id	sid	tid	token	lemma	pos
asfbr-8	1	1	asian	asian	PROPN
asfbr-8	1	2	finance	finance	PROPN
asfbr-8	1	3	&	&	CCONJ
asfbr-8	1	4	banking	banking	PROPN
asfbr-8	1	5	review	review	PROPN
asfbr-8	1	6	;	;	PUNCT
asfbr-8	1	7	vol	vol	NOUN
asfbr-8	1	8	.	.	NOUN
asfbr-8	2	1	2	2	NUM
asfbr-8	2	2	,	,	PUNCT
asfbr-8	2	3	no	no	INTJ
asfbr-8	2	4	.	.	NOUN
asfbr-8	2	5	1	1	NUM
asfbr-8	2	6	;	;	PUNCT
asfbr-8	2	7	2018	2018	NUM
asfbr-8	2	8	issn	issn	VERB
asfbr-8	2	9	2576	2576	NUM
asfbr-8	2	10	-	-	SYM
asfbr-8	2	11	1161	1161	NUM
asfbr-8	2	12	e	e	NOUN
asfbr-8	2	13	-	-	NOUN
asfbr-8	2	14	issn	issn	PROPN
asfbr-8	2	15	2576	2576	NUM
asfbr-8	2	16	-	-	SYM
asfbr-8	2	17	1188	1188	NUM
asfbr-8	2	18	published	publish	VERB
asfbr-8	2	19	by	by	ADP
asfbr-8	2	20	centre	centre	NOUN
asfbr-8	2	21	for	for	ADP
asfbr-8	2	22	research	research	NOUN
asfbr-8	2	23	on	on	ADP
asfbr-8	2	24	islamic	islamic	ADJ
asfbr-8	2	25	banking	banking	PROPN
asfbr-8	2	26	&	&	CCONJ
asfbr-8	2	27	finance	finance	PROPN
asfbr-8	2	28	and	and	CCONJ
asfbr-8	2	29	business	business	NOUN
asfbr-8	2	30	18	18	NUM
asfbr-8	2	31	corporate	corporate	ADJ
asfbr-8	2	32	characteristics	characteristic	NOUN
asfbr-8	2	33	and	and	CCONJ
asfbr-8	2	34	influence	influence	NOUN
asfbr-8	2	35	on	on	ADP
asfbr-8	2	36	share	share	NOUN
asfbr-8	2	37	based	base	VERB
asfbr-8	2	38	payment	payment	NOUN
asfbr-8	2	39	of	of	ADP
asfbr-8	2	40	financial	financial	ADJ
asfbr-8	2	41	service	service	NOUN
asfbr-8	2	42	firms	firm	NOUN
asfbr-8	2	43	in	in	ADP
asfbr-8	2	44	nigeria	nigeria	PROPN
asfbr-8	2	45	davies	davy	NOUN
asfbr-8	2	46	,	,	PUNCT
asfbr-8	2	47	stanley	stanley	PROPN
asfbr-8	2	48	diepiriye	diepiriye	PROPN
asfbr-8	2	49	1	1	NUM
asfbr-8	2	50	&	&	CCONJ
asfbr-8	2	51	lucky	lucky	ADJ
asfbr-8	2	52	,	,	PUNCT
asfbr-8	2	53	anyike	anyike	CCONJ
asfbr-8	2	54	lucky	lucky	ADJ
asfbr-8	2	55	1	1	NUM
asfbr-8	2	56	1	1	NUM
asfbr-8	2	57	department	department	NOUN
asfbr-8	2	58	of	of	ADP
asfbr-8	2	59	accountancy	accountancy	NOUN
asfbr-8	2	60	,	,	PUNCT
asfbr-8	2	61	ken	ken	PROPN
asfbr-8	2	62	saro	saro	NOUN
asfbr-8	2	63	-	-	PUNCT
asfbr-8	2	64	wiwa	wiwa	NOUN
asfbr-8	2	65	polytechnic	polytechnic	ADJ
asfbr-8	2	66	,	,	PUNCT
asfbr-8	2	67	bori	bori	NOUN
asfbr-8	2	68	,	,	PUNCT
asfbr-8	2	69	rivers	river	NOUN
asfbr-8	2	70	state	state	PROPN
asfbr-8	2	71	,	,	PUNCT
asfbr-8	2	72	nigeria	nigeria	PROPN
asfbr-8	2	73	2	2	NUM
asfbr-8	2	74	department	department	NOUN
asfbr-8	2	75	of	of	ADP
asfbr-8	2	76	banking	banking	NOUN
asfbr-8	2	77	and	and	CCONJ
asfbr-8	2	78	finance	finance	NOUN
asfbr-8	2	79	,	,	PUNCT
asfbr-8	2	80	rivers	river	NOUN
asfbr-8	2	81	state	state	PROPN
asfbr-8	2	82	university	university	PROPN
asfbr-8	2	83	,	,	PUNCT
asfbr-8	2	84	nkpolu	nkpolu	PROPN
asfbr-8	2	85	orowurokwo	orowurokwo	PROPN
asfbr-8	2	86	,	,	PUNCT
asfbr-8	2	87	port	port	NOUN
asfbr-8	2	88	harcourt	harcourt	PROPN
asfbr-8	2	89	,	,	PUNCT
asfbr-8	2	90	rivers	river	NOUN
asfbr-8	2	91	state	state	PROPN
asfbr-8	2	92	,	,	PUNCT
asfbr-8	2	93	nigeria	nigeria	PROPN
asfbr-8	2	94	.	.	PUNCT
asfbr-8	3	1	correspondence	correspondence	NOUN
asfbr-8	3	2	:	:	PUNCT
asfbr-8	4	1	davies	davy	NOUN
asfbr-8	4	2	,	,	PUNCT
asfbr-8	4	3	stanley	stanley	PROPN
asfbr-8	4	4	diepiriye	diepiriye	PROPN
asfbr-8	4	5	,	,	PUNCT
asfbr-8	4	6	department	department	PROPN
asfbr-8	4	7	of	of	ADP
asfbr-8	4	8	accountancy	accountancy	NOUN
asfbr-8	4	9	,	,	PUNCT
asfbr-8	4	10	ken	ken	PROPN
asfbr-8	4	11	saro	saro	NOUN
asfbr-8	4	12	-	-	PUNCT
asfbr-8	4	13	wiwa	wiwa	NOUN
asfbr-8	4	14	polytechnic	polytechnic	ADJ
asfbr-8	4	15	,	,	PUNCT
asfbr-8	4	16	bori	bori	NOUN
asfbr-8	4	17	,	,	PUNCT
asfbr-8	4	18	rivers	river	NOUN
asfbr-8	4	19	state	state	PROPN
asfbr-8	4	20	,	,	PUNCT
asfbr-8	4	21	nigeria	nigeria	PROPN
asfbr-8	4	22	.	.	PUNCT
asfbr-8	4	23	received	receive	VERB
asfbr-8	4	24	:	:	PUNCT
asfbr-8	4	25	january	january	PROPN
asfbr-8	4	26	19	19	NUM
asfbr-8	4	27	,	,	PUNCT
asfbr-8	4	28	2018	2018	NUM
asfbr-8	4	29	accepted	accept	VERB
asfbr-8	4	30	:	:	PUNCT
asfbr-8	4	31	january	january	PROPN
asfbr-8	4	32	22	22	NUM
asfbr-8	4	33	,	,	PUNCT
asfbr-8	4	34	2018	2018	NUM
asfbr-8	4	35	online	online	ADV
asfbr-8	4	36	published	publish	VERB
asfbr-8	4	37	:	:	PUNCT
asfbr-8	4	38	january	january	PROPN
asfbr-8	4	39	27	27	NUM
asfbr-8	4	40	,	,	PUNCT
asfbr-8	4	41	2018	2018	NUM
asfbr-8	4	42	abstract	abstract	NOUN
asfbr-8	4	43	this	this	PRON
asfbr-8	4	44	investigates	investigate	VERB
asfbr-8	4	45	the	the	DET
asfbr-8	4	46	effect	effect	NOUN
asfbr-8	4	47	of	of	ADP
asfbr-8	4	48	corporate	corporate	ADJ
asfbr-8	4	49	characteristics	characteristic	NOUN
asfbr-8	4	50	on	on	ADP
asfbr-8	4	51	share	share	NOUN
asfbr-8	4	52	base	base	NOUN
asfbr-8	4	53	payment	payment	NOUN
asfbr-8	4	54	of	of	ADP
asfbr-8	4	55	financial	financial	ADJ
asfbr-8	4	56	service	service	NOUN
asfbr-8	4	57	industry	industry	NOUN
asfbr-8	4	58	in	in	ADP
asfbr-8	4	59	nigeria	nigeria	PROPN
asfbr-8	4	60	.	.	PUNCT
asfbr-8	5	1	objective	objective	NOUN
asfbr-8	5	2	of	of	ADP
asfbr-8	5	3	the	the	DET
asfbr-8	5	4	study	study	NOUN
asfbr-8	5	5	is	be	AUX
asfbr-8	5	6	to	to	PART
asfbr-8	5	7	if	if	SCONJ
asfbr-8	5	8	internal	internal	ADJ
asfbr-8	5	9	factors	factor	NOUN
asfbr-8	5	10	affects	affect	VERB
asfbr-8	5	11	share	share	NOUN
asfbr-8	5	12	base	base	NOUN
asfbr-8	5	13	payments	payment	NOUN
asfbr-8	5	14	of	of	ADP
asfbr-8	5	15	corporate	corporate	ADJ
asfbr-8	5	16	organizations	organization	NOUN
asfbr-8	5	17	in	in	ADP
asfbr-8	5	18	nigeria	nigeria	PROPN
asfbr-8	5	19	.	.	PUNCT
asfbr-8	6	1	we	we	PRON
asfbr-8	6	2	analyzed	analyze	VERB
asfbr-8	6	3	five	five	NUM
asfbr-8	6	4	commercial	commercial	ADJ
asfbr-8	6	5	banks	bank	NOUN
asfbr-8	6	6	and	and	CCONJ
asfbr-8	6	7	five	five	NUM
asfbr-8	6	8	insurance	insurance	NOUN
asfbr-8	6	9	firms	firm	NOUN
asfbr-8	6	10	that	that	PRON
asfbr-8	6	11	are	be	AUX
asfbr-8	6	12	quoted	quote	VERB
asfbr-8	6	13	on	on	ADP
asfbr-8	6	14	the	the	DET
asfbr-8	6	15	floor	floor	NOUN
asfbr-8	6	16	of	of	ADP
asfbr-8	6	17	nigerian	nigerian	ADJ
asfbr-8	6	18	stock	stock	NOUN
asfbr-8	6	19	exchange	exchange	PROPN
asfbr-8	6	20	.	.	PUNCT
asfbr-8	7	1	technique	technique	NOUN
asfbr-8	7	2	adopted	adopt	VERB
asfbr-8	7	3	for	for	ADP
asfbr-8	7	4	sampling	sample	VERB
asfbr-8	7	5	adopted	adopt	VERB
asfbr-8	7	6	is	be	AUX
asfbr-8	7	7	convenience	convenience	NOUN
asfbr-8	7	8	sampling	sampling	NOUN
asfbr-8	7	9	.	.	PUNCT
asfbr-8	8	1	as	as	SCONJ
asfbr-8	8	2	the	the	DET
asfbr-8	8	3	nature	nature	NOUN
asfbr-8	8	4	of	of	ADP
asfbr-8	8	5	data	datum	NOUN
asfbr-8	8	6	is	be	AUX
asfbr-8	8	7	panel	panel	NOUN
asfbr-8	8	8	therefore	therefore	ADV
asfbr-8	8	9	,	,	PUNCT
asfbr-8	8	10	pooled	pool	VERB
asfbr-8	8	11	regression	regression	NOUN
asfbr-8	8	12	,	,	PUNCT
asfbr-8	8	13	fixed	fix	VERB
asfbr-8	8	14	and	and	CCONJ
asfbr-8	8	15	random	random	ADJ
asfbr-8	8	16	effect	effect	NOUN
asfbr-8	8	17	tests	test	NOUN
asfbr-8	8	18	are	be	AUX
asfbr-8	8	19	run	run	VERB
asfbr-8	8	20	.	.	PUNCT
asfbr-8	9	1	random	random	ADJ
asfbr-8	9	2	effect	effect	NOUN
asfbr-8	9	3	results	result	NOUN
asfbr-8	9	4	are	be	AUX
asfbr-8	9	5	focused	focus	VERB
asfbr-8	9	6	after	after	ADP
asfbr-8	9	7	applying	apply	VERB
asfbr-8	9	8	hausman	hausman	NOUN
asfbr-8	9	9	’s	’s	PART
asfbr-8	9	10	test	test	NOUN
asfbr-8	9	11	.	.	PUNCT
asfbr-8	10	1	from	from	ADP
asfbr-8	10	2	the	the	DET
asfbr-8	10	3	fixed	fix	VERB
asfbr-8	10	4	effect	effect	NOUN
asfbr-8	10	5	model	model	NOUN
asfbr-8	10	6	,	,	PUNCT
asfbr-8	10	7	tangibility	tangibility	NOUN
asfbr-8	10	8	,	,	PUNCT
asfbr-8	10	9	risk	risk	NOUN
asfbr-8	10	10	,	,	PUNCT
asfbr-8	10	11	management	management	NOUN
asfbr-8	10	12	efficiency	efficiency	NOUN
asfbr-8	10	13	,	,	PUNCT
asfbr-8	10	14	debt	debt	NOUN
asfbr-8	10	15	equity	equity	NOUN
asfbr-8	10	16	ratio	ratio	NOUN
asfbr-8	10	17	,	,	PUNCT
asfbr-8	10	18	corporate	corporate	ADJ
asfbr-8	10	19	governance	governance	NOUN
asfbr-8	10	20	and	and	CCONJ
asfbr-8	10	21	cost	cost	NOUN
asfbr-8	10	22	of	of	ADP
asfbr-8	10	23	capital	capital	NOUN
asfbr-8	10	24	have	have	VERB
asfbr-8	10	25	negative	negative	ADJ
asfbr-8	10	26	but	but	CCONJ
asfbr-8	10	27	insignificant	insignificant	ADJ
asfbr-8	10	28	effects	effect	NOUN
asfbr-8	10	29	while	while	SCONJ
asfbr-8	10	30	return	return	VERB
asfbr-8	10	31	on	on	ADP
asfbr-8	10	32	investment	investment	NOUN
asfbr-8	10	33	,	,	PUNCT
asfbr-8	10	34	liquidity	liquidity	NOUN
asfbr-8	10	35	and	and	CCONJ
asfbr-8	10	36	firm	firm	ADJ
asfbr-8	10	37	size	size	NOUN
asfbr-8	10	38	have	have	VERB
asfbr-8	10	39	positive	positive	ADJ
asfbr-8	10	40	and	and	CCONJ
asfbr-8	10	41	insignificant	insignificant	ADJ
asfbr-8	10	42	effect	effect	NOUN
asfbr-8	10	43	on	on	ADP
asfbr-8	10	44	share	share	NOUN
asfbr-8	10	45	base	base	NOUN
asfbr-8	10	46	payment	payment	NOUN
asfbr-8	10	47	.	.	PUNCT
asfbr-8	11	1	we	we	PRON
asfbr-8	11	2	conclude	conclude	VERB
asfbr-8	11	3	that	that	SCONJ
asfbr-8	11	4	corporate	corporate	ADJ
asfbr-8	11	5	characteristics	characteristic	NOUN
asfbr-8	11	6	does	do	AUX
asfbr-8	11	7	not	not	PART
asfbr-8	11	8	significantly	significantly	ADV
asfbr-8	11	9	influence	influence	VERB
asfbr-8	11	10	share	share	NOUN
asfbr-8	11	11	base	base	NOUN
asfbr-8	11	12	payment	payment	NOUN
asfbr-8	11	13	of	of	ADP
asfbr-8	11	14	the	the	DET
asfbr-8	11	15	selected	select	VERB
asfbr-8	11	16	financial	financial	ADJ
asfbr-8	11	17	service	service	NOUN
asfbr-8	11	18	firms	firm	NOUN
asfbr-8	11	19	.	.	PUNCT
asfbr-8	12	1	we	we	PRON
asfbr-8	12	2	therefore	therefore	ADV
asfbr-8	12	3	recommend	recommend	VERB
asfbr-8	12	4	that	that	SCONJ
asfbr-8	12	5	the	the	DET
asfbr-8	12	6	use	use	NOUN
asfbr-8	12	7	of	of	ADP
asfbr-8	12	8	share	share	NOUN
asfbr-8	12	9	base	base	NOUN
asfbr-8	12	10	payment	payment	NOUN
asfbr-8	12	11	should	should	AUX
asfbr-8	12	12	be	be	AUX
asfbr-8	12	13	integrated	integrate	VERB
asfbr-8	12	14	with	with	ADP
asfbr-8	12	15	the	the	DET
asfbr-8	12	16	corporate	corporate	ADJ
asfbr-8	12	17	structure	structure	NOUN
asfbr-8	12	18	such	such	ADJ
asfbr-8	12	19	as	as	ADP
asfbr-8	12	20	ownership	ownership	NOUN
asfbr-8	12	21	structure	structure	NOUN
asfbr-8	12	22	,	,	PUNCT
asfbr-8	12	23	capital	capital	NOUN
asfbr-8	12	24	structure	structure	NOUN
asfbr-8	12	25	and	and	CCONJ
asfbr-8	12	26	others	other	NOUN
asfbr-8	12	27	.	.	PUNCT
asfbr-8	13	1	keywords	keyword	NOUN
asfbr-8	13	2	:	:	PUNCT
asfbr-8	13	3	share	share	VERB
asfbr-8	13	4	base	base	NOUN
asfbr-8	13	5	payment	payment	NOUN
asfbr-8	13	6	,	,	PUNCT
asfbr-8	13	7	corporate	corporate	ADJ
asfbr-8	13	8	characteristics	characteristic	NOUN
asfbr-8	13	9	,	,	PUNCT
asfbr-8	13	10	financial	financial	ADJ
asfbr-8	13	11	service	service	NOUN
asfbr-8	13	12	firms	firm	NOUN
asfbr-8	13	13	,	,	PUNCT
asfbr-8	13	14	agency	agency	NOUN
asfbr-8	13	15	theory	theory	NOUN
asfbr-8	13	16	,	,	PUNCT
asfbr-8	13	17	corporate	corporate	ADJ
asfbr-8	13	18	payout	payout	NOUN
asfbr-8	13	19	policy	policy	NOUN
asfbr-8	13	20	.	.	PUNCT
asfbr-8	14	1	1	1	X
asfbr-8	14	2	.	.	X
asfbr-8	14	3	introduction	introduction	NOUN
asfbr-8	14	4	the	the	DET
asfbr-8	14	5	traditional	traditional	ADJ
asfbr-8	14	6	finance	finance	NOUN
asfbr-8	14	7	paradigm	paradigm	NOUN
asfbr-8	14	8	,	,	PUNCT
asfbr-8	14	9	theory	theory	NOUN
asfbr-8	14	10	and	and	CCONJ
asfbr-8	14	11	teaching	teaching	NOUN
asfbr-8	14	12	put	put	VERB
asfbr-8	14	13	the	the	DET
asfbr-8	14	14	shareholders	shareholder	NOUN
asfbr-8	14	15	wealth	wealth	NOUN
asfbr-8	14	16	maximization	maximization	NOUN
asfbr-8	14	17	as	as	ADP
asfbr-8	14	18	the	the	DET
asfbr-8	14	19	primary	primary	ADJ
asfbr-8	14	20	goal	goal	NOUN
asfbr-8	14	21	of	of	ADP
asfbr-8	14	22	corporate	corporate	ADJ
asfbr-8	14	23	management	management	NOUN
asfbr-8	14	24	.	.	PUNCT
asfbr-8	15	1	the	the	DET
asfbr-8	15	2	shareholders	shareholder	NOUN
asfbr-8	15	3	wealth	wealth	NOUN
asfbr-8	15	4	maximization	maximization	NOUN
asfbr-8	15	5	as	as	ADP
asfbr-8	15	6	function	function	NOUN
asfbr-8	15	7	of	of	ADP
asfbr-8	15	8	management	management	NOUN
asfbr-8	15	9	is	be	AUX
asfbr-8	15	10	a	a	DET
asfbr-8	15	11	critical	critical	ADJ
asfbr-8	15	12	function	function	NOUN
asfbr-8	15	13	that	that	PRON
asfbr-8	15	14	requires	require	VERB
asfbr-8	15	15	tactical	tactical	ADJ
asfbr-8	15	16	and	and	CCONJ
asfbr-8	15	17	strategic	strategic	ADJ
asfbr-8	15	18	measures	measure	NOUN
asfbr-8	15	19	to	to	PART
asfbr-8	15	20	achieve	achieve	VERB
asfbr-8	15	21	.	.	PUNCT
asfbr-8	16	1	apart	apart	ADV
asfbr-8	16	2	from	from	ADP
asfbr-8	16	3	maximizing	maximize	VERB
asfbr-8	16	4	shareholders	shareholder	NOUN
asfbr-8	16	5	wealth	wealth	NOUN
asfbr-8	16	6	as	as	SCONJ
asfbr-8	16	7	finance	finance	NOUN
asfbr-8	16	8	theory	theory	NOUN
asfbr-8	16	9	formulated	formulate	VERB
asfbr-8	16	10	,	,	PUNCT
asfbr-8	16	11	the	the	DET
asfbr-8	16	12	corporate	corporate	ADJ
asfbr-8	16	13	organization	organization	NOUN
asfbr-8	16	14	has	have	VERB
asfbr-8	16	15	obligations	obligation	NOUN
asfbr-8	16	16	such	such	ADJ
asfbr-8	16	17	as	as	ADP
asfbr-8	16	18	payment	payment	NOUN
asfbr-8	16	19	to	to	ADP
asfbr-8	16	20	employees	employee	NOUN
asfbr-8	16	21	and	and	CCONJ
asfbr-8	16	22	creditors	creditor	NOUN
asfbr-8	16	23	.	.	PUNCT
asfbr-8	17	1	these	these	PRON
asfbr-8	17	2	can	can	AUX
asfbr-8	17	3	be	be	AUX
asfbr-8	17	4	raid	raid	VERB
asfbr-8	17	5	in	in	ADP
asfbr-8	17	6	cash	cash	NOUN
asfbr-8	17	7	or	or	CCONJ
asfbr-8	17	8	share	share	VERB
asfbr-8	17	9	base	base	NOUN
asfbr-8	17	10	payment	payment	NOUN
asfbr-8	17	11	.	.	PUNCT
asfbr-8	18	1	the	the	DET
asfbr-8	18	2	emergence	emergence	NOUN
asfbr-8	18	3	of	of	ADP
asfbr-8	18	4	share	share	NOUN
asfbr-8	18	5	base	base	NOUN
asfbr-8	18	6	payment	payment	NOUN
asfbr-8	18	7	dates	date	VERB
asfbr-8	18	8	back	back	ADV
asfbr-8	18	9	to	to	ADP
asfbr-8	18	10	the	the	DET
asfbr-8	18	11	1920s	1920s	NUM
asfbr-8	18	12	when	when	SCONJ
asfbr-8	18	13	it	it	PRON
asfbr-8	18	14	highlighted	highlight	VERB
asfbr-8	18	15	a	a	DET
asfbr-8	18	16	change	change	NOUN
asfbr-8	18	17	in	in	ADP
asfbr-8	18	18	ownership	ownership	NOUN
asfbr-8	18	19	of	of	ADP
asfbr-8	18	20	the	the	DET
asfbr-8	18	21	company	company	NOUN
asfbr-8	18	22	.	.	PUNCT
asfbr-8	19	1	due	due	ADP
asfbr-8	19	2	to	to	ADP
asfbr-8	19	3	an	an	DET
asfbr-8	19	4	increasing	increase	VERB
asfbr-8	19	5	number	number	NOUN
asfbr-8	19	6	of	of	ADP
asfbr-8	19	7	private	private	ADJ
asfbr-8	19	8	investors	investor	NOUN
asfbr-8	19	9	that	that	PRON
asfbr-8	19	10	became	become	VERB
asfbr-8	19	11	interested	interested	ADJ
asfbr-8	19	12	in	in	ADP
asfbr-8	19	13	the	the	DET
asfbr-8	19	14	stock	stock	NOUN
asfbr-8	19	15	exchange	exchange	NOUN
asfbr-8	19	16	and	and	CCONJ
asfbr-8	19	17	in	in	ADP
asfbr-8	19	18	yield	yield	NOUN
asfbr-8	19	19	investments	investment	NOUN
asfbr-8	19	20	,	,	PUNCT
asfbr-8	19	21	the	the	DET
asfbr-8	19	22	separation	separation	NOUN
asfbr-8	19	23	of	of	ADP
asfbr-8	19	24	ownership	ownership	NOUN
asfbr-8	19	25	and	and	CCONJ
asfbr-8	19	26	control	control	NOUN
asfbr-8	19	27	of	of	ADP
asfbr-8	19	28	the	the	DET
asfbr-8	19	29	companies	company	NOUN
asfbr-8	19	30	started	start	VERB
asfbr-8	19	31	(	(	PUNCT
asfbr-8	19	32	zhou	zhou	PROPN
asfbr-8	19	33	,	,	PUNCT
asfbr-8	19	34	2010	2010	NUM
asfbr-8	19	35	)	)	PUNCT
asfbr-8	19	36	.	.	PUNCT
asfbr-8	20	1	share	share	NOUN
asfbr-8	20	2	based	base	VERB
asfbr-8	20	3	payment	payment	NOUN
asfbr-8	20	4	issued	issue	VERB
asfbr-8	20	5	by	by	ADP
asfbr-8	20	6	international	international	ADJ
asfbr-8	20	7	accounting	accounting	PROPN
asfbr-8	20	8	standard	standard	PROPN
asfbr-8	20	9	board	board	NOUN
asfbr-8	20	10	is	be	AUX
asfbr-8	20	11	regulated	regulate	VERB
asfbr-8	20	12	by	by	ADP
asfbr-8	20	13	international	international	ADJ
asfbr-8	20	14	financial	financial	ADJ
asfbr-8	20	15	reporting	reporting	NOUN
asfbr-8	20	16	standard	standard	NOUN
asfbr-8	20	17	.	.	PUNCT
asfbr-8	21	1	this	this	DET
asfbr-8	21	2	standard	standard	ADJ
asfbr-8	21	3	addresses	address	NOUN
asfbr-8	21	4	payments	payment	NOUN
asfbr-8	21	5	and	and	CCONJ
asfbr-8	21	6	compensation	compensation	NOUN
asfbr-8	21	7	plans	plan	NOUN
asfbr-8	21	8	which	which	PRON
asfbr-8	21	9	have	have	AUX
asfbr-8	21	10	been	be	AUX
asfbr-8	21	11	more	more	ADV
asfbr-8	21	12	and	and	CCONJ
asfbr-8	21	13	more	more	ADV
asfbr-8	21	14	accepted	accept	VERB
asfbr-8	21	15	and	and	CCONJ
asfbr-8	21	16	adopted	adopt	VERB
asfbr-8	21	17	.	.	PUNCT
asfbr-8	22	1	alexander	alexander	PROPN
asfbr-8	22	2	et	et	PROPN
asfbr-8	22	3	al	al	PROPN
asfbr-8	22	4	.	.	PROPN
asfbr-8	23	1	(	(	PUNCT
asfbr-8	23	2	2007	2007	NUM
asfbr-8	23	3	)	)	PUNCT
asfbr-8	23	4	noted	note	VERB
asfbr-8	23	5	that	that	SCONJ
asfbr-8	23	6	bonus	bonus	NOUN
asfbr-8	23	7	and	and	CCONJ
asfbr-8	23	8	profit	profit	NOUN
asfbr-8	23	9	sharing	sharing	NOUN
asfbr-8	23	10	plans	plan	NOUN
asfbr-8	23	11	have	have	AUX
asfbr-8	23	12	for	for	ADP
asfbr-8	23	13	a	a	DET
asfbr-8	23	14	long	long	ADJ
asfbr-8	23	15	time	time	NOUN
asfbr-8	23	16	been	be	VERB
asfbr-8	23	17	the	the	DET
asfbr-8	23	18	only	only	ADV
asfbr-8	23	19	widely	widely	ADV
asfbr-8	23	20	used	use	VERB
asfbr-8	23	21	instrument	instrument	NOUN
asfbr-8	23	22	to	to	PART
asfbr-8	23	23	increase	increase	VERB
asfbr-8	23	24	compensation	compensation	NOUN
asfbr-8	23	25	for	for	ADP
asfbr-8	23	26	executives	executive	NOUN
asfbr-8	23	27	and	and	CCONJ
asfbr-8	23	28	employees‖.	employees‖.	NUM
asfbr-8	23	29	however	however	ADV
asfbr-8	23	30	,	,	PUNCT
asfbr-8	23	31	from	from	ADP
asfbr-8	23	32	the	the	DET
asfbr-8	23	33	beginning	beginning	NOUN
asfbr-8	23	34	of	of	ADP
asfbr-8	23	35	1990s	1990	NOUN
asfbr-8	23	36	stock	stock	NOUN
asfbr-8	23	37	based	base	VERB
asfbr-8	23	38	compensation	compensation	NOUN
asfbr-8	23	39	,	,	PUNCT
asfbr-8	23	40	or	or	CCONJ
asfbr-8	23	41	more	more	ADV
asfbr-8	23	42	broadly	broadly	ADV
asfbr-8	23	43	share	share	NOUN
asfbr-8	23	44	-	-	PUNCT
asfbr-8	23	45	based	base	VERB
asfbr-8	23	46	payments	payment	NOUN
asfbr-8	23	47	,	,	PUNCT
asfbr-8	23	48	became	become	VERB
asfbr-8	23	49	very	very	ADV
asfbr-8	23	50	popular	popular	ADJ
asfbr-8	23	51	(	(	PUNCT
asfbr-8	23	52	hall	hall	NOUN
asfbr-8	23	53	and	and	CCONJ
asfbr-8	23	54	liebman	liebman	PROPN
asfbr-8	23	55	,	,	PUNCT
asfbr-8	23	56	1998	1998	NUM
asfbr-8	23	57	)	)	PUNCT
asfbr-8	23	58	.	.	PUNCT
asfbr-8	24	1	share	share	NOUN
asfbr-8	24	2	based	base	VERB
asfbr-8	24	3	payment	payment	NOUN
asfbr-8	24	4	awards	award	NOUN
asfbr-8	24	5	are	be	AUX
asfbr-8	24	6	an	an	DET
asfbr-8	24	7	integral	integral	ADJ
asfbr-8	24	8	component	component	NOUN
asfbr-8	24	9	of	of	ADP
asfbr-8	24	10	a	a	DET
asfbr-8	24	11	total	total	ADJ
asfbr-8	24	12	compensation	compensation	NOUN
asfbr-8	24	13	package	package	NOUN
asfbr-8	24	14	.	.	PUNCT
asfbr-8	25	1	as	as	ADP
asfbr-8	25	2	such	such	ADJ
asfbr-8	25	3	,	,	PUNCT
asfbr-8	25	4	they	they	PRON
asfbr-8	25	5	concluded	conclude	VERB
asfbr-8	25	6	that	that	SCONJ
asfbr-8	25	7	an	an	DET
asfbr-8	25	8	entity	entity	NOUN
asfbr-8	25	9	should	should	AUX
asfbr-8	25	10	recognize	recognize	VERB
asfbr-8	25	11	an	an	DET
asfbr-8	25	12	expense	expense	NOUN
asfbr-8	25	13	for	for	ADP
asfbr-8	25	14	share	share	NOUN
asfbr-8	25	15	-	-	PUNCT
asfbr-8	25	16	based	base	VERB
asfbr-8	25	17	payments	payment	NOUN
asfbr-8	25	18	,	,	PUNCT
asfbr-8	25	19	just	just	ADV
asfbr-8	25	20	as	as	SCONJ
asfbr-8	25	21	it	it	PRON
asfbr-8	25	22	does	do	VERB
asfbr-8	25	23	for	for	ADP
asfbr-8	25	24	cash	cash	NOUN
asfbr-8	25	25	compensation	compensation	NOUN
asfbr-8	25	26	(	(	PUNCT
asfbr-8	25	27	ross	ross	PROPN
asfbr-8	25	28	,	,	PUNCT
asfbr-8	25	29	2004	2004	NUM
asfbr-8	25	30	)	)	PUNCT
asfbr-8	25	31	.	.	PUNCT
asfbr-8	26	1	international	international	ADJ
asfbr-8	26	2	financial	financial	ADJ
asfbr-8	26	3	reporting	reporting	NOUN
asfbr-8	26	4	standard	standard	ADJ
asfbr-8	26	5	2	2	NUM
asfbr-8	26	6	distinguishes	distinguishe	NOUN
asfbr-8	26	7	between	between	ADP
asfbr-8	26	8	the	the	DET
asfbr-8	26	9	accounting	accounting	NOUN
asfbr-8	26	10	treatments	treatment	NOUN
asfbr-8	26	11	for	for	ADP
asfbr-8	26	12	share	share	NOUN
asfbr-8	26	13	-	-	PUNCT
asfbr-8	26	14	based	base	VERB
asfbr-8	26	15	payment	payment	NOUN
asfbr-8	26	16	transactions	transaction	NOUN
asfbr-8	26	17	of	of	ADP
asfbr-8	26	18	equity	equity	NOUN
asfbr-8	26	19	-	-	PUNCT
asfbr-8	26	20	settled	settle	VERB
asfbr-8	26	21	versus	versus	ADP
asfbr-8	26	22	cash	cash	NOUN
asfbr-8	26	23	-	-	PUNCT
asfbr-8	26	24	settled	settle	VERB
asfbr-8	26	25	.	.	PUNCT
asfbr-8	27	1	a	a	DET
asfbr-8	27	2	transaction	transaction	NOUN
asfbr-8	27	3	is	be	AUX
asfbr-8	27	4	treated	treat	VERB
asfbr-8	27	5	as	as	ADP
asfbr-8	27	6	equity	equity	NOUN
asfbr-8	27	7	-	-	PUNCT
asfbr-8	27	8	settled	settle	VERB
asfbr-8	27	9	when	when	SCONJ
asfbr-8	27	10	an	an	DET
asfbr-8	27	11	entity	entity	NOUN
asfbr-8	27	12	receives	receive	VERB
asfbr-8	27	13	goods	good	NOUN
asfbr-8	27	14	or	or	CCONJ
asfbr-8	27	15	services	service	NOUN
asfbr-8	27	16	as	as	ADP
asfbr-8	27	17	consideration	consideration	NOUN
asfbr-8	27	18	for	for	ADP
asfbr-8	27	19	its	its	PRON
asfbr-8	27	20	own	own	ADJ
asfbr-8	27	21	equity	equity	NOUN
asfbr-8	27	22	instruments	instrument	NOUN
asfbr-8	27	23	(	(	PUNCT
asfbr-8	27	24	including	include	VERB
asfbr-8	27	25	shares	share	NOUN
asfbr-8	27	26	or	or	CCONJ
asfbr-8	27	27	share	share	NOUN
asfbr-8	27	28	options	option	NOUN
asfbr-8	27	29	)	)	PUNCT
asfbr-8	27	30	,	,	PUNCT
asfbr-8	27	31	or	or	CCONJ
asfbr-8	27	32	it	it	PRON
asfbr-8	27	33	receives	receive	VERB
asfbr-8	27	34	goods	good	NOUN
asfbr-8	27	35	or	or	CCONJ
asfbr-8	27	36	services	service	NOUN
asfbr-8	27	37	but	but	CCONJ
asfbr-8	27	38	has	have	VERB
asfbr-8	27	39	no	no	DET
asfbr-8	27	40	obligation	obligation	NOUN
asfbr-8	27	41	to	to	PART
asfbr-8	27	42	settle	settle	VERB
asfbr-8	27	43	the	the	DET
asfbr-8	27	44	transaction	transaction	NOUN
asfbr-8	27	45	with	with	ADP
asfbr-8	27	46	the	the	DET
asfbr-8	27	47	supplier	supplier	NOUN
asfbr-8	27	48	.	.	PUNCT
asfbr-8	28	1	additionally	additionally	ADV
asfbr-8	28	2	,	,	PUNCT
asfbr-8	28	3	increased	increase	VERB
asfbr-8	28	4	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	PROPN
asfbr-8	28	5	asian	asian	PROPN
asfbr-8	28	6	finance	finance	PROPN
asfbr-8	28	7	&	&	CCONJ
asfbr-8	28	8	banking	banking	PROPN
asfbr-8	28	9	review	review	PROPN
asfbr-8	28	10	vol	vol	NOUN
asfbr-8	28	11	.	.	PROPN
asfbr-8	29	1	2	2	NUM
asfbr-8	29	2	,	,	PUNCT
asfbr-8	29	3	no	no	INTJ
asfbr-8	29	4	.	.	NOUN
asfbr-8	29	5	1	1	NUM
asfbr-8	29	6	;	;	PUNCT
asfbr-8	29	7	2018	2018	NUM
asfbr-8	29	8	19	19	NUM
asfbr-8	29	9	competition	competition	NOUN
asfbr-8	29	10	adds	add	VERB
asfbr-8	29	11	special	special	ADJ
asfbr-8	29	12	concern	concern	NOUN
asfbr-8	29	13	and	and	CCONJ
asfbr-8	29	14	is	be	AUX
asfbr-8	29	15	considered	consider	VERB
asfbr-8	29	16	a	a	DET
asfbr-8	29	17	problematic	problematic	ADJ
asfbr-8	29	18	issue	issue	NOUN
asfbr-8	29	19	.	.	PUNCT
asfbr-8	30	1	it	it	PRON
asfbr-8	30	2	is	be	AUX
asfbr-8	30	3	a	a	DET
asfbr-8	30	4	must	must	NOUN
asfbr-8	30	5	for	for	SCONJ
asfbr-8	30	6	firms	firm	NOUN
asfbr-8	30	7	to	to	PART
asfbr-8	30	8	find	find	VERB
asfbr-8	30	9	alternative	alternative	ADJ
asfbr-8	30	10	solutions	solution	NOUN
asfbr-8	30	11	in	in	ADP
asfbr-8	30	12	order	order	NOUN
asfbr-8	30	13	to	to	PART
asfbr-8	30	14	increase	increase	VERB
asfbr-8	30	15	performance	performance	NOUN
asfbr-8	30	16	and	and	CCONJ
asfbr-8	30	17	be	be	AUX
asfbr-8	30	18	efficient	efficient	ADJ
asfbr-8	30	19	.	.	PUNCT
asfbr-8	31	1	share	share	NOUN
asfbr-8	31	2	based	base	VERB
asfbr-8	31	3	payment	payment	NOUN
asfbr-8	31	4	seems	seem	VERB
asfbr-8	31	5	to	to	PART
asfbr-8	31	6	present	present	VERB
asfbr-8	31	7	a	a	DET
asfbr-8	31	8	paradox	paradox	NOUN
asfbr-8	31	9	in	in	ADP
asfbr-8	31	10	terms	term	NOUN
asfbr-8	31	11	of	of	ADP
asfbr-8	31	12	giving	give	VERB
asfbr-8	31	13	contribution	contribution	NOUN
asfbr-8	31	14	to	to	ADP
asfbr-8	31	15	firms	firm	NOUN
asfbr-8	31	16	.	.	PUNCT
asfbr-8	32	1	its	its	PRON
asfbr-8	32	2	use	use	NOUN
asfbr-8	32	3	may	may	AUX
asfbr-8	32	4	relate	relate	VERB
asfbr-8	32	5	to	to	ADP
asfbr-8	32	6	some	some	DET
asfbr-8	32	7	firm´s	firm´s	NOUN
asfbr-8	32	8	characteristics	characteristic	NOUN
asfbr-8	32	9	and	and	CCONJ
asfbr-8	32	10	it	it	PRON
asfbr-8	32	11	may	may	AUX
asfbr-8	32	12	represent	represent	VERB
asfbr-8	32	13	important	important	ADJ
asfbr-8	32	14	and	and	CCONJ
asfbr-8	32	15	relevant	relevant	ADJ
asfbr-8	32	16	information	information	NOUN
asfbr-8	32	17	to	to	ADP
asfbr-8	32	18	owners	owner	NOUN
asfbr-8	32	19	and	and	CCONJ
asfbr-8	32	20	management	management	NOUN
asfbr-8	32	21	.	.	PUNCT
asfbr-8	33	1	the	the	DET
asfbr-8	33	2	negative	negative	ADJ
asfbr-8	33	3	side‖	side‖	NOUN
asfbr-8	33	4	regarding	regard	VERB
asfbr-8	33	5	the	the	DET
asfbr-8	33	6	use	use	NOUN
asfbr-8	33	7	of	of	ADP
asfbr-8	33	8	share	share	NOUN
asfbr-8	33	9	based	base	VERB
asfbr-8	33	10	payment	payment	NOUN
asfbr-8	33	11	related	relate	VERB
asfbr-8	33	12	to	to	ADP
asfbr-8	33	13	an	an	DET
asfbr-8	33	14	opportunistic	opportunistic	ADJ
asfbr-8	33	15	behavior	behavior	NOUN
asfbr-8	33	16	which	which	PRON
asfbr-8	33	17	may	may	AUX
asfbr-8	33	18	be	be	AUX
asfbr-8	33	19	replaced	replace	VERB
asfbr-8	33	20	once	once	ADV
asfbr-8	33	21	potential	potential	ADJ
asfbr-8	33	22	users	user	NOUN
asfbr-8	33	23	of	of	ADP
asfbr-8	33	24	this	this	DET
asfbr-8	33	25	incentive	incentive	NOUN
asfbr-8	33	26	remuneration	remuneration	NOUN
asfbr-8	33	27	plan	plan	NOUN
asfbr-8	33	28	are	be	AUX
asfbr-8	33	29	aware	aware	ADJ
asfbr-8	33	30	of	of	ADP
asfbr-8	33	31	the	the	DET
asfbr-8	33	32	benefits	benefit	NOUN
asfbr-8	33	33	of	of	ADP
asfbr-8	33	34	its	its	PRON
asfbr-8	33	35	use	use	NOUN
asfbr-8	33	36	when	when	SCONJ
asfbr-8	33	37	appropriated	appropriate	VERB
asfbr-8	33	38	.	.	PUNCT
asfbr-8	34	1	that	that	PRON
asfbr-8	34	2	is	be	AUX
asfbr-8	34	3	the	the	DET
asfbr-8	34	4	reason	reason	NOUN
asfbr-8	34	5	why	why	SCONJ
asfbr-8	34	6	studying	study	VERB
asfbr-8	34	7	the	the	DET
asfbr-8	34	8	determinants	determinant	NOUN
asfbr-8	34	9	of	of	ADP
asfbr-8	34	10	share	share	NOUN
asfbr-8	34	11	based	base	VERB
asfbr-8	34	12	payment	payment	NOUN
asfbr-8	34	13	use	use	NOUN
asfbr-8	34	14	plays	play	VERB
asfbr-8	34	15	a	a	DET
asfbr-8	34	16	significant	significant	ADJ
asfbr-8	34	17	role	role	NOUN
asfbr-8	34	18	(	(	PUNCT
asfbr-8	34	19	johnston	johnston	PROPN
asfbr-8	34	20	,	,	PUNCT
asfbr-8	34	21	2006	2006	NUM
asfbr-8	34	22	)	)	PUNCT
asfbr-8	34	23	.	.	PUNCT
asfbr-8	35	1	(	(	PUNCT
asfbr-8	35	2	duncan	duncan	PROPN
asfbr-8	35	3	,	,	PUNCT
asfbr-8	35	4	2001	2001	NUM
asfbr-8	35	5	)	)	PUNCT
asfbr-8	35	6	noted	note	VERB
asfbr-8	35	7	that	that	SCONJ
asfbr-8	35	8	a	a	DET
asfbr-8	35	9	major	major	ADJ
asfbr-8	35	10	proposition	proposition	NOUN
asfbr-8	35	11	of	of	ADP
asfbr-8	35	12	the	the	DET
asfbr-8	35	13	agency	agency	NOUN
asfbr-8	35	14	theory	theory	NOUN
asfbr-8	35	15	is	be	AUX
asfbr-8	35	16	that	that	SCONJ
asfbr-8	35	17	the	the	DET
asfbr-8	35	18	conflict	conflict	NOUN
asfbr-8	35	19	of	of	ADP
asfbr-8	35	20	interests	interest	NOUN
asfbr-8	35	21	between	between	ADP
asfbr-8	35	22	an	an	DET
asfbr-8	35	23	agent	agent	NOUN
asfbr-8	35	24	and	and	CCONJ
asfbr-8	35	25	a	a	DET
asfbr-8	35	26	principal	principal	NOUN
asfbr-8	35	27	is	be	AUX
asfbr-8	35	28	reduced	reduce	VERB
asfbr-8	35	29	when	when	SCONJ
asfbr-8	35	30	the	the	DET
asfbr-8	35	31	agent	agent	NOUN
asfbr-8	35	32	’s	’s	PART
asfbr-8	35	33	wealth	wealth	NOUN
asfbr-8	35	34	and	and	CCONJ
asfbr-8	35	35	compensation	compensation	NOUN
asfbr-8	35	36	are	be	AUX
asfbr-8	35	37	tied	tie	VERB
asfbr-8	35	38	to	to	ADP
asfbr-8	35	39	the	the	DET
asfbr-8	35	40	performance	performance	NOUN
asfbr-8	35	41	of	of	ADP
asfbr-8	35	42	the	the	DET
asfbr-8	35	43	firm	firm	NOUN
asfbr-8	35	44	.	.	PUNCT
asfbr-8	36	1	apart	apart	ADV
asfbr-8	36	2	from	from	ADP
asfbr-8	36	3	the	the	DET
asfbr-8	36	4	direct	direct	ADJ
asfbr-8	36	5	predicted	predict	VERB
asfbr-8	36	6	relation	relation	NOUN
asfbr-8	36	7	to	to	ADP
asfbr-8	36	8	corporate	corporate	ADJ
asfbr-8	36	9	performance	performance	NOUN
asfbr-8	36	10	,	,	PUNCT
asfbr-8	36	11	compensating	compensate	VERB
asfbr-8	36	12	managers	manager	NOUN
asfbr-8	36	13	with	with	ADP
asfbr-8	36	14	equity	equity	NOUN
asfbr-8	36	15	instruments	instrument	NOUN
asfbr-8	36	16	has	have	VERB
asfbr-8	36	17	implications	implication	NOUN
asfbr-8	36	18	for	for	ADP
asfbr-8	36	19	corporate	corporate	ADJ
asfbr-8	36	20	risk	risk	NOUN
asfbr-8	36	21	-	-	PUNCT
asfbr-8	36	22	taking	take	VERB
asfbr-8	36	23	and	and	CCONJ
asfbr-8	36	24	payout	payout	ADJ
asfbr-8	36	25	policy	policy	NOUN
asfbr-8	36	26	choices	choice	NOUN
asfbr-8	36	27	.	.	PUNCT
asfbr-8	37	1	additionally	additionally	ADV
asfbr-8	37	2	,	,	PUNCT
asfbr-8	37	3	equity	equity	NOUN
asfbr-8	37	4	-	-	PUNCT
asfbr-8	37	5	based	base	VERB
asfbr-8	37	6	compensation	compensation	NOUN
asfbr-8	37	7	practices	practice	NOUN
asfbr-8	37	8	are	be	AUX
asfbr-8	37	9	to	to	ADP
asfbr-8	37	10	a	a	DET
asfbr-8	37	11	large	large	ADJ
asfbr-8	37	12	extent	extent	NOUN
asfbr-8	37	13	shaped	shape	VERB
asfbr-8	37	14	by	by	ADP
asfbr-8	37	15	institutional	institutional	ADJ
asfbr-8	37	16	factors	factor	NOUN
asfbr-8	37	17	,	,	PUNCT
asfbr-8	37	18	such	such	ADJ
asfbr-8	37	19	as	as	ADP
asfbr-8	37	20	accounting	accounting	NOUN
asfbr-8	37	21	regulations	regulation	NOUN
asfbr-8	37	22	and	and	CCONJ
asfbr-8	37	23	corporate	corporate	ADJ
asfbr-8	37	24	characteristics	characteristic	NOUN
asfbr-8	37	25	(	(	PUNCT
asfbr-8	37	26	baker	baker	PROPN
asfbr-8	37	27	,	,	PUNCT
asfbr-8	37	28	collins	collins	PROPN
asfbr-8	37	29	and	and	CCONJ
asfbr-8	37	30	reitenga	reitenga	PROPN
asfbr-8	37	31	,	,	PUNCT
asfbr-8	37	32	2009	2009	NUM
asfbr-8	37	33	)	)	PUNCT
asfbr-8	37	34	.	.	PUNCT
asfbr-8	38	1	empirical	empirical	ADJ
asfbr-8	38	2	studies	study	NOUN
asfbr-8	38	3	concerning	concern	VERB
asfbr-8	38	4	share	share	NOUN
asfbr-8	38	5	based	base	VERB
asfbr-8	38	6	payment	payment	NOUN
asfbr-8	38	7	is	be	AUX
asfbr-8	38	8	made	make	VERB
asfbr-8	38	9	by	by	ADP
asfbr-8	38	10	the	the	DET
asfbr-8	38	11	discussion	discussion	NOUN
asfbr-8	38	12	regarding	regard	VERB
asfbr-8	38	13	the	the	DET
asfbr-8	38	14	role	role	NOUN
asfbr-8	38	15	and	and	CCONJ
asfbr-8	38	16	motivation	motivation	NOUN
asfbr-8	38	17	for	for	ADP
asfbr-8	38	18	the	the	DET
asfbr-8	38	19	use	use	NOUN
asfbr-8	38	20	and	and	CCONJ
asfbr-8	38	21	effects	effect	NOUN
asfbr-8	38	22	of	of	ADP
asfbr-8	38	23	share	share	NOUN
asfbr-8	38	24	based	base	VERB
asfbr-8	38	25	payment	payment	NOUN
asfbr-8	38	26	.	.	PUNCT
asfbr-8	39	1	however	however	ADV
asfbr-8	39	2	,	,	PUNCT
asfbr-8	39	3	there	there	PRON
asfbr-8	39	4	are	be	VERB
asfbr-8	39	5	limited	limited	ADJ
asfbr-8	39	6	studies	study	NOUN
asfbr-8	39	7	of	of	ADP
asfbr-8	39	8	citable	citable	ADJ
asfbr-8	39	9	significance	significance	NOUN
asfbr-8	39	10	that	that	PRON
asfbr-8	39	11	have	have	VERB
asfbr-8	39	12	death	death	NOUN
asfbr-8	39	13	with	with	ADP
asfbr-8	39	14	corporate	corporate	ADJ
asfbr-8	39	15	factors	factor	NOUN
asfbr-8	39	16	that	that	PRON
asfbr-8	39	17	determine	determine	VERB
asfbr-8	39	18	share	share	NOUN
asfbr-8	39	19	based	base	VERB
asfbr-8	39	20	payment	payment	NOUN
asfbr-8	39	21	not	not	PART
asfbr-8	39	22	much	much	ADJ
asfbr-8	39	23	focus	focus	NOUN
asfbr-8	39	24	has	have	AUX
asfbr-8	39	25	been	be	AUX
asfbr-8	39	26	made	make	VERB
asfbr-8	39	27	on	on	ADP
asfbr-8	39	28	the	the	DET
asfbr-8	39	29	determinants	determinant	NOUN
asfbr-8	39	30	of	of	ADP
asfbr-8	39	31	share	share	NOUN
asfbr-8	39	32	based	base	VERB
asfbr-8	39	33	payment	payment	NOUN
asfbr-8	39	34	,	,	PUNCT
asfbr-8	39	35	especially	especially	ADV
asfbr-8	39	36	when	when	SCONJ
asfbr-8	39	37	it	it	PRON
asfbr-8	39	38	comes	come	VERB
asfbr-8	39	39	to	to	ADP
asfbr-8	39	40	knowing	know	VERB
asfbr-8	39	41	about	about	ADP
asfbr-8	39	42	companies	company	NOUN
asfbr-8	39	43	’	'	PUNCT
asfbr-8	39	44	characteristics	characteristic	NOUN
asfbr-8	39	45	influence	influence	NOUN
asfbr-8	39	46	on	on	ADP
asfbr-8	39	47	implementation	implementation	NOUN
asfbr-8	39	48	of	of	ADP
asfbr-8	39	49	such	such	ADJ
asfbr-8	39	50	plan	plan	NOUN
asfbr-8	39	51	.	.	PUNCT
asfbr-8	40	1	existing	exist	VERB
asfbr-8	40	2	studies	study	NOUN
asfbr-8	40	3	have	have	AUX
asfbr-8	40	4	failed	fail	VERB
asfbr-8	40	5	to	to	PART
asfbr-8	40	6	conclude	conclude	VERB
asfbr-8	40	7	on	on	ADP
asfbr-8	40	8	factors	factor	NOUN
asfbr-8	40	9	that	that	PRON
asfbr-8	40	10	determine	determine	VERB
asfbr-8	40	11	share	share	NOUN
asfbr-8	40	12	based	base	VERB
asfbr-8	40	13	payment	payment	NOUN
asfbr-8	40	14	and	and	CCONJ
asfbr-8	40	15	the	the	DET
asfbr-8	40	16	direction	direction	NOUN
asfbr-8	40	17	of	of	ADP
asfbr-8	40	18	causality	causality	NOUN
asfbr-8	40	19	.	.	PUNCT
asfbr-8	41	1	the	the	DET
asfbr-8	41	2	importance	importance	NOUN
asfbr-8	41	3	of	of	ADP
asfbr-8	41	4	looking	look	VERB
asfbr-8	41	5	at	at	ADP
asfbr-8	41	6	the	the	DET
asfbr-8	41	7	determinants	determinant	NOUN
asfbr-8	41	8	is	be	AUX
asfbr-8	41	9	that	that	SCONJ
asfbr-8	41	10	it	it	PRON
asfbr-8	41	11	shows	show	VERB
asfbr-8	41	12	the	the	DET
asfbr-8	41	13	users	user	NOUN
asfbr-8	41	14	including	include	VERB
asfbr-8	41	15	owners	owner	NOUN
asfbr-8	41	16	and	and	CCONJ
asfbr-8	41	17	managers	manager	NOUN
asfbr-8	41	18	a	a	DET
asfbr-8	41	19	way	way	NOUN
asfbr-8	41	20	in	in	ADP
asfbr-8	41	21	which	which	PRON
asfbr-8	41	22	share	share	NOUN
asfbr-8	41	23	based	base	VERB
asfbr-8	41	24	payment	payment	NOUN
asfbr-8	41	25	is	be	AUX
asfbr-8	41	26	used	use	VERB
asfbr-8	41	27	as	as	ADP
asfbr-8	41	28	an	an	DET
asfbr-8	41	29	efficient	efficient	ADJ
asfbr-8	41	30	tool	tool	NOUN
asfbr-8	41	31	for	for	ADP
asfbr-8	41	32	motivation	motivation	NOUN
asfbr-8	41	33	and	and	CCONJ
asfbr-8	41	34	monitoring	monitoring	NOUN
asfbr-8	41	35	,	,	PUNCT
asfbr-8	41	36	it	it	PRON
asfbr-8	41	37	is	be	AUX
asfbr-8	41	38	interesting	interesting	ADJ
asfbr-8	41	39	to	to	PART
asfbr-8	41	40	investigate	investigate	VERB
asfbr-8	41	41	how	how	SCONJ
asfbr-8	41	42	corporate	corporate	ADJ
asfbr-8	41	43	characteristics	characteristic	NOUN
asfbr-8	41	44	are	be	AUX
asfbr-8	41	45	associated	associate	VERB
asfbr-8	41	46	to	to	PART
asfbr-8	41	47	share	share	VERB
asfbr-8	41	48	based	base	VERB
asfbr-8	41	49	payment	payment	NOUN
asfbr-8	41	50	.	.	PUNCT
asfbr-8	42	1	connecting	connect	VERB
asfbr-8	42	2	the	the	DET
asfbr-8	42	3	share	share	NOUN
asfbr-8	42	4	based	base	VERB
asfbr-8	42	5	payment	payment	NOUN
asfbr-8	42	6	use	use	NOUN
asfbr-8	42	7	with	with	ADP
asfbr-8	42	8	corporate	corporate	ADJ
asfbr-8	42	9	characteristics	characteristic	NOUN
asfbr-8	42	10	and	and	CCONJ
asfbr-8	42	11	finding	find	VERB
asfbr-8	42	12	certain	certain	ADJ
asfbr-8	42	13	patterns	pattern	NOUN
asfbr-8	42	14	of	of	ADP
asfbr-8	42	15	determinants	determinant	NOUN
asfbr-8	42	16	for	for	ADP
asfbr-8	42	17	its	its	PRON
asfbr-8	42	18	application	application	NOUN
asfbr-8	42	19	,	,	PUNCT
asfbr-8	42	20	provides	provide	VERB
asfbr-8	42	21	relevant	relevant	ADJ
asfbr-8	42	22	information	information	NOUN
asfbr-8	42	23	regarding	regard	VERB
asfbr-8	42	24	what	what	PRON
asfbr-8	42	25	kind	kind	NOUN
asfbr-8	42	26	of	of	ADP
asfbr-8	42	27	corporate	corporate	ADJ
asfbr-8	42	28	characteristics	characteristic	NOUN
asfbr-8	42	29	is	be	AUX
asfbr-8	42	30	a	a	DET
asfbr-8	42	31	predictor	predictor	NOUN
asfbr-8	42	32	for	for	ADP
asfbr-8	42	33	the	the	DET
asfbr-8	42	34	use	use	NOUN
asfbr-8	42	35	of	of	ADP
asfbr-8	42	36	share	share	NOUN
asfbr-8	42	37	based	base	VERB
asfbr-8	42	38	payment	payment	NOUN
asfbr-8	42	39	as	as	ADP
asfbr-8	42	40	an	an	DET
asfbr-8	42	41	efficient	efficient	ADJ
asfbr-8	42	42	tool	tool	NOUN
asfbr-8	42	43	.	.	PUNCT
asfbr-8	43	1	thus	thus	ADV
asfbr-8	43	2	,	,	PUNCT
asfbr-8	43	3	understanding	understand	VERB
asfbr-8	43	4	the	the	DET
asfbr-8	43	5	determinants	determinant	NOUN
asfbr-8	43	6	bring	bring	VERB
asfbr-8	43	7	advantages	advantage	NOUN
asfbr-8	43	8	for	for	ADP
asfbr-8	43	9	the	the	DET
asfbr-8	43	10	users	user	NOUN
asfbr-8	43	11	as	as	SCONJ
asfbr-8	43	12	it	it	PRON
asfbr-8	43	13	helps	help	VERB
asfbr-8	43	14	them	they	PRON
asfbr-8	43	15	to	to	PART
asfbr-8	43	16	know	know	VERB
asfbr-8	43	17	in	in	ADP
asfbr-8	43	18	which	which	DET
asfbr-8	43	19	way	way	NOUN
asfbr-8	43	20	the	the	DET
asfbr-8	43	21	use	use	NOUN
asfbr-8	43	22	of	of	ADP
asfbr-8	43	23	share	share	NOUN
asfbr-8	43	24	based	base	VERB
asfbr-8	43	25	payment	payment	NOUN
asfbr-8	43	26	can	can	AUX
asfbr-8	43	27	be	be	AUX
asfbr-8	43	28	a	a	DET
asfbr-8	43	29	good	good	ADJ
asfbr-8	43	30	alternative	alternative	NOUN
asfbr-8	43	31	for	for	ADP
asfbr-8	43	32	other	other	ADJ
asfbr-8	43	33	remuneration	remuneration	NOUN
asfbr-8	43	34	plans(frydman	plans(frydman	NOUN
asfbr-8	43	35	and	and	CCONJ
asfbr-8	43	36	saks	sak	NOUN
asfbr-8	43	37	,	,	PUNCT
asfbr-8	43	38	2010	2010	NUM
asfbr-8	43	39	)	)	PUNCT
asfbr-8	43	40	.	.	PUNCT
asfbr-8	44	1	therefore	therefore	ADV
asfbr-8	44	2	this	this	DET
asfbr-8	44	3	study	study	NOUN
asfbr-8	44	4	intends	intend	VERB
asfbr-8	44	5	to	to	PART
asfbr-8	44	6	examine	examine	VERB
asfbr-8	44	7	corporate	corporate	ADJ
asfbr-8	44	8	characteristics	characteristic	NOUN
asfbr-8	44	9	and	and	CCONJ
asfbr-8	44	10	share	share	NOUN
asfbr-8	44	11	based	base	VERB
asfbr-8	44	12	payment	payment	NOUN
asfbr-8	44	13	of	of	ADP
asfbr-8	44	14	financial	financial	ADJ
asfbr-8	44	15	service	service	NOUN
asfbr-8	44	16	firms	firm	NOUN
asfbr-8	44	17	in	in	ADP
asfbr-8	44	18	nigeria	nigeria	PROPN
asfbr-8	44	19	.	.	PUNCT
asfbr-8	45	1	section	section	PROPN
asfbr-8	45	2	two	two	NUM
asfbr-8	45	3	focuses	focus	VERB
asfbr-8	45	4	on	on	ADP
asfbr-8	45	5	both	both	CCONJ
asfbr-8	45	6	theoretical	theoretical	ADJ
asfbr-8	45	7	and	and	CCONJ
asfbr-8	45	8	empirical	empirical	ADJ
asfbr-8	45	9	review	review	NOUN
asfbr-8	45	10	of	of	ADP
asfbr-8	45	11	related	related	ADJ
asfbr-8	45	12	literature	literature	NOUN
asfbr-8	45	13	,	,	PUNCT
asfbr-8	45	14	section	section	NOUN
asfbr-8	45	15	three	three	NUM
asfbr-8	45	16	deals	deal	NOUN
asfbr-8	45	17	with	with	ADP
asfbr-8	45	18	the	the	DET
asfbr-8	45	19	research	research	NOUN
asfbr-8	45	20	methodology	methodology	NOUN
asfbr-8	45	21	.	.	PUNCT
asfbr-8	46	1	section	section	NOUN
asfbr-8	46	2	four	four	NUM
asfbr-8	46	3	deals	deal	NOUN
asfbr-8	46	4	with	with	ADP
asfbr-8	46	5	the	the	DET
asfbr-8	46	6	data	data	NOUN
asfbr-8	46	7	analysis	analysis	NOUN
asfbr-8	46	8	and	and	CCONJ
asfbr-8	46	9	presentation	presentation	NOUN
asfbr-8	46	10	and	and	CCONJ
asfbr-8	46	11	the	the	DET
asfbr-8	46	12	fifth	fifth	ADJ
asfbr-8	46	13	section	section	NOUN
asfbr-8	46	14	contain	contain	VERB
asfbr-8	46	15	the	the	DET
asfbr-8	46	16	conclusion	conclusion	NOUN
asfbr-8	46	17	and	and	CCONJ
asfbr-8	46	18	recommendations	recommendation	NOUN
asfbr-8	46	19	from	from	ADP
asfbr-8	46	20	the	the	DET
asfbr-8	46	21	findings	finding	NOUN
asfbr-8	46	22	.	.	PUNCT
asfbr-8	47	1	2	2	X
asfbr-8	47	2	.	.	X
asfbr-8	47	3	literature	literature	NOUN
asfbr-8	47	4	review	review	PROPN
asfbr-8	47	5	share	share	NOUN
asfbr-8	47	6	based	base	VERB
asfbr-8	47	7	payment	payment	NOUN
asfbr-8	47	8	share	share	NOUN
asfbr-8	47	9	-	-	PUNCT
asfbr-8	47	10	based	base	VERB
asfbr-8	47	11	payment	payment	NOUN
asfbr-8	47	12	is	be	AUX
asfbr-8	47	13	defined	define	VERB
asfbr-8	47	14	as	as	ADP
asfbr-8	47	15	transactions	transaction	NOUN
asfbr-8	47	16	in	in	ADP
asfbr-8	47	17	which	which	PRON
asfbr-8	47	18	an	an	DET
asfbr-8	47	19	entity	entity	NOUN
asfbr-8	47	20	receives	receive	VERB
asfbr-8	47	21	goods	good	NOUN
asfbr-8	47	22	or	or	CCONJ
asfbr-8	47	23	services	service	NOUN
asfbr-8	47	24	in	in	ADP
asfbr-8	47	25	exchange	exchange	NOUN
asfbr-8	47	26	for	for	ADP
asfbr-8	47	27	equity	equity	NOUN
asfbr-8	47	28	instruments	instrument	NOUN
asfbr-8	47	29	.	.	PUNCT
asfbr-8	48	1	ifrs	ifrs	PROPN
asfbr-8	48	2	2	2	NUM
asfbr-8	48	3	makes	make	VERB
asfbr-8	48	4	the	the	DET
asfbr-8	48	5	following	follow	VERB
asfbr-8	48	6	categorizes	categorize	NOUN
asfbr-8	48	7	of	of	ADP
asfbr-8	48	8	share	share	NOUN
asfbr-8	48	9	based	base	VERB
asfbr-8	48	10	payment	payment	NOUN
asfbr-8	48	11	:	:	PUNCT
asfbr-8	48	12	equity	equity	NOUN
asfbr-8	48	13	settled	settle	VERB
asfbr-8	48	14	share	share	NOUN
asfbr-8	48	15	based	base	VERB
asfbr-8	48	16	payment	payment	NOUN
asfbr-8	48	17	in	in	ADP
asfbr-8	48	18	this	this	DET
asfbr-8	48	19	category	category	NOUN
asfbr-8	48	20	of	of	ADP
asfbr-8	48	21	share	share	NOUN
asfbr-8	48	22	-	-	PUNCT
asfbr-8	48	23	based	base	VERB
asfbr-8	48	24	payment	payment	NOUN
asfbr-8	48	25	plan	plan	NOUN
asfbr-8	48	26	share	share	NOUN
asfbr-8	48	27	,	,	PUNCT
asfbr-8	48	28	share	share	NOUN
asfbr-8	48	29	options	option	NOUN
asfbr-8	48	30	and	and	CCONJ
asfbr-8	48	31	other	other	ADJ
asfbr-8	48	32	equity	equity	NOUN
asfbr-8	48	33	instruments	instrument	NOUN
asfbr-8	48	34	are	be	AUX
asfbr-8	48	35	transferred	transfer	VERB
asfbr-8	48	36	to	to	ADP
asfbr-8	48	37	directors	director	NOUN
asfbr-8	48	38	,	,	PUNCT
asfbr-8	48	39	senior	senior	ADJ
asfbr-8	48	40	executives	executive	NOUN
asfbr-8	48	41	and	and	CCONJ
asfbr-8	48	42	other	other	ADJ
asfbr-8	48	43	employees	employee	NOUN
asfbr-8	48	44	.	.	PUNCT
asfbr-8	49	1	there	there	PRON
asfbr-8	49	2	are	be	VERB
asfbr-8	49	3	different	different	ADJ
asfbr-8	49	4	types	type	NOUN
asfbr-8	49	5	of	of	ADP
asfbr-8	49	6	share	share	NOUN
asfbr-8	49	7	options	option	NOUN
asfbr-8	49	8	including	include	VERB
asfbr-8	49	9	,	,	PUNCT
asfbr-8	49	10	call	call	NOUN
asfbr-8	49	11	options	option	NOUN
asfbr-8	49	12	,	,	PUNCT
asfbr-8	49	13	subscription	subscription	NOUN
asfbr-8	49	14	options	option	NOUN
asfbr-8	49	15	,	,	PUNCT
asfbr-8	49	16	synthetic	synthetic	ADJ
asfbr-8	49	17	options	option	NOUN
asfbr-8	49	18	,	,	PUNCT
asfbr-8	49	19	and	and	CCONJ
asfbr-8	49	20	convertibles	convertible	NOUN
asfbr-8	49	21	.	.	PUNCT
asfbr-8	50	1	an	an	DET
asfbr-8	50	2	example	example	NOUN
asfbr-8	50	3	brought	bring	VERB
asfbr-8	50	4	by	by	ADP
asfbr-8	50	5	alexander	alexander	PROPN
asfbr-8	50	6	et	et	PROPN
asfbr-8	50	7	al	al	PROPN
asfbr-8	50	8	.	.	PROPN
asfbr-8	51	1	(	(	PUNCT
asfbr-8	51	2	2008	2008	NUM
asfbr-8	51	3	)	)	PUNCT
asfbr-8	51	4	is	be	AUX
asfbr-8	51	5	used	use	VERB
asfbr-8	51	6	to	to	PART
asfbr-8	51	7	illustrate	illustrate	VERB
asfbr-8	51	8	this	this	DET
asfbr-8	51	9	kind	kind	NOUN
asfbr-8	51	10	of	of	ADP
asfbr-8	51	11	transaction	transaction	NOUN
asfbr-8	51	12	and	and	CCONJ
asfbr-8	51	13	this	this	PRON
asfbr-8	51	14	is	be	AUX
asfbr-8	51	15	when	when	SCONJ
asfbr-8	51	16	top	top	ADJ
asfbr-8	51	17	executives	executive	NOUN
asfbr-8	51	18	or	or	CCONJ
asfbr-8	51	19	/	/	SYM
asfbr-8	51	20	and	and	CCONJ
asfbr-8	51	21	employees	employee	NOUN
asfbr-8	51	22	receive	receive	VERB
asfbr-8	51	23	as	as	ADP
asfbr-8	51	24	part	part	NOUN
asfbr-8	51	25	of	of	ADP
asfbr-8	51	26	remuneration	remuneration	NOUN
asfbr-8	51	27	,	,	PUNCT
asfbr-8	51	28	shares	share	NOUN
asfbr-8	51	29	,	,	PUNCT
asfbr-8	51	30	options	option	NOUN
asfbr-8	51	31	or	or	CCONJ
asfbr-8	51	32	other	other	ADJ
asfbr-8	51	33	equity	equity	NOUN
asfbr-8	51	34	instruments	instrument	NOUN
asfbr-8	51	35	.	.	PUNCT
asfbr-8	52	1	this	this	PRON
asfbr-8	52	2	can	can	AUX
asfbr-8	52	3	be	be	AUX
asfbr-8	52	4	received	receive	VERB
asfbr-8	52	5	through	through	ADP
asfbr-8	52	6	different	different	ADJ
asfbr-8	52	7	kind	kind	NOUN
asfbr-8	52	8	of	of	ADP
asfbr-8	52	9	compensation	compensation	NOUN
asfbr-8	52	10	plans	plan	NOUN
asfbr-8	52	11	including	include	VERB
asfbr-8	52	12	,	,	PUNCT
asfbr-8	52	13	employee	employee	NOUN
asfbr-8	52	14	stock	stock	NOUN
asfbr-8	52	15	option	option	NOUN
asfbr-8	52	16	plans	plan	NOUN
asfbr-8	52	17	(	(	PUNCT
asfbr-8	52	18	esps	esps	ADJ
asfbr-8	52	19	)	)	PUNCT
asfbr-8	52	20	,	,	PUNCT
asfbr-8	52	21	and	and	CCONJ
asfbr-8	52	22	employee	employee	NOUN
asfbr-8	52	23	stock	stock	NOUN
asfbr-8	52	24	purchase	purchase	NOUN
asfbr-8	52	25	plans	plan	NOUN
asfbr-8	52	26	(	(	PUNCT
asfbr-8	52	27	espps	espps	PROPN
asfbr-8	52	28	)	)	PUNCT
asfbr-8	52	29	,	,	PUNCT
asfbr-8	52	30	restricted	restrict	VERB
asfbr-8	52	31	stock	stock	NOUN
asfbr-8	52	32	plans	plan	NOUN
asfbr-8	52	33	,	,	PUNCT
asfbr-8	52	34	and	and	CCONJ
asfbr-8	52	35	employee	employee	NOUN
asfbr-8	52	36	stock	stock	NOUN
asfbr-8	52	37	ownership	ownership	NOUN
asfbr-8	52	38	plans	plan	NOUN
asfbr-8	52	39	(	(	PUNCT
asfbr-8	52	40	esops	esop	NOUN
asfbr-8	52	41	)	)	PUNCT
asfbr-8	52	42	.	.	PUNCT
asfbr-8	53	1	cash	cash	NOUN
asfbr-8	53	2	settle	settle	NOUN
asfbr-8	53	3	shared	share	VERB
asfbr-8	53	4	based	base	VERB
asfbr-8	53	5	payment	payment	NOUN
asfbr-8	53	6	transaction	transaction	NOUN
asfbr-8	53	7	in	in	ADP
asfbr-8	53	8	this	this	DET
asfbr-8	53	9	transaction	transaction	NOUN
asfbr-8	53	10	the	the	DET
asfbr-8	53	11	entity	entity	NOUN
asfbr-8	53	12	shall	shall	AUX
asfbr-8	53	13	measure	measure	VERB
asfbr-8	53	14	the	the	DET
asfbr-8	53	15	services	service	NOUN
asfbr-8	53	16	acquired	acquire	VERB
asfbr-8	53	17	and	and	CCONJ
asfbr-8	53	18	the	the	DET
asfbr-8	53	19	liability	liability	NOUN
asfbr-8	53	20	incurred	incur	VERB
asfbr-8	53	21	at	at	ADP
asfbr-8	53	22	the	the	DET
asfbr-8	53	23	fair	fair	ADJ
asfbr-8	53	24	value	value	NOUN
asfbr-8	53	25	(	(	PUNCT
asfbr-8	53	26	fv	fv	NOUN
asfbr-8	53	27	)	)	PUNCT
asfbr-8	53	28	of	of	ADP
asfbr-8	53	29	the	the	DET
asfbr-8	53	30	liability	liability	NOUN
asfbr-8	53	31	.	.	PUNCT
asfbr-8	54	1	the	the	DET
asfbr-8	54	2	amount	amount	NOUN
asfbr-8	54	3	will	will	AUX
asfbr-8	54	4	depend	depend	VERB
asfbr-8	54	5	on	on	ADP
asfbr-8	54	6	the	the	DET
asfbr-8	54	7	future	future	ADJ
asfbr-8	54	8	market	market	NOUN
asfbr-8	54	9	price	price	NOUN
asfbr-8	54	10	of	of	ADP
asfbr-8	54	11	the	the	DET
asfbr-8	54	12	equity	equity	NOUN
asfbr-8	54	13	instruments	instrument	NOUN
asfbr-8	54	14	as	as	ADP
asfbr-8	54	15	part	part	NOUN
asfbr-8	54	16	of	of	ADP
asfbr-8	54	17	a	a	DET
asfbr-8	54	18	remuneration	remuneration	NOUN
asfbr-8	54	19	plan	plan	NOUN
asfbr-8	54	20	.	.	PUNCT
asfbr-8	55	1	until	until	SCONJ
asfbr-8	55	2	liability	liability	NOUN
asfbr-8	55	3	is	be	AUX
asfbr-8	55	4	settled	settle	VERB
asfbr-8	55	5	the	the	DET
asfbr-8	55	6	entity	entity	NOUN
asfbr-8	55	7	shall	shall	AUX
asfbr-8	55	8	measure	measure	VERB
asfbr-8	55	9	the	the	DET
asfbr-8	55	10	fv	fv	PROPN
asfbr-8	55	11	of	of	ADP
asfbr-8	55	12	the	the	DET
asfbr-8	55	13	liability	liability	NOUN
asfbr-8	55	14	at	at	ADP
asfbr-8	55	15	each	each	DET
asfbr-8	55	16	reporting	reporting	NOUN
asfbr-8	55	17	date	date	NOUN
asfbr-8	55	18	with	with	SCONJ
asfbr-8	55	19	any	any	DET
asfbr-8	55	20	changes	change	NOUN
asfbr-8	55	21	in	in	ADP
asfbr-8	55	22	the	the	DET
asfbr-8	55	23	fv	fv	NOUN
asfbr-8	55	24	of	of	ADP
asfbr-8	55	25	the	the	DET
asfbr-8	55	26	liability	liability	NOUN
asfbr-8	55	27	is	be	AUX
asfbr-8	55	28	recognized	recognize	VERB
asfbr-8	55	29	in	in	ADP
asfbr-8	55	30	profit	profit	NOUN
asfbr-8	55	31	or	or	CCONJ
asfbr-8	55	32	loss	loss	NOUN
asfbr-8	55	33	account	account	NOUN
asfbr-8	55	34	.	.	PUNCT
asfbr-8	56	1	the	the	DET
asfbr-8	56	2	amount	amount	NOUN
asfbr-8	56	3	of	of	ADP
asfbr-8	56	4	cash	cash	NOUN
asfbr-8	56	5	to	to	PART
asfbr-8	56	6	be	be	AUX
asfbr-8	56	7	received	receive	VERB
asfbr-8	56	8	will	will	AUX
asfbr-8	56	9	be	be	AUX
asfbr-8	56	10	determined	determine	VERB
asfbr-8	56	11	by	by	ADP
asfbr-8	56	12	the	the	DET
asfbr-8	56	13	value	value	NOUN
asfbr-8	56	14	of	of	ADP
asfbr-8	56	15	the	the	DET
asfbr-8	56	16	option	option	NOUN
asfbr-8	56	17	at	at	ADP
asfbr-8	56	18	the	the	DET
asfbr-8	56	19	exercise	exercise	NOUN
asfbr-8	56	20	date	date	NOUN
asfbr-8	56	21	.	.	PUNCT
asfbr-8	57	1	alternatives	alternative	NOUN
asfbr-8	57	2	cash	cash	NOUN
asfbr-8	57	3	or	or	CCONJ
asfbr-8	57	4	share	share	NOUN
asfbr-8	57	5	options	option	NOUN
asfbr-8	57	6	in	in	ADP
asfbr-8	57	7	this	this	DET
asfbr-8	57	8	transaction	transaction	NOUN
asfbr-8	57	9	it	it	PRON
asfbr-8	57	10	is	be	AUX
asfbr-8	57	11	up	up	ADP
asfbr-8	57	12	to	to	ADP
asfbr-8	57	13	the	the	DET
asfbr-8	57	14	counterparty	counterparty	NOUN
asfbr-8	57	15	or	or	CCONJ
asfbr-8	57	16	the	the	DET
asfbr-8	57	17	entity	entity	NOUN
asfbr-8	57	18	to	to	PART
asfbr-8	57	19	choose	choose	VERB
asfbr-8	57	20	the	the	DET
asfbr-8	57	21	settlement	settlement	NOUN
asfbr-8	57	22	of	of	ADP
asfbr-8	57	23	the	the	DET
asfbr-8	57	24	share	share	NOUN
asfbr-8	57	25	-	-	PUNCT
asfbr-8	57	26	based	base	VERB
asfbr-8	57	27	payment	payment	NOUN
asfbr-8	57	28	.	.	PUNCT
asfbr-8	58	1	in	in	ADP
asfbr-8	58	2	this	this	DET
asfbr-8	58	3	case	case	NOUN
asfbr-8	58	4	the	the	DET
asfbr-8	58	5	entity	entity	NOUN
asfbr-8	58	6	grants	grant	VERB
asfbr-8	58	7	the	the	DET
asfbr-8	58	8	counterparty	counterparty	NOUN
asfbr-8	58	9	the	the	DET
asfbr-8	58	10	right	right	NOUN
asfbr-8	58	11	to	to	PART
asfbr-8	58	12	choose	choose	VERB
asfbr-8	58	13	whether	whether	SCONJ
asfbr-8	58	14	share	share	NOUN
asfbr-8	58	15	-	-	PUNCT
asfbr-8	58	16	based	base	VERB
asfbr-8	58	17	transaction	transaction	NOUN
asfbr-8	58	18	is	be	AUX
asfbr-8	58	19	done	do	VERB
asfbr-8	58	20	by	by	ADP
asfbr-8	58	21	cash	cash	NOUN
asfbr-8	58	22	or	or	CCONJ
asfbr-8	58	23	by	by	ADP
asfbr-8	58	24	issuing	issue	VERB
asfbr-8	58	25	equity	equity	NOUN
asfbr-8	58	26	instruments	instrument	NOUN
asfbr-8	58	27	.	.	PUNCT
asfbr-8	59	1	disclosure	disclosure	NOUN
asfbr-8	59	2	of	of	ADP
asfbr-8	59	3	share	share	NOUN
asfbr-8	59	4	based	base	VERB
asfbr-8	59	5	payment	payment	NOUN
asfbr-8	59	6	the	the	DET
asfbr-8	59	7	main	main	ADJ
asfbr-8	59	8	disclosure	disclosure	NOUN
asfbr-8	59	9	requirements	requirement	NOUN
asfbr-8	59	10	for	for	ADP
asfbr-8	59	11	stock	stock	NOUN
asfbr-8	59	12	option	option	NOUN
asfbr-8	59	13	plans	plan	NOUN
asfbr-8	59	14	are	be	AUX
asfbr-8	59	15	mentioned	mention	VERB
asfbr-8	59	16	in	in	ADP
asfbr-8	59	17	the	the	DET
asfbr-8	59	18	standards	standard	NOUN
asfbr-8	59	19	(	(	PUNCT
asfbr-8	59	20	ifrs	ifrs	NOUN
asfbr-8	59	21	2	2	NUM
asfbr-8	59	22	and	and	CCONJ
asfbr-8	59	23	fas	fas	NOUN
asfbr-8	59	24	123	123	NUM
asfbr-8	59	25	)	)	PUNCT
asfbr-8	59	26	.	.	PUNCT
asfbr-8	60	1	besides	besides	SCONJ
asfbr-8	60	2	that	that	DET
asfbr-8	60	3	further	further	ADJ
asfbr-8	60	4	requirements	requirement	NOUN
asfbr-8	60	5	may	may	AUX
asfbr-8	60	6	be	be	AUX
asfbr-8	60	7	needed	need	VERB
asfbr-8	60	8	in	in	ADP
asfbr-8	60	9	different	different	ADJ
asfbr-8	60	10	countries	country	NOUN
asfbr-8	60	11	based	base	VERB
asfbr-8	60	12	on	on	ADP
asfbr-8	60	13	their	their	PRON
asfbr-8	60	14	own	own	ADJ
asfbr-8	60	15	codes	code	NOUN
asfbr-8	60	16	of	of	ADP
asfbr-8	60	17	corporate	corporate	ADJ
asfbr-8	60	18	governance	governance	NOUN
asfbr-8	60	19	.	.	PUNCT
asfbr-8	61	1	the	the	DET
asfbr-8	61	2	requirements	requirement	NOUN
asfbr-8	61	3	that	that	PRON
asfbr-8	61	4	are	be	AUX
asfbr-8	61	5	provided	provide	VERB
asfbr-8	61	6	by	by	ADP
asfbr-8	61	7	ifrs	ifrs	PROPN
asfbr-8	61	8	2	2	NUM
asfbr-8	61	9	for	for	ADP
asfbr-8	61	10	disclosure	disclosure	NOUN
asfbr-8	61	11	include	include	VERB
asfbr-8	61	12	the	the	DET
asfbr-8	61	13	nature	nature	NOUN
asfbr-8	61	14	and	and	CCONJ
asfbr-8	61	15	the	the	DET
asfbr-8	61	16	extent	extent	NOUN
asfbr-8	61	17	of	of	ADP
asfbr-8	61	18	sharebased	sharebase	VERB
asfbr-8	61	19	payment	payment	NOUN
asfbr-8	61	20	arrangements	arrangement	NOUN
asfbr-8	61	21	during	during	ADP
asfbr-8	61	22	the	the	DET
asfbr-8	61	23	period	period	NOUN
asfbr-8	61	24	,	,	PUNCT
asfbr-8	61	25	information	information	NOUN
asfbr-8	61	26	about	about	ADP
asfbr-8	61	27	the	the	DET
asfbr-8	61	28	fair	fair	ADJ
asfbr-8	61	29	value	value	NOUN
asfbr-8	61	30	of	of	ADP
asfbr-8	61	31	the	the	DET
asfbr-8	61	32	equity	equity	NOUN
asfbr-8	61	33	instruments	instrument	NOUN
asfbr-8	61	34	and	and	CCONJ
asfbr-8	61	35	how	how	SCONJ
asfbr-8	61	36	it	it	PRON
asfbr-8	61	37	is	be	AUX
asfbr-8	61	38	achieved	achieve	VERB
asfbr-8	61	39	,	,	PUNCT
asfbr-8	61	40	and	and	CCONJ
asfbr-8	61	41	the	the	DET
asfbr-8	61	42	effect	effect	NOUN
asfbr-8	61	43	of	of	ADP
asfbr-8	61	44	the	the	DET
asfbr-8	61	45	share	share	NOUN
asfbr-8	61	46	-	-	PUNCT
asfbr-8	61	47	based	base	VERB
asfbr-8	61	48	payment	payment	NOUN
asfbr-8	61	49	transactions	transaction	NOUN
asfbr-8	61	50	on	on	ADP
asfbr-8	61	51	the	the	DET
asfbr-8	61	52	financial	financial	ADJ
asfbr-8	61	53	position	position	NOUN
asfbr-8	61	54	and	and	CCONJ
asfbr-8	61	55	profit	profit	NOUN
asfbr-8	61	56	/	/	SYM
asfbr-8	61	57	loss	loss	NOUN
asfbr-8	61	58	of	of	ADP
asfbr-8	61	59	the	the	DET
asfbr-8	61	60	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	NOUN
asfbr-8	61	61	asian	asian	PROPN
asfbr-8	61	62	finance	finance	PROPN
asfbr-8	61	63	&	&	CCONJ
asfbr-8	61	64	banking	banking	PROPN
asfbr-8	61	65	review	review	PROPN
asfbr-8	61	66	vol	vol	NOUN
asfbr-8	61	67	.	.	PROPN
asfbr-8	62	1	2	2	NUM
asfbr-8	62	2	,	,	PUNCT
asfbr-8	62	3	no	no	INTJ
asfbr-8	62	4	.	.	NOUN
asfbr-8	62	5	1	1	NUM
asfbr-8	62	6	;	;	PUNCT
asfbr-8	62	7	2018	2018	NUM
asfbr-8	62	8	20	20	NUM
asfbr-8	62	9	entity	entity	NOUN
asfbr-8	62	10	.	.	PUNCT
asfbr-8	63	1	the	the	DET
asfbr-8	63	2	standard	standard	NOUN
asfbr-8	63	3	requires	require	VERB
asfbr-8	63	4	that	that	SCONJ
asfbr-8	63	5	a	a	DET
asfbr-8	63	6	detailed	detailed	ADJ
asfbr-8	63	7	description	description	NOUN
asfbr-8	63	8	of	of	ADP
asfbr-8	63	9	all	all	DET
asfbr-8	63	10	share	share	NOUN
asfbr-8	63	11	-	-	PUNCT
asfbr-8	63	12	based	base	VERB
asfbr-8	63	13	payments	payment	NOUN
asfbr-8	63	14	should	should	AUX
asfbr-8	63	15	be	be	AUX
asfbr-8	63	16	disclosed	disclose	VERB
asfbr-8	63	17	.	.	PUNCT
asfbr-8	64	1	this	this	PRON
asfbr-8	64	2	includes	include	VERB
asfbr-8	64	3	all	all	DET
asfbr-8	64	4	different	different	ADJ
asfbr-8	64	5	types	type	NOUN
asfbr-8	64	6	of	of	ADP
asfbr-8	64	7	share	share	NOUN
asfbr-8	64	8	-	-	PUNCT
asfbr-8	64	9	based	base	VERB
asfbr-8	64	10	arrangements	arrangement	NOUN
asfbr-8	64	11	and	and	CCONJ
asfbr-8	64	12	their	their	PRON
asfbr-8	64	13	conditions	condition	NOUN
asfbr-8	64	14	,	,	PUNCT
asfbr-8	64	15	all	all	DET
asfbr-8	64	16	the	the	DET
asfbr-8	64	17	information	information	NOUN
asfbr-8	64	18	about	about	ADP
asfbr-8	64	19	the	the	DET
asfbr-8	64	20	granted	grant	VERB
asfbr-8	64	21	options	option	NOUN
asfbr-8	64	22	including	include	VERB
asfbr-8	64	23	,	,	PUNCT
asfbr-8	64	24	number	number	NOUN
asfbr-8	64	25	of	of	ADP
asfbr-8	64	26	options	option	NOUN
asfbr-8	64	27	at	at	ADP
asfbr-8	64	28	the	the	DET
asfbr-8	64	29	beginning	beginning	NOUN
asfbr-8	64	30	of	of	ADP
asfbr-8	64	31	the	the	DET
asfbr-8	64	32	year	year	NOUN
asfbr-8	64	33	and	and	CCONJ
asfbr-8	64	34	outstanding	outstanding	ADJ
asfbr-8	64	35	options	option	NOUN
asfbr-8	64	36	at	at	ADP
asfbr-8	64	37	the	the	DET
asfbr-8	64	38	end	end	NOUN
asfbr-8	64	39	of	of	ADP
asfbr-8	64	40	the	the	DET
asfbr-8	64	41	year	year	NOUN
asfbr-8	64	42	,	,	PUNCT
asfbr-8	64	43	number	number	NOUN
asfbr-8	64	44	of	of	ADP
asfbr-8	64	45	granted	grant	VERB
asfbr-8	64	46	options	option	NOUN
asfbr-8	64	47	,	,	PUNCT
asfbr-8	64	48	exercised	exercise	VERB
asfbr-8	64	49	options	option	NOUN
asfbr-8	64	50	and	and	CCONJ
asfbr-8	64	51	expired	expired	ADJ
asfbr-8	64	52	options	option	NOUN
asfbr-8	64	53	,	,	PUNCT
asfbr-8	64	54	weighted	weight	VERB
asfbr-8	64	55	average	average	ADJ
asfbr-8	64	56	exercise	exercise	NOUN
asfbr-8	64	57	price	price	NOUN
asfbr-8	64	58	of	of	ADP
asfbr-8	64	59	options	option	NOUN
asfbr-8	64	60	and	and	CCONJ
asfbr-8	64	61	all	all	DET
asfbr-8	64	62	the	the	DET
asfbr-8	64	63	detailed	detailed	ADJ
asfbr-8	64	64	information	information	NOUN
asfbr-8	64	65	for	for	ADP
asfbr-8	64	66	this	this	DET
asfbr-8	64	67	transaction	transaction	NOUN
asfbr-8	64	68	which	which	PRON
asfbr-8	64	69	can	can	AUX
asfbr-8	64	70	have	have	VERB
asfbr-8	64	71	an	an	DET
asfbr-8	64	72	impact	impact	NOUN
asfbr-8	64	73	on	on	ADP
asfbr-8	64	74	the	the	DET
asfbr-8	64	75	decision	decision	NOUN
asfbr-8	64	76	of	of	ADP
asfbr-8	64	77	the	the	DET
asfbr-8	64	78	users	user	NOUN
asfbr-8	64	79	of	of	ADP
asfbr-8	64	80	financial	financial	ADJ
asfbr-8	64	81	statements	statement	NOUN
asfbr-8	64	82	.	.	PUNCT
asfbr-8	65	1	the	the	DET
asfbr-8	65	2	information	information	NOUN
asfbr-8	65	3	should	should	AUX
asfbr-8	65	4	be	be	AUX
asfbr-8	65	5	disclosed	disclose	VERB
asfbr-8	65	6	in	in	ADP
asfbr-8	65	7	the	the	DET
asfbr-8	65	8	financial	financial	ADJ
asfbr-8	65	9	notes	note	NOUN
asfbr-8	65	10	in	in	ADP
asfbr-8	65	11	the	the	DET
asfbr-8	65	12	annual	annual	ADJ
asfbr-8	65	13	reports	report	NOUN
asfbr-8	65	14	.	.	PUNCT
asfbr-8	66	1	theoretical	theoretical	ADJ
asfbr-8	66	2	framework	framework	NOUN
asfbr-8	66	3	efficiency	efficiency	NOUN
asfbr-8	66	4	perspective	perspective	NOUN
asfbr-8	66	5	efficiency	efficiency	NOUN
asfbr-8	66	6	perspective	perspective	NOUN
asfbr-8	66	7	explains	explain	VERB
asfbr-8	66	8	that	that	SCONJ
asfbr-8	66	9	different	different	ADJ
asfbr-8	66	10	accounting	accounting	NOUN
asfbr-8	66	11	methods	method	NOUN
asfbr-8	66	12	and	and	CCONJ
asfbr-8	66	13	policies	policy	NOUN
asfbr-8	66	14	are	be	AUX
asfbr-8	66	15	used	use	VERB
asfbr-8	66	16	to	to	PART
asfbr-8	66	17	reflect	reflect	VERB
asfbr-8	66	18	the	the	DET
asfbr-8	66	19	underlying	underlie	VERB
asfbr-8	66	20	performance	performance	NOUN
asfbr-8	66	21	of	of	ADP
asfbr-8	66	22	the	the	DET
asfbr-8	66	23	firm	firm	NOUN
asfbr-8	66	24	in	in	ADP
asfbr-8	66	25	the	the	DET
asfbr-8	66	26	efficient	efficient	ADJ
asfbr-8	66	27	way	way	NOUN
asfbr-8	66	28	.	.	PUNCT
asfbr-8	67	1	deegan	deegan	PROPN
asfbr-8	67	2	and	and	CCONJ
asfbr-8	67	3	unerman	unerman	PROPN
asfbr-8	67	4	,	,	PUNCT
asfbr-8	67	5	(	(	PUNCT
asfbr-8	67	6	2006	2006	NUM
asfbr-8	67	7	)	)	PUNCT
asfbr-8	67	8	state	state	NOUN
asfbr-8	67	9	this	this	DET
asfbr-8	67	10	theory	theory	NOUN
asfbr-8	67	11	can	can	AUX
asfbr-8	67	12	also	also	ADV
asfbr-8	67	13	explain	explain	VERB
asfbr-8	67	14	why	why	SCONJ
asfbr-8	67	15	a	a	DET
asfbr-8	67	16	particular	particular	ADJ
asfbr-8	67	17	method	method	NOUN
asfbr-8	67	18	is	be	AUX
asfbr-8	67	19	implemented	implement	VERB
asfbr-8	67	20	inside	inside	ADP
asfbr-8	67	21	companies	company	NOUN
asfbr-8	67	22	with	with	ADP
asfbr-8	67	23	different	different	ADJ
asfbr-8	67	24	organizational	organizational	ADJ
asfbr-8	67	25	characteristics	characteristic	NOUN
asfbr-8	67	26	.	.	PUNCT
asfbr-8	68	1	this	this	DET
asfbr-8	68	2	perspective	perspective	NOUN
asfbr-8	68	3	is	be	AUX
asfbr-8	68	4	very	very	ADV
asfbr-8	68	5	close	close	ADJ
asfbr-8	68	6	to	to	ADP
asfbr-8	68	7	this	this	DET
asfbr-8	68	8	research	research	NOUN
asfbr-8	68	9	as	as	SCONJ
asfbr-8	68	10	we	we	PRON
asfbr-8	68	11	observe	observe	VERB
asfbr-8	68	12	different	different	ADJ
asfbr-8	68	13	characteristics	characteristic	NOUN
asfbr-8	68	14	of	of	ADP
asfbr-8	68	15	the	the	DET
asfbr-8	68	16	companies	company	NOUN
asfbr-8	68	17	and	and	CCONJ
asfbr-8	68	18	see	see	VERB
asfbr-8	68	19	the	the	DET
asfbr-8	68	20	relation	relation	NOUN
asfbr-8	68	21	that	that	PRON
asfbr-8	68	22	they	they	PRON
asfbr-8	68	23	have	have	VERB
asfbr-8	68	24	with	with	ADP
asfbr-8	68	25	the	the	DET
asfbr-8	68	26	implementation	implementation	NOUN
asfbr-8	68	27	of	of	ADP
asfbr-8	68	28	share	share	NOUN
asfbr-8	68	29	-	-	PUNCT
asfbr-8	68	30	based	base	VERB
asfbr-8	68	31	payment	payment	NOUN
asfbr-8	68	32	plan	plan	NOUN
asfbr-8	68	33	.	.	PUNCT
asfbr-8	69	1	this	this	DET
asfbr-8	69	2	perspective	perspective	NOUN
asfbr-8	69	3	can	can	AUX
asfbr-8	69	4	be	be	AUX
asfbr-8	69	5	closely	closely	ADV
asfbr-8	69	6	related	relate	VERB
asfbr-8	69	7	to	to	ADP
asfbr-8	69	8	the	the	DET
asfbr-8	69	9	agency	agency	NOUN
asfbr-8	69	10	theory	theory	NOUN
asfbr-8	69	11	explained	explain	VERB
asfbr-8	69	12	by	by	ADP
asfbr-8	69	13	jensen	jensen	PROPN
asfbr-8	69	14	and	and	CCONJ
asfbr-8	69	15	meckling	meckling	NOUN
asfbr-8	69	16	(	(	PUNCT
asfbr-8	69	17	1976	1976	NUM
asfbr-8	69	18	)	)	PUNCT
asfbr-8	69	19	.	.	PUNCT
asfbr-8	70	1	they	they	PRON
asfbr-8	70	2	argue	argue	VERB
asfbr-8	70	3	that	that	SCONJ
asfbr-8	70	4	this	this	DET
asfbr-8	70	5	practice	practice	NOUN
asfbr-8	70	6	can	can	AUX
asfbr-8	70	7	lead	lead	VERB
asfbr-8	70	8	to	to	ADP
asfbr-8	70	9	cost	cost	NOUN
asfbr-8	70	10	saving	saving	NOUN
asfbr-8	70	11	.	.	PUNCT
asfbr-8	71	1	based	base	VERB
asfbr-8	71	2	on	on	ADP
asfbr-8	71	3	this	this	DET
asfbr-8	71	4	perspective	perspective	NOUN
asfbr-8	71	5	the	the	DET
asfbr-8	71	6	adoption	adoption	NOUN
asfbr-8	71	7	of	of	ADP
asfbr-8	71	8	this	this	DET
asfbr-8	71	9	plan	plan	NOUN
asfbr-8	71	10	is	be	AUX
asfbr-8	71	11	based	base	VERB
asfbr-8	71	12	on	on	ADP
asfbr-8	71	13	the	the	DET
asfbr-8	71	14	management	management	NOUN
asfbr-8	71	15	consideration	consideration	NOUN
asfbr-8	71	16	for	for	ADP
asfbr-8	71	17	solving	solve	VERB
asfbr-8	71	18	the	the	DET
asfbr-8	71	19	agent	agent	NOUN
asfbr-8	71	20	problem	problem	NOUN
asfbr-8	71	21	and	and	CCONJ
asfbr-8	71	22	enhancing	enhance	VERB
asfbr-8	71	23	the	the	DET
asfbr-8	71	24	performance	performance	NOUN
asfbr-8	71	25	of	of	ADP
asfbr-8	71	26	the	the	DET
asfbr-8	71	27	company	company	NOUN
asfbr-8	71	28	.	.	PUNCT
asfbr-8	72	1	deegan	deegan	PROPN
asfbr-8	72	2	and	and	CCONJ
asfbr-8	72	3	unerman	unerman	PROPN
asfbr-8	72	4	,	,	PUNCT
asfbr-8	72	5	(	(	PUNCT
asfbr-8	72	6	2006	2006	NUM
asfbr-8	72	7	)	)	PUNCT
asfbr-8	72	8	refer	refer	VERB
asfbr-8	72	9	this	this	DET
asfbr-8	72	10	view	view	NOUN
asfbr-8	72	11	usually	usually	ADV
asfbr-8	72	12	to	to	ADP
asfbr-8	72	13	ex	ex	PRON
asfbr-8	72	14	ante	ante	NOUN
asfbr-8	72	15	perspective	perspective	NOUN
asfbr-8	72	16	which	which	PRON
asfbr-8	72	17	means	mean	VERB
asfbr-8	72	18	the	the	DET
asfbr-8	72	19	mechanism	mechanism	NOUN
asfbr-8	72	20	is	be	AUX
asfbr-8	72	21	put	put	VERB
asfbr-8	72	22	in	in	ADP
asfbr-8	72	23	the	the	DET
asfbr-8	72	24	place	place	NOUN
asfbr-8	72	25	to	to	PART
asfbr-8	72	26	minimize	minimize	VERB
asfbr-8	72	27	the	the	DET
asfbr-8	72	28	future	future	ADJ
asfbr-8	72	29	cost	cost	NOUN
asfbr-8	72	30	of	of	ADP
asfbr-8	72	31	an	an	DET
asfbr-8	72	32	/	/	SYM
asfbr-8	72	33	the	the	DET
asfbr-8	72	34	agent	agent	NOUN
asfbr-8	72	35	.	.	PUNCT
asfbr-8	73	1	advocates	advocate	NOUN
asfbr-8	73	2	of	of	ADP
asfbr-8	73	3	this	this	DET
asfbr-8	73	4	perspective	perspective	NOUN
asfbr-8	73	5	express	express	VERB
asfbr-8	73	6	their	their	PRON
asfbr-8	73	7	arguments	argument	NOUN
asfbr-8	73	8	through	through	ADP
asfbr-8	73	9	different	different	ADJ
asfbr-8	73	10	theories	theory	NOUN
asfbr-8	73	11	.	.	PUNCT
asfbr-8	74	1	the	the	DET
asfbr-8	74	2	pioneers	pioneer	NOUN
asfbr-8	74	3	in	in	ADP
asfbr-8	74	4	this	this	DET
asfbr-8	74	5	area	area	NOUN
asfbr-8	74	6	are	be	AUX
asfbr-8	74	7	jensen	jensen	PROPN
asfbr-8	74	8	and	and	CCONJ
asfbr-8	74	9	meckling	meckle	VERB
asfbr-8	74	10	(	(	PUNCT
asfbr-8	74	11	1976	1976	NUM
asfbr-8	74	12	)	)	PUNCT
asfbr-8	74	13	,	,	PUNCT
asfbr-8	74	14	and	and	CCONJ
asfbr-8	74	15	jensen	jensen	PROPN
asfbr-8	74	16	and	and	CCONJ
asfbr-8	74	17	murphy	murphy	PROPN
asfbr-8	74	18	(	(	PUNCT
asfbr-8	74	19	1990	1990	NUM
asfbr-8	74	20	)	)	PUNCT
asfbr-8	74	21	.	.	PUNCT
asfbr-8	75	1	some	some	PRON
asfbr-8	75	2	argue	argue	VERB
asfbr-8	75	3	that	that	SCONJ
asfbr-8	75	4	use	use	NOUN
asfbr-8	75	5	of	of	ADP
asfbr-8	75	6	share	share	NOUN
asfbr-8	75	7	-	-	PUNCT
asfbr-8	75	8	based	base	VERB
asfbr-8	75	9	payment	payment	NOUN
asfbr-8	75	10	can	can	AUX
asfbr-8	75	11	motivate	motivate	VERB
asfbr-8	75	12	management	management	NOUN
asfbr-8	75	13	to	to	PART
asfbr-8	75	14	choose	choose	VERB
asfbr-8	75	15	a	a	DET
asfbr-8	75	16	method	method	NOUN
asfbr-8	75	17	that	that	PRON
asfbr-8	75	18	helps	help	VERB
asfbr-8	75	19	to	to	PART
asfbr-8	75	20	reduce	reduce	VERB
asfbr-8	75	21	the	the	DET
asfbr-8	75	22	agency	agency	NOUN
asfbr-8	75	23	cost	cost	NOUN
asfbr-8	75	24	.	.	PUNCT
asfbr-8	76	1	the	the	DET
asfbr-8	76	2	reason	reason	NOUN
asfbr-8	76	3	is	be	AUX
asfbr-8	76	4	that	that	SCONJ
asfbr-8	76	5	,	,	PUNCT
asfbr-8	76	6	firms	firm	NOUN
asfbr-8	76	7	will	will	AUX
asfbr-8	76	8	be	be	AUX
asfbr-8	76	9	allowed	allow	VERB
asfbr-8	76	10	to	to	PART
asfbr-8	76	11	choose	choose	VERB
asfbr-8	76	12	those	those	DET
asfbr-8	76	13	accounting	accounting	NOUN
asfbr-8	76	14	methods	method	NOUN
asfbr-8	76	15	that	that	PRON
asfbr-8	76	16	best	well	ADV
asfbr-8	76	17	reflect	reflect	VERB
asfbr-8	76	18	the	the	DET
asfbr-8	76	19	performance	performance	NOUN
asfbr-8	76	20	of	of	ADP
asfbr-8	76	21	the	the	DET
asfbr-8	76	22	firm	firm	NOUN
asfbr-8	76	23	.	.	PUNCT
asfbr-8	77	1	it	it	PRON
asfbr-8	77	2	would	would	AUX
asfbr-8	77	3	be	be	AUX
asfbr-8	77	4	argued	argue	VERB
asfbr-8	77	5	that	that	SCONJ
asfbr-8	77	6	management	management	NOUN
asfbr-8	77	7	is	be	AUX
asfbr-8	77	8	best	well	ADV
asfbr-8	77	9	able	able	ADJ
asfbr-8	77	10	to	to	PART
asfbr-8	77	11	select	select	VERB
asfbr-8	77	12	which	which	DET
asfbr-8	77	13	accounting	accounting	NOUN
asfbr-8	77	14	methods	method	NOUN
asfbr-8	77	15	are	be	AUX
asfbr-8	77	16	appropriate	appropriate	ADJ
asfbr-8	77	17	for	for	ADP
asfbr-8	77	18	the	the	DET
asfbr-8	77	19	special	special	ADJ
asfbr-8	77	20	situation	situation	NOUN
asfbr-8	77	21	.	.	PUNCT
asfbr-8	78	1	therefore	therefore	ADV
asfbr-8	78	2	,	,	PUNCT
asfbr-8	78	3	use	use	NOUN
asfbr-8	78	4	of	of	ADP
asfbr-8	78	5	sbc	sbc	NOUN
asfbr-8	78	6	is	be	AUX
asfbr-8	78	7	considered	consider	VERB
asfbr-8	78	8	as	as	ADP
asfbr-8	78	9	the	the	DET
asfbr-8	78	10	most	most	ADV
asfbr-8	78	11	effective	effective	ADJ
asfbr-8	78	12	tool	tool	NOUN
asfbr-8	78	13	in	in	ADP
asfbr-8	78	14	pay	pay	NOUN
asfbr-8	78	15	-	-	PUNCT
asfbr-8	78	16	performance	performance	NOUN
asfbr-8	78	17	relation	relation	NOUN
asfbr-8	78	18	.	.	PUNCT
asfbr-8	79	1	another	another	DET
asfbr-8	79	2	related	relate	VERB
asfbr-8	79	3	argument	argument	NOUN
asfbr-8	79	4	for	for	ADP
asfbr-8	79	5	supporting	support	VERB
asfbr-8	79	6	this	this	DET
asfbr-8	79	7	perspective	perspective	NOUN
asfbr-8	79	8	is	be	AUX
asfbr-8	79	9	that	that	SCONJ
asfbr-8	79	10	this	this	DET
asfbr-8	79	11	method	method	NOUN
asfbr-8	79	12	can	can	AUX
asfbr-8	79	13	also	also	ADV
asfbr-8	79	14	solve	solve	VERB
asfbr-8	79	15	the	the	DET
asfbr-8	79	16	information	information	NOUN
asfbr-8	79	17	asymmetry	asymmetry	NOUN
asfbr-8	79	18	by	by	ADP
asfbr-8	79	19	giving	give	VERB
asfbr-8	79	20	the	the	DET
asfbr-8	79	21	principle	principle	NOUN
asfbr-8	79	22	an	an	DET
asfbr-8	79	23	opportunity	opportunity	NOUN
asfbr-8	79	24	to	to	PART
asfbr-8	79	25	monitor	monitor	VERB
asfbr-8	79	26	the	the	DET
asfbr-8	79	27	agent	agent	NOUN
asfbr-8	79	28	.	.	PUNCT
asfbr-8	80	1	in	in	ADP
asfbr-8	80	2	this	this	DET
asfbr-8	80	3	context	context	NOUN
asfbr-8	80	4	,	,	PUNCT
asfbr-8	80	5	share	share	NOUN
asfbr-8	80	6	-	-	PUNCT
asfbr-8	80	7	based	base	VERB
asfbr-8	80	8	payment	payment	NOUN
asfbr-8	80	9	is	be	AUX
asfbr-8	80	10	a	a	DET
asfbr-8	80	11	bridge	bridge	NOUN
asfbr-8	80	12	which	which	PRON
asfbr-8	80	13	can	can	AUX
asfbr-8	80	14	bring	bring	VERB
asfbr-8	80	15	efficiency	efficiency	NOUN
asfbr-8	80	16	for	for	ADP
asfbr-8	80	17	both	both	DET
asfbr-8	80	18	sides	side	NOUN
asfbr-8	80	19	of	of	ADP
asfbr-8	80	20	this	this	DET
asfbr-8	80	21	bridge	bridge	NOUN
asfbr-8	80	22	,	,	PUNCT
asfbr-8	80	23	principal	principal	NOUN
asfbr-8	80	24	and	and	CCONJ
asfbr-8	80	25	agent	agent	NOUN
asfbr-8	80	26	.	.	PUNCT
asfbr-8	81	1	opportunistic	opportunistic	ADJ
asfbr-8	81	2	perspective	perspective	NOUN
asfbr-8	81	3	an	an	DET
asfbr-8	81	4	alternative	alternative	ADJ
asfbr-8	81	5	perspective	perspective	NOUN
asfbr-8	81	6	is	be	AUX
asfbr-8	81	7	based	base	VERB
asfbr-8	81	8	on	on	ADP
asfbr-8	81	9	this	this	DET
asfbr-8	81	10	idea	idea	NOUN
asfbr-8	81	11	that	that	SCONJ
asfbr-8	81	12	in	in	ADP
asfbr-8	81	13	choosing	choose	VERB
asfbr-8	81	14	particular	particular	ADJ
asfbr-8	81	15	accounting	accounting	NOUN
asfbr-8	81	16	methods	method	NOUN
asfbr-8	81	17	there	there	PRON
asfbr-8	81	18	are	be	VERB
asfbr-8	81	19	other	other	ADJ
asfbr-8	81	20	objectives	objective	NOUN
asfbr-8	81	21	which	which	PRON
asfbr-8	81	22	is	be	AUX
asfbr-8	81	23	driven	drive	VERB
asfbr-8	81	24	by	by	ADP
asfbr-8	81	25	self	self	NOUN
asfbr-8	81	26	-	-	PUNCT
asfbr-8	81	27	interest	interest	NOUN
asfbr-8	81	28	.	.	PUNCT
asfbr-8	82	1	deegan	deegan	PROPN
asfbr-8	82	2	&	&	CCONJ
asfbr-8	82	3	unerman	unerman	PROPN
asfbr-8	82	4	(	(	PUNCT
asfbr-8	82	5	2006	2006	NUM
asfbr-8	82	6	)	)	PUNCT
asfbr-8	82	7	,	,	PUNCT
asfbr-8	82	8	consider	consider	VERB
asfbr-8	82	9	this	this	DET
asfbr-8	82	10	perspective	perspective	NOUN
asfbr-8	82	11	as	as	ADP
asfbr-8	82	12	a	a	DET
asfbr-8	82	13	practice	practice	NOUN
asfbr-8	82	14	of	of	ADP
asfbr-8	82	15	creative	creative	ADJ
asfbr-8	82	16	accounting	accounting	NOUN
asfbr-8	82	17	.	.	PUNCT
asfbr-8	83	1	this	this	PRON
asfbr-8	83	2	means	mean	VERB
asfbr-8	83	3	that	that	SCONJ
asfbr-8	83	4	a	a	DET
asfbr-8	83	5	specific	specific	ADJ
asfbr-8	83	6	method	method	NOUN
asfbr-8	83	7	is	be	AUX
asfbr-8	83	8	applied	apply	VERB
asfbr-8	83	9	in	in	ADP
asfbr-8	83	10	the	the	DET
asfbr-8	83	11	situation	situation	NOUN
asfbr-8	83	12	where	where	SCONJ
asfbr-8	83	13	accounting	accounting	NOUN
asfbr-8	83	14	methods	method	NOUN
asfbr-8	83	15	are	be	AUX
asfbr-8	83	16	selected	select	VERB
asfbr-8	83	17	based	base	VERB
asfbr-8	83	18	on	on	ADP
asfbr-8	83	19	the	the	DET
asfbr-8	83	20	intention	intention	NOUN
asfbr-8	83	21	of	of	ADP
asfbr-8	83	22	the	the	DET
asfbr-8	83	23	people	people	NOUN
asfbr-8	83	24	who	who	PRON
asfbr-8	83	25	are	be	AUX
asfbr-8	83	26	responsible	responsible	ADJ
asfbr-8	83	27	for	for	ADP
asfbr-8	83	28	the	the	DET
asfbr-8	83	29	preparation	preparation	NOUN
asfbr-8	83	30	of	of	ADP
asfbr-8	83	31	accounts	account	NOUN
asfbr-8	83	32	.	.	PUNCT
asfbr-8	84	1	this	this	DET
asfbr-8	84	2	perspective	perspective	NOUN
asfbr-8	84	3	is	be	AUX
asfbr-8	84	4	referred	refer	VERB
asfbr-8	84	5	as	as	ADP
asfbr-8	84	6	ex	ex	X
asfbr-8	84	7	post	post	PROPN
asfbr-8	84	8	perspective	perspective	NOUN
asfbr-8	84	9	which	which	PRON
asfbr-8	84	10	means	mean	VERB
asfbr-8	84	11	after	after	ADP
asfbr-8	84	12	the	the	DET
asfbr-8	84	13	fact	fact	NOUN
asfbr-8	84	14	,	,	PUNCT
asfbr-8	84	15	because	because	SCONJ
asfbr-8	84	16	it	it	PRON
asfbr-8	84	17	considers	consider	VERB
asfbr-8	84	18	opportunistic	opportunistic	ADJ
asfbr-8	84	19	behavior	behavior	NOUN
asfbr-8	84	20	,	,	PUNCT
asfbr-8	84	21	after	after	ADV
asfbr-8	84	22	all	all	PRON
asfbr-8	84	23	are	be	AUX
asfbr-8	84	24	arranged	arrange	VERB
asfbr-8	84	25	in	in	ADP
asfbr-8	84	26	a	a	DET
asfbr-8	84	27	contractual	contractual	ADJ
asfbr-8	84	28	arrangement	arrangement	NOUN
asfbr-8	84	29	.	.	PUNCT
asfbr-8	85	1	hence	hence	ADV
asfbr-8	85	2	,	,	PUNCT
asfbr-8	85	3	some	some	PRON
asfbr-8	85	4	of	of	ADP
asfbr-8	85	5	the	the	DET
asfbr-8	85	6	bonus	bonus	NOUN
asfbr-8	85	7	plans	plan	NOUN
asfbr-8	85	8	including	include	VERB
asfbr-8	85	9	profit	profit	NOUN
asfbr-8	85	10	based	base	VERB
asfbr-8	85	11	compensation	compensation	NOUN
asfbr-8	85	12	and	and	CCONJ
asfbr-8	85	13	share	share	NOUN
asfbr-8	85	14	-	-	PUNCT
asfbr-8	85	15	based	base	VERB
asfbr-8	85	16	payment	payment	NOUN
asfbr-8	85	17	have	have	AUX
asfbr-8	85	18	been	be	AUX
asfbr-8	85	19	blamed	blame	VERB
asfbr-8	85	20	for	for	ADP
asfbr-8	85	21	this	this	DET
asfbr-8	85	22	opportunistic	opportunistic	ADJ
asfbr-8	85	23	perspective	perspective	NOUN
asfbr-8	85	24	.	.	PUNCT
asfbr-8	86	1	advocates	advocate	NOUN
asfbr-8	86	2	of	of	ADP
asfbr-8	86	3	this	this	DET
asfbr-8	86	4	perspective	perspective	NOUN
asfbr-8	86	5	believe	believe	VERB
asfbr-8	86	6	that	that	SCONJ
asfbr-8	86	7	use	use	NOUN
asfbr-8	86	8	of	of	ADP
asfbr-8	86	9	this	this	DET
asfbr-8	86	10	method	method	NOUN
asfbr-8	86	11	can	can	AUX
asfbr-8	86	12	attract	attract	VERB
asfbr-8	86	13	managers	manager	NOUN
asfbr-8	86	14	to	to	PART
asfbr-8	86	15	elect	elect	VERB
asfbr-8	86	16	to	to	PART
asfbr-8	86	17	adopt	adopt	VERB
asfbr-8	86	18	particular	particular	ADJ
asfbr-8	86	19	accounting	accounting	NOUN
asfbr-8	86	20	methods	method	NOUN
asfbr-8	86	21	whenever	whenever	SCONJ
asfbr-8	86	22	they	they	PRON
asfbr-8	86	23	believe	believe	VERB
asfbr-8	86	24	that	that	SCONJ
asfbr-8	86	25	this	this	PRON
asfbr-8	86	26	will	will	AUX
asfbr-8	86	27	lead	lead	VERB
asfbr-8	86	28	to	to	ADP
asfbr-8	86	29	an	an	DET
asfbr-8	86	30	increase	increase	NOUN
asfbr-8	86	31	in	in	ADP
asfbr-8	86	32	their	their	PRON
asfbr-8	86	33	personal	personal	ADJ
asfbr-8	86	34	wealth	wealth	NOUN
asfbr-8	86	35	.	.	PUNCT
asfbr-8	87	1	furthermore	furthermore	ADV
asfbr-8	87	2	,	,	PUNCT
asfbr-8	87	3	according	accord	VERB
asfbr-8	87	4	to	to	ADP
asfbr-8	87	5	faulkender	faulkender	PROPN
asfbr-8	87	6	et	et	PROPN
asfbr-8	87	7	al	al	PROPN
asfbr-8	87	8	.	.	PROPN
asfbr-8	88	1	(	(	PUNCT
asfbr-8	88	2	2010	2010	NUM
asfbr-8	88	3	)	)	PUNCT
asfbr-8	88	4	,	,	PUNCT
asfbr-8	88	5	an	an	DET
asfbr-8	88	6	effective	effective	ADJ
asfbr-8	88	7	pay	pay	NOUN
asfbr-8	88	8	package	package	NOUN
asfbr-8	88	9	is	be	AUX
asfbr-8	88	10	not	not	PART
asfbr-8	88	11	necessarily	necessarily	ADV
asfbr-8	88	12	the	the	DET
asfbr-8	88	13	one	one	NUM
asfbr-8	88	14	most	most	ADV
asfbr-8	88	15	laden	laden	ADJ
asfbr-8	88	16	with	with	ADP
asfbr-8	88	17	equity	equity	NOUN
asfbr-8	88	18	incentives	incentive	NOUN
asfbr-8	88	19	,	,	PUNCT
asfbr-8	88	20	since	since	SCONJ
asfbr-8	88	21	too	too	ADV
asfbr-8	88	22	much	much	ADJ
asfbr-8	88	23	equity	equity	NOUN
asfbr-8	88	24	exposure	exposure	NOUN
asfbr-8	88	25	can	can	AUX
asfbr-8	88	26	cause	cause	VERB
asfbr-8	88	27	excessive	excessive	ADJ
asfbr-8	88	28	risk	risk	NOUN
asfbr-8	88	29	-	-	PUNCT
asfbr-8	88	30	taking	taking	NOUN
asfbr-8	88	31	,	,	PUNCT
asfbr-8	88	32	manipulation	manipulation	NOUN
asfbr-8	88	33	,	,	PUNCT
asfbr-8	88	34	and	and	CCONJ
asfbr-8	88	35	shift	shift	VERB
asfbr-8	88	36	executive	executive	ADJ
asfbr-8	88	37	attention	attention	NOUN
asfbr-8	88	38	away	away	ADV
asfbr-8	88	39	from	from	ADP
asfbr-8	88	40	true	true	ADJ
asfbr-8	88	41	value	value	NOUN
asfbr-8	88	42	creation	creation	NOUN
asfbr-8	88	43	.	.	PUNCT
asfbr-8	89	1	this	this	PRON
asfbr-8	89	2	is	be	AUX
asfbr-8	89	3	why	why	SCONJ
asfbr-8	89	4	they	they	PRON
asfbr-8	89	5	state	state	VERB
asfbr-8	89	6	that	that	SCONJ
asfbr-8	89	7	based	base	VERB
asfbr-8	89	8	on	on	ADP
asfbr-8	89	9	this	this	DET
asfbr-8	89	10	theory	theory	NOUN
asfbr-8	89	11	for	for	ADP
asfbr-8	89	12	choosing	choose	VERB
asfbr-8	89	13	particular	particular	ADJ
asfbr-8	89	14	accounting	accounting	NOUN
asfbr-8	89	15	methods	method	NOUN
asfbr-8	89	16	management	management	NOUN
asfbr-8	89	17	is	be	AUX
asfbr-8	89	18	opportunistic	opportunistic	ADJ
asfbr-8	89	19	.	.	PUNCT
asfbr-8	90	1	the	the	DET
asfbr-8	90	2	techniques	technique	NOUN
asfbr-8	90	3	that	that	PRON
asfbr-8	90	4	are	be	AUX
asfbr-8	90	5	known	know	VERB
asfbr-8	90	6	in	in	ADP
asfbr-8	90	7	accounting	accounting	NOUN
asfbr-8	90	8	as	as	ADP
asfbr-8	90	9	opportunistic	opportunistic	ADJ
asfbr-8	90	10	behavior	behavior	NOUN
asfbr-8	90	11	are	be	AUX
asfbr-8	90	12	earning	earn	VERB
asfbr-8	90	13	management	management	NOUN
asfbr-8	90	14	and	and	CCONJ
asfbr-8	90	15	off	off	ADP
asfbr-8	90	16	balance	balance	NOUN
asfbr-8	90	17	sheet	sheet	NOUN
asfbr-8	90	18	funding	funding	NOUN
asfbr-8	90	19	.	.	PUNCT
asfbr-8	91	1	this	this	DET
asfbr-8	91	2	perspective	perspective	NOUN
asfbr-8	91	3	is	be	AUX
asfbr-8	91	4	studied	study	VERB
asfbr-8	91	5	by	by	ADP
asfbr-8	91	6	many	many	ADJ
asfbr-8	91	7	authors	author	NOUN
asfbr-8	91	8	in	in	ADP
asfbr-8	91	9	our	our	PRON
asfbr-8	91	10	survey	survey	NOUN
asfbr-8	91	11	and	and	CCONJ
asfbr-8	91	12	is	be	AUX
asfbr-8	91	13	based	base	VERB
asfbr-8	91	14	on	on	ADP
asfbr-8	91	15	the	the	DET
asfbr-8	91	16	idea	idea	NOUN
asfbr-8	91	17	that	that	SCONJ
asfbr-8	91	18	the	the	DET
asfbr-8	91	19	separation	separation	NOUN
asfbr-8	91	20	between	between	ADP
asfbr-8	91	21	ownership	ownership	NOUN
asfbr-8	91	22	and	and	CCONJ
asfbr-8	91	23	management	management	NOUN
asfbr-8	91	24	might	might	AUX
asfbr-8	91	25	give	give	VERB
asfbr-8	91	26	managers	manager	NOUN
asfbr-8	91	27	substantial	substantial	ADJ
asfbr-8	91	28	power	power	NOUN
asfbr-8	91	29	.	.	PUNCT
asfbr-8	92	1	this	this	DET
asfbr-8	92	2	gain	gain	NOUN
asfbr-8	92	3	of	of	ADP
asfbr-8	92	4	power	power	NOUN
asfbr-8	92	5	may	may	AUX
asfbr-8	92	6	result	result	VERB
asfbr-8	92	7	in	in	ADP
asfbr-8	92	8	side	side	ADJ
asfbr-8	92	9	effects	effect	NOUN
asfbr-8	92	10	of	of	ADP
asfbr-8	92	11	such	such	ADJ
asfbr-8	92	12	compensation	compensation	NOUN
asfbr-8	92	13	plans	plan	NOUN
asfbr-8	92	14	.	.	PUNCT
asfbr-8	93	1	this	this	DET
asfbr-8	93	2	issue	issue	NOUN
asfbr-8	93	3	is	be	AUX
asfbr-8	93	4	addressed	address	VERB
asfbr-8	93	5	for	for	ADP
asfbr-8	93	6	example	example	NOUN
asfbr-8	93	7	by	by	ADP
asfbr-8	93	8	alexander	alexander	PROPN
asfbr-8	93	9	et	et	PROPN
asfbr-8	93	10	al	al	PROPN
asfbr-8	93	11	.	.	PROPN
asfbr-8	94	1	(	(	PUNCT
asfbr-8	94	2	2007	2007	NUM
asfbr-8	94	3	)	)	PUNCT
asfbr-8	94	4	,	,	PUNCT
asfbr-8	94	5	peng	peng	PROPN
asfbr-8	94	6	and	and	CCONJ
asfbr-8	94	7	röell	röell	PROPN
asfbr-8	94	8	(	(	PUNCT
asfbr-8	94	9	2008	2008	NUM
asfbr-8	94	10	)	)	PUNCT
asfbr-8	94	11	,	,	PUNCT
asfbr-8	94	12	blasi	blasi	PROPN
asfbr-8	94	13	et	et	PROPN
asfbr-8	94	14	al	al	PROPN
asfbr-8	94	15	.	.	PROPN
asfbr-8	95	1	(	(	PUNCT
asfbr-8	95	2	1996	1996	NUM
asfbr-8	95	3	)	)	PUNCT
asfbr-8	95	4	,	,	PUNCT
asfbr-8	95	5	cheng	cheng	PROPN
asfbr-8	95	6	and	and	CCONJ
asfbr-8	95	7	warfield	warfield	PROPN
asfbr-8	95	8	(	(	PUNCT
asfbr-8	95	9	2004	2004	NUM
asfbr-8	95	10	)	)	PUNCT
asfbr-8	95	11	,	,	PUNCT
asfbr-8	95	12	core	core	NOUN
asfbr-8	95	13	and	and	CCONJ
asfbr-8	95	14	guay	guay	NOUN
asfbr-8	95	15	(	(	PUNCT
asfbr-8	95	16	2001	2001	NUM
asfbr-8	95	17	)	)	PUNCT
asfbr-8	95	18	,	,	PUNCT
asfbr-8	95	19	and	and	CCONJ
asfbr-8	95	20	yermarck	yermarck	NOUN
asfbr-8	95	21	(	(	PUNCT
asfbr-8	95	22	1997	1997	NUM
asfbr-8	95	23	)	)	PUNCT
asfbr-8	95	24	.	.	PUNCT
asfbr-8	96	1	they	they	PRON
asfbr-8	96	2	all	all	PRON
asfbr-8	96	3	have	have	VERB
asfbr-8	96	4	the	the	DET
asfbr-8	96	5	common	common	ADJ
asfbr-8	96	6	argument	argument	NOUN
asfbr-8	96	7	that	that	SCONJ
asfbr-8	96	8	using	use	VERB
asfbr-8	96	9	share	share	NOUN
asfbr-8	96	10	-	-	PUNCT
asfbr-8	96	11	based	base	VERB
asfbr-8	96	12	payment	payment	NOUN
asfbr-8	96	13	and	and	CCONJ
asfbr-8	96	14	thus	thus	ADV
asfbr-8	96	15	addressing	address	VERB
asfbr-8	96	16	the	the	DET
asfbr-8	96	17	agency	agency	NOUN
asfbr-8	96	18	problem	problem	NOUN
asfbr-8	96	19	by	by	ADP
asfbr-8	96	20	granting	grant	VERB
asfbr-8	96	21	executives	executive	NOUN
asfbr-8	96	22	may	may	AUX
asfbr-8	96	23	induce	induce	VERB
asfbr-8	96	24	managers	manager	NOUN
asfbr-8	96	25	to	to	PART
asfbr-8	96	26	act	act	VERB
asfbr-8	96	27	in	in	ADP
asfbr-8	96	28	an	an	DET
asfbr-8	96	29	inappropriate	inappropriate	ADJ
asfbr-8	96	30	manner	manner	NOUN
asfbr-8	96	31	.	.	PUNCT
asfbr-8	97	1	blasi	blasi	PROPN
asfbr-8	97	2	et	et	PROPN
asfbr-8	97	3	al	al	PROPN
asfbr-8	97	4	.	.	PROPN
asfbr-8	97	5	(	(	PUNCT
asfbr-8	97	6	1996	1996	NUM
asfbr-8	97	7	)	)	PUNCT
asfbr-8	97	8	are	be	AUX
asfbr-8	97	9	against	against	ADP
asfbr-8	97	10	the	the	DET
asfbr-8	97	11	empowerment	empowerment	NOUN
asfbr-8	97	12	of	of	ADP
asfbr-8	97	13	the	the	DET
asfbr-8	97	14	executives	executive	NOUN
asfbr-8	97	15	,	,	PUNCT
asfbr-8	97	16	instead	instead	ADV
asfbr-8	97	17	they	they	PRON
asfbr-8	97	18	prefer	prefer	VERB
asfbr-8	97	19	and	and	CCONJ
asfbr-8	97	20	defend	defend	VERB
asfbr-8	97	21	that	that	SCONJ
asfbr-8	97	22	the	the	DET
asfbr-8	97	23	workforce	workforce	NOUN
asfbr-8	97	24	should	should	AUX
asfbr-8	97	25	be	be	AUX
asfbr-8	97	26	the	the	DET
asfbr-8	97	27	ones	one	NOUN
asfbr-8	97	28	included	include	VERB
asfbr-8	97	29	in	in	ADP
asfbr-8	97	30	such	such	ADJ
asfbr-8	97	31	programs	program	NOUN
asfbr-8	97	32	,	,	PUNCT
asfbr-8	97	33	acting	act	VERB
asfbr-8	97	34	like	like	ADP
asfbr-8	97	35	owners	owner	NOUN
asfbr-8	97	36	increase	increase	VERB
asfbr-8	97	37	profitability	profitability	NOUN
asfbr-8	97	38	performance	performance	NOUN
asfbr-8	97	39	and	and	CCONJ
asfbr-8	97	40	productivity	productivity	NOUN
asfbr-8	97	41	.	.	PUNCT
asfbr-8	98	1	agency	agency	NOUN
asfbr-8	98	2	theory	theory	NOUN
asfbr-8	98	3	an	an	DET
asfbr-8	98	4	agency	agency	NOUN
asfbr-8	98	5	relationship	relationship	NOUN
asfbr-8	98	6	is	be	AUX
asfbr-8	98	7	established	establish	VERB
asfbr-8	98	8	when	when	SCONJ
asfbr-8	98	9	a	a	DET
asfbr-8	98	10	principal	principal	NOUN
asfbr-8	98	11	delegates	delegate	VERB
asfbr-8	98	12	a	a	DET
asfbr-8	98	13	decision	decision	NOUN
asfbr-8	98	14	making	make	VERB
asfbr-8	98	15	responsibility	responsibility	NOUN
asfbr-8	98	16	in	in	ADP
asfbr-8	98	17	a	a	DET
asfbr-8	98	18	firm	firm	NOUN
asfbr-8	98	19	to	to	ADP
asfbr-8	98	20	an	an	DET
asfbr-8	98	21	agent	agent	NOUN
asfbr-8	98	22	.	.	PUNCT
asfbr-8	99	1	although	although	SCONJ
asfbr-8	99	2	a	a	DET
asfbr-8	99	3	natural	natural	ADJ
asfbr-8	99	4	and	and	CCONJ
asfbr-8	99	5	inevitable	inevitable	ADJ
asfbr-8	99	6	stage	stage	NOUN
asfbr-8	99	7	in	in	ADP
asfbr-8	99	8	the	the	DET
asfbr-8	99	9	evolution	evolution	NOUN
asfbr-8	99	10	of	of	ADP
asfbr-8	99	11	the	the	DET
asfbr-8	99	12	corporation	corporation	NOUN
asfbr-8	99	13	,	,	PUNCT
asfbr-8	99	14	the	the	DET
asfbr-8	99	15	resulting	result	VERB
asfbr-8	99	16	separation	separation	NOUN
asfbr-8	99	17	of	of	ADP
asfbr-8	99	18	ownership	ownership	NOUN
asfbr-8	99	19	from	from	ADP
asfbr-8	99	20	control	control	NOUN
asfbr-8	99	21	leads	lead	VERB
asfbr-8	99	22	to	to	ADP
asfbr-8	99	23	an	an	DET
asfbr-8	99	24	agency	agency	NOUN
asfbr-8	99	25	conflict	conflict	NOUN
asfbr-8	99	26	,	,	PUNCT
asfbr-8	99	27	because	because	SCONJ
asfbr-8	99	28	the	the	DET
asfbr-8	99	29	controlling	control	VERB
asfbr-8	99	30	mangers	manger	NOUN
asfbr-8	99	31	,	,	PUNCT
asfbr-8	99	32	whose	whose	DET
asfbr-8	99	33	actions	action	NOUN
asfbr-8	99	34	are	be	AUX
asfbr-8	99	35	unobservable	unobservable	ADJ
asfbr-8	99	36	,	,	PUNCT
asfbr-8	99	37	may	may	AUX
asfbr-8	99	38	be	be	AUX
asfbr-8	99	39	tempted	tempt	VERB
asfbr-8	99	40	to	to	PART
asfbr-8	99	41	pursue	pursue	VERB
asfbr-8	99	42	their	their	PRON
asfbr-8	99	43	personal	personal	ADJ
asfbr-8	99	44	goals	goal	NOUN
asfbr-8	99	45	when	when	SCONJ
asfbr-8	99	46	running	run	VERB
asfbr-8	99	47	a	a	DET
asfbr-8	99	48	company	company	NOUN
asfbr-8	99	49	.	.	PUNCT
asfbr-8	100	1	such	such	DET
asfbr-8	100	2	a	a	DET
asfbr-8	100	3	moral	moral	ADJ
asfbr-8	100	4	hazard	hazard	NOUN
asfbr-8	100	5	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	NOUN
asfbr-8	100	6	asian	asian	PROPN
asfbr-8	100	7	finance	finance	PROPN
asfbr-8	100	8	&	&	CCONJ
asfbr-8	100	9	banking	banking	PROPN
asfbr-8	100	10	review	review	PROPN
asfbr-8	100	11	vol	vol	NOUN
asfbr-8	100	12	.	.	PROPN
asfbr-8	101	1	2	2	NUM
asfbr-8	101	2	,	,	PUNCT
asfbr-8	101	3	no	no	INTJ
asfbr-8	101	4	.	.	NOUN
asfbr-8	101	5	1	1	NUM
asfbr-8	101	6	;	;	PUNCT
asfbr-8	101	7	2018	2018	NUM
asfbr-8	101	8	21	21	NUM
asfbr-8	101	9	behavior	behavior	NOUN
asfbr-8	101	10	may	may	AUX
asfbr-8	101	11	take	take	VERB
asfbr-8	101	12	a	a	DET
asfbr-8	101	13	variety	variety	NOUN
asfbr-8	101	14	of	of	ADP
asfbr-8	101	15	forms	form	NOUN
asfbr-8	101	16	,	,	PUNCT
asfbr-8	101	17	including	include	VERB
asfbr-8	101	18	overconsumption	overconsumption	NOUN
asfbr-8	101	19	of	of	ADP
asfbr-8	101	20	perquisites	perquisite	NOUN
asfbr-8	101	21	,	,	PUNCT
asfbr-8	101	22	diversion	diversion	NOUN
asfbr-8	101	23	of	of	ADP
asfbr-8	101	24	corporate	corporate	ADJ
asfbr-8	101	25	resources	resource	NOUN
asfbr-8	101	26	and	and	CCONJ
asfbr-8	101	27	exertion	exertion	NOUN
asfbr-8	101	28	of	of	ADP
asfbr-8	101	29	insufficient	insufficient	ADJ
asfbr-8	101	30	effort	effort	NOUN
asfbr-8	101	31	.	.	PUNCT
asfbr-8	102	1	this	this	DET
asfbr-8	102	2	problem	problem	NOUN
asfbr-8	102	3	,	,	PUNCT
asfbr-8	102	4	recognized	recognize	VERB
asfbr-8	102	5	already	already	ADV
asfbr-8	102	6	by	by	ADP
asfbr-8	102	7	smith	smith	PROPN
asfbr-8	102	8	(	(	PUNCT
asfbr-8	102	9	1776	1776	NUM
asfbr-8	102	10	)	)	PUNCT
asfbr-8	102	11	and	and	CCONJ
asfbr-8	102	12	described	describe	VERB
asfbr-8	102	13	in	in	ADP
asfbr-8	102	14	greater	great	ADJ
asfbr-8	102	15	detail	detail	NOUN
asfbr-8	102	16	in	in	ADP
asfbr-8	102	17	berle	berle	PROPN
asfbr-8	102	18	&	&	CCONJ
asfbr-8	102	19	means	means	PROPN
asfbr-8	102	20	(	(	PUNCT
asfbr-8	102	21	1932	1932	NUM
asfbr-8	102	22	)	)	PUNCT
asfbr-8	102	23	,	,	PUNCT
asfbr-8	102	24	is	be	AUX
asfbr-8	102	25	at	at	ADP
asfbr-8	102	26	the	the	DET
asfbr-8	102	27	core	core	NOUN
asfbr-8	102	28	of	of	ADP
asfbr-8	102	29	the	the	DET
asfbr-8	102	30	two	two	NUM
asfbr-8	102	31	central	central	ADJ
asfbr-8	102	32	theoretical	theoretical	ADJ
asfbr-8	102	33	frameworks	framework	NOUN
asfbr-8	102	34	for	for	ADP
asfbr-8	102	35	studying	study	VERB
asfbr-8	102	36	executive	executive	ADJ
asfbr-8	102	37	ownership	ownership	NOUN
asfbr-8	102	38	and	and	CCONJ
asfbr-8	102	39	compensation	compensation	NOUN
asfbr-8	102	40	.	.	PUNCT
asfbr-8	103	1	the	the	DET
asfbr-8	103	2	first	first	ADJ
asfbr-8	103	3	line	line	NOUN
asfbr-8	103	4	of	of	ADP
asfbr-8	103	5	research	research	NOUN
asfbr-8	103	6	approaches	approach	VERB
asfbr-8	103	7	the	the	DET
asfbr-8	103	8	agency	agency	NOUN
asfbr-8	103	9	problem	problem	NOUN
asfbr-8	103	10	by	by	ADP
asfbr-8	103	11	contemplating	contemplate	VERB
asfbr-8	103	12	managerial	managerial	ADJ
asfbr-8	103	13	equity	equity	NOUN
asfbr-8	103	14	claims	claim	NOUN
asfbr-8	103	15	in	in	ADP
asfbr-8	103	16	the	the	DET
asfbr-8	103	17	context	context	NOUN
asfbr-8	103	18	of	of	ADP
asfbr-8	103	19	the	the	DET
asfbr-8	103	20	ownership	ownership	NOUN
asfbr-8	103	21	structure	structure	NOUN
asfbr-8	103	22	of	of	ADP
asfbr-8	103	23	the	the	DET
asfbr-8	103	24	firm	firm	NOUN
asfbr-8	103	25	.	.	PUNCT
asfbr-8	104	1	jensen	jensen	PROPN
asfbr-8	104	2	&	&	CCONJ
asfbr-8	104	3	meckling	meckling	PROPN
asfbr-8	104	4	(	(	PUNCT
asfbr-8	104	5	1976	1976	NUM
asfbr-8	104	6	)	)	PUNCT
asfbr-8	104	7	compare	compare	VERB
asfbr-8	104	8	the	the	DET
asfbr-8	104	9	behavior	behavior	NOUN
asfbr-8	104	10	of	of	ADP
asfbr-8	104	11	a	a	DET
asfbr-8	104	12	manager	manager	NOUN
asfbr-8	104	13	when	when	SCONJ
asfbr-8	104	14	she	she	PRON
asfbr-8	104	15	owns	own	VERB
asfbr-8	104	16	100	100	NUM
asfbr-8	104	17	%	%	NOUN
asfbr-8	104	18	of	of	ADP
asfbr-8	104	19	equity	equity	NOUN
asfbr-8	104	20	claims	claim	NOUN
asfbr-8	104	21	of	of	ADP
asfbr-8	104	22	the	the	DET
asfbr-8	104	23	firm	firm	NOUN
asfbr-8	104	24	to	to	ADP
asfbr-8	104	25	the	the	DET
asfbr-8	104	26	situation	situation	NOUN
asfbr-8	104	27	when	when	SCONJ
asfbr-8	104	28	she	she	PRON
asfbr-8	104	29	sells	sell	VERB
asfbr-8	104	30	off	off	ADP
asfbr-8	104	31	a	a	DET
asfbr-8	104	32	portion	portion	NOUN
asfbr-8	104	33	of	of	ADP
asfbr-8	104	34	these	these	DET
asfbr-8	104	35	claims	claim	NOUN
asfbr-8	104	36	to	to	ADP
asfbr-8	104	37	outside	outside	ADJ
asfbr-8	104	38	shareholders	shareholder	NOUN
asfbr-8	104	39	.	.	PUNCT
asfbr-8	105	1	using	use	VERB
asfbr-8	105	2	an	an	DET
asfbr-8	105	3	example	example	NOUN
asfbr-8	105	4	with	with	ADP
asfbr-8	105	5	non	non	ADJ
asfbr-8	105	6	-	-	ADJ
asfbr-8	105	7	pecuniary	pecuniary	ADJ
asfbr-8	105	8	benefits	benefit	NOUN
asfbr-8	105	9	they	they	PRON
asfbr-8	105	10	demonstrate	demonstrate	VERB
asfbr-8	105	11	,	,	PUNCT
asfbr-8	105	12	that	that	SCONJ
asfbr-8	105	13	while	while	SCONJ
asfbr-8	105	14	a	a	DET
asfbr-8	105	15	partial	partial	ADJ
asfbr-8	105	16	manager	manager	NOUN
asfbr-8	105	17	-	-	PUNCT
asfbr-8	105	18	owner	owner	NOUN
asfbr-8	105	19	enjoys	enjoy	VERB
asfbr-8	105	20	the	the	DET
asfbr-8	105	21	full	full	ADJ
asfbr-8	105	22	benefits	benefit	NOUN
asfbr-8	105	23	of	of	ADP
asfbr-8	105	24	perquisite	perquisite	ADJ
asfbr-8	105	25	consumption	consumption	NOUN
asfbr-8	105	26	,	,	PUNCT
asfbr-8	105	27	she	she	PRON
asfbr-8	105	28	bears	bear	VERB
asfbr-8	105	29	only	only	ADV
asfbr-8	105	30	a	a	DET
asfbr-8	105	31	portion	portion	NOUN
asfbr-8	105	32	of	of	ADP
asfbr-8	105	33	the	the	DET
asfbr-8	105	34	associated	associated	ADJ
asfbr-8	105	35	costs	cost	NOUN
asfbr-8	105	36	equal	equal	ADJ
asfbr-8	105	37	to	to	ADP
asfbr-8	105	38	her	her	PRON
asfbr-8	105	39	partial	partial	ADJ
asfbr-8	105	40	ownership	ownership	NOUN
asfbr-8	105	41	.	.	PUNCT
asfbr-8	106	1	the	the	DET
asfbr-8	106	2	investors	investor	NOUN
asfbr-8	106	3	anticipate	anticipate	VERB
asfbr-8	106	4	the	the	DET
asfbr-8	106	5	overconsumption	overconsumption	NOUN
asfbr-8	106	6	of	of	ADP
asfbr-8	106	7	perquisites	perquisite	NOUN
asfbr-8	106	8	by	by	ADP
asfbr-8	106	9	a	a	DET
asfbr-8	106	10	manager	manager	NOUN
asfbr-8	106	11	and	and	CCONJ
asfbr-8	106	12	factor	factor	NOUN
asfbr-8	106	13	the	the	DET
asfbr-8	106	14	associated	associated	ADJ
asfbr-8	106	15	agency	agency	NOUN
asfbr-8	106	16	costs	cost	NOUN
asfbr-8	106	17	into	into	ADP
asfbr-8	106	18	the	the	DET
asfbr-8	106	19	price	price	NOUN
asfbr-8	106	20	they	they	PRON
asfbr-8	106	21	are	be	AUX
asfbr-8	106	22	willing	willing	ADJ
asfbr-8	106	23	to	to	PART
asfbr-8	106	24	pay	pay	VERB
asfbr-8	106	25	for	for	ADP
asfbr-8	106	26	the	the	DET
asfbr-8	106	27	stock	stock	NOUN
asfbr-8	106	28	.	.	PUNCT
asfbr-8	107	1	within	within	ADP
asfbr-8	107	2	this	this	DET
asfbr-8	107	3	framework	framework	NOUN
asfbr-8	107	4	the	the	DET
asfbr-8	107	5	manager	manager	NOUN
asfbr-8	107	6	’s	’s	PART
asfbr-8	107	7	fractional	fractional	ADJ
asfbr-8	107	8	ownership	ownership	NOUN
asfbr-8	107	9	represents	represent	VERB
asfbr-8	107	10	a	a	DET
asfbr-8	107	11	measure	measure	NOUN
asfbr-8	107	12	of	of	ADP
asfbr-8	107	13	severity	severity	NOUN
asfbr-8	107	14	of	of	ADP
asfbr-8	107	15	the	the	DET
asfbr-8	107	16	agency	agency	NOUN
asfbr-8	107	17	conflict	conflict	NOUN
asfbr-8	107	18	.	.	PUNCT
asfbr-8	108	1	the	the	DET
asfbr-8	108	2	intuitive	intuitive	ADJ
asfbr-8	108	3	prediction	prediction	NOUN
asfbr-8	108	4	of	of	ADP
asfbr-8	108	5	this	this	DET
asfbr-8	108	6	theory	theory	NOUN
asfbr-8	108	7	is	be	AUX
asfbr-8	108	8	that	that	SCONJ
asfbr-8	108	9	with	with	ADP
asfbr-8	108	10	an	an	DET
asfbr-8	108	11	increase	increase	NOUN
asfbr-8	108	12	in	in	ADP
asfbr-8	108	13	managerial	managerial	ADJ
asfbr-8	108	14	ownership	ownership	NOUN
asfbr-8	108	15	the	the	DET
asfbr-8	108	16	interests	interest	NOUN
asfbr-8	108	17	of	of	ADP
asfbr-8	108	18	an	an	DET
asfbr-8	108	19	agent	agent	NOUN
asfbr-8	108	20	and	and	CCONJ
asfbr-8	108	21	a	a	DET
asfbr-8	108	22	principal	principal	NOUN
asfbr-8	108	23	become	become	VERB
asfbr-8	108	24	aligned	aligned	ADJ
asfbr-8	108	25	,	,	PUNCT
asfbr-8	108	26	thereby	thereby	ADV
asfbr-8	108	27	inducing	induce	VERB
asfbr-8	108	28	the	the	DET
asfbr-8	108	29	agent	agent	NOUN
asfbr-8	108	30	to	to	PART
asfbr-8	108	31	act	act	VERB
asfbr-8	108	32	in	in	ADP
asfbr-8	108	33	the	the	DET
asfbr-8	108	34	best	good	ADJ
asfbr-8	108	35	interests	interest	NOUN
asfbr-8	108	36	of	of	ADP
asfbr-8	108	37	a	a	DET
asfbr-8	108	38	principal	principal	NOUN
asfbr-8	108	39	.	.	PUNCT
asfbr-8	109	1	although	although	SCONJ
asfbr-8	109	2	not	not	PART
asfbr-8	109	3	ignoring	ignore	VERB
asfbr-8	109	4	the	the	DET
asfbr-8	109	5	existence	existence	NOUN
asfbr-8	109	6	of	of	ADP
asfbr-8	109	7	the	the	DET
asfbr-8	109	8	agency	agency	NOUN
asfbr-8	109	9	problem	problem	NOUN
asfbr-8	109	10	arising	arise	VERB
asfbr-8	109	11	from	from	ADP
asfbr-8	109	12	managerial	managerial	ADJ
asfbr-8	109	13	self	self	NOUN
asfbr-8	109	14	-	-	PUNCT
asfbr-8	109	15	serving	serve	VERB
asfbr-8	109	16	behavior	behavior	NOUN
asfbr-8	109	17	,	,	PUNCT
asfbr-8	109	18	several	several	ADJ
asfbr-8	109	19	studies	study	NOUN
asfbr-8	109	20	criticize	criticize	VERB
asfbr-8	109	21	the	the	DET
asfbr-8	109	22	theoretical	theoretical	ADJ
asfbr-8	109	23	grounds	ground	NOUN
asfbr-8	109	24	of	of	ADP
asfbr-8	109	25	the	the	DET
asfbr-8	109	26	“	"	PUNCT
asfbr-8	109	27	incentive	incentive	NOUN
asfbr-8	109	28	alignment	alignment	NOUN
asfbr-8	109	29	”	"	PUNCT
asfbr-8	109	30	hypothesis	hypothesis	NOUN
asfbr-8	109	31	by	by	ADP
asfbr-8	109	32	relying	rely	VERB
asfbr-8	109	33	on	on	ADP
asfbr-8	109	34	market	market	NOUN
asfbr-8	109	35	efficiency	efficiency	NOUN
asfbr-8	109	36	reasoning	reasoning	NOUN
asfbr-8	109	37	.	.	PUNCT
asfbr-8	110	1	demsetz	demsetz	PROPN
asfbr-8	110	2	&	&	CCONJ
asfbr-8	110	3	lehn	lehn	PROPN
asfbr-8	110	4	(	(	PUNCT
asfbr-8	110	5	1985	1985	NUM
asfbr-8	110	6	)	)	PUNCT
asfbr-8	110	7	develop	develop	VERB
asfbr-8	110	8	the	the	DET
asfbr-8	110	9	so	so	ADV
asfbr-8	110	10	-	-	PUNCT
asfbr-8	110	11	called	call	VERB
asfbr-8	110	12	optimal	optimal	ADJ
asfbr-8	110	13	contracting	contracting	NOUN
asfbr-8	110	14	theory	theory	NOUN
asfbr-8	110	15	by	by	ADP
asfbr-8	110	16	arguing	argue	VERB
asfbr-8	110	17	that	that	SCONJ
asfbr-8	110	18	the	the	DET
asfbr-8	110	19	observed	observe	VERB
asfbr-8	110	20	firm	firm	ADJ
asfbr-8	110	21	ownership	ownership	NOUN
asfbr-8	110	22	structure	structure	NOUN
asfbr-8	110	23	is	be	AUX
asfbr-8	110	24	an	an	DET
asfbr-8	110	25	endogenous	endogenous	ADJ
asfbr-8	110	26	outcome	outcome	NOUN
asfbr-8	110	27	of	of	ADP
asfbr-8	110	28	a	a	DET
asfbr-8	110	29	competitive	competitive	ADJ
asfbr-8	110	30	selection	selection	NOUN
asfbr-8	110	31	in	in	ADP
asfbr-8	110	32	which	which	PRON
asfbr-8	110	33	costs	cost	NOUN
asfbr-8	110	34	and	and	CCONJ
asfbr-8	110	35	benefits	benefit	NOUN
asfbr-8	110	36	are	be	AUX
asfbr-8	110	37	balanced	balanced	ADJ
asfbr-8	110	38	to	to	PART
asfbr-8	110	39	arrive	arrive	VERB
asfbr-8	110	40	at	at	ADP
asfbr-8	110	41	the	the	DET
asfbr-8	110	42	equilibrium	equilibrium	NOUN
asfbr-8	110	43	organization	organization	NOUN
asfbr-8	110	44	of	of	ADP
asfbr-8	110	45	the	the	DET
asfbr-8	110	46	firm	firm	NOUN
asfbr-8	110	47	.	.	PUNCT
asfbr-8	111	1	in	in	ADP
asfbr-8	111	2	other	other	ADJ
asfbr-8	111	3	words	word	NOUN
asfbr-8	111	4	,	,	PUNCT
asfbr-8	111	5	the	the	DET
asfbr-8	111	6	survival	survival	NOUN
asfbr-8	111	7	of	of	ADP
asfbr-8	111	8	the	the	DET
asfbr-8	111	9	dispersed	disperse	VERB
asfbr-8	111	10	ownership	ownership	NOUN
asfbr-8	111	11	implies	imply	VERB
asfbr-8	111	12	that	that	SCONJ
asfbr-8	111	13	the	the	DET
asfbr-8	111	14	benefits	benefit	NOUN
asfbr-8	111	15	of	of	ADP
asfbr-8	111	16	this	this	DET
asfbr-8	111	17	organizational	organizational	ADJ
asfbr-8	111	18	form	form	NOUN
asfbr-8	111	19	outweigh	outweigh	VERB
asfbr-8	111	20	the	the	DET
asfbr-8	111	21	costs	cost	NOUN
asfbr-8	111	22	to	to	ADP
asfbr-8	111	23	the	the	DET
asfbr-8	111	24	shareholders	shareholder	NOUN
asfbr-8	111	25	and	and	CCONJ
asfbr-8	111	26	that	that	SCONJ
asfbr-8	111	27	the	the	DET
asfbr-8	111	28	observed	observe	VERB
asfbr-8	111	29	firm	firm	ADJ
asfbr-8	111	30	ownership	ownership	NOUN
asfbr-8	111	31	structure	structure	NOUN
asfbr-8	111	32	is	be	AUX
asfbr-8	111	33	value	value	NOUN
asfbr-8	111	34	-	-	PUNCT
asfbr-8	111	35	maximizing	maximize	VERB
asfbr-8	111	36	.	.	PUNCT
asfbr-8	112	1	in	in	ADP
asfbr-8	112	2	this	this	DET
asfbr-8	112	3	context	context	NOUN
asfbr-8	112	4	the	the	DET
asfbr-8	112	5	degree	degree	NOUN
asfbr-8	112	6	of	of	ADP
asfbr-8	112	7	managerial	managerial	ADJ
asfbr-8	112	8	self	self	NOUN
asfbr-8	112	9	serving	serve	VERB
asfbr-8	112	10	behavior	behavior	NOUN
asfbr-8	112	11	becomes	become	VERB
asfbr-8	112	12	irrelevant	irrelevant	ADJ
asfbr-8	112	13	and	and	CCONJ
asfbr-8	112	14	no	no	DET
asfbr-8	112	15	relation	relation	NOUN
asfbr-8	112	16	between	between	ADP
asfbr-8	112	17	fractional	fractional	ADJ
asfbr-8	112	18	ownership	ownership	NOUN
asfbr-8	112	19	and	and	CCONJ
asfbr-8	112	20	firm	firm	ADJ
asfbr-8	112	21	value	value	NOUN
asfbr-8	112	22	should	should	AUX
asfbr-8	112	23	be	be	AUX
asfbr-8	112	24	expected	expect	VERB
asfbr-8	112	25	ex	ex	PRON
asfbr-8	112	26	ante	ante	NOUN
asfbr-8	112	27	.	.	PUNCT
asfbr-8	113	1	these	these	DET
asfbr-8	113	2	arguments	argument	NOUN
asfbr-8	113	3	emphasize	emphasize	VERB
asfbr-8	113	4	the	the	DET
asfbr-8	113	5	importance	importance	NOUN
asfbr-8	113	6	of	of	ADP
asfbr-8	113	7	considering	consider	VERB
asfbr-8	113	8	the	the	DET
asfbr-8	113	9	endogenous	endogenous	ADJ
asfbr-8	113	10	nature	nature	NOUN
asfbr-8	113	11	of	of	ADP
asfbr-8	113	12	managerial	managerial	ADJ
asfbr-8	113	13	fractional	fractional	ADJ
asfbr-8	113	14	ownership	ownership	NOUN
asfbr-8	113	15	in	in	ADP
asfbr-8	113	16	the	the	DET
asfbr-8	113	17	empirical	empirical	ADJ
asfbr-8	113	18	tests	test	NOUN
asfbr-8	113	19	.	.	PUNCT
asfbr-8	114	1	accordingly	accordingly	ADV
asfbr-8	114	2	,	,	PUNCT
asfbr-8	114	3	when	when	SCONJ
asfbr-8	114	4	attempting	attempt	VERB
asfbr-8	114	5	to	to	PART
asfbr-8	114	6	control	control	VERB
asfbr-8	114	7	for	for	ADP
asfbr-8	114	8	the	the	DET
asfbr-8	114	9	endogeneity	endogeneity	NOUN
asfbr-8	114	10	in	in	ADP
asfbr-8	114	11	the	the	DET
asfbr-8	114	12	relationship	relationship	NOUN
asfbr-8	114	13	between	between	ADP
asfbr-8	114	14	managerial	managerial	ADJ
asfbr-8	114	15	ownership	ownership	NOUN
asfbr-8	114	16	and	and	CCONJ
asfbr-8	114	17	firm	firm	ADJ
asfbr-8	114	18	performance	performance	NOUN
asfbr-8	114	19	,	,	PUNCT
asfbr-8	114	20	some	some	DET
asfbr-8	114	21	studies	study	NOUN
asfbr-8	114	22	have	have	AUX
asfbr-8	114	23	failed	fail	VERB
asfbr-8	114	24	to	to	PART
asfbr-8	114	25	find	find	VERB
asfbr-8	114	26	a	a	DET
asfbr-8	114	27	positive	positive	ADJ
asfbr-8	114	28	relationship	relationship	NOUN
asfbr-8	114	29	between	between	ADP
asfbr-8	114	30	the	the	DET
asfbr-8	114	31	two	two	NUM
asfbr-8	114	32	(	(	PUNCT
asfbr-8	114	33	demsetz	demsetz	ADJ
asfbr-8	114	34	&	&	CCONJ
asfbr-8	114	35	lehn	lehn	NOUN
asfbr-8	114	36	1985	1985	NUM
asfbr-8	114	37	,	,	PUNCT
asfbr-8	114	38	himmelberg	himmelberg	PROPN
asfbr-8	114	39	et	et	PROPN
asfbr-8	114	40	al	al	PROPN
asfbr-8	114	41	.	.	PROPN
asfbr-8	114	42	1999	1999	NUM
asfbr-8	114	43	)	)	PUNCT
asfbr-8	114	44	.	.	PUNCT
asfbr-8	115	1	corporate	corporate	ADJ
asfbr-8	115	2	payout	payout	NOUN
asfbr-8	115	3	policy	policy	NOUN
asfbr-8	115	4	managerial	managerial	ADJ
asfbr-8	115	5	equity	equity	NOUN
asfbr-8	115	6	ownership	ownership	NOUN
asfbr-8	115	7	is	be	AUX
asfbr-8	115	8	related	relate	VERB
asfbr-8	115	9	to	to	ADP
asfbr-8	115	10	the	the	DET
asfbr-8	115	11	corporate	corporate	ADJ
asfbr-8	115	12	payout	payout	NOUN
asfbr-8	115	13	policy	policy	NOUN
asfbr-8	115	14	in	in	ADP
asfbr-8	115	15	the	the	DET
asfbr-8	115	16	following	following	ADJ
asfbr-8	115	17	ways	way	NOUN
asfbr-8	115	18	.	.	PUNCT
asfbr-8	116	1	first	first	ADV
asfbr-8	116	2	,	,	PUNCT
asfbr-8	116	3	it	it	PRON
asfbr-8	116	4	can	can	AUX
asfbr-8	116	5	mitigate	mitigate	VERB
asfbr-8	116	6	a	a	DET
asfbr-8	116	7	free	free	ADJ
asfbr-8	116	8	cash	cash	NOUN
asfbr-8	116	9	flow	flow	NOUN
asfbr-8	116	10	problem	problem	NOUN
asfbr-8	116	11	,	,	PUNCT
asfbr-8	116	12	which	which	PRON
asfbr-8	116	13	arises	arise	VERB
asfbr-8	116	14	when	when	SCONJ
asfbr-8	116	15	an	an	DET
asfbr-8	116	16	entrenched	entrenched	ADJ
asfbr-8	116	17	manager	manager	NOUN
asfbr-8	116	18	spends	spend	VERB
asfbr-8	116	19	internally	internally	ADV
asfbr-8	116	20	generated	generate	VERB
asfbr-8	116	21	cash	cash	NOUN
asfbr-8	116	22	flows	flow	NOUN
asfbr-8	116	23	on	on	ADP
asfbr-8	116	24	value	value	NOUN
asfbr-8	116	25	destroying	destroy	VERB
asfbr-8	116	26	projects	project	NOUN
asfbr-8	116	27	instead	instead	ADV
asfbr-8	116	28	of	of	ADP
asfbr-8	116	29	returning	return	VERB
asfbr-8	116	30	the	the	DET
asfbr-8	116	31	funds	fund	NOUN
asfbr-8	116	32	to	to	ADP
asfbr-8	116	33	investors	investor	NOUN
asfbr-8	116	34	via	via	ADP
asfbr-8	116	35	dividends	dividend	NOUN
asfbr-8	116	36	and	and	CCONJ
asfbr-8	116	37	share	share	NOUN
asfbr-8	116	38	repurchases	repurchase	NOUN
asfbr-8	116	39	(	(	PUNCT
asfbr-8	116	40	jensen	jensen	PROPN
asfbr-8	116	41	1986	1986	NUM
asfbr-8	116	42	)	)	PUNCT
asfbr-8	116	43	.	.	PUNCT
asfbr-8	117	1	if	if	SCONJ
asfbr-8	117	2	higher	high	ADJ
asfbr-8	117	3	managerial	managerial	ADJ
asfbr-8	117	4	ownership	ownership	NOUN
asfbr-8	117	5	aligns	align	VERB
asfbr-8	117	6	the	the	DET
asfbr-8	117	7	interests	interest	NOUN
asfbr-8	117	8	of	of	ADP
asfbr-8	117	9	managers	manager	NOUN
asfbr-8	117	10	and	and	CCONJ
asfbr-8	117	11	shareholders	shareholder	NOUN
asfbr-8	117	12	,	,	PUNCT
asfbr-8	117	13	firms	firm	NOUN
asfbr-8	117	14	in	in	ADP
asfbr-8	117	15	which	which	PRON
asfbr-8	117	16	managers	manager	NOUN
asfbr-8	117	17	hold	hold	VERB
asfbr-8	117	18	more	more	ADJ
asfbr-8	117	19	equity	equity	NOUN
asfbr-8	117	20	are	be	AUX
asfbr-8	117	21	expected	expect	VERB
asfbr-8	117	22	to	to	PART
asfbr-8	117	23	have	have	VERB
asfbr-8	117	24	greater	great	ADJ
asfbr-8	117	25	payouts	payout	NOUN
asfbr-8	117	26	.	.	PUNCT
asfbr-8	118	1	testing	test	VERB
asfbr-8	118	2	this	this	DET
asfbr-8	118	3	prediction	prediction	NOUN
asfbr-8	118	4	,	,	PUNCT
asfbr-8	118	5	fenn	fenn	PROPN
asfbr-8	118	6	&	&	CCONJ
asfbr-8	118	7	liang	liang	PROPN
asfbr-8	118	8	(	(	PUNCT
asfbr-8	118	9	2001	2001	NUM
asfbr-8	118	10	)	)	PUNCT
asfbr-8	118	11	find	find	VERB
asfbr-8	118	12	that	that	SCONJ
asfbr-8	118	13	managerial	managerial	ADJ
asfbr-8	118	14	stock	stock	NOUN
asfbr-8	118	15	ownership	ownership	NOUN
asfbr-8	118	16	is	be	AUX
asfbr-8	118	17	associated	associate	VERB
asfbr-8	118	18	with	with	ADP
asfbr-8	118	19	higher	high	ADJ
asfbr-8	118	20	payouts	payout	NOUN
asfbr-8	118	21	,	,	PUNCT
asfbr-8	118	22	but	but	CCONJ
asfbr-8	118	23	only	only	ADV
asfbr-8	118	24	in	in	ADP
asfbr-8	118	25	firms	firm	NOUN
asfbr-8	118	26	characterized	characterize	VERB
asfbr-8	118	27	by	by	ADP
asfbr-8	118	28	the	the	DET
asfbr-8	118	29	greatest	great	ADJ
asfbr-8	118	30	agency	agency	NOUN
asfbr-8	118	31	problems	problem	VERB
asfbr-8	118	32	those	those	PRON
asfbr-8	118	33	with	with	ADP
asfbr-8	118	34	low	low	ADJ
asfbr-8	118	35	managerial	managerial	ADJ
asfbr-8	118	36	ownership	ownership	NOUN
asfbr-8	118	37	and	and	CCONJ
asfbr-8	118	38	scarce	scarce	ADJ
asfbr-8	118	39	growth	growth	NOUN
asfbr-8	118	40	opportunities	opportunity	NOUN
asfbr-8	118	41	.	.	PUNCT
asfbr-8	119	1	second	second	ADJ
asfbr-8	119	2	,	,	PUNCT
asfbr-8	119	3	executive	executive	ADJ
asfbr-8	119	4	stockand	stockand	NOUN
asfbr-8	119	5	option	option	NOUN
asfbr-8	119	6	holdings	holding	NOUN
asfbr-8	119	7	have	have	VERB
asfbr-8	119	8	different	different	ADJ
asfbr-8	119	9	implications	implication	NOUN
asfbr-8	119	10	for	for	ADP
asfbr-8	119	11	the	the	DET
asfbr-8	119	12	composition	composition	NOUN
asfbr-8	119	13	of	of	ADP
asfbr-8	119	14	the	the	DET
asfbr-8	119	15	corporate	corporate	ADJ
asfbr-8	119	16	payout	payout	NOUN
asfbr-8	119	17	.	.	PUNCT
asfbr-8	120	1	the	the	DET
asfbr-8	120	2	value	value	NOUN
asfbr-8	120	3	of	of	ADP
asfbr-8	120	4	non	non	ADJ
asfbr-8	120	5	-	-	ADJ
asfbr-8	120	6	dividend	dividend	ADJ
asfbr-8	120	7	protected	protect	VERB
asfbr-8	120	8	options	option	NOUN
asfbr-8	120	9	,	,	PUNCT
asfbr-8	120	10	however	however	ADV
asfbr-8	120	11	,	,	PUNCT
asfbr-8	120	12	decreases	decrease	VERB
asfbr-8	120	13	with	with	ADP
asfbr-8	120	14	the	the	DET
asfbr-8	120	15	dividend	dividend	NOUN
asfbr-8	120	16	yield	yield	NOUN
asfbr-8	120	17	,	,	PUNCT
asfbr-8	120	18	as	as	SCONJ
asfbr-8	120	19	is	be	AUX
asfbr-8	120	20	also	also	ADV
asfbr-8	120	21	evident	evident	ADJ
asfbr-8	120	22	and	and	CCONJ
asfbr-8	120	23	holders	holder	NOUN
asfbr-8	120	24	of	of	ADP
asfbr-8	120	25	such	such	ADJ
asfbr-8	120	26	options	option	NOUN
asfbr-8	120	27	forego	forego	NOUN
asfbr-8	120	28	dividends	dividend	NOUN
asfbr-8	120	29	which	which	PRON
asfbr-8	120	30	they	they	PRON
asfbr-8	120	31	could	could	AUX
asfbr-8	120	32	otherwise	otherwise	ADV
asfbr-8	120	33	receive	receive	VERB
asfbr-8	120	34	were	be	AUX
asfbr-8	120	35	the	the	DET
asfbr-8	120	36	options	option	NOUN
asfbr-8	120	37	converted	convert	VERB
asfbr-8	120	38	into	into	ADP
asfbr-8	120	39	shares	share	NOUN
asfbr-8	120	40	.	.	PUNCT
asfbr-8	121	1	thus	thus	ADV
asfbr-8	121	2	,	,	PUNCT
asfbr-8	121	3	ceteris	ceteris	NOUN
asfbr-8	121	4	paribus	paribus	NOUN
asfbr-8	121	5	,	,	PUNCT
asfbr-8	121	6	executives	executive	NOUN
asfbr-8	121	7	holding	hold	VERB
asfbr-8	121	8	more	more	ADJ
asfbr-8	121	9	options	option	NOUN
asfbr-8	121	10	are	be	AUX
asfbr-8	121	11	expected	expect	VERB
asfbr-8	121	12	to	to	PART
asfbr-8	121	13	have	have	VERB
asfbr-8	121	14	a	a	DET
asfbr-8	121	15	greater	great	ADJ
asfbr-8	121	16	preference	preference	NOUN
asfbr-8	121	17	for	for	ADP
asfbr-8	121	18	stock	stock	NOUN
asfbr-8	121	19	repurchases	repurchase	NOUN
asfbr-8	121	20	relative	relative	ADJ
asfbr-8	121	21	to	to	ADP
asfbr-8	121	22	dividends	dividend	NOUN
asfbr-8	121	23	as	as	ADP
asfbr-8	121	24	a	a	DET
asfbr-8	121	25	form	form	NOUN
asfbr-8	121	26	of	of	ADP
asfbr-8	121	27	corporate	corporate	ADJ
asfbr-8	121	28	payout	payout	NOUN
asfbr-8	121	29	.	.	PUNCT
asfbr-8	122	1	in	in	ADP
asfbr-8	122	2	contrast	contrast	NOUN
asfbr-8	122	3	,	,	PUNCT
asfbr-8	122	4	shareholdings	shareholding	NOUN
asfbr-8	122	5	capture	capture	VERB
asfbr-8	122	6	both	both	CCONJ
asfbr-8	122	7	the	the	DET
asfbr-8	122	8	dividends	dividend	NOUN
asfbr-8	122	9	and	and	CCONJ
asfbr-8	122	10	value	value	NOUN
asfbr-8	122	11	increases	increase	NOUN
asfbr-8	122	12	from	from	ADP
asfbr-8	122	13	stock	stock	NOUN
asfbr-8	122	14	repurchases	repurchase	NOUN
asfbr-8	122	15	to	to	ADP
asfbr-8	122	16	the	the	DET
asfbr-8	122	17	same	same	ADJ
asfbr-8	122	18	extent	extent	NOUN
asfbr-8	122	19	.	.	PUNCT
asfbr-8	123	1	the	the	DET
asfbr-8	123	2	managers	manager	NOUN
asfbr-8	123	3	,	,	PUNCT
asfbr-8	123	4	however	however	ADV
asfbr-8	123	5	,	,	PUNCT
asfbr-8	123	6	are	be	AUX
asfbr-8	123	7	often	often	ADV
asfbr-8	123	8	restricted	restrict	VERB
asfbr-8	123	9	from	from	ADP
asfbr-8	123	10	selling	sell	VERB
asfbr-8	123	11	their	their	PRON
asfbr-8	123	12	shares	share	NOUN
asfbr-8	123	13	(	(	PUNCT
asfbr-8	123	14	core	core	NOUN
asfbr-8	123	15	&	&	CCONJ
asfbr-8	123	16	guay	guay	NOUN
asfbr-8	123	17	1999	1999	NUM
asfbr-8	123	18	)	)	PUNCT
asfbr-8	123	19	and	and	CCONJ
asfbr-8	123	20	may	may	AUX
asfbr-8	123	21	not	not	PART
asfbr-8	123	22	be	be	AUX
asfbr-8	123	23	able	able	ADJ
asfbr-8	123	24	to	to	PART
asfbr-8	123	25	immediately	immediately	ADV
asfbr-8	123	26	benefit	benefit	VERB
asfbr-8	123	27	from	from	ADP
asfbr-8	123	28	the	the	DET
asfbr-8	123	29	share	share	NOUN
asfbr-8	123	30	repurchases	repurchase	NOUN
asfbr-8	123	31	.	.	PUNCT
asfbr-8	124	1	in	in	ADP
asfbr-8	124	2	this	this	DET
asfbr-8	124	3	respect	respect	NOUN
asfbr-8	124	4	,	,	PUNCT
asfbr-8	124	5	executives	executive	NOUN
asfbr-8	124	6	with	with	ADP
asfbr-8	124	7	greater	great	ADJ
asfbr-8	124	8	shareholdings	shareholding	NOUN
asfbr-8	124	9	may	may	AUX
asfbr-8	124	10	favor	favor	VERB
asfbr-8	124	11	dividends	dividend	NOUN
asfbr-8	124	12	over	over	ADP
asfbr-8	124	13	repurchases	repurchase	NOUN
asfbr-8	124	14	as	as	ADP
asfbr-8	124	15	a	a	DET
asfbr-8	124	16	form	form	NOUN
asfbr-8	124	17	of	of	ADP
asfbr-8	124	18	corporate	corporate	ADJ
asfbr-8	124	19	payout	payout	NOUN
asfbr-8	124	20	for	for	ADP
asfbr-8	124	21	personal	personal	ADJ
asfbr-8	124	22	liquidity	liquidity	NOUN
asfbr-8	124	23	reasons	reason	NOUN
asfbr-8	124	24	.	.	PUNCT
asfbr-8	125	1	these	these	DET
asfbr-8	125	2	theories	theory	NOUN
asfbr-8	125	3	fail	fail	VERB
asfbr-8	125	4	to	to	PART
asfbr-8	125	5	explain	explain	VERB
asfbr-8	125	6	nigeria	nigeria	PROPN
asfbr-8	125	7	issues	issue	NOUN
asfbr-8	125	8	.	.	PUNCT
asfbr-8	126	1	empirical	empirical	ADJ
asfbr-8	126	2	review	review	PROPN
asfbr-8	126	3	frydman	frydman	NOUN
asfbr-8	126	4	and	and	CCONJ
asfbr-8	126	5	saks	sak	NOUN
asfbr-8	126	6	(	(	PUNCT
asfbr-8	126	7	2010	2010	NUM
asfbr-8	126	8	)	)	PUNCT
asfbr-8	126	9	examine	examine	VERB
asfbr-8	126	10	long	long	ADJ
asfbr-8	126	11	-	-	PUNCT
asfbr-8	126	12	term	term	NOUN
asfbr-8	126	13	executive	executive	NOUN
asfbr-8	126	14	compensation	compensation	NOUN
asfbr-8	126	15	trends	trend	NOUN
asfbr-8	126	16	using	use	VERB
asfbr-8	126	17	an	an	DET
asfbr-8	126	18	extensive	extensive	ADJ
asfbr-8	126	19	dataset	dataset	NOUN
asfbr-8	126	20	of	of	ADP
asfbr-8	126	21	large	large	ADJ
asfbr-8	126	22	firms	firm	NOUN
asfbr-8	126	23	from	from	ADP
asfbr-8	126	24	1936	1936	NUM
asfbr-8	126	25	to	to	ADP
asfbr-8	126	26	2005	2005	NUM
asfbr-8	126	27	.	.	PUNCT
asfbr-8	127	1	their	their	PRON
asfbr-8	127	2	results	result	NOUN
asfbr-8	127	3	agree	agree	VERB
asfbr-8	127	4	with	with	ADP
asfbr-8	127	5	those	those	PRON
asfbr-8	127	6	of	of	ADP
asfbr-8	127	7	hall	hall	NOUN
asfbr-8	127	8	and	and	CCONJ
asfbr-8	127	9	liebman	liebman	PROPN
asfbr-8	127	10	(	(	PUNCT
asfbr-8	127	11	1998	1998	NUM
asfbr-8	127	12	)	)	PUNCT
asfbr-8	127	13	,	,	PUNCT
asfbr-8	127	14	finding	find	VERB
asfbr-8	127	15	a	a	DET
asfbr-8	127	16	large	large	ADJ
asfbr-8	127	17	increase	increase	NOUN
asfbr-8	127	18	in	in	ADP
asfbr-8	127	19	payto	payto	NOUN
asfbr-8	127	20	-	-	PUNCT
asfbr-8	127	21	performance	performance	NOUN
asfbr-8	127	22	based	base	VERB
asfbr-8	127	23	on	on	ADP
asfbr-8	127	24	two	two	NUM
asfbr-8	127	25	measures	measure	NOUN
asfbr-8	127	26	,	,	PUNCT
asfbr-8	127	27	the	the	DET
asfbr-8	127	28	jensen	jensen	PROPN
asfbr-8	127	29	–	–	PUNCT
asfbr-8	127	30	murphy	murphy	PROPN
asfbr-8	127	31	statistic	statistic	NOUN
asfbr-8	127	32	and	and	CCONJ
asfbr-8	127	33	the	the	DET
asfbr-8	127	34	value	value	NOUN
asfbr-8	127	35	of	of	ADP
asfbr-8	127	36	equity	equity	NOUN
asfbr-8	127	37	at	at	ADP
asfbr-8	127	38	stake	stake	NOUN
asfbr-8	127	39	,	,	PUNCT
asfbr-8	127	40	during	during	ADP
asfbr-8	127	41	the	the	DET
asfbr-8	127	42	1980s	1980	NOUN
asfbr-8	127	43	and	and	CCONJ
asfbr-8	127	44	1990s	1990	NOUN
asfbr-8	127	45	.	.	PUNCT
asfbr-8	128	1	nagar	nagar	NOUN
asfbr-8	128	2	et	et	PROPN
asfbr-8	128	3	al	al	PROPN
asfbr-8	128	4	.	.	PROPN
asfbr-8	129	1	(	(	PUNCT
asfbr-8	129	2	2003	2003	NUM
asfbr-8	129	3	)	)	PUNCT
asfbr-8	129	4	approach	approach	VERB
asfbr-8	129	5	the	the	DET
asfbr-8	129	6	issue	issue	NOUN
asfbr-8	129	7	of	of	ADP
asfbr-8	129	8	incentive	incentive	NOUN
asfbr-8	129	9	alignment	alignment	NOUN
asfbr-8	129	10	through	through	ADP
asfbr-8	129	11	stock	stock	NOUN
asfbr-8	129	12	-	-	PUNCT
asfbr-8	129	13	based	base	VERB
asfbr-8	129	14	compensation	compensation	NOUN
asfbr-8	129	15	by	by	ADP
asfbr-8	129	16	focusing	focus	VERB
asfbr-8	129	17	on	on	ADP
asfbr-8	129	18	disclosure	disclosure	NOUN
asfbr-8	129	19	agency	agency	NOUN
asfbr-8	129	20	problems	problem	NOUN
asfbr-8	129	21	.	.	PUNCT
asfbr-8	130	1	their	their	PRON
asfbr-8	130	2	main	main	ADJ
asfbr-8	130	3	argument	argument	NOUN
asfbr-8	130	4	is	be	AUX
asfbr-8	130	5	that	that	SCONJ
asfbr-8	130	6	managers	manager	NOUN
asfbr-8	130	7	are	be	AUX
asfbr-8	130	8	more	more	ADV
asfbr-8	130	9	likely	likely	ADJ
asfbr-8	130	10	to	to	PART
asfbr-8	130	11	communicate	communicate	VERB
asfbr-8	130	12	their	their	PRON
asfbr-8	130	13	private	private	ADJ
asfbr-8	130	14	information	information	NOUN
asfbr-8	130	15	to	to	ADP
asfbr-8	130	16	shareholders	shareholder	NOUN
asfbr-8	130	17	if	if	SCONJ
asfbr-8	130	18	their	their	PRON
asfbr-8	130	19	compensation	compensation	NOUN
asfbr-8	130	20	is	be	AUX
asfbr-8	130	21	tied	tie	VERB
asfbr-8	130	22	more	more	ADV
asfbr-8	130	23	closely	closely	ADV
asfbr-8	130	24	to	to	ADP
asfbr-8	130	25	the	the	DET
asfbr-8	130	26	firm	firm	NOUN
asfbr-8	130	27	’s	’s	PART
asfbr-8	130	28	equity	equity	NOUN
asfbr-8	130	29	value	value	NOUN
asfbr-8	130	30	.	.	PUNCT
asfbr-8	131	1	otherwise	otherwise	ADV
asfbr-8	131	2	,	,	PUNCT
asfbr-8	131	3	managers	manager	NOUN
asfbr-8	131	4	are	be	AUX
asfbr-8	131	5	not	not	PART
asfbr-8	131	6	willing	willing	ADJ
asfbr-8	131	7	to	to	PART
asfbr-8	131	8	reveal	reveal	VERB
asfbr-8	131	9	their	their	PRON
asfbr-8	131	10	private	private	ADJ
asfbr-8	131	11	information	information	NOUN
asfbr-8	131	12	because	because	SCONJ
asfbr-8	131	13	of	of	ADP
asfbr-8	131	14	the	the	DET
asfbr-8	131	15	possible	possible	ADJ
asfbr-8	131	16	private	private	ADJ
asfbr-8	131	17	benefits	benefit	NOUN
asfbr-8	131	18	of	of	ADP
asfbr-8	131	19	retaining	retain	VERB
asfbr-8	131	20	such	such	ADJ
asfbr-8	131	21	information	information	NOUN
asfbr-8	131	22	.	.	PUNCT
asfbr-8	132	1	zhou	zhou	PROPN
asfbr-8	132	2	(	(	PUNCT
asfbr-8	132	3	2001	2001	NUM
asfbr-8	132	4	)	)	PUNCT
asfbr-8	132	5	the	the	DET
asfbr-8	132	6	firm	firm	ADJ
asfbr-8	132	7	fixed	fix	VERB
asfbr-8	132	8	effect	effect	NOUN
asfbr-8	132	9	specification	specification	NOUN
asfbr-8	132	10	employed	employ	VERB
asfbr-8	132	11	by	by	ADP
asfbr-8	132	12	himmelberg	himmelberg	PROPN
asfbr-8	132	13	et	et	PROPN
asfbr-8	132	14	al	al	PROPN
asfbr-8	132	15	.	.	PROPN
asfbr-8	133	1	(	(	PUNCT
asfbr-8	133	2	1999	1999	NUM
asfbr-8	133	3	)	)	PUNCT
asfbr-8	133	4	was	be	AUX
asfbr-8	133	5	unlikely	unlikely	ADJ
asfbr-8	133	6	to	to	PART
asfbr-8	133	7	be	be	AUX
asfbr-8	133	8	powerful	powerful	ADJ
asfbr-8	133	9	enough	enough	ADV
asfbr-8	133	10	,	,	PUNCT
asfbr-8	133	11	because	because	SCONJ
asfbr-8	133	12	managerial	managerial	ADJ
asfbr-8	133	13	ownership	ownership	NOUN
asfbr-8	133	14	changes	change	NOUN
asfbr-8	133	15	vary	vary	VERB
asfbr-8	133	16	slowly	slowly	ADV
asfbr-8	133	17	over	over	ADP
asfbr-8	133	18	time	time	NOUN
asfbr-8	133	19	,	,	PUNCT
asfbr-8	133	20	rendering	render	VERB
asfbr-8	133	21	detection	detection	NOUN
asfbr-8	133	22	of	of	ADP
asfbr-8	133	23	any	any	DET
asfbr-8	133	24	positive	positive	ADJ
asfbr-8	133	25	relationship	relationship	NOUN
asfbr-8	133	26	impossible	impossible	ADJ
asfbr-8	133	27	.	.	PUNCT
asfbr-8	134	1	with	with	ADP
asfbr-8	134	2	these	these	DET
asfbr-8	134	3	caveats	caveat	NOUN
asfbr-8	134	4	in	in	ADP
asfbr-8	134	5	mind	mind	NOUN
asfbr-8	134	6	,	,	PUNCT
asfbr-8	134	7	the	the	DET
asfbr-8	134	8	subsequent	subsequent	ADJ
asfbr-8	134	9	studies	study	NOUN
asfbr-8	134	10	in	in	ADP
asfbr-8	134	11	this	this	DET
asfbr-8	134	12	area	area	NOUN
asfbr-8	134	13	focus	focus	VERB
asfbr-8	134	14	on	on	ADP
asfbr-8	134	15	refining	refine	VERB
asfbr-8	134	16	econometric	econometric	ADJ
asfbr-8	134	17	models	model	NOUN
asfbr-8	134	18	,	,	PUNCT
asfbr-8	134	19	by	by	ADP
asfbr-8	134	20	both	both	PRON
asfbr-8	134	21	taking	take	VERB
asfbr-8	134	22	into	into	ADP
asfbr-8	134	23	account	account	NOUN
asfbr-8	134	24	the	the	DET
asfbr-8	134	25	endogeneity	endogeneity	NOUN
asfbr-8	134	26	between	between	ADP
asfbr-8	134	27	managerial	managerial	ADJ
asfbr-8	134	28	ownership	ownership	NOUN
asfbr-8	134	29	and	and	CCONJ
asfbr-8	134	30	firm	firm	ADJ
asfbr-8	134	31	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	NOUN
asfbr-8	134	32	asian	asian	ADJ
asfbr-8	134	33	finance	finance	PROPN
asfbr-8	134	34	&	&	CCONJ
asfbr-8	134	35	banking	banking	PROPN
asfbr-8	134	36	review	review	PROPN
asfbr-8	134	37	vol	vol	NOUN
asfbr-8	134	38	.	.	PROPN
asfbr-8	135	1	2	2	NUM
asfbr-8	135	2	,	,	PUNCT
asfbr-8	135	3	no	no	INTJ
asfbr-8	135	4	.	.	NOUN
asfbr-8	135	5	1	1	NUM
asfbr-8	135	6	;	;	PUNCT
asfbr-8	135	7	2018	2018	NUM
asfbr-8	135	8	22	22	NUM
asfbr-8	135	9	performance	performance	NOUN
asfbr-8	135	10	and	and	CCONJ
asfbr-8	135	11	attempting	attempt	VERB
asfbr-8	135	12	to	to	PART
asfbr-8	135	13	overcome	overcome	VERB
asfbr-8	135	14	a	a	DET
asfbr-8	135	15	problem	problem	NOUN
asfbr-8	135	16	of	of	ADP
asfbr-8	135	17	insufficient	insufficient	ADJ
asfbr-8	135	18	intertemporal	intertemporal	ADJ
asfbr-8	135	19	variation	variation	NOUN
asfbr-8	135	20	in	in	ADP
asfbr-8	135	21	the	the	DET
asfbr-8	135	22	levels	level	NOUN
asfbr-8	135	23	of	of	ADP
asfbr-8	135	24	ownership	ownership	NOUN
asfbr-8	135	25	.	.	PUNCT
asfbr-8	136	1	mcconnell	mcconnell	PROPN
asfbr-8	136	2	et	et	PROPN
asfbr-8	136	3	al	al	PROPN
asfbr-8	136	4	.	.	PROPN
asfbr-8	137	1	(	(	PUNCT
asfbr-8	137	2	2008	2008	NUM
asfbr-8	137	3	)	)	PUNCT
asfbr-8	137	4	approach	approach	VERB
asfbr-8	137	5	the	the	DET
asfbr-8	137	6	problem	problem	NOUN
asfbr-8	137	7	by	by	ADP
asfbr-8	137	8	investigating	investigate	VERB
asfbr-8	137	9	a	a	DET
asfbr-8	137	10	short	short	ADJ
asfbr-8	137	11	-	-	PUNCT
asfbr-8	137	12	term	term	NOUN
asfbr-8	137	13	market	market	NOUN
asfbr-8	137	14	reaction	reaction	NOUN
asfbr-8	137	15	to	to	ADP
asfbr-8	137	16	increases	increase	NOUN
asfbr-8	137	17	in	in	ADP
asfbr-8	137	18	insider	insider	NOUN
asfbr-8	137	19	ownership	ownership	NOUN
asfbr-8	137	20	resulting	result	VERB
asfbr-8	137	21	from	from	ADP
asfbr-8	137	22	share	share	NOUN
asfbr-8	137	23	purchases	purchase	NOUN
asfbr-8	137	24	and	and	CCONJ
asfbr-8	137	25	find	find	VERB
asfbr-8	137	26	a	a	DET
asfbr-8	137	27	curvilinear	curvilinear	ADJ
asfbr-8	137	28	relationship	relationship	NOUN
asfbr-8	137	29	.	.	PUNCT
asfbr-8	138	1	fahlenbach	fahlenbach	PROPN
asfbr-8	138	2	&	&	CCONJ
asfbr-8	138	3	stulz	stulz	PROPN
asfbr-8	138	4	(	(	PUNCT
asfbr-8	138	5	2009	2009	NUM
asfbr-8	138	6	)	)	PUNCT
asfbr-8	138	7	examine	examine	VERB
asfbr-8	138	8	the	the	DET
asfbr-8	138	9	effect	effect	NOUN
asfbr-8	138	10	of	of	ADP
asfbr-8	138	11	large	large	ADJ
asfbr-8	138	12	changes	change	NOUN
asfbr-8	138	13	in	in	ADP
asfbr-8	138	14	managerial	managerial	ADJ
asfbr-8	138	15	ownership	ownership	NOUN
asfbr-8	138	16	on	on	ADP
asfbr-8	138	17	firm	firm	ADJ
asfbr-8	138	18	value	value	NOUN
asfbr-8	138	19	and	and	CCONJ
asfbr-8	138	20	report	report	VERB
asfbr-8	138	21	an	an	DET
asfbr-8	138	22	asymmetric	asymmetric	ADJ
asfbr-8	138	23	relation	relation	NOUN
asfbr-8	138	24	:	:	PUNCT
asfbr-8	138	25	large	large	ADJ
asfbr-8	138	26	increases	increase	NOUN
asfbr-8	138	27	in	in	ADP
asfbr-8	138	28	ownership	ownership	NOUN
asfbr-8	138	29	increase	increase	NOUN
asfbr-8	138	30	firm	firm	ADJ
asfbr-8	138	31	value	value	NOUN
asfbr-8	138	32	,	,	PUNCT
asfbr-8	138	33	while	while	SCONJ
asfbr-8	138	34	large	large	ADJ
asfbr-8	138	35	decreases	decrease	NOUN
asfbr-8	138	36	are	be	AUX
asfbr-8	138	37	not	not	PART
asfbr-8	138	38	related	relate	VERB
asfbr-8	138	39	to	to	ADP
asfbr-8	138	40	firm	firm	ADJ
asfbr-8	138	41	performance	performance	NOUN
asfbr-8	138	42	.	.	PUNCT
asfbr-8	139	1	benson	benson	PROPN
asfbr-8	139	2	&	&	CCONJ
asfbr-8	139	3	davidson	davidson	PROPN
asfbr-8	139	4	(	(	PUNCT
asfbr-8	139	5	2009	2009	NUM
asfbr-8	139	6	)	)	PUNCT
asfbr-8	139	7	investigate	investigate	VERB
asfbr-8	139	8	the	the	DET
asfbr-8	139	9	relation	relation	NOUN
asfbr-8	139	10	between	between	ADP
asfbr-8	139	11	the	the	DET
asfbr-8	139	12	dollar	dollar	NOUN
asfbr-8	139	13	value	value	NOUN
asfbr-8	139	14	of	of	ADP
asfbr-8	139	15	managerial	managerial	ADJ
asfbr-8	139	16	ownership	ownership	NOUN
asfbr-8	139	17	and	and	CCONJ
asfbr-8	139	18	firm	firm	ADJ
asfbr-8	139	19	performance	performance	NOUN
asfbr-8	139	20	by	by	ADP
asfbr-8	139	21	justifying	justify	VERB
asfbr-8	139	22	their	their	PRON
asfbr-8	139	23	choice	choice	NOUN
asfbr-8	139	24	of	of	ADP
asfbr-8	139	25	ownership	ownership	NOUN
asfbr-8	139	26	measure	measure	NOUN
asfbr-8	139	27	with	with	ADP
asfbr-8	139	28	the	the	DET
asfbr-8	139	29	argument	argument	NOUN
asfbr-8	139	30	that	that	SCONJ
asfbr-8	139	31	the	the	DET
asfbr-8	139	32	dollar	dollar	NOUN
asfbr-8	139	33	value	value	NOUN
asfbr-8	139	34	of	of	ADP
asfbr-8	139	35	ownership	ownership	NOUN
asfbr-8	139	36	varies	vary	VERB
asfbr-8	139	37	to	to	ADP
asfbr-8	139	38	a	a	DET
asfbr-8	139	39	greater	great	ADJ
asfbr-8	139	40	extent	extent	NOUN
asfbr-8	139	41	over	over	ADP
asfbr-8	139	42	time	time	NOUN
asfbr-8	139	43	than	than	ADP
asfbr-8	139	44	the	the	DET
asfbr-8	139	45	fractional	fractional	ADJ
asfbr-8	139	46	ownership	ownership	NOUN
asfbr-8	139	47	.	.	PUNCT
asfbr-8	140	1	fenn	fenn	PROPN
asfbr-8	140	2	&	&	CCONJ
asfbr-8	140	3	liang	liang	PROPN
asfbr-8	140	4	(	(	PUNCT
asfbr-8	140	5	2001	2001	NUM
asfbr-8	140	6	)	)	PUNCT
asfbr-8	140	7	find	find	VERB
asfbr-8	140	8	that	that	SCONJ
asfbr-8	140	9	firms	firm	NOUN
asfbr-8	140	10	with	with	ADP
asfbr-8	140	11	greater	great	ADJ
asfbr-8	140	12	managerial	managerial	ADJ
asfbr-8	140	13	option	option	NOUN
asfbr-8	140	14	holdings	holding	NOUN
asfbr-8	140	15	increase	increase	VERB
asfbr-8	140	16	repurchases	repurchase	NOUN
asfbr-8	140	17	at	at	ADP
asfbr-8	140	18	the	the	DET
asfbr-8	140	19	expense	expense	NOUN
asfbr-8	140	20	of	of	ADP
asfbr-8	140	21	dividends	dividend	NOUN
asfbr-8	140	22	.	.	PUNCT
asfbr-8	141	1	kahle	kahle	NOUN
asfbr-8	141	2	(	(	PUNCT
asfbr-8	141	3	2002	2002	NUM
asfbr-8	141	4	)	)	PUNCT
asfbr-8	141	5	reports	report	VERB
asfbr-8	141	6	that	that	SCONJ
asfbr-8	141	7	companies	company	NOUN
asfbr-8	141	8	decide	decide	VERB
asfbr-8	141	9	to	to	PART
asfbr-8	141	10	repurchase	repurchase	VERB
asfbr-8	141	11	options	option	NOUN
asfbr-8	141	12	both	both	CCONJ
asfbr-8	141	13	in	in	ADP
asfbr-8	141	14	order	order	NOUN
asfbr-8	141	15	to	to	PART
asfbr-8	141	16	offset	offset	VERB
asfbr-8	141	17	share	share	NOUN
asfbr-8	141	18	dilution	dilution	NOUN
asfbr-8	141	19	from	from	ADP
asfbr-8	141	20	broad	broad	ADV
asfbr-8	141	21	-	-	PUNCT
asfbr-8	141	22	based	base	VERB
asfbr-8	141	23	option	option	NOUN
asfbr-8	141	24	plans	plan	NOUN
asfbr-8	141	25	and	and	CCONJ
asfbr-8	141	26	when	when	SCONJ
asfbr-8	141	27	managerial	managerial	ADJ
asfbr-8	141	28	wealth	wealth	NOUN
asfbr-8	141	29	is	be	AUX
asfbr-8	141	30	expected	expect	VERB
asfbr-8	141	31	to	to	PART
asfbr-8	141	32	be	be	AUX
asfbr-8	141	33	adversely	adversely	ADV
asfbr-8	141	34	impacted	impact	VERB
asfbr-8	141	35	by	by	ADP
asfbr-8	141	36	the	the	DET
asfbr-8	141	37	dividend	dividend	NOUN
asfbr-8	141	38	payments	payment	NOUN
asfbr-8	141	39	,	,	PUNCT
asfbr-8	141	40	that	that	ADV
asfbr-8	141	41	is	is	ADV
asfbr-8	141	42	,	,	PUNCT
asfbr-8	141	43	when	when	SCONJ
asfbr-8	141	44	managers	manager	NOUN
asfbr-8	141	45	hold	hold	VERB
asfbr-8	141	46	many	many	ADJ
asfbr-8	141	47	options	option	NOUN
asfbr-8	141	48	.	.	PUNCT
asfbr-8	142	1	cuny	cuny	PROPN
asfbr-8	142	2	et	et	PROPN
asfbr-8	142	3	al	al	PROPN
asfbr-8	142	4	.	.	PROPN
asfbr-8	142	5	(	(	PUNCT
asfbr-8	142	6	2009	2009	NUM
asfbr-8	142	7	)	)	PUNCT
asfbr-8	142	8	find	find	VERB
asfbr-8	142	9	that	that	SCONJ
asfbr-8	142	10	executive	executive	ADJ
asfbr-8	142	11	stock	stock	NOUN
asfbr-8	142	12	options	option	NOUN
asfbr-8	142	13	are	be	AUX
asfbr-8	142	14	associated	associate	VERB
asfbr-8	142	15	with	with	ADP
asfbr-8	142	16	lower	low	ADJ
asfbr-8	142	17	total	total	ADJ
asfbr-8	142	18	payouts	payout	NOUN
asfbr-8	142	19	and	and	CCONJ
asfbr-8	142	20	conclude	conclude	VERB
asfbr-8	142	21	that	that	SCONJ
asfbr-8	142	22	incentives	incentive	VERB
asfbr-8	142	23	from	from	ADP
asfbr-8	142	24	the	the	DET
asfbr-8	142	25	lack	lack	NOUN
asfbr-8	142	26	of	of	ADP
asfbr-8	142	27	dividend	dividend	NOUN
asfbr-8	142	28	protection	protection	NOUN
asfbr-8	142	29	of	of	ADP
asfbr-8	142	30	options	option	NOUN
asfbr-8	142	31	dominate	dominate	VERB
asfbr-8	142	32	those	those	PRON
asfbr-8	142	33	related	relate	VERB
asfbr-8	142	34	to	to	ADP
asfbr-8	142	35	the	the	DET
asfbr-8	142	36	anti	anti	ADJ
asfbr-8	142	37	dilution	dilution	NOUN
asfbr-8	142	38	effect	effect	NOUN
asfbr-8	142	39	of	of	ADP
asfbr-8	142	40	broad	broad	ADJ
asfbr-8	142	41	based	base	VERB
asfbr-8	142	42	option	option	NOUN
asfbr-8	142	43	plans	plan	NOUN
asfbr-8	142	44	in	in	ADP
asfbr-8	142	45	the	the	DET
asfbr-8	142	46	decision	decision	NOUN
asfbr-8	142	47	on	on	ADP
asfbr-8	142	48	the	the	DET
asfbr-8	142	49	magnitude	magnitude	NOUN
asfbr-8	142	50	of	of	ADP
asfbr-8	142	51	a	a	DET
asfbr-8	142	52	total	total	ADJ
asfbr-8	142	53	corporate	corporate	ADJ
asfbr-8	142	54	payout	payout	NOUN
asfbr-8	142	55	.	.	PUNCT
asfbr-8	143	1	brav	brav	PROPN
asfbr-8	143	2	et	et	PROPN
asfbr-8	143	3	al	al	PROPN
asfbr-8	143	4	.	.	PROPN
asfbr-8	144	1	(	(	PUNCT
asfbr-8	144	2	2005	2005	NUM
asfbr-8	144	3	)	)	PUNCT
asfbr-8	144	4	find	find	VERB
asfbr-8	144	5	little	little	ADJ
asfbr-8	144	6	support	support	NOUN
asfbr-8	144	7	for	for	ADP
asfbr-8	144	8	the	the	DET
asfbr-8	144	9	notion	notion	NOUN
asfbr-8	144	10	that	that	SCONJ
asfbr-8	144	11	companies	company	NOUN
asfbr-8	144	12	prefer	prefer	VERB
asfbr-8	144	13	repurchases	repurchase	NOUN
asfbr-8	144	14	over	over	ADP
asfbr-8	144	15	dividends	dividend	NOUN
asfbr-8	144	16	because	because	SCONJ
asfbr-8	144	17	employee	employee	NOUN
asfbr-8	144	18	stock	stock	NOUN
asfbr-8	144	19	options	option	NOUN
asfbr-8	144	20	are	be	AUX
asfbr-8	144	21	not	not	PART
asfbr-8	144	22	dividend	dividend	NOUN
asfbr-8	144	23	protected	protect	VERB
asfbr-8	144	24	.	.	PUNCT
asfbr-8	145	1	with	with	ADP
asfbr-8	145	2	respect	respect	NOUN
asfbr-8	145	3	to	to	ADP
asfbr-8	145	4	the	the	DET
asfbr-8	145	5	prediction	prediction	NOUN
asfbr-8	145	6	that	that	SCONJ
asfbr-8	145	7	managerial	managerial	ADJ
asfbr-8	145	8	stock	stock	NOUN
asfbr-8	145	9	ownership	ownership	NOUN
asfbr-8	145	10	encourages	encourage	VERB
asfbr-8	145	11	payouts	payout	NOUN
asfbr-8	145	12	in	in	ADP
asfbr-8	145	13	the	the	DET
asfbr-8	145	14	form	form	NOUN
asfbr-8	145	15	of	of	ADP
asfbr-8	145	16	dividends	dividend	NOUN
asfbr-8	145	17	,	,	PUNCT
asfbr-8	145	18	brown	brown	PROPN
asfbr-8	145	19	et	et	PROPN
asfbr-8	145	20	al	al	PROPN
asfbr-8	145	21	.	.	PROPN
asfbr-8	146	1	(	(	PUNCT
asfbr-8	146	2	2007	2007	NUM
asfbr-8	146	3	)	)	PUNCT
asfbr-8	146	4	report	report	NOUN
asfbr-8	146	5	that	that	SCONJ
asfbr-8	146	6	companies	company	NOUN
asfbr-8	146	7	in	in	ADP
asfbr-8	146	8	which	which	PRON
asfbr-8	146	9	managers	manager	NOUN
asfbr-8	146	10	held	hold	VERB
asfbr-8	146	11	large	large	ADJ
asfbr-8	146	12	amounts	amount	NOUN
asfbr-8	146	13	of	of	ADP
asfbr-8	146	14	shareholdings	shareholding	NOUN
asfbr-8	146	15	increased	increase	VERB
asfbr-8	146	16	dividend	dividend	NOUN
asfbr-8	146	17	payments	payment	NOUN
asfbr-8	146	18	following	follow	VERB
asfbr-8	146	19	the	the	DET
asfbr-8	146	20	enactment	enactment	NOUN
asfbr-8	146	21	of	of	ADP
asfbr-8	146	22	the	the	DET
asfbr-8	146	23	jobs	job	NOUN
asfbr-8	146	24	and	and	CCONJ
asfbr-8	146	25	growth	growth	NOUN
asfbr-8	146	26	tax	tax	NOUN
asfbr-8	146	27	relief	relief	NOUN
asfbr-8	146	28	reconciliation	reconciliation	NOUN
asfbr-8	146	29	act	act	NOUN
asfbr-8	146	30	in	in	ADP
asfbr-8	146	31	2003	2003	NUM
asfbr-8	146	32	,	,	PUNCT
asfbr-8	146	33	which	which	PRON
asfbr-8	146	34	reduced	reduce	VERB
asfbr-8	146	35	the	the	DET
asfbr-8	146	36	dividend	dividend	NOUN
asfbr-8	146	37	tax	tax	NOUN
asfbr-8	146	38	rate	rate	NOUN
asfbr-8	146	39	from	from	ADP
asfbr-8	146	40	38.6	38.6	NUM
asfbr-8	146	41	%	%	NOUN
asfbr-8	146	42	to	to	PART
asfbr-8	146	43	15	15	NUM
asfbr-8	146	44	%	%	NOUN
asfbr-8	146	45	.	.	PUNCT
asfbr-8	147	1	the	the	DET
asfbr-8	147	2	findings	finding	NOUN
asfbr-8	147	3	regarding	regard	VERB
asfbr-8	147	4	an	an	DET
asfbr-8	147	5	impact	impact	NOUN
asfbr-8	147	6	of	of	ADP
asfbr-8	147	7	executive	executive	ADJ
asfbr-8	147	8	ownership	ownership	NOUN
asfbr-8	147	9	structure	structure	NOUN
asfbr-8	147	10	on	on	ADP
asfbr-8	147	11	the	the	DET
asfbr-8	147	12	corporate	corporate	ADJ
asfbr-8	147	13	payout	payout	NOUN
asfbr-8	147	14	policy	policy	NOUN
asfbr-8	147	15	generally	generally	ADV
asfbr-8	147	16	suggest	suggest	VERB
asfbr-8	147	17	that	that	SCONJ
asfbr-8	147	18	executives	executive	NOUN
asfbr-8	147	19	view	view	VERB
asfbr-8	147	20	dividends	dividend	NOUN
asfbr-8	147	21	as	as	ADP
asfbr-8	147	22	an	an	DET
asfbr-8	147	23	important	important	ADJ
asfbr-8	147	24	component	component	NOUN
asfbr-8	147	25	of	of	ADP
asfbr-8	147	26	their	their	PRON
asfbr-8	147	27	personal	personal	ADJ
asfbr-8	147	28	firm	firm	NOUN
asfbr-8	147	29	-	-	PUNCT
asfbr-8	147	30	related	relate	VERB
asfbr-8	147	31	income	income	NOUN
asfbr-8	147	32	.	.	PUNCT
asfbr-8	148	1	the	the	DET
asfbr-8	148	2	role	role	NOUN
asfbr-8	148	3	of	of	ADP
asfbr-8	148	4	this	this	DET
asfbr-8	148	5	dividend	dividend	NOUN
asfbr-8	148	6	income	income	NOUN
asfbr-8	148	7	in	in	ADP
asfbr-8	148	8	the	the	DET
asfbr-8	148	9	executive	executive	NOUN
asfbr-8	148	10	compensation	compensation	NOUN
asfbr-8	148	11	decisions	decision	NOUN
asfbr-8	148	12	is	be	AUX
asfbr-8	148	13	studied	study	VERB
asfbr-8	148	14	in	in	ADP
asfbr-8	148	15	the	the	DET
asfbr-8	148	16	fourth	fourth	ADJ
asfbr-8	148	17	essay.nagar	essay.nagar	NUM
asfbr-8	148	18	et	et	NOUN
asfbr-8	148	19	al	al	PROPN
asfbr-8	148	20	.	.	PUNCT
asfbr-8	149	1	(	(	PUNCT
asfbr-8	149	2	2003	2003	NUM
asfbr-8	149	3	)	)	PUNCT
asfbr-8	149	4	use	use	VERB
asfbr-8	149	5	two	two	NUM
asfbr-8	149	6	measures	measure	NOUN
asfbr-8	149	7	to	to	PART
asfbr-8	149	8	proxy	proxy	VERB
asfbr-8	149	9	for	for	ADP
asfbr-8	149	10	the	the	DET
asfbr-8	149	11	extent	extent	NOUN
asfbr-8	149	12	of	of	ADP
asfbr-8	149	13	these	these	DET
asfbr-8	149	14	disclosures	disclosure	NOUN
asfbr-8	149	15	:	:	PUNCT
asfbr-8	149	16	the	the	DET
asfbr-8	149	17	frequency	frequency	NOUN
asfbr-8	149	18	of	of	ADP
asfbr-8	149	19	management	management	NOUN
asfbr-8	149	20	earnings	earning	NOUN
asfbr-8	149	21	forecasts	forecast	NOUN
asfbr-8	149	22	and	and	CCONJ
asfbr-8	149	23	analysts	analyst	NOUN
asfbr-8	149	24	’	’	PART
asfbr-8	149	25	ratings	rating	NOUN
asfbr-8	149	26	of	of	ADP
asfbr-8	149	27	disclosures	disclosure	NOUN
asfbr-8	149	28	taken	take	VERB
asfbr-8	149	29	from	from	ADP
asfbr-8	149	30	the	the	DET
asfbr-8	149	31	association	association	NOUN
asfbr-8	149	32	for	for	ADP
asfbr-8	149	33	investment	investment	NOUN
asfbr-8	149	34	management	management	NOUN
asfbr-8	149	35	research	research	NOUN
asfbr-8	149	36	survey	survey	NOUN
asfbr-8	149	37	.	.	PUNCT
asfbr-8	150	1	consistent	consistent	ADJ
asfbr-8	150	2	with	with	ADP
asfbr-8	150	3	their	their	PRON
asfbr-8	150	4	conjecture	conjecture	NOUN
asfbr-8	150	5	,	,	PUNCT
asfbr-8	150	6	both	both	DET
asfbr-8	150	7	measures	measure	NOUN
asfbr-8	150	8	are	be	AUX
asfbr-8	150	9	found	find	VERB
asfbr-8	150	10	to	to	PART
asfbr-8	150	11	be	be	AUX
asfbr-8	150	12	positively	positively	ADV
asfbr-8	150	13	associated	associate	VERB
asfbr-8	150	14	with	with	ADP
asfbr-8	150	15	the	the	DET
asfbr-8	150	16	proportion	proportion	NOUN
asfbr-8	150	17	of	of	ADP
asfbr-8	150	18	ceo	ceo	NOUN
asfbr-8	150	19	pay	pay	NOUN
asfbr-8	150	20	linked	link	VERB
asfbr-8	150	21	to	to	ADP
asfbr-8	150	22	stock	stock	NOUN
asfbr-8	150	23	prices	price	NOUN
asfbr-8	150	24	.	.	PUNCT
asfbr-8	151	1	voluntary	voluntary	ADJ
asfbr-8	151	2	disclosures	disclosure	NOUN
asfbr-8	151	3	may	may	AUX
asfbr-8	151	4	also	also	ADV
asfbr-8	151	5	reduce	reduce	VERB
asfbr-8	151	6	the	the	DET
asfbr-8	151	7	contracting	contracting	NOUN
asfbr-8	151	8	costs	cost	NOUN
asfbr-8	151	9	associated	associate	VERB
asfbr-8	151	10	with	with	ADP
asfbr-8	151	11	stock	stock	NOUN
asfbr-8	151	12	-	-	PUNCT
asfbr-8	151	13	based	base	VERB
asfbr-8	151	14	compensation	compensation	NOUN
asfbr-8	151	15	.	.	PUNCT
asfbr-8	152	1	new	new	ADJ
asfbr-8	152	2	employees	employee	NOUN
asfbr-8	152	3	whose	whose	DET
asfbr-8	152	4	remuneration	remuneration	NOUN
asfbr-8	152	5	is	be	AUX
asfbr-8	152	6	tied	tie	VERB
asfbr-8	152	7	to	to	ADP
asfbr-8	152	8	stock	stock	NOUN
asfbr-8	152	9	prices	price	NOUN
asfbr-8	152	10	will	will	AUX
asfbr-8	152	11	require	require	VERB
asfbr-8	152	12	extra	extra	ADJ
asfbr-8	152	13	compensation	compensation	NOUN
asfbr-8	152	14	for	for	ADP
asfbr-8	152	15	the	the	DET
asfbr-8	152	16	additional	additional	ADJ
asfbr-8	152	17	risk	risk	NOUN
asfbr-8	152	18	they	they	PRON
asfbr-8	152	19	bear	bear	VERB
asfbr-8	152	20	in	in	ADP
asfbr-8	152	21	case	case	NOUN
asfbr-8	152	22	of	of	ADP
asfbr-8	152	23	mispriced	mispriced	ADJ
asfbr-8	152	24	company	company	NOUN
asfbr-8	152	25	stock	stock	NOUN
asfbr-8	152	26	.	.	PUNCT
asfbr-8	153	1	thus	thus	ADV
asfbr-8	153	2	,	,	PUNCT
asfbr-8	153	3	firms	firm	NOUN
asfbr-8	153	4	that	that	PRON
asfbr-8	153	5	heavily	heavily	ADV
asfbr-8	153	6	rely	rely	VERB
asfbr-8	153	7	on	on	ADP
asfbr-8	153	8	stock	stock	NOUN
asfbr-8	153	9	-	-	PUNCT
asfbr-8	153	10	based	base	VERB
asfbr-8	153	11	compensation	compensation	NOUN
asfbr-8	153	12	schemes	scheme	NOUN
asfbr-8	153	13	are	be	AUX
asfbr-8	153	14	more	more	ADV
asfbr-8	153	15	likely	likely	ADJ
asfbr-8	153	16	to	to	PART
asfbr-8	153	17	make	make	VERB
asfbr-8	153	18	voluntary	voluntary	ADJ
asfbr-8	153	19	disclosures	disclosure	NOUN
asfbr-8	153	20	to	to	PART
asfbr-8	153	21	reduce	reduce	VERB
asfbr-8	153	22	the	the	DET
asfbr-8	153	23	information	information	NOUN
asfbr-8	153	24	asymmetry	asymmetry	NOUN
asfbr-8	153	25	between	between	ADP
asfbr-8	153	26	managers	manager	NOUN
asfbr-8	153	27	and	and	CCONJ
asfbr-8	153	28	shareholders	shareholder	NOUN
asfbr-8	153	29	(	(	PUNCT
asfbr-8	153	30	healy	healy	PROPN
asfbr-8	153	31	&	&	CCONJ
asfbr-8	153	32	palepu	palepu	PROPN
asfbr-8	153	33	,	,	PUNCT
asfbr-8	153	34	2001	2001	NUM
asfbr-8	153	35	)	)	PUNCT
asfbr-8	153	36	.	.	PUNCT
asfbr-8	154	1	barth	barth	NOUN
asfbr-8	154	2	(	(	PUNCT
asfbr-8	154	3	2003	2003	NUM
asfbr-8	154	4	)	)	PUNCT
asfbr-8	154	5	questions	question	NOUN
asfbr-8	154	6	the	the	DET
asfbr-8	154	7	actual	actual	ADJ
asfbr-8	154	8	benefits	benefit	NOUN
asfbr-8	154	9	that	that	PRON
asfbr-8	154	10	shareholders	shareholder	NOUN
asfbr-8	154	11	gain	gain	VERB
asfbr-8	154	12	from	from	ADP
asfbr-8	154	13	more	more	ADV
asfbr-8	154	14	frequent	frequent	ADJ
asfbr-8	154	15	managerial	managerial	ADJ
asfbr-8	154	16	disclosures	disclosure	NOUN
asfbr-8	154	17	because	because	SCONJ
asfbr-8	154	18	stock	stock	NOUN
asfbr-8	154	19	-	-	PUNCT
asfbr-8	154	20	based	base	VERB
asfbr-8	154	21	compensation	compensation	NOUN
asfbr-8	154	22	can	can	AUX
asfbr-8	154	23	also	also	ADV
asfbr-8	154	24	incentivize	incentivize	VERB
asfbr-8	154	25	managers	manager	NOUN
asfbr-8	154	26	to	to	PART
asfbr-8	154	27	distort	distort	VERB
asfbr-8	154	28	such	such	ADJ
asfbr-8	154	29	disclosures	disclosure	NOUN
asfbr-8	154	30	.	.	PUNCT
asfbr-8	155	1	aboody	aboody	NOUN
asfbr-8	155	2	and	and	CCONJ
asfbr-8	155	3	kasznik	kasznik	X
asfbr-8	155	4	(	(	PUNCT
asfbr-8	155	5	2000	2000	NUM
asfbr-8	155	6	)	)	PUNCT
asfbr-8	155	7	found	find	VERB
asfbr-8	155	8	that	that	SCONJ
asfbr-8	155	9	managers	manager	NOUN
asfbr-8	155	10	release	release	VERB
asfbr-8	155	11	self	self	NOUN
asfbr-8	155	12	-	-	PUNCT
asfbr-8	155	13	serving	serve	VERB
asfbr-8	155	14	forecasts	forecast	NOUN
asfbr-8	155	15	to	to	PART
asfbr-8	155	16	maximize	maximize	VERB
asfbr-8	155	17	the	the	DET
asfbr-8	155	18	value	value	NOUN
asfbr-8	155	19	of	of	ADP
asfbr-8	155	20	their	their	PRON
asfbr-8	155	21	stock	stock	NOUN
asfbr-8	155	22	option	option	NOUN
asfbr-8	155	23	awards	award	NOUN
asfbr-8	155	24	by	by	ADP
asfbr-8	155	25	announcing	announce	VERB
asfbr-8	155	26	bad	bad	ADJ
asfbr-8	155	27	news	news	NOUN
asfbr-8	155	28	and	and	CCONJ
asfbr-8	155	29	delaying	delay	VERB
asfbr-8	155	30	good	good	ADJ
asfbr-8	155	31	news	news	NOUN
asfbr-8	155	32	around	around	ADP
asfbr-8	155	33	the	the	DET
asfbr-8	155	34	award	award	NOUN
asfbr-8	155	35	date	date	NOUN
asfbr-8	155	36	.	.	PUNCT
asfbr-8	156	1	shareholders	shareholder	NOUN
asfbr-8	156	2	may	may	AUX
asfbr-8	156	3	not	not	PART
asfbr-8	156	4	use	use	VERB
asfbr-8	156	5	the	the	DET
asfbr-8	156	6	information	information	NOUN
asfbr-8	156	7	from	from	ADP
asfbr-8	156	8	managerial	managerial	ADJ
asfbr-8	156	9	disclosures	disclosure	NOUN
asfbr-8	156	10	if	if	SCONJ
asfbr-8	156	11	they	they	PRON
asfbr-8	156	12	do	do	AUX
asfbr-8	156	13	not	not	PART
asfbr-8	156	14	know	know	VERB
asfbr-8	156	15	whether	whether	SCONJ
asfbr-8	156	16	the	the	DET
asfbr-8	156	17	managers	manager	NOUN
asfbr-8	156	18	reveal	reveal	VERB
asfbr-8	156	19	true	true	ADJ
asfbr-8	156	20	information	information	NOUN
asfbr-8	156	21	.	.	PUNCT
asfbr-8	157	1	cheng	cheng	PROPN
asfbr-8	157	2	and	and	CCONJ
asfbr-8	157	3	lo	lo	PROPN
asfbr-8	157	4	(	(	PUNCT
asfbr-8	157	5	2006	2006	NUM
asfbr-8	157	6	)	)	PUNCT
asfbr-8	157	7	report	report	NOUN
asfbr-8	157	8	that	that	SCONJ
asfbr-8	157	9	managers	manager	NOUN
asfbr-8	157	10	engage	engage	VERB
asfbr-8	157	11	in	in	ADP
asfbr-8	157	12	more	more	ADJ
asfbr-8	157	13	selling	selling	NOUN
asfbr-8	157	14	activities	activity	NOUN
asfbr-8	157	15	during	during	ADP
asfbr-8	157	16	periods	period	NOUN
asfbr-8	157	17	of	of	ADP
asfbr-8	157	18	increased	increase	VERB
asfbr-8	157	19	disclosures	disclosure	NOUN
asfbr-8	157	20	of	of	ADP
asfbr-8	157	21	bad	bad	ADJ
asfbr-8	157	22	newsman	newsman	NOUN
asfbr-8	157	23	,	,	PUNCT
asfbr-8	157	24	noe	noe	PROPN
asfbr-8	157	25	(	(	PUNCT
asfbr-8	157	26	1999	1999	NUM
asfbr-8	157	27	)	)	PUNCT
asfbr-8	157	28	also	also	ADV
asfbr-8	157	29	indicates	indicate	VERB
asfbr-8	157	30	that	that	SCONJ
asfbr-8	157	31	insider	insider	NOUN
asfbr-8	157	32	trading	trading	NOUN
asfbr-8	157	33	tends	tend	VERB
asfbr-8	157	34	to	to	PART
asfbr-8	157	35	follow	follow	VERB
asfbr-8	157	36	management	management	NOUN
asfbr-8	157	37	forecasts	forecast	NOUN
asfbr-8	157	38	.	.	PUNCT
asfbr-8	158	1	however	however	ADV
asfbr-8	158	2	,	,	PUNCT
asfbr-8	158	3	managers	manager	NOUN
asfbr-8	158	4	will	will	AUX
asfbr-8	158	5	act	act	VERB
asfbr-8	158	6	in	in	ADP
asfbr-8	158	7	a	a	DET
asfbr-8	158	8	subtle	subtle	ADJ
asfbr-8	158	9	manner	manner	NOUN
asfbr-8	158	10	when	when	SCONJ
asfbr-8	158	11	capitalizing	capitalize	VERB
asfbr-8	158	12	on	on	ADP
asfbr-8	158	13	private	private	ADJ
asfbr-8	158	14	information	information	NOUN
asfbr-8	158	15	due	due	ADP
asfbr-8	158	16	to	to	ADP
asfbr-8	158	17	legal	legal	ADJ
asfbr-8	158	18	restrictions	restriction	NOUN
asfbr-8	158	19	on	on	ADP
asfbr-8	158	20	insider	insider	NOUN
asfbr-8	158	21	trading	trading	NOUN
asfbr-8	158	22	.	.	PUNCT
asfbr-8	159	1	insider	insider	NOUN
asfbr-8	159	2	trading	trading	NOUN
asfbr-8	159	3	would	would	AUX
asfbr-8	159	4	be	be	AUX
asfbr-8	159	5	associated	associate	VERB
asfbr-8	159	6	with	with	ADP
asfbr-8	159	7	less	less	ADV
asfbr-8	159	8	sensitive	sensitive	ADJ
asfbr-8	159	9	private	private	ADJ
asfbr-8	159	10	information	information	NOUN
asfbr-8	159	11	,	,	PUNCT
asfbr-8	159	12	such	such	ADJ
asfbr-8	159	13	as	as	ADP
asfbr-8	159	14	the	the	DET
asfbr-8	159	15	firm	firm	NOUN
asfbr-8	159	16	’s	’s	PART
asfbr-8	159	17	long	long	ADJ
asfbr-8	159	18	-	-	PUNCT
asfbr-8	159	19	term	term	NOUN
asfbr-8	159	20	performance	performance	NOUN
asfbr-8	159	21	,	,	PUNCT
asfbr-8	159	22	rather	rather	ADV
asfbr-8	159	23	than	than	ADP
asfbr-8	159	24	biased	biased	ADJ
asfbr-8	159	25	disclosures	disclosure	NOUN
asfbr-8	159	26	regarding	regard	VERB
asfbr-8	159	27	short	short	ADJ
asfbr-8	159	28	-	-	PUNCT
asfbr-8	159	29	term	term	NOUN
asfbr-8	159	30	performance	performance	NOUN
asfbr-8	159	31	.	.	PUNCT
asfbr-8	160	1	in	in	ADP
asfbr-8	160	2	this	this	DET
asfbr-8	160	3	case	case	NOUN
asfbr-8	160	4	,	,	PUNCT
asfbr-8	160	5	shareholders	shareholder	NOUN
asfbr-8	160	6	will	will	AUX
asfbr-8	160	7	be	be	AUX
asfbr-8	160	8	able	able	ADJ
asfbr-8	160	9	to	to	PART
asfbr-8	160	10	learn	learn	VERB
asfbr-8	160	11	about	about	ADP
asfbr-8	160	12	future	future	ADJ
asfbr-8	160	13	performance	performance	NOUN
asfbr-8	160	14	either	either	CCONJ
asfbr-8	160	15	directly	directly	ADV
asfbr-8	160	16	through	through	ADP
asfbr-8	160	17	the	the	DET
asfbr-8	160	18	private	private	ADJ
asfbr-8	160	19	information	information	NOUN
asfbr-8	160	20	embedded	embed	VERB
asfbr-8	160	21	in	in	ADP
asfbr-8	160	22	voluntary	voluntary	ADJ
asfbr-8	160	23	disclosures	disclosure	NOUN
asfbr-8	160	24	or	or	CCONJ
asfbr-8	160	25	indirectly	indirectly	ADV
asfbr-8	160	26	by	by	ADP
asfbr-8	160	27	watching	watch	VERB
asfbr-8	160	28	the	the	DET
asfbr-8	160	29	managers	manager	NOUN
asfbr-8	160	30	’	’	PART
asfbr-8	160	31	trading	trading	NOUN
asfbr-8	160	32	patterns	pattern	NOUN
asfbr-8	160	33	(	(	PUNCT
asfbr-8	160	34	the	the	DET
asfbr-8	160	35	informative	informative	ADJ
asfbr-8	160	36	disclosure	disclosure	NOUN
asfbr-8	160	37	argument	argument	NOUN
asfbr-8	160	38	)	)	PUNCT
asfbr-8	160	39	.	.	PUNCT
asfbr-8	161	1	smith	smith	PROPN
asfbr-8	161	2	&	&	CCONJ
asfbr-8	161	3	stulz	stulz	PROPN
asfbr-8	161	4	(	(	PUNCT
asfbr-8	161	5	1985	1985	NUM
asfbr-8	161	6	)	)	PUNCT
asfbr-8	161	7	and	and	CCONJ
asfbr-8	161	8	milgrom	milgrom	PROPN
asfbr-8	161	9	&	&	CCONJ
asfbr-8	161	10	roberts	roberts	PROPN
asfbr-8	161	11	(	(	PUNCT
asfbr-8	161	12	1992	1992	NUM
asfbr-8	161	13	)	)	PUNCT
asfbr-8	161	14	suggest	suggest	VERB
asfbr-8	161	15	that	that	SCONJ
asfbr-8	161	16	the	the	DET
asfbr-8	161	17	riskrelated	riskrelate	VERB
asfbr-8	161	18	agency	agency	NOUN
asfbr-8	161	19	problems	problem	NOUN
asfbr-8	161	20	are	be	AUX
asfbr-8	161	21	most	most	ADV
asfbr-8	161	22	severe	severe	ADJ
asfbr-8	161	23	in	in	ADP
asfbr-8	161	24	growing	grow	VERB
asfbr-8	161	25	firms	firm	NOUN
asfbr-8	161	26	,	,	PUNCT
asfbr-8	161	27	therefore	therefore	ADV
asfbr-8	161	28	growing	grow	VERB
asfbr-8	161	29	firms	firm	NOUN
asfbr-8	161	30	are	be	AUX
asfbr-8	161	31	supposed	suppose	VERB
asfbr-8	161	32	to	to	PART
asfbr-8	161	33	provide	provide	VERB
asfbr-8	161	34	managers	manager	NOUN
asfbr-8	161	35	with	with	ADP
asfbr-8	161	36	more	more	ADJ
asfbr-8	161	37	convex	convex	ADJ
asfbr-8	161	38	compensation	compensation	NOUN
asfbr-8	161	39	structures	structure	NOUN
asfbr-8	161	40	.	.	PUNCT
asfbr-8	162	1	guay	guay	NOUN
asfbr-8	162	2	(	(	PUNCT
asfbr-8	162	3	1999	1999	NUM
asfbr-8	162	4	)	)	PUNCT
asfbr-8	162	5	reports	report	VERB
asfbr-8	162	6	that	that	SCONJ
asfbr-8	162	7	managers	manager	NOUN
asfbr-8	162	8	in	in	ADP
asfbr-8	162	9	firms	firm	NOUN
asfbr-8	162	10	with	with	ADP
asfbr-8	162	11	more	more	ADV
asfbr-8	162	12	valuable	valuable	ADJ
asfbr-8	162	13	growth	growth	NOUN
asfbr-8	162	14	opportunities	opportunity	NOUN
asfbr-8	162	15	have	have	VERB
asfbr-8	162	16	greater	great	ADJ
asfbr-8	162	17	risk	risk	NOUN
asfbr-8	162	18	-	-	PUNCT
asfbr-8	162	19	taking	take	VERB
asfbr-8	162	20	incentives	incentive	NOUN
asfbr-8	162	21	,	,	PUNCT
asfbr-8	162	22	whereas	whereas	SCONJ
asfbr-8	162	23	greater	great	ADJ
asfbr-8	162	24	managerial	managerial	ADJ
asfbr-8	162	25	risk	risk	NOUN
asfbr-8	162	26	-	-	PUNCT
asfbr-8	162	27	taking	take	VERB
asfbr-8	162	28	incentives	incentive	NOUN
asfbr-8	162	29	are	be	AUX
asfbr-8	162	30	associated	associate	VERB
asfbr-8	162	31	with	with	ADP
asfbr-8	162	32	higher	high	ADJ
asfbr-8	162	33	stock	stock	NOUN
asfbr-8	162	34	return	return	NOUN
asfbr-8	162	35	volatility	volatility	NOUN
asfbr-8	162	36	.	.	PUNCT
asfbr-8	163	1	this	this	DET
asfbr-8	163	2	finding	finding	NOUN
asfbr-8	163	3	implies	imply	VERB
asfbr-8	163	4	that	that	SCONJ
asfbr-8	163	5	convex	convex	PROPN
asfbr-8	163	6	compensation	compensation	NOUN
asfbr-8	163	7	schemes	scheme	NOUN
asfbr-8	163	8	affect	affect	VERB
asfbr-8	163	9	the	the	DET
asfbr-8	163	10	riskiness	riskiness	NOUN
asfbr-8	163	11	of	of	ADP
asfbr-8	163	12	investing	investing	NOUN
asfbr-8	163	13	and	and	CCONJ
asfbr-8	163	14	financing	financing	NOUN
asfbr-8	163	15	decisions	decision	NOUN
asfbr-8	163	16	.	.	PUNCT
asfbr-8	164	1	coles	cole	NOUN
asfbr-8	164	2	et	et	PROPN
asfbr-8	164	3	al.(2006	al.(2006	PROPN
asfbr-8	164	4	)	)	PUNCT
asfbr-8	164	5	employ	employ	VERB
asfbr-8	164	6	a	a	DET
asfbr-8	164	7	simultaneous	simultaneous	ADJ
asfbr-8	164	8	equations	equation	NOUN
asfbr-8	164	9	empirical	empirical	ADJ
asfbr-8	164	10	research	research	NOUN
asfbr-8	164	11	design	design	NOUN
asfbr-8	164	12	and	and	CCONJ
asfbr-8	164	13	find	find	VERB
asfbr-8	164	14	that	that	SCONJ
asfbr-8	164	15	a	a	DET
asfbr-8	164	16	higher	high	ADJ
asfbr-8	164	17	vega	vega	PROPN
asfbr-8	164	18	implements	implement	VERB
asfbr-8	164	19	riskier	risky	ADJ
asfbr-8	164	20	corporate	corporate	ADJ
asfbr-8	164	21	policies	policy	NOUN
asfbr-8	164	22	,	,	PUNCT
asfbr-8	164	23	while	while	SCONJ
asfbr-8	164	24	at	at	ADP
asfbr-8	164	25	the	the	DET
asfbr-8	164	26	same	same	ADJ
asfbr-8	164	27	time	time	NOUN
asfbr-8	164	28	riskier	risky	ADJ
asfbr-8	164	29	policy	policy	NOUN
asfbr-8	164	30	choices	choice	NOUN
asfbr-8	164	31	lead	lead	VERB
asfbr-8	164	32	to	to	ADP
asfbr-8	164	33	compensation	compensation	NOUN
asfbr-8	164	34	structures	structure	NOUN
asfbr-8	164	35	with	with	ADP
asfbr-8	164	36	higher	high	ADJ
asfbr-8	164	37	vega	vega	PROPN
asfbr-8	164	38	and	and	CCONJ
asfbr-8	164	39	lower	low	ADJ
asfbr-8	164	40	delta	delta	NOUN
asfbr-8	164	41	.	.	PUNCT
asfbr-8	165	1	the	the	DET
asfbr-8	165	2	firm	firm	ADJ
asfbr-8	165	3	risky	risky	ADJ
asfbr-8	165	4	choices	choice	NOUN
asfbr-8	165	5	in	in	ADP
asfbr-8	165	6	their	their	PRON
asfbr-8	165	7	study	study	NOUN
asfbr-8	165	8	are	be	AUX
asfbr-8	165	9	measures	measure	NOUN
asfbr-8	165	10	as	as	ADP
asfbr-8	165	11	higher	high	ADJ
asfbr-8	165	12	r&d	r&d	NOUN
asfbr-8	165	13	investment	investment	NOUN
asfbr-8	165	14	,	,	PUNCT
asfbr-8	165	15	lower	low	ADJ
asfbr-8	165	16	capital	capital	NOUN
asfbr-8	165	17	expenditures	expenditure	NOUN
asfbr-8	165	18	,	,	PUNCT
asfbr-8	165	19	higher	high	ADJ
asfbr-8	165	20	leverage	leverage	NOUN
asfbr-8	165	21	,	,	PUNCT
asfbr-8	165	22	narrower	narrow	ADJ
asfbr-8	165	23	corporate	corporate	ADJ
asfbr-8	165	24	focus	focus	NOUN
asfbr-8	165	25	and	and	CCONJ
asfbr-8	165	26	greater	great	ADJ
asfbr-8	165	27	stock	stock	NOUN
asfbr-8	165	28	return	return	NOUN
asfbr-8	165	29	volatility	volatility	NOUN
asfbr-8	165	30	.	.	PUNCT
asfbr-8	166	1	low	low	ADJ
asfbr-8	166	2	(	(	PUNCT
asfbr-8	166	3	2009	2009	NUM
asfbr-8	166	4	)	)	PUNCT
asfbr-8	166	5	investigates	investigate	VERB
asfbr-8	166	6	how	how	SCONJ
asfbr-8	166	7	an	an	DET
asfbr-8	166	8	exogenous	exogenous	ADJ
asfbr-8	166	9	shock	shock	NOUN
asfbr-8	166	10	to	to	ADP
asfbr-8	166	11	the	the	DET
asfbr-8	166	12	corporate	corporate	ADJ
asfbr-8	166	13	risk	risk	NOUN
asfbr-8	166	14	environment	environment	NOUN
asfbr-8	166	15	affects	affect	VERB
asfbr-8	166	16	firm	firm	ADJ
asfbr-8	166	17	compensation	compensation	NOUN
asfbr-8	166	18	policies	policy	NOUN
asfbr-8	166	19	and	and	CCONJ
asfbr-8	166	20	documents	document	NOUN
asfbr-8	166	21	that	that	PRON
asfbr-8	166	22	companies	company	NOUN
asfbr-8	166	23	respond	respond	VERB
asfbr-8	166	24	to	to	ADP
asfbr-8	166	25	it	it	PRON
asfbr-8	166	26	by	by	ADP
asfbr-8	166	27	providing	provide	VERB
asfbr-8	166	28	managers	manager	NOUN
asfbr-8	166	29	with	with	ADP
asfbr-8	166	30	greater	great	ADJ
asfbr-8	166	31	risk	risk	NOUN
asfbr-8	166	32	-	-	PUNCT
asfbr-8	166	33	taking	take	VERB
asfbr-8	166	34	incentives	incentive	NOUN
asfbr-8	166	35	.	.	PUNCT
asfbr-8	167	1	chava	chava	PROPN
asfbr-8	167	2	&	&	CCONJ
asfbr-8	167	3	purnanandam	purnanandam	PROPN
asfbr-8	167	4	(	(	PUNCT
asfbr-8	167	5	2010	2010	NUM
asfbr-8	167	6	)	)	PUNCT
asfbr-8	167	7	extend	extend	VERB
asfbr-8	167	8	this	this	DET
asfbr-8	167	9	line	line	NOUN
asfbr-8	167	10	of	of	ADP
asfbr-8	167	11	research	research	NOUN
asfbr-8	167	12	by	by	ADP
asfbr-8	167	13	comparing	compare	VERB
asfbr-8	167	14	the	the	DET
asfbr-8	167	15	effect	effect	NOUN
asfbr-8	167	16	of	of	ADP
asfbr-8	167	17	risk	risk	NOUN
asfbr-8	167	18	-	-	PUNCT
asfbr-8	167	19	taking	take	VERB
asfbr-8	167	20	incentives	incentive	NOUN
asfbr-8	167	21	of	of	ADP
asfbr-8	167	22	both	both	CCONJ
asfbr-8	167	23	a	a	DET
asfbr-8	167	24	ceo	ceo	NOUN
asfbr-8	167	25	and	and	CCONJ
asfbr-8	167	26	a	a	DET
asfbr-8	167	27	cfo	cfo	NOUN
asfbr-8	167	28	on	on	ADP
asfbr-8	167	29	the	the	DET
asfbr-8	167	30	broad	broad	ADJ
asfbr-8	167	31	set	set	NOUN
asfbr-8	167	32	of	of	ADP
asfbr-8	167	33	corporate	corporate	ADJ
asfbr-8	167	34	policies	policy	NOUN
asfbr-8	167	35	and	and	CCONJ
asfbr-8	167	36	find	find	VERB
asfbr-8	167	37	that	that	SCONJ
asfbr-8	167	38	the	the	DET
asfbr-8	167	39	predicted	predict	VERB
asfbr-8	167	40	relations	relation	NOUN
asfbr-8	167	41	are	be	AUX
asfbr-8	167	42	present	present	ADJ
asfbr-8	167	43	when	when	SCONJ
asfbr-8	167	44	a	a	DET
asfbr-8	167	45	particular	particular	ADJ
asfbr-8	167	46	executive	executive	NOUN
asfbr-8	167	47	has	have	VERB
asfbr-8	167	48	a	a	DET
asfbr-8	167	49	greater	great	ADJ
asfbr-8	167	50	discretion	discretion	NOUN
asfbr-8	167	51	over	over	ADP
asfbr-8	167	52	a	a	DET
asfbr-8	167	53	specific	specific	ADJ
asfbr-8	167	54	corporate	corporate	ADJ
asfbr-8	167	55	choice	choice	NOUN
asfbr-8	167	56	.	.	PUNCT
asfbr-8	168	1	other	other	ADJ
asfbr-8	168	2	studies	study	NOUN
asfbr-8	168	3	investigate	investigate	VERB
asfbr-8	168	4	the	the	DET
asfbr-8	168	5	effect	effect	NOUN
asfbr-8	168	6	of	of	ADP
asfbr-8	168	7	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	NOUN
asfbr-8	168	8	asian	asian	PROPN
asfbr-8	168	9	finance	finance	PROPN
asfbr-8	168	10	&	&	CCONJ
asfbr-8	168	11	banking	banking	PROPN
asfbr-8	168	12	review	review	PROPN
asfbr-8	168	13	vol	vol	NOUN
asfbr-8	168	14	.	.	PROPN
asfbr-8	169	1	2	2	NUM
asfbr-8	169	2	,	,	PUNCT
asfbr-8	169	3	no	no	INTJ
asfbr-8	169	4	.	.	NOUN
asfbr-8	169	5	1	1	NUM
asfbr-8	169	6	;	;	PUNCT
asfbr-8	169	7	2018	2018	NUM
asfbr-8	169	8	23	23	NUM
asfbr-8	169	9	managerial	managerial	ADJ
asfbr-8	169	10	risk	risk	NOUN
asfbr-8	169	11	-	-	PUNCT
asfbr-8	169	12	taking	take	VERB
asfbr-8	169	13	incentives	incentive	NOUN
asfbr-8	169	14	on	on	ADP
asfbr-8	169	15	other	other	ADJ
asfbr-8	169	16	dimensions	dimension	NOUN
asfbr-8	169	17	of	of	ADP
asfbr-8	169	18	corporate	corporate	ADJ
asfbr-8	169	19	risk	risk	NOUN
asfbr-8	169	20	such	such	ADJ
asfbr-8	169	21	as	as	ADP
asfbr-8	169	22	tax	tax	NOUN
asfbr-8	169	23	aggressiveness	aggressiveness	NOUN
asfbr-8	169	24	(	(	PUNCT
asfbr-8	169	25	rego	rego	PROPN
asfbr-8	169	26	&	&	CCONJ
asfbr-8	169	27	wilson	wilson	PROPN
asfbr-8	169	28	2012	2012	NUM
asfbr-8	169	29	)	)	PUNCT
asfbr-8	169	30	,	,	PUNCT
asfbr-8	169	31	risky	risky	ADJ
asfbr-8	169	32	financial	financial	ADJ
asfbr-8	169	33	reporting	reporting	NOUN
asfbr-8	169	34	choices	choice	NOUN
asfbr-8	169	35	(	(	PUNCT
asfbr-8	169	36	armstrong	armstrong	PROPN
asfbr-8	169	37	et	et	PROPN
asfbr-8	169	38	al	al	PROPN
asfbr-8	169	39	.	.	PROPN
asfbr-8	169	40	2013	2013	NUM
asfbr-8	169	41	)	)	PUNCT
asfbr-8	170	1	,	,	PUNCT
asfbr-8	170	2	volatility	volatility	NOUN
asfbr-8	170	3	of	of	ADP
asfbr-8	170	4	idiosyncratic	idiosyncratic	ADJ
asfbr-8	170	5	and	and	CCONJ
asfbr-8	170	6	systematic	systematic	ADJ
asfbr-8	170	7	components	component	NOUN
asfbr-8	170	8	of	of	ADP
asfbr-8	170	9	firm	firm	ADJ
asfbr-8	170	10	stock	stock	NOUN
asfbr-8	170	11	return	return	NOUN
asfbr-8	170	12	(	(	PUNCT
asfbr-8	170	13	armstrong	armstrong	PROPN
asfbr-8	170	14	&	&	CCONJ
asfbr-8	170	15	vashishtha	vashishtha	PROPN
asfbr-8	170	16	2012	2012	NUM
asfbr-8	170	17	)	)	PUNCT
asfbr-8	170	18	,	,	PUNCT
asfbr-8	170	19	and	and	CCONJ
asfbr-8	170	20	degree	degree	NOUN
asfbr-8	170	21	of	of	ADP
asfbr-8	170	22	hedging	hedging	NOUN
asfbr-8	170	23	activity	activity	NOUN
asfbr-8	170	24	(	(	PUNCT
asfbr-8	170	25	knopf	knopf	PROPN
asfbr-8	170	26	et	et	PROPN
asfbr-8	170	27	al	al	PROPN
asfbr-8	170	28	.	.	PROPN
asfbr-8	170	29	2002	2002	NUM
asfbr-8	170	30	,	,	PUNCT
asfbr-8	170	31	rogers	rogers	PROPN
asfbr-8	170	32	2002	2002	NUM
asfbr-8	170	33	)	)	PUNCT
asfbr-8	170	34	.	.	PUNCT
asfbr-8	171	1	ross	ross	PROPN
asfbr-8	171	2	(	(	PUNCT
asfbr-8	171	3	2004	2004	NUM
asfbr-8	171	4	)	)	PUNCT
asfbr-8	171	5	shows	show	VERB
asfbr-8	171	6	theoretically	theoretically	ADV
asfbr-8	171	7	that	that	SCONJ
asfbr-8	171	8	for	for	ADP
asfbr-8	171	9	a	a	DET
asfbr-8	171	10	risk	risk	NOUN
asfbr-8	171	11	-	-	PUNCT
asfbr-8	171	12	averse	averse	ADJ
asfbr-8	171	13	manager	manager	NOUN
asfbr-8	171	14	the	the	DET
asfbr-8	171	15	compensation	compensation	NOUN
asfbr-8	171	16	schedule	schedule	NOUN
asfbr-8	171	17	moves	move	VERB
asfbr-8	171	18	the	the	DET
asfbr-8	171	19	evaluation	evaluation	NOUN
asfbr-8	171	20	of	of	ADP
asfbr-8	171	21	a	a	DET
asfbr-8	171	22	given	give	VERB
asfbr-8	171	23	gamble	gamble	NOUN
asfbr-8	171	24	to	to	ADP
asfbr-8	171	25	a	a	DET
asfbr-8	171	26	different	different	ADJ
asfbr-8	171	27	part	part	NOUN
asfbr-8	171	28	of	of	ADP
asfbr-8	171	29	the	the	DET
asfbr-8	171	30	domain	domain	NOUN
asfbr-8	171	31	of	of	ADP
asfbr-8	171	32	her	her	PRON
asfbr-8	171	33	original	original	ADJ
asfbr-8	171	34	utility	utility	NOUN
asfbr-8	171	35	function	function	NOUN
asfbr-8	171	36	,	,	PUNCT
asfbr-8	171	37	where	where	SCONJ
asfbr-8	171	38	the	the	DET
asfbr-8	171	39	manager	manager	NOUN
asfbr-8	171	40	may	may	AUX
asfbr-8	171	41	be	be	AUX
asfbr-8	171	42	less	less	ADV
asfbr-8	171	43	or	or	CCONJ
asfbr-8	171	44	more	more	ADJ
asfbr-8	171	45	risk	risk	NOUN
asfbr-8	171	46	averse	averse	ADJ
asfbr-8	171	47	.	.	PUNCT
asfbr-8	172	1	in	in	ADP
asfbr-8	172	2	other	other	ADJ
asfbr-8	172	3	words	word	NOUN
asfbr-8	172	4	,	,	PUNCT
asfbr-8	172	5	the	the	DET
asfbr-8	172	6	agent	agent	NOUN
asfbr-8	172	7	assesses	assess	VERB
asfbr-8	172	8	the	the	DET
asfbr-8	172	9	risk	risk	NOUN
asfbr-8	172	10	from	from	ADP
asfbr-8	172	11	the	the	DET
asfbr-8	172	12	perspective	perspective	NOUN
asfbr-8	172	13	of	of	ADP
asfbr-8	172	14	being	be	AUX
asfbr-8	172	15	wealthier	wealthy	ADJ
asfbr-8	172	16	and	and	CCONJ
asfbr-8	172	17	this	this	DET
asfbr-8	172	18	effect	effect	NOUN
asfbr-8	172	19	may	may	AUX
asfbr-8	172	20	offset	offset	VERB
asfbr-8	172	21	the	the	DET
asfbr-8	172	22	impact	impact	NOUN
asfbr-8	172	23	of	of	ADP
asfbr-8	172	24	the	the	DET
asfbr-8	172	25	compensation	compensation	NOUN
asfbr-8	172	26	convexity	convexity	NOUN
asfbr-8	172	27	.	.	PUNCT
asfbr-8	173	1	lewellen	lewellen	NOUN
asfbr-8	173	2	(	(	PUNCT
asfbr-8	173	3	2006	2006	NUM
asfbr-8	173	4	)	)	PUNCT
asfbr-8	173	5	takes	take	VERB
asfbr-8	173	6	into	into	ADP
asfbr-8	173	7	account	account	NOUN
asfbr-8	173	8	the	the	DET
asfbr-8	173	9	effect	effect	NOUN
asfbr-8	173	10	of	of	ADP
asfbr-8	173	11	managerial	managerial	ADJ
asfbr-8	173	12	risk	risk	NOUN
asfbr-8	173	13	aversion	aversion	NOUN
asfbr-8	173	14	and	and	CCONJ
asfbr-8	173	15	quantifies	quantifie	NOUN
asfbr-8	173	16	volatility	volatility	NOUN
asfbr-8	173	17	cost	cost	NOUN
asfbr-8	173	18	of	of	ADP
asfbr-8	173	19	debt	debt	NOUN
asfbr-8	173	20	as	as	ADP
asfbr-8	173	21	a	a	DET
asfbr-8	173	22	change	change	NOUN
asfbr-8	173	23	in	in	ADP
asfbr-8	173	24	manager	manager	NOUN
asfbr-8	173	25	’s	’s	PART
asfbr-8	173	26	certainty	certainty	PROPN
asfbr-8	173	27	equivalent	equivalent	NOUN
asfbr-8	173	28	induced	induce	VERB
asfbr-8	173	29	by	by	ADP
asfbr-8	173	30	changes	change	NOUN
asfbr-8	173	31	is	be	AUX
asfbr-8	173	32	firm	firm	ADJ
asfbr-8	173	33	leverage	leverage	NOUN
asfbr-8	173	34	.	.	PUNCT
asfbr-8	174	1	her	her	PRON
asfbr-8	174	2	results	result	NOUN
asfbr-8	174	3	suggest	suggest	VERB
asfbr-8	174	4	that	that	SCONJ
asfbr-8	174	5	stock	stock	NOUN
asfbr-8	174	6	options	option	NOUN
asfbr-8	174	7	,	,	PUNCT
asfbr-8	174	8	especially	especially	ADV
asfbr-8	174	9	that	that	SCONJ
asfbr-8	174	10	in	in	ADP
asfbr-8	174	11	-	-	PUNCT
asfbr-8	174	12	the	the	DET
asfbr-8	174	13	money	money	NOUN
asfbr-8	174	14	,	,	PUNCT
asfbr-8	174	15	discourage	discourage	VERB
asfbr-8	174	16	managerial	managerial	ADJ
asfbr-8	174	17	risk	risk	NOUN
asfbr-8	174	18	-	-	PUNCT
asfbr-8	174	19	taking	taking	NOUN
asfbr-8	174	20	.	.	PUNCT
asfbr-8	175	1	hayes	hayes	PROPN
asfbr-8	175	2	et	et	PROPN
asfbr-8	175	3	al	al	PROPN
asfbr-8	175	4	.	.	PROPN
asfbr-8	176	1	(	(	PUNCT
asfbr-8	176	2	2012	2012	NUM
asfbr-8	176	3	)	)	PUNCT
asfbr-8	176	4	use	use	VERB
asfbr-8	176	5	these	these	DET
asfbr-8	176	6	arguments	argument	NOUN
asfbr-8	176	7	to	to	PART
asfbr-8	176	8	explain	explain	VERB
asfbr-8	176	9	the	the	DET
asfbr-8	176	10	lack	lack	NOUN
asfbr-8	176	11	of	of	ADP
asfbr-8	176	12	reduction	reduction	NOUN
asfbr-8	176	13	in	in	ADP
asfbr-8	176	14	the	the	DET
asfbr-8	176	15	riskiness	riskiness	NOUN
asfbr-8	176	16	of	of	ADP
asfbr-8	176	17	corporate	corporate	ADJ
asfbr-8	176	18	investment	investment	NOUN
asfbr-8	176	19	and	and	CCONJ
asfbr-8	176	20	financing	financing	NOUN
asfbr-8	176	21	policies	policy	NOUN
asfbr-8	176	22	following	follow	VERB
asfbr-8	176	23	an	an	DET
asfbr-8	176	24	exogenous	exogenous	ADJ
asfbr-8	176	25	decrease	decrease	NOUN
asfbr-8	176	26	in	in	ADP
asfbr-8	176	27	managerial	managerial	ADJ
asfbr-8	176	28	vega	vega	PROPN
asfbr-8	176	29	incentives	incentive	NOUN
asfbr-8	176	30	triggered	trigger	VERB
asfbr-8	176	31	by	by	ADP
asfbr-8	176	32	the	the	DET
asfbr-8	176	33	adoption	adoption	NOUN
asfbr-8	176	34	of	of	ADP
asfbr-8	176	35	.	.	PUNCT
asfbr-8	177	1	in	in	ADP
asfbr-8	177	2	sum	sum	NOUN
asfbr-8	177	3	,	,	PUNCT
asfbr-8	177	4	the	the	DET
asfbr-8	177	5	role	role	NOUN
asfbr-8	177	6	of	of	ADP
asfbr-8	177	7	option	option	NOUN
asfbr-8	177	8	-	-	PUNCT
asfbr-8	177	9	based	base	VERB
asfbr-8	177	10	compensation	compensation	NOUN
asfbr-8	177	11	in	in	ADP
asfbr-8	177	12	mitigating	mitigate	VERB
asfbr-8	177	13	risk	risk	NOUN
asfbr-8	177	14	-	-	PUNCT
asfbr-8	177	15	related	relate	VERB
asfbr-8	177	16	agency	agency	NOUN
asfbr-8	177	17	problem	problem	NOUN
asfbr-8	177	18	is	be	AUX
asfbr-8	177	19	not	not	PART
asfbr-8	177	20	fully	fully	ADV
asfbr-8	177	21	understood	understand	VERB
asfbr-8	177	22	.	.	PUNCT
asfbr-8	178	1	from	from	ADP
asfbr-8	178	2	the	the	DET
asfbr-8	178	3	literature	literature	NOUN
asfbr-8	178	4	,	,	PUNCT
asfbr-8	178	5	it	it	PRON
asfbr-8	178	6	is	be	AUX
asfbr-8	178	7	evidence	evidence	NOUN
asfbr-8	178	8	that	that	SCONJ
asfbr-8	178	9	none	none	NOUN
asfbr-8	178	10	of	of	ADP
asfbr-8	178	11	the	the	DET
asfbr-8	178	12	studies	study	NOUN
asfbr-8	178	13	examine	examine	VERB
asfbr-8	178	14	the	the	DET
asfbr-8	178	15	nigeria	nigeria	PROPN
asfbr-8	178	16	situation	situation	NOUN
asfbr-8	178	17	and	and	CCONJ
asfbr-8	178	18	the	the	DET
asfbr-8	178	19	findings	finding	NOUN
asfbr-8	178	20	of	of	ADP
asfbr-8	178	21	the	the	DET
asfbr-8	178	22	studies	study	NOUN
asfbr-8	178	23	failed	fail	VERB
asfbr-8	178	24	to	to	PART
asfbr-8	178	25	establish	establish	VERB
asfbr-8	178	26	valid	valid	ADJ
asfbr-8	178	27	relationship	relationship	NOUN
asfbr-8	178	28	between	between	ADP
asfbr-8	178	29	corporate	corporate	ADJ
asfbr-8	178	30	characteristics	characteristic	NOUN
asfbr-8	178	31	and	and	CCONJ
asfbr-8	178	32	share	share	NOUN
asfbr-8	178	33	based	base	VERB
asfbr-8	178	34	payment	payment	NOUN
asfbr-8	178	35	.	.	PUNCT
asfbr-8	179	1	this	this	DET
asfbr-8	179	2	study	study	NOUN
asfbr-8	179	3	therefore	therefore	ADV
asfbr-8	179	4	intends	intend	VERB
asfbr-8	179	5	to	to	PART
asfbr-8	179	6	examine	examine	VERB
asfbr-8	179	7	the	the	DET
asfbr-8	179	8	influence	influence	NOUN
asfbr-8	179	9	of	of	ADP
asfbr-8	179	10	corporate	corporate	ADJ
asfbr-8	179	11	characteristics	characteristic	NOUN
asfbr-8	179	12	and	and	CCONJ
asfbr-8	179	13	share	share	NOUN
asfbr-8	179	14	based	base	VERB
asfbr-8	179	15	payments	payment	NOUN
asfbr-8	179	16	in	in	ADP
asfbr-8	179	17	nigeria	nigeria	PROPN
asfbr-8	179	18	3	3	NUM
asfbr-8	179	19	.	.	PUNCT
asfbr-8	179	20	research	research	NOUN
asfbr-8	179	21	methodology	methodology	NOUN
asfbr-8	179	22	this	this	DET
asfbr-8	179	23	study	study	NOUN
asfbr-8	179	24	intends	intend	VERB
asfbr-8	179	25	to	to	PART
asfbr-8	179	26	examine	examine	VERB
asfbr-8	179	27	the	the	DET
asfbr-8	179	28	influence	influence	NOUN
asfbr-8	179	29	of	of	ADP
asfbr-8	179	30	corporate	corporate	ADJ
asfbr-8	179	31	characteristics	characteristic	NOUN
asfbr-8	179	32	on	on	ADP
asfbr-8	179	33	share	share	NOUN
asfbr-8	179	34	based	base	VERB
asfbr-8	179	35	payment	payment	NOUN
asfbr-8	179	36	.	.	PUNCT
asfbr-8	180	1	ex	ex	NOUN
asfbr-8	180	2	-	-	ADJ
asfbr-8	180	3	post	post	ADJ
asfbr-8	180	4	facto	facto	X
asfbr-8	180	5	research	research	NOUN
asfbr-8	180	6	design	design	NOUN
asfbr-8	180	7	was	be	AUX
asfbr-8	180	8	employed	employ	VERB
asfbr-8	180	9	in	in	ADP
asfbr-8	180	10	obtaining	obtaining	NOUN
asfbr-8	180	11	,	,	PUNCT
asfbr-8	180	12	analyzing	analyze	VERB
asfbr-8	180	13	and	and	CCONJ
asfbr-8	180	14	interpreting	interpret	VERB
asfbr-8	180	15	the	the	DET
asfbr-8	180	16	relevant	relevant	ADJ
asfbr-8	180	17	data	datum	NOUN
asfbr-8	180	18	for	for	ADP
asfbr-8	180	19	hypotheses	hypothesis	NOUN
asfbr-8	180	20	testing	test	VERB
asfbr-8	180	21	.	.	PUNCT
asfbr-8	181	1	the	the	DET
asfbr-8	181	2	rationale	rationale	NOUN
asfbr-8	181	3	for	for	ADP
asfbr-8	181	4	the	the	DET
asfbr-8	181	5	variety	variety	NOUN
asfbr-8	181	6	is	be	AUX
asfbr-8	181	7	that	that	SCONJ
asfbr-8	181	8	ex	ex	ADJ
asfbr-8	181	9	-	-	ADJ
asfbr-8	181	10	post	post	ADJ
asfbr-8	181	11	facto	facto	X
asfbr-8	181	12	research	research	NOUN
asfbr-8	181	13	design	design	NOUN
asfbr-8	181	14	allows	allow	VERB
asfbr-8	181	15	the	the	DET
asfbr-8	181	16	researcher	researcher	NOUN
asfbr-8	181	17	the	the	DET
asfbr-8	181	18	opportunity	opportunity	NOUN
asfbr-8	181	19	of	of	ADP
asfbr-8	181	20	observing	observe	VERB
asfbr-8	181	21	one	one	NUM
asfbr-8	181	22	or	or	CCONJ
asfbr-8	181	23	more	more	ADJ
asfbr-8	181	24	variables	variable	NOUN
asfbr-8	181	25	over	over	ADP
asfbr-8	181	26	a	a	DET
asfbr-8	181	27	period	period	NOUN
asfbr-8	181	28	of	of	ADP
asfbr-8	181	29	time	time	NOUN
asfbr-8	181	30	.	.	PUNCT
asfbr-8	182	1	specifically	specifically	ADV
asfbr-8	182	2	,	,	PUNCT
asfbr-8	182	3	panel	panel	NOUN
asfbr-8	182	4	data	datum	NOUN
asfbr-8	182	5	were	be	AUX
asfbr-8	182	6	adopted	adopt	VERB
asfbr-8	182	7	in	in	ADP
asfbr-8	182	8	data	datum	NOUN
asfbr-8	182	9	analysis	analysis	NOUN
asfbr-8	182	10	.	.	PUNCT
asfbr-8	183	1	the	the	DET
asfbr-8	183	2	dataset	dataset	NOUN
asfbr-8	183	3	employed	employ	VERB
asfbr-8	183	4	in	in	ADP
asfbr-8	183	5	this	this	DET
asfbr-8	183	6	study	study	NOUN
asfbr-8	183	7	were	be	AUX
asfbr-8	183	8	generated	generate	VERB
asfbr-8	183	9	from	from	ADP
asfbr-8	183	10	nigeria	nigeria	PROPN
asfbr-8	183	11	stock	stock	PROPN
asfbr-8	183	12	exchange	exchange	PROPN
asfbr-8	183	13	factbook	factbook	PROPN
asfbr-8	183	14	and	and	CCONJ
asfbr-8	183	15	financial	financial	ADJ
asfbr-8	183	16	reports	report	NOUN
asfbr-8	183	17	and	and	CCONJ
asfbr-8	183	18	statement	statement	NOUN
asfbr-8	183	19	of	of	ADP
asfbr-8	183	20	accounts	account	NOUN
asfbr-8	183	21	of	of	ADP
asfbr-8	183	22	quoted	quote	VERB
asfbr-8	183	23	financial	financial	ADJ
asfbr-8	183	24	firms	firm	NOUN
asfbr-8	183	25	in	in	ADP
asfbr-8	183	26	nigeria	nigeria	PROPN
asfbr-8	183	27	.	.	PUNCT
asfbr-8	184	1	firm	firm	ADJ
asfbr-8	184	2	annual	annual	ADJ
asfbr-8	184	3	statements	statement	NOUN
asfbr-8	184	4	and	and	CCONJ
asfbr-8	184	5	reports	report	NOUN
asfbr-8	184	6	are	be	AUX
asfbr-8	184	7	deemed	deem	VERB
asfbr-8	184	8	to	to	PART
asfbr-8	184	9	be	be	AUX
asfbr-8	184	10	reliable	reliable	ADJ
asfbr-8	184	11	because	because	SCONJ
asfbr-8	184	12	they	they	PRON
asfbr-8	184	13	are	be	AUX
asfbr-8	184	14	statutorily	statutorily	ADV
asfbr-8	184	15	required	require	VERB
asfbr-8	184	16	to	to	PART
asfbr-8	184	17	be	be	AUX
asfbr-8	184	18	audited	audit	VERB
asfbr-8	184	19	by	by	ADP
asfbr-8	184	20	a	a	DET
asfbr-8	184	21	recognized	recognize	VERB
asfbr-8	184	22	auditing	auditing	NOUN
asfbr-8	184	23	firm	firm	NOUN
asfbr-8	184	24	before	before	ADP
asfbr-8	184	25	publication	publication	NOUN
asfbr-8	184	26	.	.	PUNCT
asfbr-8	185	1	panel	panel	NOUN
asfbr-8	185	2	data	datum	NOUN
asfbr-8	185	3	structure	structure	NOUN
asfbr-8	185	4	allows	allow	VERB
asfbr-8	185	5	us	we	PRON
asfbr-8	185	6	to	to	PART
asfbr-8	185	7	take	take	VERB
asfbr-8	185	8	into	into	ADP
asfbr-8	185	9	account	account	NOUN
asfbr-8	185	10	the	the	DET
asfbr-8	185	11	unobservable	unobservable	ADJ
asfbr-8	185	12	and	and	CCONJ
asfbr-8	185	13	constant	constant	ADJ
asfbr-8	185	14	heterogeneity	heterogeneity	NOUN
asfbr-8	185	15	,	,	PUNCT
asfbr-8	185	16	that	that	ADV
asfbr-8	185	17	is	is	ADV
asfbr-8	185	18	,	,	PUNCT
asfbr-8	185	19	the	the	DET
asfbr-8	185	20	specific	specific	ADJ
asfbr-8	185	21	features	feature	NOUN
asfbr-8	185	22	of	of	ADP
asfbr-8	185	23	each	each	DET
asfbr-8	185	24	quoted	quote	VERB
asfbr-8	185	25	firm	firm	NOUN
asfbr-8	185	26	.	.	PUNCT
asfbr-8	186	1	the	the	DET
asfbr-8	186	2	researcher	researcher	NOUN
asfbr-8	186	3	employed	employ	VERB
asfbr-8	186	4	pooled	pool	VERB
asfbr-8	186	5	ordinary	ordinary	ADJ
asfbr-8	186	6	least	least	ADJ
asfbr-8	186	7	square	square	ADJ
asfbr-8	186	8	(	(	PUNCT
asfbr-8	186	9	ols	ol	NOUN
asfbr-8	186	10	)	)	PUNCT
asfbr-8	186	11	,	,	PUNCT
asfbr-8	186	12	fixed	fix	VERB
asfbr-8	186	13	effects	effect	NOUN
asfbr-8	186	14	and	and	CCONJ
asfbr-8	186	15	random	random	ADJ
asfbr-8	186	16	effects	effect	NOUN
asfbr-8	186	17	regression	regression	NOUN
asfbr-8	186	18	models	model	NOUN
asfbr-8	186	19	to	to	PART
asfbr-8	186	20	test	test	VERB
asfbr-8	186	21	the	the	DET
asfbr-8	186	22	various	various	ADJ
asfbr-8	186	23	hypotheses	hypothesis	NOUN
asfbr-8	186	24	.	.	PUNCT
asfbr-8	187	1	pooled	pool	VERB
asfbr-8	187	2	ols	ol	NOUN
asfbr-8	187	3	egression	egression	NOUN
asfbr-8	187	4	technique	technique	NOUN
asfbr-8	187	5	is	be	AUX
asfbr-8	187	6	popular	popular	ADJ
asfbr-8	187	7	in	in	ADP
asfbr-8	187	8	financial	financial	ADJ
asfbr-8	187	9	studies	study	NOUN
asfbr-8	187	10	owing	owe	VERB
asfbr-8	187	11	to	to	ADP
asfbr-8	187	12	its	its	PRON
asfbr-8	187	13	ease	ease	NOUN
asfbr-8	187	14	of	of	ADP
asfbr-8	187	15	application	application	NOUN
asfbr-8	187	16	and	and	CCONJ
asfbr-8	187	17	precision	precision	NOUN
asfbr-8	187	18	in	in	ADP
asfbr-8	187	19	prediction	prediction	NOUN
asfbr-8	187	20	(	(	PUNCT
asfbr-8	187	21	alma	alma	NOUN
asfbr-8	187	22	,	,	PUNCT
asfbr-8	187	23	2011	2011	NUM
asfbr-8	187	24	)	)	PUNCT
asfbr-8	187	25	.	.	PUNCT
asfbr-8	188	1	these	these	DET
asfbr-8	188	2	analytical	analytical	ADJ
asfbr-8	188	3	techniques	technique	NOUN
asfbr-8	188	4	will	will	AUX
asfbr-8	188	5	enable	enable	VERB
asfbr-8	188	6	the	the	DET
asfbr-8	188	7	researcher	researcher	NOUN
asfbr-8	188	8	attain	attain	VERB
asfbr-8	188	9	justifiable	justifiable	ADJ
asfbr-8	188	10	and	and	CCONJ
asfbr-8	188	11	robust	robust	ADJ
asfbr-8	188	12	results	result	NOUN
asfbr-8	188	13	.	.	PUNCT
asfbr-8	189	1			NOUN
asfbr-8	189	2			PUNCT
asfbr-8	189	3	xity	xity	NOUN
asfbr-8	189	4	10	10	NUM
asfbr-8	189	5	3.1	3.1	NUM
asfbr-8	189	6	where	where	SCONJ
asfbr-8	189	7	y	y	NOUN
asfbr-8	189	8	=	=	PUNCT
asfbr-8	189	9	dependent	dependent	ADJ
asfbr-8	189	10	variable	variable	NOUN
asfbr-8	189	11	xit1	xit1	PROPN
asfbr-8	190	1	=	=	PUNCT
asfbr-8	190	2	independent	independent	ADJ
asfbr-8	190	3	variable	variable	ADJ
asfbr-8	190	4	0	0	NOUN
asfbr-8	191	1	=	=	NOUN
asfbr-8	191	2	regression	regression	NOUN
asfbr-8	191	3	intercept	intercept	NOUN
asfbr-8	191	4			NOUN
asfbr-8	191	5	=	=	NOUN
asfbr-8	191	6	error	error	NOUN
asfbr-8	191	7	term	term	NOUN
asfbr-8	191	8	disaggregating	disaggregate	VERB
asfbr-8	191	9	equation	equation	NOUN
asfbr-8	191	10	3.1	3.1	NUM
asfbr-8	191	11	to	to	PART
asfbr-8	191	12	form	form	VERB
asfbr-8	191	13	the	the	DET
asfbr-8	191	14	multiple	multiple	ADJ
asfbr-8	191	15	regression	regression	NOUN
asfbr-8	191	16	models	model	NOUN
asfbr-8	191	17	,	,	PUNCT
asfbr-8	191	18	we	we	PRON
asfbr-8	191	19	have	have	VERB
asfbr-8	191	20			NOUN
asfbr-8	191	21	riskliqmepfccfstabcgderfsbp	riskliqmepfccfstabcgderfsbp	NOUN
asfbr-8	191	22	,	,	PUNCT
asfbr-8	191	23	,	,	PUNCT
asfbr-8	191	24	,	,	PUNCT
asfbr-8	191	25	,	,	PUNCT
asfbr-8	191	26	,	,	PUNCT
asfbr-8	191	27	,	,	PUNCT
asfbr-8	191	28	,	,	PUNCT
asfbr-8	191	29	,	,	PUNCT
asfbr-8	191	30			NUM
asfbr-8	191	31	3.2	3.2	NUM
asfbr-8	191	32	transforming	transform	VERB
asfbr-8	191	33	equation	equation	NOUN
asfbr-8	191	34	3.2	3.2	NUM
asfbr-8	191	35	to	to	ADP
asfbr-8	191	36	econometrics	econometrics	NOUN
asfbr-8	191	37	form	form	NOUN
asfbr-8	191	38	,	,	PUNCT
asfbr-8	191	39	we	we	PRON
asfbr-8	191	40	have	have	VERB
asfbr-8	191	41			NUM
asfbr-8	191	42			VERB
asfbr-8	191	43	riskliqmepfccfstabcgdersbp	riskliqmepfccfstabcgdersbp	ADJ
asfbr-8	191	44	987654320	987654320	NUM
asfbr-8	191	45	3.3	3.3	NUM
asfbr-8	191	46	where	where	SCONJ
asfbr-8	191	47	sbp	sbp	NOUN
asfbr-8	191	48	share	share	NOUN
asfbr-8	191	49	base	base	NOUN
asfbr-8	191	50	payment	payment	NOUN
asfbr-8	191	51	as	as	ADP
asfbr-8	191	52	percentage	percentage	NOUN
asfbr-8	191	53	of	of	ADP
asfbr-8	191	54	share	share	NOUN
asfbr-8	191	55	based	base	VERB
asfbr-8	191	56	payment	payment	NOUN
asfbr-8	191	57	to	to	ADP
asfbr-8	191	58	total	total	ADJ
asfbr-8	191	59	equity	equity	NOUN
asfbr-8	191	60	der	der	NOUN
asfbr-8	191	61	=	=	PROPN
asfbr-8	191	62	debt	debt	NOUN
asfbr-8	191	63	equity	equity	NOUN
asfbr-8	191	64	ratio	ratio	NOUN
asfbr-8	191	65	cg	cg	NOUN
asfbr-8	192	1	=	=	NOUN
asfbr-8	192	2	corporate	corporate	ADJ
asfbr-8	192	3	governance	governance	NOUN
asfbr-8	192	4	proxy	proxy	NOUN
asfbr-8	192	5	by	by	ADP
asfbr-8	192	6	dummy	dummy	ADJ
asfbr-8	192	7	variable	variable	ADJ
asfbr-8	192	8	tab	tab	NOUN
asfbr-8	192	9	=	=	PUNCT
asfbr-8	192	10	tangibility	tangibility	NOUN
asfbr-8	192	11	fixed	fix	VERB
asfbr-8	192	12	assets	asset	NOUN
asfbr-8	192	13	to	to	PART
asfbr-8	192	14	total	total	VERB
asfbr-8	192	15	assets	asset	NOUN
asfbr-8	192	16	fs	fs	ADP
asfbr-8	192	17	=	=	PUNCT
asfbr-8	192	18	firm	firm	ADJ
asfbr-8	192	19	size	size	NOUN
asfbr-8	192	20	proxy	proxy	NOUN
asfbr-8	192	21	by	by	ADP
asfbr-8	192	22	log	log	NOUN
asfbr-8	192	23	of	of	ADP
asfbr-8	192	24	total	total	ADJ
asfbr-8	192	25	asset	asset	NOUN
asfbr-8	192	26	cc	cc	NOUN
asfbr-8	192	27	=	=	NOUN
asfbr-8	192	28	cost	cost	NOUN
asfbr-8	192	29	of	of	ADP
asfbr-8	192	30	capital	capital	NOUN
asfbr-8	192	31	proxy	proxy	PROPN
asfbr-8	192	32	wacc	wacc	PROPN
asfbr-8	192	33	pf	pf	X
asfbr-8	192	34	=	=	NOUN
asfbr-8	192	35	profitability	profitability	NOUN
asfbr-8	192	36	proxy	proxy	NOUN
asfbr-8	192	37	by	by	ADP
asfbr-8	192	38	return	return	NOUN
asfbr-8	192	39	on	on	ADP
asfbr-8	192	40	investment	investment	NOUN
asfbr-8	192	41	me	i	PRON
asfbr-8	192	42	=	=	PUNCT
asfbr-8	192	43	management	management	NOUN
asfbr-8	192	44	efficiency	efficiency	NOUN
asfbr-8	192	45	total	total	NOUN
asfbr-8	192	46	cost	cost	NOUN
asfbr-8	192	47	to	to	PART
asfbr-8	192	48	total	total	VERB
asfbr-8	192	49	revenue	revenue	NOUN
asfbr-8	192	50	liq	liq	NOUN
asfbr-8	192	51	=	=	SYM
asfbr-8	192	52	liquidity	liquidity	NOUN
asfbr-8	192	53	proxy	proxy	NOUN
asfbr-8	192	54	by	by	ADP
asfbr-8	192	55	current	current	ADJ
asfbr-8	192	56	asset	asset	NOUN
asfbr-8	192	57	to	to	ADP
asfbr-8	192	58	current	current	ADJ
asfbr-8	192	59	liabilities	liability	NOUN
asfbr-8	192	60	risk	risk	NOUN
asfbr-8	192	61	=	=	NOUN
asfbr-8	192	62	risk	risk	NOUN
asfbr-8	192	63	proxy	proxy	NOUN
asfbr-8	192	64	by	by	ADP
asfbr-8	192	65	variability	variability	NOUN
asfbr-8	192	66	of	of	ADP
asfbr-8	192	67	earnings	earning	NOUN
asfbr-8	192	68	formulating	formulate	VERB
asfbr-8	192	69	hypothesis	hypothesis	NOUN
asfbr-8	192	70	from	from	ADP
asfbr-8	192	71	the	the	DET
asfbr-8	192	72	above	above	ADJ
asfbr-8	192	73	model	model	NOUN
asfbr-8	192	74	:	:	PUNCT
asfbr-8	192	75	h01	h01	NOUN
asfbr-8	192	76	:	:	PUNCT
asfbr-8	192	77	there	there	PRON
asfbr-8	192	78	is	be	VERB
asfbr-8	192	79	no	no	DET
asfbr-8	192	80	significance	significance	NOUN
asfbr-8	192	81	relationship	relationship	NOUN
asfbr-8	192	82	between	between	ADP
asfbr-8	192	83	debt	debt	NOUN
asfbr-8	192	84	equity	equity	NOUN
asfbr-8	192	85	ratio	ratio	NOUN
asfbr-8	192	86	and	and	CCONJ
asfbr-8	192	87	share	share	NOUN
asfbr-8	192	88	base	base	NOUN
asfbr-8	192	89	payment	payment	NOUN
asfbr-8	192	90	h02	h02	NOUN
asfbr-8	192	91	:	:	PUNCT
asfbr-8	192	92	there	there	PRON
asfbr-8	192	93	is	be	VERB
asfbr-8	192	94	no	no	DET
asfbr-8	192	95	significance	significance	NOUN
asfbr-8	192	96	relationship	relationship	NOUN
asfbr-8	192	97	between	between	ADP
asfbr-8	192	98	corporate	corporate	ADJ
asfbr-8	192	99	governance	governance	NOUN
asfbr-8	192	100	and	and	CCONJ
asfbr-8	192	101	share	share	NOUN
asfbr-8	192	102	base	base	NOUN
asfbr-8	192	103	payment	payment	NOUN
asfbr-8	192	104	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	PROPN
asfbr-8	192	105	asian	asian	ADJ
asfbr-8	192	106	finance	finance	PROPN
asfbr-8	192	107	&	&	CCONJ
asfbr-8	192	108	banking	banking	PROPN
asfbr-8	192	109	review	review	PROPN
asfbr-8	192	110	vol	vol	NOUN
asfbr-8	192	111	.	.	PROPN
asfbr-8	193	1	2	2	NUM
asfbr-8	193	2	,	,	PUNCT
asfbr-8	193	3	no	no	INTJ
asfbr-8	193	4	.	.	NOUN
asfbr-8	193	5	1	1	NUM
asfbr-8	193	6	;	;	PUNCT
asfbr-8	193	7	2018	2018	NUM
asfbr-8	193	8	24	24	NUM
asfbr-8	193	9	h03	h03	NOUN
asfbr-8	193	10	:	:	PUNCT
asfbr-8	193	11	there	there	PRON
asfbr-8	193	12	is	be	VERB
asfbr-8	193	13	no	no	DET
asfbr-8	193	14	significance	significance	NOUN
asfbr-8	193	15	relationship	relationship	NOUN
asfbr-8	193	16	between	between	ADP
asfbr-8	193	17	tangibility	tangibility	NOUN
asfbr-8	193	18	and	and	CCONJ
asfbr-8	193	19	share	share	NOUN
asfbr-8	193	20	base	base	NOUN
asfbr-8	193	21	payment	payment	NOUN
asfbr-8	193	22	h04	h04	NOUN
asfbr-8	193	23	:	:	PUNCT
asfbr-8	193	24	there	there	PRON
asfbr-8	193	25	is	be	VERB
asfbr-8	193	26	no	no	DET
asfbr-8	193	27	significance	significance	NOUN
asfbr-8	193	28	relationship	relationship	NOUN
asfbr-8	193	29	between	between	ADP
asfbr-8	193	30	firm	firm	ADJ
asfbr-8	193	31	size	size	NOUN
asfbr-8	193	32	and	and	CCONJ
asfbr-8	193	33	share	share	NOUN
asfbr-8	193	34	base	base	NOUN
asfbr-8	193	35	payment	payment	NOUN
asfbr-8	193	36	h05	h05	NOUN
asfbr-8	193	37	:	:	PUNCT
asfbr-8	193	38	there	there	PRON
asfbr-8	193	39	is	be	VERB
asfbr-8	193	40	no	no	DET
asfbr-8	193	41	significance	significance	NOUN
asfbr-8	193	42	relationship	relationship	NOUN
asfbr-8	193	43	between	between	ADP
asfbr-8	193	44	cost	cost	NOUN
asfbr-8	193	45	of	of	ADP
asfbr-8	193	46	capital	capital	NOUN
asfbr-8	193	47	and	and	CCONJ
asfbr-8	193	48	share	share	NOUN
asfbr-8	193	49	base	base	PROPN
asfbr-8	193	50	payment	payment	NOUN
asfbr-8	193	51	h06	h06	NOUN
asfbr-8	193	52	:	:	PUNCT
asfbr-8	193	53	there	there	PRON
asfbr-8	193	54	is	be	VERB
asfbr-8	193	55	no	no	DET
asfbr-8	193	56	significance	significance	NOUN
asfbr-8	193	57	relationship	relationship	NOUN
asfbr-8	193	58	between	between	ADP
asfbr-8	193	59	profitability	profitability	NOUN
asfbr-8	193	60	and	and	CCONJ
asfbr-8	193	61	share	share	NOUN
asfbr-8	193	62	base	base	PROPN
asfbr-8	193	63	payment	payment	NOUN
asfbr-8	193	64	h07	h07	NOUN
asfbr-8	193	65	:	:	PUNCT
asfbr-8	193	66	there	there	PRON
asfbr-8	193	67	is	be	VERB
asfbr-8	193	68	no	no	DET
asfbr-8	193	69	significance	significance	NOUN
asfbr-8	193	70	relationship	relationship	NOUN
asfbr-8	193	71	between	between	ADP
asfbr-8	193	72	management	management	NOUN
asfbr-8	193	73	efficiency	efficiency	NOUN
asfbr-8	193	74	and	and	CCONJ
asfbr-8	193	75	share	share	NOUN
asfbr-8	193	76	base	base	PROPN
asfbr-8	193	77	payment	payment	NOUN
asfbr-8	193	78	h08	h08	PROPN
asfbr-8	193	79	:	:	PUNCT
asfbr-8	193	80	there	there	PRON
asfbr-8	193	81	is	be	VERB
asfbr-8	193	82	no	no	DET
asfbr-8	193	83	significance	significance	NOUN
asfbr-8	193	84	relationship	relationship	NOUN
asfbr-8	193	85	between	between	ADP
asfbr-8	193	86	liquidity	liquidity	NOUN
asfbr-8	193	87	and	and	CCONJ
asfbr-8	193	88	share	share	NOUN
asfbr-8	193	89	base	base	NOUN
asfbr-8	193	90	payment	payment	NOUN
asfbr-8	193	91	h09	h09	PROPN
asfbr-8	193	92	:	:	PUNCT
asfbr-8	193	93	there	there	PRON
asfbr-8	193	94	is	be	VERB
asfbr-8	193	95	no	no	DET
asfbr-8	193	96	significance	significance	NOUN
asfbr-8	193	97	relationship	relationship	NOUN
asfbr-8	193	98	between	between	ADP
asfbr-8	193	99	risk	risk	NOUN
asfbr-8	193	100	and	and	CCONJ
asfbr-8	193	101	share	share	NOUN
asfbr-8	193	102	base	base	NOUN
asfbr-8	193	103	payment	payment	NOUN
asfbr-8	193	104	formulating	formulate	VERB
asfbr-8	193	105	model	model	NOUN
asfbr-8	193	106	for	for	ADP
asfbr-8	193	107	hypotheses	hypothesis	NOUN
asfbr-8	193	108	testing	testing	NOUN
asfbr-8	193	109	hypothesis	hypothesis	NOUN
asfbr-8	194	1	i	i	PRON
asfbr-8	194	2	sbp	sbp	NOUN
asfbr-8	195	1	=	=	PUNCT
asfbr-8	195	2	0	0	NOUN
asfbr-8	196	1	+	+	CCONJ
asfbr-8	197	1			PROPN
asfbr-8	197	2	der1	der1	PROPN
asfbr-8	197	3	3.4	3.4	NUM
asfbr-8	197	4	hypothesis	hypothesis	NOUN
asfbr-8	197	5	ii	ii	NOUN
asfbr-8	197	6	sbp	sbp	NOUN
asfbr-8	197	7	=	=	PUNCT
asfbr-8	197	8	0	0	NOUN
asfbr-8	198	1	+	+	CCONJ
asfbr-8	198	2			PROPN
asfbr-8	198	3	cg2	cg2	ADJ
asfbr-8	198	4	3.5	3.5	NUM
asfbr-8	198	5	hypothesis	hypothesis	NOUN
asfbr-8	198	6	iii	iii	NOUN
asfbr-8	198	7	sbp	sbp	NOUN
asfbr-8	198	8	=	=	PUNCT
asfbr-8	198	9	0	0	NOUN
asfbr-8	199	1	+	+	CCONJ
asfbr-8	200	1			PROPN
asfbr-8	200	2	tab3	tab3	PROPN
asfbr-8	200	3	3.6	3.6	NUM
asfbr-8	200	4	hypothesis	hypothesis	NOUN
asfbr-8	200	5	iv	iv	NOUN
asfbr-8	200	6	sbp	sbp	NOUN
asfbr-8	200	7	=	=	PUNCT
asfbr-8	200	8	0	0	NOUN
asfbr-8	201	1	+	+	CCONJ
asfbr-8	201	2			PROPN
asfbr-8	201	3	fs4	fs4	NOUN
asfbr-8	201	4	3.7	3.7	NUM
asfbr-8	201	5	hypothesis	hypothesis	NOUN
asfbr-8	201	6	v	v	NOUN
asfbr-8	201	7	sbp	sbp	NOUN
asfbr-8	201	8	=	=	PUNCT
asfbr-8	202	1	0	0	NOUN
asfbr-8	203	1	+	+	CCONJ
asfbr-8	204	1			PROPN
asfbr-8	204	2	cc5	cc5	PROPN
asfbr-8	204	3	3.8	3.8	NUM
asfbr-8	204	4	hypothesis	hypothesis	NOUN
asfbr-8	204	5	vi	vi	NOUN
asfbr-8	204	6	sbp	sbp	NOUN
asfbr-8	204	7	=	=	PUNCT
asfbr-8	204	8	0	0	NOUN
asfbr-8	205	1	+	+	CCONJ
asfbr-8	205	2			PROPN
asfbr-8	205	3	pf6	pf6	PROPN
asfbr-8	205	4	3.9	3.9	NUM
asfbr-8	205	5	hypothesis	hypothesis	NOUN
asfbr-8	205	6	vii	vii	PROPN
asfbr-8	205	7	sbp	sbp	PROPN
asfbr-8	205	8	=	=	PUNCT
asfbr-8	205	9	0	0	NOUN
asfbr-8	206	1	+	+	CCONJ
asfbr-8	207	1			PROPN
asfbr-8	207	2	me7	me7	NOUN
asfbr-8	207	3	3.10	3.10	NUM
asfbr-8	207	4	hypothesis	hypothesis	NOUN
asfbr-8	207	5	viii	viii	NOUN
asfbr-8	207	6	sbp	sbp	NOUN
asfbr-8	207	7	=	=	PUNCT
asfbr-8	208	1	0	0	NOUN
asfbr-8	209	1	+	+	CCONJ
asfbr-8	209	2			PROPN
asfbr-8	209	3	liq8	liq8	NUM
asfbr-8	209	4	3.11	3.11	NUM
asfbr-8	209	5	hypothesis	hypothesis	NOUN
asfbr-8	209	6	ix	ix	X
asfbr-8	209	7	sbp	sbp	NOUN
asfbr-8	210	1	=	=	PUNCT
asfbr-8	210	2	0	0	NOUN
asfbr-8	211	1	+	+	CCONJ
asfbr-8	211	2			PROPN
asfbr-8	211	3	risk9	risk9	PROPN
asfbr-8	211	4	3.12	3.12	NUM
asfbr-8	211	5	null	null	ADJ
asfbr-8	211	6	hypotheses	hypothesis	NOUN
asfbr-8	211	7	;	;	PUNCT
asfbr-8	211	8	h0	h0	NOUN
asfbr-8	211	9	:	:	PUNCT
asfbr-8	211	10	β	β	X
asfbr-8	211	11	=	=	SYM
asfbr-8	211	12	0	0	NUM
asfbr-8	211	13	,	,	PUNCT
asfbr-8	211	14	(	(	PUNCT
asfbr-8	211	15	statistically	statistically	ADV
asfbr-8	211	16	not	not	PART
asfbr-8	211	17	significant	significant	ADJ
asfbr-8	211	18	)	)	PUNCT
asfbr-8	211	19	alternate	alternate	ADJ
asfbr-8	211	20	hypotheses	hypothesis	NOUN
asfbr-8	211	21	;	;	PUNCT
asfbr-8	211	22	h1	h1	X
asfbr-8	211	23	:	:	PUNCT
asfbr-8	211	24	β	β	X
asfbr-8	211	25			PROPN
asfbr-8	211	26	0	0	NUM
asfbr-8	211	27	.	.	PUNCT
asfbr-8	212	1	(	(	PUNCT
asfbr-8	212	2	statistically	statistically	ADV
asfbr-8	212	3	significant	significant	ADJ
asfbr-8	212	4	)	)	PUNCT
asfbr-8	212	5	and	and	CCONJ
asfbr-8	212	6	the	the	DET
asfbr-8	212	7	decision	decision	NOUN
asfbr-8	212	8	rule	rule	NOUN
asfbr-8	212	9	states	state	NOUN
asfbr-8	212	10	that	that	SCONJ
asfbr-8	212	11	“	"	PUNCT
asfbr-8	212	12	h0	h0	PROPN
asfbr-8	212	13	”	"	PUNCT
asfbr-8	212	14	should	should	AUX
asfbr-8	212	15	be	be	AUX
asfbr-8	212	16	rejected	reject	VERB
asfbr-8	212	17	when	when	SCONJ
asfbr-8	212	18	t	t	PROPN
asfbr-8	212	19	-	-	PUNCT
asfbr-8	212	20	statistics	statistic	NOUN
asfbr-8	212	21	is	be	AUX
asfbr-8	212	22	greater	great	ADJ
asfbr-8	212	23	than	than	ADP
asfbr-8	212	24	the	the	DET
asfbr-8	212	25	critical	critical	ADJ
asfbr-8	212	26	value	value	NOUN
asfbr-8	212	27	.	.	PUNCT
asfbr-8	213	1	but	but	CCONJ
asfbr-8	213	2	when	when	SCONJ
asfbr-8	213	3	the	the	DET
asfbr-8	213	4	t	t	PROPN
asfbr-8	213	5	-	-	PUNCT
asfbr-8	213	6	statistics	statistic	NOUN
asfbr-8	213	7	is	be	AUX
asfbr-8	213	8	lower	low	ADJ
asfbr-8	213	9	than	than	ADP
asfbr-8	213	10	the	the	DET
asfbr-8	213	11	critical	critical	ADJ
asfbr-8	213	12	value	value	NOUN
asfbr-8	213	13	,	,	PUNCT
asfbr-8	213	14	the	the	DET
asfbr-8	213	15	“	"	PUNCT
asfbr-8	213	16	h0	h0	NOUN
asfbr-8	213	17	”	"	PUNCT
asfbr-8	213	18	is	be	AUX
asfbr-8	213	19	accepted	accept	VERB
asfbr-8	213	20	with	with	ADP
asfbr-8	213	21	its	its	PRON
asfbr-8	213	22	conclusion	conclusion	NOUN
asfbr-8	213	23	.	.	PUNCT
asfbr-8	214	1	4	4	X
asfbr-8	214	2	.	.	X
asfbr-8	214	3	presentation	presentation	NOUN
asfbr-8	214	4	of	of	ADP
asfbr-8	214	5	results	result	NOUN
asfbr-8	214	6	and	and	CCONJ
asfbr-8	214	7	discussion	discussion	NOUN
asfbr-8	214	8	of	of	ADP
asfbr-8	214	9	findings	finding	NOUN
asfbr-8	214	10	table	table	NOUN
asfbr-8	214	11	1	1	NUM
asfbr-8	214	12	:	:	PUNCT
asfbr-8	214	13	test	test	NOUN
asfbr-8	214	14	of	of	ADP
asfbr-8	214	15	models	model	NOUN
asfbr-8	214	16	redundant	redundant	VERB
asfbr-8	214	17	fixed	fix	VERB
asfbr-8	214	18	effects	effect	NOUN
asfbr-8	214	19	tests	test	VERB
asfbr-8	214	20	effects	effect	NOUN
asfbr-8	214	21	test	test	NOUN
asfbr-8	214	22	statistic	statistic	PROPN
asfbr-8	214	23	d.f	d.f	PROPN
asfbr-8	214	24	.	.	PROPN
asfbr-8	214	25	prob	prob	PROPN
asfbr-8	214	26	.	.	PUNCT
asfbr-8	215	1	cross	cross	NOUN
asfbr-8	215	2	-	-	NOUN
asfbr-8	215	3	section	section	ADJ
asfbr-8	215	4	f	f	PROPN
asfbr-8	215	5	1.587346	1.587346	NUM
asfbr-8	215	6	(	(	PUNCT
asfbr-8	215	7	9,41	9,41	NUM
asfbr-8	215	8	)	)	PUNCT
asfbr-8	215	9	0.1514	0.1514	NUM
asfbr-8	215	10	cross	cross	ADJ
asfbr-8	215	11	-	-	ADJ
asfbr-8	215	12	section	section	ADJ
asfbr-8	215	13	chi	chi	ADJ
asfbr-8	215	14	-	-	PUNCT
asfbr-8	215	15	square	square	ADJ
asfbr-8	215	16	17.936983	17.936983	NUM
asfbr-8	215	17	9	9	NUM
asfbr-8	215	18	0.0359	0.0359	NUM
asfbr-8	215	19	source	source	NOUN
asfbr-8	215	20	:	:	PUNCT
asfbr-8	215	21	e	e	NOUN
asfbr-8	215	22	-	-	NOUN
asfbr-8	215	23	view	view	NOUN
asfbr-8	215	24	windows	window	NOUN
asfbr-8	215	25	9.0	9.0	NUM
asfbr-8	215	26	for	for	ADP
asfbr-8	215	27	the	the	DET
asfbr-8	215	28	purpose	purpose	NOUN
asfbr-8	215	29	of	of	ADP
asfbr-8	215	30	decision	decision	NOUN
asfbr-8	215	31	making	making	NOUN
asfbr-8	215	32	regarding	regard	VERB
asfbr-8	215	33	choice	choice	NOUN
asfbr-8	215	34	between	between	ADP
asfbr-8	215	35	fixed	fix	VERB
asfbr-8	215	36	and	and	CCONJ
asfbr-8	215	37	random	random	ADJ
asfbr-8	215	38	effects	effect	NOUN
asfbr-8	215	39	hausman	hausman	PROPN
asfbr-8	215	40	test	test	NOUN
asfbr-8	215	41	was	be	AUX
asfbr-8	215	42	run	run	VERB
asfbr-8	215	43	.	.	PUNCT
asfbr-8	216	1	the	the	DET
asfbr-8	216	2	decision	decision	NOUN
asfbr-8	216	3	of	of	ADP
asfbr-8	216	4	choice	choice	NOUN
asfbr-8	216	5	between	between	ADP
asfbr-8	216	6	fixed	fix	VERB
asfbr-8	216	7	and	and	CCONJ
asfbr-8	216	8	random	random	ADJ
asfbr-8	216	9	effect	effect	NOUN
asfbr-8	216	10	is	be	AUX
asfbr-8	216	11	based	base	VERB
asfbr-8	216	12	on	on	ADP
asfbr-8	216	13	p	p	NOUN
asfbr-8	216	14	-	-	PUNCT
asfbr-8	216	15	value	value	NOUN
asfbr-8	216	16	of	of	ADP
asfbr-8	216	17	hausman	hausman	ADJ
asfbr-8	216	18	test	test	NOUN
asfbr-8	216	19	.	.	PUNCT
asfbr-8	217	1	if	if	SCONJ
asfbr-8	217	2	the	the	DET
asfbr-8	217	3	p	p	PROPN
asfbr-8	217	4	value	value	NOUN
asfbr-8	217	5	of	of	ADP
asfbr-8	217	6	the	the	DET
asfbr-8	217	7	hausman	hausman	ADJ
asfbr-8	217	8	test	test	NOUN
asfbr-8	217	9	is	be	AUX
asfbr-8	217	10	less	less	ADJ
asfbr-8	217	11	than	than	ADP
asfbr-8	217	12	0.05	0.05	NUM
asfbr-8	217	13	,	,	PUNCT
asfbr-8	217	14	we	we	PRON
asfbr-8	217	15	have	have	VERB
asfbr-8	217	16	a	a	DET
asfbr-8	217	17	preference	preference	NOUN
asfbr-8	217	18	to	to	PART
asfbr-8	217	19	use	use	VERB
asfbr-8	217	20	a	a	DET
asfbr-8	217	21	fixed	fix	VERB
asfbr-8	217	22	effects	effect	NOUN
asfbr-8	217	23	model	model	NOUN
asfbr-8	217	24	.	.	PUNCT
asfbr-8	218	1	on	on	ADP
asfbr-8	218	2	the	the	DET
asfbr-8	218	3	other	other	ADJ
asfbr-8	218	4	hand	hand	NOUN
asfbr-8	218	5	if	if	SCONJ
asfbr-8	218	6	the	the	DET
asfbr-8	218	7	p	p	NOUN
asfbr-8	218	8	-	-	PUNCT
asfbr-8	218	9	value	value	NOUN
asfbr-8	218	10	of	of	ADP
asfbr-8	218	11	the	the	DET
asfbr-8	218	12	hausman	hausman	ADJ
asfbr-8	218	13	test	test	NOUN
asfbr-8	218	14	is	be	AUX
asfbr-8	218	15	more	more	ADJ
asfbr-8	218	16	than	than	ADP
asfbr-8	218	17	0.05	0.05	NUM
asfbr-8	218	18	,	,	PUNCT
asfbr-8	218	19	we	we	PRON
asfbr-8	218	20	select	select	VERB
asfbr-8	218	21	to	to	PART
asfbr-8	218	22	use	use	VERB
asfbr-8	218	23	fixed	fix	VERB
asfbr-8	218	24	effects	effect	NOUN
asfbr-8	218	25	.	.	PUNCT
asfbr-8	219	1	in	in	ADP
asfbr-8	219	2	this	this	DET
asfbr-8	219	3	study	study	NOUN
asfbr-8	219	4	,	,	PUNCT
asfbr-8	219	5	the	the	DET
asfbr-8	219	6	p	p	NOUN
asfbr-8	219	7	-	-	PUNCT
asfbr-8	219	8	value	value	NOUN
asfbr-8	219	9	of	of	ADP
asfbr-8	219	10	hausman	hausman	ADJ
asfbr-8	219	11	test	test	NOUN
asfbr-8	219	12	was	be	AUX
asfbr-8	219	13	more	more	ADJ
asfbr-8	219	14	than	than	ADP
asfbr-8	219	15	0.05	0.05	NUM
asfbr-8	219	16	so	so	ADV
asfbr-8	219	17	fixed	fixed	ADJ
asfbr-8	219	18	effects	effect	NOUN
asfbr-8	219	19	are	be	AUX
asfbr-8	219	20	used	use	VERB
asfbr-8	219	21	.	.	PUNCT
asfbr-8	220	1	for	for	ADP
asfbr-8	220	2	comparison	comparison	NOUN
asfbr-8	220	3	purpose	purpose	NOUN
asfbr-8	220	4	pooled	pool	VERB
asfbr-8	220	5	regression	regression	NOUN
asfbr-8	220	6	results	result	NOUN
asfbr-8	220	7	are	be	AUX
asfbr-8	220	8	also	also	ADV
asfbr-8	220	9	given	give	VERB
asfbr-8	220	10	.	.	PUNCT
asfbr-8	221	1	value	value	NOUN
asfbr-8	221	2	may	may	AUX
asfbr-8	221	3	be	be	AUX
asfbr-8	221	4	shown	show	VERB
asfbr-8	221	5	as	as	ADP
asfbr-8	221	6	f	f	NOUN
asfbr-8	221	7	-	-	PUNCT
asfbr-8	221	8	value	value	NOUN
asfbr-8	221	9	.	.	PUNCT
asfbr-8	222	1	“	"	PUNCT
asfbr-8	222	2	f	f	X
asfbr-8	222	3	”	"	PUNCT
asfbr-8	222	4	value	value	NOUN
asfbr-8	222	5	of	of	ADP
asfbr-8	222	6	the	the	DET
asfbr-8	222	7	table	table	NOUN
asfbr-8	222	8	signifies	signify	VERB
asfbr-8	222	9	whether	whether	SCONJ
asfbr-8	222	10	the	the	DET
asfbr-8	222	11	overall	overall	ADJ
asfbr-8	222	12	model	model	NOUN
asfbr-8	222	13	is	be	AUX
asfbr-8	222	14	statistically	statistically	ADV
asfbr-8	222	15	significant	significant	ADJ
asfbr-8	222	16	or	or	CCONJ
asfbr-8	222	17	not	not	PART
asfbr-8	222	18	.	.	PUNCT
asfbr-8	223	1	the	the	PRON
asfbr-8	223	2	more	more	ADJ
asfbr-8	223	3	the	the	DET
asfbr-8	223	4	f	f	PROPN
asfbr-8	223	5	value	value	NOUN
asfbr-8	223	6	or	or	CCONJ
asfbr-8	223	7	wald	wald	PROPN
asfbr-8	223	8	chi	chi	PROPN
asfbr-8	223	9	square	square	PROPN
asfbr-8	223	10	test	test	NOUN
asfbr-8	223	11	value	value	NOUN
asfbr-8	223	12	the	the	PRON
asfbr-8	223	13	more	more	ADV
asfbr-8	223	14	the	the	DET
asfbr-8	223	15	model	model	NOUN
asfbr-8	223	16	is	be	AUX
asfbr-8	223	17	considered	consider	VERB
asfbr-8	223	18	not	not	PART
asfbr-8	223	19	significant	significant	ADJ
asfbr-8	223	20	.	.	PUNCT
asfbr-8	224	1	table	table	NOUN
asfbr-8	224	2	2	2	NUM
asfbr-8	224	3	:	:	PUNCT
asfbr-8	224	4	presentation	presentation	NOUN
asfbr-8	224	5	of	of	ADP
asfbr-8	224	6	results	result	NOUN
asfbr-8	224	7	:	:	PUNCT
asfbr-8	224	8	the	the	DET
asfbr-8	224	9	pooled	pooled	ADJ
asfbr-8	224	10	effect	effect	NOUN
asfbr-8	224	11	correlated	correlate	VERB
asfbr-8	224	12	random	random	ADJ
asfbr-8	224	13	effects	effect	NOUN
asfbr-8	224	14	hausman	hausman	PROPN
asfbr-8	224	15	test	test	NOUN
asfbr-8	224	16	test	test	NOUN
asfbr-8	224	17	summary	summary	NOUN
asfbr-8	224	18	chi	chi	PROPN
asfbr-8	224	19	-	-	PUNCT
asfbr-8	224	20	sq	sq	PROPN
asfbr-8	224	21	.	.	PROPN
asfbr-8	224	22	statistic	statistic	ADJ
asfbr-8	224	23	chi	chi	PROPN
asfbr-8	224	24	-	-	PUNCT
asfbr-8	224	25	sq	sq	PROPN
asfbr-8	224	26	.	.	PUNCT
asfbr-8	224	27	d.f	d.f	PROPN
asfbr-8	224	28	.	.	PROPN
asfbr-8	224	29	prob	prob	PROPN
asfbr-8	224	30	.	.	PUNCT
asfbr-8	225	1	cross	cross	ADJ
asfbr-8	225	2	-	-	ADJ
asfbr-8	225	3	section	section	ADJ
asfbr-8	225	4	random	random	ADJ
asfbr-8	225	5	14.286114	14.286114	NUM
asfbr-8	225	6	9	9	NUM
asfbr-8	225	7	0.1125	0.1125	NUM
asfbr-8	225	8	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	NOUN
asfbr-8	225	9	asian	asian	ADJ
asfbr-8	225	10	finance	finance	PROPN
asfbr-8	225	11	&	&	CCONJ
asfbr-8	225	12	banking	banking	PROPN
asfbr-8	225	13	review	review	PROPN
asfbr-8	225	14	vol	vol	NOUN
asfbr-8	225	15	.	.	PROPN
asfbr-8	226	1	2	2	NUM
asfbr-8	226	2	,	,	PUNCT
asfbr-8	226	3	no	no	INTJ
asfbr-8	226	4	.	.	NOUN
asfbr-8	226	5	1	1	NUM
asfbr-8	226	6	;	;	PUNCT
asfbr-8	226	7	2018	2018	NUM
asfbr-8	226	8	25	25	NUM
asfbr-8	226	9	variable	variable	ADJ
asfbr-8	226	10	coefficient	coefficient	NOUN
asfbr-8	226	11	std	std	NOUN
asfbr-8	226	12	.	.	NOUN
asfbr-8	226	13	error	error	NOUN
asfbr-8	226	14	t	t	NOUN
asfbr-8	226	15	-	-	PUNCT
asfbr-8	226	16	statistic	statistic	NOUN
asfbr-8	226	17	prob	prob	NOUN
asfbr-8	226	18	.	.	PUNCT
asfbr-8	227	1	tab	tab	PROPN
asfbr-8	227	2	0.232160	0.232160	NUM
asfbr-8	227	3	0.831262	0.831262	NUM
asfbr-8	227	4	0.279287	0.279287	NUM
asfbr-8	227	5	0.7812	0.7812	NUM
asfbr-8	227	6	roi	roi	NOUN
asfbr-8	227	7	0.252097	0.252097	NUM
asfbr-8	227	8	0.278787	0.278787	NUM
asfbr-8	227	9	0.904263	0.904263	NUM
asfbr-8	227	10	0.3702	0.3702	NUM
asfbr-8	227	11	risk	risk	NOUN
asfbr-8	227	12	0.006027	0.006027	NUM
asfbr-8	227	13	0.609468	0.609468	NUM
asfbr-8	227	14	0.009888	0.009888	NUM
asfbr-8	227	15	0.9921	0.9921	NUM
asfbr-8	227	16	me	i	PRON
asfbr-8	227	17	-0.227593	-0.227593	VERB
asfbr-8	227	18	0.094745	0.094745	NUM
asfbr-8	227	19	-2.402178	-2.402178	NOUN
asfbr-8	227	20	0.0201	0.0201	NUM
asfbr-8	227	21	liq	liq	NOUN
asfbr-8	227	22	0.001599	0.001599	NUM
asfbr-8	227	23	0.003008	0.003008	NUM
asfbr-8	227	24	0.531496	0.531496	NUM
asfbr-8	227	25	0.5974	0.5974	NUM
asfbr-8	227	26	fs	fs	ADP
asfbr-8	227	27	0.011750	0.011750	NUM
asfbr-8	227	28	0.099352	0.099352	NUM
asfbr-8	227	29	0.118270	0.118270	NUM
asfbr-8	227	30	0.9063	0.9063	NUM
asfbr-8	227	31	der	der	NOUN
asfbr-8	227	32	-0.097781	-0.097781	PROPN
asfbr-8	227	33	0.099465	0.099465	NUM
asfbr-8	227	34	-0.983075	-0.983075	NOUN
asfbr-8	227	35	0.3303	0.3303	NUM
asfbr-8	227	36	cg	cg	NOUN
asfbr-8	227	37	-0.977813	-0.977813	NOUN
asfbr-8	227	38	1.536550	1.536550	NUM
asfbr-8	227	39	-0.636369	-0.636369	NOUN
asfbr-8	227	40	0.5274	0.5274	NUM
asfbr-8	227	41	cc	cc	NOUN
asfbr-8	227	42	-1.329340	-1.329340	NOUN
asfbr-8	227	43	0.799668	0.799668	NUM
asfbr-8	227	44	-1.662364	-1.662364	NOUN
asfbr-8	227	45	0.1027	0.1027	NUM
asfbr-8	227	46	c	c	PROPN
asfbr-8	227	47	40.82592	40.82592	NUM
asfbr-8	227	48	12.40824	12.40824	NUM
asfbr-8	227	49	3.290227	3.290227	NUM
asfbr-8	227	50	0.0018	0.0018	NUM
asfbr-8	227	51	r	r	NOUN
asfbr-8	227	52	-	-	PUNCT
asfbr-8	227	53	squared	square	VERB
asfbr-8	227	54	0.221080	0.221080	NUM
asfbr-8	227	55	durbin	durbin	ADJ
asfbr-8	227	56	-	-	PUNCT
asfbr-8	227	57	watson	watson	NOUN
asfbr-8	227	58	stat	stat	PROPN
asfbr-8	227	59	1.768800	1.768800	NUM
asfbr-8	227	60	adjusted	adjust	VERB
asfbr-8	227	61	r	r	NOUN
asfbr-8	227	62	-	-	PUNCT
asfbr-8	227	63	squared	square	VERB
asfbr-8	227	64	0.080875	0.080875	NUM
asfbr-8	227	65	f	f	NOUN
asfbr-8	227	66	-	-	PUNCT
asfbr-8	227	67	statistic	statistic	ADJ
asfbr-8	227	68	1.576831	1.576831	NUM
asfbr-8	227	69	prob(f	prob(f	NOUN
asfbr-8	227	70	-	-	PUNCT
asfbr-8	227	71	statistic	statistic	NOUN
asfbr-8	227	72	)	)	PUNCT
asfbr-8	227	73	0.148081	0.148081	NUM
asfbr-8	227	74	source	source	NOUN
asfbr-8	227	75	:	:	PUNCT
asfbr-8	227	76	e	e	NOUN
asfbr-8	227	77	-	-	NOUN
asfbr-8	227	78	view	view	NOUN
asfbr-8	227	79	windows	window	VERB
asfbr-8	227	80	9.0	9.0	NUM
asfbr-8	227	81	one	one	NUM
asfbr-8	227	82	of	of	ADP
asfbr-8	227	83	the	the	DET
asfbr-8	227	84	assumptions	assumption	NOUN
asfbr-8	227	85	of	of	ADP
asfbr-8	227	86	the	the	DET
asfbr-8	227	87	fixed	fix	VERB
asfbr-8	227	88	effect	effect	NOUN
asfbr-8	227	89	model	model	NOUN
asfbr-8	227	90	is	be	AUX
asfbr-8	227	91	that	that	SCONJ
asfbr-8	227	92	unique	unique	ADJ
asfbr-8	227	93	features	feature	NOUN
asfbr-8	227	94	of	of	ADP
asfbr-8	227	95	the	the	DET
asfbr-8	227	96	entities	entity	NOUN
asfbr-8	227	97	ought	ought	AUX
asfbr-8	227	98	not	not	PART
asfbr-8	227	99	to	to	PART
asfbr-8	227	100	be	be	AUX
asfbr-8	227	101	correlated	correlate	VERB
asfbr-8	227	102	with	with	ADP
asfbr-8	227	103	other	other	ADJ
asfbr-8	227	104	distinct	distinct	ADJ
asfbr-8	227	105	features	feature	NOUN
asfbr-8	227	106	.	.	PUNCT
asfbr-8	228	1	if	if	SCONJ
asfbr-8	228	2	the	the	DET
asfbr-8	228	3	error	error	NOUN
asfbr-8	228	4	terms	term	NOUN
asfbr-8	228	5	are	be	AUX
asfbr-8	228	6	correlated	correlate	VERB
asfbr-8	228	7	then	then	ADV
asfbr-8	228	8	fixed	fix	VERB
asfbr-8	228	9	effect	effect	NOUN
asfbr-8	228	10	is	be	AUX
asfbr-8	228	11	not	not	PART
asfbr-8	228	12	considered	consider	VERB
asfbr-8	228	13	a	a	DET
asfbr-8	228	14	fit	fit	ADJ
asfbr-8	228	15	choice	choice	NOUN
asfbr-8	228	16	and	and	CCONJ
asfbr-8	228	17	the	the	DET
asfbr-8	228	18	results	result	NOUN
asfbr-8	228	19	may	may	AUX
asfbr-8	228	20	not	not	PART
asfbr-8	228	21	be	be	AUX
asfbr-8	228	22	trustworthy	trustworthy	ADJ
asfbr-8	228	23	and	and	CCONJ
asfbr-8	228	24	as	as	SCONJ
asfbr-8	228	25	a	a	DET
asfbr-8	228	26	result	result	NOUN
asfbr-8	228	27	random	random	ADJ
asfbr-8	228	28	-	-	PUNCT
asfbr-8	228	29	effects	effect	NOUN
asfbr-8	228	30	will	will	AUX
asfbr-8	228	31	have	have	VERB
asfbr-8	228	32	to	to	PART
asfbr-8	228	33	be	be	AUX
asfbr-8	228	34	used	use	VERB
asfbr-8	228	35	.	.	PUNCT
asfbr-8	229	1	the	the	DET
asfbr-8	229	2	logical	logical	ADJ
asfbr-8	229	3	reason	reason	NOUN
asfbr-8	229	4	on	on	ADP
asfbr-8	229	5	the	the	DET
asfbr-8	229	6	back	back	NOUN
asfbr-8	229	7	of	of	ADP
asfbr-8	229	8	usage	usage	NOUN
asfbr-8	229	9	of	of	ADP
asfbr-8	229	10	the	the	DET
asfbr-8	229	11	random	random	ADJ
asfbr-8	229	12	effects	effect	NOUN
asfbr-8	229	13	model	model	NOUN
asfbr-8	229	14	is	be	AUX
asfbr-8	229	15	that	that	SCONJ
asfbr-8	229	16	,	,	PUNCT
asfbr-8	229	17	in	in	ADP
asfbr-8	229	18	contrary	contrary	ADJ
asfbr-8	229	19	to	to	ADP
asfbr-8	229	20	the	the	DET
asfbr-8	229	21	fixed	fix	VERB
asfbr-8	229	22	effects	effect	NOUN
asfbr-8	229	23	model	model	NOUN
asfbr-8	229	24	,	,	PUNCT
asfbr-8	229	25	the	the	DET
asfbr-8	229	26	variation	variation	NOUN
asfbr-8	229	27	in	in	ADP
asfbr-8	229	28	entities	entity	NOUN
asfbr-8	229	29	is	be	AUX
asfbr-8	229	30	assumed	assume	VERB
asfbr-8	229	31	to	to	PART
asfbr-8	229	32	be	be	AUX
asfbr-8	229	33	random	random	ADJ
asfbr-8	229	34	and	and	CCONJ
asfbr-8	229	35	unrelated	unrelated	ADJ
asfbr-8	229	36	with	with	ADP
asfbr-8	229	37	the	the	DET
asfbr-8	229	38	independent	independent	ADJ
asfbr-8	229	39	variables	variable	NOUN
asfbr-8	229	40	of	of	ADP
asfbr-8	229	41	the	the	DET
asfbr-8	229	42	model	model	NOUN
asfbr-8	229	43	.	.	PUNCT
asfbr-8	230	1	one	one	NUM
asfbr-8	230	2	of	of	ADP
asfbr-8	230	3	the	the	DET
asfbr-8	230	4	merits	merit	NOUN
asfbr-8	230	5	of	of	ADP
asfbr-8	230	6	random	random	ADJ
asfbr-8	230	7	effects	effect	NOUN
asfbr-8	230	8	is	be	AUX
asfbr-8	230	9	that	that	SCONJ
asfbr-8	230	10	invariable	invariable	ADJ
asfbr-8	230	11	variables	variable	NOUN
asfbr-8	230	12	may	may	AUX
asfbr-8	230	13	be	be	AUX
asfbr-8	230	14	included	include	VERB
asfbr-8	230	15	.	.	PUNCT
asfbr-8	231	1	in	in	ADP
asfbr-8	231	2	fixed	fix	VERB
asfbr-8	231	3	effects	effect	NOUN
asfbr-8	231	4	model	model	NOUN
asfbr-8	231	5	these	these	DET
asfbr-8	231	6	variables	variable	NOUN
asfbr-8	231	7	are	be	AUX
asfbr-8	231	8	absorbed	absorb	VERB
asfbr-8	231	9	by	by	ADP
asfbr-8	231	10	the	the	DET
asfbr-8	231	11	intercept	intercept	PROPN
asfbr-8	231	12	.	.	PUNCT
asfbr-8	231	13	table	table	NOUN
asfbr-8	231	14	2	2	NUM
asfbr-8	231	15	show	show	VERB
asfbr-8	231	16	the	the	DET
asfbr-8	231	17	details	detail	NOUN
asfbr-8	231	18	analysis	analysis	NOUN
asfbr-8	231	19	of	of	ADP
asfbr-8	231	20	the	the	DET
asfbr-8	231	21	pooled	pooled	ADJ
asfbr-8	231	22	effect	effect	NOUN
asfbr-8	231	23	regression	regression	NOUN
asfbr-8	231	24	results	result	NOUN
asfbr-8	231	25	on	on	ADP
asfbr-8	231	26	the	the	DET
asfbr-8	231	27	effect	effect	NOUN
asfbr-8	231	28	of	of	ADP
asfbr-8	231	29	corporate	corporate	ADJ
asfbr-8	231	30	characteristics	characteristic	NOUN
asfbr-8	231	31	and	and	CCONJ
asfbr-8	231	32	its	its	PRON
asfbr-8	231	33	influence	influence	NOUN
asfbr-8	231	34	on	on	ADP
asfbr-8	231	35	share	share	NOUN
asfbr-8	231	36	base	base	NOUN
asfbr-8	231	37	payment	payment	NOUN
asfbr-8	231	38	of	of	ADP
asfbr-8	231	39	financial	financial	ADJ
asfbr-8	231	40	service	service	NOUN
asfbr-8	231	41	firms	firm	NOUN
asfbr-8	231	42	in	in	ADP
asfbr-8	231	43	nigeria	nigeria	PROPN
asfbr-8	231	44	.	.	PUNCT
asfbr-8	232	1	looking	look	VERB
asfbr-8	232	2	at	at	ADP
asfbr-8	232	3	results	result	NOUN
asfbr-8	232	4	it	it	PRON
asfbr-8	232	5	is	be	AUX
asfbr-8	232	6	evidenced	evidence	VERB
asfbr-8	232	7	that	that	SCONJ
asfbr-8	232	8	the	the	DET
asfbr-8	232	9	independent	independent	ADJ
asfbr-8	232	10	variables	variable	NOUN
asfbr-8	232	11	can	can	AUX
asfbr-8	232	12	explain	explain	VERB
asfbr-8	232	13	22.1	22.1	NUM
asfbr-8	232	14	%	%	NOUN
asfbr-8	232	15	variation	variation	NOUN
asfbr-8	232	16	on	on	ADP
asfbr-8	232	17	the	the	DET
asfbr-8	232	18	dependent	dependent	ADJ
asfbr-8	232	19	variable	variable	NOUN
asfbr-8	232	20	which	which	PRON
asfbr-8	232	21	is	be	AUX
asfbr-8	232	22	the	the	DET
asfbr-8	232	23	percentage	percentage	NOUN
asfbr-8	232	24	of	of	ADP
asfbr-8	232	25	share	share	NOUN
asfbr-8	232	26	base	base	NOUN
asfbr-8	232	27	payment	payment	NOUN
asfbr-8	232	28	to	to	ADP
asfbr-8	232	29	total	total	ADJ
asfbr-8	232	30	equity	equity	NOUN
asfbr-8	232	31	of	of	ADP
asfbr-8	232	32	the	the	DET
asfbr-8	232	33	selected	select	VERB
asfbr-8	232	34	financial	financial	ADJ
asfbr-8	232	35	service	service	NOUN
asfbr-8	232	36	firms	firm	NOUN
asfbr-8	232	37	.	.	PUNCT
asfbr-8	233	1	the	the	DET
asfbr-8	233	2	f	f	PROPN
asfbr-8	233	3	-	-	PUNCT
asfbr-8	233	4	statistics	statistic	NOUN
asfbr-8	233	5	and	and	CCONJ
asfbr-8	233	6	the	the	DET
asfbr-8	233	7	probability	probability	NOUN
asfbr-8	233	8	coefficient	coefficient	NOUN
asfbr-8	233	9	show	show	VERB
asfbr-8	233	10	that	that	SCONJ
asfbr-8	233	11	the	the	DET
asfbr-8	233	12	model	model	NOUN
asfbr-8	233	13	is	be	AUX
asfbr-8	233	14	not	not	PART
asfbr-8	233	15	significant	significant	ADJ
asfbr-8	233	16	this	this	PRON
asfbr-8	233	17	means	mean	VERB
asfbr-8	233	18	that	that	SCONJ
asfbr-8	233	19	the	the	DET
asfbr-8	233	20	independent	independent	ADJ
asfbr-8	233	21	variables	variable	NOUN
asfbr-8	233	22	can	can	AUX
asfbr-8	233	23	not	not	PART
asfbr-8	233	24	significantly	significantly	ADV
asfbr-8	233	25	explain	explain	VERB
asfbr-8	233	26	variation	variation	NOUN
asfbr-8	233	27	on	on	ADP
asfbr-8	233	28	the	the	DET
asfbr-8	233	29	dependent	dependent	ADJ
asfbr-8	233	30	variable	variable	NOUN
asfbr-8	233	31	.	.	PUNCT
asfbr-8	234	1	the	the	DET
asfbr-8	234	2	t	t	PROPN
asfbr-8	234	3	-	-	PUNCT
asfbr-8	234	4	statistics	statistic	NOUN
asfbr-8	234	5	and	and	CCONJ
asfbr-8	234	6	probability	probability	NOUN
asfbr-8	234	7	coefficient	coefficient	NOUN
asfbr-8	234	8	of	of	ADP
asfbr-8	234	9	the	the	DET
asfbr-8	234	10	independent	independent	ADJ
asfbr-8	234	11	variables	variable	NOUN
asfbr-8	234	12	indicates	indicate	VERB
asfbr-8	234	13	that	that	SCONJ
asfbr-8	234	14	all	all	DET
asfbr-8	234	15	the	the	DET
asfbr-8	234	16	variables	variable	NOUN
asfbr-8	234	17	are	be	AUX
asfbr-8	234	18	statistically	statistically	ADV
asfbr-8	234	19	not	not	PART
asfbr-8	234	20	significant	significant	ADJ
asfbr-8	234	21	at	at	ADP
asfbr-8	234	22	5	5	NUM
asfbr-8	234	23	%	%	NOUN
asfbr-8	234	24	level	level	NOUN
asfbr-8	234	25	of	of	ADP
asfbr-8	234	26	significance	significance	NOUN
asfbr-8	234	27	.	.	PUNCT
asfbr-8	235	1	the	the	DET
asfbr-8	235	2	β	β	PROPN
asfbr-8	235	3	coefficient	coefficient	NOUN
asfbr-8	235	4	indicates	indicate	VERB
asfbr-8	235	5	that	that	SCONJ
asfbr-8	235	6	tangibility	tangibility	NOUN
asfbr-8	235	7	,	,	PUNCT
asfbr-8	235	8	return	return	VERB
asfbr-8	235	9	on	on	ADP
asfbr-8	235	10	investment	investment	NOUN
asfbr-8	235	11	,	,	PUNCT
asfbr-8	235	12	risk	risk	NOUN
asfbr-8	235	13	,	,	PUNCT
asfbr-8	235	14	liquidity	liquidity	NOUN
asfbr-8	235	15	,	,	PUNCT
asfbr-8	235	16	firm	firm	ADJ
asfbr-8	235	17	size	size	NOUN
asfbr-8	235	18	have	have	VERB
asfbr-8	235	19	positive	positive	ADJ
asfbr-8	235	20	relationship	relationship	NOUN
asfbr-8	235	21	with	with	ADP
asfbr-8	235	22	share	share	NOUN
asfbr-8	235	23	base	base	NOUN
asfbr-8	235	24	payment	payment	NOUN
asfbr-8	235	25	of	of	ADP
asfbr-8	235	26	the	the	DET
asfbr-8	235	27	selected	select	VERB
asfbr-8	235	28	financial	financial	ADJ
asfbr-8	235	29	service	service	NOUN
asfbr-8	235	30	firms	firm	NOUN
asfbr-8	235	31	while	while	SCONJ
asfbr-8	235	32	management	management	NOUN
asfbr-8	235	33	efficiency	efficiency	NOUN
asfbr-8	235	34	,	,	PUNCT
asfbr-8	235	35	debt	debt	NOUN
asfbr-8	235	36	equity	equity	NOUN
asfbr-8	235	37	ratio	ratio	NOUN
asfbr-8	235	38	,	,	PUNCT
asfbr-8	235	39	corporate	corporate	ADJ
asfbr-8	235	40	governance	governance	NOUN
asfbr-8	235	41	and	and	CCONJ
asfbr-8	235	42	cost	cost	NOUN
asfbr-8	235	43	of	of	ADP
asfbr-8	235	44	capital	capital	NOUN
asfbr-8	235	45	have	have	VERB
asfbr-8	235	46	negative	negative	ADJ
asfbr-8	235	47	relationship	relationship	NOUN
asfbr-8	235	48	with	with	ADP
asfbr-8	235	49	share	share	NOUN
asfbr-8	235	50	base	base	NOUN
asfbr-8	235	51	payment	payment	NOUN
asfbr-8	235	52	.	.	PUNCT
asfbr-8	236	1	the	the	DET
asfbr-8	236	2	insignificant	insignificant	ADJ
asfbr-8	236	3	and	and	CCONJ
asfbr-8	236	4	negative	negative	ADJ
asfbr-8	236	5	impact	impact	NOUN
asfbr-8	236	6	of	of	ADP
asfbr-8	236	7	the	the	DET
asfbr-8	236	8	variables	variable	NOUN
asfbr-8	236	9	could	could	AUX
asfbr-8	236	10	be	be	AUX
asfbr-8	236	11	traced	trace	VERB
asfbr-8	236	12	to	to	ADP
asfbr-8	236	13	the	the	DET
asfbr-8	236	14	fact	fact	NOUN
asfbr-8	236	15	that	that	SCONJ
asfbr-8	236	16	most	most	ADJ
asfbr-8	236	17	corporate	corporate	ADJ
asfbr-8	236	18	organizations	organization	NOUN
asfbr-8	236	19	in	in	ADP
asfbr-8	236	20	nigeria	nigeria	PROPN
asfbr-8	236	21	does	do	AUX
asfbr-8	236	22	not	not	PART
asfbr-8	236	23	engage	engage	VERB
asfbr-8	236	24	in	in	ADP
asfbr-8	236	25	share	share	NOUN
asfbr-8	236	26	base	base	NOUN
asfbr-8	236	27	payment	payment	NOUN
asfbr-8	236	28	.	.	PUNCT
asfbr-8	237	1	table	table	NOUN
asfbr-8	238	1	3	3	NUM
asfbr-8	238	2	:	:	PUNCT
asfbr-8	238	3	presentation	presentation	NOUN
asfbr-8	238	4	of	of	ADP
asfbr-8	238	5	results	result	NOUN
asfbr-8	238	6	:	:	PUNCT
asfbr-8	238	7	the	the	DET
asfbr-8	238	8	fixed	fix	VERB
asfbr-8	238	9	effect	effect	NOUN
asfbr-8	238	10	variable	variable	ADJ
asfbr-8	238	11	coefficient	coefficient	NOUN
asfbr-8	238	12	std	std	NOUN
asfbr-8	238	13	.	.	NOUN
asfbr-8	238	14	error	error	NOUN
asfbr-8	238	15	t	t	NOUN
asfbr-8	238	16	-	-	PUNCT
asfbr-8	238	17	statistic	statistic	NOUN
asfbr-8	238	18	prob	prob	NOUN
asfbr-8	238	19	.	.	PUNCT
asfbr-8	239	1	tab	tab	PROPN
asfbr-8	239	2	-1.101803	-1.101803	PROPN
asfbr-8	239	3	1.048111	1.048111	NUM
asfbr-8	239	4	-1.051228	-1.051228	NOUN
asfbr-8	239	5	0.2993	0.2993	NUM
asfbr-8	239	6	roi	roi	NOUN
asfbr-8	239	7	0.364802	0.364802	NUM
asfbr-8	239	8	0.305401	0.305401	NUM
asfbr-8	239	9	1.194502	1.194502	NUM
asfbr-8	239	10	0.2391	0.2391	NUM
asfbr-8	239	11	risk	risk	NOUN
asfbr-8	239	12	-0.240735	-0.240735	NOUN
asfbr-8	239	13	1.087112	1.087112	NUM
asfbr-8	239	14	-0.221444	-0.221444	NOUN
asfbr-8	239	15	0.8258	0.8258	NUM
asfbr-8	239	16	me	i	PRON
asfbr-8	239	17	-0.158620	-0.158620	VERB
asfbr-8	239	18	0.123862	0.123862	NUM
asfbr-8	239	19	-1.280618	-1.280618	NUM
asfbr-8	239	20	0.2075	0.2075	NUM
asfbr-8	239	21	liq	liq	NOUN
asfbr-8	239	22	0.002424	0.002424	NUM
asfbr-8	240	1	0.003204	0.003204	NUM
asfbr-8	240	2	0.756429	0.756429	NUM
asfbr-8	240	3	0.4537	0.4537	NUM
asfbr-8	240	4	fs	fs	ADP
asfbr-8	240	5	0.013894	0.013894	NUM
asfbr-8	240	6	0.101810	0.101810	NUM
asfbr-8	240	7	0.136475	0.136475	NUM
asfbr-8	240	8	0.8921	0.8921	NUM
asfbr-8	240	9	der	der	NOUN
asfbr-8	240	10	-0.069284	-0.069284	VERB
asfbr-8	240	11	0.107056	0.107056	NUM
asfbr-8	240	12	-0.647174	-0.647174	NOUN
asfbr-8	240	13	0.5211	0.5211	NUM
asfbr-8	240	14	cg	cg	NOUN
asfbr-8	240	15	-0.647809	-0.647809	NOUN
asfbr-8	240	16	1.542201	1.542201	NUM
asfbr-8	240	17	-0.420055	-0.420055	NOUN
asfbr-8	240	18	0.6766	0.6766	NUM
asfbr-8	240	19	cc	cc	NOUN
asfbr-8	240	20	-0.481787	-0.481787	NOUN
asfbr-8	240	21	1.259064	1.259064	NUM
asfbr-8	240	22	-0.382655	-0.382655	NOUN
asfbr-8	240	23	0.7040	0.7040	NUM
asfbr-8	240	24	c	c	NOUN
asfbr-8	240	25	43.48345	43.48345	NUM
asfbr-8	240	26	15.09703	15.09703	NUM
asfbr-8	240	27	2.880265	2.880265	NUM
asfbr-8	240	28	0.0063	0.0063	NUM
asfbr-8	240	29	r	r	NOUN
asfbr-8	240	30	-	-	PUNCT
asfbr-8	240	31	squared	square	VERB
asfbr-8	240	32	0.422356	0.422356	NUM
asfbr-8	240	33	durbin	durbin	ADJ
asfbr-8	240	34	-	-	PUNCT
asfbr-8	240	35	watson	watson	NOUN
asfbr-8	240	36	stat	stat	PROPN
asfbr-8	240	37	2.225778	2.225778	NUM
asfbr-8	240	38	adjusted	adjust	VERB
asfbr-8	240	39	r	r	NOUN
asfbr-8	240	40	-	-	PUNCT
asfbr-8	240	41	squared	square	VERB
asfbr-8	240	42	0.168756	0.168756	NUM
asfbr-8	240	43	f	f	X
asfbr-8	240	44	-	-	PUNCT
asfbr-8	240	45	statistic	statistic	ADJ
asfbr-8	240	46	1.665442	1.665442	NUM
asfbr-8	240	47	prob(f	prob(f	NOUN
asfbr-8	240	48	-	-	PUNCT
asfbr-8	240	49	statistic	statistic	NOUN
asfbr-8	240	50	)	)	PUNCT
asfbr-8	240	51	0.088026	0.088026	NUM
asfbr-8	240	52	source	source	NOUN
asfbr-8	240	53	:	:	PUNCT
asfbr-8	240	54	e	e	NOUN
asfbr-8	240	55	-	-	NOUN
asfbr-8	240	56	view	view	ADJ
asfbr-8	240	57	windows	window	NOUN
asfbr-8	240	58	9.0	9.0	NUM
asfbr-8	240	59	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	NOUN
asfbr-8	240	60	asian	asian	PROPN
asfbr-8	240	61	finance	finance	PROPN
asfbr-8	240	62	&	&	CCONJ
asfbr-8	240	63	banking	banking	PROPN
asfbr-8	240	64	review	review	PROPN
asfbr-8	240	65	vol	vol	NOUN
asfbr-8	240	66	.	.	PROPN
asfbr-8	241	1	2	2	NUM
asfbr-8	241	2	,	,	PUNCT
asfbr-8	241	3	no	no	INTJ
asfbr-8	241	4	.	.	NOUN
asfbr-8	241	5	1	1	NUM
asfbr-8	241	6	;	;	PUNCT
asfbr-8	241	7	2018	2018	NUM
asfbr-8	241	8	26	26	NUM
asfbr-8	241	9	the	the	DET
asfbr-8	241	10	fixed	fix	VERB
asfbr-8	241	11	effect	effect	NOUN
asfbr-8	241	12	regression	regression	NOUN
asfbr-8	241	13	results	result	NOUN
asfbr-8	241	14	of	of	ADP
asfbr-8	241	15	variables	variable	NOUN
asfbr-8	241	16	is	be	AUX
asfbr-8	241	17	table	table	NOUN
asfbr-8	241	18	3	3	NUM
asfbr-8	241	19	show	show	VERB
asfbr-8	241	20	the	the	DET
asfbr-8	241	21	details	detail	NOUN
asfbr-8	241	22	analysis	analysis	NOUN
asfbr-8	241	23	of	of	ADP
asfbr-8	241	24	the	the	DET
asfbr-8	241	25	effect	effect	NOUN
asfbr-8	241	26	of	of	ADP
asfbr-8	241	27	the	the	DET
asfbr-8	241	28	independent	independent	ADJ
asfbr-8	241	29	variables	variable	NOUN
asfbr-8	241	30	on	on	ADP
asfbr-8	241	31	the	the	DET
asfbr-8	241	32	dependent	dependent	ADJ
asfbr-8	241	33	variables	variable	NOUN
asfbr-8	241	34	.	.	PUNCT
asfbr-8	242	1	looking	look	VERB
asfbr-8	242	2	at	at	ADP
asfbr-8	242	3	results	result	NOUN
asfbr-8	242	4	it	it	PRON
asfbr-8	242	5	is	be	AUX
asfbr-8	242	6	it	it	PRON
asfbr-8	242	7	is	be	AUX
asfbr-8	242	8	evidenced	evidence	VERB
asfbr-8	242	9	that	that	SCONJ
asfbr-8	242	10	the	the	DET
asfbr-8	242	11	independent	independent	ADJ
asfbr-8	242	12	variable	variable	NOUN
asfbr-8	242	13	can	can	AUX
asfbr-8	242	14	explain	explain	VERB
asfbr-8	242	15	42.2	42.2	NUM
asfbr-8	242	16	%	%	NOUN
asfbr-8	242	17	variation	variation	NOUN
asfbr-8	242	18	on	on	ADP
asfbr-8	242	19	the	the	DET
asfbr-8	242	20	dependent	dependent	ADJ
asfbr-8	242	21	variable	variable	NOUN
asfbr-8	242	22	.	.	PUNCT
asfbr-8	243	1	the	the	DET
asfbr-8	243	2	f	f	PROPN
asfbr-8	243	3	-	-	PUNCT
asfbr-8	243	4	statistics	statistic	NOUN
asfbr-8	243	5	and	and	CCONJ
asfbr-8	243	6	f	f	X
asfbr-8	243	7	-	-	PUNCT
asfbr-8	243	8	probability	probability	NOUN
asfbr-8	243	9	shows	show	VERB
asfbr-8	243	10	that	that	SCONJ
asfbr-8	243	11	the	the	DET
asfbr-8	243	12	model	model	NOUN
asfbr-8	243	13	is	be	AUX
asfbr-8	243	14	significant	significant	ADJ
asfbr-8	243	15	at	at	ADP
asfbr-8	243	16	5	5	NUM
asfbr-8	243	17	%	%	NOUN
asfbr-8	243	18	level	level	NOUN
asfbr-8	243	19	of	of	ADP
asfbr-8	243	20	significance	significance	NOUN
asfbr-8	243	21	.	.	PUNCT
asfbr-8	244	1	the	the	DET
asfbr-8	244	2	durbin	durbin	PROPN
asfbr-8	244	3	watson	watson	PROPN
asfbr-8	244	4	statistics	statistics	PROPN
asfbr-8	244	5	shows	show	VERB
asfbr-8	244	6	a	a	DET
asfbr-8	244	7	coefficient	coefficient	NOUN
asfbr-8	244	8	of	of	ADP
asfbr-8	244	9	less	less	ADJ
asfbr-8	244	10	than	than	ADP
asfbr-8	244	11	2.50	2.50	NUM
asfbr-8	244	12	but	but	CCONJ
asfbr-8	244	13	greater	great	ADJ
asfbr-8	244	14	than	than	ADP
asfbr-8	244	15	2.0	2.0	NUM
asfbr-8	244	16	which	which	PRON
asfbr-8	244	17	implies	imply	VERB
asfbr-8	244	18	the	the	DET
asfbr-8	244	19	presence	presence	NOUN
asfbr-8	244	20	of	of	ADP
asfbr-8	244	21	positive	positive	ADJ
asfbr-8	244	22	serial	serial	ADJ
asfbr-8	244	23	auto	auto	NOUN
asfbr-8	244	24	correlation	correlation	NOUN
asfbr-8	244	25	.	.	PUNCT
asfbr-8	245	1	the	the	DET
asfbr-8	245	2	β	β	PROPN
asfbr-8	245	3	coefficient	coefficient	NOUN
asfbr-8	245	4	of	of	ADP
asfbr-8	245	5	the	the	DET
asfbr-8	245	6	independent	independent	ADJ
asfbr-8	245	7	variables	variable	NOUN
asfbr-8	245	8	shows	show	VERB
asfbr-8	245	9	that	that	SCONJ
asfbr-8	245	10	tangibility	tangibility	NOUN
asfbr-8	245	11	,	,	PUNCT
asfbr-8	245	12	risk	risk	NOUN
asfbr-8	245	13	,	,	PUNCT
asfbr-8	245	14	management	management	NOUN
asfbr-8	245	15	efficiency	efficiency	NOUN
asfbr-8	245	16	,	,	PUNCT
asfbr-8	245	17	debt	debt	NOUN
asfbr-8	245	18	equity	equity	NOUN
asfbr-8	245	19	ratio	ratio	NOUN
asfbr-8	245	20	,	,	PUNCT
asfbr-8	245	21	corporate	corporate	ADJ
asfbr-8	245	22	governance	governance	NOUN
asfbr-8	245	23	and	and	CCONJ
asfbr-8	245	24	cost	cost	NOUN
asfbr-8	245	25	of	of	ADP
asfbr-8	245	26	capital	capital	NOUN
asfbr-8	245	27	have	have	VERB
asfbr-8	245	28	negative	negative	ADJ
asfbr-8	245	29	relationship	relationship	NOUN
asfbr-8	245	30	with	with	ADP
asfbr-8	245	31	the	the	DET
asfbr-8	245	32	dependent	dependent	ADJ
asfbr-8	245	33	variable	variable	NOUN
asfbr-8	245	34	while	while	SCONJ
asfbr-8	245	35	return	return	VERB
asfbr-8	245	36	on	on	ADP
asfbr-8	245	37	investment	investment	NOUN
asfbr-8	245	38	;	;	PUNCT
asfbr-8	245	39	liquidity	liquidity	NOUN
asfbr-8	245	40	and	and	CCONJ
asfbr-8	245	41	firm	firm	ADJ
asfbr-8	245	42	size	size	NOUN
asfbr-8	245	43	have	have	VERB
asfbr-8	245	44	positive	positive	ADJ
asfbr-8	245	45	relationship	relationship	NOUN
asfbr-8	245	46	with	with	ADP
asfbr-8	245	47	the	the	DET
asfbr-8	245	48	dependent	dependent	ADJ
asfbr-8	245	49	variable	variable	NOUN
asfbr-8	245	50	.	.	PUNCT
asfbr-8	246	1	however	however	ADV
asfbr-8	246	2	,	,	PUNCT
asfbr-8	246	3	the	the	DET
asfbr-8	246	4	t	t	PROPN
asfbr-8	246	5	-	-	PUNCT
asfbr-8	246	6	statistics	statistic	NOUN
asfbr-8	246	7	and	and	CCONJ
asfbr-8	246	8	the	the	DET
asfbr-8	246	9	probability	probability	NOUN
asfbr-8	246	10	prove	prove	VERB
asfbr-8	246	11	that	that	SCONJ
asfbr-8	246	12	the	the	DET
asfbr-8	246	13	independent	independent	ADJ
asfbr-8	246	14	variables	variable	NOUN
asfbr-8	246	15	are	be	AUX
asfbr-8	246	16	statistically	statistically	ADV
asfbr-8	246	17	not	not	PART
asfbr-8	246	18	significant	significant	ADJ
asfbr-8	246	19	.	.	PUNCT
asfbr-8	247	1	this	this	PRON
asfbr-8	247	2	implies	imply	VERB
asfbr-8	247	3	that	that	SCONJ
asfbr-8	247	4	variation	variation	NOUN
asfbr-8	247	5	on	on	ADP
asfbr-8	247	6	the	the	DET
asfbr-8	247	7	independent	independent	ADJ
asfbr-8	247	8	variable	variable	NOUN
asfbr-8	247	9	have	have	VERB
asfbr-8	247	10	no	no	DET
asfbr-8	247	11	good	good	ADJ
asfbr-8	247	12	impact	impact	NOUN
asfbr-8	247	13	on	on	ADP
asfbr-8	247	14	the	the	DET
asfbr-8	247	15	dependent	dependent	ADJ
asfbr-8	247	16	variable	variable	NOUN
asfbr-8	247	17	.	.	PUNCT
asfbr-8	248	1	this	this	PRON
asfbr-8	248	2	proves	prove	VERB
asfbr-8	248	3	that	that	SCONJ
asfbr-8	248	4	most	most	ADJ
asfbr-8	248	5	firms	firm	NOUN
asfbr-8	248	6	in	in	ADP
asfbr-8	248	7	nigeria	nigeria	PROPN
asfbr-8	248	8	do	do	AUX
asfbr-8	248	9	not	not	PART
asfbr-8	248	10	adopt	adopt	VERB
asfbr-8	248	11	the	the	DET
asfbr-8	248	12	method	method	NOUN
asfbr-8	248	13	of	of	ADP
asfbr-8	248	14	share	share	NOUN
asfbr-8	248	15	base	base	NOUN
asfbr-8	248	16	payment	payment	NOUN
asfbr-8	248	17	to	to	ADP
asfbr-8	248	18	employees	employee	NOUN
asfbr-8	248	19	and	and	CCONJ
asfbr-8	248	20	other	other	ADJ
asfbr-8	248	21	stake	stake	NOUN
asfbr-8	248	22	holders	holder	NOUN
asfbr-8	248	23	of	of	ADP
asfbr-8	248	24	the	the	DET
asfbr-8	248	25	firm	firm	NOUN
asfbr-8	248	26	.	.	PUNCT
asfbr-8	249	1	table	table	NOUN
asfbr-8	249	2	4	4	NUM
asfbr-8	249	3	:	:	PUNCT
asfbr-8	249	4	presentation	presentation	NOUN
asfbr-8	249	5	of	of	ADP
asfbr-8	249	6	results	result	NOUN
asfbr-8	249	7	:	:	PUNCT
asfbr-8	249	8	the	the	DET
asfbr-8	249	9	random	random	ADJ
asfbr-8	249	10	effect	effect	NOUN
asfbr-8	249	11	source	source	NOUN
asfbr-8	249	12	:	:	PUNCT
asfbr-8	249	13	e	e	X
asfbr-8	249	14	-	-	NOUN
asfbr-8	249	15	view	view	ADJ
asfbr-8	249	16	windows	window	VERB
asfbr-8	249	17	9.0	9.0	NUM
asfbr-8	249	18	table	table	NOUN
asfbr-8	249	19	4	4	NUM
asfbr-8	249	20	shows	show	VERB
asfbr-8	249	21	the	the	DET
asfbr-8	249	22	random	random	ADJ
asfbr-8	249	23	effect	effect	NOUN
asfbr-8	249	24	regression	regression	NOUN
asfbr-8	249	25	results	result	NOUN
asfbr-8	249	26	of	of	ADP
asfbr-8	249	27	the	the	DET
asfbr-8	249	28	independent	independent	ADJ
asfbr-8	249	29	variables	variable	NOUN
asfbr-8	249	30	on	on	ADP
asfbr-8	249	31	the	the	DET
asfbr-8	249	32	dependent	dependent	ADJ
asfbr-8	249	33	variables	variable	NOUN
asfbr-8	249	34	.	.	PUNCT
asfbr-8	250	1	evidence	evidence	NOUN
asfbr-8	250	2	from	from	ADP
asfbr-8	250	3	the	the	DET
asfbr-8	250	4	random	random	ADJ
asfbr-8	250	5	effect	effect	NOUN
asfbr-8	250	6	as	as	SCONJ
asfbr-8	250	7	shown	show	VERB
asfbr-8	250	8	in	in	ADP
asfbr-8	250	9	the	the	DET
asfbr-8	250	10	above	above	ADJ
asfbr-8	250	11	table	table	NOUN
asfbr-8	250	12	indicates	indicate	VERB
asfbr-8	250	13	that	that	SCONJ
asfbr-8	250	14	the	the	DET
asfbr-8	250	15	independent	independent	ADJ
asfbr-8	250	16	variables	variable	NOUN
asfbr-8	250	17	can	can	AUX
asfbr-8	250	18	explain	explain	VERB
asfbr-8	250	19	42.0	42.0	NUM
asfbr-8	250	20	%	%	NOUN
asfbr-8	250	21	variation	variation	NOUN
asfbr-8	250	22	on	on	ADP
asfbr-8	250	23	the	the	DET
asfbr-8	250	24	dependent	dependent	ADJ
asfbr-8	250	25	variable	variable	NOUN
asfbr-8	250	26	.	.	PUNCT
asfbr-8	251	1	the	the	DET
asfbr-8	251	2	f	f	PROPN
asfbr-8	251	3	-	-	PUNCT
asfbr-8	251	4	statistics	statistic	NOUN
asfbr-8	251	5	and	and	CCONJ
asfbr-8	251	6	f	f	X
asfbr-8	251	7	-	-	PUNCT
asfbr-8	251	8	probability	probability	NOUN
asfbr-8	251	9	justifies	justify	VERB
asfbr-8	251	10	that	that	SCONJ
asfbr-8	251	11	the	the	DET
asfbr-8	251	12	model	model	NOUN
asfbr-8	251	13	is	be	AUX
asfbr-8	251	14	significant	significant	ADJ
asfbr-8	251	15	.	.	PUNCT
asfbr-8	252	1	the	the	DET
asfbr-8	252	2	durbin	durbin	PROPN
asfbr-8	252	3	watson	watson	PROPN
asfbr-8	252	4	statistics	statistic	NOUN
asfbr-8	252	5	is	be	AUX
asfbr-8	252	6	less	less	ADJ
asfbr-8	252	7	than	than	ADP
asfbr-8	252	8	2.50	2.50	NUM
asfbr-8	252	9	but	but	CCONJ
asfbr-8	252	10	greater	great	ADJ
asfbr-8	252	11	than	than	ADP
asfbr-8	252	12	2.0	2.0	NUM
asfbr-8	252	13	justifying	justify	VERB
asfbr-8	252	14	the	the	DET
asfbr-8	252	15	presence	presence	NOUN
asfbr-8	252	16	of	of	ADP
asfbr-8	252	17	positive	positive	ADJ
asfbr-8	252	18	serial	serial	ADJ
asfbr-8	252	19	auto	auto	NOUN
asfbr-8	252	20	correlation	correlation	NOUN
asfbr-8	252	21	.	.	PUNCT
asfbr-8	253	1	the	the	DET
asfbr-8	253	2	β	β	PROPN
asfbr-8	253	3	coefficient	coefficient	NOUN
asfbr-8	253	4	shows	show	VERB
asfbr-8	253	5	that	that	SCONJ
asfbr-8	253	6	return	return	VERB
asfbr-8	253	7	on	on	ADP
asfbr-8	253	8	investment	investment	NOUN
asfbr-8	253	9	,	,	PUNCT
asfbr-8	253	10	risk	risk	NOUN
asfbr-8	253	11	,	,	PUNCT
asfbr-8	253	12	firm	firm	ADJ
asfbr-8	253	13	size	size	NOUN
asfbr-8	253	14	debt	debt	NOUN
asfbr-8	253	15	equity	equity	NOUN
asfbr-8	253	16	ratio	ratio	NOUN
asfbr-8	253	17	,	,	PUNCT
asfbr-8	253	18	corporate	corporate	ADJ
asfbr-8	253	19	governance	governance	NOUN
asfbr-8	253	20	and	and	CCONJ
asfbr-8	253	21	cost	cost	NOUN
asfbr-8	253	22	of	of	ADP
asfbr-8	253	23	capital	capital	NOUN
asfbr-8	253	24	have	have	VERB
asfbr-8	253	25	negative	negative	ADJ
asfbr-8	253	26	relationship	relationship	NOUN
asfbr-8	253	27	with	with	ADP
asfbr-8	253	28	the	the	DET
asfbr-8	253	29	dependent	dependent	ADJ
asfbr-8	253	30	variable	variable	NOUN
asfbr-8	253	31	while	while	SCONJ
asfbr-8	253	32	tangibility	tangibility	NOUN
asfbr-8	253	33	,	,	PUNCT
asfbr-8	253	34	management	management	NOUN
asfbr-8	253	35	efficiency	efficiency	NOUN
asfbr-8	253	36	,	,	PUNCT
asfbr-8	253	37	and	and	CCONJ
asfbr-8	253	38	liquidity	liquidity	NOUN
asfbr-8	253	39	have	have	VERB
asfbr-8	253	40	positive	positive	ADJ
asfbr-8	253	41	relationship	relationship	NOUN
asfbr-8	253	42	with	with	ADP
asfbr-8	253	43	the	the	DET
asfbr-8	253	44	dependent	dependent	ADJ
asfbr-8	253	45	variable	variable	NOUN
asfbr-8	253	46	.	.	PUNCT
asfbr-8	254	1	the	the	DET
asfbr-8	254	2	t	t	PROPN
asfbr-8	254	3	-	-	PUNCT
asfbr-8	254	4	statistics	statistic	NOUN
asfbr-8	254	5	and	and	CCONJ
asfbr-8	254	6	probability	probability	NOUN
asfbr-8	254	7	shows	show	VERB
asfbr-8	254	8	that	that	SCONJ
asfbr-8	254	9	the	the	DET
asfbr-8	254	10	independent	independent	ADJ
asfbr-8	254	11	variables	variable	NOUN
asfbr-8	254	12	are	be	AUX
asfbr-8	254	13	statistically	statistically	ADV
asfbr-8	254	14	not	not	PART
asfbr-8	254	15	significant	significant	ADJ
asfbr-8	254	16	.	.	PUNCT
asfbr-8	255	1	test	test	NOUN
asfbr-8	255	2	of	of	ADP
asfbr-8	255	3	hypothesis	hypothesis	NOUN
asfbr-8	255	4	table	table	NOUN
asfbr-8	255	5	5	5	NUM
asfbr-8	255	6	:	:	PUNCT
asfbr-8	255	7	presentation	presentation	NOUN
asfbr-8	255	8	of	of	ADP
asfbr-8	255	9	results	result	NOUN
asfbr-8	255	10	:	:	PUNCT
asfbr-8	255	11	the	the	DET
asfbr-8	255	12	fixed	fix	VERB
asfbr-8	255	13	effect	effect	NOUN
asfbr-8	255	14	variable	variable	ADJ
asfbr-8	255	15	t	t	PROPN
asfbr-8	255	16	-	-	PUNCT
asfbr-8	255	17	statistic	statistic	NOUN
asfbr-8	255	18	critical	critical	ADJ
asfbr-8	255	19	t	t	NOUN
asfbr-8	255	20	prob	prob	PROPN
asfbr-8	255	21	.	.	PUNCT
asfbr-8	256	1	level	level	NOUN
asfbr-8	256	2	sig	sig	NOUN
asfbr-8	256	3	decision	decision	NOUN
asfbr-8	256	4	tab	tab	NOUN
asfbr-8	256	5	-1.051228	-1.051228	ADJ
asfbr-8	256	6	<	<	X
asfbr-8	256	7	2.020	2.020	NUM
asfbr-8	256	8	0.2993	0.2993	NUM
asfbr-8	256	9	>	>	SYM
asfbr-8	256	10	0.05	0.05	NUM
asfbr-8	256	11	accept	accept	VERB
asfbr-8	256	12	h0	h0	PROPN
asfbr-8	256	13	roi	roi	NOUN
asfbr-8	256	14	1.194502	1.194502	NUM
asfbr-8	256	15	<	<	NOUN
asfbr-8	256	16	2.020	2.020	NUM
asfbr-8	256	17	0.2391	0.2391	NUM
asfbr-8	256	18	>	>	SYM
asfbr-8	256	19	0.05	0.05	NUM
asfbr-8	256	20	accept	accept	VERB
asfbr-8	256	21	h0	h0	NOUN
asfbr-8	256	22	risk	risk	NOUN
asfbr-8	256	23	-0.221444	-0.221444	NOUN
asfbr-8	256	24	<	<	X
asfbr-8	256	25	2.020	2.020	NUM
asfbr-8	256	26	0.8258	0.8258	NUM
asfbr-8	256	27	>	>	PUNCT
asfbr-8	256	28	0.05	0.05	NUM
asfbr-8	256	29	accept	accept	AUX
asfbr-8	256	30	h0	h0	VERB
asfbr-8	256	31	me	i	PRON
asfbr-8	256	32	-1.280618	-1.280618	PUNCT
asfbr-8	257	1	<	<	X
asfbr-8	257	2	2.020	2.020	NUM
asfbr-8	257	3	0.2075	0.2075	NUM
asfbr-8	257	4	>	>	SYM
asfbr-8	257	5	0.05	0.05	NUM
asfbr-8	257	6	accept	accept	VERB
asfbr-8	257	7	h0	h0	NOUN
asfbr-8	257	8	liq	liq	NOUN
asfbr-8	257	9	0.756429	0.756429	NUM
asfbr-8	257	10	<	<	X
asfbr-8	257	11	2.020	2.020	NUM
asfbr-8	257	12	0.4537	0.4537	NUM
asfbr-8	257	13	>	>	SYM
asfbr-8	257	14	0.05	0.05	NUM
asfbr-8	257	15	accept	accept	VERB
asfbr-8	257	16	h0	h0	NOUN
asfbr-8	257	17	fs	fs	ADP
asfbr-8	257	18	0.136475	0.136475	NUM
asfbr-8	257	19	<	<	X
asfbr-8	257	20	2.020	2.020	NUM
asfbr-8	257	21	0.8921	0.8921	NUM
asfbr-8	257	22	>	>	PUNCT
asfbr-8	257	23	0.05	0.05	NUM
asfbr-8	257	24	accept	accept	NOUN
asfbr-8	257	25	h0	h0	ADJ
asfbr-8	257	26	der	der	NOUN
asfbr-8	257	27	-0.647174	-0.647174	PUNCT
asfbr-8	257	28	<	<	X
asfbr-8	257	29	2.020	2.020	NUM
asfbr-8	257	30	0.5211	0.5211	NUM
asfbr-8	257	31	>	>	SYM
asfbr-8	257	32	0.05	0.05	NUM
asfbr-8	257	33	accept	accept	VERB
asfbr-8	257	34	h0	h0	PROPN
asfbr-8	257	35	cg	cg	PROPN
asfbr-8	257	36	-0.420055	-0.420055	NOUN
asfbr-8	257	37	<	<	X
asfbr-8	257	38	2.020	2.020	NUM
asfbr-8	257	39	0.6766	0.6766	NUM
asfbr-8	257	40	>	>	SYM
asfbr-8	257	41	0.05	0.05	NUM
asfbr-8	257	42	accept	accept	VERB
asfbr-8	257	43	h0	h0	PROPN
asfbr-8	257	44	cc	cc	PROPN
asfbr-8	257	45	-0.382655	-0.382655	NOUN
asfbr-8	257	46	<	<	X
asfbr-8	257	47	2.020	2.020	NUM
asfbr-8	257	48	0.7040	0.7040	NUM
asfbr-8	257	49	>	>	SYM
asfbr-8	257	50	0.05	0.05	NUM
asfbr-8	257	51	accept	accept	PROPN
asfbr-8	257	52	h0	h0	PROPN
asfbr-8	257	53	source	source	NOUN
asfbr-8	257	54	:	:	PUNCT
asfbr-8	257	55	e	e	X
asfbr-8	257	56	-	-	NOUN
asfbr-8	257	57	view	view	NOUN
asfbr-8	257	58	windows	window	VERB
asfbr-8	257	59	9.0	9.0	NUM
asfbr-8	257	60	variable	variable	ADJ
asfbr-8	257	61	coefficient	coefficient	NOUN
asfbr-8	257	62	std	std	NOUN
asfbr-8	257	63	.	.	NOUN
asfbr-8	257	64	error	error	NOUN
asfbr-8	257	65	t	t	NOUN
asfbr-8	257	66	-	-	PUNCT
asfbr-8	257	67	statistic	statistic	NOUN
asfbr-8	257	68	prob	prob	NOUN
asfbr-8	257	69	.	.	PUNCT
asfbr-8	258	1	c	c	PROPN
asfbr-8	258	2	41.101803	41.101803	NUM
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asfbr-8	258	4	1.473609	1.473609	NUM
asfbr-8	258	5	0.0526	0.0526	NUM
asfbr-8	258	6	tab	tab	NOUN
asfbr-8	258	7	0.364802	0.364802	NUM
asfbr-8	258	8	0.252097	0.252097	NUM
asfbr-8	258	9	1.022979	1.022979	NUM
asfbr-8	258	10	0.4572	0.4572	NUM
asfbr-8	258	11	roi	roi	NOUN
asfbr-8	258	12	-0.240735	-0.240735	NOUN
asfbr-8	258	13	0.006027	0.006027	NUM
asfbr-8	258	14	0.845877	0.845877	NUM
asfbr-8	258	15	0.7885	0.7885	NUM
asfbr-8	258	16	risk	risk	NOUN
asfbr-8	258	17	-0.158620	-0.158620	NOUN
asfbr-8	258	18	0.227593	0.227593	NUM
asfbr-8	258	19	0.007224	0.007224	NUM
asfbr-8	258	20	0.4171	0.4171	NUM
asfbr-8	258	21	me	i	PRON
asfbr-8	258	22	0.002424	0.002424	NUM
asfbr-8	258	23	0.001599	0.001599	NUM
asfbr-8	258	24	0.000002	0.000002	NUM
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asfbr-8	258	26	liq	liq	NOUN
asfbr-8	258	27	0.013894	0.013894	NUM
asfbr-8	258	28	0.011750	0.011750	NUM
asfbr-8	258	29	0.001438	0.001438	NUM
asfbr-8	258	30	0.9549	0.9549	NUM
asfbr-8	258	31	fs	fs	PART
asfbr-8	258	32	-0.069284	-0.069284	NOUN
asfbr-8	258	33	0.097781	0.097781	NUM
asfbr-8	258	34	0.002514	0.002514	NUM
asfbr-8	258	35	0.5698	0.5698	NUM
asfbr-8	258	36	der	der	NOUN
asfbr-8	258	37	-0.647809	-0.647809	PROPN
asfbr-8	258	38	0.977813	0.977813	NUM
asfbr-8	258	39	0.243139	0.243139	NUM
asfbr-8	258	40	0.5033	0.5033	NUM
asfbr-8	258	41	cg	cg	NOUN
asfbr-8	258	42	-0.481787	-0.481787	NOUN
asfbr-8	258	43	1.329340	1.329340	NUM
asfbr-8	258	44	1.006914	1.006914	NUM
asfbr-8	258	45	0.3983	0.3983	NUM
asfbr-8	258	46	cc	cc	PART
asfbr-8	258	47	-1.101803	-1.101803	VERB
asfbr-8	258	48	0.232160	0.232160	NUM
asfbr-8	258	49	0.473609	0.473609	NUM
asfbr-8	258	50	0.0526	0.0526	NUM
asfbr-8	258	51	r	r	NOUN
asfbr-8	258	52	-	-	PUNCT
asfbr-8	258	53	squared	square	VERB
asfbr-8	258	54	0.420073	0.420073	NUM
asfbr-8	258	55	durbin	durbin	ADJ
asfbr-8	258	56	-	-	PUNCT
asfbr-8	258	57	watson	watson	NOUN
asfbr-8	258	58	stat	stat	PROPN
asfbr-8	258	59	2.32487	2.32487	NUM
asfbr-8	258	60	adjusted	adjust	VERB
asfbr-8	258	61	r	r	NOUN
asfbr-8	258	62	-	-	PUNCT
asfbr-8	258	63	squared	square	VERB
asfbr-8	258	64	0.378485	0.378485	NUM
asfbr-8	258	65	f	f	X
asfbr-8	258	66	-	-	PUNCT
asfbr-8	258	67	statistic	statistic	ADJ
asfbr-8	258	68	4.645322	4.645322	NUM
asfbr-8	258	69	prob(f	prob(f	NOUN
asfbr-8	258	70	-	-	PUNCT
asfbr-8	258	71	statistic	statistic	NOUN
asfbr-8	258	72	)	)	PUNCT
asfbr-8	258	73	0.027845	0.027845	NUM
asfbr-8	258	74	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	NOUN
asfbr-8	258	75	asian	asian	PROPN
asfbr-8	258	76	finance	finance	PROPN
asfbr-8	258	77	&	&	CCONJ
asfbr-8	258	78	banking	banking	PROPN
asfbr-8	258	79	review	review	PROPN
asfbr-8	258	80	vol	vol	NOUN
asfbr-8	258	81	.	.	PROPN
asfbr-8	259	1	2	2	NUM
asfbr-8	259	2	,	,	PUNCT
asfbr-8	259	3	no	no	INTJ
asfbr-8	259	4	.	.	NOUN
asfbr-8	259	5	1	1	NUM
asfbr-8	259	6	;	;	PUNCT
asfbr-8	259	7	2018	2018	NUM
asfbr-8	259	8	27	27	NUM
asfbr-8	259	9	in	in	ADP
asfbr-8	259	10	testing	test	VERB
asfbr-8	259	11	the	the	DET
asfbr-8	259	12	significant	significant	ADJ
asfbr-8	259	13	effect	effect	NOUN
asfbr-8	259	14	of	of	ADP
asfbr-8	259	15	the	the	DET
asfbr-8	259	16	variable	variable	NOUN
asfbr-8	259	17	,	,	PUNCT
asfbr-8	259	18	the	the	DET
asfbr-8	259	19	fixed	fix	VERB
asfbr-8	259	20	effect	effect	NOUN
asfbr-8	259	21	model	model	NOUN
asfbr-8	259	22	using	use	VERB
asfbr-8	259	23	the	the	DET
asfbr-8	259	24	t	t	PROPN
asfbr-8	259	25	-	-	PUNCT
asfbr-8	259	26	statistics	statistic	NOUN
asfbr-8	259	27	and	and	CCONJ
asfbr-8	259	28	the	the	DET
asfbr-8	259	29	probability	probability	NOUN
asfbr-8	259	30	coefficient	coefficient	NOUN
asfbr-8	259	31	.	.	PUNCT
asfbr-8	260	1	from	from	ADP
asfbr-8	260	2	the	the	DET
asfbr-8	260	3	table	table	NOUN
asfbr-8	260	4	above	above	ADV
asfbr-8	260	5	,	,	PUNCT
asfbr-8	260	6	the	the	DET
asfbr-8	260	7	t	t	PROPN
asfbr-8	260	8	-	-	PUNCT
asfbr-8	260	9	statistics	statistic	NOUN
asfbr-8	260	10	of	of	ADP
asfbr-8	260	11	the	the	DET
asfbr-8	260	12	ind4ependent	ind4ependent	PROPN
asfbr-8	260	13	variables	variable	NOUN
asfbr-8	260	14	are	be	AUX
asfbr-8	260	15	less	less	ADJ
asfbr-8	260	16	than	than	ADP
asfbr-8	260	17	the	the	DET
asfbr-8	260	18	critical	critical	ADJ
asfbr-8	260	19	t	t	NOUN
asfbr-8	260	20	-	-	PUNCT
asfbr-8	260	21	value	value	NOUN
asfbr-8	260	22	of	of	ADP
asfbr-8	260	23	+	+	NOUN
asfbr-8	260	24	2.020	2.020	NUM
asfbr-8	260	25	.	.	PUNCT
asfbr-8	261	1	it	it	PRON
asfbr-8	261	2	therefore	therefore	ADV
asfbr-8	261	3	rejects	reject	VERB
asfbr-8	261	4	the	the	DET
asfbr-8	261	5	alternate	alternate	ADJ
asfbr-8	261	6	hypothesis	hypothesis	NOUN
asfbr-8	261	7	and	and	CCONJ
asfbr-8	261	8	accepts	accept	VERB
asfbr-8	261	9	the	the	DET
asfbr-8	261	10	null	null	ADJ
asfbr-8	261	11	hypothesis	hypothesis	NOUN
asfbr-8	261	12	that	that	SCONJ
asfbr-8	261	13	there	there	PRON
asfbr-8	261	14	is	be	VERB
asfbr-8	261	15	no	no	DET
asfbr-8	261	16	significant	significant	ADJ
asfbr-8	261	17	relationship	relationship	NOUN
asfbr-8	261	18	between	between	ADP
asfbr-8	261	19	corporate	corporate	ADJ
asfbr-8	261	20	characteristics	characteristic	NOUN
asfbr-8	261	21	and	and	CCONJ
asfbr-8	261	22	share	share	NOUN
asfbr-8	261	23	base	base	NOUN
asfbr-8	261	24	payment	payment	NOUN
asfbr-8	261	25	of	of	ADP
asfbr-8	261	26	the	the	DET
asfbr-8	261	27	financial	financial	ADJ
asfbr-8	261	28	service	service	NOUN
asfbr-8	261	29	firms	firm	NOUN
asfbr-8	261	30	.	.	PUNCT
asfbr-8	262	1	5	5	X
asfbr-8	262	2	.	.	X
asfbr-8	262	3	conclusion	conclusion	NOUN
asfbr-8	262	4	and	and	CCONJ
asfbr-8	262	5	recommendations	recommendation	NOUN
asfbr-8	262	6	the	the	DET
asfbr-8	262	7	determinants	determinant	NOUN
asfbr-8	262	8	of	of	ADP
asfbr-8	262	9	share	share	NOUN
asfbr-8	262	10	based	base	VERB
asfbr-8	262	11	payment	payment	NOUN
asfbr-8	262	12	are	be	AUX
asfbr-8	262	13	those	those	DET
asfbr-8	262	14	characteristics	characteristic	NOUN
asfbr-8	262	15	which	which	PRON
asfbr-8	262	16	are	be	AUX
asfbr-8	262	17	found	find	VERB
asfbr-8	262	18	to	to	PART
asfbr-8	262	19	have	have	VERB
asfbr-8	262	20	a	a	DET
asfbr-8	262	21	significant	significant	ADJ
asfbr-8	262	22	relation	relation	NOUN
asfbr-8	262	23	in	in	ADP
asfbr-8	262	24	the	the	DET
asfbr-8	262	25	linkage	linkage	NOUN
asfbr-8	262	26	between	between	ADP
asfbr-8	262	27	companies	company	NOUN
asfbr-8	262	28	´	´	PART
asfbr-8	262	29	characteristics	characteristic	NOUN
asfbr-8	262	30	and	and	CCONJ
asfbr-8	262	31	share	share	NOUN
asfbr-8	262	32	based	base	VERB
asfbr-8	262	33	payment	payment	NOUN
asfbr-8	262	34	.	.	PUNCT
asfbr-8	263	1	to	to	PART
asfbr-8	263	2	understand	understand	VERB
asfbr-8	263	3	better	well	ADV
asfbr-8	263	4	how	how	SCONJ
asfbr-8	263	5	the	the	DET
asfbr-8	263	6	use	use	NOUN
asfbr-8	263	7	of	of	ADP
asfbr-8	263	8	share	share	NOUN
asfbr-8	263	9	based	base	VERB
asfbr-8	263	10	payment	payment	NOUN
asfbr-8	263	11	can	can	AUX
asfbr-8	263	12	be	be	AUX
asfbr-8	263	13	a	a	DET
asfbr-8	263	14	very	very	ADV
asfbr-8	263	15	important	important	ADJ
asfbr-8	263	16	method	method	NOUN
asfbr-8	263	17	for	for	ADP
asfbr-8	263	18	monitoring	monitor	VERB
asfbr-8	263	19	employees	employee	NOUN
asfbr-8	263	20	and	and	CCONJ
asfbr-8	263	21	decreasing	decrease	VERB
asfbr-8	263	22	the	the	DET
asfbr-8	263	23	asymmetry	asymmetry	NOUN
asfbr-8	263	24	of	of	ADP
asfbr-8	263	25	interest	interest	NOUN
asfbr-8	263	26	between	between	ADP
asfbr-8	263	27	agent	agent	NOUN
asfbr-8	263	28	and	and	CCONJ
asfbr-8	263	29	principal	principal	NOUN
asfbr-8	263	30	,	,	PUNCT
asfbr-8	263	31	the	the	DET
asfbr-8	263	32	effect	effect	NOUN
asfbr-8	263	33	corporate	corporate	ADJ
asfbr-8	263	34	factors	factor	NOUN
asfbr-8	263	35	on	on	ADP
asfbr-8	263	36	share	share	NOUN
asfbr-8	263	37	based	base	VERB
asfbr-8	263	38	payment	payment	NOUN
asfbr-8	263	39	has	have	AUX
asfbr-8	263	40	been	be	AUX
asfbr-8	263	41	studied	study	VERB
asfbr-8	263	42	.	.	PUNCT
asfbr-8	264	1	the	the	DET
asfbr-8	264	2	negative	negative	ADJ
asfbr-8	264	3	relation	relation	NOUN
asfbr-8	264	4	between	between	ADP
asfbr-8	264	5	share	share	NOUN
asfbr-8	264	6	based	base	VERB
asfbr-8	264	7	payment	payment	NOUN
asfbr-8	264	8	and	and	CCONJ
asfbr-8	264	9	corporate	corporate	ADJ
asfbr-8	264	10	features	feature	NOUN
asfbr-8	264	11	indicates	indicate	VERB
asfbr-8	264	12	that	that	SCONJ
asfbr-8	264	13	the	the	DET
asfbr-8	264	14	factice	factice	NOUN
asfbr-8	264	15	of	of	ADP
asfbr-8	264	16	share	share	NOUN
asfbr-8	264	17	based	base	VERB
asfbr-8	264	18	payment	payment	NOUN
asfbr-8	264	19	is	be	AUX
asfbr-8	264	20	not	not	PART
asfbr-8	264	21	fully	fully	ADV
asfbr-8	264	22	practice	practice	NOUN
asfbr-8	264	23	in	in	ADP
asfbr-8	264	24	most	most	ADJ
asfbr-8	264	25	firms	firm	NOUN
asfbr-8	264	26	.	.	PUNCT
asfbr-8	265	1	from	from	ADP
asfbr-8	265	2	the	the	DET
asfbr-8	265	3	findings	finding	NOUN
asfbr-8	265	4	,	,	PUNCT
asfbr-8	265	5	the	the	DET
asfbr-8	265	6	pooled	pool	VERB
asfbr-8	265	7	effects	effect	NOUN
asfbr-8	265	8	could	could	AUX
asfbr-8	265	9	only	only	ADV
asfbr-8	265	10	explain	explain	VERB
asfbr-8	265	11	22.1	22.1	NUM
asfbr-8	265	12	%	%	NOUN
asfbr-8	265	13	variation	variation	NOUN
asfbr-8	265	14	on	on	ADP
asfbr-8	265	15	the	the	DET
asfbr-8	265	16	dependent	dependent	ADJ
asfbr-8	265	17	variable	variable	NOUN
asfbr-8	265	18	.	.	PUNCT
asfbr-8	266	1	all	all	DET
asfbr-8	266	2	the	the	DET
asfbr-8	266	3	independent	independent	ADJ
asfbr-8	266	4	variables	variable	NOUN
asfbr-8	266	5	are	be	AUX
asfbr-8	266	6	statistically	statistically	ADV
asfbr-8	266	7	not	not	PART
asfbr-8	266	8	significant	significant	ADJ
asfbr-8	266	9	.	.	PUNCT
asfbr-8	267	1	from	from	ADP
asfbr-8	267	2	the	the	DET
asfbr-8	267	3	fixed	fix	VERB
asfbr-8	267	4	effect	effect	NOUN
asfbr-8	267	5	the	the	DET
asfbr-8	267	6	independent	independent	ADJ
asfbr-8	267	7	variables	variable	NOUN
asfbr-8	267	8	can	can	AUX
asfbr-8	267	9	explain	explain	VERB
asfbr-8	267	10	42.2	42.2	NUM
asfbr-8	267	11	%	%	NOUN
asfbr-8	267	12	variation	variation	NOUN
asfbr-8	267	13	on	on	ADP
asfbr-8	267	14	the	the	DET
asfbr-8	267	15	dependent	dependent	ADJ
asfbr-8	267	16	variable	variable	NOUN
asfbr-8	267	17	;	;	PUNCT
asfbr-8	267	18	all	all	DET
asfbr-8	267	19	the	the	DET
asfbr-8	267	20	independent	independent	ADJ
asfbr-8	267	21	variables	variable	NOUN
asfbr-8	267	22	are	be	AUX
asfbr-8	267	23	statistically	statistically	ADV
asfbr-8	267	24	not	not	PART
asfbr-8	267	25	significant	significant	ADJ
asfbr-8	267	26	while	while	SCONJ
asfbr-8	267	27	the	the	DET
asfbr-8	267	28	random	random	ADJ
asfbr-8	267	29	effects	effect	NOUN
asfbr-8	267	30	prove	prove	VERB
asfbr-8	267	31	42.0	42.0	NUM
asfbr-8	267	32	%	%	NOUN
asfbr-8	267	33	explain	explain	VERB
asfbr-8	267	34	variation	variation	NOUN
asfbr-8	267	35	and	and	CCONJ
asfbr-8	267	36	the	the	DET
asfbr-8	267	37	independent	independent	ADJ
asfbr-8	267	38	variables	variable	NOUN
asfbr-8	267	39	are	be	AUX
asfbr-8	267	40	statistically	statistically	ADV
asfbr-8	267	41	not	not	PART
asfbr-8	267	42	significant	significant	ADJ
asfbr-8	267	43	.	.	PUNCT
asfbr-8	268	1	we	we	PRON
asfbr-8	268	2	conclude	conclude	VERB
asfbr-8	268	3	that	that	SCONJ
asfbr-8	268	4	corporate	corporate	ADJ
asfbr-8	268	5	characteristics	characteristic	NOUN
asfbr-8	268	6	have	have	VERB
asfbr-8	268	7	no	no	DET
asfbr-8	268	8	significant	significant	ADJ
asfbr-8	268	9	impact	impact	NOUN
asfbr-8	268	10	on	on	ADP
asfbr-8	268	11	share	share	NOUN
asfbr-8	268	12	base	base	NOUN
asfbr-8	268	13	payment	payment	NOUN
asfbr-8	268	14	of	of	ADP
asfbr-8	268	15	the	the	DET
asfbr-8	268	16	selected	select	VERB
asfbr-8	268	17	financial	financial	ADJ
asfbr-8	268	18	service	service	NOUN
asfbr-8	268	19	firms	firm	NOUN
asfbr-8	268	20	.	.	PUNCT
asfbr-8	269	1	we	we	PRON
asfbr-8	269	2	therefore	therefore	ADV
asfbr-8	269	3	make	make	VERB
asfbr-8	269	4	the	the	DET
asfbr-8	269	5	following	follow	VERB
asfbr-8	269	6	recommendations	recommendation	NOUN
asfbr-8	269	7	.	.	PUNCT
asfbr-8	270	1			X
asfbr-8	270	2	the	the	DET
asfbr-8	270	3	use	use	NOUN
asfbr-8	270	4	of	of	ADP
asfbr-8	270	5	share	share	NOUN
asfbr-8	270	6	base	base	NOUN
asfbr-8	270	7	payment	payment	NOUN
asfbr-8	270	8	should	should	AUX
asfbr-8	270	9	be	be	AUX
asfbr-8	270	10	adopted	adopt	VERB
asfbr-8	270	11	in	in	ADP
asfbr-8	270	12	firms	firm	NOUN
asfbr-8	270	13	where	where	SCONJ
asfbr-8	270	14	corporate	corporate	ADJ
asfbr-8	270	15	ownership	ownership	NOUN
asfbr-8	270	16	is	be	AUX
asfbr-8	270	17	more	more	ADJ
asfbr-8	270	18	of	of	ADP
asfbr-8	270	19	the	the	DET
asfbr-8	270	20	public	public	ADJ
asfbr-8	270	21	sector	sector	NOUN
asfbr-8	270	22	than	than	ADP
asfbr-8	270	23	the	the	DET
asfbr-8	270	24	private	private	ADJ
asfbr-8	270	25	sector	sector	NOUN
asfbr-8	270	26	to	to	PART
asfbr-8	270	27	attract	attract	VERB
asfbr-8	270	28	private	private	ADJ
asfbr-8	270	29	investors	investor	NOUN
asfbr-8	270	30	.	.	PUNCT
asfbr-8	271	1			X
asfbr-8	272	1	the	the	DET
asfbr-8	272	2	capital	capital	NOUN
asfbr-8	272	3	struct6rure	struct6rure	NOUN
asfbr-8	272	4	of	of	ADP
asfbr-8	272	5	the	the	DET
asfbr-8	272	6	firms	firm	NOUN
asfbr-8	272	7	should	should	AUX
asfbr-8	272	8	be	be	AUX
asfbr-8	272	9	optimized	optimize	VERB
asfbr-8	272	10	to	to	PART
asfbr-8	272	11	enhance	enhance	VERB
asfbr-8	272	12	effective	effective	ADJ
asfbr-8	272	13	management	management	NOUN
asfbr-8	272	14	investment	investment	NOUN
asfbr-8	272	15	policies	policy	NOUN
asfbr-8	272	16	to	to	PART
asfbr-8	272	17	encourage	encourage	VERB
asfbr-8	272	18	share	share	NOUN
asfbr-8	272	19	base	base	NOUN
asfbr-8	272	20	payment	payment	NOUN
asfbr-8	272	21	.	.	PUNCT
asfbr-8	273	1			NOUN
asfbr-8	273	2	share	share	NOUN
asfbr-8	273	3	base	base	NOUN
asfbr-8	273	4	payment	payment	NOUN
asfbr-8	273	5	should	should	AUX
asfbr-8	273	6	be	be	AUX
asfbr-8	273	7	used	use	VERB
asfbr-8	273	8	if	if	SCONJ
asfbr-8	273	9	the	the	DET
asfbr-8	273	10	corporate	corporate	ADJ
asfbr-8	273	11	organizations	organization	NOUN
asfbr-8	273	12	are	be	AUX
asfbr-8	273	13	not	not	PART
asfbr-8	273	14	financially	financially	ADV
asfbr-8	273	15	prudent	prudent	ADJ
asfbr-8	273	16	for	for	ADP
asfbr-8	273	17	cash	cash	NOUN
asfbr-8	273	18	payment	payment	NOUN
asfbr-8	273	19	.	.	PUNCT
asfbr-8	274	1			PRON
asfbr-8	274	2	policy	policy	NOUN
asfbr-8	274	3	for	for	ADP
asfbr-8	274	4	share	share	NOUN
asfbr-8	274	5	base	base	NOUN
asfbr-8	274	6	payment	payment	NOUN
asfbr-8	274	7	should	should	AUX
asfbr-8	274	8	be	be	AUX
asfbr-8	274	9	integrated	integrate	VERB
asfbr-8	274	10	and	and	CCONJ
asfbr-8	274	11	harmonized	harmonize	VERB
asfbr-8	274	12	with	with	ADP
asfbr-8	274	13	the	the	DET
asfbr-8	274	14	ownership	ownership	NOUN
asfbr-8	274	15	structure	structure	NOUN
asfbr-8	274	16	of	of	ADP
asfbr-8	274	17	the	the	DET
asfbr-8	274	18	firms	firm	NOUN
asfbr-8	274	19	.	.	PUNCT
asfbr-8	275	1	references	reference	NOUN
asfbr-8	275	2	alexander	alexander	PROPN
asfbr-8	275	3	et	et	PROPN
asfbr-8	275	4	al	al	PROPN
asfbr-8	275	5	.	.	PROPN
asfbr-8	276	1	(	(	PUNCT
asfbr-8	276	2	2007	2007	NUM
asfbr-8	276	3	)	)	PUNCT
asfbr-8	276	4	.	.	PUNCT
asfbr-8	277	1	international	international	ADJ
asfbr-8	277	2	financial	financial	ADJ
asfbr-8	277	3	reporting	reporting	NOUN
asfbr-8	277	4	and	and	CCONJ
asfbr-8	277	5	analysis	analysis	NOUN
asfbr-8	277	6	.	.	PUNCT
asfbr-8	278	1	3rd	3rd	ADJ
asfbr-8	278	2	edition	edition	NOUN
asfbr-8	278	3	.	.	PUNCT
asfbr-8	279	1	anderson	anderson	PROPN
asfbr-8	279	2	,	,	PUNCT
asfbr-8	279	3	r.	r.	PROPN
asfbr-8	279	4	c.	c.	PROPN
asfbr-8	279	5	,	,	PUNCT
asfbr-8	279	6	duru	duru	PROPN
asfbr-8	279	7	,	,	PUNCT
asfbr-8	279	8	a.	a.	PROPN
asfbr-8	279	9	,	,	PUNCT
asfbr-8	279	10	&	&	CCONJ
asfbr-8	279	11	reeb	reeb	PROPN
asfbr-8	279	12	,	,	PUNCT
asfbr-8	279	13	d.	d.	PROPN
asfbr-8	279	14	m.	m.	PROPN
asfbr-8	279	15	(	(	PUNCT
asfbr-8	279	16	2009	2009	NUM
asfbr-8	279	17	)	)	PUNCT
asfbr-8	279	18	.	.	PUNCT
asfbr-8	280	1	founders	founder	NOUN
asfbr-8	280	2	,	,	PUNCT
asfbr-8	280	3	heirs	heir	NOUN
asfbr-8	280	4	,	,	PUNCT
asfbr-8	280	5	and	and	CCONJ
asfbr-8	280	6	corporate	corporate	ADJ
asfbr-8	280	7	opacity	opacity	NOUN
asfbr-8	280	8	in	in	ADP
asfbr-8	280	9	the	the	DET
asfbr-8	280	10	united	united	PROPN
asfbr-8	280	11	states	states	PROPN
asfbr-8	280	12	.	.	PUNCT
asfbr-8	281	1	journal	journal	PROPN
asfbr-8	281	2	of	of	ADP
asfbr-8	281	3	financial	financial	ADJ
asfbr-8	281	4	economics	economic	NOUN
asfbr-8	281	5	,	,	PUNCT
asfbr-8	281	6	92(2	92(2	NUM
asfbr-8	281	7	)	)	PUNCT
asfbr-8	281	8	,	,	PUNCT
asfbr-8	281	9	205–222	205–222	NUM
asfbr-8	281	10	.	.	PUNCT
asfbr-8	282	1	ayers	ayers	PROPN
asfbr-8	282	2	,	,	PUNCT
asfbr-8	282	3	b.	b.	PROPN
asfbr-8	282	4	,	,	PUNCT
asfbr-8	282	5	&	&	CCONJ
asfbr-8	282	6	freeman	freeman	PROPN
asfbr-8	282	7	,	,	PUNCT
asfbr-8	282	8	r.	r.	PROPN
asfbr-8	282	9	(	(	PUNCT
asfbr-8	282	10	2003	2003	NUM
asfbr-8	282	11	)	)	PUNCT
asfbr-8	282	12	.	.	PUNCT
asfbr-8	283	1	evidence	evidence	NOUN
asfbr-8	283	2	that	that	SCONJ
asfbr-8	283	3	analyst	analyst	NOUN
asfbr-8	283	4	following	follow	VERB
asfbr-8	283	5	and	and	CCONJ
asfbr-8	283	6	institutional	institutional	ADJ
asfbr-8	283	7	ownership	ownership	NOUN
asfbr-8	283	8	accelerate	accelerate	NOUN
asfbr-8	283	9	the	the	DET
asfbr-8	283	10	pricing	pricing	NOUN
asfbr-8	283	11	of	of	ADP
asfbr-8	283	12	future	future	ADJ
asfbr-8	283	13	earnings	earning	NOUN
asfbr-8	283	14	.	.	PUNCT
asfbr-8	284	1	review	review	NOUN
asfbr-8	284	2	of	of	ADP
asfbr-8	284	3	accounting	accounting	NOUN
asfbr-8	284	4	studies	study	NOUN
asfbr-8	284	5	,	,	PUNCT
asfbr-8	284	6	8(1	8(1	NOUN
asfbr-8	284	7	)	)	PUNCT
asfbr-8	284	8	,	,	PUNCT
asfbr-8	284	9	47–67	47–67	NUM
asfbr-8	284	10	.	.	PUNCT
asfbr-8	284	11	atanasova	atanasova	PROPN
asfbr-8	284	12	,	,	PUNCT
asfbr-8	284	13	c.	c.	PROPN
asfbr-8	284	14	,	,	PUNCT
asfbr-8	284	15	(	(	PUNCT
asfbr-8	284	16	2007	2007	NUM
asfbr-8	284	17	)	)	PUNCT
asfbr-8	284	18	access	access	NOUN
asfbr-8	284	19	to	to	ADP
asfbr-8	284	20	institutional	institutional	ADJ
asfbr-8	284	21	finance	finance	NOUN
asfbr-8	284	22	and	and	CCONJ
asfbr-8	284	23	the	the	DET
asfbr-8	284	24	use	use	NOUN
asfbr-8	284	25	of	of	ADP
asfbr-8	284	26	trade	trade	NOUN
asfbr-8	284	27	credit	credit	NOUN
asfbr-8	284	28	.	.	PUNCT
asfbr-8	285	1	financial	financial	ADJ
asfbr-8	285	2	management	management	NOUN
asfbr-8	285	3	36(1	36(1	NUM
asfbr-8	285	4	)	)	PUNCT
asfbr-8	285	5	,	,	PUNCT
asfbr-8	285	6	4967	4967	NUM
asfbr-8	285	7	.	.	PUNCT
asfbr-8	286	1	baik	baik	PROPN
asfbr-8	286	2	,	,	PUNCT
asfbr-8	286	3	b.	b.	PROPN
asfbr-8	286	4	o.	o.	PROPN
asfbr-8	286	5	k.	k.	PROPN
asfbr-8	286	6	,	,	PUNCT
asfbr-8	286	7	farber	farber	PROPN
asfbr-8	286	8	,	,	PUNCT
asfbr-8	286	9	d.	d.	PROPN
asfbr-8	286	10	b.	b.	PROPN
asfbr-8	286	11	,	,	PUNCT
asfbr-8	286	12	&	&	CCONJ
asfbr-8	286	13	lee	lee	PROPN
asfbr-8	286	14	,	,	PUNCT
asfbr-8	286	15	s.	s.	PROPN
asfbr-8	286	16	a.	a.	PROPN
asfbr-8	286	17	m.	m.	PROPN
asfbr-8	286	18	(	(	PUNCT
asfbr-8	286	19	2011	2011	NUM
asfbr-8	286	20	)	)	PUNCT
asfbr-8	286	21	.	.	PUNCT
asfbr-8	287	1	ceo	ceo	NOUN
asfbr-8	287	2	ability	ability	NOUN
asfbr-8	287	3	and	and	CCONJ
asfbr-8	287	4	management	management	NOUN
asfbr-8	287	5	earnings	earning	NOUN
asfbr-8	287	6	forecasts	forecast	NOUN
asfbr-8	287	7	.	.	PUNCT
asfbr-8	288	1	contemporary	contemporary	ADJ
asfbr-8	288	2	accounting	accounting	NOUN
asfbr-8	288	3	research	research	NOUN
asfbr-8	288	4	,	,	PUNCT
asfbr-8	288	5	28(5	28(5	NUM
asfbr-8	288	6	)	)	PUNCT
asfbr-8	288	7	,	,	PUNCT
asfbr-8	288	8	1645–1668	1645–1668	NUM
asfbr-8	288	9	.	.	PUNCT
asfbr-8	289	1	baker	baker	PROPN
asfbr-8	289	2	,	,	PUNCT
asfbr-8	289	3	t.	t.	PROPN
asfbr-8	289	4	,	,	PUNCT
asfbr-8	289	5	collins	collins	PROPN
asfbr-8	289	6	,	,	PUNCT
asfbr-8	289	7	d.	d.	PROPN
asfbr-8	289	8	,	,	PUNCT
asfbr-8	289	9	&	&	CCONJ
asfbr-8	289	10	reitenga	reitenga	PROPN
asfbr-8	289	11	,	,	PUNCT
asfbr-8	289	12	a.	a.	NOUN
asfbr-8	289	13	,	,	PUNCT
asfbr-8	289	14	(	(	PUNCT
asfbr-8	289	15	2003	2003	NUM
asfbr-8	289	16	)	)	PUNCT
asfbr-8	289	17	.	.	PUNCT
asfbr-8	290	1	stock	stock	NOUN
asfbr-8	290	2	option	option	NOUN
asfbr-8	290	3	compensation	compensation	NOUN
asfbr-8	290	4	and	and	CCONJ
asfbr-8	290	5	earnings	earning	NOUN
asfbr-8	290	6	management	management	NOUN
asfbr-8	290	7	incentives	incentive	NOUN
asfbr-8	290	8	.	.	PUNCT
asfbr-8	291	1	journal	journal	NOUN
asfbr-8	291	2	of	of	ADP
asfbr-8	291	3	accounting	accounting	NOUN
asfbr-8	291	4	,	,	PUNCT
asfbr-8	291	5	auditing	auditing	NOUN
asfbr-8	291	6	and	and	CCONJ
asfbr-8	291	7	finance	finance	NOUN
asfbr-8	291	8	18(4	18(4	NUM
asfbr-8	291	9	)	)	PUNCT
asfbr-8	291	10	,	,	PUNCT
asfbr-8	291	11	557	557	NUM
asfbr-8	291	12	-	-	SYM
asfbr-8	291	13	582	582	NUM
asfbr-8	291	14	.	.	PUNCT
asfbr-8	292	1	baker	baker	PROPN
asfbr-8	292	2	,	,	PUNCT
asfbr-8	292	3	t.	t.	PROPN
asfbr-8	292	4	a	a	PROPN
asfbr-8	292	5	,	,	PUNCT
asfbr-8	292	6	collins	collins	PROPN
asfbr-8	292	7	,	,	PUNCT
asfbr-8	292	8	d.	d.	PROPN
asfbr-8	292	9	l.	l.	PROPN
asfbr-8	292	10	,	,	PUNCT
asfbr-8	292	11	&	&	CCONJ
asfbr-8	292	12	reitenga	reitenga	PROPN
asfbr-8	292	13	,	,	PUNCT
asfbr-8	292	14	a.	a.	NOUN
asfbr-8	292	15	l	l	NOUN
asfbr-8	292	16	.,(2009	.,(2009	PUNCT
asfbr-8	292	17	)	)	PUNCT
asfbr-8	292	18	.	.	PUNCT
asfbr-8	293	1	incentives	incentive	NOUN
asfbr-8	293	2	and	and	CCONJ
asfbr-8	293	3	opportunities	opportunity	NOUN
asfbr-8	293	4	to	to	PART
asfbr-8	293	5	manage	manage	VERB
asfbr-8	293	6	earnings	earning	NOUN
asfbr-8	293	7	around	around	ADP
asfbr-8	293	8	option	option	NOUN
asfbr-8	293	9	grants	grant	NOUN
asfbr-8	293	10	.	.	PUNCT
asfbr-8	294	1	contemporary	contemporary	ADJ
asfbr-8	294	2	accounting	accounting	PROPN
asfbr-8	294	3	research	research	PROPN
asfbr-8	294	4	26(3	26(3	PROPN
asfbr-8	294	5	)	)	PUNCT
asfbr-8	294	6	,	,	PUNCT
asfbr-8	294	7	249	249	NUM
asfbr-8	294	8	-	-	SYM
asfbr-8	294	9	272	272	NUM
asfbr-8	294	10	.	.	PUNCT
asfbr-8	295	1	barry	barry	PROPN
asfbr-8	295	2	,	,	PUNCT
asfbr-8	295	3	c.	c.	PROPN
asfbr-8	295	4	,	,	PUNCT
asfbr-8	295	5	&	&	CCONJ
asfbr-8	295	6	brown	brown	PROPN
asfbr-8	295	7	,	,	PUNCT
asfbr-8	295	8	s.	s.	PROPN
asfbr-8	295	9	(	(	PUNCT
asfbr-8	295	10	1985	1985	NUM
asfbr-8	295	11	)	)	PUNCT
asfbr-8	295	12	.	.	PUNCT
asfbr-8	296	1	differential	differential	ADJ
asfbr-8	296	2	information	information	NOUN
asfbr-8	296	3	and	and	CCONJ
asfbr-8	296	4	security	security	NOUN
asfbr-8	296	5	market	market	NOUN
asfbr-8	296	6	equilibrium	equilibrium	NOUN
asfbr-8	296	7	.	.	PUNCT
asfbr-8	297	1	journal	journal	NOUN
asfbr-8	297	2	of	of	ADP
asfbr-8	297	3	financial	financial	ADJ
asfbr-8	297	4	and	and	CCONJ
asfbr-8	297	5	quantitative	quantitative	ADJ
asfbr-8	297	6	analysis	analysis	NOUN
asfbr-8	297	7	,	,	PUNCT
asfbr-8	297	8	20	20	NUM
asfbr-8	297	9	,	,	PUNCT
asfbr-8	297	10	407–422	407–422	NUM
asfbr-8	297	11	.	.	PUNCT
asfbr-8	298	1	benson	benson	PROPN
asfbr-8	298	2	,	,	PUNCT
asfbr-8	298	3	b.w	b.w	PROPN
asfbr-8	298	4	.	.	PROPN
asfbr-8	298	5	,	,	PUNCT
asfbr-8	298	6	&	&	CCONJ
asfbr-8	298	7	davidson	davidson	PROPN
asfbr-8	298	8	,	,	PUNCT
asfbr-8	298	9	w.	w.	PROPN
asfbr-8	298	10	n.	n.	PROPN
asfbr-8	298	11	,	,	PUNCT
asfbr-8	298	12	(	(	PUNCT
asfbr-8	298	13	2009	2009	NUM
asfbr-8	298	14	)	)	PUNCT
asfbr-8	298	15	.reexamining	.reexamine	VERB
asfbr-8	298	16	the	the	DET
asfbr-8	298	17	managerial	managerial	ADJ
asfbr-8	298	18	ownership	ownership	NOUN
asfbr-8	298	19	effect	effect	NOUN
asfbr-8	298	20	on	on	ADP
asfbr-8	298	21	firm	firm	ADJ
asfbr-8	298	22	value	value	NOUN
asfbr-8	298	23	.	.	PUNCT
asfbr-8	299	1	journal	journal	NOUN
asfbr-8	299	2	of	of	ADP
asfbr-8	299	3	corporate	corporate	ADJ
asfbr-8	299	4	finance	finance	NOUN
asfbr-8	299	5	15(5	15(5	NUM
asfbr-8	299	6	)	)	PUNCT
asfbr-8	299	7	,	,	PUNCT
asfbr-8	299	8	573	573	NUM
asfbr-8	299	9	-	-	SYM
asfbr-8	299	10	586	586	NUM
asfbr-8	299	11	.	.	PUNCT
asfbr-8	300	1	berle	berle	PROPN
asfbr-8	300	2	,	,	PUNCT
asfbr-8	300	3	a.	a.	PROPN
asfbr-8	300	4	a	a	PROPN
asfbr-8	300	5	&	&	CCONJ
asfbr-8	300	6	means	means	PROPN
asfbr-8	300	7	,	,	PUNCT
asfbr-8	300	8	g.	g.	PROPN
asfbr-8	300	9	c.	c.	PROPN
asfbr-8	300	10	,	,	PUNCT
asfbr-8	300	11	(	(	PUNCT
asfbr-8	300	12	1932	1932	NUM
asfbr-8	300	13	)	)	PUNCT
asfbr-8	300	14	.	.	PUNCT
asfbr-8	301	1	the	the	DET
asfbr-8	301	2	modern	modern	ADJ
asfbr-8	301	3	corporation	corporation	NOUN
asfbr-8	301	4	and	and	CCONJ
asfbr-8	301	5	private	private	ADJ
asfbr-8	301	6	property	property	NOUN
asfbr-8	301	7	.	.	PUNCT
asfbr-8	302	1	new	new	PROPN
asfbr-8	302	2	york	york	PROPN
asfbr-8	302	3	:	:	PUNCT
asfbr-8	303	1	macmillan	macmillan	PROPN
asfbr-8	303	2	.	.	PUNCT
asfbr-8	304	1	bettis	bettis	PROPN
asfbr-8	304	2	,	,	PUNCT
asfbr-8	304	3	j.c	j.c	PROPN
asfbr-8	304	4	,	,	PUNCT
asfbr-8	304	5	bizjak	bizjak	PROPN
asfbr-8	304	6	,	,	PUNCT
asfbr-8	304	7	j.	j.	PROPN
asfbr-8	304	8	m.	m.	PROPN
asfbr-8	304	9	,	,	PUNCT
asfbr-8	304	10	&	&	CCONJ
asfbr-8	304	11	lemmon	lemmon	PROPN
asfbr-8	304	12	,	,	PUNCT
asfbr-8	304	13	m.	m.	PROPN
asfbr-8	304	14	l.	l.	PROPN
asfbr-8	304	15	,	,	PUNCT
asfbr-8	304	16	(	(	PUNCT
asfbr-8	304	17	2005	2005	NUM
asfbr-8	304	18	)	)	PUNCT
asfbr-8	304	19	.	.	PUNCT
asfbr-8	305	1	exercise	exercise	NOUN
asfbr-8	305	2	behavior	behavior	NOUN
asfbr-8	305	3	,	,	PUNCT
asfbr-8	305	4	valuation	valuation	NOUN
asfbr-8	305	5	,	,	PUNCT
asfbr-8	305	6	and	and	CCONJ
asfbr-8	305	7	the	the	DET
asfbr-8	305	8	incentive	incentive	NOUN
asfbr-8	305	9	effects	effect	NOUN
asfbr-8	305	10	of	of	ADP
asfbr-8	305	11	employee	employee	NOUN
asfbr-8	305	12	stock	stock	NOUN
asfbr-8	305	13	options	option	NOUN
asfbr-8	305	14	.	.	PUNCT
asfbr-8	306	1	journal	journal	NOUN
asfbr-8	306	2	of	of	ADP
asfbr-8	306	3	financial	financial	ADJ
asfbr-8	306	4	economics	economic	NOUN
asfbr-8	306	5	76(2	76(2	NUM
asfbr-8	306	6	)	)	PUNCT
asfbr-8	306	7	,	,	PUNCT
asfbr-8	306	8	445	445	NUM
asfbr-8	306	9	-	-	SYM
asfbr-8	306	10	470	470	NUM
asfbr-8	306	11	.	.	PUNCT
asfbr-8	307	1	blasi	blasi	PROPN
asfbr-8	307	2	et	et	PROPN
asfbr-8	307	3	al	al	PROPN
asfbr-8	307	4	.	.	PROPN
asfbr-8	307	5	(	(	PUNCT
asfbr-8	307	6	1996	1996	NUM
asfbr-8	307	7	)	)	PUNCT
asfbr-8	307	8	.	.	PUNCT
asfbr-8	308	1	employee	employee	NOUN
asfbr-8	308	2	stock	stock	NOUN
asfbr-8	308	3	ownership	ownership	NOUN
asfbr-8	308	4	and	and	CCONJ
asfbr-8	308	5	corporate	corporate	ADJ
asfbr-8	308	6	performance	performance	NOUN
asfbr-8	308	7	among	among	ADP
asfbr-8	308	8	public	public	ADJ
asfbr-8	308	9	companies	company	NOUN
asfbr-8	308	10	.	.	PUNCT
asfbr-8	309	1	industrial	industrial	ADJ
asfbr-8	309	2	and	and	CCONJ
asfbr-8	309	3	labor	labor	NOUN
asfbr-8	309	4	relations	relation	NOUN
asfbr-8	309	5	.	.	PUNCT
asfbr-8	310	1	50(1	50(1	NUM
asfbr-8	310	2	)	)	PUNCT
asfbr-8	310	3	,	,	PUNCT
asfbr-8	310	4	412	412	NUM
asfbr-8	310	5	-	-	SYM
asfbr-8	310	6	438	438	NUM
asfbr-8	310	7	.	.	PUNCT
asfbr-8	311	1	brav	brav	PROPN
asfbr-8	311	2	,	,	PUNCT
asfbr-8	311	3	a	a	PRON
asfbr-8	311	4	,	,	PUNCT
asfbr-8	311	5	graham	graham	PROPN
asfbr-8	311	6	,	,	PUNCT
asfbr-8	311	7	j.r	j.r	PROPN
asfbr-8	311	8	,	,	PUNCT
asfbr-8	311	9	harvey	harvey	PROPN
asfbr-8	311	10	,	,	PUNCT
asfbr-8	311	11	c.r	c.r	PROPN
asfbr-8	311	12	.	.	PUNCT
asfbr-8	311	13	,	,	PUNCT
asfbr-8	311	14	&	&	CCONJ
asfbr-8	311	15	michaely	michaely	ADV
asfbr-8	311	16	,	,	PUNCT
asfbr-8	311	17	r.	r.	PROPN
asfbr-8	311	18	,	,	PUNCT
asfbr-8	311	19	(	(	PUNCT
asfbr-8	311	20	2005	2005	NUM
asfbr-8	311	21	)	)	PUNCT
asfbr-8	311	22	.	.	PUNCT
asfbr-8	312	1	payout	payout	NOUN
asfbr-8	312	2	policy	policy	NOUN
asfbr-8	312	3	in	in	ADP
asfbr-8	312	4	the	the	DET
asfbr-8	312	5	21st	21st	ADJ
asfbr-8	312	6	century	century	NOUN
asfbr-8	312	7	.	.	PUNCT
asfbr-8	313	1	journal	journal	NOUN
asfbr-8	313	2	of	of	ADP
asfbr-8	313	3	financial	financial	ADJ
asfbr-8	313	4	economics	economic	NOUN
asfbr-8	313	5	77(3	77(3	NOUN
asfbr-8	313	6	)	)	PUNCT
asfbr-8	313	7	,	,	PUNCT
asfbr-8	313	8	483	483	NUM
asfbr-8	313	9	-	-	SYM
asfbr-8	313	10	527	527	NUM
asfbr-8	313	11	.	.	PUNCT
asfbr-8	314	1	brockman	brockman	PROPN
asfbr-8	314	2	,	,	PUNCT
asfbr-8	314	3	p	p	PROPN
asfbr-8	314	4	,	,	PUNCT
asfbr-8	314	5	martin	martin	PROPN
asfbr-8	314	6	,	,	PUNCT
asfbr-8	314	7	x.	x.	PROPN
asfbr-8	314	8	,	,	PUNCT
asfbr-8	314	9	&	&	CCONJ
asfbr-8	314	10	unlu	unlu	NOUN
asfbr-8	314	11	,	,	PUNCT
asfbr-8	314	12	e.	e.	PROPN
asfbr-8	314	13	,	,	PUNCT
asfbr-8	314	14	(	(	PUNCT
asfbr-8	314	15	2010	2010	NUM
asfbr-8	314	16	)	)	PUNCT
asfbr-8	314	17	.	.	PUNCT
asfbr-8	315	1	executive	executive	PROPN
asfbr-8	315	2	compensation	compensation	NOUN
asfbr-8	315	3	and	and	CCONJ
asfbr-8	315	4	the	the	DET
asfbr-8	315	5	maturity	maturity	NOUN
asfbr-8	315	6	structure	structure	NOUN
asfbr-8	315	7	of	of	ADP
asfbr-8	315	8	corporate	corporate	ADJ
asfbr-8	315	9	debt	debt	NOUN
asfbr-8	315	10	.	.	PUNCT
asfbr-8	316	1	the	the	DET
asfbr-8	316	2	journal	journal	NOUN
asfbr-8	316	3	of	of	ADP
asfbr-8	316	4	finance	finance	NOUN
asfbr-8	316	5	65(3	65(3	NOUN
asfbr-8	316	6	)	)	PUNCT
asfbr-8	316	7	,	,	PUNCT
asfbr-8	316	8	1123	1123	NUM
asfbr-8	316	9	-	-	SYM
asfbr-8	316	10	1161	1161	NUM
asfbr-8	316	11	.	.	PUNCT
asfbr-8	317	1	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	PROPN
asfbr-8	317	2	asian	asian	PROPN
asfbr-8	317	3	finance	finance	PROPN
asfbr-8	317	4	&	&	CCONJ
asfbr-8	317	5	banking	banking	PROPN
asfbr-8	317	6	review	review	PROPN
asfbr-8	317	7	vol	vol	NOUN
asfbr-8	317	8	.	.	PROPN
asfbr-8	318	1	2	2	NUM
asfbr-8	318	2	,	,	PUNCT
asfbr-8	318	3	no	no	INTJ
asfbr-8	318	4	.	.	NOUN
asfbr-8	318	5	1	1	NUM
asfbr-8	318	6	;	;	PUNCT
asfbr-8	318	7	2018	2018	NUM
asfbr-8	318	8	28	28	NUM
asfbr-8	318	9	chakraborty	chakraborty	NOUN
asfbr-8	318	10	,	,	PUNCT
asfbr-8	318	11	a.	a.	NOUN
asfbr-8	318	12	,	,	PUNCT
asfbr-8	318	13	sheikh	sheikh	PROPN
asfbr-8	318	14	,	,	PUNCT
asfbr-8	318	15	s.	s.	PROPN
asfbr-8	318	16	,	,	PUNCT
asfbr-8	318	17	&	&	CCONJ
asfbr-8	318	18	subramanian	subramanian	PROPN
asfbr-8	318	19	,	,	PUNCT
asfbr-8	318	20	n.	n.	NOUN
asfbr-8	318	21	,	,	PUNCT
asfbr-8	318	22	(	(	PUNCT
asfbr-8	318	23	2007	2007	NUM
asfbr-8	318	24	)	)	PUNCT
asfbr-8	318	25	.termination	.termination	NOUN
asfbr-8	318	26	risk	risk	NOUN
asfbr-8	318	27	and	and	CCONJ
asfbr-8	318	28	managerial	managerial	ADJ
asfbr-8	318	29	risk	risk	NOUN
asfbr-8	318	30	taking	taking	NOUN
asfbr-8	318	31	.	.	PUNCT
asfbr-8	319	1	journal	journal	NOUN
asfbr-8	319	2	of	of	ADP
asfbr-8	319	3	corporate	corporate	ADJ
asfbr-8	319	4	finance	finance	NOUN
asfbr-8	319	5	13(1	13(1	NUM
asfbr-8	319	6	)	)	PUNCT
asfbr-8	319	7	,	,	PUNCT
asfbr-8	319	8	170	170	NUM
asfbr-8	319	9	-	-	SYM
asfbr-8	319	10	188	188	NUM
asfbr-8	319	11	.	.	PUNCT
asfbr-8	320	1	chava	chava	PROPN
asfbr-8	320	2	,	,	PUNCT
asfbr-8	320	3	s.	s.	PROPN
asfbr-8	320	4	,	,	PUNCT
asfbr-8	320	5	&	&	CCONJ
asfbr-8	320	6	purnanandam	purnanandam	PROPN
asfbr-8	320	7	,	,	PUNCT
asfbr-8	320	8	a.	a.	NOUN
asfbr-8	320	9	,	,	PUNCT
asfbr-8	320	10	(	(	PUNCT
asfbr-8	320	11	2010	2010	NUM
asfbr-8	320	12	)	)	PUNCT
asfbr-8	320	13	ceos	ceo	NOUN
asfbr-8	320	14	versus	versus	ADP
asfbr-8	320	15	cfos	cfos	PROPN
asfbr-8	320	16	:	:	PUNCT
asfbr-8	320	17	incentives	incentive	NOUN
asfbr-8	320	18	and	and	CCONJ
asfbr-8	320	19	corporate	corporate	ADJ
asfbr-8	320	20	policies	policy	NOUN
asfbr-8	320	21	.	.	PUNCT
asfbr-8	321	1	journal	journal	NOUN
asfbr-8	321	2	of	of	ADP
asfbr-8	321	3	accounting	accounting	NOUN
asfbr-8	321	4	and	and	CCONJ
asfbr-8	321	5	economics	economic	NOUN
asfbr-8	321	6	97(2	97(2	PROPN
asfbr-8	321	7	)	)	PUNCT
asfbr-8	321	8	,	,	PUNCT
asfbr-8	321	9	263	263	NUM
asfbr-8	321	10	-	-	SYM
asfbr-8	321	11	278	278	NUM
asfbr-8	321	12	.	.	PUNCT
asfbr-8	322	1	cheng	cheng	PROPN
asfbr-8	322	2	,	,	PUNCT
asfbr-8	322	3	w.	w.	PROPN
asfbr-8	322	4	,	,	PUNCT
asfbr-8	322	5	&	&	CCONJ
asfbr-8	322	6	warfield	warfield	PROPN
asfbr-8	322	7	,	,	PUNCT
asfbr-8	322	8	r.t	r.t	PROPN
asfbr-8	322	9	.	.	PROPN
asfbr-8	322	10	,	,	PUNCT
asfbr-8	322	11	(	(	PUNCT
asfbr-8	322	12	2005	2005	NUM
asfbr-8	322	13	)	)	PUNCT
asfbr-8	322	14	.	.	PUNCT
asfbr-8	323	1	equity	equity	NOUN
asfbr-8	323	2	incentives	incentive	NOUN
asfbr-8	323	3	and	and	CCONJ
asfbr-8	323	4	earnings	earning	NOUN
asfbr-8	323	5	management	management	NOUN
asfbr-8	323	6	.	.	PUNCT
asfbr-8	324	1	accounting	accounting	NOUN
asfbr-8	324	2	review	review	PROPN
asfbr-8	324	3	,	,	PUNCT
asfbr-8	324	4	80	80	NUM
asfbr-8	324	5	(	(	PUNCT
asfbr-8	324	6	2	2	NUM
asfbr-8	324	7	)	)	PUNCT
asfbr-8	324	8	,	,	PUNCT
asfbr-8	324	9	441	441	NUM
asfbr-8	324	10	-	-	SYM
asfbr-8	324	11	476	476	NUM
asfbr-8	324	12	,	,	PUNCT
asfbr-8	324	13	36	36	NUM
asfbr-8	324	14	coles	cole	NOUN
asfbr-8	324	15	,	,	PUNCT
asfbr-8	324	16	j.	j.	PROPN
asfbr-8	324	17	l	l	PROPN
asfbr-8	324	18	,	,	PUNCT
asfbr-8	324	19	daniel	daniel	PROPN
asfbr-8	324	20	,	,	PUNCT
asfbr-8	324	21	n.	n.	PROPN
asfbr-8	324	22	d.	d.	PROPN
asfbr-8	324	23	,	,	PUNCT
asfbr-8	324	24	&	&	CCONJ
asfbr-8	324	25	naveen	naveen	PROPN
asfbr-8	324	26	,	,	PUNCT
asfbr-8	324	27	l.	l.	PROPN
asfbr-8	324	28	,	,	PUNCT
asfbr-8	324	29	(	(	PUNCT
asfbr-8	324	30	2006	2006	NUM
asfbr-8	324	31	)	)	PUNCT
asfbr-8	324	32	.	.	PUNCT
asfbr-8	325	1	managerial	managerial	ADJ
asfbr-8	325	2	incentives	incentive	NOUN
asfbr-8	325	3	and	and	CCONJ
asfbr-8	325	4	risk	risk	NOUN
asfbr-8	325	5	-	-	PUNCT
asfbr-8	325	6	taking	taking	NOUN
asfbr-8	325	7	.	.	PUNCT
asfbr-8	326	1	journal	journal	NOUN
asfbr-8	326	2	of	of	ADP
asfbr-8	326	3	financial	financial	ADJ
asfbr-8	326	4	economics	economic	NOUN
asfbr-8	326	5	79(2	79(2	NOUN
asfbr-8	326	6	)	)	PUNCT
asfbr-8	326	7	,	,	PUNCT
asfbr-8	326	8	431	431	NUM
asfbr-8	326	9	-	-	SYM
asfbr-8	326	10	468	468	NUM
asfbr-8	326	11	.	.	PUNCT
asfbr-8	326	12	core	core	NOUN
asfbr-8	326	13	,	,	PUNCT
asfbr-8	326	14	j.	j.	PROPN
asfbr-8	326	15	e.	e.	PROPN
asfbr-8	326	16	,	,	PUNCT
asfbr-8	326	17	and	and	CCONJ
asfbr-8	326	18	guay	guay	X
asfbr-8	326	19	,	,	PUNCT
asfbr-8	326	20	w.r	w.r	PROPN
asfbr-8	326	21	.	.	PUNCT
asfbr-8	326	22	(	(	PUNCT
asfbr-8	326	23	2001	2001	NUM
asfbr-8	326	24	)	)	PUNCT
asfbr-8	326	25	.	.	PUNCT
asfbr-8	327	1	stock	stock	NOUN
asfbr-8	327	2	option	option	NOUN
asfbr-8	327	3	plans	plan	NOUN
asfbr-8	327	4	for	for	ADP
asfbr-8	327	5	non	non	ADJ
asfbr-8	327	6	-	-	ADJ
asfbr-8	327	7	executive	executive	ADJ
asfbr-8	327	8	employees	employee	NOUN
asfbr-8	327	9	.	.	PUNCT
asfbr-8	328	1	journal	journal	NOUN
asfbr-8	328	2	of	of	ADP
asfbr-8	328	3	financial	financial	ADJ
asfbr-8	328	4	economics	economic	NOUN
asfbr-8	328	5	,	,	PUNCT
asfbr-8	328	6	253–287	253–287	NUM
asfbr-8	328	7	.	.	PUNCT
asfbr-8	329	1	cuny	cuny	PROPN
asfbr-8	329	2	,	,	PUNCT
asfbr-8	329	3	c.	c.	PROPN
asfbr-8	329	4	j.	j.	PROPN
asfbr-8	329	5	,	,	PUNCT
asfbr-8	329	6	martin	martin	PROPN
asfbr-8	329	7	,	,	PUNCT
asfbr-8	329	8	g.	g.	PROPN
asfbr-8	329	9	s.	s.	PROPN
asfbr-8	329	10	,	,	PUNCT
asfbr-8	329	11	&	&	CCONJ
asfbr-8	329	12	puthenpurackal	puthenpurackal	PROPN
asfbr-8	329	13	,	,	PUNCT
asfbr-8	329	14	j.	j.	PROPN
asfbr-8	329	15	j.	j.	PROPN
asfbr-8	329	16	,	,	PUNCT
asfbr-8	329	17	(	(	PUNCT
asfbr-8	329	18	2009	2009	NUM
asfbr-8	329	19	)	)	PUNCT
asfbr-8	329	20	.	.	PUNCT
asfbr-8	330	1	stock	stock	NOUN
asfbr-8	330	2	options	option	NOUN
asfbr-8	330	3	and	and	CCONJ
asfbr-8	330	4	total	total	ADJ
asfbr-8	330	5	payout	payout	NOUN
asfbr-8	330	6	.	.	PUNCT
asfbr-8	331	1	journal	journal	NOUN
asfbr-8	331	2	of	of	ADP
asfbr-8	331	3	financial	financial	ADJ
asfbr-8	331	4	and	and	CCONJ
asfbr-8	331	5	quantitative	quantitative	ADJ
asfbr-8	331	6	analysis	analysis	NOUN
asfbr-8	331	7	44(2	44(2	NOUN
asfbr-8	331	8	)	)	PUNCT
asfbr-8	331	9	,	,	PUNCT
asfbr-8	331	10	391	391	NUM
asfbr-8	331	11	-	-	SYM
asfbr-8	331	12	410	410	NUM
asfbr-8	331	13	.	.	PUNCT
asfbr-8	332	1	dechow	dechow	ADJ
asfbr-8	332	2	,	,	PUNCT
asfbr-8	332	3	p.	p.	NOUN
asfbr-8	332	4	m.	m.	NOUN
asfbr-8	332	5	,	,	PUNCT
asfbr-8	332	6	kothari	kothari	PROPN
asfbr-8	332	7	,	,	PUNCT
asfbr-8	332	8	s.	s.	PROPN
asfbr-8	332	9	p.	p.	PROPN
asfbr-8	332	10	,	,	PUNCT
asfbr-8	332	11	&	&	CCONJ
asfbr-8	332	12	watts	watts	PROPN
asfbr-8	332	13	,	,	PUNCT
asfbr-8	332	14	r.	r.	PROPN
asfbr-8	332	15	l.	l.	PROPN
asfbr-8	332	16	(	(	PUNCT
asfbr-8	332	17	1998	1998	NUM
asfbr-8	332	18	)	)	PUNCT
asfbr-8	332	19	.	.	PUNCT
asfbr-8	333	1	the	the	DET
asfbr-8	333	2	relation	relation	NOUN
asfbr-8	333	3	between	between	ADP
asfbr-8	333	4	earnings	earning	NOUN
asfbr-8	333	5	and	and	CCONJ
asfbr-8	333	6	cash	cash	NOUN
asfbr-8	333	7	flows	flow	NOUN
asfbr-8	333	8	.	.	PUNCT
asfbr-8	334	1	journal	journal	NOUN
asfbr-8	334	2	of	of	ADP
asfbr-8	334	3	accounting	accounting	NOUN
asfbr-8	334	4	and	and	CCONJ
asfbr-8	334	5	economics	economic	NOUN
asfbr-8	334	6	,	,	PUNCT
asfbr-8	334	7	25(2	25(2	NUM
asfbr-8	334	8	)	)	PUNCT
asfbr-8	334	9	,	,	PUNCT
asfbr-8	334	10	133–168	133–168	NUM
asfbr-8	334	11	.	.	PUNCT
asfbr-8	334	12	diamond	diamond	NOUN
asfbr-8	334	13	,	,	PUNCT
asfbr-8	334	14	d.	d.	PROPN
asfbr-8	334	15	,	,	PUNCT
asfbr-8	334	16	&	&	CCONJ
asfbr-8	334	17	verrecchia	verrecchia	PROPN
asfbr-8	334	18	,	,	PUNCT
asfbr-8	334	19	r.	r.	PROPN
asfbr-8	334	20	(	(	PUNCT
asfbr-8	334	21	1991	1991	NUM
asfbr-8	334	22	)	)	PUNCT
asfbr-8	334	23	.	.	PUNCT
asfbr-8	335	1	disclosure	disclosure	NOUN
asfbr-8	335	2	,	,	PUNCT
asfbr-8	335	3	liquidity	liquidity	NOUN
asfbr-8	335	4	,	,	PUNCT
asfbr-8	335	5	and	and	CCONJ
asfbr-8	335	6	the	the	DET
asfbr-8	335	7	cost	cost	NOUN
asfbr-8	335	8	of	of	ADP
asfbr-8	335	9	capital	capital	NOUN
asfbr-8	335	10	.	.	PUNCT
asfbr-8	336	1	journal	journal	PROPN
asfbr-8	336	2	of	of	ADP
asfbr-8	336	3	finance	finance	NOUN
asfbr-8	336	4	,	,	PUNCT
asfbr-8	336	5	46	46	NUM
asfbr-8	336	6	,	,	PUNCT
asfbr-8	336	7	1325	1325	NUM
asfbr-8	336	8	–	–	PUNCT
asfbr-8	336	9	1360	1360	NUM
asfbr-8	336	10	.	.	PUNCT
asfbr-8	337	1	deegan	deegan	PROPN
asfbr-8	337	2	,	,	PUNCT
asfbr-8	337	3	c.	c.	PROPN
asfbr-8	337	4	,	,	PUNCT
asfbr-8	337	5	&	&	CCONJ
asfbr-8	337	6	unerman	unerman	PROPN
asfbr-8	337	7	,	,	PUNCT
asfbr-8	337	8	j.	j.	PROPN
asfbr-8	337	9	,	,	PUNCT
asfbr-8	337	10	(	(	PUNCT
asfbr-8	337	11	2006	2006	NUM
asfbr-8	337	12	)	)	PUNCT
asfbr-8	337	13	.	.	PUNCT
asfbr-8	338	1	financial	financial	ADJ
asfbr-8	338	2	accounting	accounting	NOUN
asfbr-8	338	3	theory	theory	NOUN
asfbr-8	338	4	.	.	PUNCT
asfbr-8	339	1	mcgraw	mcgraw	PROPN
asfbr-8	339	2	hill	hill	PROPN
asfbr-8	339	3	education	education	PROPN
asfbr-8	339	4	,	,	PUNCT
asfbr-8	339	5	london	london	PROPN
asfbr-8	339	6	.	.	PUNCT
asfbr-8	340	1	demsetz	demsetz	PROPN
asfbr-8	340	2	,	,	PUNCT
asfbr-8	340	3	h.	h.	PROPN
asfbr-8	340	4	,	,	PUNCT
asfbr-8	340	5	&	&	CCONJ
asfbr-8	340	6	lehn	lehn	PROPN
asfbr-8	340	7	,	,	PUNCT
asfbr-8	340	8	k.	k.	PROPN
asfbr-8	340	9	,	,	PUNCT
asfbr-8	340	10	(	(	PUNCT
asfbr-8	340	11	1985	1985	NUM
asfbr-8	340	12	)	)	PUNCT
asfbr-8	340	13	.	.	PUNCT
asfbr-8	341	1	the	the	DET
asfbr-8	341	2	structure	structure	NOUN
asfbr-8	341	3	of	of	ADP
asfbr-8	341	4	corporate	corporate	ADJ
asfbr-8	341	5	ownership	ownership	NOUN
asfbr-8	341	6	:	:	PUNCT
asfbr-8	341	7	causes	cause	NOUN
asfbr-8	341	8	and	and	CCONJ
asfbr-8	341	9	consequences	consequence	NOUN
asfbr-8	341	10	.	.	PUNCT
asfbr-8	342	1	journal	journal	NOUN
asfbr-8	342	2	of	of	ADP
asfbr-8	342	3	political	political	ADJ
asfbr-8	342	4	economy	economy	NOUN
asfbr-8	342	5	93(6),1155	93(6),1155	NUM
asfbr-8	342	6	-	-	SYM
asfbr-8	342	7	1177	1177	NUM
asfbr-8	342	8	.	.	PUNCT
asfbr-8	343	1	denis	denis	PROPN
asfbr-8	343	2	,	,	PUNCT
asfbr-8	343	3	d.	d.	PROPN
asfbr-8	343	4	j	j	PROPN
asfbr-8	343	5	&	&	CCONJ
asfbr-8	343	6	xu	xu	PROPN
asfbr-8	343	7	,	,	PUNCT
asfbr-8	343	8	j	j	PROPN
asfbr-8	343	9	.	.	PUNCT
asfbr-8	343	10	,	,	PUNCT
asfbr-8	343	11	(	(	PUNCT
asfbr-8	343	12	2013	2013	NUM
asfbr-8	343	13	)	)	PUNCT
asfbr-8	343	14	.insider	.insider	NOUN
asfbr-8	343	15	trading	trading	NOUN
asfbr-8	343	16	restrictions	restriction	NOUN
asfbr-8	343	17	and	and	CCONJ
asfbr-8	343	18	top	top	ADJ
asfbr-8	343	19	executive	executive	ADJ
asfbr-8	343	20	compensation	compensation	NOUN
asfbr-8	343	21	.	.	PUNCT
asfbr-8	344	1	journal	journal	NOUN
asfbr-8	344	2	of	of	ADP
asfbr-8	344	3	accounting	accounting	NOUN
asfbr-8	344	4	and	and	CCONJ
asfbr-8	344	5	economics	economic	NOUN
asfbr-8	344	6	56(1	56(1	NUM
asfbr-8	344	7	)	)	PUNCT
asfbr-8	344	8	,	,	PUNCT
asfbr-8	344	9	91	91	NUM
asfbr-8	344	10	-	-	SYM
asfbr-8	344	11	112	112	NUM
asfbr-8	344	12	.	.	PUNCT
asfbr-8	345	1	dikolli	dikolli	PROPN
asfbr-8	345	2	,	,	PUNCT
asfbr-8	345	3	s.	s.	PROPN
asfbr-8	345	4	s.	s.	PROPN
asfbr-8	345	5	,	,	PUNCT
asfbr-8	345	6	kulp	kulp	NOUN
asfbr-8	345	7	,	,	PUNCT
asfbr-8	345	8	s.	s.	PROPN
asfbr-8	345	9	l.	l.	PROPN
asfbr-8	345	10	,	,	PUNCT
asfbr-8	345	11	&	&	CCONJ
asfbr-8	345	12	sedatole	sedatole	PROPN
asfbr-8	345	13	,	,	PUNCT
asfbr-8	345	14	k.	k.	PROPN
asfbr-8	345	15	l.	l.	PROPN
asfbr-8	345	16	(	(	PUNCT
asfbr-8	345	17	2009	2009	NUM
asfbr-8	345	18	)	)	PUNCT
asfbr-8	345	19	.	.	PUNCT
asfbr-8	346	1	transient	transient	ADJ
asfbr-8	346	2	institutional	institutional	ADJ
asfbr-8	346	3	ownership	ownership	NOUN
asfbr-8	346	4	and	and	CCONJ
asfbr-8	346	5	ceo	ceo	NOUN
asfbr-8	346	6	contracting	contracting	NOUN
asfbr-8	346	7	.	.	PUNCT
asfbr-8	347	1	the	the	DET
asfbr-8	347	2	accounting	accounting	NOUN
asfbr-8	347	3	review	review	PROPN
asfbr-8	347	4	,	,	PUNCT
asfbr-8	347	5	84(3	84(3	NUM
asfbr-8	347	6	)	)	PUNCT
asfbr-8	347	7	,	,	PUNCT
asfbr-8	347	8	737–770	737–770	NUM
asfbr-8	347	9	.	.	PUNCT
asfbr-8	348	1	duncan	duncan	PROPN
asfbr-8	348	2	,	,	PUNCT
asfbr-8	348	3	w.j	w.j	PROPN
asfbr-8	348	4	(	(	PUNCT
asfbr-8	348	5	2001	2001	NUM
asfbr-8	348	6	)	)	PUNCT
asfbr-8	348	7	.	.	PUNCT
asfbr-8	349	1	stock	stock	NOUN
asfbr-8	349	2	ownership	ownership	NOUN
asfbr-8	349	3	and	and	CCONJ
asfbr-8	349	4	work	work	NOUN
asfbr-8	349	5	motivation	motivation	NOUN
asfbr-8	349	6	.	.	PUNCT
asfbr-8	350	1	organizational	organizational	ADJ
asfbr-8	350	2	dynamics	dynamic	NOUN
asfbr-8	350	3	.	.	PUNCT
asfbr-8	351	1	30(1	30(1	NUM
asfbr-8	351	2	)	)	PUNCT
asfbr-8	351	3	,	,	PUNCT
asfbr-8	351	4	1	1	NUM
asfbr-8	351	5	-	-	SYM
asfbr-8	351	6	23	23	NUM
asfbr-8	351	7	.	.	PUNCT
asfbr-8	352	1	fahlenbrach	fahlenbrach	PROPN
asfbr-8	352	2	,	,	PUNCT
asfbr-8	352	3	r.	r.	PROPN
asfbr-8	352	4	,	,	PUNCT
asfbr-8	352	5	&	&	CCONJ
asfbr-8	352	6	stulz	stulz	ADJ
asfbr-8	352	7	,	,	PUNCT
asfbr-8	352	8	r.m	r.m	PROPN
asfbr-8	352	9	.	.	PROPN
asfbr-8	352	10	,	,	PUNCT
asfbr-8	352	11	(	(	PUNCT
asfbr-8	352	12	2009	2009	NUM
asfbr-8	352	13	)	)	PUNCT
asfbr-8	352	14	.	.	PUNCT
asfbr-8	353	1	managerial	managerial	ADJ
asfbr-8	353	2	ownership	ownership	NOUN
asfbr-8	353	3	dynamics	dynamic	NOUN
asfbr-8	353	4	and	and	CCONJ
asfbr-8	353	5	firm	firm	ADJ
asfbr-8	353	6	value	value	NOUN
asfbr-8	353	7	.	.	PUNCT
asfbr-8	354	1	journal	journal	NOUN
asfbr-8	354	2	of	of	ADP
asfbr-8	354	3	financial	financial	ADJ
asfbr-8	354	4	economics	economic	NOUN
asfbr-8	354	5	92(3	92(3	NOUN
asfbr-8	354	6	)	)	PUNCT
asfbr-8	354	7	,	,	PUNCT
asfbr-8	354	8	342	342	NUM
asfbr-8	354	9	-	-	SYM
asfbr-8	354	10	361	361	NUM
asfbr-8	354	11	.	.	PUNCT
asfbr-8	355	1	faulkender	faulkender	NOUN
asfbr-8	355	2	,	,	PUNCT
asfbr-8	355	3	m.	m.	NOUN
asfbr-8	355	4	,	,	PUNCT
asfbr-8	355	5	kadyrzhanova	kadyrzhanova	PROPN
asfbr-8	355	6	,	,	PUNCT
asfbr-8	355	7	d.	d.	PROPN
asfbr-8	355	8	,	,	PUNCT
asfbr-8	355	9	prabhala	prabhala	PROPN
asfbr-8	355	10	,	,	PUNCT
asfbr-8	355	11	n.	n.	NOUN
asfbr-8	355	12	,	,	PUNCT
asfbr-8	355	13	senbet	senbet	PROPN
asfbr-8	355	14	,	,	PUNCT
asfbr-8	355	15	l.	l.	PROPN
asfbr-8	355	16	,	,	PUNCT
asfbr-8	355	17	(	(	PUNCT
asfbr-8	355	18	2010	2010	NUM
asfbr-8	355	19	)	)	PUNCT
asfbr-8	355	20	.	.	PUNCT
asfbr-8	356	1	executive	executive	PROPN
asfbr-8	356	2	compensation	compensation	PROPN
asfbr-8	356	3	:	:	PUNCT
asfbr-8	356	4	an	an	DET
asfbr-8	356	5	overview	overview	NOUN
asfbr-8	356	6	of	of	ADP
asfbr-8	356	7	research	research	NOUN
asfbr-8	356	8	on	on	ADP
asfbr-8	356	9	corporate	corporate	ADJ
asfbr-8	356	10	practices	practice	NOUN
asfbr-8	356	11	and	and	CCONJ
asfbr-8	356	12	proposed	propose	VERB
asfbr-8	356	13	reforms	reform	NOUN
asfbr-8	356	14	.	.	PUNCT
asfbr-8	357	1	journal	journal	NOUN
asfbr-8	357	2	of	of	ADP
asfbr-8	357	3	applied	apply	VERB
asfbr-8	357	4	corporate	corporate	ADJ
asfbr-8	357	5	finance,22(12	finance,22(12	NOUN
asfbr-8	357	6	)	)	PUNCT
asfbr-8	357	7	,	,	PUNCT
asfbr-8	357	8	5487	5487	NUM
asfbr-8	357	9	.	.	PUNCT
asfbr-8	358	1	fenn	fenn	PROPN
asfbr-8	358	2	,	,	PUNCT
asfbr-8	358	3	g.	g.	PROPN
asfbr-8	358	4	w.	w.	PROPN
asfbr-8	358	5	,	,	PUNCT
asfbr-8	358	6	&	&	CCONJ
asfbr-8	358	7	liang	liang	PROPN
asfbr-8	358	8	,	,	PUNCT
asfbr-8	358	9	n.	n.	PROPN
asfbr-8	358	10	,	,	PUNCT
asfbr-8	358	11	(	(	PUNCT
asfbr-8	358	12	2001	2001	NUM
asfbr-8	358	13	)	)	PUNCT
asfbr-8	358	14	.	.	PUNCT
asfbr-8	359	1	corporate	corporate	ADJ
asfbr-8	359	2	payout	payout	NOUN
asfbr-8	359	3	policy	policy	NOUN
asfbr-8	359	4	and	and	CCONJ
asfbr-8	359	5	managerial	managerial	ADJ
asfbr-8	359	6	stock	stock	NOUN
asfbr-8	359	7	incentives	incentive	NOUN
asfbr-8	359	8	.	.	PUNCT
asfbr-8	360	1	journal	journal	NOUN
asfbr-8	360	2	of	of	ADP
asfbr-8	360	3	financial	financial	ADJ
asfbr-8	360	4	economics	economic	NOUN
asfbr-8	360	5	60(1	60(1	NUM
asfbr-8	360	6	)	)	PUNCT
asfbr-8	360	7	,	,	PUNCT
asfbr-8	360	8	45	45	NUM
asfbr-8	360	9	-	-	SYM
asfbr-8	360	10	72	72	NUM
asfbr-8	360	11	.	.	PUNCT
asfbr-8	361	1	frydman	frydman	PROPN
asfbr-8	361	2	,	,	PUNCT
asfbr-8	361	3	c.	c.	PROPN
asfbr-8	361	4	,	,	PUNCT
asfbr-8	361	5	&	&	CCONJ
asfbr-8	361	6	saks	saks	PROPN
asfbr-8	361	7	,	,	PUNCT
asfbr-8	361	8	r.	r.	PROPN
asfbr-8	361	9	e.	e.	PROPN
asfbr-8	361	10	(	(	PUNCT
asfbr-8	361	11	2010	2010	NUM
asfbr-8	361	12	)	)	PUNCT
asfbr-8	361	13	.	.	PUNCT
asfbr-8	362	1	executive	executive	PROPN
asfbr-8	362	2	compensation	compensation	PROPN
asfbr-8	362	3	:	:	PUNCT
asfbr-8	362	4	a	a	DET
asfbr-8	362	5	new	new	ADJ
asfbr-8	362	6	view	view	NOUN
asfbr-8	362	7	from	from	ADP
asfbr-8	362	8	a	a	DET
asfbr-8	362	9	long	long	ADJ
asfbr-8	362	10	-	-	PUNCT
asfbr-8	362	11	term	term	NOUN
asfbr-8	362	12	perspective	perspective	NOUN
asfbr-8	362	13	,	,	PUNCT
asfbr-8	362	14	1936–2005	1936–2005	NUM
asfbr-8	362	15	.	.	PUNCT
asfbr-8	363	1	review	review	NOUN
asfbr-8	363	2	of	of	ADP
asfbr-8	363	3	financial	financial	ADJ
asfbr-8	363	4	studies	study	NOUN
asfbr-8	363	5	,	,	PUNCT
asfbr-8	363	6	23(5	23(5	NUM
asfbr-8	363	7	)	)	PUNCT
asfbr-8	363	8	,	,	PUNCT
asfbr-8	363	9	2099–2138	2099–2138	NUM
asfbr-8	363	10	.	.	PUNCT
asfbr-8	363	11	guay	guay	PROPN
asfbr-8	363	12	,	,	PUNCT
asfbr-8	363	13	w.	w.	PROPN
asfbr-8	363	14	r.	r.	PROPN
asfbr-8	363	15	,	,	PUNCT
asfbr-8	363	16	(	(	PUNCT
asfbr-8	363	17	1999	1999	NUM
asfbr-8	363	18	)	)	PUNCT
asfbr-8	363	19	.	.	PUNCT
asfbr-8	364	1	the	the	DET
asfbr-8	364	2	sensitivity	sensitivity	NOUN
asfbr-8	364	3	of	of	ADP
asfbr-8	364	4	ceo	ceo	NOUN
asfbr-8	364	5	wealth	wealth	NOUN
asfbr-8	364	6	to	to	ADP
asfbr-8	364	7	equity	equity	NOUN
asfbr-8	364	8	risk	risk	NOUN
asfbr-8	364	9	:	:	PUNCT
asfbr-8	364	10	an	an	DET
asfbr-8	364	11	analysis	analysis	NOUN
asfbr-8	364	12	of	of	ADP
asfbr-8	364	13	the	the	DET
asfbr-8	364	14	magnitude	magnitude	NOUN
asfbr-8	364	15	and	and	CCONJ
asfbr-8	364	16	determinants	determinant	NOUN
asfbr-8	364	17	.	.	PUNCT
asfbr-8	365	1	journal	journal	NOUN
asfbr-8	365	2	of	of	ADP
asfbr-8	365	3	financial	financial	ADJ
asfbr-8	365	4	economics	economic	NOUN
asfbr-8	365	5	53(1	53(1	PROPN
asfbr-8	365	6	)	)	PUNCT
asfbr-8	365	7	,	,	PUNCT
asfbr-8	365	8	43	43	NUM
asfbr-8	365	9	-	-	SYM
asfbr-8	365	10	71	71	NUM
asfbr-8	365	11	.	.	PUNCT
asfbr-8	366	1	hall	hall	PROPN
asfbr-8	366	2	,	,	PUNCT
asfbr-8	366	3	b.	b.	PROPN
asfbr-8	366	4	j.	j.	PROPN
asfbr-8	366	5	,	,	PUNCT
asfbr-8	366	6	&	&	CCONJ
asfbr-8	366	7	liebman	liebman	PROPN
asfbr-8	366	8	,	,	PUNCT
asfbr-8	366	9	j.	j.	PROPN
asfbr-8	366	10	b.	b.	PROPN
asfbr-8	366	11	,	,	PUNCT
asfbr-8	366	12	(	(	PUNCT
asfbr-8	366	13	1998	1998	NUM
asfbr-8	366	14	)	)	PUNCT
asfbr-8	366	15	.	.	PUNCT
asfbr-8	367	1	are	be	AUX
asfbr-8	367	2	ceos	ceos	PROPN
asfbr-8	367	3	really	really	ADV
asfbr-8	367	4	paid	pay	VERB
asfbr-8	367	5	like	like	ADP
asfbr-8	367	6	bureaucrats	bureaucrat	NOUN
asfbr-8	367	7	?	?	PUNCT
asfbr-8	368	1	the	the	DET
asfbr-8	368	2	quarterly	quarterly	ADJ
asfbr-8	368	3	journal	journal	NOUN
asfbr-8	368	4	of	of	ADP
asfbr-8	368	5	economics	economic	NOUN
asfbr-8	368	6	113(3	113(3	NUM
asfbr-8	368	7	)	)	PUNCT
asfbr-8	368	8	,	,	PUNCT
asfbr-8	368	9	653	653	NUM
asfbr-8	368	10	-	-	SYM
asfbr-8	368	11	691	691	NUM
asfbr-8	368	12	.	.	PUNCT
asfbr-8	369	1	hayes	hayes	PROPN
asfbr-8	369	2	,	,	PUNCT
asfbr-8	369	3	r.	r.	PROPN
asfbr-8	369	4	m	m	PROPN
asfbr-8	369	5	,	,	PUNCT
asfbr-8	369	6	lemmon	lemmon	PROPN
asfbr-8	369	7	,	,	PUNCT
asfbr-8	369	8	m.	m.	NOUN
asfbr-8	369	9	,	,	PUNCT
asfbr-8	369	10	&	&	CCONJ
asfbr-8	369	11	qiu	qiu	PROPN
asfbr-8	369	12	,	,	PUNCT
asfbr-8	369	13	m.	m.	NOUN
asfbr-8	369	14	,	,	PUNCT
asfbr-8	369	15	(	(	PUNCT
asfbr-8	369	16	2012	2012	NUM
asfbr-8	369	17	)	)	PUNCT
asfbr-8	369	18	.	.	PUNCT
asfbr-8	370	1	stock	stock	NOUN
asfbr-8	370	2	options	option	NOUN
asfbr-8	370	3	and	and	CCONJ
asfbr-8	370	4	managerial	managerial	ADJ
asfbr-8	370	5	incentives	incentive	NOUN
asfbr-8	370	6	for	for	ADP
asfbr-8	370	7	risk	risk	NOUN
asfbr-8	370	8	taking	taking	NOUN
asfbr-8	370	9	:	:	PUNCT
asfbr-8	370	10	evidence	evidence	NOUN
asfbr-8	370	11	from	from	ADP
asfbr-8	370	12	fas	fas	PROPN
asfbr-8	370	13	123r	123r	PROPN
asfbr-8	370	14	.	.	PUNCT
asfbr-8	371	1	journal	journal	NOUN
asfbr-8	371	2	of	of	ADP
asfbr-8	371	3	financial	financial	ADJ
asfbr-8	371	4	economics	economic	NOUN
asfbr-8	371	5	105(1	105(1	NUM
asfbr-8	371	6	)	)	PUNCT
asfbr-8	371	7	,	,	PUNCT
asfbr-8	371	8	174	174	NUM
asfbr-8	371	9	-	-	SYM
asfbr-8	371	10	190	190	NUM
asfbr-8	371	11	.	.	PUNCT
asfbr-8	372	1	healy	healy	PROPN
asfbr-8	372	2	,	,	PUNCT
asfbr-8	372	3	p.	p.	NOUN
asfbr-8	372	4	m.	m.	NOUN
asfbr-8	372	5	,	,	PUNCT
asfbr-8	372	6	&	&	CCONJ
asfbr-8	372	7	palepu	palepu	PROPN
asfbr-8	372	8	,	,	PUNCT
asfbr-8	372	9	k.	k.	PROPN
asfbr-8	372	10	g.	g.	PROPN
asfbr-8	372	11	(	(	PUNCT
asfbr-8	372	12	2001	2001	NUM
asfbr-8	372	13	)	)	PUNCT
asfbr-8	372	14	.	.	PUNCT
asfbr-8	373	1	information	information	NOUN
asfbr-8	373	2	asymmetry	asymmetry	NOUN
asfbr-8	373	3	,	,	PUNCT
asfbr-8	373	4	corporate	corporate	ADJ
asfbr-8	373	5	disclosure	disclosure	NOUN
asfbr-8	373	6	,	,	PUNCT
asfbr-8	373	7	and	and	CCONJ
asfbr-8	373	8	the	the	DET
asfbr-8	373	9	capital	capital	NOUN
asfbr-8	373	10	markets	market	NOUN
asfbr-8	373	11	:	:	PUNCT
asfbr-8	373	12	a	a	DET
asfbr-8	373	13	review	review	NOUN
asfbr-8	373	14	of	of	ADP
asfbr-8	373	15	the	the	DET
asfbr-8	373	16	empirical	empirical	ADJ
asfbr-8	373	17	disclosure	disclosure	NOUN
asfbr-8	373	18	literature	literature	NOUN
asfbr-8	373	19	.	.	PUNCT
asfbr-8	374	1	journal	journal	PROPN
asfbr-8	374	2	of	of	ADP
asfbr-8	374	3	accounting	accounting	NOUN
asfbr-8	374	4	and	and	CCONJ
asfbr-8	374	5	economics	economic	NOUN
asfbr-8	374	6	,	,	PUNCT
asfbr-8	374	7	31(1–3	31(1–3	PROPN
asfbr-8	374	8	)	)	PUNCT
asfbr-8	374	9	,	,	PUNCT
asfbr-8	374	10	405–440	405–440	NUM
asfbr-8	374	11	.	.	PUNCT
asfbr-8	375	1	himmelberg	himmelberg	PROPN
asfbr-8	375	2	,	,	PUNCT
asfbr-8	375	3	c.	c.	PROPN
asfbr-8	375	4	p	p	PROPN
asfbr-8	375	5	,	,	PUNCT
asfbr-8	375	6	hubbard	hubbard	PROPN
asfbr-8	375	7	,	,	PUNCT
asfbr-8	375	8	r.	r.	PROPN
asfbr-8	375	9	g.	g.	PROPN
asfbr-8	375	10	,	,	PUNCT
asfbr-8	375	11	&	&	CCONJ
asfbr-8	375	12	palia	palia	PROPN
asfbr-8	375	13	,	,	PUNCT
asfbr-8	375	14	d.	d.	PROPN
asfbr-8	375	15	(	(	PUNCT
asfbr-8	375	16	1999	1999	NUM
asfbr-8	375	17	)	)	PUNCT
asfbr-8	375	18	.	.	PUNCT
asfbr-8	376	1	understanding	understand	VERB
asfbr-8	376	2	the	the	DET
asfbr-8	376	3	determinants	determinant	NOUN
asfbr-8	376	4	of	of	ADP
asfbr-8	376	5	managerial	managerial	ADJ
asfbr-8	376	6	ownership	ownership	NOUN
asfbr-8	376	7	and	and	CCONJ
asfbr-8	376	8	the	the	DET
asfbr-8	376	9	link	link	NOUN
asfbr-8	376	10	between	between	ADP
asfbr-8	376	11	ownership	ownership	NOUN
asfbr-8	376	12	and	and	CCONJ
asfbr-8	376	13	performance	performance	NOUN
asfbr-8	376	14	.	.	PUNCT
asfbr-8	377	1	journal	journal	NOUN
asfbr-8	377	2	of	of	ADP
asfbr-8	377	3	financial	financial	ADJ
asfbr-8	377	4	economics	economic	NOUN
asfbr-8	377	5	53(3	53(3	NUM
asfbr-8	377	6	)	)	PUNCT
asfbr-8	377	7	,	,	PUNCT
asfbr-8	377	8	353	353	NUM
asfbr-8	377	9	-	-	SYM
asfbr-8	377	10	384	384	NUM
asfbr-8	377	11	.	.	PUNCT
asfbr-8	378	1	jensen	jensen	PROPN
asfbr-8	378	2	,	,	PUNCT
asfbr-8	378	3	m.c	m.c	PROPN
asfbr-8	378	4	.	.	PROPN
asfbr-8	378	5	,	,	PUNCT
asfbr-8	378	6	&	&	CCONJ
asfbr-8	378	7	murphy	murphy	PROPN
asfbr-8	378	8	,	,	PUNCT
asfbr-8	378	9	w.	w.	PROPN
asfbr-8	378	10	,	,	PUNCT
asfbr-8	378	11	(	(	PUNCT
asfbr-8	378	12	1990	1990	NUM
asfbr-8	378	13	)	)	PUNCT
asfbr-8	378	14	.	.	PUNCT
asfbr-8	379	1	ceo	ceo	NOUN
asfbr-8	379	2	incentivesit	incentivesit	NOUN
asfbr-8	379	3	is	be	AUX
asfbr-8	379	4	not	not	PART
asfbr-8	379	5	how	how	SCONJ
asfbr-8	379	6	much	much	ADJ
asfbr-8	379	7	you	you	PRON
asfbr-8	379	8	pay	pay	VERB
asfbr-8	379	9	,	,	PUNCT
asfbr-8	379	10	but	but	CCONJ
asfbr-8	379	11	how	how	SCONJ
asfbr-8	379	12	.	.	PUNCT
asfbr-8	380	1	journal	journal	NOUN
asfbr-8	380	2	of	of	ADP
asfbr-8	380	3	applied	apply	VERB
asfbr-8	380	4	corporate	corporate	ADJ
asfbr-8	380	5	finance	finance	NOUN
asfbr-8	380	6	,	,	PUNCT
asfbr-8	380	7	22	22	NUM
asfbr-8	380	8	(	(	PUNCT
asfbr-8	380	9	1	1	NUM
asfbr-8	380	10	)	)	PUNCT
asfbr-8	380	11	,	,	PUNCT
asfbr-8	380	12	64	64	NUM
asfbr-8	380	13	-	-	SYM
asfbr-8	380	14	76	76	NUM
asfbr-8	380	15	.	.	PUNCT
asfbr-8	381	1	jensen	jensen	PROPN
asfbr-8	381	2	,	,	PUNCT
asfbr-8	381	3	m.	m.	PROPN
asfbr-8	381	4	c	c	PROPN
asfbr-8	381	5	&	&	CCONJ
asfbr-8	381	6	meckling	meckling	PROPN
asfbr-8	381	7	,	,	PUNCT
asfbr-8	381	8	w.	w.	PROPN
asfbr-8	381	9	h.	h.	PROPN
asfbr-8	381	10	,	,	PUNCT
asfbr-8	381	11	(	(	PUNCT
asfbr-8	381	12	1976	1976	NUM
asfbr-8	381	13	)	)	PUNCT
asfbr-8	381	14	.	.	PUNCT
asfbr-8	382	1	theory	theory	NOUN
asfbr-8	382	2	of	of	ADP
asfbr-8	382	3	the	the	DET
asfbr-8	382	4	firm	firm	NOUN
asfbr-8	382	5	:	:	PUNCT
asfbr-8	382	6	managerial	managerial	ADJ
asfbr-8	382	7	behavior	behavior	NOUN
asfbr-8	382	8	,	,	PUNCT
asfbr-8	382	9	agency	agency	NOUN
asfbr-8	382	10	costs	cost	NOUN
asfbr-8	382	11	and	and	CCONJ
asfbr-8	382	12	ownership	ownership	NOUN
asfbr-8	382	13	structure	structure	NOUN
asfbr-8	382	14	.	.	PUNCT
asfbr-8	383	1	journal	journal	NOUN
asfbr-8	383	2	of	of	ADP
asfbr-8	383	3	financial	financial	ADJ
asfbr-8	383	4	economics	economic	NOUN
asfbr-8	383	5	3(4	3(4	NUM
asfbr-8	383	6	)	)	PUNCT
asfbr-8	383	7	,	,	PUNCT
asfbr-8	383	8	305	305	NUM
asfbr-8	383	9	-	-	SYM
asfbr-8	383	10	360	360	NUM
asfbr-8	383	11	.	.	PUNCT
asfbr-8	384	1	jensen	jensen	PROPN
asfbr-8	384	2	,	,	PUNCT
asfbr-8	384	3	m.	m.	PROPN
asfbr-8	384	4	c.	c.	PROPN
asfbr-8	384	5	,	,	PUNCT
asfbr-8	384	6	(	(	PUNCT
asfbr-8	384	7	1986	1986	NUM
asfbr-8	384	8	)	)	PUNCT
asfbr-8	384	9	.	.	PUNCT
asfbr-8	385	1	agency	agency	NOUN
asfbr-8	385	2	costs	cost	NOUN
asfbr-8	385	3	of	of	ADP
asfbr-8	385	4	free	free	ADJ
asfbr-8	385	5	cash	cash	NOUN
asfbr-8	385	6	flow	flow	NOUN
asfbr-8	385	7	,	,	PUNCT
asfbr-8	385	8	corporate	corporate	ADJ
asfbr-8	385	9	finance	finance	NOUN
asfbr-8	385	10	,	,	PUNCT
asfbr-8	385	11	and	and	CCONJ
asfbr-8	385	12	takeovers	takeover	NOUN
asfbr-8	385	13	.	.	PUNCT
asfbr-8	386	1	american	american	ADJ
asfbr-8	386	2	economic	economic	PROPN
asfbr-8	386	3	review	review	PROPN
asfbr-8	386	4	76(2	76(2	NUM
asfbr-8	386	5	)	)	PUNCT
asfbr-8	386	6	,	,	PUNCT
asfbr-8	386	7	323	323	NUM
asfbr-8	386	8	-	-	SYM
asfbr-8	386	9	329	329	NUM
asfbr-8	386	10	.	.	PUNCT
asfbr-8	387	1	johnston	johnston	PROPN
asfbr-8	387	2	,	,	PUNCT
asfbr-8	387	3	d.	d.	PROPN
asfbr-8	387	4	(	(	PUNCT
asfbr-8	387	5	2006	2006	NUM
asfbr-8	387	6	)	)	PUNCT
asfbr-8	387	7	.	.	PUNCT
asfbr-8	388	1	managing	manage	VERB
asfbr-8	388	2	stock	stock	NOUN
asfbr-8	388	3	option	option	NOUN
asfbr-8	388	4	expense	expense	NOUN
asfbr-8	388	5	:	:	PUNCT
asfbr-8	388	6	the	the	DET
asfbr-8	388	7	manipulation	manipulation	NOUN
asfbr-8	388	8	of	of	ADP
asfbr-8	388	9	option	option	NOUN
asfbr-8	388	10	-	-	PUNCT
asfbr-8	388	11	pricing	pricing	NOUN
asfbr-8	388	12	model	model	NOUN
asfbr-8	388	13	assumptions	assumption	NOUN
asfbr-8	388	14	.	.	PUNCT
asfbr-8	389	1	contemporary	contemporary	ADJ
asfbr-8	389	2	accounting	accounting	PROPN
asfbr-8	389	3	research	research	NOUN
asfbr-8	389	4	23(2	23(2	PROPN
asfbr-8	389	5	)	)	PUNCT
asfbr-8	389	6	,	,	PUNCT
asfbr-8	389	7	395	395	NUM
asfbr-8	389	8	-	-	SYM
asfbr-8	389	9	425	425	NUM
asfbr-8	389	10	.	.	PUNCT
asfbr-8	390	1	kahle	kahle	NOUN
asfbr-8	390	2	,	,	PUNCT
asfbr-8	390	3	k.m	k.m	PROPN
asfbr-8	390	4	.	.	PROPN
asfbr-8	390	5	,	,	PUNCT
asfbr-8	390	6	(	(	PUNCT
asfbr-8	390	7	2002	2002	NUM
asfbr-8	390	8	)	)	PUNCT
asfbr-8	390	9	.	.	PUNCT
asfbr-8	391	1	when	when	SCONJ
asfbr-8	391	2	a	a	DET
asfbr-8	391	3	buy	buy	NOUN
asfbr-8	391	4	back	back	ADV
asfbr-8	391	5	is	be	AUX
asfbr-8	391	6	n’t	not	PART
asfbr-8	391	7	a	a	DET
asfbr-8	391	8	buyback	buyback	NOUN
asfbr-8	391	9	:	:	PUNCT
asfbr-8	391	10	open	open	ADJ
asfbr-8	391	11	market	market	NOUN
asfbr-8	391	12	repurchases	repurchase	NOUN
asfbr-8	391	13	and	and	CCONJ
asfbr-8	391	14	employee	employee	NOUN
asfbr-8	391	15	options	option	NOUN
asfbr-8	391	16	.	.	PUNCT
asfbr-8	392	1	journal	journal	NOUN
asfbr-8	392	2	of	of	ADP
asfbr-8	392	3	financial	financial	ADJ
asfbr-8	392	4	economics	economic	NOUN
asfbr-8	392	5	63(2	63(2	PROPN
asfbr-8	392	6	)	)	PUNCT
asfbr-8	392	7	,	,	PUNCT
asfbr-8	392	8	235	235	NUM
asfbr-8	392	9	-	-	SYM
asfbr-8	392	10	261	261	NUM
asfbr-8	392	11	.	.	PUNCT
asfbr-8	393	1	knopf	knopf	PROPN
asfbr-8	393	2	,	,	PUNCT
asfbr-8	393	3	j.d	j.d	PROPN
asfbr-8	393	4	.	.	PROPN
asfbr-8	393	5	,	,	PUNCT
asfbr-8	393	6	nam	nam	PROPN
asfbr-8	393	7	,	,	PUNCT
asfbr-8	393	8	j.	j.	PROPN
asfbr-8	393	9	,	,	PUNCT
asfbr-8	393	10	&	&	CCONJ
asfbr-8	393	11	thornton	thornton	PROPN
asfbr-8	393	12	,	,	PUNCT
asfbr-8	393	13	jr	jr	PROPN
asfbr-8	393	14	,	,	PUNCT
asfbr-8	393	15	j.	j.	PROPN
asfbr-8	393	16	h.	h.	PROPN
asfbr-8	393	17	(	(	PUNCT
asfbr-8	393	18	2002	2002	NUM
asfbr-8	393	19	)	)	PUNCT
asfbr-8	393	20	.	.	PUNCT
asfbr-8	394	1	the	the	DET
asfbr-8	394	2	volatility	volatility	NOUN
asfbr-8	394	3	and	and	CCONJ
asfbr-8	394	4	price	price	NOUN
asfbr-8	394	5	sensitivities	sensitivity	NOUN
asfbr-8	394	6	of	of	ADP
asfbr-8	394	7	managerial	managerial	ADJ
asfbr-8	394	8	stock	stock	NOUN
asfbr-8	394	9	option	option	NOUN
asfbr-8	394	10	portfolios	portfolio	NOUN
asfbr-8	394	11	and	and	CCONJ
asfbr-8	394	12	corporate	corporate	ADJ
asfbr-8	394	13	hedging	hedging	NOUN
asfbr-8	394	14	.	.	PUNCT
asfbr-8	395	1	the	the	DET
asfbr-8	395	2	journal	journal	NOUN
asfbr-8	395	3	of	of	ADP
asfbr-8	395	4	finance	finance	PROPN
asfbr-8	395	5	57(2	57(2	NUM
asfbr-8	395	6	)	)	PUNCT
asfbr-8	395	7	,	,	PUNCT
asfbr-8	395	8	801	801	NUM
asfbr-8	395	9	-	-	NUM
asfbr-8	395	10	813	813	NUM
asfbr-8	395	11	.	.	PUNCT
asfbr-8	396	1	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	PROPN
asfbr-8	396	2	asian	asian	PROPN
asfbr-8	396	3	finance	finance	PROPN
asfbr-8	396	4	&	&	CCONJ
asfbr-8	396	5	banking	banking	PROPN
asfbr-8	396	6	review	review	PROPN
asfbr-8	396	7	vol	vol	NOUN
asfbr-8	396	8	.	.	PROPN
asfbr-8	397	1	2	2	NUM
asfbr-8	397	2	,	,	PUNCT
asfbr-8	397	3	no	no	INTJ
asfbr-8	397	4	.	.	NOUN
asfbr-8	397	5	1	1	NUM
asfbr-8	397	6	;	;	PUNCT
asfbr-8	397	7	2018	2018	NUM
asfbr-8	397	8	29	29	NUM
asfbr-8	397	9	lewellen	lewellen	NOUN
asfbr-8	397	10	,	,	PUNCT
asfbr-8	397	11	k.	k.	PROPN
asfbr-8	397	12	,	,	PUNCT
asfbr-8	397	13	(	(	PUNCT
asfbr-8	397	14	2006	2006	NUM
asfbr-8	397	15	)	)	PUNCT
asfbr-8	398	1	.financing	.finance	VERB
asfbr-8	398	2	decisions	decision	NOUN
asfbr-8	398	3	when	when	SCONJ
asfbr-8	398	4	managers	manager	NOUN
asfbr-8	398	5	are	be	AUX
asfbr-8	398	6	risk	risk	NOUN
asfbr-8	398	7	averse	averse	ADJ
asfbr-8	398	8	.	.	PUNCT
asfbr-8	399	1	journal	journal	NOUN
asfbr-8	399	2	of	of	ADP
asfbr-8	399	3	financial	financial	ADJ
asfbr-8	399	4	economics	economic	NOUN
asfbr-8	399	5	82(3),551	82(3),551	NUM
asfbr-8	399	6	-	-	SYM
asfbr-8	399	7	589	589	NUM
asfbr-8	399	8	.	.	PUNCT
asfbr-8	400	1	low	low	ADJ
asfbr-8	400	2	,	,	PUNCT
asfbr-8	400	3	a.	a.	NOUN
asfbr-8	400	4	(	(	PUNCT
asfbr-8	400	5	2009	2009	NUM
asfbr-8	400	6	)	)	PUNCT
asfbr-8	400	7	.	.	PUNCT
asfbr-8	401	1	managerial	managerial	ADJ
asfbr-8	401	2	risk	risk	NOUN
asfbr-8	401	3	-	-	PUNCT
asfbr-8	401	4	taking	take	VERB
asfbr-8	401	5	behavior	behavior	NOUN
asfbr-8	401	6	and	and	CCONJ
asfbr-8	401	7	equity	equity	NOUN
asfbr-8	401	8	-	-	PUNCT
asfbr-8	401	9	based	base	VERB
asfbr-8	401	10	compensation	compensation	NOUN
asfbr-8	401	11	.	.	PUNCT
asfbr-8	402	1	journal	journal	PROPN
asfbr-8	402	2	of	of	ADP
asfbr-8	402	3	financial	financial	ADJ
asfbr-8	402	4	economics	economic	NOUN
asfbr-8	402	5	92(3	92(3	NOUN
asfbr-8	402	6	)	)	PUNCT
asfbr-8	402	7	,	,	PUNCT
asfbr-8	402	8	470	470	NUM
asfbr-8	402	9	-	-	SYM
asfbr-8	402	10	490	490	NUM
asfbr-8	402	11	.	.	PUNCT
asfbr-8	403	1	mcconnell	mcconnell	PROPN
asfbr-8	403	2	,	,	PUNCT
asfbr-8	403	3	j.j	j.j	PROPN
asfbr-8	403	4	,	,	PUNCT
asfbr-8	403	5	servaes	servaes	PROPN
asfbr-8	403	6	,	,	PUNCT
asfbr-8	403	7	h.	h.	PROPN
asfbr-8	403	8	,	,	PUNCT
asfbr-8	403	9	&	&	CCONJ
asfbr-8	403	10	lins	lins	PROPN
asfbr-8	403	11	,	,	PUNCT
asfbr-8	403	12	k.	k.	PROPN
asfbr-8	404	1	v.	v.	PROPN
asfbr-8	404	2	,	,	PUNCT
asfbr-8	404	3	(	(	PUNCT
asfbr-8	404	4	2008	2008	NUM
asfbr-8	404	5	)	)	PUNCT
asfbr-8	404	6	.	.	PUNCT
asfbr-8	405	1	changes	change	NOUN
asfbr-8	405	2	in	in	ADP
asfbr-8	405	3	insider	insider	NOUN
asfbr-8	405	4	ownership	ownership	NOUN
asfbr-8	405	5	and	and	CCONJ
asfbr-8	405	6	changes	change	NOUN
asfbr-8	405	7	in	in	ADP
asfbr-8	405	8	the	the	DET
asfbr-8	405	9	market	market	NOUN
asfbr-8	405	10	value	value	NOUN
asfbr-8	405	11	of	of	ADP
asfbr-8	405	12	the	the	DET
asfbr-8	405	13	firm	firm	NOUN
asfbr-8	405	14	.	.	PUNCT
asfbr-8	406	1	journal	journal	NOUN
asfbr-8	406	2	of	of	ADP
asfbr-8	406	3	corporate	corporate	ADJ
asfbr-8	406	4	finance	finance	NOUN
asfbr-8	406	5	14(2	14(2	NUM
asfbr-8	406	6	)	)	PUNCT
asfbr-8	406	7	,	,	PUNCT
asfbr-8	406	8	92	92	NUM
asfbr-8	406	9	-	-	SYM
asfbr-8	406	10	106	106	NUM
asfbr-8	406	11	.	.	PUNCT
asfbr-8	407	1	milgrom	milgrom	ADJ
asfbr-8	407	2	,	,	PUNCT
asfbr-8	407	3	p.	p.	PROPN
asfbr-8	407	4	r.	r.	PROPN
asfbr-8	407	5	,	,	PUNCT
asfbr-8	407	6	&	&	CCONJ
asfbr-8	407	7	roberts	roberts	PROPN
asfbr-8	407	8	,	,	PUNCT
asfbr-8	407	9	j.	j.	PROPN
asfbr-8	407	10	,	,	PUNCT
asfbr-8	407	11	(	(	PUNCT
asfbr-8	407	12	1992	1992	NUM
asfbr-8	407	13	)	)	PUNCT
asfbr-8	407	14	.	.	PUNCT
asfbr-8	408	1	economics	economic	NOUN
asfbr-8	408	2	,	,	PUNCT
asfbr-8	408	3	organization	organization	NOUN
asfbr-8	408	4	and	and	CCONJ
asfbr-8	408	5	management	management	NOUN
asfbr-8	408	6	,	,	PUNCT
asfbr-8	408	7	prentice	prentice	NOUN
asfbr-8	408	8	-	-	PUNCT
asfbr-8	408	9	hall	hall	NOUN
asfbr-8	408	10	englewood	englewood	PROPN
asfbr-8	408	11	cliffs	cliffs	PROPN
asfbr-8	408	12	,	,	PUNCT
asfbr-8	408	13	nj	nj	PROPN
asfbr-8	408	14	.	.	PUNCT
asfbr-8	408	15	nagar	nagar	PROPN
asfbr-8	408	16	,	,	PUNCT
asfbr-8	408	17	v.	v.	ADV
asfbr-8	408	18	,	,	PUNCT
asfbr-8	408	19	nanda	nanda	ADV
asfbr-8	408	20	,	,	PUNCT
asfbr-8	408	21	d.	d.	PROPN
asfbr-8	408	22	,	,	PUNCT
asfbr-8	408	23	&	&	CCONJ
asfbr-8	408	24	wysocki	wysocki	PROPN
asfbr-8	408	25	,	,	PUNCT
asfbr-8	408	26	p.	p.	NOUN
asfbr-8	408	27	(	(	PUNCT
asfbr-8	408	28	2003	2003	NUM
asfbr-8	408	29	)	)	PUNCT
asfbr-8	408	30	.	.	PUNCT
asfbr-8	409	1	discretionary	discretionary	ADJ
asfbr-8	409	2	disclosure	disclosure	NOUN
asfbr-8	409	3	and	and	CCONJ
asfbr-8	409	4	stock	stock	NOUN
asfbr-8	409	5	-	-	PUNCT
asfbr-8	409	6	based	base	VERB
asfbr-8	409	7	incentives	incentive	NOUN
asfbr-8	409	8	.	.	PUNCT
asfbr-8	410	1	journal	journal	NOUN
asfbr-8	410	2	of	of	ADP
asfbr-8	410	3	accounting	accounting	NOUN
asfbr-8	410	4	and	and	CCONJ
asfbr-8	410	5	economics	economic	NOUN
asfbr-8	410	6	,	,	PUNCT
asfbr-8	410	7	34	34	NUM
asfbr-8	410	8	,	,	PUNCT
asfbr-8	410	9	283–309	283–309	NUM
asfbr-8	410	10	.	.	PUNCT
asfbr-8	411	1	noe	noe	PROPN
asfbr-8	411	2	,	,	PUNCT
asfbr-8	411	3	c.	c.	PROPN
asfbr-8	411	4	f.	f.	PROPN
asfbr-8	411	5	(	(	PUNCT
asfbr-8	411	6	1999	1999	NUM
asfbr-8	411	7	)	)	PUNCT
asfbr-8	411	8	.	.	PUNCT
asfbr-8	412	1	voluntary	voluntary	ADJ
asfbr-8	412	2	disclosures	disclosure	NOUN
asfbr-8	412	3	and	and	CCONJ
asfbr-8	412	4	insider	insider	NOUN
asfbr-8	412	5	transactions	transaction	NOUN
asfbr-8	412	6	.	.	PUNCT
asfbr-8	413	1	journal	journal	NOUN
asfbr-8	413	2	of	of	ADP
asfbr-8	413	3	accounting	accounting	NOUN
asfbr-8	413	4	and	and	CCONJ
asfbr-8	413	5	economics	economic	NOUN
asfbr-8	413	6	,	,	PUNCT
asfbr-8	413	7	27(3	27(3	NUM
asfbr-8	413	8	)	)	PUNCT
asfbr-8	413	9	,	,	PUNCT
asfbr-8	413	10	305–326	305–326	NUM
asfbr-8	413	11	.	.	PUNCT
asfbr-8	414	1	peng	peng	PROPN
asfbr-8	414	2	and	and	CCONJ
asfbr-8	414	3	röell	röell	PROPN
asfbr-8	414	4	(	(	PUNCT
asfbr-8	414	5	2008	2008	NUM
asfbr-8	414	6	)	)	PUNCT
asfbr-8	414	7	.	.	PUNCT
asfbr-8	415	1	manipulation	manipulation	NOUN
asfbr-8	415	2	and	and	CCONJ
asfbr-8	415	3	equity	equity	NOUN
asfbr-8	415	4	-	-	PUNCT
asfbr-8	415	5	based	base	VERB
asfbr-8	415	6	compensation	compensation	NOUN
asfbr-8	415	7	.	.	PUNCT
asfbr-8	416	1	american	american	PROPN
asfbr-8	416	2	economic	economic	PROPN
asfbr-8	416	3	.	.	PUNCT
asfbr-8	417	1	98	98	NUM
asfbr-8	417	2	(	(	PUNCT
asfbr-8	417	3	2),285	2),285	NUM
asfbr-8	417	4	-	-	SYM
asfbr-8	417	5	290	290	NUM
asfbr-8	417	6	.	.	PUNCT
asfbr-8	418	1	rego	rego	PROPN
asfbr-8	418	2	,	,	PUNCT
asfbr-8	418	3	s.	s.	PROPN
asfbr-8	418	4	o.	o.	PROPN
asfbr-8	418	5	,	,	PUNCT
asfbr-8	418	6	&	&	CCONJ
asfbr-8	418	7	wilson	wilson	PROPN
asfbr-8	418	8	,	,	PUNCT
asfbr-8	418	9	r.	r.	PROPN
asfbr-8	418	10	,	,	PUNCT
asfbr-8	418	11	(	(	PUNCT
asfbr-8	418	12	2012	2012	NUM
asfbr-8	418	13	)	)	PUNCT
asfbr-8	418	14	.	.	PUNCT
asfbr-8	419	1	equity	equity	NOUN
asfbr-8	419	2	risk	risk	NOUN
asfbr-8	419	3	incentives	incentive	NOUN
asfbr-8	419	4	and	and	CCONJ
asfbr-8	419	5	corporate	corporate	ADJ
asfbr-8	419	6	tax	tax	NOUN
asfbr-8	419	7	aggressiveness	aggressiveness	NOUN
asfbr-8	419	8	.	.	PUNCT
asfbr-8	420	1	journal	journal	NOUN
asfbr-8	420	2	of	of	ADP
asfbr-8	420	3	accounting	accounting	NOUN
asfbr-8	420	4	research	research	NOUN
asfbr-8	420	5	50(3	50(3	NOUN
asfbr-8	420	6	)	)	PUNCT
asfbr-8	420	7	,	,	PUNCT
asfbr-8	420	8	775	775	NUM
asfbr-8	420	9	-	-	SYM
asfbr-8	420	10	810	810	NUM
asfbr-8	420	11	.	.	PUNCT
asfbr-8	421	1	rogers	rogers	PROPN
asfbr-8	421	2	,	,	PUNCT
asfbr-8	421	3	d.	d.	PROPN
asfbr-8	421	4	a.	a.	PROPN
asfbr-8	421	5	,	,	PUNCT
asfbr-8	421	6	(	(	PUNCT
asfbr-8	421	7	2002	2002	NUM
asfbr-8	421	8	)	)	PUNCT
asfbr-8	421	9	.	.	PUNCT
asfbr-8	422	1	does	do	AUX
asfbr-8	422	2	executive	executive	NOUN
asfbr-8	422	3	portfolio	portfolio	NOUN
asfbr-8	422	4	structure	structure	NOUN
asfbr-8	422	5	affect	affect	VERB
asfbr-8	422	6	risk	risk	NOUN
asfbr-8	422	7	management	management	NOUN
asfbr-8	422	8	?	?	PUNCT
asfbr-8	423	1	ceo	ceo	NOUN
asfbr-8	423	2	risktaking	risktake	VERB
asfbr-8	423	3	incentives	incentive	NOUN
asfbr-8	423	4	and	and	CCONJ
asfbr-8	423	5	corporate	corporate	ADJ
asfbr-8	423	6	derivatives	derivative	NOUN
asfbr-8	423	7	usage	usage	NOUN
asfbr-8	423	8	.	.	PUNCT
asfbr-8	424	1	journal	journal	NOUN
asfbr-8	424	2	of	of	ADP
asfbr-8	424	3	banking	banking	NOUN
asfbr-8	424	4	&	&	CCONJ
asfbr-8	424	5	finance	finance	PROPN
asfbr-8	424	6	26(2–3	26(2–3	PROPN
asfbr-8	424	7	)	)	PUNCT
asfbr-8	424	8	,	,	PUNCT
asfbr-8	424	9	271	271	NUM
asfbr-8	424	10	-	-	SYM
asfbr-8	424	11	295	295	NUM
asfbr-8	424	12	.	.	PUNCT
asfbr-8	425	1	ross	ross	PROPN
asfbr-8	425	2	,	,	PUNCT
asfbr-8	425	3	s.	s.	PROPN
asfbr-8	425	4	a.	a.	PROPN
asfbr-8	425	5	(	(	PUNCT
asfbr-8	425	6	2004	2004	NUM
asfbr-8	425	7	)	)	PUNCT
asfbr-8	425	8	.	.	PUNCT
asfbr-8	426	1	compensation	compensation	NOUN
asfbr-8	426	2	,	,	PUNCT
asfbr-8	426	3	incentives	incentive	NOUN
asfbr-8	426	4	,	,	PUNCT
asfbr-8	426	5	and	and	CCONJ
asfbr-8	426	6	the	the	DET
asfbr-8	426	7	duality	duality	NOUN
asfbr-8	426	8	of	of	ADP
asfbr-8	426	9	risk	risk	NOUN
asfbr-8	426	10	aversion	aversion	NOUN
asfbr-8	426	11	and	and	CCONJ
asfbr-8	426	12	riskiness	riskiness	NOUN
asfbr-8	426	13	.	.	PUNCT
asfbr-8	427	1	the	the	DET
asfbr-8	427	2	journal	journal	NOUN
asfbr-8	427	3	of	of	ADP
asfbr-8	427	4	finance	finance	NOUN
asfbr-8	427	5	59(1	59(1	NUM
asfbr-8	427	6	)	)	PUNCT
asfbr-8	427	7	,	,	PUNCT
asfbr-8	427	8	207	207	NUM
asfbr-8	427	9	-	-	SYM
asfbr-8	427	10	225	225	NUM
asfbr-8	427	11	.	.	PUNCT
asfbr-8	428	1	smith	smith	PROPN
asfbr-8	428	2	,	,	PUNCT
asfbr-8	428	3	c.	c.	PROPN
asfbr-8	428	4	,	,	PUNCT
asfbr-8	428	5	&	&	CCONJ
asfbr-8	428	6	stulz	stulz	PROPN
asfbr-8	428	7	,	,	PUNCT
asfbr-8	428	8	r.	r.	PROPN
asfbr-8	428	9	,	,	PUNCT
asfbr-8	428	10	(	(	PUNCT
asfbr-8	428	11	1985	1985	NUM
asfbr-8	428	12	)	)	PUNCT
asfbr-8	428	13	.	.	PUNCT
asfbr-8	429	1	the	the	DET
asfbr-8	429	2	determinants	determinant	NOUN
asfbr-8	429	3	of	of	ADP
asfbr-8	429	4	firms	firm	NOUN
asfbr-8	429	5	'	'	PART
asfbr-8	429	6	hedging	hedging	NOUN
asfbr-8	429	7	policies	policy	NOUN
asfbr-8	429	8	.	.	PUNCT
asfbr-8	430	1	journal	journal	NOUN
asfbr-8	430	2	of	of	ADP
asfbr-8	430	3	financial	financial	ADJ
asfbr-8	430	4	and	and	CCONJ
asfbr-8	430	5	quantitative	quantitative	ADJ
asfbr-8	430	6	analysis	analysis	NOUN
asfbr-8	430	7	20(4	20(4	NOUN
asfbr-8	430	8	)	)	PUNCT
asfbr-8	430	9	,	,	PUNCT
asfbr-8	430	10	391	391	NUM
asfbr-8	430	11	-	-	SYM
asfbr-8	430	12	405	405	NUM
asfbr-8	430	13	.	.	PUNCT
asfbr-8	431	1	yermack	yermack	PROPN
asfbr-8	431	2	,	,	PUNCT
asfbr-8	431	3	d.	d.	PROPN
asfbr-8	431	4	,	,	PUNCT
asfbr-8	431	5	(	(	PUNCT
asfbr-8	431	6	1997	1997	NUM
asfbr-8	431	7	)	)	PUNCT
asfbr-8	431	8	.	.	PUNCT
asfbr-8	432	1	good	good	ADJ
asfbr-8	432	2	timing	timing	NOUN
asfbr-8	432	3	:	:	PUNCT
asfbr-8	432	4	ceo	ceo	NOUN
asfbr-8	432	5	stock	stock	NOUN
asfbr-8	432	6	option	option	NOUN
asfbr-8	432	7	awards	award	NOUN
asfbr-8	432	8	and	and	CCONJ
asfbr-8	432	9	company	company	NOUN
asfbr-8	432	10	news	news	NOUN
asfbr-8	432	11	announcements	announcement	NOUN
asfbr-8	432	12	.	.	PUNCT
asfbr-8	433	1	journal	journal	NOUN
asfbr-8	433	2	of	of	ADP
asfbr-8	433	3	finance,30(2	finance,30(2	PROPN
asfbr-8	433	4	)	)	PUNCT
asfbr-8	433	5	,	,	PUNCT
asfbr-8	433	6	401	401	NUM
asfbr-8	433	7	-	-	SYM
asfbr-8	433	8	423	423	NUM
asfbr-8	433	9	.	.	PUNCT
asfbr-8	434	1	zhou	zhou	PROPN
asfbr-8	434	2	,	,	PUNCT
asfbr-8	434	3	x	x	PROPN
asfbr-8	434	4	.,(2001	.,(2001	NOUN
asfbr-8	434	5	)	)	PUNCT
asfbr-8	434	6	.	.	PUNCT
asfbr-8	435	1	understanding	understand	VERB
asfbr-8	435	2	the	the	DET
asfbr-8	435	3	determinants	determinant	NOUN
asfbr-8	435	4	of	of	ADP
asfbr-8	435	5	managerial	managerial	ADJ
asfbr-8	435	6	ownership	ownership	NOUN
asfbr-8	435	7	and	and	CCONJ
asfbr-8	435	8	the	the	DET
asfbr-8	435	9	link	link	NOUN
asfbr-8	435	10	between	between	ADP
asfbr-8	435	11	ownership	ownership	NOUN
asfbr-8	435	12	and	and	CCONJ
asfbr-8	435	13	performance	performance	NOUN
asfbr-8	435	14	:	:	PUNCT
asfbr-8	435	15	comment	comment	NOUN
asfbr-8	435	16	.	.	PUNCT
asfbr-8	436	1	journal	journal	NOUN
asfbr-8	436	2	of	of	ADP
asfbr-8	436	3	financial	financial	ADJ
asfbr-8	436	4	economics	economic	NOUN
asfbr-8	436	5	62(3	62(3	NOUN
asfbr-8	436	6	)	)	PUNCT
asfbr-8	436	7	,	,	PUNCT
asfbr-8	436	8	559	559	NUM
asfbr-8	436	9	-	-	SYM
asfbr-8	436	10	571	571	NUM
asfbr-8	436	11	.	.	PUNCT
asfbr-8	437	1	copyrights	copyright	VERB
asfbr-8	437	2	copyright	copyright	NOUN
asfbr-8	437	3	for	for	ADP
asfbr-8	437	4	this	this	DET
asfbr-8	437	5	article	article	NOUN
asfbr-8	437	6	is	be	AUX
asfbr-8	437	7	retained	retain	VERB
asfbr-8	437	8	by	by	ADP
asfbr-8	437	9	the	the	DET
asfbr-8	437	10	author(s	author(s	PROPN
asfbr-8	437	11	)	)	PUNCT
asfbr-8	437	12	,	,	PUNCT
asfbr-8	437	13	with	with	ADP
asfbr-8	437	14	first	first	ADJ
asfbr-8	437	15	publication	publication	NOUN
asfbr-8	437	16	rights	right	NOUN
asfbr-8	437	17	granted	grant	VERB
asfbr-8	437	18	to	to	ADP
asfbr-8	437	19	the	the	DET
asfbr-8	437	20	journal	journal	NOUN
asfbr-8	437	21	.	.	PUNCT
asfbr-8	438	1	this	this	PRON
asfbr-8	438	2	is	be	AUX
asfbr-8	438	3	an	an	DET
asfbr-8	438	4	open	open	ADJ
asfbr-8	438	5	-	-	PUNCT
asfbr-8	438	6	access	access	NOUN
asfbr-8	438	7	article	article	NOUN
asfbr-8	438	8	distributed	distribute	VERB
asfbr-8	438	9	under	under	ADP
asfbr-8	438	10	the	the	DET
asfbr-8	438	11	terms	term	NOUN
asfbr-8	438	12	and	and	CCONJ
asfbr-8	438	13	conditions	condition	NOUN
asfbr-8	438	14	of	of	ADP
asfbr-8	438	15	the	the	DET
asfbr-8	438	16	creative	creative	ADJ
asfbr-8	438	17	commons	common	NOUN
asfbr-8	438	18	attribution	attribution	NOUN
asfbr-8	438	19	license	license	NOUN
asfbr-8	438	20	(	(	PUNCT
asfbr-8	438	21	http://creativecommons.org/licenses/by/4.0/	http://creativecommons.org/licenses/by/4.0/	PROPN
asfbr-8	438	22	)	)	PUNCT