id	sid	tid	token	lemma	pos
ajfa-121	1	1	asian	asian	ADJ
ajfa-121	1	2	journal	journal	PROPN
ajfa-121	1	3	of	of	ADP
ajfa-121	1	4	finance	finance	PROPN
ajfa-121	1	5	&	&	CCONJ
ajfa-121	1	6	accounting	accounting	PROPN
ajfa-121	1	7	issn	issn	PROPN
ajfa-121	1	8	1946	1946	NUM
ajfa-121	1	9	-	-	PUNCT
ajfa-121	1	10	052x	052x	NOUN
ajfa-121	1	11	2009	2009	NUM
ajfa-121	1	12	,	,	PUNCT
ajfa-121	1	13	vol	vol	NOUN
ajfa-121	1	14	.	.	PROPN
ajfa-121	1	15	1	1	NUM
ajfa-121	1	16	,	,	PUNCT
ajfa-121	1	17	no	no	INTJ
ajfa-121	1	18	.	.	NOUN
ajfa-121	1	19	2	2	NUM
ajfa-121	1	20	:	:	PUNCT
ajfa-121	1	21	e6	e6	VERB
ajfa-121	1	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	1	23	118	118	NUM
ajfa-121	1	24	a	a	DET
ajfa-121	1	25	case	case	NOUN
ajfa-121	1	26	study	study	NOUN
ajfa-121	1	27	of	of	ADP
ajfa-121	1	28	voluntary	voluntary	ADJ
ajfa-121	1	29	disclosure	disclosure	NOUN
ajfa-121	1	30	by	by	ADP
ajfa-121	1	31	chinese	chinese	ADJ
ajfa-121	1	32	enterprises	enterprise	NOUN
ajfa-121	1	33	desmond	desmond	PROPN
ajfa-121	1	34	c.y	c.y	PROPN
ajfa-121	1	35	.	.	PROPN
ajfa-121	1	36	yuen	yuen	PROPN
ajfa-121	1	37	(	(	PUNCT
ajfa-121	1	38	corresponding	correspond	VERB
ajfa-121	1	39	author	author	NOUN
ajfa-121	1	40	)	)	PUNCT
ajfa-121	1	41	faculty	faculty	NOUN
ajfa-121	1	42	of	of	ADP
ajfa-121	1	43	business	business	PROPN
ajfa-121	1	44	administration	administration	PROPN
ajfa-121	1	45	,	,	PUNCT
ajfa-121	1	46	university	university	PROPN
ajfa-121	1	47	of	of	ADP
ajfa-121	1	48	macau	macau	PROPN
ajfa-121	1	49	avenida	avenida	PROPN
ajfa-121	1	50	padre	padre	PROPN
ajfa-121	1	51	tomás	tomás	PROPN
ajfa-121	1	52	pereira	pereira	PROPN
ajfa-121	1	53	,	,	PUNCT
ajfa-121	1	54	taipa	taipa	PROPN
ajfa-121	1	55	,	,	PUNCT
ajfa-121	1	56	macau	macau	PROPN
ajfa-121	1	57	,	,	PUNCT
ajfa-121	1	58	china	china	PROPN
ajfa-121	1	59	tel	tel	PROPN
ajfa-121	1	60	:	:	PUNCT
ajfa-121	1	61	(	(	PUNCT
ajfa-121	1	62	853	853	NUM
ajfa-121	1	63	)	)	PUNCT
ajfa-121	1	64	8397	8397	NUM
ajfa-121	1	65	-	-	SYM
ajfa-121	1	66	4752	4752	NUM
ajfa-121	1	67	e	e	NOUN
ajfa-121	1	68	-	-	NOUN
ajfa-121	1	69	mail	mail	NOUN
ajfa-121	1	70	:	:	PUNCT
ajfa-121	1	71	desmondy@umac.mo	desmondy@umac.mo	PROPN
ajfa-121	1	72	ming	ming	PROPN
ajfa-121	1	73	liu	liu	PROPN
ajfa-121	1	74	faculty	faculty	PROPN
ajfa-121	1	75	of	of	ADP
ajfa-121	1	76	business	business	PROPN
ajfa-121	1	77	administration	administration	PROPN
ajfa-121	1	78	,	,	PUNCT
ajfa-121	1	79	university	university	PROPN
ajfa-121	1	80	of	of	ADP
ajfa-121	1	81	macau	macau	PROPN
ajfa-121	1	82	avenida	avenida	PROPN
ajfa-121	1	83	padre	padre	PROPN
ajfa-121	1	84	tomás	tomás	PROPN
ajfa-121	1	85	pereira	pereira	PROPN
ajfa-121	1	86	,	,	PUNCT
ajfa-121	1	87	taipa	taipa	PROPN
ajfa-121	1	88	,	,	PUNCT
ajfa-121	1	89	macau	macau	PROPN
ajfa-121	1	90	,	,	PUNCT
ajfa-121	1	91	china	china	PROPN
ajfa-121	1	92	tel	tel	PROPN
ajfa-121	1	93	:	:	PUNCT
ajfa-121	1	94	(	(	PUNCT
ajfa-121	1	95	853	853	NUM
ajfa-121	1	96	)	)	PUNCT
ajfa-121	1	97	8397	8397	NUM
ajfa-121	1	98	-	-	SYM
ajfa-121	1	99	4162	4162	NUM
ajfa-121	1	100	e	e	NOUN
ajfa-121	1	101	-	-	NOUN
ajfa-121	1	102	mail	mail	NOUN
ajfa-121	1	103	:	:	PUNCT
ajfa-121	2	1	mliu@umac.mo	mliu@umac.mo	PROPN
ajfa-121	2	2	xu	xu	PROPN
ajfa-121	2	3	zhang	zhang	PROPN
ajfa-121	2	4	faculty	faculty	PROPN
ajfa-121	2	5	of	of	ADP
ajfa-121	2	6	business	business	PROPN
ajfa-121	2	7	administration	administration	PROPN
ajfa-121	2	8	,	,	PUNCT
ajfa-121	2	9	university	university	PROPN
ajfa-121	2	10	of	of	ADP
ajfa-121	2	11	macau	macau	PROPN
ajfa-121	2	12	avenida	avenida	PROPN
ajfa-121	2	13	padre	padre	PROPN
ajfa-121	2	14	tomás	tomás	PROPN
ajfa-121	2	15	pereira	pereira	PROPN
ajfa-121	2	16	,	,	PUNCT
ajfa-121	2	17	taipa	taipa	PROPN
ajfa-121	2	18	,	,	PUNCT
ajfa-121	2	19	macau	macau	PROPN
ajfa-121	2	20	,	,	PUNCT
ajfa-121	2	21	china	china	PROPN
ajfa-121	2	22	tel	tel	PROPN
ajfa-121	2	23	:	:	PUNCT
ajfa-121	2	24	(	(	PUNCT
ajfa-121	2	25	853	853	NUM
ajfa-121	2	26	)	)	PUNCT
ajfa-121	2	27	8397	8397	NUM
ajfa-121	2	28	-	-	SYM
ajfa-121	2	29	4186	4186	NUM
ajfa-121	2	30	e	e	NOUN
ajfa-121	2	31	-	-	NOUN
ajfa-121	2	32	mail	mail	NOUN
ajfa-121	2	33	:	:	PUNCT
ajfa-121	2	34	xuzhang@umac.mo	xuzhang@umac.mo	PROPN
ajfa-121	2	35	chan	chan	PROPN
ajfa-121	2	36	lu	lu	PROPN
ajfa-121	2	37	faculty	faculty	NOUN
ajfa-121	2	38	of	of	ADP
ajfa-121	2	39	business	business	PROPN
ajfa-121	2	40	administration	administration	PROPN
ajfa-121	2	41	,	,	PUNCT
ajfa-121	2	42	university	university	PROPN
ajfa-121	2	43	of	of	ADP
ajfa-121	2	44	macau	macau	PROPN
ajfa-121	2	45	avenida	avenida	PROPN
ajfa-121	2	46	padre	padre	PROPN
ajfa-121	2	47	tomás	tomás	PROPN
ajfa-121	2	48	pereira	pereira	PROPN
ajfa-121	2	49	,	,	PUNCT
ajfa-121	2	50	taipa	taipa	PROPN
ajfa-121	2	51	,	,	PUNCT
ajfa-121	2	52	macau	macau	PROPN
ajfa-121	2	53	,	,	PUNCT
ajfa-121	2	54	china	china	PROPN
ajfa-121	2	55	tel	tel	PROPN
ajfa-121	2	56	:	:	PUNCT
ajfa-121	2	57	(	(	PUNCT
ajfa-121	2	58	853	853	NUM
ajfa-121	2	59	)	)	PUNCT
ajfa-121	2	60	8397	8397	NUM
ajfa-121	2	61	-	-	SYM
ajfa-121	2	62	8500	8500	NUM
ajfa-121	2	63	e	e	NOUN
ajfa-121	2	64	-	-	NOUN
ajfa-121	2	65	mail	mail	NOUN
ajfa-121	2	66	:	:	PUNCT
ajfa-121	2	67	luchan@umac.mo	luchan@umac.mo	PROPN
ajfa-121	2	68	mailto:desmondy@umac.mo	mailto:desmondy@umac.mo	PROPN
ajfa-121	2	69	mailto:mliu@umac.mo	mailto:mliu@umac.mo	PROPN
ajfa-121	2	70	mailto:xuzhang@umac.mo	mailto:xuzhang@umac.mo	PROPN
ajfa-121	2	71	mailto:luchan@umac.mo	mailto:luchan@umac.mo	PROPN
ajfa-121	2	72	asian	asian	PROPN
ajfa-121	2	73	journal	journal	PROPN
ajfa-121	2	74	of	of	ADP
ajfa-121	2	75	finance	finance	PROPN
ajfa-121	2	76	&	&	CCONJ
ajfa-121	2	77	accounting	accounting	PROPN
ajfa-121	2	78	issn	issn	PROPN
ajfa-121	2	79	1946	1946	NUM
ajfa-121	2	80	-	-	PUNCT
ajfa-121	2	81	052x	052x	NOUN
ajfa-121	2	82	2009	2009	NUM
ajfa-121	2	83	,	,	PUNCT
ajfa-121	2	84	vol	vol	NOUN
ajfa-121	2	85	.	.	PROPN
ajfa-121	2	86	1	1	NUM
ajfa-121	2	87	,	,	PUNCT
ajfa-121	2	88	no	no	INTJ
ajfa-121	2	89	.	.	NOUN
ajfa-121	2	90	2	2	NUM
ajfa-121	2	91	:	:	PUNCT
ajfa-121	2	92	e6	e6	VERB
ajfa-121	2	93	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	2	94	119	119	NUM
ajfa-121	2	95	abstract	abstract	ADV
ajfa-121	2	96	this	this	DET
ajfa-121	2	97	study	study	NOUN
ajfa-121	2	98	examines	examine	VERB
ajfa-121	2	99	the	the	DET
ajfa-121	2	100	impact	impact	NOUN
ajfa-121	2	101	of	of	ADP
ajfa-121	2	102	ownership	ownership	NOUN
ajfa-121	2	103	features	feature	NOUN
ajfa-121	2	104	,	,	PUNCT
ajfa-121	2	105	corporate	corporate	ADJ
ajfa-121	2	106	governance	governance	NOUN
ajfa-121	2	107	mechanisms	mechanism	NOUN
ajfa-121	2	108	,	,	PUNCT
ajfa-121	2	109	and	and	CCONJ
ajfa-121	2	110	firm	firm	ADJ
ajfa-121	2	111	-	-	PUNCT
ajfa-121	2	112	specific	specific	ADJ
ajfa-121	2	113	characteristics	characteristic	NOUN
ajfa-121	2	114	on	on	ADP
ajfa-121	2	115	the	the	DET
ajfa-121	2	116	voluntary	voluntary	ADJ
ajfa-121	2	117	disclosure	disclosure	NOUN
ajfa-121	2	118	provided	provide	VERB
ajfa-121	2	119	by	by	ADP
ajfa-121	2	120	publicly	publicly	ADV
ajfa-121	2	121	-	-	PUNCT
ajfa-121	2	122	listed	list	VERB
ajfa-121	2	123	companies	company	NOUN
ajfa-121	2	124	on	on	ADP
ajfa-121	2	125	the	the	DET
ajfa-121	2	126	shanghai	shanghai	PROPN
ajfa-121	2	127	stock	stock	PROPN
ajfa-121	2	128	exchange	exchange	PROPN
ajfa-121	2	129	in	in	ADP
ajfa-121	2	130	china	china	PROPN
ajfa-121	2	131	.	.	PUNCT
ajfa-121	3	1	the	the	DET
ajfa-121	3	2	ownership	ownership	NOUN
ajfa-121	3	3	structure	structure	NOUN
ajfa-121	3	4	features	feature	NOUN
ajfa-121	3	5	and	and	CCONJ
ajfa-121	3	6	corporate	corporate	ADJ
ajfa-121	3	7	governance	governance	NOUN
ajfa-121	3	8	mechanisms	mechanism	NOUN
ajfa-121	3	9	include	include	VERB
ajfa-121	3	10	(	(	PUNCT
ajfa-121	3	11	1	1	X
ajfa-121	3	12	)	)	PUNCT
ajfa-121	3	13	concentration	concentration	NOUN
ajfa-121	3	14	of	of	ADP
ajfa-121	3	15	ownership	ownership	NOUN
ajfa-121	3	16	;	;	PUNCT
ajfa-121	3	17	(	(	PUNCT
ajfa-121	3	18	2	2	X
ajfa-121	3	19	)	)	PUNCT
ajfa-121	3	20	ownership	ownership	NOUN
ajfa-121	3	21	by	by	ADP
ajfa-121	3	22	state	state	NOUN
ajfa-121	3	23	and	and	CCONJ
ajfa-121	3	24	state	state	NOUN
ajfa-121	3	25	-	-	PUNCT
ajfa-121	3	26	related	relate	VERB
ajfa-121	3	27	institutions	institution	NOUN
ajfa-121	3	28	;	;	PUNCT
ajfa-121	3	29	(	(	PUNCT
ajfa-121	3	30	3	3	X
ajfa-121	3	31	)	)	PUNCT
ajfa-121	3	32	individual	individual	ADJ
ajfa-121	3	33	ownership	ownership	NOUN
ajfa-121	3	34	;	;	PUNCT
ajfa-121	3	35	(	(	PUNCT
ajfa-121	3	36	4	4	X
ajfa-121	3	37	)	)	PUNCT
ajfa-121	3	38	the	the	DET
ajfa-121	3	39	chief	chief	ADJ
ajfa-121	3	40	executive	executive	ADJ
ajfa-121	3	41	officer	officer	NOUN
ajfa-121	3	42	is	be	AUX
ajfa-121	3	43	also	also	ADV
ajfa-121	3	44	the	the	DET
ajfa-121	3	45	chairman	chairman	NOUN
ajfa-121	3	46	of	of	ADP
ajfa-121	3	47	the	the	DET
ajfa-121	3	48	board	board	NOUN
ajfa-121	3	49	of	of	ADP
ajfa-121	3	50	directors	director	NOUN
ajfa-121	3	51	;	;	PUNCT
ajfa-121	3	52	(	(	PUNCT
ajfa-121	3	53	5	5	X
ajfa-121	3	54	)	)	PUNCT
ajfa-121	3	55	board	board	NOUN
ajfa-121	3	56	independence	independence	NOUN
ajfa-121	3	57	,	,	PUNCT
ajfa-121	3	58	and	and	CCONJ
ajfa-121	3	59	(	(	PUNCT
ajfa-121	3	60	6	6	X
ajfa-121	3	61	)	)	PUNCT
ajfa-121	3	62	the	the	DET
ajfa-121	3	63	existence	existence	NOUN
ajfa-121	3	64	of	of	ADP
ajfa-121	3	65	an	an	DET
ajfa-121	3	66	audit	audit	NOUN
ajfa-121	3	67	committee	committee	NOUN
ajfa-121	3	68	.	.	PUNCT
ajfa-121	4	1	the	the	DET
ajfa-121	4	2	firm	firm	ADJ
ajfa-121	4	3	-	-	PUNCT
ajfa-121	4	4	specific	specific	ADJ
ajfa-121	4	5	characteristics	characteristic	NOUN
ajfa-121	4	6	are	be	AUX
ajfa-121	4	7	(	(	PUNCT
ajfa-121	4	8	1	1	X
ajfa-121	4	9	)	)	PUNCT
ajfa-121	4	10	firm	firm	ADJ
ajfa-121	4	11	size	size	NOUN
ajfa-121	4	12	;	;	PUNCT
ajfa-121	4	13	(	(	PUNCT
ajfa-121	4	14	2	2	X
ajfa-121	4	15	)	)	PUNCT
ajfa-121	4	16	leverage	leverage	NOUN
ajfa-121	4	17	;	;	PUNCT
ajfa-121	4	18	(	(	PUNCT
ajfa-121	4	19	3	3	X
ajfa-121	4	20	)	)	PUNCT
ajfa-121	4	21	profitability	profitability	NOUN
ajfa-121	4	22	,	,	PUNCT
ajfa-121	4	23	and	and	CCONJ
ajfa-121	4	24	;	;	PUNCT
ajfa-121	4	25	(	(	PUNCT
ajfa-121	4	26	4	4	X
ajfa-121	4	27	)	)	PUNCT
ajfa-121	4	28	type	type	NOUN
ajfa-121	4	29	of	of	ADP
ajfa-121	4	30	industry	industry	NOUN
ajfa-121	4	31	.	.	PUNCT
ajfa-121	5	1	with	with	ADP
ajfa-121	5	2	the	the	DET
ajfa-121	5	3	use	use	NOUN
ajfa-121	5	4	of	of	ADP
ajfa-121	5	5	a	a	DET
ajfa-121	5	6	relative	relative	ADJ
ajfa-121	5	7	disclosure	disclosure	NOUN
ajfa-121	5	8	index	index	NOUN
ajfa-121	5	9	for	for	ADP
ajfa-121	5	10	measuring	measure	VERB
ajfa-121	5	11	the	the	DET
ajfa-121	5	12	voluntary	voluntary	ADJ
ajfa-121	5	13	disclosure	disclosure	NOUN
ajfa-121	5	14	level	level	NOUN
ajfa-121	5	15	,	,	PUNCT
ajfa-121	5	16	our	our	PRON
ajfa-121	5	17	results	result	NOUN
ajfa-121	5	18	indicate	indicate	VERB
ajfa-121	5	19	that	that	SCONJ
ajfa-121	5	20	individual	individual	ADJ
ajfa-121	5	21	ownership	ownership	NOUN
ajfa-121	5	22	,	,	PUNCT
ajfa-121	5	23	the	the	DET
ajfa-121	5	24	existence	existence	NOUN
ajfa-121	5	25	of	of	ADP
ajfa-121	5	26	an	an	DET
ajfa-121	5	27	audit	audit	NOUN
ajfa-121	5	28	committee	committee	NOUN
ajfa-121	5	29	,	,	PUNCT
ajfa-121	5	30	firm	firm	ADJ
ajfa-121	5	31	size	size	NOUN
ajfa-121	5	32	,	,	PUNCT
ajfa-121	5	33	and	and	CCONJ
ajfa-121	5	34	leverage	leverage	NOUN
ajfa-121	5	35	,	,	PUNCT
ajfa-121	5	36	including	include	VERB
ajfa-121	5	37	board	board	NOUN
ajfa-121	5	38	structure	structure	NOUN
ajfa-121	5	39	and	and	CCONJ
ajfa-121	5	40	functioning	functioning	NOUN
ajfa-121	5	41	,	,	PUNCT
ajfa-121	5	42	employee	employee	NOUN
ajfa-121	5	43	information	information	NOUN
ajfa-121	5	44	,	,	PUNCT
ajfa-121	5	45	director‟s	director‟s	PROPN
ajfa-121	5	46	remuneration	remuneration	NOUN
ajfa-121	5	47	,	,	PUNCT
ajfa-121	5	48	the	the	DET
ajfa-121	5	49	presence	presence	NOUN
ajfa-121	5	50	of	of	ADP
ajfa-121	5	51	an	an	DET
ajfa-121	5	52	audit	audit	NOUN
ajfa-121	5	53	committee	committee	NOUN
ajfa-121	5	54	,	,	PUNCT
ajfa-121	5	55	related	relate	VERB
ajfa-121	5	56	party	party	NOUN
ajfa-121	5	57	transactions	transaction	NOUN
ajfa-121	5	58	,	,	PUNCT
ajfa-121	5	59	and	and	CCONJ
ajfa-121	5	60	stakeholders‟	stakeholders‟	VERB
ajfa-121	5	61	interests	interest	NOUN
ajfa-121	5	62	,	,	PUNCT
ajfa-121	5	63	are	be	AUX
ajfa-121	5	64	significantly	significantly	ADV
ajfa-121	5	65	related	relate	VERB
ajfa-121	5	66	to	to	ADP
ajfa-121	5	67	the	the	DET
ajfa-121	5	68	extent	extent	NOUN
ajfa-121	5	69	of	of	ADP
ajfa-121	5	70	voluntary	voluntary	ADJ
ajfa-121	5	71	disclosure	disclosure	NOUN
ajfa-121	5	72	.	.	PUNCT
ajfa-121	6	1	this	this	DET
ajfa-121	6	2	study	study	NOUN
ajfa-121	6	3	provides	provide	VERB
ajfa-121	6	4	empirical	empirical	ADJ
ajfa-121	6	5	evidence	evidence	NOUN
ajfa-121	6	6	for	for	SCONJ
ajfa-121	6	7	chinese	chinese	ADJ
ajfa-121	6	8	policy	policy	NOUN
ajfa-121	6	9	makers	maker	NOUN
ajfa-121	6	10	and	and	CCONJ
ajfa-121	6	11	regulators	regulator	NOUN
ajfa-121	6	12	to	to	PART
ajfa-121	6	13	improve	improve	VERB
ajfa-121	6	14	corporate	corporate	ADJ
ajfa-121	6	15	governance	governance	NOUN
ajfa-121	6	16	mechanisms	mechanism	NOUN
ajfa-121	6	17	and	and	CCONJ
ajfa-121	6	18	transparency	transparency	NOUN
ajfa-121	6	19	of	of	ADP
ajfa-121	6	20	publicly	publicly	ADV
ajfa-121	6	21	-	-	PUNCT
ajfa-121	6	22	listed	list	VERB
ajfa-121	6	23	companies	company	NOUN
ajfa-121	6	24	.	.	PUNCT
ajfa-121	7	1	the	the	DET
ajfa-121	7	2	findings	finding	NOUN
ajfa-121	7	3	also	also	ADV
ajfa-121	7	4	contribute	contribute	VERB
ajfa-121	7	5	to	to	ADP
ajfa-121	7	6	an	an	DET
ajfa-121	7	7	understanding	understanding	NOUN
ajfa-121	7	8	of	of	ADP
ajfa-121	7	9	disclosure	disclosure	NOUN
ajfa-121	7	10	behavior	behavior	NOUN
ajfa-121	7	11	among	among	ADP
ajfa-121	7	12	former	former	ADJ
ajfa-121	7	13	wholly	wholly	ADV
ajfa-121	7	14	state	state	NOUN
ajfa-121	7	15	-	-	PUNCT
ajfa-121	7	16	owned	own	VERB
ajfa-121	7	17	enterprises	enterprise	NOUN
ajfa-121	7	18	during	during	ADP
ajfa-121	7	19	the	the	DET
ajfa-121	7	20	privatization	privatization	NOUN
ajfa-121	7	21	process	process	NOUN
ajfa-121	7	22	in	in	ADP
ajfa-121	7	23	china	china	PROPN
ajfa-121	7	24	.	.	PUNCT
ajfa-121	8	1	keywords	keyword	NOUN
ajfa-121	8	2	:	:	PUNCT
ajfa-121	8	3	voluntary	voluntary	ADJ
ajfa-121	8	4	disclosure	disclosure	NOUN
ajfa-121	8	5	,	,	PUNCT
ajfa-121	8	6	corporate	corporate	ADJ
ajfa-121	8	7	governance	governance	NOUN
ajfa-121	8	8	,	,	PUNCT
ajfa-121	8	9	audit	audit	NOUN
ajfa-121	8	10	committee	committee	NOUN
ajfa-121	8	11	,	,	PUNCT
ajfa-121	8	12	disclosure	disclosure	NOUN
ajfa-121	8	13	index	index	NOUN
ajfa-121	8	14	,	,	PUNCT
ajfa-121	8	15	firm	firm	ADJ
ajfa-121	8	16	-	-	PUNCT
ajfa-121	8	17	specific	specific	ADJ
ajfa-121	8	18	characteristic	characteristic	ADJ
ajfa-121	8	19	jel	jel	PROPN
ajfa-121	8	20	classifications	classification	NOUN
ajfa-121	8	21	:	:	PUNCT
ajfa-121	8	22	m40	m40	PROPN
ajfa-121	8	23	,	,	PUNCT
ajfa-121	8	24	m41	m41	PROPN
ajfa-121	8	25	,	,	PUNCT
ajfa-121	8	26	m48	m48	PROPN
ajfa-121	8	27	asian	asian	PROPN
ajfa-121	8	28	journal	journal	PROPN
ajfa-121	8	29	of	of	ADP
ajfa-121	8	30	finance	finance	PROPN
ajfa-121	8	31	&	&	CCONJ
ajfa-121	8	32	accounting	accounting	PROPN
ajfa-121	8	33	issn	issn	PROPN
ajfa-121	8	34	1946	1946	NUM
ajfa-121	8	35	-	-	PUNCT
ajfa-121	8	36	052x	052x	NOUN
ajfa-121	8	37	2009	2009	NUM
ajfa-121	8	38	,	,	PUNCT
ajfa-121	8	39	vol	vol	NOUN
ajfa-121	8	40	.	.	PROPN
ajfa-121	8	41	1	1	NUM
ajfa-121	8	42	,	,	PUNCT
ajfa-121	8	43	no	no	INTJ
ajfa-121	8	44	.	.	NOUN
ajfa-121	8	45	2	2	NUM
ajfa-121	8	46	:	:	PUNCT
ajfa-121	8	47	e6	e6	VERB
ajfa-121	8	48	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	8	49	120	120	NUM
ajfa-121	8	50	1	1	NUM
ajfa-121	8	51	.	.	PUNCT
ajfa-121	9	1	introduction	introduction	NOUN
ajfa-121	9	2	the	the	DET
ajfa-121	9	3	effective	effective	ADJ
ajfa-121	9	4	functioning	functioning	NOUN
ajfa-121	9	5	of	of	ADP
ajfa-121	9	6	capital	capital	NOUN
ajfa-121	9	7	markets	market	NOUN
ajfa-121	9	8	depends	depend	VERB
ajfa-121	9	9	on	on	ADP
ajfa-121	9	10	how	how	SCONJ
ajfa-121	9	11	information	information	NOUN
ajfa-121	9	12	is	be	AUX
ajfa-121	9	13	shared	share	VERB
ajfa-121	9	14	among	among	ADP
ajfa-121	9	15	the	the	DET
ajfa-121	9	16	participants	participant	NOUN
ajfa-121	9	17	(	(	PUNCT
ajfa-121	9	18	ho	ho	PROPN
ajfa-121	9	19	,	,	PUNCT
ajfa-121	9	20	2003	2003	NUM
ajfa-121	9	21	)	)	PUNCT
ajfa-121	9	22	.	.	PUNCT
ajfa-121	10	1	in	in	ADP
ajfa-121	10	2	recent	recent	ADJ
ajfa-121	10	3	years	year	NOUN
ajfa-121	10	4	,	,	PUNCT
ajfa-121	10	5	the	the	DET
ajfa-121	10	6	quality	quality	NOUN
ajfa-121	10	7	of	of	ADP
ajfa-121	10	8	information	information	NOUN
ajfa-121	10	9	disclosure	disclosure	NOUN
ajfa-121	10	10	in	in	ADP
ajfa-121	10	11	companies‟	companies‟	X
ajfa-121	10	12	annual	annual	ADJ
ajfa-121	10	13	reports	report	NOUN
ajfa-121	10	14	has	have	AUX
ajfa-121	10	15	attracted	attract	VERB
ajfa-121	10	16	considerable	considerable	ADJ
ajfa-121	10	17	interest	interest	NOUN
ajfa-121	10	18	among	among	ADP
ajfa-121	10	19	scholars	scholar	NOUN
ajfa-121	10	20	.	.	PUNCT
ajfa-121	11	1	some	some	DET
ajfa-121	11	2	companies	company	NOUN
ajfa-121	11	3	disclose	disclose	VERB
ajfa-121	11	4	the	the	DET
ajfa-121	11	5	information	information	NOUN
ajfa-121	11	6	that	that	PRON
ajfa-121	11	7	is	be	AUX
ajfa-121	11	8	stipulated	stipulate	VERB
ajfa-121	11	9	by	by	ADP
ajfa-121	11	10	local	local	ADJ
ajfa-121	11	11	governance	governance	NOUN
ajfa-121	11	12	regulations	regulation	NOUN
ajfa-121	11	13	,	,	PUNCT
ajfa-121	11	14	but	but	CCONJ
ajfa-121	11	15	there	there	PRON
ajfa-121	11	16	may	may	AUX
ajfa-121	11	17	be	be	AUX
ajfa-121	11	18	costs	cost	NOUN
ajfa-121	11	19	and	and	CCONJ
ajfa-121	11	20	benefits	benefit	NOUN
ajfa-121	11	21	for	for	ADP
ajfa-121	11	22	disclosing	disclose	VERB
ajfa-121	11	23	additional	additional	ADJ
ajfa-121	11	24	financial	financial	ADJ
ajfa-121	11	25	information	information	NOUN
ajfa-121	11	26	.	.	PUNCT
ajfa-121	12	1	by	by	ADP
ajfa-121	12	2	increasing	increase	VERB
ajfa-121	12	3	the	the	DET
ajfa-121	12	4	amount	amount	NOUN
ajfa-121	12	5	of	of	ADP
ajfa-121	12	6	information	information	NOUN
ajfa-121	12	7	that	that	PRON
ajfa-121	12	8	companies	company	NOUN
ajfa-121	12	9	release	release	VERB
ajfa-121	12	10	to	to	ADP
ajfa-121	12	11	the	the	DET
ajfa-121	12	12	public	public	NOUN
ajfa-121	12	13	,	,	PUNCT
ajfa-121	12	14	companies	company	NOUN
ajfa-121	12	15	can	can	AUX
ajfa-121	12	16	lower	lower	VERB
ajfa-121	12	17	their	their	PRON
ajfa-121	12	18	capital	capital	NOUN
ajfa-121	12	19	costs	cost	NOUN
ajfa-121	12	20	,	,	PUNCT
ajfa-121	12	21	gain	gain	VERB
ajfa-121	12	22	investor	investor	NOUN
ajfa-121	12	23	confidence	confidence	NOUN
ajfa-121	12	24	,	,	PUNCT
ajfa-121	12	25	and	and	CCONJ
ajfa-121	12	26	improve	improve	VERB
ajfa-121	12	27	the	the	DET
ajfa-121	12	28	marketability	marketability	NOUN
ajfa-121	12	29	of	of	ADP
ajfa-121	12	30	shares	share	NOUN
ajfa-121	12	31	(	(	PUNCT
ajfa-121	12	32	meek	meek	NOUN
ajfa-121	12	33	et	et	PROPN
ajfa-121	12	34	al	al	PROPN
ajfa-121	12	35	.	.	PROPN
ajfa-121	12	36	,	,	PUNCT
ajfa-121	12	37	1995	1995	NUM
ajfa-121	12	38	;	;	PUNCT
ajfa-121	12	39	kristandl	kristandl	NOUN
ajfa-121	12	40	and	and	CCONJ
ajfa-121	12	41	bontis	bontis	NOUN
ajfa-121	12	42	,	,	PUNCT
ajfa-121	12	43	2007	2007	NUM
ajfa-121	12	44	)	)	PUNCT
ajfa-121	12	45	.	.	PUNCT
ajfa-121	13	1	according	accord	VERB
ajfa-121	13	2	to	to	ADP
ajfa-121	13	3	a	a	DET
ajfa-121	13	4	study	study	NOUN
ajfa-121	13	5	by	by	ADP
ajfa-121	13	6	ho	ho	PROPN
ajfa-121	13	7	and	and	CCONJ
ajfa-121	13	8	wong	wong	PROPN
ajfa-121	13	9	(	(	PUNCT
ajfa-121	13	10	2001	2001	NUM
ajfa-121	13	11	)	)	PUNCT
ajfa-121	13	12	,	,	PUNCT
ajfa-121	13	13	the	the	DET
ajfa-121	13	14	asian	asian	ADJ
ajfa-121	13	15	financial	financial	ADJ
ajfa-121	13	16	crisis	crisis	NOUN
ajfa-121	13	17	not	not	PART
ajfa-121	13	18	only	only	ADV
ajfa-121	13	19	resulted	result	VERB
ajfa-121	13	20	from	from	ADP
ajfa-121	13	21	a	a	DET
ajfa-121	13	22	loss	loss	NOUN
ajfa-121	13	23	of	of	ADP
ajfa-121	13	24	investor	investor	NOUN
ajfa-121	13	25	confidence	confidence	NOUN
ajfa-121	13	26	but	but	CCONJ
ajfa-121	13	27	also	also	ADV
ajfa-121	13	28	from	from	ADP
ajfa-121	13	29	a	a	DET
ajfa-121	13	30	lack	lack	NOUN
ajfa-121	13	31	of	of	ADP
ajfa-121	13	32	effective	effective	ADJ
ajfa-121	13	33	corporate	corporate	ADJ
ajfa-121	13	34	governance	governance	NOUN
ajfa-121	13	35	and	and	CCONJ
ajfa-121	13	36	transparency	transparency	NOUN
ajfa-121	13	37	in	in	ADP
ajfa-121	13	38	many	many	ADJ
ajfa-121	13	39	of	of	ADP
ajfa-121	13	40	asia‟s	asia‟s	ADJ
ajfa-121	13	41	financial	financial	ADJ
ajfa-121	13	42	markets	market	NOUN
ajfa-121	13	43	and	and	CCONJ
ajfa-121	13	44	individual	individual	ADJ
ajfa-121	13	45	firms	firm	NOUN
ajfa-121	13	46	in	in	ADP
ajfa-121	13	47	the	the	DET
ajfa-121	13	48	late	late	ADJ
ajfa-121	13	49	1990s	1990	NOUN
ajfa-121	13	50	.	.	PUNCT
ajfa-121	14	1	the	the	DET
ajfa-121	14	2	failures	failure	NOUN
ajfa-121	14	3	of	of	ADP
ajfa-121	14	4	chinese	chinese	ADJ
ajfa-121	14	5	companies	company	NOUN
ajfa-121	14	6	,	,	PUNCT
ajfa-121	14	7	including	include	VERB
ajfa-121	14	8	hongguang	hongguang	PROPN
ajfa-121	14	9	,	,	PUNCT
ajfa-121	14	10	yorkpoint	yorkpoint	NOUN
ajfa-121	14	11	,	,	PUNCT
ajfa-121	14	12	yinguangxia	yinguangxia	PROPN
ajfa-121	14	13	,	,	PUNCT
ajfa-121	14	14	chaoda	chaoda	NOUN
ajfa-121	14	15	,	,	PUNCT
ajfa-121	14	16	daqing	daqe	VERB
ajfa-121	14	17	lianyi	lianyi	NOUN
ajfa-121	14	18	,	,	PUNCT
ajfa-121	14	19	citic	citic	PROPN
ajfa-121	14	20	,	,	PUNCT
ajfa-121	14	21	zhengbaiwen	zhengbaiwen	NOUN
ajfa-121	14	22	,	,	PUNCT
ajfa-121	14	23	and	and	CCONJ
ajfa-121	14	24	euro	euro	NOUN
ajfa-121	14	25	-	-	PUNCT
ajfa-121	14	26	asia	asia	PROPN
ajfa-121	14	27	agriculture	agriculture	PROPN
ajfa-121	14	28	,	,	PUNCT
ajfa-121	14	29	are	be	AUX
ajfa-121	14	30	examples	example	NOUN
ajfa-121	14	31	of	of	ADP
ajfa-121	14	32	the	the	DET
ajfa-121	14	33	results	result	NOUN
ajfa-121	14	34	of	of	ADP
ajfa-121	14	35	operating	operate	VERB
ajfa-121	14	36	under	under	ADP
ajfa-121	14	37	a	a	DET
ajfa-121	14	38	weak	weak	ADJ
ajfa-121	14	39	corporate	corporate	ADJ
ajfa-121	14	40	governance	governance	NOUN
ajfa-121	14	41	structure	structure	NOUN
ajfa-121	14	42	and	and	CCONJ
ajfa-121	14	43	a	a	DET
ajfa-121	14	44	lack	lack	NOUN
ajfa-121	14	45	of	of	ADP
ajfa-121	14	46	transparency	transparency	NOUN
ajfa-121	14	47	.	.	PUNCT
ajfa-121	15	1	the	the	DET
ajfa-121	15	2	2008	2008	NUM
ajfa-121	15	3	global	global	ADJ
ajfa-121	15	4	financial	financial	ADJ
ajfa-121	15	5	crisis	crisis	NOUN
ajfa-121	15	6	has	have	AUX
ajfa-121	15	7	led	lead	VERB
ajfa-121	15	8	investors	investor	NOUN
ajfa-121	15	9	to	to	PART
ajfa-121	15	10	pay	pay	VERB
ajfa-121	15	11	more	more	ADJ
ajfa-121	15	12	attention	attention	NOUN
ajfa-121	15	13	to	to	ADP
ajfa-121	15	14	additional	additional	ADJ
ajfa-121	15	15	disclosure	disclosure	NOUN
ajfa-121	15	16	of	of	ADP
ajfa-121	15	17	company	company	NOUN
ajfa-121	15	18	information	information	NOUN
ajfa-121	15	19	.	.	PUNCT
ajfa-121	16	1	haw	haw	INTJ
ajfa-121	16	2	et	et	PROPN
ajfa-121	16	3	al	al	PROPN
ajfa-121	16	4	.	.	PUNCT
ajfa-121	17	1	(	(	PUNCT
ajfa-121	17	2	2000	2000	NUM
ajfa-121	17	3	)	)	PUNCT
ajfa-121	17	4	note	note	VERB
ajfa-121	17	5	that	that	SCONJ
ajfa-121	17	6	firms	firm	NOUN
ajfa-121	17	7	listed	list	VERB
ajfa-121	17	8	on	on	ADP
ajfa-121	17	9	the	the	DET
ajfa-121	17	10	two	two	NUM
ajfa-121	17	11	chinese	chinese	ADJ
ajfa-121	17	12	domestic	domestic	ADJ
ajfa-121	17	13	stock	stock	NOUN
ajfa-121	17	14	exchanges	exchange	NOUN
ajfa-121	17	15	,	,	PUNCT
ajfa-121	17	16	i.e.	i.e.	X
ajfa-121	17	17	,	,	PUNCT
ajfa-121	17	18	shanghai	shanghai	PROPN
ajfa-121	17	19	and	and	CCONJ
ajfa-121	17	20	shenzhen	shenzhen	PROPN
ajfa-121	17	21	,	,	PUNCT
ajfa-121	17	22	disclose	disclose	VERB
ajfa-121	17	23	little	little	ADJ
ajfa-121	17	24	information	information	NOUN
ajfa-121	17	25	to	to	ADP
ajfa-121	17	26	the	the	DET
ajfa-121	17	27	public	public	NOUN
ajfa-121	17	28	.	.	PUNCT
ajfa-121	18	1	as	as	ADP
ajfa-121	18	2	a	a	DET
ajfa-121	18	3	result	result	NOUN
ajfa-121	18	4	,	,	PUNCT
ajfa-121	18	5	this	this	DET
ajfa-121	18	6	study	study	NOUN
ajfa-121	18	7	will	will	AUX
ajfa-121	18	8	investigate	investigate	VERB
ajfa-121	18	9	how	how	SCONJ
ajfa-121	18	10	the	the	DET
ajfa-121	18	11	ownership	ownership	NOUN
ajfa-121	18	12	structure	structure	NOUN
ajfa-121	18	13	and	and	CCONJ
ajfa-121	18	14	corporate	corporate	ADJ
ajfa-121	18	15	governance	governance	NOUN
ajfa-121	18	16	mechanisms	mechanism	NOUN
ajfa-121	18	17	affect	affect	VERB
ajfa-121	18	18	the	the	DET
ajfa-121	18	19	level	level	NOUN
ajfa-121	18	20	of	of	ADP
ajfa-121	18	21	voluntary	voluntary	ADJ
ajfa-121	18	22	disclosure	disclosure	NOUN
ajfa-121	18	23	of	of	ADP
ajfa-121	18	24	information	information	NOUN
ajfa-121	18	25	by	by	ADP
ajfa-121	18	26	chinese	chinese	ADJ
ajfa-121	18	27	companies	company	NOUN
ajfa-121	18	28	.	.	PUNCT
ajfa-121	19	1	compared	compare	VERB
ajfa-121	19	2	to	to	PART
ajfa-121	19	3	mature	mature	VERB
ajfa-121	19	4	stock	stock	NOUN
ajfa-121	19	5	exchange	exchange	NOUN
ajfa-121	19	6	markets	market	NOUN
ajfa-121	19	7	in	in	ADP
ajfa-121	19	8	the	the	DET
ajfa-121	19	9	developed	develop	VERB
ajfa-121	19	10	countries	country	NOUN
ajfa-121	19	11	,	,	PUNCT
ajfa-121	19	12	such	such	ADJ
ajfa-121	19	13	as	as	ADP
ajfa-121	19	14	the	the	DET
ajfa-121	19	15	united	united	PROPN
ajfa-121	19	16	states	states	PROPN
ajfa-121	19	17	and	and	CCONJ
ajfa-121	19	18	the	the	DET
ajfa-121	19	19	united	united	ADJ
ajfa-121	19	20	kingdom	kingdom	PROPN
ajfa-121	19	21	,	,	PUNCT
ajfa-121	19	22	there	there	PRON
ajfa-121	19	23	are	be	VERB
ajfa-121	19	24	some	some	DET
ajfa-121	19	25	unique	unique	ADJ
ajfa-121	19	26	features	feature	NOUN
ajfa-121	19	27	of	of	ADP
ajfa-121	19	28	the	the	DET
ajfa-121	19	29	chinese	chinese	ADJ
ajfa-121	19	30	market	market	NOUN
ajfa-121	19	31	.	.	PUNCT
ajfa-121	20	1	since	since	SCONJ
ajfa-121	20	2	the	the	DET
ajfa-121	20	3	1980s	1980	NOUN
ajfa-121	20	4	china	china	PROPN
ajfa-121	20	5	has	have	AUX
ajfa-121	20	6	been	be	AUX
ajfa-121	20	7	rapidly	rapidly	ADV
ajfa-121	20	8	undergoing	undergo	VERB
ajfa-121	20	9	change	change	NOUN
ajfa-121	20	10	from	from	ADP
ajfa-121	20	11	a	a	DET
ajfa-121	20	12	traditional	traditional	ADJ
ajfa-121	20	13	planned	plan	VERB
ajfa-121	20	14	economy	economy	NOUN
ajfa-121	20	15	to	to	ADP
ajfa-121	20	16	a	a	DET
ajfa-121	20	17	market	market	NOUN
ajfa-121	20	18	economy	economy	NOUN
ajfa-121	20	19	.	.	PUNCT
ajfa-121	21	1	the	the	DET
ajfa-121	21	2	privatization	privatization	NOUN
ajfa-121	21	3	of	of	ADP
ajfa-121	21	4	state	state	NOUN
ajfa-121	21	5	-	-	PUNCT
ajfa-121	21	6	owned	own	VERB
ajfa-121	21	7	enterprises	enterprise	NOUN
ajfa-121	21	8	(	(	PUNCT
ajfa-121	21	9	soe	soe	PROPN
ajfa-121	21	10	)	)	PUNCT
ajfa-121	21	11	has	have	AUX
ajfa-121	21	12	transferred	transfer	VERB
ajfa-121	21	13	a	a	DET
ajfa-121	21	14	portion	portion	NOUN
ajfa-121	21	15	of	of	ADP
ajfa-121	21	16	state	state	NOUN
ajfa-121	21	17	-	-	PUNCT
ajfa-121	21	18	owned	own	VERB
ajfa-121	21	19	shares	share	NOUN
ajfa-121	21	20	to	to	ADP
ajfa-121	21	21	other	other	ADJ
ajfa-121	21	22	types	type	NOUN
ajfa-121	21	23	of	of	ADP
ajfa-121	21	24	owners	owner	NOUN
ajfa-121	21	25	,	,	PUNCT
ajfa-121	21	26	including	include	VERB
ajfa-121	21	27	a	a	DET
ajfa-121	21	28	,	,	PUNCT
ajfa-121	21	29	b	b	NOUN
ajfa-121	21	30	,	,	PUNCT
ajfa-121	21	31	and	and	CCONJ
ajfa-121	21	32	h	h	NOUN
ajfa-121	21	33	owners	owner	NOUN
ajfa-121	21	34	.	.	PUNCT
ajfa-121	22	1	privatization	privatization	NOUN
ajfa-121	22	2	encourages	encourage	VERB
ajfa-121	22	3	the	the	DET
ajfa-121	22	4	injection	injection	NOUN
ajfa-121	22	5	of	of	ADP
ajfa-121	22	6	private	private	ADJ
ajfa-121	22	7	capital	capital	NOUN
ajfa-121	22	8	into	into	ADP
ajfa-121	22	9	the	the	DET
ajfa-121	22	10	soes	soe	NOUN
ajfa-121	22	11	.	.	PUNCT
ajfa-121	23	1	but	but	CCONJ
ajfa-121	23	2	it	it	PRON
ajfa-121	23	3	also	also	ADV
ajfa-121	23	4	transfers	transfer	VERB
ajfa-121	23	5	public	public	ADJ
ajfa-121	23	6	assets	asset	NOUN
ajfa-121	23	7	to	to	ADP
ajfa-121	23	8	private	private	ADJ
ajfa-121	23	9	agents	agent	NOUN
ajfa-121	23	10	who	who	PRON
ajfa-121	23	11	do	do	AUX
ajfa-121	23	12	not	not	PART
ajfa-121	23	13	necessarily	necessarily	ADV
ajfa-121	23	14	use	use	VERB
ajfa-121	23	15	the	the	DET
ajfa-121	23	16	assets	asset	NOUN
ajfa-121	23	17	in	in	ADP
ajfa-121	23	18	effective	effective	ADJ
ajfa-121	23	19	ways	way	NOUN
ajfa-121	23	20	(	(	PUNCT
ajfa-121	23	21	stiglitz	stiglitz	NOUN
ajfa-121	23	22	,	,	PUNCT
ajfa-121	23	23	1997	1997	NUM
ajfa-121	23	24	)	)	PUNCT
ajfa-121	23	25	.	.	PUNCT
ajfa-121	24	1	the	the	DET
ajfa-121	24	2	chinese	chinese	ADJ
ajfa-121	24	3	economic	economic	ADJ
ajfa-121	24	4	environment	environment	NOUN
ajfa-121	24	5	is	be	AUX
ajfa-121	24	6	different	different	ADJ
ajfa-121	24	7	from	from	ADP
ajfa-121	24	8	that	that	PRON
ajfa-121	24	9	in	in	ADP
ajfa-121	24	10	the	the	DET
ajfa-121	24	11	developed	develop	VERB
ajfa-121	24	12	countries	country	NOUN
ajfa-121	24	13	;	;	PUNCT
ajfa-121	24	14	the	the	DET
ajfa-121	24	15	market	market	NOUN
ajfa-121	24	16	economy	economy	NOUN
ajfa-121	24	17	is	be	AUX
ajfa-121	24	18	still	still	ADV
ajfa-121	24	19	at	at	ADP
ajfa-121	24	20	a	a	DET
ajfa-121	24	21	developing	develop	VERB
ajfa-121	24	22	stage	stage	NOUN
ajfa-121	24	23	and	and	CCONJ
ajfa-121	24	24	state	state	NOUN
ajfa-121	24	25	ownership	ownership	NOUN
ajfa-121	24	26	plays	play	VERB
ajfa-121	24	27	a	a	DET
ajfa-121	24	28	leading	lead	VERB
ajfa-121	24	29	,	,	PUNCT
ajfa-121	24	30	or	or	CCONJ
ajfa-121	24	31	even	even	ADV
ajfa-121	24	32	a	a	DET
ajfa-121	24	33	controlling	control	VERB
ajfa-121	24	34	role	role	NOUN
ajfa-121	24	35	in	in	ADP
ajfa-121	24	36	the	the	DET
ajfa-121	24	37	public	public	ADJ
ajfa-121	24	38	listing	listing	NOUN
ajfa-121	24	39	of	of	ADP
ajfa-121	24	40	companies	company	NOUN
ajfa-121	24	41	.	.	PUNCT
ajfa-121	25	1	these	these	DET
ajfa-121	25	2	unique	unique	ADJ
ajfa-121	25	3	characteristics	characteristic	NOUN
ajfa-121	25	4	lead	lead	VERB
ajfa-121	25	5	to	to	ADP
ajfa-121	25	6	differences	difference	NOUN
ajfa-121	25	7	in	in	ADP
ajfa-121	25	8	corporate	corporate	ADJ
ajfa-121	25	9	governance	governance	NOUN
ajfa-121	25	10	and	and	CCONJ
ajfa-121	25	11	the	the	DET
ajfa-121	25	12	extent	extent	NOUN
ajfa-121	25	13	of	of	ADP
ajfa-121	25	14	disclosure	disclosure	NOUN
ajfa-121	25	15	of	of	ADP
ajfa-121	25	16	information	information	NOUN
ajfa-121	25	17	by	by	ADP
ajfa-121	25	18	chinese	chinese	ADJ
ajfa-121	25	19	publicly	publicly	ADV
ajfa-121	25	20	-	-	PUNCT
ajfa-121	25	21	listed	list	VERB
ajfa-121	25	22	companies	company	NOUN
ajfa-121	25	23	.	.	PUNCT
ajfa-121	26	1	the	the	DET
ajfa-121	26	2	state‟s	state‟s	ADJ
ajfa-121	26	3	loss	loss	NOUN
ajfa-121	26	4	of	of	ADP
ajfa-121	26	5	control	control	NOUN
ajfa-121	26	6	can	can	AUX
ajfa-121	26	7	result	result	VERB
ajfa-121	26	8	in	in	ADP
ajfa-121	26	9	ownership	ownership	NOUN
ajfa-121	26	10	takeovers	takeover	NOUN
ajfa-121	26	11	by	by	ADP
ajfa-121	26	12	individuals	individual	NOUN
ajfa-121	26	13	.	.	PUNCT
ajfa-121	27	1	newman	newman	PROPN
ajfa-121	27	2	(	(	PUNCT
ajfa-121	27	3	2000	2000	NUM
ajfa-121	27	4	)	)	PUNCT
ajfa-121	27	5	notes	note	VERB
ajfa-121	27	6	that	that	SCONJ
ajfa-121	27	7	takeovers	takeover	NOUN
ajfa-121	27	8	are	be	AUX
ajfa-121	27	9	common	common	ADJ
ajfa-121	27	10	;	;	PUNCT
ajfa-121	27	11	however	however	ADV
ajfa-121	27	12	,	,	PUNCT
ajfa-121	27	13	a	a	DET
ajfa-121	27	14	rapid	rapid	ADJ
ajfa-121	27	15	change	change	NOUN
ajfa-121	27	16	of	of	ADP
ajfa-121	27	17	ownership	ownership	NOUN
ajfa-121	27	18	may	may	AUX
ajfa-121	27	19	not	not	PART
ajfa-121	27	20	improve	improve	VERB
ajfa-121	27	21	firm	firm	ADJ
ajfa-121	27	22	transparency	transparency	NOUN
ajfa-121	27	23	.	.	PUNCT
ajfa-121	28	1	in	in	ADP
ajfa-121	28	2	the	the	DET
ajfa-121	28	3	cases	case	NOUN
ajfa-121	28	4	of	of	ADP
ajfa-121	28	5	privatization	privatization	NOUN
ajfa-121	28	6	in	in	ADP
ajfa-121	28	7	eastern	eastern	PROPN
ajfa-121	28	8	europe	europe	PROPN
ajfa-121	28	9	and	and	CCONJ
ajfa-121	28	10	the	the	DET
ajfa-121	28	11	former	former	ADJ
ajfa-121	28	12	soviet	soviet	PROPN
ajfa-121	28	13	union	union	NOUN
ajfa-121	28	14	,	,	PUNCT
ajfa-121	28	15	many	many	ADJ
ajfa-121	28	16	companies	company	NOUN
ajfa-121	28	17	failed	fail	VERB
ajfa-121	28	18	due	due	ADP
ajfa-121	28	19	to	to	ADP
ajfa-121	28	20	the	the	DET
ajfa-121	28	21	lack	lack	NOUN
ajfa-121	28	22	of	of	ADP
ajfa-121	28	23	control	control	NOUN
ajfa-121	28	24	and	and	CCONJ
ajfa-121	28	25	the	the	DET
ajfa-121	28	26	expropriation	expropriation	NOUN
ajfa-121	28	27	of	of	ADP
ajfa-121	28	28	minority	minority	NOUN
ajfa-121	28	29	ownership	ownership	NOUN
ajfa-121	28	30	.	.	PUNCT
ajfa-121	29	1	because	because	SCONJ
ajfa-121	29	2	of	of	ADP
ajfa-121	29	3	agency	agency	NOUN
ajfa-121	29	4	effects	effect	NOUN
ajfa-121	29	5	,	,	PUNCT
ajfa-121	29	6	majority	majority	NOUN
ajfa-121	29	7	owners	owner	NOUN
ajfa-121	29	8	may	may	AUX
ajfa-121	29	9	reap	reap	VERB
ajfa-121	29	10	personal	personal	ADJ
ajfa-121	29	11	benefits	benefit	NOUN
ajfa-121	29	12	.	.	PUNCT
ajfa-121	30	1	as	as	ADP
ajfa-121	30	2	a	a	DET
ajfa-121	30	3	result	result	NOUN
ajfa-121	30	4	of	of	ADP
ajfa-121	30	5	the	the	DET
ajfa-121	30	6	rapid	rapid	ADJ
ajfa-121	30	7	changes	change	NOUN
ajfa-121	30	8	in	in	ADP
ajfa-121	30	9	the	the	DET
ajfa-121	30	10	stock	stock	NOUN
ajfa-121	30	11	market	market	NOUN
ajfa-121	30	12	structure	structure	NOUN
ajfa-121	30	13	,	,	PUNCT
ajfa-121	30	14	chinese	chinese	ADJ
ajfa-121	30	15	regulatory	regulatory	ADJ
ajfa-121	30	16	bodies	body	NOUN
ajfa-121	30	17	have	have	AUX
ajfa-121	30	18	published	publish	VERB
ajfa-121	30	19	a	a	DET
ajfa-121	30	20	list	list	NOUN
ajfa-121	30	21	of	of	ADP
ajfa-121	30	22	laws	law	NOUN
ajfa-121	30	23	and	and	CCONJ
ajfa-121	30	24	regulations	regulation	NOUN
ajfa-121	30	25	for	for	SCONJ
ajfa-121	30	26	companies	company	NOUN
ajfa-121	30	27	to	to	PART
ajfa-121	30	28	eliminate	eliminate	VERB
ajfa-121	30	29	the	the	DET
ajfa-121	30	30	possibility	possibility	NOUN
ajfa-121	30	31	of	of	ADP
ajfa-121	30	32	providing	provide	VERB
ajfa-121	30	33	false	false	ADJ
ajfa-121	30	34	information	information	NOUN
ajfa-121	30	35	and	and	CCONJ
ajfa-121	30	36	to	to	PART
ajfa-121	30	37	encourage	encourage	VERB
ajfa-121	30	38	voluntary	voluntary	ADJ
ajfa-121	30	39	disclosure	disclosure	NOUN
ajfa-121	30	40	so	so	SCONJ
ajfa-121	30	41	as	as	SCONJ
ajfa-121	30	42	to	to	PART
ajfa-121	30	43	enhance	enhance	VERB
ajfa-121	30	44	their	their	PRON
ajfa-121	30	45	international	international	ADJ
ajfa-121	30	46	reputations	reputation	NOUN
ajfa-121	30	47	.	.	PUNCT
ajfa-121	31	1	eventually	eventually	ADV
ajfa-121	31	2	,	,	PUNCT
ajfa-121	31	3	these	these	DET
ajfa-121	31	4	policies	policy	NOUN
ajfa-121	31	5	will	will	AUX
ajfa-121	31	6	prepare	prepare	VERB
ajfa-121	31	7	the	the	DET
ajfa-121	31	8	companies	company	NOUN
ajfa-121	31	9	to	to	PART
ajfa-121	31	10	list	list	VERB
ajfa-121	31	11	on	on	ADP
ajfa-121	31	12	foreign	foreign	ADJ
ajfa-121	31	13	stock	stock	NOUN
ajfa-121	31	14	exchanges	exchange	NOUN
ajfa-121	31	15	.	.	PUNCT
ajfa-121	32	1	the	the	DET
ajfa-121	32	2	characteristics	characteristic	NOUN
ajfa-121	32	3	of	of	ADP
ajfa-121	32	4	corporate	corporate	ADJ
ajfa-121	32	5	governance	governance	NOUN
ajfa-121	32	6	and	and	CCONJ
ajfa-121	32	7	the	the	DET
ajfa-121	32	8	existence	existence	NOUN
ajfa-121	32	9	of	of	ADP
ajfa-121	32	10	an	an	DET
ajfa-121	32	11	audit	audit	NOUN
ajfa-121	32	12	committee	committee	NOUN
ajfa-121	32	13	may	may	AUX
ajfa-121	32	14	affect	affect	VERB
ajfa-121	32	15	the	the	DET
ajfa-121	32	16	level	level	NOUN
ajfa-121	32	17	of	of	ADP
ajfa-121	32	18	voluntary	voluntary	ADJ
ajfa-121	32	19	disclosure	disclosure	NOUN
ajfa-121	32	20	.	.	PUNCT
ajfa-121	33	1	using	use	VERB
ajfa-121	33	2	an	an	DET
ajfa-121	33	3	opacity	opacity	NOUN
ajfa-121	33	4	asian	asian	ADJ
ajfa-121	33	5	journal	journal	NOUN
ajfa-121	33	6	of	of	ADP
ajfa-121	33	7	finance	finance	PROPN
ajfa-121	33	8	&	&	CCONJ
ajfa-121	33	9	accounting	accounting	PROPN
ajfa-121	33	10	issn	issn	PROPN
ajfa-121	33	11	1946	1946	NUM
ajfa-121	33	12	-	-	PUNCT
ajfa-121	33	13	052x	052x	NOUN
ajfa-121	33	14	2009	2009	NUM
ajfa-121	33	15	,	,	PUNCT
ajfa-121	33	16	vol	vol	NOUN
ajfa-121	33	17	.	.	PROPN
ajfa-121	33	18	1	1	NUM
ajfa-121	33	19	,	,	PUNCT
ajfa-121	33	20	no	no	INTJ
ajfa-121	33	21	.	.	NOUN
ajfa-121	33	22	2	2	NUM
ajfa-121	33	23	:	:	PUNCT
ajfa-121	33	24	e6	e6	VERB
ajfa-121	33	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-121	33	26	121	121	NUM
ajfa-121	33	27	index	index	NOUN
ajfa-121	33	28	to	to	PART
ajfa-121	33	29	indicate	indicate	VERB
ajfa-121	33	30	company‟	company‟	NOUN
ajfa-121	33	31	transparency	transparency	NOUN
ajfa-121	33	32	,	,	PUNCT
ajfa-121	33	33	kurtzman	kurtzman	PROPN
ajfa-121	33	34	et	et	PROPN
ajfa-121	33	35	al	al	PROPN
ajfa-121	33	36	.	.	PROPN
ajfa-121	34	1	(	(	PUNCT
ajfa-121	34	2	2004	2004	NUM
ajfa-121	34	3	)	)	PUNCT
ajfa-121	34	4	show	show	VERB
ajfa-121	34	5	that	that	SCONJ
ajfa-121	34	6	the	the	DET
ajfa-121	34	7	level	level	NOUN
ajfa-121	34	8	of	of	ADP
ajfa-121	34	9	voluntary	voluntary	ADJ
ajfa-121	34	10	disclosure	disclosure	NOUN
ajfa-121	34	11	is	be	AUX
ajfa-121	34	12	affected	affect	VERB
ajfa-121	34	13	by	by	ADP
ajfa-121	34	14	the	the	DET
ajfa-121	34	15	legal	legal	ADJ
ajfa-121	34	16	system	system	NOUN
ajfa-121	34	17	,	,	PUNCT
ajfa-121	34	18	government	government	NOUN
ajfa-121	34	19	economic	economic	ADJ
ajfa-121	34	20	policy	policy	NOUN
ajfa-121	34	21	,	,	PUNCT
ajfa-121	34	22	accounting	accounting	NOUN
ajfa-121	34	23	standards	standard	NOUN
ajfa-121	34	24	and	and	CCONJ
ajfa-121	34	25	governance	governance	NOUN
ajfa-121	34	26	rules	rule	NOUN
ajfa-121	34	27	,	,	PUNCT
ajfa-121	34	28	the	the	DET
ajfa-121	34	29	regulatory	regulatory	ADJ
ajfa-121	34	30	structure	structure	NOUN
ajfa-121	34	31	of	of	ADP
ajfa-121	34	32	the	the	DET
ajfa-121	34	33	financial	financial	ADJ
ajfa-121	34	34	system	system	NOUN
ajfa-121	34	35	,	,	PUNCT
ajfa-121	34	36	and	and	CCONJ
ajfa-121	34	37	the	the	DET
ajfa-121	34	38	business	business	NOUN
ajfa-121	34	39	environment	environment	NOUN
ajfa-121	34	40	.	.	PUNCT
ajfa-121	35	1	if	if	SCONJ
ajfa-121	35	2	a	a	DET
ajfa-121	35	3	company	company	NOUN
ajfa-121	35	4	operates	operate	VERB
ajfa-121	35	5	in	in	ADP
ajfa-121	35	6	an	an	DET
ajfa-121	35	7	unstable	unstable	ADJ
ajfa-121	35	8	environment	environment	NOUN
ajfa-121	35	9	,	,	PUNCT
ajfa-121	35	10	these	these	DET
ajfa-121	35	11	high	high	ADJ
ajfa-121	35	12	risk	risk	NOUN
ajfa-121	35	13	factors	factor	NOUN
ajfa-121	35	14	become	become	VERB
ajfa-121	35	15	part	part	NOUN
ajfa-121	35	16	of	of	ADP
ajfa-121	35	17	its	its	PRON
ajfa-121	35	18	operational	operational	ADJ
ajfa-121	35	19	costs	cost	NOUN
ajfa-121	35	20	,	,	PUNCT
ajfa-121	35	21	thus	thus	ADV
ajfa-121	35	22	making	make	VERB
ajfa-121	35	23	it	it	PRON
ajfa-121	35	24	difficult	difficult	ADJ
ajfa-121	35	25	to	to	PART
ajfa-121	35	26	predict	predict	VERB
ajfa-121	35	27	the	the	DET
ajfa-121	35	28	future	future	NOUN
ajfa-121	35	29	.	.	PUNCT
ajfa-121	36	1	it	it	PRON
ajfa-121	36	2	will	will	AUX
ajfa-121	36	3	also	also	ADV
ajfa-121	36	4	slow	slow	VERB
ajfa-121	36	5	down	down	ADP
ajfa-121	36	6	the	the	DET
ajfa-121	36	7	company	company	NOUN
ajfa-121	36	8	growth	growth	NOUN
ajfa-121	36	9	rate	rate	NOUN
ajfa-121	36	10	and	and	CCONJ
ajfa-121	36	11	performance	performance	NOUN
ajfa-121	36	12	.	.	PUNCT
ajfa-121	37	1	other	other	ADJ
ajfa-121	37	2	empirical	empirical	ADJ
ajfa-121	37	3	studies	study	NOUN
ajfa-121	37	4	have	have	AUX
ajfa-121	37	5	found	find	VERB
ajfa-121	37	6	that	that	SCONJ
ajfa-121	37	7	firms	firm	NOUN
ajfa-121	37	8	that	that	PRON
ajfa-121	37	9	have	have	VERB
ajfa-121	37	10	boards	board	NOUN
ajfa-121	37	11	with	with	ADP
ajfa-121	37	12	a	a	DET
ajfa-121	37	13	higher	high	ADJ
ajfa-121	37	14	proportion	proportion	NOUN
ajfa-121	37	15	of	of	ADP
ajfa-121	37	16	inside	inside	ADJ
ajfa-121	37	17	directors	director	NOUN
ajfa-121	37	18	result	result	VERB
ajfa-121	37	19	in	in	ADP
ajfa-121	37	20	less	less	ADJ
ajfa-121	37	21	management	management	NOUN
ajfa-121	37	22	of	of	ADP
ajfa-121	37	23	earnings	earning	NOUN
ajfa-121	37	24	(	(	PUNCT
ajfa-121	37	25	chtourou	chtourou	NOUN
ajfa-121	37	26	et	et	PROPN
ajfa-121	37	27	al	al	PROPN
ajfa-121	37	28	.	.	PROPN
ajfa-121	37	29	,	,	PUNCT
ajfa-121	37	30	2001	2001	NUM
ajfa-121	37	31	;	;	PUNCT
ajfa-121	37	32	klein	klein	PROPN
ajfa-121	37	33	,	,	PUNCT
ajfa-121	37	34	2002	2002	NUM
ajfa-121	37	35	;	;	PUNCT
ajfa-121	37	36	peasnell	peasnell	PROPN
ajfa-121	37	37	et	et	PROPN
ajfa-121	37	38	al	al	PROPN
ajfa-121	37	39	.	.	PROPN
ajfa-121	37	40	,	,	PUNCT
ajfa-121	37	41	2001	2001	NUM
ajfa-121	37	42	;	;	PUNCT
ajfa-121	37	43	xie	xie	PROPN
ajfa-121	37	44	et	et	PROPN
ajfa-121	37	45	al	al	PROPN
ajfa-121	37	46	.	.	PROPN
ajfa-121	37	47	,	,	PUNCT
ajfa-121	37	48	2001	2001	NUM
ajfa-121	37	49	)	)	PUNCT
ajfa-121	37	50	and	and	CCONJ
ajfa-121	37	51	exhibit	exhibit	VERB
ajfa-121	37	52	greater	great	ADJ
ajfa-121	37	53	reporting	reporting	NOUN
ajfa-121	37	54	conservatism	conservatism	NOUN
ajfa-121	37	55	(	(	PUNCT
ajfa-121	37	56	beekes	beeke	NOUN
ajfa-121	37	57	,	,	PUNCT
ajfa-121	37	58	pope	pope	NOUN
ajfa-121	37	59	,	,	PUNCT
ajfa-121	37	60	and	and	CCONJ
ajfa-121	37	61	young	young	ADJ
ajfa-121	37	62	,	,	PUNCT
ajfa-121	37	63	2002	2002	NUM
ajfa-121	37	64	)	)	PUNCT
ajfa-121	37	65	.	.	PUNCT
ajfa-121	38	1	hence	hence	ADV
ajfa-121	38	2	,	,	PUNCT
ajfa-121	38	3	it	it	PRON
ajfa-121	38	4	is	be	AUX
ajfa-121	38	5	hypothesized	hypothesize	VERB
ajfa-121	38	6	that	that	SCONJ
ajfa-121	38	7	a	a	DET
ajfa-121	38	8	higher	high	ADJ
ajfa-121	38	9	level	level	NOUN
ajfa-121	38	10	of	of	ADP
ajfa-121	38	11	voluntary	voluntary	ADJ
ajfa-121	38	12	disclosure	disclosure	NOUN
ajfa-121	38	13	will	will	AUX
ajfa-121	38	14	lead	lead	VERB
ajfa-121	38	15	to	to	ADP
ajfa-121	38	16	better	well	ADJ
ajfa-121	38	17	performance	performance	NOUN
ajfa-121	38	18	and	and	CCONJ
ajfa-121	38	19	voluntary	voluntary	ADJ
ajfa-121	38	20	disclosure	disclosure	NOUN
ajfa-121	38	21	is	be	AUX
ajfa-121	38	22	a	a	DET
ajfa-121	38	23	key	key	ADJ
ajfa-121	38	24	way	way	NOUN
ajfa-121	38	25	to	to	PART
ajfa-121	38	26	improve	improve	VERB
ajfa-121	38	27	investor	investor	NOUN
ajfa-121	38	28	confidence	confidence	NOUN
ajfa-121	38	29	.	.	PUNCT
ajfa-121	39	1	the	the	DET
ajfa-121	39	2	main	main	ADJ
ajfa-121	39	3	objective	objective	NOUN
ajfa-121	39	4	of	of	ADP
ajfa-121	39	5	this	this	DET
ajfa-121	39	6	study	study	NOUN
ajfa-121	39	7	is	be	AUX
ajfa-121	39	8	to	to	PART
ajfa-121	39	9	test	test	VERB
ajfa-121	39	10	a	a	DET
ajfa-121	39	11	set	set	NOUN
ajfa-121	39	12	of	of	ADP
ajfa-121	39	13	corporate	corporate	ADJ
ajfa-121	39	14	governance	governance	NOUN
ajfa-121	39	15	,	,	PUNCT
ajfa-121	39	16	ownership	ownership	NOUN
ajfa-121	39	17	structure	structure	NOUN
ajfa-121	39	18	,	,	PUNCT
ajfa-121	39	19	and	and	CCONJ
ajfa-121	39	20	company	company	NOUN
ajfa-121	39	21	characteristics	characteristic	NOUN
ajfa-121	39	22	that	that	PRON
ajfa-121	39	23	may	may	AUX
ajfa-121	39	24	affect	affect	VERB
ajfa-121	39	25	voluntary	voluntary	ADJ
ajfa-121	39	26	disclosure	disclosure	NOUN
ajfa-121	39	27	practices	practice	NOUN
ajfa-121	39	28	.	.	PUNCT
ajfa-121	40	1	these	these	DET
ajfa-121	40	2	characteristics	characteristic	NOUN
ajfa-121	40	3	include	include	VERB
ajfa-121	40	4	board	board	NOUN
ajfa-121	40	5	structure	structure	NOUN
ajfa-121	40	6	and	and	CCONJ
ajfa-121	40	7	functioning	functioning	NOUN
ajfa-121	40	8	,	,	PUNCT
ajfa-121	40	9	employee	employee	NOUN
ajfa-121	40	10	information	information	NOUN
ajfa-121	40	11	,	,	PUNCT
ajfa-121	40	12	remuneration	remuneration	NOUN
ajfa-121	40	13	for	for	ADP
ajfa-121	40	14	the	the	DET
ajfa-121	40	15	director	director	NOUN
ajfa-121	40	16	,	,	PUNCT
ajfa-121	40	17	the	the	DET
ajfa-121	40	18	presence	presence	NOUN
ajfa-121	40	19	of	of	ADP
ajfa-121	40	20	an	an	DET
ajfa-121	40	21	audit	audit	NOUN
ajfa-121	40	22	committee	committee	NOUN
ajfa-121	40	23	,	,	PUNCT
ajfa-121	40	24	related	relate	VERB
ajfa-121	40	25	party	party	NOUN
ajfa-121	40	26	transactions	transaction	NOUN
ajfa-121	40	27	,	,	PUNCT
ajfa-121	40	28	ownership	ownership	NOUN
ajfa-121	40	29	information	information	NOUN
ajfa-121	40	30	,	,	PUNCT
ajfa-121	40	31	and	and	CCONJ
ajfa-121	40	32	stakeholder	stakeholder	NOUN
ajfa-121	40	33	interests	interest	NOUN
ajfa-121	40	34	.	.	PUNCT
ajfa-121	41	1	the	the	DET
ajfa-121	41	2	variables	variable	NOUN
ajfa-121	41	3	include	include	VERB
ajfa-121	41	4	ownership	ownership	NOUN
ajfa-121	41	5	concentration	concentration	NOUN
ajfa-121	41	6	,	,	PUNCT
ajfa-121	41	7	government	government	NOUN
ajfa-121	41	8	ownership	ownership	NOUN
ajfa-121	41	9	,	,	PUNCT
ajfa-121	41	10	and	and	CCONJ
ajfa-121	41	11	related	related	ADJ
ajfa-121	41	12	institutional	institutional	ADJ
ajfa-121	41	13	ownership	ownership	NOUN
ajfa-121	41	14	,	,	PUNCT
ajfa-121	41	15	individual	individual	ADJ
ajfa-121	41	16	ownership	ownership	NOUN
ajfa-121	41	17	,	,	PUNCT
ajfa-121	41	18	dual	dual	ADJ
ajfa-121	41	19	roles	role	NOUN
ajfa-121	41	20	of	of	ADP
ajfa-121	41	21	the	the	DET
ajfa-121	41	22	ceo	ceo	NOUN
ajfa-121	41	23	on	on	ADP
ajfa-121	41	24	the	the	DET
ajfa-121	41	25	board	board	NOUN
ajfa-121	41	26	of	of	ADP
ajfa-121	41	27	directors	director	NOUN
ajfa-121	41	28	,	,	PUNCT
ajfa-121	41	29	the	the	DET
ajfa-121	41	30	independence	independence	NOUN
ajfa-121	41	31	of	of	ADP
ajfa-121	41	32	the	the	DET
ajfa-121	41	33	board	board	NOUN
ajfa-121	41	34	of	of	ADP
ajfa-121	41	35	directors	director	NOUN
ajfa-121	41	36	,	,	PUNCT
ajfa-121	41	37	and	and	CCONJ
ajfa-121	41	38	the	the	DET
ajfa-121	41	39	existence	existence	NOUN
ajfa-121	41	40	of	of	ADP
ajfa-121	41	41	an	an	DET
ajfa-121	41	42	audit	audit	NOUN
ajfa-121	41	43	committee	committee	NOUN
ajfa-121	41	44	.	.	PUNCT
ajfa-121	42	1	the	the	DET
ajfa-121	42	2	characteristics	characteristic	NOUN
ajfa-121	42	3	of	of	ADP
ajfa-121	42	4	the	the	DET
ajfa-121	42	5	ownership	ownership	NOUN
ajfa-121	42	6	structure	structure	NOUN
ajfa-121	42	7	may	may	AUX
ajfa-121	42	8	affect	affect	VERB
ajfa-121	42	9	the	the	DET
ajfa-121	42	10	level	level	NOUN
ajfa-121	42	11	of	of	ADP
ajfa-121	42	12	voluntary	voluntary	ADJ
ajfa-121	42	13	disclosure	disclosure	NOUN
ajfa-121	42	14	of	of	ADP
ajfa-121	42	15	information	information	NOUN
ajfa-121	42	16	.	.	PUNCT
ajfa-121	43	1	the	the	DET
ajfa-121	43	2	chinese	chinese	ADJ
ajfa-121	43	3	government	government	NOUN
ajfa-121	43	4	has	have	AUX
ajfa-121	43	5	encouraged	encourage	VERB
ajfa-121	43	6	an	an	DET
ajfa-121	43	7	increase	increase	NOUN
ajfa-121	43	8	in	in	ADP
ajfa-121	43	9	transparency	transparency	NOUN
ajfa-121	43	10	so	so	SCONJ
ajfa-121	43	11	as	as	SCONJ
ajfa-121	43	12	to	to	PART
ajfa-121	43	13	increase	increase	VERB
ajfa-121	43	14	investor	investor	NOUN
ajfa-121	43	15	confidence	confidence	NOUN
ajfa-121	43	16	in	in	ADP
ajfa-121	43	17	both	both	CCONJ
ajfa-121	43	18	the	the	DET
ajfa-121	43	19	government	government	NOUN
ajfa-121	43	20	and	and	CCONJ
ajfa-121	43	21	related	relate	VERB
ajfa-121	43	22	institutional	institutional	ADJ
ajfa-121	43	23	enterprises	enterprise	NOUN
ajfa-121	43	24	.	.	PUNCT
ajfa-121	44	1	one	one	NUM
ajfa-121	44	2	of	of	ADP
ajfa-121	44	3	the	the	DET
ajfa-121	44	4	selling	selling	NOUN
ajfa-121	44	5	strategies	strategy	NOUN
ajfa-121	44	6	for	for	SCONJ
ajfa-121	44	7	a	a	DET
ajfa-121	44	8	company	company	NOUN
ajfa-121	44	9	to	to	PART
ajfa-121	44	10	increase	increase	VERB
ajfa-121	44	11	the	the	DET
ajfa-121	44	12	number	number	NOUN
ajfa-121	44	13	of	of	ADP
ajfa-121	44	14	tradable	tradable	ADJ
ajfa-121	44	15	shares	share	NOUN
ajfa-121	44	16	to	to	ADP
ajfa-121	44	17	individual	individual	ADJ
ajfa-121	44	18	investors	investor	NOUN
ajfa-121	44	19	is	be	AUX
ajfa-121	44	20	to	to	PART
ajfa-121	44	21	increase	increase	VERB
ajfa-121	44	22	transparent	transparent	ADJ
ajfa-121	44	23	reporting	reporting	NOUN
ajfa-121	44	24	of	of	ADP
ajfa-121	44	25	information	information	NOUN
ajfa-121	44	26	by	by	ADP
ajfa-121	44	27	enhancing	enhance	VERB
ajfa-121	44	28	the	the	DET
ajfa-121	44	29	monitoring	monitoring	NOUN
ajfa-121	44	30	system	system	NOUN
ajfa-121	44	31	through	through	ADP
ajfa-121	44	32	the	the	DET
ajfa-121	44	33	creation	creation	NOUN
ajfa-121	44	34	of	of	ADP
ajfa-121	44	35	an	an	DET
ajfa-121	44	36	audit	audit	NOUN
ajfa-121	44	37	committee	committee	NOUN
ajfa-121	44	38	,	,	PUNCT
ajfa-121	44	39	for	for	SCONJ
ajfa-121	44	40	the	the	DET
ajfa-121	44	41	ceo	ceo	NOUN
ajfa-121	44	42	not	not	PART
ajfa-121	44	43	to	to	PART
ajfa-121	44	44	play	play	VERB
ajfa-121	44	45	a	a	DET
ajfa-121	44	46	dual	dual	ADJ
ajfa-121	44	47	role	role	NOUN
ajfa-121	44	48	by	by	ADP
ajfa-121	44	49	also	also	ADV
ajfa-121	44	50	serving	serve	VERB
ajfa-121	44	51	on	on	ADP
ajfa-121	44	52	the	the	DET
ajfa-121	44	53	board	board	NOUN
ajfa-121	44	54	of	of	ADP
ajfa-121	44	55	directors	director	NOUN
ajfa-121	44	56	,	,	PUNCT
ajfa-121	44	57	and	and	CCONJ
ajfa-121	44	58	to	to	PART
ajfa-121	44	59	improve	improve	VERB
ajfa-121	44	60	the	the	DET
ajfa-121	44	61	independence	independence	NOUN
ajfa-121	44	62	of	of	ADP
ajfa-121	44	63	the	the	DET
ajfa-121	44	64	board	board	NOUN
ajfa-121	44	65	directors	director	NOUN
ajfa-121	44	66	.	.	PUNCT
ajfa-121	45	1	a	a	DET
ajfa-121	45	2	well	well	ADV
ajfa-121	45	3	-	-	PUNCT
ajfa-121	45	4	governed	govern	VERB
ajfa-121	45	5	firm	firm	NOUN
ajfa-121	45	6	will	will	AUX
ajfa-121	45	7	disclose	disclose	VERB
ajfa-121	45	8	more	more	ADJ
ajfa-121	45	9	information	information	NOUN
ajfa-121	45	10	to	to	ADP
ajfa-121	45	11	investors	investor	NOUN
ajfa-121	45	12	and	and	CCONJ
ajfa-121	45	13	creditors	creditor	NOUN
ajfa-121	45	14	to	to	PART
ajfa-121	45	15	enhance	enhance	VERB
ajfa-121	45	16	transparency	transparency	NOUN
ajfa-121	45	17	and	and	CCONJ
ajfa-121	45	18	hence	hence	ADV
ajfa-121	45	19	to	to	PART
ajfa-121	45	20	improve	improve	VERB
ajfa-121	45	21	company	company	NOUN
ajfa-121	45	22	performance	performance	NOUN
ajfa-121	45	23	(	(	PUNCT
ajfa-121	45	24	kurtzman	kurtzman	PROPN
ajfa-121	45	25	et	et	PROPN
ajfa-121	45	26	al	al	PROPN
ajfa-121	45	27	.	.	PROPN
ajfa-121	45	28	,	,	PUNCT
ajfa-121	45	29	2009	2009	NUM
ajfa-121	45	30	)	)	PUNCT
ajfa-121	45	31	.	.	PUNCT
ajfa-121	46	1	diagram	diagram	NOUN
ajfa-121	46	2	1	1	NUM
ajfa-121	46	3	indicates	indicate	VERB
ajfa-121	46	4	the	the	DET
ajfa-121	46	5	framework	framework	NOUN
ajfa-121	46	6	of	of	ADP
ajfa-121	46	7	this	this	DET
ajfa-121	46	8	study	study	NOUN
ajfa-121	46	9	.	.	PUNCT
ajfa-121	47	1	control	control	NOUN
ajfa-121	47	2	variables	variable	NOUN
ajfa-121	47	3	:	:	PUNCT
ajfa-121	47	4	firm	firm	ADJ
ajfa-121	47	5	size	size	NOUN
ajfa-121	47	6	,	,	PUNCT
ajfa-121	47	7	leverage	leverage	NOUN
ajfa-121	47	8	,	,	PUNCT
ajfa-121	47	9	profitability	profitability	NOUN
ajfa-121	47	10	,	,	PUNCT
ajfa-121	47	11	industry	industry	NOUN
ajfa-121	47	12	type	type	NOUN
ajfa-121	47	13	ownership	ownership	NOUN
ajfa-121	47	14	concentration	concentration	NOUN
ajfa-121	47	15	government	government	NOUN
ajfa-121	47	16	ownership	ownership	NOUN
ajfa-121	47	17	&	&	CCONJ
ajfa-121	47	18	legal	legal	ADJ
ajfa-121	47	19	entity	entity	NOUN
ajfa-121	47	20	percentage	percentage	NOUN
ajfa-121	47	21	of	of	ADP
ajfa-121	47	22	tradable	tradable	ADJ
ajfa-121	47	23	share	share	NOUN
ajfa-121	47	24	ceo	ceo	NOUN
ajfa-121	47	25	-	-	PUNCT
ajfa-121	47	26	is	be	AUX
ajfa-121	47	27	-	-	PUNCT
ajfa-121	47	28	top	top	ADJ
ajfa-121	47	29	dir	dir	NOUN
ajfa-121	47	30	independent	independent	NOUN
ajfa-121	47	31	of	of	ADP
ajfa-121	47	32	board	board	NOUN
ajfa-121	47	33	audit	audit	NOUN
ajfa-121	47	34	committee	committee	NOUN
ajfa-121	47	35	the	the	DET
ajfa-121	47	36	extent	extent	NOUN
ajfa-121	47	37	of	of	ADP
ajfa-121	47	38	voluntary	voluntary	ADJ
ajfa-121	47	39	disclosure	disclosure	NOUN
ajfa-121	47	40	h1	h1	NOUN
ajfa-121	47	41	(	(	PUNCT
ajfa-121	47	42	-	-	PUNCT
ajfa-121	47	43	)	)	PUNCT
ajfa-121	47	44	h2	h2	NOUN
ajfa-121	47	45	(	(	PUNCT
ajfa-121	47	46	+	+	NOUN
ajfa-121	47	47	)	)	PUNCT
ajfa-121	47	48	h3	h3	NOUN
ajfa-121	47	49	(	(	PUNCT
ajfa-121	47	50	+	+	ADJ
ajfa-121	47	51	)	)	PUNCT
ajfa-121	47	52	h4	h4	NOUN
ajfa-121	47	53	(	(	PUNCT
ajfa-121	47	54	-	-	PUNCT
ajfa-121	47	55	)	)	PUNCT
ajfa-121	47	56	h5	h5	NOUN
ajfa-121	47	57	(	(	PUNCT
ajfa-121	47	58	+	+	ADJ
ajfa-121	47	59	)	)	PUNCT
ajfa-121	47	60	h6	h6	NOUN
ajfa-121	47	61	(	(	PUNCT
ajfa-121	47	62	+	+	NOUN
ajfa-121	47	63	)	)	PUNCT
ajfa-121	47	64	http://www.sciencedirect.com/science?_ob=articleurl&_udi=b6w4p-4kr3jh2-1&_user=818225&_coverdate=12%2f31%2f2006&_rdoc=1&_fmt=full&_orig=search&_cdi=6548&_sort=d&_docanchor=&view=c&_searchstrid=1100032481&_rerunorigin=google&_acct=c000044339&_version=1&_urlversion=0&_userid=818225&md5=3529e17d2dbc60331de58b73004d52b3#bib12	http://www.sciencedirect.com/science?_ob=articleurl&_udi=b6w4p-4kr3jh2-1&_user=818225&_coverdate=12%2f31%2f2006&_rdoc=1&_fmt=full&_orig=search&_cdi=6548&_sort=d&_docanchor=&view=c&_searchstrid=1100032481&_rerunorigin=google&_acct=c000044339&_version=1&_urlversion=0&_userid=818225&md5=3529e17d2dbc60331de58b73004d52b3#bib12	NOUN
ajfa-121	47	65	http://www.sciencedirect.com/science?_ob=articleurl&_udi=b6w4p-4kr3jh2-1&_user=818225&_coverdate=12%2f31%2f2006&_rdoc=1&_fmt=full&_orig=search&_cdi=6548&_sort=d&_docanchor=&view=c&_searchstrid=1100032481&_rerunorigin=google&_acct=c000044339&_version=1&_urlversion=0&_userid=818225&md5=3529e17d2dbc60331de58b73004d52b3#bib35	http://www.sciencedirect.com/science?_ob=articleurl&_udi=b6w4p-4kr3jh2-1&_user=818225&_coverdate=12%2f31%2f2006&_rdoc=1&_fmt=full&_orig=search&_cdi=6548&_sort=d&_docanchor=&view=c&_searchstrid=1100032481&_rerunorigin=google&_acct=c000044339&_version=1&_urlversion=0&_userid=818225&md5=3529e17d2dbc60331de58b73004d52b3#bib35	SCONJ
ajfa-121	47	66	http://www.sciencedirect.com/science?_ob=articleurl&_udi=b6w4p-4kr3jh2-1&_user=818225&_coverdate=12%2f31%2f2006&_rdoc=1&_fmt=full&_orig=search&_cdi=6548&_sort=d&_docanchor=&view=c&_searchstrid=1100032481&_rerunorigin=google&_acct=c000044339&_version=1&_urlversion=0&_userid=818225&md5=3529e17d2dbc60331de58b73004d52b3#bib50	http://www.sciencedirect.com/science?_ob=articleurl&_udi=b6w4p-4kr3jh2-1&_user=818225&_coverdate=12%2f31%2f2006&_rdoc=1&_fmt=full&_orig=search&_cdi=6548&_sort=d&_docanchor=&view=c&_searchstrid=1100032481&_rerunorigin=google&_acct=c000044339&_version=1&_urlversion=0&_userid=818225&md5=3529e17d2dbc60331de58b73004d52b3#bib50	PROPN
ajfa-121	47	67	http://www.sciencedirect.com/science?_ob=articleurl&_udi=b6w4p-4kr3jh2-1&_user=818225&_coverdate=12%2f31%2f2006&_rdoc=1&_fmt=full&_orig=search&_cdi=6548&_sort=d&_docanchor=&view=c&_searchstrid=1100032481&_rerunorigin=google&_acct=c000044339&_version=1&_urlversion=0&_userid=818225&md5=3529e17d2dbc60331de58b73004d52b3#bib56	http://www.sciencedirect.com/science?_ob=articleurl&_udi=b6w4p-4kr3jh2-1&_user=818225&_coverdate=12%2f31%2f2006&_rdoc=1&_fmt=full&_orig=search&_cdi=6548&_sort=d&_docanchor=&view=c&_searchstrid=1100032481&_rerunorigin=google&_acct=c000044339&_version=1&_urlversion=0&_userid=818225&md5=3529e17d2dbc60331de58b73004d52b3#bib56	PROPN
ajfa-121	47	68	http://www.sciencedirect.com/science?_ob=articleurl&_udi=b6w4p-4kr3jh2-1&_user=818225&_coverdate=12%2f31%2f2006&_rdoc=1&_fmt=full&_orig=search&_cdi=6548&_sort=d&_docanchor=&view=c&_searchstrid=1100032481&_rerunorigin=google&_acct=c000044339&_version=1&_urlversion=0&_userid=818225&md5=3529e17d2dbc60331de58b73004d52b3#bib56	http://www.sciencedirect.com/science?_ob=articleurl&_udi=b6w4p-4kr3jh2-1&_user=818225&_coverdate=12%2f31%2f2006&_rdoc=1&_fmt=full&_orig=search&_cdi=6548&_sort=d&_docanchor=&view=c&_searchstrid=1100032481&_rerunorigin=google&_acct=c000044339&_version=1&_urlversion=0&_userid=818225&md5=3529e17d2dbc60331de58b73004d52b3#bib56	PROPN
ajfa-121	47	69	http://www.sciencedirect.com/science?_ob=articleurl&_udi=b6w4p-4kr3jh2-1&_user=818225&_coverdate=12%2f31%2f2006&_rdoc=1&_fmt=full&_orig=search&_cdi=6548&_sort=d&_docanchor=&view=c&_searchstrid=1100032481&_rerunorigin=google&_acct=c000044339&_version=1&_urlversion=0&_userid=818225&md5=3529e17d2dbc60331de58b73004d52b3#bib5	http://www.sciencedirect.com/science?_ob=articleurl&_udi=b6w4p-4kr3jh2-1&_user=818225&_coverdate=12%2f31%2f2006&_rdoc=1&_fmt=full&_orig=search&_cdi=6548&_sort=d&_docanchor=&view=c&_searchstrid=1100032481&_rerunorigin=google&_acct=c000044339&_version=1&_urlversion=0&_userid=818225&md5=3529e17d2dbc60331de58b73004d52b3#bib5	PROPN
ajfa-121	47	70	asian	asian	PROPN
ajfa-121	47	71	journal	journal	PROPN
ajfa-121	47	72	of	of	ADP
ajfa-121	47	73	finance	finance	PROPN
ajfa-121	47	74	&	&	CCONJ
ajfa-121	47	75	accounting	accounting	PROPN
ajfa-121	47	76	issn	issn	PROPN
ajfa-121	47	77	1946	1946	NUM
ajfa-121	47	78	-	-	PUNCT
ajfa-121	47	79	052x	052x	NOUN
ajfa-121	47	80	2009	2009	NUM
ajfa-121	47	81	,	,	PUNCT
ajfa-121	47	82	vol	vol	NOUN
ajfa-121	47	83	.	.	PROPN
ajfa-121	47	84	1	1	NUM
ajfa-121	47	85	,	,	PUNCT
ajfa-121	47	86	no	no	INTJ
ajfa-121	47	87	.	.	NOUN
ajfa-121	47	88	2	2	NUM
ajfa-121	47	89	:	:	PUNCT
ajfa-121	47	90	e6	e6	VERB
ajfa-121	47	91	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	47	92	122	122	NUM
ajfa-121	47	93	diagram	diagram	NOUN
ajfa-121	47	94	1	1	NUM
ajfa-121	47	95	research	research	NOUN
ajfa-121	47	96	framework	framework	NOUN
ajfa-121	47	97	it	it	PRON
ajfa-121	47	98	is	be	AUX
ajfa-121	47	99	expected	expect	VERB
ajfa-121	47	100	that	that	SCONJ
ajfa-121	47	101	this	this	DET
ajfa-121	47	102	study	study	NOUN
ajfa-121	47	103	will	will	AUX
ajfa-121	47	104	make	make	VERB
ajfa-121	47	105	several	several	ADJ
ajfa-121	47	106	contributions	contribution	NOUN
ajfa-121	47	107	.	.	PUNCT
ajfa-121	48	1	first	first	ADV
ajfa-121	48	2	,	,	PUNCT
ajfa-121	48	3	prior	prior	ADJ
ajfa-121	48	4	studies	study	NOUN
ajfa-121	48	5	do	do	AUX
ajfa-121	48	6	not	not	PART
ajfa-121	48	7	test	test	VERB
ajfa-121	48	8	the	the	DET
ajfa-121	48	9	relationship	relationship	NOUN
ajfa-121	48	10	between	between	ADP
ajfa-121	48	11	corporate	corporate	ADJ
ajfa-121	48	12	governance	governance	NOUN
ajfa-121	48	13	and	and	CCONJ
ajfa-121	48	14	voluntary	voluntary	ADJ
ajfa-121	48	15	disclosure	disclosure	NOUN
ajfa-121	48	16	using	use	VERB
ajfa-121	48	17	chinese	chinese	ADJ
ajfa-121	48	18	financial	financial	ADJ
ajfa-121	48	19	and	and	CCONJ
ajfa-121	48	20	accounting	accounting	NOUN
ajfa-121	48	21	data	datum	NOUN
ajfa-121	48	22	from	from	ADP
ajfa-121	48	23	the	the	DET
ajfa-121	48	24	shanghai	shanghai	PROPN
ajfa-121	48	25	stock	stock	PROPN
ajfa-121	48	26	exchange	exchange	PROPN
ajfa-121	48	27	.	.	PUNCT
ajfa-121	49	1	this	this	DET
ajfa-121	49	2	study	study	NOUN
ajfa-121	49	3	attempts	attempt	VERB
ajfa-121	49	4	to	to	PART
ajfa-121	49	5	provide	provide	VERB
ajfa-121	49	6	empirical	empirical	ADJ
ajfa-121	49	7	evidence	evidence	NOUN
ajfa-121	49	8	for	for	ADP
ajfa-121	49	9	chinese	chinese	ADJ
ajfa-121	49	10	regulatory	regulatory	ADJ
ajfa-121	49	11	bodies	body	NOUN
ajfa-121	49	12	and	and	CCONJ
ajfa-121	49	13	listed	list	VERB
ajfa-121	49	14	companies	company	NOUN
ajfa-121	49	15	of	of	ADP
ajfa-121	49	16	the	the	DET
ajfa-121	49	17	effectiveness	effectiveness	NOUN
ajfa-121	49	18	of	of	ADP
ajfa-121	49	19	implementing	implement	VERB
ajfa-121	49	20	voluntary	voluntary	ADJ
ajfa-121	49	21	monitoring	monitoring	NOUN
ajfa-121	49	22	systems	system	NOUN
ajfa-121	49	23	.	.	PUNCT
ajfa-121	50	1	second	second	ADJ
ajfa-121	50	2	,	,	PUNCT
ajfa-121	50	3	prior	prior	ADJ
ajfa-121	50	4	studies	study	NOUN
ajfa-121	50	5	(	(	PUNCT
ajfa-121	50	6	ho	ho	PROPN
ajfa-121	50	7	and	and	CCONJ
ajfa-121	50	8	wong	wong	PROPN
ajfa-121	50	9	,	,	PUNCT
ajfa-121	50	10	2001	2001	NUM
ajfa-121	50	11	)	)	PUNCT
ajfa-121	50	12	do	do	AUX
ajfa-121	50	13	not	not	PART
ajfa-121	50	14	test	test	VERB
ajfa-121	50	15	the	the	DET
ajfa-121	50	16	impact	impact	NOUN
ajfa-121	50	17	of	of	ADP
ajfa-121	50	18	a	a	DET
ajfa-121	50	19	change	change	NOUN
ajfa-121	50	20	in	in	ADP
ajfa-121	50	21	ownership	ownership	NOUN
ajfa-121	50	22	structure	structure	NOUN
ajfa-121	50	23	on	on	ADP
ajfa-121	50	24	voluntary	voluntary	ADJ
ajfa-121	50	25	disclosure	disclosure	NOUN
ajfa-121	50	26	in	in	ADP
ajfa-121	50	27	china	china	PROPN
ajfa-121	50	28	,	,	PUNCT
ajfa-121	50	29	thus	thus	ADV
ajfa-121	50	30	leaving	leave	VERB
ajfa-121	50	31	a	a	DET
ajfa-121	50	32	research	research	NOUN
ajfa-121	50	33	gap	gap	NOUN
ajfa-121	50	34	in	in	ADP
ajfa-121	50	35	the	the	DET
ajfa-121	50	36	literature	literature	NOUN
ajfa-121	50	37	.	.	PUNCT
ajfa-121	51	1	third	third	ADV
ajfa-121	51	2	,	,	PUNCT
ajfa-121	51	3	this	this	DET
ajfa-121	51	4	study	study	NOUN
ajfa-121	51	5	provides	provide	VERB
ajfa-121	51	6	companies	company	NOUN
ajfa-121	51	7	with	with	ADP
ajfa-121	51	8	evidence	evidence	NOUN
ajfa-121	51	9	to	to	PART
ajfa-121	51	10	further	far	ADV
ajfa-121	51	11	understand	understand	VERB
ajfa-121	51	12	the	the	DET
ajfa-121	51	13	most	most	ADV
ajfa-121	51	14	significant	significant	ADJ
ajfa-121	51	15	information	information	NOUN
ajfa-121	51	16	that	that	SCONJ
ajfa-121	51	17	outside	outside	ADJ
ajfa-121	51	18	users	user	NOUN
ajfa-121	51	19	seek	seek	VERB
ajfa-121	51	20	to	to	PART
ajfa-121	51	21	obtain	obtain	VERB
ajfa-121	51	22	from	from	ADP
ajfa-121	51	23	annual	annual	ADJ
ajfa-121	51	24	reports	report	NOUN
ajfa-121	51	25	.	.	PUNCT
ajfa-121	52	1	a	a	DET
ajfa-121	52	2	questionnaire	questionnaire	NOUN
ajfa-121	52	3	containing	contain	VERB
ajfa-121	52	4	51	51	NUM
ajfa-121	52	5	voluntary	voluntary	ADJ
ajfa-121	52	6	disclosure	disclosure	NOUN
ajfa-121	52	7	items	item	NOUN
ajfa-121	52	8	was	be	AUX
ajfa-121	52	9	sent	send	VERB
ajfa-121	52	10	to	to	ADP
ajfa-121	52	11	financial	financial	ADJ
ajfa-121	52	12	analysts	analyst	NOUN
ajfa-121	52	13	at	at	ADP
ajfa-121	52	14	the	the	DET
ajfa-121	52	15	bank	bank	PROPN
ajfa-121	52	16	of	of	ADP
ajfa-121	52	17	china	china	PROPN
ajfa-121	52	18	.	.	PUNCT
ajfa-121	53	1	they	they	PRON
ajfa-121	53	2	were	be	AUX
ajfa-121	53	3	asked	ask	VERB
ajfa-121	53	4	to	to	PART
ajfa-121	53	5	score	score	VERB
ajfa-121	53	6	each	each	DET
ajfa-121	53	7	item	item	NOUN
ajfa-121	53	8	according	accord	VERB
ajfa-121	53	9	to	to	ADP
ajfa-121	53	10	its	its	PRON
ajfa-121	53	11	importance	importance	NOUN
ajfa-121	53	12	.	.	PUNCT
ajfa-121	54	1	the	the	DET
ajfa-121	54	2	results	result	NOUN
ajfa-121	54	3	reveal	reveal	VERB
ajfa-121	54	4	34	34	NUM
ajfa-121	54	5	“	"	PUNCT
ajfa-121	54	6	most	most	ADV
ajfa-121	54	7	-	-	PUNCT
ajfa-121	54	8	important	important	ADJ
ajfa-121	54	9	”	"	PUNCT
ajfa-121	54	10	items	item	NOUN
ajfa-121	54	11	.	.	PUNCT
ajfa-121	55	1	this	this	PRON
ajfa-121	55	2	provides	provide	VERB
ajfa-121	55	3	evidence	evidence	NOUN
ajfa-121	55	4	for	for	ADP
ajfa-121	55	5	policy	policy	NOUN
ajfa-121	55	6	makers	maker	NOUN
ajfa-121	55	7	and	and	CCONJ
ajfa-121	55	8	regulators	regulator	NOUN
ajfa-121	55	9	to	to	PART
ajfa-121	55	10	encourage	encourage	VERB
ajfa-121	55	11	companies	company	NOUN
ajfa-121	55	12	to	to	PART
ajfa-121	55	13	provide	provide	VERB
ajfa-121	55	14	more	more	ADJ
ajfa-121	55	15	voluntary	voluntary	ADJ
ajfa-121	55	16	disclosures	disclosure	NOUN
ajfa-121	55	17	in	in	ADP
ajfa-121	55	18	their	their	PRON
ajfa-121	55	19	financial	financial	ADJ
ajfa-121	55	20	reports	report	NOUN
ajfa-121	55	21	.	.	PUNCT
ajfa-121	56	1	section	section	NOUN
ajfa-121	56	2	2	2	NUM
ajfa-121	56	3	introduces	introduce	VERB
ajfa-121	56	4	the	the	DET
ajfa-121	56	5	literature	literature	NOUN
ajfa-121	56	6	on	on	ADP
ajfa-121	56	7	disclosure	disclosure	NOUN
ajfa-121	56	8	in	in	ADP
ajfa-121	56	9	china	china	PROPN
ajfa-121	56	10	and	and	CCONJ
ajfa-121	56	11	presents	present	VERB
ajfa-121	56	12	the	the	DET
ajfa-121	56	13	research	research	NOUN
ajfa-121	56	14	framework	framework	NOUN
ajfa-121	56	15	and	and	CCONJ
ajfa-121	56	16	design	design	NOUN
ajfa-121	56	17	.	.	PUNCT
ajfa-121	57	1	section	section	NOUN
ajfa-121	57	2	3	3	NUM
ajfa-121	57	3	discusses	discuss	VERB
ajfa-121	57	4	selection	selection	NOUN
ajfa-121	57	5	of	of	ADP
ajfa-121	57	6	the	the	DET
ajfa-121	57	7	sample	sample	NOUN
ajfa-121	57	8	and	and	CCONJ
ajfa-121	57	9	formulation	formulation	NOUN
ajfa-121	57	10	of	of	ADP
ajfa-121	57	11	the	the	DET
ajfa-121	57	12	hypotheses	hypothesis	NOUN
ajfa-121	57	13	.	.	PUNCT
ajfa-121	58	1	section	section	NOUN
ajfa-121	58	2	4	4	NUM
ajfa-121	58	3	presents	present	VERB
ajfa-121	58	4	the	the	DET
ajfa-121	58	5	results	result	NOUN
ajfa-121	58	6	of	of	ADP
ajfa-121	58	7	the	the	DET
ajfa-121	58	8	multiple	multiple	ADJ
ajfa-121	58	9	regression	regression	NOUN
ajfa-121	58	10	models	model	NOUN
ajfa-121	58	11	.	.	PUNCT
ajfa-121	59	1	the	the	DET
ajfa-121	59	2	final	final	ADJ
ajfa-121	59	3	section	section	NOUN
ajfa-121	59	4	summarizes	summarize	VERB
ajfa-121	59	5	the	the	DET
ajfa-121	59	6	results	result	NOUN
ajfa-121	59	7	and	and	CCONJ
ajfa-121	59	8	discusses	discuss	VERB
ajfa-121	59	9	the	the	DET
ajfa-121	59	10	implications	implication	NOUN
ajfa-121	59	11	and	and	CCONJ
ajfa-121	59	12	limitations	limitation	NOUN
ajfa-121	59	13	of	of	ADP
ajfa-121	59	14	the	the	DET
ajfa-121	59	15	study	study	NOUN
ajfa-121	59	16	.	.	PUNCT
ajfa-121	60	1	2	2	X
ajfa-121	60	2	.	.	X
ajfa-121	60	3	mandatory	mandatory	ADJ
ajfa-121	60	4	vs.	vs.	ADP
ajfa-121	60	5	voluntary	voluntary	ADJ
ajfa-121	60	6	disclosure	disclosure	NOUN
ajfa-121	60	7	both	both	CCONJ
ajfa-121	60	8	mandatory	mandatory	ADJ
ajfa-121	60	9	and	and	CCONJ
ajfa-121	60	10	voluntary	voluntary	ADJ
ajfa-121	60	11	disclosures	disclosure	NOUN
ajfa-121	60	12	are	be	AUX
ajfa-121	60	13	effective	effective	ADJ
ajfa-121	60	14	ways	way	NOUN
ajfa-121	60	15	to	to	PART
ajfa-121	60	16	release	release	VERB
ajfa-121	60	17	information	information	NOUN
ajfa-121	60	18	to	to	ADP
ajfa-121	60	19	shareholders	shareholder	NOUN
ajfa-121	60	20	.	.	PUNCT
ajfa-121	61	1	a	a	DET
ajfa-121	61	2	mandatory	mandatory	ADJ
ajfa-121	61	3	disclosure	disclosure	NOUN
ajfa-121	61	4	is	be	AUX
ajfa-121	61	5	a	a	DET
ajfa-121	61	6	basic	basic	ADJ
ajfa-121	61	7	market	market	NOUN
ajfa-121	61	8	demand	demand	NOUN
ajfa-121	61	9	for	for	ADP
ajfa-121	61	10	readers	reader	NOUN
ajfa-121	61	11	of	of	ADP
ajfa-121	61	12	the	the	DET
ajfa-121	61	13	financial	financial	ADJ
ajfa-121	61	14	report	report	NOUN
ajfa-121	61	15	;	;	PUNCT
ajfa-121	61	16	the	the	DET
ajfa-121	61	17	readers	reader	NOUN
ajfa-121	61	18	must	must	AUX
ajfa-121	61	19	have	have	VERB
ajfa-121	61	20	access	access	NOUN
ajfa-121	61	21	to	to	ADP
ajfa-121	61	22	this	this	DET
ajfa-121	61	23	basic	basic	ADJ
ajfa-121	61	24	information	information	NOUN
ajfa-121	61	25	as	as	SCONJ
ajfa-121	61	26	required	require	VERB
ajfa-121	61	27	by	by	ADP
ajfa-121	61	28	various	various	ADJ
ajfa-121	61	29	laws	law	NOUN
ajfa-121	61	30	and	and	CCONJ
ajfa-121	61	31	regulatory	regulatory	ADJ
ajfa-121	61	32	bodies	body	NOUN
ajfa-121	61	33	in	in	ADP
ajfa-121	61	34	order	order	NOUN
ajfa-121	61	35	to	to	PART
ajfa-121	61	36	make	make	VERB
ajfa-121	61	37	company	company	NOUN
ajfa-121	61	38	assessments	assessment	NOUN
ajfa-121	61	39	.	.	PUNCT
ajfa-121	62	1	this	this	DET
ajfa-121	62	2	requirement	requirement	NOUN
ajfa-121	62	3	protects	protect	VERB
ajfa-121	62	4	investors	investor	NOUN
ajfa-121	62	5	,	,	PUNCT
ajfa-121	62	6	and	and	CCONJ
ajfa-121	62	7	it	it	PRON
ajfa-121	62	8	also	also	ADV
ajfa-121	62	9	has	have	VERB
ajfa-121	62	10	indirect	indirect	ADJ
ajfa-121	62	11	impacts	impact	NOUN
ajfa-121	62	12	on	on	ADP
ajfa-121	62	13	the	the	DET
ajfa-121	62	14	corporate	corporate	ADJ
ajfa-121	62	15	governance	governance	NOUN
ajfa-121	62	16	structure	structure	NOUN
ajfa-121	62	17	.	.	PUNCT
ajfa-121	63	1	a	a	DET
ajfa-121	63	2	mandatory	mandatory	ADJ
ajfa-121	63	3	disclosure	disclosure	NOUN
ajfa-121	63	4	may	may	AUX
ajfa-121	63	5	help	help	VERB
ajfa-121	63	6	promote	promote	VERB
ajfa-121	63	7	corporate	corporate	ADJ
ajfa-121	63	8	governance	governance	NOUN
ajfa-121	63	9	by	by	ADP
ajfa-121	63	10	contributing	contribute	VERB
ajfa-121	63	11	to	to	ADP
ajfa-121	63	12	the	the	DET
ajfa-121	63	13	effective	effective	ADJ
ajfa-121	63	14	exercise	exercise	NOUN
ajfa-121	63	15	of	of	ADP
ajfa-121	63	16	shareholder	shareholder	NOUN
ajfa-121	63	17	franchises	franchise	NOUN
ajfa-121	63	18	,	,	PUNCT
ajfa-121	63	19	by	by	ADP
ajfa-121	63	20	assisting	assist	VERB
ajfa-121	63	21	shareholder	shareholder	NOUN
ajfa-121	63	22	enforcement	enforcement	NOUN
ajfa-121	63	23	of	of	ADP
ajfa-121	63	24	management	management	NOUN
ajfa-121	63	25	fiduciary	fiduciary	ADJ
ajfa-121	63	26	duties	duty	NOUN
ajfa-121	63	27	,	,	PUNCT
ajfa-121	63	28	and	and	CCONJ
ajfa-121	63	29	by	by	ADP
ajfa-121	63	30	raising	raise	VERB
ajfa-121	63	31	managerial	managerial	ADJ
ajfa-121	63	32	consciousness	consciousness	NOUN
ajfa-121	63	33	.	.	PUNCT
ajfa-121	64	1	casabona	casabona	PROPN
ajfa-121	64	2	(	(	PUNCT
ajfa-121	64	3	2005	2005	NUM
ajfa-121	64	4	)	)	PUNCT
ajfa-121	64	5	notes	note	VERB
ajfa-121	64	6	that	that	SCONJ
ajfa-121	64	7	global	global	ADJ
ajfa-121	64	8	investors	investor	NOUN
ajfa-121	64	9	and	and	CCONJ
ajfa-121	64	10	creditors	creditor	NOUN
ajfa-121	64	11	make	make	VERB
ajfa-121	64	12	their	their	PRON
ajfa-121	64	13	decisions	decision	NOUN
ajfa-121	64	14	based	base	VERB
ajfa-121	64	15	on	on	ADP
ajfa-121	64	16	information	information	NOUN
ajfa-121	64	17	published	publish	VERB
ajfa-121	64	18	in	in	ADP
ajfa-121	64	19	various	various	ADJ
ajfa-121	64	20	non	non	ADJ
ajfa-121	64	21	-	-	ADJ
ajfa-121	64	22	financial	financial	ADJ
ajfa-121	64	23	,	,	PUNCT
ajfa-121	64	24	financial	financial	ADJ
ajfa-121	64	25	,	,	PUNCT
ajfa-121	64	26	and	and	CCONJ
ajfa-121	64	27	economic	economic	ADJ
ajfa-121	64	28	reports	report	NOUN
ajfa-121	64	29	issued	issue	VERB
ajfa-121	64	30	by	by	ADP
ajfa-121	64	31	listed	list	VERB
ajfa-121	64	32	companies	company	NOUN
ajfa-121	64	33	.	.	PUNCT
ajfa-121	65	1	investors	investor	NOUN
ajfa-121	65	2	and	and	CCONJ
ajfa-121	65	3	creditors	creditor	NOUN
ajfa-121	65	4	also	also	ADV
ajfa-121	65	5	review	review	VERB
ajfa-121	65	6	the	the	DET
ajfa-121	65	7	profitability	profitability	NOUN
ajfa-121	65	8	,	,	PUNCT
ajfa-121	65	9	financial	financial	ADJ
ajfa-121	65	10	conditions	condition	NOUN
ajfa-121	65	11	,	,	PUNCT
ajfa-121	65	12	and	and	CCONJ
ajfa-121	65	13	non	non	ADJ
ajfa-121	65	14	-	-	ADJ
ajfa-121	65	15	financial	financial	ADJ
ajfa-121	65	16	conditions	condition	NOUN
ajfa-121	65	17	,	,	PUNCT
ajfa-121	65	18	such	such	ADJ
ajfa-121	65	19	as	as	ADP
ajfa-121	65	20	employee	employee	NOUN
ajfa-121	65	21	information	information	NOUN
ajfa-121	65	22	,	,	PUNCT
ajfa-121	65	23	the	the	DET
ajfa-121	65	24	director‟s	director‟s	PROPN
ajfa-121	65	25	remuneration	remuneration	NOUN
ajfa-121	65	26	,	,	PUNCT
ajfa-121	65	27	and	and	CCONJ
ajfa-121	65	28	internal	internal	ADJ
ajfa-121	65	29	share	share	NOUN
ajfa-121	65	30	transactions	transaction	NOUN
ajfa-121	65	31	,	,	PUNCT
ajfa-121	65	32	before	before	ADP
ajfa-121	65	33	making	make	VERB
ajfa-121	65	34	investment	investment	NOUN
ajfa-121	65	35	decisions	decision	NOUN
ajfa-121	65	36	.	.	PUNCT
ajfa-121	66	1	hence	hence	ADV
ajfa-121	66	2	,	,	PUNCT
ajfa-121	66	3	voluntary	voluntary	ADJ
ajfa-121	66	4	disclosure	disclosure	NOUN
ajfa-121	66	5	,	,	PUNCT
ajfa-121	66	6	highly	highly	ADV
ajfa-121	66	7	encouraged	encouraged	ADJ
ajfa-121	66	8	in	in	ADP
ajfa-121	66	9	chinese	chinese	ADJ
ajfa-121	66	10	companies	company	NOUN
ajfa-121	66	11	,	,	PUNCT
ajfa-121	66	12	is	be	AUX
ajfa-121	66	13	an	an	DET
ajfa-121	66	14	extension	extension	NOUN
ajfa-121	66	15	of	of	ADP
ajfa-121	66	16	the	the	DET
ajfa-121	66	17	disclosure	disclosure	NOUN
ajfa-121	66	18	of	of	ADP
ajfa-121	66	19	the	the	DET
ajfa-121	66	20	basic	basic	ADJ
ajfa-121	66	21	information	information	NOUN
ajfa-121	66	22	that	that	PRON
ajfa-121	66	23	annual	annual	ADJ
ajfa-121	66	24	reports	report	NOUN
ajfa-121	66	25	must	must	AUX
ajfa-121	66	26	contain	contain	VERB
ajfa-121	66	27	,	,	PUNCT
ajfa-121	66	28	reflecting	reflect	VERB
ajfa-121	66	29	the	the	DET
ajfa-121	66	30	economic	economic	ADJ
ajfa-121	66	31	realities	reality	NOUN
ajfa-121	66	32	of	of	ADP
ajfa-121	66	33	an	an	DET
ajfa-121	66	34	entity	entity	NOUN
ajfa-121	66	35	in	in	ADP
ajfa-121	66	36	a	a	DET
ajfa-121	66	37	meaningful	meaningful	ADJ
ajfa-121	66	38	,	,	PUNCT
ajfa-121	66	39	transparent	transparent	ADJ
ajfa-121	66	40	,	,	PUNCT
ajfa-121	66	41	and	and	CCONJ
ajfa-121	66	42	comparable	comparable	ADJ
ajfa-121	66	43	manner	manner	NOUN
ajfa-121	66	44	(	(	PUNCT
ajfa-121	66	45	wong	wong	PROPN
ajfa-121	66	46	,	,	PUNCT
ajfa-121	66	47	2008	2008	NUM
ajfa-121	66	48	)	)	PUNCT
ajfa-121	66	49	.	.	PUNCT
ajfa-121	67	1	studies	study	NOUN
ajfa-121	67	2	of	of	ADP
ajfa-121	67	3	voluntary	voluntary	ADJ
ajfa-121	67	4	disclosure	disclosure	NOUN
ajfa-121	67	5	have	have	AUX
ajfa-121	67	6	been	be	AUX
ajfa-121	67	7	conducted	conduct	VERB
ajfa-121	67	8	in	in	ADP
ajfa-121	67	9	many	many	ADJ
ajfa-121	67	10	developed	develop	VERB
ajfa-121	67	11	countries	country	NOUN
ajfa-121	67	12	(	(	PUNCT
ajfa-121	67	13	malone	malone	PROPN
ajfa-121	67	14	et	et	PROPN
ajfa-121	67	15	al	al	PROPN
ajfa-121	67	16	.	.	PROPN
ajfa-121	67	17	,	,	PUNCT
ajfa-121	67	18	1993	1993	NUM
ajfa-121	67	19	;	;	PUNCT
ajfa-121	67	20	ling	ling	NOUN
ajfa-121	67	21	and	and	CCONJ
ajfa-121	67	22	lundholm	lundholm	ADJ
ajfa-121	67	23	,	,	PUNCT
ajfa-121	67	24	1996	1996	NUM
ajfa-121	67	25	;	;	PUNCT
ajfa-121	67	26	ferguson	ferguson	PROPN
ajfa-121	67	27	et	et	PROPN
ajfa-121	67	28	al	al	PROPN
ajfa-121	67	29	.	.	PROPN
ajfa-121	67	30	,	,	PUNCT
ajfa-121	67	31	2002	2002	NUM
ajfa-121	67	32	)	)	PUNCT
ajfa-121	67	33	.	.	PUNCT
ajfa-121	68	1	in	in	ADP
ajfa-121	68	2	order	order	NOUN
ajfa-121	68	3	to	to	PART
ajfa-121	68	4	protect	protect	VERB
ajfa-121	68	5	the	the	DET
ajfa-121	68	6	interests	interest	NOUN
ajfa-121	68	7	of	of	ADP
ajfa-121	68	8	public	public	ADJ
ajfa-121	68	9	investors	investor	NOUN
ajfa-121	68	10	and	and	CCONJ
ajfa-121	68	11	other	other	ADJ
ajfa-121	68	12	market	market	NOUN
ajfa-121	68	13	participants	participant	NOUN
ajfa-121	68	14	,	,	PUNCT
ajfa-121	68	15	an	an	DET
ajfa-121	68	16	effective	effective	ADJ
ajfa-121	68	17	regulatory	regulatory	ADJ
ajfa-121	68	18	system	system	NOUN
ajfa-121	68	19	of	of	ADP
ajfa-121	68	20	corporate	corporate	ADJ
ajfa-121	68	21	disclosure	disclosure	NOUN
ajfa-121	68	22	is	be	AUX
ajfa-121	68	23	required	require	VERB
ajfa-121	68	24	.	.	PUNCT
ajfa-121	69	1	with	with	ADP
ajfa-121	69	2	the	the	DET
ajfa-121	69	3	development	development	NOUN
ajfa-121	69	4	of	of	ADP
ajfa-121	69	5	the	the	DET
ajfa-121	69	6	securities	security	NOUN
ajfa-121	69	7	market	market	NOUN
ajfa-121	69	8	in	in	ADP
ajfa-121	69	9	china	china	PROPN
ajfa-121	69	10	,	,	PUNCT
ajfa-121	69	11	many	many	ADJ
ajfa-121	69	12	regulations	regulation	NOUN
ajfa-121	69	13	relating	relate	VERB
ajfa-121	69	14	to	to	ADP
ajfa-121	69	15	the	the	DET
ajfa-121	69	16	public	public	ADJ
ajfa-121	69	17	disclosure	disclosure	NOUN
ajfa-121	69	18	of	of	ADP
ajfa-121	69	19	information	information	NOUN
ajfa-121	69	20	by	by	ADP
ajfa-121	69	21	listed	list	VERB
ajfa-121	69	22	companies	company	NOUN
ajfa-121	69	23	have	have	AUX
ajfa-121	69	24	been	be	AUX
ajfa-121	69	25	promulgated	promulgate	VERB
ajfa-121	69	26	.	.	PUNCT
ajfa-121	70	1	the	the	DET
ajfa-121	70	2	asian	asian	ADJ
ajfa-121	70	3	journal	journal	PROPN
ajfa-121	70	4	of	of	ADP
ajfa-121	70	5	finance	finance	PROPN
ajfa-121	70	6	&	&	CCONJ
ajfa-121	70	7	accounting	accounting	PROPN
ajfa-121	70	8	issn	issn	PROPN
ajfa-121	70	9	1946	1946	NUM
ajfa-121	70	10	-	-	PUNCT
ajfa-121	70	11	052x	052x	NOUN
ajfa-121	70	12	2009	2009	NUM
ajfa-121	70	13	,	,	PUNCT
ajfa-121	70	14	vol	vol	NOUN
ajfa-121	70	15	.	.	PROPN
ajfa-121	70	16	1	1	NUM
ajfa-121	70	17	,	,	PUNCT
ajfa-121	70	18	no	no	INTJ
ajfa-121	70	19	.	.	NOUN
ajfa-121	70	20	2	2	NUM
ajfa-121	70	21	:	:	PUNCT
ajfa-121	70	22	e6	e6	VERB
ajfa-121	70	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-121	70	24	123	123	NUM
ajfa-121	70	25	specific	specific	ADJ
ajfa-121	70	26	regulations	regulation	NOUN
ajfa-121	70	27	governing	govern	VERB
ajfa-121	70	28	information	information	NOUN
ajfa-121	70	29	disclosure	disclosure	NOUN
ajfa-121	70	30	of	of	ADP
ajfa-121	70	31	publicly	publicly	ADV
ajfa-121	70	32	-	-	PUNCT
ajfa-121	70	33	listed	list	VERB
ajfa-121	70	34	firms	firm	NOUN
ajfa-121	70	35	in	in	ADP
ajfa-121	70	36	china	china	PROPN
ajfa-121	70	37	include	include	VERB
ajfa-121	70	38	provisional	provisional	ADJ
ajfa-121	70	39	rules	rule	NOUN
ajfa-121	70	40	on	on	ADP
ajfa-121	70	41	the	the	DET
ajfa-121	70	42	issuance	issuance	NOUN
ajfa-121	70	43	of	of	ADP
ajfa-121	70	44	stocks	stock	NOUN
ajfa-121	70	45	and	and	CCONJ
ajfa-121	70	46	transaction	transaction	NOUN
ajfa-121	70	47	management	management	NOUN
ajfa-121	70	48	released	release	VERB
ajfa-121	70	49	by	by	ADP
ajfa-121	70	50	the	the	DET
ajfa-121	70	51	state	state	PROPN
ajfa-121	70	52	council	council	PROPN
ajfa-121	70	53	in	in	ADP
ajfa-121	70	54	april	april	PROPN
ajfa-121	70	55	1993	1993	NUM
ajfa-121	70	56	.	.	PUNCT
ajfa-121	71	1	standards	standard	NOUN
ajfa-121	71	2	governing	govern	VERB
ajfa-121	71	3	the	the	DET
ajfa-121	71	4	content	content	NOUN
ajfa-121	71	5	and	and	CCONJ
ajfa-121	71	6	format	format	NOUN
ajfa-121	71	7	of	of	ADP
ajfa-121	71	8	public	public	ADJ
ajfa-121	71	9	disclosures	disclosure	NOUN
ajfa-121	71	10	by	by	ADP
ajfa-121	71	11	listed	list	VERB
ajfa-121	71	12	firms	firm	NOUN
ajfa-121	71	13	were	be	AUX
ajfa-121	71	14	promulgated	promulgate	VERB
ajfa-121	71	15	in	in	ADP
ajfa-121	71	16	1994	1994	NUM
ajfa-121	71	17	(	(	PUNCT
ajfa-121	71	18	and	and	CCONJ
ajfa-121	71	19	revised	revise	VERB
ajfa-121	71	20	in	in	ADP
ajfa-121	71	21	1998	1998	NUM
ajfa-121	71	22	,	,	PUNCT
ajfa-121	71	23	1999	1999	NUM
ajfa-121	71	24	,	,	PUNCT
ajfa-121	71	25	2001	2001	NUM
ajfa-121	71	26	,	,	PUNCT
ajfa-121	71	27	2002	2002	NUM
ajfa-121	71	28	,	,	PUNCT
ajfa-121	71	29	2003	2003	NUM
ajfa-121	71	30	,	,	PUNCT
ajfa-121	71	31	2004	2004	NUM
ajfa-121	71	32	,	,	PUNCT
ajfa-121	71	33	and	and	CCONJ
ajfa-121	71	34	2005	2005	NUM
ajfa-121	71	35	)	)	PUNCT
ajfa-121	71	36	.	.	PUNCT
ajfa-121	72	1	notices	notice	NOUN
ajfa-121	72	2	on	on	ADP
ajfa-121	72	3	enhancing	enhance	VERB
ajfa-121	72	4	the	the	DET
ajfa-121	72	5	quality	quality	NOUN
ajfa-121	72	6	of	of	ADP
ajfa-121	72	7	the	the	DET
ajfa-121	72	8	disclosure	disclosure	NOUN
ajfa-121	72	9	of	of	ADP
ajfa-121	72	10	financial	financial	ADJ
ajfa-121	72	11	information	information	NOUN
ajfa-121	72	12	by	by	ADP
ajfa-121	72	13	listed	list	VERB
ajfa-121	72	14	companies	company	NOUN
ajfa-121	72	15	were	be	AUX
ajfa-121	72	16	released	release	VERB
ajfa-121	72	17	in	in	ADP
ajfa-121	72	18	1999	1999	NUM
ajfa-121	72	19	.	.	PUNCT
ajfa-121	73	1	implementation	implementation	NOUN
ajfa-121	73	2	guidelines	guideline	NOUN
ajfa-121	73	3	(	(	PUNCT
ajfa-121	73	4	provisional	provisional	ADJ
ajfa-121	73	5	)	)	PUNCT
ajfa-121	73	6	on	on	ADP
ajfa-121	73	7	information	information	NOUN
ajfa-121	73	8	disclosure	disclosure	NOUN
ajfa-121	73	9	by	by	ADP
ajfa-121	73	10	companies	company	NOUN
ajfa-121	73	11	making	make	VERB
ajfa-121	73	12	public	public	ADJ
ajfa-121	73	13	stock	stock	NOUN
ajfa-121	73	14	offerings	offering	NOUN
ajfa-121	73	15	have	have	AUX
ajfa-121	73	16	been	be	AUX
ajfa-121	73	17	issued	issue	VERB
ajfa-121	73	18	by	by	ADP
ajfa-121	73	19	the	the	DET
ajfa-121	73	20	china	china	PROPN
ajfa-121	73	21	securities	securities	PROPN
ajfa-121	73	22	regulatory	regulatory	PROPN
ajfa-121	73	23	commission	commission	PROPN
ajfa-121	73	24	(	(	PUNCT
ajfa-121	73	25	csrc	csrc	PROPN
ajfa-121	73	26	)	)	PUNCT
ajfa-121	73	27	.	.	PUNCT
ajfa-121	74	1	table	table	NOUN
ajfa-121	74	2	1	1	NUM
ajfa-121	74	3	shows	show	VERB
ajfa-121	74	4	the	the	DET
ajfa-121	74	5	specific	specific	ADJ
ajfa-121	74	6	accounting	accounting	NOUN
ajfa-121	74	7	standards	standard	NOUN
ajfa-121	74	8	issued	issue	VERB
ajfa-121	74	9	by	by	ADP
ajfa-121	74	10	the	the	DET
ajfa-121	74	11	ministry	ministry	PROPN
ajfa-121	74	12	of	of	ADP
ajfa-121	74	13	finance	finance	PROPN
ajfa-121	74	14	(	(	PUNCT
ajfa-121	74	15	mof	mof	NOUN
ajfa-121	74	16	)	)	PUNCT
ajfa-121	74	17	and	and	CCONJ
ajfa-121	74	18	the	the	DET
ajfa-121	74	19	listing	listing	NOUN
ajfa-121	74	20	rules	rule	NOUN
ajfa-121	74	21	in	in	ADP
ajfa-121	74	22	2000	2000	NUM
ajfa-121	74	23	governing	govern	VERB
ajfa-121	74	24	the	the	DET
ajfa-121	74	25	shanghai	shanghai	PROPN
ajfa-121	74	26	and	and	CCONJ
ajfa-121	74	27	shenzhen	shenzhen	PROPN
ajfa-121	74	28	stock	stock	PROPN
ajfa-121	74	29	exchanges	exchange	NOUN
ajfa-121	74	30	.	.	PUNCT
ajfa-121	75	1	according	accord	VERB
ajfa-121	75	2	to	to	ADP
ajfa-121	75	3	the	the	DET
ajfa-121	75	4	regulations	regulation	NOUN
ajfa-121	75	5	of	of	ADP
ajfa-121	75	6	the	the	DET
ajfa-121	75	7	csrc	csrc	NOUN
ajfa-121	75	8	,	,	PUNCT
ajfa-121	75	9	a	a	DET
ajfa-121	75	10	publicly	publicly	ADV
ajfa-121	75	11	-	-	PUNCT
ajfa-121	75	12	listed	list	VERB
ajfa-121	75	13	firm	firm	NOUN
ajfa-121	75	14	should	should	AUX
ajfa-121	75	15	publish	publish	VERB
ajfa-121	75	16	the	the	DET
ajfa-121	75	17	information	information	NOUN
ajfa-121	75	18	in	in	ADP
ajfa-121	75	19	its	its	PRON
ajfa-121	75	20	entirety	entirety	NOUN
ajfa-121	75	21	or	or	CCONJ
ajfa-121	75	22	schematic	schematic	ADJ
ajfa-121	75	23	form	form	NOUN
ajfa-121	75	24	in	in	ADP
ajfa-121	75	25	a	a	DET
ajfa-121	75	26	csrc	csrc	NOUN
ajfa-121	75	27	-	-	PUNCT
ajfa-121	75	28	authorized	authorize	VERB
ajfa-121	75	29	national	national	ADJ
ajfa-121	75	30	publication	publication	NOUN
ajfa-121	75	31	.	.	PUNCT
ajfa-121	76	1	in	in	ADP
ajfa-121	76	2	1999	1999	NUM
ajfa-121	76	3	companies	company	NOUN
ajfa-121	76	4	were	be	AUX
ajfa-121	76	5	concurrently	concurrently	ADV
ajfa-121	76	6	required	require	VERB
ajfa-121	76	7	to	to	PART
ajfa-121	76	8	publish	publish	VERB
ajfa-121	76	9	summary	summary	NOUN
ajfa-121	76	10	printed	print	VERB
ajfa-121	76	11	annual	annual	ADJ
ajfa-121	76	12	reports	report	NOUN
ajfa-121	76	13	and	and	CCONJ
ajfa-121	76	14	full	full	ADJ
ajfa-121	76	15	reports	report	NOUN
ajfa-121	76	16	on	on	ADP
ajfa-121	76	17	the	the	DET
ajfa-121	76	18	internet	internet	NOUN
ajfa-121	76	19	.	.	PUNCT
ajfa-121	77	1	the	the	DET
ajfa-121	77	2	code	code	NOUN
ajfa-121	77	3	of	of	ADP
ajfa-121	77	4	corporate	corporate	ADJ
ajfa-121	77	5	governance	governance	NOUN
ajfa-121	77	6	released	release	VERB
ajfa-121	77	7	in	in	ADP
ajfa-121	77	8	2001	2001	NUM
ajfa-121	77	9	further	further	ADJ
ajfa-121	77	10	specifies	specifie	NOUN
ajfa-121	77	11	that	that	PRON
ajfa-121	77	12	a	a	DET
ajfa-121	77	13	publicly	publicly	ADV
ajfa-121	77	14	-	-	PUNCT
ajfa-121	77	15	listed	list	VERB
ajfa-121	77	16	company	company	NOUN
ajfa-121	77	17	should	should	AUX
ajfa-121	77	18	provide	provide	VERB
ajfa-121	77	19	the	the	DET
ajfa-121	77	20	necessary	necessary	ADJ
ajfa-121	77	21	information	information	NOUN
ajfa-121	77	22	to	to	ADP
ajfa-121	77	23	its	its	PRON
ajfa-121	77	24	creditors	creditor	NOUN
ajfa-121	77	25	so	so	SCONJ
ajfa-121	77	26	that	that	SCONJ
ajfa-121	77	27	the	the	DET
ajfa-121	77	28	shareholders	shareholder	NOUN
ajfa-121	77	29	will	will	AUX
ajfa-121	77	30	have	have	VERB
ajfa-121	77	31	a	a	DET
ajfa-121	77	32	better	well	ADJ
ajfa-121	77	33	understanding	understanding	NOUN
ajfa-121	77	34	of	of	ADP
ajfa-121	77	35	the	the	DET
ajfa-121	77	36	company‟s	company‟s	ADJ
ajfa-121	77	37	operational	operational	ADJ
ajfa-121	77	38	and	and	CCONJ
ajfa-121	77	39	financial	financial	ADJ
ajfa-121	77	40	positions	position	NOUN
ajfa-121	77	41	.	.	PUNCT
ajfa-121	78	1	table	table	NOUN
ajfa-121	78	2	1	1	NUM
ajfa-121	78	3	.	.	X
ajfa-121	79	1	regulation	regulation	NOUN
ajfa-121	79	2	governing	govern	VERB
ajfa-121	79	3	financial	financial	ADJ
ajfa-121	79	4	disclosures	disclosure	NOUN
ajfa-121	79	5	by	by	ADP
ajfa-121	79	6	listed	list	VERB
ajfa-121	79	7	companies	company	NOUN
ajfa-121	79	8	in	in	ADP
ajfa-121	79	9	china	china	PROPN
ajfa-121	79	10	sources	source	NOUN
ajfa-121	79	11	items	item	NOUN
ajfa-121	79	12	effective	effective	ADJ
ajfa-121	79	13	date	date	NOUN
ajfa-121	79	14	standing	standing	PROPN
ajfa-121	79	15	committee	committee	PROPN
ajfa-121	79	16	,	,	PUNCT
ajfa-121	79	17	national	national	PROPN
ajfa-121	79	18	people‟s	people‟s	PROPN
ajfa-121	79	19	congress	congress	PROPN
ajfa-121	79	20	-the	-the	DET
ajfa-121	79	21	securities	securities	PROPN
ajfa-121	79	22	law	law	PROPN
ajfa-121	79	23	-the	-the	DET
ajfa-121	79	24	company	company	NOUN
ajfa-121	79	25	law	law	NOUN
ajfa-121	79	26	1	1	NUM
ajfa-121	79	27	july	july	NOUN
ajfa-121	79	28	1999	1999	NUM
ajfa-121	79	29	1	1	NUM
ajfa-121	79	30	july	july	PROPN
ajfa-121	79	31	1994	1994	NUM
ajfa-121	79	32	state	state	PROPN
ajfa-121	79	33	securities	security	NOUN
ajfa-121	79	34	committee	committee	PROPN
ajfa-121	79	35	,	,	PUNCT
ajfa-121	79	36	state	state	NOUN
ajfa-121	79	37	council	council	PROPN
ajfa-121	79	38	-the	-the	PRON
ajfa-121	79	39	provisional	provisional	ADJ
ajfa-121	79	40	regulations	regulation	NOUN
ajfa-121	79	41	on	on	ADP
ajfa-121	79	42	stock	stock	NOUN
ajfa-121	79	43	issuance	issuance	NOUN
ajfa-121	79	44	and	and	CCONJ
ajfa-121	79	45	trading	trading	NOUN
ajfa-121	79	46	-provisional	-provisional	ADJ
ajfa-121	79	47	measures	measure	NOUN
ajfa-121	79	48	on	on	ADP
ajfa-121	79	49	prohibition	prohibition	NOUN
ajfa-121	79	50	of	of	ADP
ajfa-121	79	51	falsification	falsification	NOUN
ajfa-121	79	52	in	in	ADP
ajfa-121	79	53	securities	security	NOUN
ajfa-121	79	54	transactions	transaction	NOUN
ajfa-121	79	55	22	22	NUM
ajfa-121	79	56	april	april	PROPN
ajfa-121	79	57	1993	1993	NUM
ajfa-121	79	58	15	15	NUM
ajfa-121	79	59	august	august	PROPN
ajfa-121	79	60	1993	1993	NUM
ajfa-121	80	1	china	china	PROPN
ajfa-121	80	2	securities	securities	PROPN
ajfa-121	80	3	supervisory	supervisory	ADJ
ajfa-121	80	4	commission	commission	NOUN
ajfa-121	80	5	-detailed	-detaile	VERB
ajfa-121	80	6	rules	rule	NOUN
ajfa-121	80	7	on	on	ADP
ajfa-121	80	8	information	information	NOUN
ajfa-121	80	9	disclosures	disclosure	NOUN
ajfa-121	80	10	by	by	ADP
ajfa-121	80	11	publicly	publicly	ADV
ajfa-121	80	12	-	-	PUNCT
ajfa-121	80	13	listed	list	VERB
ajfa-121	80	14	companies	company	NOUN
ajfa-121	80	15	-rules	-rule	NOUN
ajfa-121	80	16	on	on	ADP
ajfa-121	80	17	the	the	DET
ajfa-121	80	18	content	content	NOUN
ajfa-121	80	19	and	and	CCONJ
ajfa-121	80	20	format	format	NOUN
ajfa-121	80	21	of	of	ADP
ajfa-121	80	22	disclosure	disclosure	NOUN
ajfa-121	80	23	(	(	PUNCT
ajfa-121	80	24	nos	nos	PROPN
ajfa-121	80	25	.	.	PROPN
ajfa-121	80	26	1	1	NUM
ajfa-121	80	27	-	-	SYM
ajfa-121	80	28	7	7	NUM
ajfa-121	80	29	)	)	PUNCT
ajfa-121	80	30	10	10	NUM
ajfa-121	80	31	june	june	PROPN
ajfa-121	80	32	1993	1993	NUM
ajfa-121	80	33	since	since	SCONJ
ajfa-121	80	34	1995	1995	NUM
ajfa-121	80	35	ministry	ministry	PROPN
ajfa-121	80	36	of	of	ADP
ajfa-121	80	37	finance	finance	NOUN
ajfa-121	80	38	-accounting	-accounting	NOUN
ajfa-121	80	39	standards	standard	NOUN
ajfa-121	80	40	for	for	ADP
ajfa-121	80	41	business	business	NOUN
ajfa-121	80	42	enterprises	enterprise	NOUN
ajfa-121	80	43	-accounting	-accounte	VERB
ajfa-121	80	44	system	system	NOUN
ajfa-121	80	45	for	for	ADP
ajfa-121	80	46	stock	stock	NOUN
ajfa-121	80	47	companies	company	NOUN
ajfa-121	80	48	(	(	PUNCT
ajfa-121	80	49	amended	amend	VERB
ajfa-121	80	50	1994	1994	NUM
ajfa-121	80	51	and	and	CCONJ
ajfa-121	80	52	1998	1998	NUM
ajfa-121	80	53	)	)	PUNCT
ajfa-121	80	54	-practical	-practical	ADJ
ajfa-121	80	55	(	(	PUNCT
ajfa-121	80	56	detailed	detailed	ADJ
ajfa-121	80	57	)	)	PUNCT
ajfa-121	80	58	accounting	accounting	NOUN
ajfa-121	80	59	standards	standard	NOUN
ajfa-121	80	60	(	(	PUNCT
ajfa-121	80	61	thus	thus	ADV
ajfa-121	80	62	far	far	ADV
ajfa-121	80	63	,	,	PUNCT
ajfa-121	80	64	nine	nine	NUM
ajfa-121	80	65	standards	standard	NOUN
ajfa-121	80	66	have	have	AUX
ajfa-121	80	67	been	be	AUX
ajfa-121	80	68	implemented	implement	VERB
ajfa-121	80	69	)	)	PUNCT
ajfa-121	80	70	1	1	NUM
ajfa-121	80	71	july	july	PROPN
ajfa-121	80	72	1993	1993	NUM
ajfa-121	80	73	1	1	NUM
ajfa-121	80	74	july	july	PROPN
ajfa-121	80	75	1992	1992	NUM
ajfa-121	80	76	since	since	SCONJ
ajfa-121	80	77	1997	1997	NUM
ajfa-121	80	78	-	-	SYM
ajfa-121	80	79	1998	1998	NUM
ajfa-121	80	80	shanghai	shanghai	PROPN
ajfa-121	80	81	stock	stock	PROPN
ajfa-121	80	82	exchange	exchange	PROPN
ajfa-121	80	83	-guidelines	-guideline	NOUN
ajfa-121	80	84	on	on	ADP
ajfa-121	80	85	information	information	NOUN
ajfa-121	80	86	disclosures	disclosure	NOUN
ajfa-121	80	87	by	by	ADP
ajfa-121	80	88	listed	list	VERB
ajfa-121	80	89	companies	company	NOUN
ajfa-121	80	90	-guidelines	-guideline	NOUN
ajfa-121	80	91	on	on	ADP
ajfa-121	80	92	the	the	DET
ajfa-121	80	93	operations	operation	NOUN
ajfa-121	80	94	of	of	ADP
ajfa-121	80	95	listed	list	VERB
ajfa-121	80	96	companies	company	NOUN
ajfa-121	80	97	since	since	SCONJ
ajfa-121	80	98	1990	1990	NUM
ajfa-121	80	99	since	since	SCONJ
ajfa-121	80	100	1995	1995	NUM
ajfa-121	80	101	asian	asian	ADJ
ajfa-121	80	102	journal	journal	NOUN
ajfa-121	80	103	of	of	ADP
ajfa-121	80	104	finance	finance	PROPN
ajfa-121	80	105	&	&	CCONJ
ajfa-121	80	106	accounting	accounting	PROPN
ajfa-121	80	107	issn	issn	PROPN
ajfa-121	80	108	1946	1946	NUM
ajfa-121	80	109	-	-	PUNCT
ajfa-121	80	110	052x	052x	NOUN
ajfa-121	80	111	2009	2009	NUM
ajfa-121	80	112	,	,	PUNCT
ajfa-121	80	113	vol	vol	NOUN
ajfa-121	80	114	.	.	PROPN
ajfa-121	80	115	1	1	NUM
ajfa-121	80	116	,	,	PUNCT
ajfa-121	80	117	no	no	INTJ
ajfa-121	80	118	.	.	NOUN
ajfa-121	80	119	2	2	NUM
ajfa-121	80	120	:	:	PUNCT
ajfa-121	80	121	e6	e6	VERB
ajfa-121	80	122	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-121	80	123	124	124	NUM
ajfa-121	80	124	shenzhen	shenzhen	PROPN
ajfa-121	80	125	stock	stock	PROPN
ajfa-121	80	126	exchange	exchange	PROPN
ajfa-121	80	127	-rules	-rule	NOUN
ajfa-121	80	128	on	on	ADP
ajfa-121	80	129	information	information	NOUN
ajfa-121	80	130	disclosure	disclosure	NOUN
ajfa-121	80	131	by	by	ADP
ajfa-121	80	132	listed	list	VERB
ajfa-121	80	133	companies	company	NOUN
ajfa-121	80	134	since	since	SCONJ
ajfa-121	80	135	1993	1993	NUM
ajfa-121	80	136	3	3	NUM
ajfa-121	80	137	.	.	PUNCT
ajfa-121	81	1	the	the	DET
ajfa-121	81	2	sample	sample	NOUN
ajfa-121	81	3	and	and	CCONJ
ajfa-121	81	4	the	the	DET
ajfa-121	81	5	survey	survey	NOUN
ajfa-121	81	6	two	two	NUM
ajfa-121	81	7	types	type	NOUN
ajfa-121	81	8	of	of	ADP
ajfa-121	81	9	shares	share	NOUN
ajfa-121	81	10	are	be	AUX
ajfa-121	81	11	issued	issue	VERB
ajfa-121	81	12	on	on	ADP
ajfa-121	81	13	the	the	DET
ajfa-121	81	14	shanghai	shanghai	PROPN
ajfa-121	81	15	stock	stock	PROPN
ajfa-121	81	16	exchange	exchange	PROPN
ajfa-121	81	17	(	(	PUNCT
ajfa-121	81	18	shse	shse	PROPN
ajfa-121	81	19	)	)	PUNCT
ajfa-121	81	20	and	and	CCONJ
ajfa-121	81	21	the	the	DET
ajfa-121	81	22	shenzhen	shenzhen	PROPN
ajfa-121	81	23	stock	stock	PROPN
ajfa-121	81	24	exchange	exchange	PROPN
ajfa-121	81	25	:	:	PUNCT
ajfa-121	81	26	a	a	DET
ajfa-121	81	27	-	-	PUNCT
ajfa-121	81	28	shares	share	NOUN
ajfa-121	81	29	and	and	CCONJ
ajfa-121	81	30	b	b	NOUN
ajfa-121	81	31	-	-	NOUN
ajfa-121	81	32	shares	share	NOUN
ajfa-121	81	33	.	.	PUNCT
ajfa-121	82	1	a	a	DET
ajfa-121	82	2	-	-	PUNCT
ajfa-121	82	3	shares	share	NOUN
ajfa-121	82	4	are	be	AUX
ajfa-121	82	5	mainly	mainly	ADV
ajfa-121	82	6	for	for	ADP
ajfa-121	82	7	domestic	domestic	ADJ
ajfa-121	82	8	-	-	PUNCT
ajfa-121	82	9	market	market	NOUN
ajfa-121	82	10	investors	investor	NOUN
ajfa-121	82	11	.	.	PUNCT
ajfa-121	83	1	b	b	X
ajfa-121	83	2	-	-	PUNCT
ajfa-121	83	3	shares	share	NOUN
ajfa-121	83	4	are	be	AUX
ajfa-121	83	5	for	for	ADP
ajfa-121	83	6	international	international	ADJ
ajfa-121	83	7	market	market	NOUN
ajfa-121	83	8	investors	investor	NOUN
ajfa-121	83	9	.	.	PUNCT
ajfa-121	84	1	obviously	obviously	ADV
ajfa-121	84	2	,	,	PUNCT
ajfa-121	84	3	there	there	PRON
ajfa-121	84	4	are	be	VERB
ajfa-121	84	5	more	more	ADJ
ajfa-121	84	6	companies	company	NOUN
ajfa-121	84	7	issuing	issue	VERB
ajfa-121	84	8	a	a	DET
ajfa-121	84	9	-	-	PUNCT
ajfa-121	84	10	shares	share	NOUN
ajfa-121	84	11	than	than	ADP
ajfa-121	84	12	b	b	NOUN
ajfa-121	84	13	-	-	PUNCT
ajfa-121	84	14	shares	share	NOUN
ajfa-121	84	15	.	.	PUNCT
ajfa-121	85	1	according	accord	VERB
ajfa-121	85	2	to	to	ADP
ajfa-121	85	3	the	the	DET
ajfa-121	85	4	csrc	csrc	NOUN
ajfa-121	85	5	,	,	PUNCT
ajfa-121	85	6	in	in	ADP
ajfa-121	85	7	2003	2003	NUM
ajfa-121	85	8	there	there	PRON
ajfa-121	85	9	were	be	VERB
ajfa-121	85	10	1,146	1,146	NUM
ajfa-121	85	11	companies	company	NOUN
ajfa-121	85	12	issuing	issue	VERB
ajfa-121	85	13	a	a	DET
ajfa-121	85	14	-	-	PUNCT
ajfa-121	85	15	shares	share	NOUN
ajfa-121	85	16	and	and	CCONJ
ajfa-121	85	17	only	only	ADV
ajfa-121	85	18	111	111	NUM
ajfa-121	85	19	companies	company	NOUN
ajfa-121	85	20	issuing	issue	VERB
ajfa-121	85	21	b	b	NOUN
ajfa-121	85	22	-	-	NOUN
ajfa-121	85	23	shares	share	NOUN
ajfa-121	85	24	.	.	PUNCT
ajfa-121	86	1	because	because	SCONJ
ajfa-121	86	2	the	the	DET
ajfa-121	86	3	a	a	DET
ajfa-121	86	4	-	-	PUNCT
ajfa-121	86	5	share	share	NOUN
ajfa-121	86	6	market	market	NOUN
ajfa-121	86	7	accurately	accurately	ADV
ajfa-121	86	8	represents	represent	VERB
ajfa-121	86	9	the	the	DET
ajfa-121	86	10	situation	situation	NOUN
ajfa-121	86	11	in	in	ADP
ajfa-121	86	12	the	the	DET
ajfa-121	86	13	chinese	chinese	ADJ
ajfa-121	86	14	securities	security	NOUN
ajfa-121	86	15	market	market	NOUN
ajfa-121	86	16	,	,	PUNCT
ajfa-121	86	17	this	this	DET
ajfa-121	86	18	study	study	NOUN
ajfa-121	86	19	selected	select	VERB
ajfa-121	86	20	a	a	DET
ajfa-121	86	21	sample	sample	NOUN
ajfa-121	86	22	from	from	ADP
ajfa-121	86	23	the	the	DET
ajfa-121	86	24	a	a	DET
ajfa-121	86	25	-	-	PUNCT
ajfa-121	86	26	share	share	NOUN
ajfa-121	86	27	market	market	NOUN
ajfa-121	86	28	of	of	ADP
ajfa-121	86	29	the	the	DET
ajfa-121	86	30	shse	shse	NOUN
ajfa-121	86	31	.	.	PUNCT
ajfa-121	87	1	selection	selection	NOUN
ajfa-121	87	2	of	of	ADP
ajfa-121	87	3	the	the	DET
ajfa-121	87	4	sample	sample	NOUN
ajfa-121	87	5	was	be	AUX
ajfa-121	87	6	based	base	VERB
ajfa-121	87	7	on	on	ADP
ajfa-121	87	8	the	the	DET
ajfa-121	87	9	following	follow	VERB
ajfa-121	87	10	criteria	criterion	NOUN
ajfa-121	87	11	:	:	PUNCT
ajfa-121	87	12	1	1	X
ajfa-121	87	13	.	.	X
ajfa-121	87	14	the	the	DET
ajfa-121	87	15	percentage	percentage	NOUN
ajfa-121	87	16	of	of	ADP
ajfa-121	87	17	selected	select	VERB
ajfa-121	87	18	sample	sample	NOUN
ajfa-121	87	19	firms	firm	NOUN
ajfa-121	87	20	is	be	AUX
ajfa-121	87	21	similar	similar	ADJ
ajfa-121	87	22	to	to	ADP
ajfa-121	87	23	that	that	PRON
ajfa-121	87	24	in	in	ADP
ajfa-121	87	25	the	the	DET
ajfa-121	87	26	whole	whole	ADJ
ajfa-121	87	27	population	population	NOUN
ajfa-121	87	28	;	;	PUNCT
ajfa-121	87	29	2	2	X
ajfa-121	87	30	.	.	X
ajfa-121	87	31	the	the	DET
ajfa-121	87	32	financial	financial	ADJ
ajfa-121	87	33	and	and	CCONJ
ajfa-121	87	34	insurance	insurance	NOUN
ajfa-121	87	35	sectors	sector	NOUN
ajfa-121	87	36	are	be	AUX
ajfa-121	87	37	excluded	exclude	VERB
ajfa-121	87	38	from	from	ADP
ajfa-121	87	39	the	the	DET
ajfa-121	87	40	final	final	ADJ
ajfa-121	87	41	sample	sample	NOUN
ajfa-121	87	42	because	because	SCONJ
ajfa-121	87	43	such	such	ADJ
ajfa-121	87	44	companies	company	NOUN
ajfa-121	87	45	have	have	VERB
ajfa-121	87	46	different	different	ADJ
ajfa-121	87	47	capital	capital	NOUN
ajfa-121	87	48	structures	structure	NOUN
ajfa-121	87	49	;	;	PUNCT
ajfa-121	87	50	3	3	X
ajfa-121	87	51	.	.	X
ajfa-121	87	52	companies	company	NOUN
ajfa-121	87	53	with	with	ADP
ajfa-121	87	54	abnormal	abnormal	ADJ
ajfa-121	87	55	financial	financial	ADJ
ajfa-121	87	56	performance	performance	NOUN
ajfa-121	87	57	are	be	AUX
ajfa-121	87	58	excluded	exclude	VERB
ajfa-121	87	59	;	;	PUNCT
ajfa-121	87	60	and	and	CCONJ
ajfa-121	87	61	4	4	X
ajfa-121	87	62	.	.	X
ajfa-121	87	63	industries	industry	NOUN
ajfa-121	87	64	with	with	ADP
ajfa-121	87	65	less	less	ADJ
ajfa-121	87	66	than	than	ADP
ajfa-121	87	67	five	five	NUM
ajfa-121	87	68	companies	company	NOUN
ajfa-121	87	69	are	be	AUX
ajfa-121	87	70	eliminated	eliminate	VERB
ajfa-121	87	71	.	.	PUNCT
ajfa-121	88	1	the	the	DET
ajfa-121	88	2	study	study	NOUN
ajfa-121	88	3	randomly	randomly	ADV
ajfa-121	88	4	selected	select	VERB
ajfa-121	88	5	200	200	NUM
ajfa-121	88	6	companies	company	NOUN
ajfa-121	88	7	from	from	ADP
ajfa-121	88	8	the	the	DET
ajfa-121	88	9	shanghai	shanghai	PROPN
ajfa-121	88	10	a	a	DET
ajfa-121	88	11	-	-	PUNCT
ajfa-121	88	12	share	share	NOUN
ajfa-121	88	13	market	market	NOUN
ajfa-121	88	14	for	for	ADP
ajfa-121	88	15	the	the	DET
ajfa-121	88	16	research	research	NOUN
ajfa-121	88	17	sample	sample	NOUN
ajfa-121	88	18	.	.	PUNCT
ajfa-121	89	1	the	the	DET
ajfa-121	89	2	industrial	industrial	ADJ
ajfa-121	89	3	breakdown	breakdown	NOUN
ajfa-121	89	4	of	of	ADP
ajfa-121	89	5	the	the	DET
ajfa-121	89	6	selected	select	VERB
ajfa-121	89	7	firms	firm	NOUN
ajfa-121	89	8	is	be	AUX
ajfa-121	89	9	presented	present	VERB
ajfa-121	89	10	in	in	ADP
ajfa-121	89	11	table	table	NOUN
ajfa-121	89	12	2	2	NUM
ajfa-121	89	13	.	.	PUNCT
ajfa-121	90	1	the	the	DET
ajfa-121	90	2	study	study	NOUN
ajfa-121	90	3	has	have	AUX
ajfa-121	90	4	determined	determine	VERB
ajfa-121	90	5	that	that	SCONJ
ajfa-121	90	6	there	there	PRON
ajfa-121	90	7	is	be	VERB
ajfa-121	90	8	no	no	DET
ajfa-121	90	9	difference	difference	NOUN
ajfa-121	90	10	between	between	ADP
ajfa-121	90	11	the	the	DET
ajfa-121	90	12	level	level	NOUN
ajfa-121	90	13	of	of	ADP
ajfa-121	90	14	voluntary	voluntary	ADJ
ajfa-121	90	15	disclosure	disclosure	NOUN
ajfa-121	90	16	of	of	ADP
ajfa-121	90	17	manufacturing	manufacturing	NOUN
ajfa-121	90	18	firms	firm	NOUN
ajfa-121	90	19	and	and	CCONJ
ajfa-121	90	20	non	non	ADJ
ajfa-121	90	21	-	-	ADJ
ajfa-121	90	22	manufacturing	manufacturing	ADJ
ajfa-121	90	23	firms	firm	NOUN
ajfa-121	90	24	(	(	PUNCT
ajfa-121	90	25	p	p	X
ajfa-121	90	26	>	>	X
ajfa-121	90	27	0.05	0.05	NUM
ajfa-121	90	28	)	)	PUNCT
ajfa-121	90	29	.	.	PUNCT
ajfa-121	91	1	therefore	therefore	ADV
ajfa-121	91	2	,	,	PUNCT
ajfa-121	91	3	the	the	DET
ajfa-121	91	4	high	high	ADJ
ajfa-121	91	5	proportion	proportion	NOUN
ajfa-121	91	6	of	of	ADP
ajfa-121	91	7	manufacturing	manufacturing	NOUN
ajfa-121	91	8	firms	firm	NOUN
ajfa-121	91	9	in	in	ADP
ajfa-121	91	10	the	the	DET
ajfa-121	91	11	sample	sample	NOUN
ajfa-121	91	12	will	will	AUX
ajfa-121	91	13	not	not	PART
ajfa-121	91	14	affect	affect	VERB
ajfa-121	91	15	our	our	PRON
ajfa-121	91	16	interpretations	interpretation	NOUN
ajfa-121	91	17	of	of	ADP
ajfa-121	91	18	the	the	DET
ajfa-121	91	19	results	result	NOUN
ajfa-121	91	20	.	.	PUNCT
ajfa-121	92	1	table	table	NOUN
ajfa-121	92	2	2	2	NUM
ajfa-121	92	3	.	.	PUNCT
ajfa-121	92	4	industry	industry	NOUN
ajfa-121	92	5	breakdown	breakdown	NOUN
ajfa-121	92	6	of	of	ADP
ajfa-121	92	7	selected	select	VERB
ajfa-121	92	8	firms	firm	NOUN
ajfa-121	92	9	(	(	PUNCT
ajfa-121	92	10	n	n	NOUN
ajfa-121	92	11	=	=	SYM
ajfa-121	92	12	200	200	NUM
ajfa-121	92	13	)	)	PUNCT
ajfa-121	92	14	industry	industry	NOUN
ajfa-121	92	15	type	type	NOUN
ajfa-121	92	16	number	number	NOUN
ajfa-121	92	17	percentage	percentage	NOUN
ajfa-121	92	18	mining	mining	NOUN
ajfa-121	92	19	10	10	NUM
ajfa-121	92	20	5	5	NUM
ajfa-121	92	21	%	%	NOUN
ajfa-121	92	22	manufacturing	manufacturing	NOUN
ajfa-121	92	23	118	118	NUM
ajfa-121	92	24	59	59	NUM
ajfa-121	92	25	%	%	NOUN
ajfa-121	92	26	utilities	utility	NOUN
ajfa-121	92	27	14	14	NUM
ajfa-121	92	28	7	7	NUM
ajfa-121	92	29	%	%	NOUN
ajfa-121	92	30	transportation	transportation	NOUN
ajfa-121	92	31	and	and	CCONJ
ajfa-121	92	32	warehousing	warehousing	NOUN
ajfa-121	92	33	18	18	NUM
ajfa-121	92	34	9	9	NUM
ajfa-121	92	35	%	%	NOUN
ajfa-121	92	36	information	information	NOUN
ajfa-121	92	37	technology	technology	NOUN
ajfa-121	92	38	16	16	NUM
ajfa-121	92	39	8	8	NUM
ajfa-121	92	40	%	%	NOUN
ajfa-121	92	41	wholesale	wholesale	ADJ
ajfa-121	92	42	and	and	CCONJ
ajfa-121	92	43	retail	retail	ADJ
ajfa-121	92	44	trade	trade	NOUN
ajfa-121	92	45	12	12	NUM
ajfa-121	92	46	6	6	NUM
ajfa-121	92	47	%	%	NOUN
ajfa-121	92	48	real	real	ADJ
ajfa-121	92	49	estate	estate	NOUN
ajfa-121	92	50	12	12	NUM
ajfa-121	92	51	6	6	NUM
ajfa-121	92	52	%	%	NOUN
ajfa-121	92	53	200	200	NUM
ajfa-121	92	54	100	100	NUM
ajfa-121	92	55	%	%	NOUN
ajfa-121	92	56	3.1	3.1	NUM
ajfa-121	92	57	corporate	corporate	ADJ
ajfa-121	92	58	governance	governance	NOUN
ajfa-121	92	59	characteristics	characteristic	NOUN
ajfa-121	92	60	this	this	DET
ajfa-121	92	61	study	study	NOUN
ajfa-121	92	62	focuses	focus	VERB
ajfa-121	92	63	on	on	ADP
ajfa-121	92	64	the	the	DET
ajfa-121	92	65	relationship	relationship	NOUN
ajfa-121	92	66	between	between	ADP
ajfa-121	92	67	the	the	DET
ajfa-121	92	68	extent	extent	NOUN
ajfa-121	92	69	of	of	ADP
ajfa-121	92	70	voluntary	voluntary	ADJ
ajfa-121	92	71	disclosure	disclosure	NOUN
ajfa-121	92	72	and	and	CCONJ
ajfa-121	92	73	corporate	corporate	ADJ
ajfa-121	92	74	governance	governance	NOUN
ajfa-121	92	75	.	.	PUNCT
ajfa-121	93	1	it	it	PRON
ajfa-121	93	2	examines	examine	VERB
ajfa-121	93	3	corporate	corporate	ADJ
ajfa-121	93	4	governance	governance	NOUN
ajfa-121	93	5	from	from	ADP
ajfa-121	93	6	the	the	DET
ajfa-121	93	7	perspective	perspective	NOUN
ajfa-121	93	8	of	of	ADP
ajfa-121	93	9	the	the	DET
ajfa-121	93	10	ownership	ownership	NOUN
ajfa-121	93	11	structure	structure	NOUN
ajfa-121	93	12	,	,	PUNCT
ajfa-121	93	13	including	include	VERB
ajfa-121	93	14	(	(	PUNCT
ajfa-121	93	15	1	1	NUM
ajfa-121	93	16	)	)	PUNCT
ajfa-121	93	17	ownership	ownership	NOUN
ajfa-121	93	18	concentration	concentration	NOUN
ajfa-121	93	19	;	;	PUNCT
ajfa-121	93	20	(	(	PUNCT
ajfa-121	93	21	2	2	X
ajfa-121	93	22	)	)	PUNCT
ajfa-121	93	23	state	state	NOUN
ajfa-121	93	24	-	-	PUNCT
ajfa-121	93	25	owned	own	VERB
ajfa-121	93	26	or	or	CCONJ
ajfa-121	93	27	related	related	ADJ
ajfa-121	93	28	ownership	ownership	NOUN
ajfa-121	93	29	;	;	PUNCT
ajfa-121	93	30	and	and	CCONJ
ajfa-121	93	31	(	(	PUNCT
ajfa-121	93	32	3	3	X
ajfa-121	93	33	)	)	PUNCT
ajfa-121	93	34	individual	individual	ADJ
ajfa-121	93	35	ownership	ownership	NOUN
ajfa-121	93	36	.	.	PUNCT
ajfa-121	94	1	the	the	DET
ajfa-121	94	2	controls	control	NOUN
ajfa-121	94	3	for	for	ADP
ajfa-121	94	4	the	the	DET
ajfa-121	94	5	directors	director	NOUN
ajfa-121	94	6	and	and	CCONJ
ajfa-121	94	7	the	the	DET
ajfa-121	94	8	audit	audit	NOUN
ajfa-121	94	9	committee	committee	NOUN
ajfa-121	94	10	include	include	VERB
ajfa-121	94	11	:	:	PUNCT
ajfa-121	94	12	(	(	PUNCT
ajfa-121	94	13	1	1	X
ajfa-121	94	14	)	)	PUNCT
ajfa-121	94	15	the	the	DET
ajfa-121	94	16	independence	independence	NOUN
ajfa-121	94	17	of	of	ADP
ajfa-121	94	18	the	the	DET
ajfa-121	94	19	non	non	ADJ
ajfa-121	94	20	-	-	ADJ
ajfa-121	94	21	executive	executive	ADJ
ajfa-121	94	22	directors	director	NOUN
ajfa-121	94	23	;	;	PUNCT
ajfa-121	94	24	(	(	PUNCT
ajfa-121	94	25	2	2	X
ajfa-121	94	26	)	)	PUNCT
ajfa-121	94	27	the	the	DET
ajfa-121	94	28	ceo	ceo	NOUN
ajfa-121	94	29	as	as	ADP
ajfa-121	94	30	the	the	DET
ajfa-121	94	31	asian	asian	ADJ
ajfa-121	94	32	journal	journal	NOUN
ajfa-121	94	33	of	of	ADP
ajfa-121	94	34	finance	finance	PROPN
ajfa-121	94	35	&	&	CCONJ
ajfa-121	94	36	accounting	accounting	PROPN
ajfa-121	94	37	issn	issn	PROPN
ajfa-121	94	38	1946	1946	NUM
ajfa-121	94	39	-	-	PUNCT
ajfa-121	94	40	052x	052x	NOUN
ajfa-121	94	41	2009	2009	NUM
ajfa-121	94	42	,	,	PUNCT
ajfa-121	94	43	vol	vol	NOUN
ajfa-121	94	44	.	.	PROPN
ajfa-121	94	45	1	1	NUM
ajfa-121	94	46	,	,	PUNCT
ajfa-121	94	47	no	no	INTJ
ajfa-121	94	48	.	.	NOUN
ajfa-121	94	49	2	2	NUM
ajfa-121	94	50	:	:	PUNCT
ajfa-121	94	51	e6	e6	VERB
ajfa-121	94	52	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	94	53	125	125	NUM
ajfa-121	94	54	top	top	ADJ
ajfa-121	94	55	director	director	NOUN
ajfa-121	94	56	;	;	PUNCT
ajfa-121	94	57	and	and	CCONJ
ajfa-121	94	58	(	(	PUNCT
ajfa-121	94	59	3	3	X
ajfa-121	94	60	)	)	PUNCT
ajfa-121	94	61	the	the	DET
ajfa-121	94	62	existence	existence	NOUN
ajfa-121	94	63	of	of	ADP
ajfa-121	94	64	an	an	DET
ajfa-121	94	65	audit	audit	NOUN
ajfa-121	94	66	committee	committee	NOUN
ajfa-121	94	67	.	.	PUNCT
ajfa-121	95	1	there	there	PRON
ajfa-121	95	2	are	be	VERB
ajfa-121	95	3	also	also	ADV
ajfa-121	95	4	controls	control	NOUN
ajfa-121	95	5	for	for	ADP
ajfa-121	95	6	firm	firm	ADJ
ajfa-121	95	7	-	-	PUNCT
ajfa-121	95	8	specific	specific	ADJ
ajfa-121	95	9	characteristics	characteristic	NOUN
ajfa-121	95	10	,	,	PUNCT
ajfa-121	95	11	including	include	VERB
ajfa-121	95	12	(	(	PUNCT
ajfa-121	95	13	1	1	X
ajfa-121	95	14	)	)	PUNCT
ajfa-121	95	15	firm	firm	ADJ
ajfa-121	95	16	size	size	NOUN
ajfa-121	95	17	;	;	PUNCT
ajfa-121	95	18	(	(	PUNCT
ajfa-121	95	19	2	2	X
ajfa-121	95	20	)	)	PUNCT
ajfa-121	95	21	leverage	leverage	NOUN
ajfa-121	95	22	;	;	PUNCT
ajfa-121	95	23	(	(	PUNCT
ajfa-121	95	24	3	3	X
ajfa-121	95	25	)	)	PUNCT
ajfa-121	95	26	profitability	profitability	NOUN
ajfa-121	95	27	;	;	PUNCT
ajfa-121	95	28	and	and	CCONJ
ajfa-121	95	29	(	(	PUNCT
ajfa-121	95	30	4	4	X
ajfa-121	95	31	)	)	PUNCT
ajfa-121	95	32	industry	industry	NOUN
ajfa-121	95	33	.	.	PUNCT
ajfa-121	96	1	most	most	ADJ
ajfa-121	96	2	of	of	ADP
ajfa-121	96	3	the	the	DET
ajfa-121	96	4	data	datum	NOUN
ajfa-121	96	5	were	be	AUX
ajfa-121	96	6	collected	collect	VERB
ajfa-121	96	7	from	from	ADP
ajfa-121	96	8	annual	annual	ADJ
ajfa-121	96	9	reports	report	NOUN
ajfa-121	96	10	,	,	PUNCT
ajfa-121	96	11	which	which	PRON
ajfa-121	96	12	can	can	AUX
ajfa-121	96	13	be	be	AUX
ajfa-121	96	14	found	find	VERB
ajfa-121	96	15	on	on	ADP
ajfa-121	96	16	the	the	DET
ajfa-121	96	17	web	web	NOUN
ajfa-121	96	18	site	site	NOUN
ajfa-121	96	19	of	of	ADP
ajfa-121	96	20	the	the	DET
ajfa-121	96	21	shse	shse	NOUN
ajfa-121	96	22	.	.	PUNCT
ajfa-121	97	1	other	other	ADJ
ajfa-121	97	2	data	datum	NOUN
ajfa-121	97	3	were	be	AUX
ajfa-121	97	4	collected	collect	VERB
ajfa-121	97	5	from	from	ADP
ajfa-121	97	6	the	the	DET
ajfa-121	97	7	china	china	PROPN
ajfa-121	97	8	stock	stock	NOUN
ajfa-121	97	9	market	market	PROPN
ajfa-121	97	10	and	and	CCONJ
ajfa-121	97	11	accounting	accounting	NOUN
ajfa-121	97	12	research	research	NOUN
ajfa-121	97	13	database	database	NOUN
ajfa-121	97	14	(	(	PUNCT
ajfa-121	97	15	csmar	csmar	PROPN
ajfa-121	97	16	)	)	PUNCT
ajfa-121	97	17	.	.	PUNCT
ajfa-121	98	1	the	the	DET
ajfa-121	98	2	following	follow	VERB
ajfa-121	98	3	includes	include	VERB
ajfa-121	98	4	information	information	NOUN
ajfa-121	98	5	on	on	ADP
ajfa-121	98	6	the	the	DET
ajfa-121	98	7	details	detail	NOUN
ajfa-121	98	8	and	and	CCONJ
ajfa-121	98	9	measurement	measurement	NOUN
ajfa-121	98	10	of	of	ADP
ajfa-121	98	11	the	the	DET
ajfa-121	98	12	data	data	NOUN
ajfa-121	98	13	collection	collection	NOUN
ajfa-121	98	14	of	of	ADP
ajfa-121	98	15	the	the	DET
ajfa-121	98	16	variables	variable	NOUN
ajfa-121	98	17	:	:	PUNCT
ajfa-121	98	18	(	(	PUNCT
ajfa-121	98	19	i	i	NOUN
ajfa-121	98	20	)	)	PUNCT
ajfa-121	98	21	ownership	ownership	NOUN
ajfa-121	98	22	concentration	concentration	NOUN
ajfa-121	98	23	may	may	AUX
ajfa-121	98	24	expose	expose	VERB
ajfa-121	98	25	higher	high	ADJ
ajfa-121	98	26	potential	potential	ADJ
ajfa-121	98	27	agency	agency	NOUN
ajfa-121	98	28	problems	problem	NOUN
ajfa-121	98	29	(	(	PUNCT
ajfa-121	98	30	jensen	jensen	PROPN
ajfa-121	98	31	and	and	CCONJ
ajfa-121	98	32	meckling	meckling	NOUN
ajfa-121	98	33	,	,	PUNCT
ajfa-121	98	34	1976	1976	NUM
ajfa-121	98	35	)	)	PUNCT
ajfa-121	98	36	.	.	PUNCT
ajfa-121	99	1	ownership	ownership	NOUN
ajfa-121	99	2	and	and	CCONJ
ajfa-121	99	3	management	management	NOUN
ajfa-121	99	4	may	may	AUX
ajfa-121	99	5	generate	generate	VERB
ajfa-121	99	6	benefits	benefit	NOUN
ajfa-121	99	7	from	from	ADP
ajfa-121	99	8	entrepreneurial	entrepreneurial	ADJ
ajfa-121	99	9	activities	activity	NOUN
ajfa-121	99	10	,	,	PUNCT
ajfa-121	99	11	such	such	ADJ
ajfa-121	99	12	as	as	ADP
ajfa-121	99	13	the	the	DET
ajfa-121	99	14	physical	physical	ADJ
ajfa-121	99	15	appointments	appointment	NOUN
ajfa-121	99	16	of	of	ADP
ajfa-121	99	17	the	the	DET
ajfa-121	99	18	office	office	NOUN
ajfa-121	99	19	,	,	PUNCT
ajfa-121	99	20	pension	pension	NOUN
ajfa-121	99	21	funds	fund	NOUN
ajfa-121	99	22	,	,	PUNCT
ajfa-121	99	23	and	and	CCONJ
ajfa-121	99	24	personal	personal	ADJ
ajfa-121	99	25	benefits	benefit	NOUN
ajfa-121	99	26	.	.	PUNCT
ajfa-121	100	1	under	under	ADP
ajfa-121	100	2	a	a	DET
ajfa-121	100	3	high	high	ADJ
ajfa-121	100	4	(	(	PUNCT
ajfa-121	100	5	low	low	ADJ
ajfa-121	100	6	)	)	PUNCT
ajfa-121	100	7	concentrated	concentrated	ADJ
ajfa-121	100	8	ownership	ownership	NOUN
ajfa-121	100	9	structure	structure	NOUN
ajfa-121	100	10	,	,	PUNCT
ajfa-121	100	11	the	the	DET
ajfa-121	100	12	managers‟	managers‟	NOUN
ajfa-121	100	13	compensation	compensation	NOUN
ajfa-121	100	14	is	be	AUX
ajfa-121	100	15	negatively	negatively	ADV
ajfa-121	100	16	(	(	PUNCT
ajfa-121	100	17	positively	positively	ADV
ajfa-121	100	18	)	)	PUNCT
ajfa-121	100	19	related	relate	VERB
ajfa-121	100	20	to	to	ADP
ajfa-121	100	21	company	company	NOUN
ajfa-121	100	22	performance	performance	NOUN
ajfa-121	100	23	(	(	PUNCT
ajfa-121	100	24	jiang	jiang	PROPN
ajfa-121	100	25	et	et	PROPN
ajfa-121	100	26	al	al	PROPN
ajfa-121	100	27	.	.	PROPN
ajfa-121	100	28	,	,	PUNCT
ajfa-121	100	29	2009	2009	NUM
ajfa-121	100	30	;	;	PUNCT
ajfa-121	100	31	ahman	ahman	NOUN
ajfa-121	100	32	and	and	CCONJ
ajfa-121	100	33	picur	picur	NOUN
ajfa-121	100	34	,	,	PUNCT
ajfa-121	100	35	1997	1997	NUM
ajfa-121	100	36	)	)	PUNCT
ajfa-121	100	37	.	.	PUNCT
ajfa-121	101	1	the	the	DET
ajfa-121	101	2	diverging	diverge	VERB
ajfa-121	101	3	interests	interest	NOUN
ajfa-121	101	4	between	between	ADP
ajfa-121	101	5	management	management	NOUN
ajfa-121	101	6	and	and	CCONJ
ajfa-121	101	7	outside	outside	ADJ
ajfa-121	101	8	shareholders	shareholder	NOUN
ajfa-121	101	9	create	create	VERB
ajfa-121	101	10	an	an	DET
ajfa-121	101	11	agency	agency	NOUN
ajfa-121	101	12	problem	problem	NOUN
ajfa-121	101	13	.	.	PUNCT
ajfa-121	102	1	in	in	ADP
ajfa-121	102	2	other	other	ADJ
ajfa-121	102	3	words	word	NOUN
ajfa-121	102	4	,	,	PUNCT
ajfa-121	102	5	firms	firm	NOUN
ajfa-121	102	6	with	with	ADP
ajfa-121	102	7	concentrated	concentrated	ADJ
ajfa-121	102	8	shareholdings	shareholding	NOUN
ajfa-121	102	9	should	should	AUX
ajfa-121	102	10	have	have	VERB
ajfa-121	102	11	greater	great	ADJ
ajfa-121	102	12	control	control	NOUN
ajfa-121	102	13	over	over	ADP
ajfa-121	102	14	minority	minority	NOUN
ajfa-121	102	15	shareholders	shareholder	NOUN
ajfa-121	102	16	.	.	PUNCT
ajfa-121	103	1	it	it	PRON
ajfa-121	103	2	is	be	AUX
ajfa-121	103	3	more	more	ADV
ajfa-121	103	4	efficient	efficient	ADJ
ajfa-121	103	5	to	to	PART
ajfa-121	103	6	monitor	monitor	VERB
ajfa-121	103	7	the	the	DET
ajfa-121	103	8	compensation	compensation	NOUN
ajfa-121	103	9	of	of	ADP
ajfa-121	103	10	managers	manager	NOUN
ajfa-121	103	11	in	in	ADP
ajfa-121	103	12	companies	company	NOUN
ajfa-121	103	13	with	with	ADP
ajfa-121	103	14	a	a	DET
ajfa-121	103	15	low	low	ADJ
ajfa-121	103	16	level	level	NOUN
ajfa-121	103	17	of	of	ADP
ajfa-121	103	18	ownership	ownership	NOUN
ajfa-121	103	19	concentration	concentration	NOUN
ajfa-121	103	20	.	.	PUNCT
ajfa-121	104	1	controlling	control	VERB
ajfa-121	104	2	owners	owner	NOUN
ajfa-121	104	3	are	be	AUX
ajfa-121	104	4	likely	likely	ADJ
ajfa-121	104	5	to	to	PART
ajfa-121	104	6	be	be	AUX
ajfa-121	104	7	less	less	ADV
ajfa-121	104	8	dependent	dependent	ADJ
ajfa-121	104	9	on	on	ADP
ajfa-121	104	10	transparency	transparency	NOUN
ajfa-121	104	11	and	and	CCONJ
ajfa-121	104	12	information	information	NOUN
ajfa-121	104	13	disclosure	disclosure	NOUN
ajfa-121	104	14	(	(	PUNCT
ajfa-121	104	15	erik	erik	PROPN
ajfa-121	104	16	and	and	CCONJ
ajfa-121	104	17	anete	anete	ADJ
ajfa-121	104	18	,	,	PUNCT
ajfa-121	104	19	2005	2005	NUM
ajfa-121	104	20	)	)	PUNCT
ajfa-121	104	21	,	,	PUNCT
ajfa-121	104	22	and	and	CCONJ
ajfa-121	104	23	they	they	PRON
ajfa-121	104	24	can	can	AUX
ajfa-121	104	25	obtain	obtain	VERB
ajfa-121	104	26	information	information	NOUN
ajfa-121	104	27	directly	directly	ADV
ajfa-121	104	28	from	from	ADP
ajfa-121	104	29	informal	informal	ADJ
ajfa-121	104	30	channels	channel	NOUN
ajfa-121	104	31	.	.	PUNCT
ajfa-121	105	1	hence	hence	ADV
ajfa-121	105	2	,	,	PUNCT
ajfa-121	105	3	a	a	DET
ajfa-121	105	4	company	company	NOUN
ajfa-121	105	5	with	with	ADP
ajfa-121	105	6	a	a	DET
ajfa-121	105	7	centralized	centralized	ADJ
ajfa-121	105	8	ownership	ownership	NOUN
ajfa-121	105	9	structure	structure	NOUN
ajfa-121	105	10	will	will	AUX
ajfa-121	105	11	be	be	AUX
ajfa-121	105	12	reluctant	reluctant	ADJ
ajfa-121	105	13	to	to	PART
ajfa-121	105	14	disclose	disclose	VERB
ajfa-121	105	15	additional	additional	ADJ
ajfa-121	105	16	information	information	NOUN
ajfa-121	105	17	.	.	PUNCT
ajfa-121	106	1	therefore	therefore	ADV
ajfa-121	106	2	,	,	PUNCT
ajfa-121	106	3	it	it	PRON
ajfa-121	106	4	is	be	AUX
ajfa-121	106	5	expected	expect	VERB
ajfa-121	106	6	that	that	SCONJ
ajfa-121	106	7	there	there	PRON
ajfa-121	106	8	is	be	VERB
ajfa-121	106	9	a	a	DET
ajfa-121	106	10	negative	negative	ADJ
ajfa-121	106	11	relationship	relationship	NOUN
ajfa-121	106	12	between	between	ADP
ajfa-121	106	13	voluntary	voluntary	ADJ
ajfa-121	106	14	disclosure	disclosure	NOUN
ajfa-121	106	15	and	and	CCONJ
ajfa-121	106	16	ownership	ownership	NOUN
ajfa-121	106	17	concentration	concentration	NOUN
ajfa-121	106	18	.	.	PUNCT
ajfa-121	107	1	the	the	DET
ajfa-121	107	2	following	follow	VERB
ajfa-121	107	3	hypothesis	hypothesis	NOUN
ajfa-121	107	4	is	be	AUX
ajfa-121	107	5	proposed	propose	VERB
ajfa-121	107	6	:	:	PUNCT
ajfa-121	107	7	h1	h1	NOUN
ajfa-121	107	8	:	:	PUNCT
ajfa-121	107	9	there	there	PRON
ajfa-121	107	10	is	be	VERB
ajfa-121	107	11	a	a	DET
ajfa-121	107	12	negative	negative	ADJ
ajfa-121	107	13	relationship	relationship	NOUN
ajfa-121	107	14	between	between	ADP
ajfa-121	107	15	the	the	DET
ajfa-121	107	16	extent	extent	NOUN
ajfa-121	107	17	of	of	ADP
ajfa-121	107	18	voluntary	voluntary	ADJ
ajfa-121	107	19	disclosure	disclosure	NOUN
ajfa-121	107	20	and	and	CCONJ
ajfa-121	107	21	ownership	ownership	NOUN
ajfa-121	107	22	concentration	concentration	NOUN
ajfa-121	107	23	.	.	PUNCT
ajfa-121	108	1	(	(	PUNCT
ajfa-121	108	2	ii	ii	NOUN
ajfa-121	108	3	)	)	PUNCT
ajfa-121	108	4	government	government	NOUN
ajfa-121	108	5	ownership	ownership	NOUN
ajfa-121	108	6	,	,	PUNCT
ajfa-121	108	7	including	include	VERB
ajfa-121	108	8	ownership	ownership	NOUN
ajfa-121	108	9	by	by	ADP
ajfa-121	108	10	government	government	NOUN
ajfa-121	108	11	-	-	PUNCT
ajfa-121	108	12	related	relate	VERB
ajfa-121	108	13	institutions	institution	NOUN
ajfa-121	108	14	(	(	PUNCT
ajfa-121	108	15	legal	legal	ADJ
ajfa-121	108	16	entities	entity	NOUN
ajfa-121	108	17	)	)	PUNCT
ajfa-121	108	18	,	,	PUNCT
ajfa-121	108	19	of	of	ADP
ajfa-121	108	20	publicly	publicly	ADV
ajfa-121	108	21	-	-	PUNCT
ajfa-121	108	22	listed	list	VERB
ajfa-121	108	23	companies	company	NOUN
ajfa-121	108	24	is	be	AUX
ajfa-121	108	25	a	a	DET
ajfa-121	108	26	feature	feature	NOUN
ajfa-121	108	27	of	of	ADP
ajfa-121	108	28	the	the	DET
ajfa-121	108	29	chinese	chinese	ADJ
ajfa-121	108	30	market	market	NOUN
ajfa-121	108	31	.	.	PUNCT
ajfa-121	109	1	some	some	PRON
ajfa-121	109	2	of	of	ADP
ajfa-121	109	3	the	the	DET
ajfa-121	109	4	shares	share	NOUN
ajfa-121	109	5	can	can	AUX
ajfa-121	109	6	only	only	ADV
ajfa-121	109	7	be	be	AUX
ajfa-121	109	8	transferred	transfer	VERB
ajfa-121	109	9	to	to	ADP
ajfa-121	109	10	domestic	domestic	ADJ
ajfa-121	109	11	institutions	institution	NOUN
ajfa-121	109	12	with	with	ADP
ajfa-121	109	13	the	the	DET
ajfa-121	109	14	approval	approval	NOUN
ajfa-121	109	15	of	of	ADP
ajfa-121	109	16	the	the	DET
ajfa-121	109	17	csrc	csrc	NOUN
ajfa-121	109	18	.	.	PUNCT
ajfa-121	110	1	most	most	ADJ
ajfa-121	110	2	of	of	ADP
ajfa-121	110	3	the	the	DET
ajfa-121	110	4	publicly	publicly	ADV
ajfa-121	110	5	-	-	PUNCT
ajfa-121	110	6	listed	list	VERB
ajfa-121	110	7	companies	company	NOUN
ajfa-121	110	8	were	be	AUX
ajfa-121	110	9	originally	originally	ADV
ajfa-121	110	10	held	hold	VERB
ajfa-121	110	11	by	by	ADP
ajfa-121	110	12	soes	soe	NOUN
ajfa-121	110	13	and	and	CCONJ
ajfa-121	110	14	their	their	PRON
ajfa-121	110	15	shares	share	NOUN
ajfa-121	110	16	are	be	AUX
ajfa-121	110	17	still	still	ADV
ajfa-121	110	18	controlled	control	VERB
ajfa-121	110	19	by	by	ADP
ajfa-121	110	20	the	the	DET
ajfa-121	110	21	central	central	ADJ
ajfa-121	110	22	or	or	CCONJ
ajfa-121	110	23	local	local	ADJ
ajfa-121	110	24	governments	government	NOUN
ajfa-121	110	25	.	.	PUNCT
ajfa-121	111	1	when	when	SCONJ
ajfa-121	111	2	they	they	PRON
ajfa-121	111	3	go	go	VERB
ajfa-121	111	4	public	public	ADJ
ajfa-121	111	5	,	,	PUNCT
ajfa-121	111	6	the	the	DET
ajfa-121	111	7	soes	soe	NOUN
ajfa-121	111	8	must	must	AUX
ajfa-121	111	9	transfer	transfer	VERB
ajfa-121	111	10	a	a	DET
ajfa-121	111	11	high	high	ADJ
ajfa-121	111	12	percentage	percentage	NOUN
ajfa-121	111	13	of	of	ADP
ajfa-121	111	14	the	the	DET
ajfa-121	111	15	shares	share	NOUN
ajfa-121	111	16	to	to	ADP
ajfa-121	111	17	government	government	NOUN
ajfa-121	111	18	bodies	body	NOUN
ajfa-121	111	19	in	in	ADP
ajfa-121	111	20	order	order	NOUN
ajfa-121	111	21	to	to	PART
ajfa-121	111	22	preserve	preserve	VERB
ajfa-121	111	23	the	the	DET
ajfa-121	111	24	socialist	socialist	ADJ
ajfa-121	111	25	structure	structure	NOUN
ajfa-121	111	26	of	of	ADP
ajfa-121	111	27	the	the	DET
ajfa-121	111	28	economy	economy	NOUN
ajfa-121	111	29	.	.	PUNCT
ajfa-121	112	1	there	there	PRON
ajfa-121	112	2	has	have	AUX
ajfa-121	112	3	been	be	AUX
ajfa-121	112	4	no	no	DET
ajfa-121	112	5	prior	prior	ADJ
ajfa-121	112	6	research	research	NOUN
ajfa-121	112	7	on	on	ADP
ajfa-121	112	8	voluntary	voluntary	ADJ
ajfa-121	112	9	disclosure	disclosure	NOUN
ajfa-121	112	10	and	and	CCONJ
ajfa-121	112	11	government	government	NOUN
ajfa-121	112	12	ownership	ownership	NOUN
ajfa-121	112	13	in	in	ADP
ajfa-121	112	14	the	the	DET
ajfa-121	112	15	chinese	chinese	ADJ
ajfa-121	112	16	context	context	NOUN
ajfa-121	112	17	.	.	PUNCT
ajfa-121	113	1	but	but	CCONJ
ajfa-121	113	2	eng	eng	PROPN
ajfa-121	113	3	and	and	CCONJ
ajfa-121	113	4	mak	mak	PROPN
ajfa-121	113	5	(	(	PUNCT
ajfa-121	113	6	2003	2003	NUM
ajfa-121	113	7	)	)	PUNCT
ajfa-121	113	8	find	find	VERB
ajfa-121	113	9	that	that	SCONJ
ajfa-121	113	10	a	a	DET
ajfa-121	113	11	company	company	NOUN
ajfa-121	113	12	with	with	ADP
ajfa-121	113	13	significant	significant	ADJ
ajfa-121	113	14	government	government	NOUN
ajfa-121	113	15	ownership	ownership	NOUN
ajfa-121	113	16	in	in	ADP
ajfa-121	113	17	singapore	singapore	PROPN
ajfa-121	113	18	is	be	AUX
ajfa-121	113	19	associated	associate	VERB
ajfa-121	113	20	with	with	ADP
ajfa-121	113	21	an	an	DET
ajfa-121	113	22	increased	increase	VERB
ajfa-121	113	23	propensity	propensity	NOUN
ajfa-121	113	24	to	to	PART
ajfa-121	113	25	disclose	disclose	VERB
ajfa-121	113	26	information	information	NOUN
ajfa-121	113	27	.	.	PUNCT
ajfa-121	114	1	the	the	DET
ajfa-121	114	2	government	government	NOUN
ajfa-121	114	3	may	may	AUX
ajfa-121	114	4	have	have	VERB
ajfa-121	114	5	to	to	PART
ajfa-121	114	6	consider	consider	VERB
ajfa-121	114	7	the	the	DET
ajfa-121	114	8	comprehensive	comprehensive	ADJ
ajfa-121	114	9	development	development	NOUN
ajfa-121	114	10	of	of	ADP
ajfa-121	114	11	the	the	DET
ajfa-121	114	12	industry	industry	NOUN
ajfa-121	114	13	and	and	CCONJ
ajfa-121	114	14	the	the	DET
ajfa-121	114	15	society	society	NOUN
ajfa-121	114	16	.	.	PUNCT
ajfa-121	115	1	jiang	jiang	PROPN
ajfa-121	115	2	(	(	PUNCT
ajfa-121	115	3	2009	2009	NUM
ajfa-121	115	4	)	)	PUNCT
ajfa-121	115	5	,	,	PUNCT
ajfa-121	115	6	conducting	conduct	VERB
ajfa-121	115	7	a	a	DET
ajfa-121	115	8	study	study	NOUN
ajfa-121	115	9	of	of	ADP
ajfa-121	115	10	new	new	PROPN
ajfa-121	115	11	zealand	zealand	PROPN
ajfa-121	115	12	companies	company	NOUN
ajfa-121	115	13	,	,	PUNCT
ajfa-121	115	14	reaches	reach	VERB
ajfa-121	115	15	a	a	DET
ajfa-121	115	16	similar	similar	ADJ
ajfa-121	115	17	result	result	NOUN
ajfa-121	115	18	-a	-a	PUNCT
ajfa-121	115	19	governmentand	governmentand	NOUN
ajfa-121	115	20	management	management	NOUN
ajfa-121	115	21	-	-	PUNCT
ajfa-121	115	22	controlled	control	VERB
ajfa-121	115	23	ownership	ownership	NOUN
ajfa-121	115	24	structure	structure	NOUN
ajfa-121	115	25	has	have	VERB
ajfa-121	115	26	a	a	DET
ajfa-121	115	27	considerably	considerably	ADV
ajfa-121	115	28	higher	high	ADJ
ajfa-121	115	29	propensity	propensity	NOUN
ajfa-121	115	30	to	to	PART
ajfa-121	115	31	disclose	disclose	VERB
ajfa-121	115	32	more	more	ADJ
ajfa-121	115	33	information	information	NOUN
ajfa-121	115	34	.	.	PUNCT
ajfa-121	116	1	agency	agency	NOUN
ajfa-121	116	2	costs	cost	NOUN
ajfa-121	116	3	are	be	AUX
ajfa-121	116	4	high	high	ADJ
ajfa-121	116	5	in	in	ADP
ajfa-121	116	6	state	state	NOUN
ajfa-121	116	7	-	-	PUNCT
ajfa-121	116	8	owned	own	VERB
ajfa-121	116	9	companies	company	NOUN
ajfa-121	116	10	because	because	SCONJ
ajfa-121	116	11	of	of	ADP
ajfa-121	116	12	the	the	DET
ajfa-121	116	13	conflicting	conflict	VERB
ajfa-121	116	14	objectives	objective	NOUN
ajfa-121	116	15	between	between	ADP
ajfa-121	116	16	the	the	DET
ajfa-121	116	17	pure	pure	ADJ
ajfa-121	116	18	profit	profit	NOUN
ajfa-121	116	19	goals	goal	NOUN
ajfa-121	116	20	of	of	ADP
ajfa-121	116	21	commercial	commercial	ADJ
ajfa-121	116	22	enterprises	enterprise	NOUN
ajfa-121	116	23	and	and	CCONJ
ajfa-121	116	24	goals	goal	NOUN
ajfa-121	116	25	related	relate	VERB
ajfa-121	116	26	to	to	ADP
ajfa-121	116	27	national	national	ADJ
ajfa-121	116	28	interests	interest	NOUN
ajfa-121	116	29	(	(	PUNCT
ajfa-121	116	30	wong	wong	PROPN
ajfa-121	116	31	,	,	PUNCT
ajfa-121	116	32	2008	2008	NUM
ajfa-121	116	33	)	)	PUNCT
ajfa-121	116	34	.	.	PUNCT
ajfa-121	117	1	h2	h2	NOUN
ajfa-121	117	2	:	:	PUNCT
ajfa-121	117	3	there	there	PRON
ajfa-121	117	4	is	be	VERB
ajfa-121	117	5	a	a	DET
ajfa-121	117	6	positive	positive	ADJ
ajfa-121	117	7	relationship	relationship	NOUN
ajfa-121	117	8	between	between	ADP
ajfa-121	117	9	the	the	DET
ajfa-121	117	10	extent	extent	NOUN
ajfa-121	117	11	of	of	ADP
ajfa-121	117	12	voluntary	voluntary	ADJ
ajfa-121	117	13	disclosure	disclosure	NOUN
ajfa-121	117	14	and	and	CCONJ
ajfa-121	117	15	government	government	NOUN
ajfa-121	117	16	ownership	ownership	NOUN
ajfa-121	117	17	.	.	PUNCT
ajfa-121	118	1	(	(	PUNCT
ajfa-121	118	2	iii	iii	X
ajfa-121	118	3	)	)	PUNCT
ajfa-121	118	4	michael	michael	PROPN
ajfa-121	118	5	et	et	PROPN
ajfa-121	118	6	al	al	PROPN
ajfa-121	118	7	.	.	PROPN
ajfa-121	119	1	(	(	PUNCT
ajfa-121	119	2	2002	2002	NUM
ajfa-121	119	3	)	)	PUNCT
ajfa-121	119	4	find	find	VERB
ajfa-121	119	5	that	that	SCONJ
ajfa-121	119	6	firms	firm	NOUN
ajfa-121	119	7	with	with	ADP
ajfa-121	119	8	more	more	ADV
ajfa-121	119	9	tradable	tradable	ADJ
ajfa-121	119	10	shares	share	NOUN
ajfa-121	119	11	disclose	disclose	VERB
ajfa-121	119	12	significantly	significantly	ADV
ajfa-121	119	13	asian	asian	ADJ
ajfa-121	119	14	journal	journal	NOUN
ajfa-121	119	15	of	of	ADP
ajfa-121	119	16	finance	finance	PROPN
ajfa-121	119	17	&	&	CCONJ
ajfa-121	119	18	accounting	accounting	PROPN
ajfa-121	119	19	issn	issn	PROPN
ajfa-121	119	20	1946	1946	NUM
ajfa-121	119	21	-	-	PUNCT
ajfa-121	119	22	052x	052x	NOUN
ajfa-121	119	23	2009	2009	NUM
ajfa-121	119	24	,	,	PUNCT
ajfa-121	119	25	vol	vol	NOUN
ajfa-121	119	26	.	.	PROPN
ajfa-121	120	1	1	1	NUM
ajfa-121	120	2	,	,	PUNCT
ajfa-121	120	3	no	no	INTJ
ajfa-121	120	4	.	.	NOUN
ajfa-121	120	5	2	2	NUM
ajfa-121	120	6	:	:	PUNCT
ajfa-121	120	7	e6	e6	VERB
ajfa-121	120	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	120	9	126	126	NUM
ajfa-121	120	10	more	more	ADV
ajfa-121	120	11	strategic	strategic	ADJ
ajfa-121	120	12	and	and	CCONJ
ajfa-121	120	13	financial	financial	ADJ
ajfa-121	120	14	information	information	NOUN
ajfa-121	120	15	.	.	PUNCT
ajfa-121	121	1	listed	list	VERB
ajfa-121	121	2	companies	company	NOUN
ajfa-121	121	3	are	be	AUX
ajfa-121	121	4	required	require	VERB
ajfa-121	121	5	to	to	PART
ajfa-121	121	6	meet	meet	VERB
ajfa-121	121	7	listing	listing	NOUN
ajfa-121	121	8	requirements	requirement	NOUN
ajfa-121	121	9	and	and	CCONJ
ajfa-121	121	10	to	to	PART
ajfa-121	121	11	increase	increase	VERB
ajfa-121	121	12	the	the	DET
ajfa-121	121	13	level	level	NOUN
ajfa-121	121	14	of	of	ADP
ajfa-121	121	15	transparency	transparency	NOUN
ajfa-121	121	16	.	.	PUNCT
ajfa-121	122	1	lauterbach	lauterbach	NOUN
ajfa-121	122	2	and	and	CCONJ
ajfa-121	122	3	vaninsky	vaninsky	ADJ
ajfa-121	122	4	(	(	PUNCT
ajfa-121	122	5	1999	1999	NUM
ajfa-121	122	6	)	)	PUNCT
ajfa-121	122	7	examine	examine	VERB
ajfa-121	122	8	the	the	DET
ajfa-121	122	9	effect	effect	NOUN
ajfa-121	122	10	of	of	ADP
ajfa-121	122	11	ownership	ownership	NOUN
ajfa-121	122	12	structure	structure	NOUN
ajfa-121	122	13	on	on	ADP
ajfa-121	122	14	firm	firm	ADJ
ajfa-121	122	15	performance	performance	NOUN
ajfa-121	122	16	.	.	PUNCT
ajfa-121	123	1	they	they	PRON
ajfa-121	123	2	find	find	VERB
ajfa-121	123	3	that	that	SCONJ
ajfa-121	123	4	owner	owner	NOUN
ajfa-121	123	5	-	-	PUNCT
ajfa-121	123	6	managed	manage	VERB
ajfa-121	123	7	firms	firm	NOUN
ajfa-121	123	8	are	be	AUX
ajfa-121	123	9	less	less	ADV
ajfa-121	123	10	efficient	efficient	ADJ
ajfa-121	123	11	in	in	ADP
ajfa-121	123	12	generating	generate	VERB
ajfa-121	123	13	net	net	ADJ
ajfa-121	123	14	income	income	NOUN
ajfa-121	123	15	and	and	CCONJ
ajfa-121	123	16	in	in	ADP
ajfa-121	123	17	disclosing	disclose	VERB
ajfa-121	123	18	information	information	NOUN
ajfa-121	123	19	than	than	ADP
ajfa-121	123	20	firms	firm	NOUN
ajfa-121	123	21	managed	manage	VERB
ajfa-121	123	22	by	by	ADP
ajfa-121	123	23	non	non	NOUN
ajfa-121	123	24	-	-	NOUN
ajfa-121	123	25	owners	owner	NOUN
ajfa-121	123	26	.	.	PUNCT
ajfa-121	124	1	this	this	DET
ajfa-121	124	2	result	result	NOUN
ajfa-121	124	3	suggests	suggest	VERB
ajfa-121	124	4	dispersed	disperse	VERB
ajfa-121	124	5	ownership	ownership	NOUN
ajfa-121	124	6	and	and	CCONJ
ajfa-121	124	7	non	non	ADJ
ajfa-121	124	8	-	-	ADJ
ajfa-121	124	9	owner	owner	ADJ
ajfa-121	124	10	managers	manager	NOUN
ajfa-121	124	11	enhance	enhance	VERB
ajfa-121	124	12	firm	firm	ADJ
ajfa-121	124	13	performance	performance	NOUN
ajfa-121	124	14	and	and	CCONJ
ajfa-121	124	15	company	company	NOUN
ajfa-121	124	16	transparency	transparency	NOUN
ajfa-121	124	17	.	.	PUNCT
ajfa-121	125	1	the	the	DET
ajfa-121	125	2	chinese	chinese	ADJ
ajfa-121	125	3	government	government	NOUN
ajfa-121	125	4	requires	require	VERB
ajfa-121	125	5	that	that	SCONJ
ajfa-121	125	6	these	these	DET
ajfa-121	125	7	companies	company	NOUN
ajfa-121	125	8	disclose	disclose	VERB
ajfa-121	125	9	additional	additional	ADJ
ajfa-121	125	10	information	information	NOUN
ajfa-121	125	11	before	before	SCONJ
ajfa-121	125	12	they	they	PRON
ajfa-121	125	13	can	can	AUX
ajfa-121	125	14	issue	issue	VERB
ajfa-121	125	15	more	more	ADJ
ajfa-121	125	16	shares	share	NOUN
ajfa-121	125	17	to	to	ADP
ajfa-121	125	18	the	the	DET
ajfa-121	125	19	public	public	NOUN
ajfa-121	125	20	,	,	PUNCT
ajfa-121	125	21	thus	thus	ADV
ajfa-121	125	22	allowing	allow	VERB
ajfa-121	125	23	local	local	ADJ
ajfa-121	125	24	investors	investor	NOUN
ajfa-121	125	25	to	to	PART
ajfa-121	125	26	learn	learn	VERB
ajfa-121	125	27	more	more	ADJ
ajfa-121	125	28	about	about	ADP
ajfa-121	125	29	the	the	DET
ajfa-121	125	30	firms‟	firms‟	X
ajfa-121	125	31	financial	financial	ADJ
ajfa-121	125	32	situation	situation	NOUN
ajfa-121	125	33	.	.	PUNCT
ajfa-121	126	1	the	the	DET
ajfa-121	126	2	chinese	chinese	ADJ
ajfa-121	126	3	government	government	NOUN
ajfa-121	126	4	can	can	AUX
ajfa-121	126	5	press	press	VERB
ajfa-121	126	6	publicly	publicly	ADV
ajfa-121	126	7	-	-	PUNCT
ajfa-121	126	8	listed	list	VERB
ajfa-121	126	9	firms	firm	NOUN
ajfa-121	126	10	to	to	PART
ajfa-121	126	11	disclose	disclose	VERB
ajfa-121	126	12	more	more	ADJ
ajfa-121	126	13	information	information	NOUN
ajfa-121	126	14	by	by	ADP
ajfa-121	126	15	means	mean	NOUN
ajfa-121	126	16	of	of	ADP
ajfa-121	126	17	regulations	regulation	NOUN
ajfa-121	126	18	and	and	CCONJ
ajfa-121	126	19	laws	law	NOUN
ajfa-121	126	20	.	.	PUNCT
ajfa-121	127	1	from	from	ADP
ajfa-121	127	2	the	the	DET
ajfa-121	127	3	company	company	NOUN
ajfa-121	127	4	perspective	perspective	NOUN
ajfa-121	127	5	,	,	PUNCT
ajfa-121	127	6	it	it	PRON
ajfa-121	127	7	must	must	AUX
ajfa-121	127	8	provide	provide	VERB
ajfa-121	127	9	more	more	ADJ
ajfa-121	127	10	information	information	NOUN
ajfa-121	127	11	to	to	ADP
ajfa-121	127	12	potential	potential	ADJ
ajfa-121	127	13	investors	investor	NOUN
ajfa-121	127	14	in	in	ADP
ajfa-121	127	15	order	order	NOUN
ajfa-121	127	16	to	to	PART
ajfa-121	127	17	increase	increase	VERB
ajfa-121	127	18	the	the	DET
ajfa-121	127	19	attractiveness	attractiveness	NOUN
ajfa-121	127	20	of	of	ADP
ajfa-121	127	21	its	its	PRON
ajfa-121	127	22	shares	share	NOUN
ajfa-121	127	23	on	on	ADP
ajfa-121	127	24	the	the	DET
ajfa-121	127	25	stock	stock	NOUN
ajfa-121	127	26	market	market	NOUN
ajfa-121	127	27	(	(	PUNCT
ajfa-121	127	28	meek	meek	NOUN
ajfa-121	127	29	et	et	PROPN
ajfa-121	127	30	al	al	PROPN
ajfa-121	127	31	.	.	PROPN
ajfa-121	127	32	,	,	PUNCT
ajfa-121	127	33	1995	1995	NUM
ajfa-121	127	34	)	)	PUNCT
ajfa-121	127	35	.	.	PUNCT
ajfa-121	128	1	therefore	therefore	ADV
ajfa-121	128	2	,	,	PUNCT
ajfa-121	128	3	the	the	DET
ajfa-121	128	4	following	follow	VERB
ajfa-121	128	5	hypothesis	hypothesis	NOUN
ajfa-121	128	6	is	be	AUX
ajfa-121	128	7	proposed	propose	VERB
ajfa-121	128	8	:	:	PUNCT
ajfa-121	128	9	h3	h3	NOUN
ajfa-121	128	10	:	:	PUNCT
ajfa-121	128	11	there	there	PRON
ajfa-121	128	12	is	be	VERB
ajfa-121	128	13	a	a	DET
ajfa-121	128	14	positive	positive	ADJ
ajfa-121	128	15	relationship	relationship	NOUN
ajfa-121	128	16	between	between	ADP
ajfa-121	128	17	the	the	DET
ajfa-121	128	18	extent	extent	NOUN
ajfa-121	128	19	of	of	ADP
ajfa-121	128	20	voluntary	voluntary	ADJ
ajfa-121	128	21	disclosure	disclosure	NOUN
ajfa-121	128	22	and	and	CCONJ
ajfa-121	128	23	the	the	DET
ajfa-121	128	24	percentage	percentage	NOUN
ajfa-121	128	25	of	of	ADP
ajfa-121	128	26	tradable	tradable	ADJ
ajfa-121	128	27	shares	share	NOUN
ajfa-121	128	28	.	.	PUNCT
ajfa-121	129	1	(	(	PUNCT
ajfa-121	129	2	iv	iv	X
ajfa-121	129	3	)	)	PUNCT
ajfa-121	129	4	the	the	DET
ajfa-121	129	5	controlling	control	VERB
ajfa-121	129	6	power	power	NOUN
ajfa-121	129	7	of	of	ADP
ajfa-121	129	8	the	the	DET
ajfa-121	129	9	director	director	NOUN
ajfa-121	129	10	means	mean	VERB
ajfa-121	129	11	that	that	SCONJ
ajfa-121	129	12	the	the	DET
ajfa-121	129	13	ceo	ceo	NOUN
ajfa-121	129	14	is	be	AUX
ajfa-121	129	15	the	the	DET
ajfa-121	129	16	key	key	ADJ
ajfa-121	129	17	person	person	NOUN
ajfa-121	129	18	in	in	ADP
ajfa-121	129	19	the	the	DET
ajfa-121	129	20	company	company	NOUN
ajfa-121	129	21	and	and	CCONJ
ajfa-121	129	22	he	he	PRON
ajfa-121	130	1	/	/	PRON
ajfa-121	130	2	she	she	PRON
ajfa-121	130	3	may	may	AUX
ajfa-121	130	4	also	also	ADV
ajfa-121	130	5	be	be	AUX
ajfa-121	130	6	the	the	DET
ajfa-121	130	7	chairman	chairman	NOUN
ajfa-121	130	8	or	or	CCONJ
ajfa-121	130	9	vice	vice	NOUN
ajfa-121	130	10	chairman	chairman	NOUN
ajfa-121	130	11	of	of	ADP
ajfa-121	130	12	the	the	DET
ajfa-121	130	13	board	board	NOUN
ajfa-121	130	14	of	of	ADP
ajfa-121	130	15	directors	director	NOUN
ajfa-121	130	16	(	(	PUNCT
ajfa-121	130	17	ceo	ceo	NOUN
ajfa-121	130	18	duality	duality	NOUN
ajfa-121	130	19	)	)	PUNCT
ajfa-121	130	20	.	.	PUNCT
ajfa-121	131	1	chia	chia	PROPN
ajfa-121	131	2	et	et	PROPN
ajfa-121	131	3	al	al	PROPN
ajfa-121	131	4	.	.	PROPN
ajfa-121	131	5	(	(	PUNCT
ajfa-121	131	6	2008	2008	NUM
ajfa-121	131	7	)	)	PUNCT
ajfa-121	131	8	and	and	CCONJ
ajfa-121	131	9	cheng	cheng	PROPN
ajfa-121	131	10	and	and	CCONJ
ajfa-121	131	11	courtenay	courtenay	PROPN
ajfa-121	131	12	(	(	PUNCT
ajfa-121	131	13	2006	2006	NUM
ajfa-121	131	14	)	)	PUNCT
ajfa-121	131	15	,	,	PUNCT
ajfa-121	131	16	in	in	ADP
ajfa-121	131	17	conducting	conduct	VERB
ajfa-121	131	18	empirical	empirical	ADJ
ajfa-121	131	19	research	research	NOUN
ajfa-121	131	20	in	in	ADP
ajfa-121	131	21	the	the	DET
ajfa-121	131	22	united	united	PROPN
ajfa-121	131	23	states	states	PROPN
ajfa-121	131	24	,	,	PUNCT
ajfa-121	131	25	indicate	indicate	VERB
ajfa-121	131	26	that	that	SCONJ
ajfa-121	131	27	there	there	PRON
ajfa-121	131	28	is	be	VERB
ajfa-121	131	29	no	no	DET
ajfa-121	131	30	significant	significant	ADJ
ajfa-121	131	31	relationship	relationship	NOUN
ajfa-121	131	32	between	between	ADP
ajfa-121	131	33	ceo	ceo	NOUN
ajfa-121	131	34	duality	duality	NOUN
ajfa-121	131	35	and	and	CCONJ
ajfa-121	131	36	company	company	NOUN
ajfa-121	131	37	performance	performance	NOUN
ajfa-121	131	38	.	.	PUNCT
ajfa-121	132	1	recently	recently	ADV
ajfa-121	132	2	,	,	PUNCT
ajfa-121	132	3	an	an	DET
ajfa-121	132	4	increased	increase	VERB
ajfa-121	132	5	number	number	NOUN
ajfa-121	132	6	of	of	ADP
ajfa-121	132	7	u.s	u.s	PROPN
ajfa-121	132	8	.	.	PROPN
ajfa-121	132	9	companies	company	NOUN
ajfa-121	132	10	have	have	AUX
ajfa-121	132	11	converted	convert	VERB
ajfa-121	132	12	from	from	ADP
ajfa-121	132	13	a	a	DET
ajfa-121	132	14	dual	dual	ADJ
ajfa-121	132	15	to	to	ADP
ajfa-121	132	16	a	a	DET
ajfa-121	132	17	non	non	ADJ
ajfa-121	132	18	-	-	ADJ
ajfa-121	132	19	dual	dual	ADJ
ajfa-121	132	20	ceo	ceo	NOUN
ajfa-121	132	21	structure	structure	NOUN
ajfa-121	132	22	.	.	PUNCT
ajfa-121	133	1	but	but	CCONJ
ajfa-121	133	2	chia	chia	PROPN
ajfa-121	133	3	et	et	PROPN
ajfa-121	133	4	al	al	PROPN
ajfa-121	133	5	.	.	PROPN
ajfa-121	134	1	(	(	PUNCT
ajfa-121	134	2	2008	2008	NUM
ajfa-121	134	3	)	)	PUNCT
ajfa-121	134	4	do	do	AUX
ajfa-121	134	5	not	not	PART
ajfa-121	134	6	find	find	VERB
ajfa-121	134	7	any	any	DET
ajfa-121	134	8	significant	significant	ADJ
ajfa-121	134	9	relationship	relationship	NOUN
ajfa-121	134	10	between	between	ADP
ajfa-121	134	11	a	a	DET
ajfa-121	134	12	non	non	ADJ
ajfa-121	134	13	-	-	ADJ
ajfa-121	134	14	dual	dual	ADJ
ajfa-121	134	15	structure	structure	NOUN
ajfa-121	134	16	and	and	CCONJ
ajfa-121	134	17	company	company	NOUN
ajfa-121	134	18	performance	performance	NOUN
ajfa-121	134	19	.	.	PUNCT
ajfa-121	135	1	however	however	ADV
ajfa-121	135	2	,	,	PUNCT
ajfa-121	135	3	regulatory	regulatory	ADJ
ajfa-121	135	4	bodies	body	NOUN
ajfa-121	135	5	and	and	CCONJ
ajfa-121	135	6	investors	investor	NOUN
ajfa-121	135	7	prefer	prefer	VERB
ajfa-121	135	8	a	a	DET
ajfa-121	135	9	separation	separation	NOUN
ajfa-121	135	10	of	of	ADP
ajfa-121	135	11	the	the	DET
ajfa-121	135	12	role	role	NOUN
ajfa-121	135	13	of	of	ADP
ajfa-121	135	14	the	the	DET
ajfa-121	135	15	ceo	ceo	NOUN
ajfa-121	135	16	and	and	CCONJ
ajfa-121	135	17	chairman	chairman	NOUN
ajfa-121	135	18	of	of	ADP
ajfa-121	135	19	the	the	DET
ajfa-121	135	20	board	board	NOUN
ajfa-121	135	21	of	of	ADP
ajfa-121	135	22	director	director	NOUN
ajfa-121	135	23	.	.	PUNCT
ajfa-121	136	1	if	if	SCONJ
ajfa-121	136	2	such	such	DET
ajfa-121	136	3	a	a	DET
ajfa-121	136	4	dual	dual	ADJ
ajfa-121	136	5	role	role	NOUN
ajfa-121	136	6	exists	exist	VERB
ajfa-121	136	7	,	,	PUNCT
ajfa-121	136	8	the	the	DET
ajfa-121	136	9	ceo	ceo	NOUN
ajfa-121	136	10	may	may	AUX
ajfa-121	136	11	fail	fail	VERB
ajfa-121	136	12	to	to	PART
ajfa-121	136	13	play	play	VERB
ajfa-121	136	14	a	a	DET
ajfa-121	136	15	monitoring	monitoring	NOUN
ajfa-121	136	16	role	role	NOUN
ajfa-121	136	17	in	in	ADP
ajfa-121	136	18	the	the	DET
ajfa-121	136	19	company	company	NOUN
ajfa-121	136	20	.	.	PUNCT
ajfa-121	137	1	as	as	SCONJ
ajfa-121	137	2	noted	note	VERB
ajfa-121	137	3	by	by	ADP
ajfa-121	137	4	bai	bai	PROPN
ajfa-121	137	5	(	(	PUNCT
ajfa-121	137	6	2003	2003	NUM
ajfa-121	137	7	)	)	PUNCT
ajfa-121	137	8	,	,	PUNCT
ajfa-121	137	9	the	the	DET
ajfa-121	137	10	board	board	NOUN
ajfa-121	137	11	of	of	ADP
ajfa-121	137	12	directors	director	NOUN
ajfa-121	137	13	has	have	VERB
ajfa-121	137	14	a	a	DET
ajfa-121	137	15	significant	significant	ADJ
ajfa-121	137	16	impact	impact	NOUN
ajfa-121	137	17	on	on	ADP
ajfa-121	137	18	company	company	NOUN
ajfa-121	137	19	performance	performance	NOUN
ajfa-121	137	20	.	.	PUNCT
ajfa-121	138	1	the	the	DET
ajfa-121	138	2	ceo‟s	ceo‟s	NUM
ajfa-121	138	3	control	control	NOUN
ajfa-121	138	4	of	of	ADP
ajfa-121	138	5	the	the	DET
ajfa-121	138	6	board	board	NOUN
ajfa-121	138	7	is	be	AUX
ajfa-121	138	8	expected	expect	VERB
ajfa-121	138	9	to	to	PART
ajfa-121	138	10	have	have	VERB
ajfa-121	138	11	a	a	DET
ajfa-121	138	12	negative	negative	ADJ
ajfa-121	138	13	impact	impact	NOUN
ajfa-121	138	14	on	on	ADP
ajfa-121	138	15	company	company	NOUN
ajfa-121	138	16	performance	performance	NOUN
ajfa-121	138	17	due	due	ADP
ajfa-121	138	18	to	to	ADP
ajfa-121	138	19	his	his	PRON
ajfa-121	138	20	/	/	SYM
ajfa-121	138	21	her	her	PRON
ajfa-121	138	22	excessive	excessive	ADJ
ajfa-121	138	23	compensation	compensation	NOUN
ajfa-121	138	24	.	.	PUNCT
ajfa-121	139	1	under	under	ADP
ajfa-121	139	2	such	such	ADJ
ajfa-121	139	3	conditions	condition	NOUN
ajfa-121	139	4	,	,	PUNCT
ajfa-121	139	5	a	a	DET
ajfa-121	139	6	dual	dual	ADJ
ajfa-121	139	7	role	role	NOUN
ajfa-121	139	8	is	be	AUX
ajfa-121	139	9	expected	expect	VERB
ajfa-121	139	10	to	to	PART
ajfa-121	139	11	contribute	contribute	VERB
ajfa-121	139	12	to	to	ADP
ajfa-121	139	13	ineffective	ineffective	ADJ
ajfa-121	139	14	monitoring	monitoring	NOUN
ajfa-121	139	15	.	.	PUNCT
ajfa-121	140	1	at	at	ADP
ajfa-121	140	2	the	the	DET
ajfa-121	140	3	initial	initial	ADJ
ajfa-121	140	4	stage	stage	NOUN
ajfa-121	140	5	of	of	ADP
ajfa-121	140	6	a	a	DET
ajfa-121	140	7	public	public	ADJ
ajfa-121	140	8	offering	offering	NOUN
ajfa-121	140	9	,	,	PUNCT
ajfa-121	140	10	state	state	NOUN
ajfa-121	140	11	owners	owner	NOUN
ajfa-121	140	12	prefer	prefer	VERB
ajfa-121	140	13	to	to	PART
ajfa-121	140	14	retain	retain	VERB
ajfa-121	140	15	a	a	DET
ajfa-121	140	16	certain	certain	ADJ
ajfa-121	140	17	level	level	NOUN
ajfa-121	140	18	of	of	ADP
ajfa-121	140	19	control	control	NOUN
ajfa-121	140	20	and	and	CCONJ
ajfa-121	140	21	to	to	PART
ajfa-121	140	22	assign	assign	VERB
ajfa-121	140	23	the	the	DET
ajfa-121	140	24	ceo	ceo	NOUN
ajfa-121	140	25	to	to	ADP
ajfa-121	140	26	the	the	DET
ajfa-121	140	27	board	board	NOUN
ajfa-121	140	28	.	.	PUNCT
ajfa-121	141	1	this	this	DET
ajfa-121	141	2	further	far	ADV
ajfa-121	141	3	indicates	indicate	VERB
ajfa-121	141	4	that	that	SCONJ
ajfa-121	141	5	with	with	ADP
ajfa-121	141	6	a	a	DET
ajfa-121	141	7	change	change	NOUN
ajfa-121	141	8	in	in	ADP
ajfa-121	141	9	ownership	ownership	NOUN
ajfa-121	141	10	structure	structure	NOUN
ajfa-121	141	11	,	,	PUNCT
ajfa-121	141	12	firms	firm	NOUN
ajfa-121	141	13	may	may	AUX
ajfa-121	141	14	use	use	VERB
ajfa-121	141	15	inside	inside	ADJ
ajfa-121	141	16	directors	director	NOUN
ajfa-121	141	17	to	to	PART
ajfa-121	141	18	indirectly	indirectly	ADV
ajfa-121	141	19	influence	influence	VERB
ajfa-121	141	20	the	the	DET
ajfa-121	141	21	company	company	NOUN
ajfa-121	141	22	.	.	PUNCT
ajfa-121	142	1	this	this	DET
ajfa-121	142	2	study	study	NOUN
ajfa-121	142	3	provides	provide	VERB
ajfa-121	142	4	empirical	empirical	ADJ
ajfa-121	142	5	evidence	evidence	NOUN
ajfa-121	142	6	of	of	ADP
ajfa-121	142	7	the	the	DET
ajfa-121	142	8	relationship	relationship	NOUN
ajfa-121	142	9	between	between	ADP
ajfa-121	142	10	corporate	corporate	ADJ
ajfa-121	142	11	governance	governance	NOUN
ajfa-121	142	12	and	and	CCONJ
ajfa-121	142	13	its	its	PRON
ajfa-121	142	14	impact	impact	NOUN
ajfa-121	142	15	on	on	ADP
ajfa-121	142	16	the	the	DET
ajfa-121	142	17	level	level	NOUN
ajfa-121	142	18	of	of	ADP
ajfa-121	142	19	disclosure	disclosure	NOUN
ajfa-121	142	20	.	.	PUNCT
ajfa-121	143	1	the	the	DET
ajfa-121	143	2	appointment	appointment	NOUN
ajfa-121	143	3	of	of	ADP
ajfa-121	143	4	an	an	DET
ajfa-121	143	5	independent	independent	ADJ
ajfa-121	143	6	board	board	NOUN
ajfa-121	143	7	is	be	AUX
ajfa-121	143	8	one	one	NUM
ajfa-121	143	9	method	method	NOUN
ajfa-121	143	10	to	to	PART
ajfa-121	143	11	ensure	ensure	VERB
ajfa-121	143	12	alignment	alignment	NOUN
ajfa-121	143	13	of	of	ADP
ajfa-121	143	14	the	the	DET
ajfa-121	143	15	interests	interest	NOUN
ajfa-121	143	16	of	of	ADP
ajfa-121	143	17	the	the	DET
ajfa-121	143	18	managers	manager	NOUN
ajfa-121	143	19	and	and	CCONJ
ajfa-121	143	20	owners	owner	NOUN
ajfa-121	143	21	.	.	PUNCT
ajfa-121	144	1	hence	hence	ADV
ajfa-121	144	2	,	,	PUNCT
ajfa-121	144	3	ceo	ceo	NOUN
ajfa-121	144	4	-	-	PUNCT
ajfa-121	144	5	is	be	AUX
ajfa-121	144	6	-	-	PUNCT
ajfa-121	144	7	top	top	NOUN
ajfa-121	144	8	-	-	PUNCT
ajfa-121	144	9	dir	dir	NOUN
ajfa-121	144	10	is	be	AUX
ajfa-121	144	11	expected	expect	VERB
ajfa-121	144	12	to	to	PART
ajfa-121	144	13	have	have	VERB
ajfa-121	144	14	a	a	DET
ajfa-121	144	15	negative	negative	ADJ
ajfa-121	144	16	impact	impact	NOUN
ajfa-121	144	17	on	on	ADP
ajfa-121	144	18	a	a	DET
ajfa-121	144	19	company‟s	company‟s	ADJ
ajfa-121	144	20	voluntary	voluntary	ADJ
ajfa-121	144	21	disclosure	disclosure	NOUN
ajfa-121	144	22	.	.	PUNCT
ajfa-121	145	1	the	the	DET
ajfa-121	145	2	fourth	fourth	ADJ
ajfa-121	145	3	hypothesis	hypothesis	NOUN
ajfa-121	145	4	can	can	AUX
ajfa-121	145	5	be	be	AUX
ajfa-121	145	6	presented	present	VERB
ajfa-121	145	7	as	as	SCONJ
ajfa-121	145	8	follows	follow	VERB
ajfa-121	145	9	:	:	PUNCT
ajfa-121	145	10	h4	h4	NOUN
ajfa-121	145	11	:	:	PUNCT
ajfa-121	145	12	there	there	PRON
ajfa-121	145	13	is	be	VERB
ajfa-121	145	14	a	a	DET
ajfa-121	145	15	negative	negative	ADJ
ajfa-121	145	16	relationship	relationship	NOUN
ajfa-121	145	17	between	between	ADP
ajfa-121	145	18	the	the	DET
ajfa-121	145	19	extent	extent	NOUN
ajfa-121	145	20	of	of	ADP
ajfa-121	145	21	voluntary	voluntary	ADJ
ajfa-121	145	22	disclosure	disclosure	NOUN
ajfa-121	145	23	and	and	CCONJ
ajfa-121	145	24	the	the	DET
ajfa-121	145	25	existence	existence	NOUN
ajfa-121	145	26	of	of	ADP
ajfa-121	145	27	ceo	ceo	NOUN
ajfa-121	145	28	-	-	PUNCT
ajfa-121	145	29	is	be	AUX
ajfa-121	145	30	-	-	PUNCT
ajfa-121	145	31	top	top	NOUN
ajfa-121	145	32	-	-	PUNCT
ajfa-121	145	33	dir	dir	NOUN
ajfa-121	145	34	.	.	PUNCT
ajfa-121	146	1	(	(	PUNCT
ajfa-121	146	2	v	v	NOUN
ajfa-121	146	3	)	)	PUNCT
ajfa-121	146	4	the	the	DET
ajfa-121	146	5	percentage	percentage	NOUN
ajfa-121	146	6	of	of	ADP
ajfa-121	146	7	outside	outside	ADJ
ajfa-121	146	8	(	(	PUNCT
ajfa-121	146	9	independent	independent	ADJ
ajfa-121	146	10	)	)	PUNCT
ajfa-121	146	11	executive	executive	ADJ
ajfa-121	146	12	members	member	NOUN
ajfa-121	146	13	on	on	ADP
ajfa-121	146	14	the	the	DET
ajfa-121	146	15	board	board	NOUN
ajfa-121	146	16	of	of	ADP
ajfa-121	146	17	directors	director	NOUN
ajfa-121	146	18	to	to	ADP
ajfa-121	146	19	the	the	DET
ajfa-121	146	20	total	total	ADJ
ajfa-121	146	21	number	number	NOUN
ajfa-121	146	22	of	of	ADP
ajfa-121	146	23	directors	director	NOUN
ajfa-121	146	24	appointed	appoint	VERB
ajfa-121	146	25	by	by	ADP
ajfa-121	146	26	the	the	DET
ajfa-121	146	27	controlling	control	VERB
ajfa-121	146	28	shareholders	shareholder	NOUN
ajfa-121	146	29	represents	represent	VERB
ajfa-121	146	30	the	the	DET
ajfa-121	146	31	monitoring	monitoring	NOUN
ajfa-121	146	32	capacity	capacity	NOUN
ajfa-121	146	33	of	of	ADP
ajfa-121	146	34	the	the	DET
ajfa-121	146	35	company	company	NOUN
ajfa-121	146	36	.	.	PUNCT
ajfa-121	147	1	it	it	PRON
ajfa-121	147	2	is	be	AUX
ajfa-121	147	3	expected	expect	VERB
ajfa-121	147	4	that	that	SCONJ
ajfa-121	147	5	a	a	DET
ajfa-121	147	6	high	high	ADJ
ajfa-121	147	7	ratio	ratio	NOUN
ajfa-121	147	8	shows	show	VERB
ajfa-121	147	9	that	that	SCONJ
ajfa-121	147	10	outside	outside	ADJ
ajfa-121	147	11	directors	director	NOUN
ajfa-121	147	12	play	play	VERB
ajfa-121	147	13	a	a	DET
ajfa-121	147	14	significant	significant	ADJ
ajfa-121	147	15	role	role	NOUN
ajfa-121	147	16	in	in	ADP
ajfa-121	147	17	the	the	DET
ajfa-121	147	18	company‟s	company‟s	NOUN
ajfa-121	147	19	monitoring	monitoring	NOUN
ajfa-121	147	20	system	system	NOUN
ajfa-121	147	21	(	(	PUNCT
ajfa-121	147	22	fama	fama	NOUN
ajfa-121	147	23	and	and	CCONJ
ajfa-121	147	24	jensen	jensen	PROPN
ajfa-121	147	25	,	,	PUNCT
ajfa-121	147	26	1993	1993	NUM
ajfa-121	147	27	;	;	PUNCT
ajfa-121	147	28	asian	asian	ADJ
ajfa-121	147	29	journal	journal	NOUN
ajfa-121	147	30	of	of	ADP
ajfa-121	147	31	finance	finance	PROPN
ajfa-121	147	32	&	&	CCONJ
ajfa-121	147	33	accounting	accounting	PROPN
ajfa-121	147	34	issn	issn	PROPN
ajfa-121	147	35	1946	1946	NUM
ajfa-121	147	36	-	-	PUNCT
ajfa-121	147	37	052x	052x	NOUN
ajfa-121	147	38	2009	2009	NUM
ajfa-121	147	39	,	,	PUNCT
ajfa-121	147	40	vol	vol	NOUN
ajfa-121	147	41	.	.	PROPN
ajfa-121	147	42	1	1	NUM
ajfa-121	147	43	,	,	PUNCT
ajfa-121	147	44	no	no	INTJ
ajfa-121	147	45	.	.	NOUN
ajfa-121	147	46	2	2	NUM
ajfa-121	147	47	:	:	PUNCT
ajfa-121	147	48	e6	e6	VERB
ajfa-121	147	49	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	147	50	127	127	NUM
ajfa-121	147	51	rosenstein	rosenstein	NOUN
ajfa-121	147	52	and	and	CCONJ
ajfa-121	147	53	wyatt	wyatt	PROPN
ajfa-121	147	54	,	,	PUNCT
ajfa-121	147	55	1990	1990	NUM
ajfa-121	147	56	)	)	PUNCT
ajfa-121	147	57	.	.	PUNCT
ajfa-121	148	1	cheng	cheng	PROPN
ajfa-121	148	2	and	and	CCONJ
ajfa-121	148	3	courtenay	courtenay	PROPN
ajfa-121	148	4	(	(	PUNCT
ajfa-121	148	5	2006	2006	NUM
ajfa-121	148	6	)	)	PUNCT
ajfa-121	148	7	examine	examine	VERB
ajfa-121	148	8	the	the	DET
ajfa-121	148	9	association	association	NOUN
ajfa-121	148	10	between	between	ADP
ajfa-121	148	11	board	board	NOUN
ajfa-121	148	12	monitoring	monitoring	NOUN
ajfa-121	148	13	and	and	CCONJ
ajfa-121	148	14	the	the	DET
ajfa-121	148	15	level	level	NOUN
ajfa-121	148	16	of	of	ADP
ajfa-121	148	17	voluntary	voluntary	ADJ
ajfa-121	148	18	disclosure	disclosure	NOUN
ajfa-121	148	19	.	.	PUNCT
ajfa-121	149	1	they	they	PRON
ajfa-121	149	2	find	find	VERB
ajfa-121	149	3	that	that	SCONJ
ajfa-121	149	4	firms	firm	NOUN
ajfa-121	149	5	with	with	ADP
ajfa-121	149	6	a	a	DET
ajfa-121	149	7	higher	high	ADJ
ajfa-121	149	8	proportion	proportion	NOUN
ajfa-121	149	9	of	of	ADP
ajfa-121	149	10	independent	independent	ADJ
ajfa-121	149	11	directors	director	NOUN
ajfa-121	149	12	on	on	ADP
ajfa-121	149	13	the	the	DET
ajfa-121	149	14	board	board	NOUN
ajfa-121	149	15	are	be	AUX
ajfa-121	149	16	associated	associate	VERB
ajfa-121	149	17	with	with	ADP
ajfa-121	149	18	higher	high	ADJ
ajfa-121	149	19	levels	level	NOUN
ajfa-121	149	20	of	of	ADP
ajfa-121	149	21	voluntary	voluntary	ADJ
ajfa-121	149	22	disclosure	disclosure	NOUN
ajfa-121	149	23	.	.	PUNCT
ajfa-121	150	1	although	although	SCONJ
ajfa-121	150	2	board	board	NOUN
ajfa-121	150	3	size	size	NOUN
ajfa-121	150	4	and	and	CCONJ
ajfa-121	150	5	ceo	ceo	NOUN
ajfa-121	150	6	duality	duality	NOUN
ajfa-121	150	7	are	be	AUX
ajfa-121	150	8	not	not	PART
ajfa-121	150	9	associated	associate	VERB
ajfa-121	150	10	with	with	ADP
ajfa-121	150	11	voluntary	voluntary	ADJ
ajfa-121	150	12	disclosure	disclosure	NOUN
ajfa-121	150	13	,	,	PUNCT
ajfa-121	150	14	boards	board	NOUN
ajfa-121	150	15	with	with	ADP
ajfa-121	150	16	a	a	DET
ajfa-121	150	17	majority	majority	NOUN
ajfa-121	150	18	of	of	ADP
ajfa-121	150	19	independent	independent	ADJ
ajfa-121	150	20	directors	director	NOUN
ajfa-121	150	21	have	have	VERB
ajfa-121	150	22	significantly	significantly	ADV
ajfa-121	150	23	higher	high	ADJ
ajfa-121	150	24	levels	level	NOUN
ajfa-121	150	25	of	of	ADP
ajfa-121	150	26	voluntary	voluntary	ADJ
ajfa-121	150	27	disclosure	disclosure	NOUN
ajfa-121	150	28	than	than	ADP
ajfa-121	150	29	firms	firm	NOUN
ajfa-121	150	30	with	with	ADP
ajfa-121	150	31	more	more	ADV
ajfa-121	150	32	balanced	balanced	ADJ
ajfa-121	150	33	boards	board	NOUN
ajfa-121	150	34	.	.	PUNCT
ajfa-121	151	1	the	the	DET
ajfa-121	151	2	presence	presence	NOUN
ajfa-121	151	3	of	of	ADP
ajfa-121	151	4	an	an	DET
ajfa-121	151	5	external	external	ADJ
ajfa-121	151	6	governance	governance	NOUN
ajfa-121	151	7	mechanism	mechanism	NOUN
ajfa-121	151	8	,	,	PUNCT
ajfa-121	151	9	the	the	DET
ajfa-121	151	10	regulatory	regulatory	ADJ
ajfa-121	151	11	environment	environment	NOUN
ajfa-121	151	12	,	,	PUNCT
ajfa-121	151	13	enhances	enhance	VERB
ajfa-121	151	14	the	the	DET
ajfa-121	151	15	strength	strength	NOUN
ajfa-121	151	16	of	of	ADP
ajfa-121	151	17	the	the	DET
ajfa-121	151	18	association	association	NOUN
ajfa-121	151	19	between	between	ADP
ajfa-121	151	20	the	the	DET
ajfa-121	151	21	proportion	proportion	NOUN
ajfa-121	151	22	of	of	ADP
ajfa-121	151	23	independent	independent	ADJ
ajfa-121	151	24	directors	director	NOUN
ajfa-121	151	25	and	and	CCONJ
ajfa-121	151	26	the	the	DET
ajfa-121	151	27	level	level	NOUN
ajfa-121	151	28	of	of	ADP
ajfa-121	151	29	voluntary	voluntary	ADJ
ajfa-121	151	30	disclosure	disclosure	NOUN
ajfa-121	151	31	.	.	PUNCT
ajfa-121	152	1	a	a	DET
ajfa-121	152	2	company	company	NOUN
ajfa-121	152	3	is	be	AUX
ajfa-121	152	4	expected	expect	VERB
ajfa-121	152	5	to	to	PART
ajfa-121	152	6	produce	produce	VERB
ajfa-121	152	7	more	more	ADJ
ajfa-121	152	8	voluntary	voluntary	ADJ
ajfa-121	152	9	disclosure	disclosure	NOUN
ajfa-121	152	10	when	when	SCONJ
ajfa-121	152	11	on	on	ADP
ajfa-121	152	12	the	the	DET
ajfa-121	152	13	board	board	NOUN
ajfa-121	152	14	there	there	PRON
ajfa-121	152	15	is	be	VERB
ajfa-121	152	16	a	a	DET
ajfa-121	152	17	higher	high	ADJ
ajfa-121	152	18	percentage	percentage	NOUN
ajfa-121	152	19	of	of	ADP
ajfa-121	152	20	independent	independent	ADJ
ajfa-121	152	21	non	non	ADJ
ajfa-121	152	22	-	-	ADJ
ajfa-121	152	23	executive	executive	ADJ
ajfa-121	152	24	directors	director	NOUN
ajfa-121	152	25	,	,	PUNCT
ajfa-121	152	26	who	who	PRON
ajfa-121	152	27	reduce	reduce	VERB
ajfa-121	152	28	the	the	DET
ajfa-121	152	29	possibility	possibility	NOUN
ajfa-121	152	30	of	of	ADP
ajfa-121	152	31	withholding	withhold	VERB
ajfa-121	152	32	information	information	NOUN
ajfa-121	152	33	.	.	PUNCT
ajfa-121	153	1	therefore	therefore	ADV
ajfa-121	153	2	,	,	PUNCT
ajfa-121	153	3	independent	independent	ADJ
ajfa-121	153	4	non	non	ADJ
ajfa-121	153	5	-	-	ADJ
ajfa-121	153	6	executive	executive	ADJ
ajfa-121	153	7	directors	director	NOUN
ajfa-121	153	8	on	on	ADP
ajfa-121	153	9	the	the	DET
ajfa-121	153	10	board	board	NOUN
ajfa-121	153	11	have	have	VERB
ajfa-121	153	12	a	a	DET
ajfa-121	153	13	positive	positive	ADJ
ajfa-121	153	14	relation	relation	NOUN
ajfa-121	153	15	with	with	ADP
ajfa-121	153	16	voluntary	voluntary	ADJ
ajfa-121	153	17	disclosure	disclosure	NOUN
ajfa-121	153	18	and	and	CCONJ
ajfa-121	153	19	performance	performance	NOUN
ajfa-121	153	20	.	.	PUNCT
ajfa-121	154	1	good	good	ADJ
ajfa-121	154	2	governance	governance	NOUN
ajfa-121	154	3	should	should	AUX
ajfa-121	154	4	protect	protect	VERB
ajfa-121	154	5	and	and	CCONJ
ajfa-121	154	6	secure	secure	VERB
ajfa-121	154	7	adequate	adequate	ADJ
ajfa-121	154	8	returns	return	NOUN
ajfa-121	154	9	for	for	ADP
ajfa-121	154	10	minority	minority	NOUN
ajfa-121	154	11	shareholders	shareholder	NOUN
ajfa-121	154	12	.	.	PUNCT
ajfa-121	155	1	according	accord	VERB
ajfa-121	155	2	to	to	ADP
ajfa-121	155	3	bai	bai	PROPN
ajfa-121	155	4	et	et	PROPN
ajfa-121	155	5	al	al	PROPN
ajfa-121	155	6	.	.	PROPN
ajfa-121	156	1	(	(	PUNCT
ajfa-121	156	2	2003	2003	NUM
ajfa-121	156	3	)	)	PUNCT
ajfa-121	156	4	,	,	PUNCT
ajfa-121	156	5	a	a	DET
ajfa-121	156	6	well	well	ADV
ajfa-121	156	7	-	-	PUNCT
ajfa-121	156	8	structured	structure	VERB
ajfa-121	156	9	governance	governance	NOUN
ajfa-121	156	10	structure	structure	NOUN
ajfa-121	156	11	can	can	AUX
ajfa-121	156	12	be	be	AUX
ajfa-121	156	13	established	establish	VERB
ajfa-121	156	14	by	by	ADP
ajfa-121	156	15	an	an	DET
ajfa-121	156	16	independent	independent	ADJ
ajfa-121	156	17	board	board	NOUN
ajfa-121	156	18	through	through	ADP
ajfa-121	156	19	transparent	transparent	ADJ
ajfa-121	156	20	disclosure	disclosure	NOUN
ajfa-121	156	21	and	and	CCONJ
ajfa-121	156	22	by	by	ADP
ajfa-121	156	23	an	an	DET
ajfa-121	156	24	effective	effective	ADJ
ajfa-121	156	25	legal	legal	ADJ
ajfa-121	156	26	environment	environment	NOUN
ajfa-121	156	27	which	which	PRON
ajfa-121	156	28	will	will	AUX
ajfa-121	156	29	reduce	reduce	VERB
ajfa-121	156	30	the	the	DET
ajfa-121	156	31	tendency	tendency	NOUN
ajfa-121	156	32	for	for	ADP
ajfa-121	156	33	dysfunctional	dysfunctional	ADJ
ajfa-121	156	34	behavior	behavior	NOUN
ajfa-121	156	35	by	by	ADP
ajfa-121	156	36	the	the	DET
ajfa-121	156	37	controlling	control	VERB
ajfa-121	156	38	shareholders	shareholder	NOUN
ajfa-121	156	39	.	.	PUNCT
ajfa-121	157	1	according	accord	VERB
ajfa-121	157	2	to	to	ADP
ajfa-121	157	3	agency	agency	NOUN
ajfa-121	157	4	theory	theory	NOUN
ajfa-121	157	5	,	,	PUNCT
ajfa-121	157	6	the	the	DET
ajfa-121	157	7	controlling	control	VERB
ajfa-121	157	8	shareholders	shareholder	NOUN
ajfa-121	157	9	may	may	AUX
ajfa-121	157	10	seek	seek	VERB
ajfa-121	157	11	personal	personal	ADJ
ajfa-121	157	12	benefits	benefit	NOUN
ajfa-121	157	13	rather	rather	ADV
ajfa-121	157	14	than	than	ADP
ajfa-121	157	15	overall	overall	ADJ
ajfa-121	157	16	company	company	NOUN
ajfa-121	157	17	success	success	NOUN
ajfa-121	157	18	.	.	PUNCT
ajfa-121	158	1	the	the	DET
ajfa-121	158	2	controlling	control	VERB
ajfa-121	158	3	shareholders	shareholder	NOUN
ajfa-121	158	4	may	may	AUX
ajfa-121	158	5	appoint	appoint	VERB
ajfa-121	158	6	the	the	DET
ajfa-121	158	7	principal	principal	ADJ
ajfa-121	158	8	officers	officer	NOUN
ajfa-121	158	9	of	of	ADP
ajfa-121	158	10	the	the	DET
ajfa-121	158	11	company	company	NOUN
ajfa-121	158	12	.	.	PUNCT
ajfa-121	159	1	hence	hence	ADV
ajfa-121	159	2	,	,	PUNCT
ajfa-121	159	3	it	it	PRON
ajfa-121	159	4	is	be	AUX
ajfa-121	159	5	hypothesized	hypothesize	VERB
ajfa-121	159	6	that	that	SCONJ
ajfa-121	159	7	:	:	PUNCT
ajfa-121	159	8	h5	h5	PROPN
ajfa-121	159	9	:	:	PUNCT
ajfa-121	159	10	high	high	ADJ
ajfa-121	159	11	voluntary	voluntary	ADJ
ajfa-121	159	12	disclosure	disclosure	NOUN
ajfa-121	159	13	is	be	AUX
ajfa-121	159	14	expected	expect	VERB
ajfa-121	159	15	when	when	SCONJ
ajfa-121	159	16	a	a	DET
ajfa-121	159	17	company	company	NOUN
ajfa-121	159	18	has	have	VERB
ajfa-121	159	19	a	a	DET
ajfa-121	159	20	high	high	ADJ
ajfa-121	159	21	percentage	percentage	NOUN
ajfa-121	159	22	of	of	ADP
ajfa-121	159	23	independent	independent	ADJ
ajfa-121	159	24	non	non	ADJ
ajfa-121	159	25	-	-	ADJ
ajfa-121	159	26	executive	executive	ADJ
ajfa-121	159	27	directors	director	NOUN
ajfa-121	159	28	on	on	ADP
ajfa-121	159	29	its	its	PRON
ajfa-121	159	30	board	board	NOUN
ajfa-121	159	31	.	.	PUNCT
ajfa-121	160	1	(	(	PUNCT
ajfa-121	160	2	vi	vi	X
ajfa-121	160	3	)	)	PUNCT
ajfa-121	160	4	an	an	DET
ajfa-121	160	5	audit	audit	NOUN
ajfa-121	160	6	committee	committee	NOUN
ajfa-121	160	7	can	can	AUX
ajfa-121	160	8	assist	assist	VERB
ajfa-121	160	9	management	management	NOUN
ajfa-121	160	10	boards	board	NOUN
ajfa-121	160	11	and	and	CCONJ
ajfa-121	160	12	individual	individual	ADJ
ajfa-121	160	13	directors	director	NOUN
ajfa-121	160	14	in	in	ADP
ajfa-121	160	15	the	the	DET
ajfa-121	160	16	sharing	sharing	NOUN
ajfa-121	160	17	of	of	ADP
ajfa-121	160	18	internal	internal	ADJ
ajfa-121	160	19	responsibilities	responsibility	NOUN
ajfa-121	160	20	.	.	PUNCT
ajfa-121	161	1	dezoort	dezoort	NOUN
ajfa-121	161	2	and	and	CCONJ
ajfa-121	161	3	salterio	salterio	PROPN
ajfa-121	161	4	(	(	PUNCT
ajfa-121	161	5	2001	2001	NUM
ajfa-121	161	6	)	)	PUNCT
ajfa-121	161	7	discuss	discuss	VERB
ajfa-121	161	8	the	the	DET
ajfa-121	161	9	composition	composition	NOUN
ajfa-121	161	10	,	,	PUNCT
ajfa-121	161	11	functions	function	NOUN
ajfa-121	161	12	,	,	PUNCT
ajfa-121	161	13	responsibilities	responsibility	NOUN
ajfa-121	161	14	,	,	PUNCT
ajfa-121	161	15	resources	resource	NOUN
ajfa-121	161	16	,	,	PUNCT
ajfa-121	161	17	and	and	CCONJ
ajfa-121	161	18	impacts	impact	NOUN
ajfa-121	161	19	of	of	ADP
ajfa-121	161	20	an	an	DET
ajfa-121	161	21	audit	audit	NOUN
ajfa-121	161	22	committee	committee	NOUN
ajfa-121	161	23	on	on	ADP
ajfa-121	161	24	the	the	DET
ajfa-121	161	25	corporate	corporate	ADJ
ajfa-121	161	26	governance	governance	NOUN
ajfa-121	161	27	experience	experience	NOUN
ajfa-121	161	28	.	.	PUNCT
ajfa-121	162	1	to	to	PART
ajfa-121	162	2	effectively	effectively	ADV
ajfa-121	162	3	fulfill	fulfill	VERB
ajfa-121	162	4	its	its	PRON
ajfa-121	162	5	oversight	oversight	NOUN
ajfa-121	162	6	functions	function	NOUN
ajfa-121	162	7	,	,	PUNCT
ajfa-121	162	8	the	the	DET
ajfa-121	162	9	audit	audit	NOUN
ajfa-121	162	10	committee	committee	NOUN
ajfa-121	162	11	should	should	AUX
ajfa-121	162	12	be	be	AUX
ajfa-121	162	13	independent	independent	ADJ
ajfa-121	162	14	,	,	PUNCT
ajfa-121	162	15	competent	competent	ADJ
ajfa-121	162	16	,	,	PUNCT
ajfa-121	162	17	financially	financially	ADV
ajfa-121	162	18	literate	literate	ADJ
ajfa-121	162	19	,	,	PUNCT
ajfa-121	162	20	adequately	adequately	ADV
ajfa-121	162	21	resourced	resource	VERB
ajfa-121	162	22	,	,	PUNCT
ajfa-121	162	23	and	and	CCONJ
ajfa-121	162	24	properly	properly	ADV
ajfa-121	162	25	compensated	compensate	VERB
ajfa-121	162	26	.	.	PUNCT
ajfa-121	163	1	forker	forker	PROPN
ajfa-121	163	2	(	(	PUNCT
ajfa-121	163	3	1992	1992	NUM
ajfa-121	163	4	)	)	PUNCT
ajfa-121	163	5	argues	argue	VERB
ajfa-121	163	6	that	that	SCONJ
ajfa-121	163	7	the	the	DET
ajfa-121	163	8	existence	existence	NOUN
ajfa-121	163	9	of	of	ADP
ajfa-121	163	10	an	an	DET
ajfa-121	163	11	audit	audit	NOUN
ajfa-121	163	12	committee	committee	NOUN
ajfa-121	163	13	improves	improve	VERB
ajfa-121	163	14	the	the	DET
ajfa-121	163	15	internal	internal	ADJ
ajfa-121	163	16	control	control	NOUN
ajfa-121	163	17	system	system	NOUN
ajfa-121	163	18	,	,	PUNCT
ajfa-121	163	19	thus	thus	ADV
ajfa-121	163	20	it	it	PRON
ajfa-121	163	21	is	be	AUX
ajfa-121	163	22	one	one	NUM
ajfa-121	163	23	of	of	ADP
ajfa-121	163	24	the	the	DET
ajfa-121	163	25	most	most	ADV
ajfa-121	163	26	effective	effective	ADJ
ajfa-121	163	27	monitoring	monitoring	NOUN
ajfa-121	163	28	mechanisms	mechanism	NOUN
ajfa-121	163	29	to	to	PART
ajfa-121	163	30	improve	improve	VERB
ajfa-121	163	31	the	the	DET
ajfa-121	163	32	quality	quality	NOUN
ajfa-121	163	33	of	of	ADP
ajfa-121	163	34	disclosure	disclosure	NOUN
ajfa-121	163	35	.	.	PUNCT
ajfa-121	164	1	generally	generally	ADV
ajfa-121	164	2	,	,	PUNCT
ajfa-121	164	3	the	the	DET
ajfa-121	164	4	duties	duty	NOUN
ajfa-121	164	5	of	of	ADP
ajfa-121	164	6	an	an	DET
ajfa-121	164	7	audit	audit	NOUN
ajfa-121	164	8	committee	committee	NOUN
ajfa-121	164	9	include	include	VERB
ajfa-121	164	10	overseeing	oversee	VERB
ajfa-121	164	11	the	the	DET
ajfa-121	164	12	quality	quality	NOUN
ajfa-121	164	13	of	of	ADP
ajfa-121	164	14	the	the	DET
ajfa-121	164	15	financial	financial	ADJ
ajfa-121	164	16	information	information	NOUN
ajfa-121	164	17	that	that	PRON
ajfa-121	164	18	is	be	AUX
ajfa-121	164	19	reported	report	VERB
ajfa-121	164	20	.	.	PUNCT
ajfa-121	165	1	the	the	DET
ajfa-121	165	2	committee	committee	NOUN
ajfa-121	165	3	ensures	ensure	VERB
ajfa-121	165	4	that	that	SCONJ
ajfa-121	165	5	the	the	DET
ajfa-121	165	6	management	management	NOUN
ajfa-121	165	7	board	board	NOUN
ajfa-121	165	8	is	be	AUX
ajfa-121	165	9	well	well	ADV
ajfa-121	165	10	informed	inform	VERB
ajfa-121	165	11	about	about	ADP
ajfa-121	165	12	company	company	NOUN
ajfa-121	165	13	decisions	decision	NOUN
ajfa-121	165	14	regarding	regard	VERB
ajfa-121	165	15	accounting	accounting	NOUN
ajfa-121	165	16	policies	policy	NOUN
ajfa-121	165	17	,	,	PUNCT
ajfa-121	165	18	practices	practice	NOUN
ajfa-121	165	19	,	,	PUNCT
ajfa-121	165	20	and	and	CCONJ
ajfa-121	165	21	disclosures	disclosure	NOUN
ajfa-121	165	22	.	.	PUNCT
ajfa-121	166	1	it	it	PRON
ajfa-121	166	2	also	also	ADV
ajfa-121	166	3	reviews	review	VERB
ajfa-121	166	4	the	the	DET
ajfa-121	166	5	scope	scope	NOUN
ajfa-121	166	6	and	and	CCONJ
ajfa-121	166	7	outcomes	outcome	NOUN
ajfa-121	166	8	of	of	ADP
ajfa-121	166	9	internal	internal	ADJ
ajfa-121	166	10	and	and	CCONJ
ajfa-121	166	11	external	external	ADJ
ajfa-121	166	12	audits	audit	NOUN
ajfa-121	166	13	,	,	PUNCT
ajfa-121	166	14	and	and	CCONJ
ajfa-121	166	15	it	it	PRON
ajfa-121	166	16	oversees	oversee	VERB
ajfa-121	166	17	the	the	DET
ajfa-121	166	18	financial	financial	ADJ
ajfa-121	166	19	reporting	reporting	NOUN
ajfa-121	166	20	process	process	NOUN
ajfa-121	166	21	(	(	PUNCT
ajfa-121	166	22	wallace	wallace	PROPN
ajfa-121	166	23	and	and	CCONJ
ajfa-121	166	24	zinkin	zinkin	PROPN
ajfa-121	166	25	,	,	PUNCT
ajfa-121	166	26	2005	2005	NUM
ajfa-121	166	27	)	)	PUNCT
ajfa-121	166	28	.	.	PUNCT
ajfa-121	167	1	the	the	DET
ajfa-121	167	2	effectiveness	effectiveness	NOUN
ajfa-121	167	3	of	of	ADP
ajfa-121	167	4	an	an	DET
ajfa-121	167	5	audit	audit	NOUN
ajfa-121	167	6	committee	committee	NOUN
ajfa-121	167	7	is	be	AUX
ajfa-121	167	8	dependent	dependent	ADJ
ajfa-121	167	9	on	on	ADP
ajfa-121	167	10	several	several	ADJ
ajfa-121	167	11	factors	factor	NOUN
ajfa-121	167	12	.	.	PUNCT
ajfa-121	168	1	the	the	DET
ajfa-121	168	2	earlier	early	ADJ
ajfa-121	168	3	literature	literature	NOUN
ajfa-121	168	4	(	(	PUNCT
ajfa-121	168	5	klein	klein	PROPN
ajfa-121	168	6	,	,	PUNCT
ajfa-121	168	7	2002	2002	NUM
ajfa-121	168	8	;	;	PUNCT
ajfa-121	168	9	davidson	davidson	PROPN
ajfa-121	168	10	et	et	PROPN
ajfa-121	168	11	al	al	PROPN
ajfa-121	168	12	.	.	PROPN
ajfa-121	168	13	,	,	PUNCT
ajfa-121	168	14	2005	2005	NUM
ajfa-121	168	15	)	)	PUNCT
ajfa-121	168	16	indicates	indicate	VERB
ajfa-121	168	17	that	that	SCONJ
ajfa-121	168	18	there	there	PRON
ajfa-121	168	19	is	be	VERB
ajfa-121	168	20	a	a	DET
ajfa-121	168	21	relation	relation	NOUN
ajfa-121	168	22	between	between	ADP
ajfa-121	168	23	the	the	DET
ajfa-121	168	24	independence	independence	NOUN
ajfa-121	168	25	of	of	ADP
ajfa-121	168	26	the	the	DET
ajfa-121	168	27	audit	audit	NOUN
ajfa-121	168	28	committee	committee	NOUN
ajfa-121	168	29	and	and	CCONJ
ajfa-121	168	30	the	the	DET
ajfa-121	168	31	effectiveness	effectiveness	NOUN
ajfa-121	168	32	of	of	ADP
ajfa-121	168	33	corporate	corporate	ADJ
ajfa-121	168	34	governance	governance	NOUN
ajfa-121	168	35	.	.	PUNCT
ajfa-121	169	1	according	accord	VERB
ajfa-121	169	2	to	to	ADP
ajfa-121	169	3	wallace	wallace	PROPN
ajfa-121	169	4	and	and	CCONJ
ajfa-121	169	5	zinkin	zinkin	PROPN
ajfa-121	169	6	(	(	PUNCT
ajfa-121	169	7	2005	2005	NUM
ajfa-121	169	8	)	)	PUNCT
ajfa-121	169	9	,	,	PUNCT
ajfa-121	169	10	the	the	DET
ajfa-121	169	11	audit	audit	NOUN
ajfa-121	169	12	committee	committee	NOUN
ajfa-121	169	13	is	be	AUX
ajfa-121	169	14	likely	likely	ADJ
ajfa-121	169	15	to	to	PART
ajfa-121	169	16	perform	perform	VERB
ajfa-121	169	17	effectively	effectively	ADV
ajfa-121	169	18	when	when	SCONJ
ajfa-121	169	19	it	it	PRON
ajfa-121	169	20	is	be	AUX
ajfa-121	169	21	composed	compose	VERB
ajfa-121	169	22	of	of	ADP
ajfa-121	169	23	a	a	DET
ajfa-121	169	24	small	small	ADJ
ajfa-121	169	25	group	group	NOUN
ajfa-121	169	26	of	of	ADP
ajfa-121	169	27	between	between	ADP
ajfa-121	169	28	three	three	NUM
ajfa-121	169	29	and	and	CCONJ
ajfa-121	169	30	six	six	NUM
ajfa-121	169	31	members	member	NOUN
ajfa-121	169	32	.	.	PUNCT
ajfa-121	170	1	chtourou	chtourou	PROPN
ajfa-121	170	2	et	et	PROPN
ajfa-121	170	3	al	al	PROPN
ajfa-121	170	4	.	.	PROPN
ajfa-121	171	1	(	(	PUNCT
ajfa-121	171	2	2001	2001	NUM
ajfa-121	171	3	)	)	PUNCT
ajfa-121	171	4	and	and	CCONJ
ajfa-121	171	5	xie	xie	PROPN
ajfa-121	171	6	et	et	PROPN
ajfa-121	171	7	al	al	PROPN
ajfa-121	171	8	.	.	PROPN
ajfa-121	172	1	(	(	PUNCT
ajfa-121	172	2	2001	2001	NUM
ajfa-121	172	3	)	)	PUNCT
ajfa-121	172	4	find	find	VERB
ajfa-121	172	5	that	that	SCONJ
ajfa-121	172	6	the	the	DET
ajfa-121	172	7	committee	committee	NOUN
ajfa-121	172	8	is	be	AUX
ajfa-121	172	9	more	more	ADV
ajfa-121	172	10	effective	effective	ADJ
ajfa-121	172	11	when	when	SCONJ
ajfa-121	172	12	it	it	PRON
ajfa-121	172	13	participates	participate	VERB
ajfa-121	172	14	in	in	ADP
ajfa-121	172	15	additional	additional	ADJ
ajfa-121	172	16	monitoring	monitoring	NOUN
ajfa-121	172	17	activities	activity	NOUN
ajfa-121	172	18	.	.	PUNCT
ajfa-121	173	1	the	the	DET
ajfa-121	173	2	audit	audit	NOUN
ajfa-121	173	3	committee	committee	NOUN
ajfa-121	173	4	is	be	AUX
ajfa-121	173	5	an	an	DET
ajfa-121	173	6	important	important	ADJ
ajfa-121	173	7	mechanism	mechanism	NOUN
ajfa-121	173	8	to	to	PART
ajfa-121	173	9	increase	increase	VERB
ajfa-121	173	10	company	company	NOUN
ajfa-121	173	11	transparency	transparency	NOUN
ajfa-121	173	12	and	and	CCONJ
ajfa-121	173	13	to	to	PART
ajfa-121	173	14	encourage	encourage	VERB
ajfa-121	173	15	management	management	NOUN
ajfa-121	173	16	to	to	PART
ajfa-121	173	17	disclose	disclose	VERB
ajfa-121	173	18	more	more	ADJ
ajfa-121	173	19	information	information	NOUN
ajfa-121	173	20	.	.	PUNCT
ajfa-121	174	1	we	we	PRON
ajfa-121	174	2	thus	thus	ADV
ajfa-121	174	3	expect	expect	VERB
ajfa-121	174	4	to	to	PART
ajfa-121	174	5	find	find	VERB
ajfa-121	174	6	a	a	DET
ajfa-121	174	7	positive	positive	ADJ
ajfa-121	174	8	relationship	relationship	NOUN
ajfa-121	174	9	between	between	ADP
ajfa-121	174	10	the	the	DET
ajfa-121	174	11	existence	existence	NOUN
ajfa-121	174	12	of	of	ADP
ajfa-121	174	13	an	an	DET
ajfa-121	174	14	audit	audit	NOUN
ajfa-121	174	15	committee	committee	NOUN
ajfa-121	174	16	and	and	CCONJ
ajfa-121	174	17	the	the	DET
ajfa-121	174	18	asian	asian	ADJ
ajfa-121	174	19	journal	journal	NOUN
ajfa-121	174	20	of	of	ADP
ajfa-121	174	21	finance	finance	PROPN
ajfa-121	174	22	&	&	CCONJ
ajfa-121	174	23	accounting	accounting	PROPN
ajfa-121	174	24	issn	issn	PROPN
ajfa-121	174	25	1946	1946	NUM
ajfa-121	174	26	-	-	PUNCT
ajfa-121	174	27	052x	052x	NOUN
ajfa-121	174	28	2009	2009	NUM
ajfa-121	174	29	,	,	PUNCT
ajfa-121	174	30	vol	vol	NOUN
ajfa-121	174	31	.	.	PROPN
ajfa-121	174	32	1	1	NUM
ajfa-121	174	33	,	,	PUNCT
ajfa-121	174	34	no	no	INTJ
ajfa-121	174	35	.	.	NOUN
ajfa-121	174	36	2	2	NUM
ajfa-121	174	37	:	:	PUNCT
ajfa-121	174	38	e6	e6	VERB
ajfa-121	174	39	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	174	40	128	128	NUM
ajfa-121	174	41	extent	extent	NOUN
ajfa-121	174	42	of	of	ADP
ajfa-121	174	43	voluntary	voluntary	ADJ
ajfa-121	174	44	disclosure	disclosure	NOUN
ajfa-121	174	45	.	.	PUNCT
ajfa-121	175	1	the	the	DET
ajfa-121	175	2	following	follow	VERB
ajfa-121	175	3	hypothesis	hypothesis	NOUN
ajfa-121	175	4	is	be	AUX
ajfa-121	175	5	suggested	suggest	VERB
ajfa-121	175	6	:	:	PUNCT
ajfa-121	175	7	h6	h6	PROPN
ajfa-121	175	8	:	:	PUNCT
ajfa-121	175	9	a	a	DET
ajfa-121	175	10	positive	positive	ADJ
ajfa-121	175	11	relationship	relationship	NOUN
ajfa-121	175	12	is	be	AUX
ajfa-121	175	13	expected	expect	VERB
ajfa-121	175	14	between	between	ADP
ajfa-121	175	15	the	the	DET
ajfa-121	175	16	extent	extent	NOUN
ajfa-121	175	17	of	of	ADP
ajfa-121	175	18	voluntary	voluntary	ADJ
ajfa-121	175	19	disclosure	disclosure	NOUN
ajfa-121	175	20	and	and	CCONJ
ajfa-121	175	21	the	the	DET
ajfa-121	175	22	existence	existence	NOUN
ajfa-121	175	23	of	of	ADP
ajfa-121	175	24	an	an	DET
ajfa-121	175	25	audit	audit	NOUN
ajfa-121	175	26	committee	committee	NOUN
ajfa-121	175	27	.	.	PUNCT
ajfa-121	176	1	3.2	3.2	NUM
ajfa-121	176	2	measurement	measurement	NOUN
ajfa-121	176	3	of	of	ADP
ajfa-121	176	4	voluntary	voluntary	ADJ
ajfa-121	176	5	disclosure	disclosure	NOUN
ajfa-121	176	6	3.2.1	3.2.1	NUM
ajfa-121	176	7	relative	relative	ADJ
ajfa-121	176	8	disclosure	disclosure	NOUN
ajfa-121	176	9	index	index	NOUN
ajfa-121	176	10	there	there	PRON
ajfa-121	176	11	are	be	VERB
ajfa-121	176	12	three	three	NUM
ajfa-121	176	13	components	component	NOUN
ajfa-121	176	14	to	to	PART
ajfa-121	176	15	develop	develop	VERB
ajfa-121	176	16	a	a	DET
ajfa-121	176	17	measurement	measurement	NOUN
ajfa-121	176	18	of	of	ADP
ajfa-121	176	19	voluntary	voluntary	ADJ
ajfa-121	176	20	disclosure	disclosure	NOUN
ajfa-121	176	21	by	by	ADP
ajfa-121	176	22	using	use	VERB
ajfa-121	176	23	the	the	DET
ajfa-121	176	24	importance	importance	NOUN
ajfa-121	176	25	-	-	PUNCT
ajfa-121	176	26	adjusted	adjust	VERB
ajfa-121	176	27	relative	relative	ADJ
ajfa-121	176	28	disclosure	disclosure	NOUN
ajfa-121	176	29	index	index	NOUN
ajfa-121	176	30	(	(	PUNCT
ajfa-121	176	31	rdi	rdi	PROPN
ajfa-121	176	32	):	):	PUNCT
ajfa-121	176	33	(	(	PUNCT
ajfa-121	176	34	1	1	X
ajfa-121	176	35	)	)	PUNCT
ajfa-121	176	36	the	the	DET
ajfa-121	176	37	items	item	NOUN
ajfa-121	176	38	for	for	ADP
ajfa-121	176	39	voluntary	voluntary	ADJ
ajfa-121	176	40	disclosure	disclosure	NOUN
ajfa-121	176	41	;	;	PUNCT
ajfa-121	176	42	(	(	PUNCT
ajfa-121	176	43	2	2	X
ajfa-121	176	44	)	)	PUNCT
ajfa-121	176	45	the	the	DET
ajfa-121	176	46	relative	relative	ADJ
ajfa-121	176	47	importance	importance	NOUN
ajfa-121	176	48	of	of	ADP
ajfa-121	176	49	disclosing	disclose	VERB
ajfa-121	176	50	an	an	DET
ajfa-121	176	51	item	item	NOUN
ajfa-121	176	52	of	of	ADP
ajfa-121	176	53	information	information	NOUN
ajfa-121	176	54	;	;	PUNCT
ajfa-121	176	55	and	and	CCONJ
ajfa-121	176	56	(	(	PUNCT
ajfa-121	176	57	3	3	X
ajfa-121	176	58	)	)	PUNCT
ajfa-121	176	59	the	the	DET
ajfa-121	176	60	extent	extent	NOUN
ajfa-121	176	61	of	of	ADP
ajfa-121	176	62	the	the	DET
ajfa-121	176	63	actual	actual	ADJ
ajfa-121	176	64	disclosure	disclosure	NOUN
ajfa-121	176	65	of	of	ADP
ajfa-121	176	66	these	these	DET
ajfa-121	176	67	items	item	NOUN
ajfa-121	176	68	.	.	PUNCT
ajfa-121	177	1	(	(	PUNCT
ajfa-121	177	2	1	1	X
ajfa-121	177	3	)	)	PUNCT
ajfa-121	177	4	items	item	NOUN
ajfa-121	177	5	for	for	ADP
ajfa-121	177	6	voluntary	voluntary	ADJ
ajfa-121	177	7	disclosure	disclosure	NOUN
ajfa-121	177	8	the	the	DET
ajfa-121	177	9	first	first	ADJ
ajfa-121	177	10	step	step	NOUN
ajfa-121	177	11	is	be	AUX
ajfa-121	177	12	to	to	PART
ajfa-121	177	13	establish	establish	VERB
ajfa-121	177	14	a	a	DET
ajfa-121	177	15	voluntary	voluntary	ADJ
ajfa-121	177	16	corporate	corporate	ADJ
ajfa-121	177	17	governance	governance	NOUN
ajfa-121	177	18	disclosure	disclosure	NOUN
ajfa-121	177	19	checklist	checklist	NOUN
ajfa-121	177	20	.	.	PUNCT
ajfa-121	178	1	the	the	DET
ajfa-121	178	2	checklist	checklist	NOUN
ajfa-121	178	3	is	be	AUX
ajfa-121	178	4	developed	develop	VERB
ajfa-121	178	5	with	with	ADP
ajfa-121	178	6	reference	reference	NOUN
ajfa-121	178	7	to	to	ADP
ajfa-121	178	8	several	several	ADJ
ajfa-121	178	9	important	important	ADJ
ajfa-121	178	10	corporate	corporate	ADJ
ajfa-121	178	11	governance	governance	NOUN
ajfa-121	178	12	principles	principle	NOUN
ajfa-121	178	13	and	and	CCONJ
ajfa-121	178	14	recommendations	recommendation	NOUN
ajfa-121	178	15	by	by	ADP
ajfa-121	178	16	organizations	organization	NOUN
ajfa-121	178	17	,	,	PUNCT
ajfa-121	178	18	including	include	VERB
ajfa-121	178	19	the	the	DET
ajfa-121	178	20	organisation	organisation	NOUN
ajfa-121	178	21	for	for	ADP
ajfa-121	178	22	economic	economic	ADJ
ajfa-121	178	23	co	co	NOUN
ajfa-121	178	24	-	-	NOUN
ajfa-121	178	25	operation	operation	NOUN
ajfa-121	178	26	and	and	CCONJ
ajfa-121	178	27	development	development	NOUN
ajfa-121	178	28	(	(	PUNCT
ajfa-121	178	29	oecd	oecd	PROPN
ajfa-121	178	30	)	)	PUNCT
ajfa-121	178	31	,	,	PUNCT
ajfa-121	178	32	the	the	DET
ajfa-121	178	33	australian	australian	ADJ
ajfa-121	178	34	stock	stock	NOUN
ajfa-121	178	35	exchange	exchange	NOUN
ajfa-121	178	36	(	(	PUNCT
ajfa-121	178	37	asx	asx	PROPN
ajfa-121	178	38	)	)	PUNCT
ajfa-121	178	39	,	,	PUNCT
ajfa-121	178	40	the	the	DET
ajfa-121	178	41	hong	hong	PROPN
ajfa-121	178	42	kong	kong	PROPN
ajfa-121	178	43	securities	securities	PROPN
ajfa-121	178	44	exchange	exchange	PROPN
ajfa-121	178	45	(	(	PUNCT
ajfa-121	178	46	hkse	hkse	PROPN
ajfa-121	178	47	)	)	PUNCT
ajfa-121	178	48	,	,	PUNCT
ajfa-121	178	49	and	and	CCONJ
ajfa-121	178	50	the	the	DET
ajfa-121	178	51	csrc	csrc	NOUN
ajfa-121	178	52	.	.	PUNCT
ajfa-121	179	1	after	after	ADP
ajfa-121	179	2	reviewing	review	VERB
ajfa-121	179	3	the	the	DET
ajfa-121	179	4	principles	principle	NOUN
ajfa-121	179	5	of	of	ADP
ajfa-121	179	6	these	these	DET
ajfa-121	179	7	organizations	organization	NOUN
ajfa-121	179	8	,	,	PUNCT
ajfa-121	179	9	the	the	DET
ajfa-121	179	10	principles	principle	NOUN
ajfa-121	179	11	were	be	AUX
ajfa-121	179	12	integrated	integrate	VERB
ajfa-121	179	13	into	into	ADP
ajfa-121	179	14	120	120	NUM
ajfa-121	179	15	items	item	NOUN
ajfa-121	179	16	of	of	ADP
ajfa-121	179	17	corporate	corporate	ADJ
ajfa-121	179	18	governance	governance	NOUN
ajfa-121	179	19	-	-	PUNCT
ajfa-121	179	20	related	relate	VERB
ajfa-121	179	21	information	information	NOUN
ajfa-121	179	22	and	and	CCONJ
ajfa-121	179	23	grouped	group	VERB
ajfa-121	179	24	in	in	ADP
ajfa-121	179	25	seven	seven	NUM
ajfa-121	179	26	categories	category	NOUN
ajfa-121	179	27	:	:	PUNCT
ajfa-121	179	28	1	1	NUM
ajfa-121	179	29	)	)	PUNCT
ajfa-121	179	30	board	board	NOUN
ajfa-121	179	31	structure	structure	NOUN
ajfa-121	179	32	and	and	CCONJ
ajfa-121	179	33	functioning	functioning	NOUN
ajfa-121	179	34	;	;	PUNCT
ajfa-121	179	35	2	2	X
ajfa-121	179	36	)	)	PUNCT
ajfa-121	179	37	employee	employee	NOUN
ajfa-121	179	38	-	-	PUNCT
ajfa-121	179	39	related	relate	VERB
ajfa-121	179	40	issues	issue	NOUN
ajfa-121	179	41	;	;	PUNCT
ajfa-121	179	42	3	3	X
ajfa-121	179	43	)	)	PUNCT
ajfa-121	179	44	director	director	NOUN
ajfa-121	179	45	remuneration	remuneration	NOUN
ajfa-121	179	46	;	;	PUNCT
ajfa-121	179	47	4	4	X
ajfa-121	179	48	)	)	PUNCT
ajfa-121	179	49	audit	audit	NOUN
ajfa-121	179	50	committee	committee	NOUN
ajfa-121	179	51	;	;	PUNCT
ajfa-121	179	52	5	5	NUM
ajfa-121	179	53	)	)	PUNCT
ajfa-121	179	54	related	relate	VERB
ajfa-121	179	55	party	party	NOUN
ajfa-121	179	56	transactions	transaction	NOUN
ajfa-121	179	57	;	;	PUNCT
ajfa-121	179	58	6	6	X
ajfa-121	179	59	)	)	PUNCT
ajfa-121	179	60	controlling	control	VERB
ajfa-121	179	61	shareholders‟	shareholders‟	NOUN
ajfa-121	179	62	interests	interest	NOUN
ajfa-121	179	63	;	;	PUNCT
ajfa-121	179	64	and	and	CCONJ
ajfa-121	179	65	7	7	X
ajfa-121	179	66	)	)	PUNCT
ajfa-121	179	67	stakeholder	stakeholder	NOUN
ajfa-121	179	68	interests	interest	NOUN
ajfa-121	179	69	.	.	PUNCT
ajfa-121	180	1	all	all	DET
ajfa-121	180	2	120	120	NUM
ajfa-121	180	3	disclosure	disclosure	NOUN
ajfa-121	180	4	items	item	NOUN
ajfa-121	180	5	were	be	AUX
ajfa-121	180	6	checked	check	VERB
ajfa-121	180	7	to	to	PART
ajfa-121	180	8	determine	determine	VERB
ajfa-121	180	9	whether	whether	SCONJ
ajfa-121	180	10	they	they	PRON
ajfa-121	180	11	are	be	AUX
ajfa-121	180	12	mandatory	mandatory	ADJ
ajfa-121	180	13	or	or	CCONJ
ajfa-121	180	14	voluntary	voluntary	ADJ
ajfa-121	180	15	items	item	NOUN
ajfa-121	180	16	.	.	PUNCT
ajfa-121	181	1	in	in	ADP
ajfa-121	181	2	china	china	PROPN
ajfa-121	181	3	,	,	PUNCT
ajfa-121	181	4	the	the	DET
ajfa-121	181	5	2002	2002	NUM
ajfa-121	181	6	code	code	NOUN
ajfa-121	181	7	of	of	ADP
ajfa-121	181	8	corporate	corporate	ADJ
ajfa-121	181	9	governance	governance	NOUN
ajfa-121	181	10	for	for	ADP
ajfa-121	181	11	listed	list	VERB
ajfa-121	181	12	companies	company	NOUN
ajfa-121	181	13	and	and	CCONJ
ajfa-121	181	14	the	the	DET
ajfa-121	181	15	no	no	NOUN
ajfa-121	181	16	.	.	NOUN
ajfa-121	181	17	2	2	NUM
ajfa-121	181	18	format	format	NOUN
ajfa-121	181	19	and	and	CCONJ
ajfa-121	181	20	content	content	NOUN
ajfa-121	181	21	of	of	ADP
ajfa-121	181	22	publicly	publicly	ADV
ajfa-121	181	23	-	-	PUNCT
ajfa-121	181	24	listed	list	VERB
ajfa-121	181	25	companies	company	NOUN
ajfa-121	181	26	(	(	PUNCT
ajfa-121	181	27	revised	revise	VERB
ajfa-121	181	28	in	in	ADP
ajfa-121	181	29	2005	2005	NUM
ajfa-121	181	30	)	)	PUNCT
ajfa-121	181	31	are	be	AUX
ajfa-121	181	32	the	the	DET
ajfa-121	181	33	main	main	ADJ
ajfa-121	181	34	mandatory	mandatory	ADJ
ajfa-121	181	35	disclosures	disclosure	NOUN
ajfa-121	181	36	required	require	VERB
ajfa-121	181	37	by	by	ADP
ajfa-121	181	38	the	the	DET
ajfa-121	181	39	csrc	csrc	NOUN
ajfa-121	181	40	.	.	PUNCT
ajfa-121	182	1	after	after	ADP
ajfa-121	182	2	checking	check	VERB
ajfa-121	182	3	against	against	ADP
ajfa-121	182	4	these	these	DET
ajfa-121	182	5	mandatory	mandatory	ADJ
ajfa-121	182	6	disclosure	disclosure	NOUN
ajfa-121	182	7	requirements	requirement	NOUN
ajfa-121	182	8	,	,	PUNCT
ajfa-121	182	9	six	six	NUM
ajfa-121	182	10	categories	category	NOUN
ajfa-121	182	11	and	and	CCONJ
ajfa-121	182	12	51	51	NUM
ajfa-121	182	13	items	item	NOUN
ajfa-121	182	14	remained	remain	VERB
ajfa-121	182	15	on	on	ADP
ajfa-121	182	16	the	the	DET
ajfa-121	182	17	checklist	checklist	NOUN
ajfa-121	182	18	;	;	PUNCT
ajfa-121	182	19	the	the	DET
ajfa-121	182	20	remainder	remainder	NOUN
ajfa-121	182	21	of	of	ADP
ajfa-121	182	22	the	the	DET
ajfa-121	182	23	items	item	NOUN
ajfa-121	182	24	were	be	AUX
ajfa-121	182	25	eliminated	eliminate	VERB
ajfa-121	182	26	.	.	PUNCT
ajfa-121	183	1	the	the	DET
ajfa-121	183	2	items	item	NOUN
ajfa-121	183	3	are	be	AUX
ajfa-121	183	4	indicated	indicate	VERB
ajfa-121	183	5	in	in	ADP
ajfa-121	183	6	table	table	NOUN
ajfa-121	183	7	3	3	NUM
ajfa-121	183	8	.	.	PUNCT
ajfa-121	183	9	table	table	NOUN
ajfa-121	183	10	3	3	NUM
ajfa-121	183	11	.	.	PUNCT
ajfa-121	184	1	checklist	checklist	NOUN
ajfa-121	184	2	of	of	ADP
ajfa-121	184	3	voluntary	voluntary	ADJ
ajfa-121	184	4	disclosure	disclosure	NOUN
ajfa-121	184	5	items	item	NOUN
ajfa-121	184	6	voluntary	voluntary	ADJ
ajfa-121	184	7	disclosure	disclosure	NOUN
ajfa-121	184	8	items	item	NOUN
ajfa-121	184	9	board	board	NOUN
ajfa-121	184	10	structure	structure	NOUN
ajfa-121	184	11	and	and	CCONJ
ajfa-121	184	12	functioning	function	VERB
ajfa-121	184	13	1	1	NUM
ajfa-121	184	14	educational	educational	ADJ
ajfa-121	184	15	qualifications	qualification	NOUN
ajfa-121	184	16	(	(	PUNCT
ajfa-121	184	17	academic	academic	ADJ
ajfa-121	184	18	and	and	CCONJ
ajfa-121	184	19	professional	professional	ADJ
ajfa-121	184	20	)	)	PUNCT
ajfa-121	184	21	2	2	NUM
ajfa-121	184	22	the	the	DET
ajfa-121	184	23	skills	skill	NOUN
ajfa-121	184	24	and	and	CCONJ
ajfa-121	184	25	expertise	expertise	NOUN
ajfa-121	184	26	relevant	relevant	ADJ
ajfa-121	184	27	to	to	ADP
ajfa-121	184	28	the	the	DET
ajfa-121	184	29	position	position	NOUN
ajfa-121	184	30	of	of	ADP
ajfa-121	184	31	director	director	NOUN
ajfa-121	184	32	held	hold	VERB
ajfa-121	184	33	by	by	ADP
ajfa-121	184	34	each	each	DET
ajfa-121	184	35	director	director	NOUN
ajfa-121	184	36	holding	hold	VERB
ajfa-121	184	37	the	the	DET
ajfa-121	184	38	position	position	NOUN
ajfa-121	184	39	at	at	ADP
ajfa-121	184	40	the	the	DET
ajfa-121	184	41	time	time	NOUN
ajfa-121	184	42	of	of	ADP
ajfa-121	184	43	the	the	DET
ajfa-121	184	44	annual	annual	ADJ
ajfa-121	184	45	report	report	NOUN
ajfa-121	184	46	3	3	NUM
ajfa-121	184	47	directors‟	directors‟	PROPN
ajfa-121	184	48	interests	interest	NOUN
ajfa-121	184	49	in	in	ADP
ajfa-121	184	50	competing	compete	VERB
ajfa-121	184	51	businesses	business	NOUN
ajfa-121	184	52	4	4	NUM
ajfa-121	184	53	statement	statement	NOUN
ajfa-121	184	54	of	of	ADP
ajfa-121	184	55	directors‟	directors‟	PROPN
ajfa-121	184	56	responsibilities	responsibility	NOUN
ajfa-121	184	57	regarding	regard	VERB
ajfa-121	184	58	the	the	DET
ajfa-121	184	59	financial	financial	ADJ
ajfa-121	184	60	statements	statement	NOUN
ajfa-121	184	61	5	5	NUM
ajfa-121	184	62	statement	statement	NOUN
ajfa-121	184	63	indicating	indicate	VERB
ajfa-121	184	64	whether	whether	SCONJ
ajfa-121	184	65	any	any	DET
ajfa-121	184	66	bankruptcy	bankruptcy	NOUN
ajfa-121	184	67	has	have	AUX
ajfa-121	184	68	been	be	AUX
ajfa-121	184	69	filed	file	VERB
ajfa-121	184	70	by	by	ADP
ajfa-121	184	71	the	the	DET
ajfa-121	184	72	company	company	NOUN
ajfa-121	184	73	,	,	PUNCT
ajfa-121	184	74	its	its	PRON
ajfa-121	184	75	executive	executive	ADJ
ajfa-121	184	76	officers	officer	NOUN
ajfa-121	184	77	,	,	PUNCT
ajfa-121	184	78	or	or	CCONJ
ajfa-121	184	79	members	member	NOUN
ajfa-121	184	80	of	of	ADP
ajfa-121	184	81	the	the	DET
ajfa-121	184	82	board	board	NOUN
ajfa-121	184	83	of	of	ADP
ajfa-121	184	84	directors	director	NOUN
ajfa-121	184	85	within	within	ADP
ajfa-121	184	86	the	the	DET
ajfa-121	184	87	previous	previous	ADJ
ajfa-121	184	88	ten	ten	NUM
ajfa-121	184	89	years	year	NOUN
ajfa-121	184	90	6	6	NUM
ajfa-121	184	91	the	the	DET
ajfa-121	184	92	qualifications	qualification	NOUN
ajfa-121	184	93	of	of	ADP
ajfa-121	184	94	the	the	DET
ajfa-121	184	95	company	company	NOUN
ajfa-121	184	96	secretary	secretary	NOUN
ajfa-121	184	97	7	7	NUM
ajfa-121	184	98	the	the	DET
ajfa-121	184	99	qualifications	qualification	NOUN
ajfa-121	184	100	of	of	ADP
ajfa-121	184	101	the	the	DET
ajfa-121	184	102	accountant	accountant	NOUN
ajfa-121	184	103	asian	asian	ADJ
ajfa-121	184	104	journal	journal	PROPN
ajfa-121	184	105	of	of	ADP
ajfa-121	184	106	finance	finance	PROPN
ajfa-121	184	107	&	&	CCONJ
ajfa-121	184	108	accounting	accounting	PROPN
ajfa-121	184	109	issn	issn	PROPN
ajfa-121	184	110	1946	1946	NUM
ajfa-121	184	111	-	-	PUNCT
ajfa-121	184	112	052x	052x	NOUN
ajfa-121	184	113	2009	2009	NUM
ajfa-121	184	114	,	,	PUNCT
ajfa-121	184	115	vol	vol	NOUN
ajfa-121	184	116	.	.	PROPN
ajfa-121	184	117	1	1	NUM
ajfa-121	184	118	,	,	PUNCT
ajfa-121	184	119	no	no	INTJ
ajfa-121	184	120	.	.	NOUN
ajfa-121	184	121	2	2	NUM
ajfa-121	184	122	:	:	PUNCT
ajfa-121	184	123	e6	e6	VERB
ajfa-121	184	124	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	184	125	129	129	NUM
ajfa-121	184	126	8	8	NUM
ajfa-121	184	127	the	the	DET
ajfa-121	184	128	full	full	ADJ
ajfa-121	184	129	name	name	NOUN
ajfa-121	184	130	and	and	CCONJ
ajfa-121	184	131	qualifications	qualification	NOUN
ajfa-121	184	132	of	of	ADP
ajfa-121	184	133	the	the	DET
ajfa-121	184	134	appointed	appoint	VERB
ajfa-121	184	135	compliance	compliance	NOUN
ajfa-121	184	136	officer	officer	NOUN
ajfa-121	184	137	employees	employee	NOUN
ajfa-121	184	138	9	9	NUM
ajfa-121	184	139	details	detail	NOUN
ajfa-121	184	140	on	on	ADP
ajfa-121	184	141	the	the	DET
ajfa-121	184	142	amount	amount	NOUN
ajfa-121	184	143	of	of	ADP
ajfa-121	184	144	employee	employee	NOUN
ajfa-121	184	145	remuneration	remuneration	NOUN
ajfa-121	184	146	,	,	PUNCT
ajfa-121	184	147	and	and	CCONJ
ajfa-121	184	148	remuneration	remuneration	NOUN
ajfa-121	184	149	policies	policy	NOUN
ajfa-121	184	150	,	,	PUNCT
ajfa-121	184	151	bonuses	bonus	NOUN
ajfa-121	184	152	,	,	PUNCT
ajfa-121	184	153	and	and	CCONJ
ajfa-121	184	154	share	share	NOUN
ajfa-121	184	155	option	option	NOUN
ajfa-121	184	156	schemes	scheme	NOUN
ajfa-121	184	157	10	10	NUM
ajfa-121	184	158	amount	amount	NOUN
ajfa-121	184	159	spent	spend	VERB
ajfa-121	184	160	on	on	ADP
ajfa-121	184	161	training	train	VERB
ajfa-121	184	162	11	11	NUM
ajfa-121	184	163	nature	nature	NOUN
ajfa-121	184	164	of	of	ADP
ajfa-121	184	165	training	training	NOUN
ajfa-121	184	166	12	12	NUM
ajfa-121	184	167	policy	policy	NOUN
ajfa-121	184	168	regarding	regard	VERB
ajfa-121	184	169	training	train	VERB
ajfa-121	184	170	13	13	NUM
ajfa-121	184	171	categories	category	NOUN
ajfa-121	184	172	of	of	ADP
ajfa-121	184	173	employees	employee	NOUN
ajfa-121	184	174	undergoing	undergo	VERB
ajfa-121	184	175	training	train	VERB
ajfa-121	184	176	14	14	NUM
ajfa-121	184	177	number	number	NOUN
ajfa-121	184	178	of	of	ADP
ajfa-121	184	179	employees	employee	NOUN
ajfa-121	184	180	trained	train	VERB
ajfa-121	184	181	15	15	NUM
ajfa-121	184	182	welfare	welfare	NOUN
ajfa-121	184	183	information	information	NOUN
ajfa-121	184	184	(	(	PUNCT
ajfa-121	184	185	general	general	ADJ
ajfa-121	184	186	)	)	PUNCT
ajfa-121	184	187	16	16	NUM
ajfa-121	184	188	safety	safety	NOUN
ajfa-121	184	189	policy	policy	NOUN
ajfa-121	184	190	17	17	NUM
ajfa-121	184	191	data	datum	NOUN
ajfa-121	184	192	on	on	ADP
ajfa-121	184	193	accidents	accident	NOUN
ajfa-121	184	194	18	18	NUM
ajfa-121	184	195	cost	cost	NOUN
ajfa-121	184	196	of	of	ADP
ajfa-121	184	197	safety	safety	NOUN
ajfa-121	184	198	measures	measure	NOUN
ajfa-121	184	199	19	19	NUM
ajfa-121	184	200	redundancy	redundancy	NOUN
ajfa-121	184	201	information	information	NOUN
ajfa-121	184	202	(	(	PUNCT
ajfa-121	184	203	general	general	ADJ
ajfa-121	184	204	)	)	PUNCT
ajfa-121	184	205	20	20	NUM
ajfa-121	184	206	equal	equal	ADJ
ajfa-121	184	207	opportunity	opportunity	NOUN
ajfa-121	184	208	policy	policy	NOUN
ajfa-121	184	209	statement	statement	NOUN
ajfa-121	184	210	21	21	NUM
ajfa-121	184	211	recruitment	recruitment	NOUN
ajfa-121	184	212	problems	problem	NOUN
ajfa-121	184	213	and	and	CCONJ
ajfa-121	184	214	related	related	ADJ
ajfa-121	184	215	policies	policy	NOUN
ajfa-121	184	216	22	22	NUM
ajfa-121	184	217	corporate	corporate	ADJ
ajfa-121	184	218	culture	culture	NOUN
ajfa-121	184	219	development	development	NOUN
ajfa-121	184	220	directors	director	NOUN
ajfa-121	184	221	’	’	PART
ajfa-121	184	222	remuneration	remuneration	NOUN
ajfa-121	184	223	23	23	NUM
ajfa-121	184	224	how	how	SCONJ
ajfa-121	184	225	and	and	CCONJ
ajfa-121	184	226	by	by	ADP
ajfa-121	184	227	whom	whom	PRON
ajfa-121	184	228	are	be	AUX
ajfa-121	184	229	the	the	DET
ajfa-121	184	230	fees	fee	NOUN
ajfa-121	184	231	and	and	CCONJ
ajfa-121	184	232	other	other	ADJ
ajfa-121	184	233	benefits	benefit	NOUN
ajfa-121	184	234	of	of	ADP
ajfa-121	184	235	the	the	DET
ajfa-121	184	236	non	non	ADJ
ajfa-121	184	237	-	-	ADJ
ajfa-121	184	238	executive	executive	ADJ
ajfa-121	184	239	directors	director	NOUN
ajfa-121	184	240	determined	determine	VERB
ajfa-121	184	241	24	24	NUM
ajfa-121	184	242	analysis	analysis	NOUN
ajfa-121	184	243	of	of	ADP
ajfa-121	184	244	the	the	DET
ajfa-121	184	245	directors‟	directors‟	PROPN
ajfa-121	184	246	remuneration	remuneration	NOUN
ajfa-121	184	247	–	–	PUNCT
ajfa-121	184	248	performance	performance	NOUN
ajfa-121	184	249	-	-	PUNCT
ajfa-121	184	250	based	base	VERB
ajfa-121	184	251	compensation	compensation	NOUN
ajfa-121	184	252	25	25	NUM
ajfa-121	184	253	analysis	analysis	NOUN
ajfa-121	184	254	of	of	ADP
ajfa-121	184	255	the	the	DET
ajfa-121	184	256	directors‟	directors‟	PROPN
ajfa-121	184	257	remuneration	remuneration	NOUN
ajfa-121	184	258	–	–	PUNCT
ajfa-121	184	259	non	non	ADJ
ajfa-121	184	260	-	-	ADJ
ajfa-121	184	261	performance	performance	NOUN
ajfa-121	184	262	-	-	PUNCT
ajfa-121	184	263	based	base	VERB
ajfa-121	184	264	compensation	compensation	NOUN
ajfa-121	184	265	26	26	NUM
ajfa-121	184	266	the	the	DET
ajfa-121	184	267	role	role	NOUN
ajfa-121	184	268	and	and	CCONJ
ajfa-121	184	269	functions	function	NOUN
ajfa-121	184	270	of	of	ADP
ajfa-121	184	271	the	the	DET
ajfa-121	184	272	remuneration	remuneration	NOUN
ajfa-121	184	273	committee	committee	NOUN
ajfa-121	184	274	27	27	NUM
ajfa-121	184	275	number	number	NOUN
ajfa-121	184	276	of	of	ADP
ajfa-121	184	277	meetings	meeting	NOUN
ajfa-121	184	278	per	per	ADP
ajfa-121	184	279	year	year	NOUN
ajfa-121	184	280	28	28	NUM
ajfa-121	184	281	the	the	DET
ajfa-121	184	282	names	name	NOUN
ajfa-121	184	283	of	of	ADP
ajfa-121	184	284	the	the	DET
ajfa-121	184	285	members	member	NOUN
ajfa-121	184	286	of	of	ADP
ajfa-121	184	287	the	the	DET
ajfa-121	184	288	remuneration	remuneration	NOUN
ajfa-121	184	289	committee	committee	NOUN
ajfa-121	184	290	29	29	NUM
ajfa-121	184	291	attendance	attendance	NOUN
ajfa-121	184	292	by	by	ADP
ajfa-121	184	293	committee	committee	NOUN
ajfa-121	184	294	members	member	NOUN
ajfa-121	184	295	at	at	ADP
ajfa-121	184	296	committee	committee	NOUN
ajfa-121	184	297	meetings	meeting	NOUN
ajfa-121	184	298	30	30	NUM
ajfa-121	184	299	work	work	NOUN
ajfa-121	184	300	undertaken	undertake	VERB
ajfa-121	184	301	by	by	ADP
ajfa-121	184	302	the	the	DET
ajfa-121	184	303	remuneration	remuneration	NOUN
ajfa-121	184	304	committee	committee	NOUN
ajfa-121	184	305	during	during	ADP
ajfa-121	184	306	the	the	DET
ajfa-121	184	307	year	year	NOUN
ajfa-121	184	308	31	31	NUM
ajfa-121	184	309	significant	significant	ADJ
ajfa-121	184	310	issues	issue	NOUN
ajfa-121	184	311	addressed	address	VERB
ajfa-121	184	312	during	during	ADP
ajfa-121	184	313	the	the	DET
ajfa-121	184	314	year	year	NOUN
ajfa-121	184	315	32	32	NUM
ajfa-121	184	316	the	the	DET
ajfa-121	184	317	existence	existence	NOUN
ajfa-121	184	318	and	and	CCONJ
ajfa-121	184	319	terms	term	NOUN
ajfa-121	184	320	of	of	ADP
ajfa-121	184	321	any	any	DET
ajfa-121	184	322	schemes	scheme	NOUN
ajfa-121	184	323	for	for	ADP
ajfa-121	184	324	retirement	retirement	NOUN
ajfa-121	184	325	benefits	benefit	NOUN
ajfa-121	184	326	other	other	ADJ
ajfa-121	184	327	than	than	ADP
ajfa-121	184	328	statutory	statutory	ADJ
ajfa-121	184	329	superannuation	superannuation	NOUN
ajfa-121	184	330	,	,	PUNCT
ajfa-121	184	331	for	for	ADP
ajfa-121	184	332	non	non	ADJ
ajfa-121	184	333	-	-	ADJ
ajfa-121	184	334	executive	executive	ADJ
ajfa-121	184	335	directors	director	NOUN
ajfa-121	184	336	audit	audit	PROPN
ajfa-121	184	337	committee	committee	NOUN
ajfa-121	184	338	33	33	NUM
ajfa-121	184	339	details	detail	NOUN
ajfa-121	184	340	on	on	ADP
ajfa-121	184	341	the	the	DET
ajfa-121	184	342	names	name	NOUN
ajfa-121	184	343	and	and	CCONJ
ajfa-121	184	344	qualifications	qualification	NOUN
ajfa-121	184	345	of	of	ADP
ajfa-121	184	346	those	those	PRON
ajfa-121	184	347	appointed	appoint	VERB
ajfa-121	184	348	to	to	ADP
ajfa-121	184	349	the	the	DET
ajfa-121	184	350	audit	audit	NOUN
ajfa-121	184	351	committee	committee	NOUN
ajfa-121	184	352	34	34	NUM
ajfa-121	184	353	the	the	DET
ajfa-121	184	354	role	role	NOUN
ajfa-121	184	355	and	and	CCONJ
ajfa-121	184	356	function	function	NOUN
ajfa-121	184	357	of	of	ADP
ajfa-121	184	358	the	the	DET
ajfa-121	184	359	audit	audit	NOUN
ajfa-121	184	360	committee	committee	NOUN
ajfa-121	184	361	35	35	NUM
ajfa-121	184	362	number	number	NOUN
ajfa-121	184	363	of	of	ADP
ajfa-121	184	364	committee	committee	NOUN
ajfa-121	184	365	meetings	meeting	NOUN
ajfa-121	184	366	asian	asian	ADJ
ajfa-121	184	367	journal	journal	PROPN
ajfa-121	184	368	of	of	ADP
ajfa-121	184	369	finance	finance	PROPN
ajfa-121	184	370	&	&	CCONJ
ajfa-121	184	371	accounting	accounting	PROPN
ajfa-121	184	372	issn	issn	PROPN
ajfa-121	184	373	1946	1946	NUM
ajfa-121	184	374	-	-	PUNCT
ajfa-121	184	375	052x	052x	NOUN
ajfa-121	184	376	2009	2009	NUM
ajfa-121	184	377	,	,	PUNCT
ajfa-121	184	378	vol	vol	NOUN
ajfa-121	184	379	.	.	PROPN
ajfa-121	185	1	1	1	NUM
ajfa-121	185	2	,	,	PUNCT
ajfa-121	185	3	no	no	INTJ
ajfa-121	185	4	.	.	NOUN
ajfa-121	185	5	2	2	NUM
ajfa-121	185	6	:	:	PUNCT
ajfa-121	185	7	e6	e6	VERB
ajfa-121	185	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-121	185	9	130	130	NUM
ajfa-121	185	10	36	36	NUM
ajfa-121	185	11	attendance	attendance	NOUN
ajfa-121	185	12	at	at	ADP
ajfa-121	185	13	committee	committee	NOUN
ajfa-121	185	14	meetings	meeting	NOUN
ajfa-121	185	15	37	37	NUM
ajfa-121	185	16	statement	statement	NOUN
ajfa-121	185	17	of	of	ADP
ajfa-121	185	18	independence	independence	NOUN
ajfa-121	185	19	38	38	NUM
ajfa-121	185	20	report	report	NOUN
ajfa-121	185	21	on	on	ADP
ajfa-121	185	22	completed	complete	VERB
ajfa-121	185	23	work	work	NOUN
ajfa-121	185	24	related	relate	VERB
ajfa-121	185	25	party	party	NOUN
ajfa-121	185	26	transactions	transaction	NOUN
ajfa-121	185	27	39	39	NUM
ajfa-121	185	28	directors‟	directors‟	NUM
ajfa-121	185	29	current	current	ADJ
ajfa-121	185	30	accounts	account	NOUN
ajfa-121	185	31	/	/	SYM
ajfa-121	185	32	loans	loan	NOUN
ajfa-121	185	33	to	to	ADP
ajfa-121	185	34	officers	officer	NOUN
ajfa-121	185	35	40	40	NUM
ajfa-121	185	36	directors‟	directors‟	PROPN
ajfa-121	185	37	interests	interest	NOUN
ajfa-121	185	38	in	in	ADP
ajfa-121	185	39	significant	significant	ADJ
ajfa-121	185	40	contracts	contract	NOUN
ajfa-121	185	41	41	41	NUM
ajfa-121	185	42	a	a	DET
ajfa-121	185	43	statement	statement	NOUN
ajfa-121	185	44	of	of	ADP
ajfa-121	185	45	the	the	DET
ajfa-121	185	46	interests	interest	NOUN
ajfa-121	185	47	of	of	ADP
ajfa-121	185	48	each	each	DET
ajfa-121	185	49	director	director	NOUN
ajfa-121	185	50	and	and	CCONJ
ajfa-121	185	51	ceo	ceo	NOUN
ajfa-121	185	52	of	of	ADP
ajfa-121	185	53	the	the	DET
ajfa-121	185	54	company	company	NOUN
ajfa-121	185	55	in	in	ADP
ajfa-121	185	56	equity	equity	NOUN
ajfa-121	185	57	or	or	CCONJ
ajfa-121	185	58	debt	debt	NOUN
ajfa-121	185	59	securities	security	NOUN
ajfa-121	185	60	of	of	ADP
ajfa-121	185	61	the	the	DET
ajfa-121	185	62	company	company	NOUN
ajfa-121	185	63	or	or	CCONJ
ajfa-121	185	64	any	any	DET
ajfa-121	185	65	associated	associated	ADJ
ajfa-121	185	66	corporation	corporation	NOUN
ajfa-121	185	67	(	(	PUNCT
ajfa-121	185	68	class	class	NOUN
ajfa-121	185	69	and	and	CCONJ
ajfa-121	185	70	number	number	NOUN
ajfa-121	185	71	of	of	ADP
ajfa-121	185	72	such	such	ADJ
ajfa-121	185	73	securities	security	NOUN
ajfa-121	185	74	)	)	PUNCT
ajfa-121	185	75	42	42	NUM
ajfa-121	186	1	the	the	DET
ajfa-121	186	2	details	detail	NOUN
ajfa-121	186	3	of	of	ADP
ajfa-121	186	4	any	any	DET
ajfa-121	186	5	right	right	NOUN
ajfa-121	186	6	to	to	PART
ajfa-121	186	7	subscribe	subscribe	VERB
ajfa-121	186	8	to	to	ADP
ajfa-121	186	9	equity	equity	NOUN
ajfa-121	186	10	or	or	CCONJ
ajfa-121	186	11	debt	debt	NOUN
ajfa-121	186	12	securities	security	NOUN
ajfa-121	186	13	of	of	ADP
ajfa-121	186	14	the	the	DET
ajfa-121	186	15	company	company	NOUN
ajfa-121	186	16	granted	grant	VERB
ajfa-121	186	17	to	to	ADP
ajfa-121	186	18	any	any	DET
ajfa-121	186	19	director	director	NOUN
ajfa-121	186	20	or	or	CCONJ
ajfa-121	186	21	ceo	ceo	NOUN
ajfa-121	186	22	of	of	ADP
ajfa-121	186	23	the	the	DET
ajfa-121	186	24	company	company	NOUN
ajfa-121	186	25	or	or	CCONJ
ajfa-121	186	26	to	to	ADP
ajfa-121	186	27	the	the	DET
ajfa-121	186	28	spouse	spouse	NOUN
ajfa-121	186	29	or	or	CCONJ
ajfa-121	186	30	the	the	DET
ajfa-121	186	31	children	child	NOUN
ajfa-121	186	32	under	under	ADP
ajfa-121	186	33	the	the	DET
ajfa-121	186	34	age	age	NOUN
ajfa-121	186	35	of	of	ADP
ajfa-121	186	36	18	18	NUM
ajfa-121	186	37	of	of	ADP
ajfa-121	186	38	any	any	DET
ajfa-121	186	39	such	such	ADJ
ajfa-121	186	40	director	director	NOUN
ajfa-121	186	41	or	or	CCONJ
ajfa-121	186	42	chief	chief	ADJ
ajfa-121	186	43	executive	executive	NOUN
ajfa-121	186	44	and	and	CCONJ
ajfa-121	186	45	the	the	DET
ajfa-121	186	46	exercise	exercise	NOUN
ajfa-121	186	47	of	of	ADP
ajfa-121	186	48	any	any	DET
ajfa-121	186	49	such	such	ADJ
ajfa-121	186	50	right	right	ADJ
ajfa-121	186	51	stakeholder	stakeholder	NOUN
ajfa-121	186	52	interests	interest	VERB
ajfa-121	186	53	43	43	NUM
ajfa-121	186	54	company‟s	company‟s	ADJ
ajfa-121	186	55	acknowledgment	acknowledgment	NOUN
ajfa-121	186	56	of	of	ADP
ajfa-121	186	57	its	its	PRON
ajfa-121	186	58	wider	wide	ADJ
ajfa-121	186	59	social	social	ADJ
ajfa-121	186	60	responsibilities	responsibility	NOUN
ajfa-121	186	61	,	,	PUNCT
ajfa-121	186	62	including	include	VERB
ajfa-121	186	63	environmental	environmental	ADJ
ajfa-121	186	64	protection	protection	NOUN
ajfa-121	186	65	44	44	NUM
ajfa-121	186	66	company‟s	company‟s	NOUN
ajfa-121	186	67	human	human	ADJ
ajfa-121	186	68	resource	resource	NOUN
ajfa-121	186	69	policies	policy	NOUN
ajfa-121	186	70	,	,	PUNCT
ajfa-121	186	71	internal	internal	ADJ
ajfa-121	186	72	management	management	NOUN
ajfa-121	186	73	structure	structure	NOUN
ajfa-121	186	74	,	,	PUNCT
ajfa-121	186	75	and	and	CCONJ
ajfa-121	186	76	workplace	workplace	NOUN
ajfa-121	186	77	development	development	NOUN
ajfa-121	186	78	initiatives	initiative	NOUN
ajfa-121	186	79	45	45	NUM
ajfa-121	186	80	commentary	commentary	NOUN
ajfa-121	186	81	on	on	ADP
ajfa-121	186	82	the	the	DET
ajfa-121	186	83	quality	quality	NOUN
ajfa-121	186	84	of	of	ADP
ajfa-121	186	85	the	the	DET
ajfa-121	186	86	company‟s	company‟s	ADJ
ajfa-121	186	87	key	key	ADJ
ajfa-121	186	88	relationships	relationship	NOUN
ajfa-121	186	89	with	with	ADP
ajfa-121	186	90	investors	investor	NOUN
ajfa-121	186	91	,	,	PUNCT
ajfa-121	186	92	employees	employee	NOUN
ajfa-121	186	93	,	,	PUNCT
ajfa-121	186	94	customers	customer	NOUN
ajfa-121	186	95	,	,	PUNCT
ajfa-121	186	96	creditors	creditor	NOUN
ajfa-121	186	97	,	,	PUNCT
ajfa-121	186	98	suppliers	supplier	NOUN
ajfa-121	186	99	,	,	PUNCT
ajfa-121	186	100	and	and	CCONJ
ajfa-121	186	101	other	other	ADJ
ajfa-121	186	102	significant	significant	ADJ
ajfa-121	186	103	parties	party	NOUN
ajfa-121	186	104	46	46	NUM
ajfa-121	186	105	company‟s	company‟s	NOUN
ajfa-121	186	106	contributions	contribution	NOUN
ajfa-121	186	107	to	to	ADP
ajfa-121	186	108	the	the	DET
ajfa-121	186	109	community	community	NOUN
ajfa-121	186	110	47	47	NUM
ajfa-121	186	111	social	social	ADJ
ajfa-121	186	112	policy	policy	NOUN
ajfa-121	186	113	and	and	CCONJ
ajfa-121	186	114	value	value	NOUN
ajfa-121	186	115	-	-	PUNCT
ajfa-121	186	116	added	add	VERB
ajfa-121	186	117	information	information	NOUN
ajfa-121	186	118	48	48	NUM
ajfa-121	186	119	environmental	environmental	ADJ
ajfa-121	186	120	protection	protection	NOUN
ajfa-121	186	121	programs	program	NOUN
ajfa-121	186	122	–	–	PUNCT
ajfa-121	186	123	qualitative	qualitative	VERB
ajfa-121	186	124	49	49	NUM
ajfa-121	186	125	environmental	environmental	ADJ
ajfa-121	186	126	protection	protection	NOUN
ajfa-121	186	127	programs	program	NOUN
ajfa-121	186	128	–	–	PUNCT
ajfa-121	186	129	quantitative	quantitative	ADJ
ajfa-121	186	130	50	50	NUM
ajfa-121	186	131	charitable	charitable	ADJ
ajfa-121	186	132	donations	donation	NOUN
ajfa-121	186	133	and	and	CCONJ
ajfa-121	186	134	activities	activity	NOUN
ajfa-121	186	135	51	51	NUM
ajfa-121	186	136	community	community	NOUN
ajfa-121	186	137	programs	program	NOUN
ajfa-121	186	138	(	(	PUNCT
ajfa-121	186	139	general	general	ADJ
ajfa-121	186	140	)	)	PUNCT
ajfa-121	186	141	(	(	PUNCT
ajfa-121	186	142	2	2	X
ajfa-121	186	143	)	)	PUNCT
ajfa-121	186	144	the	the	DET
ajfa-121	186	145	relative	relative	ADJ
ajfa-121	186	146	importance	importance	NOUN
ajfa-121	186	147	of	of	ADP
ajfa-121	186	148	disclosing	disclose	VERB
ajfa-121	186	149	an	an	DET
ajfa-121	186	150	item	item	NOUN
ajfa-121	186	151	of	of	ADP
ajfa-121	186	152	information	information	NOUN
ajfa-121	186	153	after	after	SCONJ
ajfa-121	186	154	the	the	DET
ajfa-121	186	155	checklist	checklist	NOUN
ajfa-121	186	156	was	be	AUX
ajfa-121	186	157	established	establish	VERB
ajfa-121	186	158	,	,	PUNCT
ajfa-121	186	159	a	a	DET
ajfa-121	186	160	questionnaire	questionnaire	NOUN
ajfa-121	186	161	containing	contain	VERB
ajfa-121	186	162	51	51	NUM
ajfa-121	186	163	voluntary	voluntary	ADJ
ajfa-121	186	164	disclosure	disclosure	NOUN
ajfa-121	186	165	items	item	NOUN
ajfa-121	186	166	were	be	AUX
ajfa-121	186	167	developed	develop	VERB
ajfa-121	186	168	(	(	PUNCT
ajfa-121	186	169	refer	refer	VERB
ajfa-121	186	170	to	to	ADP
ajfa-121	186	171	table	table	NOUN
ajfa-121	186	172	4	4	NUM
ajfa-121	186	173	)	)	PUNCT
ajfa-121	186	174	.	.	PUNCT
ajfa-121	187	1	because	because	SCONJ
ajfa-121	187	2	this	this	DET
ajfa-121	187	3	study	study	NOUN
ajfa-121	187	4	focuses	focus	VERB
ajfa-121	187	5	on	on	ADP
ajfa-121	187	6	a	a	DET
ajfa-121	187	7	-	-	PUNCT
ajfa-121	187	8	shares	share	NOUN
ajfa-121	187	9	that	that	PRON
ajfa-121	187	10	are	be	AUX
ajfa-121	187	11	traded	trade	VERB
ajfa-121	187	12	domestically	domestically	ADV
ajfa-121	187	13	,	,	PUNCT
ajfa-121	187	14	local	local	ADJ
ajfa-121	187	15	analysts	analyst	NOUN
ajfa-121	187	16	were	be	AUX
ajfa-121	187	17	selected	select	VERB
ajfa-121	187	18	to	to	PART
ajfa-121	187	19	determine	determine	VERB
ajfa-121	187	20	the	the	DET
ajfa-121	187	21	need	need	NOUN
ajfa-121	187	22	of	of	ADP
ajfa-121	187	23	domestic	domestic	ADJ
ajfa-121	187	24	investors	investor	NOUN
ajfa-121	187	25	for	for	ADP
ajfa-121	187	26	disclosure	disclosure	NOUN
ajfa-121	187	27	items	item	NOUN
ajfa-121	187	28	.	.	PUNCT
ajfa-121	188	1	with	with	ADP
ajfa-121	188	2	the	the	DET
ajfa-121	188	3	help	help	NOUN
ajfa-121	188	4	of	of	ADP
ajfa-121	188	5	a	a	DET
ajfa-121	188	6	senior	senior	ADJ
ajfa-121	188	7	-	-	PUNCT
ajfa-121	188	8	level	level	NOUN
ajfa-121	188	9	manager	manager	NOUN
ajfa-121	188	10	of	of	ADP
ajfa-121	188	11	the	the	DET
ajfa-121	188	12	bank	bank	PROPN
ajfa-121	188	13	of	of	ADP
ajfa-121	188	14	china	china	PROPN
ajfa-121	188	15	international	international	PROPN
ajfa-121	188	16	,	,	PUNCT
ajfa-121	188	17	china	china	PROPN
ajfa-121	188	18	(	(	PUNCT
ajfa-121	188	19	boc	boc	PROPN
ajfa-121	188	20	)	)	PUNCT
ajfa-121	188	21	ltd	ltd	PROPN
ajfa-121	188	22	.	.	PROPN
ajfa-121	188	23	,	,	PUNCT
ajfa-121	188	24	questionnaires	questionnaire	NOUN
ajfa-121	188	25	were	be	AUX
ajfa-121	188	26	sent	send	VERB
ajfa-121	188	27	to	to	ADP
ajfa-121	188	28	100	100	NUM
ajfa-121	188	29	internal	internal	ADJ
ajfa-121	188	30	financial	financial	ADJ
ajfa-121	188	31	analysts	analyst	NOUN
ajfa-121	188	32	,	,	PUNCT
ajfa-121	188	33	71	71	NUM
ajfa-121	188	34	of	of	ADP
ajfa-121	188	35	whom	whom	PRON
ajfa-121	188	36	responded	respond	VERB
ajfa-121	188	37	via	via	ADP
ajfa-121	188	38	e	e	NOUN
ajfa-121	188	39	-	-	NOUN
ajfa-121	188	40	mail	mail	NOUN
ajfa-121	188	41	.	.	PUNCT
ajfa-121	189	1	thus	thus	ADV
ajfa-121	189	2	,	,	PUNCT
ajfa-121	189	3	the	the	DET
ajfa-121	189	4	response	response	NOUN
ajfa-121	189	5	rate	rate	NOUN
ajfa-121	189	6	was	be	AUX
ajfa-121	189	7	71	71	NUM
ajfa-121	189	8	percent	percent	NOUN
ajfa-121	189	9	.	.	PUNCT
ajfa-121	190	1	among	among	ADP
ajfa-121	190	2	these	these	DET
ajfa-121	190	3	71	71	NUM
ajfa-121	190	4	respondents	respondent	NOUN
ajfa-121	190	5	,	,	PUNCT
ajfa-121	190	6	5	5	NUM
ajfa-121	190	7	refused	refuse	VERB
ajfa-121	190	8	to	to	PART
ajfa-121	190	9	complete	complete	VERB
ajfa-121	190	10	the	the	DET
ajfa-121	190	11	questionnaire	questionnaire	NOUN
ajfa-121	190	12	due	due	ADP
ajfa-121	190	13	to	to	ADP
ajfa-121	190	14	personal	personal	ADJ
ajfa-121	190	15	reasons	reason	NOUN
ajfa-121	190	16	or	or	CCONJ
ajfa-121	190	17	lack	lack	NOUN
ajfa-121	190	18	of	of	ADP
ajfa-121	190	19	time	time	NOUN
ajfa-121	190	20	.	.	PUNCT
ajfa-121	191	1	therefore	therefore	ADV
ajfa-121	191	2	,	,	PUNCT
ajfa-121	191	3	the	the	DET
ajfa-121	191	4	remaining	remain	VERB
ajfa-121	191	5	66	66	NUM
ajfa-121	191	6	respondents	respondent	NOUN
ajfa-121	191	7	were	be	AUX
ajfa-121	191	8	used	use	VERB
ajfa-121	191	9	to	to	PART
ajfa-121	191	10	develop	develop	VERB
ajfa-121	191	11	the	the	DET
ajfa-121	191	12	importance	importance	NOUN
ajfa-121	191	13	-	-	PUNCT
ajfa-121	191	14	adjusted	adjust	VERB
ajfa-121	191	15	relative	relative	ADJ
ajfa-121	191	16	disclosure	disclosure	NOUN
ajfa-121	191	17	index	index	NOUN
ajfa-121	191	18	.	.	PUNCT
ajfa-121	192	1	the	the	DET
ajfa-121	192	2	boc	boc	NOUN
ajfa-121	192	3	analysts	analyst	NOUN
ajfa-121	192	4	were	be	AUX
ajfa-121	192	5	asked	ask	VERB
ajfa-121	192	6	to	to	PART
ajfa-121	192	7	rate	rate	VERB
ajfa-121	192	8	the	the	DET
ajfa-121	192	9	importance	importance	NOUN
ajfa-121	192	10	of	of	ADP
ajfa-121	192	11	each	each	DET
ajfa-121	192	12	item	item	NOUN
ajfa-121	192	13	on	on	ADP
ajfa-121	192	14	a	a	DET
ajfa-121	192	15	7	7	NUM
ajfa-121	192	16	-	-	PUNCT
ajfa-121	192	17	point	point	NOUN
ajfa-121	192	18	scale	scale	NOUN
ajfa-121	192	19	.	.	PUNCT
ajfa-121	193	1	after	after	SCONJ
ajfa-121	193	2	the	the	DET
ajfa-121	193	3	questionnaires	questionnaire	NOUN
ajfa-121	193	4	were	be	AUX
ajfa-121	193	5	returned	return	VERB
ajfa-121	193	6	,	,	PUNCT
ajfa-121	193	7	the	the	DET
ajfa-121	193	8	average	average	ADJ
ajfa-121	193	9	importance	importance	NOUN
ajfa-121	193	10	score	score	NOUN
ajfa-121	193	11	of	of	ADP
ajfa-121	193	12	every	every	DET
ajfa-121	193	13	voluntary	voluntary	ADJ
ajfa-121	193	14	disclosure	disclosure	NOUN
ajfa-121	193	15	item	item	NOUN
ajfa-121	193	16	was	be	AUX
ajfa-121	193	17	calculated	calculate	VERB
ajfa-121	193	18	.	.	PUNCT
ajfa-121	194	1	the	the	DET
ajfa-121	194	2	items	item	NOUN
ajfa-121	194	3	with	with	ADP
ajfa-121	194	4	a	a	DET
ajfa-121	194	5	minimum	minimum	ADJ
ajfa-121	194	6	mean	mean	NOUN
ajfa-121	194	7	score	score	NOUN
ajfa-121	194	8	of	of	ADP
ajfa-121	194	9	4	4	NUM
ajfa-121	194	10	remained	remain	VERB
ajfa-121	194	11	on	on	ADP
ajfa-121	194	12	the	the	DET
ajfa-121	194	13	asian	asian	ADJ
ajfa-121	194	14	journal	journal	NOUN
ajfa-121	194	15	of	of	ADP
ajfa-121	194	16	finance	finance	PROPN
ajfa-121	194	17	&	&	CCONJ
ajfa-121	194	18	accounting	accounting	PROPN
ajfa-121	194	19	issn	issn	PROPN
ajfa-121	194	20	1946	1946	NUM
ajfa-121	194	21	-	-	PUNCT
ajfa-121	194	22	052x	052x	NOUN
ajfa-121	194	23	2009	2009	NUM
ajfa-121	194	24	,	,	PUNCT
ajfa-121	194	25	vol	vol	NOUN
ajfa-121	194	26	.	.	PROPN
ajfa-121	195	1	1	1	NUM
ajfa-121	195	2	,	,	PUNCT
ajfa-121	195	3	no	no	INTJ
ajfa-121	195	4	.	.	NOUN
ajfa-121	195	5	2	2	NUM
ajfa-121	195	6	:	:	PUNCT
ajfa-121	195	7	e6	e6	VERB
ajfa-121	195	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	195	9	131	131	NUM
ajfa-121	195	10	checklist	checklist	NOUN
ajfa-121	195	11	and	and	CCONJ
ajfa-121	195	12	the	the	DET
ajfa-121	195	13	others	other	NOUN
ajfa-121	195	14	were	be	AUX
ajfa-121	195	15	eliminated	eliminate	VERB
ajfa-121	195	16	.	.	PUNCT
ajfa-121	196	1	the	the	DET
ajfa-121	196	2	mean	mean	ADJ
ajfa-121	196	3	scores	score	NOUN
ajfa-121	196	4	of	of	ADP
ajfa-121	196	5	34	34	NUM
ajfa-121	196	6	voluntary	voluntary	ADJ
ajfa-121	196	7	disclosure	disclosure	NOUN
ajfa-121	196	8	items	item	NOUN
ajfa-121	196	9	were	be	AUX
ajfa-121	196	10	above	above	ADP
ajfa-121	196	11	4	4	NUM
ajfa-121	196	12	.	.	PUNCT
ajfa-121	196	13	table	table	NOUN
ajfa-121	196	14	4	4	NUM
ajfa-121	196	15	lists	list	VERB
ajfa-121	196	16	all	all	DET
ajfa-121	196	17	the	the	DET
ajfa-121	196	18	voluntary	voluntary	ADJ
ajfa-121	196	19	disclosure	disclosure	NOUN
ajfa-121	196	20	items	item	NOUN
ajfa-121	196	21	and	and	CCONJ
ajfa-121	196	22	their	their	PRON
ajfa-121	196	23	average	average	ADJ
ajfa-121	196	24	scores	score	NOUN
ajfa-121	196	25	.	.	PUNCT
ajfa-121	197	1	the	the	DET
ajfa-121	197	2	34	34	NUM
ajfa-121	197	3	voluntary	voluntary	ADJ
ajfa-121	197	4	disclosure	disclosure	NOUN
ajfa-121	197	5	items	item	NOUN
ajfa-121	197	6	were	be	AUX
ajfa-121	197	7	then	then	ADV
ajfa-121	197	8	used	use	VERB
ajfa-121	197	9	to	to	PART
ajfa-121	197	10	develop	develop	VERB
ajfa-121	197	11	the	the	DET
ajfa-121	197	12	importance	importance	NOUN
ajfa-121	197	13	-	-	PUNCT
ajfa-121	197	14	adjusted	adjust	VERB
ajfa-121	197	15	rdi	rdi	PROPN
ajfa-121	197	16	.	.	PROPN
ajfa-121	197	17	table	table	PROPN
ajfa-121	198	1	4	4	NUM
ajfa-121	198	2	.	.	PUNCT
ajfa-121	198	3	disclosure	disclosure	NOUN
ajfa-121	198	4	frequencies	frequency	NOUN
ajfa-121	198	5	on	on	ADP
ajfa-121	198	6	the	the	DET
ajfa-121	198	7	voluntary	voluntary	ADJ
ajfa-121	198	8	disclosure	disclosure	NOUN
ajfa-121	198	9	index	index	NOUN
ajfa-121	198	10	disclosure	disclosure	NOUN
ajfa-121	198	11	items	item	NOUN
ajfa-121	198	12	percentage	percentage	NOUN
ajfa-121	198	13	of	of	ADP
ajfa-121	198	14	total	total	ADJ
ajfa-121	198	15	responding	respond	VERB
ajfa-121	198	16	companies	company	NOUN
ajfa-121	198	17	(	(	PUNCT
ajfa-121	198	18	n=66	n=66	NOUN
ajfa-121	198	19	)	)	PUNCT
ajfa-121	198	20	average	average	ADJ
ajfa-121	198	21	score	score	NOUN
ajfa-121	198	22	educational	educational	ADJ
ajfa-121	198	23	qualifications	qualification	NOUN
ajfa-121	198	24	(	(	PUNCT
ajfa-121	198	25	academic	academic	ADJ
ajfa-121	198	26	and	and	CCONJ
ajfa-121	198	27	professional	professional	ADJ
ajfa-121	198	28	)	)	PUNCT
ajfa-121	198	29	28	28	NUM
ajfa-121	198	30	%	%	NOUN
ajfa-121	198	31	4.6	4.6	NUM
ajfa-121	198	32	skills	skill	NOUN
ajfa-121	198	33	and	and	CCONJ
ajfa-121	198	34	expertise	expertise	NOUN
ajfa-121	198	35	relevant	relevant	ADJ
ajfa-121	198	36	to	to	ADP
ajfa-121	198	37	the	the	DET
ajfa-121	198	38	position	position	NOUN
ajfa-121	198	39	of	of	ADP
ajfa-121	198	40	director	director	NOUN
ajfa-121	198	41	held	hold	VERB
ajfa-121	198	42	by	by	ADP
ajfa-121	198	43	each	each	DET
ajfa-121	198	44	director	director	NOUN
ajfa-121	198	45	in	in	ADP
ajfa-121	198	46	position	position	NOUN
ajfa-121	198	47	at	at	ADP
ajfa-121	198	48	the	the	DET
ajfa-121	198	49	time	time	NOUN
ajfa-121	198	50	of	of	ADP
ajfa-121	198	51	the	the	DET
ajfa-121	198	52	annual	annual	ADJ
ajfa-121	198	53	report	report	NOUN
ajfa-121	198	54	68	68	NUM
ajfa-121	198	55	%	%	NOUN
ajfa-121	198	56	5.5	5.5	NUM
ajfa-121	198	57	directors‟	directors‟	PROPN
ajfa-121	198	58	interests	interest	NOUN
ajfa-121	198	59	in	in	ADP
ajfa-121	198	60	competing	compete	VERB
ajfa-121	198	61	businesses	business	NOUN
ajfa-121	198	62	5	5	NUM
ajfa-121	198	63	%	%	NOUN
ajfa-121	198	64	6.4	6.4	NUM
ajfa-121	198	65	statement	statement	NOUN
ajfa-121	198	66	of	of	ADP
ajfa-121	198	67	directors‟	directors‟	PROPN
ajfa-121	198	68	responsibilities	responsibility	NOUN
ajfa-121	198	69	regarding	regard	VERB
ajfa-121	198	70	the	the	DET
ajfa-121	198	71	financial	financial	ADJ
ajfa-121	198	72	statements	statement	NOUN
ajfa-121	198	73	100	100	NUM
ajfa-121	198	74	%	%	NOUN
ajfa-121	198	75	5.8	5.8	NUM
ajfa-121	198	76	qualifications	qualification	NOUN
ajfa-121	198	77	of	of	ADP
ajfa-121	198	78	the	the	DET
ajfa-121	198	79	accountant	accountant	NOUN
ajfa-121	198	80	16	16	NUM
ajfa-121	198	81	%	%	NOUN
ajfa-121	198	82	5.6	5.6	NUM
ajfa-121	198	83	details	detail	NOUN
ajfa-121	198	84	on	on	ADP
ajfa-121	198	85	the	the	DET
ajfa-121	198	86	amount	amount	NOUN
ajfa-121	198	87	of	of	ADP
ajfa-121	198	88	employee	employee	NOUN
ajfa-121	198	89	remuneration	remuneration	NOUN
ajfa-121	198	90	,	,	PUNCT
ajfa-121	198	91	remuneration	remuneration	NOUN
ajfa-121	198	92	policies	policy	NOUN
ajfa-121	198	93	,	,	PUNCT
ajfa-121	198	94	bonuses	bonus	NOUN
ajfa-121	198	95	,	,	PUNCT
ajfa-121	198	96	and	and	CCONJ
ajfa-121	198	97	share	share	NOUN
ajfa-121	198	98	option	option	NOUN
ajfa-121	198	99	schemes	scheme	NOUN
ajfa-121	198	100	10	10	NUM
ajfa-121	198	101	%	%	NOUN
ajfa-121	198	102	4.6	4.6	NUM
ajfa-121	198	103	nature	nature	NOUN
ajfa-121	198	104	of	of	ADP
ajfa-121	198	105	training	training	NOUN
ajfa-121	198	106	3	3	NUM
ajfa-121	198	107	%	%	NOUN
ajfa-121	198	108	4	4	NUM
ajfa-121	198	109	training	training	NOUN
ajfa-121	198	110	policy	policy	NOUN
ajfa-121	198	111	5	5	NUM
ajfa-121	198	112	%	%	NOUN
ajfa-121	198	113	4	4	NUM
ajfa-121	198	114	categories	category	NOUN
ajfa-121	198	115	of	of	ADP
ajfa-121	198	116	employees	employee	NOUN
ajfa-121	198	117	trained	train	VERB
ajfa-121	198	118	1	1	NUM
ajfa-121	198	119	%	%	NOUN
ajfa-121	198	120	4.1	4.1	NUM
ajfa-121	198	121	safety	safety	NOUN
ajfa-121	198	122	policy	policy	NOUN
ajfa-121	198	123	3	3	NUM
ajfa-121	198	124	%	%	NOUN
ajfa-121	198	125	4.5	4.5	NUM
ajfa-121	198	126	data	datum	NOUN
ajfa-121	198	127	on	on	ADP
ajfa-121	198	128	accidents	accident	NOUN
ajfa-121	198	129	1	1	NUM
ajfa-121	198	130	%	%	NOUN
ajfa-121	198	131	4	4	NUM
ajfa-121	198	132	recruitment	recruitment	NOUN
ajfa-121	198	133	problems	problem	NOUN
ajfa-121	198	134	and	and	CCONJ
ajfa-121	198	135	related	related	ADJ
ajfa-121	198	136	policies	policy	NOUN
ajfa-121	198	137	6	6	NUM
ajfa-121	198	138	%	%	NOUN
ajfa-121	198	139	4	4	NUM
ajfa-121	198	140	corporate	corporate	ADJ
ajfa-121	198	141	culture	culture	NOUN
ajfa-121	198	142	development	development	NOUN
ajfa-121	198	143	6	6	NUM
ajfa-121	198	144	%	%	NOUN
ajfa-121	198	145	4.8	4.8	NUM
ajfa-121	198	146	how	how	SCONJ
ajfa-121	198	147	and	and	CCONJ
ajfa-121	198	148	by	by	ADP
ajfa-121	198	149	whom	whom	PRON
ajfa-121	198	150	are	be	AUX
ajfa-121	198	151	the	the	DET
ajfa-121	198	152	fees	fee	NOUN
ajfa-121	198	153	and	and	CCONJ
ajfa-121	198	154	the	the	DET
ajfa-121	198	155	other	other	ADJ
ajfa-121	198	156	benefits	benefit	NOUN
ajfa-121	198	157	of	of	ADP
ajfa-121	198	158	the	the	DET
ajfa-121	198	159	non	non	ADJ
ajfa-121	198	160	-	-	ADJ
ajfa-121	198	161	executive	executive	ADJ
ajfa-121	198	162	directors	director	NOUN
ajfa-121	198	163	determined	determine	VERB
ajfa-121	198	164	95	95	NUM
ajfa-121	198	165	%	%	NOUN
ajfa-121	198	166	5.6	5.6	NUM
ajfa-121	198	167	analysis	analysis	NOUN
ajfa-121	198	168	of	of	ADP
ajfa-121	198	169	the	the	DET
ajfa-121	198	170	directors‟	directors‟	PROPN
ajfa-121	198	171	performance	performance	NOUN
ajfa-121	198	172	-	-	PUNCT
ajfa-121	198	173	based	base	VERB
ajfa-121	198	174	remuneration	remuneration	NOUN
ajfa-121	198	175	compensation	compensation	NOUN
ajfa-121	198	176	91	91	NUM
ajfa-121	198	177	%	%	NOUN
ajfa-121	198	178	5.1	5.1	NUM
ajfa-121	198	179	the	the	DET
ajfa-121	198	180	role	role	NOUN
ajfa-121	198	181	and	and	CCONJ
ajfa-121	198	182	functions	function	NOUN
ajfa-121	198	183	of	of	ADP
ajfa-121	198	184	the	the	DET
ajfa-121	198	185	remuneration	remuneration	NOUN
ajfa-121	198	186	committee	committee	NOUN
ajfa-121	198	187	8	8	NUM
ajfa-121	198	188	%	%	NOUN
ajfa-121	198	189	5.3	5.3	NUM
ajfa-121	198	190	number	number	NOUN
ajfa-121	198	191	of	of	ADP
ajfa-121	198	192	meetings	meeting	NOUN
ajfa-121	198	193	per	per	ADP
ajfa-121	198	194	year	year	NOUN
ajfa-121	198	195	4	4	NUM
ajfa-121	198	196	%	%	NOUN
ajfa-121	198	197	4.1	4.1	NUM
ajfa-121	198	198	the	the	DET
ajfa-121	198	199	names	name	NOUN
ajfa-121	198	200	of	of	ADP
ajfa-121	198	201	the	the	DET
ajfa-121	198	202	members	member	NOUN
ajfa-121	198	203	of	of	ADP
ajfa-121	198	204	the	the	DET
ajfa-121	198	205	remuneration	remuneration	NOUN
ajfa-121	198	206	committee	committee	NOUN
ajfa-121	198	207	4	4	NUM
ajfa-121	198	208	%	%	NOUN
ajfa-121	198	209	4.5	4.5	NUM
ajfa-121	198	210	attendance	attendance	NOUN
ajfa-121	198	211	by	by	ADP
ajfa-121	198	212	committee	committee	NOUN
ajfa-121	198	213	members	member	NOUN
ajfa-121	198	214	at	at	ADP
ajfa-121	198	215	committee	committee	NOUN
ajfa-121	198	216	meetings	meeting	NOUN
ajfa-121	198	217	3	3	NUM
ajfa-121	198	218	%	%	NOUN
ajfa-121	198	219	4.6	4.6	NUM
ajfa-121	198	220	work	work	NOUN
ajfa-121	198	221	undertaken	undertake	VERB
ajfa-121	198	222	by	by	ADP
ajfa-121	198	223	the	the	DET
ajfa-121	198	224	remuneration	remuneration	NOUN
ajfa-121	198	225	committee	committee	NOUN
ajfa-121	198	226	during	during	ADP
ajfa-121	198	227	the	the	DET
ajfa-121	198	228	year	year	NOUN
ajfa-121	198	229	4	4	NUM
ajfa-121	198	230	%	%	NOUN
ajfa-121	198	231	4.8	4.8	NUM
ajfa-121	198	232	significant	significant	ADJ
ajfa-121	198	233	issues	issue	NOUN
ajfa-121	198	234	addressed	address	VERB
ajfa-121	198	235	during	during	ADP
ajfa-121	198	236	the	the	DET
ajfa-121	198	237	year	year	NOUN
ajfa-121	198	238	1	1	NUM
ajfa-121	198	239	%	%	NOUN
ajfa-121	198	240	5	5	NUM
ajfa-121	198	241	asian	asian	ADJ
ajfa-121	198	242	journal	journal	NOUN
ajfa-121	198	243	of	of	ADP
ajfa-121	198	244	finance	finance	PROPN
ajfa-121	198	245	&	&	CCONJ
ajfa-121	198	246	accounting	accounting	PROPN
ajfa-121	198	247	issn	issn	PROPN
ajfa-121	198	248	1946	1946	NUM
ajfa-121	198	249	-	-	PUNCT
ajfa-121	198	250	052x	052x	NOUN
ajfa-121	198	251	2009	2009	NUM
ajfa-121	198	252	,	,	PUNCT
ajfa-121	198	253	vol	vol	NOUN
ajfa-121	198	254	.	.	PROPN
ajfa-121	198	255	1	1	NUM
ajfa-121	198	256	,	,	PUNCT
ajfa-121	198	257	no	no	INTJ
ajfa-121	198	258	.	.	NOUN
ajfa-121	198	259	2	2	NUM
ajfa-121	198	260	:	:	PUNCT
ajfa-121	198	261	e6	e6	VERB
ajfa-121	198	262	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	198	263	132	132	NUM
ajfa-121	198	264	details	detail	NOUN
ajfa-121	198	265	on	on	ADP
ajfa-121	198	266	the	the	DET
ajfa-121	198	267	names	name	NOUN
ajfa-121	198	268	and	and	CCONJ
ajfa-121	198	269	qualifications	qualification	NOUN
ajfa-121	198	270	of	of	ADP
ajfa-121	198	271	those	those	PRON
ajfa-121	198	272	appointed	appoint	VERB
ajfa-121	198	273	to	to	ADP
ajfa-121	198	274	the	the	DET
ajfa-121	198	275	audit	audit	NOUN
ajfa-121	198	276	committee	committee	NOUN
ajfa-121	198	277	4	4	NUM
ajfa-121	198	278	%	%	NOUN
ajfa-121	198	279	5.5	5.5	NUM
ajfa-121	198	280	the	the	DET
ajfa-121	198	281	role	role	NOUN
ajfa-121	198	282	and	and	CCONJ
ajfa-121	198	283	functions	function	NOUN
ajfa-121	198	284	of	of	ADP
ajfa-121	198	285	the	the	DET
ajfa-121	198	286	audit	audit	NOUN
ajfa-121	198	287	committee	committee	NOUN
ajfa-121	198	288	5	5	NUM
ajfa-121	198	289	%	%	NOUN
ajfa-121	198	290	5.9	5.9	NUM
ajfa-121	198	291	number	number	NOUN
ajfa-121	198	292	of	of	ADP
ajfa-121	198	293	committee	committee	NOUN
ajfa-121	198	294	meetings	meeting	NOUN
ajfa-121	198	295	4	4	NUM
ajfa-121	198	296	%	%	NOUN
ajfa-121	198	297	4.8	4.8	NUM
ajfa-121	198	298	attendance	attendance	NOUN
ajfa-121	198	299	at	at	ADP
ajfa-121	198	300	committee	committee	NOUN
ajfa-121	198	301	meetings	meeting	NOUN
ajfa-121	198	302	3	3	NUM
ajfa-121	198	303	%	%	NOUN
ajfa-121	198	304	4.8	4.8	NUM
ajfa-121	198	305	statement	statement	NOUN
ajfa-121	198	306	on	on	ADP
ajfa-121	198	307	independence	independence	NOUN
ajfa-121	198	308	3	3	NUM
ajfa-121	198	309	%	%	NOUN
ajfa-121	198	310	5.8	5.8	NUM
ajfa-121	198	311	report	report	NOUN
ajfa-121	198	312	on	on	ADP
ajfa-121	198	313	work	work	NOUN
ajfa-121	198	314	accomplished	accomplish	VERB
ajfa-121	198	315	1	1	NUM
ajfa-121	198	316	%	%	NOUN
ajfa-121	198	317	6	6	NUM
ajfa-121	198	318	directors‟	directors‟	PROPN
ajfa-121	198	319	current	current	ADJ
ajfa-121	198	320	accounts	account	NOUN
ajfa-121	198	321	/	/	SYM
ajfa-121	198	322	loans	loan	NOUN
ajfa-121	198	323	to	to	ADP
ajfa-121	198	324	officers	officer	NOUN
ajfa-121	198	325	0	0	NUM
ajfa-121	198	326	%	%	NOUN
ajfa-121	198	327	5.9	5.9	NUM
ajfa-121	198	328	directors‟	directors‟	PROPN
ajfa-121	198	329	interests	interest	NOUN
ajfa-121	198	330	in	in	ADP
ajfa-121	198	331	significant	significant	ADJ
ajfa-121	198	332	contracts	contract	NOUN
ajfa-121	198	333	0	0	NUM
ajfa-121	198	334	%	%	NOUN
ajfa-121	198	335	6	6	NUM
ajfa-121	198	336	a	a	DET
ajfa-121	198	337	statement	statement	NOUN
ajfa-121	198	338	of	of	ADP
ajfa-121	198	339	the	the	DET
ajfa-121	198	340	interests	interest	NOUN
ajfa-121	198	341	of	of	ADP
ajfa-121	198	342	each	each	DET
ajfa-121	198	343	director	director	NOUN
ajfa-121	198	344	and	and	CCONJ
ajfa-121	198	345	ceo	ceo	NOUN
ajfa-121	198	346	of	of	ADP
ajfa-121	198	347	the	the	DET
ajfa-121	198	348	company	company	NOUN
ajfa-121	198	349	in	in	ADP
ajfa-121	198	350	the	the	DET
ajfa-121	198	351	equity	equity	NOUN
ajfa-121	198	352	or	or	CCONJ
ajfa-121	198	353	debt	debt	NOUN
ajfa-121	198	354	securities	security	NOUN
ajfa-121	198	355	of	of	ADP
ajfa-121	198	356	the	the	DET
ajfa-121	198	357	company	company	NOUN
ajfa-121	198	358	or	or	CCONJ
ajfa-121	198	359	any	any	DET
ajfa-121	198	360	associated	associated	ADJ
ajfa-121	198	361	corporation	corporation	NOUN
ajfa-121	198	362	(	(	PUNCT
ajfa-121	198	363	class	class	NOUN
ajfa-121	198	364	and	and	CCONJ
ajfa-121	198	365	number	number	NOUN
ajfa-121	198	366	of	of	ADP
ajfa-121	198	367	such	such	ADJ
ajfa-121	198	368	securities	security	NOUN
ajfa-121	198	369	)	)	PUNCT
ajfa-121	198	370	99	99	NUM
ajfa-121	198	371	%	%	NOUN
ajfa-121	198	372	6	6	NUM
ajfa-121	198	373	details	detail	NOUN
ajfa-121	198	374	on	on	ADP
ajfa-121	198	375	any	any	DET
ajfa-121	198	376	right	right	NOUN
ajfa-121	198	377	to	to	PART
ajfa-121	198	378	subscribe	subscribe	VERB
ajfa-121	198	379	to	to	ADP
ajfa-121	198	380	equity	equity	NOUN
ajfa-121	198	381	or	or	CCONJ
ajfa-121	198	382	debt	debt	NOUN
ajfa-121	198	383	securities	security	NOUN
ajfa-121	198	384	of	of	ADP
ajfa-121	198	385	the	the	DET
ajfa-121	198	386	company	company	NOUN
ajfa-121	198	387	granted	grant	VERB
ajfa-121	198	388	to	to	ADP
ajfa-121	198	389	any	any	DET
ajfa-121	198	390	director	director	NOUN
ajfa-121	198	391	or	or	CCONJ
ajfa-121	198	392	ceo	ceo	NOUN
ajfa-121	198	393	of	of	ADP
ajfa-121	198	394	the	the	DET
ajfa-121	198	395	company	company	NOUN
ajfa-121	198	396	or	or	CCONJ
ajfa-121	198	397	to	to	ADP
ajfa-121	198	398	the	the	DET
ajfa-121	198	399	spouse	spouse	NOUN
ajfa-121	198	400	or	or	CCONJ
ajfa-121	198	401	the	the	DET
ajfa-121	198	402	children	child	NOUN
ajfa-121	198	403	under	under	ADP
ajfa-121	198	404	the	the	DET
ajfa-121	198	405	age	age	NOUN
ajfa-121	198	406	of	of	ADP
ajfa-121	198	407	18	18	NUM
ajfa-121	198	408	of	of	ADP
ajfa-121	198	409	any	any	DET
ajfa-121	198	410	such	such	ADJ
ajfa-121	198	411	director	director	NOUN
ajfa-121	198	412	or	or	CCONJ
ajfa-121	198	413	chief	chief	ADJ
ajfa-121	198	414	executive	executive	NOUN
ajfa-121	198	415	and	and	CCONJ
ajfa-121	198	416	on	on	ADP
ajfa-121	198	417	the	the	DET
ajfa-121	198	418	exercise	exercise	NOUN
ajfa-121	198	419	of	of	ADP
ajfa-121	198	420	any	any	DET
ajfa-121	198	421	such	such	ADJ
ajfa-121	198	422	right	right	ADJ
ajfa-121	198	423	3	3	NUM
ajfa-121	198	424	%	%	NOUN
ajfa-121	198	425	4.9	4.9	NUM
ajfa-121	198	426	company‟s	company‟s	NOUN
ajfa-121	198	427	acknowledgment	acknowledgment	NOUN
ajfa-121	198	428	of	of	ADP
ajfa-121	198	429	its	its	PRON
ajfa-121	198	430	wider	wide	ADJ
ajfa-121	198	431	social	social	ADJ
ajfa-121	198	432	responsibilities	responsibility	NOUN
ajfa-121	198	433	,	,	PUNCT
ajfa-121	198	434	including	include	VERB
ajfa-121	198	435	environmental	environmental	ADJ
ajfa-121	198	436	protection	protection	NOUN
ajfa-121	198	437	8	8	NUM
ajfa-121	198	438	%	%	NOUN
ajfa-121	198	439	4.8	4.8	NUM
ajfa-121	198	440	commentary	commentary	NOUN
ajfa-121	198	441	on	on	ADP
ajfa-121	198	442	the	the	DET
ajfa-121	198	443	quality	quality	NOUN
ajfa-121	198	444	of	of	ADP
ajfa-121	198	445	the	the	DET
ajfa-121	198	446	company‟s	company‟s	ADJ
ajfa-121	198	447	key	key	ADJ
ajfa-121	198	448	relationships	relationship	NOUN
ajfa-121	198	449	with	with	ADP
ajfa-121	198	450	investors	investor	NOUN
ajfa-121	198	451	,	,	PUNCT
ajfa-121	198	452	employees	employee	NOUN
ajfa-121	198	453	,	,	PUNCT
ajfa-121	198	454	customers	customer	NOUN
ajfa-121	198	455	,	,	PUNCT
ajfa-121	198	456	creditors	creditor	NOUN
ajfa-121	198	457	,	,	PUNCT
ajfa-121	198	458	suppliers	supplier	NOUN
ajfa-121	198	459	,	,	PUNCT
ajfa-121	198	460	and	and	CCONJ
ajfa-121	198	461	other	other	ADJ
ajfa-121	198	462	significant	significant	ADJ
ajfa-121	198	463	parties	party	NOUN
ajfa-121	198	464	43	43	NUM
ajfa-121	198	465	%	%	NOUN
ajfa-121	198	466	5.1	5.1	NUM
ajfa-121	198	467	environmental	environmental	ADJ
ajfa-121	198	468	protection	protection	NOUN
ajfa-121	198	469	programs	program	NOUN
ajfa-121	198	470	–	–	PUNCT
ajfa-121	198	471	qualitative	qualitative	VERB
ajfa-121	198	472	4	4	NUM
ajfa-121	198	473	%	%	NOUN
ajfa-121	198	474	4	4	NUM
ajfa-121	198	475	average	average	ADJ
ajfa-121	198	476	score	score	NOUN
ajfa-121	198	477	5.01	5.01	NUM
ajfa-121	198	478	(	(	PUNCT
ajfa-121	198	479	3	3	NUM
ajfa-121	198	480	)	)	PUNCT
ajfa-121	198	481	the	the	DET
ajfa-121	198	482	extent	extent	NOUN
ajfa-121	198	483	of	of	ADP
ajfa-121	198	484	actual	actual	ADJ
ajfa-121	198	485	disclosure	disclosure	NOUN
ajfa-121	198	486	of	of	ADP
ajfa-121	198	487	these	these	DET
ajfa-121	198	488	items	item	NOUN
ajfa-121	198	489	this	this	DET
ajfa-121	198	490	process	process	NOUN
ajfa-121	198	491	involved	involve	VERB
ajfa-121	198	492	checking	check	VERB
ajfa-121	198	493	the	the	DET
ajfa-121	198	494	annual	annual	ADJ
ajfa-121	198	495	reports	report	NOUN
ajfa-121	198	496	of	of	ADP
ajfa-121	198	497	each	each	DET
ajfa-121	198	498	company	company	NOUN
ajfa-121	198	499	against	against	ADP
ajfa-121	198	500	the	the	DET
ajfa-121	198	501	importance	importance	NOUN
ajfa-121	198	502	-	-	PUNCT
ajfa-121	198	503	adjusted	adjust	VERB
ajfa-121	198	504	relative	relative	ADJ
ajfa-121	198	505	disclosure	disclosure	NOUN
ajfa-121	198	506	items	item	NOUN
ajfa-121	198	507	on	on	ADP
ajfa-121	198	508	the	the	DET
ajfa-121	198	509	checklist	checklist	NOUN
ajfa-121	198	510	.	.	PUNCT
ajfa-121	199	1	the	the	DET
ajfa-121	199	2	total	total	ADJ
ajfa-121	199	3	number	number	NOUN
ajfa-121	199	4	of	of	ADP
ajfa-121	199	5	items	item	NOUN
ajfa-121	199	6	for	for	ADP
ajfa-121	199	7	each	each	DET
ajfa-121	199	8	company	company	NOUN
ajfa-121	199	9	sample	sample	NOUN
ajfa-121	199	10	is	be	AUX
ajfa-121	199	11	disclosed	disclose	VERB
ajfa-121	199	12	.	.	PUNCT
ajfa-121	200	1	the	the	DET
ajfa-121	200	2	actual	actual	ADJ
ajfa-121	200	3	disclosure	disclosure	NOUN
ajfa-121	200	4	of	of	ADP
ajfa-121	200	5	each	each	DET
ajfa-121	200	6	company	company	NOUN
ajfa-121	200	7	is	be	AUX
ajfa-121	200	8	reported	report	VERB
ajfa-121	200	9	in	in	ADP
ajfa-121	200	10	table	table	NOUN
ajfa-121	200	11	4	4	NUM
ajfa-121	200	12	.	.	PUNCT
ajfa-121	201	1	the	the	DET
ajfa-121	201	2	rdi	rdi	PROPN
ajfa-121	201	3	of	of	ADP
ajfa-121	201	4	each	each	DET
ajfa-121	201	5	sample	sample	NOUN
ajfa-121	201	6	company	company	NOUN
ajfa-121	201	7	is	be	AUX
ajfa-121	201	8	computed	compute	VERB
ajfa-121	201	9	as	as	ADP
ajfa-121	201	10	the	the	DET
ajfa-121	201	11	ratio	ratio	NOUN
ajfa-121	201	12	of	of	ADP
ajfa-121	201	13	the	the	DET
ajfa-121	201	14	absolute	absolute	ADJ
ajfa-121	201	15	disclosure	disclosure	NOUN
ajfa-121	201	16	score	score	NOUN
ajfa-121	201	17	to	to	ADP
ajfa-121	201	18	the	the	DET
ajfa-121	201	19	maximum	maximum	ADJ
ajfa-121	201	20	possible	possible	ADJ
ajfa-121	201	21	disclosure	disclosure	NOUN
ajfa-121	201	22	score	score	NOUN
ajfa-121	201	23	(	(	PUNCT
ajfa-121	201	24	ho	ho	PROPN
ajfa-121	201	25	and	and	CCONJ
ajfa-121	201	26	wong	wong	PROPN
ajfa-121	201	27	,	,	PUNCT
ajfa-121	201	28	2001	2001	NUM
ajfa-121	201	29	)	)	PUNCT
ajfa-121	201	30	.	.	PUNCT
ajfa-121	202	1	the	the	DET
ajfa-121	202	2	maximum	maximum	ADJ
ajfa-121	202	3	possible	possible	ADJ
ajfa-121	202	4	disclosure	disclosure	NOUN
ajfa-121	202	5	score	score	NOUN
ajfa-121	202	6	is	be	AUX
ajfa-121	202	7	the	the	DET
ajfa-121	202	8	total	total	ADJ
ajfa-121	202	9	number	number	NOUN
ajfa-121	202	10	of	of	ADP
ajfa-121	202	11	items	item	NOUN
ajfa-121	202	12	that	that	PRON
ajfa-121	202	13	the	the	DET
ajfa-121	202	14	company	company	NOUN
ajfa-121	202	15	disclosed	disclose	VERB
ajfa-121	202	16	in	in	ADP
ajfa-121	202	17	its	its	PRON
ajfa-121	202	18	annual	annual	ADJ
ajfa-121	202	19	report	report	NOUN
ajfa-121	202	20	.	.	PUNCT
ajfa-121	203	1	the	the	DET
ajfa-121	203	2	items	item	NOUN
ajfa-121	203	3	considered	consider	VERB
ajfa-121	203	4	irrelevant	irrelevant	ADJ
ajfa-121	203	5	to	to	ADP
ajfa-121	203	6	the	the	DET
ajfa-121	203	7	companies	company	NOUN
ajfa-121	203	8	will	will	AUX
ajfa-121	203	9	not	not	PART
ajfa-121	203	10	be	be	AUX
ajfa-121	203	11	disclosed	disclose	VERB
ajfa-121	203	12	.	.	PUNCT
ajfa-121	204	1	for	for	ADP
ajfa-121	204	2	example	example	NOUN
ajfa-121	204	3	,	,	PUNCT
ajfa-121	204	4	because	because	SCONJ
ajfa-121	204	5	not	not	PART
ajfa-121	204	6	all	all	DET
ajfa-121	204	7	companies	company	NOUN
ajfa-121	204	8	in	in	ADP
ajfa-121	204	9	the	the	DET
ajfa-121	204	10	sample	sample	NOUN
ajfa-121	204	11	have	have	VERB
ajfa-121	204	12	an	an	DET
ajfa-121	204	13	audit	audit	NOUN
ajfa-121	204	14	committee	committee	NOUN
ajfa-121	204	15	,	,	PUNCT
ajfa-121	204	16	such	such	ADJ
ajfa-121	204	17	companies	company	NOUN
ajfa-121	204	18	are	be	AUX
ajfa-121	204	19	not	not	PART
ajfa-121	204	20	required	require	VERB
ajfa-121	204	21	to	to	PART
ajfa-121	204	22	disclose	disclose	VERB
ajfa-121	204	23	the	the	DET
ajfa-121	204	24	audit	audit	NOUN
ajfa-121	204	25	committee	committee	NOUN
ajfa-121	204	26	item	item	NOUN
ajfa-121	204	27	.	.	PUNCT
ajfa-121	205	1	4	4	X
ajfa-121	205	2	.	.	X
ajfa-121	205	3	measurement	measurement	NOUN
ajfa-121	205	4	of	of	ADP
ajfa-121	205	5	the	the	DET
ajfa-121	205	6	independent	independent	ADJ
ajfa-121	205	7	variables	variable	NOUN
ajfa-121	205	8	all	all	DET
ajfa-121	205	9	the	the	DET
ajfa-121	205	10	data	datum	NOUN
ajfa-121	205	11	were	be	AUX
ajfa-121	205	12	collected	collect	VERB
ajfa-121	205	13	from	from	ADP
ajfa-121	205	14	the	the	DET
ajfa-121	205	15	chinese	chinese	ADJ
ajfa-121	205	16	stock	stock	NOUN
ajfa-121	205	17	market	market	NOUN
ajfa-121	205	18	and	and	CCONJ
ajfa-121	205	19	accounting	accounting	NOUN
ajfa-121	205	20	research	research	NOUN
ajfa-121	205	21	database	database	NOUN
ajfa-121	205	22	(	(	PUNCT
ajfa-121	205	23	csmar	csmar	PROPN
ajfa-121	205	24	)	)	PUNCT
ajfa-121	205	25	and	and	CCONJ
ajfa-121	205	26	they	they	PRON
ajfa-121	205	27	were	be	AUX
ajfa-121	205	28	verified	verify	VERB
ajfa-121	205	29	by	by	ADP
ajfa-121	205	30	the	the	DET
ajfa-121	205	31	annual	annual	ADJ
ajfa-121	205	32	reports	report	NOUN
ajfa-121	205	33	of	of	ADP
ajfa-121	205	34	the	the	DET
ajfa-121	205	35	respective	respective	ADJ
ajfa-121	205	36	companies	company	NOUN
ajfa-121	205	37	.	.	PUNCT
ajfa-121	206	1	the	the	DET
ajfa-121	206	2	ownership	ownership	NOUN
ajfa-121	206	3	of	of	ADP
ajfa-121	206	4	the	the	DET
ajfa-121	206	5	10	10	NUM
ajfa-121	206	6	largest	large	ADJ
ajfa-121	206	7	shareholders	shareholder	NOUN
ajfa-121	206	8	measures	measure	VERB
ajfa-121	206	9	the	the	DET
ajfa-121	206	10	ownership	ownership	NOUN
ajfa-121	206	11	concentration	concentration	NOUN
ajfa-121	206	12	,	,	PUNCT
ajfa-121	206	13	but	but	CCONJ
ajfa-121	206	14	some	some	DET
ajfa-121	206	15	firms	firm	NOUN
ajfa-121	206	16	may	may	AUX
ajfa-121	206	17	have	have	VERB
ajfa-121	206	18	fewer	few	ADJ
ajfa-121	206	19	than	than	ADP
ajfa-121	206	20	10	10	NUM
ajfa-121	206	21	shareholders	shareholder	NOUN
ajfa-121	206	22	(	(	PUNCT
ajfa-121	206	23	haniffa	haniffa	NOUN
ajfa-121	206	24	and	and	CCONJ
ajfa-121	206	25	cooke	cooke	PROPN
ajfa-121	206	26	,	,	PUNCT
ajfa-121	206	27	2002	2002	NUM
ajfa-121	206	28	)	)	PUNCT
ajfa-121	206	29	.	.	PUNCT
ajfa-121	207	1	therefore	therefore	ADV
ajfa-121	207	2	,	,	PUNCT
ajfa-121	207	3	ownership	ownership	NOUN
ajfa-121	207	4	concentration	concentration	NOUN
ajfa-121	207	5	is	be	AUX
ajfa-121	207	6	measured	measure	VERB
ajfa-121	207	7	in	in	ADP
ajfa-121	207	8	terms	term	NOUN
ajfa-121	207	9	of	of	ADP
ajfa-121	207	10	a	a	DET
ajfa-121	207	11	percentage	percentage	NOUN
ajfa-121	207	12	.	.	PUNCT
ajfa-121	208	1	this	this	DET
ajfa-121	208	2	variable	variable	NOUN
ajfa-121	208	3	is	be	AUX
ajfa-121	208	4	denoted	denote	VERB
ajfa-121	208	5	as	as	ADP
ajfa-121	208	6	asian	asian	ADJ
ajfa-121	208	7	journal	journal	NOUN
ajfa-121	208	8	of	of	ADP
ajfa-121	208	9	finance	finance	PROPN
ajfa-121	208	10	&	&	CCONJ
ajfa-121	208	11	accounting	accounting	PROPN
ajfa-121	208	12	issn	issn	PROPN
ajfa-121	208	13	1946	1946	NUM
ajfa-121	208	14	-	-	PUNCT
ajfa-121	208	15	052x	052x	NOUN
ajfa-121	208	16	2009	2009	NUM
ajfa-121	208	17	,	,	PUNCT
ajfa-121	208	18	vol	vol	NOUN
ajfa-121	208	19	.	.	PROPN
ajfa-121	209	1	1	1	NUM
ajfa-121	209	2	,	,	PUNCT
ajfa-121	209	3	no	no	INTJ
ajfa-121	209	4	.	.	NOUN
ajfa-121	209	5	2	2	NUM
ajfa-121	209	6	:	:	PUNCT
ajfa-121	209	7	e6	e6	VERB
ajfa-121	209	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	209	9	133	133	NUM
ajfa-121	209	10	“	"	PUNCT
ajfa-121	209	11	top10	top10	PROPN
ajfa-121	209	12	”	"	PUNCT
ajfa-121	209	13	the	the	DET
ajfa-121	209	14	proportion	proportion	NOUN
ajfa-121	209	15	of	of	ADP
ajfa-121	209	16	shares	share	NOUN
ajfa-121	209	17	held	hold	VERB
ajfa-121	209	18	by	by	ADP
ajfa-121	209	19	the	the	DET
ajfa-121	209	20	government	government	NOUN
ajfa-121	209	21	and	and	CCONJ
ajfa-121	209	22	related	relate	VERB
ajfa-121	209	23	government	government	NOUN
ajfa-121	209	24	institutions	institution	NOUN
ajfa-121	209	25	is	be	AUX
ajfa-121	209	26	published	publish	VERB
ajfa-121	209	27	in	in	ADP
ajfa-121	209	28	the	the	DET
ajfa-121	209	29	annual	annual	ADJ
ajfa-121	209	30	reports	report	NOUN
ajfa-121	209	31	of	of	ADP
ajfa-121	209	32	the	the	DET
ajfa-121	209	33	publicly	publicly	ADV
ajfa-121	209	34	-	-	PUNCT
ajfa-121	209	35	listed	list	VERB
ajfa-121	209	36	companies	company	NOUN
ajfa-121	209	37	.	.	PUNCT
ajfa-121	210	1	in	in	ADP
ajfa-121	210	2	the	the	DET
ajfa-121	210	3	chinese	chinese	ADJ
ajfa-121	210	4	market	market	NOUN
ajfa-121	210	5	,	,	PUNCT
ajfa-121	210	6	government	government	NOUN
ajfa-121	210	7	ownership	ownership	NOUN
ajfa-121	210	8	includes	include	VERB
ajfa-121	210	9	the	the	DET
ajfa-121	210	10	shares	share	NOUN
ajfa-121	210	11	held	hold	VERB
ajfa-121	210	12	directly	directly	ADV
ajfa-121	210	13	by	by	ADP
ajfa-121	210	14	the	the	DET
ajfa-121	210	15	government	government	NOUN
ajfa-121	210	16	and	and	CCONJ
ajfa-121	210	17	the	the	DET
ajfa-121	210	18	legal	legal	ADJ
ajfa-121	210	19	-	-	PUNCT
ajfa-121	210	20	entity	entity	NOUN
ajfa-121	210	21	shares	share	NOUN
ajfa-121	210	22	that	that	PRON
ajfa-121	210	23	may	may	AUX
ajfa-121	210	24	be	be	AUX
ajfa-121	210	25	controlled	control	VERB
ajfa-121	210	26	by	by	ADP
ajfa-121	210	27	various	various	ADJ
ajfa-121	210	28	government	government	NOUN
ajfa-121	210	29	levels	level	NOUN
ajfa-121	210	30	.	.	PUNCT
ajfa-121	211	1	these	these	DET
ajfa-121	211	2	data	datum	NOUN
ajfa-121	211	3	can	can	AUX
ajfa-121	211	4	be	be	AUX
ajfa-121	211	5	retrieved	retrieve	VERB
ajfa-121	211	6	from	from	ADP
ajfa-121	211	7	the	the	DET
ajfa-121	211	8	companies‟	companies‟	PROPN
ajfa-121	211	9	annual	annual	ADJ
ajfa-121	211	10	reports	report	NOUN
ajfa-121	211	11	.	.	PUNCT
ajfa-121	212	1	they	they	PRON
ajfa-121	212	2	are	be	AUX
ajfa-121	212	3	measured	measure	VERB
ajfa-121	212	4	in	in	ADP
ajfa-121	212	5	the	the	DET
ajfa-121	212	6	form	form	NOUN
ajfa-121	212	7	of	of	ADP
ajfa-121	212	8	a	a	DET
ajfa-121	212	9	percentage	percentage	NOUN
ajfa-121	212	10	to	to	PART
ajfa-121	212	11	indicate	indicate	VERB
ajfa-121	212	12	how	how	SCONJ
ajfa-121	212	13	many	many	ADJ
ajfa-121	212	14	shares	share	NOUN
ajfa-121	212	15	the	the	DET
ajfa-121	212	16	government	government	NOUN
ajfa-121	212	17	holds	hold	VERB
ajfa-121	212	18	.	.	PUNCT
ajfa-121	213	1	this	this	DET
ajfa-121	213	2	variable	variable	NOUN
ajfa-121	213	3	is	be	AUX
ajfa-121	213	4	denoted	denote	VERB
ajfa-121	213	5	as	as	ADP
ajfa-121	213	6	“	"	PUNCT
ajfa-121	213	7	pg	pg	PROPN
ajfa-121	213	8	.	.	PUNCT
ajfa-121	213	9	”	"	PUNCT
ajfa-121	214	1	the	the	DET
ajfa-121	214	2	proportion	proportion	NOUN
ajfa-121	214	3	of	of	ADP
ajfa-121	214	4	individual	individual	ADJ
ajfa-121	214	5	shares	share	NOUN
ajfa-121	214	6	(	(	PUNCT
ajfa-121	214	7	only	only	ADV
ajfa-121	214	8	a	a	DET
ajfa-121	214	9	-	-	PUNCT
ajfa-121	214	10	shares	share	NOUN
ajfa-121	214	11	)	)	PUNCT
ajfa-121	214	12	can	can	AUX
ajfa-121	214	13	also	also	ADV
ajfa-121	214	14	be	be	AUX
ajfa-121	214	15	collected	collect	VERB
ajfa-121	214	16	from	from	ADP
ajfa-121	214	17	the	the	DET
ajfa-121	214	18	annual	annual	ADJ
ajfa-121	214	19	reports	report	NOUN
ajfa-121	214	20	of	of	ADP
ajfa-121	214	21	the	the	DET
ajfa-121	214	22	listed	list	VERB
ajfa-121	214	23	companies	company	NOUN
ajfa-121	214	24	.	.	PUNCT
ajfa-121	215	1	this	this	DET
ajfa-121	215	2	variable	variable	NOUN
ajfa-121	215	3	is	be	AUX
ajfa-121	215	4	denoted	denote	VERB
ajfa-121	215	5	as	as	ADP
ajfa-121	215	6	“	"	PUNCT
ajfa-121	215	7	ts	ts	NOUN
ajfa-121	215	8	.	.	PUNCT
ajfa-121	215	9	”	"	PUNCT
ajfa-121	216	1	all	all	DET
ajfa-121	216	2	the	the	DET
ajfa-121	216	3	information	information	NOUN
ajfa-121	216	4	about	about	ADP
ajfa-121	216	5	the	the	DET
ajfa-121	216	6	directors	director	NOUN
ajfa-121	216	7	of	of	ADP
ajfa-121	216	8	the	the	DET
ajfa-121	216	9	publicly	publicly	ADV
ajfa-121	216	10	-	-	PUNCT
ajfa-121	216	11	listed	list	VERB
ajfa-121	216	12	companies	company	NOUN
ajfa-121	216	13	is	be	AUX
ajfa-121	216	14	listed	list	VERB
ajfa-121	216	15	in	in	ADP
ajfa-121	216	16	their	their	PRON
ajfa-121	216	17	annual	annual	ADJ
ajfa-121	216	18	reports	report	NOUN
ajfa-121	216	19	,	,	PUNCT
ajfa-121	216	20	including	include	VERB
ajfa-121	216	21	information	information	NOUN
ajfa-121	216	22	about	about	ADP
ajfa-121	216	23	executive	executive	ADJ
ajfa-121	216	24	directors	director	NOUN
ajfa-121	216	25	and	and	CCONJ
ajfa-121	216	26	independent	independent	ADJ
ajfa-121	216	27	non	non	ADJ
ajfa-121	216	28	-	-	ADJ
ajfa-121	216	29	executive	executive	ADJ
ajfa-121	216	30	directors	director	NOUN
ajfa-121	216	31	.	.	PUNCT
ajfa-121	217	1	the	the	DET
ajfa-121	217	2	proportion	proportion	NOUN
ajfa-121	217	3	of	of	ADP
ajfa-121	217	4	independent	independent	ADJ
ajfa-121	217	5	non	non	ADJ
ajfa-121	217	6	-	-	ADJ
ajfa-121	217	7	executive	executive	ADJ
ajfa-121	217	8	directors	director	NOUN
ajfa-121	217	9	(	(	PUNCT
ajfa-121	217	10	inds	inds	PROPN
ajfa-121	217	11	)	)	PUNCT
ajfa-121	217	12	to	to	ADP
ajfa-121	217	13	the	the	DET
ajfa-121	217	14	total	total	ADJ
ajfa-121	217	15	number	number	NOUN
ajfa-121	217	16	of	of	ADP
ajfa-121	217	17	directors	director	NOUN
ajfa-121	217	18	is	be	AUX
ajfa-121	217	19	the	the	DET
ajfa-121	217	20	number	number	NOUN
ajfa-121	217	21	of	of	ADP
ajfa-121	217	22	independent	independent	ADJ
ajfa-121	217	23	non	non	ADJ
ajfa-121	217	24	-	-	ADJ
ajfa-121	217	25	executive	executive	ADJ
ajfa-121	217	26	directors	director	NOUN
ajfa-121	217	27	on	on	ADP
ajfa-121	217	28	the	the	DET
ajfa-121	217	29	board	board	NOUN
ajfa-121	217	30	divided	divide	VERB
ajfa-121	217	31	by	by	ADP
ajfa-121	217	32	the	the	DET
ajfa-121	217	33	total	total	ADJ
ajfa-121	217	34	number	number	NOUN
ajfa-121	217	35	of	of	ADP
ajfa-121	217	36	directors	director	NOUN
ajfa-121	217	37	on	on	ADP
ajfa-121	217	38	the	the	DET
ajfa-121	217	39	board	board	NOUN
ajfa-121	217	40	.	.	PUNCT
ajfa-121	218	1	the	the	DET
ajfa-121	218	2	ceo	ceo	NOUN
ajfa-121	218	3	-	-	PUNCT
ajfa-121	218	4	is	be	AUX
ajfa-121	218	5	-	-	PUNCT
ajfa-121	218	6	top	top	NOUN
ajfa-121	218	7	-	-	PUNCT
ajfa-121	218	8	dir	dir	NOUN
ajfa-121	218	9	(	(	PUNCT
ajfa-121	218	10	cd	cd	PROPN
ajfa-121	218	11	)	)	PUNCT
ajfa-121	218	12	means	mean	VERB
ajfa-121	218	13	that	that	SCONJ
ajfa-121	218	14	the	the	DET
ajfa-121	218	15	same	same	ADJ
ajfa-121	218	16	person	person	NOUN
ajfa-121	218	17	is	be	AUX
ajfa-121	218	18	board	board	NOUN
ajfa-121	218	19	chairman	chairman	NOUN
ajfa-121	218	20	and	and	CCONJ
ajfa-121	218	21	ceo	ceo	NOUN
ajfa-121	218	22	of	of	ADP
ajfa-121	218	23	the	the	DET
ajfa-121	218	24	firm	firm	NOUN
ajfa-121	218	25	.	.	PUNCT
ajfa-121	219	1	the	the	DET
ajfa-121	219	2	names	name	NOUN
ajfa-121	219	3	of	of	ADP
ajfa-121	219	4	the	the	DET
ajfa-121	219	5	board	board	NOUN
ajfa-121	219	6	chairman	chairman	NOUN
ajfa-121	219	7	and	and	CCONJ
ajfa-121	219	8	the	the	DET
ajfa-121	219	9	ceo	ceo	NOUN
ajfa-121	219	10	are	be	AUX
ajfa-121	219	11	available	available	ADJ
ajfa-121	219	12	in	in	ADP
ajfa-121	219	13	the	the	DET
ajfa-121	219	14	annual	annual	ADJ
ajfa-121	219	15	reports	report	NOUN
ajfa-121	219	16	.	.	PUNCT
ajfa-121	220	1	the	the	DET
ajfa-121	220	2	study	study	NOUN
ajfa-121	220	3	codes	code	VERB
ajfa-121	220	4	a	a	DET
ajfa-121	220	5	dummy	dummy	ADJ
ajfa-121	220	6	variable	variable	NOUN
ajfa-121	220	7	that	that	PRON
ajfa-121	220	8	is	be	AUX
ajfa-121	220	9	equal	equal	ADJ
ajfa-121	220	10	to	to	ADP
ajfa-121	220	11	1	1	NUM
ajfa-121	220	12	if	if	SCONJ
ajfa-121	220	13	the	the	DET
ajfa-121	220	14	board	board	NOUN
ajfa-121	220	15	chairman	chairman	NOUN
ajfa-121	220	16	and	and	CCONJ
ajfa-121	220	17	the	the	DET
ajfa-121	220	18	ceo	ceo	NOUN
ajfa-121	220	19	are	be	AUX
ajfa-121	220	20	the	the	DET
ajfa-121	220	21	same	same	ADJ
ajfa-121	220	22	,	,	PUNCT
ajfa-121	220	23	and	and	CCONJ
ajfa-121	220	24	0	0	NUM
ajfa-121	220	25	otherwise	otherwise	ADV
ajfa-121	220	26	.	.	PUNCT
ajfa-121	221	1	data	datum	NOUN
ajfa-121	221	2	on	on	ADP
ajfa-121	221	3	the	the	DET
ajfa-121	221	4	existence	existence	NOUN
ajfa-121	221	5	of	of	ADP
ajfa-121	221	6	an	an	DET
ajfa-121	221	7	audit	audit	NOUN
ajfa-121	221	8	committee	committee	NOUN
ajfa-121	221	9	(	(	PUNCT
ajfa-121	221	10	ac	ac	PROPN
ajfa-121	221	11	)	)	PUNCT
ajfa-121	221	12	use	use	VERB
ajfa-121	221	13	dummy	dummy	ADJ
ajfa-121	221	14	variables	variable	NOUN
ajfa-121	221	15	to	to	PART
ajfa-121	221	16	indicate	indicate	VERB
ajfa-121	221	17	its	its	PRON
ajfa-121	221	18	existence	existence	NOUN
ajfa-121	221	19	or	or	CCONJ
ajfa-121	221	20	non	non	ADJ
ajfa-121	221	21	-	-	NOUN
ajfa-121	221	22	existence	existence	NOUN
ajfa-121	221	23	,	,	PUNCT
ajfa-121	221	24	coded	code	VERB
ajfa-121	221	25	“	"	PUNCT
ajfa-121	221	26	1	1	NUM
ajfa-121	221	27	”	"	PUNCT
ajfa-121	221	28	or	or	CCONJ
ajfa-121	221	29	“	"	PUNCT
ajfa-121	221	30	0	0	NUM
ajfa-121	221	31	”	"	PUNCT
ajfa-121	221	32	respectively	respectively	ADV
ajfa-121	221	33	.	.	PUNCT
ajfa-121	222	1	4.1	4.1	NUM
ajfa-121	222	2	measurement	measurement	NOUN
ajfa-121	222	3	of	of	ADP
ajfa-121	222	4	the	the	DET
ajfa-121	222	5	control	control	NOUN
ajfa-121	222	6	variables	variable	VERB
ajfa-121	222	7	a	a	DET
ajfa-121	222	8	regression	regression	NOUN
ajfa-121	222	9	model	model	NOUN
ajfa-121	222	10	is	be	AUX
ajfa-121	222	11	used	use	VERB
ajfa-121	222	12	to	to	PART
ajfa-121	222	13	test	test	VERB
ajfa-121	222	14	the	the	DET
ajfa-121	222	15	relation	relation	NOUN
ajfa-121	222	16	between	between	ADP
ajfa-121	222	17	corporate	corporate	ADJ
ajfa-121	222	18	governance	governance	NOUN
ajfa-121	222	19	and	and	CCONJ
ajfa-121	222	20	the	the	DET
ajfa-121	222	21	voluntary	voluntary	ADJ
ajfa-121	222	22	disclosure	disclosure	NOUN
ajfa-121	222	23	items	item	NOUN
ajfa-121	222	24	as	as	SCONJ
ajfa-121	222	25	stated	state	VERB
ajfa-121	222	26	in	in	ADP
ajfa-121	222	27	h1	h1	PROPN
ajfa-121	222	28	-	-	PUNCT
ajfa-121	222	29	h6	h6	PROPN
ajfa-121	222	30	(	(	PUNCT
ajfa-121	222	31	see	see	VERB
ajfa-121	222	32	table	table	NOUN
ajfa-121	222	33	7	7	NUM
ajfa-121	222	34	)	)	PUNCT
ajfa-121	222	35	.	.	PUNCT
ajfa-121	223	1	first	first	ADV
ajfa-121	223	2	,	,	PUNCT
ajfa-121	223	3	it	it	PRON
ajfa-121	223	4	is	be	AUX
ajfa-121	223	5	necessary	necessary	ADJ
ajfa-121	223	6	to	to	PART
ajfa-121	223	7	control	control	VERB
ajfa-121	223	8	for	for	ADP
ajfa-121	223	9	company	company	NOUN
ajfa-121	223	10	size	size	NOUN
ajfa-121	223	11	.	.	PUNCT
ajfa-121	224	1	hence	hence	ADV
ajfa-121	224	2	,	,	PUNCT
ajfa-121	224	3	the	the	DET
ajfa-121	224	4	natural	natural	ADJ
ajfa-121	224	5	logarithmic	logarithmic	ADJ
ajfa-121	224	6	total	total	ADJ
ajfa-121	224	7	sales	sale	NOUN
ajfa-121	224	8	lns	lns	PROPN
ajfa-121	224	9	as	as	ADP
ajfa-121	224	10	a	a	DET
ajfa-121	224	11	control	control	NOUN
ajfa-121	224	12	variable	variable	NOUN
ajfa-121	224	13	limits	limit	VERB
ajfa-121	224	14	the	the	DET
ajfa-121	224	15	possible	possible	ADJ
ajfa-121	224	16	size	size	NOUN
ajfa-121	224	17	effects	effect	NOUN
ajfa-121	224	18	.	.	PUNCT
ajfa-121	225	1	second	second	ADJ
ajfa-121	225	2	,	,	PUNCT
ajfa-121	225	3	long	long	ADJ
ajfa-121	225	4	-	-	PUNCT
ajfa-121	225	5	term	term	NOUN
ajfa-121	225	6	debt	debt	NOUN
ajfa-121	225	7	/	/	SYM
ajfa-121	225	8	equity	equity	NOUN
ajfa-121	225	9	is	be	AUX
ajfa-121	225	10	used	use	VERB
ajfa-121	225	11	to	to	PART
ajfa-121	225	12	control	control	VERB
ajfa-121	225	13	for	for	ADP
ajfa-121	225	14	possible	possible	ADJ
ajfa-121	225	15	leverage	leverage	NOUN
ajfa-121	225	16	effects	effect	NOUN
ajfa-121	225	17	(	(	PUNCT
ajfa-121	225	18	rajan	rajan	NOUN
ajfa-121	225	19	and	and	CCONJ
ajfa-121	225	20	zingales	zingale	NOUN
ajfa-121	225	21	,	,	PUNCT
ajfa-121	225	22	1995	1995	NUM
ajfa-121	225	23	)	)	PUNCT
ajfa-121	225	24	.	.	PUNCT
ajfa-121	226	1	third	third	ADJ
ajfa-121	226	2	,	,	PUNCT
ajfa-121	226	3	profitability	profitability	NOUN
ajfa-121	226	4	(	(	PUNCT
ajfa-121	226	5	profit	profit	NOUN
ajfa-121	226	6	)	)	PUNCT
ajfa-121	226	7	is	be	AUX
ajfa-121	226	8	measured	measure	VERB
ajfa-121	226	9	by	by	ADP
ajfa-121	226	10	the	the	DET
ajfa-121	226	11	return	return	NOUN
ajfa-121	226	12	on	on	ADP
ajfa-121	226	13	equity	equity	NOUN
ajfa-121	226	14	.	.	PUNCT
ajfa-121	227	1	an	an	DET
ajfa-121	227	2	average	average	NOUN
ajfa-121	227	3	of	of	ADP
ajfa-121	227	4	three	three	NUM
ajfa-121	227	5	years	year	NOUN
ajfa-121	227	6	of	of	ADP
ajfa-121	227	7	data	datum	NOUN
ajfa-121	227	8	was	be	AUX
ajfa-121	227	9	used	use	VERB
ajfa-121	227	10	to	to	PART
ajfa-121	227	11	calculate	calculate	VERB
ajfa-121	227	12	profitability	profitability	NOUN
ajfa-121	227	13	.	.	PUNCT
ajfa-121	228	1	last	last	ADJ
ajfa-121	228	2	,	,	PUNCT
ajfa-121	228	3	the	the	DET
ajfa-121	228	4	industry	industry	NOUN
ajfa-121	228	5	type	type	NOUN
ajfa-121	228	6	of	of	ADP
ajfa-121	228	7	every	every	DET
ajfa-121	228	8	publicly	publicly	ADV
ajfa-121	228	9	-	-	PUNCT
ajfa-121	228	10	listed	list	VERB
ajfa-121	228	11	company	company	NOUN
ajfa-121	228	12	can	can	AUX
ajfa-121	228	13	be	be	AUX
ajfa-121	228	14	found	find	VERB
ajfa-121	228	15	on	on	ADP
ajfa-121	228	16	the	the	DET
ajfa-121	228	17	web	web	NOUN
ajfa-121	228	18	site	site	NOUN
ajfa-121	228	19	of	of	ADP
ajfa-121	228	20	the	the	DET
ajfa-121	228	21	shse	shse	NOUN
ajfa-121	228	22	.	.	PUNCT
ajfa-121	229	1	table	table	NOUN
ajfa-121	229	2	2	2	NUM
ajfa-121	229	3	indicates	indicate	VERB
ajfa-121	229	4	that	that	SCONJ
ajfa-121	229	5	there	there	PRON
ajfa-121	229	6	are	be	VERB
ajfa-121	229	7	seven	seven	NUM
ajfa-121	229	8	industrial	industrial	ADJ
ajfa-121	229	9	categories	category	NOUN
ajfa-121	229	10	in	in	ADP
ajfa-121	229	11	this	this	DET
ajfa-121	229	12	study	study	NOUN
ajfa-121	229	13	.	.	PUNCT
ajfa-121	230	1	4.2	4.2	NUM
ajfa-121	230	2	descriptive	descriptive	ADJ
ajfa-121	230	3	statistics	statistic	NOUN
ajfa-121	230	4	and	and	CCONJ
ajfa-121	230	5	bivariate	bivariate	ADJ
ajfa-121	230	6	analysis	analysis	NOUN
ajfa-121	230	7	table	table	NOUN
ajfa-121	230	8	5	5	NUM
ajfa-121	230	9	shows	show	VERB
ajfa-121	230	10	the	the	DET
ajfa-121	230	11	distribution	distribution	NOUN
ajfa-121	230	12	of	of	ADP
ajfa-121	230	13	the	the	DET
ajfa-121	230	14	dependent	dependent	ADJ
ajfa-121	230	15	variable	variable	NOUN
ajfa-121	230	16	(	(	PUNCT
ajfa-121	230	17	rdi	rdi	PROPN
ajfa-121	230	18	)	)	PUNCT
ajfa-121	230	19	and	and	CCONJ
ajfa-121	230	20	the	the	DET
ajfa-121	230	21	mean	mean	NOUN
ajfa-121	230	22	of	of	ADP
ajfa-121	230	23	0.2139	0.2139	NUM
ajfa-121	230	24	.	.	PUNCT
ajfa-121	231	1	the	the	DET
ajfa-121	231	2	range	range	NOUN
ajfa-121	231	3	is	be	AUX
ajfa-121	231	4	between	between	ADP
ajfa-121	231	5	0.107	0.107	NUM
ajfa-121	231	6	and	and	CCONJ
ajfa-121	231	7	0.7058	0.7058	NUM
ajfa-121	231	8	.	.	PUNCT
ajfa-121	232	1	there	there	PRON
ajfa-121	232	2	is	be	VERB
ajfa-121	232	3	a	a	DET
ajfa-121	232	4	large	large	ADJ
ajfa-121	232	5	variation	variation	NOUN
ajfa-121	232	6	in	in	ADP
ajfa-121	232	7	the	the	DET
ajfa-121	232	8	voluntary	voluntary	ADJ
ajfa-121	232	9	disclosure	disclosure	NOUN
ajfa-121	232	10	practices	practice	NOUN
ajfa-121	232	11	revealed	reveal	VERB
ajfa-121	232	12	in	in	ADP
ajfa-121	232	13	the	the	DET
ajfa-121	232	14	annual	annual	ADJ
ajfa-121	232	15	reports	report	NOUN
ajfa-121	232	16	of	of	ADP
ajfa-121	232	17	the	the	DET
ajfa-121	232	18	chinese	chinese	ADJ
ajfa-121	232	19	publicly	publicly	ADV
ajfa-121	232	20	-	-	PUNCT
ajfa-121	232	21	listed	list	VERB
ajfa-121	232	22	companies	company	NOUN
ajfa-121	232	23	.	.	PUNCT
ajfa-121	233	1	the	the	DET
ajfa-121	233	2	disclosure	disclosure	NOUN
ajfa-121	233	3	frequency	frequency	NOUN
ajfa-121	233	4	on	on	ADP
ajfa-121	233	5	the	the	DET
ajfa-121	233	6	voluntary	voluntary	ADJ
ajfa-121	233	7	disclosure	disclosure	NOUN
ajfa-121	233	8	index	index	NOUN
ajfa-121	233	9	and	and	CCONJ
ajfa-121	233	10	the	the	DET
ajfa-121	233	11	average	average	ADJ
ajfa-121	233	12	score	score	NOUN
ajfa-121	233	13	were	be	AUX
ajfa-121	233	14	rated	rate	VERB
ajfa-121	233	15	by	by	ADP
ajfa-121	233	16	financial	financial	ADJ
ajfa-121	233	17	analysts	analyst	NOUN
ajfa-121	233	18	of	of	ADP
ajfa-121	233	19	the	the	DET
ajfa-121	233	20	bank	bank	PROPN
ajfa-121	233	21	of	of	ADP
ajfa-121	233	22	china	china	PROPN
ajfa-121	233	23	.	.	PUNCT
ajfa-121	234	1	only	only	ADV
ajfa-121	234	2	5	5	NUM
ajfa-121	234	3	items	item	NOUN
ajfa-121	234	4	are	be	AUX
ajfa-121	234	5	disclosed	disclose	VERB
ajfa-121	234	6	in	in	ADP
ajfa-121	234	7	more	more	ADJ
ajfa-121	234	8	than	than	ADP
ajfa-121	234	9	50	50	NUM
ajfa-121	234	10	percent	percent	NOUN
ajfa-121	234	11	of	of	ADP
ajfa-121	234	12	the	the	DET
ajfa-121	234	13	sample	sample	NOUN
ajfa-121	234	14	and	and	CCONJ
ajfa-121	234	15	25	25	NUM
ajfa-121	234	16	items	item	NOUN
ajfa-121	234	17	are	be	AUX
ajfa-121	234	18	disclosed	disclose	VERB
ajfa-121	234	19	in	in	ADP
ajfa-121	234	20	less	less	ADJ
ajfa-121	234	21	than	than	ADP
ajfa-121	234	22	10	10	NUM
ajfa-121	234	23	percent	percent	NOUN
ajfa-121	234	24	of	of	ADP
ajfa-121	234	25	the	the	DET
ajfa-121	234	26	sample	sample	NOUN
ajfa-121	234	27	.	.	PUNCT
ajfa-121	235	1	no	no	DET
ajfa-121	235	2	sample	sample	NOUN
ajfa-121	235	3	company	company	NOUN
ajfa-121	235	4	disclosed	disclose	VERB
ajfa-121	235	5	the	the	DET
ajfa-121	235	6	“	"	PUNCT
ajfa-121	235	7	directors‟	directors‟	PROPN
ajfa-121	235	8	current	current	ADJ
ajfa-121	235	9	accounts	account	NOUN
ajfa-121	235	10	/	/	SYM
ajfa-121	235	11	loans	loan	NOUN
ajfa-121	235	12	to	to	ADP
ajfa-121	235	13	officers	officer	NOUN
ajfa-121	235	14	and	and	CCONJ
ajfa-121	235	15	the	the	DET
ajfa-121	235	16	directors‟	directors‟	PROPN
ajfa-121	235	17	interests	interest	NOUN
ajfa-121	235	18	in	in	ADP
ajfa-121	235	19	significant	significant	ADJ
ajfa-121	235	20	contracts	contract	NOUN
ajfa-121	235	21	,	,	PUNCT
ajfa-121	235	22	”	"	PUNCT
ajfa-121	235	23	which	which	PRON
ajfa-121	235	24	have	have	VERB
ajfa-121	235	25	the	the	DET
ajfa-121	235	26	highest	high	ADJ
ajfa-121	235	27	scores	score	NOUN
ajfa-121	235	28	as	as	SCONJ
ajfa-121	235	29	rated	rate	VERB
ajfa-121	235	30	by	by	ADP
ajfa-121	235	31	the	the	DET
ajfa-121	235	32	financial	financial	ADJ
ajfa-121	235	33	analysts	analyst	NOUN
ajfa-121	235	34	.	.	PUNCT
ajfa-121	236	1	the	the	DET
ajfa-121	236	2	average	average	ADJ
ajfa-121	236	3	score	score	NOUN
ajfa-121	236	4	of	of	ADP
ajfa-121	236	5	all	all	DET
ajfa-121	236	6	the	the	DET
ajfa-121	236	7	voluntary	voluntary	ADJ
ajfa-121	236	8	disclosure	disclosure	NOUN
ajfa-121	236	9	items	item	NOUN
ajfa-121	236	10	is	be	AUX
ajfa-121	236	11	5.01	5.01	NUM
ajfa-121	236	12	,	,	PUNCT
ajfa-121	236	13	which	which	PRON
ajfa-121	236	14	is	be	AUX
ajfa-121	236	15	lower	low	ADJ
ajfa-121	236	16	than	than	ADP
ajfa-121	236	17	the	the	DET
ajfa-121	236	18	score	score	NOUN
ajfa-121	236	19	reported	report	VERB
ajfa-121	236	20	in	in	ADP
ajfa-121	236	21	the	the	DET
ajfa-121	236	22	study	study	NOUN
ajfa-121	236	23	by	by	ADP
ajfa-121	236	24	ho	ho	PROPN
ajfa-121	236	25	and	and	CCONJ
ajfa-121	236	26	wong	wong	PROPN
ajfa-121	236	27	(	(	PUNCT
ajfa-121	236	28	2001	2001	NUM
ajfa-121	236	29	)	)	PUNCT
ajfa-121	236	30	(	(	PUNCT
ajfa-121	236	31	their	their	PRON
ajfa-121	236	32	average	average	ADJ
ajfa-121	236	33	score	score	NOUN
ajfa-121	236	34	is	be	AUX
ajfa-121	236	35	5.31	5.31	NUM
ajfa-121	236	36	)	)	PUNCT
ajfa-121	236	37	.	.	PUNCT
ajfa-121	237	1	these	these	DET
ajfa-121	237	2	results	result	NOUN
ajfa-121	237	3	imply	imply	VERB
ajfa-121	237	4	that	that	SCONJ
ajfa-121	237	5	publicly	publicly	ADV
ajfa-121	237	6	-	-	PUNCT
ajfa-121	237	7	listed	list	VERB
ajfa-121	237	8	companies	company	NOUN
ajfa-121	237	9	in	in	ADP
ajfa-121	237	10	the	the	DET
ajfa-121	237	11	chinese	chinese	ADJ
ajfa-121	237	12	market	market	NOUN
ajfa-121	237	13	voluntarily	voluntarily	ADV
ajfa-121	237	14	disclose	disclose	VERB
ajfa-121	237	15	less	less	ADJ
ajfa-121	237	16	information	information	NOUN
ajfa-121	237	17	than	than	ADP
ajfa-121	237	18	the	the	DET
ajfa-121	237	19	companies	company	NOUN
ajfa-121	237	20	in	in	ADP
ajfa-121	237	21	ho	ho	PROPN
ajfa-121	237	22	and	and	CCONJ
ajfa-121	237	23	wong‟s	wong‟s	PROPN
ajfa-121	237	24	hong	hong	PROPN
ajfa-121	237	25	kong	kong	PROPN
ajfa-121	237	26	sample	sample	NOUN
ajfa-121	237	27	.	.	PUNCT
ajfa-121	238	1	the	the	DET
ajfa-121	238	2	low	low	ADJ
ajfa-121	238	3	average	average	ADJ
ajfa-121	238	4	score	score	NOUN
ajfa-121	238	5	based	base	VERB
ajfa-121	238	6	on	on	ADP
ajfa-121	238	7	the	the	DET
ajfa-121	238	8	analysts‟	analysts‟	ADJ
ajfa-121	238	9	ratings	rating	NOUN
ajfa-121	238	10	also	also	ADV
ajfa-121	238	11	indicates	indicate	VERB
ajfa-121	238	12	that	that	SCONJ
ajfa-121	238	13	they	they	PRON
ajfa-121	238	14	do	do	AUX
ajfa-121	238	15	not	not	PART
ajfa-121	238	16	regard	regard	VERB
ajfa-121	238	17	the	the	DET
ajfa-121	238	18	annual	annual	ADJ
ajfa-121	238	19	reports	report	NOUN
ajfa-121	238	20	as	as	ADP
ajfa-121	238	21	the	the	DET
ajfa-121	238	22	most	most	ADV
ajfa-121	238	23	important	important	ADJ
ajfa-121	238	24	source	source	NOUN
ajfa-121	238	25	from	from	ADP
ajfa-121	238	26	which	which	PRON
ajfa-121	238	27	to	to	PART
ajfa-121	238	28	obtain	obtain	VERB
ajfa-121	238	29	company	company	NOUN
ajfa-121	238	30	information	information	NOUN
ajfa-121	238	31	.	.	PUNCT
ajfa-121	239	1	the	the	DET
ajfa-121	239	2	most	most	ADV
ajfa-121	239	3	important	important	ADJ
ajfa-121	239	4	items	item	NOUN
ajfa-121	239	5	obtained	obtain	VERB
ajfa-121	239	6	from	from	ADP
ajfa-121	239	7	the	the	DET
ajfa-121	239	8	analysts	analyst	NOUN
ajfa-121	239	9	are	be	AUX
ajfa-121	239	10	(	(	PUNCT
ajfa-121	239	11	1	1	X
ajfa-121	239	12	)	)	PUNCT
ajfa-121	239	13	the	the	DET
ajfa-121	239	14	directors‟	directors‟	PROPN
ajfa-121	239	15	interests	interest	NOUN
ajfa-121	239	16	in	in	ADP
ajfa-121	239	17	competing	compete	VERB
ajfa-121	239	18	businesses	business	NOUN
ajfa-121	239	19	;	;	PUNCT
ajfa-121	239	20	(	(	PUNCT
ajfa-121	239	21	2	2	X
ajfa-121	239	22	)	)	PUNCT
ajfa-121	239	23	the	the	DET
ajfa-121	239	24	report	report	NOUN
ajfa-121	239	25	on	on	ADP
ajfa-121	239	26	the	the	DET
ajfa-121	239	27	completed	complete	VERB
ajfa-121	239	28	work	work	NOUN
ajfa-121	239	29	of	of	ADP
ajfa-121	239	30	the	the	DET
ajfa-121	239	31	audit	audit	NOUN
ajfa-121	239	32	committee	committee	NOUN
ajfa-121	239	33	;	;	PUNCT
ajfa-121	239	34	(	(	PUNCT
ajfa-121	239	35	3	3	X
ajfa-121	239	36	)	)	PUNCT
ajfa-121	239	37	the	the	DET
ajfa-121	239	38	directors‟	directors‟	PROPN
ajfa-121	239	39	interests	interest	NOUN
ajfa-121	239	40	in	in	ADP
ajfa-121	239	41	asian	asian	ADJ
ajfa-121	239	42	journal	journal	NOUN
ajfa-121	239	43	of	of	ADP
ajfa-121	239	44	finance	finance	PROPN
ajfa-121	239	45	&	&	CCONJ
ajfa-121	239	46	accounting	accounting	PROPN
ajfa-121	239	47	issn	issn	PROPN
ajfa-121	239	48	1946	1946	NUM
ajfa-121	239	49	-	-	PUNCT
ajfa-121	239	50	052x	052x	NOUN
ajfa-121	239	51	2009	2009	NUM
ajfa-121	239	52	,	,	PUNCT
ajfa-121	239	53	vol	vol	NOUN
ajfa-121	239	54	.	.	PROPN
ajfa-121	240	1	1	1	NUM
ajfa-121	240	2	,	,	PUNCT
ajfa-121	240	3	no	no	INTJ
ajfa-121	240	4	.	.	NOUN
ajfa-121	240	5	2	2	NUM
ajfa-121	240	6	:	:	PUNCT
ajfa-121	240	7	e6	e6	VERB
ajfa-121	240	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-121	240	9	134	134	NUM
ajfa-121	240	10	significant	significant	ADJ
ajfa-121	240	11	contracts	contract	NOUN
ajfa-121	240	12	;	;	PUNCT
ajfa-121	240	13	(	(	PUNCT
ajfa-121	240	14	4	4	X
ajfa-121	240	15	)	)	PUNCT
ajfa-121	240	16	the	the	DET
ajfa-121	240	17	statement	statement	NOUN
ajfa-121	240	18	of	of	ADP
ajfa-121	240	19	the	the	DET
ajfa-121	240	20	interests	interest	NOUN
ajfa-121	240	21	(	(	PUNCT
ajfa-121	240	22	class	class	NOUN
ajfa-121	240	23	and	and	CCONJ
ajfa-121	240	24	number	number	NOUN
ajfa-121	240	25	of	of	ADP
ajfa-121	240	26	securities	security	NOUN
ajfa-121	240	27	)	)	PUNCT
ajfa-121	240	28	of	of	ADP
ajfa-121	240	29	each	each	DET
ajfa-121	240	30	director	director	NOUN
ajfa-121	240	31	;	;	PUNCT
ajfa-121	240	32	and	and	CCONJ
ajfa-121	240	33	(	(	PUNCT
ajfa-121	240	34	5	5	X
ajfa-121	240	35	)	)	PUNCT
ajfa-121	240	36	the	the	DET
ajfa-121	240	37	ceo‟s	ceo‟s	NUM
ajfa-121	240	38	interests	interest	NOUN
ajfa-121	240	39	in	in	ADP
ajfa-121	240	40	the	the	DET
ajfa-121	240	41	equity	equity	NOUN
ajfa-121	240	42	or	or	CCONJ
ajfa-121	240	43	debt	debt	NOUN
ajfa-121	240	44	securities	security	NOUN
ajfa-121	240	45	of	of	ADP
ajfa-121	240	46	the	the	DET
ajfa-121	240	47	company	company	NOUN
ajfa-121	240	48	or	or	CCONJ
ajfa-121	240	49	any	any	DET
ajfa-121	240	50	associated	associated	ADJ
ajfa-121	240	51	corporation	corporation	NOUN
ajfa-121	240	52	.	.	PUNCT
ajfa-121	241	1	the	the	DET
ajfa-121	241	2	mean	mean	NOUN
ajfa-121	241	3	of	of	ADP
ajfa-121	241	4	the	the	DET
ajfa-121	241	5	shares	share	NOUN
ajfa-121	241	6	held	hold	VERB
ajfa-121	241	7	by	by	ADP
ajfa-121	241	8	the	the	DET
ajfa-121	241	9	top	top	ADJ
ajfa-121	241	10	10	10	NUM
ajfa-121	241	11	shareholders	shareholder	NOUN
ajfa-121	241	12	is	be	AUX
ajfa-121	241	13	66.95	66.95	NUM
ajfa-121	241	14	percent	percent	NOUN
ajfa-121	241	15	(	(	PUNCT
ajfa-121	241	16	within	within	ADP
ajfa-121	241	17	a	a	DET
ajfa-121	241	18	range	range	NOUN
ajfa-121	241	19	of	of	ADP
ajfa-121	241	20	35.5	35.5	NUM
ajfa-121	241	21	percent	percent	NOUN
ajfa-121	241	22	to	to	ADP
ajfa-121	241	23	90.59	90.59	NUM
ajfa-121	241	24	percent	percent	NOUN
ajfa-121	241	25	)	)	PUNCT
ajfa-121	241	26	.	.	PUNCT
ajfa-121	242	1	the	the	DET
ajfa-121	242	2	mean	mean	ADJ
ajfa-121	242	3	ratio	ratio	NOUN
ajfa-121	242	4	of	of	ADP
ajfa-121	242	5	shares	share	NOUN
ajfa-121	242	6	held	hold	VERB
ajfa-121	242	7	by	by	ADP
ajfa-121	242	8	the	the	DET
ajfa-121	242	9	government	government	NOUN
ajfa-121	242	10	is	be	AUX
ajfa-121	242	11	33.39	33.39	NUM
ajfa-121	242	12	percent	percent	NOUN
ajfa-121	242	13	(	(	PUNCT
ajfa-121	242	14	within	within	ADP
ajfa-121	242	15	a	a	DET
ajfa-121	242	16	range	range	NOUN
ajfa-121	242	17	of	of	ADP
ajfa-121	242	18	0	0	NUM
ajfa-121	242	19	percent	percent	NOUN
ajfa-121	242	20	to	to	ADP
ajfa-121	242	21	76.51	76.51	NUM
ajfa-121	242	22	percent	percent	NOUN
ajfa-121	242	23	)	)	PUNCT
ajfa-121	242	24	.	.	PUNCT
ajfa-121	243	1	this	this	DET
ajfa-121	243	2	result	result	NOUN
ajfa-121	243	3	is	be	AUX
ajfa-121	243	4	consistent	consistent	ADJ
ajfa-121	243	5	with	with	ADP
ajfa-121	243	6	the	the	DET
ajfa-121	243	7	previous	previous	ADJ
ajfa-121	243	8	literature	literature	NOUN
ajfa-121	243	9	that	that	PRON
ajfa-121	243	10	shows	show	VERB
ajfa-121	243	11	that	that	SCONJ
ajfa-121	243	12	the	the	DET
ajfa-121	243	13	ownership	ownership	NOUN
ajfa-121	243	14	structure	structure	NOUN
ajfa-121	243	15	of	of	ADP
ajfa-121	243	16	publicly	publicly	ADV
ajfa-121	243	17	-	-	PUNCT
ajfa-121	243	18	listed	list	VERB
ajfa-121	243	19	companies	company	NOUN
ajfa-121	243	20	on	on	ADP
ajfa-121	243	21	the	the	DET
ajfa-121	243	22	chinese	chinese	ADJ
ajfa-121	243	23	stock	stock	NOUN
ajfa-121	243	24	market	market	NOUN
ajfa-121	243	25	is	be	AUX
ajfa-121	243	26	highly	highly	ADV
ajfa-121	243	27	concentrated	concentrated	ADJ
ajfa-121	243	28	and	and	CCONJ
ajfa-121	243	29	controlled	control	VERB
ajfa-121	243	30	by	by	ADP
ajfa-121	243	31	the	the	DET
ajfa-121	243	32	state	state	NOUN
ajfa-121	243	33	because	because	SCONJ
ajfa-121	243	34	these	these	DET
ajfa-121	243	35	companies	company	NOUN
ajfa-121	243	36	were	be	AUX
ajfa-121	243	37	originally	originally	ADV
ajfa-121	243	38	soes	soe	NOUN
ajfa-121	243	39	.	.	PUNCT
ajfa-121	244	1	the	the	DET
ajfa-121	244	2	mean	mean	ADJ
ajfa-121	244	3	ratio	ratio	NOUN
ajfa-121	244	4	of	of	ADP
ajfa-121	244	5	independent	independent	ADJ
ajfa-121	244	6	non	non	ADJ
ajfa-121	244	7	-	-	ADJ
ajfa-121	244	8	executive	executive	ADJ
ajfa-121	244	9	directors	director	NOUN
ajfa-121	244	10	is	be	AUX
ajfa-121	244	11	34.55	34.55	NUM
ajfa-121	244	12	percent	percent	NOUN
ajfa-121	244	13	(	(	PUNCT
ajfa-121	244	14	within	within	ADP
ajfa-121	244	15	a	a	DET
ajfa-121	244	16	range	range	NOUN
ajfa-121	244	17	of	of	ADP
ajfa-121	244	18	20	20	NUM
ajfa-121	244	19	percent	percent	NOUN
ajfa-121	244	20	to	to	ADP
ajfa-121	244	21	44.44	44.44	NUM
ajfa-121	244	22	percent	percent	NOUN
ajfa-121	244	23	)	)	PUNCT
ajfa-121	244	24	.	.	PUNCT
ajfa-121	245	1	the	the	DET
ajfa-121	245	2	descriptive	descriptive	ADJ
ajfa-121	245	3	statistics	statistic	NOUN
ajfa-121	245	4	do	do	AUX
ajfa-121	245	5	not	not	PART
ajfa-121	245	6	apply	apply	VERB
ajfa-121	245	7	to	to	ADP
ajfa-121	245	8	the	the	DET
ajfa-121	245	9	audit	audit	NOUN
ajfa-121	245	10	committee	committee	NOUN
ajfa-121	245	11	or	or	CCONJ
ajfa-121	245	12	the	the	DET
ajfa-121	245	13	dominant	dominant	ADJ
ajfa-121	245	14	personality	personality	NOUN
ajfa-121	245	15	variables	variable	NOUN
ajfa-121	245	16	because	because	SCONJ
ajfa-121	245	17	they	they	PRON
ajfa-121	245	18	are	be	AUX
ajfa-121	245	19	presented	present	VERB
ajfa-121	245	20	in	in	ADP
ajfa-121	245	21	the	the	DET
ajfa-121	245	22	form	form	NOUN
ajfa-121	245	23	of	of	ADP
ajfa-121	245	24	nominal	nominal	ADJ
ajfa-121	245	25	variables	variable	NOUN
ajfa-121	245	26	.	.	PUNCT
ajfa-121	246	1	table	table	NOUN
ajfa-121	246	2	5	5	NUM
ajfa-121	246	3	.	.	PUNCT
ajfa-121	247	1	summary	summary	NOUN
ajfa-121	247	2	statistics	statistic	NOUN
ajfa-121	247	3	of	of	ADP
ajfa-121	247	4	the	the	DET
ajfa-121	247	5	continuous	continuous	ADJ
ajfa-121	247	6	variables	variable	NOUN
ajfa-121	247	7	(	(	PUNCT
ajfa-121	247	8	n	n	NOUN
ajfa-121	247	9	=	=	SYM
ajfa-121	247	10	200	200	NUM
ajfa-121	247	11	)	)	PUNCT
ajfa-121	247	12	mean	mean	PROPN
ajfa-121	247	13	min	min	PROPN
ajfa-121	247	14	.	.	PROPN
ajfa-121	247	15	max	max	PROPN
ajfa-121	247	16	.	.	PUNCT
ajfa-121	248	1	std	std	PROPN
ajfa-121	248	2	.	.	PUNCT
ajfa-121	249	1	dev	dev	PROPN
ajfa-121	249	2	.	.	PUNCT
ajfa-121	250	1	dependent	dependent	ADJ
ajfa-121	250	2	variables	variable	NOUN
ajfa-121	250	3	rdi	rdi	PROPN
ajfa-121	250	4	extent	extent	NOUN
ajfa-121	250	5	of	of	ADP
ajfa-121	250	6	voluntary	voluntary	ADJ
ajfa-121	250	7	disclosures	disclosure	NOUN
ajfa-121	250	8	0.214	0.214	ADV
ajfa-121	250	9	0.107	0.107	NUM
ajfa-121	250	10	0.706	0.706	NUM
ajfa-121	250	11	0.095	0.095	NUM
ajfa-121	250	12	independent	independent	ADJ
ajfa-121	250	13	variables	variable	NOUN
ajfa-121	250	14	top10	top10	PROPN
ajfa-121	250	15	the	the	DET
ajfa-121	250	16	shares	share	NOUN
ajfa-121	250	17	held	hold	VERB
ajfa-121	250	18	by	by	ADP
ajfa-121	250	19	the	the	DET
ajfa-121	250	20	top	top	ADJ
ajfa-121	250	21	10	10	NUM
ajfa-121	250	22	shareholders	shareholder	NOUN
ajfa-121	250	23	0.670	0.670	NUM
ajfa-121	250	24	0.355	0.355	NUM
ajfa-121	250	25	0.906	0.906	NUM
ajfa-121	250	26	0.097	0.097	NUM
ajfa-121	250	27	pg	pg	NOUN
ajfa-121	250	28	the	the	DET
ajfa-121	250	29	shares	share	NOUN
ajfa-121	250	30	held	hold	VERB
ajfa-121	250	31	by	by	ADP
ajfa-121	250	32	the	the	DET
ajfa-121	250	33	government	government	NOUN
ajfa-121	250	34	0.340	0.340	NUM
ajfa-121	250	35	0.000	0.000	NUM
ajfa-121	250	36	0.765	0.765	NUM
ajfa-121	250	37	0.239	0.239	NUM
ajfa-121	250	38	inds	ind	VERB
ajfa-121	250	39	the	the	DET
ajfa-121	250	40	ratio	ratio	NOUN
ajfa-121	250	41	of	of	ADP
ajfa-121	250	42	independent	independent	ADJ
ajfa-121	250	43	non	non	ADJ
ajfa-121	250	44	-	-	ADJ
ajfa-121	250	45	executive	executive	ADJ
ajfa-121	250	46	directors	director	NOUN
ajfa-121	250	47	0.345	0.345	NUM
ajfa-121	250	48	0.200	0.200	NUM
ajfa-121	250	49	0.444	0.444	NUM
ajfa-121	250	50	0.041	0.041	NUM
ajfa-121	250	51	lsize	lsize	NOUN
ajfa-121	250	52	firm	firm	ADJ
ajfa-121	250	53	size	size	NOUN
ajfa-121	250	54	(	(	PUNCT
ajfa-121	250	55	measured	measure	VERB
ajfa-121	250	56	by	by	ADP
ajfa-121	250	57	log	log	NOUN
ajfa-121	250	58	of	of	ADP
ajfa-121	250	59	total	total	ADJ
ajfa-121	250	60	assets	asset	NOUN
ajfa-121	250	61	)	)	PUNCT
ajfa-121	250	62	9.382	9.382	NUM
ajfa-121	250	63	8.661	8.661	NUM
ajfa-121	250	64	11.154	11.154	NUM
ajfa-121	250	65	0.456	0.456	NUM
ajfa-121	250	66	lev	lev	NOUN
ajfa-121	250	67	leverage	leverage	NOUN
ajfa-121	250	68	ratio	ratio	NOUN
ajfa-121	250	69	(	(	PUNCT
ajfa-121	250	70	total	total	ADJ
ajfa-121	250	71	liabilities	liability	NOUN
ajfa-121	250	72	to	to	PART
ajfa-121	250	73	total	total	VERB
ajfa-121	250	74	equity	equity	NOUN
ajfa-121	250	75	)	)	PUNCT
ajfa-121	250	76	0.496	0.496	NUM
ajfa-121	250	77	0.138	0.138	NUM
ajfa-121	250	78	0.802	0.802	NUM
ajfa-121	250	79	0.154	0.154	NUM
ajfa-121	250	80	prf	prf	NOUN
ajfa-121	250	81	profitability	profitability	NOUN
ajfa-121	250	82	(	(	PUNCT
ajfa-121	250	83	measured	measure	VERB
ajfa-121	250	84	by	by	ADP
ajfa-121	250	85	roe	roe	PROPN
ajfa-121	250	86	)	)	PUNCT
ajfa-121	250	87	0.086	0.086	NUM
ajfa-121	250	88	-0.299	-0.299	NUM
ajfa-121	250	89	0.443	0.443	NUM
ajfa-121	250	90	0.084	0.084	NUM
ajfa-121	250	91	ts	ts	ADP
ajfa-121	250	92	tradable	tradable	ADJ
ajfa-121	250	93	shares	share	NOUN
ajfa-121	250	94	0.291	0.291	NUM
ajfa-121	250	95	0.029	0.029	NUM
ajfa-121	250	96	0.519	0.519	NUM
ajfa-121	250	97	0.095	0.095	NUM
ajfa-121	250	98	this	this	DET
ajfa-121	250	99	study	study	NOUN
ajfa-121	250	100	includes	include	VERB
ajfa-121	250	101	several	several	ADJ
ajfa-121	250	102	nominal	nominal	ADJ
ajfa-121	250	103	variables	variable	NOUN
ajfa-121	250	104	in	in	ADP
ajfa-121	250	105	the	the	DET
ajfa-121	250	106	independent	independent	ADJ
ajfa-121	250	107	variables	variable	NOUN
ajfa-121	250	108	.	.	PUNCT
ajfa-121	251	1	the	the	DET
ajfa-121	251	2	summary	summary	NOUN
ajfa-121	251	3	statistics	statistic	NOUN
ajfa-121	251	4	of	of	ADP
ajfa-121	251	5	these	these	DET
ajfa-121	251	6	variables	variable	NOUN
ajfa-121	251	7	are	be	AUX
ajfa-121	251	8	listed	list	VERB
ajfa-121	251	9	in	in	ADP
ajfa-121	251	10	table	table	NOUN
ajfa-121	251	11	6	6	NUM
ajfa-121	251	12	.	.	PUNCT
ajfa-121	252	1	among	among	ADP
ajfa-121	252	2	the	the	DET
ajfa-121	252	3	publicly	publicly	ADV
ajfa-121	252	4	-	-	PUNCT
ajfa-121	252	5	listed	list	VERB
ajfa-121	252	6	firms	firm	NOUN
ajfa-121	252	7	,	,	PUNCT
ajfa-121	252	8	52	52	NUM
ajfa-121	252	9	percent	percent	NOUN
ajfa-121	252	10	have	have	VERB
ajfa-121	252	11	an	an	DET
ajfa-121	252	12	established	establish	VERB
ajfa-121	252	13	audit	audit	NOUN
ajfa-121	252	14	committee	committee	NOUN
ajfa-121	252	15	.	.	PUNCT
ajfa-121	253	1	the	the	DET
ajfa-121	253	2	percentage	percentage	NOUN
ajfa-121	253	3	of	of	ADP
ajfa-121	253	4	publicly	publicly	ADV
ajfa-121	253	5	-	-	PUNCT
ajfa-121	253	6	listed	list	VERB
ajfa-121	253	7	firms	firm	NOUN
ajfa-121	253	8	in	in	ADP
ajfa-121	253	9	which	which	PRON
ajfa-121	253	10	the	the	DET
ajfa-121	253	11	ceo	ceo	NOUN
ajfa-121	253	12	and	and	CCONJ
ajfa-121	253	13	the	the	DET
ajfa-121	253	14	chairman	chairman	NOUN
ajfa-121	253	15	of	of	ADP
ajfa-121	253	16	board	board	NOUN
ajfa-121	253	17	is	be	AUX
ajfa-121	253	18	the	the	DET
ajfa-121	253	19	same	same	ADJ
ajfa-121	253	20	person	person	NOUN
ajfa-121	253	21	is	be	AUX
ajfa-121	253	22	17	17	NUM
ajfa-121	253	23	percent	percent	NOUN
ajfa-121	253	24	.	.	PUNCT
ajfa-121	254	1	this	this	PRON
ajfa-121	254	2	means	mean	VERB
ajfa-121	254	3	more	more	ADJ
ajfa-121	254	4	companies	company	NOUN
ajfa-121	254	5	are	be	AUX
ajfa-121	254	6	designed	design	VERB
ajfa-121	254	7	to	to	PART
ajfa-121	254	8	establish	establish	VERB
ajfa-121	254	9	audit	audit	NOUN
ajfa-121	254	10	committees	committee	NOUN
ajfa-121	254	11	and	and	CCONJ
ajfa-121	254	12	fewer	few	ADJ
ajfa-121	254	13	companies	company	NOUN
ajfa-121	254	14	have	have	VERB
ajfa-121	254	15	the	the	DET
ajfa-121	254	16	management	management	NOUN
ajfa-121	254	17	and	and	CCONJ
ajfa-121	254	18	ownership	ownership	NOUN
ajfa-121	254	19	mix	mix	NOUN
ajfa-121	254	20	as	as	SCONJ
ajfa-121	254	21	reported	report	VERB
ajfa-121	254	22	by	by	ADP
ajfa-121	254	23	ho	ho	PROPN
ajfa-121	254	24	and	and	CCONJ
ajfa-121	254	25	wong	wong	PROPN
ajfa-121	254	26	(	(	PUNCT
ajfa-121	254	27	2000	2000	NUM
ajfa-121	254	28	)	)	PUNCT
ajfa-121	254	29	(	(	PUNCT
ajfa-121	254	30	23.5	23.5	NUM
ajfa-121	254	31	percent	percent	NOUN
ajfa-121	254	32	and	and	CCONJ
ajfa-121	254	33	29	29	NUM
ajfa-121	254	34	percent	percent	NOUN
ajfa-121	254	35	respectively	respectively	ADV
ajfa-121	254	36	)	)	PUNCT
ajfa-121	254	37	.	.	PUNCT
ajfa-121	255	1	table	table	NOUN
ajfa-121	255	2	6	6	NUM
ajfa-121	255	3	.	.	PUNCT
ajfa-121	256	1	summary	summary	NOUN
ajfa-121	256	2	statistics	statistic	NOUN
ajfa-121	256	3	of	of	ADP
ajfa-121	256	4	the	the	DET
ajfa-121	256	5	nominal	nominal	ADJ
ajfa-121	256	6	independent	independent	ADJ
ajfa-121	256	7	variables	variable	NOUN
ajfa-121	256	8	(	(	PUNCT
ajfa-121	256	9	n	n	NOUN
ajfa-121	256	10	=	=	SYM
ajfa-121	256	11	200	200	NUM
ajfa-121	256	12	)	)	PUNCT
ajfa-121	256	13	percentage	percentage	NOUN
ajfa-121	256	14	of	of	ADP
ajfa-121	256	15	firms	firm	NOUN
ajfa-121	256	16	in	in	ADP
ajfa-121	256	17	the	the	DET
ajfa-121	256	18	sample	sample	NOUN
ajfa-121	256	19	ac	ac	ADP
ajfa-121	256	20	the	the	DET
ajfa-121	256	21	existence	existence	NOUN
ajfa-121	256	22	of	of	ADP
ajfa-121	256	23	an	an	DET
ajfa-121	256	24	audit	audit	NOUN
ajfa-121	256	25	committee	committee	NOUN
ajfa-121	256	26	52	52	NUM
ajfa-121	256	27	cd	cd	NOUN
ajfa-121	256	28	the	the	DET
ajfa-121	256	29	existence	existence	NOUN
ajfa-121	256	30	of	of	ADP
ajfa-121	256	31	ceo	ceo	NOUN
ajfa-121	256	32	duality	duality	NOUN
ajfa-121	256	33	17	17	NUM
ajfa-121	256	34	it	it	PRON
ajfa-121	256	35	industry	industry	NOUN
ajfa-121	256	36	types	type	NOUN
ajfa-121	256	37	:	:	PUNCT
ajfa-121	256	38	mining	mine	VERB
ajfa-121	256	39	5	5	NUM
ajfa-121	256	40	asian	asian	ADJ
ajfa-121	256	41	journal	journal	NOUN
ajfa-121	256	42	of	of	ADP
ajfa-121	256	43	finance	finance	PROPN
ajfa-121	256	44	&	&	CCONJ
ajfa-121	256	45	accounting	accounting	PROPN
ajfa-121	256	46	issn	issn	PROPN
ajfa-121	256	47	1946	1946	NUM
ajfa-121	256	48	-	-	PUNCT
ajfa-121	256	49	052x	052x	NOUN
ajfa-121	256	50	2009	2009	NUM
ajfa-121	256	51	,	,	PUNCT
ajfa-121	256	52	vol	vol	NOUN
ajfa-121	256	53	.	.	PROPN
ajfa-121	256	54	1	1	NUM
ajfa-121	256	55	,	,	PUNCT
ajfa-121	256	56	no	no	INTJ
ajfa-121	256	57	.	.	NOUN
ajfa-121	256	58	2	2	NUM
ajfa-121	256	59	:	:	PUNCT
ajfa-121	256	60	e6	e6	VERB
ajfa-121	256	61	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	256	62	135	135	NUM
ajfa-121	256	63	manufacturing	manufacture	VERB
ajfa-121	256	64	59	59	NUM
ajfa-121	256	65	utilities	utility	NOUN
ajfa-121	256	66	7	7	NUM
ajfa-121	256	67	transportation	transportation	NOUN
ajfa-121	256	68	and	and	CCONJ
ajfa-121	256	69	warehousing	warehousing	NOUN
ajfa-121	256	70	9	9	NUM
ajfa-121	256	71	information	information	NOUN
ajfa-121	256	72	technology	technology	NOUN
ajfa-121	256	73	8	8	NUM
ajfa-121	256	74	wholesale	wholesale	ADJ
ajfa-121	256	75	and	and	CCONJ
ajfa-121	256	76	retail	retail	ADJ
ajfa-121	256	77	trade	trade	NOUN
ajfa-121	256	78	6	6	NUM
ajfa-121	256	79	real	real	ADJ
ajfa-121	256	80	estate	estate	NOUN
ajfa-121	256	81	6	6	NUM
ajfa-121	256	82	table	table	NOUN
ajfa-121	256	83	7	7	NUM
ajfa-121	256	84	shows	show	VERB
ajfa-121	256	85	the	the	DET
ajfa-121	256	86	correlation	correlation	NOUN
ajfa-121	256	87	matrix	matrix	NOUN
ajfa-121	256	88	of	of	ADP
ajfa-121	256	89	all	all	DET
ajfa-121	256	90	the	the	DET
ajfa-121	256	91	dependent	dependent	ADJ
ajfa-121	256	92	and	and	CCONJ
ajfa-121	256	93	independent	independent	ADJ
ajfa-121	256	94	variables	variable	NOUN
ajfa-121	256	95	.	.	PUNCT
ajfa-121	257	1	it	it	PRON
ajfa-121	257	2	is	be	AUX
ajfa-121	257	3	found	find	VERB
ajfa-121	257	4	that	that	SCONJ
ajfa-121	257	5	there	there	PRON
ajfa-121	257	6	are	be	VERB
ajfa-121	257	7	five	five	NUM
ajfa-121	257	8	variables	variable	NOUN
ajfa-121	257	9	that	that	PRON
ajfa-121	257	10	have	have	VERB
ajfa-121	257	11	a	a	DET
ajfa-121	257	12	significant	significant	ADJ
ajfa-121	257	13	positive	positive	ADJ
ajfa-121	257	14	relationship	relationship	NOUN
ajfa-121	257	15	with	with	ADP
ajfa-121	257	16	the	the	DET
ajfa-121	257	17	rdi	rdi	PROPN
ajfa-121	257	18	,	,	PUNCT
ajfa-121	257	19	including	include	VERB
ajfa-121	257	20	firm	firm	ADJ
ajfa-121	257	21	size	size	NOUN
ajfa-121	257	22	,	,	PUNCT
ajfa-121	257	23	profitability	profitability	NOUN
ajfa-121	257	24	,	,	PUNCT
ajfa-121	257	25	government	government	NOUN
ajfa-121	257	26	and	and	CCONJ
ajfa-121	257	27	related	related	ADJ
ajfa-121	257	28	institutions	institution	NOUN
ajfa-121	257	29	,	,	PUNCT
ajfa-121	257	30	percentage	percentage	NOUN
ajfa-121	257	31	of	of	ADP
ajfa-121	257	32	independent	independent	ADJ
ajfa-121	257	33	directors	director	NOUN
ajfa-121	257	34	on	on	ADP
ajfa-121	257	35	the	the	DET
ajfa-121	257	36	board	board	NOUN
ajfa-121	257	37	,	,	PUNCT
ajfa-121	257	38	and	and	CCONJ
ajfa-121	257	39	percentage	percentage	NOUN
ajfa-121	257	40	of	of	ADP
ajfa-121	257	41	tradable	tradable	ADJ
ajfa-121	257	42	shares	share	NOUN
ajfa-121	257	43	held	hold	VERB
ajfa-121	257	44	by	by	ADP
ajfa-121	257	45	individuals	individual	NOUN
ajfa-121	257	46	.	.	PUNCT
ajfa-121	258	1	in	in	ADP
ajfa-121	258	2	contrast	contrast	NOUN
ajfa-121	258	3	,	,	PUNCT
ajfa-121	258	4	the	the	DET
ajfa-121	258	5	existence	existence	NOUN
ajfa-121	258	6	and	and	CCONJ
ajfa-121	258	7	leverage	leverage	NOUN
ajfa-121	258	8	of	of	ADP
ajfa-121	258	9	an	an	DET
ajfa-121	258	10	audit	audit	NOUN
ajfa-121	258	11	committee	committee	NOUN
ajfa-121	258	12	has	have	VERB
ajfa-121	258	13	a	a	DET
ajfa-121	258	14	negative	negative	ADJ
ajfa-121	258	15	and	and	CCONJ
ajfa-121	258	16	significant	significant	ADJ
ajfa-121	258	17	sign	sign	NOUN
ajfa-121	258	18	to	to	PART
ajfa-121	258	19	predict	predict	VERB
ajfa-121	258	20	the	the	DET
ajfa-121	258	21	rdi	rdi	PROPN
ajfa-121	258	22	.	.	PUNCT
ajfa-121	259	1	the	the	DET
ajfa-121	259	2	presence	presence	NOUN
ajfa-121	259	3	of	of	ADP
ajfa-121	259	4	the	the	DET
ajfa-121	259	5	bivariate	bivariate	ADJ
ajfa-121	259	6	relationship	relationship	NOUN
ajfa-121	259	7	further	far	ADV
ajfa-121	259	8	encourages	encourage	VERB
ajfa-121	259	9	interpretation	interpretation	NOUN
ajfa-121	259	10	of	of	ADP
ajfa-121	259	11	the	the	DET
ajfa-121	259	12	results	result	NOUN
ajfa-121	259	13	by	by	ADP
ajfa-121	259	14	multivariate	multivariate	NOUN
ajfa-121	259	15	analysis	analysis	NOUN
ajfa-121	259	16	.	.	PUNCT
ajfa-121	260	1	all	all	PRON
ajfa-121	260	2	of	of	ADP
ajfa-121	260	3	the	the	DET
ajfa-121	260	4	variables	variable	NOUN
ajfa-121	260	5	were	be	AUX
ajfa-121	260	6	put	put	VERB
ajfa-121	260	7	into	into	ADP
ajfa-121	260	8	multiple	multiple	ADJ
ajfa-121	260	9	regressions	regression	NOUN
ajfa-121	260	10	to	to	PART
ajfa-121	260	11	test	test	VERB
ajfa-121	260	12	their	their	PRON
ajfa-121	260	13	relationship	relationship	NOUN
ajfa-121	260	14	with	with	ADP
ajfa-121	260	15	the	the	DET
ajfa-121	260	16	dependent	dependent	ADJ
ajfa-121	260	17	variable	variable	NOUN
ajfa-121	260	18	(	(	PUNCT
ajfa-121	260	19	rdi	rdi	PROPN
ajfa-121	260	20	)	)	PUNCT
ajfa-121	260	21	.	.	PUNCT
ajfa-121	261	1	a	a	DET
ajfa-121	261	2	multicollinearity	multicollinearity	NOUN
ajfa-121	261	3	problem	problem	NOUN
ajfa-121	261	4	may	may	AUX
ajfa-121	261	5	exist	exist	VERB
ajfa-121	261	6	in	in	ADP
ajfa-121	261	7	the	the	DET
ajfa-121	261	8	multiple	multiple	ADJ
ajfa-121	261	9	regression	regression	NOUN
ajfa-121	261	10	model	model	NOUN
ajfa-121	261	11	and	and	CCONJ
ajfa-121	261	12	may	may	AUX
ajfa-121	261	13	affect	affect	VERB
ajfa-121	261	14	the	the	DET
ajfa-121	261	15	interpretations	interpretation	NOUN
ajfa-121	261	16	of	of	ADP
ajfa-121	261	17	the	the	DET
ajfa-121	261	18	results	result	NOUN
ajfa-121	261	19	.	.	PUNCT
ajfa-121	262	1	therefore	therefore	ADV
ajfa-121	262	2	,	,	PUNCT
ajfa-121	262	3	a	a	DET
ajfa-121	262	4	variance	variance	NOUN
ajfa-121	262	5	inflation	inflation	NOUN
ajfa-121	262	6	factor	factor	NOUN
ajfa-121	262	7	(	(	PUNCT
ajfa-121	262	8	vif	vif	NOUN
ajfa-121	262	9	)	)	PUNCT
ajfa-121	262	10	was	be	AUX
ajfa-121	262	11	employed	employ	VERB
ajfa-121	262	12	to	to	PART
ajfa-121	262	13	test	test	VERB
ajfa-121	262	14	the	the	DET
ajfa-121	262	15	presence	presence	NOUN
ajfa-121	262	16	of	of	ADP
ajfa-121	262	17	multicollinearity	multicollinearity	NOUN
ajfa-121	262	18	effects	effect	NOUN
ajfa-121	262	19	.	.	PUNCT
ajfa-121	263	1	the	the	DET
ajfa-121	263	2	vifs	vif	NOUN
ajfa-121	263	3	of	of	ADP
ajfa-121	263	4	all	all	DET
ajfa-121	263	5	the	the	DET
ajfa-121	263	6	independent	independent	ADJ
ajfa-121	263	7	variables	variable	NOUN
ajfa-121	263	8	are	be	AUX
ajfa-121	263	9	below	below	ADP
ajfa-121	263	10	2	2	NUM
ajfa-121	263	11	,	,	PUNCT
ajfa-121	263	12	meaning	mean	VERB
ajfa-121	263	13	that	that	SCONJ
ajfa-121	263	14	there	there	PRON
ajfa-121	263	15	is	be	VERB
ajfa-121	263	16	no	no	DET
ajfa-121	263	17	multicollinearity	multicollinearity	NOUN
ajfa-121	263	18	in	in	ADP
ajfa-121	263	19	this	this	DET
ajfa-121	263	20	multiple	multiple	ADJ
ajfa-121	263	21	regression	regression	NOUN
ajfa-121	263	22	model	model	NOUN
ajfa-121	263	23	.	.	PUNCT
ajfa-121	264	1	table	table	NOUN
ajfa-121	264	2	8	8	NUM
ajfa-121	264	3	shows	show	VERB
ajfa-121	264	4	the	the	DET
ajfa-121	264	5	multiple	multiple	ADJ
ajfa-121	264	6	regression	regression	NOUN
ajfa-121	264	7	results	result	NOUN
ajfa-121	264	8	of	of	ADP
ajfa-121	264	9	the	the	DET
ajfa-121	264	10	relationship	relationship	NOUN
ajfa-121	264	11	between	between	ADP
ajfa-121	264	12	corporate	corporate	ADJ
ajfa-121	264	13	governance	governance	NOUN
ajfa-121	264	14	and	and	CCONJ
ajfa-121	264	15	other	other	ADJ
ajfa-121	264	16	specific	specific	ADJ
ajfa-121	264	17	characteristics	characteristic	NOUN
ajfa-121	264	18	on	on	ADP
ajfa-121	264	19	the	the	DET
ajfa-121	264	20	extent	extent	NOUN
ajfa-121	264	21	of	of	ADP
ajfa-121	264	22	voluntary	voluntary	ADJ
ajfa-121	264	23	disclosure	disclosure	NOUN
ajfa-121	264	24	.	.	PUNCT
ajfa-121	265	1	table	table	NOUN
ajfa-121	265	2	7	7	NUM
ajfa-121	265	3	.	.	PUNCT
ajfa-121	265	4	correlation	correlation	NOUN
ajfa-121	265	5	analysis	analysis	NOUN
ajfa-121	265	6	rdi	rdi	PROPN
ajfa-121	265	7	pg	pg	PROPN
ajfa-121	265	8	inds	ind	VERB
ajfa-121	265	9	lsize	lsize	PROPN
ajfa-121	265	10	lev	lev	PROPN
ajfa-121	265	11	prf	prf	PROPN
ajfa-121	265	12	top10	top10	PROPN
ajfa-121	265	13	ts	ts	ADP
ajfa-121	265	14	rdi	rdi	PROPN
ajfa-121	265	15	1.000	1.000	NUM
ajfa-121	265	16	pg	pg	NOUN
ajfa-121	265	17	0.219	0.219	NUM
ajfa-121	265	18	*	*	PUNCT
ajfa-121	265	19	*	*	PUNCT
ajfa-121	265	20	*	*	SYM
ajfa-121	265	21	1.000	1.000	NUM
ajfa-121	265	22	inds	ind	NOUN
ajfa-121	265	23	0.185	0.185	NUM
ajfa-121	265	24	*	*	PROPN
ajfa-121	265	25	*	*	PROPN
ajfa-121	265	26	-0.048	-0.048	NUM
ajfa-121	265	27	1.000	1.000	NUM
ajfa-121	265	28	lsize	lsize	NOUN
ajfa-121	265	29	0.324	0.324	NUM
ajfa-121	265	30	*	*	PUNCT
ajfa-121	265	31	*	*	PUNCT
ajfa-121	265	32	*	*	PUNCT
ajfa-121	265	33	0.292	0.292	NUM
ajfa-121	265	34	*	*	PUNCT
ajfa-121	265	35	*	*	PUNCT
ajfa-121	265	36	*	*	PUNCT
ajfa-121	265	37	0.161	0.161	NUM
ajfa-121	265	38	*	*	SYM
ajfa-121	265	39	*	*	SYM
ajfa-121	265	40	1.000	1.000	NUM
ajfa-121	265	41	lev	lev	NOUN
ajfa-121	265	42	-0.192	-0.192	X
ajfa-121	265	43	*	*	PUNCT
ajfa-121	265	44	*	*	PUNCT
ajfa-121	265	45	*	*	PUNCT
ajfa-121	265	46	-0.029	-0.029	NOUN
ajfa-121	265	47	0.061	0.061	NUM
ajfa-121	265	48	0.206	0.206	NUM
ajfa-121	265	49	*	*	PUNCT
ajfa-121	265	50	*	*	PUNCT
ajfa-121	265	51	*	*	PUNCT
ajfa-121	265	52	1.000	1.000	NUM
ajfa-121	265	53	prf	prf	NOUN
ajfa-121	265	54	0.159	0.159	NUM
ajfa-121	265	55	*	*	PUNCT
ajfa-121	265	56	*	*	NOUN
ajfa-121	265	57	0.081	0.081	NUM
ajfa-121	265	58	-0.057	-0.057	NOUN
ajfa-121	265	59	0.212	0.212	NUM
ajfa-121	265	60	*	*	PUNCT
ajfa-121	265	61	*	*	PUNCT
ajfa-121	265	62	*	*	PUNCT
ajfa-121	265	63	-0.013	-0.013	PUNCT
ajfa-121	265	64	1.000	1.000	NUM
ajfa-121	265	65	top10	top10	NOUN
ajfa-121	265	66	0.042	0.042	NUM
ajfa-121	265	67	0.413	0.413	NUM
ajfa-121	265	68	*	*	PUNCT
ajfa-121	265	69	*	*	PUNCT
ajfa-121	265	70	*	*	PUNCT
ajfa-121	265	71	-0.046	-0.046	NUM
ajfa-121	265	72	0.180	0.180	NUM
ajfa-121	265	73	*	*	SYM
ajfa-121	265	74	*	*	PUNCT
ajfa-121	265	75	-0.003	-0.003	PROPN
ajfa-121	265	76	0.021	0.021	NUM
ajfa-121	265	77	1.000	1.000	NUM
ajfa-121	265	78	ts	ts	ADP
ajfa-121	265	79	0.130	0.130	NUM
ajfa-121	265	80	*	*	PUNCT
ajfa-121	265	81	-0.215	-0.215	ADJ
ajfa-121	265	82	*	*	PUNCT
ajfa-121	265	83	*	*	PUNCT
ajfa-121	265	84	*	*	NOUN
ajfa-121	265	85	0.130	0.130	NUM
ajfa-121	265	86	*	*	PUNCT
ajfa-121	265	87	-0.174	-0.174	PUNCT
ajfa-121	265	88	*	*	PUNCT
ajfa-121	265	89	*	*	PUNCT
ajfa-121	265	90	-0.113	-0.113	PROPN
ajfa-121	265	91	0.155	0.155	NUM
ajfa-121	265	92	*	*	NOUN
ajfa-121	265	93	*	*	PUNCT
ajfa-121	265	94	-0.602	-0.602	PUNCT
ajfa-121	265	95	*	*	PUNCT
ajfa-121	265	96	*	*	PUNCT
ajfa-121	265	97	*	*	PUNCT
ajfa-121	265	98	1.000	1.000	NUM
ajfa-121	265	99	*	*	PUNCT
ajfa-121	265	100	significant	significant	ADJ
ajfa-121	265	101	at	at	ADP
ajfa-121	265	102	the	the	DET
ajfa-121	265	103	10	10	NUM
ajfa-121	265	104	%	%	NOUN
ajfa-121	265	105	level	level	NOUN
ajfa-121	265	106	,	,	PUNCT
ajfa-121	265	107	*	*	PUNCT
ajfa-121	265	108	*	*	PUNCT
ajfa-121	265	109	significant	significant	ADJ
ajfa-121	265	110	at	at	ADP
ajfa-121	265	111	the	the	DET
ajfa-121	265	112	5	5	NUM
ajfa-121	265	113	%	%	NOUN
ajfa-121	265	114	level	level	NOUN
ajfa-121	265	115	,	,	PUNCT
ajfa-121	265	116	and***significant	and***significant	PROPN
ajfa-121	265	117	at	at	ADP
ajfa-121	265	118	the	the	DET
ajfa-121	265	119	1	1	NUM
ajfa-121	265	120	%	%	NOUN
ajfa-121	265	121	level	level	NOUN
ajfa-121	265	122	.	.	PUNCT
ajfa-121	266	1	n	n	NOUN
ajfa-121	266	2	=	=	SYM
ajfa-121	266	3	200	200	NUM
ajfa-121	266	4	table	table	NOUN
ajfa-121	266	5	8	8	NUM
ajfa-121	266	6	.	.	PUNCT
ajfa-121	267	1	multiple	multiple	ADJ
ajfa-121	267	2	regression	regression	NOUN
ajfa-121	267	3	results	result	NOUN
ajfa-121	267	4	of	of	ADP
ajfa-121	267	5	the	the	DET
ajfa-121	267	6	relationship	relationship	NOUN
ajfa-121	267	7	between	between	ADP
ajfa-121	267	8	corporate	corporate	ADJ
ajfa-121	267	9	governance	governance	NOUN
ajfa-121	267	10	and	and	CCONJ
ajfa-121	267	11	other	other	ADJ
ajfa-121	267	12	specific	specific	ADJ
ajfa-121	267	13	characteristics	characteristic	NOUN
ajfa-121	267	14	on	on	ADP
ajfa-121	267	15	the	the	DET
ajfa-121	267	16	extent	extent	NOUN
ajfa-121	267	17	of	of	ADP
ajfa-121	267	18	voluntary	voluntary	ADJ
ajfa-121	267	19	disclosure	disclosure	NOUN
ajfa-121	267	20	r²	r²	NOUN
ajfa-121	267	21	=	=	SYM
ajfa-121	267	22	0.374	0.374	NUM
ajfa-121	267	23	adjusted	adjust	VERB
ajfa-121	267	24	r²	r²	NOUN
ajfa-121	267	25	=	=	SYM
ajfa-121	267	26	0.313	0.313	NUM
ajfa-121	267	27	f	f	NOUN
ajfa-121	267	28	significance	significance	NOUN
ajfa-121	267	29	=	=	SYM
ajfa-121	267	30	0.000	0.000	NUM
ajfa-121	267	31	asian	asian	ADJ
ajfa-121	267	32	journal	journal	NOUN
ajfa-121	267	33	of	of	ADP
ajfa-121	267	34	finance	finance	PROPN
ajfa-121	267	35	&	&	CCONJ
ajfa-121	267	36	accounting	accounting	PROPN
ajfa-121	267	37	issn	issn	PROPN
ajfa-121	267	38	1946	1946	NUM
ajfa-121	267	39	-	-	PUNCT
ajfa-121	267	40	052x	052x	NOUN
ajfa-121	267	41	2009	2009	NUM
ajfa-121	267	42	,	,	PUNCT
ajfa-121	267	43	vol	vol	NOUN
ajfa-121	267	44	.	.	PROPN
ajfa-121	267	45	1	1	NUM
ajfa-121	267	46	,	,	PUNCT
ajfa-121	267	47	no	no	INTJ
ajfa-121	267	48	.	.	NOUN
ajfa-121	267	49	2	2	NUM
ajfa-121	267	50	:	:	PUNCT
ajfa-121	267	51	e6	e6	VERB
ajfa-121	267	52	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-121	267	53	136	136	NUM
ajfa-121	267	54	durbin	durbin	ADJ
ajfa-121	267	55	watson	watson	PROPN
ajfa-121	267	56	test	test	NOUN
ajfa-121	267	57	=	=	PUNCT
ajfa-121	267	58	1.991	1.991	NUM
ajfa-121	267	59	n	n	NOUN
ajfa-121	267	60	=	=	SYM
ajfa-121	267	61	198	198	NUM
ajfa-121	267	62	explanatory	explanatory	ADJ
ajfa-121	267	63	variable	variable	ADJ
ajfa-121	267	64	coefficient	coefficient	NOUN
ajfa-121	267	65	std	std	NOUN
ajfa-121	267	66	error	error	NOUN
ajfa-121	267	67	beta	beta	NOUN
ajfa-121	267	68	t	t	PROPN
ajfa-121	267	69	-	-	PUNCT
ajfa-121	267	70	values	value	NOUN
ajfa-121	267	71	significance	significance	NOUN
ajfa-121	267	72	constant	constant	VERB
ajfa-121	267	73	0.484	0.484	NUM
ajfa-121	267	74	0.265	0.265	NUM
ajfa-121	267	75	1.829	1.829	NUM
ajfa-121	267	76	0.069	0.069	NUM
ajfa-121	267	77	top10	top10	PROPN
ajfa-121	267	78	0.001	0.001	NUM
ajfa-121	267	79	0.001	0.001	NUM
ajfa-121	267	80	1.179	1.179	NUM
ajfa-121	267	81	0.240	0.240	NUM
ajfa-121	267	82	pg	pg	PROPN
ajfa-121	267	83	0.039	0.039	NUM
ajfa-121	267	84	0.027	0.027	NUM
ajfa-121	267	85	1.470	1.470	NUM
ajfa-121	267	86	0.143	0.143	NUM
ajfa-121	267	87	inds	ind	VERB
ajfa-121	267	88	0.374	0.374	NUM
ajfa-121	267	89	0.152	0.152	NUM
ajfa-121	267	90	2.470	2.470	NUM
ajfa-121	267	91	0.015	0.015	NUM
ajfa-121	267	92	*	*	PUNCT
ajfa-121	267	93	lsize	lsize	PROPN
ajfa-121	267	94	0.083	0.083	NUM
ajfa-121	267	95	0.016	0.016	NUM
ajfa-121	267	96	5.151	5.151	NUM
ajfa-121	267	97	0.000	0.000	NUM
ajfa-121	267	98	*	*	PUNCT
ajfa-121	267	99	lev	lev	NOUN
ajfa-121	267	100	0.175	0.175	NUM
ajfa-121	267	101	0.041	0.041	NUM
ajfa-121	267	102	4.315	4.315	NUM
ajfa-121	267	103	0.000	0.000	NUM
ajfa-121	267	104	*	*	PUNCT
ajfa-121	267	105	prf	prf	PROPN
ajfa-121	267	106	0.144	0.144	NUM
ajfa-121	267	107	0.078	0.078	NUM
ajfa-121	267	108	1.854	1.854	NUM
ajfa-121	267	109	0.066	0.066	NUM
ajfa-121	267	110	ts	ts	ADP
ajfa-121	267	111	0.292	0.292	NUM
ajfa-121	267	112	0.095	0.095	NUM
ajfa-121	267	113	3.070	3.070	NUM
ajfa-121	267	114	0.003	0.003	NUM
ajfa-121	267	115	*	*	PUNCT
ajfa-121	267	116	cd	cd	PROPN
ajfa-121	267	117	0.011	0.011	NUM
ajfa-121	267	118	0.015	0.015	NUM
ajfa-121	267	119	0.722	0.722	NUM
ajfa-121	267	120	0.471	0.471	NUM
ajfa-121	267	121	ac	ac	PROPN
ajfa-121	267	122	0.024	0.024	NUM
ajfa-121	267	123	0.012	0.012	NUM
ajfa-121	267	124	2.034	2.034	NUM
ajfa-121	267	125	0.044	0.044	NUM
ajfa-121	267	126	*	*	PUNCT
ajfa-121	267	127	it1	it1	PROPN
ajfa-121	267	128	0.186	0.186	NUM
ajfa-121	267	129	0.193	0.193	NUM
ajfa-121	267	130	0.961	0.961	NUM
ajfa-121	267	131	0.338	0.338	NUM
ajfa-121	267	132	it2	it2	NOUN
ajfa-121	267	133	0.215	0.215	NUM
ajfa-121	267	134	0.157	0.157	NUM
ajfa-121	267	135	1.373	1.373	NUM
ajfa-121	267	136	0.172	0.172	NUM
ajfa-121	267	137	it3	it3	NOUN
ajfa-121	267	138	0.171	0.171	NUM
ajfa-121	267	139	0.125	0.125	NUM
ajfa-121	267	140	1.366	1.366	NUM
ajfa-121	267	141	0.174	0.174	NUM
ajfa-121	267	142	it4	it4	NOUN
ajfa-121	267	143	0.061	0.061	NUM
ajfa-121	267	144	0.091	0.091	NUM
ajfa-121	267	145	0.671	0.671	NUM
ajfa-121	267	146	0.504	0.504	NUM
ajfa-121	267	147	it5	it5	NUM
ajfa-121	267	148	0.103	0.103	NUM
ajfa-121	267	149	0.059	0.059	NUM
ajfa-121	267	150	1.750	1.750	NUM
ajfa-121	267	151	0.082	0.082	NUM
ajfa-121	267	152	it6	it6	NOUN
ajfa-121	267	153	0.035	0.035	NUM
ajfa-121	267	154	0.034	0.034	NUM
ajfa-121	267	155	1.023	1.023	NUM
ajfa-121	267	156	0.308	0.308	NUM
ajfa-121	267	157	﹡significant	﹡significant	NOUN
ajfa-121	267	158	at	at	ADP
ajfa-121	267	159	the	the	DET
ajfa-121	267	160	5	5	NUM
ajfa-121	267	161	%	%	NOUN
ajfa-121	267	162	level	level	NOUN
ajfa-121	267	163	.	.	PUNCT
ajfa-121	268	1	top10	top10	NOUN
ajfa-121	268	2	=	=	PUNCT
ajfa-121	269	1	the	the	DET
ajfa-121	269	2	shares	share	NOUN
ajfa-121	269	3	held	hold	VERB
ajfa-121	269	4	by	by	ADP
ajfa-121	269	5	the	the	DET
ajfa-121	269	6	top	top	ADJ
ajfa-121	269	7	10	10	NUM
ajfa-121	269	8	shareholders	shareholder	NOUN
ajfa-121	269	9	.	.	PUNCT
ajfa-121	270	1	pg	pg	PUNCT
ajfa-121	271	1	=	=	PUNCT
ajfa-121	272	1	the	the	DET
ajfa-121	272	2	shares	share	NOUN
ajfa-121	272	3	held	hold	VERB
ajfa-121	272	4	by	by	ADP
ajfa-121	272	5	the	the	DET
ajfa-121	272	6	government	government	NOUN
ajfa-121	272	7	.	.	PUNCT
ajfa-121	272	8	inds	ind	VERB
ajfa-121	272	9	=	=	PUNCT
ajfa-121	273	1	the	the	DET
ajfa-121	273	2	ratio	ratio	NOUN
ajfa-121	273	3	of	of	ADP
ajfa-121	273	4	independent	independent	ADJ
ajfa-121	273	5	non	non	ADJ
ajfa-121	273	6	-	-	ADJ
ajfa-121	273	7	executive	executive	ADJ
ajfa-121	273	8	directors	director	NOUN
ajfa-121	273	9	.	.	PUNCT
ajfa-121	274	1	lsize	lsize	NOUN
ajfa-121	274	2	=	=	SYM
ajfa-121	274	3	firm	firm	ADJ
ajfa-121	274	4	size	size	NOUN
ajfa-121	274	5	(	(	PUNCT
ajfa-121	274	6	measured	measure	VERB
ajfa-121	274	7	by	by	ADP
ajfa-121	274	8	log	log	NOUN
ajfa-121	274	9	of	of	ADP
ajfa-121	274	10	total	total	ADJ
ajfa-121	274	11	assets	asset	NOUN
ajfa-121	274	12	)	)	PUNCT
ajfa-121	274	13	.	.	PUNCT
ajfa-121	275	1	lev	lev	NOUN
ajfa-121	275	2	=	=	SYM
ajfa-121	275	3	leverage	leverage	NOUN
ajfa-121	275	4	.	.	PUNCT
ajfa-121	276	1	prf	prf	NOUN
ajfa-121	276	2	=	=	SYM
ajfa-121	276	3	profitability	profitability	NOUN
ajfa-121	276	4	(	(	PUNCT
ajfa-121	276	5	measured	measure	VERB
ajfa-121	276	6	by	by	ADP
ajfa-121	276	7	roe	roe	PROPN
ajfa-121	276	8	)	)	PUNCT
ajfa-121	276	9	.	.	PUNCT
ajfa-121	277	1	ts	ts	X
ajfa-121	277	2	=	=	SYM
ajfa-121	277	3	tradable	tradable	ADJ
ajfa-121	277	4	shares	share	NOUN
ajfa-121	277	5	.	.	PUNCT
ajfa-121	278	1	cd	cd	PROPN
ajfa-121	278	2	=	=	PUNCT
ajfa-121	278	3	the	the	DET
ajfa-121	278	4	existence	existence	NOUN
ajfa-121	278	5	of	of	ADP
ajfa-121	278	6	ceo	ceo	NOUN
ajfa-121	278	7	duality	duality	NOUN
ajfa-121	278	8	.	.	PUNCT
ajfa-121	279	1	ac	ac	PROPN
ajfa-121	280	1	=	=	PUNCT
ajfa-121	280	2	the	the	DET
ajfa-121	280	3	existence	existence	NOUN
ajfa-121	280	4	of	of	ADP
ajfa-121	280	5	an	an	DET
ajfa-121	280	6	audit	audit	NOUN
ajfa-121	280	7	committee	committee	NOUN
ajfa-121	280	8	.	.	PUNCT
ajfa-121	281	1	it1	it1	PROPN
ajfa-121	282	1	=	=	NOUN
ajfa-121	282	2	industry	industry	NOUN
ajfa-121	282	3	type	type	NOUN
ajfa-121	282	4	1	1	NUM
ajfa-121	282	5	.	.	PUNCT
ajfa-121	283	1	it2	it2	NOUN
ajfa-121	283	2	=	=	NOUN
ajfa-121	283	3	industry	industry	NOUN
ajfa-121	283	4	type	type	NOUN
ajfa-121	283	5	2	2	NUM
ajfa-121	283	6	.	.	PUNCT
ajfa-121	283	7	it3	it3	NOUN
ajfa-121	284	1	=	=	NOUN
ajfa-121	284	2	industry	industry	NOUN
ajfa-121	284	3	type	type	NOUN
ajfa-121	284	4	3	3	NUM
ajfa-121	284	5	.	.	PUNCT
ajfa-121	285	1	it4	it4	NOUN
ajfa-121	285	2	=	=	PUNCT
ajfa-121	285	3	industry	industry	NOUN
ajfa-121	285	4	type	type	NOUN
ajfa-121	285	5	4	4	NUM
ajfa-121	285	6	.	.	PUNCT
ajfa-121	285	7	it5	it5	NOUN
ajfa-121	285	8	=	=	NOUN
ajfa-121	285	9	industry	industry	NOUN
ajfa-121	285	10	type	type	NOUN
ajfa-121	285	11	5	5	NUM
ajfa-121	285	12	.	.	PUNCT
ajfa-121	285	13	it6	it6	NOUN
ajfa-121	285	14	=	=	PUNCT
ajfa-121	285	15	industry	industry	NOUN
ajfa-121	285	16	type	type	NOUN
ajfa-121	285	17	6	6	NUM
ajfa-121	285	18	.	.	NOUN
ajfa-121	285	19	4.3	4.3	NUM
ajfa-121	285	20	results	result	NOUN
ajfa-121	285	21	and	and	CCONJ
ajfa-121	285	22	discussion	discussion	NOUN
ajfa-121	285	23	based	base	VERB
ajfa-121	285	24	on	on	ADP
ajfa-121	285	25	the	the	DET
ajfa-121	285	26	results	result	NOUN
ajfa-121	285	27	in	in	ADP
ajfa-121	285	28	table	table	NOUN
ajfa-121	285	29	8	8	NUM
ajfa-121	285	30	,	,	PUNCT
ajfa-121	285	31	hypothesis	hypothesis	NOUN
ajfa-121	285	32	1	1	NUM
ajfa-121	285	33	can	can	AUX
ajfa-121	285	34	not	not	PART
ajfa-121	285	35	be	be	AUX
ajfa-121	285	36	accepted	accept	VERB
ajfa-121	285	37	.	.	PUNCT
ajfa-121	286	1	hence	hence	ADV
ajfa-121	286	2	,	,	PUNCT
ajfa-121	286	3	there	there	PRON
ajfa-121	286	4	is	be	VERB
ajfa-121	286	5	no	no	DET
ajfa-121	286	6	relationship	relationship	NOUN
ajfa-121	286	7	between	between	ADP
ajfa-121	286	8	voluntary	voluntary	ADJ
ajfa-121	286	9	disclosure	disclosure	NOUN
ajfa-121	286	10	and	and	CCONJ
ajfa-121	286	11	ownership	ownership	NOUN
ajfa-121	286	12	concentration	concentration	NOUN
ajfa-121	286	13	.	.	PUNCT
ajfa-121	287	1	hypothesis	hypothesis	NOUN
ajfa-121	287	2	2	2	NUM
ajfa-121	287	3	refers	refer	VERB
ajfa-121	287	4	to	to	ADP
ajfa-121	287	5	a	a	DET
ajfa-121	287	6	positive	positive	ADJ
ajfa-121	287	7	and	and	CCONJ
ajfa-121	287	8	significant	significant	ADJ
ajfa-121	287	9	(	(	PUNCT
ajfa-121	287	10	p	p	X
ajfa-121	287	11	<	<	X
ajfa-121	287	12	0.1	0.1	NUM
ajfa-121	287	13	)	)	PUNCT
ajfa-121	287	14	relationship	relationship	NOUN
ajfa-121	287	15	between	between	ADP
ajfa-121	287	16	the	the	DET
ajfa-121	287	17	extent	extent	NOUN
ajfa-121	287	18	of	of	ADP
ajfa-121	287	19	voluntary	voluntary	ADJ
ajfa-121	287	20	disclosure	disclosure	NOUN
ajfa-121	287	21	asian	asian	ADJ
ajfa-121	287	22	journal	journal	NOUN
ajfa-121	287	23	of	of	ADP
ajfa-121	287	24	finance	finance	PROPN
ajfa-121	287	25	&	&	CCONJ
ajfa-121	287	26	accounting	accounting	PROPN
ajfa-121	287	27	issn	issn	PROPN
ajfa-121	287	28	1946	1946	NUM
ajfa-121	287	29	-	-	PUNCT
ajfa-121	287	30	052x	052x	NOUN
ajfa-121	287	31	2009	2009	NUM
ajfa-121	287	32	,	,	PUNCT
ajfa-121	287	33	vol	vol	NOUN
ajfa-121	287	34	.	.	PROPN
ajfa-121	287	35	1	1	NUM
ajfa-121	287	36	,	,	PUNCT
ajfa-121	287	37	no	no	INTJ
ajfa-121	287	38	.	.	NOUN
ajfa-121	287	39	2	2	NUM
ajfa-121	287	40	:	:	PUNCT
ajfa-121	287	41	e6	e6	VERB
ajfa-121	287	42	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	287	43	137	137	NUM
ajfa-121	287	44	and	and	CCONJ
ajfa-121	287	45	government	government	NOUN
ajfa-121	287	46	or	or	CCONJ
ajfa-121	287	47	related	relate	VERB
ajfa-121	287	48	institutional	institutional	ADJ
ajfa-121	287	49	ownership	ownership	NOUN
ajfa-121	287	50	.	.	PUNCT
ajfa-121	288	1	the	the	DET
ajfa-121	288	2	results	result	NOUN
ajfa-121	288	3	do	do	AUX
ajfa-121	288	4	not	not	PART
ajfa-121	288	5	reject	reject	VERB
ajfa-121	288	6	h2	h2	NOUN
ajfa-121	288	7	.	.	PUNCT
ajfa-121	289	1	both	both	DET
ajfa-121	289	2	these	these	DET
ajfa-121	289	3	results	result	NOUN
ajfa-121	289	4	may	may	AUX
ajfa-121	289	5	be	be	AUX
ajfa-121	289	6	due	due	ADJ
ajfa-121	289	7	to	to	ADP
ajfa-121	289	8	differences	difference	NOUN
ajfa-121	289	9	between	between	ADP
ajfa-121	289	10	the	the	DET
ajfa-121	289	11	political	political	ADJ
ajfa-121	289	12	direction	direction	NOUN
ajfa-121	289	13	of	of	ADP
ajfa-121	289	14	the	the	DET
ajfa-121	289	15	chinese	chinese	ADJ
ajfa-121	289	16	government	government	NOUN
ajfa-121	289	17	and	and	CCONJ
ajfa-121	289	18	the	the	DET
ajfa-121	289	19	operations	operation	NOUN
ajfa-121	289	20	of	of	ADP
ajfa-121	289	21	listed	list	VERB
ajfa-121	289	22	companies	company	NOUN
ajfa-121	289	23	.	.	PUNCT
ajfa-121	290	1	the	the	DET
ajfa-121	290	2	chinese	chinese	ADJ
ajfa-121	290	3	government	government	NOUN
ajfa-121	290	4	has	have	AUX
ajfa-121	290	5	encouraged	encourage	VERB
ajfa-121	290	6	the	the	DET
ajfa-121	290	7	release	release	NOUN
ajfa-121	290	8	of	of	ADP
ajfa-121	290	9	information	information	NOUN
ajfa-121	290	10	so	so	SCONJ
ajfa-121	290	11	as	as	SCONJ
ajfa-121	290	12	to	to	PART
ajfa-121	290	13	increase	increase	VERB
ajfa-121	290	14	investor	investor	NOUN
ajfa-121	290	15	confidence	confidence	NOUN
ajfa-121	290	16	and	and	CCONJ
ajfa-121	290	17	to	to	PART
ajfa-121	290	18	improve	improve	VERB
ajfa-121	290	19	china‟s	china‟	VERB
ajfa-121	290	20	international	international	ADJ
ajfa-121	290	21	reputation	reputation	NOUN
ajfa-121	290	22	.	.	PUNCT
ajfa-121	291	1	government	government	NOUN
ajfa-121	291	2	-	-	PUNCT
ajfa-121	291	3	controlled	control	VERB
ajfa-121	291	4	enterprises	enterprise	NOUN
ajfa-121	291	5	make	make	VERB
ajfa-121	291	6	preparations	preparation	NOUN
ajfa-121	291	7	for	for	ADP
ajfa-121	291	8	listing	list	VERB
ajfa-121	291	9	internationally	internationally	ADV
ajfa-121	291	10	by	by	ADP
ajfa-121	291	11	providing	provide	VERB
ajfa-121	291	12	financial	financial	ADJ
ajfa-121	291	13	transparency	transparency	NOUN
ajfa-121	291	14	and	and	CCONJ
ajfa-121	291	15	disclosing	disclose	VERB
ajfa-121	291	16	adequate	adequate	ADJ
ajfa-121	291	17	information	information	NOUN
ajfa-121	291	18	disclosures	disclosure	NOUN
ajfa-121	291	19	on	on	ADP
ajfa-121	291	20	company	company	NOUN
ajfa-121	291	21	operations	operation	NOUN
ajfa-121	291	22	to	to	ADP
ajfa-121	291	23	shareholders	shareholder	NOUN
ajfa-121	291	24	.	.	PUNCT
ajfa-121	292	1	it	it	PRON
ajfa-121	292	2	is	be	AUX
ajfa-121	292	3	expected	expect	VERB
ajfa-121	292	4	that	that	SCONJ
ajfa-121	292	5	internationally	internationally	ADV
ajfa-121	292	6	listed	list	VERB
ajfa-121	292	7	companies	company	NOUN
ajfa-121	292	8	will	will	AUX
ajfa-121	292	9	adopt	adopt	VERB
ajfa-121	292	10	international	international	ADJ
ajfa-121	292	11	standards	standard	NOUN
ajfa-121	292	12	,	,	PUNCT
ajfa-121	292	13	will	will	AUX
ajfa-121	292	14	disclose	disclose	VERB
ajfa-121	292	15	sufficient	sufficient	ADJ
ajfa-121	292	16	information	information	NOUN
ajfa-121	292	17	,	,	PUNCT
ajfa-121	292	18	and	and	CCONJ
ajfa-121	292	19	will	will	AUX
ajfa-121	292	20	follow	follow	VERB
ajfa-121	292	21	international	international	ADJ
ajfa-121	292	22	accounting	accounting	NOUN
ajfa-121	292	23	standards	standard	NOUN
ajfa-121	292	24	to	to	PART
ajfa-121	292	25	fulfill	fulfill	VERB
ajfa-121	292	26	the	the	DET
ajfa-121	292	27	requirements	requirement	NOUN
ajfa-121	292	28	for	for	ADP
ajfa-121	292	29	overseas	overseas	ADJ
ajfa-121	292	30	listings	listing	NOUN
ajfa-121	292	31	(	(	PUNCT
ajfa-121	292	32	therefore	therefore	ADV
ajfa-121	292	33	,	,	PUNCT
ajfa-121	292	34	h2	h2	PROPN
ajfa-121	292	35	is	be	AUX
ajfa-121	292	36	positive	positive	ADJ
ajfa-121	292	37	and	and	CCONJ
ajfa-121	292	38	significant	significant	ADJ
ajfa-121	292	39	)	)	PUNCT
ajfa-121	292	40	.	.	PUNCT
ajfa-121	293	1	in	in	ADP
ajfa-121	293	2	practice	practice	NOUN
ajfa-121	293	3	,	,	PUNCT
ajfa-121	293	4	most	most	ADJ
ajfa-121	293	5	of	of	ADP
ajfa-121	293	6	the	the	DET
ajfa-121	293	7	large	large	ADJ
ajfa-121	293	8	and	and	CCONJ
ajfa-121	293	9	controlling	control	VERB
ajfa-121	293	10	shareholders	shareholder	NOUN
ajfa-121	293	11	are	be	AUX
ajfa-121	293	12	appointed	appoint	VERB
ajfa-121	293	13	by	by	ADP
ajfa-121	293	14	government	government	NOUN
ajfa-121	293	15	officials	official	NOUN
ajfa-121	293	16	and	and	CCONJ
ajfa-121	293	17	they	they	PRON
ajfa-121	293	18	are	be	AUX
ajfa-121	293	19	reluctant	reluctant	ADJ
ajfa-121	293	20	to	to	PART
ajfa-121	293	21	disclose	disclose	VERB
ajfa-121	293	22	information	information	NOUN
ajfa-121	293	23	.	.	PUNCT
ajfa-121	294	1	firm	firm	ADJ
ajfa-121	294	2	managers	manager	NOUN
ajfa-121	294	3	pursue	pursue	VERB
ajfa-121	294	4	their	their	PRON
ajfa-121	294	5	own	own	ADJ
ajfa-121	294	6	interests	interest	NOUN
ajfa-121	294	7	rather	rather	ADV
ajfa-121	294	8	than	than	ADP
ajfa-121	294	9	the	the	DET
ajfa-121	294	10	interests	interest	NOUN
ajfa-121	294	11	of	of	ADP
ajfa-121	294	12	the	the	DET
ajfa-121	294	13	shareholders	shareholder	NOUN
ajfa-121	294	14	,	,	PUNCT
ajfa-121	294	15	and	and	CCONJ
ajfa-121	294	16	there	there	PRON
ajfa-121	294	17	may	may	AUX
ajfa-121	294	18	be	be	AUX
ajfa-121	294	19	conflicts	conflict	NOUN
ajfa-121	294	20	of	of	ADP
ajfa-121	294	21	interest	interest	NOUN
ajfa-121	294	22	between	between	ADP
ajfa-121	294	23	the	the	DET
ajfa-121	294	24	controlling	control	VERB
ajfa-121	294	25	shareholders	shareholder	NOUN
ajfa-121	294	26	and	and	CCONJ
ajfa-121	294	27	other	other	ADJ
ajfa-121	294	28	shareholders	shareholder	NOUN
ajfa-121	294	29	.	.	PUNCT
ajfa-121	295	1	la	la	INTJ
ajfa-121	295	2	porta	porta	PROPN
ajfa-121	295	3	et	et	PROPN
ajfa-121	295	4	al	al	PROPN
ajfa-121	295	5	.	.	PUNCT
ajfa-121	296	1	(	(	PUNCT
ajfa-121	296	2	1998	1998	NUM
ajfa-121	296	3	)	)	PUNCT
ajfa-121	296	4	state	state	NOUN
ajfa-121	296	5	that	that	SCONJ
ajfa-121	296	6	expropriation	expropriation	NOUN
ajfa-121	296	7	may	may	AUX
ajfa-121	296	8	be	be	AUX
ajfa-121	296	9	in	in	ADP
ajfa-121	296	10	the	the	DET
ajfa-121	296	11	form	form	NOUN
ajfa-121	296	12	of	of	ADP
ajfa-121	296	13	excessive	excessive	ADJ
ajfa-121	296	14	compensation	compensation	NOUN
ajfa-121	296	15	,	,	PUNCT
ajfa-121	296	16	loan	loan	NOUN
ajfa-121	296	17	guarantees	guarantee	NOUN
ajfa-121	296	18	,	,	PUNCT
ajfa-121	296	19	or	or	CCONJ
ajfa-121	296	20	transfer	transfer	VERB
ajfa-121	296	21	pricing	pricing	NOUN
ajfa-121	296	22	between	between	ADP
ajfa-121	296	23	related	related	ADJ
ajfa-121	296	24	companies	company	NOUN
ajfa-121	296	25	.	.	PUNCT
ajfa-121	297	1	an	an	DET
ajfa-121	297	2	increase	increase	NOUN
ajfa-121	297	3	in	in	ADP
ajfa-121	297	4	the	the	DET
ajfa-121	297	5	number	number	NOUN
ajfa-121	297	6	of	of	ADP
ajfa-121	297	7	tradable	tradable	ADJ
ajfa-121	297	8	shares	share	NOUN
ajfa-121	297	9	has	have	VERB
ajfa-121	297	10	a	a	DET
ajfa-121	297	11	significant	significant	ADJ
ajfa-121	297	12	and	and	CCONJ
ajfa-121	297	13	positive	positive	ADJ
ajfa-121	297	14	impact	impact	NOUN
ajfa-121	297	15	on	on	ADP
ajfa-121	297	16	the	the	DET
ajfa-121	297	17	level	level	NOUN
ajfa-121	297	18	of	of	ADP
ajfa-121	297	19	voluntary	voluntary	ADJ
ajfa-121	297	20	disclosure	disclosure	NOUN
ajfa-121	297	21	;	;	PUNCT
ajfa-121	297	22	hence	hence	ADV
ajfa-121	297	23	hypothesis	hypothesis	NOUN
ajfa-121	297	24	3	3	NUM
ajfa-121	297	25	can	can	AUX
ajfa-121	297	26	not	not	PART
ajfa-121	297	27	be	be	AUX
ajfa-121	297	28	rejected	reject	VERB
ajfa-121	297	29	.	.	PUNCT
ajfa-121	298	1	some	some	DET
ajfa-121	298	2	companies	company	NOUN
ajfa-121	298	3	may	may	AUX
ajfa-121	298	4	hope	hope	VERB
ajfa-121	298	5	to	to	PART
ajfa-121	298	6	increase	increase	VERB
ajfa-121	298	7	the	the	DET
ajfa-121	298	8	number	number	NOUN
ajfa-121	298	9	of	of	ADP
ajfa-121	298	10	shares	share	NOUN
ajfa-121	298	11	by	by	ADP
ajfa-121	298	12	selling	sell	VERB
ajfa-121	298	13	to	to	ADP
ajfa-121	298	14	individual	individual	ADJ
ajfa-121	298	15	investors	investor	NOUN
ajfa-121	298	16	.	.	PUNCT
ajfa-121	299	1	but	but	CCONJ
ajfa-121	299	2	in	in	ADP
ajfa-121	299	3	order	order	NOUN
ajfa-121	299	4	to	to	PART
ajfa-121	299	5	attract	attract	VERB
ajfa-121	299	6	more	more	ADJ
ajfa-121	299	7	investors	investor	NOUN
ajfa-121	299	8	,	,	PUNCT
ajfa-121	299	9	they	they	PRON
ajfa-121	299	10	have	have	VERB
ajfa-121	299	11	to	to	PART
ajfa-121	299	12	develop	develop	VERB
ajfa-121	299	13	a	a	DET
ajfa-121	299	14	good	good	ADJ
ajfa-121	299	15	reputation	reputation	NOUN
ajfa-121	299	16	.	.	PUNCT
ajfa-121	300	1	as	as	ADP
ajfa-121	300	2	a	a	DET
ajfa-121	300	3	result	result	NOUN
ajfa-121	300	4	,	,	PUNCT
ajfa-121	300	5	they	they	PRON
ajfa-121	300	6	will	will	AUX
ajfa-121	300	7	benefit	benefit	VERB
ajfa-121	300	8	from	from	ADP
ajfa-121	300	9	a	a	DET
ajfa-121	300	10	lower	low	ADJ
ajfa-121	300	11	cost	cost	NOUN
ajfa-121	300	12	of	of	ADP
ajfa-121	300	13	capital	capital	NOUN
ajfa-121	300	14	and	and	CCONJ
ajfa-121	300	15	they	they	PRON
ajfa-121	300	16	will	will	AUX
ajfa-121	300	17	be	be	AUX
ajfa-121	300	18	exposed	expose	VERB
ajfa-121	300	19	to	to	ADP
ajfa-121	300	20	more	more	ADJ
ajfa-121	300	21	investors	investor	NOUN
ajfa-121	300	22	.	.	PUNCT
ajfa-121	301	1	thus	thus	ADV
ajfa-121	301	2	,	,	PUNCT
ajfa-121	301	3	they	they	PRON
ajfa-121	301	4	are	be	AUX
ajfa-121	301	5	aware	aware	ADJ
ajfa-121	301	6	that	that	SCONJ
ajfa-121	301	7	they	they	PRON
ajfa-121	301	8	may	may	AUX
ajfa-121	301	9	benefit	benefit	VERB
ajfa-121	301	10	from	from	ADP
ajfa-121	301	11	greater	great	ADJ
ajfa-121	301	12	disclosure	disclosure	NOUN
ajfa-121	301	13	.	.	PUNCT
ajfa-121	302	1	the	the	DET
ajfa-121	302	2	negative	negative	ADJ
ajfa-121	302	3	relationship	relationship	NOUN
ajfa-121	302	4	between	between	ADP
ajfa-121	302	5	the	the	DET
ajfa-121	302	6	extent	extent	NOUN
ajfa-121	302	7	of	of	ADP
ajfa-121	302	8	voluntary	voluntary	ADJ
ajfa-121	302	9	disclosure	disclosure	NOUN
ajfa-121	302	10	and	and	CCONJ
ajfa-121	302	11	the	the	DET
ajfa-121	302	12	existence	existence	NOUN
ajfa-121	302	13	of	of	ADP
ajfa-121	302	14	ceo	ceo	NOUN
ajfa-121	302	15	-	-	PUNCT
ajfa-121	302	16	is	be	AUX
ajfa-121	302	17	-	-	PUNCT
ajfa-121	302	18	top	top	ADJ
ajfa-121	302	19	dir	dir	NOUN
ajfa-121	302	20	indicates	indicate	VERB
ajfa-121	302	21	that	that	SCONJ
ajfa-121	302	22	hypothesis	hypothesis	NOUN
ajfa-121	302	23	4	4	NUM
ajfa-121	302	24	can	can	AUX
ajfa-121	302	25	not	not	PART
ajfa-121	302	26	be	be	AUX
ajfa-121	302	27	supported	support	VERB
ajfa-121	302	28	.	.	PUNCT
ajfa-121	303	1	this	this	DET
ajfa-121	303	2	finding	finding	NOUN
ajfa-121	303	3	is	be	AUX
ajfa-121	303	4	inconsistent	inconsistent	ADJ
ajfa-121	303	5	with	with	ADP
ajfa-121	303	6	studies	study	NOUN
ajfa-121	303	7	by	by	ADP
ajfa-121	303	8	forker	forker	PROPN
ajfa-121	303	9	(	(	PUNCT
ajfa-121	303	10	1992	1992	NUM
ajfa-121	303	11	)	)	PUNCT
ajfa-121	303	12	and	and	CCONJ
ajfa-121	303	13	chen	chen	PROPN
ajfa-121	303	14	and	and	CCONJ
ajfa-121	303	15	jeggi	jeggi	PROPN
ajfa-121	303	16	(	(	PUNCT
ajfa-121	303	17	1998	1998	NUM
ajfa-121	303	18	)	)	PUNCT
ajfa-121	303	19	.	.	PUNCT
ajfa-121	304	1	only	only	ADV
ajfa-121	304	2	17	17	NUM
ajfa-121	304	3	percent	percent	NOUN
ajfa-121	304	4	of	of	ADP
ajfa-121	304	5	the	the	DET
ajfa-121	304	6	companies	company	NOUN
ajfa-121	304	7	have	have	VERB
ajfa-121	304	8	a	a	DET
ajfa-121	304	9	ceo	ceo	NOUN
ajfa-121	304	10	who	who	PRON
ajfa-121	304	11	is	be	AUX
ajfa-121	304	12	also	also	ADV
ajfa-121	304	13	chairman	chairman	NOUN
ajfa-121	304	14	of	of	ADP
ajfa-121	304	15	the	the	DET
ajfa-121	304	16	board	board	NOUN
ajfa-121	304	17	,	,	PUNCT
ajfa-121	304	18	compared	compare	VERB
ajfa-121	304	19	to	to	ADP
ajfa-121	304	20	70	70	NUM
ajfa-121	304	21	-	-	SYM
ajfa-121	304	22	80	80	NUM
ajfa-121	304	23	percent	percent	NOUN
ajfa-121	304	24	in	in	ADP
ajfa-121	304	25	the	the	DET
ajfa-121	304	26	united	united	PROPN
ajfa-121	304	27	states	states	PROPN
ajfa-121	304	28	(	(	PUNCT
ajfa-121	304	29	rechner	rechner	NOUN
ajfa-121	304	30	and	and	CCONJ
ajfa-121	304	31	dalton	dalton	PROPN
ajfa-121	304	32	,	,	PUNCT
ajfa-121	304	33	1991	1991	NUM
ajfa-121	304	34	;	;	PUNCT
ajfa-121	304	35	rhoades	rhoade	NOUN
ajfa-121	304	36	et	et	PROPN
ajfa-121	304	37	al	al	PROPN
ajfa-121	304	38	.	.	PROPN
ajfa-121	304	39	,	,	PUNCT
ajfa-121	304	40	2001	2001	NUM
ajfa-121	304	41	)	)	PUNCT
ajfa-121	304	42	and	and	CCONJ
ajfa-121	304	43	54	54	NUM
ajfa-121	304	44	percent	percent	NOUN
ajfa-121	304	45	in	in	ADP
ajfa-121	304	46	hong	hong	PROPN
ajfa-121	304	47	kong	kong	PROPN
ajfa-121	304	48	listed	list	VERB
ajfa-121	304	49	companies	company	NOUN
ajfa-121	304	50	(	(	PUNCT
ajfa-121	304	51	gul	gul	PROPN
ajfa-121	304	52	and	and	CCONJ
ajfa-121	304	53	leung	leung	PROPN
ajfa-121	304	54	,	,	PUNCT
ajfa-121	304	55	2004	2004	NUM
ajfa-121	304	56	)	)	PUNCT
ajfa-121	304	57	.	.	PUNCT
ajfa-121	305	1	the	the	DET
ajfa-121	305	2	separation	separation	NOUN
ajfa-121	305	3	of	of	ADP
ajfa-121	305	4	ownership	ownership	NOUN
ajfa-121	305	5	and	and	CCONJ
ajfa-121	305	6	management	management	NOUN
ajfa-121	305	7	is	be	AUX
ajfa-121	305	8	emphasized	emphasize	VERB
ajfa-121	305	9	in	in	ADP
ajfa-121	305	10	the	the	DET
ajfa-121	305	11	transformation	transformation	NOUN
ajfa-121	305	12	from	from	ADP
ajfa-121	305	13	state	state	NOUN
ajfa-121	305	14	to	to	ADP
ajfa-121	305	15	private	private	ADJ
ajfa-121	305	16	ownership	ownership	NOUN
ajfa-121	305	17	.	.	PUNCT
ajfa-121	306	1	in	in	ADP
ajfa-121	306	2	recent	recent	ADJ
ajfa-121	306	3	years	year	NOUN
ajfa-121	306	4	,	,	PUNCT
ajfa-121	306	5	state	state	NOUN
ajfa-121	306	6	-	-	PUNCT
ajfa-121	306	7	owned	own	VERB
ajfa-121	306	8	companies	company	NOUN
ajfa-121	306	9	have	have	AUX
ajfa-121	306	10	attempted	attempt	VERB
ajfa-121	306	11	to	to	PART
ajfa-121	306	12	retain	retain	VERB
ajfa-121	306	13	their	their	PRON
ajfa-121	306	14	influence	influence	NOUN
ajfa-121	306	15	over	over	ADP
ajfa-121	306	16	government	government	NOUN
ajfa-121	306	17	-	-	PUNCT
ajfa-121	306	18	appointed	appoint	VERB
ajfa-121	306	19	ceos	ceo	NOUN
ajfa-121	306	20	.	.	PUNCT
ajfa-121	307	1	by	by	ADP
ajfa-121	307	2	doing	do	VERB
ajfa-121	307	3	so	so	ADV
ajfa-121	307	4	,	,	PUNCT
ajfa-121	307	5	company	company	NOUN
ajfa-121	307	6	transparency	transparency	NOUN
ajfa-121	307	7	is	be	AUX
ajfa-121	307	8	reduced	reduce	VERB
ajfa-121	307	9	.	.	PUNCT
ajfa-121	308	1	but	but	CCONJ
ajfa-121	308	2	some	some	DET
ajfa-121	308	3	companies	company	NOUN
ajfa-121	308	4	have	have	AUX
ajfa-121	308	5	succeeded	succeed	VERB
ajfa-121	308	6	in	in	ADP
ajfa-121	308	7	separating	separate	VERB
ajfa-121	308	8	the	the	DET
ajfa-121	308	9	two	two	NUM
ajfa-121	308	10	roles	role	NOUN
ajfa-121	308	11	.	.	PUNCT
ajfa-121	309	1	corporate	corporate	ADJ
ajfa-121	309	2	transparency	transparency	NOUN
ajfa-121	309	3	may	may	AUX
ajfa-121	309	4	be	be	AUX
ajfa-121	309	5	further	far	ADV
ajfa-121	309	6	improved	improve	VERB
ajfa-121	309	7	by	by	ADP
ajfa-121	309	8	reducing	reduce	VERB
ajfa-121	309	9	the	the	DET
ajfa-121	309	10	share	share	NOUN
ajfa-121	309	11	of	of	ADP
ajfa-121	309	12	ceos	ceos	NOUN
ajfa-121	309	13	who	who	PRON
ajfa-121	309	14	are	be	AUX
ajfa-121	309	15	also	also	ADV
ajfa-121	309	16	chairmen	chairman	NOUN
ajfa-121	309	17	of	of	ADP
ajfa-121	309	18	the	the	DET
ajfa-121	309	19	board	board	NOUN
ajfa-121	309	20	.	.	PUNCT
ajfa-121	310	1	prevalent	prevalent	ADJ
ajfa-121	310	2	corporate	corporate	ADJ
ajfa-121	310	3	governance	governance	NOUN
ajfa-121	310	4	practices	practice	NOUN
ajfa-121	310	5	in	in	ADP
ajfa-121	310	6	europe	europe	PROPN
ajfa-121	310	7	separate	separate	VERB
ajfa-121	310	8	the	the	DET
ajfa-121	310	9	ceo	ceo	NOUN
ajfa-121	310	10	and	and	CCONJ
ajfa-121	310	11	the	the	DET
ajfa-121	310	12	chairman	chairman	NOUN
ajfa-121	310	13	,	,	PUNCT
ajfa-121	310	14	and	and	CCONJ
ajfa-121	310	15	only	only	ADV
ajfa-121	310	16	10	10	NUM
ajfa-121	310	17	percent	percent	NOUN
ajfa-121	310	18	of	of	ADP
ajfa-121	310	19	uk	uk	PROPN
ajfa-121	310	20	publicly	publicly	ADV
ajfa-121	310	21	-	-	PUNCT
ajfa-121	310	22	listed	list	VERB
ajfa-121	310	23	companies	company	NOUN
ajfa-121	310	24	combine	combine	VERB
ajfa-121	310	25	the	the	DET
ajfa-121	310	26	two	two	NUM
ajfa-121	310	27	(	(	PUNCT
ajfa-121	310	28	coles	cole	NOUN
ajfa-121	310	29	et	et	PROPN
ajfa-121	310	30	al	al	PROPN
ajfa-121	310	31	.	.	PROPN
ajfa-121	310	32	,	,	PUNCT
ajfa-121	310	33	2001	2001	NUM
ajfa-121	310	34	;	;	PUNCT
ajfa-121	310	35	higgs	higgs	PROPN
ajfa-121	310	36	,	,	PUNCT
ajfa-121	310	37	2003	2003	NUM
ajfa-121	310	38	;	;	PUNCT
ajfa-121	310	39	kang	kang	PROPN
ajfa-121	310	40	and	and	CCONJ
ajfa-121	310	41	zardkoohi	zardkoohi	PROPN
ajfa-121	310	42	,	,	PUNCT
ajfa-121	310	43	2005	2005	NUM
ajfa-121	310	44	)	)	PUNCT
ajfa-121	310	45	.	.	PUNCT
ajfa-121	311	1	these	these	DET
ajfa-121	311	2	encouraging	encouraging	ADJ
ajfa-121	311	3	figures	figure	NOUN
ajfa-121	311	4	indicate	indicate	VERB
ajfa-121	311	5	that	that	SCONJ
ajfa-121	311	6	the	the	DET
ajfa-121	311	7	separation	separation	NOUN
ajfa-121	311	8	of	of	ADP
ajfa-121	311	9	the	the	DET
ajfa-121	311	10	two	two	NUM
ajfa-121	311	11	roles	role	NOUN
ajfa-121	311	12	may	may	AUX
ajfa-121	311	13	contribute	contribute	VERB
ajfa-121	311	14	to	to	ADP
ajfa-121	311	15	the	the	DET
ajfa-121	311	16	disclosure	disclosure	NOUN
ajfa-121	311	17	of	of	ADP
ajfa-121	311	18	more	more	ADJ
ajfa-121	311	19	information	information	NOUN
ajfa-121	311	20	.	.	PUNCT
ajfa-121	312	1	hypothesis	hypothesis	NOUN
ajfa-121	312	2	5	5	NUM
ajfa-121	312	3	states	state	VERB
ajfa-121	312	4	that	that	SCONJ
ajfa-121	312	5	companies	company	NOUN
ajfa-121	312	6	with	with	ADP
ajfa-121	312	7	a	a	DET
ajfa-121	312	8	higher	high	ADJ
ajfa-121	312	9	proportion	proportion	NOUN
ajfa-121	312	10	of	of	ADP
ajfa-121	312	11	independent	independent	ADJ
ajfa-121	312	12	nonexecutive	nonexecutive	ADJ
ajfa-121	312	13	directors	director	NOUN
ajfa-121	312	14	to	to	PART
ajfa-121	312	15	total	total	VERB
ajfa-121	312	16	directors	director	NOUN
ajfa-121	312	17	will	will	AUX
ajfa-121	312	18	be	be	AUX
ajfa-121	312	19	more	more	ADV
ajfa-121	312	20	likely	likely	ADJ
ajfa-121	312	21	to	to	PART
ajfa-121	312	22	make	make	VERB
ajfa-121	312	23	more	more	ADJ
ajfa-121	312	24	voluntary	voluntary	ADJ
ajfa-121	312	25	disclosures	disclosure	NOUN
ajfa-121	312	26	.	.	PUNCT
ajfa-121	313	1	this	this	DET
ajfa-121	313	2	study	study	NOUN
ajfa-121	313	3	supports	support	VERB
ajfa-121	313	4	h5	h5	NOUN
ajfa-121	313	5	.	.	PUNCT
ajfa-121	314	1	it	it	PRON
ajfa-121	314	2	also	also	ADV
ajfa-121	314	3	supports	support	VERB
ajfa-121	314	4	the	the	DET
ajfa-121	314	5	studies	study	NOUN
ajfa-121	314	6	by	by	ADP
ajfa-121	314	7	fama	fama	PROPN
ajfa-121	314	8	and	and	CCONJ
ajfa-121	314	9	jensen	jensen	PROPN
ajfa-121	314	10	(	(	PUNCT
ajfa-121	314	11	1993	1993	NUM
ajfa-121	314	12	)	)	PUNCT
ajfa-121	314	13	and	and	CCONJ
ajfa-121	314	14	rosenstein	rosenstein	NOUN
ajfa-121	314	15	and	and	CCONJ
ajfa-121	314	16	wyatt	wyatt	PROPN
ajfa-121	314	17	(	(	PUNCT
ajfa-121	314	18	1990	1990	NUM
ajfa-121	314	19	)	)	PUNCT
ajfa-121	314	20	.	.	PUNCT
ajfa-121	315	1	there	there	PRON
ajfa-121	315	2	is	be	VERB
ajfa-121	315	3	more	more	ADV
ajfa-121	315	4	voluntary	voluntary	ADJ
ajfa-121	315	5	disclosure	disclosure	NOUN
ajfa-121	315	6	when	when	SCONJ
ajfa-121	315	7	there	there	PRON
ajfa-121	315	8	is	be	VERB
ajfa-121	315	9	a	a	DET
ajfa-121	315	10	higher	high	ADJ
ajfa-121	315	11	percentage	percentage	NOUN
ajfa-121	315	12	of	of	ADP
ajfa-121	315	13	independent	independent	ADJ
ajfa-121	315	14	non	non	ADJ
ajfa-121	315	15	-	-	ADJ
ajfa-121	315	16	executive	executive	ADJ
ajfa-121	315	17	directors	director	NOUN
ajfa-121	315	18	on	on	ADP
ajfa-121	315	19	the	the	DET
ajfa-121	315	20	board	board	NOUN
ajfa-121	315	21	who	who	PRON
ajfa-121	315	22	,	,	PUNCT
ajfa-121	315	23	in	in	ADP
ajfa-121	315	24	turn	turn	NOUN
ajfa-121	315	25	,	,	PUNCT
ajfa-121	315	26	reduce	reduce	VERB
ajfa-121	315	27	the	the	DET
ajfa-121	315	28	possibility	possibility	NOUN
ajfa-121	315	29	of	of	ADP
ajfa-121	315	30	withholding	withhold	VERB
ajfa-121	315	31	information	information	NOUN
ajfa-121	315	32	.	.	PUNCT
ajfa-121	316	1	asian	asian	ADJ
ajfa-121	316	2	journal	journal	PROPN
ajfa-121	316	3	of	of	ADP
ajfa-121	316	4	finance	finance	PROPN
ajfa-121	316	5	&	&	CCONJ
ajfa-121	316	6	accounting	accounting	PROPN
ajfa-121	316	7	issn	issn	PROPN
ajfa-121	316	8	1946	1946	NUM
ajfa-121	316	9	-	-	PUNCT
ajfa-121	316	10	052x	052x	NOUN
ajfa-121	316	11	2009	2009	NUM
ajfa-121	316	12	,	,	PUNCT
ajfa-121	316	13	vol	vol	NOUN
ajfa-121	316	14	.	.	PROPN
ajfa-121	316	15	1	1	NUM
ajfa-121	316	16	,	,	PUNCT
ajfa-121	316	17	no	no	INTJ
ajfa-121	316	18	.	.	NOUN
ajfa-121	316	19	2	2	NUM
ajfa-121	316	20	:	:	PUNCT
ajfa-121	316	21	e6	e6	VERB
ajfa-121	316	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	316	23	138	138	NUM
ajfa-121	316	24	hypothesis	hypothesis	NOUN
ajfa-121	316	25	6	6	NUM
ajfa-121	316	26	,	,	PUNCT
ajfa-121	316	27	stating	state	VERB
ajfa-121	316	28	that	that	SCONJ
ajfa-121	316	29	companies	company	NOUN
ajfa-121	316	30	that	that	PRON
ajfa-121	316	31	have	have	VERB
ajfa-121	316	32	an	an	DET
ajfa-121	316	33	audit	audit	NOUN
ajfa-121	316	34	committee	committee	NOUN
ajfa-121	316	35	are	be	AUX
ajfa-121	316	36	likely	likely	ADJ
ajfa-121	316	37	to	to	PART
ajfa-121	316	38	have	have	VERB
ajfa-121	316	39	higher	high	ADJ
ajfa-121	316	40	voluntary	voluntary	ADJ
ajfa-121	316	41	disclosure	disclosure	NOUN
ajfa-121	316	42	,	,	PUNCT
ajfa-121	316	43	is	be	AUX
ajfa-121	316	44	not	not	PART
ajfa-121	316	45	supported	support	VERB
ajfa-121	316	46	.	.	PUNCT
ajfa-121	317	1	in	in	ADP
ajfa-121	317	2	fact	fact	NOUN
ajfa-121	317	3	,	,	PUNCT
ajfa-121	317	4	the	the	DET
ajfa-121	317	5	opposite	opposite	NOUN
ajfa-121	317	6	is	be	AUX
ajfa-121	317	7	found	find	VERB
ajfa-121	317	8	in	in	ADP
ajfa-121	317	9	a	a	DET
ajfa-121	317	10	significant	significant	ADJ
ajfa-121	317	11	direction	direction	NOUN
ajfa-121	317	12	.	.	PUNCT
ajfa-121	318	1	this	this	DET
ajfa-121	318	2	study	study	NOUN
ajfa-121	318	3	does	do	AUX
ajfa-121	318	4	not	not	PART
ajfa-121	318	5	find	find	VERB
ajfa-121	318	6	sufficient	sufficient	ADJ
ajfa-121	318	7	evidence	evidence	NOUN
ajfa-121	318	8	to	to	PART
ajfa-121	318	9	support	support	VERB
ajfa-121	318	10	forker	forker	PROPN
ajfa-121	318	11	(	(	PUNCT
ajfa-121	318	12	1992	1992	NUM
ajfa-121	318	13	)	)	PUNCT
ajfa-121	318	14	who	who	PRON
ajfa-121	318	15	finds	find	VERB
ajfa-121	318	16	a	a	DET
ajfa-121	318	17	weak	weak	ADJ
ajfa-121	318	18	relationship	relationship	NOUN
ajfa-121	318	19	and	and	CCONJ
ajfa-121	318	20	ho	ho	PROPN
ajfa-121	318	21	and	and	CCONJ
ajfa-121	318	22	wong	wong	PROPN
ajfa-121	318	23	(	(	PUNCT
ajfa-121	318	24	2001	2001	NUM
ajfa-121	318	25	)	)	PUNCT
ajfa-121	318	26	who	who	PRON
ajfa-121	318	27	find	find	VERB
ajfa-121	318	28	a	a	DET
ajfa-121	318	29	positive	positive	ADJ
ajfa-121	318	30	relationship	relationship	NOUN
ajfa-121	318	31	between	between	ADP
ajfa-121	318	32	the	the	DET
ajfa-121	318	33	two	two	NUM
ajfa-121	318	34	variables	variable	NOUN
ajfa-121	318	35	.	.	PUNCT
ajfa-121	319	1	the	the	DET
ajfa-121	319	2	implication	implication	NOUN
ajfa-121	319	3	is	be	AUX
ajfa-121	319	4	that	that	SCONJ
ajfa-121	319	5	many	many	ADJ
ajfa-121	319	6	companies	company	NOUN
ajfa-121	319	7	in	in	ADP
ajfa-121	319	8	china	china	PROPN
ajfa-121	319	9	voluntarily	voluntarily	ADV
ajfa-121	319	10	create	create	VERB
ajfa-121	319	11	audit	audit	NOUN
ajfa-121	319	12	committees	committee	NOUN
ajfa-121	319	13	to	to	PART
ajfa-121	319	14	provide	provide	VERB
ajfa-121	319	15	more	more	ADV
ajfa-121	319	16	effective	effective	ADJ
ajfa-121	319	17	communication	communication	NOUN
ajfa-121	319	18	between	between	ADP
ajfa-121	319	19	the	the	DET
ajfa-121	319	20	board	board	NOUN
ajfa-121	319	21	of	of	ADP
ajfa-121	319	22	directors	director	NOUN
ajfa-121	319	23	and	and	CCONJ
ajfa-121	319	24	the	the	DET
ajfa-121	319	25	external	external	ADJ
ajfa-121	319	26	auditors	auditor	NOUN
ajfa-121	319	27	.	.	PUNCT
ajfa-121	320	1	the	the	DET
ajfa-121	320	2	audit	audit	NOUN
ajfa-121	320	3	committees	committee	NOUN
ajfa-121	320	4	are	be	AUX
ajfa-121	320	5	expected	expect	VERB
ajfa-121	320	6	to	to	PART
ajfa-121	320	7	oversee	oversee	VERB
ajfa-121	320	8	corporate	corporate	ADJ
ajfa-121	320	9	governance	governance	NOUN
ajfa-121	320	10	,	,	PUNCT
ajfa-121	320	11	financial	financial	ADJ
ajfa-121	320	12	reporting	reporting	NOUN
ajfa-121	320	13	,	,	PUNCT
ajfa-121	320	14	the	the	DET
ajfa-121	320	15	internal	internal	ADJ
ajfa-121	320	16	control	control	NOUN
ajfa-121	320	17	structure	structure	NOUN
ajfa-121	320	18	,	,	PUNCT
ajfa-121	320	19	internal	internal	ADJ
ajfa-121	320	20	audit	audit	NOUN
ajfa-121	320	21	functions	function	NOUN
ajfa-121	320	22	,	,	PUNCT
ajfa-121	320	23	and	and	CCONJ
ajfa-121	320	24	external	external	ADJ
ajfa-121	320	25	audit	audit	NOUN
ajfa-121	320	26	services	service	NOUN
ajfa-121	320	27	.	.	PUNCT
ajfa-121	321	1	in	in	ADP
ajfa-121	321	2	china	china	PROPN
ajfa-121	321	3	,	,	PUNCT
ajfa-121	321	4	the	the	DET
ajfa-121	321	5	existence	existence	NOUN
ajfa-121	321	6	of	of	ADP
ajfa-121	321	7	an	an	DET
ajfa-121	321	8	audit	audit	NOUN
ajfa-121	321	9	committee	committee	NOUN
ajfa-121	321	10	serves	serve	VERB
ajfa-121	321	11	only	only	ADV
ajfa-121	321	12	to	to	PART
ajfa-121	321	13	ensure	ensure	VERB
ajfa-121	321	14	that	that	SCONJ
ajfa-121	321	15	the	the	DET
ajfa-121	321	16	company	company	NOUN
ajfa-121	321	17	has	have	AUX
ajfa-121	321	18	complied	comply	VERB
ajfa-121	321	19	with	with	ADP
ajfa-121	321	20	the	the	DET
ajfa-121	321	21	mandatory	mandatory	ADJ
ajfa-121	321	22	disclosures	disclosure	NOUN
ajfa-121	321	23	.	.	PUNCT
ajfa-121	322	1	the	the	DET
ajfa-121	322	2	purpose	purpose	NOUN
ajfa-121	322	3	of	of	ADP
ajfa-121	322	4	the	the	DET
ajfa-121	322	5	audit	audit	NOUN
ajfa-121	322	6	committee	committee	NOUN
ajfa-121	322	7	is	be	AUX
ajfa-121	322	8	not	not	PART
ajfa-121	322	9	to	to	PART
ajfa-121	322	10	press	press	VERB
ajfa-121	322	11	the	the	DET
ajfa-121	322	12	company	company	NOUN
ajfa-121	322	13	to	to	PART
ajfa-121	322	14	disclose	disclose	VERB
ajfa-121	322	15	more	more	ADV
ajfa-121	322	16	voluntary	voluntary	ADJ
ajfa-121	322	17	information	information	NOUN
ajfa-121	322	18	.	.	PUNCT
ajfa-121	323	1	the	the	DET
ajfa-121	323	2	members	member	NOUN
ajfa-121	323	3	of	of	ADP
ajfa-121	323	4	the	the	DET
ajfa-121	323	5	audit	audit	NOUN
ajfa-121	323	6	committee	committee	NOUN
ajfa-121	323	7	may	may	AUX
ajfa-121	323	8	be	be	AUX
ajfa-121	323	9	appointed	appoint	VERB
ajfa-121	323	10	by	by	ADP
ajfa-121	323	11	the	the	DET
ajfa-121	323	12	ceo	ceo	NOUN
ajfa-121	323	13	or	or	CCONJ
ajfa-121	323	14	by	by	ADP
ajfa-121	323	15	the	the	DET
ajfa-121	323	16	board	board	NOUN
ajfa-121	323	17	of	of	ADP
ajfa-121	323	18	directors	director	NOUN
ajfa-121	323	19	in	in	ADP
ajfa-121	323	20	order	order	NOUN
ajfa-121	323	21	to	to	PART
ajfa-121	323	22	fulfill	fulfill	VERB
ajfa-121	323	23	shareholder	shareholder	NOUN
ajfa-121	323	24	requirements	requirement	NOUN
ajfa-121	323	25	,	,	PUNCT
ajfa-121	323	26	and	and	CCONJ
ajfa-121	323	27	this	this	PRON
ajfa-121	323	28	may	may	AUX
ajfa-121	323	29	affect	affect	VERB
ajfa-121	323	30	their	their	PRON
ajfa-121	323	31	monitoring	monitoring	NOUN
ajfa-121	323	32	roles	role	NOUN
ajfa-121	323	33	in	in	ADP
ajfa-121	323	34	terms	term	NOUN
ajfa-121	323	35	of	of	ADP
ajfa-121	323	36	their	their	PRON
ajfa-121	323	37	independence	independence	NOUN
ajfa-121	323	38	and	and	CCONJ
ajfa-121	323	39	trust	trust	NOUN
ajfa-121	323	40	.	.	PUNCT
ajfa-121	324	1	thus	thus	ADV
ajfa-121	324	2	,	,	PUNCT
ajfa-121	324	3	the	the	DET
ajfa-121	324	4	audit	audit	NOUN
ajfa-121	324	5	committee	committee	NOUN
ajfa-121	324	6	may	may	AUX
ajfa-121	324	7	not	not	PART
ajfa-121	324	8	increase	increase	VERB
ajfa-121	324	9	company	company	NOUN
ajfa-121	324	10	transparency	transparency	NOUN
ajfa-121	324	11	or	or	CCONJ
ajfa-121	324	12	increase	increase	VERB
ajfa-121	324	13	disclosure	disclosure	NOUN
ajfa-121	324	14	of	of	ADP
ajfa-121	324	15	non	non	ADJ
ajfa-121	324	16	-	-	ADJ
ajfa-121	324	17	mandatory	mandatory	ADJ
ajfa-121	324	18	information	information	NOUN
ajfa-121	324	19	to	to	ADP
ajfa-121	324	20	the	the	DET
ajfa-121	324	21	public	public	NOUN
ajfa-121	324	22	.	.	PUNCT
ajfa-121	325	1	5	5	X
ajfa-121	325	2	.	.	X
ajfa-121	325	3	implementation	implementation	NOUN
ajfa-121	325	4	and	and	CCONJ
ajfa-121	325	5	limitations	limitation	NOUN
ajfa-121	325	6	of	of	ADP
ajfa-121	325	7	the	the	DET
ajfa-121	325	8	study	study	NOUN
ajfa-121	325	9	this	this	DET
ajfa-121	325	10	study	study	NOUN
ajfa-121	325	11	examines	examine	VERB
ajfa-121	325	12	the	the	DET
ajfa-121	325	13	role	role	NOUN
ajfa-121	325	14	of	of	ADP
ajfa-121	325	15	governance	governance	NOUN
ajfa-121	325	16	on	on	ADP
ajfa-121	325	17	issues	issue	NOUN
ajfa-121	325	18	of	of	ADP
ajfa-121	325	19	voluntary	voluntary	ADJ
ajfa-121	325	20	disclosure	disclosure	NOUN
ajfa-121	325	21	in	in	ADP
ajfa-121	325	22	china	china	PROPN
ajfa-121	325	23	.	.	PUNCT
ajfa-121	326	1	for	for	ADP
ajfa-121	326	2	both	both	CCONJ
ajfa-121	326	3	chinese	chinese	ADJ
ajfa-121	326	4	regulatory	regulatory	ADJ
ajfa-121	326	5	bodies	body	NOUN
ajfa-121	326	6	and	and	CCONJ
ajfa-121	326	7	listed	list	VERB
ajfa-121	326	8	companies	company	NOUN
ajfa-121	326	9	,	,	PUNCT
ajfa-121	326	10	it	it	PRON
ajfa-121	326	11	is	be	AUX
ajfa-121	326	12	important	important	ADJ
ajfa-121	326	13	to	to	PART
ajfa-121	326	14	identify	identify	VERB
ajfa-121	326	15	the	the	DET
ajfa-121	326	16	corporate	corporate	ADJ
ajfa-121	326	17	governance	governance	NOUN
ajfa-121	326	18	mechanisms	mechanism	NOUN
ajfa-121	326	19	that	that	PRON
ajfa-121	326	20	may	may	AUX
ajfa-121	326	21	affect	affect	VERB
ajfa-121	326	22	company	company	NOUN
ajfa-121	326	23	transparency	transparency	NOUN
ajfa-121	326	24	.	.	PUNCT
ajfa-121	327	1	the	the	DET
ajfa-121	327	2	privatization	privatization	NOUN
ajfa-121	327	3	process	process	NOUN
ajfa-121	327	4	of	of	ADP
ajfa-121	327	5	soes	soe	NOUN
ajfa-121	327	6	represents	represent	VERB
ajfa-121	327	7	a	a	DET
ajfa-121	327	8	gradual	gradual	ADJ
ajfa-121	327	9	transfer	transfer	NOUN
ajfa-121	327	10	of	of	ADP
ajfa-121	327	11	operational	operational	ADJ
ajfa-121	327	12	and	and	CCONJ
ajfa-121	327	13	financial	financial	ADJ
ajfa-121	327	14	control	control	NOUN
ajfa-121	327	15	from	from	ADP
ajfa-121	327	16	state	state	NOUN
ajfa-121	327	17	assets	asset	NOUN
ajfa-121	327	18	to	to	ADP
ajfa-121	327	19	individual	individual	ADJ
ajfa-121	327	20	investors	investor	NOUN
ajfa-121	327	21	.	.	PUNCT
ajfa-121	328	1	the	the	DET
ajfa-121	328	2	speed	speed	NOUN
ajfa-121	328	3	of	of	ADP
ajfa-121	328	4	the	the	DET
ajfa-121	328	5	transfer	transfer	NOUN
ajfa-121	328	6	should	should	AUX
ajfa-121	328	7	be	be	AUX
ajfa-121	328	8	timed	time	VERB
ajfa-121	328	9	with	with	ADP
ajfa-121	328	10	progress	progress	NOUN
ajfa-121	328	11	in	in	ADP
ajfa-121	328	12	developing	develop	VERB
ajfa-121	328	13	a	a	DET
ajfa-121	328	14	strong	strong	ADJ
ajfa-121	328	15	regulatory	regulatory	ADJ
ajfa-121	328	16	governance	governance	NOUN
ajfa-121	328	17	system	system	NOUN
ajfa-121	328	18	.	.	PUNCT
ajfa-121	329	1	in	in	ADP
ajfa-121	329	2	many	many	ADJ
ajfa-121	329	3	countries	country	NOUN
ajfa-121	329	4	with	with	ADP
ajfa-121	329	5	institutional	institutional	ADJ
ajfa-121	329	6	weaknesses	weakness	NOUN
ajfa-121	329	7	,	,	PUNCT
ajfa-121	329	8	such	such	ADJ
ajfa-121	329	9	as	as	ADP
ajfa-121	329	10	china	china	PROPN
ajfa-121	329	11	,	,	PUNCT
ajfa-121	329	12	regulatory	regulatory	ADJ
ajfa-121	329	13	capacity	capacity	NOUN
ajfa-121	329	14	and	and	CCONJ
ajfa-121	329	15	reliability	reliability	NOUN
ajfa-121	329	16	are	be	AUX
ajfa-121	329	17	limited	limit	VERB
ajfa-121	329	18	.	.	PUNCT
ajfa-121	330	1	yet	yet	CCONJ
ajfa-121	330	2	this	this	DET
ajfa-121	330	3	study	study	NOUN
ajfa-121	330	4	concludes	conclude	VERB
ajfa-121	330	5	that	that	SCONJ
ajfa-121	330	6	in	in	ADP
ajfa-121	330	7	such	such	ADJ
ajfa-121	330	8	environments	environment	NOUN
ajfa-121	330	9	,	,	PUNCT
ajfa-121	330	10	maintaining	maintain	VERB
ajfa-121	330	11	state	state	NOUN
ajfa-121	330	12	control	control	NOUN
ajfa-121	330	13	undermines	undermine	VERB
ajfa-121	330	14	the	the	DET
ajfa-121	330	15	very	very	ADV
ajfa-121	330	16	important	important	ADJ
ajfa-121	330	17	progress	progress	NOUN
ajfa-121	330	18	toward	toward	ADP
ajfa-121	330	19	less	less	ADJ
ajfa-121	330	20	direct	direct	ADJ
ajfa-121	330	21	state	state	NOUN
ajfa-121	330	22	control	control	NOUN
ajfa-121	330	23	.	.	PUNCT
ajfa-121	331	1	most	most	ADJ
ajfa-121	331	2	of	of	ADP
ajfa-121	331	3	the	the	DET
ajfa-121	331	4	shares	share	NOUN
ajfa-121	331	5	held	hold	VERB
ajfa-121	331	6	by	by	ADP
ajfa-121	331	7	the	the	DET
ajfa-121	331	8	government	government	NOUN
ajfa-121	331	9	and	and	CCONJ
ajfa-121	331	10	legal	legal	ADJ
ajfa-121	331	11	entities	entity	NOUN
ajfa-121	331	12	in	in	ADP
ajfa-121	331	13	china	china	PROPN
ajfa-121	331	14	are	be	AUX
ajfa-121	331	15	still	still	ADV
ajfa-121	331	16	concentrated	concentrated	ADJ
ajfa-121	331	17	(	(	PUNCT
ajfa-121	331	18	about	about	ADV
ajfa-121	331	19	34	34	NUM
ajfa-121	331	20	percent	percent	NOUN
ajfa-121	331	21	,	,	PUNCT
ajfa-121	331	22	see	see	VERB
ajfa-121	331	23	table	table	NOUN
ajfa-121	331	24	5	5	NUM
ajfa-121	331	25	)	)	PUNCT
ajfa-121	331	26	.	.	PUNCT
ajfa-121	332	1	this	this	DET
ajfa-121	332	2	study	study	NOUN
ajfa-121	332	3	reveals	reveal	VERB
ajfa-121	332	4	a	a	DET
ajfa-121	332	5	relationship	relationship	NOUN
ajfa-121	332	6	between	between	ADP
ajfa-121	332	7	the	the	DET
ajfa-121	332	8	extent	extent	NOUN
ajfa-121	332	9	of	of	ADP
ajfa-121	332	10	voluntary	voluntary	ADJ
ajfa-121	332	11	disclosure	disclosure	NOUN
ajfa-121	332	12	and	and	CCONJ
ajfa-121	332	13	government	government	NOUN
ajfa-121	332	14	ownership	ownership	NOUN
ajfa-121	332	15	and	and	CCONJ
ajfa-121	332	16	ownership	ownership	NOUN
ajfa-121	332	17	concentration	concentration	NOUN
ajfa-121	332	18	.	.	PUNCT
ajfa-121	333	1	since	since	SCONJ
ajfa-121	333	2	the	the	DET
ajfa-121	333	3	1990s	1990s	NUM
ajfa-121	333	4	,	,	PUNCT
ajfa-121	333	5	the	the	DET
ajfa-121	333	6	chinese	chinese	ADJ
ajfa-121	333	7	government	government	NOUN
ajfa-121	333	8	has	have	AUX
ajfa-121	333	9	introduced	introduce	VERB
ajfa-121	333	10	shareholding	shareholding	NOUN
ajfa-121	333	11	and	and	CCONJ
ajfa-121	333	12	publicly	publicly	ADV
ajfa-121	333	13	-	-	PUNCT
ajfa-121	333	14	listed	list	VERB
ajfa-121	333	15	companies	company	NOUN
ajfa-121	333	16	have	have	AUX
ajfa-121	333	17	had	have	VERB
ajfa-121	333	18	to	to	PART
ajfa-121	333	19	transfer	transfer	VERB
ajfa-121	333	20	their	their	PRON
ajfa-121	333	21	non	non	ADJ
ajfa-121	333	22	-	-	ADJ
ajfa-121	333	23	tradable	tradable	ADJ
ajfa-121	333	24	shares	share	NOUN
ajfa-121	333	25	to	to	ADP
ajfa-121	333	26	tradable	tradable	ADJ
ajfa-121	333	27	shares	share	NOUN
ajfa-121	333	28	,	,	PUNCT
ajfa-121	333	29	thus	thus	ADV
ajfa-121	333	30	dispersing	disperse	VERB
ajfa-121	333	31	the	the	DET
ajfa-121	333	32	ownership	ownership	NOUN
ajfa-121	333	33	structure	structure	NOUN
ajfa-121	333	34	of	of	ADP
ajfa-121	333	35	publicly	publicly	ADV
ajfa-121	333	36	-	-	PUNCT
ajfa-121	333	37	listed	list	VERB
ajfa-121	333	38	companies	company	NOUN
ajfa-121	333	39	to	to	ADP
ajfa-121	333	40	individual	individual	ADJ
ajfa-121	333	41	owners	owner	NOUN
ajfa-121	333	42	and	and	CCONJ
ajfa-121	333	43	potentially	potentially	ADV
ajfa-121	333	44	also	also	ADV
ajfa-121	333	45	affecting	affect	VERB
ajfa-121	333	46	the	the	DET
ajfa-121	333	47	level	level	NOUN
ajfa-121	333	48	of	of	ADP
ajfa-121	333	49	voluntary	voluntary	ADJ
ajfa-121	333	50	disclosure	disclosure	NOUN
ajfa-121	333	51	.	.	PUNCT
ajfa-121	334	1	this	this	DET
ajfa-121	334	2	study	study	NOUN
ajfa-121	334	3	also	also	ADV
ajfa-121	334	4	provides	provide	VERB
ajfa-121	334	5	information	information	NOUN
ajfa-121	334	6	on	on	ADP
ajfa-121	334	7	the	the	DET
ajfa-121	334	8	expectations	expectation	NOUN
ajfa-121	334	9	of	of	ADP
ajfa-121	334	10	both	both	CCONJ
ajfa-121	334	11	the	the	DET
ajfa-121	334	12	investors	investor	NOUN
ajfa-121	334	13	and	and	CCONJ
ajfa-121	334	14	the	the	DET
ajfa-121	334	15	creditors	creditor	NOUN
ajfa-121	334	16	with	with	ADP
ajfa-121	334	17	respect	respect	NOUN
ajfa-121	334	18	to	to	ADP
ajfa-121	334	19	disclosure	disclosure	NOUN
ajfa-121	334	20	items	item	NOUN
ajfa-121	334	21	.	.	PUNCT
ajfa-121	335	1	it	it	PRON
ajfa-121	335	2	finds	find	VERB
ajfa-121	335	3	that	that	SCONJ
ajfa-121	335	4	although	although	SCONJ
ajfa-121	335	5	more	more	ADJ
ajfa-121	335	6	than	than	ADP
ajfa-121	335	7	half	half	NOUN
ajfa-121	335	8	of	of	ADP
ajfa-121	335	9	the	the	DET
ajfa-121	335	10	publicly	publicly	ADV
ajfa-121	335	11	-	-	PUNCT
ajfa-121	335	12	listed	list	VERB
ajfa-121	335	13	companies	company	NOUN
ajfa-121	335	14	have	have	VERB
ajfa-121	335	15	audit	audit	NOUN
ajfa-121	335	16	committees	committee	NOUN
ajfa-121	335	17	,	,	PUNCT
ajfa-121	335	18	few	few	ADJ
ajfa-121	335	19	companies	company	NOUN
ajfa-121	335	20	disclose	disclose	VERB
ajfa-121	335	21	any	any	DET
ajfa-121	335	22	information	information	NOUN
ajfa-121	335	23	about	about	ADP
ajfa-121	335	24	their	their	PRON
ajfa-121	335	25	audit	audit	NOUN
ajfa-121	335	26	committees	committee	NOUN
ajfa-121	335	27	or	or	CCONJ
ajfa-121	335	28	their	their	PRON
ajfa-121	335	29	structures	structure	NOUN
ajfa-121	335	30	.	.	PUNCT
ajfa-121	336	1	but	but	CCONJ
ajfa-121	336	2	information	information	NOUN
ajfa-121	336	3	on	on	ADP
ajfa-121	336	4	the	the	DET
ajfa-121	336	5	audit	audit	NOUN
ajfa-121	336	6	committee	committee	NOUN
ajfa-121	336	7	is	be	AUX
ajfa-121	336	8	important	important	ADJ
ajfa-121	336	9	so	so	SCONJ
ajfa-121	336	10	as	as	SCONJ
ajfa-121	336	11	to	to	PART
ajfa-121	336	12	provide	provide	VERB
ajfa-121	336	13	objective	objective	ADJ
ajfa-121	336	14	information	information	NOUN
ajfa-121	336	15	to	to	ADP
ajfa-121	336	16	the	the	DET
ajfa-121	336	17	readers	reader	NOUN
ajfa-121	336	18	of	of	ADP
ajfa-121	336	19	the	the	DET
ajfa-121	336	20	annual	annual	ADJ
ajfa-121	336	21	reports	report	NOUN
ajfa-121	336	22	.	.	PUNCT
ajfa-121	337	1	therefore	therefore	ADV
ajfa-121	337	2	,	,	PUNCT
ajfa-121	337	3	management	management	NOUN
ajfa-121	337	4	of	of	ADP
ajfa-121	337	5	publicly	publicly	ADV
ajfa-121	337	6	-	-	PUNCT
ajfa-121	337	7	listed	list	VERB
ajfa-121	337	8	companies	company	NOUN
ajfa-121	337	9	should	should	AUX
ajfa-121	337	10	disclose	disclose	VERB
ajfa-121	337	11	more	more	ADJ
ajfa-121	337	12	of	of	ADP
ajfa-121	337	13	this	this	DET
ajfa-121	337	14	kind	kind	NOUN
ajfa-121	337	15	of	of	ADP
ajfa-121	337	16	information	information	NOUN
ajfa-121	337	17	to	to	PART
ajfa-121	337	18	fulfill	fulfill	VERB
ajfa-121	337	19	the	the	DET
ajfa-121	337	20	needs	need	NOUN
ajfa-121	337	21	of	of	ADP
ajfa-121	337	22	the	the	DET
ajfa-121	337	23	public	public	NOUN
ajfa-121	337	24	.	.	PUNCT
ajfa-121	338	1	the	the	DET
ajfa-121	338	2	regulatory	regulatory	ADJ
ajfa-121	338	3	body	body	NOUN
ajfa-121	338	4	should	should	AUX
ajfa-121	338	5	provide	provide	VERB
ajfa-121	338	6	some	some	DET
ajfa-121	338	7	incentives	incentive	NOUN
ajfa-121	338	8	to	to	PART
ajfa-121	338	9	encourage	encourage	VERB
ajfa-121	338	10	companies	company	NOUN
ajfa-121	338	11	to	to	PART
ajfa-121	338	12	disclose	disclose	VERB
ajfa-121	338	13	more	more	ADJ
ajfa-121	338	14	information	information	NOUN
ajfa-121	338	15	.	.	PUNCT
ajfa-121	339	1	the	the	DET
ajfa-121	339	2	current	current	ADJ
ajfa-121	339	3	turmoil	turmoil	NOUN
ajfa-121	339	4	in	in	ADP
ajfa-121	339	5	financial	financial	ADJ
ajfa-121	339	6	markets	market	NOUN
ajfa-121	339	7	presents	present	VERB
ajfa-121	339	8	audit	audit	NOUN
ajfa-121	339	9	committees	committee	NOUN
ajfa-121	339	10	(	(	PUNCT
ajfa-121	339	11	not	not	PART
ajfa-121	339	12	only	only	ADV
ajfa-121	339	13	the	the	DET
ajfa-121	339	14	audit	audit	NOUN
ajfa-121	339	15	committees	committee	NOUN
ajfa-121	339	16	of	of	ADP
ajfa-121	339	17	financial	financial	ADJ
ajfa-121	339	18	service	service	NOUN
ajfa-121	339	19	companies	company	NOUN
ajfa-121	339	20	)	)	PUNCT
ajfa-121	339	21	with	with	ADP
ajfa-121	339	22	the	the	DET
ajfa-121	339	23	critical	critical	ADJ
ajfa-121	339	24	challenge	challenge	NOUN
ajfa-121	339	25	of	of	ADP
ajfa-121	339	26	understanding	understand	VERB
ajfa-121	339	27	how	how	SCONJ
ajfa-121	339	28	financial	financial	ADJ
ajfa-121	339	29	crises	crisis	NOUN
ajfa-121	339	30	affect	affect	VERB
ajfa-121	339	31	their	their	PRON
ajfa-121	339	32	risk	risk	NOUN
ajfa-121	339	33	profiles	profile	NOUN
ajfa-121	339	34	.	.	PUNCT
ajfa-121	340	1	from	from	ADP
ajfa-121	340	2	liquidity	liquidity	NOUN
ajfa-121	340	3	and	and	CCONJ
ajfa-121	340	4	access	access	NOUN
ajfa-121	340	5	to	to	ADP
ajfa-121	340	6	capital	capital	NOUN
ajfa-121	340	7	,	,	PUNCT
ajfa-121	340	8	to	to	ADP
ajfa-121	340	9	fair	fair	ADJ
ajfa-121	340	10	value	value	NOUN
ajfa-121	340	11	and	and	CCONJ
ajfa-121	340	12	asset	asset	NOUN
ajfa-121	340	13	impairment	impairment	NOUN
ajfa-121	340	14	,	,	PUNCT
ajfa-121	340	15	and	and	CCONJ
ajfa-121	340	16	,	,	PUNCT
ajfa-121	340	17	ultimately	ultimately	ADV
ajfa-121	340	18	,	,	PUNCT
ajfa-121	340	19	to	to	ADP
ajfa-121	340	20	the	the	DET
ajfa-121	340	21	adequacy	adequacy	NOUN
ajfa-121	340	22	of	of	ADP
ajfa-121	340	23	the	the	DET
ajfa-121	340	24	company‟s	company‟s	NOUN
ajfa-121	340	25	processes	process	NOUN
ajfa-121	340	26	to	to	PART
ajfa-121	340	27	manage	manage	VERB
ajfa-121	340	28	these	these	DET
ajfa-121	340	29	and	and	CCONJ
ajfa-121	340	30	other	other	ADJ
ajfa-121	340	31	risks	risk	NOUN
ajfa-121	340	32	effectively	effectively	ADV
ajfa-121	340	33	,	,	PUNCT
ajfa-121	340	34	audit	audit	NOUN
ajfa-121	340	35	committees	committee	NOUN
ajfa-121	340	36	focus	focus	VERB
ajfa-121	340	37	on	on	ADP
ajfa-121	340	38	the	the	DET
ajfa-121	340	39	risks	risk	NOUN
ajfa-121	340	40	that	that	PRON
ajfa-121	340	41	companies	company	NOUN
ajfa-121	340	42	face	face	VERB
ajfa-121	340	43	in	in	ADP
ajfa-121	340	44	the	the	DET
ajfa-121	340	45	current	current	ADJ
ajfa-121	340	46	environment	environment	NOUN
ajfa-121	340	47	.	.	PUNCT
ajfa-121	341	1	the	the	DET
ajfa-121	341	2	audit	audit	NOUN
ajfa-121	341	3	committee	committee	NOUN
ajfa-121	341	4	should	should	AUX
ajfa-121	341	5	disclose	disclose	VERB
ajfa-121	341	6	these	these	DET
ajfa-121	341	7	risks	risk	NOUN
ajfa-121	341	8	to	to	ADP
ajfa-121	341	9	the	the	DET
ajfa-121	341	10	shareholders	shareholder	NOUN
ajfa-121	341	11	.	.	PUNCT
ajfa-121	342	1	asian	asian	ADJ
ajfa-121	342	2	journal	journal	PROPN
ajfa-121	342	3	of	of	ADP
ajfa-121	342	4	finance	finance	PROPN
ajfa-121	342	5	&	&	CCONJ
ajfa-121	342	6	accounting	accounting	PROPN
ajfa-121	342	7	issn	issn	PROPN
ajfa-121	342	8	1946	1946	NUM
ajfa-121	342	9	-	-	PUNCT
ajfa-121	342	10	052x	052x	NOUN
ajfa-121	342	11	2009	2009	NUM
ajfa-121	342	12	,	,	PUNCT
ajfa-121	342	13	vol	vol	NOUN
ajfa-121	342	14	.	.	PROPN
ajfa-121	342	15	1	1	NUM
ajfa-121	342	16	,	,	PUNCT
ajfa-121	342	17	no	no	INTJ
ajfa-121	342	18	.	.	NOUN
ajfa-121	342	19	2	2	NUM
ajfa-121	342	20	:	:	PUNCT
ajfa-121	342	21	e6	e6	VERB
ajfa-121	342	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-121	342	23	139	139	NUM
ajfa-121	342	24	after	after	ADV
ajfa-121	342	25	all	all	ADV
ajfa-121	342	26	,	,	PUNCT
ajfa-121	342	27	what	what	PRON
ajfa-121	342	28	are	be	AUX
ajfa-121	342	29	"	"	PUNCT
ajfa-121	342	30	institutions	institution	NOUN
ajfa-121	342	31	"	"	PUNCT
ajfa-121	342	32	if	if	SCONJ
ajfa-121	342	33	not	not	PART
ajfa-121	342	34	governance	governance	NOUN
ajfa-121	342	35	mechanisms	mechanism	NOUN
ajfa-121	342	36	with	with	ADP
ajfa-121	342	37	some	some	DET
ajfa-121	342	38	degree	degree	NOUN
ajfa-121	342	39	of	of	ADP
ajfa-121	342	40	autonomy	autonomy	NOUN
ajfa-121	342	41	from	from	ADP
ajfa-121	342	42	both	both	CCONJ
ajfa-121	342	43	political	political	ADJ
ajfa-121	342	44	and	and	CCONJ
ajfa-121	342	45	private	private	ADJ
ajfa-121	342	46	interests	interest	NOUN
ajfa-121	342	47	?	?	PUNCT
ajfa-121	343	1	the	the	DET
ajfa-121	343	2	gradual	gradual	ADJ
ajfa-121	343	3	creation	creation	NOUN
ajfa-121	343	4	of	of	ADP
ajfa-121	343	5	institutions	institution	NOUN
ajfa-121	343	6	that	that	PRON
ajfa-121	343	7	are	be	AUX
ajfa-121	343	8	partially	partially	ADV
ajfa-121	343	9	autonomous	autonomous	ADJ
ajfa-121	343	10	from	from	ADP
ajfa-121	343	11	political	political	ADJ
ajfa-121	343	12	power	power	NOUN
ajfa-121	343	13	is	be	AUX
ajfa-121	343	14	central	central	ADJ
ajfa-121	343	15	to	to	ADP
ajfa-121	343	16	the	the	DET
ajfa-121	343	17	development	development	NOUN
ajfa-121	343	18	of	of	ADP
ajfa-121	343	19	an	an	DET
ajfa-121	343	20	optimal	optimal	ADJ
ajfa-121	343	21	mode	mode	NOUN
ajfa-121	343	22	of	of	ADP
ajfa-121	343	23	regulatory	regulatory	ADJ
ajfa-121	343	24	governance	governance	NOUN
ajfa-121	343	25	.	.	PUNCT
ajfa-121	344	1	this	this	DET
ajfa-121	344	2	study	study	NOUN
ajfa-121	344	3	offers	offer	VERB
ajfa-121	344	4	suggestions	suggestion	NOUN
ajfa-121	344	5	about	about	ADP
ajfa-121	344	6	providing	provide	VERB
ajfa-121	344	7	maximum	maximum	ADJ
ajfa-121	344	8	accountability	accountability	NOUN
ajfa-121	344	9	in	in	ADP
ajfa-121	344	10	regulatory	regulatory	ADJ
ajfa-121	344	11	governance	governance	NOUN
ajfa-121	344	12	,	,	PUNCT
ajfa-121	344	13	in	in	ADP
ajfa-121	344	14	particular	particular	ADJ
ajfa-121	344	15	by	by	ADP
ajfa-121	344	16	creating	create	VERB
ajfa-121	344	17	an	an	DET
ajfa-121	344	18	internal	internal	ADJ
ajfa-121	344	19	control	control	NOUN
ajfa-121	344	20	system	system	NOUN
ajfa-121	344	21	based	base	VERB
ajfa-121	344	22	on	on	ADP
ajfa-121	344	23	a	a	DET
ajfa-121	344	24	rotating	rotate	VERB
ajfa-121	344	25	board	board	NOUN
ajfa-121	344	26	,	,	PUNCT
ajfa-121	344	27	representing	represent	VERB
ajfa-121	344	28	users	user	NOUN
ajfa-121	344	29	,	,	PUNCT
ajfa-121	344	30	producers	producer	NOUN
ajfa-121	344	31	,	,	PUNCT
ajfa-121	344	32	and	and	CCONJ
ajfa-121	344	33	civic	civic	ADJ
ajfa-121	344	34	organizations	organization	NOUN
ajfa-121	344	35	,	,	PUNCT
ajfa-121	344	36	which	which	PRON
ajfa-121	344	37	is	be	AUX
ajfa-121	344	38	elected	elect	VERB
ajfa-121	344	39	by	by	ADP
ajfa-121	344	40	a	a	DET
ajfa-121	344	41	process	process	NOUN
ajfa-121	344	42	involving	involve	VERB
ajfa-121	344	43	frequent	frequent	ADJ
ajfa-121	344	44	reporting	reporting	NOUN
ajfa-121	344	45	and	and	CCONJ
ajfa-121	344	46	disclosure	disclosure	NOUN
ajfa-121	344	47	.	.	PUNCT
ajfa-121	345	1	there	there	PRON
ajfa-121	345	2	are	be	VERB
ajfa-121	345	3	several	several	ADJ
ajfa-121	345	4	major	major	ADJ
ajfa-121	345	5	limitations	limitation	NOUN
ajfa-121	345	6	to	to	ADP
ajfa-121	345	7	this	this	DET
ajfa-121	345	8	study	study	NOUN
ajfa-121	345	9	.	.	PUNCT
ajfa-121	346	1	first	first	ADV
ajfa-121	346	2	,	,	PUNCT
ajfa-121	346	3	it	it	PRON
ajfa-121	346	4	focuses	focus	VERB
ajfa-121	346	5	only	only	ADV
ajfa-121	346	6	on	on	ADP
ajfa-121	346	7	the	the	DET
ajfa-121	346	8	market	market	NOUN
ajfa-121	346	9	in	in	ADP
ajfa-121	346	10	mainland	mainland	NOUN
ajfa-121	346	11	china	china	PROPN
ajfa-121	346	12	.	.	PUNCT
ajfa-121	347	1	the	the	DET
ajfa-121	347	2	regulatory	regulatory	ADJ
ajfa-121	347	3	and	and	CCONJ
ajfa-121	347	4	economic	economic	ADJ
ajfa-121	347	5	situations	situation	NOUN
ajfa-121	347	6	in	in	ADP
ajfa-121	347	7	the	the	DET
ajfa-121	347	8	china	china	PROPN
ajfa-121	347	9	market	market	NOUN
ajfa-121	347	10	are	be	AUX
ajfa-121	347	11	different	different	ADJ
ajfa-121	347	12	from	from	ADP
ajfa-121	347	13	those	those	PRON
ajfa-121	347	14	of	of	ADP
ajfa-121	347	15	other	other	ADJ
ajfa-121	347	16	markets	market	NOUN
ajfa-121	347	17	.	.	PUNCT
ajfa-121	348	1	the	the	DET
ajfa-121	348	2	results	result	NOUN
ajfa-121	348	3	of	of	ADP
ajfa-121	348	4	this	this	DET
ajfa-121	348	5	study	study	NOUN
ajfa-121	348	6	only	only	ADV
ajfa-121	348	7	reflect	reflect	VERB
ajfa-121	348	8	characteristics	characteristic	NOUN
ajfa-121	348	9	of	of	ADP
ajfa-121	348	10	the	the	DET
ajfa-121	348	11	china	china	PROPN
ajfa-121	348	12	market	market	NOUN
ajfa-121	348	13	.	.	PUNCT
ajfa-121	349	1	therefore	therefore	ADV
ajfa-121	349	2	,	,	PUNCT
ajfa-121	349	3	future	future	ADJ
ajfa-121	349	4	research	research	NOUN
ajfa-121	349	5	should	should	AUX
ajfa-121	349	6	be	be	AUX
ajfa-121	349	7	extended	extend	VERB
ajfa-121	349	8	to	to	ADP
ajfa-121	349	9	other	other	ADJ
ajfa-121	349	10	markets	market	NOUN
ajfa-121	349	11	.	.	PUNCT
ajfa-121	350	1	given	give	VERB
ajfa-121	350	2	the	the	DET
ajfa-121	350	3	impact	impact	NOUN
ajfa-121	350	4	of	of	ADP
ajfa-121	350	5	chinese	chinese	ADJ
ajfa-121	350	6	culture	culture	NOUN
ajfa-121	350	7	,	,	PUNCT
ajfa-121	350	8	high	high	ADJ
ajfa-121	350	9	power	power	NOUN
ajfa-121	350	10	distance	distance	NOUN
ajfa-121	350	11	and	and	CCONJ
ajfa-121	350	12	secrecy	secrecy	NOUN
ajfa-121	350	13	(	(	PUNCT
ajfa-121	350	14	ailon	ailon	NOUN
ajfa-121	350	15	,	,	PUNCT
ajfa-121	350	16	2008	2008	NUM
ajfa-121	350	17	;	;	PUNCT
ajfa-121	350	18	hofstede	hofstede	NOUN
ajfa-121	350	19	2005	2005	NUM
ajfa-121	350	20	)	)	PUNCT
ajfa-121	350	21	may	may	AUX
ajfa-121	350	22	also	also	ADV
ajfa-121	350	23	have	have	VERB
ajfa-121	350	24	significant	significant	ADJ
ajfa-121	350	25	impacts	impact	NOUN
ajfa-121	350	26	on	on	ADP
ajfa-121	350	27	the	the	DET
ajfa-121	350	28	level	level	NOUN
ajfa-121	350	29	of	of	ADP
ajfa-121	350	30	disclosure	disclosure	NOUN
ajfa-121	350	31	.	.	PUNCT
ajfa-121	351	1	because	because	SCONJ
ajfa-121	351	2	improvements	improvement	NOUN
ajfa-121	351	3	in	in	ADP
ajfa-121	351	4	the	the	DET
ajfa-121	351	5	corporate	corporate	ADJ
ajfa-121	351	6	governance	governance	NOUN
ajfa-121	351	7	mechanism	mechanism	NOUN
ajfa-121	351	8	may	may	AUX
ajfa-121	351	9	change	change	VERB
ajfa-121	351	10	the	the	DET
ajfa-121	351	11	management	management	NOUN
ajfa-121	351	12	culture	culture	NOUN
ajfa-121	351	13	of	of	ADP
ajfa-121	351	14	chinese	chinese	ADJ
ajfa-121	351	15	companies	company	NOUN
ajfa-121	351	16	,	,	PUNCT
ajfa-121	351	17	it	it	PRON
ajfa-121	351	18	is	be	AUX
ajfa-121	351	19	important	important	ADJ
ajfa-121	351	20	to	to	PART
ajfa-121	351	21	extend	extend	VERB
ajfa-121	351	22	future	future	ADJ
ajfa-121	351	23	studies	study	NOUN
ajfa-121	351	24	to	to	PART
ajfa-121	351	25	investigate	investigate	VERB
ajfa-121	351	26	how	how	SCONJ
ajfa-121	351	27	these	these	DET
ajfa-121	351	28	issues	issue	NOUN
ajfa-121	351	29	may	may	AUX
ajfa-121	351	30	enhance	enhance	VERB
ajfa-121	351	31	transparency	transparency	NOUN
ajfa-121	351	32	.	.	PUNCT
ajfa-121	352	1	second	second	ADJ
ajfa-121	352	2	,	,	PUNCT
ajfa-121	352	3	the	the	DET
ajfa-121	352	4	sample	sample	NOUN
ajfa-121	352	5	in	in	ADP
ajfa-121	352	6	this	this	DET
ajfa-121	352	7	study	study	NOUN
ajfa-121	352	8	is	be	AUX
ajfa-121	352	9	small	small	ADJ
ajfa-121	352	10	,	,	PUNCT
ajfa-121	352	11	including	include	VERB
ajfa-121	352	12	only	only	ADV
ajfa-121	352	13	200	200	NUM
ajfa-121	352	14	companies	company	NOUN
ajfa-121	352	15	of	of	ADP
ajfa-121	352	16	the	the	DET
ajfa-121	352	17	850	850	NUM
ajfa-121	352	18	publicly	publicly	ADV
ajfa-121	352	19	-	-	PUNCT
ajfa-121	352	20	listed	list	VERB
ajfa-121	352	21	companies	company	NOUN
ajfa-121	352	22	,	,	PUNCT
ajfa-121	352	23	and	and	CCONJ
ajfa-121	352	24	companies	company	NOUN
ajfa-121	352	25	listed	list	VERB
ajfa-121	352	26	on	on	ADP
ajfa-121	352	27	the	the	DET
ajfa-121	352	28	b	b	NOUN
ajfa-121	352	29	-	-	PUNCT
ajfa-121	352	30	share	share	NOUN
ajfa-121	352	31	market	market	NOUN
ajfa-121	352	32	are	be	AUX
ajfa-121	352	33	not	not	PART
ajfa-121	352	34	included	include	VERB
ajfa-121	352	35	.	.	PUNCT
ajfa-121	353	1	furthermore	furthermore	ADV
ajfa-121	353	2	,	,	PUNCT
ajfa-121	353	3	the	the	DET
ajfa-121	353	4	study	study	NOUN
ajfa-121	353	5	only	only	ADV
ajfa-121	353	6	examines	examine	VERB
ajfa-121	353	7	the	the	DET
ajfa-121	353	8	2005	2005	NUM
ajfa-121	353	9	annual	annual	ADJ
ajfa-121	353	10	reports	report	NOUN
ajfa-121	353	11	of	of	ADP
ajfa-121	353	12	the	the	DET
ajfa-121	353	13	selected	select	VERB
ajfa-121	353	14	companies	company	NOUN
ajfa-121	353	15	.	.	PUNCT
ajfa-121	354	1	although	although	SCONJ
ajfa-121	354	2	the	the	DET
ajfa-121	354	3	a	a	NOUN
ajfa-121	354	4	-	-	PUNCT
ajfa-121	354	5	shares	share	NOUN
ajfa-121	354	6	in	in	ADP
ajfa-121	354	7	the	the	DET
ajfa-121	354	8	shanghai	shanghai	PROPN
ajfa-121	354	9	and	and	CCONJ
ajfa-121	354	10	shenzhen	shenzhen	PROPN
ajfa-121	354	11	markets	market	NOUN
ajfa-121	354	12	are	be	AUX
ajfa-121	354	13	quite	quite	ADV
ajfa-121	354	14	similar	similar	ADJ
ajfa-121	354	15	,	,	PUNCT
ajfa-121	354	16	there	there	PRON
ajfa-121	354	17	are	be	VERB
ajfa-121	354	18	still	still	ADV
ajfa-121	354	19	some	some	DET
ajfa-121	354	20	differences	difference	NOUN
ajfa-121	354	21	between	between	ADP
ajfa-121	354	22	them	they	PRON
ajfa-121	354	23	.	.	PUNCT
ajfa-121	355	1	for	for	ADP
ajfa-121	355	2	example	example	NOUN
ajfa-121	355	3	,	,	PUNCT
ajfa-121	355	4	the	the	DET
ajfa-121	355	5	shanghai	shanghai	PROPN
ajfa-121	355	6	a	a	DET
ajfa-121	355	7	-	-	PUNCT
ajfa-121	355	8	share	share	NOUN
ajfa-121	355	9	market	market	NOUN
ajfa-121	355	10	has	have	VERB
ajfa-121	355	11	more	more	ADJ
ajfa-121	355	12	financial	financial	ADJ
ajfa-121	355	13	companies	company	NOUN
ajfa-121	355	14	and	and	CCONJ
ajfa-121	355	15	the	the	DET
ajfa-121	355	16	shenzhen	shenzhen	PROPN
ajfa-121	355	17	a	a	DET
ajfa-121	355	18	-	-	PUNCT
ajfa-121	355	19	share	share	NOUN
ajfa-121	355	20	market	market	NOUN
ajfa-121	355	21	has	have	VERB
ajfa-121	355	22	more	more	ADJ
ajfa-121	355	23	real	real	ADJ
ajfa-121	355	24	estate	estate	NOUN
ajfa-121	355	25	companies	company	NOUN
ajfa-121	355	26	.	.	PUNCT
ajfa-121	356	1	therefore	therefore	ADV
ajfa-121	356	2	,	,	PUNCT
ajfa-121	356	3	the	the	DET
ajfa-121	356	4	data	datum	NOUN
ajfa-121	356	5	may	may	AUX
ajfa-121	356	6	not	not	PART
ajfa-121	356	7	precisely	precisely	ADV
ajfa-121	356	8	reflect	reflect	VERB
ajfa-121	356	9	the	the	DET
ajfa-121	356	10	overall	overall	ADJ
ajfa-121	356	11	situation	situation	NOUN
ajfa-121	356	12	.	.	PUNCT
ajfa-121	357	1	third	third	ADJ
ajfa-121	357	2	,	,	PUNCT
ajfa-121	357	3	due	due	ADP
ajfa-121	357	4	to	to	ADP
ajfa-121	357	5	resource	resource	NOUN
ajfa-121	357	6	limitations	limitation	NOUN
ajfa-121	357	7	,	,	PUNCT
ajfa-121	357	8	it	it	PRON
ajfa-121	357	9	is	be	AUX
ajfa-121	357	10	difficult	difficult	ADJ
ajfa-121	357	11	to	to	PART
ajfa-121	357	12	increase	increase	VERB
ajfa-121	357	13	the	the	DET
ajfa-121	357	14	number	number	NOUN
ajfa-121	357	15	of	of	ADP
ajfa-121	357	16	respondents	respondent	NOUN
ajfa-121	357	17	,	,	PUNCT
ajfa-121	357	18	i.e.	i.e.	X
ajfa-121	357	19	,	,	PUNCT
ajfa-121	357	20	questionnaires	questionnaire	NOUN
ajfa-121	357	21	to	to	ADP
ajfa-121	357	22	100	100	NUM
ajfa-121	357	23	analysts	analyst	NOUN
ajfa-121	357	24	and	and	CCONJ
ajfa-121	357	25	66	66	NUM
ajfa-121	357	26	respondents	respondent	NOUN
ajfa-121	357	27	.	.	PUNCT
ajfa-121	358	1	our	our	PRON
ajfa-121	358	2	study	study	NOUN
ajfa-121	358	3	bases	base	VERB
ajfa-121	358	4	the	the	DET
ajfa-121	358	5	demands	demand	NOUN
ajfa-121	358	6	of	of	ADP
ajfa-121	358	7	users	user	NOUN
ajfa-121	358	8	of	of	ADP
ajfa-121	358	9	annual	annual	ADJ
ajfa-121	358	10	reports	report	NOUN
ajfa-121	358	11	for	for	ADP
ajfa-121	358	12	information	information	NOUN
ajfa-121	358	13	on	on	ADP
ajfa-121	358	14	the	the	DET
ajfa-121	358	15	opinions	opinion	NOUN
ajfa-121	358	16	of	of	ADP
ajfa-121	358	17	only	only	ADV
ajfa-121	358	18	66	66	NUM
ajfa-121	358	19	financial	financial	ADJ
ajfa-121	358	20	analysts	analyst	NOUN
ajfa-121	358	21	from	from	ADP
ajfa-121	358	22	the	the	DET
ajfa-121	358	23	boc	boc	NOUN
ajfa-121	358	24	to	to	PART
ajfa-121	358	25	develop	develop	VERB
ajfa-121	358	26	the	the	DET
ajfa-121	358	27	rdi	rdi	PROPN
ajfa-121	358	28	.	.	PUNCT
ajfa-121	359	1	actually	actually	ADV
ajfa-121	359	2	,	,	PUNCT
ajfa-121	359	3	the	the	DET
ajfa-121	359	4	opinions	opinion	NOUN
ajfa-121	359	5	of	of	ADP
ajfa-121	359	6	these	these	DET
ajfa-121	359	7	66	66	NUM
ajfa-121	359	8	persons	person	NOUN
ajfa-121	359	9	may	may	AUX
ajfa-121	359	10	not	not	PART
ajfa-121	359	11	represent	represent	VERB
ajfa-121	359	12	the	the	DET
ajfa-121	359	13	opinions	opinion	NOUN
ajfa-121	359	14	of	of	ADP
ajfa-121	359	15	all	all	DET
ajfa-121	359	16	financial	financial	ADJ
ajfa-121	359	17	analysts	analyst	NOUN
ajfa-121	359	18	in	in	ADP
ajfa-121	359	19	the	the	DET
ajfa-121	359	20	china	china	PROPN
ajfa-121	359	21	market	market	NOUN
ajfa-121	359	22	.	.	PUNCT
ajfa-121	360	1	the	the	DET
ajfa-121	360	2	generalizability	generalizability	NOUN
ajfa-121	360	3	of	of	ADP
ajfa-121	360	4	the	the	DET
ajfa-121	360	5	findings	finding	NOUN
ajfa-121	360	6	may	may	AUX
ajfa-121	360	7	thus	thus	ADV
ajfa-121	360	8	be	be	AUX
ajfa-121	360	9	limited	limit	VERB
ajfa-121	360	10	.	.	PUNCT
ajfa-121	361	1	future	future	ADJ
ajfa-121	361	2	cross	cross	ADJ
ajfa-121	361	3	-	-	ADJ
ajfa-121	361	4	country	country	ADJ
ajfa-121	361	5	comparative	comparative	ADJ
ajfa-121	361	6	studies	study	NOUN
ajfa-121	361	7	are	be	AUX
ajfa-121	361	8	suggested	suggest	VERB
ajfa-121	361	9	to	to	PART
ajfa-121	361	10	investigate	investigate	VERB
ajfa-121	361	11	the	the	DET
ajfa-121	361	12	use	use	NOUN
ajfa-121	361	13	of	of	ADP
ajfa-121	361	14	the	the	DET
ajfa-121	361	15	rdi	rdi	PROPN
ajfa-121	361	16	to	to	PART
ajfa-121	361	17	measure	measure	VERB
ajfa-121	361	18	the	the	DET
ajfa-121	361	19	voluntary	voluntary	ADJ
ajfa-121	361	20	disclosure	disclosure	NOUN
ajfa-121	361	21	level	level	NOUN
ajfa-121	361	22	in	in	ADP
ajfa-121	361	23	different	different	ADJ
ajfa-121	361	24	countries	country	NOUN
ajfa-121	361	25	.	.	PUNCT
ajfa-121	362	1	fourth	fourth	ADJ
ajfa-121	362	2	,	,	PUNCT
ajfa-121	362	3	our	our	PRON
ajfa-121	362	4	study	study	NOUN
ajfa-121	362	5	does	do	AUX
ajfa-121	362	6	not	not	PART
ajfa-121	362	7	include	include	VERB
ajfa-121	362	8	other	other	ADJ
ajfa-121	362	9	important	important	ADJ
ajfa-121	362	10	independent	independent	ADJ
ajfa-121	362	11	variables	variable	NOUN
ajfa-121	362	12	that	that	PRON
ajfa-121	362	13	may	may	AUX
ajfa-121	362	14	also	also	ADV
ajfa-121	362	15	affect	affect	VERB
ajfa-121	362	16	the	the	DET
ajfa-121	362	17	extent	extent	NOUN
ajfa-121	362	18	of	of	ADP
ajfa-121	362	19	voluntary	voluntary	ADJ
ajfa-121	362	20	disclosure	disclosure	NOUN
ajfa-121	362	21	.	.	PUNCT
ajfa-121	363	1	nazli	nazli	NOUN
ajfa-121	363	2	and	and	CCONJ
ajfa-121	363	3	pauline	pauline	PROPN
ajfa-121	363	4	(	(	PUNCT
ajfa-121	363	5	2006	2006	NUM
ajfa-121	363	6	)	)	PUNCT
ajfa-121	363	7	present	present	ADJ
ajfa-121	363	8	other	other	ADJ
ajfa-121	363	9	variables	variable	NOUN
ajfa-121	363	10	that	that	PRON
ajfa-121	363	11	affect	affect	VERB
ajfa-121	363	12	the	the	DET
ajfa-121	363	13	voluntary	voluntary	ADJ
ajfa-121	363	14	disclosure	disclosure	NOUN
ajfa-121	363	15	level	level	NOUN
ajfa-121	363	16	of	of	ADP
ajfa-121	363	17	publicly	publicly	ADV
ajfa-121	363	18	-	-	PUNCT
ajfa-121	363	19	listed	list	VERB
ajfa-121	363	20	companies	company	NOUN
ajfa-121	363	21	;	;	PUNCT
ajfa-121	363	22	for	for	ADP
ajfa-121	363	23	example	example	NOUN
ajfa-121	363	24	,	,	PUNCT
ajfa-121	363	25	in	in	ADP
ajfa-121	363	26	the	the	DET
ajfa-121	363	27	malaysian	malaysian	ADJ
ajfa-121	363	28	securities	security	NOUN
ajfa-121	363	29	market	market	NOUN
ajfa-121	363	30	,	,	PUNCT
ajfa-121	363	31	companies	company	NOUN
ajfa-121	363	32	with	with	ADP
ajfa-121	363	33	a	a	DET
ajfa-121	363	34	higher	high	ADJ
ajfa-121	363	35	ratio	ratio	NOUN
ajfa-121	363	36	of	of	ADP
ajfa-121	363	37	family	family	NOUN
ajfa-121	363	38	members	member	NOUN
ajfa-121	363	39	on	on	ADP
ajfa-121	363	40	the	the	DET
ajfa-121	363	41	board	board	NOUN
ajfa-121	363	42	and	and	CCONJ
ajfa-121	363	43	a	a	DET
ajfa-121	363	44	higher	high	ADJ
ajfa-121	363	45	proportion	proportion	NOUN
ajfa-121	363	46	of	of	ADP
ajfa-121	363	47	shares	share	NOUN
ajfa-121	363	48	held	hold	VERB
ajfa-121	363	49	by	by	ADP
ajfa-121	363	50	the	the	DET
ajfa-121	363	51	executive	executive	ADJ
ajfa-121	363	52	directors	director	NOUN
ajfa-121	363	53	disclose	disclose	VERB
ajfa-121	363	54	less	less	ADV
ajfa-121	363	55	voluntary	voluntary	ADJ
ajfa-121	363	56	information	information	NOUN
ajfa-121	363	57	.	.	PUNCT
ajfa-121	364	1	because	because	SCONJ
ajfa-121	364	2	information	information	NOUN
ajfa-121	364	3	about	about	ADP
ajfa-121	364	4	family	family	NOUN
ajfa-121	364	5	members	member	NOUN
ajfa-121	364	6	on	on	ADP
ajfa-121	364	7	the	the	DET
ajfa-121	364	8	board	board	NOUN
ajfa-121	364	9	and	and	CCONJ
ajfa-121	364	10	the	the	DET
ajfa-121	364	11	proportion	proportion	NOUN
ajfa-121	364	12	of	of	ADP
ajfa-121	364	13	shares	share	NOUN
ajfa-121	364	14	held	hold	VERB
ajfa-121	364	15	by	by	ADP
ajfa-121	364	16	the	the	DET
ajfa-121	364	17	executive	executive	ADJ
ajfa-121	364	18	directors	director	NOUN
ajfa-121	364	19	is	be	AUX
ajfa-121	364	20	difficult	difficult	ADJ
ajfa-121	364	21	to	to	PART
ajfa-121	364	22	obtain	obtain	VERB
ajfa-121	364	23	,	,	PUNCT
ajfa-121	364	24	our	our	PRON
ajfa-121	364	25	study	study	NOUN
ajfa-121	364	26	does	do	AUX
ajfa-121	364	27	not	not	PART
ajfa-121	364	28	include	include	VERB
ajfa-121	364	29	these	these	DET
ajfa-121	364	30	two	two	NUM
ajfa-121	364	31	variables	variable	NOUN
ajfa-121	364	32	.	.	PUNCT
ajfa-121	365	1	if	if	SCONJ
ajfa-121	365	2	additional	additional	ADJ
ajfa-121	365	3	resources	resource	NOUN
ajfa-121	365	4	are	be	AUX
ajfa-121	365	5	found	find	VERB
ajfa-121	365	6	,	,	PUNCT
ajfa-121	365	7	such	such	ADJ
ajfa-121	365	8	information	information	NOUN
ajfa-121	365	9	may	may	AUX
ajfa-121	365	10	be	be	AUX
ajfa-121	365	11	included	include	VERB
ajfa-121	365	12	in	in	ADP
ajfa-121	365	13	future	future	ADJ
ajfa-121	365	14	research	research	NOUN
ajfa-121	365	15	.	.	PUNCT
ajfa-121	366	1	the	the	DET
ajfa-121	366	2	characteristics	characteristic	NOUN
ajfa-121	366	3	of	of	ADP
ajfa-121	366	4	the	the	DET
ajfa-121	366	5	ownership	ownership	NOUN
ajfa-121	366	6	structure	structure	NOUN
ajfa-121	366	7	,	,	PUNCT
ajfa-121	366	8	such	such	ADJ
ajfa-121	366	9	as	as	ADP
ajfa-121	366	10	firms	firm	NOUN
ajfa-121	366	11	managed	manage	VERB
ajfa-121	366	12	by	by	ADP
ajfa-121	366	13	professional	professional	ADJ
ajfa-121	366	14	managers	manager	NOUN
ajfa-121	366	15	,	,	PUNCT
ajfa-121	366	16	family	family	NOUN
ajfa-121	366	17	members	member	NOUN
ajfa-121	366	18	,	,	PUNCT
ajfa-121	366	19	partnerships	partnership	NOUN
ajfa-121	366	20	of	of	ADP
ajfa-121	366	21	individuals	individual	NOUN
ajfa-121	366	22	,	,	PUNCT
ajfa-121	366	23	government	government	NOUN
ajfa-121	366	24	or	or	CCONJ
ajfa-121	366	25	related	relate	VERB
ajfa-121	366	26	entity	entity	NOUN
ajfa-121	366	27	ownership	ownership	NOUN
ajfa-121	366	28	,	,	PUNCT
ajfa-121	366	29	can	can	AUX
ajfa-121	366	30	be	be	AUX
ajfa-121	366	31	considered	consider	VERB
ajfa-121	366	32	to	to	PART
ajfa-121	366	33	be	be	AUX
ajfa-121	366	34	moderating	moderate	VERB
ajfa-121	366	35	variables	variable	NOUN
ajfa-121	366	36	that	that	PRON
ajfa-121	366	37	may	may	AUX
ajfa-121	366	38	interact	interact	VERB
ajfa-121	366	39	with	with	ADP
ajfa-121	366	40	the	the	DET
ajfa-121	366	41	firm	firm	ADJ
ajfa-121	366	42	characteristics	characteristic	NOUN
ajfa-121	366	43	to	to	PART
ajfa-121	366	44	affect	affect	VERB
ajfa-121	366	45	the	the	DET
ajfa-121	366	46	level	level	NOUN
ajfa-121	366	47	of	of	ADP
ajfa-121	366	48	disclosure	disclosure	NOUN
ajfa-121	366	49	and	and	CCONJ
ajfa-121	366	50	company	company	NOUN
ajfa-121	366	51	performance	performance	NOUN
ajfa-121	366	52	.	.	PUNCT
ajfa-121	367	1	it	it	PRON
ajfa-121	367	2	is	be	AUX
ajfa-121	367	3	suggested	suggest	VERB
ajfa-121	367	4	that	that	SCONJ
ajfa-121	367	5	future	future	ADJ
ajfa-121	367	6	studies	study	NOUN
ajfa-121	367	7	should	should	AUX
ajfa-121	367	8	address	address	VERB
ajfa-121	367	9	this	this	DET
ajfa-121	367	10	issue	issue	NOUN
ajfa-121	367	11	.	.	PUNCT
ajfa-121	368	1	asian	asian	ADJ
ajfa-121	368	2	journal	journal	PROPN
ajfa-121	368	3	of	of	ADP
ajfa-121	368	4	finance	finance	PROPN
ajfa-121	368	5	&	&	CCONJ
ajfa-121	368	6	accounting	accounting	PROPN
ajfa-121	368	7	issn	issn	PROPN
ajfa-121	368	8	1946	1946	NUM
ajfa-121	368	9	-	-	PUNCT
ajfa-121	368	10	052x	052x	NOUN
ajfa-121	368	11	2009	2009	NUM
ajfa-121	368	12	,	,	PUNCT
ajfa-121	368	13	vol	vol	NOUN
ajfa-121	368	14	.	.	PROPN
ajfa-121	368	15	1	1	NUM
ajfa-121	368	16	,	,	PUNCT
ajfa-121	368	17	no	no	INTJ
ajfa-121	368	18	.	.	NOUN
ajfa-121	368	19	2	2	NUM
ajfa-121	368	20	:	:	PUNCT
ajfa-121	368	21	e6	e6	VERB
ajfa-121	368	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	368	23	140	140	NUM
ajfa-121	368	24	finally	finally	ADV
ajfa-121	368	25	,	,	PUNCT
ajfa-121	368	26	this	this	DET
ajfa-121	368	27	study	study	NOUN
ajfa-121	368	28	only	only	ADV
ajfa-121	368	29	analyzes	analyze	VERB
ajfa-121	368	30	one	one	NUM
ajfa-121	368	31	form	form	NOUN
ajfa-121	368	32	of	of	ADP
ajfa-121	368	33	voluntary	voluntary	ADJ
ajfa-121	368	34	disclosure	disclosure	NOUN
ajfa-121	368	35	.	.	PUNCT
ajfa-121	369	1	it	it	PRON
ajfa-121	369	2	assumes	assume	VERB
ajfa-121	369	3	that	that	SCONJ
ajfa-121	369	4	all	all	DET
ajfa-121	369	5	disclosures	disclosure	NOUN
ajfa-121	369	6	are	be	AUX
ajfa-121	369	7	made	make	VERB
ajfa-121	369	8	in	in	ADP
ajfa-121	369	9	the	the	DET
ajfa-121	369	10	form	form	NOUN
ajfa-121	369	11	of	of	ADP
ajfa-121	369	12	the	the	DET
ajfa-121	369	13	annual	annual	ADJ
ajfa-121	369	14	report	report	NOUN
ajfa-121	369	15	which	which	PRON
ajfa-121	369	16	is	be	AUX
ajfa-121	369	17	the	the	DET
ajfa-121	369	18	channel	channel	NOUN
ajfa-121	369	19	for	for	ADP
ajfa-121	369	20	public	public	ADJ
ajfa-121	369	21	information	information	NOUN
ajfa-121	369	22	.	.	PUNCT
ajfa-121	370	1	thus	thus	ADV
ajfa-121	370	2	,	,	PUNCT
ajfa-121	370	3	this	this	DET
ajfa-121	370	4	study	study	NOUN
ajfa-121	370	5	determines	determine	VERB
ajfa-121	370	6	the	the	DET
ajfa-121	370	7	actual	actual	ADJ
ajfa-121	370	8	extent	extent	NOUN
ajfa-121	370	9	of	of	ADP
ajfa-121	370	10	disclosure	disclosure	NOUN
ajfa-121	370	11	of	of	ADP
ajfa-121	370	12	publicly	publicly	ADV
ajfa-121	370	13	-	-	PUNCT
ajfa-121	370	14	listed	list	VERB
ajfa-121	370	15	companies	company	NOUN
ajfa-121	370	16	based	base	VERB
ajfa-121	370	17	only	only	ADV
ajfa-121	370	18	on	on	ADP
ajfa-121	370	19	their	their	PRON
ajfa-121	370	20	annual	annual	ADJ
ajfa-121	370	21	reports	report	NOUN
ajfa-121	370	22	.	.	PUNCT
ajfa-121	371	1	in	in	ADP
ajfa-121	371	2	practice	practice	NOUN
ajfa-121	371	3	,	,	PUNCT
ajfa-121	371	4	publicly	publicly	ADV
ajfa-121	371	5	-	-	PUNCT
ajfa-121	371	6	listed	list	VERB
ajfa-121	371	7	companies	company	NOUN
ajfa-121	371	8	may	may	AUX
ajfa-121	371	9	release	release	VERB
ajfa-121	371	10	information	information	NOUN
ajfa-121	371	11	in	in	ADP
ajfa-121	371	12	other	other	ADJ
ajfa-121	371	13	forms	form	NOUN
ajfa-121	371	14	as	as	ADV
ajfa-121	371	15	well	well	ADV
ajfa-121	371	16	.	.	PUNCT
ajfa-121	372	1	for	for	ADP
ajfa-121	372	2	example	example	NOUN
ajfa-121	372	3	,	,	PUNCT
ajfa-121	372	4	they	they	PRON
ajfa-121	372	5	may	may	AUX
ajfa-121	372	6	release	release	VERB
ajfa-121	372	7	information	information	NOUN
ajfa-121	372	8	through	through	ADP
ajfa-121	372	9	private	private	ADJ
ajfa-121	372	10	meetings	meeting	NOUN
ajfa-121	372	11	,	,	PUNCT
ajfa-121	372	12	the	the	DET
ajfa-121	372	13	press	press	NOUN
ajfa-121	372	14	,	,	PUNCT
ajfa-121	372	15	or	or	CCONJ
ajfa-121	372	16	interim	interim	ADJ
ajfa-121	372	17	reports	report	NOUN
ajfa-121	372	18	.	.	PUNCT
ajfa-121	373	1	references	reference	NOUN
ajfa-121	373	2	adams	adams	PROPN
ajfa-121	373	3	,	,	PUNCT
ajfa-121	373	4	m.	m.	NOUN
ajfa-121	373	5	,	,	PUNCT
ajfa-121	373	6	&	&	CCONJ
ajfa-121	373	7	hossain	hossain	PROPN
ajfa-121	373	8	,	,	PUNCT
ajfa-121	373	9	m.	m.	NOUN
ajfa-121	373	10	(	(	PUNCT
ajfa-121	373	11	1998	1998	NUM
ajfa-121	373	12	)	)	PUNCT
ajfa-121	373	13	.	.	PUNCT
ajfa-121	374	1	managerial	managerial	ADJ
ajfa-121	374	2	discretion	discretion	NOUN
ajfa-121	374	3	and	and	CCONJ
ajfa-121	374	4	voluntary	voluntary	ADJ
ajfa-121	374	5	disclosure	disclosure	NOUN
ajfa-121	374	6	:	:	PUNCT
ajfa-121	374	7	evidence	evidence	NOUN
ajfa-121	374	8	from	from	ADP
ajfa-121	374	9	the	the	DET
ajfa-121	374	10	new	new	PROPN
ajfa-121	374	11	zealand	zealand	PROPN
ajfa-121	374	12	life	life	PROPN
ajfa-121	374	13	insurance	insurance	NOUN
ajfa-121	374	14	industry	industry	NOUN
ajfa-121	374	15	.	.	PUNCT
ajfa-121	375	1	journal	journal	NOUN
ajfa-121	375	2	of	of	ADP
ajfa-121	375	3	accounting	accounting	NOUN
ajfa-121	375	4	and	and	CCONJ
ajfa-121	375	5	public	public	ADJ
ajfa-121	375	6	policy	policy	NOUN
ajfa-121	375	7	.	.	PUNCT
ajfa-121	376	1	vol.17	vol.17	PROPN
ajfa-121	376	2	,	,	PUNCT
ajfa-121	376	3	no.2	no.2	PROPN
ajfa-121	376	4	,	,	PUNCT
ajfa-121	376	5	pp.245	pp.245	PROPN
ajfa-121	376	6	-	-	PUNCT
ajfa-121	376	7	281	281	NUM
ajfa-121	376	8	ahmed	ahmed	PROPN
ajfa-121	376	9	r.	r.	PROPN
ajfa-121	376	10	,	,	PUNCT
ajfa-121	376	11	&	&	CCONJ
ajfa-121	376	12	picur	picur	PROPN
ajfa-121	376	13	,	,	PUNCT
ajfa-121	376	14	r.	r.	PROPN
ajfa-121	376	15	(	(	PUNCT
ajfa-121	376	16	1997	1997	NUM
ajfa-121	376	17	)	)	PUNCT
ajfa-121	376	18	.	.	PUNCT
ajfa-121	377	1	performance	performance	NOUN
ajfa-121	377	2	plan	plan	NOUN
ajfa-121	377	3	adoption	adoption	NOUN
ajfa-121	377	4	and	and	CCONJ
ajfa-121	377	5	performance	performance	NOUN
ajfa-121	377	6	:	:	PUNCT
ajfa-121	377	7	the	the	DET
ajfa-121	377	8	contingency	contingency	NOUN
ajfa-121	377	9	of	of	ADP
ajfa-121	377	10	ownership	ownership	NOUN
ajfa-121	377	11	structure	structure	NOUN
ajfa-121	377	12	.	.	PUNCT
ajfa-121	378	1	managerial	managerial	ADJ
ajfa-121	378	2	finance	finance	NOUN
ajfa-121	378	3	.	.	PUNCT
ajfa-121	379	1	vol.17	vol.17	ADJ
ajfa-121	379	2	,	,	PUNCT
ajfa-121	379	3	issue	issue	NOUN
ajfa-121	379	4	5	5	NUM
ajfa-121	379	5	,	,	PUNCT
ajfa-121	379	6	pp.18	pp.18	NOUN
ajfa-121	379	7	-	-	ADJ
ajfa-121	379	8	27	27	NUM
ajfa-121	379	9	ailon	ailon	NOUN
ajfa-121	379	10	,	,	PUNCT
ajfa-121	379	11	g.	g.	PROPN
ajfa-121	379	12	(	(	PUNCT
ajfa-121	379	13	2008	2008	NUM
ajfa-121	379	14	)	)	PUNCT
ajfa-121	379	15	.	.	PUNCT
ajfa-121	380	1	mirror	mirror	PROPN
ajfa-121	380	2	,	,	PUNCT
ajfa-121	380	3	mirror	mirror	NOUN
ajfa-121	380	4	on	on	ADP
ajfa-121	380	5	the	the	DET
ajfa-121	380	6	wall	wall	NOUN
ajfa-121	380	7	:	:	PUNCT
ajfa-121	380	8	culture	culture	NOUN
ajfa-121	380	9	's	's	PART
ajfa-121	380	10	consequences	consequence	NOUN
ajfa-121	380	11	in	in	ADP
ajfa-121	380	12	a	a	DET
ajfa-121	380	13	value	value	NOUN
ajfa-121	380	14	test	test	NOUN
ajfa-121	380	15	of	of	ADP
ajfa-121	380	16	its	its	PRON
ajfa-121	380	17	own	own	ADJ
ajfa-121	380	18	design	design	NOUN
ajfa-121	380	19	.	.	PUNCT
ajfa-121	381	1	the	the	DET
ajfa-121	381	2	academy	academy	PROPN
ajfa-121	381	3	of	of	ADP
ajfa-121	381	4	management	management	PROPN
ajfa-121	381	5	review	review	PROPN
ajfa-121	381	6	.	.	PUNCT
ajfa-121	382	1	vol	vol	NOUN
ajfa-121	382	2	.	.	PROPN
ajfa-121	383	1	33	33	NUM
ajfa-121	383	2	,	,	PUNCT
ajfa-121	383	3	issue	issue	NOUN
ajfa-121	383	4	:	:	PUNCT
ajfa-121	383	5	4	4	NUM
ajfa-121	383	6	,	,	PUNCT
ajfa-121	383	7	pp	pp	PROPN
ajfa-121	383	8	.	.	PUNCT
ajfa-121	383	9	885	885	NUM
ajfa-121	383	10	-	-	SYM
ajfa-121	383	11	904	904	NUM
ajfa-121	383	12	akerlof	akerlof	NOUN
ajfa-121	383	13	,	,	PUNCT
ajfa-121	383	14	g.	g.	PROPN
ajfa-121	383	15	(	(	PUNCT
ajfa-121	383	16	1970	1970	NUM
ajfa-121	383	17	)	)	PUNCT
ajfa-121	383	18	.	.	PUNCT
ajfa-121	384	1	the	the	DET
ajfa-121	384	2	market	market	NOUN
ajfa-121	384	3	for	for	ADP
ajfa-121	384	4	„	„	PUNCT
ajfa-121	384	5	lemons‟	lemons‟	ADJ
ajfa-121	384	6	:	:	PUNCT
ajfa-121	384	7	quality	quality	NOUN
ajfa-121	384	8	uncertainty	uncertainty	NOUN
ajfa-121	384	9	and	and	CCONJ
ajfa-121	384	10	the	the	DET
ajfa-121	384	11	market	market	NOUN
ajfa-121	384	12	mechanism	mechanism	NOUN
ajfa-121	384	13	.	.	PUNCT
ajfa-121	385	1	quarterly	quarterly	ADJ
ajfa-121	385	2	journal	journal	NOUN
ajfa-121	385	3	of	of	ADP
ajfa-121	385	4	economics	economic	NOUN
ajfa-121	385	5	.	.	PUNCT
ajfa-121	386	1	vol.84	vol.84	ADJ
ajfa-121	386	2	,	,	PUNCT
ajfa-121	386	3	no.3	no.3	VERB
ajfa-121	386	4	,	,	PUNCT
ajfa-121	386	5	pp.488	pp.488	PROPN
ajfa-121	386	6	-	-	PUNCT
ajfa-121	386	7	500	500	NUM
ajfa-121	386	8	alsaeed	alsaeed	NOUN
ajfa-121	386	9	,	,	PUNCT
ajfa-121	386	10	k.	k.	PROPN
ajfa-121	386	11	(	(	PUNCT
ajfa-121	386	12	2006	2006	NUM
ajfa-121	386	13	)	)	PUNCT
ajfa-121	386	14	.	.	PUNCT
ajfa-121	387	1	the	the	DET
ajfa-121	387	2	association	association	NOUN
ajfa-121	387	3	between	between	ADP
ajfa-121	387	4	firm	firm	ADJ
ajfa-121	387	5	-	-	PUNCT
ajfa-121	387	6	specific	specific	ADJ
ajfa-121	387	7	characteristics	characteristic	NOUN
ajfa-121	387	8	and	and	CCONJ
ajfa-121	387	9	disclosure	disclosure	NOUN
ajfa-121	387	10	.	.	PUNCT
ajfa-121	388	1	managerial	managerial	ADJ
ajfa-121	388	2	auditing	auditing	NOUN
ajfa-121	388	3	journal	journal	NOUN
ajfa-121	388	4	.	.	PUNCT
ajfa-121	389	1	vol.21	vol.21	PROPN
ajfa-121	389	2	,	,	PUNCT
ajfa-121	389	3	no.5	no.5	PROPN
ajfa-121	389	4	,	,	PUNCT
ajfa-121	389	5	pp.460	pp.460	PROPN
ajfa-121	389	6	-	-	PUNCT
ajfa-121	389	7	476	476	NUM
ajfa-121	389	8	amihud	amihud	ADJ
ajfa-121	389	9	,	,	PUNCT
ajfa-121	389	10	y.	y.	PROPN
ajfa-121	389	11	,	,	PUNCT
ajfa-121	389	12	&	&	CCONJ
ajfa-121	389	13	mendelson	mendelson	PROPN
ajfa-121	389	14	,	,	PUNCT
ajfa-121	389	15	h.	h.	PROPN
ajfa-121	389	16	(	(	PUNCT
ajfa-121	389	17	1986	1986	NUM
ajfa-121	389	18	)	)	PUNCT
ajfa-121	389	19	.	.	PUNCT
ajfa-121	390	1	asset	asset	NOUN
ajfa-121	390	2	pricing	pricing	NOUN
ajfa-121	390	3	and	and	CCONJ
ajfa-121	390	4	the	the	DET
ajfa-121	390	5	bid	bid	NOUN
ajfa-121	390	6	-	-	PUNCT
ajfa-121	390	7	ask	ask	NOUN
ajfa-121	390	8	spread	spread	NOUN
ajfa-121	390	9	.	.	PUNCT
ajfa-121	391	1	journal	journal	NOUN
ajfa-121	391	2	of	of	ADP
ajfa-121	391	3	financial	financial	ADJ
ajfa-121	391	4	economics	economic	NOUN
ajfa-121	391	5	.	.	PUNCT
ajfa-121	392	1	vol.17	vol.17	ADJ
ajfa-121	392	2	,	,	PUNCT
ajfa-121	392	3	no.3	no.3	NOUN
ajfa-121	392	4	,	,	PUNCT
ajfa-121	392	5	pp.223	pp.223	PROPN
ajfa-121	392	6	-	-	PUNCT
ajfa-121	392	7	249	249	NUM
ajfa-121	392	8	bai	bai	PROPN
ajfa-121	392	9	,	,	PUNCT
ajfa-121	392	10	c.	c.	PROPN
ajfa-121	392	11	,	,	PUNCT
ajfa-121	392	12	liu	liu	PROPN
ajfa-121	392	13	,	,	PUNCT
ajfa-121	392	14	q.	q.	PROPN
ajfa-121	392	15	,	,	PUNCT
ajfa-121	392	16	lu	lu	PROPN
ajfa-121	392	17	,	,	PUNCT
ajfa-121	392	18	j.	j.	PROPN
ajfa-121	392	19	,	,	PUNCT
ajfa-121	392	20	song	song	NOUN
ajfa-121	392	21	,	,	PUNCT
ajfa-121	392	22	f.j	f.j	PROPN
ajfa-121	392	23	.	.	PROPN
ajfa-121	392	24	,	,	PUNCT
ajfa-121	392	25	&	&	CCONJ
ajfa-121	392	26	zhang	zhang	PROPN
ajfa-121	392	27	j.	j.	PROPN
ajfa-121	392	28	(	(	PUNCT
ajfa-121	392	29	2003	2003	NUM
ajfa-121	392	30	)	)	PUNCT
ajfa-121	392	31	.	.	PUNCT
ajfa-121	393	1	corporate	corporate	ADJ
ajfa-121	393	2	governance	governance	NOUN
ajfa-121	393	3	and	and	CCONJ
ajfa-121	393	4	market	market	NOUN
ajfa-121	393	5	valuation	valuation	NOUN
ajfa-121	393	6	in	in	ADP
ajfa-121	393	7	china	china	PROPN
ajfa-121	393	8	.	.	PUNCT
ajfa-121	394	1	journal	journal	PROPN
ajfa-121	394	2	of	of	ADP
ajfa-121	394	3	comparative	comparative	ADJ
ajfa-121	394	4	economics	economic	NOUN
ajfa-121	394	5	.	.	PUNCT
ajfa-121	395	1	vol.32	vol.32	PROPN
ajfa-121	395	2	,	,	PUNCT
ajfa-121	395	3	no.4	no.4	PROPN
ajfa-121	395	4	,	,	PUNCT
ajfa-121	395	5	pp.599	pp.599	NOUN
ajfa-121	395	6	-	-	PUNCT
ajfa-121	395	7	616	616	NUM
ajfa-121	395	8	barako	barako	NOUN
ajfa-121	395	9	,	,	PUNCT
ajfa-121	395	10	d.g	d.g	PROPN
ajfa-121	395	11	.	.	PROPN
ajfa-121	395	12	,	,	PUNCT
ajfa-121	395	13	hancock	hancock	PROPN
ajfa-121	395	14	,	,	PUNCT
ajfa-121	395	15	p.	p.	PROPN
ajfa-121	395	16	,	,	PUNCT
ajfa-121	395	17	&	&	CCONJ
ajfa-121	395	18	izan	izan	PROPN
ajfa-121	395	19	,	,	PUNCT
ajfa-121	395	20	h.y	h.y	PROPN
ajfa-121	395	21	.	.	PROPN
ajfa-121	395	22	(	(	PUNCT
ajfa-121	395	23	2006	2006	NUM
ajfa-121	395	24	)	)	PUNCT
ajfa-121	395	25	.	.	PUNCT
ajfa-121	396	1	factors	factor	NOUN
ajfa-121	396	2	influencing	influence	VERB
ajfa-121	396	3	voluntary	voluntary	ADJ
ajfa-121	396	4	corporate	corporate	ADJ
ajfa-121	396	5	disclosure	disclosure	NOUN
ajfa-121	396	6	by	by	ADP
ajfa-121	396	7	kenyan	kenyan	ADJ
ajfa-121	396	8	companies	company	NOUN
ajfa-121	396	9	,	,	PUNCT
ajfa-121	396	10	corporate	corporate	ADJ
ajfa-121	396	11	governance	governance	NOUN
ajfa-121	396	12	.	.	PUNCT
ajfa-121	397	1	vol.14	vol.14	NOUN
ajfa-121	397	2	,	,	PUNCT
ajfa-121	397	3	no.2	no.2	PROPN
ajfa-121	397	4	,	,	PUNCT
ajfa-121	397	5	pp.309	pp.309	PROPN
ajfa-121	397	6	-	-	PUNCT
ajfa-121	397	7	324	324	NUM
ajfa-121	397	8	barth	barth	NOUN
ajfa-121	397	9	,	,	PUNCT
ajfa-121	397	10	m.e	m.e	PROPN
ajfa-121	397	11	.	.	PROPN
ajfa-121	397	12	,	,	PUNCT
ajfa-121	397	13	&	&	CCONJ
ajfa-121	397	14	hutton	hutton	PROPN
ajfa-121	397	15	,	,	PUNCT
ajfa-121	397	16	a.p	a.p	PROPN
ajfa-121	397	17	.	.	PROPN
ajfa-121	397	18	(	(	PUNCT
ajfa-121	397	19	2000	2000	NUM
ajfa-121	397	20	)	)	PUNCT
ajfa-121	397	21	.	.	PUNCT
ajfa-121	398	1	information	information	NOUN
ajfa-121	398	2	intermediaries	intermediary	NOUN
ajfa-121	398	3	and	and	CCONJ
ajfa-121	398	4	the	the	DET
ajfa-121	398	5	pricing	pricing	NOUN
ajfa-121	398	6	of	of	ADP
ajfa-121	398	7	accruals	accrual	NOUN
ajfa-121	398	8	.	.	PUNCT
ajfa-121	399	1	working	work	VERB
ajfa-121	399	2	paper	paper	NOUN
ajfa-121	399	3	,	,	PUNCT
ajfa-121	399	4	stanford	stanford	PROPN
ajfa-121	399	5	university	university	PROPN
ajfa-121	399	6	(	(	PUNCT
ajfa-121	399	7	stanford	stanford	PROPN
ajfa-121	399	8	,	,	PUNCT
ajfa-121	399	9	ca	ca	NOUN
ajfa-121	399	10	)	)	PUNCT
ajfa-121	399	11	.	.	PUNCT
ajfa-121	400	1	beasley	beasley	PROPN
ajfa-121	400	2	,	,	PUNCT
ajfa-121	400	3	m.s	m.s	PROPN
ajfa-121	400	4	.	.	PROPN
ajfa-121	400	5	(	(	PUNCT
ajfa-121	400	6	1996	1996	NUM
ajfa-121	400	7	)	)	PUNCT
ajfa-121	400	8	.	.	PUNCT
ajfa-121	401	1	an	an	DET
ajfa-121	401	2	empirical	empirical	ADJ
ajfa-121	401	3	analysis	analysis	NOUN
ajfa-121	401	4	of	of	ADP
ajfa-121	401	5	the	the	DET
ajfa-121	401	6	relation	relation	NOUN
ajfa-121	401	7	between	between	ADP
ajfa-121	401	8	the	the	DET
ajfa-121	401	9	board	board	NOUN
ajfa-121	401	10	of	of	ADP
ajfa-121	401	11	director	director	NOUN
ajfa-121	401	12	composition	composition	NOUN
ajfa-121	401	13	and	and	CCONJ
ajfa-121	401	14	financial	financial	ADJ
ajfa-121	401	15	statement	statement	NOUN
ajfa-121	401	16	fraud	fraud	NOUN
ajfa-121	401	17	.	.	PUNCT
ajfa-121	402	1	the	the	DET
ajfa-121	402	2	accounting	accounting	NOUN
ajfa-121	402	3	review	review	NOUN
ajfa-121	402	4	.	.	PUNCT
ajfa-121	403	1	vol.71	vol.71	PROPN
ajfa-121	403	2	,	,	PUNCT
ajfa-121	403	3	no.4	no.4	PROPN
ajfa-121	403	4	,	,	PUNCT
ajfa-121	403	5	pp.443–465	pp.443–465	NOUN
ajfa-121	403	6	beekes	beeke	NOUN
ajfa-121	403	7	,	,	PUNCT
ajfa-121	403	8	w.	w.	PROPN
ajfa-121	403	9	,	,	PUNCT
ajfa-121	403	10	pope	pope	PROPN
ajfa-121	403	11	,	,	PUNCT
ajfa-121	403	12	p.	p.	NOUN
ajfa-121	403	13	,	,	PUNCT
ajfa-121	403	14	&	&	CCONJ
ajfa-121	403	15	young	young	PROPN
ajfa-121	403	16	,	,	PUNCT
ajfa-121	403	17	s.	s.	PROPN
ajfa-121	403	18	(	(	PUNCT
ajfa-121	403	19	2002	2002	NUM
ajfa-121	403	20	)	)	PUNCT
ajfa-121	403	21	.	.	PUNCT
ajfa-121	404	1	the	the	DET
ajfa-121	404	2	link	link	NOUN
ajfa-121	404	3	between	between	ADP
ajfa-121	404	4	earnings	earning	NOUN
ajfa-121	404	5	conservatism	conservatism	NOUN
ajfa-121	404	6	and	and	CCONJ
ajfa-121	404	7	board	board	NOUN
ajfa-121	404	8	composition	composition	NOUN
ajfa-121	404	9	:	:	PUNCT
ajfa-121	404	10	evidence	evidence	NOUN
ajfa-121	404	11	from	from	ADP
ajfa-121	404	12	the	the	DET
ajfa-121	404	13	u.k	u.k	PROPN
ajfa-121	404	14	.	.	PROPN
ajfa-121	404	15	working	work	VERB
ajfa-121	404	16	paper	paper	NOUN
ajfa-121	404	17	,	,	PUNCT
ajfa-121	404	18	lancaster	lancaster	PROPN
ajfa-121	404	19	university	university	PROPN
ajfa-121	404	20	.	.	PUNCT
ajfa-121	405	1	beni	beni	PROPN
ajfa-121	405	2	lauterbach	lauterbach	PROPN
ajfa-121	405	3	b.	b.	PROPN
ajfa-121	405	4	,	,	PUNCT
ajfa-121	405	5	&	&	CCONJ
ajfa-121	405	6	vaninsky	vaninsky	ADJ
ajfa-121	405	7	,	,	PUNCT
ajfa-121	405	8	a.	a.	NOUN
ajfa-121	405	9	(	(	PUNCT
ajfa-121	405	10	1999	1999	NUM
ajfa-121	405	11	)	)	PUNCT
ajfa-121	405	12	.	.	PUNCT
ajfa-121	406	1	ownership	ownership	NOUN
ajfa-121	406	2	structure	structure	NOUN
ajfa-121	406	3	and	and	CCONJ
ajfa-121	406	4	firm	firm	ADJ
ajfa-121	406	5	performance	performance	NOUN
ajfa-121	406	6	:	:	PUNCT
ajfa-121	406	7	evidence	evidence	NOUN
ajfa-121	406	8	from	from	ADP
ajfa-121	406	9	israel	israel	PROPN
ajfa-121	406	10	.	.	PUNCT
ajfa-121	407	1	journal	journal	PROPN
ajfa-121	407	2	of	of	ADP
ajfa-121	407	3	management	management	NOUN
ajfa-121	407	4	and	and	CCONJ
ajfa-121	407	5	governance	governance	NOUN
ajfa-121	407	6	.	.	PUNCT
ajfa-121	408	1	vol.3	vol.3	PROPN
ajfa-121	408	2	,	,	PUNCT
ajfa-121	408	3	issue	issue	NOUN
ajfa-121	408	4	2	2	NUM
ajfa-121	408	5	,	,	PUNCT
ajfa-121	408	6	pp.189	pp.189	NOUN
ajfa-121	408	7	-	-	PUNCT
ajfa-121	408	8	201	201	NUM
ajfa-121	408	9	asian	asian	ADJ
ajfa-121	408	10	journal	journal	NOUN
ajfa-121	408	11	of	of	ADP
ajfa-121	408	12	finance	finance	PROPN
ajfa-121	408	13	&	&	CCONJ
ajfa-121	408	14	accounting	accounting	PROPN
ajfa-121	408	15	issn	issn	PROPN
ajfa-121	408	16	1946	1946	NUM
ajfa-121	408	17	-	-	PUNCT
ajfa-121	408	18	052x	052x	NOUN
ajfa-121	408	19	2009	2009	NUM
ajfa-121	408	20	,	,	PUNCT
ajfa-121	408	21	vol	vol	NOUN
ajfa-121	408	22	.	.	PROPN
ajfa-121	408	23	1	1	NUM
ajfa-121	408	24	,	,	PUNCT
ajfa-121	408	25	no	no	INTJ
ajfa-121	408	26	.	.	NOUN
ajfa-121	408	27	2	2	NUM
ajfa-121	408	28	:	:	PUNCT
ajfa-121	408	29	e6	e6	VERB
ajfa-121	408	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	408	31	141	141	NUM
ajfa-121	408	32	berglöf	berglöf	NOUN
ajfa-121	408	33	,	,	PUNCT
ajfa-121	408	34	e.	e.	PROPN
ajfa-121	408	35	,	,	PUNCT
ajfa-121	408	36	&	&	CCONJ
ajfa-121	408	37	pajuste	pajuste	PROPN
ajfa-121	408	38	,	,	PUNCT
ajfa-121	408	39	a.	a.	NOUN
ajfa-121	408	40	(	(	PUNCT
ajfa-121	408	41	2005	2005	NUM
ajfa-121	408	42	)	)	PUNCT
ajfa-121	408	43	.	.	PUNCT
ajfa-121	409	1	what	what	PRON
ajfa-121	409	2	do	do	AUX
ajfa-121	409	3	firms	firm	NOUN
ajfa-121	409	4	disclosure	disclosure	NOUN
ajfa-121	409	5	and	and	CCONJ
ajfa-121	409	6	why	why	SCONJ
ajfa-121	409	7	?	?	PUNCT
ajfa-121	410	1	enforcing	enforce	VERB
ajfa-121	410	2	corporate	corporate	ADJ
ajfa-121	410	3	governance	governance	NOUN
ajfa-121	410	4	and	and	CCONJ
ajfa-121	410	5	transparency	transparency	NOUN
ajfa-121	410	6	in	in	ADP
ajfa-121	410	7	central	central	ADJ
ajfa-121	410	8	and	and	CCONJ
ajfa-121	410	9	eastern	eastern	ADJ
ajfa-121	410	10	europe	europe	PROPN
ajfa-121	410	11	.	.	PUNCT
ajfa-121	411	1	oxford	oxford	PROPN
ajfa-121	411	2	review	review	PROPN
ajfa-121	411	3	of	of	ADP
ajfa-121	411	4	economics	economic	NOUN
ajfa-121	411	5	policy	policy	NOUN
ajfa-121	411	6	.	.	PUNCT
ajfa-121	412	1	bradbury	bradbury	PROPN
ajfa-121	412	2	,	,	PUNCT
ajfa-121	412	3	m.e	m.e	PROPN
ajfa-121	412	4	.	.	PROPN
ajfa-121	412	5	(	(	PUNCT
ajfa-121	412	6	1992	1992	NUM
ajfa-121	412	7	)	)	PUNCT
ajfa-121	412	8	.	.	PUNCT
ajfa-121	413	1	voluntary	voluntary	ADJ
ajfa-121	413	2	disclosure	disclosure	NOUN
ajfa-121	413	3	of	of	ADP
ajfa-121	413	4	financial	financial	ADJ
ajfa-121	413	5	segment	segment	NOUN
ajfa-121	413	6	data	datum	NOUN
ajfa-121	413	7	.	.	PUNCT
ajfa-121	414	1	accounting	accounting	NOUN
ajfa-121	414	2	and	and	CCONJ
ajfa-121	414	3	finance	finance	NOUN
ajfa-121	414	4	.	.	PUNCT
ajfa-121	415	1	vol.32	vol.32	ADJ
ajfa-121	415	2	,	,	PUNCT
ajfa-121	415	3	no.1	no.1	NUM
ajfa-121	415	4	,	,	PUNCT
ajfa-121	415	5	pp.15	pp.15	PROPN
ajfa-121	415	6	-	-	PROPN
ajfa-121	415	7	26	26	NUM
ajfa-121	415	8	brown	brown	PROPN
ajfa-121	415	9	,	,	PUNCT
ajfa-121	415	10	l.	l.	PROPN
ajfa-121	415	11	,	,	PUNCT
ajfa-121	415	12	griffin	griffin	PROPN
ajfa-121	415	13	,	,	PUNCT
ajfa-121	415	14	p.	p.	PROPN
ajfa-121	415	15	,	,	PUNCT
ajfa-121	415	16	hagerman	hagerman	PROPN
ajfa-121	415	17	,	,	PUNCT
ajfa-121	415	18	r.	r.	PROPN
ajfa-121	415	19	,	,	PUNCT
ajfa-121	415	20	&	&	CCONJ
ajfa-121	415	21	zmijewski	zmijewski	PROPN
ajfa-121	415	22	m.	m.	NOUN
ajfa-121	415	23	(	(	PUNCT
ajfa-121	415	24	1987	1987	NUM
ajfa-121	415	25	)	)	PUNCT
ajfa-121	415	26	.	.	PUNCT
ajfa-121	416	1	security	security	NOUN
ajfa-121	416	2	analyst	analyst	NOUN
ajfa-121	416	3	superiority	superiority	NOUN
ajfa-121	416	4	relative	relative	ADJ
ajfa-121	416	5	to	to	AUX
ajfa-121	416	6	univariate	univariate	ADJ
ajfa-121	416	7	time	time	NOUN
ajfa-121	416	8	-	-	PUNCT
ajfa-121	416	9	series	series	NOUN
ajfa-121	416	10	models	model	NOUN
ajfa-121	416	11	in	in	ADP
ajfa-121	416	12	forecasting	forecast	VERB
ajfa-121	416	13	quarterly	quarterly	ADJ
ajfa-121	416	14	earnings	earning	NOUN
ajfa-121	416	15	.	.	PUNCT
ajfa-121	417	1	journal	journal	NOUN
ajfa-121	417	2	of	of	ADP
ajfa-121	417	3	accounting	accounting	NOUN
ajfa-121	417	4	and	and	CCONJ
ajfa-121	417	5	economics	economic	NOUN
ajfa-121	417	6	.	.	PUNCT
ajfa-121	418	1	vol.9	vol.9	PROPN
ajfa-121	418	2	,	,	PUNCT
ajfa-121	418	3	no.2	no.2	PROPN
ajfa-121	418	4	,	,	PUNCT
ajfa-121	418	5	pp.61	pp.61	NOUN
ajfa-121	418	6	-	-	PUNCT
ajfa-121	418	7	87	87	NUM
ajfa-121	418	8	brown	brown	PROPN
ajfa-121	418	9	,	,	PUNCT
ajfa-121	418	10	l.	l.	PROPN
ajfa-121	418	11	,	,	PUNCT
ajfa-121	418	12	&	&	CCONJ
ajfa-121	418	13	rozeff	rozeff	NOUN
ajfa-121	418	14	,	,	PUNCT
ajfa-121	418	15	m.	m.	NOUN
ajfa-121	418	16	(	(	PUNCT
ajfa-121	418	17	1978	1978	NUM
ajfa-121	418	18	)	)	PUNCT
ajfa-121	418	19	.	.	PUNCT
ajfa-121	419	1	the	the	DET
ajfa-121	419	2	superiority	superiority	NOUN
ajfa-121	419	3	of	of	ADP
ajfa-121	419	4	analyst	analyst	NOUN
ajfa-121	419	5	forecasts	forecast	NOUN
ajfa-121	419	6	as	as	ADP
ajfa-121	419	7	measures	measure	NOUN
ajfa-121	419	8	of	of	ADP
ajfa-121	419	9	expectations	expectation	NOUN
ajfa-121	419	10	:	:	PUNCT
ajfa-121	419	11	evidence	evidence	NOUN
ajfa-121	419	12	from	from	ADP
ajfa-121	419	13	earnings	earning	NOUN
ajfa-121	419	14	.	.	PUNCT
ajfa-121	420	1	journal	journal	NOUN
ajfa-121	420	2	of	of	ADP
ajfa-121	420	3	finance	finance	NOUN
ajfa-121	420	4	.	.	PUNCT
ajfa-121	421	1	vol.33	vol.33	ADJ
ajfa-121	421	2	,	,	PUNCT
ajfa-121	421	3	no.1	no.1	NUM
ajfa-121	421	4	,	,	PUNCT
ajfa-121	421	5	pp.1	pp.1	PROPN
ajfa-121	421	6	-	-	PUNCT
ajfa-121	421	7	16	16	NUM
ajfa-121	421	8	cha	cha	NOUN
ajfa-121	421	9	,	,	PUNCT
ajfa-121	421	10	l.m	l.m	PROPN
ajfa-121	421	11	.	.	PROPN
ajfa-121	421	12	(	(	PUNCT
ajfa-121	421	13	2001	2001	NUM
ajfa-121	421	14	)	)	PUNCT
ajfa-121	421	15	.	.	PUNCT
ajfa-121	422	1	the	the	DET
ajfa-121	422	2	future	future	NOUN
ajfa-121	422	3	of	of	ADP
ajfa-121	422	4	china‟s	china‟	VERB
ajfa-121	422	5	capital	capital	NOUN
ajfa-121	422	6	markets	market	NOUN
ajfa-121	422	7	and	and	CCONJ
ajfa-121	422	8	the	the	DET
ajfa-121	422	9	role	role	NOUN
ajfa-121	422	10	of	of	ADP
ajfa-121	422	11	corporate	corporate	ADJ
ajfa-121	422	12	governance	governance	NOUN
ajfa-121	422	13	.	.	PUNCT
ajfa-121	423	1	luncheon	luncheon	NOUN
ajfa-121	423	2	speech	speech	NOUN
ajfa-121	423	3	at	at	ADP
ajfa-121	423	4	china	china	PROPN
ajfa-121	423	5	business	business	PROPN
ajfa-121	423	6	summit	summit	PROPN
ajfa-121	423	7	,	,	PUNCT
ajfa-121	423	8	april	april	PROPN
ajfa-121	423	9	18	18	NUM
ajfa-121	423	10	,	,	PUNCT
ajfa-121	423	11	vice	vice	NOUN
ajfa-121	423	12	chairman	chairman	NOUN
ajfa-121	423	13	,	,	PUNCT
ajfa-121	423	14	china	china	PROPN
ajfa-121	423	15	securities	securities	PROPN
ajfa-121	423	16	regulatory	regulatory	PROPN
ajfa-121	423	17	commission	commission	PROPN
ajfa-121	423	18	.	.	PUNCT
ajfa-121	424	1	cha	cha	PROPN
ajfa-121	424	2	,	,	PUNCT
ajfa-121	424	3	l.m	l.m	PROPN
ajfa-121	424	4	.	.	PROPN
ajfa-121	424	5	(	(	PUNCT
ajfa-121	424	6	2003	2003	NUM
ajfa-121	424	7	)	)	PUNCT
ajfa-121	424	8	.	.	PUNCT
ajfa-121	425	1	how	how	SCONJ
ajfa-121	425	2	to	to	PART
ajfa-121	425	3	implement	implement	VERB
ajfa-121	425	4	the	the	DET
ajfa-121	425	5	modern	modern	ADJ
ajfa-121	425	6	enterprise	enterprise	NOUN
ajfa-121	425	7	system	system	NOUN
ajfa-121	425	8	of	of	ADP
ajfa-121	425	9	listed	list	VERB
ajfa-121	425	10	companies	company	NOUN
ajfa-121	425	11	,	,	PUNCT
ajfa-121	425	12	caijing	caije	VERB
ajfa-121	425	13	magazine	magazine	NOUN
ajfa-121	425	14	.	.	PUNCT
ajfa-121	426	1	pp.46	pp.46	PROPN
ajfa-121	426	2	-	-	PUNCT
ajfa-121	426	3	47	47	NUM
ajfa-121	426	4	chau	chau	NOUN
ajfa-121	426	5	,	,	PUNCT
ajfa-121	426	6	g.k	g.k	PROPN
ajfa-121	426	7	.	.	PROPN
ajfa-121	426	8	,	,	PUNCT
ajfa-121	426	9	&	&	CCONJ
ajfa-121	426	10	gray	gray	ADJ
ajfa-121	426	11	,	,	PUNCT
ajfa-121	426	12	s.j	s.j	PROPN
ajfa-121	426	13	.	.	PROPN
ajfa-121	426	14	(	(	PUNCT
ajfa-121	426	15	2002	2002	NUM
ajfa-121	426	16	)	)	PUNCT
ajfa-121	426	17	.	.	PUNCT
ajfa-121	427	1	ownership	ownership	NOUN
ajfa-121	427	2	structure	structure	NOUN
ajfa-121	427	3	and	and	CCONJ
ajfa-121	427	4	corporate	corporate	ADJ
ajfa-121	427	5	voluntary	voluntary	ADJ
ajfa-121	427	6	disclosure	disclosure	NOUN
ajfa-121	427	7	in	in	ADP
ajfa-121	427	8	hong	hong	PROPN
ajfa-121	427	9	kong	kong	PROPN
ajfa-121	427	10	and	and	CCONJ
ajfa-121	427	11	singapore	singapore	PROPN
ajfa-121	427	12	.	.	PUNCT
ajfa-121	428	1	the	the	DET
ajfa-121	428	2	international	international	ADJ
ajfa-121	428	3	journal	journal	NOUN
ajfa-121	428	4	of	of	ADP
ajfa-121	428	5	accounting	accounting	NOUN
ajfa-121	428	6	.	.	PUNCT
ajfa-121	429	1	vol.37	vol.37	PROPN
ajfa-121	429	2	,	,	PUNCT
ajfa-121	429	3	no.5	no.5	PROPN
ajfa-121	429	4	,	,	PUNCT
ajfa-121	429	5	pp.247–265	pp.247–265	PROPN
ajfa-121	429	6	chen	chen	PROPN
ajfa-121	429	7	,	,	PUNCT
ajfa-121	429	8	c.j.p	c.j.p	PROPN
ajfa-121	429	9	.	.	PROPN
ajfa-121	429	10	,	,	PUNCT
ajfa-121	429	11	&	&	CCONJ
ajfa-121	429	12	jaggi	jaggi	PROPN
ajfa-121	429	13	,	,	PUNCT
ajfa-121	429	14	b.	b.	PROPN
ajfa-121	429	15	(	(	PUNCT
ajfa-121	429	16	2000	2000	NUM
ajfa-121	429	17	)	)	PUNCT
ajfa-121	429	18	.	.	PUNCT
ajfa-121	430	1	association	association	NOUN
ajfa-121	430	2	between	between	ADP
ajfa-121	430	3	independent	independent	ADJ
ajfa-121	430	4	non	non	ADJ
ajfa-121	430	5	-	-	ADJ
ajfa-121	430	6	executive	executive	ADJ
ajfa-121	430	7	directors	director	NOUN
ajfa-121	430	8	,	,	PUNCT
ajfa-121	430	9	family	family	NOUN
ajfa-121	430	10	control	control	NOUN
ajfa-121	430	11	and	and	CCONJ
ajfa-121	430	12	financial	financial	ADJ
ajfa-121	430	13	disclosures	disclosure	NOUN
ajfa-121	430	14	in	in	ADP
ajfa-121	430	15	hong	hong	PROPN
ajfa-121	430	16	kong	kong	PROPN
ajfa-121	430	17	.	.	PUNCT
ajfa-121	431	1	journal	journal	PROPN
ajfa-121	431	2	of	of	ADP
ajfa-121	431	3	accounting	accounting	NOUN
ajfa-121	431	4	and	and	CCONJ
ajfa-121	431	5	public	public	ADJ
ajfa-121	431	6	policy	policy	NOUN
ajfa-121	431	7	.	.	PUNCT
ajfa-121	432	1	vol.19	vol.19	NOUN
ajfa-121	432	2	,	,	PUNCT
ajfa-121	432	3	no.4	no.4	PROPN
ajfa-121	432	4	,	,	PUNCT
ajfa-121	432	5	pp.285−310	pp.285−310	PROPN
ajfa-121	432	6	chen	chen	PROPN
ajfa-121	432	7	,	,	PUNCT
ajfa-121	432	8	d.h	d.h	PROPN
ajfa-121	432	9	.	.	PROPN
ajfa-121	432	10	,	,	PUNCT
ajfa-121	432	11	fan	fan	PROPN
ajfa-121	432	12	,	,	PUNCT
ajfa-121	432	13	j.p.h	j.p.h	PROPN
ajfa-121	432	14	.	.	PROPN
ajfa-121	432	15	,	,	PUNCT
ajfa-121	432	16	&	&	CCONJ
ajfa-121	432	17	wong	wong	PROPN
ajfa-121	432	18	,	,	PUNCT
ajfa-121	432	19	t.j	t.j	PROPN
ajfa-121	432	20	.	.	PROPN
ajfa-121	432	21	(	(	PUNCT
ajfa-121	432	22	2003	2003	NUM
ajfa-121	432	23	)	)	PUNCT
ajfa-121	432	24	.	.	PUNCT
ajfa-121	433	1	do	do	AUX
ajfa-121	433	2	politician	politician	NOUN
ajfa-121	433	3	jeopardize	jeopardize	VERB
ajfa-121	433	4	professionalism	professionalism	NOUN
ajfa-121	433	5	?	?	PUNCT
ajfa-121	434	1	decentralization	decentralization	NOUN
ajfa-121	434	2	and	and	CCONJ
ajfa-121	434	3	the	the	DET
ajfa-121	434	4	structure	structure	NOUN
ajfa-121	434	5	of	of	ADP
ajfa-121	434	6	chinese	chinese	ADJ
ajfa-121	434	7	corporate	corporate	ADJ
ajfa-121	434	8	boards	board	NOUN
ajfa-121	434	9	.	.	PUNCT
ajfa-121	435	1	working	work	VERB
ajfa-121	435	2	paper	paper	NOUN
ajfa-121	435	3	,	,	PUNCT
ajfa-121	435	4	department	department	NOUN
ajfa-121	435	5	of	of	ADP
ajfa-121	435	6	accounting	accounting	PROPN
ajfa-121	435	7	,	,	PUNCT
ajfa-121	435	8	hong	hong	PROPN
ajfa-121	435	9	kong	kong	PROPN
ajfa-121	435	10	university	university	PROPN
ajfa-121	435	11	of	of	ADP
ajfa-121	435	12	science	science	NOUN
ajfa-121	435	13	and	and	CCONJ
ajfa-121	435	14	technology	technology	NOUN
ajfa-121	435	15	.	.	PUNCT
ajfa-121	436	1	chen	chen	PROPN
ajfa-121	436	2	w.c	w.c	VERB
ajfa-121	436	3	.	.	PROPN
ajfa-121	436	4	,	,	PUNCT
ajfa-121	436	5	lin	lin	PROPN
ajfa-121	436	6	j.b	j.b	PROPN
ajfa-121	436	7	.	.	PROPN
ajfa-121	436	8	,	,	PUNCT
ajfa-121	436	9	&	&	CCONJ
ajfa-121	436	10	yi	yi	PROPN
ajfa-121	436	11	,	,	PUNCT
ajfa-121	436	12	b.	b.	PROPN
ajfa-121	436	13	(	(	PUNCT
ajfa-121	436	14	2008	2008	NUM
ajfa-121	436	15	)	)	PUNCT
ajfa-121	436	16	.	.	PUNCT
ajfa-121	437	1	ceo	ceo	NOUN
ajfa-121	437	2	duality	duality	NOUN
ajfa-121	437	3	and	and	CCONJ
ajfa-121	437	4	firm	firm	ADJ
ajfa-121	437	5	performance	performance	NOUN
ajfa-121	437	6	–	–	PUNCT
ajfa-121	437	7	an	an	DET
ajfa-121	437	8	endogenous	endogenous	ADJ
ajfa-121	437	9	issue	issue	NOUN
ajfa-121	437	10	.	.	PUNCT
ajfa-121	438	1	corporate	corporate	ADJ
ajfa-121	438	2	ownership	ownership	NOUN
ajfa-121	438	3	and	and	CCONJ
ajfa-121	438	4	control	control	NOUN
ajfa-121	438	5	.	.	PUNCT
ajfa-121	439	1	vol	vol	NOUN
ajfa-121	439	2	.	.	PROPN
ajfa-121	440	1	6	6	NUM
ajfa-121	440	2	,	,	PUNCT
ajfa-121	440	3	issue	issue	NOUN
ajfa-121	440	4	1	1	NUM
ajfa-121	440	5	chen	chen	PROPN
ajfa-121	440	6	,	,	PUNCT
ajfa-121	440	7	z.	z.	PROPN
ajfa-121	440	8	,	,	PUNCT
ajfa-121	440	9	&	&	CCONJ
ajfa-121	440	10	xiong	xiong	PROPN
ajfa-121	440	11	p.	p.	PROPN
ajfa-121	440	12	(	(	PUNCT
ajfa-121	440	13	2002	2002	NUM
ajfa-121	440	14	)	)	PUNCT
ajfa-121	440	15	.	.	PUNCT
ajfa-121	441	1	the	the	DET
ajfa-121	441	2	illiquidity	illiquidity	NOUN
ajfa-121	441	3	discount	discount	NOUN
ajfa-121	441	4	in	in	ADP
ajfa-121	441	5	china	china	PROPN
ajfa-121	441	6	.	.	PUNCT
ajfa-121	442	1	working	work	VERB
ajfa-121	442	2	paper	paper	NOUN
ajfa-121	442	3	,	,	PUNCT
ajfa-121	442	4	international	international	ADJ
ajfa-121	442	5	center	center	NOUN
ajfa-121	442	6	for	for	ADP
ajfa-121	442	7	financial	financial	ADJ
ajfa-121	442	8	research	research	NOUN
ajfa-121	442	9	,	,	PUNCT
ajfa-121	442	10	yale	yale	PROPN
ajfa-121	442	11	university	university	PROPN
ajfa-121	442	12	.	.	PUNCT
ajfa-121	443	1	cheng	cheng	PROPN
ajfa-121	443	2	c.m	c.m	PROPN
ajfa-121	443	3	.	.	PROPN
ajfa-121	443	4	,	,	PUNCT
ajfa-121	443	5	&	&	CCONJ
ajfa-121	443	6	courtenay	courtenay	PROPN
ajfa-121	443	7	s.m	s.m	PROPN
ajfa-121	443	8	.	.	PUNCT
ajfa-121	443	9	(	(	PUNCT
ajfa-121	443	10	2006	2006	NUM
ajfa-121	443	11	)	)	PUNCT
ajfa-121	443	12	.	.	PUNCT
ajfa-121	444	1	board	board	NOUN
ajfa-121	444	2	composition	composition	NOUN
ajfa-121	444	3	,	,	PUNCT
ajfa-121	444	4	regulatory	regulatory	ADJ
ajfa-121	444	5	regime	regime	NOUN
ajfa-121	444	6	and	and	CCONJ
ajfa-121	444	7	voluntary	voluntary	ADJ
ajfa-121	444	8	disclosure	disclosure	NOUN
ajfa-121	444	9	.	.	PUNCT
ajfa-121	445	1	international	international	ADJ
ajfa-121	445	2	journal	journal	PROPN
ajfa-121	445	3	of	of	ADP
ajfa-121	445	4	accounting	accounting	NOUN
ajfa-121	445	5	.	.	PUNCT
ajfa-121	446	1	vol.41	vol.41	NOUN
ajfa-121	446	2	,	,	PUNCT
ajfa-121	446	3	issue	issue	NOUN
ajfa-121	446	4	3	3	NUM
ajfa-121	446	5	,	,	PUNCT
ajfa-121	446	6	pp262	pp262	PROPN
ajfa-121	446	7	-	-	SYM
ajfa-121	446	8	298	298	NUM
ajfa-121	446	9	chow	chow	NOUN
ajfa-121	446	10	,	,	PUNCT
ajfa-121	446	11	c.	c.	PROPN
ajfa-121	446	12	,	,	PUNCT
ajfa-121	446	13	&	&	CCONJ
ajfa-121	446	14	wong	wong	PROPN
ajfa-121	446	15	,	,	PUNCT
ajfa-121	446	16	b.a	b.a	PROPN
ajfa-121	446	17	.	.	PROPN
ajfa-121	446	18	(	(	PUNCT
ajfa-121	446	19	1987	1987	NUM
ajfa-121	446	20	)	)	PUNCT
ajfa-121	446	21	.	.	PUNCT
ajfa-121	447	1	voluntary	voluntary	ADJ
ajfa-121	447	2	financial	financial	ADJ
ajfa-121	447	3	disclosure	disclosure	NOUN
ajfa-121	447	4	by	by	ADP
ajfa-121	447	5	mexican	mexican	ADJ
ajfa-121	447	6	corporations	corporation	NOUN
ajfa-121	447	7	.	.	PUNCT
ajfa-121	448	1	the	the	DET
ajfa-121	448	2	accounting	accounting	NOUN
ajfa-121	448	3	review	review	NOUN
ajfa-121	448	4	.	.	PUNCT
ajfa-121	449	1	vol.62	vol.62	NOUN
ajfa-121	449	2	,	,	PUNCT
ajfa-121	449	3	no.3	no.3	NOUN
ajfa-121	449	4	,	,	PUNCT
ajfa-121	449	5	pp.533	pp.533	NOUN
ajfa-121	449	6	-	-	PUNCT
ajfa-121	449	7	541	541	NUM
ajfa-121	449	8	chtourou	chtourou	PROPN
ajfa-121	449	9	,	,	PUNCT
ajfa-121	449	10	s.m	s.m	PROPN
ajfa-121	449	11	.	.	PROPN
ajfa-121	449	12	,	,	PUNCT
ajfa-121	449	13	bedard	bedard	PROPN
ajfa-121	449	14	,	,	PUNCT
ajfa-121	449	15	j.	j.	PROPN
ajfa-121	449	16	,	,	PUNCT
ajfa-121	449	17	&	&	CCONJ
ajfa-121	449	18	courteau	courteau	PROPN
ajfa-121	449	19	,	,	PUNCT
ajfa-121	449	20	l.	l.	PROPN
ajfa-121	449	21	(	(	PUNCT
ajfa-121	449	22	2001	2001	NUM
ajfa-121	449	23	)	)	PUNCT
ajfa-121	449	24	.	.	PUNCT
ajfa-121	450	1	corporate	corporate	ADJ
ajfa-121	450	2	governance	governance	NOUN
ajfa-121	450	3	and	and	CCONJ
ajfa-121	450	4	earnings	earning	NOUN
ajfa-121	450	5	management	management	NOUN
ajfa-121	450	6	.	.	PUNCT
ajfa-121	451	1	working	work	VERB
ajfa-121	451	2	paper	paper	NOUN
ajfa-121	451	3	,	,	PUNCT
ajfa-121	451	4	universite	universite	PROPN
ajfa-121	451	5	laval	laval	PROPN
ajfa-121	451	6	,	,	PUNCT
ajfa-121	451	7	canada	canada	PROPN
ajfa-121	451	8	.	.	PUNCT
ajfa-121	452	1	clarkson	clarkson	PROPN
ajfa-121	452	2	,	,	PUNCT
ajfa-121	452	3	p.	p.	PROPN
ajfa-121	452	4	,	,	PUNCT
ajfa-121	452	5	guedes	guede	NOUN
ajfa-121	452	6	,	,	PUNCT
ajfa-121	452	7	j.	j.	PROPN
ajfa-121	452	8	,	,	PUNCT
ajfa-121	452	9	&	&	CCONJ
ajfa-121	452	10	thompson	thompson	PROPN
ajfa-121	452	11	,	,	PUNCT
ajfa-121	452	12	r.	r.	PROPN
ajfa-121	452	13	(	(	PUNCT
ajfa-121	452	14	1996	1996	NUM
ajfa-121	452	15	)	)	PUNCT
ajfa-121	452	16	.	.	PUNCT
ajfa-121	453	1	on	on	ADP
ajfa-121	453	2	the	the	DET
ajfa-121	453	3	diversification	diversification	NOUN
ajfa-121	453	4	,	,	PUNCT
ajfa-121	453	5	observability	observability	NOUN
ajfa-121	453	6	,	,	PUNCT
ajfa-121	453	7	and	and	CCONJ
ajfa-121	453	8	measurement	measurement	NOUN
ajfa-121	453	9	of	of	ADP
ajfa-121	453	10	estimation	estimation	NOUN
ajfa-121	453	11	risk	risk	NOUN
ajfa-121	453	12	.	.	PUNCT
ajfa-121	454	1	journal	journal	NOUN
ajfa-121	454	2	of	of	ADP
ajfa-121	454	3	financial	financial	ADJ
ajfa-121	454	4	and	and	CCONJ
ajfa-121	454	5	quantitative	quantitative	ADJ
ajfa-121	454	6	analysis	analysis	NOUN
ajfa-121	454	7	.	.	PUNCT
ajfa-121	455	1	vol.31	vol.31	ADJ
ajfa-121	455	2	,	,	PUNCT
ajfa-121	455	3	no.1	no.1	NUM
ajfa-121	455	4	,	,	PUNCT
ajfa-121	455	5	asian	asian	ADJ
ajfa-121	455	6	journal	journal	NOUN
ajfa-121	455	7	of	of	ADP
ajfa-121	455	8	finance	finance	PROPN
ajfa-121	455	9	&	&	CCONJ
ajfa-121	455	10	accounting	accounting	PROPN
ajfa-121	455	11	issn	issn	PROPN
ajfa-121	455	12	1946	1946	NUM
ajfa-121	455	13	-	-	PUNCT
ajfa-121	455	14	052x	052x	NOUN
ajfa-121	455	15	2009	2009	NUM
ajfa-121	455	16	,	,	PUNCT
ajfa-121	455	17	vol	vol	NOUN
ajfa-121	455	18	.	.	PROPN
ajfa-121	455	19	1	1	NUM
ajfa-121	455	20	,	,	PUNCT
ajfa-121	455	21	no	no	INTJ
ajfa-121	455	22	.	.	NOUN
ajfa-121	455	23	2	2	NUM
ajfa-121	455	24	:	:	PUNCT
ajfa-121	455	25	e6	e6	VERB
ajfa-121	455	26	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	455	27	142	142	NUM
ajfa-121	455	28	pp.69	pp.69	NOUN
ajfa-121	455	29	-	-	PUNCT
ajfa-121	455	30	84	84	NUM
ajfa-121	455	31	clinch	clinch	NOUN
ajfa-121	455	32	,	,	PUNCT
ajfa-121	455	33	g.	g.	PROPN
ajfa-121	455	34	,	,	PUNCT
ajfa-121	455	35	&	&	CCONJ
ajfa-121	455	36	verrecchia	verrecchia	PROPN
ajfa-121	455	37	,	,	PUNCT
ajfa-121	455	38	r.e	r.e	PROPN
ajfa-121	455	39	.	.	PROPN
ajfa-121	455	40	(	(	PUNCT
ajfa-121	455	41	1997	1997	NUM
ajfa-121	455	42	)	)	PUNCT
ajfa-121	455	43	.	.	PUNCT
ajfa-121	456	1	competitive	competitive	ADJ
ajfa-121	456	2	disadvantage	disadvantage	NOUN
ajfa-121	456	3	and	and	CCONJ
ajfa-121	456	4	discretionary	discretionary	ADJ
ajfa-121	456	5	disclosure	disclosure	NOUN
ajfa-121	456	6	in	in	ADP
ajfa-121	456	7	industries	industry	NOUN
ajfa-121	456	8	.	.	PUNCT
ajfa-121	457	1	australian	australian	ADJ
ajfa-121	457	2	journal	journal	NOUN
ajfa-121	457	3	of	of	ADP
ajfa-121	457	4	management.vol.22	management.vol.22	PROPN
ajfa-121	457	5	,	,	PUNCT
ajfa-121	457	6	no.2	no.2	PROPN
ajfa-121	457	7	,	,	PUNCT
ajfa-121	457	8	pp.125	pp.125	NOUN
ajfa-121	457	9	-	-	PUNCT
ajfa-121	457	10	138	138	NUM
ajfa-121	457	11	cooke	cooke	PROPN
ajfa-121	457	12	,	,	PUNCT
ajfa-121	457	13	t.e	t.e	PROPN
ajfa-121	457	14	.	.	PUNCT
ajfa-121	457	15	(	(	PUNCT
ajfa-121	457	16	1989	1989	NUM
ajfa-121	457	17	)	)	PUNCT
ajfa-121	457	18	.	.	PUNCT
ajfa-121	458	1	voluntary	voluntary	ADJ
ajfa-121	458	2	corporate	corporate	ADJ
ajfa-121	458	3	disclosure	disclosure	NOUN
ajfa-121	458	4	by	by	ADP
ajfa-121	458	5	swedish	swedish	ADJ
ajfa-121	458	6	companies	company	NOUN
ajfa-121	458	7	.	.	PUNCT
ajfa-121	459	1	journal	journal	PROPN
ajfa-121	459	2	of	of	ADP
ajfa-121	459	3	international	international	ADJ
ajfa-121	459	4	financial	financial	ADJ
ajfa-121	459	5	management	management	NOUN
ajfa-121	459	6	and	and	CCONJ
ajfa-121	459	7	accounting	accounting	NOUN
ajfa-121	459	8	.	.	PUNCT
ajfa-121	460	1	vol.1	vol.1	NUM
ajfa-121	460	2	,	,	PUNCT
ajfa-121	460	3	no.2	no.2	PROPN
ajfa-121	460	4	,	,	PUNCT
ajfa-121	460	5	pp.113	pp.113	PROPN
ajfa-121	460	6	-	-	PUNCT
ajfa-121	460	7	123	123	NUM
ajfa-121	460	8	cooke	cooke	NOUN
ajfa-121	460	9	,	,	PUNCT
ajfa-121	460	10	t.e	t.e	PROPN
ajfa-121	460	11	.	.	PUNCT
ajfa-121	460	12	(	(	PUNCT
ajfa-121	460	13	1992	1992	NUM
ajfa-121	460	14	)	)	PUNCT
ajfa-121	460	15	.	.	PUNCT
ajfa-121	461	1	the	the	DET
ajfa-121	461	2	impact	impact	NOUN
ajfa-121	461	3	of	of	ADP
ajfa-121	461	4	size	size	NOUN
ajfa-121	461	5	,	,	PUNCT
ajfa-121	461	6	stock	stock	NOUN
ajfa-121	461	7	market	market	NOUN
ajfa-121	461	8	listing	listing	NOUN
ajfa-121	461	9	,	,	PUNCT
ajfa-121	461	10	and	and	CCONJ
ajfa-121	461	11	industry	industry	NOUN
ajfa-121	461	12	type	type	NOUN
ajfa-121	461	13	on	on	ADP
ajfa-121	461	14	disclosure	disclosure	NOUN
ajfa-121	461	15	in	in	ADP
ajfa-121	461	16	the	the	DET
ajfa-121	461	17	annual	annual	ADJ
ajfa-121	461	18	reports	report	NOUN
ajfa-121	461	19	of	of	ADP
ajfa-121	461	20	japanese	japanese	ADJ
ajfa-121	461	21	listed	list	VERB
ajfa-121	461	22	corporations	corporation	NOUN
ajfa-121	461	23	.	.	PUNCT
ajfa-121	462	1	accounting	accounting	PROPN
ajfa-121	462	2	&	&	CCONJ
ajfa-121	462	3	business	business	PROPN
ajfa-121	462	4	research.vol.22	research.vol.22	PROPN
ajfa-121	462	5	,	,	PUNCT
ajfa-121	462	6	no.87	no.87	PROPN
ajfa-121	462	7	,	,	PUNCT
ajfa-121	462	8	pp.229	pp.229	PROPN
ajfa-121	462	9	-	-	PUNCT
ajfa-121	462	10	37	37	NUM
ajfa-121	462	11	davidson	davidson	NOUN
ajfa-121	462	12	,	,	PUNCT
ajfa-121	462	13	r.	r.	PROPN
ajfa-121	462	14	,	,	PUNCT
ajfa-121	462	15	goodwin	goodwin	PROPN
ajfa-121	462	16	-	-	PUNCT
ajfa-121	462	17	stewart	stewart	PROPN
ajfa-121	462	18	,	,	PUNCT
ajfa-121	462	19	j.	j.	PROPN
ajfa-121	462	20	,	,	PUNCT
ajfa-121	462	21	&	&	CCONJ
ajfa-121	462	22	kent	kent	PROPN
ajfa-121	462	23	,	,	PUNCT
ajfa-121	462	24	p.	p.	PROPN
ajfa-121	462	25	(	(	PUNCT
ajfa-121	462	26	2005	2005	NUM
ajfa-121	462	27	)	)	PUNCT
ajfa-121	462	28	.	.	PUNCT
ajfa-121	463	1	internal	internal	ADJ
ajfa-121	463	2	governance	governance	NOUN
ajfa-121	463	3	structures	structure	NOUN
ajfa-121	463	4	and	and	CCONJ
ajfa-121	463	5	earnings	earning	NOUN
ajfa-121	463	6	management	management	NOUN
ajfa-121	463	7	.	.	PUNCT
ajfa-121	464	1	accounting	accounting	NOUN
ajfa-121	464	2	and	and	CCONJ
ajfa-121	464	3	finance	finance	NOUN
ajfa-121	464	4	.	.	PUNCT
ajfa-121	465	1	vol.45	vol.45	ADJ
ajfa-121	465	2	,	,	PUNCT
ajfa-121	465	3	no.4	no.4	PROPN
ajfa-121	465	4	,	,	PUNCT
ajfa-121	465	5	pp.241	pp.241	NOUN
ajfa-121	465	6	-	-	SYM
ajfa-121	465	7	267	267	NUM
ajfa-121	465	8	dechow	dechow	ADJ
ajfa-121	465	9	,	,	PUNCT
ajfa-121	465	10	p.m.	p.m.	NOUN
ajfa-121	465	11	,	,	PUNCT
ajfa-121	465	12	sloan	sloan	PROPN
ajfa-121	465	13	,	,	PUNCT
ajfa-121	465	14	r.g	r.g	PROPN
ajfa-121	465	15	.	.	PROPN
ajfa-121	465	16	,	,	PUNCT
ajfa-121	465	17	&	&	CCONJ
ajfa-121	465	18	sweeney	sweeney	PROPN
ajfa-121	465	19	,	,	PUNCT
ajfa-121	465	20	a.p	a.p	PROPN
ajfa-121	465	21	.	.	PROPN
ajfa-121	465	22	(	(	PUNCT
ajfa-121	465	23	1996	1996	NUM
ajfa-121	465	24	)	)	PUNCT
ajfa-121	465	25	.	.	PUNCT
ajfa-121	466	1	causes	cause	NOUN
ajfa-121	466	2	and	and	CCONJ
ajfa-121	466	3	consequences	consequence	NOUN
ajfa-121	466	4	of	of	ADP
ajfa-121	466	5	earnings	earning	NOUN
ajfa-121	466	6	manipulation	manipulation	NOUN
ajfa-121	466	7	:	:	PUNCT
ajfa-121	466	8	an	an	DET
ajfa-121	466	9	analysis	analysis	NOUN
ajfa-121	466	10	of	of	ADP
ajfa-121	466	11	firms	firm	NOUN
ajfa-121	466	12	subject	subject	ADJ
ajfa-121	466	13	to	to	ADP
ajfa-121	466	14	enforcement	enforcement	NOUN
ajfa-121	466	15	actions	action	NOUN
ajfa-121	466	16	by	by	ADP
ajfa-121	466	17	the	the	DET
ajfa-121	466	18	sec	sec	PROPN
ajfa-121	466	19	.	.	PUNCT
ajfa-121	467	1	contemporary	contemporary	ADJ
ajfa-121	467	2	accounting	accounting	NOUN
ajfa-121	467	3	research	research	NOUN
ajfa-121	467	4	.	.	PUNCT
ajfa-121	468	1	vol.13	vol.13	NOUN
ajfa-121	468	2	,	,	PUNCT
ajfa-121	468	3	no.1	no.1	NUM
ajfa-121	468	4	,	,	PUNCT
ajfa-121	468	5	pp.1−36	pp.1−36	PROPN
ajfa-121	468	6	doe	doe	PROPN
ajfa-121	468	7	,	,	PUNCT
ajfa-121	468	8	j.	j.	PROPN
ajfa-121	468	9	,	,	PUNCT
ajfa-121	468	10	&	&	CCONJ
ajfa-121	468	11	chan	chan	PROPN
ajfa-121	468	12	,	,	PUNCT
ajfa-121	468	13	w.y	w.y	PROPN
ajfa-121	468	14	.	.	PUNCT
ajfa-121	468	15	(	(	PUNCT
ajfa-121	468	16	2001	2001	NUM
ajfa-121	468	17	)	)	PUNCT
ajfa-121	468	18	.	.	PUNCT
ajfa-121	469	1	towards	towards	ADP
ajfa-121	469	2	better	well	ADJ
ajfa-121	469	3	corporate	corporate	ADJ
ajfa-121	469	4	governance	governance	NOUN
ajfa-121	469	5	:	:	PUNCT
ajfa-121	469	6	china	china	PROPN
ajfa-121	469	7	's	's	PART
ajfa-121	469	8	continuing	continue	VERB
ajfa-121	469	9	struggle	struggle	NOUN
ajfa-121	469	10	.	.	PUNCT
ajfa-121	470	1	international	international	ADJ
ajfa-121	470	2	financial	financial	ADJ
ajfa-121	470	3	law	law	NOUN
ajfa-121	470	4	review	review	NOUN
ajfa-121	470	5	.	.	PUNCT
ajfa-121	471	1	vol.9	vol.9	PROPN
ajfa-121	471	2	,	,	PUNCT
ajfa-121	471	3	no.1	no.1	NUM
ajfa-121	471	4	,	,	PUNCT
ajfa-121	471	5	pp.21	pp.21	ADJ
ajfa-121	471	6	-	-	SYM
ajfa-121	471	7	28	28	NUM
ajfa-121	471	8	eng	eng	PROPN
ajfa-121	471	9	,	,	PUNCT
ajfa-121	471	10	l.l	l.l	PROPN
ajfa-121	471	11	.	.	PROPN
ajfa-121	471	12	,	,	PUNCT
ajfa-121	471	13	&	&	CCONJ
ajfa-121	471	14	mak	mak	PROPN
ajfa-121	471	15	,	,	PUNCT
ajfa-121	471	16	y.t	y.t	PROPN
ajfa-121	471	17	.	.	PUNCT
ajfa-121	471	18	(	(	PUNCT
ajfa-121	471	19	2003	2003	NUM
ajfa-121	471	20	)	)	PUNCT
ajfa-121	471	21	.	.	PUNCT
ajfa-121	472	1	corporate	corporate	ADJ
ajfa-121	472	2	governance	governance	NOUN
ajfa-121	472	3	and	and	CCONJ
ajfa-121	472	4	voluntary	voluntary	ADJ
ajfa-121	472	5	disclosure	disclosure	NOUN
ajfa-121	472	6	,	,	PUNCT
ajfa-121	472	7	journal	journal	NOUN
ajfa-121	472	8	of	of	ADP
ajfa-121	472	9	accounting	accounting	NOUN
ajfa-121	472	10	and	and	CCONJ
ajfa-121	472	11	public	public	ADJ
ajfa-121	472	12	policy	policy	NOUN
ajfa-121	472	13	.	.	PUNCT
ajfa-121	473	1	vol.22	vol.22	NOUN
ajfa-121	473	2	,	,	PUNCT
ajfa-121	473	3	no.4	no.4	PROPN
ajfa-121	473	4	,	,	PUNCT
ajfa-121	473	5	pp.325−345	pp.325−345	PRON
ajfa-121	473	6	fama	fama	NOUN
ajfa-121	473	7	,	,	PUNCT
ajfa-121	473	8	e.f	e.f	PROPN
ajfa-121	473	9	.	.	PROPN
ajfa-121	473	10	,	,	PUNCT
ajfa-121	473	11	&	&	CCONJ
ajfa-121	473	12	jensen	jensen	PROPN
ajfa-121	473	13	,	,	PUNCT
ajfa-121	473	14	m.c	m.c	PROPN
ajfa-121	473	15	.	.	PROPN
ajfa-121	473	16	(	(	PUNCT
ajfa-121	473	17	1983	1983	NUM
ajfa-121	473	18	)	)	PUNCT
ajfa-121	473	19	.	.	PUNCT
ajfa-121	474	1	separation	separation	NOUN
ajfa-121	474	2	of	of	ADP
ajfa-121	474	3	ownership	ownership	NOUN
ajfa-121	474	4	and	and	CCONJ
ajfa-121	474	5	control	control	NOUN
ajfa-121	474	6	,	,	PUNCT
ajfa-121	474	7	journal	journal	NOUN
ajfa-121	474	8	of	of	ADP
ajfa-121	474	9	law	law	NOUN
ajfa-121	474	10	and	and	CCONJ
ajfa-121	474	11	economics	economic	NOUN
ajfa-121	474	12	.	.	PUNCT
ajfa-121	475	1	vol.26	vol.26	ADJ
ajfa-121	475	2	,	,	PUNCT
ajfa-121	475	3	no.2	no.2	PROPN
ajfa-121	475	4	,	,	PUNCT
ajfa-121	475	5	pp.301	pp.301	PROPN
ajfa-121	475	6	-	-	PUNCT
ajfa-121	475	7	325	325	NUM
ajfa-121	475	8	fama	fama	NOUN
ajfa-121	475	9	,	,	PUNCT
ajfa-121	475	10	e.f	e.f	PROPN
ajfa-121	475	11	.	.	PROPN
ajfa-121	475	12	,	,	PUNCT
ajfa-121	475	13	&	&	CCONJ
ajfa-121	475	14	miller	miller	PROPN
ajfa-121	475	15	,	,	PUNCT
ajfa-121	475	16	m.	m.	NOUN
ajfa-121	475	17	(	(	PUNCT
ajfa-121	475	18	1972	1972	NUM
ajfa-121	475	19	)	)	PUNCT
ajfa-121	475	20	.	.	PUNCT
ajfa-121	476	1	the	the	DET
ajfa-121	476	2	theory	theory	NOUN
ajfa-121	476	3	of	of	ADP
ajfa-121	476	4	finance	finance	NOUN
ajfa-121	476	5	.	.	PUNCT
ajfa-121	477	1	new	new	PROPN
ajfa-121	477	2	york	york	PROPN
ajfa-121	477	3	,	,	PUNCT
ajfa-121	477	4	hold	hold	VERB
ajfa-121	477	5	,	,	PUNCT
ajfa-121	477	6	rhinehart	rhinehart	NOUN
ajfa-121	477	7	,	,	PUNCT
ajfa-121	477	8	and	and	CCONJ
ajfa-121	477	9	winston	winston	PROPN
ajfa-121	477	10	.	.	PUNCT
ajfa-121	478	1	ferguson	ferguson	PROPN
ajfa-121	478	2	,	,	PUNCT
ajfa-121	478	3	m.j	m.j	PROPN
ajfa-121	478	4	.	.	PROPN
ajfa-121	478	5	,	,	PUNCT
ajfa-121	478	6	lam	lam	PROPN
ajfa-121	478	7	,	,	PUNCT
ajfa-121	478	8	c.k	c.k	PROPN
ajfa-121	478	9	.	.	PROPN
ajfa-121	478	10	,	,	PUNCT
ajfa-121	478	11	&	&	CCONJ
ajfa-121	478	12	lee	lee	PROPN
ajfa-121	478	13	,	,	PUNCT
ajfa-121	478	14	m.	m.	NOUN
ajfa-121	478	15	(	(	PUNCT
ajfa-121	478	16	2002	2002	NUM
ajfa-121	478	17	)	)	PUNCT
ajfa-121	478	18	.	.	PUNCT
ajfa-121	479	1	voluntary	voluntary	ADJ
ajfa-121	479	2	disclosure	disclosure	NOUN
ajfa-121	479	3	by	by	ADP
ajfa-121	479	4	state	state	NOUN
ajfa-121	479	5	-	-	PUNCT
ajfa-121	479	6	owned	own	VERB
ajfa-121	479	7	enterprise	enterprise	NOUN
ajfa-121	479	8	listed	list	VERB
ajfa-121	479	9	on	on	ADP
ajfa-121	479	10	the	the	DET
ajfa-121	479	11	stock	stock	NOUN
ajfa-121	479	12	exchange	exchange	NOUN
ajfa-121	479	13	of	of	ADP
ajfa-121	479	14	hong	hong	PROPN
ajfa-121	479	15	kong	kong	PROPN
ajfa-121	479	16	.	.	PUNCT
ajfa-121	480	1	journal	journal	PROPN
ajfa-121	480	2	of	of	ADP
ajfa-121	480	3	international	international	ADJ
ajfa-121	480	4	financial	financial	ADJ
ajfa-121	480	5	management	management	NOUN
ajfa-121	480	6	and	and	CCONJ
ajfa-121	480	7	accounting	accounting	NOUN
ajfa-121	480	8	.	.	PUNCT
ajfa-121	481	1	vol.13	vol.13	NOUN
ajfa-121	481	2	,	,	PUNCT
ajfa-121	481	3	no.2	no.2	PROPN
ajfa-121	481	4	:	:	PUNCT
ajfa-121	481	5	pp.171	pp.171	VERB
ajfa-121	481	6	-	-	PUNCT
ajfa-121	481	7	192	192	NUM
ajfa-121	481	8	firth	firth	PROPN
ajfa-121	481	9	,	,	PUNCT
ajfa-121	481	10	m.	m.	NOUN
ajfa-121	481	11	(	(	PUNCT
ajfa-121	481	12	1979	1979	NUM
ajfa-121	481	13	)	)	PUNCT
ajfa-121	481	14	.	.	PUNCT
ajfa-121	482	1	the	the	DET
ajfa-121	482	2	impact	impact	NOUN
ajfa-121	482	3	of	of	ADP
ajfa-121	482	4	size	size	NOUN
ajfa-121	482	5	,	,	PUNCT
ajfa-121	482	6	stock	stock	NOUN
ajfa-121	482	7	market	market	NOUN
ajfa-121	482	8	listing	listing	NOUN
ajfa-121	482	9	,	,	PUNCT
ajfa-121	482	10	and	and	CCONJ
ajfa-121	482	11	auditors	auditor	NOUN
ajfa-121	482	12	on	on	ADP
ajfa-121	482	13	voluntary	voluntary	ADJ
ajfa-121	482	14	disclosure	disclosure	NOUN
ajfa-121	482	15	in	in	ADP
ajfa-121	482	16	corporate	corporate	ADJ
ajfa-121	482	17	annual	annual	ADJ
ajfa-121	482	18	reports	report	NOUN
ajfa-121	482	19	.	.	PUNCT
ajfa-121	483	1	accounting	accounting	NOUN
ajfa-121	483	2	and	and	CCONJ
ajfa-121	483	3	business	business	NOUN
ajfa-121	483	4	research	research	NOUN
ajfa-121	483	5	.	.	PUNCT
ajfa-121	484	1	vol.9	vol.9	PROPN
ajfa-121	484	2	,	,	PUNCT
ajfa-121	484	3	no.33	no.33	PROPN
ajfa-121	484	4	,	,	PUNCT
ajfa-121	484	5	pp.273–280	pp.273–280	PROPN
ajfa-121	484	6	forker	forker	PROPN
ajfa-121	484	7	,	,	PUNCT
ajfa-121	484	8	j.j	j.j	PROPN
ajfa-121	484	9	.	.	PROPN
ajfa-121	484	10	(	(	PUNCT
ajfa-121	484	11	1992	1992	NUM
ajfa-121	484	12	)	)	PUNCT
ajfa-121	484	13	.	.	PUNCT
ajfa-121	485	1	corporate	corporate	ADJ
ajfa-121	485	2	governance	governance	NOUN
ajfa-121	485	3	and	and	CCONJ
ajfa-121	485	4	disclosure	disclosure	NOUN
ajfa-121	485	5	quaality	quaality	NOUN
ajfa-121	485	6	.	.	PUNCT
ajfa-121	486	1	accounting	accounting	NOUN
ajfa-121	486	2	and	and	CCONJ
ajfa-121	486	3	business	business	NOUN
ajfa-121	486	4	research	research	NOUN
ajfa-121	486	5	.	.	PUNCT
ajfa-121	487	1	vol.22	vol.22	NOUN
ajfa-121	487	2	,	,	PUNCT
ajfa-121	487	3	no.86	no.86	NOUN
ajfa-121	487	4	,	,	PUNCT
ajfa-121	487	5	pp.111	pp.111	PROPN
ajfa-121	487	6	-	-	PUNCT
ajfa-121	487	7	124	124	NUM
ajfa-121	487	8	foster	foster	NOUN
ajfa-121	487	9	,	,	PUNCT
ajfa-121	487	10	g.	g.	PROPN
ajfa-121	487	11	(	(	PUNCT
ajfa-121	487	12	1986	1986	NUM
ajfa-121	487	13	)	)	PUNCT
ajfa-121	487	14	.	.	PUNCT
ajfa-121	488	1	financial	financial	ADJ
ajfa-121	488	2	statement	statement	NOUN
ajfa-121	488	3	analysis	analysis	NOUN
ajfa-121	488	4	.	.	PUNCT
ajfa-121	489	1	englewood	englewood	PROPN
ajfa-121	489	2	cliffs	cliffs	PROPN
ajfa-121	489	3	,	,	PUNCT
ajfa-121	489	4	nj	nj	PROPN
ajfa-121	489	5	:	:	PUNCT
ajfa-121	489	6	prentice	prentice	NOUN
ajfa-121	489	7	-	-	PUNCT
ajfa-121	489	8	hall	hall	NOUN
ajfa-121	489	9	.	.	PUNCT
ajfa-121	490	1	francis	francis	PROPN
ajfa-121	490	2	,	,	PUNCT
ajfa-121	490	3	j.	j.	PROPN
ajfa-121	490	4	,	,	PUNCT
ajfa-121	490	5	&	&	CCONJ
ajfa-121	490	6	soffer	soffer	PROPN
ajfa-121	490	7	,	,	PUNCT
ajfa-121	490	8	l.	l.	PROPN
ajfa-121	490	9	(	(	PUNCT
ajfa-121	490	10	1997	1997	NUM
ajfa-121	490	11	)	)	PUNCT
ajfa-121	490	12	.	.	PUNCT
ajfa-121	491	1	the	the	DET
ajfa-121	491	2	relative	relative	ADJ
ajfa-121	491	3	informativeness	informativeness	NOUN
ajfa-121	491	4	of	of	ADP
ajfa-121	491	5	analysts	analyst	NOUN
ajfa-121	491	6	'	'	PART
ajfa-121	491	7	stock	stock	NOUN
ajfa-121	491	8	52	52	NUM
ajfa-121	491	9	recommendations	recommendation	NOUN
ajfa-121	491	10	and	and	CCONJ
ajfa-121	491	11	earnings	earning	NOUN
ajfa-121	491	12	forecast	forecast	NOUN
ajfa-121	491	13	revisions	revision	NOUN
ajfa-121	491	14	.	.	PUNCT
ajfa-121	492	1	journal	journal	NOUN
ajfa-121	492	2	of	of	ADP
ajfa-121	492	3	accounting	accounting	NOUN
ajfa-121	492	4	research	research	NOUN
ajfa-121	492	5	.	.	PUNCT
ajfa-121	493	1	vol.35	vol.35	NOUN
ajfa-121	493	2	,	,	PUNCT
ajfa-121	493	3	no.2	no.2	PROPN
ajfa-121	493	4	,	,	PUNCT
ajfa-121	493	5	pp.193	pp.193	NOUN
ajfa-121	493	6	-	-	PUNCT
ajfa-121	493	7	212	212	NUM
ajfa-121	493	8	gerhard	gerhard	NOUN
ajfa-121	493	9	,	,	PUNCT
ajfa-121	493	10	k.	k.	PROPN
ajfa-121	493	11	,	,	PUNCT
ajfa-121	493	12	&	&	CCONJ
ajfa-121	493	13	bontis	bontis	PROPN
ajfa-121	493	14	,	,	PUNCT
ajfa-121	493	15	n.	n.	PROPN
ajfa-121	493	16	(	(	PUNCT
ajfa-121	493	17	2007	2007	NUM
ajfa-121	493	18	)	)	PUNCT
ajfa-121	493	19	.	.	PUNCT
ajfa-121	494	1	the	the	DET
ajfa-121	494	2	impact	impact	NOUN
ajfa-121	494	3	of	of	ADP
ajfa-121	494	4	voluntary	voluntary	ADJ
ajfa-121	494	5	disclosure	disclosure	NOUN
ajfa-121	494	6	on	on	ADP
ajfa-121	494	7	the	the	DET
ajfa-121	494	8	cost	cost	NOUN
ajfa-121	494	9	of	of	ADP
ajfa-121	494	10	equity	equity	NOUN
ajfa-121	494	11	capital	capital	NOUN
ajfa-121	494	12	estimates	estimate	NOUN
ajfa-121	494	13	in	in	ADP
ajfa-121	494	14	a	a	DET
ajfa-121	494	15	temporal	temporal	ADJ
ajfa-121	494	16	setting	setting	NOUN
ajfa-121	494	17	.	.	PUNCT
ajfa-121	495	1	journal	journal	NOUN
ajfa-121	495	2	of	of	ADP
ajfa-121	495	3	intellectual	intellectual	ADJ
ajfa-121	495	4	capital	capital	NOUN
ajfa-121	495	5	.	.	PUNCT
ajfa-121	496	1	vol	vol	NOUN
ajfa-121	496	2	.	.	NOUN
ajfa-121	496	3	8	8	NUM
ajfa-121	496	4	issue	issue	NOUN
ajfa-121	496	5	4	4	NUM
ajfa-121	496	6	,	,	PUNCT
ajfa-121	496	7	asian	asian	ADJ
ajfa-121	496	8	journal	journal	NOUN
ajfa-121	496	9	of	of	ADP
ajfa-121	496	10	finance	finance	PROPN
ajfa-121	496	11	&	&	CCONJ
ajfa-121	496	12	accounting	accounting	PROPN
ajfa-121	496	13	issn	issn	PROPN
ajfa-121	496	14	1946	1946	NUM
ajfa-121	496	15	-	-	PUNCT
ajfa-121	496	16	052x	052x	NOUN
ajfa-121	496	17	2009	2009	NUM
ajfa-121	496	18	,	,	PUNCT
ajfa-121	496	19	vol	vol	NOUN
ajfa-121	496	20	.	.	PROPN
ajfa-121	496	21	1	1	NUM
ajfa-121	496	22	,	,	PUNCT
ajfa-121	496	23	no	no	INTJ
ajfa-121	496	24	.	.	NOUN
ajfa-121	496	25	2	2	NUM
ajfa-121	496	26	:	:	PUNCT
ajfa-121	496	27	e6	e6	VERB
ajfa-121	496	28	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	496	29	143	143	NUM
ajfa-121	496	30	pp.577	pp.577	PROPN
ajfa-121	496	31	-	-	PUNCT
ajfa-121	496	32	594	594	NUM
ajfa-121	496	33	ghazali	ghazali	ADJ
ajfa-121	496	34	,	,	PUNCT
ajfa-121	496	35	n.a.m	n.a.m	PROPN
ajfa-121	496	36	.	.	PROPN
ajfa-121	496	37	,	,	PUNCT
ajfa-121	496	38	&	&	CCONJ
ajfa-121	496	39	weetman	weetman	PROPN
ajfa-121	496	40	,	,	PUNCT
ajfa-121	496	41	p.	p.	NOUN
ajfa-121	496	42	(	(	PUNCT
ajfa-121	496	43	2006	2006	NUM
ajfa-121	496	44	)	)	PUNCT
ajfa-121	496	45	.	.	PUNCT
ajfa-121	497	1	perpetuating	perpetuate	VERB
ajfa-121	497	2	traditional	traditional	ADJ
ajfa-121	497	3	influences	influence	NOUN
ajfa-121	497	4	:	:	PUNCT
ajfa-121	497	5	voluntary	voluntary	ADJ
ajfa-121	497	6	disclosure	disclosure	NOUN
ajfa-121	497	7	in	in	ADP
ajfa-121	497	8	malaysia	malaysia	NOUN
ajfa-121	497	9	following	follow	VERB
ajfa-121	497	10	the	the	DET
ajfa-121	497	11	economics	economic	NOUN
ajfa-121	497	12	crisis	crisis	NOUN
ajfa-121	497	13	.	.	PUNCT
ajfa-121	498	1	journal	journal	PROPN
ajfa-121	498	2	international	international	PROPN
ajfa-121	498	3	accounting	accounting	NOUN
ajfa-121	498	4	auditing	auditing	NOUN
ajfa-121	498	5	&	&	CCONJ
ajfa-121	498	6	taxation	taxation	NOUN
ajfa-121	498	7	.	.	PUNCT
ajfa-121	499	1	vol.4	vol.4	PROPN
ajfa-121	499	2	,	,	PUNCT
ajfa-121	499	3	no.2	no.2	PROPN
ajfa-121	499	4	,	,	PUNCT
ajfa-121	499	5	pp.226	pp.226	NOUN
ajfa-121	499	6	-	-	PUNCT
ajfa-121	499	7	248	248	NUM
ajfa-121	499	8	givoly	givoly	NOUN
ajfa-121	499	9	,	,	PUNCT
ajfa-121	499	10	d.	d.	PROPN
ajfa-121	499	11	,	,	PUNCT
ajfa-121	499	12	&	&	CCONJ
ajfa-121	499	13	lakonishok	lakonishok	PROPN
ajfa-121	499	14	,	,	PUNCT
ajfa-121	499	15	j.	j.	PROPN
ajfa-121	499	16	(	(	PUNCT
ajfa-121	499	17	1979	1979	NUM
ajfa-121	499	18	)	)	PUNCT
ajfa-121	499	19	.	.	PUNCT
ajfa-121	500	1	the	the	DET
ajfa-121	500	2	information	information	NOUN
ajfa-121	500	3	content	content	NOUN
ajfa-121	500	4	of	of	ADP
ajfa-121	500	5	financial	financial	ADJ
ajfa-121	500	6	analysts‟	analysts‟	ADP
ajfa-121	500	7	forecasts	forecast	NOUN
ajfa-121	500	8	of	of	ADP
ajfa-121	500	9	earnings	earning	NOUN
ajfa-121	500	10	:	:	PUNCT
ajfa-121	500	11	some	some	DET
ajfa-121	500	12	evidence	evidence	NOUN
ajfa-121	500	13	on	on	ADP
ajfa-121	500	14	semi	semi	ADJ
ajfa-121	500	15	-	-	ADJ
ajfa-121	500	16	strong	strong	ADJ
ajfa-121	500	17	efficiency	efficiency	NOUN
ajfa-121	500	18	.	.	PUNCT
ajfa-121	501	1	journal	journal	NOUN
ajfa-121	501	2	of	of	ADP
ajfa-121	501	3	accounting	accounting	PROPN
ajfa-121	501	4	&	&	CCONJ
ajfa-121	501	5	economics	economic	NOUN
ajfa-121	501	6	.	.	PUNCT
ajfa-121	502	1	vol.2	vol.2	PROPN
ajfa-121	502	2	,	,	PUNCT
ajfa-121	502	3	no.3	no.3	VERB
ajfa-121	502	4	,	,	PUNCT
ajfa-121	502	5	pp.165	pp.165	NOUN
ajfa-121	502	6	-	-	PUNCT
ajfa-121	502	7	186	186	NUM
ajfa-121	502	8	graham	graham	PROPN
ajfa-121	502	9	,	,	PUNCT
ajfa-121	502	10	j.r	j.r	PROPN
ajfa-121	502	11	.	.	PROPN
ajfa-121	502	12	,	,	PUNCT
ajfa-121	502	13	campbell	campbell	PROPN
ajfa-121	502	14	,	,	PUNCT
ajfa-121	502	15	r.	r.	PROPN
ajfa-121	502	16	,	,	PUNCT
ajfa-121	502	17	&	&	CCONJ
ajfa-121	502	18	rajgopal	rajgopal	PROPN
ajfa-121	502	19	,	,	PUNCT
ajfa-121	502	20	s.	s.	PROPN
ajfa-121	502	21	(	(	PUNCT
ajfa-121	502	22	2005	2005	NUM
ajfa-121	502	23	)	)	PUNCT
ajfa-121	502	24	.	.	PUNCT
ajfa-121	503	1	the	the	DET
ajfa-121	503	2	economic	economic	ADJ
ajfa-121	503	3	implications	implication	NOUN
ajfa-121	503	4	of	of	ADP
ajfa-121	503	5	corporate	corporate	ADJ
ajfa-121	503	6	financial	financial	ADJ
ajfa-121	503	7	reporting	reporting	NOUN
ajfa-121	503	8	.	.	PUNCT
ajfa-121	504	1	journal	journal	NOUN
ajfa-121	504	2	of	of	ADP
ajfa-121	504	3	accounting	accounting	NOUN
ajfa-121	504	4	and	and	CCONJ
ajfa-121	504	5	economics	economic	NOUN
ajfa-121	504	6	.	.	PUNCT
ajfa-121	505	1	vol.40	vol.40	PROPN
ajfa-121	505	2	,	,	PUNCT
ajfa-121	505	3	no.1	no.1	NOUN
ajfa-121	505	4	-	-	SYM
ajfa-121	505	5	3	3	NUM
ajfa-121	505	6	,	,	PUNCT
ajfa-121	505	7	pp.3	pp.3	NOUN
ajfa-121	505	8	-	-	PUNCT
ajfa-121	505	9	73	73	NUM
ajfa-121	505	10	haniffa	haniffa	NOUN
ajfa-121	505	11	,	,	PUNCT
ajfa-121	505	12	r.m	r.m	PROPN
ajfa-121	505	13	.	.	PROPN
ajfa-121	505	14	,	,	PUNCT
ajfa-121	505	15	&	&	CCONJ
ajfa-121	505	16	cooke	cooke	PROPN
ajfa-121	505	17	,	,	PUNCT
ajfa-121	505	18	t.	t.	PROPN
ajfa-121	505	19	e.	e.	PROPN
ajfa-121	505	20	(	(	PUNCT
ajfa-121	505	21	2002	2002	NUM
ajfa-121	505	22	)	)	PUNCT
ajfa-121	505	23	.	.	PUNCT
ajfa-121	506	1	culture	culture	NOUN
ajfa-121	506	2	,	,	PUNCT
ajfa-121	506	3	corporate	corporate	ADJ
ajfa-121	506	4	governance	governance	NOUN
ajfa-121	506	5	and	and	CCONJ
ajfa-121	506	6	disclosure	disclosure	NOUN
ajfa-121	506	7	in	in	ADP
ajfa-121	506	8	malaysian	malaysian	ADJ
ajfa-121	506	9	corporations	corporation	NOUN
ajfa-121	506	10	.	.	PUNCT
ajfa-121	507	1	abacus	abacus	PROPN
ajfa-121	507	2	.	.	PUNCT
ajfa-121	508	1	vol.38	vol.38	PROPN
ajfa-121	508	2	,	,	PUNCT
ajfa-121	508	3	no.3	no.3	PROPN
ajfa-121	508	4	,	,	PUNCT
ajfa-121	508	5	pp.317–349	pp.317–349	NOUN
ajfa-121	508	6	haw	haw	NOUN
ajfa-121	508	7	,	,	PUNCT
ajfa-121	508	8	i.m	i.m	PROPN
ajfa-121	508	9	.	.	PROPN
ajfa-121	508	10	,	,	PUNCT
ajfa-121	508	11	qi	qi	PROPN
ajfa-121	508	12	,	,	PUNCT
ajfa-121	508	13	d.	d.	PROPN
ajfa-121	508	14	,	,	PUNCT
ajfa-121	508	15	&	&	CCONJ
ajfa-121	508	16	wu	wu	PROPN
ajfa-121	508	17	,	,	PUNCT
ajfa-121	508	18	w.	w.	PROPN
ajfa-121	508	19	(	(	PUNCT
ajfa-121	508	20	2000	2000	NUM
ajfa-121	508	21	)	)	PUNCT
ajfa-121	508	22	.	.	PUNCT
ajfa-121	509	1	market	market	NOUN
ajfa-121	509	2	reaction	reaction	NOUN
ajfa-121	509	3	to	to	ADP
ajfa-121	509	4	earnings	earning	NOUN
ajfa-121	509	5	announcements	announcement	NOUN
ajfa-121	509	6	in	in	ADP
ajfa-121	509	7	an	an	DET
ajfa-121	509	8	emerging	emerge	VERB
ajfa-121	509	9	capital	capital	NOUN
ajfa-121	509	10	market	market	NOUN
ajfa-121	509	11	:	:	PUNCT
ajfa-121	509	12	the	the	DET
ajfa-121	509	13	case	case	NOUN
ajfa-121	509	14	of	of	ADP
ajfa-121	509	15	china	china	PROPN
ajfa-121	509	16	.	.	PUNCT
ajfa-121	510	1	journal	journal	PROPN
ajfa-121	510	2	of	of	ADP
ajfa-121	510	3	international	international	ADJ
ajfa-121	510	4	financial	financial	ADJ
ajfa-121	510	5	management	management	NOUN
ajfa-121	510	6	and	and	CCONJ
ajfa-121	510	7	accounting	accounting	NOUN
ajfa-121	510	8	.	.	PUNCT
ajfa-121	511	1	vol.11	vol.11	PROPN
ajfa-121	511	2	,	,	PUNCT
ajfa-121	511	3	no.2	no.2	PROPN
ajfa-121	511	4	,	,	PUNCT
ajfa-121	511	5	pp.108	pp.108	PROPN
ajfa-121	511	6	-	-	PUNCT
ajfa-121	511	7	131	131	NUM
ajfa-121	511	8	healy	healy	PROPN
ajfa-121	511	9	,	,	PUNCT
ajfa-121	511	10	m.	m.	NOUN
ajfa-121	511	11	,	,	PUNCT
ajfa-121	511	12	&	&	CCONJ
ajfa-121	511	13	palepu	palepu	PROPN
ajfa-121	511	14	,	,	PUNCT
ajfa-121	511	15	k.g	k.g	PROPN
ajfa-121	511	16	.	.	PROPN
ajfa-121	511	17	(	(	PUNCT
ajfa-121	511	18	2000	2000	NUM
ajfa-121	511	19	)	)	PUNCT
ajfa-121	511	20	.	.	PUNCT
ajfa-121	512	1	a	a	DET
ajfa-121	512	2	review	review	NOUN
ajfa-121	512	3	of	of	ADP
ajfa-121	512	4	the	the	DET
ajfa-121	512	5	empirical	empirical	ADJ
ajfa-121	512	6	disclosure	disclosure	NOUN
ajfa-121	512	7	literature	literature	NOUN
ajfa-121	512	8	.	.	PUNCT
ajfa-121	513	1	prepared	prepare	VERB
ajfa-121	513	2	for	for	ADP
ajfa-121	513	3	the	the	DET
ajfa-121	513	4	2000	2000	NUM
ajfa-121	513	5	jae	jae	PROPN
ajfa-121	513	6	conference	conference	PROPN
ajfa-121	513	7	.	.	PUNCT
ajfa-121	514	1	ho	ho	PROPN
ajfa-121	514	2	,	,	PUNCT
ajfa-121	514	3	s.s.m	s.s.m	PROPN
ajfa-121	514	4	.	.	PROPN
ajfa-121	514	5	,	,	PUNCT
ajfa-121	514	6	&	&	CCONJ
ajfa-121	514	7	wong	wong	PROPN
ajfa-121	514	8	,	,	PUNCT
ajfa-121	514	9	k.s	k.s	PROPN
ajfa-121	514	10	.	.	PROPN
ajfa-121	514	11	(	(	PUNCT
ajfa-121	514	12	2001	2001	NUM
ajfa-121	514	13	)	)	PUNCT
ajfa-121	514	14	.	.	PUNCT
ajfa-121	515	1	a	a	DET
ajfa-121	515	2	study	study	NOUN
ajfa-121	515	3	of	of	ADP
ajfa-121	515	4	the	the	DET
ajfa-121	515	5	relationship	relationship	NOUN
ajfa-121	515	6	between	between	ADP
ajfa-121	515	7	corporate	corporate	ADJ
ajfa-121	515	8	governance	governance	NOUN
ajfa-121	515	9	structures	structure	NOUN
ajfa-121	515	10	and	and	CCONJ
ajfa-121	515	11	the	the	DET
ajfa-121	515	12	extent	extent	NOUN
ajfa-121	515	13	of	of	ADP
ajfa-121	515	14	voluntary	voluntary	ADJ
ajfa-121	515	15	disclosure	disclosure	NOUN
ajfa-121	515	16	.	.	PUNCT
ajfa-121	516	1	journal	journal	NOUN
ajfa-121	516	2	of	of	ADP
ajfa-121	516	3	international	international	ADJ
ajfa-121	516	4	accounting	accounting	NOUN
ajfa-121	516	5	,	,	PUNCT
ajfa-121	516	6	auditing	auditing	NOUN
ajfa-121	516	7	&	&	CCONJ
ajfa-121	516	8	taxation	taxation	NOUN
ajfa-121	516	9	.	.	PUNCT
ajfa-121	517	1	vol.10	vol.10	PROPN
ajfa-121	517	2	,	,	PUNCT
ajfa-121	517	3	no.2	no.2	PROPN
ajfa-121	517	4	,	,	PUNCT
ajfa-121	517	5	pp.139–157	pp.139–157	PROPN
ajfa-121	517	6	hofstede	hofstede	NOUN
ajfa-121	517	7	,	,	PUNCT
ajfa-121	517	8	g.	g.	PROPN
ajfa-121	517	9	,	,	PUNCT
ajfa-121	517	10	&	&	CCONJ
ajfa-121	517	11	hofstede	hofstede	PROPN
ajfa-121	517	12	,	,	PUNCT
ajfa-121	517	13	j.	j.	PROPN
ajfa-121	517	14	(	(	PUNCT
ajfa-121	517	15	2005	2005	NUM
ajfa-121	517	16	)	)	PUNCT
ajfa-121	517	17	.	.	PUNCT
ajfa-121	518	1	cultures	culture	NOUN
ajfa-121	518	2	and	and	CCONJ
ajfa-121	518	3	organizations	organization	NOUN
ajfa-121	518	4	:	:	PUNCT
ajfa-121	518	5	software	software	NOUN
ajfa-121	518	6	of	of	ADP
ajfa-121	518	7	the	the	DET
ajfa-121	518	8	mind	mind	NOUN
ajfa-121	518	9	.	.	PUNCT
ajfa-121	519	1	(	(	PUNCT
ajfa-121	519	2	revised	revise	VERB
ajfa-121	519	3	and	and	CCONJ
ajfa-121	519	4	expanded	expand	VERB
ajfa-121	519	5	2	2	NUM
ajfa-121	519	6	nd	nd	NOUN
ajfa-121	519	7	ed	ed	NOUN
ajfa-121	519	8	)	)	PUNCT
ajfa-121	519	9	.	.	PUNCT
ajfa-121	520	1	new	new	PROPN
ajfa-121	520	2	york	york	PROPN
ajfa-121	520	3	:	:	PUNCT
ajfa-121	520	4	mcgraw	mcgraw	PROPN
ajfa-121	520	5	-	-	PUNCT
ajfa-121	520	6	hill	hill	NOUN
ajfa-121	520	7	.	.	PUNCT
ajfa-121	521	1	hossain	hossain	PROPN
ajfa-121	521	2	,	,	PUNCT
ajfa-121	521	3	m.	m.	NOUN
ajfa-121	521	4	,	,	PUNCT
ajfa-121	521	5	tan	tan	PROPN
ajfa-121	521	6	,	,	PUNCT
ajfa-121	521	7	l.m	l.m	PROPN
ajfa-121	521	8	.	.	PROPN
ajfa-121	521	9	,	,	PUNCT
ajfa-121	521	10	&	&	CCONJ
ajfa-121	521	11	adams	adams	PROPN
ajfa-121	521	12	,	,	PUNCT
ajfa-121	521	13	m.	m.	NOUN
ajfa-121	521	14	(	(	PUNCT
ajfa-121	521	15	1995	1995	NUM
ajfa-121	521	16	)	)	PUNCT
ajfa-121	521	17	.	.	PUNCT
ajfa-121	522	1	voluntary	voluntary	ADJ
ajfa-121	522	2	financial	financial	ADJ
ajfa-121	522	3	disclosure	disclosure	NOUN
ajfa-121	522	4	by	by	ADP
ajfa-121	522	5	australian	australian	ADJ
ajfa-121	522	6	listed	list	VERB
ajfa-121	522	7	companies	company	NOUN
ajfa-121	522	8	.	.	PUNCT
ajfa-121	523	1	australian	australian	ADJ
ajfa-121	523	2	accounting	accounting	NOUN
ajfa-121	523	3	review	review	NOUN
ajfa-121	523	4	.	.	PUNCT
ajfa-121	524	1	vol.5	vol.5	PROPN
ajfa-121	524	2	,	,	PUNCT
ajfa-121	524	3	no.2	no.2	PROPN
ajfa-121	524	4	,	,	PUNCT
ajfa-121	524	5	pp.33	pp.33	PROPN
ajfa-121	524	6	-	-	PUNCT
ajfa-121	524	7	50	50	NUM
ajfa-121	524	8	jensen	jensen	PROPN
ajfa-121	524	9	,	,	PUNCT
ajfa-121	524	10	m.c	m.c	PROPN
ajfa-121	524	11	.	.	PROPN
ajfa-121	524	12	,	,	PUNCT
ajfa-121	524	13	&	&	CCONJ
ajfa-121	524	14	meckling	meckling	PROPN
ajfa-121	524	15	,	,	PUNCT
ajfa-121	524	16	w.h	w.h	PROPN
ajfa-121	524	17	.	.	PROPN
ajfa-121	524	18	(	(	PUNCT
ajfa-121	524	19	1976	1976	NUM
ajfa-121	524	20	)	)	PUNCT
ajfa-121	524	21	.	.	PUNCT
ajfa-121	525	1	theory	theory	NOUN
ajfa-121	525	2	of	of	ADP
ajfa-121	525	3	the	the	DET
ajfa-121	525	4	firm	firm	NOUN
ajfa-121	525	5	:	:	PUNCT
ajfa-121	525	6	managerial	managerial	ADJ
ajfa-121	525	7	behaviour	behaviour	NOUN
ajfa-121	525	8	,	,	PUNCT
ajfa-121	525	9	agency	agency	NOUN
ajfa-121	525	10	costs	cost	NOUN
ajfa-121	525	11	and	and	CCONJ
ajfa-121	525	12	ownership	ownership	NOUN
ajfa-121	525	13	structure	structure	NOUN
ajfa-121	525	14	.	.	PUNCT
ajfa-121	526	1	journal	journal	NOUN
ajfa-121	526	2	of	of	ADP
ajfa-121	526	3	financial	financial	ADJ
ajfa-121	526	4	economics	economic	NOUN
ajfa-121	526	5	.	.	PUNCT
ajfa-121	527	1	vol.3	vol.3	PROPN
ajfa-121	527	2	,	,	PUNCT
ajfa-121	527	3	no.4	no.4	PROPN
ajfa-121	527	4	,	,	PUNCT
ajfa-121	527	5	pp.305	pp.305	NOUN
ajfa-121	527	6	-	-	PUNCT
ajfa-121	527	7	60	60	NUM
ajfa-121	527	8	jiang	jiang	PROPN
ajfa-121	527	9	,	,	PUNCT
ajfa-121	527	10	h.	h.	PROPN
ajfa-121	527	11	(	(	PUNCT
ajfa-121	527	12	2009	2009	NUM
ajfa-121	527	13	)	)	PUNCT
ajfa-121	527	14	.	.	PUNCT
ajfa-121	528	1	the	the	DET
ajfa-121	528	2	impact	impact	NOUN
ajfa-121	528	3	of	of	ADP
ajfa-121	528	4	ownership	ownership	NOUN
ajfa-121	528	5	concentration	concentration	NOUN
ajfa-121	528	6	and	and	CCONJ
ajfa-121	528	7	voluntary	voluntary	ADJ
ajfa-121	528	8	disclosure	disclosure	NOUN
ajfa-121	528	9	practice	practice	NOUN
ajfa-121	528	10	in	in	ADP
ajfa-121	528	11	new	new	PROPN
ajfa-121	528	12	zealand	zealand	PROPN
ajfa-121	528	13	.	.	PUNCT
ajfa-121	529	1	accounting	accounting	PROPN
ajfa-121	529	2	and	and	CCONJ
ajfa-121	529	3	finance	finance	PROPN
ajfa-121	529	4	association	association	NOUN
ajfa-121	529	5	of	of	ADP
ajfa-121	529	6	australia	australia	PROPN
ajfa-121	529	7	and	and	CCONJ
ajfa-121	529	8	new	new	PROPN
ajfa-121	529	9	zealand	zealand	PROPN
ajfa-121	529	10	conference	conference	NOUN
ajfa-121	529	11	proceedings	proceeding	NOUN
ajfa-121	529	12	.	.	PUNCT
ajfa-121	530	1	jiang	jiang	PROPN
ajfa-121	530	2	,	,	PUNCT
ajfa-121	530	3	h.	h.	PROPN
ajfa-121	530	4	,	,	PUNCT
ajfa-121	530	5	habib	habib	PROPN
ajfa-121	530	6	,	,	PUNCT
ajfa-121	530	7	a.	a.	PROPN
ajfa-121	530	8	,	,	PUNCT
ajfa-121	530	9	&	&	CCONJ
ajfa-121	530	10	smallman	smallman	PROPN
ajfa-121	530	11	c.	c.	PROPN
ajfa-121	530	12	(	(	PUNCT
ajfa-121	530	13	2009	2009	NUM
ajfa-121	530	14	)	)	PUNCT
ajfa-121	530	15	.	.	PUNCT
ajfa-121	531	1	the	the	DET
ajfa-121	531	2	effect	effect	NOUN
ajfa-121	531	3	of	of	ADP
ajfa-121	531	4	ownership	ownership	NOUN
ajfa-121	531	5	concentration	concentration	NOUN
ajfa-121	531	6	on	on	ADP
ajfa-121	531	7	ceo	ceo	NOUN
ajfa-121	531	8	compensation	compensation	NOUN
ajfa-121	531	9	firm	firm	NOUN
ajfa-121	531	10	performance	performance	NOUN
ajfa-121	531	11	relationship	relationship	NOUN
ajfa-121	531	12	in	in	ADP
ajfa-121	531	13	new	new	PROPN
ajfa-121	531	14	zealand	zealand	PROPN
ajfa-121	531	15	.	.	PUNCT
ajfa-121	531	16	pacific	pacific	PROPN
ajfa-121	531	17	accounting	accounting	PROPN
ajfa-121	531	18	review	review	PROPN
ajfa-121	531	19	.	.	PUNCT
ajfa-121	532	1	vol	vol	NOUN
ajfa-121	532	2	.	.	PROPN
ajfa-121	532	3	21	21	NUM
ajfa-121	532	4	,	,	PUNCT
ajfa-121	532	5	issue	issue	NOUN
ajfa-121	532	6	2	2	NUM
ajfa-121	532	7	,	,	PUNCT
ajfa-121	532	8	pp	pp	ADJ
ajfa-121	532	9	.	.	PUNCT
ajfa-121	533	1	104–131	104–131	NUM
ajfa-121	533	2	klein	klein	PROPN
ajfa-121	533	3	,	,	PUNCT
ajfa-121	533	4	a.	a.	PROPN
ajfa-121	533	5	(	(	PUNCT
ajfa-121	533	6	2002	2002	NUM
ajfa-121	533	7	)	)	PUNCT
ajfa-121	533	8	.	.	PUNCT
ajfa-121	534	1	audit	audit	NOUN
ajfa-121	534	2	committee	committee	PROPN
ajfa-121	534	3	,	,	PUNCT
ajfa-121	534	4	board	board	NOUN
ajfa-121	534	5	of	of	ADP
ajfa-121	534	6	director	director	NOUN
ajfa-121	534	7	characteristics	characteristic	NOUN
ajfa-121	534	8	,	,	PUNCT
ajfa-121	534	9	and	and	CCONJ
ajfa-121	534	10	earnings	earning	NOUN
ajfa-121	534	11	management	management	NOUN
ajfa-121	534	12	.	.	PUNCT
ajfa-121	535	1	journal	journal	NOUN
ajfa-121	535	2	of	of	ADP
ajfa-121	535	3	accounting	accounting	NOUN
ajfa-121	535	4	and	and	CCONJ
ajfa-121	535	5	economics	economic	NOUN
ajfa-121	535	6	.	.	PUNCT
ajfa-121	536	1	vol.33	vol.33	PROPN
ajfa-121	536	2	,	,	PUNCT
ajfa-121	536	3	no.3	no.3	VERB
ajfa-121	536	4	,	,	PUNCT
ajfa-121	536	5	pp.375	pp.375	NOUN
ajfa-121	536	6	-	-	PUNCT
ajfa-121	536	7	400	400	NUM
ajfa-121	536	8	kreps	krep	NOUN
ajfa-121	536	9	,	,	PUNCT
ajfa-121	536	10	d.	d.	PROPN
ajfa-121	536	11	(	(	PUNCT
ajfa-121	536	12	1992	1992	NUM
ajfa-121	536	13	)	)	PUNCT
ajfa-121	536	14	.	.	PUNCT
ajfa-121	537	1	a	a	DET
ajfa-121	537	2	course	course	NOUN
ajfa-121	537	3	in	in	ADP
ajfa-121	537	4	microeconomic	microeconomic	ADJ
ajfa-121	537	5	theory	theory	NOUN
ajfa-121	537	6	.	.	PUNCT
ajfa-121	538	1	princeton	princeton	PROPN
ajfa-121	538	2	university	university	PROPN
ajfa-121	538	3	press	press	PROPN
ajfa-121	538	4	,	,	PUNCT
ajfa-121	538	5	princeton	princeton	PROPN
ajfa-121	538	6	,	,	PUNCT
ajfa-121	538	7	nj	nj	PROPN
ajfa-121	538	8	.	.	PUNCT
ajfa-121	539	1	asian	asian	PROPN
ajfa-121	539	2	journal	journal	PROPN
ajfa-121	539	3	of	of	ADP
ajfa-121	539	4	finance	finance	PROPN
ajfa-121	539	5	&	&	CCONJ
ajfa-121	539	6	accounting	accounting	PROPN
ajfa-121	539	7	issn	issn	PROPN
ajfa-121	539	8	1946	1946	NUM
ajfa-121	539	9	-	-	PUNCT
ajfa-121	539	10	052x	052x	NOUN
ajfa-121	539	11	2009	2009	NUM
ajfa-121	539	12	,	,	PUNCT
ajfa-121	539	13	vol	vol	NOUN
ajfa-121	539	14	.	.	PROPN
ajfa-121	539	15	1	1	NUM
ajfa-121	539	16	,	,	PUNCT
ajfa-121	539	17	no	no	INTJ
ajfa-121	539	18	.	.	NOUN
ajfa-121	539	19	2	2	NUM
ajfa-121	539	20	:	:	PUNCT
ajfa-121	539	21	e6	e6	VERB
ajfa-121	539	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	539	23	144	144	NUM
ajfa-121	539	24	kristandl	kristandl	NOUN
ajfa-121	539	25	,	,	PUNCT
ajfa-121	539	26	g.	g.	PROPN
ajfa-121	539	27	,	,	PUNCT
ajfa-121	539	28	&	&	CCONJ
ajfa-121	539	29	bontis	bontis	PROPN
ajfa-121	539	30	,	,	PUNCT
ajfa-121	539	31	n.	n.	PROPN
ajfa-121	539	32	(	(	PUNCT
ajfa-121	539	33	2007	2007	NUM
ajfa-121	539	34	)	)	PUNCT
ajfa-121	539	35	.	.	PUNCT
ajfa-121	540	1	the	the	DET
ajfa-121	540	2	impact	impact	NOUN
ajfa-121	540	3	of	of	ADP
ajfa-121	540	4	voluntary	voluntary	ADJ
ajfa-121	540	5	disclosure	disclosure	NOUN
ajfa-121	540	6	on	on	ADP
ajfa-121	540	7	cost	cost	NOUN
ajfa-121	540	8	of	of	ADP
ajfa-121	540	9	equity	equity	NOUN
ajfa-121	540	10	capital	capital	NOUN
ajfa-121	540	11	estimates	estimate	NOUN
ajfa-121	540	12	in	in	ADP
ajfa-121	540	13	a	a	DET
ajfa-121	540	14	temporal	temporal	ADJ
ajfa-121	540	15	setting	setting	NOUN
ajfa-121	540	16	.	.	PUNCT
ajfa-121	541	1	journal	journal	NOUN
ajfa-121	541	2	of	of	ADP
ajfa-121	541	3	intellectual	intellectual	ADJ
ajfa-121	541	4	capital	capital	NOUN
ajfa-121	541	5	.	.	PUNCT
ajfa-121	542	1	vol	vol	NOUN
ajfa-121	542	2	.	.	PROPN
ajfa-121	542	3	8	8	NUM
ajfa-121	542	4	,	,	PUNCT
ajfa-121	542	5	issue	issue	NOUN
ajfa-121	542	6	4	4	NUM
ajfa-121	542	7	,	,	PUNCT
ajfa-121	542	8	pp	pp	ADJ
ajfa-121	542	9	.	.	PUNCT
ajfa-121	543	1	577	577	NUM
ajfa-121	543	2	-	-	SYM
ajfa-121	543	3	594	594	NUM
ajfa-121	543	4	kurtzman	kurtzman	PROPN
ajfa-121	543	5	,	,	PUNCT
ajfa-121	543	6	j.	j.	PROPN
ajfa-121	543	7	,	,	PUNCT
ajfa-121	543	8	yago	yago	PROPN
ajfa-121	543	9	,	,	PUNCT
ajfa-121	543	10	g.	g.	PROPN
ajfa-121	543	11	,	,	PUNCT
ajfa-121	543	12	&	&	CCONJ
ajfa-121	543	13	phumiwasana	phumiwasana	PROPN
ajfa-121	543	14	,	,	PUNCT
ajfa-121	543	15	t.	t.	PROPN
ajfa-121	543	16	(	(	PUNCT
ajfa-121	543	17	2004	2004	NUM
ajfa-121	543	18	)	)	PUNCT
ajfa-121	543	19	.	.	PUNCT
ajfa-121	544	1	the	the	DET
ajfa-121	544	2	opacity	opacity	NOUN
ajfa-121	544	3	idex	idex	PROPN
ajfa-121	544	4	,	,	PUNCT
ajfa-121	544	5	research	research	NOUN
ajfa-121	544	6	review	review	NOUN
ajfa-121	544	7	,	,	PUNCT
ajfa-121	544	8	mit	mit	PROPN
ajfa-121	544	9	sloan	sloan	PROPN
ajfa-121	544	10	management	management	PROPN
ajfa-121	544	11	review	review	PROPN
ajfa-121	544	12	.	.	PUNCT
ajfa-121	545	1	lang	lang	PROPN
ajfa-121	545	2	,	,	PUNCT
ajfa-121	545	3	m.	m.	NOUN
ajfa-121	545	4	,	,	PUNCT
ajfa-121	545	5	&	&	CCONJ
ajfa-121	545	6	lundholm	lundholm	PROPN
ajfa-121	545	7	,	,	PUNCT
ajfa-121	545	8	r.	r.	PROPN
ajfa-121	545	9	(	(	PUNCT
ajfa-121	545	10	1993	1993	NUM
ajfa-121	545	11	)	)	PUNCT
ajfa-121	545	12	.	.	PUNCT
ajfa-121	546	1	cross	cross	ADJ
ajfa-121	546	2	-	-	ADJ
ajfa-121	546	3	sectional	sectional	ADJ
ajfa-121	546	4	determinants	determinant	NOUN
ajfa-121	546	5	of	of	ADP
ajfa-121	546	6	analyst	analyst	NOUN
ajfa-121	546	7	ratings	rating	NOUN
ajfa-121	546	8	of	of	ADP
ajfa-121	546	9	corporate	corporate	ADJ
ajfa-121	546	10	disclosures	disclosure	NOUN
ajfa-121	546	11	.	.	PUNCT
ajfa-121	547	1	journal	journal	NOUN
ajfa-121	547	2	of	of	ADP
ajfa-121	547	3	accounting	accounting	NOUN
ajfa-121	547	4	research	research	NOUN
ajfa-121	547	5	.	.	PUNCT
ajfa-121	548	1	vol.31	vol.31	ADJ
ajfa-121	548	2	,	,	PUNCT
ajfa-121	548	3	pp.246	pp.246	PROPN
ajfa-121	548	4	-	-	PUNCT
ajfa-121	548	5	271	271	NUM
ajfa-121	548	6	leftwich	leftwich	PROPN
ajfa-121	548	7	,	,	PUNCT
ajfa-121	548	8	r.w	r.w	PROPN
ajfa-121	548	9	.	.	PROPN
ajfa-121	548	10	,	,	PUNCT
ajfa-121	548	11	watts	watts	PROPN
ajfa-121	548	12	,	,	PUNCT
ajfa-121	548	13	r.l	r.l	PROPN
ajfa-121	548	14	.	.	PROPN
ajfa-121	548	15	,	,	PUNCT
ajfa-121	548	16	&	&	CCONJ
ajfa-121	548	17	zimmerman	zimmerman	PROPN
ajfa-121	548	18	,	,	PUNCT
ajfa-121	548	19	j.l	j.l	PROPN
ajfa-121	548	20	.	.	PROPN
ajfa-121	548	21	(	(	PUNCT
ajfa-121	548	22	1981	1981	NUM
ajfa-121	548	23	)	)	PUNCT
ajfa-121	548	24	.	.	PUNCT
ajfa-121	549	1	voluntary	voluntary	ADJ
ajfa-121	549	2	corporate	corporate	ADJ
ajfa-121	549	3	disclosure	disclosure	NOUN
ajfa-121	549	4	:	:	PUNCT
ajfa-121	549	5	the	the	DET
ajfa-121	549	6	case	case	NOUN
ajfa-121	549	7	of	of	ADP
ajfa-121	549	8	interim	interim	ADJ
ajfa-121	549	9	reporting	reporting	NOUN
ajfa-121	549	10	.	.	PUNCT
ajfa-121	550	1	journal	journal	NOUN
ajfa-121	550	2	of	of	ADP
ajfa-121	550	3	accounting	accounting	NOUN
ajfa-121	550	4	research	research	NOUN
ajfa-121	550	5	.	.	PUNCT
ajfa-121	551	1	vol.19	vol.19	NOUN
ajfa-121	551	2	,	,	PUNCT
ajfa-121	551	3	no.4	no.4	PROPN
ajfa-121	551	4	,	,	PUNCT
ajfa-121	551	5	pp.50	pp.50	NOUN
ajfa-121	551	6	-	-	PUNCT
ajfa-121	551	7	77	77	NUM
ajfa-121	551	8	lev	lev	NOUN
ajfa-121	551	9	,	,	PUNCT
ajfa-121	551	10	b.	b.	PROPN
ajfa-121	551	11	(	(	PUNCT
ajfa-121	551	12	1992	1992	NUM
ajfa-121	551	13	)	)	PUNCT
ajfa-121	551	14	.	.	PUNCT
ajfa-121	552	1	information	information	NOUN
ajfa-121	552	2	disclosure	disclosure	NOUN
ajfa-121	552	3	strategy	strategy	NOUN
ajfa-121	552	4	.	.	PUNCT
ajfa-121	553	1	calfornia	calfornia	PROPN
ajfa-121	553	2	mangement	mangement	PROPN
ajfa-121	553	3	review	review	PROPN
ajfa-121	553	4	.	.	PUNCT
ajfa-121	554	1	vol.34	vol.34	PROPN
ajfa-121	554	2	,	,	PUNCT
ajfa-121	554	3	no.4	no.4	PROPN
ajfa-121	554	4	,	,	PUNCT
ajfa-121	554	5	pp.9	pp.9	NOUN
ajfa-121	554	6	-	-	SYM
ajfa-121	554	7	32	32	NUM
ajfa-121	554	8	lin	lin	PROPN
ajfa-121	554	9	,	,	PUNCT
ajfa-121	554	10	t.	t.	PROPN
ajfa-121	554	11	,	,	PUNCT
ajfa-121	554	12	&	&	CCONJ
ajfa-121	554	13	tang	tang	PROPN
ajfa-121	554	14	,	,	PUNCT
ajfa-121	554	15	y.w	y.w	PROPN
ajfa-121	554	16	.	.	PROPN
ajfa-121	554	17	(	(	PUNCT
ajfa-121	554	18	2001	2001	NUM
ajfa-121	554	19	)	)	PUNCT
ajfa-121	554	20	.	.	PUNCT
ajfa-121	554	21	china‟s	china‟	VERB
ajfa-121	554	22	securities	security	NOUN
ajfa-121	554	23	market	market	NOUN
ajfa-121	554	24	and	and	CCONJ
ajfa-121	554	25	accounting	accounting	NOUN
ajfa-121	554	26	disclosure	disclosure	NOUN
ajfa-121	554	27	requirements	requirement	NOUN
ajfa-121	554	28	:	:	PUNCT
ajfa-121	554	29	current	current	ADJ
ajfa-121	554	30	problems	problem	NOUN
ajfa-121	554	31	and	and	CCONJ
ajfa-121	554	32	suggested	suggest	VERB
ajfa-121	554	33	solutions	solution	NOUN
ajfa-121	554	34	.	.	PUNCT
ajfa-121	555	1	working	work	VERB
ajfa-121	555	2	paper	paper	NOUN
ajfa-121	555	3	,	,	PUNCT
ajfa-121	555	4	leventhal	leventhal	PROPN
ajfa-121	555	5	school	school	NOUN
ajfa-121	555	6	of	of	ADP
ajfa-121	555	7	accounting	accounting	NOUN
ajfa-121	555	8	,	,	PUNCT
ajfa-121	555	9	university	university	PROPN
ajfa-121	555	10	of	of	ADP
ajfa-121	555	11	southern	southern	PROPN
ajfa-121	555	12	california	california	PROPN
ajfa-121	555	13	.	.	PUNCT
ajfa-121	556	1	lys	lys	PROPN
ajfa-121	556	2	,	,	PUNCT
ajfa-121	556	3	t.	t.	PROPN
ajfa-121	556	4	,	,	PUNCT
ajfa-121	556	5	&	&	CCONJ
ajfa-121	556	6	sohn	sohn	PROPN
ajfa-121	556	7	,	,	PUNCT
ajfa-121	556	8	s.	s.	PROPN
ajfa-121	556	9	(	(	PUNCT
ajfa-121	556	10	1990	1990	NUM
ajfa-121	556	11	)	)	PUNCT
ajfa-121	556	12	.	.	PUNCT
ajfa-121	557	1	the	the	DET
ajfa-121	557	2	association	association	NOUN
ajfa-121	557	3	between	between	ADP
ajfa-121	557	4	revisions	revision	NOUN
ajfa-121	557	5	of	of	ADP
ajfa-121	557	6	financial	financial	ADJ
ajfa-121	557	7	analysts‟	analysts‟	ADJ
ajfa-121	557	8	earnings	earning	NOUN
ajfa-121	557	9	forecasts	forecast	NOUN
ajfa-121	557	10	and	and	CCONJ
ajfa-121	557	11	security	security	NOUN
ajfa-121	557	12	price	price	NOUN
ajfa-121	557	13	changes	change	NOUN
ajfa-121	557	14	.	.	PUNCT
ajfa-121	558	1	journal	journal	NOUN
ajfa-121	558	2	of	of	ADP
ajfa-121	558	3	accounting	accounting	PROPN
ajfa-121	558	4	&	&	CCONJ
ajfa-121	558	5	economics	economic	NOUN
ajfa-121	558	6	.	.	PUNCT
ajfa-121	559	1	vol.13	vol.13	NOUN
ajfa-121	559	2	,	,	PUNCT
ajfa-121	559	3	no.3	no.3	NOUN
ajfa-121	559	4	,	,	PUNCT
ajfa-121	559	5	pp.341	pp.341	NOUN
ajfa-121	559	6	-	-	PUNCT
ajfa-121	559	7	364	364	NUM
ajfa-121	559	8	mahmood	mahmood	NOUN
ajfa-121	559	9	,	,	PUNCT
ajfa-121	559	10	a.	a.	NOUN
ajfa-121	559	11	(	(	PUNCT
ajfa-121	559	12	1999	1999	NUM
ajfa-121	559	13	)	)	PUNCT
ajfa-121	559	14	.	.	PUNCT
ajfa-121	560	1	the	the	DET
ajfa-121	560	2	impact	impact	NOUN
ajfa-121	560	3	of	of	ADP
ajfa-121	560	4	market	market	NOUN
ajfa-121	560	5	characteristics	characteristic	NOUN
ajfa-121	560	6	on	on	ADP
ajfa-121	560	7	the	the	DET
ajfa-121	560	8	comprehensiveness	comprehensiveness	NOUN
ajfa-121	560	9	of	of	ADP
ajfa-121	560	10	disclosure	disclosure	NOUN
ajfa-121	560	11	in	in	ADP
ajfa-121	560	12	financial	financial	ADJ
ajfa-121	560	13	reports	report	NOUN
ajfa-121	560	14	:	:	PUNCT
ajfa-121	560	15	an	an	DET
ajfa-121	560	16	empirical	empirical	ADJ
ajfa-121	560	17	study	study	NOUN
ajfa-121	560	18	.	.	PUNCT
ajfa-121	561	1	the	the	DET
ajfa-121	561	2	journal	journal	NOUN
ajfa-121	561	3	of	of	ADP
ajfa-121	561	4	commercial	commercial	ADJ
ajfa-121	561	5	researches	research	NOUN
ajfa-121	561	6	.	.	PUNCT
ajfa-121	562	1	vol.13	vol.13	NOUN
ajfa-121	562	2	,	,	PUNCT
ajfa-121	562	3	no.1	no.1	NUM
ajfa-121	562	4	,	,	PUNCT
ajfa-121	562	5	pp.47	pp.47	NOUN
ajfa-121	562	6	malone	malone	PROPN
ajfa-121	562	7	,	,	PUNCT
ajfa-121	562	8	d.	d.	PROPN
ajfa-121	562	9	,	,	PUNCT
ajfa-121	562	10	fries	fry	NOUN
ajfa-121	562	11	,	,	PUNCT
ajfa-121	562	12	c.	c.	PROPN
ajfa-121	562	13	,	,	PUNCT
ajfa-121	562	14	&	&	CCONJ
ajfa-121	562	15	jones	jones	PROPN
ajfa-121	562	16	,	,	PUNCT
ajfa-121	562	17	t.	t.	PROPN
ajfa-121	562	18	(	(	PUNCT
ajfa-121	562	19	1993	1993	NUM
ajfa-121	562	20	)	)	PUNCT
ajfa-121	562	21	.	.	PUNCT
ajfa-121	563	1	an	an	DET
ajfa-121	563	2	empirical	empirical	ADJ
ajfa-121	563	3	investigation	investigation	NOUN
ajfa-121	563	4	of	of	ADP
ajfa-121	563	5	the	the	DET
ajfa-121	563	6	extent	extent	NOUN
ajfa-121	563	7	of	of	ADP
ajfa-121	563	8	corporate	corporate	ADJ
ajfa-121	563	9	financial	financial	ADJ
ajfa-121	563	10	disclosure	disclosure	NOUN
ajfa-121	563	11	in	in	ADP
ajfa-121	563	12	the	the	DET
ajfa-121	563	13	oil	oil	NOUN
ajfa-121	563	14	and	and	CCONJ
ajfa-121	563	15	gas	gas	NOUN
ajfa-121	563	16	industry	industry	NOUN
ajfa-121	563	17	.	.	PUNCT
ajfa-121	564	1	journal	journal	PROPN
ajfa-121	564	2	of	of	ADP
ajfa-121	564	3	accounting	accounting	NOUN
ajfa-121	564	4	,	,	PUNCT
ajfa-121	564	5	auditing	auditing	NOUN
ajfa-121	564	6	and	and	CCONJ
ajfa-121	564	7	finance	finance	NOUN
ajfa-121	564	8	.	.	PUNCT
ajfa-121	565	1	vol.8	vol.8	PROPN
ajfa-121	565	2	,	,	PUNCT
ajfa-121	565	3	no.3	no.3	NUM
ajfa-121	565	4	:	:	PUNCT
ajfa-121	565	5	pp.249	pp.249	NOUN
ajfa-121	565	6	-	-	PUNCT
ajfa-121	565	7	273	273	NUM
ajfa-121	565	8	mcnally	mcnally	PROPN
ajfa-121	565	9	,	,	PUNCT
ajfa-121	565	10	g.m	g.m	PROPN
ajfa-121	565	11	.	.	PROPN
ajfa-121	565	12	,	,	PUNCT
ajfa-121	565	13	eng	eng	PROPN
ajfa-121	565	14	,	,	PUNCT
ajfa-121	565	15	l.h	l.h	PROPN
ajfa-121	565	16	.	.	PROPN
ajfa-121	565	17	,	,	PUNCT
ajfa-121	565	18	&	&	CCONJ
ajfa-121	565	19	hasseldine	hasseldine	PROPN
ajfa-121	565	20	,	,	PUNCT
ajfa-121	565	21	c.r	c.r	PROPN
ajfa-121	565	22	.	.	PROPN
ajfa-121	565	23	(	(	PUNCT
ajfa-121	565	24	1982	1982	NUM
ajfa-121	565	25	)	)	PUNCT
ajfa-121	565	26	.	.	PUNCT
ajfa-121	566	1	corporate	corporate	ADJ
ajfa-121	566	2	financial	financial	ADJ
ajfa-121	566	3	reporting	reporting	NOUN
ajfa-121	566	4	in	in	ADP
ajfa-121	566	5	new	new	PROPN
ajfa-121	566	6	zealand	zealand	PROPN
ajfa-121	566	7	:	:	PUNCT
ajfa-121	566	8	an	an	DET
ajfa-121	566	9	analysis	analysis	NOUN
ajfa-121	566	10	of	of	ADP
ajfa-121	566	11	user	user	NOUN
ajfa-121	566	12	preferences	preference	NOUN
ajfa-121	566	13	,	,	PUNCT
ajfa-121	566	14	corporate	corporate	ADJ
ajfa-121	566	15	characteristics	characteristic	NOUN
ajfa-121	566	16	and	and	CCONJ
ajfa-121	566	17	disclosure	disclosure	NOUN
ajfa-121	566	18	practices	practice	NOUN
ajfa-121	566	19	for	for	ADP
ajfa-121	566	20	discretionary	discretionary	ADJ
ajfa-121	566	21	information	information	NOUN
ajfa-121	566	22	.	.	PUNCT
ajfa-121	567	1	accounting	accounting	NOUN
ajfa-121	567	2	and	and	CCONJ
ajfa-121	567	3	business	business	NOUN
ajfa-121	567	4	research	research	NOUN
ajfa-121	567	5	.	.	PUNCT
ajfa-121	568	1	vol.13	vol.13	NOUN
ajfa-121	568	2	,	,	PUNCT
ajfa-121	568	3	no.48	no.48	PROPN
ajfa-121	568	4	,	,	PUNCT
ajfa-121	568	5	pp.11–20	pp.11–20	PROPN
ajfa-121	568	6	meek	meek	PROPN
ajfa-121	568	7	,	,	PUNCT
ajfa-121	568	8	g.k	g.k	PROPN
ajfa-121	568	9	.	.	PROPN
ajfa-121	568	10	,	,	PUNCT
ajfa-121	568	11	roberts	roberts	PROPN
ajfa-121	568	12	,	,	PUNCT
ajfa-121	568	13	c.	c.	PROPN
ajfa-121	568	14	,	,	PUNCT
ajfa-121	568	15	&	&	CCONJ
ajfa-121	568	16	gray	gray	ADJ
ajfa-121	568	17	,	,	PUNCT
ajfa-121	568	18	s.j	s.j	PROPN
ajfa-121	568	19	.	.	PROPN
ajfa-121	568	20	(	(	PUNCT
ajfa-121	568	21	1995	1995	NUM
ajfa-121	568	22	)	)	PUNCT
ajfa-121	568	23	.	.	PUNCT
ajfa-121	569	1	factors	factor	NOUN
ajfa-121	569	2	influencing	influence	VERB
ajfa-121	569	3	voluntary	voluntary	ADJ
ajfa-121	569	4	disclosure	disclosure	NOUN
ajfa-121	569	5	annual	annual	ADJ
ajfa-121	569	6	report	report	NOUN
ajfa-121	569	7	disclosures	disclosure	NOUN
ajfa-121	569	8	by	by	ADP
ajfa-121	569	9	u.s	u.s	PROPN
ajfa-121	569	10	.	.	PROPN
ajfa-121	569	11	,	,	PUNCT
ajfa-121	569	12	u.k	u.k	PROPN
ajfa-121	569	13	.	.	PROPN
ajfa-121	569	14	and	and	CCONJ
ajfa-121	569	15	continental	continental	PROPN
ajfa-121	569	16	european	european	PROPN
ajfa-121	569	17	multinational	multinational	PROPN
ajfa-121	569	18	corporations	corporation	NOUN
ajfa-121	569	19	.	.	PUNCT
ajfa-121	570	1	journal	journal	PROPN
ajfa-121	570	2	of	of	ADP
ajfa-121	570	3	international	international	ADJ
ajfa-121	570	4	business	business	NOUN
ajfa-121	570	5	studies	study	NOUN
ajfa-121	570	6	.	.	PUNCT
ajfa-121	571	1	vol.96	vol.96	PROPN
ajfa-121	571	2	,	,	PUNCT
ajfa-121	571	3	no.3	no.3	VERB
ajfa-121	571	4	,	,	PUNCT
ajfa-121	571	5	pp.555	pp.555	NOUN
ajfa-121	571	6	-	-	PUNCT
ajfa-121	571	7	572	572	NUM
ajfa-121	571	8	peasnell	peasnell	NOUN
ajfa-121	571	9	,	,	PUNCT
ajfa-121	571	10	k.v	k.v	PROPN
ajfa-121	571	11	.	.	PROPN
ajfa-121	571	12	,	,	PUNCT
ajfa-121	571	13	pope	pope	PROPN
ajfa-121	571	14	p.f	p.f	PROPN
ajfa-121	571	15	.	.	PROPN
ajfa-121	571	16	,	,	PUNCT
ajfa-121	571	17	&	&	CCONJ
ajfa-121	571	18	young	young	PROPN
ajfa-121	571	19	s.e	s.e	PROPN
ajfa-121	571	20	.	.	PROPN
ajfa-121	571	21	(	(	PUNCT
ajfa-121	571	22	2001	2001	NUM
ajfa-121	571	23	)	)	PUNCT
ajfa-121	571	24	.	.	PUNCT
ajfa-121	572	1	the	the	DET
ajfa-121	572	2	characteristics	characteristic	NOUN
ajfa-121	572	3	of	of	ADP
ajfa-121	572	4	firms	firm	NOUN
ajfa-121	572	5	subject	subject	ADJ
ajfa-121	572	6	to	to	ADP
ajfa-121	572	7	adverse	adverse	ADJ
ajfa-121	572	8	rulings	ruling	NOUN
ajfa-121	572	9	by	by	ADP
ajfa-121	572	10	the	the	DET
ajfa-121	572	11	financial	financial	ADJ
ajfa-121	572	12	reporting	reporting	NOUN
ajfa-121	572	13	review	review	NOUN
ajfa-121	572	14	panel	panel	NOUN
ajfa-121	572	15	.	.	PUNCT
ajfa-121	573	1	accounting	accounting	NOUN
ajfa-121	573	2	and	and	CCONJ
ajfa-121	573	3	business	business	NOUN
ajfa-121	573	4	research	research	NOUN
ajfa-121	573	5	.	.	PUNCT
ajfa-121	574	1	vol	vol	NOUN
ajfa-121	574	2	.	.	PROPN
ajfa-121	574	3	31	31	NUM
ajfa-121	574	4	,	,	PUNCT
ajfa-121	574	5	issue	issue	NOUN
ajfa-121	574	6	4	4	NUM
ajfa-121	574	7	,	,	PUNCT
ajfa-121	574	8	pp	pp	ADJ
ajfa-121	574	9	.	.	PUNCT
ajfa-121	574	10	291	291	NUM
ajfa-121	574	11	-	-	SYM
ajfa-121	574	12	311	311	NUM
ajfa-121	574	13	prencipe	prencipe	NOUN
ajfa-121	574	14	,	,	PUNCT
ajfa-121	574	15	a.	a.	NOUN
ajfa-121	574	16	(	(	PUNCT
ajfa-121	574	17	2003	2003	NUM
ajfa-121	574	18	)	)	PUNCT
ajfa-121	574	19	.	.	PUNCT
ajfa-121	575	1	proprietary	proprietary	ADJ
ajfa-121	575	2	costs	cost	NOUN
ajfa-121	575	3	and	and	CCONJ
ajfa-121	575	4	determinants	determinant	NOUN
ajfa-121	575	5	of	of	ADP
ajfa-121	575	6	voluntary	voluntary	ADJ
ajfa-121	575	7	segment	segment	NOUN
ajfa-121	575	8	disclosure	disclosure	NOUN
ajfa-121	575	9	:	:	PUNCT
ajfa-121	575	10	evidence	evidence	NOUN
ajfa-121	575	11	from	from	ADP
ajfa-121	575	12	italian	italian	ADJ
ajfa-121	575	13	listed	list	VERB
ajfa-121	575	14	companies	company	NOUN
ajfa-121	575	15	.	.	PUNCT
ajfa-121	576	1	european	european	ADJ
ajfa-121	576	2	accounting	accounting	PROPN
ajfa-121	576	3	review	review	PROPN
ajfa-121	576	4	.	.	PUNCT
ajfa-121	577	1	vol.13	vol.13	PROPN
ajfa-121	577	2	,	,	PUNCT
ajfa-121	577	3	no.2	no.2	PROPN
ajfa-121	577	4	,	,	PUNCT
ajfa-121	577	5	pp.319	pp.319	PROPN
ajfa-121	577	6	-	-	PUNCT
ajfa-121	577	7	340	340	NUM
ajfa-121	577	8	qi	qi	PROPN
ajfa-121	577	9	,	,	PUNCT
ajfa-121	577	10	d.	d.	PROPN
ajfa-121	577	11	,	,	PUNCT
ajfa-121	577	12	wu	wu	PROPN
ajfa-121	577	13	,	,	PUNCT
ajfa-121	577	14	w.y	w.y	PROPN
ajfa-121	577	15	.	.	PROPN
ajfa-121	577	16	,	,	PUNCT
ajfa-121	577	17	&	&	CCONJ
ajfa-121	577	18	zhang	zhang	PROPN
ajfa-121	577	19	,	,	PUNCT
ajfa-121	577	20	h.	h.	PROPN
ajfa-121	577	21	(	(	PUNCT
ajfa-121	577	22	2000	2000	NUM
ajfa-121	577	23	)	)	PUNCT
ajfa-121	577	24	.	.	PUNCT
ajfa-121	578	1	ownership	ownership	NOUN
ajfa-121	578	2	structure	structure	NOUN
ajfa-121	578	3	and	and	CCONJ
ajfa-121	578	4	corporate	corporate	ADJ
ajfa-121	578	5	performance	performance	NOUN
ajfa-121	578	6	of	of	ADP
ajfa-121	578	7	asian	asian	ADJ
ajfa-121	578	8	journal	journal	NOUN
ajfa-121	578	9	of	of	ADP
ajfa-121	578	10	finance	finance	PROPN
ajfa-121	578	11	&	&	CCONJ
ajfa-121	578	12	accounting	accounting	PROPN
ajfa-121	578	13	issn	issn	PROPN
ajfa-121	578	14	1946	1946	NUM
ajfa-121	578	15	-	-	PUNCT
ajfa-121	578	16	052x	052x	NOUN
ajfa-121	578	17	2009	2009	NUM
ajfa-121	578	18	,	,	PUNCT
ajfa-121	578	19	vol	vol	NOUN
ajfa-121	578	20	.	.	PROPN
ajfa-121	578	21	1	1	NUM
ajfa-121	578	22	,	,	PUNCT
ajfa-121	578	23	no	no	INTJ
ajfa-121	578	24	.	.	NOUN
ajfa-121	578	25	2	2	NUM
ajfa-121	578	26	:	:	PUNCT
ajfa-121	578	27	e6	e6	VERB
ajfa-121	578	28	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-121	578	29	145	145	NUM
ajfa-121	578	30	partially	partially	ADV
ajfa-121	578	31	privatized	privatize	VERB
ajfa-121	578	32	chinese	chinese	ADJ
ajfa-121	578	33	soe	soe	ADJ
ajfa-121	578	34	firms	firm	NOUN
ajfa-121	578	35	.	.	PUNCT
ajfa-121	579	1	pacific	pacific	PROPN
ajfa-121	579	2	basin	basin	PROPN
ajfa-121	579	3	finance	finance	PROPN
ajfa-121	579	4	journal	journal	NOUN
ajfa-121	579	5	.	.	PUNCT
ajfa-121	580	1	vol.8	vol.8	PROPN
ajfa-121	580	2	,	,	PUNCT
ajfa-121	580	3	no.5	no.5	PROPN
ajfa-121	580	4	,	,	PUNCT
ajfa-121	580	5	pp.587–610	pp.587–610	PROPN
ajfa-121	580	6	tenev	tenev	PROPN
ajfa-121	580	7	,	,	PUNCT
ajfa-121	580	8	s.	s.	PROPN
ajfa-121	580	9	,	,	PUNCT
ajfa-121	580	10	&	&	CCONJ
ajfa-121	580	11	zhang	zhang	PROPN
ajfa-121	580	12	,	,	PUNCT
ajfa-121	580	13	c.l	c.l	PROPN
ajfa-121	580	14	.	.	PROPN
ajfa-121	580	15	(	(	PUNCT
ajfa-121	580	16	2002	2002	NUM
ajfa-121	580	17	)	)	PUNCT
ajfa-121	580	18	.	.	PUNCT
ajfa-121	581	1	corporate	corporate	ADJ
ajfa-121	581	2	governance	governance	NOUN
ajfa-121	581	3	and	and	CCONJ
ajfa-121	581	4	enterprise	enterprise	NOUN
ajfa-121	581	5	reform	reform	NOUN
ajfa-121	581	6	in	in	ADP
ajfa-121	581	7	china	china	PROPN
ajfa-121	581	8	.	.	PUNCT
ajfa-121	582	1	washington	washington	PROPN
ajfa-121	582	2	:	:	PUNCT
ajfa-121	582	3	world	world	PROPN
ajfa-121	582	4	bank	bank	PROPN
ajfa-121	582	5	/	/	SYM
ajfa-121	582	6	ifc	ifc	NOUN
ajfa-121	582	7	,	,	PUNCT
ajfa-121	582	8	pp	pp	ADV
ajfa-121	582	9	.	.	PUNCT
ajfa-121	583	1	1	1	NUM
ajfa-121	583	2	-	-	SYM
ajfa-121	583	3	104	104	NUM
ajfa-121	583	4	wallace	wallace	NOUN
ajfa-121	583	5	,	,	PUNCT
ajfa-121	583	6	p.	p.	NOUN
ajfa-121	583	7	,	,	PUNCT
ajfa-121	583	8	&	&	CCONJ
ajfa-121	583	9	zinkin	zinkin	PROPN
ajfa-121	583	10	,	,	PUNCT
ajfa-121	583	11	j.	j.	PROPN
ajfa-121	583	12	(	(	PUNCT
ajfa-121	583	13	2005	2005	NUM
ajfa-121	583	14	)	)	PUNCT
ajfa-121	583	15	.	.	PUNCT
ajfa-121	584	1	corporate	corporate	ADJ
ajfa-121	584	2	governance	governance	NOUN
ajfa-121	584	3	,	,	PUNCT
ajfa-121	584	4	john	john	PROPN
ajfa-121	584	5	wiley	wiley	PROPN
ajfa-121	584	6	&	&	CCONJ
ajfa-121	584	7	sons	son	NOUN
ajfa-121	584	8	,	,	PUNCT
ajfa-121	584	9	february	february	PROPN
ajfa-121	584	10	1	1	NUM
ajfa-121	584	11	.	.	PUNCT
ajfa-121	585	1	wallace	wallace	PROPN
ajfa-121	585	2	,	,	PUNCT
ajfa-121	585	3	r.s.o	r.s.o	PROPN
ajfa-121	585	4	.	.	PROPN
ajfa-121	585	5	,	,	PUNCT
ajfa-121	585	6	naser	naser	PROPN
ajfa-121	585	7	,	,	PUNCT
ajfa-121	585	8	k.	k.	PROPN
ajfa-121	585	9	,	,	PUNCT
ajfa-121	585	10	&	&	CCONJ
ajfa-121	585	11	mora	mora	PROPN
ajfa-121	585	12	,	,	PUNCT
ajfa-121	585	13	a.	a.	NOUN
ajfa-121	585	14	(	(	PUNCT
ajfa-121	585	15	1994	1994	NUM
ajfa-121	585	16	)	)	PUNCT
ajfa-121	585	17	.	.	PUNCT
ajfa-121	586	1	the	the	DET
ajfa-121	586	2	relationship	relationship	NOUN
ajfa-121	586	3	between	between	ADP
ajfa-121	586	4	the	the	DET
ajfa-121	586	5	comprehensiveness	comprehensiveness	NOUN
ajfa-121	586	6	of	of	ADP
ajfa-121	586	7	corporate	corporate	ADJ
ajfa-121	586	8	annual	annual	ADJ
ajfa-121	586	9	reports	report	NOUN
ajfa-121	586	10	and	and	CCONJ
ajfa-121	586	11	firm	firm	ADJ
ajfa-121	586	12	characteristics	characteristic	NOUN
ajfa-121	586	13	in	in	ADP
ajfa-121	586	14	spain	spain	PROPN
ajfa-121	586	15	.	.	PUNCT
ajfa-121	587	1	accounting	accounting	NOUN
ajfa-121	587	2	and	and	CCONJ
ajfa-121	587	3	business	business	NOUN
ajfa-121	587	4	research	research	NOUN
ajfa-121	587	5	.	.	PUNCT
ajfa-121	588	1	vol.25	vol.25	ADJ
ajfa-121	588	2	,	,	PUNCT
ajfa-121	588	3	no.97	no.97	PROPN
ajfa-121	588	4	,	,	PUNCT
ajfa-121	588	5	pp.41–53	pp.41–53	PROPN
ajfa-121	588	6	watts	watts	PROPN
ajfa-121	588	7	,	,	PUNCT
ajfa-121	588	8	r.l	r.l	PROPN
ajfa-121	588	9	.	.	PROPN
ajfa-121	588	10	,	,	PUNCT
ajfa-121	588	11	&	&	CCONJ
ajfa-121	588	12	zimmerman	zimmerman	PROPN
ajfa-121	588	13	,	,	PUNCT
ajfa-121	588	14	j.	j.	PROPN
ajfa-121	588	15	l.	l.	PROPN
ajfa-121	588	16	(	(	PUNCT
ajfa-121	588	17	1978	1978	NUM
ajfa-121	588	18	)	)	PUNCT
ajfa-121	588	19	.	.	PUNCT
ajfa-121	589	1	towards	towards	ADP
ajfa-121	589	2	a	a	DET
ajfa-121	589	3	positive	positive	ADJ
ajfa-121	589	4	theory	theory	NOUN
ajfa-121	589	5	of	of	ADP
ajfa-121	589	6	the	the	DET
ajfa-121	589	7	determination	determination	NOUN
ajfa-121	589	8	of	of	ADP
ajfa-121	589	9	the	the	DET
ajfa-121	589	10	accounting	accounting	NOUN
ajfa-121	589	11	standards	standard	NOUN
ajfa-121	589	12	.	.	PUNCT
ajfa-121	590	1	the	the	DET
ajfa-121	590	2	accounting	accounting	NOUN
ajfa-121	590	3	review	review	NOUN
ajfa-121	590	4	.	.	PUNCT
ajfa-121	591	1	vol.53	vol.53	NOUN
ajfa-121	591	2	,	,	PUNCT
ajfa-121	591	3	no.1	no.1	NUM
ajfa-121	591	4	,	,	PUNCT
ajfa-121	591	5	pp.112	pp.112	PROPN
ajfa-121	591	6	-	-	X
ajfa-121	591	7	134	134	NUM
ajfa-121	591	8	xiao	xiao	PROPN
ajfa-121	591	9	,	,	PUNCT
ajfa-121	591	10	z.	z.	PROPN
ajfa-121	591	11	(	(	PUNCT
ajfa-121	591	12	1999	1999	NUM
ajfa-121	591	13	)	)	PUNCT
ajfa-121	591	14	.	.	PUNCT
ajfa-121	592	1	corporate	corporate	ADJ
ajfa-121	592	2	disclosure	disclosure	NOUN
ajfa-121	592	3	made	make	VERB
ajfa-121	592	4	by	by	ADP
ajfa-121	592	5	chinese	chinese	ADJ
ajfa-121	592	6	listed	list	VERB
ajfa-121	592	7	companies	company	NOUN
ajfa-121	592	8	,	,	PUNCT
ajfa-121	592	9	the	the	DET
ajfa-121	592	10	international	international	ADJ
ajfa-121	592	11	journal	journal	NOUN
ajfa-121	592	12	of	of	ADP
ajfa-121	592	13	accounting	accounting	NOUN
ajfa-121	592	14	.	.	PUNCT
ajfa-121	593	1	vol.34	vol.34	PROPN
ajfa-121	593	2	,	,	PUNCT
ajfa-121	593	3	pp.349	pp.349	NOUN
ajfa-121	593	4	-	-	PUNCT
ajfa-121	593	5	373	373	NUM
ajfa-121	593	6	xie	xie	PROPN
ajfa-121	593	7	,	,	PUNCT
ajfa-121	593	8	b.	b.	PROPN
ajfa-121	593	9	,	,	PUNCT
ajfa-121	593	10	davidson	davidson	PROPN
ajfa-121	593	11	iii	iii	PROPN
ajfa-121	593	12	,	,	PUNCT
ajfa-121	593	13	w.n	w.n	PROPN
ajfa-121	593	14	.	.	PROPN
ajfa-121	593	15	,	,	PUNCT
ajfa-121	593	16	&	&	CCONJ
ajfa-121	593	17	dadalt	dadalt	NOUN
ajfa-121	593	18	,	,	PUNCT
ajfa-121	593	19	p.j	p.j	PROPN
ajfa-121	593	20	.	.	PROPN
ajfa-121	593	21	(	(	PUNCT
ajfa-121	593	22	2001	2001	NUM
ajfa-121	593	23	)	)	PUNCT
ajfa-121	593	24	.	.	PUNCT
ajfa-121	594	1	earnings	earning	NOUN
ajfa-121	594	2	management	management	NOUN
ajfa-121	594	3	and	and	CCONJ
ajfa-121	594	4	corporate	corporate	ADJ
ajfa-121	594	5	governance	governance	NOUN
ajfa-121	594	6	:	:	PUNCT
ajfa-121	594	7	the	the	DET
ajfa-121	594	8	roles	role	NOUN
ajfa-121	594	9	of	of	ADP
ajfa-121	594	10	the	the	DET
ajfa-121	594	11	board	board	NOUN
ajfa-121	594	12	and	and	CCONJ
ajfa-121	594	13	the	the	DET
ajfa-121	594	14	audit	audit	NOUN
ajfa-121	594	15	committee	committee	NOUN
ajfa-121	594	16	.	.	PUNCT
ajfa-121	595	1	working	work	VERB
ajfa-121	595	2	paper	paper	NOUN
ajfa-121	595	3	,	,	PUNCT
ajfa-121	595	4	southern	southern	ADJ
ajfa-121	595	5	illinois	illinois	PROPN
ajfa-121	595	6	university	university	PROPN
ajfa-121	595	7	.	.	PUNCT
ajfa-121	596	1	xie	xie	PROPN
ajfa-121	596	2	,	,	PUNCT
ajfa-121	596	3	b.	b.	PROPN
ajfa-121	596	4	,	,	PUNCT
ajfa-121	596	5	davidson	davidson	PROPN
ajfa-121	596	6	,	,	PUNCT
ajfa-121	596	7	w.n	w.n	PROPN
ajfa-121	596	8	.	.	PROPN
ajfa-121	596	9	,	,	PUNCT
ajfa-121	596	10	&	&	CCONJ
ajfa-121	596	11	dadalt	dadalt	NOUN
ajfa-121	596	12	,	,	PUNCT
ajfa-121	596	13	p.j	p.j	PROPN
ajfa-121	596	14	.	.	PROPN
ajfa-121	596	15	(	(	PUNCT
ajfa-121	596	16	2001	2001	NUM
ajfa-121	596	17	)	)	PUNCT
ajfa-121	596	18	.	.	PUNCT
ajfa-121	597	1	earnings	earning	NOUN
ajfa-121	597	2	management	management	NOUN
ajfa-121	597	3	and	and	CCONJ
ajfa-121	597	4	corporate	corporate	ADJ
ajfa-121	597	5	governance	governance	NOUN
ajfa-121	597	6	:	:	PUNCT
ajfa-121	597	7	the	the	DET
ajfa-121	597	8	roles	role	NOUN
ajfa-121	597	9	of	of	ADP
ajfa-121	597	10	the	the	DET
ajfa-121	597	11	board	board	NOUN
ajfa-121	597	12	and	and	CCONJ
ajfa-121	597	13	the	the	DET
ajfa-121	597	14	audit	audit	NOUN
ajfa-121	597	15	committee	committee	NOUN
ajfa-121	597	16	,	,	PUNCT
ajfa-121	597	17	working	working	NOUN
ajfa-121	597	18	paper	paper	NOUN
ajfa-121	597	19	(	(	PUNCT
ajfa-121	597	20	southern	southern	ADJ
ajfa-121	597	21	illinois	illinois	PROPN
ajfa-121	597	22	university	university	PROPN
ajfa-121	597	23	,	,	PUNCT
ajfa-121	597	24	carbondale	carbondale	PROPN
ajfa-121	597	25	,	,	PUNCT
ajfa-121	597	26	il	il	PROPN
ajfa-121	597	27	)	)	PUNCT
ajfa-121	597	28	.	.	PUNCT
ajfa-121	598	1	xu	xu	PROPN
ajfa-121	598	2	,	,	PUNCT
ajfa-121	598	3	x.n	x.n	PROPN
ajfa-121	598	4	.	.	PROPN
ajfa-121	598	5	,	,	PUNCT
ajfa-121	598	6	&	&	CCONJ
ajfa-121	598	7	wang	wang	PROPN
ajfa-121	598	8	,	,	PUNCT
ajfa-121	598	9	y.	y.	PROPN
ajfa-121	598	10	(	(	PUNCT
ajfa-121	598	11	1999	1999	NUM
ajfa-121	598	12	)	)	PUNCT
ajfa-121	598	13	.	.	PUNCT
ajfa-121	599	1	ownership	ownership	NOUN
ajfa-121	599	2	structure	structure	NOUN
ajfa-121	599	3	and	and	CCONJ
ajfa-121	599	4	corporate	corporate	ADJ
ajfa-121	599	5	governance	governance	NOUN
ajfa-121	599	6	in	in	ADP
ajfa-121	599	7	chinese	chinese	ADJ
ajfa-121	599	8	stock	stock	NOUN
ajfa-121	599	9	companies	company	NOUN
ajfa-121	599	10	.	.	PUNCT
ajfa-121	600	1	china	china	PROPN
ajfa-121	600	2	economic	economic	PROPN
ajfa-121	600	3	review	review	PROPN
ajfa-121	600	4	.	.	PUNCT
ajfa-121	601	1	vol.10	vol.10	NOUN
ajfa-121	601	2	,	,	PUNCT
ajfa-121	601	3	no.1	no.1	NUM
ajfa-121	601	4	,	,	PUNCT
ajfa-121	601	5	pp.75	pp.75	ADJ
ajfa-121	601	6	-	-	ADJ
ajfa-121	601	7	98	98	NUM
ajfa-121	601	8	zhang	zhang	PROPN
ajfa-121	601	9	,	,	PUNCT
ajfa-121	601	10	w.y	w.y	PROPN
ajfa-121	601	11	.	.	PUNCT
ajfa-121	601	12	(	(	PUNCT
ajfa-121	601	13	1999	1999	NUM
ajfa-121	601	14	)	)	PUNCT
ajfa-121	601	15	.	.	PUNCT
ajfa-121	602	1	property	property	NOUN
ajfa-121	602	2	right	right	NOUN
ajfa-121	602	3	,	,	PUNCT
ajfa-121	602	4	corporate	corporate	ADJ
ajfa-121	602	5	governance	governance	NOUN
ajfa-121	602	6	and	and	CCONJ
ajfa-121	602	7	performance	performance	NOUN
ajfa-121	602	8	:	:	PUNCT
ajfa-121	602	9	an	an	DET
ajfa-121	602	10	evaluation	evaluation	NOUN
ajfa-121	602	11	on	on	ADP
ajfa-121	602	12	china‟s	china‟	VERB
ajfa-121	602	13	soe	soe	PROPN
ajfa-121	602	14	(	(	PUNCT
ajfa-121	602	15	in	in	ADP
ajfa-121	602	16	chinese	chinese	PROPN
ajfa-121	602	17	)	)	PUNCT
ajfa-121	602	18	,	,	PUNCT
ajfa-121	602	19	shanghai	shanghai	PROPN
ajfa-121	602	20	fareast	fareast	PROPN
ajfa-121	602	21	publishing	publishing	PROPN
ajfa-121	602	22	house	house	NOUN
ajfa-121	602	23	.	.	PUNCT