id	sid	tid	token	lemma	pos
ajfa-10878	1	1	microsoft	microsoft	PROPN
ajfa-10878	1	2	word	word	NOUN
ajfa-10878	1	3	10878	10878	NUM
ajfa-10878	1	4	-	-	SYM
ajfa-10878	1	5	40131	40131	NUM
ajfa-10878	1	6	-	-	PUNCT
ajfa-10878	1	7	2	2	NUM
ajfa-10878	1	8	-	-	PUNCT
ajfa-10878	1	9	sm	sm	NOUN
ajfa-10878	1	10	-	-	PUNCT
ajfa-10878	1	11	writer2	writer2	VERB
ajfa-10878	1	12	-	-	ADJ
ajfa-10878	1	13	new	new	ADJ
ajfa-10878	1	14	asian	asian	ADJ
ajfa-10878	1	15	journal	journal	NOUN
ajfa-10878	1	16	of	of	ADP
ajfa-10878	1	17	finance	finance	PROPN
ajfa-10878	1	18	&	&	CCONJ
ajfa-10878	1	19	accounting	accounting	PROPN
ajfa-10878	1	20	issn	issn	PROPN
ajfa-10878	1	21	1946	1946	NUM
ajfa-10878	1	22	-	-	PUNCT
ajfa-10878	1	23	052x	052x	PROPN
ajfa-10878	1	24	2017	2017	NUM
ajfa-10878	1	25	,	,	PUNCT
ajfa-10878	1	26	vol	vol	NOUN
ajfa-10878	1	27	.	.	NOUN
ajfa-10878	1	28	9	9	NUM
ajfa-10878	1	29	,	,	PUNCT
ajfa-10878	1	30	no	no	INTJ
ajfa-10878	1	31	.	.	NOUN
ajfa-10878	1	32	1	1	NUM
ajfa-10878	1	33	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	1	34	192	192	NUM
ajfa-10878	1	35	ownership	ownership	NOUN
ajfa-10878	1	36	patterns	pattern	NOUN
ajfa-10878	1	37	and	and	CCONJ
ajfa-10878	1	38	control	control	NOUN
ajfa-10878	1	39	of	of	ADP
ajfa-10878	1	40	top	top	ADJ
ajfa-10878	1	41	100	100	NUM
ajfa-10878	1	42	turkish	turkish	ADJ
ajfa-10878	1	43	listed	list	VERB
ajfa-10878	1	44	companies	company	NOUN
ajfa-10878	1	45	aree	aree	PROPN
ajfa-10878	1	46	saeed	saeed	PROPN
ajfa-10878	1	47	mustafa	mustafa	PROPN
ajfa-10878	1	48	(	(	PUNCT
ajfa-10878	1	49	corresponding	corresponding	ADJ
ajfa-10878	1	50	author	author	NOUN
ajfa-10878	1	51	)	)	PUNCT
ajfa-10878	1	52	tunku	tunku	PROPN
ajfa-10878	1	53	puteri	puteri	PROPN
ajfa-10878	1	54	intan	intan	PROPN
ajfa-10878	1	55	safinaz	safinaz	VERB
ajfa-10878	1	56	school	school	NOUN
ajfa-10878	1	57	of	of	ADP
ajfa-10878	1	58	accountancy	accountancy	NOUN
ajfa-10878	1	59	universiti	universiti	PROPN
ajfa-10878	1	60	utara	utara	PROPN
ajfa-10878	1	61	malaysia	malaysia	PROPN
ajfa-10878	1	62	,	,	PUNCT
ajfa-10878	1	63	06010	06010	NUM
ajfa-10878	1	64	sintok	sintok	PROPN
ajfa-10878	1	65	,	,	PUNCT
ajfa-10878	1	66	kedah	kedah	PROPN
ajfa-10878	1	67	,	,	PUNCT
ajfa-10878	1	68	malaysia	malaysia	PROPN
ajfa-10878	1	69	tel	tel	PROPN
ajfa-10878	1	70	:	:	PUNCT
ajfa-10878	1	71	60	60	NUM
ajfa-10878	1	72	-	-	SYM
ajfa-10878	1	73	5	5	NUM
ajfa-10878	1	74	-	-	SYM
ajfa-10878	1	75	63	63	NUM
ajfa-10878	1	76	-	-	PUNCT
ajfa-10878	1	77	6344	6344	NUM
ajfa-10878	1	78	e	e	NOUN
ajfa-10878	1	79	-	-	NOUN
ajfa-10878	1	80	mail	mail	NOUN
ajfa-10878	1	81	:	:	PUNCT
ajfa-10878	1	82	areealamedi@gmail.com	areealamedi@gmail.com	X
ajfa-10878	1	83	ayoib	ayoib	PROPN
ajfa-10878	1	84	che	che	PROPN
ajfa-10878	1	85	-	-	ADJ
ajfa-10878	1	86	ahmad	ahmad	PROPN
ajfa-10878	1	87	tunku	tunku	PROPN
ajfa-10878	1	88	puteri	puteri	PROPN
ajfa-10878	1	89	intan	intan	PROPN
ajfa-10878	1	90	safinaz	safinaz	VERB
ajfa-10878	1	91	school	school	NOUN
ajfa-10878	1	92	of	of	ADP
ajfa-10878	1	93	accountancy	accountancy	NOUN
ajfa-10878	1	94	universiti	universiti	PROPN
ajfa-10878	1	95	utara	utara	PROPN
ajfa-10878	1	96	malaysia	malaysia	PROPN
ajfa-10878	1	97	,	,	PUNCT
ajfa-10878	1	98	06010	06010	NUM
ajfa-10878	1	99	sintok	sintok	PROPN
ajfa-10878	1	100	,	,	PUNCT
ajfa-10878	1	101	kedah	kedah	PROPN
ajfa-10878	1	102	,	,	PUNCT
ajfa-10878	1	103	malaysia	malaysia	PROPN
ajfa-10878	1	104	tel	tel	PROPN
ajfa-10878	1	105	:	:	PUNCT
ajfa-10878	1	106	60	60	NUM
ajfa-10878	1	107	-	-	SYM
ajfa-10878	1	108	4	4	NUM
ajfa-10878	1	109	-	-	NUM
ajfa-10878	1	110	928	928	NUM
ajfa-10878	1	111	-	-	SYM
ajfa-10878	1	112	4770	4770	NUM
ajfa-10878	1	113	e	e	NOUN
ajfa-10878	1	114	-	-	NOUN
ajfa-10878	1	115	mail	mail	NOUN
ajfa-10878	1	116	:	:	PUNCT
ajfa-10878	1	117	ayoib@uum.edu.my	ayoib@uum.edu.my	PROPN
ajfa-10878	1	118	sitraselvi	sitraselvi	NOUN
ajfa-10878	1	119	a	a	DET
ajfa-10878	1	120	/	/	SYM
ajfa-10878	1	121	p	p	NOUN
ajfa-10878	1	122	chandren	chandren	PROPN
ajfa-10878	1	123	tunku	tunku	PROPN
ajfa-10878	1	124	puteri	puteri	PROPN
ajfa-10878	1	125	intan	intan	PROPN
ajfa-10878	1	126	safinaz	safinaz	VERB
ajfa-10878	1	127	school	school	NOUN
ajfa-10878	1	128	of	of	ADP
ajfa-10878	1	129	accountancy	accountancy	NOUN
ajfa-10878	1	130	universiti	universiti	PROPN
ajfa-10878	1	131	utara	utara	PROPN
ajfa-10878	1	132	malaysia	malaysia	PROPN
ajfa-10878	1	133	,	,	PUNCT
ajfa-10878	1	134	06010	06010	NUM
ajfa-10878	1	135	sintok	sintok	PROPN
ajfa-10878	1	136	,	,	PUNCT
ajfa-10878	1	137	kedah	kedah	PROPN
ajfa-10878	1	138	,	,	PUNCT
ajfa-10878	1	139	malaysia	malaysia	PROPN
ajfa-10878	1	140	tel	tel	PROPN
ajfa-10878	1	141	:	:	PUNCT
ajfa-10878	1	142	60	60	NUM
ajfa-10878	1	143	-	-	SYM
ajfa-10878	1	144	4	4	NUM
ajfa-10878	1	145	-	-	NUM
ajfa-10878	1	146	928	928	NUM
ajfa-10878	1	147	-	-	SYM
ajfa-10878	1	148	7328	7328	NUM
ajfa-10878	1	149	e	e	NOUN
ajfa-10878	1	150	-	-	NOUN
ajfa-10878	1	151	mail	mail	NOUN
ajfa-10878	1	152	:	:	PUNCT
ajfa-10878	1	153	sitraselvi@uum.edu.my	sitraselvi@uum.edu.my	PROPN
ajfa-10878	1	154	received	receive	VERB
ajfa-10878	1	155	:	:	PUNCT
ajfa-10878	1	156	feb.2	feb.2	PROPN
ajfa-10878	1	157	,	,	PUNCT
ajfa-10878	1	158	2017	2017	NUM
ajfa-10878	1	159	accepted	accept	VERB
ajfa-10878	1	160	:	:	PUNCT
ajfa-10878	1	161	march	march	PROPN
ajfa-10878	1	162	14	14	NUM
ajfa-10878	1	163	,	,	PUNCT
ajfa-10878	1	164	2017	2017	NUM
ajfa-10878	1	165	published	publish	VERB
ajfa-10878	1	166	:	:	PUNCT
ajfa-10878	1	167	june	june	PROPN
ajfa-10878	1	168	1	1	NUM
ajfa-10878	1	169	,	,	PUNCT
ajfa-10878	1	170	2017	2017	NUM
ajfa-10878	1	171	doi:10.5296	doi:10.5296	NOUN
ajfa-10878	1	172	/	/	SYM
ajfa-10878	1	173	ajfa.v9i1.10878	ajfa.v9i1.10878	CCONJ
ajfa-10878	1	174	url	url	PROPN
ajfa-10878	1	175	:	:	PUNCT
ajfa-10878	1	176	http://dx.doi.org/10.5296/ajfa.v9i1.10878	http://dx.doi.org/10.5296/ajfa.v9i1.10878	ADJ
ajfa-10878	1	177	abstract	abstract	NOUN
ajfa-10878	1	178	this	this	DET
ajfa-10878	1	179	study	study	NOUN
ajfa-10878	1	180	aims	aim	VERB
ajfa-10878	1	181	to	to	PART
ajfa-10878	1	182	highlight	highlight	VERB
ajfa-10878	1	183	the	the	DET
ajfa-10878	1	184	importance	importance	NOUN
ajfa-10878	1	185	of	of	ADP
ajfa-10878	1	186	protecting	protect	VERB
ajfa-10878	1	187	investors	investor	NOUN
ajfa-10878	1	188	’	’	PART
ajfa-10878	1	189	rights	right	NOUN
ajfa-10878	1	190	,	,	PUNCT
ajfa-10878	1	191	and	and	CCONJ
ajfa-10878	1	192	particularly	particularly	ADV
ajfa-10878	1	193	those	those	PRON
ajfa-10878	1	194	of	of	ADP
ajfa-10878	1	195	minority	minority	NOUN
ajfa-10878	1	196	shareholders	shareholder	NOUN
ajfa-10878	1	197	.	.	PUNCT
ajfa-10878	2	1	this	this	DET
ajfa-10878	2	2	study	study	NOUN
ajfa-10878	2	3	addresses	address	VERB
ajfa-10878	2	4	the	the	DET
ajfa-10878	2	5	predominant	predominant	ADJ
ajfa-10878	2	6	control	control	NOUN
ajfa-10878	2	7	-	-	PUNCT
ajfa-10878	2	8	ownership	ownership	NOUN
ajfa-10878	2	9	structure	structure	NOUN
ajfa-10878	2	10	of	of	ADP
ajfa-10878	2	11	the	the	DET
ajfa-10878	2	12	top	top	ADJ
ajfa-10878	2	13	100	100	NUM
ajfa-10878	2	14	firms	firm	NOUN
ajfa-10878	2	15	listed	list	VERB
ajfa-10878	2	16	in	in	ADP
ajfa-10878	2	17	bursa	bursa	PROPN
ajfa-10878	2	18	istanbul	istanbul	PROPN
ajfa-10878	2	19	(	(	PUNCT
ajfa-10878	2	20	bi	bi	NOUN
ajfa-10878	2	21	)	)	PUNCT
ajfa-10878	2	22	using	use	VERB
ajfa-10878	2	23	the	the	DET
ajfa-10878	2	24	data	datum	NOUN
ajfa-10878	2	25	for	for	ADP
ajfa-10878	2	26	2015	2015	NUM
ajfa-10878	2	27	.	.	PUNCT
ajfa-10878	3	1	it	it	PRON
ajfa-10878	3	2	shows	show	VERB
ajfa-10878	3	3	the	the	DET
ajfa-10878	3	4	most	most	ADV
ajfa-10878	3	5	common	common	ADJ
ajfa-10878	3	6	control	control	NOUN
ajfa-10878	3	7	-	-	PUNCT
ajfa-10878	3	8	ownership	ownership	NOUN
ajfa-10878	3	9	structure	structure	NOUN
ajfa-10878	3	10	within	within	ADP
ajfa-10878	3	11	business	business	NOUN
ajfa-10878	3	12	groups	group	NOUN
ajfa-10878	3	13	,	,	PUNCT
ajfa-10878	3	14	in	in	ADP
ajfa-10878	3	15	which	which	PRON
ajfa-10878	3	16	shareholders	shareholder	NOUN
ajfa-10878	3	17	exercise	exercise	VERB
ajfa-10878	3	18	control	control	NOUN
ajfa-10878	3	19	over	over	ADP
ajfa-10878	3	20	a	a	DET
ajfa-10878	3	21	group	group	NOUN
ajfa-10878	3	22	of	of	ADP
ajfa-10878	3	23	firms	firm	NOUN
ajfa-10878	3	24	and	and	CCONJ
ajfa-10878	3	25	maintain	maintain	VERB
ajfa-10878	3	26	a	a	DET
ajfa-10878	3	27	small	small	ADJ
ajfa-10878	3	28	stake	stake	NOUN
ajfa-10878	3	29	of	of	ADP
ajfa-10878	3	30	firms	firm	NOUN
ajfa-10878	3	31	’	'	PUNCT
ajfa-10878	3	32	equities	equity	NOUN
ajfa-10878	3	33	.	.	PUNCT
ajfa-10878	4	1	turkish	turkish	ADJ
ajfa-10878	4	2	firms	firm	NOUN
ajfa-10878	4	3	are	be	AUX
ajfa-10878	4	4	categorised	categorise	VERB
ajfa-10878	4	5	with	with	ADP
ajfa-10878	4	6	highly	highly	ADV
ajfa-10878	4	7	concentrated	concentrated	ADJ
ajfa-10878	4	8	ownership	ownership	NOUN
ajfa-10878	4	9	and	and	CCONJ
ajfa-10878	4	10	families	family	NOUN
ajfa-10878	4	11	’	'	PUNCT
ajfa-10878	4	12	being	be	AUX
ajfa-10878	4	13	the	the	DET
ajfa-10878	4	14	dominant	dominant	ADJ
ajfa-10878	4	15	shareholders	shareholder	NOUN
ajfa-10878	4	16	owning	own	VERB
ajfa-10878	4	17	more	more	ADJ
ajfa-10878	4	18	than	than	ADP
ajfa-10878	4	19	80	80	NUM
ajfa-10878	4	20	%	%	NOUN
ajfa-10878	4	21	of	of	ADP
ajfa-10878	4	22	all	all	DET
ajfa-10878	4	23	publically	publically	ADV
ajfa-10878	4	24	listed	list	VERB
ajfa-10878	4	25	firms	firm	NOUN
ajfa-10878	4	26	in	in	ADP
ajfa-10878	4	27	bi	bi	PROPN
ajfa-10878	4	28	.	.	PUNCT
ajfa-10878	5	1	the	the	DET
ajfa-10878	5	2	study	study	NOUN
ajfa-10878	5	3	results	result	NOUN
ajfa-10878	5	4	indicate	indicate	VERB
ajfa-10878	5	5	that	that	SCONJ
ajfa-10878	5	6	the	the	DET
ajfa-10878	5	7	divergence	divergence	NOUN
ajfa-10878	5	8	between	between	ADP
ajfa-10878	5	9	cash	cash	NOUN
ajfa-10878	5	10	rights	right	NOUN
ajfa-10878	5	11	and	and	CCONJ
ajfa-10878	5	12	control	control	NOUN
ajfa-10878	5	13	rights	right	NOUN
ajfa-10878	5	14	(	(	PUNCT
ajfa-10878	5	15	wedge)in	wedge)in	X
ajfa-10878	5	16	the	the	DET
ajfa-10878	5	17	top	top	ADJ
ajfa-10878	5	18	100	100	NUM
ajfa-10878	5	19	turkish	turkish	ADJ
ajfa-10878	5	20	firms	firm	NOUN
ajfa-10878	5	21	is	be	AUX
ajfa-10878	5	22	mainly	mainly	ADV
ajfa-10878	5	23	achieved	achieve	VERB
ajfa-10878	5	24	through	through	ADP
ajfa-10878	5	25	pyramidal	pyramidal	ADJ
ajfa-10878	5	26	-	-	PUNCT
ajfa-10878	5	27	ownership	ownership	NOUN
ajfa-10878	5	28	structure	structure	NOUN
ajfa-10878	5	29	,	,	PUNCT
ajfa-10878	5	30	dual	dual	ADJ
ajfa-10878	5	31	class	class	NOUN
ajfa-10878	5	32	shares	share	NOUN
ajfa-10878	5	33	,	,	PUNCT
ajfa-10878	5	34	asian	asian	ADJ
ajfa-10878	5	35	journal	journal	NOUN
ajfa-10878	5	36	of	of	ADP
ajfa-10878	5	37	finance	finance	PROPN
ajfa-10878	5	38	&	&	CCONJ
ajfa-10878	5	39	accounting	accounting	PROPN
ajfa-10878	5	40	issn	issn	PROPN
ajfa-10878	5	41	1946	1946	NUM
ajfa-10878	5	42	-	-	PUNCT
ajfa-10878	5	43	052x	052x	PROPN
ajfa-10878	5	44	2017	2017	NUM
ajfa-10878	5	45	,	,	PUNCT
ajfa-10878	5	46	vol	vol	NOUN
ajfa-10878	5	47	.	.	NOUN
ajfa-10878	6	1	9	9	NUM
ajfa-10878	6	2	,	,	PUNCT
ajfa-10878	6	3	no	no	INTJ
ajfa-10878	6	4	.	.	NOUN
ajfa-10878	6	5	1	1	NUM
ajfa-10878	6	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	6	7	193	193	NUM
ajfa-10878	6	8	and	and	CCONJ
ajfa-10878	6	9	cross	cross	NOUN
ajfa-10878	6	10	-	-	NOUN
ajfa-10878	6	11	ownership	ownership	NOUN
ajfa-10878	6	12	at	at	ADP
ajfa-10878	6	13	about	about	ADV
ajfa-10878	6	14	41	41	NUM
ajfa-10878	6	15	%	%	NOUN
ajfa-10878	6	16	,	,	PUNCT
ajfa-10878	6	17	40	40	NUM
ajfa-10878	6	18	%	%	NOUN
ajfa-10878	6	19	and	and	CCONJ
ajfa-10878	6	20	11	11	NUM
ajfa-10878	6	21	%	%	NOUN
ajfa-10878	6	22	,	,	PUNCT
ajfa-10878	6	23	respectively	respectively	ADV
ajfa-10878	6	24	,	,	PUNCT
ajfa-10878	6	25	while	while	SCONJ
ajfa-10878	6	26	approximately	approximately	ADV
ajfa-10878	6	27	8	8	NUM
ajfa-10878	6	28	%	%	NOUN
ajfa-10878	6	29	of	of	ADP
ajfa-10878	6	30	firms	firm	NOUN
ajfa-10878	6	31	do	do	AUX
ajfa-10878	6	32	not	not	PART
ajfa-10878	6	33	use	use	VERB
ajfa-10878	6	34	wedge	wedge	NOUN
ajfa-10878	6	35	.	.	PUNCT
ajfa-10878	7	1	hence	hence	ADV
ajfa-10878	7	2	,	,	PUNCT
ajfa-10878	7	3	wedge	wedge	NOUN
ajfa-10878	7	4	exacerbates	exacerbate	VERB
ajfa-10878	7	5	type	type	NOUN
ajfa-10878	7	6	ii	ii	PROPN
ajfa-10878	7	7	agency	agency	NOUN
ajfa-10878	7	8	problems	problem	NOUN
ajfa-10878	7	9	.	.	PUNCT
ajfa-10878	8	1	this	this	DET
ajfa-10878	8	2	paper	paper	NOUN
ajfa-10878	8	3	calls	call	VERB
ajfa-10878	8	4	for	for	ADP
ajfa-10878	8	5	future	future	ADJ
ajfa-10878	8	6	research	research	NOUN
ajfa-10878	8	7	to	to	PART
ajfa-10878	8	8	study	study	VERB
ajfa-10878	8	9	the	the	DET
ajfa-10878	8	10	environment	environment	NOUN
ajfa-10878	8	11	of	of	ADP
ajfa-10878	8	12	wedge	wedge	NOUN
ajfa-10878	8	13	for	for	ADP
ajfa-10878	8	14	turkish	turkish	ADJ
ajfa-10878	8	15	firms	firm	NOUN
ajfa-10878	8	16	listed	list	VERB
ajfa-10878	8	17	in	in	ADP
ajfa-10878	8	18	bi	bi	PROPN
ajfa-10878	8	19	.	.	PUNCT
ajfa-10878	9	1	keywords	keyword	NOUN
ajfa-10878	9	2	:	:	PUNCT
ajfa-10878	9	3	pyramidal	pyramidal	ADJ
ajfa-10878	9	4	structure	structure	NOUN
ajfa-10878	9	5	,	,	PUNCT
ajfa-10878	9	6	dual	dual	ADJ
ajfa-10878	9	7	class	class	NOUN
ajfa-10878	9	8	shares	share	NOUN
ajfa-10878	9	9	,	,	PUNCT
ajfa-10878	9	10	cross	cross	NOUN
ajfa-10878	9	11	-	-	NOUN
ajfa-10878	9	12	ownership	ownership	ADJ
ajfa-10878	9	13	,	,	PUNCT
ajfa-10878	9	14	turkey	turkey	PROPN
ajfa-10878	9	15	.	.	PUNCT
ajfa-10878	10	1	asian	asian	ADJ
ajfa-10878	10	2	journal	journal	PROPN
ajfa-10878	10	3	of	of	ADP
ajfa-10878	10	4	finance	finance	PROPN
ajfa-10878	10	5	&	&	CCONJ
ajfa-10878	10	6	accounting	accounting	PROPN
ajfa-10878	10	7	issn	issn	PROPN
ajfa-10878	10	8	1946	1946	NUM
ajfa-10878	10	9	-	-	PUNCT
ajfa-10878	10	10	052x	052x	PROPN
ajfa-10878	10	11	2017	2017	NUM
ajfa-10878	10	12	,	,	PUNCT
ajfa-10878	10	13	vol	vol	NOUN
ajfa-10878	10	14	.	.	NOUN
ajfa-10878	10	15	9	9	NUM
ajfa-10878	10	16	,	,	PUNCT
ajfa-10878	10	17	no	no	INTJ
ajfa-10878	10	18	.	.	NOUN
ajfa-10878	10	19	1	1	NUM
ajfa-10878	10	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	10	21	194	194	NUM
ajfa-10878	10	22	1	1	NUM
ajfa-10878	10	23	.	.	PUNCT
ajfa-10878	11	1	introduction	introduction	NOUN
ajfa-10878	11	2	the	the	DET
ajfa-10878	11	3	literature	literature	NOUN
ajfa-10878	11	4	addresses	address	NOUN
ajfa-10878	11	5	firms	firm	NOUN
ajfa-10878	11	6	’	’	PART
ajfa-10878	11	7	ownership	ownership	NOUN
ajfa-10878	11	8	structure	structure	NOUN
ajfa-10878	11	9	extensively	extensively	ADV
ajfa-10878	11	10	.	.	PUNCT
ajfa-10878	12	1	these	these	DET
ajfa-10878	12	2	studies	study	NOUN
ajfa-10878	12	3	compare	compare	VERB
ajfa-10878	12	4	ownership	ownership	NOUN
ajfa-10878	12	5	concentration	concentration	NOUN
ajfa-10878	12	6	with	with	ADP
ajfa-10878	12	7	dispersed	disperse	VERB
ajfa-10878	12	8	ownership	ownership	NOUN
ajfa-10878	12	9	,	,	PUNCT
ajfa-10878	12	10	in	in	ADP
ajfa-10878	12	11	which	which	PRON
ajfa-10878	12	12	block	block	NOUN
ajfa-10878	12	13	ownership	ownership	NOUN
ajfa-10878	12	14	possesses	possess	VERB
ajfa-10878	12	15	a	a	DET
ajfa-10878	12	16	majority	majority	NOUN
ajfa-10878	12	17	of	of	ADP
ajfa-10878	12	18	the	the	DET
ajfa-10878	12	19	firms	firm	NOUN
ajfa-10878	12	20	’	’	PART
ajfa-10878	12	21	equities	equity	NOUN
ajfa-10878	12	22	.	.	PUNCT
ajfa-10878	13	1	in	in	ADP
ajfa-10878	13	2	contrast	contrast	NOUN
ajfa-10878	13	3	,	,	PUNCT
ajfa-10878	13	4	this	this	DET
ajfa-10878	13	5	paper	paper	NOUN
ajfa-10878	13	6	investigates	investigate	VERB
ajfa-10878	13	7	an	an	DET
ajfa-10878	13	8	ownership	ownership	NOUN
ajfa-10878	13	9	structure	structure	NOUN
ajfa-10878	13	10	in	in	ADP
ajfa-10878	13	11	which	which	PRON
ajfa-10878	13	12	a	a	DET
ajfa-10878	13	13	founder	founder	NOUN
ajfa-10878	13	14	exercises	exercise	VERB
ajfa-10878	13	15	control	control	NOUN
ajfa-10878	13	16	and	and	CCONJ
ajfa-10878	13	17	maintains	maintain	VERB
ajfa-10878	13	18	a	a	DET
ajfa-10878	13	19	small	small	ADJ
ajfa-10878	13	20	portion	portion	NOUN
ajfa-10878	13	21	of	of	ADP
ajfa-10878	13	22	equity	equity	NOUN
ajfa-10878	13	23	(	(	PUNCT
ajfa-10878	13	24	cash	cash	NOUN
ajfa-10878	13	25	-	-	PUNCT
ajfa-10878	13	26	flow	flow	NOUN
ajfa-10878	13	27	rights	right	NOUN
ajfa-10878	13	28	)	)	PUNCT
ajfa-10878	13	29	in	in	ADP
ajfa-10878	13	30	the	the	DET
ajfa-10878	13	31	affiliated	affiliated	ADJ
ajfa-10878	13	32	firms	firm	NOUN
ajfa-10878	13	33	.	.	PUNCT
ajfa-10878	14	1	there	there	PRON
ajfa-10878	14	2	are	be	VERB
ajfa-10878	14	3	three	three	NUM
ajfa-10878	14	4	principles	principle	NOUN
ajfa-10878	14	5	ways	way	NOUN
ajfa-10878	14	6	to	to	PART
ajfa-10878	14	7	diversify	diversify	VERB
ajfa-10878	14	8	between	between	ADP
ajfa-10878	14	9	control	control	NOUN
ajfa-10878	14	10	rights	right	NOUN
ajfa-10878	14	11	and	and	CCONJ
ajfa-10878	14	12	cash	cash	NOUN
ajfa-10878	14	13	-	-	PUNCT
ajfa-10878	14	14	flow	flow	NOUN
ajfa-10878	14	15	rights	right	NOUN
ajfa-10878	14	16	:	:	PUNCT
ajfa-10878	14	17	pyramids	pyramid	NOUN
ajfa-10878	14	18	,	,	PUNCT
ajfa-10878	14	19	dual	dual	ADJ
ajfa-10878	14	20	class	class	NOUN
ajfa-10878	14	21	shares	share	NOUN
ajfa-10878	14	22	and	and	CCONJ
ajfa-10878	14	23	cross	cross	NOUN
ajfa-10878	14	24	-	-	NOUN
ajfa-10878	14	25	ownership	ownership	NOUN
ajfa-10878	14	26	.	.	PUNCT
ajfa-10878	15	1	nevertheless	nevertheless	ADV
ajfa-10878	15	2	,	,	PUNCT
ajfa-10878	15	3	how	how	SCONJ
ajfa-10878	15	4	this	this	PRON
ajfa-10878	15	5	is	be	AUX
ajfa-10878	15	6	exercised	exercise	VERB
ajfa-10878	15	7	in	in	ADP
ajfa-10878	15	8	this	this	DET
ajfa-10878	15	9	paper	paper	NOUN
ajfa-10878	15	10	is	be	AUX
ajfa-10878	15	11	referred	refer	VERB
ajfa-10878	15	12	to	to	ADP
ajfa-10878	15	13	as	as	ADP
ajfa-10878	15	14	wedge	wedge	NOUN
ajfa-10878	15	15	.	.	PUNCT
ajfa-10878	16	1	this	this	PRON
ajfa-10878	16	2	is	be	AUX
ajfa-10878	16	3	because	because	SCONJ
ajfa-10878	16	4	it	it	PRON
ajfa-10878	16	5	allows	allow	VERB
ajfa-10878	16	6	shareholders	shareholder	NOUN
ajfa-10878	16	7	to	to	PART
ajfa-10878	16	8	control	control	VERB
ajfa-10878	16	9	affiliated	affiliated	ADJ
ajfa-10878	16	10	firms	firm	NOUN
ajfa-10878	16	11	with	with	ADP
ajfa-10878	16	12	a	a	DET
ajfa-10878	16	13	small	small	ADJ
ajfa-10878	16	14	stake	stake	NOUN
ajfa-10878	16	15	of	of	ADP
ajfa-10878	16	16	investment	investment	NOUN
ajfa-10878	16	17	(	(	PUNCT
ajfa-10878	16	18	cash	cash	NOUN
ajfa-10878	16	19	-	-	PUNCT
ajfa-10878	16	20	flow	flow	NOUN
ajfa-10878	16	21	rights	right	NOUN
ajfa-10878	16	22	)	)	PUNCT
ajfa-10878	16	23	.	.	PUNCT
ajfa-10878	17	1	wedge	wedge	NOUN
ajfa-10878	17	2	is	be	AUX
ajfa-10878	17	3	defined	define	VERB
ajfa-10878	17	4	as	as	ADP
ajfa-10878	17	5	a	a	DET
ajfa-10878	17	6	mechanism	mechanism	NOUN
ajfa-10878	17	7	to	to	PART
ajfa-10878	17	8	separate	separate	VERB
ajfa-10878	17	9	control	control	NOUN
ajfa-10878	17	10	rights	right	NOUN
ajfa-10878	17	11	and	and	CCONJ
ajfa-10878	17	12	cash	cash	NOUN
ajfa-10878	17	13	-	-	PUNCT
ajfa-10878	17	14	flow	flow	NOUN
ajfa-10878	17	15	rights	right	NOUN
ajfa-10878	17	16	.	.	PUNCT
ajfa-10878	18	1	wedge	wedge	NOUN
ajfa-10878	18	2	entrenches	entrench	VERB
ajfa-10878	18	3	controllers	controller	NOUN
ajfa-10878	18	4	from	from	ADP
ajfa-10878	18	5	the	the	DET
ajfa-10878	18	6	market	market	NOUN
ajfa-10878	18	7	in	in	ADP
ajfa-10878	18	8	terms	term	NOUN
ajfa-10878	18	9	of	of	ADP
ajfa-10878	18	10	corporate	corporate	ADJ
ajfa-10878	18	11	control	control	NOUN
ajfa-10878	18	12	and	and	CCONJ
ajfa-10878	18	13	it	it	PRON
ajfa-10878	18	14	maintains	maintain	VERB
ajfa-10878	18	15	firm	firm	ADJ
ajfa-10878	18	16	control	control	NOUN
ajfa-10878	18	17	in	in	ADP
ajfa-10878	18	18	the	the	DET
ajfa-10878	18	19	hands	hand	NOUN
ajfa-10878	18	20	of	of	ADP
ajfa-10878	18	21	the	the	DET
ajfa-10878	18	22	majority	majority	NOUN
ajfa-10878	18	23	shareholders	shareholder	NOUN
ajfa-10878	18	24	with	with	ADP
ajfa-10878	18	25	a	a	DET
ajfa-10878	18	26	small	small	ADJ
ajfa-10878	18	27	fraction	fraction	NOUN
ajfa-10878	18	28	of	of	ADP
ajfa-10878	18	29	cash	cash	NOUN
ajfa-10878	18	30	-	-	PUNCT
ajfa-10878	18	31	flow	flow	NOUN
ajfa-10878	18	32	rights	right	NOUN
ajfa-10878	18	33	(	(	PUNCT
ajfa-10878	18	34	claessens	claessen	NOUN
ajfa-10878	18	35	,	,	PUNCT
ajfa-10878	18	36	djankov	djankov	NOUN
ajfa-10878	18	37	,	,	PUNCT
ajfa-10878	18	38	&	&	CCONJ
ajfa-10878	18	39	lang	lang	PROPN
ajfa-10878	18	40	,	,	PUNCT
ajfa-10878	18	41	2000	2000	NUM
ajfa-10878	18	42	)	)	PUNCT
ajfa-10878	18	43	.	.	PUNCT
ajfa-10878	19	1	this	this	PRON
ajfa-10878	19	2	enriches	enrich	VERB
ajfa-10878	19	3	the	the	DET
ajfa-10878	19	4	majority	majority	NOUN
ajfa-10878	19	5	shareholders	shareholder	NOUN
ajfa-10878	19	6	’	'	PUNCT
ajfa-10878	19	7	control	control	NOUN
ajfa-10878	19	8	rights	right	NOUN
ajfa-10878	19	9	.	.	PUNCT
ajfa-10878	20	1	although	although	SCONJ
ajfa-10878	20	2	this	this	PRON
ajfa-10878	20	3	mitigates	mitigate	VERB
ajfa-10878	20	4	agency	agency	NOUN
ajfa-10878	20	5	conflict	conflict	NOUN
ajfa-10878	20	6	between	between	ADP
ajfa-10878	20	7	the	the	DET
ajfa-10878	20	8	agent	agent	NOUN
ajfa-10878	20	9	and	and	CCONJ
ajfa-10878	20	10	principal	principal	NOUN
ajfa-10878	20	11	,	,	PUNCT
ajfa-10878	20	12	the	the	DET
ajfa-10878	20	13	principal	principal	ADJ
ajfa-10878	20	14	–	–	PUNCT
ajfa-10878	20	15	principal	principal	ADJ
ajfa-10878	20	16	agency	agency	NOUN
ajfa-10878	20	17	conflicts	conflict	NOUN
ajfa-10878	20	18	still	still	ADV
ajfa-10878	20	19	exist	exist	VERB
ajfa-10878	20	20	(	(	PUNCT
ajfa-10878	20	21	demirag	demirag	NOUN
ajfa-10878	20	22	&	&	CCONJ
ajfa-10878	20	23	serter	serter	NOUN
ajfa-10878	20	24	,	,	PUNCT
ajfa-10878	20	25	2003	2003	NUM
ajfa-10878	20	26	)	)	PUNCT
ajfa-10878	20	27	.	.	PUNCT
ajfa-10878	21	1	this	this	PRON
ajfa-10878	21	2	facilitates	facilitate	VERB
ajfa-10878	21	3	expropriating	expropriate	VERB
ajfa-10878	21	4	minority	minority	NOUN
ajfa-10878	21	5	shareholders	shareholder	NOUN
ajfa-10878	21	6	’	'	PUNCT
ajfa-10878	21	7	rights	right	NOUN
ajfa-10878	21	8	in	in	ADP
ajfa-10878	21	9	the	the	DET
ajfa-10878	21	10	interests	interest	NOUN
ajfa-10878	21	11	of	of	ADP
ajfa-10878	21	12	majority	majority	NOUN
ajfa-10878	21	13	shareholders	shareholder	NOUN
ajfa-10878	21	14	(	(	PUNCT
ajfa-10878	21	15	ararat	ararat	PROPN
ajfa-10878	21	16	,	,	PUNCT
ajfa-10878	21	17	aksu	aksu	PROPN
ajfa-10878	21	18	,	,	PUNCT
ajfa-10878	21	19	&	&	CCONJ
ajfa-10878	21	20	tansel	tansel	PROPN
ajfa-10878	21	21	cetin	cetin	PROPN
ajfa-10878	21	22	,	,	PUNCT
ajfa-10878	21	23	2015	2015	NUM
ajfa-10878	21	24	)	)	PUNCT
ajfa-10878	21	25	.	.	PUNCT
ajfa-10878	22	1	this	this	DET
ajfa-10878	22	2	conflicts	conflict	NOUN
ajfa-10878	22	3	severely	severely	ADV
ajfa-10878	22	4	between	between	ADP
ajfa-10878	22	5	controlling	control	VERB
ajfa-10878	22	6	shareholders	shareholder	NOUN
ajfa-10878	22	7	and	and	CCONJ
ajfa-10878	22	8	minority	minority	NOUN
ajfa-10878	22	9	shareholders	shareholder	NOUN
ajfa-10878	22	10	,	,	PUNCT
ajfa-10878	22	11	depending	depend	VERB
ajfa-10878	22	12	upon	upon	SCONJ
ajfa-10878	22	13	the	the	DET
ajfa-10878	22	14	relationship	relationship	NOUN
ajfa-10878	22	15	between	between	ADP
ajfa-10878	22	16	the	the	DET
ajfa-10878	22	17	control	control	NOUN
ajfa-10878	22	18	rights	right	NOUN
ajfa-10878	22	19	and	and	CCONJ
ajfa-10878	22	20	cash	cash	NOUN
ajfa-10878	22	21	-	-	PUNCT
ajfa-10878	22	22	flow	flow	NOUN
ajfa-10878	22	23	rights	right	NOUN
ajfa-10878	22	24	(	(	PUNCT
ajfa-10878	22	25	bebchuk	bebchuk	NOUN
ajfa-10878	22	26	,	,	PUNCT
ajfa-10878	22	27	kraakman	kraakman	PROPN
ajfa-10878	22	28	,	,	PUNCT
ajfa-10878	22	29	&	&	CCONJ
ajfa-10878	22	30	triantis	triantis	PROPN
ajfa-10878	22	31	,	,	PUNCT
ajfa-10878	22	32	2000;la	2000;la	PROPN
ajfa-10878	22	33	porta	porta	NOUN
ajfa-10878	22	34	,	,	PUNCT
ajfa-10878	22	35	lopez	lopez	NOUN
ajfa-10878	22	36	-	-	PUNCT
ajfa-10878	22	37	de	de	NOUN
ajfa-10878	22	38	-	-	NOUN
ajfa-10878	22	39	silanes	silane	NOUN
ajfa-10878	22	40	,	,	PUNCT
ajfa-10878	22	41	shleifer	shleifer	NOUN
ajfa-10878	22	42	,	,	PUNCT
ajfa-10878	22	43	&	&	CCONJ
ajfa-10878	22	44	vishny	vishny	PROPN
ajfa-10878	22	45	,	,	PUNCT
ajfa-10878	22	46	2002	2002	NUM
ajfa-10878	22	47	)	)	PUNCT
ajfa-10878	22	48	.	.	PUNCT
ajfa-10878	23	1	this	this	DET
ajfa-10878	23	2	paper	paper	NOUN
ajfa-10878	23	3	defines	define	VERB
ajfa-10878	23	4	control	control	NOUN
ajfa-10878	23	5	rights	right	NOUN
ajfa-10878	23	6	as	as	ADP
ajfa-10878	23	7	a	a	DET
ajfa-10878	23	8	controller	controller	NOUN
ajfa-10878	23	9	’s	’s	PART
ajfa-10878	23	10	ability	ability	NOUN
ajfa-10878	23	11	to	to	PART
ajfa-10878	23	12	change	change	VERB
ajfa-10878	23	13	the	the	DET
ajfa-10878	23	14	direction	direction	NOUN
ajfa-10878	23	15	of	of	ADP
ajfa-10878	23	16	a	a	DET
ajfa-10878	23	17	firm	firm	NOUN
ajfa-10878	23	18	’s	’s	PART
ajfa-10878	23	19	operation	operation	NOUN
ajfa-10878	23	20	(	(	PUNCT
ajfa-10878	23	21	this	this	PRON
ajfa-10878	23	22	is	be	AUX
ajfa-10878	23	23	due	due	ADJ
ajfa-10878	23	24	to	to	ADP
ajfa-10878	23	25	the	the	DET
ajfa-10878	23	26	controller	controller	NOUN
ajfa-10878	23	27	’s	’s	PART
ajfa-10878	23	28	ability	ability	NOUN
ajfa-10878	23	29	to	to	PART
ajfa-10878	23	30	invest	invest	VERB
ajfa-10878	23	31	in	in	ADP
ajfa-10878	23	32	unprofitable	unprofitable	ADJ
ajfa-10878	23	33	projects	project	NOUN
ajfa-10878	23	34	or	or	CCONJ
ajfa-10878	23	35	vice	vice	NOUN
ajfa-10878	23	36	-	-	NOUN
ajfa-10878	23	37	versa	versa	NOUN
ajfa-10878	23	38	)	)	PUNCT
ajfa-10878	23	39	.	.	PUNCT
ajfa-10878	24	1	whereas	whereas	ADV
ajfa-10878	24	2	,	,	PUNCT
ajfa-10878	24	3	cash	cash	NOUN
ajfa-10878	24	4	-	-	PUNCT
ajfa-10878	24	5	flow	flow	NOUN
ajfa-10878	24	6	rights	right	NOUN
ajfa-10878	24	7	indicates	indicate	VERB
ajfa-10878	24	8	a	a	DET
ajfa-10878	24	9	shareholder	shareholder	NOUN
ajfa-10878	24	10	’s	’s	PART
ajfa-10878	24	11	right	right	ADJ
ajfa-10878	24	12	toa	toa	PROPN
ajfa-10878	24	13	firm	firm	NOUN
ajfa-10878	24	14	’s	’s	PART
ajfa-10878	24	15	profits	profit	NOUN
ajfa-10878	24	16	and	and	CCONJ
ajfa-10878	24	17	liquidity	liquidity	NOUN
ajfa-10878	24	18	.	.	PUNCT
ajfa-10878	25	1	wedge	wedge	NOUN
ajfa-10878	25	2	is	be	AUX
ajfa-10878	25	3	common	common	ADJ
ajfa-10878	25	4	in	in	ADP
ajfa-10878	25	5	markets	market	NOUN
ajfa-10878	25	6	controlled	control	VERB
ajfa-10878	25	7	by	by	ADP
ajfa-10878	25	8	a	a	DET
ajfa-10878	25	9	family	family	NOUN
ajfa-10878	25	10	-	-	PUNCT
ajfa-10878	25	11	ownership	ownership	NOUN
ajfa-10878	25	12	structure	structure	NOUN
ajfa-10878	25	13	.	.	PUNCT
ajfa-10878	26	1	these	these	DET
ajfa-10878	26	2	kinds	kind	NOUN
ajfa-10878	26	3	of	of	ADP
ajfa-10878	26	4	ownership	ownership	NOUN
ajfa-10878	26	5	structures	structure	NOUN
ajfa-10878	26	6	distort	distort	VERB
ajfa-10878	26	7	controllers	controller	NOUN
ajfa-10878	26	8	’	'	PUNCT
ajfa-10878	26	9	incentives	incentive	NOUN
ajfa-10878	26	10	;	;	PUNCT
ajfa-10878	26	11	hence	hence	ADV
ajfa-10878	26	12	,	,	PUNCT
ajfa-10878	26	13	they	they	PRON
ajfa-10878	26	14	put	put	VERB
ajfa-10878	26	15	more	more	ADJ
ajfa-10878	26	16	concentration	concentration	NOUN
ajfa-10878	26	17	on	on	ADP
ajfa-10878	26	18	the	the	DET
ajfa-10878	26	19	corporate	corporate	ADJ
ajfa-10878	26	20	governance	governance	NOUN
ajfa-10878	26	21	mechanisms	mechanism	NOUN
ajfa-10878	26	22	,	,	PUNCT
ajfa-10878	26	23	extending	extend	VERB
ajfa-10878	26	24	from	from	ADP
ajfa-10878	26	25	legal	legal	ADJ
ajfa-10878	26	26	protection	protection	NOUN
ajfa-10878	26	27	for	for	ADP
ajfa-10878	26	28	minority	minority	NOUN
ajfa-10878	26	29	shareholders	shareholder	NOUN
ajfa-10878	26	30	to	to	ADP
ajfa-10878	26	31	reputational	reputational	ADJ
ajfa-10878	26	32	limitations	limitation	NOUN
ajfa-10878	26	33	on	on	ADP
ajfa-10878	26	34	controlling	control	VERB
ajfa-10878	26	35	families	family	NOUN
ajfa-10878	26	36	.	.	PUNCT
ajfa-10878	27	1	the	the	DET
ajfa-10878	27	2	same	same	ADJ
ajfa-10878	27	3	reason	reason	NOUN
ajfa-10878	27	4	attracts	attract	VERB
ajfa-10878	27	5	political	political	ADJ
ajfa-10878	27	6	and	and	CCONJ
ajfa-10878	27	7	market	market	NOUN
ajfa-10878	27	8	scrutiny	scrutiny	NOUN
ajfa-10878	27	9	in	in	ADP
ajfa-10878	27	10	many	many	ADJ
ajfa-10878	27	11	countries	country	NOUN
ajfa-10878	27	12	to	to	PART
ajfa-10878	27	13	concentrate	concentrate	VERB
ajfa-10878	27	14	on	on	ADP
ajfa-10878	27	15	problems	problem	NOUN
ajfa-10878	27	16	inherent	inherent	ADJ
ajfa-10878	27	17	in	in	ADP
ajfa-10878	27	18	exercising	exercise	VERB
ajfa-10878	27	19	wedge	wedge	NOUN
ajfa-10878	27	20	.	.	PUNCT
ajfa-10878	28	1	thus	thus	ADV
ajfa-10878	28	2	,	,	PUNCT
ajfa-10878	28	3	this	this	DET
ajfa-10878	28	4	study	study	NOUN
ajfa-10878	28	5	is	be	AUX
ajfa-10878	28	6	an	an	DET
ajfa-10878	28	7	analysis	analysis	NOUN
ajfa-10878	28	8	of	of	ADP
ajfa-10878	28	9	the	the	DET
ajfa-10878	28	10	governance	governance	NOUN
ajfa-10878	28	11	and	and	CCONJ
ajfa-10878	28	12	incentive	incentive	NOUN
ajfa-10878	28	13	features	feature	NOUN
ajfa-10878	28	14	of	of	ADP
ajfa-10878	28	15	ownership	ownership	NOUN
ajfa-10878	28	16	structures	structure	NOUN
ajfa-10878	28	17	.	.	PUNCT
ajfa-10878	29	1	very	very	ADV
ajfa-10878	29	2	few	few	ADJ
ajfa-10878	29	3	studies	study	NOUN
ajfa-10878	29	4	have	have	AUX
ajfa-10878	29	5	examined	examine	VERB
ajfa-10878	29	6	the	the	DET
ajfa-10878	29	7	control	control	NOUN
ajfa-10878	29	8	-	-	PUNCT
ajfa-10878	29	9	ownership	ownership	NOUN
ajfa-10878	29	10	structure	structure	NOUN
ajfa-10878	29	11	in	in	ADP
ajfa-10878	29	12	turkey	turkey	PROPN
ajfa-10878	29	13	(	(	PUNCT
ajfa-10878	29	14	demirag	demirag	NOUN
ajfa-10878	29	15	&	&	CCONJ
ajfa-10878	29	16	serter	serter	NOUN
ajfa-10878	29	17	,	,	PUNCT
ajfa-10878	29	18	2003;yurtoglu	2003;yurtoglu	PROPN
ajfa-10878	29	19	,	,	PUNCT
ajfa-10878	29	20	2000	2000	NUM
ajfa-10878	29	21	)	)	PUNCT
ajfa-10878	29	22	.	.	PUNCT
ajfa-10878	30	1	based	base	VERB
ajfa-10878	30	2	on	on	ADP
ajfa-10878	30	3	the	the	DET
ajfa-10878	30	4	available	available	ADJ
ajfa-10878	30	5	literature	literature	NOUN
ajfa-10878	30	6	,	,	PUNCT
ajfa-10878	30	7	this	this	DET
ajfa-10878	30	8	study	study	NOUN
ajfa-10878	30	9	provides	provide	VERB
ajfa-10878	30	10	a	a	DET
ajfa-10878	30	11	sectorial	sectorial	ADJ
ajfa-10878	30	12	analysis	analysis	NOUN
ajfa-10878	30	13	on	on	ADP
ajfa-10878	30	14	control	control	NOUN
ajfa-10878	30	15	-	-	PUNCT
ajfa-10878	30	16	ownership	ownership	NOUN
ajfa-10878	30	17	structure	structure	NOUN
ajfa-10878	30	18	practised	practise	VERB
ajfa-10878	30	19	by	by	ADP
ajfa-10878	30	20	the	the	DET
ajfa-10878	30	21	firms	firm	NOUN
ajfa-10878	30	22	listed	list	VERB
ajfa-10878	30	23	in	in	ADP
ajfa-10878	30	24	bi	bi	PROPN
ajfa-10878	30	25	.	.	PUNCT
ajfa-10878	31	1	the	the	DET
ajfa-10878	31	2	paper	paper	NOUN
ajfa-10878	31	3	’s	’s	PART
ajfa-10878	31	4	main	main	ADJ
ajfa-10878	31	5	objective	objective	NOUN
ajfa-10878	31	6	is	be	AUX
ajfa-10878	31	7	to	to	PART
ajfa-10878	31	8	determine	determine	VERB
ajfa-10878	31	9	the	the	DET
ajfa-10878	31	10	mechanisms	mechanism	NOUN
ajfa-10878	31	11	of	of	ADP
ajfa-10878	31	12	wedge	wedge	NOUN
ajfa-10878	31	13	exercised	exercise	VERB
ajfa-10878	31	14	in	in	ADP
ajfa-10878	31	15	bi	bi	NOUN
ajfa-10878	31	16	,	,	PUNCT
ajfa-10878	31	17	which	which	PRON
ajfa-10878	31	18	will	will	AUX
ajfa-10878	31	19	provide	provide	VERB
ajfa-10878	31	20	the	the	DET
ajfa-10878	31	21	bases	basis	NOUN
ajfa-10878	31	22	for	for	ADP
ajfa-10878	31	23	future	future	ADJ
ajfa-10878	31	24	research	research	NOUN
ajfa-10878	31	25	and	and	CCONJ
ajfa-10878	31	26	to	to	PART
ajfa-10878	31	27	examine	examine	VERB
ajfa-10878	31	28	the	the	DET
ajfa-10878	31	29	type	type	NOUN
ajfa-10878	31	30	ii	ii	PROPN
ajfa-10878	31	31	agency	agency	NOUN
ajfa-10878	31	32	problem	problem	NOUN
ajfa-10878	31	33	in	in	ADP
ajfa-10878	31	34	the	the	DET
ajfa-10878	31	35	turkey	turkey	NOUN
ajfa-10878	31	36	business	business	PROPN
ajfa-10878	31	37	environment	environment	PROPN
ajfa-10878	31	38	.	.	PUNCT
ajfa-10878	32	1	in	in	ADP
ajfa-10878	32	2	terms	term	NOUN
ajfa-10878	32	3	of	of	ADP
ajfa-10878	32	4	theoretical	theoretical	ADJ
ajfa-10878	32	5	contribution	contribution	NOUN
ajfa-10878	32	6	,	,	PUNCT
ajfa-10878	32	7	this	this	DET
ajfa-10878	32	8	study	study	NOUN
ajfa-10878	32	9	extends	extend	VERB
ajfa-10878	32	10	the	the	DET
ajfa-10878	32	11	context	context	NOUN
ajfa-10878	32	12	of	of	ADP
ajfa-10878	32	13	agency	agency	NOUN
ajfa-10878	32	14	theory	theory	NOUN
ajfa-10878	32	15	factors	factor	VERB
ajfa-10878	32	16	under	under	ADP
ajfa-10878	32	17	investigation	investigation	NOUN
ajfa-10878	32	18	such	such	ADJ
ajfa-10878	32	19	as	as	ADP
ajfa-10878	32	20	,	,	PUNCT
ajfa-10878	32	21	ownership	ownership	NOUN
ajfa-10878	32	22	structure	structure	NOUN
ajfa-10878	32	23	.	.	PUNCT
ajfa-10878	33	1	a	a	DET
ajfa-10878	33	2	study	study	NOUN
ajfa-10878	33	3	by	by	ADP
ajfa-10878	33	4	villalonga	villalonga	NOUN
ajfa-10878	33	5	and	and	CCONJ
ajfa-10878	33	6	amit	amit	PROPN
ajfa-10878	33	7	(	(	PUNCT
ajfa-10878	33	8	2006	2006	NUM
ajfa-10878	33	9	)	)	PUNCT
ajfa-10878	33	10	reports	report	VERB
ajfa-10878	33	11	that	that	SCONJ
ajfa-10878	33	12	the	the	DET
ajfa-10878	33	13	most	most	ADV
ajfa-10878	33	14	important	important	ADJ
ajfa-10878	33	15	factors	factor	NOUN
ajfa-10878	33	16	that	that	PRON
ajfa-10878	33	17	worsen	worsen	VERB
ajfa-10878	33	18	agency	agency	NOUN
ajfa-10878	33	19	problem	problem	NOUN
ajfa-10878	33	20	is	be	AUX
ajfa-10878	33	21	control	control	NOUN
ajfa-10878	33	22	-	-	PUNCT
ajfa-10878	33	23	ownership	ownership	NOUN
ajfa-10878	33	24	structure	structure	NOUN
ajfa-10878	33	25	.	.	PUNCT
ajfa-10878	34	1	furthermore	furthermore	ADV
ajfa-10878	34	2	,	,	PUNCT
ajfa-10878	34	3	in	in	ADP
ajfa-10878	34	4	terms	term	NOUN
ajfa-10878	34	5	of	of	ADP
ajfa-10878	34	6	practical	practical	ADJ
ajfa-10878	34	7	contribution	contribution	NOUN
ajfa-10878	34	8	this	this	DET
ajfa-10878	34	9	study	study	NOUN
ajfa-10878	34	10	’s	’s	PART
ajfa-10878	34	11	finding	finding	NOUN
ajfa-10878	34	12	will	will	AUX
ajfa-10878	34	13	provide	provide	VERB
ajfa-10878	34	14	a	a	DET
ajfa-10878	34	15	useful	useful	ADJ
ajfa-10878	34	16	ground	ground	NOUN
ajfa-10878	34	17	for	for	ADP
ajfa-10878	34	18	capital	capital	NOUN
ajfa-10878	34	19	market	market	NOUN
ajfa-10878	34	20	board	board	NOUN
ajfa-10878	34	21	of	of	ADP
ajfa-10878	34	22	turkey	turkey	PROPN
ajfa-10878	34	23	(	(	PUNCT
ajfa-10878	34	24	cmbt	cmbt	NOUN
ajfa-10878	34	25	)	)	PUNCT
ajfa-10878	34	26	and	and	CCONJ
ajfa-10878	34	27	policy	policy	NOUN
ajfa-10878	34	28	makers	maker	NOUN
ajfa-10878	34	29	to	to	PART
ajfa-10878	34	30	provide	provide	VERB
ajfa-10878	34	31	a	a	DET
ajfa-10878	34	32	relevant	relevant	ADJ
ajfa-10878	34	33	policy	policy	NOUN
ajfa-10878	34	34	to	to	PART
ajfa-10878	34	35	enhance	enhance	VERB
ajfa-10878	34	36	corporate	corporate	ADJ
ajfa-10878	34	37	governance	governance	NOUN
ajfa-10878	34	38	’s	’s	PART
ajfa-10878	34	39	effectiveness	effectiveness	NOUN
ajfa-10878	34	40	to	to	PART
ajfa-10878	34	41	mitigate	mitigate	VERB
ajfa-10878	34	42	agency	agency	NOUN
ajfa-10878	34	43	problems	problem	NOUN
ajfa-10878	34	44	.	.	PUNCT
ajfa-10878	35	1	2.the	2.the	DET
ajfa-10878	35	2	characteristics	characteristic	NOUN
ajfa-10878	35	3	of	of	ADP
ajfa-10878	35	4	corporate	corporate	ADJ
ajfa-10878	35	5	governance	governance	NOUN
ajfa-10878	35	6	in	in	ADP
ajfa-10878	35	7	turkey	turkey	NOUN
ajfa-10878	35	8	the	the	DET
ajfa-10878	35	9	capital	capital	NOUN
ajfa-10878	35	10	market	market	NOUN
ajfa-10878	35	11	of	of	ADP
ajfa-10878	35	12	turkey	turkey	PROPN
ajfa-10878	35	13	(	(	PUNCT
ajfa-10878	35	14	cmt	cmt	PROPN
ajfa-10878	35	15	)	)	PUNCT
ajfa-10878	35	16	has	have	VERB
ajfa-10878	35	17	a	a	DET
ajfa-10878	35	18	vital	vital	ADJ
ajfa-10878	35	19	role	role	NOUN
ajfa-10878	35	20	to	to	PART
ajfa-10878	35	21	enhance	enhance	VERB
ajfa-10878	35	22	the	the	DET
ajfa-10878	35	23	effectiveness	effectiveness	NOUN
ajfa-10878	35	24	of	of	ADP
ajfa-10878	35	25	asian	asian	ADJ
ajfa-10878	35	26	journal	journal	NOUN
ajfa-10878	35	27	of	of	ADP
ajfa-10878	35	28	finance	finance	PROPN
ajfa-10878	35	29	&	&	CCONJ
ajfa-10878	35	30	accounting	accounting	PROPN
ajfa-10878	35	31	issn	issn	PROPN
ajfa-10878	35	32	1946	1946	NUM
ajfa-10878	35	33	-	-	PUNCT
ajfa-10878	35	34	052x	052x	PROPN
ajfa-10878	35	35	2017	2017	NUM
ajfa-10878	35	36	,	,	PUNCT
ajfa-10878	35	37	vol	vol	NOUN
ajfa-10878	35	38	.	.	NOUN
ajfa-10878	36	1	9	9	NUM
ajfa-10878	36	2	,	,	PUNCT
ajfa-10878	36	3	no	no	INTJ
ajfa-10878	36	4	.	.	NOUN
ajfa-10878	36	5	1	1	NUM
ajfa-10878	36	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	36	7	195	195	NUM
ajfa-10878	36	8	corporate	corporate	ADJ
ajfa-10878	36	9	governance	governance	NOUN
ajfa-10878	36	10	regime	regime	NOUN
ajfa-10878	36	11	(	(	PUNCT
ajfa-10878	36	12	hacımahmutoğlu	hacımahmutoğlu	NOUN
ajfa-10878	36	13	,	,	PUNCT
ajfa-10878	36	14	2007	2007	NUM
ajfa-10878	36	15	)	)	PUNCT
ajfa-10878	36	16	.	.	PUNCT
ajfa-10878	37	1	the	the	DET
ajfa-10878	37	2	features	feature	NOUN
ajfa-10878	37	3	of	of	ADP
ajfa-10878	37	4	corporate	corporate	ADJ
ajfa-10878	37	5	governance	governance	NOUN
ajfa-10878	37	6	system	system	NOUN
ajfa-10878	37	7	in	in	ADP
ajfa-10878	37	8	turkey	turkey	PROPN
ajfa-10878	37	9	(	(	PUNCT
ajfa-10878	37	10	cgt	cgt	PROPN
ajfa-10878	37	11	)	)	PUNCT
ajfa-10878	37	12	are	be	AUX
ajfa-10878	37	13	reflected	reflect	VERB
ajfa-10878	37	14	clearly	clearly	ADV
ajfa-10878	37	15	via	via	ADP
ajfa-10878	37	16	the	the	DET
ajfa-10878	37	17	following	follow	VERB
ajfa-10878	37	18	characteristics	characteristic	NOUN
ajfa-10878	37	19	of	of	ADP
ajfa-10878	37	20	capital	capital	NOUN
ajfa-10878	37	21	market	market	NOUN
ajfa-10878	37	22	of	of	ADP
ajfa-10878	37	23	turkey	turkey	NOUN
ajfa-10878	37	24	:	:	PUNCT
ajfa-10878	37	25	•	•	ADP
ajfa-10878	37	26	a	a	DET
ajfa-10878	37	27	small	small	ADJ
ajfa-10878	37	28	portion	portion	NOUN
ajfa-10878	37	29	of	of	ADP
ajfa-10878	37	30	turkish	turkish	ADJ
ajfa-10878	37	31	firms	firm	NOUN
ajfa-10878	37	32	are	be	AUX
ajfa-10878	37	33	listed	list	VERB
ajfa-10878	37	34	and	and	CCONJ
ajfa-10878	37	35	traded	trade	VERB
ajfa-10878	37	36	in	in	ADP
ajfa-10878	37	37	istanbul	istanbul	PROPN
ajfa-10878	37	38	stock	stock	PROPN
ajfa-10878	37	39	exchange	exchange	PROPN
ajfa-10878	37	40	(	(	PUNCT
ajfa-10878	37	41	ise	ise	PROPN
ajfa-10878	37	42	)	)	PUNCT
ajfa-10878	37	43	.	.	PUNCT
ajfa-10878	38	1	•	•	NOUN
ajfa-10878	38	2	the	the	DET
ajfa-10878	38	3	number	number	NOUN
ajfa-10878	38	4	of	of	ADP
ajfa-10878	38	5	firms	firm	NOUN
ajfa-10878	38	6	publically	publically	ADV
ajfa-10878	38	7	listed	list	VERB
ajfa-10878	38	8	and	and	CCONJ
ajfa-10878	38	9	traded	trade	VERB
ajfa-10878	38	10	increases	increase	NOUN
ajfa-10878	38	11	from	from	ADP
ajfa-10878	38	12	80	80	NUM
ajfa-10878	38	13	firms	firm	NOUN
ajfa-10878	38	14	at	at	ADP
ajfa-10878	38	15	the	the	DET
ajfa-10878	38	16	end	end	NOUN
ajfa-10878	38	17	of	of	ADP
ajfa-10878	38	18	1986	1986	NUM
ajfa-10878	38	19	to	to	ADP
ajfa-10878	38	20	311	311	NUM
ajfa-10878	38	21	firms	firm	NOUN
ajfa-10878	38	22	in	in	ADP
ajfa-10878	38	23	2001(wfe	2001(wfe	NUM
ajfa-10878	38	24	,	,	PUNCT
ajfa-10878	38	25	2009	2009	NUM
ajfa-10878	38	26	)	)	PUNCT
ajfa-10878	38	27	.	.	PUNCT
ajfa-10878	39	1	•	•	NUM
ajfa-10878	39	2	turkish	turkish	ADJ
ajfa-10878	39	3	economy	economy	NOUN
ajfa-10878	39	4	faced	face	VERB
ajfa-10878	39	5	several	several	ADJ
ajfa-10878	39	6	crises	crisis	NOUN
ajfa-10878	39	7	within	within	ADP
ajfa-10878	39	8	the	the	DET
ajfa-10878	39	9	period	period	NOUN
ajfa-10878	39	10	of	of	ADP
ajfa-10878	39	11	(	(	PUNCT
ajfa-10878	39	12	1986	1986	NUM
ajfa-10878	39	13	-	-	SYM
ajfa-10878	39	14	2001	2001	NUM
ajfa-10878	39	15	)	)	PUNCT
ajfa-10878	39	16	.	.	PUNCT
ajfa-10878	40	1	these	these	PRON
ajfa-10878	40	2	are	be	AUX
ajfa-10878	40	3	due	due	ADJ
ajfa-10878	40	4	to	to	ADP
ajfa-10878	40	5	international	international	ADJ
ajfa-10878	40	6	recessions	recession	NOUN
ajfa-10878	40	7	,	,	PUNCT
ajfa-10878	40	8	political	political	ADJ
ajfa-10878	40	9	reasons	reason	NOUN
ajfa-10878	40	10	and	and	CCONJ
ajfa-10878	40	11	macroeconomic	macroeconomic	ADJ
ajfa-10878	40	12	instability	instability	NOUN
ajfa-10878	40	13	.	.	PUNCT
ajfa-10878	41	1	•	•	NUM
ajfa-10878	41	2	accordingly	accordingly	ADV
ajfa-10878	41	3	,	,	PUNCT
ajfa-10878	41	4	this	this	PRON
ajfa-10878	41	5	assists	assist	VERB
ajfa-10878	41	6	greatly	greatly	ADV
ajfa-10878	41	7	in	in	ADP
ajfa-10878	41	8	decreasing	decrease	VERB
ajfa-10878	41	9	the	the	DET
ajfa-10878	41	10	number	number	NOUN
ajfa-10878	41	11	of	of	ADP
ajfa-10878	41	12	listed	list	VERB
ajfa-10878	41	13	firms	firm	NOUN
ajfa-10878	41	14	in	in	ADP
ajfa-10878	41	15	ise	ise	NOUN
ajfa-10878	41	16	to	to	ADP
ajfa-10878	41	17	288	288	NUM
ajfa-10878	41	18	firms	firm	NOUN
ajfa-10878	41	19	in	in	ADP
ajfa-10878	41	20	2002	2002	NUM
ajfa-10878	41	21	.	.	PUNCT
ajfa-10878	42	1	•	•	NUM
ajfa-10878	42	2	the	the	DET
ajfa-10878	42	3	numbers	number	NOUN
ajfa-10878	42	4	of	of	ADP
ajfa-10878	42	5	listed	list	VERB
ajfa-10878	42	6	firms	firm	NOUN
ajfa-10878	42	7	in	in	ADP
ajfa-10878	42	8	ise	ise	NOUN
ajfa-10878	42	9	were	be	AUX
ajfa-10878	42	10	about	about	ADV
ajfa-10878	42	11	307	307	NUM
ajfa-10878	42	12	,	,	PUNCT
ajfa-10878	42	13	316	316	NUM
ajfa-10878	42	14	,	,	PUNCT
ajfa-10878	42	15	329	329	NUM
ajfa-10878	42	16	and	and	CCONJ
ajfa-10878	42	17	332	332	NUM
ajfa-10878	42	18	for	for	ADP
ajfa-10878	42	19	the	the	DET
ajfa-10878	42	20	periods	period	NOUN
ajfa-10878	42	21	2004	2004	NUM
ajfa-10878	42	22	,	,	PUNCT
ajfa-10878	42	23	2005	2005	NUM
ajfa-10878	42	24	,	,	PUNCT
ajfa-10878	42	25	2006	2006	NUM
ajfa-10878	42	26	and	and	CCONJ
ajfa-10878	42	27	2007	2007	NUM
ajfa-10878	42	28	respectively	respectively	ADV
ajfa-10878	42	29	.	.	PUNCT
ajfa-10878	43	1	•	•	NOUN
ajfa-10878	43	2	in	in	ADP
ajfa-10878	43	3	the	the	DET
ajfa-10878	43	4	same	same	ADJ
ajfa-10878	43	5	vain	vain	NOUN
ajfa-10878	43	6	,	,	PUNCT
ajfa-10878	43	7	the	the	DET
ajfa-10878	43	8	number	number	NOUN
ajfa-10878	43	9	of	of	ADP
ajfa-10878	43	10	corporations	corporation	NOUN
ajfa-10878	43	11	listed	list	VERB
ajfa-10878	43	12	in	in	ADP
ajfa-10878	43	13	ise	ise	NOUN
ajfa-10878	43	14	has	have	AUX
ajfa-10878	43	15	improved	improve	VERB
ajfa-10878	43	16	to	to	ADP
ajfa-10878	43	17	416	416	NUM
ajfa-10878	43	18	and	and	CCONJ
ajfa-10878	43	19	422	422	NUM
ajfa-10878	43	20	for	for	ADP
ajfa-10878	43	21	the	the	DET
ajfa-10878	43	22	years	year	NOUN
ajfa-10878	43	23	2014	2014	NUM
ajfa-10878	43	24	and	and	CCONJ
ajfa-10878	43	25	2015	2015	NUM
ajfa-10878	43	26	respectively	respectively	ADV
ajfa-10878	43	27	,	,	PUNCT
ajfa-10878	43	28	with	with	ADP
ajfa-10878	43	29	more	more	ADJ
ajfa-10878	43	30	than	than	ADP
ajfa-10878	43	31	tl554.9	tl554.9	NOUN
ajfa-10878	43	32	billion	billion	NUM
ajfa-10878	43	33	and	and	CCONJ
ajfa-10878	43	34	tl624.4	tl624.4	NUM
ajfa-10878	43	35	billion	billion	NUM
ajfa-10878	43	36	(	(	PUNCT
ajfa-10878	43	37	us$189.8	us$189.8	NOUN
ajfa-10878	43	38	billion	billion	NUM
ajfa-10878	43	39	and	and	CCONJ
ajfa-10878	43	40	us$268.5	us$268.5	NUM
ajfa-10878	43	41	billion	billion	NUM
ajfa-10878	43	42	)	)	PUNCT
ajfa-10878	43	43	respectively	respectively	ADV
ajfa-10878	43	44	(	(	PUNCT
ajfa-10878	43	45	cmb	cmb	PROPN
ajfa-10878	43	46	,	,	PUNCT
ajfa-10878	43	47	2015	2015	NUM
ajfa-10878	43	48	)	)	PUNCT
ajfa-10878	43	49	.	.	PUNCT
ajfa-10878	44	1	the	the	DET
ajfa-10878	44	2	second	second	ADJ
ajfa-10878	44	3	feature	feature	NOUN
ajfa-10878	44	4	of	of	ADP
ajfa-10878	44	5	cgt	cgt	PROPN
ajfa-10878	44	6	is	be	AUX
ajfa-10878	44	7	the	the	DET
ajfa-10878	44	8	lack	lack	NOUN
ajfa-10878	44	9	of	of	ADP
ajfa-10878	44	10	corporate	corporate	ADJ
ajfa-10878	44	11	control	control	NOUN
ajfa-10878	44	12	.	.	PUNCT
ajfa-10878	45	1	this	this	DET
ajfa-10878	45	2	feature	feature	NOUN
ajfa-10878	45	3	of	of	ADP
ajfa-10878	45	4	cgt	cgt	PROPN
ajfa-10878	45	5	leads	lead	VERB
ajfa-10878	45	6	to	to	ADP
ajfa-10878	45	7	an	an	DET
ajfa-10878	45	8	inactive	inactive	ADJ
ajfa-10878	45	9	capital	capital	NOUN
ajfa-10878	45	10	market	market	NOUN
ajfa-10878	45	11	as	as	ADP
ajfa-10878	45	12	a	a	DET
ajfa-10878	45	13	result	result	NOUN
ajfa-10878	45	14	of	of	ADP
ajfa-10878	45	15	high	high	ADJ
ajfa-10878	45	16	concentrated	concentrate	VERB
ajfa-10878	45	17	ownership	ownership	NOUN
ajfa-10878	45	18	.	.	PUNCT
ajfa-10878	46	1	therefore	therefore	ADV
ajfa-10878	46	2	,	,	PUNCT
ajfa-10878	46	3	it	it	PRON
ajfa-10878	46	4	is	be	AUX
ajfa-10878	46	5	not	not	PART
ajfa-10878	46	6	possible	possible	ADJ
ajfa-10878	46	7	to	to	PART
ajfa-10878	46	8	acquire	acquire	VERB
ajfa-10878	46	9	traded	trade	VERB
ajfa-10878	46	10	firms	firm	NOUN
ajfa-10878	46	11	.	.	PUNCT
ajfa-10878	47	1	any	any	DET
ajfa-10878	47	2	hostile	hostile	ADJ
ajfa-10878	47	3	takeover	takeover	NOUN
ajfa-10878	47	4	bid	bid	NOUN
ajfa-10878	47	5	of	of	ADP
ajfa-10878	47	6	whichever	whichever	DET
ajfa-10878	47	7	control	control	NOUN
ajfa-10878	47	8	,	,	PUNCT
ajfa-10878	47	9	change	change	NOUN
ajfa-10878	47	10	in	in	ADP
ajfa-10878	47	11	ownership	ownership	NOUN
ajfa-10878	47	12	should	should	AUX
ajfa-10878	47	13	be	be	AUX
ajfa-10878	47	14	approved	approve	VERB
ajfa-10878	47	15	by	by	ADP
ajfa-10878	47	16	controlling	control	VERB
ajfa-10878	47	17	shareholders	shareholder	NOUN
ajfa-10878	47	18	.	.	PUNCT
ajfa-10878	48	1	the	the	DET
ajfa-10878	48	2	third	third	ADJ
ajfa-10878	48	3	feature	feature	NOUN
ajfa-10878	48	4	of	of	ADP
ajfa-10878	48	5	cgt	cgt	PROPN
ajfa-10878	48	6	is	be	AUX
ajfa-10878	48	7	the	the	DET
ajfa-10878	48	8	dominance	dominance	NOUN
ajfa-10878	48	9	of	of	ADP
ajfa-10878	48	10	business	business	NOUN
ajfa-10878	48	11	groups	group	NOUN
ajfa-10878	48	12	(	(	PUNCT
ajfa-10878	48	13	bgs	bgs	PROPN
ajfa-10878	48	14	)	)	PUNCT
ajfa-10878	48	15	.	.	PUNCT
ajfa-10878	49	1	bgs	bgs	PROPN
ajfa-10878	49	2	in	in	ADP
ajfa-10878	49	3	turkey	turkey	PROPN
ajfa-10878	49	4	are	be	AUX
ajfa-10878	49	5	a	a	DET
ajfa-10878	49	6	coalition	coalition	NOUN
ajfa-10878	49	7	of	of	ADP
ajfa-10878	49	8	financial	financial	ADJ
ajfa-10878	49	9	and	and	CCONJ
ajfa-10878	49	10	industrial	industrial	ADJ
ajfa-10878	49	11	firms	firm	NOUN
ajfa-10878	49	12	recognised	recognise	VERB
ajfa-10878	49	13	legally	legally	ADV
ajfa-10878	49	14	in	in	ADP
ajfa-10878	49	15	the	the	DET
ajfa-10878	49	16	structure	structure	NOUN
ajfa-10878	49	17	of	of	ADP
ajfa-10878	49	18	holding	hold	VERB
ajfa-10878	49	19	firms	firm	NOUN
ajfa-10878	49	20	.	.	PUNCT
ajfa-10878	50	1	control	control	NOUN
ajfa-10878	50	2	of	of	ADP
ajfa-10878	50	3	these	these	DET
ajfa-10878	50	4	bgs	bgs	NOUN
ajfa-10878	50	5	is	be	AUX
ajfa-10878	50	6	in	in	ADP
ajfa-10878	50	7	the	the	DET
ajfa-10878	50	8	hands	hand	NOUN
ajfa-10878	50	9	of	of	ADP
ajfa-10878	50	10	a	a	DET
ajfa-10878	50	11	single	single	ADJ
ajfa-10878	50	12	family	family	NOUN
ajfa-10878	50	13	or	or	CCONJ
ajfa-10878	50	14	a	a	DET
ajfa-10878	50	15	collection	collection	NOUN
ajfa-10878	50	16	of	of	ADP
ajfa-10878	50	17	number	number	NOUN
ajfa-10878	50	18	of	of	ADP
ajfa-10878	50	19	families	family	NOUN
ajfa-10878	50	20	.	.	PUNCT
ajfa-10878	51	1	to	to	PART
ajfa-10878	51	2	sum	sum	VERB
ajfa-10878	51	3	it	it	PRON
ajfa-10878	51	4	up	up	ADP
ajfa-10878	51	5	,	,	PUNCT
ajfa-10878	51	6	cg	cg	NOUN
ajfa-10878	51	7	framework	framework	NOUN
ajfa-10878	51	8	is	be	AUX
ajfa-10878	51	9	characterised	characterise	VERB
ajfa-10878	51	10	with	with	ADP
ajfa-10878	51	11	few	few	ADJ
ajfa-10878	51	12	listed	list	VERB
ajfa-10878	51	13	firms	firm	NOUN
ajfa-10878	51	14	,	,	PUNCT
ajfa-10878	51	15	a	a	DET
ajfa-10878	51	16	large	large	ADJ
ajfa-10878	51	17	number	number	NOUN
ajfa-10878	51	18	of	of	ADP
ajfa-10878	51	19	substantial	substantial	ADJ
ajfa-10878	51	20	stakeholders	stakeholder	NOUN
ajfa-10878	51	21	and	and	CCONJ
ajfa-10878	51	22	vast	vast	ADJ
ajfa-10878	51	23	cross	cross	ADJ
ajfa-10878	51	24	-	-	ADJ
ajfa-10878	51	25	ownership	ownership	ADJ
ajfa-10878	51	26	shareholding	shareholding	NOUN
ajfa-10878	51	27	(	(	PUNCT
ajfa-10878	51	28	ararat	ararat	NOUN
ajfa-10878	51	29	,	,	PUNCT
ajfa-10878	51	30	black	black	ADJ
ajfa-10878	51	31	,	,	PUNCT
ajfa-10878	51	32	&	&	CCONJ
ajfa-10878	51	33	yurtoglu	yurtoglu	PROPN
ajfa-10878	51	34	,	,	PUNCT
ajfa-10878	51	35	2014	2014	NUM
ajfa-10878	51	36	)	)	PUNCT
ajfa-10878	51	37	.	.	PUNCT
ajfa-10878	52	1	3	3	X
ajfa-10878	52	2	.	.	X
ajfa-10878	52	3	turkish	turkish	ADJ
ajfa-10878	52	4	institutional	institutional	ADJ
ajfa-10878	52	5	setting	set	VERB
ajfa-10878	52	6	business	business	NOUN
ajfa-10878	52	7	group	group	NOUN
ajfa-10878	52	8	has	have	AUX
ajfa-10878	52	9	shaped	shape	VERB
ajfa-10878	52	10	the	the	DET
ajfa-10878	52	11	characters	character	NOUN
ajfa-10878	52	12	of	of	ADP
ajfa-10878	52	13	the	the	DET
ajfa-10878	52	14	large	large	ADJ
ajfa-10878	52	15	business	business	NOUN
ajfa-10878	52	16	corporations	corporation	NOUN
ajfa-10878	52	17	in	in	ADP
ajfa-10878	52	18	turkey	turkey	NOUN
ajfa-10878	52	19	.	.	PUNCT
ajfa-10878	53	1	turkish	turkish	ADJ
ajfa-10878	53	2	families	family	NOUN
ajfa-10878	53	3	are	be	AUX
ajfa-10878	53	4	the	the	DET
ajfa-10878	53	5	founders	founder	NOUN
ajfa-10878	53	6	and	and	CCONJ
ajfa-10878	53	7	directors	director	NOUN
ajfa-10878	53	8	of	of	ADP
ajfa-10878	53	9	majority	majority	NOUN
ajfa-10878	53	10	of	of	ADP
ajfa-10878	53	11	medium	medium	ADJ
ajfa-10878	53	12	and	and	CCONJ
ajfa-10878	53	13	large	large	ADJ
ajfa-10878	53	14	corporations	corporation	NOUN
ajfa-10878	53	15	in	in	ADP
ajfa-10878	53	16	many	many	ADJ
ajfa-10878	53	17	industries	industry	NOUN
ajfa-10878	53	18	particularly	particularly	ADV
ajfa-10878	53	19	banking	banking	NOUN
ajfa-10878	53	20	sector	sector	NOUN
ajfa-10878	53	21	.	.	PUNCT
ajfa-10878	54	1	families	family	NOUN
ajfa-10878	54	2	have	have	VERB
ajfa-10878	54	3	significant	significant	ADJ
ajfa-10878	54	4	role	role	NOUN
ajfa-10878	54	5	as	as	ADP
ajfa-10878	54	6	a	a	DET
ajfa-10878	54	7	holder	holder	NOUN
ajfa-10878	54	8	and	and	CCONJ
ajfa-10878	54	9	by	by	ADP
ajfa-10878	54	10	investing	invest	VERB
ajfa-10878	54	11	resources	resource	NOUN
ajfa-10878	54	12	to	to	ADP
ajfa-10878	54	13	the	the	DET
ajfa-10878	54	14	private	private	ADJ
ajfa-10878	54	15	sector	sector	NOUN
ajfa-10878	54	16	.	.	PUNCT
ajfa-10878	55	1	turkey	turkey	PROPN
ajfa-10878	55	2	’s	’s	PART
ajfa-10878	55	3	largest	large	ADJ
ajfa-10878	55	4	corporations	corporation	NOUN
ajfa-10878	55	5	are	be	AUX
ajfa-10878	55	6	associated	associate	VERB
ajfa-10878	55	7	with	with	ADP
ajfa-10878	55	8	each	each	DET
ajfa-10878	55	9	other	other	ADJ
ajfa-10878	55	10	’s	’s	ADV
ajfa-10878	55	11	shaping	shape	VERB
ajfa-10878	55	12	large	large	ADJ
ajfa-10878	55	13	business	business	NOUN
ajfa-10878	55	14	groups	group	NOUN
ajfa-10878	55	15	.	.	PUNCT
ajfa-10878	56	1	the	the	DET
ajfa-10878	56	2	investment	investment	NOUN
ajfa-10878	56	3	of	of	ADP
ajfa-10878	56	4	a	a	DET
ajfa-10878	56	5	single	single	ADJ
ajfa-10878	56	6	family	family	NOUN
ajfa-10878	56	7	or	or	CCONJ
ajfa-10878	56	8	small	small	ADJ
ajfa-10878	56	9	collections	collection	NOUN
ajfa-10878	56	10	of	of	ADP
ajfa-10878	56	11	families	family	NOUN
ajfa-10878	56	12	formed	form	VERB
ajfa-10878	56	13	these	these	DET
ajfa-10878	56	14	bgs	bgs	PROPN
ajfa-10878	56	15	.	.	PUNCT
ajfa-10878	57	1	bgs	bgs	PROPN
ajfa-10878	57	2	work	work	NOUN
ajfa-10878	57	3	as	as	ADP
ajfa-10878	57	4	a	a	DET
ajfa-10878	57	5	coherent	coherent	ADJ
ajfa-10878	57	6	bodies	body	NOUN
ajfa-10878	57	7	that	that	PRON
ajfa-10878	57	8	assist	assist	VERB
ajfa-10878	57	9	to	to	PART
ajfa-10878	57	10	shift	shift	VERB
ajfa-10878	57	11	resources	resource	NOUN
ajfa-10878	57	12	and	and	CCONJ
ajfa-10878	57	13	personnel	personnel	NOUN
ajfa-10878	57	14	between	between	ADP
ajfa-10878	57	15	them	they	PRON
ajfa-10878	57	16	.	.	PUNCT
ajfa-10878	58	1	commonly	commonly	ADV
ajfa-10878	58	2	,	,	PUNCT
ajfa-10878	58	3	turkish	turkish	ADJ
ajfa-10878	58	4	bgs	bgs	PROPN
ajfa-10878	58	5	firms	firm	NOUN
ajfa-10878	58	6	control	control	VERB
ajfa-10878	58	7	private	private	ADJ
ajfa-10878	58	8	banks	bank	NOUN
ajfa-10878	58	9	or	or	CCONJ
ajfa-10878	58	10	financial	financial	ADJ
ajfa-10878	58	11	institution	institution	NOUN
ajfa-10878	58	12	that	that	PRON
ajfa-10878	58	13	serves	serve	VERB
ajfa-10878	58	14	as	as	ADP
ajfa-10878	58	15	a	a	DET
ajfa-10878	58	16	main	main	ADJ
ajfa-10878	58	17	bank	bank	NOUN
ajfa-10878	58	18	of	of	ADP
ajfa-10878	58	19	these	these	DET
ajfa-10878	58	20	groups	group	NOUN
ajfa-10878	58	21	that	that	PRON
ajfa-10878	58	22	are	be	AUX
ajfa-10878	58	23	ultimately	ultimately	ADV
ajfa-10878	58	24	owned	own	VERB
ajfa-10878	58	25	by	by	ADP
ajfa-10878	58	26	single	single	ADJ
ajfa-10878	58	27	families	family	NOUN
ajfa-10878	58	28	.	.	PUNCT
ajfa-10878	59	1	the	the	DET
ajfa-10878	59	2	important	important	ADJ
ajfa-10878	59	3	feature	feature	NOUN
ajfa-10878	59	4	of	of	ADP
ajfa-10878	59	5	turkey	turkey	NOUN
ajfa-10878	59	6	bgs	bgs	PROPN
ajfa-10878	59	7	despite	despite	SCONJ
ajfa-10878	59	8	the	the	DET
ajfa-10878	59	9	significant	significant	ADJ
ajfa-10878	59	10	role	role	NOUN
ajfa-10878	59	11	they	they	PRON
ajfa-10878	59	12	play	play	VERB
ajfa-10878	59	13	in	in	ADP
ajfa-10878	59	14	the	the	DET
ajfa-10878	59	15	banking	banking	NOUN
ajfa-10878	59	16	sector	sector	NOUN
ajfa-10878	59	17	is	be	AUX
ajfa-10878	59	18	that	that	SCONJ
ajfa-10878	59	19	it	it	PRON
ajfa-10878	59	20	is	be	AUX
ajfa-10878	59	21	not	not	PART
ajfa-10878	59	22	parallel	parallel	ADJ
ajfa-10878	59	23	to	to	ADP
ajfa-10878	59	24	the	the	DET
ajfa-10878	59	25	german	german	ADJ
ajfa-10878	59	26	and	and	CCONJ
ajfa-10878	59	27	japanese	japanese	ADJ
ajfa-10878	59	28	cases	case	NOUN
ajfa-10878	59	29	.	.	PUNCT
ajfa-10878	60	1	leff	leff	PROPN
ajfa-10878	60	2	(	(	PUNCT
ajfa-10878	60	3	1978	1978	NUM
ajfa-10878	60	4	)	)	PUNCT
ajfa-10878	60	5	argue	argue	VERB
ajfa-10878	60	6	that	that	SCONJ
ajfa-10878	60	7	the	the	DET
ajfa-10878	60	8	most	most	ADV
ajfa-10878	60	9	suitable	suitable	ADJ
ajfa-10878	60	10	clarification	clarification	NOUN
ajfa-10878	60	11	given	give	VERB
ajfa-10878	60	12	to	to	ADP
ajfa-10878	60	13	the	the	DET
ajfa-10878	60	14	bgs	bgs	NOUN
ajfa-10878	60	15	is	be	AUX
ajfa-10878	60	16	that	that	SCONJ
ajfa-10878	60	17	bgs	bgs	PROPN
ajfa-10878	60	18	are	be	AUX
ajfa-10878	60	19	consider	consider	VERB
ajfa-10878	60	20	as	as	ADP
ajfa-10878	60	21	useful	useful	ADJ
ajfa-10878	60	22	substitutes	substitute	NOUN
ajfa-10878	60	23	for	for	ADP
ajfa-10878	60	24	weak	weak	ADJ
ajfa-10878	60	25	capital	capital	NOUN
ajfa-10878	60	26	markets	market	NOUN
ajfa-10878	60	27	.	.	PUNCT
ajfa-10878	61	1	on	on	ADP
ajfa-10878	61	2	the	the	DET
ajfa-10878	61	3	other	other	ADJ
ajfa-10878	61	4	hand	hand	NOUN
ajfa-10878	61	5	,	,	PUNCT
ajfa-10878	61	6	there	there	PRON
ajfa-10878	61	7	are	be	VERB
ajfa-10878	61	8	some	some	DET
ajfa-10878	61	9	challenges	challenge	NOUN
ajfa-10878	61	10	facing	face	VERB
ajfa-10878	61	11	bgs	bgs	PROPN
ajfa-10878	61	12	asian	asian	ADJ
ajfa-10878	61	13	journal	journal	PROPN
ajfa-10878	61	14	of	of	ADP
ajfa-10878	61	15	finance	finance	PROPN
ajfa-10878	61	16	&	&	CCONJ
ajfa-10878	61	17	accounting	accounting	PROPN
ajfa-10878	61	18	issn	issn	PROPN
ajfa-10878	61	19	1946	1946	NUM
ajfa-10878	61	20	-	-	PUNCT
ajfa-10878	61	21	052x	052x	PROPN
ajfa-10878	61	22	2017	2017	NUM
ajfa-10878	61	23	,	,	PUNCT
ajfa-10878	61	24	vol	vol	NOUN
ajfa-10878	61	25	.	.	NOUN
ajfa-10878	61	26	9	9	NUM
ajfa-10878	61	27	,	,	PUNCT
ajfa-10878	61	28	no	no	INTJ
ajfa-10878	61	29	.	.	NOUN
ajfa-10878	61	30	1	1	NUM
ajfa-10878	61	31	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	61	32	196	196	NUM
ajfa-10878	61	33	firms	firm	NOUN
ajfa-10878	61	34	such	such	ADJ
ajfa-10878	61	35	as	as	ADP
ajfa-10878	61	36	managing	manage	VERB
ajfa-10878	61	37	business	business	NOUN
ajfa-10878	61	38	growth	growth	NOUN
ajfa-10878	61	39	,	,	PUNCT
ajfa-10878	61	40	resisting	resist	VERB
ajfa-10878	61	41	managerial	managerial	ADJ
ajfa-10878	61	42	ownership	ownership	NOUN
ajfa-10878	61	43	and	and	CCONJ
ajfa-10878	61	44	sustaining	sustain	VERB
ajfa-10878	61	45	families	family	NOUN
ajfa-10878	61	46	control	control	VERB
ajfa-10878	61	47	business	business	NOUN
ajfa-10878	61	48	activities	activity	NOUN
ajfa-10878	61	49	.	.	PUNCT
ajfa-10878	62	1	affiliated	affiliate	VERB
ajfa-10878	62	2	firms	firm	NOUN
ajfa-10878	62	3	link	link	VERB
ajfa-10878	62	4	each	each	DET
ajfa-10878	62	5	other	other	ADJ
ajfa-10878	62	6	within	within	ADP
ajfa-10878	62	7	holding	hold	VERB
ajfa-10878	62	8	firms	firm	NOUN
ajfa-10878	62	9	through	through	ADP
ajfa-10878	62	10	two	two	NUM
ajfa-10878	62	11	techniques	technique	NOUN
ajfa-10878	62	12	.	.	PUNCT
ajfa-10878	63	1	the	the	DET
ajfa-10878	63	2	first	first	ADJ
ajfa-10878	63	3	technique	technique	NOUN
ajfa-10878	63	4	might	might	AUX
ajfa-10878	63	5	be	be	AUX
ajfa-10878	63	6	defined	define	VERB
ajfa-10878	63	7	as	as	ADP
ajfa-10878	63	8	inter	inter	ADJ
ajfa-10878	63	9	-	-	ADJ
ajfa-10878	63	10	corporate	corporate	ADJ
ajfa-10878	63	11	shareholding	shareholding	NOUN
ajfa-10878	63	12	.	.	PUNCT
ajfa-10878	64	1	meanwhile	meanwhile	ADV
ajfa-10878	64	2	,	,	PUNCT
ajfa-10878	64	3	the	the	DET
ajfa-10878	64	4	second	second	ADJ
ajfa-10878	64	5	technique	technique	NOUN
ajfa-10878	64	6	is	be	AUX
ajfa-10878	64	7	to	to	PART
ajfa-10878	64	8	exhibit	exhibit	VERB
ajfa-10878	64	9	pyramid	pyramid	NOUN
ajfa-10878	64	10	ownership	ownership	NOUN
ajfa-10878	64	11	structure	structure	NOUN
ajfa-10878	64	12	via	via	ADP
ajfa-10878	64	13	distributing	distribute	VERB
ajfa-10878	64	14	the	the	DET
ajfa-10878	64	15	voting	voting	NOUN
ajfa-10878	64	16	rights	right	NOUN
ajfa-10878	64	17	of	of	ADP
ajfa-10878	64	18	minority	minority	NOUN
ajfa-10878	64	19	shareholders	shareholder	NOUN
ajfa-10878	64	20	over	over	ADP
ajfa-10878	64	21	a	a	DET
ajfa-10878	64	22	large	large	ADJ
ajfa-10878	64	23	number	number	NOUN
ajfa-10878	64	24	of	of	ADP
ajfa-10878	64	25	affiliated	affiliated	ADJ
ajfa-10878	64	26	firms	firm	NOUN
ajfa-10878	64	27	and	and	CCONJ
ajfa-10878	64	28	concentrate	concentrate	VERB
ajfa-10878	64	29	ultimate	ultimate	ADJ
ajfa-10878	64	30	shareholders	shareholder	NOUN
ajfa-10878	64	31	at	at	ADP
ajfa-10878	64	32	the	the	DET
ajfa-10878	64	33	top	top	NOUN
ajfa-10878	64	34	of	of	ADP
ajfa-10878	64	35	the	the	DET
ajfa-10878	64	36	pyramid	pyramid	NOUN
ajfa-10878	64	37	structure	structure	NOUN
ajfa-10878	64	38	.	.	PUNCT
ajfa-10878	65	1	using	use	VERB
ajfa-10878	65	2	the	the	DET
ajfa-10878	65	3	aforementioned	aforementioned	ADJ
ajfa-10878	65	4	techniques	technique	NOUN
ajfa-10878	65	5	enhances	enhance	VERB
ajfa-10878	65	6	the	the	DET
ajfa-10878	65	7	control	control	NOUN
ajfa-10878	65	8	of	of	ADP
ajfa-10878	65	9	the	the	DET
ajfa-10878	65	10	legal	legal	ADJ
ajfa-10878	65	11	entity	entity	NOUN
ajfa-10878	65	12	(	(	PUNCT
ajfa-10878	65	13	e.g.	e.g.	ADV
ajfa-10878	65	14	parent	parent	NOUN
ajfa-10878	65	15	companies	company	NOUN
ajfa-10878	65	16	,	,	PUNCT
ajfa-10878	65	17	individual	individual	ADJ
ajfa-10878	65	18	or	or	CCONJ
ajfa-10878	65	19	family	family	NOUN
ajfa-10878	65	20	)	)	PUNCT
ajfa-10878	65	21	on	on	ADP
ajfa-10878	65	22	a	a	DET
ajfa-10878	65	23	large	large	ADJ
ajfa-10878	65	24	number	number	NOUN
ajfa-10878	65	25	of	of	ADP
ajfa-10878	65	26	firms	firm	NOUN
ajfa-10878	65	27	.	.	PUNCT
ajfa-10878	66	1	the	the	DET
ajfa-10878	66	2	divergence	divergence	NOUN
ajfa-10878	66	3	between	between	ADP
ajfa-10878	66	4	controls	control	NOUN
ajfa-10878	66	5	rights	right	NOUN
ajfa-10878	66	6	(	(	PUNCT
ajfa-10878	66	7	voting	voting	NOUN
ajfa-10878	66	8	rights	right	NOUN
ajfa-10878	66	9	)	)	PUNCT
ajfa-10878	66	10	and	and	CCONJ
ajfa-10878	66	11	ownership	ownership	NOUN
ajfa-10878	66	12	rights	right	NOUN
ajfa-10878	66	13	(	(	PUNCT
ajfa-10878	66	14	cash	cash	NOUN
ajfa-10878	66	15	flow	flow	NOUN
ajfa-10878	66	16	rights	right	NOUN
ajfa-10878	66	17	)	)	PUNCT
ajfa-10878	66	18	relay	relay	NOUN
ajfa-10878	66	19	on	on	ADP
ajfa-10878	66	20	the	the	DET
ajfa-10878	66	21	length	length	NOUN
ajfa-10878	66	22	of	of	ADP
ajfa-10878	66	23	the	the	DET
ajfa-10878	66	24	control	control	NOUN
ajfa-10878	66	25	-	-	PUNCT
ajfa-10878	66	26	ownership	ownership	NOUN
ajfa-10878	66	27	chains	chain	NOUN
ajfa-10878	66	28	of	of	ADP
ajfa-10878	66	29	the	the	DET
ajfa-10878	66	30	pyramidal	pyramidal	ADJ
ajfa-10878	66	31	ownership	ownership	NOUN
ajfa-10878	66	32	structure	structure	NOUN
ajfa-10878	66	33	.	.	PUNCT
ajfa-10878	67	1	that	that	PRON
ajfa-10878	67	2	consequently	consequently	ADV
ajfa-10878	67	3	leads	lead	VERB
ajfa-10878	67	4	to	to	PART
ajfa-10878	67	5	exacerbate	exacerbate	VERB
ajfa-10878	67	6	the	the	DET
ajfa-10878	67	7	agency	agency	NOUN
ajfa-10878	67	8	problem	problem	NOUN
ajfa-10878	67	9	(	(	PUNCT
ajfa-10878	67	10	agency	agency	NOUN
ajfa-10878	67	11	conflicts	conflict	NOUN
ajfa-10878	67	12	)	)	PUNCT
ajfa-10878	67	13	between	between	ADP
ajfa-10878	67	14	majority	majority	NOUN
ajfa-10878	67	15	shareholders	shareholder	NOUN
ajfa-10878	67	16	or	or	CCONJ
ajfa-10878	67	17	controlling	control	VERB
ajfa-10878	67	18	shareholders	shareholder	NOUN
ajfa-10878	67	19	and	and	CCONJ
ajfa-10878	67	20	minority	minority	NOUN
ajfa-10878	67	21	shareholders	shareholder	NOUN
ajfa-10878	67	22	.	.	PUNCT
ajfa-10878	68	1	this	this	DET
ajfa-10878	68	2	kind	kind	NOUN
ajfa-10878	68	3	of	of	ADP
ajfa-10878	68	4	ownership	ownership	NOUN
ajfa-10878	68	5	structure	structure	NOUN
ajfa-10878	68	6	assists	assist	VERB
ajfa-10878	68	7	the	the	DET
ajfa-10878	68	8	majority	majority	NOUN
ajfa-10878	68	9	shareholders	shareholder	NOUN
ajfa-10878	68	10	to	to	PART
ajfa-10878	68	11	keep	keep	VERB
ajfa-10878	68	12	control	control	NOUN
ajfa-10878	68	13	on	on	ADP
ajfa-10878	68	14	many	many	ADJ
ajfa-10878	68	15	affiliated	affiliated	ADJ
ajfa-10878	68	16	firms	firm	NOUN
ajfa-10878	68	17	and	and	CCONJ
ajfa-10878	68	18	provide	provide	VERB
ajfa-10878	68	19	a	a	DET
ajfa-10878	68	20	small	small	ADJ
ajfa-10878	68	21	stake	stake	NOUN
ajfa-10878	68	22	of	of	ADP
ajfa-10878	68	23	capital	capital	NOUN
ajfa-10878	68	24	(	(	PUNCT
ajfa-10878	68	25	ararat	ararat	PROPN
ajfa-10878	68	26	et	et	PROPN
ajfa-10878	68	27	al	al	PROPN
ajfa-10878	68	28	.	.	PROPN
ajfa-10878	68	29	,	,	PUNCT
ajfa-10878	68	30	2015	2015	NUM
ajfa-10878	68	31	)	)	PUNCT
ajfa-10878	68	32	.	.	PUNCT
ajfa-10878	69	1	therefore	therefore	ADV
ajfa-10878	69	2	,	,	PUNCT
ajfa-10878	69	3	the	the	DET
ajfa-10878	69	4	incentives	incentive	NOUN
ajfa-10878	69	5	of	of	ADP
ajfa-10878	69	6	controlling	control	VERB
ajfa-10878	69	7	shareholders	shareholder	NOUN
ajfa-10878	69	8	are	be	AUX
ajfa-10878	69	9	enhance	enhance	ADJ
ajfa-10878	69	10	to	to	PART
ajfa-10878	69	11	maximise	maximise	VERB
ajfa-10878	69	12	their	their	PRON
ajfa-10878	69	13	profit	profit	NOUN
ajfa-10878	69	14	at	at	ADP
ajfa-10878	69	15	the	the	DET
ajfa-10878	69	16	expense	expense	NOUN
ajfa-10878	69	17	of	of	ADP
ajfa-10878	69	18	minority	minority	NOUN
ajfa-10878	69	19	shareholders	shareholder	NOUN
ajfa-10878	69	20	.	.	PUNCT
ajfa-10878	70	1	bgs	bgs	PROPN
ajfa-10878	70	2	in	in	ADP
ajfa-10878	70	3	turkey	turkey	NOUN
ajfa-10878	70	4	are	be	AUX
ajfa-10878	70	5	however	however	ADV
ajfa-10878	70	6	,	,	PUNCT
ajfa-10878	70	7	poorly	poorly	ADV
ajfa-10878	70	8	structured	structure	VERB
ajfa-10878	70	9	mainly	mainly	ADV
ajfa-10878	70	10	due	due	ADP
ajfa-10878	70	11	to	to	ADP
ajfa-10878	70	12	the	the	DET
ajfa-10878	70	13	typical	typical	ADJ
ajfa-10878	70	14	features	feature	NOUN
ajfa-10878	70	15	of	of	ADP
ajfa-10878	70	16	bgs	bgs	NOUN
ajfa-10878	70	17	shares	share	NOUN
ajfa-10878	70	18	.	.	PUNCT
ajfa-10878	71	1	families	family	NOUN
ajfa-10878	71	2	possess	possess	VERB
ajfa-10878	71	3	a	a	DET
ajfa-10878	71	4	significant	significant	ADJ
ajfa-10878	71	5	control	control	NOUN
ajfa-10878	71	6	on	on	ADP
ajfa-10878	71	7	holding	hold	VERB
ajfa-10878	71	8	firms	firm	NOUN
ajfa-10878	71	9	which	which	PRON
ajfa-10878	71	10	,	,	PUNCT
ajfa-10878	71	11	in	in	ADP
ajfa-10878	71	12	turns	turn	NOUN
ajfa-10878	71	13	linked	link	VERB
ajfa-10878	71	14	through	through	ADP
ajfa-10878	71	15	shareholding	shareholding	NOUN
ajfa-10878	71	16	in	in	ADP
ajfa-10878	71	17	other	other	ADJ
ajfa-10878	71	18	firms	firm	NOUN
ajfa-10878	71	19	inside	inside	ADP
ajfa-10878	71	20	the	the	DET
ajfa-10878	71	21	pyramidal	pyramidal	ADJ
ajfa-10878	71	22	structure	structure	NOUN
ajfa-10878	71	23	.	.	PUNCT
ajfa-10878	72	1	these	these	DET
ajfa-10878	72	2	type	type	NOUN
ajfa-10878	72	3	of	of	ADP
ajfa-10878	72	4	cases	case	NOUN
ajfa-10878	72	5	exists	exist	VERB
ajfa-10878	72	6	in	in	ADP
ajfa-10878	72	7	which	which	PRON
ajfa-10878	72	8	a	a	DET
ajfa-10878	72	9	holding	hold	VERB
ajfa-10878	72	10	firm	firm	ADJ
ajfa-10878	72	11	control	control	NOUN
ajfa-10878	72	12	many	many	ADJ
ajfa-10878	72	13	affiliated	affiliated	ADJ
ajfa-10878	72	14	firms	firm	NOUN
ajfa-10878	72	15	which	which	PRON
ajfa-10878	72	16	are	be	AUX
ajfa-10878	72	17	linked	link	VERB
ajfa-10878	72	18	to	to	ADP
ajfa-10878	72	19	each	each	DET
ajfa-10878	72	20	other	other	ADJ
ajfa-10878	72	21	by	by	ADP
ajfa-10878	72	22	share	share	NOUN
ajfa-10878	72	23	ownership	ownership	NOUN
ajfa-10878	72	24	.	.	PUNCT
ajfa-10878	73	1	4	4	X
ajfa-10878	73	2	.	.	X
ajfa-10878	73	3	corporate	corporate	ADJ
ajfa-10878	73	4	ownership	ownership	NOUN
ajfa-10878	73	5	and	and	CCONJ
ajfa-10878	73	6	control	control	NOUN
ajfa-10878	73	7	structure	structure	NOUN
ajfa-10878	73	8	shareholders	shareholder	NOUN
ajfa-10878	73	9	’	'	PUNCT
ajfa-10878	73	10	decision	decision	NOUN
ajfa-10878	73	11	making	make	VERB
ajfa-10878	73	12	power	power	NOUN
ajfa-10878	73	13	improves	improve	VERB
ajfa-10878	73	14	as	as	ADP
ajfa-10878	73	15	a	a	DET
ajfa-10878	73	16	result	result	NOUN
ajfa-10878	73	17	of	of	ADP
ajfa-10878	73	18	high	high	ADJ
ajfa-10878	73	19	concentration	concentration	NOUN
ajfa-10878	73	20	of	of	ADP
ajfa-10878	73	21	voting	voting	NOUN
ajfa-10878	73	22	rights	right	NOUN
ajfa-10878	73	23	of	of	ADP
ajfa-10878	73	24	those	those	DET
ajfa-10878	73	25	shareholders	shareholder	NOUN
ajfa-10878	73	26	.	.	PUNCT
ajfa-10878	74	1	a	a	DET
ajfa-10878	74	2	prominent	prominent	ADJ
ajfa-10878	74	3	idea	idea	NOUN
ajfa-10878	74	4	from	from	ADP
ajfa-10878	74	5	the	the	DET
ajfa-10878	74	6	viewpoint	viewpoint	NOUN
ajfa-10878	74	7	of	of	ADP
ajfa-10878	74	8	control	control	NOUN
ajfa-10878	74	9	over	over	ADP
ajfa-10878	74	10	voting	voting	NOUN
ajfa-10878	74	11	rights	right	NOUN
ajfa-10878	74	12	is	be	AUX
ajfa-10878	74	13	that	that	SCONJ
ajfa-10878	74	14	it	it	PRON
ajfa-10878	74	15	enhances	enhance	VERB
ajfa-10878	74	16	shareholders	shareholder	NOUN
ajfa-10878	74	17	power	power	NOUN
ajfa-10878	74	18	to	to	PART
ajfa-10878	74	19	select	select	VERB
ajfa-10878	74	20	the	the	DET
ajfa-10878	74	21	majority	majority	NOUN
ajfa-10878	74	22	of	of	ADP
ajfa-10878	74	23	board	board	NOUN
ajfa-10878	74	24	of	of	ADP
ajfa-10878	74	25	directors	director	NOUN
ajfa-10878	74	26	(	(	PUNCT
ajfa-10878	74	27	bod	bod	NOUN
ajfa-10878	74	28	)	)	PUNCT
ajfa-10878	74	29	members	member	NOUN
ajfa-10878	74	30	to	to	PART
ajfa-10878	74	31	work	work	VERB
ajfa-10878	74	32	as	as	ADP
ajfa-10878	74	33	a	a	DET
ajfa-10878	74	34	dominant	dominant	ADJ
ajfa-10878	74	35	party	party	NOUN
ajfa-10878	74	36	in	in	ADP
ajfa-10878	74	37	shareholders	shareholder	NOUN
ajfa-10878	74	38	meetings	meeting	NOUN
ajfa-10878	74	39	,	,	PUNCT
ajfa-10878	74	40	and	and	CCONJ
ajfa-10878	74	41	to	to	PART
ajfa-10878	74	42	hold	hold	VERB
ajfa-10878	74	43	a	a	DET
ajfa-10878	74	44	significant	significant	ADJ
ajfa-10878	74	45	interests	interest	NOUN
ajfa-10878	74	46	on	on	ADP
ajfa-10878	74	47	the	the	DET
ajfa-10878	74	48	strategic	strategic	ADJ
ajfa-10878	74	49	decisions	decision	NOUN
ajfa-10878	74	50	of	of	ADP
ajfa-10878	74	51	the	the	DET
ajfa-10878	74	52	corporations	corporation	NOUN
ajfa-10878	74	53	(	(	PUNCT
ajfa-10878	74	54	daniels	daniels	PROPN
ajfa-10878	74	55	&	&	CCONJ
ajfa-10878	74	56	halpern	halpern	PROPN
ajfa-10878	74	57	,	,	PUNCT
ajfa-10878	74	58	1996	1996	NUM
ajfa-10878	74	59	)	)	PUNCT
ajfa-10878	74	60	.	.	PUNCT
ajfa-10878	75	1	in	in	ADP
ajfa-10878	75	2	turkey	turkey	PROPN
ajfa-10878	75	3	,	,	PUNCT
ajfa-10878	75	4	45	45	NUM
ajfa-10878	75	5	percentages	percentage	NOUN
ajfa-10878	75	6	of	of	ADP
ajfa-10878	75	7	the	the	DET
ajfa-10878	75	8	243	243	NUM
ajfa-10878	75	9	listed	list	VERB
ajfa-10878	75	10	firms	firm	NOUN
ajfa-10878	75	11	in	in	ADP
ajfa-10878	75	12	bi	bi	NOUN
ajfa-10878	75	13	are	be	AUX
ajfa-10878	75	14	controlled	control	VERB
ajfa-10878	75	15	by	by	ADP
ajfa-10878	75	16	a	a	DET
ajfa-10878	75	17	single	single	ADJ
ajfa-10878	75	18	shareholder	shareholder	NOUN
ajfa-10878	75	19	with	with	ADP
ajfa-10878	75	20	more	more	ADJ
ajfa-10878	75	21	than	than	ADP
ajfa-10878	75	22	50	50	NUM
ajfa-10878	75	23	percentages	percentage	NOUN
ajfa-10878	75	24	of	of	ADP
ajfa-10878	75	25	voting	voting	NOUN
ajfa-10878	75	26	rights	right	NOUN
ajfa-10878	75	27	(	(	PUNCT
ajfa-10878	75	28	aytac	aytac	PROPN
ajfa-10878	75	29	&	&	CCONJ
ajfa-10878	75	30	sak	sak	PROPN
ajfa-10878	75	31	,	,	PUNCT
ajfa-10878	75	32	2000	2000	NUM
ajfa-10878	75	33	)	)	PUNCT
ajfa-10878	75	34	.	.	PUNCT
ajfa-10878	76	1	in	in	ADP
ajfa-10878	76	2	most	most	ADJ
ajfa-10878	76	3	cases	case	NOUN
ajfa-10878	76	4	,	,	PUNCT
ajfa-10878	76	5	the	the	DET
ajfa-10878	76	6	dominant	dominant	ADJ
ajfa-10878	76	7	shareholders	shareholder	NOUN
ajfa-10878	76	8	are	be	AUX
ajfa-10878	76	9	holding	hold	VERB
ajfa-10878	76	10	firms	firm	NOUN
ajfa-10878	76	11	owned	own	VERB
ajfa-10878	76	12	by	by	ADP
ajfa-10878	76	13	families	family	NOUN
ajfa-10878	76	14	.	.	PUNCT
ajfa-10878	77	1	a	a	DET
ajfa-10878	77	2	study	study	NOUN
ajfa-10878	77	3	by	by	ADP
ajfa-10878	77	4	yurtoglu	yurtoglu	PROPN
ajfa-10878	77	5	(	(	PUNCT
ajfa-10878	77	6	2000	2000	NUM
ajfa-10878	77	7	)	)	PUNCT
ajfa-10878	77	8	,	,	PUNCT
ajfa-10878	77	9	documented	document	VERB
ajfa-10878	77	10	that	that	SCONJ
ajfa-10878	77	11	“	"	PUNCT
ajfa-10878	77	12	insider	insider	NOUN
ajfa-10878	77	13	system	system	NOUN
ajfa-10878	77	14	”	"	PUNCT
ajfa-10878	77	15	of	of	ADP
ajfa-10878	77	16	corporate	corporate	ADJ
ajfa-10878	77	17	governance	governance	NOUN
ajfa-10878	77	18	regime	regime	NOUN
ajfa-10878	77	19	exists	exist	VERB
ajfa-10878	77	20	in	in	ADP
ajfa-10878	77	21	turkey	turkey	NOUN
ajfa-10878	77	22	in	in	ADP
ajfa-10878	77	23	the	the	DET
ajfa-10878	77	24	terminology	terminology	NOUN
ajfa-10878	77	25	of	of	ADP
ajfa-10878	77	26	franks	frank	NOUN
ajfa-10878	77	27	and	and	CCONJ
ajfa-10878	77	28	mayer	mayer	PROPN
ajfa-10878	77	29	(	(	PUNCT
ajfa-10878	77	30	2001	2001	NUM
ajfa-10878	77	31	)	)	PUNCT
ajfa-10878	77	32	.	.	PUNCT
ajfa-10878	78	1	the	the	DET
ajfa-10878	78	2	study	study	NOUN
ajfa-10878	78	3	finding	finding	NOUN
ajfa-10878	78	4	indicates	indicate	VERB
ajfa-10878	78	5	that	that	SCONJ
ajfa-10878	78	6	99	99	NUM
ajfa-10878	78	7	%	%	NOUN
ajfa-10878	78	8	of	of	ADP
ajfa-10878	78	9	the	the	DET
ajfa-10878	78	10	257	257	NUM
ajfa-10878	78	11	listed	list	VERB
ajfa-10878	78	12	firms	firm	NOUN
ajfa-10878	78	13	possess	possess	VERB
ajfa-10878	78	14	a	a	DET
ajfa-10878	78	15	single	single	ADJ
ajfa-10878	78	16	shareholder	shareholder	NOUN
ajfa-10878	78	17	with	with	ADP
ajfa-10878	78	18	an	an	DET
ajfa-10878	78	19	ownership	ownership	NOUN
ajfa-10878	78	20	portion	portion	NOUN
ajfa-10878	78	21	of	of	ADP
ajfa-10878	78	22	about	about	ADV
ajfa-10878	78	23	50	50	NUM
ajfa-10878	78	24	%	%	NOUN
ajfa-10878	78	25	and	and	CCONJ
ajfa-10878	78	26	227	227	NUM
ajfa-10878	78	27	firms	firm	NOUN
ajfa-10878	78	28	controlled	control	VERB
ajfa-10878	78	29	by	by	ADP
ajfa-10878	78	30	two	two	NUM
ajfa-10878	78	31	shareholders	shareholder	NOUN
ajfa-10878	78	32	or	or	CCONJ
ajfa-10878	78	33	less	less	ADJ
ajfa-10878	78	34	than	than	ADP
ajfa-10878	78	35	five	five	NUM
ajfa-10878	78	36	shareholders	shareholder	NOUN
ajfa-10878	78	37	with	with	ADP
ajfa-10878	78	38	ownership	ownership	NOUN
ajfa-10878	78	39	portion	portion	NOUN
ajfa-10878	78	40	of	of	ADP
ajfa-10878	78	41	about	about	ADV
ajfa-10878	78	42	50	50	NUM
ajfa-10878	78	43	%	%	NOUN
ajfa-10878	78	44	.	.	PUNCT
ajfa-10878	79	1	the	the	DET
ajfa-10878	79	2	author	author	NOUN
ajfa-10878	79	3	documented	document	VERB
ajfa-10878	79	4	that	that	SCONJ
ajfa-10878	79	5	holding	hold	VERB
ajfa-10878	79	6	firms	firm	NOUN
ajfa-10878	79	7	are	be	AUX
ajfa-10878	79	8	the	the	DET
ajfa-10878	79	9	largest	large	ADJ
ajfa-10878	79	10	owners	owner	NOUN
ajfa-10878	79	11	with	with	ADP
ajfa-10878	79	12	36	36	NUM
ajfa-10878	79	13	%	%	NOUN
ajfa-10878	79	14	of	of	ADP
ajfa-10878	79	15	ownership	ownership	NOUN
ajfa-10878	79	16	stakes	stake	NOUN
ajfa-10878	79	17	in	in	ADP
ajfa-10878	79	18	about	about	ADV
ajfa-10878	79	19	143	143	NUM
ajfa-10878	79	20	listed	list	VERB
ajfa-10878	79	21	firms	firm	NOUN
ajfa-10878	79	22	.	.	PUNCT
ajfa-10878	80	1	the	the	DET
ajfa-10878	80	2	study	study	NOUN
ajfa-10878	80	3	also	also	ADV
ajfa-10878	80	4	reported	report	VERB
ajfa-10878	80	5	that	that	SCONJ
ajfa-10878	80	6	large	large	ADJ
ajfa-10878	80	7	number	number	NOUN
ajfa-10878	80	8	of	of	ADP
ajfa-10878	80	9	ultimate	ultimate	ADJ
ajfa-10878	80	10	owners	owner	NOUN
ajfa-10878	80	11	of	of	ADP
ajfa-10878	80	12	turkish	turkish	ADJ
ajfa-10878	80	13	listed	list	VERB
ajfa-10878	80	14	firms	firm	NOUN
ajfa-10878	80	15	is	be	AUX
ajfa-10878	80	16	single	single	ADJ
ajfa-10878	80	17	family	family	NOUN
ajfa-10878	80	18	members	member	NOUN
ajfa-10878	80	19	holding	hold	VERB
ajfa-10878	80	20	the	the	DET
ajfa-10878	80	21	control	control	NOUN
ajfa-10878	80	22	on	on	ADP
ajfa-10878	80	23	cash	cash	NOUN
ajfa-10878	80	24	flow	flow	NOUN
ajfa-10878	80	25	rights	right	NOUN
ajfa-10878	80	26	using	use	VERB
ajfa-10878	80	27	pyramidal	pyramidal	NOUN
ajfa-10878	80	28	and	and	CCONJ
ajfa-10878	80	29	cross	cross	ADJ
ajfa-10878	80	30	-	-	ADJ
ajfa-10878	80	31	ownership	ownership	ADJ
ajfa-10878	80	32	structures	structure	NOUN
ajfa-10878	80	33	.	.	PUNCT
ajfa-10878	81	1	families	family	NOUN
ajfa-10878	81	2	control	control	VERB
ajfa-10878	81	3	about	about	ADV
ajfa-10878	81	4	198	198	NUM
ajfa-10878	81	5	firms	firm	NOUN
ajfa-10878	81	6	out	out	ADP
ajfa-10878	81	7	of	of	ADP
ajfa-10878	81	8	257	257	NUM
ajfa-10878	81	9	firms	firm	NOUN
ajfa-10878	81	10	holding	hold	VERB
ajfa-10878	81	11	around	around	ADP
ajfa-10878	81	12	53	53	NUM
ajfa-10878	81	13	%	%	NOUN
ajfa-10878	81	14	of	of	ADP
ajfa-10878	81	15	the	the	DET
ajfa-10878	81	16	equity	equity	NOUN
ajfa-10878	81	17	capital	capital	NOUN
ajfa-10878	81	18	and	and	CCONJ
ajfa-10878	81	19	this	this	DET
ajfa-10878	81	20	percentage	percentage	NOUN
ajfa-10878	81	21	is	be	AUX
ajfa-10878	81	22	higher	high	ADJ
ajfa-10878	81	23	than	than	ADP
ajfa-10878	81	24	direct	direct	ADJ
ajfa-10878	81	25	shareholding	shareholding	NOUN
ajfa-10878	81	26	of	of	ADP
ajfa-10878	81	27	families	family	NOUN
ajfa-10878	81	28	which	which	PRON
ajfa-10878	81	29	is	be	AUX
ajfa-10878	81	30	about	about	ADV
ajfa-10878	81	31	27.1	27.1	NUM
ajfa-10878	81	32	%	%	NOUN
ajfa-10878	81	33	.	.	PUNCT
ajfa-10878	82	1	accordingly	accordingly	ADV
ajfa-10878	82	2	,	,	PUNCT
ajfa-10878	82	3	the	the	DET
ajfa-10878	82	4	divergence	divergence	NOUN
ajfa-10878	82	5	between	between	ADP
ajfa-10878	82	6	control	control	NOUN
ajfa-10878	82	7	rights	right	NOUN
ajfa-10878	82	8	and	and	CCONJ
ajfa-10878	82	9	cash	cash	NOUN
ajfa-10878	82	10	flow	flow	NOUN
ajfa-10878	82	11	rights	right	NOUN
ajfa-10878	82	12	is	be	AUX
ajfa-10878	82	13	1.32	1.32	NUM
ajfa-10878	82	14	(	(	PUNCT
ajfa-10878	82	15	53/27.1	53/27.1	NUM
ajfa-10878	82	16	)	)	PUNCT
ajfa-10878	82	17	which	which	PRON
ajfa-10878	82	18	illustrates	illustrate	VERB
ajfa-10878	82	19	that	that	SCONJ
ajfa-10878	82	20	ownership	ownership	NOUN
ajfa-10878	82	21	and	and	CCONJ
ajfa-10878	82	22	cash	cash	NOUN
ajfa-10878	82	23	asian	asian	ADJ
ajfa-10878	82	24	journal	journal	NOUN
ajfa-10878	82	25	of	of	ADP
ajfa-10878	82	26	finance	finance	PROPN
ajfa-10878	82	27	&	&	CCONJ
ajfa-10878	82	28	accounting	accounting	PROPN
ajfa-10878	82	29	issn	issn	PROPN
ajfa-10878	82	30	1946	1946	NUM
ajfa-10878	82	31	-	-	PUNCT
ajfa-10878	82	32	052x	052x	PROPN
ajfa-10878	82	33	2017	2017	NUM
ajfa-10878	82	34	,	,	PUNCT
ajfa-10878	82	35	vol	vol	NOUN
ajfa-10878	82	36	.	.	NOUN
ajfa-10878	83	1	9	9	NUM
ajfa-10878	83	2	,	,	PUNCT
ajfa-10878	83	3	no	no	INTJ
ajfa-10878	83	4	.	.	NOUN
ajfa-10878	83	5	1	1	NUM
ajfa-10878	83	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	83	7	197	197	NUM
ajfa-10878	83	8	flow	flow	NOUN
ajfa-10878	83	9	is	be	AUX
ajfa-10878	83	10	not	not	PART
ajfa-10878	83	11	dramatically	dramatically	ADV
ajfa-10878	83	12	distributed	distribute	VERB
ajfa-10878	83	13	.	.	PUNCT
ajfa-10878	84	1	the	the	DET
ajfa-10878	84	2	ownership	ownership	NOUN
ajfa-10878	84	3	structures	structure	NOUN
ajfa-10878	84	4	of	of	ADP
ajfa-10878	84	5	firms	firm	NOUN
ajfa-10878	84	6	listed	list	VERB
ajfa-10878	84	7	in	in	ADP
ajfa-10878	84	8	bi	bi	NOUN
ajfa-10878	84	9	are	be	AUX
ajfa-10878	84	10	relatively	relatively	ADV
ajfa-10878	84	11	transparent	transparent	ADJ
ajfa-10878	84	12	.	.	PUNCT
ajfa-10878	85	1	the	the	DET
ajfa-10878	85	2	cmb	cmb	PROPN
ajfa-10878	85	3	of	of	ADP
ajfa-10878	85	4	turkey	turkey	PROPN
ajfa-10878	85	5	and	and	CCONJ
ajfa-10878	85	6	bi	bi	ADJ
ajfa-10878	85	7	requirements	requirement	NOUN
ajfa-10878	85	8	enforce	enforce	VERB
ajfa-10878	85	9	the	the	DET
ajfa-10878	85	10	listed	list	VERB
ajfa-10878	85	11	firms	firm	NOUN
ajfa-10878	85	12	to	to	PART
ajfa-10878	85	13	notify	notify	VERB
ajfa-10878	85	14	them	they	PRON
ajfa-10878	85	15	with	with	ADP
ajfa-10878	85	16	any	any	DET
ajfa-10878	85	17	transactions	transaction	NOUN
ajfa-10878	85	18	(	(	PUNCT
ajfa-10878	85	19	purchase	purchase	NOUN
ajfa-10878	85	20	or	or	CCONJ
ajfa-10878	85	21	sale	sale	NOUN
ajfa-10878	85	22	)	)	PUNCT
ajfa-10878	85	23	in	in	ADP
ajfa-10878	85	24	shares	share	NOUN
ajfa-10878	85	25	.	.	PUNCT
ajfa-10878	86	1	this	this	PRON
ajfa-10878	86	2	includes	include	VERB
ajfa-10878	86	3	shareholders	shareholder	NOUN
ajfa-10878	86	4	or	or	CCONJ
ajfa-10878	86	5	acquirers	acquirer	NOUN
ajfa-10878	86	6	who	who	PRON
ajfa-10878	86	7	purchase	purchase	VERB
ajfa-10878	86	8	about	about	ADV
ajfa-10878	86	9	1	1	NUM
ajfa-10878	86	10	%	%	NOUN
ajfa-10878	86	11	of	of	ADP
ajfa-10878	86	12	shares	share	NOUN
ajfa-10878	86	13	and	and	CCONJ
ajfa-10878	86	14	are	be	AUX
ajfa-10878	86	15	acting	act	VERB
ajfa-10878	86	16	in	in	ADP
ajfa-10878	86	17	the	the	DET
ajfa-10878	86	18	interest	interest	NOUN
ajfa-10878	86	19	of	of	ADP
ajfa-10878	86	20	those	those	PRON
ajfa-10878	86	21	who	who	PRON
ajfa-10878	86	22	own	own	VERB
ajfa-10878	86	23	about	about	ADV
ajfa-10878	86	24	10	10	NUM
ajfa-10878	86	25	%	%	NOUN
ajfa-10878	86	26	or	or	CCONJ
ajfa-10878	86	27	more	more	ADJ
ajfa-10878	86	28	of	of	ADP
ajfa-10878	86	29	the	the	DET
ajfa-10878	86	30	voting	voting	NOUN
ajfa-10878	86	31	rights	right	NOUN
ajfa-10878	86	32	or	or	CCONJ
ajfa-10878	86	33	shares	share	NOUN
ajfa-10878	86	34	.	.	PUNCT
ajfa-10878	87	1	in	in	ADP
ajfa-10878	87	2	addition	addition	NOUN
ajfa-10878	87	3	,	,	PUNCT
ajfa-10878	87	4	firms	firm	NOUN
ajfa-10878	87	5	are	be	AUX
ajfa-10878	87	6	mandatorily	mandatorily	ADV
ajfa-10878	87	7	required	require	VERB
ajfa-10878	87	8	to	to	PART
ajfa-10878	87	9	disclose	disclose	VERB
ajfa-10878	87	10	the	the	DET
ajfa-10878	87	11	ownership	ownership	NOUN
ajfa-10878	87	12	structure	structure	NOUN
ajfa-10878	87	13	details	detail	NOUN
ajfa-10878	87	14	and	and	CCONJ
ajfa-10878	87	15	major	major	ADJ
ajfa-10878	87	16	shareholders	shareholder	NOUN
ajfa-10878	87	17	identities	identity	NOUN
ajfa-10878	87	18	who	who	PRON
ajfa-10878	87	19	own	own	VERB
ajfa-10878	87	20	more	more	ADJ
ajfa-10878	87	21	than	than	ADP
ajfa-10878	87	22	10	10	NUM
ajfa-10878	87	23	%	%	NOUN
ajfa-10878	87	24	of	of	ADP
ajfa-10878	87	25	voting	voting	NOUN
ajfa-10878	87	26	rights	right	NOUN
ajfa-10878	87	27	or	or	CCONJ
ajfa-10878	87	28	shares	share	NOUN
ajfa-10878	87	29	.	.	PUNCT
ajfa-10878	88	1	there	there	PRON
ajfa-10878	88	2	is	be	VERB
ajfa-10878	88	3	a	a	DET
ajfa-10878	88	4	debate	debate	NOUN
ajfa-10878	88	5	that	that	SCONJ
ajfa-10878	88	6	ownership	ownership	NOUN
ajfa-10878	88	7	structure	structure	NOUN
ajfa-10878	88	8	influences	influence	VERB
ajfa-10878	88	9	on	on	ADP
ajfa-10878	88	10	the	the	DET
ajfa-10878	88	11	quality	quality	NOUN
ajfa-10878	88	12	of	of	ADP
ajfa-10878	88	13	corporate	corporate	ADJ
ajfa-10878	88	14	governance	governance	NOUN
ajfa-10878	88	15	and	and	CCONJ
ajfa-10878	88	16	whether	whether	SCONJ
ajfa-10878	88	17	a	a	DET
ajfa-10878	88	18	specific	specific	ADJ
ajfa-10878	88	19	ownership	ownership	NOUN
ajfa-10878	88	20	structure	structure	NOUN
ajfa-10878	88	21	is	be	AUX
ajfa-10878	88	22	more	more	ADV
ajfa-10878	88	23	relevant	relevant	ADJ
ajfa-10878	88	24	than	than	ADP
ajfa-10878	88	25	others	other	NOUN
ajfa-10878	88	26	.	.	PUNCT
ajfa-10878	89	1	berle	berle	PROPN
ajfa-10878	89	2	(	(	PUNCT
ajfa-10878	89	3	1958	1958	NUM
ajfa-10878	89	4	)	)	PUNCT
ajfa-10878	89	5	documents	document	NOUN
ajfa-10878	89	6	that	that	PRON
ajfa-10878	89	7	some	some	DET
ajfa-10878	89	8	types	type	NOUN
ajfa-10878	89	9	of	of	ADP
ajfa-10878	89	10	ownership	ownership	NOUN
ajfa-10878	89	11	structure	structure	NOUN
ajfa-10878	89	12	such	such	ADJ
ajfa-10878	89	13	as	as	ADP
ajfa-10878	89	14	ownership	ownership	NOUN
ajfa-10878	89	15	concentration	concentration	NOUN
ajfa-10878	89	16	are	be	AUX
ajfa-10878	89	17	required	require	VERB
ajfa-10878	89	18	to	to	PART
ajfa-10878	89	19	alleviate	alleviate	VERB
ajfa-10878	89	20	agency	agency	NOUN
ajfa-10878	89	21	problems	problem	NOUN
ajfa-10878	89	22	.	.	PUNCT
ajfa-10878	90	1	in	in	ADP
ajfa-10878	90	2	other	other	ADJ
ajfa-10878	90	3	words	word	NOUN
ajfa-10878	90	4	,	,	PUNCT
ajfa-10878	90	5	concentrated	concentrated	ADJ
ajfa-10878	90	6	ownership	ownership	NOUN
ajfa-10878	90	7	monitor	monitor	NOUN
ajfa-10878	90	8	management	management	NOUN
ajfa-10878	90	9	activities	activity	NOUN
ajfa-10878	90	10	directly	directly	ADV
ajfa-10878	90	11	and	and	CCONJ
ajfa-10878	90	12	possess	possess	VERB
ajfa-10878	90	13	incentives	incentive	NOUN
ajfa-10878	90	14	and	and	CCONJ
ajfa-10878	90	15	abilities	ability	NOUN
ajfa-10878	90	16	to	to	PART
ajfa-10878	90	17	oversight	oversight	VERB
ajfa-10878	90	18	management	management	NOUN
ajfa-10878	90	19	and	and	CCONJ
ajfa-10878	90	20	hold	hold	VERB
ajfa-10878	90	21	them	they	PRON
ajfa-10878	90	22	for	for	ADP
ajfa-10878	90	23	the	the	DET
ajfa-10878	90	24	accountability	accountability	NOUN
ajfa-10878	90	25	of	of	ADP
ajfa-10878	90	26	actions	action	NOUN
ajfa-10878	90	27	not	not	PART
ajfa-10878	90	28	align	align	VERB
ajfa-10878	90	29	with	with	ADP
ajfa-10878	90	30	shareholders	shareholder	NOUN
ajfa-10878	90	31	’	'	PUNCT
ajfa-10878	90	32	interests	interest	NOUN
ajfa-10878	90	33	(	(	PUNCT
ajfa-10878	90	34	davies	davy	NOUN
ajfa-10878	90	35	,	,	PUNCT
ajfa-10878	90	36	2001;aguilera	2001;aguilera	NUM
ajfa-10878	90	37	,	,	PUNCT
ajfa-10878	90	38	2005	2005	NUM
ajfa-10878	90	39	)	)	PUNCT
ajfa-10878	90	40	.	.	PUNCT
ajfa-10878	91	1	in	in	ADP
ajfa-10878	91	2	addition	addition	NOUN
ajfa-10878	91	3	,	,	PUNCT
ajfa-10878	91	4	concentrated	concentrated	ADJ
ajfa-10878	91	5	ownership	ownership	NOUN
ajfa-10878	91	6	works	work	NOUN
ajfa-10878	91	7	extensively	extensively	ADV
ajfa-10878	91	8	to	to	PART
ajfa-10878	91	9	enhance	enhance	VERB
ajfa-10878	91	10	firms	firm	NOUN
ajfa-10878	91	11	’	'	PUNCT
ajfa-10878	91	12	long	long	ADJ
ajfa-10878	91	13	-	-	PUNCT
ajfa-10878	91	14	term	term	NOUN
ajfa-10878	91	15	value	value	NOUN
ajfa-10878	91	16	creation	creation	NOUN
ajfa-10878	91	17	abilities	ability	NOUN
ajfa-10878	91	18	.	.	PUNCT
ajfa-10878	92	1	the	the	DET
ajfa-10878	92	2	same	same	ADJ
ajfa-10878	92	3	argument	argument	NOUN
ajfa-10878	92	4	is	be	AUX
ajfa-10878	92	5	provided	provide	VERB
ajfa-10878	92	6	by	by	ADP
ajfa-10878	92	7	novaes	novaes	PROPN
ajfa-10878	92	8	(	(	PUNCT
ajfa-10878	92	9	1999	1999	NUM
ajfa-10878	92	10	)	)	PUNCT
ajfa-10878	92	11	who	who	PRON
ajfa-10878	92	12	reportedly	reportedly	ADV
ajfa-10878	92	13	observed	observe	VERB
ajfa-10878	92	14	that	that	SCONJ
ajfa-10878	92	15	the	the	DET
ajfa-10878	92	16	most	most	ADV
ajfa-10878	92	17	appropriate	appropriate	ADJ
ajfa-10878	92	18	corporate	corporate	ADJ
ajfa-10878	92	19	structure	structure	NOUN
ajfa-10878	92	20	comprise	comprise	NOUN
ajfa-10878	92	21	of	of	ADP
ajfa-10878	92	22	numerous	numerous	ADJ
ajfa-10878	92	23	of	of	ADP
ajfa-10878	92	24	major	major	ADJ
ajfa-10878	92	25	shareholders	shareholder	NOUN
ajfa-10878	92	26	and	and	CCONJ
ajfa-10878	92	27	few	few	ADJ
ajfa-10878	92	28	of	of	ADP
ajfa-10878	92	29	minority	minority	NOUN
ajfa-10878	92	30	shareholders	shareholder	NOUN
ajfa-10878	92	31	.	.	PUNCT
ajfa-10878	93	1	on	on	ADP
ajfa-10878	93	2	the	the	DET
ajfa-10878	93	3	other	other	ADJ
ajfa-10878	93	4	hand	hand	NOUN
ajfa-10878	93	5	,	,	PUNCT
ajfa-10878	93	6	dispersed	disperse	VERB
ajfa-10878	93	7	ownership	ownership	NOUN
ajfa-10878	93	8	not	not	PART
ajfa-10878	93	9	only	only	ADV
ajfa-10878	93	10	possesses	possess	VERB
ajfa-10878	93	11	weak	weak	ADJ
ajfa-10878	93	12	incentives	incentive	NOUN
ajfa-10878	93	13	but	but	CCONJ
ajfa-10878	93	14	also	also	ADV
ajfa-10878	93	15	lack	lack	NOUN
ajfa-10878	93	16	of	of	ADP
ajfa-10878	93	17	abilities	ability	NOUN
ajfa-10878	93	18	to	to	PART
ajfa-10878	93	19	monitor	monitor	VERB
ajfa-10878	93	20	management	management	NOUN
ajfa-10878	93	21	activities	activity	NOUN
ajfa-10878	93	22	.	.	PUNCT
ajfa-10878	94	1	thereby	thereby	ADV
ajfa-10878	94	2	,	,	PUNCT
ajfa-10878	94	3	one	one	NUM
ajfa-10878	94	4	of	of	ADP
ajfa-10878	94	5	the	the	DET
ajfa-10878	94	6	challenges	challenge	NOUN
ajfa-10878	94	7	that	that	PRON
ajfa-10878	94	8	dispersed	disperse	VERB
ajfa-10878	94	9	ownership	ownership	NOUN
ajfa-10878	94	10	face	face	NOUN
ajfa-10878	94	11	is	be	AUX
ajfa-10878	94	12	the	the	DET
ajfa-10878	94	13	difficulties	difficulty	NOUN
ajfa-10878	94	14	to	to	PART
ajfa-10878	94	15	coordinate	coordinate	VERB
ajfa-10878	94	16	their	their	PRON
ajfa-10878	94	17	monitoring	monitoring	NOUN
ajfa-10878	94	18	efforts	effort	NOUN
ajfa-10878	94	19	(	(	PUNCT
ajfa-10878	94	20	desender	desender	NOUN
ajfa-10878	94	21	,	,	PUNCT
ajfa-10878	94	22	aguilera	aguilera	NOUN
ajfa-10878	94	23	,	,	PUNCT
ajfa-10878	94	24	crespi	crespi	PROPN
ajfa-10878	94	25	,	,	PUNCT
ajfa-10878	94	26	&	&	CCONJ
ajfa-10878	94	27	garcía‐cestona	garcía‐cestona	PROPN
ajfa-10878	94	28	,	,	PUNCT
ajfa-10878	94	29	2013	2013	NUM
ajfa-10878	94	30	)	)	PUNCT
ajfa-10878	94	31	.	.	PUNCT
ajfa-10878	95	1	consequently	consequently	ADV
ajfa-10878	95	2	,	,	PUNCT
ajfa-10878	95	3	dispersed	disperse	VERB
ajfa-10878	95	4	ownership	ownership	NOUN
ajfa-10878	95	5	rely	rely	NOUN
ajfa-10878	95	6	on	on	ADP
ajfa-10878	95	7	the	the	DET
ajfa-10878	95	8	bod	bod	NOUN
ajfa-10878	95	9	to	to	PART
ajfa-10878	95	10	conduct	conduct	VERB
ajfa-10878	95	11	the	the	DET
ajfa-10878	95	12	monitoring	monitoring	NOUN
ajfa-10878	95	13	function	function	NOUN
ajfa-10878	95	14	(	(	PUNCT
ajfa-10878	95	15	bohinc	bohinc	PROPN
ajfa-10878	95	16	&	&	CCONJ
ajfa-10878	95	17	bainbridge	bainbridge	PROPN
ajfa-10878	95	18	,	,	PUNCT
ajfa-10878	95	19	2001	2001	NUM
ajfa-10878	95	20	)	)	PUNCT
ajfa-10878	95	21	.	.	PUNCT
ajfa-10878	96	1	nevertheless	nevertheless	ADV
ajfa-10878	96	2	,	,	PUNCT
ajfa-10878	96	3	the	the	DET
ajfa-10878	96	4	aforementioned	aforementioned	ADJ
ajfa-10878	96	5	view	view	NOUN
ajfa-10878	96	6	point	point	NOUN
ajfa-10878	96	7	is	be	AUX
ajfa-10878	96	8	questioned	question	VERB
ajfa-10878	96	9	as	as	ADP
ajfa-10878	96	10	a	a	DET
ajfa-10878	96	11	consequence	consequence	NOUN
ajfa-10878	96	12	of	of	ADP
ajfa-10878	96	13	inconsistency	inconsistency	NOUN
ajfa-10878	96	14	of	of	ADP
ajfa-10878	96	15	the	the	DET
ajfa-10878	96	16	results	result	NOUN
ajfa-10878	96	17	of	of	ADP
ajfa-10878	96	18	previous	previous	ADJ
ajfa-10878	96	19	studies	study	NOUN
ajfa-10878	96	20	conducted	conduct	VERB
ajfa-10878	96	21	in	in	ADP
ajfa-10878	96	22	the	the	DET
ajfa-10878	96	23	continental	continental	PROPN
ajfa-10878	96	24	europe	europe	PROPN
ajfa-10878	96	25	and	and	CCONJ
ajfa-10878	96	26	the	the	DET
ajfa-10878	96	27	us	us	PROPN
ajfa-10878	96	28	.	.	PUNCT
ajfa-10878	97	1	some	some	DET
ajfa-10878	97	2	contradicted	contradict	VERB
ajfa-10878	97	3	results	result	NOUN
ajfa-10878	97	4	have	have	AUX
ajfa-10878	97	5	been	be	AUX
ajfa-10878	97	6	documented	document	VERB
ajfa-10878	97	7	.	.	PUNCT
ajfa-10878	98	1	for	for	ADP
ajfa-10878	98	2	instance	instance	NOUN
ajfa-10878	98	3	,	,	PUNCT
ajfa-10878	98	4	fox	fox	PROPN
ajfa-10878	98	5	and	and	CCONJ
ajfa-10878	98	6	heller	heller	NOUN
ajfa-10878	98	7	(	(	PUNCT
ajfa-10878	98	8	2000	2000	NUM
ajfa-10878	98	9	)	)	PUNCT
ajfa-10878	98	10	reported	report	VERB
ajfa-10878	98	11	that	that	SCONJ
ajfa-10878	98	12	corporate	corporate	ADJ
ajfa-10878	98	13	control	control	NOUN
ajfa-10878	98	14	employed	employ	VERB
ajfa-10878	98	15	by	by	ADP
ajfa-10878	98	16	multiple	multiple	ADJ
ajfa-10878	98	17	large	large	ADJ
ajfa-10878	98	18	shareholders	shareholder	NOUN
ajfa-10878	98	19	might	might	AUX
ajfa-10878	98	20	enhance	enhance	VERB
ajfa-10878	98	21	the	the	DET
ajfa-10878	98	22	performance	performance	NOUN
ajfa-10878	98	23	of	of	ADP
ajfa-10878	98	24	the	the	DET
ajfa-10878	98	25	corporations	corporation	NOUN
ajfa-10878	98	26	.	.	PUNCT
ajfa-10878	99	1	carlsson	carlsson	PROPN
ajfa-10878	99	2	(	(	PUNCT
ajfa-10878	99	3	2001	2001	NUM
ajfa-10878	99	4	)	)	PUNCT
ajfa-10878	99	5	examined	examine	VERB
ajfa-10878	99	6	a	a	DET
ajfa-10878	99	7	sample	sample	NOUN
ajfa-10878	99	8	of	of	ADP
ajfa-10878	99	9	scandinavian	scandinavian	ADJ
ajfa-10878	99	10	corporations	corporation	NOUN
ajfa-10878	99	11	,	,	PUNCT
ajfa-10878	99	12	reports	report	VERB
ajfa-10878	99	13	that	that	SCONJ
ajfa-10878	99	14	“	"	PUNCT
ajfa-10878	99	15	ownership	ownership	NOUN
ajfa-10878	99	16	matters	matter	NOUN
ajfa-10878	99	17	and	and	CCONJ
ajfa-10878	99	18	it	it	PRON
ajfa-10878	99	19	all	all	PRON
ajfa-10878	99	20	depends	depend	VERB
ajfa-10878	99	21	on	on	ADP
ajfa-10878	99	22	the	the	DET
ajfa-10878	99	23	owner	owner	NOUN
ajfa-10878	99	24	”	"	PUNCT
ajfa-10878	99	25	highlighting	highlight	VERB
ajfa-10878	99	26	shareholders	shareholder	NOUN
ajfa-10878	99	27	responsibilities	responsibility	NOUN
ajfa-10878	99	28	.	.	PUNCT
ajfa-10878	100	1	a	a	DET
ajfa-10878	100	2	study	study	NOUN
ajfa-10878	100	3	by	by	ADP
ajfa-10878	100	4	oman	oman	PROPN
ajfa-10878	100	5	(	(	PUNCT
ajfa-10878	100	6	2001	2001	NUM
ajfa-10878	100	7	)	)	PUNCT
ajfa-10878	100	8	illustrated	illustrate	VERB
ajfa-10878	100	9	that	that	SCONJ
ajfa-10878	100	10	issuing	issue	VERB
ajfa-10878	100	11	firms	firm	NOUN
ajfa-10878	100	12	equity	equity	NOUN
ajfa-10878	100	13	might	might	AUX
ajfa-10878	100	14	not	not	PART
ajfa-10878	100	15	consider	consider	VERB
ajfa-10878	100	16	a	a	DET
ajfa-10878	100	17	source	source	NOUN
ajfa-10878	100	18	of	of	ADP
ajfa-10878	100	19	funds	fund	NOUN
ajfa-10878	100	20	in	in	ADP
ajfa-10878	100	21	market	market	NOUN
ajfa-10878	100	22	dominants	dominant	NOUN
ajfa-10878	100	23	by	by	ADP
ajfa-10878	100	24	high	high	ADJ
ajfa-10878	100	25	concentrated	concentrate	VERB
ajfa-10878	100	26	ownership	ownership	NOUN
ajfa-10878	100	27	.	.	PUNCT
ajfa-10878	101	1	it	it	PRON
ajfa-10878	101	2	indicates	indicate	VERB
ajfa-10878	101	3	that	that	SCONJ
ajfa-10878	101	4	the	the	DET
ajfa-10878	101	5	agency	agency	NOUN
ajfa-10878	101	6	problems	problem	NOUN
ajfa-10878	101	7	still	still	ADV
ajfa-10878	101	8	exists	exist	VERB
ajfa-10878	101	9	and	and	CCONJ
ajfa-10878	101	10	weak	weak	ADJ
ajfa-10878	101	11	minority	minority	NOUN
ajfa-10878	101	12	protection	protection	NOUN
ajfa-10878	101	13	inherent	inherent	ADJ
ajfa-10878	101	14	the	the	DET
ajfa-10878	101	15	domination	domination	NOUN
ajfa-10878	101	16	of	of	ADP
ajfa-10878	101	17	concentrated	concentrated	ADJ
ajfa-10878	101	18	ownership	ownership	NOUN
ajfa-10878	101	19	.	.	PUNCT
ajfa-10878	102	1	the	the	DET
ajfa-10878	102	2	same	same	ADJ
ajfa-10878	102	3	view	view	NOUN
ajfa-10878	102	4	is	be	AUX
ajfa-10878	102	5	provided	provide	VERB
ajfa-10878	102	6	by	by	ADP
ajfa-10878	102	7	himmelberg	himmelberg	PROPN
ajfa-10878	102	8	,	,	PUNCT
ajfa-10878	102	9	hubbard	hubbard	PROPN
ajfa-10878	102	10	,	,	PUNCT
ajfa-10878	102	11	and	and	CCONJ
ajfa-10878	102	12	love	love	NOUN
ajfa-10878	102	13	(	(	PUNCT
ajfa-10878	102	14	2004	2004	NUM
ajfa-10878	102	15	)	)	PUNCT
ajfa-10878	102	16	who	who	PRON
ajfa-10878	102	17	reported	report	VERB
ajfa-10878	102	18	that	that	SCONJ
ajfa-10878	102	19	agency	agency	NOUN
ajfa-10878	102	20	conflicts	conflict	NOUN
ajfa-10878	102	21	enforce	enforce	VERB
ajfa-10878	102	22	insiders	insider	NOUN
ajfa-10878	102	23	to	to	PART
ajfa-10878	102	24	hold	hold	VERB
ajfa-10878	102	25	a	a	DET
ajfa-10878	102	26	large	large	ADJ
ajfa-10878	102	27	equity	equity	NOUN
ajfa-10878	102	28	shares	share	NOUN
ajfa-10878	102	29	than	than	SCONJ
ajfa-10878	102	30	they	they	PRON
ajfa-10878	102	31	retain	retain	VERB
ajfa-10878	102	32	under	under	ADP
ajfa-10878	102	33	a	a	DET
ajfa-10878	102	34	perfect	perfect	ADJ
ajfa-10878	102	35	risk	risk	NOUN
ajfa-10878	102	36	diversification	diversification	NOUN
ajfa-10878	102	37	strategy	strategy	NOUN
ajfa-10878	102	38	.	.	PUNCT
ajfa-10878	103	1	their	their	PRON
ajfa-10878	103	2	studies	study	NOUN
ajfa-10878	103	3	examined	examine	VERB
ajfa-10878	103	4	38	38	NUM
ajfa-10878	103	5	countries	country	NOUN
ajfa-10878	103	6	including	include	VERB
ajfa-10878	103	7	turkey	turkey	NOUN
ajfa-10878	103	8	and	and	CCONJ
ajfa-10878	103	9	the	the	DET
ajfa-10878	103	10	results	result	NOUN
ajfa-10878	103	11	indicate	indicate	VERB
ajfa-10878	103	12	that	that	SCONJ
ajfa-10878	103	13	there	there	PRON
ajfa-10878	103	14	is	be	VERB
ajfa-10878	103	15	negative	negative	ADJ
ajfa-10878	103	16	relationship	relationship	NOUN
ajfa-10878	103	17	between	between	ADP
ajfa-10878	103	18	minority	minority	NOUN
ajfa-10878	103	19	protection	protection	NOUN
ajfa-10878	103	20	and	and	CCONJ
ajfa-10878	103	21	concentrated	concentrated	ADJ
ajfa-10878	103	22	ownership	ownership	NOUN
ajfa-10878	103	23	.	.	PUNCT
ajfa-10878	104	1	the	the	DET
ajfa-10878	104	2	author	author	NOUN
ajfa-10878	104	3	suggest	suggest	VERB
ajfa-10878	104	4	that	that	SCONJ
ajfa-10878	104	5	the	the	PRON
ajfa-10878	104	6	higher	high	ADJ
ajfa-10878	104	7	the	the	DET
ajfa-10878	104	8	concentration	concentration	NOUN
ajfa-10878	104	9	of	of	ADP
ajfa-10878	104	10	insider	insider	NOUN
ajfa-10878	104	11	ownership	ownership	NOUN
ajfa-10878	104	12	,	,	PUNCT
ajfa-10878	104	13	the	the	PRON
ajfa-10878	104	14	weaker	weak	ADJ
ajfa-10878	104	15	the	the	DET
ajfa-10878	104	16	protection	protection	NOUN
ajfa-10878	104	17	of	of	ADP
ajfa-10878	104	18	minority	minority	NOUN
ajfa-10878	104	19	shareholders	shareholder	NOUN
ajfa-10878	104	20	wealth	wealth	NOUN
ajfa-10878	104	21	and	and	CCONJ
ajfa-10878	104	22	this	this	DET
ajfa-10878	104	23	argument	argument	NOUN
ajfa-10878	104	24	is	be	AUX
ajfa-10878	104	25	align	align	ADJ
ajfa-10878	104	26	with	with	ADP
ajfa-10878	104	27	the	the	DET
ajfa-10878	104	28	argument	argument	NOUN
ajfa-10878	104	29	of	of	ADP
ajfa-10878	104	30	desender	desender	NOUN
ajfa-10878	104	31	,	,	PUNCT
ajfa-10878	104	32	aguilera	aguilera	NOUN
ajfa-10878	104	33	,	,	PUNCT
ajfa-10878	104	34	crespi	crespi	NOUN
ajfa-10878	104	35	-	-	PUNCT
ajfa-10878	104	36	cladera	cladera	NOUN
ajfa-10878	104	37	,	,	PUNCT
ajfa-10878	104	38	and	and	CCONJ
ajfa-10878	104	39	garcia	garcia	PROPN
ajfa-10878	104	40	-	-	PUNCT
ajfa-10878	104	41	cestona	cestona	PROPN
ajfa-10878	104	42	(	(	PUNCT
ajfa-10878	104	43	2009	2009	NUM
ajfa-10878	104	44	)	)	PUNCT
ajfa-10878	104	45	.	.	PUNCT
ajfa-10878	105	1	in	in	ADP
ajfa-10878	105	2	addition	addition	NOUN
ajfa-10878	105	3	,	,	PUNCT
ajfa-10878	105	4	the	the	DET
ajfa-10878	105	5	study	study	NOUN
ajfa-10878	105	6	documented	document	VERB
ajfa-10878	105	7	that	that	SCONJ
ajfa-10878	105	8	high	high	ADJ
ajfa-10878	105	9	concentrated	concentrated	ADJ
ajfa-10878	105	10	ownership	ownership	NOUN
ajfa-10878	105	11	increases	increase	VERB
ajfa-10878	105	12	the	the	DET
ajfa-10878	105	13	cost	cost	NOUN
ajfa-10878	105	14	of	of	ADP
ajfa-10878	105	15	capital	capital	NOUN
ajfa-10878	105	16	and	and	CCONJ
ajfa-10878	105	17	underinvestment	underinvestment	NOUN
ajfa-10878	105	18	of	of	ADP
ajfa-10878	105	19	capital	capital	NOUN
ajfa-10878	105	20	.	.	PUNCT
ajfa-10878	106	1	the	the	DET
ajfa-10878	106	2	significance	significance	NOUN
ajfa-10878	106	3	of	of	ADP
ajfa-10878	106	4	the	the	DET
ajfa-10878	106	5	study	study	NOUN
ajfa-10878	106	6	is	be	AUX
ajfa-10878	106	7	that	that	SCONJ
ajfa-10878	106	8	capital	capital	NOUN
ajfa-10878	106	9	flow	flow	NOUN
ajfa-10878	106	10	is	be	AUX
ajfa-10878	106	11	ineffective	ineffective	ADJ
ajfa-10878	106	12	with	with	ADP
ajfa-10878	106	13	the	the	DET
ajfa-10878	106	14	presence	presence	NOUN
ajfa-10878	106	15	of	of	ADP
ajfa-10878	106	16	weak	weak	ADJ
ajfa-10878	106	17	minority	minority	NOUN
ajfa-10878	106	18	protection	protection	NOUN
ajfa-10878	106	19	in	in	ADP
ajfa-10878	106	20	place	place	NOUN
ajfa-10878	106	21	even	even	ADV
ajfa-10878	106	22	if	if	SCONJ
ajfa-10878	106	23	the	the	DET
ajfa-10878	106	24	international	international	ADJ
ajfa-10878	106	25	barriers	barrier	NOUN
ajfa-10878	106	26	on	on	ADP
ajfa-10878	106	27	capital	capital	NOUN
ajfa-10878	106	28	are	be	AUX
ajfa-10878	106	29	insufficient	insufficient	ADJ
ajfa-10878	106	30	.	.	PUNCT
ajfa-10878	107	1	asian	asian	ADJ
ajfa-10878	107	2	journal	journal	PROPN
ajfa-10878	107	3	of	of	ADP
ajfa-10878	107	4	finance	finance	PROPN
ajfa-10878	107	5	&	&	CCONJ
ajfa-10878	107	6	accounting	accounting	PROPN
ajfa-10878	107	7	issn	issn	PROPN
ajfa-10878	107	8	1946	1946	NUM
ajfa-10878	107	9	-	-	PUNCT
ajfa-10878	107	10	052x	052x	PROPN
ajfa-10878	107	11	2017	2017	NUM
ajfa-10878	107	12	,	,	PUNCT
ajfa-10878	107	13	vol	vol	NOUN
ajfa-10878	107	14	.	.	NOUN
ajfa-10878	107	15	9	9	NUM
ajfa-10878	107	16	,	,	PUNCT
ajfa-10878	107	17	no	no	INTJ
ajfa-10878	107	18	.	.	NOUN
ajfa-10878	107	19	1	1	NUM
ajfa-10878	107	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	107	21	198	198	NUM
ajfa-10878	107	22	previous	previous	ADJ
ajfa-10878	107	23	studies	study	NOUN
ajfa-10878	107	24	examined	examine	VERB
ajfa-10878	107	25	corporates	corporate	NOUN
ajfa-10878	107	26	structure	structure	NOUN
ajfa-10878	107	27	of	of	ADP
ajfa-10878	107	28	turkish	turkish	ADJ
ajfa-10878	107	29	listed	list	VERB
ajfa-10878	107	30	firms	firm	NOUN
ajfa-10878	107	31	in	in	ADP
ajfa-10878	107	32	bi	bi	PROPN
ajfa-10878	107	33	.	.	PUNCT
ajfa-10878	108	1	the	the	DET
ajfa-10878	108	2	study	study	NOUN
ajfa-10878	108	3	’s	’s	PART
ajfa-10878	108	4	findings	finding	NOUN
ajfa-10878	108	5	indicates	indicate	VERB
ajfa-10878	108	6	that	that	SCONJ
ajfa-10878	108	7	holding	hold	VERB
ajfa-10878	108	8	firms	firm	NOUN
ajfa-10878	108	9	influence	influence	VERB
ajfa-10878	108	10	on	on	ADP
ajfa-10878	108	11	firm	firm	NOUN
ajfa-10878	108	12	’s	’s	PART
ajfa-10878	108	13	economic	economic	ADJ
ajfa-10878	108	14	performance	performance	NOUN
ajfa-10878	108	15	in	in	ADP
ajfa-10878	108	16	terms	term	NOUN
ajfa-10878	108	17	of	of	ADP
ajfa-10878	108	18	investment	investment	NOUN
ajfa-10878	108	19	decisions	decision	NOUN
ajfa-10878	108	20	,	,	PUNCT
ajfa-10878	108	21	profitability	profitability	NOUN
ajfa-10878	108	22	,	,	PUNCT
ajfa-10878	108	23	return	return	VERB
ajfa-10878	108	24	on	on	ADP
ajfa-10878	108	25	assets	asset	NOUN
ajfa-10878	108	26	and	and	CCONJ
ajfa-10878	108	27	dividend	dividend	NOUN
ajfa-10878	108	28	payments	payment	NOUN
ajfa-10878	108	29	.	.	PUNCT
ajfa-10878	109	1	a	a	DET
ajfa-10878	109	2	study	study	NOUN
ajfa-10878	109	3	by	by	ADP
ajfa-10878	109	4	yurtoglu	yurtoglu	PROPN
ajfa-10878	109	5	(	(	PUNCT
ajfa-10878	109	6	2000	2000	NUM
ajfa-10878	109	7	)	)	PUNCT
ajfa-10878	109	8	reported	report	VERB
ajfa-10878	109	9	that	that	SCONJ
ajfa-10878	109	10	family	family	NOUN
ajfa-10878	109	11	ownership	ownership	NOUN
ajfa-10878	109	12	with	with	ADP
ajfa-10878	109	13	high	high	ADJ
ajfa-10878	109	14	concentrated	concentrated	ADJ
ajfa-10878	109	15	ownership	ownership	NOUN
ajfa-10878	109	16	and	and	CCONJ
ajfa-10878	109	17	pyramidal	pyramidal	ADJ
ajfa-10878	109	18	structure	structure	NOUN
ajfa-10878	109	19	influence	influence	NOUN
ajfa-10878	109	20	negatively	negatively	ADV
ajfa-10878	109	21	on	on	ADP
ajfa-10878	109	22	inducing	induce	VERB
ajfa-10878	109	23	dividend	dividend	NOUN
ajfa-10878	109	24	payments	payment	NOUN
ajfa-10878	109	25	,	,	PUNCT
ajfa-10878	109	26	return	return	VERB
ajfa-10878	109	27	on	on	ADP
ajfa-10878	109	28	assets	asset	NOUN
ajfa-10878	109	29	and	and	CCONJ
ajfa-10878	109	30	market	market	NOUN
ajfa-10878	109	31	-	-	PUNCT
ajfa-10878	109	32	to	to	ADP
ajfa-10878	109	33	-	-	PUNCT
ajfa-10878	109	34	book	book	NOUN
ajfa-10878	109	35	value	value	NOUN
ajfa-10878	109	36	.	.	PUNCT
ajfa-10878	110	1	in	in	ADP
ajfa-10878	110	2	addition	addition	NOUN
ajfa-10878	110	3	,	,	PUNCT
ajfa-10878	110	4	yurtoglu	yurtoglu	PROPN
ajfa-10878	110	5	(	(	PUNCT
ajfa-10878	110	6	2000	2000	NUM
ajfa-10878	110	7	)	)	PUNCT
ajfa-10878	110	8	document	document	NOUN
ajfa-10878	110	9	that	that	PRON
ajfa-10878	110	10	turkish	turkish	ADJ
ajfa-10878	110	11	affiliated	affiliated	ADJ
ajfa-10878	110	12	firms	firm	NOUN
ajfa-10878	110	13	structured	structure	VERB
ajfa-10878	110	14	within	within	ADP
ajfa-10878	110	15	holding	hold	VERB
ajfa-10878	110	16	firms	firm	NOUN
ajfa-10878	110	17	possess	possess	VERB
ajfa-10878	110	18	low	low	ADJ
ajfa-10878	110	19	rate	rate	NOUN
ajfa-10878	110	20	of	of	ADP
ajfa-10878	110	21	profit	profit	NOUN
ajfa-10878	110	22	than	than	SCONJ
ajfa-10878	110	23	firms	firm	NOUN
ajfa-10878	110	24	work	work	VERB
ajfa-10878	110	25	in	in	ADP
ajfa-10878	110	26	more	more	ADV
ajfa-10878	110	27	competitive	competitive	ADJ
ajfa-10878	110	28	market	market	NOUN
ajfa-10878	110	29	for	for	ADP
ajfa-10878	110	30	long	long	ADJ
ajfa-10878	110	31	period	period	NOUN
ajfa-10878	110	32	of	of	ADP
ajfa-10878	110	33	time	time	NOUN
ajfa-10878	110	34	and	and	CCONJ
ajfa-10878	110	35	specially	specially	ADV
ajfa-10878	110	36	when	when	SCONJ
ajfa-10878	110	37	the	the	DET
ajfa-10878	110	38	leverage	leverage	NOUN
ajfa-10878	110	39	rate	rate	NOUN
ajfa-10878	110	40	of	of	ADP
ajfa-10878	110	41	firms	firm	NOUN
ajfa-10878	110	42	structure	structure	VERB
ajfa-10878	110	43	inside	inside	ADP
ajfa-10878	110	44	holding	hold	VERB
ajfa-10878	110	45	firms	firm	NOUN
ajfa-10878	110	46	is	be	AUX
ajfa-10878	110	47	at	at	ADP
ajfa-10878	110	48	low	low	ADJ
ajfa-10878	110	49	level	level	NOUN
ajfa-10878	110	50	.	.	PUNCT
ajfa-10878	111	1	5	5	X
ajfa-10878	111	2	.	.	X
ajfa-10878	111	3	the	the	DET
ajfa-10878	111	4	legal	legal	ADJ
ajfa-10878	111	5	framework	framework	NOUN
ajfa-10878	111	6	and	and	CCONJ
ajfa-10878	111	7	law	law	NOUN
ajfa-10878	111	8	enforcement	enforcement	NOUN
ajfa-10878	111	9	studies	study	NOUN
ajfa-10878	111	10	have	have	AUX
ajfa-10878	111	11	examined	examine	VERB
ajfa-10878	111	12	the	the	DET
ajfa-10878	111	13	relationship	relationship	NOUN
ajfa-10878	111	14	between	between	ADP
ajfa-10878	111	15	countries	country	NOUN
ajfa-10878	111	16	’	’	PART
ajfa-10878	111	17	legal	legal	ADJ
ajfa-10878	111	18	system	system	NOUN
ajfa-10878	111	19	and	and	CCONJ
ajfa-10878	111	20	market	market	NOUN
ajfa-10878	111	21	efficiency	efficiency	NOUN
ajfa-10878	111	22	.	.	PUNCT
ajfa-10878	112	1	countries	country	NOUN
ajfa-10878	112	2	that	that	PRON
ajfa-10878	112	3	have	have	AUX
ajfa-10878	112	4	adopted	adopt	VERB
ajfa-10878	112	5	common	common	ADJ
ajfa-10878	112	6	law	law	NOUN
ajfa-10878	112	7	are	be	AUX
ajfa-10878	112	8	more	more	ADV
ajfa-10878	112	9	likely	likely	ADJ
ajfa-10878	112	10	to	to	PART
ajfa-10878	112	11	provide	provide	VERB
ajfa-10878	112	12	protected	protect	VERB
ajfa-10878	112	13	environment	environment	NOUN
ajfa-10878	112	14	for	for	ADP
ajfa-10878	112	15	creditors	creditor	NOUN
ajfa-10878	112	16	than	than	ADP
ajfa-10878	112	17	civil	civil	ADJ
ajfa-10878	112	18	law	law	NOUN
ajfa-10878	112	19	countries	country	NOUN
ajfa-10878	112	20	.	.	PUNCT
ajfa-10878	113	1	on	on	ADP
ajfa-10878	113	2	the	the	DET
ajfa-10878	113	3	other	other	ADJ
ajfa-10878	113	4	hand	hand	NOUN
ajfa-10878	113	5	,	,	PUNCT
ajfa-10878	113	6	the	the	DET
ajfa-10878	113	7	interpretation	interpretation	NOUN
ajfa-10878	113	8	of	of	ADP
ajfa-10878	113	9	the	the	DET
ajfa-10878	113	10	correlation	correlation	NOUN
ajfa-10878	113	11	between	between	ADP
ajfa-10878	113	12	law	law	NOUN
ajfa-10878	113	13	and	and	CCONJ
ajfa-10878	113	14	culture	culture	NOUN
ajfa-10878	113	15	has	have	VERB
ajfa-10878	113	16	motivated	motivate	VERB
ajfa-10878	113	17	licht	licht	NOUN
ajfa-10878	113	18	,	,	PUNCT
ajfa-10878	113	19	goldschmidt	goldschmidt	NOUN
ajfa-10878	113	20	,	,	PUNCT
ajfa-10878	113	21	and	and	CCONJ
ajfa-10878	113	22	schwartz	schwartz	PROPN
ajfa-10878	113	23	(	(	PUNCT
ajfa-10878	113	24	2001	2001	NUM
ajfa-10878	113	25	)	)	PUNCT
ajfa-10878	113	26	to	to	PART
ajfa-10878	113	27	propose	propose	VERB
ajfa-10878	113	28	that	that	SCONJ
ajfa-10878	113	29	la	la	PROPN
ajfa-10878	113	30	porta	porta	NOUN
ajfa-10878	113	31	,	,	PUNCT
ajfa-10878	113	32	lopez	lopez	NOUN
ajfa-10878	113	33	-	-	PUNCT
ajfa-10878	113	34	de	de	NOUN
ajfa-10878	113	35	-	-	NOUN
ajfa-10878	113	36	silanes	silane	NOUN
ajfa-10878	113	37	,	,	PUNCT
ajfa-10878	113	38	shleifer	shleifer	NOUN
ajfa-10878	113	39	,	,	PUNCT
ajfa-10878	113	40	and	and	CCONJ
ajfa-10878	113	41	vishny	vishny	PROPN
ajfa-10878	113	42	(	(	PUNCT
ajfa-10878	113	43	1997	1997	NUM
ajfa-10878	113	44	)	)	PUNCT
ajfa-10878	113	45	legal	legal	ADJ
ajfa-10878	113	46	methodology	methodology	NOUN
ajfa-10878	113	47	offers	offer	VERB
ajfa-10878	113	48	an	an	DET
ajfa-10878	113	49	incomplete	incomplete	ADJ
ajfa-10878	113	50	description	description	NOUN
ajfa-10878	113	51	of	of	ADP
ajfa-10878	113	52	the	the	DET
ajfa-10878	113	53	universal	universal	ADJ
ajfa-10878	113	54	corporate	corporate	ADJ
ajfa-10878	113	55	governance	governance	NOUN
ajfa-10878	113	56	system	system	NOUN
ajfa-10878	113	57	.	.	PUNCT
ajfa-10878	114	1	the	the	DET
ajfa-10878	114	2	result	result	NOUN
ajfa-10878	114	3	of	of	ADP
ajfa-10878	114	4	their	their	PRON
ajfa-10878	114	5	study	study	NOUN
ajfa-10878	114	6	illustrates	illustrate	VERB
ajfa-10878	114	7	that	that	SCONJ
ajfa-10878	114	8	cultural	cultural	ADJ
ajfa-10878	114	9	environment	environment	NOUN
ajfa-10878	114	10	enhanced	enhance	VERB
ajfa-10878	114	11	path	path	NOUN
ajfa-10878	114	12	dependency	dependency	NOUN
ajfa-10878	114	13	in	in	ADP
ajfa-10878	114	14	corporate	corporate	ADJ
ajfa-10878	114	15	governance	governance	NOUN
ajfa-10878	114	16	system	system	NOUN
ajfa-10878	114	17	.	.	PUNCT
ajfa-10878	115	1	furthermore	furthermore	ADV
ajfa-10878	115	2	,	,	PUNCT
ajfa-10878	115	3	the	the	DET
ajfa-10878	115	4	cultural	cultural	ADJ
ajfa-10878	115	5	values	value	NOUN
ajfa-10878	115	6	possess	possess	VERB
ajfa-10878	115	7	a	a	DET
ajfa-10878	115	8	vital	vital	ADJ
ajfa-10878	115	9	role	role	NOUN
ajfa-10878	115	10	to	to	PART
ajfa-10878	115	11	determine	determine	VERB
ajfa-10878	115	12	the	the	DET
ajfa-10878	115	13	suitable	suitable	ADJ
ajfa-10878	115	14	legal	legal	ADJ
ajfa-10878	115	15	system	system	NOUN
ajfa-10878	115	16	for	for	ADP
ajfa-10878	115	17	each	each	DET
ajfa-10878	115	18	country	country	NOUN
ajfa-10878	115	19	to	to	PART
ajfa-10878	115	20	be	be	AUX
ajfa-10878	115	21	accepted	accept	VERB
ajfa-10878	115	22	as	as	ADP
ajfa-10878	115	23	legitimate	legitimate	ADJ
ajfa-10878	115	24	.	.	PUNCT
ajfa-10878	116	1	according	accord	VERB
ajfa-10878	116	2	to	to	ADP
ajfa-10878	116	3	silanes	silane	NOUN
ajfa-10878	116	4	,	,	PUNCT
ajfa-10878	116	5	la	la	PROPN
ajfa-10878	116	6	porta	porta	PROPN
ajfa-10878	116	7	,	,	PUNCT
ajfa-10878	116	8	shleifer	shleifer	NOUN
ajfa-10878	116	9	,	,	PUNCT
ajfa-10878	116	10	and	and	CCONJ
ajfa-10878	116	11	vishny	vishny	PROPN
ajfa-10878	116	12	(	(	PUNCT
ajfa-10878	116	13	1998	1998	NUM
ajfa-10878	116	14	)	)	PUNCT
ajfa-10878	116	15	civil	civil	ADJ
ajfa-10878	116	16	law	law	NOUN
ajfa-10878	116	17	countries	country	NOUN
ajfa-10878	116	18	such	such	ADJ
ajfa-10878	116	19	as	as	ADP
ajfa-10878	116	20	france	france	PROPN
ajfa-10878	116	21	are	be	AUX
ajfa-10878	116	22	less	less	ADV
ajfa-10878	116	23	likely	likely	ADJ
ajfa-10878	116	24	to	to	PART
ajfa-10878	116	25	provide	provide	VERB
ajfa-10878	116	26	a	a	DET
ajfa-10878	116	27	safe	safe	ADJ
ajfa-10878	116	28	environment	environment	NOUN
ajfa-10878	116	29	to	to	PART
ajfa-10878	116	30	protect	protect	VERB
ajfa-10878	116	31	investors	investor	NOUN
ajfa-10878	116	32	wealth	wealth	NOUN
ajfa-10878	116	33	particularly	particularly	ADV
ajfa-10878	116	34	,	,	PUNCT
ajfa-10878	116	35	minority	minority	NOUN
ajfa-10878	116	36	shareholders	shareholder	NOUN
ajfa-10878	116	37	.	.	PUNCT
ajfa-10878	117	1	the	the	DET
ajfa-10878	117	2	same	same	ADJ
ajfa-10878	117	3	case	case	NOUN
ajfa-10878	117	4	exists	exist	VERB
ajfa-10878	117	5	in	in	ADP
ajfa-10878	117	6	turkey	turkey	NOUN
ajfa-10878	117	7	,	,	PUNCT
ajfa-10878	117	8	which	which	PRON
ajfa-10878	117	9	adopts	adopt	VERB
ajfa-10878	117	10	civil	civil	ADJ
ajfa-10878	117	11	law	law	NOUN
ajfa-10878	117	12	from	from	ADP
ajfa-10878	117	13	france	france	PROPN
ajfa-10878	117	14	.	.	PUNCT
ajfa-10878	118	1	the	the	DET
ajfa-10878	118	2	commercial	commercial	ADJ
ajfa-10878	118	3	code	code	NOUN
ajfa-10878	118	4	of	of	ADP
ajfa-10878	118	5	turkey	turkey	PROPN
ajfa-10878	118	6	(	(	PUNCT
ajfa-10878	118	7	cct	cct	NOUN
ajfa-10878	118	8	)	)	PUNCT
ajfa-10878	118	9	has	have	AUX
ajfa-10878	118	10	been	be	AUX
ajfa-10878	118	11	derived	derive	VERB
ajfa-10878	118	12	directly	directly	ADV
ajfa-10878	118	13	from	from	ADP
ajfa-10878	118	14	the	the	DET
ajfa-10878	118	15	french	french	ADJ
ajfa-10878	118	16	commercial	commercial	ADJ
ajfa-10878	118	17	code	code	NOUN
ajfa-10878	118	18	in	in	ADP
ajfa-10878	118	19	1850	1850	NUM
ajfa-10878	118	20	and	and	CCONJ
ajfa-10878	118	21	amended	amend	VERB
ajfa-10878	118	22	in	in	ADP
ajfa-10878	118	23	1926	1926	NUM
ajfa-10878	118	24	and	and	CCONJ
ajfa-10878	118	25	1956	1956	NUM
ajfa-10878	118	26	while	while	NOUN
ajfa-10878	118	27	;	;	PUNCT
ajfa-10878	118	28	the	the	DET
ajfa-10878	118	29	provision	provision	NOUN
ajfa-10878	118	30	was	be	AUX
ajfa-10878	118	31	taken	take	VERB
ajfa-10878	118	32	from	from	ADP
ajfa-10878	118	33	italian	italian	ADJ
ajfa-10878	118	34	,	,	PUNCT
ajfa-10878	118	35	swiss	swiss	ADJ
ajfa-10878	118	36	and	and	CCONJ
ajfa-10878	118	37	german	german	ADJ
ajfa-10878	118	38	.	.	PUNCT
ajfa-10878	119	1	the	the	DET
ajfa-10878	119	2	last	last	ADJ
ajfa-10878	119	3	version	version	NOUN
ajfa-10878	119	4	of	of	ADP
ajfa-10878	119	5	cct	cct	PROPN
ajfa-10878	119	6	with	with	ADP
ajfa-10878	119	7	its	its	PRON
ajfa-10878	119	8	evidently	evidently	ADV
ajfa-10878	119	9	electronic	electronic	ADJ
ajfa-10878	119	10	nature	nature	NOUN
ajfa-10878	119	11	,	,	PUNCT
ajfa-10878	119	12	provide	provide	VERB
ajfa-10878	119	13	the	the	DET
ajfa-10878	119	14	foundation	foundation	NOUN
ajfa-10878	119	15	for	for	ADP
ajfa-10878	119	16	equity	equity	NOUN
ajfa-10878	119	17	contracts	contract	NOUN
ajfa-10878	119	18	and	and	CCONJ
ajfa-10878	119	19	form	form	VERB
ajfa-10878	119	20	the	the	DET
ajfa-10878	119	21	legal	legal	ADJ
ajfa-10878	119	22	basis	basis	NOUN
ajfa-10878	119	23	for	for	ADP
ajfa-10878	119	24	incorporation	incorporation	NOUN
ajfa-10878	119	25	,	,	PUNCT
ajfa-10878	119	26	shareholders	shareholder	NOUN
ajfa-10878	119	27	rights	right	NOUN
ajfa-10878	119	28	,	,	PUNCT
ajfa-10878	119	29	general	general	ADJ
ajfa-10878	119	30	assemblies	assembly	NOUN
ajfa-10878	119	31	,	,	PUNCT
ajfa-10878	119	32	definitions	definition	NOUN
ajfa-10878	119	33	of	of	ADP
ajfa-10878	119	34	equity	equity	NOUN
ajfa-10878	119	35	shares	share	NOUN
ajfa-10878	119	36	and	and	CCONJ
ajfa-10878	119	37	bonds	bond	NOUN
ajfa-10878	119	38	and	and	CCONJ
ajfa-10878	119	39	their	their	PRON
ajfa-10878	119	40	issuance	issuance	NOUN
ajfa-10878	119	41	.	.	PUNCT
ajfa-10878	120	1	the	the	DET
ajfa-10878	120	2	capital	capital	NOUN
ajfa-10878	120	3	market	market	NOUN
ajfa-10878	120	4	law	law	NOUN
ajfa-10878	120	5	of	of	ADP
ajfa-10878	120	6	turkey	turkey	NOUN
ajfa-10878	120	7	(	(	PUNCT
ajfa-10878	120	8	cmlt	cmlt	PROPN
ajfa-10878	120	9	)	)	PUNCT
ajfa-10878	120	10	adopted	adopt	VERB
ajfa-10878	120	11	the	the	DET
ajfa-10878	120	12	provisions	provision	NOUN
ajfa-10878	120	13	directly	directly	ADV
ajfa-10878	120	14	from	from	ADP
ajfa-10878	120	15	common	common	ADJ
ajfa-10878	120	16	law	law	NOUN
ajfa-10878	120	17	countries	country	NOUN
ajfa-10878	120	18	(	(	PUNCT
ajfa-10878	120	19	anglo	anglo	ADJ
ajfa-10878	120	20	-	-	PUNCT
ajfa-10878	120	21	saxon	saxon	NOUN
ajfa-10878	120	22	countries	country	NOUN
ajfa-10878	120	23	)	)	PUNCT
ajfa-10878	120	24	but	but	CCONJ
ajfa-10878	120	25	its	its	PRON
ajfa-10878	120	26	roots	root	NOUN
ajfa-10878	120	27	still	still	ADV
ajfa-10878	120	28	in	in	ADP
ajfa-10878	120	29	civil	civil	ADJ
ajfa-10878	120	30	law	law	NOUN
ajfa-10878	120	31	countries	country	NOUN
ajfa-10878	120	32	.	.	PUNCT
ajfa-10878	121	1	it	it	PRON
ajfa-10878	121	2	basically	basically	ADV
ajfa-10878	121	3	offers	offer	VERB
ajfa-10878	121	4	the	the	DET
ajfa-10878	121	5	legislative	legislative	ADJ
ajfa-10878	121	6	backing	backing	NOUN
ajfa-10878	121	7	for	for	ADP
ajfa-10878	121	8	security	security	NOUN
ajfa-10878	121	9	market	market	NOUN
ajfa-10878	121	10	actions	action	NOUN
ajfa-10878	121	11	and	and	CCONJ
ajfa-10878	121	12	creates	create	VERB
ajfa-10878	121	13	the	the	DET
ajfa-10878	121	14	capital	capital	NOUN
ajfa-10878	121	15	market	market	NOUN
ajfa-10878	121	16	board	board	NOUN
ajfa-10878	121	17	of	of	ADP
ajfa-10878	121	18	turkey	turkey	PROPN
ajfa-10878	121	19	(	(	PUNCT
ajfa-10878	121	20	cmbt	cmbt	NOUN
ajfa-10878	121	21	)	)	PUNCT
ajfa-10878	121	22	.	.	PUNCT
ajfa-10878	122	1	the	the	DET
ajfa-10878	122	2	issue	issue	NOUN
ajfa-10878	122	3	of	of	ADP
ajfa-10878	122	4	legislation	legislation	NOUN
ajfa-10878	122	5	is	be	AUX
ajfa-10878	122	6	correlated	correlate	VERB
ajfa-10878	122	7	with	with	ADP
ajfa-10878	122	8	the	the	DET
ajfa-10878	122	9	deficiency	deficiency	NOUN
ajfa-10878	122	10	of	of	ADP
ajfa-10878	122	11	decisiveness	decisiveness	NOUN
ajfa-10878	122	12	in	in	ADP
ajfa-10878	122	13	law	law	NOUN
ajfa-10878	122	14	and	and	CCONJ
ajfa-10878	122	15	contradictions	contradiction	NOUN
ajfa-10878	122	16	between	between	ADP
ajfa-10878	122	17	banking	banking	NOUN
ajfa-10878	122	18	law	law	NOUN
ajfa-10878	122	19	,	,	PUNCT
ajfa-10878	122	20	capital	capital	NOUN
ajfa-10878	122	21	market	market	NOUN
ajfa-10878	122	22	law	law	NOUN
ajfa-10878	122	23	and	and	CCONJ
ajfa-10878	122	24	commercial	commercial	ADJ
ajfa-10878	122	25	code	code	NOUN
ajfa-10878	122	26	in	in	ADP
ajfa-10878	122	27	terms	term	NOUN
ajfa-10878	122	28	of	of	ADP
ajfa-10878	122	29	disclosure	disclosure	NOUN
ajfa-10878	122	30	requirements	requirement	NOUN
ajfa-10878	122	31	,	,	PUNCT
ajfa-10878	122	32	accounting	accounting	NOUN
ajfa-10878	122	33	,	,	PUNCT
ajfa-10878	122	34	taxation	taxation	NOUN
ajfa-10878	122	35	and	and	CCONJ
ajfa-10878	122	36	shareholder	shareholder	NOUN
ajfa-10878	122	37	rights	right	NOUN
ajfa-10878	122	38	(	(	PUNCT
ajfa-10878	122	39	ararat	ararat	PROPN
ajfa-10878	122	40	&	&	CCONJ
ajfa-10878	122	41	ugur	ugur	PROPN
ajfa-10878	122	42	,	,	PUNCT
ajfa-10878	122	43	2003	2003	NUM
ajfa-10878	122	44	)	)	PUNCT
ajfa-10878	122	45	.	.	PUNCT
ajfa-10878	123	1	in	in	ADP
ajfa-10878	123	2	turkey	turkey	PROPN
ajfa-10878	123	3	,	,	PUNCT
ajfa-10878	123	4	the	the	DET
ajfa-10878	123	5	legal	legal	ADJ
ajfa-10878	123	6	process	process	NOUN
ajfa-10878	123	7	and	and	CCONJ
ajfa-10878	123	8	law	law	NOUN
ajfa-10878	123	9	enforcement	enforcement	NOUN
ajfa-10878	123	10	suffer	suffer	VERB
ajfa-10878	123	11	from	from	ADP
ajfa-10878	123	12	several	several	ADJ
ajfa-10878	123	13	operational	operational	ADJ
ajfa-10878	123	14	problems	problem	NOUN
ajfa-10878	123	15	.	.	PUNCT
ajfa-10878	124	1	turkey	turkey	PROPN
ajfa-10878	124	2	’s	’s	PART
ajfa-10878	124	3	legal	legal	ADJ
ajfa-10878	124	4	system	system	NOUN
ajfa-10878	124	5	is	be	AUX
ajfa-10878	124	6	costly	costly	ADJ
ajfa-10878	124	7	,	,	PUNCT
ajfa-10878	124	8	slow	slow	ADJ
ajfa-10878	124	9	and	and	CCONJ
ajfa-10878	124	10	complex	complex	ADJ
ajfa-10878	124	11	.	.	PUNCT
ajfa-10878	125	1	therefore	therefore	ADV
ajfa-10878	125	2	,	,	PUNCT
ajfa-10878	125	3	cmbt	cmbt	NOUN
ajfa-10878	125	4	is	be	AUX
ajfa-10878	125	5	authorised	authorise	VERB
ajfa-10878	125	6	to	to	PART
ajfa-10878	125	7	treat	treat	VERB
ajfa-10878	125	8	such	such	ADJ
ajfa-10878	125	9	impediments	impediment	NOUN
ajfa-10878	125	10	by	by	ADP
ajfa-10878	125	11	restoring	restore	VERB
ajfa-10878	125	12	to	to	ADP
ajfa-10878	125	13	managerial	managerial	ADJ
ajfa-10878	125	14	penalties	penalty	NOUN
ajfa-10878	125	15	such	such	ADJ
ajfa-10878	125	16	as	as	ADP
ajfa-10878	125	17	de	de	NOUN
ajfa-10878	125	18	-	-	NOUN
ajfa-10878	125	19	listing	listing	NOUN
ajfa-10878	125	20	and	and	CCONJ
ajfa-10878	125	21	suspension	suspension	NOUN
ajfa-10878	125	22	.	.	PUNCT
ajfa-10878	126	1	nevertheless	nevertheless	ADV
ajfa-10878	126	2	,	,	PUNCT
ajfa-10878	126	3	the	the	DET
ajfa-10878	126	4	aforementioned	aforementioned	ADJ
ajfa-10878	126	5	policies	policy	NOUN
ajfa-10878	126	6	are	be	AUX
ajfa-10878	126	7	as	as	ADP
ajfa-10878	126	8	a	a	DET
ajfa-10878	126	9	result	result	NOUN
ajfa-10878	126	10	of	of	ADP
ajfa-10878	126	11	the	the	DET
ajfa-10878	126	12	implementation	implementation	NOUN
ajfa-10878	126	13	of	of	ADP
ajfa-10878	126	14	the	the	DET
ajfa-10878	126	15	incompetence	incompetence	NOUN
ajfa-10878	126	16	of	of	ADP
ajfa-10878	126	17	the	the	DET
ajfa-10878	126	18	legal	legal	ADJ
ajfa-10878	126	19	process	process	NOUN
ajfa-10878	126	20	and	and	CCONJ
ajfa-10878	126	21	lack	lack	NOUN
ajfa-10878	126	22	of	of	ADP
ajfa-10878	126	23	law	law	NOUN
ajfa-10878	126	24	enforcement	enforcement	NOUN
ajfa-10878	126	25	.	.	PUNCT
ajfa-10878	127	1	since	since	SCONJ
ajfa-10878	127	2	2000	2000	NUM
ajfa-10878	127	3	,	,	PUNCT
ajfa-10878	127	4	the	the	DET
ajfa-10878	127	5	cmbt	cmbt	NOUN
ajfa-10878	127	6	has	have	AUX
ajfa-10878	127	7	notified	notify	VERB
ajfa-10878	127	8	the	the	DET
ajfa-10878	127	9	office	office	NOUN
ajfa-10878	127	10	of	of	ADP
ajfa-10878	127	11	public	public	ADJ
ajfa-10878	127	12	prosecutors	prosecutor	NOUN
ajfa-10878	127	13	for	for	ADP
ajfa-10878	127	14	about	about	ADV
ajfa-10878	127	15	100	100	NUM
ajfa-10878	127	16	violations	violation	NOUN
ajfa-10878	127	17	against	against	ADP
ajfa-10878	127	18	cmlt	cmlt	NOUN
ajfa-10878	127	19	per	per	ADP
ajfa-10878	127	20	year	year	NOUN
ajfa-10878	127	21	.	.	PUNCT
ajfa-10878	128	1	in	in	ADP
ajfa-10878	128	2	each	each	DET
ajfa-10878	128	3	year	year	NOUN
ajfa-10878	128	4	only	only	ADV
ajfa-10878	128	5	a	a	DET
ajfa-10878	128	6	single	single	ADJ
ajfa-10878	128	7	case	case	NOUN
ajfa-10878	128	8	reach	reach	VERB
ajfa-10878	128	9	decree	decree	NOUN
ajfa-10878	128	10	absolute	absolute	ADJ
ajfa-10878	128	11	,	,	PUNCT
ajfa-10878	128	12	while	while	SCONJ
ajfa-10878	128	13	other	other	ADJ
ajfa-10878	128	14	cases	case	NOUN
ajfa-10878	128	15	results	result	VERB
ajfa-10878	128	16	in	in	ADP
ajfa-10878	128	17	adjournments	adjournment	NOUN
ajfa-10878	128	18	asian	asian	ADJ
ajfa-10878	128	19	journal	journal	NOUN
ajfa-10878	128	20	of	of	ADP
ajfa-10878	128	21	finance	finance	PROPN
ajfa-10878	128	22	&	&	CCONJ
ajfa-10878	128	23	accounting	accounting	PROPN
ajfa-10878	128	24	issn	issn	PROPN
ajfa-10878	128	25	1946	1946	NUM
ajfa-10878	128	26	-	-	PUNCT
ajfa-10878	128	27	052x	052x	PROPN
ajfa-10878	128	28	2017	2017	NUM
ajfa-10878	128	29	,	,	PUNCT
ajfa-10878	128	30	vol	vol	NOUN
ajfa-10878	128	31	.	.	NOUN
ajfa-10878	129	1	9	9	NUM
ajfa-10878	129	2	,	,	PUNCT
ajfa-10878	129	3	no	no	INTJ
ajfa-10878	129	4	.	.	NOUN
ajfa-10878	129	5	1	1	NUM
ajfa-10878	129	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	129	7	199	199	NUM
ajfa-10878	129	8	and	and	CCONJ
ajfa-10878	129	9	dismissal	dismissal	NOUN
ajfa-10878	129	10	.	.	PUNCT
ajfa-10878	130	1	on	on	ADP
ajfa-10878	130	2	average	average	ADJ
ajfa-10878	130	3	12	12	NUM
ajfa-10878	130	4	month	month	NOUN
ajfa-10878	130	5	is	be	AUX
ajfa-10878	130	6	required	require	VERB
ajfa-10878	130	7	between	between	ADP
ajfa-10878	130	8	the	the	DET
ajfa-10878	130	9	cmbt	cmbt	NOUN
ajfa-10878	130	10	appeal	appeal	NOUN
ajfa-10878	130	11	and	and	CCONJ
ajfa-10878	130	12	the	the	DET
ajfa-10878	130	13	first	first	ADJ
ajfa-10878	130	14	verdict	verdict	NOUN
ajfa-10878	130	15	excluding	exclude	VERB
ajfa-10878	130	16	time	time	NOUN
ajfa-10878	130	17	required	require	VERB
ajfa-10878	130	18	to	to	PART
ajfa-10878	130	19	make	make	VERB
ajfa-10878	130	20	decisions	decision	NOUN
ajfa-10878	130	21	on	on	ADP
ajfa-10878	130	22	dismissal	dismissal	NOUN
ajfa-10878	130	23	and	and	CCONJ
ajfa-10878	130	24	adjournments	adjournment	NOUN
ajfa-10878	130	25	.	.	PUNCT
ajfa-10878	131	1	for	for	ADP
ajfa-10878	131	2	instance	instance	NOUN
ajfa-10878	131	3	,	,	PUNCT
ajfa-10878	131	4	in	in	ADP
ajfa-10878	131	5	2003	2003	NUM
ajfa-10878	131	6	the	the	DET
ajfa-10878	131	7	public	public	ADJ
ajfa-10878	131	8	prosecutor	prosecutor	NOUN
ajfa-10878	131	9	addressed	address	VERB
ajfa-10878	131	10	about	about	ADV
ajfa-10878	131	11	23	23	NUM
ajfa-10878	131	12	cases	case	NOUN
ajfa-10878	131	13	for	for	ADP
ajfa-10878	131	14	2001	2001	NUM
ajfa-10878	131	15	and	and	CCONJ
ajfa-10878	131	16	more	more	ADJ
ajfa-10878	131	17	than	than	ADP
ajfa-10878	131	18	half	half	NOUN
ajfa-10878	131	19	of	of	ADP
ajfa-10878	131	20	the	the	DET
ajfa-10878	131	21	cases	case	NOUN
ajfa-10878	131	22	for	for	ADP
ajfa-10878	131	23	2002	2002	NUM
ajfa-10878	131	24	.	.	PUNCT
ajfa-10878	132	1	however	however	ADV
ajfa-10878	132	2	,	,	PUNCT
ajfa-10878	132	3	only	only	ADV
ajfa-10878	132	4	1	1	NUM
ajfa-10878	132	5	%	%	NOUN
ajfa-10878	132	6	of	of	ADP
ajfa-10878	132	7	the	the	DET
ajfa-10878	132	8	existed	exist	VERB
ajfa-10878	132	9	complains	complain	NOUN
ajfa-10878	132	10	finalised	finalise	VERB
ajfa-10878	132	11	with	with	ADP
ajfa-10878	132	12	punishments	punishment	NOUN
ajfa-10878	132	13	.	.	PUNCT
ajfa-10878	133	1	most	most	ADJ
ajfa-10878	133	2	of	of	ADP
ajfa-10878	133	3	the	the	DET
ajfa-10878	133	4	violations	violation	NOUN
ajfa-10878	133	5	for	for	ADP
ajfa-10878	133	6	instance	instance	NOUN
ajfa-10878	133	7	,	,	PUNCT
ajfa-10878	133	8	218	218	NUM
ajfa-10878	133	9	cases	case	NOUN
ajfa-10878	133	10	out	out	ADP
ajfa-10878	133	11	of	of	ADP
ajfa-10878	133	12	272	272	NUM
ajfa-10878	133	13	are	be	AUX
ajfa-10878	133	14	subject	subject	ADJ
ajfa-10878	133	15	to	to	ADP
ajfa-10878	133	16	article	article	NOUN
ajfa-10878	133	17	27	27	NUM
ajfa-10878	133	18	of	of	ADP
ajfa-10878	133	19	cmlt	cmlt	NOUN
ajfa-10878	133	20	that	that	PRON
ajfa-10878	133	21	offers	offer	VERB
ajfa-10878	133	22	the	the	DET
ajfa-10878	133	23	legal	legal	ADJ
ajfa-10878	133	24	bases	basis	NOUN
ajfa-10878	133	25	to	to	PART
ajfa-10878	133	26	overcome	overcome	VERB
ajfa-10878	133	27	with	with	ADP
ajfa-10878	133	28	market	market	NOUN
ajfa-10878	133	29	manipulations	manipulation	NOUN
ajfa-10878	133	30	,	,	PUNCT
ajfa-10878	133	31	distressing	distress	VERB
ajfa-10878	133	32	the	the	DET
ajfa-10878	133	33	fair	fair	ADJ
ajfa-10878	133	34	trading	trading	NOUN
ajfa-10878	133	35	environment	environment	NOUN
ajfa-10878	133	36	and	and	CCONJ
ajfa-10878	133	37	introduces	introduce	VERB
ajfa-10878	133	38	penalties	penalty	NOUN
ajfa-10878	133	39	(	(	PUNCT
ajfa-10878	133	40	cmb	cmb	NOUN
ajfa-10878	133	41	,	,	PUNCT
ajfa-10878	133	42	2012	2012	NUM
ajfa-10878	133	43	)	)	PUNCT
ajfa-10878	133	44	.	.	PUNCT
ajfa-10878	134	1	a	a	DET
ajfa-10878	134	2	study	study	NOUN
ajfa-10878	134	3	by	by	ADP
ajfa-10878	134	4	tannor	tannor	NOUN
ajfa-10878	134	5	(	(	PUNCT
ajfa-10878	134	6	2002	2002	NUM
ajfa-10878	134	7	)	)	PUNCT
ajfa-10878	134	8	provides	provide	VERB
ajfa-10878	134	9	obvious	obvious	ADJ
ajfa-10878	134	10	statement	statement	NOUN
ajfa-10878	134	11	that	that	PRON
ajfa-10878	134	12	explain	explain	VERB
ajfa-10878	134	13	the	the	DET
ajfa-10878	134	14	imbalanced	imbalanced	ADJ
ajfa-10878	134	15	between	between	ADP
ajfa-10878	134	16	duties	duty	NOUN
ajfa-10878	134	17	and	and	CCONJ
ajfa-10878	134	18	authorities	authority	NOUN
ajfa-10878	134	19	of	of	ADP
ajfa-10878	134	20	the	the	DET
ajfa-10878	134	21	cmbt	cmbt	NOUN
ajfa-10878	134	22	.	.	PUNCT
ajfa-10878	135	1	the	the	DET
ajfa-10878	135	2	author	author	NOUN
ajfa-10878	135	3	indicates	indicate	VERB
ajfa-10878	135	4	to	to	ADP
ajfa-10878	135	5	the	the	DET
ajfa-10878	135	6	takeovers	takeover	NOUN
ajfa-10878	135	7	of	of	ADP
ajfa-10878	135	8	under	under	ADV
ajfa-10878	135	9	-	-	PUNCT
ajfa-10878	135	10	capitalized	capitalize	VERB
ajfa-10878	135	11	banks	bank	NOUN
ajfa-10878	135	12	as	as	ADP
ajfa-10878	135	13	an	an	DET
ajfa-10878	135	14	illustration	illustration	NOUN
ajfa-10878	135	15	on	on	ADP
ajfa-10878	135	16	how	how	SCONJ
ajfa-10878	135	17	inequality	inequality	NOUN
ajfa-10878	135	18	between	between	ADP
ajfa-10878	135	19	rule	rule	NOUN
ajfa-10878	135	20	and	and	CCONJ
ajfa-10878	135	21	its	its	PRON
ajfa-10878	135	22	implementation	implementation	NOUN
ajfa-10878	135	23	surface	surface	NOUN
ajfa-10878	135	24	clearly	clearly	ADV
ajfa-10878	135	25	in	in	ADP
ajfa-10878	135	26	practice	practice	NOUN
ajfa-10878	135	27	.	.	PUNCT
ajfa-10878	136	1	the	the	DET
ajfa-10878	136	2	cmlt	cmlt	NOUN
ajfa-10878	136	3	identifies	identify	VERB
ajfa-10878	136	4	the	the	DET
ajfa-10878	136	5	private	private	ADJ
ajfa-10878	136	6	laws	law	NOUN
ajfa-10878	136	7	that	that	PRON
ajfa-10878	136	8	are	be	AUX
ajfa-10878	136	9	adopted	adopt	VERB
ajfa-10878	136	10	in	in	ADP
ajfa-10878	136	11	banks	bank	NOUN
ajfa-10878	136	12	and	and	CCONJ
ajfa-10878	136	13	makes	make	VERB
ajfa-10878	136	14	references	reference	NOUN
ajfa-10878	136	15	to	to	ADP
ajfa-10878	136	16	them	they	PRON
ajfa-10878	136	17	.	.	PUNCT
ajfa-10878	137	1	nevertheless	nevertheless	ADV
ajfa-10878	137	2	,	,	PUNCT
ajfa-10878	137	3	listed	list	VERB
ajfa-10878	137	4	banks	bank	NOUN
ajfa-10878	137	5	in	in	ADP
ajfa-10878	137	6	ise	ise	NOUN
ajfa-10878	137	7	also	also	ADV
ajfa-10878	137	8	implement	implement	VERB
ajfa-10878	137	9	cmlt	cmlt	NOUN
ajfa-10878	137	10	as	as	ADP
ajfa-10878	137	11	“	"	PUNCT
ajfa-10878	137	12	issuers	issuer	NOUN
ajfa-10878	137	13	”	"	PUNCT
ajfa-10878	137	14	in	in	ADP
ajfa-10878	137	15	terms	term	NOUN
ajfa-10878	137	16	of	of	ADP
ajfa-10878	137	17	disclosure	disclosure	NOUN
ajfa-10878	137	18	provisions	provision	NOUN
ajfa-10878	137	19	and	and	CCONJ
ajfa-10878	137	20	audit	audit	NOUN
ajfa-10878	137	21	.	.	PUNCT
ajfa-10878	138	1	tannor	tannor	NOUN
ajfa-10878	138	2	(	(	PUNCT
ajfa-10878	138	3	2002	2002	NUM
ajfa-10878	138	4	)	)	PUNCT
ajfa-10878	138	5	argues	argue	VERB
ajfa-10878	138	6	that	that	SCONJ
ajfa-10878	138	7	cmbt	cmbt	NOUN
ajfa-10878	138	8	might	might	AUX
ajfa-10878	138	9	utilise	utilise	VERB
ajfa-10878	138	10	its	its	PRON
ajfa-10878	138	11	authority	authority	NOUN
ajfa-10878	138	12	as	as	SCONJ
ajfa-10878	138	13	disclosure	disclosure	NOUN
ajfa-10878	138	14	offences	offence	NOUN
ajfa-10878	138	15	are	be	AUX
ajfa-10878	138	16	of	of	ADP
ajfa-10878	138	17	illegal	illegal	ADJ
ajfa-10878	138	18	nature	nature	NOUN
ajfa-10878	138	19	.	.	PUNCT
ajfa-10878	139	1	nonetheless	nonetheless	ADV
ajfa-10878	139	2	,	,	PUNCT
ajfa-10878	139	3	the	the	DET
ajfa-10878	139	4	cmbt	cmbt	NOUN
ajfa-10878	139	5	desisted	desist	VERB
ajfa-10878	139	6	from	from	ADP
ajfa-10878	139	7	doing	do	VERB
ajfa-10878	139	8	such	such	ADJ
ajfa-10878	139	9	achievement	achievement	NOUN
ajfa-10878	139	10	and	and	CCONJ
ajfa-10878	139	11	proved	prove	VERB
ajfa-10878	139	12	that	that	SCONJ
ajfa-10878	139	13	it	it	PRON
ajfa-10878	139	14	might	might	AUX
ajfa-10878	139	15	avoid	avoid	VERB
ajfa-10878	139	16	its	its	PRON
ajfa-10878	139	17	accountability	accountability	NOUN
ajfa-10878	139	18	when	when	SCONJ
ajfa-10878	139	19	difficult	difficult	ADJ
ajfa-10878	139	20	conclusions	conclusion	NOUN
ajfa-10878	139	21	are	be	AUX
ajfa-10878	139	22	arrived	arrive	VERB
ajfa-10878	139	23	at	at	ADP
ajfa-10878	139	24	.	.	PUNCT
ajfa-10878	140	1	tannor	tannor	NOUN
ajfa-10878	140	2	(	(	PUNCT
ajfa-10878	140	3	2002	2002	NUM
ajfa-10878	140	4	)	)	PUNCT
ajfa-10878	140	5	pointed	point	VERB
ajfa-10878	140	6	out	out	ADP
ajfa-10878	140	7	the	the	DET
ajfa-10878	140	8	vital	vital	ADJ
ajfa-10878	140	9	significance	significance	NOUN
ajfa-10878	140	10	of	of	ADP
ajfa-10878	140	11	regulatory	regulatory	ADJ
ajfa-10878	140	12	authority	authority	NOUN
ajfa-10878	140	13	to	to	PART
ajfa-10878	140	14	exercise	exercise	VERB
ajfa-10878	140	15	its	its	PRON
ajfa-10878	140	16	powers	power	NOUN
ajfa-10878	140	17	firmly	firmly	ADV
ajfa-10878	140	18	and	and	CCONJ
ajfa-10878	140	19	thoroughly	thoroughly	ADV
ajfa-10878	140	20	in	in	ADP
ajfa-10878	140	21	auditing	auditing	NOUN
ajfa-10878	140	22	and	and	CCONJ
ajfa-10878	140	23	monitoring	monitor	VERB
ajfa-10878	140	24	compliance	compliance	NOUN
ajfa-10878	140	25	.	.	PUNCT
ajfa-10878	141	1	6	6	X
ajfa-10878	141	2	.	.	X
ajfa-10878	141	3	mechanisms	mechanism	NOUN
ajfa-10878	141	4	for	for	ADP
ajfa-10878	141	5	separating	separate	VERB
ajfa-10878	141	6	cash	cash	NOUN
ajfa-10878	141	7	flow	flow	NOUN
ajfa-10878	141	8	and	and	CCONJ
ajfa-10878	141	9	control	control	NOUN
ajfa-10878	141	10	in	in	ADP
ajfa-10878	141	11	this	this	DET
ajfa-10878	141	12	part	part	NOUN
ajfa-10878	141	13	,	,	PUNCT
ajfa-10878	141	14	the	the	DET
ajfa-10878	141	15	discussion	discussion	NOUN
ajfa-10878	141	16	concentrates	concentrate	VERB
ajfa-10878	141	17	on	on	ADP
ajfa-10878	141	18	the	the	DET
ajfa-10878	141	19	turkish	turkish	ADJ
ajfa-10878	141	20	holding	hold	VERB
ajfa-10878	141	21	-	-	PUNCT
ajfa-10878	141	22	ownership	ownership	NOUN
ajfa-10878	141	23	structure	structure	NOUN
ajfa-10878	141	24	mechanisms	mechanism	NOUN
ajfa-10878	141	25	used	use	VERB
ajfa-10878	141	26	to	to	PART
ajfa-10878	141	27	maintain	maintain	VERB
ajfa-10878	141	28	their	their	PRON
ajfa-10878	141	29	control	control	NOUN
ajfa-10878	141	30	on	on	ADP
ajfa-10878	141	31	affiliated	affiliated	ADJ
ajfa-10878	141	32	firms	firm	NOUN
ajfa-10878	141	33	through	through	ADP
ajfa-10878	141	34	providing	provide	VERB
ajfa-10878	141	35	a	a	DET
ajfa-10878	141	36	small	small	ADJ
ajfa-10878	141	37	stake	stake	NOUN
ajfa-10878	141	38	of	of	ADP
ajfa-10878	141	39	equities	equity	NOUN
ajfa-10878	141	40	,	,	PUNCT
ajfa-10878	141	41	achieved	achieve	VERB
ajfa-10878	141	42	via	via	ADP
ajfa-10878	141	43	pyramidal	pyramidal	ADJ
ajfa-10878	141	44	-	-	PUNCT
ajfa-10878	141	45	ownership	ownership	NOUN
ajfa-10878	141	46	structure	structure	NOUN
ajfa-10878	141	47	,	,	PUNCT
ajfa-10878	141	48	cross	cross	NOUN
ajfa-10878	141	49	-	-	NOUN
ajfa-10878	141	50	ownership	ownership	ADJ
ajfa-10878	141	51	and	and	CCONJ
ajfa-10878	141	52	dual	dual	ADJ
ajfa-10878	141	53	class	class	NOUN
ajfa-10878	141	54	shares	share	NOUN
ajfa-10878	141	55	(	(	PUNCT
ajfa-10878	141	56	ararat	ararat	PROPN
ajfa-10878	141	57	et	et	PROPN
ajfa-10878	141	58	al	al	PROPN
ajfa-10878	141	59	.	.	PROPN
ajfa-10878	141	60	,	,	PUNCT
ajfa-10878	141	61	2015	2015	NUM
ajfa-10878	141	62	)	)	PUNCT
ajfa-10878	141	63	.	.	PUNCT
ajfa-10878	142	1	this	this	DET
ajfa-10878	142	2	study	study	NOUN
ajfa-10878	142	3	symbolises	symbolise	VERB
ajfa-10878	142	4	the	the	DET
ajfa-10878	142	5	divergence	divergence	NOUN
ajfa-10878	142	6	between	between	ADP
ajfa-10878	142	7	control	control	NOUN
ajfa-10878	142	8	rights	right	NOUN
ajfa-10878	142	9	and	and	CCONJ
ajfa-10878	142	10	cash	cash	NOUN
ajfa-10878	142	11	-	-	PUNCT
ajfa-10878	142	12	flow	flow	NOUN
ajfa-10878	142	13	rights	right	NOUN
ajfa-10878	142	14	by	by	ADP
ajfa-10878	142	15	α	α	NOUN
ajfa-10878	142	16	,	,	PUNCT
ajfa-10878	142	17	which	which	PRON
ajfa-10878	142	18	reflects	reflect	VERB
ajfa-10878	142	19	the	the	DET
ajfa-10878	142	20	stake	stake	NOUN
ajfa-10878	142	21	of	of	ADP
ajfa-10878	142	22	the	the	DET
ajfa-10878	142	23	majority	majority	NOUN
ajfa-10878	142	24	shareholders	shareholder	NOUN
ajfa-10878	142	25	’	'	PUNCT
ajfa-10878	142	26	equities(cash	equities(cash	NOUN
ajfa-10878	142	27	-	-	PUNCT
ajfa-10878	142	28	flow	flow	NOUN
ajfa-10878	142	29	rights	right	NOUN
ajfa-10878	142	30	)	)	PUNCT
ajfa-10878	142	31	.	.	PUNCT
ajfa-10878	143	1	6.1	6.1	NUM
ajfa-10878	143	2	dual	dual	ADJ
ajfa-10878	143	3	class	class	NOUN
ajfa-10878	143	4	shares	share	NOUN
ajfa-10878	143	5	dual	dual	ADJ
ajfa-10878	143	6	class	class	NOUN
ajfa-10878	143	7	shares	share	NOUN
ajfa-10878	143	8	represent	represent	VERB
ajfa-10878	143	9	the	the	DET
ajfa-10878	143	10	most	most	ADV
ajfa-10878	143	11	straightforward	straightforward	ADJ
ajfa-10878	143	12	mechanism	mechanism	NOUN
ajfa-10878	143	13	for	for	ADP
ajfa-10878	143	14	divergence	divergence	NOUN
ajfa-10878	143	15	between	between	ADP
ajfa-10878	143	16	the	the	DET
ajfa-10878	143	17	control	control	NOUN
ajfa-10878	143	18	rights	right	NOUN
ajfa-10878	143	19	and	and	CCONJ
ajfa-10878	143	20	cash	cash	NOUN
ajfa-10878	143	21	-	-	PUNCT
ajfa-10878	143	22	flow	flow	NOUN
ajfa-10878	143	23	rights	right	NOUN
ajfa-10878	143	24	inside	inside	ADP
ajfa-10878	143	25	a	a	DET
ajfa-10878	143	26	single	single	ADJ
ajfa-10878	143	27	firm	firm	NOUN
ajfa-10878	143	28	.	.	PUNCT
ajfa-10878	144	1	in	in	ADP
ajfa-10878	144	2	fact	fact	NOUN
ajfa-10878	144	3	,	,	PUNCT
ajfa-10878	144	4	this	this	DET
ajfa-10878	144	5	kind	kind	NOUN
ajfa-10878	144	6	of	of	ADP
ajfa-10878	144	7	ownership	ownership	NOUN
ajfa-10878	144	8	structure	structure	NOUN
ajfa-10878	144	9	is	be	AUX
ajfa-10878	144	10	the	the	DET
ajfa-10878	144	11	only	only	ADJ
ajfa-10878	144	12	one	one	NUM
ajfa-10878	144	13	that	that	PRON
ajfa-10878	144	14	can	can	AUX
ajfa-10878	144	15	be	be	AUX
ajfa-10878	144	16	exercised	exercise	VERB
ajfa-10878	144	17	without	without	ADP
ajfa-10878	144	18	creating	create	VERB
ajfa-10878	144	19	multiple	multiple	ADJ
ajfa-10878	144	20	firms	firm	NOUN
ajfa-10878	144	21	or	or	CCONJ
ajfa-10878	144	22	a	a	DET
ajfa-10878	144	23	group	group	NOUN
ajfa-10878	144	24	of	of	ADP
ajfa-10878	144	25	firms	firm	NOUN
ajfa-10878	144	26	.	.	PUNCT
ajfa-10878	145	1	the	the	DET
ajfa-10878	145	2	firms	firm	NOUN
ajfa-10878	145	3	’	’	PART
ajfa-10878	145	4	founders	founder	NOUN
ajfa-10878	145	5	might	might	AUX
ajfa-10878	145	6	sign	sign	VERB
ajfa-10878	145	7	all	all	DET
ajfa-10878	145	8	voting	voting	NOUN
ajfa-10878	145	9	rights	right	NOUN
ajfa-10878	145	10	to	to	ADP
ajfa-10878	145	11	a	a	DET
ajfa-10878	145	12	stake	stake	NOUN
ajfa-10878	145	13	α	α	NOUN
ajfa-10878	145	14	of	of	ADP
ajfa-10878	145	15	shares	share	NOUN
ajfa-10878	145	16	belonging	belong	VERB
ajfa-10878	145	17	to	to	ADP
ajfa-10878	145	18	the	the	DET
ajfa-10878	145	19	controlling	control	VERB
ajfa-10878	145	20	shareholders	shareholder	NOUN
ajfa-10878	145	21	,	,	PUNCT
ajfa-10878	145	22	withthe	withthe	DET
ajfa-10878	145	23	remaining	remain	VERB
ajfa-10878	145	24	shares	share	NOUN
ajfa-10878	145	25	distributed	distribute	VERB
ajfa-10878	145	26	to	to	ADP
ajfa-10878	145	27	the	the	DET
ajfa-10878	145	28	public	public	NOUN
ajfa-10878	145	29	with	with	ADP
ajfa-10878	145	30	zero	zero	NUM
ajfa-10878	145	31	voting	voting	NOUN
ajfa-10878	145	32	rights	right	NOUN
ajfa-10878	145	33	.	.	PUNCT
ajfa-10878	146	1	the	the	DET
ajfa-10878	146	2	multiple	multiple	ADJ
ajfa-10878	146	3	class	class	NOUN
ajfa-10878	146	4	shares	share	NOUN
ajfa-10878	146	5	structure	structure	NOUN
ajfa-10878	146	6	is	be	AUX
ajfa-10878	146	7	especially	especially	ADV
ajfa-10878	146	8	dominant	dominant	ADJ
ajfa-10878	146	9	in	in	ADP
ajfa-10878	146	10	sweden	sweden	PROPN
ajfa-10878	146	11	,	,	PUNCT
ajfa-10878	146	12	south	south	PROPN
ajfa-10878	146	13	africa	africa	PROPN
ajfa-10878	146	14	and	and	CCONJ
ajfa-10878	146	15	turkey	turkey	PROPN
ajfa-10878	146	16	.	.	PUNCT
ajfa-10878	147	1	in	in	ADP
ajfa-10878	147	2	turkey	turkey	PROPN
ajfa-10878	147	3	,	,	PUNCT
ajfa-10878	147	4	firms	firm	NOUN
ajfa-10878	147	5	promulgate	promulgate	VERB
ajfa-10878	147	6	two	two	NUM
ajfa-10878	147	7	or	or	CCONJ
ajfa-10878	147	8	more	more	ADJ
ajfa-10878	147	9	classes	class	NOUN
ajfa-10878	147	10	of	of	ADP
ajfa-10878	147	11	shares	share	NOUN
ajfa-10878	147	12	with	with	ADP
ajfa-10878	147	13	disproportionate	disproportionate	ADJ
ajfa-10878	147	14	voting	voting	NOUN
ajfa-10878	147	15	rights	right	NOUN
ajfa-10878	147	16	,	,	PUNCT
ajfa-10878	147	17	which	which	PRON
ajfa-10878	147	18	areknown	areknown	VERB
ajfa-10878	147	19	as	as	ADP
ajfa-10878	147	20	dual	dual	ADJ
ajfa-10878	147	21	class	class	NOUN
ajfa-10878	147	22	shares	share	NOUN
ajfa-10878	147	23	(	(	PUNCT
ajfa-10878	147	24	khalil	khalil	PROPN
ajfa-10878	147	25	,	,	PUNCT
ajfa-10878	147	26	magnan	magnan	PROPN
ajfa-10878	147	27	,	,	PUNCT
ajfa-10878	147	28	&	&	CCONJ
ajfa-10878	147	29	cohen	cohen	PROPN
ajfa-10878	147	30	,	,	PUNCT
ajfa-10878	147	31	2008	2008	NUM
ajfa-10878	147	32	)	)	PUNCT
ajfa-10878	147	33	.	.	PUNCT
ajfa-10878	148	1	this	this	PRON
ajfa-10878	148	2	is	be	AUX
ajfa-10878	148	3	because	because	SCONJ
ajfa-10878	148	4	turkishcommerciallaw	turkishcommerciallaw	NOUN
ajfa-10878	148	5	(	(	PUNCT
ajfa-10878	148	6	tcl	tcl	PROPN
ajfa-10878	148	7	)	)	PUNCT
ajfa-10878	148	8	does	do	AUX
ajfa-10878	148	9	not	not	PART
ajfa-10878	148	10	embrace	embrace	VERB
ajfa-10878	148	11	the	the	DET
ajfa-10878	148	12	principle	principle	NOUN
ajfa-10878	148	13	of	of	ADP
ajfa-10878	148	14	one	one	NUM
ajfa-10878	148	15	-	-	PUNCT
ajfa-10878	148	16	share	share	NOUN
ajfa-10878	148	17	one	one	NUM
ajfa-10878	148	18	-	-	PUNCT
ajfa-10878	148	19	vote	vote	NOUN
ajfa-10878	148	20	.	.	PUNCT
ajfa-10878	149	1	therefore	therefore	ADV
ajfa-10878	149	2	,	,	PUNCT
ajfa-10878	149	3	turkish	turkish	ADJ
ajfa-10878	149	4	firms	firm	NOUN
ajfa-10878	149	5	issue	issue	VERB
ajfa-10878	149	6	more	more	ADJ
ajfa-10878	149	7	than	than	ADP
ajfa-10878	149	8	one	one	NUM
ajfa-10878	149	9	class	class	NOUN
ajfa-10878	149	10	of	of	ADP
ajfa-10878	149	11	shares	share	NOUN
ajfa-10878	149	12	with	with	ADP
ajfa-10878	149	13	different	different	ADJ
ajfa-10878	149	14	cash	cash	NOUN
ajfa-10878	149	15	-	-	PUNCT
ajfa-10878	149	16	flow	flow	NOUN
ajfa-10878	149	17	rights	right	NOUN
ajfa-10878	149	18	and	and	CCONJ
ajfa-10878	149	19	with	with	ADP
ajfa-10878	149	20	dissimilar	dissimilar	ADJ
ajfa-10878	149	21	collateral	collateral	ADJ
ajfa-10878	149	22	rights	right	NOUN
ajfa-10878	149	23	in	in	ADP
ajfa-10878	149	24	liquidation	liquidation	NOUN
ajfa-10878	149	25	.	.	PUNCT
ajfa-10878	150	1	according	accord	VERB
ajfa-10878	150	2	totcl	totcl	NOUN
ajfa-10878	150	3	article	article	NOUN
ajfa-10878	150	4	401	401	NUM
ajfa-10878	150	5	,	,	PUNCT
ajfa-10878	150	6	firms	firm	NOUN
ajfa-10878	150	7	can	can	AUX
ajfa-10878	150	8	issue	issue	VERB
ajfa-10878	150	9	one	one	NUM
ajfa-10878	150	10	class	class	NOUN
ajfa-10878	150	11	of	of	ADP
ajfa-10878	150	12	shares	share	NOUN
ajfa-10878	150	13	with	with	ADP
ajfa-10878	150	14	non	non	ADJ
ajfa-10878	150	15	-	-	ADJ
ajfa-10878	150	16	voting	voting	ADJ
ajfa-10878	150	17	rights	right	NOUN
ajfa-10878	150	18	or	or	CCONJ
ajfa-10878	150	19	with	with	ADP
ajfa-10878	150	20	a	a	DET
ajfa-10878	150	21	high	high	ADJ
ajfa-10878	150	22	number	number	NOUN
ajfa-10878	150	23	of	of	ADP
ajfa-10878	150	24	voting	voting	NOUN
ajfa-10878	150	25	rights	right	NOUN
ajfa-10878	150	26	.	.	PUNCT
ajfa-10878	151	1	in	in	ADP
ajfa-10878	151	2	addition	addition	NOUN
ajfa-10878	151	3	,	,	PUNCT
ajfa-10878	151	4	according	accord	VERB
ajfa-10878	151	5	to	to	ADP
ajfa-10878	151	6	tcl	tcl	NOUN
ajfa-10878	151	7	article	article	NOUN
ajfa-10878	151	8	388,the	388,the	DET
ajfa-10878	151	9	decision	decision	NOUN
ajfa-10878	151	10	about	about	ADP
ajfa-10878	151	11	the	the	DET
ajfa-10878	151	12	scales	scale	NOUN
ajfa-10878	151	13	of	of	ADP
ajfa-10878	151	14	shares	share	NOUN
ajfa-10878	151	15	in	in	ADP
ajfa-10878	151	16	terms	term	NOUN
ajfa-10878	151	17	of	of	ADP
ajfa-10878	151	18	voting	voting	NOUN
ajfa-10878	151	19	rights	right	NOUN
ajfa-10878	151	20	and	and	CCONJ
ajfa-10878	151	21	cash	cash	NOUN
ajfa-10878	151	22	-	-	PUNCT
ajfa-10878	151	23	flow	flow	NOUN
ajfa-10878	151	24	rights	right	NOUN
ajfa-10878	151	25	should	should	AUX
ajfa-10878	151	26	be	be	AUX
ajfa-10878	151	27	taken	take	VERB
ajfa-10878	151	28	during	during	ADP
ajfa-10878	151	29	the	the	DET
ajfa-10878	151	30	general	general	ADJ
ajfa-10878	151	31	assembly	assembly	NOUN
ajfa-10878	151	32	meeting	meeting	NOUN
ajfa-10878	151	33	.	.	PUNCT
ajfa-10878	152	1	figure	figure	NOUN
ajfa-10878	152	2	1	1	NUM
ajfa-10878	152	3	shows	show	VERB
ajfa-10878	152	4	an	an	DET
ajfa-10878	152	5	example	example	NOUN
ajfa-10878	152	6	of	of	ADP
ajfa-10878	152	7	selçukgida	selçukgida	PROPN
ajfa-10878	152	8	a.ş	a.ş	PROPN
ajfa-10878	152	9	.	.	PROPN
ajfa-10878	152	10	’s	’s	PART
ajfa-10878	152	11	use	use	NOUN
ajfa-10878	152	12	of	of	ADP
ajfa-10878	152	13	dual	dual	ADJ
ajfa-10878	152	14	class	class	NOUN
ajfa-10878	152	15	shares	share	NOUN
ajfa-10878	152	16	to	to	PART
ajfa-10878	152	17	diverge	diverge	VERB
ajfa-10878	152	18	between	between	ADP
ajfa-10878	152	19	asian	asian	ADJ
ajfa-10878	152	20	journal	journal	NOUN
ajfa-10878	152	21	of	of	ADP
ajfa-10878	152	22	finance	finance	PROPN
ajfa-10878	152	23	&	&	CCONJ
ajfa-10878	152	24	accounting	accounting	PROPN
ajfa-10878	152	25	issn	issn	PROPN
ajfa-10878	152	26	1946	1946	NUM
ajfa-10878	152	27	-	-	PUNCT
ajfa-10878	152	28	052x	052x	PROPN
ajfa-10878	152	29	2017	2017	NUM
ajfa-10878	152	30	,	,	PUNCT
ajfa-10878	152	31	vol	vol	NOUN
ajfa-10878	152	32	.	.	NOUN
ajfa-10878	152	33	9	9	NUM
ajfa-10878	152	34	,	,	PUNCT
ajfa-10878	152	35	no	no	INTJ
ajfa-10878	152	36	.	.	NOUN
ajfa-10878	152	37	1	1	NUM
ajfa-10878	152	38	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	152	39	200	200	NUM
ajfa-10878	152	40	control	control	NOUN
ajfa-10878	152	41	rights	right	NOUN
ajfa-10878	152	42	and	and	CCONJ
ajfa-10878	152	43	cash	cash	NOUN
ajfa-10878	152	44	-	-	PUNCT
ajfa-10878	152	45	flow	flow	NOUN
ajfa-10878	152	46	rights	right	NOUN
ajfa-10878	152	47	.	.	PUNCT
ajfa-10878	153	1	this	this	DET
ajfa-10878	153	2	example	example	NOUN
ajfa-10878	153	3	explains	explain	VERB
ajfa-10878	153	4	the	the	DET
ajfa-10878	153	5	common	common	ADJ
ajfa-10878	153	6	dual	dual	ADJ
ajfa-10878	153	7	class	class	NOUN
ajfa-10878	153	8	shares	share	NOUN
ajfa-10878	153	9	used	use	VERB
ajfa-10878	153	10	by	by	ADP
ajfa-10878	153	11	turkish	turkish	ADJ
ajfa-10878	153	12	firms	firm	NOUN
ajfa-10878	153	13	listed	list	VERB
ajfa-10878	153	14	in	in	ADP
ajfa-10878	153	15	bi	bi	PROPN
ajfa-10878	153	16	(	(	PUNCT
ajfa-10878	153	17	yurtoglu	yurtoglu	PROPN
ajfa-10878	153	18	,	,	PUNCT
ajfa-10878	153	19	2003	2003	NUM
ajfa-10878	153	20	)	)	PUNCT
ajfa-10878	153	21	.	.	PUNCT
ajfa-10878	154	1	selçukgida	selçukgida	PROPN
ajfa-10878	154	2	a.ş	a.ş	PROPN
ajfa-10878	154	3	.	.	PROPN
ajfa-10878	154	4	is	be	AUX
ajfa-10878	154	5	a	a	DET
ajfa-10878	154	6	small	small	ADJ
ajfa-10878	154	7	firm	firm	NOUN
ajfa-10878	154	8	operating	operate	VERB
ajfa-10878	154	9	in	in	ADP
ajfa-10878	154	10	izmir	izmir	NOUN
ajfa-10878	154	11	city	city	PROPN
ajfa-10878	154	12	,	,	PUNCT
ajfa-10878	154	13	located	locate	VERB
ajfa-10878	154	14	in	in	ADP
ajfa-10878	154	15	the	the	DET
ajfa-10878	154	16	north	north	NOUN
ajfa-10878	154	17	east	east	NOUN
ajfa-10878	154	18	of	of	ADP
ajfa-10878	154	19	turkey	turkey	PROPN
ajfa-10878	154	20	.	.	PUNCT
ajfa-10878	155	1	this	this	DET
ajfa-10878	155	2	firm	firm	NOUN
ajfa-10878	155	3	has	have	VERB
ajfa-10878	155	4	two	two	NUM
ajfa-10878	155	5	classes	class	NOUN
ajfa-10878	155	6	of	of	ADP
ajfa-10878	155	7	shares	share	NOUN
ajfa-10878	155	8	:	:	PUNCT
ajfa-10878	155	9	280,000	280,000	NUM
ajfa-10878	155	10	classa	classa	ADJ
ajfa-10878	155	11	and	and	CCONJ
ajfa-10878	155	12	4,520,000	4,520,000	NUM
ajfa-10878	155	13	classb	classb	NOUN
ajfa-10878	155	14	shares	share	NOUN
ajfa-10878	155	15	.	.	PUNCT
ajfa-10878	156	1	the	the	DET
ajfa-10878	156	2	class	class	NOUN
ajfa-10878	156	3	ashares	ashare	NOUN
ajfa-10878	156	4	and	and	CCONJ
ajfa-10878	156	5	class	class	NOUN
ajfa-10878	156	6	bshares	bshare	NOUN
ajfa-10878	156	7	possess	possess	VERB
ajfa-10878	156	8	equal	equal	ADJ
ajfa-10878	156	9	nominal	nominal	ADJ
ajfa-10878	156	10	value	value	NOUN
ajfa-10878	156	11	,	,	PUNCT
ajfa-10878	156	12	creating	create	VERB
ajfa-10878	156	13	4,800,000	4,800,000	NUM
ajfa-10878	156	14	million	million	NUM
ajfa-10878	156	15	shares	share	NOUN
ajfa-10878	156	16	as	as	ADP
ajfa-10878	156	17	a	a	DET
ajfa-10878	156	18	complete	complete	ADJ
ajfa-10878	156	19	stock	stock	NOUN
ajfa-10878	156	20	capital	capital	NOUN
ajfa-10878	156	21	.	.	PUNCT
ajfa-10878	157	1	each	each	DET
ajfa-10878	157	2	classashare	classashare	NOUN
ajfa-10878	157	3	carries	carry	VERB
ajfa-10878	157	4	50	50	NUM
ajfa-10878	157	5	voting	voting	NOUN
ajfa-10878	157	6	rights	right	NOUN
ajfa-10878	157	7	,	,	PUNCT
ajfa-10878	157	8	while	while	SCONJ
ajfa-10878	157	9	eachclass	eachclass	NOUN
ajfa-10878	157	10	bshare	bshare	NOUN
ajfa-10878	157	11	carries	carry	VERB
ajfa-10878	157	12	only	only	ADV
ajfa-10878	157	13	one	one	NUM
ajfa-10878	157	14	voting	voting	NOUN
ajfa-10878	157	15	right	right	NOUN
ajfa-10878	157	16	.	.	PUNCT
ajfa-10878	158	1	therefore	therefore	ADV
ajfa-10878	158	2	,	,	PUNCT
ajfa-10878	158	3	the	the	DET
ajfa-10878	158	4	ashares	ashare	NOUN
ajfa-10878	158	5	carry	carry	VERB
ajfa-10878	158	6	78.18	78.18	NUM
ajfa-10878	158	7	%	%	NOUN
ajfa-10878	158	8	of	of	ADP
ajfa-10878	158	9	the	the	DET
ajfa-10878	158	10	voting	voting	NOUN
ajfa-10878	158	11	rights	right	NOUN
ajfa-10878	158	12	,	,	PUNCT
ajfa-10878	158	13	whereas	whereas	SCONJ
ajfa-10878	158	14	the	the	DET
ajfa-10878	158	15	bshares	bshare	NOUN
ajfa-10878	158	16	carry	carry	VERB
ajfa-10878	158	17	21.82	21.82	NUM
ajfa-10878	158	18	%	%	NOUN
ajfa-10878	158	19	of	of	ADP
ajfa-10878	158	20	the	the	DET
ajfa-10878	158	21	voting	voting	NOUN
ajfa-10878	158	22	rights	right	NOUN
ajfa-10878	158	23	.	.	PUNCT
ajfa-10878	159	1	selçukgida	selçukgida	PROPN
ajfa-10878	159	2	a.ş	a.ş	PROPN
ajfa-10878	159	3	.	.	PROPN
ajfa-10878	159	4	has	have	VERB
ajfa-10878	159	5	four	four	NUM
ajfa-10878	159	6	controlling	control	VERB
ajfa-10878	159	7	(	(	PUNCT
ajfa-10878	159	8	largest	large	ADJ
ajfa-10878	159	9	)	)	PUNCT
ajfa-10878	159	10	shareholders	shareholder	NOUN
ajfa-10878	159	11	,	,	PUNCT
ajfa-10878	159	12	namely	namely	ADV
ajfa-10878	159	13	mr	mr	PROPN
ajfa-10878	159	14	ei	ei	PROPN
ajfa-10878	159	15	alharal	alharal	ADJ
ajfa-10878	159	16	(	(	PUNCT
ajfa-10878	159	17	general	general	ADJ
ajfa-10878	159	18	manager	manager	NOUN
ajfa-10878	159	19	and	and	CCONJ
ajfa-10878	159	20	board	board	NOUN
ajfa-10878	159	21	member	member	NOUN
ajfa-10878	159	22	)	)	PUNCT
ajfa-10878	159	23	,	,	PUNCT
ajfa-10878	159	24	mr	mr	PROPN
ajfa-10878	159	25	ev	ev	PROPN
ajfa-10878	159	26	alharal	alharal	PROPN
ajfa-10878	159	27	(	(	PUNCT
ajfa-10878	159	28	board	board	NOUN
ajfa-10878	159	29	member	member	NOUN
ajfa-10878	159	30	)	)	PUNCT
ajfa-10878	159	31	,	,	PUNCT
ajfa-10878	159	32	mr	mr	PROPN
ajfa-10878	159	33	v	v	PROPN
ajfa-10878	159	34	franco	franco	PROPN
ajfa-10878	159	35	(	(	PUNCT
ajfa-10878	159	36	board	board	NOUN
ajfa-10878	159	37	member	member	NOUN
ajfa-10878	159	38	)	)	PUNCT
ajfa-10878	159	39	,	,	PUNCT
ajfa-10878	159	40	and	and	CCONJ
ajfa-10878	159	41	mr	mr	PROPN
ajfa-10878	159	42	t	t	PROPN
ajfa-10878	159	43	berkan	berkan	VERB
ajfa-10878	159	44	.	.	PUNCT
ajfa-10878	160	1	all	all	DET
ajfa-10878	160	2	ashares	ashare	NOUN
ajfa-10878	160	3	and	and	CCONJ
ajfa-10878	160	4	some	some	DET
ajfa-10878	160	5	fraction	fraction	NOUN
ajfa-10878	160	6	of	of	ADP
ajfa-10878	160	7	the	the	DET
ajfa-10878	160	8	bshares	bshare	NOUN
ajfa-10878	160	9	are	be	AUX
ajfa-10878	160	10	owned	own	VERB
ajfa-10878	160	11	by	by	ADP
ajfa-10878	160	12	the	the	DET
ajfa-10878	160	13	largest	large	ADJ
ajfa-10878	160	14	shareholders	shareholder	NOUN
ajfa-10878	160	15	,	,	PUNCT
ajfa-10878	160	16	while	while	SCONJ
ajfa-10878	160	17	the	the	DET
ajfa-10878	160	18	remaining	remain	VERB
ajfa-10878	160	19	bshares	bshare	NOUN
ajfa-10878	160	20	are	be	AUX
ajfa-10878	160	21	owned	own	VERB
ajfa-10878	160	22	by	by	ADP
ajfa-10878	160	23	dispersed	disperse	VERB
ajfa-10878	160	24	ownership	ownership	NOUN
ajfa-10878	160	25	.	.	PUNCT
ajfa-10878	161	1	figure	figure	NOUN
ajfa-10878	161	2	1	1	NUM
ajfa-10878	161	3	displays	display	VERB
ajfa-10878	161	4	the	the	DET
ajfa-10878	161	5	distribution	distribution	NOUN
ajfa-10878	161	6	of	of	ADP
ajfa-10878	161	7	the	the	DET
ajfa-10878	161	8	a	a	PRON
ajfa-10878	161	9	and	and	CCONJ
ajfa-10878	161	10	b	b	NOUN
ajfa-10878	161	11	classof	classof	NOUN
ajfa-10878	161	12	shares	share	NOUN
ajfa-10878	161	13	between	between	ADP
ajfa-10878	161	14	the	the	DET
ajfa-10878	161	15	controlling	control	VERB
ajfa-10878	161	16	shareholders	shareholder	NOUN
ajfa-10878	161	17	and	and	CCONJ
ajfa-10878	161	18	minority	minority	NOUN
ajfa-10878	161	19	shareholders	shareholder	NOUN
ajfa-10878	161	20	.	.	PUNCT
ajfa-10878	162	1	mr	mr	PROPN
ajfa-10878	162	2	ei	ei	PROPN
ajfa-10878	162	3	alharalhas	alharalha	VERB
ajfa-10878	162	4	a	a	DET
ajfa-10878	162	5	portfolio	portfolio	NOUN
ajfa-10878	162	6	of	of	ADP
ajfa-10878	162	7	a	a	DET
ajfa-10878	162	8	and	and	CCONJ
ajfa-10878	162	9	bclass	bclass	NOUN
ajfa-10878	162	10	shares	share	NOUN
ajfa-10878	162	11	which	which	PRON
ajfa-10878	162	12	is	be	AUX
ajfa-10878	162	13	143,998	143,998	NUM
ajfa-10878	162	14	and	and	CCONJ
ajfa-10878	162	15	298,246	298,246	NUM
ajfa-10878	162	16	,	,	PUNCT
ajfa-10878	162	17	respectively	respectively	ADV
ajfa-10878	162	18	.	.	PUNCT
ajfa-10878	163	1	this	this	PRON
ajfa-10878	163	2	indicates	indicate	VERB
ajfa-10878	163	3	that	that	SCONJ
ajfa-10878	163	4	mr	mr	PROPN
ajfa-10878	163	5	ei	ei	PROPN
ajfa-10878	163	6	alharal	alharal	PROPN
ajfa-10878	163	7	’s	’s	PART
ajfa-10878	163	8	portion	portion	NOUN
ajfa-10878	163	9	of	of	ADP
ajfa-10878	163	10	cash	cash	NOUN
ajfa-10878	163	11	-	-	PUNCT
ajfa-10878	163	12	flow	flow	NOUN
ajfa-10878	163	13	rights	right	NOUN
ajfa-10878	163	14	is	be	AUX
ajfa-10878	163	15	about	about	ADV
ajfa-10878	163	16	9.2	9.2	NUM
ajfa-10878	163	17	(	(	PUNCT
ajfa-10878	163	18	(	(	PUNCT
ajfa-10878	163	19	143,998	143,998	NUM
ajfa-10878	163	20	+	+	NUM
ajfa-10878	163	21	298,246)/	298,246)/	NUM
ajfa-10878	163	22	4,800,000	4,800,000	NUM
ajfa-10878	163	23	)	)	PUNCT
ajfa-10878	163	24	.	.	PUNCT
ajfa-10878	164	1	in	in	ADP
ajfa-10878	164	2	contrast	contrast	NOUN
ajfa-10878	164	3	,	,	PUNCT
ajfa-10878	164	4	the	the	DET
ajfa-10878	164	5	owner	owner	NOUN
ajfa-10878	164	6	possesses	possess	VERB
ajfa-10878	164	7	control	control	NOUN
ajfa-10878	164	8	rights	right	NOUN
ajfa-10878	164	9	scaled	scale	VERB
ajfa-10878	164	10	with	with	ADP
ajfa-10878	164	11	his	his	PRON
ajfa-10878	164	12	ownership	ownership	NOUN
ajfa-10878	164	13	at	at	ADP
ajfa-10878	164	14	about	about	ADP
ajfa-10878	164	15	a	a	DET
ajfa-10878	164	16	40.48	40.48	NUM
ajfa-10878	164	17	portion	portion	NOUN
ajfa-10878	164	18	of	of	ADP
ajfa-10878	164	19	total	total	ADJ
ajfa-10878	164	20	voting	voting	NOUN
ajfa-10878	164	21	rights	right	NOUN
ajfa-10878	164	22	(	(	PUNCT
ajfa-10878	164	23	a	a	DET
ajfa-10878	164	24	shares	share	NOUN
ajfa-10878	164	25	equal	equal	ADJ
ajfa-10878	164	26	to	to	ADP
ajfa-10878	164	27	7,199,000	7,199,000	NUM
ajfa-10878	164	28	votes	vote	NOUN
ajfa-10878	164	29	and	and	CCONJ
ajfa-10878	164	30	b	b	NOUN
ajfa-10878	164	31	shares	share	NOUN
ajfa-10878	164	32	equal	equal	ADJ
ajfa-10878	164	33	to	to	ADP
ajfa-10878	164	34	298,246	298,246	NUM
ajfa-10878	164	35	votes	vote	NOUN
ajfa-10878	164	36	of	of	ADP
ajfa-10878	164	37	a	a	DET
ajfa-10878	164	38	total	total	NOUN
ajfa-10878	164	39	of	of	ADP
ajfa-10878	164	40	18,520,000	18,520,000	NUM
ajfa-10878	164	41	votes	vote	NOUN
ajfa-10878	164	42	)	)	PUNCT
ajfa-10878	164	43	.	.	PUNCT
ajfa-10878	165	1	similar	similar	ADJ
ajfa-10878	165	2	calculation	calculation	NOUN
ajfa-10878	165	3	indicates	indicate	VERB
ajfa-10878	165	4	that	that	SCONJ
ajfa-10878	165	5	the	the	DET
ajfa-10878	165	6	control	control	NOUN
ajfa-10878	165	7	rights	right	NOUN
ajfa-10878	165	8	of	of	ADP
ajfa-10878	165	9	the	the	DET
ajfa-10878	165	10	other	other	ADJ
ajfa-10878	165	11	three	three	NUM
ajfa-10878	165	12	controlling	control	VERB
ajfa-10878	165	13	shareholders	shareholder	NOUN
ajfa-10878	165	14	mr	mr	PROPN
ajfa-10878	165	15	ev	ev	PROPN
ajfa-10878	165	16	alharal	alharal	PROPN
ajfa-10878	165	17	,	,	PUNCT
ajfa-10878	165	18	mr	mr	PROPN
ajfa-10878	165	19	franco	franco	PROPN
ajfa-10878	165	20	and	and	CCONJ
ajfa-10878	165	21	mr	mr	PROPN
ajfa-10878	165	22	berkan	berkan	PROPN
ajfa-10878	165	23	are	be	AUX
ajfa-10878	165	24	about	about	ADV
ajfa-10878	165	25	13.36	13.36	NUM
ajfa-10878	165	26	%	%	NOUN
ajfa-10878	165	27	,	,	PUNCT
ajfa-10878	165	28	13.34	13.34	NUM
ajfa-10878	165	29	%	%	NOUN
ajfa-10878	165	30	and	and	CCONJ
ajfa-10878	165	31	10.97	10.97	NUM
ajfa-10878	165	32	%	%	NOUN
ajfa-10878	165	33	,	,	PUNCT
ajfa-10878	165	34	respectively	respectively	ADV
ajfa-10878	165	35	.	.	PUNCT
ajfa-10878	166	1	this	this	PRON
ajfa-10878	166	2	shows	show	VERB
ajfa-10878	166	3	that	that	SCONJ
ajfa-10878	166	4	the	the	DET
ajfa-10878	166	5	alharal	alharal	ADJ
ajfa-10878	166	6	family	family	NOUN
ajfa-10878	166	7	possesses	possess	VERB
ajfa-10878	166	8	about	about	ADP
ajfa-10878	166	9	53.85	53.85	NUM
ajfa-10878	166	10	%	%	NOUN
ajfa-10878	166	11	of	of	ADP
ajfa-10878	166	12	the	the	DET
ajfa-10878	166	13	control	control	NOUN
ajfa-10878	166	14	rights	right	NOUN
ajfa-10878	166	15	on	on	ADP
ajfa-10878	166	16	selҫukgida	selҫukgida	PROPN
ajfa-10878	166	17	a.ş	a.ş	PROPN
ajfa-10878	166	18	.	.	PROPN
ajfa-10878	166	19	,	,	PUNCT
ajfa-10878	166	20	whereas	whereas	SCONJ
ajfa-10878	166	21	the	the	DET
ajfa-10878	166	22	alharal	alharal	ADJ
ajfa-10878	166	23	family	family	NOUN
ajfa-10878	166	24	possesses	possess	VERB
ajfa-10878	166	25	about	about	ADV
ajfa-10878	166	26	11.8	11.8	NUM
ajfa-10878	166	27	%	%	NOUN
ajfa-10878	166	28	of	of	ADP
ajfa-10878	166	29	the	the	DET
ajfa-10878	166	30	cash	cash	NOUN
ajfa-10878	166	31	-	-	PUNCT
ajfa-10878	166	32	flow	flow	NOUN
ajfa-10878	166	33	rights	right	NOUN
ajfa-10878	166	34	,	,	PUNCT
ajfa-10878	166	35	and	and	CCONJ
ajfa-10878	166	36	so	so	ADV
ajfa-10878	166	37	the	the	DET
ajfa-10878	166	38	wedge	wedge	NOUN
ajfa-10878	166	39	for	for	ADP
ajfa-10878	166	40	this	this	DET
ajfa-10878	166	41	case	case	NOUN
ajfa-10878	166	42	is	be	AUX
ajfa-10878	166	43	about	about	ADV
ajfa-10878	166	44	4.56	4.56	NUM
ajfa-10878	166	45	(=	(=	NUM
ajfa-10878	166	46	53.85/11.8	53.85/11.8	NUM
ajfa-10878	166	47	)	)	PUNCT
ajfa-10878	166	48	.	.	PUNCT
ajfa-10878	167	1	in	in	ADP
ajfa-10878	167	2	summary	summary	NOUN
ajfa-10878	167	3	,	,	PUNCT
ajfa-10878	167	4	the	the	DET
ajfa-10878	167	5	control	control	NOUN
ajfa-10878	167	6	-	-	PUNCT
ajfa-10878	167	7	ownership	ownership	NOUN
ajfa-10878	167	8	structure	structure	NOUN
ajfa-10878	167	9	reviewed	review	VERB
ajfa-10878	167	10	above	above	ADV
ajfa-10878	167	11	may	may	AUX
ajfa-10878	167	12	reflect	reflect	VERB
ajfa-10878	167	13	majority	majority	NOUN
ajfa-10878	167	14	shareholders	shareholder	NOUN
ajfa-10878	167	15	’	'	PUNCT
ajfa-10878	167	16	incentives	incentive	NOUN
ajfa-10878	167	17	to	to	PART
ajfa-10878	167	18	expropriate	expropriate	VERB
ajfa-10878	167	19	minority	minority	NOUN
ajfa-10878	167	20	shareholders	shareholder	NOUN
ajfa-10878	167	21	’	'	PUNCT
ajfa-10878	167	22	interests	interest	NOUN
ajfa-10878	167	23	.	.	PUNCT
ajfa-10878	168	1	this	this	DET
ajfa-10878	168	2	evidence	evidence	NOUN
ajfa-10878	168	3	proposes	propose	VERB
ajfa-10878	168	4	that	that	SCONJ
ajfa-10878	168	5	majority	majority	NOUN
ajfa-10878	168	6	shareholders	shareholder	NOUN
ajfa-10878	168	7	use	use	VERB
ajfa-10878	168	8	their	their	PRON
ajfa-10878	168	9	control	control	NOUN
ajfa-10878	168	10	rights	right	NOUN
ajfa-10878	168	11	to	to	PART
ajfa-10878	168	12	jeopardise	jeopardise	VERB
ajfa-10878	168	13	minority	minority	NOUN
ajfa-10878	168	14	shareholders	shareholder	NOUN
ajfa-10878	168	15	’	'	PUNCT
ajfa-10878	168	16	wealth	wealth	NOUN
ajfa-10878	168	17	.	.	PUNCT
ajfa-10878	169	1	figure	figure	NOUN
ajfa-10878	169	2	1	1	NUM
ajfa-10878	169	3	.	.	PUNCT
ajfa-10878	170	1	an	an	DET
ajfa-10878	170	2	example	example	NOUN
ajfa-10878	170	3	of	of	ADP
ajfa-10878	170	4	dual	dual	ADJ
ajfa-10878	170	5	-	-	PUNCT
ajfa-10878	170	6	class	class	NOUN
ajfa-10878	170	7	shares	share	NOUN
ajfa-10878	170	8	:	:	PUNCT
ajfa-10878	170	9	selçukgida	selçukgida	PROPN
ajfa-10878	170	10	a.ş	a.ş	PROPN
ajfa-10878	170	11	.	.	PROPN
ajfa-10878	171	1	(	(	PUNCT
ajfa-10878	171	2	2001	2001	NUM
ajfa-10878	171	3	)	)	PUNCT
ajfa-10878	171	4	source	source	NOUN
ajfa-10878	171	5	:	:	PUNCT
ajfa-10878	171	6	(	(	PUNCT
ajfa-10878	171	7	yurtoglu	yurtoglu	PROPN
ajfa-10878	171	8	,	,	PUNCT
ajfa-10878	171	9	2003	2003	NUM
ajfa-10878	171	10	)	)	PUNCT
ajfa-10878	171	11	selçuk	selçuk	NOUN
ajfa-10878	171	12	gida	gida	PROPN
ajfa-10878	171	13	a.ş	a.ş	PROPN
ajfa-10878	171	14	.	.	PUNCT
ajfa-10878	172	1	mr	mr	PROPN
ajfa-10878	172	2	ei	ei	PROPN
ajfa-10878	172	3	alharal	alharal	ADJ
ajfa-10878	172	4	3	3	NUM
ajfa-10878	172	5	%	%	NOUN
ajfa-10878	172	6	,	,	PUNCT
ajfa-10878	172	7	a	a	DET
ajfa-10878	172	8	6.2	6.2	NUM
ajfa-10878	172	9	,	,	PUNCT
ajfa-10878	172	10	b	b	NOUN
ajfa-10878	172	11	mr	mr	PROPN
ajfa-10878	172	12	ev	ev	PROPN
ajfa-10878	172	13	alharal	alharal	ADJ
ajfa-10878	172	14	1	1	NUM
ajfa-10878	172	15	%	%	NOUN
ajfa-10878	172	16	,	,	PUNCT
ajfa-10878	172	17	a	a	DET
ajfa-10878	172	18	1.6	1.6	NUM
ajfa-10878	172	19	%	%	NOUN
ajfa-10878	172	20	,	,	PUNCT
ajfa-10878	172	21	b	b	PROPN
ajfa-10878	172	22	mr	mr	PROPN
ajfa-10878	172	23	v	v	PROPN
ajfa-10878	172	24	franco	franco	PROPN
ajfa-10878	172	25	1	1	NUM
ajfa-10878	172	26	%	%	NOUN
ajfa-10878	172	27	,	,	PUNCT
ajfa-10878	172	28	a	a	DET
ajfa-10878	172	29	1.5	1.5	NUM
ajfa-10878	172	30	%	%	NOUN
ajfa-10878	172	31	,	,	PUNCT
ajfa-10878	172	32	b	b	PROPN
ajfa-10878	172	33	dispersed	disperse	VERB
ajfa-10878	172	34	84.2	84.2	NUM
ajfa-10878	172	35	%	%	NOUN
ajfa-10878	172	36	,	,	PUNCT
ajfa-10878	172	37	b	b	PROPN
ajfa-10878	172	38	mr	mr	PROPN
ajfa-10878	172	39	t	t	PROPN
ajfa-10878	172	40	berkan	berkan	VERB
ajfa-10878	172	41	0.8	0.8	NUM
ajfa-10878	172	42	%	%	NOUN
ajfa-10878	172	43	,	,	PUNCT
ajfa-10878	172	44	a	a	DET
ajfa-10878	172	45	0.7	0.7	NUM
ajfa-10878	172	46	%	%	NOUN
ajfa-10878	172	47	,	,	PUNCT
ajfa-10878	172	48	b	b	PROPN
ajfa-10878	172	49	asian	asian	ADJ
ajfa-10878	172	50	journal	journal	NOUN
ajfa-10878	172	51	of	of	ADP
ajfa-10878	172	52	finance	finance	PROPN
ajfa-10878	172	53	&	&	CCONJ
ajfa-10878	172	54	accounting	accounting	PROPN
ajfa-10878	172	55	issn	issn	PROPN
ajfa-10878	172	56	1946	1946	NUM
ajfa-10878	172	57	-	-	PUNCT
ajfa-10878	172	58	052x	052x	PROPN
ajfa-10878	172	59	2017	2017	NUM
ajfa-10878	172	60	,	,	PUNCT
ajfa-10878	172	61	vol	vol	NOUN
ajfa-10878	172	62	.	.	NOUN
ajfa-10878	173	1	9	9	NUM
ajfa-10878	173	2	,	,	PUNCT
ajfa-10878	173	3	no	no	INTJ
ajfa-10878	173	4	.	.	NOUN
ajfa-10878	173	5	1	1	NUM
ajfa-10878	173	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	173	7	201	201	NUM
ajfa-10878	173	8	6.2	6.2	NUM
ajfa-10878	173	9	pyramids	pyramid	NOUN
ajfa-10878	173	10	firms	firm	NOUN
ajfa-10878	173	11	might	might	AUX
ajfa-10878	173	12	exercise	exercise	VERB
ajfa-10878	173	13	wedge	wedge	NOUN
ajfa-10878	173	14	using	use	VERB
ajfa-10878	173	15	single	single	ADJ
ajfa-10878	173	16	class	class	NOUN
ajfa-10878	173	17	shares	share	NOUN
ajfa-10878	173	18	via	via	ADP
ajfa-10878	173	19	a	a	DET
ajfa-10878	173	20	pyramidal	pyramidal	ADJ
ajfa-10878	173	21	-	-	PUNCT
ajfa-10878	173	22	ownership	ownership	NOUN
ajfa-10878	173	23	structure	structure	NOUN
ajfa-10878	173	24	.	.	PUNCT
ajfa-10878	174	1	such	such	DET
ajfa-10878	174	2	a	a	DET
ajfa-10878	174	3	structure	structure	NOUN
ajfa-10878	174	4	consists	consist	VERB
ajfa-10878	174	5	of	of	ADP
ajfa-10878	174	6	two	two	NUM
ajfa-10878	174	7	levels	level	NOUN
ajfa-10878	174	8	:	:	PUNCT
ajfa-10878	174	9	the	the	DET
ajfa-10878	174	10	majority	majority	NOUN
ajfa-10878	174	11	shareholders	shareholder	NOUN
ajfa-10878	174	12	possess	possess	VERB
ajfa-10878	174	13	ultimate	ultimate	ADJ
ajfa-10878	174	14	control	control	NOUN
ajfa-10878	174	15	in	in	ADP
ajfa-10878	174	16	a	a	DET
ajfa-10878	174	17	holding	hold	VERB
ajfa-10878	174	18	firm	firm	NOUN
ajfa-10878	174	19	that	that	SCONJ
ajfa-10878	174	20	in	in	ADP
ajfa-10878	174	21	turn	turn	NOUN
ajfa-10878	174	22	possesses	possess	VERB
ajfa-10878	174	23	ultimate	ultimate	ADJ
ajfa-10878	174	24	control	control	NOUN
ajfa-10878	174	25	in	in	ADP
ajfa-10878	174	26	an	an	DET
ajfa-10878	174	27	operating	operating	NOUN
ajfa-10878	174	28	firm	firm	NOUN
ajfa-10878	174	29	.	.	PUNCT
ajfa-10878	175	1	while	while	SCONJ
ajfa-10878	175	2	in	in	ADP
ajfa-10878	175	3	the	the	DET
ajfa-10878	175	4	three	three	NUM
ajfa-10878	175	5	level	level	NOUN
ajfa-10878	175	6	pyramids	pyramid	NOUN
ajfa-10878	175	7	,	,	PUNCT
ajfa-10878	175	8	the	the	DET
ajfa-10878	175	9	main	main	ADJ
ajfa-10878	175	10	holding	hold	VERB
ajfa-10878	175	11	firm	firm	NOUN
ajfa-10878	175	12	controls	control	VERB
ajfa-10878	175	13	a	a	DET
ajfa-10878	175	14	second	second	ADJ
ajfa-10878	175	15	-	-	PUNCT
ajfa-10878	175	16	level	level	NOUN
ajfa-10878	175	17	holding	hold	VERB
ajfa-10878	175	18	firm	firm	NOUN
ajfa-10878	175	19	that	that	SCONJ
ajfa-10878	175	20	in	in	ADP
ajfa-10878	175	21	turn	turn	NOUN
ajfa-10878	175	22	controls	control	VERB
ajfa-10878	175	23	the	the	DET
ajfa-10878	175	24	operating	operate	VERB
ajfa-10878	175	25	firms	firm	NOUN
ajfa-10878	175	26	.	.	PUNCT
ajfa-10878	176	1	in	in	ADP
ajfa-10878	176	2	order	order	NOUN
ajfa-10878	176	3	to	to	PART
ajfa-10878	176	4	explain	explain	VERB
ajfa-10878	176	5	the	the	DET
ajfa-10878	176	6	value	value	NOUN
ajfa-10878	176	7	of	of	ADP
ajfa-10878	176	8	wedge	wedge	NOUN
ajfa-10878	176	9	for	for	ADP
ajfa-10878	176	10	a	a	DET
ajfa-10878	176	11	sample	sample	NOUN
ajfa-10878	176	12	case	case	NOUN
ajfa-10878	176	13	of	of	ADP
ajfa-10878	176	14	pyramids	pyramid	NOUN
ajfa-10878	176	15	comprising	comprising	NOUN
ajfa-10878	176	16	of	of	ADP
ajfa-10878	176	17	two	two	NUM
ajfa-10878	176	18	levels	level	NOUN
ajfa-10878	176	19	or	or	CCONJ
ajfa-10878	176	20	n	n	DET
ajfa-10878	176	21	≥	≥	NOUN
ajfa-10878	176	22	2	2	NUM
ajfa-10878	176	23	firms	firm	NOUN
ajfa-10878	176	24	,	,	PUNCT
ajfa-10878	176	25	it	it	PRON
ajfa-10878	176	26	is	be	AUX
ajfa-10878	176	27	proposed	propose	VERB
ajfa-10878	176	28	thatthe	thatthe	NOUN
ajfa-10878	176	29	majority	majority	NOUN
ajfa-10878	176	30	shareholder	shareholder	NOUN
ajfa-10878	176	31	possesses	possess	VERB
ajfa-10878	176	32	a	a	DET
ajfa-10878	176	33	portion	portion	NOUN
ajfa-10878	176	34	s1	s1	NOUN
ajfa-10878	176	35	of	of	ADP
ajfa-10878	176	36	the	the	DET
ajfa-10878	176	37	equity	equity	NOUN
ajfa-10878	176	38	in	in	ADP
ajfa-10878	176	39	firm	firm	ADJ
ajfa-10878	176	40	1	1	NUM
ajfa-10878	176	41	,	,	PUNCT
ajfa-10878	176	42	and	and	CCONJ
ajfa-10878	176	43	firm1	firm1	PROPN
ajfa-10878	176	44	possesses	possess	VERB
ajfa-10878	176	45	a	a	DET
ajfa-10878	176	46	portion	portion	NOUN
ajfa-10878	176	47	s2	s2	NOUN
ajfa-10878	176	48	of	of	ADP
ajfa-10878	176	49	the	the	DET
ajfa-10878	176	50	equity	equity	NOUN
ajfa-10878	176	51	of	of	ADP
ajfa-10878	176	52	firm	firm	ADJ
ajfa-10878	176	53	2	2	NUM
ajfa-10878	176	54	,	,	PUNCT
ajfa-10878	176	55	and	and	CCONJ
ajfa-10878	176	56	so	so	ADV
ajfa-10878	176	57	on.as	on.as	PROPN
ajfa-10878	176	58	long	long	ADV
ajfa-10878	176	59	as	as	SCONJ
ajfa-10878	176	60	si	si	X
ajfa-10878	176	61	≥	≥	NUM
ajfa-10878	176	62	½	½	PROPN
ajfa-10878	176	63	,	,	PUNCT
ajfa-10878	176	64	i	i	PRON
ajfa-10878	176	65	=	=	NOUN
ajfa-10878	176	66	1	1	NUM
ajfa-10878	176	67	…	…	SYM
ajfa-10878	176	68	n	n	CCONJ
ajfa-10878	176	69	,	,	PUNCT
ajfa-10878	176	70	the	the	DET
ajfa-10878	176	71	controller	controller	NOUN
ajfa-10878	176	72	possesses	possess	VERB
ajfa-10878	176	73	direct	direct	ADJ
ajfa-10878	176	74	control	control	NOUN
ajfa-10878	176	75	of	of	ADP
ajfa-10878	176	76	the	the	DET
ajfa-10878	176	77	assets	asset	NOUN
ajfa-10878	176	78	.	.	PUNCT
ajfa-10878	177	1	as	as	ADP
ajfa-10878	177	2	to	to	ADP
ajfa-10878	177	3	the	the	DET
ajfa-10878	177	4	cash	cash	NOUN
ajfa-10878	177	5	-	-	PUNCT
ajfa-10878	177	6	flow	flow	NOUN
ajfa-10878	177	7	rights	right	NOUN
ajfa-10878	177	8	,	,	PUNCT
ajfa-10878	177	9	the	the	DET
ajfa-10878	177	10	controller	controller	NOUN
ajfa-10878	177	11	possesses	possess	VERB
ajfa-10878	177	12	a	a	DET
ajfa-10878	177	13	portion(bebchuk	portion(bebchuk	PROPN
ajfa-10878	177	14	et	et	PROPN
ajfa-10878	177	15	al	al	PROPN
ajfa-10878	177	16	.	.	PROPN
ajfa-10878	177	17	,	,	PUNCT
ajfa-10878	177	18	2000	2000	NUM
ajfa-10878	177	19	):	):	PUNCT
ajfa-10878	178	1	1	1	NUM
ajfa-10878	178	2	n	n	NOUN
ajfa-10878	178	3	i	i	PRON
ajfa-10878	179	1	i	i	PRON
ajfa-10878	179	2	sα	sα	VERB
ajfa-10878	179	3	=	=	VERB
ajfa-10878	179	4			NOUN
ajfa-10878	180	1	=	=	NUM
ajfa-10878	180	2			PROPN
ajfa-10878	180	3			PROPN
ajfa-10878	181	1			PROPN
ajfa-10878	181	2			PROPN
ajfa-10878	181	3	∏	∏	NUM
ajfa-10878	181	4	for	for	ADP
ajfa-10878	181	5	any	any	DET
ajfa-10878	181	6	portion	portion	NOUN
ajfa-10878	181	7	α	α	NOUN
ajfa-10878	181	8	,	,	PUNCT
ajfa-10878	181	9	however	however	ADV
ajfa-10878	181	10	small	small	ADJ
ajfa-10878	181	11	,	,	PUNCT
ajfa-10878	181	12	there	there	PRON
ajfa-10878	181	13	is	be	VERB
ajfa-10878	181	14	a	a	DET
ajfa-10878	181	15	pyramid	pyramid	NOUN
ajfa-10878	181	16	that	that	PRON
ajfa-10878	181	17	allows	allow	VERB
ajfa-10878	181	18	the	the	DET
ajfa-10878	181	19	majority	majority	NOUN
ajfa-10878	181	20	shareholders	shareholder	NOUN
ajfa-10878	181	21	to	to	PART
ajfa-10878	181	22	get	get	VERB
ajfa-10878	181	23	full	full	ADJ
ajfa-10878	181	24	control	control	NOUN
ajfa-10878	181	25	ofthe	ofthe	NOUN
ajfa-10878	181	26	firm	firm	NOUN
ajfa-10878	181	27	’s	’s	PART
ajfa-10878	181	28	assets	asset	NOUN
ajfa-10878	181	29	without	without	ADP
ajfa-10878	181	30	possessing	possess	VERB
ajfa-10878	181	31	more	more	ADJ
ajfa-10878	181	32	than	than	ADP
ajfa-10878	181	33	α	α	NOUN
ajfa-10878	181	34	of	of	ADP
ajfa-10878	181	35	the	the	DET
ajfa-10878	181	36	firm	firm	NOUN
ajfa-10878	181	37	’s	’s	PART
ajfa-10878	181	38	equity	equity	NOUN
ajfa-10878	181	39	rights	right	NOUN
ajfa-10878	181	40	.	.	PUNCT
ajfa-10878	182	1	in	in	ADP
ajfa-10878	182	2	the	the	DET
ajfa-10878	182	3	barrier	barrier	NOUN
ajfa-10878	182	4	case	case	NOUN
ajfa-10878	182	5	in	in	ADP
ajfa-10878	182	6	which	which	PRON
ajfa-10878	182	7	the	the	DET
ajfa-10878	182	8	majority	majority	NOUN
ajfa-10878	182	9	shareholder	shareholder	NOUN
ajfa-10878	182	10	possesses	possess	VERB
ajfa-10878	182	11	50	50	NUM
ajfa-10878	182	12	portions	portion	NOUN
ajfa-10878	182	13	(	(	PUNCT
ajfa-10878	182	14	the	the	DET
ajfa-10878	182	15	minimum	minimum	ADJ
ajfa-10878	182	16	requirement	requirement	NOUN
ajfa-10878	182	17	for	for	ADP
ajfa-10878	182	18	control	control	NOUN
ajfa-10878	182	19	)	)	PUNCT
ajfa-10878	182	20	of	of	ADP
ajfa-10878	182	21	voting	voting	NOUN
ajfa-10878	182	22	rights	right	NOUN
ajfa-10878	182	23	at	at	ADP
ajfa-10878	182	24	each	each	DET
ajfa-10878	182	25	level	level	NOUN
ajfa-10878	182	26	of	of	ADP
ajfa-10878	182	27	the	the	DET
ajfa-10878	182	28	pyramid	pyramid	NOUN
ajfa-10878	182	29	,	,	PUNCT
ajfa-10878	182	30	α	α	NOUN
ajfa-10878	182	31	=	=	X
ajfa-10878	182	32	(	(	PUNCT
ajfa-10878	182	33	0.5)n	0.5)n	NOUN
ajfa-10878	182	34	.	.	PUNCT
ajfa-10878	183	1	for	for	ADP
ajfa-10878	183	2	a	a	DET
ajfa-10878	183	3	clear	clear	ADJ
ajfa-10878	183	4	example	example	NOUN
ajfa-10878	183	5	of	of	ADP
ajfa-10878	183	6	how	how	SCONJ
ajfa-10878	183	7	swiftly	swiftly	ADV
ajfa-10878	183	8	pyramiding	pyramiding	NOUN
ajfa-10878	183	9	splits	split	VERB
ajfa-10878	183	10	equity	equity	NOUN
ajfa-10878	183	11	from	from	ADP
ajfa-10878	183	12	control	control	NOUN
ajfa-10878	183	13	,	,	PUNCT
ajfa-10878	183	14	consider	consider	VERB
ajfa-10878	183	15	a	a	DET
ajfa-10878	183	16	three	three	NUM
ajfa-10878	183	17	-	-	PUNCT
ajfa-10878	183	18	level	level	NOUN
ajfa-10878	183	19	pyramid	pyramid	NOUN
ajfa-10878	183	20	with	with	ADP
ajfa-10878	183	21	si	si	X
ajfa-10878	183	22	=	=	SYM
ajfa-10878	183	23	0.50	0.50	NUM
ajfa-10878	183	24	at	at	ADP
ajfa-10878	183	25	each	each	DET
ajfa-10878	183	26	level	level	NOUN
ajfa-10878	183	27	.	.	PUNCT
ajfa-10878	184	1	at	at	ADP
ajfa-10878	184	2	this	this	DET
ajfa-10878	184	3	point	point	NOUN
ajfa-10878	184	4	,	,	PUNCT
ajfa-10878	184	5	the	the	DET
ajfa-10878	184	6	minority	minority	NOUN
ajfa-10878	184	7	shareholders	shareholder	NOUN
ajfa-10878	184	8	control	control	VERB
ajfa-10878	184	9	the	the	DET
ajfa-10878	184	10	firm	firm	NOUN
ajfa-10878	184	11	with	with	ADP
ajfa-10878	184	12	only	only	ADV
ajfa-10878	184	13	12.5	12.5	NUM
ajfa-10878	184	14	portions	portion	NOUN
ajfa-10878	184	15	of	of	ADP
ajfa-10878	184	16	its	its	PRON
ajfa-10878	184	17	equity	equity	NOUN
ajfa-10878	184	18	rights	right	NOUN
ajfa-10878	184	19	.	.	PUNCT
ajfa-10878	185	1	the	the	DET
ajfa-10878	185	2	pyramid	pyramid	NOUN
ajfa-10878	185	3	structure	structure	NOUN
ajfa-10878	185	4	is	be	AUX
ajfa-10878	185	5	the	the	DET
ajfa-10878	185	6	most	most	ADV
ajfa-10878	185	7	dominant	dominant	ADJ
ajfa-10878	185	8	mechanism	mechanism	NOUN
ajfa-10878	185	9	used	use	VERB
ajfa-10878	185	10	to	to	PART
ajfa-10878	185	11	deviate	deviate	VERB
ajfa-10878	185	12	between	between	ADP
ajfa-10878	185	13	control	control	NOUN
ajfa-10878	185	14	rights	right	NOUN
ajfa-10878	185	15	and	and	CCONJ
ajfa-10878	185	16	cash	cash	NOUN
ajfa-10878	185	17	-	-	PUNCT
ajfa-10878	185	18	flow	flow	NOUN
ajfa-10878	185	19	rights	right	NOUN
ajfa-10878	185	20	(	(	PUNCT
ajfa-10878	185	21	la	la	INTJ
ajfa-10878	185	22	porta	porta	NOUN
ajfa-10878	185	23	,	,	PUNCT
ajfa-10878	185	24	lopez	lopez	NOUN
ajfa-10878	185	25	-	-	PUNCT
ajfa-10878	185	26	de	de	NOUN
ajfa-10878	185	27	-	-	NOUN
ajfa-10878	185	28	silanes	silane	NOUN
ajfa-10878	185	29	,	,	PUNCT
ajfa-10878	185	30	shleifer	shleifer	NOUN
ajfa-10878	185	31	,	,	PUNCT
ajfa-10878	185	32	&	&	CCONJ
ajfa-10878	185	33	vishny	vishny	PROPN
ajfa-10878	185	34	,	,	PUNCT
ajfa-10878	185	35	1999	1999	NUM
ajfa-10878	185	36	)	)	PUNCT
ajfa-10878	185	37	.	.	PUNCT
ajfa-10878	186	1	claessens	claessen	NOUN
ajfa-10878	186	2	et	et	PROPN
ajfa-10878	186	3	al	al	PROPN
ajfa-10878	186	4	.	.	PUNCT
ajfa-10878	187	1	(	(	PUNCT
ajfa-10878	187	2	2000	2000	NUM
ajfa-10878	187	3	)	)	PUNCT
ajfa-10878	187	4	claim	claim	VERB
ajfa-10878	187	5	that	that	SCONJ
ajfa-10878	187	6	the	the	DET
ajfa-10878	187	7	pyramidal	pyramidal	ADJ
ajfa-10878	187	8	-	-	PUNCT
ajfa-10878	187	9	ownership	ownership	NOUN
ajfa-10878	187	10	structure	structure	NOUN
ajfa-10878	187	11	is	be	AUX
ajfa-10878	187	12	the	the	DET
ajfa-10878	187	13	most	most	ADV
ajfa-10878	187	14	common	common	ADJ
ajfa-10878	187	15	ownership	ownership	NOUN
ajfa-10878	187	16	structure	structure	NOUN
ajfa-10878	187	17	in	in	ADP
ajfa-10878	187	18	asian	asian	ADJ
ajfa-10878	187	19	countries	country	NOUN
ajfa-10878	187	20	,	,	PUNCT
ajfa-10878	187	21	and	and	CCONJ
ajfa-10878	187	22	particularly	particularly	ADV
ajfa-10878	187	23	turkey	turkey	NOUN
ajfa-10878	187	24	(	(	PUNCT
ajfa-10878	187	25	ararat	ararat	PROPN
ajfa-10878	187	26	et	et	PROPN
ajfa-10878	187	27	al	al	PROPN
ajfa-10878	187	28	.	.	PROPN
ajfa-10878	187	29	,	,	PUNCT
ajfa-10878	187	30	2015),as	2015),as	NUM
ajfa-10878	187	31	well	well	INTJ
ajfa-10878	187	32	as	as	ADP
ajfa-10878	187	33	in	in	ADP
ajfa-10878	187	34	several	several	ADJ
ajfa-10878	187	35	european	european	ADJ
ajfa-10878	187	36	countries	country	NOUN
ajfa-10878	187	37	(	(	PUNCT
ajfa-10878	187	38	holmén	holmén	PROPN
ajfa-10878	187	39	&	&	CCONJ
ajfa-10878	187	40	högfeldt	högfeldt	PROPN
ajfa-10878	187	41	,	,	PUNCT
ajfa-10878	187	42	1999	1999	NUM
ajfa-10878	187	43	)	)	PUNCT
ajfa-10878	187	44	.	.	PUNCT
ajfa-10878	188	1	çelikhalata.ş	çelikhalata.ş	PROPN
ajfa-10878	188	2	.	.	PROPN
ajfa-10878	188	3	represents	represent	VERB
ajfa-10878	188	4	an	an	DET
ajfa-10878	188	5	ideal	ideal	ADJ
ajfa-10878	188	6	example	example	NOUN
ajfa-10878	188	7	to	to	PART
ajfa-10878	188	8	illustrate	illustrate	VERB
ajfa-10878	188	9	the	the	DET
ajfa-10878	188	10	divergence	divergence	NOUN
ajfa-10878	188	11	between	between	ADP
ajfa-10878	188	12	control	control	NOUN
ajfa-10878	188	13	rights	right	NOUN
ajfa-10878	188	14	and	and	CCONJ
ajfa-10878	188	15	cash	cash	NOUN
ajfa-10878	188	16	-	-	PUNCT
ajfa-10878	188	17	flow	flow	NOUN
ajfa-10878	188	18	rights	right	NOUN
ajfa-10878	188	19	using	use	VERB
ajfa-10878	188	20	pyramidal	pyramidal	ADJ
ajfa-10878	188	21	structures	structure	NOUN
ajfa-10878	188	22	in	in	ADP
ajfa-10878	188	23	the	the	DET
ajfa-10878	188	24	context	context	NOUN
ajfa-10878	188	25	of	of	ADP
ajfa-10878	188	26	turkey	turkey	PROPN
ajfa-10878	188	27	.	.	PUNCT
ajfa-10878	189	1	figure	figure	NOUN
ajfa-10878	189	2	2	2	NUM
ajfa-10878	189	3	shows	show	VERB
ajfa-10878	189	4	the	the	DET
ajfa-10878	189	5	pyramidal	pyramidal	ADJ
ajfa-10878	189	6	structure	structure	NOUN
ajfa-10878	189	7	of	of	ADP
ajfa-10878	189	8	çelikhalata.ş.this	çelikhalata.ş.this	PRON
ajfa-10878	189	9	medium	medium	ADJ
ajfa-10878	189	10	-	-	PUNCT
ajfa-10878	189	11	size	size	NOUN
ajfa-10878	189	12	industrial	industrial	ADJ
ajfa-10878	189	13	firm	firm	NOUN
ajfa-10878	189	14	has	have	VERB
ajfa-10878	189	15	three	three	NUM
ajfa-10878	189	16	direct	direct	ADJ
ajfa-10878	189	17	ownerships	ownership	NOUN
ajfa-10878	189	18	:	:	PUNCT
ajfa-10878	189	19	48.44	48.44	NUM
ajfa-10878	189	20	%	%	NOUN
ajfa-10878	189	21	for	for	ADP
ajfa-10878	189	22	doğan	doğan	ADJ
ajfa-10878	189	23	holding	holding	NOUN
ajfa-10878	189	24	,	,	PUNCT
ajfa-10878	189	25	10	10	NUM
ajfa-10878	189	26	%	%	NOUN
ajfa-10878	189	27	for	for	ADP
ajfa-10878	189	28	disbank	disbank	NOUN
ajfa-10878	189	29	and	and	CCONJ
ajfa-10878	189	30	4	4	NUM
ajfa-10878	189	31	%	%	NOUN
ajfa-10878	189	32	of	of	ADP
ajfa-10878	189	33	the	the	DET
ajfa-10878	189	34	equity	equity	NOUN
ajfa-10878	189	35	for	for	ADP
ajfa-10878	189	36	doğandişticaret	doğandişticaret	PROPN
ajfa-10878	189	37	.	.	PUNCT
ajfa-10878	190	1	the	the	DET
ajfa-10878	190	2	remaining	remain	VERB
ajfa-10878	190	3	equity	equity	NOUN
ajfa-10878	190	4	is	be	AUX
ajfa-10878	190	5	dispersed	disperse	VERB
ajfa-10878	190	6	equity	equity	NOUN
ajfa-10878	190	7	which	which	PRON
ajfa-10878	190	8	is	be	AUX
ajfa-10878	190	9	about	about	ADP
ajfa-10878	190	10	37.56	37.56	NUM
ajfa-10878	190	11	%	%	NOUN
ajfa-10878	190	12	.	.	PUNCT
ajfa-10878	191	1	the	the	DET
ajfa-10878	191	2	second	second	ADJ
ajfa-10878	191	3	level	level	NOUN
ajfa-10878	191	4	as	as	SCONJ
ajfa-10878	191	5	it	it	PRON
ajfa-10878	191	6	appears	appear	VERB
ajfa-10878	191	7	in	in	ADP
ajfa-10878	191	8	the	the	DET
ajfa-10878	191	9	pyramidal	pyramidal	ADJ
ajfa-10878	191	10	structure	structure	NOUN
ajfa-10878	191	11	in	in	ADP
ajfa-10878	191	12	figure	figure	NOUN
ajfa-10878	191	13	2	2	NUM
ajfa-10878	191	14	illustrates	illustrate	VERB
ajfa-10878	191	15	that	that	SCONJ
ajfa-10878	191	16	49	49	NUM
ajfa-10878	191	17	%	%	NOUN
ajfa-10878	191	18	of	of	ADP
ajfa-10878	191	19	doğan	doğan	ADJ
ajfa-10878	191	20	holding	holding	NOUN
ajfa-10878	191	21	is	be	AUX
ajfa-10878	191	22	owned	own	VERB
ajfa-10878	191	23	by	by	ADP
ajfa-10878	191	24	adilbey	adilbey	NOUN
ajfa-10878	191	25	holding	holding	NOUN
ajfa-10878	191	26	,	,	PUNCT
ajfa-10878	191	27	with	with	ADP
ajfa-10878	191	28	the	the	DET
ajfa-10878	191	29	remainder	remainder	NOUN
ajfa-10878	191	30	belonging	belong	VERB
ajfa-10878	191	31	to	to	ADP
ajfa-10878	191	32	the	the	DET
ajfa-10878	191	33	doğan	doğan	ADJ
ajfa-10878	191	34	family	family	NOUN
ajfa-10878	191	35	and	and	CCONJ
ajfa-10878	191	36	dispersed	disperse	VERB
ajfa-10878	191	37	ownership	ownership	NOUN
ajfa-10878	191	38	at	at	ADP
ajfa-10878	191	39	16.70	16.70	NUM
ajfa-10878	191	40	%	%	NOUN
ajfa-10878	191	41	and	and	CCONJ
ajfa-10878	191	42	34.24	34.24	NUM
ajfa-10878	191	43	%	%	NOUN
ajfa-10878	191	44	,	,	PUNCT
ajfa-10878	191	45	respectively	respectively	ADV
ajfa-10878	191	46	.	.	PUNCT
ajfa-10878	192	1	the	the	DET
ajfa-10878	192	2	sole	sole	ADJ
ajfa-10878	192	3	owner	owner	NOUN
ajfa-10878	192	4	of	of	ADP
ajfa-10878	192	5	adilbey	adilbey	NOUN
ajfa-10878	192	6	holding	hold	VERB
ajfa-10878	192	7	with	with	ADP
ajfa-10878	192	8	100	100	NUM
ajfa-10878	192	9	%	%	NOUN
ajfa-10878	192	10	shareholding	shareholding	NOUN
ajfa-10878	192	11	is	be	AUX
ajfa-10878	192	12	the	the	DET
ajfa-10878	192	13	doğan	doğan	ADJ
ajfa-10878	192	14	family	family	NOUN
ajfa-10878	192	15	.	.	PUNCT
ajfa-10878	193	1	therefore	therefore	ADV
ajfa-10878	193	2	,	,	PUNCT
ajfa-10878	193	3	it	it	PRON
ajfa-10878	193	4	can	can	AUX
ajfa-10878	193	5	be	be	AUX
ajfa-10878	193	6	seen	see	VERB
ajfa-10878	193	7	from	from	ADP
ajfa-10878	193	8	figure	figure	NOUN
ajfa-10878	193	9	2	2	NUM
ajfa-10878	193	10	that	that	SCONJ
ajfa-10878	193	11	the	the	DET
ajfa-10878	193	12	doğan	doğan	ADJ
ajfa-10878	193	13	family	family	NOUN
ajfa-10878	193	14	has	have	VERB
ajfa-10878	193	15	the	the	DET
ajfa-10878	193	16	majority	majority	NOUN
ajfa-10878	193	17	control	control	NOUN
ajfa-10878	193	18	at	at	ADP
ajfa-10878	193	19	each	each	DET
ajfa-10878	193	20	level	level	NOUN
ajfa-10878	193	21	,	,	PUNCT
ajfa-10878	193	22	which	which	PRON
ajfa-10878	193	23	is	be	AUX
ajfa-10878	193	24	about	about	ADV
ajfa-10878	193	25	62.44	62.44	NUM
ajfa-10878	193	26	%	%	NOUN
ajfa-10878	193	27	(	(	PUNCT
ajfa-10878	193	28	48.44	48.44	NUM
ajfa-10878	193	29	%	%	NOUN
ajfa-10878	193	30	+	+	CCONJ
ajfa-10878	193	31	10	10	NUM
ajfa-10878	193	32	%	%	NOUN
ajfa-10878	193	33	+	+	CCONJ
ajfa-10878	193	34	4	4	NUM
ajfa-10878	193	35	%	%	NOUN
ajfa-10878	193	36	)	)	PUNCT
ajfa-10878	193	37	;	;	PUNCT
ajfa-10878	193	38	whereas	whereas	SCONJ
ajfa-10878	193	39	the	the	DET
ajfa-10878	193	40	cash	cash	NOUN
ajfa-10878	193	41	-	-	PUNCT
ajfa-10878	193	42	flow	flow	NOUN
ajfa-10878	193	43	rights	right	NOUN
ajfa-10878	193	44	is	be	AUX
ajfa-10878	193	45	about	about	ADV
ajfa-10878	193	46	39.82	39.82	NUM
ajfa-10878	193	47	%	%	NOUN
ajfa-10878	193	48	as	as	ADP
ajfa-10878	193	49	a	a	DET
ajfa-10878	193	50	result	result	NOUN
ajfa-10878	193	51	of	of	ADP
ajfa-10878	193	52	calculations	calculation	NOUN
ajfa-10878	193	53	over	over	ADP
ajfa-10878	193	54	relevant	relevant	ADJ
ajfa-10878	193	55	control	control	NOUN
ajfa-10878	193	56	chains	chain	NOUN
ajfa-10878	193	57	.	.	PUNCT
ajfa-10878	194	1	this	this	PRON
ajfa-10878	194	2	is	be	AUX
ajfa-10878	194	3	considered	consider	VERB
ajfa-10878	194	4	as	as	ADP
ajfa-10878	194	5	a	a	DET
ajfa-10878	194	6	substantial	substantial	ADJ
ajfa-10878	194	7	gap	gap	NOUN
ajfa-10878	194	8	between	between	ADP
ajfa-10878	194	9	control	control	NOUN
ajfa-10878	194	10	rights	right	NOUN
ajfa-10878	194	11	and	and	CCONJ
ajfa-10878	194	12	cash	cash	NOUN
ajfa-10878	194	13	rights	right	NOUN
ajfa-10878	194	14	,	,	PUNCT
ajfa-10878	194	15	known	know	VERB
ajfa-10878	194	16	as	as	ADP
ajfa-10878	194	17	wedge	wedge	NOUN
ajfa-10878	194	18	.	.	PUNCT
ajfa-10878	195	1	this	this	PRON
ajfa-10878	195	2	can	can	AUX
ajfa-10878	195	3	be	be	AUX
ajfa-10878	195	4	calculated	calculate	VERB
ajfa-10878	195	5	through	through	ADP
ajfa-10878	195	6	dividing	divide	VERB
ajfa-10878	195	7	the	the	DET
ajfa-10878	195	8	control	control	NOUN
ajfa-10878	195	9	rights	right	NOUN
ajfa-10878	195	10	(	(	PUNCT
ajfa-10878	195	11	62.44	62.44	NUM
ajfa-10878	195	12	%	%	NOUN
ajfa-10878	195	13	)	)	PUNCT
ajfa-10878	195	14	by	by	ADP
ajfa-10878	195	15	the	the	DET
ajfa-10878	195	16	cash	cash	NOUN
ajfa-10878	195	17	-	-	PUNCT
ajfa-10878	195	18	flow	flow	NOUN
ajfa-10878	195	19	rights	right	NOUN
ajfa-10878	195	20	(	(	PUNCT
ajfa-10878	195	21	39.82	39.82	NUM
ajfa-10878	195	22	%	%	NOUN
ajfa-10878	195	23	)	)	PUNCT
ajfa-10878	195	24	,	,	PUNCT
ajfa-10878	195	25	which	which	PRON
ajfa-10878	195	26	is	be	AUX
ajfa-10878	195	27	about	about	ADV
ajfa-10878	195	28	1.56	1.56	NUM
ajfa-10878	195	29	,	,	PUNCT
ajfa-10878	195	30	while	while	SCONJ
ajfa-10878	195	31	the	the	DET
ajfa-10878	195	32	pyramidal	pyramidal	ADJ
ajfa-10878	195	33	structure	structure	NOUN
ajfa-10878	195	34	is	be	AUX
ajfa-10878	195	35	a	a	DET
ajfa-10878	195	36	4	4	NUM
ajfa-10878	195	37	pyramidal	pyramidal	ADJ
ajfa-10878	195	38	layer	layer	NOUN
ajfa-10878	195	39	(	(	PUNCT
ajfa-10878	195	40	pyr	pyr	NOUN
ajfa-10878	195	41	)	)	PUNCT
ajfa-10878	195	42	.	.	PUNCT
ajfa-10878	196	1	asian	asian	ADJ
ajfa-10878	196	2	journal	journal	PROPN
ajfa-10878	196	3	of	of	ADP
ajfa-10878	196	4	finance	finance	PROPN
ajfa-10878	196	5	&	&	CCONJ
ajfa-10878	196	6	accounting	accounting	PROPN
ajfa-10878	196	7	issn	issn	PROPN
ajfa-10878	196	8	1946	1946	NUM
ajfa-10878	196	9	-	-	PUNCT
ajfa-10878	196	10	052x	052x	PROPN
ajfa-10878	196	11	2017	2017	NUM
ajfa-10878	196	12	,	,	PUNCT
ajfa-10878	196	13	vol	vol	NOUN
ajfa-10878	196	14	.	.	NOUN
ajfa-10878	196	15	9	9	NUM
ajfa-10878	196	16	,	,	PUNCT
ajfa-10878	196	17	no	no	INTJ
ajfa-10878	196	18	.	.	NOUN
ajfa-10878	196	19	1	1	NUM
ajfa-10878	197	1	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	197	2	202	202	NUM
ajfa-10878	197	3	figure	figure	NOUN
ajfa-10878	197	4	2	2	NUM
ajfa-10878	197	5	.	.	NOUN
ajfa-10878	197	6	example	example	NOUN
ajfa-10878	197	7	of	of	ADP
ajfa-10878	197	8	a	a	DET
ajfa-10878	197	9	pyramidal	pyramidal	ADJ
ajfa-10878	197	10	-	-	PUNCT
ajfa-10878	197	11	ownership	ownership	NOUN
ajfa-10878	197	12	structure	structure	NOUN
ajfa-10878	197	13	of	of	ADP
ajfa-10878	197	14	çelikhalata.ş	çelikhalata.ş	PROPN
ajfa-10878	197	15	.	.	PUNCT
ajfa-10878	198	1	(	(	PUNCT
ajfa-10878	198	2	2001	2001	NUM
ajfa-10878	198	3	)	)	PUNCT
ajfa-10878	198	4	source	source	NOUN
ajfa-10878	198	5	:	:	PUNCT
ajfa-10878	198	6	(	(	PUNCT
ajfa-10878	198	7	yurtoglu	yurtoglu	PROPN
ajfa-10878	198	8	,	,	PUNCT
ajfa-10878	198	9	2003	2003	NUM
ajfa-10878	198	10	)	)	PUNCT
ajfa-10878	198	11	6.3	6.3	NUM
ajfa-10878	198	12	cross	cross	NOUN
ajfa-10878	198	13	-	-	NOUN
ajfa-10878	198	14	ownership	ownership	NOUN
ajfa-10878	198	15	in	in	ADP
ajfa-10878	198	16	opposition	opposition	NOUN
ajfa-10878	198	17	to	to	ADP
ajfa-10878	198	18	the	the	DET
ajfa-10878	198	19	pyramidal	pyramidal	ADJ
ajfa-10878	198	20	-	-	PUNCT
ajfa-10878	198	21	ownership	ownership	NOUN
ajfa-10878	198	22	structure	structure	NOUN
ajfa-10878	198	23	,	,	PUNCT
ajfa-10878	198	24	the	the	DET
ajfa-10878	198	25	power	power	NOUN
ajfa-10878	198	26	of	of	ADP
ajfa-10878	198	27	the	the	DET
ajfa-10878	198	28	controller	controller	NOUN
ajfa-10878	198	29	reinforces	reinforce	VERB
ajfa-10878	198	30	and	and	CCONJ
ajfa-10878	198	31	entrenches	entrench	VERB
ajfa-10878	198	32	via	via	ADP
ajfa-10878	198	33	horizontal	horizontal	ADJ
ajfa-10878	198	34	cross	cros	NOUN
ajfa-10878	198	35	-	-	NOUN
ajfa-10878	198	36	holdings	holding	NOUN
ajfa-10878	198	37	of	of	ADP
ajfa-10878	198	38	equities	equity	NOUN
ajfa-10878	198	39	.	.	PUNCT
ajfa-10878	199	1	cross	cross	ADJ
ajfa-10878	199	2	-	-	ADJ
ajfa-10878	199	3	ownership	ownership	ADJ
ajfa-10878	199	4	structure	structure	NOUN
ajfa-10878	199	5	exercise	exercise	NOUN
ajfa-10878	199	6	control	control	NOUN
ajfa-10878	199	7	through	through	ADP
ajfa-10878	199	8	distributingthe	distributingthe	DET
ajfa-10878	199	9	voting	voting	NOUN
ajfa-10878	199	10	rights	right	NOUN
ajfa-10878	199	11	of	of	ADP
ajfa-10878	199	12	all	all	DET
ajfa-10878	199	13	the	the	DET
ajfa-10878	199	14	affiliated	affiliated	ADJ
ajfa-10878	199	15	firms	firm	NOUN
ajfa-10878	199	16	within	within	ADP
ajfa-10878	199	17	the	the	DET
ajfa-10878	199	18	business	business	NOUN
ajfa-10878	199	19	group	group	NOUN
ajfa-10878	199	20	rather	rather	ADV
ajfa-10878	199	21	than	than	ADP
ajfa-10878	199	22	concentratingthem	concentratingthem	PRON
ajfa-10878	199	23	in	in	ADP
ajfa-10878	199	24	the	the	DET
ajfa-10878	199	25	hands	hand	NOUN
ajfa-10878	199	26	of	of	ADP
ajfa-10878	199	27	an	an	DET
ajfa-10878	199	28	individual	individual	ADJ
ajfa-10878	199	29	firm	firm	NOUN
ajfa-10878	199	30	or	or	CCONJ
ajfa-10878	199	31	investor	investor	NOUN
ajfa-10878	199	32	.	.	PUNCT
ajfa-10878	200	1	the	the	DET
ajfa-10878	200	2	relationship	relationship	NOUN
ajfa-10878	200	3	between	between	ADP
ajfa-10878	200	4	cross	cross	ADJ
ajfa-10878	200	5	-	-	ADJ
ajfa-10878	200	6	holding	holding	ADJ
ajfa-10878	200	7	and	and	CCONJ
ajfa-10878	200	8	control	control	NOUN
ajfa-10878	200	9	can	can	AUX
ajfa-10878	200	10	be	be	AUX
ajfa-10878	200	11	explained	explain	VERB
ajfa-10878	200	12	via	via	ADP
ajfa-10878	200	13	the	the	DET
ajfa-10878	200	14	following	follow	VERB
ajfa-10878	200	15	example	example	NOUN
ajfa-10878	200	16	.	.	PUNCT
ajfa-10878	201	1	let	let	VERB
ajfa-10878	201	2	us	we	PRON
ajfa-10878	201	3	symbolise	symbolise	VERB
ajfa-10878	201	4	by	by	ADP
ajfa-10878	201	5	sij	sij	PROPN
ajfa-10878	201	6	the	the	DET
ajfa-10878	201	7	portion	portion	NOUN
ajfa-10878	201	8	of	of	ADP
ajfa-10878	201	9	n	n	PRON
ajfa-10878	201	10	firm	firm	NOUN
ajfa-10878	202	1	i	i	PRON
ajfa-10878	202	2	equity	equity	NOUN
ajfa-10878	202	3	which	which	PRON
ajfa-10878	202	4	is	be	AUX
ajfa-10878	202	5	possessed	possess	VERB
ajfa-10878	202	6	by	by	ADP
ajfa-10878	202	7	firm	firm	ADJ
ajfa-10878	202	8	j¸	j¸	PROPN
ajfa-10878	202	9	and	and	CCONJ
ajfa-10878	202	10	propose	propose	VERB
ajfa-10878	202	11	that	that	SCONJ
ajfa-10878	202	12	the	the	DET
ajfa-10878	202	13	majority	majority	NOUN
ajfa-10878	202	14	controller	controller	NOUN
ajfa-10878	202	15	possesses	possess	VERB
ajfa-10878	202	16	directly	directly	ADV
ajfa-10878	202	17	a	a	DET
ajfa-10878	202	18	portion	portion	NOUN
ajfa-10878	202	19	si	si	X
ajfa-10878	202	20	of	of	ADP
ajfa-10878	202	21	the	the	DET
ajfa-10878	202	22	equity	equity	NOUN
ajfa-10878	202	23	of	of	ADP
ajfa-10878	202	24	firm	firm	ADJ
ajfa-10878	202	25	i.	i.	NOUN
ajfa-10878	202	26	proposing	propose	VERB
ajfa-10878	202	27	that	that	SCONJ
ajfa-10878	202	28	for	for	ADP
ajfa-10878	202	29	each	each	DET
ajfa-10878	202	30	i	i	PRON
ajfa-10878	202	31	,	,	PUNCT
ajfa-10878	202	32	the	the	DET
ajfa-10878	202	33	majority	majority	NOUN
ajfa-10878	202	34	shareholder	shareholder	NOUN
ajfa-10878	202	35	preserves(bebchuk	preserves(bebchuk	PROPN
ajfa-10878	202	36	et	et	PROPN
ajfa-10878	202	37	al	al	PROPN
ajfa-10878	202	38	.	.	PROPN
ajfa-10878	202	39	,	,	PUNCT
ajfa-10878	202	40	2000	2000	NUM
ajfa-10878	202	41	)	)	PUNCT
ajfa-10878	202	42	.	.	PUNCT
ajfa-10878	203	1	1	1	NUM
ajfa-10878	203	2	1	1	NUM
ajfa-10878	203	3	2	2	NUM
ajfa-10878	203	4	n	n	NUM
ajfa-10878	203	5	j	j	NOUN
ajfa-10878	204	1	i	i	PRON
ajfa-10878	204	2	i	i	PRON
ajfa-10878	204	3	js	js	VERB
ajfa-10878	204	4	s	s	PART
ajfa-10878	204	5	=	=	NOUN
ajfa-10878	205	1			NOUN
ajfa-10878	205	2			NOUN
ajfa-10878	205	3			PROPN
ajfa-10878	205	4	+	+	PROPN
ajfa-10878	205	5	>	>	X
ajfa-10878	205	6			PROPN
ajfa-10878	205	7			NOUN
ajfa-10878	206	1			PROPN
ajfa-10878	206	2			ADJ
ajfa-10878	206	3			NOUN
ajfa-10878	206	4			VERB
ajfa-10878	206	5	the	the	DET
ajfa-10878	206	6	majority	majority	NOUN
ajfa-10878	206	7	shareholder	shareholder	NOUN
ajfa-10878	206	8	controls	control	VERB
ajfa-10878	206	9	the	the	DET
ajfa-10878	206	10	assets	asset	NOUN
ajfa-10878	206	11	of	of	ADP
ajfa-10878	206	12	all	all	DET
ajfa-10878	206	13	n	n	DET
ajfa-10878	206	14	firms	firm	NOUN
ajfa-10878	206	15	.	.	PUNCT
ajfa-10878	207	1	hence	hence	ADV
ajfa-10878	207	2	,	,	PUNCT
ajfa-10878	207	3	the	the	DET
ajfa-10878	207	4	majority	majority	NOUN
ajfa-10878	207	5	shareholders	shareholder	NOUN
ajfa-10878	207	6	may	may	AUX
ajfa-10878	207	7	possess	possess	VERB
ajfa-10878	207	8	a	a	DET
ajfa-10878	207	9	small	small	ADJ
ajfa-10878	207	10	portion	portion	NOUN
ajfa-10878	207	11	of	of	ADP
ajfa-10878	207	12	equity	equity	NOUN
ajfa-10878	207	13	(	(	PUNCT
ajfa-10878	207	14	cash	cash	NOUN
ajfa-10878	207	15	-	-	PUNCT
ajfa-10878	207	16	flow	flow	NOUN
ajfa-10878	207	17	rights	right	NOUN
ajfa-10878	207	18	)	)	PUNCT
ajfa-10878	207	19	in	in	ADP
ajfa-10878	207	20	these	these	DET
ajfa-10878	207	21	firms	firm	NOUN
ajfa-10878	207	22	.	.	PUNCT
ajfa-10878	208	1	the	the	DET
ajfa-10878	208	2	clear	clear	ADJ
ajfa-10878	208	3	example	example	NOUN
ajfa-10878	208	4	of	of	ADP
ajfa-10878	208	5	a	a	DET
ajfa-10878	208	6	similar	similar	ADJ
ajfa-10878	208	7	case	case	NOUN
ajfa-10878	208	8	is	be	AUX
ajfa-10878	208	9	that	that	SCONJ
ajfa-10878	208	10	the	the	DET
ajfa-10878	208	11	majority	majority	NOUN
ajfa-10878	208	12	shareholders	shareholder	NOUN
ajfa-10878	208	13	possess	possess	VERB
ajfa-10878	208	14	direct	direct	ADJ
ajfa-10878	208	15	portions	portion	NOUN
ajfa-10878	208	16	of	of	ADP
ajfa-10878	208	17	equities	equity	NOUN
ajfa-10878	208	18	s	s	PART
ajfa-10878	208	19	in	in	ADP
ajfa-10878	208	20	two	two	NUM
ajfa-10878	208	21	firms	firm	NOUN
ajfa-10878	208	22	with	with	ADP
ajfa-10878	208	23	identical	identical	ADJ
ajfa-10878	208	24	cross	cross	ADJ
ajfa-10878	208	25	-	-	ADJ
ajfa-10878	208	26	ownership	ownership	ADJ
ajfa-10878	208	27	h	h	NOUN
ajfa-10878	208	28	in	in	ADP
ajfa-10878	208	29	the	the	DET
ajfa-10878	208	30	other	other	ADJ
ajfa-10878	208	31	,	,	PUNCT
ajfa-10878	208	32	such	such	ADJ
ajfa-10878	208	33	that	that	DET
ajfa-10878	208	34	s	s	VERB
ajfa-10878	209	1	+	+	NUM
ajfa-10878	209	2	h	h	PROPN
ajfa-10878	209	3	≥	≥	NOUN
ajfa-10878	209	4	½	½	NOUN
ajfa-10878	209	5	(	(	PUNCT
ajfa-10878	209	6	e.g.	e.g.	ADV
ajfa-10878	209	7	majority	majority	NOUN
ajfa-10878	209	8	shareholders	shareholder	NOUN
ajfa-10878	209	9	control	control	VERB
ajfa-10878	209	10	both	both	DET
ajfa-10878	209	11	firms	firm	NOUN
ajfa-10878	209	12	)	)	PUNCT
ajfa-10878	209	13	.	.	PUNCT
ajfa-10878	210	1	for	for	ADP
ajfa-10878	210	2	this	this	DET
ajfa-10878	210	3	case	case	NOUN
ajfa-10878	210	4	,	,	PUNCT
ajfa-10878	210	5	bebchuk	bebchuk	PROPN
ajfa-10878	210	6	et	et	PROPN
ajfa-10878	210	7	al	al	PROPN
ajfa-10878	210	8	.	.	PUNCT
ajfa-10878	211	1	(	(	PUNCT
ajfa-10878	211	2	2000)report	2000)report	NUM
ajfa-10878	211	3	that	that	PRON
ajfa-10878	211	4	the	the	DET
ajfa-10878	211	5	majority	majority	NOUN
ajfa-10878	211	6	shareholder	shareholder	NOUN
ajfa-10878	211	7	ratio	ratio	NOUN
ajfa-10878	211	8	of	of	ADP
ajfa-10878	211	9	cash	cash	NOUN
ajfa-10878	211	10	-	-	PUNCT
ajfa-10878	211	11	flow	flow	NOUN
ajfa-10878	211	12	rights	right	NOUN
ajfa-10878	211	13	is	be	AUX
ajfa-10878	211	14	found	find	VERB
ajfa-10878	211	15	out	out	ADP
ajfa-10878	211	16	via	via	ADP
ajfa-10878	211	17	its	its	PRON
ajfa-10878	211	18	direct	direct	ADJ
ajfa-10878	211	19	ownership	ownership	NOUN
ajfa-10878	211	20	s	s	VERB
ajfa-10878	211	21	over	over	ADP
ajfa-10878	211	22	the	the	DET
ajfa-10878	211	23	total	total	NOUN
ajfa-10878	211	24	dispersed	disperse	VERB
ajfa-10878	211	25	37.56	37.56	NUM
ajfa-10878	211	26	%	%	NOUN
ajfa-10878	211	27	çelikhalat	çelikhalat	NOUN
ajfa-10878	211	28	a.s	a.s	PROPN
ajfa-10878	211	29	dogan	dogan	PROPN
ajfa-10878	211	30	dis	dis	PROPN
ajfa-10878	211	31	ticaret	ticaret	PROPN
ajfa-10878	211	32	4	4	NUM
ajfa-10878	211	33	%	%	NOUN
ajfa-10878	211	34	disbank	disbank	NOUN
ajfa-10878	211	35	10	10	NUM
ajfa-10878	211	36	%	%	NOUN
ajfa-10878	211	37	dogan	dogan	NOUN
ajfa-10878	211	38	holding	hold	VERB
ajfa-10878	211	39	48	48	NUM
ajfa-10878	211	40	44	44	NUM
ajfa-10878	211	41	%	%	NOUN
ajfa-10878	211	42	dispersed	disperse	VERB
ajfa-10878	211	43	35	35	NUM
ajfa-10878	211	44	%	%	NOUN
ajfa-10878	211	45	milpa	milpa	NOUN
ajfa-10878	211	46	a	a	DET
ajfa-10878	211	47	s	s	NUM
ajfa-10878	211	48	12	12	NUM
ajfa-10878	211	49	%	%	NOUN
ajfa-10878	211	50	dogan	dogan	NOUN
ajfa-10878	211	51	holding	hold	VERB
ajfa-10878	211	52	53	53	NUM
ajfa-10878	211	53	%	%	NOUN
ajfa-10878	211	54	dogan	dogan	NOUN
ajfa-10878	211	55	holding	hold	VERB
ajfa-10878	211	56	65	65	NUM
ajfa-10878	211	57	%	%	NOUN
ajfa-10878	211	58	dispersed	disperse	VERB
ajfa-10878	211	59	35	35	NUM
ajfa-10878	211	60	%	%	NOUN
ajfa-10878	211	61	dogan	dogan	PROPN
ajfa-10878	211	62	family	family	PROPN
ajfa-10878	211	63	16.70	16.70	NUM
ajfa-10878	211	64	dispersed	disperse	VERB
ajfa-10878	211	65	34.24	34.24	NUM
ajfa-10878	211	66	%	%	NOUN
ajfa-10878	211	67	adilbey	adilbey	NOUN
ajfa-10878	211	68	holding	hold	VERB
ajfa-10878	211	69	49	49	NUM
ajfa-10878	211	70	%	%	NOUN
ajfa-10878	211	71	dogan	dogan	PROPN
ajfa-10878	211	72	family	family	NOUN
ajfa-10878	211	73	100	100	NUM
ajfa-10878	211	74	%	%	NOUN
ajfa-10878	211	75	adilbey	adilbey	NOUN
ajfa-10878	211	76	holding	hold	VERB
ajfa-10878	211	77	49	49	NUM
ajfa-10878	211	78	%	%	NOUN
ajfa-10878	211	79	dogan	dogan	PROPN
ajfa-10878	211	80	family	family	PROPN
ajfa-10878	211	81	16.70	16.70	NUM
ajfa-10878	211	82	disperse	disperse	NOUN
ajfa-10878	211	83	d	d	NOUN
ajfa-10878	211	84	34.24	34.24	NUM
ajfa-10878	211	85	%	%	NOUN
ajfa-10878	211	86	dispersed	disperse	VERB
ajfa-10878	211	87	34.24	34.24	NUM
ajfa-10878	211	88	%	%	NOUN
ajfa-10878	211	89	dogan	dogan	PROPN
ajfa-10878	211	90	family	family	NOUN
ajfa-10878	211	91	16	16	NUM
ajfa-10878	211	92	70	70	NUM
ajfa-10878	211	93	adilbey	adilbey	NOUN
ajfa-10878	211	94	holding	hold	VERB
ajfa-10878	211	95	49	49	NUM
ajfa-10878	211	96	%	%	NOUN
ajfa-10878	211	97	dogan	dogan	PROPN
ajfa-10878	211	98	family	family	NOUN
ajfa-10878	211	99	100	100	NUM
ajfa-10878	211	100	%	%	NOUN
ajfa-10878	211	101	dogan	dogan	PROPN
ajfa-10878	211	102	family	family	NOUN
ajfa-10878	211	103	100	100	NUM
ajfa-10878	211	104	%	%	NOUN
ajfa-10878	211	105	asian	asian	ADJ
ajfa-10878	211	106	journal	journal	NOUN
ajfa-10878	211	107	of	of	ADP
ajfa-10878	211	108	finance	finance	PROPN
ajfa-10878	211	109	&	&	CCONJ
ajfa-10878	211	110	accounting	accounting	PROPN
ajfa-10878	211	111	issn	issn	PROPN
ajfa-10878	211	112	1946	1946	NUM
ajfa-10878	211	113	-	-	PUNCT
ajfa-10878	211	114	052x	052x	PROPN
ajfa-10878	211	115	2017	2017	NUM
ajfa-10878	211	116	,	,	PUNCT
ajfa-10878	211	117	vol	vol	NOUN
ajfa-10878	211	118	.	.	NOUN
ajfa-10878	211	119	9	9	NUM
ajfa-10878	211	120	,	,	PUNCT
ajfa-10878	211	121	no	no	INTJ
ajfa-10878	211	122	.	.	NOUN
ajfa-10878	211	123	1	1	NUM
ajfa-10878	211	124	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	211	125	203	203	NUM
ajfa-10878	211	126	portion	portion	NOUN
ajfa-10878	211	127	of	of	ADP
ajfa-10878	211	128	equity	equity	NOUN
ajfa-10878	211	129	that	that	PRON
ajfa-10878	211	130	is	be	AUX
ajfa-10878	211	131	not	not	PART
ajfa-10878	211	132	cross	cross	ADJ
ajfa-10878	211	133	-	-	ADJ
ajfa-10878	211	134	held	held	ADJ
ajfa-10878	211	135	(	(	PUNCT
ajfa-10878	211	136	1	1	NUM
ajfa-10878	211	137	-	-	PUNCT
ajfa-10878	211	138	h	h	NOUN
ajfa-10878	211	139	)	)	PUNCT
ajfa-10878	211	140	.	.	PUNCT
ajfa-10878	212	1	1	1	NUM
ajfa-10878	212	2	s	s	NOUN
ajfa-10878	212	3	h	h	NOUN
ajfa-10878	213	1	α	α	NOUN
ajfa-10878	213	2			NOUN
ajfa-10878	213	3	=	=	NUM
ajfa-10878	213	4			PROPN
ajfa-10878	213	5	−	−	PROPN
ajfa-10878	213	6			VERB
ajfa-10878	213	7	cross	cross	ADJ
ajfa-10878	213	8	-	-	ADJ
ajfa-10878	213	9	holdings	holding	NOUN
ajfa-10878	213	10	ownership	ownership	NOUN
ajfa-10878	213	11	is	be	AUX
ajfa-10878	213	12	dominant	dominant	ADJ
ajfa-10878	213	13	in	in	ADP
ajfa-10878	213	14	asian	asian	ADJ
ajfa-10878	213	15	nations	nation	NOUN
ajfa-10878	213	16	,	,	PUNCT
ajfa-10878	213	17	for	for	ADP
ajfa-10878	213	18	instance	instance	NOUN
ajfa-10878	213	19	in	in	ADP
ajfa-10878	213	20	turkey	turkey	PROPN
ajfa-10878	213	21	,	,	PUNCT
ajfa-10878	213	22	where	where	SCONJ
ajfa-10878	213	23	the	the	DET
ajfa-10878	213	24	most	most	ADV
ajfa-10878	213	25	popular	popular	ADJ
ajfa-10878	213	26	example	example	NOUN
ajfa-10878	213	27	is	be	AUX
ajfa-10878	213	28	the	the	DET
ajfa-10878	213	29	largest	large	ADJ
ajfa-10878	213	30	pharmaceutical	pharmaceutical	ADJ
ajfa-10878	213	31	firm	firm	NOUN
ajfa-10878	213	32	known	know	VERB
ajfa-10878	213	33	as	as	ADP
ajfa-10878	213	34	eczacibaşii̇laç(see	eczacibaşii̇laç(see	ADJ
ajfa-10878	213	35	figure3	figure3	NOUN
ajfa-10878	213	36	)	)	PUNCT
ajfa-10878	213	37	.	.	PUNCT
ajfa-10878	214	1	this	this	DET
ajfa-10878	214	2	firm	firm	NOUN
ajfa-10878	214	3	has	have	VERB
ajfa-10878	214	4	three	three	NUM
ajfa-10878	214	5	large	large	ADJ
ajfa-10878	214	6	shareholders	shareholder	NOUN
ajfa-10878	214	7	with	with	ADP
ajfa-10878	214	8	ownership	ownership	NOUN
ajfa-10878	214	9	portions	portion	NOUN
ajfa-10878	214	10	ranging	range	VERB
ajfa-10878	214	11	from	from	ADP
ajfa-10878	214	12	21.6	21.6	NUM
ajfa-10878	214	13	to	to	PART
ajfa-10878	214	14	28.2	28.2	NUM
ajfa-10878	214	15	%	%	NOUN
ajfa-10878	214	16	,	,	PUNCT
ajfa-10878	214	17	whereas	whereas	SCONJ
ajfa-10878	214	18	22	22	NUM
ajfa-10878	214	19	%	%	NOUN
ajfa-10878	214	20	of	of	ADP
ajfa-10878	214	21	its	its	PRON
ajfa-10878	214	22	capital	capital	NOUN
ajfa-10878	214	23	is	be	AUX
ajfa-10878	214	24	owned	own	VERB
ajfa-10878	214	25	by	by	ADP
ajfa-10878	214	26	dispersed	disperse	VERB
ajfa-10878	214	27	ownership	ownership	NOUN
ajfa-10878	214	28	.	.	PUNCT
ajfa-10878	215	1	all	all	DET
ajfa-10878	215	2	three	three	NUM
ajfa-10878	215	3	large	large	ADJ
ajfa-10878	215	4	ownerships	ownership	NOUN
ajfa-10878	215	5	are	be	AUX
ajfa-10878	215	6	under	under	ADP
ajfa-10878	215	7	control	control	NOUN
ajfa-10878	215	8	of	of	ADP
ajfa-10878	215	9	the	the	DET
ajfa-10878	215	10	eczacibaşi	eczacibaşi	NOUN
ajfa-10878	215	11	group	group	NOUN
ajfa-10878	215	12	.	.	PUNCT
ajfa-10878	216	1	the	the	DET
ajfa-10878	216	2	eczacibaşi	eczacibaşi	NOUN
ajfa-10878	216	3	family	family	NOUN
ajfa-10878	216	4	is	be	AUX
ajfa-10878	216	5	the	the	DET
ajfa-10878	216	6	founder	founder	NOUN
ajfa-10878	216	7	and	and	CCONJ
ajfa-10878	216	8	controller	controller	NOUN
ajfa-10878	216	9	of	of	ADP
ajfa-10878	216	10	this	this	DET
ajfa-10878	216	11	group	group	NOUN
ajfa-10878	216	12	,	,	PUNCT
ajfa-10878	216	13	using	use	VERB
ajfa-10878	216	14	two	two	NUM
ajfa-10878	216	15	holding	hold	VERB
ajfa-10878	216	16	firms	firm	NOUN
ajfa-10878	216	17	:	:	PUNCT
ajfa-10878	216	18	eczacibaşiyatirim	eczacibaşiyatirim	NOUN
ajfa-10878	216	19	holding	holding	NOUN
ajfa-10878	216	20	(	(	PUNCT
ajfa-10878	216	21	traded	trade	VERB
ajfa-10878	216	22	)	)	PUNCT
ajfa-10878	216	23	and	and	CCONJ
ajfa-10878	216	24	eczacibaşi	eczacibaşi	NOUN
ajfa-10878	216	25	holding	holding	NOUN
ajfa-10878	216	26	(	(	PUNCT
ajfa-10878	216	27	non	non	ADJ
ajfa-10878	216	28	-	-	ADJ
ajfa-10878	216	29	traded	traded	ADJ
ajfa-10878	216	30	)	)	PUNCT
ajfa-10878	216	31	.	.	PUNCT
ajfa-10878	217	1	these	these	DET
ajfa-10878	217	2	two	two	NUM
ajfa-10878	217	3	holding	hold	VERB
ajfa-10878	217	4	firms	firm	NOUN
ajfa-10878	217	5	in	in	ADP
ajfa-10878	217	6	turn	turn	NOUN
ajfa-10878	217	7	are	be	AUX
ajfa-10878	217	8	under	under	ADP
ajfa-10878	217	9	the	the	DET
ajfa-10878	217	10	control	control	NOUN
ajfa-10878	217	11	of	of	ADP
ajfa-10878	217	12	the	the	DET
ajfa-10878	217	13	same	same	ADJ
ajfa-10878	217	14	business	business	NOUN
ajfa-10878	217	15	group	group	NOUN
ajfa-10878	217	16	.	.	PUNCT
ajfa-10878	218	1	eczacibaşii̇laç	eczacibaşii̇laç	ADP
ajfa-10878	218	2	possesses	possess	VERB
ajfa-10878	218	3	43.5	43.5	NUM
ajfa-10878	218	4	%	%	NOUN
ajfa-10878	218	5	of	of	ADP
ajfa-10878	218	6	the	the	DET
ajfa-10878	218	7	control	control	NOUN
ajfa-10878	218	8	rights	right	NOUN
ajfa-10878	218	9	(	(	PUNCT
ajfa-10878	218	10	voting	voting	NOUN
ajfa-10878	218	11	rights	right	NOUN
ajfa-10878	218	12	)	)	PUNCT
ajfa-10878	218	13	in	in	ADP
ajfa-10878	218	14	eczacibaşi	eczacibaşi	NOUN
ajfa-10878	218	15	holding	holding	NOUN
ajfa-10878	218	16	.	.	PUNCT
ajfa-10878	219	1	at	at	ADP
ajfa-10878	219	2	the	the	DET
ajfa-10878	219	3	same	same	ADJ
ajfa-10878	219	4	time	time	NOUN
ajfa-10878	219	5	,	,	PUNCT
ajfa-10878	219	6	the	the	DET
ajfa-10878	219	7	other	other	ADJ
ajfa-10878	219	8	two	two	NUM
ajfa-10878	219	9	holding	hold	VERB
ajfa-10878	219	10	firms	firm	NOUN
ajfa-10878	219	11	possess	possess	VERB
ajfa-10878	219	12	cross	cross	NOUN
ajfa-10878	219	13	-	-	NOUN
ajfa-10878	219	14	ownerships	ownership	NOUN
ajfa-10878	219	15	between	between	ADP
ajfa-10878	219	16	each	each	DET
ajfa-10878	219	17	other	other	ADJ
ajfa-10878	219	18	.	.	PUNCT
ajfa-10878	220	1	figure	figure	VERB
ajfa-10878	220	2	3	3	NUM
ajfa-10878	220	3	.	.	PUNCT
ajfa-10878	221	1	control	control	NOUN
ajfa-10878	221	2	-	-	PUNCT
ajfa-10878	221	3	ownership	ownership	NOUN
ajfa-10878	221	4	of	of	ADP
ajfa-10878	221	5	eczacibaşii̇laç	eczacibaşii̇laç	PROPN
ajfa-10878	221	6	(	(	PUNCT
ajfa-10878	221	7	yurtoglu	yurtoglu	PROPN
ajfa-10878	221	8	,	,	PUNCT
ajfa-10878	221	9	2000	2000	NUM
ajfa-10878	221	10	)	)	PUNCT
ajfa-10878	221	11	7	7	NUM
ajfa-10878	221	12	.	.	X
ajfa-10878	221	13	other	other	ADJ
ajfa-10878	221	14	mechanisms	mechanism	NOUN
ajfa-10878	221	15	of	of	ADP
ajfa-10878	221	16	control	control	NOUN
ajfa-10878	221	17	the	the	DET
ajfa-10878	221	18	previous	previous	ADJ
ajfa-10878	221	19	part	part	NOUN
ajfa-10878	221	20	addresses	address	VERB
ajfa-10878	221	21	the	the	DET
ajfa-10878	221	22	divergence	divergence	NOUN
ajfa-10878	221	23	between	between	ADP
ajfa-10878	221	24	control	control	NOUN
ajfa-10878	221	25	rights	right	NOUN
ajfa-10878	221	26	and	and	CCONJ
ajfa-10878	221	27	cash	cash	NOUN
ajfa-10878	221	28	-	-	PUNCT
ajfa-10878	221	29	flow	flow	NOUN
ajfa-10878	221	30	rights	right	NOUN
ajfa-10878	221	31	using	use	VERB
ajfa-10878	221	32	pyramidal	pyramidal	NOUN
ajfa-10878	221	33	,	,	PUNCT
ajfa-10878	221	34	dual	dual	ADJ
ajfa-10878	221	35	class	class	NOUN
ajfa-10878	221	36	shares	share	NOUN
ajfa-10878	221	37	and	and	CCONJ
ajfa-10878	221	38	cross	cross	NOUN
ajfa-10878	221	39	-	-	NOUN
ajfa-10878	221	40	ownership	ownership	NOUN
ajfa-10878	221	41	.	.	PUNCT
ajfa-10878	222	1	in	in	ADP
ajfa-10878	222	2	addition	addition	NOUN
ajfa-10878	222	3	to	to	ADP
ajfa-10878	222	4	these	these	DET
ajfa-10878	222	5	influential	influential	ADJ
ajfa-10878	222	6	control	control	NOUN
ajfa-10878	222	7	-	-	PUNCT
ajfa-10878	222	8	ownership	ownership	NOUN
ajfa-10878	222	9	mechanisms	mechanism	NOUN
ajfa-10878	222	10	,	,	PUNCT
ajfa-10878	222	11	turkish	turkish	ADJ
ajfa-10878	222	12	firms	firm	NOUN
ajfa-10878	222	13	use	use	VERB
ajfa-10878	222	14	some	some	DET
ajfa-10878	222	15	other	other	ADJ
ajfa-10878	222	16	mechanisms	mechanism	NOUN
ajfa-10878	222	17	of	of	ADP
ajfa-10878	222	18	control	control	NOUN
ajfa-10878	222	19	-	-	PUNCT
ajfa-10878	222	20	enhancing	enhance	VERB
ajfa-10878	222	21	corporate	corporate	ADJ
ajfa-10878	222	22	charter	charter	NOUN
ajfa-10878	222	23	provisions	provision	NOUN
ajfa-10878	222	24	.	.	PUNCT
ajfa-10878	223	1	accordingly	accordingly	ADV
ajfa-10878	223	2	,	,	PUNCT
ajfa-10878	223	3	controlling	control	VERB
ajfa-10878	223	4	shareholders	shareholder	NOUN
ajfa-10878	223	5	get	get	VERB
ajfa-10878	223	6	eczacibaşiyatirim	eczacibaşiyatirim	NOUN
ajfa-10878	223	7	holding	hold	VERB
ajfa-10878	223	8	eczacibaşii̇laç	eczacibaşii̇laç	PROPN
ajfa-10878	223	9	2	2	NUM
ajfa-10878	223	10	%	%	NOUN
ajfa-10878	223	11	21.2	21.2	NUM
ajfa-10878	223	12	%	%	NOUN
ajfa-10878	223	13	26.33	26.33	NUM
ajfa-10878	223	14	%	%	NOUN
ajfa-10878	223	15	22	22	NUM
ajfa-10878	223	16	%	%	NOUN
ajfa-10878	223	17	19.23	19.23	NUM
ajfa-10878	223	18	%	%	NOUN
ajfa-10878	223	19	37.39	37.39	NUM
ajfa-10878	223	20	%	%	NOUN
ajfa-10878	223	21	eczacibaşiholdi	eczacibaşiholdi	PROPN
ajfa-10878	223	22	ng	ng	PROPN
ajfa-10878	223	23	eczacibaşifa	eczacibaşifa	PROPN
ajfa-10878	223	24	mily	mily	PROPN
ajfa-10878	223	25	dispersed	disperse	VERB
ajfa-10878	223	26	eczacibaşiyatir	eczacibaşiyatir	PROPN
ajfa-10878	223	27	i	i	PROPN
ajfa-10878	223	28	m	m	VERB
ajfa-10878	223	29	46.23	46.23	NUM
ajfa-10878	223	30	%	%	NOUN
ajfa-10878	223	31	16.38	16.38	NUM
ajfa-10878	223	32	%	%	NOUN
ajfa-10878	223	33	24.32	24.32	NUM
ajfa-10878	223	34	%	%	NOUN
ajfa-10878	223	35	28.12	28.12	NUM
ajfa-10878	223	36	43.5	43.5	NUM
ajfa-10878	223	37	%	%	NOUN
ajfa-10878	223	38	23.03	23.03	NUM
ajfa-10878	223	39	%	%	NOUN
ajfa-10878	223	40	asian	asian	ADJ
ajfa-10878	223	41	journal	journal	NOUN
ajfa-10878	223	42	of	of	ADP
ajfa-10878	223	43	finance	finance	PROPN
ajfa-10878	223	44	&	&	CCONJ
ajfa-10878	223	45	accounting	accounting	PROPN
ajfa-10878	223	46	issn	issn	PROPN
ajfa-10878	223	47	1946	1946	NUM
ajfa-10878	223	48	-	-	PUNCT
ajfa-10878	223	49	052x	052x	PROPN
ajfa-10878	223	50	2017	2017	NUM
ajfa-10878	223	51	,	,	PUNCT
ajfa-10878	223	52	vol	vol	NOUN
ajfa-10878	223	53	.	.	NOUN
ajfa-10878	224	1	9	9	NUM
ajfa-10878	224	2	,	,	PUNCT
ajfa-10878	224	3	no	no	INTJ
ajfa-10878	224	4	.	.	NOUN
ajfa-10878	224	5	1	1	NUM
ajfa-10878	224	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	224	7	204	204	NUM
ajfa-10878	224	8	some	some	DET
ajfa-10878	224	9	preferential	preferential	ADJ
ajfa-10878	224	10	treatment	treatment	NOUN
ajfa-10878	224	11	in	in	ADP
ajfa-10878	224	12	order	order	NOUN
ajfa-10878	224	13	to	to	PART
ajfa-10878	224	14	design	design	VERB
ajfa-10878	224	15	the	the	DET
ajfa-10878	224	16	board	board	NOUN
ajfa-10878	224	17	of	of	ADP
ajfa-10878	224	18	directors	director	NOUN
ajfa-10878	224	19	,	,	PUNCT
ajfa-10878	224	20	and	and	CCONJ
ajfa-10878	224	21	determinethe	determinethe	DET
ajfa-10878	224	22	dividend	dividend	NOUN
ajfa-10878	224	23	policies	policy	NOUN
ajfa-10878	224	24	and	and	CCONJ
ajfa-10878	224	25	liquidation	liquidation	NOUN
ajfa-10878	224	26	preferences	preference	NOUN
ajfa-10878	224	27	between	between	ADP
ajfa-10878	224	28	the	the	DET
ajfa-10878	224	29	different	different	ADJ
ajfa-10878	224	30	classes	class	NOUN
ajfa-10878	224	31	of	of	ADP
ajfa-10878	224	32	shares.the	shares.the	DET
ajfa-10878	224	33	controlling	control	VERB
ajfa-10878	224	34	shareholders	shareholder	NOUN
ajfa-10878	224	35	of	of	ADP
ajfa-10878	224	36	the	the	DET
ajfa-10878	224	37	38	38	NUM
ajfa-10878	224	38	firms	firm	NOUN
ajfa-10878	224	39	included	include	VERB
ajfa-10878	224	40	in	in	ADP
ajfa-10878	224	41	this	this	DET
ajfa-10878	224	42	study	study	NOUN
ajfa-10878	224	43	’s	’s	PART
ajfa-10878	224	44	sample	sample	NOUN
ajfa-10878	224	45	have	have	VERB
ajfa-10878	224	46	shares	share	NOUN
ajfa-10878	224	47	with	with	ADP
ajfa-10878	224	48	privilege	privilege	NOUN
ajfa-10878	224	49	to	to	PART
ajfa-10878	224	50	select	select	VERB
ajfa-10878	224	51	the	the	DET
ajfa-10878	224	52	absolute	absolute	ADJ
ajfa-10878	224	53	majority	majority	NOUN
ajfa-10878	224	54	of	of	ADP
ajfa-10878	224	55	the	the	DET
ajfa-10878	224	56	board	board	NOUN
ajfa-10878	224	57	of	of	ADP
ajfa-10878	224	58	directors	director	NOUN
ajfa-10878	224	59	can	can	AUX
ajfa-10878	224	60	solely	solely	ADV
ajfa-10878	224	61	be	be	AUX
ajfa-10878	224	62	nominated	nominate	VERB
ajfa-10878	224	63	by	by	ADP
ajfa-10878	224	64	the	the	DET
ajfa-10878	224	65	controlling	controlling	NOUN
ajfa-10878	224	66	shareholders.for	shareholders.for	ADP
ajfa-10878	224	67	instance	instance	NOUN
ajfa-10878	224	68	,	,	PUNCT
ajfa-10878	224	69	odaşelektrikuretimsanayiticareta.ş	odaşelektrikuretimsanayiticareta.ş	PRON
ajfa-10878	224	70	.	.	PUNCT
ajfa-10878	225	1	is	be	AUX
ajfa-10878	225	2	listed	list	VERB
ajfa-10878	225	3	firm	firm	NOUN
ajfa-10878	225	4	in	in	ADP
ajfa-10878	225	5	electricity	electricity	NOUN
ajfa-10878	225	6	gas	gas	NOUN
ajfa-10878	225	7	and	and	CCONJ
ajfa-10878	225	8	water/	water/	NUM
ajfa-10878	225	9	electricity	electricity	NOUN
ajfa-10878	225	10	gas	gas	NOUN
ajfa-10878	225	11	and	and	CCONJ
ajfa-10878	225	12	steam	steam	NOUN
ajfa-10878	225	13	sector	sector	NOUN
ajfa-10878	225	14	.	.	PUNCT
ajfa-10878	226	1	this	this	DET
ajfa-10878	226	2	firm	firm	ADJ
ajfa-10878	226	3	issues	issue	VERB
ajfa-10878	226	4	more	more	ADJ
ajfa-10878	226	5	than	than	ADP
ajfa-10878	226	6	one	one	NUM
ajfa-10878	226	7	class	class	NOUN
ajfa-10878	226	8	of	of	ADP
ajfa-10878	226	9	shares	share	NOUN
ajfa-10878	226	10	which	which	PRON
ajfa-10878	226	11	are	be	AUX
ajfa-10878	226	12	a	a	PRON
ajfa-10878	226	13	and	and	CCONJ
ajfa-10878	226	14	b.	b.	PROPN
ajfa-10878	226	15	shareholders	shareholder	NOUN
ajfa-10878	226	16	with	with	ADP
ajfa-10878	226	17	a	a	DET
ajfa-10878	226	18	class	class	NOUN
ajfa-10878	226	19	of	of	ADP
ajfa-10878	226	20	shares	share	NOUN
ajfa-10878	226	21	possess	possess	VERB
ajfa-10878	226	22	15	15	NUM
ajfa-10878	226	23	voting	voting	NOUN
ajfa-10878	226	24	rights	right	NOUN
ajfa-10878	226	25	for	for	ADP
ajfa-10878	226	26	one	one	NUM
ajfa-10878	226	27	share	share	NOUN
ajfa-10878	226	28	to	to	PART
ajfa-10878	226	29	select	select	VERB
ajfa-10878	226	30	board	board	NOUN
ajfa-10878	226	31	of	of	ADP
ajfa-10878	226	32	director	director	NOUN
ajfa-10878	226	33	members	member	NOUN
ajfa-10878	226	34	whereas	whereas	SCONJ
ajfa-10878	226	35	class	class	NOUN
ajfa-10878	226	36	b	b	PROPN
ajfa-10878	226	37	shares	share	NOUN
ajfa-10878	226	38	have	have	VERB
ajfa-10878	226	39	one	one	NUM
ajfa-10878	226	40	voting	voting	NOUN
ajfa-10878	226	41	right	right	NOUN
ajfa-10878	226	42	for	for	ADP
ajfa-10878	226	43	each	each	DET
ajfa-10878	226	44	share	share	NOUN
ajfa-10878	226	45	.	.	PUNCT
ajfa-10878	227	1	in	in	ADP
ajfa-10878	227	2	addition	addition	NOUN
ajfa-10878	227	3	,	,	PUNCT
ajfa-10878	227	4	another	another	DET
ajfa-10878	227	5	case	case	NOUN
ajfa-10878	227	6	was	be	AUX
ajfa-10878	227	7	found	find	VERB
ajfa-10878	227	8	within	within	ADP
ajfa-10878	227	9	the	the	DET
ajfa-10878	227	10	manufacturing	manufacturing	NOUN
ajfa-10878	227	11	industry/	industry/	NUM
ajfa-10878	227	12	chemicals	chemical	NOUN
ajfa-10878	227	13	,	,	PUNCT
ajfa-10878	227	14	petroleum	petroleum	NOUN
ajfa-10878	227	15	rubber	rubber	NOUN
ajfa-10878	227	16	and	and	CCONJ
ajfa-10878	227	17	plastic	plastic	NOUN
ajfa-10878	227	18	products/	products/	NUM
ajfa-10878	227	19	other	other	ADJ
ajfa-10878	227	20	chemical	chemical	NOUN
ajfa-10878	227	21	productssector	productssector	NOUN
ajfa-10878	227	22	,	,	PUNCT
ajfa-10878	227	23	by	by	ADP
ajfa-10878	227	24	the	the	DET
ajfa-10878	227	25	firmalkimalkali	firmalkimalkali	PROPN
ajfa-10878	227	26	kimyaa.ş	kimyaa.ş	PROPN
ajfa-10878	227	27	.	.	PUNCT
ajfa-10878	228	1	this	this	DET
ajfa-10878	228	2	firm	firm	ADJ
ajfa-10878	228	3	issues	issue	NOUN
ajfa-10878	228	4	groups	group	NOUN
ajfa-10878	228	5	a	a	DET
ajfa-10878	228	6	,	,	PUNCT
ajfa-10878	228	7	b	b	NOUN
ajfa-10878	228	8	,	,	PUNCT
ajfa-10878	228	9	c	c	PROPN
ajfa-10878	228	10	and	and	CCONJ
ajfa-10878	228	11	d	d	NOUN
ajfa-10878	228	12	with	with	ADP
ajfa-10878	228	13	100	100	NUM
ajfa-10878	228	14	votes	vote	NOUN
ajfa-10878	228	15	per	per	ADP
ajfa-10878	228	16	share	share	NOUN
ajfa-10878	228	17	while	while	SCONJ
ajfa-10878	228	18	each	each	DET
ajfa-10878	228	19	shareholders	shareholder	NOUN
ajfa-10878	228	20	within	within	ADP
ajfa-10878	228	21	group	group	NOUN
ajfa-10878	228	22	e	e	PROPN
ajfa-10878	228	23	share	share	NOUN
ajfa-10878	228	24	have	have	VERB
ajfa-10878	228	25	1	1	NUM
ajfa-10878	228	26	vote	vote	NOUN
ajfa-10878	228	27	per	per	ADP
ajfa-10878	228	28	share	share	NOUN
ajfa-10878	228	29	.	.	PUNCT
ajfa-10878	229	1	meanwhile	meanwhile	ADV
ajfa-10878	229	2	,	,	PUNCT
ajfa-10878	229	3	the	the	DET
ajfa-10878	229	4	case	case	NOUN
ajfa-10878	229	5	ofgsd	ofgsd	ADJ
ajfa-10878	229	6	holding	hold	VERB
ajfa-10878	229	7	a.ş	a.ş	PRON
ajfa-10878	229	8	that	that	PRON
ajfa-10878	229	9	is	be	AUX
ajfa-10878	229	10	listed	list	VERB
ajfa-10878	229	11	infinancial	infinancial	ADJ
ajfa-10878	229	12	institutions/	institutions/	NUM
ajfa-10878	229	13	holdings	holding	NOUN
ajfa-10878	229	14	and	and	CCONJ
ajfa-10878	229	15	investment	investment	NOUN
ajfa-10878	229	16	companies	company	NOUN
ajfa-10878	229	17	sectorissuesgroups	sectorissuesgroup	VERB
ajfa-10878	229	18	a	a	DET
ajfa-10878	229	19	,	,	PUNCT
ajfa-10878	229	20	b	b	PROPN
ajfa-10878	229	21	and	and	CCONJ
ajfa-10878	229	22	d	d	NOUN
ajfa-10878	229	23	degree	degree	NOUN
ajfa-10878	229	24	of	of	ADP
ajfa-10878	229	25	shares	share	NOUN
ajfa-10878	229	26	with	with	ADP
ajfa-10878	229	27	the	the	DET
ajfa-10878	229	28	privilege	privilege	NOUN
ajfa-10878	229	29	to	to	PART
ajfa-10878	229	30	choose	choose	VERB
ajfa-10878	229	31	board	board	NOUN
ajfa-10878	229	32	of	of	ADP
ajfa-10878	229	33	directors	director	NOUN
ajfa-10878	229	34	and	and	CCONJ
ajfa-10878	229	35	shareholders	shareholder	NOUN
ajfa-10878	229	36	who	who	PRON
ajfa-10878	229	37	hold	hold	VERB
ajfa-10878	229	38	a	a	DET
ajfa-10878	229	39	and	and	CCONJ
ajfa-10878	229	40	b	b	NOUN
ajfa-10878	229	41	degree	degree	NOUN
ajfa-10878	229	42	of	of	ADP
ajfa-10878	229	43	shares	share	NOUN
ajfa-10878	229	44	have	have	VERB
ajfa-10878	229	45	the	the	DET
ajfa-10878	229	46	privilege	privilege	NOUN
ajfa-10878	229	47	to	to	PART
ajfa-10878	229	48	choose	choose	VERB
ajfa-10878	229	49	external	external	ADJ
ajfa-10878	229	50	auditor	auditor	NOUN
ajfa-10878	229	51	.	.	PUNCT
ajfa-10878	230	1	the	the	DET
ajfa-10878	230	2	controlling	control	VERB
ajfa-10878	230	3	shareholders	shareholder	NOUN
ajfa-10878	230	4	of	of	ADP
ajfa-10878	230	5	the	the	DET
ajfa-10878	230	6	three	three	NUM
ajfa-10878	230	7	firms	firm	NOUN
ajfa-10878	230	8	of	of	ADP
ajfa-10878	230	9	this	this	DET
ajfa-10878	230	10	study	study	NOUN
ajfa-10878	230	11	’s	’s	PART
ajfa-10878	230	12	sample	sample	NOUN
ajfa-10878	230	13	have	have	VERB
ajfa-10878	230	14	shares	share	NOUN
ajfa-10878	230	15	with	with	ADP
ajfa-10878	230	16	privilege	privilege	NOUN
ajfa-10878	230	17	that	that	PRON
ajfa-10878	230	18	allows	allow	VERB
ajfa-10878	230	19	them	they	PRON
ajfa-10878	230	20	to	to	PART
ajfa-10878	230	21	obtain	obtain	VERB
ajfa-10878	230	22	dividend	dividend	NOUN
ajfa-10878	230	23	concessions	concession	NOUN
ajfa-10878	230	24	.	.	PUNCT
ajfa-10878	231	1	for	for	ADP
ajfa-10878	231	2	instance	instance	NOUN
ajfa-10878	231	3	,	,	PUNCT
ajfa-10878	231	4	kartinsankartonsanayiveticaret	kartinsankartonsanayiveticaret	PROPN
ajfa-10878	231	5	a.ş	a.ş	PROPN
ajfa-10878	231	6	.	.	PROPN
ajfa-10878	231	7	is	be	AUX
ajfa-10878	231	8	manufacturing	manufacture	VERB
ajfa-10878	231	9	industry/	industry/	NUM
ajfa-10878	231	10	paper	paper	NOUN
ajfa-10878	231	11	and	and	CCONJ
ajfa-10878	231	12	paper	paper	NOUN
ajfa-10878	231	13	products	product	NOUN
ajfa-10878	231	14	.	.	PUNCT
ajfa-10878	232	1	according	accord	VERB
ajfa-10878	232	2	to	to	ADP
ajfa-10878	232	3	firm’sarticles	firm’sarticle	NOUN
ajfa-10878	232	4	of	of	ADP
ajfa-10878	232	5	association	association	NOUN
ajfa-10878	232	6	,	,	PUNCT
ajfa-10878	232	7	a	a	DET
ajfa-10878	232	8	-	-	PUNCT
ajfa-10878	232	9	class	class	NOUN
ajfa-10878	232	10	shares	share	NOUN
ajfa-10878	232	11	possess	possess	VERB
ajfa-10878	232	12	privileged	privileged	ADJ
ajfa-10878	232	13	regarding	regard	VERB
ajfa-10878	232	14	the	the	DET
ajfa-10878	232	15	dividend	dividend	NOUN
ajfa-10878	232	16	rights	right	NOUN
ajfa-10878	232	17	.	.	PUNCT
ajfa-10878	233	1	furthermore	furthermore	ADV
ajfa-10878	233	2	,	,	PUNCT
ajfa-10878	233	3	in	in	ADP
ajfa-10878	233	4	the	the	DET
ajfa-10878	233	5	event	event	NOUN
ajfa-10878	233	6	of	of	ADP
ajfa-10878	233	7	first	first	ADJ
ajfa-10878	233	8	dividend	dividend	NOUN
ajfa-10878	233	9	distribution	distribution	NOUN
ajfa-10878	233	10	,	,	PUNCT
ajfa-10878	233	11	board	board	NOUN
ajfa-10878	233	12	of	of	ADP
ajfa-10878	233	13	directors	director	NOUN
ajfa-10878	233	14	also	also	ADV
ajfa-10878	233	15	have	have	VERB
ajfa-10878	233	16	the	the	DET
ajfa-10878	233	17	right	right	NOUN
ajfa-10878	233	18	to	to	PART
ajfa-10878	233	19	receive	receive	VERB
ajfa-10878	233	20	the	the	DET
ajfa-10878	233	21	dividend	dividend	NOUN
ajfa-10878	233	22	.	.	PUNCT
ajfa-10878	234	1	accordingly	accordingly	ADV
ajfa-10878	234	2	,	,	PUNCT
ajfa-10878	234	3	the	the	DET
ajfa-10878	234	4	distributable	distributable	ADJ
ajfa-10878	234	5	profit	profit	NOUN
ajfa-10878	234	6	is	be	AUX
ajfa-10878	234	7	utilized	utilize	VERB
ajfa-10878	234	8	to	to	PART
ajfa-10878	234	9	find	find	VERB
ajfa-10878	234	10	out	out	ADP
ajfa-10878	234	11	the	the	DET
ajfa-10878	234	12	initial	initial	ADJ
ajfa-10878	234	13	amount	amount	NOUN
ajfa-10878	234	14	of	of	ADP
ajfa-10878	234	15	the	the	DET
ajfa-10878	234	16	first	first	ADJ
ajfa-10878	234	17	dividend	dividend	NOUN
ajfa-10878	234	18	,	,	PUNCT
ajfa-10878	234	19	10	10	NUM
ajfa-10878	234	20	%	%	NOUN
ajfa-10878	234	21	of	of	ADP
ajfa-10878	234	22	the	the	DET
ajfa-10878	234	23	paid	pay	VERB
ajfa-10878	234	24	-	-	PUNCT
ajfa-10878	234	25	in	in	ADP
ajfa-10878	234	26	capital	capital	NOUN
ajfa-10878	234	27	is	be	AUX
ajfa-10878	234	28	deducted	deduct	VERB
ajfa-10878	234	29	,	,	PUNCT
ajfa-10878	234	30	and	and	CCONJ
ajfa-10878	234	31	5	5	NUM
ajfa-10878	234	32	%	%	NOUN
ajfa-10878	234	33	of	of	ADP
ajfa-10878	234	34	the	the	DET
ajfa-10878	234	35	remainder	remainder	NOUN
ajfa-10878	234	36	is	be	AUX
ajfa-10878	234	37	distributed	distribute	VERB
ajfa-10878	234	38	to	to	ADP
ajfa-10878	234	39	a	a	DET
ajfa-10878	234	40	-	-	PUNCT
ajfa-10878	234	41	type	type	NOUN
ajfa-10878	234	42	shareholders	shareholder	NOUN
ajfa-10878	234	43	,	,	PUNCT
ajfa-10878	234	44	and	and	CCONJ
ajfa-10878	234	45	a	a	DET
ajfa-10878	234	46	portion	portion	NOUN
ajfa-10878	234	47	(	(	PUNCT
ajfa-10878	234	48	to	to	PART
ajfa-10878	234	49	be	be	AUX
ajfa-10878	234	50	decided	decide	VERB
ajfa-10878	234	51	by	by	ADP
ajfa-10878	234	52	the	the	DET
ajfa-10878	234	53	general	general	ADJ
ajfa-10878	234	54	assembly	assembly	NOUN
ajfa-10878	234	55	)	)	PUNCT
ajfa-10878	234	56	to	to	ADP
ajfa-10878	234	57	the	the	DET
ajfa-10878	234	58	members	member	NOUN
ajfa-10878	234	59	of	of	ADP
ajfa-10878	234	60	the	the	DET
ajfa-10878	234	61	board	board	NOUN
ajfa-10878	234	62	of	of	ADP
ajfa-10878	234	63	directors	director	NOUN
ajfa-10878	234	64	as	as	ADP
ajfa-10878	234	65	dividend	dividend	NOUN
ajfa-10878	234	66	.	.	PUNCT
ajfa-10878	235	1	8	8	X
ajfa-10878	235	2	.	.	PUNCT
ajfa-10878	235	3	research	research	NOUN
ajfa-10878	235	4	method	method	NOUN
ajfa-10878	235	5	and	and	CCONJ
ajfa-10878	235	6	data	datum	NOUN
ajfa-10878	235	7	collection	collection	NOUN
ajfa-10878	235	8	the	the	DET
ajfa-10878	235	9	aim	aim	NOUN
ajfa-10878	235	10	of	of	ADP
ajfa-10878	235	11	this	this	DET
ajfa-10878	235	12	paper	paper	NOUN
ajfa-10878	235	13	is	be	AUX
ajfa-10878	235	14	to	to	PART
ajfa-10878	235	15	identify	identify	VERB
ajfa-10878	235	16	the	the	DET
ajfa-10878	235	17	extentto	extentto	NOUN
ajfa-10878	235	18	which	which	PRON
ajfa-10878	235	19	the	the	DET
ajfa-10878	235	20	top	top	ADJ
ajfa-10878	235	21	100	100	NUM
ajfa-10878	235	22	firms	firm	NOUN
ajfa-10878	235	23	listed	list	VERB
ajfa-10878	235	24	in	in	ADP
ajfa-10878	235	25	bi	bi	NOUN
ajfa-10878	235	26	for	for	ADP
ajfa-10878	235	27	the	the	DET
ajfa-10878	235	28	year	year	NOUN
ajfa-10878	235	29	-	-	PUNCT
ajfa-10878	235	30	end	end	NOUN
ajfa-10878	235	31	of	of	ADP
ajfa-10878	235	32	2015	2015	NUM
ajfa-10878	235	33	use	use	NOUN
ajfa-10878	235	34	wedge	wedge	NOUN
ajfa-10878	235	35	.	.	PUNCT
ajfa-10878	236	1	in	in	ADP
ajfa-10878	236	2	order	order	NOUN
ajfa-10878	236	3	to	to	PART
ajfa-10878	236	4	hand	hand	NOUN
ajfa-10878	236	5	-	-	PUNCT
ajfa-10878	236	6	pick	pick	VERB
ajfa-10878	236	7	the	the	DET
ajfa-10878	236	8	wedge	wedge	NOUN
ajfa-10878	236	9	data	datum	NOUN
ajfa-10878	236	10	,	,	PUNCT
ajfa-10878	236	11	this	this	PRON
ajfa-10878	236	12	study	study	NOUN
ajfa-10878	236	13	usesthe	usesthe	ADJ
ajfa-10878	236	14	bi	bi	ADJ
ajfa-10878	236	15	website	website	NOUN
ajfa-10878	236	16	,	,	PUNCT
ajfa-10878	236	17	and	and	CCONJ
ajfa-10878	236	18	particularly	particularly	ADV
ajfa-10878	236	19	the	the	DET
ajfa-10878	236	20	public	public	ADJ
ajfa-10878	236	21	disclosure	disclosure	NOUN
ajfa-10878	236	22	platform	platform	NOUN
ajfa-10878	236	23	,	,	PUNCT
ajfa-10878	236	24	as	as	SCONJ
ajfa-10878	236	25	this	this	DET
ajfa-10878	236	26	platform	platform	NOUN
ajfa-10878	236	27	provides	provide	VERB
ajfa-10878	236	28	firms	firm	NOUN
ajfa-10878	236	29	’	’	PART
ajfa-10878	236	30	data	datum	NOUN
ajfa-10878	236	31	related	relate	VERB
ajfa-10878	236	32	to	to	PART
ajfa-10878	236	33	control	control	VERB
ajfa-10878	236	34	rights	right	NOUN
ajfa-10878	236	35	,	,	PUNCT
ajfa-10878	236	36	cash	cash	NOUN
ajfa-10878	236	37	-	-	PUNCT
ajfa-10878	236	38	flow	flow	NOUN
ajfa-10878	236	39	rights	right	NOUN
ajfa-10878	236	40	,	,	PUNCT
ajfa-10878	236	41	dual	dual	ADJ
ajfa-10878	236	42	class	class	NOUN
ajfa-10878	236	43	shares	share	NOUN
ajfa-10878	236	44	and	and	CCONJ
ajfa-10878	236	45	cross	cross	NOUN
ajfa-10878	236	46	-	-	NOUN
ajfa-10878	236	47	ownership	ownership	NOUN
ajfa-10878	236	48	.	.	PUNCT
ajfa-10878	237	1	this	this	DET
ajfa-10878	237	2	assists	assist	VERB
ajfa-10878	237	3	to	to	PART
ajfa-10878	237	4	identify	identify	VERB
ajfa-10878	237	5	the	the	DET
ajfa-10878	237	6	control	control	NOUN
ajfa-10878	237	7	-	-	PUNCT
ajfa-10878	237	8	ownership	ownership	NOUN
ajfa-10878	237	9	structure	structure	NOUN
ajfa-10878	237	10	of	of	ADP
ajfa-10878	237	11	turkish	turkish	ADJ
ajfa-10878	237	12	firms	firm	NOUN
ajfa-10878	237	13	and	and	CCONJ
ajfa-10878	237	14	get	get	VERB
ajfa-10878	237	15	a	a	DET
ajfa-10878	237	16	better	well	ADJ
ajfa-10878	237	17	grasp	grasp	NOUN
ajfa-10878	237	18	of	of	ADP
ajfa-10878	237	19	turkish	turkish	ADJ
ajfa-10878	237	20	firms	firm	NOUN
ajfa-10878	237	21	’	’	PART
ajfa-10878	237	22	ownership	ownership	NOUN
ajfa-10878	237	23	structure	structure	NOUN
ajfa-10878	237	24	and	and	CCONJ
ajfa-10878	237	25	corporate	corporate	ADJ
ajfa-10878	237	26	governance	governance	NOUN
ajfa-10878	237	27	system	system	NOUN
ajfa-10878	237	28	.	.	PUNCT
ajfa-10878	238	1	the	the	DET
ajfa-10878	238	2	following	follow	VERB
ajfa-10878	238	3	analysis	analysis	NOUN
ajfa-10878	238	4	of	of	ADP
ajfa-10878	238	5	the	the	DET
ajfa-10878	238	6	control	control	NOUN
ajfa-10878	238	7	-	-	PUNCT
ajfa-10878	238	8	ownership	ownership	NOUN
ajfa-10878	238	9	structure	structure	NOUN
ajfa-10878	238	10	is	be	AUX
ajfa-10878	238	11	limited	limit	VERB
ajfa-10878	238	12	to	to	ADP
ajfa-10878	238	13	the	the	DET
ajfa-10878	238	14	top	top	ADJ
ajfa-10878	238	15	100	100	NUM
ajfa-10878	238	16	firms	firm	NOUN
ajfa-10878	238	17	listed	list	VERB
ajfa-10878	238	18	in	in	ADP
ajfa-10878	238	19	bi	bi	NOUN
ajfa-10878	238	20	at	at	ADP
ajfa-10878	238	21	the	the	DET
ajfa-10878	238	22	end	end	NOUN
ajfa-10878	238	23	of	of	ADP
ajfa-10878	238	24	2015	2015	NUM
ajfa-10878	238	25	.	.	PUNCT
ajfa-10878	239	1	financial	financial	ADJ
ajfa-10878	239	2	institutionsuch	institutionsuch	PROPN
ajfa-10878	239	3	as	as	ADP
ajfa-10878	239	4	insurance	insurance	NOUN
ajfa-10878	239	5	firms	firm	NOUN
ajfa-10878	239	6	,	,	PUNCT
ajfa-10878	239	7	banks	bank	NOUN
ajfa-10878	239	8	and	and	CCONJ
ajfa-10878	239	9	other	other	ADJ
ajfa-10878	239	10	financial	financial	ADJ
ajfa-10878	239	11	intermediaries	intermediary	NOUN
ajfa-10878	239	12	that	that	PRON
ajfa-10878	239	13	represents	represent	VERB
ajfa-10878	239	14	about	about	ADV
ajfa-10878	239	15	31	31	NUM
ajfa-10878	239	16	percentages	percentage	NOUN
ajfa-10878	239	17	of	of	ADP
ajfa-10878	239	18	the	the	DET
ajfa-10878	239	19	top	top	ADJ
ajfa-10878	239	20	100	100	NUM
ajfa-10878	239	21	firms	firm	NOUN
ajfa-10878	239	22	listed	list	VERB
ajfa-10878	239	23	in	in	ADP
ajfa-10878	239	24	bi.manufacturing	bi.manufacture	VERB
ajfa-10878	239	25	firms	firm	NOUN
ajfa-10878	239	26	account	account	VERB
ajfa-10878	239	27	for	for	ADP
ajfa-10878	239	28	37	37	NUM
ajfa-10878	239	29	%	%	NOUN
ajfa-10878	239	30	of	of	ADP
ajfa-10878	239	31	the	the	DET
ajfa-10878	239	32	top	top	ADJ
ajfa-10878	239	33	100	100	NUM
ajfa-10878	239	34	listed	list	VERB
ajfa-10878	239	35	firm	firm	NOUN
ajfa-10878	239	36	in	in	ADP
ajfa-10878	239	37	bi	bi	PROPN
ajfa-10878	239	38	.	.	PUNCT
ajfa-10878	240	1	wholesale	wholesale	ADJ
ajfa-10878	240	2	and	and	CCONJ
ajfa-10878	240	3	retail	retail	ADJ
ajfa-10878	240	4	trade	trade	NOUN
ajfa-10878	240	5	including	include	VERB
ajfa-10878	240	6	hotels	hotel	NOUN
ajfa-10878	240	7	and	and	CCONJ
ajfa-10878	240	8	restaurant	restaurant	NOUN
ajfa-10878	240	9	account	account	NOUN
ajfa-10878	240	10	for	for	ADP
ajfa-10878	240	11	9	9	NUM
ajfa-10878	240	12	%	%	NOUN
ajfa-10878	240	13	and	and	CCONJ
ajfa-10878	240	14	transportation	transportation	NOUN
ajfa-10878	240	15	,	,	PUNCT
ajfa-10878	240	16	telecommunication	telecommunication	NOUN
ajfa-10878	240	17	and	and	CCONJ
ajfa-10878	240	18	storage/	storage/	NUM
ajfa-10878	240	19	transportation/	transportation/	NUM
ajfa-10878	240	20	air	air	NOUN
ajfa-10878	240	21	transportare	transportare	NOUN
ajfa-10878	240	22	about	about	ADV
ajfa-10878	240	23	6	6	NUM
ajfa-10878	240	24	%	%	NOUN
ajfa-10878	240	25	of	of	ADP
ajfa-10878	240	26	the	the	DET
ajfa-10878	240	27	top	top	ADJ
ajfa-10878	240	28	100	100	NUM
ajfa-10878	240	29	firms	firm	NOUN
ajfa-10878	240	30	listed	list	VERB
ajfa-10878	240	31	in	in	ADP
ajfa-10878	240	32	bi	bi	PROPN
ajfa-10878	240	33	.	.	PUNCT
ajfa-10878	240	34	electricity	electricity	NOUN
ajfa-10878	240	35	gas	gas	NOUN
ajfa-10878	240	36	and	and	CCONJ
ajfa-10878	240	37	water	water	NOUN
ajfa-10878	240	38	/	/	SYM
ajfa-10878	240	39	electricity	electricity	NOUN
ajfa-10878	240	40	gas	gas	NOUN
ajfa-10878	240	41	is	be	AUX
ajfa-10878	240	42	account	account	NOUN
ajfa-10878	240	43	for	for	ADP
ajfa-10878	240	44	5	5	NUM
ajfa-10878	240	45	%	%	NOUN
ajfa-10878	240	46	while	while	SCONJ
ajfa-10878	240	47	technology/	technology/	NUM
ajfa-10878	240	48	information	information	NOUN
ajfa-10878	240	49	technology	technology	NOUN
ajfa-10878	240	50	is	be	AUX
ajfa-10878	240	51	about	about	ADV
ajfa-10878	240	52	4	4	NUM
ajfa-10878	240	53	%	%	NOUN
ajfa-10878	240	54	.	.	PUNCT
ajfa-10878	241	1	the	the	DET
ajfa-10878	241	2	remaining	remain	VERB
ajfa-10878	241	3	(	(	PUNCT
ajfa-10878	241	4	5	5	NUM
ajfa-10878	241	5	%	%	NOUN
ajfa-10878	241	6	,	,	PUNCT
ajfa-10878	241	7	3	3	NUM
ajfa-10878	241	8	%	%	NOUN
ajfa-10878	241	9	)	)	PUNCT
ajfa-10878	241	10	comes	come	VERB
ajfa-10878	241	11	from	from	ADP
ajfa-10878	241	12	mining/	mining/	NUM
ajfa-10878	241	13	crude	crude	ADJ
ajfa-10878	241	14	petroleum	petroleum	NOUN
ajfa-10878	241	15	education	education	NOUN
ajfa-10878	241	16	,	,	PUNCT
ajfa-10878	241	17	health	health	NOUN
ajfa-10878	241	18	,	,	PUNCT
ajfa-10878	241	19	sport	sport	NOUN
ajfa-10878	241	20	and	and	CCONJ
ajfa-10878	241	21	other	other	ADJ
ajfa-10878	241	22	social	social	ADJ
ajfa-10878	241	23	services	service	NOUN
ajfa-10878	241	24	respectively	respectively	ADV
ajfa-10878	241	25	.	.	PUNCT
ajfa-10878	242	1	asian	asian	ADJ
ajfa-10878	242	2	journal	journal	PROPN
ajfa-10878	242	3	of	of	ADP
ajfa-10878	242	4	finance	finance	PROPN
ajfa-10878	242	5	&	&	CCONJ
ajfa-10878	242	6	accounting	accounting	PROPN
ajfa-10878	242	7	issn	issn	PROPN
ajfa-10878	242	8	1946	1946	NUM
ajfa-10878	242	9	-	-	PUNCT
ajfa-10878	242	10	052x	052x	PROPN
ajfa-10878	242	11	2017	2017	NUM
ajfa-10878	242	12	,	,	PUNCT
ajfa-10878	242	13	vol	vol	NOUN
ajfa-10878	242	14	.	.	NOUN
ajfa-10878	242	15	9	9	NUM
ajfa-10878	242	16	,	,	PUNCT
ajfa-10878	242	17	no	no	INTJ
ajfa-10878	242	18	.	.	NOUN
ajfa-10878	242	19	1	1	NUM
ajfa-10878	242	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	242	21	205	205	NUM
ajfa-10878	242	22	9	9	NUM
ajfa-10878	242	23	.	.	PUNCT
ajfa-10878	243	1	data	datum	NOUN
ajfa-10878	243	2	analyses	analysis	NOUN
ajfa-10878	243	3	and	and	CCONJ
ajfa-10878	243	4	results	result	VERB
ajfa-10878	243	5	the	the	DET
ajfa-10878	243	6	descriptive	descriptive	ADJ
ajfa-10878	243	7	statistics	statistic	NOUN
ajfa-10878	243	8	of	of	ADP
ajfa-10878	243	9	control	control	NOUN
ajfa-10878	243	10	-	-	PUNCT
ajfa-10878	243	11	ownership	ownership	NOUN
ajfa-10878	243	12	structure	structure	NOUN
ajfa-10878	243	13	are	be	AUX
ajfa-10878	243	14	disclosed	disclose	VERB
ajfa-10878	243	15	in	in	ADP
ajfa-10878	243	16	figure	figure	NOUN
ajfa-10878	243	17	4	4	NUM
ajfa-10878	243	18	.	.	PUNCT
ajfa-10878	244	1	firms	firm	NOUN
ajfa-10878	244	2	using	use	VERB
ajfa-10878	244	3	the	the	DET
ajfa-10878	244	4	pyramidal	pyramidal	ADJ
ajfa-10878	244	5	-	-	PUNCT
ajfa-10878	244	6	ownership	ownership	NOUN
ajfa-10878	244	7	structure	structure	NOUN
ajfa-10878	244	8	are	be	AUX
ajfa-10878	244	9	about	about	ADV
ajfa-10878	244	10	41	41	NUM
ajfa-10878	244	11	%	%	NOUN
ajfa-10878	244	12	of	of	ADP
ajfa-10878	244	13	the	the	DET
ajfa-10878	244	14	top	top	ADJ
ajfa-10878	244	15	100	100	NUM
ajfa-10878	244	16	firms	firm	NOUN
ajfa-10878	244	17	listed	list	VERB
ajfa-10878	244	18	in	in	ADP
ajfa-10878	244	19	bi	bi	NOUN
ajfa-10878	244	20	,	,	PUNCT
ajfa-10878	244	21	while	while	SCONJ
ajfa-10878	244	22	firms	firm	NOUN
ajfa-10878	244	23	using	use	VERB
ajfa-10878	244	24	cross	cross	ADJ
ajfa-10878	244	25	-	-	ADJ
ajfa-10878	244	26	ownership	ownership	ADJ
ajfa-10878	244	27	structure	structure	NOUN
ajfa-10878	244	28	are	be	AUX
ajfa-10878	244	29	about	about	ADV
ajfa-10878	244	30	11	11	NUM
ajfa-10878	244	31	%	%	NOUN
ajfa-10878	244	32	of	of	ADP
ajfa-10878	244	33	the	the	DET
ajfa-10878	244	34	top	top	ADJ
ajfa-10878	244	35	100	100	NUM
ajfa-10878	244	36	firms	firm	NOUN
ajfa-10878	244	37	listed	list	VERB
ajfa-10878	244	38	in	in	ADP
ajfa-10878	244	39	bi	bi	NOUN
ajfa-10878	244	40	and	and	CCONJ
ajfa-10878	244	41	the	the	DET
ajfa-10878	244	42	rest	rest	NOUN
ajfa-10878	244	43	have	have	VERB
ajfa-10878	244	44	about	about	ADV
ajfa-10878	244	45	8	8	NUM
ajfa-10878	244	46	%	%	NOUN
ajfa-10878	244	47	with	with	ADP
ajfa-10878	244	48	no	no	DET
ajfa-10878	244	49	divergence	divergence	NOUN
ajfa-10878	244	50	between	between	ADP
ajfa-10878	244	51	control	control	NOUN
ajfa-10878	244	52	rights	right	NOUN
ajfa-10878	244	53	and	and	CCONJ
ajfa-10878	244	54	cash	cash	NOUN
ajfa-10878	244	55	-	-	PUNCT
ajfa-10878	244	56	flow	flow	NOUN
ajfa-10878	244	57	rights	right	NOUN
ajfa-10878	244	58	.	.	PUNCT
ajfa-10878	245	1	figure	figure	NOUN
ajfa-10878	245	2	4	4	NUM
ajfa-10878	245	3	.	.	PUNCT
ajfa-10878	245	4	control	control	NOUN
ajfa-10878	245	5	-	-	PUNCT
ajfa-10878	245	6	ownership	ownership	NOUN
ajfa-10878	245	7	patterns	pattern	NOUN
ajfa-10878	245	8	in	in	ADP
ajfa-10878	245	9	the	the	DET
ajfa-10878	245	10	top	top	ADJ
ajfa-10878	245	11	100	100	NUM
ajfa-10878	245	12	listed	list	VERB
ajfa-10878	245	13	firms	firm	NOUN
ajfa-10878	245	14	in	in	ADP
ajfa-10878	245	15	bi	bi	NOUN
ajfa-10878	245	16	those	those	DET
ajfa-10878	245	17	firms	firm	NOUN
ajfa-10878	245	18	using	use	VERB
ajfa-10878	245	19	dual	dual	ADJ
ajfa-10878	245	20	class	class	NOUN
ajfa-10878	245	21	shares	share	NOUN
ajfa-10878	245	22	in	in	ADP
ajfa-10878	245	23	order	order	NOUN
ajfa-10878	245	24	to	to	PART
ajfa-10878	245	25	deviate	deviate	VERB
ajfa-10878	245	26	between	between	ADP
ajfa-10878	245	27	control	control	NOUN
ajfa-10878	245	28	rights	right	NOUN
ajfa-10878	245	29	and	and	CCONJ
ajfa-10878	245	30	cash	cash	NOUN
ajfa-10878	245	31	-	-	PUNCT
ajfa-10878	245	32	flow	flow	NOUN
ajfa-10878	245	33	rights	right	NOUN
ajfa-10878	245	34	are	be	AUX
ajfa-10878	245	35	about	about	ADV
ajfa-10878	245	36	40	40	NUM
ajfa-10878	245	37	%	%	NOUN
ajfa-10878	245	38	.	.	PUNCT
ajfa-10878	246	1	firms	firm	NOUN
ajfa-10878	246	2	using	use	VERB
ajfa-10878	246	3	dual	dual	ADJ
ajfa-10878	246	4	class	class	NOUN
ajfa-10878	246	5	shares	share	NOUN
ajfa-10878	246	6	are	be	AUX
ajfa-10878	246	7	classified	classify	VERB
ajfa-10878	246	8	to	to	ADP
ajfa-10878	246	9	two	two	NUM
ajfa-10878	246	10	categories.the	categories.the	DET
ajfa-10878	246	11	first	first	ADJ
ajfa-10878	246	12	category	category	NOUN
ajfa-10878	246	13	uses	use	VERB
ajfa-10878	246	14	this	this	DET
ajfa-10878	246	15	ownership	ownership	NOUN
ajfa-10878	246	16	mechanism	mechanism	NOUN
ajfa-10878	246	17	in	in	ADP
ajfa-10878	246	18	order	order	NOUN
ajfa-10878	246	19	to	to	PART
ajfa-10878	246	20	control	control	VERB
ajfa-10878	246	21	a	a	DET
ajfa-10878	246	22	large	large	ADJ
ajfa-10878	246	23	number	number	NOUN
ajfa-10878	246	24	of	of	ADP
ajfa-10878	246	25	firms	firm	NOUN
ajfa-10878	246	26	and	and	CCONJ
ajfa-10878	246	27	maintain	maintain	VERB
ajfa-10878	246	28	a	a	DET
ajfa-10878	246	29	small	small	ADJ
ajfa-10878	246	30	fraction	fraction	NOUN
ajfa-10878	246	31	of	of	ADP
ajfa-10878	246	32	equity	equity	NOUN
ajfa-10878	246	33	,	,	PUNCT
ajfa-10878	246	34	and	and	CCONJ
ajfa-10878	246	35	these	these	DET
ajfa-10878	246	36	firms	firm	NOUN
ajfa-10878	246	37	represent	represent	VERB
ajfa-10878	246	38	about	about	ADV
ajfa-10878	246	39	5	5	NUM
ajfa-10878	246	40	%	%	NOUN
ajfa-10878	246	41	of	of	ADP
ajfa-10878	246	42	the	the	DET
ajfa-10878	246	43	top	top	ADJ
ajfa-10878	246	44	100	100	NUM
ajfa-10878	246	45	firms	firm	NOUN
ajfa-10878	246	46	listed	list	VERB
ajfa-10878	246	47	in	in	ADP
ajfa-10878	246	48	bi	bi	NOUN
ajfa-10878	246	49	;	;	PUNCT
ajfa-10878	246	50	for	for	ADP
ajfa-10878	246	51	instance	instance	NOUN
ajfa-10878	246	52	,	,	PUNCT
ajfa-10878	246	53	alkimalkalikimya	alkimalkalikimya	PROPN
ajfa-10878	247	1	a.ş	a.ş	PROPN
ajfa-10878	247	2	..	..	PUNCT
ajfa-10878	247	3	the	the	DET
ajfa-10878	247	4	second	second	ADJ
ajfa-10878	247	5	category	category	NOUN
ajfa-10878	247	6	consists	consist	VERB
ajfa-10878	247	7	of	of	ADP
ajfa-10878	247	8	firms	firm	NOUN
ajfa-10878	247	9	using	use	VERB
ajfa-10878	247	10	dual	dual	ADJ
ajfa-10878	247	11	class	class	NOUN
ajfa-10878	247	12	shares	share	NOUN
ajfa-10878	247	13	to	to	PART
ajfa-10878	247	14	obtain	obtain	VERB
ajfa-10878	247	15	some	some	DET
ajfa-10878	247	16	privilege	privilege	NOUN
ajfa-10878	247	17	in	in	ADP
ajfa-10878	247	18	a	a	DET
ajfa-10878	247	19	particular	particular	ADJ
ajfa-10878	247	20	class	class	NOUN
ajfa-10878	247	21	of	of	ADP
ajfa-10878	247	22	shares	share	NOUN
ajfa-10878	247	23	.	.	PUNCT
ajfa-10878	248	1	this	this	DET
ajfa-10878	248	2	category	category	NOUN
ajfa-10878	248	3	comprises	comprise	VERB
ajfa-10878	248	4	of	of	ADP
ajfa-10878	248	5	three	three	NUM
ajfa-10878	248	6	firms	firm	NOUN
ajfa-10878	248	7	listed	list	VERB
ajfa-10878	248	8	in	in	ADP
ajfa-10878	248	9	bi	bi	NOUN
ajfa-10878	248	10	using	use	VERB
ajfa-10878	248	11	multiple	multiple	ADJ
ajfa-10878	248	12	classes	class	NOUN
ajfa-10878	248	13	of	of	ADP
ajfa-10878	248	14	shares	share	NOUN
ajfa-10878	248	15	in	in	ADP
ajfa-10878	248	16	order	order	NOUN
ajfa-10878	248	17	to	to	PART
ajfa-10878	248	18	get	get	VERB
ajfa-10878	248	19	dividend	dividend	NOUN
ajfa-10878	248	20	concessions	concession	NOUN
ajfa-10878	248	21	for	for	ADP
ajfa-10878	248	22	example	example	NOUN
ajfa-10878	248	23	the	the	DET
ajfa-10878	248	24	case	case	NOUN
ajfa-10878	248	25	of	of	ADP
ajfa-10878	248	26	kartonsankartonsanayiveticareta.ş	kartonsankartonsanayiveticareta.ş	PROPN
ajfa-10878	248	27	.	.	PUNCT
ajfa-10878	248	28	,	,	PUNCT
ajfa-10878	248	29	and	and	CCONJ
ajfa-10878	248	30	32	32	NUM
ajfa-10878	248	31	%	%	NOUN
ajfa-10878	248	32	of	of	ADP
ajfa-10878	248	33	the	the	DET
ajfa-10878	248	34	top	top	ADJ
ajfa-10878	248	35	100	100	NUM
ajfa-10878	248	36	firms	firm	NOUN
ajfa-10878	248	37	listed	list	VERB
ajfa-10878	248	38	in	in	ADP
ajfa-10878	248	39	bi	bi	ADJ
ajfa-10878	248	40	use	use	NOUN
ajfa-10878	248	41	dual	dual	ADJ
ajfa-10878	248	42	class	class	NOUN
ajfa-10878	248	43	shares	share	NOUN
ajfa-10878	248	44	to	to	PART
ajfa-10878	248	45	get	get	VERB
ajfa-10878	248	46	privilege	privilege	NOUN
ajfa-10878	248	47	to	to	PART
ajfa-10878	248	48	nominate	nominate	VERB
ajfa-10878	248	49	candidates	candidate	NOUN
ajfa-10878	248	50	to	to	ADP
ajfa-10878	248	51	the	the	DET
ajfa-10878	248	52	board	board	NOUN
ajfa-10878	248	53	of	of	ADP
ajfa-10878	248	54	directors	director	NOUN
ajfa-10878	248	55	and	and	CCONJ
ajfa-10878	248	56	audit	audit	NOUN
ajfa-10878	248	57	committee	committee	NOUN
ajfa-10878	248	58	for	for	ADP
ajfa-10878	248	59	instance	instance	NOUN
ajfa-10878	248	60	the	the	DET
ajfa-10878	248	61	case	case	NOUN
ajfa-10878	248	62	of	of	ADP
ajfa-10878	248	63	gsd	gsd	NOUN
ajfa-10878	248	64	holding	hold	VERB
ajfa-10878	248	65	a.ş	a.ş	PROPN
ajfa-10878	248	66	.	.	PUNCT
ajfa-10878	249	1	the	the	DET
ajfa-10878	249	2	bar	bar	NOUN
ajfa-10878	249	3	graph	graph	NOUN
ajfa-10878	249	4	in	in	ADP
ajfa-10878	249	5	figure	figure	NOUN
ajfa-10878	249	6	5	5	NUM
ajfa-10878	249	7	shows	show	VERB
ajfa-10878	249	8	information	information	NOUN
ajfa-10878	249	9	about	about	ADP
ajfa-10878	249	10	the	the	DET
ajfa-10878	249	11	distribution	distribution	NOUN
ajfa-10878	249	12	of	of	ADP
ajfa-10878	249	13	wedge	wedge	NOUN
ajfa-10878	249	14	exercised	exercise	VERB
ajfa-10878	249	15	by	by	ADP
ajfa-10878	249	16	the	the	DET
ajfa-10878	249	17	top	top	ADJ
ajfa-10878	249	18	100	100	NUM
ajfa-10878	249	19	firms	firm	NOUN
ajfa-10878	249	20	listed	list	VERB
ajfa-10878	249	21	in	in	ADP
ajfa-10878	249	22	bi	bi	NOUN
ajfa-10878	249	23	in	in	ADP
ajfa-10878	249	24	2015	2015	NUM
ajfa-10878	249	25	by	by	ADP
ajfa-10878	249	26	sectors.figure	sectors.figure	PROPN
ajfa-10878	249	27	5	5	NUM
ajfa-10878	249	28	gives	give	VERB
ajfa-10878	249	29	values	value	NOUN
ajfa-10878	249	30	for	for	ADP
ajfa-10878	249	31	all	all	DET
ajfa-10878	249	32	the	the	DET
ajfa-10878	249	33	wedge	wedge	NOUN
ajfa-10878	249	34	mechanisms	mechanism	NOUN
ajfa-10878	249	35	such	such	ADJ
ajfa-10878	249	36	as	as	ADP
ajfa-10878	249	37	dual	dual	ADJ
ajfa-10878	249	38	class	class	NOUN
ajfa-10878	249	39	shares	share	NOUN
ajfa-10878	249	40	,	,	PUNCT
ajfa-10878	249	41	pyramidal	pyramidal	NOUN
ajfa-10878	249	42	,	,	PUNCT
ajfa-10878	249	43	cross	cross	NOUN
ajfa-10878	249	44	-	-	NOUN
ajfa-10878	249	45	ownership	ownership	NOUN
ajfa-10878	249	46	and	and	CCONJ
ajfa-10878	249	47	firms	firm	NOUN
ajfa-10878	249	48	with	with	ADP
ajfa-10878	249	49	no	no	DET
ajfa-10878	249	50	wedge	wedge	NOUN
ajfa-10878	249	51	.	.	PUNCT
ajfa-10878	250	1	according	accord	VERB
ajfa-10878	250	2	to	to	ADP
ajfa-10878	250	3	the	the	DET
ajfa-10878	250	4	figure	figure	NOUN
ajfa-10878	250	5	,	,	PUNCT
ajfa-10878	250	6	the	the	DET
ajfa-10878	250	7	most	most	ADV
ajfa-10878	250	8	dominant	dominant	ADJ
ajfa-10878	250	9	mechanism	mechanism	NOUN
ajfa-10878	250	10	for	for	ADP
ajfa-10878	250	11	separation	separation	NOUN
ajfa-10878	250	12	between	between	ADP
ajfa-10878	250	13	ownership	ownership	NOUN
ajfa-10878	250	14	and	and	CCONJ
ajfa-10878	250	15	control	control	NOUN
ajfa-10878	250	16	is	be	AUX
ajfa-10878	250	17	both	both	CCONJ
ajfa-10878	250	18	the	the	DET
ajfa-10878	250	19	dual	dual	ADJ
ajfa-10878	250	20	class	class	NOUN
ajfa-10878	250	21	shares	share	NOUN
ajfa-10878	250	22	and	and	CCONJ
ajfa-10878	250	23	pyramidal	pyramidal	ADJ
ajfa-10878	250	24	structure	structure	NOUN
ajfa-10878	250	25	,	,	PUNCT
ajfa-10878	250	26	with	with	ADP
ajfa-10878	250	27	14	14	NUM
ajfa-10878	250	28	%	%	NOUN
ajfa-10878	250	29	and	and	CCONJ
ajfa-10878	250	30	16	16	NUM
ajfa-10878	250	31	%	%	NOUN
ajfa-10878	250	32	of	of	ADP
ajfa-10878	250	33	firms	firm	NOUN
ajfa-10878	250	34	working	work	VERB
ajfa-10878	250	35	in	in	ADP
ajfa-10878	250	36	the	the	DET
ajfa-10878	250	37	finance	finance	NOUN
ajfa-10878	250	38	sector	sector	NOUN
ajfa-10878	250	39	using	use	VERB
ajfa-10878	250	40	dual	dual	ADJ
ajfa-10878	250	41	class	class	NOUN
ajfa-10878	250	42	shares	share	NOUN
ajfa-10878	250	43	and	and	CCONJ
ajfa-10878	250	44	pyramidal	pyramidal	ADJ
ajfa-10878	250	45	structure	structure	NOUN
ajfa-10878	250	46	.	.	PUNCT
ajfa-10878	251	1	while	while	SCONJ
ajfa-10878	251	2	financial	financial	ADJ
ajfa-10878	251	3	firms	firm	NOUN
ajfa-10878	251	4	listed	list	VERB
ajfa-10878	251	5	in	in	ADP
ajfa-10878	251	6	the	the	DET
ajfa-10878	251	7	top	top	ADJ
ajfa-10878	251	8	100	100	NUM
ajfa-10878	251	9	index	index	NOUN
ajfa-10878	251	10	are	be	AUX
ajfa-10878	251	11	using	use	VERB
ajfa-10878	251	12	cross	cross	NOUN
ajfa-10878	251	13	ownership	ownership	NOUN
ajfa-10878	251	14	about	about	ADV
ajfa-10878	251	15	3	3	NUM
ajfa-10878	251	16	percentages	percentage	NOUN
ajfa-10878	251	17	and	and	CCONJ
ajfa-10878	251	18	financial	financial	ADJ
ajfa-10878	251	19	firms	firm	NOUN
ajfa-10878	251	20	not	not	PART
ajfa-10878	251	21	involved	involve	VERB
ajfa-10878	251	22	in	in	ADP
ajfa-10878	251	23	any	any	DET
ajfa-10878	251	24	mechanism	mechanism	NOUN
ajfa-10878	251	25	of	of	ADP
ajfa-10878	251	26	the	the	DET
ajfa-10878	251	27	separation	separation	NOUN
ajfa-10878	251	28	between	between	ADP
ajfa-10878	251	29	control	control	NOUN
ajfa-10878	251	30	rights	right	NOUN
ajfa-10878	251	31	and	and	CCONJ
ajfa-10878	251	32	cash	cash	NOUN
ajfa-10878	251	33	flow	flow	NOUN
ajfa-10878	251	34	rights	right	NOUN
ajfa-10878	251	35	are	be	AUX
ajfa-10878	251	36	about	about	ADV
ajfa-10878	251	37	4	4	NUM
ajfa-10878	251	38	percentages.firms	percentages.firm	NOUN
ajfa-10878	251	39	using	use	VERB
ajfa-10878	251	40	dual	dual	ADJ
ajfa-10878	251	41	class	class	NOUN
ajfa-10878	251	42	shares	share	NOUN
ajfa-10878	251	43	are	be	AUX
ajfa-10878	251	44	about	about	ADV
ajfa-10878	251	45	2	2	NUM
ajfa-10878	251	46	%	%	NOUN
ajfa-10878	251	47	of	of	ADP
ajfa-10878	251	48	firms	firm	NOUN
ajfa-10878	251	49	listed	list	VERB
ajfa-10878	251	50	in	in	ADP
ajfa-10878	251	51	the	the	DET
ajfa-10878	251	52	manufacturing	manufacturing	NOUN
ajfa-10878	251	53	sector	sector	NOUN
ajfa-10878	251	54	and	and	CCONJ
ajfa-10878	251	55	the	the	DET
ajfa-10878	251	56	firms	firm	NOUN
ajfa-10878	251	57	using	use	VERB
ajfa-10878	251	58	pyramidal	pyramidal	ADJ
ajfa-10878	251	59	ownership	ownership	NOUN
ajfa-10878	251	60	structure	structure	NOUN
ajfa-10878	251	61	are	be	AUX
ajfa-10878	251	62	about	about	ADV
ajfa-10878	251	63	3	3	NUM
ajfa-10878	251	64	%	%	NOUN
ajfa-10878	251	65	of	of	ADP
ajfa-10878	251	66	firms	firm	NOUN
ajfa-10878	251	67	listed	list	VERB
ajfa-10878	251	68	within	within	ADP
ajfa-10878	251	69	manufacturingsector	manufacturingsector	NOUN
ajfa-10878	251	70	(	(	PUNCT
ajfa-10878	251	71	non	non	ADJ
ajfa-10878	251	72	-	-	ADJ
ajfa-10878	251	73	metallic	metallic	ADJ
ajfa-10878	251	74	mineral	mineral	NOUN
ajfa-10878	251	75	products	product	NOUN
ajfa-10878	251	76	/	/	SYM
ajfa-10878	251	77	glass	glass	NOUN
ajfa-10878	251	78	and	and	CCONJ
ajfa-10878	251	79	glass	glass	NOUN
ajfa-10878	251	80	products).whereas	products).wherea	NOUN
ajfa-10878	251	81	,	,	PUNCT
ajfa-10878	251	82	about	about	ADV
ajfa-10878	251	83	1	1	NUM
ajfa-10878	251	84	%	%	NOUN
ajfa-10878	251	85	of	of	ADP
ajfa-10878	251	86	the	the	DET
ajfa-10878	251	87	manufacturing	manufacturing	NOUN
ajfa-10878	251	88	firms	firm	NOUN
ajfa-10878	251	89	are	be	AUX
ajfa-10878	251	90	using	use	VERB
ajfa-10878	251	91	cross	cross	NOUN
ajfa-10878	251	92	ownership	ownership	NOUN
ajfa-10878	251	93	and	and	CCONJ
ajfa-10878	251	94	the	the	DET
ajfa-10878	251	95	rest	rest	NOUN
ajfa-10878	251	96	of	of	ADP
ajfa-10878	251	97	themanufacturing	themanufacturing	ADJ
ajfa-10878	251	98	firms	firm	NOUN
ajfa-10878	251	99	that	that	PRON
ajfa-10878	251	100	are	be	AUX
ajfa-10878	251	101	about	about	ADP
ajfa-10878	251	102	(	(	PUNCT
ajfa-10878	251	103	2	2	NUM
ajfa-10878	251	104	%	%	NOUN
ajfa-10878	251	105	)	)	PUNCT
ajfa-10878	251	106	are	be	AUX
ajfa-10878	251	107	not	not	PART
ajfa-10878	251	108	using	use	VERB
ajfa-10878	251	109	any	any	DET
ajfa-10878	251	110	kinds	kind	NOUN
ajfa-10878	251	111	of	of	ADP
ajfa-10878	251	112	wedge.on	wedge.on	NOUN
ajfa-10878	251	113	the	the	DET
ajfa-10878	251	114	40	40	NUM
ajfa-10878	251	115	%	%	NOUN
ajfa-10878	251	116	11	11	NUM
ajfa-10878	251	117	%	%	NOUN
ajfa-10878	251	118	41	41	NUM
ajfa-10878	251	119	%	%	NOUN
ajfa-10878	251	120	8	8	NUM
ajfa-10878	251	121	%	%	NOUN
ajfa-10878	251	122	dual	dual	ADJ
ajfa-10878	251	123	class	class	NOUN
ajfa-10878	251	124	share	share	NOUN
ajfa-10878	251	125	cross	cross	ADJ
ajfa-10878	251	126	-	-	ADJ
ajfa-10878	251	127	ownership	ownership	ADJ
ajfa-10878	251	128	pyramidal	pyramidal	NOUN
ajfa-10878	251	129	ownership	ownership	NOUN
ajfa-10878	251	130	no	no	DET
ajfa-10878	251	131	-	-	PUNCT
ajfa-10878	251	132	wedge	wedge	NOUN
ajfa-10878	251	133	asian	asian	ADJ
ajfa-10878	251	134	journal	journal	NOUN
ajfa-10878	251	135	of	of	ADP
ajfa-10878	251	136	finance	finance	PROPN
ajfa-10878	251	137	&	&	CCONJ
ajfa-10878	251	138	accounting	accounting	PROPN
ajfa-10878	251	139	issn	issn	PROPN
ajfa-10878	251	140	1946	1946	NUM
ajfa-10878	251	141	-	-	PUNCT
ajfa-10878	251	142	052x	052x	PROPN
ajfa-10878	251	143	2017	2017	NUM
ajfa-10878	251	144	,	,	PUNCT
ajfa-10878	251	145	vol	vol	NOUN
ajfa-10878	251	146	.	.	NOUN
ajfa-10878	252	1	9	9	NUM
ajfa-10878	252	2	,	,	PUNCT
ajfa-10878	252	3	no	no	INTJ
ajfa-10878	252	4	.	.	NOUN
ajfa-10878	252	5	1	1	NUM
ajfa-10878	252	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	252	7	206	206	NUM
ajfa-10878	252	8	other	other	ADJ
ajfa-10878	252	9	hand	hand	NOUN
ajfa-10878	252	10	,	,	PUNCT
ajfa-10878	252	11	about	about	ADV
ajfa-10878	252	12	1	1	NUM
ajfa-10878	252	13	%	%	NOUN
ajfa-10878	252	14	of	of	ADP
ajfa-10878	252	15	firms	firm	NOUN
ajfa-10878	252	16	working	work	VERB
ajfa-10878	252	17	in	in	ADP
ajfa-10878	252	18	the	the	DET
ajfa-10878	252	19	construction	construction	NOUN
ajfa-10878	252	20	exercise	exercise	NOUN
ajfa-10878	252	21	wedge	wedge	NOUN
ajfa-10878	252	22	using	use	VERB
ajfa-10878	252	23	dual	dual	ADJ
ajfa-10878	252	24	class	class	NOUN
ajfa-10878	252	25	shares	share	NOUN
ajfa-10878	252	26	and	and	CCONJ
ajfa-10878	252	27	pyramidal	pyramidal	ADJ
ajfa-10878	252	28	structure	structure	NOUN
ajfa-10878	252	29	.	.	PUNCT
ajfa-10878	253	1	cross	cros	NOUN
ajfa-10878	253	2	-	-	NOUN
ajfa-10878	253	3	ownership	ownership	NOUN
ajfa-10878	253	4	is	be	AUX
ajfa-10878	253	5	exercised	exercise	VERB
ajfa-10878	253	6	by	by	ADP
ajfa-10878	253	7	3	3	NUM
ajfa-10878	253	8	%	%	NOUN
ajfa-10878	253	9	of	of	ADP
ajfa-10878	253	10	firms	firm	NOUN
ajfa-10878	253	11	listed	list	VERB
ajfa-10878	253	12	in	in	ADP
ajfa-10878	253	13	bi	bi	NOUN
ajfa-10878	253	14	under	under	ADP
ajfa-10878	253	15	each	each	PRON
ajfa-10878	253	16	of	of	ADP
ajfa-10878	253	17	the	the	DET
ajfa-10878	253	18	financial	financial	ADJ
ajfa-10878	253	19	institution	institution	NOUN
ajfa-10878	253	20	and	and	CCONJ
ajfa-10878	253	21	wholesale	wholesale	ADJ
ajfa-10878	253	22	and	and	CCONJ
ajfa-10878	253	23	retail	retail	ADJ
ajfa-10878	253	24	trade	trade	NOUN
ajfa-10878	253	25	sectors	sector	NOUN
ajfa-10878	253	26	.	.	PUNCT
ajfa-10878	254	1	at	at	ADP
ajfa-10878	254	2	the	the	DET
ajfa-10878	254	3	same	same	ADJ
ajfa-10878	254	4	time	time	NOUN
ajfa-10878	254	5	,	,	PUNCT
ajfa-10878	254	6	of	of	ADP
ajfa-10878	254	7	the	the	DET
ajfa-10878	254	8	firms	firm	NOUN
ajfa-10878	254	9	listed	list	VERB
ajfa-10878	254	10	in	in	ADP
ajfa-10878	254	11	bi	bi	NOUN
ajfa-10878	254	12	with	with	ADP
ajfa-10878	254	13	no	no	DET
ajfa-10878	254	14	wedge	wedge	NOUN
ajfa-10878	254	15	about	about	ADV
ajfa-10878	254	16	4	4	NUM
ajfa-10878	254	17	%	%	NOUN
ajfa-10878	254	18	work	work	NOUN
ajfa-10878	254	19	in	in	ADP
ajfa-10878	254	20	the	the	DET
ajfa-10878	254	21	finance	finance	NOUN
ajfa-10878	254	22	sector	sector	NOUN
ajfa-10878	254	23	.	.	PUNCT
ajfa-10878	255	1	figure	figure	NOUN
ajfa-10878	255	2	5	5	NUM
ajfa-10878	255	3	.	.	PUNCT
ajfa-10878	256	1	sectorial	sectorial	ADJ
ajfa-10878	256	2	distribution	distribution	NOUN
ajfa-10878	256	3	of	of	ADP
ajfa-10878	256	4	wedge	wedge	NOUN
ajfa-10878	256	5	10	10	NUM
ajfa-10878	256	6	.	.	PUNCT
ajfa-10878	257	1	conclusion	conclusion	VERB
ajfa-10878	257	2	this	this	DET
ajfa-10878	257	3	paper	paper	NOUN
ajfa-10878	257	4	analyses	analyse	VERB
ajfa-10878	257	5	the	the	DET
ajfa-10878	257	6	control	control	NOUN
ajfa-10878	257	7	-	-	PUNCT
ajfa-10878	257	8	ownership	ownership	NOUN
ajfa-10878	257	9	structure	structure	NOUN
ajfa-10878	257	10	of	of	ADP
ajfa-10878	257	11	the	the	DET
ajfa-10878	257	12	top	top	ADJ
ajfa-10878	257	13	100	100	NUM
ajfa-10878	257	14	turkish	turkish	ADJ
ajfa-10878	257	15	firms	firm	NOUN
ajfa-10878	257	16	publically	publically	ADV
ajfa-10878	257	17	listed	list	VERB
ajfa-10878	257	18	in	in	ADP
ajfa-10878	257	19	bi	bi	PROPN
ajfa-10878	257	20	.	.	PUNCT
ajfa-10878	258	1	the	the	DET
ajfa-10878	258	2	majority	majority	NOUN
ajfa-10878	258	3	of	of	ADP
ajfa-10878	258	4	these	these	DET
ajfa-10878	258	5	firms	firm	NOUN
ajfa-10878	258	6	are	be	AUX
ajfa-10878	258	7	controlled	control	VERB
ajfa-10878	258	8	by	by	ADP
ajfa-10878	258	9	families	family	NOUN
ajfa-10878	258	10	that	that	PRON
ajfa-10878	258	11	control	control	VERB
ajfa-10878	258	12	a	a	DET
ajfa-10878	258	13	group	group	NOUN
ajfa-10878	258	14	of	of	ADP
ajfa-10878	258	15	affiliated	affiliated	ADJ
ajfa-10878	258	16	firms	firm	NOUN
ajfa-10878	258	17	through	through	ADP
ajfa-10878	258	18	dual	dual	ADJ
ajfa-10878	258	19	class	class	NOUN
ajfa-10878	258	20	shares	share	NOUN
ajfa-10878	258	21	,	,	PUNCT
ajfa-10878	258	22	cross	cross	ADJ
ajfa-10878	258	23	-	-	ADJ
ajfa-10878	258	24	ownership	ownership	ADJ
ajfa-10878	258	25	ties	tie	NOUN
ajfa-10878	258	26	and	and	CCONJ
ajfa-10878	258	27	pyramidal	pyramidal	ADJ
ajfa-10878	258	28	-	-	PUNCT
ajfa-10878	258	29	ownership	ownership	NOUN
ajfa-10878	258	30	structure	structure	NOUN
ajfa-10878	258	31	.	.	PUNCT
ajfa-10878	259	1	therefore	therefore	ADV
ajfa-10878	259	2	,	,	PUNCT
ajfa-10878	259	3	the	the	DET
ajfa-10878	259	4	insider	insider	NOUN
ajfa-10878	259	5	system	system	NOUN
ajfa-10878	259	6	is	be	AUX
ajfa-10878	259	7	the	the	DET
ajfa-10878	259	8	most	most	ADV
ajfa-10878	259	9	dominant	dominant	ADJ
ajfa-10878	259	10	in	in	ADP
ajfa-10878	259	11	the	the	DET
ajfa-10878	259	12	turkish	turkish	ADJ
ajfa-10878	259	13	capital	capital	NOUN
ajfa-10878	259	14	market	market	NOUN
ajfa-10878	259	15	,	,	PUNCT
ajfa-10878	259	16	and	and	CCONJ
ajfa-10878	259	17	this	this	DET
ajfa-10878	259	18	richest	rich	ADJ
ajfa-10878	259	19	insider	insider	NOUN
ajfa-10878	259	20	wealth	wealth	NOUN
ajfa-10878	259	21	is	be	AUX
ajfa-10878	259	22	particularly	particularly	ADV
ajfa-10878	259	23	the	the	DET
ajfa-10878	259	24	case	case	NOUN
ajfa-10878	259	25	for	for	ADP
ajfa-10878	259	26	the	the	DET
ajfa-10878	259	27	family	family	NOUN
ajfa-10878	259	28	control	control	NOUN
ajfa-10878	259	29	structure	structure	NOUN
ajfa-10878	259	30	.	.	PUNCT
ajfa-10878	260	1	the	the	DET
ajfa-10878	260	2	ultimate	ultimate	ADJ
ajfa-10878	260	3	controller	controller	NOUN
ajfa-10878	260	4	uses	use	VERB
ajfa-10878	260	5	the	the	DET
ajfa-10878	260	6	dual	dual	ADJ
ajfa-10878	260	7	class	class	NOUN
ajfa-10878	260	8	shares	share	NOUN
ajfa-10878	260	9	mechanism	mechanism	NOUN
ajfa-10878	260	10	to	to	PART
ajfa-10878	260	11	create	create	VERB
ajfa-10878	260	12	divergence	divergence	NOUN
ajfa-10878	260	13	between	between	ADP
ajfa-10878	260	14	control	control	NOUN
ajfa-10878	260	15	rights	right	NOUN
ajfa-10878	260	16	and	and	CCONJ
ajfa-10878	260	17	cash	cash	NOUN
ajfa-10878	260	18	-	-	PUNCT
ajfa-10878	260	19	flow	flow	NOUN
ajfa-10878	260	20	rights	right	NOUN
ajfa-10878	260	21	.	.	PUNCT
ajfa-10878	261	1	this	this	PRON
ajfa-10878	261	2	is	be	AUX
ajfa-10878	261	3	in	in	ADP
ajfa-10878	261	4	order	order	NOUN
ajfa-10878	261	5	to	to	PART
ajfa-10878	261	6	control	control	VERB
ajfa-10878	261	7	a	a	DET
ajfa-10878	261	8	large	large	ADJ
ajfa-10878	261	9	number	number	NOUN
ajfa-10878	261	10	of	of	ADP
ajfa-10878	261	11	firms	firm	NOUN
ajfa-10878	261	12	,	,	PUNCT
ajfa-10878	261	13	despite	despite	SCONJ
ajfa-10878	261	14	the	the	DET
ajfa-10878	261	15	decrease	decrease	NOUN
ajfa-10878	261	16	in	in	ADP
ajfa-10878	261	17	their	their	PRON
ajfa-10878	261	18	stake	stake	NOUN
ajfa-10878	261	19	of	of	ADP
ajfa-10878	261	20	equity	equity	NOUN
ajfa-10878	261	21	in	in	ADP
ajfa-10878	261	22	those	those	DET
ajfa-10878	261	23	firms	firm	NOUN
ajfa-10878	261	24	.	.	PUNCT
ajfa-10878	262	1	previous	previous	ADJ
ajfa-10878	262	2	studies	study	NOUN
ajfa-10878	262	3	document	document	NOUN
ajfa-10878	262	4	that	that	SCONJ
ajfa-10878	262	5	the	the	DET
ajfa-10878	262	6	previous	previous	ADJ
ajfa-10878	262	7	control	control	NOUN
ajfa-10878	262	8	-	-	PUNCT
ajfa-10878	262	9	ownership	ownership	NOUN
ajfa-10878	262	10	structure	structure	NOUN
ajfa-10878	262	11	arrangement	arrangement	NOUN
ajfa-10878	262	12	enhances	enhance	VERB
ajfa-10878	262	13	majority	majority	NOUN
ajfa-10878	262	14	shareholders	shareholder	NOUN
ajfa-10878	262	15	’	’	PART
ajfa-10878	262	16	incentive	incentive	NOUN
ajfa-10878	262	17	and	and	CCONJ
ajfa-10878	262	18	ability	ability	NOUN
ajfa-10878	262	19	to	to	PART
ajfa-10878	262	20	extract	extract	VERB
ajfa-10878	262	21	private	private	ADJ
ajfa-10878	262	22	benefits	benefit	NOUN
ajfa-10878	262	23	from	from	ADP
ajfa-10878	262	24	the	the	DET
ajfa-10878	262	25	firms	firm	NOUN
ajfa-10878	262	26	it	it	PRON
ajfa-10878	262	27	controls	control	VERB
ajfa-10878	262	28	,	,	PUNCT
ajfa-10878	262	29	at	at	ADP
ajfa-10878	262	30	the	the	DET
ajfa-10878	262	31	expense	expense	NOUN
ajfa-10878	262	32	of	of	ADP
ajfa-10878	262	33	the	the	DET
ajfa-10878	262	34	minority	minority	NOUN
ajfa-10878	262	35	shareholders	shareholder	NOUN
ajfa-10878	262	36	(	(	PUNCT
ajfa-10878	262	37	ararat	ararat	PROPN
ajfa-10878	262	38	,	,	PUNCT
ajfa-10878	262	39	süel	süel	NOUN
ajfa-10878	262	40	,	,	PUNCT
ajfa-10878	262	41	aytekin	aytekin	NOUN
ajfa-10878	262	42	,	,	PUNCT
ajfa-10878	262	43	&	&	CCONJ
ajfa-10878	262	44	alkan	alkan	PROPN
ajfa-10878	262	45	,	,	PUNCT
ajfa-10878	262	46	2014;demirag	2014;demirag	NUM
ajfa-10878	262	47	&	&	CCONJ
ajfa-10878	262	48	serter	serter	NOUN
ajfa-10878	262	49	,	,	PUNCT
ajfa-10878	262	50	2003	2003	NUM
ajfa-10878	262	51	)	)	PUNCT
ajfa-10878	262	52	.	.	PUNCT
ajfa-10878	263	1	this	this	DET
ajfa-10878	263	2	study	study	NOUN
ajfa-10878	263	3	recommendsto	recommendsto	NOUN
ajfa-10878	263	4	policy	policy	NOUN
ajfa-10878	263	5	makers	maker	NOUN
ajfa-10878	263	6	and	and	CCONJ
ajfa-10878	263	7	regulators	regulator	NOUN
ajfa-10878	263	8	to	to	PART
ajfa-10878	263	9	provide	provide	VERB
ajfa-10878	263	10	relevant	relevant	ADJ
ajfa-10878	263	11	policies	policy	NOUN
ajfa-10878	263	12	that	that	PRON
ajfa-10878	263	13	will	will	AUX
ajfa-10878	263	14	support	support	VERB
ajfa-10878	263	15	investors	investor	NOUN
ajfa-10878	263	16	position	position	VERB
ajfa-10878	263	17	particularly	particularly	ADV
ajfa-10878	263	18	minority	minority	NOUN
ajfa-10878	263	19	shareholders	shareholder	NOUN
ajfa-10878	263	20	,	,	PUNCT
ajfa-10878	263	21	for	for	ADP
ajfa-10878	263	22	instance	instance	NOUN
ajfa-10878	263	23	,	,	PUNCT
ajfa-10878	263	24	minority	minority	NOUN
ajfa-10878	263	25	shareholders	shareholder	NOUN
ajfa-10878	263	26	that	that	PRON
ajfa-10878	263	27	possess	possess	VERB
ajfa-10878	263	28	a	a	DET
ajfa-10878	263	29	particular	particular	ADJ
ajfa-10878	263	30	threshold	threshold	NOUN
ajfa-10878	263	31	of	of	ADP
ajfa-10878	263	32	voting	voting	NOUN
ajfa-10878	263	33	rights	right	NOUN
ajfa-10878	263	34	to	to	PART
ajfa-10878	263	35	hold	hold	VERB
ajfa-10878	263	36	a	a	DET
ajfa-10878	263	37	right	right	NOUN
ajfa-10878	263	38	to	to	PART
ajfa-10878	263	39	challenge	challenge	VERB
ajfa-10878	263	40	management	management	NOUN
ajfa-10878	263	41	manipulation	manipulation	NOUN
ajfa-10878	263	42	,	,	PUNCT
ajfa-10878	263	43	andto	andto	PROPN
ajfa-10878	263	44	call	call	NOUN
ajfa-10878	263	45	for	for	ADP
ajfa-10878	263	46	an	an	DET
ajfa-10878	263	47	extraordinary	extraordinary	ADJ
ajfa-10878	263	48	general	general	ADJ
ajfa-10878	263	49	meeting	meeting	NOUN
ajfa-10878	263	50	or	or	CCONJ
ajfa-10878	263	51	participate	participate	VERB
ajfa-10878	263	52	in	in	ADP
ajfa-10878	263	53	firm	firm	NOUN
ajfa-10878	263	54	’s	’s	PART
ajfa-10878	263	55	decision	decision	NOUN
ajfa-10878	263	56	such	such	ADJ
ajfa-10878	263	57	as	as	ADP
ajfa-10878	263	58	select	select	ADJ
ajfa-10878	263	59	independent	independent	ADJ
ajfa-10878	263	60	directors	director	NOUN
ajfa-10878	263	61	,	,	PUNCT
ajfa-10878	263	62	or	or	CCONJ
ajfa-10878	263	63	dividend	dividend	NOUN
ajfa-10878	263	64	policies	policy	NOUN
ajfa-10878	263	65	.	.	PUNCT
ajfa-10878	264	1	0	0	NUM
ajfa-10878	264	2	2	2	NUM
ajfa-10878	264	3	4	4	NUM
ajfa-10878	264	4	6	6	NUM
ajfa-10878	264	5	8	8	NUM
ajfa-10878	264	6	10	10	NUM
ajfa-10878	264	7	12	12	NUM
ajfa-10878	264	8	14	14	NUM
ajfa-10878	264	9	16	16	NUM
ajfa-10878	264	10	18	18	NUM
ajfa-10878	264	11	dual	dual	ADJ
ajfa-10878	264	12	class	class	NOUN
ajfa-10878	264	13	shares	share	NOUN
ajfa-10878	264	14	pyramidal	pyramidal	NOUN
ajfa-10878	264	15	cross	cross	NOUN
ajfa-10878	264	16	ownership	ownership	NOUN
ajfa-10878	264	17	no	no	DET
ajfa-10878	264	18	wedge	wedge	NOUN
ajfa-10878	264	19	non	non	ADJ
ajfa-10878	264	20	-	-	ADJ
ajfa-10878	264	21	metalic	metalic	ADJ
ajfa-10878	264	22	mineral	mineral	NOUN
ajfa-10878	264	23	other	other	ADJ
ajfa-10878	264	24	manufacturing	manufacturing	NOUN
ajfa-10878	264	25	industry	industry	NOUN
ajfa-10878	264	26	financial	financial	ADJ
ajfa-10878	264	27	institutions	institution	NOUN
ajfa-10878	264	28	electricity	electricity	NOUN
ajfa-10878	264	29	chemical	chemical	NOUN
ajfa-10878	264	30	products	product	NOUN
ajfa-10878	264	31	information	information	NOUN
ajfa-10878	264	32	technology	technology	PROPN
ajfa-10878	264	33	asian	asian	ADJ
ajfa-10878	264	34	journal	journal	NOUN
ajfa-10878	264	35	of	of	ADP
ajfa-10878	264	36	finance	finance	PROPN
ajfa-10878	264	37	&	&	CCONJ
ajfa-10878	264	38	accounting	accounting	PROPN
ajfa-10878	264	39	issn	issn	PROPN
ajfa-10878	264	40	1946	1946	NUM
ajfa-10878	264	41	-	-	PUNCT
ajfa-10878	264	42	052x	052x	PROPN
ajfa-10878	264	43	2017	2017	NUM
ajfa-10878	264	44	,	,	PUNCT
ajfa-10878	264	45	vol	vol	NOUN
ajfa-10878	264	46	.	.	NOUN
ajfa-10878	264	47	9	9	NUM
ajfa-10878	264	48	,	,	PUNCT
ajfa-10878	264	49	no	no	INTJ
ajfa-10878	264	50	.	.	NOUN
ajfa-10878	264	51	1	1	NUM
ajfa-10878	264	52	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	264	53	207	207	NUM
ajfa-10878	264	54	acknowledgements	acknowledgement	NOUN
ajfa-10878	264	55	the	the	DET
ajfa-10878	264	56	author	author	NOUN
ajfa-10878	264	57	would	would	AUX
ajfa-10878	264	58	like	like	VERB
ajfa-10878	264	59	to	to	PART
ajfa-10878	264	60	thank	thank	VERB
ajfa-10878	264	61	professor	professor	PROPN
ajfa-10878	264	62	ayoibche	ayoibche	NOUN
ajfa-10878	264	63	-	-	PUNCT
ajfa-10878	264	64	ahmad	ahmad	PROPN
ajfa-10878	264	65	and	and	CCONJ
ajfa-10878	264	66	dr	dr	PROPN
ajfa-10878	264	67	.	.	PROPN
ajfa-10878	264	68	sitraselvi	sitraselvi	PROPN
ajfa-10878	264	69	a	a	PROPN
ajfa-10878	264	70	/	/	SYM
ajfa-10878	264	71	p	p	NOUN
ajfa-10878	264	72	chandrenfor	chandrenfor	VERB
ajfa-10878	264	73	their	their	PRON
ajfa-10878	264	74	guidelines	guideline	NOUN
ajfa-10878	264	75	and	and	CCONJ
ajfa-10878	264	76	efforts	effort	NOUN
ajfa-10878	264	77	.	.	PUNCT
ajfa-10878	265	1	a	a	DET
ajfa-10878	265	2	special	special	ADJ
ajfa-10878	265	3	thanks	thank	NOUN
ajfa-10878	265	4	also	also	ADV
ajfa-10878	265	5	to	to	ADP
ajfa-10878	265	6	the	the	DET
ajfa-10878	265	7	anonymous	anonymous	ADJ
ajfa-10878	265	8	reviewers	reviewer	NOUN
ajfa-10878	265	9	and	and	CCONJ
ajfa-10878	265	10	the	the	DET
ajfa-10878	265	11	journal	journal	PROPN
ajfa-10878	265	12	editor	editor	NOUN
ajfa-10878	265	13	.	.	PUNCT
ajfa-10878	266	1	references	reference	NOUN
ajfa-10878	266	2	aguilera	aguilera	PROPN
ajfa-10878	266	3	,	,	PUNCT
ajfa-10878	266	4	r.	r.	PROPN
ajfa-10878	266	5	v.	v.	PROPN
ajfa-10878	266	6	(	(	PUNCT
ajfa-10878	266	7	2005	2005	NUM
ajfa-10878	266	8	)	)	PUNCT
ajfa-10878	266	9	.	.	PUNCT
ajfa-10878	267	1	corporate	corporate	ADJ
ajfa-10878	267	2	governance	governance	NOUN
ajfa-10878	267	3	and	and	CCONJ
ajfa-10878	267	4	director	director	NOUN
ajfa-10878	267	5	accountability	accountability	NOUN
ajfa-10878	267	6	:	:	PUNCT
ajfa-10878	267	7	an	an	DET
ajfa-10878	267	8	institutional	institutional	ADJ
ajfa-10878	267	9	comparative	comparative	ADJ
ajfa-10878	267	10	perspective	perspective	NOUN
ajfa-10878	267	11	*	*	PUNCT
ajfa-10878	267	12	.	.	PUNCT
ajfa-10878	268	1	british	british	PROPN
ajfa-10878	268	2	journal	journal	PROPN
ajfa-10878	268	3	of	of	ADP
ajfa-10878	268	4	management	management	NOUN
ajfa-10878	268	5	,	,	PUNCT
ajfa-10878	268	6	16(s1	16(s1	NUM
ajfa-10878	268	7	)	)	PUNCT
ajfa-10878	268	8	,	,	PUNCT
ajfa-10878	268	9	s39	s39	X
ajfa-10878	268	10	–	–	PUNCT
ajfa-10878	268	11	s53	s53	NOUN
ajfa-10878	268	12	.	.	PUNCT
ajfa-10878	269	1	https://doi.org/10.1111/j.1467-8551.2005.00446.x	https://doi.org/10.1111/j.1467-8551.2005.00446.x	DET
ajfa-10878	269	2	ararat	ararat	PROPN
ajfa-10878	269	3	,	,	PUNCT
ajfa-10878	269	4	m.	m.	NOUN
ajfa-10878	269	5	,	,	PUNCT
ajfa-10878	269	6	aksu	aksu	NOUN
ajfa-10878	269	7	,	,	PUNCT
ajfa-10878	269	8	m.	m.	NOUN
ajfa-10878	269	9	,	,	PUNCT
ajfa-10878	269	10	&	&	CCONJ
ajfa-10878	269	11	tansel	tansel	PROPN
ajfa-10878	269	12	cetin	cetin	PROPN
ajfa-10878	269	13	,	,	PUNCT
ajfa-10878	269	14	a.	a.	NOUN
ajfa-10878	269	15	(	(	PUNCT
ajfa-10878	269	16	2015	2015	NUM
ajfa-10878	269	17	)	)	PUNCT
ajfa-10878	269	18	.	.	PUNCT
ajfa-10878	270	1	how	how	SCONJ
ajfa-10878	270	2	board	board	NOUN
ajfa-10878	270	3	diversity	diversity	NOUN
ajfa-10878	270	4	affects	affect	VERB
ajfa-10878	270	5	firm	firm	ADJ
ajfa-10878	270	6	performance	performance	NOUN
ajfa-10878	270	7	in	in	ADP
ajfa-10878	270	8	emerging	emerge	VERB
ajfa-10878	270	9	markets	market	NOUN
ajfa-10878	270	10	:	:	PUNCT
ajfa-10878	270	11	evidence	evidence	NOUN
ajfa-10878	270	12	on	on	ADP
ajfa-10878	270	13	channels	channel	NOUN
ajfa-10878	270	14	in	in	ADP
ajfa-10878	270	15	controlled	control	VERB
ajfa-10878	270	16	firms	firm	NOUN
ajfa-10878	270	17	.	.	PUNCT
ajfa-10878	271	1	corporate	corporate	ADJ
ajfa-10878	271	2	governance	governance	NOUN
ajfa-10878	271	3	:	:	PUNCT
ajfa-10878	271	4	an	an	DET
ajfa-10878	271	5	international	international	ADJ
ajfa-10878	271	6	review	review	NOUN
ajfa-10878	271	7	,	,	PUNCT
ajfa-10878	271	8	23(2	23(2	NUM
ajfa-10878	271	9	)	)	PUNCT
ajfa-10878	271	10	,	,	PUNCT
ajfa-10878	271	11	83–103	83–103	NUM
ajfa-10878	271	12	.	.	PROPN
ajfa-10878	271	13	https://doi.org/10.1111/corg.12103	https://doi.org/10.1111/corg.12103	PROPN
ajfa-10878	271	14	ararat	ararat	PROPN
ajfa-10878	271	15	,	,	PUNCT
ajfa-10878	271	16	m.	m.	NOUN
ajfa-10878	271	17	,	,	PUNCT
ajfa-10878	271	18	black	black	NOUN
ajfa-10878	271	19	,	,	PUNCT
ajfa-10878	271	20	b.	b.	PROPN
ajfa-10878	271	21	s.	s.	PROPN
ajfa-10878	271	22	,	,	PUNCT
ajfa-10878	271	23	&	&	CCONJ
ajfa-10878	271	24	yurtoglu	yurtoglu	PROPN
ajfa-10878	271	25	,	,	PUNCT
ajfa-10878	271	26	b.	b.	PROPN
ajfa-10878	271	27	b.	b.	PROPN
ajfa-10878	271	28	(	(	PUNCT
ajfa-10878	271	29	2014	2014	NUM
ajfa-10878	271	30	)	)	PUNCT
ajfa-10878	271	31	.	.	PUNCT
ajfa-10878	272	1	corporate	corporate	ADJ
ajfa-10878	272	2	governance	governance	NOUN
ajfa-10878	272	3	,	,	PUNCT
ajfa-10878	272	4	business	business	NOUN
ajfa-10878	272	5	groups	group	NOUN
ajfa-10878	272	6	,	,	PUNCT
ajfa-10878	272	7	and	and	CCONJ
ajfa-10878	272	8	market	market	NOUN
ajfa-10878	272	9	value	value	NOUN
ajfa-10878	272	10	 	 	SPACE
ajfa-10878	272	11	:	:	PUNCT
ajfa-10878	272	12	time	time	NOUN
ajfa-10878	272	13	-	-	PUNCT
ajfa-10878	272	14	series	series	NOUN
ajfa-10878	272	15	evidence	evidence	NOUN
ajfa-10878	272	16	from	from	ADP
ajfa-10878	272	17	turkey	turkey	PROPN
ajfa-10878	272	18	corporate	corporate	ADJ
ajfa-10878	272	19	governance	governance	NOUN
ajfa-10878	272	20	,	,	PUNCT
ajfa-10878	272	21	business	business	NOUN
ajfa-10878	272	22	groups	group	NOUN
ajfa-10878	272	23	,	,	PUNCT
ajfa-10878	272	24	and	and	CCONJ
ajfa-10878	272	25	market	market	NOUN
ajfa-10878	272	26	value.time	value.time	NOUN
ajfa-10878	272	27	-	-	PUNCT
ajfa-10878	272	28	series	series	NOUN
ajfa-10878	272	29	evidence	evidence	NOUN
ajfa-10878	272	30	from	from	ADP
ajfa-10878	272	31	turkey	turkey	PROPN
ajfa-10878	272	32	,	,	PUNCT
ajfa-10878	272	33	13	13	NUM
ajfa-10878	272	34	.	.	PUNCT
ajfa-10878	273	1	ararat	ararat	PROPN
ajfa-10878	273	2	,	,	PUNCT
ajfa-10878	273	3	m.	m.	NOUN
ajfa-10878	273	4	,	,	PUNCT
ajfa-10878	273	5	süel	süel	PROPN
ajfa-10878	273	6	,	,	PUNCT
ajfa-10878	273	7	e.	e.	PROPN
ajfa-10878	273	8	,	,	PUNCT
ajfa-10878	273	9	aytekin	aytekin	PROPN
ajfa-10878	273	10	,	,	PUNCT
ajfa-10878	273	11	b.	b.	PROPN
ajfa-10878	273	12	,	,	PUNCT
ajfa-10878	273	13	&	&	CCONJ
ajfa-10878	273	14	alkan	alkan	PROPN
ajfa-10878	273	15	,	,	PUNCT
ajfa-10878	273	16	s.	s.	PROPN
ajfa-10878	273	17	(	(	PUNCT
ajfa-10878	273	18	2014	2014	NUM
ajfa-10878	273	19	)	)	PUNCT
ajfa-10878	273	20	.	.	PUNCT
ajfa-10878	274	1	women	woman	NOUN
ajfa-10878	274	2	on	on	ADP
ajfa-10878	274	3	board	board	PROPN
ajfa-10878	274	4	turkey	turkey	PROPN
ajfa-10878	274	5	:	:	PUNCT
ajfa-10878	274	6	2014	2014	NUM
ajfa-10878	274	7	(	(	PUNCT
ajfa-10878	274	8	2nd	2nd	ADJ
ajfa-10878	274	9	annual	annual	ADJ
ajfa-10878	274	10	report	report	NOUN
ajfa-10878	274	11	:	:	PUNCT
ajfa-10878	274	12	independent	independent	ADJ
ajfa-10878	274	13	women	woman	NOUN
ajfa-10878	274	14	directors	director	NOUN
ajfa-10878	274	15	project	project	NOUN
ajfa-10878	274	16	)	)	PUNCT
ajfa-10878	274	17	.	.	PUNCT
ajfa-10878	275	1	bized	bize	VERB
ajfa-10878	275	2	,	,	PUNCT
ajfa-10878	275	3	3	3	X
ajfa-10878	275	4	.	.	X
ajfa-10878	275	5	https://doi.org/10.5900/su_som_wp.2014.25068	https://doi.org/10.5900/su_som_wp.2014.25068	PROPN
ajfa-10878	275	6	ararat	ararat	PROPN
ajfa-10878	275	7	,	,	PUNCT
ajfa-10878	275	8	m.	m.	NOUN
ajfa-10878	275	9	,	,	PUNCT
ajfa-10878	275	10	&	&	CCONJ
ajfa-10878	275	11	ugur	ugur	PROPN
ajfa-10878	275	12	,	,	PUNCT
ajfa-10878	275	13	m.	m.	NOUN
ajfa-10878	275	14	(	(	PUNCT
ajfa-10878	275	15	2003	2003	NUM
ajfa-10878	275	16	)	)	PUNCT
ajfa-10878	275	17	.	.	PUNCT
ajfa-10878	276	1	corporate	corporate	ADJ
ajfa-10878	276	2	governance	governance	NOUN
ajfa-10878	276	3	in	in	ADP
ajfa-10878	276	4	turkey	turkey	NOUN
ajfa-10878	276	5	:	:	PUNCT
ajfa-10878	276	6	an	an	DET
ajfa-10878	276	7	overview	overview	NOUN
ajfa-10878	276	8	and	and	CCONJ
ajfa-10878	276	9	some	some	DET
ajfa-10878	276	10	policy	policy	NOUN
ajfa-10878	276	11	recommendations	recommendation	NOUN
ajfa-10878	276	12	.	.	PUNCT
ajfa-10878	277	1	corporate	corporate	ADJ
ajfa-10878	277	2	governance	governance	NOUN
ajfa-10878	277	3	:	:	PUNCT
ajfa-10878	277	4	the	the	DET
ajfa-10878	277	5	international	international	ADJ
ajfa-10878	277	6	journal	journal	NOUN
ajfa-10878	277	7	of	of	ADP
ajfa-10878	277	8	business	business	NOUN
ajfa-10878	277	9	in	in	ADP
ajfa-10878	277	10	society	society	NOUN
ajfa-10878	277	11	,	,	PUNCT
ajfa-10878	277	12	3(1	3(1	NUM
ajfa-10878	277	13	)	)	PUNCT
ajfa-10878	277	14	,	,	PUNCT
ajfa-10878	277	15	58–75	58–75	NUM
ajfa-10878	277	16	.	.	PUNCT
ajfa-10878	278	1	https://doi.org/10.1108/14720700310459863	https://doi.org/10.1108/14720700310459863	PROPN
ajfa-10878	279	1	aytac	aytac	PROPN
ajfa-10878	279	2	,	,	PUNCT
ajfa-10878	279	3	z.	z.	PROPN
ajfa-10878	279	4	,	,	PUNCT
ajfa-10878	279	5	&	&	CCONJ
ajfa-10878	279	6	sak	sak	PROPN
ajfa-10878	279	7	,	,	PUNCT
ajfa-10878	279	8	g.	g.	PROPN
ajfa-10878	279	9	(	(	PUNCT
ajfa-10878	279	10	2000).corporate	2000).corporate	NUM
ajfa-10878	279	11	governance	governance	NOUN
ajfa-10878	279	12	assessment	assessment	NOUN
ajfa-10878	279	13	:	:	PUNCT
ajfa-10878	279	14	the	the	DET
ajfa-10878	279	15	turkish	turkish	ADJ
ajfa-10878	279	16	equity	equity	NOUN
ajfa-10878	279	17	market.world	market.world	PROPN
ajfa-10878	279	18	bank	bank	NOUN
ajfa-10878	279	19	global	global	ADJ
ajfa-10878	279	20	corporate	corporate	ADJ
ajfa-10878	279	21	governance	governance	NOUN
ajfa-10878	279	22	project	project	NOUN
ajfa-10878	279	23	in	in	ADP
ajfa-10878	279	24	.	.	PUNCT
ajfa-10878	280	1	bebchuk	bebchuk	PROPN
ajfa-10878	280	2	,	,	PUNCT
ajfa-10878	280	3	l.	l.	PROPN
ajfa-10878	280	4	a.	a.	PROPN
ajfa-10878	280	5	,	,	PUNCT
ajfa-10878	280	6	kraakman	kraakman	PROPN
ajfa-10878	280	7	,	,	PUNCT
ajfa-10878	280	8	r.	r.	PROPN
ajfa-10878	280	9	,	,	PUNCT
ajfa-10878	280	10	&	&	CCONJ
ajfa-10878	280	11	triantis	triantis	PROPN
ajfa-10878	280	12	,	,	PUNCT
ajfa-10878	280	13	g.	g.	PROPN
ajfa-10878	280	14	(	(	PUNCT
ajfa-10878	280	15	2000	2000	NUM
ajfa-10878	280	16	)	)	PUNCT
ajfa-10878	280	17	.	.	PUNCT
ajfa-10878	281	1	stock	stock	NOUN
ajfa-10878	281	2	pyramids	pyramid	NOUN
ajfa-10878	281	3	,	,	PUNCT
ajfa-10878	281	4	cross	cross	NOUN
ajfa-10878	281	5	-	-	NOUN
ajfa-10878	281	6	ownership	ownership	NOUN
ajfa-10878	281	7	,	,	PUNCT
ajfa-10878	281	8	and	and	CCONJ
ajfa-10878	281	9	dual	dual	ADJ
ajfa-10878	281	10	class	class	NOUN
ajfa-10878	281	11	equity	equity	NOUN
ajfa-10878	281	12	:	:	PUNCT
ajfa-10878	281	13	the	the	DET
ajfa-10878	281	14	mechanisms	mechanism	NOUN
ajfa-10878	281	15	and	and	CCONJ
ajfa-10878	281	16	agency	agency	NOUN
ajfa-10878	281	17	costs	cost	NOUN
ajfa-10878	281	18	of	of	ADP
ajfa-10878	281	19	separating	separate	VERB
ajfa-10878	281	20	control	control	NOUN
ajfa-10878	281	21	from	from	ADP
ajfa-10878	281	22	cash	cash	NOUN
ajfa-10878	281	23	-	-	PUNCT
ajfa-10878	281	24	flow	flow	NOUN
ajfa-10878	281	25	rights	right	NOUN
ajfa-10878	281	26	.	.	PUNCT
ajfa-10878	282	1	in	in	ADP
ajfa-10878	282	2	concentrated	concentrated	ADJ
ajfa-10878	282	3	corporate	corporate	ADJ
ajfa-10878	282	4	ownership	ownership	NOUN
ajfa-10878	282	5	(	(	PUNCT
ajfa-10878	282	6	pp	pp	ADJ
ajfa-10878	282	7	.	.	PUNCT
ajfa-10878	283	1	295–318).chap	295–318).chap	NUM
ajfa-10878	283	2	,	,	PUNCT
ajfa-10878	283	3	university	university	NOUN
ajfa-10878	283	4	of	of	ADP
ajfa-10878	283	5	chicago	chicago	PROPN
ajfa-10878	283	6	press	press	PROPN
ajfa-10878	283	7	.	.	PUNCT
ajfa-10878	284	1	berle	berle	PROPN
ajfa-10878	284	2	,	,	PUNCT
ajfa-10878	284	3	a.	a.	NOUN
ajfa-10878	284	4	a.	a.	NOUN
ajfa-10878	284	5	(	(	PUNCT
ajfa-10878	284	6	1958	1958	NUM
ajfa-10878	284	7	)	)	PUNCT
ajfa-10878	284	8	.	.	PUNCT
ajfa-10878	285	1	"	"	PUNCT
ajfa-10878	285	2	control	control	NOUN
ajfa-10878	285	3	"	"	PUNCT
ajfa-10878	285	4	in	in	ADP
ajfa-10878	285	5	coṛporate	coṛporate	NOUN
ajfa-10878	285	6	law	law	NOUN
ajfa-10878	285	7	.	.	PUNCT
ajfa-10878	286	1	columbia	columbia	PROPN
ajfa-10878	286	2	law	law	PROPN
ajfa-10878	286	3	review	review	PROPN
ajfa-10878	286	4	,	,	PUNCT
ajfa-10878	286	5	58(8	58(8	NUM
ajfa-10878	286	6	)	)	PUNCT
ajfa-10878	286	7	,	,	PUNCT
ajfa-10878	286	8	1212–1225	1212–1225	NUM
ajfa-10878	286	9	.	.	PUNCT
ajfa-10878	287	1	https://doi.org/10.2307/1119961	https://doi.org/10.2307/1119961	NUM
ajfa-10878	287	2	bohinc	bohinc	NOUN
ajfa-10878	287	3	,	,	PUNCT
ajfa-10878	287	4	r.	r.	PROPN
ajfa-10878	287	5	,	,	PUNCT
ajfa-10878	287	6	&	&	CCONJ
ajfa-10878	287	7	bainbridge	bainbridge	PROPN
ajfa-10878	287	8	,	,	PUNCT
ajfa-10878	287	9	s.	s.	PROPN
ajfa-10878	287	10	m.	m.	PROPN
ajfa-10878	287	11	(	(	PUNCT
ajfa-10878	287	12	2001).corporate	2001).corporate	NUM
ajfa-10878	287	13	governance	governance	NOUN
ajfa-10878	287	14	in	in	ADP
ajfa-10878	287	15	post	post	ADJ
ajfa-10878	287	16	-	-	ADJ
ajfa-10878	287	17	privatized	privatized	ADJ
ajfa-10878	287	18	slovenia.the	slovenia.the	DET
ajfa-10878	287	19	american	american	ADJ
ajfa-10878	287	20	journal	journal	PROPN
ajfa-10878	287	21	of	of	ADP
ajfa-10878	287	22	comparative	comparative	ADJ
ajfa-10878	287	23	law	law	NOUN
ajfa-10878	287	24	,	,	PUNCT
ajfa-10878	287	25	49(1	49(1	NOUN
ajfa-10878	287	26	)	)	PUNCT
ajfa-10878	287	27	,	,	PUNCT
ajfa-10878	287	28	49	49	NUM
ajfa-10878	287	29	-	-	SYM
ajfa-10878	287	30	77	77	NUM
ajfa-10878	287	31	.	.	PUNCT
ajfa-10878	288	1	https://doi.org/10.2307/840921	https://doi.org/10.2307/840921	VERB
ajfa-10878	288	2	carlsson	carlsson	PROPN
ajfa-10878	288	3	,	,	PUNCT
ajfa-10878	288	4	r.	r.	PROPN
ajfa-10878	288	5	h.	h.	PROPN
ajfa-10878	288	6	(	(	PUNCT
ajfa-10878	288	7	2001	2001	NUM
ajfa-10878	288	8	)	)	PUNCT
ajfa-10878	288	9	.	.	PUNCT
ajfa-10878	289	1	ownership	ownership	NOUN
ajfa-10878	289	2	and	and	CCONJ
ajfa-10878	289	3	value	value	VERB
ajfa-10878	289	4	creation.strategic	creation.strategic	ADJ
ajfa-10878	289	5	corporate	corporate	ADJ
ajfa-10878	289	6	governance	governance	NOUN
ajfa-10878	289	7	in	in	ADP
ajfa-10878	289	8	the	the	DET
ajfa-10878	289	9	new	new	ADJ
ajfa-10878	289	10	economy	economy	NOUN
ajfa-10878	289	11	.	.	PUNCT
ajfa-10878	290	1	chichester	chichester	PROPN
ajfa-10878	290	2	:	:	PUNCT
ajfa-10878	290	3	john	john	PROPN
ajfa-10878	290	4	wiley	wiley	PROPN
ajfa-10878	290	5	&	&	CCONJ
ajfa-10878	290	6	sons	sons	PROPN
ajfa-10878	290	7	ltd	ltd	PROPN
ajfa-10878	290	8	.	.	PROPN
ajfa-10878	290	9	claessens	claessens	PROPN
ajfa-10878	290	10	,	,	PUNCT
ajfa-10878	290	11	s.	s.	PROPN
ajfa-10878	290	12	,	,	PUNCT
ajfa-10878	290	13	djankov	djankov	PROPN
ajfa-10878	290	14	,	,	PUNCT
ajfa-10878	290	15	s.	s.	PROPN
ajfa-10878	290	16	,	,	PUNCT
ajfa-10878	290	17	&	&	CCONJ
ajfa-10878	290	18	lang	lang	PROPN
ajfa-10878	290	19	,	,	PUNCT
ajfa-10878	290	20	l.	l.	PROPN
ajfa-10878	290	21	h.	h.	PROPN
ajfa-10878	290	22	p.	p.	PROPN
ajfa-10878	290	23	(	(	PUNCT
ajfa-10878	290	24	2000	2000	NUM
ajfa-10878	290	25	)	)	PUNCT
ajfa-10878	290	26	.	.	PUNCT
ajfa-10878	291	1	the	the	DET
ajfa-10878	291	2	separation	separation	NOUN
ajfa-10878	291	3	of	of	ADP
ajfa-10878	291	4	ownership	ownership	NOUN
ajfa-10878	291	5	and	and	CCONJ
ajfa-10878	291	6	control	control	NOUN
ajfa-10878	291	7	in	in	ADP
ajfa-10878	291	8	east	east	ADJ
ajfa-10878	291	9	asian	asian	ADJ
ajfa-10878	291	10	corporations	corporation	NOUN
ajfa-10878	291	11	.	.	PUNCT
ajfa-10878	292	1	journal	journal	PROPN
ajfa-10878	292	2	of	of	ADP
ajfa-10878	292	3	financial	financial	ADJ
ajfa-10878	292	4	economics	economic	NOUN
ajfa-10878	292	5	,	,	PUNCT
ajfa-10878	292	6	58(1	58(1	NUM
ajfa-10878	292	7	)	)	PUNCT
ajfa-10878	292	8	,	,	PUNCT
ajfa-10878	292	9	81–112	81–112	PROPN
ajfa-10878	292	10	.	.	PUNCT
ajfa-10878	293	1	https://doi.org/10.1016/s0304-405x(00)00067-2	https://doi.org/10.1016/s0304-405x(00)00067-2	NOUN
ajfa-10878	293	2	capital	capital	NOUN
ajfa-10878	293	3	market	market	NOUN
ajfa-10878	293	4	board	board	NOUN
ajfa-10878	293	5	of	of	ADP
ajfa-10878	293	6	turkey	turkey	PROPN
ajfa-10878	293	7	(	(	PUNCT
ajfa-10878	293	8	cmb	cmb	PROPN
ajfa-10878	293	9	)	)	PUNCT
ajfa-10878	293	10	.	.	PUNCT
ajfa-10878	294	1	(	(	PUNCT
ajfa-10878	294	2	2015	2015	NUM
ajfa-10878	294	3	)	)	PUNCT
ajfa-10878	294	4	.	.	PUNCT
ajfa-10878	295	1	developments	development	NOUN
ajfa-10878	295	2	in	in	ADP
ajfa-10878	295	3	turkish	turkish	ADJ
ajfa-10878	295	4	capital	capital	NOUN
ajfa-10878	295	5	markets.http://www.cmb.gov.tr/indexcont.aspx?action=showpage&menuid=3&pid=1	markets.http://www.cmb.gov.tr/indexcont.aspx?action=showpage&menuid=3&pid=1	NOUN
ajfa-10878	295	6	&	&	CCONJ
ajfa-10878	295	7	.	.	PUNCT
ajfa-10878	296	1	asian	asian	ADJ
ajfa-10878	296	2	journal	journal	PROPN
ajfa-10878	296	3	of	of	ADP
ajfa-10878	296	4	finance	finance	PROPN
ajfa-10878	296	5	&	&	CCONJ
ajfa-10878	296	6	accounting	accounting	PROPN
ajfa-10878	296	7	issn	issn	PROPN
ajfa-10878	296	8	1946	1946	NUM
ajfa-10878	296	9	-	-	PUNCT
ajfa-10878	296	10	052x	052x	PROPN
ajfa-10878	296	11	2017	2017	NUM
ajfa-10878	296	12	,	,	PUNCT
ajfa-10878	296	13	vol	vol	NOUN
ajfa-10878	296	14	.	.	NOUN
ajfa-10878	296	15	9	9	NUM
ajfa-10878	296	16	,	,	PUNCT
ajfa-10878	296	17	no	no	INTJ
ajfa-10878	296	18	.	.	NOUN
ajfa-10878	296	19	1	1	NUM
ajfa-10878	296	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10878	296	21	208	208	NUM
ajfa-10878	296	22	capital	capital	NOUN
ajfa-10878	296	23	market	market	NOUN
ajfa-10878	296	24	board	board	NOUN
ajfa-10878	296	25	of	of	ADP
ajfa-10878	296	26	turkey	turkey	PROPN
ajfa-10878	296	27	.	.	PUNCT
ajfa-10878	297	1	(	(	PUNCT
ajfa-10878	297	2	2012	2012	NUM
ajfa-10878	297	3	)	)	PUNCT
ajfa-10878	297	4	.	.	PUNCT
ajfa-10878	298	1	new	new	ADJ
ajfa-10878	298	2	capital	capital	NOUN
ajfa-10878	298	3	market	market	NOUN
ajfa-10878	298	4	law	law	NOUN
ajfa-10878	298	5	(	(	PUNCT
ajfa-10878	298	6	no	no	INTJ
ajfa-10878	298	7	.	.	PUNCT
ajfa-10878	299	1	28513).http://www.cmb.gov.tr	28513).http://www.cmb.gov.tr	NUM
ajfa-10878	299	2	/	/	SYM
ajfa-10878	299	3	displayfile.aspx?action	displayfile.aspx?action	NOUN
ajfa-10878	299	4	=	=	NOUN
ajfa-10878	299	5	displayfile&pageid=87&fn=87.pdf&s	displayfile&pageid=87&fn=87.pdf&	VERB
ajfa-10878	299	6	ubmenuheader	ubmenuheader	NOUN
ajfa-10878	299	7	=	=	NOUN
ajfa-10878	299	8	null	null	NOUN
ajfa-10878	299	9	.	.	PUNCT
ajfa-10878	300	1	daniels	daniels	PROPN
ajfa-10878	300	2	,	,	PUNCT
ajfa-10878	300	3	r.	r.	PROPN
ajfa-10878	300	4	j.	j.	PROPN
ajfa-10878	300	5	,	,	PUNCT
ajfa-10878	300	6	&	&	CCONJ
ajfa-10878	300	7	halpern	halpern	PROPN
ajfa-10878	300	8	,	,	PUNCT
ajfa-10878	300	9	p.	p.	NOUN
ajfa-10878	300	10	(	(	PUNCT
ajfa-10878	300	11	1996	1996	NUM
ajfa-10878	300	12	)	)	PUNCT
ajfa-10878	300	13	.	.	PUNCT
ajfa-10878	301	1	too	too	ADV
ajfa-10878	301	2	close	close	ADJ
ajfa-10878	301	3	for	for	ADP
ajfa-10878	301	4	comfort	comfort	NOUN
ajfa-10878	301	5	:	:	PUNCT
ajfa-10878	301	6	the	the	DET
ajfa-10878	301	7	role	role	NOUN
ajfa-10878	301	8	of	of	ADP
ajfa-10878	301	9	the	the	DET
ajfa-10878	301	10	closely	closely	ADV
ajfa-10878	301	11	held	hold	VERB
ajfa-10878	301	12	public	public	ADJ
ajfa-10878	301	13	corporation	corporation	NOUN
ajfa-10878	301	14	in	in	ADP
ajfa-10878	301	15	the	the	DET
ajfa-10878	301	16	canadian	canadian	ADJ
ajfa-10878	301	17	economy	economy	NOUN
ajfa-10878	301	18	and	and	CCONJ
ajfa-10878	301	19	the	the	DET
ajfa-10878	301	20	implications	implication	NOUN
ajfa-10878	301	21	for	for	ADP
ajfa-10878	301	22	public	public	ADJ
ajfa-10878	301	23	policy	policy	NOUN
ajfa-10878	301	24	.	.	PUNCT
ajfa-10878	302	1	can	can	AUX
ajfa-10878	302	2	.	.	PUNCT
ajfa-10878	303	1	bus.lj	bus.lj	PROPN
ajfa-10878	303	2	,	,	PUNCT
ajfa-10878	303	3	26	26	NUM
ajfa-10878	303	4	,	,	PUNCT
ajfa-10878	303	5	11	11	NUM
ajfa-10878	303	6	.	.	PUNCT
ajfa-10878	304	1	davies	davy	NOUN
ajfa-10878	304	2	,	,	PUNCT
ajfa-10878	304	3	p.	p.	NOUN
ajfa-10878	304	4	l.	l.	PROPN
ajfa-10878	304	5	(	(	PUNCT
ajfa-10878	304	6	2001	2001	NUM
ajfa-10878	304	7	)	)	PUNCT
ajfa-10878	304	8	.	.	PUNCT
ajfa-10878	305	1	board	board	NOUN
ajfa-10878	305	2	structure	structure	NOUN
ajfa-10878	305	3	in	in	ADP
ajfa-10878	305	4	the	the	DET
ajfa-10878	305	5	uk	uk	PROPN
ajfa-10878	305	6	and	and	CCONJ
ajfa-10878	305	7	germany	germany	PROPN
ajfa-10878	305	8	:	:	PUNCT
ajfa-10878	305	9	convergence	convergence	NOUN
ajfa-10878	305	10	or	or	CCONJ
ajfa-10878	305	11	continuing	continue	VERB
ajfa-10878	305	12	divergence	divergence	NOUN
ajfa-10878	305	13	?	?	PUNCT
ajfa-10878	305	14	.	.	PUNCT
ajfa-10878	306	1	de	de	PROPN
ajfa-10878	306	2	silanes	silanes	PROPN
ajfa-10878	306	3	,	,	PUNCT
ajfa-10878	306	4	f.	f.	PROPN
ajfa-10878	306	5	l.	l.	PROPN
ajfa-10878	306	6	,	,	PUNCT
ajfa-10878	306	7	la	la	PROPN
ajfa-10878	306	8	porta	porta	PROPN
ajfa-10878	306	9	,	,	PUNCT
ajfa-10878	306	10	r.	r.	PROPN
ajfa-10878	306	11	,	,	PUNCT
ajfa-10878	306	12	shleifer	shleifer	PROPN
ajfa-10878	306	13	,	,	PUNCT
ajfa-10878	306	14	a.	a.	PROPN
ajfa-10878	306	15	,	,	PUNCT
ajfa-10878	306	16	&	&	CCONJ
ajfa-10878	306	17	vishny	vishny	PROPN
ajfa-10878	306	18	,	,	PUNCT
ajfa-10878	306	19	r.	r.	PROPN
ajfa-10878	306	20	(	(	PUNCT
ajfa-10878	306	21	1998).law	1998).law	NOUN
ajfa-10878	306	22	and	and	CCONJ
ajfa-10878	306	23	finance.journal	finance.journal	ADJ
ajfa-10878	306	24	of	of	ADP
ajfa-10878	306	25	political	political	ADJ
ajfa-10878	306	26	economy	economy	NOUN
ajfa-10878	306	27	,	,	PUNCT
ajfa-10878	306	28	106	106	NUM
ajfa-10878	306	29	.	.	PUNCT
ajfa-10878	307	1	demirag	demirag	PROPN
ajfa-10878	307	2	,	,	PUNCT
ajfa-10878	307	3	i.	i.	PROPN
ajfa-10878	307	4	,	,	PUNCT
ajfa-10878	307	5	&	&	CCONJ
ajfa-10878	307	6	serter	serter	NOUN
ajfa-10878	307	7	,	,	PUNCT
ajfa-10878	307	8	m.	m.	NOUN
ajfa-10878	307	9	(	(	PUNCT
ajfa-10878	307	10	2003	2003	NUM
ajfa-10878	307	11	)	)	PUNCT
ajfa-10878	307	12	.	.	PUNCT
ajfa-10878	308	1	ownership	ownership	NOUN
ajfa-10878	308	2	patterns	pattern	NOUN
ajfa-10878	308	3	and	and	CCONJ
ajfa-10878	308	4	control	control	NOUN
ajfa-10878	308	5	in	in	ADP
ajfa-10878	308	6	turkish	turkish	ADJ
ajfa-10878	308	7	listed	list	VERB
ajfa-10878	308	8	companies	company	NOUN
ajfa-10878	308	9	.	.	PUNCT
ajfa-10878	309	1	corporate	corporate	ADJ
ajfa-10878	309	2	governance	governance	NOUN
ajfa-10878	309	3	:	:	PUNCT
ajfa-10878	309	4	an	an	DET
ajfa-10878	309	5	international	international	ADJ
ajfa-10878	309	6	review	review	NOUN
ajfa-10878	309	7	,	,	PUNCT
ajfa-10878	309	8	11(1	11(1	NUM
ajfa-10878	309	9	)	)	PUNCT
ajfa-10878	309	10	,	,	PUNCT
ajfa-10878	309	11	40–51	40–51	NUM
ajfa-10878	309	12	.	.	PUNCT
ajfa-10878	310	1	https://doi.org/10.1111/1467-8683.00300	https://doi.org/10.1111/1467-8683.00300	PROPN
ajfa-10878	310	2	desender	desender	PROPN
ajfa-10878	310	3	,	,	PUNCT
ajfa-10878	310	4	k.	k.	PROPN
ajfa-10878	310	5	a.	a.	PROPN
ajfa-10878	310	6	,	,	PUNCT
ajfa-10878	310	7	aguilera	aguilera	PROPN
ajfa-10878	310	8	,	,	PUNCT
ajfa-10878	310	9	r.	r.	PROPN
ajfa-10878	310	10	v	v	PROPN
ajfa-10878	310	11	,	,	PUNCT
ajfa-10878	310	12	crespi	crespi	PROPN
ajfa-10878	310	13	,	,	PUNCT
ajfa-10878	310	14	r.	r.	PROPN
ajfa-10878	310	15	,	,	PUNCT
ajfa-10878	310	16	&	&	CCONJ
ajfa-10878	310	17	garcía‐cestona	garcía‐cestona	PROPN
ajfa-10878	310	18	,	,	PUNCT
ajfa-10878	310	19	m.	m.	NOUN
ajfa-10878	310	20	(	(	PUNCT
ajfa-10878	310	21	2013	2013	NUM
ajfa-10878	310	22	)	)	PUNCT
ajfa-10878	310	23	.	.	PUNCT
ajfa-10878	311	1	when	when	SCONJ
ajfa-10878	311	2	does	do	AUX
ajfa-10878	311	3	ownership	ownership	NOUN
ajfa-10878	311	4	matter	matter	NOUN
ajfa-10878	311	5	?	?	PUNCT
ajfa-10878	312	1	board	board	NOUN
ajfa-10878	312	2	characteristics	characteristic	NOUN
ajfa-10878	312	3	and	and	CCONJ
ajfa-10878	312	4	behavior.strategic	behavior.strategic	PROPN
ajfa-10878	312	5	management	management	NOUN
ajfa-10878	312	6	journal	journal	NOUN
ajfa-10878	312	7	,	,	PUNCT
ajfa-10878	312	8	34(7	34(7	NUM
ajfa-10878	312	9	)	)	PUNCT
ajfa-10878	312	10	,	,	PUNCT
ajfa-10878	312	11	823	823	NUM
ajfa-10878	312	12	-	-	SYM
ajfa-10878	312	13	842	842	NUM
ajfa-10878	312	14	.	.	PUNCT
ajfa-10878	313	1	https://doi.org/10.1002/smj.2046	https://doi.org/10.1002/smj.2046	NOUN
ajfa-10878	313	2	desender	desender	PROPN
ajfa-10878	313	3	,	,	PUNCT
ajfa-10878	313	4	k.	k.	PROPN
ajfa-10878	313	5	,	,	PUNCT
ajfa-10878	313	6	aguilera	aguilera	PROPN
ajfa-10878	313	7	,	,	PUNCT
ajfa-10878	313	8	r.	r.	PROPN
ajfa-10878	313	9	v	v	PROPN
ajfa-10878	313	10	,	,	PUNCT
ajfa-10878	313	11	crespi	crespi	NOUN
ajfa-10878	313	12	-	-	PUNCT
ajfa-10878	313	13	cladera	cladera	NOUN
ajfa-10878	313	14	,	,	PUNCT
ajfa-10878	313	15	r.	r.	PROPN
ajfa-10878	313	16	,	,	PUNCT
ajfa-10878	313	17	&	&	CCONJ
ajfa-10878	313	18	garcia	garcia	PROPN
ajfa-10878	313	19	-	-	PUNCT
ajfa-10878	313	20	cestona	cestona	PROPN
ajfa-10878	313	21	,	,	PUNCT
ajfa-10878	313	22	m.	m.	NOUN
ajfa-10878	313	23	a.	a.	NOUN
ajfa-10878	313	24	(	(	PUNCT
ajfa-10878	313	25	2009	2009	NUM
ajfa-10878	313	26	)	)	PUNCT
ajfa-10878	313	27	.	.	PUNCT
ajfa-10878	314	1	board	board	NOUN
ajfa-10878	314	2	characteristics	characteristic	NOUN
ajfa-10878	314	3	and	and	CCONJ
ajfa-10878	314	4	audit	audit	NOUN
ajfa-10878	314	5	fees	fee	NOUN
ajfa-10878	314	6	:	:	PUNCT
ajfa-10878	314	7	why	why	SCONJ
ajfa-10878	314	8	ownership	ownership	NOUN
ajfa-10878	314	9	structure	structure	NOUN
ajfa-10878	314	10	matters	matter	VERB
ajfa-10878	314	11	.	.	PUNCT
ajfa-10878	315	1	university	university	NOUN
ajfa-10878	315	2	of	of	ADP
ajfa-10878	315	3	illinois	illinois	PROPN
ajfa-10878	315	4	at	at	ADP
ajfa-10878	315	5	urbana	urbana	PROPN
ajfa-10878	315	6	-	-	PUNCT
ajfa-10878	315	7	champaign	champaign	PROPN
ajfa-10878	315	8	,	,	PUNCT
ajfa-10878	315	9	college	college	NOUN
ajfa-10878	315	10	of	of	ADP
ajfa-10878	315	11	business	business	PROPN
ajfa-10878	315	12	wp	wp	PROPN
ajfa-10878	315	13	,	,	PUNCT
ajfa-10878	315	14	9–107	9–107	NUM
ajfa-10878	315	15	.	.	PUNCT
ajfa-10878	316	1	fox	fox	PROPN
ajfa-10878	316	2	,	,	PUNCT
ajfa-10878	316	3	m.	m.	PROPN
ajfa-10878	316	4	b.	b.	PROPN
ajfa-10878	316	5	,	,	PUNCT
ajfa-10878	316	6	&	&	CCONJ
ajfa-10878	316	7	heller	heller	PROPN
ajfa-10878	316	8	,	,	PUNCT
ajfa-10878	316	9	m.	m.	NOUN
ajfa-10878	316	10	a.	a.	NOUN
ajfa-10878	316	11	(	(	PUNCT
ajfa-10878	316	12	2000).corporate	2000).corporate	NUM
ajfa-10878	316	13	governance	governance	NOUN
ajfa-10878	316	14	lessons	lesson	NOUN
ajfa-10878	316	15	from	from	ADP
ajfa-10878	316	16	russian	russian	ADJ
ajfa-10878	316	17	enterprise	enterprise	NOUN
ajfa-10878	316	18	fiascoes	fiasco	NOUN
ajfa-10878	316	19	.	.	PUNCT
ajfa-10878	317	1	franks	frank	NOUN
ajfa-10878	317	2	,	,	PUNCT
ajfa-10878	317	3	j.	j.	PROPN
ajfa-10878	317	4	,	,	PUNCT
ajfa-10878	317	5	&	&	CCONJ
ajfa-10878	317	6	mayer	mayer	PROPN
ajfa-10878	317	7	,	,	PUNCT
ajfa-10878	317	8	c.	c.	PROPN
ajfa-10878	317	9	(	(	PUNCT
ajfa-10878	317	10	2001).ownership	2001).ownership	NOUN
ajfa-10878	317	11	and	and	CCONJ
ajfa-10878	317	12	control	control	NOUN
ajfa-10878	317	13	of	of	ADP
ajfa-10878	317	14	german	german	ADJ
ajfa-10878	317	15	corporations.review	corporations.review	PROPN
ajfa-10878	317	16	of	of	ADP
ajfa-10878	317	17	financial	financial	ADJ
ajfa-10878	317	18	studies	study	NOUN
ajfa-10878	317	19	,	,	PUNCT
ajfa-10878	317	20	14(4	14(4	NUM
ajfa-10878	317	21	)	)	PUNCT
ajfa-10878	317	22	,	,	PUNCT
ajfa-10878	317	23	943–977.https://doi.org/10.1093	943–977.https://doi.org/10.1093	NUM
ajfa-10878	317	24	/	/	SYM
ajfa-10878	317	25	rfs/14.4.943	rfs/14.4.943	PROPN
ajfa-10878	317	26	hacımahmutoğlu	hacımahmutoğlu	NOUN
ajfa-10878	317	27	,	,	PUNCT
ajfa-10878	317	28	s.	s.	PROPN
ajfa-10878	317	29	(	(	PUNCT
ajfa-10878	317	30	2007).the	2007).the	NUM
ajfa-10878	317	31	problems	problem	NOUN
ajfa-10878	317	32	of	of	ADP
ajfa-10878	317	33	minority	minority	NOUN
ajfa-10878	317	34	protection	protection	NOUN
ajfa-10878	317	35	and	and	CCONJ
ajfa-10878	317	36	their	their	PRON
ajfa-10878	317	37	solutions	solution	NOUN
ajfa-10878	317	38	within	within	ADP
ajfa-10878	317	39	the	the	DET
ajfa-10878	317	40	legal	legal	ADJ
ajfa-10878	317	41	framework	framework	NOUN
ajfa-10878	317	42	.	.	PUNCT
ajfa-10878	318	1	journal	journal	NOUN
ajfa-10878	318	2	of	of	ADP
ajfa-10878	318	3	banking	banking	NOUN
ajfa-10878	318	4	regulation	regulation	NOUN
ajfa-10878	318	5	,	,	PUNCT
ajfa-10878	318	6	8(2	8(2	NUM
ajfa-10878	318	7	)	)	PUNCT
ajfa-10878	318	8	,	,	PUNCT
ajfa-10878	318	9	131–158	131–158	NUM
ajfa-10878	318	10	.	.	PUNCT
ajfa-10878	319	1	https://doi.org/10.1057/palgrave.jbr.2350046	https://doi.org/10.1057/palgrave.jbr.2350046	PROPN
ajfa-10878	319	2	himmelberg	himmelberg	PROPN
ajfa-10878	319	3	,	,	PUNCT
ajfa-10878	319	4	c.	c.	PROPN
ajfa-10878	319	5	p.	p.	PROPN
ajfa-10878	319	6	,	,	PUNCT
ajfa-10878	319	7	hubbard	hubbard	PROPN
ajfa-10878	319	8	,	,	PUNCT
ajfa-10878	319	9	r.	r.	PROPN
ajfa-10878	319	10	g.	g.	PROPN
ajfa-10878	319	11	,	,	PUNCT
ajfa-10878	319	12	&	&	CCONJ
ajfa-10878	319	13	love	love	PROPN
ajfa-10878	319	14	,	,	PUNCT
ajfa-10878	319	15	i.	i.	PROPN
ajfa-10878	319	16	(	(	PUNCT
ajfa-10878	319	17	2004).investor	2004).investor	NUM
ajfa-10878	319	18	protection	protection	NOUN
ajfa-10878	319	19	,	,	PUNCT
ajfa-10878	319	20	ownership	ownership	NOUN
ajfa-10878	319	21	,	,	PUNCT
ajfa-10878	319	22	and	and	CCONJ
ajfa-10878	319	23	the	the	DET
ajfa-10878	319	24	cost	cost	NOUN
ajfa-10878	319	25	of	of	ADP
ajfa-10878	319	26	capital.world	capital.world	PROPN
ajfa-10878	319	27	bank	bank	NOUN
ajfa-10878	319	28	policy	policy	NOUN
ajfa-10878	319	29	research	research	NOUN
ajfa-10878	319	30	working	working	NOUN
ajfa-10878	319	31	paper	paper	NOUN
ajfa-10878	319	32	,	,	PUNCT
ajfa-10878	319	33	(	(	PUNCT
ajfa-10878	319	34	2834	2834	NUM
ajfa-10878	319	35	)	)	PUNCT
ajfa-10878	319	36	.	.	PUNCT
ajfa-10878	320	1	holmén	holmén	ADJ
ajfa-10878	320	2	,	,	PUNCT
ajfa-10878	320	3	m.	m.	NOUN
ajfa-10878	320	4	,	,	PUNCT
ajfa-10878	320	5	&	&	CCONJ
ajfa-10878	320	6	högfeldt	högfeldt	PROPN
ajfa-10878	320	7	,	,	PUNCT
ajfa-10878	320	8	p.	p.	NOUN
ajfa-10878	320	9	(	(	PUNCT
ajfa-10878	320	10	1999).corporate	1999).corporate	NUM
ajfa-10878	320	11	control	control	NOUN
ajfa-10878	320	12	and	and	CCONJ
ajfa-10878	320	13	security	security	NOUN
ajfa-10878	320	14	design	design	NOUN
ajfa-10878	320	15	in	in	ADP
ajfa-10878	320	16	initial	initial	ADJ
ajfa-10878	320	17	public	public	ADJ
ajfa-10878	320	18	offerings	offering	NOUN
ajfa-10878	320	19	.	.	PUNCT
ajfa-10878	321	1	stockholm	stockholm	PROPN
ajfa-10878	321	2	:	:	PUNCT
ajfa-10878	321	3	stockholm	stockholm	PROPN
ajfa-10878	321	4	school	school	NOUN
ajfa-10878	321	5	of	of	ADP
ajfa-10878	321	6	economics	economic	NOUN
ajfa-10878	321	7	.	.	PUNCT
ajfa-10878	322	1	khalil	khalil	PROPN
ajfa-10878	322	2	,	,	PUNCT
ajfa-10878	322	3	s.	s.	PROPN
ajfa-10878	322	4	,	,	PUNCT
ajfa-10878	322	5	magnan	magnan	NOUN
ajfa-10878	322	6	,	,	PUNCT
ajfa-10878	322	7	m.	m.	NOUN
ajfa-10878	322	8	l.	l.	PROPN
ajfa-10878	322	9	,	,	PUNCT
ajfa-10878	322	10	&	&	CCONJ
ajfa-10878	322	11	cohen	cohen	PROPN
ajfa-10878	322	12	,	,	PUNCT
ajfa-10878	322	13	j.	j.	PROPN
ajfa-10878	322	14	r.	r.	PROPN
ajfa-10878	322	15	(	(	PUNCT
ajfa-10878	322	16	2008	2008	NUM
ajfa-10878	322	17	)	)	PUNCT
ajfa-10878	322	18	.	.	PUNCT
ajfa-10878	323	1	dual	dual	ADJ
ajfa-10878	323	2	-	-	PUNCT
ajfa-10878	323	3	class	class	NOUN
ajfa-10878	323	4	shares	share	NOUN
ajfa-10878	323	5	and	and	CCONJ
ajfa-10878	323	6	audit	audit	NOUN
ajfa-10878	323	7	pricing	pricing	NOUN
ajfa-10878	323	8	:	:	PUNCT
ajfa-10878	323	9	evidence	evidence	NOUN
ajfa-10878	323	10	from	from	ADP
ajfa-10878	323	11	the	the	DET
ajfa-10878	323	12	canadian	canadian	ADJ
ajfa-10878	323	13	markets	market	NOUN
ajfa-10878	323	14	.	.	PUNCT
ajfa-10878	324	1	auditing	auditing	NOUN
ajfa-10878	324	2	:	:	PUNCT
ajfa-10878	324	3	a	a	DET
ajfa-10878	324	4	journal	journal	NOUN
ajfa-10878	324	5	of	of	ADP
ajfa-10878	324	6	practice	practice	NOUN
ajfa-10878	324	7	&	&	CCONJ
ajfa-10878	324	8	theory	theory	NOUN
ajfa-10878	324	9	,	,	PUNCT
ajfa-10878	324	10	27(2	27(2	PRON
ajfa-10878	324	11	)	)	PUNCT
ajfa-10878	324	12	,	,	PUNCT
ajfa-10878	324	13	199-216.https://doi.org/10.2308/aud.2008.27.2.199	199-216.https://doi.org/10.2308/aud.2008.27.2.199	NUM
ajfa-10878	324	14	la	la	ADP
ajfa-10878	324	15	porta	porta	PROPN
ajfa-10878	324	16	,	,	PUNCT
ajfa-10878	324	17	r.	r.	PROPN
ajfa-10878	324	18	,	,	PUNCT
ajfa-10878	324	19	lopez	lopez	NOUN
ajfa-10878	324	20	-	-	PUNCT
ajfa-10878	324	21	de	de	NOUN
ajfa-10878	324	22	-	-	NOUN
ajfa-10878	324	23	silanes	silanes	PROPN
ajfa-10878	324	24	,	,	PUNCT
ajfa-10878	324	25	f.	f.	PROPN
ajfa-10878	324	26	,	,	PUNCT
ajfa-10878	324	27	shleifer	shleifer	PROPN
ajfa-10878	324	28	,	,	PUNCT
ajfa-10878	324	29	a.	a.	PROPN
ajfa-10878	324	30	,	,	PUNCT
ajfa-10878	324	31	&	&	CCONJ
ajfa-10878	324	32	vishny	vishny	PROPN
ajfa-10878	324	33	,	,	PUNCT
ajfa-10878	324	34	r.	r.	PROPN
ajfa-10878	324	35	(	(	PUNCT
ajfa-10878	324	36	1999	1999	NUM
ajfa-10878	324	37	)	)	PUNCT
ajfa-10878	324	38	.	.	PUNCT
ajfa-10878	325	1	the	the	DET
ajfa-10878	325	2	quality	quality	NOUN
ajfa-10878	325	3	of	of	ADP
ajfa-10878	325	4	government	government	NOUN
ajfa-10878	325	5	.	.	PUNCT
ajfa-10878	326	1	journal	journal	PROPN
ajfa-10878	326	2	of	of	ADP
ajfa-10878	326	3	law	law	NOUN
ajfa-10878	326	4	,	,	PUNCT
ajfa-10878	326	5	economics	economic	NOUN
ajfa-10878	326	6	,	,	PUNCT
ajfa-10878	326	7	and	and	CCONJ
ajfa-10878	326	8	organization	organization	NOUN
ajfa-10878	326	9	,	,	PUNCT
ajfa-10878	326	10	15(1	15(1	NUM
ajfa-10878	326	11	)	)	PUNCT
ajfa-10878	326	12	,	,	PUNCT
ajfa-10878	326	13	222–279	222–279	NUM
ajfa-10878	326	14	.	.	PUNCT
ajfa-10878	327	1	https://doi.org/10.1093/jleo/15.1.222	https://doi.org/10.1093/jleo/15.1.222	NUM
ajfa-10878	327	2	asian	asian	ADJ
ajfa-10878	327	3	journal	journal	NOUN
ajfa-10878	327	4	of	of	ADP
ajfa-10878	327	5	finance	finance	PROPN
ajfa-10878	327	6	&	&	CCONJ
ajfa-10878	327	7	accounting	accounting	PROPN
ajfa-10878	327	8	issn	issn	PROPN
ajfa-10878	327	9	1946	1946	NUM
ajfa-10878	327	10	-	-	PUNCT
ajfa-10878	327	11	052x	052x	PROPN
ajfa-10878	327	12	2017	2017	NUM
ajfa-10878	327	13	,	,	PUNCT
ajfa-10878	327	14	vol	vol	NOUN
ajfa-10878	327	15	.	.	NOUN
ajfa-10878	327	16	9	9	NUM
ajfa-10878	327	17	,	,	PUNCT
ajfa-10878	327	18	no	no	INTJ
ajfa-10878	327	19	.	.	NOUN
ajfa-10878	327	20	1	1	NUM
ajfa-10878	327	21	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-10878	327	22	209	209	NUM
ajfa-10878	327	23	la	la	INTJ
ajfa-10878	327	24	porta	porta	PROPN
ajfa-10878	327	25	,	,	PUNCT
ajfa-10878	327	26	r.	r.	PROPN
ajfa-10878	327	27	,	,	PUNCT
ajfa-10878	327	28	lopez	lopez	NOUN
ajfa-10878	327	29	-	-	PUNCT
ajfa-10878	327	30	de	de	NOUN
ajfa-10878	327	31	-	-	NOUN
ajfa-10878	327	32	silanes	silanes	PROPN
ajfa-10878	327	33	,	,	PUNCT
ajfa-10878	327	34	f.	f.	PROPN
ajfa-10878	327	35	,	,	PUNCT
ajfa-10878	327	36	shleifer	shleifer	PROPN
ajfa-10878	327	37	,	,	PUNCT
ajfa-10878	327	38	a.	a.	PROPN
ajfa-10878	327	39	,	,	PUNCT
ajfa-10878	327	40	&	&	CCONJ
ajfa-10878	327	41	vishny	vishny	PROPN
ajfa-10878	327	42	,	,	PUNCT
ajfa-10878	327	43	r.	r.	PROPN
ajfa-10878	327	44	(	(	PUNCT
ajfa-10878	327	45	2002	2002	NUM
ajfa-10878	327	46	)	)	PUNCT
ajfa-10878	327	47	.	.	PUNCT
ajfa-10878	328	1	investor	investor	NOUN
ajfa-10878	328	2	protection	protection	NOUN
ajfa-10878	328	3	and	and	CCONJ
ajfa-10878	328	4	corporate	corporate	ADJ
ajfa-10878	328	5	valuation	valuation	NOUN
ajfa-10878	328	6	.	.	PUNCT
ajfa-10878	329	1	journal	journal	PROPN
ajfa-10878	329	2	of	of	ADP
ajfa-10878	329	3	finance	finance	NOUN
ajfa-10878	329	4	,	,	PUNCT
ajfa-10878	329	5	1147	1147	NUM
ajfa-10878	329	6	-	-	SYM
ajfa-10878	329	7	1170	1170	NUM
ajfa-10878	329	8	.	.	PUNCT
ajfa-10878	330	1	https://doi.org/10.1111/1540-6261.00457	https://doi.org/10.1111/1540-6261.00457	PROPN
ajfa-10878	330	2	la	la	PROPN
ajfa-10878	330	3	porta	porta	PROPN
ajfa-10878	330	4	,	,	PUNCT
ajfa-10878	330	5	r.	r.	PROPN
ajfa-10878	330	6	,	,	PUNCT
ajfa-10878	330	7	lopez	lopez	NOUN
ajfa-10878	330	8	-	-	PUNCT
ajfa-10878	330	9	de	de	NOUN
ajfa-10878	330	10	-	-	NOUN
ajfa-10878	330	11	silanes	silanes	PROPN
ajfa-10878	330	12	,	,	PUNCT
ajfa-10878	330	13	f.	f.	PROPN
ajfa-10878	330	14	,	,	PUNCT
ajfa-10878	330	15	shleifer	shleifer	PROPN
ajfa-10878	330	16	,	,	PUNCT
ajfa-10878	330	17	a.	a.	PROPN
ajfa-10878	330	18	,	,	PUNCT
ajfa-10878	330	19	&	&	CCONJ
ajfa-10878	330	20	vishny	vishny	PROPN
ajfa-10878	330	21	,	,	PUNCT
ajfa-10878	330	22	r.	r.	PROPN
ajfa-10878	330	23	w.	w.	PROPN
ajfa-10878	330	24	(	(	PUNCT
ajfa-10878	330	25	1997	1997	NUM
ajfa-10878	330	26	)	)	PUNCT
ajfa-10878	330	27	.	.	PUNCT
ajfa-10878	331	1	legal	legal	ADJ
ajfa-10878	331	2	determinants	determinant	NOUN
ajfa-10878	331	3	of	of	ADP
ajfa-10878	331	4	external	external	ADJ
ajfa-10878	331	5	finance	finance	NOUN
ajfa-10878	331	6	.	.	PUNCT
ajfa-10878	332	1	journal	journal	PROPN
ajfa-10878	332	2	of	of	ADP
ajfa-10878	332	3	finance	finance	NOUN
ajfa-10878	332	4	,	,	PUNCT
ajfa-10878	332	5	1131–1150	1131–1150	NUM
ajfa-10878	332	6	.	.	PUNCT
ajfa-10878	333	1	https://doi.org/10.1111/j.1540-6261.1997.tb02727.x	https://doi.org/10.1111/j.1540-6261.1997.tb02727.x	PROPN
ajfa-10878	333	2	leff	leff	PROPN
ajfa-10878	333	3	,	,	PUNCT
ajfa-10878	333	4	n.	n.	PROPN
ajfa-10878	333	5	h.	h.	PROPN
ajfa-10878	333	6	(	(	PUNCT
ajfa-10878	333	7	1978	1978	NUM
ajfa-10878	333	8	)	)	PUNCT
ajfa-10878	333	9	.	.	PUNCT
ajfa-10878	334	1	industrial	industrial	ADJ
ajfa-10878	334	2	organization	organization	NOUN
ajfa-10878	334	3	and	and	CCONJ
ajfa-10878	334	4	entrepreneurship	entrepreneurship	NOUN
ajfa-10878	334	5	in	in	ADP
ajfa-10878	334	6	the	the	DET
ajfa-10878	334	7	developing	develop	VERB
ajfa-10878	334	8	countries	country	NOUN
ajfa-10878	334	9	:	:	PUNCT
ajfa-10878	334	10	the	the	DET
ajfa-10878	334	11	economic	economic	ADJ
ajfa-10878	334	12	groups	group	NOUN
ajfa-10878	334	13	.	.	PUNCT
ajfa-10878	335	1	economic	economic	ADJ
ajfa-10878	335	2	development	development	NOUN
ajfa-10878	335	3	and	and	CCONJ
ajfa-10878	335	4	cultural	cultural	ADJ
ajfa-10878	335	5	change	change	NOUN
ajfa-10878	335	6	,	,	PUNCT
ajfa-10878	335	7	26(4	26(4	NUM
ajfa-10878	335	8	)	)	PUNCT
ajfa-10878	335	9	,	,	PUNCT
ajfa-10878	335	10	661–675.https://doi.org/10.1086/451052	661–675.https://doi.org/10.1086/451052	NUM
ajfa-10878	335	11	licht	licht	NOUN
ajfa-10878	335	12	,	,	PUNCT
ajfa-10878	335	13	a.	a.	NOUN
ajfa-10878	335	14	n.	n.	NOUN
ajfa-10878	335	15	,	,	PUNCT
ajfa-10878	335	16	goldschmidt	goldschmidt	PROPN
ajfa-10878	335	17	,	,	PUNCT
ajfa-10878	335	18	c.	c.	PROPN
ajfa-10878	335	19	,	,	PUNCT
ajfa-10878	335	20	&	&	CCONJ
ajfa-10878	335	21	schwartz	schwartz	PROPN
ajfa-10878	335	22	,	,	PUNCT
ajfa-10878	335	23	s.	s.	PROPN
ajfa-10878	335	24	h.	h.	PROPN
ajfa-10878	336	1	(	(	PUNCT
ajfa-10878	336	2	2001).culture	2001).culture	NOUN
ajfa-10878	336	3	,	,	PUNCT
ajfa-10878	336	4	law	law	NOUN
ajfa-10878	336	5	,	,	PUNCT
ajfa-10878	336	6	and	and	CCONJ
ajfa-10878	336	7	finance	finance	NOUN
ajfa-10878	336	8	:	:	PUNCT
ajfa-10878	336	9	cultural	cultural	ADJ
ajfa-10878	336	10	dimensions	dimension	NOUN
ajfa-10878	336	11	of	of	ADP
ajfa-10878	336	12	corporate	corporate	ADJ
ajfa-10878	336	13	governance	governance	NOUN
ajfa-10878	336	14	laws	law	NOUN
ajfa-10878	336	15	.	.	PUNCT
ajfa-10878	337	1	novaes	novaes	PROPN
ajfa-10878	337	2	,	,	PUNCT
ajfa-10878	337	3	w.	w.	PROPN
ajfa-10878	337	4	(	(	PUNCT
ajfa-10878	337	5	1999).multiple	1999).multiple	NUM
ajfa-10878	337	6	large	large	ADJ
ajfa-10878	337	7	shareholders	shareholder	NOUN
ajfa-10878	337	8	in	in	ADP
ajfa-10878	337	9	corporate	corporate	ADJ
ajfa-10878	337	10	governance	governance	NOUN
ajfa-10878	337	11	(	(	PUNCT
ajfa-10878	337	12	rprt).escola	rprt).escola	NOUN
ajfa-10878	337	13	de	de	PROPN
ajfa-10878	337	14	pós	pós	PROPN
ajfa-10878	337	15	-	-	PUNCT
ajfa-10878	337	16	graduaçãoemeconomia	graduaçãoemeconomia	NOUN
ajfa-10878	337	17	da	da	PROPN
ajfa-10878	337	18	fgv	fgv	PROPN
ajfa-10878	337	19	.	.	PUNCT
ajfa-10878	338	1	oman	oman	PROPN
ajfa-10878	338	2	,	,	PUNCT
ajfa-10878	338	3	c.	c.	PROPN
ajfa-10878	338	4	p.	p.	PROPN
ajfa-10878	338	5	(	(	PUNCT
ajfa-10878	338	6	2001	2001	NUM
ajfa-10878	338	7	)	)	PUNCT
ajfa-10878	338	8	.	.	PUNCT
ajfa-10878	339	1	corporate	corporate	ADJ
ajfa-10878	339	2	governance	governance	NOUN
ajfa-10878	339	3	and	and	CCONJ
ajfa-10878	339	4	national	national	ADJ
ajfa-10878	339	5	development.corporate	development.corporate	PROPN
ajfa-10878	339	6	governance	governance	NOUN
ajfa-10878	339	7	in	in	ADP
ajfa-10878	339	8	developing	develop	VERB
ajfa-10878	339	9	countries	country	NOUN
ajfa-10878	339	10	and	and	CCONJ
ajfa-10878	339	11	emerging	emerge	VERB
ajfa-10878	339	12	economies.working	economies.working	NUM
ajfa-10878	339	13	paper	paper	NOUN
ajfa-10878	339	14	no	no	NOUN
ajfa-10878	339	15	.	.	PROPN
ajfa-10878	340	1	180	180	NUM
ajfa-10878	340	2	.	.	PUNCT
ajfa-10878	341	1	oecd	oecd	PROPN
ajfa-10878	341	2	development	development	PROPN
ajfa-10878	341	3	centre	centre	PROPN
ajfa-10878	341	4	.	.	PUNCT
ajfa-10878	342	1	tannor	tannor	NOUN
ajfa-10878	342	2	,	,	PUNCT
ajfa-10878	342	3	r.	r.	PROPN
ajfa-10878	342	4	(	(	PUNCT
ajfa-10878	342	5	2002	2002	NUM
ajfa-10878	342	6	)	)	PUNCT
ajfa-10878	342	7	.	.	PUNCT
ajfa-10878	343	1	"	"	PUNCT
ajfa-10878	343	2	imkb'dekayitlibankalarinsermayepiyasasikanunu'nunkamununaydinlatilmasinailiskinduze	imkb'dekayitlibankalarinsermayepiyasasikanunu'nunkamununaydinlatilmasinailiskinduze	ADJ
ajfa-10878	343	3	nlemelerikarsisindakisorumluluklari	nlemelerikarsisindakisorumluluklari	PROPN
ajfa-10878	343	4	(	(	PUNCT
ajfa-10878	343	5	the	the	DET
ajfa-10878	343	6	responsibility	responsibility	NOUN
ajfa-10878	343	7	of	of	ADP
ajfa-10878	343	8	the	the	DET
ajfa-10878	343	9	ise	ise	NOUN
ajfa-10878	343	10	-	-	PUNCT
ajfa-10878	343	11	listed	list	VERB
ajfa-10878	343	12	banks	bank	NOUN
ajfa-10878	343	13	in	in	ADP
ajfa-10878	343	14	the	the	DET
ajfa-10878	343	15	light	light	NOUN
ajfa-10878	343	16	of	of	ADP
ajfa-10878	343	17	the	the	DET
ajfa-10878	343	18	capital	capital	NOUN
ajfa-10878	343	19	markets	market	NOUN
ajfa-10878	343	20	law	law	NOUN
ajfa-10878	343	21	provisions	provision	NOUN
ajfa-10878	343	22	concerning	concern	VERB
ajfa-10878	343	23	information	information	NOUN
ajfa-10878	343	24	to	to	ADP
ajfa-10878	343	25	the	the	PRON
ajfa-10878	343	26	.	.	PUNCT
ajfa-10878	344	1	galatasaray	galatasaray	PROPN
ajfa-10878	344	2	university	university	PROPN
ajfa-10878	344	3	,	,	PUNCT
ajfa-10878	344	4	istanbul	istanbul	PROPN
ajfa-10878	344	5	,	,	PUNCT
ajfa-10878	344	6	(	(	PUNCT
ajfa-10878	344	7	mimeo	mimeo	NOUN
ajfa-10878	344	8	)	)	PUNCT
ajfa-10878	344	9	.	.	PUNCT
ajfa-10878	345	1	villalonga	villalonga	PROPN
ajfa-10878	345	2	,	,	PUNCT
ajfa-10878	345	3	b.	b.	PROPN
ajfa-10878	345	4	,	,	PUNCT
ajfa-10878	345	5	&	&	CCONJ
ajfa-10878	345	6	amit	amit	PROPN
ajfa-10878	345	7	,	,	PUNCT
ajfa-10878	345	8	r.	r.	PROPN
ajfa-10878	345	9	(	(	PUNCT
ajfa-10878	345	10	2006	2006	NUM
ajfa-10878	345	11	)	)	PUNCT
ajfa-10878	345	12	.	.	PUNCT
ajfa-10878	346	1	how	how	SCONJ
ajfa-10878	346	2	do	do	AUX
ajfa-10878	346	3	family	family	NOUN
ajfa-10878	346	4	ownership	ownership	NOUN
ajfa-10878	346	5	,	,	PUNCT
ajfa-10878	346	6	control	control	NOUN
ajfa-10878	346	7	and	and	CCONJ
ajfa-10878	346	8	management	management	NOUN
ajfa-10878	346	9	affect	affect	VERB
ajfa-10878	346	10	firm	firm	ADJ
ajfa-10878	346	11	value	value	NOUN
ajfa-10878	346	12	?	?	PUNCT
ajfa-10878	347	1	journal	journal	NOUN
ajfa-10878	347	2	of	of	ADP
ajfa-10878	347	3	financial	financial	ADJ
ajfa-10878	347	4	economics	economic	NOUN
ajfa-10878	347	5	,	,	PUNCT
ajfa-10878	347	6	80(2006	80(2006	NUM
ajfa-10878	347	7	)	)	PUNCT
ajfa-10878	347	8	,	,	PUNCT
ajfa-10878	347	9	385–417	385–417	NUM
ajfa-10878	347	10	.	.	PUNCT
ajfa-10878	348	1	https://doi.org/10.1016/j.jfineco.2004.12.005	https://doi.org/10.1016/j.jfineco.2004.12.005	PROPN
ajfa-10878	348	2	world	world	PROPN
ajfa-10878	348	3	federation	federation	PROPN
ajfa-10878	348	4	of	of	ADP
ajfa-10878	348	5	exchanges	exchange	NOUN
ajfa-10878	348	6	(	(	PUNCT
ajfa-10878	348	7	wfe	wfe	PROPN
ajfa-10878	348	8	)	)	PUNCT
ajfa-10878	348	9	.	.	PUNCT
ajfa-10878	349	1	(	(	PUNCT
ajfa-10878	349	2	2009	2009	NUM
ajfa-10878	349	3	)	)	PUNCT
ajfa-10878	349	4	.	.	PUNCT
ajfa-10878	350	1	annual	annual	ADJ
ajfa-10878	350	2	report	report	NOUN
ajfa-10878	350	3	and	and	CCONJ
ajfa-10878	350	4	statistics	statistic	NOUN
ajfa-10878	350	5	,	,	PUNCT
ajfa-10878	350	6	(	(	PUNCT
ajfa-10878	350	7	world	world	PROPN
ajfa-10878	350	8	federation	federation	PROPN
ajfa-10878	350	9	of	of	ADP
ajfa-10878	350	10	exchanges	exchange	NOUN
ajfa-10878	350	11	)	)	PUNCT
ajfa-10878	350	12	.	.	PUNCT
ajfa-10878	351	1	yurtoglu	yurtoglu	PROPN
ajfa-10878	351	2	,	,	PUNCT
ajfa-10878	351	3	b.	b.	PROPN
ajfa-10878	351	4	(	(	PUNCT
ajfa-10878	351	5	2000	2000	NUM
ajfa-10878	351	6	)	)	PUNCT
ajfa-10878	351	7	.	.	PUNCT
ajfa-10878	352	1	ownership	ownership	NOUN
ajfa-10878	352	2	,	,	PUNCT
ajfa-10878	352	3	control	control	NOUN
ajfa-10878	352	4	and	and	CCONJ
ajfa-10878	352	5	performance	performance	NOUN
ajfa-10878	352	6	of	of	ADP
ajfa-10878	352	7	turkish	turkish	ADJ
ajfa-10878	352	8	listed	list	VERB
ajfa-10878	352	9	firms	firm	NOUN
ajfa-10878	352	10	.	.	PUNCT
ajfa-10878	353	1	empirical	empirical	ADJ
ajfa-10878	353	2	,	,	PUNCT
ajfa-10878	353	3	27(2	27(2	NUM
ajfa-10878	353	4	)	)	PUNCT
ajfa-10878	353	5	,	,	PUNCT
ajfa-10878	353	6	193–222	193–222	NUM
ajfa-10878	353	7	.	.	PUNCT
ajfa-10878	354	1	https://doi.org/10.1023/a:1026557203261	https://doi.org/10.1023/a:1026557203261	PROPN
ajfa-10878	354	2	yurtoglu	yurtoglu	PROPN
ajfa-10878	354	3	,	,	PUNCT
ajfa-10878	354	4	b.	b.	PROPN
ajfa-10878	354	5	b.	b.	PROPN
ajfa-10878	354	6	(	(	PUNCT
ajfa-10878	354	7	2003	2003	NUM
ajfa-10878	354	8	)	)	PUNCT
ajfa-10878	354	9	.	.	PUNCT
ajfa-10878	355	1	corporate	corporate	ADJ
ajfa-10878	355	2	governance	governance	NOUN
ajfa-10878	355	3	and	and	CCONJ
ajfa-10878	355	4	implications	implication	NOUN
ajfa-10878	355	5	for	for	ADP
ajfa-10878	355	6	minority	minority	NOUN
ajfa-10878	355	7	shareholders	shareholder	NOUN
ajfa-10878	355	8	in	in	ADP
ajfa-10878	355	9	turkey	turkey	NOUN
ajfa-10878	355	10	(	(	PUNCT
ajfa-10878	355	11	rprt).corporate	rprt).corporate	VERB
ajfa-10878	355	12	ownership	ownership	NOUN
ajfa-10878	355	13	and	and	CCONJ
ajfa-10878	355	14	control	control	NOUN
ajfa-10878	355	15	,	,	PUNCT
ajfa-10878	355	16	1	1	NUM
ajfa-10878	355	17	.	.	PUNCT
ajfa-10878	355	18	discussion	discussion	NOUN
ajfa-10878	355	19	paper	paper	NOUN
ajfa-10878	355	20	,	,	PUNCT
ajfa-10878	355	21	turkish	turkish	ADJ
ajfa-10878	355	22	economic	economic	ADJ
ajfa-10878	355	23	association	association	NOUN
ajfa-10878	355	24	.	.	PUNCT