id	sid	tid	token	lemma	pos
ajfa-11129	1	1	microsoft	microsoft	PROPN
ajfa-11129	1	2	word	word	NOUN
ajfa-11129	1	3	11129	11129	NUM
ajfa-11129	1	4	-	-	SYM
ajfa-11129	1	5	41046	41046	NUM
ajfa-11129	1	6	-	-	PUNCT
ajfa-11129	1	7	1	1	NUM
ajfa-11129	1	8	-	-	PUNCT
ajfa-11129	1	9	sm	sm	NOUN
ajfa-11129	1	10	-	-	PUNCT
ajfa-11129	1	11	writer2	writer2	VERB
ajfa-11129	1	12	-	-	ADJ
ajfa-11129	1	13	new	new	ADJ
ajfa-11129	1	14	asian	asian	ADJ
ajfa-11129	1	15	journal	journal	NOUN
ajfa-11129	1	16	of	of	ADP
ajfa-11129	1	17	finance	finance	PROPN
ajfa-11129	1	18	&	&	CCONJ
ajfa-11129	1	19	accounting	accounting	PROPN
ajfa-11129	1	20	issn	issn	PROPN
ajfa-11129	1	21	1946	1946	NUM
ajfa-11129	1	22	-	-	PUNCT
ajfa-11129	1	23	052x	052x	PROPN
ajfa-11129	1	24	2017	2017	NUM
ajfa-11129	1	25	,	,	PUNCT
ajfa-11129	1	26	vol	vol	NOUN
ajfa-11129	1	27	.	.	NOUN
ajfa-11129	1	28	9	9	NUM
ajfa-11129	1	29	,	,	PUNCT
ajfa-11129	1	30	no	no	INTJ
ajfa-11129	1	31	.	.	NOUN
ajfa-11129	1	32	1	1	NUM
ajfa-11129	1	33	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	1	34	333	333	NUM
ajfa-11129	1	35	politically	politically	ADV
ajfa-11129	1	36	connected	connect	VERB
ajfa-11129	1	37	independent	independent	ADJ
ajfa-11129	1	38	directors	director	NOUN
ajfa-11129	1	39	and	and	CCONJ
ajfa-11129	1	40	effective	effective	ADJ
ajfa-11129	1	41	tax	tax	NOUN
ajfa-11129	1	42	rates	rate	NOUN
ajfa-11129	1	43	in	in	ADP
ajfa-11129	1	44	china	china	PROPN
ajfa-11129	1	45	hong	hong	PROPN
ajfa-11129	1	46	fan	fan	PROPN
ajfa-11129	1	47	(	(	PUNCT
ajfa-11129	1	48	corresponding	corresponding	ADJ
ajfa-11129	1	49	author	author	NOUN
ajfa-11129	1	50	)	)	PUNCT
ajfa-11129	1	51	department	department	NOUN
ajfa-11129	1	52	of	of	ADP
ajfa-11129	1	53	accounting	accounting	PROPN
ajfa-11129	1	54	,	,	PUNCT
ajfa-11129	1	55	saint	saint	PROPN
ajfa-11129	1	56	mary	mary	PROPN
ajfa-11129	1	57	’s	’s	PART
ajfa-11129	1	58	university	university	PROPN
ajfa-11129	1	59	923	923	NUM
ajfa-11129	1	60	robie	robie	PROPN
ajfa-11129	1	61	street	street	PROPN
ajfa-11129	1	62	,	,	PUNCT
ajfa-11129	1	63	halifax	halifax	PROPN
ajfa-11129	1	64	,	,	PUNCT
ajfa-11129	1	65	ns	ns	NUM
ajfa-11129	1	66	canada	canada	PROPN
ajfa-11129	1	67	e	e	NOUN
ajfa-11129	1	68	-	-	NOUN
ajfa-11129	1	69	mail	mail	NOUN
ajfa-11129	1	70	:	:	PUNCT
ajfa-11129	1	71	hong.fan@smu.ca	hong.fan@smu.ca	NOUN
ajfa-11129	1	72	liqiang	liqiang	PROPN
ajfa-11129	1	73	chen	chen	PROPN
ajfa-11129	1	74	department	department	PROPN
ajfa-11129	1	75	of	of	ADP
ajfa-11129	1	76	finance	finance	PROPN
ajfa-11129	1	77	,	,	PUNCT
ajfa-11129	1	78	information	information	NOUN
ajfa-11129	1	79	systems	system	NOUN
ajfa-11129	1	80	and	and	CCONJ
ajfa-11129	1	81	management	management	NOUN
ajfa-11129	1	82	science	science	PROPN
ajfa-11129	1	83	saint	saint	PROPN
ajfa-11129	1	84	mary	mary	PROPN
ajfa-11129	1	85	’s	’s	PART
ajfa-11129	1	86	university	university	PROPN
ajfa-11129	1	87	923	923	NUM
ajfa-11129	1	88	robie	robie	PROPN
ajfa-11129	1	89	street	street	PROPN
ajfa-11129	1	90	,	,	PUNCT
ajfa-11129	1	91	halifax	halifax	PROPN
ajfa-11129	1	92	,	,	PUNCT
ajfa-11129	1	93	ns	ns	NUM
ajfa-11129	1	94	canada	canada	PROPN
ajfa-11129	1	95	e	e	NOUN
ajfa-11129	1	96	-	-	NOUN
ajfa-11129	1	97	mail	mail	NOUN
ajfa-11129	1	98	:	:	PUNCT
ajfa-11129	1	99	liqiang.chen@smu.ca	liqiang.chen@smu.ca	AUX
ajfa-11129	1	100	received	receive	VERB
ajfa-11129	1	101	:	:	PUNCT
ajfa-11129	1	102	march	march	PROPN
ajfa-11129	1	103	2	2	NUM
ajfa-11129	1	104	,	,	PUNCT
ajfa-11129	1	105	2017	2017	NUM
ajfa-11129	1	106	accepted	accept	VERB
ajfa-11129	1	107	:	:	PUNCT
ajfa-11129	1	108	may	may	AUX
ajfa-11129	1	109	27	27	NUM
ajfa-11129	1	110	,	,	PUNCT
ajfa-11129	1	111	2017	2017	NUM
ajfa-11129	1	112	published	publish	VERB
ajfa-11129	1	113	:	:	PUNCT
ajfa-11129	1	114	june	june	PROPN
ajfa-11129	1	115	1	1	NUM
ajfa-11129	1	116	,	,	PUNCT
ajfa-11129	1	117	2017	2017	NUM
ajfa-11129	1	118	doi:10.5296	doi:10.5296	NOUN
ajfa-11129	1	119	/	/	SYM
ajfa-11129	1	120	ajfa.v9i1.11129	ajfa.v9i1.11129	PROPN
ajfa-11129	1	121	url	url	PROPN
ajfa-11129	1	122	:	:	PUNCT
ajfa-11129	1	123	http://dx.doi.org/10.5296/ajfa.v9i1.11129	http://dx.doi.org/10.5296/ajfa.v9i1.11129	PUNCT
ajfa-11129	1	124	abstract	abstract	ADV
ajfa-11129	1	125	this	this	DET
ajfa-11129	1	126	paper	paper	NOUN
ajfa-11129	1	127	empirically	empirically	ADV
ajfa-11129	1	128	investigates	investigate	VERB
ajfa-11129	1	129	politically	politically	ADV
ajfa-11129	1	130	connected	connect	VERB
ajfa-11129	1	131	independent	independent	ADJ
ajfa-11129	1	132	directors	director	NOUN
ajfa-11129	1	133	in	in	ADP
ajfa-11129	1	134	chinese	chinese	ADJ
ajfa-11129	1	135	public	public	ADJ
ajfa-11129	1	136	firms	firm	NOUN
ajfa-11129	1	137	using	use	VERB
ajfa-11129	1	138	200	200	NUM
ajfa-11129	1	139	state	state	NOUN
ajfa-11129	1	140	-	-	PUNCT
ajfa-11129	1	141	owned	own	VERB
ajfa-11129	1	142	enterprises	enterprise	NOUN
ajfa-11129	1	143	(	(	PUNCT
ajfa-11129	1	144	soes	soe	NOUN
ajfa-11129	1	145	)	)	PUNCT
ajfa-11129	1	146	and	and	CCONJ
ajfa-11129	1	147	200	200	NUM
ajfa-11129	1	148	non	non	NOUN
ajfa-11129	1	149	-	-	NOUN
ajfa-11129	1	150	soes	soe	NOUN
ajfa-11129	1	151	from	from	ADP
ajfa-11129	1	152	2002–2014	2002–2014	NUM
ajfa-11129	1	153	.	.	PUNCT
ajfa-11129	2	1	we	we	PRON
ajfa-11129	2	2	find	find	VERB
ajfa-11129	2	3	that	that	SCONJ
ajfa-11129	2	4	,	,	PUNCT
ajfa-11129	2	5	in	in	ADP
ajfa-11129	2	6	general	general	ADJ
ajfa-11129	2	7	,	,	PUNCT
ajfa-11129	2	8	firms	firm	NOUN
ajfa-11129	2	9	with	with	ADP
ajfa-11129	2	10	politically	politically	ADV
ajfa-11129	2	11	connected	connect	VERB
ajfa-11129	2	12	independent	independent	ADJ
ajfa-11129	2	13	directors	director	NOUN
ajfa-11129	2	14	have	have	VERB
ajfa-11129	2	15	higher	high	ADJ
ajfa-11129	2	16	effective	effective	ADJ
ajfa-11129	2	17	tax	tax	NOUN
ajfa-11129	2	18	rates	rate	NOUN
ajfa-11129	2	19	than	than	ADP
ajfa-11129	2	20	firms	firm	NOUN
ajfa-11129	2	21	without	without	ADP
ajfa-11129	2	22	such	such	ADJ
ajfa-11129	2	23	directors	director	NOUN
ajfa-11129	2	24	.	.	PUNCT
ajfa-11129	3	1	we	we	PRON
ajfa-11129	3	2	argue	argue	VERB
ajfa-11129	3	3	this	this	PRON
ajfa-11129	3	4	is	be	AUX
ajfa-11129	3	5	because	because	SCONJ
ajfa-11129	3	6	that	that	PRON
ajfa-11129	3	7	politically	politically	ADV
ajfa-11129	3	8	connected	connect	VERB
ajfa-11129	3	9	independent	independent	ADJ
ajfa-11129	3	10	directors	director	NOUN
ajfa-11129	3	11	work	work	VERB
ajfa-11129	3	12	for	for	ADP
ajfa-11129	3	13	the	the	DET
ajfa-11129	3	14	interests	interest	NOUN
ajfa-11129	3	15	of	of	ADP
ajfa-11129	3	16	the	the	DET
ajfa-11129	3	17	government	government	NOUN
ajfa-11129	3	18	and	and	CCONJ
ajfa-11129	3	19	restrict	restrict	VERB
ajfa-11129	3	20	firms	firm	NOUN
ajfa-11129	3	21	’	'	PUNCT
ajfa-11129	3	22	tax	tax	NOUN
ajfa-11129	3	23	planning	planning	NOUN
ajfa-11129	3	24	activities	activity	NOUN
ajfa-11129	3	25	.	.	PUNCT
ajfa-11129	4	1	additionally	additionally	ADV
ajfa-11129	4	2	,	,	PUNCT
ajfa-11129	4	3	the	the	DET
ajfa-11129	4	4	effect	effect	NOUN
ajfa-11129	4	5	of	of	ADP
ajfa-11129	4	6	politically	politically	ADV
ajfa-11129	4	7	connected	connect	VERB
ajfa-11129	4	8	directors	director	NOUN
ajfa-11129	4	9	on	on	ADP
ajfa-11129	4	10	tax	tax	NOUN
ajfa-11129	4	11	rates	rate	NOUN
ajfa-11129	4	12	is	be	AUX
ajfa-11129	4	13	weaker	weak	ADJ
ajfa-11129	4	14	in	in	ADP
ajfa-11129	4	15	soes	soe	NOUN
ajfa-11129	4	16	than	than	ADP
ajfa-11129	4	17	in	in	ADP
ajfa-11129	4	18	non	non	ADJ
ajfa-11129	4	19	-	-	NOUN
ajfa-11129	4	20	soes	soe	NOUN
ajfa-11129	4	21	,	,	PUNCT
ajfa-11129	4	22	possibly	possibly	ADV
ajfa-11129	4	23	because	because	SCONJ
ajfa-11129	4	24	of	of	ADP
ajfa-11129	4	25	the	the	DET
ajfa-11129	4	26	redundancy	redundancy	NOUN
ajfa-11129	4	27	of	of	ADP
ajfa-11129	4	28	the	the	DET
ajfa-11129	4	29	political	political	ADJ
ajfa-11129	4	30	ties	tie	NOUN
ajfa-11129	4	31	that	that	PRON
ajfa-11129	4	32	both	both	CCONJ
ajfa-11129	4	33	independent	independent	ADJ
ajfa-11129	4	34	directors	director	NOUN
ajfa-11129	4	35	and	and	CCONJ
ajfa-11129	4	36	ownership	ownership	NOUN
ajfa-11129	4	37	bring	bring	VERB
ajfa-11129	4	38	in	in	ADP
ajfa-11129	4	39	soes	soe	NOUN
ajfa-11129	4	40	.	.	PUNCT
ajfa-11129	5	1	our	our	PRON
ajfa-11129	5	2	study	study	NOUN
ajfa-11129	5	3	reveals	reveal	VERB
ajfa-11129	5	4	the	the	DET
ajfa-11129	5	5	potential	potential	ADJ
ajfa-11129	5	6	cost	cost	NOUN
ajfa-11129	5	7	of	of	ADP
ajfa-11129	5	8	political	political	ADJ
ajfa-11129	5	9	connections	connection	NOUN
ajfa-11129	5	10	that	that	PRON
ajfa-11129	5	11	prior	prior	ADJ
ajfa-11129	5	12	studies	study	NOUN
ajfa-11129	5	13	have	have	AUX
ajfa-11129	5	14	overlooked	overlook	VERB
ajfa-11129	5	15	.	.	PUNCT
ajfa-11129	6	1	keywords	keyword	NOUN
ajfa-11129	6	2	:	:	PUNCT
ajfa-11129	6	3	tax	tax	NOUN
ajfa-11129	6	4	planning	planning	NOUN
ajfa-11129	6	5	,	,	PUNCT
ajfa-11129	6	6	effective	effective	ADJ
ajfa-11129	6	7	tax	tax	NOUN
ajfa-11129	6	8	rates	rate	NOUN
ajfa-11129	6	9	,	,	PUNCT
ajfa-11129	6	10	chinese	chinese	PROPN
ajfa-11129	6	11	soe	soe	PROPN
ajfa-11129	6	12	,	,	PUNCT
ajfa-11129	6	13	independent	independent	ADJ
ajfa-11129	6	14	directors	director	NOUN
ajfa-11129	6	15	,	,	PUNCT
ajfa-11129	6	16	corporate	corporate	ADJ
ajfa-11129	6	17	governance	governance	NOUN
ajfa-11129	6	18	asian	asian	ADJ
ajfa-11129	6	19	journal	journal	NOUN
ajfa-11129	6	20	of	of	ADP
ajfa-11129	6	21	finance	finance	PROPN
ajfa-11129	6	22	&	&	CCONJ
ajfa-11129	6	23	accounting	accounting	PROPN
ajfa-11129	6	24	issn	issn	PROPN
ajfa-11129	6	25	1946	1946	NUM
ajfa-11129	6	26	-	-	PUNCT
ajfa-11129	6	27	052x	052x	PROPN
ajfa-11129	6	28	2017	2017	NUM
ajfa-11129	6	29	,	,	PUNCT
ajfa-11129	6	30	vol	vol	NOUN
ajfa-11129	6	31	.	.	NOUN
ajfa-11129	6	32	9	9	NUM
ajfa-11129	6	33	,	,	PUNCT
ajfa-11129	6	34	no	no	INTJ
ajfa-11129	6	35	.	.	NOUN
ajfa-11129	6	36	1	1	NUM
ajfa-11129	6	37	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	6	38	334	334	NUM
ajfa-11129	6	39	1	1	NUM
ajfa-11129	6	40	.	.	PUNCT
ajfa-11129	7	1	introduction	introduction	NOUN
ajfa-11129	7	2	studies	study	NOUN
ajfa-11129	7	3	have	have	AUX
ajfa-11129	7	4	found	find	VERB
ajfa-11129	7	5	political	political	ADJ
ajfa-11129	7	6	connections	connection	NOUN
ajfa-11129	7	7	to	to	PART
ajfa-11129	7	8	be	be	AUX
ajfa-11129	7	9	critical	critical	ADJ
ajfa-11129	7	10	to	to	ADP
ajfa-11129	7	11	a	a	DET
ajfa-11129	7	12	firm	firm	NOUN
ajfa-11129	7	13	’s	’s	PART
ajfa-11129	7	14	success	success	NOUN
ajfa-11129	7	15	in	in	ADP
ajfa-11129	7	16	a	a	DET
ajfa-11129	7	17	transitioning	transition	VERB
ajfa-11129	7	18	or	or	CCONJ
ajfa-11129	7	19	emerging	emerge	VERB
ajfa-11129	7	20	economy	economy	NOUN
ajfa-11129	7	21	such	such	ADJ
ajfa-11129	7	22	as	as	ADP
ajfa-11129	7	23	china	china	PROPN
ajfa-11129	7	24	’s	’s	PART
ajfa-11129	7	25	(	(	PUNCT
ajfa-11129	7	26	conyon	conyon	NOUN
ajfa-11129	7	27	,	,	PUNCT
ajfa-11129	7	28	he	he	PRON
ajfa-11129	7	29	,	,	PUNCT
ajfa-11129	7	30	&	&	CCONJ
ajfa-11129	7	31	zhou	zhou	PROPN
ajfa-11129	7	32	,	,	PUNCT
ajfa-11129	7	33	2015	2015	NUM
ajfa-11129	7	34	;	;	PUNCT
ajfa-11129	7	35	li	li	PROPN
ajfa-11129	7	36	&	&	CCONJ
ajfa-11129	7	37	zhang	zhang	PROPN
ajfa-11129	7	38	,	,	PUNCT
ajfa-11129	7	39	2007	2007	NUM
ajfa-11129	7	40	;	;	PUNCT
ajfa-11129	7	41	li	li	PROPN
ajfa-11129	7	42	,	,	PUNCT
ajfa-11129	7	43	meng	meng	PROPN
ajfa-11129	7	44	,	,	PUNCT
ajfa-11129	7	45	&	&	CCONJ
ajfa-11129	7	46	zhang	zhang	PROPN
ajfa-11129	7	47	,	,	PUNCT
ajfa-11129	7	48	2006	2006	NUM
ajfa-11129	7	49	)	)	PUNCT
ajfa-11129	7	50	.	.	PUNCT
ajfa-11129	8	1	china	china	PROPN
ajfa-11129	8	2	’s	’s	PART
ajfa-11129	8	3	economy	economy	NOUN
ajfa-11129	8	4	has	have	AUX
ajfa-11129	8	5	become	become	VERB
ajfa-11129	8	6	the	the	DET
ajfa-11129	8	7	second	second	ADV
ajfa-11129	8	8	largest	large	ADJ
ajfa-11129	8	9	in	in	ADP
ajfa-11129	8	10	the	the	DET
ajfa-11129	8	11	world	world	NOUN
ajfa-11129	8	12	,	,	PUNCT
ajfa-11129	8	13	and	and	CCONJ
ajfa-11129	8	14	analysts	analyst	NOUN
ajfa-11129	8	15	expect	expect	VERB
ajfa-11129	8	16	it	it	PRON
ajfa-11129	8	17	to	to	PART
ajfa-11129	8	18	grow	grow	VERB
ajfa-11129	8	19	to	to	PART
ajfa-11129	8	20	become	become	VERB
ajfa-11129	8	21	the	the	DET
ajfa-11129	8	22	largest	large	ADJ
ajfa-11129	8	23	very	very	ADV
ajfa-11129	8	24	soon	soon	ADV
ajfa-11129	8	25	.	.	PUNCT
ajfa-11129	9	1	however	however	ADV
ajfa-11129	9	2	,	,	PUNCT
ajfa-11129	9	3	china	china	PROPN
ajfa-11129	9	4	’s	’s	PART
ajfa-11129	9	5	economic	economic	ADJ
ajfa-11129	9	6	system	system	NOUN
ajfa-11129	9	7	still	still	ADV
ajfa-11129	9	8	needs	need	VERB
ajfa-11129	9	9	many	many	ADJ
ajfa-11129	9	10	improvements	improvement	NOUN
ajfa-11129	9	11	such	such	ADJ
ajfa-11129	9	12	as	as	ADP
ajfa-11129	9	13	enhancing	enhance	VERB
ajfa-11129	9	14	investor	investor	NOUN
ajfa-11129	9	15	protection	protection	NOUN
ajfa-11129	9	16	,	,	PUNCT
ajfa-11129	9	17	strengthening	strengthen	VERB
ajfa-11129	9	18	institutional	institutional	ADJ
ajfa-11129	9	19	support	support	NOUN
ajfa-11129	9	20	,	,	PUNCT
ajfa-11129	9	21	increasing	increase	VERB
ajfa-11129	9	22	contract	contract	NOUN
ajfa-11129	9	23	and	and	CCONJ
ajfa-11129	9	24	property	property	NOUN
ajfa-11129	9	25	rights	right	NOUN
ajfa-11129	9	26	enforcement	enforcement	NOUN
ajfa-11129	9	27	,	,	PUNCT
ajfa-11129	9	28	and	and	CCONJ
ajfa-11129	9	29	decreasing	decrease	VERB
ajfa-11129	9	30	government	government	NOUN
ajfa-11129	9	31	interventions	intervention	NOUN
ajfa-11129	9	32	(	(	PUNCT
ajfa-11129	9	33	li	li	PROPN
ajfa-11129	9	34	,	,	PUNCT
ajfa-11129	9	35	meng	meng	PROPN
ajfa-11129	9	36	,	,	PUNCT
ajfa-11129	9	37	wang	wang	PROPN
ajfa-11129	9	38	,	,	PUNCT
ajfa-11129	9	39	&	&	CCONJ
ajfa-11129	9	40	zhou	zhou	PROPN
ajfa-11129	9	41	,	,	PUNCT
ajfa-11129	9	42	2008	2008	NUM
ajfa-11129	9	43	)	)	PUNCT
ajfa-11129	9	44	.	.	PUNCT
ajfa-11129	10	1	the	the	DET
ajfa-11129	10	2	literature	literature	NOUN
ajfa-11129	10	3	documents	document	NOUN
ajfa-11129	10	4	that	that	PRON
ajfa-11129	10	5	a	a	DET
ajfa-11129	10	6	firm	firm	NOUN
ajfa-11129	10	7	’s	’s	PART
ajfa-11129	10	8	political	political	ADJ
ajfa-11129	10	9	connections	connection	NOUN
ajfa-11129	10	10	could	could	AUX
ajfa-11129	10	11	work	work	VERB
ajfa-11129	10	12	as	as	ADP
ajfa-11129	10	13	a	a	DET
ajfa-11129	10	14	substitute	substitute	NOUN
ajfa-11129	10	15	for	for	ADP
ajfa-11129	10	16	formal	formal	ADJ
ajfa-11129	10	17	institutions	institution	NOUN
ajfa-11129	10	18	to	to	PART
ajfa-11129	10	19	overcome	overcome	VERB
ajfa-11129	10	20	the	the	DET
ajfa-11129	10	21	voids	voids	NOUN
ajfa-11129	10	22	in	in	ADP
ajfa-11129	10	23	china	china	PROPN
ajfa-11129	10	24	’s	’s	PART
ajfa-11129	10	25	weak	weak	ADJ
ajfa-11129	10	26	institutional	institutional	ADJ
ajfa-11129	10	27	environment	environment	NOUN
ajfa-11129	10	28	and	and	CCONJ
ajfa-11129	10	29	allow	allow	VERB
ajfa-11129	10	30	the	the	DET
ajfa-11129	10	31	firm	firm	NOUN
ajfa-11129	10	32	to	to	PART
ajfa-11129	10	33	expand	expand	VERB
ajfa-11129	10	34	to	to	ADP
ajfa-11129	10	35	more	more	ADJ
ajfa-11129	10	36	markets	market	NOUN
ajfa-11129	10	37	(	(	PUNCT
ajfa-11129	10	38	luo	luo	PROPN
ajfa-11129	10	39	,	,	PUNCT
ajfa-11129	10	40	2003	2003	NUM
ajfa-11129	10	41	)	)	PUNCT
ajfa-11129	10	42	,	,	PUNCT
ajfa-11129	10	43	access	access	NOUN
ajfa-11129	10	44	capital	capital	NOUN
ajfa-11129	10	45	more	more	ADV
ajfa-11129	10	46	easily(wu	easily(wu	ADJ
ajfa-11129	10	47	,	,	PUNCT
ajfa-11129	10	48	wu	wu	PROPN
ajfa-11129	10	49	,	,	PUNCT
ajfa-11129	10	50	&	&	CCONJ
ajfa-11129	10	51	liu	liu	PROPN
ajfa-11129	10	52	,	,	PUNCT
ajfa-11129	10	53	2008	2008	NUM
ajfa-11129	10	54	)	)	PUNCT
ajfa-11129	10	55	,	,	PUNCT
ajfa-11129	10	56	enjoy	enjoy	VERB
ajfa-11129	10	57	a	a	DET
ajfa-11129	10	58	lower	low	ADJ
ajfa-11129	10	59	cost	cost	NOUN
ajfa-11129	10	60	of	of	ADP
ajfa-11129	10	61	capital(fan	capital(fan	PROPN
ajfa-11129	10	62	&	&	CCONJ
ajfa-11129	10	63	hope	hope	PROPN
ajfa-11129	10	64	,	,	PUNCT
ajfa-11129	10	65	2013	2013	NUM
ajfa-11129	10	66	)	)	PUNCT
ajfa-11129	10	67	,	,	PUNCT
ajfa-11129	10	68	and	and	CCONJ
ajfa-11129	10	69	enhance	enhance	VERB
ajfa-11129	10	70	its	its	PRON
ajfa-11129	10	71	monopoly	monopoly	NOUN
ajfa-11129	10	72	status	status	NOUN
ajfa-11129	10	73	(	(	PUNCT
ajfa-11129	10	74	naughton	naughton	PROPN
ajfa-11129	10	75	,	,	PUNCT
ajfa-11129	10	76	2008	2008	NUM
ajfa-11129	10	77	)	)	PUNCT
ajfa-11129	10	78	.	.	PUNCT
ajfa-11129	11	1	while	while	SCONJ
ajfa-11129	11	2	the	the	DET
ajfa-11129	11	3	extant	extant	ADJ
ajfa-11129	11	4	literature	literature	NOUN
ajfa-11129	11	5	focuses	focus	VERB
ajfa-11129	11	6	on	on	ADP
ajfa-11129	11	7	the	the	DET
ajfa-11129	11	8	political	political	ADJ
ajfa-11129	11	9	connections	connection	NOUN
ajfa-11129	11	10	that	that	SCONJ
ajfa-11129	11	11	ceos	ceos	NOUN
ajfa-11129	11	12	(	(	PUNCT
ajfa-11129	11	13	wu	wu	PROPN
ajfa-11129	11	14	et	et	PROPN
ajfa-11129	11	15	al	al	PROPN
ajfa-11129	11	16	.	.	PROPN
ajfa-11129	11	17	,	,	PUNCT
ajfa-11129	11	18	2008)or	2008)or	NOUN
ajfa-11129	11	19	firm	firm	NOUN
ajfa-11129	11	20	ownership	ownership	NOUN
ajfa-11129	11	21	(	(	PUNCT
ajfa-11129	11	22	fan	fan	PROPN
ajfa-11129	11	23	&	&	CCONJ
ajfa-11129	11	24	hope	hope	PROPN
ajfa-11129	11	25	,	,	PUNCT
ajfa-11129	11	26	2013)bring	2013)bring	NOUN
ajfa-11129	11	27	,	,	PUNCT
ajfa-11129	11	28	scholars	scholar	NOUN
ajfa-11129	11	29	seldom	seldom	ADV
ajfa-11129	11	30	study	study	VERB
ajfa-11129	11	31	the	the	DET
ajfa-11129	11	32	political	political	ADJ
ajfa-11129	11	33	connections	connection	NOUN
ajfa-11129	11	34	of	of	ADP
ajfa-11129	11	35	the	the	DET
ajfa-11129	11	36	board	board	NOUN
ajfa-11129	11	37	–	–	PUNCT
ajfa-11129	11	38	especially	especially	ADV
ajfa-11129	11	39	those	those	PRON
ajfa-11129	11	40	of	of	ADP
ajfa-11129	11	41	independent	independent	ADJ
ajfa-11129	11	42	directors	director	NOUN
ajfa-11129	11	43	’	'	PUNCT
ajfa-11129	11	44	political	political	ADJ
ajfa-11129	11	45	connections(wang	connections(wang	PROPN
ajfa-11129	11	46	,	,	PUNCT
ajfa-11129	11	47	2015	2015	NUM
ajfa-11129	11	48	)	)	PUNCT
ajfa-11129	11	49	.	.	PUNCT
ajfa-11129	12	1	this	this	DET
ajfa-11129	12	2	study	study	NOUN
ajfa-11129	12	3	fills	fill	VERB
ajfa-11129	12	4	the	the	DET
ajfa-11129	12	5	gap	gap	NOUN
ajfa-11129	12	6	in	in	ADP
ajfa-11129	12	7	the	the	DET
ajfa-11129	12	8	literature	literature	NOUN
ajfa-11129	12	9	by	by	ADP
ajfa-11129	12	10	investigating	investigate	VERB
ajfa-11129	12	11	the	the	DET
ajfa-11129	12	12	association	association	NOUN
ajfa-11129	12	13	between	between	ADP
ajfa-11129	12	14	politically	politically	ADV
ajfa-11129	12	15	connected	connect	VERB
ajfa-11129	12	16	independent	independent	ADJ
ajfa-11129	12	17	directors	director	NOUN
ajfa-11129	12	18	and	and	CCONJ
ajfa-11129	12	19	the	the	DET
ajfa-11129	12	20	extent	extent	NOUN
ajfa-11129	12	21	of	of	ADP
ajfa-11129	12	22	tax	tax	NOUN
ajfa-11129	12	23	aggressiveness	aggressiveness	NOUN
ajfa-11129	12	24	in	in	ADP
ajfa-11129	12	25	chinese	chinese	ADJ
ajfa-11129	12	26	public	public	ADJ
ajfa-11129	12	27	firms	firm	NOUN
ajfa-11129	12	28	.	.	PUNCT
ajfa-11129	13	1	tax	tax	NOUN
ajfa-11129	13	2	aggressiveness	aggressiveness	NOUN
ajfa-11129	13	3	is	be	AUX
ajfa-11129	13	4	the	the	DET
ajfa-11129	13	5	downward	downward	ADJ
ajfa-11129	13	6	manipulation	manipulation	NOUN
ajfa-11129	13	7	of	of	ADP
ajfa-11129	13	8	tax	tax	NOUN
ajfa-11129	13	9	burden	burden	NOUN
ajfa-11129	13	10	(	(	PUNCT
ajfa-11129	13	11	frank	frank	PROPN
ajfa-11129	13	12	,	,	PUNCT
ajfa-11129	13	13	lynch	lynch	PROPN
ajfa-11129	13	14	,	,	PUNCT
ajfa-11129	13	15	&	&	CCONJ
ajfa-11129	13	16	rego	rego	PROPN
ajfa-11129	13	17	,	,	PUNCT
ajfa-11129	13	18	2009	2009	NUM
ajfa-11129	13	19	)	)	PUNCT
ajfa-11129	13	20	.	.	PUNCT
ajfa-11129	14	1	by	by	ADP
ajfa-11129	14	2	definition	definition	NOUN
ajfa-11129	14	3	,	,	PUNCT
ajfa-11129	14	4	independent	independent	ADJ
ajfa-11129	14	5	directors	director	NOUN
ajfa-11129	14	6	have	have	VERB
ajfa-11129	14	7	no	no	DET
ajfa-11129	14	8	relation	relation	NOUN
ajfa-11129	14	9	with	with	ADP
ajfa-11129	14	10	the	the	DET
ajfa-11129	14	11	controlling	control	VERB
ajfa-11129	14	12	party	party	NOUN
ajfa-11129	14	13	of	of	ADP
ajfa-11129	14	14	their	their	PRON
ajfa-11129	14	15	companies	company	NOUN
ajfa-11129	14	16	,	,	PUNCT
ajfa-11129	14	17	and	and	CCONJ
ajfa-11129	14	18	they	they	PRON
ajfa-11129	14	19	are	be	AUX
ajfa-11129	14	20	responsible	responsible	ADJ
ajfa-11129	14	21	for	for	ADP
ajfa-11129	14	22	protecting	protect	VERB
ajfa-11129	14	23	shareholders	shareholder	NOUN
ajfa-11129	14	24	—	—	PUNCT
ajfa-11129	14	25	more	more	ADV
ajfa-11129	14	26	importantly	importantly	ADV
ajfa-11129	14	27	,	,	PUNCT
ajfa-11129	14	28	minority	minority	NOUN
ajfa-11129	14	29	shareholders	shareholder	NOUN
ajfa-11129	14	30	—	—	PUNCT
ajfa-11129	14	31	from	from	ADP
ajfa-11129	14	32	expropriation	expropriation	NOUN
ajfa-11129	14	33	by	by	ADP
ajfa-11129	14	34	the	the	DET
ajfa-11129	14	35	management	management	NOUN
ajfa-11129	14	36	(	(	PUNCT
ajfa-11129	14	37	wang	wang	PROPN
ajfa-11129	14	38	,	,	PUNCT
ajfa-11129	14	39	2015	2015	NUM
ajfa-11129	14	40	)	)	PUNCT
ajfa-11129	14	41	.	.	PUNCT
ajfa-11129	15	1	however	however	ADV
ajfa-11129	15	2	,	,	PUNCT
ajfa-11129	15	3	in	in	ADP
ajfa-11129	15	4	the	the	DET
ajfa-11129	15	5	chinese	chinese	ADJ
ajfa-11129	15	6	context	context	NOUN
ajfa-11129	15	7	,	,	PUNCT
ajfa-11129	15	8	the	the	DET
ajfa-11129	15	9	state	state	NOUN
ajfa-11129	15	10	tends	tend	VERB
ajfa-11129	15	11	to	to	PART
ajfa-11129	15	12	appoint	appoint	VERB
ajfa-11129	15	13	politically	politically	ADV
ajfa-11129	15	14	connected	connect	VERB
ajfa-11129	15	15	independent	independent	ADJ
ajfa-11129	15	16	directors	director	NOUN
ajfa-11129	15	17	to	to	ADP
ajfa-11129	15	18	state	state	NOUN
ajfa-11129	15	19	-	-	PUNCT
ajfa-11129	15	20	owned	own	VERB
ajfa-11129	15	21	enterprises	enterprise	NOUN
ajfa-11129	15	22	(	(	PUNCT
ajfa-11129	15	23	soes	soe	NOUN
ajfa-11129	15	24	)	)	PUNCT
ajfa-11129	15	25	to	to	PART
ajfa-11129	15	26	influence	influence	VERB
ajfa-11129	15	27	their	their	PRON
ajfa-11129	15	28	operations	operation	NOUN
ajfa-11129	15	29	(	(	PUNCT
ajfa-11129	15	30	wang	wang	PROPN
ajfa-11129	15	31	,	,	PUNCT
ajfa-11129	15	32	2015	2015	NUM
ajfa-11129	15	33	)	)	PUNCT
ajfa-11129	15	34	.	.	PUNCT
ajfa-11129	16	1	additionally	additionally	ADV
ajfa-11129	16	2	,	,	PUNCT
ajfa-11129	16	3	many	many	ADJ
ajfa-11129	16	4	non	non	ADJ
ajfa-11129	16	5	-	-	ADJ
ajfa-11129	16	6	soes	soes	ADJ
ajfa-11129	16	7	welcome	welcome	VERB
ajfa-11129	16	8	independent	independent	ADJ
ajfa-11129	16	9	directors	director	NOUN
ajfa-11129	16	10	who	who	PRON
ajfa-11129	16	11	have	have	VERB
ajfa-11129	16	12	political	political	ADJ
ajfa-11129	16	13	connections	connection	NOUN
ajfa-11129	16	14	with	with	ADP
ajfa-11129	16	15	the	the	DET
ajfa-11129	16	16	government(i.e	government(i.e	NOUN
ajfa-11129	16	17	.	.	PUNCT
ajfa-11129	16	18	,	,	PUNCT
ajfa-11129	16	19	politically	politically	ADV
ajfa-11129	16	20	connected	connect	VERB
ajfa-11129	16	21	independent	independent	ADJ
ajfa-11129	16	22	directors	director	NOUN
ajfa-11129	16	23	)	)	PUNCT
ajfa-11129	16	24	,	,	PUNCT
ajfa-11129	16	25	probably	probably	ADV
ajfa-11129	16	26	because	because	SCONJ
ajfa-11129	16	27	of	of	ADP
ajfa-11129	16	28	the	the	DET
ajfa-11129	16	29	firms	firm	NOUN
ajfa-11129	16	30	’	'	PUNCT
ajfa-11129	16	31	strong	strong	ADJ
ajfa-11129	16	32	need	need	NOUN
ajfa-11129	16	33	for	for	ADP
ajfa-11129	16	34	these	these	DET
ajfa-11129	16	35	connections	connection	NOUN
ajfa-11129	16	36	.	.	PUNCT
ajfa-11129	17	1	the	the	DET
ajfa-11129	17	2	strong	strong	ADJ
ajfa-11129	17	3	need	need	NOUN
ajfa-11129	17	4	is	be	AUX
ajfa-11129	17	5	induced	induce	VERB
ajfa-11129	17	6	by	by	ADP
ajfa-11129	17	7	the	the	DET
ajfa-11129	17	8	benefits	benefit	NOUN
ajfa-11129	17	9	of	of	ADP
ajfa-11129	17	10	political	political	ADJ
ajfa-11129	17	11	connections	connection	NOUN
ajfa-11129	17	12	as	as	SCONJ
ajfa-11129	17	13	discussed	discuss	VERB
ajfa-11129	17	14	earlier	early	ADV
ajfa-11129	17	15	.	.	PUNCT
ajfa-11129	18	1	in	in	ADP
ajfa-11129	18	2	2013	2013	NUM
ajfa-11129	18	3	,	,	PUNCT
ajfa-11129	18	4	44.9	44.9	NUM
ajfa-11129	18	5	%	%	NOUN
ajfa-11129	18	6	of	of	ADP
ajfa-11129	18	7	independent	independent	ADJ
ajfa-11129	18	8	directors	director	NOUN
ajfa-11129	18	9	in	in	ADP
ajfa-11129	18	10	the	the	DET
ajfa-11129	18	11	firms	firm	NOUN
ajfa-11129	18	12	listed	list	VERB
ajfa-11129	18	13	on	on	ADP
ajfa-11129	18	14	the	the	DET
ajfa-11129	18	15	shanghai	shanghai	PROPN
ajfa-11129	18	16	and	and	CCONJ
ajfa-11129	18	17	shenzhen	shenzhen	PROPN
ajfa-11129	18	18	stock	stock	PROPN
ajfa-11129	18	19	exchanges	exchange	NOUN
ajfa-11129	18	20	had	have	VERB
ajfa-11129	18	21	political	political	ADJ
ajfa-11129	18	22	backgrounds.1	backgrounds.1	NOUN
ajfa-11129	18	23	on	on	ADP
ajfa-11129	18	24	the	the	DET
ajfa-11129	18	25	one	one	NUM
ajfa-11129	18	26	hand	hand	NOUN
ajfa-11129	18	27	,	,	PUNCT
ajfa-11129	18	28	shareholders	shareholder	NOUN
ajfa-11129	18	29	may	may	AUX
ajfa-11129	18	30	react	react	VERB
ajfa-11129	18	31	positively	positively	ADV
ajfa-11129	18	32	to	to	ADP
ajfa-11129	18	33	politically	politically	ADV
ajfa-11129	18	34	connected	connect	VERB
ajfa-11129	18	35	independent	independent	ADJ
ajfa-11129	18	36	directors	director	NOUN
ajfa-11129	18	37	because	because	SCONJ
ajfa-11129	18	38	their	their	PRON
ajfa-11129	18	39	political	political	ADJ
ajfa-11129	18	40	connections	connection	NOUN
ajfa-11129	18	41	could	could	AUX
ajfa-11129	18	42	help	help	VERB
ajfa-11129	18	43	their	their	PRON
ajfa-11129	18	44	firms	firm	NOUN
ajfa-11129	18	45	enjoy	enjoy	VERB
ajfa-11129	18	46	preferential	preferential	ADJ
ajfa-11129	18	47	treatment	treatment	NOUN
ajfa-11129	18	48	from	from	ADP
ajfa-11129	18	49	the	the	DET
ajfa-11129	18	50	government	government	NOUN
ajfa-11129	18	51	,	,	PUNCT
ajfa-11129	18	52	such	such	ADJ
ajfa-11129	18	53	as	as	ADP
ajfa-11129	18	54	a	a	DET
ajfa-11129	18	55	lower	low	ADJ
ajfa-11129	18	56	borrowing	borrowing	NOUN
ajfa-11129	18	57	rate	rate	NOUN
ajfa-11129	18	58	from	from	ADP
ajfa-11129	18	59	government	government	NOUN
ajfa-11129	18	60	controlled	control	VERB
ajfa-11129	18	61	banks	bank	NOUN
ajfa-11129	18	62	,	,	PUNCT
ajfa-11129	18	63	which	which	PRON
ajfa-11129	18	64	could	could	AUX
ajfa-11129	18	65	improve	improve	VERB
ajfa-11129	18	66	firms	firm	NOUN
ajfa-11129	18	67	’	’	PART
ajfa-11129	18	68	performance	performance	NOUN
ajfa-11129	18	69	and	and	CCONJ
ajfa-11129	18	70	value	value	NOUN
ajfa-11129	18	71	.	.	PUNCT
ajfa-11129	19	1	on	on	ADP
ajfa-11129	19	2	the	the	DET
ajfa-11129	19	3	other	other	ADJ
ajfa-11129	19	4	hand	hand	NOUN
ajfa-11129	19	5	,	,	PUNCT
ajfa-11129	19	6	shareholders	shareholder	NOUN
ajfa-11129	19	7	may	may	AUX
ajfa-11129	19	8	be	be	AUX
ajfa-11129	19	9	concerned	concern	VERB
ajfa-11129	19	10	about	about	ADP
ajfa-11129	19	11	whether	whether	SCONJ
ajfa-11129	19	12	these	these	DET
ajfa-11129	19	13	independent	independent	ADJ
ajfa-11129	19	14	directors	director	NOUN
ajfa-11129	19	15	will	will	AUX
ajfa-11129	19	16	expropriate	expropriate	VERB
ajfa-11129	19	17	them	they	PRON
ajfa-11129	19	18	on	on	ADP
ajfa-11129	19	19	behalf	behalf	NOUN
ajfa-11129	19	20	of	of	ADP
ajfa-11129	19	21	the	the	DET
ajfa-11129	19	22	government	government	NOUN
ajfa-11129	19	23	.	.	PUNCT
ajfa-11129	20	1	one	one	NUM
ajfa-11129	20	2	common	common	ADJ
ajfa-11129	20	3	way	way	NOUN
ajfa-11129	20	4	of	of	ADP
ajfa-11129	20	5	expropriation	expropriation	NOUN
ajfa-11129	20	6	is	be	AUX
ajfa-11129	20	7	to	to	PART
ajfa-11129	20	8	require	require	VERB
ajfa-11129	20	9	firms	firm	NOUN
ajfa-11129	20	10	be	be	AUX
ajfa-11129	20	11	less	less	ADV
ajfa-11129	20	12	aggressive	aggressive	ADJ
ajfa-11129	20	13	in	in	ADP
ajfa-11129	20	14	tax	tax	NOUN
ajfa-11129	20	15	saving	saving	NOUN
ajfa-11129	20	16	or	or	CCONJ
ajfa-11129	20	17	even	even	ADV
ajfa-11129	20	18	pay	pay	VERB
ajfa-11129	20	19	more	more	ADJ
ajfa-11129	20	20	taxes	taxis	NOUN
ajfa-11129	20	21	to	to	ADP
ajfa-11129	20	22	the	the	DET
ajfa-11129	20	23	government	government	NOUN
ajfa-11129	20	24	,	,	PUNCT
ajfa-11129	20	25	because	because	SCONJ
ajfa-11129	20	26	a	a	DET
ajfa-11129	20	27	politically	politically	ADV
ajfa-11129	20	28	connected	connect	VERB
ajfa-11129	20	29	independent	independent	ADJ
ajfa-11129	20	30	director	director	NOUN
ajfa-11129	20	31	is	be	AUX
ajfa-11129	20	32	closely	closely	ADV
ajfa-11129	20	33	aligned	align	VERB
ajfa-11129	20	34	with	with	ADP
ajfa-11129	20	35	the	the	DET
ajfa-11129	20	36	government	government	NOUN
ajfa-11129	20	37	and	and	CCONJ
ajfa-11129	20	38	may	may	AUX
ajfa-11129	20	39	influence	influence	VERB
ajfa-11129	20	40	a	a	DET
ajfa-11129	20	41	firm	firm	NOUN
ajfa-11129	20	42	’s	’s	PART
ajfa-11129	20	43	tax	tax	NOUN
ajfa-11129	20	44	behaviors	behavior	NOUN
ajfa-11129	20	45	for	for	ADP
ajfa-11129	20	46	the	the	DET
ajfa-11129	20	47	interest	interest	NOUN
ajfa-11129	20	48	of	of	ADP
ajfa-11129	20	49	the	the	DET
ajfa-11129	20	50	government	government	NOUN
ajfa-11129	20	51	.	.	PUNCT
ajfa-11129	21	1	therefore	therefore	ADV
ajfa-11129	21	2	,	,	PUNCT
ajfa-11129	21	3	a	a	DET
ajfa-11129	21	4	politically	politically	ADV
ajfa-11129	21	5	connected	connect	VERB
ajfa-11129	21	6	independent	independent	ADJ
ajfa-11129	21	7	director	director	NOUN
ajfa-11129	21	8	may	may	AUX
ajfa-11129	21	9	expropriate	expropriate	VERB
ajfa-11129	21	10	the	the	DET
ajfa-11129	21	11	shareholders	shareholder	NOUN
ajfa-11129	21	12	’	’	PART
ajfa-11129	21	13	interests	interest	NOUN
ajfa-11129	21	14	to	to	ADP
ajfa-11129	21	15	some	some	DET
ajfa-11129	21	16	extent	extent	NOUN
ajfa-11129	21	17	.	.	PUNCT
ajfa-11129	22	1	prior	prior	ADJ
ajfa-11129	22	2	studies	study	NOUN
ajfa-11129	22	3	show	show	VERB
ajfa-11129	22	4	that	that	SCONJ
ajfa-11129	22	5	the	the	DET
ajfa-11129	22	6	behaviors	behavior	NOUN
ajfa-11129	22	7	of	of	ADP
ajfa-11129	22	8	soes	soe	NOUN
ajfa-11129	22	9	and	and	CCONJ
ajfa-11129	22	10	non	non	NOUN
ajfa-11129	22	11	-	-	NOUN
ajfa-11129	22	12	soes	soe	NOUN
ajfa-11129	22	13	are	be	AUX
ajfa-11129	22	14	different	different	ADJ
ajfa-11129	22	15	because	because	SCONJ
ajfa-11129	22	16	of	of	ADP
ajfa-11129	22	17	their	their	PRON
ajfa-11129	22	18	1	1	NUM
ajfa-11129	22	19	http://fanfu.people.com.cn/n/2013/0909/c64371-22852586.html	http://fanfu.people.com.cn/n/2013/0909/c64371-22852586.html	PROPN
ajfa-11129	22	20	(	(	PUNCT
ajfa-11129	22	21	in	in	ADP
ajfa-11129	22	22	chinese	chinese	ADJ
ajfa-11129	22	23	)	)	PUNCT
ajfa-11129	22	24	asian	asian	ADJ
ajfa-11129	22	25	journal	journal	NOUN
ajfa-11129	22	26	of	of	ADP
ajfa-11129	22	27	finance	finance	PROPN
ajfa-11129	22	28	&	&	CCONJ
ajfa-11129	22	29	accounting	accounting	PROPN
ajfa-11129	22	30	issn	issn	PROPN
ajfa-11129	22	31	1946	1946	NUM
ajfa-11129	22	32	-	-	PUNCT
ajfa-11129	22	33	052x	052x	PROPN
ajfa-11129	22	34	2017	2017	NUM
ajfa-11129	22	35	,	,	PUNCT
ajfa-11129	22	36	vol	vol	NOUN
ajfa-11129	22	37	.	.	NOUN
ajfa-11129	22	38	9	9	NUM
ajfa-11129	22	39	,	,	PUNCT
ajfa-11129	22	40	no	no	INTJ
ajfa-11129	22	41	.	.	NOUN
ajfa-11129	22	42	1	1	NUM
ajfa-11129	22	43	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	22	44	335	335	NUM
ajfa-11129	22	45	ownership	ownership	NOUN
ajfa-11129	22	46	structures	structure	NOUN
ajfa-11129	22	47	.	.	PUNCT
ajfa-11129	23	1	for	for	ADP
ajfa-11129	23	2	example	example	NOUN
ajfa-11129	23	3	,	,	PUNCT
ajfa-11129	23	4	soes	soe	NOUN
ajfa-11129	23	5	are	be	AUX
ajfa-11129	23	6	generally	generally	ADV
ajfa-11129	23	7	less	less	ADV
ajfa-11129	23	8	aggressive	aggressive	ADJ
ajfa-11129	23	9	in	in	ADP
ajfa-11129	23	10	earnings	earning	NOUN
ajfa-11129	23	11	management	management	NOUN
ajfa-11129	23	12	than	than	ADP
ajfa-11129	23	13	non	non	ADJ
ajfa-11129	23	14	-	-	NOUN
ajfa-11129	23	15	soes	soe	NOUN
ajfa-11129	23	16	are	be	AUX
ajfa-11129	23	17	(	(	PUNCT
ajfa-11129	23	18	wang	wang	PROPN
ajfa-11129	23	19	&	&	CCONJ
ajfa-11129	23	20	yung	yung	PROPN
ajfa-11129	23	21	,	,	PUNCT
ajfa-11129	23	22	2011	2011	NUM
ajfa-11129	23	23	)	)	PUNCT
ajfa-11129	23	24	.	.	PUNCT
ajfa-11129	24	1	the	the	DET
ajfa-11129	24	2	majority	majority	NOUN
ajfa-11129	24	3	shareholder	shareholder	NOUN
ajfa-11129	24	4	of	of	ADP
ajfa-11129	24	5	a	a	DET
ajfa-11129	24	6	soe	soe	PROPN
ajfa-11129	24	7	is	be	AUX
ajfa-11129	24	8	the	the	DET
ajfa-11129	24	9	state	state	NOUN
ajfa-11129	24	10	,	,	PUNCT
ajfa-11129	24	11	which	which	PRON
ajfa-11129	24	12	means	mean	VERB
ajfa-11129	24	13	that	that	SCONJ
ajfa-11129	24	14	soes	soe	NOUN
ajfa-11129	24	15	have	have	VERB
ajfa-11129	24	16	inherent	inherent	ADJ
ajfa-11129	24	17	political	political	ADJ
ajfa-11129	24	18	connections	connection	NOUN
ajfa-11129	24	19	,	,	PUNCT
ajfa-11129	24	20	while	while	SCONJ
ajfa-11129	24	21	non	non	ADJ
ajfa-11129	24	22	-	-	ADJ
ajfa-11129	24	23	soes	soe	NOUN
ajfa-11129	24	24	strive	strive	VERB
ajfa-11129	24	25	to	to	PART
ajfa-11129	24	26	earn	earn	VERB
ajfa-11129	24	27	political	political	ADJ
ajfa-11129	24	28	connections	connection	NOUN
ajfa-11129	24	29	via	via	ADP
ajfa-11129	24	30	their	their	PRON
ajfa-11129	24	31	top	top	ADJ
ajfa-11129	24	32	managers	manager	NOUN
ajfa-11129	24	33	and/or	and/or	CCONJ
ajfa-11129	24	34	board	board	NOUN
ajfa-11129	24	35	members	member	NOUN
ajfa-11129	24	36	.	.	PUNCT
ajfa-11129	25	1	the	the	DET
ajfa-11129	25	2	state	state	NOUN
ajfa-11129	25	3	may	may	AUX
ajfa-11129	25	4	appoint	appoint	VERB
ajfa-11129	25	5	politically	politically	ADV
ajfa-11129	25	6	connected	connect	VERB
ajfa-11129	25	7	independent	independent	ADJ
ajfa-11129	25	8	board	board	NOUN
ajfa-11129	25	9	members	member	NOUN
ajfa-11129	25	10	for	for	ADP
ajfa-11129	25	11	soes	soe	NOUN
ajfa-11129	25	12	,	,	PUNCT
ajfa-11129	25	13	while	while	SCONJ
ajfa-11129	25	14	non	non	ADJ
ajfa-11129	25	15	-	-	ADJ
ajfa-11129	25	16	soes	soe	NOUN
ajfa-11129	25	17	may	may	AUX
ajfa-11129	25	18	need	need	VERB
ajfa-11129	25	19	to	to	PART
ajfa-11129	25	20	invite	invite	VERB
ajfa-11129	25	21	independent	independent	ADJ
ajfa-11129	25	22	board	board	NOUN
ajfa-11129	25	23	members	member	NOUN
ajfa-11129	25	24	with	with	ADP
ajfa-11129	25	25	political	political	ADJ
ajfa-11129	25	26	connections	connection	NOUN
ajfa-11129	25	27	to	to	PART
ajfa-11129	25	28	join	join	VERB
ajfa-11129	25	29	their	their	PRON
ajfa-11129	25	30	boards	board	NOUN
ajfa-11129	25	31	.	.	PUNCT
ajfa-11129	26	1	because	because	SCONJ
ajfa-11129	26	2	of	of	ADP
ajfa-11129	26	3	these	these	DET
ajfa-11129	26	4	differences	difference	NOUN
ajfa-11129	26	5	,	,	PUNCT
ajfa-11129	26	6	politically	politically	ADV
ajfa-11129	26	7	connected	connect	VERB
ajfa-11129	26	8	independent	independent	ADJ
ajfa-11129	26	9	board	board	NOUN
ajfa-11129	26	10	members	member	NOUN
ajfa-11129	26	11	may	may	AUX
ajfa-11129	26	12	be	be	AUX
ajfa-11129	26	13	more	more	ADV
ajfa-11129	26	14	powerful	powerful	ADJ
ajfa-11129	26	15	in	in	ADP
ajfa-11129	26	16	non	non	ADJ
ajfa-11129	26	17	-	-	NOUN
ajfa-11129	26	18	soes	soe	NOUN
ajfa-11129	26	19	than	than	ADP
ajfa-11129	26	20	soes	soe	NOUN
ajfa-11129	26	21	.	.	PUNCT
ajfa-11129	27	1	furthermore	furthermore	ADV
ajfa-11129	27	2	,	,	PUNCT
ajfa-11129	27	3	the	the	DET
ajfa-11129	27	4	government	government	NOUN
ajfa-11129	27	5	monitors	monitor	VERB
ajfa-11129	27	6	the	the	DET
ajfa-11129	27	7	tax	tax	NOUN
ajfa-11129	27	8	activities	activity	NOUN
ajfa-11129	27	9	of	of	ADP
ajfa-11129	27	10	soes	soe	NOUN
ajfa-11129	27	11	by	by	ADP
ajfa-11129	27	12	itself	itself	PRON
ajfa-11129	27	13	,	,	PUNCT
ajfa-11129	27	14	so	so	ADV
ajfa-11129	27	15	potential	potential	ADJ
ajfa-11129	27	16	monitoring	monitoring	NOUN
ajfa-11129	27	17	by	by	ADP
ajfa-11129	27	18	independent	independent	ADJ
ajfa-11129	27	19	directors	director	NOUN
ajfa-11129	27	20	might	might	AUX
ajfa-11129	27	21	be	be	AUX
ajfa-11129	27	22	redundant	redundant	ADJ
ajfa-11129	27	23	.	.	PUNCT
ajfa-11129	28	1	however	however	ADV
ajfa-11129	28	2	,	,	PUNCT
ajfa-11129	28	3	in	in	ADP
ajfa-11129	28	4	non	non	ADJ
ajfa-11129	28	5	-	-	NOUN
ajfa-11129	28	6	soes	soe	NOUN
ajfa-11129	28	7	,	,	PUNCT
ajfa-11129	28	8	politically	politically	ADV
ajfa-11129	28	9	connected	connect	VERB
ajfa-11129	28	10	board	board	NOUN
ajfa-11129	28	11	directors	director	NOUN
ajfa-11129	28	12	could	could	AUX
ajfa-11129	28	13	be	be	AUX
ajfa-11129	28	14	crucial	crucial	ADJ
ajfa-11129	28	15	to	to	PART
ajfa-11129	28	16	monitor	monitor	VERB
ajfa-11129	28	17	tax	tax	NOUN
ajfa-11129	28	18	activities	activity	NOUN
ajfa-11129	28	19	for	for	ADP
ajfa-11129	28	20	the	the	DET
ajfa-11129	28	21	government	government	NOUN
ajfa-11129	28	22	.	.	PUNCT
ajfa-11129	29	1	in	in	ADP
ajfa-11129	29	2	this	this	DET
ajfa-11129	29	3	paper	paper	NOUN
ajfa-11129	29	4	,	,	PUNCT
ajfa-11129	29	5	we	we	PRON
ajfa-11129	29	6	also	also	ADV
ajfa-11129	29	7	test	test	VERB
ajfa-11129	29	8	whether	whether	SCONJ
ajfa-11129	29	9	the	the	DET
ajfa-11129	29	10	effect	effect	NOUN
ajfa-11129	29	11	of	of	ADP
ajfa-11129	29	12	politically	politically	ADV
ajfa-11129	29	13	connected	connect	VERB
ajfa-11129	29	14	independent	independent	ADJ
ajfa-11129	29	15	directors	director	NOUN
ajfa-11129	29	16	on	on	ADP
ajfa-11129	29	17	firms	firm	NOUN
ajfa-11129	29	18	’	'	PUNCT
ajfa-11129	29	19	tax	tax	NOUN
ajfa-11129	29	20	aggressiveness	aggressiveness	NOUN
ajfa-11129	29	21	is	be	AUX
ajfa-11129	29	22	different	different	ADJ
ajfa-11129	29	23	for	for	ADP
ajfa-11129	29	24	the	the	DET
ajfa-11129	29	25	two	two	NUM
ajfa-11129	29	26	firm	firm	ADJ
ajfa-11129	29	27	types	type	NOUN
ajfa-11129	29	28	.	.	PUNCT
ajfa-11129	30	1	by	by	ADP
ajfa-11129	30	2	studying	study	VERB
ajfa-11129	30	3	400	400	NUM
ajfa-11129	30	4	public	public	ADJ
ajfa-11129	30	5	firms	firm	NOUN
ajfa-11129	30	6	included	include	VERB
ajfa-11129	30	7	in	in	ADP
ajfa-11129	30	8	the	the	DET
ajfa-11129	30	9	chinese	chinese	ADJ
ajfa-11129	30	10	securities	securities	PROPN
ajfa-11129	30	11	index	index	PROPN
ajfa-11129	30	12	state	state	NOUN
ajfa-11129	30	13	-	-	PUNCT
ajfa-11129	30	14	owned	own	VERB
ajfa-11129	30	15	enterprises	enterprise	NOUN
ajfa-11129	30	16	200	200	NUM
ajfa-11129	30	17	(	(	PUNCT
ajfa-11129	30	18	csi	csi	PROPN
ajfa-11129	30	19	soe	soe	PROPN
ajfa-11129	30	20	200	200	NUM
ajfa-11129	30	21	)	)	PUNCT
ajfa-11129	30	22	and	and	CCONJ
ajfa-11129	30	23	the	the	DET
ajfa-11129	30	24	chinese	chinese	ADJ
ajfa-11129	30	25	securities	securities	PROPN
ajfa-11129	30	26	index	index	NOUN
ajfa-11129	30	27	privately	privately	ADV
ajfa-11129	30	28	-	-	PUNCT
ajfa-11129	30	29	owned	own	VERB
ajfa-11129	30	30	enterprises	enterprise	NOUN
ajfa-11129	30	31	200	200	NUM
ajfa-11129	30	32	(	(	PUNCT
ajfa-11129	30	33	csi	csi	PROPN
ajfa-11129	30	34	poe	poe	PROPN
ajfa-11129	30	35	200	200	NUM
ajfa-11129	30	36	)	)	PUNCT
ajfa-11129	30	37	for	for	ADP
ajfa-11129	30	38	the	the	DET
ajfa-11129	30	39	period	period	NOUN
ajfa-11129	30	40	2002–2014	2002–2014	NOUN
ajfa-11129	30	41	,	,	PUNCT
ajfa-11129	30	42	we	we	PRON
ajfa-11129	30	43	find	find	VERB
ajfa-11129	30	44	that	that	SCONJ
ajfa-11129	30	45	cash	cash	NOUN
ajfa-11129	30	46	effective	effective	ADJ
ajfa-11129	30	47	tax	tax	NOUN
ajfa-11129	30	48	rates	rate	NOUN
ajfa-11129	30	49	(	(	PUNCT
ajfa-11129	30	50	cash	cash	NOUN
ajfa-11129	30	51	etrs	etrs	ADJ
ajfa-11129	30	52	)	)	PUNCT
ajfa-11129	30	53	are	be	AUX
ajfa-11129	30	54	positively	positively	ADV
ajfa-11129	30	55	associated	associate	VERB
ajfa-11129	30	56	with	with	ADP
ajfa-11129	30	57	politically	politically	ADV
ajfa-11129	30	58	connected	connect	VERB
ajfa-11129	30	59	independent	independent	ADJ
ajfa-11129	30	60	directors	director	NOUN
ajfa-11129	30	61	in	in	ADP
ajfa-11129	30	62	chinese	chinese	ADJ
ajfa-11129	30	63	firms	firm	NOUN
ajfa-11129	30	64	.	.	PUNCT
ajfa-11129	31	1	further	far	ADV
ajfa-11129	31	2	,	,	PUNCT
ajfa-11129	31	3	the	the	DET
ajfa-11129	31	4	effect	effect	NOUN
ajfa-11129	31	5	of	of	ADP
ajfa-11129	31	6	politically	politically	ADV
ajfa-11129	31	7	connected	connect	VERB
ajfa-11129	31	8	independent	independent	ADJ
ajfa-11129	31	9	directors	director	NOUN
ajfa-11129	31	10	is	be	AUX
ajfa-11129	31	11	weaker	weak	ADJ
ajfa-11129	31	12	for	for	ADP
ajfa-11129	31	13	soes	soe	NOUN
ajfa-11129	31	14	than	than	ADP
ajfa-11129	31	15	for	for	ADP
ajfa-11129	31	16	non	non	ADJ
ajfa-11129	31	17	-	-	NOUN
ajfa-11129	31	18	soes	soe	NOUN
ajfa-11129	31	19	.	.	PUNCT
ajfa-11129	32	1	together	together	ADV
ajfa-11129	32	2	,	,	PUNCT
ajfa-11129	32	3	our	our	PRON
ajfa-11129	32	4	results	result	NOUN
ajfa-11129	32	5	show	show	VERB
ajfa-11129	32	6	that	that	SCONJ
ajfa-11129	32	7	politically	politically	ADV
ajfa-11129	32	8	connected	connect	VERB
ajfa-11129	32	9	independent	independent	ADJ
ajfa-11129	32	10	directors	director	NOUN
ajfa-11129	32	11	serve	serve	VERB
ajfa-11129	32	12	the	the	DET
ajfa-11129	32	13	interests	interest	NOUN
ajfa-11129	32	14	of	of	ADP
ajfa-11129	32	15	the	the	DET
ajfa-11129	32	16	state	state	NOUN
ajfa-11129	32	17	and	and	CCONJ
ajfa-11129	32	18	closely	closely	ADV
ajfa-11129	32	19	monitor	monitor	VERB
ajfa-11129	32	20	the	the	DET
ajfa-11129	32	21	tax	tax	NOUN
ajfa-11129	32	22	activities	activity	NOUN
ajfa-11129	32	23	of	of	ADP
ajfa-11129	32	24	firms	firm	NOUN
ajfa-11129	32	25	.	.	PUNCT
ajfa-11129	33	1	as	as	ADP
ajfa-11129	33	2	a	a	DET
ajfa-11129	33	3	result	result	NOUN
ajfa-11129	33	4	,	,	PUNCT
ajfa-11129	33	5	firms	firm	NOUN
ajfa-11129	33	6	with	with	ADP
ajfa-11129	33	7	politically	politically	ADV
ajfa-11129	33	8	connected	connect	VERB
ajfa-11129	33	9	board	board	NOUN
ajfa-11129	33	10	directors	director	NOUN
ajfa-11129	33	11	pay	pay	VERB
ajfa-11129	33	12	more	more	ADJ
ajfa-11129	33	13	taxes	taxis	NOUN
ajfa-11129	33	14	than	than	ADP
ajfa-11129	33	15	counterparts	counterpart	NOUN
ajfa-11129	33	16	without	without	ADP
ajfa-11129	33	17	politically	politically	ADV
ajfa-11129	33	18	connected	connect	VERB
ajfa-11129	33	19	independent	independent	ADJ
ajfa-11129	33	20	directors	director	NOUN
ajfa-11129	33	21	.	.	PUNCT
ajfa-11129	34	1	however	however	ADV
ajfa-11129	34	2	,	,	PUNCT
ajfa-11129	34	3	this	this	PRON
ajfa-11129	34	4	does	do	AUX
ajfa-11129	34	5	not	not	PART
ajfa-11129	34	6	necessarily	necessarily	ADV
ajfa-11129	34	7	mean	mean	VERB
ajfa-11129	34	8	that	that	SCONJ
ajfa-11129	34	9	politically	politically	ADV
ajfa-11129	34	10	connected	connect	VERB
ajfa-11129	34	11	independent	independent	ADJ
ajfa-11129	34	12	directors	director	NOUN
ajfa-11129	34	13	hurt	hurt	VERB
ajfa-11129	34	14	the	the	DET
ajfa-11129	34	15	interests	interest	NOUN
ajfa-11129	34	16	of	of	ADP
ajfa-11129	34	17	shareholders	shareholder	NOUN
ajfa-11129	34	18	even	even	ADV
ajfa-11129	34	19	though	though	SCONJ
ajfa-11129	34	20	they	they	PRON
ajfa-11129	34	21	cause	cause	VERB
ajfa-11129	34	22	their	their	PRON
ajfa-11129	34	23	firms	firm	NOUN
ajfa-11129	34	24	to	to	PART
ajfa-11129	34	25	pay	pay	VERB
ajfa-11129	34	26	more	more	ADJ
ajfa-11129	34	27	taxes	taxis	NOUN
ajfa-11129	34	28	.	.	PUNCT
ajfa-11129	35	1	preventing	prevent	VERB
ajfa-11129	35	2	firms	firm	NOUN
ajfa-11129	35	3	from	from	ADP
ajfa-11129	35	4	being	be	AUX
ajfa-11129	35	5	tax	tax	NOUN
ajfa-11129	35	6	aggressive	aggressive	ADJ
ajfa-11129	35	7	could	could	AUX
ajfa-11129	35	8	benefit	benefit	VERB
ajfa-11129	35	9	shareholders	shareholder	NOUN
ajfa-11129	35	10	in	in	ADP
ajfa-11129	35	11	the	the	DET
ajfa-11129	35	12	long	long	ADJ
ajfa-11129	35	13	term	term	NOUN
ajfa-11129	35	14	.	.	PUNCT
ajfa-11129	36	1	studies	study	NOUN
ajfa-11129	36	2	have	have	AUX
ajfa-11129	36	3	shown	show	VERB
ajfa-11129	36	4	the	the	DET
ajfa-11129	36	5	tax	tax	NOUN
ajfa-11129	36	6	aggressiveness	aggressiveness	NOUN
ajfa-11129	36	7	may	may	AUX
ajfa-11129	36	8	have	have	VERB
ajfa-11129	36	9	negative	negative	ADJ
ajfa-11129	36	10	impact	impact	NOUN
ajfa-11129	36	11	on	on	ADP
ajfa-11129	36	12	firm	firm	ADJ
ajfa-11129	36	13	value	value	NOUN
ajfa-11129	36	14	,	,	PUNCT
ajfa-11129	36	15	and	and	CCONJ
ajfa-11129	36	16	the	the	DET
ajfa-11129	36	17	stock	stock	NOUN
ajfa-11129	36	18	market	market	NOUN
ajfa-11129	36	19	reacts	react	VERB
ajfa-11129	36	20	negatively	negatively	ADV
ajfa-11129	36	21	to	to	PART
ajfa-11129	36	22	tax	tax	VERB
ajfa-11129	36	23	aggressive	aggressive	ADJ
ajfa-11129	36	24	firms(hanlon	firms(hanlon	NOUN
ajfa-11129	36	25	&	&	CCONJ
ajfa-11129	36	26	slemrod	slemrod	NOUN
ajfa-11129	36	27	,	,	PUNCT
ajfa-11129	36	28	2009	2009	NUM
ajfa-11129	36	29	)	)	PUNCT
ajfa-11129	36	30	.	.	PUNCT
ajfa-11129	37	1	our	our	PRON
ajfa-11129	37	2	study	study	NOUN
ajfa-11129	37	3	contributes	contribute	VERB
ajfa-11129	37	4	both	both	PRON
ajfa-11129	37	5	to	to	ADP
ajfa-11129	37	6	the	the	DET
ajfa-11129	37	7	tax	tax	NOUN
ajfa-11129	37	8	literature	literature	NOUN
ajfa-11129	37	9	and	and	CCONJ
ajfa-11129	37	10	the	the	DET
ajfa-11129	37	11	corporate	corporate	ADJ
ajfa-11129	37	12	governance	governance	NOUN
ajfa-11129	37	13	literature	literature	NOUN
ajfa-11129	37	14	.	.	PUNCT
ajfa-11129	38	1	first	first	ADV
ajfa-11129	38	2	,	,	PUNCT
ajfa-11129	38	3	our	our	PRON
ajfa-11129	38	4	study	study	NOUN
ajfa-11129	38	5	contributes	contribute	VERB
ajfa-11129	38	6	to	to	ADP
ajfa-11129	38	7	the	the	DET
ajfa-11129	38	8	understanding	understanding	NOUN
ajfa-11129	38	9	of	of	ADP
ajfa-11129	38	10	the	the	DET
ajfa-11129	38	11	role	role	NOUN
ajfa-11129	38	12	of	of	ADP
ajfa-11129	38	13	independent	independent	ADJ
ajfa-11129	38	14	board	board	NOUN
ajfa-11129	38	15	directors	director	NOUN
ajfa-11129	38	16	in	in	ADP
ajfa-11129	38	17	china	china	PROPN
ajfa-11129	38	18	,	,	PUNCT
ajfa-11129	38	19	which	which	PRON
ajfa-11129	38	20	is	be	AUX
ajfa-11129	38	21	understudied	understudied	ADJ
ajfa-11129	38	22	in	in	ADP
ajfa-11129	38	23	the	the	DET
ajfa-11129	38	24	literature	literature	NOUN
ajfa-11129	38	25	(	(	PUNCT
ajfa-11129	38	26	wang	wang	PROPN
ajfa-11129	38	27	,	,	PUNCT
ajfa-11129	38	28	2015	2015	NUM
ajfa-11129	38	29	)	)	PUNCT
ajfa-11129	38	30	.	.	PUNCT
ajfa-11129	39	1	we	we	PRON
ajfa-11129	39	2	find	find	VERB
ajfa-11129	39	3	that	that	SCONJ
ajfa-11129	39	4	firms	firm	NOUN
ajfa-11129	39	5	with	with	ADP
ajfa-11129	39	6	politically	politically	ADV
ajfa-11129	39	7	connected	connect	VERB
ajfa-11129	39	8	independent	independent	ADJ
ajfa-11129	39	9	board	board	NOUN
ajfa-11129	39	10	director	director	NOUN
ajfa-11129	39	11	have	have	VERB
ajfa-11129	39	12	higher	high	ADJ
ajfa-11129	39	13	cash	cash	NOUN
ajfa-11129	39	14	etrs	etrs	ADJ
ajfa-11129	39	15	than	than	ADP
ajfa-11129	39	16	other	other	ADJ
ajfa-11129	39	17	firms	firm	NOUN
ajfa-11129	39	18	,	,	PUNCT
ajfa-11129	39	19	suggesting	suggest	VERB
ajfa-11129	39	20	that	that	SCONJ
ajfa-11129	39	21	politically	politically	ADV
ajfa-11129	39	22	connected	connect	VERB
ajfa-11129	39	23	board	board	NOUN
ajfa-11129	39	24	directors	director	NOUN
ajfa-11129	39	25	represent	represent	VERB
ajfa-11129	39	26	the	the	DET
ajfa-11129	39	27	government	government	NOUN
ajfa-11129	39	28	and	and	CCONJ
ajfa-11129	39	29	make	make	VERB
ajfa-11129	39	30	firms	firm	NOUN
ajfa-11129	39	31	comply	comply	VERB
ajfa-11129	39	32	with	with	ADP
ajfa-11129	39	33	tax	tax	NOUN
ajfa-11129	39	34	laws	law	NOUN
ajfa-11129	39	35	more	more	ADV
ajfa-11129	39	36	strictly	strictly	ADV
ajfa-11129	39	37	or	or	CCONJ
ajfa-11129	39	38	even	even	ADV
ajfa-11129	39	39	pay	pay	VERB
ajfa-11129	39	40	more	more	ADJ
ajfa-11129	39	41	taxes	taxis	NOUN
ajfa-11129	39	42	.	.	PUNCT
ajfa-11129	40	1	second	second	ADV
ajfa-11129	40	2	,	,	PUNCT
ajfa-11129	40	3	our	our	PRON
ajfa-11129	40	4	finding	finding	NOUN
ajfa-11129	40	5	contributes	contribute	VERB
ajfa-11129	40	6	to	to	ADP
ajfa-11129	40	7	the	the	DET
ajfa-11129	40	8	tax	tax	NOUN
ajfa-11129	40	9	literature	literature	NOUN
ajfa-11129	40	10	by	by	ADP
ajfa-11129	40	11	identifying	identify	VERB
ajfa-11129	40	12	another	another	DET
ajfa-11129	40	13	way	way	NOUN
ajfa-11129	40	14	to	to	PART
ajfa-11129	40	15	prevent	prevent	VERB
ajfa-11129	40	16	firms	firm	NOUN
ajfa-11129	40	17	from	from	ADP
ajfa-11129	40	18	being	be	AUX
ajfa-11129	40	19	aggressive	aggressive	ADJ
ajfa-11129	40	20	in	in	ADP
ajfa-11129	40	21	tax	tax	NOUN
ajfa-11129	40	22	planning	planning	NOUN
ajfa-11129	40	23	.	.	PUNCT
ajfa-11129	41	1	finally	finally	ADV
ajfa-11129	41	2	,	,	PUNCT
ajfa-11129	41	3	prior	prior	ADJ
ajfa-11129	41	4	studies	study	NOUN
ajfa-11129	41	5	predict	predict	VERB
ajfa-11129	41	6	the	the	DET
ajfa-11129	41	7	differences	difference	NOUN
ajfa-11129	41	8	in	in	ADP
ajfa-11129	41	9	the	the	DET
ajfa-11129	41	10	behaviors	behavior	NOUN
ajfa-11129	41	11	between	between	ADP
ajfa-11129	41	12	soes	soe	NOUN
ajfa-11129	41	13	and	and	CCONJ
ajfa-11129	41	14	non	non	NOUN
ajfa-11129	41	15	-	-	NOUN
ajfa-11129	41	16	soes	soe	NOUN
ajfa-11129	41	17	due	due	ADP
ajfa-11129	41	18	to	to	ADP
ajfa-11129	41	19	their	their	PRON
ajfa-11129	41	20	different	different	ADJ
ajfa-11129	41	21	ownership	ownership	NOUN
ajfa-11129	41	22	structures	structure	NOUN
ajfa-11129	41	23	and	and	CCONJ
ajfa-11129	41	24	major	major	ADJ
ajfa-11129	41	25	goals(friedman	goals(friedman	PROPN
ajfa-11129	41	26	,	,	PUNCT
ajfa-11129	41	27	johnson	johnson	PROPN
ajfa-11129	41	28	,	,	PUNCT
ajfa-11129	41	29	&	&	CCONJ
ajfa-11129	41	30	mitton	mitton	PROPN
ajfa-11129	41	31	,	,	PUNCT
ajfa-11129	41	32	2003	2003	NUM
ajfa-11129	41	33	;	;	PUNCT
ajfa-11129	41	34	johnson	johnson	PROPN
ajfa-11129	41	35	,	,	PUNCT
ajfa-11129	41	36	la	la	PROPN
ajfa-11129	41	37	porta	porta	PROPN
ajfa-11129	41	38	,	,	PUNCT
ajfa-11129	41	39	lopez	lopez	NOUN
ajfa-11129	41	40	-	-	PUNCT
ajfa-11129	41	41	de	de	NOUN
ajfa-11129	41	42	-	-	NOUN
ajfa-11129	41	43	silanes	silane	NOUN
ajfa-11129	41	44	,	,	PUNCT
ajfa-11129	41	45	&	&	CCONJ
ajfa-11129	41	46	shleifer	shleifer	PROPN
ajfa-11129	41	47	,	,	PUNCT
ajfa-11129	41	48	2000	2000	NUM
ajfa-11129	41	49	;	;	PUNCT
ajfa-11129	41	50	liet	liet	PROPN
ajfa-11129	41	51	al	al	PROPN
ajfa-11129	41	52	.	.	PROPN
ajfa-11129	41	53	,	,	PUNCT
ajfa-11129	41	54	2008	2008	NUM
ajfa-11129	41	55	;	;	PUNCT
ajfa-11129	41	56	riyanto	riyanto	PROPN
ajfa-11129	41	57	&	&	CCONJ
ajfa-11129	41	58	toolsema	toolsema	PROPN
ajfa-11129	41	59	,	,	PUNCT
ajfa-11129	41	60	2008	2008	NUM
ajfa-11129	41	61	)	)	PUNCT
ajfa-11129	41	62	.	.	PUNCT
ajfa-11129	42	1	our	our	PRON
ajfa-11129	42	2	study	study	NOUN
ajfa-11129	42	3	supports	support	VERB
ajfa-11129	42	4	this	this	DET
ajfa-11129	42	5	prediction	prediction	NOUN
ajfa-11129	42	6	by	by	ADP
ajfa-11129	42	7	providing	provide	VERB
ajfa-11129	42	8	empirical	empirical	ADJ
ajfa-11129	42	9	evidence	evidence	NOUN
ajfa-11129	42	10	about	about	ADP
ajfa-11129	42	11	the	the	DET
ajfa-11129	42	12	different	different	ADJ
ajfa-11129	42	13	impacts	impact	NOUN
ajfa-11129	42	14	of	of	ADP
ajfa-11129	42	15	politically	politically	ADV
ajfa-11129	42	16	connected	connect	VERB
ajfa-11129	42	17	board	board	NOUN
ajfa-11129	42	18	directors	director	NOUN
ajfa-11129	42	19	on	on	ADP
ajfa-11129	42	20	firms	firm	NOUN
ajfa-11129	42	21	’	’	PART
ajfa-11129	42	22	tax	tax	NOUN
ajfa-11129	42	23	activities	activity	NOUN
ajfa-11129	42	24	in	in	ADP
ajfa-11129	42	25	soes	soe	NOUN
ajfa-11129	42	26	and	and	CCONJ
ajfa-11129	42	27	non	non	NOUN
ajfa-11129	42	28	-	-	NOUN
ajfa-11129	42	29	soes	soe	NOUN
ajfa-11129	42	30	.	.	PUNCT
ajfa-11129	43	1	our	our	PRON
ajfa-11129	43	2	study	study	NOUN
ajfa-11129	43	3	has	have	VERB
ajfa-11129	43	4	important	important	ADJ
ajfa-11129	43	5	practical	practical	ADJ
ajfa-11129	43	6	implications	implication	NOUN
ajfa-11129	43	7	as	as	ADV
ajfa-11129	43	8	well	well	ADV
ajfa-11129	43	9	.	.	PUNCT
ajfa-11129	44	1	although	although	SCONJ
ajfa-11129	44	2	people	people	NOUN
ajfa-11129	44	3	commonly	commonly	ADV
ajfa-11129	44	4	believe	believe	VERB
ajfa-11129	44	5	that	that	SCONJ
ajfa-11129	44	6	obtaining	obtain	VERB
ajfa-11129	44	7	a	a	DET
ajfa-11129	44	8	political	political	ADJ
ajfa-11129	44	9	connection	connection	NOUN
ajfa-11129	44	10	is	be	AUX
ajfa-11129	44	11	critical	critical	ADJ
ajfa-11129	44	12	to	to	ADP
ajfa-11129	44	13	a	a	DET
ajfa-11129	44	14	firm	firm	NOUN
ajfa-11129	44	15	’s	’s	PART
ajfa-11129	44	16	success	success	NOUN
ajfa-11129	44	17	in	in	ADP
ajfa-11129	44	18	china	china	PROPN
ajfa-11129	44	19	,	,	PUNCT
ajfa-11129	44	20	they	they	PRON
ajfa-11129	44	21	overlook	overlook	VERB
ajfa-11129	44	22	the	the	DET
ajfa-11129	44	23	asian	asian	ADJ
ajfa-11129	44	24	journal	journal	NOUN
ajfa-11129	44	25	of	of	ADP
ajfa-11129	44	26	finance	finance	PROPN
ajfa-11129	44	27	&	&	CCONJ
ajfa-11129	44	28	accounting	accounting	PROPN
ajfa-11129	44	29	issn	issn	PROPN
ajfa-11129	44	30	1946	1946	NUM
ajfa-11129	44	31	-	-	PUNCT
ajfa-11129	44	32	052x	052x	PROPN
ajfa-11129	44	33	2017	2017	NUM
ajfa-11129	44	34	,	,	PUNCT
ajfa-11129	44	35	vol	vol	NOUN
ajfa-11129	44	36	.	.	NOUN
ajfa-11129	45	1	9	9	NUM
ajfa-11129	45	2	,	,	PUNCT
ajfa-11129	45	3	no	no	INTJ
ajfa-11129	45	4	.	.	NOUN
ajfa-11129	45	5	1	1	NUM
ajfa-11129	45	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	45	7	336	336	NUM
ajfa-11129	45	8	costs	cost	NOUN
ajfa-11129	45	9	of	of	ADP
ajfa-11129	45	10	that	that	DET
ajfa-11129	45	11	connection	connection	NOUN
ajfa-11129	45	12	.	.	PUNCT
ajfa-11129	46	1	our	our	PRON
ajfa-11129	46	2	study	study	NOUN
ajfa-11129	46	3	is	be	AUX
ajfa-11129	46	4	one	one	NUM
ajfa-11129	46	5	of	of	ADP
ajfa-11129	46	6	the	the	DET
ajfa-11129	46	7	first	first	ADJ
ajfa-11129	46	8	to	to	PART
ajfa-11129	46	9	point	point	VERB
ajfa-11129	46	10	out	out	ADP
ajfa-11129	46	11	the	the	DET
ajfa-11129	46	12	potential	potential	ADJ
ajfa-11129	46	13	cost	cost	NOUN
ajfa-11129	46	14	of	of	ADP
ajfa-11129	46	15	a	a	DET
ajfa-11129	46	16	political	political	ADJ
ajfa-11129	46	17	connection	connection	NOUN
ajfa-11129	46	18	in	in	ADP
ajfa-11129	46	19	china	china	PROPN
ajfa-11129	46	20	—	—	PUNCT
ajfa-11129	46	21	more	more	ADV
ajfa-11129	46	22	specifically	specifically	ADV
ajfa-11129	46	23	,	,	PUNCT
ajfa-11129	46	24	the	the	DET
ajfa-11129	46	25	additional	additional	ADJ
ajfa-11129	46	26	taxes	taxis	NOUN
ajfa-11129	46	27	a	a	DET
ajfa-11129	46	28	firm	firm	NOUN
ajfa-11129	46	29	with	with	ADP
ajfa-11129	46	30	such	such	DET
ajfa-11129	46	31	a	a	DET
ajfa-11129	46	32	connection	connection	NOUN
ajfa-11129	46	33	may	may	AUX
ajfa-11129	46	34	pay	pay	VERB
ajfa-11129	46	35	to	to	ADP
ajfa-11129	46	36	the	the	DET
ajfa-11129	46	37	government	government	NOUN
ajfa-11129	46	38	.	.	PUNCT
ajfa-11129	47	1	china	china	PROPN
ajfa-11129	47	2	is	be	AUX
ajfa-11129	47	3	opening	open	VERB
ajfa-11129	47	4	to	to	ADP
ajfa-11129	47	5	the	the	DET
ajfa-11129	47	6	world	world	NOUN
ajfa-11129	47	7	and	and	CCONJ
ajfa-11129	47	8	has	have	VERB
ajfa-11129	47	9	more	more	ADJ
ajfa-11129	47	10	investment	investment	NOUN
ajfa-11129	47	11	opportunities	opportunity	NOUN
ajfa-11129	47	12	for	for	ADP
ajfa-11129	47	13	foreign	foreign	ADJ
ajfa-11129	47	14	investors	investor	NOUN
ajfa-11129	47	15	;	;	PUNCT
ajfa-11129	47	16	however	however	ADV
ajfa-11129	47	17	,	,	PUNCT
ajfa-11129	47	18	people	people	NOUN
ajfa-11129	47	19	’s	’s	PART
ajfa-11129	47	20	understanding	understanding	NOUN
ajfa-11129	47	21	of	of	ADP
ajfa-11129	47	22	the	the	DET
ajfa-11129	47	23	chinese	chinese	ADJ
ajfa-11129	47	24	business	business	NOUN
ajfa-11129	47	25	environment	environment	NOUN
ajfa-11129	47	26	is	be	AUX
ajfa-11129	47	27	still	still	ADV
ajfa-11129	47	28	limited	limited	ADJ
ajfa-11129	47	29	.	.	PUNCT
ajfa-11129	48	1	our	our	PRON
ajfa-11129	48	2	study	study	NOUN
ajfa-11129	48	3	could	could	AUX
ajfa-11129	48	4	interest	interest	VERB
ajfa-11129	48	5	companies	company	NOUN
ajfa-11129	48	6	that	that	PRON
ajfa-11129	48	7	want	want	VERB
ajfa-11129	48	8	to	to	PART
ajfa-11129	48	9	operate	operate	VERB
ajfa-11129	48	10	in	in	ADP
ajfa-11129	48	11	china	china	PROPN
ajfa-11129	48	12	or	or	CCONJ
ajfa-11129	48	13	collaborate	collaborate	VERB
ajfa-11129	48	14	with	with	ADP
ajfa-11129	48	15	chinese	chinese	ADJ
ajfa-11129	48	16	partners	partner	NOUN
ajfa-11129	48	17	.	.	PUNCT
ajfa-11129	49	1	our	our	PRON
ajfa-11129	49	2	findings	finding	NOUN
ajfa-11129	49	3	reveal	reveal	VERB
ajfa-11129	49	4	the	the	DET
ajfa-11129	49	5	necessary	necessary	ADJ
ajfa-11129	49	6	trade	trade	NOUN
ajfa-11129	49	7	-	-	PUNCT
ajfa-11129	49	8	off	off	NOUN
ajfa-11129	49	9	associated	associate	VERB
ajfa-11129	49	10	with	with	ADP
ajfa-11129	49	11	politically	politically	ADV
ajfa-11129	49	12	connected	connect	VERB
ajfa-11129	49	13	board	board	NOUN
ajfa-11129	49	14	directors	director	NOUN
ajfa-11129	49	15	.	.	PUNCT
ajfa-11129	50	1	foreign	foreign	ADJ
ajfa-11129	50	2	firms	firm	NOUN
ajfa-11129	50	3	in	in	ADP
ajfa-11129	50	4	china	china	PROPN
ajfa-11129	50	5	should	should	AUX
ajfa-11129	50	6	consider	consider	VERB
ajfa-11129	50	7	these	these	DET
ajfa-11129	50	8	costs	cost	NOUN
ajfa-11129	50	9	and	and	CCONJ
ajfa-11129	50	10	choose	choose	VERB
ajfa-11129	50	11	their	their	PRON
ajfa-11129	50	12	optimal	optimal	ADJ
ajfa-11129	50	13	board	board	NOUN
ajfa-11129	50	14	structures	structure	NOUN
ajfa-11129	50	15	.	.	PUNCT
ajfa-11129	51	1	the	the	DET
ajfa-11129	51	2	next	next	ADJ
ajfa-11129	51	3	section	section	NOUN
ajfa-11129	51	4	of	of	ADP
ajfa-11129	51	5	this	this	DET
ajfa-11129	51	6	paper	paper	NOUN
ajfa-11129	51	7	introduces	introduce	NOUN
ajfa-11129	51	8	regulations	regulation	NOUN
ajfa-11129	51	9	on	on	ADP
ajfa-11129	51	10	independent	independent	ADJ
ajfa-11129	51	11	board	board	NOUN
ajfa-11129	51	12	directors	director	NOUN
ajfa-11129	51	13	and	and	CCONJ
ajfa-11129	51	14	related	relate	VERB
ajfa-11129	51	15	tax	tax	NOUN
ajfa-11129	51	16	policies	policy	NOUN
ajfa-11129	51	17	in	in	ADP
ajfa-11129	51	18	china	china	PROPN
ajfa-11129	51	19	,	,	PUNCT
ajfa-11129	51	20	reviews	review	VERB
ajfa-11129	51	21	the	the	DET
ajfa-11129	51	22	literature	literature	NOUN
ajfa-11129	51	23	,	,	PUNCT
ajfa-11129	51	24	and	and	CCONJ
ajfa-11129	51	25	proposes	propose	VERB
ajfa-11129	51	26	two	two	NUM
ajfa-11129	51	27	hypotheses	hypothesis	NOUN
ajfa-11129	51	28	.	.	PUNCT
ajfa-11129	52	1	the	the	DET
ajfa-11129	52	2	third	third	ADJ
ajfa-11129	52	3	section	section	NOUN
ajfa-11129	52	4	introduces	introduce	VERB
ajfa-11129	52	5	the	the	DET
ajfa-11129	52	6	data	datum	NOUN
ajfa-11129	52	7	and	and	CCONJ
ajfa-11129	52	8	research	research	NOUN
ajfa-11129	52	9	design	design	NOUN
ajfa-11129	52	10	,	,	PUNCT
ajfa-11129	52	11	followed	follow	VERB
ajfa-11129	52	12	by	by	ADP
ajfa-11129	52	13	the	the	DET
ajfa-11129	52	14	empirical	empirical	ADJ
ajfa-11129	52	15	test	test	NOUN
ajfa-11129	52	16	results	result	NOUN
ajfa-11129	52	17	.	.	PUNCT
ajfa-11129	53	1	the	the	DET
ajfa-11129	53	2	last	last	ADJ
ajfa-11129	53	3	section	section	NOUN
ajfa-11129	53	4	further	far	ADV
ajfa-11129	53	5	discusses	discuss	VERB
ajfa-11129	53	6	the	the	DET
ajfa-11129	53	7	results	result	NOUN
ajfa-11129	53	8	and	and	CCONJ
ajfa-11129	53	9	concludes	conclude	VERB
ajfa-11129	53	10	the	the	DET
ajfa-11129	53	11	paper	paper	NOUN
ajfa-11129	53	12	.	.	PUNCT
ajfa-11129	54	1	2	2	X
ajfa-11129	54	2	.	.	X
ajfa-11129	54	3	literature	literature	NOUN
ajfa-11129	54	4	review	review	PROPN
ajfa-11129	54	5	and	and	CCONJ
ajfa-11129	54	6	hypotheses	hypothese	VERB
ajfa-11129	54	7	development	development	NOUN
ajfa-11129	54	8	2.1	2.1	NUM
ajfa-11129	54	9	independent	independent	ADJ
ajfa-11129	54	10	board	board	NOUN
ajfa-11129	54	11	directors	director	NOUN
ajfa-11129	54	12	and	and	CCONJ
ajfa-11129	54	13	political	political	ADJ
ajfa-11129	54	14	connections	connection	NOUN
ajfa-11129	54	15	in	in	ADP
ajfa-11129	54	16	china	china	PROPN
ajfa-11129	54	17	the	the	DET
ajfa-11129	54	18	shanghai	shanghai	PROPN
ajfa-11129	54	19	and	and	CCONJ
ajfa-11129	54	20	shenzhen	shenzhen	PROPN
ajfa-11129	54	21	stock	stock	PROPN
ajfa-11129	54	22	exchanges	exchange	NOUN
ajfa-11129	54	23	were	be	AUX
ajfa-11129	54	24	established	establish	VERB
ajfa-11129	54	25	in	in	ADP
ajfa-11129	54	26	1990	1990	NUM
ajfa-11129	54	27	and	and	CCONJ
ajfa-11129	54	28	1991	1991	NUM
ajfa-11129	54	29	,	,	PUNCT
ajfa-11129	54	30	respectively	respectively	ADV
ajfa-11129	54	31	.	.	PUNCT
ajfa-11129	55	1	the	the	DET
ajfa-11129	55	2	first	first	ADJ
ajfa-11129	55	3	milestone	milestone	NOUN
ajfa-11129	55	4	for	for	ADP
ajfa-11129	55	5	regulating	regulate	VERB
ajfa-11129	55	6	independent	independent	ADJ
ajfa-11129	55	7	board	board	NOUN
ajfa-11129	55	8	directors	director	NOUN
ajfa-11129	55	9	was	be	AUX
ajfa-11129	55	10	the	the	DET
ajfa-11129	55	11	guidance	guidance	NOUN
ajfa-11129	55	12	on	on	ADP
ajfa-11129	55	13	the	the	DET
ajfa-11129	55	14	establishment	establishment	NOUN
ajfa-11129	55	15	of	of	ADP
ajfa-11129	55	16	an	an	DET
ajfa-11129	55	17	independent	independent	ADJ
ajfa-11129	55	18	director	director	NOUN
ajfa-11129	55	19	system	system	NOUN
ajfa-11129	55	20	in	in	ADP
ajfa-11129	55	21	listed	list	VERB
ajfa-11129	55	22	companies	company	NOUN
ajfa-11129	55	23	(	(	PUNCT
ajfa-11129	55	24	guidance	guidance	NOUN
ajfa-11129	55	25	)	)	PUNCT
ajfa-11129	55	26	that	that	SCONJ
ajfa-11129	55	27	the	the	DET
ajfa-11129	55	28	china	china	PROPN
ajfa-11129	55	29	securities	securities	PROPN
ajfa-11129	55	30	regulatory	regulatory	PROPN
ajfa-11129	55	31	commission	commission	NOUN
ajfa-11129	55	32	issued	issue	VERB
ajfa-11129	55	33	in	in	ADP
ajfa-11129	55	34	2001	2001	NUM
ajfa-11129	55	35	.	.	PUNCT
ajfa-11129	56	1	the	the	DET
ajfa-11129	56	2	guidance	guidance	NOUN
ajfa-11129	56	3	required	require	VERB
ajfa-11129	56	4	all	all	DET
ajfa-11129	56	5	public	public	ADJ
ajfa-11129	56	6	firms	firm	NOUN
ajfa-11129	56	7	listed	list	VERB
ajfa-11129	56	8	on	on	ADP
ajfa-11129	56	9	the	the	DET
ajfa-11129	56	10	shanghai	shanghai	PROPN
ajfa-11129	56	11	or	or	CCONJ
ajfa-11129	56	12	shenzhen	shenzhen	PROPN
ajfa-11129	56	13	stock	stock	PROPN
ajfa-11129	56	14	exchanges	exchange	NOUN
ajfa-11129	56	15	to	to	PART
ajfa-11129	56	16	include	include	VERB
ajfa-11129	56	17	at	at	ADV
ajfa-11129	56	18	least	least	ADV
ajfa-11129	56	19	two	two	NUM
ajfa-11129	56	20	independent	independent	ADJ
ajfa-11129	56	21	directors	director	NOUN
ajfa-11129	56	22	on	on	ADP
ajfa-11129	56	23	their	their	PRON
ajfa-11129	56	24	boards	board	NOUN
ajfa-11129	56	25	of	of	ADP
ajfa-11129	56	26	directors	director	NOUN
ajfa-11129	56	27	,	,	PUNCT
ajfa-11129	56	28	and	and	CCONJ
ajfa-11129	56	29	at	at	ADV
ajfa-11129	56	30	least	least	ADJ
ajfa-11129	56	31	one	one	NUM
ajfa-11129	56	32	of	of	ADP
ajfa-11129	56	33	those	those	DET
ajfa-11129	56	34	independent	independent	PROPN
ajfa-11129	56	35	board	board	NOUN
ajfa-11129	56	36	directors	director	NOUN
ajfa-11129	56	37	had	have	VERB
ajfa-11129	56	38	to	to	PART
ajfa-11129	56	39	be	be	AUX
ajfa-11129	56	40	in	in	ADP
ajfa-11129	56	41	the	the	DET
ajfa-11129	56	42	accounting	accounting	NOUN
ajfa-11129	56	43	profession	profession	NOUN
ajfa-11129	56	44	.	.	PUNCT
ajfa-11129	57	1	additionally	additionally	ADV
ajfa-11129	57	2	,	,	PUNCT
ajfa-11129	57	3	the	the	DET
ajfa-11129	57	4	independent	independent	ADJ
ajfa-11129	57	5	directors	director	NOUN
ajfa-11129	57	6	had	have	VERB
ajfa-11129	57	7	to	to	PART
ajfa-11129	57	8	make	make	VERB
ajfa-11129	57	9	up	up	ADP
ajfa-11129	57	10	a	a	DET
ajfa-11129	57	11	minimum	minimum	NOUN
ajfa-11129	57	12	of	of	ADP
ajfa-11129	57	13	one	one	NUM
ajfa-11129	57	14	-	-	PUNCT
ajfa-11129	57	15	third	third	NOUN
ajfa-11129	57	16	of	of	ADP
ajfa-11129	57	17	the	the	DET
ajfa-11129	57	18	total	total	ADJ
ajfa-11129	57	19	board	board	NOUN
ajfa-11129	57	20	members	member	NOUN
ajfa-11129	57	21	.	.	PUNCT
ajfa-11129	58	1	although	although	SCONJ
ajfa-11129	58	2	china	china	PROPN
ajfa-11129	58	3	’s	’s	PART
ajfa-11129	58	4	economy	economy	NOUN
ajfa-11129	58	5	has	have	AUX
ajfa-11129	58	6	developed	develop	VERB
ajfa-11129	58	7	significantly	significantly	ADV
ajfa-11129	58	8	in	in	ADP
ajfa-11129	58	9	the	the	DET
ajfa-11129	58	10	past	past	ADJ
ajfa-11129	58	11	30	30	NUM
ajfa-11129	58	12	years	year	NOUN
ajfa-11129	58	13	,	,	PUNCT
ajfa-11129	58	14	it	it	PRON
ajfa-11129	58	15	is	be	AUX
ajfa-11129	58	16	still	still	ADV
ajfa-11129	58	17	less	less	ADV
ajfa-11129	58	18	developed	developed	ADJ
ajfa-11129	58	19	than	than	ADP
ajfa-11129	58	20	those	those	PRON
ajfa-11129	58	21	of	of	ADP
ajfa-11129	58	22	western	western	ADJ
ajfa-11129	58	23	countries	country	NOUN
ajfa-11129	58	24	.	.	PUNCT
ajfa-11129	59	1	the	the	DET
ajfa-11129	59	2	gaps	gap	NOUN
ajfa-11129	59	3	in	in	ADP
ajfa-11129	59	4	the	the	DET
ajfa-11129	59	5	chinese	chinese	ADJ
ajfa-11129	59	6	economic	economic	ADJ
ajfa-11129	59	7	system	system	NOUN
ajfa-11129	59	8	include	include	VERB
ajfa-11129	59	9	weak	weak	ADJ
ajfa-11129	59	10	investor	investor	NOUN
ajfa-11129	59	11	protection	protection	NOUN
ajfa-11129	59	12	,	,	PUNCT
ajfa-11129	59	13	weak	weak	ADJ
ajfa-11129	59	14	institutional	institutional	ADJ
ajfa-11129	59	15	support	support	NOUN
ajfa-11129	59	16	,	,	PUNCT
ajfa-11129	59	17	weak	weak	ADJ
ajfa-11129	59	18	contract	contract	NOUN
ajfa-11129	59	19	and	and	CCONJ
ajfa-11129	59	20	property	property	NOUN
ajfa-11129	59	21	rights	right	NOUN
ajfa-11129	59	22	enforcement	enforcement	NOUN
ajfa-11129	59	23	,	,	PUNCT
ajfa-11129	59	24	and	and	CCONJ
ajfa-11129	59	25	overreaching	overreach	VERB
ajfa-11129	59	26	interventions	intervention	NOUN
ajfa-11129	59	27	by	by	ADP
ajfa-11129	59	28	the	the	DET
ajfa-11129	59	29	government	government	NOUN
ajfa-11129	59	30	(	(	PUNCT
ajfa-11129	59	31	li	li	PROPN
ajfa-11129	59	32	et	et	PROPN
ajfa-11129	59	33	al	al	PROPN
ajfa-11129	59	34	.	.	PROPN
ajfa-11129	59	35	,	,	PUNCT
ajfa-11129	59	36	2008	2008	NUM
ajfa-11129	59	37	)	)	PUNCT
ajfa-11129	59	38	.	.	PUNCT
ajfa-11129	60	1	studies	study	NOUN
ajfa-11129	60	2	prove	prove	VERB
ajfa-11129	60	3	that	that	SCONJ
ajfa-11129	60	4	the	the	DET
ajfa-11129	60	5	political	political	ADJ
ajfa-11129	60	6	connections	connection	NOUN
ajfa-11129	60	7	of	of	ADP
ajfa-11129	60	8	firms	firm	NOUN
ajfa-11129	60	9	effectively	effectively	ADV
ajfa-11129	60	10	work	work	VERB
ajfa-11129	60	11	as	as	ADP
ajfa-11129	60	12	a	a	DET
ajfa-11129	60	13	substitute	substitute	NOUN
ajfa-11129	60	14	for	for	ADP
ajfa-11129	60	15	formal	formal	ADJ
ajfa-11129	60	16	institutions	institution	NOUN
ajfa-11129	60	17	to	to	PART
ajfa-11129	60	18	overcome	overcome	VERB
ajfa-11129	60	19	the	the	DET
ajfa-11129	60	20	gaps	gap	NOUN
ajfa-11129	60	21	in	in	ADP
ajfa-11129	60	22	china	china	PROPN
ajfa-11129	60	23	’s	’s	PART
ajfa-11129	60	24	weak	weak	ADJ
ajfa-11129	60	25	institutional	institutional	ADJ
ajfa-11129	60	26	environment	environment	NOUN
ajfa-11129	60	27	.	.	PUNCT
ajfa-11129	61	1	for	for	ADP
ajfa-11129	61	2	example	example	NOUN
ajfa-11129	61	3	,	,	PUNCT
ajfa-11129	61	4	the	the	DET
ajfa-11129	61	5	political	political	ADJ
ajfa-11129	61	6	connection	connection	NOUN
ajfa-11129	61	7	of	of	ADP
ajfa-11129	61	8	a	a	DET
ajfa-11129	61	9	firm	firm	NOUN
ajfa-11129	61	10	can	can	AUX
ajfa-11129	61	11	help	help	VERB
ajfa-11129	61	12	it	it	PRON
ajfa-11129	61	13	expand	expand	VERB
ajfa-11129	61	14	to	to	ADP
ajfa-11129	61	15	more	more	ADJ
ajfa-11129	61	16	markets	market	NOUN
ajfa-11129	61	17	(	(	PUNCT
ajfa-11129	61	18	luo	luo	PROPN
ajfa-11129	61	19	,	,	PUNCT
ajfa-11129	61	20	2003	2003	NUM
ajfa-11129	61	21	)	)	PUNCT
ajfa-11129	61	22	,	,	PUNCT
ajfa-11129	61	23	access	access	NOUN
ajfa-11129	61	24	capital	capital	NOUN
ajfa-11129	61	25	more	more	ADV
ajfa-11129	61	26	easily	easily	ADV
ajfa-11129	61	27	(	(	PUNCT
ajfa-11129	61	28	wu	wu	PROPN
ajfa-11129	61	29	et	et	PROPN
ajfa-11129	61	30	al	al	PROPN
ajfa-11129	61	31	.	.	PROPN
ajfa-11129	61	32	,	,	PUNCT
ajfa-11129	61	33	2008	2008	NUM
ajfa-11129	61	34	)	)	PUNCT
ajfa-11129	61	35	,	,	PUNCT
ajfa-11129	61	36	enjoy	enjoy	VERB
ajfa-11129	61	37	a	a	DET
ajfa-11129	61	38	lower	low	ADJ
ajfa-11129	61	39	capital	capital	NOUN
ajfa-11129	61	40	cost(fan	cost(fan	NOUN
ajfa-11129	61	41	&	&	CCONJ
ajfa-11129	61	42	hope	hope	PROPN
ajfa-11129	61	43	,	,	PUNCT
ajfa-11129	61	44	2013	2013	NUM
ajfa-11129	61	45	)	)	PUNCT
ajfa-11129	61	46	,	,	PUNCT
ajfa-11129	61	47	and	and	CCONJ
ajfa-11129	61	48	enhance	enhance	VERB
ajfa-11129	61	49	its	its	PRON
ajfa-11129	61	50	monopoly	monopoly	NOUN
ajfa-11129	61	51	status	status	NOUN
ajfa-11129	61	52	(	(	PUNCT
ajfa-11129	61	53	naughton	naughton	PROPN
ajfa-11129	61	54	,	,	PUNCT
ajfa-11129	61	55	2008	2008	NUM
ajfa-11129	61	56	)	)	PUNCT
ajfa-11129	61	57	.	.	PUNCT
ajfa-11129	62	1	chinese	chinese	ADJ
ajfa-11129	62	2	firms	firm	NOUN
ajfa-11129	62	3	strive	strive	VERB
ajfa-11129	62	4	to	to	PART
ajfa-11129	62	5	acquire	acquire	VERB
ajfa-11129	62	6	political	political	ADJ
ajfa-11129	62	7	connections	connection	NOUN
ajfa-11129	62	8	because	because	SCONJ
ajfa-11129	62	9	of	of	ADP
ajfa-11129	62	10	the	the	DET
ajfa-11129	62	11	enormous	enormous	ADJ
ajfa-11129	62	12	benefits	benefit	NOUN
ajfa-11129	62	13	they	they	PRON
ajfa-11129	62	14	provide	provide	VERB
ajfa-11129	62	15	.	.	PUNCT
ajfa-11129	63	1	soes	soe	NOUN
ajfa-11129	63	2	have	have	VERB
ajfa-11129	63	3	inherent	inherent	ADJ
ajfa-11129	63	4	political	political	ADJ
ajfa-11129	63	5	connections	connection	NOUN
ajfa-11129	63	6	because	because	SCONJ
ajfa-11129	63	7	their	their	PRON
ajfa-11129	63	8	controlling	control	VERB
ajfa-11129	63	9	shareholder	shareholder	NOUN
ajfa-11129	63	10	is	be	AUX
ajfa-11129	63	11	the	the	DET
ajfa-11129	63	12	government	government	NOUN
ajfa-11129	63	13	.	.	PUNCT
ajfa-11129	64	1	the	the	DET
ajfa-11129	64	2	government	government	NOUN
ajfa-11129	64	3	tends	tend	VERB
ajfa-11129	64	4	to	to	PART
ajfa-11129	64	5	appoint	appoint	VERB
ajfa-11129	64	6	politically	politically	ADV
ajfa-11129	64	7	connected	connect	VERB
ajfa-11129	64	8	independent	independent	ADJ
ajfa-11129	64	9	board	board	NOUN
ajfa-11129	64	10	directors	director	NOUN
ajfa-11129	64	11	to	to	PART
ajfa-11129	64	12	sit	sit	VERB
ajfa-11129	64	13	on	on	ADP
ajfa-11129	64	14	boards	board	NOUN
ajfa-11129	64	15	to	to	PART
ajfa-11129	64	16	direct	direct	VERB
ajfa-11129	64	17	soes	soe	NOUN
ajfa-11129	64	18	to	to	PART
ajfa-11129	64	19	operate	operate	VERB
ajfa-11129	64	20	in	in	ADP
ajfa-11129	64	21	its	its	PRON
ajfa-11129	64	22	best	good	ADJ
ajfa-11129	64	23	interests	interest	NOUN
ajfa-11129	64	24	.	.	PUNCT
ajfa-11129	65	1	non	non	ADJ
ajfa-11129	65	2	-	-	NOUN
ajfa-11129	65	3	soes	soe	NOUN
ajfa-11129	65	4	could	could	AUX
ajfa-11129	65	5	gain	gain	VERB
ajfa-11129	65	6	political	political	ADJ
ajfa-11129	65	7	connections	connection	NOUN
ajfa-11129	65	8	via	via	ADP
ajfa-11129	65	9	their	their	PRON
ajfa-11129	65	10	ceo	ceo	NOUN
ajfa-11129	65	11	and/or	and/or	CCONJ
ajfa-11129	65	12	managers	manager	NOUN
ajfa-11129	65	13	’	’	PART
ajfa-11129	65	14	political	political	ADJ
ajfa-11129	65	15	ties	tie	NOUN
ajfa-11129	65	16	and	and	CCONJ
ajfa-11129	65	17	invite	invite	VERB
ajfa-11129	65	18	politically	politically	ADV
ajfa-11129	65	19	connected	connect	VERB
ajfa-11129	65	20	independent	independent	ADJ
ajfa-11129	65	21	board	board	NOUN
ajfa-11129	65	22	directors	director	NOUN
ajfa-11129	65	23	to	to	PART
ajfa-11129	65	24	sit	sit	VERB
ajfa-11129	65	25	on	on	ADP
ajfa-11129	65	26	their	their	PRON
ajfa-11129	65	27	boards	board	NOUN
ajfa-11129	65	28	.	.	PUNCT
ajfa-11129	66	1	in	in	ADP
ajfa-11129	66	2	2013	2013	NUM
ajfa-11129	66	3	,	,	PUNCT
ajfa-11129	66	4	44.9	44.9	NUM
ajfa-11129	66	5	%	%	NOUN
ajfa-11129	66	6	of	of	ADP
ajfa-11129	66	7	the	the	DET
ajfa-11129	66	8	independent	independent	PROPN
ajfa-11129	66	9	board	board	NOUN
ajfa-11129	66	10	directors	director	NOUN
ajfa-11129	66	11	in	in	ADP
ajfa-11129	66	12	firms	firm	NOUN
ajfa-11129	66	13	listed	list	VERB
ajfa-11129	66	14	on	on	ADP
ajfa-11129	66	15	the	the	DET
ajfa-11129	66	16	shanghai	shanghai	PROPN
ajfa-11129	66	17	and	and	CCONJ
ajfa-11129	66	18	shenzhen	shenzhen	PROPN
ajfa-11129	66	19	stock	stock	PROPN
ajfa-11129	66	20	exchanges	exchange	NOUN
ajfa-11129	66	21	had	have	VERB
ajfa-11129	66	22	political	political	ADJ
ajfa-11129	66	23	connections	connection	NOUN
ajfa-11129	66	24	.	.	PUNCT
ajfa-11129	67	1	the	the	DET
ajfa-11129	67	2	literature	literature	NOUN
ajfa-11129	67	3	usually	usually	ADV
ajfa-11129	67	4	refers	refer	VERB
ajfa-11129	67	5	to	to	ADP
ajfa-11129	67	6	two	two	NUM
ajfa-11129	67	7	types	type	NOUN
ajfa-11129	67	8	of	of	ADP
ajfa-11129	67	9	political	political	ADJ
ajfa-11129	67	10	connections	connection	NOUN
ajfa-11129	67	11	:	:	PUNCT
ajfa-11129	67	12	past	past	ADP
ajfa-11129	67	13	working	work	VERB
ajfa-11129	67	14	experience	experience	NOUN
ajfa-11129	67	15	in	in	ADP
ajfa-11129	67	16	asian	asian	ADJ
ajfa-11129	67	17	journal	journal	NOUN
ajfa-11129	67	18	of	of	ADP
ajfa-11129	67	19	finance	finance	PROPN
ajfa-11129	67	20	&	&	CCONJ
ajfa-11129	67	21	accounting	accounting	PROPN
ajfa-11129	67	22	issn	issn	PROPN
ajfa-11129	67	23	1946	1946	NUM
ajfa-11129	67	24	-	-	PUNCT
ajfa-11129	67	25	052x	052x	PROPN
ajfa-11129	67	26	2017	2017	NUM
ajfa-11129	67	27	,	,	PUNCT
ajfa-11129	67	28	vol	vol	NOUN
ajfa-11129	67	29	.	.	NOUN
ajfa-11129	67	30	9	9	NUM
ajfa-11129	67	31	,	,	PUNCT
ajfa-11129	67	32	no	no	INTJ
ajfa-11129	67	33	.	.	NOUN
ajfa-11129	67	34	1	1	NUM
ajfa-11129	67	35	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	67	36	337	337	NUM
ajfa-11129	67	37	the	the	DET
ajfa-11129	67	38	government	government	NOUN
ajfa-11129	67	39	or	or	CCONJ
ajfa-11129	67	40	military	military	NOUN
ajfa-11129	67	41	,	,	PUNCT
ajfa-11129	67	42	and	and	CCONJ
ajfa-11129	67	43	membership	membership	NOUN
ajfa-11129	67	44	in	in	ADP
ajfa-11129	67	45	two	two	NUM
ajfa-11129	67	46	key	key	ADJ
ajfa-11129	67	47	institutions	institution	NOUN
ajfa-11129	67	48	of	of	ADP
ajfa-11129	67	49	the	the	DET
ajfa-11129	67	50	central	central	ADJ
ajfa-11129	67	51	government	government	NOUN
ajfa-11129	67	52	—	—	PUNCT
ajfa-11129	67	53	the	the	DET
ajfa-11129	67	54	national	national	PROPN
ajfa-11129	67	55	people	people	NOUN
ajfa-11129	67	56	’s	’s	PART
ajfa-11129	67	57	congress	congress	PROPN
ajfa-11129	67	58	(	(	PUNCT
ajfa-11129	67	59	npc	npc	PROPN
ajfa-11129	67	60	)	)	PUNCT
ajfa-11129	67	61	and	and	CCONJ
ajfa-11129	67	62	the	the	DET
ajfa-11129	67	63	chinese	chinese	ADJ
ajfa-11129	67	64	people	people	NOUN
ajfa-11129	67	65	’s	’s	PART
ajfa-11129	67	66	political	political	ADJ
ajfa-11129	67	67	consultative	consultative	ADJ
ajfa-11129	67	68	conference	conference	NOUN
ajfa-11129	67	69	(	(	PUNCT
ajfa-11129	67	70	cppcc	cppcc	NOUN
ajfa-11129	67	71	)	)	PUNCT
ajfa-11129	67	72	(	(	PUNCT
ajfa-11129	67	73	conyon	conyon	NOUN
ajfa-11129	67	74	at	at	ADP
ajfa-11129	67	75	al	al	PROPN
ajfa-11129	67	76	.	.	PROPN
ajfa-11129	67	77	,	,	PUNCT
ajfa-11129	67	78	2015	2015	NUM
ajfa-11129	67	79	;	;	PUNCT
ajfa-11129	67	80	li	li	PROPN
ajfa-11129	67	81	et	et	PROPN
ajfa-11129	67	82	al	al	PROPN
ajfa-11129	67	83	.	.	PROPN
ajfa-11129	67	84	,	,	PUNCT
ajfa-11129	67	85	2008	2008	NUM
ajfa-11129	67	86	)	)	PUNCT
ajfa-11129	67	87	.	.	PUNCT
ajfa-11129	68	1	both	both	CCONJ
ajfa-11129	68	2	the	the	DET
ajfa-11129	68	3	npc	npc	NOUN
ajfa-11129	68	4	and	and	CCONJ
ajfa-11129	68	5	cppcc	cppcc	NOUN
ajfa-11129	68	6	operate	operate	VERB
ajfa-11129	68	7	at	at	ADP
ajfa-11129	68	8	central	central	ADJ
ajfa-11129	68	9	and	and	CCONJ
ajfa-11129	68	10	local	local	ADJ
ajfa-11129	68	11	levels	level	NOUN
ajfa-11129	68	12	.	.	PUNCT
ajfa-11129	69	1	the	the	DET
ajfa-11129	69	2	npc	npc	NOUN
ajfa-11129	69	3	is	be	AUX
ajfa-11129	69	4	a	a	DET
ajfa-11129	69	5	legislative	legislative	ADJ
ajfa-11129	69	6	authority	authority	NOUN
ajfa-11129	69	7	in	in	ADP
ajfa-11129	69	8	the	the	DET
ajfa-11129	69	9	government	government	NOUN
ajfa-11129	69	10	,	,	PUNCT
ajfa-11129	69	11	and	and	CCONJ
ajfa-11129	69	12	npc	npc	NOUN
ajfa-11129	69	13	members	member	NOUN
ajfa-11129	69	14	have	have	VERB
ajfa-11129	69	15	the	the	DET
ajfa-11129	69	16	right	right	NOUN
ajfa-11129	69	17	to	to	PART
ajfa-11129	69	18	vote	vote	VERB
ajfa-11129	69	19	on	on	ADP
ajfa-11129	69	20	laws	law	NOUN
ajfa-11129	69	21	and	and	CCONJ
ajfa-11129	69	22	official	official	ADJ
ajfa-11129	69	23	appointments	appointment	NOUN
ajfa-11129	69	24	,	,	PUNCT
ajfa-11129	69	25	whereas	whereas	SCONJ
ajfa-11129	69	26	the	the	DET
ajfa-11129	69	27	cppcc	cppcc	NOUN
ajfa-11129	69	28	is	be	AUX
ajfa-11129	69	29	a	a	DET
ajfa-11129	69	30	consultative	consultative	ADJ
ajfa-11129	69	31	organization	organization	NOUN
ajfa-11129	69	32	that	that	PRON
ajfa-11129	69	33	provides	provide	VERB
ajfa-11129	69	34	suggestions	suggestion	NOUN
ajfa-11129	69	35	and	and	CCONJ
ajfa-11129	69	36	comments	comment	NOUN
ajfa-11129	69	37	to	to	ADP
ajfa-11129	69	38	the	the	DET
ajfa-11129	69	39	government	government	NOUN
ajfa-11129	69	40	(	(	PUNCT
ajfa-11129	69	41	guo	guo	PROPN
ajfa-11129	69	42	,	,	PUNCT
ajfa-11129	69	43	2001	2001	NUM
ajfa-11129	69	44	)	)	PUNCT
ajfa-11129	69	45	.	.	PUNCT
ajfa-11129	70	1	by	by	ADP
ajfa-11129	70	2	2013	2013	NUM
ajfa-11129	70	3	,	,	PUNCT
ajfa-11129	70	4	independent	independent	ADJ
ajfa-11129	70	5	board	board	NOUN
ajfa-11129	70	6	directors	director	NOUN
ajfa-11129	70	7	who	who	PRON
ajfa-11129	70	8	were	be	AUX
ajfa-11129	70	9	retired	retire	VERB
ajfa-11129	70	10	government	government	NOUN
ajfa-11129	70	11	officials	official	NOUN
ajfa-11129	70	12	were	be	AUX
ajfa-11129	70	13	receiving	receive	VERB
ajfa-11129	70	14	considerable	considerable	ADJ
ajfa-11129	70	15	attention	attention	NOUN
ajfa-11129	70	16	from	from	ADP
ajfa-11129	70	17	the	the	DET
ajfa-11129	70	18	media	medium	NOUN
ajfa-11129	70	19	because	because	SCONJ
ajfa-11129	70	20	the	the	DET
ajfa-11129	70	21	public	public	NOUN
ajfa-11129	70	22	questioned	question	VERB
ajfa-11129	70	23	their	their	PRON
ajfa-11129	70	24	legitimacy.2investors	legitimacy.2investor	NOUN
ajfa-11129	70	25	were	be	AUX
ajfa-11129	70	26	concerned	concern	VERB
ajfa-11129	70	27	that	that	SCONJ
ajfa-11129	70	28	officials	official	NOUN
ajfa-11129	70	29	might	might	AUX
ajfa-11129	70	30	bestow	bestow	VERB
ajfa-11129	70	31	unearned	unearned	ADJ
ajfa-11129	70	32	benefits	benefit	NOUN
ajfa-11129	70	33	on	on	ADP
ajfa-11129	70	34	firms	firm	NOUN
ajfa-11129	70	35	before	before	ADP
ajfa-11129	70	36	retiring	retire	VERB
ajfa-11129	70	37	from	from	ADP
ajfa-11129	70	38	the	the	DET
ajfa-11129	70	39	government	government	NOUN
ajfa-11129	70	40	to	to	PART
ajfa-11129	70	41	secure	secure	VERB
ajfa-11129	70	42	positions	position	NOUN
ajfa-11129	70	43	as	as	ADP
ajfa-11129	70	44	independent	independent	ADJ
ajfa-11129	70	45	directors	director	NOUN
ajfa-11129	70	46	because	because	SCONJ
ajfa-11129	70	47	the	the	DET
ajfa-11129	70	48	salary	salary	NOUN
ajfa-11129	70	49	for	for	ADP
ajfa-11129	70	50	an	an	DET
ajfa-11129	70	51	independent	independent	ADJ
ajfa-11129	70	52	director	director	NOUN
ajfa-11129	70	53	is	be	AUX
ajfa-11129	70	54	significant	significant	ADJ
ajfa-11129	70	55	.	.	PUNCT
ajfa-11129	71	1	the	the	DET
ajfa-11129	71	2	public	public	NOUN
ajfa-11129	71	3	was	be	AUX
ajfa-11129	71	4	also	also	ADV
ajfa-11129	71	5	concerned	concerned	ADJ
ajfa-11129	71	6	about	about	ADP
ajfa-11129	71	7	whether	whether	SCONJ
ajfa-11129	71	8	retired	retire	VERB
ajfa-11129	71	9	officials	official	NOUN
ajfa-11129	71	10	might	might	AUX
ajfa-11129	71	11	provide	provide	VERB
ajfa-11129	71	12	special	special	ADJ
ajfa-11129	71	13	treatment	treatment	NOUN
ajfa-11129	71	14	to	to	ADP
ajfa-11129	71	15	these	these	DET
ajfa-11129	71	16	firms	firm	NOUN
ajfa-11129	71	17	such	such	ADJ
ajfa-11129	71	18	as	as	ADP
ajfa-11129	71	19	leaked	leak	VERB
ajfa-11129	71	20	confidential	confidential	ADJ
ajfa-11129	71	21	information	information	NOUN
ajfa-11129	71	22	.	.	PUNCT
ajfa-11129	72	1	to	to	PART
ajfa-11129	72	2	regulate	regulate	VERB
ajfa-11129	72	3	independent	independent	ADJ
ajfa-11129	72	4	directors	director	NOUN
ajfa-11129	72	5	further	far	ADV
ajfa-11129	72	6	,	,	PUNCT
ajfa-11129	72	7	the	the	DET
ajfa-11129	72	8	organization	organization	NOUN
ajfa-11129	72	9	department	department	NOUN
ajfa-11129	72	10	of	of	ADP
ajfa-11129	72	11	the	the	DET
ajfa-11129	72	12	communist	communist	PROPN
ajfa-11129	72	13	party	party	PROPN
ajfa-11129	72	14	of	of	ADP
ajfa-11129	72	15	china	china	PROPN
ajfa-11129	72	16	(	(	PUNCT
ajfa-11129	72	17	odcps	odcps	PROPN
ajfa-11129	72	18	)	)	PUNCT
ajfa-11129	72	19	issued	issue	VERB
ajfa-11129	72	20	the	the	DET
ajfa-11129	72	21	opinions	opinion	NOUN
ajfa-11129	72	22	on	on	ADP
ajfa-11129	72	23	further	far	ADV
ajfa-11129	72	24	regulating	regulate	VERB
ajfa-11129	72	25	the	the	DET
ajfa-11129	72	26	issue	issue	NOUN
ajfa-11129	72	27	of	of	ADP
ajfa-11129	72	28	part	part	NOUN
ajfa-11129	72	29	-	-	PUNCT
ajfa-11129	72	30	time	time	NOUN
ajfa-11129	72	31	(	(	PUNCT
ajfa-11129	72	32	post	post	ADJ
ajfa-11129	72	33	-	-	ADJ
ajfa-11129	72	34	service	service	ADJ
ajfa-11129	72	35	)	)	PUNCT
ajfa-11129	72	36	work	work	NOUN
ajfa-11129	72	37	of	of	ADP
ajfa-11129	72	38	party	party	NOUN
ajfa-11129	72	39	and	and	CCONJ
ajfa-11129	72	40	government	government	NOUN
ajfa-11129	72	41	leading	lead	VERB
ajfa-11129	72	42	officers	officer	NOUN
ajfa-11129	72	43	in	in	ADP
ajfa-11129	72	44	enterprises	enterprise	NOUN
ajfa-11129	72	45	in	in	ADP
ajfa-11129	72	46	october	october	PROPN
ajfa-11129	72	47	2013	2013	NUM
ajfa-11129	72	48	,	,	PUNCT
ajfa-11129	72	49	which	which	PRON
ajfa-11129	72	50	requires	require	VERB
ajfa-11129	72	51	government	government	NOUN
ajfa-11129	72	52	officials	official	NOUN
ajfa-11129	72	53	to	to	PART
ajfa-11129	72	54	justify	justify	VERB
ajfa-11129	72	55	positions	position	NOUN
ajfa-11129	72	56	they	they	PRON
ajfa-11129	72	57	served	serve	VERB
ajfa-11129	72	58	with	with	ADP
ajfa-11129	72	59	enterprises	enterprise	NOUN
ajfa-11129	72	60	within	within	ADP
ajfa-11129	72	61	three	three	NUM
ajfa-11129	72	62	years	year	NOUN
ajfa-11129	72	63	of	of	ADP
ajfa-11129	72	64	retirement	retirement	NOUN
ajfa-11129	72	65	.	.	PUNCT
ajfa-11129	73	1	after	after	ADP
ajfa-11129	73	2	three	three	NUM
ajfa-11129	73	3	years	year	NOUN
ajfa-11129	73	4	,	,	PUNCT
ajfa-11129	73	5	firms	firm	NOUN
ajfa-11129	73	6	that	that	PRON
ajfa-11129	73	7	hire	hire	VERB
ajfa-11129	73	8	former	former	ADJ
ajfa-11129	73	9	government	government	NOUN
ajfa-11129	73	10	officials	official	NOUN
ajfa-11129	73	11	need	need	VERB
ajfa-11129	73	12	to	to	PART
ajfa-11129	73	13	report	report	VERB
ajfa-11129	73	14	their	their	PRON
ajfa-11129	73	15	hiring	hiring	NOUN
ajfa-11129	73	16	to	to	ADP
ajfa-11129	73	17	the	the	DET
ajfa-11129	73	18	relevant	relevant	ADJ
ajfa-11129	73	19	government	government	NOUN
ajfa-11129	73	20	entity	entity	NOUN
ajfa-11129	73	21	.	.	PUNCT
ajfa-11129	74	1	additionally	additionally	ADV
ajfa-11129	74	2	,	,	PUNCT
ajfa-11129	74	3	no	no	DET
ajfa-11129	74	4	former	former	ADJ
ajfa-11129	74	5	officials	official	NOUN
ajfa-11129	74	6	can	can	AUX
ajfa-11129	74	7	work	work	VERB
ajfa-11129	74	8	for	for	ADP
ajfa-11129	74	9	any	any	DET
ajfa-11129	74	10	firm	firm	NOUN
ajfa-11129	74	11	without	without	ADP
ajfa-11129	74	12	government	government	NOUN
ajfa-11129	74	13	approval	approval	NOUN
ajfa-11129	74	14	.	.	PUNCT
ajfa-11129	75	1	after	after	SCONJ
ajfa-11129	75	2	the	the	DET
ajfa-11129	75	3	odcps	odcp	NOUN
ajfa-11129	75	4	issued	issue	VERB
ajfa-11129	75	5	this	this	DET
ajfa-11129	75	6	regulation	regulation	NOUN
ajfa-11129	75	7	,	,	PUNCT
ajfa-11129	75	8	most	most	ADJ
ajfa-11129	75	9	retired	retire	VERB
ajfa-11129	75	10	officials	official	NOUN
ajfa-11129	75	11	resigned	resign	VERB
ajfa-11129	75	12	from	from	ADP
ajfa-11129	75	13	their	their	PRON
ajfa-11129	75	14	positions	position	NOUN
ajfa-11129	75	15	as	as	ADP
ajfa-11129	75	16	independent	independent	ADJ
ajfa-11129	75	17	directors	director	NOUN
ajfa-11129	75	18	.	.	PUNCT
ajfa-11129	76	1	in	in	ADP
ajfa-11129	76	2	our	our	PRON
ajfa-11129	76	3	study	study	NOUN
ajfa-11129	76	4	,	,	PUNCT
ajfa-11129	76	5	we	we	PRON
ajfa-11129	76	6	did	do	AUX
ajfa-11129	76	7	not	not	PART
ajfa-11129	76	8	include	include	VERB
ajfa-11129	76	9	the	the	DET
ajfa-11129	76	10	past	past	ADJ
ajfa-11129	76	11	working	work	VERB
ajfa-11129	76	12	experience	experience	NOUN
ajfa-11129	76	13	in	in	ADP
ajfa-11129	76	14	the	the	DET
ajfa-11129	76	15	definition	definition	NOUN
ajfa-11129	76	16	of	of	ADP
ajfa-11129	76	17	political	political	ADJ
ajfa-11129	76	18	connection	connection	NOUN
ajfa-11129	76	19	and	and	CCONJ
ajfa-11129	76	20	focused	focus	VERB
ajfa-11129	76	21	on	on	ADP
ajfa-11129	76	22	the	the	DET
ajfa-11129	76	23	other	other	ADJ
ajfa-11129	76	24	type	type	NOUN
ajfa-11129	76	25	of	of	ADP
ajfa-11129	76	26	political	political	ADJ
ajfa-11129	76	27	connection	connection	NOUN
ajfa-11129	76	28	:	:	PUNCT
ajfa-11129	76	29	npc	npc	NOUN
ajfa-11129	76	30	membership	membership	NOUN
ajfa-11129	76	31	and/or	and/or	CCONJ
ajfa-11129	76	32	cppcc	cppcc	NOUN
ajfa-11129	76	33	membership	membership	NOUN
ajfa-11129	76	34	.	.	PUNCT
ajfa-11129	77	1	we	we	PRON
ajfa-11129	77	2	define	define	VERB
ajfa-11129	77	3	“	"	PUNCT
ajfa-11129	77	4	politically	politically	ADV
ajfa-11129	77	5	connected	connected	ADJ
ajfa-11129	77	6	independent	independent	ADJ
ajfa-11129	77	7	directors	director	NOUN
ajfa-11129	77	8	”	"	PUNCT
ajfa-11129	77	9	as	as	ADP
ajfa-11129	77	10	ones	one	NOUN
ajfa-11129	77	11	who	who	PRON
ajfa-11129	77	12	are	be	AUX
ajfa-11129	77	13	or	or	CCONJ
ajfa-11129	77	14	were	be	AUX
ajfa-11129	77	15	npc	npc	NOUN
ajfa-11129	77	16	or	or	CCONJ
ajfa-11129	77	17	cppcc	cppcc	NOUN
ajfa-11129	77	18	members	member	NOUN
ajfa-11129	77	19	.	.	PUNCT
ajfa-11129	78	1	2.2	2.2	NUM
ajfa-11129	78	2	chinese	chinese	ADJ
ajfa-11129	78	3	income	income	NOUN
ajfa-11129	78	4	tax	tax	NOUN
ajfa-11129	78	5	policy	policy	NOUN
ajfa-11129	78	6	china	china	PROPN
ajfa-11129	78	7	began	begin	VERB
ajfa-11129	78	8	transitioning	transition	VERB
ajfa-11129	78	9	from	from	ADP
ajfa-11129	78	10	a	a	DET
ajfa-11129	78	11	planned	plan	VERB
ajfa-11129	78	12	economy	economy	NOUN
ajfa-11129	78	13	to	to	ADP
ajfa-11129	78	14	a	a	DET
ajfa-11129	78	15	market	market	NOUN
ajfa-11129	78	16	economy	economy	NOUN
ajfa-11129	78	17	in	in	ADP
ajfa-11129	78	18	the	the	DET
ajfa-11129	78	19	late	late	ADJ
ajfa-11129	78	20	1970s	1970	NOUN
ajfa-11129	78	21	.	.	PUNCT
ajfa-11129	79	1	in	in	ADP
ajfa-11129	79	2	1994	1994	NUM
ajfa-11129	79	3	,	,	PUNCT
ajfa-11129	79	4	it	it	PRON
ajfa-11129	79	5	enforced	enforce	VERB
ajfa-11129	79	6	the	the	DET
ajfa-11129	79	7	corporate	corporate	ADJ
ajfa-11129	79	8	income	income	NOUN
ajfa-11129	79	9	tax	tax	NOUN
ajfa-11129	79	10	code	code	NOUN
ajfa-11129	79	11	to	to	PART
ajfa-11129	79	12	regulate	regulate	VERB
ajfa-11129	79	13	tax	tax	NOUN
ajfa-11129	79	14	policies	policy	NOUN
ajfa-11129	79	15	.	.	PUNCT
ajfa-11129	80	1	at	at	ADP
ajfa-11129	80	2	the	the	DET
ajfa-11129	80	3	time	time	NOUN
ajfa-11129	80	4	,	,	PUNCT
ajfa-11129	80	5	china	china	PROPN
ajfa-11129	80	6	had	have	AUX
ajfa-11129	80	7	just	just	ADV
ajfa-11129	80	8	opened	open	VERB
ajfa-11129	80	9	its	its	PRON
ajfa-11129	80	10	door	door	NOUN
ajfa-11129	80	11	the	the	DET
ajfa-11129	80	12	outside	outside	NOUN
ajfa-11129	80	13	of	of	ADP
ajfa-11129	80	14	the	the	DET
ajfa-11129	80	15	world	world	NOUN
ajfa-11129	80	16	,	,	PUNCT
ajfa-11129	80	17	and	and	CCONJ
ajfa-11129	80	18	it	it	PRON
ajfa-11129	80	19	was	be	AUX
ajfa-11129	80	20	striving	strive	VERB
ajfa-11129	80	21	to	to	PART
ajfa-11129	80	22	attract	attract	VERB
ajfa-11129	80	23	foreign	foreign	ADJ
ajfa-11129	80	24	investors	investor	NOUN
ajfa-11129	80	25	to	to	PART
ajfa-11129	80	26	raise	raise	VERB
ajfa-11129	80	27	funds	fund	NOUN
ajfa-11129	80	28	and	and	CCONJ
ajfa-11129	80	29	learn	learn	VERB
ajfa-11129	80	30	about	about	ADP
ajfa-11129	80	31	management	management	NOUN
ajfa-11129	80	32	practices	practice	NOUN
ajfa-11129	80	33	,	,	PUNCT
ajfa-11129	80	34	advanced	advanced	ADJ
ajfa-11129	80	35	technology	technology	NOUN
ajfa-11129	80	36	,	,	PUNCT
ajfa-11129	80	37	and	and	CCONJ
ajfa-11129	80	38	so	so	ADV
ajfa-11129	80	39	on	on	ADV
ajfa-11129	80	40	.	.	PUNCT
ajfa-11129	81	1	therefore	therefore	ADV
ajfa-11129	81	2	,	,	PUNCT
ajfa-11129	81	3	the	the	DET
ajfa-11129	81	4	chinese	chinese	ADJ
ajfa-11129	81	5	government	government	NOUN
ajfa-11129	81	6	offered	offer	VERB
ajfa-11129	81	7	different	different	ADJ
ajfa-11129	81	8	income	income	NOUN
ajfa-11129	81	9	tax	tax	NOUN
ajfa-11129	81	10	rates	rate	NOUN
ajfa-11129	81	11	to	to	ADP
ajfa-11129	81	12	domestic	domestic	ADJ
ajfa-11129	81	13	and	and	CCONJ
ajfa-11129	81	14	foreign	foreign	ADJ
ajfa-11129	81	15	firms	firm	NOUN
ajfa-11129	81	16	.	.	PUNCT
ajfa-11129	82	1	before	before	ADP
ajfa-11129	82	2	2008	2008	NUM
ajfa-11129	82	3	,	,	PUNCT
ajfa-11129	82	4	domestic	domestic	ADJ
ajfa-11129	82	5	companies	company	NOUN
ajfa-11129	82	6	in	in	ADP
ajfa-11129	82	7	china	china	PROPN
ajfa-11129	82	8	faced	face	VERB
ajfa-11129	82	9	a	a	DET
ajfa-11129	82	10	tax	tax	NOUN
ajfa-11129	82	11	rate	rate	NOUN
ajfa-11129	82	12	of	of	ADP
ajfa-11129	82	13	33	33	NUM
ajfa-11129	82	14	%	%	NOUN
ajfa-11129	82	15	,	,	PUNCT
ajfa-11129	82	16	while	while	SCONJ
ajfa-11129	82	17	foreign	foreign	ADJ
ajfa-11129	82	18	firms	firm	NOUN
ajfa-11129	82	19	faced	face	VERB
ajfa-11129	82	20	rates	rate	NOUN
ajfa-11129	82	21	as	as	ADV
ajfa-11129	82	22	low	low	ADJ
ajfa-11129	82	23	as	as	ADP
ajfa-11129	82	24	15%—not	15%—not	NUM
ajfa-11129	82	25	to	to	PART
ajfa-11129	82	26	mention	mention	VERB
ajfa-11129	82	27	additional	additional	ADJ
ajfa-11129	82	28	preferential	preferential	ADJ
ajfa-11129	82	29	tax	tax	NOUN
ajfa-11129	82	30	treatments	treatment	NOUN
ajfa-11129	82	31	they	they	PRON
ajfa-11129	82	32	received	receive	VERB
ajfa-11129	82	33	.	.	PUNCT
ajfa-11129	83	1	the	the	DET
ajfa-11129	83	2	different	different	ADJ
ajfa-11129	83	3	tax	tax	NOUN
ajfa-11129	83	4	rates	rate	NOUN
ajfa-11129	83	5	competitively	competitively	ADV
ajfa-11129	83	6	disadvantaged	disadvantage	VERB
ajfa-11129	83	7	domestic	domestic	ADJ
ajfa-11129	83	8	chinese	chinese	ADJ
ajfa-11129	83	9	firms	firm	NOUN
ajfa-11129	83	10	.	.	PUNCT
ajfa-11129	84	1	in	in	ADP
ajfa-11129	84	2	2008	2008	NUM
ajfa-11129	84	3	,	,	PUNCT
ajfa-11129	84	4	the	the	DET
ajfa-11129	84	5	chinese	chinese	ADJ
ajfa-11129	84	6	government	government	NOUN
ajfa-11129	84	7	enacted	enact	VERB
ajfa-11129	84	8	the	the	DET
ajfa-11129	84	9	uniform	uniform	ADJ
ajfa-11129	84	10	version	version	NOUN
ajfa-11129	84	11	of	of	ADP
ajfa-11129	84	12	the	the	DET
ajfa-11129	84	13	corporate	corporate	ADJ
ajfa-11129	84	14	income	income	NOUN
ajfa-11129	84	15	tax	tax	NOUN
ajfa-11129	84	16	law	law	NOUN
ajfa-11129	84	17	to	to	PART
ajfa-11129	84	18	make	make	VERB
ajfa-11129	84	19	the	the	DET
ajfa-11129	84	20	tax	tax	NOUN
ajfa-11129	84	21	rates	rate	NOUN
ajfa-11129	84	22	the	the	DET
ajfa-11129	84	23	same	same	ADJ
ajfa-11129	84	24	for	for	ADP
ajfa-11129	84	25	both	both	CCONJ
ajfa-11129	84	26	domestic	domestic	ADJ
ajfa-11129	84	27	and	and	CCONJ
ajfa-11129	84	28	foreign	foreign	ADJ
ajfa-11129	84	29	firms.3	firms.3	PROPN
ajfa-11129	84	30	china	china	PROPN
ajfa-11129	84	31	classifies	classify	VERB
ajfa-11129	84	32	taxes	taxis	NOUN
ajfa-11129	84	33	as	as	ADP
ajfa-11129	84	34	central	central	ADJ
ajfa-11129	84	35	and	and	CCONJ
ajfa-11129	84	36	local	local	ADJ
ajfa-11129	84	37	which	which	PRON
ajfa-11129	84	38	the	the	DET
ajfa-11129	84	39	central	central	ADJ
ajfa-11129	84	40	and	and	CCONJ
ajfa-11129	84	41	local	local	ADJ
ajfa-11129	84	42	governments	government	NOUN
ajfa-11129	84	43	collect	collect	VERB
ajfa-11129	84	44	,	,	PUNCT
ajfa-11129	84	45	2	2	NUM
ajfa-11129	84	46	http://www.qikan.com/article/74a54c7a-3072-404d-a6f6-a6b95997c0f4	http://www.qikan.com/article/74a54c7a-3072-404d-a6f6-a6b95997c0f4	PRON
ajfa-11129	84	47	(	(	PUNCT
ajfa-11129	84	48	in	in	ADP
ajfa-11129	84	49	chinese	chinese	PROPN
ajfa-11129	84	50	)	)	PUNCT
ajfa-11129	84	51	3	3	NUM
ajfa-11129	84	52	http://finance.sina.com.cn/g/20070227/00493357397.shtml	http://finance.sina.com.cn/g/20070227/00493357397.shtml	NOUN
ajfa-11129	84	53	(	(	PUNCT
ajfa-11129	84	54	in	in	ADP
ajfa-11129	84	55	chinese	chinese	ADJ
ajfa-11129	84	56	)	)	PUNCT
ajfa-11129	84	57	asian	asian	ADJ
ajfa-11129	84	58	journal	journal	NOUN
ajfa-11129	84	59	of	of	ADP
ajfa-11129	84	60	finance	finance	PROPN
ajfa-11129	84	61	&	&	CCONJ
ajfa-11129	84	62	accounting	accounting	PROPN
ajfa-11129	84	63	issn	issn	PROPN
ajfa-11129	84	64	1946	1946	NUM
ajfa-11129	84	65	-	-	PUNCT
ajfa-11129	84	66	052x	052x	PROPN
ajfa-11129	84	67	2017	2017	NUM
ajfa-11129	84	68	,	,	PUNCT
ajfa-11129	84	69	vol	vol	NOUN
ajfa-11129	84	70	.	.	NOUN
ajfa-11129	84	71	9	9	NUM
ajfa-11129	84	72	,	,	PUNCT
ajfa-11129	84	73	no	no	INTJ
ajfa-11129	84	74	.	.	NOUN
ajfa-11129	84	75	1	1	NUM
ajfa-11129	84	76	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	84	77	338	338	NUM
ajfa-11129	84	78	respectively(wu	respectively(wu	NOUN
ajfa-11129	84	79	,	,	PUNCT
ajfa-11129	84	80	wu	wu	PROPN
ajfa-11129	84	81	,	,	PUNCT
ajfa-11129	84	82	zhou	zhou	PROPN
ajfa-11129	84	83	,	,	PUNCT
ajfa-11129	84	84	&	&	CCONJ
ajfa-11129	84	85	wu	wu	PROPN
ajfa-11129	84	86	,	,	PUNCT
ajfa-11129	84	87	2012	2012	NUM
ajfa-11129	84	88	)	)	PUNCT
ajfa-11129	84	89	.	.	PUNCT
ajfa-11129	85	1	for	for	ADP
ajfa-11129	85	2	example	example	NOUN
ajfa-11129	85	3	,	,	PUNCT
ajfa-11129	85	4	duties	duty	NOUN
ajfa-11129	85	5	are	be	AUX
ajfa-11129	85	6	central	central	ADJ
ajfa-11129	85	7	taxes	taxis	NOUN
ajfa-11129	85	8	while	while	SCONJ
ajfa-11129	85	9	personal	personal	ADJ
ajfa-11129	85	10	income	income	NOUN
ajfa-11129	85	11	taxes	taxis	NOUN
ajfa-11129	85	12	are	be	AUX
ajfa-11129	85	13	local	local	ADJ
ajfa-11129	85	14	taxes	taxis	NOUN
ajfa-11129	85	15	.	.	PUNCT
ajfa-11129	86	1	the	the	DET
ajfa-11129	86	2	central	central	ADJ
ajfa-11129	86	3	government	government	NOUN
ajfa-11129	86	4	collects	collect	VERB
ajfa-11129	86	5	income	income	NOUN
ajfa-11129	86	6	taxes	taxis	NOUN
ajfa-11129	86	7	of	of	ADP
ajfa-11129	86	8	soes	soe	NOUN
ajfa-11129	86	9	it	it	PRON
ajfa-11129	86	10	controls	control	VERB
ajfa-11129	86	11	.	.	PUNCT
ajfa-11129	87	1	the	the	DET
ajfa-11129	87	2	central	central	ADJ
ajfa-11129	87	3	and	and	CCONJ
ajfa-11129	87	4	local	local	ADJ
ajfa-11129	87	5	governments	government	NOUN
ajfa-11129	87	6	share	share	VERB
ajfa-11129	87	7	income	income	NOUN
ajfa-11129	87	8	taxes	taxis	NOUN
ajfa-11129	87	9	from	from	ADP
ajfa-11129	87	10	non	non	ADJ
ajfa-11129	87	11	-	-	NOUN
ajfa-11129	87	12	soes	soe	NOUN
ajfa-11129	87	13	and	and	CCONJ
ajfa-11129	87	14	soes	soe	NOUN
ajfa-11129	87	15	that	that	PRON
ajfa-11129	87	16	the	the	DET
ajfa-11129	87	17	local	local	ADJ
ajfa-11129	87	18	government	government	NOUN
ajfa-11129	87	19	controls	control	NOUN
ajfa-11129	87	20	.	.	PUNCT
ajfa-11129	88	1	income	income	NOUN
ajfa-11129	88	2	taxes	taxis	NOUN
ajfa-11129	88	3	from	from	ADP
ajfa-11129	88	4	enterprises	enterprise	NOUN
ajfa-11129	88	5	are	be	AUX
ajfa-11129	88	6	an	an	DET
ajfa-11129	88	7	important	important	ADJ
ajfa-11129	88	8	source	source	NOUN
ajfa-11129	88	9	of	of	ADP
ajfa-11129	88	10	revenue	revenue	NOUN
ajfa-11129	88	11	for	for	ADP
ajfa-11129	88	12	the	the	DET
ajfa-11129	88	13	central	central	ADJ
ajfa-11129	88	14	government	government	NOUN
ajfa-11129	88	15	and	and	CCONJ
ajfa-11129	88	16	are	be	AUX
ajfa-11129	88	17	the	the	DET
ajfa-11129	88	18	main	main	ADJ
ajfa-11129	88	19	sources	source	NOUN
ajfa-11129	88	20	of	of	ADP
ajfa-11129	88	21	revenue	revenue	NOUN
ajfa-11129	88	22	for	for	ADP
ajfa-11129	88	23	the	the	DET
ajfa-11129	88	24	local	local	ADJ
ajfa-11129	88	25	government	government	NOUN
ajfa-11129	88	26	.	.	PUNCT
ajfa-11129	89	1	therefore	therefore	ADV
ajfa-11129	89	2	,	,	PUNCT
ajfa-11129	89	3	the	the	DET
ajfa-11129	89	4	government	government	NOUN
ajfa-11129	89	5	enforce	enforce	VERB
ajfa-11129	89	6	tax	tax	NOUN
ajfa-11129	89	7	practices	practice	NOUN
ajfa-11129	89	8	in	in	ADP
ajfa-11129	89	9	several	several	ADJ
ajfa-11129	89	10	ways	way	NOUN
ajfa-11129	89	11	,	,	PUNCT
ajfa-11129	89	12	including	include	VERB
ajfa-11129	89	13	annual	annual	ADJ
ajfa-11129	89	14	tax	tax	NOUN
ajfa-11129	89	15	auditing	auditing	NOUN
ajfa-11129	89	16	by	by	ADP
ajfa-11129	89	17	the	the	DET
ajfa-11129	89	18	national	national	PROPN
ajfa-11129	89	19	taxation	taxation	PROPN
ajfa-11129	89	20	bureau	bureau	PROPN
ajfa-11129	89	21	and	and	CCONJ
ajfa-11129	89	22	provincial	provincial	ADJ
ajfa-11129	89	23	bureaus	bureaus	NOUN
ajfa-11129	89	24	.	.	PUNCT
ajfa-11129	90	1	2.3	2.3	NUM
ajfa-11129	90	2	tax	tax	NOUN
ajfa-11129	90	3	aggressiveness	aggressiveness	NOUN
ajfa-11129	90	4	and	and	CCONJ
ajfa-11129	90	5	politically	politically	ADV
ajfa-11129	90	6	connected	connect	VERB
ajfa-11129	90	7	board	board	NOUN
ajfa-11129	90	8	directors	director	NOUN
ajfa-11129	90	9	the	the	DET
ajfa-11129	90	10	literature	literature	NOUN
ajfa-11129	90	11	commonly	commonly	ADV
ajfa-11129	90	12	defines	define	VERB
ajfa-11129	90	13	“	"	PUNCT
ajfa-11129	90	14	tax	tax	NOUN
ajfa-11129	90	15	aggressiveness	aggressiveness	NOUN
ajfa-11129	90	16	”	"	PUNCT
ajfa-11129	90	17	as	as	ADP
ajfa-11129	90	18	the	the	DET
ajfa-11129	90	19	downward	downward	ADJ
ajfa-11129	90	20	manipulation	manipulation	NOUN
ajfa-11129	90	21	of	of	ADP
ajfa-11129	90	22	tax	tax	NOUN
ajfa-11129	90	23	burdens	burden	NOUN
ajfa-11129	90	24	of	of	ADP
ajfa-11129	90	25	firms	firm	NOUN
ajfa-11129	90	26	(	(	PUNCT
ajfa-11129	90	27	frank	frank	PROPN
ajfa-11129	90	28	et	et	PROPN
ajfa-11129	90	29	al	al	PROPN
ajfa-11129	90	30	.	.	PROPN
ajfa-11129	90	31	,	,	PUNCT
ajfa-11129	90	32	2009	2009	NUM
ajfa-11129	90	33	)	)	PUNCT
ajfa-11129	90	34	.	.	PUNCT
ajfa-11129	91	1	many	many	ADJ
ajfa-11129	91	2	researchers	researcher	NOUN
ajfa-11129	91	3	have	have	AUX
ajfa-11129	91	4	found	find	VERB
ajfa-11129	91	5	that	that	SCONJ
ajfa-11129	91	6	corporate	corporate	ADJ
ajfa-11129	91	7	government	government	NOUN
ajfa-11129	91	8	mechanisms	mechanism	NOUN
ajfa-11129	91	9	are	be	AUX
ajfa-11129	91	10	significantly	significantly	ADV
ajfa-11129	91	11	associated	associate	VERB
ajfa-11129	91	12	with	with	ADP
ajfa-11129	91	13	tax	tax	NOUN
ajfa-11129	91	14	aggressiveness(desai	aggressiveness(desai	PROPN
ajfa-11129	91	15	&	&	CCONJ
ajfa-11129	91	16	dharmapala	dharmapala	NOUN
ajfa-11129	91	17	,	,	PUNCT
ajfa-11129	91	18	2008	2008	NUM
ajfa-11129	91	19	;	;	PUNCT
ajfa-11129	91	20	shleifer	shleifer	PROPN
ajfa-11129	91	21	&	&	CCONJ
ajfa-11129	91	22	vishny	vishny	PROPN
ajfa-11129	91	23	,	,	PUNCT
ajfa-11129	91	24	1997	1997	NUM
ajfa-11129	91	25	)	)	PUNCT
ajfa-11129	91	26	.	.	PUNCT
ajfa-11129	92	1	good	good	ADJ
ajfa-11129	92	2	corporate	corporate	ADJ
ajfa-11129	92	3	governance	governance	NOUN
ajfa-11129	92	4	such	such	ADJ
ajfa-11129	92	5	as	as	ADP
ajfa-11129	92	6	the	the	DET
ajfa-11129	92	7	presence	presence	NOUN
ajfa-11129	92	8	of	of	ADP
ajfa-11129	92	9	independent	independent	ADJ
ajfa-11129	92	10	directors	director	NOUN
ajfa-11129	92	11	is	be	AUX
ajfa-11129	92	12	one	one	NUM
ajfa-11129	92	13	mechanism	mechanism	NOUN
ajfa-11129	92	14	that	that	PRON
ajfa-11129	92	15	may	may	AUX
ajfa-11129	92	16	mitigate	mitigate	VERB
ajfa-11129	92	17	tax	tax	NOUN
ajfa-11129	92	18	aggressiveness	aggressiveness	NOUN
ajfa-11129	92	19	.	.	PUNCT
ajfa-11129	93	1	however	however	ADV
ajfa-11129	93	2	,	,	PUNCT
ajfa-11129	93	3	chinese	chinese	ADJ
ajfa-11129	93	4	independent	independent	ADJ
ajfa-11129	93	5	directors	director	NOUN
ajfa-11129	93	6	with	with	ADP
ajfa-11129	93	7	political	political	ADJ
ajfa-11129	93	8	connections	connection	NOUN
ajfa-11129	93	9	may	may	AUX
ajfa-11129	93	10	act	act	VERB
ajfa-11129	93	11	differently	differently	ADV
ajfa-11129	93	12	than	than	ADP
ajfa-11129	93	13	their	their	PRON
ajfa-11129	93	14	counterparts	counterpart	NOUN
ajfa-11129	93	15	without	without	ADP
ajfa-11129	93	16	political	political	ADJ
ajfa-11129	93	17	connections	connection	NOUN
ajfa-11129	93	18	.	.	PUNCT
ajfa-11129	94	1	politically	politically	ADV
ajfa-11129	94	2	connected	connect	VERB
ajfa-11129	94	3	independent	independent	ADJ
ajfa-11129	94	4	board	board	NOUN
ajfa-11129	94	5	directors	director	NOUN
ajfa-11129	94	6	who	who	PRON
ajfa-11129	94	7	have	have	VERB
ajfa-11129	94	8	relationships	relationship	NOUN
ajfa-11129	94	9	with	with	ADP
ajfa-11129	94	10	the	the	DET
ajfa-11129	94	11	government	government	NOUN
ajfa-11129	94	12	may	may	AUX
ajfa-11129	94	13	act	act	VERB
ajfa-11129	94	14	in	in	ADP
ajfa-11129	94	15	the	the	DET
ajfa-11129	94	16	best	good	ADJ
ajfa-11129	94	17	interests	interest	NOUN
ajfa-11129	94	18	of	of	ADP
ajfa-11129	94	19	the	the	DET
ajfa-11129	94	20	government	government	NOUN
ajfa-11129	94	21	instead	instead	ADV
ajfa-11129	94	22	of	of	ADP
ajfa-11129	94	23	shareholders	shareholder	NOUN
ajfa-11129	94	24	.	.	PUNCT
ajfa-11129	95	1	independent	independent	ADJ
ajfa-11129	95	2	directors	director	NOUN
ajfa-11129	95	3	may	may	AUX
ajfa-11129	95	4	prioritize	prioritize	VERB
ajfa-11129	95	5	government	government	NOUN
ajfa-11129	95	6	interests	interest	NOUN
ajfa-11129	95	7	because	because	SCONJ
ajfa-11129	95	8	their	their	PRON
ajfa-11129	95	9	political	political	ADJ
ajfa-11129	95	10	connections	connection	NOUN
ajfa-11129	95	11	are	be	AUX
ajfa-11129	95	12	their	their	PRON
ajfa-11129	95	13	capital	capital	NOUN
ajfa-11129	95	14	assets	asset	NOUN
ajfa-11129	95	15	rather	rather	ADV
ajfa-11129	95	16	than	than	ADP
ajfa-11129	95	17	firm	firm	ADJ
ajfa-11129	95	18	assets	asset	NOUN
ajfa-11129	95	19	.	.	PUNCT
ajfa-11129	96	1	these	these	DET
ajfa-11129	96	2	capital	capital	NOUN
ajfa-11129	96	3	assets	asset	NOUN
ajfa-11129	96	4	move	move	VERB
ajfa-11129	96	5	with	with	ADP
ajfa-11129	96	6	directors	director	NOUN
ajfa-11129	96	7	.	.	PUNCT
ajfa-11129	97	1	at	at	ADP
ajfa-11129	97	2	the	the	DET
ajfa-11129	97	3	same	same	ADJ
ajfa-11129	97	4	time	time	NOUN
ajfa-11129	97	5	,	,	PUNCT
ajfa-11129	97	6	if	if	SCONJ
ajfa-11129	97	7	directors	director	NOUN
ajfa-11129	97	8	act	act	VERB
ajfa-11129	97	9	against	against	ADP
ajfa-11129	97	10	the	the	DET
ajfa-11129	97	11	interests	interest	NOUN
ajfa-11129	97	12	of	of	ADP
ajfa-11129	97	13	the	the	DET
ajfa-11129	97	14	government	government	NOUN
ajfa-11129	97	15	,	,	PUNCT
ajfa-11129	97	16	they	they	PRON
ajfa-11129	97	17	may	may	AUX
ajfa-11129	97	18	lose	lose	VERB
ajfa-11129	97	19	their	their	PRON
ajfa-11129	97	20	political	political	ADJ
ajfa-11129	97	21	connections	connection	NOUN
ajfa-11129	97	22	.	.	PUNCT
ajfa-11129	98	1	we	we	PRON
ajfa-11129	98	2	argue	argue	VERB
ajfa-11129	98	3	that	that	SCONJ
ajfa-11129	98	4	independent	independent	ADJ
ajfa-11129	98	5	directors	director	NOUN
ajfa-11129	98	6	will	will	AUX
ajfa-11129	98	7	not	not	PART
ajfa-11129	98	8	risk	risk	VERB
ajfa-11129	98	9	their	their	PRON
ajfa-11129	98	10	political	political	ADJ
ajfa-11129	98	11	ties	tie	NOUN
ajfa-11129	98	12	with	with	ADP
ajfa-11129	98	13	the	the	DET
ajfa-11129	98	14	government	government	NOUN
ajfa-11129	98	15	.	.	PUNCT
ajfa-11129	99	1	if	if	SCONJ
ajfa-11129	99	2	there	there	PRON
ajfa-11129	99	3	is	be	VERB
ajfa-11129	99	4	any	any	DET
ajfa-11129	99	5	conflict	conflict	NOUN
ajfa-11129	99	6	of	of	ADP
ajfa-11129	99	7	interest	interest	NOUN
ajfa-11129	99	8	between	between	ADP
ajfa-11129	99	9	shareholders	shareholder	NOUN
ajfa-11129	99	10	and	and	CCONJ
ajfa-11129	99	11	the	the	DET
ajfa-11129	99	12	government	government	NOUN
ajfa-11129	99	13	,	,	PUNCT
ajfa-11129	99	14	they	they	PRON
ajfa-11129	99	15	will	will	AUX
ajfa-11129	99	16	choose	choose	VERB
ajfa-11129	99	17	to	to	PART
ajfa-11129	99	18	protect	protect	VERB
ajfa-11129	99	19	government	government	NOUN
ajfa-11129	99	20	interests	interest	NOUN
ajfa-11129	99	21	rather	rather	ADV
ajfa-11129	99	22	than	than	ADP
ajfa-11129	99	23	shareholder	shareholder	NOUN
ajfa-11129	99	24	interests	interest	NOUN
ajfa-11129	99	25	,	,	PUNCT
ajfa-11129	99	26	unlike	unlike	ADP
ajfa-11129	99	27	independent	independent	ADJ
ajfa-11129	99	28	directors	director	NOUN
ajfa-11129	99	29	in	in	ADP
ajfa-11129	99	30	western	western	ADJ
ajfa-11129	99	31	countries	country	NOUN
ajfa-11129	99	32	.	.	PUNCT
ajfa-11129	100	1	as	as	SCONJ
ajfa-11129	100	2	discussed	discuss	VERB
ajfa-11129	100	3	above	above	ADV
ajfa-11129	100	4	,	,	PUNCT
ajfa-11129	100	5	income	income	NOUN
ajfa-11129	100	6	taxes	taxis	NOUN
ajfa-11129	100	7	from	from	ADP
ajfa-11129	100	8	enterprises	enterprise	NOUN
ajfa-11129	100	9	are	be	AUX
ajfa-11129	100	10	important	important	ADJ
ajfa-11129	100	11	sources	source	NOUN
ajfa-11129	100	12	of	of	ADP
ajfa-11129	100	13	funds	fund	NOUN
ajfa-11129	100	14	for	for	ADP
ajfa-11129	100	15	both	both	CCONJ
ajfa-11129	100	16	central	central	ADJ
ajfa-11129	100	17	and	and	CCONJ
ajfa-11129	100	18	local	local	ADJ
ajfa-11129	100	19	governments	government	NOUN
ajfa-11129	100	20	.	.	PUNCT
ajfa-11129	101	1	the	the	DET
ajfa-11129	101	2	governments	government	NOUN
ajfa-11129	101	3	expect	expect	VERB
ajfa-11129	101	4	firms	firm	NOUN
ajfa-11129	101	5	to	to	PART
ajfa-11129	101	6	be	be	AUX
ajfa-11129	101	7	less	less	ADV
ajfa-11129	101	8	aggressive	aggressive	ADJ
ajfa-11129	101	9	in	in	ADP
ajfa-11129	101	10	tax	tax	NOUN
ajfa-11129	101	11	planning	planning	NOUN
ajfa-11129	101	12	so	so	SCONJ
ajfa-11129	101	13	they	they	PRON
ajfa-11129	101	14	can	can	AUX
ajfa-11129	101	15	collect	collect	VERB
ajfa-11129	101	16	more	more	ADJ
ajfa-11129	101	17	tax	tax	NOUN
ajfa-11129	101	18	.	.	PUNCT
ajfa-11129	102	1	therefore	therefore	ADV
ajfa-11129	102	2	,	,	PUNCT
ajfa-11129	102	3	we	we	PRON
ajfa-11129	102	4	predict	predict	VERB
ajfa-11129	102	5	that	that	SCONJ
ajfa-11129	102	6	politically	politically	ADV
ajfa-11129	102	7	connected	connect	VERB
ajfa-11129	102	8	independent	independent	ADJ
ajfa-11129	102	9	board	board	NOUN
ajfa-11129	102	10	directors	director	NOUN
ajfa-11129	102	11	can	can	AUX
ajfa-11129	102	12	restrict	restrict	VERB
ajfa-11129	102	13	the	the	DET
ajfa-11129	102	14	tax	tax	NOUN
ajfa-11129	102	15	planning	planning	NOUN
ajfa-11129	102	16	activities	activity	NOUN
ajfa-11129	102	17	of	of	ADP
ajfa-11129	102	18	their	their	PRON
ajfa-11129	102	19	firms	firm	NOUN
ajfa-11129	102	20	,	,	PUNCT
ajfa-11129	102	21	resulting	result	VERB
ajfa-11129	102	22	in	in	ADP
ajfa-11129	102	23	lower	low	ADJ
ajfa-11129	102	24	tax	tax	NOUN
ajfa-11129	102	25	aggressiveness	aggressiveness	NOUN
ajfa-11129	102	26	(	(	PUNCT
ajfa-11129	102	27	i.e.	i.e.	X
ajfa-11129	102	28	,	,	PUNCT
ajfa-11129	102	29	higher	high	ADJ
ajfa-11129	102	30	effective	effective	ADJ
ajfa-11129	102	31	tax	tax	NOUN
ajfa-11129	102	32	rate	rate	NOUN
ajfa-11129	102	33	)	)	PUNCT
ajfa-11129	102	34	.	.	PUNCT
ajfa-11129	103	1	our	our	PRON
ajfa-11129	103	2	first	first	ADJ
ajfa-11129	103	3	hypothesis	hypothesis	NOUN
ajfa-11129	103	4	is	be	AUX
ajfa-11129	103	5	:	:	PUNCT
ajfa-11129	103	6	hypothesis	hypothesis	NOUN
ajfa-11129	103	7	1	1	NUM
ajfa-11129	103	8	:	:	PUNCT
ajfa-11129	103	9	a	a	DET
ajfa-11129	103	10	firm	firm	NOUN
ajfa-11129	103	11	’s	’s	PART
ajfa-11129	103	12	effective	effective	ADJ
ajfa-11129	103	13	tax	tax	NOUN
ajfa-11129	103	14	rate	rate	NOUN
ajfa-11129	103	15	is	be	AUX
ajfa-11129	103	16	positively	positively	ADV
ajfa-11129	103	17	associated	associate	VERB
ajfa-11129	103	18	with	with	ADP
ajfa-11129	103	19	the	the	DET
ajfa-11129	103	20	presence	presence	NOUN
ajfa-11129	103	21	of	of	ADP
ajfa-11129	103	22	politically	politically	ADV
ajfa-11129	103	23	connected	connect	VERB
ajfa-11129	103	24	independent	independent	ADJ
ajfa-11129	103	25	directors	director	NOUN
ajfa-11129	103	26	on	on	ADP
ajfa-11129	103	27	its	its	PRON
ajfa-11129	103	28	board	board	NOUN
ajfa-11129	103	29	.	.	PUNCT
ajfa-11129	104	1	2.4	2.4	NUM
ajfa-11129	104	2	soes	soe	NOUN
ajfa-11129	104	3	vs.	vs.	ADP
ajfa-11129	104	4	non	non	NOUN
ajfa-11129	104	5	-	-	NOUN
ajfa-11129	104	6	soes	soe	NOUN
ajfa-11129	104	7	in	in	ADP
ajfa-11129	104	8	1978	1978	NUM
ajfa-11129	104	9	,	,	PUNCT
ajfa-11129	104	10	china	china	PROPN
ajfa-11129	104	11	opened	open	VERB
ajfa-11129	104	12	its	its	PRON
ajfa-11129	104	13	market	market	NOUN
ajfa-11129	104	14	to	to	ADP
ajfa-11129	104	15	the	the	DET
ajfa-11129	104	16	world	world	NOUN
ajfa-11129	104	17	and	and	CCONJ
ajfa-11129	104	18	started	start	VERB
ajfa-11129	104	19	transitioning	transition	VERB
ajfa-11129	104	20	from	from	ADP
ajfa-11129	104	21	a	a	DET
ajfa-11129	104	22	planned	plan	VERB
ajfa-11129	104	23	economy	economy	NOUN
ajfa-11129	104	24	to	to	ADP
ajfa-11129	104	25	a	a	DET
ajfa-11129	104	26	market	market	NOUN
ajfa-11129	104	27	economy	economy	NOUN
ajfa-11129	104	28	.	.	PUNCT
ajfa-11129	105	1	to	to	PART
ajfa-11129	105	2	modernize	modernize	VERB
ajfa-11129	105	3	soes	soe	NOUN
ajfa-11129	105	4	and	and	CCONJ
ajfa-11129	105	5	increase	increase	VERB
ajfa-11129	105	6	their	their	PRON
ajfa-11129	105	7	profitability	profitability	NOUN
ajfa-11129	105	8	,	,	PUNCT
ajfa-11129	105	9	the	the	DET
ajfa-11129	105	10	chinese	chinese	ADJ
ajfa-11129	105	11	government	government	NOUN
ajfa-11129	105	12	decided	decide	VERB
ajfa-11129	105	13	to	to	PART
ajfa-11129	105	14	separate	separate	VERB
ajfa-11129	105	15	the	the	DET
ajfa-11129	105	16	ownership	ownership	NOUN
ajfa-11129	105	17	of	of	ADP
ajfa-11129	105	18	these	these	DET
ajfa-11129	105	19	organizations	organization	NOUN
ajfa-11129	105	20	from	from	ADP
ajfa-11129	105	21	their	their	PRON
ajfa-11129	105	22	management	management	NOUN
ajfa-11129	105	23	.	.	PUNCT
ajfa-11129	106	1	in	in	ADP
ajfa-11129	106	2	fact	fact	NOUN
ajfa-11129	106	3	,	,	PUNCT
ajfa-11129	106	4	the	the	DET
ajfa-11129	106	5	term	term	NOUN
ajfa-11129	106	6	“	"	PUNCT
ajfa-11129	106	7	state	state	NOUN
ajfa-11129	106	8	-	-	PUNCT
ajfa-11129	106	9	owned	own	VERB
ajfa-11129	106	10	enterprises	enterprise	NOUN
ajfa-11129	106	11	”	"	PUNCT
ajfa-11129	106	12	was	be	AUX
ajfa-11129	106	13	first	first	ADV
ajfa-11129	106	14	introduced	introduce	VERB
ajfa-11129	106	15	during	during	ADP
ajfa-11129	106	16	this	this	DET
ajfa-11129	106	17	period	period	NOUN
ajfa-11129	106	18	of	of	ADP
ajfa-11129	106	19	transition(fan	transition(fan	PROPN
ajfa-11129	106	20	&	&	CCONJ
ajfa-11129	106	21	hope	hope	PROPN
ajfa-11129	106	22	,	,	PUNCT
ajfa-11129	106	23	2013	2013	NUM
ajfa-11129	106	24	)	)	PUNCT
ajfa-11129	106	25	.	.	PUNCT
ajfa-11129	107	1	the	the	DET
ajfa-11129	107	2	state	state	NOUN
ajfa-11129	107	3	still	still	ADV
ajfa-11129	107	4	owned	own	VERB
ajfa-11129	107	5	and	and	CCONJ
ajfa-11129	107	6	controlled	control	VERB
ajfa-11129	107	7	most	most	ADJ
ajfa-11129	107	8	firms	firm	NOUN
ajfa-11129	107	9	,	,	PUNCT
ajfa-11129	107	10	but	but	CCONJ
ajfa-11129	107	11	this	this	DET
ajfa-11129	107	12	separation	separation	NOUN
ajfa-11129	107	13	gave	give	VERB
ajfa-11129	107	14	soes	soe	NOUN
ajfa-11129	107	15	more	more	ADJ
ajfa-11129	107	16	autonomy	autonomy	NOUN
ajfa-11129	107	17	in	in	ADP
ajfa-11129	107	18	running	run	VERB
ajfa-11129	107	19	their	their	PRON
ajfa-11129	107	20	businesses	business	NOUN
ajfa-11129	107	21	while	while	SCONJ
ajfa-11129	107	22	also	also	ADV
ajfa-11129	107	23	providing	provide	VERB
ajfa-11129	107	24	them	they	PRON
ajfa-11129	107	25	with	with	ADP
ajfa-11129	107	26	incentives	incentive	NOUN
ajfa-11129	107	27	to	to	PART
ajfa-11129	107	28	improve	improve	VERB
ajfa-11129	107	29	their	their	PRON
ajfa-11129	107	30	performance	performance	NOUN
ajfa-11129	107	31	.	.	PUNCT
ajfa-11129	108	1	the	the	DET
ajfa-11129	108	2	government	government	NOUN
ajfa-11129	108	3	has	have	AUX
ajfa-11129	108	4	controlled	control	VERB
ajfa-11129	108	5	soes	soe	NOUN
ajfa-11129	108	6	via	via	ADP
ajfa-11129	108	7	the	the	DET
ajfa-11129	108	8	state	state	NOUN
ajfa-11129	108	9	-	-	PUNCT
ajfa-11129	108	10	owned	own	VERB
ajfa-11129	108	11	assets	asset	NOUN
ajfa-11129	108	12	supervision	supervision	NOUN
ajfa-11129	108	13	and	and	CCONJ
ajfa-11129	108	14	administration	administration	PROPN
ajfa-11129	108	15	commission	commission	PROPN
ajfa-11129	108	16	(	(	PUNCT
ajfa-11129	108	17	sasac	sasac	NOUN
ajfa-11129	108	18	)	)	PUNCT
ajfa-11129	108	19	since	since	SCONJ
ajfa-11129	108	20	it	it	PRON
ajfa-11129	108	21	created	create	VERB
ajfa-11129	108	22	the	the	DET
ajfa-11129	108	23	sasac	sasac	NOUN
ajfa-11129	108	24	in	in	ADP
ajfa-11129	108	25	2003	2003	NUM
ajfa-11129	108	26	.	.	PUNCT
ajfa-11129	109	1	on	on	ADP
ajfa-11129	109	2	behalf	behalf	NOUN
ajfa-11129	109	3	of	of	ADP
ajfa-11129	109	4	the	the	DET
ajfa-11129	109	5	central	central	ADJ
ajfa-11129	109	6	government	government	NOUN
ajfa-11129	109	7	,	,	PUNCT
ajfa-11129	109	8	the	the	DET
ajfa-11129	109	9	national	national	ADJ
ajfa-11129	109	10	sasac	sasac	NOUN
ajfa-11129	109	11	asian	asian	PROPN
ajfa-11129	109	12	journal	journal	NOUN
ajfa-11129	109	13	of	of	ADP
ajfa-11129	109	14	finance	finance	PROPN
ajfa-11129	109	15	&	&	CCONJ
ajfa-11129	109	16	accounting	accounting	PROPN
ajfa-11129	109	17	issn	issn	PROPN
ajfa-11129	109	18	1946	1946	NUM
ajfa-11129	109	19	-	-	PUNCT
ajfa-11129	109	20	052x	052x	PROPN
ajfa-11129	109	21	2017	2017	NUM
ajfa-11129	109	22	,	,	PUNCT
ajfa-11129	109	23	vol	vol	NOUN
ajfa-11129	109	24	.	.	NOUN
ajfa-11129	109	25	9	9	NUM
ajfa-11129	109	26	,	,	PUNCT
ajfa-11129	109	27	no	no	INTJ
ajfa-11129	109	28	.	.	NOUN
ajfa-11129	109	29	1	1	NUM
ajfa-11129	109	30	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	109	31	339	339	NUM
ajfa-11129	109	32	supervises	supervise	VERB
ajfa-11129	109	33	the	the	DET
ajfa-11129	109	34	112	112	NUM
ajfa-11129	109	35	central	central	ADJ
ajfa-11129	109	36	soes	soe	NOUN
ajfa-11129	109	37	,	,	PUNCT
ajfa-11129	109	38	but	but	CCONJ
ajfa-11129	109	39	it	it	PRON
ajfa-11129	109	40	is	be	AUX
ajfa-11129	109	41	not	not	PART
ajfa-11129	109	42	involved	involve	VERB
ajfa-11129	109	43	in	in	ADP
ajfa-11129	109	44	any	any	PRON
ajfa-11129	109	45	of	of	ADP
ajfa-11129	109	46	their	their	PRON
ajfa-11129	109	47	daily	daily	ADJ
ajfa-11129	109	48	operations.4subnational	operations.4subnational	ADJ
ajfa-11129	109	49	sasacs	sasac	NOUN
ajfa-11129	109	50	at	at	ADP
ajfa-11129	109	51	the	the	DET
ajfa-11129	109	52	provincial	provincial	ADJ
ajfa-11129	109	53	,	,	PUNCT
ajfa-11129	109	54	municipal	municipal	ADJ
ajfa-11129	109	55	,	,	PUNCT
ajfa-11129	109	56	and	and	CCONJ
ajfa-11129	109	57	county	county	NOUN
ajfa-11129	109	58	levels	level	NOUN
ajfa-11129	109	59	supervise	supervise	VERB
ajfa-11129	109	60	the	the	DET
ajfa-11129	109	61	non	non	ADJ
ajfa-11129	109	62	-	-	ADJ
ajfa-11129	109	63	central	central	ADJ
ajfa-11129	109	64	soes	soe	NOUN
ajfa-11129	109	65	,	,	PUNCT
ajfa-11129	109	66	and	and	CCONJ
ajfa-11129	109	67	the	the	DET
ajfa-11129	109	68	role	role	NOUN
ajfa-11129	109	69	of	of	ADP
ajfa-11129	109	70	these	these	DET
ajfa-11129	109	71	subnational	subnational	ADJ
ajfa-11129	109	72	sasacs	sasac	NOUN
ajfa-11129	109	73	is	be	AUX
ajfa-11129	109	74	similar	similar	ADJ
ajfa-11129	109	75	to	to	ADP
ajfa-11129	109	76	that	that	PRON
ajfa-11129	109	77	of	of	ADP
ajfa-11129	109	78	the	the	DET
ajfa-11129	109	79	national	national	ADJ
ajfa-11129	109	80	sasac	sasac	NOUN
ajfa-11129	109	81	.	.	PUNCT
ajfa-11129	110	1	the	the	DET
ajfa-11129	110	2	sasac	sasac	NOUN
ajfa-11129	110	3	controls	control	VERB
ajfa-11129	110	4	the	the	DET
ajfa-11129	110	5	performance	performance	NOUN
ajfa-11129	110	6	of	of	ADP
ajfa-11129	110	7	soes	soe	NOUN
ajfa-11129	110	8	by	by	ADP
ajfa-11129	110	9	appointing	appoint	VERB
ajfa-11129	110	10	managers	manager	NOUN
ajfa-11129	110	11	,	,	PUNCT
ajfa-11129	110	12	evaluating	evaluate	VERB
ajfa-11129	110	13	enterprise	enterprise	NOUN
ajfa-11129	110	14	performance	performance	NOUN
ajfa-11129	110	15	,	,	PUNCT
ajfa-11129	110	16	and	and	CCONJ
ajfa-11129	110	17	so	so	ADV
ajfa-11129	110	18	on	on	ADV
ajfa-11129	110	19	.	.	PUNCT
ajfa-11129	111	1	soes	soe	NOUN
ajfa-11129	111	2	and	and	CCONJ
ajfa-11129	111	3	non	non	NOUN
ajfa-11129	111	4	-	-	ADJ
ajfa-11129	111	5	soes	soe	NOUN
ajfa-11129	111	6	behave	behave	VERB
ajfa-11129	111	7	differently	differently	ADV
ajfa-11129	111	8	;	;	PUNCT
ajfa-11129	111	9	for	for	ADP
ajfa-11129	111	10	example	example	NOUN
ajfa-11129	111	11	,	,	PUNCT
ajfa-11129	111	12	soes	soe	NOUN
ajfa-11129	111	13	are	be	AUX
ajfa-11129	111	14	found	find	VERB
ajfa-11129	111	15	to	to	PART
ajfa-11129	111	16	be	be	AUX
ajfa-11129	111	17	less	less	ADV
ajfa-11129	111	18	aggressive	aggressive	ADJ
ajfa-11129	111	19	in	in	ADP
ajfa-11129	111	20	boosting	boost	VERB
ajfa-11129	111	21	their	their	PRON
ajfa-11129	111	22	income	income	NOUN
ajfa-11129	111	23	.	.	PUNCT
ajfa-11129	112	1	li	li	PROPN
ajfa-11129	112	2	et	et	PROPN
ajfa-11129	112	3	al	al	PROPN
ajfa-11129	112	4	.	.	PROPN
ajfa-11129	113	1	(	(	PUNCT
ajfa-11129	113	2	2008	2008	NUM
ajfa-11129	113	3	)	)	PUNCT
ajfa-11129	113	4	speculate	speculate	VERB
ajfa-11129	113	5	that	that	SCONJ
ajfa-11129	113	6	the	the	DET
ajfa-11129	113	7	main	main	ADJ
ajfa-11129	113	8	goals	goal	NOUN
ajfa-11129	113	9	of	of	ADP
ajfa-11129	113	10	these	these	DET
ajfa-11129	113	11	two	two	NUM
ajfa-11129	113	12	types	type	NOUN
ajfa-11129	113	13	firms	firm	NOUN
ajfa-11129	113	14	are	be	AUX
ajfa-11129	113	15	different	different	ADJ
ajfa-11129	113	16	.	.	PUNCT
ajfa-11129	114	1	while	while	SCONJ
ajfa-11129	114	2	non	non	ADJ
ajfa-11129	114	3	-	-	ADJ
ajfa-11129	114	4	soes	soe	NOUN
ajfa-11129	114	5	aim	aim	VERB
ajfa-11129	114	6	to	to	PART
ajfa-11129	114	7	maximize	maximize	VERB
ajfa-11129	114	8	their	their	PRON
ajfa-11129	114	9	profit	profit	NOUN
ajfa-11129	114	10	,	,	PUNCT
ajfa-11129	114	11	soes	soe	NOUN
ajfa-11129	114	12	need	need	VERB
ajfa-11129	114	13	to	to	PART
ajfa-11129	114	14	fulfill	fulfill	VERB
ajfa-11129	114	15	their	their	PRON
ajfa-11129	114	16	social	social	ADJ
ajfa-11129	114	17	and	and	CCONJ
ajfa-11129	114	18	political	political	ADJ
ajfa-11129	114	19	responsibilities	responsibility	NOUN
ajfa-11129	114	20	.	.	PUNCT
ajfa-11129	115	1	this	this	PRON
ajfa-11129	115	2	explains	explain	VERB
ajfa-11129	115	3	the	the	DET
ajfa-11129	115	4	findings	finding	NOUN
ajfa-11129	115	5	in	in	ADP
ajfa-11129	115	6	the	the	DET
ajfa-11129	115	7	literature	literature	NOUN
ajfa-11129	115	8	regarding	regard	VERB
ajfa-11129	115	9	their	their	PRON
ajfa-11129	115	10	different	different	ADJ
ajfa-11129	115	11	behaviors	behavior	NOUN
ajfa-11129	115	12	.	.	PUNCT
ajfa-11129	116	1	wu	wu	PROPN
ajfa-11129	116	2	et	et	PROPN
ajfa-11129	116	3	al	al	PROPN
ajfa-11129	116	4	.	.	PROPN
ajfa-11129	117	1	(	(	PUNCT
ajfa-11129	117	2	2012	2012	NUM
ajfa-11129	117	3	)	)	PUNCT
ajfa-11129	117	4	provide	provide	VERB
ajfa-11129	117	5	empirical	empirical	ADJ
ajfa-11129	117	6	evidence	evidence	NOUN
ajfa-11129	117	7	to	to	PART
ajfa-11129	117	8	support	support	VERB
ajfa-11129	117	9	li	li	PROPN
ajfa-11129	117	10	et	et	PROPN
ajfa-11129	117	11	al	al	PROPN
ajfa-11129	117	12	.	.	PROPN
ajfa-11129	117	13	’s	’s	PART
ajfa-11129	117	14	conjecture	conjecture	NOUN
ajfa-11129	117	15	.	.	PUNCT
ajfa-11129	118	1	they	they	PRON
ajfa-11129	118	2	find	find	VERB
ajfa-11129	118	3	that	that	SCONJ
ajfa-11129	118	4	the	the	DET
ajfa-11129	118	5	effects	effect	NOUN
ajfa-11129	118	6	of	of	ADP
ajfa-11129	118	7	political	political	ADJ
ajfa-11129	118	8	connections	connection	NOUN
ajfa-11129	118	9	on	on	ADP
ajfa-11129	118	10	firms	firm	NOUN
ajfa-11129	118	11	are	be	AUX
ajfa-11129	118	12	different	different	ADJ
ajfa-11129	118	13	for	for	ADP
ajfa-11129	118	14	soes	soe	NOUN
ajfa-11129	118	15	and	and	CCONJ
ajfa-11129	118	16	non	non	NOUN
ajfa-11129	118	17	-	-	NOUN
ajfa-11129	118	18	soes	soe	NOUN
ajfa-11129	118	19	.	.	PUNCT
ajfa-11129	119	1	private	private	ADJ
ajfa-11129	119	2	firms	firm	NOUN
ajfa-11129	119	3	with	with	ADP
ajfa-11129	119	4	politically	politically	ADV
ajfa-11129	119	5	connected	connect	VERB
ajfa-11129	119	6	ceos	ceos	NOUN
ajfa-11129	119	7	outperform	outperform	VERB
ajfa-11129	119	8	their	their	PRON
ajfa-11129	119	9	counterparts	counterpart	NOUN
ajfa-11129	119	10	without	without	ADP
ajfa-11129	119	11	politically	politically	ADV
ajfa-11129	119	12	connected	connect	VERB
ajfa-11129	119	13	ceos	ceo	NOUN
ajfa-11129	119	14	,	,	PUNCT
ajfa-11129	119	15	whereas	whereas	SCONJ
ajfa-11129	119	16	local	local	ADJ
ajfa-11129	119	17	soes	soe	NOUN
ajfa-11129	119	18	with	with	ADP
ajfa-11129	119	19	politically	politically	ADV
ajfa-11129	119	20	connected	connect	VERB
ajfa-11129	119	21	ceos	ceos	NOUN
ajfa-11129	119	22	underperform	underperform	NOUN
ajfa-11129	119	23	compared	compare	VERB
ajfa-11129	119	24	to	to	ADP
ajfa-11129	119	25	their	their	PRON
ajfa-11129	119	26	counterparts	counterpart	NOUN
ajfa-11129	119	27	that	that	PRON
ajfa-11129	119	28	lack	lack	VERB
ajfa-11129	119	29	politically	politically	ADV
ajfa-11129	119	30	connected	connect	VERB
ajfa-11129	119	31	ceos	ceo	NOUN
ajfa-11129	119	32	.	.	PUNCT
ajfa-11129	120	1	local	local	ADJ
ajfa-11129	120	2	soes	soe	NOUN
ajfa-11129	120	3	may	may	AUX
ajfa-11129	120	4	prioritize	prioritize	VERB
ajfa-11129	120	5	their	their	PRON
ajfa-11129	120	6	social	social	ADJ
ajfa-11129	120	7	and	and	CCONJ
ajfa-11129	120	8	political	political	ADJ
ajfa-11129	120	9	needs	need	NOUN
ajfa-11129	120	10	(	(	PUNCT
ajfa-11129	120	11	e.g.	e.g.	ADV
ajfa-11129	120	12	,	,	PUNCT
ajfa-11129	120	13	lower	low	ADJ
ajfa-11129	120	14	unemployment	unemployment	NOUN
ajfa-11129	120	15	rates	rate	NOUN
ajfa-11129	120	16	)	)	PUNCT
ajfa-11129	120	17	and	and	CCONJ
ajfa-11129	120	18	sacrifice	sacrifice	VERB
ajfa-11129	120	19	some	some	DET
ajfa-11129	120	20	business	business	NOUN
ajfa-11129	120	21	profits	profit	NOUN
ajfa-11129	120	22	.	.	PUNCT
ajfa-11129	121	1	wang	wang	PROPN
ajfa-11129	121	2	(	(	PUNCT
ajfa-11129	121	3	2015	2015	NUM
ajfa-11129	121	4	)	)	PUNCT
ajfa-11129	121	5	provides	provide	VERB
ajfa-11129	121	6	further	further	ADJ
ajfa-11129	121	7	evidence	evidence	NOUN
ajfa-11129	121	8	of	of	ADP
ajfa-11129	121	9	li	li	PROPN
ajfa-11129	121	10	et	et	PROPN
ajfa-11129	121	11	al	al	PROPN
ajfa-11129	121	12	.	.	PROPN
ajfa-11129	121	13	’s	’s	PART
ajfa-11129	121	14	speculation	speculation	NOUN
ajfa-11129	121	15	by	by	ADP
ajfa-11129	121	16	finding	find	VERB
ajfa-11129	121	17	that	that	SCONJ
ajfa-11129	121	18	non	non	ADJ
ajfa-11129	121	19	-	-	NOUN
ajfa-11129	121	20	soes	soe	NOUN
ajfa-11129	121	21	with	with	ADP
ajfa-11129	121	22	politically	politically	ADV
ajfa-11129	121	23	connected	connect	VERB
ajfa-11129	121	24	board	board	NOUN
ajfa-11129	121	25	directors	director	NOUN
ajfa-11129	121	26	can	can	AUX
ajfa-11129	121	27	access	access	VERB
ajfa-11129	121	28	external	external	ADJ
ajfa-11129	121	29	debt	debt	NOUN
ajfa-11129	121	30	more	more	ADV
ajfa-11129	121	31	easily	easily	ADV
ajfa-11129	121	32	than	than	ADP
ajfa-11129	121	33	their	their	PRON
ajfa-11129	121	34	non	non	ADJ
ajfa-11129	121	35	-	-	ADJ
ajfa-11129	121	36	connected	connected	ADJ
ajfa-11129	121	37	counterparts	counterpart	NOUN
ajfa-11129	121	38	can	can	AUX
ajfa-11129	121	39	,	,	PUNCT
ajfa-11129	121	40	while	while	SCONJ
ajfa-11129	121	41	politically	politically	ADV
ajfa-11129	121	42	connected	connect	VERB
ajfa-11129	121	43	board	board	NOUN
ajfa-11129	121	44	directors	director	NOUN
ajfa-11129	121	45	in	in	ADP
ajfa-11129	121	46	soes	soe	NOUN
ajfa-11129	121	47	do	do	AUX
ajfa-11129	121	48	not	not	PART
ajfa-11129	121	49	have	have	VERB
ajfa-11129	121	50	a	a	DET
ajfa-11129	121	51	significant	significant	ADJ
ajfa-11129	121	52	impact	impact	NOUN
ajfa-11129	121	53	on	on	ADP
ajfa-11129	121	54	their	their	PRON
ajfa-11129	121	55	firms	firm	NOUN
ajfa-11129	121	56	.	.	PUNCT
ajfa-11129	122	1	wang	wang	PROPN
ajfa-11129	122	2	argues	argue	VERB
ajfa-11129	122	3	that	that	SCONJ
ajfa-11129	122	4	this	this	PRON
ajfa-11129	122	5	is	be	AUX
ajfa-11129	122	6	because	because	SCONJ
ajfa-11129	122	7	soes	soe	NOUN
ajfa-11129	122	8	care	care	VERB
ajfa-11129	122	9	less	less	ADJ
ajfa-11129	122	10	about	about	ADP
ajfa-11129	122	11	profits	profit	NOUN
ajfa-11129	122	12	than	than	ADP
ajfa-11129	122	13	non	non	ADJ
ajfa-11129	122	14	-	-	ADJ
ajfa-11129	122	15	soes	soe	NOUN
ajfa-11129	122	16	do	do	AUX
ajfa-11129	122	17	,	,	PUNCT
ajfa-11129	122	18	so	so	ADV
ajfa-11129	122	19	they	they	PRON
ajfa-11129	122	20	do	do	AUX
ajfa-11129	122	21	not	not	PART
ajfa-11129	122	22	try	try	VERB
ajfa-11129	122	23	as	as	ADV
ajfa-11129	122	24	hard	hard	ADJ
ajfa-11129	122	25	to	to	PART
ajfa-11129	122	26	access	access	VERB
ajfa-11129	122	27	external	external	ADJ
ajfa-11129	122	28	debt	debt	NOUN
ajfa-11129	122	29	as	as	ADP
ajfa-11129	122	30	non	non	ADJ
ajfa-11129	122	31	-	-	NOUN
ajfa-11129	122	32	soes	soe	NOUN
ajfa-11129	122	33	.	.	PUNCT
ajfa-11129	123	1	thus	thus	ADV
ajfa-11129	123	2	,	,	PUNCT
ajfa-11129	123	3	independent	independent	ADJ
ajfa-11129	123	4	directors	director	NOUN
ajfa-11129	123	5	in	in	ADP
ajfa-11129	123	6	soes	soe	NOUN
ajfa-11129	123	7	do	do	AUX
ajfa-11129	123	8	not	not	PART
ajfa-11129	123	9	use	use	VERB
ajfa-11129	123	10	their	their	PRON
ajfa-11129	123	11	political	political	ADJ
ajfa-11129	123	12	connections	connection	NOUN
ajfa-11129	123	13	to	to	PART
ajfa-11129	123	14	help	help	VERB
ajfa-11129	123	15	them	they	PRON
ajfa-11129	123	16	access	access	VERB
ajfa-11129	123	17	debt	debt	NOUN
ajfa-11129	123	18	.	.	PUNCT
ajfa-11129	124	1	an	an	DET
ajfa-11129	124	2	alternative	alternative	ADJ
ajfa-11129	124	3	explanation	explanation	NOUN
ajfa-11129	124	4	of	of	ADP
ajfa-11129	124	5	the	the	DET
ajfa-11129	124	6	findings	finding	NOUN
ajfa-11129	124	7	of	of	ADP
ajfa-11129	124	8	wang	wang	PROPN
ajfa-11129	124	9	(	(	PUNCT
ajfa-11129	124	10	2015	2015	NUM
ajfa-11129	124	11	)	)	PUNCT
ajfa-11129	124	12	might	might	AUX
ajfa-11129	124	13	be	be	AUX
ajfa-11129	124	14	that	that	SCONJ
ajfa-11129	124	15	soes	soe	NOUN
ajfa-11129	124	16	have	have	VERB
ajfa-11129	124	17	political	political	ADJ
ajfa-11129	124	18	connections	connection	NOUN
ajfa-11129	124	19	from	from	ADP
ajfa-11129	124	20	their	their	PRON
ajfa-11129	124	21	state	state	NOUN
ajfa-11129	124	22	ownership	ownership	NOUN
ajfa-11129	124	23	,	,	PUNCT
ajfa-11129	124	24	so	so	CCONJ
ajfa-11129	124	25	the	the	DET
ajfa-11129	124	26	political	political	ADJ
ajfa-11129	124	27	connections	connection	NOUN
ajfa-11129	124	28	associated	associate	VERB
ajfa-11129	124	29	with	with	ADP
ajfa-11129	124	30	ceos	ceo	NOUN
ajfa-11129	124	31	and/or	and/or	CCONJ
ajfa-11129	124	32	independent	independent	ADJ
ajfa-11129	124	33	directors	director	NOUN
ajfa-11129	124	34	are	be	AUX
ajfa-11129	124	35	redundant	redundant	ADJ
ajfa-11129	124	36	.	.	PUNCT
ajfa-11129	125	1	soes	soe	NOUN
ajfa-11129	125	2	may	may	AUX
ajfa-11129	125	3	have	have	VERB
ajfa-11129	125	4	easier	easy	ADJ
ajfa-11129	125	5	access	access	NOUN
ajfa-11129	125	6	to	to	ADP
ajfa-11129	125	7	external	external	ADJ
ajfa-11129	125	8	debt	debt	NOUN
ajfa-11129	125	9	due	due	ADP
ajfa-11129	125	10	to	to	ADP
ajfa-11129	125	11	the	the	DET
ajfa-11129	125	12	political	political	ADJ
ajfa-11129	125	13	connections	connection	NOUN
ajfa-11129	125	14	brought	bring	VERB
ajfa-11129	125	15	by	by	ADP
ajfa-11129	125	16	the	the	DET
ajfa-11129	125	17	government	government	NOUN
ajfa-11129	125	18	ownership	ownership	NOUN
ajfa-11129	125	19	,	,	PUNCT
ajfa-11129	125	20	and	and	CCONJ
ajfa-11129	125	21	the	the	DET
ajfa-11129	125	22	political	political	ADJ
ajfa-11129	125	23	connections	connection	NOUN
ajfa-11129	125	24	associated	associate	VERB
ajfa-11129	125	25	with	with	ADP
ajfa-11129	125	26	managers	manager	NOUN
ajfa-11129	125	27	or	or	CCONJ
ajfa-11129	125	28	board	board	NOUN
ajfa-11129	125	29	members	member	NOUN
ajfa-11129	125	30	do	do	AUX
ajfa-11129	125	31	not	not	PART
ajfa-11129	125	32	have	have	VERB
ajfa-11129	125	33	significant	significant	ADJ
ajfa-11129	125	34	incremental	incremental	ADJ
ajfa-11129	125	35	impact	impact	NOUN
ajfa-11129	125	36	on	on	ADP
ajfa-11129	125	37	obtaining	obtain	VERB
ajfa-11129	125	38	external	external	ADJ
ajfa-11129	125	39	debt	debt	NOUN
ajfa-11129	125	40	.	.	PUNCT
ajfa-11129	126	1	we	we	PRON
ajfa-11129	126	2	predict	predict	VERB
ajfa-11129	126	3	that	that	SCONJ
ajfa-11129	126	4	the	the	DET
ajfa-11129	126	5	effects	effect	NOUN
ajfa-11129	126	6	of	of	ADP
ajfa-11129	126	7	the	the	DET
ajfa-11129	126	8	political	political	ADJ
ajfa-11129	126	9	connections	connection	NOUN
ajfa-11129	126	10	of	of	ADP
ajfa-11129	126	11	board	board	NOUN
ajfa-11129	126	12	directorsare	directorsare	PROPN
ajfa-11129	126	13	weaker	weak	ADJ
ajfa-11129	126	14	in	in	ADP
ajfa-11129	126	15	soes	soe	NOUN
ajfa-11129	126	16	than	than	ADP
ajfa-11129	126	17	in	in	ADP
ajfa-11129	126	18	non	non	ADJ
ajfa-11129	126	19	-	-	NOUN
ajfa-11129	126	20	soes	soe	NOUN
ajfa-11129	126	21	,	,	PUNCT
ajfa-11129	126	22	in	in	ADP
ajfa-11129	126	23	line	line	NOUN
ajfa-11129	126	24	with	with	ADP
ajfa-11129	126	25	the	the	DET
ajfa-11129	126	26	prior	prior	ADJ
ajfa-11129	126	27	literature	literature	NOUN
ajfa-11129	126	28	.	.	PUNCT
ajfa-11129	127	1	in	in	ADP
ajfa-11129	127	2	non	non	ADJ
ajfa-11129	127	3	-	-	NOUN
ajfa-11129	127	4	soes	soe	NOUN
ajfa-11129	127	5	,	,	PUNCT
ajfa-11129	127	6	politically	politically	ADV
ajfa-11129	127	7	connected	connect	VERB
ajfa-11129	127	8	board	board	NOUN
ajfa-11129	127	9	directors	director	NOUN
ajfa-11129	127	10	would	would	AUX
ajfa-11129	127	11	work	work	VERB
ajfa-11129	127	12	in	in	ADP
ajfa-11129	127	13	the	the	DET
ajfa-11129	127	14	interest	interest	NOUN
ajfa-11129	127	15	of	of	ADP
ajfa-11129	127	16	the	the	DET
ajfa-11129	127	17	government	government	NOUN
ajfa-11129	127	18	and	and	CCONJ
ajfa-11129	127	19	closely	closely	ADV
ajfa-11129	127	20	monitor	monitor	VERB
ajfa-11129	127	21	the	the	DET
ajfa-11129	127	22	firms	firm	NOUN
ajfa-11129	127	23	’	’	PART
ajfa-11129	127	24	tax	tax	NOUN
ajfa-11129	127	25	activities	activity	NOUN
ajfa-11129	127	26	as	as	SCONJ
ajfa-11129	127	27	argued	argue	VERB
ajfa-11129	127	28	in	in	ADP
ajfa-11129	127	29	hypothesis	hypothesis	NOUN
ajfa-11129	127	30	1	1	NUM
ajfa-11129	127	31	.	.	PUNCT
ajfa-11129	128	1	however	however	ADV
ajfa-11129	128	2	,	,	PUNCT
ajfa-11129	128	3	in	in	ADP
ajfa-11129	128	4	soes	soe	NOUN
ajfa-11129	128	5	,	,	PUNCT
ajfa-11129	128	6	the	the	DET
ajfa-11129	128	7	government	government	NOUN
ajfa-11129	128	8	influences	influence	VERB
ajfa-11129	128	9	soes	soe	NOUN
ajfa-11129	128	10	’	'	PUNCT
ajfa-11129	128	11	tax	tax	NOUN
ajfa-11129	128	12	activities	activity	NOUN
ajfa-11129	128	13	via	via	ADP
ajfa-11129	128	14	their	their	PRON
ajfa-11129	128	15	controlling	controlling	NOUN
ajfa-11129	128	16	of	of	ADP
ajfa-11129	128	17	the	the	DET
ajfa-11129	128	18	firm	firm	NOUN
ajfa-11129	128	19	,	,	PUNCT
ajfa-11129	128	20	its	its	PRON
ajfa-11129	128	21	influence	influence	NOUN
ajfa-11129	128	22	on	on	ADP
ajfa-11129	128	23	the	the	DET
ajfa-11129	128	24	ceos	ceos	NOUN
ajfa-11129	128	25	,	,	PUNCT
ajfa-11129	128	26	and	and	CCONJ
ajfa-11129	128	27	policies	policy	NOUN
ajfa-11129	128	28	,	,	PUNCT
ajfa-11129	128	29	making	make	VERB
ajfa-11129	128	30	the	the	DET
ajfa-11129	128	31	monitoring	monitoring	NOUN
ajfa-11129	128	32	of	of	ADP
ajfa-11129	128	33	the	the	DET
ajfa-11129	128	34	politically	politically	ADV
ajfa-11129	128	35	connected	connect	VERB
ajfa-11129	128	36	board	board	NOUN
ajfa-11129	128	37	directors	director	NOUN
ajfa-11129	128	38	redundant	redundant	VERB
ajfa-11129	128	39	.	.	PUNCT
ajfa-11129	129	1	we	we	PRON
ajfa-11129	129	2	predict	predict	VERB
ajfa-11129	129	3	the	the	DET
ajfa-11129	129	4	tax	tax	NOUN
ajfa-11129	129	5	monitoring	monitoring	NOUN
ajfa-11129	129	6	effect	effect	NOUN
ajfa-11129	129	7	of	of	ADP
ajfa-11129	129	8	the	the	DET
ajfa-11129	129	9	politically	politically	ADV
ajfa-11129	129	10	connected	connect	VERB
ajfa-11129	129	11	board	board	NOUN
ajfa-11129	129	12	director	director	NOUN
ajfa-11129	129	13	is	be	AUX
ajfa-11129	129	14	weaker	weak	ADJ
ajfa-11129	129	15	in	in	ADP
ajfa-11129	129	16	soes	soe	NOUN
ajfa-11129	129	17	than	than	ADP
ajfa-11129	129	18	in	in	ADP
ajfa-11129	129	19	non	non	ADJ
ajfa-11129	129	20	-	-	NOUN
ajfa-11129	129	21	soes	soe	NOUN
ajfa-11129	129	22	.	.	PUNCT
ajfa-11129	130	1	our	our	PRON
ajfa-11129	130	2	second	second	ADJ
ajfa-11129	130	3	hypothesis	hypothesis	NOUN
ajfa-11129	130	4	is	be	AUX
ajfa-11129	130	5	:	:	PUNCT
ajfa-11129	130	6	hypothesis	hypothesis	NOUN
ajfa-11129	130	7	2	2	NUM
ajfa-11129	130	8	:	:	PUNCT
ajfa-11129	130	9	the	the	DET
ajfa-11129	130	10	association	association	NOUN
ajfa-11129	130	11	between	between	ADP
ajfa-11129	130	12	effective	effective	ADJ
ajfa-11129	130	13	tax	tax	NOUN
ajfa-11129	130	14	rate	rate	NOUN
ajfa-11129	130	15	and	and	CCONJ
ajfa-11129	130	16	the	the	DET
ajfa-11129	130	17	presence	presence	NOUN
ajfa-11129	130	18	of	of	ADP
ajfa-11129	130	19	politically	politically	ADV
ajfa-11129	130	20	connected	connect	VERB
ajfa-11129	130	21	independent	independent	ADJ
ajfa-11129	130	22	board	board	NOUN
ajfa-11129	130	23	directors	director	NOUN
ajfa-11129	130	24	is	be	AUX
ajfa-11129	130	25	weaker	weak	ADJ
ajfa-11129	130	26	in	in	ADP
ajfa-11129	130	27	soes	soe	NOUN
ajfa-11129	130	28	than	than	ADP
ajfa-11129	130	29	in	in	ADP
ajfa-11129	130	30	non	non	ADJ
ajfa-11129	130	31	-	-	NOUN
ajfa-11129	130	32	soes	soe	NOUN
ajfa-11129	130	33	.	.	PUNCT
ajfa-11129	131	1	4	4	NUM
ajfa-11129	131	2	http://www.sasac.gov.cn/n1180/n1226/n2425/index.html	http://www.sasac.gov.cn/n1180/n1226/n2425/index.html	PROPN
ajfa-11129	131	3	asian	asian	ADJ
ajfa-11129	131	4	journal	journal	NOUN
ajfa-11129	131	5	of	of	ADP
ajfa-11129	131	6	finance	finance	PROPN
ajfa-11129	131	7	&	&	CCONJ
ajfa-11129	131	8	accounting	accounting	PROPN
ajfa-11129	131	9	issn	issn	PROPN
ajfa-11129	131	10	1946	1946	NUM
ajfa-11129	131	11	-	-	PUNCT
ajfa-11129	131	12	052x	052x	PROPN
ajfa-11129	131	13	2017	2017	NUM
ajfa-11129	131	14	,	,	PUNCT
ajfa-11129	131	15	vol	vol	NOUN
ajfa-11129	131	16	.	.	NOUN
ajfa-11129	131	17	9	9	NUM
ajfa-11129	131	18	,	,	PUNCT
ajfa-11129	131	19	no	no	INTJ
ajfa-11129	131	20	.	.	NOUN
ajfa-11129	131	21	1	1	NUM
ajfa-11129	131	22	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	131	23	340	340	NUM
ajfa-11129	131	24	3	3	NUM
ajfa-11129	131	25	.	.	PUNCT
ajfa-11129	131	26	data	datum	NOUN
ajfa-11129	131	27	and	and	CCONJ
ajfa-11129	131	28	research	research	NOUN
ajfa-11129	131	29	design	design	NOUN
ajfa-11129	131	30	3.1	3.1	NUM
ajfa-11129	131	31	data	datum	NOUN
ajfa-11129	131	32	our	our	PRON
ajfa-11129	131	33	sample	sample	NOUN
ajfa-11129	131	34	consists	consist	VERB
ajfa-11129	131	35	of	of	ADP
ajfa-11129	131	36	400	400	NUM
ajfa-11129	131	37	firms	firm	NOUN
ajfa-11129	131	38	included	include	VERB
ajfa-11129	131	39	in	in	ADP
ajfa-11129	131	40	both	both	CCONJ
ajfa-11129	131	41	the	the	DET
ajfa-11129	131	42	csi	csi	PROPN
ajfa-11129	131	43	soe	soe	PROPN
ajfa-11129	131	44	200and	200and	PROPN
ajfa-11129	131	45	csi	csi	PROPN
ajfa-11129	131	46	poe	poe	PROPN
ajfa-11129	131	47	200	200	NUM
ajfa-11129	131	48	for	for	ADP
ajfa-11129	131	49	13	13	NUM
ajfa-11129	131	50	years	year	NOUN
ajfa-11129	131	51	from	from	ADP
ajfa-11129	131	52	2002	2002	NUM
ajfa-11129	131	53	to	to	ADP
ajfa-11129	131	54	2014	2014	NUM
ajfa-11129	131	55	based	base	VERB
ajfa-11129	131	56	on	on	ADP
ajfa-11129	131	57	the	the	DET
ajfa-11129	131	58	index	index	NOUN
ajfa-11129	131	59	components	component	NOUN
ajfa-11129	131	60	of	of	ADP
ajfa-11129	131	61	2014	2014	NUM
ajfa-11129	131	62	.	.	PUNCT
ajfa-11129	132	1	the	the	DET
ajfa-11129	132	2	200	200	NUM
ajfa-11129	132	3	firms	firm	NOUN
ajfa-11129	132	4	in	in	ADP
ajfa-11129	132	5	csi	csi	PROPN
ajfa-11129	132	6	soe	soe	PROPN
ajfa-11129	132	7	(	(	PUNCT
ajfa-11129	132	8	poe	poe	PROPN
ajfa-11129	132	9	)	)	PUNCT
ajfa-11129	132	10	200	200	NUM
ajfa-11129	132	11	are	be	AUX
ajfa-11129	132	12	the	the	DET
ajfa-11129	132	13	state	state	NOUN
ajfa-11129	132	14	-	-	PUNCT
ajfa-11129	132	15	owned	own	VERB
ajfa-11129	132	16	(	(	PUNCT
ajfa-11129	132	17	privately	privately	ADV
ajfa-11129	132	18	-	-	PUNCT
ajfa-11129	132	19	owned	own	VERB
ajfa-11129	132	20	)	)	PUNCT
ajfa-11129	132	21	firms	firm	NOUN
ajfa-11129	132	22	with	with	ADP
ajfa-11129	132	23	the	the	DET
ajfa-11129	132	24	largest	large	ADJ
ajfa-11129	132	25	market	market	NOUN
ajfa-11129	132	26	capitalization	capitalization	NOUN
ajfa-11129	132	27	and	and	CCONJ
ajfa-11129	132	28	liquidity	liquidity	NOUN
ajfa-11129	132	29	of	of	ADP
ajfa-11129	132	30	all	all	DET
ajfa-11129	132	31	the	the	DET
ajfa-11129	132	32	public	public	ADJ
ajfa-11129	132	33	a	a	DET
ajfa-11129	132	34	-	-	PUNCT
ajfa-11129	132	35	share	share	NOUN
ajfa-11129	132	36	companies	company	NOUN
ajfa-11129	132	37	listed	list	VERB
ajfa-11129	132	38	on	on	ADP
ajfa-11129	132	39	the	the	DET
ajfa-11129	132	40	shanghai	shanghai	PROPN
ajfa-11129	132	41	or	or	CCONJ
ajfa-11129	132	42	shenzhen	shenzhen	PROPN
ajfa-11129	132	43	stock	stock	NOUN
ajfa-11129	132	44	exchanges	exchange	NOUN
ajfa-11129	132	45	.	.	PUNCT
ajfa-11129	133	1	our	our	PRON
ajfa-11129	133	2	data	data	NOUN
ajfa-11129	133	3	collection	collection	NOUN
ajfa-11129	133	4	began	begin	VERB
ajfa-11129	133	5	with	with	ADP
ajfa-11129	133	6	gathering	gather	VERB
ajfa-11129	133	7	director	director	NOUN
ajfa-11129	133	8	names	name	NOUN
ajfa-11129	133	9	and	and	CCONJ
ajfa-11129	133	10	types	type	NOUN
ajfa-11129	133	11	(	(	PUNCT
ajfa-11129	133	12	independent	independent	ADJ
ajfa-11129	133	13	or	or	CCONJ
ajfa-11129	133	14	not	not	PART
ajfa-11129	133	15	)	)	PUNCT
ajfa-11129	133	16	from	from	ADP
ajfa-11129	133	17	audited	audit	VERB
ajfa-11129	133	18	annual	annual	ADJ
ajfa-11129	133	19	financial	financial	ADJ
ajfa-11129	133	20	statements	statement	NOUN
ajfa-11129	133	21	.	.	PUNCT
ajfa-11129	134	1	once	once	SCONJ
ajfa-11129	134	2	we	we	PRON
ajfa-11129	134	3	obtained	obtain	VERB
ajfa-11129	134	4	the	the	DET
ajfa-11129	134	5	names	name	NOUN
ajfa-11129	134	6	of	of	ADP
ajfa-11129	134	7	independent	independent	ADJ
ajfa-11129	134	8	directors	director	NOUN
ajfa-11129	134	9	,	,	PUNCT
ajfa-11129	134	10	we	we	PRON
ajfa-11129	134	11	followed	follow	VERB
ajfa-11129	134	12	prior	prior	ADJ
ajfa-11129	134	13	research	research	NOUN
ajfa-11129	134	14	(	(	PUNCT
ajfa-11129	134	15	peng	peng	PROPN
ajfa-11129	134	16	,	,	PUNCT
ajfa-11129	134	17	sun	sun	PROPN
ajfa-11129	134	18	,	,	PUNCT
ajfa-11129	134	19	&	&	CCONJ
ajfa-11129	134	20	markóczy	markóczy	ADJ
ajfa-11129	134	21	,	,	PUNCT
ajfa-11129	134	22	2015	2015	NUM
ajfa-11129	134	23	)	)	PUNCT
ajfa-11129	134	24	and	and	CCONJ
ajfa-11129	134	25	collected	collect	VERB
ajfa-11129	134	26	independent	independent	ADJ
ajfa-11129	134	27	directors	director	NOUN
ajfa-11129	134	28	’	’	PART
ajfa-11129	134	29	background	background	NOUN
ajfa-11129	134	30	information	information	NOUN
ajfa-11129	134	31	and	and	CCONJ
ajfa-11129	134	32	npc	npc	PROPN
ajfa-11129	134	33	/	/	SYM
ajfa-11129	134	34	cppcc	cppcc	NOUN
ajfa-11129	134	35	membership	membership	NOUN
ajfa-11129	134	36	from	from	ADP
ajfa-11129	134	37	the	the	DET
ajfa-11129	134	38	profile	profile	NOUN
ajfa-11129	134	39	of	of	ADP
ajfa-11129	134	40	directors	director	NOUN
ajfa-11129	134	41	and	and	CCONJ
ajfa-11129	134	42	senior	senior	ADJ
ajfa-11129	134	43	managers	manager	NOUN
ajfa-11129	134	44	sections	section	NOUN
ajfa-11129	134	45	in	in	ADP
ajfa-11129	134	46	the	the	DET
ajfa-11129	134	47	annual	annual	ADJ
ajfa-11129	134	48	reports	report	NOUN
ajfa-11129	134	49	.	.	PUNCT
ajfa-11129	135	1	because	because	SCONJ
ajfa-11129	135	2	disclosing	disclose	VERB
ajfa-11129	135	3	npc	npc	NOUN
ajfa-11129	135	4	/	/	SYM
ajfa-11129	135	5	cppcc	cppcc	NOUN
ajfa-11129	135	6	membership	membership	NOUN
ajfa-11129	135	7	is	be	AUX
ajfa-11129	135	8	voluntary	voluntary	ADJ
ajfa-11129	135	9	,	,	PUNCT
ajfa-11129	135	10	we	we	PRON
ajfa-11129	135	11	retrieved	retrieve	VERB
ajfa-11129	135	12	the	the	DET
ajfa-11129	135	13	full	full	ADJ
ajfa-11129	135	14	list	list	NOUN
ajfa-11129	135	15	of	of	ADP
ajfa-11129	135	16	members	member	NOUN
ajfa-11129	135	17	of	of	ADP
ajfa-11129	135	18	the	the	DET
ajfa-11129	135	19	national	national	ADJ
ajfa-11129	135	20	npc	npc	NOUN
ajfa-11129	135	21	and	and	CCONJ
ajfa-11129	135	22	cppcc	cppcc	NOUN
ajfa-11129	135	23	from	from	ADP
ajfa-11129	135	24	their	their	PRON
ajfa-11129	135	25	official	official	ADJ
ajfa-11129	135	26	websites	website	NOUN
ajfa-11129	135	27	and	and	CCONJ
ajfa-11129	135	28	searched	search	VERB
ajfa-11129	135	29	the	the	DET
ajfa-11129	135	30	names	name	NOUN
ajfa-11129	135	31	of	of	ADP
ajfa-11129	135	32	each	each	DET
ajfa-11129	135	33	independent	independent	ADJ
ajfa-11129	135	34	director	director	NOUN
ajfa-11129	135	35	in	in	ADP
ajfa-11129	135	36	the	the	DET
ajfa-11129	135	37	last	last	ADJ
ajfa-11129	135	38	20	20	NUM
ajfa-11129	135	39	years	year	NOUN
ajfa-11129	135	40	.	.	PUNCT
ajfa-11129	136	1	if	if	SCONJ
ajfa-11129	136	2	we	we	PRON
ajfa-11129	136	3	found	find	VERB
ajfa-11129	136	4	a	a	DET
ajfa-11129	136	5	relevant	relevant	ADJ
ajfa-11129	136	6	name	name	NOUN
ajfa-11129	136	7	on	on	ADP
ajfa-11129	136	8	this	this	DET
ajfa-11129	136	9	list	list	NOUN
ajfa-11129	136	10	,	,	PUNCT
ajfa-11129	136	11	we	we	PRON
ajfa-11129	136	12	then	then	ADV
ajfa-11129	136	13	further	far	ADV
ajfa-11129	136	14	checked	check	VERB
ajfa-11129	136	15	whether	whether	SCONJ
ajfa-11129	136	16	the	the	DET
ajfa-11129	136	17	member	member	NOUN
ajfa-11129	136	18	was	be	AUX
ajfa-11129	136	19	the	the	DET
ajfa-11129	136	20	same	same	ADJ
ajfa-11129	136	21	individual	individual	NOUN
ajfa-11129	136	22	as	as	ADP
ajfa-11129	136	23	the	the	DET
ajfa-11129	136	24	director	director	NOUN
ajfa-11129	136	25	in	in	ADP
ajfa-11129	136	26	our	our	PRON
ajfa-11129	136	27	sample	sample	NOUN
ajfa-11129	136	28	by	by	ADP
ajfa-11129	136	29	searching	search	VERB
ajfa-11129	136	30	for	for	ADP
ajfa-11129	136	31	additional	additional	ADJ
ajfa-11129	136	32	information	information	NOUN
ajfa-11129	136	33	about	about	ADP
ajfa-11129	136	34	him	he	PRON
ajfa-11129	136	35	or	or	CCONJ
ajfa-11129	136	36	her	she	PRON
ajfa-11129	136	37	such	such	ADJ
ajfa-11129	136	38	as	as	ADP
ajfa-11129	136	39	news	news	NOUN
ajfa-11129	136	40	and	and	CCONJ
ajfa-11129	136	41	pictures	picture	NOUN
ajfa-11129	136	42	.	.	PUNCT
ajfa-11129	137	1	we	we	PRON
ajfa-11129	137	2	defined	define	VERB
ajfa-11129	137	3	a	a	DET
ajfa-11129	137	4	politically	politically	ADV
ajfa-11129	137	5	connected	connect	VERB
ajfa-11129	137	6	independent	independent	ADJ
ajfa-11129	137	7	director	director	NOUN
ajfa-11129	137	8	(	(	PUNCT
ajfa-11129	137	9	pboard	pboard	ADJ
ajfa-11129	137	10	)	)	PUNCT
ajfa-11129	137	11	as	as	ADP
ajfa-11129	137	12	a	a	DET
ajfa-11129	137	13	dummy	dummy	ADJ
ajfa-11129	137	14	variable	variable	NOUN
ajfa-11129	137	15	equal	equal	ADJ
ajfa-11129	137	16	to	to	ADP
ajfa-11129	137	17	1	1	NUM
ajfa-11129	137	18	if	if	SCONJ
ajfa-11129	137	19	at	at	ADV
ajfa-11129	137	20	least	least	ADV
ajfa-11129	137	21	one	one	NUM
ajfa-11129	137	22	independent	independent	ADJ
ajfa-11129	137	23	director	director	NOUN
ajfa-11129	137	24	on	on	ADP
ajfa-11129	137	25	the	the	DET
ajfa-11129	137	26	board	board	NOUN
ajfa-11129	137	27	is	be	AUX
ajfa-11129	137	28	or	or	CCONJ
ajfa-11129	137	29	was	be	AUX
ajfa-11129	137	30	a	a	DET
ajfa-11129	137	31	member	member	NOUN
ajfa-11129	137	32	of	of	ADP
ajfa-11129	137	33	the	the	DET
ajfa-11129	137	34	npc	npc	NOUN
ajfa-11129	137	35	or	or	CCONJ
ajfa-11129	137	36	cppcc	cppcc	NOUN
ajfa-11129	137	37	and	and	CCONJ
ajfa-11129	137	38	equal	equal	ADJ
ajfa-11129	137	39	to	to	ADP
ajfa-11129	137	40	0	0	NUM
ajfa-11129	137	41	otherwise	otherwise	ADV
ajfa-11129	137	42	.	.	PUNCT
ajfa-11129	138	1	to	to	PART
ajfa-11129	138	2	control	control	VERB
ajfa-11129	138	3	for	for	ADP
ajfa-11129	138	4	ceos	ceos	NOUN
ajfa-11129	138	5	’	'	PUNCT
ajfa-11129	138	6	political	political	ADJ
ajfa-11129	138	7	connections	connection	NOUN
ajfa-11129	138	8	,	,	PUNCT
ajfa-11129	138	9	we	we	PRON
ajfa-11129	138	10	performed	perform	VERB
ajfa-11129	138	11	the	the	DET
ajfa-11129	138	12	same	same	ADJ
ajfa-11129	138	13	procedure	procedure	NOUN
ajfa-11129	138	14	for	for	ADP
ajfa-11129	138	15	independent	independent	ADJ
ajfa-11129	138	16	directors	director	NOUN
ajfa-11129	138	17	’	’	PART
ajfa-11129	138	18	political	political	ADJ
ajfa-11129	138	19	connections	connection	NOUN
ajfa-11129	138	20	to	to	PART
ajfa-11129	138	21	collect	collect	VERB
ajfa-11129	138	22	information	information	NOUN
ajfa-11129	138	23	about	about	ADP
ajfa-11129	138	24	ceo	ceo	NOUN
ajfa-11129	138	25	’s	’s	PART
ajfa-11129	138	26	political	political	ADJ
ajfa-11129	138	27	connections	connection	NOUN
ajfa-11129	138	28	.	.	PUNCT
ajfa-11129	139	1	we	we	PRON
ajfa-11129	139	2	defined	define	VERB
ajfa-11129	139	3	politically	politically	ADV
ajfa-11129	139	4	connected	connect	VERB
ajfa-11129	139	5	ceos	ceos	NOUN
ajfa-11129	139	6	(	(	PUNCT
ajfa-11129	139	7	pceo	pceo	ADJ
ajfa-11129	139	8	)	)	PUNCT
ajfa-11129	139	9	as	as	ADP
ajfa-11129	139	10	a	a	DET
ajfa-11129	139	11	dummy	dummy	ADJ
ajfa-11129	139	12	variable	variable	NOUN
ajfa-11129	139	13	equal	equal	ADJ
ajfa-11129	139	14	to	to	ADP
ajfa-11129	139	15	1	1	NUM
ajfa-11129	139	16	if	if	SCONJ
ajfa-11129	139	17	the	the	DET
ajfa-11129	139	18	ceo	ceo	NOUN
ajfa-11129	139	19	is	be	AUX
ajfa-11129	139	20	or	or	CCONJ
ajfa-11129	139	21	was	be	AUX
ajfa-11129	139	22	a	a	DET
ajfa-11129	139	23	member	member	NOUN
ajfa-11129	139	24	of	of	ADP
ajfa-11129	139	25	the	the	DET
ajfa-11129	139	26	npc	npc	NOUN
ajfa-11129	139	27	or	or	CCONJ
ajfa-11129	139	28	cppcc	cppcc	NOUN
ajfa-11129	139	29	and	and	CCONJ
ajfa-11129	139	30	equal	equal	ADJ
ajfa-11129	139	31	to	to	ADP
ajfa-11129	139	32	0	0	NUM
ajfa-11129	139	33	otherwise	otherwise	ADV
ajfa-11129	139	34	.	.	PUNCT
ajfa-11129	140	1	we	we	PRON
ajfa-11129	140	2	also	also	ADV
ajfa-11129	140	3	obtained	obtain	VERB
ajfa-11129	140	4	ceo	ceo	NOUN
ajfa-11129	140	5	tenure	tenure	NOUN
ajfa-11129	140	6	data	datum	NOUN
ajfa-11129	140	7	from	from	ADP
ajfa-11129	140	8	the	the	DET
ajfa-11129	140	9	profile	profile	NOUN
ajfa-11129	140	10	of	of	ADP
ajfa-11129	140	11	directors	director	NOUN
ajfa-11129	140	12	and	and	CCONJ
ajfa-11129	140	13	senior	senior	ADJ
ajfa-11129	140	14	managers	manager	NOUN
ajfa-11129	140	15	sections	section	NOUN
ajfa-11129	140	16	of	of	ADP
ajfa-11129	140	17	annual	annual	ADJ
ajfa-11129	140	18	reports	report	NOUN
ajfa-11129	140	19	.	.	PUNCT
ajfa-11129	141	1	we	we	PRON
ajfa-11129	141	2	retrieved	retrieve	VERB
ajfa-11129	141	3	financialand	financialand	NOUN
ajfa-11129	141	4	market	market	NOUN
ajfa-11129	141	5	-	-	PUNCT
ajfa-11129	141	6	related	relate	VERB
ajfa-11129	141	7	data	datum	NOUN
ajfa-11129	141	8	from	from	ADP
ajfa-11129	141	9	capital	capital	NOUN
ajfa-11129	141	10	iq	iq	PROPN
ajfa-11129	141	11	.	.	PUNCT
ajfa-11129	141	12	table	table	NOUN
ajfa-11129	141	13	1	1	NUM
ajfa-11129	141	14	describes	describe	VERB
ajfa-11129	141	15	our	our	PRON
ajfa-11129	141	16	data	data	NOUN
ajfa-11129	141	17	selection	selection	NOUN
ajfa-11129	141	18	procedure	procedure	NOUN
ajfa-11129	141	19	.	.	PUNCT
ajfa-11129	142	1	of	of	ADP
ajfa-11129	142	2	the	the	DET
ajfa-11129	142	3	5,200	5,200	NUM
ajfa-11129	142	4	(	(	PUNCT
ajfa-11129	142	5	400	400	NUM
ajfa-11129	142	6	firms	firm	NOUN
ajfa-11129	142	7	x	x	NOUN
ajfa-11129	142	8	13	13	NUM
ajfa-11129	142	9	years	year	NOUN
ajfa-11129	142	10	)	)	PUNCT
ajfa-11129	142	11	firm	firm	ADJ
ajfa-11129	142	12	–	–	PUNCT
ajfa-11129	142	13	year	year	NOUN
ajfa-11129	142	14	observations	observation	NOUN
ajfa-11129	142	15	,	,	PUNCT
ajfa-11129	142	16	594went	594went	PROPN
ajfa-11129	142	17	public	public	NOUN
ajfa-11129	142	18	after	after	ADP
ajfa-11129	142	19	the	the	DET
ajfa-11129	142	20	initial	initial	ADJ
ajfa-11129	142	21	sample	sample	NOUN
ajfa-11129	142	22	year	year	NOUN
ajfa-11129	142	23	of	of	ADP
ajfa-11129	142	24	2002	2002	NUM
ajfa-11129	142	25	,	,	PUNCT
ajfa-11129	142	26	thus	thus	ADV
ajfa-11129	142	27	reducing	reduce	VERB
ajfa-11129	142	28	our	our	PRON
ajfa-11129	142	29	sample	sample	NOUN
ajfa-11129	142	30	size	size	NOUN
ajfa-11129	142	31	.	.	PUNCT
ajfa-11129	143	1	among	among	ADP
ajfa-11129	143	2	the	the	DET
ajfa-11129	143	3	remaining	remain	VERB
ajfa-11129	143	4	observations	observation	NOUN
ajfa-11129	143	5	,	,	PUNCT
ajfa-11129	143	6	872	872	NUM
ajfa-11129	143	7	were	be	AUX
ajfa-11129	143	8	missing	miss	VERB
ajfa-11129	143	9	political	political	ADJ
ajfa-11129	143	10	connection	connection	NOUN
ajfa-11129	143	11	information	information	NOUN
ajfa-11129	143	12	on	on	ADP
ajfa-11129	143	13	ceos	ceos	PROPN
ajfa-11129	143	14	and/or	and/or	CCONJ
ajfa-11129	143	15	board	board	NOUN
ajfa-11129	143	16	members	member	NOUN
ajfa-11129	143	17	from	from	ADP
ajfa-11129	143	18	their	their	PRON
ajfa-11129	143	19	annual	annual	ADJ
ajfa-11129	143	20	reports	report	NOUN
ajfa-11129	143	21	.	.	PUNCT
ajfa-11129	144	1	we	we	PRON
ajfa-11129	144	2	then	then	ADV
ajfa-11129	144	3	merged	merge	VERB
ajfa-11129	144	4	the	the	DET
ajfa-11129	144	5	data	datum	NOUN
ajfa-11129	144	6	with	with	ADP
ajfa-11129	144	7	financeand	financeand	NOUN
ajfa-11129	144	8	market	market	NOUN
ajfa-11129	144	9	-	-	PUNCT
ajfa-11129	144	10	related	relate	VERB
ajfa-11129	144	11	data	datum	NOUN
ajfa-11129	144	12	from	from	ADP
ajfa-11129	144	13	capital	capital	NOUN
ajfa-11129	144	14	iq	iq	NOUN
ajfa-11129	144	15	.	.	PUNCT
ajfa-11129	145	1	after	after	SCONJ
ajfa-11129	145	2	we	we	PRON
ajfa-11129	145	3	deleted	delete	VERB
ajfa-11129	145	4	cases	case	NOUN
ajfa-11129	145	5	with	with	ADP
ajfa-11129	145	6	missing	miss	VERB
ajfa-11129	145	7	data	datum	NOUN
ajfa-11129	145	8	,	,	PUNCT
ajfa-11129	145	9	the	the	DET
ajfa-11129	145	10	final	final	ADJ
ajfa-11129	145	11	sample	sample	NOUN
ajfa-11129	145	12	size	size	NOUN
ajfa-11129	145	13	had	have	VERB
ajfa-11129	145	14	3,147	3,147	NUM
ajfa-11129	145	15	firm	firm	ADJ
ajfa-11129	145	16	–	–	PUNCT
ajfa-11129	145	17	year	year	NOUN
ajfa-11129	145	18	observations	observation	NOUN
ajfa-11129	145	19	.	.	PUNCT
ajfa-11129	146	1	a	a	DET
ajfa-11129	146	2	preliminary	preliminary	ADJ
ajfa-11129	146	3	analysis	analysis	NOUN
ajfa-11129	146	4	of	of	ADP
ajfa-11129	146	5	the	the	DET
ajfa-11129	146	6	data	datum	NOUN
ajfa-11129	146	7	indicated	indicate	VERB
ajfa-11129	146	8	certain	certain	ADJ
ajfa-11129	146	9	extreme	extreme	ADJ
ajfa-11129	146	10	values	value	NOUN
ajfa-11129	146	11	.	.	PUNCT
ajfa-11129	147	1	to	to	PART
ajfa-11129	147	2	reduce	reduce	VERB
ajfa-11129	147	3	the	the	DET
ajfa-11129	147	4	effect	effect	NOUN
ajfa-11129	147	5	of	of	ADP
ajfa-11129	147	6	these	these	DET
ajfa-11129	147	7	outliers	outlier	NOUN
ajfa-11129	147	8	on	on	ADP
ajfa-11129	147	9	the	the	DET
ajfa-11129	147	10	results	result	NOUN
ajfa-11129	147	11	,	,	PUNCT
ajfa-11129	147	12	we	we	PRON
ajfa-11129	147	13	winsorized	winsorize	VERB
ajfa-11129	147	14	all	all	DET
ajfa-11129	147	15	the	the	DET
ajfa-11129	147	16	continuous	continuous	ADJ
ajfa-11129	147	17	variables	variable	NOUN
ajfa-11129	147	18	by	by	ADP
ajfa-11129	147	19	1	1	NUM
ajfa-11129	147	20	%	%	NOUN
ajfa-11129	147	21	at	at	ADP
ajfa-11129	147	22	the	the	DET
ajfa-11129	147	23	top	top	NOUN
ajfa-11129	147	24	and	and	CCONJ
ajfa-11129	147	25	99	99	NUM
ajfa-11129	147	26	%	%	NOUN
ajfa-11129	147	27	at	at	ADP
ajfa-11129	147	28	the	the	DET
ajfa-11129	147	29	bottom	bottom	NOUN
ajfa-11129	147	30	,	,	PUNCT
ajfa-11129	147	31	including	include	VERB
ajfa-11129	147	32	cash	cash	NOUN
ajfa-11129	147	33	effective	effective	ADJ
ajfa-11129	147	34	tax	tax	NOUN
ajfa-11129	147	35	rate	rate	NOUN
ajfa-11129	147	36	(	(	PUNCT
ajfa-11129	147	37	etr	etr	PROPN
ajfa-11129	147	38	)	)	PUNCT
ajfa-11129	147	39	,	,	PUNCT
ajfa-11129	147	40	firm	firm	ADJ
ajfa-11129	147	41	size	size	NOUN
ajfa-11129	147	42	,	,	PUNCT
ajfa-11129	147	43	tenure	tenure	NOUN
ajfa-11129	147	44	,	,	PUNCT
ajfa-11129	147	45	return	return	VERB
ajfa-11129	147	46	on	on	ADP
ajfa-11129	147	47	assets	asset	NOUN
ajfa-11129	147	48	(	(	PUNCT
ajfa-11129	147	49	roa	roa	NOUN
ajfa-11129	147	50	)	)	PUNCT
ajfa-11129	147	51	,	,	PUNCT
ajfa-11129	147	52	market	market	NOUN
ajfa-11129	147	53	-	-	PUNCT
ajfa-11129	147	54	to	to	ADP
ajfa-11129	147	55	-	-	PUNCT
ajfa-11129	147	56	book	book	NOUN
ajfa-11129	147	57	ratio	ratio	NOUN
ajfa-11129	147	58	,	,	PUNCT
ajfa-11129	147	59	leverage	leverage	NOUN
ajfa-11129	147	60	,	,	PUNCT
ajfa-11129	147	61	capital	capital	NOUN
ajfa-11129	147	62	intensity	intensity	NOUN
ajfa-11129	147	63	,	,	PUNCT
ajfa-11129	147	64	and	and	CCONJ
ajfa-11129	147	65	inventory	inventory	NOUN
ajfa-11129	147	66	intensity	intensity	NOUN
ajfa-11129	147	67	.	.	PUNCT
ajfa-11129	148	1	3.2	3.2	NUM
ajfa-11129	148	2	research	research	NOUN
ajfa-11129	148	3	design	design	NOUN
ajfa-11129	148	4	there	there	PRON
ajfa-11129	148	5	are	be	VERB
ajfa-11129	148	6	many	many	ADJ
ajfa-11129	148	7	ways	way	NOUN
ajfa-11129	148	8	to	to	PART
ajfa-11129	148	9	measure	measure	VERB
ajfa-11129	148	10	the	the	DET
ajfa-11129	148	11	aggressiveness	aggressiveness	NOUN
ajfa-11129	148	12	of	of	ADP
ajfa-11129	148	13	tax	tax	NOUN
ajfa-11129	148	14	planning	planning	NOUN
ajfa-11129	148	15	such	such	ADJ
ajfa-11129	148	16	as	as	ADP
ajfa-11129	148	17	generally	generally	ADV
ajfa-11129	148	18	accepted	accept	VERB
ajfa-11129	148	19	accounting	accounting	NOUN
ajfa-11129	148	20	principles	principle	NOUN
ajfa-11129	148	21	effective	effective	ADJ
ajfa-11129	148	22	tax	tax	NOUN
ajfa-11129	148	23	rate	rate	NOUN
ajfa-11129	148	24	(	(	PUNCT
ajfa-11129	148	25	gaap	gaap	PROPN
ajfa-11129	148	26	etr	etr	PROPN
ajfa-11129	148	27	)	)	PUNCT
ajfa-11129	148	28	,	,	PUNCT
ajfa-11129	148	29	cash	cash	NOUN
ajfa-11129	148	30	etr	etr	PROPN
ajfa-11129	148	31	,	,	PUNCT
ajfa-11129	148	32	book	book	NOUN
ajfa-11129	148	33	-	-	PUNCT
ajfa-11129	148	34	tax	tax	NOUN
ajfa-11129	148	35	asian	asian	ADJ
ajfa-11129	148	36	journal	journal	NOUN
ajfa-11129	148	37	of	of	ADP
ajfa-11129	148	38	finance	finance	PROPN
ajfa-11129	148	39	&	&	CCONJ
ajfa-11129	148	40	accounting	accounting	PROPN
ajfa-11129	148	41	issn	issn	PROPN
ajfa-11129	148	42	1946	1946	NUM
ajfa-11129	148	43	-	-	PUNCT
ajfa-11129	148	44	052x	052x	PROPN
ajfa-11129	148	45	2017	2017	NUM
ajfa-11129	148	46	,	,	PUNCT
ajfa-11129	148	47	vol	vol	NOUN
ajfa-11129	148	48	.	.	NOUN
ajfa-11129	148	49	9	9	NUM
ajfa-11129	148	50	,	,	PUNCT
ajfa-11129	148	51	no	no	INTJ
ajfa-11129	148	52	.	.	NOUN
ajfa-11129	148	53	1	1	NUM
ajfa-11129	148	54	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	148	55	341	341	NUM
ajfa-11129	148	56	difference	difference	NOUN
ajfa-11129	148	57	(	(	PUNCT
ajfa-11129	148	58	btd	btd	PROPN
ajfa-11129	148	59	)	)	PUNCT
ajfa-11129	148	60	,	,	PUNCT
ajfa-11129	148	61	and	and	CCONJ
ajfa-11129	148	62	discretionary	discretionary	ADJ
ajfa-11129	148	63	book	book	NOUN
ajfa-11129	148	64	-	-	PUNCT
ajfa-11129	148	65	tax	tax	NOUN
ajfa-11129	148	66	difference	difference	NOUN
ajfa-11129	148	67	(	(	PUNCT
ajfa-11129	148	68	dbtd)(lennox	dbtd)(lennox	ADJ
ajfa-11129	148	69	,	,	PUNCT
ajfa-11129	148	70	lisowsky	lisowsky	ADJ
ajfa-11129	148	71	,	,	PUNCT
ajfa-11129	148	72	&	&	CCONJ
ajfa-11129	148	73	pittman	pittman	NOUN
ajfa-11129	148	74	,	,	PUNCT
ajfa-11129	148	75	2013	2013	NUM
ajfa-11129	148	76	)	)	PUNCT
ajfa-11129	148	77	.	.	PUNCT
ajfa-11129	149	1	we	we	PRON
ajfa-11129	149	2	believe	believe	VERB
ajfa-11129	149	3	that	that	SCONJ
ajfa-11129	149	4	cash	cash	NOUN
ajfa-11129	149	5	etr	etr	PROPN
ajfa-11129	149	6	should	should	AUX
ajfa-11129	149	7	be	be	AUX
ajfa-11129	149	8	the	the	DET
ajfa-11129	149	9	best	good	ADJ
ajfa-11129	149	10	measure	measure	NOUN
ajfa-11129	149	11	for	for	ADP
ajfa-11129	149	12	our	our	PRON
ajfa-11129	149	13	study	study	NOUN
ajfa-11129	149	14	.	.	PUNCT
ajfa-11129	150	1	we	we	PRON
ajfa-11129	150	2	argue	argue	VERB
ajfa-11129	150	3	that	that	SCONJ
ajfa-11129	150	4	politically	politically	ADV
ajfa-11129	150	5	connected	connect	VERB
ajfa-11129	150	6	board	board	NOUN
ajfa-11129	150	7	members	member	NOUN
ajfa-11129	150	8	might	might	AUX
ajfa-11129	150	9	require	require	VERB
ajfa-11129	150	10	their	their	PRON
ajfa-11129	150	11	firms	firm	NOUN
ajfa-11129	150	12	to	to	PART
ajfa-11129	150	13	be	be	AUX
ajfa-11129	150	14	less	less	ADV
ajfa-11129	150	15	aggressive	aggressive	ADJ
ajfa-11129	150	16	in	in	ADP
ajfa-11129	150	17	tax	tax	NOUN
ajfa-11129	150	18	savings	saving	NOUN
ajfa-11129	150	19	or	or	CCONJ
ajfa-11129	150	20	even	even	ADV
ajfa-11129	150	21	pay	pay	VERB
ajfa-11129	150	22	more	more	ADJ
ajfa-11129	150	23	taxes	taxis	NOUN
ajfa-11129	150	24	because	because	SCONJ
ajfa-11129	150	25	they	they	PRON
ajfa-11129	150	26	act	act	VERB
ajfa-11129	150	27	in	in	ADP
ajfa-11129	150	28	the	the	DET
ajfa-11129	150	29	best	good	ADJ
ajfa-11129	150	30	interests	interest	NOUN
ajfa-11129	150	31	of	of	ADP
ajfa-11129	150	32	the	the	DET
ajfa-11129	150	33	government	government	NOUN
ajfa-11129	150	34	.	.	PUNCT
ajfa-11129	151	1	the	the	DET
ajfa-11129	151	2	government	government	NOUN
ajfa-11129	151	3	cares	care	VERB
ajfa-11129	151	4	more	more	ADV
ajfa-11129	151	5	about	about	ADP
ajfa-11129	151	6	the	the	DET
ajfa-11129	151	7	amount	amount	NOUN
ajfa-11129	151	8	of	of	ADP
ajfa-11129	151	9	cash	cash	NOUN
ajfa-11129	151	10	tax	tax	NOUN
ajfa-11129	151	11	collected	collect	VERB
ajfa-11129	151	12	than	than	SCONJ
ajfa-11129	151	13	it	it	PRON
ajfa-11129	151	14	cares	care	VERB
ajfa-11129	151	15	about	about	ADP
ajfa-11129	151	16	other	other	ADJ
ajfa-11129	151	17	measures	measure	NOUN
ajfa-11129	151	18	of	of	ADP
ajfa-11129	151	19	tax	tax	NOUN
ajfa-11129	151	20	aggressiveness	aggressiveness	NOUN
ajfa-11129	151	21	,	,	PUNCT
ajfa-11129	151	22	because	because	SCONJ
ajfa-11129	151	23	it	it	PRON
ajfa-11129	151	24	collects	collect	VERB
ajfa-11129	151	25	cash	cash	NOUN
ajfa-11129	151	26	to	to	PART
ajfa-11129	151	27	run	run	VERB
ajfa-11129	151	28	its	its	PRON
ajfa-11129	151	29	daily	daily	ADJ
ajfa-11129	151	30	operations	operation	NOUN
ajfa-11129	151	31	.	.	PUNCT
ajfa-11129	152	1	therefore	therefore	ADV
ajfa-11129	152	2	,	,	PUNCT
ajfa-11129	152	3	we	we	PRON
ajfa-11129	152	4	used	use	VERB
ajfa-11129	152	5	cash	cash	NOUN
ajfa-11129	152	6	etr	etr	PROPN
ajfa-11129	152	7	as	as	ADP
ajfa-11129	152	8	our	our	PRON
ajfa-11129	152	9	dependent	dependent	ADJ
ajfa-11129	152	10	variable	variable	NOUN
ajfa-11129	152	11	.	.	PUNCT
ajfa-11129	153	1	our	our	PRON
ajfa-11129	153	2	sample	sample	NOUN
ajfa-11129	153	3	consists	consist	VERB
ajfa-11129	153	4	of	of	ADP
ajfa-11129	153	5	panel	panel	NOUN
ajfa-11129	153	6	data	datum	NOUN
ajfa-11129	153	7	.	.	PUNCT
ajfa-11129	154	1	we	we	PRON
ajfa-11129	154	2	first	first	ADV
ajfa-11129	154	3	performed	perform	VERB
ajfa-11129	154	4	hausman	hausman	ADJ
ajfa-11129	154	5	tests	test	NOUN
ajfa-11129	154	6	to	to	PART
ajfa-11129	154	7	compare	compare	VERB
ajfa-11129	154	8	a	a	DET
ajfa-11129	154	9	fixed	fix	VERB
ajfa-11129	154	10	effect	effect	NOUN
ajfa-11129	154	11	model	model	NOUN
ajfa-11129	154	12	with	with	ADP
ajfa-11129	154	13	random	random	ADJ
ajfa-11129	154	14	effect	effect	NOUN
ajfa-11129	154	15	model	model	NOUN
ajfa-11129	154	16	and	and	CCONJ
ajfa-11129	154	17	ordinary	ordinary	ADJ
ajfa-11129	154	18	least	least	ADJ
ajfa-11129	154	19	squares	square	NOUN
ajfa-11129	154	20	model	model	NOUN
ajfa-11129	154	21	.	.	PUNCT
ajfa-11129	155	1	the	the	DET
ajfa-11129	155	2	fixed	fix	VERB
ajfa-11129	155	3	effect	effect	NOUN
ajfa-11129	155	4	model	model	NOUN
ajfa-11129	155	5	was	be	AUX
ajfa-11129	155	6	preferred	prefer	VERB
ajfa-11129	155	7	over	over	ADP
ajfa-11129	155	8	the	the	DET
ajfa-11129	155	9	other	other	ADJ
ajfa-11129	155	10	two	two	NUM
ajfa-11129	155	11	models	model	NOUN
ajfa-11129	155	12	.	.	PUNCT
ajfa-11129	156	1	to	to	PART
ajfa-11129	156	2	test	test	VERB
ajfa-11129	156	3	hypothesis	hypothesis	NOUN
ajfa-11129	156	4	1	1	NUM
ajfa-11129	156	5	,	,	PUNCT
ajfa-11129	156	6	we	we	PRON
ajfa-11129	156	7	used	use	VERB
ajfa-11129	156	8	cash	cash	NOUN
ajfa-11129	156	9	etrs	etrs	ADJ
ajfa-11129	156	10	as	as	ADP
ajfa-11129	156	11	our	our	PRON
ajfa-11129	156	12	dependent	dependent	ADJ
ajfa-11129	156	13	variable	variable	NOUN
ajfa-11129	156	14	and	and	CCONJ
ajfa-11129	156	15	controlled	control	VERB
ajfa-11129	156	16	for	for	ADP
ajfa-11129	156	17	the	the	DET
ajfa-11129	156	18	basic	basic	ADJ
ajfa-11129	156	19	determinants	determinant	NOUN
ajfa-11129	156	20	of	of	ADP
ajfa-11129	156	21	cash	cash	NOUN
ajfa-11129	156	22	etrs	etrs	ADJ
ajfa-11129	156	23	,	,	PUNCT
ajfa-11129	156	24	including	include	VERB
ajfa-11129	156	25	return	return	NOUN
ajfa-11129	156	26	on	on	ADP
ajfa-11129	156	27	assets	asset	NOUN
ajfa-11129	156	28	(	(	PUNCT
ajfa-11129	156	29	roa	roa	NOUN
ajfa-11129	156	30	)	)	PUNCT
ajfa-11129	156	31	,	,	PUNCT
ajfa-11129	156	32	market	market	NOUN
ajfa-11129	156	33	-	-	PUNCT
ajfa-11129	156	34	to	to	ADP
ajfa-11129	156	35	-	-	PUNCT
ajfa-11129	156	36	book	book	NOUN
ajfa-11129	156	37	ratio	ratio	NOUN
ajfa-11129	156	38	(	(	PUNCT
ajfa-11129	156	39	mtb	mtb	PROPN
ajfa-11129	156	40	)	)	PUNCT
ajfa-11129	156	41	,	,	PUNCT
ajfa-11129	156	42	leverage	leverage	NOUN
ajfa-11129	156	43	(	(	PUNCT
ajfa-11129	156	44	lev	lev	NOUN
ajfa-11129	156	45	)	)	PUNCT
ajfa-11129	156	46	,	,	PUNCT
ajfa-11129	156	47	ceo	ceo	NOUN
ajfa-11129	156	48	tenure	tenure	NOUN
ajfa-11129	156	49	(	(	PUNCT
ajfa-11129	156	50	tenure	tenure	NOUN
ajfa-11129	156	51	)	)	PUNCT
ajfa-11129	156	52	,	,	PUNCT
ajfa-11129	156	53	capital	capital	NOUN
ajfa-11129	156	54	intensity	intensity	NOUN
ajfa-11129	156	55	(	(	PUNCT
ajfa-11129	156	56	fix	fix	NOUN
ajfa-11129	156	57	)	)	PUNCT
ajfa-11129	156	58	,	,	PUNCT
ajfa-11129	156	59	inventory	inventory	NOUN
ajfa-11129	156	60	intensity	intensity	NOUN
ajfa-11129	156	61	(	(	PUNCT
ajfa-11129	156	62	inv	inv	ADJ
ajfa-11129	156	63	)	)	PUNCT
ajfa-11129	156	64	,	,	PUNCT
ajfa-11129	156	65	net	net	ADJ
ajfa-11129	156	66	loss	loss	NOUN
ajfa-11129	156	67	carry	carry	VERB
ajfa-11129	156	68	forward	forward	ADV
ajfa-11129	156	69	(	(	PUNCT
ajfa-11129	156	70	loss	loss	NOUN
ajfa-11129	156	71	)	)	PUNCT
ajfa-11129	156	72	,	,	PUNCT
ajfa-11129	156	73	and	and	CCONJ
ajfa-11129	156	74	size	size	NOUN
ajfa-11129	156	75	(	(	PUNCT
ajfa-11129	156	76	size)(rego	size)(rego	PROPN
ajfa-11129	156	77	&	&	CCONJ
ajfa-11129	156	78	wilson	wilson	PROPN
ajfa-11129	156	79	,	,	PUNCT
ajfa-11129	156	80	2012	2012	NUM
ajfa-11129	156	81	;	;	PUNCT
ajfa-11129	156	82	zeng	zeng	PROPN
ajfa-11129	156	83	,	,	PUNCT
ajfa-11129	156	84	2010	2010	NUM
ajfa-11129	156	85	)	)	PUNCT
ajfa-11129	156	86	.	.	PUNCT
ajfa-11129	157	1	we	we	PRON
ajfa-11129	157	2	also	also	ADV
ajfa-11129	157	3	included	include	VERB
ajfa-11129	157	4	the	the	DET
ajfa-11129	157	5	dummy	dummy	ADJ
ajfa-11129	157	6	variable	variable	NOUN
ajfa-11129	157	7	of	of	ADP
ajfa-11129	157	8	pceo	pceo	NOUN
ajfa-11129	157	9	to	to	PART
ajfa-11129	157	10	measure	measure	VERB
ajfa-11129	157	11	the	the	DET
ajfa-11129	157	12	political	political	ADJ
ajfa-11129	157	13	connection	connection	NOUN
ajfa-11129	157	14	of	of	ADP
ajfa-11129	157	15	ceo(wu	ceo(wu	PROPN
ajfa-11129	157	16	et	et	PROPN
ajfa-11129	157	17	al	al	PROPN
ajfa-11129	157	18	.	.	PROPN
ajfa-11129	157	19	,	,	PUNCT
ajfa-11129	157	20	2012	2012	NUM
ajfa-11129	157	21	)	)	PUNCT
ajfa-11129	157	22	.	.	PUNCT
ajfa-11129	158	1	we	we	PRON
ajfa-11129	158	2	used	use	VERB
ajfa-11129	158	3	the	the	DET
ajfa-11129	158	4	industry	industry	NOUN
ajfa-11129	158	5	fixed	fix	VERB
ajfa-11129	158	6	effect	effect	NOUN
ajfa-11129	158	7	model	model	NOUN
ajfa-11129	158	8	to	to	PART
ajfa-11129	158	9	control	control	VERB
ajfa-11129	158	10	for	for	ADP
ajfa-11129	158	11	any	any	DET
ajfa-11129	158	12	other	other	ADJ
ajfa-11129	158	13	industry	industry	NOUN
ajfa-11129	158	14	-	-	PUNCT
ajfa-11129	158	15	level	level	NOUN
ajfa-11129	158	16	characteristics	characteristic	NOUN
ajfa-11129	158	17	.	.	PUNCT
ajfa-11129	159	1	next	next	ADV
ajfa-11129	159	2	,	,	PUNCT
ajfa-11129	159	3	we	we	PRON
ajfa-11129	159	4	incorporated	incorporate	VERB
ajfa-11129	159	5	our	our	PRON
ajfa-11129	159	6	test	test	NOUN
ajfa-11129	159	7	variable	variable	ADJ
ajfa-11129	159	8	pboard	pboard	NOUN
ajfa-11129	159	9	in	in	ADP
ajfa-11129	159	10	the	the	DET
ajfa-11129	159	11	model	model	NOUN
ajfa-11129	159	12	.	.	PUNCT
ajfa-11129	160	1	our	our	PRON
ajfa-11129	160	2	model	model	NOUN
ajfa-11129	160	3	is	be	AUX
ajfa-11129	160	4	:	:	PUNCT
ajfa-11129	160	5	cash	cash	NOUN
ajfa-11129	160	6	etrit	etrit	NOUN
ajfa-11129	160	7	=	=	SYM
ajfa-11129	161	1	β0	β0	PROPN
ajfa-11129	161	2	+	+	CCONJ
ajfa-11129	161	3	β1pboardit	β1pboardit	NOUN
ajfa-11129	162	1	+	+	CCONJ
ajfa-11129	162	2	β2pceoit	β2pceoit	NOUN
ajfa-11129	163	1	+	+	CCONJ
ajfa-11129	163	2	β3sizeit	β3sizeit	NOUN
ajfa-11129	164	1	+	+	NOUN
ajfa-11129	164	2	β4mtbit	β4mtbit	NOUN
ajfa-11129	165	1	+	+	X
ajfa-11129	165	2	β5levit	β5levit	ADJ
ajfa-11129	165	3	+	+	NUM
ajfa-11129	165	4	β6invit	β6invit	ADJ
ajfa-11129	165	5	+	+	CCONJ
ajfa-11129	165	6	β7fixit	β7fixit	VERB
ajfa-11129	165	7	+	+	CCONJ
ajfa-11129	165	8	β8tenureit	β8tenureit	X
ajfa-11129	165	9	+	+	CCONJ
ajfa-11129	165	10	β9roait+	β9roait+	NUM
ajfa-11129	165	11	β10lossit	β10lossit	PROPN
ajfa-11129	165	12	+	+	CCONJ
ajfa-11129	165	13	βyears	βyear	NOUN
ajfa-11129	166	1	+	+	CCONJ
ajfa-11129	166	2	εit	εit	VERB
ajfa-11129	166	3	(	(	PUNCT
ajfa-11129	166	4	1	1	NUM
ajfa-11129	166	5	)	)	PUNCT
ajfa-11129	166	6	where	where	SCONJ
ajfa-11129	166	7	cash	cash	NOUN
ajfa-11129	166	8	etrit	etrit	NOUN
ajfa-11129	166	9	=	=	NOUN
ajfa-11129	166	10	cash	cash	NOUN
ajfa-11129	166	11	etr	etr	PROPN
ajfa-11129	166	12	is	be	AUX
ajfa-11129	166	13	income	income	NOUN
ajfa-11129	166	14	taxes	taxis	NOUN
ajfa-11129	166	15	paid	pay	VERB
ajfa-11129	166	16	divided	divide	VERB
ajfa-11129	166	17	by	by	ADP
ajfa-11129	166	18	pre	pre	ADJ
ajfa-11129	166	19	-	-	ADJ
ajfa-11129	166	20	tax	tax	ADJ
ajfa-11129	166	21	income	income	NOUN
ajfa-11129	166	22	for	for	ADP
ajfa-11129	166	23	year	year	NOUN
ajfa-11129	166	24	t	t	NOUN
ajfa-11129	166	25	;	;	PUNCT
ajfa-11129	166	26	pboardit	pboardit	NOUN
ajfa-11129	166	27	=	=	PUNCT
ajfa-11129	166	28	the	the	DET
ajfa-11129	166	29	politically	politically	ADV
ajfa-11129	166	30	connected	connect	VERB
ajfa-11129	166	31	independent	independent	ADJ
ajfa-11129	166	32	director	director	NOUN
ajfa-11129	166	33	is	be	AUX
ajfa-11129	166	34	a	a	DET
ajfa-11129	166	35	dummy	dummy	ADJ
ajfa-11129	166	36	variable	variable	NOUN
ajfa-11129	166	37	that	that	PRON
ajfa-11129	166	38	equals	equal	VERB
ajfa-11129	166	39	1	1	NUM
ajfa-11129	166	40	if	if	SCONJ
ajfa-11129	166	41	at	at	ADV
ajfa-11129	166	42	least	least	ADV
ajfa-11129	166	43	one	one	NUM
ajfa-11129	166	44	independent	independent	ADJ
ajfa-11129	166	45	director	director	NOUN
ajfa-11129	166	46	on	on	ADP
ajfa-11129	166	47	board	board	NOUN
ajfa-11129	166	48	is	be	AUX
ajfa-11129	166	49	or	or	CCONJ
ajfa-11129	166	50	was	be	AUX
ajfa-11129	166	51	a	a	DET
ajfa-11129	166	52	member	member	NOUN
ajfa-11129	166	53	of	of	ADP
ajfa-11129	166	54	npc	npc	PROPN
ajfa-11129	166	55	or	or	CCONJ
ajfa-11129	166	56	cppcc	cppcc	NOUN
ajfa-11129	166	57	and	and	CCONJ
ajfa-11129	166	58	equals	equal	VERB
ajfa-11129	166	59	0	0	NUM
ajfa-11129	166	60	otherwise	otherwise	ADV
ajfa-11129	166	61	;	;	PUNCT
ajfa-11129	166	62	pceoit	pceoit	ADV
ajfa-11129	166	63	=	=	PUNCT
ajfa-11129	166	64	the	the	DET
ajfa-11129	166	65	politically	politically	ADV
ajfa-11129	166	66	connected	connect	VERB
ajfa-11129	166	67	ceo	ceo	NOUN
ajfa-11129	166	68	is	be	AUX
ajfa-11129	166	69	a	a	DET
ajfa-11129	166	70	dummy	dummy	ADJ
ajfa-11129	166	71	variable	variable	NOUN
ajfa-11129	166	72	that	that	PRON
ajfa-11129	166	73	equals	equal	VERB
ajfa-11129	166	74	1	1	NUM
ajfa-11129	166	75	if	if	SCONJ
ajfa-11129	166	76	the	the	DET
ajfa-11129	166	77	ceo	ceo	NOUN
ajfa-11129	166	78	is	be	AUX
ajfa-11129	166	79	or	or	CCONJ
ajfa-11129	166	80	was	be	AUX
ajfa-11129	166	81	a	a	DET
ajfa-11129	166	82	member	member	NOUN
ajfa-11129	166	83	of	of	ADP
ajfa-11129	166	84	npc	npc	PROPN
ajfa-11129	166	85	or	or	CCONJ
ajfa-11129	166	86	cppcc	cppcc	NOUN
ajfa-11129	166	87	and	and	CCONJ
ajfa-11129	166	88	equals	equal	VERB
ajfa-11129	166	89	0	0	NUM
ajfa-11129	166	90	otherwise	otherwise	ADV
ajfa-11129	166	91	;	;	PUNCT
ajfa-11129	166	92	sizeit	sizeit	ADJ
ajfa-11129	166	93	=	=	NOUN
ajfa-11129	166	94	size	size	NOUN
ajfa-11129	166	95	is	be	AUX
ajfa-11129	166	96	the	the	DET
ajfa-11129	166	97	natural	natural	ADJ
ajfa-11129	166	98	log	log	NOUN
ajfa-11129	166	99	of	of	ADP
ajfa-11129	166	100	the	the	DET
ajfa-11129	166	101	market	market	NOUN
ajfa-11129	166	102	value	value	NOUN
ajfa-11129	166	103	;	;	PUNCT
ajfa-11129	166	104	mtbit	mtbit	NOUN
ajfa-11129	166	105	=	=	SYM
ajfa-11129	166	106	market	market	NOUN
ajfa-11129	166	107	-	-	PUNCT
ajfa-11129	166	108	to	to	ADP
ajfa-11129	166	109	-	-	PUNCT
ajfa-11129	166	110	book	book	NOUN
ajfa-11129	166	111	ratio	ratio	NOUN
ajfa-11129	166	112	is	be	AUX
ajfa-11129	166	113	the	the	DET
ajfa-11129	166	114	market	market	NOUN
ajfa-11129	166	115	value	value	NOUN
ajfa-11129	166	116	of	of	ADP
ajfa-11129	166	117	common	common	ADJ
ajfa-11129	166	118	equity	equity	NOUN
ajfa-11129	166	119	divided	divide	VERB
ajfa-11129	166	120	by	by	ADP
ajfa-11129	166	121	the	the	DET
ajfa-11129	166	122	book	book	NOUN
ajfa-11129	166	123	value	value	NOUN
ajfa-11129	166	124	of	of	ADP
ajfa-11129	166	125	common	common	ADJ
ajfa-11129	166	126	equity	equity	NOUN
ajfa-11129	166	127	at	at	ADP
ajfa-11129	166	128	the	the	DET
ajfa-11129	166	129	end	end	NOUN
ajfa-11129	166	130	of	of	ADP
ajfa-11129	166	131	the	the	DET
ajfa-11129	166	132	current	current	ADJ
ajfa-11129	166	133	year	year	NOUN
ajfa-11129	166	134	;	;	PUNCT
ajfa-11129	166	135	levit	levit	PROPN
ajfa-11129	166	136	=	=	PUNCT
ajfa-11129	166	137	leverage	leverage	NOUN
ajfa-11129	166	138	is	be	AUX
ajfa-11129	166	139	the	the	DET
ajfa-11129	166	140	long	long	ADJ
ajfa-11129	166	141	-	-	PUNCT
ajfa-11129	166	142	term	term	NOUN
ajfa-11129	166	143	debt	debt	NOUN
ajfa-11129	166	144	of	of	ADP
ajfa-11129	166	145	the	the	DET
ajfa-11129	166	146	current	current	ADJ
ajfa-11129	166	147	year	year	NOUN
ajfa-11129	166	148	-	-	PUNCT
ajfa-11129	166	149	end	end	NOUN
ajfa-11129	166	150	divided	divide	VERB
ajfa-11129	166	151	by	by	ADP
ajfa-11129	166	152	the	the	DET
ajfa-11129	166	153	book	book	NOUN
ajfa-11129	166	154	value	value	NOUN
ajfa-11129	166	155	of	of	ADP
ajfa-11129	166	156	equity	equity	NOUN
ajfa-11129	166	157	at	at	ADP
ajfa-11129	166	158	current	current	ADJ
ajfa-11129	166	159	year	year	NOUN
ajfa-11129	166	160	-	-	PUNCT
ajfa-11129	166	161	end	end	NOUN
ajfa-11129	166	162	;	;	PUNCT
ajfa-11129	166	163	invit	invit	PROPN
ajfa-11129	166	164	=	=	PUNCT
ajfa-11129	166	165	inventory	inventory	NOUN
ajfa-11129	166	166	intensity	intensity	NOUN
ajfa-11129	166	167	is	be	AUX
ajfa-11129	166	168	the	the	DET
ajfa-11129	166	169	total	total	ADJ
ajfa-11129	166	170	inventory	inventory	NOUN
ajfa-11129	166	171	of	of	ADP
ajfa-11129	166	172	current	current	ADJ
ajfa-11129	166	173	year	year	NOUN
ajfa-11129	166	174	-	-	PUNCT
ajfa-11129	166	175	end	end	NOUN
ajfa-11129	166	176	divided	divide	VERB
ajfa-11129	166	177	by	by	ADP
ajfa-11129	166	178	the	the	DET
ajfa-11129	166	179	total	total	ADJ
ajfa-11129	166	180	assets	asset	NOUN
ajfa-11129	166	181	of	of	ADP
ajfa-11129	166	182	the	the	DET
ajfa-11129	166	183	firm	firm	NOUN
ajfa-11129	166	184	at	at	ADP
ajfa-11129	166	185	current	current	ADJ
ajfa-11129	166	186	year	year	NOUN
ajfa-11129	166	187	-	-	PUNCT
ajfa-11129	166	188	end	end	NOUN
ajfa-11129	166	189	;	;	PUNCT
ajfa-11129	166	190	fixit=	fixit=	NUM
ajfa-11129	166	191	capital	capital	NOUN
ajfa-11129	166	192	intensity	intensity	NOUN
ajfa-11129	166	193	is	be	AUX
ajfa-11129	166	194	the	the	DET
ajfa-11129	166	195	total	total	ADJ
ajfa-11129	166	196	fixed	fix	VERB
ajfa-11129	166	197	assets	asset	NOUN
ajfa-11129	166	198	for	for	ADP
ajfa-11129	166	199	the	the	DET
ajfa-11129	166	200	current	current	ADJ
ajfa-11129	166	201	year	year	NOUN
ajfa-11129	166	202	-	-	PUNCT
ajfa-11129	166	203	end	end	NOUN
ajfa-11129	166	204	divided	divide	VERB
ajfa-11129	166	205	by	by	ADP
ajfa-11129	166	206	the	the	DET
ajfa-11129	166	207	total	total	ADJ
ajfa-11129	166	208	assets	asset	NOUN
ajfa-11129	166	209	of	of	ADP
ajfa-11129	166	210	the	the	DET
ajfa-11129	166	211	firm	firm	NOUN
ajfa-11129	166	212	at	at	ADP
ajfa-11129	166	213	current	current	ADJ
ajfa-11129	166	214	year	year	NOUN
ajfa-11129	166	215	-	-	PUNCT
ajfa-11129	166	216	end	end	NOUN
ajfa-11129	166	217	;	;	PUNCT
ajfa-11129	166	218	tenureit	tenureit	NOUN
ajfa-11129	166	219	=	=	NOUN
ajfa-11129	166	220	tenure	tenure	NOUN
ajfa-11129	166	221	is	be	AUX
ajfa-11129	166	222	the	the	DET
ajfa-11129	166	223	number	number	NOUN
ajfa-11129	166	224	of	of	ADP
ajfa-11129	166	225	years	year	NOUN
ajfa-11129	166	226	the	the	DET
ajfa-11129	166	227	ceo	ceo	NOUN
ajfa-11129	166	228	serves	serve	VERB
ajfa-11129	166	229	in	in	ADP
ajfa-11129	166	230	this	this	DET
ajfa-11129	166	231	position	position	NOUN
ajfa-11129	166	232	;	;	PUNCT
ajfa-11129	166	233	asian	asian	ADJ
ajfa-11129	166	234	journal	journal	NOUN
ajfa-11129	166	235	of	of	ADP
ajfa-11129	166	236	finance	finance	PROPN
ajfa-11129	166	237	&	&	CCONJ
ajfa-11129	166	238	accounting	accounting	PROPN
ajfa-11129	166	239	issn	issn	PROPN
ajfa-11129	166	240	1946	1946	NUM
ajfa-11129	166	241	-	-	PUNCT
ajfa-11129	166	242	052x	052x	PROPN
ajfa-11129	166	243	2017	2017	NUM
ajfa-11129	166	244	,	,	PUNCT
ajfa-11129	166	245	vol	vol	NOUN
ajfa-11129	166	246	.	.	NOUN
ajfa-11129	167	1	9	9	NUM
ajfa-11129	167	2	,	,	PUNCT
ajfa-11129	167	3	no	no	INTJ
ajfa-11129	167	4	.	.	NOUN
ajfa-11129	167	5	1	1	NUM
ajfa-11129	167	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	167	7	342	342	NUM
ajfa-11129	167	8	roait	roait	NOUN
ajfa-11129	167	9	=	=	PUNCT
ajfa-11129	167	10	roa	roa	NOUN
ajfa-11129	167	11	is	be	AUX
ajfa-11129	167	12	the	the	DET
ajfa-11129	167	13	net	net	ADJ
ajfa-11129	167	14	income	income	NOUN
ajfa-11129	167	15	for	for	ADP
ajfa-11129	167	16	firm	firm	ADJ
ajfa-11129	167	17	i	i	PRON
ajfa-11129	167	18	in	in	ADP
ajfa-11129	167	19	year	year	NOUN
ajfa-11129	167	20	t	t	PROPN
ajfa-11129	167	21	divided	divide	VERB
ajfa-11129	167	22	by	by	ADP
ajfa-11129	167	23	total	total	ADJ
ajfa-11129	167	24	assets	asset	NOUN
ajfa-11129	167	25	for	for	ADP
ajfa-11129	167	26	firm	firm	ADJ
ajfa-11129	167	27	i	i	PRON
ajfa-11129	167	28	in	in	ADP
ajfa-11129	167	29	year	year	NOUN
ajfa-11129	167	30	t-1	t-1	PROPN
ajfa-11129	167	31	;	;	PUNCT
ajfa-11129	167	32	lossit=	lossit=	NUM
ajfa-11129	167	33	loss	loss	NOUN
ajfa-11129	167	34	is	be	AUX
ajfa-11129	167	35	a	a	DET
ajfa-11129	167	36	dummy	dummy	ADJ
ajfa-11129	167	37	variable	variable	NOUN
ajfa-11129	167	38	that	that	PRON
ajfa-11129	167	39	assumes	assume	VERB
ajfa-11129	167	40	the	the	DET
ajfa-11129	167	41	value	value	NOUN
ajfa-11129	167	42	of	of	ADP
ajfa-11129	167	43	1	1	NUM
ajfa-11129	167	44	if	if	SCONJ
ajfa-11129	167	45	there	there	PRON
ajfa-11129	167	46	is	be	VERB
ajfa-11129	167	47	a	a	DET
ajfa-11129	167	48	net	net	ADJ
ajfa-11129	167	49	loss	loss	NOUN
ajfa-11129	167	50	carry	carry	VERB
ajfa-11129	167	51	forward	forward	ADV
ajfa-11129	167	52	and	and	CCONJ
ajfa-11129	167	53	0	0	NUM
ajfa-11129	167	54	otherwise	otherwise	ADV
ajfa-11129	167	55	.	.	PUNCT
ajfa-11129	168	1	the	the	DET
ajfa-11129	168	2	data	datum	NOUN
ajfa-11129	168	3	would	would	AUX
ajfa-11129	168	4	support	support	VERB
ajfa-11129	168	5	hypothesis	hypothesis	NOUN
ajfa-11129	168	6	1	1	NUM
ajfa-11129	168	7	if	if	SCONJ
ajfa-11129	168	8	β1	β1	PROPN
ajfa-11129	168	9	is	be	AUX
ajfa-11129	168	10	positive	positive	ADJ
ajfa-11129	168	11	and	and	CCONJ
ajfa-11129	168	12	significant	significant	ADJ
ajfa-11129	168	13	,	,	PUNCT
ajfa-11129	168	14	suggesting	suggest	VERB
ajfa-11129	168	15	that	that	SCONJ
ajfa-11129	168	16	firms	firm	NOUN
ajfa-11129	168	17	with	with	ADP
ajfa-11129	168	18	politically	politically	ADV
ajfa-11129	168	19	connected	connect	VERB
ajfa-11129	168	20	board	board	NOUN
ajfa-11129	168	21	directors	director	NOUN
ajfa-11129	168	22	pay	pay	VERB
ajfa-11129	168	23	higher	high	ADJ
ajfa-11129	168	24	taxes	taxis	NOUN
ajfa-11129	168	25	for	for	ADP
ajfa-11129	168	26	each	each	DET
ajfa-11129	168	27	dollar	dollar	NOUN
ajfa-11129	168	28	income	income	NOUN
ajfa-11129	168	29	than	than	ADP
ajfa-11129	168	30	firms	firm	NOUN
ajfa-11129	168	31	without	without	ADP
ajfa-11129	168	32	politically	politically	ADV
ajfa-11129	168	33	connected	connect	VERB
ajfa-11129	168	34	board	board	NOUN
ajfa-11129	168	35	directors	director	NOUN
ajfa-11129	168	36	do	do	AUX
ajfa-11129	168	37	,	,	PUNCT
ajfa-11129	168	38	probably	probably	ADV
ajfa-11129	168	39	because	because	SCONJ
ajfa-11129	168	40	of	of	ADP
ajfa-11129	168	41	the	the	DET
ajfa-11129	168	42	strong	strong	ADJ
ajfa-11129	168	43	tax	tax	NOUN
ajfa-11129	168	44	monitoring	monitoring	NOUN
ajfa-11129	168	45	of	of	ADP
ajfa-11129	168	46	these	these	DET
ajfa-11129	168	47	politically	politically	ADV
ajfa-11129	168	48	connected	connect	VERB
ajfa-11129	168	49	board	board	NOUN
ajfa-11129	168	50	directors	director	NOUN
ajfa-11129	168	51	on	on	ADP
ajfa-11129	168	52	behalf	behalf	NOUN
ajfa-11129	168	53	of	of	ADP
ajfa-11129	168	54	the	the	DET
ajfa-11129	168	55	government	government	NOUN
ajfa-11129	168	56	.	.	PUNCT
ajfa-11129	169	1	to	to	PART
ajfa-11129	169	2	test	test	VERB
ajfa-11129	169	3	hypothesis	hypothesis	NOUN
ajfa-11129	169	4	2	2	NUM
ajfa-11129	169	5	,	,	PUNCT
ajfa-11129	169	6	we	we	PRON
ajfa-11129	169	7	used	use	VERB
ajfa-11129	169	8	a	a	DET
ajfa-11129	169	9	similar	similar	ADJ
ajfa-11129	169	10	model	model	NOUN
ajfa-11129	169	11	as	as	SCONJ
ajfa-11129	169	12	previously	previously	ADV
ajfa-11129	169	13	described	describe	VERB
ajfa-11129	169	14	,	,	PUNCT
ajfa-11129	169	15	and	and	CCONJ
ajfa-11129	169	16	we	we	PRON
ajfa-11129	169	17	introduced	introduce	VERB
ajfa-11129	169	18	the	the	DET
ajfa-11129	169	19	interaction	interaction	NOUN
ajfa-11129	169	20	of	of	ADP
ajfa-11129	169	21	pboard	pboard	NOUN
ajfa-11129	169	22	and	and	CCONJ
ajfa-11129	169	23	the	the	DET
ajfa-11129	169	24	dummy	dummy	ADJ
ajfa-11129	169	25	variable	variable	NOUN
ajfa-11129	169	26	of	of	ADP
ajfa-11129	169	27	soe	soe	PROPN
ajfa-11129	169	28	to	to	ADP
ajfa-11129	169	29	the	the	DET
ajfa-11129	169	30	model	model	NOUN
ajfa-11129	169	31	.	.	PUNCT
ajfa-11129	170	1	if	if	SCONJ
ajfa-11129	170	2	the	the	DET
ajfa-11129	170	3	interaction	interaction	NOUN
ajfa-11129	170	4	of	of	ADP
ajfa-11129	170	5	pboard	pboard	NOUN
ajfa-11129	170	6	and	and	CCONJ
ajfa-11129	170	7	soe	soe	PROPN
ajfa-11129	170	8	was	be	AUX
ajfa-11129	170	9	negative	negative	ADJ
ajfa-11129	170	10	and	and	CCONJ
ajfa-11129	170	11	significant	significant	ADJ
ajfa-11129	170	12	,	,	PUNCT
ajfa-11129	170	13	the	the	DET
ajfa-11129	170	14	data	datum	NOUN
ajfa-11129	170	15	would	would	AUX
ajfa-11129	170	16	support	support	VERB
ajfa-11129	170	17	hypothesis	hypothesis	NOUN
ajfa-11129	170	18	2	2	NUM
ajfa-11129	170	19	,	,	PUNCT
ajfa-11129	170	20	indicating	indicate	VERB
ajfa-11129	170	21	that	that	SCONJ
ajfa-11129	170	22	the	the	DET
ajfa-11129	170	23	tax	tax	NOUN
ajfa-11129	170	24	monitoring	monitoring	NOUN
ajfa-11129	170	25	effect	effect	NOUN
ajfa-11129	170	26	of	of	ADP
ajfa-11129	170	27	politically	politically	ADV
ajfa-11129	170	28	connected	connect	VERB
ajfa-11129	170	29	independent	independent	ADJ
ajfa-11129	170	30	board	board	NOUN
ajfa-11129	170	31	directors	director	NOUN
ajfa-11129	170	32	is	be	AUX
ajfa-11129	170	33	weaker	weak	ADJ
ajfa-11129	170	34	in	in	ADP
ajfa-11129	170	35	soes	soe	NOUN
ajfa-11129	170	36	.	.	PUNCT
ajfa-11129	171	1	the	the	DET
ajfa-11129	171	2	model	model	NOUN
ajfa-11129	171	3	is	be	AUX
ajfa-11129	171	4	:	:	PUNCT
ajfa-11129	171	5	cash	cash	NOUN
ajfa-11129	171	6	etrit	etrit	NOUN
ajfa-11129	171	7	=	=	SYM
ajfa-11129	172	1	β0	β0	PROPN
ajfa-11129	172	2	+	+	CCONJ
ajfa-11129	172	3	β1pboardit	β1pboardit	PROPN
ajfa-11129	173	1	+	+	CCONJ
ajfa-11129	174	1	β2soei	β2soei	NOUN
ajfa-11129	174	2	*	*	PUNCT
ajfa-11129	174	3	pboardit+	pboardit+	X
ajfa-11129	175	1	β3soei	β3soei	PROPN
ajfa-11129	175	2	+	+	CCONJ
ajfa-11129	175	3	β4	β4	PROPN
ajfa-11129	175	4	pceoit	pceoit	NOUN
ajfa-11129	175	5	+	+	CCONJ
ajfa-11129	175	6	β5	β5	NOUN
ajfa-11129	175	7	sizeit+β6	sizeit+β6	NOUN
ajfa-11129	175	8	mtbit+	mtbit+	X
ajfa-11129	175	9	β7	β7	ADJ
ajfa-11129	175	10	levit	levit	NOUN
ajfa-11129	175	11	+	+	CCONJ
ajfa-11129	175	12	β8	β8	NOUN
ajfa-11129	175	13	invit	invit	PROPN
ajfa-11129	175	14	+	+	CCONJ
ajfa-11129	175	15	β9	β9	ADJ
ajfa-11129	175	16	fixit	fixit	NOUN
ajfa-11129	175	17	+	+	CCONJ
ajfa-11129	175	18	β10tenureit	β10tenureit	PROPN
ajfa-11129	175	19	+	+	NUM
ajfa-11129	175	20	β11roait+	β11roait+	PUNCT
ajfa-11129	175	21	β12lossit	β12lossit	NOUN
ajfa-11129	175	22	+	+	CCONJ
ajfa-11129	175	23	βyears	βyear	NOUN
ajfa-11129	176	1	+	+	ADV
ajfa-11129	176	2	εit	εit	VERB
ajfa-11129	176	3	(	(	PUNCT
ajfa-11129	176	4	2	2	NUM
ajfa-11129	176	5	)	)	PUNCT
ajfa-11129	176	6	where	where	SCONJ
ajfa-11129	176	7	soei	soei	ADV
ajfa-11129	176	8	=	=	SYM
ajfa-11129	177	1	seo	seo	NOUN
ajfa-11129	177	2	is	be	AUX
ajfa-11129	177	3	a	a	DET
ajfa-11129	177	4	dummy	dummy	ADJ
ajfa-11129	177	5	variable	variable	NOUN
ajfa-11129	177	6	that	that	PRON
ajfa-11129	177	7	takes	take	VERB
ajfa-11129	177	8	the	the	DET
ajfa-11129	177	9	value	value	NOUN
ajfa-11129	177	10	of	of	ADP
ajfa-11129	177	11	1	1	NUM
ajfa-11129	177	12	if	if	SCONJ
ajfa-11129	177	13	the	the	DET
ajfa-11129	177	14	firm	firm	NOUN
ajfa-11129	177	15	is	be	AUX
ajfa-11129	177	16	included	include	VERB
ajfa-11129	177	17	in	in	ADP
ajfa-11129	177	18	the	the	DET
ajfa-11129	177	19	csi	csi	PROPN
ajfa-11129	177	20	soe	soe	PROPN
ajfa-11129	177	21	200	200	NUM
ajfa-11129	177	22	index	index	NOUN
ajfa-11129	177	23	and	and	CCONJ
ajfa-11129	177	24	takes	take	VERB
ajfa-11129	177	25	the	the	DET
ajfa-11129	177	26	value	value	NOUN
ajfa-11129	177	27	of	of	ADP
ajfa-11129	177	28	0	0	NUM
ajfa-11129	177	29	if	if	SCONJ
ajfa-11129	177	30	the	the	DET
ajfa-11129	177	31	firm	firm	NOUN
ajfa-11129	177	32	is	be	AUX
ajfa-11129	177	33	included	include	VERB
ajfa-11129	177	34	in	in	ADP
ajfa-11129	177	35	the	the	DET
ajfa-11129	177	36	csi	csi	PROPN
ajfa-11129	177	37	poe	poe	PROPN
ajfa-11129	177	38	200	200	NUM
ajfa-11129	177	39	index	index	NOUN
ajfa-11129	177	40	.	.	PUNCT
ajfa-11129	178	1	4	4	X
ajfa-11129	178	2	.	.	X
ajfa-11129	178	3	empirical	empirical	ADJ
ajfa-11129	178	4	results	result	NOUN
ajfa-11129	178	5	4.1	4.1	NUM
ajfa-11129	178	6	descriptive	descriptive	ADJ
ajfa-11129	178	7	statistics	statistic	NOUN
ajfa-11129	178	8	table	table	NOUN
ajfa-11129	178	9	2	2	NUM
ajfa-11129	178	10	reports	report	VERB
ajfa-11129	178	11	the	the	DET
ajfa-11129	178	12	summary	summary	NOUN
ajfa-11129	178	13	statistics	statistic	NOUN
ajfa-11129	178	14	for	for	ADP
ajfa-11129	178	15	the	the	DET
ajfa-11129	178	16	variables	variable	NOUN
ajfa-11129	178	17	.	.	PUNCT
ajfa-11129	179	1	panel	panel	NOUN
ajfa-11129	179	2	a	a	DET
ajfa-11129	179	3	reports	report	NOUN
ajfa-11129	179	4	the	the	DET
ajfa-11129	179	5	descriptive	descriptive	ADJ
ajfa-11129	179	6	statistics	statistic	NOUN
ajfa-11129	179	7	for	for	ADP
ajfa-11129	179	8	the	the	DET
ajfa-11129	179	9	dependent	dependent	ADJ
ajfa-11129	179	10	variable	variable	NOUN
ajfa-11129	179	11	(	(	PUNCT
ajfa-11129	179	12	cash	cash	NOUN
ajfa-11129	179	13	etr	etr	PROPN
ajfa-11129	179	14	)	)	PUNCT
ajfa-11129	179	15	,	,	PUNCT
ajfa-11129	179	16	and	and	CCONJ
ajfa-11129	179	17	panel	panel	NOUN
ajfa-11129	179	18	b	b	PROPN
ajfa-11129	179	19	reports	report	VERB
ajfa-11129	179	20	the	the	DET
ajfa-11129	179	21	descriptive	descriptive	ADJ
ajfa-11129	179	22	statistics	statistic	NOUN
ajfa-11129	179	23	for	for	ADP
ajfa-11129	179	24	the	the	DET
ajfa-11129	179	25	continuous	continuous	ADJ
ajfa-11129	179	26	variables	variable	NOUN
ajfa-11129	179	27	(	(	PUNCT
ajfa-11129	179	28	roa	roa	PROPN
ajfa-11129	179	29	,	,	PUNCT
ajfa-11129	179	30	mtb	mtb	NOUN
ajfa-11129	179	31	,	,	PUNCT
ajfa-11129	179	32	lev	lev	NOUN
ajfa-11129	179	33	,	,	PUNCT
ajfa-11129	179	34	tenure	tenure	NOUN
ajfa-11129	179	35	,	,	PUNCT
ajfa-11129	179	36	fix	fix	NOUN
ajfa-11129	179	37	,	,	PUNCT
ajfa-11129	179	38	inv	inv	ADJ
ajfa-11129	179	39	,	,	PUNCT
ajfa-11129	179	40	and	and	CCONJ
ajfa-11129	179	41	size	size	NOUN
ajfa-11129	179	42	)	)	PUNCT
ajfa-11129	179	43	.	.	PUNCT
ajfa-11129	180	1	panel	panel	NOUN
ajfa-11129	180	2	c	c	PROPN
ajfa-11129	180	3	presents	present	VERB
ajfa-11129	180	4	the	the	DET
ajfa-11129	180	5	descriptive	descriptive	ADJ
ajfa-11129	180	6	statistics	statistic	NOUN
ajfa-11129	180	7	for	for	ADP
ajfa-11129	180	8	the	the	DET
ajfa-11129	180	9	discrete	discrete	ADJ
ajfa-11129	180	10	variables	variable	NOUN
ajfa-11129	180	11	(	(	PUNCT
ajfa-11129	180	12	pboard	pboard	ADJ
ajfa-11129	180	13	,	,	PUNCT
ajfa-11129	180	14	pceo	pceo	ADJ
ajfa-11129	180	15	,	,	PUNCT
ajfa-11129	180	16	soe	soe	PROPN
ajfa-11129	180	17	,	,	PUNCT
ajfa-11129	180	18	and	and	CCONJ
ajfa-11129	180	19	loss	loss	NOUN
ajfa-11129	180	20	)	)	PUNCT
ajfa-11129	180	21	.	.	PUNCT
ajfa-11129	181	1	panel	panel	NOUN
ajfa-11129	181	2	a	a	DET
ajfa-11129	181	3	indicates	indicate	VERB
ajfa-11129	181	4	that	that	SCONJ
ajfa-11129	181	5	the	the	DET
ajfa-11129	181	6	mean	mean	ADJ
ajfa-11129	181	7	level	level	NOUN
ajfa-11129	181	8	of	of	ADP
ajfa-11129	181	9	cash	cash	NOUN
ajfa-11129	181	10	etr	etr	PROPN
ajfa-11129	181	11	is	be	AUX
ajfa-11129	181	12	43.3	43.3	NUM
ajfa-11129	181	13	%	%	NOUN
ajfa-11129	181	14	,	,	PUNCT
ajfa-11129	181	15	which	which	PRON
ajfa-11129	181	16	is	be	AUX
ajfa-11129	181	17	higher	high	ADJ
ajfa-11129	181	18	than	than	ADP
ajfa-11129	181	19	other	other	ADJ
ajfa-11129	181	20	studies(e.g	studies(e.g	PROPN
ajfa-11129	181	21	.	.	PROPN
ajfa-11129	181	22	,	,	PUNCT
ajfa-11129	181	23	wu	wu	PROPN
ajfa-11129	181	24	et	et	PROPN
ajfa-11129	181	25	al	al	PROPN
ajfa-11129	181	26	.	.	PROPN
ajfa-11129	181	27	,	,	PUNCT
ajfa-11129	181	28	2012	2012	NUM
ajfa-11129	181	29	)	)	PUNCT
ajfa-11129	181	30	.	.	PUNCT
ajfa-11129	182	1	we	we	PRON
ajfa-11129	182	2	speculated	speculate	VERB
ajfa-11129	182	3	this	this	PRON
ajfa-11129	182	4	is	be	AUX
ajfa-11129	182	5	because	because	SCONJ
ajfa-11129	182	6	we	we	PRON
ajfa-11129	182	7	include	include	VERB
ajfa-11129	182	8	only	only	ADV
ajfa-11129	182	9	large	large	ADJ
ajfa-11129	182	10	size	size	NOUN
ajfa-11129	182	11	firms	firm	NOUN
ajfa-11129	182	12	(	(	PUNCT
ajfa-11129	182	13	i.e.	i.e.	X
ajfa-11129	182	14	,	,	PUNCT
ajfa-11129	182	15	largest	large	ADJ
ajfa-11129	182	16	200	200	NUM
ajfa-11129	182	17	soes	soe	NOUN
ajfa-11129	182	18	and	and	CCONJ
ajfa-11129	182	19	largest	large	ADJ
ajfa-11129	182	20	200	200	NUM
ajfa-11129	182	21	poes	poe	NOUN
ajfa-11129	182	22	)	)	PUNCT
ajfa-11129	182	23	in	in	ADP
ajfa-11129	182	24	our	our	PRON
ajfa-11129	182	25	study	study	NOUN
ajfa-11129	182	26	.	.	PUNCT
ajfa-11129	183	1	larger	large	ADJ
ajfa-11129	183	2	firms	firm	NOUN
ajfa-11129	183	3	are	be	AUX
ajfa-11129	183	4	less	less	ADV
ajfa-11129	183	5	aggressive	aggressive	ADJ
ajfa-11129	183	6	in	in	ADP
ajfa-11129	183	7	tax	tax	NOUN
ajfa-11129	183	8	saving	saving	NOUN
ajfa-11129	183	9	for	for	ADP
ajfa-11129	183	10	several	several	ADJ
ajfa-11129	183	11	reasons	reason	NOUN
ajfa-11129	183	12	,	,	PUNCT
ajfa-11129	183	13	such	such	ADJ
ajfa-11129	183	14	as	as	ADP
ajfa-11129	183	15	more	more	ADJ
ajfa-11129	183	16	analysts	analyst	NOUN
ajfa-11129	183	17	following	follow	VERB
ajfa-11129	183	18	larger	large	ADJ
ajfa-11129	183	19	firms	firm	NOUN
ajfa-11129	183	20	,	,	PUNCT
ajfa-11129	183	21	the	the	DET
ajfa-11129	183	22	higher	high	ADJ
ajfa-11129	183	23	reputation	reputation	NOUN
ajfa-11129	183	24	costs	cost	VERB
ajfa-11129	183	25	for	for	ADP
ajfa-11129	183	26	larger	large	ADJ
ajfa-11129	183	27	firms	firm	NOUN
ajfa-11129	183	28	.	.	PUNCT
ajfa-11129	184	1	in	in	ADP
ajfa-11129	184	2	addition	addition	NOUN
ajfa-11129	184	3	,	,	PUNCT
ajfa-11129	184	4	we	we	PRON
ajfa-11129	184	5	cover	cover	VERB
ajfa-11129	184	6	more	more	ADJ
ajfa-11129	184	7	current	current	ADJ
ajfa-11129	184	8	sample	sample	NOUN
ajfa-11129	184	9	years	year	NOUN
ajfa-11129	184	10	.	.	PUNCT
ajfa-11129	185	1	we	we	PRON
ajfa-11129	185	2	tested	test	VERB
ajfa-11129	185	3	the	the	DET
ajfa-11129	185	4	tax	tax	NOUN
ajfa-11129	185	5	behavior	behavior	NOUN
ajfa-11129	185	6	of	of	ADP
ajfa-11129	185	7	chinese	chinese	ADJ
ajfa-11129	185	8	public	public	ADJ
ajfa-11129	185	9	firms	firm	NOUN
ajfa-11129	185	10	with	with	ADP
ajfa-11129	185	11	a	a	DET
ajfa-11129	185	12	sample	sample	NOUN
ajfa-11129	185	13	extending	extend	VERB
ajfa-11129	185	14	to	to	ADP
ajfa-11129	185	15	2014	2014	NUM
ajfa-11129	185	16	,	,	PUNCT
ajfa-11129	185	17	while	while	SCONJ
ajfa-11129	185	18	other	other	ADJ
ajfa-11129	185	19	studies	study	NOUN
ajfa-11129	185	20	focused	focus	VERB
ajfa-11129	185	21	on	on	ADP
ajfa-11129	185	22	the	the	DET
ajfa-11129	185	23	period	period	NOUN
ajfa-11129	185	24	prior	prior	ADV
ajfa-11129	185	25	to	to	ADP
ajfa-11129	185	26	2008(wu	2008(wu	NUM
ajfa-11129	185	27	et	et	NOUN
ajfa-11129	185	28	al	al	PROPN
ajfa-11129	185	29	.	.	PROPN
ajfa-11129	185	30	,	,	PUNCT
ajfa-11129	185	31	2012	2012	NUM
ajfa-11129	185	32	;	;	PUNCT
ajfa-11129	185	33	zeng	zeng	PROPN
ajfa-11129	185	34	,	,	PUNCT
ajfa-11129	185	35	2010	2010	NUM
ajfa-11129	185	36	)	)	PUNCT
ajfa-11129	185	37	.	.	PUNCT
ajfa-11129	186	1	panel	panel	NOUN
ajfa-11129	186	2	c	c	PROPN
ajfa-11129	186	3	presents	present	VERB
ajfa-11129	186	4	the	the	DET
ajfa-11129	186	5	descriptive	descriptive	ADJ
ajfa-11129	186	6	statistics	statistic	NOUN
ajfa-11129	186	7	for	for	ADP
ajfa-11129	186	8	pboard	pboard	ADJ
ajfa-11129	186	9	,	,	PUNCT
ajfa-11129	186	10	pceo	pceo	ADJ
ajfa-11129	186	11	,	,	PUNCT
ajfa-11129	186	12	soe	soe	PROPN
ajfa-11129	186	13	,	,	PUNCT
ajfa-11129	186	14	and	and	CCONJ
ajfa-11129	186	15	loss	loss	NOUN
ajfa-11129	186	16	.	.	PUNCT
ajfa-11129	187	1	our	our	PRON
ajfa-11129	187	2	data	datum	NOUN
ajfa-11129	187	3	show	show	VERB
ajfa-11129	187	4	that	that	SCONJ
ajfa-11129	187	5	about	about	ADV
ajfa-11129	187	6	20	20	NUM
ajfa-11129	187	7	%	%	NOUN
ajfa-11129	187	8	of	of	ADP
ajfa-11129	187	9	firm	firm	ADJ
ajfa-11129	187	10	-	-	PUNCT
ajfa-11129	187	11	year	year	NOUN
ajfa-11129	187	12	observations	observation	NOUN
ajfa-11129	187	13	have	have	VERB
ajfa-11129	187	14	the	the	DET
ajfa-11129	187	15	independent	independent	ADJ
ajfa-11129	187	16	board	board	NOUN
ajfa-11129	187	17	directors	director	NOUN
ajfa-11129	187	18	with	with	ADP
ajfa-11129	187	19	political	political	ADJ
ajfa-11129	187	20	connections	connection	NOUN
ajfa-11129	187	21	via	via	ADP
ajfa-11129	187	22	npc	npc	PROPN
ajfa-11129	187	23	or	or	CCONJ
ajfa-11129	187	24	cppcc	cppcc	NOUN
ajfa-11129	187	25	membership	membership	NOUN
ajfa-11129	187	26	and	and	CCONJ
ajfa-11129	187	27	that	that	SCONJ
ajfa-11129	187	28	about	about	ADV
ajfa-11129	187	29	18	18	NUM
ajfa-11129	187	30	%	%	NOUN
ajfa-11129	187	31	of	of	ADP
ajfa-11129	187	32	the	the	DET
ajfa-11129	187	33	ceos	ceos	NOUN
ajfa-11129	187	34	were	be	AUX
ajfa-11129	187	35	npc	npc	NOUN
ajfa-11129	187	36	or	or	CCONJ
ajfa-11129	187	37	cppcc	cppcc	NOUN
ajfa-11129	187	38	members	member	NOUN
ajfa-11129	187	39	,	,	PUNCT
ajfa-11129	187	40	consistent	consistent	ADJ
ajfa-11129	187	41	with	with	ADP
ajfa-11129	187	42	prior	prior	ADJ
ajfa-11129	187	43	studies	study	NOUN
ajfa-11129	187	44	(	(	PUNCT
ajfa-11129	187	45	wu	wu	PROPN
ajfa-11129	187	46	et	et	PROPN
ajfa-11129	187	47	al	al	PROPN
ajfa-11129	187	48	.	.	PROPN
ajfa-11129	187	49	,	,	PUNCT
ajfa-11129	187	50	2012	2012	NUM
ajfa-11129	187	51	)	)	PUNCT
ajfa-11129	187	52	.	.	PUNCT
ajfa-11129	188	1	the	the	DET
ajfa-11129	188	2	soes	soe	NOUN
ajfa-11129	188	3	and	and	CCONJ
ajfa-11129	188	4	non	non	NOUN
ajfa-11129	188	5	-	-	ADJ
ajfa-11129	188	6	soes	soe	NOUN
ajfa-11129	188	7	were	be	AUX
ajfa-11129	188	8	almost	almost	ADV
ajfa-11129	188	9	equally	equally	ADV
ajfa-11129	188	10	distributed	distribute	VERB
ajfa-11129	188	11	in	in	ADP
ajfa-11129	188	12	our	our	PRON
ajfa-11129	188	13	sample	sample	NOUN
ajfa-11129	188	14	.	.	PUNCT
ajfa-11129	189	1	the	the	DET
ajfa-11129	189	2	other	other	ADJ
ajfa-11129	189	3	control	control	PROPN
ajfa-11129	189	4	variable	variable	ADJ
ajfa-11129	189	5	statistics	statistic	NOUN
ajfa-11129	189	6	presented	present	VERB
ajfa-11129	189	7	in	in	ADP
ajfa-11129	189	8	panel	panel	NOUN
ajfa-11129	189	9	b	b	PROPN
ajfa-11129	189	10	were	be	AUX
ajfa-11129	189	11	generally	generally	ADV
ajfa-11129	189	12	consistent	consistent	ADJ
ajfa-11129	189	13	with	with	ADP
ajfa-11129	189	14	zeng	zeng	PROPN
ajfa-11129	189	15	(	(	PUNCT
ajfa-11129	189	16	2010	2010	NUM
ajfa-11129	189	17	)	)	PUNCT
ajfa-11129	189	18	.	.	PUNCT
ajfa-11129	190	1	asian	asian	ADJ
ajfa-11129	190	2	journal	journal	PROPN
ajfa-11129	190	3	of	of	ADP
ajfa-11129	190	4	finance	finance	PROPN
ajfa-11129	190	5	&	&	CCONJ
ajfa-11129	190	6	accounting	accounting	PROPN
ajfa-11129	190	7	issn	issn	PROPN
ajfa-11129	190	8	1946	1946	NUM
ajfa-11129	190	9	-	-	PUNCT
ajfa-11129	190	10	052x	052x	PROPN
ajfa-11129	190	11	2017	2017	NUM
ajfa-11129	190	12	,	,	PUNCT
ajfa-11129	190	13	vol	vol	NOUN
ajfa-11129	190	14	.	.	NOUN
ajfa-11129	190	15	9	9	NUM
ajfa-11129	190	16	,	,	PUNCT
ajfa-11129	190	17	no	no	INTJ
ajfa-11129	190	18	.	.	NOUN
ajfa-11129	190	19	1	1	NUM
ajfa-11129	190	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	190	21	343	343	NUM
ajfa-11129	190	22	table	table	NOUN
ajfa-11129	190	23	3	3	NUM
ajfa-11129	190	24	presents	present	VERB
ajfa-11129	190	25	the	the	DET
ajfa-11129	190	26	pearson	pearson	NOUN
ajfa-11129	190	27	correlation	correlation	NOUN
ajfa-11129	190	28	matrix	matrix	NOUN
ajfa-11129	190	29	for	for	ADP
ajfa-11129	190	30	independent	independent	ADJ
ajfa-11129	190	31	variables	variable	NOUN
ajfa-11129	190	32	.	.	PUNCT
ajfa-11129	191	1	no	no	DET
ajfa-11129	191	2	correlations	correlation	NOUN
ajfa-11129	191	3	are	be	AUX
ajfa-11129	191	4	higher	high	ADJ
ajfa-11129	191	5	than	than	ADP
ajfa-11129	191	6	50	50	NUM
ajfa-11129	191	7	%	%	NOUN
ajfa-11129	191	8	,	,	PUNCT
ajfa-11129	191	9	suggesting	suggest	VERB
ajfa-11129	191	10	that	that	SCONJ
ajfa-11129	191	11	multicollinearity	multicollinearity	NOUN
ajfa-11129	191	12	is	be	AUX
ajfa-11129	191	13	not	not	PART
ajfa-11129	191	14	a	a	DET
ajfa-11129	191	15	significant	significant	ADJ
ajfa-11129	191	16	concern	concern	NOUN
ajfa-11129	191	17	in	in	ADP
ajfa-11129	191	18	this	this	DET
ajfa-11129	191	19	study	study	NOUN
ajfa-11129	191	20	.	.	PUNCT
ajfa-11129	192	1	4.2	4.2	NUM
ajfa-11129	192	2	regression	regression	NOUN
ajfa-11129	192	3	results	result	NOUN
ajfa-11129	192	4	for	for	ADP
ajfa-11129	192	5	hypotheses	hypothesis	NOUN
ajfa-11129	192	6	1	1	NUM
ajfa-11129	192	7	and	and	CCONJ
ajfa-11129	192	8	2	2	NUM
ajfa-11129	192	9	(	(	PUNCT
ajfa-11129	192	10	table	table	NOUN
ajfa-11129	192	11	4	4	NUM
ajfa-11129	192	12	)	)	PUNCT
ajfa-11129	192	13	table	table	NOUN
ajfa-11129	192	14	4	4	NUM
ajfa-11129	192	15	shows	show	VERB
ajfa-11129	192	16	the	the	DET
ajfa-11129	192	17	results	result	NOUN
ajfa-11129	192	18	of	of	ADP
ajfa-11129	192	19	hypotheses	hypothesis	NOUN
ajfa-11129	192	20	tests	test	NOUN
ajfa-11129	192	21	using	use	VERB
ajfa-11129	192	22	multivariable	multivariable	ADJ
ajfa-11129	192	23	regression	regression	NOUN
ajfa-11129	192	24	.	.	PUNCT
ajfa-11129	193	1	model	model	NOUN
ajfa-11129	193	2	1	1	NUM
ajfa-11129	193	3	presents	present	VERB
ajfa-11129	193	4	the	the	DET
ajfa-11129	193	5	regression	regression	NOUN
ajfa-11129	193	6	results	result	NOUN
ajfa-11129	193	7	of	of	ADP
ajfa-11129	193	8	equation	equation	NOUN
ajfa-11129	193	9	1	1	NUM
ajfa-11129	193	10	and	and	CCONJ
ajfa-11129	193	11	tests	test	VERB
ajfa-11129	193	12	hypothesis	hypothesis	NOUN
ajfa-11129	193	13	1	1	NUM
ajfa-11129	193	14	.	.	PUNCT
ajfa-11129	193	15	model	model	NOUN
ajfa-11129	193	16	2	2	NUM
ajfa-11129	193	17	presents	present	VERB
ajfa-11129	193	18	the	the	DET
ajfa-11129	193	19	regression	regression	NOUN
ajfa-11129	193	20	results	result	NOUN
ajfa-11129	193	21	of	of	ADP
ajfa-11129	193	22	equations	equation	NOUN
ajfa-11129	193	23	1	1	NUM
ajfa-11129	193	24	and	and	CCONJ
ajfa-11129	193	25	2	2	NUM
ajfa-11129	193	26	and	and	CCONJ
ajfa-11129	193	27	tests	test	VERB
ajfa-11129	193	28	hypotheses	hypothesis	NOUN
ajfa-11129	193	29	1	1	NUM
ajfa-11129	193	30	and	and	CCONJ
ajfa-11129	193	31	2	2	NUM
ajfa-11129	193	32	simultaneously	simultaneously	ADV
ajfa-11129	193	33	.	.	PUNCT
ajfa-11129	194	1	in	in	ADP
ajfa-11129	194	2	model	model	NOUN
ajfa-11129	194	3	1	1	NUM
ajfa-11129	194	4	,	,	PUNCT
ajfa-11129	194	5	pboard	pboard	NOUN
ajfa-11129	194	6	is	be	AUX
ajfa-11129	194	7	positively	positively	ADV
ajfa-11129	194	8	and	and	CCONJ
ajfa-11129	194	9	significantly	significantly	ADV
ajfa-11129	194	10	associated	associate	VERB
ajfa-11129	194	11	with	with	ADP
ajfa-11129	194	12	the	the	DET
ajfa-11129	194	13	dependent	dependent	ADJ
ajfa-11129	194	14	variable	variable	ADJ
ajfa-11129	194	15	cash	cash	NOUN
ajfa-11129	194	16	etr	etr	PROPN
ajfa-11129	194	17	,	,	PUNCT
ajfa-11129	194	18	thus	thus	ADV
ajfa-11129	194	19	supporting	support	VERB
ajfa-11129	194	20	hypothesis	hypothesis	NOUN
ajfa-11129	194	21	1	1	NUM
ajfa-11129	194	22	.	.	PUNCT
ajfa-11129	195	1	this	this	DET
ajfa-11129	195	2	result	result	NOUN
ajfa-11129	195	3	supports	support	VERB
ajfa-11129	195	4	our	our	PRON
ajfa-11129	195	5	argument	argument	NOUN
ajfa-11129	195	6	that	that	SCONJ
ajfa-11129	195	7	independent	independent	ADJ
ajfa-11129	195	8	board	board	NOUN
ajfa-11129	195	9	directors	director	NOUN
ajfa-11129	195	10	work	work	VERB
ajfa-11129	195	11	as	as	ADP
ajfa-11129	195	12	brakes	brake	NOUN
ajfa-11129	195	13	for	for	ADP
ajfa-11129	195	14	firms	firm	NOUN
ajfa-11129	195	15	’	’	PART
ajfa-11129	195	16	tax	tax	NOUN
ajfa-11129	195	17	aggressive	aggressive	ADJ
ajfa-11129	195	18	behaviors	behavior	NOUN
ajfa-11129	195	19	and	and	CCONJ
ajfa-11129	195	20	require	require	VERB
ajfa-11129	195	21	their	their	PRON
ajfa-11129	195	22	firms	firm	NOUN
ajfa-11129	195	23	to	to	PART
ajfa-11129	195	24	pay	pay	VERB
ajfa-11129	195	25	relatively	relatively	ADV
ajfa-11129	195	26	more	more	ADJ
ajfa-11129	195	27	taxes	taxis	NOUN
ajfa-11129	195	28	than	than	SCONJ
ajfa-11129	195	29	other	other	ADJ
ajfa-11129	195	30	firms	firm	NOUN
ajfa-11129	195	31	do	do	VERB
ajfa-11129	195	32	.	.	PUNCT
ajfa-11129	196	1	in	in	ADP
ajfa-11129	196	2	model	model	NOUN
ajfa-11129	196	3	2	2	NUM
ajfa-11129	196	4	,	,	PUNCT
ajfa-11129	196	5	the	the	DET
ajfa-11129	196	6	interaction	interaction	NOUN
ajfa-11129	196	7	of	of	ADP
ajfa-11129	196	8	pboard	pboard	NOUN
ajfa-11129	196	9	and	and	CCONJ
ajfa-11129	196	10	soe	soe	PROPN
ajfa-11129	196	11	was	be	AUX
ajfa-11129	196	12	negative	negative	ADJ
ajfa-11129	196	13	and	and	CCONJ
ajfa-11129	196	14	significant	significant	ADJ
ajfa-11129	196	15	,	,	PUNCT
ajfa-11129	196	16	supporting	support	VERB
ajfa-11129	196	17	hypothesis	hypothesis	NOUN
ajfa-11129	196	18	2	2	NUM
ajfa-11129	196	19	that	that	SCONJ
ajfa-11129	196	20	the	the	DET
ajfa-11129	196	21	effect	effect	NOUN
ajfa-11129	196	22	of	of	ADP
ajfa-11129	196	23	politically	politically	ADV
ajfa-11129	196	24	connected	connect	VERB
ajfa-11129	196	25	independent	independent	ADJ
ajfa-11129	196	26	board	board	NOUN
ajfa-11129	196	27	directors	director	NOUN
ajfa-11129	196	28	on	on	ADP
ajfa-11129	196	29	tax	tax	NOUN
ajfa-11129	196	30	is	be	AUX
ajfa-11129	196	31	weaker	weak	ADJ
ajfa-11129	196	32	in	in	ADP
ajfa-11129	196	33	soes	soe	NOUN
ajfa-11129	196	34	than	than	ADP
ajfa-11129	196	35	in	in	ADP
ajfa-11129	196	36	non	non	ADJ
ajfa-11129	196	37	-	-	NOUN
ajfa-11129	196	38	soes	soe	NOUN
ajfa-11129	196	39	,	,	PUNCT
ajfa-11129	196	40	probably	probably	ADV
ajfa-11129	196	41	because	because	SCONJ
ajfa-11129	196	42	the	the	DET
ajfa-11129	196	43	government	government	NOUN
ajfa-11129	196	44	—	—	PUNCT
ajfa-11129	196	45	as	as	SCONJ
ajfa-11129	196	46	the	the	DET
ajfa-11129	196	47	majority	majority	NOUN
ajfa-11129	196	48	shareholder	shareholder	NOUN
ajfa-11129	196	49	—	—	PUNCT
ajfa-11129	196	50	can	can	AUX
ajfa-11129	196	51	monitor	monitor	VERB
ajfa-11129	196	52	the	the	DET
ajfa-11129	196	53	behaviors	behavior	NOUN
ajfa-11129	196	54	of	of	ADP
ajfa-11129	196	55	the	the	DET
ajfa-11129	196	56	soes	soe	NOUN
ajfa-11129	196	57	by	by	ADP
ajfa-11129	196	58	itself	itself	PRON
ajfa-11129	196	59	,	,	PUNCT
ajfa-11129	196	60	rendering	render	VERB
ajfa-11129	196	61	the	the	DET
ajfa-11129	196	62	monitoring	monitoring	NOUN
ajfa-11129	196	63	function	function	NOUN
ajfa-11129	196	64	of	of	ADP
ajfa-11129	196	65	politically	politically	ADV
ajfa-11129	196	66	connected	connect	VERB
ajfa-11129	196	67	board	board	NOUN
ajfa-11129	196	68	director	director	NOUN
ajfa-11129	196	69	redundant	redundant	VERB
ajfa-11129	196	70	to	to	ADP
ajfa-11129	196	71	some	some	DET
ajfa-11129	196	72	extent	extent	NOUN
ajfa-11129	196	73	.	.	PUNCT
ajfa-11129	197	1	further	far	ADV
ajfa-11129	197	2	,	,	PUNCT
ajfa-11129	197	3	the	the	DET
ajfa-11129	197	4	coefficient	coefficient	NOUN
ajfa-11129	197	5	of	of	ADP
ajfa-11129	197	6	pboard	pboard	NOUN
ajfa-11129	197	7	is	be	AUX
ajfa-11129	197	8	positive	positive	ADJ
ajfa-11129	197	9	and	and	CCONJ
ajfa-11129	197	10	significant	significant	ADJ
ajfa-11129	197	11	,	,	PUNCT
ajfa-11129	197	12	while	while	SCONJ
ajfa-11129	197	13	the	the	DET
ajfa-11129	197	14	sum	sum	NOUN
ajfa-11129	197	15	of	of	ADP
ajfa-11129	197	16	the	the	DET
ajfa-11129	197	17	coefficients	coefficient	NOUN
ajfa-11129	197	18	of	of	ADP
ajfa-11129	197	19	the	the	DET
ajfa-11129	197	20	pboard	pboard	NOUN
ajfa-11129	197	21	and	and	CCONJ
ajfa-11129	197	22	the	the	DET
ajfa-11129	197	23	interaction	interaction	NOUN
ajfa-11129	197	24	of	of	ADP
ajfa-11129	197	25	pboard	pboard	NOUN
ajfa-11129	197	26	and	and	CCONJ
ajfa-11129	197	27	the	the	DET
ajfa-11129	197	28	soe	soe	PROPN
ajfa-11129	197	29	is	be	AUX
ajfa-11129	197	30	not	not	PART
ajfa-11129	197	31	significantly	significantly	ADV
ajfa-11129	197	32	different	different	ADJ
ajfa-11129	197	33	from	from	ADP
ajfa-11129	197	34	0	0	NUM
ajfa-11129	197	35	(	(	PUNCT
ajfa-11129	197	36	untabulated	untabulated	ADJ
ajfa-11129	197	37	)	)	PUNCT
ajfa-11129	197	38	,	,	PUNCT
ajfa-11129	197	39	suggesting	suggest	VERB
ajfa-11129	197	40	that	that	SCONJ
ajfa-11129	197	41	non	non	NOUN
ajfa-11129	197	42	-	-	NOUN
ajfa-11129	197	43	seos	seo	NOUN
ajfa-11129	197	44	mainly	mainly	ADV
ajfa-11129	197	45	drive	drive	VERB
ajfa-11129	197	46	the	the	DET
ajfa-11129	197	47	positive	positive	ADJ
ajfa-11129	197	48	relationship	relationship	NOUN
ajfa-11129	197	49	between	between	ADP
ajfa-11129	197	50	pboard	pboard	NOUN
ajfa-11129	197	51	and	and	CCONJ
ajfa-11129	197	52	cash	cash	NOUN
ajfa-11129	197	53	etr	etr	PROPN
ajfa-11129	197	54	.	.	PUNCT
ajfa-11129	198	1	this	this	PRON
ajfa-11129	198	2	indicates	indicate	VERB
ajfa-11129	198	3	that	that	SCONJ
ajfa-11129	198	4	non	non	NOUN
ajfa-11129	198	5	-	-	NOUN
ajfa-11129	198	6	seos	seo	NOUN
ajfa-11129	198	7	still	still	ADV
ajfa-11129	198	8	support	support	VERB
ajfa-11129	198	9	hypothesis	hypothesis	NOUN
ajfa-11129	198	10	1	1	NUM
ajfa-11129	198	11	and	and	CCONJ
ajfa-11129	198	12	further	further	ADJ
ajfa-11129	198	13	supports	support	NOUN
ajfa-11129	198	14	hypothesis	hypothesis	NOUN
ajfa-11129	198	15	2	2	NUM
ajfa-11129	198	16	.	.	PUNCT
ajfa-11129	199	1	we	we	PRON
ajfa-11129	199	2	also	also	ADV
ajfa-11129	199	3	find	find	VERB
ajfa-11129	199	4	that	that	SCONJ
ajfa-11129	199	5	the	the	DET
ajfa-11129	199	6	average	average	ADJ
ajfa-11129	199	7	cash	cash	NOUN
ajfa-11129	199	8	etr	etr	NOUN
ajfa-11129	199	9	is	be	AUX
ajfa-11129	199	10	higher	high	ADJ
ajfa-11129	199	11	for	for	ADP
ajfa-11129	199	12	soes	soe	NOUN
ajfa-11129	199	13	than	than	SCONJ
ajfa-11129	199	14	it	it	PRON
ajfa-11129	199	15	is	be	AUX
ajfa-11129	199	16	for	for	ADP
ajfa-11129	199	17	non	non	ADJ
ajfa-11129	199	18	-	-	NOUN
ajfa-11129	199	19	soes	soe	NOUN
ajfa-11129	199	20	,	,	PUNCT
ajfa-11129	199	21	consistent	consistent	ADJ
ajfa-11129	199	22	with	with	ADP
ajfa-11129	199	23	prior	prior	ADJ
ajfa-11129	199	24	studies	study	NOUN
ajfa-11129	199	25	.	.	PUNCT
ajfa-11129	200	1	similar	similar	ADJ
ajfa-11129	200	2	to	to	ADP
ajfa-11129	200	3	zeng	zeng	PROPN
ajfa-11129	200	4	(	(	PUNCT
ajfa-11129	200	5	2010	2010	NUM
ajfa-11129	200	6	)	)	PUNCT
ajfa-11129	200	7	,	,	PUNCT
ajfa-11129	200	8	we	we	PRON
ajfa-11129	200	9	find	find	VERB
ajfa-11129	200	10	roa	roa	NOUN
ajfa-11129	200	11	to	to	PART
ajfa-11129	200	12	be	be	AUX
ajfa-11129	200	13	negatively	negatively	ADV
ajfa-11129	200	14	associated	associate	VERB
ajfa-11129	200	15	with	with	ADP
ajfa-11129	200	16	cash	cash	NOUN
ajfa-11129	200	17	etr	etr	NOUN
ajfa-11129	200	18	in	in	ADP
ajfa-11129	200	19	our	our	PRON
ajfa-11129	200	20	study	study	NOUN
ajfa-11129	200	21	.	.	PUNCT
ajfa-11129	201	1	loss	loss	NOUN
ajfa-11129	201	2	is	be	AUX
ajfa-11129	201	3	also	also	ADV
ajfa-11129	201	4	negatively	negatively	ADV
ajfa-11129	201	5	associated	associate	VERB
ajfa-11129	201	6	with	with	ADP
ajfa-11129	201	7	the	the	DET
ajfa-11129	201	8	cash	cash	NOUN
ajfa-11129	201	9	etr	etr	PROPN
ajfa-11129	201	10	.	.	PUNCT
ajfa-11129	202	1	firms	firm	NOUN
ajfa-11129	202	2	with	with	ADP
ajfa-11129	202	3	loss	loss	NOUN
ajfa-11129	202	4	carry	carry	VERB
ajfa-11129	202	5	forward	forward	ADV
ajfa-11129	202	6	pay	pay	VERB
ajfa-11129	202	7	less	less	ADJ
ajfa-11129	202	8	tax	tax	NOUN
ajfa-11129	202	9	.	.	PUNCT
ajfa-11129	203	1	both	both	PRON
ajfa-11129	203	2	inv	inv	VERB
ajfa-11129	203	3	and	and	CCONJ
ajfa-11129	203	4	fix	fix	AUX
ajfa-11129	203	5	proxy	proxy	NOUN
ajfa-11129	203	6	the	the	DET
ajfa-11129	203	7	opportunities	opportunity	NOUN
ajfa-11129	203	8	for	for	SCONJ
ajfa-11129	203	9	firms	firm	NOUN
ajfa-11129	203	10	to	to	PART
ajfa-11129	203	11	manipulate	manipulate	VERB
ajfa-11129	203	12	their	their	PRON
ajfa-11129	203	13	taxes	taxis	NOUN
ajfa-11129	203	14	,	,	PUNCT
ajfa-11129	203	15	and	and	CCONJ
ajfa-11129	203	16	we	we	PRON
ajfa-11129	203	17	find	find	VERB
ajfa-11129	203	18	these	these	DET
ajfa-11129	203	19	two	two	NUM
ajfa-11129	203	20	variables	variable	NOUN
ajfa-11129	203	21	are	be	AUX
ajfa-11129	203	22	positive	positive	ADJ
ajfa-11129	203	23	and	and	CCONJ
ajfa-11129	203	24	significant	significant	ADJ
ajfa-11129	203	25	in	in	ADP
ajfa-11129	203	26	model	model	NOUN
ajfa-11129	203	27	2	2	NUM
ajfa-11129	203	28	.	.	PUNCT
ajfa-11129	203	29	further	far	ADV
ajfa-11129	203	30	,	,	PUNCT
ajfa-11129	203	31	pceo	pceo	ADV
ajfa-11129	203	32	is	be	AUX
ajfa-11129	203	33	positively	positively	ADV
ajfa-11129	203	34	and	and	CCONJ
ajfa-11129	203	35	significantly	significantly	ADV
ajfa-11129	203	36	associated	associate	VERB
ajfa-11129	203	37	with	with	ADP
ajfa-11129	203	38	cash	cash	NOUN
ajfa-11129	203	39	etr	etr	PROPN
ajfa-11129	203	40	,	,	PUNCT
ajfa-11129	203	41	suggesting	suggest	VERB
ajfa-11129	203	42	that	that	SCONJ
ajfa-11129	203	43	ceos	ceos	NOUN
ajfa-11129	203	44	with	with	ADP
ajfa-11129	203	45	political	political	ADJ
ajfa-11129	203	46	connections	connection	NOUN
ajfa-11129	203	47	are	be	AUX
ajfa-11129	203	48	willing	willing	ADJ
ajfa-11129	203	49	to	to	PART
ajfa-11129	203	50	pay	pay	VERB
ajfa-11129	203	51	relatively	relatively	ADV
ajfa-11129	203	52	more	more	ADJ
ajfa-11129	203	53	taxes	taxis	NOUN
ajfa-11129	203	54	than	than	ADP
ajfa-11129	203	55	ceos	ceo	NOUN
ajfa-11129	203	56	without	without	ADP
ajfa-11129	203	57	political	political	ADJ
ajfa-11129	203	58	connections	connection	NOUN
ajfa-11129	203	59	are	be	AUX
ajfa-11129	203	60	.	.	PUNCT
ajfa-11129	204	1	like	like	ADP
ajfa-11129	204	2	politically	politically	ADV
ajfa-11129	204	3	connected	connect	VERB
ajfa-11129	204	4	independent	independent	ADJ
ajfa-11129	204	5	board	board	NOUN
ajfa-11129	204	6	directors	director	NOUN
ajfa-11129	204	7	,	,	PUNCT
ajfa-11129	204	8	politically	politically	ADV
ajfa-11129	204	9	connected	connect	VERB
ajfa-11129	204	10	ceos	ceo	NOUN
ajfa-11129	204	11	are	be	AUX
ajfa-11129	204	12	aligned	align	VERB
ajfa-11129	204	13	with	with	ADP
ajfa-11129	204	14	the	the	DET
ajfa-11129	204	15	government	government	NOUN
ajfa-11129	204	16	and	and	CCONJ
ajfa-11129	204	17	may	may	AUX
ajfa-11129	204	18	be	be	AUX
ajfa-11129	204	19	more	more	ADV
ajfa-11129	204	20	conservative	conservative	ADJ
ajfa-11129	204	21	in	in	ADP
ajfa-11129	204	22	tax	tax	NOUN
ajfa-11129	204	23	planning	planning	NOUN
ajfa-11129	204	24	.	.	PUNCT
ajfa-11129	205	1	additionally	additionally	ADV
ajfa-11129	205	2	,	,	PUNCT
ajfa-11129	205	3	political	political	ADJ
ajfa-11129	205	4	connections	connection	NOUN
ajfa-11129	205	5	are	be	AUX
ajfa-11129	205	6	the	the	DET
ajfa-11129	205	7	assets	asset	NOUN
ajfa-11129	205	8	of	of	ADP
ajfa-11129	205	9	ceos	ceos	NOUN
ajfa-11129	205	10	instead	instead	ADV
ajfa-11129	205	11	of	of	ADP
ajfa-11129	205	12	firms	firm	NOUN
ajfa-11129	205	13	.	.	PUNCT
ajfa-11129	206	1	ceos	ceos	PROPN
ajfa-11129	206	2	may	may	AUX
ajfa-11129	206	3	not	not	PART
ajfa-11129	206	4	want	want	VERB
ajfa-11129	206	5	to	to	PART
ajfa-11129	206	6	risk	risk	VERB
ajfa-11129	206	7	their	their	PRON
ajfa-11129	206	8	political	political	ADJ
ajfa-11129	206	9	assets	asset	NOUN
ajfa-11129	206	10	to	to	PART
ajfa-11129	206	11	benefit	benefit	VERB
ajfa-11129	206	12	shareholders	shareholder	NOUN
ajfa-11129	206	13	’	'	PUNCT
ajfa-11129	206	14	interests	interest	NOUN
ajfa-11129	206	15	,	,	PUNCT
ajfa-11129	206	16	and	and	CCONJ
ajfa-11129	206	17	they	they	PRON
ajfa-11129	206	18	especially	especially	ADV
ajfa-11129	206	19	may	may	AUX
ajfa-11129	206	20	not	not	PART
ajfa-11129	206	21	want	want	VERB
ajfa-11129	206	22	to	to	PART
ajfa-11129	206	23	be	be	AUX
ajfa-11129	206	24	aggressive	aggressive	ADJ
ajfa-11129	206	25	in	in	ADP
ajfa-11129	206	26	tax	tax	NOUN
ajfa-11129	206	27	planning	planning	NOUN
ajfa-11129	206	28	to	to	PART
ajfa-11129	206	29	please	please	VERB
ajfa-11129	206	30	shareholders	shareholder	NOUN
ajfa-11129	206	31	at	at	ADP
ajfa-11129	206	32	the	the	DET
ajfa-11129	206	33	risk	risk	NOUN
ajfa-11129	206	34	of	of	ADP
ajfa-11129	206	35	upsetting	upset	VERB
ajfa-11129	206	36	the	the	DET
ajfa-11129	206	37	government	government	NOUN
ajfa-11129	206	38	.	.	PUNCT
ajfa-11129	207	1	4.3	4.3	NUM
ajfa-11129	207	2	robustness	robustness	NOUN
ajfa-11129	207	3	tests	test	NOUN
ajfa-11129	207	4	(	(	PUNCT
ajfa-11129	207	5	tables	table	NOUN
ajfa-11129	207	6	5	5	NUM
ajfa-11129	207	7	)	)	PUNCT
ajfa-11129	207	8	we	we	PRON
ajfa-11129	207	9	conducted	conduct	VERB
ajfa-11129	207	10	robustness	robustness	NOUN
ajfa-11129	207	11	tests	test	NOUN
ajfa-11129	207	12	to	to	PART
ajfa-11129	207	13	check	check	VERB
ajfa-11129	207	14	whether	whether	SCONJ
ajfa-11129	207	15	our	our	PRON
ajfa-11129	207	16	results	result	NOUN
ajfa-11129	207	17	were	be	AUX
ajfa-11129	207	18	sensitive	sensitive	ADJ
ajfa-11129	207	19	to	to	ADP
ajfa-11129	207	20	the	the	DET
ajfa-11129	207	21	model	model	NOUN
ajfa-11129	207	22	we	we	PRON
ajfa-11129	207	23	used	use	VERB
ajfa-11129	207	24	and	and	CCONJ
ajfa-11129	207	25	the	the	DET
ajfa-11129	207	26	measures	measure	NOUN
ajfa-11129	207	27	of	of	ADP
ajfa-11129	207	28	tax	tax	NOUN
ajfa-11129	207	29	aggressiveness	aggressiveness	NOUN
ajfa-11129	207	30	we	we	PRON
ajfa-11129	207	31	adopted	adopt	VERB
ajfa-11129	207	32	.	.	PUNCT
ajfa-11129	208	1	we	we	PRON
ajfa-11129	208	2	retested	reteste	VERB
ajfa-11129	208	3	our	our	PRON
ajfa-11129	208	4	two	two	NUM
ajfa-11129	208	5	hypotheses	hypothesis	NOUN
ajfa-11129	208	6	by	by	ADP
ajfa-11129	208	7	using	use	VERB
ajfa-11129	208	8	tobit	tobit	NOUN
ajfa-11129	208	9	model	model	NOUN
ajfa-11129	208	10	.	.	PUNCT
ajfa-11129	209	1	then	then	ADV
ajfa-11129	209	2	we	we	PRON
ajfa-11129	209	3	used	use	VERB
ajfa-11129	209	4	gaap	gaap	PROPN
ajfa-11129	209	5	etr	etr	PROPN
ajfa-11129	209	6	to	to	PART
ajfa-11129	209	7	retest	retest	VERB
ajfa-11129	209	8	the	the	DET
ajfa-11129	209	9	two	two	NUM
ajfa-11129	209	10	hypotheses	hypothesis	NOUN
ajfa-11129	209	11	using	use	VERB
ajfa-11129	209	12	both	both	DET
ajfa-11129	209	13	fixed	fix	VERB
ajfa-11129	209	14	and	and	CCONJ
ajfa-11129	209	15	tobit	tobit	NOUN
ajfa-11129	209	16	models	model	NOUN
ajfa-11129	209	17	.	.	PUNCT
ajfa-11129	210	1	first	first	ADV
ajfa-11129	210	2	,	,	PUNCT
ajfa-11129	210	3	we	we	PRON
ajfa-11129	210	4	reexamined	reexamine	VERB
ajfa-11129	210	5	the	the	DET
ajfa-11129	210	6	two	two	NUM
ajfa-11129	210	7	hypotheses	hypothesis	NOUN
ajfa-11129	210	8	by	by	ADP
ajfa-11129	210	9	using	use	VERB
ajfa-11129	210	10	the	the	DET
ajfa-11129	210	11	tobit	tobit	NOUN
ajfa-11129	210	12	model	model	NOUN
ajfa-11129	210	13	and	and	CCONJ
ajfa-11129	210	14	reported	report	VERB
ajfa-11129	210	15	on	on	ADP
ajfa-11129	210	16	the	the	DET
ajfa-11129	210	17	results	result	NOUN
ajfa-11129	210	18	in	in	ADP
ajfa-11129	210	19	the	the	DET
ajfa-11129	210	20	first	first	ADJ
ajfa-11129	210	21	column	column	NOUN
ajfa-11129	210	22	of	of	ADP
ajfa-11129	210	23	table	table	NOUN
ajfa-11129	210	24	5	5	NUM
ajfa-11129	210	25	.	.	PUNCT
ajfa-11129	211	1	we	we	PRON
ajfa-11129	211	2	expected	expect	VERB
ajfa-11129	211	3	cash	cash	NOUN
ajfa-11129	211	4	etr	etr	PROPN
ajfa-11129	211	5	to	to	PART
ajfa-11129	211	6	be	be	AUX
ajfa-11129	211	7	within	within	ADP
ajfa-11129	211	8	the	the	DET
ajfa-11129	211	9	range	range	NOUN
ajfa-11129	211	10	of	of	ADP
ajfa-11129	211	11	0	0	NUM
ajfa-11129	211	12	to	to	PART
ajfa-11129	211	13	1	1	NUM
ajfa-11129	211	14	,	,	PUNCT
ajfa-11129	211	15	and	and	CCONJ
ajfa-11129	211	16	we	we	PRON
ajfa-11129	211	17	asian	asian	ADJ
ajfa-11129	211	18	journal	journal	PROPN
ajfa-11129	211	19	of	of	ADP
ajfa-11129	211	20	finance	finance	PROPN
ajfa-11129	211	21	&	&	CCONJ
ajfa-11129	211	22	accounting	accounting	PROPN
ajfa-11129	211	23	issn	issn	PROPN
ajfa-11129	211	24	1946	1946	NUM
ajfa-11129	211	25	-	-	PUNCT
ajfa-11129	211	26	052x	052x	PROPN
ajfa-11129	211	27	2017	2017	NUM
ajfa-11129	211	28	,	,	PUNCT
ajfa-11129	211	29	vol	vol	NOUN
ajfa-11129	211	30	.	.	NOUN
ajfa-11129	211	31	9	9	NUM
ajfa-11129	211	32	,	,	PUNCT
ajfa-11129	211	33	no	no	INTJ
ajfa-11129	211	34	.	.	NOUN
ajfa-11129	211	35	1	1	NUM
ajfa-11129	211	36	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	211	37	344	344	NUM
ajfa-11129	211	38	set	set	VERB
ajfa-11129	211	39	the	the	DET
ajfa-11129	211	40	upper	upper	ADJ
ajfa-11129	211	41	level	level	NOUN
ajfa-11129	211	42	to	to	ADP
ajfa-11129	211	43	1	1	NUM
ajfa-11129	211	44	and	and	CCONJ
ajfa-11129	211	45	the	the	DET
ajfa-11129	211	46	lower	low	ADJ
ajfa-11129	211	47	level	level	NOUN
ajfa-11129	211	48	to	to	ADP
ajfa-11129	211	49	0	0	NUM
ajfa-11129	211	50	in	in	ADP
ajfa-11129	211	51	the	the	DET
ajfa-11129	211	52	tobit	tobit	NOUN
ajfa-11129	211	53	analysis	analysis	NOUN
ajfa-11129	211	54	.	.	PUNCT
ajfa-11129	212	1	we	we	PRON
ajfa-11129	212	2	found	find	VERB
ajfa-11129	212	3	that	that	SCONJ
ajfa-11129	212	4	the	the	DET
ajfa-11129	212	5	coefficient	coefficient	NOUN
ajfa-11129	212	6	of	of	ADP
ajfa-11129	212	7	pboardwas	pboardwas	PROPN
ajfa-11129	212	8	positive	positive	ADJ
ajfa-11129	212	9	and	and	CCONJ
ajfa-11129	212	10	significant	significant	ADJ
ajfa-11129	212	11	,	,	PUNCT
ajfa-11129	212	12	and	and	CCONJ
ajfa-11129	212	13	the	the	DET
ajfa-11129	212	14	coefficient	coefficient	NOUN
ajfa-11129	212	15	of	of	ADP
ajfa-11129	212	16	the	the	DET
ajfa-11129	212	17	interaction	interaction	NOUN
ajfa-11129	212	18	between	between	ADP
ajfa-11129	212	19	pboard	pboard	NOUN
ajfa-11129	212	20	and	and	CCONJ
ajfa-11129	212	21	soe	soe	PROPN
ajfa-11129	212	22	was	be	AUX
ajfa-11129	212	23	negative	negative	ADJ
ajfa-11129	212	24	and	and	CCONJ
ajfa-11129	212	25	significant	significant	ADJ
ajfa-11129	212	26	,	,	PUNCT
ajfa-11129	212	27	which	which	PRON
ajfa-11129	212	28	is	be	AUX
ajfa-11129	212	29	consistent	consistent	ADJ
ajfa-11129	212	30	with	with	ADP
ajfa-11129	212	31	the	the	DET
ajfa-11129	212	32	findings	finding	NOUN
ajfa-11129	212	33	in	in	ADP
ajfa-11129	212	34	table	table	NOUN
ajfa-11129	212	35	4	4	NUM
ajfa-11129	212	36	.	.	PUNCT
ajfa-11129	212	37	further	far	ADV
ajfa-11129	212	38	,	,	PUNCT
ajfa-11129	212	39	the	the	DET
ajfa-11129	212	40	data	data	NOUN
ajfa-11129	212	41	supports	support	VERB
ajfa-11129	212	42	our	our	PRON
ajfa-11129	212	43	two	two	NUM
ajfa-11129	212	44	hypotheses	hypothesis	NOUN
ajfa-11129	212	45	.	.	PUNCT
ajfa-11129	213	1	second	second	ADJ
ajfa-11129	213	2	,	,	PUNCT
ajfa-11129	213	3	we	we	PRON
ajfa-11129	213	4	changed	change	VERB
ajfa-11129	213	5	the	the	DET
ajfa-11129	213	6	measure	measure	NOUN
ajfa-11129	213	7	of	of	ADP
ajfa-11129	213	8	tax	tax	NOUN
ajfa-11129	213	9	aggressiveness	aggressiveness	NOUN
ajfa-11129	213	10	and	and	CCONJ
ajfa-11129	213	11	substituted	substitute	VERB
ajfa-11129	213	12	gaap	gaap	PROPN
ajfa-11129	213	13	etr	etr	PROPN
ajfa-11129	213	14	for	for	ADP
ajfa-11129	213	15	cash	cash	NOUN
ajfa-11129	213	16	etr	etr	PROPN
ajfa-11129	213	17	.	.	PUNCT
ajfa-11129	214	1	gaap	gaap	PROPN
ajfa-11129	214	2	etr	etr	PROPN
ajfa-11129	214	3	is	be	AUX
ajfa-11129	214	4	the	the	DET
ajfa-11129	214	5	income	income	NOUN
ajfa-11129	214	6	tax	tax	NOUN
ajfa-11129	214	7	expense	expense	NOUN
ajfa-11129	214	8	divided	divide	VERB
ajfa-11129	214	9	by	by	ADP
ajfa-11129	214	10	the	the	DET
ajfa-11129	214	11	pretax	pretax	ADJ
ajfa-11129	214	12	income	income	NOUN
ajfa-11129	214	13	.	.	PUNCT
ajfa-11129	215	1	gaap	gaap	PROPN
ajfa-11129	215	2	etr	etr	PROPN
ajfa-11129	215	3	is	be	AUX
ajfa-11129	215	4	an	an	DET
ajfa-11129	215	5	alternative	alternative	ADJ
ajfa-11129	215	6	way	way	NOUN
ajfa-11129	215	7	to	to	PART
ajfa-11129	215	8	measure	measure	VERB
ajfa-11129	215	9	tax	tax	NOUN
ajfa-11129	215	10	aggressiveness	aggressiveness	NOUN
ajfa-11129	215	11	and	and	CCONJ
ajfa-11129	215	12	the	the	DET
ajfa-11129	215	13	literature	literature	NOUN
ajfa-11129	215	14	widely	widely	ADV
ajfa-11129	215	15	uses	use	VERB
ajfa-11129	215	16	it(lennox	it(lennox	PROPN
ajfa-11129	215	17	et	et	PROPN
ajfa-11129	215	18	al	al	PROPN
ajfa-11129	215	19	.	.	PROPN
ajfa-11129	215	20	,	,	PUNCT
ajfa-11129	215	21	2013	2013	NUM
ajfa-11129	215	22	)	)	PUNCT
ajfa-11129	215	23	.	.	PUNCT
ajfa-11129	216	1	we	we	PRON
ajfa-11129	216	2	reported	report	VERB
ajfa-11129	216	3	regression	regression	NOUN
ajfa-11129	216	4	results	result	NOUN
ajfa-11129	216	5	based	base	VERB
ajfa-11129	216	6	on	on	ADP
ajfa-11129	216	7	the	the	DET
ajfa-11129	216	8	fixed	fix	VERB
ajfa-11129	216	9	effect	effect	NOUN
ajfa-11129	216	10	model	model	NOUN
ajfa-11129	216	11	in	in	ADP
ajfa-11129	216	12	the	the	DET
ajfa-11129	216	13	second	second	ADJ
ajfa-11129	216	14	column	column	NOUN
ajfa-11129	216	15	of	of	ADP
ajfa-11129	216	16	table	table	NOUN
ajfa-11129	216	17	5	5	NUM
ajfa-11129	216	18	and	and	CCONJ
ajfa-11129	216	19	the	the	DET
ajfa-11129	216	20	results	result	NOUN
ajfa-11129	216	21	based	base	VERB
ajfa-11129	216	22	on	on	ADP
ajfa-11129	216	23	the	the	DET
ajfa-11129	216	24	tobit	tobit	NOUN
ajfa-11129	216	25	model	model	NOUN
ajfa-11129	216	26	in	in	ADP
ajfa-11129	216	27	the	the	DET
ajfa-11129	216	28	third	third	ADJ
ajfa-11129	216	29	column	column	NOUN
ajfa-11129	216	30	.	.	PUNCT
ajfa-11129	217	1	gaap	gaap	PROPN
ajfa-11129	217	2	etr	etr	PROPN
ajfa-11129	217	3	was	be	AUX
ajfa-11129	217	4	positively	positively	ADV
ajfa-11129	217	5	and	and	CCONJ
ajfa-11129	217	6	significantly	significantly	ADV
ajfa-11129	217	7	associated	associate	VERB
ajfa-11129	217	8	with	with	ADP
ajfa-11129	217	9	pboard	pboard	NOUN
ajfa-11129	217	10	and	and	CCONJ
ajfa-11129	217	11	was	be	AUX
ajfa-11129	217	12	also	also	ADV
ajfa-11129	217	13	negatively	negatively	ADV
ajfa-11129	217	14	and	and	CCONJ
ajfa-11129	217	15	significantly	significantly	ADV
ajfa-11129	217	16	associated	associate	VERB
ajfa-11129	217	17	with	with	ADP
ajfa-11129	217	18	the	the	DET
ajfa-11129	217	19	interaction	interaction	NOUN
ajfa-11129	217	20	of	of	ADP
ajfa-11129	217	21	pboard	pboard	NOUN
ajfa-11129	217	22	and	and	CCONJ
ajfa-11129	217	23	soe	soe	PROPN
ajfa-11129	217	24	.	.	PUNCT
ajfa-11129	218	1	the	the	DET
ajfa-11129	218	2	results	result	NOUN
ajfa-11129	218	3	suggest	suggest	VERB
ajfa-11129	218	4	that	that	SCONJ
ajfa-11129	218	5	firms	firm	NOUN
ajfa-11129	218	6	with	with	ADP
ajfa-11129	218	7	a	a	DET
ajfa-11129	218	8	politically	politically	ADV
ajfa-11129	218	9	connected	connect	VERB
ajfa-11129	218	10	independent	independent	ADJ
ajfa-11129	218	11	board	board	NOUN
ajfa-11129	218	12	director	director	NOUN
ajfa-11129	218	13	have	have	VERB
ajfa-11129	218	14	higher	high	ADJ
ajfa-11129	218	15	effective	effective	ADJ
ajfa-11129	218	16	tax	tax	NOUN
ajfa-11129	218	17	rates	rate	NOUN
ajfa-11129	218	18	than	than	ADP
ajfa-11129	218	19	firms	firm	NOUN
ajfa-11129	218	20	without	without	ADP
ajfa-11129	218	21	such	such	ADJ
ajfa-11129	218	22	directors	director	NOUN
ajfa-11129	218	23	do	do	AUX
ajfa-11129	218	24	,	,	PUNCT
ajfa-11129	218	25	but	but	CCONJ
ajfa-11129	218	26	this	this	DET
ajfa-11129	218	27	effect	effect	NOUN
ajfa-11129	218	28	is	be	AUX
ajfa-11129	218	29	less	less	ADV
ajfa-11129	218	30	strong	strong	ADJ
ajfa-11129	218	31	in	in	ADP
ajfa-11129	218	32	soes	soe	NOUN
ajfa-11129	218	33	than	than	ADP
ajfa-11129	218	34	in	in	ADP
ajfa-11129	218	35	non	non	ADJ
ajfa-11129	218	36	-	-	NOUN
ajfa-11129	218	37	soes	soe	NOUN
ajfa-11129	218	38	.	.	PUNCT
ajfa-11129	219	1	taken	take	VERB
ajfa-11129	219	2	together	together	ADV
ajfa-11129	219	3	,	,	PUNCT
ajfa-11129	219	4	the	the	DET
ajfa-11129	219	5	findings	finding	NOUN
ajfa-11129	219	6	for	for	ADP
ajfa-11129	219	7	the	the	DET
ajfa-11129	219	8	two	two	NUM
ajfa-11129	219	9	hypotheses	hypothesis	NOUN
ajfa-11129	219	10	are	be	AUX
ajfa-11129	219	11	robust	robust	ADJ
ajfa-11129	219	12	to	to	ADP
ajfa-11129	219	13	different	different	ADJ
ajfa-11129	219	14	models	model	NOUN
ajfa-11129	219	15	and	and	CCONJ
ajfa-11129	219	16	to	to	ADP
ajfa-11129	219	17	the	the	DET
ajfa-11129	219	18	different	different	ADJ
ajfa-11129	219	19	measures	measure	NOUN
ajfa-11129	219	20	of	of	ADP
ajfa-11129	219	21	tax	tax	NOUN
ajfa-11129	219	22	effective	effective	ADJ
ajfa-11129	219	23	rates	rate	NOUN
ajfa-11129	219	24	.	.	PUNCT
ajfa-11129	220	1	5	5	X
ajfa-11129	220	2	.	.	X
ajfa-11129	220	3	discussion	discussion	NOUN
ajfa-11129	220	4	and	and	CCONJ
ajfa-11129	220	5	conclusion	conclusion	NOUN
ajfa-11129	220	6	our	our	PRON
ajfa-11129	220	7	study	study	NOUN
ajfa-11129	220	8	investigates	investigate	VERB
ajfa-11129	220	9	the	the	DET
ajfa-11129	220	10	association	association	NOUN
ajfa-11129	220	11	between	between	ADP
ajfa-11129	220	12	cash	cash	NOUN
ajfa-11129	220	13	etrs	etrs	ADJ
ajfa-11129	220	14	and	and	CCONJ
ajfa-11129	220	15	politically	politically	ADV
ajfa-11129	220	16	connected	connect	VERB
ajfa-11129	220	17	board	board	NOUN
ajfa-11129	220	18	directors	director	NOUN
ajfa-11129	220	19	.	.	PUNCT
ajfa-11129	221	1	we	we	PRON
ajfa-11129	221	2	find	find	VERB
ajfa-11129	221	3	that	that	SCONJ
ajfa-11129	221	4	firms	firm	NOUN
ajfa-11129	221	5	with	with	ADP
ajfa-11129	221	6	at	at	ADV
ajfa-11129	221	7	least	least	ADV
ajfa-11129	221	8	one	one	NUM
ajfa-11129	221	9	politically	politically	ADV
ajfa-11129	221	10	connected	connect	VERB
ajfa-11129	221	11	board	board	NOUN
ajfa-11129	221	12	director	director	NOUN
ajfa-11129	221	13	had	have	VERB
ajfa-11129	221	14	higher	high	ADJ
ajfa-11129	221	15	cash	cash	NOUN
ajfa-11129	221	16	etrs	etrs	ADJ
ajfa-11129	221	17	than	than	ADP
ajfa-11129	221	18	firms	firm	NOUN
ajfa-11129	221	19	without	without	ADP
ajfa-11129	221	20	politically	politically	ADV
ajfa-11129	221	21	connected	connect	VERB
ajfa-11129	221	22	board	board	NOUN
ajfa-11129	221	23	directors	director	NOUN
ajfa-11129	221	24	did	do	AUX
ajfa-11129	221	25	.	.	PUNCT
ajfa-11129	222	1	additional	additional	ADJ
ajfa-11129	222	2	analyses	analysis	NOUN
ajfa-11129	222	3	showed	show	VERB
ajfa-11129	222	4	that	that	SCONJ
ajfa-11129	222	5	this	this	DET
ajfa-11129	222	6	association	association	NOUN
ajfa-11129	222	7	was	be	AUX
ajfa-11129	222	8	stronger	strong	ADJ
ajfa-11129	222	9	in	in	ADP
ajfa-11129	222	10	non	non	ADJ
ajfa-11129	222	11	-	-	NOUN
ajfa-11129	222	12	soes	soe	NOUN
ajfa-11129	222	13	than	than	ADP
ajfa-11129	222	14	in	in	ADP
ajfa-11129	222	15	soes	soe	NOUN
ajfa-11129	222	16	.	.	PUNCT
ajfa-11129	223	1	this	this	DET
ajfa-11129	223	2	result	result	NOUN
ajfa-11129	223	3	is	be	AUX
ajfa-11129	223	4	robust	robust	ADJ
ajfa-11129	223	5	to	to	ADP
ajfa-11129	223	6	different	different	ADJ
ajfa-11129	223	7	models	model	NOUN
ajfa-11129	223	8	and	and	CCONJ
ajfa-11129	223	9	different	different	ADJ
ajfa-11129	223	10	measures	measure	NOUN
ajfa-11129	223	11	of	of	ADP
ajfa-11129	223	12	tax	tax	NOUN
ajfa-11129	223	13	aggressiveness	aggressiveness	NOUN
ajfa-11129	223	14	.	.	PUNCT
ajfa-11129	224	1	our	our	PRON
ajfa-11129	224	2	findings	finding	NOUN
ajfa-11129	224	3	highlight	highlight	VERB
ajfa-11129	224	4	the	the	DET
ajfa-11129	224	5	potential	potential	ADJ
ajfa-11129	224	6	costs	cost	NOUN
ajfa-11129	224	7	(	(	PUNCT
ajfa-11129	224	8	i.e.	i.e.	X
ajfa-11129	224	9	,	,	PUNCT
ajfa-11129	224	10	higher	high	ADJ
ajfa-11129	224	11	taxes	taxis	NOUN
ajfa-11129	224	12	)	)	PUNCT
ajfa-11129	224	13	of	of	ADP
ajfa-11129	224	14	independent	independent	PROPN
ajfa-11129	224	15	board	board	NOUN
ajfa-11129	224	16	directors	director	NOUN
ajfa-11129	224	17	’	’	PART
ajfa-11129	224	18	political	political	ADJ
ajfa-11129	224	19	connections	connection	NOUN
ajfa-11129	224	20	.	.	PUNCT
ajfa-11129	225	1	however	however	ADV
ajfa-11129	225	2	,	,	PUNCT
ajfa-11129	225	3	a	a	DET
ajfa-11129	225	4	relatively	relatively	ADV
ajfa-11129	225	5	higher	high	ADJ
ajfa-11129	225	6	cash	cash	NOUN
ajfa-11129	225	7	etr	etr	NOUN
ajfa-11129	225	8	is	be	AUX
ajfa-11129	225	9	not	not	PART
ajfa-11129	225	10	necessarily	necessarily	ADV
ajfa-11129	225	11	bad	bad	ADJ
ajfa-11129	225	12	for	for	ADP
ajfa-11129	225	13	shareholders	shareholder	NOUN
ajfa-11129	225	14	.	.	PUNCT
ajfa-11129	226	1	the	the	DET
ajfa-11129	226	2	chance	chance	NOUN
ajfa-11129	226	3	of	of	ADP
ajfa-11129	226	4	a	a	DET
ajfa-11129	226	5	tax	tax	NOUN
ajfa-11129	226	6	authority	authority	NOUN
ajfa-11129	226	7	auditing	audit	VERB
ajfa-11129	226	8	a	a	DET
ajfa-11129	226	9	firm	firm	NOUN
ajfa-11129	226	10	is	be	AUX
ajfa-11129	226	11	significantly	significantly	ADV
ajfa-11129	226	12	higher	high	ADJ
ajfa-11129	226	13	when	when	SCONJ
ajfa-11129	226	14	its	its	PRON
ajfa-11129	226	15	book	book	NOUN
ajfa-11129	226	16	-	-	PUNCT
ajfa-11129	226	17	tax	tax	NOUN
ajfa-11129	226	18	difference	difference	NOUN
ajfa-11129	226	19	is	be	AUX
ajfa-11129	226	20	larger	large	ADJ
ajfa-11129	226	21	(	(	PUNCT
ajfa-11129	226	22	mills	mill	NOUN
ajfa-11129	226	23	,	,	PUNCT
ajfa-11129	226	24	1998	1998	NUM
ajfa-11129	226	25	)	)	PUNCT
ajfa-11129	226	26	,	,	PUNCT
ajfa-11129	226	27	and	and	CCONJ
ajfa-11129	226	28	the	the	DET
ajfa-11129	226	29	book	book	NOUN
ajfa-11129	226	30	-	-	PUNCT
ajfa-11129	226	31	tax	tax	NOUN
ajfa-11129	226	32	difference	difference	NOUN
ajfa-11129	226	33	is	be	AUX
ajfa-11129	226	34	the	the	DET
ajfa-11129	226	35	gap	gap	NOUN
ajfa-11129	226	36	between	between	ADP
ajfa-11129	226	37	financial	financial	ADJ
ajfa-11129	226	38	income	income	NOUN
ajfa-11129	226	39	and	and	CCONJ
ajfa-11129	226	40	taxable	taxable	ADJ
ajfa-11129	226	41	income	income	NOUN
ajfa-11129	226	42	.	.	PUNCT
ajfa-11129	227	1	when	when	SCONJ
ajfa-11129	227	2	firms	firm	NOUN
ajfa-11129	227	3	are	be	AUX
ajfa-11129	227	4	more	more	ADV
ajfa-11129	227	5	aggressive	aggressive	ADJ
ajfa-11129	227	6	in	in	ADP
ajfa-11129	227	7	tax	tax	NOUN
ajfa-11129	227	8	savings	saving	NOUN
ajfa-11129	227	9	,	,	PUNCT
ajfa-11129	227	10	the	the	DET
ajfa-11129	227	11	book	book	NOUN
ajfa-11129	227	12	-	-	PUNCT
ajfa-11129	227	13	tax	tax	NOUN
ajfa-11129	227	14	difference	difference	NOUN
ajfa-11129	227	15	becomes	become	VERB
ajfa-11129	227	16	larger	large	ADJ
ajfa-11129	227	17	and	and	CCONJ
ajfa-11129	227	18	may	may	AUX
ajfa-11129	227	19	attract	attract	VERB
ajfa-11129	227	20	more	more	ADJ
ajfa-11129	227	21	attention	attention	NOUN
ajfa-11129	227	22	from	from	ADP
ajfa-11129	227	23	the	the	DET
ajfa-11129	227	24	tax	tax	NOUN
ajfa-11129	227	25	authority	authority	NOUN
ajfa-11129	227	26	.	.	PUNCT
ajfa-11129	228	1	if	if	SCONJ
ajfa-11129	228	2	the	the	DET
ajfa-11129	228	3	tax	tax	NOUN
ajfa-11129	228	4	authority	authority	NOUN
ajfa-11129	228	5	discovers	discover	VERB
ajfa-11129	228	6	firms	firm	NOUN
ajfa-11129	228	7	’	’	PART
ajfa-11129	228	8	tax	tax	NOUN
ajfa-11129	228	9	aggressiveness	aggressiveness	NOUN
ajfa-11129	228	10	,	,	PUNCT
ajfa-11129	228	11	the	the	DET
ajfa-11129	228	12	stock	stock	NOUN
ajfa-11129	228	13	market	market	NOUN
ajfa-11129	228	14	will	will	AUX
ajfa-11129	228	15	react	react	VERB
ajfa-11129	228	16	negatively	negatively	ADV
ajfa-11129	228	17	to	to	ADP
ajfa-11129	228	18	this	this	DET
ajfa-11129	228	19	news	news	NOUN
ajfa-11129	228	20	(	(	PUNCT
ajfa-11129	228	21	hanlon	hanlon	NOUN
ajfa-11129	228	22	&	&	CCONJ
ajfa-11129	228	23	slemrod	slemrod	PROPN
ajfa-11129	228	24	,	,	PUNCT
ajfa-11129	228	25	2009	2009	NUM
ajfa-11129	228	26	)	)	PUNCT
ajfa-11129	228	27	.	.	PUNCT
ajfa-11129	229	1	in	in	ADP
ajfa-11129	229	2	the	the	DET
ajfa-11129	229	3	long	long	ADJ
ajfa-11129	229	4	run	run	NOUN
ajfa-11129	229	5	,	,	PUNCT
ajfa-11129	229	6	being	be	AUX
ajfa-11129	229	7	too	too	ADV
ajfa-11129	229	8	aggressive	aggressive	ADJ
ajfa-11129	229	9	in	in	ADP
ajfa-11129	229	10	tax	tax	NOUN
ajfa-11129	229	11	saving	saving	NOUN
ajfa-11129	229	12	might	might	AUX
ajfa-11129	229	13	hurt	hurt	VERB
ajfa-11129	229	14	the	the	DET
ajfa-11129	229	15	interests	interest	NOUN
ajfa-11129	229	16	of	of	ADP
ajfa-11129	229	17	shareholders	shareholder	NOUN
ajfa-11129	229	18	.	.	PUNCT
ajfa-11129	230	1	our	our	PRON
ajfa-11129	230	2	findings	finding	NOUN
ajfa-11129	230	3	provide	provide	VERB
ajfa-11129	230	4	the	the	DET
ajfa-11129	230	5	boards	board	NOUN
ajfa-11129	230	6	of	of	ADP
ajfa-11129	230	7	firms	firm	NOUN
ajfa-11129	230	8	in	in	ADP
ajfa-11129	230	9	china	china	PROPN
ajfa-11129	230	10	with	with	ADP
ajfa-11129	230	11	a	a	DET
ajfa-11129	230	12	new	new	ADJ
ajfa-11129	230	13	angle	angle	NOUN
ajfa-11129	230	14	to	to	PART
ajfa-11129	230	15	evaluate	evaluate	VERB
ajfa-11129	230	16	politically	politically	ADV
ajfa-11129	230	17	connected	connect	VERB
ajfa-11129	230	18	board	board	NOUN
ajfa-11129	230	19	directors	director	NOUN
ajfa-11129	230	20	.	.	PUNCT
ajfa-11129	231	1	we	we	PRON
ajfa-11129	231	2	recommend	recommend	VERB
ajfa-11129	231	3	including	include	VERB
ajfa-11129	231	4	at	at	ADV
ajfa-11129	231	5	least	least	ADV
ajfa-11129	231	6	one	one	NUM
ajfa-11129	231	7	politically	politically	ADV
ajfa-11129	231	8	connected	connect	VERB
ajfa-11129	231	9	board	board	NOUN
ajfa-11129	231	10	director	director	NOUN
ajfa-11129	231	11	in	in	ADP
ajfa-11129	231	12	non	non	ADJ
ajfa-11129	231	13	-	-	ADJ
ajfa-11129	231	14	soe	soe	ADJ
ajfa-11129	231	15	boards	board	NOUN
ajfa-11129	231	16	to	to	PART
ajfa-11129	231	17	gain	gain	VERB
ajfa-11129	231	18	political	political	ADJ
ajfa-11129	231	19	connections	connection	NOUN
ajfa-11129	231	20	and	and	CCONJ
ajfa-11129	231	21	act	act	VERB
ajfa-11129	231	22	as	as	ADP
ajfa-11129	231	23	a	a	DET
ajfa-11129	231	24	brake	brake	NOUN
ajfa-11129	231	25	for	for	ADP
ajfa-11129	231	26	tax	tax	NOUN
ajfa-11129	231	27	aggressive	aggressive	ADJ
ajfa-11129	231	28	activities	activity	NOUN
ajfa-11129	231	29	.	.	PUNCT
ajfa-11129	232	1	however	however	ADV
ajfa-11129	232	2	,	,	PUNCT
ajfa-11129	232	3	the	the	DET
ajfa-11129	232	4	value	value	NOUN
ajfa-11129	232	5	of	of	ADP
ajfa-11129	232	6	such	such	ADJ
ajfa-11129	232	7	directors	director	NOUN
ajfa-11129	232	8	is	be	AUX
ajfa-11129	232	9	not	not	PART
ajfa-11129	232	10	significant	significant	ADJ
ajfa-11129	232	11	in	in	ADP
ajfa-11129	232	12	soes	soe	NOUN
ajfa-11129	232	13	.	.	PUNCT
ajfa-11129	233	1	our	our	PRON
ajfa-11129	233	2	paper	paper	NOUN
ajfa-11129	233	3	studied	study	VERB
ajfa-11129	233	4	chinese	chinese	ADJ
ajfa-11129	233	5	firms	firm	NOUN
ajfa-11129	233	6	,	,	PUNCT
ajfa-11129	233	7	so	so	SCONJ
ajfa-11129	233	8	the	the	DET
ajfa-11129	233	9	results	result	NOUN
ajfa-11129	233	10	may	may	AUX
ajfa-11129	233	11	not	not	PART
ajfa-11129	233	12	be	be	AUX
ajfa-11129	233	13	generalizable	generalizable	ADJ
ajfa-11129	233	14	to	to	ADP
ajfa-11129	233	15	other	other	ADJ
ajfa-11129	233	16	countries	country	NOUN
ajfa-11129	233	17	due	due	ADP
ajfa-11129	233	18	to	to	ADP
ajfa-11129	233	19	its	its	PRON
ajfa-11129	233	20	unique	unique	ADJ
ajfa-11129	233	21	institutional	institutional	ADJ
ajfa-11129	233	22	context	context	NOUN
ajfa-11129	233	23	.	.	PUNCT
ajfa-11129	234	1	we	we	PRON
ajfa-11129	234	2	acknowledge	acknowledge	VERB
ajfa-11129	234	3	this	this	PRON
ajfa-11129	234	4	as	as	ADP
ajfa-11129	234	5	a	a	DET
ajfa-11129	234	6	limitation	limitation	NOUN
ajfa-11129	234	7	of	of	ADP
ajfa-11129	234	8	our	our	PRON
ajfa-11129	234	9	paper	paper	NOUN
ajfa-11129	234	10	.	.	PUNCT
ajfa-11129	235	1	references	reference	NOUN
ajfa-11129	235	2	conyon	conyon	NOUN
ajfa-11129	235	3	,	,	PUNCT
ajfa-11129	235	4	m.	m.	NOUN
ajfa-11129	235	5	j.	j.	PROPN
ajfa-11129	235	6	,	,	PUNCT
ajfa-11129	235	7	he	he	PRON
ajfa-11129	235	8	,	,	PUNCT
ajfa-11129	235	9	l.	l.	PROPN
ajfa-11129	235	10	,	,	PUNCT
ajfa-11129	235	11	&	&	CCONJ
ajfa-11129	235	12	zhou	zhou	PROPN
ajfa-11129	235	13	,	,	PUNCT
ajfa-11129	235	14	x.	x.	NOUN
ajfa-11129	235	15	(	(	PUNCT
ajfa-11129	235	16	2015	2015	NUM
ajfa-11129	235	17	)	)	PUNCT
ajfa-11129	235	18	.	.	PUNCT
ajfa-11129	236	1	star	star	NOUN
ajfa-11129	236	2	ceos	ceos	PROPN
ajfa-11129	236	3	or	or	CCONJ
ajfa-11129	236	4	political	political	ADJ
ajfa-11129	236	5	connections	connection	NOUN
ajfa-11129	236	6	?	?	PUNCT
ajfa-11129	237	1	evidence	evidence	NOUN
ajfa-11129	237	2	from	from	ADP
ajfa-11129	237	3	china	china	PROPN
ajfa-11129	237	4	's	's	PART
ajfa-11129	237	5	publicly	publicly	ADV
ajfa-11129	237	6	traded	trade	VERB
ajfa-11129	237	7	firms	firm	NOUN
ajfa-11129	237	8	.	.	PUNCT
ajfa-11129	238	1	journal	journal	PROPN
ajfa-11129	238	2	of	of	ADP
ajfa-11129	238	3	business	business	NOUN
ajfa-11129	238	4	finance	finance	PROPN
ajfa-11129	238	5	&	&	CCONJ
ajfa-11129	238	6	accounting	accounting	PROPN
ajfa-11129	238	7	,	,	PUNCT
ajfa-11129	238	8	42(3	42(3	NUM
ajfa-11129	238	9	-	-	SYM
ajfa-11129	238	10	4	4	NUM
ajfa-11129	238	11	)	)	PUNCT
ajfa-11129	238	12	,	,	PUNCT
ajfa-11129	238	13	412	412	NUM
ajfa-11129	238	14	-	-	SYM
ajfa-11129	238	15	443	443	NUM
ajfa-11129	238	16	.	.	PUNCT
ajfa-11129	239	1	https://doi.org/10.1111/jbfa.12110	https://doi.org/10.1111/jbfa.12110	NOUN
ajfa-11129	239	2	asian	asian	PROPN
ajfa-11129	239	3	journal	journal	PROPN
ajfa-11129	239	4	of	of	ADP
ajfa-11129	239	5	finance	finance	PROPN
ajfa-11129	239	6	&	&	CCONJ
ajfa-11129	239	7	accounting	accounting	PROPN
ajfa-11129	239	8	issn	issn	PROPN
ajfa-11129	239	9	1946	1946	NUM
ajfa-11129	239	10	-	-	PUNCT
ajfa-11129	239	11	052x	052x	PROPN
ajfa-11129	239	12	2017	2017	NUM
ajfa-11129	239	13	,	,	PUNCT
ajfa-11129	239	14	vol	vol	NOUN
ajfa-11129	239	15	.	.	NOUN
ajfa-11129	239	16	9	9	NUM
ajfa-11129	239	17	,	,	PUNCT
ajfa-11129	239	18	no	no	INTJ
ajfa-11129	239	19	.	.	NOUN
ajfa-11129	239	20	1	1	NUM
ajfa-11129	240	1	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-11129	240	2	345	345	NUM
ajfa-11129	240	3	desai	desai	PROPN
ajfa-11129	240	4	,	,	PUNCT
ajfa-11129	240	5	m.	m.	NOUN
ajfa-11129	240	6	a.	a.	PROPN
ajfa-11129	240	7	,	,	PUNCT
ajfa-11129	240	8	&	&	CCONJ
ajfa-11129	240	9	dharmapala	dharmapala	PROPN
ajfa-11129	240	10	,	,	PUNCT
ajfa-11129	240	11	d.	d.	PROPN
ajfa-11129	240	12	(	(	PUNCT
ajfa-11129	240	13	2008	2008	NUM
ajfa-11129	240	14	)	)	PUNCT
ajfa-11129	240	15	.	.	PUNCT
ajfa-11129	241	1	tax	tax	NOUN
ajfa-11129	241	2	and	and	CCONJ
ajfa-11129	241	3	corporate	corporate	ADJ
ajfa-11129	241	4	governance	governance	NOUN
ajfa-11129	241	5	:	:	PUNCT
ajfa-11129	241	6	an	an	DET
ajfa-11129	241	7	economic	economic	ADJ
ajfa-11129	241	8	approach	approach	NOUN
ajfa-11129	241	9	.	.	PUNCT
ajfa-11129	242	1	tax	tax	NOUN
ajfa-11129	242	2	and	and	CCONJ
ajfa-11129	242	3	corporate	corporate	ADJ
ajfa-11129	242	4	governance	governance	NOUN
ajfa-11129	242	5	(	(	PUNCT
ajfa-11129	242	6	pp	pp	ADJ
ajfa-11129	242	7	.	.	PUNCT
ajfa-11129	243	1	13	13	NUM
ajfa-11129	243	2	-	-	SYM
ajfa-11129	243	3	30	30	NUM
ajfa-11129	243	4	)	)	PUNCT
ajfa-11129	243	5	springer	springer	NOUN
ajfa-11129	243	6	.	.	PUNCT
ajfa-11129	244	1	https://doi.org/10.1007/978-3-540-77276-7_3	https://doi.org/10.1007/978-3-540-77276-7_3	PUNCT
ajfa-11129	244	2	fan	fan	NOUN
ajfa-11129	244	3	,	,	PUNCT
ajfa-11129	244	4	g.	g.	PROPN
ajfa-11129	244	5	&	&	CCONJ
ajfa-11129	244	6	hope	hope	PROPN
ajfa-11129	244	7	,	,	PUNCT
ajfa-11129	244	8	n.	n.	PROPN
ajfa-11129	244	9	(	(	PUNCT
ajfa-11129	244	10	2013	2013	NUM
ajfa-11129	244	11	)	)	PUNCT
ajfa-11129	244	12	.	.	PUNCT
ajfa-11129	245	1	the	the	DET
ajfa-11129	245	2	role	role	NOUN
ajfa-11129	245	3	of	of	ADP
ajfa-11129	245	4	state	state	NOUN
ajfa-11129	245	5	-	-	PUNCT
ajfa-11129	245	6	owned	own	VERB
ajfa-11129	245	7	enterprises	enterprise	NOUN
ajfa-11129	245	8	in	in	ADP
ajfa-11129	245	9	the	the	DET
ajfa-11129	245	10	chinese	chinese	ADJ
ajfa-11129	245	11	economy	economy	NOUN
ajfa-11129	245	12	.	.	PUNCT
ajfa-11129	246	1	china	china	PROPN
ajfa-11129	246	2	us	us	PROPN
ajfa-11129	246	3	focus	focus	VERB
ajfa-11129	246	4	.	.	PUNCT
ajfa-11129	247	1	frank	frank	PROPN
ajfa-11129	247	2	,	,	PUNCT
ajfa-11129	247	3	m.	m.	NOUN
ajfa-11129	247	4	m.	m.	NOUN
ajfa-11129	247	5	,	,	PUNCT
ajfa-11129	247	6	lynch	lynch	PROPN
ajfa-11129	247	7	,	,	PUNCT
ajfa-11129	247	8	l.	l.	PROPN
ajfa-11129	247	9	j.	j.	PROPN
ajfa-11129	247	10	,	,	PUNCT
ajfa-11129	247	11	&	&	CCONJ
ajfa-11129	247	12	rego	rego	PROPN
ajfa-11129	247	13	,	,	PUNCT
ajfa-11129	247	14	s.	s.	PROPN
ajfa-11129	247	15	o.	o.	PROPN
ajfa-11129	247	16	(	(	PUNCT
ajfa-11129	247	17	2009	2009	NUM
ajfa-11129	247	18	)	)	PUNCT
ajfa-11129	247	19	.	.	PUNCT
ajfa-11129	248	1	tax	tax	NOUN
ajfa-11129	248	2	reporting	reporting	NOUN
ajfa-11129	248	3	aggressiveness	aggressiveness	NOUN
ajfa-11129	248	4	and	and	CCONJ
ajfa-11129	248	5	its	its	PRON
ajfa-11129	248	6	relation	relation	NOUN
ajfa-11129	248	7	to	to	ADP
ajfa-11129	248	8	aggressive	aggressive	ADJ
ajfa-11129	248	9	financial	financial	ADJ
ajfa-11129	248	10	reporting	reporting	NOUN
ajfa-11129	248	11	.	.	PUNCT
ajfa-11129	249	1	the	the	DET
ajfa-11129	249	2	accounting	accounting	NOUN
ajfa-11129	249	3	review	review	PROPN
ajfa-11129	249	4	,	,	PUNCT
ajfa-11129	249	5	84(2	84(2	NUM
ajfa-11129	249	6	)	)	PUNCT
ajfa-11129	249	7	,	,	PUNCT
ajfa-11129	249	8	467	467	NUM
ajfa-11129	249	9	-	-	SYM
ajfa-11129	249	10	496	496	NUM
ajfa-11129	249	11	.	.	PUNCT
ajfa-11129	250	1	https://doi.org/10.2308/accr.2009.84.2.467	https://doi.org/10.2308/accr.2009.84.2.467	PROPN
ajfa-11129	250	2	friedman	friedman	PROPN
ajfa-11129	250	3	,	,	PUNCT
ajfa-11129	250	4	e.	e.	PROPN
ajfa-11129	250	5	,	,	PUNCT
ajfa-11129	250	6	johnson	johnson	PROPN
ajfa-11129	250	7	,	,	PUNCT
ajfa-11129	250	8	s.	s.	PROPN
ajfa-11129	250	9	,	,	PUNCT
ajfa-11129	250	10	&	&	CCONJ
ajfa-11129	250	11	mitton	mitton	PROPN
ajfa-11129	250	12	,	,	PUNCT
ajfa-11129	250	13	t.	t.	PROPN
ajfa-11129	250	14	(	(	PUNCT
ajfa-11129	250	15	2003	2003	NUM
ajfa-11129	250	16	)	)	PUNCT
ajfa-11129	250	17	.	.	PUNCT
ajfa-11129	251	1	propping	prop	VERB
ajfa-11129	251	2	and	and	CCONJ
ajfa-11129	251	3	tunneling	tunneling	NOUN
ajfa-11129	251	4	.	.	PUNCT
ajfa-11129	252	1	journal	journal	PROPN
ajfa-11129	252	2	of	of	ADP
ajfa-11129	252	3	comparative	comparative	ADJ
ajfa-11129	252	4	economics	economic	NOUN
ajfa-11129	252	5	,	,	PUNCT
ajfa-11129	252	6	31(4	31(4	NUM
ajfa-11129	252	7	)	)	PUNCT
ajfa-11129	252	8	,	,	PUNCT
ajfa-11129	252	9	732	732	NUM
ajfa-11129	252	10	-	-	SYM
ajfa-11129	252	11	750	750	NUM
ajfa-11129	252	12	.	.	PUNCT
ajfa-11129	253	1	https://doi.org/10.1016/j.jce.2003.08.004	https://doi.org/10.1016/j.jce.2003.08.004	VERB
ajfa-11129	253	2	guo	guo	PROPN
ajfa-11129	253	3	,	,	PUNCT
ajfa-11129	253	4	s.	s.	PROPN
ajfa-11129	253	5	(	(	PUNCT
ajfa-11129	253	6	2001	2001	NUM
ajfa-11129	253	7	)	)	PUNCT
ajfa-11129	253	8	.	.	PUNCT
ajfa-11129	254	1	the	the	DET
ajfa-11129	254	2	party	party	NOUN
ajfa-11129	254	3	-	-	PUNCT
ajfa-11129	254	4	state	state	NOUN
ajfa-11129	254	5	relationship	relationship	NOUN
ajfa-11129	254	6	in	in	ADP
ajfa-11129	254	7	post	post	ADJ
ajfa-11129	254	8	-	-	ADJ
ajfa-11129	254	9	mao	mao	ADJ
ajfa-11129	254	10	china	china	PROPN
ajfa-11129	254	11	.	.	PUNCT
ajfa-11129	255	1	china	china	PROPN
ajfa-11129	255	2	report	report	PROPN
ajfa-11129	255	3	,	,	PUNCT
ajfa-11129	255	4	37(3	37(3	NUM
ajfa-11129	255	5	)	)	PUNCT
ajfa-11129	255	6	,	,	PUNCT
ajfa-11129	255	7	301	301	NUM
ajfa-11129	255	8	-	-	SYM
ajfa-11129	255	9	315	315	NUM
ajfa-11129	255	10	.	.	PUNCT
ajfa-11129	256	1	https://doi.org/10.1177/000944550103700301	https://doi.org/10.1177/000944550103700301	PROPN
ajfa-11129	256	2	hanlon	hanlon	PROPN
ajfa-11129	256	3	,	,	PUNCT
ajfa-11129	256	4	m.	m.	NOUN
ajfa-11129	256	5	,	,	PUNCT
ajfa-11129	256	6	&	&	CCONJ
ajfa-11129	256	7	slemrod	slemrod	PROPN
ajfa-11129	256	8	,	,	PUNCT
ajfa-11129	256	9	j.	j.	PROPN
ajfa-11129	256	10	(	(	PUNCT
ajfa-11129	256	11	2009	2009	NUM
ajfa-11129	256	12	)	)	PUNCT
ajfa-11129	256	13	.	.	PUNCT
ajfa-11129	257	1	what	what	PRON
ajfa-11129	257	2	does	do	AUX
ajfa-11129	257	3	tax	tax	NOUN
ajfa-11129	257	4	aggressiveness	aggressiveness	NOUN
ajfa-11129	257	5	signal	signal	NOUN
ajfa-11129	257	6	?	?	PUNCT
ajfa-11129	258	1	evidence	evidence	NOUN
ajfa-11129	258	2	from	from	ADP
ajfa-11129	258	3	stock	stock	NOUN
ajfa-11129	258	4	price	price	NOUN
ajfa-11129	258	5	reactions	reaction	NOUN
ajfa-11129	258	6	to	to	ADP
ajfa-11129	258	7	news	news	NOUN
ajfa-11129	258	8	about	about	ADP
ajfa-11129	258	9	tax	tax	NOUN
ajfa-11129	258	10	shelter	shelter	NOUN
ajfa-11129	258	11	involvement	involvement	NOUN
ajfa-11129	258	12	.	.	PUNCT
ajfa-11129	259	1	journal	journal	NOUN
ajfa-11129	259	2	of	of	ADP
ajfa-11129	259	3	public	public	ADJ
ajfa-11129	259	4	economics	economic	NOUN
ajfa-11129	259	5	,	,	PUNCT
ajfa-11129	259	6	93(1	93(1	NUM
ajfa-11129	259	7	)	)	PUNCT
ajfa-11129	259	8	,	,	PUNCT
ajfa-11129	259	9	126	126	NUM
ajfa-11129	259	10	-	-	SYM
ajfa-11129	259	11	141	141	NUM
ajfa-11129	259	12	.	.	PUNCT
ajfa-11129	260	1	https://doi.org/10.1016/j.jpubeco.2008.09.004	https://doi.org/10.1016/j.jpubeco.2008.09.004	PROPN
ajfa-11129	260	2	johnson	johnson	PROPN
ajfa-11129	260	3	,	,	PUNCT
ajfa-11129	260	4	s.	s.	PROPN
ajfa-11129	260	5	,	,	PUNCT
ajfa-11129	260	6	la	la	PROPN
ajfa-11129	260	7	porta	porta	PROPN
ajfa-11129	260	8	,	,	PUNCT
ajfa-11129	260	9	r.	r.	PROPN
ajfa-11129	260	10	,	,	PUNCT
ajfa-11129	260	11	lopez	lopez	NOUN
ajfa-11129	260	12	-	-	PUNCT
ajfa-11129	260	13	de	de	NOUN
ajfa-11129	260	14	-	-	NOUN
ajfa-11129	260	15	silanes	silanes	PROPN
ajfa-11129	260	16	,	,	PUNCT
ajfa-11129	260	17	f.	f.	PROPN
ajfa-11129	260	18	,	,	PUNCT
ajfa-11129	260	19	&	&	CCONJ
ajfa-11129	260	20	shleifer	shleifer	PROPN
ajfa-11129	260	21	,	,	PUNCT
ajfa-11129	260	22	a.	a.	NOUN
ajfa-11129	260	23	(	(	PUNCT
ajfa-11129	260	24	2000	2000	NUM
ajfa-11129	260	25	)	)	PUNCT
ajfa-11129	260	26	.	.	PUNCT
ajfa-11129	261	1	tunneling	tunneling	NOUN
ajfa-11129	261	2	.	.	PUNCT
ajfa-11129	262	1	american	american	PROPN
ajfa-11129	262	2	economic	economic	PROPN
ajfa-11129	262	3	review	review	PROPN
ajfa-11129	262	4	,	,	PUNCT
ajfa-11129	262	5	90(2	90(2	NUM
ajfa-11129	262	6	)	)	PUNCT
ajfa-11129	262	7	,	,	PUNCT
ajfa-11129	262	8	22	22	NUM
ajfa-11129	262	9	-	-	SYM
ajfa-11129	262	10	27	27	NUM
ajfa-11129	262	11	.	.	PUNCT
ajfa-11129	263	1	https://doi.org/10.1257/aer.90.2.22	https://doi.org/10.1257/aer.90.2.22	PROPN
ajfa-11129	263	2	lennox	lennox	PROPN
ajfa-11129	263	3	,	,	PUNCT
ajfa-11129	263	4	c.	c.	PROPN
ajfa-11129	263	5	,	,	PUNCT
ajfa-11129	263	6	lisowsky	lisowsky	PROPN
ajfa-11129	263	7	,	,	PUNCT
ajfa-11129	263	8	p.	p.	NOUN
ajfa-11129	263	9	,	,	PUNCT
ajfa-11129	263	10	&	&	CCONJ
ajfa-11129	263	11	pittman	pittman	NOUN
ajfa-11129	263	12	,	,	PUNCT
ajfa-11129	263	13	j.	j.	PROPN
ajfa-11129	263	14	(	(	PUNCT
ajfa-11129	263	15	2013	2013	NUM
ajfa-11129	263	16	)	)	PUNCT
ajfa-11129	263	17	.	.	PUNCT
ajfa-11129	264	1	tax	tax	NOUN
ajfa-11129	264	2	aggressiveness	aggressiveness	NOUN
ajfa-11129	264	3	and	and	CCONJ
ajfa-11129	264	4	accounting	accounting	NOUN
ajfa-11129	264	5	fraud	fraud	NOUN
ajfa-11129	264	6	.	.	PUNCT
ajfa-11129	265	1	journal	journal	NOUN
ajfa-11129	265	2	of	of	ADP
ajfa-11129	265	3	accounting	accounting	NOUN
ajfa-11129	265	4	research	research	NOUN
ajfa-11129	265	5	,	,	PUNCT
ajfa-11129	265	6	51(4	51(4	NUM
ajfa-11129	265	7	)	)	PUNCT
ajfa-11129	265	8	,	,	PUNCT
ajfa-11129	265	9	739	739	NUM
ajfa-11129	265	10	-	-	SYM
ajfa-11129	265	11	778	778	NUM
ajfa-11129	265	12	.	.	PUNCT
ajfa-11129	266	1	https://doi.org/10.1111/joar.12002	https://doi.org/10.1111/joar.12002	NOUN
ajfa-11129	266	2	li	li	PROPN
ajfa-11129	266	3	,	,	PUNCT
ajfa-11129	266	4	h.	h.	PROPN
ajfa-11129	266	5	,	,	PUNCT
ajfa-11129	266	6	&	&	CCONJ
ajfa-11129	266	7	zhang	zhang	PROPN
ajfa-11129	266	8	,	,	PUNCT
ajfa-11129	266	9	y.	y.	PROPN
ajfa-11129	266	10	(	(	PUNCT
ajfa-11129	266	11	2007	2007	NUM
ajfa-11129	266	12	)	)	PUNCT
ajfa-11129	266	13	.	.	PUNCT
ajfa-11129	267	1	the	the	DET
ajfa-11129	267	2	role	role	NOUN
ajfa-11129	267	3	of	of	ADP
ajfa-11129	267	4	managers	manager	NOUN
ajfa-11129	267	5	'	'	PART
ajfa-11129	267	6	political	political	ADJ
ajfa-11129	267	7	networking	networking	NOUN
ajfa-11129	267	8	and	and	CCONJ
ajfa-11129	267	9	functional	functional	ADJ
ajfa-11129	267	10	experience	experience	NOUN
ajfa-11129	267	11	in	in	ADP
ajfa-11129	267	12	new	new	ADJ
ajfa-11129	267	13	venture	venture	NOUN
ajfa-11129	267	14	performance	performance	NOUN
ajfa-11129	267	15	:	:	PUNCT
ajfa-11129	267	16	evidence	evidence	NOUN
ajfa-11129	267	17	from	from	ADP
ajfa-11129	267	18	china	china	PROPN
ajfa-11129	267	19	's	's	PART
ajfa-11129	267	20	transition	transition	NOUN
ajfa-11129	267	21	economy	economy	NOUN
ajfa-11129	267	22	.	.	PUNCT
ajfa-11129	268	1	strategic	strategic	ADJ
ajfa-11129	268	2	management	management	NOUN
ajfa-11129	268	3	journal	journal	NOUN
ajfa-11129	268	4	,	,	PUNCT
ajfa-11129	268	5	28(8	28(8	NUM
ajfa-11129	268	6	)	)	PUNCT
ajfa-11129	268	7	,	,	PUNCT
ajfa-11129	268	8	791	791	NUM
ajfa-11129	268	9	-	-	SYM
ajfa-11129	268	10	804	804	NUM
ajfa-11129	268	11	.	.	PUNCT
ajfa-11129	269	1	https://doi.org/10.1002/smj.605	https://doi.org/10.1002/smj.605	PROPN
ajfa-11129	269	2	li	li	PROPN
ajfa-11129	269	3	,	,	PUNCT
ajfa-11129	269	4	h.	h.	PROPN
ajfa-11129	269	5	,	,	PUNCT
ajfa-11129	269	6	meng	meng	PROPN
ajfa-11129	269	7	,	,	PUNCT
ajfa-11129	269	8	l.	l.	PROPN
ajfa-11129	269	9	,	,	PUNCT
ajfa-11129	269	10	wang	wang	PROPN
ajfa-11129	269	11	,	,	PUNCT
ajfa-11129	269	12	q.	q.	PROPN
ajfa-11129	269	13	,	,	PUNCT
ajfa-11129	269	14	&	&	CCONJ
ajfa-11129	269	15	zhou	zhou	PROPN
ajfa-11129	269	16	,	,	PUNCT
ajfa-11129	269	17	l.	l.	PROPN
ajfa-11129	269	18	(	(	PUNCT
ajfa-11129	269	19	2008	2008	NUM
ajfa-11129	269	20	)	)	PUNCT
ajfa-11129	269	21	.	.	PUNCT
ajfa-11129	270	1	political	political	ADJ
ajfa-11129	270	2	connections	connection	NOUN
ajfa-11129	270	3	,	,	PUNCT
ajfa-11129	270	4	financing	financing	NOUN
ajfa-11129	270	5	and	and	CCONJ
ajfa-11129	270	6	firm	firm	ADJ
ajfa-11129	270	7	performance	performance	NOUN
ajfa-11129	270	8	:	:	PUNCT
ajfa-11129	270	9	evidence	evidence	NOUN
ajfa-11129	270	10	from	from	ADP
ajfa-11129	270	11	chinese	chinese	ADJ
ajfa-11129	270	12	private	private	ADJ
ajfa-11129	270	13	firms	firm	NOUN
ajfa-11129	270	14	.	.	PUNCT
ajfa-11129	271	1	journal	journal	PROPN
ajfa-11129	271	2	of	of	ADP
ajfa-11129	271	3	development	development	NOUN
ajfa-11129	271	4	economics	economic	NOUN
ajfa-11129	271	5	,	,	PUNCT
ajfa-11129	271	6	87(2	87(2	NUM
ajfa-11129	271	7	)	)	PUNCT
ajfa-11129	271	8	,	,	PUNCT
ajfa-11129	271	9	283	283	NUM
ajfa-11129	271	10	-	-	SYM
ajfa-11129	271	11	299	299	NUM
ajfa-11129	271	12	.	.	PUNCT
ajfa-11129	272	1	https://doi.org/10.1016/j.jdeveco.2007.03.001	https://doi.org/10.1016/j.jdeveco.2007.03.001	VERB
ajfa-11129	272	2	li	li	PROPN
ajfa-11129	272	3	,	,	PUNCT
ajfa-11129	272	4	h.	h.	PROPN
ajfa-11129	272	5	,	,	PUNCT
ajfa-11129	272	6	meng	meng	PROPN
ajfa-11129	272	7	,	,	PUNCT
ajfa-11129	272	8	l.	l.	PROPN
ajfa-11129	272	9	,	,	PUNCT
ajfa-11129	272	10	&	&	CCONJ
ajfa-11129	272	11	zhang	zhang	PROPN
ajfa-11129	272	12	,	,	PUNCT
ajfa-11129	272	13	j.	j.	PROPN
ajfa-11129	272	14	(	(	PUNCT
ajfa-11129	272	15	2006	2006	NUM
ajfa-11129	272	16	)	)	PUNCT
ajfa-11129	272	17	.	.	PUNCT
ajfa-11129	273	1	why	why	SCONJ
ajfa-11129	273	2	do	do	AUX
ajfa-11129	273	3	entrepreneurs	entrepreneur	NOUN
ajfa-11129	273	4	enter	enter	VERB
ajfa-11129	273	5	politics	politic	NOUN
ajfa-11129	273	6	?	?	PUNCT
ajfa-11129	274	1	evidence	evidence	NOUN
ajfa-11129	274	2	from	from	ADP
ajfa-11129	274	3	china	china	PROPN
ajfa-11129	274	4	.	.	PUNCT
ajfa-11129	275	1	economic	economic	ADJ
ajfa-11129	275	2	inquiry	inquiry	NOUN
ajfa-11129	275	3	,	,	PUNCT
ajfa-11129	275	4	44(3	44(3	NOUN
ajfa-11129	275	5	)	)	PUNCT
ajfa-11129	275	6	,	,	PUNCT
ajfa-11129	275	7	559	559	NUM
ajfa-11129	275	8	-	-	SYM
ajfa-11129	275	9	578	578	NUM
ajfa-11129	275	10	.	.	PUNCT
ajfa-11129	276	1	https://doi.org/10.1093/ei/cbj031	https://doi.org/10.1093/ei/cbj031	PROPN
ajfa-11129	276	2	luo	luo	PROPN
ajfa-11129	276	3	,	,	PUNCT
ajfa-11129	276	4	y.	y.	PROPN
ajfa-11129	276	5	(	(	PUNCT
ajfa-11129	276	6	2003	2003	NUM
ajfa-11129	276	7	)	)	PUNCT
ajfa-11129	276	8	.	.	PUNCT
ajfa-11129	277	1	industrial	industrial	ADJ
ajfa-11129	277	2	dynamics	dynamic	NOUN
ajfa-11129	277	3	and	and	CCONJ
ajfa-11129	277	4	managerial	managerial	ADJ
ajfa-11129	277	5	networking	networking	NOUN
ajfa-11129	277	6	in	in	ADP
ajfa-11129	277	7	an	an	DET
ajfa-11129	277	8	emerging	emerge	VERB
ajfa-11129	277	9	market	market	NOUN
ajfa-11129	277	10	:	:	PUNCT
ajfa-11129	277	11	the	the	DET
ajfa-11129	277	12	case	case	NOUN
ajfa-11129	277	13	of	of	ADP
ajfa-11129	277	14	china	china	PROPN
ajfa-11129	277	15	.	.	PUNCT
ajfa-11129	278	1	strategic	strategic	ADJ
ajfa-11129	278	2	management	management	NOUN
ajfa-11129	278	3	journal	journal	NOUN
ajfa-11129	278	4	,	,	PUNCT
ajfa-11129	278	5	24(13	24(13	NUM
ajfa-11129	278	6	)	)	PUNCT
ajfa-11129	278	7	,	,	PUNCT
ajfa-11129	278	8	1315	1315	NUM
ajfa-11129	278	9	-	-	SYM
ajfa-11129	278	10	1327	1327	NUM
ajfa-11129	278	11	.	.	PUNCT
ajfa-11129	279	1	https://doi.org/10.1002/smj.363	https://doi.org/10.1002/smj.363	PROPN
ajfa-11129	279	2	mills	mill	NOUN
ajfa-11129	279	3	,	,	PUNCT
ajfa-11129	279	4	l.	l.	PROPN
ajfa-11129	279	5	f.	f.	PROPN
ajfa-11129	279	6	(	(	PUNCT
ajfa-11129	279	7	1998	1998	NUM
ajfa-11129	279	8	)	)	PUNCT
ajfa-11129	279	9	.	.	PUNCT
ajfa-11129	280	1	book	book	NOUN
ajfa-11129	280	2	-	-	PUNCT
ajfa-11129	280	3	tax	tax	NOUN
ajfa-11129	280	4	differences	difference	NOUN
ajfa-11129	280	5	and	and	CCONJ
ajfa-11129	280	6	internal	internal	ADJ
ajfa-11129	280	7	revenue	revenue	NOUN
ajfa-11129	280	8	service	service	NOUN
ajfa-11129	280	9	adjustments.journal	adjustments.journal	NOUN
ajfa-11129	280	10	of	of	ADP
ajfa-11129	280	11	accounting	accounting	NOUN
ajfa-11129	280	12	research	research	NOUN
ajfa-11129	280	13	,	,	PUNCT
ajfa-11129	280	14	343	343	NUM
ajfa-11129	280	15	-	-	SYM
ajfa-11129	280	16	356	356	NUM
ajfa-11129	280	17	.	.	PUNCT
ajfa-11129	281	1	https://doi.org/10.2307/2491481	https://doi.org/10.2307/2491481	PROPN
ajfa-11129	281	2	naughton	naughton	PROPN
ajfa-11129	281	3	,	,	PUNCT
ajfa-11129	281	4	b.	b.	PROPN
ajfa-11129	281	5	(	(	PUNCT
ajfa-11129	281	6	2008	2008	NUM
ajfa-11129	281	7	)	)	PUNCT
ajfa-11129	281	8	.	.	PUNCT
ajfa-11129	282	1	sasac	sasac	NOUN
ajfa-11129	282	2	and	and	CCONJ
ajfa-11129	282	3	rising	rise	VERB
ajfa-11129	282	4	corporate	corporate	ADJ
ajfa-11129	282	5	power	power	NOUN
ajfa-11129	282	6	in	in	ADP
ajfa-11129	282	7	china	china	PROPN
ajfa-11129	282	8	.	.	PUNCT
ajfa-11129	283	1	china	china	PROPN
ajfa-11129	283	2	leadership	leadership	PROPN
ajfa-11129	283	3	monitor	monitor	PROPN
ajfa-11129	283	4	,	,	PUNCT
ajfa-11129	283	5	24(2	24(2	NUM
ajfa-11129	283	6	)	)	PUNCT
ajfa-11129	283	7	,	,	PUNCT
ajfa-11129	283	8	1	1	NUM
ajfa-11129	283	9	-	-	SYM
ajfa-11129	283	10	9	9	NUM
ajfa-11129	283	11	.	.	PUNCT
ajfa-11129	283	12	asian	asian	ADJ
ajfa-11129	283	13	journal	journal	PROPN
ajfa-11129	283	14	of	of	ADP
ajfa-11129	283	15	finance	finance	PROPN
ajfa-11129	283	16	&	&	CCONJ
ajfa-11129	283	17	accounting	accounting	PROPN
ajfa-11129	283	18	issn	issn	PROPN
ajfa-11129	283	19	1946	1946	NUM
ajfa-11129	283	20	-	-	PUNCT
ajfa-11129	283	21	052x	052x	PROPN
ajfa-11129	283	22	2017	2017	NUM
ajfa-11129	283	23	,	,	PUNCT
ajfa-11129	283	24	vol	vol	NOUN
ajfa-11129	283	25	.	.	NOUN
ajfa-11129	284	1	9	9	NUM
ajfa-11129	284	2	,	,	PUNCT
ajfa-11129	284	3	no	no	INTJ
ajfa-11129	284	4	.	.	NOUN
ajfa-11129	284	5	1	1	NUM
ajfa-11129	284	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	284	7	346	346	NUM
ajfa-11129	284	8	peng	peng	PROPN
ajfa-11129	284	9	,	,	PUNCT
ajfa-11129	284	10	m.	m.	PROPN
ajfa-11129	284	11	w.	w.	PROPN
ajfa-11129	284	12	,	,	PUNCT
ajfa-11129	284	13	sun	sun	PROPN
ajfa-11129	284	14	,	,	PUNCT
ajfa-11129	284	15	s.	s.	PROPN
ajfa-11129	284	16	l.	l.	PROPN
ajfa-11129	284	17	,	,	PUNCT
ajfa-11129	284	18	&	&	CCONJ
ajfa-11129	284	19	markóczy	markóczy	PROPN
ajfa-11129	284	20	,	,	PUNCT
ajfa-11129	284	21	l.	l.	PROPN
ajfa-11129	284	22	(	(	PUNCT
ajfa-11129	284	23	2015	2015	NUM
ajfa-11129	284	24	)	)	PUNCT
ajfa-11129	284	25	.	.	PUNCT
ajfa-11129	285	1	human	human	ADJ
ajfa-11129	285	2	capital	capital	PROPN
ajfa-11129	285	3	and	and	CCONJ
ajfa-11129	285	4	ceo	ceo	PROPN
ajfa-11129	285	5	compensation	compensation	NOUN
ajfa-11129	285	6	during	during	ADP
ajfa-11129	285	7	institutional	institutional	ADJ
ajfa-11129	285	8	transitions	transition	NOUN
ajfa-11129	285	9	.	.	PUNCT
ajfa-11129	286	1	journal	journal	NOUN
ajfa-11129	286	2	of	of	ADP
ajfa-11129	286	3	management	management	NOUN
ajfa-11129	286	4	studies	study	NOUN
ajfa-11129	286	5	,	,	PUNCT
ajfa-11129	286	6	52(1	52(1	NOUN
ajfa-11129	286	7	)	)	PUNCT
ajfa-11129	286	8	,	,	PUNCT
ajfa-11129	286	9	117	117	NUM
ajfa-11129	286	10	-	-	SYM
ajfa-11129	286	11	147	147	NUM
ajfa-11129	286	12	.	.	PUNCT
ajfa-11129	286	13	https://doi.org/10.1111/joms.12106	https://doi.org/10.1111/joms.12106	PROPN
ajfa-11129	286	14	rego	rego	PROPN
ajfa-11129	286	15	,	,	PUNCT
ajfa-11129	286	16	s.	s.	PROPN
ajfa-11129	286	17	o.	o.	PROPN
ajfa-11129	286	18	,	,	PUNCT
ajfa-11129	286	19	&	&	CCONJ
ajfa-11129	286	20	wilson	wilson	PROPN
ajfa-11129	286	21	,	,	PUNCT
ajfa-11129	286	22	r.	r.	PROPN
ajfa-11129	286	23	(	(	PUNCT
ajfa-11129	286	24	2012	2012	NUM
ajfa-11129	286	25	)	)	PUNCT
ajfa-11129	286	26	.	.	PUNCT
ajfa-11129	287	1	equity	equity	NOUN
ajfa-11129	287	2	risk	risk	NOUN
ajfa-11129	287	3	incentives	incentive	NOUN
ajfa-11129	287	4	and	and	CCONJ
ajfa-11129	287	5	corporate	corporate	ADJ
ajfa-11129	287	6	tax	tax	NOUN
ajfa-11129	287	7	aggressiveness	aggressiveness	NOUN
ajfa-11129	287	8	.	.	PUNCT
ajfa-11129	288	1	journal	journal	NOUN
ajfa-11129	288	2	of	of	ADP
ajfa-11129	288	3	accounting	accounting	NOUN
ajfa-11129	288	4	research	research	NOUN
ajfa-11129	288	5	,	,	PUNCT
ajfa-11129	288	6	50(3	50(3	NUM
ajfa-11129	288	7	)	)	PUNCT
ajfa-11129	288	8	,	,	PUNCT
ajfa-11129	288	9	775	775	NUM
ajfa-11129	288	10	-	-	SYM
ajfa-11129	288	11	810	810	NUM
ajfa-11129	288	12	.	.	PUNCT
ajfa-11129	289	1	https://doi.org/10.1111/j.1475-679x.2012.00438.x	https://doi.org/10.1111/j.1475-679x.2012.00438.x	PROPN
ajfa-11129	289	2	riyanto	riyanto	PROPN
ajfa-11129	289	3	,	,	PUNCT
ajfa-11129	289	4	y.	y.	PROPN
ajfa-11129	289	5	e.	e.	PROPN
ajfa-11129	289	6	,	,	PUNCT
ajfa-11129	289	7	&	&	CCONJ
ajfa-11129	289	8	toolsema	toolsema	PROPN
ajfa-11129	289	9	,	,	PUNCT
ajfa-11129	289	10	l.	l.	PROPN
ajfa-11129	289	11	a.	a.	PROPN
ajfa-11129	289	12	(	(	PUNCT
ajfa-11129	289	13	2008	2008	NUM
ajfa-11129	289	14	)	)	PUNCT
ajfa-11129	289	15	.	.	PUNCT
ajfa-11129	290	1	tunneling	tunnel	VERB
ajfa-11129	290	2	and	and	CCONJ
ajfa-11129	290	3	propping	prop	VERB
ajfa-11129	290	4	:	:	PUNCT
ajfa-11129	290	5	a	a	DET
ajfa-11129	290	6	justification	justification	NOUN
ajfa-11129	290	7	for	for	ADP
ajfa-11129	290	8	pyramidal	pyramidal	ADJ
ajfa-11129	290	9	ownership	ownership	NOUN
ajfa-11129	290	10	.	.	PUNCT
ajfa-11129	291	1	journal	journal	NOUN
ajfa-11129	291	2	of	of	ADP
ajfa-11129	291	3	banking	banking	NOUN
ajfa-11129	291	4	&	&	CCONJ
ajfa-11129	291	5	finance	finance	PROPN
ajfa-11129	291	6	,	,	PUNCT
ajfa-11129	291	7	32(10	32(10	NUM
ajfa-11129	291	8	)	)	PUNCT
ajfa-11129	291	9	,	,	PUNCT
ajfa-11129	291	10	2178	2178	NUM
ajfa-11129	291	11	-	-	SYM
ajfa-11129	291	12	2187	2187	NUM
ajfa-11129	291	13	.	.	PUNCT
ajfa-11129	292	1	https://doi.org/10.1016/j.jbankfin.2007.12.044	https://doi.org/10.1016/j.jbankfin.2007.12.044	PROPN
ajfa-11129	292	2	shleifer	shleifer	PROPN
ajfa-11129	292	3	,	,	PUNCT
ajfa-11129	292	4	a.	a.	PROPN
ajfa-11129	292	5	,	,	PUNCT
ajfa-11129	292	6	&	&	CCONJ
ajfa-11129	292	7	vishny	vishny	PROPN
ajfa-11129	292	8	,	,	PUNCT
ajfa-11129	292	9	r.	r.	PROPN
ajfa-11129	292	10	w.	w.	PROPN
ajfa-11129	292	11	(	(	PUNCT
ajfa-11129	292	12	1997	1997	NUM
ajfa-11129	292	13	)	)	PUNCT
ajfa-11129	292	14	.	.	PUNCT
ajfa-11129	293	1	a	a	DET
ajfa-11129	293	2	survey	survey	NOUN
ajfa-11129	293	3	of	of	ADP
ajfa-11129	293	4	corporate	corporate	ADJ
ajfa-11129	293	5	governance	governance	NOUN
ajfa-11129	293	6	.	.	PUNCT
ajfa-11129	294	1	the	the	DET
ajfa-11129	294	2	journal	journal	NOUN
ajfa-11129	294	3	of	of	ADP
ajfa-11129	294	4	finance	finance	NOUN
ajfa-11129	294	5	,	,	PUNCT
ajfa-11129	294	6	52(2	52(2	NUM
ajfa-11129	294	7	)	)	PUNCT
ajfa-11129	294	8	,	,	PUNCT
ajfa-11129	294	9	737	737	NUM
ajfa-11129	294	10	-	-	SYM
ajfa-11129	294	11	783	783	NUM
ajfa-11129	294	12	.	.	PUNCT
ajfa-11129	295	1	https://doi.org/10.1111/j.1540-6261.1997.tb04820.x	https://doi.org/10.1111/j.1540-6261.1997.tb04820.x	PROPN
ajfa-11129	295	2	wang	wang	PROPN
ajfa-11129	295	3	,	,	PUNCT
ajfa-11129	295	4	l.	l.	PROPN
ajfa-11129	295	5	(	(	PUNCT
ajfa-11129	295	6	2015	2015	NUM
ajfa-11129	295	7	)	)	PUNCT
ajfa-11129	295	8	.	.	PUNCT
ajfa-11129	296	1	protection	protection	NOUN
ajfa-11129	296	2	or	or	CCONJ
ajfa-11129	296	3	expropriation	expropriation	NOUN
ajfa-11129	296	4	:	:	PUNCT
ajfa-11129	296	5	politically	politically	ADV
ajfa-11129	296	6	connected	connected	ADJ
ajfa-11129	296	7	independent	independent	ADJ
ajfa-11129	296	8	directors	director	NOUN
ajfa-11129	296	9	in	in	ADP
ajfa-11129	296	10	china	china	PROPN
ajfa-11129	296	11	.	.	PUNCT
ajfa-11129	297	1	journal	journal	PROPN
ajfa-11129	297	2	of	of	ADP
ajfa-11129	297	3	banking	banking	NOUN
ajfa-11129	297	4	&	&	CCONJ
ajfa-11129	297	5	finance	finance	PROPN
ajfa-11129	297	6	,	,	PUNCT
ajfa-11129	297	7	55	55	NUM
ajfa-11129	297	8	,	,	PUNCT
ajfa-11129	297	9	92	92	NUM
ajfa-11129	297	10	-	-	SYM
ajfa-11129	297	11	106	106	NUM
ajfa-11129	297	12	.	.	PUNCT
ajfa-11129	298	1	https://doi.org/10.1016/j.jbankfin.2015.02.015	https://doi.org/10.1016/j.jbankfin.2015.02.015	PROPN
ajfa-11129	298	2	wang	wang	PROPN
ajfa-11129	298	3	,	,	PUNCT
ajfa-11129	298	4	l.	l.	PROPN
ajfa-11129	298	5	,	,	PUNCT
ajfa-11129	298	6	&	&	CCONJ
ajfa-11129	298	7	yung	yung	PROPN
ajfa-11129	298	8	,	,	PUNCT
ajfa-11129	298	9	k.	k.	PROPN
ajfa-11129	298	10	(	(	PUNCT
ajfa-11129	298	11	2011	2011	NUM
ajfa-11129	298	12	)	)	PUNCT
ajfa-11129	298	13	.	.	PUNCT
ajfa-11129	299	1	do	do	AUX
ajfa-11129	299	2	state	state	NOUN
ajfa-11129	299	3	enterprises	enterprise	NOUN
ajfa-11129	299	4	manage	manage	VERB
ajfa-11129	299	5	earnings	earning	NOUN
ajfa-11129	299	6	more	more	ADV
ajfa-11129	299	7	than	than	ADP
ajfa-11129	299	8	privately	privately	ADV
ajfa-11129	299	9	owned	own	VERB
ajfa-11129	299	10	firms	firm	NOUN
ajfa-11129	299	11	?	?	PUNCT
ajfa-11129	300	1	the	the	DET
ajfa-11129	300	2	case	case	NOUN
ajfa-11129	300	3	of	of	ADP
ajfa-11129	300	4	china	china	PROPN
ajfa-11129	300	5	.	.	PUNCT
ajfa-11129	301	1	journal	journal	PROPN
ajfa-11129	301	2	of	of	ADP
ajfa-11129	301	3	business	business	NOUN
ajfa-11129	301	4	finance	finance	PROPN
ajfa-11129	301	5	&	&	CCONJ
ajfa-11129	301	6	accounting	accounting	PROPN
ajfa-11129	301	7	,	,	PUNCT
ajfa-11129	301	8	38(7‐8	38(7‐8	NUM
ajfa-11129	301	9	)	)	PUNCT
ajfa-11129	301	10	,	,	PUNCT
ajfa-11129	301	11	794	794	X
ajfa-11129	301	12	-	-	SYM
ajfa-11129	301	13	812	812	NUM
ajfa-11129	301	14	.	.	PUNCT
ajfa-11129	302	1	https://doi.org/10.1111/j.1468-5957.2011.02254.x	https://doi.org/10.1111/j.1468-5957.2011.02254.x	PROPN
ajfa-11129	302	2	wu	wu	PROPN
ajfa-11129	302	3	,	,	PUNCT
ajfa-11129	302	4	w.	w.	PROPN
ajfa-11129	302	5	,	,	PUNCT
ajfa-11129	302	6	wu	wu	PROPN
ajfa-11129	302	7	,	,	PUNCT
ajfa-11129	302	8	c.	c.	PROPN
ajfa-11129	302	9	,	,	PUNCT
ajfa-11129	302	10	&	&	CCONJ
ajfa-11129	302	11	liu	liu	PROPN
ajfa-11129	302	12	,	,	PUNCT
ajfa-11129	302	13	x.	x.	NOUN
ajfa-11129	302	14	(	(	PUNCT
ajfa-11129	302	15	2008	2008	NUM
ajfa-11129	302	16	)	)	PUNCT
ajfa-11129	302	17	.	.	PUNCT
ajfa-11129	303	1	political	political	ADJ
ajfa-11129	303	2	connection	connection	NOUN
ajfa-11129	303	3	and	and	CCONJ
ajfa-11129	303	4	market	market	NOUN
ajfa-11129	303	5	valuation	valuation	NOUN
ajfa-11129	303	6	:	:	PUNCT
ajfa-11129	303	7	evidence	evidence	NOUN
ajfa-11129	303	8	from	from	ADP
ajfa-11129	303	9	china	china	PROPN
ajfa-11129	303	10	individual	individual	PROPN
ajfa-11129	303	11	-	-	PUNCT
ajfa-11129	303	12	controlled	control	VERB
ajfa-11129	303	13	listed	list	VERB
ajfa-11129	303	14	firms	firm	NOUN
ajfa-11129	304	1	[	[	X
ajfa-11129	304	2	j	j	X
ajfa-11129	304	3	]	]	X
ajfa-11129	304	4	.	.	PUNCT
ajfa-11129	305	1	economic	economic	ADJ
ajfa-11129	305	2	research	research	NOUN
ajfa-11129	305	3	journal	journal	NOUN
ajfa-11129	305	4	,	,	PUNCT
ajfa-11129	305	5	7	7	NUM
ajfa-11129	305	6	,	,	PUNCT
ajfa-11129	305	7	130	130	NUM
ajfa-11129	305	8	-	-	SYM
ajfa-11129	305	9	141	141	NUM
ajfa-11129	305	10	.	.	PUNCT
ajfa-11129	306	1	wu	wu	PROPN
ajfa-11129	306	2	,	,	PUNCT
ajfa-11129	306	3	w.	w.	PROPN
ajfa-11129	306	4	,	,	PUNCT
ajfa-11129	306	5	wu	wu	PROPN
ajfa-11129	306	6	,	,	PUNCT
ajfa-11129	306	7	c.	c.	PROPN
ajfa-11129	306	8	,	,	PUNCT
ajfa-11129	306	9	zhou	zhou	PROPN
ajfa-11129	306	10	,	,	PUNCT
ajfa-11129	306	11	c.	c.	PROPN
ajfa-11129	306	12	,	,	PUNCT
ajfa-11129	306	13	&	&	CCONJ
ajfa-11129	306	14	wu	wu	PROPN
ajfa-11129	306	15	,	,	PUNCT
ajfa-11129	306	16	j.	j.	PROPN
ajfa-11129	306	17	(	(	PUNCT
ajfa-11129	306	18	2012	2012	NUM
ajfa-11129	306	19	)	)	PUNCT
ajfa-11129	306	20	.	.	PUNCT
ajfa-11129	307	1	political	political	ADJ
ajfa-11129	307	2	connections	connection	NOUN
ajfa-11129	307	3	,	,	PUNCT
ajfa-11129	307	4	tax	tax	NOUN
ajfa-11129	307	5	benefits	benefit	NOUN
ajfa-11129	307	6	and	and	CCONJ
ajfa-11129	307	7	firm	firm	ADJ
ajfa-11129	307	8	performance	performance	NOUN
ajfa-11129	307	9	:	:	PUNCT
ajfa-11129	307	10	evidence	evidence	NOUN
ajfa-11129	307	11	from	from	ADP
ajfa-11129	307	12	china	china	PROPN
ajfa-11129	307	13	.	.	PUNCT
ajfa-11129	308	1	journal	journal	PROPN
ajfa-11129	308	2	of	of	ADP
ajfa-11129	308	3	accounting	accounting	NOUN
ajfa-11129	308	4	and	and	CCONJ
ajfa-11129	308	5	public	public	ADJ
ajfa-11129	308	6	policy	policy	NOUN
ajfa-11129	308	7	,	,	PUNCT
ajfa-11129	308	8	31(3	31(3	NUM
ajfa-11129	308	9	)	)	PUNCT
ajfa-11129	308	10	,	,	PUNCT
ajfa-11129	308	11	277	277	NUM
ajfa-11129	308	12	-	-	SYM
ajfa-11129	308	13	300	300	NUM
ajfa-11129	308	14	.	.	PUNCT
ajfa-11129	309	1	https://doi.org/10.1016/j.jaccpubpol.2011.10.005	https://doi.org/10.1016/j.jaccpubpol.2011.10.005	PROPN
ajfa-11129	309	2	zeng	zeng	PROPN
ajfa-11129	309	3	,	,	PUNCT
ajfa-11129	309	4	t.	t.	PROPN
ajfa-11129	309	5	(	(	PUNCT
ajfa-11129	309	6	2010	2010	NUM
ajfa-11129	309	7	)	)	PUNCT
ajfa-11129	309	8	.	.	PUNCT
ajfa-11129	310	1	ownership	ownership	NOUN
ajfa-11129	310	2	concentration	concentration	NOUN
ajfa-11129	310	3	,	,	PUNCT
ajfa-11129	310	4	state	state	NOUN
ajfa-11129	310	5	ownership	ownership	NOUN
ajfa-11129	310	6	,	,	PUNCT
ajfa-11129	310	7	and	and	CCONJ
ajfa-11129	310	8	effective	effective	ADJ
ajfa-11129	310	9	tax	tax	NOUN
ajfa-11129	310	10	rates	rate	NOUN
ajfa-11129	310	11	:	:	PUNCT
ajfa-11129	310	12	evidence	evidence	NOUN
ajfa-11129	310	13	from	from	ADP
ajfa-11129	310	14	china	china	PROPN
ajfa-11129	310	15	’s	’s	PART
ajfa-11129	310	16	listed	list	VERB
ajfa-11129	310	17	firms	firm	NOUN
ajfa-11129	310	18	.	.	PUNCT
ajfa-11129	311	1	accounting	account	VERB
ajfa-11129	311	2	perspectives	perspective	NOUN
ajfa-11129	311	3	,	,	PUNCT
ajfa-11129	311	4	9(4	9(4	NUM
ajfa-11129	311	5	)	)	PUNCT
ajfa-11129	311	6	,	,	PUNCT
ajfa-11129	311	7	271	271	NUM
ajfa-11129	311	8	-	-	SYM
ajfa-11129	311	9	289	289	NUM
ajfa-11129	311	10	.	.	PUNCT
ajfa-11129	312	1	https://doi.org/10.1111/j.1911-3838.2010.00014.x	https://doi.org/10.1111/j.1911-3838.2010.00014.x	ADJ
ajfa-11129	312	2	table	table	NOUN
ajfa-11129	312	3	1	1	NUM
ajfa-11129	312	4	.	.	PUNCT
ajfa-11129	312	5	sample	sample	NOUN
ajfa-11129	312	6	selection	selection	NOUN
ajfa-11129	312	7	initial	initial	ADJ
ajfa-11129	312	8	sample	sample	NOUN
ajfa-11129	312	9	(	(	PUNCT
ajfa-11129	312	10	firm	firm	ADJ
ajfa-11129	312	11	-	-	PUNCT
ajfa-11129	312	12	year	year	NOUN
ajfa-11129	312	13	observations	observation	NOUN
ajfa-11129	312	14	)	)	PUNCT
ajfa-11129	312	15	5,200	5,200	NUM
ajfa-11129	312	16	(	(	PUNCT
ajfa-11129	312	17	a	a	NOUN
ajfa-11129	312	18	)	)	PUNCT
ajfa-11129	312	19	deletions	deletion	NOUN
ajfa-11129	312	20	due	due	ADJ
ajfa-11129	312	21	to	to	ADP
ajfa-11129	312	22	missing	miss	VERB
ajfa-11129	312	23	data	datum	NOUN
ajfa-11129	312	24	for	for	ADP
ajfa-11129	312	25	prior	prior	ADJ
ajfa-11129	312	26	ipo	ipo	PROPN
ajfa-11129	312	27	-594	-594	PROPN
ajfa-11129	312	28	ceo	ceo	PROPN
ajfa-11129	312	29	’s	’s	PART
ajfa-11129	312	30	political	political	ADJ
ajfa-11129	312	31	connection	connection	NOUN
ajfa-11129	312	32	-811	-811	PROPN
ajfa-11129	312	33	board	board	NOUN
ajfa-11129	312	34	’s	’s	PART
ajfa-11129	312	35	political	political	ADJ
ajfa-11129	312	36	connection	connection	NOUN
ajfa-11129	312	37	-61	-61	PUNCT
ajfa-11129	312	38	cash	cash	NOUN
ajfa-11129	312	39	etr	etr	PROPN
ajfa-11129	312	40	in	in	ADP
ajfa-11129	312	41	capital	capital	NOUN
ajfa-11129	312	42	iq	iq	PROPN
ajfa-11129	312	43	-21	-21	PROPN
ajfa-11129	312	44	control	control	PROPN
ajfa-11129	312	45	variables	variable	VERB
ajfa-11129	312	46	-566	-566	PROPN
ajfa-11129	312	47	sample	sample	NOUN
ajfa-11129	312	48	size	size	NOUN
ajfa-11129	312	49	3,147	3,147	NUM
ajfa-11129	312	50	(	(	PUNCT
ajfa-11129	312	51	a	a	X
ajfa-11129	312	52	)	)	PUNCT
ajfa-11129	312	53	csi	csi	PROPN
ajfa-11129	312	54	soe	soe	PROPN
ajfa-11129	312	55	200	200	NUM
ajfa-11129	312	56	firms	firm	NOUN
ajfa-11129	312	57	and	and	CCONJ
ajfa-11129	312	58	csi	csi	PROPN
ajfa-11129	312	59	poe	poe	PROPN
ajfa-11129	312	60	200	200	NUM
ajfa-11129	312	61	firms	firm	NOUN
ajfa-11129	312	62	13	13	NUM
ajfa-11129	312	63	years	year	NOUN
ajfa-11129	312	64	(	(	PUNCT
ajfa-11129	312	65	2002	2002	NUM
ajfa-11129	312	66	-	-	SYM
ajfa-11129	312	67	2014	2014	NUM
ajfa-11129	312	68	)	)	PUNCT
ajfa-11129	312	69	asian	asian	ADJ
ajfa-11129	312	70	journal	journal	NOUN
ajfa-11129	312	71	of	of	ADP
ajfa-11129	312	72	finance	finance	PROPN
ajfa-11129	312	73	&	&	CCONJ
ajfa-11129	312	74	accounting	accounting	PROPN
ajfa-11129	312	75	issn	issn	PROPN
ajfa-11129	312	76	1946	1946	NUM
ajfa-11129	312	77	-	-	PUNCT
ajfa-11129	312	78	052x	052x	PROPN
ajfa-11129	312	79	2017	2017	NUM
ajfa-11129	312	80	,	,	PUNCT
ajfa-11129	312	81	vol	vol	NOUN
ajfa-11129	312	82	.	.	NOUN
ajfa-11129	312	83	9	9	NUM
ajfa-11129	312	84	,	,	PUNCT
ajfa-11129	312	85	no	no	INTJ
ajfa-11129	312	86	.	.	NOUN
ajfa-11129	312	87	1	1	NUM
ajfa-11129	312	88	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	312	89	347	347	NUM
ajfa-11129	312	90	table	table	NOUN
ajfa-11129	312	91	2	2	NUM
ajfa-11129	312	92	.	.	PUNCT
ajfa-11129	313	1	summary	summary	NOUN
ajfa-11129	313	2	statistics	statistic	NOUN
ajfa-11129	313	3	for	for	ADP
ajfa-11129	313	4	dependent	dependent	ADJ
ajfa-11129	313	5	and	and	CCONJ
ajfa-11129	313	6	independent	independent	ADJ
ajfa-11129	313	7	variables	variable	NOUN
ajfa-11129	313	8	panel	panel	NOUN
ajfa-11129	313	9	a	a	PRON
ajfa-11129	313	10	:	:	PUNCT
ajfa-11129	313	11	dependent	dependent	ADJ
ajfa-11129	313	12	variables	variable	NOUN
ajfa-11129	313	13	variables	variable	NOUN
ajfa-11129	313	14	mean	mean	VERB
ajfa-11129	313	15	std	std	X
ajfa-11129	313	16	dev	dev	PROPN
ajfa-11129	313	17	25th	25th	NOUN
ajfa-11129	313	18	50th	50th	ADJ
ajfa-11129	313	19	75th	75th	ADJ
ajfa-11129	313	20	cash	cash	NOUN
ajfa-11129	313	21	etr	etr	NOUN
ajfa-11129	313	22	0.433	0.433	NUM
ajfa-11129	313	23	0.836	0.836	NUM
ajfa-11129	313	24	0.208	0.208	NUM
ajfa-11129	313	25	0.433	0.433	NUM
ajfa-11129	313	26	0.797	0.797	NUM
ajfa-11129	313	27	panel	panel	NOUN
ajfa-11129	313	28	b	b	NOUN
ajfa-11129	313	29	:	:	PUNCT
ajfa-11129	313	30	continuous	continuous	ADJ
ajfa-11129	313	31	variables	variable	NOUN
ajfa-11129	313	32	variable	variable	ADJ
ajfa-11129	313	33	mean	mean	VERB
ajfa-11129	313	34	std	std	X
ajfa-11129	313	35	dev	dev	NOUN
ajfa-11129	313	36	25th	25th	NOUN
ajfa-11129	313	37	50th	50th	ADJ
ajfa-11129	313	38	75th	75th	ADJ
ajfa-11129	313	39	tenure	tenure	NOUN
ajfa-11129	313	40	4.4903	4.4903	NUM
ajfa-11129	313	41	3.3514	3.3514	NUM
ajfa-11129	313	42	2	2	NUM
ajfa-11129	313	43	3	3	NUM
ajfa-11129	313	44	6	6	NUM
ajfa-11129	313	45	roa	roa	NOUN
ajfa-11129	313	46	5.0155	5.0155	NUM
ajfa-11129	313	47	5.0921	5.0921	NUM
ajfa-11129	313	48	1.780	1.780	NUM
ajfa-11129	313	49	3.880	3.880	NUM
ajfa-11129	313	50	7.150	7.150	NUM
ajfa-11129	313	51	lev	lev	NOUN
ajfa-11129	313	52	0.2221	0.2221	NUM
ajfa-11129	313	53	0.1652	0.1652	NUM
ajfa-11129	313	54	0.078	0.078	NUM
ajfa-11129	313	55	0.212	0.212	NUM
ajfa-11129	313	56	0.337	0.337	NUM
ajfa-11129	313	57	mtb	mtb	NOUN
ajfa-11129	313	58	3.6569	3.6569	NUM
ajfa-11129	313	59	2.8570	2.8570	NUM
ajfa-11129	313	60	1.756	1.756	NUM
ajfa-11129	313	61	2.745	2.745	NUM
ajfa-11129	313	62	4.603	4.603	NUM
ajfa-11129	313	63	fix	fix	NOUN
ajfa-11129	313	64	0.2712	0.2712	NUM
ajfa-11129	313	65	0.1983	0.1983	NUM
ajfa-11129	313	66	0.115	0.115	NUM
ajfa-11129	313	67	0.237	0.237	NUM
ajfa-11129	313	68	0.394	0.394	NUM
ajfa-11129	313	69	inv	inv	VERB
ajfa-11129	313	70	0.1670	0.1670	NUM
ajfa-11129	313	71	0.1582	0.1582	NUM
ajfa-11129	313	72	0.056	0.056	NUM
ajfa-11129	313	73	0.130	0.130	NUM
ajfa-11129	313	74	0.218	0.218	NUM
ajfa-11129	313	75	size	size	NOUN
ajfa-11129	313	76	9.1942	9.1942	NUM
ajfa-11129	313	77	1.8707	1.8707	NUM
ajfa-11129	313	78	7.923	7.923	NUM
ajfa-11129	313	79	8.914	8.914	NUM
ajfa-11129	313	80	10.169	10.169	NUM
ajfa-11129	313	81	panel	panel	NOUN
ajfa-11129	313	82	c	c	NOUN
ajfa-11129	313	83	:	:	PUNCT
ajfa-11129	313	84	discrete	discrete	VERB
ajfa-11129	313	85	variables	variable	NOUN
ajfa-11129	313	86	variable	variable	ADJ
ajfa-11129	313	87	value	value	NOUN
ajfa-11129	313	88	percent	percent	NOUN
ajfa-11129	313	89	value	value	NOUN
ajfa-11129	313	90	percent	percent	NOUN
ajfa-11129	313	91	pboard	pboard	VERB
ajfa-11129	313	92	1	1	NUM
ajfa-11129	313	93	19.67	19.67	NUM
ajfa-11129	313	94	%	%	NOUN
ajfa-11129	313	95	0	0	NUM
ajfa-11129	313	96	80.33	80.33	NUM
ajfa-11129	313	97	%	%	NOUN
ajfa-11129	313	98	pceo	pceo	NOUN
ajfa-11129	313	99	1	1	NUM
ajfa-11129	313	100	17.57	17.57	NUM
ajfa-11129	313	101	%	%	NOUN
ajfa-11129	313	102	0	0	NUM
ajfa-11129	313	103	82.43	82.43	NUM
ajfa-11129	313	104	%	%	NOUN
ajfa-11129	313	105	soe	soe	PROPN
ajfa-11129	313	106	1	1	NUM
ajfa-11129	313	107	52.59	52.59	NUM
ajfa-11129	313	108	%	%	NOUN
ajfa-11129	313	109	0	0	NUM
ajfa-11129	313	110	47.41	47.41	NUM
ajfa-11129	313	111	%	%	NOUN
ajfa-11129	313	112	loss	loss	NOUN
ajfa-11129	313	113	1	1	NUM
ajfa-11129	313	114	3.84	3.84	NUM
ajfa-11129	313	115	%	%	NOUN
ajfa-11129	313	116	0	0	NUM
ajfa-11129	313	117	96.16	96.16	NUM
ajfa-11129	313	118	%	%	NOUN
ajfa-11129	313	119	variable	variable	ADJ
ajfa-11129	313	120	definitions	definition	NOUN
ajfa-11129	313	121	dependent	dependent	ADJ
ajfa-11129	313	122	variable	variable	NOUN
ajfa-11129	313	123	:	:	PUNCT
ajfa-11129	314	1	cash	cash	NOUN
ajfa-11129	314	2	etrit	etrit	NOUN
ajfa-11129	314	3	=	=	NOUN
ajfa-11129	314	4	cash	cash	NOUN
ajfa-11129	314	5	etr	etr	PROPN
ajfa-11129	314	6	calculated	calculate	VERB
ajfa-11129	314	7	as	as	ADP
ajfa-11129	314	8	income	income	NOUN
ajfa-11129	314	9	taxes	taxis	NOUN
ajfa-11129	314	10	paid	pay	VERB
ajfa-11129	314	11	divided	divide	VERB
ajfa-11129	314	12	by	by	ADP
ajfa-11129	314	13	the	the	DET
ajfa-11129	314	14	pre	pre	ADJ
ajfa-11129	314	15	-	-	ADJ
ajfa-11129	314	16	tax	tax	ADJ
ajfa-11129	314	17	income	income	NOUN
ajfa-11129	314	18	in	in	ADP
ajfa-11129	314	19	year	year	NOUN
ajfa-11129	314	20	t	t	PROPN
ajfa-11129	314	21	;	;	PUNCT
ajfa-11129	314	22	independent	independent	ADJ
ajfa-11129	314	23	variables	variable	NOUN
ajfa-11129	314	24	:	:	PUNCT
ajfa-11129	314	25	tenure	tenure	NOUN
ajfa-11129	314	26	=	=	NOUN
ajfa-11129	314	27	number	number	NOUN
ajfa-11129	314	28	of	of	ADP
ajfa-11129	314	29	years	year	NOUN
ajfa-11129	314	30	the	the	DET
ajfa-11129	314	31	ceo	ceo	NOUN
ajfa-11129	314	32	serves	serve	VERB
ajfa-11129	314	33	in	in	ADP
ajfa-11129	314	34	this	this	DET
ajfa-11129	314	35	position	position	NOUN
ajfa-11129	314	36	;	;	PUNCT
ajfa-11129	314	37	roait	roait	NOUN
ajfa-11129	314	38	=	=	SYM
ajfa-11129	314	39	roa	roa	NOUN
ajfa-11129	314	40	calculated	calculate	VERB
ajfa-11129	314	41	as	as	ADP
ajfa-11129	314	42	the	the	DET
ajfa-11129	314	43	net	net	ADJ
ajfa-11129	314	44	income	income	NOUN
ajfa-11129	314	45	for	for	ADP
ajfa-11129	314	46	firm	firm	ADJ
ajfa-11129	314	47	i	i	PRON
ajfa-11129	314	48	in	in	ADP
ajfa-11129	314	49	year	year	NOUN
ajfa-11129	314	50	t	t	PROPN
ajfa-11129	314	51	divided	divide	VERB
ajfa-11129	314	52	by	by	ADP
ajfa-11129	314	53	total	total	ADJ
ajfa-11129	314	54	assets	asset	NOUN
ajfa-11129	314	55	for	for	ADP
ajfa-11129	314	56	firm	firm	ADJ
ajfa-11129	314	57	i	i	PRON
ajfa-11129	314	58	in	in	ADP
ajfa-11129	314	59	year	year	NOUN
ajfa-11129	314	60	t-1	t-1	PROPN
ajfa-11129	314	61	;	;	PUNCT
ajfa-11129	314	62	mtbit	mtbit	NOUN
ajfa-11129	314	63	=	=	SYM
ajfa-11129	314	64	market	market	NOUN
ajfa-11129	314	65	-	-	PUNCT
ajfa-11129	314	66	to	to	ADP
ajfa-11129	314	67	-	-	PUNCT
ajfa-11129	314	68	book	book	NOUN
ajfa-11129	314	69	ratio	ratio	NOUN
ajfa-11129	314	70	calculated	calculate	VERB
ajfa-11129	314	71	as	as	ADP
ajfa-11129	314	72	the	the	DET
ajfa-11129	314	73	market	market	NOUN
ajfa-11129	314	74	value	value	NOUN
ajfa-11129	314	75	of	of	ADP
ajfa-11129	314	76	common	common	ADJ
ajfa-11129	314	77	equity	equity	NOUN
ajfa-11129	314	78	divided	divide	VERB
ajfa-11129	314	79	by	by	ADP
ajfa-11129	314	80	book	book	NOUN
ajfa-11129	314	81	value	value	NOUN
ajfa-11129	314	82	of	of	ADP
ajfa-11129	314	83	common	common	ADJ
ajfa-11129	314	84	equity	equity	NOUN
ajfa-11129	314	85	at	at	ADP
ajfa-11129	314	86	end	end	NOUN
ajfa-11129	314	87	of	of	ADP
ajfa-11129	314	88	current	current	ADJ
ajfa-11129	314	89	year	year	NOUN
ajfa-11129	314	90	;	;	PUNCT
ajfa-11129	314	91	levit=	levit=	NUM
ajfa-11129	314	92	leverage	leverage	NOUN
ajfa-11129	314	93	calculated	calculate	VERB
ajfa-11129	314	94	as	as	ADP
ajfa-11129	314	95	long	long	ADJ
ajfa-11129	314	96	-	-	PUNCT
ajfa-11129	314	97	term	term	NOUN
ajfa-11129	314	98	debt	debt	NOUN
ajfa-11129	314	99	at	at	ADP
ajfa-11129	314	100	current	current	ADJ
ajfa-11129	314	101	year	year	NOUN
ajfa-11129	314	102	-	-	PUNCT
ajfa-11129	314	103	end	end	NOUN
ajfa-11129	314	104	divided	divide	VERB
ajfa-11129	314	105	by	by	ADP
ajfa-11129	314	106	book	book	NOUN
ajfa-11129	314	107	value	value	NOUN
ajfa-11129	314	108	of	of	ADP
ajfa-11129	314	109	equity	equity	NOUN
ajfa-11129	314	110	at	at	ADP
ajfa-11129	314	111	current	current	ADJ
ajfa-11129	314	112	year	year	NOUN
ajfa-11129	314	113	-	-	PUNCT
ajfa-11129	314	114	end	end	NOUN
ajfa-11129	314	115	;	;	PUNCT
ajfa-11129	314	116	fixit	fixit	PROPN
ajfa-11129	314	117	=	=	SYM
ajfa-11129	314	118	capital	capital	NOUN
ajfa-11129	314	119	intensity	intensity	NOUN
ajfa-11129	314	120	calculated	calculate	VERB
ajfa-11129	314	121	as	as	ADP
ajfa-11129	314	122	total	total	ADJ
ajfa-11129	314	123	fixed	fix	VERB
ajfa-11129	314	124	assets	asset	NOUN
ajfa-11129	314	125	at	at	ADP
ajfa-11129	314	126	current	current	ADJ
ajfa-11129	314	127	year	year	NOUN
ajfa-11129	314	128	-	-	PUNCT
ajfa-11129	314	129	end	end	NOUN
ajfa-11129	314	130	divided	divide	VERB
ajfa-11129	314	131	by	by	ADP
ajfa-11129	314	132	total	total	ADJ
ajfa-11129	314	133	assets	asset	NOUN
ajfa-11129	314	134	of	of	ADP
ajfa-11129	314	135	the	the	DET
ajfa-11129	314	136	firm	firm	NOUN
ajfa-11129	314	137	at	at	ADP
ajfa-11129	314	138	current	current	ADJ
ajfa-11129	314	139	year	year	NOUN
ajfa-11129	314	140	-	-	PUNCT
ajfa-11129	314	141	end	end	NOUN
ajfa-11129	314	142	;	;	PUNCT
ajfa-11129	314	143	invit	invit	PROPN
ajfa-11129	314	144	=	=	PUNCT
ajfa-11129	314	145	inventory	inventory	NOUN
ajfa-11129	314	146	intensity	intensity	NOUN
ajfa-11129	314	147	calculated	calculate	VERB
ajfa-11129	314	148	as	as	ADP
ajfa-11129	314	149	total	total	ADJ
ajfa-11129	314	150	inventory	inventory	NOUN
ajfa-11129	314	151	at	at	ADP
ajfa-11129	314	152	current	current	ADJ
ajfa-11129	314	153	year	year	NOUN
ajfa-11129	314	154	-	-	PUNCT
ajfa-11129	314	155	end	end	NOUN
ajfa-11129	314	156	divided	divide	VERB
ajfa-11129	314	157	by	by	ADP
ajfa-11129	314	158	total	total	ADJ
ajfa-11129	314	159	assets	asset	NOUN
ajfa-11129	314	160	of	of	ADP
ajfa-11129	314	161	the	the	DET
ajfa-11129	314	162	firm	firm	NOUN
ajfa-11129	314	163	at	at	ADP
ajfa-11129	314	164	current	current	ADJ
ajfa-11129	314	165	year	year	NOUN
ajfa-11129	314	166	-	-	PUNCT
ajfa-11129	314	167	end	end	NOUN
ajfa-11129	314	168	;	;	PUNCT
ajfa-11129	314	169	sizeit	sizeit	ADJ
ajfa-11129	314	170	=	=	SYM
ajfa-11129	314	171	natural	natural	ADJ
ajfa-11129	314	172	log	log	NOUN
ajfa-11129	314	173	of	of	ADP
ajfa-11129	314	174	market	market	NOUN
ajfa-11129	314	175	value	value	NOUN
ajfa-11129	314	176	;	;	PUNCT
ajfa-11129	314	177	discrete	discrete	ADJ
ajfa-11129	314	178	variables	variable	NOUN
ajfa-11129	314	179	:	:	PUNCT
ajfa-11129	314	180	pboardit	pboardit	NOUN
ajfa-11129	314	181	=	=	PUNCT
ajfa-11129	314	182	the	the	DET
ajfa-11129	314	183	politically	politically	ADV
ajfa-11129	314	184	connected	connect	VERB
ajfa-11129	314	185	independent	independent	ADJ
ajfa-11129	314	186	director	director	NOUN
ajfa-11129	314	187	is	be	AUX
ajfa-11129	314	188	a	a	DET
ajfa-11129	314	189	dummy	dummy	ADJ
ajfa-11129	314	190	variable	variable	NOUN
ajfa-11129	314	191	that	that	PRON
ajfa-11129	314	192	equals	equal	VERB
ajfa-11129	314	193	to	to	ADP
ajfa-11129	314	194	1	1	NUM
ajfa-11129	314	195	if	if	SCONJ
ajfa-11129	314	196	at	at	ADV
ajfa-11129	314	197	least	least	ADV
ajfa-11129	314	198	one	one	NUM
ajfa-11129	314	199	independent	independent	ADJ
ajfa-11129	314	200	director	director	NOUN
ajfa-11129	314	201	on	on	ADP
ajfa-11129	314	202	board	board	NOUN
ajfa-11129	314	203	is	be	AUX
ajfa-11129	314	204	or	or	CCONJ
ajfa-11129	314	205	was	be	AUX
ajfa-11129	314	206	a	a	DET
ajfa-11129	314	207	member	member	NOUN
ajfa-11129	314	208	of	of	ADP
ajfa-11129	314	209	npc	npc	NOUN
ajfa-11129	314	210	or	or	CCONJ
ajfa-11129	314	211	cppcc	cppcc	NOUN
ajfa-11129	314	212	,	,	PUNCT
ajfa-11129	314	213	and	and	CCONJ
ajfa-11129	314	214	equals	equal	VERB
ajfa-11129	314	215	to	to	ADP
ajfa-11129	314	216	0	0	NUM
ajfa-11129	314	217	otherwise	otherwise	ADV
ajfa-11129	314	218	;	;	PUNCT
ajfa-11129	314	219	pceoit	pceoit	ADV
ajfa-11129	314	220	=	=	PUNCT
ajfa-11129	314	221	the	the	DET
ajfa-11129	314	222	politically	politically	ADV
ajfa-11129	314	223	connected	connect	VERB
ajfa-11129	314	224	ceo	ceo	NOUN
ajfa-11129	314	225	is	be	AUX
ajfa-11129	314	226	a	a	DET
ajfa-11129	314	227	dummy	dummy	ADJ
ajfa-11129	314	228	variable	variable	NOUN
ajfa-11129	314	229	that	that	PRON
ajfa-11129	314	230	equals	equal	VERB
ajfa-11129	314	231	to	to	ADP
ajfa-11129	314	232	1	1	NUM
ajfa-11129	314	233	if	if	SCONJ
ajfa-11129	314	234	the	the	DET
ajfa-11129	314	235	ceo	ceo	NOUN
ajfa-11129	314	236	is	be	AUX
ajfa-11129	314	237	or	or	CCONJ
ajfa-11129	314	238	was	be	AUX
ajfa-11129	314	239	a	a	DET
ajfa-11129	314	240	member	member	NOUN
ajfa-11129	314	241	of	of	ADP
ajfa-11129	314	242	npc	npc	NOUN
ajfa-11129	314	243	or	or	CCONJ
ajfa-11129	314	244	cppcc	cppcc	NOUN
ajfa-11129	314	245	,	,	PUNCT
ajfa-11129	314	246	and	and	CCONJ
ajfa-11129	314	247	equals	equal	VERB
ajfa-11129	314	248	to	to	ADP
ajfa-11129	314	249	0	0	NUM
ajfa-11129	314	250	otherwise	otherwise	ADV
ajfa-11129	314	251	;	;	PUNCT
ajfa-11129	314	252	soei	soei	ADJ
ajfa-11129	314	253	=	=	SYM
ajfa-11129	314	254	seo	seo	NOUN
ajfa-11129	314	255	is	be	AUX
ajfa-11129	314	256	a	a	DET
ajfa-11129	314	257	dummy	dummy	ADJ
ajfa-11129	314	258	variable	variable	NOUN
ajfa-11129	314	259	that	that	PRON
ajfa-11129	314	260	takes	take	VERB
ajfa-11129	314	261	the	the	DET
ajfa-11129	314	262	value	value	NOUN
ajfa-11129	314	263	of	of	ADP
ajfa-11129	314	264	1	1	NUM
ajfa-11129	314	265	if	if	SCONJ
ajfa-11129	314	266	the	the	DET
ajfa-11129	314	267	firm	firm	NOUN
ajfa-11129	314	268	is	be	AUX
ajfa-11129	314	269	included	include	VERB
ajfa-11129	314	270	in	in	ADP
ajfa-11129	314	271	the	the	DET
ajfa-11129	314	272	csi	csi	PROPN
ajfa-11129	314	273	soe	soe	PROPN
ajfa-11129	314	274	200	200	NUM
ajfa-11129	314	275	index	index	NOUN
ajfa-11129	314	276	,	,	PUNCT
ajfa-11129	314	277	and	and	CCONJ
ajfa-11129	314	278	take	take	VERB
ajfa-11129	314	279	the	the	DET
ajfa-11129	314	280	value	value	NOUN
ajfa-11129	314	281	of	of	ADP
ajfa-11129	314	282	0	0	NUM
ajfa-11129	314	283	if	if	SCONJ
ajfa-11129	314	284	the	the	DET
ajfa-11129	314	285	firm	firm	NOUN
ajfa-11129	314	286	is	be	AUX
ajfa-11129	314	287	included	include	VERB
ajfa-11129	314	288	in	in	ADP
ajfa-11129	314	289	the	the	DET
ajfa-11129	314	290	csi	csi	PROPN
ajfa-11129	314	291	poe	poe	PROPN
ajfa-11129	314	292	200	200	NUM
ajfa-11129	314	293	index	index	NOUN
ajfa-11129	314	294	;	;	PUNCT
ajfa-11129	314	295	lossit	lossit	NOUN
ajfa-11129	314	296	=	=	NOUN
ajfa-11129	314	297	loss	loss	NOUN
ajfa-11129	314	298	is	be	AUX
ajfa-11129	314	299	a	a	DET
ajfa-11129	314	300	dummy	dummy	ADJ
ajfa-11129	314	301	variable	variable	NOUN
ajfa-11129	314	302	that	that	PRON
ajfa-11129	314	303	takes	take	VERB
ajfa-11129	314	304	value	value	NOUN
ajfa-11129	314	305	of	of	ADP
ajfa-11129	314	306	1	1	NUM
ajfa-11129	314	307	if	if	SCONJ
ajfa-11129	314	308	there	there	PRON
ajfa-11129	314	309	is	be	VERB
ajfa-11129	314	310	a	a	DET
ajfa-11129	314	311	net	net	ADJ
ajfa-11129	314	312	loss	loss	NOUN
ajfa-11129	314	313	carry	carry	VERB
ajfa-11129	314	314	forward	forward	ADV
ajfa-11129	314	315	and	and	CCONJ
ajfa-11129	314	316	0	0	NUM
ajfa-11129	314	317	otherwise	otherwise	ADV
ajfa-11129	314	318	.	.	PUNCT
ajfa-11129	315	1	asian	asian	ADJ
ajfa-11129	315	2	journal	journal	PROPN
ajfa-11129	315	3	of	of	ADP
ajfa-11129	315	4	finance	finance	PROPN
ajfa-11129	315	5	&	&	CCONJ
ajfa-11129	315	6	accounting	accounting	PROPN
ajfa-11129	315	7	issn	issn	PROPN
ajfa-11129	315	8	1946	1946	NUM
ajfa-11129	315	9	-	-	PUNCT
ajfa-11129	315	10	052x	052x	PROPN
ajfa-11129	315	11	2017	2017	NUM
ajfa-11129	315	12	,	,	PUNCT
ajfa-11129	315	13	vol	vol	NOUN
ajfa-11129	315	14	.	.	NOUN
ajfa-11129	315	15	9	9	NUM
ajfa-11129	315	16	,	,	PUNCT
ajfa-11129	315	17	no	no	INTJ
ajfa-11129	315	18	.	.	NOUN
ajfa-11129	315	19	1	1	NUM
ajfa-11129	315	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	315	21	348	348	NUM
ajfa-11129	315	22	table	table	NOUN
ajfa-11129	315	23	3	3	NUM
ajfa-11129	315	24	.	.	PUNCT
ajfa-11129	315	25	correlations	correlation	NOUN
ajfa-11129	315	26	cash	cash	NOUN
ajfa-11129	315	27	etr	etr	PROPN
ajfa-11129	315	28	pboar	pboar	PROPN
ajfa-11129	315	29	d	d	PROPN
ajfa-11129	315	30	soe	soe	PROPN
ajfa-11129	315	31	pce	pce	PROPN
ajfa-11129	315	32	o	o	PROPN
ajfa-11129	315	33	size	size	NOUN
ajfa-11129	315	34	mtb	mtb	NOUN
ajfa-11129	315	35	lev	lev	NOUN
ajfa-11129	315	36	inv	inv	VERB
ajfa-11129	315	37	fix	fix	NOUN
ajfa-11129	315	38	tenur	tenur	NOUN
ajfa-11129	315	39	e	e	X
ajfa-11129	315	40	roa	roa	NOUN
ajfa-11129	315	41	pboar	pboar	VERB
ajfa-11129	315	42	d	d	PROPN
ajfa-11129	315	43	0.010	0.010	NUM
ajfa-11129	315	44	1.000	1.000	NUM
ajfa-11129	315	45	soe	soe	PROPN
ajfa-11129	315	46	0.091	0.091	NUM
ajfa-11129	315	47	0.199	0.199	NUM
ajfa-11129	315	48	1.000	1.000	NUM
ajfa-11129	315	49	pceo	pceo	NOUN
ajfa-11129	315	50	0.065	0.065	NUM
ajfa-11129	315	51	0.064	0.064	NUM
ajfa-11129	315	52	-0.02	-0.02	NUM
ajfa-11129	315	53	5	5	NUM
ajfa-11129	315	54	1.000	1.000	NUM
ajfa-11129	315	55	size	size	NOUN
ajfa-11129	315	56	0.070	0.070	NUM
ajfa-11129	315	57	0.320	0.320	NUM
ajfa-11129	315	58	0.469	0.469	NUM
ajfa-11129	315	59	0.153	0.153	NUM
ajfa-11129	315	60	1.000	1.000	NUM
ajfa-11129	315	61	mtb	mtb	NOUN
ajfa-11129	315	62	-0.093	-0.093	NOUN
ajfa-11129	315	63	-0.127	-0.127	NOUN
ajfa-11129	316	1	-0.16	-0.16	NUM
ajfa-11129	316	2	4	4	NUM
ajfa-11129	316	3	-0.08	-0.08	NUM
ajfa-11129	316	4	8	8	NUM
ajfa-11129	316	5	-0.34	-0.34	NUM
ajfa-11129	316	6	6	6	NUM
ajfa-11129	316	7	1.000	1.000	NUM
ajfa-11129	316	8	lev	lev	NOUN
ajfa-11129	316	9	0.070	0.070	NUM
ajfa-11129	316	10	-0.017	-0.017	PUNCT
ajfa-11129	316	11	-0.05	-0.05	NUM
ajfa-11129	316	12	8	8	NUM
ajfa-11129	316	13	0.013	0.013	NUM
ajfa-11129	316	14	0.046	0.046	NUM
ajfa-11129	316	15	-0.16	-0.16	NUM
ajfa-11129	316	16	7	7	NUM
ajfa-11129	316	17	1.000	1.000	NUM
ajfa-11129	316	18	inv	inv	VERB
ajfa-11129	316	19	0.097	0.097	NUM
ajfa-11129	316	20	-0.097	-0.097	PUNCT
ajfa-11129	316	21	-0.09	-0.09	NUM
ajfa-11129	316	22	0	0	NUM
ajfa-11129	316	23	0.039	0.039	NUM
ajfa-11129	316	24	-0.05	-0.05	NUM
ajfa-11129	316	25	4	4	NUM
ajfa-11129	316	26	-0.00	-0.00	NUM
ajfa-11129	316	27	2	2	NUM
ajfa-11129	316	28	0.188	0.188	NUM
ajfa-11129	316	29	1.000	1.000	NUM
ajfa-11129	316	30	fix	fix	NOUN
ajfa-11129	316	31	0.089	0.089	NUM
ajfa-11129	316	32	-0.020	-0.020	NUM
ajfa-11129	316	33	0.124	0.124	NUM
ajfa-11129	316	34	-0.00	-0.00	NUM
ajfa-11129	316	35	5	5	NUM
ajfa-11129	316	36	-0.08	-0.08	NUM
ajfa-11129	316	37	2	2	NUM
ajfa-11129	316	38	-0.10	-0.10	NUM
ajfa-11129	316	39	7	7	NUM
ajfa-11129	316	40	0.313	0.313	NUM
ajfa-11129	316	41	-0.33	-0.33	ADJ
ajfa-11129	316	42	8	8	NUM
ajfa-11129	316	43	1.000	1.000	NUM
ajfa-11129	316	44	tenure	tenure	NOUN
ajfa-11129	316	45	0.043	0.043	NUM
ajfa-11129	316	46	0.019	0.019	NUM
ajfa-11129	316	47	-0.07	-0.07	NUM
ajfa-11129	316	48	6	6	NUM
ajfa-11129	316	49	0.198	0.198	NUM
ajfa-11129	316	50	0.162	0.162	NUM
ajfa-11129	316	51	-0.02	-0.02	NUM
ajfa-11129	316	52	8	8	NUM
ajfa-11129	316	53	-0.04	-0.04	NUM
ajfa-11129	316	54	4	4	NUM
ajfa-11129	316	55	0.054	0.054	NUM
ajfa-11129	316	56	-0.08	-0.08	NUM
ajfa-11129	316	57	4	4	NUM
ajfa-11129	316	58	1.000	1.000	NUM
ajfa-11129	316	59	roa	roa	NOUN
ajfa-11129	316	60	-0.139	-0.139	PUNCT
ajfa-11129	316	61	-0.103	-0.103	PROPN
ajfa-11129	316	62	-0.06	-0.06	NUM
ajfa-11129	316	63	3	3	NUM
ajfa-11129	316	64	-0.05	-0.05	NUM
ajfa-11129	316	65	1	1	NUM
ajfa-11129	316	66	-0.21	-0.21	NUM
ajfa-11129	316	67	5	5	NUM
ajfa-11129	316	68	0.337	0.337	NUM
ajfa-11129	316	69	-0.27	-0.27	NUM
ajfa-11129	316	70	5	5	NUM
ajfa-11129	316	71	-0.02	-0.02	NUM
ajfa-11129	316	72	6	6	NUM
ajfa-11129	316	73	0.019	0.019	NUM
ajfa-11129	316	74	0.025	0.025	NUM
ajfa-11129	316	75	1.000	1.000	NUM
ajfa-11129	316	76	loss	loss	NOUN
ajfa-11129	316	77	-0.025	-0.025	PUNCT
ajfa-11129	316	78	-0.032	-0.032	ADP
ajfa-11129	316	79	-0.02	-0.02	NUM
ajfa-11129	316	80	5	5	NUM
ajfa-11129	316	81	-0.04	-0.04	NUM
ajfa-11129	316	82	5	5	NUM
ajfa-11129	316	83	-0.10	-0.10	NUM
ajfa-11129	316	84	0	0	NUM
ajfa-11129	316	85	0.075	0.075	NUM
ajfa-11129	316	86	0.166	0.166	NUM
ajfa-11129	316	87	-0.03	-0.03	NUM
ajfa-11129	316	88	5	5	NUM
ajfa-11129	316	89	0.098	0.098	NUM
ajfa-11129	316	90	-0.081	-0.081	NOUN
ajfa-11129	316	91	-0.14	-0.14	NUM
ajfa-11129	316	92	2	2	NUM
ajfa-11129	316	93	asian	asian	ADJ
ajfa-11129	316	94	journal	journal	NOUN
ajfa-11129	316	95	of	of	ADP
ajfa-11129	316	96	finance	finance	PROPN
ajfa-11129	316	97	&	&	CCONJ
ajfa-11129	316	98	accounting	accounting	PROPN
ajfa-11129	316	99	issn	issn	PROPN
ajfa-11129	316	100	1946	1946	NUM
ajfa-11129	316	101	-	-	PUNCT
ajfa-11129	316	102	052x	052x	PROPN
ajfa-11129	316	103	2017	2017	NUM
ajfa-11129	316	104	,	,	PUNCT
ajfa-11129	316	105	vol	vol	NOUN
ajfa-11129	316	106	.	.	NOUN
ajfa-11129	317	1	9	9	NUM
ajfa-11129	317	2	,	,	PUNCT
ajfa-11129	317	3	no	no	INTJ
ajfa-11129	317	4	.	.	NOUN
ajfa-11129	317	5	1	1	NUM
ajfa-11129	317	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	317	7	349	349	NUM
ajfa-11129	317	8	table	table	NOUN
ajfa-11129	317	9	4	4	NUM
ajfa-11129	317	10	.	.	PUNCT
ajfa-11129	317	11	hypotheses	hypothesis	NOUN
ajfa-11129	317	12	tests	test	NOUN
ajfa-11129	317	13	model	model	VERB
ajfa-11129	317	14	1	1	NUM
ajfa-11129	317	15	model	model	NOUN
ajfa-11129	317	16	2	2	NUM
ajfa-11129	317	17	pboard	pboard	NOUN
ajfa-11129	317	18	(	(	PUNCT
ajfa-11129	317	19	h1	h1	PROPN
ajfa-11129	317	20	)	)	PUNCT
ajfa-11129	317	21	0.093	0.093	NUM
ajfa-11129	317	22	0.123	0.123	NUM
ajfa-11129	317	23	(	(	PUNCT
ajfa-11129	317	24	1.99	1.99	NUM
ajfa-11129	317	25	)	)	PUNCT
ajfa-11129	317	26	*	*	PUNCT
ajfa-11129	317	27	*	*	PUNCT
ajfa-11129	317	28	(	(	PUNCT
ajfa-11129	317	29	1.94	1.94	NUM
ajfa-11129	317	30	)	)	PUNCT
ajfa-11129	317	31	*	*	PUNCT
ajfa-11129	317	32	*	*	PUNCT
ajfa-11129	317	33	pboard	pboard	PROPN
ajfa-11129	317	34	*	*	PUNCT
ajfa-11129	317	35	soe	soe	PROPN
ajfa-11129	317	36	(	(	PUNCT
ajfa-11129	317	37	h2	h2	NOUN
ajfa-11129	317	38	)	)	PUNCT
ajfa-11129	317	39	-0.141	-0.141	X
ajfa-11129	317	40	(	(	PUNCT
ajfa-11129	317	41	1.84	1.84	NUM
ajfa-11129	317	42	)	)	PUNCT
ajfa-11129	317	43	*	*	PUNCT
ajfa-11129	318	1	pceo	pceo	ADJ
ajfa-11129	318	2	-0.006	-0.006	X
ajfa-11129	318	3	0.064	0.064	NUM
ajfa-11129	318	4	(	(	PUNCT
ajfa-11129	318	5	0.13	0.13	NUM
ajfa-11129	318	6	)	)	PUNCT
ajfa-11129	318	7	(	(	PUNCT
ajfa-11129	318	8	1.72	1.72	NUM
ajfa-11129	318	9	)	)	PUNCT
ajfa-11129	318	10	*	*	PUNCT
ajfa-11129	318	11	size	size	NOUN
ajfa-11129	318	12	-0.009	-0.009	SYM
ajfa-11129	318	13	0.018	0.018	NUM
ajfa-11129	318	14	(	(	PUNCT
ajfa-11129	318	15	0.31	0.31	NUM
ajfa-11129	318	16	)	)	PUNCT
ajfa-11129	318	17	(	(	PUNCT
ajfa-11129	318	18	1.16	1.16	NUM
ajfa-11129	318	19	)	)	PUNCT
ajfa-11129	318	20	mtb	mtb	NOUN
ajfa-11129	318	21	-0.006	-0.006	PROPN
ajfa-11129	318	22	0.001	0.001	NUM
ajfa-11129	318	23	(	(	PUNCT
ajfa-11129	318	24	0.85	0.85	NUM
ajfa-11129	318	25	)	)	PUNCT
ajfa-11129	318	26	(	(	PUNCT
ajfa-11129	318	27	0.21	0.21	NUM
ajfa-11129	318	28	)	)	PUNCT
ajfa-11129	318	29	lev	lev	NOUN
ajfa-11129	318	30	0.027	0.027	NUM
ajfa-11129	318	31	-0.161	-0.161	PUNCT
ajfa-11129	318	32	(	(	PUNCT
ajfa-11129	318	33	0.19	0.19	NUM
ajfa-11129	318	34	)	)	PUNCT
ajfa-11129	318	35	(	(	PUNCT
ajfa-11129	318	36	1.54	1.54	NUM
ajfa-11129	318	37	)	)	PUNCT
ajfa-11129	318	38	inv	inv	VERB
ajfa-11129	318	39	0.234	0.234	NUM
ajfa-11129	318	40	0.457	0.457	NUM
ajfa-11129	318	41	(	(	PUNCT
ajfa-11129	318	42	1.39	1.39	NUM
ajfa-11129	318	43	)	)	PUNCT
ajfa-11129	318	44	(	(	PUNCT
ajfa-11129	318	45	3.53	3.53	NUM
ajfa-11129	318	46	)	)	PUNCT
ajfa-11129	318	47	*	*	PUNCT
ajfa-11129	319	1	*	*	PUNCT
ajfa-11129	319	2	*	*	PUNCT
ajfa-11129	319	3	fix	fix	NOUN
ajfa-11129	319	4	-0.049	-0.049	PUNCT
ajfa-11129	319	5	0.331	0.331	NUM
ajfa-11129	319	6	(	(	PUNCT
ajfa-11129	319	7	0.31	0.31	NUM
ajfa-11129	319	8	)	)	PUNCT
ajfa-11129	319	9	(	(	PUNCT
ajfa-11129	319	10	3.12	3.12	NUM
ajfa-11129	319	11	)	)	PUNCT
ajfa-11129	319	12	*	*	PUNCT
ajfa-11129	319	13	*	*	PUNCT
ajfa-11129	319	14	*	*	PUNCT
ajfa-11129	319	15	tenure	tenure	NOUN
ajfa-11129	319	16	-0.005	-0.005	INTJ
ajfa-11129	319	17	0.002	0.002	NUM
ajfa-11129	319	18	(	(	PUNCT
ajfa-11129	319	19	0.83	0.83	NUM
ajfa-11129	319	20	)	)	PUNCT
ajfa-11129	319	21	(	(	PUNCT
ajfa-11129	319	22	0.41	0.41	NUM
ajfa-11129	319	23	)	)	PUNCT
ajfa-11129	319	24	roa	roa	NOUN
ajfa-11129	319	25	-0.045	-0.045	PROPN
ajfa-11129	319	26	-0.040	-0.040	NUM
ajfa-11129	319	27	(	(	PUNCT
ajfa-11129	319	28	11.70	11.70	NUM
ajfa-11129	319	29	)	)	PUNCT
ajfa-11129	319	30	*	*	PUNCT
ajfa-11129	320	1	*	*	PUNCT
ajfa-11129	320	2	*	*	PUNCT
ajfa-11129	320	3	(	(	PUNCT
ajfa-11129	320	4	12.63	12.63	NUM
ajfa-11129	320	5	)	)	PUNCT
ajfa-11129	320	6	*	*	PUNCT
ajfa-11129	321	1	*	*	PUNCT
ajfa-11129	321	2	*	*	PUNCT
ajfa-11129	321	3	loss	loss	NOUN
ajfa-11129	321	4	-0.144	-0.144	X
ajfa-11129	321	5	-0.103	-0.103	X
ajfa-11129	321	6	(	(	PUNCT
ajfa-11129	321	7	2.14	2.14	NUM
ajfa-11129	321	8	)	)	PUNCT
ajfa-11129	321	9	*	*	PUNCT
ajfa-11129	321	10	*	*	PUNCT
ajfa-11129	321	11	(	(	PUNCT
ajfa-11129	321	12	1.43	1.43	NUM
ajfa-11129	321	13	)	)	PUNCT
ajfa-11129	321	14	soe	soe	PROPN
ajfa-11129	321	15	0.118	0.118	NUM
ajfa-11129	321	16	(	(	PUNCT
ajfa-11129	321	17	3.10	3.10	NUM
ajfa-11129	321	18	)	)	PUNCT
ajfa-11129	321	19	*	*	PUNCT
ajfa-11129	321	20	*	*	PUNCT
ajfa-11129	321	21	*	*	PUNCT
ajfa-11129	321	22	intercept	intercept	VERB
ajfa-11129	321	23	0.975	0.975	NUM
ajfa-11129	321	24	0.527	0.527	NUM
ajfa-11129	321	25	(	(	PUNCT
ajfa-11129	321	26	4.02	4.02	NUM
ajfa-11129	321	27	)	)	PUNCT
ajfa-11129	321	28	*	*	PUNCT
ajfa-11129	322	1	*	*	PUNCT
ajfa-11129	322	2	*	*	PUNCT
ajfa-11129	322	3	(	(	PUNCT
ajfa-11129	322	4	3.80	3.80	NUM
ajfa-11129	322	5	)	)	PUNCT
ajfa-11129	322	6	*	*	PUNCT
ajfa-11129	322	7	*	*	PUNCT
ajfa-11129	322	8	*	*	NOUN
ajfa-11129	322	9	years	year	NOUN
ajfa-11129	322	10	included	include	VERB
ajfa-11129	322	11	included	include	VERB
ajfa-11129	322	12	industries	industry	NOUN
ajfa-11129	322	13	included	include	VERB
ajfa-11129	322	14	included	include	VERB
ajfa-11129	322	15	r2	r2	PROPN
ajfa-11129	322	16	0.14	0.14	NUM
ajfa-11129	322	17	0.13	0.13	NUM
ajfa-11129	322	18	n	n	DET
ajfa-11129	322	19	3,147	3,147	NUM
ajfa-11129	322	20	3,147	3,147	NUM
ajfa-11129	322	21	*	*	PUNCT
ajfa-11129	322	22	p<0.10	p<0.10	X
ajfa-11129	322	23	;	;	PUNCT
ajfa-11129	322	24	*	*	PUNCT
ajfa-11129	322	25	*	*	PUNCT
ajfa-11129	322	26	p<0.05	p<0.05	NOUN
ajfa-11129	322	27	;	;	PUNCT
ajfa-11129	322	28	*	*	PUNCT
ajfa-11129	322	29	*	*	PUNCT
ajfa-11129	322	30	*	*	PUNCT
ajfa-11129	322	31	p<0.01	p<0.01	ADJ
ajfa-11129	322	32	asian	asian	ADJ
ajfa-11129	322	33	journal	journal	NOUN
ajfa-11129	322	34	of	of	ADP
ajfa-11129	322	35	finance	finance	PROPN
ajfa-11129	322	36	&	&	CCONJ
ajfa-11129	322	37	accounting	accounting	PROPN
ajfa-11129	322	38	issn	issn	PROPN
ajfa-11129	322	39	1946	1946	NUM
ajfa-11129	322	40	-	-	PUNCT
ajfa-11129	322	41	052x	052x	PROPN
ajfa-11129	322	42	2017	2017	NUM
ajfa-11129	322	43	,	,	PUNCT
ajfa-11129	322	44	vol	vol	NOUN
ajfa-11129	322	45	.	.	NOUN
ajfa-11129	323	1	9	9	NUM
ajfa-11129	323	2	,	,	PUNCT
ajfa-11129	323	3	no	no	INTJ
ajfa-11129	323	4	.	.	NOUN
ajfa-11129	323	5	1	1	NUM
ajfa-11129	323	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11129	323	7	350	350	NUM
ajfa-11129	323	8	table	table	NOUN
ajfa-11129	323	9	5	5	NUM
ajfa-11129	323	10	.	.	PUNCT
ajfa-11129	324	1	robustness	robustness	NOUN
ajfa-11129	324	2	tests	test	VERB
ajfa-11129	324	3	dependent	dependent	ADJ
ajfa-11129	324	4	variable	variable	NOUN
ajfa-11129	324	5	:	:	PUNCT
ajfa-11129	324	6	cash	cash	NOUN
ajfa-11129	324	7	etr	etr	PROPN
ajfa-11129	324	8	dependent	dependent	ADJ
ajfa-11129	324	9	variable	variable	NOUN
ajfa-11129	324	10	:	:	PUNCT
ajfa-11129	325	1	gaap	gaap	PROPN
ajfa-11129	325	2	etr	etr	PROPN
ajfa-11129	325	3	tobit	tobit	PROPN
ajfa-11129	325	4	model	model	PROPN
ajfa-11129	325	5	fixed	fix	VERB
ajfa-11129	325	6	effects	effect	NOUN
ajfa-11129	325	7	tobit	tobit	PROPN
ajfa-11129	325	8	model	model	PROPN
ajfa-11129	325	9	pboard	pboard	PROPN
ajfa-11129	325	10	(	(	PUNCT
ajfa-11129	325	11	h1	h1	PROPN
ajfa-11129	325	12	)	)	PUNCT
ajfa-11129	325	13	0.112	0.112	NUM
ajfa-11129	325	14	0.025	0.025	NUM
ajfa-11129	325	15	0.025	0.025	NUM
ajfa-11129	325	16	(	(	PUNCT
ajfa-11129	325	17	3.49	3.49	NUM
ajfa-11129	325	18	)	)	PUNCT
ajfa-11129	325	19	*	*	PUNCT
ajfa-11129	326	1	*	*	PUNCT
ajfa-11129	326	2	*	*	PUNCT
ajfa-11129	326	3	(	(	PUNCT
ajfa-11129	326	4	2.46	2.46	NUM
ajfa-11129	326	5	)	)	PUNCT
ajfa-11129	326	6	*	*	PUNCT
ajfa-11129	326	7	*	*	PUNCT
ajfa-11129	326	8	(	(	PUNCT
ajfa-11129	326	9	2.58	2.58	NUM
ajfa-11129	326	10	)	)	PUNCT
ajfa-11129	326	11	*	*	PUNCT
ajfa-11129	327	1	*	*	PUNCT
ajfa-11129	327	2	*	*	PUNCT
ajfa-11129	327	3	pboard	pboard	ADJ
ajfa-11129	327	4	*	*	PUNCT
ajfa-11129	327	5	soe	soe	PROPN
ajfa-11129	327	6	(	(	PUNCT
ajfa-11129	327	7	h2	h2	NOUN
ajfa-11129	327	8	)	)	PUNCT
ajfa-11129	327	9	-0.158	-0.158	SYM
ajfa-11129	327	10	-0.035	-0.035	VERB
ajfa-11129	327	11	-0.034	-0.034	PUNCT
ajfa-11129	327	12	(	(	PUNCT
ajfa-11129	327	13	4.10	4.10	NUM
ajfa-11129	327	14	)	)	PUNCT
ajfa-11129	327	15	*	*	PUNCT
ajfa-11129	328	1	*	*	PUNCT
ajfa-11129	328	2	*	*	PUNCT
ajfa-11129	328	3	(	(	PUNCT
ajfa-11129	328	4	2.78	2.78	NUM
ajfa-11129	328	5	)	)	PUNCT
ajfa-11129	328	6	*	*	PUNCT
ajfa-11129	329	1	*	*	PUNCT
ajfa-11129	329	2	*	*	PUNCT
ajfa-11129	329	3	(	(	PUNCT
ajfa-11129	329	4	2.85	2.85	NUM
ajfa-11129	329	5	)	)	PUNCT
ajfa-11129	329	6	*	*	PUNCT
ajfa-11129	329	7	*	*	PUNCT
ajfa-11129	329	8	*	*	PUNCT
ajfa-11129	329	9	pceo	pceo	NOUN
ajfa-11129	329	10	0.047	0.047	NUM
ajfa-11129	329	11	-0.012	-0.012	NOUN
ajfa-11129	329	12	-0.013	-0.013	PUNCT
ajfa-11129	329	13	(	(	PUNCT
ajfa-11129	329	14	2.51	2.51	NUM
ajfa-11129	329	15	)	)	PUNCT
ajfa-11129	329	16	*	*	PUNCT
ajfa-11129	329	17	*	*	PUNCT
ajfa-11129	329	18	(	(	PUNCT
ajfa-11129	329	19	1.96	1.96	NUM
ajfa-11129	329	20	)	)	PUNCT
ajfa-11129	329	21	*	*	PUNCT
ajfa-11129	329	22	(	(	PUNCT
ajfa-11129	329	23	2.24	2.24	NUM
ajfa-11129	329	24	)	)	PUNCT
ajfa-11129	329	25	*	*	PUNCT
ajfa-11129	329	26	*	*	PUNCT
ajfa-11129	329	27	size	size	NOUN
ajfa-11129	329	28	0.016	0.016	NUM
ajfa-11129	329	29	0.002	0.002	NUM
ajfa-11129	329	30	0.002	0.002	NUM
ajfa-11129	329	31	(	(	PUNCT
ajfa-11129	329	32	2.10	2.10	NUM
ajfa-11129	329	33	)	)	PUNCT
ajfa-11129	329	34	*	*	PUNCT
ajfa-11129	329	35	*	*	PUNCT
ajfa-11129	329	36	(	(	PUNCT
ajfa-11129	329	37	0.85	0.85	NUM
ajfa-11129	329	38	)	)	PUNCT
ajfa-11129	329	39	(	(	PUNCT
ajfa-11129	329	40	0.85	0.85	NUM
ajfa-11129	329	41	)	)	PUNCT
ajfa-11129	329	42	mtb	mtb	NOUN
ajfa-11129	329	43	-0.002	-0.002	PUNCT
ajfa-11129	329	44	-0.003	-0.003	NOUN
ajfa-11129	329	45	-0.003	-0.003	NOUN
ajfa-11129	329	46	(	(	PUNCT
ajfa-11129	329	47	0.66	0.66	NUM
ajfa-11129	329	48	)	)	PUNCT
ajfa-11129	329	49	(	(	PUNCT
ajfa-11129	329	50	2.57	2.57	NUM
ajfa-11129	329	51	)	)	PUNCT
ajfa-11129	329	52	*	*	PUNCT
ajfa-11129	329	53	*	*	PUNCT
ajfa-11129	329	54	(	(	PUNCT
ajfa-11129	329	55	2.64	2.64	NUM
ajfa-11129	329	56	)	)	PUNCT
ajfa-11129	329	57	*	*	PUNCT
ajfa-11129	330	1	*	*	PUNCT
ajfa-11129	330	2	*	*	PUNCT
ajfa-11129	330	3	lev	lev	NOUN
ajfa-11129	330	4	-0.085	-0.085	NUM
ajfa-11129	330	5	0.055	0.055	NUM
ajfa-11129	330	6	0.054	0.054	NUM
ajfa-11129	330	7	(	(	PUNCT
ajfa-11129	330	8	1.62	1.62	NUM
ajfa-11129	330	9	)	)	PUNCT
ajfa-11129	330	10	(	(	PUNCT
ajfa-11129	330	11	3.21	3.21	NUM
ajfa-11129	330	12	)	)	PUNCT
ajfa-11129	330	13	*	*	PUNCT
ajfa-11129	331	1	*	*	PUNCT
ajfa-11129	331	2	*	*	PUNCT
ajfa-11129	331	3	(	(	PUNCT
ajfa-11129	331	4	3.34	3.34	NUM
ajfa-11129	331	5	)	)	PUNCT
ajfa-11129	331	6	*	*	PUNCT
ajfa-11129	331	7	*	*	PUNCT
ajfa-11129	331	8	*	*	AUX
ajfa-11129	331	9	inv	inv	VERB
ajfa-11129	331	10	0.391	0.391	NUM
ajfa-11129	331	11	0.083	0.083	NUM
ajfa-11129	331	12	0.086	0.086	NUM
ajfa-11129	331	13	(	(	PUNCT
ajfa-11129	331	14	5.99	5.99	NUM
ajfa-11129	331	15	)	)	PUNCT
ajfa-11129	331	16	*	*	PUNCT
ajfa-11129	332	1	*	*	PUNCT
ajfa-11129	332	2	*	*	PUNCT
ajfa-11129	332	3	(	(	PUNCT
ajfa-11129	332	4	3.95	3.95	NUM
ajfa-11129	332	5	)	)	PUNCT
ajfa-11129	332	6	*	*	PUNCT
ajfa-11129	333	1	*	*	PUNCT
ajfa-11129	333	2	*	*	PUNCT
ajfa-11129	333	3	(	(	PUNCT
ajfa-11129	333	4	4.29	4.29	NUM
ajfa-11129	333	5	)	)	PUNCT
ajfa-11129	333	6	*	*	PUNCT
ajfa-11129	333	7	*	*	PUNCT
ajfa-11129	333	8	*	*	PUNCT
ajfa-11129	333	9	fix	fix	VERB
ajfa-11129	333	10	0.076	0.076	NUM
ajfa-11129	333	11	0.002	0.002	NUM
ajfa-11129	333	12	-0.000	-0.000	PUNCT
ajfa-11129	333	13	(	(	PUNCT
ajfa-11129	333	14	1.42	1.42	NUM
ajfa-11129	333	15	)	)	PUNCT
ajfa-11129	333	16	(	(	PUNCT
ajfa-11129	333	17	0.14	0.14	NUM
ajfa-11129	333	18	)	)	PUNCT
ajfa-11129	333	19	(	(	PUNCT
ajfa-11129	333	20	0.00	0.00	NUM
ajfa-11129	333	21	)	)	PUNCT
ajfa-11129	333	22	tenure	tenure	NOUN
ajfa-11129	333	23	0.000	0.000	NUM
ajfa-11129	333	24	0.000	0.000	NUM
ajfa-11129	333	25	0.000	0.000	NUM
ajfa-11129	333	26	(	(	PUNCT
ajfa-11129	333	27	0.12	0.12	NUM
ajfa-11129	333	28	)	)	PUNCT
ajfa-11129	333	29	(	(	PUNCT
ajfa-11129	333	30	0.17	0.17	NUM
ajfa-11129	333	31	)	)	PUNCT
ajfa-11129	333	32	(	(	PUNCT
ajfa-11129	333	33	0.21	0.21	NUM
ajfa-11129	333	34	)	)	PUNCT
ajfa-11129	333	35	roa	roa	NOUN
ajfa-11129	333	36	-0.012	-0.012	PROPN
ajfa-11129	333	37	0.002	0.002	NUM
ajfa-11129	333	38	0.002	0.002	NUM
ajfa-11129	333	39	(	(	PUNCT
ajfa-11129	333	40	7.66	7.66	NUM
ajfa-11129	333	41	)	)	PUNCT
ajfa-11129	333	42	*	*	PUNCT
ajfa-11129	334	1	*	*	PUNCT
ajfa-11129	334	2	*	*	PUNCT
ajfa-11129	334	3	(	(	PUNCT
ajfa-11129	334	4	4.47	4.47	NUM
ajfa-11129	334	5	)	)	PUNCT
ajfa-11129	334	6	*	*	PUNCT
ajfa-11129	335	1	*	*	PUNCT
ajfa-11129	335	2	*	*	PUNCT
ajfa-11129	335	3	(	(	PUNCT
ajfa-11129	335	4	3.68	3.68	NUM
ajfa-11129	335	5	)	)	PUNCT
ajfa-11129	335	6	*	*	PUNCT
ajfa-11129	336	1	*	*	PUNCT
ajfa-11129	336	2	*	*	PUNCT
ajfa-11129	336	3	loss	loss	NOUN
ajfa-11129	336	4	-0.097	-0.097	NOUN
ajfa-11129	336	5	0.000	0.000	NUM
ajfa-11129	336	6	0.001	0.001	NUM
ajfa-11129	336	7	(	(	PUNCT
ajfa-11129	336	8	2.57	2.57	NUM
ajfa-11129	336	9	)	)	PUNCT
ajfa-11129	336	10	*	*	PUNCT
ajfa-11129	337	1	*	*	PUNCT
ajfa-11129	337	2	(	(	PUNCT
ajfa-11129	337	3	0.02	0.02	NUM
ajfa-11129	337	4	)	)	PUNCT
ajfa-11129	337	5	(	(	PUNCT
ajfa-11129	337	6	0.06	0.06	NUM
ajfa-11129	337	7	)	)	PUNCT
ajfa-11129	337	8	soe	soe	PROPN
ajfa-11129	337	9	0.078	0.078	NUM
ajfa-11129	337	10	0.001	0.001	NUM
ajfa-11129	337	11	0.002	0.002	NUM
ajfa-11129	337	12	(	(	PUNCT
ajfa-11129	337	13	4.10	4.10	NUM
ajfa-11129	337	14	)	)	PUNCT
ajfa-11129	337	15	*	*	PUNCT
ajfa-11129	338	1	*	*	PUNCT
ajfa-11129	338	2	*	*	PUNCT
ajfa-11129	338	3	(	(	PUNCT
ajfa-11129	338	4	0.20	0.20	NUM
ajfa-11129	338	5	)	)	PUNCT
ajfa-11129	338	6	(	(	PUNCT
ajfa-11129	338	7	0.40	0.40	NUM
ajfa-11129	338	8	)	)	PUNCT
ajfa-11129	338	9	intercept	intercept	VERB
ajfa-11129	338	10	0.354	0.354	NUM
ajfa-11129	338	11	0.150	0.150	NUM
ajfa-11129	338	12	0.113	0.113	NUM
ajfa-11129	338	13	(	(	PUNCT
ajfa-11129	338	14	62.97	62.97	NUM
ajfa-11129	338	15	)	)	PUNCT
ajfa-11129	338	16	*	*	PUNCT
ajfa-11129	339	1	*	*	PUNCT
ajfa-11129	339	2	*	*	PUNCT
ajfa-11129	339	3	(	(	PUNCT
ajfa-11129	339	4	6.62	6.62	NUM
ajfa-11129	339	5	)	)	PUNCT
ajfa-11129	339	6	*	*	PUNCT
ajfa-11129	340	1	*	*	PUNCT
ajfa-11129	340	2	*	*	PUNCT
ajfa-11129	340	3	(	(	PUNCT
ajfa-11129	340	4	76.66	76.66	NUM
ajfa-11129	340	5	)	)	PUNCT
ajfa-11129	340	6	*	*	PUNCT
ajfa-11129	340	7	*	*	PUNCT
ajfa-11129	340	8	*	*	NOUN
ajfa-11129	340	9	years	year	NOUN
ajfa-11129	340	10	included	include	VERB
ajfa-11129	340	11	included	include	VERB
ajfa-11129	340	12	included	include	VERB
ajfa-11129	340	13	industries	industry	NOUN
ajfa-11129	340	14	included	include	VERB
ajfa-11129	340	15	included	include	VERB
ajfa-11129	340	16	included	include	VERB
ajfa-11129	340	17	r2	r2	PROPN
ajfa-11129	340	18	0.31	0.31	NUM
ajfa-11129	340	19	0.03	0.03	NUM
ajfa-11129	340	20	0.01	0.01	NUM
ajfa-11129	340	21	n	n	PRON
ajfa-11129	340	22	3,147	3,147	NUM
ajfa-11129	340	23	3,147	3,147	NUM
ajfa-11129	340	24	3,147	3,147	NUM
ajfa-11129	340	25	*	*	PUNCT
ajfa-11129	340	26	p<0.10	p<0.10	X
ajfa-11129	340	27	;	;	PUNCT
ajfa-11129	340	28	*	*	PUNCT
ajfa-11129	340	29	*	*	PUNCT
ajfa-11129	340	30	p<0.05	p<0.05	NOUN
ajfa-11129	340	31	;	;	PUNCT
ajfa-11129	340	32	*	*	PUNCT
ajfa-11129	341	1	*	*	PUNCT
ajfa-11129	341	2	*	*	PUNCT
ajfa-11129	341	3	p<0.01	p<0.01	NOUN