id	sid	tid	token	lemma	pos
ajfa-12449	1	1	microsoft	microsoft	PROPN
ajfa-12449	1	2	word	word	NOUN
ajfa-12449	1	3	12449	12449	NUM
ajfa-12449	1	4	-	-	PUNCT
ajfa-12449	1	5	new	new	ADJ
ajfa-12449	1	6	asian	asian	ADJ
ajfa-12449	1	7	journal	journal	NOUN
ajfa-12449	1	8	of	of	ADP
ajfa-12449	1	9	finance	finance	PROPN
ajfa-12449	1	10	&	&	CCONJ
ajfa-12449	1	11	accounting	accounting	PROPN
ajfa-12449	1	12	issn	issn	PROPN
ajfa-12449	1	13	1946	1946	NUM
ajfa-12449	1	14	-	-	PUNCT
ajfa-12449	1	15	052x	052x	PROPN
ajfa-12449	1	16	2017	2017	NUM
ajfa-12449	1	17	,	,	PUNCT
ajfa-12449	1	18	vol	vol	NOUN
ajfa-12449	1	19	.	.	NOUN
ajfa-12449	1	20	9	9	NUM
ajfa-12449	1	21	,	,	PUNCT
ajfa-12449	1	22	no	no	NOUN
ajfa-12449	1	23	.	.	NOUN
ajfa-12449	1	24	2	2	NUM
ajfa-12449	1	25	ajfa.macrothink.org	ajfa.macrothink.org	NOUN
ajfa-12449	1	26	399	399	NUM
ajfa-12449	1	27	the	the	DET
ajfa-12449	1	28	impact	impact	NOUN
ajfa-12449	1	29	of	of	ADP
ajfa-12449	1	30	working	work	VERB
ajfa-12449	1	31	capital	capital	NOUN
ajfa-12449	1	32	management	management	NOUN
ajfa-12449	1	33	on	on	ADP
ajfa-12449	1	34	firm	firm	ADJ
ajfa-12449	1	35	value	value	NOUN
ajfa-12449	1	36	:	:	PUNCT
ajfa-12449	1	37	evidence	evidence	NOUN
ajfa-12449	1	38	from	from	ADP
ajfa-12449	1	39	a	a	DET
ajfa-12449	1	40	frontier	frontier	NOUN
ajfa-12449	1	41	market	market	NOUN
ajfa-12449	1	42	a.n	a.n	PROPN
ajfa-12449	1	43	.	.	PROPN
ajfa-12449	1	44	hingurala	hingurala	PROPN
ajfa-12449	1	45	arachchi	arachchi	PROPN
ajfa-12449	1	46	department	department	PROPN
ajfa-12449	1	47	of	of	ADP
ajfa-12449	1	48	finance	finance	NOUN
ajfa-12449	1	49	,	,	PUNCT
ajfa-12449	1	50	faculty	faculty	NOUN
ajfa-12449	1	51	of	of	ADP
ajfa-12449	1	52	management	management	NOUN
ajfa-12449	1	53	studies	study	NOUN
ajfa-12449	1	54	and	and	CCONJ
ajfa-12449	1	55	commerce	commerce	PROPN
ajfa-12449	1	56	university	university	PROPN
ajfa-12449	1	57	of	of	ADP
ajfa-12449	1	58	sri	sri	PROPN
ajfa-12449	1	59	jayewardenepura	jayewardenepura	PROPN
ajfa-12449	1	60	wasantha	wasantha	PROPN
ajfa-12449	1	61	perera	perera	PROPN
ajfa-12449	1	62	department	department	PROPN
ajfa-12449	1	63	of	of	ADP
ajfa-12449	1	64	finance	finance	NOUN
ajfa-12449	1	65	,	,	PUNCT
ajfa-12449	1	66	faculty	faculty	NOUN
ajfa-12449	1	67	of	of	ADP
ajfa-12449	1	68	management	management	NOUN
ajfa-12449	1	69	studies	study	NOUN
ajfa-12449	1	70	and	and	CCONJ
ajfa-12449	1	71	commerce	commerce	PROPN
ajfa-12449	1	72	university	university	PROPN
ajfa-12449	1	73	of	of	ADP
ajfa-12449	1	74	sri	sri	PROPN
ajfa-12449	1	75	jayewardenepura	jayewardenepura	PROPN
ajfa-12449	1	76	ratnam	ratnam	PROPN
ajfa-12449	1	77	vijayakumaran	vijayakumaran	PROPN
ajfa-12449	1	78	(	(	PUNCT
ajfa-12449	1	79	corresponding	correspond	VERB
ajfa-12449	1	80	author	author	NOUN
ajfa-12449	1	81	)	)	PUNCT
ajfa-12449	1	82	department	department	NOUN
ajfa-12449	1	83	of	of	ADP
ajfa-12449	1	84	financial	financial	ADJ
ajfa-12449	1	85	management	management	NOUN
ajfa-12449	1	86	,	,	PUNCT
ajfa-12449	1	87	faculty	faculty	NOUN
ajfa-12449	1	88	of	of	ADP
ajfa-12449	1	89	management	management	NOUN
ajfa-12449	1	90	studies	study	NOUN
ajfa-12449	1	91	and	and	CCONJ
ajfa-12449	1	92	commerce	commerce	PROPN
ajfa-12449	1	93	university	university	PROPN
ajfa-12449	1	94	of	of	ADP
ajfa-12449	1	95	jaffna	jaffna	PROPN
ajfa-12449	1	96	received	receive	VERB
ajfa-12449	1	97	:	:	PUNCT
ajfa-12449	1	98	oct	oct	PROPN
ajfa-12449	1	99	.	.	PROPN
ajfa-12449	1	100	7	7	NUM
ajfa-12449	1	101	,	,	PUNCT
ajfa-12449	1	102	2017	2017	NUM
ajfa-12449	1	103	accepted	accept	VERB
ajfa-12449	1	104	:	:	PUNCT
ajfa-12449	1	105	nov	nov	PROPN
ajfa-12449	1	106	.	.	PROPN
ajfa-12449	1	107	24	24	NUM
ajfa-12449	1	108	,	,	PUNCT
ajfa-12449	1	109	2017	2017	NUM
ajfa-12449	1	110	published	publish	VERB
ajfa-12449	1	111	:	:	PUNCT
ajfa-12449	1	112	december	december	PROPN
ajfa-12449	1	113	24	24	NUM
ajfa-12449	1	114	,	,	PUNCT
ajfa-12449	1	115	2017	2017	NUM
ajfa-12449	1	116	doi:10.5296	doi:10.5296	NOUN
ajfa-12449	1	117	/	/	SYM
ajfa-12449	1	118	ajfa.v9i2.12449	ajfa.v9i2.12449	NUM
ajfa-12449	1	119	url	url	NOUN
ajfa-12449	1	120	:	:	PUNCT
ajfa-12449	1	121	https://doi.org/10.5296/ajfa.v9i2.12449	https://doi.org/10.5296/ajfa.v9i2.12449	PROPN
ajfa-12449	1	122	abstract	abstract	ADJ
ajfa-12449	1	123	corporate	corporate	ADJ
ajfa-12449	1	124	finance	finance	NOUN
ajfa-12449	1	125	literature	literature	NOUN
ajfa-12449	1	126	and	and	CCONJ
ajfa-12449	1	127	finance	finance	NOUN
ajfa-12449	1	128	practitioners	practitioner	NOUN
ajfa-12449	1	129	have	have	VERB
ajfa-12449	1	130	the	the	DET
ajfa-12449	1	131	notion	notion	NOUN
ajfa-12449	1	132	that	that	SCONJ
ajfa-12449	1	133	the	the	DET
ajfa-12449	1	134	efficient	efficient	ADJ
ajfa-12449	1	135	working	work	VERB
ajfa-12449	1	136	capital	capital	NOUN
ajfa-12449	1	137	management	management	NOUN
ajfa-12449	1	138	(	(	PUNCT
ajfa-12449	1	139	wcm	wcm	NOUN
ajfa-12449	1	140	)	)	PUNCT
ajfa-12449	1	141	affects	affect	VERB
ajfa-12449	1	142	firm	firm	ADJ
ajfa-12449	1	143	value	value	NOUN
ajfa-12449	1	144	.	.	PUNCT
ajfa-12449	2	1	this	this	DET
ajfa-12449	2	2	study	study	NOUN
ajfa-12449	2	3	investigates	investigate	VERB
ajfa-12449	2	4	the	the	DET
ajfa-12449	2	5	value	value	NOUN
ajfa-12449	2	6	effect	effect	NOUN
ajfa-12449	2	7	of	of	ADP
ajfa-12449	2	8	working	work	VERB
ajfa-12449	2	9	capital	capital	NOUN
ajfa-12449	2	10	management	management	NOUN
ajfa-12449	2	11	,	,	PUNCT
ajfa-12449	2	12	using	use	VERB
ajfa-12449	2	13	a	a	DET
ajfa-12449	2	14	sample	sample	NOUN
ajfa-12449	2	15	of	of	ADP
ajfa-12449	2	16	44	44	NUM
ajfa-12449	2	17	listed	list	VERB
ajfa-12449	2	18	companies	company	NOUN
ajfa-12449	2	19	on	on	ADP
ajfa-12449	2	20	the	the	DET
ajfa-12449	2	21	colombo	colombo	NOUN
ajfa-12449	2	22	stock	stock	NOUN
ajfa-12449	2	23	exchange	exchange	PROPN
ajfa-12449	2	24	(	(	PUNCT
ajfa-12449	2	25	cse	cse	NOUN
ajfa-12449	2	26	)	)	PUNCT
ajfa-12449	2	27	over	over	ADP
ajfa-12449	2	28	the	the	DET
ajfa-12449	2	29	period	period	NOUN
ajfa-12449	2	30	2011	2011	NUM
ajfa-12449	2	31	-	-	SYM
ajfa-12449	2	32	2015	2015	NUM
ajfa-12449	2	33	.	.	PUNCT
ajfa-12449	3	1	the	the	DET
ajfa-12449	3	2	cse	cse	NOUN
ajfa-12449	3	3	is	be	AUX
ajfa-12449	3	4	currently	currently	ADV
ajfa-12449	3	5	recognized	recognize	VERB
ajfa-12449	3	6	as	as	ADP
ajfa-12449	3	7	a	a	DET
ajfa-12449	3	8	high	high	ADJ
ajfa-12449	3	9	growth	growth	NOUN
ajfa-12449	3	10	frontier	frontier	NOUN
ajfa-12449	3	11	market	market	NOUN
ajfa-12449	3	12	(	(	PUNCT
ajfa-12449	3	13	fm	fm	NOUN
ajfa-12449	3	14	)	)	PUNCT
ajfa-12449	3	15	in	in	ADP
ajfa-12449	3	16	the	the	DET
ajfa-12449	3	17	world	world	NOUN
ajfa-12449	3	18	.	.	PUNCT
ajfa-12449	4	1	the	the	DET
ajfa-12449	4	2	efficiency	efficiency	NOUN
ajfa-12449	4	3	of	of	ADP
ajfa-12449	4	4	wcm	wcm	NOUN
ajfa-12449	4	5	is	be	AUX
ajfa-12449	4	6	measured	measure	VERB
ajfa-12449	4	7	using	use	VERB
ajfa-12449	4	8	the	the	DET
ajfa-12449	4	9	cash	cash	NOUN
ajfa-12449	4	10	conversion	conversion	NOUN
ajfa-12449	4	11	cycle	cycle	NOUN
ajfa-12449	4	12	(	(	PUNCT
ajfa-12449	4	13	ccc	ccc	PROPN
ajfa-12449	4	14	)	)	PUNCT
ajfa-12449	4	15	and	and	CCONJ
ajfa-12449	4	16	its	its	PRON
ajfa-12449	4	17	components	component	NOUN
ajfa-12449	4	18	while	while	SCONJ
ajfa-12449	4	19	firm	firm	ADJ
ajfa-12449	4	20	value	value	NOUN
ajfa-12449	4	21	is	be	AUX
ajfa-12449	4	22	measured	measure	VERB
ajfa-12449	4	23	by	by	ADP
ajfa-12449	4	24	the	the	DET
ajfa-12449	4	25	tobin	tobin	PROPN
ajfa-12449	4	26	q	q	PROPN
ajfa-12449	4	27	ratio	ratio	NOUN
ajfa-12449	4	28	.	.	PUNCT
ajfa-12449	5	1	the	the	DET
ajfa-12449	5	2	firm	firm	ADJ
ajfa-12449	5	3	size	size	NOUN
ajfa-12449	5	4	,	,	PUNCT
ajfa-12449	5	5	leverage	leverage	NOUN
ajfa-12449	5	6	and	and	CCONJ
ajfa-12449	5	7	sales	sale	NOUN
ajfa-12449	5	8	growth	growth	NOUN
ajfa-12449	5	9	are	be	AUX
ajfa-12449	5	10	used	use	VERB
ajfa-12449	5	11	as	as	ADP
ajfa-12449	5	12	the	the	DET
ajfa-12449	5	13	control	control	NOUN
ajfa-12449	5	14	variables	variable	NOUN
ajfa-12449	5	15	.	.	PUNCT
ajfa-12449	6	1	using	use	VERB
ajfa-12449	6	2	panel	panel	NOUN
ajfa-12449	6	3	data	datum	NOUN
ajfa-12449	6	4	regression	regression	NOUN
ajfa-12449	6	5	methodology	methodology	NOUN
ajfa-12449	6	6	(	(	PUNCT
ajfa-12449	6	7	the	the	DET
ajfa-12449	6	8	pooled	pool	VERB
ajfa-12449	6	9	ols	ol	NOUN
ajfa-12449	6	10	and	and	CCONJ
ajfa-12449	6	11	fixed	fix	VERB
ajfa-12449	6	12	effects	effect	NOUN
ajfa-12449	6	13	regressions	regression	NOUN
ajfa-12449	6	14	)	)	PUNCT
ajfa-12449	6	15	,	,	PUNCT
ajfa-12449	6	16	the	the	DET
ajfa-12449	6	17	study	study	NOUN
ajfa-12449	6	18	finds	find	VERB
ajfa-12449	6	19	that	that	SCONJ
ajfa-12449	6	20	ccc	ccc	PROPN
ajfa-12449	6	21	is	be	AUX
ajfa-12449	6	22	inversely	inversely	ADV
ajfa-12449	6	23	related	relate	VERB
ajfa-12449	6	24	to	to	ADP
ajfa-12449	6	25	tobin	tobin	PROPN
ajfa-12449	6	26	q	q	PROPN
ajfa-12449	6	27	,	,	PUNCT
ajfa-12449	6	28	suggesting	suggest	VERB
ajfa-12449	6	29	that	that	SCONJ
ajfa-12449	6	30	managers	manager	NOUN
ajfa-12449	6	31	can	can	AUX
ajfa-12449	6	32	create	create	VERB
ajfa-12449	6	33	value	value	NOUN
ajfa-12449	6	34	for	for	ADP
ajfa-12449	6	35	their	their	PRON
ajfa-12449	6	36	shareholders	shareholder	NOUN
ajfa-12449	6	37	by	by	ADP
ajfa-12449	6	38	efficiently	efficiently	ADV
ajfa-12449	6	39	managing	manage	VERB
ajfa-12449	6	40	investment	investment	NOUN
ajfa-12449	6	41	in	in	ADP
ajfa-12449	6	42	working	work	VERB
ajfa-12449	6	43	capital	capital	NOUN
ajfa-12449	6	44	of	of	ADP
ajfa-12449	6	45	their	their	PRON
ajfa-12449	6	46	firms	firm	NOUN
ajfa-12449	6	47	.	.	PUNCT
ajfa-12449	7	1	keywords	keyword	NOUN
ajfa-12449	7	2	:	:	PUNCT
ajfa-12449	7	3	working	work	VERB
ajfa-12449	7	4	capital	capital	NOUN
ajfa-12449	7	5	management	management	NOUN
ajfa-12449	7	6	,	,	PUNCT
ajfa-12449	7	7	firm	firm	ADJ
ajfa-12449	7	8	value	value	NOUN
ajfa-12449	7	9	,	,	PUNCT
ajfa-12449	7	10	tobin	tobin	PROPN
ajfa-12449	7	11	q	q	NOUN
ajfa-12449	7	12	,	,	PUNCT
ajfa-12449	7	13	cash	cash	NOUN
ajfa-12449	7	14	conversion	conversion	NOUN
ajfa-12449	7	15	cycle	cycle	NOUN
ajfa-12449	7	16	,	,	PUNCT
ajfa-12449	7	17	panel	panel	NOUN
ajfa-12449	7	18	data	datum	NOUN
ajfa-12449	7	19	,	,	PUNCT
ajfa-12449	7	20	sri	sri	PROPN
ajfa-12449	7	21	lanka	lanka	PROPN
ajfa-12449	7	22	.	.	PUNCT
ajfa-12449	8	1	jel	jel	PROPN
ajfa-12449	8	2	classification	classification	NOUN
ajfa-12449	8	3	:	:	PUNCT
ajfa-12449	8	4	d22	d22	PROPN
ajfa-12449	8	5	,	,	PUNCT
ajfa-12449	8	6	g31	g31	PROPN
ajfa-12449	8	7	,	,	PUNCT
ajfa-12449	8	8	g32	g32	NOUN
ajfa-12449	8	9	asian	asian	ADJ
ajfa-12449	8	10	journal	journal	NOUN
ajfa-12449	8	11	of	of	ADP
ajfa-12449	8	12	finance	finance	PROPN
ajfa-12449	8	13	&	&	CCONJ
ajfa-12449	8	14	accounting	accounting	PROPN
ajfa-12449	8	15	issn	issn	PROPN
ajfa-12449	8	16	1946	1946	NUM
ajfa-12449	8	17	-	-	PUNCT
ajfa-12449	8	18	052x	052x	PROPN
ajfa-12449	8	19	2017	2017	NUM
ajfa-12449	8	20	,	,	PUNCT
ajfa-12449	8	21	vol	vol	NOUN
ajfa-12449	8	22	.	.	NOUN
ajfa-12449	9	1	9	9	NUM
ajfa-12449	9	2	,	,	PUNCT
ajfa-12449	9	3	no	no	NOUN
ajfa-12449	9	4	.	.	NOUN
ajfa-12449	9	5	2	2	NUM
ajfa-12449	9	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12449	9	7	400	400	NUM
ajfa-12449	9	8	1	1	NUM
ajfa-12449	9	9	.	.	PUNCT
ajfa-12449	10	1	introduction	introduction	NOUN
ajfa-12449	10	2	working	work	VERB
ajfa-12449	10	3	capital	capital	NOUN
ajfa-12449	10	4	management	management	NOUN
ajfa-12449	10	5	(	(	PUNCT
ajfa-12449	10	6	wcm	wcm	NOUN
ajfa-12449	10	7	)	)	PUNCT
ajfa-12449	10	8	has	have	VERB
ajfa-12449	10	9	an	an	DET
ajfa-12449	10	10	important	important	ADJ
ajfa-12449	10	11	role	role	NOUN
ajfa-12449	10	12	in	in	ADP
ajfa-12449	10	13	attaining	attain	VERB
ajfa-12449	10	14	firm	firm	NOUN
ajfa-12449	10	15	’s	’s	PART
ajfa-12449	10	16	ultimate	ultimate	ADJ
ajfa-12449	10	17	goal	goal	NOUN
ajfa-12449	10	18	of	of	ADP
ajfa-12449	10	19	shareholder	shareholder	NOUN
ajfa-12449	10	20	wealth	wealth	NOUN
ajfa-12449	10	21	maximization	maximization	NOUN
ajfa-12449	10	22	since	since	SCONJ
ajfa-12449	10	23	it	it	PRON
ajfa-12449	10	24	affects	affect	VERB
ajfa-12449	10	25	both	both	DET
ajfa-12449	10	26	profitability	profitability	NOUN
ajfa-12449	10	27	and	and	CCONJ
ajfa-12449	10	28	liquidity	liquidity	NOUN
ajfa-12449	10	29	of	of	ADP
ajfa-12449	10	30	firms	firm	NOUN
ajfa-12449	10	31	.	.	PUNCT
ajfa-12449	11	1	unlike	unlike	ADP
ajfa-12449	11	2	the	the	DET
ajfa-12449	11	3	relationship	relationship	NOUN
ajfa-12449	11	4	between	between	ADP
ajfa-12449	11	5	long	long	ADJ
ajfa-12449	11	6	term	term	NOUN
ajfa-12449	11	7	financing	financing	NOUN
ajfa-12449	11	8	and	and	CCONJ
ajfa-12449	11	9	firm	firm	ADJ
ajfa-12449	11	10	value	value	NOUN
ajfa-12449	11	11	,	,	PUNCT
ajfa-12449	11	12	the	the	DET
ajfa-12449	11	13	relationship	relationship	NOUN
ajfa-12449	11	14	between	between	ADP
ajfa-12449	11	15	wcm	wcm	NOUN
ajfa-12449	11	16	and	and	CCONJ
ajfa-12449	11	17	firm	firm	ADJ
ajfa-12449	11	18	value	value	NOUN
ajfa-12449	11	19	has	have	AUX
ajfa-12449	11	20	not	not	PART
ajfa-12449	11	21	received	receive	VERB
ajfa-12449	11	22	much	much	ADJ
ajfa-12449	11	23	attention	attention	NOUN
ajfa-12449	11	24	in	in	ADP
ajfa-12449	11	25	the	the	DET
ajfa-12449	11	26	empirical	empirical	ADJ
ajfa-12449	11	27	research	research	NOUN
ajfa-12449	11	28	,	,	PUNCT
ajfa-12449	11	29	though	though	SCONJ
ajfa-12449	11	30	poor	poor	ADJ
ajfa-12449	11	31	working	working	NOUN
ajfa-12449	11	32	capital	capital	NOUN
ajfa-12449	11	33	management	management	NOUN
ajfa-12449	11	34	has	have	AUX
ajfa-12449	11	35	been	be	AUX
ajfa-12449	11	36	identified	identify	VERB
ajfa-12449	11	37	as	as	ADP
ajfa-12449	11	38	the	the	DET
ajfa-12449	11	39	main	main	ADJ
ajfa-12449	11	40	reason	reason	NOUN
ajfa-12449	11	41	for	for	ADP
ajfa-12449	11	42	the	the	DET
ajfa-12449	11	43	failure	failure	NOUN
ajfa-12449	11	44	of	of	ADP
ajfa-12449	11	45	most	most	ADJ
ajfa-12449	11	46	firms	firm	NOUN
ajfa-12449	11	47	(	(	PUNCT
ajfa-12449	11	48	smith	smith	PROPN
ajfa-12449	11	49	,	,	PUNCT
ajfa-12449	11	50	1978	1978	NUM
ajfa-12449	11	51	)	)	PUNCT
ajfa-12449	11	52	.	.	PUNCT
ajfa-12449	12	1	this	this	PRON
ajfa-12449	12	2	may	may	AUX
ajfa-12449	12	3	occur	occur	VERB
ajfa-12449	12	4	due	due	ADP
ajfa-12449	12	5	to	to	ADP
ajfa-12449	12	6	the	the	DET
ajfa-12449	12	7	fact	fact	NOUN
ajfa-12449	12	8	that	that	SCONJ
ajfa-12449	12	9	working	work	VERB
ajfa-12449	12	10	capital	capital	NOUN
ajfa-12449	12	11	decisions	decision	NOUN
ajfa-12449	12	12	are	be	AUX
ajfa-12449	12	13	made	make	VERB
ajfa-12449	12	14	frequently	frequently	ADV
ajfa-12449	12	15	,	,	PUNCT
ajfa-12449	12	16	and	and	CCONJ
ajfa-12449	12	17	they	they	PRON
ajfa-12449	12	18	are	be	AUX
ajfa-12449	12	19	routine	routine	ADJ
ajfa-12449	12	20	in	in	ADP
ajfa-12449	12	21	nature	nature	NOUN
ajfa-12449	12	22	and	and	CCONJ
ajfa-12449	12	23	are	be	AUX
ajfa-12449	12	24	reversible	reversible	ADJ
ajfa-12449	12	25	over	over	ADP
ajfa-12449	12	26	time	time	NOUN
ajfa-12449	12	27	(	(	PUNCT
ajfa-12449	12	28	pratap	pratap	PROPN
ajfa-12449	12	29	singh	singh	PROPN
ajfa-12449	12	30	&	&	CCONJ
ajfa-12449	12	31	kumar	kumar	PROPN
ajfa-12449	12	32	,	,	PUNCT
ajfa-12449	12	33	2014	2014	NUM
ajfa-12449	12	34	)	)	PUNCT
ajfa-12449	12	35	.	.	PUNCT
ajfa-12449	13	1	most	most	ADJ
ajfa-12449	13	2	researchers	researcher	NOUN
ajfa-12449	13	3	failed	fail	VERB
ajfa-12449	13	4	to	to	PART
ajfa-12449	13	5	identify	identify	VERB
ajfa-12449	13	6	the	the	DET
ajfa-12449	13	7	significant	significant	ADJ
ajfa-12449	13	8	contribution	contribution	NOUN
ajfa-12449	13	9	of	of	ADP
ajfa-12449	13	10	wcm	wcm	NOUN
ajfa-12449	13	11	to	to	PART
ajfa-12449	13	12	attain	attain	VERB
ajfa-12449	13	13	the	the	DET
ajfa-12449	13	14	ultimate	ultimate	ADJ
ajfa-12449	13	15	goal	goal	NOUN
ajfa-12449	13	16	of	of	ADP
ajfa-12449	13	17	shareholder	shareholder	NOUN
ajfa-12449	13	18	value	value	NOUN
ajfa-12449	13	19	maximization	maximization	NOUN
ajfa-12449	13	20	(	(	PUNCT
ajfa-12449	13	21	baker	baker	PROPN
ajfa-12449	13	22	,	,	PUNCT
ajfa-12449	13	23	kumar	kumar	PROPN
ajfa-12449	13	24	,	,	PUNCT
ajfa-12449	13	25	colombage	colombage	PROPN
ajfa-12449	13	26	&	&	CCONJ
ajfa-12449	13	27	singh	singh	PROPN
ajfa-12449	13	28	,	,	PUNCT
ajfa-12449	13	29	2017	2017	NUM
ajfa-12449	13	30	)	)	PUNCT
ajfa-12449	13	31	.	.	PUNCT
ajfa-12449	14	1	yet	yet	ADV
ajfa-12449	14	2	,	,	PUNCT
ajfa-12449	14	3	it	it	PRON
ajfa-12449	14	4	has	have	AUX
ajfa-12449	14	5	gained	gain	VERB
ajfa-12449	14	6	much	much	ADJ
ajfa-12449	14	7	attention	attention	NOUN
ajfa-12449	14	8	as	as	ADP
ajfa-12449	14	9	a	a	DET
ajfa-12449	14	10	field	field	NOUN
ajfa-12449	14	11	of	of	ADP
ajfa-12449	14	12	research	research	NOUN
ajfa-12449	14	13	after	after	ADP
ajfa-12449	14	14	the	the	DET
ajfa-12449	14	15	recent	recent	ADJ
ajfa-12449	14	16	global	global	ADJ
ajfa-12449	14	17	financial	financial	ADJ
ajfa-12449	14	18	crisis	crisis	NOUN
ajfa-12449	14	19	which	which	PRON
ajfa-12449	14	20	occurred	occur	VERB
ajfa-12449	14	21	in	in	ADP
ajfa-12449	14	22	2007	2007	NUM
ajfa-12449	14	23	-	-	SYM
ajfa-12449	14	24	2009	2009	NUM
ajfa-12449	14	25	.	.	PUNCT
ajfa-12449	15	1	working	work	VERB
ajfa-12449	15	2	capital	capital	NOUN
ajfa-12449	15	3	can	can	AUX
ajfa-12449	15	4	be	be	AUX
ajfa-12449	15	5	identified	identify	VERB
ajfa-12449	15	6	as	as	ADP
ajfa-12449	15	7	the	the	DET
ajfa-12449	15	8	balance	balance	NOUN
ajfa-12449	15	9	between	between	ADP
ajfa-12449	15	10	current	current	ADJ
ajfa-12449	15	11	assets	asset	NOUN
ajfa-12449	15	12	and	and	CCONJ
ajfa-12449	15	13	current	current	ADJ
ajfa-12449	15	14	liabilities	liability	NOUN
ajfa-12449	15	15	(	(	PUNCT
ajfa-12449	15	16	pass	pass	NOUN
ajfa-12449	15	17	&	&	CCONJ
ajfa-12449	15	18	pike	pike	NOUN
ajfa-12449	15	19	,	,	PUNCT
ajfa-12449	15	20	1984).wcm	1984).wcm	NUM
ajfa-12449	15	21	decisions	decision	NOUN
ajfa-12449	15	22	involve	involve	VERB
ajfa-12449	15	23	choice	choice	NOUN
ajfa-12449	15	24	of	of	ADP
ajfa-12449	15	25	amount	amount	NOUN
ajfa-12449	15	26	and	and	CCONJ
ajfa-12449	15	27	composition	composition	NOUN
ajfa-12449	15	28	of	of	ADP
ajfa-12449	15	29	current	current	ADJ
ajfa-12449	15	30	asset	asset	NOUN
ajfa-12449	15	31	as	as	ADV
ajfa-12449	15	32	well	well	ADV
ajfa-12449	15	33	as	as	ADP
ajfa-12449	15	34	the	the	DET
ajfa-12449	15	35	financing	financing	NOUN
ajfa-12449	15	36	of	of	ADP
ajfa-12449	15	37	these	these	DET
ajfa-12449	15	38	assets	asset	NOUN
ajfa-12449	15	39	.	.	PUNCT
ajfa-12449	16	1	working	work	VERB
ajfa-12449	16	2	capital	capital	NOUN
ajfa-12449	16	3	allows	allow	VERB
ajfa-12449	16	4	firms	firm	NOUN
ajfa-12449	16	5	to	to	PART
ajfa-12449	16	6	adapt	adapt	VERB
ajfa-12449	16	7	to	to	ADP
ajfa-12449	16	8	the	the	DET
ajfa-12449	16	9	dynamic	dynamic	ADJ
ajfa-12449	16	10	business	business	NOUN
ajfa-12449	16	11	conditions	condition	NOUN
ajfa-12449	16	12	;	;	PUNCT
ajfa-12449	16	13	therefore	therefore	ADV
ajfa-12449	16	14	,	,	PUNCT
ajfa-12449	16	15	proper	proper	ADJ
ajfa-12449	16	16	management	management	NOUN
ajfa-12449	16	17	of	of	ADP
ajfa-12449	16	18	working	work	VERB
ajfa-12449	16	19	capital	capital	NOUN
ajfa-12449	16	20	becomes	become	VERB
ajfa-12449	16	21	essential	essential	ADJ
ajfa-12449	16	22	as	as	SCONJ
ajfa-12449	16	23	it	it	PRON
ajfa-12449	16	24	has	have	VERB
ajfa-12449	16	25	direct	direct	ADJ
ajfa-12449	16	26	impact	impact	NOUN
ajfa-12449	16	27	on	on	ADP
ajfa-12449	16	28	financial	financial	ADJ
ajfa-12449	16	29	health	health	NOUN
ajfa-12449	16	30	and	and	CCONJ
ajfa-12449	16	31	operational	operational	ADJ
ajfa-12449	16	32	success	success	NOUN
ajfa-12449	16	33	of	of	ADP
ajfa-12449	16	34	firm	firm	NOUN
ajfa-12449	16	35	.	.	PUNCT
ajfa-12449	17	1	the	the	DET
ajfa-12449	17	2	company	company	NOUN
ajfa-12449	17	3	’s	’s	PART
ajfa-12449	17	4	liquidity	liquidity	NOUN
ajfa-12449	17	5	position	position	NOUN
ajfa-12449	17	6	is	be	AUX
ajfa-12449	17	7	especially	especially	ADV
ajfa-12449	17	8	important	important	ADJ
ajfa-12449	17	9	in	in	ADP
ajfa-12449	17	10	today	today	NOUN
ajfa-12449	17	11	’s	’s	PART
ajfa-12449	17	12	globalized	globalize	VERB
ajfa-12449	17	13	and	and	CCONJ
ajfa-12449	17	14	highly	highly	ADV
ajfa-12449	17	15	competitive	competitive	ADJ
ajfa-12449	17	16	business	business	NOUN
ajfa-12449	17	17	environment	environment	NOUN
ajfa-12449	17	18	,	,	PUNCT
ajfa-12449	17	19	as	as	ADV
ajfa-12449	17	20	well	well	ADV
ajfa-12449	17	21	as	as	ADP
ajfa-12449	17	22	in	in	ADP
ajfa-12449	17	23	times	time	NOUN
ajfa-12449	17	24	of	of	ADP
ajfa-12449	17	25	economic	economic	ADJ
ajfa-12449	17	26	and	and	CCONJ
ajfa-12449	17	27	financial	financial	ADJ
ajfa-12449	17	28	hardships	hardship	NOUN
ajfa-12449	17	29	such	such	ADJ
ajfa-12449	17	30	as	as	ADP
ajfa-12449	17	31	recent	recent	ADJ
ajfa-12449	17	32	financial	financial	ADJ
ajfa-12449	17	33	crises	crisis	NOUN
ajfa-12449	17	34	characterized	characterize	VERB
ajfa-12449	17	35	by	by	ADP
ajfa-12449	17	36	decreasing	decrease	VERB
ajfa-12449	17	37	cash	cash	NOUN
ajfa-12449	17	38	inflows	inflow	NOUN
ajfa-12449	17	39	and	and	CCONJ
ajfa-12449	17	40	deteriorating	deteriorate	VERB
ajfa-12449	17	41	market	market	NOUN
ajfa-12449	17	42	conditions	condition	NOUN
ajfa-12449	17	43	.	.	PUNCT
ajfa-12449	18	1	maintaining	maintain	VERB
ajfa-12449	18	2	high	high	ADJ
ajfa-12449	18	3	level	level	NOUN
ajfa-12449	18	4	of	of	ADP
ajfa-12449	18	5	current	current	ADJ
ajfa-12449	18	6	assets	asset	NOUN
ajfa-12449	18	7	may	may	AUX
ajfa-12449	18	8	increase	increase	VERB
ajfa-12449	18	9	firm	firm	ADJ
ajfa-12449	18	10	’s	’s	PART
ajfa-12449	18	11	liquidity	liquidity	NOUN
ajfa-12449	18	12	but	but	CCONJ
ajfa-12449	18	13	at	at	ADP
ajfa-12449	18	14	the	the	DET
ajfa-12449	18	15	expense	expense	NOUN
ajfa-12449	18	16	of	of	ADP
ajfa-12449	18	17	firm	firm	NOUN
ajfa-12449	18	18	’s	’s	PART
ajfa-12449	18	19	profitability	profitability	NOUN
ajfa-12449	18	20	.	.	PUNCT
ajfa-12449	19	1	efficient	efficient	ADJ
ajfa-12449	19	2	working	work	VERB
ajfa-12449	19	3	capital	capital	NOUN
ajfa-12449	19	4	decisions	decision	NOUN
ajfa-12449	19	5	must	must	AUX
ajfa-12449	19	6	address	address	VERB
ajfa-12449	19	7	this	this	DET
ajfa-12449	19	8	mismatch	mismatch	NOUN
ajfa-12449	19	9	between	between	ADP
ajfa-12449	19	10	asset	asset	NOUN
ajfa-12449	19	11	and	and	CCONJ
ajfa-12449	19	12	liability	liability	NOUN
ajfa-12449	19	13	and	and	CCONJ
ajfa-12449	19	14	utilize	utilize	VERB
ajfa-12449	19	15	working	work	VERB
ajfa-12449	19	16	capital	capital	NOUN
ajfa-12449	19	17	in	in	ADP
ajfa-12449	19	18	a	a	DET
ajfa-12449	19	19	way	way	NOUN
ajfa-12449	19	20	that	that	PRON
ajfa-12449	19	21	it	it	PRON
ajfa-12449	19	22	maximizes	maximize	VERB
ajfa-12449	19	23	the	the	DET
ajfa-12449	19	24	shareholder	shareholder	NOUN
ajfa-12449	19	25	wealth	wealth	NOUN
ajfa-12449	19	26	(	(	PUNCT
ajfa-12449	19	27	padachi	padachi	ADJ
ajfa-12449	19	28	,	,	PUNCT
ajfa-12449	19	29	2006).shin	2006).shin	NUM
ajfa-12449	19	30	and	and	CCONJ
ajfa-12449	19	31	soenen	soenen	NOUN
ajfa-12449	19	32	(	(	PUNCT
ajfa-12449	19	33	1998	1998	NUM
ajfa-12449	19	34	)	)	PUNCT
ajfa-12449	19	35	suggest	suggest	VERB
ajfa-12449	19	36	that	that	SCONJ
ajfa-12449	19	37	the	the	DET
ajfa-12449	19	38	managers	manager	NOUN
ajfa-12449	19	39	can	can	AUX
ajfa-12449	19	40	create	create	VERB
ajfa-12449	19	41	value	value	NOUN
ajfa-12449	19	42	for	for	ADP
ajfa-12449	19	43	their	their	PRON
ajfa-12449	19	44	shareholders	shareholder	NOUN
ajfa-12449	19	45	by	by	ADP
ajfa-12449	19	46	efficiently	efficiently	ADV
ajfa-12449	19	47	managing	manage	VERB
ajfa-12449	19	48	working	work	VERB
ajfa-12449	19	49	capital	capital	NOUN
ajfa-12449	19	50	of	of	ADP
ajfa-12449	19	51	their	their	PRON
ajfa-12449	19	52	firms	firm	NOUN
ajfa-12449	19	53	.	.	PUNCT
ajfa-12449	20	1	this	this	PRON
ajfa-12449	20	2	implies	imply	VERB
ajfa-12449	20	3	that	that	SCONJ
ajfa-12449	20	4	proper	proper	ADJ
ajfa-12449	20	5	management	management	NOUN
ajfa-12449	20	6	of	of	ADP
ajfa-12449	20	7	working	work	VERB
ajfa-12449	20	8	capital	capital	NOUN
ajfa-12449	20	9	would	would	AUX
ajfa-12449	20	10	have	have	VERB
ajfa-12449	20	11	an	an	DET
ajfa-12449	20	12	impact	impact	NOUN
ajfa-12449	20	13	not	not	PART
ajfa-12449	20	14	only	only	ADV
ajfa-12449	20	15	on	on	ADP
ajfa-12449	20	16	accounting	accounting	NOUN
ajfa-12449	20	17	performance	performance	NOUN
ajfa-12449	20	18	of	of	ADP
ajfa-12449	20	19	firm	firm	NOUN
ajfa-12449	20	20	but	but	CCONJ
ajfa-12449	20	21	also	also	ADV
ajfa-12449	20	22	on	on	ADP
ajfa-12449	20	23	the	the	DET
ajfa-12449	20	24	market	market	NOUN
ajfa-12449	20	25	performance	performance	NOUN
ajfa-12449	20	26	of	of	ADP
ajfa-12449	20	27	firm	firm	NOUN
ajfa-12449	20	28	.	.	PUNCT
ajfa-12449	21	1	therefore	therefore	ADV
ajfa-12449	21	2	,	,	PUNCT
ajfa-12449	21	3	managers	manager	NOUN
ajfa-12449	21	4	should	should	AUX
ajfa-12449	21	5	consider	consider	VERB
ajfa-12449	21	6	a	a	DET
ajfa-12449	21	7	trade	trade	NOUN
ajfa-12449	21	8	-	-	PUNCT
ajfa-12449	21	9	off	off	NOUN
ajfa-12449	21	10	between	between	ADP
ajfa-12449	21	11	efficiency	efficiency	NOUN
ajfa-12449	21	12	and	and	CCONJ
ajfa-12449	21	13	risk	risk	NOUN
ajfa-12449	21	14	when	when	SCONJ
ajfa-12449	21	15	making	make	VERB
ajfa-12449	21	16	working	work	VERB
ajfa-12449	21	17	capital	capital	NOUN
ajfa-12449	21	18	decisions	decision	NOUN
ajfa-12449	21	19	.	.	PUNCT
ajfa-12449	22	1	although	although	SCONJ
ajfa-12449	22	2	the	the	DET
ajfa-12449	22	3	notion	notion	NOUN
ajfa-12449	22	4	that	that	SCONJ
ajfa-12449	22	5	efficiency	efficiency	NOUN
ajfa-12449	22	6	of	of	ADP
ajfa-12449	22	7	wcm	wcm	NOUN
ajfa-12449	22	8	affects	affect	VERB
ajfa-12449	22	9	firm	firm	ADJ
ajfa-12449	22	10	value	value	NOUN
ajfa-12449	22	11	seems	seem	VERB
ajfa-12449	22	12	to	to	PART
ajfa-12449	22	13	enjoy	enjoy	VERB
ajfa-12449	22	14	wide	wide	ADJ
ajfa-12449	22	15	acceptance	acceptance	NOUN
ajfa-12449	22	16	,	,	PUNCT
ajfa-12449	22	17	the	the	DET
ajfa-12449	22	18	empirical	empirical	ADJ
ajfa-12449	22	19	evidence	evidence	NOUN
ajfa-12449	22	20	on	on	ADP
ajfa-12449	22	21	the	the	DET
ajfa-12449	22	22	value	value	NOUN
ajfa-12449	22	23	effect	effect	NOUN
ajfa-12449	22	24	of	of	ADP
ajfa-12449	22	25	working	work	VERB
ajfa-12449	22	26	capital	capital	NOUN
ajfa-12449	22	27	investment	investment	NOUN
ajfa-12449	22	28	is	be	AUX
ajfa-12449	22	29	scarce	scarce	ADJ
ajfa-12449	22	30	(	(	PUNCT
ajfa-12449	22	31	baños	baños	PROPN
ajfa-12449	22	32	-	-	PUNCT
ajfa-12449	22	33	caballero	caballero	PROPN
ajfa-12449	22	34	,	,	PUNCT
ajfa-12449	22	35	garcía	garcía	NOUN
ajfa-12449	22	36	-	-	PUNCT
ajfa-12449	22	37	teruel	teruel	NOUN
ajfa-12449	22	38	,	,	PUNCT
ajfa-12449	22	39	&	&	CCONJ
ajfa-12449	22	40	martínez	martínez	PROPN
ajfa-12449	22	41	-	-	PUNCT
ajfa-12449	22	42	solano	solano	PROPN
ajfa-12449	22	43	,	,	PUNCT
ajfa-12449	22	44	2014	2014	NUM
ajfa-12449	22	45	)	)	PUNCT
ajfa-12449	22	46	.	.	PUNCT
ajfa-12449	23	1	therefore	therefore	ADV
ajfa-12449	23	2	,	,	PUNCT
ajfa-12449	23	3	this	this	DET
ajfa-12449	23	4	study	study	NOUN
ajfa-12449	23	5	focuses	focus	VERB
ajfa-12449	23	6	on	on	ADP
ajfa-12449	23	7	the	the	DET
ajfa-12449	23	8	value	value	NOUN
ajfa-12449	23	9	effect	effect	NOUN
ajfa-12449	23	10	of	of	ADP
ajfa-12449	23	11	wcm	wcm	NOUN
ajfa-12449	23	12	from	from	ADP
ajfa-12449	23	13	a	a	DET
ajfa-12449	23	14	frontier	frontier	NOUN
ajfa-12449	23	15	market	market	NOUN
ajfa-12449	23	16	perspective	perspective	NOUN
ajfa-12449	23	17	,	,	PUNCT
ajfa-12449	23	18	namely	namely	ADV
ajfa-12449	23	19	sri	sri	PROPN
ajfa-12449	23	20	lanka	lanka	PROPN
ajfa-12449	23	21	.	.	PUNCT
ajfa-12449	24	1	to	to	PART
ajfa-12449	24	2	achieve	achieve	VERB
ajfa-12449	24	3	this	this	DET
ajfa-12449	24	4	objective	objective	NOUN
ajfa-12449	24	5	,	,	PUNCT
ajfa-12449	24	6	the	the	DET
ajfa-12449	24	7	study	study	NOUN
ajfa-12449	24	8	consider	consider	VERB
ajfa-12449	24	9	tobin	tobin	PROPN
ajfa-12449	24	10	q	q	PROPN
ajfa-12449	24	11	ratio	ratio	NOUN
ajfa-12449	24	12	as	as	ADP
ajfa-12449	24	13	a	a	DET
ajfa-12449	24	14	proxy	proxy	NOUN
ajfa-12449	24	15	for	for	ADP
ajfa-12449	24	16	firm	firm	ADJ
ajfa-12449	24	17	value	value	NOUN
ajfa-12449	24	18	and	and	CCONJ
ajfa-12449	24	19	the	the	DET
ajfa-12449	24	20	cash	cash	NOUN
ajfa-12449	24	21	conversion	conversion	NOUN
ajfa-12449	24	22	cycle	cycle	NOUN
ajfa-12449	24	23	(	(	PUNCT
ajfa-12449	24	24	ccc	ccc	PROPN
ajfa-12449	24	25	)	)	PUNCT
ajfa-12449	24	26	,	,	PUNCT
ajfa-12449	24	27	the	the	DET
ajfa-12449	24	28	most	most	ADV
ajfa-12449	24	29	commonly	commonly	ADV
ajfa-12449	24	30	used	use	VERB
ajfa-12449	24	31	measure	measure	NOUN
ajfa-12449	24	32	of	of	ADP
ajfa-12449	24	33	working	work	VERB
ajfa-12449	24	34	capital	capital	NOUN
ajfa-12449	24	35	management	management	NOUN
ajfa-12449	24	36	efficiency	efficiency	NOUN
ajfa-12449	24	37	.	.	PUNCT
ajfa-12449	25	1	firms	firm	NOUN
ajfa-12449	25	2	in	in	ADP
ajfa-12449	25	3	emerging	emerge	VERB
ajfa-12449	25	4	market	market	NOUN
ajfa-12449	25	5	are	be	AUX
ajfa-12449	25	6	comparatively	comparatively	ADV
ajfa-12449	25	7	smaller	small	ADJ
ajfa-12449	25	8	in	in	ADP
ajfa-12449	25	9	size	size	NOUN
ajfa-12449	25	10	.	.	PUNCT
ajfa-12449	26	1	further	far	ADV
ajfa-12449	26	2	,	,	PUNCT
ajfa-12449	26	3	the	the	DET
ajfa-12449	26	4	sri	sri	PROPN
ajfa-12449	26	5	lankan	lankan	PROPN
ajfa-12449	26	6	nascent	nascent	ADJ
ajfa-12449	26	7	capital	capital	NOUN
ajfa-12449	26	8	market	market	NOUN
ajfa-12449	26	9	is	be	AUX
ajfa-12449	26	10	characterized	characterize	VERB
ajfa-12449	26	11	by	by	ADP
ajfa-12449	26	12	high	high	ADJ
ajfa-12449	26	13	level	level	NOUN
ajfa-12449	26	14	of	of	ADP
ajfa-12449	26	15	asymmetric	asymmetric	ADJ
ajfa-12449	26	16	information	information	NOUN
ajfa-12449	26	17	and	and	CCONJ
ajfa-12449	26	18	agency	agency	NOUN
ajfa-12449	26	19	problems	problem	NOUN
ajfa-12449	26	20	like	like	ADP
ajfa-12449	26	21	other	other	ADJ
ajfa-12449	26	22	asian	asian	ADJ
ajfa-12449	26	23	capital	capital	NOUN
ajfa-12449	26	24	markets	market	NOUN
ajfa-12449	26	25	compared	compare	VERB
ajfa-12449	26	26	with	with	ADP
ajfa-12449	26	27	the	the	DET
ajfa-12449	26	28	markets	market	NOUN
ajfa-12449	26	29	of	of	ADP
ajfa-12449	26	30	developed	develop	VERB
ajfa-12449	26	31	countries	country	NOUN
ajfa-12449	26	32	and	and	CCONJ
ajfa-12449	26	33	thus	thus	ADV
ajfa-12449	26	34	the	the	DET
ajfa-12449	26	35	flow	flow	NOUN
ajfa-12449	26	36	of	of	ADP
ajfa-12449	26	37	additional	additional	ADJ
ajfa-12449	26	38	capital	capital	NOUN
ajfa-12449	26	39	is	be	AUX
ajfa-12449	26	40	rather	rather	ADV
ajfa-12449	26	41	restricted	restrict	VERB
ajfa-12449	26	42	for	for	ADP
ajfa-12449	26	43	the	the	DET
ajfa-12449	26	44	firms	firm	NOUN
ajfa-12449	26	45	in	in	ADP
ajfa-12449	26	46	sri	sri	PROPN
ajfa-12449	26	47	lanka	lanka	PROPN
ajfa-12449	26	48	(	(	PUNCT
ajfa-12449	26	49	perera	perera	PROPN
ajfa-12449	26	50	,	,	PUNCT
ajfa-12449	26	51	&	&	CCONJ
ajfa-12449	26	52	wickremasinghe	wickremasinghe	PROPN
ajfa-12449	26	53	,	,	PUNCT
ajfa-12449	26	54	2010	2010	NUM
ajfa-12449	26	55	;	;	PUNCT
ajfa-12449	26	56	eswaran	eswaran	VERB
ajfa-12449	26	57	,	,	PUNCT
ajfa-12449	26	58	2015	2015	NUM
ajfa-12449	26	59	;	;	PUNCT
ajfa-12449	26	60	vijayakumaran	vijayakumaran	NOUN
ajfa-12449	26	61	,	,	PUNCT
ajfa-12449	26	62	2015	2015	NUM
ajfa-12449	26	63	;	;	PUNCT
ajfa-12449	26	64	dixon	dixon	PROPN
ajfa-12449	26	65	,	,	PUNCT
ajfa-12449	26	66	guariglia	guariglia	PROPN
ajfa-12449	26	67	,	,	PUNCT
ajfa-12449	26	68	and	and	CCONJ
ajfa-12449	26	69	vijayakumaran	vijayakumaran	NOUN
ajfa-12449	26	70	,	,	PUNCT
ajfa-12449	26	71	2015	2015	NUM
ajfa-12449	26	72	)	)	PUNCT
ajfa-12449	26	73	.	.	PUNCT
ajfa-12449	27	1	therefore	therefore	ADV
ajfa-12449	27	2	,	,	PUNCT
ajfa-12449	27	3	it	it	PRON
ajfa-12449	27	4	becomes	become	VERB
ajfa-12449	27	5	vitally	vitally	ADV
ajfa-12449	27	6	important	important	ADJ
ajfa-12449	27	7	for	for	SCONJ
ajfa-12449	27	8	the	the	DET
ajfa-12449	27	9	firms	firm	NOUN
ajfa-12449	27	10	in	in	ADP
ajfa-12449	27	11	sri	sri	PROPN
ajfa-12449	27	12	lanka	lanka	PROPN
ajfa-12449	27	13	to	to	PART
ajfa-12449	27	14	manage	manage	VERB
ajfa-12449	27	15	working	work	VERB
ajfa-12449	27	16	capital	capital	NOUN
ajfa-12449	27	17	efficiently	efficiently	ADV
ajfa-12449	27	18	and	and	CCONJ
ajfa-12449	27	19	release	release	VERB
ajfa-12449	27	20	the	the	DET
ajfa-12449	27	21	fund	fund	NOUN
ajfa-12449	27	22	that	that	PRON
ajfa-12449	27	23	may	may	AUX
ajfa-12449	27	24	be	be	AUX
ajfa-12449	27	25	unnecessarily	unnecessarily	ADV
ajfa-12449	27	26	tied	tie	VERB
ajfa-12449	27	27	up	up	ADP
ajfa-12449	27	28	asian	asian	ADJ
ajfa-12449	27	29	journal	journal	NOUN
ajfa-12449	27	30	of	of	ADP
ajfa-12449	27	31	finance	finance	PROPN
ajfa-12449	27	32	&	&	CCONJ
ajfa-12449	27	33	accounting	accounting	PROPN
ajfa-12449	27	34	issn	issn	PROPN
ajfa-12449	27	35	1946	1946	NUM
ajfa-12449	27	36	-	-	PUNCT
ajfa-12449	27	37	052x	052x	PROPN
ajfa-12449	27	38	2017	2017	NUM
ajfa-12449	27	39	,	,	PUNCT
ajfa-12449	27	40	vol	vol	NOUN
ajfa-12449	27	41	.	.	NOUN
ajfa-12449	28	1	9	9	NUM
ajfa-12449	28	2	,	,	PUNCT
ajfa-12449	28	3	no	no	NOUN
ajfa-12449	28	4	.	.	NOUN
ajfa-12449	28	5	2	2	NUM
ajfa-12449	28	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12449	28	7	401	401	NUM
ajfa-12449	28	8	in	in	ADP
ajfa-12449	28	9	working	work	VERB
ajfa-12449	28	10	capital	capital	NOUN
ajfa-12449	28	11	to	to	PART
ajfa-12449	28	12	fund	fund	VERB
ajfa-12449	28	13	the	the	DET
ajfa-12449	28	14	long	long	ADJ
ajfa-12449	28	15	term	term	NOUN
ajfa-12449	28	16	projects	project	NOUN
ajfa-12449	28	17	and	and	CCONJ
ajfa-12449	28	18	the	the	DET
ajfa-12449	28	19	expansion	expansion	NOUN
ajfa-12449	28	20	of	of	ADP
ajfa-12449	28	21	their	their	PRON
ajfa-12449	28	22	operations	operation	NOUN
ajfa-12449	28	23	.	.	PUNCT
ajfa-12449	29	1	using	use	VERB
ajfa-12449	29	2	a	a	DET
ajfa-12449	29	3	panel	panel	NOUN
ajfa-12449	29	4	of	of	ADP
ajfa-12449	29	5	44	44	NUM
ajfa-12449	29	6	companies	company	NOUN
ajfa-12449	29	7	listed	list	VERB
ajfa-12449	29	8	in	in	ADP
ajfa-12449	29	9	cse	cse	NOUN
ajfa-12449	29	10	for	for	ADP
ajfa-12449	29	11	the	the	DET
ajfa-12449	29	12	period	period	NOUN
ajfa-12449	29	13	of	of	ADP
ajfa-12449	29	14	2011	2011	NUM
ajfa-12449	29	15	-	-	SYM
ajfa-12449	29	16	2015	2015	NUM
ajfa-12449	29	17	,	,	PUNCT
ajfa-12449	29	18	the	the	DET
ajfa-12449	29	19	study	study	NOUN
ajfa-12449	29	20	finds	find	VERB
ajfa-12449	29	21	that	that	SCONJ
ajfa-12449	29	22	ccc	ccc	PROPN
ajfa-12449	29	23	is	be	AUX
ajfa-12449	29	24	negatively	negatively	ADV
ajfa-12449	29	25	associated	associate	VERB
ajfa-12449	29	26	with	with	ADP
ajfa-12449	29	27	tobin	tobin	PROPN
ajfa-12449	29	28	q	q	PROPN
ajfa-12449	29	29	,	,	PUNCT
ajfa-12449	29	30	suggesting	suggest	VERB
ajfa-12449	29	31	that	that	SCONJ
ajfa-12449	29	32	managers	manager	NOUN
ajfa-12449	29	33	can	can	AUX
ajfa-12449	29	34	increase	increase	VERB
ajfa-12449	29	35	their	their	PRON
ajfa-12449	29	36	firm	firm	ADJ
ajfa-12449	29	37	value	value	NOUN
ajfa-12449	29	38	by	by	ADP
ajfa-12449	29	39	reducing	reduce	VERB
ajfa-12449	29	40	the	the	DET
ajfa-12449	29	41	cash	cash	NOUN
ajfa-12449	29	42	conversion	conversion	NOUN
ajfa-12449	29	43	cycle	cycle	NOUN
ajfa-12449	29	44	to	to	ADP
ajfa-12449	29	45	a	a	DET
ajfa-12449	29	46	reasonable	reasonable	ADJ
ajfa-12449	29	47	minimum	minimum	NOUN
ajfa-12449	29	48	.	.	PUNCT
ajfa-12449	30	1	in	in	ADP
ajfa-12449	30	2	other	other	ADJ
ajfa-12449	30	3	word	word	NOUN
ajfa-12449	30	4	,	,	PUNCT
ajfa-12449	30	5	market	market	NOUN
ajfa-12449	30	6	provides	provide	VERB
ajfa-12449	30	7	higher	high	ADJ
ajfa-12449	30	8	valuation	valuation	NOUN
ajfa-12449	30	9	to	to	ADP
ajfa-12449	30	10	the	the	DET
ajfa-12449	30	11	companies	company	NOUN
ajfa-12449	30	12	with	with	ADP
ajfa-12449	30	13	the	the	DET
ajfa-12449	30	14	efficient	efficient	ADJ
ajfa-12449	30	15	working	work	VERB
ajfa-12449	30	16	capital	capital	NOUN
ajfa-12449	30	17	management	management	NOUN
ajfa-12449	30	18	.	.	PUNCT
ajfa-12449	31	1	the	the	DET
ajfa-12449	31	2	rest	rest	NOUN
ajfa-12449	31	3	of	of	ADP
ajfa-12449	31	4	the	the	DET
ajfa-12449	31	5	paper	paper	NOUN
ajfa-12449	31	6	is	be	AUX
ajfa-12449	31	7	organised	organise	VERB
ajfa-12449	31	8	as	as	SCONJ
ajfa-12449	31	9	follows	follow	VERB
ajfa-12449	31	10	.	.	PUNCT
ajfa-12449	32	1	the	the	DET
ajfa-12449	32	2	next	next	ADJ
ajfa-12449	32	3	section	section	NOUN
ajfa-12449	32	4	reviews	review	VERB
ajfa-12449	32	5	related	relate	VERB
ajfa-12449	32	6	literature	literature	NOUN
ajfa-12449	32	7	and	and	CCONJ
ajfa-12449	32	8	provides	provide	VERB
ajfa-12449	32	9	our	our	PRON
ajfa-12449	32	10	testable	testable	ADJ
ajfa-12449	32	11	hypothesis	hypothesis	NOUN
ajfa-12449	32	12	.	.	PUNCT
ajfa-12449	33	1	the	the	DET
ajfa-12449	33	2	methodology	methodology	NOUN
ajfa-12449	33	3	used	use	VERB
ajfa-12449	33	4	in	in	ADP
ajfa-12449	33	5	this	this	DET
ajfa-12449	33	6	study	study	NOUN
ajfa-12449	33	7	is	be	AUX
ajfa-12449	33	8	discussed	discuss	VERB
ajfa-12449	33	9	in	in	ADP
ajfa-12449	33	10	section	section	NOUN
ajfa-12449	33	11	3	3	NUM
ajfa-12449	33	12	.	.	PUNCT
ajfa-12449	34	1	in	in	ADP
ajfa-12449	34	2	section	section	NOUN
ajfa-12449	34	3	4	4	NUM
ajfa-12449	34	4	,	,	PUNCT
ajfa-12449	34	5	we	we	PRON
ajfa-12449	34	6	discuss	discuss	VERB
ajfa-12449	34	7	the	the	DET
ajfa-12449	34	8	sample	sample	NOUN
ajfa-12449	34	9	and	and	CCONJ
ajfa-12449	34	10	data	datum	NOUN
ajfa-12449	34	11	and	and	CCONJ
ajfa-12449	34	12	describe	describe	VERB
ajfa-12449	34	13	descriptive	descriptive	ADJ
ajfa-12449	34	14	statistics	statistic	NOUN
ajfa-12449	34	15	.	.	PUNCT
ajfa-12449	35	1	section	section	NOUN
ajfa-12449	35	2	5presents	5presents	NUM
ajfa-12449	35	3	the	the	DET
ajfa-12449	35	4	empirical	empirical	ADJ
ajfa-12449	35	5	findings	finding	NOUN
ajfa-12449	35	6	of	of	ADP
ajfa-12449	35	7	the	the	DET
ajfa-12449	35	8	study	study	NOUN
ajfa-12449	35	9	and	and	CCONJ
ajfa-12449	35	10	finally	finally	ADV
ajfa-12449	35	11	,	,	PUNCT
ajfa-12449	35	12	section	section	NOUN
ajfa-12449	35	13	5	5	NUM
ajfa-12449	35	14	provides	provide	VERB
ajfa-12449	35	15	the	the	DET
ajfa-12449	35	16	summary	summary	NOUN
ajfa-12449	35	17	and	and	CCONJ
ajfa-12449	35	18	conclusion	conclusion	NOUN
ajfa-12449	35	19	.	.	PUNCT
ajfa-12449	36	1	2	2	X
ajfa-12449	36	2	.	.	NUM
ajfa-12449	36	3	prior	prior	ADJ
ajfa-12449	36	4	literature	literature	NOUN
ajfa-12449	36	5	and	and	CCONJ
ajfa-12449	36	6	hypothesis	hypothesis	NOUN
ajfa-12449	36	7	development	development	NOUN
ajfa-12449	36	8	lewellen	lewellen	NOUN
ajfa-12449	36	9	,	,	PUNCT
ajfa-12449	36	10	mcconnel	mcconnel	NOUN
ajfa-12449	36	11	,	,	PUNCT
ajfa-12449	36	12	and	and	CCONJ
ajfa-12449	36	13	scott	scott	PROPN
ajfa-12449	36	14	(	(	PUNCT
ajfa-12449	36	15	1980	1980	NUM
ajfa-12449	36	16	)	)	PUNCT
ajfa-12449	36	17	demonstrate	demonstrate	VERB
ajfa-12449	36	18	that	that	SCONJ
ajfa-12449	36	19	under	under	ADP
ajfa-12449	36	20	perfect	perfect	ADJ
ajfa-12449	36	21	financial	financial	ADJ
ajfa-12449	36	22	markets	market	NOUN
ajfa-12449	36	23	,	,	PUNCT
ajfa-12449	36	24	trade	trade	NOUN
ajfa-12449	36	25	credit	credit	NOUN
ajfa-12449	36	26	decisions	decision	NOUN
ajfa-12449	36	27	are	be	AUX
ajfa-12449	36	28	independent	independent	ADJ
ajfa-12449	36	29	of	of	ADP
ajfa-12449	36	30	firm	firm	ADJ
ajfa-12449	36	31	value	value	NOUN
ajfa-12449	36	32	.	.	PUNCT
ajfa-12449	37	1	however	however	ADV
ajfa-12449	37	2	,	,	PUNCT
ajfa-12449	37	3	in	in	ADP
ajfa-12449	37	4	reality	reality	NOUN
ajfa-12449	37	5	capital	capital	NOUN
ajfa-12449	37	6	markets	market	NOUN
ajfa-12449	37	7	are	be	AUX
ajfa-12449	37	8	imperfect	imperfect	ADJ
ajfa-12449	37	9	due	due	ADP
ajfa-12449	37	10	to	to	ADP
ajfa-12449	37	11	factors	factor	NOUN
ajfa-12449	37	12	like	like	ADP
ajfa-12449	37	13	asymmetric	asymmetric	ADJ
ajfa-12449	37	14	information	information	NOUN
ajfa-12449	37	15	and	and	CCONJ
ajfa-12449	37	16	agency	agency	NOUN
ajfa-12449	37	17	problems	problem	NOUN
ajfa-12449	37	18	and	and	CCONJ
ajfa-12449	37	19	,	,	PUNCT
ajfa-12449	37	20	consequently	consequently	ADV
ajfa-12449	37	21	,	,	PUNCT
ajfa-12449	37	22	several	several	ADJ
ajfa-12449	37	23	papers	paper	NOUN
ajfa-12449	37	24	show	show	VERB
ajfa-12449	37	25	that	that	SCONJ
ajfa-12449	37	26	trade	trade	NOUN
ajfa-12449	37	27	credit	credit	NOUN
ajfa-12449	37	28	and	and	CCONJ
ajfa-12449	37	29	inventories	inventory	NOUN
ajfa-12449	37	30	influence	influence	VERB
ajfa-12449	37	31	firm	firm	ADJ
ajfa-12449	37	32	value	value	NOUN
ajfa-12449	37	33	(	(	PUNCT
ajfa-12449	37	34	see	see	VERB
ajfa-12449	37	35	,	,	PUNCT
ajfa-12449	37	36	for	for	ADP
ajfa-12449	37	37	instance	instance	NOUN
ajfa-12449	37	38	,	,	PUNCT
ajfa-12449	37	39	bao	bao	PROPN
ajfa-12449	37	40	&	&	CCONJ
ajfa-12449	37	41	bao	bao	PROPN
ajfa-12449	37	42	,	,	PUNCT
ajfa-12449	37	43	2004	2004	NUM
ajfa-12449	37	44	;	;	PUNCT
ajfa-12449	37	45	emery	emery	PROPN
ajfa-12449	37	46	,	,	PUNCT
ajfa-12449	37	47	1984	1984	NUM
ajfa-12449	37	48	)	)	PUNCT
ajfa-12449	37	49	.	.	PUNCT
ajfa-12449	38	1	maness	maness	NOUN
ajfa-12449	38	2	and	and	CCONJ
ajfa-12449	38	3	zietlow	zietlow	PROPN
ajfa-12449	38	4	(	(	PUNCT
ajfa-12449	38	5	2004	2004	NUM
ajfa-12449	38	6	)	)	PUNCT
ajfa-12449	38	7	develop	develop	VERB
ajfa-12449	38	8	two	two	NUM
ajfa-12449	38	9	models	model	NOUN
ajfa-12449	38	10	of	of	ADP
ajfa-12449	38	11	value	value	NOUN
ajfa-12449	38	12	creation	creation	NOUN
ajfa-12449	38	13	that	that	PRON
ajfa-12449	38	14	incorporate	incorporate	VERB
ajfa-12449	38	15	effective	effective	ADJ
ajfa-12449	38	16	short	short	ADJ
ajfa-12449	38	17	-	-	PUNCT
ajfa-12449	38	18	term	term	NOUN
ajfa-12449	38	19	financial	financial	ADJ
ajfa-12449	38	20	management	management	NOUN
ajfa-12449	38	21	activities	activity	NOUN
ajfa-12449	38	22	.	.	PUNCT
ajfa-12449	39	1	similarly	similarly	ADV
ajfa-12449	39	2	,	,	PUNCT
ajfa-12449	39	3	schiff	schiff	NOUN
ajfa-12449	39	4	and	and	CCONJ
ajfa-12449	39	5	lieber	lieber	PROPN
ajfa-12449	39	6	(	(	PUNCT
ajfa-12449	39	7	1974	1974	NUM
ajfa-12449	39	8	)	)	PUNCT
ajfa-12449	39	9	,	,	PUNCT
ajfa-12449	39	10	sartoris	sartoris	NOUN
ajfa-12449	39	11	and	and	CCONJ
ajfa-12449	39	12	hill	hill	NOUN
ajfa-12449	39	13	(	(	PUNCT
ajfa-12449	39	14	1983	1983	NUM
ajfa-12449	39	15	)	)	PUNCT
ajfa-12449	39	16	,	,	PUNCT
ajfa-12449	39	17	and	and	CCONJ
ajfa-12449	39	18	kim	kim	PROPN
ajfa-12449	39	19	and	and	CCONJ
ajfa-12449	39	20	chung	chung	PROPN
ajfa-12449	39	21	(	(	PUNCT
ajfa-12449	39	22	1990	1990	NUM
ajfa-12449	39	23	)	)	PUNCT
ajfa-12449	39	24	model	model	NOUN
ajfa-12449	39	25	the	the	DET
ajfa-12449	39	26	effects	effect	NOUN
ajfa-12449	39	27	of	of	ADP
ajfa-12449	39	28	working	work	VERB
ajfa-12449	39	29	capital	capital	NOUN
ajfa-12449	39	30	management	management	NOUN
ajfa-12449	39	31	practices	practice	NOUN
ajfa-12449	39	32	on	on	ADP
ajfa-12449	39	33	firm	firm	ADJ
ajfa-12449	39	34	value	value	NOUN
ajfa-12449	39	35	;	;	PUNCT
ajfa-12449	39	36	yet	yet	CCONJ
ajfa-12449	39	37	,	,	PUNCT
ajfa-12449	39	38	they	they	PRON
ajfa-12449	39	39	do	do	AUX
ajfa-12449	39	40	not	not	PART
ajfa-12449	39	41	provide	provide	VERB
ajfa-12449	39	42	empirical	empirical	ADJ
ajfa-12449	39	43	evidence	evidence	NOUN
ajfa-12449	39	44	on	on	ADP
ajfa-12449	39	45	whether	whether	SCONJ
ajfa-12449	39	46	firms	firm	NOUN
ajfa-12449	39	47	actually	actually	ADV
ajfa-12449	39	48	do	do	AUX
ajfa-12449	39	49	maximize	maximize	VERB
ajfa-12449	39	50	their	their	PRON
ajfa-12449	39	51	value	value	NOUN
ajfa-12449	39	52	by	by	ADP
ajfa-12449	39	53	their	their	PRON
ajfa-12449	39	54	working	work	VERB
ajfa-12449	39	55	capital	capital	NOUN
ajfa-12449	39	56	management	management	NOUN
ajfa-12449	39	57	choices	choice	NOUN
ajfa-12449	39	58	.	.	PUNCT
ajfa-12449	40	1	although	although	SCONJ
ajfa-12449	40	2	the	the	DET
ajfa-12449	40	3	notion	notion	NOUN
ajfa-12449	40	4	that	that	SCONJ
ajfa-12449	40	5	efficiency	efficiency	NOUN
ajfa-12449	40	6	of	of	ADP
ajfa-12449	40	7	wcm	wcm	NOUN
ajfa-12449	40	8	affects	affect	VERB
ajfa-12449	40	9	firm	firm	ADJ
ajfa-12449	40	10	value	value	NOUN
ajfa-12449	40	11	seems	seem	VERB
ajfa-12449	40	12	to	to	PART
ajfa-12449	40	13	enjoy	enjoy	VERB
ajfa-12449	40	14	wide	wide	ADJ
ajfa-12449	40	15	acceptance	acceptance	NOUN
ajfa-12449	40	16	,	,	PUNCT
ajfa-12449	40	17	the	the	DET
ajfa-12449	40	18	empirical	empirical	ADJ
ajfa-12449	40	19	evidence	evidence	NOUN
ajfa-12449	40	20	on	on	ADP
ajfa-12449	40	21	the	the	DET
ajfa-12449	40	22	value	value	NOUN
ajfa-12449	40	23	effect	effect	NOUN
ajfa-12449	40	24	of	of	ADP
ajfa-12449	40	25	working	work	VERB
ajfa-12449	40	26	capital	capital	NOUN
ajfa-12449	40	27	investment	investment	NOUN
ajfa-12449	40	28	is	be	AUX
ajfa-12449	40	29	scarce	scarce	ADJ
ajfa-12449	40	30	(	(	PUNCT
ajfa-12449	40	31	baños	baños	NOUN
ajfa-12449	40	32	-	-	PUNCT
ajfa-12449	40	33	caballeroet	caballeroet	VERB
ajfa-12449	40	34	al	al	PROPN
ajfa-12449	40	35	.	.	PROPN
ajfa-12449	40	36	,	,	PUNCT
ajfa-12449	40	37	2014	2014	NUM
ajfa-12449	40	38	)	)	PUNCT
ajfa-12449	40	39	.	.	PUNCT
ajfa-12449	41	1	most	most	ADJ
ajfa-12449	41	2	of	of	ADP
ajfa-12449	41	3	the	the	DET
ajfa-12449	41	4	previous	previous	ADJ
ajfa-12449	41	5	empirical	empirical	ADJ
ajfa-12449	41	6	research	research	NOUN
ajfa-12449	41	7	has	have	AUX
ajfa-12449	41	8	focused	focus	VERB
ajfa-12449	41	9	on	on	ADP
ajfa-12449	41	10	the	the	DET
ajfa-12449	41	11	working	work	VERB
ajfa-12449	41	12	capital	capital	NOUN
ajfa-12449	41	13	determinants	determinant	NOUN
ajfa-12449	41	14	(	(	PUNCT
ajfa-12449	41	15	e.g.	e.g.	ADV
ajfa-12449	41	16	,	,	PUNCT
ajfa-12449	41	17	garcia	garcia	PROPN
ajfa-12449	41	18	-	-	PUNCT
ajfa-12449	41	19	teruel	teruel	PROPN
ajfa-12449	41	20	&	&	CCONJ
ajfa-12449	41	21	solano	solano	PROPN
ajfa-12449	41	22	,	,	PUNCT
ajfa-12449	41	23	2010;anagnostopoulou	2010;anagnostopoulou	NUM
ajfa-12449	41	24	,	,	PUNCT
ajfa-12449	41	25	2012	2012	NUM
ajfa-12449	41	26	)	)	PUNCT
ajfa-12449	41	27	,	,	PUNCT
ajfa-12449	41	28	policy	policy	NOUN
ajfa-12449	41	29	practices	practice	NOUN
ajfa-12449	41	30	(	(	PUNCT
ajfa-12449	41	31	e.g.	e.g.	ADV
ajfa-12449	41	32	,	,	PUNCT
ajfa-12449	41	33	afza	afza	PROPN
ajfa-12449	41	34	&	&	CCONJ
ajfa-12449	41	35	nazir	nazir	PROPN
ajfa-12449	41	36	,	,	PUNCT
ajfa-12449	41	37	2007;pandey	2007;pandey	NUM
ajfa-12449	41	38	,	,	PUNCT
ajfa-12449	41	39	gupta	gupta	PROPN
ajfa-12449	41	40	&	&	CCONJ
ajfa-12449	41	41	perera	perera	PROPN
ajfa-12449	41	42	,	,	PUNCT
ajfa-12449	41	43	1997	1997	NUM
ajfa-12449	41	44	;	;	PUNCT
ajfa-12449	41	45	perera	perera	PROPN
ajfa-12449	41	46	,	,	PUNCT
ajfa-12449	41	47	&	&	CCONJ
ajfa-12449	41	48	wickremasinghe	wickremasinghe	PROPN
ajfa-12449	41	49	,	,	PUNCT
ajfa-12449	41	50	2010	2010	NUM
ajfa-12449	41	51	;	;	PUNCT
ajfa-12449	41	52	bei	bei	PROPN
ajfa-12449	41	53	&	&	CCONJ
ajfa-12449	41	54	wijewardena	wijewardena	PROPN
ajfa-12449	41	55	,	,	PUNCT
ajfa-12449	41	56	2012	2012	NUM
ajfa-12449	41	57	)	)	PUNCT
ajfa-12449	41	58	and	and	CCONJ
ajfa-12449	41	59	relationship	relationship	NOUN
ajfa-12449	41	60	between	between	ADP
ajfa-12449	41	61	wcm	wcm	NOUN
ajfa-12449	41	62	and	and	CCONJ
ajfa-12449	41	63	accounting	accounting	NOUN
ajfa-12449	41	64	performance	performance	NOUN
ajfa-12449	41	65	of	of	ADP
ajfa-12449	41	66	companies	company	NOUN
ajfa-12449	41	67	(	(	PUNCT
ajfa-12449	41	68	e.g.	e.g.	ADV
ajfa-12449	41	69	,	,	PUNCT
ajfa-12449	41	70	deloof	deloof	NOUN
ajfa-12449	41	71	2003;padachi	2003;padachi	PROPN
ajfa-12449	41	72	2006	2006	NUM
ajfa-12449	41	73	)	)	PUNCT
ajfa-12449	41	74	.	.	PUNCT
ajfa-12449	42	1	majority	majority	NOUN
ajfa-12449	42	2	of	of	ADP
ajfa-12449	42	3	the	the	DET
ajfa-12449	42	4	empirical	empirical	ADJ
ajfa-12449	42	5	studies	study	NOUN
ajfa-12449	42	6	confirm	confirm	VERB
ajfa-12449	42	7	a	a	DET
ajfa-12449	42	8	negative	negative	ADJ
ajfa-12449	42	9	relationship	relationship	NOUN
ajfa-12449	42	10	between	between	ADP
ajfa-12449	42	11	wcm	wcm	NOUN
ajfa-12449	42	12	measures	measure	NOUN
ajfa-12449	42	13	and	and	CCONJ
ajfa-12449	42	14	accounting	accounting	NOUN
ajfa-12449	42	15	profitability	profitability	NOUN
ajfa-12449	42	16	measures	measure	NOUN
ajfa-12449	42	17	(	(	PUNCT
ajfa-12449	42	18	e.g.	e.g.	ADV
ajfa-12449	42	19	,	,	PUNCT
ajfa-12449	42	20	deloof	deloof	NOUN
ajfa-12449	42	21	,	,	PUNCT
ajfa-12449	42	22	2003;lazaridis	2003;lazaridis	NUM
ajfa-12449	42	23	and	and	CCONJ
ajfa-12449	42	24	tryfonidis,2006	tryfonidis,2006	NOUN
ajfa-12449	42	25	;	;	PUNCT
ajfa-12449	42	26	garcia	garcia	PROPN
ajfa-12449	42	27	-	-	PUNCT
ajfa-12449	42	28	teruel	teruel	PROPN
ajfa-12449	42	29	and	and	CCONJ
ajfa-12449	42	30	martinez	martinez	PROPN
ajfa-12449	42	31	solano	solano	PROPN
ajfa-12449	42	32	,	,	PUNCT
ajfa-12449	42	33	2007;jayarathne	2007;jayarathne	NUM
ajfa-12449	42	34	,	,	PUNCT
ajfa-12449	42	35	2014	2014	NUM
ajfa-12449	42	36	)	)	PUNCT
ajfa-12449	42	37	.	.	PUNCT
ajfa-12449	43	1	there	there	PRON
ajfa-12449	43	2	are	be	VERB
ajfa-12449	43	3	considerable	considerable	ADJ
ajfa-12449	43	4	amount	amount	NOUN
ajfa-12449	43	5	of	of	ADP
ajfa-12449	43	6	research	research	NOUN
ajfa-12449	43	7	studies	study	NOUN
ajfa-12449	43	8	that	that	PRON
ajfa-12449	43	9	investigate	investigate	VERB
ajfa-12449	43	10	relationship	relationship	NOUN
ajfa-12449	43	11	between	between	ADP
ajfa-12449	43	12	cash	cash	NOUN
ajfa-12449	43	13	holdings	holding	NOUN
ajfa-12449	43	14	and	and	CCONJ
ajfa-12449	43	15	firm	firm	ADJ
ajfa-12449	43	16	value	value	NOUN
ajfa-12449	43	17	.	.	PUNCT
ajfa-12449	44	1	for	for	ADP
ajfa-12449	44	2	instance	instance	NOUN
ajfa-12449	44	3	,	,	PUNCT
ajfa-12449	44	4	autukaite	autukaite	NOUN
ajfa-12449	44	5	and	and	CCONJ
ajfa-12449	44	6	molay	molay	NOUN
ajfa-12449	44	7	(	(	PUNCT
ajfa-12449	44	8	2011	2011	NUM
ajfa-12449	44	9	)	)	PUNCT
ajfa-12449	44	10	find	find	VERB
ajfa-12449	44	11	that	that	SCONJ
ajfa-12449	44	12	shareholders	shareholder	NOUN
ajfa-12449	44	13	of	of	ADP
ajfa-12449	44	14	french	french	ADJ
ajfa-12449	44	15	companies	company	NOUN
ajfa-12449	44	16	undervalue	undervalue	VERB
ajfa-12449	44	17	cash	cash	NOUN
ajfa-12449	44	18	holdings	holding	NOUN
ajfa-12449	44	19	and	and	CCONJ
ajfa-12449	44	20	net	net	ADJ
ajfa-12449	44	21	working	working	NOUN
ajfa-12449	44	22	capital	capital	NOUN
ajfa-12449	44	23	since	since	SCONJ
ajfa-12449	44	24	excess	excess	ADJ
ajfa-12449	44	25	working	working	NOUN
ajfa-12449	44	26	capital	capital	NOUN
ajfa-12449	44	27	means	mean	VERB
ajfa-12449	44	28	money	money	NOUN
ajfa-12449	44	29	tied	tie	VERB
ajfa-12449	44	30	up	up	ADP
ajfa-12449	44	31	in	in	ADP
ajfa-12449	44	32	current	current	ADJ
ajfa-12449	44	33	assets	asset	NOUN
ajfa-12449	44	34	that	that	PRON
ajfa-12449	44	35	does	do	AUX
ajfa-12449	44	36	not	not	PART
ajfa-12449	44	37	generate	generate	VERB
ajfa-12449	44	38	a	a	DET
ajfa-12449	44	39	return	return	NOUN
ajfa-12449	44	40	;	;	PUNCT
ajfa-12449	44	41	instead	instead	ADV
ajfa-12449	44	42	,	,	PUNCT
ajfa-12449	44	43	an	an	DET
ajfa-12449	44	44	additional	additional	ADJ
ajfa-12449	44	45	euro	euro	NOUN
ajfa-12449	44	46	invested	invest	VERB
ajfa-12449	44	47	in	in	ADP
ajfa-12449	44	48	net	net	ADJ
ajfa-12449	44	49	operating	operate	VERB
ajfa-12449	44	50	working	work	VERB
ajfa-12449	44	51	capital	capital	NOUN
ajfa-12449	44	52	than	than	ADP
ajfa-12449	44	53	usual	usual	ADJ
ajfa-12449	44	54	level	level	NOUN
ajfa-12449	44	55	decreases	decrease	VERB
ajfa-12449	44	56	firm	firm	ADJ
ajfa-12449	44	57	value	value	NOUN
ajfa-12449	44	58	.	.	PUNCT
ajfa-12449	45	1	this	this	PRON
ajfa-12449	45	2	can	can	AUX
ajfa-12449	45	3	be	be	AUX
ajfa-12449	45	4	considered	consider	VERB
ajfa-12449	45	5	as	as	ADP
ajfa-12449	45	6	indirect	indirect	ADJ
ajfa-12449	45	7	conformation	conformation	NOUN
ajfa-12449	45	8	of	of	ADP
ajfa-12449	45	9	the	the	DET
ajfa-12449	45	10	agency	agency	NOUN
ajfa-12449	45	11	cost	cost	NOUN
ajfa-12449	45	12	of	of	ADP
ajfa-12449	45	13	free	free	ADJ
ajfa-12449	45	14	cash	cash	NOUN
ajfa-12449	45	15	flow	flow	NOUN
ajfa-12449	45	16	(	(	PUNCT
ajfa-12449	45	17	jenson	jenson	PROPN
ajfa-12449	45	18	1986	1986	NUM
ajfa-12449	45	19	)	)	PUNCT
ajfa-12449	45	20	.	.	PUNCT
ajfa-12449	46	1	further	far	ADV
ajfa-12449	46	2	,	,	PUNCT
ajfa-12449	46	3	they	they	PRON
ajfa-12449	46	4	find	find	VERB
ajfa-12449	46	5	that	that	SCONJ
ajfa-12449	46	6	shareholders	shareholder	NOUN
ajfa-12449	46	7	of	of	ADP
ajfa-12449	46	8	a	a	DET
ajfa-12449	46	9	highly	highly	ADV
ajfa-12449	46	10	levered	lever	VERB
ajfa-12449	46	11	firm	firm	NOUN
ajfa-12449	46	12	tend	tend	VERB
ajfa-12449	46	13	to	to	PART
ajfa-12449	46	14	give	give	VERB
ajfa-12449	46	15	less	less	ADJ
ajfa-12449	46	16	value	value	NOUN
ajfa-12449	46	17	to	to	ADP
ajfa-12449	46	18	cash	cash	NOUN
ajfa-12449	46	19	holdings	holding	NOUN
ajfa-12449	46	20	and	and	CCONJ
ajfa-12449	46	21	working	working	NOUN
ajfa-12449	46	22	capital	capital	NOUN
ajfa-12449	46	23	since	since	SCONJ
ajfa-12449	46	24	its	its	PRON
ajfa-12449	46	25	returns	return	NOUN
ajfa-12449	46	26	are	be	AUX
ajfa-12449	46	27	used	use	VERB
ajfa-12449	46	28	to	to	PART
ajfa-12449	46	29	pay	pay	VERB
ajfa-12449	46	30	for	for	ADP
ajfa-12449	46	31	debt	debt	NOUN
ajfa-12449	46	32	holders	holder	NOUN
ajfa-12449	46	33	.	.	PUNCT
ajfa-12449	47	1	pinkowitzet	pinkowitzet	PROPN
ajfa-12449	47	2	al	al	PROPN
ajfa-12449	47	3	.	.	PROPN
ajfa-12449	47	4	(	(	PUNCT
ajfa-12449	47	5	2006	2006	NUM
ajfa-12449	47	6	)	)	PUNCT
ajfa-12449	47	7	,	,	PUNCT
ajfa-12449	47	8	lee	lee	PROPN
ajfa-12449	47	9	and	and	CCONJ
ajfa-12449	47	10	lee	lee	PROPN
ajfa-12449	47	11	(	(	PUNCT
ajfa-12449	47	12	2009	2009	NUM
ajfa-12449	47	13	)	)	PUNCT
ajfa-12449	47	14	find	find	VERB
ajfa-12449	47	15	negative	negative	ADJ
ajfa-12449	47	16	association	association	NOUN
ajfa-12449	47	17	between	between	ADP
ajfa-12449	47	18	cash	cash	NOUN
ajfa-12449	47	19	holdings	holding	NOUN
ajfa-12449	47	20	and	and	CCONJ
ajfa-12449	47	21	firm	firm	ADJ
ajfa-12449	47	22	value	value	NOUN
ajfa-12449	47	23	while	while	SCONJ
ajfa-12449	47	24	bates	bates	PROPN
ajfa-12449	47	25	et	et	PROPN
ajfa-12449	47	26	al.(2009	al.(2009	PROPN
ajfa-12449	47	27	)	)	PUNCT
ajfa-12449	47	28	,	,	PUNCT
ajfa-12449	47	29	chen	chen	PROPN
ajfa-12449	47	30	(	(	PUNCT
ajfa-12449	47	31	2009	2009	NUM
ajfa-12449	47	32	)	)	PUNCT
ajfa-12449	47	33	suggest	suggest	VERB
ajfa-12449	47	34	that	that	SCONJ
ajfa-12449	47	35	financial	financial	ADJ
ajfa-12449	47	36	market	market	NOUN
ajfa-12449	47	37	value	value	NOUN
ajfa-12449	47	38	liquidity	liquidity	NOUN
ajfa-12449	47	39	indicating	indicate	VERB
ajfa-12449	47	40	a	a	DET
ajfa-12449	47	41	positive	positive	ADJ
ajfa-12449	47	42	relationship	relationship	NOUN
ajfa-12449	47	43	between	between	ADP
ajfa-12449	47	44	cash	cash	NOUN
ajfa-12449	47	45	holding	holding	NOUN
ajfa-12449	47	46	and	and	CCONJ
ajfa-12449	47	47	firm	firm	ADJ
ajfa-12449	47	48	value	value	NOUN
ajfa-12449	47	49	in	in	ADP
ajfa-12449	47	50	their	their	PRON
ajfa-12449	47	51	asian	asian	ADJ
ajfa-12449	47	52	journal	journal	NOUN
ajfa-12449	47	53	of	of	ADP
ajfa-12449	47	54	finance	finance	PROPN
ajfa-12449	47	55	&	&	CCONJ
ajfa-12449	47	56	accounting	accounting	PROPN
ajfa-12449	47	57	issn	issn	PROPN
ajfa-12449	47	58	1946	1946	NUM
ajfa-12449	47	59	-	-	PUNCT
ajfa-12449	47	60	052x	052x	PROPN
ajfa-12449	47	61	2017	2017	NUM
ajfa-12449	47	62	,	,	PUNCT
ajfa-12449	47	63	vol	vol	NOUN
ajfa-12449	47	64	.	.	NOUN
ajfa-12449	48	1	9	9	NUM
ajfa-12449	48	2	,	,	PUNCT
ajfa-12449	48	3	no	no	INTJ
ajfa-12449	48	4	.	.	NOUN
ajfa-12449	48	5	2	2	NUM
ajfa-12449	48	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12449	48	7	402	402	NUM
ajfa-12449	48	8	studies	study	NOUN
ajfa-12449	48	9	.	.	PUNCT
ajfa-12449	49	1	pinkowitz	pinkowitz	NOUN
ajfa-12449	49	2	and	and	CCONJ
ajfa-12449	49	3	williamson	williamson	PROPN
ajfa-12449	49	4	(	(	PUNCT
ajfa-12449	49	5	2007	2007	NUM
ajfa-12449	49	6	)	)	PUNCT
ajfa-12449	49	7	report	report	NOUN
ajfa-12449	49	8	that	that	SCONJ
ajfa-12449	49	9	value	value	NOUN
ajfa-12449	49	10	of	of	ADP
ajfa-12449	49	11	cash	cash	NOUN
ajfa-12449	49	12	holdings	holding	NOUN
ajfa-12449	49	13	differs	differ	VERB
ajfa-12449	49	14	on	on	ADP
ajfa-12449	49	15	several	several	ADJ
ajfa-12449	49	16	factors	factor	NOUN
ajfa-12449	49	17	and	and	CCONJ
ajfa-12449	49	18	firms	firm	NOUN
ajfa-12449	49	19	with	with	ADP
ajfa-12449	49	20	high	high	ADJ
ajfa-12449	49	21	growth	growth	NOUN
ajfa-12449	49	22	opportunities	opportunity	NOUN
ajfa-12449	49	23	and	and	CCONJ
ajfa-12449	49	24	operating	operate	VERB
ajfa-12449	49	25	risk	risk	NOUN
ajfa-12449	49	26	tend	tend	VERB
ajfa-12449	49	27	to	to	PART
ajfa-12449	49	28	have	have	VERB
ajfa-12449	49	29	high	high	ADJ
ajfa-12449	49	30	value	value	NOUN
ajfa-12449	49	31	to	to	ADP
ajfa-12449	49	32	their	their	PRON
ajfa-12449	49	33	cash	cash	NOUN
ajfa-12449	49	34	holdings	holding	NOUN
ajfa-12449	49	35	.	.	PUNCT
ajfa-12449	50	1	the	the	DET
ajfa-12449	50	2	impact	impact	NOUN
ajfa-12449	50	3	of	of	ADP
ajfa-12449	50	4	efficiency	efficiency	NOUN
ajfa-12449	50	5	of	of	ADP
ajfa-12449	50	6	working	work	VERB
ajfa-12449	50	7	capital	capital	NOUN
ajfa-12449	50	8	management	management	NOUN
ajfa-12449	50	9	on	on	ADP
ajfa-12449	50	10	market	market	NOUN
ajfa-12449	50	11	performance	performance	NOUN
ajfa-12449	50	12	of	of	ADP
ajfa-12449	50	13	the	the	DET
ajfa-12449	50	14	firms	firm	NOUN
ajfa-12449	50	15	is	be	AUX
ajfa-12449	50	16	overlooked	overlook	VERB
ajfa-12449	50	17	.	.	PUNCT
ajfa-12449	51	1	in	in	ADP
ajfa-12449	51	2	fact	fact	NOUN
ajfa-12449	51	3	,	,	PUNCT
ajfa-12449	51	4	only	only	ADV
ajfa-12449	51	5	a	a	DET
ajfa-12449	51	6	handful	handful	NOUN
ajfa-12449	51	7	of	of	ADP
ajfa-12449	51	8	studies	study	NOUN
ajfa-12449	51	9	investigate	investigate	VERB
ajfa-12449	51	10	how	how	SCONJ
ajfa-12449	51	11	the	the	DET
ajfa-12449	51	12	efficiency	efficiency	NOUN
ajfa-12449	51	13	of	of	ADP
ajfa-12449	51	14	wcm	wcm	NOUN
ajfa-12449	51	15	affects	affect	VERB
ajfa-12449	51	16	firm	firm	ADJ
ajfa-12449	51	17	value	value	NOUN
ajfa-12449	51	18	.	.	PUNCT
ajfa-12449	52	1	for	for	ADP
ajfa-12449	52	2	example	example	NOUN
ajfa-12449	52	3	,	,	PUNCT
ajfa-12449	52	4	studying	study	VERB
ajfa-12449	52	5	a	a	DET
ajfa-12449	52	6	sample	sample	NOUN
ajfa-12449	52	7	of	of	ADP
ajfa-12449	52	8	172	172	NUM
ajfa-12449	52	9	listed	list	VERB
ajfa-12449	52	10	malaysia	malaysia	PROPN
ajfa-12449	52	11	companies	company	NOUN
ajfa-12449	52	12	for	for	ADP
ajfa-12449	52	13	the	the	DET
ajfa-12449	52	14	period	period	NOUN
ajfa-12449	52	15	of	of	ADP
ajfa-12449	52	16	20032007	20032007	NUM
ajfa-12449	52	17	,	,	PUNCT
ajfa-12449	52	18	mohamad	mohamad	PROPN
ajfa-12449	52	19	and	and	CCONJ
ajfa-12449	52	20	saad	saad	PROPN
ajfa-12449	52	21	(	(	PUNCT
ajfa-12449	52	22	2010	2010	NUM
ajfa-12449	52	23	)	)	PUNCT
ajfa-12449	52	24	provide	provide	VERB
ajfa-12449	52	25	empirical	empirical	ADJ
ajfa-12449	52	26	evidence	evidence	NOUN
ajfa-12449	52	27	on	on	ADP
ajfa-12449	52	28	the	the	DET
ajfa-12449	52	29	effect	effect	NOUN
ajfa-12449	52	30	of	of	ADP
ajfa-12449	52	31	efficiency	efficiency	NOUN
ajfa-12449	52	32	of	of	ADP
ajfa-12449	52	33	wcmon	wcmon	ADJ
ajfa-12449	52	34	market	market	NOUN
ajfa-12449	52	35	value	value	NOUN
ajfa-12449	52	36	and	and	CCONJ
ajfa-12449	52	37	profitability	profitability	NOUN
ajfa-12449	52	38	.	.	PUNCT
ajfa-12449	53	1	their	their	PRON
ajfa-12449	53	2	results	result	NOUN
ajfa-12449	53	3	show	show	VERB
ajfa-12449	53	4	that	that	SCONJ
ajfa-12449	53	5	there	there	PRON
ajfa-12449	53	6	is	be	VERB
ajfa-12449	53	7	a	a	DET
ajfa-12449	53	8	significant	significant	ADJ
ajfa-12449	53	9	negative	negative	ADJ
ajfa-12449	53	10	association	association	NOUN
ajfa-12449	53	11	between	between	ADP
ajfa-12449	53	12	working	work	VERB
ajfa-12449	53	13	capital	capital	NOUN
ajfa-12449	53	14	management	management	NOUN
ajfa-12449	53	15	efficiency	efficiency	NOUN
ajfa-12449	53	16	variables	variable	NOUN
ajfa-12449	53	17	and	and	CCONJ
ajfa-12449	53	18	firm	firm	NOUN
ajfa-12449	53	19	’s	’s	PART
ajfa-12449	53	20	market	market	NOUN
ajfa-12449	53	21	value	value	NOUN
ajfa-12449	53	22	and	and	CCONJ
ajfa-12449	53	23	profitability	profitability	NOUN
ajfa-12449	53	24	.	.	PUNCT
ajfa-12449	54	1	these	these	DET
ajfa-12449	54	2	results	result	NOUN
ajfa-12449	54	3	indicate	indicate	VERB
ajfa-12449	54	4	the	the	DET
ajfa-12449	54	5	importance	importance	NOUN
ajfa-12449	54	6	of	of	ADP
ajfa-12449	54	7	efficient	efficient	ADJ
ajfa-12449	54	8	working	working	NOUN
ajfa-12449	54	9	capital	capital	NOUN
ajfa-12449	54	10	management	management	NOUN
ajfa-12449	54	11	to	to	PART
ajfa-12449	54	12	increase	increase	VERB
ajfa-12449	54	13	firm	firm	ADJ
ajfa-12449	54	14	’s	’s	PART
ajfa-12449	54	15	market	market	NOUN
ajfa-12449	54	16	value	value	NOUN
ajfa-12449	54	17	and	and	CCONJ
ajfa-12449	54	18	profitability	profitability	NOUN
ajfa-12449	54	19	and	and	CCONJ
ajfa-12449	54	20	that	that	SCONJ
ajfa-12449	54	21	this	this	DET
ajfa-12449	54	22	fact	fact	NOUN
ajfa-12449	54	23	should	should	AUX
ajfa-12449	54	24	be	be	AUX
ajfa-12449	54	25	considered	consider	VERB
ajfa-12449	54	26	when	when	SCONJ
ajfa-12449	54	27	formulating	formulate	VERB
ajfa-12449	54	28	company	company	NOUN
ajfa-12449	54	29	’s	’s	PART
ajfa-12449	54	30	strategic	strategic	ADJ
ajfa-12449	54	31	and	and	CCONJ
ajfa-12449	54	32	operational	operational	ADJ
ajfa-12449	54	33	planning	planning	NOUN
ajfa-12449	54	34	in	in	ADP
ajfa-12449	54	35	order	order	NOUN
ajfa-12449	54	36	to	to	PART
ajfa-12449	54	37	operate	operate	VERB
ajfa-12449	54	38	it	it	PRON
ajfa-12449	54	39	effectively	effectively	ADV
ajfa-12449	54	40	and	and	CCONJ
ajfa-12449	54	41	efficiently	efficiently	ADV
ajfa-12449	54	42	.	.	PUNCT
ajfa-12449	55	1	similarly	similarly	ADV
ajfa-12449	55	2	,	,	PUNCT
ajfa-12449	55	3	focusing	focus	VERB
ajfa-12449	55	4	on	on	ADP
ajfa-12449	55	5	a	a	DET
ajfa-12449	55	6	sample	sample	NOUN
ajfa-12449	55	7	of	of	ADP
ajfa-12449	55	8	75	75	NUM
ajfa-12449	55	9	manufacturing	manufacturing	NOUN
ajfa-12449	55	10	companies	company	NOUN
ajfa-12449	55	11	listed	list	VERB
ajfa-12449	55	12	on	on	ADP
ajfa-12449	55	13	istanbul	istanbul	PROPN
ajfa-12449	55	14	stock	stock	PROPN
ajfa-12449	55	15	exchange	exchange	PROPN
ajfa-12449	55	16	market	market	NOUN
ajfa-12449	55	17	for	for	ADP
ajfa-12449	55	18	the	the	DET
ajfa-12449	55	19	period	period	NOUN
ajfa-12449	55	20	of	of	ADP
ajfa-12449	55	21	2002	2002	NUM
ajfa-12449	55	22	-	-	SYM
ajfa-12449	55	23	2009	2009	NUM
ajfa-12449	55	24	,	,	PUNCT
ajfa-12449	55	25	vural	vural	PROPN
ajfa-12449	55	26	et	et	PROPN
ajfa-12449	55	27	al	al	PROPN
ajfa-12449	55	28	.	.	PROPN
ajfa-12449	56	1	(	(	PUNCT
ajfa-12449	56	2	2012	2012	NUM
ajfa-12449	56	3	)	)	PUNCT
ajfa-12449	56	4	examine	examine	VERB
ajfa-12449	56	5	the	the	DET
ajfa-12449	56	6	impact	impact	NOUN
ajfa-12449	56	7	of	of	ADP
ajfa-12449	56	8	wcm	wcm	NOUN
ajfa-12449	56	9	on	on	ADP
ajfa-12449	56	10	both	both	CCONJ
ajfa-12449	56	11	internal	internal	ADJ
ajfa-12449	56	12	and	and	CCONJ
ajfa-12449	56	13	external	external	ADJ
ajfa-12449	56	14	performance	performance	NOUN
ajfa-12449	56	15	of	of	ADP
ajfa-12449	56	16	the	the	DET
ajfa-12449	56	17	firm	firm	NOUN
ajfa-12449	56	18	using	use	VERB
ajfa-12449	56	19	tobin	tobin	PROPN
ajfa-12449	56	20	q	q	PROPN
ajfa-12449	56	21	as	as	ADP
ajfa-12449	56	22	a	a	DET
ajfa-12449	56	23	proxy	proxy	NOUN
ajfa-12449	56	24	for	for	ADP
ajfa-12449	56	25	market	market	NOUN
ajfa-12449	56	26	value	value	NOUN
ajfa-12449	56	27	and	and	CCONJ
ajfa-12449	56	28	gross	gross	ADJ
ajfa-12449	56	29	operating	operating	NOUN
ajfa-12449	56	30	profit	profit	NOUN
ajfa-12449	56	31	as	as	ADP
ajfa-12449	56	32	a	a	DET
ajfa-12449	56	33	proxy	proxy	NOUN
ajfa-12449	56	34	for	for	ADP
ajfa-12449	56	35	profitability	profitability	NOUN
ajfa-12449	56	36	.	.	PUNCT
ajfa-12449	57	1	their	their	PRON
ajfa-12449	57	2	results	result	NOUN
ajfa-12449	57	3	show	show	VERB
ajfa-12449	57	4	that	that	SCONJ
ajfa-12449	57	5	there	there	PRON
ajfa-12449	57	6	is	be	VERB
ajfa-12449	57	7	a	a	DET
ajfa-12449	57	8	significant	significant	ADJ
ajfa-12449	57	9	relationship	relationship	NOUN
ajfa-12449	57	10	between	between	ADP
ajfa-12449	57	11	ccc	ccc	PROPN
ajfa-12449	57	12	,	,	PUNCT
ajfa-12449	57	13	accounts	account	VERB
ajfa-12449	57	14	receivable	receivable	ADJ
ajfa-12449	57	15	period	period	NOUN
ajfa-12449	57	16	and	and	CCONJ
ajfa-12449	57	17	profitability	profitability	NOUN
ajfa-12449	57	18	while	while	SCONJ
ajfa-12449	57	19	tobin	tobin	PROPN
ajfa-12449	57	20	q	q	PROPN
ajfa-12449	57	21	shows	show	VERB
ajfa-12449	57	22	insignificant	insignificant	ADJ
ajfa-12449	57	23	relationship	relationship	NOUN
ajfa-12449	57	24	with	with	ADP
ajfa-12449	57	25	working	work	VERB
ajfa-12449	57	26	capital	capital	NOUN
ajfa-12449	57	27	of	of	ADP
ajfa-12449	57	28	the	the	DET
ajfa-12449	57	29	firms	firm	NOUN
ajfa-12449	57	30	.	.	PUNCT
ajfa-12449	58	1	mona	mona	PROPN
ajfa-12449	58	2	al	al	PROPN
ajfa-12449	58	3	-	-	PUNCT
ajfa-12449	58	4	mwalla	mwalla	PROPN
ajfa-12449	58	5	(	(	PUNCT
ajfa-12449	58	6	2012	2012	NUM
ajfa-12449	58	7	)	)	PUNCT
ajfa-12449	58	8	focus	focus	VERB
ajfa-12449	58	9	on	on	ADP
ajfa-12449	58	10	a	a	DET
ajfa-12449	58	11	sample	sample	NOUN
ajfa-12449	58	12	of	of	ADP
ajfa-12449	58	13	57	57	NUM
ajfa-12449	58	14	listed	list	VERB
ajfa-12449	58	15	companies	company	NOUN
ajfa-12449	58	16	on	on	ADP
ajfa-12449	58	17	amman	amman	PROPN
ajfa-12449	58	18	stock	stock	PROPN
ajfa-12449	58	19	exchange	exchange	PROPN
ajfa-12449	58	20	for	for	ADP
ajfa-12449	58	21	the	the	DET
ajfa-12449	58	22	period	period	NOUN
ajfa-12449	58	23	of	of	ADP
ajfa-12449	58	24	2001	2001	NUM
ajfa-12449	58	25	-	-	SYM
ajfa-12449	58	26	2009	2009	NUM
ajfa-12449	58	27	to	to	PART
ajfa-12449	58	28	examine	examine	VERB
ajfa-12449	58	29	the	the	DET
ajfa-12449	58	30	impact	impact	NOUN
ajfa-12449	58	31	of	of	ADP
ajfa-12449	58	32	working	work	VERB
ajfa-12449	58	33	capital	capital	NOUN
ajfa-12449	58	34	management	management	NOUN
ajfa-12449	58	35	policies	policy	NOUN
ajfa-12449	58	36	on	on	ADP
ajfa-12449	58	37	the	the	DET
ajfa-12449	58	38	firm	firm	NOUN
ajfa-12449	58	39	’s	’s	PART
ajfa-12449	58	40	profitability	profitability	NOUN
ajfa-12449	58	41	and	and	CCONJ
ajfa-12449	58	42	value	value	NOUN
ajfa-12449	58	43	.	.	PUNCT
ajfa-12449	59	1	they	they	PRON
ajfa-12449	59	2	conclude	conclude	VERB
ajfa-12449	59	3	that	that	SCONJ
ajfa-12449	59	4	a	a	DET
ajfa-12449	59	5	conservative	conservative	ADJ
ajfa-12449	59	6	policy	policy	NOUN
ajfa-12449	59	7	regarding	regard	VERB
ajfa-12449	59	8	wcm	wcm	NOUN
ajfa-12449	59	9	shows	show	VERB
ajfa-12449	59	10	a	a	DET
ajfa-12449	59	11	positive	positive	ADJ
ajfa-12449	59	12	effect	effect	NOUN
ajfa-12449	59	13	on	on	ADP
ajfa-12449	59	14	the	the	DET
ajfa-12449	59	15	firm	firm	NOUN
ajfa-12449	59	16	’s	’s	PART
ajfa-12449	59	17	profitability	profitability	NOUN
ajfa-12449	59	18	and	and	CCONJ
ajfa-12449	59	19	value	value	NOUN
ajfa-12449	59	20	and	and	CCONJ
ajfa-12449	59	21	vice	vice	ADV
ajfa-12449	59	22	versa	versa	ADV
ajfa-12449	59	23	.	.	PUNCT
ajfa-12449	60	1	they	they	PRON
ajfa-12449	60	2	also	also	ADV
ajfa-12449	60	3	found	find	VERB
ajfa-12449	60	4	that	that	DET
ajfa-12449	60	5	firm	firm	NOUN
ajfa-12449	60	6	’s	’s	PART
ajfa-12449	60	7	size	size	NOUN
ajfa-12449	60	8	,	,	PUNCT
ajfa-12449	60	9	growth	growth	NOUN
ajfa-12449	60	10	and	and	CCONJ
ajfa-12449	60	11	gdp	gdp	NOUN
ajfa-12449	60	12	shows	show	VERB
ajfa-12449	60	13	a	a	DET
ajfa-12449	60	14	positive	positive	ADJ
ajfa-12449	60	15	effect	effect	NOUN
ajfa-12449	60	16	on	on	ADP
ajfa-12449	60	17	the	the	DET
ajfa-12449	60	18	profitability	profitability	NOUN
ajfa-12449	60	19	and	and	CCONJ
ajfa-12449	60	20	value	value	NOUN
ajfa-12449	60	21	.	.	PUNCT
ajfa-12449	61	1	abuzayed	abuzaye	VERB
ajfa-12449	61	2	(	(	PUNCT
ajfa-12449	61	3	2012	2012	NUM
ajfa-12449	61	4	)	)	PUNCT
ajfa-12449	61	5	use	use	AUX
ajfa-12449	61	6	a	a	DET
ajfa-12449	61	7	sample	sample	NOUN
ajfa-12449	61	8	of	of	ADP
ajfa-12449	61	9	52	52	NUM
ajfa-12449	61	10	non	non	ADJ
ajfa-12449	61	11	-	-	ADJ
ajfa-12449	61	12	financial	financial	ADJ
ajfa-12449	61	13	firms	firm	NOUN
ajfa-12449	61	14	of	of	ADP
ajfa-12449	61	15	amman	amman	PROPN
ajfa-12449	61	16	stock	stock	NOUN
ajfa-12449	61	17	market	market	NOUN
ajfa-12449	61	18	over	over	ADP
ajfa-12449	61	19	the	the	DET
ajfa-12449	61	20	period	period	NOUN
ajfa-12449	61	21	2000	2000	NUM
ajfa-12449	61	22	-	-	SYM
ajfa-12449	61	23	2008	2008	NUM
ajfa-12449	61	24	to	to	PART
ajfa-12449	61	25	examine	examine	VERB
ajfa-12449	61	26	the	the	DET
ajfa-12449	61	27	effect	effect	NOUN
ajfa-12449	61	28	of	of	ADP
ajfa-12449	61	29	wcm	wcm	NOUN
ajfa-12449	61	30	on	on	ADP
ajfa-12449	61	31	firm	firm	ADJ
ajfa-12449	61	32	performance	performance	NOUN
ajfa-12449	61	33	.	.	PUNCT
ajfa-12449	62	1	she	she	PRON
ajfa-12449	62	2	uses	use	VERB
ajfa-12449	62	3	two	two	NUM
ajfa-12449	62	4	measures	measure	NOUN
ajfa-12449	62	5	,	,	PUNCT
ajfa-12449	62	6	namely	namely	ADV
ajfa-12449	62	7	accounting	accounting	NOUN
ajfa-12449	62	8	measure	measure	NOUN
ajfa-12449	62	9	(	(	PUNCT
ajfa-12449	62	10	profitability	profitability	NOUN
ajfa-12449	62	11	)	)	PUNCT
ajfa-12449	62	12	and	and	CCONJ
ajfa-12449	62	13	market	market	NOUN
ajfa-12449	62	14	based	base	VERB
ajfa-12449	62	15	measure	measure	NOUN
ajfa-12449	62	16	(	(	PUNCT
ajfa-12449	62	17	tobin	tobin	PROPN
ajfa-12449	62	18	q)to	q)to	PROPN
ajfa-12449	62	19	measure	measure	NOUN
ajfa-12449	62	20	firm	firm	ADJ
ajfa-12449	62	21	performance	performance	NOUN
ajfa-12449	62	22	and	and	CCONJ
ajfa-12449	62	23	find	find	VERB
ajfa-12449	62	24	that	that	SCONJ
ajfa-12449	62	25	efficient	efficient	ADJ
ajfa-12449	62	26	wcm	wcm	NOUN
ajfa-12449	62	27	improves	improve	VERB
ajfa-12449	62	28	both	both	DET
ajfa-12449	62	29	firms	firm	NOUN
ajfa-12449	62	30	’	’	PART
ajfa-12449	62	31	market	market	NOUN
ajfa-12449	62	32	value	value	NOUN
ajfa-12449	62	33	and	and	CCONJ
ajfa-12449	62	34	profitability	profitability	NOUN
ajfa-12449	62	35	.	.	PUNCT
ajfa-12449	63	1	more	more	ADV
ajfa-12449	63	2	recently	recently	ADV
ajfa-12449	63	3	,	,	PUNCT
ajfa-12449	63	4	wasiuzzaman	wasiuzzaman	NOUN
ajfa-12449	63	5	(	(	PUNCT
ajfa-12449	63	6	2015	2015	NUM
ajfa-12449	63	7	)	)	PUNCT
ajfa-12449	63	8	uses	use	VERB
ajfa-12449	63	9	192	192	NUM
ajfa-12449	63	10	malaysian	malaysian	ADJ
ajfa-12449	63	11	listed	list	VERB
ajfa-12449	63	12	companies	company	NOUN
ajfa-12449	63	13	over	over	ADP
ajfa-12449	63	14	the	the	DET
ajfa-12449	63	15	period	period	NOUN
ajfa-12449	63	16	1999	1999	NUM
ajfa-12449	63	17	-	-	SYM
ajfa-12449	63	18	2008	2008	NUM
ajfa-12449	63	19	to	to	PART
ajfa-12449	63	20	examine	examine	VERB
ajfa-12449	63	21	the	the	DET
ajfa-12449	63	22	relationship	relationship	NOUN
ajfa-12449	63	23	between	between	ADP
ajfa-12449	63	24	working	work	VERB
ajfa-12449	63	25	capital	capital	NOUN
ajfa-12449	63	26	management	management	NOUN
ajfa-12449	63	27	efficiency	efficiency	NOUN
ajfa-12449	63	28	and	and	CCONJ
ajfa-12449	63	29	firm	firm	ADJ
ajfa-12449	63	30	value	value	NOUN
ajfa-12449	63	31	and	and	CCONJ
ajfa-12449	63	32	the	the	DET
ajfa-12449	63	33	influence	influence	NOUN
ajfa-12449	63	34	of	of	ADP
ajfa-12449	63	35	financing	financing	NOUN
ajfa-12449	63	36	constraints	constraint	NOUN
ajfa-12449	63	37	on	on	ADP
ajfa-12449	63	38	this	this	DET
ajfa-12449	63	39	relationship	relationship	NOUN
ajfa-12449	63	40	.	.	PUNCT
ajfa-12449	64	1	her	her	PRON
ajfa-12449	64	2	results	result	NOUN
ajfa-12449	64	3	show	show	VERB
ajfa-12449	64	4	that	that	SCONJ
ajfa-12449	64	5	improvements	improvement	NOUN
ajfa-12449	64	6	in	in	ADP
ajfa-12449	64	7	working	work	VERB
ajfa-12449	64	8	capital	capital	NOUN
ajfa-12449	64	9	efficiency	efficiency	NOUN
ajfa-12449	64	10	through	through	ADP
ajfa-12449	64	11	reduction	reduction	NOUN
ajfa-12449	64	12	in	in	ADP
ajfa-12449	64	13	working	work	VERB
ajfa-12449	64	14	capital	capital	NOUN
ajfa-12449	64	15	investments	investment	NOUN
ajfa-12449	64	16	leads	lead	VERB
ajfa-12449	64	17	to	to	ADP
ajfa-12449	64	18	higher	high	ADJ
ajfa-12449	64	19	firm	firm	ADJ
ajfa-12449	64	20	value	value	NOUN
ajfa-12449	64	21	and	and	CCONJ
ajfa-12449	64	22	this	this	DET
ajfa-12449	64	23	relationship	relationship	NOUN
ajfa-12449	64	24	is	be	AUX
ajfa-12449	64	25	more	more	ADV
ajfa-12449	64	26	pronounced	pronounce	VERB
ajfa-12449	64	27	in	in	ADP
ajfa-12449	64	28	the	the	DET
ajfa-12449	64	29	financially	financially	ADV
ajfa-12449	64	30	constrained	constrain	VERB
ajfa-12449	64	31	firms	firm	NOUN
ajfa-12449	64	32	suggesting	suggest	VERB
ajfa-12449	64	33	that	that	SCONJ
ajfa-12449	64	34	firm	firm	ADJ
ajfa-12449	64	35	value	value	NOUN
ajfa-12449	64	36	significantly	significantly	ADV
ajfa-12449	64	37	increases	increase	VERB
ajfa-12449	64	38	by	by	ADP
ajfa-12449	64	39	efficient	efficient	ADJ
ajfa-12449	64	40	management	management	NOUN
ajfa-12449	64	41	of	of	ADP
ajfa-12449	64	42	working	work	VERB
ajfa-12449	64	43	capital	capital	NOUN
ajfa-12449	64	44	in	in	ADP
ajfa-12449	64	45	financially	financially	ADV
ajfa-12449	64	46	constrained	constrain	VERB
ajfa-12449	64	47	firms	firm	NOUN
ajfa-12449	64	48	.	.	PUNCT
ajfa-12449	65	1	although	although	SCONJ
ajfa-12449	65	2	recent	recent	ADJ
ajfa-12449	65	3	research	research	NOUN
ajfa-12449	65	4	has	have	AUX
ajfa-12449	65	5	shown	show	VERB
ajfa-12449	65	6	increasing	increase	VERB
ajfa-12449	65	7	interest	interest	NOUN
ajfa-12449	65	8	on	on	ADP
ajfa-12449	65	9	the	the	DET
ajfa-12449	65	10	relationship	relationship	NOUN
ajfa-12449	65	11	between	between	ADP
ajfa-12449	65	12	wcm	wcm	NOUN
ajfa-12449	65	13	and	and	CCONJ
ajfa-12449	65	14	firm	firm	ADJ
ajfa-12449	65	15	value	value	NOUN
ajfa-12449	65	16	,	,	PUNCT
ajfa-12449	65	17	only	only	ADV
ajfa-12449	65	18	a	a	DET
ajfa-12449	65	19	study	study	NOUN
ajfa-12449	65	20	by	by	ADP
ajfa-12449	65	21	bandara	bandara	PROPN
ajfa-12449	65	22	&	&	CCONJ
ajfa-12449	65	23	weerakoon	weerakoon	PROPN
ajfa-12449	65	24	banda	banda	NOUN
ajfa-12449	65	25	(	(	PUNCT
ajfa-12449	65	26	2010	2010	NUM
ajfa-12449	65	27	)	)	PUNCT
ajfa-12449	65	28	investigates	investigate	VERB
ajfa-12449	65	29	the	the	DET
ajfa-12449	65	30	impact	impact	NOUN
ajfa-12449	65	31	of	of	ADP
ajfa-12449	65	32	working	work	VERB
ajfa-12449	65	33	capital	capital	NOUN
ajfa-12449	65	34	practices	practice	NOUN
ajfa-12449	65	35	on	on	ADP
ajfa-12449	65	36	firm	firm	ADJ
ajfa-12449	65	37	value	value	NOUN
ajfa-12449	65	38	which	which	PRON
ajfa-12449	65	39	is	be	AUX
ajfa-12449	65	40	measured	measure	VERB
ajfa-12449	65	41	by	by	ADP
ajfa-12449	65	42	market	market	NOUN
ajfa-12449	65	43	value	value	NOUN
ajfa-12449	65	44	added	add	VERB
ajfa-12449	65	45	and	and	CCONJ
ajfa-12449	65	46	economic	economic	ADJ
ajfa-12449	65	47	value	value	NOUN
ajfa-12449	65	48	added	add	VERB
ajfa-12449	65	49	in	in	ADP
ajfa-12449	65	50	the	the	DET
ajfa-12449	65	51	context	context	NOUN
ajfa-12449	65	52	of	of	ADP
ajfa-12449	65	53	sri	sri	PROPN
ajfa-12449	65	54	lanka	lanka	PROPN
ajfa-12449	65	55	.	.	PUNCT
ajfa-12449	66	1	focusing	focus	VERB
ajfa-12449	66	2	a	a	DET
ajfa-12449	66	3	sample	sample	NOUN
ajfa-12449	66	4	of	of	ADP
ajfa-12449	66	5	72	72	NUM
ajfa-12449	66	6	companies	company	NOUN
ajfa-12449	66	7	listed	list	VERB
ajfa-12449	66	8	on	on	ADP
ajfa-12449	66	9	cse	cse	PROPN
ajfa-12449	66	10	,	,	PUNCT
ajfa-12449	66	11	they	they	PRON
ajfa-12449	66	12	document	document	VERB
ajfa-12449	66	13	that	that	SCONJ
ajfa-12449	66	14	there	there	PRON
ajfa-12449	66	15	is	be	VERB
ajfa-12449	66	16	significant	significant	ADJ
ajfa-12449	66	17	negative	negative	ADJ
ajfa-12449	66	18	relationship	relationship	NOUN
ajfa-12449	66	19	between	between	ADP
ajfa-12449	66	20	conservative	conservative	ADJ
ajfa-12449	66	21	wcm	wcm	NOUN
ajfa-12449	66	22	practices	practice	NOUN
ajfa-12449	66	23	and	and	CCONJ
ajfa-12449	66	24	market	market	NOUN
ajfa-12449	66	25	value	value	NOUN
ajfa-12449	66	26	added	add	VERB
ajfa-12449	66	27	and	and	CCONJ
ajfa-12449	66	28	moderate	moderate	ADJ
ajfa-12449	66	29	working	working	NOUN
ajfa-12449	66	30	capital	capital	NOUN
ajfa-12449	66	31	practices	practice	NOUN
ajfa-12449	66	32	yield	yield	VERB
ajfa-12449	66	33	higher	high	ADJ
ajfa-12449	66	34	market	market	NOUN
ajfa-12449	66	35	value	value	NOUN
ajfa-12449	66	36	added	add	VERB
ajfa-12449	66	37	.	.	PUNCT
ajfa-12449	67	1	furthermore	furthermore	ADV
ajfa-12449	67	2	,	,	PUNCT
ajfa-12449	67	3	their	their	PRON
ajfa-12449	67	4	results	result	NOUN
ajfa-12449	67	5	show	show	VERB
ajfa-12449	67	6	that	that	SCONJ
ajfa-12449	67	7	economic	economic	ADJ
ajfa-12449	67	8	value	value	NOUN
ajfa-12449	67	9	added	add	VERB
ajfa-12449	67	10	decreases	decrease	VERB
ajfa-12449	67	11	asian	asian	ADJ
ajfa-12449	67	12	journal	journal	NOUN
ajfa-12449	67	13	of	of	ADP
ajfa-12449	67	14	finance	finance	PROPN
ajfa-12449	67	15	&	&	CCONJ
ajfa-12449	67	16	accounting	accounting	PROPN
ajfa-12449	67	17	issn	issn	PROPN
ajfa-12449	67	18	1946	1946	NUM
ajfa-12449	67	19	-	-	PUNCT
ajfa-12449	67	20	052x	052x	PROPN
ajfa-12449	67	21	2017	2017	NUM
ajfa-12449	67	22	,	,	PUNCT
ajfa-12449	67	23	vol	vol	NOUN
ajfa-12449	67	24	.	.	NOUN
ajfa-12449	67	25	9	9	NUM
ajfa-12449	67	26	,	,	PUNCT
ajfa-12449	67	27	no	no	INTJ
ajfa-12449	67	28	.	.	NOUN
ajfa-12449	67	29	2	2	NUM
ajfa-12449	67	30	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12449	67	31	403	403	NUM
ajfa-12449	67	32	with	with	ADP
ajfa-12449	67	33	aggressive	aggressive	ADJ
ajfa-12449	67	34	working	work	VERB
ajfa-12449	67	35	capital	capital	NOUN
ajfa-12449	67	36	policy	policy	NOUN
ajfa-12449	67	37	and	and	CCONJ
ajfa-12449	67	38	firms	firm	NOUN
ajfa-12449	67	39	following	follow	VERB
ajfa-12449	67	40	moderate	moderate	ADJ
ajfa-12449	67	41	working	working	NOUN
ajfa-12449	67	42	capital	capital	NOUN
ajfa-12449	67	43	practices	practice	NOUN
ajfa-12449	67	44	tend	tend	VERB
ajfa-12449	67	45	to	to	PART
ajfa-12449	67	46	improve	improve	VERB
ajfa-12449	67	47	both	both	DET
ajfa-12449	67	48	economic	economic	ADJ
ajfa-12449	67	49	and	and	CCONJ
ajfa-12449	67	50	market	market	NOUN
ajfa-12449	67	51	value	value	NOUN
ajfa-12449	67	52	added	add	VERB
ajfa-12449	67	53	.	.	PUNCT
ajfa-12449	68	1	in	in	ADP
ajfa-12449	68	2	sum	sum	NOUN
ajfa-12449	68	3	,	,	PUNCT
ajfa-12449	68	4	existing	exist	VERB
ajfa-12449	68	5	literature	literature	NOUN
ajfa-12449	68	6	regarding	regard	VERB
ajfa-12449	68	7	impact	impact	NOUN
ajfa-12449	68	8	of	of	ADP
ajfa-12449	68	9	working	work	VERB
ajfa-12449	68	10	capital	capital	NOUN
ajfa-12449	68	11	management	management	NOUN
ajfa-12449	68	12	on	on	ADP
ajfa-12449	68	13	firm	firm	ADJ
ajfa-12449	68	14	value	value	NOUN
ajfa-12449	68	15	is	be	AUX
ajfa-12449	68	16	very	very	ADV
ajfa-12449	68	17	limited	limited	ADJ
ajfa-12449	68	18	and	and	CCONJ
ajfa-12449	68	19	particularly	particularly	ADV
ajfa-12449	68	20	,	,	PUNCT
ajfa-12449	68	21	in	in	ADP
ajfa-12449	68	22	the	the	DET
ajfa-12449	68	23	context	context	NOUN
ajfa-12449	68	24	of	of	ADP
ajfa-12449	68	25	sri	sri	PROPN
ajfa-12449	68	26	lanka	lanka	PROPN
ajfa-12449	68	27	,	,	PUNCT
ajfa-12449	68	28	no	no	DET
ajfa-12449	68	29	one	one	NOUN
ajfa-12449	68	30	has	have	AUX
ajfa-12449	68	31	focused	focus	VERB
ajfa-12449	68	32	on	on	ADP
ajfa-12449	68	33	the	the	DET
ajfa-12449	68	34	relationship	relationship	NOUN
ajfa-12449	68	35	between	between	ADP
ajfa-12449	68	36	the	the	DET
ajfa-12449	68	37	efficiency	efficiency	NOUN
ajfa-12449	68	38	of	of	ADP
ajfa-12449	68	39	wcm	wcm	NOUN
ajfa-12449	68	40	and	and	CCONJ
ajfa-12449	68	41	tobin	tobin	PROPN
ajfa-12449	68	42	q	q	PROPN
ajfa-12449	68	43	which	which	PRON
ajfa-12449	68	44	is	be	AUX
ajfa-12449	68	45	a	a	DET
ajfa-12449	68	46	commonly	commonly	ADV
ajfa-12449	68	47	used	use	VERB
ajfa-12449	68	48	proxy	proxy	NOUN
ajfa-12449	68	49	for	for	ADP
ajfa-12449	68	50	firm	firm	ADJ
ajfa-12449	68	51	value	value	NOUN
ajfa-12449	68	52	.	.	PUNCT
ajfa-12449	69	1	therefore	therefore	ADV
ajfa-12449	69	2	,	,	PUNCT
ajfa-12449	69	3	our	our	PRON
ajfa-12449	69	4	study	study	NOUN
ajfa-12449	69	5	focuses	focus	VERB
ajfa-12449	69	6	on	on	ADP
ajfa-12449	69	7	the	the	DET
ajfa-12449	69	8	linkage	linkage	NOUN
ajfa-12449	69	9	between	between	ADP
ajfa-12449	69	10	the	the	DET
ajfa-12449	69	11	efficiency	efficiency	NOUN
ajfa-12449	69	12	of	of	ADP
ajfa-12449	69	13	wcm	wcm	NOUN
ajfa-12449	69	14	and	and	CCONJ
ajfa-12449	69	15	firm	firm	ADJ
ajfa-12449	69	16	value	value	NOUN
ajfa-12449	69	17	from	from	ADP
ajfa-12449	69	18	a	a	DET
ajfa-12449	69	19	frontiers	frontier	NOUN
ajfa-12449	69	20	market	market	NOUN
ajfa-12449	69	21	,	,	PUNCT
ajfa-12449	69	22	namely	namely	ADV
ajfa-12449	69	23	sri	sri	PROPN
ajfa-12449	69	24	lanka	lanka	PROPN
ajfa-12449	69	25	.	.	PUNCT
ajfa-12449	70	1	2.2	2.2	NUM
ajfa-12449	70	2	hypothesis	hypothesis	NOUN
ajfa-12449	70	3	in	in	ADP
ajfa-12449	70	4	this	this	DET
ajfa-12449	70	5	study	study	NOUN
ajfa-12449	70	6	,	,	PUNCT
ajfa-12449	70	7	we	we	PRON
ajfa-12449	70	8	use	use	VERB
ajfa-12449	70	9	the	the	DET
ajfa-12449	70	10	cash	cash	NOUN
ajfa-12449	70	11	conversion	conversion	NOUN
ajfa-12449	70	12	cycle	cycle	NOUN
ajfa-12449	70	13	as	as	ADP
ajfa-12449	70	14	a	a	DET
ajfa-12449	70	15	comprehensive	comprehensive	ADJ
ajfa-12449	70	16	measure	measure	NOUN
ajfa-12449	70	17	of	of	ADP
ajfa-12449	70	18	working	work	VERB
ajfa-12449	70	19	capital	capital	NOUN
ajfa-12449	70	20	management	management	NOUN
ajfa-12449	70	21	efficiency	efficiency	NOUN
ajfa-12449	70	22	.	.	PUNCT
ajfa-12449	71	1	since	since	SCONJ
ajfa-12449	71	2	the	the	DET
ajfa-12449	71	3	cash	cash	NOUN
ajfa-12449	71	4	conversion	conversion	NOUN
ajfa-12449	71	5	cycle	cycle	NOUN
ajfa-12449	71	6	is	be	AUX
ajfa-12449	71	7	an	an	DET
ajfa-12449	71	8	inverse	inverse	NOUN
ajfa-12449	71	9	proxy	proxy	NOUN
ajfa-12449	71	10	for	for	ADP
ajfa-12449	71	11	the	the	DET
ajfa-12449	71	12	wcm	wcm	NOUN
ajfa-12449	71	13	efficiency	efficiency	NOUN
ajfa-12449	71	14	,	,	PUNCT
ajfa-12449	71	15	we	we	PRON
ajfa-12449	71	16	would	would	AUX
ajfa-12449	71	17	expect	expect	VERB
ajfa-12449	71	18	a	a	DET
ajfa-12449	71	19	negative	negative	ADJ
ajfa-12449	71	20	relationship	relationship	NOUN
ajfa-12449	71	21	between	between	ADP
ajfa-12449	71	22	ccc	ccc	PROPN
ajfa-12449	71	23	and	and	CCONJ
ajfa-12449	71	24	firm	firm	ADJ
ajfa-12449	71	25	value	value	NOUN
ajfa-12449	71	26	.	.	PUNCT
ajfa-12449	72	1	h1	h1	PROPN
ajfa-12449	72	2	:	:	PUNCT
ajfa-12449	72	3	there	there	PRON
ajfa-12449	72	4	is	be	VERB
ajfa-12449	72	5	a	a	DET
ajfa-12449	72	6	negative	negative	ADJ
ajfa-12449	72	7	relationship	relationship	NOUN
ajfa-12449	72	8	between	between	ADP
ajfa-12449	72	9	the	the	DET
ajfa-12449	72	10	cash	cash	NOUN
ajfa-12449	72	11	conversion	conversion	NOUN
ajfa-12449	72	12	cycle	cycle	NOUN
ajfa-12449	72	13	and	and	CCONJ
ajfa-12449	72	14	firm	firm	ADJ
ajfa-12449	72	15	value	value	NOUN
ajfa-12449	72	16	.	.	PUNCT
ajfa-12449	73	1	3	3	X
ajfa-12449	73	2	.	.	PUNCT
ajfa-12449	73	3	model	model	NOUN
ajfa-12449	73	4	specification	specification	NOUN
ajfa-12449	73	5	and	and	CCONJ
ajfa-12449	73	6	estimation	estimation	NOUN
ajfa-12449	73	7	methodology	methodology	NOUN
ajfa-12449	73	8	purpose	purpose	NOUN
ajfa-12449	73	9	of	of	ADP
ajfa-12449	73	10	this	this	DET
ajfa-12449	73	11	study	study	NOUN
ajfa-12449	73	12	is	be	AUX
ajfa-12449	73	13	to	to	PART
ajfa-12449	73	14	examine	examine	VERB
ajfa-12449	73	15	the	the	DET
ajfa-12449	73	16	relationship	relationship	NOUN
ajfa-12449	73	17	between	between	ADP
ajfa-12449	73	18	wcm	wcm	NOUN
ajfa-12449	73	19	efficiency	efficiency	NOUN
ajfa-12449	73	20	and	and	CCONJ
ajfa-12449	73	21	firm	firm	ADJ
ajfa-12449	73	22	value	value	NOUN
ajfa-12449	73	23	of	of	ADP
ajfa-12449	73	24	listed	list	VERB
ajfa-12449	73	25	companies	company	NOUN
ajfa-12449	73	26	in	in	ADP
ajfa-12449	73	27	sri	sri	PROPN
ajfa-12449	73	28	lankan	lankan	PROPN
ajfa-12449	73	29	context	context	NOUN
ajfa-12449	73	30	.	.	PUNCT
ajfa-12449	74	1	this	this	DET
ajfa-12449	74	2	section	section	NOUN
ajfa-12449	74	3	describes	describe	VERB
ajfa-12449	74	4	our	our	PRON
ajfa-12449	74	5	regression	regression	NOUN
ajfa-12449	74	6	model	model	NOUN
ajfa-12449	74	7	,	,	PUNCT
ajfa-12449	74	8	definition	definition	NOUN
ajfa-12449	74	9	of	of	ADP
ajfa-12449	74	10	variables	variable	NOUN
ajfa-12449	74	11	,	,	PUNCT
ajfa-12449	74	12	and	and	CCONJ
ajfa-12449	74	13	estimation	estimation	NOUN
ajfa-12449	74	14	methodology	methodology	NOUN
ajfa-12449	74	15	.	.	PUNCT
ajfa-12449	75	1	3.1	3.1	NUM
ajfa-12449	75	2	model	model	NOUN
ajfa-12449	75	3	specification	specification	NOUN
ajfa-12449	75	4	in	in	ADP
ajfa-12449	75	5	order	order	NOUN
ajfa-12449	75	6	to	to	PART
ajfa-12449	75	7	estimate	estimate	VERB
ajfa-12449	75	8	the	the	DET
ajfa-12449	75	9	impact	impact	NOUN
ajfa-12449	75	10	of	of	ADP
ajfa-12449	75	11	wcm	wcm	NOUN
ajfa-12449	75	12	efficiency	efficiency	NOUN
ajfa-12449	75	13	on	on	ADP
ajfa-12449	75	14	firm	firm	ADJ
ajfa-12449	75	15	value	value	NOUN
ajfa-12449	75	16	,	,	PUNCT
ajfa-12449	75	17	we	we	PRON
ajfa-12449	75	18	estimate	estimate	VERB
ajfa-12449	75	19	the	the	DET
ajfa-12449	75	20	following	follow	VERB
ajfa-12449	75	21	econometric	econometric	ADJ
ajfa-12449	75	22	model	model	NOUN
ajfa-12449	75	23	:	:	PUNCT
ajfa-12449	75	24	tqit	tqit	ADP
ajfa-12449	75	25	=	=	SYM
ajfa-12449	75	26	β0	β0	PROPN
ajfa-12449	75	27	+	+	X
ajfa-12449	75	28	β1cccit+	β1cccit+	X
ajfa-12449	75	29	β2sizeit+β3levit+	β2sizeit+β3levit+	PUNCT
ajfa-12449	75	30	β4sgrit+vt	β4sgrit+vt	ADP
ajfa-12449	75	31	,	,	PUNCT
ajfa-12449	75	32	+	+	NOUN
ajfa-12449	75	33	vj+	vj+	NOUN
ajfa-12449	75	34	εit	εit	NOUN
ajfa-12449	75	35	(	(	PUNCT
ajfa-12449	75	36	1	1	NUM
ajfa-12449	75	37	)	)	PUNCT
ajfa-12449	75	38	where	where	SCONJ
ajfa-12449	75	39	i	i	PRON
ajfa-12449	75	40	indexes	index	VERB
ajfa-12449	75	41	firms	firm	NOUN
ajfa-12449	75	42	,	,	PUNCT
ajfa-12449	75	43	t	t	PROPN
ajfa-12449	75	44	years	year	NOUN
ajfa-12449	75	45	.	.	PUNCT
ajfa-12449	76	1	table	table	NOUN
ajfa-12449	76	2	1	1	NUM
ajfa-12449	76	3	provides	provide	VERB
ajfa-12449	76	4	definitions	definition	NOUN
ajfa-12449	76	5	for	for	ADP
ajfa-12449	76	6	all	all	DET
ajfa-12449	76	7	variables	variable	NOUN
ajfa-12449	76	8	used	use	VERB
ajfa-12449	76	9	in	in	ADP
ajfa-12449	76	10	this	this	DET
ajfa-12449	76	11	paper	paper	NOUN
ajfa-12449	76	12	.	.	PUNCT
ajfa-12449	77	1	the	the	DET
ajfa-12449	77	2	error	error	NOUN
ajfa-12449	77	3	term	term	NOUN
ajfa-12449	77	4	in	in	ADP
ajfa-12449	77	5	equation	equation	NOUN
ajfa-12449	77	6	(	(	PUNCT
ajfa-12449	77	7	1	1	X
ajfa-12449	77	8	)	)	PUNCT
ajfa-12449	77	9	is	be	AUX
ajfa-12449	77	10	made	make	VERB
ajfa-12449	77	11	up	up	ADP
ajfa-12449	77	12	of	of	ADP
ajfa-12449	77	13	three	three	NUM
ajfa-12449	77	14	components	component	NOUN
ajfa-12449	77	15	:	:	PUNCT
ajfa-12449	77	16	vt	vt	PROPN
ajfa-12449	77	17	,	,	PUNCT
ajfa-12449	77	18	a	a	DET
ajfa-12449	77	19	time	time	NOUN
ajfa-12449	77	20	-	-	PUNCT
ajfa-12449	77	21	specific	specific	ADJ
ajfa-12449	77	22	effect	effect	NOUN
ajfa-12449	77	23	,	,	PUNCT
ajfa-12449	77	24	which	which	PRON
ajfa-12449	77	25	we	we	PRON
ajfa-12449	77	26	control	control	VERB
ajfa-12449	77	27	for	for	ADP
ajfa-12449	77	28	by	by	ADP
ajfa-12449	77	29	including	include	VERB
ajfa-12449	77	30	time	time	NOUN
ajfa-12449	77	31	dummies	dummy	NOUN
ajfa-12449	77	32	capturing	capture	VERB
ajfa-12449	77	33	business	business	NOUN
ajfa-12449	77	34	cycle	cycle	NOUN
ajfa-12449	77	35	effects;vj	effects;vj	PROPN
ajfa-12449	77	36	,	,	PUNCT
ajfa-12449	77	37	an	an	DET
ajfa-12449	77	38	industry	industry	NOUN
ajfa-12449	77	39	-	-	PUNCT
ajfa-12449	77	40	specific	specific	ADJ
ajfa-12449	77	41	effect	effect	NOUN
ajfa-12449	77	42	,	,	PUNCT
ajfa-12449	77	43	which	which	PRON
ajfa-12449	77	44	we	we	PRON
ajfa-12449	77	45	take	take	VERB
ajfa-12449	77	46	into	into	ADP
ajfa-12449	77	47	account	account	NOUN
ajfa-12449	77	48	by	by	ADP
ajfa-12449	77	49	including	include	VERB
ajfa-12449	77	50	industry	industry	NOUN
ajfa-12449	77	51	dummies	dummy	NOUN
ajfa-12449	77	52	;	;	PUNCT
ajfa-12449	77	53	and	and	CCONJ
ajfa-12449	77	54	finally	finally	ADV
ajfa-12449	77	55	,	,	PUNCT
ajfa-12449	77	56	εit	εit	PROPN
ajfa-12449	77	57	is	be	AUX
ajfa-12449	77	58	an	an	DET
ajfa-12449	77	59	idiosyncratic	idiosyncratic	ADJ
ajfa-12449	77	60	component	component	NOUN
ajfa-12449	77	61	.	.	PUNCT
ajfa-12449	78	1	in	in	ADP
ajfa-12449	78	2	addition	addition	NOUN
ajfa-12449	78	3	,	,	PUNCT
ajfa-12449	78	4	we	we	PRON
ajfa-12449	78	5	estimate	estimate	VERB
ajfa-12449	78	6	equation	equation	NOUN
ajfa-12449	78	7	(	(	PUNCT
ajfa-12449	78	8	1	1	NUM
ajfa-12449	78	9	)	)	PUNCT
ajfa-12449	78	10	by	by	ADP
ajfa-12449	78	11	replacing	replace	VERB
ajfa-12449	78	12	ccc	ccc	NOUN
ajfa-12449	78	13	with	with	ADP
ajfa-12449	78	14	components	component	NOUN
ajfa-12449	78	15	of	of	ADP
ajfa-12449	78	16	ccc	ccc	PROPN
ajfa-12449	78	17	,	,	PUNCT
ajfa-12449	78	18	namely	namely	ADV
ajfa-12449	78	19	number	number	NOUN
ajfa-12449	78	20	of	of	ADP
ajfa-12449	78	21	days	day	NOUN
ajfa-12449	78	22	accounts	account	VERB
ajfa-12449	78	23	receivable	receivable	ADJ
ajfa-12449	78	24	,	,	PUNCT
ajfa-12449	78	25	number	number	NOUN
ajfa-12449	78	26	of	of	ADP
ajfa-12449	78	27	days	day	NOUN
ajfa-12449	78	28	inventory	inventory	NOUN
ajfa-12449	78	29	and	and	CCONJ
ajfa-12449	78	30	number	number	NOUN
ajfa-12449	78	31	of	of	ADP
ajfa-12449	78	32	days	day	NOUN
ajfa-12449	78	33	accounts	account	NOUN
ajfa-12449	78	34	payable	payable	ADJ
ajfa-12449	78	35	in	in	ADP
ajfa-12449	78	36	isolation	isolation	NOUN
ajfa-12449	78	37	.	.	PUNCT
ajfa-12449	79	1	in	in	ADP
ajfa-12449	79	2	addition	addition	NOUN
ajfa-12449	79	3	,	,	PUNCT
ajfa-12449	79	4	we	we	PRON
ajfa-12449	79	5	estimate	estimate	VERB
ajfa-12449	79	6	following	follow	VERB
ajfa-12449	79	7	model	model	NOUN
ajfa-12449	79	8	with	with	ADP
ajfa-12449	79	9	a	a	DET
ajfa-12449	79	10	firm	firm	ADJ
ajfa-12449	79	11	specific	specific	ADJ
ajfa-12449	79	12	fixed	fix	VERB
ajfa-12449	79	13	effects	effect	NOUN
ajfa-12449	79	14	but	but	CCONJ
ajfa-12449	79	15	it	it	PRON
ajfa-12449	79	16	does	do	AUX
ajfa-12449	79	17	not	not	PART
ajfa-12449	79	18	include	include	VERB
ajfa-12449	79	19	industry	industry	NOUN
ajfa-12449	79	20	effects	effect	NOUN
ajfa-12449	79	21	.	.	PUNCT
ajfa-12449	80	1	tqit	tqit	NOUN
ajfa-12449	80	2	=	=	SYM
ajfa-12449	80	3	β0	β0	PROPN
ajfa-12449	80	4	+	+	X
ajfa-12449	80	5	β1cccit+	β1cccit+	X
ajfa-12449	80	6	β2sizeit+β3levit+	β2sizeit+β3levit+	PRON
ajfa-12449	81	1	β4sgrit+vi	β4sgrit+vi	PROPN
ajfa-12449	82	1	+	+	NUM
ajfa-12449	82	2	vt	vt	PROPN
ajfa-12449	82	3	,	,	PUNCT
ajfa-12449	82	4	+	+	CCONJ
ajfa-12449	82	5	εit	εit	VERB
ajfa-12449	82	6	(	(	PUNCT
ajfa-12449	82	7	2	2	NUM
ajfa-12449	82	8	)	)	PUNCT
ajfa-12449	82	9	the	the	DET
ajfa-12449	82	10	error	error	NOUN
ajfa-12449	82	11	term	term	NOUN
ajfa-12449	82	12	in	in	ADP
ajfa-12449	82	13	equation	equation	NOUN
ajfa-12449	82	14	(	(	PUNCT
ajfa-12449	82	15	2	2	X
ajfa-12449	82	16	)	)	PUNCT
ajfa-12449	82	17	is	be	AUX
ajfa-12449	82	18	made	make	VERB
ajfa-12449	82	19	up	up	ADP
ajfa-12449	82	20	of	of	ADP
ajfa-12449	82	21	three	three	NUM
ajfa-12449	82	22	components	component	NOUN
ajfa-12449	82	23	:	:	PUNCT
ajfa-12449	82	24	vi	vi	PROPN
ajfa-12449	82	25	is	be	AUX
ajfa-12449	82	26	a	a	DET
ajfa-12449	82	27	firm	firm	ADJ
ajfa-12449	82	28	-	-	PUNCT
ajfa-12449	82	29	specific	specific	ADJ
ajfa-12449	82	30	effect	effect	NOUN
ajfa-12449	82	31	;	;	PUNCT
ajfa-12449	82	32	vt	vt	NOUN
ajfa-12449	82	33	,	,	PUNCT
ajfa-12449	82	34	a	a	DET
ajfa-12449	82	35	time	time	NOUN
ajfa-12449	82	36	-	-	PUNCT
ajfa-12449	82	37	specific	specific	ADJ
ajfa-12449	82	38	effect	effect	NOUN
ajfa-12449	82	39	and	and	CCONJ
ajfa-12449	82	40	finally	finally	ADV
ajfa-12449	82	41	,	,	PUNCT
ajfa-12449	82	42	εit	εit	PROPN
ajfa-12449	82	43	is	be	AUX
ajfa-12449	82	44	an	an	DET
ajfa-12449	82	45	idiosyncratic	idiosyncratic	ADJ
ajfa-12449	82	46	component	component	NOUN
ajfa-12449	82	47	.	.	PUNCT
ajfa-12449	83	1	we	we	PRON
ajfa-12449	83	2	also	also	ADV
ajfa-12449	83	3	estimate	estimate	VERB
ajfa-12449	83	4	equation	equation	NOUN
ajfa-12449	83	5	(	(	PUNCT
ajfa-12449	83	6	2	2	NUM
ajfa-12449	83	7	)	)	PUNCT
ajfa-12449	83	8	by	by	ADP
ajfa-12449	83	9	replacing	replace	VERB
ajfa-12449	83	10	ccc	ccc	NOUN
ajfa-12449	83	11	with	with	ADP
ajfa-12449	83	12	components	component	NOUN
ajfa-12449	83	13	of	of	ADP
ajfa-12449	83	14	ccc	ccc	PROPN
ajfa-12449	83	15	,	,	PUNCT
ajfa-12449	83	16	namely	namely	ADV
ajfa-12449	83	17	number	number	NOUN
ajfa-12449	83	18	of	of	ADP
ajfa-12449	83	19	days	day	NOUN
ajfa-12449	83	20	accounts	account	VERB
ajfa-12449	83	21	receivable	receivable	ADJ
ajfa-12449	83	22	,	,	PUNCT
ajfa-12449	83	23	number	number	NOUN
ajfa-12449	83	24	of	of	ADP
ajfa-12449	83	25	days	day	NOUN
ajfa-12449	83	26	inventory	inventory	NOUN
ajfa-12449	83	27	and	and	CCONJ
ajfa-12449	83	28	number	number	NOUN
ajfa-12449	83	29	of	of	ADP
ajfa-12449	83	30	days	day	NOUN
ajfa-12449	83	31	accounts	account	NOUN
ajfa-12449	83	32	payable	payable	ADJ
ajfa-12449	83	33	in	in	ADP
ajfa-12449	83	34	isolation	isolation	NOUN
ajfa-12449	83	35	.	.	PUNCT
ajfa-12449	84	1	asian	asian	ADJ
ajfa-12449	84	2	journal	journal	PROPN
ajfa-12449	84	3	of	of	ADP
ajfa-12449	84	4	finance	finance	PROPN
ajfa-12449	84	5	&	&	CCONJ
ajfa-12449	84	6	accounting	accounting	PROPN
ajfa-12449	84	7	issn	issn	PROPN
ajfa-12449	84	8	1946	1946	NUM
ajfa-12449	84	9	-	-	PUNCT
ajfa-12449	84	10	052x	052x	PROPN
ajfa-12449	84	11	2017	2017	NUM
ajfa-12449	84	12	,	,	PUNCT
ajfa-12449	84	13	vol	vol	NOUN
ajfa-12449	84	14	.	.	NOUN
ajfa-12449	84	15	9	9	NUM
ajfa-12449	84	16	,	,	PUNCT
ajfa-12449	84	17	no	no	NOUN
ajfa-12449	84	18	.	.	NOUN
ajfa-12449	84	19	2	2	NUM
ajfa-12449	84	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12449	84	21	404	404	NUM
ajfa-12449	84	22	3.1.1	3.1.1	NUM
ajfa-12449	84	23	dependent	dependent	ADJ
ajfa-12449	84	24	variable	variable	NOUN
ajfa-12449	84	25	in	in	ADP
ajfa-12449	84	26	this	this	DET
ajfa-12449	84	27	study	study	NOUN
ajfa-12449	84	28	we	we	PRON
ajfa-12449	84	29	use	use	VERB
ajfa-12449	84	30	tobin	tobin	PROPN
ajfa-12449	84	31	’s	’s	PART
ajfa-12449	84	32	q	q	PUNCT
ajfa-12449	84	33	to	to	PART
ajfa-12449	84	34	measure	measure	VERB
ajfa-12449	84	35	firm	firm	ADJ
ajfa-12449	84	36	value	value	NOUN
ajfa-12449	84	37	.	.	PUNCT
ajfa-12449	85	1	tobin	tobin	PROPN
ajfa-12449	85	2	’s	’s	PART
ajfa-12449	85	3	q	q	PROPN
ajfa-12449	85	4	is	be	AUX
ajfa-12449	85	5	the	the	DET
ajfa-12449	85	6	ratio	ratio	NOUN
ajfa-12449	85	7	of	of	ADP
ajfa-12449	85	8	the	the	DET
ajfa-12449	85	9	market	market	NOUN
ajfa-12449	85	10	value	value	NOUN
ajfa-12449	85	11	of	of	ADP
ajfa-12449	85	12	a	a	DET
ajfa-12449	85	13	company	company	NOUN
ajfa-12449	85	14	’s	’s	PART
ajfa-12449	85	15	assets	asset	NOUN
ajfa-12449	85	16	(	(	PUNCT
ajfa-12449	85	17	which	which	PRON
ajfa-12449	85	18	is	be	AUX
ajfa-12449	85	19	measured	measure	VERB
ajfa-12449	85	20	by	by	ADP
ajfa-12449	85	21	the	the	DET
ajfa-12449	85	22	market	market	NOUN
ajfa-12449	85	23	value	value	NOUN
ajfa-12449	85	24	of	of	ADP
ajfa-12449	85	25	its	its	PRON
ajfa-12449	85	26	outstanding	outstanding	ADJ
ajfa-12449	85	27	shares	share	NOUN
ajfa-12449	85	28	and	and	CCONJ
ajfa-12449	85	29	book	book	NOUN
ajfa-12449	85	30	value	value	NOUN
ajfa-12449	85	31	of	of	ADP
ajfa-12449	85	32	debt	debt	NOUN
ajfa-12449	85	33	)	)	PUNCT
ajfa-12449	85	34	divided	divide	VERB
ajfa-12449	85	35	by	by	ADP
ajfa-12449	85	36	the	the	DET
ajfa-12449	85	37	book	book	NOUN
ajfa-12449	85	38	value	value	NOUN
ajfa-12449	85	39	of	of	ADP
ajfa-12449	85	40	the	the	DET
ajfa-12449	85	41	company	company	NOUN
ajfa-12449	85	42	’s	’s	PART
ajfa-12449	85	43	assets	asset	NOUN
ajfa-12449	85	44	.	.	PUNCT
ajfa-12449	86	1	3.1.2	3.1.2	NUM
ajfa-12449	86	2	wcm	wcm	NOUN
ajfa-12449	86	3	efficiency	efficiency	NOUN
ajfa-12449	86	4	variables	variable	VERB
ajfa-12449	86	5	the	the	DET
ajfa-12449	86	6	main	main	ADJ
ajfa-12449	86	7	independent	independent	ADJ
ajfa-12449	86	8	variable	variable	NOUN
ajfa-12449	86	9	is	be	AUX
ajfa-12449	86	10	the	the	DET
ajfa-12449	86	11	cash	cash	NOUN
ajfa-12449	86	12	conversion	conversion	NOUN
ajfa-12449	86	13	cycle	cycle	NOUN
ajfa-12449	86	14	(	(	PUNCT
ajfa-12449	86	15	denoted	denote	VERB
ajfa-12449	86	16	by	by	ADP
ajfa-12449	86	17	ccc	ccc	PROPN
ajfa-12449	86	18	)	)	PUNCT
ajfa-12449	86	19	which	which	PRON
ajfa-12449	86	20	is	be	AUX
ajfa-12449	86	21	used	use	VERB
ajfa-12449	86	22	as	as	ADP
ajfa-12449	86	23	a	a	DET
ajfa-12449	86	24	comprehensive	comprehensive	ADJ
ajfa-12449	86	25	measure	measure	NOUN
ajfa-12449	86	26	to	to	PART
ajfa-12449	86	27	capture	capture	VERB
ajfa-12449	86	28	the	the	DET
ajfa-12449	86	29	effect	effect	NOUN
ajfa-12449	86	30	of	of	ADP
ajfa-12449	86	31	firms	firm	NOUN
ajfa-12449	86	32	’	'	PUNCT
ajfa-12449	86	33	working	work	VERB
ajfa-12449	86	34	capital	capital	NOUN
ajfa-12449	86	35	efficiency	efficiency	NOUN
ajfa-12449	86	36	on	on	ADP
ajfa-12449	86	37	corporate	corporate	ADJ
ajfa-12449	86	38	performance	performance	NOUN
ajfa-12449	86	39	(	(	PUNCT
ajfa-12449	86	40	deloof	deloof	NOUN
ajfa-12449	86	41	,	,	PUNCT
ajfa-12449	86	42	2003	2003	NUM
ajfa-12449	86	43	)	)	PUNCT
ajfa-12449	86	44	.	.	PUNCT
ajfa-12449	87	1	the	the	DET
ajfa-12449	87	2	ccc	ccc	PROPN
ajfa-12449	87	3	links	link	VERB
ajfa-12449	87	4	the	the	DET
ajfa-12449	87	5	time	time	NOUN
ajfa-12449	87	6	needed	need	VERB
ajfa-12449	87	7	by	by	ADP
ajfa-12449	87	8	firms	firm	NOUN
ajfa-12449	87	9	to	to	PART
ajfa-12449	87	10	collect	collect	VERB
ajfa-12449	87	11	cash	cash	NOUN
ajfa-12449	87	12	from	from	ADP
ajfa-12449	87	13	customers	customer	NOUN
ajfa-12449	87	14	with	with	ADP
ajfa-12449	87	15	the	the	DET
ajfa-12449	87	16	time	time	NOUN
ajfa-12449	87	17	necessary	necessary	ADJ
ajfa-12449	87	18	in	in	ADP
ajfa-12449	87	19	order	order	NOUN
ajfa-12449	87	20	to	to	PART
ajfa-12449	87	21	repay	repay	VERB
ajfa-12449	87	22	suppliers	supplier	NOUN
ajfa-12449	87	23	into	into	ADP
ajfa-12449	87	24	one	one	NUM
ajfa-12449	87	25	single	single	ADJ
ajfa-12449	87	26	measure	measure	NOUN
ajfa-12449	87	27	(	(	PUNCT
ajfa-12449	87	28	deloof	deloof	NOUN
ajfa-12449	87	29	,	,	PUNCT
ajfa-12449	87	30	2003	2003	NUM
ajfa-12449	87	31	)	)	PUNCT
ajfa-12449	87	32	.	.	PUNCT
ajfa-12449	88	1	the	the	DET
ajfa-12449	88	2	cash	cash	NOUN
ajfa-12449	88	3	conversion	conversion	NOUN
ajfa-12449	88	4	cycle	cycle	NOUN
ajfa-12449	88	5	is	be	AUX
ajfa-12449	88	6	as	as	SCONJ
ajfa-12449	88	7	the	the	DET
ajfa-12449	88	8	sum	sum	NOUN
ajfa-12449	88	9	of	of	ADP
ajfa-12449	88	10	number	number	NOUN
ajfa-12449	88	11	of	of	ADP
ajfa-12449	88	12	days	day	NOUN
ajfa-12449	88	13	accounts	account	VERB
ajfa-12449	88	14	receivable	receivable	ADJ
ajfa-12449	88	15	plus	plus	CCONJ
ajfa-12449	88	16	number	number	NOUN
ajfa-12449	88	17	of	of	ADP
ajfa-12449	88	18	days	day	NOUN
ajfa-12449	88	19	inventory	inventory	NOUN
ajfa-12449	88	20	minus	minus	ADP
ajfa-12449	88	21	number	number	NOUN
ajfa-12449	88	22	of	of	ADP
ajfa-12449	88	23	days	day	NOUN
ajfa-12449	88	24	accounts	account	VERB
ajfa-12449	88	25	payable	payable	ADJ
ajfa-12449	88	26	.	.	PUNCT
ajfa-12449	89	1	the	the	DET
ajfa-12449	89	2	components	component	NOUN
ajfa-12449	89	3	of	of	ADP
ajfa-12449	89	4	ccc	ccc	PROPN
ajfa-12449	89	5	are	be	AUX
ajfa-12449	89	6	calculated	calculate	VERB
ajfa-12449	89	7	as	as	ADP
ajfa-12449	89	8	follows	follow	VERB
ajfa-12449	89	9	.	.	PUNCT
ajfa-12449	90	1	number	number	NOUN
ajfa-12449	90	2	of	of	ADP
ajfa-12449	90	3	day	day	NOUN
ajfa-12449	90	4	’s	’s	PART
ajfa-12449	90	5	accounts	account	NOUN
ajfa-12449	90	6	receivable	receivable	NOUN
ajfa-12449	90	7	is	be	AUX
ajfa-12449	90	8	calculated	calculate	VERB
ajfa-12449	90	9	as	as	ADP
ajfa-12449	90	10	a	a	DET
ajfa-12449	90	11	ratio	ratio	NOUN
ajfa-12449	90	12	of	of	ADP
ajfa-12449	90	13	accounts	account	NOUN
ajfa-12449	90	14	receivable	receivable	ADJ
ajfa-12449	90	15	times	time	NOUN
ajfa-12449	90	16	365	365	NUM
ajfa-12449	90	17	divided	divide	VERB
ajfa-12449	90	18	by	by	ADP
ajfa-12449	90	19	sales	sale	NOUN
ajfa-12449	90	20	.	.	PUNCT
ajfa-12449	91	1	number	number	NOUN
ajfa-12449	91	2	of	of	ADP
ajfa-12449	91	3	day	day	NOUN
ajfa-12449	91	4	’s	’s	PART
ajfa-12449	91	5	inventories	inventory	NOUN
ajfa-12449	91	6	is	be	AUX
ajfa-12449	91	7	calculated	calculate	VERB
ajfa-12449	91	8	as	as	ADP
ajfa-12449	91	9	a	a	DET
ajfa-12449	91	10	ratio	ratio	NOUN
ajfa-12449	91	11	of	of	ADP
ajfa-12449	91	12	inventories	inventory	NOUN
ajfa-12449	91	13	times	time	NOUN
ajfa-12449	91	14	365	365	NUM
ajfa-12449	91	15	divided	divide	VERB
ajfa-12449	91	16	by	by	ADP
ajfa-12449	91	17	cost	cost	NOUN
ajfa-12449	91	18	of	of	ADP
ajfa-12449	91	19	sales	sale	NOUN
ajfa-12449	91	20	.	.	PUNCT
ajfa-12449	92	1	number	number	NOUN
ajfa-12449	92	2	of	of	ADP
ajfa-12449	92	3	days	day	NOUN
ajfa-12449	92	4	accounts	account	NOUN
ajfa-12449	92	5	payable	payable	ADJ
ajfa-12449	92	6	is	be	AUX
ajfa-12449	92	7	accounts	account	NOUN
ajfa-12449	92	8	payable	payable	ADJ
ajfa-12449	92	9	times	time	NOUN
ajfa-12449	92	10	365	365	NUM
ajfa-12449	92	11	divided	divide	VERB
ajfa-12449	92	12	by	by	ADP
ajfa-12449	92	13	cost	cost	NOUN
ajfa-12449	92	14	of	of	ADP
ajfa-12449	92	15	sales	sale	NOUN
ajfa-12449	92	16	.	.	PUNCT
ajfa-12449	93	1	we	we	PRON
ajfa-12449	93	2	expect	expect	VERB
ajfa-12449	93	3	a	a	DET
ajfa-12449	93	4	negative	negative	ADJ
ajfa-12449	93	5	relationship	relationship	NOUN
ajfa-12449	93	6	between	between	ADP
ajfa-12449	93	7	number	number	NOUN
ajfa-12449	93	8	of	of	ADP
ajfa-12449	93	9	day	day	NOUN
ajfa-12449	93	10	’s	’s	PART
ajfa-12449	93	11	accounts	account	NOUN
ajfa-12449	93	12	receivable	receivable	ADJ
ajfa-12449	93	13	(	(	PUNCT
ajfa-12449	93	14	a	a	DET
ajfa-12449	93	15	measure	measure	NOUN
ajfa-12449	93	16	of	of	ADP
ajfa-12449	93	17	accounts	account	NOUN
ajfa-12449	93	18	receivable	receivable	ADJ
ajfa-12449	93	19	policy	policy	NOUN
ajfa-12449	93	20	)	)	PUNCT
ajfa-12449	93	21	and	and	CCONJ
ajfa-12449	93	22	number	number	NOUN
ajfa-12449	93	23	of	of	ADP
ajfa-12449	93	24	day	day	NOUN
ajfa-12449	93	25	’s	’s	PART
ajfa-12449	93	26	inventories	inventory	NOUN
ajfa-12449	93	27	and	and	CCONJ
ajfa-12449	93	28	performance	performance	NOUN
ajfa-12449	93	29	whereas	whereas	SCONJ
ajfa-12449	93	30	a	a	DET
ajfa-12449	93	31	positive	positive	ADJ
ajfa-12449	93	32	relationship	relationship	NOUN
ajfa-12449	93	33	between	between	ADP
ajfa-12449	93	34	number	number	NOUN
ajfa-12449	93	35	of	of	ADP
ajfa-12449	93	36	days	day	NOUN
ajfa-12449	93	37	accounts	account	VERB
ajfa-12449	93	38	payable	payable	ADJ
ajfa-12449	93	39	and	and	CCONJ
ajfa-12449	93	40	performance	performance	NOUN
ajfa-12449	93	41	.	.	PUNCT
ajfa-12449	94	1	3.1.3	3.1.3	NUM
ajfa-12449	94	2	control	control	NOUN
ajfa-12449	94	3	variables	variable	NOUN
ajfa-12449	94	4	in	in	ADP
ajfa-12449	94	5	line	line	NOUN
ajfa-12449	94	6	with	with	ADP
ajfa-12449	94	7	previous	previous	ADJ
ajfa-12449	94	8	studies	study	NOUN
ajfa-12449	94	9	,	,	PUNCT
ajfa-12449	94	10	in	in	ADP
ajfa-12449	94	11	addition	addition	NOUN
ajfa-12449	94	12	our	our	PRON
ajfa-12449	94	13	wcm	wcm	NOUN
ajfa-12449	94	14	variables	variable	NOUN
ajfa-12449	94	15	,	,	PUNCT
ajfa-12449	94	16	size	size	NOUN
ajfa-12449	94	17	(	(	PUNCT
ajfa-12449	94	18	the	the	DET
ajfa-12449	94	19	natural	natural	ADJ
ajfa-12449	94	20	logarithm	logarithm	NOUN
ajfa-12449	94	21	of	of	ADP
ajfa-12449	94	22	sales	sale	NOUN
ajfa-12449	94	23	)	)	PUNCT
ajfa-12449	94	24	,	,	PUNCT
ajfa-12449	94	25	sales	sale	NOUN
ajfa-12449	94	26	growth	growth	NOUN
ajfa-12449	94	27	(	(	PUNCT
ajfa-12449	94	28	[	[	X
ajfa-12449	94	29	this	this	DET
ajfa-12449	94	30	year	year	NOUN
ajfa-12449	94	31	’s	’s	PART
ajfa-12449	94	32	sales	sale	NOUN
ajfa-12449	94	33	previous	previous	ADJ
ajfa-12449	94	34	year	year	NOUN
ajfa-12449	94	35	’s	’s	PART
ajfa-12449	94	36	sales]/previous	sales]/previous	ADJ
ajfa-12449	94	37	year	year	NOUN
ajfa-12449	94	38	’s	’s	PART
ajfa-12449	94	39	sales	sale	NOUN
ajfa-12449	94	40	)	)	PUNCT
ajfa-12449	94	41	,	,	PUNCT
ajfa-12449	94	42	and	and	CCONJ
ajfa-12449	94	43	the	the	DET
ajfa-12449	94	44	ratio	ratio	NOUN
ajfa-12449	94	45	of	of	ADP
ajfa-12449	94	46	total	total	ADJ
ajfa-12449	94	47	debt	debt	NOUN
ajfa-12449	94	48	to	to	ADP
ajfa-12449	94	49	total	total	ADJ
ajfa-12449	94	50	assets	asset	NOUN
ajfa-12449	94	51	(	(	PUNCT
ajfa-12449	94	52	debt	debt	NOUN
ajfa-12449	94	53	/	/	SYM
ajfa-12449	94	54	total	total	ADJ
ajfa-12449	94	55	assets	asset	NOUN
ajfa-12449	94	56	)	)	PUNCT
ajfa-12449	94	57	are	be	AUX
ajfa-12449	94	58	included	include	VERB
ajfa-12449	94	59	as	as	ADP
ajfa-12449	94	60	control	control	NOUN
ajfa-12449	94	61	variables	variable	NOUN
ajfa-12449	94	62	in	in	ADP
ajfa-12449	94	63	the	the	DET
ajfa-12449	94	64	regressions	regression	NOUN
ajfa-12449	94	65	to	to	PART
ajfa-12449	94	66	control	control	VERB
ajfa-12449	94	67	for	for	ADP
ajfa-12449	94	68	a	a	DET
ajfa-12449	94	69	set	set	NOUN
ajfa-12449	94	70	of	of	ADP
ajfa-12449	94	71	firm	firm	ADJ
ajfa-12449	94	72	-	-	PUNCT
ajfa-12449	94	73	specific	specific	ADJ
ajfa-12449	94	74	observable	observable	ADJ
ajfa-12449	94	75	characteristics	characteristic	NOUN
ajfa-12449	94	76	that	that	PRON
ajfa-12449	94	77	are	be	AUX
ajfa-12449	94	78	likely	likely	ADJ
ajfa-12449	94	79	to	to	PART
ajfa-12449	94	80	be	be	AUX
ajfa-12449	94	81	correlated	correlate	VERB
ajfa-12449	94	82	with	with	ADP
ajfa-12449	94	83	firms	firm	NOUN
ajfa-12449	94	84	’	’	PART
ajfa-12449	94	85	performance	performance	NOUN
ajfa-12449	94	86	.	.	PUNCT
ajfa-12449	95	1	asian	asian	ADJ
ajfa-12449	95	2	journal	journal	PROPN
ajfa-12449	95	3	of	of	ADP
ajfa-12449	95	4	finance	finance	PROPN
ajfa-12449	95	5	&	&	CCONJ
ajfa-12449	95	6	accounting	accounting	PROPN
ajfa-12449	95	7	issn	issn	PROPN
ajfa-12449	95	8	1946	1946	NUM
ajfa-12449	95	9	-	-	PUNCT
ajfa-12449	95	10	052x	052x	PROPN
ajfa-12449	95	11	2017	2017	NUM
ajfa-12449	95	12	,	,	PUNCT
ajfa-12449	95	13	vol	vol	NOUN
ajfa-12449	95	14	.	.	NOUN
ajfa-12449	95	15	9	9	NUM
ajfa-12449	95	16	,	,	PUNCT
ajfa-12449	95	17	no	no	INTJ
ajfa-12449	95	18	.	.	NOUN
ajfa-12449	95	19	2	2	NUM
ajfa-12449	95	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12449	95	21	405	405	NUM
ajfa-12449	95	22	table	table	NOUN
ajfa-12449	95	23	1	1	NUM
ajfa-12449	95	24	.	.	PUNCT
ajfa-12449	96	1	definitions	definition	NOUN
ajfa-12449	96	2	of	of	ADP
ajfa-12449	96	3	variables	variable	NOUN
ajfa-12449	96	4	variables	variable	NOUN
ajfa-12449	96	5	acronyms	acronyms	PROPN
ajfa-12449	96	6	measurement	measurement	PROPN
ajfa-12449	96	7	expected	expect	VERB
ajfa-12449	96	8	relationship	relationship	NOUN
ajfa-12449	96	9	with	with	ADP
ajfa-12449	96	10	firm	firm	ADJ
ajfa-12449	96	11	value	value	NOUN
ajfa-12449	96	12	dependent	dependent	ADJ
ajfa-12449	96	13	variables	variable	NOUN
ajfa-12449	96	14	tobin	tobin	PROPN
ajfa-12449	96	15	’s	’s	PART
ajfa-12449	96	16	q	q	X
ajfa-12449	96	17	tq	tq	INTJ
ajfa-12449	96	18	(	(	PUNCT
ajfa-12449	96	19	market	market	NOUN
ajfa-12449	96	20	value	value	NOUN
ajfa-12449	96	21	of	of	ADP
ajfa-12449	96	22	equity+book	equity+book	PROPN
ajfa-12449	96	23	value	value	NOUN
ajfa-12449	96	24	of	of	ADP
ajfa-12449	96	25	liabilities)/	liabilities)/	ADJ
ajfa-12449	96	26	book	book	NOUN
ajfa-12449	96	27	value	value	NOUN
ajfa-12449	96	28	of	of	ADP
ajfa-12449	96	29	total	total	ADJ
ajfa-12449	96	30	assets	asset	NOUN
ajfa-12449	96	31	wcm	wcm	NOUN
ajfa-12449	96	32	variables	variable	VERB
ajfa-12449	96	33	cash	cash	NOUN
ajfa-12449	96	34	conversion	conversion	NOUN
ajfa-12449	96	35	cycle	cycle	NOUN
ajfa-12449	96	36	ccc	ccc	PROPN
ajfa-12449	96	37	aggregation	aggregation	NOUN
ajfa-12449	96	38	of	of	ADP
ajfa-12449	96	39	inventory	inventory	NOUN
ajfa-12449	96	40	,	,	PUNCT
ajfa-12449	96	41	receivables	receivables	NOUN
ajfa-12449	96	42	and	and	CCONJ
ajfa-12449	96	43	payables	payable	NOUN
ajfa-12449	96	44	days	day	NOUN
ajfa-12449	96	45	accounts	account	VERB
ajfa-12449	96	46	receivable	receivable	ADJ
ajfa-12449	96	47	days	day	NOUN
ajfa-12449	96	48	ard	ard	PROPN
ajfa-12449	96	49	(	(	PUNCT
ajfa-12449	96	50	accounts	account	NOUN
ajfa-12449	96	51	receivables	receivables	NOUN
ajfa-12449	96	52	/	/	SYM
ajfa-12449	96	53	sales)*365	sales)*365	PROPN
ajfa-12449	96	54	inventory	inventory	NOUN
ajfa-12449	96	55	days	day	NOUN
ajfa-12449	96	56	invd	invd	ADJ
ajfa-12449	96	57	(	(	PUNCT
ajfa-12449	96	58	inventories/	inventories/	NUM
ajfa-12449	96	59	cost	cost	NOUN
ajfa-12449	96	60	of	of	ADP
ajfa-12449	96	61	sales)*365	sales)*365	PROPN
ajfa-12449	96	62	accounts	account	VERB
ajfa-12449	96	63	payables	payable	NOUN
ajfa-12449	96	64	days	day	NOUN
ajfa-12449	96	65	apd	apd	PROPN
ajfa-12449	96	66	(	(	PUNCT
ajfa-12449	96	67	accounts	account	VERB
ajfa-12449	96	68	payables/	payables/	NUM
ajfa-12449	96	69	cost	cost	NOUN
ajfa-12449	96	70	of	of	ADP
ajfa-12449	96	71	sales)*365	sales)*365	NOUN
ajfa-12449	96	72	+	+	CCONJ
ajfa-12449	96	73	control	control	NOUN
ajfa-12449	96	74	variables	variable	NOUN
ajfa-12449	96	75	firm	firm	ADJ
ajfa-12449	96	76	size	size	NOUN
ajfa-12449	96	77	size	size	NOUN
ajfa-12449	96	78	the	the	DET
ajfa-12449	96	79	natural	natural	ADJ
ajfa-12449	96	80	logarithm	logarithm	NOUN
ajfa-12449	96	81	of	of	ADP
ajfa-12449	96	82	sales	sale	NOUN
ajfa-12449	96	83	+	+	CCONJ
ajfa-12449	96	84	leverage	leverage	NOUN
ajfa-12449	96	85	lev	lev	PROPN
ajfa-12449	96	86	total	total	ADJ
ajfa-12449	96	87	non	non	ADJ
ajfa-12449	96	88	-	-	ADJ
ajfa-12449	96	89	current	current	ADJ
ajfa-12449	96	90	liabilities	liability	NOUN
ajfa-12449	96	91	divided	divide	VERB
ajfa-12449	96	92	by	by	ADP
ajfa-12449	96	93	total	total	ADJ
ajfa-12449	96	94	assets	asset	NOUN
ajfa-12449	96	95	salesgrowth	salesgrowth	NOUN
ajfa-12449	96	96	sgr	sgr	PROPN
ajfa-12449	96	97	difference	difference	NOUN
ajfa-12449	96	98	between	between	ADP
ajfa-12449	96	99	sales	sale	NOUN
ajfa-12449	96	100	of	of	ADP
ajfa-12449	96	101	end	end	NOUN
ajfa-12449	96	102	of	of	ADP
ajfa-12449	96	103	year	year	NOUN
ajfa-12449	96	104	t	t	PROPN
ajfa-12449	96	105	and	and	CCONJ
ajfa-12449	96	106	end	end	NOUN
ajfa-12449	96	107	of	of	ADP
ajfa-12449	96	108	year	year	NOUN
ajfa-12449	96	109	t-1	t-1	PROPN
ajfa-12449	96	110	.	.	PUNCT
ajfa-12449	97	1	+	+	CCONJ
ajfa-12449	97	2	3.3	3.3	NUM
ajfa-12449	97	3	estimation	estimation	NOUN
ajfa-12449	97	4	methodology	methodology	NOUN
ajfa-12449	97	5	in	in	ADP
ajfa-12449	97	6	this	this	DET
ajfa-12449	97	7	study	study	NOUN
ajfa-12449	97	8	,	,	PUNCT
ajfa-12449	97	9	pooled	pool	VERB
ajfa-12449	97	10	ordinary	ordinary	ADJ
ajfa-12449	97	11	least	least	ADJ
ajfa-12449	97	12	square	square	ADJ
ajfa-12449	97	13	(	(	PUNCT
ajfa-12449	97	14	ols	ol	NOUN
ajfa-12449	97	15	)	)	PUNCT
ajfa-12449	97	16	and	and	CCONJ
ajfa-12449	97	17	fixed	fix	VERB
ajfa-12449	97	18	effects	effect	NOUN
ajfa-12449	97	19	regression	regression	NOUN
ajfa-12449	97	20	are	be	AUX
ajfa-12449	97	21	used	use	VERB
ajfa-12449	97	22	to	to	PART
ajfa-12449	97	23	test	test	VERB
ajfa-12449	97	24	the	the	DET
ajfa-12449	97	25	hypotheses	hypothesis	NOUN
ajfa-12449	97	26	.	.	PUNCT
ajfa-12449	98	1	a	a	DET
ajfa-12449	98	2	pooled	pooled	ADJ
ajfa-12449	98	3	ols	ol	NOUN
ajfa-12449	98	4	(	(	PUNCT
ajfa-12449	98	5	ordinary	ordinary	ADJ
ajfa-12449	98	6	least	least	ADJ
ajfa-12449	98	7	square	square	ADJ
ajfa-12449	98	8	)	)	PUNCT
ajfa-12449	98	9	does	do	AUX
ajfa-12449	98	10	not	not	PART
ajfa-12449	98	11	take	take	VERB
ajfa-12449	98	12	into	into	ADP
ajfa-12449	98	13	account	account	NOUN
ajfa-12449	98	14	the	the	DET
ajfa-12449	98	15	unobserved	unobserved	ADJ
ajfa-12449	98	16	firm	firm	ADJ
ajfa-12449	98	17	heterogeneity	heterogeneity	NOUN
ajfa-12449	98	18	.	.	PUNCT
ajfa-12449	99	1	in	in	ADP
ajfa-12449	99	2	random	random	ADJ
ajfa-12449	99	3	effect	effect	NOUN
ajfa-12449	99	4	model	model	NOUN
ajfa-12449	99	5	it	it	PRON
ajfa-12449	99	6	is	be	AUX
ajfa-12449	99	7	presumed	presume	VERB
ajfa-12449	99	8	that	that	SCONJ
ajfa-12449	99	9	regression	regression	NOUN
ajfa-12449	99	10	model	model	NOUN
ajfa-12449	99	11	intercept	intercept	NOUN
ajfa-12449	99	12	varies	vary	VERB
ajfa-12449	99	13	across	across	ADP
ajfa-12449	99	14	entities	entity	NOUN
ajfa-12449	99	15	,	,	PUNCT
ajfa-12449	99	16	and	and	CCONJ
ajfa-12449	99	17	this	this	DET
ajfa-12449	99	18	variation	variation	NOUN
ajfa-12449	99	19	is	be	AUX
ajfa-12449	99	20	assumed	assume	VERB
ajfa-12449	99	21	to	to	PART
ajfa-12449	99	22	be	be	AUX
ajfa-12449	99	23	random	random	ADJ
ajfa-12449	99	24	and	and	CCONJ
ajfa-12449	99	25	uncorrelated	uncorrelate	VERB
ajfa-12449	99	26	with	with	ADP
ajfa-12449	99	27	the	the	DET
ajfa-12449	99	28	independent	independent	ADJ
ajfa-12449	99	29	variables	variable	NOUN
ajfa-12449	99	30	included	include	VERB
ajfa-12449	99	31	in	in	ADP
ajfa-12449	99	32	the	the	DET
ajfa-12449	99	33	model	model	NOUN
ajfa-12449	99	34	while	while	SCONJ
ajfa-12449	99	35	in	in	ADP
ajfa-12449	99	36	the	the	DET
ajfa-12449	99	37	fixed	fix	VERB
ajfa-12449	99	38	effects	effect	NOUN
ajfa-12449	99	39	model	model	NOUN
ajfa-12449	99	40	assumes	assume	VERB
ajfa-12449	99	41	that	that	SCONJ
ajfa-12449	99	42	there	there	PRON
ajfa-12449	99	43	is	be	VERB
ajfa-12449	99	44	correlation	correlation	NOUN
ajfa-12449	99	45	between	between	ADP
ajfa-12449	99	46	error	error	NOUN
ajfa-12449	99	47	term	term	NOUN
ajfa-12449	99	48	and	and	CCONJ
ajfa-12449	99	49	predictor	predictor	NOUN
ajfa-12449	99	50	variable	variable	NOUN
ajfa-12449	99	51	.	.	PUNCT
ajfa-12449	100	1	therefore	therefore	ADV
ajfa-12449	100	2	,	,	PUNCT
ajfa-12449	100	3	fixed	fix	VERB
ajfa-12449	100	4	effect	effect	NOUN
ajfa-12449	100	5	model	model	NOUN
ajfa-12449	100	6	removes	remove	VERB
ajfa-12449	100	7	the	the	DET
ajfa-12449	100	8	effect	effect	NOUN
ajfa-12449	100	9	of	of	ADP
ajfa-12449	100	10	time	time	NOUN
ajfa-12449	100	11	invariant	invariant	ADJ
ajfa-12449	100	12	characteristics	characteristic	NOUN
ajfa-12449	100	13	from	from	ADP
ajfa-12449	100	14	the	the	DET
ajfa-12449	100	15	model	model	NOUN
ajfa-12449	100	16	.	.	PUNCT
ajfa-12449	101	1	we	we	PRON
ajfa-12449	101	2	use	use	VERB
ajfa-12449	101	3	the	the	DET
ajfa-12449	101	4	hausman	hausman	ADJ
ajfa-12449	101	5	specification	specification	NOUN
ajfa-12449	101	6	test	test	NOUN
ajfa-12449	101	7	to	to	PART
ajfa-12449	101	8	decide	decide	VERB
ajfa-12449	101	9	whether	whether	SCONJ
ajfa-12449	101	10	fixed	fix	VERB
ajfa-12449	101	11	effect	effect	NOUN
ajfa-12449	101	12	method	method	NOUN
ajfa-12449	101	13	(	(	PUNCT
ajfa-12449	101	14	fem	fem	NOUN
ajfa-12449	101	15	)	)	PUNCT
ajfa-12449	101	16	or	or	CCONJ
ajfa-12449	101	17	random	random	ADJ
ajfa-12449	101	18	effect	effect	NOUN
ajfa-12449	101	19	method	method	NOUN
ajfa-12449	101	20	(	(	PUNCT
ajfa-12449	101	21	rem	rem	NOUN
ajfa-12449	101	22	)	)	PUNCT
ajfa-12449	101	23	is	be	AUX
ajfa-12449	101	24	econometrically	econometrically	ADV
ajfa-12449	101	25	a	a	DET
ajfa-12449	101	26	more	more	ADV
ajfa-12449	101	27	appropriate	appropriate	ADJ
ajfa-12449	101	28	approach	approach	NOUN
ajfa-12449	101	29	to	to	ADP
ajfa-12449	101	30	our	our	PRON
ajfa-12449	101	31	data	datum	NOUN
ajfa-12449	101	32	.	.	PUNCT
ajfa-12449	102	1	highly	highly	ADV
ajfa-12449	102	2	significant	significant	ADJ
ajfa-12449	102	3	hausman	hausman	ADJ
ajfa-12449	102	4	chi	chi	ADJ
ajfa-12449	102	5	-	-	PUNCT
ajfa-12449	102	6	square	square	ADJ
ajfa-12449	102	7	test	test	NOUN
ajfa-12449	102	8	statistics	statistic	NOUN
ajfa-12449	102	9	reveal	reveal	VERB
ajfa-12449	102	10	systematic	systematic	ADJ
ajfa-12449	102	11	differences	difference	NOUN
ajfa-12449	102	12	in	in	ADP
ajfa-12449	102	13	coefficients	coefficient	NOUN
ajfa-12449	102	14	between	between	ADP
ajfa-12449	102	15	both	both	DET
ajfa-12449	102	16	models	model	NOUN
ajfa-12449	102	17	,	,	PUNCT
ajfa-12449	102	18	which	which	PRON
ajfa-12449	102	19	indicate	indicate	VERB
ajfa-12449	102	20	highly	highly	ADV
ajfa-12449	102	21	significant	significant	ADJ
ajfa-12449	102	22	firm	firm	ADJ
ajfa-12449	102	23	-	-	PUNCT
ajfa-12449	102	24	specific	specific	ADJ
ajfa-12449	102	25	effects	effect	NOUN
ajfa-12449	102	26	and	and	CCONJ
ajfa-12449	102	27	thus	thus	ADV
ajfa-12449	102	28	showing	show	VERB
ajfa-12449	102	29	that	that	SCONJ
ajfa-12449	102	30	fem	fem	NOUN
ajfa-12449	102	31	provides	provide	VERB
ajfa-12449	102	32	better	well	ADJ
ajfa-12449	102	33	specification	specification	NOUN
ajfa-12449	102	34	of	of	ADP
ajfa-12449	102	35	our	our	PRON
ajfa-12449	102	36	model	model	NOUN
ajfa-12449	102	37	relative	relative	ADJ
ajfa-12449	102	38	to	to	ADP
ajfa-12449	102	39	rem	rem	VERB
ajfa-12449	102	40	.	.	PROPN
ajfa-12449	102	41	4	4	NUM
ajfa-12449	102	42	.	.	X
ajfa-12449	102	43	sample	sample	NOUN
ajfa-12449	102	44	and	and	CCONJ
ajfa-12449	102	45	descriptive	descriptive	ADJ
ajfa-12449	102	46	statistics	statistic	NOUN
ajfa-12449	102	47	this	this	DET
ajfa-12449	102	48	section	section	NOUN
ajfa-12449	102	49	discusses	discuss	VERB
ajfa-12449	102	50	sample	sample	NOUN
ajfa-12449	102	51	and	and	CCONJ
ajfa-12449	102	52	descriptive	descriptive	ADJ
ajfa-12449	102	53	statistics	statistic	NOUN
ajfa-12449	102	54	of	of	ADP
ajfa-12449	102	55	the	the	DET
ajfa-12449	102	56	dependent	dependent	ADJ
ajfa-12449	102	57	and	and	CCONJ
ajfa-12449	102	58	independent	independent	ADJ
ajfa-12449	102	59	variables	variable	NOUN
ajfa-12449	102	60	used	use	VERB
ajfa-12449	102	61	in	in	ADP
ajfa-12449	102	62	this	this	DET
ajfa-12449	102	63	study	study	NOUN
ajfa-12449	102	64	.	.	PUNCT
ajfa-12449	103	1	4.1	4.1	NUM
ajfa-12449	103	2	data	datum	NOUN
ajfa-12449	103	3	set	set	VERB
ajfa-12449	103	4	and	and	CCONJ
ajfa-12449	103	5	sample	sample	VERB
ajfa-12449	103	6	the	the	DET
ajfa-12449	103	7	data	datum	NOUN
ajfa-12449	103	8	used	use	VERB
ajfa-12449	103	9	in	in	ADP
ajfa-12449	103	10	this	this	DET
ajfa-12449	103	11	study	study	NOUN
ajfa-12449	103	12	was	be	AUX
ajfa-12449	103	13	collected	collect	VERB
ajfa-12449	103	14	from	from	ADP
ajfa-12449	103	15	annual	annual	ADJ
ajfa-12449	103	16	reports	report	NOUN
ajfa-12449	103	17	of	of	ADP
ajfa-12449	103	18	companies	company	NOUN
ajfa-12449	103	19	which	which	PRON
ajfa-12449	103	20	are	be	AUX
ajfa-12449	103	21	published	publish	VERB
ajfa-12449	103	22	in	in	ADP
ajfa-12449	103	23	the	the	DET
ajfa-12449	103	24	cse	cse	NOUN
ajfa-12449	103	25	website	website	NOUN
ajfa-12449	103	26	.	.	PUNCT
ajfa-12449	104	1	initially	initially	ADV
ajfa-12449	104	2	88	88	NUM
ajfa-12449	104	3	firms	firm	NOUN
ajfa-12449	104	4	were	be	AUX
ajfa-12449	104	5	included	include	VERB
ajfa-12449	104	6	in	in	ADP
ajfa-12449	104	7	the	the	DET
ajfa-12449	104	8	sample	sample	NOUN
ajfa-12449	104	9	and	and	CCONJ
ajfa-12449	104	10	only	only	ADV
ajfa-12449	104	11	46	46	NUM
ajfa-12449	104	12	companies	company	NOUN
ajfa-12449	104	13	were	be	AUX
ajfa-12449	104	14	selected	select	VERB
ajfa-12449	104	15	based	base	VERB
ajfa-12449	104	16	on	on	ADP
ajfa-12449	104	17	the	the	DET
ajfa-12449	104	18	data	data	NOUN
ajfa-12449	104	19	availability	availability	NOUN
ajfa-12449	104	20	for	for	ADP
ajfa-12449	104	21	all	all	DET
ajfa-12449	104	22	variables	variable	NOUN
ajfa-12449	104	23	for	for	ADP
ajfa-12449	104	24	the	the	DET
ajfa-12449	104	25	period	period	NOUN
ajfa-12449	104	26	of	of	ADP
ajfa-12449	104	27	2010	2010	NUM
ajfa-12449	104	28	-	-	SYM
ajfa-12449	104	29	2015	2015	NUM
ajfa-12449	104	30	.	.	PUNCT
ajfa-12449	105	1	to	to	PART
ajfa-12449	105	2	reduce	reduce	VERB
ajfa-12449	105	3	the	the	DET
ajfa-12449	105	4	influence	influence	NOUN
ajfa-12449	105	5	of	of	ADP
ajfa-12449	105	6	potential	potential	ADJ
ajfa-12449	105	7	outliers	outlier	NOUN
ajfa-12449	105	8	,	,	PUNCT
ajfa-12449	105	9	we	we	PRON
ajfa-12449	105	10	exclude	exclude	VERB
ajfa-12449	105	11	observations	observation	NOUN
ajfa-12449	105	12	in	in	ADP
ajfa-12449	105	13	the	the	DET
ajfa-12449	105	14	one	one	NUM
ajfa-12449	105	15	asian	asian	ADJ
ajfa-12449	105	16	journal	journal	NOUN
ajfa-12449	105	17	of	of	ADP
ajfa-12449	105	18	finance	finance	PROPN
ajfa-12449	105	19	&	&	CCONJ
ajfa-12449	105	20	accounting	accounting	PROPN
ajfa-12449	105	21	issn	issn	PROPN
ajfa-12449	105	22	1946	1946	NUM
ajfa-12449	105	23	-	-	PUNCT
ajfa-12449	105	24	052x	052x	PROPN
ajfa-12449	105	25	2017	2017	NUM
ajfa-12449	105	26	,	,	PUNCT
ajfa-12449	105	27	vol	vol	NOUN
ajfa-12449	105	28	.	.	NOUN
ajfa-12449	106	1	9	9	NUM
ajfa-12449	106	2	,	,	PUNCT
ajfa-12449	106	3	no	no	NOUN
ajfa-12449	106	4	.	.	NOUN
ajfa-12449	106	5	2	2	NUM
ajfa-12449	106	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12449	106	7	406	406	NUM
ajfa-12449	106	8	percent	percent	NOUN
ajfa-12449	106	9	tails	tail	NOUN
ajfa-12449	106	10	of	of	ADP
ajfa-12449	106	11	each	each	PRON
ajfa-12449	106	12	of	of	ADP
ajfa-12449	106	13	the	the	DET
ajfa-12449	106	14	regression	regression	NOUN
ajfa-12449	106	15	variables	variable	NOUN
ajfa-12449	106	16	.	.	PUNCT
ajfa-12449	107	1	final	final	ADJ
ajfa-12449	107	2	sample	sample	NOUN
ajfa-12449	107	3	consist	consist	NOUN
ajfa-12449	107	4	of	of	ADP
ajfa-12449	107	5	44	44	NUM
ajfa-12449	107	6	listed	list	VERB
ajfa-12449	107	7	firms	firm	NOUN
ajfa-12449	107	8	in	in	ADP
ajfa-12449	107	9	cse	cse	PROPN
ajfa-12449	107	10	which	which	PRON
ajfa-12449	107	11	is	be	AUX
ajfa-12449	107	12	classified	classify	VERB
ajfa-12449	107	13	under	under	ADP
ajfa-12449	107	14	manufacturing	manufacturing	NOUN
ajfa-12449	107	15	(	(	PUNCT
ajfa-12449	107	16	20	20	NUM
ajfa-12449	107	17	)	)	PUNCT
ajfa-12449	107	18	,	,	PUNCT
ajfa-12449	107	19	health	health	NOUN
ajfa-12449	107	20	care	care	NOUN
ajfa-12449	107	21	(	(	PUNCT
ajfa-12449	107	22	3	3	NUM
ajfa-12449	107	23	)	)	PUNCT
ajfa-12449	107	24	,	,	PUNCT
ajfa-12449	107	25	food	food	NOUN
ajfa-12449	107	26	and	and	CCONJ
ajfa-12449	107	27	beverage	beverage	NOUN
ajfa-12449	107	28	(	(	PUNCT
ajfa-12449	107	29	11	11	NUM
ajfa-12449	107	30	)	)	PUNCT
ajfa-12449	107	31	,	,	PUNCT
ajfa-12449	107	32	motors	motor	NOUN
ajfa-12449	107	33	(	(	PUNCT
ajfa-12449	107	34	5	5	NUM
ajfa-12449	107	35	)	)	PUNCT
ajfa-12449	107	36	and	and	CCONJ
ajfa-12449	107	37	chemicals	chemical	NOUN
ajfa-12449	107	38	and	and	CCONJ
ajfa-12449	107	39	pharmaceuticals	pharmaceutical	NOUN
ajfa-12449	107	40	(	(	PUNCT
ajfa-12449	107	41	5	5	NUM
ajfa-12449	107	42	)	)	PUNCT
ajfa-12449	107	43	.	.	PUNCT
ajfa-12449	108	1	finally	finally	ADV
ajfa-12449	108	2	,	,	PUNCT
ajfa-12449	108	3	after	after	ADP
ajfa-12449	108	4	the	the	DET
ajfa-12449	108	5	screening	screening	NOUN
ajfa-12449	108	6	process	process	NOUN
ajfa-12449	108	7	and	and	CCONJ
ajfa-12449	108	8	computation	computation	NOUN
ajfa-12449	108	9	of	of	ADP
ajfa-12449	108	10	the	the	DET
ajfa-12449	108	11	variables	variable	NOUN
ajfa-12449	108	12	,	,	PUNCT
ajfa-12449	108	13	we	we	PRON
ajfa-12449	108	14	end	end	VERB
ajfa-12449	108	15	up	up	ADP
ajfa-12449	108	16	with	with	ADP
ajfa-12449	108	17	a	a	DET
ajfa-12449	108	18	panel	panel	NOUN
ajfa-12449	108	19	of	of	ADP
ajfa-12449	108	20	194	194	NUM
ajfa-12449	108	21	firm	firm	ADJ
ajfa-12449	108	22	-	-	PUNCT
ajfa-12449	108	23	year	year	NOUN
ajfa-12449	108	24	observations	observation	NOUN
ajfa-12449	108	25	for	for	ADP
ajfa-12449	108	26	the	the	DET
ajfa-12449	108	27	period	period	NOUN
ajfa-12449	108	28	of	of	ADP
ajfa-12449	108	29	2011	2011	NUM
ajfa-12449	108	30	-	-	SYM
ajfa-12449	108	31	2015	2015	NUM
ajfa-12449	108	32	for	for	ADP
ajfa-12449	108	33	our	our	PRON
ajfa-12449	108	34	empirical	empirical	ADJ
ajfa-12449	108	35	analysis	analysis	NOUN
ajfa-12449	108	36	.	.	PUNCT
ajfa-12449	109	1	4.2	4.2	NUM
ajfa-12449	109	2	summary	summary	NOUN
ajfa-12449	109	3	statistics	statistic	NOUN
ajfa-12449	109	4	table	table	NOUN
ajfa-12449	109	5	2	2	NUM
ajfa-12449	109	6	.	.	PUNCT
ajfa-12449	110	1	summary	summary	NOUN
ajfa-12449	110	2	statistics	statistic	NOUN
ajfa-12449	110	3	obs	obs	PROPN
ajfa-12449	110	4	mean	mean	VERB
ajfa-12449	110	5	std	std	PROPN
ajfa-12449	110	6	.	.	PROPN
ajfa-12449	111	1	dev	dev	PROPN
ajfa-12449	111	2	.	.	PUNCT
ajfa-12449	112	1	median	median	PROPN
ajfa-12449	112	2	min	min	PROPN
ajfa-12449	112	3	max	max	PROPN
ajfa-12449	112	4	tobin	tobin	PROPN
ajfa-12449	112	5	’s	’s	PART
ajfa-12449	112	6	q	q	X
ajfa-12449	112	7	(	(	PUNCT
ajfa-12449	112	8	tq	tq	NOUN
ajfa-12449	112	9	)	)	PUNCT
ajfa-12449	112	10	194	194	NUM
ajfa-12449	112	11	1.92	1.92	NUM
ajfa-12449	112	12	1.84	1.84	NUM
ajfa-12449	112	13	1.40	1.40	NUM
ajfa-12449	112	14	0.24	0.24	NUM
ajfa-12449	112	15	13.62	13.62	NUM
ajfa-12449	112	16	cash	cash	NOUN
ajfa-12449	112	17	conversion	conversion	NOUN
ajfa-12449	112	18	cycle	cycle	NOUN
ajfa-12449	112	19	(	(	PUNCT
ajfa-12449	112	20	ccc	ccc	NOUN
ajfa-12449	112	21	)	)	PUNCT
ajfa-12449	112	22	194	194	NUM
ajfa-12449	112	23	65.77	65.77	NUM
ajfa-12449	112	24	53.72	53.72	NUM
ajfa-12449	112	25	44.67	44.67	NUM
ajfa-12449	112	26	2.31	2.31	NUM
ajfa-12449	112	27	222.17	222.17	NUM
ajfa-12449	112	28	accounts	account	NOUN
ajfa-12449	112	29	receivable	receivable	ADJ
ajfa-12449	112	30	days	day	NOUN
ajfa-12449	112	31	(	(	PUNCT
ajfa-12449	112	32	apd	apd	PROPN
ajfa-12449	112	33	)	)	PUNCT
ajfa-12449	112	34	194	194	NUM
ajfa-12449	112	35	52.00	52.00	NUM
ajfa-12449	112	36	34.19	34.19	NUM
ajfa-12449	112	37	34.02	34.02	NUM
ajfa-12449	112	38	6.39	6.39	NUM
ajfa-12449	112	39	160.53	160.53	NUM
ajfa-12449	112	40	inventory	inventory	NOUN
ajfa-12449	112	41	days	day	NOUN
ajfa-12449	112	42	(	(	PUNCT
ajfa-12449	112	43	invd	invd	NOUN
ajfa-12449	112	44	)	)	PUNCT
ajfa-12449	112	45	194	194	NUM
ajfa-12449	112	46	42.36	42.36	NUM
ajfa-12449	112	47	38.06	38.06	NUM
ajfa-12449	112	48	20.99	20.99	NUM
ajfa-12449	112	49	1.00	1.00	NUM
ajfa-12449	112	50	223.85	223.85	NUM
ajfa-12449	112	51	accounts	account	NOUN
ajfa-12449	112	52	payables	payable	NOUN
ajfa-12449	112	53	days	day	NOUN
ajfa-12449	112	54	(	(	PUNCT
ajfa-12449	112	55	ard	ard	NOUN
ajfa-12449	112	56	)	)	PUNCT
ajfa-12449	112	57	194	194	NUM
ajfa-12449	112	58	28.58	28.58	NUM
ajfa-12449	112	59	28.11	28.11	NUM
ajfa-12449	112	60	50.61	50.61	NUM
ajfa-12449	112	61	1.15	1.15	NUM
ajfa-12449	112	62	242.55	242.55	NUM
ajfa-12449	112	63	firm	firm	ADJ
ajfa-12449	112	64	size	size	NOUN
ajfa-12449	112	65	(	(	PUNCT
ajfa-12449	112	66	size	size	NOUN
ajfa-12449	112	67	)	)	PUNCT
ajfa-12449	112	68	(	(	PUNCT
ajfa-12449	112	69	rs	rs	NOUN
ajfa-12449	112	70	.	.	NOUN
ajfa-12449	112	71	billion	billion	NUM
ajfa-12449	112	72	)	)	PUNCT
ajfa-12449	112	73	194	194	NUM
ajfa-12449	112	74	4.39	4.39	NUM
ajfa-12449	112	75	5.57	5.57	NUM
ajfa-12449	112	76	2.61	2.61	NUM
ajfa-12449	112	77	0.061	0.061	NUM
ajfa-12449	112	78	32.902	32.902	NUM
ajfa-12449	112	79	leverage	leverage	NOUN
ajfa-12449	112	80	(	(	PUNCT
ajfa-12449	112	81	lev	lev	NOUN
ajfa-12449	112	82	)	)	PUNCT
ajfa-12449	112	83	194	194	NUM
ajfa-12449	112	84	0.45	0.45	NUM
ajfa-12449	112	85	0.156	0.156	NUM
ajfa-12449	112	86	0.40	0.40	NUM
ajfa-12449	112	87	0.080	0.080	NUM
ajfa-12449	112	88	0.820	0.820	NUM
ajfa-12449	112	89	sales	sale	NOUN
ajfa-12449	112	90	growth	growth	NOUN
ajfa-12449	112	91	(	(	PUNCT
ajfa-12449	112	92	sgr	sgr	PROPN
ajfa-12449	112	93	)	)	PUNCT
ajfa-12449	112	94	194	194	NUM
ajfa-12449	112	95	0.125	0.125	NUM
ajfa-12449	112	96	0.248	0.248	NUM
ajfa-12449	112	97	0.10	0.10	NUM
ajfa-12449	112	98	-0.454	-0.454	SYM
ajfa-12449	112	99	1.957	1.957	NUM
ajfa-12449	112	100	notes	note	NOUN
ajfa-12449	112	101	:	:	PUNCT
ajfa-12449	112	102	see	see	VERB
ajfa-12449	112	103	the	the	DET
ajfa-12449	112	104	table	table	NOUN
ajfa-12449	112	105	1	1	NUM
ajfa-12449	112	106	for	for	ADP
ajfa-12449	112	107	definitions	definition	NOUN
ajfa-12449	112	108	of	of	ADP
ajfa-12449	112	109	the	the	DET
ajfa-12449	112	110	variables	variable	NOUN
ajfa-12449	112	111	.	.	PUNCT
ajfa-12449	113	1	table	table	NOUN
ajfa-12449	113	2	2	2	NUM
ajfa-12449	113	3	presents	present	VERB
ajfa-12449	113	4	descriptive	descriptive	ADJ
ajfa-12449	113	5	statistics	statistic	NOUN
ajfa-12449	113	6	for	for	ADP
ajfa-12449	113	7	the	the	DET
ajfa-12449	113	8	variables	variable	NOUN
ajfa-12449	113	9	used	use	VERB
ajfa-12449	113	10	in	in	ADP
ajfa-12449	113	11	the	the	DET
ajfa-12449	113	12	analysis	analysis	NOUN
ajfa-12449	113	13	for	for	ADP
ajfa-12449	113	14	our	our	PRON
ajfa-12449	113	15	pooled	pool	VERB
ajfa-12449	113	16	sample	sample	NOUN
ajfa-12449	113	17	.	.	PUNCT
ajfa-12449	114	1	the	the	DET
ajfa-12449	114	2	pooled	pooled	ADJ
ajfa-12449	114	3	mean	mean	NOUN
ajfa-12449	114	4	(	(	PUNCT
ajfa-12449	114	5	median	median	PROPN
ajfa-12449	114	6	)	)	PUNCT
ajfa-12449	114	7	tobin	tobin	PROPN
ajfa-12449	114	8	’s	’s	PART
ajfa-12449	114	9	q	q	X
ajfa-12449	114	10	(	(	PUNCT
ajfa-12449	114	11	tq	tq	NOUN
ajfa-12449	114	12	)	)	PUNCT
ajfa-12449	114	13	is	be	AUX
ajfa-12449	114	14	1.92(1.40	1.92(1.40	NUM
ajfa-12449	114	15	)	)	PUNCT
ajfa-12449	114	16	.	.	PUNCT
ajfa-12449	115	1	the	the	DET
ajfa-12449	115	2	average	average	ADJ
ajfa-12449	115	3	(	(	PUNCT
ajfa-12449	115	4	median	median	ADJ
ajfa-12449	115	5	)	)	PUNCT
ajfa-12449	115	6	cash	cash	NOUN
ajfa-12449	115	7	conversion	conversion	NOUN
ajfa-12449	115	8	cycle	cycle	NOUN
ajfa-12449	115	9	is	be	AUX
ajfa-12449	115	10	65.77	65.77	NUM
ajfa-12449	115	11	days	day	NOUN
ajfa-12449	115	12	(	(	PUNCT
ajfa-12449	115	13	44.67	44.67	NUM
ajfa-12449	115	14	days	day	NOUN
ajfa-12449	115	15	)	)	PUNCT
ajfa-12449	115	16	.	.	PUNCT
ajfa-12449	116	1	firms	firm	NOUN
ajfa-12449	116	2	receive	receive	VERB
ajfa-12449	116	3	payment	payment	NOUN
ajfa-12449	116	4	from	from	ADP
ajfa-12449	116	5	their	their	PRON
ajfa-12449	116	6	credit	credit	NOUN
ajfa-12449	116	7	sales	sale	NOUN
ajfa-12449	116	8	after	after	ADP
ajfa-12449	116	9	on	on	ADP
ajfa-12449	116	10	average	average	NOUN
ajfa-12449	116	11	of	of	ADP
ajfa-12449	116	12	52	52	NUM
ajfa-12449	116	13	days	day	NOUN
ajfa-12449	116	14	with	with	ADP
ajfa-12449	116	15	a	a	DET
ajfa-12449	116	16	median	median	NOUN
ajfa-12449	116	17	of	of	ADP
ajfa-12449	116	18	34.02	34.02	NUM
ajfa-12449	116	19	days	day	NOUN
ajfa-12449	116	20	.	.	PUNCT
ajfa-12449	117	1	it	it	PRON
ajfa-12449	117	2	takes	take	VERB
ajfa-12449	117	3	on	on	ADP
ajfa-12449	117	4	average	average	ADJ
ajfa-12449	117	5	42.36	42.36	NUM
ajfa-12449	117	6	days	day	NOUN
ajfa-12449	117	7	(	(	PUNCT
ajfa-12449	117	8	median	median	NOUN
ajfa-12449	117	9	is	be	AUX
ajfa-12449	117	10	33.8	33.8	NUM
ajfa-12449	117	11	days	day	NOUN
ajfa-12449	117	12	)	)	PUNCT
ajfa-12449	117	13	to	to	PART
ajfa-12449	117	14	sell	sell	VERB
ajfa-12449	117	15	inventory	inventory	NOUN
ajfa-12449	117	16	.	.	PUNCT
ajfa-12449	118	1	firms	firm	NOUN
ajfa-12449	118	2	pay	pay	VERB
ajfa-12449	118	3	their	their	PRON
ajfa-12449	118	4	suppliers	supplier	NOUN
ajfa-12449	118	5	after	after	ADP
ajfa-12449	118	6	28.58	28.58	NUM
ajfa-12449	118	7	days	day	NOUN
ajfa-12449	118	8	on	on	ADP
ajfa-12449	118	9	average	average	ADJ
ajfa-12449	118	10	,	,	PUNCT
ajfa-12449	118	11	(	(	PUNCT
ajfa-12449	118	12	median	median	NOUN
ajfa-12449	118	13	is	be	AUX
ajfa-12449	118	14	50.61	50.61	NUM
ajfa-12449	118	15	days	day	NOUN
ajfa-12449	118	16	)	)	PUNCT
ajfa-12449	118	17	.	.	PUNCT
ajfa-12449	119	1	turning	turn	VERB
ajfa-12449	119	2	to	to	ADP
ajfa-12449	119	3	the	the	DET
ajfa-12449	119	4	control	control	NOUN
ajfa-12449	119	5	variables	variable	NOUN
ajfa-12449	119	6	,	,	PUNCT
ajfa-12449	119	7	average	average	ADJ
ajfa-12449	119	8	size	size	NOUN
ajfa-12449	119	9	of	of	ADP
ajfa-12449	119	10	the	the	DET
ajfa-12449	119	11	sample	sample	NOUN
ajfa-12449	119	12	firms	firm	NOUN
ajfa-12449	119	13	measured	measure	VERB
ajfa-12449	119	14	by	by	ADP
ajfa-12449	119	15	sales	sale	NOUN
ajfa-12449	119	16	is	be	AUX
ajfa-12449	119	17	about	about	ADV
ajfa-12449	119	18	4.39	4.39	NUM
ajfa-12449	119	19	billion	billion	NUM
ajfa-12449	119	20	rupees	rupee	NOUN
ajfa-12449	119	21	(	(	PUNCT
ajfa-12449	119	22	2.61	2.61	NUM
ajfa-12449	119	23	billion	billion	NUM
ajfa-12449	119	24	rupees	rupee	NOUN
ajfa-12449	119	25	)	)	PUNCT
ajfa-12449	119	26	.	.	PUNCT
ajfa-12449	120	1	the	the	DET
ajfa-12449	120	2	debt	debt	NOUN
ajfa-12449	120	3	ratio	ratio	NOUN
ajfa-12449	120	4	has	have	VERB
ajfa-12449	120	5	a	a	DET
ajfa-12449	120	6	mean	mean	ADJ
ajfa-12449	120	7	and	and	CCONJ
ajfa-12449	120	8	median	median	ADJ
ajfa-12449	120	9	value	value	NOUN
ajfa-12449	120	10	of	of	ADP
ajfa-12449	120	11	45	45	NUM
ajfa-12449	120	12	%	%	NOUN
ajfa-12449	120	13	(	(	PUNCT
ajfa-12449	120	14	40	40	NUM
ajfa-12449	120	15	%	%	NOUN
ajfa-12449	120	16	)	)	PUNCT
ajfa-12449	120	17	,	,	PUNCT
ajfa-12449	120	18	suggesting	suggest	VERB
ajfa-12449	120	19	that	that	SCONJ
ajfa-12449	120	20	about	about	ADV
ajfa-12449	120	21	45	45	NUM
ajfa-12449	120	22	%	%	NOUN
ajfa-12449	120	23	of	of	ADP
ajfa-12449	120	24	the	the	DET
ajfa-12449	120	25	sample	sample	NOUN
ajfa-12449	120	26	firms	firm	NOUN
ajfa-12449	120	27	’	'	PUNCT
ajfa-12449	120	28	assets	asset	NOUN
ajfa-12449	120	29	are	be	AUX
ajfa-12449	120	30	financed	finance	VERB
ajfa-12449	120	31	by	by	ADP
ajfa-12449	120	32	debt	debt	NOUN
ajfa-12449	120	33	capital	capital	NOUN
ajfa-12449	120	34	.	.	PUNCT
ajfa-12449	121	1	the	the	DET
ajfa-12449	121	2	average	average	ADJ
ajfa-12449	121	3	(	(	PUNCT
ajfa-12449	121	4	median	median	ADJ
ajfa-12449	121	5	)	)	PUNCT
ajfa-12449	121	6	sales	sale	NOUN
ajfa-12449	121	7	growth	growth	NOUN
ajfa-12449	121	8	,	,	PUNCT
ajfa-12449	121	9	measured	measure	VERB
ajfa-12449	121	10	as	as	ADP
ajfa-12449	121	11	changes	change	NOUN
ajfa-12449	121	12	in	in	ADP
ajfa-12449	121	13	sales	sale	NOUN
ajfa-12449	121	14	,	,	PUNCT
ajfa-12449	121	15	is	be	AUX
ajfa-12449	121	16	12.5	12.5	NUM
ajfa-12449	121	17	%	%	NOUN
ajfa-12449	121	18	(	(	PUNCT
ajfa-12449	121	19	10	10	NUM
ajfa-12449	121	20	%	%	NOUN
ajfa-12449	121	21	)	)	PUNCT
ajfa-12449	121	22	.	.	PUNCT
ajfa-12449	122	1	the	the	DET
ajfa-12449	122	2	large	large	ADJ
ajfa-12449	122	3	disparity	disparity	NOUN
ajfa-12449	122	4	between	between	ADP
ajfa-12449	122	5	mean	mean	ADJ
ajfa-12449	122	6	and	and	CCONJ
ajfa-12449	122	7	median	median	ADJ
ajfa-12449	122	8	values	value	NOUN
ajfa-12449	122	9	for	for	ADP
ajfa-12449	122	10	the	the	DET
ajfa-12449	122	11	components	component	NOUN
ajfa-12449	122	12	of	of	ADP
ajfa-12449	122	13	the	the	DET
ajfa-12449	122	14	ccc	ccc	PROPN
ajfa-12449	122	15	illustrates	illustrate	VERB
ajfa-12449	122	16	the	the	DET
ajfa-12449	122	17	dramatic	dramatic	ADJ
ajfa-12449	122	18	variation	variation	NOUN
ajfa-12449	122	19	in	in	ADP
ajfa-12449	122	20	turnover	turnover	NOUN
ajfa-12449	122	21	ratios	ratio	NOUN
ajfa-12449	122	22	among	among	ADP
ajfa-12449	122	23	the	the	DET
ajfa-12449	122	24	sample	sample	NOUN
ajfa-12449	122	25	firms	firm	NOUN
ajfa-12449	122	26	.	.	PUNCT
ajfa-12449	123	1	5	5	X
ajfa-12449	123	2	.	.	X
ajfa-12449	123	3	empirical	empirical	ADJ
ajfa-12449	123	4	results	result	NOUN
ajfa-12449	123	5	this	this	DET
ajfa-12449	123	6	section	section	NOUN
ajfa-12449	123	7	provides	provide	VERB
ajfa-12449	123	8	discussion	discussion	NOUN
ajfa-12449	123	9	of	of	ADP
ajfa-12449	123	10	empirical	empirical	ADJ
ajfa-12449	123	11	results	result	NOUN
ajfa-12449	123	12	obtained	obtain	VERB
ajfa-12449	123	13	from	from	ADP
ajfa-12449	123	14	correlation	correlation	NOUN
ajfa-12449	123	15	and	and	CCONJ
ajfa-12449	123	16	regression	regression	NOUN
ajfa-12449	123	17	analysis	analysis	NOUN
ajfa-12449	123	18	.	.	PUNCT
ajfa-12449	124	1	5.1	5.1	NUM
ajfa-12449	124	2	correlation	correlation	NOUN
ajfa-12449	124	3	analysis	analysis	NOUN
ajfa-12449	124	4	table	table	NOUN
ajfa-12449	124	5	3	3	NUM
ajfa-12449	124	6	provides	provide	VERB
ajfa-12449	124	7	the	the	DET
ajfa-12449	124	8	pearson	pearson	NOUN
ajfa-12449	124	9	correlation	correlation	NOUN
ajfa-12449	124	10	of	of	ADP
ajfa-12449	124	11	coefficients	coefficient	NOUN
ajfa-12449	124	12	for	for	ADP
ajfa-12449	124	13	the	the	DET
ajfa-12449	124	14	pairs	pair	NOUN
ajfa-12449	124	15	of	of	ADP
ajfa-12449	124	16	variables	variable	NOUN
ajfa-12449	124	17	of	of	ADP
ajfa-12449	124	18	this	this	DET
ajfa-12449	124	19	study	study	NOUN
ajfa-12449	124	20	.	.	PUNCT
ajfa-12449	125	1	it	it	PRON
ajfa-12449	125	2	can	can	AUX
ajfa-12449	125	3	be	be	AUX
ajfa-12449	125	4	observed	observe	VERB
ajfa-12449	125	5	that	that	SCONJ
ajfa-12449	125	6	ccc	ccc	PROPN
ajfa-12449	125	7	has	have	VERB
ajfa-12449	125	8	a	a	DET
ajfa-12449	125	9	significant	significant	ADJ
ajfa-12449	125	10	negative	negative	ADJ
ajfa-12449	125	11	relationship	relationship	NOUN
ajfa-12449	125	12	with	with	ADP
ajfa-12449	125	13	tobin	tobin	PROPN
ajfa-12449	125	14	q	q	PROPN
ajfa-12449	125	15	(	(	PUNCT
ajfa-12449	125	16	tq)which	tq)which	ADV
ajfa-12449	125	17	is	be	AUX
ajfa-12449	125	18	consistent	consistent	ADJ
ajfa-12449	125	19	with	with	ADP
ajfa-12449	125	20	the	the	DET
ajfa-12449	125	21	literature	literature	NOUN
ajfa-12449	125	22	that	that	PRON
ajfa-12449	125	23	increase	increase	VERB
ajfa-12449	125	24	in	in	ADP
ajfa-12449	125	25	time	time	NOUN
ajfa-12449	125	26	lag	lag	NOUN
ajfa-12449	125	27	in	in	ADP
ajfa-12449	125	28	cash	cash	NOUN
ajfa-12449	125	29	conversion	conversion	NOUN
ajfa-12449	125	30	will	will	AUX
ajfa-12449	125	31	negatively	negatively	ADV
ajfa-12449	125	32	affect	affect	VERB
ajfa-12449	125	33	to	to	ADP
ajfa-12449	125	34	the	the	DET
ajfa-12449	125	35	market	market	NOUN
ajfa-12449	125	36	performance	performance	NOUN
ajfa-12449	125	37	of	of	ADP
ajfa-12449	125	38	the	the	DET
ajfa-12449	125	39	firm	firm	NOUN
ajfa-12449	125	40	.	.	PUNCT
ajfa-12449	126	1	inefficient	inefficient	ADJ
ajfa-12449	126	2	payment	payment	NOUN
ajfa-12449	126	3	collection	collection	NOUN
ajfa-12449	126	4	from	from	ADP
ajfa-12449	126	5	debtors	debtor	NOUN
ajfa-12449	126	6	would	would	AUX
ajfa-12449	126	7	decrease	decrease	VERB
ajfa-12449	126	8	the	the	DET
ajfa-12449	126	9	market	market	NOUN
ajfa-12449	126	10	value	value	NOUN
ajfa-12449	126	11	of	of	ADP
ajfa-12449	126	12	firm	firm	NOUN
ajfa-12449	126	13	which	which	PRON
ajfa-12449	126	14	is	be	AUX
ajfa-12449	126	15	evident	evident	ADJ
ajfa-12449	126	16	by	by	ADP
ajfa-12449	126	17	significant	significant	ADJ
ajfa-12449	126	18	negative	negative	ADJ
ajfa-12449	126	19	correlation	correlation	NOUN
ajfa-12449	126	20	between	between	ADP
ajfa-12449	126	21	accounts	account	NOUN
ajfa-12449	126	22	receivables	receivables	NOUN
ajfa-12449	126	23	and	and	CCONJ
ajfa-12449	126	24	tq	tq	ADP
ajfa-12449	126	25	.	.	PUNCT
ajfa-12449	127	1	as	as	SCONJ
ajfa-12449	127	2	investors	investor	NOUN
ajfa-12449	127	3	in	in	ADP
ajfa-12449	127	4	financial	financial	ADJ
ajfa-12449	127	5	markets	market	NOUN
ajfa-12449	127	6	are	be	AUX
ajfa-12449	127	7	concerned	concerned	ADJ
ajfa-12449	127	8	about	about	ADP
ajfa-12449	127	9	asian	asian	ADJ
ajfa-12449	127	10	journal	journal	NOUN
ajfa-12449	127	11	of	of	ADP
ajfa-12449	127	12	finance	finance	PROPN
ajfa-12449	127	13	&	&	CCONJ
ajfa-12449	127	14	accounting	accounting	PROPN
ajfa-12449	127	15	issn	issn	PROPN
ajfa-12449	127	16	1946	1946	NUM
ajfa-12449	127	17	-	-	PUNCT
ajfa-12449	127	18	052x	052x	PROPN
ajfa-12449	127	19	2017	2017	NUM
ajfa-12449	127	20	,	,	PUNCT
ajfa-12449	127	21	vol	vol	NOUN
ajfa-12449	127	22	.	.	NOUN
ajfa-12449	128	1	9	9	NUM
ajfa-12449	128	2	,	,	PUNCT
ajfa-12449	128	3	no	no	NOUN
ajfa-12449	128	4	.	.	NOUN
ajfa-12449	128	5	2	2	NUM
ajfa-12449	128	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12449	128	7	407	407	NUM
ajfa-12449	128	8	credit	credit	NOUN
ajfa-12449	128	9	sales	sale	NOUN
ajfa-12449	128	10	and	and	CCONJ
ajfa-12449	128	11	late	late	ADJ
ajfa-12449	128	12	collection	collection	NOUN
ajfa-12449	128	13	of	of	ADP
ajfa-12449	128	14	debt	debt	NOUN
ajfa-12449	128	15	payments	payment	NOUN
ajfa-12449	128	16	since	since	SCONJ
ajfa-12449	128	17	this	this	PRON
ajfa-12449	128	18	indicates	indicate	VERB
ajfa-12449	128	19	the	the	DET
ajfa-12449	128	20	inefficient	inefficient	ADJ
ajfa-12449	128	21	liquidity	liquidity	NOUN
ajfa-12449	128	22	management	management	NOUN
ajfa-12449	128	23	of	of	ADP
ajfa-12449	128	24	firms	firm	NOUN
ajfa-12449	128	25	.	.	PUNCT
ajfa-12449	129	1	similarly	similarly	ADV
ajfa-12449	129	2	,	,	PUNCT
ajfa-12449	129	3	as	as	SCONJ
ajfa-12449	129	4	expected	expect	VERB
ajfa-12449	129	5	inventory	inventory	NOUN
ajfa-12449	129	6	days	day	NOUN
ajfa-12449	129	7	(	(	PUNCT
ajfa-12449	129	8	invd	invd	NOUN
ajfa-12449	129	9	)	)	PUNCT
ajfa-12449	129	10	also	also	ADV
ajfa-12449	129	11	exhibit	exhibit	VERB
ajfa-12449	129	12	a	a	DET
ajfa-12449	129	13	negative	negative	ADJ
ajfa-12449	129	14	and	and	CCONJ
ajfa-12449	129	15	significant	significant	ADJ
ajfa-12449	129	16	relationship	relationship	NOUN
ajfa-12449	129	17	with	with	ADP
ajfa-12449	129	18	tq	tq	ADV
ajfa-12449	129	19	.	.	PUNCT
ajfa-12449	130	1	surprisingly	surprisingly	ADV
ajfa-12449	130	2	,	,	PUNCT
ajfa-12449	130	3	number	number	NOUN
ajfa-12449	130	4	of	of	ADP
ajfa-12449	130	5	days	day	NOUN
ajfa-12449	130	6	accounts	account	NOUN
ajfa-12449	130	7	payable	payable	ADJ
ajfa-12449	130	8	is	be	AUX
ajfa-12449	130	9	not	not	PART
ajfa-12449	130	10	significantly	significantly	ADV
ajfa-12449	130	11	associated	associate	VERB
ajfa-12449	130	12	with	with	ADP
ajfa-12449	130	13	tq	tq	ADV
ajfa-12449	130	14	.	.	PUNCT
ajfa-12449	131	1	looking	look	VERB
ajfa-12449	131	2	at	at	ADP
ajfa-12449	131	3	the	the	DET
ajfa-12449	131	4	control	control	NOUN
ajfa-12449	131	5	variables	variable	NOUN
ajfa-12449	131	6	,	,	PUNCT
ajfa-12449	131	7	leverage	leverage	NOUN
ajfa-12449	131	8	depicts	depict	VERB
ajfa-12449	131	9	a	a	DET
ajfa-12449	131	10	significant	significant	ADJ
ajfa-12449	131	11	negative	negative	ADJ
ajfa-12449	131	12	relationship	relationship	NOUN
ajfa-12449	131	13	with	with	ADP
ajfa-12449	131	14	tq	tq	ADV
ajfa-12449	131	15	reflecting	reflect	VERB
ajfa-12449	131	16	higher	high	ADJ
ajfa-12449	131	17	amount	amount	NOUN
ajfa-12449	131	18	of	of	ADP
ajfa-12449	131	19	debt	debt	NOUN
ajfa-12449	131	20	would	would	AUX
ajfa-12449	131	21	cause	cause	VERB
ajfa-12449	131	22	an	an	DET
ajfa-12449	131	23	adverse	adverse	ADJ
ajfa-12449	131	24	influence	influence	NOUN
ajfa-12449	131	25	on	on	ADP
ajfa-12449	131	26	market	market	NOUN
ajfa-12449	131	27	value	value	NOUN
ajfa-12449	131	28	of	of	ADP
ajfa-12449	131	29	the	the	DET
ajfa-12449	131	30	firm	firm	NOUN
ajfa-12449	131	31	since	since	SCONJ
ajfa-12449	131	32	higher	high	ADJ
ajfa-12449	131	33	leverage	leverage	NOUN
ajfa-12449	131	34	increases	increase	VERB
ajfa-12449	131	35	the	the	DET
ajfa-12449	131	36	financial	financial	ADJ
ajfa-12449	131	37	risk	risk	NOUN
ajfa-12449	131	38	of	of	ADP
ajfa-12449	131	39	the	the	DET
ajfa-12449	131	40	firm	firm	NOUN
ajfa-12449	131	41	.	.	PUNCT
ajfa-12449	132	1	furthermore	furthermore	ADV
ajfa-12449	132	2	,	,	PUNCT
ajfa-12449	132	3	large	large	ADJ
ajfa-12449	132	4	firms	firm	NOUN
ajfa-12449	132	5	have	have	VERB
ajfa-12449	132	6	higher	high	ADJ
ajfa-12449	132	7	market	market	NOUN
ajfa-12449	132	8	value	value	NOUN
ajfa-12449	132	9	,	,	PUNCT
ajfa-12449	132	10	exhibiting	exhibit	VERB
ajfa-12449	132	11	a	a	DET
ajfa-12449	132	12	positive	positive	ADJ
ajfa-12449	132	13	significant	significant	ADJ
ajfa-12449	132	14	correlation	correlation	NOUN
ajfa-12449	132	15	with	with	ADP
ajfa-12449	132	16	tq	tq	ADV
ajfa-12449	132	17	.	.	PUNCT
ajfa-12449	133	1	finally	finally	ADV
ajfa-12449	133	2	,	,	PUNCT
ajfa-12449	133	3	table	table	NOUN
ajfa-12449	133	4	3	3	NUM
ajfa-12449	133	5	suggests	suggest	VERB
ajfa-12449	133	6	that	that	SCONJ
ajfa-12449	133	7	given	give	VERB
ajfa-12449	133	8	that	that	SCONJ
ajfa-12449	133	9	the	the	DET
ajfa-12449	133	10	observed	observe	VERB
ajfa-12449	133	11	correlation	correlation	NOUN
ajfa-12449	133	12	coefficients	coefficient	NOUN
ajfa-12449	133	13	are	be	AUX
ajfa-12449	133	14	relatively	relatively	ADV
ajfa-12449	133	15	low	low	ADJ
ajfa-12449	133	16	,	,	PUNCT
ajfa-12449	133	17	multicollinearity	multicollinearity	NOUN
ajfa-12449	133	18	should	should	AUX
ajfa-12449	133	19	not	not	PART
ajfa-12449	133	20	be	be	AUX
ajfa-12449	133	21	a	a	DET
ajfa-12449	133	22	serious	serious	ADJ
ajfa-12449	133	23	problem	problem	NOUN
ajfa-12449	133	24	in	in	ADP
ajfa-12449	133	25	our	our	PRON
ajfa-12449	133	26	study	study	NOUN
ajfa-12449	133	27	.	.	PUNCT
ajfa-12449	134	1	table	table	NOUN
ajfa-12449	134	2	3	3	NUM
ajfa-12449	134	3	.	.	PUNCT
ajfa-12449	134	4	pearson	pearson	PROPN
ajfa-12449	134	5	correlation	correlation	NOUN
ajfa-12449	134	6	matrix	matrix	NOUN
ajfa-12449	134	7	tq	tq	ADP
ajfa-12449	134	8	ccc	ccc	PROPN
ajfa-12449	134	9	ard	ard	PROPN
ajfa-12449	134	10	invd	invd	PROPN
ajfa-12449	134	11	apd	apd	PROPN
ajfa-12449	134	12	size	size	PROPN
ajfa-12449	134	13	lev	lev	PROPN
ajfa-12449	134	14	sgr	sgr	PROPN
ajfa-12449	134	15	tq	tq	ADP
ajfa-12449	134	16	1.00	1.00	NUM
ajfa-12449	134	17	ccc	ccc	NOUN
ajfa-12449	134	18	-0.17	-0.17	NOUN
ajfa-12449	134	19	*	*	PROPN
ajfa-12449	134	20	*	*	PROPN
ajfa-12449	134	21	1.00	1.00	NUM
ajfa-12449	134	22	ard	ard	PROPN
ajfa-12449	134	23	-0.27	-0.27	PROPN
ajfa-12449	134	24	*	*	PROPN
ajfa-12449	134	25	*	*	PUNCT
ajfa-12449	134	26	*	*	PUNCT
ajfa-12449	135	1	0.70	0.70	NUM
ajfa-12449	135	2	*	*	PUNCT
ajfa-12449	135	3	*	*	PUNCT
ajfa-12449	135	4	*	*	PUNCT
ajfa-12449	135	5	1.00	1.00	NUM
ajfa-12449	135	6	invd	invd	ADJ
ajfa-12449	135	7	-0.02	-0.02	NOUN
ajfa-12449	135	8	*	*	NOUN
ajfa-12449	135	9	0.66	0.66	NUM
ajfa-12449	135	10	*	*	PUNCT
ajfa-12449	135	11	*	*	PUNCT
ajfa-12449	135	12	*	*	PUNCT
ajfa-12449	136	1	0.21	0.21	NUM
ajfa-12449	136	2	*	*	PUNCT
ajfa-12449	136	3	*	*	PUNCT
ajfa-12449	136	4	*	*	PROPN
ajfa-12449	136	5	1.00	1.00	NUM
ajfa-12449	136	6	apd	apd	PROPN
ajfa-12449	136	7	0.03	0.03	NUM
ajfa-12449	136	8	-0.17	-0.17	NOUN
ajfa-12449	136	9	*	*	PROPN
ajfa-12449	136	10	*	*	NOUN
ajfa-12449	136	11	0.17	0.17	NUM
ajfa-12449	136	12	*	*	X
ajfa-12449	136	13	*	*	PUNCT
ajfa-12449	136	14	0.35	0.35	NUM
ajfa-12449	136	15	*	*	PUNCT
ajfa-12449	136	16	*	*	PUNCT
ajfa-12449	136	17	*	*	PUNCT
ajfa-12449	136	18	1.00	1.00	NUM
ajfa-12449	136	19	size	size	NOUN
ajfa-12449	136	20	0.64	0.64	NUM
ajfa-12449	136	21	*	*	PUNCT
ajfa-12449	136	22	*	*	PUNCT
ajfa-12449	136	23	*	*	NOUN
ajfa-12449	136	24	-0.12	-0.12	NUM
ajfa-12449	136	25	*	*	NOUN
ajfa-12449	136	26	-0.21	-0.21	PROPN
ajfa-12449	136	27	*	*	NOUN
ajfa-12449	136	28	*	*	PROPN
ajfa-12449	136	29	*	*	PROPN
ajfa-12449	136	30	-0.03	-0.03	NUM
ajfa-12449	136	31	-0.05	-0.05	NUM
ajfa-12449	136	32	1.00	1.00	NUM
ajfa-12449	136	33	lev	lev	NOUN
ajfa-12449	136	34	-0.12	-0.12	NOUN
ajfa-12449	136	35	*	*	NOUN
ajfa-12449	136	36	-0.08	-0.08	NUM
ajfa-12449	136	37	-0.17	-0.17	NOUN
ajfa-12449	136	38	*	*	PROPN
ajfa-12449	136	39	*	*	NOUN
ajfa-12449	136	40	0.09	0.09	NUM
ajfa-12449	136	41	0.06	0.06	NUM
ajfa-12449	136	42	0.26	0.26	NUM
ajfa-12449	136	43	*	*	PUNCT
ajfa-12449	136	44	*	*	PUNCT
ajfa-12449	136	45	*	*	PROPN
ajfa-12449	136	46	1.00	1.00	NUM
ajfa-12449	136	47	sgr	sgr	NOUN
ajfa-12449	136	48	0.18	0.18	NUM
ajfa-12449	136	49	0.02	0.02	NUM
ajfa-12449	136	50	-0.05	-0.05	NUM
ajfa-12449	136	51	0.13	0.13	NUM
ajfa-12449	136	52	*	*	PUNCT
ajfa-12449	136	53	0.08	0.08	NUM
ajfa-12449	136	54	0.05	0.05	NUM
ajfa-12449	136	55	0.06	0.06	NUM
ajfa-12449	136	56	1.00	1.00	NUM
ajfa-12449	136	57	notes	note	NOUN
ajfa-12449	136	58	:	:	PUNCT
ajfa-12449	136	59	asterisks	asterisk	NOUN
ajfa-12449	136	60	denote	denote	VERB
ajfa-12449	136	61	statistical	statistical	ADJ
ajfa-12449	136	62	significance	significance	NOUN
ajfa-12449	136	63	at	at	ADP
ajfa-12449	136	64	the	the	DET
ajfa-12449	136	65	1	1	NUM
ajfa-12449	136	66	%	%	NOUN
ajfa-12449	136	67	(	(	PUNCT
ajfa-12449	136	68	*	*	PUNCT
ajfa-12449	136	69	*	*	PUNCT
ajfa-12449	136	70	*	*	PUNCT
ajfa-12449	136	71	)	)	PUNCT
ajfa-12449	136	72	,	,	PUNCT
ajfa-12449	136	73	5	5	NUM
ajfa-12449	136	74	%	%	NOUN
ajfa-12449	136	75	(	(	PUNCT
ajfa-12449	136	76	*	*	NOUN
ajfa-12449	136	77	*	*	PUNCT
ajfa-12449	136	78	)	)	PUNCT
ajfa-12449	136	79	,	,	PUNCT
ajfa-12449	136	80	or	or	CCONJ
ajfa-12449	136	81	10	10	NUM
ajfa-12449	136	82	%	%	NOUN
ajfa-12449	136	83	(	(	PUNCT
ajfa-12449	136	84	*	*	NOUN
ajfa-12449	136	85	)	)	PUNCT
ajfa-12449	136	86	level	level	NOUN
ajfa-12449	136	87	,	,	PUNCT
ajfa-12449	136	88	respectively	respectively	ADV
ajfa-12449	136	89	.	.	PUNCT
ajfa-12449	137	1	see	see	VERB
ajfa-12449	137	2	the	the	DET
ajfa-12449	137	3	table	table	NOUN
ajfa-12449	137	4	1	1	NUM
ajfa-12449	137	5	for	for	ADP
ajfa-12449	137	6	definitions	definition	NOUN
ajfa-12449	137	7	of	of	ADP
ajfa-12449	137	8	the	the	DET
ajfa-12449	137	9	variables	variable	NOUN
ajfa-12449	137	10	.	.	PUNCT
ajfa-12449	138	1	5.2multivariate	5.2multivariate	NUM
ajfa-12449	138	2	analysis	analysis	NOUN
ajfa-12449	138	3	5.2.1	5.2.1	NUM
ajfa-12449	138	4	pooled	pool	VERB
ajfa-12449	138	5	ols	ol	NOUN
ajfa-12449	138	6	regression	regression	NOUN
ajfa-12449	138	7	results	result	NOUN
ajfa-12449	138	8	table	table	VERB
ajfa-12449	138	9	4	4	NUM
ajfa-12449	138	10	presents	present	NOUN
ajfa-12449	138	11	estimation	estimation	NOUN
ajfa-12449	138	12	results	result	NOUN
ajfa-12449	138	13	of	of	ADP
ajfa-12449	138	14	pooled	pool	VERB
ajfa-12449	138	15	ols	ol	NOUN
ajfa-12449	138	16	regressions	regression	NOUN
ajfa-12449	138	17	[	[	X
ajfa-12449	138	18	see	see	VERB
ajfa-12449	138	19	eq	eq	ADP
ajfa-12449	138	20	.	.	PUNCT
ajfa-12449	139	1	(	(	PUNCT
ajfa-12449	139	2	1	1	NUM
ajfa-12449	139	3	)	)	PUNCT
ajfa-12449	139	4	]	]	PUNCT
ajfa-12449	139	5	.	.	PUNCT
ajfa-12449	140	1	column	column	NOUN
ajfa-12449	140	2	1	1	NUM
ajfa-12449	140	3	reports	report	NOUN
ajfa-12449	140	4	results	result	NOUN
ajfa-12449	140	5	of	of	ADP
ajfa-12449	140	6	our	our	PRON
ajfa-12449	140	7	regression	regression	NOUN
ajfa-12449	140	8	model	model	NOUN
ajfa-12449	140	9	(	(	PUNCT
ajfa-12449	140	10	1	1	NUM
ajfa-12449	140	11	)	)	PUNCT
ajfa-12449	140	12	where	where	SCONJ
ajfa-12449	140	13	the	the	DET
ajfa-12449	140	14	dependent	dependent	ADJ
ajfa-12449	140	15	variable	variable	NOUN
ajfa-12449	140	16	namely	namely	ADV
ajfa-12449	140	17	,	,	PUNCT
ajfa-12449	140	18	tobin	tobin	PROPN
ajfa-12449	140	19	’s	’s	PART
ajfa-12449	140	20	q	q	X
ajfa-12449	140	21	(	(	PUNCT
ajfa-12449	140	22	tq	tq	NOUN
ajfa-12449	140	23	)	)	PUNCT
ajfa-12449	140	24	is	be	AUX
ajfa-12449	140	25	regressed	regress	VERB
ajfa-12449	140	26	on	on	ADP
ajfa-12449	140	27	ccc	ccc	PROPN
ajfa-12449	140	28	and	and	CCONJ
ajfa-12449	140	29	a	a	DET
ajfa-12449	140	30	set	set	NOUN
ajfa-12449	140	31	of	of	ADP
ajfa-12449	140	32	control	control	NOUN
ajfa-12449	140	33	variables	variable	NOUN
ajfa-12449	140	34	including	include	VERB
ajfa-12449	140	35	firm	firm	ADJ
ajfa-12449	140	36	size	size	NOUN
ajfa-12449	140	37	,	,	PUNCT
ajfa-12449	140	38	leverage	leverage	NOUN
ajfa-12449	140	39	,	,	PUNCT
ajfa-12449	140	40	sales	sale	NOUN
ajfa-12449	140	41	growth	growth	NOUN
ajfa-12449	140	42	and	and	CCONJ
ajfa-12449	140	43	a	a	DET
ajfa-12449	140	44	set	set	NOUN
ajfa-12449	140	45	of	of	ADP
ajfa-12449	140	46	year	year	NOUN
ajfa-12449	140	47	dummies	dummy	NOUN
ajfa-12449	140	48	and	and	CCONJ
ajfa-12449	140	49	industry	industry	NOUN
ajfa-12449	140	50	dummies	dummy	NOUN
ajfa-12449	140	51	.	.	PUNCT
ajfa-12449	141	1	in	in	ADP
ajfa-12449	141	2	addition	addition	NOUN
ajfa-12449	141	3	,	,	PUNCT
ajfa-12449	141	4	columns	column	NOUN
ajfa-12449	141	5	2	2	NUM
ajfa-12449	141	6	-	-	SYM
ajfa-12449	141	7	4	4	NUM
ajfa-12449	141	8	of	of	ADP
ajfa-12449	141	9	table	table	NOUN
ajfa-12449	141	10	4	4	NUM
ajfa-12449	141	11	report	report	NOUN
ajfa-12449	141	12	results	result	NOUN
ajfa-12449	141	13	of	of	ADP
ajfa-12449	141	14	the	the	DET
ajfa-12449	141	15	effect	effect	NOUN
ajfa-12449	141	16	of	of	ADP
ajfa-12449	141	17	components	component	NOUN
ajfa-12449	141	18	of	of	ADP
ajfa-12449	141	19	ccc	ccc	PROPN
ajfa-12449	141	20	,	,	PUNCT
ajfa-12449	141	21	namely	namely	ADV
ajfa-12449	141	22	number	number	NOUN
ajfa-12449	141	23	of	of	ADP
ajfa-12449	141	24	days	day	NOUN
ajfa-12449	141	25	accounts	account	VERB
ajfa-12449	141	26	receivable	receivable	ADJ
ajfa-12449	141	27	,	,	PUNCT
ajfa-12449	141	28	number	number	NOUN
ajfa-12449	141	29	of	of	ADP
ajfa-12449	141	30	days	day	NOUN
ajfa-12449	141	31	inventory	inventory	NOUN
ajfa-12449	141	32	and	and	CCONJ
ajfa-12449	141	33	number	number	NOUN
ajfa-12449	141	34	of	of	ADP
ajfa-12449	141	35	days	day	NOUN
ajfa-12449	141	36	accounts	account	NOUN
ajfa-12449	141	37	payable	payable	ADJ
ajfa-12449	141	38	on	on	ADP
ajfa-12449	141	39	firm	firm	ADJ
ajfa-12449	141	40	value	value	NOUN
ajfa-12449	141	41	,	,	PUNCT
ajfa-12449	141	42	respectively	respectively	ADV
ajfa-12449	141	43	.	.	PUNCT
ajfa-12449	142	1	firstly	firstly	ADV
ajfa-12449	142	2	,	,	PUNCT
ajfa-12449	142	3	the	the	DET
ajfa-12449	142	4	coefficient	coefficient	NOUN
ajfa-12449	142	5	of	of	ADP
ajfa-12449	142	6	ccc	ccc	PROPN
ajfa-12449	142	7	is	be	AUX
ajfa-12449	142	8	negative	negative	ADJ
ajfa-12449	142	9	and	and	CCONJ
ajfa-12449	142	10	statistically	statistically	ADV
ajfa-12449	142	11	significant	significant	ADJ
ajfa-12449	142	12	at	at	ADP
ajfa-12449	142	13	the	the	DET
ajfa-12449	142	14	5	5	NUM
ajfa-12449	142	15	%	%	NOUN
ajfa-12449	142	16	level	level	NOUN
ajfa-12449	142	17	,	,	PUNCT
ajfa-12449	142	18	supporting	support	VERB
ajfa-12449	142	19	our	our	PRON
ajfa-12449	142	20	hypothesis	hypothesis	NOUN
ajfa-12449	142	21	(	(	PUNCT
ajfa-12449	142	22	h1	h1	PROPN
ajfa-12449	142	23	)	)	PUNCT
ajfa-12449	142	24	.	.	PUNCT
ajfa-12449	143	1	since	since	SCONJ
ajfa-12449	143	2	the	the	DET
ajfa-12449	143	3	ccc	ccc	PROPN
ajfa-12449	143	4	is	be	AUX
ajfa-12449	143	5	an	an	DET
ajfa-12449	143	6	inverse	inverse	NOUN
ajfa-12449	143	7	proxy	proxy	NOUN
ajfa-12449	143	8	for	for	ADP
ajfa-12449	143	9	the	the	DET
ajfa-12449	143	10	efficiency	efficiency	NOUN
ajfa-12449	143	11	of	of	ADP
ajfa-12449	143	12	wcm	wcm	NOUN
ajfa-12449	143	13	,	,	PUNCT
ajfa-12449	143	14	this	this	DET
ajfa-12449	143	15	result	result	NOUN
ajfa-12449	143	16	provides	provide	VERB
ajfa-12449	143	17	strong	strong	ADJ
ajfa-12449	143	18	evidence	evidence	NOUN
ajfa-12449	143	19	to	to	ADP
ajfa-12449	143	20	the	the	DET
ajfa-12449	143	21	predicted	predict	VERB
ajfa-12449	143	22	negative	negative	ADJ
ajfa-12449	143	23	relationship	relationship	NOUN
ajfa-12449	143	24	between	between	ADP
ajfa-12449	143	25	ccc	ccc	PROPN
ajfa-12449	143	26	and	and	CCONJ
ajfa-12449	143	27	firm	firm	ADJ
ajfa-12449	143	28	value	value	NOUN
ajfa-12449	143	29	(	(	PUNCT
ajfa-12449	143	30	or	or	CCONJ
ajfa-12449	143	31	equivalently	equivalently	ADV
ajfa-12449	143	32	,	,	PUNCT
ajfa-12449	143	33	a	a	DET
ajfa-12449	143	34	positive	positive	ADJ
ajfa-12449	143	35	relation	relation	NOUN
ajfa-12449	143	36	between	between	ADP
ajfa-12449	143	37	the	the	DET
ajfa-12449	143	38	efficiency	efficiency	NOUN
ajfa-12449	143	39	of	of	ADP
ajfa-12449	143	40	wcm	wcm	NOUN
ajfa-12449	143	41	and	and	CCONJ
ajfa-12449	143	42	firm	firm	ADJ
ajfa-12449	143	43	value	value	NOUN
ajfa-12449	143	44	)	)	PUNCT
ajfa-12449	143	45	.	.	PUNCT
ajfa-12449	144	1	this	this	PRON
ajfa-12449	144	2	implies	imply	VERB
ajfa-12449	144	3	that	that	SCONJ
ajfa-12449	144	4	the	the	DET
ajfa-12449	144	5	shorter	short	ADJ
ajfa-12449	144	6	the	the	DET
ajfa-12449	144	7	time	time	NOUN
ajfa-12449	144	8	lag	lag	VERB
ajfa-12449	144	9	between	between	ADP
ajfa-12449	144	10	the	the	DET
ajfa-12449	144	11	expenditure	expenditure	NOUN
ajfa-12449	144	12	for	for	ADP
ajfa-12449	144	13	the	the	DET
ajfa-12449	144	14	purchases	purchase	NOUN
ajfa-12449	144	15	of	of	ADP
ajfa-12449	144	16	raw	raw	ADJ
ajfa-12449	144	17	materials	material	NOUN
ajfa-12449	144	18	and	and	CCONJ
ajfa-12449	144	19	the	the	DET
ajfa-12449	144	20	collection	collection	NOUN
ajfa-12449	144	21	of	of	ADP
ajfa-12449	144	22	sales	sale	NOUN
ajfa-12449	144	23	of	of	ADP
ajfa-12449	144	24	finished	finish	VERB
ajfa-12449	144	25	goods	good	NOUN
ajfa-12449	144	26	and	and	CCONJ
ajfa-12449	144	27	the	the	DET
ajfa-12449	144	28	smaller	small	ADJ
ajfa-12449	144	29	the	the	DET
ajfa-12449	144	30	investment	investment	NOUN
ajfa-12449	144	31	in	in	ADP
ajfa-12449	144	32	working	working	NOUN
ajfa-12449	144	33	capital	capital	NOUN
ajfa-12449	144	34	,	,	PUNCT
ajfa-12449	144	35	the	the	DET
ajfa-12449	144	36	higher	high	ADJ
ajfa-12449	144	37	will	will	AUX
ajfa-12449	144	38	be	be	AUX
ajfa-12449	144	39	the	the	DET
ajfa-12449	144	40	firm	firm	ADJ
ajfa-12449	144	41	value	value	NOUN
ajfa-12449	144	42	.	.	PUNCT
ajfa-12449	145	1	this	this	DET
ajfa-12449	145	2	finding	finding	NOUN
ajfa-12449	145	3	is	be	AUX
ajfa-12449	145	4	consistent	consistent	ADJ
ajfa-12449	145	5	with	with	ADP
ajfa-12449	145	6	the	the	DET
ajfa-12449	145	7	findings	finding	NOUN
ajfa-12449	145	8	of	of	ADP
ajfa-12449	145	9	mohamad	mohamad	PROPN
ajfa-12449	145	10	and	and	CCONJ
ajfa-12449	145	11	saad	saad	PROPN
ajfa-12449	145	12	(	(	PUNCT
ajfa-12449	145	13	2010	2010	NUM
ajfa-12449	145	14	)	)	PUNCT
ajfa-12449	145	15	,	,	PUNCT
ajfa-12449	145	16	abuzayed	abuzaye	VERB
ajfa-12449	145	17	(	(	PUNCT
ajfa-12449	145	18	2012	2012	NUM
ajfa-12449	145	19	)	)	PUNCT
ajfa-12449	145	20	,	,	PUNCT
ajfa-12449	145	21	wasiuzzaman	wasiuzzaman	NOUN
ajfa-12449	145	22	(	(	PUNCT
ajfa-12449	145	23	2015	2015	NUM
ajfa-12449	145	24	)	)	PUNCT
ajfa-12449	145	25	.	.	PUNCT
ajfa-12449	146	1	as	as	SCONJ
ajfa-12449	146	2	can	can	AUX
ajfa-12449	146	3	be	be	AUX
ajfa-12449	146	4	observed	observe	VERB
ajfa-12449	146	5	in	in	ADP
ajfa-12449	146	6	columns	column	NOUN
ajfa-12449	146	7	2	2	NUM
ajfa-12449	146	8	-	-	SYM
ajfa-12449	146	9	4	4	NUM
ajfa-12449	146	10	of	of	ADP
ajfa-12449	146	11	the	the	DET
ajfa-12449	146	12	table	table	NOUN
ajfa-12449	146	13	4	4	NUM
ajfa-12449	146	14	,	,	PUNCT
ajfa-12449	146	15	the	the	DET
ajfa-12449	146	16	coefficient	coefficient	NOUN
ajfa-12449	146	17	associated	associate	VERB
ajfa-12449	146	18	with	with	ADP
ajfa-12449	146	19	the	the	DET
ajfa-12449	146	20	accounts	account	NOUN
ajfa-12449	146	21	asian	asian	ADJ
ajfa-12449	146	22	journal	journal	NOUN
ajfa-12449	146	23	of	of	ADP
ajfa-12449	146	24	finance	finance	PROPN
ajfa-12449	146	25	&	&	CCONJ
ajfa-12449	146	26	accounting	accounting	PROPN
ajfa-12449	146	27	issn	issn	PROPN
ajfa-12449	146	28	1946	1946	NUM
ajfa-12449	146	29	-	-	PUNCT
ajfa-12449	146	30	052x	052x	PROPN
ajfa-12449	146	31	2017	2017	NUM
ajfa-12449	146	32	,	,	PUNCT
ajfa-12449	146	33	vol	vol	NOUN
ajfa-12449	146	34	.	.	NOUN
ajfa-12449	146	35	9	9	NUM
ajfa-12449	146	36	,	,	PUNCT
ajfa-12449	146	37	no	no	INTJ
ajfa-12449	146	38	.	.	NOUN
ajfa-12449	146	39	2	2	NUM
ajfa-12449	146	40	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12449	146	41	408	408	NUM
ajfa-12449	146	42	receivable	receivable	NOUN
ajfa-12449	146	43	(	(	PUNCT
ajfa-12449	146	44	a	a	DET
ajfa-12449	146	45	measure	measure	NOUN
ajfa-12449	146	46	of	of	ADP
ajfa-12449	146	47	accounts	account	NOUN
ajfa-12449	146	48	receivable	receivable	ADJ
ajfa-12449	146	49	policy	policy	NOUN
ajfa-12449	146	50	)	)	PUNCT
ajfa-12449	146	51	(	(	PUNCT
ajfa-12449	146	52	ard	ard	NOUN
ajfa-12449	146	53	)	)	PUNCT
ajfa-12449	146	54	is	be	AUX
ajfa-12449	146	55	negative	negative	ADJ
ajfa-12449	146	56	and	and	CCONJ
ajfa-12449	146	57	significant	significant	ADJ
ajfa-12449	146	58	at	at	ADP
ajfa-12449	146	59	the	the	DET
ajfa-12449	146	60	1	1	NUM
ajfa-12449	146	61	%	%	NOUN
ajfa-12449	146	62	level	level	NOUN
ajfa-12449	146	63	.	.	PUNCT
ajfa-12449	147	1	similarly	similarly	ADV
ajfa-12449	147	2	,	,	PUNCT
ajfa-12449	147	3	the	the	DET
ajfa-12449	147	4	coefficient	coefficient	NOUN
ajfa-12449	147	5	on	on	ADP
ajfa-12449	147	6	days	day	NOUN
ajfa-12449	147	7	inventories	inventory	NOUN
ajfa-12449	147	8	on	on	ADP
ajfa-12449	147	9	hand	hand	NOUN
ajfa-12449	147	10	(	(	PUNCT
ajfa-12449	147	11	(	(	PUNCT
ajfa-12449	147	12	invd	invd	ADJ
ajfa-12449	147	13	)	)	PUNCT
ajfa-12449	147	14	is	be	AUX
ajfa-12449	147	15	negative	negative	ADJ
ajfa-12449	147	16	and	and	CCONJ
ajfa-12449	147	17	statistically	statistically	ADV
ajfa-12449	147	18	significant	significant	ADJ
ajfa-12449	147	19	at	at	ADP
ajfa-12449	147	20	the	the	DET
ajfa-12449	147	21	5	5	NUM
ajfa-12449	147	22	%	%	NOUN
ajfa-12449	147	23	level	level	NOUN
ajfa-12449	147	24	.	.	PUNCT
ajfa-12449	148	1	the	the	DET
ajfa-12449	148	2	coefficient	coefficient	NOUN
ajfa-12449	148	3	on	on	ADP
ajfa-12449	148	4	the	the	DET
ajfa-12449	148	5	number	number	NOUN
ajfa-12449	148	6	of	of	ADP
ajfa-12449	148	7	days	day	NOUN
ajfa-12449	148	8	accounts	account	NOUN
ajfa-12449	148	9	payable	payable	ADJ
ajfa-12449	148	10	(	(	PUNCT
ajfa-12449	148	11	apd	apd	PROPN
ajfa-12449	148	12	)	)	PUNCT
ajfa-12449	148	13	is	be	AUX
ajfa-12449	148	14	positive	positive	ADJ
ajfa-12449	148	15	and	and	CCONJ
ajfa-12449	148	16	statistically	statistically	ADV
ajfa-12449	148	17	significant	significant	ADJ
ajfa-12449	148	18	at	at	ADP
ajfa-12449	148	19	the	the	DET
ajfa-12449	148	20	10	10	NUM
ajfa-12449	148	21	%	%	NOUN
ajfa-12449	148	22	level	level	NOUN
ajfa-12449	148	23	.	.	PUNCT
ajfa-12449	149	1	table	table	NOUN
ajfa-12449	149	2	4	4	NUM
ajfa-12449	149	3	.	.	PUNCT
ajfa-12449	149	4	pooled	pool	VERB
ajfa-12449	149	5	ols	ol	NOUN
ajfa-12449	149	6	:	:	PUNCT
ajfa-12449	149	7	the	the	DET
ajfa-12449	149	8	relationship	relationship	NOUN
ajfa-12449	149	9	between	between	ADP
ajfa-12449	149	10	wcm	wcm	NOUN
ajfa-12449	149	11	and	and	CCONJ
ajfa-12449	149	12	tobin	tobin	PROPN
ajfa-12449	149	13	q	q	PROPN
ajfa-12449	149	14	regression	regression	NOUN
ajfa-12449	149	15	models	model	NOUN
ajfa-12449	149	16	1	1	NUM
ajfa-12449	149	17	2	2	NUM
ajfa-12449	149	18	3	3	NUM
ajfa-12449	149	19	4	4	NUM
ajfa-12449	149	20	constant	constant	ADJ
ajfa-12449	149	21	-7.198	-7.198	NOUN
ajfa-12449	149	22	*	*	PUNCT
ajfa-12449	149	23	*	*	PUNCT
ajfa-12449	149	24	*	*	PUNCT
ajfa-12449	149	25	(	(	PUNCT
ajfa-12449	149	26	-3.140	-3.140	NUM
ajfa-12449	149	27	)	)	PUNCT
ajfa-12449	149	28	-6.317	-6.317	NOUN
ajfa-12449	149	29	*	*	PUNCT
ajfa-12449	149	30	*	*	PUNCT
ajfa-12449	149	31	*	*	PUNCT
ajfa-12449	149	32	(	(	PUNCT
ajfa-12449	149	33	-2.770	-2.770	NOUN
ajfa-12449	149	34	)	)	PUNCT
ajfa-12449	149	35	-7.622	-7.622	NOUN
ajfa-12449	149	36	*	*	PUNCT
ajfa-12449	149	37	*	*	PUNCT
ajfa-12449	149	38	*	*	PUNCT
ajfa-12449	149	39	(	(	PUNCT
ajfa-12449	149	40	-3.30	-3.30	INTJ
ajfa-12449	149	41	)	)	PUNCT
ajfa-12449	149	42	-7.636	-7.636	PUNCT
ajfa-12449	149	43	*	*	PUNCT
ajfa-12449	149	44	*	*	PUNCT
ajfa-12449	149	45	*	*	PUNCT
ajfa-12449	149	46	(	(	PUNCT
ajfa-12449	149	47	-3.330	-3.330	NOUN
ajfa-12449	149	48	)	)	PUNCT
ajfa-12449	149	49	ccc	ccc	NOUN
ajfa-12449	149	50	-.0.038	-.0.038	PUNCT
ajfa-12449	149	51	*	*	PUNCT
ajfa-12449	149	52	*	*	PUNCT
ajfa-12449	149	53	(	(	PUNCT
ajfa-12449	149	54	-2.250	-2.250	PROPN
ajfa-12449	149	55	)	)	PUNCT
ajfa-12449	149	56	apd	apd	PROPN
ajfa-12449	149	57	-0.012	-0.012	PROPN
ajfa-12449	149	58	*	*	PROPN
ajfa-12449	149	59	*	*	PUNCT
ajfa-12449	149	60	*	*	PUNCT
ajfa-12449	149	61	(	(	PUNCT
ajfa-12449	149	62	-0.280	-0.280	NOUN
ajfa-12449	149	63	)	)	PUNCT
ajfa-12449	149	64	inv	inv	VERB
ajfa-12449	149	65	-0.005	-0.005	PRON
ajfa-12449	149	66	*	*	PUNCT
ajfa-12449	149	67	*	*	PUNCT
ajfa-12449	149	68	(	(	PUNCT
ajfa-12449	149	69	-2.213	-2.213	PROPN
ajfa-12449	149	70	)	)	PUNCT
ajfa-12449	149	71	ard	ard	NOUN
ajfa-12449	150	1	0.002	0.002	NUM
ajfa-12449	150	2	*	*	PUNCT
ajfa-12449	150	3	(	(	PUNCT
ajfa-12449	150	4	1.805	1.805	NUM
ajfa-12449	150	5	)	)	PUNCT
ajfa-12449	150	6	size	size	NOUN
ajfa-12449	150	7	0.406	0.406	NUM
ajfa-12449	150	8	*	*	PUNCT
ajfa-12449	150	9	*	*	PUNCT
ajfa-12449	150	10	*	*	PUNCT
ajfa-12449	150	11	(	(	PUNCT
ajfa-12449	150	12	3.780	3.780	NUM
ajfa-12449	150	13	)	)	PUNCT
ajfa-12449	150	14	0.386	0.386	NUM
ajfa-12449	150	15	*	*	PUNCT
ajfa-12449	150	16	*	*	PUNCT
ajfa-12449	150	17	*	*	PUNCT
ajfa-12449	150	18	(	(	PUNCT
ajfa-12449	150	19	0.3.640	0.3.640	NOUN
ajfa-12449	150	20	)	)	PUNCT
ajfa-12449	150	21	0.412	0.412	NUM
ajfa-12449	150	22	*	*	PUNCT
ajfa-12449	150	23	*	*	PUNCT
ajfa-12449	150	24	*	*	PUNCT
ajfa-12449	150	25	(	(	PUNCT
ajfa-12449	150	26	3.800	3.800	NUM
ajfa-12449	150	27	)	)	PUNCT
ajfa-12449	150	28	0.414	0.414	NUM
ajfa-12449	150	29	*	*	PUNCT
ajfa-12449	150	30	*	*	PUNCT
ajfa-12449	150	31	*	*	PUNCT
ajfa-12449	150	32	(	(	PUNCT
ajfa-12449	150	33	3.830	3.830	NUM
ajfa-12449	150	34	)	)	PUNCT
ajfa-12449	150	35	lev	lev	NOUN
ajfa-12449	150	36	-0.635	-0.635	PROPN
ajfa-12449	150	37	*	*	PUNCT
ajfa-12449	150	38	*	*	PUNCT
ajfa-12449	150	39	(	(	PUNCT
ajfa-12449	150	40	-1.991	-1.991	NOUN
ajfa-12449	150	41	)	)	PUNCT
ajfa-12449	150	42	-0.443	-0.443	NUM
ajfa-12449	150	43	*	*	PUNCT
ajfa-12449	150	44	*	*	PUNCT
ajfa-12449	150	45	(	(	PUNCT
ajfa-12449	150	46	-2.151	-2.151	NUM
ajfa-12449	150	47	)	)	PUNCT
ajfa-12449	150	48	-0.506	-0.506	NOUN
ajfa-12449	151	1	*	*	PUNCT
ajfa-12449	151	2	*	*	PUNCT
ajfa-12449	151	3	(	(	PUNCT
ajfa-12449	151	4	-2.050	-2.050	ADJ
ajfa-12449	151	5	)	)	PUNCT
ajfa-12449	151	6	-0.524	-0.524	PROPN
ajfa-12449	151	7	*	*	PUNCT
ajfa-12449	151	8	(	(	PUNCT
ajfa-12449	151	9	-0.1.89	-0.1.89	PROPN
ajfa-12449	151	10	)	)	PUNCT
ajfa-12449	151	11	sgr	sgr	PROPN
ajfa-12449	151	12	0.086	0.086	NUM
ajfa-12449	151	13	(	(	PUNCT
ajfa-12449	151	14	0.170	0.170	NUM
ajfa-12449	151	15	)	)	PUNCT
ajfa-12449	151	16	0.166	0.166	NUM
ajfa-12449	151	17	(	(	PUNCT
ajfa-12449	151	18	0.633	0.633	NUM
ajfa-12449	151	19	)	)	PUNCT
ajfa-12449	151	20	0.220	0.220	NUM
ajfa-12449	151	21	(	(	PUNCT
ajfa-12449	151	22	0.823	0.823	NUM
ajfa-12449	151	23	)	)	PUNCT
ajfa-12449	151	24	0.097	0.097	NUM
ajfa-12449	151	25	(	(	PUNCT
ajfa-12449	151	26	0.896	0.896	NUM
ajfa-12449	151	27	)	)	PUNCT
ajfa-12449	151	28	industry	industry	NOUN
ajfa-12449	151	29	dummies	dummy	NOUN
ajfa-12449	152	1	yes	yes	INTJ
ajfa-12449	153	1	yes	yes	INTJ
ajfa-12449	154	1	yes	yes	INTJ
ajfa-12449	155	1	yes	yes	INTJ
ajfa-12449	155	2	year	year	NOUN
ajfa-12449	155	3	dummies	dummy	NOUN
ajfa-12449	156	1	yes	yes	INTJ
ajfa-12449	157	1	yes	yes	INTJ
ajfa-12449	158	1	yes	yes	INTJ
ajfa-12449	158	2	yes	yes	INTJ
ajfa-12449	158	3	adj	adj	NOUN
ajfa-12449	158	4	r2	r2	PROPN
ajfa-12449	158	5	0.187	0.187	NUM
ajfa-12449	158	6	0.235	0.235	NUM
ajfa-12449	158	7	0.198	0.198	NUM
ajfa-12449	158	8	0.199	0.199	NUM
ajfa-12449	158	9	f	f	X
ajfa-12449	158	10	-	-	PUNCT
ajfa-12449	158	11	statistic	statistic	NOUN
ajfa-12449	158	12	4.02	4.02	NUM
ajfa-12449	158	13	4.68	4.68	NUM
ajfa-12449	158	14	3.76	3.76	NUM
ajfa-12449	158	15	3.79	3.79	NUM
ajfa-12449	158	16	prob(f	prob(f	NOUN
ajfa-12449	158	17	-	-	PUNCT
ajfa-12449	158	18	statistic	statistic	NOUN
ajfa-12449	158	19	)	)	PUNCT
ajfa-12449	158	20	0.000	0.000	NUM
ajfa-12449	158	21	0.000	0.000	NUM
ajfa-12449	158	22	0.000	0.000	NUM
ajfa-12449	158	23	0.000	0.000	NUM
ajfa-12449	158	24	notes	note	NOUN
ajfa-12449	158	25	:	:	PUNCT
ajfa-12449	158	26	asterisks	asterisk	NOUN
ajfa-12449	158	27	denote	denote	VERB
ajfa-12449	158	28	statistical	statistical	ADJ
ajfa-12449	158	29	significance	significance	NOUN
ajfa-12449	158	30	at	at	ADP
ajfa-12449	158	31	the	the	DET
ajfa-12449	158	32	1	1	NUM
ajfa-12449	158	33	%	%	NOUN
ajfa-12449	158	34	(	(	PUNCT
ajfa-12449	158	35	*	*	PUNCT
ajfa-12449	158	36	*	*	PUNCT
ajfa-12449	158	37	*	*	PUNCT
ajfa-12449	158	38	)	)	PUNCT
ajfa-12449	158	39	,	,	PUNCT
ajfa-12449	158	40	5	5	NUM
ajfa-12449	158	41	%	%	NOUN
ajfa-12449	158	42	(	(	PUNCT
ajfa-12449	158	43	*	*	NOUN
ajfa-12449	158	44	*	*	PUNCT
ajfa-12449	158	45	)	)	PUNCT
ajfa-12449	158	46	,	,	PUNCT
ajfa-12449	158	47	or	or	CCONJ
ajfa-12449	158	48	10	10	NUM
ajfa-12449	158	49	%	%	NOUN
ajfa-12449	158	50	(	(	PUNCT
ajfa-12449	158	51	*	*	NOUN
ajfa-12449	158	52	)	)	PUNCT
ajfa-12449	158	53	level	level	NOUN
ajfa-12449	158	54	,	,	PUNCT
ajfa-12449	158	55	respectively	respectively	ADV
ajfa-12449	158	56	.	.	PUNCT
ajfa-12449	159	1	t	t	PROPN
ajfa-12449	159	2	-	-	PUNCT
ajfa-12449	159	3	statistics	statistic	NOUN
ajfa-12449	159	4	which	which	PRON
ajfa-12449	159	5	are	be	AUX
ajfa-12449	159	6	based	base	VERB
ajfa-12449	159	7	on	on	ADP
ajfa-12449	159	8	cluster	cluster	NOUN
ajfa-12449	159	9	robust	robust	ADJ
ajfa-12449	159	10	slandered	slander	VERB
ajfa-12449	159	11	error	error	NOUN
ajfa-12449	159	12	(	(	PUNCT
ajfa-12449	159	13	clustered	cluster	VERB
ajfa-12449	159	14	at	at	ADP
ajfa-12449	159	15	the	the	DET
ajfa-12449	159	16	firm	firm	ADJ
ajfa-12449	159	17	level)are	level)are	NOUN
ajfa-12449	159	18	reported	report	VERB
ajfa-12449	159	19	in	in	ADP
ajfa-12449	159	20	the	the	DET
ajfa-12449	159	21	parentheses	parenthesis	NOUN
ajfa-12449	159	22	.	.	PUNCT
ajfa-12449	160	1	see	see	VERB
ajfa-12449	160	2	the	the	DET
ajfa-12449	160	3	table	table	NOUN
ajfa-12449	160	4	1	1	NUM
ajfa-12449	160	5	for	for	ADP
ajfa-12449	160	6	definitions	definition	NOUN
ajfa-12449	160	7	of	of	ADP
ajfa-12449	160	8	the	the	DET
ajfa-12449	160	9	variables	variable	NOUN
ajfa-12449	160	10	.	.	PUNCT
ajfa-12449	161	1	the	the	DET
ajfa-12449	161	2	results	result	NOUN
ajfa-12449	161	3	of	of	ADP
ajfa-12449	161	4	regressions	regression	NOUN
ajfa-12449	161	5	(	(	PUNCT
ajfa-12449	161	6	1	1	NUM
ajfa-12449	161	7	)	)	PUNCT
ajfa-12449	161	8	to	to	ADP
ajfa-12449	161	9	(	(	PUNCT
ajfa-12449	161	10	4	4	X
ajfa-12449	161	11	)	)	PUNCT
ajfa-12449	161	12	suggest	suggest	VERB
ajfa-12449	161	13	that	that	SCONJ
ajfa-12449	161	14	managers	manager	NOUN
ajfa-12449	161	15	can	can	AUX
ajfa-12449	161	16	increase	increase	VERB
ajfa-12449	161	17	firm	firm	ADJ
ajfa-12449	161	18	value	value	NOUN
ajfa-12449	161	19	by	by	ADP
ajfa-12449	161	20	improving	improve	VERB
ajfa-12449	161	21	the	the	DET
ajfa-12449	161	22	efficiency	efficiency	NOUN
ajfa-12449	161	23	of	of	ADP
ajfa-12449	161	24	working	work	VERB
ajfa-12449	161	25	capital	capital	NOUN
ajfa-12449	161	26	management	management	NOUN
ajfa-12449	161	27	(	(	PUNCT
ajfa-12449	161	28	i.e.	i.e.	X
ajfa-12449	161	29	,	,	PUNCT
ajfa-12449	161	30	by	by	ADP
ajfa-12449	161	31	reducing	reduce	VERB
ajfa-12449	161	32	the	the	DET
ajfa-12449	161	33	number	number	NOUN
ajfa-12449	161	34	of	of	ADP
ajfa-12449	161	35	days	day	NOUN
ajfa-12449	161	36	accounts	account	VERB
ajfa-12449	161	37	receivable	receivable	ADJ
ajfa-12449	161	38	and	and	CCONJ
ajfa-12449	161	39	inventories	inventory	NOUN
ajfa-12449	161	40	and	and	CCONJ
ajfa-12449	161	41	by	by	ADP
ajfa-12449	161	42	delaying	delay	VERB
ajfa-12449	161	43	the	the	DET
ajfa-12449	161	44	payment	payment	NOUN
ajfa-12449	161	45	to	to	ADP
ajfa-12449	161	46	the	the	DET
ajfa-12449	161	47	creditors	creditor	NOUN
ajfa-12449	161	48	)	)	PUNCT
ajfa-12449	161	49	.	.	PUNCT
ajfa-12449	162	1	turning	turn	VERB
ajfa-12449	162	2	to	to	ADP
ajfa-12449	162	3	the	the	DET
ajfa-12449	162	4	control	control	NOUN
ajfa-12449	162	5	variables	variable	NOUN
ajfa-12449	162	6	,	,	PUNCT
ajfa-12449	162	7	we	we	PRON
ajfa-12449	162	8	observe	observe	VERB
ajfa-12449	162	9	that	that	SCONJ
ajfa-12449	162	10	the	the	DET
ajfa-12449	162	11	estimated	estimate	VERB
ajfa-12449	162	12	coefficient	coefficient	NOUN
ajfa-12449	162	13	on	on	ADP
ajfa-12449	162	14	firm	firm	ADJ
ajfa-12449	162	15	size	size	NOUN
ajfa-12449	162	16	(	(	PUNCT
ajfa-12449	162	17	size	size	NOUN
ajfa-12449	162	18	)	)	PUNCT
ajfa-12449	162	19	is	be	AUX
ajfa-12449	162	20	positive	positive	ADJ
ajfa-12449	162	21	and	and	CCONJ
ajfa-12449	162	22	highly	highly	ADV
ajfa-12449	162	23	significant	significant	ADJ
ajfa-12449	162	24	at	at	ADP
ajfa-12449	162	25	the	the	DET
ajfa-12449	162	26	1	1	NUM
ajfa-12449	162	27	%	%	NOUN
ajfa-12449	162	28	level	level	NOUN
ajfa-12449	162	29	in	in	ADP
ajfa-12449	162	30	all	all	DET
ajfa-12449	162	31	the	the	DET
ajfa-12449	162	32	models	model	NOUN
ajfa-12449	162	33	,	,	PUNCT
ajfa-12449	162	34	suggesting	suggest	VERB
ajfa-12449	162	35	that	that	SCONJ
ajfa-12449	162	36	large	large	ADJ
ajfa-12449	162	37	firms	firm	NOUN
ajfa-12449	162	38	enjoy	enjoy	VERB
ajfa-12449	162	39	economies	economy	NOUN
ajfa-12449	162	40	of	of	ADP
ajfa-12449	162	41	scale	scale	NOUN
ajfa-12449	162	42	and	and	CCONJ
ajfa-12449	162	43	are	be	AUX
ajfa-12449	162	44	thus	thus	ADV
ajfa-12449	162	45	positively	positively	ADV
ajfa-12449	162	46	associated	associate	VERB
ajfa-12449	162	47	with	with	ADP
ajfa-12449	162	48	firm	firm	ADJ
ajfa-12449	162	49	value	value	NOUN
ajfa-12449	162	50	(	(	PUNCT
ajfa-12449	162	51	tq	tq	NOUN
ajfa-12449	162	52	)	)	PUNCT
ajfa-12449	162	53	.	.	PUNCT
ajfa-12449	163	1	this	this	DET
ajfa-12449	163	2	finding	finding	NOUN
ajfa-12449	163	3	is	be	AUX
ajfa-12449	163	4	consistent	consistent	ADJ
ajfa-12449	163	5	with	with	ADP
ajfa-12449	163	6	the	the	DET
ajfa-12449	163	7	finding	finding	NOUN
ajfa-12449	163	8	of	of	ADP
ajfa-12449	163	9	jahfer	jahfer	NOUN
ajfa-12449	163	10	(	(	PUNCT
ajfa-12449	163	11	2015	2015	NUM
ajfa-12449	163	12	)	)	PUNCT
ajfa-12449	163	13	.	.	PUNCT
ajfa-12449	164	1	the	the	DET
ajfa-12449	164	2	coefficient	coefficient	NOUN
ajfa-12449	164	3	associated	associate	VERB
ajfa-12449	164	4	with	with	ADP
ajfa-12449	164	5	leverage	leverage	NOUN
ajfa-12449	164	6	is	be	AUX
ajfa-12449	164	7	negative	negative	ADJ
ajfa-12449	164	8	and	and	CCONJ
ajfa-12449	164	9	statistically	statistically	ADV
ajfa-12449	164	10	significant	significant	ADJ
ajfa-12449	164	11	at	at	ADP
ajfa-12449	164	12	the	the	DET
ajfa-12449	164	13	5	5	NUM
ajfa-12449	164	14	%	%	NOUN
ajfa-12449	164	15	level	level	NOUN
ajfa-12449	164	16	,	,	PUNCT
ajfa-12449	164	17	suggesting	suggest	VERB
ajfa-12449	164	18	that	that	SCONJ
ajfa-12449	164	19	the	the	DET
ajfa-12449	164	20	increase	increase	NOUN
ajfa-12449	164	21	in	in	ADP
ajfa-12449	164	22	financial	financial	ADJ
ajfa-12449	164	23	risk	risk	NOUN
ajfa-12449	164	24	associated	associate	VERB
ajfa-12449	164	25	with	with	ADP
ajfa-12449	164	26	the	the	DET
ajfa-12449	164	27	leverage	leverage	NOUN
ajfa-12449	164	28	is	be	AUX
ajfa-12449	164	29	not	not	PART
ajfa-12449	164	30	appealing	appeal	VERB
ajfa-12449	164	31	to	to	ADP
ajfa-12449	164	32	investors	investor	NOUN
ajfa-12449	164	33	.	.	PUNCT
ajfa-12449	165	1	finally	finally	ADV
ajfa-12449	165	2	,	,	PUNCT
ajfa-12449	165	3	sales	sale	NOUN
ajfa-12449	165	4	asian	asian	ADJ
ajfa-12449	165	5	journal	journal	NOUN
ajfa-12449	165	6	of	of	ADP
ajfa-12449	165	7	finance	finance	PROPN
ajfa-12449	165	8	&	&	CCONJ
ajfa-12449	165	9	accounting	accounting	PROPN
ajfa-12449	165	10	issn	issn	PROPN
ajfa-12449	165	11	1946	1946	NUM
ajfa-12449	165	12	-	-	PUNCT
ajfa-12449	165	13	052x	052x	PROPN
ajfa-12449	165	14	2017	2017	NUM
ajfa-12449	165	15	,	,	PUNCT
ajfa-12449	165	16	vol	vol	NOUN
ajfa-12449	165	17	.	.	NOUN
ajfa-12449	165	18	9	9	NUM
ajfa-12449	165	19	,	,	PUNCT
ajfa-12449	165	20	no	no	INTJ
ajfa-12449	165	21	.	.	NOUN
ajfa-12449	165	22	2	2	NUM
ajfa-12449	165	23	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12449	165	24	409	409	NUM
ajfa-12449	165	25	growth	growth	NOUN
ajfa-12449	165	26	(	(	PUNCT
ajfa-12449	165	27	sgr	sgr	PROPN
ajfa-12449	165	28	)	)	PUNCT
ajfa-12449	165	29	is	be	AUX
ajfa-12449	165	30	not	not	PART
ajfa-12449	165	31	significantly	significantly	ADV
ajfa-12449	165	32	associated	associate	VERB
ajfa-12449	165	33	with	with	ADP
ajfa-12449	165	34	firm	firm	ADJ
ajfa-12449	165	35	performance	performance	NOUN
ajfa-12449	165	36	at	at	ADP
ajfa-12449	165	37	conventional	conventional	ADJ
ajfa-12449	165	38	levels	level	NOUN
ajfa-12449	165	39	.	.	PUNCT
ajfa-12449	166	1	this	this	DET
ajfa-12449	166	2	finding	finding	NOUN
ajfa-12449	166	3	is	be	AUX
ajfa-12449	166	4	consistent	consistent	ADJ
ajfa-12449	166	5	with	with	ADP
ajfa-12449	166	6	the	the	DET
ajfa-12449	166	7	finding	finding	NOUN
ajfa-12449	166	8	of	of	ADP
ajfa-12449	166	9	jahfer	jahfer	NOUN
ajfa-12449	166	10	(	(	PUNCT
ajfa-12449	166	11	2015	2015	NUM
ajfa-12449	166	12	)	)	PUNCT
ajfa-12449	166	13	.	.	PUNCT
ajfa-12449	167	1	5.2.2	5.2.2	NUM
ajfa-12449	167	2	fixed	fix	VERB
ajfa-12449	167	3	effects	effect	NOUN
ajfa-12449	167	4	regression	regression	NOUN
ajfa-12449	167	5	results	result	NOUN
ajfa-12449	167	6	table	table	VERB
ajfa-12449	167	7	5	5	NUM
ajfa-12449	167	8	presents	present	NOUN
ajfa-12449	167	9	estimation	estimation	NOUN
ajfa-12449	167	10	results	result	NOUN
ajfa-12449	167	11	of	of	ADP
ajfa-12449	167	12	fixed	fix	VERB
ajfa-12449	167	13	effects	effect	NOUN
ajfa-12449	167	14	regressions	regression	NOUN
ajfa-12449	167	15	[	[	X
ajfa-12449	167	16	see	see	VERB
ajfa-12449	167	17	eq	eq	ADP
ajfa-12449	167	18	.	.	PUNCT
ajfa-12449	168	1	(	(	PUNCT
ajfa-12449	168	2	2	2	NUM
ajfa-12449	168	3	)	)	PUNCT
ajfa-12449	168	4	]	]	PUNCT
ajfa-12449	168	5	.	.	PUNCT
ajfa-12449	169	1	column	column	NOUN
ajfa-12449	169	2	1	1	NUM
ajfa-12449	169	3	reports	report	NOUN
ajfa-12449	169	4	results	result	NOUN
ajfa-12449	169	5	of	of	ADP
ajfa-12449	169	6	our	our	PRON
ajfa-12449	169	7	regression	regression	NOUN
ajfa-12449	169	8	model	model	NOUN
ajfa-12449	169	9	(	(	PUNCT
ajfa-12449	169	10	2	2	NUM
ajfa-12449	169	11	)	)	PUNCT
ajfa-12449	169	12	where	where	SCONJ
ajfa-12449	169	13	the	the	DET
ajfa-12449	169	14	dependent	dependent	ADJ
ajfa-12449	169	15	variable	variable	NOUN
ajfa-12449	169	16	namely	namely	ADV
ajfa-12449	169	17	,	,	PUNCT
ajfa-12449	169	18	tobin	tobin	PROPN
ajfa-12449	169	19	’s	’s	PART
ajfa-12449	169	20	q	q	X
ajfa-12449	169	21	(	(	PUNCT
ajfa-12449	169	22	tq	tq	NOUN
ajfa-12449	169	23	)	)	PUNCT
ajfa-12449	169	24	is	be	AUX
ajfa-12449	169	25	regressed	regress	VERB
ajfa-12449	169	26	on	on	ADP
ajfa-12449	169	27	ccc	ccc	PROPN
ajfa-12449	169	28	and	and	CCONJ
ajfa-12449	169	29	a	a	DET
ajfa-12449	169	30	set	set	NOUN
ajfa-12449	169	31	of	of	ADP
ajfa-12449	169	32	control	control	NOUN
ajfa-12449	169	33	variables	variable	NOUN
ajfa-12449	169	34	including	include	VERB
ajfa-12449	169	35	firm	firm	ADJ
ajfa-12449	169	36	size	size	NOUN
ajfa-12449	169	37	,	,	PUNCT
ajfa-12449	169	38	leverage	leverage	NOUN
ajfa-12449	169	39	,	,	PUNCT
ajfa-12449	169	40	sales	sale	NOUN
ajfa-12449	169	41	growth	growth	NOUN
ajfa-12449	169	42	and	and	CCONJ
ajfa-12449	169	43	a	a	DET
ajfa-12449	169	44	set	set	NOUN
ajfa-12449	169	45	of	of	ADP
ajfa-12449	169	46	year	year	NOUN
ajfa-12449	169	47	dummies	dummy	NOUN
ajfa-12449	169	48	.	.	PUNCT
ajfa-12449	170	1	in	in	ADP
ajfa-12449	170	2	addition	addition	NOUN
ajfa-12449	170	3	,	,	PUNCT
ajfa-12449	170	4	columns	column	NOUN
ajfa-12449	170	5	2	2	NUM
ajfa-12449	170	6	-	-	SYM
ajfa-12449	170	7	4	4	NUM
ajfa-12449	170	8	of	of	ADP
ajfa-12449	170	9	the	the	DET
ajfa-12449	170	10	table	table	NOUN
ajfa-12449	170	11	5	5	NUM
ajfa-12449	170	12	report	report	NOUN
ajfa-12449	170	13	results	result	NOUN
ajfa-12449	170	14	of	of	ADP
ajfa-12449	170	15	the	the	DET
ajfa-12449	170	16	effect	effect	NOUN
ajfa-12449	170	17	of	of	ADP
ajfa-12449	170	18	components	component	NOUN
ajfa-12449	170	19	of	of	ADP
ajfa-12449	170	20	ccc	ccc	PROPN
ajfa-12449	170	21	,	,	PUNCT
ajfa-12449	170	22	namely	namely	ADV
ajfa-12449	170	23	number	number	NOUN
ajfa-12449	170	24	of	of	ADP
ajfa-12449	170	25	days	day	NOUN
ajfa-12449	170	26	accounts	account	VERB
ajfa-12449	170	27	receivable	receivable	ADJ
ajfa-12449	170	28	,	,	PUNCT
ajfa-12449	170	29	number	number	NOUN
ajfa-12449	170	30	of	of	ADP
ajfa-12449	170	31	days	day	NOUN
ajfa-12449	170	32	inventory	inventory	NOUN
ajfa-12449	170	33	and	and	CCONJ
ajfa-12449	170	34	number	number	NOUN
ajfa-12449	170	35	of	of	ADP
ajfa-12449	170	36	days	day	NOUN
ajfa-12449	170	37	accounts	account	NOUN
ajfa-12449	170	38	payable	payable	ADJ
ajfa-12449	170	39	on	on	ADP
ajfa-12449	170	40	firm	firm	ADJ
ajfa-12449	170	41	value	value	NOUN
ajfa-12449	170	42	,	,	PUNCT
ajfa-12449	170	43	respectively	respectively	ADV
ajfa-12449	170	44	.	.	PUNCT
ajfa-12449	170	45	table	table	NOUN
ajfa-12449	170	46	5	5	NUM
ajfa-12449	170	47	.	.	PUNCT
ajfa-12449	170	48	fixed	fix	VERB
ajfa-12449	170	49	effects	effect	NOUN
ajfa-12449	170	50	regression	regression	NOUN
ajfa-12449	170	51	:	:	PUNCT
ajfa-12449	170	52	the	the	DET
ajfa-12449	170	53	relationship	relationship	NOUN
ajfa-12449	170	54	between	between	ADP
ajfa-12449	170	55	wcm	wcm	NOUN
ajfa-12449	170	56	and	and	CCONJ
ajfa-12449	170	57	tobin	tobin	PROPN
ajfa-12449	170	58	q	q	PROPN
ajfa-12449	170	59	regression	regression	NOUN
ajfa-12449	170	60	model	model	NOUN
ajfa-12449	170	61	1	1	NUM
ajfa-12449	170	62	2	2	NUM
ajfa-12449	170	63	3	3	NUM
ajfa-12449	170	64	4	4	NUM
ajfa-12449	170	65	constant	constant	ADJ
ajfa-12449	170	66	-4.635	-4.635	PRON
ajfa-12449	170	67	(	(	PUNCT
ajfa-12449	170	68	-0.990	-0.990	NOUN
ajfa-12449	170	69	)	)	PUNCT
ajfa-12449	170	70	-4.292	-4.292	NOUN
ajfa-12449	170	71	*	*	PUNCT
ajfa-12449	170	72	(	(	PUNCT
ajfa-12449	170	73	-1.901	-1.901	ADJ
ajfa-12449	170	74	)	)	PUNCT
ajfa-12449	170	75	-4.159	-4.159	X
ajfa-12449	170	76	(	(	PUNCT
ajfa-12449	170	77	-1.210	-1.210	NOUN
ajfa-12449	170	78	)	)	PUNCT
ajfa-12449	170	79	-4.208	-4.208	NOUN
ajfa-12449	170	80	*	*	PUNCT
ajfa-12449	170	81	*	*	PUNCT
ajfa-12449	170	82	(	(	PUNCT
ajfa-12449	170	83	-1.781	-1.781	INTJ
ajfa-12449	170	84	)	)	PUNCT
ajfa-12449	170	85	ccc	ccc	NOUN
ajfa-12449	170	86	-0.001	-0.001	PUNCT
ajfa-12449	171	1	*	*	PUNCT
ajfa-12449	171	2	*	*	PUNCT
ajfa-12449	171	3	(	(	PUNCT
ajfa-12449	171	4	-2.210	-2.210	NOUN
ajfa-12449	171	5	)	)	PUNCT
ajfa-12449	171	6	ard	ard	NOUN
ajfa-12449	171	7	-0.004	-0.004	PROPN
ajfa-12449	171	8	*	*	PUNCT
ajfa-12449	171	9	*	*	PUNCT
ajfa-12449	171	10	(	(	PUNCT
ajfa-12449	171	11	-1.992	-1.992	ADJ
ajfa-12449	171	12	)	)	PUNCT
ajfa-12449	171	13	inv	inv	VERB
ajfa-12449	171	14	-0.003	-0.003	NUM
ajfa-12449	171	15	*	*	NOUN
ajfa-12449	171	16	(	(	PUNCT
ajfa-12449	171	17	-1.948	-1.948	PROPN
ajfa-12449	171	18	)	)	PUNCT
ajfa-12449	171	19	apd	apd	PROPN
ajfa-12449	171	20	0.001	0.001	NUM
ajfa-12449	171	21	(	(	PUNCT
ajfa-12449	171	22	0.928	0.928	NUM
ajfa-12449	171	23	)	)	PUNCT
ajfa-12449	171	24	size	size	NOUN
ajfa-12449	171	25	0.236	0.236	NUM
ajfa-12449	171	26	*	*	PUNCT
ajfa-12449	171	27	*	*	PUNCT
ajfa-12449	171	28	*	*	PUNCT
ajfa-12449	171	29	(	(	PUNCT
ajfa-12449	171	30	2.700	2.700	NUM
ajfa-12449	171	31	)	)	PUNCT
ajfa-12449	171	32	0.396	0.396	NUM
ajfa-12449	171	33	*	*	PUNCT
ajfa-12449	171	34	*	*	PUNCT
ajfa-12449	171	35	(	(	PUNCT
ajfa-12449	171	36	2.230	2.230	NUM
ajfa-12449	171	37	)	)	PUNCT
ajfa-12449	171	38	0.237	0.237	NUM
ajfa-12449	171	39	*	*	PUNCT
ajfa-12449	171	40	*	*	PUNCT
ajfa-12449	171	41	*	*	PUNCT
ajfa-12449	171	42	(	(	PUNCT
ajfa-12449	171	43	2.670	2.670	NUM
ajfa-12449	171	44	)	)	PUNCT
ajfa-12449	171	45	0.249	0.249	NUM
ajfa-12449	171	46	*	*	PUNCT
ajfa-12449	171	47	*	*	PUNCT
ajfa-12449	171	48	*	*	PUNCT
ajfa-12449	171	49	(	(	PUNCT
ajfa-12449	171	50	2.69	2.69	NUM
ajfa-12449	171	51	)	)	PUNCT
ajfa-12449	171	52	lev	lev	NOUN
ajfa-12449	171	53	-0.410	-0.410	NOUN
ajfa-12449	171	54	*	*	PUNCT
ajfa-12449	171	55	*	*	PUNCT
ajfa-12449	171	56	(	(	PUNCT
ajfa-12449	171	57	-1.980	-1.980	NOUN
ajfa-12449	171	58	)	)	PUNCT
ajfa-12449	171	59	-0.431	-0.431	NOUN
ajfa-12449	171	60	*	*	PUNCT
ajfa-12449	171	61	*	*	PUNCT
ajfa-12449	171	62	(	(	PUNCT
ajfa-12449	171	63	-1.998	-1.998	PROPN
ajfa-12449	171	64	)	)	PUNCT
ajfa-12449	171	65	-0.462	-0.462	NOUN
ajfa-12449	171	66	*	*	PUNCT
ajfa-12449	171	67	(	(	PUNCT
ajfa-12449	171	68	-1.894	-1.894	ADJ
ajfa-12449	171	69	)	)	PUNCT
ajfa-12449	171	70	-0.398	-0.398	PUNCT
ajfa-12449	171	71	*	*	PUNCT
ajfa-12449	171	72	*	*	PUNCT
ajfa-12449	171	73	(	(	PUNCT
ajfa-12449	171	74	-2.100	-2.100	ADJ
ajfa-12449	171	75	)	)	PUNCT
ajfa-12449	171	76	sgr	sgr	PROPN
ajfa-12449	171	77	0.105	0.105	NUM
ajfa-12449	171	78	(	(	PUNCT
ajfa-12449	171	79	0.853	0.853	NUM
ajfa-12449	171	80	)	)	PUNCT
ajfa-12449	171	81	0.500	0.500	NUM
ajfa-12449	171	82	(	(	PUNCT
ajfa-12449	171	83	1.090	1.090	NUM
ajfa-12449	171	84	)	)	PUNCT
ajfa-12449	171	85	0.086	0.086	NUM
ajfa-12449	171	86	(	(	PUNCT
ajfa-12449	171	87	0.971	0.971	NUM
ajfa-12449	171	88	)	)	PUNCT
ajfa-12449	171	89	0.099	0.099	NUM
ajfa-12449	171	90	(	(	PUNCT
ajfa-12449	171	91	0.851	0.851	NUM
ajfa-12449	171	92	)	)	PUNCT
ajfa-12449	171	93	firm	firm	ADJ
ajfa-12449	171	94	fixed	fix	VERB
ajfa-12449	171	95	effects	effect	NOUN
ajfa-12449	172	1	yes	yes	INTJ
ajfa-12449	173	1	yes	yes	INTJ
ajfa-12449	174	1	yes	yes	INTJ
ajfa-12449	175	1	yes	yes	INTJ
ajfa-12449	175	2	year	year	NOUN
ajfa-12449	175	3	dummies	dummy	NOUN
ajfa-12449	176	1	yes	yes	INTJ
ajfa-12449	177	1	yes	yes	INTJ
ajfa-12449	178	1	yes	yes	INTJ
ajfa-12449	178	2	yes	yes	INTJ
ajfa-12449	178	3	adj	adj	PROPN
ajfa-12449	178	4	r2	r2	PROPN
ajfa-12449	179	1	0.153	0.153	NUM
ajfa-12449	179	2	0.149	0.149	NUM
ajfa-12449	179	3	0.1486	0.1486	NUM
ajfa-12449	179	4	0.149	0.149	NUM
ajfa-12449	179	5	f	f	X
ajfa-12449	179	6	-	-	PUNCT
ajfa-12449	179	7	statistic	statistic	NOUN
ajfa-12449	179	8	7.92	7.92	NUM
ajfa-12449	179	9	8.01	8.01	NUM
ajfa-12449	179	10	7.82	7.82	NUM
ajfa-12449	179	11	7.89	7.89	NUM
ajfa-12449	179	12	prob(f	prob(f	NOUN
ajfa-12449	179	13	-	-	PUNCT
ajfa-12449	179	14	statistic	statistic	NOUN
ajfa-12449	179	15	)	)	PUNCT
ajfa-12449	179	16	0.000	0.000	NUM
ajfa-12449	179	17	0.000	0.000	NUM
ajfa-12449	179	18	0.000	0.000	NUM
ajfa-12449	179	19	0.000	0.000	NUM
ajfa-12449	179	20	notes	note	NOUN
ajfa-12449	179	21	:	:	PUNCT
ajfa-12449	179	22	asterisks	asterisk	NOUN
ajfa-12449	179	23	denote	denote	VERB
ajfa-12449	179	24	statistical	statistical	ADJ
ajfa-12449	179	25	significance	significance	NOUN
ajfa-12449	179	26	at	at	ADP
ajfa-12449	179	27	the	the	DET
ajfa-12449	179	28	1	1	NUM
ajfa-12449	179	29	%	%	NOUN
ajfa-12449	179	30	(	(	PUNCT
ajfa-12449	179	31	*	*	PUNCT
ajfa-12449	179	32	*	*	PUNCT
ajfa-12449	179	33	*	*	PUNCT
ajfa-12449	179	34	)	)	PUNCT
ajfa-12449	179	35	,	,	PUNCT
ajfa-12449	179	36	5	5	NUM
ajfa-12449	179	37	%	%	NOUN
ajfa-12449	179	38	(	(	PUNCT
ajfa-12449	179	39	*	*	NOUN
ajfa-12449	179	40	*	*	PUNCT
ajfa-12449	179	41	)	)	PUNCT
ajfa-12449	179	42	,	,	PUNCT
ajfa-12449	179	43	or	or	CCONJ
ajfa-12449	179	44	10	10	NUM
ajfa-12449	179	45	%	%	NOUN
ajfa-12449	179	46	(	(	PUNCT
ajfa-12449	179	47	*	*	NOUN
ajfa-12449	179	48	)	)	PUNCT
ajfa-12449	179	49	level	level	NOUN
ajfa-12449	179	50	,	,	PUNCT
ajfa-12449	179	51	respectively	respectively	ADV
ajfa-12449	179	52	.	.	PUNCT
ajfa-12449	180	1	t	t	PROPN
ajfa-12449	180	2	-	-	PUNCT
ajfa-12449	180	3	statistics	statistic	NOUN
ajfa-12449	180	4	which	which	PRON
ajfa-12449	180	5	are	be	AUX
ajfa-12449	180	6	based	base	VERB
ajfa-12449	180	7	on	on	ADP
ajfa-12449	180	8	cluster	cluster	NOUN
ajfa-12449	180	9	robust	robust	ADJ
ajfa-12449	180	10	slandered	slander	VERB
ajfa-12449	180	11	error	error	NOUN
ajfa-12449	180	12	(	(	PUNCT
ajfa-12449	180	13	clustered	cluster	VERB
ajfa-12449	180	14	at	at	ADP
ajfa-12449	180	15	the	the	DET
ajfa-12449	180	16	firm	firm	ADJ
ajfa-12449	180	17	level)are	level)are	NOUN
ajfa-12449	180	18	reported	report	VERB
ajfa-12449	180	19	in	in	ADP
ajfa-12449	180	20	the	the	DET
ajfa-12449	180	21	parentheses	parenthesis	NOUN
ajfa-12449	180	22	.	.	PUNCT
ajfa-12449	181	1	see	see	VERB
ajfa-12449	181	2	the	the	DET
ajfa-12449	181	3	table	table	NOUN
ajfa-12449	181	4	1	1	NUM
ajfa-12449	181	5	for	for	ADP
ajfa-12449	181	6	definitions	definition	NOUN
ajfa-12449	181	7	of	of	ADP
ajfa-12449	181	8	the	the	DET
ajfa-12449	181	9	variables	variable	NOUN
ajfa-12449	181	10	.	.	PUNCT
ajfa-12449	182	1	first	first	ADV
ajfa-12449	182	2	,	,	PUNCT
ajfa-12449	182	3	the	the	DET
ajfa-12449	182	4	coefficient	coefficient	NOUN
ajfa-12449	182	5	of	of	ADP
ajfa-12449	182	6	ccc	ccc	PROPN
ajfa-12449	182	7	is	be	AUX
ajfa-12449	182	8	negative	negative	ADJ
ajfa-12449	182	9	and	and	CCONJ
ajfa-12449	182	10	statistically	statistically	ADV
ajfa-12449	182	11	significant	significant	ADJ
ajfa-12449	182	12	at	at	ADP
ajfa-12449	182	13	the	the	DET
ajfa-12449	182	14	5	5	NUM
ajfa-12449	182	15	%	%	NOUN
ajfa-12449	182	16	level	level	NOUN
ajfa-12449	182	17	,	,	PUNCT
ajfa-12449	182	18	supporting	support	VERB
ajfa-12449	182	19	our	our	PRON
ajfa-12449	182	20	hypothesis	hypothesis	NOUN
ajfa-12449	182	21	(	(	PUNCT
ajfa-12449	182	22	h1	h1	PROPN
ajfa-12449	182	23	)	)	PUNCT
ajfa-12449	182	24	.	.	PUNCT
ajfa-12449	183	1	this	this	DET
ajfa-12449	183	2	result	result	NOUN
ajfa-12449	183	3	once	once	ADV
ajfa-12449	183	4	again	again	ADV
ajfa-12449	183	5	provides	provide	VERB
ajfa-12449	183	6	strong	strong	ADJ
ajfa-12449	183	7	evidence	evidence	NOUN
ajfa-12449	183	8	to	to	ADP
ajfa-12449	183	9	the	the	DET
ajfa-12449	183	10	predicted	predict	VERB
ajfa-12449	183	11	negative	negative	ADJ
ajfa-12449	183	12	relationship	relationship	NOUN
ajfa-12449	183	13	between	between	ADP
ajfa-12449	183	14	ccc	ccc	PROPN
ajfa-12449	183	15	and	and	CCONJ
ajfa-12449	183	16	firm	firm	ADJ
ajfa-12449	183	17	value	value	NOUN
ajfa-12449	183	18	.	.	PUNCT
ajfa-12449	184	1	as	as	SCONJ
ajfa-12449	184	2	can	can	AUX
ajfa-12449	184	3	be	be	AUX
ajfa-12449	184	4	observed	observe	VERB
ajfa-12449	184	5	in	in	ADP
ajfa-12449	184	6	columns	column	NOUN
ajfa-12449	184	7	2	2	NUM
ajfa-12449	184	8	-	-	SYM
ajfa-12449	184	9	4	4	NUM
ajfa-12449	184	10	of	of	ADP
ajfa-12449	184	11	the	the	DET
ajfa-12449	184	12	table	table	NOUN
ajfa-12449	184	13	5	5	NUM
ajfa-12449	184	14	,	,	PUNCT
ajfa-12449	184	15	the	the	DET
ajfa-12449	184	16	coefficient	coefficient	NOUN
ajfa-12449	184	17	associated	associate	VERB
ajfa-12449	184	18	with	with	ADP
ajfa-12449	184	19	the	the	DET
ajfa-12449	184	20	accounts	account	NOUN
ajfa-12449	184	21	receivable	receivable	ADJ
ajfa-12449	184	22	(	(	PUNCT
ajfa-12449	184	23	ard	ard	NOUN
ajfa-12449	184	24	)	)	PUNCT
ajfa-12449	184	25	is	be	AUX
ajfa-12449	184	26	negative	negative	ADJ
ajfa-12449	184	27	and	and	CCONJ
ajfa-12449	184	28	significant	significant	ADJ
ajfa-12449	184	29	at	at	ADP
ajfa-12449	184	30	the	the	DET
ajfa-12449	184	31	5	5	NUM
ajfa-12449	184	32	%	%	NOUN
ajfa-12449	184	33	level	level	NOUN
ajfa-12449	184	34	.	.	PUNCT
ajfa-12449	185	1	similarly	similarly	ADV
ajfa-12449	185	2	,	,	PUNCT
ajfa-12449	185	3	the	the	DET
ajfa-12449	185	4	coefficient	coefficient	NOUN
ajfa-12449	185	5	on	on	ADP
ajfa-12449	185	6	days	day	NOUN
ajfa-12449	185	7	inventories	inventory	NOUN
ajfa-12449	185	8	on	on	ADP
ajfa-12449	185	9	hand	hand	NOUN
ajfa-12449	185	10	(	(	PUNCT
ajfa-12449	185	11	(	(	PUNCT
ajfa-12449	185	12	invd	invd	ADJ
ajfa-12449	185	13	)	)	PUNCT
ajfa-12449	185	14	is	be	AUX
ajfa-12449	185	15	negative	negative	ADJ
ajfa-12449	185	16	and	and	CCONJ
ajfa-12449	185	17	statistically	statistically	ADV
ajfa-12449	185	18	significant	significant	ADJ
ajfa-12449	185	19	at	at	ADP
ajfa-12449	185	20	the	the	DET
ajfa-12449	185	21	5	5	NUM
ajfa-12449	185	22	%	%	NOUN
ajfa-12449	185	23	level	level	NOUN
ajfa-12449	185	24	.	.	PUNCT
ajfa-12449	186	1	the	the	DET
ajfa-12449	186	2	coefficient	coefficient	NOUN
ajfa-12449	186	3	on	on	ADP
ajfa-12449	186	4	the	the	DET
ajfa-12449	186	5	asian	asian	ADJ
ajfa-12449	186	6	journal	journal	NOUN
ajfa-12449	186	7	of	of	ADP
ajfa-12449	186	8	finance	finance	PROPN
ajfa-12449	186	9	&	&	CCONJ
ajfa-12449	186	10	accounting	accounting	PROPN
ajfa-12449	186	11	issn	issn	PROPN
ajfa-12449	186	12	1946	1946	NUM
ajfa-12449	186	13	-	-	PUNCT
ajfa-12449	186	14	052x	052x	PROPN
ajfa-12449	186	15	2017	2017	NUM
ajfa-12449	186	16	,	,	PUNCT
ajfa-12449	186	17	vol	vol	NOUN
ajfa-12449	186	18	.	.	NOUN
ajfa-12449	186	19	9	9	NUM
ajfa-12449	186	20	,	,	PUNCT
ajfa-12449	186	21	no	no	NOUN
ajfa-12449	186	22	.	.	NOUN
ajfa-12449	186	23	2	2	NUM
ajfa-12449	186	24	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12449	186	25	410	410	NUM
ajfa-12449	186	26	number	number	NOUN
ajfa-12449	186	27	of	of	ADP
ajfa-12449	186	28	days	day	NOUN
ajfa-12449	186	29	accounts	account	NOUN
ajfa-12449	186	30	payable	payable	ADJ
ajfa-12449	186	31	(	(	PUNCT
ajfa-12449	186	32	apd	apd	PROPN
ajfa-12449	186	33	)	)	PUNCT
ajfa-12449	186	34	is	be	AUX
ajfa-12449	186	35	positive	positive	ADJ
ajfa-12449	186	36	but	but	CCONJ
ajfa-12449	186	37	not	not	PART
ajfa-12449	186	38	statistically	statistically	ADV
ajfa-12449	186	39	significant	significant	ADJ
ajfa-12449	186	40	at	at	ADP
ajfa-12449	186	41	the	the	DET
ajfa-12449	186	42	conventional	conventional	ADJ
ajfa-12449	186	43	levels	level	NOUN
ajfa-12449	186	44	.	.	PUNCT
ajfa-12449	187	1	these	these	DET
ajfa-12449	187	2	results	result	NOUN
ajfa-12449	187	3	indicate	indicate	VERB
ajfa-12449	187	4	that	that	SCONJ
ajfa-12449	187	5	excess	excess	ADJ
ajfa-12449	187	6	cash	cash	NOUN
ajfa-12449	187	7	tiedupin	tiedupin	NOUN
ajfa-12449	187	8	inventories	inventory	NOUN
ajfa-12449	187	9	and	and	CCONJ
ajfa-12449	187	10	accounts	account	NOUN
ajfa-12449	187	11	receivables	receivables	NOUN
ajfa-12449	187	12	is	be	AUX
ajfa-12449	187	13	perceived	perceive	VERB
ajfa-12449	187	14	as	as	ADP
ajfa-12449	187	15	working	work	VERB
ajfa-12449	187	16	capital	capital	NOUN
ajfa-12449	187	17	management	management	NOUN
ajfa-12449	187	18	inefficiencies	inefficiency	NOUN
ajfa-12449	187	19	by	by	ADP
ajfa-12449	187	20	the	the	DET
ajfa-12449	187	21	market	market	NOUN
ajfa-12449	187	22	causing	cause	VERB
ajfa-12449	187	23	a	a	DET
ajfa-12449	187	24	reduction	reduction	NOUN
ajfa-12449	187	25	in	in	ADP
ajfa-12449	187	26	firm	firm	ADJ
ajfa-12449	187	27	value	value	NOUN
ajfa-12449	187	28	.	.	PUNCT
ajfa-12449	188	1	as	as	ADP
ajfa-12449	188	2	for	for	ADP
ajfa-12449	188	3	the	the	DET
ajfa-12449	188	4	control	control	NOUN
ajfa-12449	188	5	variables	variable	NOUN
ajfa-12449	188	6	,	,	PUNCT
ajfa-12449	188	7	they	they	PRON
ajfa-12449	188	8	show	show	VERB
ajfa-12449	188	9	qualitatively	qualitatively	ADV
ajfa-12449	188	10	similar	similar	ADJ
ajfa-12449	188	11	results	result	NOUN
ajfa-12449	188	12	to	to	ADP
ajfa-12449	188	13	the	the	DET
ajfa-12449	188	14	ones	one	NOUN
ajfa-12449	188	15	observed	observe	VERB
ajfa-12449	188	16	in	in	ADP
ajfa-12449	188	17	the	the	DET
ajfa-12449	188	18	table	table	NOUN
ajfa-12449	188	19	4	4	NUM
ajfa-12449	188	20	.	.	PUNCT
ajfa-12449	188	21	overall	overall	ADV
ajfa-12449	188	22	,	,	PUNCT
ajfa-12449	188	23	the	the	DET
ajfa-12449	188	24	results	result	NOUN
ajfa-12449	188	25	of	of	ADP
ajfa-12449	188	26	regressions	regression	NOUN
ajfa-12449	188	27	(	(	PUNCT
ajfa-12449	188	28	1	1	NUM
ajfa-12449	188	29	)	)	PUNCT
ajfa-12449	188	30	to	to	ADP
ajfa-12449	188	31	(	(	PUNCT
ajfa-12449	188	32	4	4	X
ajfa-12449	188	33	)	)	PUNCT
ajfa-12449	188	34	suggest	suggest	VERB
ajfa-12449	188	35	that	that	SCONJ
ajfa-12449	188	36	managers	manager	NOUN
ajfa-12449	188	37	can	can	AUX
ajfa-12449	188	38	increase	increase	VERB
ajfa-12449	188	39	firm	firm	ADJ
ajfa-12449	188	40	value	value	NOUN
ajfa-12449	188	41	by	by	ADP
ajfa-12449	188	42	improving	improve	VERB
ajfa-12449	188	43	the	the	DET
ajfa-12449	188	44	efficiency	efficiency	NOUN
ajfa-12449	188	45	of	of	ADP
ajfa-12449	188	46	working	work	VERB
ajfa-12449	188	47	capital	capital	NOUN
ajfa-12449	188	48	management	management	NOUN
ajfa-12449	188	49	by	by	ADP
ajfa-12449	188	50	reducing	reduce	VERB
ajfa-12449	188	51	the	the	DET
ajfa-12449	188	52	number	number	NOUN
ajfa-12449	188	53	of	of	ADP
ajfa-12449	188	54	days	day	NOUN
ajfa-12449	188	55	accounts	account	VERB
ajfa-12449	188	56	receivable	receivable	ADJ
ajfa-12449	188	57	and	and	CCONJ
ajfa-12449	188	58	inventories	inventory	NOUN
ajfa-12449	188	59	.	.	PUNCT
ajfa-12449	189	1	the	the	DET
ajfa-12449	189	2	number	number	NOUN
ajfa-12449	189	3	of	of	ADP
ajfa-12449	189	4	days	day	NOUN
ajfa-12449	189	5	accounts	account	NOUN
ajfa-12449	189	6	payable	payable	ADJ
ajfa-12449	189	7	(	(	PUNCT
ajfa-12449	189	8	apd	apd	PROPN
ajfa-12449	189	9	)	)	PUNCT
ajfa-12449	189	10	does	do	AUX
ajfa-12449	189	11	not	not	PART
ajfa-12449	189	12	affect	affect	VERB
ajfa-12449	189	13	firm	firm	ADJ
ajfa-12449	189	14	value	value	NOUN
ajfa-12449	189	15	.	.	PUNCT
ajfa-12449	190	1	6	6	X
ajfa-12449	190	2	.	.	X
ajfa-12449	190	3	conclusions	conclusion	NOUN
ajfa-12449	190	4	investments	investment	NOUN
ajfa-12449	190	5	in	in	ADP
ajfa-12449	190	6	working	working	NOUN
ajfa-12449	190	7	capital	capital	NOUN
ajfa-12449	190	8	involve	involve	VERB
ajfa-12449	190	9	a	a	DET
ajfa-12449	190	10	trade	trade	NOUN
ajfa-12449	190	11	-	-	PUNCT
ajfa-12449	190	12	off	off	NOUN
ajfa-12449	190	13	between	between	ADP
ajfa-12449	190	14	profitability	profitability	NOUN
ajfa-12449	190	15	and	and	CCONJ
ajfa-12449	190	16	liquidity	liquidity	NOUN
ajfa-12449	190	17	and	and	CCONJ
ajfa-12449	190	18	thus	thus	ADV
ajfa-12449	190	19	the	the	DET
ajfa-12449	190	20	efficient	efficient	ADJ
ajfa-12449	190	21	working	work	VERB
ajfa-12449	190	22	capital	capital	NOUN
ajfa-12449	190	23	management	management	NOUN
ajfa-12449	190	24	affects	affect	VERB
ajfa-12449	190	25	firm	firm	ADJ
ajfa-12449	190	26	value	value	NOUN
ajfa-12449	190	27	.	.	PUNCT
ajfa-12449	191	1	although	although	SCONJ
ajfa-12449	191	2	a	a	DET
ajfa-12449	191	3	large	large	ADJ
ajfa-12449	191	4	number	number	NOUN
ajfa-12449	191	5	of	of	ADP
ajfa-12449	191	6	previous	previous	ADJ
ajfa-12449	191	7	empirical	empirical	ADJ
ajfa-12449	191	8	studies	study	NOUN
ajfa-12449	191	9	report	report	VERB
ajfa-12449	191	10	that	that	SCONJ
ajfa-12449	191	11	firm	firm	ADJ
ajfa-12449	191	12	profitability	profitability	NOUN
ajfa-12449	191	13	is	be	AUX
ajfa-12449	191	14	influenced	influence	VERB
ajfa-12449	191	15	by	by	ADP
ajfa-12449	191	16	the	the	DET
ajfa-12449	191	17	efficient	efficient	ADJ
ajfa-12449	191	18	wcm	wcm	NOUN
ajfa-12449	191	19	,	,	PUNCT
ajfa-12449	191	20	only	only	ADV
ajfa-12449	191	21	a	a	DET
ajfa-12449	191	22	handful	handful	NOUN
ajfa-12449	191	23	of	of	ADP
ajfa-12449	191	24	studies	study	NOUN
ajfa-12449	191	25	examine	examine	VERB
ajfa-12449	191	26	the	the	DET
ajfa-12449	191	27	effect	effect	NOUN
ajfa-12449	191	28	of	of	ADP
ajfa-12449	191	29	wcm	wcm	NOUN
ajfa-12449	191	30	on	on	ADP
ajfa-12449	191	31	firm	firm	ADJ
ajfa-12449	191	32	value	value	NOUN
ajfa-12449	191	33	.	.	PUNCT
ajfa-12449	192	1	therefore	therefore	ADV
ajfa-12449	192	2	,	,	PUNCT
ajfa-12449	192	3	this	this	DET
ajfa-12449	192	4	study	study	NOUN
ajfa-12449	192	5	focuses	focus	VERB
ajfa-12449	192	6	on	on	ADP
ajfa-12449	192	7	the	the	DET
ajfa-12449	192	8	value	value	NOUN
ajfa-12449	192	9	effect	effect	NOUN
ajfa-12449	192	10	of	of	ADP
ajfa-12449	192	11	wcm	wcm	NOUN
ajfa-12449	192	12	efficiency	efficiency	NOUN
ajfa-12449	192	13	.	.	PUNCT
ajfa-12449	193	1	using	use	VERB
ajfa-12449	193	2	a	a	DET
ajfa-12449	193	3	panel	panel	NOUN
ajfa-12449	193	4	of	of	ADP
ajfa-12449	193	5	44	44	NUM
ajfa-12449	193	6	companies	company	NOUN
ajfa-12449	193	7	listed	list	VERB
ajfa-12449	193	8	in	in	ADP
ajfa-12449	193	9	cse	cse	NOUN
ajfa-12449	193	10	for	for	ADP
ajfa-12449	193	11	the	the	DET
ajfa-12449	193	12	period	period	NOUN
ajfa-12449	193	13	of	of	ADP
ajfa-12449	193	14	2011	2011	NUM
ajfa-12449	193	15	-	-	SYM
ajfa-12449	193	16	2015	2015	NUM
ajfa-12449	193	17	,	,	PUNCT
ajfa-12449	193	18	we	we	PRON
ajfa-12449	193	19	find	find	VERB
ajfa-12449	193	20	that	that	SCONJ
ajfa-12449	193	21	the	the	DET
ajfa-12449	193	22	cash	cash	NOUN
ajfa-12449	193	23	conversion	conversion	NOUN
ajfa-12449	193	24	cycle	cycle	NOUN
ajfa-12449	193	25	is	be	AUX
ajfa-12449	193	26	negatively	negatively	ADV
ajfa-12449	193	27	associated	associate	VERB
ajfa-12449	193	28	with	with	ADP
ajfa-12449	193	29	tobin	tobin	PROPN
ajfa-12449	193	30	q	q	PROPN
ajfa-12449	193	31	,	,	PUNCT
ajfa-12449	193	32	suggesting	suggest	VERB
ajfa-12449	193	33	that	that	SCONJ
ajfa-12449	193	34	efficient	efficient	ADJ
ajfa-12449	193	35	working	working	NOUN
ajfa-12449	193	36	capital	capital	NOUN
ajfa-12449	193	37	management	management	NOUN
ajfa-12449	193	38	leads	lead	VERB
ajfa-12449	193	39	to	to	ADP
ajfa-12449	193	40	an	an	DET
ajfa-12449	193	41	increase	increase	NOUN
ajfa-12449	193	42	in	in	ADP
ajfa-12449	193	43	the	the	DET
ajfa-12449	193	44	market	market	NOUN
ajfa-12449	193	45	value	value	NOUN
ajfa-12449	193	46	of	of	ADP
ajfa-12449	193	47	the	the	DET
ajfa-12449	193	48	firms	firm	NOUN
ajfa-12449	193	49	and	and	CCONJ
ajfa-12449	193	50	thus	thus	ADV
ajfa-12449	193	51	helps	help	VERB
ajfa-12449	193	52	to	to	PART
ajfa-12449	193	53	increase	increase	VERB
ajfa-12449	193	54	shareholder	shareholder	NOUN
ajfa-12449	193	55	wealth	wealth	NOUN
ajfa-12449	193	56	.	.	PUNCT
ajfa-12449	194	1	in	in	ADP
ajfa-12449	194	2	other	other	ADJ
ajfa-12449	194	3	words	word	NOUN
ajfa-12449	194	4	,	,	PUNCT
ajfa-12449	194	5	financial	financial	ADJ
ajfa-12449	194	6	market	market	NOUN
ajfa-12449	194	7	will	will	AUX
ajfa-12449	194	8	penalize	penalize	VERB
ajfa-12449	194	9	the	the	DET
ajfa-12449	194	10	firms	firm	NOUN
ajfa-12449	194	11	that	that	PRON
ajfa-12449	194	12	fail	fail	VERB
ajfa-12449	194	13	to	to	PART
ajfa-12449	194	14	manage	manage	VERB
ajfa-12449	194	15	their	their	PRON
ajfa-12449	194	16	working	work	VERB
ajfa-12449	194	17	capital	capital	NOUN
ajfa-12449	194	18	properly	properly	ADV
ajfa-12449	194	19	.	.	PUNCT
ajfa-12449	195	1	our	our	PRON
ajfa-12449	195	2	results	result	NOUN
ajfa-12449	195	3	also	also	ADV
ajfa-12449	195	4	suggest	suggest	VERB
ajfa-12449	195	5	that	that	SCONJ
ajfa-12449	195	6	managers	manager	NOUN
ajfa-12449	195	7	can	can	AUX
ajfa-12449	195	8	increase	increase	VERB
ajfa-12449	195	9	the	the	DET
ajfa-12449	195	10	shareholder	shareholder	NOUN
ajfa-12449	195	11	wealth	wealth	NOUN
ajfa-12449	195	12	by	by	ADP
ajfa-12449	195	13	reducing	reduce	VERB
ajfa-12449	195	14	the	the	DET
ajfa-12449	195	15	number	number	NOUN
ajfa-12449	195	16	of	of	ADP
ajfa-12449	195	17	days	day	NOUN
ajfa-12449	195	18	in	in	ADP
ajfa-12449	195	19	accounts	account	NOUN
ajfa-12449	195	20	receivable	receivable	ADJ
ajfa-12449	195	21	and	and	CCONJ
ajfa-12449	195	22	inventories	inventory	NOUN
ajfa-12449	195	23	.	.	PUNCT
ajfa-12449	196	1	references	reference	NOUN
ajfa-12449	196	2	abuzayed	abuzaye	VERB
ajfa-12449	196	3	,	,	PUNCT
ajfa-12449	196	4	b.	b.	PROPN
ajfa-12449	196	5	(	(	PUNCT
ajfa-12449	196	6	2012	2012	NUM
ajfa-12449	196	7	)	)	PUNCT
ajfa-12449	196	8	.	.	PUNCT
ajfa-12449	197	1	working	work	VERB
ajfa-12449	197	2	capital	capital	NOUN
ajfa-12449	197	3	management	management	NOUN
ajfa-12449	197	4	and	and	CCONJ
ajfa-12449	197	5	firm	firm	NOUN
ajfa-12449	197	6	’s	’s	PART
ajfa-12449	197	7	performance	performance	NOUN
ajfa-12449	197	8	in	in	ADP
ajfa-12449	197	9	emerging	emerge	VERB
ajfa-12449	197	10	markets	market	NOUN
ajfa-12449	197	11	:	:	PUNCT
ajfa-12449	197	12	the	the	DET
ajfa-12449	197	13	case	case	NOUN
ajfa-12449	197	14	of	of	ADP
ajfa-12449	197	15	jordan	jordan	PROPN
ajfa-12449	197	16	.	.	PUNCT
ajfa-12449	198	1	international	international	ADJ
ajfa-12449	198	2	journal	journal	PROPN
ajfa-12449	198	3	of	of	ADP
ajfa-12449	198	4	managerial	managerial	ADJ
ajfa-12449	198	5	finance	finance	NOUN
ajfa-12449	198	6	,	,	PUNCT
ajfa-12449	198	7	8(2	8(2	NUM
ajfa-12449	198	8	)	)	PUNCT
ajfa-12449	198	9	,	,	PUNCT
ajfa-12449	198	10	155	155	NUM
ajfa-12449	198	11	-	-	SYM
ajfa-12449	198	12	179	179	NUM
ajfa-12449	198	13	.	.	PUNCT
ajfa-12449	199	1	https://doi.org/10.1108/17439131211216620	https://doi.org/10.1108/17439131211216620	PROPN
ajfa-12449	199	2	afza	afza	PROPN
ajfa-12449	199	3	,	,	PUNCT
ajfa-12449	199	4	t.	t.	PROPN
ajfa-12449	199	5	,	,	PUNCT
ajfa-12449	199	6	&	&	CCONJ
ajfa-12449	199	7	nazir	nazir	PROPN
ajfa-12449	199	8	,	,	PUNCT
ajfa-12449	199	9	m.	m.	NOUN
ajfa-12449	199	10	s.	s.	PROPN
ajfa-12449	199	11	(	(	PUNCT
ajfa-12449	199	12	2007	2007	NUM
ajfa-12449	199	13	)	)	PUNCT
ajfa-12449	199	14	.	.	PUNCT
ajfa-12449	199	15	is	be	AUX
ajfa-12449	199	16	it	it	PRON
ajfa-12449	199	17	better	well	ADJ
ajfa-12449	199	18	to	to	PART
ajfa-12449	199	19	be	be	AUX
ajfa-12449	199	20	aggressive	aggressive	ADJ
ajfa-12449	199	21	or	or	CCONJ
ajfa-12449	199	22	conservative	conservative	ADJ
ajfa-12449	199	23	in	in	ADP
ajfa-12449	199	24	managing	manage	VERB
ajfa-12449	199	25	working	work	VERB
ajfa-12449	199	26	capital	capital	NOUN
ajfa-12449	199	27	?	?	PUNCT
ajfa-12449	199	28	.	.	PUNCT
ajfa-12449	200	1	journal	journal	PROPN
ajfa-12449	200	2	of	of	ADP
ajfa-12449	200	3	quality	quality	NOUN
ajfa-12449	200	4	and	and	CCONJ
ajfa-12449	200	5	technology	technology	NOUN
ajfa-12449	200	6	management	management	NOUN
ajfa-12449	200	7	,	,	PUNCT
ajfa-12449	200	8	3(2	3(2	NUM
ajfa-12449	200	9	)	)	PUNCT
ajfa-12449	200	10	,	,	PUNCT
ajfa-12449	200	11	1	1	NUM
ajfa-12449	200	12	-	-	SYM
ajfa-12449	200	13	15	15	NUM
ajfa-12449	200	14	.	.	PUNCT
ajfa-12449	201	1	al	al	PROPN
ajfa-12449	201	2	-	-	PUNCT
ajfa-12449	201	3	mwalla	mwalla	PROPN
ajfa-12449	201	4	,	,	PUNCT
ajfa-12449	201	5	muna	muna	NOUN
ajfa-12449	201	6	.	.	PUNCT
ajfa-12449	201	7	(	(	PUNCT
ajfa-12449	201	8	2012	2012	NUM
ajfa-12449	201	9	)	)	PUNCT
ajfa-12449	201	10	.	.	PUNCT
ajfa-12449	202	1	the	the	DET
ajfa-12449	202	2	impact	impact	NOUN
ajfa-12449	202	3	of	of	ADP
ajfa-12449	202	4	working	work	VERB
ajfa-12449	202	5	capital	capital	NOUN
ajfa-12449	202	6	management	management	NOUN
ajfa-12449	202	7	policies	policy	NOUN
ajfa-12449	202	8	on	on	ADP
ajfa-12449	202	9	firm	firm	NOUN
ajfa-12449	202	10	's	's	PART
ajfa-12449	202	11	profitability	profitability	NOUN
ajfa-12449	202	12	and	and	CCONJ
ajfa-12449	202	13	value	value	NOUN
ajfa-12449	202	14	:	:	PUNCT
ajfa-12449	202	15	the	the	DET
ajfa-12449	202	16	case	case	NOUN
ajfa-12449	202	17	of	of	ADP
ajfa-12449	202	18	jordan	jordan	PROPN
ajfa-12449	202	19	.	.	PUNCT
ajfa-12449	203	1	international	international	ADJ
ajfa-12449	203	2	research	research	PROPN
ajfa-12449	203	3	journal	journal	NOUN
ajfa-12449	203	4	of	of	ADP
ajfa-12449	203	5	finance	finance	NOUN
ajfa-12449	203	6	and	and	CCONJ
ajfa-12449	203	7	economics	economic	NOUN
ajfa-12449	203	8	,	,	PUNCT
ajfa-12449	203	9	85	85	NUM
ajfa-12449	203	10	,	,	PUNCT
ajfa-12449	203	11	147	147	NUM
ajfa-12449	203	12	-	-	SYM
ajfa-12449	203	13	153	153	NUM
ajfa-12449	203	14	.	.	PUNCT
ajfa-12449	204	1	anagnostopoulou	anagnostopoulou	PROPN
ajfa-12449	204	2	,	,	PUNCT
ajfa-12449	204	3	s.	s.	PROPN
ajfa-12449	204	4	(	(	PUNCT
ajfa-12449	204	5	2013	2013	NUM
ajfa-12449	204	6	)	)	PUNCT
ajfa-12449	204	7	.	.	PUNCT
ajfa-12449	205	1	working	work	VERB
ajfa-12449	205	2	capital	capital	NOUN
ajfa-12449	205	3	management	management	NOUN
ajfa-12449	205	4	and	and	CCONJ
ajfa-12449	205	5	firm	firm	ADJ
ajfa-12449	205	6	listing	list	VERB
ajfa-12449	205	7	status	status	NOUN
ajfa-12449	205	8	.	.	PUNCT
ajfa-12449	206	1	multinational	multinational	ADJ
ajfa-12449	206	2	finance	finance	NOUN
ajfa-12449	206	3	journal	journal	NOUN
ajfa-12449	206	4	,	,	PUNCT
ajfa-12449	206	5	forthcoming	forthcoming	ADJ
ajfa-12449	206	6	,	,	PUNCT
ajfa-12449	206	7	16(3	16(3	NOUN
ajfa-12449	206	8	)	)	PUNCT
ajfa-12449	206	9	,	,	PUNCT
ajfa-12449	206	10	261	261	NUM
ajfa-12449	206	11	-	-	SYM
ajfa-12449	206	12	301	301	NUM
ajfa-12449	206	13	.	.	PUNCT
ajfa-12449	207	1	autukaite	autukaite	PROPN
ajfa-12449	207	2	-	-	PUNCT
ajfa-12449	207	3	eric	eric	PROPN
ajfa-12449	207	4	molay	molay	NOUN
ajfa-12449	207	5	,	,	PUNCT
ajfa-12449	207	6	r.	r.	PROPN
ajfa-12449	207	7	(	(	PUNCT
ajfa-12449	207	8	2013	2013	NUM
ajfa-12449	207	9	)	)	PUNCT
ajfa-12449	207	10	.	.	PUNCT
ajfa-12449	208	1	cash	cash	NOUN
ajfa-12449	208	2	holdings	holding	NOUN
ajfa-12449	208	3	,	,	PUNCT
ajfa-12449	208	4	working	work	VERB
ajfa-12449	208	5	capital	capital	NOUN
ajfa-12449	208	6	and	and	CCONJ
ajfa-12449	208	7	firm	firm	ADJ
ajfa-12449	208	8	value	value	NOUN
ajfa-12449	208	9	:	:	PUNCT
ajfa-12449	208	10	evidence	evidence	NOUN
ajfa-12449	208	11	from	from	ADP
ajfa-12449	208	12	france	france	PROPN
ajfa-12449	208	13	,	,	PUNCT
ajfa-12449	208	14	international	international	ADJ
ajfa-12449	208	15	conference	conference	NOUN
ajfa-12449	208	16	of	of	ADP
ajfa-12449	208	17	the	the	DET
ajfa-12449	208	18	french	french	ADJ
ajfa-12449	208	19	finance	finance	NOUN
ajfa-12449	208	20	association	association	NOUN
ajfa-12449	208	21	(	(	PUNCT
ajfa-12449	208	22	affi	affi	PROPN
ajfa-12449	208	23	)	)	PUNCT
ajfa-12449	208	24	,	,	PUNCT
ajfa-12449	208	25	1	1	NUM
ajfa-12449	208	26	-	-	SYM
ajfa-12449	208	27	22	22	NUM
ajfa-12449	208	28	.	.	PUNCT
ajfa-12449	209	1	https://doi.org/10.2139/ssrn.183690	https://doi.org/10.2139/ssrn.183690	PROPN
ajfa-12449	209	2	asian	asian	PROPN
ajfa-12449	209	3	journal	journal	PROPN
ajfa-12449	209	4	of	of	ADP
ajfa-12449	209	5	finance	finance	PROPN
ajfa-12449	209	6	&	&	CCONJ
ajfa-12449	209	7	accounting	accounting	PROPN
ajfa-12449	209	8	issn	issn	PROPN
ajfa-12449	209	9	1946	1946	NUM
ajfa-12449	209	10	-	-	PUNCT
ajfa-12449	209	11	052x	052x	PROPN
ajfa-12449	209	12	2017	2017	NUM
ajfa-12449	209	13	,	,	PUNCT
ajfa-12449	209	14	vol	vol	NOUN
ajfa-12449	209	15	.	.	NOUN
ajfa-12449	209	16	9	9	NUM
ajfa-12449	209	17	,	,	PUNCT
ajfa-12449	209	18	no	no	INTJ
ajfa-12449	209	19	.	.	NOUN
ajfa-12449	209	20	2	2	NUM
ajfa-12449	209	21	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12449	209	22	411	411	NUM
ajfa-12449	209	23	baker	baker	NOUN
ajfa-12449	209	24	,	,	PUNCT
ajfa-12449	209	25	h.	h.	PROPN
ajfa-12449	209	26	k.	k.	PROPN
ajfa-12449	209	27	,	,	PUNCT
ajfa-12449	209	28	kumar	kumar	PROPN
ajfa-12449	209	29	,	,	PUNCT
ajfa-12449	209	30	s.	s.	PROPN
ajfa-12449	209	31	,	,	PUNCT
ajfa-12449	209	32	colombage	colombage	PROPN
ajfa-12449	209	33	,	,	PUNCT
ajfa-12449	209	34	s.	s.	PROPN
ajfa-12449	209	35	,	,	PUNCT
ajfa-12449	209	36	&	&	CCONJ
ajfa-12449	209	37	singh	singh	PROPN
ajfa-12449	209	38	,	,	PUNCT
ajfa-12449	209	39	h.	h.	PROPN
ajfa-12449	209	40	p.	p.	PROPN
ajfa-12449	209	41	(	(	PUNCT
ajfa-12449	209	42	2017	2017	NUM
ajfa-12449	209	43	)	)	PUNCT
ajfa-12449	209	44	.	.	PUNCT
ajfa-12449	210	1	working	work	VERB
ajfa-12449	210	2	capital	capital	NOUN
ajfa-12449	210	3	management	management	NOUN
ajfa-12449	210	4	practices	practice	NOUN
ajfa-12449	210	5	in	in	ADP
ajfa-12449	210	6	india	india	PROPN
ajfa-12449	210	7	:	:	PUNCT
ajfa-12449	210	8	survey	survey	NOUN
ajfa-12449	210	9	evidence	evidence	NOUN
ajfa-12449	210	10	.	.	PUNCT
ajfa-12449	211	1	managerial	managerial	ADJ
ajfa-12449	211	2	finance	finance	NOUN
ajfa-12449	211	3	,	,	PUNCT
ajfa-12449	211	4	43(3	43(3	NUM
ajfa-12449	211	5	)	)	PUNCT
ajfa-12449	211	6	,	,	PUNCT
ajfa-12449	211	7	331	331	NUM
ajfa-12449	211	8	-	-	SYM
ajfa-12449	211	9	353	353	NUM
ajfa-12449	211	10	.	.	PUNCT
ajfa-12449	211	11	https://doi.org/10.1108/mf-07-2016-0118	https://doi.org/10.1108/mf-07-2016-0118	PROPN
ajfa-12449	211	12	.	.	PUNCT
ajfa-12449	212	1	bandara	bandara	PROPN
ajfa-12449	212	2	,	,	PUNCT
ajfa-12449	212	3	r.	r.	PROPN
ajfa-12449	212	4	m.	m.	PROPN
ajfa-12449	212	5	s	s	PROPN
ajfa-12449	212	6	,	,	PUNCT
ajfa-12449	212	7	&	&	CCONJ
ajfa-12449	212	8	weerakoon	weerakoon	PROPN
ajfa-12449	212	9	banda	banda	PROPN
ajfa-12449	212	10	,	,	PUNCT
ajfa-12449	212	11	y.	y.	PROPN
ajfa-12449	212	12	k.	k.	PROPN
ajfa-12449	212	13	,	,	PUNCT
ajfa-12449	212	14	(	(	PUNCT
ajfa-12449	212	15	2008	2008	NUM
ajfa-12449	212	16	)	)	PUNCT
ajfa-12449	212	17	.	.	PUNCT
ajfa-12449	213	1	impact	impact	NOUN
ajfa-12449	213	2	of	of	ADP
ajfa-12449	213	3	working	work	VERB
ajfa-12449	213	4	capital	capital	NOUN
ajfa-12449	213	5	management	management	NOUN
ajfa-12449	213	6	practices	practice	NOUN
ajfa-12449	213	7	on	on	ADP
ajfa-12449	213	8	firm	firm	ADJ
ajfa-12449	213	9	value	value	NOUN
ajfa-12449	213	10	,	,	PUNCT
ajfa-12449	213	11	working	working	NOUN
ajfa-12449	213	12	paper	paper	NOUN
ajfa-12449	213	13	,	,	PUNCT
ajfa-12449	213	14	department	department	NOUN
ajfa-12449	213	15	of	of	ADP
ajfa-12449	213	16	accountancy	accountancy	NOUN
ajfa-12449	213	17	,	,	PUNCT
ajfa-12449	213	18	faculty	faculty	NOUN
ajfa-12449	213	19	of	of	ADP
ajfa-12449	213	20	commerce	commerce	PROPN
ajfa-12449	213	21	&	&	CCONJ
ajfa-12449	213	22	management	management	PROPN
ajfa-12449	213	23	studies	study	NOUN
ajfa-12449	213	24	,	,	PUNCT
ajfa-12449	213	25	university	university	NOUN
ajfa-12449	213	26	of	of	ADP
ajfa-12449	213	27	kelaniya	kelaniya	PROPN
ajfa-12449	213	28	.	.	PUNCT
ajfa-12449	214	1	banos	banos	PROPN
ajfa-12449	214	2	-	-	PUNCT
ajfa-12449	214	3	caballero	caballero	PROPN
ajfa-12449	214	4	,	,	PUNCT
ajfa-12449	214	5	s.	s.	PROPN
ajfa-12449	214	6	,	,	PUNCT
ajfa-12449	214	7	garcía	garcía	NOUN
ajfa-12449	214	8	-	-	PUNCT
ajfa-12449	214	9	teruel	teruel	NOUN
ajfa-12449	214	10	,	,	PUNCT
ajfa-12449	214	11	p.	p.	PROPN
ajfa-12449	214	12	j.	j.	PROPN
ajfa-12449	214	13	,	,	PUNCT
ajfa-12449	214	14	&	&	CCONJ
ajfa-12449	214	15	martínez	martínez	PROPN
ajfa-12449	214	16	-	-	PUNCT
ajfa-12449	214	17	solano	solano	PROPN
ajfa-12449	214	18	,	,	PUNCT
ajfa-12449	214	19	p.	p.	NOUN
ajfa-12449	214	20	(	(	PUNCT
ajfa-12449	214	21	2010	2010	NUM
ajfa-12449	214	22	)	)	PUNCT
ajfa-12449	214	23	.	.	PUNCT
ajfa-12449	215	1	working	work	VERB
ajfa-12449	215	2	capital	capital	NOUN
ajfa-12449	215	3	management	management	NOUN
ajfa-12449	215	4	in	in	ADP
ajfa-12449	215	5	smes	sme	NOUN
ajfa-12449	215	6	.	.	PUNCT
ajfa-12449	216	1	accounting	accounting	NOUN
ajfa-12449	216	2	and	and	CCONJ
ajfa-12449	216	3	finance	finance	NOUN
ajfa-12449	216	4	,	,	PUNCT
ajfa-12449	216	5	50(3	50(3	NUM
ajfa-12449	216	6	)	)	PUNCT
ajfa-12449	216	7	,	,	PUNCT
ajfa-12449	216	8	511	511	NUM
ajfa-12449	216	9	-	-	SYM
ajfa-12449	216	10	527	527	NUM
ajfa-12449	216	11	.	.	PUNCT
ajfa-12449	217	1	https://doi.org/10.1111/j.1467-629x.2009.00331.x	https://doi.org/10.1111/j.1467-629x.2009.00331.x	PROPN
ajfa-12449	217	2	bates	bate	NOUN
ajfa-12449	217	3	,	,	PUNCT
ajfa-12449	217	4	t.w	t.w	PROPN
ajfa-12449	217	5	.	.	PROPN
ajfa-12449	217	6	,	,	PUNCT
ajfa-12449	217	7	kahle	kahle	PROPN
ajfa-12449	217	8	,	,	PUNCT
ajfa-12449	217	9	k.m	k.m	PROPN
ajfa-12449	217	10	.	.	PROPN
ajfa-12449	217	11	,	,	PUNCT
ajfa-12449	217	12	&	&	CCONJ
ajfa-12449	217	13	stulz	stulz	ADJ
ajfa-12449	217	14	,	,	PUNCT
ajfa-12449	217	15	r.m	r.m	PROPN
ajfa-12449	217	16	.	.	PROPN
ajfa-12449	217	17	(	(	PUNCT
ajfa-12449	217	18	2009	2009	NUM
ajfa-12449	217	19	)	)	PUNCT
ajfa-12449	217	20	.	.	PUNCT
ajfa-12449	218	1	why	why	SCONJ
ajfa-12449	218	2	do	do	AUX
ajfa-12449	218	3	us	us	PROPN
ajfa-12449	218	4	firms	firm	NOUN
ajfa-12449	218	5	hold	hold	VERB
ajfa-12449	218	6	so	so	ADV
ajfa-12449	218	7	much	much	ADV
ajfa-12449	218	8	more	more	ADJ
ajfa-12449	218	9	cash	cash	NOUN
ajfa-12449	218	10	than	than	SCONJ
ajfa-12449	218	11	they	they	PRON
ajfa-12449	218	12	used	use	VERB
ajfa-12449	218	13	to	to	ADP
ajfa-12449	218	14	?	?	PUNCT
ajfa-12449	218	15	.	.	PUNCT
ajfa-12449	219	1	journal	journal	PROPN
ajfa-12449	219	2	of	of	ADP
ajfa-12449	219	3	finance	finance	NOUN
ajfa-12449	219	4	,	,	PUNCT
ajfa-12449	219	5	64(5	64(5	PROPN
ajfa-12449	219	6	)	)	PUNCT
ajfa-12449	219	7	,	,	PUNCT
ajfa-12449	219	8	1985	1985	NUM
ajfa-12449	219	9	-	-	SYM
ajfa-12449	219	10	2021	2021	NUM
ajfa-12449	219	11	.	.	PUNCT
ajfa-12449	220	1	https://doi.org/10.1111/j.1540-6261.2009.01492.x	https://doi.org/10.1111/j.1540-6261.2009.01492.x	PUNCT
ajfa-12449	220	2	bei	bei	PROPN
ajfa-12449	220	3	,	,	PUNCT
ajfa-12449	220	4	z.	z.	PROPN
ajfa-12449	220	5	,	,	PUNCT
ajfa-12449	220	6	&	&	CCONJ
ajfa-12449	220	7	wijewardana	wijewardana	PROPN
ajfa-12449	220	8	,	,	PUNCT
ajfa-12449	220	9	w.	w.	PROPN
ajfa-12449	220	10	p.	p.	PROPN
ajfa-12449	220	11	(	(	PUNCT
ajfa-12449	220	12	2012	2012	NUM
ajfa-12449	220	13	)	)	PUNCT
ajfa-12449	220	14	.	.	PUNCT
ajfa-12449	221	1	procedia	procedia	PROPN
ajfa-12449	221	2	social	social	ADJ
ajfa-12449	221	3	and	and	CCONJ
ajfa-12449	221	4	behavioral	behavioral	ADJ
ajfa-12449	221	5	sciences	sciences	PROPN
ajfa-12449	221	6	working	work	VERB
ajfa-12449	221	7	capital	capital	NOUN
ajfa-12449	221	8	policy	policy	NOUN
ajfa-12449	221	9	practice	practice	NOUN
ajfa-12449	221	10	:	:	PUNCT
ajfa-12449	221	11	evidence	evidence	NOUN
ajfa-12449	221	12	from	from	ADP
ajfa-12449	221	13	sri	sri	PROPN
ajfa-12449	221	14	lankan	lankan	PROPN
ajfa-12449	221	15	companies	company	NOUN
ajfa-12449	221	16	.	.	PUNCT
ajfa-12449	222	1	procedia	procedia	ADJ
ajfa-12449	222	2	-social	-social	ADJ
ajfa-12449	222	3	and	and	CCONJ
ajfa-12449	222	4	behavioral	behavioral	ADJ
ajfa-12449	222	5	sciences	science	NOUN
ajfa-12449	222	6	,	,	PUNCT
ajfa-12449	222	7	0	0	NUM
ajfa-12449	222	8	,	,	PUNCT
ajfa-12449	222	9	0	0	NUM
ajfa-12449	222	10	-	-	SYM
ajfa-12449	222	11	0	0	NUM
ajfa-12449	222	12	.	.	PUNCT
ajfa-12449	223	1	https://doi.org/10.1016/j.sbspro.2012.03.251	https://doi.org/10.1016/j.sbspro.2012.03.251	PROPN
ajfa-12449	223	2	chen	chen	PROPN
ajfa-12449	223	3	,	,	PUNCT
ajfa-12449	223	4	n.	n.	PROPN
ajfa-12449	223	5	(	(	PUNCT
ajfa-12449	223	6	2009	2009	NUM
ajfa-12449	223	7	)	)	PUNCT
ajfa-12449	223	8	.	.	PUNCT
ajfa-12449	224	1	corporate	corporate	ADJ
ajfa-12449	224	2	liquidity	liquidity	NOUN
ajfa-12449	224	3	in	in	ADP
ajfa-12449	224	4	emerging	emerge	VERB
ajfa-12449	224	5	markets	market	NOUN
ajfa-12449	224	6	:	:	PUNCT
ajfa-12449	224	7	a	a	DET
ajfa-12449	224	8	retrospect	retrospect	NOUN
ajfa-12449	224	9	of	of	ADP
ajfa-12449	224	10	asian	asian	ADJ
ajfa-12449	224	11	financial	financial	ADJ
ajfa-12449	224	12	crisis	crisis	NOUN
ajfa-12449	224	13	.	.	PUNCT
ajfa-12449	225	1	17th	17th	ADJ
ajfa-12449	225	2	conference	conference	NOUN
ajfa-12449	225	3	on	on	ADP
ajfa-12449	225	4	the	the	DET
ajfa-12449	225	5	theories	theory	NOUN
ajfa-12449	225	6	and	and	CCONJ
ajfa-12449	225	7	practices	practice	NOUN
ajfa-12449	225	8	of	of	ADP
ajfa-12449	225	9	securities	security	NOUN
ajfa-12449	225	10	and	and	CCONJ
ajfa-12449	225	11	financial	financial	ADJ
ajfa-12449	225	12	markets	market	NOUN
ajfa-12449	225	13	,	,	PUNCT
ajfa-12449	225	14	kaohsiung	kaohsiung	PROPN
ajfa-12449	225	15	.	.	PROPN
ajfa-12449	225	16	deloof	deloof	PROPN
ajfa-12449	225	17	,	,	PUNCT
ajfa-12449	225	18	m.	m.	NOUN
ajfa-12449	225	19	(	(	PUNCT
ajfa-12449	225	20	2003	2003	NUM
ajfa-12449	225	21	)	)	PUNCT
ajfa-12449	225	22	.	.	PUNCT
ajfa-12449	226	1	does	do	AUX
ajfa-12449	226	2	working	work	VERB
ajfa-12449	226	3	capital	capital	NOUN
ajfa-12449	226	4	management	management	NOUN
ajfa-12449	226	5	affect	affect	VERB
ajfa-12449	226	6	profitability	profitability	NOUN
ajfa-12449	226	7	of	of	ADP
ajfa-12449	226	8	belgian	belgian	ADJ
ajfa-12449	226	9	firms	firm	NOUN
ajfa-12449	226	10	?	?	PUNCT
ajfa-12449	226	11	.	.	PUNCT
ajfa-12449	227	1	journal	journal	PROPN
ajfa-12449	227	2	of	of	ADP
ajfa-12449	227	3	business	business	NOUN
ajfa-12449	227	4	finance	finance	PROPN
ajfa-12449	227	5	&	&	CCONJ
ajfa-12449	227	6	accounting	accounting	PROPN
ajfa-12449	227	7	,	,	PUNCT
ajfa-12449	227	8	30(3‐4	30(3‐4	NUM
ajfa-12449	227	9	)	)	PUNCT
ajfa-12449	227	10	,	,	PUNCT
ajfa-12449	227	11	573	573	NUM
ajfa-12449	227	12	-	-	SYM
ajfa-12449	227	13	588	588	NUM
ajfa-12449	227	14	.	.	PUNCT
ajfa-12449	228	1	dixon	dixon	PROPN
ajfa-12449	228	2	,	,	PUNCT
ajfa-12449	228	3	r.	r.	PROPN
ajfa-12449	228	4	,	,	PUNCT
ajfa-12449	228	5	guariglia	guariglia	PROPN
ajfa-12449	228	6	,	,	PUNCT
ajfa-12449	228	7	a.	a.	NOUN
ajfa-12449	228	8	,	,	PUNCT
ajfa-12449	228	9	&	&	CCONJ
ajfa-12449	228	10	vijayakumaran	vijayakumaran	PROPN
ajfa-12449	228	11	,	,	PUNCT
ajfa-12449	228	12	r.	r.	PROPN
ajfa-12449	228	13	(	(	PUNCT
ajfa-12449	228	14	2015	2015	NUM
ajfa-12449	228	15	)	)	PUNCT
ajfa-12449	228	16	.	.	PUNCT
ajfa-12449	229	1	managerial	managerial	ADJ
ajfa-12449	229	2	ownership	ownership	NOUN
ajfa-12449	229	3	,	,	PUNCT
ajfa-12449	229	4	corporate	corporate	ADJ
ajfa-12449	229	5	governance	governance	NOUN
ajfa-12449	229	6	and	and	CCONJ
ajfa-12449	229	7	firms	firm	NOUN
ajfa-12449	229	8	'	'	PART
ajfa-12449	229	9	exporting	export	VERB
ajfa-12449	229	10	decisions	decision	NOUN
ajfa-12449	229	11	:	:	PUNCT
ajfa-12449	229	12	evidence	evidence	NOUN
ajfa-12449	229	13	from	from	ADP
ajfa-12449	229	14	chinese	chinese	ADJ
ajfa-12449	229	15	listed	list	VERB
ajfa-12449	229	16	companies	company	NOUN
ajfa-12449	229	17	.	.	PUNCT
ajfa-12449	230	1	the	the	DET
ajfa-12449	230	2	european	european	PROPN
ajfa-12449	230	3	journal	journal	PROPN
ajfa-12449	230	4	of	of	ADP
ajfa-12449	230	5	finance	finance	NOUN
ajfa-12449	230	6	,	,	PUNCT
ajfa-12449	230	7	1	1	NUM
ajfa-12449	230	8	-	-	SYM
ajfa-12449	230	9	39	39	NUM
ajfa-12449	230	10	.	.	PUNCT
ajfa-12449	231	1	eswaran	eswaran	ADJ
ajfa-12449	231	2	,	,	PUNCT
ajfa-12449	231	3	v.	v.	PROPN
ajfa-12449	231	4	(	(	PUNCT
ajfa-12449	231	5	2015	2015	NUM
ajfa-12449	231	6	)	)	PUNCT
ajfa-12449	231	7	.	.	PUNCT
ajfa-12449	232	1	shareholders	shareholder	NOUN
ajfa-12449	232	2	wealth	wealth	NOUN
ajfa-12449	232	3	effects	effect	NOUN
ajfa-12449	232	4	of	of	ADP
ajfa-12449	232	5	rights	right	NOUN
ajfa-12449	232	6	and	and	CCONJ
ajfa-12449	232	7	bonus	bonus	NOUN
ajfa-12449	232	8	issues	issue	NOUN
ajfa-12449	232	9	:	:	PUNCT
ajfa-12449	232	10	evidence	evidence	NOUN
ajfa-12449	232	11	from	from	ADP
ajfa-12449	232	12	sri	sri	PROPN
ajfa-12449	232	13	lanka.international	lanka.international	ADJ
ajfa-12449	232	14	journal	journal	NOUN
ajfa-12449	232	15	of	of	ADP
ajfa-12449	232	16	accounting	accounting	NOUN
ajfa-12449	232	17	and	and	CCONJ
ajfa-12449	232	18	business	business	NOUN
ajfa-12449	232	19	finance	finance	NOUN
ajfa-12449	232	20	,	,	PUNCT
ajfa-12449	232	21	1(2),1	1(2),1	NUM
ajfa-12449	232	22	-	-	SYM
ajfa-12449	232	23	13	13	NUM
ajfa-12449	232	24	,	,	PUNCT
ajfa-12449	232	25	2015	2015	NUM
ajfa-12449	232	26	.	.	PUNCT
ajfa-12449	233	1	jahfer	jahfer	NOUN
ajfa-12449	233	2	,	,	PUNCT
ajfa-12449	233	3	a.	a.	NOUN
ajfa-12449	233	4	(	(	PUNCT
ajfa-12449	233	5	2015	2015	NUM
ajfa-12449	233	6	)	)	PUNCT
ajfa-12449	233	7	.	.	PUNCT
ajfa-12449	234	1	effects	effect	NOUN
ajfa-12449	234	2	of	of	ADP
ajfa-12449	234	3	working	work	VERB
ajfa-12449	234	4	capital	capital	NOUN
ajfa-12449	234	5	management	management	NOUN
ajfa-12449	234	6	on	on	ADP
ajfa-12449	234	7	firm	firm	NOUN
ajfa-12449	234	8	.	.	PUNCT
ajfa-12449	235	1	international	international	ADJ
ajfa-12449	235	2	journal	journal	PROPN
ajfa-12449	235	3	of	of	ADP
ajfa-12449	235	4	managerial	managerial	ADJ
ajfa-12449	235	5	and	and	CCONJ
ajfa-12449	235	6	financial	financial	ADJ
ajfa-12449	235	7	accounting	accounting	NOUN
ajfa-12449	235	8	,	,	PUNCT
ajfa-12449	235	9	7(1	7(1	NUM
ajfa-12449	235	10	)	)	PUNCT
ajfa-12449	235	11	,	,	PUNCT
ajfa-12449	235	12	26	26	NUM
ajfa-12449	235	13	-	-	SYM
ajfa-12449	235	14	37	37	NUM
ajfa-12449	235	15	.	.	PUNCT
ajfa-12449	236	1	jayarathne	jayarathne	PROPN
ajfa-12449	236	2	,	,	PUNCT
ajfa-12449	236	3	t.	t.	PROPN
ajfa-12449	236	4	a.	a.	PROPN
ajfa-12449	236	5	n.	n.	PROPN
ajfa-12449	236	6	r.	r.	PROPN
ajfa-12449	236	7	(	(	PUNCT
ajfa-12449	236	8	2014	2014	NUM
ajfa-12449	236	9	,	,	PUNCT
ajfa-12449	236	10	february	february	PROPN
ajfa-12449	236	11	)	)	PUNCT
ajfa-12449	236	12	.	.	PUNCT
ajfa-12449	237	1	impact	impact	NOUN
ajfa-12449	237	2	of	of	ADP
ajfa-12449	237	3	working	work	VERB
ajfa-12449	237	4	capital	capital	NOUN
ajfa-12449	237	5	management	management	NOUN
ajfa-12449	237	6	on	on	ADP
ajfa-12449	237	7	profitability	profitability	NOUN
ajfa-12449	237	8	:	:	PUNCT
ajfa-12449	237	9	evidence	evidence	NOUN
ajfa-12449	237	10	from	from	ADP
ajfa-12449	237	11	listed	list	VERB
ajfa-12449	237	12	companies	company	NOUN
ajfa-12449	237	13	in	in	ADP
ajfa-12449	237	14	sri	sri	PROPN
ajfa-12449	237	15	lanka	lanka	PROPN
ajfa-12449	237	16	.	.	PUNCT
ajfa-12449	238	1	in	in	ADP
ajfa-12449	238	2	proceedings	proceeding	NOUN
ajfa-12449	238	3	of	of	ADP
ajfa-12449	238	4	the	the	DET
ajfa-12449	238	5	3rd	3rd	ADJ
ajfa-12449	238	6	international	international	ADJ
ajfa-12449	238	7	conference	conference	NOUN
ajfa-12449	238	8	on	on	ADP
ajfa-12449	238	9	management	management	NOUN
ajfa-12449	238	10	and	and	CCONJ
ajfa-12449	238	11	economics	economic	NOUN
ajfa-12449	238	12	,	,	PUNCT
ajfa-12449	238	13	26	26	NUM
ajfa-12449	238	14	,	,	PUNCT
ajfa-12449	238	15	27	27	NUM
ajfa-12449	238	16	.	.	PUNCT
ajfa-12449	239	1	jensen	jensen	PROPN
ajfa-12449	239	2	,	,	PUNCT
ajfa-12449	239	3	m.c	m.c	PROPN
ajfa-12449	239	4	.	.	PROPN
ajfa-12449	239	5	,	,	PUNCT
ajfa-12449	239	6	&	&	CCONJ
ajfa-12449	239	7	meckling	meckling	PROPN
ajfa-12449	239	8	,	,	PUNCT
ajfa-12449	239	9	w.	w.	PROPN
ajfa-12449	239	10	h.	h.	PROPN
ajfa-12449	239	11	,	,	PUNCT
ajfa-12449	239	12	(	(	PUNCT
ajfa-12449	239	13	1976).theory	1976).theory	NUM
ajfa-12449	239	14	of	of	ADP
ajfa-12449	239	15	the	the	DET
ajfa-12449	239	16	firm	firm	NOUN
ajfa-12449	239	17	:	:	PUNCT
ajfa-12449	239	18	managerial	managerial	ADJ
ajfa-12449	239	19	behaviour	behaviour	NOUN
ajfa-12449	239	20	,	,	PUNCT
ajfa-12449	239	21	agency	agency	NOUN
ajfa-12449	239	22	costs	cost	NOUN
ajfa-12449	239	23	and	and	CCONJ
ajfa-12449	239	24	ownership	ownership	NOUN
ajfa-12449	239	25	structure	structure	NOUN
ajfa-12449	239	26	.	.	PUNCT
ajfa-12449	240	1	journal	journal	NOUN
ajfa-12449	240	2	of	of	ADP
ajfa-12449	240	3	financial	financial	ADJ
ajfa-12449	240	4	economics	economic	NOUN
ajfa-12449	240	5	,	,	PUNCT
ajfa-12449	240	6	3	3	NUM
ajfa-12449	240	7	,	,	PUNCT
ajfa-12449	240	8	305	305	NUM
ajfa-12449	240	9	-	-	SYM
ajfa-12449	240	10	360	360	NUM
ajfa-12449	240	11	.	.	PUNCT
ajfa-12449	241	1	kieschnick	kieschnick	PROPN
ajfa-12449	241	2	,	,	PUNCT
ajfa-12449	241	3	r.	r.	PROPN
ajfa-12449	241	4	,	,	PUNCT
ajfa-12449	241	5	laplante	laplante	NOUN
ajfa-12449	241	6	,	,	PUNCT
ajfa-12449	241	7	m.	m.	NOUN
ajfa-12449	241	8	,	,	PUNCT
ajfa-12449	241	9	&	&	CCONJ
ajfa-12449	241	10	moussawi	moussawi	PROPN
ajfa-12449	241	11	,	,	PUNCT
ajfa-12449	241	12	r.	r.	PROPN
ajfa-12449	241	13	(	(	PUNCT
ajfa-12449	241	14	2013	2013	NUM
ajfa-12449	241	15	)	)	PUNCT
ajfa-12449	241	16	.	.	PUNCT
ajfa-12449	242	1	working	work	VERB
ajfa-12449	242	2	capital	capital	NOUN
ajfa-12449	242	3	management	management	NOUN
ajfa-12449	242	4	and	and	CCONJ
ajfa-12449	242	5	shareholders	shareholder	NOUN
ajfa-12449	242	6	’	'	PUNCT
ajfa-12449	242	7	wealth	wealth	NOUN
ajfa-12449	242	8	.	.	PUNCT
ajfa-12449	243	1	review	review	NOUN
ajfa-12449	243	2	of	of	ADP
ajfa-12449	243	3	finance	finance	NOUN
ajfa-12449	243	4	,	,	PUNCT
ajfa-12449	243	5	17(5	17(5	NUM
ajfa-12449	243	6	)	)	PUNCT
ajfa-12449	243	7	,	,	PUNCT
ajfa-12449	243	8	1827	1827	NUM
ajfa-12449	243	9	-	-	SYM
ajfa-12449	243	10	1852	1852	NUM
ajfa-12449	243	11	.	.	PUNCT
ajfa-12449	244	1	lee	lee	PROPN
ajfa-12449	244	2	,	,	PUNCT
ajfa-12449	244	3	k.w	k.w	PROPN
ajfa-12449	244	4	.	.	PROPN
ajfa-12449	244	5	,	,	PUNCT
ajfa-12449	244	6	&	&	CCONJ
ajfa-12449	244	7	lee	lee	PROPN
ajfa-12449	244	8	,	,	PUNCT
ajfa-12449	244	9	c.f	c.f	PROPN
ajfa-12449	244	10	.	.	PROPN
ajfa-12449	244	11	(	(	PUNCT
ajfa-12449	244	12	2009	2009	NUM
ajfa-12449	244	13	)	)	PUNCT
ajfa-12449	244	14	.	.	PUNCT
ajfa-12449	245	1	cash	cash	NOUN
ajfa-12449	245	2	holdings	holding	NOUN
ajfa-12449	245	3	,	,	PUNCT
ajfa-12449	245	4	corporate	corporate	ADJ
ajfa-12449	245	5	governance	governance	NOUN
ajfa-12449	245	6	structure	structure	NOUN
ajfa-12449	245	7	and	and	CCONJ
ajfa-12449	245	8	firm	firm	ADJ
ajfa-12449	245	9	valuation	valuation	NOUN
ajfa-12449	245	10	.	.	PUNCT
ajfa-12449	246	1	review	review	NOUN
ajfa-12449	246	2	of	of	ADP
ajfa-12449	246	3	pacific	pacific	PROPN
ajfa-12449	246	4	basin	basin	PROPN
ajfa-12449	246	5	financial	financial	ADJ
ajfa-12449	246	6	markets	market	NOUN
ajfa-12449	246	7	and	and	CCONJ
ajfa-12449	246	8	policies	policy	NOUN
ajfa-12449	246	9	,	,	PUNCT
ajfa-12449	246	10	12(3	12(3	NUM
ajfa-12449	246	11	)	)	PUNCT
ajfa-12449	246	12	,	,	PUNCT
ajfa-12449	246	13	475	475	NUM
ajfa-12449	246	14	-	-	SYM
ajfa-12449	246	15	508	508	NUM
ajfa-12449	246	16	.	.	PUNCT
ajfa-12449	247	1	asian	asian	ADJ
ajfa-12449	247	2	journal	journal	PROPN
ajfa-12449	247	3	of	of	ADP
ajfa-12449	247	4	finance	finance	PROPN
ajfa-12449	247	5	&	&	CCONJ
ajfa-12449	247	6	accounting	accounting	PROPN
ajfa-12449	247	7	issn	issn	PROPN
ajfa-12449	247	8	1946	1946	NUM
ajfa-12449	247	9	-	-	PUNCT
ajfa-12449	247	10	052x	052x	PROPN
ajfa-12449	247	11	2017	2017	NUM
ajfa-12449	247	12	,	,	PUNCT
ajfa-12449	247	13	vol	vol	NOUN
ajfa-12449	247	14	.	.	NOUN
ajfa-12449	247	15	9	9	NUM
ajfa-12449	247	16	,	,	PUNCT
ajfa-12449	247	17	no	no	INTJ
ajfa-12449	247	18	.	.	NOUN
ajfa-12449	247	19	2	2	NUM
ajfa-12449	247	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12449	247	21	412	412	NUM
ajfa-12449	247	22	martínez	martínez	NOUN
ajfa-12449	247	23	-	-	PUNCT
ajfa-12449	247	24	solano	solano	PROPN
ajfa-12449	247	25	,	,	PUNCT
ajfa-12449	247	26	p.	p.	NOUN
ajfa-12449	247	27	,	,	PUNCT
ajfa-12449	247	28	&	&	CCONJ
ajfa-12449	247	29	garcía	garcía	ADJ
ajfa-12449	247	30	-	-	PUNCT
ajfa-12449	247	31	teruel	teruel	NOUN
ajfa-12449	247	32	,	,	PUNCT
ajfa-12449	247	33	p.	p.	NOUN
ajfa-12449	247	34	j.	j.	PROPN
ajfa-12449	248	1	(	(	PUNCT
ajfa-12449	248	2	2007	2007	NUM
ajfa-12449	248	3	)	)	PUNCT
ajfa-12449	248	4	.	.	PUNCT
ajfa-12449	249	1	effects	effect	NOUN
ajfa-12449	249	2	of	of	ADP
ajfa-12449	249	3	working	work	VERB
ajfa-12449	249	4	capital	capital	NOUN
ajfa-12449	249	5	management	management	NOUN
ajfa-12449	249	6	on	on	ADP
ajfa-12449	249	7	sme	sme	NOUN
ajfa-12449	249	8	profitability	profitability	NOUN
ajfa-12449	249	9	.	.	PUNCT
ajfa-12449	250	1	international	international	ADJ
ajfa-12449	250	2	journal	journal	PROPN
ajfa-12449	250	3	of	of	ADP
ajfa-12449	250	4	managerial	managerial	ADJ
ajfa-12449	250	5	finance	finance	NOUN
ajfa-12449	250	6	,	,	PUNCT
ajfa-12449	250	7	3(2	3(2	NUM
ajfa-12449	250	8	)	)	PUNCT
ajfa-12449	250	9	,	,	PUNCT
ajfa-12449	250	10	164	164	NUM
ajfa-12449	250	11	-	-	SYM
ajfa-12449	250	12	177	177	NUM
ajfa-12449	250	13	.	.	PUNCT
ajfa-12449	250	14	https://doi.org/10.2139/ssrn.894865	https://doi.org/10.2139/ssrn.894865	ADJ
ajfa-12449	250	15	maness	maness	NOUN
ajfa-12449	250	16	,	,	PUNCT
ajfa-12449	250	17	t.	t.	PROPN
ajfa-12449	250	18	and	and	CCONJ
ajfa-12449	250	19	j.	j.	PROPN
ajfa-12449	250	20	zietlow	zietlow	PROPN
ajfa-12449	250	21	.	.	PUNCT
ajfa-12449	251	1	(	(	PUNCT
ajfa-12449	251	2	2004	2004	NUM
ajfa-12449	251	3	)	)	PUNCT
ajfa-12449	251	4	.	.	PUNCT
ajfa-12449	252	1	short	short	ADJ
ajfa-12449	252	2	-	-	PUNCT
ajfa-12449	252	3	term	term	NOUN
ajfa-12449	252	4	financial	financial	ADJ
ajfa-12449	252	5	management	management	NOUN
ajfa-12449	252	6	.	.	PUNCT
ajfa-12449	253	1	australia	australia	PROPN
ajfa-12449	253	2	:	:	PUNCT
ajfa-12449	253	3	southwestern	southwestern	ADJ
ajfa-12449	253	4	press	press	PROPN
ajfa-12449	253	5	mohamad	mohamad	PROPN
ajfa-12449	253	6	,	,	PUNCT
ajfa-12449	253	7	n.	n.	PROPN
ajfa-12449	253	8	e.	e.	PROPN
ajfa-12449	253	9	a.	a.	PROPN
ajfa-12449	253	10	b.	b.	PROPN
ajfa-12449	253	11	,	,	PUNCT
ajfa-12449	253	12	&	&	CCONJ
ajfa-12449	253	13	saad	saad	PROPN
ajfa-12449	253	14	,	,	PUNCT
ajfa-12449	253	15	n.	n.	PROPN
ajfa-12449	253	16	m.	m.	PROPN
ajfa-12449	253	17	b.	b.	PROPN
ajfa-12449	253	18	(	(	PUNCT
ajfa-12449	253	19	2010	2010	NUM
ajfa-12449	253	20	)	)	PUNCT
ajfa-12449	253	21	.	.	PUNCT
ajfa-12449	254	1	working	work	VERB
ajfa-12449	254	2	capital	capital	PROPN
ajfa-12449	254	3	management	management	NOUN
ajfa-12449	254	4	 	 	SPACE
ajfa-12449	254	5	:	:	PUNCT
ajfa-12449	254	6	the	the	DET
ajfa-12449	254	7	effect	effect	NOUN
ajfa-12449	254	8	of	of	ADP
ajfa-12449	254	9	market	market	NOUN
ajfa-12449	254	10	valuation	valuation	NOUN
ajfa-12449	254	11	and	and	CCONJ
ajfa-12449	254	12	profitability	profitability	NOUN
ajfa-12449	254	13	in	in	ADP
ajfa-12449	254	14	malaysia	malaysia	PROPN
ajfa-12449	254	15	.	.	PUNCT
ajfa-12449	255	1	international	international	ADJ
ajfa-12449	255	2	journal	journal	PROPN
ajfa-12449	255	3	of	of	ADP
ajfa-12449	255	4	business	business	NOUN
ajfa-12449	255	5	and	and	CCONJ
ajfa-12449	255	6	management	management	NOUN
ajfa-12449	255	7	,	,	PUNCT
ajfa-12449	255	8	5(11	5(11	NUM
ajfa-12449	255	9	)	)	PUNCT
ajfa-12449	255	10	,	,	PUNCT
ajfa-12449	255	11	140	140	NUM
ajfa-12449	255	12	-	-	SYM
ajfa-12449	255	13	147	147	NUM
ajfa-12449	255	14	.	.	PUNCT
ajfa-12449	256	1	https://doi.org/10.5539/ijbm.v5n11p140	https://doi.org/10.5539/ijbm.v5n11p140	PROPN
ajfa-12449	256	2	.	.	PUNCT
ajfa-12449	257	1	pandey	pandey	PROPN
ajfa-12449	257	2	,	,	PUNCT
ajfa-12449	257	3	i.m	i.m	PROPN
ajfa-12449	257	4	.	.	PROPN
ajfa-12449	257	5	,	,	PUNCT
ajfa-12449	257	6	gupta	gupta	PROPN
ajfa-12449	257	7	,	,	PUNCT
ajfa-12449	257	8	j.p	j.p	PROPN
ajfa-12449	257	9	.	.	PROPN
ajfa-12449	257	10	and	and	CCONJ
ajfa-12449	257	11	perera	perera	PROPN
ajfa-12449	257	12	,	,	PUNCT
ajfa-12449	257	13	k.l.w	k.l.w	PROPN
ajfa-12449	257	14	.	.	PUNCT
ajfa-12449	257	15	(	(	PUNCT
ajfa-12449	257	16	1997	1997	NUM
ajfa-12449	257	17	)	)	PUNCT
ajfa-12449	257	18	.	.	PUNCT
ajfa-12449	258	1	working	work	VERB
ajfa-12449	258	2	capital	capital	NOUN
ajfa-12449	258	3	management	management	NOUN
ajfa-12449	258	4	:	:	PUNCT
ajfa-12449	258	5	policies	policy	NOUN
ajfa-12449	258	6	and	and	CCONJ
ajfa-12449	258	7	practices	practice	NOUN
ajfa-12449	258	8	in	in	ADP
ajfa-12449	258	9	sri	sri	PROPN
ajfa-12449	258	10	lanka	lanka	PROPN
ajfa-12449	258	11	,	,	PUNCT
ajfa-12449	258	12	journal	journal	NOUN
ajfa-12449	258	13	of	of	ADP
ajfa-12449	258	14	euro	euro	PROPN
ajfa-12449	258	15	-	-	PUNCT
ajfa-12449	258	16	asian	asian	ADJ
ajfa-12449	258	17	management	management	NOUN
ajfa-12449	258	18	,	,	PUNCT
ajfa-12449	258	19	3(1	3(1	NUM
ajfa-12449	258	20	)	)	PUNCT
ajfa-12449	258	21	,	,	PUNCT
ajfa-12449	258	22	74	74	NUM
ajfa-12449	258	23	-	-	SYM
ajfa-12449	258	24	97	97	NUM
ajfa-12449	258	25	.	.	PUNCT
ajfa-12449	259	1	padachi	padachi	PROPN
ajfa-12449	259	2	,	,	PUNCT
ajfa-12449	259	3	k.	k.	PROPN
ajfa-12449	259	4	(	(	PUNCT
ajfa-12449	259	5	2006	2006	NUM
ajfa-12449	259	6	)	)	PUNCT
ajfa-12449	259	7	.	.	PUNCT
ajfa-12449	260	1	trends	trend	NOUN
ajfa-12449	260	2	in	in	ADP
ajfa-12449	260	3	working	work	VERB
ajfa-12449	260	4	capital	capital	NOUN
ajfa-12449	260	5	management	management	NOUN
ajfa-12449	260	6	and	and	CCONJ
ajfa-12449	260	7	its	its	PRON
ajfa-12449	260	8	impact	impact	NOUN
ajfa-12449	260	9	on	on	ADP
ajfa-12449	260	10	firms	firm	NOUN
ajfa-12449	260	11	’	'	PUNCT
ajfa-12449	260	12	performance	performance	NOUN
ajfa-12449	260	13	:	:	PUNCT
ajfa-12449	260	14	an	an	DET
ajfa-12449	260	15	analysis	analysis	NOUN
ajfa-12449	260	16	of	of	ADP
ajfa-12449	260	17	mauritian	mauritian	ADJ
ajfa-12449	260	18	small	small	ADJ
ajfa-12449	260	19	manufacturing	manufacturing	NOUN
ajfa-12449	260	20	firms	firm	NOUN
ajfa-12449	260	21	.	.	PUNCT
ajfa-12449	261	1	international	international	ADJ
ajfa-12449	261	2	review	review	NOUN
ajfa-12449	261	3	of	of	ADP
ajfa-12449	261	4	business	business	NOUN
ajfa-12449	261	5	research	research	NOUN
ajfa-12449	261	6	papers	paper	NOUN
ajfa-12449	261	7	,	,	PUNCT
ajfa-12449	261	8	2(2	2(2	NUM
ajfa-12449	261	9	)	)	PUNCT
ajfa-12449	261	10	,	,	PUNCT
ajfa-12449	261	11	45	45	NUM
ajfa-12449	261	12	-	-	SYM
ajfa-12449	261	13	58	58	NUM
ajfa-12449	261	14	.	.	PUNCT
ajfa-12449	262	1	perera	perera	PROPN
ajfa-12449	262	2	,	,	PUNCT
ajfa-12449	262	3	k.	k.	PROPN
ajfa-12449	262	4	l.	l.	PROPN
ajfa-12449	262	5	w.	w.	PROPN
ajfa-12449	262	6	,	,	PUNCT
ajfa-12449	262	7	&	&	CCONJ
ajfa-12449	262	8	wickremasinghe	wickremasinghe	PROPN
ajfa-12449	262	9	,	,	PUNCT
ajfa-12449	262	10	g.	g.	PROPN
ajfa-12449	262	11	b.	b.	PROPN
ajfa-12449	262	12	(	(	PUNCT
ajfa-12449	262	13	2010	2010	NUM
ajfa-12449	262	14	)	)	PUNCT
ajfa-12449	262	15	.	.	PUNCT
ajfa-12449	263	1	working	work	VERB
ajfa-12449	263	2	capital	capital	NOUN
ajfa-12449	263	3	management	management	NOUN
ajfa-12449	263	4	practices	practice	NOUN
ajfa-12449	263	5	of	of	ADP
ajfa-12449	263	6	manufacturing	manufacturing	NOUN
ajfa-12449	263	7	sector	sector	NOUN
ajfa-12449	263	8	companies	company	NOUN
ajfa-12449	263	9	in	in	ADP
ajfa-12449	263	10	sri	sri	PROPN
ajfa-12449	263	11	lanka	lanka	PROPN
ajfa-12449	263	12	 	 	SPACE
ajfa-12449	263	13	:	:	PUNCT
ajfa-12449	263	14	survey	survey	VERB
ajfa-12449	263	15	evidence	evidence	NOUN
ajfa-12449	263	16	.	.	PUNCT
ajfa-12449	264	1	investment	investment	NOUN
ajfa-12449	264	2	management	management	NOUN
ajfa-12449	264	3	and	and	CCONJ
ajfa-12449	264	4	financial	financial	ADJ
ajfa-12449	264	5	innovations	innovation	NOUN
ajfa-12449	264	6	,	,	PUNCT
ajfa-12449	264	7	7(4	7(4	NUM
ajfa-12449	264	8	)	)	PUNCT
ajfa-12449	264	9	,	,	PUNCT
ajfa-12449	264	10	34	34	NUM
ajfa-12449	264	11	-	-	SYM
ajfa-12449	264	12	38	38	NUM
ajfa-12449	264	13	.	.	PUNCT
ajfa-12449	265	1	pratap	pratap	PROPN
ajfa-12449	265	2	singh	singh	PROPN
ajfa-12449	265	3	,	,	PUNCT
ajfa-12449	265	4	h.	h.	PROPN
ajfa-12449	265	5	,	,	PUNCT
ajfa-12449	265	6	&	&	CCONJ
ajfa-12449	265	7	kumar	kumar	PROPN
ajfa-12449	265	8	,	,	PUNCT
ajfa-12449	265	9	s.	s.	PROPN
ajfa-12449	265	10	(	(	PUNCT
ajfa-12449	265	11	2014	2014	NUM
ajfa-12449	265	12	)	)	PUNCT
ajfa-12449	265	13	.	.	PUNCT
ajfa-12449	266	1	working	work	VERB
ajfa-12449	266	2	capital	capital	NOUN
ajfa-12449	266	3	management	management	NOUN
ajfa-12449	266	4	:	:	PUNCT
ajfa-12449	266	5	a	a	DET
ajfa-12449	266	6	literature	literature	NOUN
ajfa-12449	266	7	review	review	NOUN
ajfa-12449	266	8	and	and	CCONJ
ajfa-12449	266	9	research	research	NOUN
ajfa-12449	266	10	agenda	agenda	NOUN
ajfa-12449	266	11	.	.	PUNCT
ajfa-12449	267	1	qualitative	qualitative	ADJ
ajfa-12449	267	2	research	research	NOUN
ajfa-12449	267	3	in	in	ADP
ajfa-12449	267	4	financial	financial	ADJ
ajfa-12449	267	5	markets	market	NOUN
ajfa-12449	267	6	,	,	PUNCT
ajfa-12449	267	7	6(2	6(2	NUM
ajfa-12449	267	8	)	)	PUNCT
ajfa-12449	267	9	,	,	PUNCT
ajfa-12449	267	10	173	173	NUM
ajfa-12449	267	11	-	-	SYM
ajfa-12449	267	12	197	197	NUM
ajfa-12449	267	13	.	.	PUNCT
ajfa-12449	268	1	pass	pass	VERB
ajfa-12449	268	2	,	,	PUNCT
ajfa-12449	268	3	c.l	c.l	PROPN
ajfa-12449	268	4	.	.	PROPN
ajfa-12449	268	5	,	,	PUNCT
ajfa-12449	268	6	&	&	CCONJ
ajfa-12449	268	7	pike	pike	NOUN
ajfa-12449	268	8	,	,	PUNCT
ajfa-12449	268	9	r.h	r.h	PROPN
ajfa-12449	268	10	.	.	PROPN
ajfa-12449	268	11	(	(	PUNCT
ajfa-12449	268	12	1984	1984	NUM
ajfa-12449	268	13	)	)	PUNCT
ajfa-12449	268	14	.	.	PUNCT
ajfa-12449	269	1	an	an	DET
ajfa-12449	269	2	overview	overview	NOUN
ajfa-12449	269	3	of	of	ADP
ajfa-12449	269	4	working	work	VERB
ajfa-12449	269	5	capital	capital	NOUN
ajfa-12449	269	6	management	management	NOUN
ajfa-12449	269	7	and	and	CCONJ
ajfa-12449	269	8	corporate	corporate	ADJ
ajfa-12449	269	9	financing	financing	NOUN
ajfa-12449	269	10	.	.	PUNCT
ajfa-12449	270	1	managerial	managerial	ADJ
ajfa-12449	270	2	finance	finance	NOUN
ajfa-12449	270	3	,	,	PUNCT
ajfa-12449	270	4	10(3	10(3	NUM
ajfa-12449	270	5	)	)	PUNCT
ajfa-12449	270	6	,	,	PUNCT
ajfa-12449	270	7	1-11.https://doi.org/10.1108/eb027318	1-11.https://doi.org/10.1108/eb027318	NUM
ajfa-12449	270	8	pinkowitz	pinkowitz	NOUN
ajfa-12449	270	9	,	,	PUNCT
ajfa-12449	270	10	l.	l.	PROPN
ajfa-12449	270	11	,	,	PUNCT
ajfa-12449	270	12	stulz	stulz	ADJ
ajfa-12449	270	13	,	,	PUNCT
ajfa-12449	270	14	r.	r.	PROPN
ajfa-12449	270	15	,	,	PUNCT
ajfa-12449	270	16	&	&	CCONJ
ajfa-12449	270	17	williamson	williamson	PROPN
ajfa-12449	270	18	,	,	PUNCT
ajfa-12449	270	19	r.	r.	PROPN
ajfa-12449	270	20	(	(	PUNCT
ajfa-12449	270	21	2006	2006	NUM
ajfa-12449	270	22	)	)	PUNCT
ajfa-12449	270	23	.	.	PUNCT
ajfa-12449	271	1	does	do	AUX
ajfa-12449	271	2	the	the	DET
ajfa-12449	271	3	contribution	contribution	NOUN
ajfa-12449	271	4	of	of	ADP
ajfa-12449	271	5	corporate	corporate	ADJ
ajfa-12449	271	6	cash	cash	NOUN
ajfa-12449	271	7	holdings	holding	NOUN
ajfa-12449	271	8	and	and	CCONJ
ajfa-12449	271	9	dividends	dividend	NOUN
ajfa-12449	271	10	to	to	PART
ajfa-12449	271	11	firm	firm	ADJ
ajfa-12449	271	12	value	value	NOUN
ajfa-12449	271	13	depend	depend	VERB
ajfa-12449	271	14	on	on	ADP
ajfa-12449	271	15	governance	governance	NOUN
ajfa-12449	271	16	?	?	PUNCT
ajfa-12449	272	1	a	a	DET
ajfa-12449	272	2	cross	cross	ADJ
ajfa-12449	272	3	-	-	ADJ
ajfa-12449	272	4	country	country	ADJ
ajfa-12449	272	5	analysis	analysis	NOUN
ajfa-12449	272	6	.	.	PUNCT
ajfa-12449	273	1	journal	journal	PROPN
ajfa-12449	273	2	of	of	ADP
ajfa-12449	273	3	finance	finance	NOUN
ajfa-12449	273	4	,	,	PUNCT
ajfa-12449	273	5	61(6	61(6	NUM
ajfa-12449	273	6	)	)	PUNCT
ajfa-12449	273	7	,	,	PUNCT
ajfa-12449	273	8	2725	2725	NUM
ajfa-12449	273	9	-	-	SYM
ajfa-12449	273	10	2751	2751	NUM
ajfa-12449	273	11	.	.	PUNCT
ajfa-12449	274	1	https://doi.org/10.1111/j.1540-6261.2006.01003.x	https://doi.org/10.1111/j.1540-6261.2006.01003.x	PROPN
ajfa-12449	274	2	pinkowitz	pinkowitz	PROPN
ajfa-12449	274	3	,	,	PUNCT
ajfa-12449	274	4	l.	l.	PROPN
ajfa-12449	274	5	,	,	PUNCT
ajfa-12449	274	6	&	&	CCONJ
ajfa-12449	274	7	williamson	williamson	PROPN
ajfa-12449	274	8	,	,	PUNCT
ajfa-12449	274	9	r.	r.	PROPN
ajfa-12449	274	10	(	(	PUNCT
ajfa-12449	274	11	2007	2007	NUM
ajfa-12449	274	12	)	)	PUNCT
ajfa-12449	274	13	.	.	PUNCT
ajfa-12449	275	1	what	what	PRON
ajfa-12449	275	2	is	be	AUX
ajfa-12449	275	3	the	the	DET
ajfa-12449	275	4	market	market	NOUN
ajfa-12449	275	5	value	value	NOUN
ajfa-12449	275	6	of	of	ADP
ajfa-12449	275	7	a	a	DET
ajfa-12449	275	8	dollar	dollar	NOUN
ajfa-12449	275	9	of	of	ADP
ajfa-12449	275	10	corporate	corporate	ADJ
ajfa-12449	275	11	cash	cash	NOUN
ajfa-12449	275	12	?	?	PUNCT
ajfa-12449	275	13	.	.	PUNCT
ajfa-12449	276	1	journal	journal	PROPN
ajfa-12449	276	2	of	of	ADP
ajfa-12449	276	3	applied	apply	VERB
ajfa-12449	276	4	corporate	corporate	ADJ
ajfa-12449	276	5	finance	finance	NOUN
ajfa-12449	276	6	,	,	PUNCT
ajfa-12449	276	7	19(3	19(3	NUM
ajfa-12449	276	8	)	)	PUNCT
ajfa-12449	276	9	,	,	PUNCT
ajfa-12449	276	10	74	74	NUM
ajfa-12449	276	11	-	-	SYM
ajfa-12449	276	12	81	81	NUM
ajfa-12449	276	13	.	.	PUNCT
ajfa-12449	277	1	https://doi.org/10.1111/j.1745-6622.2007.00148.x	https://doi.org/10.1111/j.1745-6622.2007.00148.x	PROPN
ajfa-12449	277	2	sharma	sharma	PROPN
ajfa-12449	277	3	,	,	PUNCT
ajfa-12449	277	4	a.	a.	PROPN
ajfa-12449	277	5	k.	k.	PROPN
ajfa-12449	277	6	,	,	PUNCT
ajfa-12449	277	7	&	&	CCONJ
ajfa-12449	277	8	kumar	kumar	PROPN
ajfa-12449	277	9	,	,	PUNCT
ajfa-12449	277	10	s.	s.	PROPN
ajfa-12449	277	11	(	(	PUNCT
ajfa-12449	277	12	2011	2011	NUM
ajfa-12449	277	13	)	)	PUNCT
ajfa-12449	277	14	.	.	PUNCT
ajfa-12449	278	1	effect	effect	NOUN
ajfa-12449	278	2	of	of	ADP
ajfa-12449	278	3	working	work	VERB
ajfa-12449	278	4	capital	capital	NOUN
ajfa-12449	278	5	management	management	NOUN
ajfa-12449	278	6	on	on	ADP
ajfa-12449	278	7	firm	firm	ADJ
ajfa-12449	278	8	profitability	profitability	NOUN
ajfa-12449	278	9	empirical	empirical	ADJ
ajfa-12449	278	10	evidence	evidence	NOUN
ajfa-12449	278	11	from	from	ADP
ajfa-12449	278	12	india	india	PROPN
ajfa-12449	278	13	.	.	PUNCT
ajfa-12449	279	1	global	global	ADJ
ajfa-12449	279	2	business	business	PROPN
ajfa-12449	279	3	review	review	PROPN
ajfa-12449	279	4	,	,	PUNCT
ajfa-12449	279	5	12(1	12(1	NUM
ajfa-12449	279	6	)	)	PUNCT
ajfa-12449	279	7	,	,	PUNCT
ajfa-12449	279	8	159	159	NUM
ajfa-12449	279	9	-	-	SYM
ajfa-12449	279	10	173	173	NUM
ajfa-12449	279	11	.	.	PUNCT
ajfa-12449	280	1	https://doi.org/10.1177/097215091001200110	https://doi.org/10.1177/097215091001200110	PROPN
ajfa-12449	280	2	shin	shin	PROPN
ajfa-12449	280	3	,	,	PUNCT
ajfa-12449	280	4	h.h	h.h	PROPN
ajfa-12449	280	5	.	.	PROPN
ajfa-12449	280	6	,	,	PUNCT
ajfa-12449	280	7	&	&	CCONJ
ajfa-12449	280	8	soenen	soenen	PROPN
ajfa-12449	280	9	,	,	PUNCT
ajfa-12449	280	10	l.	l.	PROPN
ajfa-12449	280	11	(	(	PUNCT
ajfa-12449	280	12	1998	1998	NUM
ajfa-12449	280	13	)	)	PUNCT
ajfa-12449	280	14	.	.	PUNCT
ajfa-12449	281	1	efficiency	efficiency	NOUN
ajfa-12449	281	2	of	of	ADP
ajfa-12449	281	3	working	work	VERB
ajfa-12449	281	4	capital	capital	NOUN
ajfa-12449	281	5	and	and	CCONJ
ajfa-12449	281	6	corporate	corporate	ADJ
ajfa-12449	281	7	profitability	profitability	NOUN
ajfa-12449	281	8	.	.	PUNCT
ajfa-12449	282	1	financial	financial	ADJ
ajfa-12449	282	2	practice	practice	NOUN
ajfa-12449	282	3	and	and	CCONJ
ajfa-12449	282	4	education	education	NOUN
ajfa-12449	282	5	,	,	PUNCT
ajfa-12449	282	6	8(2	8(2	NUM
ajfa-12449	282	7	)	)	PUNCT
ajfa-12449	282	8	,	,	PUNCT
ajfa-12449	282	9	37	37	NUM
ajfa-12449	282	10	-	-	SYM
ajfa-12449	282	11	45	45	NUM
ajfa-12449	282	12	smith	smith	PROPN
ajfa-12449	282	13	,	,	PUNCT
ajfa-12449	282	14	k.v.(1978	k.v.(1978	PROPN
ajfa-12449	282	15	)	)	PUNCT
ajfa-12449	282	16	.	.	PUNCT
ajfa-12449	283	1	reading	read	VERB
ajfa-12449	283	2	on	on	ADP
ajfa-12449	283	3	the	the	DET
ajfa-12449	283	4	management	management	NOUN
ajfa-12449	283	5	of	of	ADP
ajfa-12449	283	6	working	working	NOUN
ajfa-12449	283	7	capital	capital	NOUN
ajfa-12449	283	8	,	,	PUNCT
ajfa-12449	283	9	west	west	PROPN
ajfa-12449	283	10	publishing	publishing	NOUN
ajfa-12449	283	11	company	company	NOUN
ajfa-12449	283	12	,	,	PUNCT
ajfa-12449	283	13	3	3	PROPN
ajfa-12449	283	14	-	-	SYM
ajfa-12449	283	15	21	21	NUM
ajfa-12449	283	16	.	.	PUNCT
ajfa-12449	284	1	vijayakumaran	vijayakumaran	PROPN
ajfa-12449	284	2	,	,	PUNCT
ajfa-12449	284	3	r.	r.	PROPN
ajfa-12449	284	4	(	(	PUNCT
ajfa-12449	284	5	2015	2015	NUM
ajfa-12449	284	6	)	)	PUNCT
ajfa-12449	284	7	.	.	PUNCT
ajfa-12449	285	1	capital	capital	NOUN
ajfa-12449	285	2	structure	structure	NOUN
ajfa-12449	285	3	decisions	decision	NOUN
ajfa-12449	285	4	agency	agency	NOUN
ajfa-12449	285	5	conflict	conflict	NOUN
ajfa-12449	285	6	and	and	CCONJ
ajfa-12449	285	7	corporate	corporate	ADJ
ajfa-12449	285	8	performance	performance	NOUN
ajfa-12449	285	9	:	:	PUNCT
ajfa-12449	285	10	evidence	evidence	NOUN
ajfa-12449	285	11	from	from	ADP
ajfa-12449	285	12	sri	sri	PROPN
ajfa-12449	285	13	lankan	lankan	PROPN
ajfa-12449	285	14	listed	list	VERB
ajfa-12449	285	15	manufacturing	manufacturing	NOUN
ajfa-12449	285	16	companies	company	NOUN
ajfa-12449	285	17	,	,	PUNCT
ajfa-12449	285	18	international	international	ADJ
ajfa-12449	285	19	journal	journal	NOUN
ajfa-12449	285	20	of	of	ADP
ajfa-12449	285	21	accounting	accounting	NOUN
ajfa-12449	285	22	and	and	CCONJ
ajfa-12449	285	23	business	business	NOUN
ajfa-12449	285	24	finance	finance	NOUN
ajfa-12449	285	25	,	,	PUNCT
ajfa-12449	285	26	1(1	1(1	NUM
ajfa-12449	285	27	)	)	PUNCT
ajfa-12449	285	28	,	,	PUNCT
ajfa-12449	285	29	1	1	NUM
ajfa-12449	285	30	-	-	SYM
ajfa-12449	285	31	14	14	NUM
ajfa-12449	285	32	.	.	PUNCT
ajfa-12449	286	1	asian	asian	ADJ
ajfa-12449	286	2	journal	journal	PROPN
ajfa-12449	286	3	of	of	ADP
ajfa-12449	286	4	finance	finance	PROPN
ajfa-12449	286	5	&	&	CCONJ
ajfa-12449	286	6	accounting	accounting	PROPN
ajfa-12449	286	7	issn	issn	PROPN
ajfa-12449	286	8	1946	1946	NUM
ajfa-12449	286	9	-	-	PUNCT
ajfa-12449	286	10	052x	052x	PROPN
ajfa-12449	286	11	2017	2017	NUM
ajfa-12449	286	12	,	,	PUNCT
ajfa-12449	286	13	vol	vol	NOUN
ajfa-12449	286	14	.	.	NOUN
ajfa-12449	286	15	9	9	NUM
ajfa-12449	286	16	,	,	PUNCT
ajfa-12449	287	1	no	no	INTJ
ajfa-12449	287	2	.	.	NOUN
ajfa-12449	287	3	2	2	NUM
ajfa-12449	287	4	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12449	287	5	413	413	NUM
ajfa-12449	287	6	vural	vural	ADJ
ajfa-12449	287	7	,	,	PUNCT
ajfa-12449	287	8	g.	g.	PROPN
ajfa-12449	287	9	(	(	PUNCT
ajfa-12449	287	10	2012	2012	NUM
ajfa-12449	287	11	)	)	PUNCT
ajfa-12449	287	12	.	.	PUNCT
ajfa-12449	288	1	affects	affect	NOUN
ajfa-12449	288	2	of	of	ADP
ajfa-12449	288	3	working	work	VERB
ajfa-12449	288	4	capital	capital	NOUN
ajfa-12449	288	5	management	management	NOUN
ajfa-12449	288	6	on	on	ADP
ajfa-12449	288	7	firm	firm	NOUN
ajfa-12449	288	8	’s	’s	PART
ajfa-12449	288	9	performance	performance	NOUN
ajfa-12449	288	10	 	 	SPACE
ajfa-12449	288	11	:	:	PUNCT
ajfa-12449	288	12	evidence	evidence	NOUN
ajfa-12449	288	13	from	from	ADP
ajfa-12449	288	14	turkey	turkey	PROPN
ajfa-12449	288	15	,	,	PUNCT
ajfa-12449	288	16	2(4	2(4	NUM
ajfa-12449	288	17	)	)	PUNCT
ajfa-12449	288	18	,	,	PUNCT
ajfa-12449	288	19	488	488	NUM
ajfa-12449	288	20	-	-	SYM
ajfa-12449	288	21	495	495	NUM
ajfa-12449	288	22	.	.	PUNCT
ajfa-12449	289	1	wasiuzzaman	wasiuzzaman	PROPN
ajfa-12449	289	2	,	,	PUNCT
ajfa-12449	289	3	s.	s.	PROPN
ajfa-12449	289	4	(	(	PUNCT
ajfa-12449	289	5	2015	2015	NUM
ajfa-12449	289	6	)	)	PUNCT
ajfa-12449	289	7	.	.	PUNCT
ajfa-12449	290	1	working	work	VERB
ajfa-12449	290	2	capital	capital	NOUN
ajfa-12449	290	3	and	and	CCONJ
ajfa-12449	290	4	firm	firm	ADJ
ajfa-12449	290	5	value	value	NOUN
ajfa-12449	290	6	in	in	ADP
ajfa-12449	290	7	an	an	DET
ajfa-12449	290	8	emerging	emerge	VERB
ajfa-12449	290	9	market	market	NOUN
ajfa-12449	290	10	.	.	PUNCT
ajfa-12449	291	1	international	international	ADJ
ajfa-12449	291	2	journal	journal	PROPN
ajfa-12449	291	3	of	of	ADP
ajfa-12449	291	4	managerial	managerial	ADJ
ajfa-12449	291	5	finance	finance	NOUN
ajfa-12449	291	6	,	,	PUNCT
ajfa-12449	291	7	11(1	11(1	NUM
ajfa-12449	291	8	)	)	PUNCT
ajfa-12449	291	9	,	,	PUNCT
ajfa-12449	291	10	60	60	NUM
ajfa-12449	291	11	-	-	SYM
ajfa-12449	291	12	79	79	NUM
ajfa-12449	291	13	.	.	PUNCT
ajfa-12449	292	1	https://doi.org/10.1108/ijmf-01-2013-0016	https://doi.org/10.1108/ijmf-01-2013-0016	PROPN
ajfa-12449	292	2	note	note	NOUN
ajfa-12449	292	3	:	:	PUNCT
ajfa-12449	292	4	authors	author	NOUN
ajfa-12449	292	5	have	have	AUX
ajfa-12449	292	6	equally	equally	ADV
ajfa-12449	292	7	contributed	contribute	VERB
ajfa-12449	292	8	to	to	ADP
ajfa-12449	292	9	this	this	DET
ajfa-12449	292	10	research	research	NOUN
ajfa-12449	292	11	paper	paper	NOUN
ajfa-12449	292	12	and	and	CCONJ
ajfa-12449	292	13	their	their	PRON
ajfa-12449	292	14	names	name	NOUN
ajfa-12449	292	15	are	be	AUX
ajfa-12449	292	16	in	in	ADP
ajfa-12449	292	17	alphabetical	alphabetical	ADJ
ajfa-12449	292	18	order	order	NOUN
ajfa-12449	292	19	.	.	PUNCT