	12	motivating	motivate	VERB
arjefm-86	102	13	for	for	ADP
arjefm-86	102	14	higher	high	ADJ
arjefm-86	102	15	performance	performance	NOUN
arjefm-86	102	16	because	because	SCONJ
arjefm-86	102	17	it	it	PRON
arjefm-86	102	18	eradicate	eradicate	VERB
arjefm-86	102	19	agency	agency	NOUN
arjefm-86	102	20	problems	problem	NOUN
arjefm-86	102	21	between	between	ADP
arjefm-86	102	22	the	the	DET
arjefm-86	102	23	principal	principal	NOUN
arjefm-86	102	24	and	and	CCONJ
arjefm-86	102	25	the	the	DET
arjefm-86	102	26	agents	agent	NOUN
arjefm-86	102	27	.	.	PUNCT
arjefm-86	103	1	concentrated	concentrated	ADJ
arjefm-86	103	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	103	3	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	103	4	american	american	PROPN
arjefm-86	103	5	research	research	PROPN
arjefm-86	103	6	journal	journal	PROPN
arjefm-86	103	7	of	of	ADP
arjefm-86	103	8	economics	economic	NOUN
arjefm-86	103	9	,	,	PUNCT
arjefm-86	103	10	finance	finance	NOUN
arjefm-86	103	11	and	and	CCONJ
arjefm-86	103	12	management	management	NOUN
arjefm-86	103	13	volume	volume	NOUN
arjefm-86	103	14	11	11	NUM
arjefm-86	103	15	issue	issue	NOUN
arjefm-86	103	16	3	3	NUM
arjefm-86	103	17	,	,	PUNCT
arjefm-86	103	18	july	july	PROPN
arjefm-86	103	19	-	-	PUNCT
arjefm-86	103	20	september	september	PROPN
arjefm-86	103	21	2023	2023	NUM
arjefm-86	103	22	issn	issn	PROPN
arjefm-86	103	23	:	:	PUNCT
arjefm-86	103	24	2836	2836	NUM
arjefm-86	103	25	-	-	SYM
arjefm-86	103	26	9416	9416	NUM
arjefm-86	103	27	impact	impact	NOUN
arjefm-86	103	28	factor	factor	NOUN
arjefm-86	103	29	:	:	PUNCT
arjefm-86	103	30	5.57	5.57	NUM
arjefm-86	103	31	journal	journal	NOUN
arjefm-86	103	32	homepage	homepage	NOUN
arjefm-86	103	33	:	:	PUNCT
arjefm-86	103	34	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	103	35	,	,	PUNCT
arjefm-86	103	36	email	email	NOUN
arjefm-86	103	37	:	:	PUNCT
arjefm-86	104	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	104	2	official	official	ADJ
arjefm-86	104	3	journal	journal	PROPN
arjefm-86	104	4	of	of	ADP
arjefm-86	104	5	america	america	PROPN
arjefm-86	104	6	serial	serial	PROPN
arjefm-86	104	7	publication	publication	NOUN
arjefm-86	104	8	american	american	PROPN
arjefm-86	104	9	research	research	PROPN
arjefm-86	104	10	journal	journal	PROPN
arjefm-86	104	11	of	of	ADP
arjefm-86	104	12	economics	economic	NOUN
arjefm-86	104	13	,	,	PUNCT
arjefm-86	104	14	finance	finance	NOUN
arjefm-86	104	15	and	and	CCONJ
arjefm-86	104	16	management	management	NOUN
arjefm-86	104	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	104	18	,	,	PUNCT
arjefm-86	104	19	email	email	NOUN
arjefm-86	104	20	:	:	PUNCT
arjefm-86	104	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	105	1	27	27	NUM
arjefm-86	106	1	|	|	ADV
arjefm-86	106	2	p	p	NOUN
arjefm-86	106	3	a	a	DET
arjefm-86	106	4	g	g	NOUN
arjefm-86	106	5	e	e	NOUN
arjefm-86	106	6	ownership	ownership	NOUN
arjefm-86	106	7	is	be	AUX
arjefm-86	106	8	uncommon	uncommon	ADJ
arjefm-86	106	9	in	in	ADP
arjefm-86	106	10	uk	uk	PROPN
arjefm-86	106	11	and	and	CCONJ
arjefm-86	106	12	usa	usa	PROPN
arjefm-86	106	13	on	on	ADP
arjefm-86	106	14	the	the	DET
arjefm-86	106	15	other	other	ADJ
arjefm-86	106	16	hand	hand	NOUN
arjefm-86	106	17	european	european	ADJ
arjefm-86	106	18	countries	country	NOUN
arjefm-86	106	19	as	as	ADV
arjefm-86	106	20	well	well	ADV
arjefm-86	106	21	as	as	ADP
arjefm-86	106	22	in	in	ADP
arjefm-86	106	23	latin	latin	PROPN
arjefm-86	106	24	america	america	PROPN
arjefm-86	106	25	,	,	PUNCT
arjefm-86	106	26	southeast	southeast	PROPN
arjefm-86	106	27	asia	asia	PROPN
arjefm-86	106	28	and	and	CCONJ
arjefm-86	106	29	africa	africa	PROPN
arjefm-86	106	30	;	;	PUNCT
arjefm-86	106	31	firms	firm	NOUN
arjefm-86	106	32	are	be	AUX
arjefm-86	106	33	typically	typically	ADV
arjefm-86	106	34	controlled	control	VERB
arjefm-86	106	35	by	by	ADP
arjefm-86	106	36	few	few	ADJ
arjefm-86	106	37	powerful	powerful	ADJ
arjefm-86	106	38	investors	investor	NOUN
arjefm-86	106	39	(	(	PUNCT
arjefm-86	106	40	wei	wei	PROPN
arjefm-86	106	41	&	&	CCONJ
arjefm-86	106	42	geng	geng	PROPN
arjefm-86	106	43	2008	2008	NUM
arjefm-86	106	44	)	)	PUNCT
arjefm-86	106	45	.	.	PUNCT
arjefm-86	107	1	in	in	ADP
arjefm-86	107	2	developing	develop	VERB
arjefm-86	107	3	countries	country	NOUN
arjefm-86	107	4	,	,	PUNCT
arjefm-86	107	5	stake	stake	NOUN
arjefm-86	107	6	holding	holding	NOUN
arjefm-86	107	7	is	be	AUX
arjefm-86	107	8	also	also	ADV
arjefm-86	107	9	highly	highly	ADV
arjefm-86	107	10	concentrated	concentrated	ADJ
arjefm-86	107	11	(	(	PUNCT
arjefm-86	107	12	la	la	INTJ
arjefm-86	107	13	porta	porta	NOUN
arjefm-86	107	14	et	et	PROPN
arjefm-86	107	15	al	al	PROPN
arjefm-86	107	16	.	.	PROPN
arjefm-86	107	17	2000	2000	NUM
arjefm-86	107	18	)	)	PUNCT
arjefm-86	107	19	.	.	PUNCT
arjefm-86	108	1	in	in	ADP
arjefm-86	108	2	most	most	ADJ
arjefm-86	108	3	sri	sri	PROPN
arjefm-86	108	4	lankan	lankan	PROPN
arjefm-86	108	5	listed	list	VERB
arjefm-86	108	6	companies	company	NOUN
arjefm-86	108	7	ownership	ownership	NOUN
arjefm-86	108	8	is	be	AUX
arjefm-86	108	9	concentrated	concentrate	VERB
arjefm-86	108	10	in	in	ADP
arjefm-86	108	11	the	the	DET
arjefm-86	108	12	hands	hand	NOUN
arjefm-86	108	13	of	of	ADP
arjefm-86	108	14	a	a	DET
arjefm-86	108	15	controlling	control	VERB
arjefm-86	108	16	shareholder	shareholder	NOUN
arjefm-86	108	17	,	,	PUNCT
arjefm-86	108	18	who	who	PRON
arjefm-86	108	19	enjoys	enjoy	VERB
arjefm-86	108	20	much	much	ADV
arjefm-86	108	21	higher	high	ADJ
arjefm-86	108	22	controlling	control	VERB
arjefm-86	108	23	rights	right	NOUN
arjefm-86	108	24	over	over	ADP
arjefm-86	108	25	cash	cash	NOUN
arjefm-86	108	26	flow	flow	NOUN
arjefm-86	108	27	and	and	CCONJ
arjefm-86	108	28	widely	widely	ADV
arjefm-86	108	29	held	hold	VERB
arjefm-86	108	30	entities	entity	NOUN
arjefm-86	108	31	are	be	AUX
arjefm-86	108	32	rare	rare	ADJ
arjefm-86	108	33	as	as	ADP
arjefm-86	108	34	in	in	ADP
arjefm-86	108	35	most	most	ADJ
arjefm-86	108	36	other	other	ADJ
arjefm-86	108	37	asian	asian	ADJ
arjefm-86	108	38	countries	country	NOUN
arjefm-86	108	39	(	(	PUNCT
arjefm-86	108	40	senaratne	senaratne	NOUN
arjefm-86	108	41	&	&	CCONJ
arjefm-86	108	42	gunaratne	gunaratne	PROPN
arjefm-86	108	43	2008	2008	NUM
arjefm-86	108	44	;	;	PUNCT
arjefm-86	108	45	mapita	mapita	PROPN
arjefm-86	108	46	et	et	PROPN
arjefm-86	108	47	al	al	PROPN
arjefm-86	108	48	.	.	PROPN
arjefm-86	108	49	,	,	PUNCT
arjefm-86	108	50	2015	2015	NUM
arjefm-86	108	51	)	)	PUNCT
arjefm-86	108	52	.	.	PUNCT
arjefm-86	109	1	wright	wright	PROPN
arjefm-86	109	2	et	et	PROPN
arjefm-86	109	3	al	al	PROPN
arjefm-86	109	4	.	.	PROPN
arjefm-86	109	5	(	(	PUNCT
arjefm-86	109	6	1996	1996	NUM
arjefm-86	109	7	)	)	PUNCT
arjefm-86	109	8	argues	argue	VERB
arjefm-86	109	9	that	that	SCONJ
arjefm-86	109	10	due	due	ADP
arjefm-86	109	11	to	to	ADP
arjefm-86	109	12	managerial	managerial	ADJ
arjefm-86	109	13	significant	significant	ADJ
arjefm-86	109	14	effect	effect	NOUN
arjefm-86	109	15	,	,	PUNCT
arjefm-86	109	16	concentrated	concentrated	ADJ
arjefm-86	109	17	owners	owner	NOUN
arjefm-86	109	18	may	may	AUX
arjefm-86	109	19	protect	protect	VERB
arjefm-86	109	20	the	the	DET
arjefm-86	109	21	prevailing	prevail	VERB
arjefm-86	109	22	private	private	ADJ
arjefm-86	109	23	privileges	privilege	NOUN
arjefm-86	109	24	by	by	ADP
arjefm-86	109	25	taking	take	VERB
arjefm-86	109	26	a	a	DET
arjefm-86	109	27	conventional	conventional	ADJ
arjefm-86	109	28	approach	approach	NOUN
arjefm-86	109	29	to	to	ADP
arjefm-86	109	30	investment	investment	NOUN
arjefm-86	109	31	policy	policy	NOUN
arjefm-86	109	32	,	,	PUNCT
arjefm-86	109	33	because	because	SCONJ
arjefm-86	109	34	managers	manager	NOUN
arjefm-86	109	35	can	can	AUX
arjefm-86	109	36	engage	engage	VERB
arjefm-86	109	37	in	in	ADP
arjefm-86	109	38	relationship	relationship	NOUN
arjefm-86	109	39	-	-	PUNCT
arjefm-86	109	40	investment	investment	NOUN
arjefm-86	109	41	making	make	VERB
arjefm-86	109	42	their	their	PRON
arjefm-86	109	43	replacements	replacement	NOUN
arjefm-86	109	44	difficult	difficult	ADJ
arjefm-86	109	45	for	for	ADP
arjefm-86	109	46	outside	outside	ADJ
arjefm-86	109	47	investors	investor	NOUN
arjefm-86	109	48	.	.	PUNCT
arjefm-86	110	1	gedajlovic	gedajlovic	PROPN
arjefm-86	110	2	and	and	CCONJ
arjefm-86	110	3	shapiro	shapiro	PROPN
arjefm-86	110	4	(	(	PUNCT
arjefm-86	110	5	2002	2002	NUM
arjefm-86	110	6	)	)	PUNCT
arjefm-86	110	7	and	and	CCONJ
arjefm-86	110	8	hu	hu	PROPN
arjefm-86	110	9	and	and	CCONJ
arjefm-86	110	10	izumida	izumida	PROPN
arjefm-86	110	11	(	(	PUNCT
arjefm-86	110	12	2008	2008	NUM
arjefm-86	110	13	)	)	PUNCT
arjefm-86	110	14	found	find	VERB
arjefm-86	110	15	that	that	SCONJ
arjefm-86	110	16	japanese	japanese	ADJ
arjefm-86	110	17	firms	firm	NOUN
arjefm-86	110	18	whose	whose	DET
arjefm-86	110	19	ownership	ownership	NOUN
arjefm-86	110	20	structure	structure	NOUN
arjefm-86	110	21	is	be	AUX
arjefm-86	110	22	more	more	ADV
arjefm-86	110	23	concentrated	concentrated	ADJ
arjefm-86	110	24	deliver	deliver	VERB
arjefm-86	110	25	higher	high	ADJ
arjefm-86	110	26	operating	operating	NOUN
arjefm-86	110	27	returns	return	NOUN
arjefm-86	110	28	.	.	PUNCT
arjefm-86	111	1	claessens	claessen	NOUN
arjefm-86	111	2	and	and	CCONJ
arjefm-86	111	3	djankov	djankov	PROPN
arjefm-86	111	4	(	(	PUNCT
arjefm-86	111	5	1999	1999	NUM
arjefm-86	111	6	)	)	PUNCT
arjefm-86	111	7	demonstrate	demonstrate	VERB
arjefm-86	111	8	that	that	SCONJ
arjefm-86	111	9	these	these	DET
arjefm-86	111	10	firms	firm	NOUN
arjefm-86	111	11	achieve	achieve	VERB
arjefm-86	111	12	a	a	DET
arjefm-86	111	13	higher	high	ADJ
arjefm-86	111	14	productivity	productivity	NOUN
arjefm-86	111	15	.	.	PUNCT
arjefm-86	112	1	shleifer	shleifer	PROPN
arjefm-86	112	2	and	and	CCONJ
arjefm-86	112	3	vishny	vishny	PROPN
arjefm-86	112	4	(	(	PUNCT
arjefm-86	112	5	1986	1986	NUM
arjefm-86	112	6	)	)	PUNCT
arjefm-86	112	7	argue	argue	VERB
arjefm-86	112	8	that	that	SCONJ
arjefm-86	112	9	large	large	ADJ
arjefm-86	112	10	shareholders	shareholder	NOUN
arjefm-86	112	11	have	have	VERB
arjefm-86	112	12	the	the	DET
arjefm-86	112	13	means	mean	NOUN
arjefm-86	112	14	to	to	PART
arjefm-86	112	15	steer	steer	VERB
arjefm-86	112	16	firms	firm	NOUN
arjefm-86	112	17	towards	towards	ADP
arjefm-86	112	18	high	high	ADJ
arjefm-86	112	19	-	-	PUNCT
arjefm-86	112	20	risk	risk	NOUN
arjefm-86	112	21	and	and	CCONJ
arjefm-86	112	22	highreturn	highreturn	NOUN
arjefm-86	112	23	projects	project	NOUN
arjefm-86	112	24	.	.	PUNCT
arjefm-86	113	1	according	accord	VERB
arjefm-86	113	2	to	to	ADP
arjefm-86	113	3	hill	hill	NOUN
arjefm-86	113	4	and	and	CCONJ
arjefm-86	113	5	snell	snell	PROPN
arjefm-86	113	6	(	(	PUNCT
arjefm-86	113	7	1989	1989	NUM
arjefm-86	113	8	)	)	PUNCT
arjefm-86	113	9	,	,	PUNCT
arjefm-86	113	10	large	large	ADJ
arjefm-86	113	11	shareholders	shareholder	NOUN
arjefm-86	113	12	also	also	ADV
arjefm-86	113	13	dissuade	dissuade	VERB
arjefm-86	113	14	firms	firm	NOUN
arjefm-86	113	15	from	from	ADP
arjefm-86	113	16	embarking	embark	VERB
arjefm-86	113	17	on	on	ADP
arjefm-86	113	18	unrelated	unrelated	ADJ
arjefm-86	113	19	diversification	diversification	NOUN
arjefm-86	113	20	strategies	strategy	NOUN
arjefm-86	113	21	.	.	PUNCT
arjefm-86	114	1	as	as	ADP
arjefm-86	114	2	a	a	DET
arjefm-86	114	3	result	result	NOUN
arjefm-86	114	4	,	,	PUNCT
arjefm-86	114	5	firms	firm	NOUN
arjefm-86	114	6	with	with	ADP
arjefm-86	114	7	concentrated	concentrated	ADJ
arjefm-86	114	8	ownership	ownership	NOUN
arjefm-86	114	9	remain	remain	VERB
arjefm-86	114	10	more	more	ADV
arjefm-86	114	11	focused	focused	ADJ
arjefm-86	114	12	,	,	PUNCT
arjefm-86	114	13	which	which	PRON
arjefm-86	114	14	contributes	contribute	VERB
arjefm-86	114	15	to	to	ADP
arjefm-86	114	16	their	their	PRON
arjefm-86	114	17	higher	high	ADJ
arjefm-86	114	18	performance	performance	NOUN
arjefm-86	114	19	,	,	PUNCT
arjefm-86	114	20	but	but	CCONJ
arjefm-86	114	21	also	also	ADV
arjefm-86	114	22	explains	explain	VERB
arjefm-86	114	23	why	why	SCONJ
arjefm-86	114	24	they	they	PRON
arjefm-86	114	25	tend	tend	VERB
arjefm-86	114	26	to	to	PART
arjefm-86	114	27	display	display	VERB
arjefm-86	114	28	a	a	DET
arjefm-86	114	29	higher	high	ADJ
arjefm-86	114	30	idiosyncratic	idiosyncratic	ADJ
arjefm-86	114	31	risk	risk	NOUN
arjefm-86	114	32	.	.	PUNCT
arjefm-86	115	1	this	this	DET
arjefm-86	115	2	issue	issue	NOUN
arjefm-86	115	3	is	be	AUX
arjefm-86	115	4	potentially	potentially	ADV
arjefm-86	115	5	more	more	ADV
arjefm-86	115	6	severe	severe	ADJ
arjefm-86	115	7	in	in	ADP
arjefm-86	115	8	sri	sri	PROPN
arjefm-86	115	9	lanka	lanka	PROPN
arjefm-86	115	10	with	with	ADP
arjefm-86	115	11	relatively	relatively	ADV
arjefm-86	115	12	less	less	ADV
arjefm-86	115	13	effective	effective	ADJ
arjefm-86	115	14	corporate	corporate	ADJ
arjefm-86	115	15	governance	governance	NOUN
arjefm-86	115	16	system	system	NOUN
arjefm-86	115	17	,	,	PUNCT
arjefm-86	115	18	which	which	PRON
arjefm-86	115	19	results	result	VERB
arjefm-86	115	20	in	in	ADP
arjefm-86	115	21	a	a	DET
arjefm-86	115	22	lack	lack	NOUN
arjefm-86	115	23	of	of	ADP
arjefm-86	115	24	the	the	DET
arjefm-86	115	25	mechanisms	mechanism	NOUN
arjefm-86	115	26	to	to	PART
arjefm-86	115	27	constrain	constrain	VERB
arjefm-86	115	28	the	the	DET
arjefm-86	115	29	private	private	ADJ
arjefm-86	115	30	benefits	benefit	NOUN
arjefm-86	115	31	of	of	ADP
arjefm-86	115	32	controlling	control	VERB
arjefm-86	115	33	shareholders	shareholder	NOUN
arjefm-86	115	34	and	and	CCONJ
arjefm-86	115	35	managers	manager	NOUN
arjefm-86	115	36	.	.	PUNCT
arjefm-86	116	1	the	the	DET
arjefm-86	116	2	literature	literature	NOUN
arjefm-86	116	3	mostly	mostly	ADV
arjefm-86	116	4	supports	support	VERB
arjefm-86	116	5	the	the	DET
arjefm-86	116	6	view	view	NOUN
arjefm-86	116	7	that	that	SCONJ
arjefm-86	116	8	concentrated	concentrated	ADJ
arjefm-86	116	9	ownership	ownership	NOUN
arjefm-86	116	10	will	will	AUX
arjefm-86	116	11	be	be	AUX
arjefm-86	116	12	positively	positively	ADV
arjefm-86	116	13	related	relate	VERB
arjefm-86	116	14	to	to	ADP
arjefm-86	116	15	firm	firm	ADJ
arjefm-86	116	16	risk	risk	NOUN
arjefm-86	116	17	.	.	PUNCT
arjefm-86	117	1	therefore	therefore	ADV
arjefm-86	117	2	this	this	DET
arjefm-86	117	3	hypothesis	hypothesis	NOUN
arjefm-86	117	4	as	as	SCONJ
arjefm-86	117	5	follows	follow	VERB
arjefm-86	117	6	.	.	PUNCT
arjefm-86	118	1	h3	h3	NOUN
arjefm-86	118	2	:	:	PUNCT
arjefm-86	118	3	concentrated	concentrated	ADJ
arjefm-86	118	4	ownership	ownership	NOUN
arjefm-86	118	5	is	be	AUX
arjefm-86	118	6	positively	positively	ADV
arjefm-86	118	7	related	relate	VERB
arjefm-86	118	8	to	to	ADP
arjefm-86	118	9	firm	firm	ADJ
arjefm-86	118	10	risk	risk	NOUN
arjefm-86	118	11	3	3	NUM
arjefm-86	118	12	.	.	PUNCT
arjefm-86	118	13	methodology	methodology	NOUN
arjefm-86	118	14	3.1	3.1	NUM
arjefm-86	118	15	sample	sample	NOUN
arjefm-86	118	16	selection	selection	NOUN
arjefm-86	118	17	the	the	DET
arjefm-86	118	18	population	population	NOUN
arjefm-86	118	19	of	of	ADP
arjefm-86	118	20	the	the	DET
arjefm-86	118	21	study	study	NOUN
arjefm-86	118	22	is	be	AUX
arjefm-86	118	23	293	293	NUM
arjefm-86	118	24	companies	company	NOUN
arjefm-86	118	25	listed	list	VERB
arjefm-86	118	26	in	in	ADP
arjefm-86	118	27	the	the	DET
arjefm-86	118	28	colombo	colombo	NOUN
arjefm-86	118	29	stock	stock	NOUN
arjefm-86	118	30	exchange	exchange	PROPN
arjefm-86	118	31	(	(	PUNCT
arjefm-86	118	32	cse	cse	NOUN
arjefm-86	118	33	)	)	PUNCT
arjefm-86	118	34	representing	represent	VERB
arjefm-86	118	35	twenty	twenty	NUM
arjefm-86	118	36	industry	industry	NOUN
arjefm-86	118	37	sectors	sector	NOUN
arjefm-86	118	38	.	.	PUNCT
arjefm-86	119	1	the	the	DET
arjefm-86	119	2	sample	sample	NOUN
arjefm-86	119	3	is	be	AUX
arjefm-86	119	4	comprised	comprise	VERB
arjefm-86	119	5	of	of	ADP
arjefm-86	119	6	the	the	DET
arjefm-86	119	7	69	69	NUM
arjefm-86	119	8	firms	firm	NOUN
arjefm-86	119	9	listed	list	VERB
arjefm-86	119	10	in	in	ADP
arjefm-86	119	11	the	the	DET
arjefm-86	119	12	colombo	colombo	NOUN
arjefm-86	119	13	stock	stock	NOUN
arjefm-86	119	14	exchange	exchange	NOUN
arjefm-86	119	15	for	for	ADP
arjefm-86	119	16	the	the	DET
arjefm-86	119	17	20102017	20102017	NUM
arjefm-86	119	18	financial	financial	ADJ
arjefm-86	119	19	years	year	NOUN
arjefm-86	119	20	.	.	PUNCT
arjefm-86	120	1	banking	banking	NOUN
arjefm-86	120	2	and	and	CCONJ
arjefm-86	120	3	finance	finance	NOUN
arjefm-86	120	4	sector	sector	NOUN
arjefm-86	120	5	was	be	AUX
arjefm-86	120	6	omitted	omit	VERB
arjefm-86	120	7	from	from	ADP
arjefm-86	120	8	the	the	DET
arjefm-86	120	9	sample	sample	NOUN
arjefm-86	120	10	due	due	ADP
arjefm-86	120	11	to	to	ADP
arjefm-86	120	12	the	the	DET
arjefm-86	120	13	fact	fact	NOUN
arjefm-86	120	14	that	that	SCONJ
arjefm-86	120	15	obeying	obey	VERB
arjefm-86	120	16	to	to	ADP
arjefm-86	120	17	the	the	DET
arjefm-86	120	18	governance	governance	NOUN
arjefm-86	120	19	mechanisms	mechanism	NOUN
arjefm-86	120	20	is	be	AUX
arjefm-86	120	21	mandatory	mandatory	ADJ
arjefm-86	120	22	for	for	ADP
arjefm-86	120	23	banking	banking	NOUN
arjefm-86	120	24	and	and	CCONJ
arjefm-86	120	25	finance	finance	NOUN
arjefm-86	120	26	companies	company	NOUN
arjefm-86	120	27	while	while	SCONJ
arjefm-86	120	28	for	for	ADP
arjefm-86	120	29	other	other	ADJ
arjefm-86	120	30	companies	company	NOUN
arjefm-86	120	31	is	be	AUX
arjefm-86	120	32	non	non	X
arjefm-86	120	33	mandatory	mandatory	ADJ
arjefm-86	120	34	.	.	PUNCT
arjefm-86	121	1	it	it	PRON
arjefm-86	121	2	is	be	AUX
arjefm-86	121	3	voluntary	voluntary	ADJ
arjefm-86	121	4	with	with	ADP
arjefm-86	121	5	several	several	ADJ
arjefm-86	121	6	mandatory	mandatory	ADJ
arjefm-86	121	7	rules	rule	NOUN
arjefm-86	121	8	and	and	CCONJ
arjefm-86	121	9	also	also	ADV
arjefm-86	121	10	some	some	DET
arjefm-86	121	11	companies	company	NOUN
arjefm-86	121	12	were	be	AUX
arjefm-86	121	13	excluded	exclude	VERB
arjefm-86	121	14	due	due	ADP
arjefm-86	121	15	to	to	ADP
arjefm-86	121	16	data	datum	NOUN
arjefm-86	121	17	unavailability	unavailability	NOUN
arjefm-86	121	18	.	.	PUNCT
arjefm-86	122	1	therefore	therefore	ADV
arjefm-86	122	2	to	to	PART
arjefm-86	122	3	protect	protect	VERB
arjefm-86	122	4	the	the	DET
arjefm-86	122	5	consistency	consistency	NOUN
arjefm-86	122	6	of	of	ADP
arjefm-86	122	7	the	the	DET
arjefm-86	122	8	conditions	condition	NOUN
arjefm-86	122	9	under	under	ADP
arjefm-86	122	10	which	which	PRON
arjefm-86	122	11	the	the	DET
arjefm-86	122	12	research	research	NOUN
arjefm-86	122	13	is	be	AUX
arjefm-86	122	14	carried	carry	VERB
arjefm-86	122	15	out	out	ADP
arjefm-86	122	16	companies	company	NOUN
arjefm-86	122	17	from	from	ADP
arjefm-86	122	18	banking	banking	NOUN
arjefm-86	122	19	and	and	CCONJ
arjefm-86	122	20	finance	finance	NOUN
arjefm-86	122	21	sector	sector	NOUN
arjefm-86	122	22	was	be	AUX
arjefm-86	122	23	ignored	ignore	VERB
arjefm-86	122	24	from	from	ADP
arjefm-86	122	25	the	the	DET
arjefm-86	122	26	sample	sample	NOUN
arjefm-86	122	27	.	.	PUNCT
arjefm-86	123	1	data	datum	NOUN
arjefm-86	123	2	collection	collection	NOUN
arjefm-86	123	3	was	be	AUX
arjefm-86	123	4	mainly	mainly	ADV
arjefm-86	123	5	based	base	VERB
arjefm-86	123	6	on	on	ADP
arjefm-86	123	7	annual	annual	ADJ
arjefm-86	123	8	reports	report	NOUN
arjefm-86	123	9	of	of	ADP
arjefm-86	123	10	the	the	DET
arjefm-86	123	11	companies	company	NOUN
arjefm-86	123	12	in	in	ADP
arjefm-86	123	13	the	the	DET
arjefm-86	123	14	sample	sample	NOUN
arjefm-86	123	15	.	.	PUNCT
arjefm-86	124	1	the	the	DET
arjefm-86	124	2	unit	unit	NOUN
arjefm-86	124	3	of	of	ADP
arjefm-86	124	4	analysis	analysis	NOUN
arjefm-86	124	5	was	be	AUX
arjefm-86	124	6	a	a	DET
arjefm-86	124	7	firm	firm	ADJ
arjefm-86	124	8	-	-	PUNCT
arjefm-86	124	9	year	year	NOUN
arjefm-86	124	10	.	.	PUNCT
arjefm-86	125	1	the	the	DET
arjefm-86	125	2	present	present	ADJ
arjefm-86	125	3	study	study	NOUN
arjefm-86	125	4	was	be	AUX
arjefm-86	125	5	based	base	VERB
arjefm-86	125	6	on	on	ADP
arjefm-86	125	7	secondary	secondary	ADJ
arjefm-86	125	8	data	datum	NOUN
arjefm-86	125	9	,	,	PUNCT
arjefm-86	125	10	which	which	PRON
arjefm-86	125	11	is	be	AUX
arjefm-86	125	12	based	base	VERB
arjefm-86	125	13	on	on	ADP
arjefm-86	125	14	the	the	DET
arjefm-86	125	15	published	publish	VERB
arjefm-86	125	16	audited	audit	VERB
arjefm-86	125	17	annual	annual	ADJ
arjefm-86	125	18	reports	report	NOUN
arjefm-86	125	19	of	of	ADP
arjefm-86	125	20	the	the	DET
arjefm-86	125	21	companies	company	NOUN
arjefm-86	125	22	.	.	PUNCT
arjefm-86	126	1	3.2	3.2	NUM
arjefm-86	126	2	variables	variable	NOUN
arjefm-86	126	3	this	this	DET
arjefm-86	126	4	section	section	NOUN
arjefm-86	126	5	presents	present	VERB
arjefm-86	126	6	the	the	DET
arjefm-86	126	7	dependent	dependent	ADJ
arjefm-86	126	8	,	,	PUNCT
arjefm-86	126	9	independent	independent	ADJ
arjefm-86	126	10	,	,	PUNCT
arjefm-86	126	11	and	and	CCONJ
arjefm-86	126	12	control	control	NOUN
arjefm-86	126	13	variables	variable	NOUN
arjefm-86	126	14	used	use	VERB
arjefm-86	126	15	in	in	ADP
arjefm-86	126	16	the	the	DET
arjefm-86	126	17	econometric	econometric	ADJ
arjefm-86	126	18	analysis	analysis	NOUN
arjefm-86	126	19	.	.	PUNCT
arjefm-86	127	1	3.2.1	3.2.1	NUM
arjefm-86	127	2	independent	independent	ADJ
arjefm-86	127	3	variable	variable	ADJ
arjefm-86	127	4	ownership	ownership	NOUN
arjefm-86	127	5	variable	variable	NOUN
arjefm-86	127	6	refer	refer	VERB
arjefm-86	127	7	as	as	ADP
arjefm-86	127	8	independent	independent	ADJ
arjefm-86	127	9	variables	variable	NOUN
arjefm-86	127	10	such	such	ADJ
arjefm-86	127	11	as	as	ADP
arjefm-86	127	12	institutional	institutional	ADJ
arjefm-86	127	13	ownership	ownership	NOUN
arjefm-86	127	14	(	(	PUNCT
arjefm-86	127	15	io	io	NOUN
arjefm-86	127	16	)	)	PUNCT
arjefm-86	127	17	,	,	PUNCT
arjefm-86	127	18	managerial	managerial	ADJ
arjefm-86	127	19	ownership	ownership	NOUN
arjefm-86	127	20	(	(	PUNCT
arjefm-86	127	21	mo	mo	NOUN
arjefm-86	127	22	)	)	PUNCT
arjefm-86	127	23	and	and	CCONJ
arjefm-86	127	24	concentrated	concentrated	ADJ
arjefm-86	127	25	ownership	ownership	NOUN
arjefm-86	127	26	(	(	PUNCT
arjefm-86	127	27	co	co	NOUN
arjefm-86	127	28	)	)	PUNCT
arjefm-86	127	29	.	.	PUNCT
arjefm-86	128	1	institutional	institutional	ADJ
arjefm-86	128	2	ownership	ownership	NOUN
arjefm-86	128	3	is	be	AUX
arjefm-86	128	4	measured	measure	VERB
arjefm-86	128	5	as	as	ADP
arjefm-86	128	6	the	the	DET
arjefm-86	128	7	total	total	ADJ
arjefm-86	128	8	percentage	percentage	NOUN
arjefm-86	128	9	of	of	ADP
arjefm-86	128	10	substantial	substantial	ADJ
arjefm-86	128	11	(	(	PUNCT
arjefm-86	128	12	greater	great	ADJ
arjefm-86	128	13	than	than	ADP
arjefm-86	128	14	3	3	NUM
arjefm-86	128	15	per	per	ADP
arjefm-86	128	16	cent	cent	NOUN
arjefm-86	128	17	)	)	PUNCT
arjefm-86	128	18	ownership	ownership	NOUN
arjefm-86	128	19	of	of	ADP
arjefm-86	128	20	equity	equity	NOUN
arjefm-86	128	21	in	in	ADP
arjefm-86	128	22	a	a	DET
arjefm-86	128	23	firm	firm	NOUN
arjefm-86	128	24	by	by	ADP
arjefm-86	128	25	institutions	institution	NOUN
arjefm-86	128	26	such	such	ADJ
arjefm-86	128	27	as	as	ADP
arjefm-86	128	28	pension	pension	NOUN
arjefm-86	128	29	funds	fund	NOUN
arjefm-86	128	30	,	,	PUNCT
arjefm-86	128	31	mutual	mutual	ADJ
arjefm-86	128	32	funds	fund	NOUN
arjefm-86	128	33	,	,	PUNCT
arjefm-86	128	34	investment	investment	NOUN
arjefm-86	128	35	banks	bank	NOUN
arjefm-86	128	36	and	and	CCONJ
arjefm-86	128	37	companies	company	NOUN
arjefm-86	128	38	(	(	PUNCT
arjefm-86	128	39	callen	callen	PROPN
arjefm-86	128	40	&	&	CCONJ
arjefm-86	128	41	fang	fang	PROPN
arjefm-86	128	42	,	,	PUNCT
arjefm-86	128	43	2013	2013	NUM
arjefm-86	128	44	;	;	PUNCT
arjefm-86	128	45	sudha	sudha	PROPN
arjefm-86	128	46	et	et	PROPN
arjefm-86	128	47	al	al	PROPN
arjefm-86	128	48	.	.	PROPN
arjefm-86	128	49	,	,	PUNCT
arjefm-86	128	50	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	128	51	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	129	1	american	american	PROPN
arjefm-86	129	2	research	research	PROPN
arjefm-86	129	3	journal	journal	PROPN
arjefm-86	129	4	of	of	ADP
arjefm-86	129	5	economics	economic	NOUN
arjefm-86	129	6	,	,	PUNCT
arjefm-86	129	7	finance	finance	NOUN
arjefm-86	129	8	and	and	CCONJ
arjefm-86	129	9	management	management	NOUN
arjefm-86	129	10	volume	volume	NOUN
arjefm-86	129	11	11	11	NUM
arjefm-86	129	12	issue	issue	NOUN
arjefm-86	129	13	3	3	NUM
arjefm-86	129	14	,	,	PUNCT
arjefm-86	129	15	july	july	PROPN
arjefm-86	129	16	-	-	PUNCT
arjefm-86	129	17	september	september	PROPN
arjefm-86	129	18	2023	2023	NUM
arjefm-86	129	19	issn	issn	PROPN
arjefm-86	129	20	:	:	PUNCT
arjefm-86	129	21	2836	2836	NUM
arjefm-86	129	22	-	-	SYM
arjefm-86	129	23	9416	9416	NUM
arjefm-86	129	24	impact	impact	NOUN
arjefm-86	129	25	factor	factor	NOUN
arjefm-86	129	26	:	:	PUNCT
arjefm-86	129	27	5.57	5.57	NUM
arjefm-86	129	28	journal	journal	NOUN
arjefm-86	129	29	homepage	homepage	NOUN
arjefm-86	129	30	:	:	PUNCT
arjefm-86	129	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	129	32	,	,	PUNCT
arjefm-86	129	33	email	email	NOUN
arjefm-86	129	34	:	:	PUNCT
arjefm-86	130	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	130	2	official	official	ADJ
arjefm-86	130	3	journal	journal	PROPN
arjefm-86	130	4	of	of	ADP
arjefm-86	130	5	america	america	PROPN
arjefm-86	130	6	serial	serial	PROPN
arjefm-86	130	7	publication	publication	NOUN
arjefm-86	130	8	american	american	PROPN
arjefm-86	130	9	research	research	PROPN
arjefm-86	130	10	journal	journal	PROPN
arjefm-86	130	11	of	of	ADP
arjefm-86	130	12	economics	economic	NOUN
arjefm-86	130	13	,	,	PUNCT
arjefm-86	130	14	finance	finance	NOUN
arjefm-86	130	15	and	and	CCONJ
arjefm-86	130	16	management	management	NOUN
arjefm-86	130	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	130	18	,	,	PUNCT
arjefm-86	130	19	email	email	NOUN
arjefm-86	130	20	:	:	PUNCT
arjefm-86	130	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	131	1	28	28	NUM
arjefm-86	132	1	|	|	ADV
arjefm-86	132	2	p	p	X
arjefm-86	132	3	a	a	DET
arjefm-86	132	4	g	g	NOUN
arjefm-86	132	5	e	e	NOUN
arjefm-86	132	6	2016	2016	NUM
arjefm-86	132	7	)	)	PUNCT
arjefm-86	132	8	.	.	PUNCT
arjefm-86	133	1	management‟s	management‟s	ADJ
arjefm-86	133	2	ownership	ownership	NOUN
arjefm-86	133	3	is	be	AUX
arjefm-86	133	4	measured	measure	VERB
arjefm-86	133	5	as	as	ADP
arjefm-86	133	6	the	the	DET
arjefm-86	133	7	percentage	percentage	NOUN
arjefm-86	133	8	of	of	ADP
arjefm-86	133	9	equity	equity	NOUN
arjefm-86	133	10	hold	hold	NOUN
arjefm-86	133	11	by	by	ADP
arjefm-86	133	12	all	all	DET
arjefm-86	133	13	the	the	DET
arjefm-86	133	14	executive	executive	ADJ
arjefm-86	133	15	directors	director	NOUN
arjefm-86	133	16	on	on	ADP
arjefm-86	133	17	the	the	DET
arjefm-86	133	18	board	board	NOUN
arjefm-86	133	19	which	which	PRON
arjefm-86	133	20	include	include	VERB
arjefm-86	133	21	voting	voting	NOUN
arjefm-86	133	22	rights	right	NOUN
arjefm-86	133	23	and	and	CCONJ
arjefm-86	133	24	capital	capital	NOUN
arjefm-86	133	25	percentage	percentage	NOUN
arjefm-86	133	26	(	(	PUNCT
arjefm-86	133	27	sanders	sanders	PROPN
arjefm-86	133	28	&	&	CCONJ
arjefm-86	133	29	hambrick	hambrick	PROPN
arjefm-86	133	30	,	,	PUNCT
arjefm-86	133	31	2007	2007	NUM
arjefm-86	133	32	;	;	PUNCT
arjefm-86	133	33	coles	coles	PROPN
arjefm-86	133	34	et	et	PROPN
arjefm-86	133	35	al	al	PROPN
arjefm-86	133	36	.	.	PROPN
arjefm-86	133	37	,	,	PUNCT
arjefm-86	133	38	2006	2006	NUM
arjefm-86	133	39	and	and	CCONJ
arjefm-86	133	40	sudha	sudha	VERB
arjefm-86	133	41	et	et	PROPN
arjefm-86	133	42	al	al	PROPN
arjefm-86	133	43	.	.	PROPN
arjefm-86	133	44	,	,	PUNCT
arjefm-86	133	45	2016	2016	NUM
arjefm-86	133	46	)	)	PUNCT
arjefm-86	133	47	.	.	PUNCT
arjefm-86	134	1	the	the	DET
arjefm-86	134	2	concentrated	concentrated	ADJ
arjefm-86	134	3	ownership	ownership	NOUN
arjefm-86	134	4	(	(	PUNCT
arjefm-86	134	5	co	co	NOUN
arjefm-86	134	6	)	)	PUNCT
arjefm-86	134	7	is	be	AUX
arjefm-86	134	8	measured	measure	VERB
arjefm-86	134	9	by	by	ADP
arjefm-86	134	10	using	use	VERB
arjefm-86	134	11	the	the	DET
arjefm-86	134	12	herfindahl	herfindahl	NOUN
arjefm-86	134	13	index	index	NOUN
arjefm-86	134	14	5	5	NUM
arjefm-86	134	15	(	(	PUNCT
arjefm-86	134	16	hi5	hi5	NOUN
arjefm-86	134	17	)	)	PUNCT
arjefm-86	134	18	.	.	PUNCT
arjefm-86	135	1	the	the	DET
arjefm-86	135	2	first	first	ADJ
arjefm-86	135	3	five	five	NUM
arjefm-86	135	4	largest	large	ADJ
arjefm-86	135	5	shareholders	shareholder	NOUN
arjefm-86	135	6	and	and	CCONJ
arjefm-86	135	7	shareholding	shareholding	NOUN
arjefm-86	135	8	percentage	percentage	NOUN
arjefm-86	135	9	are	be	AUX
arjefm-86	135	10	taken	take	VERB
arjefm-86	135	11	into	into	ADP
arjefm-86	135	12	consideration	consideration	NOUN
arjefm-86	135	13	in	in	ADP
arjefm-86	135	14	the	the	DET
arjefm-86	135	15	herfindhal	herfindhal	ADJ
arjefm-86	135	16	index	index	NOUN
arjefm-86	135	17	and	and	CCONJ
arjefm-86	135	18	got	get	VERB
arjefm-86	135	19	the	the	DET
arjefm-86	135	20	squared	square	VERB
arjefm-86	135	21	sum	sum	NOUN
arjefm-86	135	22	of	of	ADP
arjefm-86	135	23	it	it	PRON
arjefm-86	135	24	(	(	PUNCT
arjefm-86	135	25	nguyen	nguyen	NOUN
arjefm-86	135	26	,	,	PUNCT
arjefm-86	135	27	2011	2011	NUM
arjefm-86	135	28	;	;	PUNCT
arjefm-86	135	29	khan	khan	PROPN
arjefm-86	135	30	,	,	PUNCT
arjefm-86	135	31	2005	2005	NUM
arjefm-86	135	32	)	)	PUNCT
arjefm-86	135	33	3.2.2	3.2.2	NUM
arjefm-86	135	34	dependent	dependent	ADJ
arjefm-86	135	35	variable	variable	NOUN
arjefm-86	135	36	this	this	DET
arjefm-86	135	37	study	study	NOUN
arjefm-86	135	38	determines	determine	VERB
arjefm-86	135	39	firm	firm	ADJ
arjefm-86	135	40	risk	risk	NOUN
arjefm-86	135	41	as	as	ADP
arjefm-86	135	42	dependent	dependent	ADJ
arjefm-86	135	43	variable	variable	NOUN
arjefm-86	135	44	and	and	CCONJ
arjefm-86	135	45	measures	measure	NOUN
arjefm-86	135	46	based	base	VERB
arjefm-86	135	47	on	on	ADP
arjefm-86	135	48	accounting	accounting	NOUN
arjefm-86	135	49	,	,	PUNCT
arjefm-86	135	50	market	market	NOUN
arjefm-86	135	51	and	and	CCONJ
arjefm-86	135	52	mix	mix	NOUN
arjefm-86	135	53	of	of	ADP
arjefm-86	135	54	tem	tem	PROPN
arjefm-86	135	55	.	.	PUNCT
arjefm-86	136	1	in	in	ADP
arjefm-86	136	2	this	this	DET
arjefm-86	136	3	study	study	NOUN
arjefm-86	136	4	use	use	VERB
arjefm-86	136	5	the	the	DET
arjefm-86	136	6	two	two	NUM
arjefm-86	136	7	folders	folder	NOUN
arjefm-86	136	8	of	of	ADP
arjefm-86	136	9	measurement	measurement	NOUN
arjefm-86	136	10	using	use	VERB
arjefm-86	136	11	accounting	accounting	NOUN
arjefm-86	136	12	and	and	CCONJ
arjefm-86	136	13	market	market	NOUN
arjefm-86	136	14	data	datum	NOUN
arjefm-86	136	15	which	which	PRON
arjefm-86	136	16	ensures	ensure	VERB
arjefm-86	136	17	that	that	SCONJ
arjefm-86	136	18	the	the	DET
arjefm-86	136	19	results	result	NOUN
arjefm-86	136	20	of	of	ADP
arjefm-86	136	21	the	the	DET
arjefm-86	136	22	study	study	NOUN
arjefm-86	136	23	are	be	AUX
arjefm-86	136	24	robust	robust	ADJ
arjefm-86	136	25	.	.	PUNCT
arjefm-86	137	1	firm	firm	ADJ
arjefm-86	137	2	risk	risk	NOUN
arjefm-86	137	3	measures	measure	NOUN
arjefm-86	137	4	used	use	VERB
arjefm-86	137	5	in	in	ADP
arjefm-86	137	6	this	this	DET
arjefm-86	137	7	study	study	NOUN
arjefm-86	137	8	are	be	AUX
arjefm-86	137	9	total	total	ADJ
arjefm-86	137	10	risk	risk	NOUN
arjefm-86	137	11	,	,	PUNCT
arjefm-86	137	12	asset	asset	NOUN
arjefm-86	137	13	return	return	NOUN
arjefm-86	137	14	risk	risk	NOUN
arjefm-86	137	15	and	and	CCONJ
arjefm-86	137	16	financial	financial	ADJ
arjefm-86	137	17	risk	risk	NOUN
arjefm-86	137	18	.	.	PUNCT
arjefm-86	138	1	total	total	ADJ
arjefm-86	138	2	risk	risk	NOUN
arjefm-86	138	3	is	be	AUX
arjefm-86	138	4	measured	measure	VERB
arjefm-86	138	5	by	by	ADP
arjefm-86	138	6	the	the	DET
arjefm-86	138	7	standard	standard	ADJ
arjefm-86	138	8	deviation	deviation	NOUN
arjefm-86	138	9	of	of	ADP
arjefm-86	138	10	the	the	DET
arjefm-86	138	11	firm	firm	NOUN
arjefm-86	138	12	's	's	PART
arjefm-86	138	13	daily	daily	ADJ
arjefm-86	138	14	stock	stock	NOUN
arjefm-86	138	15	returns	return	NOUN
arjefm-86	138	16	for	for	ADP
arjefm-86	138	17	each	each	DET
arjefm-86	138	18	fiscal	fiscal	ADJ
arjefm-86	138	19	year	year	NOUN
arjefm-86	138	20	.	.	PUNCT
arjefm-86	139	1	it	it	PRON
arjefm-86	139	2	is	be	AUX
arjefm-86	139	3	measured	measure	VERB
arjefm-86	139	4	as	as	ADP
arjefm-86	139	5	the	the	DET
arjefm-86	139	6	standard	standard	ADJ
arjefm-86	139	7	deviation	deviation	NOUN
arjefm-86	139	8	of	of	ADP
arjefm-86	139	9	the	the	DET
arjefm-86	139	10	rate	rate	NOUN
arjefm-86	139	11	of	of	ADP
arjefm-86	139	12	return	return	NOUN
arjefm-86	139	13	on	on	ADP
arjefm-86	139	14	equity	equity	NOUN
arjefm-86	139	15	for	for	ADP
arjefm-86	139	16	the	the	DET
arjefm-86	139	17	company	company	NOUN
arjefm-86	139	18	,	,	PUNCT
arjefm-86	139	19	and	and	CCONJ
arjefm-86	139	20	is	be	AUX
arjefm-86	139	21	expressed	express	VERB
arjefm-86	139	22	as	as	ADP
arjefm-86	139	23	a	a	DET
arjefm-86	139	24	rate	rate	NOUN
arjefm-86	139	25	of	of	ADP
arjefm-86	139	26	return	return	NOUN
arjefm-86	139	27	per	per	ADP
arjefm-86	139	28	month	month	NOUN
arjefm-86	139	29	computed	compute	VERB
arjefm-86	139	30	from	from	ADP
arjefm-86	139	31	the	the	DET
arjefm-86	139	32	(	(	PUNCT
arjefm-86	139	33	continuously	continuously	ADV
arjefm-86	139	34	compounded	compound	VERB
arjefm-86	139	35	)	)	PUNCT
arjefm-86	139	36	equity	equity	NOUN
arjefm-86	139	37	rates	rate	NOUN
arjefm-86	139	38	of	of	ADP
arjefm-86	139	39	return	return	NOUN
arjefm-86	139	40	for	for	ADP
arjefm-86	139	41	the	the	DET
arjefm-86	139	42	company	company	NOUN
arjefm-86	139	43	's	's	PART
arjefm-86	139	44	equity	equity	NOUN
arjefm-86	139	45	.	.	PUNCT
arjefm-86	140	1	the	the	DET
arjefm-86	140	2	standard	standard	ADJ
arjefm-86	140	3	deviation	deviation	NOUN
arjefm-86	140	4	is	be	AUX
arjefm-86	140	5	a	a	DET
arjefm-86	140	6	measure	measure	NOUN
arjefm-86	140	7	of	of	ADP
arjefm-86	140	8	historical	historical	ADJ
arjefm-86	140	9	volatility	volatility	NOUN
arjefm-86	140	10	,	,	PUNCT
arjefm-86	140	11	and	and	CCONJ
arjefm-86	140	12	is	be	AUX
arjefm-86	140	13	used	use	VERB
arjefm-86	140	14	by	by	ADP
arjefm-86	140	15	investors	investor	NOUN
arjefm-86	140	16	to	to	PART
arjefm-86	140	17	gauge	gauge	VERB
arjefm-86	140	18	the	the	DET
arjefm-86	140	19	amount	amount	NOUN
arjefm-86	140	20	of	of	ADP
arjefm-86	140	21	expected	expect	VERB
arjefm-86	140	22	volatility	volatility	NOUN
arjefm-86	140	23	.	.	PUNCT
arjefm-86	141	1	this	this	DET
arjefm-86	141	2	measure	measure	NOUN
arjefm-86	141	3	encompasses	encompass	VERB
arjefm-86	141	4	both	both	DET
arjefm-86	141	5	systematic	systematic	ADJ
arjefm-86	141	6	and	and	CCONJ
arjefm-86	141	7	unsystematic	unsystematic	ADJ
arjefm-86	141	8	risk	risk	NOUN
arjefm-86	141	9	.	.	PUNCT
arjefm-86	142	1	total	total	ADJ
arjefm-86	142	2	risk	risk	NOUN
arjefm-86	142	3	can	can	AUX
arjefm-86	142	4	be	be	AUX
arjefm-86	142	5	explained	explain	VERB
arjefm-86	142	6	as	as	ADP
arjefm-86	142	7	the	the	DET
arjefm-86	142	8	extent	extent	NOUN
arjefm-86	142	9	of	of	ADP
arjefm-86	142	10	the	the	DET
arjefm-86	142	11	stock	stock	NOUN
arjefm-86	142	12	volatility	volatility	NOUN
arjefm-86	142	13	and	and	CCONJ
arjefm-86	142	14	measured	measure	VERB
arjefm-86	142	15	by	by	ADP
arjefm-86	142	16	previous	previous	ADJ
arjefm-86	142	17	studies	study	NOUN
arjefm-86	142	18	as	as	ADP
arjefm-86	142	19	the	the	DET
arjefm-86	142	20	standard	standard	ADJ
arjefm-86	142	21	deviation	deviation	NOUN
arjefm-86	142	22	of	of	ADP
arjefm-86	142	23	equity	equity	NOUN
arjefm-86	142	24	returns	return	NOUN
arjefm-86	142	25	for	for	ADP
arjefm-86	142	26	each	each	DET
arjefm-86	142	27	fiscal	fiscal	ADJ
arjefm-86	142	28	year	year	NOUN
arjefm-86	142	29	(	(	PUNCT
arjefm-86	142	30	laeven	laeven	PROPN
arjefm-86	142	31	&	&	CCONJ
arjefm-86	142	32	levine	levine	PROPN
arjefm-86	142	33	,	,	PUNCT
arjefm-86	142	34	2009	2009	NUM
arjefm-86	142	35	;	;	PUNCT
arjefm-86	142	36	wright	wright	PROPN
arjefm-86	142	37	et	et	PROPN
arjefm-86	142	38	al	al	PROPN
arjefm-86	142	39	.	.	PROPN
arjefm-86	142	40	,	,	PUNCT
arjefm-86	142	41	1996	1996	NUM
arjefm-86	142	42	;	;	PUNCT
arjefm-86	142	43	hutchinson	hutchinson	PROPN
arjefm-86	142	44	;	;	PUNCT
arjefm-86	142	45	2001	2001	NUM
arjefm-86	142	46	;	;	PUNCT
arjefm-86	142	47	nguyen	nguyen	NOUN
arjefm-86	142	48	,	,	PUNCT
arjefm-86	142	49	2011	2011	NUM
arjefm-86	142	50	;	;	PUNCT
arjefm-86	142	51	pathan	pathan	PROPN
arjefm-86	142	52	,	,	PUNCT
arjefm-86	142	53	2009	2009	NUM
arjefm-86	142	54	;	;	PUNCT
arjefm-86	142	55	sudha	sudha	PROPN
arjefm-86	142	56	et	et	PROPN
arjefm-86	142	57	al	al	PROPN
arjefm-86	142	58	.	.	PROPN
arjefm-86	142	59	,	,	PUNCT
arjefm-86	142	60	2016	2016	NUM
arjefm-86	142	61	)	)	PUNCT
arjefm-86	142	62	.	.	PUNCT
arjefm-86	143	1	the	the	DET
arjefm-86	143	2	standard	standard	ADJ
arjefm-86	143	3	deviation	deviation	NOUN
arjefm-86	143	4	of	of	ADP
arjefm-86	143	5	this	this	DET
arjefm-86	143	6	ratio	ratio	NOUN
arjefm-86	143	7	(	(	PUNCT
arjefm-86	143	8	pit	pit	NOUN
arjefm-86	143	9	/	/	SYM
arjefm-86	143	10	pit	pit	NOUN
arjefm-86	143	11	-1	-1	NOUN
arjefm-86	143	12	)	)	PUNCT
arjefm-86	143	13	times	time	NOUN
arjefm-86	143	14	the	the	DET
arjefm-86	143	15	square	square	ADJ
arjefm-86	143	16	root	root	NOUN
arjefm-86	143	17	of	of	ADP
arjefm-86	143	18	the	the	DET
arjefm-86	143	19	number	number	NOUN
arjefm-86	143	20	of	of	ADP
arjefm-86	143	21	days	day	NOUN
arjefm-86	143	22	of	of	ADP
arjefm-86	143	23	trade	trade	NOUN
arjefm-86	143	24	activity	activity	NOUN
arjefm-86	143	25	(	(	PUNCT
arjefm-86	143	26	250	250	NUM
arjefm-86	143	27	days	day	NOUN
arjefm-86	143	28	)	)	PUNCT
arjefm-86	143	29	gives	give	VERB
arjefm-86	143	30	the	the	DET
arjefm-86	143	31	annualized	annualize	VERB
arjefm-86	143	32	volatility	volatility	NOUN
arjefm-86	143	33	of	of	ADP
arjefm-86	143	34	equity	equity	NOUN
arjefm-86	143	35	return	return	NOUN
arjefm-86	143	36	for	for	ADP
arjefm-86	143	37	each	each	DET
arjefm-86	143	38	stock	stock	NOUN
arjefm-86	143	39	.	.	PUNCT
arjefm-86	144	1	asset	asset	NOUN
arjefm-86	144	2	return	return	NOUN
arjefm-86	144	3	risk	risk	NOUN
arjefm-86	144	4	is	be	AUX
arjefm-86	144	5	used	use	VERB
arjefm-86	144	6	as	as	ADP
arjefm-86	144	7	an	an	DET
arjefm-86	144	8	alternative	alternative	ADJ
arjefm-86	144	9	risk	risk	NOUN
arjefm-86	144	10	measure	measure	NOUN
arjefm-86	144	11	which	which	PRON
arjefm-86	144	12	represents	represent	VERB
arjefm-86	144	13	the	the	DET
arjefm-86	144	14	variance	variance	NOUN
arjefm-86	144	15	of	of	ADP
arjefm-86	144	16	the	the	DET
arjefm-86	144	17	asset	asset	NOUN
arjefm-86	144	18	returns	return	NOUN
arjefm-86	144	19	.	.	PUNCT
arjefm-86	145	1	following	follow	VERB
arjefm-86	145	2	(	(	PUNCT
arjefm-86	145	3	flannery	flannery	PROPN
arjefm-86	145	4	&	&	CCONJ
arjefm-86	145	5	rangan	rangan	PROPN
arjefm-86	145	6	,	,	PUNCT
arjefm-86	145	7	2008	2008	NUM
arjefm-86	145	8	;	;	PUNCT
arjefm-86	145	9	pathan	pathan	PROPN
arjefm-86	145	10	,	,	PUNCT
arjefm-86	145	11	2009	2009	NUM
arjefm-86	145	12	;	;	PUNCT
arjefm-86	145	13	sudha	sudha	PROPN
arjefm-86	145	14	et	et	PROPN
arjefm-86	145	15	al	al	PROPN
arjefm-86	145	16	.	.	PROPN
arjefm-86	145	17	,	,	PUNCT
arjefm-86	145	18	2016	2016	NUM
arjefm-86	145	19	)	)	PUNCT
arjefm-86	145	20	,	,	PUNCT
arjefm-86	145	21	volatility	volatility	NOUN
arjefm-86	145	22	of	of	ADP
arjefm-86	145	23	asset	asset	NOUN
arjefm-86	145	24	returns	return	NOUN
arjefm-86	145	25	or	or	CCONJ
arjefm-86	145	26	asset	asset	NOUN
arjefm-86	145	27	return	return	NOUN
arjefm-86	145	28	risk	risk	NOUN
arjefm-86	145	29	will	will	AUX
arjefm-86	145	30	be	be	AUX
arjefm-86	145	31	computed	compute	VERB
arjefm-86	145	32	as	as	ADP
arjefm-86	145	33	the	the	DET
arjefm-86	145	34	ratio	ratio	NOUN
arjefm-86	145	35	of	of	ADP
arjefm-86	145	36	market	market	NOUN
arjefm-86	145	37	value	value	NOUN
arjefm-86	145	38	of	of	ADP
arjefm-86	145	39	equity	equity	NOUN
arjefm-86	145	40	to	to	ADP
arjefm-86	145	41	market	market	NOUN
arjefm-86	145	42	value	value	NOUN
arjefm-86	145	43	of	of	ADP
arjefm-86	145	44	total	total	ADJ
arjefm-86	145	45	assets	asset	NOUN
arjefm-86	145	46	times	time	NOUN
arjefm-86	145	47	the	the	DET
arjefm-86	145	48	standard	standard	ADJ
arjefm-86	145	49	deviation	deviation	NOUN
arjefm-86	145	50	of	of	ADP
arjefm-86	145	51	the	the	DET
arjefm-86	145	52	daily	daily	ADJ
arjefm-86	145	53	stock	stock	NOUN
arjefm-86	145	54	returns	return	NOUN
arjefm-86	145	55	.	.	PUNCT
arjefm-86	146	1	this	this	PRON
arjefm-86	146	2	will	will	AUX
arjefm-86	146	3	be	be	AUX
arjefm-86	146	4	annualized	annualize	VERB
arjefm-86	146	5	by	by	ADP
arjefm-86	146	6	multiplying	multiply	VERB
arjefm-86	146	7	the	the	DET
arjefm-86	146	8	resulting	result	VERB
arjefm-86	146	9	value	value	NOUN
arjefm-86	146	10	by	by	ADP
arjefm-86	146	11	the	the	DET
arjefm-86	146	12	square	square	ADJ
arjefm-86	146	13	root	root	NOUN
arjefm-86	146	14	of	of	ADP
arjefm-86	146	15	the	the	DET
arjefm-86	146	16	approximate	approximate	ADJ
arjefm-86	146	17	number	number	NOUN
arjefm-86	146	18	of	of	ADP
arjefm-86	146	19	trading	trading	NOUN
arjefm-86	146	20	days	day	NOUN
arjefm-86	146	21	in	in	ADP
arjefm-86	146	22	the	the	DET
arjefm-86	146	23	year	year	NOUN
arjefm-86	146	24	.	.	PUNCT
arjefm-86	147	1	further	far	ADV
arjefm-86	147	2	,	,	PUNCT
arjefm-86	147	3	arr	arr	PROPN
arjefm-86	147	4	is	be	AUX
arjefm-86	147	5	computed	compute	VERB
arjefm-86	147	6	as	as	ADP
arjefm-86	147	7	the	the	DET
arjefm-86	147	8	standard	standard	ADJ
arjefm-86	147	9	deviation	deviation	NOUN
arjefm-86	147	10	of	of	ADP
arjefm-86	147	11	the	the	DET
arjefm-86	147	12	daily	daily	ADJ
arjefm-86	147	13	stock	stock	NOUN
arjefm-86	147	14	returns	return	NOUN
arjefm-86	147	15	times	times	ADP
arjefm-86	147	16	the	the	DET
arjefm-86	147	17	ratio	ratio	NOUN
arjefm-86	147	18	of	of	ADP
arjefm-86	147	19	market	market	NOUN
arjefm-86	147	20	value	value	NOUN
arjefm-86	147	21	of	of	ADP
arjefm-86	147	22	equity	equity	NOUN
arjefm-86	147	23	to	to	ADP
arjefm-86	147	24	market	market	NOUN
arjefm-86	147	25	value	value	NOUN
arjefm-86	147	26	of	of	ADP
arjefm-86	147	27	total	total	ADJ
arjefm-86	147	28	assets	asset	NOUN
arjefm-86	147	29	times	times	ADP
arjefm-86	147	30	square	square	ADJ
arjefm-86	147	31	-	-	PUNCT
arjefm-86	147	32	root	root	NOUN
arjefm-86	147	33	of	of	ADP
arjefm-86	147	34	the	the	DET
arjefm-86	147	35	approximate	approximate	ADJ
arjefm-86	147	36	number	number	NOUN
arjefm-86	147	37	of	of	ADP
arjefm-86	147	38	trading	trading	NOUN
arjefm-86	147	39	days	day	NOUN
arjefm-86	147	40	in	in	ADP
arjefm-86	147	41	the	the	DET
arjefm-86	147	42	year	year	NOUN
arjefm-86	147	43	which	which	PRON
arjefm-86	147	44	is	be	AUX
arjefm-86	147	45	250	250	NUM
arjefm-86	147	46	.	.	PUNCT
arjefm-86	148	1	financial	financial	ADJ
arjefm-86	148	2	risk	risk	NOUN
arjefm-86	148	3	which	which	PRON
arjefm-86	148	4	represents	represent	VERB
arjefm-86	148	5	the	the	DET
arjefm-86	148	6	accounting	accounting	NOUN
arjefm-86	148	7	data	datum	NOUN
arjefm-86	148	8	used	use	VERB
arjefm-86	148	9	by	by	ADP
arjefm-86	148	10	(	(	PUNCT
arjefm-86	148	11	eling	eling	PROPN
arjefm-86	148	12	&	&	CCONJ
arjefm-86	148	13	malank	malank	PROPN
arjefm-86	148	14	,	,	PUNCT
arjefm-86	148	15	2011	2011	NUM
arjefm-86	148	16	)	)	PUNCT
arjefm-86	148	17	.	.	PUNCT
arjefm-86	149	1	these	these	PRON
arjefm-86	149	2	are	be	AUX
arjefm-86	149	3	commonly	commonly	ADV
arjefm-86	149	4	used	use	VERB
arjefm-86	149	5	measures	measure	NOUN
arjefm-86	149	6	to	to	PART
arjefm-86	149	7	assess	assess	VERB
arjefm-86	149	8	firm	firm	ADJ
arjefm-86	149	9	risk	risk	NOUN
arjefm-86	149	10	.	.	PUNCT
arjefm-86	150	1	to	to	PART
arjefm-86	150	2	measure	measure	VERB
arjefm-86	150	3	,	,	PUNCT
arjefm-86	150	4	logarithm	logarithm	NOUN
arjefm-86	150	5	of	of	ADP
arjefm-86	150	6	the	the	DET
arjefm-86	150	7	ratio	ratio	NOUN
arjefm-86	150	8	of	of	ADP
arjefm-86	150	9	total	total	ADJ
arjefm-86	150	10	assets	asset	NOUN
arjefm-86	150	11	to	to	PART
arjefm-86	150	12	total	total	ADJ
arjefm-86	150	13	shareholder	shareholder	NOUN
arjefm-86	150	14	equity	equity	NOUN
arjefm-86	150	15	is	be	AUX
arjefm-86	150	16	used	use	VERB
arjefm-86	150	17	.	.	PUNCT
arjefm-86	151	1	total	total	ADJ
arjefm-86	151	2	assets	asset	NOUN
arjefm-86	151	3	are	be	AUX
arjefm-86	151	4	defined	define	VERB
arjefm-86	151	5	as	as	ADP
arjefm-86	151	6	the	the	DET
arjefm-86	151	7	sum	sum	NOUN
arjefm-86	151	8	of	of	ADP
arjefm-86	151	9	current	current	ADJ
arjefm-86	151	10	and	and	CCONJ
arjefm-86	151	11	non	non	ADJ
arjefm-86	151	12	-	-	ADJ
arjefm-86	151	13	current	current	ADJ
arjefm-86	151	14	assets	asset	NOUN
arjefm-86	151	15	.	.	PUNCT
arjefm-86	152	1	total	total	ADJ
arjefm-86	152	2	shareholder	shareholder	NOUN
arjefm-86	152	3	equity	equity	NOUN
arjefm-86	152	4	is	be	AUX
arjefm-86	152	5	composed	compose	VERB
arjefm-86	152	6	of	of	ADP
arjefm-86	152	7	common	common	ADJ
arjefm-86	152	8	equity	equity	NOUN
arjefm-86	152	9	,	,	PUNCT
arjefm-86	152	10	minority	minority	NOUN
arjefm-86	152	11	interest	interest	NOUN
arjefm-86	152	12	,	,	PUNCT
arjefm-86	152	13	and	and	CCONJ
arjefm-86	152	14	preferred	preferred	ADJ
arjefm-86	152	15	equity	equity	NOUN
arjefm-86	152	16	.	.	PUNCT
arjefm-86	153	1	3.2.3	3.2.3	NUM
arjefm-86	153	2	control	control	NOUN
arjefm-86	153	3	variable	variable	NOUN
arjefm-86	153	4	there	there	PRON
arjefm-86	153	5	are	be	VERB
arjefm-86	153	6	some	some	DET
arjefm-86	153	7	control	control	NOUN
arjefm-86	153	8	variables	variable	NOUN
arjefm-86	153	9	used	use	VERB
arjefm-86	153	10	in	in	ADP
arjefm-86	153	11	this	this	DET
arjefm-86	153	12	study	study	NOUN
arjefm-86	153	13	that	that	PRON
arjefm-86	153	14	are	be	AUX
arjefm-86	153	15	considered	consider	VERB
arjefm-86	153	16	to	to	PART
arjefm-86	153	17	affect	affect	VERB
arjefm-86	153	18	either	either	CCONJ
arjefm-86	153	19	the	the	DET
arjefm-86	153	20	firm	firm	NOUN
arjefm-86	153	21	's	's	PART
arjefm-86	153	22	risk	risk	NOUN
arjefm-86	153	23	taking	taking	NOUN
arjefm-86	153	24	or	or	CCONJ
arjefm-86	153	25	the	the	DET
arjefm-86	153	26	measurement	measurement	NOUN
arjefm-86	153	27	of	of	ADP
arjefm-86	153	28	that	that	DET
arjefm-86	153	29	risk	risk	NOUN
arjefm-86	153	30	,	,	PUNCT
arjefm-86	153	31	such	such	ADJ
arjefm-86	153	32	as	as	ADP
arjefm-86	153	33	firm	firm	ADJ
arjefm-86	153	34	size	size	NOUN
arjefm-86	153	35	,	,	PUNCT
arjefm-86	153	36	firm	firm	ADJ
arjefm-86	153	37	performance	performance	NOUN
arjefm-86	153	38	and	and	CCONJ
arjefm-86	153	39	leverage	leverage	NOUN
arjefm-86	153	40	.	.	PUNCT
arjefm-86	154	1	firm	firm	ADJ
arjefm-86	154	2	size	size	NOUN
arjefm-86	154	3	is	be	AUX
arjefm-86	154	4	used	use	VERB
arjefm-86	154	5	to	to	PART
arjefm-86	154	6	control	control	VERB
arjefm-86	154	7	for	for	ADP
arjefm-86	154	8	difference	difference	NOUN
arjefm-86	154	9	in	in	ADP
arjefm-86	154	10	size	size	NOUN
arjefm-86	154	11	of	of	ADP
arjefm-86	154	12	the	the	DET
arjefm-86	154	13	firms	firm	NOUN
arjefm-86	154	14	.	.	PUNCT
arjefm-86	155	1	large	large	ADJ
arjefm-86	155	2	size	size	NOUN
arjefm-86	155	3	of	of	ADP
arjefm-86	155	4	the	the	DET
arjefm-86	155	5	firm	firm	NOUN
arjefm-86	155	6	may	may	AUX
arjefm-86	155	7	have	have	VERB
arjefm-86	155	8	better	well	ADJ
arjefm-86	155	9	access	access	NOUN
arjefm-86	155	10	to	to	ADP
arjefm-86	155	11	capital	capital	NOUN
arjefm-86	155	12	markets	market	NOUN
arjefm-86	155	13	and	and	CCONJ
arjefm-86	155	14	borrow	borrow	VERB
arjefm-86	155	15	at	at	ADP
arjefm-86	155	16	better	well	ADJ
arjefm-86	155	17	conditions	condition	NOUN
arjefm-86	155	18	(	(	PUNCT
arjefm-86	155	19	ferri	ferri	NOUN
arjefm-86	155	20	and	and	CCONJ
arjefm-86	155	21	jones	jones	PROPN
arjefm-86	155	22	,	,	PUNCT
arjefm-86	155	23	1979	1979	NUM
arjefm-86	155	24	)	)	PUNCT
arjefm-86	155	25	,	,	PUNCT
arjefm-86	155	26	therefore	therefore	ADV
arjefm-86	155	27	large	large	ADJ
arjefm-86	155	28	leverage	leverage	NOUN
arjefm-86	155	29	firms	firm	NOUN
arjefm-86	155	30	would	would	AUX
arjefm-86	155	31	be	be	AUX
arjefm-86	155	32	able	able	ADJ
arjefm-86	155	33	to	to	PART
arjefm-86	155	34	diversify	diversify	VERB
arjefm-86	155	35	and	and	CCONJ
arjefm-86	155	36	invest	invest	VERB
arjefm-86	155	37	more	more	ADJ
arjefm-86	155	38	.	.	PUNCT
arjefm-86	156	1	hence	hence	ADV
arjefm-86	156	2	,	,	PUNCT
arjefm-86	156	3	it	it	PRON
arjefm-86	156	4	predicts	predict	VERB
arjefm-86	156	5	that	that	SCONJ
arjefm-86	156	6	larger	large	ADJ
arjefm-86	156	7	firms	firm	NOUN
arjefm-86	156	8	will	will	AUX
arjefm-86	156	9	be	be	AUX
arjefm-86	156	10	associated	associate	VERB
arjefm-86	156	11	with	with	ADP
arjefm-86	156	12	less	less	ADV
arjefm-86	156	13	firm	firm	ADJ
arjefm-86	156	14	risk	risk	NOUN
arjefm-86	156	15	.	.	PUNCT
arjefm-86	157	1	firm	firm	ADJ
arjefm-86	157	2	performance	performance	NOUN
arjefm-86	157	3	as	as	ADP
arjefm-86	157	4	a	a	DET
arjefm-86	157	5	control	control	NOUN
arjefm-86	157	6	variable	variable	NOUN
arjefm-86	157	7	,	,	PUNCT
arjefm-86	157	8	as	as	SCONJ
arjefm-86	157	9	it	it	PRON
arjefm-86	157	10	is	be	AUX
arjefm-86	157	11	possible	possible	ADJ
arjefm-86	157	12	that	that	SCONJ
arjefm-86	157	13	the	the	DET
arjefm-86	157	14	firms	firm	NOUN
arjefm-86	157	15	change	change	VERB
arjefm-86	157	16	risk	risk	NOUN
arjefm-86	157	17	taken	take	VERB
arjefm-86	157	18	depending	depend	VERB
arjefm-86	157	19	on	on	ADP
arjefm-86	157	20	the	the	DET
arjefm-86	157	21	performance	performance	NOUN
arjefm-86	157	22	of	of	ADP
arjefm-86	157	23	the	the	DET
arjefm-86	157	24	firm	firm	NOUN
arjefm-86	157	25	.	.	PUNCT
arjefm-86	158	1	if	if	SCONJ
arjefm-86	158	2	a	a	DET
arjefm-86	158	3	firm	firm	NOUN
arjefm-86	158	4	does	do	AUX
arjefm-86	158	5	not	not	PART
arjefm-86	158	6	meet	meet	VERB
arjefm-86	158	7	the	the	DET
arjefm-86	158	8	targeted	target	VERB
arjefm-86	158	9	firm	firm	ADJ
arjefm-86	158	10	performance	performance	NOUN
arjefm-86	158	11	in	in	ADP
arjefm-86	158	12	the	the	DET
arjefm-86	158	13	prior	prior	ADJ
arjefm-86	158	14	year	year	NOUN
arjefm-86	158	15	,	,	PUNCT
arjefm-86	158	16	managers	manager	NOUN
arjefm-86	158	17	in	in	ADP
arjefm-86	158	18	an	an	DET
arjefm-86	158	19	attempt	attempt	NOUN
arjefm-86	158	20	to	to	PART
arjefm-86	158	21	meet	meet	VERB
arjefm-86	158	22	targeted	target	VERB
arjefm-86	158	23	performance	performance	NOUN
arjefm-86	158	24	figures	figure	NOUN
arjefm-86	158	25	for	for	ADP
arjefm-86	158	26	the	the	DET
arjefm-86	158	27	current	current	ADJ
arjefm-86	158	28	year	year	NOUN
arjefm-86	158	29	will	will	AUX
arjefm-86	158	30	take	take	VERB
arjefm-86	158	31	more	more	ADJ
arjefm-86	158	32	risk	risk	NOUN
arjefm-86	158	33	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-86	158	34	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	159	1	american	american	PROPN
arjefm-86	159	2	research	research	PROPN
arjefm-86	159	3	journal	journal	PROPN
arjefm-86	159	4	of	of	ADP
arjefm-86	159	5	economics	economic	NOUN
arjefm-86	159	6	,	,	PUNCT
arjefm-86	159	7	finance	finance	NOUN
arjefm-86	159	8	and	and	CCONJ
arjefm-86	159	9	management	management	NOUN
arjefm-86	159	10	volume	volume	NOUN
arjefm-86	159	11	11	11	NUM
arjefm-86	159	12	issue	issue	NOUN
arjefm-86	159	13	3	3	NUM
arjefm-86	159	14	,	,	PUNCT
arjefm-86	159	15	july	july	PROPN
arjefm-86	159	16	-	-	PUNCT
arjefm-86	159	17	september	september	PROPN
arjefm-86	159	18	2023	2023	NUM
arjefm-86	159	19	issn	issn	PROPN
arjefm-86	159	20	:	:	PUNCT
arjefm-86	159	21	2836	2836	NUM
arjefm-86	159	22	-	-	SYM
arjefm-86	159	23	9416	9416	NUM
arjefm-86	159	24	impact	impact	NOUN
arjefm-86	159	25	factor	factor	NOUN
arjefm-86	159	26	:	:	PUNCT
arjefm-86	159	27	5.57	5.57	NUM
arjefm-86	159	28	journal	journal	NOUN
arjefm-86	159	29	homepage	homepage	NOUN
arjefm-86	159	30	:	:	PUNCT
arjefm-86	159	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	159	32	,	,	PUNCT
arjefm-86	159	33	email	email	NOUN
arjefm-86	159	34	:	:	PUNCT
arjefm-86	160	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	160	2	official	official	ADJ
arjefm-86	160	3	journal	journal	PROPN
arjefm-86	160	4	of	of	ADP
arjefm-86	160	5	america	america	PROPN
arjefm-86	160	6	serial	serial	PROPN
arjefm-86	160	7	publication	publication	NOUN
arjefm-86	160	8	american	american	PROPN
arjefm-86	160	9	research	research	PROPN
arjefm-86	160	10	journal	journal	PROPN
arjefm-86	160	11	of	of	ADP
arjefm-86	160	12	economics	economic	NOUN
arjefm-86	160	13	,	,	PUNCT
arjefm-86	160	14	finance	finance	NOUN
arjefm-86	160	15	and	and	CCONJ
arjefm-86	160	16	management	management	NOUN
arjefm-86	160	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	160	18	,	,	PUNCT
arjefm-86	160	19	email	email	NOUN
arjefm-86	160	20	:	:	PUNCT
arjefm-86	160	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	161	1	29	29	NUM
arjefm-86	162	1	|	|	ADV
arjefm-86	162	2	p	p	X
arjefm-86	162	3	a	a	DET
arjefm-86	162	4	g	g	NOUN
arjefm-86	162	5	e	e	NOUN
arjefm-86	162	6	in	in	ADP
arjefm-86	162	7	terms	term	NOUN
arjefm-86	162	8	of	of	ADP
arjefm-86	162	9	investment	investment	NOUN
arjefm-86	162	10	choices	choice	NOUN
arjefm-86	162	11	.	.	PUNCT
arjefm-86	163	1	therefore	therefore	ADV
arjefm-86	163	2	,	,	PUNCT
arjefm-86	163	3	it	it	PRON
arjefm-86	163	4	is	be	AUX
arjefm-86	163	5	predicted	predict	VERB
arjefm-86	163	6	that	that	SCONJ
arjefm-86	163	7	low	low	ADJ
arjefm-86	163	8	performance	performance	NOUN
arjefm-86	163	9	of	of	ADP
arjefm-86	163	10	the	the	DET
arjefm-86	163	11	prior	prior	ADJ
arjefm-86	163	12	year	year	NOUN
arjefm-86	163	13	will	will	AUX
arjefm-86	163	14	be	be	AUX
arjefm-86	163	15	associated	associate	VERB
arjefm-86	163	16	with	with	ADP
arjefm-86	163	17	higher	high	ADJ
arjefm-86	163	18	firm	firm	ADJ
arjefm-86	163	19	risk	risk	NOUN
arjefm-86	163	20	.	.	PUNCT
arjefm-86	164	1	3.2.4	3.2.4	NUM
arjefm-86	164	2	definition	definition	NOUN
arjefm-86	164	3	of	of	ADP
arjefm-86	164	4	variables	variable	NOUN
arjefm-86	164	5	table	table	NOUN
arjefm-86	164	6	table	table	NOUN
arjefm-86	164	7	01	01	NUM
arjefm-86	164	8	:	:	PUNCT
arjefm-86	164	9	definition	definition	NOUN
arjefm-86	164	10	of	of	ADP
arjefm-86	164	11	variables	variable	NOUN
arjefm-86	164	12	variables	variable	VERB
arjefm-86	164	13	presign	presign	PROPN
arjefm-86	164	14	measures	measure	NOUN
arjefm-86	164	15	source	source	VERB
arjefm-86	164	16	independent	independent	ADJ
arjefm-86	164	17	variables	variable	NOUN
arjefm-86	164	18	management	management	NOUN
arjefm-86	164	19	ownership(mo	ownership(mo	ADV
arjefm-86	164	20	)	)	PUNCT
arjefm-86	165	1	+	+	CCONJ
arjefm-86	165	2	equity	equity	NOUN
arjefm-86	165	3	ownership	ownership	NOUN
arjefm-86	165	4	of	of	ADP
arjefm-86	165	5	all	all	DET
arjefm-86	165	6	the	the	DET
arjefm-86	165	7	executive	executive	PROPN
arjefm-86	165	8	board	board	NOUN
arjefm-86	165	9	members	member	NOUN
arjefm-86	165	10	as	as	ADP
arjefm-86	165	11	a	a	DET
arjefm-86	165	12	percentage	percentage	NOUN
arjefm-86	165	13	of	of	ADP
arjefm-86	165	14	the	the	DET
arjefm-86	165	15	outstanding	outstanding	ADJ
arjefm-86	165	16	shares	share	NOUN
arjefm-86	165	17	(	(	PUNCT
arjefm-86	165	18	sanders&hambrick	sanders&hambrick	ADV
arjefm-86	165	19	,	,	PUNCT
arjefm-86	165	20	2007	2007	NUM
arjefm-86	165	21	;	;	PUNCT
arjefm-86	165	22	coles	coles	PROPN
arjefm-86	165	23	et	et	PROPN
arjefm-86	165	24	al	al	PROPN
arjefm-86	165	25	.	.	PROPN
arjefm-86	165	26	,	,	PUNCT
arjefm-86	165	27	2006	2006	NUM
arjefm-86	165	28	and	and	CCONJ
arjefm-86	165	29	sudha	sudha	VERB
arjefm-86	165	30	et	et	PROPN
arjefm-86	165	31	al	al	PROPN
arjefm-86	165	32	.	.	PROPN
arjefm-86	165	33	,	,	PUNCT
arjefm-86	165	34	2016	2016	NUM
arjefm-86	165	35	)	)	PUNCT
arjefm-86	165	36	institutional	institutional	ADJ
arjefm-86	165	37	ownership	ownership	NOUN
arjefm-86	165	38	(	(	PUNCT
arjefm-86	165	39	io	io	NOUN
arjefm-86	165	40	)	)	PUNCT
arjefm-86	166	1	+	+	NUM
arjefm-86	166	2	percentage	percentage	NOUN
arjefm-86	166	3	of	of	ADP
arjefm-86	166	4	total	total	NOUN
arjefm-86	166	5	of	of	ADP
arjefm-86	166	6	substantial	substantial	ADJ
arjefm-86	166	7	institutional	institutional	ADJ
arjefm-86	166	8	investors	investor	NOUN
arjefm-86	166	9	holding	hold	VERB
arjefm-86	166	10	more	more	ADJ
arjefm-86	166	11	than	than	ADP
arjefm-86	166	12	3	3	NUM
arjefm-86	166	13	%	%	NOUN
arjefm-86	166	14	of	of	ADP
arjefm-86	166	15	shares	share	NOUN
arjefm-86	166	16	in	in	ADP
arjefm-86	166	17	the	the	DET
arjefm-86	166	18	firm	firm	NOUN
arjefm-86	166	19	(	(	PUNCT
arjefm-86	166	20	callen	callen	PROPN
arjefm-86	166	21	&	&	CCONJ
arjefm-86	166	22	fang	fang	PROPN
arjefm-86	166	23	,	,	PUNCT
arjefm-86	166	24	2013	2013	NUM
arjefm-86	166	25	;	;	PUNCT
arjefm-86	167	1	sudha	sudha	PROPN
arjefm-86	167	2	et	et	PROPN
arjefm-86	167	3	al	al	PROPN
arjefm-86	167	4	.	.	PROPN
arjefm-86	167	5	,	,	PUNCT
arjefm-86	167	6	2016	2016	NUM
arjefm-86	167	7	)	)	PUNCT
arjefm-86	167	8	concentrated	concentrated	ADJ
arjefm-86	167	9	ownership	ownership	NOUN
arjefm-86	167	10	(	(	PUNCT
arjefm-86	167	11	co	co	NOUN
arjefm-86	167	12	)	)	PUNCT
arjefm-86	167	13	+	+	NUM
arjefm-86	167	14	herfindahl	herfindahl	NOUN
arjefm-86	167	15	index	index	NOUN
arjefm-86	167	16	5	5	NUM
arjefm-86	167	17	(	(	PUNCT
arjefm-86	167	18	hi5	hi5	NOUN
arjefm-86	167	19	)	)	PUNCT
arjefm-86	167	20	.	.	PUNCT
arjefm-86	168	1	the	the	DET
arjefm-86	168	2	first	first	ADJ
arjefm-86	168	3	five	five	NUM
arjefm-86	168	4	largest	large	ADJ
arjefm-86	168	5	shareholders	shareholder	NOUN
arjefm-86	168	6	and	and	CCONJ
arjefm-86	168	7	shareholding	shareholding	NOUN
arjefm-86	168	8	percentage	percentage	NOUN
arjefm-86	168	9	.	.	PUNCT
arjefm-86	169	1	the	the	DET
arjefm-86	169	2	herfindhal	herfindhal	ADJ
arjefm-86	169	3	index	index	NOUN
arjefm-86	169	4	and	and	CCONJ
arjefm-86	169	5	got	get	VERB
arjefm-86	169	6	the	the	DET
arjefm-86	169	7	squared	square	VERB
arjefm-86	169	8	sum	sum	NOUN
arjefm-86	169	9	of	of	ADP
arjefm-86	169	10	it	it	PRON
arjefm-86	169	11	nguyen	nguyen	NOUN
arjefm-86	169	12	,	,	PUNCT
arjefm-86	169	13	2011	2011	NUM
arjefm-86	169	14	;	;	PUNCT
arjefm-86	169	15	khan	khan	PROPN
arjefm-86	169	16	,	,	PUNCT
arjefm-86	169	17	2005	2005	NUM
arjefm-86	169	18	dependent	dependent	ADJ
arjefm-86	169	19	variable	variable	ADJ
arjefm-86	169	20	total	total	ADJ
arjefm-86	169	21	risk	risk	NOUN
arjefm-86	169	22	(	(	PUNCT
arjefm-86	169	23	tr	tr	VERB
arjefm-86	169	24	)	)	PUNCT
arjefm-86	169	25	the	the	DET
arjefm-86	169	26	standard	standard	ADJ
arjefm-86	169	27	deviation	deviation	NOUN
arjefm-86	169	28	of	of	ADP
arjefm-86	169	29	the	the	DET
arjefm-86	169	30	daily	daily	ADJ
arjefm-86	169	31	stock	stock	NOUN
arjefm-86	169	32	returns	return	NOUN
arjefm-86	169	33	in	in	ADP
arjefm-86	169	34	each	each	DET
arjefm-86	169	35	year	year	NOUN
arjefm-86	169	36	(	(	PUNCT
arjefm-86	169	37	laeven&levine	laeven&levine	X
arjefm-86	169	38	,	,	PUNCT
arjefm-86	169	39	2009	2009	NUM
arjefm-86	169	40	;	;	PUNCT
arjefm-86	169	41	wright	wright	PROPN
arjefm-86	169	42	et	et	PROPN
arjefm-86	169	43	al	al	PROPN
arjefm-86	169	44	.	.	PROPN
arjefm-86	169	45	,	,	PUNCT
arjefm-86	169	46	1996	1996	NUM
arjefm-86	169	47	,	,	PUNCT
arjefm-86	169	48	hutchinson	hutchinson	PROPN
arjefm-86	169	49	,	,	PUNCT
arjefm-86	169	50	2001;nguyen	2001;nguyen	PROPN
arjefm-86	169	51	,	,	PUNCT
arjefm-86	169	52	2011	2011	NUM
arjefm-86	169	53	;	;	PUNCT
arjefm-86	169	54	pathan	pathan	PROPN
arjefm-86	169	55	,	,	PUNCT
arjefm-86	169	56	2009	2009	NUM
arjefm-86	169	57	;	;	PUNCT
arjefm-86	169	58	sudha	sudha	PROPN
arjefm-86	169	59	et	et	PROPN
arjefm-86	169	60	al	al	PROPN
arjefm-86	169	61	.	.	PROPN
arjefm-86	169	62	,	,	PUNCT
arjefm-86	169	63	2016	2016	NUM
arjefm-86	169	64	)	)	PUNCT
arjefm-86	169	65	asset	asset	NOUN
arjefm-86	169	66	return	return	NOUN
arjefm-86	169	67	risk	risk	NOUN
arjefm-86	169	68	(	(	PUNCT
arjefm-86	169	69	arr	arr	NOUN
arjefm-86	169	70	)	)	PUNCT
arjefm-86	169	71	the	the	DET
arjefm-86	169	72	standard	standard	ADJ
arjefm-86	169	73	deviation	deviation	NOUN
arjefm-86	169	74	of	of	ADP
arjefm-86	169	75	the	the	DET
arjefm-86	169	76	daily	daily	ADJ
arjefm-86	169	77	stock	stock	NOUN
arjefm-86	169	78	returns	return	NOUN
arjefm-86	169	79	times	times	ADP
arjefm-86	169	80	the	the	DET
arjefm-86	169	81	ratio	ratio	NOUN
arjefm-86	169	82	of	of	ADP
arjefm-86	169	83	the	the	DET
arjefm-86	169	84	market	market	NOUN
arjefm-86	169	85	value	value	NOUN
arjefm-86	169	86	of	of	ADP
arjefm-86	169	87	equity	equity	NOUN
arjefm-86	169	88	to	to	ADP
arjefm-86	169	89	market	market	NOUN
arjefm-86	169	90	value	value	NOUN
arjefm-86	169	91	of	of	ADP
arjefm-86	169	92	total	total	ADJ
arjefm-86	169	93	assets	asset	NOUN
arjefm-86	169	94	times	times	ADP
arjefm-86	169	95	square	square	ADJ
arjefm-86	169	96	root	root	NOUN
arjefm-86	169	97	of	of	ADP
arjefm-86	169	98	trading	trading	NOUN
arjefm-86	169	99	days	day	NOUN
arjefm-86	169	100	(	(	PUNCT
arjefm-86	169	101	flannery	flannery	PROPN
arjefm-86	169	102	&	&	CCONJ
arjefm-86	169	103	rangan	rangan	PROPN
arjefm-86	169	104	(	(	PUNCT
arjefm-86	169	105	2008	2008	NUM
arjefm-86	169	106	)	)	PUNCT
arjefm-86	169	107	;	;	PUNCT
arjefm-86	169	108	pathan	pathan	PROPN
arjefm-86	169	109	(	(	PUNCT
arjefm-86	169	110	2009	2009	NUM
arjefm-86	169	111	)	)	PUNCT
arjefm-86	169	112	&	&	CCONJ
arjefm-86	169	113	sudha	sudha	PROPN
arjefm-86	169	114	et	et	PROPN
arjefm-86	169	115	.	.	PROPN
arjefm-86	169	116	,	,	PUNCT
arjefm-86	169	117	al	al	PROPN
arjefm-86	169	118	(	(	PUNCT
arjefm-86	169	119	2016	2016	NUM
arjefm-86	169	120	)	)	PUNCT
arjefm-86	169	121	financial	financial	ADJ
arjefm-86	169	122	risk	risk	NOUN
arjefm-86	169	123	(	(	PUNCT
arjefm-86	169	124	fr	fr	NOUN
arjefm-86	169	125	)	)	PUNCT
arjefm-86	169	126	logarithm	logarithm	NOUN
arjefm-86	169	127	of	of	ADP
arjefm-86	169	128	the	the	DET
arjefm-86	169	129	ratio	ratio	NOUN
arjefm-86	169	130	of	of	ADP
arjefm-86	169	131	total	total	ADJ
arjefm-86	169	132	investments	investment	NOUN
arjefm-86	169	133	to	to	PART
arjefm-86	169	134	total	total	VERB
arjefm-86	169	135	shareholder	shareholder	NOUN
arjefm-86	169	136	equity	equity	NOUN
arjefm-86	169	137	(	(	PUNCT
arjefm-86	169	138	eling&malank	eling&malank	ADP
arjefm-86	169	139	;	;	PUNCT
arjefm-86	169	140	2011	2011	NUM
arjefm-86	169	141	)	)	PUNCT
arjefm-86	169	142	.	.	PUNCT
arjefm-86	170	1	control	control	NOUN
arjefm-86	170	2	variable	variable	ADJ
arjefm-86	170	3	performance	performance	NOUN
arjefm-86	170	4	the	the	DET
arjefm-86	170	5	return	return	NOUN
arjefm-86	170	6	on	on	ADP
arjefm-86	170	7	assets	asset	NOUN
arjefm-86	170	8	for	for	ADP
arjefm-86	170	9	the	the	DET
arjefm-86	170	10	firm	firm	NOUN
arjefm-86	170	11	for	for	ADP
arjefm-86	170	12	the	the	DET
arjefm-86	170	13	previous	previous	ADJ
arjefm-86	170	14	year	year	NOUN
arjefm-86	170	15	(	(	PUNCT
arjefm-86	170	16	cheng	cheng	PROPN
arjefm-86	170	17	,	,	PUNCT
arjefm-86	170	18	2008	2008	NUM
arjefm-86	170	19	)	)	PUNCT
arjefm-86	170	20	firm	firm	NOUN
arjefm-86	170	21	size	size	NOUN
arjefm-86	170	22	the	the	DET
arjefm-86	170	23	natural	natural	ADJ
arjefm-86	170	24	logarithm	logarithm	NOUN
arjefm-86	170	25	of	of	ADP
arjefm-86	170	26	total	total	ADJ
arjefm-86	170	27	assets	asset	NOUN
arjefm-86	170	28	(	(	PUNCT
arjefm-86	170	29	pathan,2009	pathan,2009	X
arjefm-86	170	30	;	;	PUNCT
arjefm-86	170	31	sudha	sudha	PROPN
arjefm-86	170	32	et	et	PROPN
arjefm-86	170	33	al	al	PROPN
arjefm-86	170	34	.	.	PROPN
arjefm-86	170	35	,	,	PUNCT
arjefm-86	170	36	2016	2016	NUM
arjefm-86	170	37	)	)	PUNCT
arjefm-86	170	38	.	.	PUNCT
arjefm-86	171	1	financial	financial	ADJ
arjefm-86	171	2	leverage	leverage	NOUN
arjefm-86	171	3	total	total	ADJ
arjefm-86	171	4	debt	debt	NOUN
arjefm-86	171	5	over	over	ADP
arjefm-86	171	6	assets	asset	NOUN
arjefm-86	171	7	(	(	PUNCT
arjefm-86	171	8	sudha	sudha	NOUN
arjefm-86	171	9	et	et	PROPN
arjefm-86	171	10	al	al	PROPN
arjefm-86	171	11	.	.	PROPN
arjefm-86	171	12	,	,	PUNCT
arjefm-86	171	13	2016	2016	NUM
arjefm-86	171	14	)	)	PUNCT
arjefm-86	171	15	3.3	3.3	NUM
arjefm-86	171	16	regression	regression	NOUN
arjefm-86	171	17	model	model	NOUN
arjefm-86	171	18	the	the	DET
arjefm-86	171	19	empirical	empirical	ADJ
arjefm-86	171	20	model	model	NOUN
arjefm-86	171	21	use	use	NOUN
arjefm-86	171	22	to	to	PART
arjefm-86	171	23	estimate	estimate	VERB
arjefm-86	171	24	the	the	DET
arjefm-86	171	25	relationship	relationship	NOUN
arjefm-86	171	26	between	between	ADP
arjefm-86	171	27	ownership	ownership	NOUN
arjefm-86	171	28	structure	structure	NOUN
arjefm-86	171	29	and	and	CCONJ
arjefm-86	171	30	firm	firm	ADJ
arjefm-86	171	31	risk	risk	NOUN
arjefm-86	171	32	represented	represent	VERB
arjefm-86	171	33	in	in	ADP
arjefm-86	171	34	below	below	ADP
arjefm-86	171	35	equation	equation	NOUN
arjefm-86	171	36	.	.	PUNCT
arjefm-86	172	1	risk	risk	NOUN
arjefm-86	172	2	=	=	SYM
arjefm-86	172	3	β1	β1	PROPN
arjefm-86	172	4	+	+	CCONJ
arjefm-86	172	5	β2	β2	PROPN
arjefm-86	172	6	(	(	PUNCT
arjefm-86	172	7	institutional	institutional	ADJ
arjefm-86	172	8	ownership)i	ownership)i	NOUN
arjefm-86	172	9	,	,	PUNCT
arjefm-86	172	10	t+	t+	VERB
arjefm-86	172	11	β3	β3	ADJ
arjefm-86	172	12	(	(	PUNCT
arjefm-86	172	13	managerial	managerial	ADJ
arjefm-86	172	14	ownership)i	ownership)i	NOUN
arjefm-86	172	15	,	,	PUNCT
arjefm-86	172	16	t+	t+	NOUN
arjefm-86	172	17	β4	β4	PROPN
arjefm-86	172	18	(	(	PUNCT
arjefm-86	172	19	concentrated	concentrated	ADJ
arjefm-86	172	20	ownership)i	ownership)i	PROPN
arjefm-86	172	21	,	,	PUNCT
arjefm-86	172	22	t	t	PROPN
arjefm-86	172	23	+	+	CCONJ
arjefm-86	172	24	β5(roa)i	β5(roa)i	ADV
arjefm-86	172	25	,	,	PUNCT
arjefm-86	172	26	t+	t+	PUNCT
arjefm-86	172	27	β6(size)i	β6(size)i	PROPN
arjefm-86	172	28	,	,	PUNCT
arjefm-86	172	29	t+	t+	VERB
arjefm-86	172	30	β7	β7	PROPN
arjefm-86	172	31	(	(	PUNCT
arjefm-86	172	32	lev)i	lev)i	PROPN
arjefm-86	172	33	,	,	PUNCT
arjefm-86	172	34	t	t	PROPN
arjefm-86	172	35	+	+	CCONJ
arjefm-86	172	36	ε	ε	PROPN
arjefm-86	172	37	i	i	PRON
arjefm-86	172	38	,	,	PUNCT
arjefm-86	172	39	twhere	twhere	ADV
arjefm-86	172	40	,	,	PUNCT
arjefm-86	172	41	roa	roa	NOUN
arjefm-86	172	42	for	for	ADP
arjefm-86	172	43	performance	performance	NOUN
arjefm-86	172	44	,	,	PUNCT
arjefm-86	172	45	fz	fz	X
arjefm-86	172	46	is	be	AUX
arjefm-86	172	47	for	for	ADP
arjefm-86	172	48	firm	firm	ADJ
arjefm-86	172	49	size	size	NOUN
arjefm-86	172	50	and	and	CCONJ
arjefm-86	172	51	lev	lev	NOUN
arjefm-86	172	52	is	be	AUX
arjefm-86	172	53	financial	financial	ADJ
arjefm-86	172	54	leverage	leverage	NOUN
arjefm-86	172	55	.	.	PUNCT
arjefm-86	173	1	i	i	PRON
arjefm-86	173	2	stands	stand	VERB
arjefm-86	173	3	for	for	ADP
arjefm-86	173	4	the	the	DET
arjefm-86	173	5	firm	firm	NOUN
arjefm-86	173	6	and	and	CCONJ
arjefm-86	173	7	varies	vary	VERB
arjefm-86	173	8	from	from	ADP
arjefm-86	173	9	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	173	10	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	173	11	american	american	PROPN
arjefm-86	173	12	research	research	PROPN
arjefm-86	173	13	journal	journal	PROPN
arjefm-86	173	14	of	of	ADP
arjefm-86	173	15	economics	economic	NOUN
arjefm-86	173	16	,	,	PUNCT
arjefm-86	173	17	finance	finance	NOUN
arjefm-86	173	18	and	and	CCONJ
arjefm-86	173	19	management	management	NOUN
arjefm-86	173	20	volume	volume	NOUN
arjefm-86	173	21	11	11	NUM
arjefm-86	173	22	issue	issue	NOUN
arjefm-86	173	23	3	3	NUM
arjefm-86	173	24	,	,	PUNCT
arjefm-86	173	25	july	july	PROPN
arjefm-86	173	26	-	-	PUNCT
arjefm-86	173	27	september	september	PROPN
arjefm-86	173	28	2023	2023	NUM
arjefm-86	173	29	issn	issn	PROPN
arjefm-86	173	30	:	:	PUNCT
arjefm-86	173	31	2836	2836	NUM
arjefm-86	173	32	-	-	SYM
arjefm-86	173	33	9416	9416	NUM
arjefm-86	173	34	impact	impact	NOUN
arjefm-86	173	35	factor	factor	NOUN
arjefm-86	173	36	:	:	PUNCT
arjefm-86	173	37	5.57	5.57	NUM
arjefm-86	173	38	journal	journal	NOUN
arjefm-86	173	39	homepage	homepage	NOUN
arjefm-86	173	40	:	:	PUNCT
arjefm-86	173	41	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	173	42	,	,	PUNCT
arjefm-86	173	43	email	email	NOUN
arjefm-86	173	44	:	:	PUNCT
arjefm-86	173	45	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	173	46	official	official	ADJ
arjefm-86	173	47	journal	journal	PROPN
arjefm-86	173	48	of	of	ADP
arjefm-86	173	49	america	america	PROPN
arjefm-86	173	50	serial	serial	PROPN
arjefm-86	173	51	publication	publication	NOUN
arjefm-86	173	52	american	american	PROPN
arjefm-86	173	53	research	research	PROPN
arjefm-86	173	54	journal	journal	PROPN
arjefm-86	173	55	of	of	ADP
arjefm-86	173	56	economics	economic	NOUN
arjefm-86	173	57	,	,	PUNCT
arjefm-86	173	58	finance	finance	NOUN
arjefm-86	173	59	and	and	CCONJ
arjefm-86	173	60	management	management	NOUN
arjefm-86	173	61	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	173	62	,	,	PUNCT
arjefm-86	173	63	email	email	NOUN
arjefm-86	173	64	:	:	PUNCT
arjefm-86	174	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	174	2	30	30	NUM
arjefm-86	175	1	|	|	ADV
arjefm-86	175	2	p	p	NOUN
arjefm-86	175	3	a	a	DET
arjefm-86	175	4	g	g	NOUN
arjefm-86	175	5	e	e	NOUN
arjefm-86	175	6	1	1	NUM
arjefm-86	175	7	to	to	ADP
arjefm-86	175	8	n	n	CCONJ
arjefm-86	175	9	;	;	PUNCT
arjefm-86	175	10	t	t	PROPN
arjefm-86	175	11	is	be	AUX
arjefm-86	175	12	the	the	DET
arjefm-86	175	13	year	year	NOUN
arjefm-86	175	14	and	and	CCONJ
arjefm-86	175	15	varies	vary	VERB
arjefm-86	175	16	from	from	ADP
arjefm-86	175	17	2010	2010	NUM
arjefm-86	175	18	to	to	ADP
arjefm-86	175	19	2017	2017	NUM
arjefm-86	175	20	;	;	PUNCT
arjefm-86	175	21	β1	β1	PROPN
arjefm-86	175	22	is	be	AUX
arjefm-86	175	23	the	the	DET
arjefm-86	175	24	constant	constant	ADJ
arjefm-86	175	25	that	that	PRON
arjefm-86	175	26	does	do	AUX
arjefm-86	175	27	not	not	PART
arjefm-86	175	28	vary	vary	VERB
arjefm-86	175	29	over	over	ADP
arjefm-86	175	30	time	time	NOUN
arjefm-86	175	31	;	;	PUNCT
arjefm-86	175	32	β1	β1	NOUN
arjefm-86	175	33	to	to	PART
arjefm-86	175	34	β7	β7	VERB
arjefm-86	175	35	are	be	AUX
arjefm-86	175	36	the	the	DET
arjefm-86	175	37	coefficients	coefficient	NOUN
arjefm-86	175	38	in	in	ADP
arjefm-86	175	39	the	the	DET
arjefm-86	175	40	regression	regression	NOUN
arjefm-86	175	41	;	;	PUNCT
arjefm-86	175	42	ε	ε	PROPN
arjefm-86	175	43	i	i	PROPN
arjefm-86	175	44	,	,	PUNCT
arjefm-86	175	45	t	t	PROPN
arjefm-86	175	46	it	it	PRON
arjefm-86	175	47	is	be	AUX
arjefm-86	175	48	the	the	DET
arjefm-86	175	49	residual	residual	ADJ
arjefm-86	175	50	variable	variable	NOUN
arjefm-86	175	51	that	that	PRON
arjefm-86	175	52	varies	vary	VERB
arjefm-86	175	53	with	with	ADP
arjefm-86	175	54	time	time	NOUN
arjefm-86	175	55	;	;	PUNCT
arjefm-86	175	56	and	and	CCONJ
arjefm-86	175	57	natural	natural	ADJ
arjefm-86	175	58	log	log	NOUN
arjefm-86	175	59	board	board	NOUN
arjefm-86	175	60	size	size	NOUN
arjefm-86	175	61	will	will	AUX
arjefm-86	175	62	be	be	AUX
arjefm-86	175	63	used	use	VERB
arjefm-86	175	64	.	.	PUNCT
arjefm-86	176	1	4	4	X
arjefm-86	176	2	.	.	NOUN
arjefm-86	176	3	results	result	VERB
arjefm-86	176	4	4.1	4.1	NUM
arjefm-86	176	5	descriptive	descriptive	ADJ
arjefm-86	176	6	statistics	statistic	NOUN
arjefm-86	176	7	table	table	NOUN
arjefm-86	176	8	4.2	4.2	NUM
arjefm-86	176	9	shows	show	VERB
arjefm-86	176	10	descriptive	descriptive	ADJ
arjefm-86	176	11	statistics	statistic	NOUN
arjefm-86	176	12	of	of	ADP
arjefm-86	176	13	the	the	DET
arjefm-86	176	14	study	study	NOUN
arjefm-86	176	15	.	.	PUNCT
arjefm-86	177	1	total	total	ADJ
arjefm-86	177	2	risk	risk	NOUN
arjefm-86	177	3	(	(	PUNCT
arjefm-86	177	4	tr	tr	VERB
arjefm-86	177	5	)	)	PUNCT
arjefm-86	177	6	is	be	AUX
arjefm-86	177	7	1.49	1.49	NUM
arjefm-86	177	8	with	with	ADP
arjefm-86	177	9	the	the	DET
arjefm-86	177	10	maximum	maximum	ADJ
arjefm-86	177	11	value	value	NOUN
arjefm-86	177	12	of	of	ADP
arjefm-86	177	13	7.64	7.64	NUM
arjefm-86	177	14	and	and	CCONJ
arjefm-86	177	15	minimum	minimum	NOUN
arjefm-86	177	16	value	value	NOUN
arjefm-86	177	17	of	of	ADP
arjefm-86	177	18	0.42	0.42	NUM
arjefm-86	177	19	.	.	PUNCT
arjefm-86	178	1	the	the	DET
arjefm-86	178	2	average	average	NOUN
arjefm-86	178	3	tr	tr	VERB
arjefm-86	178	4	shows	show	VERB
arjefm-86	178	5	1.49	1.49	NUM
arjefm-86	178	6	which	which	PRON
arjefm-86	178	7	is	be	AUX
arjefm-86	178	8	more	more	ADJ
arjefm-86	178	9	than	than	ADP
arjefm-86	178	10	1	1	NUM
arjefm-86	178	11	implies	imply	VERB
arjefm-86	178	12	that	that	SCONJ
arjefm-86	178	13	sri	sri	PROPN
arjefm-86	178	14	lankan	lankan	PROPN
arjefm-86	178	15	companies	company	NOUN
arjefm-86	178	16	experience	experience	VERB
arjefm-86	178	17	higher	high	ADJ
arjefm-86	178	18	level	level	NOUN
arjefm-86	178	19	of	of	ADP
arjefm-86	178	20	total	total	ADJ
arjefm-86	178	21	risk	risk	NOUN
arjefm-86	178	22	.	.	PUNCT
arjefm-86	179	1	the	the	DET
arjefm-86	179	2	mean	mean	ADJ
arjefm-86	179	3	value	value	NOUN
arjefm-86	179	4	of	of	ADP
arjefm-86	179	5	the	the	DET
arjefm-86	179	6	arr	arr	NOUN
arjefm-86	179	7	is	be	AUX
arjefm-86	179	8	1.96	1.96	NUM
arjefm-86	179	9	with	with	ADP
arjefm-86	179	10	the	the	DET
arjefm-86	179	11	maximum	maximum	ADJ
arjefm-86	179	12	value	value	NOUN
arjefm-86	179	13	of	of	ADP
arjefm-86	179	14	43.97	43.97	NUM
arjefm-86	179	15	and	and	CCONJ
arjefm-86	179	16	minimum	minimum	NOUN
arjefm-86	179	17	value	value	NOUN
arjefm-86	179	18	of	of	ADP
arjefm-86	179	19	0.0008	0.0008	NUM
arjefm-86	179	20	.	.	PUNCT
arjefm-86	180	1	standard	standard	ADJ
arjefm-86	180	2	deviation	deviation	NOUN
arjefm-86	180	3	has	have	AUX
arjefm-86	180	4	recorded	record	VERB
arjefm-86	180	5	3.58	3.58	NUM
arjefm-86	180	6	meanwhile	meanwhile	ADV
arjefm-86	180	7	average	average	ADJ
arjefm-86	180	8	shows	show	NOUN
arjefm-86	180	9	1.96	1.96	NUM
arjefm-86	180	10	which	which	PRON
arjefm-86	180	11	is	be	AUX
arjefm-86	180	12	more	more	ADJ
arjefm-86	180	13	than	than	ADP
arjefm-86	180	14	one	one	NUM
arjefm-86	180	15	as	as	ADP
arjefm-86	180	16	a	a	DET
arjefm-86	180	17	result	result	NOUN
arjefm-86	180	18	tr	tr	VERB
arjefm-86	180	19	is	be	AUX
arjefm-86	180	20	validated	validate	VERB
arjefm-86	180	21	through	through	ADP
arjefm-86	180	22	arr	arr	NOUN
arjefm-86	180	23	hence	hence	ADV
arjefm-86	180	24	,	,	PUNCT
arjefm-86	180	25	both	both	PRON
arjefm-86	180	26	mean	mean	VERB
arjefm-86	180	27	depicted	depict	VERB
arjefm-86	180	28	the	the	DET
arjefm-86	180	29	same	same	ADJ
arjefm-86	180	30	trend	trend	NOUN
arjefm-86	180	31	.	.	PUNCT
arjefm-86	181	1	financial	financial	ADJ
arjefm-86	181	2	risk	risk	NOUN
arjefm-86	181	3	(	(	PUNCT
arjefm-86	181	4	fr	fr	NOUN
arjefm-86	181	5	)	)	PUNCT
arjefm-86	181	6	represents	represent	VERB
arjefm-86	181	7	the	the	DET
arjefm-86	181	8	accounting	accounting	NOUN
arjefm-86	181	9	data	datum	NOUN
arjefm-86	181	10	.	.	PUNCT
arjefm-86	182	1	the	the	DET
arjefm-86	182	2	mean	mean	ADJ
arjefm-86	182	3	value	value	NOUN
arjefm-86	182	4	of	of	ADP
arjefm-86	182	5	the	the	DET
arjefm-86	182	6	fr	fr	NOUN
arjefm-86	182	7	is	be	AUX
arjefm-86	182	8	1.16	1.16	NUM
arjefm-86	182	9	with	with	ADP
arjefm-86	182	10	the	the	DET
arjefm-86	182	11	maximum	maximum	ADJ
arjefm-86	182	12	value	value	NOUN
arjefm-86	182	13	of	of	ADP
arjefm-86	182	14	20.01	20.01	NUM
arjefm-86	182	15	and	and	CCONJ
arjefm-86	182	16	minimum	minimum	NOUN
arjefm-86	182	17	value	value	NOUN
arjefm-86	182	18	of	of	ADP
arjefm-86	182	19	0.0005	0.0005	NUM
arjefm-86	182	20	.	.	PUNCT
arjefm-86	183	1	standard	standard	ADJ
arjefm-86	183	2	deviation	deviation	NOUN
arjefm-86	183	3	has	have	AUX
arjefm-86	183	4	recorded	record	VERB
arjefm-86	183	5	1.75	1.75	NUM
arjefm-86	183	6	.	.	PUNCT
arjefm-86	184	1	the	the	DET
arjefm-86	184	2	average	average	ADJ
arjefm-86	184	3	1.16	1.16	NUM
arjefm-86	184	4	shows	show	VERB
arjefm-86	184	5	that	that	SCONJ
arjefm-86	184	6	sri	sri	PROPN
arjefm-86	184	7	lankan	lankan	PROPN
arjefm-86	184	8	companies	company	NOUN
arjefm-86	184	9	are	be	AUX
arjefm-86	184	10	recorded	record	VERB
arjefm-86	184	11	the	the	DET
arjefm-86	184	12	risk	risk	NOUN
arjefm-86	184	13	which	which	PRON
arjefm-86	184	14	is	be	AUX
arjefm-86	184	15	more	more	ADJ
arjefm-86	184	16	than	than	ADP
arjefm-86	184	17	one	one	NUM
arjefm-86	184	18	.	.	PUNCT
arjefm-86	185	1	fr	fr	PROPN
arjefm-86	185	2	is	be	AUX
arjefm-86	185	3	calculated	calculate	VERB
arjefm-86	185	4	purely	purely	ADV
arjefm-86	185	5	from	from	ADP
arjefm-86	185	6	the	the	DET
arjefm-86	185	7	accounting	accounting	NOUN
arjefm-86	185	8	data	datum	NOUN
arjefm-86	185	9	whereas	whereas	SCONJ
arjefm-86	185	10	tr	tr	AUX
arjefm-86	185	11	calculated	calculate	VERB
arjefm-86	185	12	from	from	ADP
arjefm-86	185	13	the	the	DET
arjefm-86	185	14	market	market	NOUN
arjefm-86	185	15	data	datum	NOUN
arjefm-86	185	16	meanwhile	meanwhile	ADV
arjefm-86	185	17	arr	arr	NOUN
arjefm-86	185	18	calculated	calculate	VERB
arjefm-86	185	19	with	with	ADP
arjefm-86	185	20	two	two	NUM
arjefm-86	185	21	folder	folder	NOUN
arjefm-86	185	22	coverage	coverage	NOUN
arjefm-86	185	23	market	market	NOUN
arjefm-86	185	24	and	and	CCONJ
arjefm-86	185	25	accounting	accounting	NOUN
arjefm-86	185	26	data	datum	NOUN
arjefm-86	185	27	.	.	PUNCT
arjefm-86	186	1	from	from	ADP
arjefm-86	186	2	the	the	DET
arjefm-86	186	3	summary	summary	NOUN
arjefm-86	186	4	descriptive	descriptive	ADJ
arjefm-86	186	5	statistics	statistic	NOUN
arjefm-86	186	6	it	it	PRON
arjefm-86	186	7	confirms	confirm	VERB
arjefm-86	186	8	that	that	SCONJ
arjefm-86	186	9	listed	list	VERB
arjefm-86	186	10	companies	company	NOUN
arjefm-86	186	11	in	in	ADP
arjefm-86	186	12	sri	sri	PROPN
arjefm-86	186	13	lanka	lanka	PROPN
arjefm-86	186	14	shows	show	VERB
arjefm-86	186	15	tr	tr	VERB
arjefm-86	186	16	,	,	PUNCT
arjefm-86	186	17	arr	arr	NOUN
arjefm-86	186	18	and	and	CCONJ
arjefm-86	186	19	tr	tr	VERB
arjefm-86	186	20	are	be	AUX
arjefm-86	186	21	positive	positive	ADJ
arjefm-86	186	22	at	at	ADP
arjefm-86	186	23	the	the	DET
arjefm-86	186	24	same	same	ADJ
arjefm-86	186	25	time	time	NOUN
arjefm-86	186	26	mean	mean	NOUN
arjefm-86	186	27	value	value	NOUN
arjefm-86	186	28	more	more	ADJ
arjefm-86	186	29	than	than	ADP
arjefm-86	186	30	one	one	NUM
arjefm-86	186	31	.	.	PUNCT
arjefm-86	187	1	the	the	DET
arjefm-86	187	2	mean	mean	ADJ
arjefm-86	187	3	mo	mo	PROPN
arjefm-86	187	4	of	of	ADP
arjefm-86	187	5	listed	list	VERB
arjefm-86	187	6	companies	company	NOUN
arjefm-86	187	7	in	in	ADP
arjefm-86	187	8	sri	sri	PROPN
arjefm-86	187	9	lanka	lanka	PROPN
arjefm-86	187	10	is	be	AUX
arjefm-86	187	11	8percent	8percent	NUM
arjefm-86	187	12	which	which	PRON
arjefm-86	187	13	is	be	AUX
arjefm-86	187	14	greater	great	ADJ
arjefm-86	187	15	than	than	ADP
arjefm-86	187	16	the	the	DET
arjefm-86	187	17	uk	uk	PROPN
arjefm-86	187	18	results	result	NOUN
arjefm-86	187	19	which	which	PRON
arjefm-86	187	20	is	be	AUX
arjefm-86	187	21	reported	report	VERB
arjefm-86	187	22	by	by	ADP
arjefm-86	187	23	(	(	PUNCT
arjefm-86	187	24	sudha	sudha	PROPN
arjefm-86	187	25	et	et	PROPN
arjefm-86	187	26	al	al	PROPN
arjefm-86	187	27	.	.	PROPN
arjefm-86	187	28	,	,	PUNCT
arjefm-86	187	29	2016	2016	NUM
arjefm-86	187	30	)	)	PUNCT
arjefm-86	187	31	and	and	CCONJ
arjefm-86	187	32	but	but	CCONJ
arjefm-86	187	33	it	it	PRON
arjefm-86	187	34	shows	show	VERB
arjefm-86	187	35	the	the	DET
arjefm-86	187	36	more	more	ADV
arjefm-86	187	37	similar	similar	ADJ
arjefm-86	187	38	results	result	NOUN
arjefm-86	187	39	to	to	ADP
arjefm-86	187	40	the	the	DET
arjefm-86	187	41	japan	japan	PROPN
arjefm-86	187	42	perspective	perspective	PROPN
arjefm-86	187	43	(	(	PUNCT
arjefm-86	187	44	sun	sun	NOUN
arjefm-86	187	45	,	,	PUNCT
arjefm-86	187	46	2017	2017	NUM
arjefm-86	187	47	)	)	PUNCT
arjefm-86	187	48	.	.	PUNCT
arjefm-86	188	1	the	the	DET
arjefm-86	188	2	minimum	minimum	PROPN
arjefm-86	188	3	mo	mo	PROPN
arjefm-86	188	4	reported	report	VERB
arjefm-86	188	5	is	be	AUX
arjefm-86	188	6	0.08	0.08	NUM
arjefm-86	188	7	percent	percent	NOUN
arjefm-86	188	8	and	and	CCONJ
arjefm-86	188	9	maximum	maximum	ADJ
arjefm-86	188	10	70	70	NUM
arjefm-86	188	11	percent	percent	NOUN
arjefm-86	188	12	and	and	CCONJ
arjefm-86	188	13	standard	standard	ADJ
arjefm-86	188	14	deviation	deviation	NOUN
arjefm-86	188	15	shows	show	VERB
arjefm-86	188	16	17.7	17.7	NUM
arjefm-86	188	17	percent	percent	NOUN
arjefm-86	188	18	.	.	PUNCT
arjefm-86	189	1	the	the	DET
arjefm-86	189	2	mean	mean	NOUN
arjefm-86	189	3	of	of	ADP
arjefm-86	189	4	io	io	PROPN
arjefm-86	189	5	shows	show	VERB
arjefm-86	189	6	71	71	NUM
arjefm-86	189	7	percent	percent	NOUN
arjefm-86	189	8	whereas	whereas	SCONJ
arjefm-86	189	9	this	this	PRON
arjefm-86	189	10	is	be	AUX
arjefm-86	189	11	very	very	ADV
arjefm-86	189	12	higher	high	ADJ
arjefm-86	189	13	when	when	SCONJ
arjefm-86	189	14	compared	compare	VERB
arjefm-86	189	15	to	to	ADP
arjefm-86	189	16	uk	uk	PROPN
arjefm-86	189	17	results	result	NOUN
arjefm-86	189	18	which	which	PRON
arjefm-86	189	19	is	be	AUX
arjefm-86	189	20	34.14	34.14	NUM
arjefm-86	189	21	percent	percent	NOUN
arjefm-86	189	22	(	(	PUNCT
arjefm-86	189	23	sudha	sudha	NOUN
arjefm-86	189	24	et	et	PROPN
arjefm-86	189	25	al	al	PROPN
arjefm-86	189	26	.	.	PROPN
arjefm-86	189	27	,	,	PUNCT
arjefm-86	189	28	2016	2016	NUM
arjefm-86	189	29	)	)	PUNCT
arjefm-86	189	30	and	and	CCONJ
arjefm-86	189	31	japan	japan	PROPN
arjefm-86	189	32	results	result	NOUN
arjefm-86	189	33	which	which	PRON
arjefm-86	189	34	was	be	AUX
arjefm-86	189	35	27.5	27.5	NUM
arjefm-86	189	36	percent	percent	NOUN
arjefm-86	189	37	(	(	PUNCT
arjefm-86	189	38	sun	sun	NOUN
arjefm-86	189	39	,	,	PUNCT
arjefm-86	189	40	2017	2017	NUM
arjefm-86	189	41	)	)	PUNCT
arjefm-86	189	42	at	at	ADP
arjefm-86	189	43	the	the	DET
arjefm-86	189	44	same	same	ADJ
arjefm-86	189	45	time	time	NOUN
arjefm-86	189	46	standard	standard	ADJ
arjefm-86	189	47	deviation	deviation	NOUN
arjefm-86	189	48	shows	show	VERB
arjefm-86	189	49	27	27	NUM
arjefm-86	189	50	percentage	percentage	NOUN
arjefm-86	189	51	with	with	ADP
arjefm-86	189	52	the	the	DET
arjefm-86	189	53	maximum	maximum	NOUN
arjefm-86	189	54	of	of	ADP
arjefm-86	189	55	99	99	NUM
arjefm-86	189	56	percentage	percentage	NOUN
arjefm-86	189	57	minimum	minimum	NOUN
arjefm-86	189	58	of	of	ADP
arjefm-86	189	59	0	0	NUM
arjefm-86	189	60	percentage	percentage	NOUN
arjefm-86	189	61	.	.	PUNCT
arjefm-86	190	1	the	the	DET
arjefm-86	190	2	mean	mean	NOUN
arjefm-86	190	3	of	of	ADP
arjefm-86	190	4	co	co	PUNCT
arjefm-86	190	5	shows	show	VERB
arjefm-86	190	6	3333.6	3333.6	NUM
arjefm-86	190	7	which	which	PRON
arjefm-86	190	8	higher	high	ADJ
arjefm-86	190	9	than	than	ADP
arjefm-86	190	10	the	the	DET
arjefm-86	190	11	usa	usa	PROPN
arjefm-86	190	12	,	,	PUNCT
arjefm-86	190	13	japan	japan	PROPN
arjefm-86	190	14	results	result	VERB
arjefm-86	190	15	.	.	PUNCT
arjefm-86	191	1	standard	standard	ADJ
arjefm-86	191	2	deviation	deviation	NOUN
arjefm-86	191	3	shows	show	VERB
arjefm-86	191	4	2050	2050	NUM
arjefm-86	191	5	whereas	whereas	SCONJ
arjefm-86	191	6	maximum	maximum	ADJ
arjefm-86	191	7	reported	report	VERB
arjefm-86	191	8	9222.3	9222.3	NUM
arjefm-86	191	9	and	and	CCONJ
arjefm-86	191	10	minimum	minimum	NOUN
arjefm-86	191	11	reported	report	VERB
arjefm-86	191	12	270.8	270.8	NUM
arjefm-86	191	13	.	.	PUNCT
arjefm-86	192	1	variables	variable	NOUN
arjefm-86	192	2	mean	mean	VERB
arjefm-86	192	3	median	median	ADJ
arjefm-86	192	4	maximum	maximum	ADJ
arjefm-86	192	5	minimum	minimum	ADJ
arjefm-86	192	6	standard	standard	ADJ
arjefm-86	192	7	deviation	deviation	NOUN
arjefm-86	192	8	dependent	dependent	ADJ
arjefm-86	192	9	variables	variable	NOUN
arjefm-86	192	10	total	total	ADJ
arjefm-86	192	11	risk	risk	NOUN
arjefm-86	192	12	1.49	1.49	NUM
arjefm-86	192	13	1.25	1.25	NUM
arjefm-86	192	14	7.64	7.64	NUM
arjefm-86	192	15	0.42	0.42	NUM
arjefm-86	192	16	0.74	0.74	NUM
arjefm-86	192	17	asset	asset	NOUN
arjefm-86	192	18	return	return	NOUN
arjefm-86	192	19	risk	risk	NOUN
arjefm-86	192	20	1.96	1.96	NUM
arjefm-86	192	21	0.92	0.92	NUM
arjefm-86	192	22	43.97	43.97	NUM
arjefm-86	192	23	0.0008	0.0008	NUM
arjefm-86	192	24	3.58	3.58	NUM
arjefm-86	192	25	financial	financial	ADJ
arjefm-86	192	26	risk	risk	NOUN
arjefm-86	192	27	independent	independent	ADJ
arjefm-86	192	28	variables	variable	NOUN
arjefm-86	192	29	1.16	1.16	NUM
arjefm-86	192	30	0.71	0.71	NUM
arjefm-86	192	31	20.01	20.01	NUM
arjefm-86	192	32	0.0005	0.0005	NUM
arjefm-86	192	33	1.75	1.75	NUM
arjefm-86	192	34	management	management	NOUN
arjefm-86	192	35	ownership	ownership	NOUN
arjefm-86	192	36	%	%	NOUN
arjefm-86	192	37	0.08	0.08	NUM
arjefm-86	192	38	0.003	0.003	NUM
arjefm-86	192	39	0.70	0.70	NUM
arjefm-86	192	40	-0.008	-0.008	NOUN
arjefm-86	192	41	0.177	0.177	NUM
arjefm-86	192	42	institutional	institutional	ADJ
arjefm-86	192	43	ownership	ownership	NOUN
arjefm-86	192	44	%	%	NOUN
arjefm-86	192	45	0.71	0.71	NUM
arjefm-86	192	46	0.82	0.82	NUM
arjefm-86	192	47	0.99	0.99	NUM
arjefm-86	192	48	0.00	0.00	NUM
arjefm-86	192	49	0.27	0.27	NUM
arjefm-86	192	50	concentrated	concentrated	ADJ
arjefm-86	192	51	ownership	ownership	NOUN
arjefm-86	192	52	control	control	NOUN
arjefm-86	192	53	variables	variable	VERB
arjefm-86	193	1	3336.2	3336.2	NUM
arjefm-86	193	2	2877.5	2877.5	NUM
arjefm-86	193	3	9222.3	9222.3	NUM
arjefm-86	193	4	270.8	270.8	NUM
arjefm-86	193	5	2050.13	2050.13	NUM
arjefm-86	193	6	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-86	193	7	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	194	1	american	american	PROPN
arjefm-86	194	2	research	research	PROPN
arjefm-86	194	3	journal	journal	PROPN
arjefm-86	194	4	of	of	ADP
arjefm-86	194	5	economics	economic	NOUN
arjefm-86	194	6	,	,	PUNCT
arjefm-86	194	7	finance	finance	NOUN
arjefm-86	194	8	and	and	CCONJ
arjefm-86	194	9	management	management	NOUN
arjefm-86	194	10	volume	volume	NOUN
arjefm-86	194	11	11	11	NUM
arjefm-86	194	12	issue	issue	NOUN
arjefm-86	194	13	3	3	NUM
arjefm-86	194	14	,	,	PUNCT
arjefm-86	194	15	july	july	PROPN
arjefm-86	194	16	-	-	PUNCT
arjefm-86	194	17	september	september	PROPN
arjefm-86	194	18	2023	2023	NUM
arjefm-86	194	19	issn	issn	PROPN
arjefm-86	194	20	:	:	PUNCT
arjefm-86	194	21	2836	2836	NUM
arjefm-86	194	22	-	-	SYM
arjefm-86	194	23	9416	9416	NUM
arjefm-86	194	24	impact	impact	NOUN
arjefm-86	194	25	factor	factor	NOUN
arjefm-86	194	26	:	:	PUNCT
arjefm-86	194	27	5.57	5.57	NUM
arjefm-86	194	28	journal	journal	NOUN
arjefm-86	194	29	homepage	homepage	NOUN
arjefm-86	194	30	:	:	PUNCT
arjefm-86	194	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	194	32	,	,	PUNCT
arjefm-86	194	33	email	email	NOUN
arjefm-86	194	34	:	:	PUNCT
arjefm-86	195	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	195	2	official	official	ADJ
arjefm-86	195	3	journal	journal	PROPN
arjefm-86	195	4	of	of	ADP
arjefm-86	195	5	america	america	PROPN
arjefm-86	195	6	serial	serial	PROPN
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arjefm-86	195	8	american	american	PROPN
arjefm-86	195	9	research	research	PROPN
arjefm-86	195	10	journal	journal	PROPN
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arjefm-86	195	14	finance	finance	NOUN
arjefm-86	195	15	and	and	CCONJ
arjefm-86	195	16	management	management	NOUN
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arjefm-86	195	18	,	,	PUNCT
arjefm-86	195	19	email	email	NOUN
arjefm-86	195	20	:	:	PUNCT
arjefm-86	195	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	196	1	31	31	NUM
arjefm-86	197	1	|	|	ADV
arjefm-86	197	2	p	p	X
arjefm-86	197	3	a	a	DET
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arjefm-86	197	5	e	e	PROPN
arjefm-86	197	6	roa	roa	NOUN
arjefm-86	197	7	(	(	PUNCT
arjefm-86	197	8	%	%	NOUN
arjefm-86	197	9	)	)	PUNCT
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arjefm-86	198	5	0.08	0.08	NUM
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arjefm-86	198	7	size	size	NOUN
arjefm-86	198	8	(	(	PUNCT
arjefm-86	198	9	ln	ln	NOUN
arjefm-86	198	10	)	)	PUNCT
arjefm-86	198	11	22.42	22.42	NUM
arjefm-86	198	12	22.33	22.33	NUM
arjefm-86	198	13	26.34	26.34	NUM
arjefm-86	198	14	18.23	18.23	NUM
arjefm-86	198	15	1.49	1.49	NUM
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arjefm-86	198	17	(	(	PUNCT
arjefm-86	198	18	ratio	ratio	NOUN
arjefm-86	198	19	)	)	PUNCT
arjefm-86	198	20	0.16	0.16	NUM
arjefm-86	198	21	0.13	0.13	NUM
arjefm-86	198	22	0.74	0.74	NUM
arjefm-86	198	23	0.00	0.00	NUM
arjefm-86	198	24	0.14	0.14	NUM
arjefm-86	198	25	table	table	NOUN
arjefm-86	198	26	2	2	NUM
arjefm-86	198	27	:	:	PUNCT
arjefm-86	198	28	descriptive	descriptive	ADJ
arjefm-86	198	29	statistic	statistic	NOUN
arjefm-86	198	30	4.2	4.2	NUM
arjefm-86	198	31	correlation	correlation	NOUN
arjefm-86	198	32	table	table	NOUN
arjefm-86	198	33	3	3	NUM
arjefm-86	198	34	represents	represent	VERB
arjefm-86	198	35	the	the	DET
arjefm-86	198	36	pearson‟s	pearson‟s	ADJ
arjefm-86	198	37	correlation	correlation	NOUN
arjefm-86	198	38	for	for	ADP
arjefm-86	198	39	all	all	DET
arjefm-86	198	40	the	the	DET
arjefm-86	198	41	variables	variable	NOUN
arjefm-86	198	42	in	in	ADP
arjefm-86	198	43	the	the	DET
arjefm-86	198	44	study	study	NOUN
arjefm-86	198	45	.	.	PUNCT
arjefm-86	199	1	it	it	PRON
arjefm-86	199	2	examined	examine	VERB
arjefm-86	199	3	the	the	DET
arjefm-86	199	4	association	association	NOUN
arjefm-86	199	5	between	between	ADP
arjefm-86	199	6	ownership	ownership	NOUN
arjefm-86	199	7	variables	variable	NOUN
arjefm-86	199	8	and	and	CCONJ
arjefm-86	199	9	risk	risk	NOUN
arjefm-86	199	10	variables	variable	NOUN
arjefm-86	199	11	.	.	PUNCT
arjefm-86	200	1	there	there	PRON
arjefm-86	200	2	is	be	VERB
arjefm-86	200	3	a	a	DET
arjefm-86	200	4	positive	positive	ADJ
arjefm-86	200	5	correlation	correlation	NOUN
arjefm-86	200	6	between	between	ADP
arjefm-86	200	7	management	management	NOUN
arjefm-86	200	8	ownership	ownership	NOUN
arjefm-86	200	9	and	and	CCONJ
arjefm-86	200	10	tr	tr	VERB
arjefm-86	200	11	,	,	PUNCT
arjefm-86	200	12	at	at	ADP
arjefm-86	200	13	the	the	DET
arjefm-86	200	14	same	same	ADJ
arjefm-86	200	15	time	time	NOUN
arjefm-86	200	16	management	management	NOUN
arjefm-86	200	17	ownership	ownership	NOUN
arjefm-86	200	18	shows	show	VERB
arjefm-86	200	19	negative	negative	ADJ
arjefm-86	200	20	relationship	relationship	NOUN
arjefm-86	200	21	between	between	ADP
arjefm-86	200	22	arr	arr	NOUN
arjefm-86	200	23	and	and	CCONJ
arjefm-86	200	24	fr	fr	NOUN
arjefm-86	200	25	.	.	PUNCT
arjefm-86	201	1	institutional	institutional	ADJ
arjefm-86	201	2	ownership	ownership	NOUN
arjefm-86	201	3	reports	report	VERB
arjefm-86	201	4	negative	negative	ADJ
arjefm-86	201	5	relationship	relationship	NOUN
arjefm-86	201	6	between	between	ADP
arjefm-86	201	7	tr	tr	VERB
arjefm-86	201	8	,	,	PUNCT
arjefm-86	201	9	on	on	ADP
arjefm-86	201	10	the	the	DET
arjefm-86	201	11	other	other	ADJ
arjefm-86	201	12	hand	hand	NOUN
arjefm-86	201	13	shows	show	VERB
arjefm-86	201	14	positive	positive	ADJ
arjefm-86	201	15	association	association	NOUN
arjefm-86	201	16	between	between	ADP
arjefm-86	201	17	arr	arr	NOUN
arjefm-86	201	18	and	and	CCONJ
arjefm-86	201	19	fr	fr	NOUN
arjefm-86	201	20	.	.	PUNCT
arjefm-86	202	1	there	there	PRON
arjefm-86	202	2	is	be	VERB
arjefm-86	202	3	a	a	DET
arjefm-86	202	4	positive	positive	ADJ
arjefm-86	202	5	association	association	NOUN
arjefm-86	202	6	between	between	ADP
arjefm-86	202	7	concentrated	concentrate	VERB
arjefm-86	202	8	ownership	ownership	NOUN
arjefm-86	202	9	and	and	CCONJ
arjefm-86	202	10	tr	tr	VERB
arjefm-86	202	11	,	,	PUNCT
arjefm-86	202	12	by	by	ADP
arjefm-86	202	13	the	the	DET
arjefm-86	202	14	way	way	NOUN
arjefm-86	202	15	shows	show	VERB
arjefm-86	202	16	negative	negative	ADJ
arjefm-86	202	17	association	association	NOUN
arjefm-86	202	18	between	between	ADP
arjefm-86	202	19	arr	arr	NOUN
arjefm-86	202	20	and	and	CCONJ
arjefm-86	202	21	fr	fr	NOUN
arjefm-86	202	22	.	.	PROPN
arjefm-86	202	23	table	table	NOUN
arjefm-86	202	24	3	3	NUM
arjefm-86	202	25	:	:	PUNCT
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arjefm-86	202	27	between	between	ADP
arjefm-86	202	28	variables	variable	NOUN
arjefm-86	202	29	tr	tr	VERB
arjefm-86	202	30	arr	arr	X
arjefm-86	202	31	fr	fr	PROPN
arjefm-86	202	32	mo	mo	PROPN
arjefm-86	202	33	io	io	PROPN
arjefm-86	202	34	co	co	PROPN
arjefm-86	202	35	roa	roa	PROPN
arjefm-86	202	36	fz	fz	PROPN
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arjefm-86	202	38	tr	tr	PROPN
arjefm-86	202	39	1	1	NUM
arjefm-86	202	40	arr	arr	NOUN
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arjefm-86	202	42	*	*	SYM
arjefm-86	202	43	1	1	NUM
arjefm-86	202	44	fr	fr	NOUN
arjefm-86	202	45	0.164	0.164	NUM
arjefm-86	202	46	*	*	SYM
arjefm-86	202	47	0.869	0.869	NUM
arjefm-86	202	48	*	*	SYM
arjefm-86	202	49	1	1	NUM
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arjefm-86	202	62	*	*	SYM
arjefm-86	202	63	1	1	NUM
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arjefm-86	202	72	*	*	SYM
arjefm-86	202	73	1	1	NUM
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arjefm-86	202	81	*	*	X
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arjefm-86	202	85	1	1	NUM
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arjefm-86	202	98	*	*	PUNCT
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arjefm-86	203	19	1	1	NUM
arjefm-86	203	20	this	this	DET
arjefm-86	203	21	table	table	NOUN
arjefm-86	203	22	shows	show	VERB
arjefm-86	203	23	the	the	DET
arjefm-86	203	24	pearson‟s	pearson‟s	ADJ
arjefm-86	203	25	pair	pair	NOUN
arjefm-86	203	26	-	-	PUNCT
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arjefm-86	203	30	all	all	DET
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arjefm-86	203	36	used	use	VERB
arjefm-86	203	37	in	in	ADP
arjefm-86	203	38	the	the	DET
arjefm-86	203	39	empirical	empirical	ADJ
arjefm-86	203	40	model	model	NOUN
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arjefm-86	204	7	at	at	ADP
arjefm-86	204	8	the	the	DET
arjefm-86	204	9	0.05	0.05	NUM
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arjefm-86	204	11	4.3	4.3	NUM
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arjefm-86	204	13	results	result	NOUN
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arjefm-86	205	1	the	the	DET
arjefm-86	205	2	table	table	NOUN
arjefm-86	205	3	4	4	NUM
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arjefm-86	205	6	results	result	NOUN
arjefm-86	205	7	of	of	ADP
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arjefm-86	205	10	01	01	PROPN
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arjefm-86	205	13	02	02	NUM
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arjefm-86	205	15	model	model	NOUN
arjefm-86	205	16	03	03	NUM
arjefm-86	205	17	.	.	PUNCT
arjefm-86	206	1	the	the	DET
arjefm-86	206	2	hausman	hausman	PROPN
arjefm-86	206	3	test	test	NOUN
arjefm-86	206	4	rejects	reject	VERB
arjefm-86	206	5	the	the	DET
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arjefm-86	206	7	of	of	ADP
arjefm-86	206	8	using	use	VERB
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arjefm-86	206	10	random	random	ADJ
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arjefm-86	206	12	model	model	NOUN
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arjefm-86	206	15	the	the	DET
arjefm-86	206	16	estimation	estimation	NOUN
arjefm-86	206	17	results	result	NOUN
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arjefm-86	206	23	presented	present	VERB
arjefm-86	206	24	.	.	PUNCT
arjefm-86	207	1	the	the	DET
arjefm-86	207	2	pre	pre	NOUN
arjefm-86	207	3	-	-	NOUN
arjefm-86	207	4	sign	sign	NOUN
arjefm-86	207	5	indicates	indicate	VERB
arjefm-86	207	6	the	the	DET
arjefm-86	207	7	prediction	prediction	NOUN
arjefm-86	207	8	as	as	SCONJ
arjefm-86	207	9	made	make	VERB
arjefm-86	207	10	in	in	ADP
arjefm-86	207	11	the	the	DET
arjefm-86	207	12	hypotheses	hypothesis	NOUN
arjefm-86	207	13	.	.	PUNCT
arjefm-86	208	1	results	result	NOUN
arjefm-86	208	2	revealed	reveal	VERB
arjefm-86	208	3	that	that	SCONJ
arjefm-86	208	4	the	the	DET
arjefm-86	208	5	overall	overall	ADJ
arjefm-86	208	6	models	model	NOUN
arjefm-86	208	7	are	be	AUX
arjefm-86	208	8	significant	significant	ADJ
arjefm-86	208	9	at	at	ADP
arjefm-86	208	10	95	95	NUM
arjefm-86	208	11	%	%	NOUN
arjefm-86	208	12	confidence	confidence	NOUN
arjefm-86	208	13	interval	interval	NOUN
arjefm-86	208	14	level	level	NOUN
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arjefm-86	209	1	r	r	X
arjefm-86	209	2	-	-	PUNCT
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arjefm-86	209	5	of	of	ADP
arjefm-86	209	6	all	all	DET
arjefm-86	209	7	models	model	NOUN
arjefm-86	209	8	around	around	ADP
arjefm-86	209	9	56	56	NUM
arjefm-86	209	10	percent	percent	NOUN
arjefm-86	209	11	shows	show	VERB
arjefm-86	209	12	the	the	DET
arjefm-86	209	13	amount	amount	NOUN
arjefm-86	209	14	of	of	ADP
arjefm-86	209	15	variation	variation	NOUN
arjefm-86	209	16	in	in	ADP
arjefm-86	209	17	the	the	DET
arjefm-86	209	18	dependent	dependent	ADJ
arjefm-86	209	19	variable	variable	NOUN
arjefm-86	209	20	is	be	AUX
arjefm-86	209	21	explained	explain	VERB
arjefm-86	209	22	by	by	ADP
arjefm-86	209	23	the	the	DET
arjefm-86	209	24	independent	independent	ADJ
arjefm-86	209	25	variables	variable	NOUN
arjefm-86	209	26	in	in	ADP
arjefm-86	209	27	the	the	DET
arjefm-86	209	28	models	model	NOUN
arjefm-86	209	29	.	.	PUNCT
arjefm-86	210	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-86	210	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	211	1	american	american	PROPN
arjefm-86	211	2	research	research	PROPN
arjefm-86	211	3	journal	journal	PROPN
arjefm-86	211	4	of	of	ADP
arjefm-86	211	5	economics	economic	NOUN
arjefm-86	211	6	,	,	PUNCT
arjefm-86	211	7	finance	finance	NOUN
arjefm-86	211	8	and	and	CCONJ
arjefm-86	211	9	management	management	NOUN
arjefm-86	211	10	volume	volume	NOUN
arjefm-86	211	11	11	11	NUM
arjefm-86	211	12	issue	issue	NOUN
arjefm-86	211	13	3	3	NUM
arjefm-86	211	14	,	,	PUNCT
arjefm-86	211	15	july	july	PROPN
arjefm-86	211	16	-	-	PUNCT
arjefm-86	211	17	september	september	PROPN
arjefm-86	211	18	2023	2023	NUM
arjefm-86	211	19	issn	issn	PROPN
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arjefm-86	211	21	2836	2836	NUM
arjefm-86	211	22	-	-	SYM
arjefm-86	211	23	9416	9416	NUM
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arjefm-86	211	25	factor	factor	NOUN
arjefm-86	211	26	:	:	PUNCT
arjefm-86	211	27	5.57	5.57	NUM
arjefm-86	211	28	journal	journal	NOUN
arjefm-86	211	29	homepage	homepage	NOUN
arjefm-86	211	30	:	:	PUNCT
arjefm-86	211	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	211	32	,	,	PUNCT
arjefm-86	211	33	email	email	NOUN
arjefm-86	211	34	:	:	PUNCT
arjefm-86	212	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	212	2	official	official	ADJ
arjefm-86	212	3	journal	journal	PROPN
arjefm-86	212	4	of	of	ADP
arjefm-86	212	5	america	america	PROPN
arjefm-86	212	6	serial	serial	PROPN
arjefm-86	212	7	publication	publication	NOUN
arjefm-86	212	8	american	american	PROPN
arjefm-86	212	9	research	research	PROPN
arjefm-86	212	10	journal	journal	PROPN
arjefm-86	212	11	of	of	ADP
arjefm-86	212	12	economics	economic	NOUN
arjefm-86	212	13	,	,	PUNCT
arjefm-86	212	14	finance	finance	NOUN
arjefm-86	212	15	and	and	CCONJ
arjefm-86	212	16	management	management	NOUN
arjefm-86	212	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	212	18	,	,	PUNCT
arjefm-86	212	19	email	email	NOUN
arjefm-86	212	20	:	:	PUNCT
arjefm-86	212	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	213	1	32	32	NUM
arjefm-86	214	1	|	|	ADV
arjefm-86	214	2	p	p	X
arjefm-86	214	3	a	a	DET
arjefm-86	214	4	g	g	NOUN
arjefm-86	214	5	e	e	NOUN
arjefm-86	214	6	table	table	NOUN
arjefm-86	214	7	4	4	NUM
arjefm-86	214	8	:	:	PUNCT
arjefm-86	214	9	estimation	estimation	NOUN
arjefm-86	214	10	results	result	NOUN
arjefm-86	214	11	of	of	ADP
arjefm-86	214	12	determinants	determinant	NOUN
arjefm-86	214	13	of	of	ADP
arjefm-86	214	14	firm	firm	ADJ
arjefm-86	214	15	risk	risk	NOUN
arjefm-86	214	16	and	and	CCONJ
arjefm-86	214	17	ownership	ownership	NOUN
arjefm-86	214	18	structure	structure	NOUN
arjefm-86	214	19	explanatory	explanatory	ADJ
arjefm-86	214	20	variables	variable	NOUN
arjefm-86	214	21	pre	pre	ADJ
arjefm-86	214	22	-	-	ADJ
arjefm-86	214	23	sign	sign	ADJ
arjefm-86	214	24	total	total	ADJ
arjefm-86	214	25	risk	risk	NOUN
arjefm-86	214	26	(	(	PUNCT
arjefm-86	214	27	01	01	NUM
arjefm-86	214	28	)	)	PUNCT
arjefm-86	214	29	asset	asset	NOUN
arjefm-86	214	30	return	return	NOUN
arjefm-86	214	31	risk(02	risk(02	NOUN
arjefm-86	214	32	)	)	PUNCT
arjefm-86	214	33	financial	financial	ADJ
arjefm-86	214	34	risk(03	risk(03	NOUN
arjefm-86	214	35	)	)	PUNCT
arjefm-86	214	36	constant	constant	ADJ
arjefm-86	214	37	11.435(7.240	11.435(7.240	NUM
arjefm-86	214	38	)	)	PUNCT
arjefm-86	214	39	*	*	PUNCT
arjefm-86	215	1	*	*	PUNCT
arjefm-86	215	2	*	*	PUNCT
arjefm-86	215	3	50.326(7.064	50.326(7.064	NUM
arjefm-86	215	4	)	)	PUNCT
arjefm-86	215	5	*	*	PUNCT
arjefm-86	216	1	*	*	PUNCT
arjefm-86	216	2	*	*	PUNCT
arjefm-86	216	3	19.991(5.738	19.991(5.738	NUM
arjefm-86	216	4	)	)	PUNCT
arjefm-86	216	5	*	*	PUNCT
arjefm-86	217	1	*	*	PUNCT
arjefm-86	217	2	*	*	PUNCT
arjefm-86	217	3	management	management	NOUN
arjefm-86	217	4	ownership	ownership	NOUN
arjefm-86	217	5	+	+	CCONJ
arjefm-86	217	6	-1.187(-2.770	-1.187(-2.770	X
arjefm-86	217	7	)	)	PUNCT
arjefm-86	217	8	*	*	PUNCT
arjefm-86	218	1	*	*	PUNCT
arjefm-86	218	2	*	*	PUNCT
arjefm-86	218	3	-4.157(-2.150	-4.157(-2.150	NOUN
arjefm-86	218	4	)	)	PUNCT
arjefm-86	218	5	*	*	PUNCT
arjefm-86	218	6	*	*	PUNCT
arjefm-86	218	7	-1.122(-1.1875	-1.122(-1.1875	NOUN
arjefm-86	218	8	)	)	PUNCT
arjefm-86	218	9	institutional	institutional	ADJ
arjefm-86	218	10	ownership	ownership	NOUN
arjefm-86	218	11	+	+	CCONJ
arjefm-86	218	12	0.059(0.229	0.059(0.229	NOUN
arjefm-86	218	13	)	)	PUNCT
arjefm-86	218	14	4.108(3.508	4.108(3.508	NUM
arjefm-86	218	15	)	)	PUNCT
arjefm-86	218	16	*	*	PUNCT
arjefm-86	219	1	*	*	PUNCT
arjefm-86	219	2	*	*	PUNCT
arjefm-86	219	3	1.7706(3.0920	1.7706(3.0920	NUM
arjefm-86	219	4	)	)	PUNCT
arjefm-86	219	5	*	*	PUNCT
arjefm-86	220	1	*	*	PUNCT
arjefm-86	220	2	*	*	PUNCT
arjefm-86	220	3	concentrated	concentrated	ADJ
arjefm-86	220	4	ownership	ownership	NOUN
arjefm-86	220	5	+	+	CCONJ
arjefm-86	220	6	0.00004(0.101	0.00004(0.101	NUM
arjefm-86	220	7	)	)	PUNCT
arjefm-86	220	8	0.0001(0.964	0.0001(0.964	NUM
arjefm-86	220	9	)	)	PUNCT
arjefm-86	220	10	0.0001(1.150	0.0001(1.150	NUM
arjefm-86	220	11	)	)	PUNCT
arjefm-86	221	1	*	*	PUNCT
arjefm-86	222	1	*	*	PUNCT
arjefm-86	222	2	*	*	PUNCT
arjefm-86	222	3	roa	roa	NOUN
arjefm-86	222	4	-0.408(-0.858	-0.408(-0.858	NOUN
arjefm-86	222	5	)	)	PUNCT
arjefm-86	222	6	0.5015(0.2337	0.5015(0.2337	NUM
arjefm-86	222	7	)	)	PUNCT
arjefm-86	222	8	1.4583(1.390	1.4583(1.390	X
arjefm-86	222	9	)	)	PUNCT
arjefm-86	222	10	firm	firm	ADJ
arjefm-86	222	11	size	size	NOUN
arjefm-86	222	12	-0.444(-6.063	-0.444(-6.063	NUM
arjefm-86	222	13	)	)	PUNCT
arjefm-86	222	14	*	*	PUNCT
arjefm-86	222	15	*	*	PUNCT
arjefm-86	222	16	*	*	PUNCT
arjefm-86	222	17	-2.3635(-7.1500	-2.3635(-7.1500	NOUN
arjefm-86	222	18	)	)	PUNCT
arjefm-86	222	19	*	*	PUNCT
arjefm-86	223	1	*	*	PUNCT
arjefm-86	223	2	*	*	PUNCT
arjefm-86	223	3	-0.938(-5.805	-0.938(-5.805	ADJ
arjefm-86	223	4	)	)	PUNCT
arjefm-86	223	5	*	*	PUNCT
arjefm-86	224	1	*	*	PUNCT
arjefm-86	224	2	*	*	PUNCT
arjefm-86	224	3	leverage	leverage	NOUN
arjefm-86	224	4	0.620(1.811	0.620(1.811	NUM
arjefm-86	224	5	)	)	PUNCT
arjefm-86	224	6	*	*	PUNCT
arjefm-86	224	7	*	*	PUNCT
arjefm-86	224	8	1.498(0.970	1.498(0.970	NUM
arjefm-86	224	9	)	)	PUNCT
arjefm-86	224	10	0.392(0.519	0.392(0.519	ADJ
arjefm-86	224	11	)	)	PUNCT
arjefm-86	224	12	r	r	NOUN
arjefm-86	224	13	-	-	PUNCT
arjefm-86	224	14	squared	square	VERB
arjefm-86	224	15	0.5065	0.5065	NUM
arjefm-86	224	16	0.5637	0.5637	NUM
arjefm-86	224	17	0.5663	0.5663	NUM
arjefm-86	224	18	adjusted	adjust	VERB
arjefm-86	224	19	rsquared	rsquare	VERB
arjefm-86	224	20	0.4287	0.4287	NUM
arjefm-86	224	21	0.4949	0.4949	NUM
arjefm-86	224	22	0.4980	0.4980	NUM
arjefm-86	224	23	f	f	X
arjefm-86	224	24	-	-	PUNCT
arjefm-86	224	25	statistic	statistic	ADJ
arjefm-86	224	26	6.5148	6.5148	NUM
arjefm-86	224	27	8.2008	8.2008	NUM
arjefm-86	224	28	8.2885	8.2885	NUM
arjefm-86	224	29	prob	prob	NOUN
arjefm-86	224	30	(	(	PUNCT
arjefm-86	224	31	f	f	NOUN
arjefm-86	224	32	-	-	PUNCT
arjefm-86	224	33	statistic	statistic	NOUN
arjefm-86	224	34	)	)	PUNCT
arjefm-86	224	35	0.000	0.000	NUM
arjefm-86	225	1	0.0000	0.0000	NUM
arjefm-86	225	2	0.0000	0.0000	NUM
arjefm-86	225	3	no	no	PRON
arjefm-86	225	4	of	of	ADP
arjefm-86	225	5	firms	firm	NOUN
arjefm-86	225	6	69	69	NUM
arjefm-86	225	7	69	69	NUM
arjefm-86	225	8	69	69	NUM
arjefm-86	225	9	no	no	NOUN
arjefm-86	225	10	of	of	ADP
arjefm-86	225	11	observation	observation	NOUN
arjefm-86	225	12	552	552	NUM
arjefm-86	225	13	552	552	NUM
arjefm-86	225	14	552	552	NUM
arjefm-86	225	15	note	note	NOUN
arjefm-86	225	16	:	:	PUNCT
arjefm-86	225	17	this	this	DET
arjefm-86	225	18	table	table	NOUN
arjefm-86	225	19	shows	show	VERB
arjefm-86	225	20	the	the	DET
arjefm-86	225	21	results	result	NOUN
arjefm-86	225	22	from	from	ADP
arjefm-86	225	23	the	the	DET
arjefm-86	225	24	estimation	estimation	NOUN
arjefm-86	225	25	of	of	ADP
arjefm-86	225	26	the	the	DET
arjefm-86	225	27	empirical	empirical	ADJ
arjefm-86	225	28	model	model	NOUN
arjefm-86	225	29	using	use	VERB
arjefm-86	225	30	generalized	generalized	ADJ
arjefm-86	225	31	least	least	ADJ
arjefm-86	225	32	square	square	ADJ
arjefm-86	225	33	–	–	PUNCT
arjefm-86	225	34	fixed	fix	VERB
arjefm-86	225	35	effects	effect	NOUN
arjefm-86	225	36	method	method	NOUN
arjefm-86	225	37	;	;	PUNCT
arjefm-86	225	38	the	the	DET
arjefm-86	225	39	dependent	dependent	ADJ
arjefm-86	225	40	variables	variable	NOUN
arjefm-86	225	41	of	of	ADP
arjefm-86	225	42	total	total	ADJ
arjefm-86	225	43	risk	risk	NOUN
arjefm-86	225	44	,	,	PUNCT
arjefm-86	225	45	asset	asset	NOUN
arjefm-86	225	46	return	return	NOUN
arjefm-86	225	47	risk	risk	NOUN
arjefm-86	225	48	and	and	CCONJ
arjefm-86	225	49	financial	financial	ADJ
arjefm-86	225	50	risk	risk	NOUN
arjefm-86	225	51	are	be	AUX
arjefm-86	225	52	used	use	VERB
arjefm-86	225	53	alternatively	alternatively	ADV
arjefm-86	225	54	in	in	ADP
arjefm-86	225	55	the	the	DET
arjefm-86	225	56	empirical	empirical	ADJ
arjefm-86	225	57	model	model	NOUN
arjefm-86	225	58	.	.	PUNCT
arjefm-86	226	1	the	the	DET
arjefm-86	226	2	model	model	NOUN
arjefm-86	226	3	fit	fit	NOUN
arjefm-86	226	4	is	be	AUX
arjefm-86	226	5	also	also	ADV
arjefm-86	226	6	reported	report	VERB
arjefm-86	226	7	;	;	PUNCT
arjefm-86	226	8	along	along	ADP
arjefm-86	226	9	with	with	ADP
arjefm-86	226	10	the	the	DET
arjefm-86	226	11	coefficient	coefficient	NOUN
arjefm-86	226	12	the	the	DET
arjefm-86	226	13	t	t	NOUN
arjefm-86	226	14	-	-	PUNCT
arjefm-86	226	15	statistic	statistic	NOUN
arjefm-86	226	16	is	be	AUX
arjefm-86	226	17	reported	report	VERB
arjefm-86	226	18	in	in	ADP
arjefm-86	226	19	parentheses	parenthesis	NOUN
arjefm-86	226	20	;	;	PUNCT
arjefm-86	226	21	the	the	DET
arjefm-86	226	22	superscripts	superscript	NOUN
arjefm-86	226	23	of	of	ADP
arjefm-86	226	24	*	*	PROPN
arjefm-86	226	25	,	,	PUNCT
arjefm-86	226	26	*	*	PUNCT
arjefm-86	226	27	*	*	PUNCT
arjefm-86	226	28	and	and	CCONJ
arjefm-86	226	29	*	*	PUNCT
arjefm-86	226	30	*	*	PUNCT
arjefm-86	226	31	*	*	PUNCT
arjefm-86	226	32	*	*	PUNCT
arjefm-86	226	33	statistical	statistical	ADJ
arjefm-86	226	34	significance	significance	NOUN
arjefm-86	226	35	to	to	ADP
arjefm-86	226	36	10	10	NUM
arjefm-86	226	37	%	%	NOUN
arjefm-86	226	38	,	,	PUNCT
arjefm-86	226	39	5	5	NUM
arjefm-86	226	40	%	%	NOUN
arjefm-86	226	41	and	and	CCONJ
arjefm-86	226	42	1	1	NUM
arjefm-86	226	43	%	%	NOUN
arjefm-86	226	44	respectively	respectively	ADV
arjefm-86	226	45	.	.	PUNCT
arjefm-86	227	1	as	as	ADP
arjefm-86	227	2	per	per	ADP
arjefm-86	227	3	the	the	DET
arjefm-86	227	4	finding	finding	NOUN
arjefm-86	227	5	,	,	PUNCT
arjefm-86	227	6	it	it	PRON
arjefm-86	227	7	shows	show	VERB
arjefm-86	227	8	that	that	SCONJ
arjefm-86	227	9	management	management	NOUN
arjefm-86	227	10	ownership	ownership	NOUN
arjefm-86	227	11	is	be	AUX
arjefm-86	227	12	related	relate	VERB
arjefm-86	227	13	negatively	negatively	ADV
arjefm-86	227	14	and	and	CCONJ
arjefm-86	227	15	significantly	significantly	ADV
arjefm-86	227	16	with	with	ADP
arjefm-86	227	17	risk	risk	NOUN
arjefm-86	227	18	variables	variable	VERB
arjefm-86	227	19	measures	measure	NOUN
arjefm-86	227	20	such	such	ADJ
arjefm-86	227	21	as	as	ADP
arjefm-86	227	22	total	total	ADJ
arjefm-86	227	23	risk	risk	NOUN
arjefm-86	227	24	,	,	PUNCT
arjefm-86	227	25	asset	asset	NOUN
arjefm-86	227	26	return	return	NOUN
arjefm-86	227	27	risk	risk	NOUN
arjefm-86	227	28	and	and	CCONJ
arjefm-86	227	29	financial	financial	ADJ
arjefm-86	227	30	risk	risk	NOUN
arjefm-86	227	31	.	.	PUNCT
arjefm-86	228	1	however	however	ADV
arjefm-86	228	2	,	,	PUNCT
arjefm-86	228	3	financial	financial	ADJ
arjefm-86	228	4	risk	risk	NOUN
arjefm-86	228	5	does	do	AUX
arjefm-86	228	6	not	not	PART
arjefm-86	228	7	show	show	VERB
arjefm-86	228	8	significance	significance	NOUN
arjefm-86	228	9	association	association	NOUN
arjefm-86	228	10	with	with	ADP
arjefm-86	228	11	management	management	NOUN
arjefm-86	228	12	ownership	ownership	NOUN
arjefm-86	228	13	.	.	PUNCT
arjefm-86	229	1	so	so	ADV
arjefm-86	229	2	,	,	PUNCT
arjefm-86	229	3	it	it	PRON
arjefm-86	229	4	shows	show	VERB
arjefm-86	229	5	the	the	DET
arjefm-86	229	6	evidence	evidence	NOUN
arjefm-86	229	7	to	to	PART
arjefm-86	229	8	reject	reject	VERB
arjefm-86	229	9	the	the	DET
arjefm-86	229	10	hypothesis	hypothesis	NOUN
arjefm-86	229	11	one	one	NUM
arjefm-86	229	12	(	(	PUNCT
arjefm-86	229	13	h1).results	h1).result	NOUN
arjefm-86	229	14	depict	depict	VERB
arjefm-86	229	15	that	that	SCONJ
arjefm-86	229	16	managers	manager	NOUN
arjefm-86	229	17	are	be	AUX
arjefm-86	229	18	expected	expect	VERB
arjefm-86	229	19	to	to	PART
arjefm-86	229	20	take	take	VERB
arjefm-86	229	21	less	less	ADJ
arjefm-86	229	22	risk	risk	NOUN
arjefm-86	229	23	as	as	ADP
arjefm-86	229	24	their	their	PRON
arjefm-86	229	25	managerial	managerial	ADJ
arjefm-86	229	26	ownership	ownership	NOUN
arjefm-86	229	27	increases	increase	NOUN
arjefm-86	229	28	.	.	PUNCT
arjefm-86	230	1	this	this	DET
arjefm-86	230	2	result	result	NOUN
arjefm-86	230	3	shows	show	VERB
arjefm-86	230	4	contradicting	contradict	VERB
arjefm-86	230	5	finding	finding	NOUN
arjefm-86	230	6	with	with	ADP
arjefm-86	230	7	uk	uk	PROPN
arjefm-86	230	8	,	,	PUNCT
arjefm-86	230	9	us	we	PRON
arjefm-86	230	10	and	and	CCONJ
arjefm-86	230	11	japan	japan	PROPN
arjefm-86	230	12	studies	study	NOUN
arjefm-86	230	13	.	.	PUNCT
arjefm-86	231	1	in	in	ADP
arjefm-86	231	2	the	the	DET
arjefm-86	231	3	uk	uk	PROPN
arjefm-86	231	4	studies	study	NOUN
arjefm-86	231	5	,	,	PUNCT
arjefm-86	231	6	the	the	DET
arjefm-86	231	7	results	result	NOUN
arjefm-86	231	8	shows	show	VERB
arjefm-86	231	9	higher	high	ADJ
arjefm-86	231	10	board	board	PROPN
arjefm-86	231	11	executive	executive	PROPN
arjefm-86	231	12	equity	equity	NOUN
arjefm-86	231	13	ownership	ownership	NOUN
arjefm-86	231	14	is	be	AUX
arjefm-86	231	15	related	relate	VERB
arjefm-86	231	16	positively	positively	ADV
arjefm-86	231	17	and	and	CCONJ
arjefm-86	231	18	significantly	significantly	ADV
arjefm-86	231	19	with	with	ADP
arjefm-86	231	20	total	total	ADJ
arjefm-86	231	21	risk	risk	NOUN
arjefm-86	231	22	(	(	PUNCT
arjefm-86	231	23	sudha	sudha	NOUN
arjefm-86	231	24	et	et	PROPN
arjefm-86	231	25	al	al	PROPN
arjefm-86	231	26	.	.	PROPN
arjefm-86	231	27	,	,	PUNCT
arjefm-86	231	28	2016	2016	NUM
arjefm-86	231	29	)	)	PUNCT
arjefm-86	231	30	,	,	PUNCT
arjefm-86	231	31	in	in	ADP
arjefm-86	231	32	line	line	NOUN
arjefm-86	231	33	with	with	ADP
arjefm-86	231	34	this	this	DET
arjefm-86	231	35	finding	finding	NOUN
arjefm-86	231	36	,	,	PUNCT
arjefm-86	231	37	saunders	saunders	PROPN
arjefm-86	231	38	et	et	PROPN
arjefm-86	231	39	al	al	PROPN
arjefm-86	231	40	.	.	PROPN
arjefm-86	232	1	(	(	PUNCT
arjefm-86	232	2	1990	1990	NUM
arjefm-86	232	3	)	)	PUNCT
arjefm-86	232	4	found	find	VERB
arjefm-86	232	5	that	that	SCONJ
arjefm-86	232	6	,	,	PUNCT
arjefm-86	232	7	in	in	ADP
arjefm-86	232	8	us	we	PRON
arjefm-86	232	9	banks	bank	NOUN
arjefm-86	232	10	where	where	SCONJ
arjefm-86	232	11	managers	manager	NOUN
arjefm-86	232	12	held	hold	VERB
arjefm-86	232	13	a	a	DET
arjefm-86	232	14	higher	high	ADJ
arjefm-86	232	15	proportion	proportion	NOUN
arjefm-86	232	16	of	of	ADP
arjefm-86	232	17	equity	equity	NOUN
arjefm-86	232	18	,	,	PUNCT
arjefm-86	232	19	there	there	PRON
arjefm-86	232	20	was	be	VERB
arjefm-86	232	21	significantly	significantly	ADV
arjefm-86	232	22	higher	high	ADJ
arjefm-86	232	23	risk	risk	NOUN
arjefm-86	232	24	-	-	PUNCT
arjefm-86	232	25	taking	take	VERB
arjefm-86	232	26	behavior	behavior	NOUN
arjefm-86	232	27	and	and	CCONJ
arjefm-86	232	28	sun	sun	NOUN
arjefm-86	232	29	(	(	PUNCT
arjefm-86	232	30	2017	2017	NUM
arjefm-86	232	31	)	)	PUNCT
arjefm-86	232	32	shows	show	VERB
arjefm-86	232	33	managers	manager	NOUN
arjefm-86	232	34	ownership	ownership	NOUN
arjefm-86	232	35	are	be	AUX
arjefm-86	232	36	positive	positive	ADJ
arjefm-86	232	37	and	and	CCONJ
arjefm-86	232	38	statistically	statistically	ADV
arjefm-86	232	39	significant	significant	ADJ
arjefm-86	232	40	association	association	NOUN
arjefm-86	232	41	with	with	ADP
arjefm-86	232	42	firm‟s	firm‟s	NOUN
arjefm-86	232	43	risk	risk	NOUN
arjefm-86	232	44	.	.	PUNCT
arjefm-86	233	1	it	it	PRON
arjefm-86	233	2	may	may	AUX
arjefm-86	233	3	be	be	AUX
arjefm-86	233	4	that	that	SCONJ
arjefm-86	233	5	executive	executive	ADJ
arjefm-86	233	6	directors	director	NOUN
arjefm-86	233	7	with	with	ADP
arjefm-86	233	8	a	a	DET
arjefm-86	233	9	higher	high	ADJ
arjefm-86	233	10	proportion	proportion	NOUN
arjefm-86	233	11	of	of	ADP
arjefm-86	233	12	investment	investment	NOUN
arjefm-86	233	13	have	have	VERB
arjefm-86	233	14	no	no	DET
arjefm-86	233	15	incentive	incentive	NOUN
arjefm-86	233	16	to	to	PART
arjefm-86	233	17	increase	increase	VERB
arjefm-86	233	18	firm	firm	ADJ
arjefm-86	233	19	risk	risk	NOUN
arjefm-86	233	20	to	to	PART
arjefm-86	233	21	try	try	VERB
arjefm-86	233	22	and	and	CCONJ
arjefm-86	233	23	maximize	maximize	VERB
arjefm-86	233	24	returns	return	NOUN
arjefm-86	233	25	for	for	ADP
arjefm-86	233	26	themselves	themselves	PRON
arjefm-86	233	27	,	,	PUNCT
arjefm-86	233	28	due	due	ADP
arjefm-86	233	29	to	to	ADP
arjefm-86	233	30	uncertainty	uncertainty	NOUN
arjefm-86	233	31	of	of	ADP
arjefm-86	233	32	return	return	NOUN
arjefm-86	233	33	and	and	CCONJ
arjefm-86	233	34	job	job	NOUN
arjefm-86	233	35	security	security	NOUN
arjefm-86	233	36	.	.	PUNCT
arjefm-86	234	1	it	it	PRON
arjefm-86	234	2	is	be	AUX
arjefm-86	234	3	found	find	VERB
arjefm-86	234	4	that	that	SCONJ
arjefm-86	234	5	the	the	DET
arjefm-86	234	6	percentage	percentage	NOUN
arjefm-86	234	7	of	of	ADP
arjefm-86	234	8	ownership	ownership	NOUN
arjefm-86	234	9	held	hold	VERB
arjefm-86	234	10	by	by	ADP
arjefm-86	234	11	institutional	institutional	ADJ
arjefm-86	234	12	investors	investor	NOUN
arjefm-86	234	13	is	be	AUX
arjefm-86	234	14	positively	positively	ADV
arjefm-86	234	15	and	and	CCONJ
arjefm-86	234	16	significantly	significantly	ADV
arjefm-86	234	17	related	relate	VERB
arjefm-86	234	18	to	to	ADP
arjefm-86	234	19	both	both	CCONJ
arjefm-86	234	20	financial	financial	ADJ
arjefm-86	234	21	risk	risk	NOUN
arjefm-86	234	22	and	and	CCONJ
arjefm-86	234	23	asset	asset	NOUN
arjefm-86	234	24	return	return	NOUN
arjefm-86	234	25	risk	risk	NOUN
arjefm-86	234	26	,	,	PUNCT
arjefm-86	234	27	but	but	CCONJ
arjefm-86	234	28	total	total	ADJ
arjefm-86	234	29	risk	risk	NOUN
arjefm-86	234	30	also	also	ADV
arjefm-86	234	31	associated	associate	VERB
arjefm-86	234	32	positively	positively	ADV
arjefm-86	234	33	with	with	ADP
arjefm-86	234	34	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	234	35	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	234	36	american	american	PROPN
arjefm-86	234	37	research	research	PROPN
arjefm-86	234	38	journal	journal	PROPN
arjefm-86	234	39	of	of	ADP
arjefm-86	234	40	economics	economic	NOUN
arjefm-86	234	41	,	,	PUNCT
arjefm-86	234	42	finance	finance	NOUN
arjefm-86	234	43	and	and	CCONJ
arjefm-86	234	44	management	management	NOUN
arjefm-86	234	45	volume	volume	NOUN
arjefm-86	234	46	11	11	NUM
arjefm-86	234	47	issue	issue	NOUN
arjefm-86	234	48	3	3	NUM
arjefm-86	234	49	,	,	PUNCT
arjefm-86	234	50	july	july	PROPN
arjefm-86	234	51	-	-	PUNCT
arjefm-86	234	52	september	september	PROPN
arjefm-86	234	53	2023	2023	NUM
arjefm-86	234	54	issn	issn	PROPN
arjefm-86	234	55	:	:	PUNCT
arjefm-86	234	56	2836	2836	NUM
arjefm-86	234	57	-	-	SYM
arjefm-86	234	58	9416	9416	NUM
arjefm-86	234	59	impact	impact	NOUN
arjefm-86	234	60	factor	factor	NOUN
arjefm-86	234	61	:	:	PUNCT
arjefm-86	234	62	5.57	5.57	NUM
arjefm-86	234	63	journal	journal	NOUN
arjefm-86	234	64	homepage	homepage	NOUN
arjefm-86	234	65	:	:	PUNCT
arjefm-86	234	66	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	234	67	,	,	PUNCT
arjefm-86	234	68	email	email	NOUN
arjefm-86	234	69	:	:	PUNCT
arjefm-86	234	70	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	234	71	official	official	ADJ
arjefm-86	234	72	journal	journal	PROPN
arjefm-86	234	73	of	of	ADP
arjefm-86	234	74	america	america	PROPN
arjefm-86	234	75	serial	serial	PROPN
arjefm-86	234	76	publication	publication	NOUN
arjefm-86	234	77	american	american	PROPN
arjefm-86	234	78	research	research	PROPN
arjefm-86	234	79	journal	journal	PROPN
arjefm-86	234	80	of	of	ADP
arjefm-86	234	81	economics	economic	NOUN
arjefm-86	234	82	,	,	PUNCT
arjefm-86	234	83	finance	finance	NOUN
arjefm-86	234	84	and	and	CCONJ
arjefm-86	234	85	management	management	NOUN
arjefm-86	234	86	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	234	87	,	,	PUNCT
arjefm-86	234	88	email	email	NOUN
arjefm-86	234	89	:	:	PUNCT
arjefm-86	235	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	235	2	33	33	NUM
arjefm-86	236	1	|	|	ADV
arjefm-86	236	2	p	p	X
arjefm-86	236	3	a	a	DET
arjefm-86	236	4	g	g	NOUN
arjefm-86	236	5	e	e	NOUN
arjefm-86	236	6	institutional	institutional	ADJ
arjefm-86	236	7	owners	owner	NOUN
arjefm-86	236	8	with	with	ADP
arjefm-86	236	9	no	no	DET
arjefm-86	236	10	significant	significant	ADJ
arjefm-86	236	11	relation	relation	NOUN
arjefm-86	236	12	.	.	PUNCT
arjefm-86	237	1	it	it	PRON
arjefm-86	237	2	shows	show	VERB
arjefm-86	237	3	the	the	DET
arjefm-86	237	4	evidence	evidence	NOUN
arjefm-86	237	5	to	to	PART
arjefm-86	237	6	accept	accept	VERB
arjefm-86	237	7	the	the	DET
arjefm-86	237	8	hypothesis	hypothesis	NOUN
arjefm-86	237	9	two	two	NUM
arjefm-86	237	10	(	(	PUNCT
arjefm-86	237	11	h2	h2	NOUN
arjefm-86	237	12	)	)	PUNCT
arjefm-86	237	13	.	.	PUNCT
arjefm-86	238	1	this	this	DET
arjefm-86	238	2	result	result	NOUN
arjefm-86	238	3	confirms	confirm	VERB
arjefm-86	238	4	finding	find	VERB
arjefm-86	238	5	from	from	ADP
arjefm-86	238	6	past	past	ADJ
arjefm-86	238	7	studies	study	NOUN
arjefm-86	238	8	of	of	ADP
arjefm-86	238	9	(	(	PUNCT
arjefm-86	238	10	callen	callen	PROPN
arjefm-86	238	11	&	&	CCONJ
arjefm-86	238	12	fang	fang	PROPN
arjefm-86	238	13	,	,	PUNCT
arjefm-86	238	14	2013	2013	NUM
arjefm-86	238	15	;	;	PUNCT
arjefm-86	238	16	cheng	cheng	PROPN
arjefm-86	238	17	et	et	PROPN
arjefm-86	238	18	al	al	PROPN
arjefm-86	238	19	.	.	PROPN
arjefm-86	238	20	,	,	PUNCT
arjefm-86	238	21	2011	2011	NUM
arjefm-86	238	22	;	;	PUNCT
arjefm-86	238	23	hutchinson	hutchinson	PROPN
arjefm-86	238	24	et	et	PROPN
arjefm-86	238	25	al	al	PROPN
arjefm-86	238	26	.	.	PROPN
arjefm-86	238	27	,	,	PUNCT
arjefm-86	238	28	2015	2015	NUM
arjefm-86	238	29	)	)	PUNCT
arjefm-86	238	30	.	.	PUNCT
arjefm-86	239	1	further	far	ADV
arjefm-86	239	2	,	,	PUNCT
arjefm-86	239	3	finding	find	VERB
arjefm-86	239	4	confirm	confirm	VERB
arjefm-86	239	5	that	that	SCONJ
arjefm-86	239	6	institutional	institutional	ADJ
arjefm-86	239	7	ownership	ownership	NOUN
arjefm-86	239	8	is	be	AUX
arjefm-86	239	9	positively	positively	ADV
arjefm-86	239	10	related	relate	VERB
arjefm-86	239	11	with	with	ADP
arjefm-86	239	12	firm	firm	ADJ
arjefm-86	239	13	risk	risk	NOUN
arjefm-86	239	14	.	.	PUNCT
arjefm-86	240	1	the	the	DET
arjefm-86	240	2	result	result	NOUN
arjefm-86	240	3	shows	show	NOUN
arjefm-86	240	4	of	of	ADP
arjefm-86	240	5	concentrated	concentrated	ADJ
arjefm-86	240	6	ownership	ownership	NOUN
arjefm-86	240	7	with	with	ADP
arjefm-86	240	8	total	total	ADJ
arjefm-86	240	9	risk	risk	NOUN
arjefm-86	240	10	,	,	PUNCT
arjefm-86	240	11	asset	asset	NOUN
arjefm-86	240	12	return	return	NOUN
arjefm-86	240	13	risk	risk	NOUN
arjefm-86	240	14	and	and	CCONJ
arjefm-86	240	15	financial	financial	ADJ
arjefm-86	240	16	risk	risk	NOUN
arjefm-86	240	17	are	be	AUX
arjefm-86	240	18	positive	positive	ADJ
arjefm-86	240	19	.	.	PUNCT
arjefm-86	241	1	the	the	DET
arjefm-86	241	2	finding	finding	NOUN
arjefm-86	241	3	shows	show	VERB
arjefm-86	241	4	significant	significant	ADJ
arjefm-86	241	5	positive	positive	ADJ
arjefm-86	241	6	association	association	NOUN
arjefm-86	241	7	with	with	ADP
arjefm-86	241	8	financial	financial	ADJ
arjefm-86	241	9	risk	risk	NOUN
arjefm-86	241	10	.	.	PUNCT
arjefm-86	242	1	the	the	DET
arjefm-86	242	2	results	result	NOUN
arjefm-86	242	3	consistent	consistent	ADJ
arjefm-86	242	4	with	with	ADP
arjefm-86	242	5	the	the	DET
arjefm-86	242	6	finding	finding	NOUN
arjefm-86	242	7	of	of	ADP
arjefm-86	242	8	these	these	DET
arjefm-86	242	9	studies	study	NOUN
arjefm-86	242	10	,	,	PUNCT
arjefm-86	242	11	(	(	PUNCT
arjefm-86	242	12	shleifer	shleifer	PROPN
arjefm-86	242	13	&	&	CCONJ
arjefm-86	242	14	vishny	vishny	PROPN
arjefm-86	242	15	,	,	PUNCT
arjefm-86	242	16	1986	1986	NUM
arjefm-86	242	17	;	;	PUNCT
arjefm-86	242	18	wright	wright	PROPN
arjefm-86	242	19	et	et	PROPN
arjefm-86	242	20	al	al	PROPN
arjefm-86	242	21	.	.	PROPN
arjefm-86	242	22	,	,	PUNCT
arjefm-86	242	23	1996	1996	NUM
arjefm-86	242	24	)	)	PUNCT
arjefm-86	242	25	.	.	PUNCT
arjefm-86	243	1	it	it	PRON
arjefm-86	243	2	may	may	AUX
arjefm-86	243	3	be	be	AUX
arjefm-86	243	4	large	large	ADJ
arjefm-86	243	5	shareholders	shareholder	NOUN
arjefm-86	243	6	have	have	VERB
arjefm-86	243	7	the	the	DET
arjefm-86	243	8	motivations	motivation	NOUN
arjefm-86	243	9	and	and	CCONJ
arjefm-86	243	10	power	power	NOUN
arjefm-86	243	11	to	to	PART
arjefm-86	243	12	steer	steer	VERB
arjefm-86	243	13	firms	firm	NOUN
arjefm-86	243	14	towards	towards	ADP
arjefm-86	243	15	adopting	adopt	VERB
arjefm-86	243	16	value	value	NOUN
arjefm-86	243	17	-	-	PUNCT
arjefm-86	243	18	enhancing	enhance	VERB
arjefm-86	243	19	strategies	strategy	NOUN
arjefm-86	243	20	that	that	PRON
arjefm-86	243	21	are	be	AUX
arjefm-86	243	22	associated	associate	VERB
arjefm-86	243	23	with	with	ADP
arjefm-86	243	24	higher	high	ADJ
arjefm-86	243	25	risk	risk	NOUN
arjefm-86	243	26	.	.	PUNCT
arjefm-86	244	1	the	the	DET
arjefm-86	244	2	control	control	NOUN
arjefm-86	244	3	variables	variable	NOUN
arjefm-86	244	4	were	be	AUX
arjefm-86	244	5	significantly	significantly	ADV
arjefm-86	244	6	influence	influence	VERB
arjefm-86	244	7	the	the	DET
arjefm-86	244	8	firm	firm	ADJ
arjefm-86	244	9	risk	risk	NOUN
arjefm-86	244	10	(	(	PUNCT
arjefm-86	244	11	firm	firm	ADJ
arjefm-86	244	12	size	size	NOUN
arjefm-86	244	13	and	and	CCONJ
arjefm-86	244	14	leverage	leverage	NOUN
arjefm-86	244	15	)	)	PUNCT
arjefm-86	244	16	.	.	PUNCT
arjefm-86	245	1	larger	large	ADJ
arjefm-86	245	2	firms	firm	NOUN
arjefm-86	245	3	(	(	PUNCT
arjefm-86	245	4	firm	firm	ADJ
arjefm-86	245	5	size	size	NOUN
arjefm-86	245	6	)	)	PUNCT
arjefm-86	245	7	are	be	AUX
arjefm-86	245	8	associated	associate	VERB
arjefm-86	245	9	significantly	significantly	ADV
arjefm-86	245	10	and	and	CCONJ
arjefm-86	245	11	negatively	negatively	ADV
arjefm-86	245	12	with	with	ADP
arjefm-86	245	13	total	total	ADJ
arjefm-86	245	14	risk	risk	NOUN
arjefm-86	245	15	,	,	PUNCT
arjefm-86	245	16	asset	asset	NOUN
arjefm-86	245	17	return	return	NOUN
arjefm-86	245	18	risk	risk	NOUN
arjefm-86	245	19	and	and	CCONJ
arjefm-86	245	20	financial	financial	ADJ
arjefm-86	245	21	risk	risk	NOUN
arjefm-86	245	22	.	.	PUNCT
arjefm-86	246	1	it	it	PRON
arjefm-86	246	2	may	may	AUX
arjefm-86	246	3	be	be	AUX
arjefm-86	246	4	for	for	ADP
arjefm-86	246	5	very	very	ADV
arjefm-86	246	6	large	large	ADJ
arjefm-86	246	7	firms	firm	NOUN
arjefm-86	246	8	,	,	PUNCT
arjefm-86	246	9	a	a	DET
arjefm-86	246	10	wrong	wrong	ADJ
arjefm-86	246	11	choice	choice	NOUN
arjefm-86	246	12	in	in	ADP
arjefm-86	246	13	investment	investment	NOUN
arjefm-86	246	14	may	may	AUX
arjefm-86	246	15	not	not	PART
arjefm-86	246	16	affect	affect	VERB
arjefm-86	246	17	the	the	DET
arjefm-86	246	18	stock	stock	NOUN
arjefm-86	246	19	price	price	NOUN
arjefm-86	246	20	.	.	PUNCT
arjefm-86	247	1	firms	firm	NOUN
arjefm-86	247	2	with	with	ADP
arjefm-86	247	3	higher	high	ADJ
arjefm-86	247	4	financial	financial	ADJ
arjefm-86	247	5	leverage	leverage	NOUN
arjefm-86	247	6	take	take	VERB
arjefm-86	247	7	less	less	ADJ
arjefm-86	247	8	risk	risk	NOUN
arjefm-86	247	9	;	;	PUNCT
arjefm-86	247	10	this	this	PRON
arjefm-86	247	11	can	can	AUX
arjefm-86	247	12	be	be	AUX
arjefm-86	247	13	due	due	ADJ
arjefm-86	247	14	to	to	ADP
arjefm-86	247	15	the	the	DET
arjefm-86	247	16	fact	fact	NOUN
arjefm-86	247	17	that	that	SCONJ
arjefm-86	247	18	firms	firm	NOUN
arjefm-86	247	19	face	face	VERB
arjefm-86	247	20	the	the	DET
arjefm-86	247	21	burden	burden	NOUN
arjefm-86	247	22	of	of	ADP
arjefm-86	247	23	repayment	repayment	NOUN
arjefm-86	247	24	and	and	CCONJ
arjefm-86	247	25	,	,	PUNCT
arjefm-86	247	26	therefore	therefore	ADV
arjefm-86	247	27	,	,	PUNCT
arjefm-86	247	28	taking	take	VERB
arjefm-86	247	29	lesser	less	ADJ
arjefm-86	247	30	risk	risk	NOUN
arjefm-86	247	31	in	in	ADP
arjefm-86	247	32	listed	list	VERB
arjefm-86	247	33	companies	company	NOUN
arjefm-86	247	34	in	in	ADP
arjefm-86	247	35	sri	sri	PROPN
arjefm-86	247	36	lanka	lanka	PROPN
arjefm-86	247	37	.	.	PUNCT
arjefm-86	248	1	firm	firm	ADJ
arjefm-86	248	2	performance	performance	NOUN
arjefm-86	248	3	(	(	PUNCT
arjefm-86	248	4	roa	roa	NOUN
arjefm-86	248	5	)	)	PUNCT
arjefm-86	248	6	shows	show	VERB
arjefm-86	248	7	negative	negative	ADJ
arjefm-86	248	8	association	association	NOUN
arjefm-86	248	9	with	with	ADP
arjefm-86	248	10	total	total	ADJ
arjefm-86	248	11	risk	risk	NOUN
arjefm-86	248	12	at	at	ADP
arjefm-86	248	13	the	the	DET
arjefm-86	248	14	same	same	ADJ
arjefm-86	248	15	time	time	NOUN
arjefm-86	248	16	positive	positive	ADJ
arjefm-86	248	17	association	association	NOUN
arjefm-86	248	18	with	with	ADP
arjefm-86	248	19	assets	asset	NOUN
arjefm-86	248	20	return	return	VERB
arjefm-86	248	21	risk	risk	NOUN
arjefm-86	248	22	and	and	CCONJ
arjefm-86	248	23	financial	financial	ADJ
arjefm-86	248	24	risk	risk	NOUN
arjefm-86	248	25	.	.	PUNCT
arjefm-86	249	1	this	this	DET
arjefm-86	249	2	finding	finding	NOUN
arjefm-86	249	3	aligns	align	VERB
arjefm-86	249	4	with	with	ADP
arjefm-86	249	5	the	the	DET
arjefm-86	249	6	study	study	NOUN
arjefm-86	249	7	of	of	ADP
arjefm-86	249	8	sudha	sudha	PROPN
arjefm-86	249	9	et	et	PROPN
arjefm-86	249	10	al	al	PROPN
arjefm-86	249	11	(	(	PUNCT
arjefm-86	249	12	2016	2016	NUM
arjefm-86	249	13	)	)	PUNCT
arjefm-86	249	14	with	with	ADP
arjefm-86	249	15	uk	uk	PROPN
arjefm-86	249	16	sample	sample	NOUN
arjefm-86	249	17	.	.	PUNCT
arjefm-86	250	1	therefore	therefore	ADV
arjefm-86	250	2	the	the	DET
arjefm-86	250	3	roa	roa	NOUN
arjefm-86	250	4	,	,	PUNCT
arjefm-86	250	5	firm	firm	ADJ
arjefm-86	250	6	size	size	NOUN
arjefm-86	250	7	and	and	CCONJ
arjefm-86	250	8	leverage	leverage	NOUN
arjefm-86	250	9	significantly	significantly	ADV
arjefm-86	250	10	impact	impact	VERB
arjefm-86	250	11	the	the	DET
arjefm-86	250	12	risk	risk	NOUN
arjefm-86	250	13	of	of	ADP
arjefm-86	250	14	the	the	DET
arjefm-86	250	15	companies	company	NOUN
arjefm-86	250	16	listed	list	VERB
arjefm-86	250	17	in	in	ADP
arjefm-86	250	18	sri	sri	PROPN
arjefm-86	250	19	lanka	lanka	PROPN
arjefm-86	250	20	.	.	PUNCT
arjefm-86	251	1	5	5	X
arjefm-86	251	2	.	.	X
arjefm-86	251	3	conclusion	conclusion	NOUN
arjefm-86	251	4	this	this	DET
arjefm-86	251	5	paper	paper	NOUN
arjefm-86	251	6	examines	examine	VERB
arjefm-86	251	7	the	the	DET
arjefm-86	251	8	relationship	relationship	NOUN
arjefm-86	251	9	between	between	ADP
arjefm-86	251	10	ownership	ownership	NOUN
arjefm-86	251	11	structures	structure	NOUN
arjefm-86	251	12	and	and	CCONJ
arjefm-86	251	13	firm	firm	ADJ
arjefm-86	251	14	risk	risk	NOUN
arjefm-86	251	15	in	in	ADP
arjefm-86	251	16	listed	list	VERB
arjefm-86	251	17	companies	company	NOUN
arjefm-86	251	18	in	in	ADP
arjefm-86	251	19	sri	sri	PROPN
arjefm-86	251	20	lanka	lanka	PROPN
arjefm-86	251	21	.	.	PUNCT
arjefm-86	252	1	using	use	VERB
arjefm-86	252	2	panel	panel	NOUN
arjefm-86	252	3	date	date	NOUN
arjefm-86	252	4	set	set	VERB
arjefm-86	252	5	of	of	ADP
arjefm-86	252	6	sixty	sixty	NUM
arjefm-86	252	7	nine	nine	NUM
arjefm-86	252	8	companies	company	NOUN
arjefm-86	252	9	over	over	ADP
arjefm-86	252	10	the	the	DET
arjefm-86	252	11	sample	sample	NOUN
arjefm-86	252	12	period	period	NOUN
arjefm-86	252	13	of	of	ADP
arjefm-86	252	14	2010	2010	NUM
arjefm-86	252	15	to	to	ADP
arjefm-86	252	16	2017	2017	NUM
arjefm-86	252	17	.	.	PUNCT
arjefm-86	253	1	there	there	PRON
arjefm-86	253	2	are	be	VERB
arjefm-86	253	3	three	three	NUM
arjefm-86	253	4	types	type	NOUN
arjefm-86	253	5	of	of	ADP
arjefm-86	253	6	ownership	ownership	NOUN
arjefm-86	253	7	structures	structure	NOUN
arjefm-86	253	8	identified	identify	VERB
arjefm-86	253	9	such	such	ADJ
arjefm-86	253	10	as	as	ADP
arjefm-86	253	11	management	management	NOUN
arjefm-86	253	12	ownership	ownership	NOUN
arjefm-86	253	13	,	,	PUNCT
arjefm-86	253	14	institutional	institutional	ADJ
arjefm-86	253	15	ownership	ownership	NOUN
arjefm-86	253	16	and	and	CCONJ
arjefm-86	253	17	concentrated	concentrated	ADJ
arjefm-86	253	18	ownership	ownership	NOUN
arjefm-86	253	19	which	which	PRON
arjefm-86	253	20	are	be	AUX
arjefm-86	253	21	the	the	DET
arjefm-86	253	22	common	common	ADJ
arjefm-86	253	23	features	feature	NOUN
arjefm-86	253	24	of	of	ADP
arjefm-86	253	25	sri	sri	ADJ
arjefm-86	253	26	lankan	lankan	PROPN
arjefm-86	253	27	companies‟	companies‟	PROPN
arjefm-86	253	28	ownership	ownership	NOUN
arjefm-86	253	29	structure	structure	NOUN
arjefm-86	253	30	.	.	PUNCT
arjefm-86	254	1	the	the	DET
arjefm-86	254	2	negative	negative	ADJ
arjefm-86	254	3	association	association	NOUN
arjefm-86	254	4	was	be	AUX
arjefm-86	254	5	hypothesized	hypothesize	VERB
arjefm-86	254	6	between	between	ADP
arjefm-86	254	7	ownership	ownership	NOUN
arjefm-86	254	8	structures	structure	NOUN
arjefm-86	254	9	and	and	CCONJ
arjefm-86	254	10	firm	firm	ADJ
arjefm-86	254	11	risk	risk	NOUN
arjefm-86	254	12	.	.	PUNCT
arjefm-86	255	1	the	the	DET
arjefm-86	255	2	finding	finding	NOUN
arjefm-86	255	3	of	of	ADP
arjefm-86	255	4	the	the	DET
arjefm-86	255	5	study	study	NOUN
arjefm-86	255	6	reveals	reveal	VERB
arjefm-86	255	7	that	that	SCONJ
arjefm-86	255	8	the	the	DET
arjefm-86	255	9	management	management	NOUN
arjefm-86	255	10	ownership	ownership	NOUN
arjefm-86	255	11	shows	show	VERB
arjefm-86	255	12	negative	negative	ADJ
arjefm-86	255	13	and	and	CCONJ
arjefm-86	255	14	significant	significant	ADJ
arjefm-86	255	15	association	association	NOUN
arjefm-86	255	16	with	with	ADP
arjefm-86	255	17	firm	firm	ADJ
arjefm-86	255	18	risk	risk	NOUN
arjefm-86	255	19	which	which	PRON
arjefm-86	255	20	is	be	AUX
arjefm-86	255	21	the	the	DET
arjefm-86	255	22	interesting	interesting	ADJ
arjefm-86	255	23	and	and	CCONJ
arjefm-86	255	24	uncommon	uncommon	ADJ
arjefm-86	255	25	finding	finding	NOUN
arjefm-86	255	26	when	when	SCONJ
arjefm-86	255	27	compare	compare	VERB
arjefm-86	255	28	with	with	ADP
arjefm-86	255	29	earliest	early	ADJ
arjefm-86	255	30	literatures	literature	NOUN
arjefm-86	255	31	.	.	PUNCT
arjefm-86	256	1	on	on	ADP
arjefm-86	256	2	the	the	DET
arjefm-86	256	3	other	other	ADJ
arjefm-86	256	4	hand	hand	NOUN
arjefm-86	256	5	,	,	PUNCT
arjefm-86	256	6	institutional	institutional	ADJ
arjefm-86	256	7	and	and	CCONJ
arjefm-86	256	8	concentrated	concentrated	ADJ
arjefm-86	256	9	ownership	ownership	NOUN
arjefm-86	256	10	structures	structure	NOUN
arjefm-86	256	11	show	show	VERB
arjefm-86	256	12	positive	positive	ADJ
arjefm-86	256	13	relation	relation	NOUN
arjefm-86	256	14	with	with	ADP
arjefm-86	256	15	firm	firm	ADJ
arjefm-86	256	16	risk	risk	NOUN
arjefm-86	256	17	which	which	PRON
arjefm-86	256	18	is	be	AUX
arjefm-86	256	19	the	the	DET
arjefm-86	256	20	similar	similar	ADJ
arjefm-86	256	21	finding	finding	NOUN
arjefm-86	256	22	and	and	CCONJ
arjefm-86	256	23	consistent	consistent	ADJ
arjefm-86	256	24	with	with	ADP
arjefm-86	256	25	past	past	ADJ
arjefm-86	256	26	studies	study	NOUN
arjefm-86	256	27	on	on	ADP
arjefm-86	256	28	developed	develop	VERB
arjefm-86	256	29	countries‟	countries‟	NUM
arjefm-86	256	30	sample	sample	NOUN
arjefm-86	256	31	.	.	PUNCT
arjefm-86	257	1	this	this	DET
arjefm-86	257	2	finding	find	VERB
arjefm-86	257	3	emphzise	emphzise	VERB
arjefm-86	257	4	that	that	SCONJ
arjefm-86	257	5	,	,	PUNCT
arjefm-86	257	6	the	the	DET
arjefm-86	257	7	clear	clear	ADJ
arjefm-86	257	8	relation	relation	NOUN
arjefm-86	257	9	with	with	ADP
arjefm-86	257	10	ownership	ownership	NOUN
arjefm-86	257	11	structures	structure	NOUN
arjefm-86	257	12	and	and	CCONJ
arjefm-86	257	13	risk	risk	NOUN
arjefm-86	257	14	taking	take	VERB
arjefm-86	257	15	abilities	ability	NOUN
arjefm-86	257	16	of	of	ADP
arjefm-86	257	17	companies	company	NOUN
arjefm-86	257	18	in	in	ADP
arjefm-86	257	19	sri	sri	PROPN
arjefm-86	257	20	lanka	lanka	PROPN
arjefm-86	257	21	.	.	PUNCT
arjefm-86	258	1	these	these	DET
arjefm-86	258	2	finding	find	VERB
arjefm-86	258	3	highlights	highlight	VERB
arjefm-86	258	4	the	the	DET
arjefm-86	258	5	optimal	optimal	ADJ
arjefm-86	258	6	ownership	ownership	NOUN
arjefm-86	258	7	structure	structure	NOUN
arjefm-86	258	8	to	to	PART
arjefm-86	258	9	gear	gear	VERB
arjefm-86	258	10	up	up	ADP
arjefm-86	258	11	the	the	DET
arjefm-86	258	12	corporate	corporate	ADJ
arjefm-86	258	13	performance	performance	NOUN
arjefm-86	258	14	via	via	ADP
arjefm-86	258	15	mitigate	mitigate	VERB
arjefm-86	258	16	the	the	DET
arjefm-86	258	17	corporate	corporate	ADJ
arjefm-86	258	18	risk	risk	NOUN
arjefm-86	258	19	.	.	PUNCT
arjefm-86	259	1	by	by	ADP
arjefm-86	259	2	using	use	VERB
arjefm-86	259	3	this	this	DET
arjefm-86	259	4	finding	finding	NOUN
arjefm-86	259	5	,	,	PUNCT
arjefm-86	259	6	policy	policy	NOUN
arjefm-86	259	7	makers	maker	NOUN
arjefm-86	259	8	and	and	CCONJ
arjefm-86	259	9	regulators	regulator	NOUN
arjefm-86	259	10	could	could	AUX
arjefm-86	259	11	draw	draw	VERB
arjefm-86	259	12	the	the	DET
arjefm-86	259	13	attention	attention	NOUN
arjefm-86	259	14	of	of	ADP
arjefm-86	259	15	appropriate	appropriate	ADJ
arjefm-86	259	16	mix	mix	NOUN
arjefm-86	259	17	of	of	ADP
arjefm-86	259	18	ownership	ownership	NOUN
arjefm-86	259	19	to	to	PART
arjefm-86	259	20	prevent	prevent	VERB
arjefm-86	259	21	the	the	DET
arjefm-86	259	22	financial	financial	ADJ
arjefm-86	259	23	humiliations	humiliation	NOUN
arjefm-86	259	24	in	in	ADP
arjefm-86	259	25	future	future	NOUN
arjefm-86	259	26	.	.	PUNCT
arjefm-86	260	1	nevertheless	nevertheless	ADV
arjefm-86	260	2	,	,	PUNCT
arjefm-86	260	3	this	this	DET
arjefm-86	260	4	study	study	NOUN
arjefm-86	260	5	has	have	VERB
arjefm-86	260	6	certain	certain	ADJ
arjefm-86	260	7	restrictions	restriction	NOUN
arjefm-86	260	8	.	.	PUNCT
arjefm-86	261	1	the	the	DET
arjefm-86	261	2	scope	scope	NOUN
arjefm-86	261	3	of	of	ADP
arjefm-86	261	4	the	the	DET
arjefm-86	261	5	study	study	NOUN
arjefm-86	261	6	was	be	AUX
arjefm-86	261	7	limited	limit	VERB
arjefm-86	261	8	to	to	ADP
arjefm-86	261	9	69	69	NUM
arjefm-86	261	10	listed	list	VERB
arjefm-86	261	11	companies	company	NOUN
arjefm-86	261	12	in	in	ADP
arjefm-86	261	13	sri	sri	PROPN
arjefm-86	261	14	lanka	lanka	PROPN
arjefm-86	261	15	.	.	PUNCT
arjefm-86	262	1	therefore	therefore	ADV
arjefm-86	262	2	,	,	PUNCT
arjefm-86	262	3	future	future	ADJ
arjefm-86	262	4	researchers	researcher	NOUN
arjefm-86	262	5	can	can	AUX
arjefm-86	262	6	expand	expand	VERB
arjefm-86	262	7	the	the	DET
arjefm-86	262	8	study	study	NOUN
arjefm-86	262	9	by	by	ADP
arjefm-86	262	10	using	use	VERB
arjefm-86	262	11	a	a	DET
arjefm-86	262	12	larger	large	ADJ
arjefm-86	262	13	sample	sample	NOUN
arjefm-86	262	14	of	of	ADP
arjefm-86	262	15	companies	company	NOUN
arjefm-86	262	16	.	.	PUNCT
arjefm-86	263	1	in	in	ADP
arjefm-86	263	2	addition	addition	NOUN
arjefm-86	263	3	,	,	PUNCT
arjefm-86	263	4	the	the	DET
arjefm-86	263	5	current	current	ADJ
arjefm-86	263	6	study	study	NOUN
arjefm-86	263	7	used	use	VERB
arjefm-86	263	8	only	only	ADV
arjefm-86	263	9	an	an	DET
arjefm-86	263	10	eight	eight	NUM
arjefm-86	263	11	-	-	PUNCT
arjefm-86	263	12	year	year	NOUN
arjefm-86	263	13	time	time	NOUN
arjefm-86	263	14	span	span	NOUN
arjefm-86	263	15	from	from	ADP
arjefm-86	263	16	2010	2010	NUM
arjefm-86	263	17	to	to	ADP
arjefm-86	263	18	2017	2017	NUM
arjefm-86	263	19	,	,	PUNCT
arjefm-86	263	20	which	which	PRON
arjefm-86	263	21	can	can	AUX
arjefm-86	263	22	also	also	ADV
arjefm-86	263	23	be	be	AUX
arjefm-86	263	24	expanded	expand	VERB
arjefm-86	263	25	.	.	PUNCT
arjefm-86	264	1	further	far	ADV
arjefm-86	264	2	,	,	PUNCT
arjefm-86	264	3	this	this	DET
arjefm-86	264	4	study	study	NOUN
arjefm-86	264	5	eliminates	eliminate	VERB
arjefm-86	264	6	companies	company	NOUN
arjefm-86	264	7	in	in	ADP
arjefm-86	264	8	the	the	DET
arjefm-86	264	9	banking	banking	NOUN
arjefm-86	264	10	and	and	CCONJ
arjefm-86	264	11	financial	financial	ADJ
arjefm-86	264	12	sectors	sector	NOUN
arjefm-86	264	13	like	like	ADP
arjefm-86	264	14	banks	bank	NOUN
arjefm-86	264	15	,	,	PUNCT
arjefm-86	264	16	finance	finance	NOUN
arjefm-86	264	17	companies	company	NOUN
arjefm-86	264	18	,	,	PUNCT
arjefm-86	264	19	leasing	leasing	NOUN
arjefm-86	264	20	companies	company	NOUN
arjefm-86	264	21	,	,	PUNCT
arjefm-86	264	22	insurance	insurance	NOUN
arjefm-86	264	23	companies	company	NOUN
arjefm-86	264	24	,	,	PUNCT
arjefm-86	264	25	investment	investment	NOUN
arjefm-86	264	26	companies	company	NOUN
arjefm-86	264	27	and	and	CCONJ
arjefm-86	264	28	fund	fund	NOUN
arjefm-86	264	29	management	management	NOUN
arjefm-86	264	30	companies	company	NOUN
arjefm-86	264	31	due	due	ADP
arjefm-86	264	32	to	to	ADP
arjefm-86	264	33	their	their	PRON
arjefm-86	264	34	unique	unique	ADJ
arjefm-86	264	35	corporate	corporate	ADJ
arjefm-86	264	36	governance	governance	NOUN
arjefm-86	264	37	regulations	regulation	NOUN
arjefm-86	264	38	.	.	PUNCT
arjefm-86	265	1	therefore	therefore	ADV
arjefm-86	265	2	,	,	PUNCT
arjefm-86	265	3	it	it	PRON
arjefm-86	265	4	would	would	AUX
arjefm-86	265	5	be	be	AUX
arjefm-86	265	6	useful	useful	ADJ
arjefm-86	265	7	if	if	SCONJ
arjefm-86	265	8	future	future	ADJ
arjefm-86	265	9	researchers	researcher	NOUN
arjefm-86	265	10	undertake	undertake	VERB
arjefm-86	265	11	studies	study	NOUN
arjefm-86	265	12	on	on	ADP
arjefm-86	265	13	those	those	DET
arjefm-86	265	14	companies	company	NOUN
arjefm-86	265	15	as	as	ADV
arjefm-86	265	16	well	well	ADV
arjefm-86	265	17	and	and	CCONJ
arjefm-86	265	18	focus	focus	VERB
arjefm-86	265	19	on	on	ADP
arjefm-86	265	20	sector	sector	NOUN
arjefm-86	265	21	wise	wise	ADJ
arjefm-86	265	22	studies	study	NOUN
arjefm-86	265	23	separately	separately	ADV
arjefm-86	265	24	to	to	PART
arjefm-86	265	25	further	far	ADV
arjefm-86	265	26	explore	explore	VERB
arjefm-86	265	27	the	the	DET
arjefm-86	265	28	relationships	relationship	NOUN
arjefm-86	265	29	studied	study	VERB
arjefm-86	265	30	in	in	ADP
arjefm-86	265	31	this	this	DET
arjefm-86	265	32	paper	paper	NOUN
arjefm-86	265	33	.	.	PUNCT
arjefm-86	266	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-86	266	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	267	1	american	american	PROPN
arjefm-86	267	2	research	research	PROPN
arjefm-86	267	3	journal	journal	PROPN
arjefm-86	267	4	of	of	ADP
arjefm-86	267	5	economics	economic	NOUN
arjefm-86	267	6	,	,	PUNCT
arjefm-86	267	7	finance	finance	NOUN
arjefm-86	267	8	and	and	CCONJ
arjefm-86	267	9	management	management	NOUN
arjefm-86	267	10	volume	volume	NOUN
arjefm-86	267	11	11	11	NUM
arjefm-86	267	12	issue	issue	NOUN
arjefm-86	267	13	3	3	NUM
arjefm-86	267	14	,	,	PUNCT
arjefm-86	267	15	july	july	PROPN
arjefm-86	267	16	-	-	PUNCT
arjefm-86	267	17	september	september	PROPN
arjefm-86	267	18	2023	2023	NUM
arjefm-86	267	19	issn	issn	PROPN
arjefm-86	267	20	:	:	PUNCT
arjefm-86	267	21	2836	2836	NUM
arjefm-86	267	22	-	-	SYM
arjefm-86	267	23	9416	9416	NUM
arjefm-86	267	24	impact	impact	NOUN
arjefm-86	267	25	factor	factor	NOUN
arjefm-86	267	26	:	:	PUNCT
arjefm-86	267	27	5.57	5.57	NUM
arjefm-86	267	28	journal	journal	NOUN
arjefm-86	267	29	homepage	homepage	NOUN
arjefm-86	267	30	:	:	PUNCT
arjefm-86	267	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	267	32	,	,	PUNCT
arjefm-86	267	33	email	email	NOUN
arjefm-86	267	34	:	:	PUNCT
arjefm-86	268	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	268	2	official	official	ADJ
arjefm-86	268	3	journal	journal	PROPN
arjefm-86	268	4	of	of	ADP
arjefm-86	268	5	america	america	PROPN
arjefm-86	268	6	serial	serial	PROPN
arjefm-86	268	7	publication	publication	NOUN
arjefm-86	268	8	american	american	PROPN
arjefm-86	268	9	research	research	PROPN
arjefm-86	268	10	journal	journal	PROPN
arjefm-86	268	11	of	of	ADP
arjefm-86	268	12	economics	economic	NOUN
arjefm-86	268	13	,	,	PUNCT
arjefm-86	268	14	finance	finance	NOUN
arjefm-86	268	15	and	and	CCONJ
arjefm-86	268	16	management	management	NOUN
arjefm-86	268	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	268	18	,	,	PUNCT
arjefm-86	268	19	email	email	NOUN
arjefm-86	268	20	:	:	PUNCT
arjefm-86	268	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	269	1	34	34	NUM
arjefm-86	270	1	|	|	ADV
arjefm-86	270	2	p	p	X
arjefm-86	270	3	a	a	DET
arjefm-86	270	4	g	g	NOUN
arjefm-86	270	5	e	e	NOUN
arjefm-86	270	6	references	reference	NOUN
arjefm-86	270	7	acharya	acharya	PROPN
arjefm-86	270	8	,	,	PUNCT
arjefm-86	270	9	v.	v.	PROPN
arjefm-86	270	10	v.	v.	ADP
arjefm-86	270	11	,	,	PUNCT
arjefm-86	270	12	amihud	amihud	PROPN
arjefm-86	270	13	,	,	PUNCT
arjefm-86	270	14	y.	y.	PROPN
arjefm-86	270	15	,	,	PUNCT
arjefm-86	270	16	&	&	CCONJ
arjefm-86	270	17	litov	litov	PROPN
arjefm-86	270	18	,	,	PUNCT
arjefm-86	270	19	l.	l.	PROPN
arjefm-86	270	20	(	(	PUNCT
arjefm-86	270	21	2011	2011	NUM
arjefm-86	270	22	)	)	PUNCT
arjefm-86	270	23	.	.	PUNCT
arjefm-86	271	1	creditor	creditor	NOUN
arjefm-86	271	2	rights	right	NOUN
arjefm-86	271	3	and	and	CCONJ
arjefm-86	271	4	corporate	corporate	ADJ
arjefm-86	271	5	risk	risk	NOUN
arjefm-86	271	6	-	-	PUNCT
arjefm-86	271	7	taking	taking	NOUN
arjefm-86	271	8	.	.	PUNCT
arjefm-86	272	1	journal	journal	NOUN
arjefm-86	272	2	of	of	ADP
arjefm-86	272	3	financial	financial	ADJ
arjefm-86	272	4	economics	economic	NOUN
arjefm-86	272	5	,	,	PUNCT
arjefm-86	272	6	102(1	102(1	NUM
arjefm-86	272	7	)	)	PUNCT
arjefm-86	272	8	,	,	PUNCT
arjefm-86	272	9	150	150	NUM
arjefm-86	272	10	-	-	SYM
arjefm-86	272	11	166	166	NUM
arjefm-86	272	12	.	.	PUNCT
arjefm-86	273	1	amihud	amihud	PROPN
arjefm-86	273	2	,	,	PUNCT
arjefm-86	273	3	y.	y.	PROPN
arjefm-86	273	4	,	,	PUNCT
arjefm-86	273	5	&	&	CCONJ
arjefm-86	273	6	lev	lev	PROPN
arjefm-86	273	7	.	.	PUNCT
arjefm-86	274	1	b.	b.	PROPN
arjefm-86	274	2	(	(	PUNCT
arjefm-86	274	3	1981	1981	NUM
arjefm-86	274	4	)	)	PUNCT
arjefm-86	274	5	.	.	PUNCT
arjefm-86	275	1	risk	risk	NOUN
arjefm-86	275	2	reduction	reduction	NOUN
arjefm-86	275	3	as	as	ADP
arjefm-86	275	4	a	a	DET
arjefm-86	275	5	managerial	managerial	ADJ
arjefm-86	275	6	motive	motive	NOUN
arjefm-86	275	7	for	for	ADP
arjefm-86	275	8	conglomerates	conglomerate	NOUN
arjefm-86	275	9	mergers	merger	NOUN
arjefm-86	275	10	.	.	PUNCT
arjefm-86	276	1	bell	bell	PROPN
arjefm-86	276	2	journal	journal	PROPN
arjefm-86	276	3	of	of	ADP
arjefm-86	276	4	economics	economic	NOUN
arjefm-86	276	5	,	,	PUNCT
arjefm-86	276	6	12	12	NUM
arjefm-86	276	7	,	,	PUNCT
arjefm-86	276	8	605	605	NUM
arjefm-86	276	9	-	-	SYM
arjefm-86	276	10	617	617	NUM
arjefm-86	276	11	.	.	PUNCT
arjefm-86	276	12	https://doi.org/	https://doi.org/	VERB
arjefm-86	276	13	10.2307/3003575	10.2307/3003575	NUM
arjefm-86	276	14	berle	berle	NOUN
arjefm-86	276	15	,	,	PUNCT
arjefm-86	276	16	a.	a.	NOUN
arjefm-86	276	17	a.	a.	PROPN
arjefm-86	276	18	jr	jr	PROPN
arjefm-86	276	19	.	.	PROPN
arjefm-86	276	20	&	&	CCONJ
arjefm-86	276	21	means	means	PROPN
arjefm-86	276	22	,	,	PUNCT
arjefm-86	276	23	g.	g.	PROPN
arjefm-86	276	24	g.	g.	PROPN
arjefm-86	276	25	(	(	PUNCT
arjefm-86	276	26	1932	1932	NUM
arjefm-86	276	27	)	)	PUNCT
arjefm-86	276	28	.	.	PUNCT
arjefm-86	277	1	the	the	DET
arjefm-86	277	2	modern	modern	ADJ
arjefm-86	277	3	corporation	corporation	NOUN
arjefm-86	277	4	and	and	CCONJ
arjefm-86	277	5	private	private	ADJ
arjefm-86	277	6	property	property	NOUN
arjefm-86	277	7	,	,	PUNCT
arjefm-86	277	8	new	new	PROPN
arjefm-86	277	9	york	york	PROPN
arjefm-86	277	10	:	:	PUNCT
arjefm-86	277	11	macmillan	macmillan	PROPN
arjefm-86	277	12	.	.	PROPN
arjefm-86	277	13	boubakri	boubakri	PROPN
arjefm-86	277	14	,	,	PUNCT
arjefm-86	277	15	n.	n.	NOUN
arjefm-86	277	16	,	,	PUNCT
arjefm-86	277	17	cosset	cosset	PROPN
arjefm-86	277	18	,	,	PUNCT
arjefm-86	277	19	j.	j.	PROPN
arjefm-86	277	20	c.	c.	PROPN
arjefm-86	277	21	,	,	PUNCT
arjefm-86	277	22	&	&	CCONJ
arjefm-86	277	23	saffar	saffar	PROPN
arjefm-86	277	24	,	,	PUNCT
arjefm-86	277	25	w.	w.	PROPN
arjefm-86	277	26	(	(	PUNCT
arjefm-86	277	27	2013	2013	NUM
arjefm-86	277	28	)	)	PUNCT
arjefm-86	277	29	.	.	PUNCT
arjefm-86	278	1	the	the	DET
arjefm-86	278	2	role	role	NOUN
arjefm-86	278	3	of	of	ADP
arjefm-86	278	4	state	state	NOUN
arjefm-86	278	5	and	and	CCONJ
arjefm-86	278	6	foreign	foreign	ADJ
arjefm-86	278	7	owners	owner	NOUN
arjefm-86	278	8	in	in	ADP
arjefm-86	278	9	corporate	corporate	ADJ
arjefm-86	278	10	risktaking	risktaking	NOUN
arjefm-86	278	11	:	:	PUNCT
arjefm-86	278	12	evidence	evidence	NOUN
arjefm-86	278	13	from	from	ADP
arjefm-86	278	14	privatization	privatization	NOUN
arjefm-86	278	15	.	.	PUNCT
arjefm-86	279	1	journal	journal	NOUN
arjefm-86	279	2	of	of	ADP
arjefm-86	279	3	financial	financial	ADJ
arjefm-86	279	4	economics	economic	NOUN
arjefm-86	279	5	,	,	PUNCT
arjefm-86	279	6	108(3	108(3	NUM
arjefm-86	279	7	)	)	PUNCT
arjefm-86	279	8	,	,	PUNCT
arjefm-86	279	9	641	641	NUM
arjefm-86	279	10	-	-	SYM
arjefm-86	279	11	658	658	NUM
arjefm-86	279	12	.	.	PUNCT
arjefm-86	280	1	callen	callen	PROPN
arjefm-86	280	2	,	,	PUNCT
arjefm-86	280	3	j.l	j.l	PROPN
arjefm-86	280	4	.	.	PROPN
arjefm-86	280	5	and	and	CCONJ
arjefm-86	280	6	fang	fang	X
arjefm-86	280	7	,	,	PUNCT
arjefm-86	280	8	x.	x.	NOUN
arjefm-86	280	9	(	(	PUNCT
arjefm-86	280	10	2013	2013	NUM
arjefm-86	280	11	)	)	PUNCT
arjefm-86	280	12	,	,	PUNCT
arjefm-86	280	13	“	"	PUNCT
arjefm-86	280	14	institutional	institutional	ADJ
arjefm-86	280	15	investor	investor	NOUN
arjefm-86	280	16	stability	stability	NOUN
arjefm-86	280	17	and	and	CCONJ
arjefm-86	280	18	crash	crash	NOUN
arjefm-86	280	19	risk	risk	NOUN
arjefm-86	280	20	:	:	PUNCT
arjefm-86	280	21	monitoring	monitoring	NOUN
arjefm-86	280	22	versus	versus	ADP
arjefm-86	280	23	short	short	ADJ
arjefm-86	280	24	termism?”,journal	termism?”,journal	NOUN
arjefm-86	280	25	of	of	ADP
arjefm-86	280	26	banking	banking	NOUN
arjefm-86	280	27	&	&	CCONJ
arjefm-86	280	28	finance	finance	PROPN
arjefm-86	280	29	,	,	PUNCT
arjefm-86	280	30	vol	vol	NOUN
arjefm-86	280	31	.	.	PROPN
arjefm-86	280	32	37	37	NUM
arjefm-86	280	33	,	,	PUNCT
arjefm-86	280	34	pp	pp	ADJ
arjefm-86	280	35	.	.	PUNCT
arjefm-86	281	1	3047	3047	NUM
arjefm-86	281	2	-	-	SYM
arjefm-86	281	3	3063	3063	NUM
arjefm-86	281	4	cheng	cheng	PROPN
arjefm-86	281	5	,	,	PUNCT
arjefm-86	281	6	j.	j.	PROPN
arjefm-86	281	7	,	,	PUNCT
arjefm-86	281	8	elyasiani	elyasiani	PROPN
arjefm-86	281	9	,	,	PUNCT
arjefm-86	281	10	e.	e.	PROPN
arjefm-86	281	11	and	and	CCONJ
arjefm-86	281	12	jia	jia	PROPN
arjefm-86	281	13	,	,	PUNCT
arjefm-86	281	14	j.j	j.j	PROPN
arjefm-86	281	15	.	.	PROPN
arjefm-86	281	16	(	(	PUNCT
arjefm-86	281	17	2011	2011	NUM
arjefm-86	281	18	)	)	PUNCT
arjefm-86	281	19	,	,	PUNCT
arjefm-86	281	20	“	"	PUNCT
arjefm-86	281	21	institutional	institutional	ADJ
arjefm-86	281	22	ownership	ownership	NOUN
arjefm-86	281	23	stability	stability	NOUN
arjefm-86	281	24	and	and	CCONJ
arjefm-86	281	25	risk	risk	NOUN
arjefm-86	281	26	taking	taking	NOUN
arjefm-86	281	27	:	:	PUNCT
arjefm-86	281	28	evidence	evidence	NOUN
arjefm-86	281	29	from	from	ADP
arjefm-86	281	30	the	the	DET
arjefm-86	281	31	lifehealth	lifehealth	NOUN
arjefm-86	281	32	insurance	insurance	NOUN
arjefm-86	281	33	industry	industry	NOUN
arjefm-86	281	34	”	"	PUNCT
arjefm-86	281	35	,	,	PUNCT
arjefm-86	281	36	journal	journal	NOUN
arjefm-86	281	37	of	of	ADP
arjefm-86	281	38	risk	risk	NOUN
arjefm-86	281	39	and	and	CCONJ
arjefm-86	281	40	insurance	insurance	NOUN
arjefm-86	281	41	,	,	PUNCT
arjefm-86	281	42	vol	vol	NOUN
arjefm-86	281	43	.	.	PROPN
arjefm-86	281	44	78	78	NUM
arjefm-86	282	1	no	no	NOUN
arjefm-86	282	2	.	.	NOUN
arjefm-86	283	1	3	3	NUM
arjefm-86	283	2	,	,	PUNCT
arjefm-86	283	3	pp	pp	ADJ
arjefm-86	283	4	.	.	PUNCT
arjefm-86	284	1	609641	609641	NUM
arjefm-86	284	2	.	.	PUNCT
arjefm-86	285	1	cheng	cheng	PROPN
arjefm-86	285	2	,	,	PUNCT
arjefm-86	285	3	s.	s.	PROPN
arjefm-86	285	4	(	(	PUNCT
arjefm-86	285	5	2008	2008	NUM
arjefm-86	285	6	)	)	PUNCT
arjefm-86	285	7	.	.	PUNCT
arjefm-86	286	1	board	board	NOUN
arjefm-86	286	2	size	size	NOUN
arjefm-86	286	3	and	and	CCONJ
arjefm-86	286	4	the	the	DET
arjefm-86	286	5	variability	variability	NOUN
arjefm-86	286	6	of	of	ADP
arjefm-86	286	7	corporate	corporate	ADJ
arjefm-86	286	8	performance	performance	NOUN
arjefm-86	286	9	.	.	PUNCT
arjefm-86	287	1	journal	journal	NOUN
arjefm-86	287	2	of	of	ADP
arjefm-86	287	3	financial	financial	ADJ
arjefm-86	287	4	economic	economic	ADJ
arjefm-86	287	5	,	,	PUNCT
arjefm-86	287	6	87	87	NUM
arjefm-86	287	7	,	,	PUNCT
arjefm-86	287	8	157	157	NUM
arjefm-86	287	9	-	-	SYM
arjefm-86	287	10	176	176	NUM
arjefm-86	287	11	claessens	claessen	NOUN
arjefm-86	287	12	,	,	PUNCT
arjefm-86	287	13	s.	s.	PROPN
arjefm-86	287	14	,	,	PUNCT
arjefm-86	287	15	djankov	djankov	PROPN
arjefm-86	287	16	,	,	PUNCT
arjefm-86	287	17	s.	s.	PROPN
arjefm-86	287	18	,	,	PUNCT
arjefm-86	287	19	1999	1999	NUM
arjefm-86	287	20	.	.	PUNCT
arjefm-86	288	1	ownership	ownership	NOUN
arjefm-86	288	2	concentration	concentration	NOUN
arjefm-86	288	3	and	and	CCONJ
arjefm-86	288	4	corporate	corporate	ADJ
arjefm-86	288	5	performance	performance	NOUN
arjefm-86	288	6	in	in	ADP
arjefm-86	288	7	the	the	DET
arjefm-86	288	8	czech	czech	PROPN
arjefm-86	288	9	republic	republic	NOUN
arjefm-86	288	10	.	.	PUNCT
arjefm-86	289	1	journal	journal	PROPN
arjefm-86	289	2	of	of	ADP
arjefm-86	289	3	comparative	comparative	ADJ
arjefm-86	289	4	economics	economic	NOUN
arjefm-86	289	5	27	27	NUM
arjefm-86	289	6	,	,	PUNCT
arjefm-86	289	7	498–513	498–513	NUM
arjefm-86	289	8	.	.	PUNCT
arjefm-86	290	1	coles	coles	PROPN
arjefm-86	290	2	,	,	PUNCT
arjefm-86	290	3	j.	j.	PROPN
arjefm-86	290	4	,	,	PUNCT
arjefm-86	290	5	daniel	daniel	PROPN
arjefm-86	290	6	,	,	PUNCT
arjefm-86	290	7	n.	n.	PROPN
arjefm-86	290	8	,	,	PUNCT
arjefm-86	290	9	&	&	CCONJ
arjefm-86	290	10	naveen	naveen	PROPN
arjefm-86	290	11	,	,	PUNCT
arjefm-86	290	12	l.	l.	PROPN
arjefm-86	290	13	(	(	PUNCT
arjefm-86	290	14	2006	2006	NUM
arjefm-86	290	15	)	)	PUNCT
arjefm-86	290	16	.	.	PUNCT
arjefm-86	291	1	managerial	managerial	ADJ
arjefm-86	291	2	incentives	incentive	NOUN
arjefm-86	291	3	and	and	CCONJ
arjefm-86	291	4	risk	risk	NOUN
arjefm-86	291	5	-	-	PUNCT
arjefm-86	291	6	taking	taking	NOUN
arjefm-86	291	7	.	.	PUNCT
arjefm-86	292	1	journal	journal	PROPN
arjefm-86	292	2	of	of	ADP
arjefm-86	292	3	financial	financial	PROPN
arjefm-86	292	4	economics,79	economics,79	PROPN
arjefm-86	292	5	,	,	PUNCT
arjefm-86	292	6	431	431	NUM
arjefm-86	292	7	-	-	SYM
arjefm-86	292	8	468	468	NUM
arjefm-86	292	9	connelly	connelly	ADV
arjefm-86	292	10	,	,	PUNCT
arjefm-86	292	11	bl	bl	PROPN
arjefm-86	292	12	,	,	PUNCT
arjefm-86	292	13	hoskisson	hoskisson	PROPN
arjefm-86	292	14	,	,	PUNCT
arjefm-86	292	15	re	re	PROPN
arjefm-86	292	16	,	,	PUNCT
arjefm-86	292	17	tihanyi	tihanyi	PROPN
arjefm-86	292	18	,	,	PUNCT
arjefm-86	292	19	l	l	PROPN
arjefm-86	292	20	&	&	CCONJ
arjefm-86	292	21	certo	certo	PROPN
arjefm-86	292	22	,	,	PUNCT
arjefm-86	292	23	t	t	PROPN
arjefm-86	292	24	(	(	PUNCT
arjefm-86	292	25	2010	2010	NUM
arjefm-86	292	26	)	)	PUNCT
arjefm-86	292	27	,	,	PUNCT
arjefm-86	292	28	„	„	PUNCT
arjefm-86	292	29	ownership	ownership	NOUN
arjefm-86	292	30	as	as	ADP
arjefm-86	292	31	a	a	DET
arjefm-86	292	32	form	form	NOUN
arjefm-86	292	33	of	of	ADP
arjefm-86	292	34	corporate	corporate	ADJ
arjefm-86	292	35	governance‟	governance‟	NOUN
arjefm-86	292	36	,	,	PUNCT
arjefm-86	292	37	journal	journal	NOUN
arjefm-86	292	38	of	of	ADP
arjefm-86	292	39	management	management	NOUN
arjefm-86	292	40	studies	study	NOUN
arjefm-86	292	41	,	,	PUNCT
arjefm-86	292	42	vol	vol	NOUN
arjefm-86	292	43	.	.	PUNCT
arjefm-86	293	1	47,no	47,no	X
arjefm-86	293	2	.	.	PROPN
arjefm-86	293	3	8	8	NUM
arjefm-86	293	4	,	,	PUNCT
arjefm-86	293	5	pp	pp	ADJ
arjefm-86	293	6	.	.	PUNCT
arjefm-86	294	1	1561	1561	NUM
arjefm-86	294	2	-	-	SYM
arjefm-86	294	3	1589	1589	NUM
arjefm-86	294	4	.	.	PUNCT
arjefm-86	295	1	chun	chun	PROPN
arjefm-86	295	2	,	,	PUNCT
arjefm-86	295	3	s.	s.	PROPN
arjefm-86	295	4	,	,	PUNCT
arjefm-86	295	5	&	&	CCONJ
arjefm-86	295	6	lee	lee	PROPN
arjefm-86	295	7	,	,	PUNCT
arjefm-86	295	8	m.	m.	NOUN
arjefm-86	295	9	(	(	PUNCT
arjefm-86	295	10	2017	2017	NUM
arjefm-86	295	11	)	)	PUNCT
arjefm-86	295	12	.	.	PUNCT
arjefm-86	296	1	corporate	corporate	ADJ
arjefm-86	296	2	ownership	ownership	NOUN
arjefm-86	296	3	structure	structure	NOUN
arjefm-86	296	4	and	and	CCONJ
arjefm-86	296	5	risk	risk	NOUN
arjefm-86	296	6	-	-	PUNCT
arjefm-86	296	7	taking	taking	NOUN
arjefm-86	296	8	:	:	PUNCT
arjefm-86	296	9	evidence	evidence	NOUN
arjefm-86	296	10	from	from	ADP
arjefm-86	296	11	japan	japan	PROPN
arjefm-86	296	12	.	.	PUNCT
arjefm-86	297	1	journal	journal	PROPN
arjefm-86	297	2	of	of	ADP
arjefm-86	297	3	governance	governance	NOUN
arjefm-86	297	4	&	&	CCONJ
arjefm-86	297	5	regulation	regulation	NOUN
arjefm-86	297	6	,	,	PUNCT
arjefm-86	297	7	6(4	6(4	NOUN
arjefm-86	297	8	)	)	PUNCT
arjefm-86	297	9	,	,	PUNCT
arjefm-86	297	10	39	39	NUM
arjefm-86	297	11	-	-	SYM
arjefm-86	297	12	52	52	NUM
arjefm-86	297	13	.	.	PUNCT
arjefm-86	298	1	fama	fama	PROPN
arjefm-86	298	2	,	,	PUNCT
arjefm-86	298	3	e.	e.	PROPN
arjefm-86	298	4	f.	f.	PROPN
arjefm-86	298	5	(	(	PUNCT
arjefm-86	298	6	1980	1980	NUM
arjefm-86	298	7	)	)	PUNCT
arjefm-86	298	8	.	.	PUNCT
arjefm-86	299	1	agency	agency	NOUN
arjefm-86	299	2	problems	problem	NOUN
arjefm-86	299	3	and	and	CCONJ
arjefm-86	299	4	the	the	DET
arjefm-86	299	5	theory	theory	NOUN
arjefm-86	299	6	of	of	ADP
arjefm-86	299	7	the	the	DET
arjefm-86	299	8	firm	firm	NOUN
arjefm-86	299	9	.	.	PUNCT
arjefm-86	300	1	journal	journal	NOUN
arjefm-86	300	2	of	of	ADP
arjefm-86	300	3	political	political	ADJ
arjefm-86	300	4	economy	economy	NOUN
arjefm-86	300	5	,	,	PUNCT
arjefm-86	300	6	88	88	NUM
arjefm-86	300	7	,	,	PUNCT
arjefm-86	300	8	288307	288307	NUM
arjefm-86	300	9	.	.	PUNCT
arjefm-86	301	1	https://doi.org/10.1086/260866	https://doi.org/10.1086/260866	PROPN
arjefm-86	301	2	.	.	PUNCT
arjefm-86	302	1	frc	frc	PROPN
arjefm-86	302	2	(	(	PUNCT
arjefm-86	302	3	2011	2011	NUM
arjefm-86	302	4	)	)	PUNCT
arjefm-86	302	5	,	,	PUNCT
arjefm-86	302	6	boards	board	NOUN
arjefm-86	302	7	and	and	CCONJ
arjefm-86	302	8	risk	risk	NOUN
arjefm-86	302	9	,	,	PUNCT
arjefm-86	302	10	available	available	ADJ
arjefm-86	302	11	at	at	ADP
arjefm-86	302	12	:	:	PUNCT
arjefm-86	302	13	www.frc.org.uk/images/uploaded/documents/boards%20	www.frc.org.uk/images/uploaded/documents/boards%20	PROPN
arjefm-86	302	14	and%20risk%20final	and%20risk%20final	PROPN
arjefm-86	302	15	.	.	PUNCT
arjefm-86	303	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-86	303	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-86	304	1	https://doi.org/10.1086/260866	https://doi.org/10.1086/260866	PROPN
arjefm-86	304	2	http://www.frc.org.uk/images/uploaded/documents/boards	http://www.frc.org.uk/images/uploaded/documents/boards	PROPN
arjefm-86	304	3	american	american	PROPN
arjefm-86	304	4	research	research	PROPN
arjefm-86	304	5	journal	journal	PROPN
arjefm-86	304	6	of	of	ADP
arjefm-86	304	7	economics	economic	NOUN
arjefm-86	304	8	,	,	PUNCT
arjefm-86	304	9	finance	finance	NOUN
arjefm-86	304	10	and	and	CCONJ
arjefm-86	304	11	management	management	NOUN
arjefm-86	304	12	volume	volume	NOUN
arjefm-86	304	13	11	11	NUM
arjefm-86	304	14	issue	issue	NOUN
arjefm-86	304	15	3	3	NUM
arjefm-86	304	16	,	,	PUNCT
arjefm-86	304	17	july	july	PROPN
arjefm-86	304	18	-	-	PUNCT
arjefm-86	304	19	september	september	PROPN
arjefm-86	304	20	2023	2023	NUM
arjefm-86	304	21	issn	issn	PROPN
arjefm-86	304	22	:	:	PUNCT
arjefm-86	304	23	2836	2836	NUM
arjefm-86	304	24	-	-	SYM
arjefm-86	304	25	9416	9416	NUM
arjefm-86	304	26	impact	impact	NOUN
arjefm-86	304	27	factor	factor	NOUN
arjefm-86	304	28	:	:	PUNCT
arjefm-86	304	29	5.57	5.57	NUM
arjefm-86	304	30	journal	journal	NOUN
arjefm-86	304	31	homepage	homepage	NOUN
arjefm-86	304	32	:	:	PUNCT
arjefm-86	304	33	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	304	34	,	,	PUNCT
arjefm-86	304	35	email	email	NOUN
arjefm-86	304	36	:	:	PUNCT
arjefm-86	304	37	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	304	38	official	official	ADJ
arjefm-86	304	39	journal	journal	PROPN
arjefm-86	304	40	of	of	ADP
arjefm-86	304	41	america	america	PROPN
arjefm-86	304	42	serial	serial	PROPN
arjefm-86	304	43	publication	publication	NOUN
arjefm-86	304	44	american	american	PROPN
arjefm-86	304	45	research	research	PROPN
arjefm-86	304	46	journal	journal	PROPN
arjefm-86	304	47	of	of	ADP
arjefm-86	304	48	economics	economic	NOUN
arjefm-86	304	49	,	,	PUNCT
arjefm-86	304	50	finance	finance	NOUN
arjefm-86	304	51	and	and	CCONJ
arjefm-86	304	52	management	management	NOUN
arjefm-86	304	53	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	304	54	,	,	PUNCT
arjefm-86	304	55	email	email	NOUN
arjefm-86	304	56	:	:	PUNCT
arjefm-86	304	57	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	305	1	35	35	NUM
arjefm-86	306	1	|	|	ADV
arjefm-86	306	2	p	p	NOUN
arjefm-86	306	3	a	a	DET
arjefm-86	306	4	g	g	PROPN
arjefm-86	306	5	e	e	PROPN
arjefm-86	306	6	flannery	flannery	PROPN
arjefm-86	306	7	,	,	PUNCT
arjefm-86	306	8	m.	m.	NOUN
arjefm-86	306	9	and	and	CCONJ
arjefm-86	306	10	rangan	rangan	VERB
arjefm-86	306	11	,	,	PUNCT
arjefm-86	306	12	k.	k.	PROPN
arjefm-86	306	13	(	(	PUNCT
arjefm-86	306	14	2008	2008	NUM
arjefm-86	306	15	)	)	PUNCT
arjefm-86	306	16	,	,	PUNCT
arjefm-86	306	17	“	"	PUNCT
arjefm-86	306	18	what	what	PRON
arjefm-86	306	19	caused	cause	VERB
arjefm-86	306	20	the	the	DET
arjefm-86	306	21	bank	bank	NOUN
arjefm-86	306	22	capital	capital	NOUN
arjefm-86	306	23	build	build	NOUN
arjefm-86	306	24	-	-	PUNCT
arjefm-86	306	25	up	up	NOUN
arjefm-86	306	26	of	of	ADP
arjefm-86	306	27	the	the	DET
arjefm-86	306	28	1990s	1990s	NUM
arjefm-86	306	29	”	"	PUNCT
arjefm-86	306	30	,	,	PUNCT
arjefm-86	306	31	review	review	NOUN
arjefm-86	306	32	of	of	ADP
arjefm-86	306	33	finance	finance	NOUN
arjefm-86	306	34	,	,	PUNCT
arjefm-86	306	35	vol	vol	NOUN
arjefm-86	306	36	.	.	PROPN
arjefm-86	307	1	12	12	NUM
arjefm-86	307	2	no	no	NOUN
arjefm-86	307	3	.	.	NOUN
arjefm-86	307	4	2	2	NUM
arjefm-86	307	5	,	,	PUNCT
arjefm-86	307	6	pp	pp	ADJ
arjefm-86	307	7	.	.	PUNCT
arjefm-86	308	1	391	391	NUM
arjefm-86	308	2	-	-	SYM
arjefm-86	308	3	429	429	NUM
arjefm-86	308	4	.	.	PUNCT
arjefm-86	308	5	gollakota	gollakota	NOUN
arjefm-86	308	6	,	,	PUNCT
arjefm-86	308	7	k	k	PROPN
arjefm-86	308	8	&	&	CCONJ
arjefm-86	308	9	gupta	gupta	PROPN
arjefm-86	308	10	,	,	PUNCT
arjefm-86	308	11	v	v	ADP
arjefm-86	308	12	2006	2006	NUM
arjefm-86	308	13	,	,	PUNCT
arjefm-86	308	14	„	„	PUNCT
arjefm-86	308	15	history	history	NOUN
arjefm-86	308	16	,	,	PUNCT
arjefm-86	308	17	ownership	ownership	NOUN
arjefm-86	308	18	forms	form	NOUN
arjefm-86	308	19	and	and	CCONJ
arjefm-86	308	20	corporate	corporate	ADJ
arjefm-86	308	21	governance	governance	NOUN
arjefm-86	308	22	in	in	ADP
arjefm-86	308	23	india‟	india‟	NOUN
arjefm-86	308	24	,	,	PUNCT
arjefm-86	308	25	journalof	journalof	ADJ
arjefm-86	308	26	management	management	NOUN
arjefm-86	308	27	history	history	NOUN
arjefm-86	308	28	,	,	PUNCT
arjefm-86	308	29	vol	vol	NOUN
arjefm-86	308	30	.	.	PUNCT
arjefm-86	309	1	12,no	12,no	NUM
arjefm-86	309	2	.	.	NOUN
arjefm-86	309	3	2	2	NUM
arjefm-86	309	4	,	,	PUNCT
arjefm-86	309	5	pp	pp	ADJ
arjefm-86	309	6	.	.	PUNCT
arjefm-86	310	1	185	185	NUM
arjefm-86	310	2	-	-	SYM
arjefm-86	310	3	198	198	NUM
arjefm-86	310	4	.	.	PUNCT
arjefm-86	311	1	gedajlovic	gedajlovic	PROPN
arjefm-86	311	2	,	,	PUNCT
arjefm-86	311	3	e.	e.	PROPN
arjefm-86	311	4	r.	r.	PROPN
arjefm-86	311	5	,	,	PUNCT
arjefm-86	311	6	shapiro	shapiro	PROPN
arjefm-86	311	7	,	,	PUNCT
arjefm-86	311	8	d.	d.	PROPN
arjefm-86	311	9	m.	m.	PROPN
arjefm-86	311	10	(	(	PUNCT
arjefm-86	311	11	2002	2002	NUM
arjefm-86	311	12	)	)	PUNCT
arjefm-86	311	13	,	,	PUNCT
arjefm-86	311	14	ownership	ownership	NOUN
arjefm-86	311	15	and	and	CCONJ
arjefm-86	311	16	firm	firm	ADJ
arjefm-86	311	17	profitability	profitability	NOUN
arjefm-86	311	18	in	in	ADP
arjefm-86	311	19	japan	japan	PROPN
arjefm-86	311	20	.	.	PUNCT
arjefm-86	312	1	academy	academy	PROPN
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arjefm-86	312	3	management	management	PROPN
arjefm-86	312	4	journal	journal	PROPN
arjefm-86	312	5	45(3	45(3	NUM
arjefm-86	312	6	)	)	PUNCT
arjefm-86	312	7	,	,	PUNCT
arjefm-86	312	8	565	565	NUM
arjefm-86	312	9	-	-	SYM
arjefm-86	312	10	575	575	NUM
arjefm-86	312	11	.	.	PUNCT
arjefm-86	313	1	https://doi.org/10.2307/3069381	https://doi.org/10.2307/3069381	PROPN
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arjefm-86	313	3	,	,	PUNCT
arjefm-86	313	4	k	k	PROPN
arjefm-86	313	5	2011	2011	NUM
arjefm-86	313	6	,	,	PUNCT
arjefm-86	313	7	corporate	corporate	ADJ
arjefm-86	313	8	governance	governance	NOUN
arjefm-86	313	9	practices	practice	NOUN
arjefm-86	313	10	and	and	CCONJ
arjefm-86	313	11	firm	firm	ADJ
arjefm-86	313	12	performance	performance	NOUN
arjefm-86	313	13	of	of	ADP
arjefm-86	313	14	listed	list	VERB
arjefm-86	313	15	companies	company	NOUN
arjefm-86	313	16	in	in	ADP
arjefm-86	313	17	srilanka	srilanka	PROPN
arjefm-86	313	18	(	(	PUNCT
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arjefm-86	313	21	)	)	PUNCT
arjefm-86	313	22	,	,	PUNCT
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arjefm-86	313	31	.	.	PUNCT
arjefm-86	314	1	hill	hill	PROPN
arjefm-86	314	2	,	,	PUNCT
arjefm-86	314	3	c.	c.	PROPN
arjefm-86	314	4	,	,	PUNCT
arjefm-86	314	5	snell	snell	PROPN
arjefm-86	314	6	,	,	PUNCT
arjefm-86	314	7	s.	s.	PROPN
arjefm-86	314	8	,	,	PUNCT
arjefm-86	314	9	1989	1989	NUM
arjefm-86	314	10	.	.	PUNCT
arjefm-86	315	1	effects	effect	NOUN
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arjefm-86	315	3	ownership	ownership	NOUN
arjefm-86	315	4	structure	structure	NOUN
arjefm-86	315	5	and	and	CCONJ
arjefm-86	315	6	control	control	NOUN
arjefm-86	315	7	on	on	ADP
arjefm-86	315	8	corporate	corporate	ADJ
arjefm-86	315	9	productivity	productivity	NOUN
arjefm-86	315	10	.	.	PUNCT
arjefm-86	316	1	academy	academy	PROPN
arjefm-86	316	2	of	of	ADP
arjefm-86	316	3	management	management	PROPN
arjefm-86	316	4	journal	journal	PROPN
arjefm-86	316	5	32	32	NUM
arjefm-86	316	6	,	,	PUNCT
arjefm-86	316	7	25–46	25–46	NUM
arjefm-86	316	8	.	.	PUNCT
arjefm-86	317	1	hutchinson	hutchinson	PROPN
arjefm-86	317	2	,	,	PUNCT
arjefm-86	317	3	m.	m.	NOUN
arjefm-86	317	4	,	,	PUNCT
arjefm-86	317	5	seamer	seamer	NOUN
arjefm-86	317	6	,	,	PUNCT
arjefm-86	317	7	m.	m.	NOUN
arjefm-86	317	8	and	and	CCONJ
arjefm-86	317	9	chapple	chapple	PROPN
arjefm-86	317	10	,	,	PUNCT
arjefm-86	317	11	l.	l.	PROPN
arjefm-86	317	12	(	(	PUNCT
arjefm-86	317	13	2015	2015	NUM
arjefm-86	317	14	)	)	PUNCT
arjefm-86	317	15	,	,	PUNCT
arjefm-86	317	16	“	"	PUNCT
arjefm-86	317	17	institutional	institutional	ADJ
arjefm-86	317	18	investors	investor	NOUN
arjefm-86	317	19	,	,	PUNCT
arjefm-86	317	20	risk	risk	NOUN
arjefm-86	317	21	/	/	SYM
arjefm-86	317	22	performance	performance	NOUN
arjefm-86	317	23	and	and	CCONJ
arjefm-86	317	24	corporate	corporate	ADJ
arjefm-86	317	25	governance	governance	NOUN
arjefm-86	317	26	”	"	PUNCT
arjefm-86	317	27	,	,	PUNCT
arjefm-86	317	28	the	the	DET
arjefm-86	317	29	international	international	ADJ
arjefm-86	317	30	journal	journal	NOUN
arjefm-86	317	31	of	of	ADP
arjefm-86	317	32	accounting	accounting	NOUN
arjefm-86	317	33	,	,	PUNCT
arjefm-86	317	34	vol	vol	NOUN
arjefm-86	317	35	.	.	PROPN
arjefm-86	317	36	50	50	NUM
arjefm-86	317	37	no	no	NOUN
arjefm-86	317	38	.	.	NOUN
arjefm-86	317	39	1	1	NUM
arjefm-86	317	40	,	,	PUNCT
arjefm-86	317	41	pp	pp	ADJ
arjefm-86	317	42	.	.	PUNCT
arjefm-86	318	1	31	31	NUM
arjefm-86	318	2	-	-	SYM
arjefm-86	318	3	52	52	NUM
arjefm-86	318	4	.	.	PUNCT
arjefm-86	319	1	hutchinson	hutchinson	PROPN
arjefm-86	319	2	,	,	PUNCT
arjefm-86	319	3	m.	m.	NOUN
arjefm-86	319	4	(	(	PUNCT
arjefm-86	319	5	2001	2001	NUM
arjefm-86	319	6	)	)	PUNCT
arjefm-86	319	7	.	.	PUNCT
arjefm-86	320	1	firm	firm	ADJ
arjefm-86	320	2	risk	risk	NOUN
arjefm-86	320	3	,	,	PUNCT
arjefm-86	320	4	corporate	corporate	ADJ
arjefm-86	320	5	governance	governance	NOUN
arjefm-86	320	6	and	and	CCONJ
arjefm-86	320	7	firm	firm	ADJ
arjefm-86	320	8	performance	performance	NOUN
arjefm-86	320	9	.	.	PUNCT
arjefm-86	321	1	governance	governance	NOUN
arjefm-86	321	2	and	and	CCONJ
arjefm-86	321	3	corporate	corporate	ADJ
arjefm-86	321	4	social	social	ADJ
arjefm-86	321	5	responsibility	responsibility	NOUN
arjefm-86	321	6	in	in	ADP
arjefm-86	321	7	the	the	DET
arjefm-86	321	8	new	new	ADJ
arjefm-86	321	9	millennium	millennium	NOUN
arjefm-86	321	10	:	:	PUNCT
arjefm-86	321	11	governance	governance	NOUN
arjefm-86	321	12	and	and	CCONJ
arjefm-86	321	13	social	social	ADJ
arjefm-86	321	14	responsibility	responsibility	NOUN
arjefm-86	321	15	conference	conference	NOUN
arjefm-86	321	16	:	:	PUNCT
arjefm-86	321	17	proceedings	proceeding	NOUN
arjefm-86	321	18	of	of	ADP
arjefm-86	321	19	the	the	DET
arjefm-86	321	20	2001	2001	NUM
arjefm-86	321	21	conference	conference	NOUN
arjefm-86	321	22	(	(	PUNCT
arjefm-86	321	23	pp	pp	ADJ
arjefm-86	321	24	.	.	PUNCT
arjefm-86	322	1	1	1	NUM
arjefm-86	322	2	-	-	SYM
arjefm-86	322	3	16	16	NUM
arjefm-86	322	4	)	)	PUNCT
arjefm-86	322	5	.	.	PUNCT
arjefm-86	323	1	bur	bur	PROPN
arjefm-86	323	2	wood	wood	PROPN
arjefm-86	323	3	,	,	PUNCT
arjefm-86	323	4	vic	vic	PROPN
arjefm-86	323	5	.	.	PROPN
arjefm-86	323	6	:	:	PUNCT
arjefm-86	324	1	school	school	NOUN
arjefm-86	324	2	of	of	ADP
arjefm-86	324	3	accounting	accounting	NOUN
arjefm-86	324	4	and	and	CCONJ
arjefm-86	324	5	finance	finance	NOUN
arjefm-86	324	6	,	,	PUNCT
arjefm-86	324	7	deakin	deakin	PROPN
arjefm-86	324	8	university	university	PROPN
arjefm-86	324	9	hu	hu	PROPN
arjefm-86	324	10	,	,	PUNCT
arjefm-86	324	11	y.	y.	PROPN
arjefm-86	324	12	,	,	PUNCT
arjefm-86	324	13	izumida	izumida	PROPN
arjefm-86	324	14	,	,	PUNCT
arjefm-86	324	15	s.	s.	PROPN
arjefm-86	324	16	,	,	PUNCT
arjefm-86	324	17	2008	2008	NUM
arjefm-86	324	18	.	.	PUNCT
arjefm-86	325	1	ownership	ownership	NOUN
arjefm-86	325	2	concentration	concentration	NOUN
arjefm-86	325	3	and	and	CCONJ
arjefm-86	325	4	corporate	corporate	ADJ
arjefm-86	325	5	performance	performance	NOUN
arjefm-86	325	6	:	:	PUNCT
arjefm-86	325	7	a	a	DET
arjefm-86	325	8	causal	causal	ADJ
arjefm-86	325	9	analysis	analysis	NOUN
arjefm-86	325	10	with	with	ADP
arjefm-86	325	11	japanese	japanese	ADJ
arjefm-86	325	12	panel	panel	NOUN
arjefm-86	325	13	data	datum	NOUN
arjefm-86	325	14	.	.	PUNCT
arjefm-86	326	1	corporate	corporate	ADJ
arjefm-86	326	2	governance	governance	NOUN
arjefm-86	326	3	:	:	PUNCT
arjefm-86	326	4	an	an	DET
arjefm-86	326	5	international	international	ADJ
arjefm-86	326	6	review	review	NOUN
arjefm-86	326	7	16	16	NUM
arjefm-86	326	8	,	,	PUNCT
arjefm-86	326	9	342–358	342–358	NUM
arjefm-86	326	10	.	.	PUNCT
arjefm-86	327	1	jensen	jensen	PROPN
arjefm-86	327	2	,	,	PUNCT
arjefm-86	327	3	m	m	PROPN
arjefm-86	327	4	&	&	CCONJ
arjefm-86	327	5	meckling	meckling	NOUN
arjefm-86	327	6	,	,	PUNCT
arjefm-86	327	7	wh	wh	VERB
arjefm-86	327	8	1976	1976	NUM
arjefm-86	327	9	,	,	PUNCT
arjefm-86	327	10	„	„	PUNCT
arjefm-86	327	11	theory	theory	NOUN
arjefm-86	327	12	of	of	ADP
arjefm-86	327	13	the	the	DET
arjefm-86	327	14	firm	firm	NOUN
arjefm-86	327	15	:	:	PUNCT
arjefm-86	327	16	managerial	managerial	ADJ
arjefm-86	327	17	behavior	behavior	NOUN
arjefm-86	327	18	,	,	PUNCT
arjefm-86	327	19	agency	agency	NOUN
arjefm-86	327	20	costs	cost	NOUN
arjefm-86	327	21	,	,	PUNCT
arjefm-86	327	22	andownership	andownership	VERB
arjefm-86	327	23	structure‟	structure‟	NOUN
arjefm-86	327	24	,	,	PUNCT
arjefm-86	327	25	journal	journal	NOUN
arjefm-86	327	26	of	of	ADP
arjefm-86	327	27	financial	financial	ADJ
arjefm-86	327	28	economics	economic	NOUN
arjefm-86	327	29	,	,	PUNCT
arjefm-86	327	30	vol	vol	NOUN
arjefm-86	327	31	.	.	PUNCT
arjefm-86	328	1	3,no	3,no	NUM
arjefm-86	328	2	.	.	NOUN
arjefm-86	328	3	4	4	NUM
arjefm-86	328	4	,	,	PUNCT
arjefm-86	328	5	pp	pp	ADJ
arjefm-86	328	6	.	.	PUNCT
arjefm-86	329	1	305–360	305–360	NUM
arjefm-86	329	2	.	.	PUNCT
arjefm-86	330	1	kaur	kaur	PROPN
arjefm-86	330	2	,	,	PUNCT
arjefm-86	330	3	p	p	PROPN
arjefm-86	330	4	&	&	CCONJ
arjefm-86	330	5	gill	gill	PROPN
arjefm-86	330	6	,	,	PUNCT
arjefm-86	330	7	s	s	PROPN
arjefm-86	330	8	2008	2008	NUM
arjefm-86	330	9	,	,	PUNCT
arjefm-86	330	10	the	the	DET
arjefm-86	330	11	effects	effect	NOUN
arjefm-86	330	12	of	of	ADP
arjefm-86	330	13	ownership	ownership	NOUN
arjefm-86	330	14	structure	structure	NOUN
arjefm-86	330	15	on	on	ADP
arjefm-86	330	16	corporate	corporate	ADJ
arjefm-86	330	17	governance	governance	NOUN
arjefm-86	330	18	and	and	CCONJ
arjefm-86	330	19	performance	performance	NOUN
arjefm-86	330	20	:	:	PUNCT
arjefm-86	330	21	an	an	DET
arjefm-86	330	22	empirical	empirical	ADJ
arjefm-86	330	23	assessment	assessment	NOUN
arjefm-86	330	24	in	in	ADP
arjefm-86	330	25	india(research	india(research	NOUN
arjefm-86	330	26	project	project	NOUN
arjefm-86	330	27	)	)	PUNCT
arjefm-86	330	28	,	,	PUNCT
arjefm-86	330	29	university	university	NOUN
arjefm-86	330	30	business	business	NOUN
arjefm-86	330	31	school	school	NOUN
arjefm-86	330	32	,	,	PUNCT
arjefm-86	330	33	panjab	panjab	PROPN
arjefm-86	330	34	university	university	PROPN
arjefm-86	330	35	,	,	PUNCT
arjefm-86	330	36	panjab	panjab	PROPN
arjefm-86	330	37	.	.	PUNCT
arjefm-86	331	1	khan	khan	PROPN
arjefm-86	331	2	,	,	PUNCT
arjefm-86	331	3	t.	t.	PROPN
arjefm-86	331	4	(	(	PUNCT
arjefm-86	331	5	2005	2005	NUM
arjefm-86	331	6	)	)	PUNCT
arjefm-86	331	7	company	company	NOUN
arjefm-86	331	8	dividends	dividend	NOUN
arjefm-86	331	9	and	and	CCONJ
arjefm-86	331	10	ownership	ownership	NOUN
arjefm-86	331	11	structure	structure	NOUN
arjefm-86	331	12	evidence	evidence	NOUN
arjefm-86	331	13	from	from	ADP
arjefm-86	331	14	uk	uk	PROPN
arjefm-86	331	15	panel	panel	NOUN
arjefm-86	331	16	data	datum	NOUN
arjefm-86	331	17	,	,	PUNCT
arjefm-86	331	18	nufeld	nufeld	ADJ
arjefm-86	331	19	college	college	NOUN
arjefm-86	331	20	,	,	PUNCT
arjefm-86	331	21	oxford	oxford	PROPN
arjefm-86	331	22	,	,	PUNCT
arjefm-86	331	23	ox11nf	ox11nf	PROPN
arjefm-86	331	24	,	,	PUNCT
arjefm-86	331	25	uk	uk	PROPN
arjefm-86	331	26	..	..	PROPN
arjefm-86	331	27	laeven	laeven	ADJ
arjefm-86	331	28	,	,	PUNCT
arjefm-86	331	29	l.	l.	PROPN
arjefm-86	331	30	,	,	PUNCT
arjefm-86	331	31	&	&	CCONJ
arjefm-86	331	32	levine	levine	PROPN
arjefm-86	331	33	,	,	PUNCT
arjefm-86	331	34	r.	r.	PROPN
arjefm-86	331	35	(	(	PUNCT
arjefm-86	331	36	2009	2009	NUM
arjefm-86	331	37	)	)	PUNCT
arjefm-86	331	38	.	.	PUNCT
arjefm-86	332	1	bank	bank	NOUN
arjefm-86	332	2	governance	governance	NOUN
arjefm-86	332	3	,	,	PUNCT
arjefm-86	332	4	regulation	regulation	NOUN
arjefm-86	332	5	and	and	CCONJ
arjefm-86	332	6	risk	risk	NOUN
arjefm-86	332	7	-	-	PUNCT
arjefm-86	332	8	taking	taking	NOUN
arjefm-86	332	9	.	.	PUNCT
arjefm-86	333	1	journal	journal	NOUN
arjefm-86	333	2	of	of	ADP
arjefm-86	333	3	financial	financial	ADJ
arjefm-86	333	4	economics,93(2	economics,93(2	PROPN
arjefm-86	333	5	)	)	PUNCT
arjefm-86	333	6	,	,	PUNCT
arjefm-86	333	7	259	259	NUM
arjefm-86	333	8	-	-	SYM
arjefm-86	333	9	27	27	NUM
arjefm-86	333	10	la	la	PROPN
arjefm-86	333	11	porta	porta	PROPN
arjefm-86	333	12	,	,	PUNCT
arjefm-86	333	13	r	r	NOUN
arjefm-86	333	14	,	,	PUNCT
arjefm-86	333	15	de	de	NOUN
arjefm-86	333	16	-	-	NOUN
arjefm-86	333	17	silanes	silane	NOUN
arjefm-86	333	18	,	,	PUNCT
arjefm-86	333	19	fl	fl	PROPN
arjefm-86	333	20	,	,	PUNCT
arjefm-86	333	21	shleifer	shleifer	PROPN
arjefm-86	333	22	,	,	PUNCT
arjefm-86	333	23	a	a	DET
arjefm-86	333	24	&	&	CCONJ
arjefm-86	333	25	vishny	vishny	PROPN
arjefm-86	333	26	,	,	PUNCT
arjefm-86	333	27	r	r	PROPN
arjefm-86	333	28	2000	2000	NUM
arjefm-86	333	29	,	,	PUNCT
arjefm-86	333	30	„	„	PUNCT
arjefm-86	333	31	investor	investor	NOUN
arjefm-86	333	32	protection	protection	NOUN
arjefm-86	333	33	and	and	CCONJ
arjefm-86	333	34	corporategovernance‟	corporategovernance‟	PROPN
arjefm-86	333	35	,	,	PUNCT
arjefm-86	333	36	journal	journal	NOUN
arjefm-86	333	37	of	of	ADP
arjefm-86	333	38	financial	financial	ADJ
arjefm-86	333	39	economics	economic	NOUN
arjefm-86	333	40	,	,	PUNCT
arjefm-86	333	41	vol	vol	NOUN
arjefm-86	333	42	.	.	PROPN
arjefm-86	333	43	54	54	NUM
arjefm-86	333	44	,	,	PUNCT
arjefm-86	333	45	no	no	INTJ
arjefm-86	333	46	.	.	NOUN
arjefm-86	333	47	2	2	NUM
arjefm-86	333	48	,	,	PUNCT
arjefm-86	333	49	pp	pp	ADJ
arjefm-86	333	50	.	.	PUNCT
arjefm-86	334	1	471	471	NUM
arjefm-86	334	2	-	-	SYM
arjefm-86	334	3	517	517	NUM
arjefm-86	334	4	.	.	PUNCT
arjefm-86	335	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-86	335	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	336	1	american	american	PROPN
arjefm-86	336	2	research	research	PROPN
arjefm-86	336	3	journal	journal	PROPN
arjefm-86	336	4	of	of	ADP
arjefm-86	336	5	economics	economic	NOUN
arjefm-86	336	6	,	,	PUNCT
arjefm-86	336	7	finance	finance	NOUN
arjefm-86	336	8	and	and	CCONJ
arjefm-86	336	9	management	management	NOUN
arjefm-86	336	10	volume	volume	NOUN
arjefm-86	336	11	11	11	NUM
arjefm-86	336	12	issue	issue	NOUN
arjefm-86	336	13	3	3	NUM
arjefm-86	336	14	,	,	PUNCT
arjefm-86	336	15	july	july	PROPN
arjefm-86	336	16	-	-	PUNCT
arjefm-86	336	17	september	september	PROPN
arjefm-86	336	18	2023	2023	NUM
arjefm-86	336	19	issn	issn	PROPN
arjefm-86	336	20	:	:	PUNCT
arjefm-86	336	21	2836	2836	NUM
arjefm-86	336	22	-	-	SYM
arjefm-86	336	23	9416	9416	NUM
arjefm-86	336	24	impact	impact	NOUN
arjefm-86	336	25	factor	factor	NOUN
arjefm-86	336	26	:	:	PUNCT
arjefm-86	336	27	5.57	5.57	NUM
arjefm-86	336	28	journal	journal	NOUN
arjefm-86	336	29	homepage	homepage	NOUN
arjefm-86	336	30	:	:	PUNCT
arjefm-86	336	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	336	32	,	,	PUNCT
arjefm-86	336	33	email	email	NOUN
arjefm-86	336	34	:	:	PUNCT
arjefm-86	337	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	337	2	official	official	ADJ
arjefm-86	337	3	journal	journal	PROPN
arjefm-86	337	4	of	of	ADP
arjefm-86	337	5	america	america	PROPN
arjefm-86	337	6	serial	serial	PROPN
arjefm-86	337	7	publication	publication	NOUN
arjefm-86	337	8	american	american	PROPN
arjefm-86	337	9	research	research	PROPN
arjefm-86	337	10	journal	journal	PROPN
arjefm-86	337	11	of	of	ADP
arjefm-86	337	12	economics	economic	NOUN
arjefm-86	337	13	,	,	PUNCT
arjefm-86	337	14	finance	finance	NOUN
arjefm-86	337	15	and	and	CCONJ
arjefm-86	337	16	management	management	NOUN
arjefm-86	337	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	337	18	,	,	PUNCT
arjefm-86	337	19	email	email	NOUN
arjefm-86	337	20	:	:	PUNCT
arjefm-86	337	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	338	1	36	36	NUM
arjefm-86	339	1	|	|	ADV
arjefm-86	339	2	p	p	X
arjefm-86	339	3	a	a	DET
arjefm-86	339	4	g	g	PROPN
arjefm-86	339	5	e	e	PROPN
arjefm-86	339	6	mapitiya	mapitiya	NOUN
arjefm-86	339	7	,	,	PUNCT
arjefm-86	339	8	g.	g.	PROPN
arjefm-86	339	9	,	,	PUNCT
arjefm-86	339	10	ajward	ajward	NOUN
arjefm-86	339	11	,	,	PUNCT
arjefm-86	339	12	a.	a.	PROPN
arjefm-86	339	13	r.	r.	PROPN
arjefm-86	339	14	,	,	PUNCT
arjefm-86	339	15	&	&	CCONJ
arjefm-86	339	16	seneratne	seneratne	PROPN
arjefm-86	339	17	,	,	PUNCT
arjefm-86	339	18	s.	s.	PROPN
arjefm-86	339	19	(	(	PUNCT
arjefm-86	339	20	2015	2015	NUM
arjefm-86	339	21	)	)	PUNCT
arjefm-86	339	22	.	.	PUNCT
arjefm-86	340	1	ownership	ownership	NOUN
arjefm-86	340	2	concentration	concentration	NOUN
arjefm-86	340	3	and	and	CCONJ
arjefm-86	340	4	degree	degree	NOUN
arjefm-86	340	5	of	of	ADP
arjefm-86	340	6	compliance	compliance	NOUN
arjefm-86	340	7	with	with	ADP
arjefm-86	340	8	corporate	corporate	ADJ
arjefm-86	340	9	governance	governance	NOUN
arjefm-86	340	10	best	good	ADJ
arjefm-86	340	11	practices	practice	NOUN
arjefm-86	340	12	of	of	ADP
arjefm-86	340	13	public	public	ADJ
arjefm-86	340	14	listed	list	VERB
arjefm-86	340	15	companies	company	NOUN
arjefm-86	340	16	in	in	ADP
arjefm-86	340	17	sri	sri	PROPN
arjefm-86	340	18	lanka	lanka	PROPN
arjefm-86	340	19	.	.	PUNCT
arjefm-86	341	1	nsbm	nsbm	PROPN
arjefm-86	341	2	journal	journal	PROPN
arjefm-86	341	3	of	of	ADP
arjefm-86	341	4	management	management	NOUN
arjefm-86	341	5	,	,	PUNCT
arjefm-86	341	6	01(01	01(01	PROPN
arjefm-86	341	7	)	)	PUNCT
arjefm-86	341	8	may	may	AUX
arjefm-86	341	9	,	,	PUNCT
arjefm-86	341	10	d.	d.	PROPN
arjefm-86	341	11	o.	o.	PROPN
arjefm-86	341	12	(	(	PUNCT
arjefm-86	341	13	1995	1995	NUM
arjefm-86	341	14	)	)	PUNCT
arjefm-86	341	15	.	.	PUNCT
arjefm-86	342	1	do	do	AUX
arjefm-86	342	2	managerial	managerial	ADJ
arjefm-86	342	3	motives	motive	NOUN
arjefm-86	342	4	influence	influence	VERB
arjefm-86	342	5	firm	firm	ADJ
arjefm-86	342	6	risk	risk	NOUN
arjefm-86	342	7	reduction	reduction	NOUN
arjefm-86	342	8	strategies?.the	strategies?.the	DET
arjefm-86	342	9	journal	journal	NOUN
arjefm-86	342	10	of	of	ADP
arjefm-86	342	11	finance,50(4	finance,50(4	PROPN
arjefm-86	342	12	)	)	PUNCT
arjefm-86	342	13	,	,	PUNCT
arjefm-86	342	14	1291	1291	NUM
arjefm-86	342	15	-	-	SYM
arjefm-86	342	16	1308	1308	NUM
arjefm-86	342	17	monks	monk	NOUN
arjefm-86	342	18	,	,	PUNCT
arjefm-86	342	19	ra	ra	PROPN
arjefm-86	342	20	&	&	CCONJ
arjefm-86	342	21	minow	minow	PROPN
arjefm-86	342	22	,	,	PUNCT
arjefm-86	342	23	n	n	PROPN
arjefm-86	342	24	1995	1995	NUM
arjefm-86	342	25	,	,	PUNCT
arjefm-86	342	26	corporate	corporate	ADJ
arjefm-86	342	27	governance	governance	NOUN
arjefm-86	342	28	.	.	PUNCT
arjefm-86	343	1	blackwell	blackwell	PROPN
arjefm-86	343	2	publishing	publishing	PROPN
arjefm-86	343	3	ltd	ltd	PROPN
arjefm-86	343	4	,	,	PUNCT
arjefm-86	343	5	victoria	victoria	PROPN
arjefm-86	343	6	.	.	PUNCT
arjefm-86	343	7	monsen	monsen	PROPN
arjefm-86	343	8	,	,	PUNCT
arjefm-86	343	9	r.	r.	PROPN
arjefm-86	343	10	,	,	PUNCT
arjefm-86	343	11	downs	down	NOUN
arjefm-86	343	12	,	,	PUNCT
arjefm-86	343	13	a.	a.	NOUN
arjefm-86	343	14	(	(	PUNCT
arjefm-86	343	15	1965	1965	NUM
arjefm-86	343	16	)	)	PUNCT
arjefm-86	343	17	.	.	PUNCT
arjefm-86	344	1	a	a	DET
arjefm-86	344	2	theory	theory	NOUN
arjefm-86	344	3	of	of	ADP
arjefm-86	344	4	large	large	ADJ
arjefm-86	344	5	managerial	managerial	ADJ
arjefm-86	344	6	firms	firm	NOUN
arjefm-86	344	7	.	.	PUNCT
arjefm-86	345	1	journal	journal	NOUN
arjefm-86	345	2	of	of	ADP
arjefm-86	345	3	political	political	ADJ
arjefm-86	345	4	economy	economy	NOUN
arjefm-86	345	5	,	,	PUNCT
arjefm-86	345	6	73	73	NUM
arjefm-86	345	7	,	,	PUNCT
arjefm-86	345	8	221	221	NUM
arjefm-86	345	9	-	-	SYM
arjefm-86	345	10	236	236	NUM
arjefm-86	345	11	.	.	PUNCT
arjefm-86	346	1	https://doi.org/10.1086/259012	https://doi.org/10.1086/259012	PROPN
arjefm-86	346	2	monsen	monsen	PROPN
arjefm-86	346	3	,	,	PUNCT
arjefm-86	346	4	r.	r.	PROPN
arjefm-86	346	5	,	,	PUNCT
arjefm-86	346	6	chiu	chiu	PROPN
arjefm-86	346	7	,	,	PUNCT
arjefm-86	346	8	j.	j.	PROPN
arjefm-86	346	9	,	,	PUNCT
arjefm-86	346	10	&	&	CCONJ
arjefm-86	346	11	cooley	cooley	PROPN
arjefm-86	346	12	,	,	PUNCT
arjefm-86	346	13	d.	d.	PROPN
arjefm-86	346	14	(	(	PUNCT
arjefm-86	346	15	1968	1968	NUM
arjefm-86	346	16	)	)	PUNCT
arjefm-86	346	17	.	.	PUNCT
arjefm-86	347	1	the	the	DET
arjefm-86	347	2	effect	effect	NOUN
arjefm-86	347	3	of	of	ADP
arjefm-86	347	4	separation	separation	NOUN
arjefm-86	347	5	of	of	ADP
arjefm-86	347	6	ownership	ownership	NOUN
arjefm-86	347	7	and	and	CCONJ
arjefm-86	347	8	control	control	NOUN
arjefm-86	347	9	on	on	ADP
arjefm-86	347	10	the	the	DET
arjefm-86	347	11	performance	performance	NOUN
arjefm-86	347	12	of	of	ADP
arjefm-86	347	13	the	the	DET
arjefm-86	347	14	large	large	ADJ
arjefm-86	347	15	firm	firm	NOUN
arjefm-86	347	16	.	.	PUNCT
arjefm-86	348	1	quarterly	quarterly	ADJ
arjefm-86	348	2	journal	journal	NOUN
arjefm-86	348	3	of	of	ADP
arjefm-86	348	4	economics	economic	NOUN
arjefm-86	348	5	,	,	PUNCT
arjefm-86	348	6	83	83	NUM
arjefm-86	348	7	,	,	PUNCT
arjefm-86	348	8	435	435	NUM
arjefm-86	348	9	-	-	SYM
arjefm-86	348	10	451	451	NUM
arjefm-86	348	11	.	.	PUNCT
arjefm-86	349	1	https://doi.org/10.2307/	https://doi.org/10.2307/	PROPN
arjefm-86	349	2	1879516	1879516	NUM
arjefm-86	349	3	nguyen	nguyen	NOUN
arjefm-86	349	4	,	,	PUNCT
arjefm-86	349	5	p.	p.	NOUN
arjefm-86	349	6	(	(	PUNCT
arjefm-86	349	7	2011	2011	NUM
arjefm-86	349	8	)	)	PUNCT
arjefm-86	349	9	.	.	PUNCT
arjefm-86	350	1	corporate	corporate	ADJ
arjefm-86	350	2	governance	governance	NOUN
arjefm-86	350	3	and	and	CCONJ
arjefm-86	350	4	risk	risk	NOUN
arjefm-86	350	5	-	-	PUNCT
arjefm-86	350	6	taking	taking	NOUN
arjefm-86	350	7	:	:	PUNCT
arjefm-86	350	8	evidence	evidence	NOUN
arjefm-86	350	9	from	from	ADP
arjefm-86	350	10	japanese	japanese	ADJ
arjefm-86	350	11	firms	firm	NOUN
arjefm-86	350	12	.	.	PUNCT
arjefm-86	351	1	pacific	pacific	ADJ
arjefm-86	351	2	-	-	PUNCT
arjefm-86	351	3	basin	basin	NOUN
arjefm-86	351	4	finance	finance	NOUN
arjefm-86	351	5	journal	journal	NOUN
arjefm-86	351	6	,	,	PUNCT
arjefm-86	351	7	19	19	NUM
arjefm-86	351	8	,	,	PUNCT
arjefm-86	351	9	278	278	NUM
arjefm-86	351	10	-	-	SYM
arjefm-86	351	11	297	297	NUM
arjefm-86	351	12	pathan	pathan	PROPN
arjefm-86	351	13	,	,	PUNCT
arjefm-86	351	14	s.	s.	PROPN
arjefm-86	351	15	(	(	PUNCT
arjefm-86	351	16	2009	2009	NUM
arjefm-86	351	17	)	)	PUNCT
arjefm-86	351	18	.	.	PUNCT
arjefm-86	352	1	strong	strong	ADJ
arjefm-86	352	2	boards	board	NOUN
arjefm-86	352	3	,	,	PUNCT
arjefm-86	352	4	ceo	ceo	NOUN
arjefm-86	352	5	power	power	NOUN
arjefm-86	352	6	and	and	CCONJ
arjefm-86	352	7	bank	bank	NOUN
arjefm-86	352	8	risk	risk	NOUN
arjefm-86	352	9	-	-	PUNCT
arjefm-86	352	10	taking	taking	NOUN
arjefm-86	352	11	.	.	PUNCT
arjefm-86	353	1	journal	journal	NOUN
arjefm-86	353	2	of	of	ADP
arjefm-86	353	3	banking	banking	NOUN
arjefm-86	353	4	and	and	CCONJ
arjefm-86	353	5	finance	finance	NOUN
arjefm-86	353	6	,	,	PUNCT
arjefm-86	353	7	33(07	33(07	NUM
arjefm-86	353	8	)	)	PUNCT
arjefm-86	353	9	,	,	PUNCT
arjefm-86	353	10	13461350	13461350	NUM
arjefm-86	353	11	sanders	sander	NOUN
arjefm-86	353	12	,	,	PUNCT
arjefm-86	353	13	w.	w.	PROPN
arjefm-86	353	14	,	,	PUNCT
arjefm-86	353	15	&	&	CCONJ
arjefm-86	353	16	hambrick	hambrick	PROPN
arjefm-86	353	17	,	,	PUNCT
arjefm-86	353	18	d.	d.	PROPN
arjefm-86	353	19	(	(	PUNCT
arjefm-86	353	20	2007	2007	NUM
arjefm-86	353	21	)	)	PUNCT
arjefm-86	353	22	.	.	PUNCT
arjefm-86	354	1	swinging	swinge	VERB
arjefm-86	354	2	for	for	ADP
arjefm-86	354	3	the	the	DET
arjefm-86	354	4	fences	fence	NOUN
arjefm-86	354	5	:	:	PUNCT
arjefm-86	354	6	the	the	DET
arjefm-86	354	7	effects	effect	NOUN
arjefm-86	354	8	of	of	ADP
arjefm-86	354	9	ceo	ceo	NOUN
arjefm-86	354	10	stock	stock	NOUN
arjefm-86	354	11	options	option	NOUN
arjefm-86	354	12	on	on	ADP
arjefm-86	354	13	company	company	NOUN
arjefm-86	354	14	risk	risk	NOUN
arjefm-86	354	15	taking	taking	NOUN
arjefm-86	354	16	and	and	CCONJ
arjefm-86	354	17	performance	performance	NOUN
arjefm-86	354	18	.	.	PUNCT
arjefm-86	355	1	academy	academy	PROPN
arjefm-86	355	2	of	of	ADP
arjefm-86	355	3	management	management	NOUN
arjefm-86	355	4	journal,50	journal,50	PROPN
arjefm-86	355	5	,	,	PUNCT
arjefm-86	355	6	1055–107	1055–107	ADJ
arjefm-86	355	7	saunders	saunder	NOUN
arjefm-86	355	8	,	,	PUNCT
arjefm-86	355	9	a.	a.	NOUN
arjefm-86	355	10	,	,	PUNCT
arjefm-86	355	11	strock	strock	NOUN
arjefm-86	355	12	,	,	PUNCT
arjefm-86	355	13	e.	e.	PROPN
arjefm-86	355	14	and	and	CCONJ
arjefm-86	355	15	travlos	travlos	PROPN
arjefm-86	355	16	,	,	PUNCT
arjefm-86	355	17	n.g	n.g	PROPN
arjefm-86	355	18	.	.	PROPN
arjefm-86	355	19	(	(	PUNCT
arjefm-86	355	20	1990	1990	NUM
arjefm-86	355	21	)	)	PUNCT
arjefm-86	355	22	,	,	PUNCT
arjefm-86	355	23	“	"	PUNCT
arjefm-86	355	24	ownership	ownership	NOUN
arjefm-86	355	25	structure	structure	NOUN
arjefm-86	355	26	,	,	PUNCT
arjefm-86	355	27	deregulation	deregulation	NOUN
arjefm-86	355	28	,	,	PUNCT
arjefm-86	355	29	and	and	CCONJ
arjefm-86	355	30	bank	bank	NOUN
arjefm-86	355	31	risktaking	risktaking	NOUN
arjefm-86	355	32	”	"	PUNCT
arjefm-86	355	33	,	,	PUNCT
arjefm-86	355	34	journal	journal	NOUN
arjefm-86	355	35	of	of	ADP
arjefm-86	355	36	finance	finance	NOUN
arjefm-86	355	37	,	,	PUNCT
arjefm-86	355	38	vol	vol	NOUN
arjefm-86	355	39	.	.	PROPN
arjefm-86	356	1	45	45	NUM
arjefm-86	356	2	no	no	NOUN
arjefm-86	356	3	.	.	NOUN
arjefm-86	357	1	2	2	NUM
arjefm-86	357	2	,	,	PUNCT
arjefm-86	357	3	pp	pp	ADJ
arjefm-86	357	4	.	.	PUNCT
arjefm-86	358	1	643	643	NUM
arjefm-86	358	2	-	-	SYM
arjefm-86	358	3	654	654	NUM
arjefm-86	358	4	.	.	PUNCT
arjefm-86	359	1	senaratne	senaratne	NOUN
arjefm-86	359	2	,	,	PUNCT
arjefm-86	359	3	s.	s.	PROPN
arjefm-86	359	4	,	,	PUNCT
arjefm-86	359	5	&	&	CCONJ
arjefm-86	359	6	gunaratne	gunaratne	PROPN
arjefm-86	359	7	,	,	PUNCT
arjefm-86	359	8	p.	p.	NOUN
arjefm-86	359	9	(	(	PUNCT
arjefm-86	359	10	2008	2008	NUM
arjefm-86	359	11	)	)	PUNCT
arjefm-86	359	12	.	.	PUNCT
arjefm-86	360	1	corporate	corporate	ADJ
arjefm-86	360	2	governance	governance	NOUN
arjefm-86	360	3	development	development	NOUN
arjefm-86	360	4	in	in	ADP
arjefm-86	360	5	sri	sri	PROPN
arjefm-86	360	6	lanka	lanka	PROPN
arjefm-86	360	7	:	:	PUNCT
arjefm-86	360	8	prospects	prospect	NOUN
arjefm-86	360	9	and	and	CCONJ
arjefm-86	360	10	problem	problem	NOUN
arjefm-86	360	11	.	.	PUNCT
arjefm-86	361	1	journal	journal	NOUN
arjefm-86	361	2	of	of	ADP
arjefm-86	361	3	management	management	NOUN
arjefm-86	361	4	.	.	PUNCT
arjefm-86	362	1	shleifer	shleifer	PROPN
arjefm-86	362	2	,	,	PUNCT
arjefm-86	362	3	a.	a.	PROPN
arjefm-86	362	4	,	,	PUNCT
arjefm-86	362	5	vishny	vishny	PROPN
arjefm-86	362	6	,	,	PUNCT
arjefm-86	362	7	r.	r.	PROPN
arjefm-86	362	8	,	,	PUNCT
arjefm-86	362	9	1986	1986	NUM
arjefm-86	362	10	.	.	PUNCT
arjefm-86	363	1	large	large	ADJ
arjefm-86	363	2	shareholders	shareholder	NOUN
arjefm-86	363	3	and	and	CCONJ
arjefm-86	363	4	corporate	corporate	ADJ
arjefm-86	363	5	control	control	NOUN
arjefm-86	363	6	.	.	PUNCT
arjefm-86	364	1	journal	journal	NOUN
arjefm-86	364	2	of	of	ADP
arjefm-86	364	3	political	political	ADJ
arjefm-86	364	4	economy	economy	NOUN
arjefm-86	364	5	94	94	NUM
arjefm-86	364	6	,	,	PUNCT
arjefm-86	364	7	461–488	461–488	NUM
arjefm-86	364	8	.	.	PUNCT
arjefm-86	364	9	sudha	sudha	PROPN
arjefm-86	364	10	,	,	PUNCT
arjefm-86	364	11	m.	m.	NOUN
arjefm-86	364	12	,	,	PUNCT
arjefm-86	364	13	ibrahim	ibrahim	PROPN
arjefm-86	364	14	,	,	PUNCT
arjefm-86	364	15	s.	s.	PROPN
arjefm-86	364	16	,	,	PUNCT
arjefm-86	364	17	&	&	CCONJ
arjefm-86	364	18	archbold	archbold	PROPN
arjefm-86	364	19	,	,	PUNCT
arjefm-86	364	20	s.	s.	PROPN
arjefm-86	364	21	(	(	PUNCT
arjefm-86	364	22	2016	2016	NUM
arjefm-86	364	23	)	)	PUNCT
arjefm-86	364	24	.	.	PUNCT
arjefm-86	365	1	boards	board	NOUN
arjefm-86	365	2	attributes	attribute	VERB
arjefm-86	365	3	that	that	PRON
arjefm-86	365	4	increase	increase	VERB
arjefm-86	365	5	firm	firm	ADJ
arjefm-86	365	6	risk	risk	NOUN
arjefm-86	365	7	–	–	PUNCT
arjefm-86	365	8	evidence	evidence	NOUN
arjefm-86	365	9	from	from	ADP
arjefm-86	365	10	the	the	DET
arjefm-86	365	11	uk	uk	PROPN
arjefm-86	365	12	.	.	PUNCT
arjefm-86	365	13	corporate	corporate	ADJ
arjefm-86	365	14	governance	governance	NOUN
arjefm-86	365	15	,	,	PUNCT
arjefm-86	365	16	16(02	16(02	NUM
arjefm-86	365	17	)	)	PUNCT
arjefm-86	365	18	,	,	PUNCT
arjefm-86	365	19	233	233	NUM
arjefm-86	365	20	–	–	SYM
arjefm-86	365	21	258	258	NUM
arjefm-86	365	22	.	.	PUNCT
arjefm-86	366	1	wei	wei	PROPN
arjefm-86	366	2	,	,	PUNCT
arjefm-86	366	3	g	g	PROPN
arjefm-86	366	4	,	,	PUNCT
arjefm-86	366	5	&	&	CCONJ
arjefm-86	366	6	geng	geng	PROPN
arjefm-86	366	7	,	,	PUNCT
arjefm-86	366	8	m	m	PROPN
arjefm-86	366	9	2008	2008	NUM
arjefm-86	366	10	,	,	PUNCT
arjefm-86	366	11	„	„	PUNCT
arjefm-86	366	12	ownership	ownership	NOUN
arjefm-86	366	13	structure	structure	NOUN
arjefm-86	366	14	and	and	CCONJ
arjefm-86	366	15	corporate	corporate	ADJ
arjefm-86	366	16	governance	governance	NOUN
arjefm-86	366	17	in	in	ADP
arjefm-86	366	18	china	china	PROPN
arjefm-86	366	19	:	:	PUNCT
arjefm-86	366	20	some	some	DET
arjefm-86	366	21	currentissues‟	currentissues‟	PROPN
arjefm-86	366	22	,	,	PUNCT
arjefm-86	366	23	managerial	managerial	ADJ
arjefm-86	366	24	finance	finance	NOUN
arjefm-86	366	25	,	,	PUNCT
arjefm-86	366	26	vol	vol	NOUN
arjefm-86	366	27	.	.	PUNCT
arjefm-86	367	1	34,no	34,no	NUM
arjefm-86	367	2	.	.	PROPN
arjefm-86	367	3	12	12	NUM
arjefm-86	367	4	,	,	PUNCT
arjefm-86	367	5	pp	pp	ADJ
arjefm-86	367	6	.	.	PUNCT
arjefm-86	368	1	934	934	NUM
arjefm-86	368	2	-	-	SYM
arjefm-86	368	3	952	952	NUM
arjefm-86	368	4	.	.	PUNCT
arjefm-86	369	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-86	369	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-86	370	1	american	american	PROPN
arjefm-86	370	2	research	research	PROPN
arjefm-86	370	3	journal	journal	PROPN
arjefm-86	370	4	of	of	ADP
arjefm-86	370	5	economics	economic	NOUN
arjefm-86	370	6	,	,	PUNCT
arjefm-86	370	7	finance	finance	NOUN
arjefm-86	370	8	and	and	CCONJ
arjefm-86	370	9	management	management	NOUN
arjefm-86	370	10	volume	volume	NOUN
arjefm-86	370	11	11	11	NUM
arjefm-86	370	12	issue	issue	NOUN
arjefm-86	370	13	3	3	NUM
arjefm-86	370	14	,	,	PUNCT
arjefm-86	370	15	july	july	PROPN
arjefm-86	370	16	-	-	PUNCT
arjefm-86	370	17	september	september	PROPN
arjefm-86	370	18	2023	2023	NUM
arjefm-86	370	19	issn	issn	PROPN
arjefm-86	370	20	:	:	PUNCT
arjefm-86	370	21	2836	2836	NUM
arjefm-86	370	22	-	-	SYM
arjefm-86	370	23	9416	9416	NUM
arjefm-86	370	24	impact	impact	NOUN
arjefm-86	370	25	factor	factor	NOUN
arjefm-86	370	26	:	:	PUNCT
arjefm-86	370	27	5.57	5.57	NUM
arjefm-86	370	28	journal	journal	NOUN
arjefm-86	370	29	homepage	homepage	NOUN
arjefm-86	370	30	:	:	PUNCT
arjefm-86	370	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	370	32	,	,	PUNCT
arjefm-86	370	33	email	email	NOUN
arjefm-86	370	34	:	:	PUNCT
arjefm-86	371	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-86	371	2	official	official	ADJ
arjefm-86	371	3	journal	journal	PROPN
arjefm-86	371	4	of	of	ADP
arjefm-86	371	5	america	america	PROPN
arjefm-86	371	6	serial	serial	PROPN
arjefm-86	371	7	publication	publication	NOUN
arjefm-86	371	8	american	american	PROPN
arjefm-86	371	9	research	research	PROPN
arjefm-86	371	10	journal	journal	PROPN
arjefm-86	371	11	of	of	ADP
arjefm-86	371	12	economics	economic	NOUN
arjefm-86	371	13	,	,	PUNCT
arjefm-86	371	14	finance	finance	NOUN
arjefm-86	371	15	and	and	CCONJ
arjefm-86	371	16	management	management	NOUN
arjefm-86	371	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-86	371	18	,	,	PUNCT
arjefm-86	371	19	email	email	NOUN
arjefm-86	371	20	:	:	PUNCT
arjefm-86	371	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-86	372	1	37	37	NUM
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arjefm-86	373	16	a.	a.	NOUN
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arjefm-86	374	10	equity	equity	NOUN
arjefm-86	374	11	ownership	ownership	NOUN
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arjefm-86	374	15	-	-	PUNCT
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arjefm-86	374	17	.	.	PUNCT
arjefm-86	375	1	academy	academy	PROPN
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arjefm-86	375	5	,	,	PUNCT
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arjefm-86	375	7	,	,	PUNCT
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arjefm-86	375	9	.	.	PUNCT
arjefm-86	376	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-86	376	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X