id	sid	tid	token	lemma	pos
ajfa-13065	1	1	microsoft	microsoft	PROPN
ajfa-13065	1	2	word	word	PROPN
ajfa-13065	1	3	1_determinats	1_determinats	NUM
ajfa-13065	1	4	-	-	PUNCT
ajfa-13065	1	5	new	new	ADJ
ajfa-13065	1	6	asian	asian	ADJ
ajfa-13065	1	7	journal	journal	NOUN
ajfa-13065	1	8	of	of	ADP
ajfa-13065	1	9	finance	finance	PROPN
ajfa-13065	1	10	&	&	CCONJ
ajfa-13065	1	11	accounting	accounting	PROPN
ajfa-13065	1	12	issn	issn	PROPN
ajfa-13065	1	13	1946	1946	NUM
ajfa-13065	1	14	-	-	PUNCT
ajfa-13065	1	15	052x	052x	NOUN
ajfa-13065	1	16	2018	2018	NUM
ajfa-13065	1	17	,	,	PUNCT
ajfa-13065	1	18	vol	vol	NOUN
ajfa-13065	1	19	.	.	PROPN
ajfa-13065	1	20	10	10	NUM
ajfa-13065	1	21	,	,	PUNCT
ajfa-13065	1	22	no	no	INTJ
ajfa-13065	1	23	.	.	NOUN
ajfa-13065	1	24	2	2	NUM
ajfa-13065	1	25	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-13065	1	26	63	63	NUM
ajfa-13065	1	27	the	the	DET
ajfa-13065	1	28	determinants	determinant	NOUN
ajfa-13065	1	29	of	of	ADP
ajfa-13065	1	30	capital	capital	NOUN
ajfa-13065	1	31	structure	structure	NOUN
ajfa-13065	1	32	decisions	decision	NOUN
ajfa-13065	1	33	:	:	PUNCT
ajfa-13065	1	34	evidence	evidence	NOUN
ajfa-13065	1	35	from	from	ADP
ajfa-13065	1	36	chinese	chinese	ADJ
ajfa-13065	1	37	listed	list	VERB
ajfa-13065	1	38	companies	company	NOUN
ajfa-13065	1	39	sunitha	sunitha	VERB
ajfa-13065	1	40	vijayakumaran(corresponding	vijayakumaran(corresponding	PROPN
ajfa-13065	1	41	author	author	NOUN
ajfa-13065	1	42	)	)	PUNCT
ajfa-13065	1	43	department	department	PROPN
ajfa-13065	1	44	of	of	ADP
ajfa-13065	1	45	commerce	commerce	PROPN
ajfa-13065	1	46	faculty	faculty	NOUN
ajfa-13065	1	47	of	of	ADP
ajfa-13065	1	48	management	management	NOUN
ajfa-13065	1	49	studies	study	NOUN
ajfa-13065	1	50	and	and	CCONJ
ajfa-13065	1	51	commerce	commerce	PROPN
ajfa-13065	1	52	university	university	PROPN
ajfa-13065	1	53	of	of	ADP
ajfa-13065	1	54	jaffna	jaffna	PROPN
ajfa-13065	1	55	,	,	PUNCT
ajfa-13065	1	56	sri	sri	PROPN
ajfa-13065	1	57	lanka	lanka	PROPN
ajfa-13065	1	58	ratnam	ratnam	PROPN
ajfa-13065	1	59	vijayakumaran	vijayakumaran	PROPN
ajfa-13065	1	60	department	department	PROPN
ajfa-13065	1	61	of	of	ADP
ajfa-13065	1	62	financial	financial	ADJ
ajfa-13065	1	63	management	management	NOUN
ajfa-13065	1	64	faculty	faculty	NOUN
ajfa-13065	1	65	of	of	ADP
ajfa-13065	1	66	management	management	NOUN
ajfa-13065	1	67	studies	study	NOUN
ajfa-13065	1	68	and	and	CCONJ
ajfa-13065	1	69	commerce	commerce	PROPN
ajfa-13065	1	70	university	university	PROPN
ajfa-13065	1	71	of	of	ADP
ajfa-13065	1	72	jaffna	jaffna	PROPN
ajfa-13065	1	73	,	,	PUNCT
ajfa-13065	1	74	sri	sri	PROPN
ajfa-13065	1	75	lanka	lanka	PROPN
ajfa-13065	1	76	received	receive	VERB
ajfa-13065	1	77	:	:	PUNCT
ajfa-13065	1	78	april	april	PROPN
ajfa-13065	1	79	27	27	NUM
ajfa-13065	1	80	,	,	PUNCT
ajfa-13065	1	81	2018	2018	NUM
ajfa-13065	1	82	accepted	accept	VERB
ajfa-13065	1	83	:	:	PUNCT
ajfa-13065	1	84	nov	nov	PROPN
ajfa-13065	1	85	.	.	PROPN
ajfa-13065	1	86	13	13	NUM
ajfa-13065	1	87	,	,	PUNCT
ajfa-13065	1	88	2018	2018	NUM
ajfa-13065	1	89	published	publish	VERB
ajfa-13065	1	90	:	:	PUNCT
ajfa-13065	1	91	december	december	PROPN
ajfa-13065	1	92	1	1	NUM
ajfa-13065	1	93	,	,	PUNCT
ajfa-13065	1	94	2018	2018	NUM
ajfa-13065	1	95	doi:10.5296	doi:10.5296	NOUN
ajfa-13065	1	96	/	/	SYM
ajfa-13065	1	97	ajfa.v10i2.13065	ajfa.v10i2.13065	PROPN
ajfa-13065	1	98	url	url	NOUN
ajfa-13065	1	99	:	:	PUNCT
ajfa-13065	1	100	https://doi.org/10.5296/ajfa.v10i2.13065	https://doi.org/10.5296/ajfa.v10i2.13065	X
ajfa-13065	2	1	abstract	abstract	ADJ
ajfa-13065	2	2	in	in	ADP
ajfa-13065	2	3	this	this	DET
ajfa-13065	2	4	paper	paper	NOUN
ajfa-13065	2	5	,	,	PUNCT
ajfa-13065	2	6	we	we	PRON
ajfa-13065	2	7	examine	examine	VERB
ajfa-13065	2	8	the	the	DET
ajfa-13065	2	9	determinants	determinant	NOUN
ajfa-13065	2	10	of	of	ADP
ajfa-13065	2	11	leverage	leverage	NOUN
ajfa-13065	2	12	in	in	ADP
ajfa-13065	2	13	the	the	DET
ajfa-13065	2	14	context	context	NOUN
ajfa-13065	2	15	of	of	ADP
ajfa-13065	2	16	china	china	PROPN
ajfa-13065	2	17	using	use	VERB
ajfa-13065	2	18	a	a	DET
ajfa-13065	2	19	sample	sample	NOUN
ajfa-13065	2	20	of	of	ADP
ajfa-13065	2	21	1844	1844	NUM
ajfa-13065	2	22	chinese	chinese	ADJ
ajfa-13065	2	23	non	non	ADJ
ajfa-13065	2	24	-	-	ADJ
ajfa-13065	2	25	financial	financial	ADJ
ajfa-13065	2	26	firms	firm	NOUN
ajfa-13065	2	27	over	over	ADP
ajfa-13065	2	28	the	the	DET
ajfa-13065	2	29	period	period	NOUN
ajfa-13065	2	30	2003	2003	NUM
ajfa-13065	2	31	to	to	ADP
ajfa-13065	2	32	2010	2010	NUM
ajfa-13065	2	33	.	.	PUNCT
ajfa-13065	3	1	this	this	DET
ajfa-13065	3	2	study	study	NOUN
ajfa-13065	3	3	shows	show	VERB
ajfa-13065	3	4	that	that	SCONJ
ajfa-13065	3	5	the	the	DET
ajfa-13065	3	6	average	average	ADJ
ajfa-13065	3	7	leverage	leverage	NOUN
ajfa-13065	3	8	ratio	ratio	NOUN
ajfa-13065	3	9	of	of	ADP
ajfa-13065	3	10	chinese	chinese	ADJ
ajfa-13065	3	11	listed	list	VERB
ajfa-13065	3	12	firms	firm	NOUN
ajfa-13065	3	13	is	be	AUX
ajfa-13065	3	14	similar	similar	ADJ
ajfa-13065	3	15	to	to	ADP
ajfa-13065	3	16	those	those	PRON
ajfa-13065	3	17	observed	observe	VERB
ajfa-13065	3	18	in	in	ADP
ajfa-13065	3	19	other	other	ADJ
ajfa-13065	3	20	developing	develop	VERB
ajfa-13065	3	21	countries	country	NOUN
ajfa-13065	3	22	.	.	PUNCT
ajfa-13065	4	1	the	the	DET
ajfa-13065	4	2	study	study	NOUN
ajfa-13065	4	3	also	also	ADV
ajfa-13065	4	4	finds	find	VERB
ajfa-13065	4	5	thatsize	thatsize	NOUN
ajfa-13065	4	6	,	,	PUNCT
ajfa-13065	4	7	tangibility	tangibility	NOUN
ajfa-13065	4	8	,	,	PUNCT
ajfa-13065	4	9	volatility	volatility	NOUN
ajfa-13065	4	10	and	and	CCONJ
ajfa-13065	4	11	firm	firm	ADJ
ajfa-13065	4	12	age	age	NOUN
ajfa-13065	4	13	are	be	AUX
ajfa-13065	4	14	positively	positively	ADV
ajfa-13065	4	15	and	and	CCONJ
ajfa-13065	4	16	significantly	significantly	ADV
ajfa-13065	4	17	associated	associate	VERB
ajfa-13065	4	18	with	with	ADP
ajfa-13065	4	19	leverage	leverage	NOUN
ajfa-13065	4	20	.	.	PUNCT
ajfa-13065	5	1	firm	firm	PROPN
ajfa-13065	5	2	’s	’s	PART
ajfa-13065	5	3	profitability	profitability	NOUN
ajfa-13065	5	4	has	have	VERB
ajfa-13065	5	5	statistically	statistically	ADV
ajfa-13065	5	6	significant	significant	ADJ
ajfa-13065	5	7	negative	negative	ADJ
ajfa-13065	5	8	impact	impact	NOUN
ajfa-13065	5	9	on	on	ADP
ajfa-13065	5	10	leverage	leverage	NOUN
ajfa-13065	5	11	.	.	PUNCT
ajfa-13065	6	1	furthermore	furthermore	ADV
ajfa-13065	6	2	,	,	PUNCT
ajfa-13065	6	3	we	we	PRON
ajfa-13065	6	4	find	find	VERB
ajfa-13065	6	5	that	that	PRON
ajfa-13065	6	6	firm	firm	ADJ
ajfa-13065	6	7	size	size	NOUN
ajfa-13065	6	8	,	,	PUNCT
ajfa-13065	6	9	profitability	profitability	NOUN
ajfa-13065	6	10	,	,	PUNCT
ajfa-13065	6	11	tangibility	tangibility	NOUN
ajfa-13065	6	12	,	,	PUNCT
ajfa-13065	6	13	volatility	volatility	NOUN
ajfa-13065	6	14	and	and	CCONJ
ajfa-13065	6	15	firm	firm	ADJ
ajfa-13065	6	16	age	age	NOUN
ajfa-13065	6	17	are	be	AUX
ajfa-13065	6	18	the	the	DET
ajfa-13065	6	19	robust	robust	ADJ
ajfa-13065	6	20	determinants	determinant	NOUN
ajfa-13065	6	21	of	of	ADP
ajfa-13065	6	22	leverage	leverage	NOUN
ajfa-13065	6	23	of	of	ADP
ajfa-13065	6	24	chinese	chinese	ADJ
ajfa-13065	6	25	listed	list	VERB
ajfa-13065	6	26	firms	firm	NOUN
ajfa-13065	6	27	.	.	PUNCT
ajfa-13065	7	1	keywords	keyword	NOUN
ajfa-13065	7	2	:	:	PUNCT
ajfa-13065	7	3	capital	capital	NOUN
ajfa-13065	7	4	structure	structure	NOUN
ajfa-13065	7	5	,	,	PUNCT
ajfa-13065	7	6	leverage	leverage	NOUN
ajfa-13065	7	7	,	,	PUNCT
ajfa-13065	7	8	firm	firm	ADJ
ajfa-13065	7	9	size	size	NOUN
ajfa-13065	7	10	,	,	PUNCT
ajfa-13065	7	11	profitability	profitability	NOUN
ajfa-13065	7	12	,	,	PUNCT
ajfa-13065	7	13	tangibility	tangibility	NOUN
ajfa-13065	7	14	,	,	PUNCT
ajfa-13065	7	15	growth	growth	NOUN
ajfa-13065	7	16	opportunities	opportunity	NOUN
ajfa-13065	7	17	,	,	PUNCT
ajfa-13065	7	18	volatility	volatility	NOUN
ajfa-13065	7	19	,	,	PUNCT
ajfa-13065	7	20	china	china	PROPN
ajfa-13065	7	21	.	.	PUNCT
ajfa-13065	8	1	jel	jel	PROPN
ajfa-13065	8	2	classification	classification	NOUN
ajfa-13065	8	3	f30	f30	NOUN
ajfa-13065	8	4	;	;	PUNCT
ajfa-13065	8	5	g10	g10	PROPN
ajfa-13065	8	6	;	;	PUNCT
ajfa-13065	8	7	g32	g32	PROPN
ajfa-13065	8	8	asian	asian	ADJ
ajfa-13065	8	9	journal	journal	PROPN
ajfa-13065	8	10	of	of	ADP
ajfa-13065	8	11	finance	finance	PROPN
ajfa-13065	8	12	&	&	CCONJ
ajfa-13065	8	13	accounting	accounting	PROPN
ajfa-13065	8	14	issn	issn	PROPN
ajfa-13065	8	15	1946	1946	NUM
ajfa-13065	8	16	-	-	PUNCT
ajfa-13065	8	17	052x	052x	NOUN
ajfa-13065	8	18	2018	2018	NUM
ajfa-13065	8	19	,	,	PUNCT
ajfa-13065	8	20	vol	vol	NOUN
ajfa-13065	8	21	.	.	PROPN
ajfa-13065	9	1	10	10	NUM
ajfa-13065	9	2	,	,	PUNCT
ajfa-13065	9	3	no	no	INTJ
ajfa-13065	9	4	.	.	NOUN
ajfa-13065	9	5	2	2	NUM
ajfa-13065	9	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	9	7	64	64	NUM
ajfa-13065	9	8	1	1	NUM
ajfa-13065	9	9	.	.	PUNCT
ajfa-13065	10	1	introduction	introduction	NOUN
ajfa-13065	10	2	corporate	corporate	ADJ
ajfa-13065	10	3	capital	capital	NOUN
ajfa-13065	10	4	structure	structure	NOUN
ajfa-13065	10	5	decisions	decision	NOUN
ajfa-13065	10	6	are	be	AUX
ajfa-13065	10	7	not	not	PART
ajfa-13065	10	8	only	only	ADV
ajfa-13065	10	9	important	important	ADJ
ajfa-13065	10	10	for	for	SCONJ
ajfa-13065	10	11	firms	firm	NOUN
ajfa-13065	10	12	to	to	PART
ajfa-13065	10	13	maximize	maximize	VERB
ajfa-13065	10	14	their	their	PRON
ajfa-13065	10	15	value	value	NOUN
ajfa-13065	10	16	but	but	CCONJ
ajfa-13065	10	17	also	also	ADV
ajfa-13065	10	18	for	for	ADP
ajfa-13065	10	19	the	the	DET
ajfa-13065	10	20	growth	growth	NOUN
ajfa-13065	10	21	and	and	CCONJ
ajfa-13065	10	22	stability	stability	NOUN
ajfa-13065	10	23	of	of	ADP
ajfa-13065	10	24	firms	firm	NOUN
ajfa-13065	10	25	and	and	CCONJ
ajfa-13065	10	26	the	the	DET
ajfa-13065	10	27	corporate	corporate	ADJ
ajfa-13065	10	28	economy	economy	NOUN
ajfa-13065	10	29	as	as	ADP
ajfa-13065	10	30	a	a	DET
ajfa-13065	10	31	whole	whole	NOUN
ajfa-13065	10	32	(	(	PUNCT
ajfa-13065	10	33	jensen	jensen	PROPN
ajfa-13065	10	34	and	and	CCONJ
ajfa-13065	10	35	meckling	meckling	NOUN
ajfa-13065	10	36	,	,	PUNCT
ajfa-13065	10	37	1976	1976	NUM
ajfa-13065	10	38	;	;	PUNCT
ajfa-13065	10	39	benito	benito	PROPN
ajfa-13065	10	40	,	,	PUNCT
ajfa-13065	10	41	2003	2003	NUM
ajfa-13065	10	42	)	)	PUNCT
ajfa-13065	10	43	.	.	PUNCT
ajfa-13065	11	1	firm	firm	ADJ
ajfa-13065	11	2	financing	financing	NOUN
ajfa-13065	11	3	patterns	pattern	NOUN
ajfa-13065	11	4	have	have	AUX
ajfa-13065	11	5	long	long	ADV
ajfa-13065	11	6	been	be	AUX
ajfa-13065	11	7	the	the	DET
ajfa-13065	11	8	object	object	NOUN
ajfa-13065	11	9	of	of	ADP
ajfa-13065	11	10	study	study	NOUN
ajfa-13065	11	11	in	in	ADP
ajfa-13065	11	12	the	the	DET
ajfa-13065	11	13	corporate	corporate	ADJ
ajfa-13065	11	14	finance	finance	NOUN
ajfa-13065	11	15	literature	literature	NOUN
ajfa-13065	11	16	(	(	PUNCT
ajfa-13065	11	17	haris	haris	PROPN
ajfa-13065	11	18	&	&	CCONJ
ajfa-13065	11	19	raviv	raviv	PROPN
ajfa-13065	11	20	,	,	PUNCT
ajfa-13065	11	21	1991	1991	NUM
ajfa-13065	11	22	)	)	PUNCT
ajfa-13065	11	23	.	.	PUNCT
ajfa-13065	12	1	the	the	DET
ajfa-13065	12	2	main	main	ADJ
ajfa-13065	12	3	issue	issue	NOUN
ajfa-13065	12	4	of	of	ADP
ajfa-13065	12	5	debate	debate	NOUN
ajfa-13065	12	6	revolve	revolve	NOUN
ajfa-13065	12	7	primarily	primarily	ADV
ajfa-13065	12	8	around	around	ADP
ajfa-13065	12	9	the	the	DET
ajfa-13065	12	10	optimal	optimal	ADJ
ajfa-13065	12	11	capital	capital	NOUN
ajfa-13065	12	12	structure	structure	NOUN
ajfa-13065	12	13	that	that	PRON
ajfa-13065	12	14	maximizes	maximize	VERB
ajfa-13065	12	15	the	the	DET
ajfa-13065	12	16	value	value	NOUN
ajfa-13065	12	17	of	of	ADP
ajfa-13065	12	18	the	the	DET
ajfa-13065	12	19	firm	firm	NOUN
ajfa-13065	12	20	(	(	PUNCT
ajfa-13065	12	21	e.g.	e.g.	ADV
ajfa-13065	12	22	,	,	PUNCT
ajfa-13065	12	23	modigliani	modigliani	PROPN
ajfa-13065	12	24	and	and	CCONJ
ajfa-13065	12	25	miller	miller	PROPN
ajfa-13065	12	26	,	,	PUNCT
ajfa-13065	12	27	1958	1958	NUM
ajfa-13065	12	28	and	and	CCONJ
ajfa-13065	12	29	1963	1963	NUM
ajfa-13065	12	30	;	;	PUNCT
ajfa-13065	12	31	miller	miller	PROPN
ajfa-13065	12	32	,	,	PUNCT
ajfa-13065	12	33	1977	1977	NUM
ajfa-13065	12	34	)	)	PUNCT
ajfa-13065	12	35	.	.	PUNCT
ajfa-13065	13	1	capital	capital	NOUN
ajfa-13065	13	2	structure	structure	NOUN
ajfa-13065	13	3	means	mean	VERB
ajfa-13065	13	4	the	the	DET
ajfa-13065	13	5	mix	mix	NOUN
ajfa-13065	13	6	of	of	ADP
ajfa-13065	13	7	different	different	ADJ
ajfa-13065	13	8	sources	source	NOUN
ajfa-13065	13	9	of	of	ADP
ajfa-13065	13	10	financing	financing	NOUN
ajfa-13065	13	11	such	such	ADJ
ajfa-13065	13	12	as	as	ADP
ajfa-13065	13	13	equity	equity	NOUN
ajfa-13065	13	14	and	and	CCONJ
ajfa-13065	13	15	debt	debt	NOUN
ajfa-13065	13	16	(	(	PUNCT
ajfa-13065	13	17	panday	panday	NOUN
ajfa-13065	13	18	,	,	PUNCT
ajfa-13065	13	19	2006	2006	NUM
ajfa-13065	13	20	)	)	PUNCT
ajfa-13065	13	21	.	.	PUNCT
ajfa-13065	14	1	capital	capital	NOUN
ajfa-13065	14	2	structure	structure	NOUN
ajfa-13065	14	3	choices	choice	NOUN
ajfa-13065	14	4	of	of	ADP
ajfa-13065	14	5	corporations	corporation	NOUN
ajfa-13065	14	6	have	have	AUX
ajfa-13065	14	7	traditionally	traditionally	ADV
ajfa-13065	14	8	been	be	AUX
ajfa-13065	14	9	analysed	analyse	VERB
ajfa-13065	14	10	in	in	ADP
ajfa-13065	14	11	the	the	PRON
ajfa-13065	14	12	modigliani	modigliani	PROPN
ajfa-13065	14	13	-	-	PUNCT
ajfa-13065	14	14	miller	miller	PROPN
ajfa-13065	14	15	(	(	PUNCT
ajfa-13065	14	16	1958	1958	NUM
ajfa-13065	14	17	)	)	PUNCT
ajfa-13065	14	18	framework	framework	NOUN
ajfa-13065	14	19	,	,	PUNCT
ajfa-13065	14	20	expanded	expand	VERB
ajfa-13065	14	21	to	to	PART
ajfa-13065	14	22	incorporate	incorporate	VERB
ajfa-13065	14	23	taxes	taxis	NOUN
ajfa-13065	14	24	,	,	PUNCT
ajfa-13065	14	25	bankruptcy	bankruptcy	NOUN
ajfa-13065	14	26	costs	cost	NOUN
ajfa-13065	14	27	,	,	PUNCT
ajfa-13065	14	28	agency	agency	NOUN
ajfa-13065	14	29	cost	cost	NOUN
ajfa-13065	14	30	,	,	PUNCT
ajfa-13065	14	31	and	and	CCONJ
ajfa-13065	14	32	asymmetric	asymmetric	ADJ
ajfa-13065	14	33	information	information	NOUN
ajfa-13065	14	34	issues	issue	NOUN
ajfa-13065	14	35	(	(	PUNCT
ajfa-13065	14	36	such	such	ADJ
ajfa-13065	14	37	as	as	ADP
ajfa-13065	14	38	signalling	signal	VERB
ajfa-13065	14	39	,	,	PUNCT
ajfa-13065	14	40	adverse	adverse	ADJ
ajfa-13065	14	41	selection	selection	NOUN
ajfa-13065	14	42	)	)	PUNCT
ajfa-13065	14	43	.	.	PUNCT
ajfa-13065	15	1	the	the	DET
ajfa-13065	15	2	trade	trade	NOUN
ajfa-13065	15	3	-	-	PUNCT
ajfa-13065	15	4	off	off	ADP
ajfa-13065	15	5	theory	theory	NOUN
ajfa-13065	15	6	,	,	PUNCT
ajfa-13065	15	7	pecking	pecking	NOUN
ajfa-13065	15	8	order	order	NOUN
ajfa-13065	15	9	theory	theory	NOUN
ajfa-13065	15	10	(	(	PUNCT
ajfa-13065	15	11	myers	myer	NOUN
ajfa-13065	15	12	and	and	CCONJ
ajfa-13065	15	13	majluf	majluf	NOUN
ajfa-13065	15	14	,	,	PUNCT
ajfa-13065	15	15	1984	1984	NUM
ajfa-13065	15	16	;	;	PUNCT
ajfa-13065	15	17	myers	myer	NOUN
ajfa-13065	15	18	,	,	PUNCT
ajfa-13065	15	19	1984	1984	NUM
ajfa-13065	15	20	)	)	PUNCT
ajfa-13065	15	21	,	,	PUNCT
ajfa-13065	15	22	and	and	CCONJ
ajfa-13065	15	23	agency	agency	NOUN
ajfa-13065	15	24	theory	theory	NOUN
ajfa-13065	15	25	(	(	PUNCT
ajfa-13065	15	26	jensen	jensen	PROPN
ajfa-13065	15	27	and	and	CCONJ
ajfa-13065	15	28	meckling	meckling	NOUN
ajfa-13065	15	29	,	,	PUNCT
ajfa-13065	15	30	1976	1976	NUM
ajfa-13065	15	31	)	)	PUNCT
ajfa-13065	15	32	are	be	AUX
ajfa-13065	15	33	main	main	ADJ
ajfa-13065	15	34	theories	theory	NOUN
ajfa-13065	15	35	that	that	PRON
ajfa-13065	15	36	explain	explain	VERB
ajfa-13065	15	37	the	the	DET
ajfa-13065	15	38	use	use	NOUN
ajfa-13065	15	39	of	of	ADP
ajfa-13065	15	40	leverage	leverage	NOUN
ajfa-13065	15	41	in	in	ADP
ajfa-13065	15	42	firms	firm	NOUN
ajfa-13065	15	43	’	'	PUNCT
ajfa-13065	15	44	capital	capital	NOUN
ajfa-13065	15	45	structure	structure	NOUN
ajfa-13065	15	46	.	.	PUNCT
ajfa-13065	16	1	a	a	DET
ajfa-13065	16	2	large	large	ADJ
ajfa-13065	16	3	number	number	NOUN
ajfa-13065	16	4	of	of	ADP
ajfa-13065	16	5	studies	study	NOUN
ajfa-13065	16	6	,	,	PUNCT
ajfa-13065	16	7	for	for	ADP
ajfa-13065	16	8	example	example	NOUN
ajfa-13065	16	9	titman	titman	NOUN
ajfa-13065	16	10	and	and	CCONJ
ajfa-13065	16	11	wessels	wessels	PROPN
ajfa-13065	16	12	(	(	PUNCT
ajfa-13065	16	13	1988	1988	NUM
ajfa-13065	16	14	)	)	PUNCT
ajfa-13065	16	15	,	,	PUNCT
ajfa-13065	16	16	wald	wald	X
ajfa-13065	16	17	(	(	PUNCT
ajfa-13065	16	18	1999	1999	NUM
ajfa-13065	16	19	)	)	PUNCT
ajfa-13065	16	20	,	,	PUNCT
ajfa-13065	16	21	have	have	AUX
ajfa-13065	16	22	empirically	empirically	ADV
ajfa-13065	16	23	examined	examine	VERB
ajfa-13065	16	24	determinants	determinant	NOUN
ajfa-13065	16	25	of	of	ADP
ajfa-13065	16	26	capital	capital	NOUN
ajfa-13065	16	27	structure	structure	NOUN
ajfa-13065	16	28	in	in	ADP
ajfa-13065	16	29	the	the	DET
ajfa-13065	16	30	context	context	NOUN
ajfa-13065	16	31	of	of	ADP
ajfa-13065	16	32	developed	develop	VERB
ajfa-13065	16	33	economies	economy	NOUN
ajfa-13065	16	34	.	.	PUNCT
ajfa-13065	17	1	most	most	ADJ
ajfa-13065	17	2	early	early	ADJ
ajfa-13065	17	3	papers	paper	NOUN
ajfa-13065	17	4	examine	examine	VERB
ajfa-13065	17	5	the	the	DET
ajfa-13065	17	6	case	case	NOUN
ajfa-13065	17	7	of	of	ADP
ajfa-13065	17	8	us	us	PROPN
ajfa-13065	17	9	companies	company	NOUN
ajfa-13065	17	10	(	(	PUNCT
ajfa-13065	17	11	see	see	VERB
ajfa-13065	17	12	haris	haris	PROPN
ajfa-13065	17	13	and	and	CCONJ
ajfa-13065	17	14	raviv(1991	raviv(1991	NUM
ajfa-13065	17	15	)	)	PUNCT
ajfa-13065	17	16	and	and	CCONJ
ajfa-13065	17	17	graham	graham	PROPN
ajfa-13065	17	18	,	,	PUNCT
ajfa-13065	17	19	&	&	CCONJ
ajfa-13065	17	20	leary	leary	PROPN
ajfa-13065	17	21	,	,	PUNCT
ajfa-13065	17	22	(	(	PUNCT
ajfa-13065	17	23	2011	2011	NUM
ajfa-13065	17	24	)	)	PUNCT
ajfa-13065	17	25	for	for	ADP
ajfa-13065	17	26	reviews	review	NOUN
ajfa-13065	17	27	)	)	PUNCT
ajfa-13065	17	28	,	,	PUNCT
ajfa-13065	17	29	whilst	whilst	SCONJ
ajfa-13065	17	30	rajan	rajan	PROPN
ajfa-13065	17	31	and	and	CCONJ
ajfa-13065	17	32	zingales	zingales	PROPN
ajfa-13065	17	33	(	(	PUNCT
ajfa-13065	17	34	1995	1995	NUM
ajfa-13065	17	35	)	)	PUNCT
ajfa-13065	17	36	test	test	NOUN
ajfa-13065	17	37	the	the	DET
ajfa-13065	17	38	theoretical	theoretical	ADJ
ajfa-13065	17	39	and	and	CCONJ
ajfa-13065	17	40	empirical	empirical	ADJ
ajfa-13065	17	41	lessons	lesson	NOUN
ajfa-13065	17	42	learnt	learn	VERB
ajfa-13065	17	43	from	from	ADP
ajfa-13065	17	44	the	the	DET
ajfa-13065	17	45	us	us	PROPN
ajfa-13065	17	46	studies	study	NOUN
ajfa-13065	17	47	for	for	ADP
ajfa-13065	17	48	the	the	DET
ajfa-13065	17	49	g7	g7	PROPN
ajfa-13065	17	50	countries	country	NOUN
ajfa-13065	17	51	.	.	PUNCT
ajfa-13065	18	1	these	these	DET
ajfa-13065	18	2	authors	author	NOUN
ajfa-13065	18	3	find	find	VERB
ajfa-13065	18	4	a	a	DET
ajfa-13065	18	5	similar	similar	ADJ
ajfa-13065	18	6	behaviour	behaviour	NOUN
ajfa-13065	18	7	of	of	ADP
ajfa-13065	18	8	leverage	leverage	NOUN
ajfa-13065	18	9	across	across	ADP
ajfa-13065	18	10	countries	country	NOUN
ajfa-13065	18	11	,	,	PUNCT
ajfa-13065	18	12	thus	thus	ADV
ajfa-13065	18	13	refuting	refute	VERB
ajfa-13065	18	14	the	the	DET
ajfa-13065	18	15	idea	idea	NOUN
ajfa-13065	18	16	that	that	SCONJ
ajfa-13065	18	17	firms	firm	NOUN
ajfa-13065	18	18	in	in	ADP
ajfa-13065	18	19	bank	bank	NOUN
ajfa-13065	18	20	-	-	PUNCT
ajfa-13065	18	21	oriented	orient	VERB
ajfa-13065	18	22	countries	country	NOUN
ajfa-13065	18	23	are	be	AUX
ajfa-13065	18	24	more	more	ADV
ajfa-13065	18	25	leveraged	leveraged	ADJ
ajfa-13065	18	26	than	than	ADP
ajfa-13065	18	27	those	those	PRON
ajfa-13065	18	28	in	in	ADP
ajfa-13065	18	29	market	market	NOUN
ajfa-13065	18	30	-	-	PUNCT
ajfa-13065	18	31	oriented	orient	VERB
ajfa-13065	18	32	countries	country	NOUN
ajfa-13065	18	33	.	.	PUNCT
ajfa-13065	19	1	(	(	PUNCT
ajfa-13065	19	2	note1	note1	PROPN
ajfa-13065	19	3	)	)	PUNCT
ajfa-13065	19	4	rajan	rajan	PROPN
ajfa-13065	19	5	and	and	CCONJ
ajfa-13065	19	6	zingales	zingales	PROPN
ajfa-13065	19	7	(	(	PUNCT
ajfa-13065	19	8	1995	1995	NUM
ajfa-13065	19	9	)	)	PUNCT
ajfa-13065	19	10	also	also	ADV
ajfa-13065	19	11	find	find	VERB
ajfa-13065	19	12	that	that	SCONJ
ajfa-13065	19	13	the	the	DET
ajfa-13065	19	14	determinants	determinant	NOUN
ajfa-13065	19	15	of	of	ADP
ajfa-13065	19	16	capital	capital	NOUN
ajfa-13065	19	17	structure	structure	NOUN
ajfa-13065	19	18	that	that	PRON
ajfa-13065	19	19	have	have	AUX
ajfa-13065	19	20	been	be	AUX
ajfa-13065	19	21	reported	report	VERB
ajfa-13065	19	22	for	for	ADP
ajfa-13065	19	23	the	the	DET
ajfa-13065	19	24	usa	usa	PROPN
ajfa-13065	19	25	(	(	PUNCT
ajfa-13065	19	26	size	size	NOUN
ajfa-13065	19	27	,	,	PUNCT
ajfa-13065	19	28	growth	growth	NOUN
ajfa-13065	19	29	opportunities	opportunity	NOUN
ajfa-13065	19	30	,	,	PUNCT
ajfa-13065	19	31	profitability	profitability	NOUN
ajfa-13065	19	32	,	,	PUNCT
ajfa-13065	19	33	and	and	CCONJ
ajfa-13065	19	34	tangible	tangible	ADJ
ajfa-13065	19	35	assets	asset	NOUN
ajfa-13065	19	36	)	)	PUNCT
ajfa-13065	19	37	are	be	AUX
ajfa-13065	19	38	important	important	ADJ
ajfa-13065	19	39	in	in	ADP
ajfa-13065	19	40	other	other	ADJ
ajfa-13065	19	41	countries	country	NOUN
ajfa-13065	19	42	as	as	ADV
ajfa-13065	19	43	well	well	ADV
ajfa-13065	19	44	.	.	PUNCT
ajfa-13065	20	1	they	they	PRON
ajfa-13065	20	2	show	show	VERB
ajfa-13065	20	3	that	that	SCONJ
ajfa-13065	20	4	a	a	DET
ajfa-13065	20	5	good	good	ADJ
ajfa-13065	20	6	understanding	understanding	NOUN
ajfa-13065	20	7	of	of	ADP
ajfa-13065	20	8	the	the	DET
ajfa-13065	20	9	relevant	relevant	ADJ
ajfa-13065	20	10	institutional	institutional	ADJ
ajfa-13065	20	11	context	context	NOUN
ajfa-13065	20	12	(	(	PUNCT
ajfa-13065	20	13	bankruptcy	bankruptcy	NOUN
ajfa-13065	20	14	law	law	NOUN
ajfa-13065	20	15	,	,	PUNCT
ajfa-13065	20	16	fiscal	fiscal	ADJ
ajfa-13065	20	17	treatment	treatment	NOUN
ajfa-13065	20	18	,	,	PUNCT
ajfa-13065	20	19	ownership	ownership	NOUN
ajfa-13065	20	20	concentration	concentration	NOUN
ajfa-13065	20	21	,	,	PUNCT
ajfa-13065	20	22	and	and	CCONJ
ajfa-13065	20	23	accounting	accounting	NOUN
ajfa-13065	20	24	standards	standard	NOUN
ajfa-13065	20	25	)	)	PUNCT
ajfa-13065	20	26	is	be	AUX
ajfa-13065	20	27	required	require	VERB
ajfa-13065	20	28	when	when	SCONJ
ajfa-13065	20	29	identifying	identify	VERB
ajfa-13065	20	30	the	the	DET
ajfa-13065	20	31	fundamental	fundamental	ADJ
ajfa-13065	20	32	determinants	determinant	NOUN
ajfa-13065	20	33	of	of	ADP
ajfa-13065	20	34	capital	capital	NOUN
ajfa-13065	20	35	structure	structure	NOUN
ajfa-13065	20	36	(	(	PUNCT
ajfa-13065	20	37	note	note	VERB
ajfa-13065	20	38	that	that	SCONJ
ajfa-13065	20	39	capital	capital	NOUN
ajfa-13065	20	40	structure	structure	NOUN
ajfa-13065	20	41	,	,	PUNCT
ajfa-13065	20	42	leverage	leverage	NOUN
ajfa-13065	20	43	and	and	CCONJ
ajfa-13065	20	44	debt	debt	NOUN
ajfa-13065	20	45	capital	capital	NOUN
ajfa-13065	20	46	or	or	CCONJ
ajfa-13065	20	47	debt	debt	NOUN
ajfa-13065	20	48	financing	financing	NOUN
ajfa-13065	20	49	are	be	AUX
ajfa-13065	20	50	used	use	VERB
ajfa-13065	20	51	interchangeable	interchangeable	ADJ
ajfa-13065	20	52	throughout	throughout	ADP
ajfa-13065	20	53	the	the	DET
ajfa-13065	20	54	paper	paper	NOUN
ajfa-13065	20	55	)	)	PUNCT
ajfa-13065	20	56	.	.	PUNCT
ajfa-13065	21	1	recently	recently	ADV
ajfa-13065	21	2	,	,	PUNCT
ajfa-13065	21	3	there	there	PRON
ajfa-13065	21	4	has	have	AUX
ajfa-13065	21	5	been	be	AUX
ajfa-13065	21	6	a	a	DET
ajfa-13065	21	7	growing	grow	VERB
ajfa-13065	21	8	body	body	NOUN
ajfa-13065	21	9	of	of	ADP
ajfa-13065	21	10	literature	literature	NOUN
ajfa-13065	21	11	on	on	ADP
ajfa-13065	21	12	capital	capital	NOUN
ajfa-13065	21	13	structure	structure	NOUN
ajfa-13065	21	14	decisions	decision	NOUN
ajfa-13065	21	15	from	from	ADP
ajfa-13065	21	16	developing	develop	VERB
ajfa-13065	21	17	countries	country	NOUN
ajfa-13065	21	18	,	,	PUNCT
ajfa-13065	21	19	for	for	ADP
ajfa-13065	21	20	example	example	NOUN
ajfa-13065	21	21	wiwattanakantang	wiwattanakantang	PROPN
ajfa-13065	21	22	(	(	PUNCT
ajfa-13065	21	23	1999	1999	NUM
ajfa-13065	21	24	)	)	PUNCT
ajfa-13065	21	25	,	,	PUNCT
ajfa-13065	21	26	booth	booth	NOUN
ajfa-13065	21	27	et	et	PROPN
ajfa-13065	21	28	al	al	PROPN
ajfa-13065	21	29	.	.	PROPN
ajfa-13065	22	1	(	(	PUNCT
ajfa-13065	22	2	2001	2001	NUM
ajfa-13065	22	3	)	)	PUNCT
ajfa-13065	22	4	,	,	PUNCT
ajfa-13065	22	5	deesomsak	deesomsak	INTJ
ajfa-13065	22	6	et	et	PROPN
ajfa-13065	22	7	al	al	PROPN
ajfa-13065	22	8	.	.	PROPN
ajfa-13065	22	9	(	(	PUNCT
ajfa-13065	22	10	2004	2004	NUM
ajfa-13065	22	11	)	)	PUNCT
ajfa-13065	22	12	,	,	PUNCT
ajfa-13065	22	13	kim	kim	PROPN
ajfa-13065	22	14	et	et	PROPN
ajfa-13065	22	15	al	al	PROPN
ajfa-13065	22	16	.	.	PROPN
ajfa-13065	22	17	(	(	PUNCT
ajfa-13065	22	18	2006	2006	NUM
ajfa-13065	22	19	)	)	PUNCT
ajfa-13065	22	20	,	,	PUNCT
ajfa-13065	22	21	and	and	CCONJ
ajfa-13065	22	22	črnigoj	črnigoj	NOUN
ajfa-13065	22	23	and	and	CCONJ
ajfa-13065	22	24	mramor	mramor	NOUN
ajfa-13065	22	25	(	(	PUNCT
ajfa-13065	22	26	2009	2009	NUM
ajfa-13065	22	27	)	)	PUNCT
ajfa-13065	22	28	.	.	PUNCT
ajfa-13065	23	1	in	in	ADP
ajfa-13065	23	2	the	the	DET
ajfa-13065	23	3	context	context	NOUN
ajfa-13065	23	4	of	of	ADP
ajfa-13065	23	5	china	china	PROPN
ajfa-13065	23	6	,	,	PUNCT
ajfa-13065	23	7	a	a	DET
ajfa-13065	23	8	handful	handful	NOUN
ajfa-13065	23	9	of	of	ADP
ajfa-13065	23	10	empirical	empirical	ADJ
ajfa-13065	23	11	studies	study	NOUN
ajfa-13065	23	12	examine	examine	VERB
ajfa-13065	23	13	capital	capital	NOUN
ajfa-13065	23	14	structure	structure	NOUN
ajfa-13065	23	15	decisions	decision	NOUN
ajfa-13065	23	16	(	(	PUNCT
ajfa-13065	23	17	for	for	ADP
ajfa-13065	23	18	example	example	NOUN
ajfa-13065	23	19	,	,	PUNCT
ajfa-13065	23	20	chen	chen	PROPN
ajfa-13065	23	21	,	,	PUNCT
ajfa-13065	23	22	2004	2004	NUM
ajfa-13065	23	23	;	;	PUNCT
ajfa-13065	23	24	huang	huang	PROPN
ajfa-13065	23	25	and	and	CCONJ
ajfa-13065	23	26	song	song	NOUN
ajfa-13065	23	27	,	,	PUNCT
ajfa-13065	23	28	2006	2006	NUM
ajfa-13065	23	29	;	;	PUNCT
ajfa-13065	23	30	zou	zou	PROPN
ajfa-13065	23	31	and	and	CCONJ
ajfa-13065	23	32	xiao	xiao	PROPN
ajfa-13065	23	33	,	,	PUNCT
ajfa-13065	23	34	2006	2006	NUM
ajfa-13065	23	35	;	;	PUNCT
ajfa-13065	23	36	qian	qian	PROPN
ajfa-13065	23	37	et	et	PROPN
ajfa-13065	23	38	al	al	PROPN
ajfa-13065	23	39	.	.	PROPN
ajfa-13065	23	40	,	,	PUNCT
ajfa-13065	23	41	2009	2009	NUM
ajfa-13065	23	42	;	;	PUNCT
ajfa-13065	23	43	moosa	moosa	PROPN
ajfa-13065	23	44	et	et	PROPN
ajfa-13065	23	45	al	al	PROPN
ajfa-13065	23	46	.	.	PROPN
ajfa-13065	23	47	,	,	PUNCT
ajfa-13065	23	48	2011	2011	NUM
ajfa-13065	23	49	)	)	PUNCT
ajfa-13065	23	50	.	.	PUNCT
ajfa-13065	24	1	a	a	DET
ajfa-13065	24	2	common	common	ADJ
ajfa-13065	24	3	feature	feature	NOUN
ajfa-13065	24	4	of	of	ADP
ajfa-13065	24	5	all	all	DET
ajfa-13065	24	6	these	these	DET
ajfa-13065	24	7	studies	study	NOUN
ajfa-13065	24	8	based	base	VERB
ajfa-13065	24	9	on	on	ADP
ajfa-13065	24	10	chinese	chinese	ADJ
ajfa-13065	24	11	listed	list	VERB
ajfa-13065	24	12	companies	company	NOUN
ajfa-13065	24	13	is	be	AUX
ajfa-13065	24	14	that	that	SCONJ
ajfa-13065	24	15	they	they	PRON
ajfa-13065	24	16	use	use	VERB
ajfa-13065	24	17	data	datum	NOUN
ajfa-13065	24	18	before	before	ADP
ajfa-13065	24	19	2005	2005	NUM
ajfa-13065	24	20	.	.	PUNCT
ajfa-13065	25	1	therefore	therefore	ADV
ajfa-13065	25	2	,	,	PUNCT
ajfa-13065	25	3	these	these	DET
ajfa-13065	25	4	studies	study	NOUN
ajfa-13065	25	5	do	do	AUX
ajfa-13065	25	6	not	not	PART
ajfa-13065	25	7	consider	consider	VERB
ajfa-13065	25	8	changes	change	NOUN
ajfa-13065	25	9	occurred	occur	VERB
ajfa-13065	25	10	after	after	ADP
ajfa-13065	25	11	the	the	DET
ajfa-13065	25	12	major	major	ADJ
ajfa-13065	25	13	split	split	ADJ
ajfa-13065	25	14	-	-	PUNCT
ajfa-13065	25	15	share	share	NOUN
ajfa-13065	25	16	reform	reform	NOUN
ajfa-13065	25	17	initiated	initiate	VERB
ajfa-13065	25	18	by	by	ADP
ajfa-13065	25	19	chinese	chinese	ADJ
ajfa-13065	25	20	securities	securities	PROPN
ajfa-13065	25	21	regulatory	regulatory	PROPN
ajfa-13065	25	22	committee	committee	PROPN
ajfa-13065	25	23	(	(	PUNCT
ajfa-13065	25	24	csrc	csrc	PROPN
ajfa-13065	25	25	hereafter	hereafter	ADV
ajfa-13065	25	26	)	)	PUNCT
ajfa-13065	25	27	and	and	CCONJ
ajfa-13065	25	28	chinese	chinese	ADJ
ajfa-13065	25	29	government	government	NOUN
ajfa-13065	25	30	in	in	ADP
ajfa-13065	25	31	2005	2005	NUM
ajfa-13065	25	32	.	.	PUNCT
ajfa-13065	26	1	the	the	DET
ajfa-13065	26	2	aim	aim	NOUN
ajfa-13065	26	3	of	of	ADP
ajfa-13065	26	4	the	the	DET
ajfa-13065	26	5	2005	2005	NUM
ajfa-13065	26	6	split	split	ADJ
ajfa-13065	26	7	-	-	PUNCT
ajfa-13065	26	8	share	share	NOUN
ajfa-13065	26	9	structure	structure	NOUN
ajfa-13065	26	10	reform	reform	NOUN
ajfa-13065	26	11	is	be	AUX
ajfa-13065	26	12	to	to	PART
ajfa-13065	26	13	convert	convert	VERB
ajfa-13065	26	14	non	non	ADJ
ajfa-13065	26	15	-	-	ADJ
ajfa-13065	26	16	tradable	tradable	ADJ
ajfa-13065	26	17	shares	share	NOUN
ajfa-13065	26	18	into	into	ADP
ajfa-13065	26	19	tradable	tradable	ADJ
ajfa-13065	26	20	shares	share	NOUN
ajfa-13065	26	21	in	in	ADP
ajfa-13065	26	22	order	order	NOUN
ajfa-13065	26	23	to	to	PART
ajfa-13065	26	24	facilitate	facilitate	VERB
ajfa-13065	26	25	the	the	DET
ajfa-13065	26	26	liquidity	liquidity	NOUN
ajfa-13065	26	27	in	in	ADP
ajfa-13065	26	28	the	the	DET
ajfa-13065	26	29	secondary	secondary	ADJ
ajfa-13065	26	30	market	market	NOUN
ajfa-13065	26	31	.	.	PUNCT
ajfa-13065	27	1	before	before	ADP
ajfa-13065	27	2	implementing	implement	VERB
ajfa-13065	27	3	the	the	DET
ajfa-13065	27	4	reform	reform	NOUN
ajfa-13065	27	5	,	,	PUNCT
ajfa-13065	27	6	the	the	DET
ajfa-13065	27	7	non	non	ADJ
ajfa-13065	27	8	-	-	ADJ
ajfa-13065	27	9	tradable	tradable	ADJ
ajfa-13065	27	10	shareholders	shareholder	NOUN
ajfa-13065	27	11	of	of	ADP
ajfa-13065	27	12	a	a	DET
ajfa-13065	27	13	firm	firm	NOUN
ajfa-13065	27	14	have	have	VERB
ajfa-13065	27	15	to	to	PART
ajfa-13065	27	16	negotiate	negotiate	VERB
ajfa-13065	27	17	with	with	ADP
ajfa-13065	27	18	tradable	tradable	ADJ
ajfa-13065	27	19	shareholders	shareholder	NOUN
ajfa-13065	27	20	to	to	PART
ajfa-13065	27	21	ensure	ensure	VERB
ajfa-13065	27	22	that	that	SCONJ
ajfa-13065	27	23	they	they	PRON
ajfa-13065	27	24	get	get	VERB
ajfa-13065	27	25	a	a	DET
ajfa-13065	27	26	suitable	suitable	ADJ
ajfa-13065	27	27	compensation	compensation	NOUN
ajfa-13065	27	28	package	package	NOUN
ajfa-13065	27	29	before	before	SCONJ
ajfa-13065	27	30	trading	trading	NOUN
ajfa-13065	27	31	occurs	occur	VERB
ajfa-13065	27	32	.	.	PUNCT
ajfa-13065	28	1	(	(	PUNCT
ajfa-13065	28	2	note	note	NOUN
ajfa-13065	28	3	2	2	NUM
ajfa-13065	28	4	)	)	PUNCT
ajfa-13065	28	5	this	this	DET
ajfa-13065	28	6	study	study	NOUN
ajfa-13065	28	7	,	,	PUNCT
ajfa-13065	28	8	therefore	therefore	ADV
ajfa-13065	28	9	,	,	PUNCT
ajfa-13065	28	10	provides	provide	VERB
ajfa-13065	28	11	first	first	ADJ
ajfa-13065	28	12	empirical	empirical	ADJ
ajfa-13065	28	13	evidence	evidence	NOUN
ajfa-13065	28	14	using	use	VERB
ajfa-13065	28	15	a	a	DET
ajfa-13065	28	16	longer	long	ADJ
ajfa-13065	28	17	period	period	NOUN
ajfa-13065	28	18	of	of	ADP
ajfa-13065	28	19	latest	late	ADJ
ajfa-13065	28	20	chinese	chinese	ADJ
ajfa-13065	28	21	listed	list	VERB
ajfa-13065	28	22	company	company	NOUN
ajfa-13065	28	23	data	datum	NOUN
ajfa-13065	28	24	on	on	ADP
ajfa-13065	28	25	the	the	DET
ajfa-13065	28	26	effects	effect	NOUN
ajfa-13065	28	27	of	of	ADP
ajfa-13065	28	28	ownership	ownership	NOUN
ajfa-13065	28	29	reform	reform	NOUN
ajfa-13065	28	30	on	on	ADP
ajfa-13065	28	31	the	the	DET
ajfa-13065	28	32	corporate	corporate	ADJ
ajfa-13065	28	33	financing	financing	NOUN
ajfa-13065	28	34	decisions	decision	NOUN
ajfa-13065	28	35	.	.	PUNCT
ajfa-13065	29	1	asian	asian	ADJ
ajfa-13065	29	2	journal	journal	PROPN
ajfa-13065	29	3	of	of	ADP
ajfa-13065	29	4	finance	finance	PROPN
ajfa-13065	29	5	&	&	CCONJ
ajfa-13065	29	6	accounting	accounting	PROPN
ajfa-13065	29	7	issn	issn	PROPN
ajfa-13065	29	8	1946	1946	NUM
ajfa-13065	29	9	-	-	PUNCT
ajfa-13065	29	10	052x	052x	NOUN
ajfa-13065	29	11	2018	2018	NUM
ajfa-13065	29	12	,	,	PUNCT
ajfa-13065	29	13	vol	vol	NOUN
ajfa-13065	29	14	.	.	PROPN
ajfa-13065	29	15	10	10	NUM
ajfa-13065	29	16	,	,	PUNCT
ajfa-13065	29	17	no	no	INTJ
ajfa-13065	29	18	.	.	NOUN
ajfa-13065	29	19	2	2	NUM
ajfa-13065	29	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	29	21	65	65	NUM
ajfa-13065	29	22	the	the	DET
ajfa-13065	29	23	reminder	reminder	NOUN
ajfa-13065	29	24	of	of	ADP
ajfa-13065	29	25	the	the	DET
ajfa-13065	29	26	paper	paper	NOUN
ajfa-13065	29	27	is	be	AUX
ajfa-13065	29	28	organized	organize	VERB
ajfa-13065	29	29	as	as	SCONJ
ajfa-13065	29	30	follows	follow	VERB
ajfa-13065	29	31	.	.	PUNCT
ajfa-13065	30	1	section	section	NOUN
ajfa-13065	30	2	2	2	NUM
ajfa-13065	30	3	reviews	review	VERB
ajfa-13065	30	4	the	the	DET
ajfa-13065	30	5	theories	theory	NOUN
ajfa-13065	30	6	and	and	CCONJ
ajfa-13065	30	7	prior	prior	ADJ
ajfa-13065	30	8	studies	study	NOUN
ajfa-13065	30	9	related	relate	VERB
ajfa-13065	30	10	to	to	ADP
ajfa-13065	30	11	capital	capital	NOUN
ajfa-13065	30	12	structure	structure	NOUN
ajfa-13065	30	13	decisions	decision	NOUN
ajfa-13065	30	14	and	and	CCONJ
ajfa-13065	30	15	develops	develop	VERB
ajfa-13065	30	16	testable	testable	ADJ
ajfa-13065	30	17	hypotheses	hypothesis	NOUN
ajfa-13065	30	18	.	.	PUNCT
ajfa-13065	31	1	section	section	NOUN
ajfa-13065	31	2	3	3	NUM
ajfa-13065	31	3	presents	present	VERB
ajfa-13065	31	4	regression	regression	NOUN
ajfa-13065	31	5	model	model	NOUN
ajfa-13065	31	6	and	and	CCONJ
ajfa-13065	31	7	discusses	discuss	VERB
ajfa-13065	31	8	our	our	PRON
ajfa-13065	31	9	estimation	estimation	NOUN
ajfa-13065	31	10	methodologies	methodology	NOUN
ajfa-13065	31	11	.	.	PUNCT
ajfa-13065	32	1	section	section	NOUN
ajfa-13065	32	2	4	4	NUM
ajfa-13065	32	3	describes	describe	VERB
ajfa-13065	32	4	data	datum	NOUN
ajfa-13065	32	5	and	and	CCONJ
ajfa-13065	32	6	presents	present	VERB
ajfa-13065	32	7	descriptive	descriptive	ADJ
ajfa-13065	32	8	statistics	statistic	NOUN
ajfa-13065	32	9	.	.	PUNCT
ajfa-13065	33	1	in	in	ADP
ajfa-13065	33	2	section	section	NOUN
ajfa-13065	33	3	5	5	NUM
ajfa-13065	33	4	,	,	PUNCT
ajfa-13065	33	5	we	we	PRON
ajfa-13065	33	6	discuss	discuss	VERB
ajfa-13065	33	7	our	our	PRON
ajfa-13065	33	8	empirical	empirical	ADJ
ajfa-13065	33	9	results	result	NOUN
ajfa-13065	33	10	,	,	PUNCT
ajfa-13065	33	11	before	before	ADP
ajfa-13065	33	12	concluding	conclude	VERB
ajfa-13065	33	13	in	in	ADP
ajfa-13065	33	14	section	section	NOUN
ajfa-13065	33	15	6	6	NUM
ajfa-13065	33	16	.	.	NOUN
ajfa-13065	33	17	2	2	NUM
ajfa-13065	33	18	.	.	X
ajfa-13065	33	19	review	review	NOUN
ajfa-13065	33	20	of	of	ADP
ajfa-13065	33	21	the	the	DET
ajfa-13065	33	22	literature	literature	NOUN
ajfa-13065	33	23	and	and	CCONJ
ajfa-13065	33	24	hypothesis	hypothesis	NOUN
ajfa-13065	33	25	development	development	NOUN
ajfa-13065	33	26	this	this	DET
ajfa-13065	33	27	section	section	NOUN
ajfa-13065	33	28	presents	present	VERB
ajfa-13065	33	29	the	the	DET
ajfa-13065	33	30	main	main	ADJ
ajfa-13065	33	31	capital	capital	NOUN
ajfa-13065	33	32	structure	structure	NOUN
ajfa-13065	33	33	theories	theory	NOUN
ajfa-13065	33	34	:	:	PUNCT
ajfa-13065	33	35	the	the	DET
ajfa-13065	33	36	static	static	ADJ
ajfa-13065	33	37	trade	trade	NOUN
ajfa-13065	33	38	-	-	PUNCT
ajfa-13065	33	39	off	off	ADP
ajfa-13065	33	40	theory	theory	NOUN
ajfa-13065	33	41	,	,	PUNCT
ajfa-13065	33	42	the	the	DET
ajfa-13065	33	43	pecking	pecking	NOUN
ajfa-13065	33	44	order	order	NOUN
ajfa-13065	33	45	theory	theory	NOUN
ajfa-13065	33	46	and	and	CCONJ
ajfa-13065	33	47	the	the	DET
ajfa-13065	33	48	agency	agency	NOUN
ajfa-13065	33	49	theory	theory	NOUN
ajfa-13065	33	50	.	.	PUNCT
ajfa-13065	34	1	the	the	DET
ajfa-13065	34	2	aim	aim	NOUN
ajfa-13065	34	3	of	of	ADP
ajfa-13065	34	4	reviewing	review	VERB
ajfa-13065	34	5	the	the	DET
ajfa-13065	34	6	capital	capital	NOUN
ajfa-13065	34	7	structure	structure	NOUN
ajfa-13065	34	8	theories	theory	NOUN
ajfa-13065	34	9	is	be	AUX
ajfa-13065	34	10	to	to	PART
ajfa-13065	34	11	develop	develop	VERB
ajfa-13065	34	12	a	a	DET
ajfa-13065	34	13	theoretical	theoretical	ADJ
ajfa-13065	34	14	framework	framework	NOUN
ajfa-13065	34	15	for	for	ADP
ajfa-13065	34	16	predicting	predict	VERB
ajfa-13065	34	17	the	the	DET
ajfa-13065	34	18	effects	effect	NOUN
ajfa-13065	34	19	of	of	ADP
ajfa-13065	34	20	the	the	DET
ajfa-13065	34	21	determinants	determinant	NOUN
ajfa-13065	34	22	of	of	ADP
ajfa-13065	34	23	capital	capital	NOUN
ajfa-13065	34	24	structure	structure	NOUN
ajfa-13065	34	25	.	.	PUNCT
ajfa-13065	35	1	in	in	ADP
ajfa-13065	35	2	addition	addition	NOUN
ajfa-13065	35	3	,	,	PUNCT
ajfa-13065	35	4	we	we	PRON
ajfa-13065	35	5	review	review	VERB
ajfa-13065	35	6	prior	prior	ADJ
ajfa-13065	35	7	evidence	evidence	NOUN
ajfa-13065	35	8	and	and	CCONJ
ajfa-13065	35	9	develop	develop	VERB
ajfa-13065	35	10	hypotheses	hypothesis	NOUN
ajfa-13065	35	11	.	.	PUNCT
ajfa-13065	36	1	2.1	2.1	NUM
ajfa-13065	36	2	relevant	relevant	ADJ
ajfa-13065	36	3	capital	capital	NOUN
ajfa-13065	36	4	structure	structure	NOUN
ajfa-13065	36	5	theories	theory	NOUN
ajfa-13065	36	6	for	for	ADP
ajfa-13065	36	7	a	a	DET
ajfa-13065	36	8	long	long	ADJ
ajfa-13065	36	9	time	time	NOUN
ajfa-13065	36	10	,	,	PUNCT
ajfa-13065	36	11	the	the	DET
ajfa-13065	36	12	issue	issue	NOUN
ajfa-13065	36	13	of	of	ADP
ajfa-13065	36	14	capital	capital	NOUN
ajfa-13065	36	15	structure	structure	NOUN
ajfa-13065	36	16	choices	choice	NOUN
ajfa-13065	36	17	and	and	CCONJ
ajfa-13065	36	18	the	the	DET
ajfa-13065	36	19	resulting	result	VERB
ajfa-13065	36	20	effect	effect	NOUN
ajfa-13065	36	21	on	on	ADP
ajfa-13065	36	22	the	the	DET
ajfa-13065	36	23	value	value	NOUN
ajfa-13065	36	24	of	of	ADP
ajfa-13065	36	25	the	the	DET
ajfa-13065	36	26	firm	firm	NOUN
ajfa-13065	36	27	has	have	AUX
ajfa-13065	36	28	been	be	AUX
ajfa-13065	36	29	a	a	DET
ajfa-13065	36	30	controversial	controversial	ADJ
ajfa-13065	36	31	and	and	CCONJ
ajfa-13065	36	32	much	much	ADV
ajfa-13065	36	33	disputed	dispute	VERB
ajfa-13065	36	34	area	area	NOUN
ajfa-13065	36	35	.	.	PUNCT
ajfa-13065	37	1	the	the	DET
ajfa-13065	37	2	main	main	ADJ
ajfa-13065	37	3	issue	issue	NOUN
ajfa-13065	37	4	of	of	ADP
ajfa-13065	37	5	debate	debate	NOUN
ajfa-13065	37	6	revolve	revolve	NOUN
ajfa-13065	37	7	primarily	primarily	ADV
ajfa-13065	37	8	around	around	ADP
ajfa-13065	37	9	the	the	DET
ajfa-13065	37	10	optimal	optimal	ADJ
ajfa-13065	37	11	capital	capital	NOUN
ajfa-13065	37	12	structure	structure	NOUN
ajfa-13065	37	13	that	that	PRON
ajfa-13065	37	14	maximizes	maximize	VERB
ajfa-13065	37	15	the	the	DET
ajfa-13065	37	16	value	value	NOUN
ajfa-13065	37	17	of	of	ADP
ajfa-13065	37	18	the	the	DET
ajfa-13065	37	19	firm	firm	NOUN
ajfa-13065	37	20	(	(	PUNCT
ajfa-13065	37	21	modigliani	modigliani	PROPN
ajfa-13065	37	22	and	and	CCONJ
ajfa-13065	37	23	miller	miller	PROPN
ajfa-13065	37	24	,	,	PUNCT
ajfa-13065	37	25	1958	1958	NUM
ajfa-13065	37	26	and	and	CCONJ
ajfa-13065	37	27	1963	1963	NUM
ajfa-13065	37	28	;	;	PUNCT
ajfa-13065	37	29	miller	miller	PROPN
ajfa-13065	37	30	,	,	PUNCT
ajfa-13065	37	31	1977	1977	NUM
ajfa-13065	37	32	)	)	PUNCT
ajfa-13065	37	33	.	.	PUNCT
ajfa-13065	38	1	capital	capital	NOUN
ajfa-13065	38	2	structure	structure	NOUN
ajfa-13065	38	3	means	mean	VERB
ajfa-13065	38	4	the	the	DET
ajfa-13065	38	5	mix	mix	NOUN
ajfa-13065	38	6	of	of	ADP
ajfa-13065	38	7	different	different	ADJ
ajfa-13065	38	8	sources	source	NOUN
ajfa-13065	38	9	of	of	ADP
ajfa-13065	38	10	financing	financing	NOUN
ajfa-13065	38	11	such	such	ADJ
ajfa-13065	38	12	as	as	ADP
ajfa-13065	38	13	equity	equity	NOUN
ajfa-13065	38	14	and	and	CCONJ
ajfa-13065	38	15	debt	debt	NOUN
ajfa-13065	38	16	(	(	PUNCT
ajfa-13065	38	17	pandy	pandy	NOUN
ajfa-13065	38	18	,	,	PUNCT
ajfa-13065	38	19	2008	2008	NUM
ajfa-13065	38	20	)	)	PUNCT
ajfa-13065	38	21	.	.	PUNCT
ajfa-13065	39	1	in	in	ADP
ajfa-13065	39	2	fact	fact	NOUN
ajfa-13065	39	3	,	,	PUNCT
ajfa-13065	39	4	the	the	DET
ajfa-13065	39	5	debate	debate	NOUN
ajfa-13065	39	6	on	on	ADP
ajfa-13065	39	7	the	the	DET
ajfa-13065	39	8	modern	modern	ADJ
ajfa-13065	39	9	theory	theory	NOUN
ajfa-13065	39	10	of	of	ADP
ajfa-13065	39	11	capital	capital	NOUN
ajfa-13065	39	12	structure	structure	NOUN
ajfa-13065	39	13	began	begin	VERB
ajfa-13065	39	14	with	with	ADP
ajfa-13065	39	15	the	the	DET
ajfa-13065	39	16	seminal	seminal	ADJ
ajfa-13065	39	17	paper	paper	NOUN
ajfa-13065	39	18	of	of	ADP
ajfa-13065	39	19	modigliani	modigliani	PROPN
ajfa-13065	39	20	and	and	CCONJ
ajfa-13065	39	21	miller	miller	PROPN
ajfa-13065	39	22	(	(	PUNCT
ajfa-13065	39	23	1958	1958	NUM
ajfa-13065	39	24	)	)	PUNCT
ajfa-13065	39	25	which	which	PRON
ajfa-13065	39	26	shows	show	VERB
ajfa-13065	39	27	that	that	PRON
ajfa-13065	39	28	subject	subject	NOUN
ajfa-13065	39	29	to	to	ADP
ajfa-13065	39	30	some	some	DET
ajfa-13065	39	31	conditions	condition	NOUN
ajfa-13065	39	32	,	,	PUNCT
ajfa-13065	39	33	the	the	DET
ajfa-13065	39	34	impact	impact	NOUN
ajfa-13065	39	35	of	of	ADP
ajfa-13065	39	36	debt	debt	NOUN
ajfa-13065	39	37	financing	financing	NOUN
ajfa-13065	39	38	on	on	ADP
ajfa-13065	39	39	the	the	DET
ajfa-13065	39	40	value	value	NOUN
ajfa-13065	39	41	of	of	ADP
ajfa-13065	39	42	the	the	DET
ajfa-13065	39	43	firm	firm	NOUN
ajfa-13065	39	44	is	be	AUX
ajfa-13065	39	45	irrelevant	irrelevant	ADJ
ajfa-13065	39	46	.	.	PUNCT
ajfa-13065	40	1	they	they	PRON
ajfa-13065	40	2	contend	contend	VERB
ajfa-13065	40	3	in	in	ADP
ajfa-13065	40	4	their	their	PRON
ajfa-13065	40	5	first	first	ADJ
ajfa-13065	40	6	proposition	proposition	NOUN
ajfa-13065	40	7	that	that	SCONJ
ajfa-13065	40	8	the	the	DET
ajfa-13065	40	9	market	market	NOUN
ajfa-13065	40	10	value	value	NOUN
ajfa-13065	40	11	of	of	ADP
ajfa-13065	40	12	any	any	DET
ajfa-13065	40	13	firm	firm	NOUN
ajfa-13065	40	14	is	be	AUX
ajfa-13065	40	15	independent	independent	ADJ
ajfa-13065	40	16	to	to	ADP
ajfa-13065	40	17	its	its	PRON
ajfa-13065	40	18	capital	capital	NOUN
ajfa-13065	40	19	structure	structure	NOUN
ajfa-13065	40	20	,	,	PUNCT
ajfa-13065	40	21	and	and	CCONJ
ajfa-13065	40	22	is	be	AUX
ajfa-13065	40	23	given	give	VERB
ajfa-13065	40	24	by	by	ADP
ajfa-13065	40	25	capitalizing	capitalize	VERB
ajfa-13065	40	26	its	its	PRON
ajfa-13065	40	27	expected	expect	VERB
ajfa-13065	40	28	return	return	NOUN
ajfa-13065	40	29	at	at	ADP
ajfa-13065	40	30	the	the	DET
ajfa-13065	40	31	rate	rate	NOUN
ajfa-13065	40	32	appropriate	appropriate	ADJ
ajfa-13065	40	33	to	to	ADP
ajfa-13065	40	34	the	the	DET
ajfa-13065	40	35	risk	risk	NOUN
ajfa-13065	40	36	class	class	NOUN
ajfa-13065	40	37	(	(	PUNCT
ajfa-13065	40	38	i.e.	i.e.	X
ajfa-13065	40	39	the	the	DET
ajfa-13065	40	40	levels	level	NOUN
ajfa-13065	40	41	of	of	ADP
ajfa-13065	40	42	risk	risk	NOUN
ajfa-13065	40	43	of	of	ADP
ajfa-13065	40	44	the	the	DET
ajfa-13065	40	45	firm	firm	NOUN
ajfa-13065	40	46	)	)	PUNCT
ajfa-13065	40	47	(	(	PUNCT
ajfa-13065	40	48	modigliani	modigliani	PROPN
ajfa-13065	40	49	and	and	CCONJ
ajfa-13065	40	50	miller	miller	PROPN
ajfa-13065	40	51	1958	1958	NUM
ajfa-13065	40	52	)	)	PUNCT
ajfa-13065	40	53	.	.	PUNCT
ajfa-13065	41	1	this	this	DET
ajfa-13065	41	2	first	first	ADJ
ajfa-13065	41	3	proposition	proposition	NOUN
ajfa-13065	41	4	has	have	AUX
ajfa-13065	41	5	been	be	AUX
ajfa-13065	41	6	criticized	criticize	VERB
ajfa-13065	41	7	and	and	CCONJ
ajfa-13065	41	8	the	the	DET
ajfa-13065	41	9	main	main	ADJ
ajfa-13065	41	10	argument	argument	NOUN
ajfa-13065	41	11	is	be	AUX
ajfa-13065	41	12	that	that	SCONJ
ajfa-13065	41	13	it	it	PRON
ajfa-13065	41	14	is	be	AUX
ajfa-13065	41	15	theoretically	theoretically	ADV
ajfa-13065	41	16	very	very	ADV
ajfa-13065	41	17	sound	sound	ADJ
ajfa-13065	41	18	but	but	CCONJ
ajfa-13065	41	19	is	be	AUX
ajfa-13065	41	20	based	base	VERB
ajfa-13065	41	21	on	on	ADP
ajfa-13065	41	22	the	the	DET
ajfa-13065	41	23	assumptions	assumption	NOUN
ajfa-13065	41	24	of	of	ADP
ajfa-13065	41	25	perfect	perfect	ADJ
ajfa-13065	41	26	capital	capital	NOUN
ajfa-13065	41	27	market	market	NOUN
ajfa-13065	41	28	,	,	PUNCT
ajfa-13065	41	29	no	no	DET
ajfa-13065	41	30	taxes	taxis	NOUN
ajfa-13065	41	31	(	(	PUNCT
ajfa-13065	41	32	personal	personal	ADJ
ajfa-13065	41	33	or	or	CCONJ
ajfa-13065	41	34	corporate	corporate	ADJ
ajfa-13065	41	35	)	)	PUNCT
ajfa-13065	41	36	,	,	PUNCT
ajfa-13065	41	37	no	no	DET
ajfa-13065	41	38	distress	distress	NOUN
ajfa-13065	41	39	costs	cost	VERB
ajfa-13065	41	40	and	and	CCONJ
ajfa-13065	41	41	equal	equal	ADJ
ajfa-13065	41	42	access	access	NOUN
ajfa-13065	41	43	to	to	ADP
ajfa-13065	41	44	information	information	NOUN
ajfa-13065	41	45	which	which	PRON
ajfa-13065	41	46	are	be	AUX
ajfa-13065	41	47	not	not	PART
ajfa-13065	41	48	valid	valid	ADJ
ajfa-13065	41	49	in	in	ADP
ajfa-13065	41	50	reality	reality	NOUN
ajfa-13065	41	51	.	.	PUNCT
ajfa-13065	42	1	following	follow	VERB
ajfa-13065	42	2	the	the	DET
ajfa-13065	42	3	work	work	NOUN
ajfa-13065	42	4	of	of	ADP
ajfa-13065	42	5	modigliani	modigliani	PROPN
ajfa-13065	42	6	and	and	CCONJ
ajfa-13065	42	7	miller	miller	PROPN
ajfa-13065	42	8	(	(	PUNCT
ajfa-13065	42	9	1958	1958	NUM
ajfa-13065	42	10	)	)	PUNCT
ajfa-13065	42	11	,	,	PUNCT
ajfa-13065	42	12	the	the	DET
ajfa-13065	42	13	literature	literature	NOUN
ajfa-13065	42	14	on	on	ADP
ajfa-13065	42	15	capital	capital	NOUN
ajfa-13065	42	16	structure	structure	NOUN
ajfa-13065	42	17	has	have	AUX
ajfa-13065	42	18	been	be	AUX
ajfa-13065	42	19	expanded	expand	VERB
ajfa-13065	42	20	through	through	ADP
ajfa-13065	42	21	many	many	ADJ
ajfa-13065	42	22	theoretical	theoretical	ADJ
ajfa-13065	42	23	and	and	CCONJ
ajfa-13065	42	24	empirical	empirical	ADJ
ajfa-13065	42	25	contributions	contribution	NOUN
ajfa-13065	42	26	.	.	PUNCT
ajfa-13065	43	1	scholars	scholar	NOUN
ajfa-13065	43	2	have	have	AUX
ajfa-13065	43	3	placed	place	VERB
ajfa-13065	43	4	much	much	ADJ
ajfa-13065	43	5	emphasis	emphasis	NOUN
ajfa-13065	43	6	on	on	ADP
ajfa-13065	43	7	releasing	release	VERB
ajfa-13065	43	8	the	the	DET
ajfa-13065	43	9	assumptions	assumption	NOUN
ajfa-13065	43	10	made	make	VERB
ajfa-13065	43	11	by	by	ADP
ajfa-13065	43	12	modigliani	modigliani	PROPN
ajfa-13065	43	13	and	and	CCONJ
ajfa-13065	43	14	miller	miller	PROPN
ajfa-13065	43	15	(	(	PUNCT
ajfa-13065	43	16	1958	1958	NUM
ajfa-13065	43	17	)	)	PUNCT
ajfa-13065	43	18	,	,	PUNCT
ajfa-13065	43	19	in	in	ADP
ajfa-13065	43	20	particular	particular	ADJ
ajfa-13065	43	21	by	by	ADP
ajfa-13065	43	22	taking	take	VERB
ajfa-13065	43	23	into	into	ADP
ajfa-13065	43	24	account	account	NOUN
ajfa-13065	43	25	corporate	corporate	ADJ
ajfa-13065	43	26	taxes	taxis	NOUN
ajfa-13065	43	27	(	(	PUNCT
ajfa-13065	43	28	modigliani	modigliani	NOUN
ajfa-13065	43	29	and	and	CCONJ
ajfa-13065	43	30	miller	miller	PROPN
ajfa-13065	43	31	,	,	PUNCT
ajfa-13065	43	32	1963	1963	NUM
ajfa-13065	43	33	)	)	PUNCT
ajfa-13065	43	34	,	,	PUNCT
ajfa-13065	43	35	bankruptcy	bankruptcy	NOUN
ajfa-13065	43	36	costs	cost	NOUN
ajfa-13065	43	37	(	(	PUNCT
ajfa-13065	43	38	stiglitz,1972	stiglitz,1972	PROPN
ajfa-13065	43	39	;	;	PUNCT
ajfa-13065	43	40	titman,1984	titman,1984	PROPN
ajfa-13065	43	41	)	)	PUNCT
ajfa-13065	43	42	,	,	PUNCT
ajfa-13065	43	43	agency	agency	NOUN
ajfa-13065	43	44	costs	cost	NOUN
ajfa-13065	43	45	(	(	PUNCT
ajfa-13065	43	46	jensen	jensen	PROPN
ajfa-13065	43	47	and	and	CCONJ
ajfa-13065	43	48	meckling	meckling	NOUN
ajfa-13065	43	49	,	,	PUNCT
ajfa-13065	43	50	1976	1976	NUM
ajfa-13065	43	51	)	)	PUNCT
ajfa-13065	43	52	,	,	PUNCT
ajfa-13065	43	53	information	information	NOUN
ajfa-13065	43	54	asymmetries	asymmetry	NOUN
ajfa-13065	43	55	(	(	PUNCT
ajfa-13065	43	56	myers	myer	NOUN
ajfa-13065	43	57	and	and	CCONJ
ajfa-13065	43	58	majluf	majluf	NOUN
ajfa-13065	43	59	,	,	PUNCT
ajfa-13065	43	60	1984	1984	NUM
ajfa-13065	43	61	;	;	PUNCT
ajfa-13065	43	62	myers	myer	NOUN
ajfa-13065	43	63	,	,	PUNCT
ajfa-13065	43	64	1984	1984	NUM
ajfa-13065	43	65	)	)	PUNCT
ajfa-13065	43	66	,	,	PUNCT
ajfa-13065	43	67	and	and	CCONJ
ajfa-13065	43	68	imperfect	imperfect	ADJ
ajfa-13065	43	69	capital	capital	NOUN
ajfa-13065	43	70	markets	market	NOUN
ajfa-13065	43	71	(	(	PUNCT
ajfa-13065	43	72	baker	baker	PROPN
ajfa-13065	43	73	and	and	CCONJ
ajfa-13065	43	74	jeffrey	jeffrey	PROPN
ajfa-13065	43	75	,	,	PUNCT
ajfa-13065	43	76	2002	2002	NUM
ajfa-13065	43	77	)	)	PUNCT
ajfa-13065	43	78	.	.	PUNCT
ajfa-13065	44	1	the	the	DET
ajfa-13065	44	2	alternative	alternative	ADJ
ajfa-13065	44	3	theories	theory	NOUN
ajfa-13065	44	4	that	that	SCONJ
ajfa-13065	44	5	currently	currently	ADV
ajfa-13065	44	6	dominate	dominate	VERB
ajfa-13065	44	7	the	the	DET
ajfa-13065	44	8	empirical	empirical	ADJ
ajfa-13065	44	9	studies	study	NOUN
ajfa-13065	44	10	include	include	VERB
ajfa-13065	44	11	the	the	DET
ajfa-13065	44	12	trade	trade	NOUN
ajfa-13065	44	13	-	-	PUNCT
ajfa-13065	44	14	off	off	ADP
ajfa-13065	44	15	theory	theory	NOUN
ajfa-13065	44	16	,	,	PUNCT
ajfa-13065	44	17	the	the	DET
ajfa-13065	44	18	pecking	pecking	NOUN
ajfa-13065	44	19	order	order	NOUN
ajfa-13065	44	20	theory	theory	NOUN
ajfa-13065	44	21	and	and	CCONJ
ajfa-13065	44	22	,	,	PUNCT
ajfa-13065	44	23	the	the	DET
ajfa-13065	44	24	agency	agency	NOUN
ajfa-13065	44	25	theory	theory	NOUN
ajfa-13065	44	26	.	.	PUNCT
ajfa-13065	45	1	the	the	DET
ajfa-13065	45	2	trade	trade	NOUN
ajfa-13065	45	3	-	-	PUNCT
ajfa-13065	45	4	off	off	ADP
ajfa-13065	45	5	theory	theory	NOUN
ajfa-13065	45	6	is	be	AUX
ajfa-13065	45	7	a	a	DET
ajfa-13065	45	8	result	result	NOUN
ajfa-13065	45	9	of	of	ADP
ajfa-13065	45	10	releasing	release	VERB
ajfa-13065	45	11	assumptions	assumption	NOUN
ajfa-13065	45	12	of	of	ADP
ajfa-13065	45	13	‘	'	PUNCT
ajfa-13065	45	14	no	no	DET
ajfa-13065	45	15	corporate	corporate	ADJ
ajfa-13065	45	16	taxes	taxis	NOUN
ajfa-13065	45	17	’	'	PUNCT
ajfa-13065	45	18	and	and	CCONJ
ajfa-13065	45	19	‘	'	PUNCT
ajfa-13065	45	20	no	no	DET
ajfa-13065	45	21	financial	financial	ADJ
ajfa-13065	45	22	distress	distress	NOUN
ajfa-13065	45	23	costs	cost	NOUN
ajfa-13065	45	24	’	'	PUNCT
ajfa-13065	45	25	(	(	PUNCT
ajfa-13065	45	26	i.e.	i.e.	X
ajfa-13065	45	27	bankruptcy	bankruptcy	NOUN
ajfa-13065	45	28	costs	cost	NOUN
ajfa-13065	45	29	)	)	PUNCT
ajfa-13065	45	30	.	.	PUNCT
ajfa-13065	46	1	for	for	ADP
ajfa-13065	46	2	example	example	NOUN
ajfa-13065	46	3	,	,	PUNCT
ajfa-13065	46	4	modigliani	modigliani	PROPN
ajfa-13065	46	5	and	and	CCONJ
ajfa-13065	46	6	miller	miller	PROPN
ajfa-13065	46	7	(	(	PUNCT
ajfa-13065	46	8	1963	1963	NUM
ajfa-13065	46	9	)	)	PUNCT
ajfa-13065	46	10	relaxed	relax	VERB
ajfa-13065	46	11	their	their	PRON
ajfa-13065	46	12	assumptions	assumption	NOUN
ajfa-13065	46	13	by	by	ADP
ajfa-13065	46	14	incorporating	incorporate	VERB
ajfa-13065	46	15	the	the	DET
ajfa-13065	46	16	effect	effect	NOUN
ajfa-13065	46	17	of	of	ADP
ajfa-13065	46	18	taxes	taxis	NOUN
ajfa-13065	46	19	on	on	ADP
ajfa-13065	46	20	the	the	DET
ajfa-13065	46	21	cost	cost	NOUN
ajfa-13065	46	22	of	of	ADP
ajfa-13065	46	23	capital	capital	NOUN
ajfa-13065	46	24	.	.	PUNCT
ajfa-13065	47	1	tax	tax	NOUN
ajfa-13065	47	2	shields	shield	NOUN
ajfa-13065	47	3	occur	occur	VERB
ajfa-13065	47	4	when	when	SCONJ
ajfa-13065	47	5	firms	firm	NOUN
ajfa-13065	47	6	use	use	VERB
ajfa-13065	47	7	debt	debt	NOUN
ajfa-13065	47	8	financing	financing	NOUN
ajfa-13065	47	9	in	in	ADP
ajfa-13065	47	10	their	their	PRON
ajfa-13065	47	11	capital	capital	NOUN
ajfa-13065	47	12	structure	structure	NOUN
ajfa-13065	47	13	,	,	PUNCT
ajfa-13065	47	14	as	as	SCONJ
ajfa-13065	47	15	firms	firm	NOUN
ajfa-13065	47	16	have	have	VERB
ajfa-13065	47	17	to	to	PART
ajfa-13065	47	18	pay	pay	VERB
ajfa-13065	47	19	interest	interest	NOUN
ajfa-13065	47	20	on	on	ADP
ajfa-13065	47	21	debt	debt	NOUN
ajfa-13065	47	22	which	which	PRON
ajfa-13065	47	23	is	be	AUX
ajfa-13065	47	24	generally	generally	ADV
ajfa-13065	47	25	tax	tax	NOUN
ajfa-13065	47	26	deductible	deductible	ADJ
ajfa-13065	47	27	.	.	PUNCT
ajfa-13065	48	1	thus	thus	ADV
ajfa-13065	48	2	,	,	PUNCT
ajfa-13065	48	3	interest	interest	NOUN
ajfa-13065	48	4	payments	payment	NOUN
ajfa-13065	48	5	act	act	VERB
ajfa-13065	48	6	as	as	ADP
ajfa-13065	48	7	a	a	DET
ajfa-13065	48	8	tax	tax	NOUN
ajfa-13065	48	9	shield	shield	NOUN
ajfa-13065	48	10	and	and	CCONJ
ajfa-13065	48	11	allow	allow	VERB
ajfa-13065	48	12	the	the	DET
ajfa-13065	48	13	firm	firm	NOUN
ajfa-13065	48	14	to	to	PART
ajfa-13065	48	15	increase	increase	VERB
ajfa-13065	48	16	its	its	PRON
ajfa-13065	48	17	value	value	NOUN
ajfa-13065	48	18	.	.	PUNCT
ajfa-13065	49	1	however	however	ADV
ajfa-13065	49	2	,	,	PUNCT
ajfa-13065	49	3	when	when	SCONJ
ajfa-13065	49	4	considering	consider	VERB
ajfa-13065	49	5	the	the	DET
ajfa-13065	49	6	financial	financial	ADJ
ajfa-13065	49	7	distress	distress	NOUN
ajfa-13065	49	8	costs	cost	NOUN
ajfa-13065	49	9	that	that	PRON
ajfa-13065	49	10	arise	arise	VERB
ajfa-13065	49	11	from	from	ADP
ajfa-13065	49	12	maintaining	maintain	VERB
ajfa-13065	49	13	high	high	ADJ
ajfa-13065	49	14	levels	level	NOUN
ajfa-13065	49	15	of	of	ADP
ajfa-13065	49	16	debt	debt	NOUN
ajfa-13065	49	17	(	(	PUNCT
ajfa-13065	49	18	e.g.	e.g.	ADV
ajfa-13065	49	19	,	,	PUNCT
ajfa-13065	49	20	bankruptcy	bankruptcy	NOUN
ajfa-13065	49	21	costs	cost	NOUN
ajfa-13065	49	22	)	)	PUNCT
ajfa-13065	49	23	(	(	PUNCT
ajfa-13065	49	24	stiglitz	stiglitz	NOUN
ajfa-13065	49	25	,	,	PUNCT
ajfa-13065	49	26	1972	1972	NUM
ajfa-13065	49	27	)	)	PUNCT
ajfa-13065	49	28	,	,	PUNCT
ajfa-13065	49	29	asian	asian	ADJ
ajfa-13065	49	30	journal	journal	NOUN
ajfa-13065	49	31	of	of	ADP
ajfa-13065	49	32	finance	finance	PROPN
ajfa-13065	49	33	&	&	CCONJ
ajfa-13065	49	34	accounting	accounting	PROPN
ajfa-13065	49	35	issn	issn	PROPN
ajfa-13065	49	36	1946	1946	NUM
ajfa-13065	49	37	-	-	PUNCT
ajfa-13065	49	38	052x	052x	NOUN
ajfa-13065	49	39	2018	2018	NUM
ajfa-13065	49	40	,	,	PUNCT
ajfa-13065	49	41	vol	vol	NOUN
ajfa-13065	49	42	.	.	PROPN
ajfa-13065	49	43	10	10	NUM
ajfa-13065	49	44	,	,	PUNCT
ajfa-13065	49	45	no	no	INTJ
ajfa-13065	49	46	.	.	NOUN
ajfa-13065	49	47	2	2	NUM
ajfa-13065	49	48	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-13065	49	49	66	66	NUM
ajfa-13065	49	50	the	the	DET
ajfa-13065	49	51	value	value	NOUN
ajfa-13065	49	52	of	of	ADP
ajfa-13065	49	53	the	the	DET
ajfa-13065	49	54	firm	firm	NOUN
ajfa-13065	49	55	is	be	AUX
ajfa-13065	49	56	determined	determine	VERB
ajfa-13065	49	57	by	by	ADP
ajfa-13065	49	58	its	its	PRON
ajfa-13065	49	59	net	net	ADJ
ajfa-13065	49	60	benefits	benefit	NOUN
ajfa-13065	49	61	(	(	PUNCT
ajfa-13065	49	62	i.e.	i.e.	X
ajfa-13065	49	63	tax	tax	NOUN
ajfa-13065	49	64	shield	shield	NOUN
ajfa-13065	49	65	benefits	benefit	NOUN
ajfa-13065	49	66	minus	minus	CCONJ
ajfa-13065	49	67	costs	cost	NOUN
ajfa-13065	49	68	)	)	PUNCT
ajfa-13065	49	69	.	.	PUNCT
ajfa-13065	50	1	therefore	therefore	ADV
ajfa-13065	50	2	,	,	PUNCT
ajfa-13065	50	3	the	the	DET
ajfa-13065	50	4	trade	trade	NOUN
ajfa-13065	50	5	-	-	PUNCT
ajfa-13065	50	6	off	off	ADP
ajfa-13065	50	7	theory	theory	NOUN
ajfa-13065	50	8	posits	posit	NOUN
ajfa-13065	50	9	that	that	SCONJ
ajfa-13065	50	10	firms	firm	NOUN
ajfa-13065	50	11	maximise	maximise	VERB
ajfa-13065	50	12	their	their	PRON
ajfa-13065	50	13	value	value	NOUN
ajfa-13065	50	14	when	when	SCONJ
ajfa-13065	50	15	the	the	DET
ajfa-13065	50	16	benefits	benefit	NOUN
ajfa-13065	50	17	that	that	PRON
ajfa-13065	50	18	stem	stem	VERB
ajfa-13065	50	19	from	from	ADP
ajfa-13065	50	20	debt	debt	NOUN
ajfa-13065	50	21	(	(	PUNCT
ajfa-13065	50	22	e.g.	e.g.	ADV
ajfa-13065	50	23	the	the	DET
ajfa-13065	50	24	tax	tax	NOUN
ajfa-13065	50	25	shield	shield	NOUN
ajfa-13065	50	26	and	and	CCONJ
ajfa-13065	50	27	reduced	reduced	ADJ
ajfa-13065	50	28	costs	cost	NOUN
ajfa-13065	50	29	of	of	ADP
ajfa-13065	50	30	informational	informational	ADJ
ajfa-13065	50	31	asymmetry	asymmetry	NOUN
ajfa-13065	50	32	attached	attach	VERB
ajfa-13065	50	33	to	to	ADP
ajfa-13065	50	34	debt	debt	NOUN
ajfa-13065	50	35	compared	compare	VERB
ajfa-13065	50	36	to	to	ADP
ajfa-13065	50	37	outside	outside	ADJ
ajfa-13065	50	38	equity	equity	NOUN
ajfa-13065	50	39	)	)	PUNCT
ajfa-13065	50	40	outweigh	outweigh	VERB
ajfa-13065	50	41	or	or	CCONJ
ajfa-13065	50	42	equal	equal	VERB
ajfa-13065	50	43	the	the	DET
ajfa-13065	50	44	marginal	marginal	ADJ
ajfa-13065	50	45	cost	cost	NOUN
ajfa-13065	50	46	of	of	ADP
ajfa-13065	50	47	debt	debt	NOUN
ajfa-13065	50	48	(	(	PUNCT
ajfa-13065	50	49	e.g.	e.g.	ADV
ajfa-13065	50	50	bankruptcy	bankruptcy	NOUN
ajfa-13065	50	51	costs	cost	NOUN
ajfa-13065	50	52	,	,	PUNCT
ajfa-13065	50	53	and	and	CCONJ
ajfa-13065	50	54	agency	agency	NOUN
ajfa-13065	50	55	costs	cost	NOUN
ajfa-13065	50	56	)	)	PUNCT
ajfa-13065	50	57	(	(	PUNCT
ajfa-13065	50	58	modigliani	modigliani	PROPN
ajfa-13065	50	59	and	and	CCONJ
ajfa-13065	50	60	miller	miller	PROPN
ajfa-13065	50	61	,	,	PUNCT
ajfa-13065	50	62	1963	1963	NUM
ajfa-13065	50	63	;	;	PUNCT
ajfa-13065	50	64	stiglitz	stiglitz	PROPN
ajfa-13065	50	65	,	,	PUNCT
ajfa-13065	50	66	1972	1972	NUM
ajfa-13065	50	67	;	;	PUNCT
ajfa-13065	50	68	jensen	jensen	PROPN
ajfa-13065	50	69	and	and	CCONJ
ajfa-13065	50	70	meckling	meckling	NOUN
ajfa-13065	50	71	,	,	PUNCT
ajfa-13065	50	72	1976	1976	NUM
ajfa-13065	50	73	;	;	PUNCT
ajfa-13065	50	74	myers	myer	NOUN
ajfa-13065	50	75	,	,	PUNCT
ajfa-13065	50	76	1977	1977	NUM
ajfa-13065	50	77	;	;	PUNCT
ajfa-13065	50	78	titman	titman	NOUN
ajfa-13065	50	79	,	,	PUNCT
ajfa-13065	50	80	1984	1984	NUM
ajfa-13065	50	81	)	)	PUNCT
ajfa-13065	50	82	.	.	PUNCT
ajfa-13065	51	1	the	the	DET
ajfa-13065	51	2	pecking	pecking	NOUN
ajfa-13065	51	3	order	order	NOUN
ajfa-13065	51	4	theory	theory	NOUN
ajfa-13065	51	5	,	,	PUNCT
ajfa-13065	51	6	which	which	PRON
ajfa-13065	51	7	was	be	AUX
ajfa-13065	51	8	developed	develop	VERB
ajfa-13065	51	9	by	by	ADP
ajfa-13065	51	10	myers	myer	NOUN
ajfa-13065	51	11	and	and	CCONJ
ajfa-13065	51	12	majluf	majluf	PROPN
ajfa-13065	51	13	(	(	PUNCT
ajfa-13065	51	14	1984	1984	NUM
ajfa-13065	51	15	)	)	PUNCT
ajfa-13065	51	16	and	and	CCONJ
ajfa-13065	51	17	myers	myers	PROPN
ajfa-13065	51	18	(	(	PUNCT
ajfa-13065	51	19	1984	1984	NUM
ajfa-13065	51	20	)	)	PUNCT
ajfa-13065	51	21	is	be	AUX
ajfa-13065	51	22	linked	link	VERB
ajfa-13065	51	23	to	to	ADP
ajfa-13065	51	24	information	information	NOUN
ajfa-13065	51	25	asymmetries	asymmetry	NOUN
ajfa-13065	51	26	existing	exist	VERB
ajfa-13065	51	27	between	between	ADP
ajfa-13065	51	28	insiders	insider	NOUN
ajfa-13065	51	29	of	of	ADP
ajfa-13065	51	30	the	the	DET
ajfa-13065	51	31	firm	firm	NOUN
ajfa-13065	51	32	and	and	CCONJ
ajfa-13065	51	33	outsiders	outsider	NOUN
ajfa-13065	51	34	(	(	PUNCT
ajfa-13065	51	35	i.e.	i.e.	X
ajfa-13065	51	36	the	the	DET
ajfa-13065	51	37	capital	capital	NOUN
ajfa-13065	51	38	market	market	NOUN
ajfa-13065	51	39	)	)	PUNCT
ajfa-13065	51	40	.	.	PUNCT
ajfa-13065	52	1	the	the	DET
ajfa-13065	52	2	theory	theory	NOUN
ajfa-13065	52	3	suggests	suggest	VERB
ajfa-13065	52	4	that	that	SCONJ
ajfa-13065	52	5	managers	manager	NOUN
ajfa-13065	52	6	adapt	adapt	VERB
ajfa-13065	52	7	their	their	PRON
ajfa-13065	52	8	financing	financing	NOUN
ajfa-13065	52	9	policies	policy	NOUN
ajfa-13065	52	10	to	to	PART
ajfa-13065	52	11	minimise	minimise	VERB
ajfa-13065	52	12	the	the	DET
ajfa-13065	52	13	cost	cost	NOUN
ajfa-13065	52	14	of	of	ADP
ajfa-13065	52	15	information	information	NOUN
ajfa-13065	52	16	asymmetries	asymmetry	NOUN
ajfa-13065	52	17	.	.	PUNCT
ajfa-13065	53	1	managers	manager	NOUN
ajfa-13065	53	2	therefore	therefore	ADV
ajfa-13065	53	3	prefer	prefer	VERB
ajfa-13065	53	4	internal	internal	ADJ
ajfa-13065	53	5	financing	financing	NOUN
ajfa-13065	53	6	to	to	ADP
ajfa-13065	53	7	external	external	ADJ
ajfa-13065	53	8	financing	financing	NOUN
ajfa-13065	53	9	,	,	PUNCT
ajfa-13065	53	10	and	and	CCONJ
ajfa-13065	53	11	risky	risky	ADJ
ajfa-13065	53	12	debt	debt	NOUN
ajfa-13065	53	13	to	to	ADP
ajfa-13065	53	14	equity	equity	NOUN
ajfa-13065	53	15	since	since	SCONJ
ajfa-13065	53	16	debt	debt	NOUN
ajfa-13065	53	17	capital	capital	NOUN
ajfa-13065	53	18	suffers	suffer	VERB
ajfa-13065	53	19	less	less	ADV
ajfa-13065	53	20	from	from	ADP
ajfa-13065	53	21	information	information	NOUN
ajfa-13065	53	22	asymmetries	asymmetry	NOUN
ajfa-13065	53	23	than	than	ADP
ajfa-13065	53	24	equity	equity	NOUN
ajfa-13065	53	25	.	.	PUNCT
ajfa-13065	54	1	that	that	PRON
ajfa-13065	54	2	is	be	AUX
ajfa-13065	54	3	debt	debt	NOUN
ajfa-13065	54	4	is	be	AUX
ajfa-13065	54	5	the	the	DET
ajfa-13065	54	6	first	first	ADJ
ajfa-13065	54	7	source	source	NOUN
ajfa-13065	54	8	of	of	ADP
ajfa-13065	54	9	external	external	ADJ
ajfa-13065	54	10	finance	finance	NOUN
ajfa-13065	54	11	on	on	ADP
ajfa-13065	54	12	the	the	DET
ajfa-13065	54	13	pecking	pecking	NOUN
ajfa-13065	54	14	order	order	NOUN
ajfa-13065	54	15	and	and	CCONJ
ajfa-13065	54	16	equity	equity	NOUN
ajfa-13065	54	17	is	be	AUX
ajfa-13065	54	18	issued	issue	VERB
ajfa-13065	54	19	only	only	ADV
ajfa-13065	54	20	as	as	ADP
ajfa-13065	54	21	a	a	DET
ajfa-13065	54	22	last	last	ADJ
ajfa-13065	54	23	resort	resort	NOUN
ajfa-13065	54	24	,	,	PUNCT
ajfa-13065	54	25	when	when	SCONJ
ajfa-13065	54	26	the	the	DET
ajfa-13065	54	27	debt	debt	NOUN
ajfa-13065	54	28	capacity	capacity	NOUN
ajfa-13065	54	29	is	be	AUX
ajfa-13065	54	30	fully	fully	ADV
ajfa-13065	54	31	utilised	utilise	VERB
ajfa-13065	54	32	.	.	PUNCT
ajfa-13065	55	1	the	the	DET
ajfa-13065	55	2	above	above	ADP
ajfa-13065	55	3	two	two	NUM
ajfa-13065	55	4	theories	theory	NOUN
ajfa-13065	55	5	(	(	PUNCT
ajfa-13065	55	6	i.e.	i.e.	X
ajfa-13065	55	7	the	the	DET
ajfa-13065	55	8	static	static	ADJ
ajfa-13065	55	9	trade	trade	NOUN
ajfa-13065	55	10	-	-	PUNCT
ajfa-13065	55	11	off	off	NOUN
ajfa-13065	55	12	and	and	CCONJ
ajfa-13065	55	13	pecking	pecking	NOUN
ajfa-13065	55	14	order	order	NOUN
ajfa-13065	55	15	theories	theory	NOUN
ajfa-13065	55	16	)	)	PUNCT
ajfa-13065	55	17	are	be	AUX
ajfa-13065	55	18	based	base	VERB
ajfa-13065	55	19	on	on	ADP
ajfa-13065	55	20	the	the	DET
ajfa-13065	55	21	assumption	assumption	NOUN
ajfa-13065	55	22	that	that	SCONJ
ajfa-13065	55	23	the	the	DET
ajfa-13065	55	24	interest	interest	NOUN
ajfa-13065	55	25	of	of	ADP
ajfa-13065	55	26	the	the	DET
ajfa-13065	55	27	managers	manager	NOUN
ajfa-13065	55	28	of	of	ADP
ajfa-13065	55	29	a	a	DET
ajfa-13065	55	30	corporation	corporation	NOUN
ajfa-13065	55	31	with	with	ADP
ajfa-13065	55	32	dispersed	disperse	VERB
ajfa-13065	55	33	ownership	ownership	NOUN
ajfa-13065	55	34	is	be	AUX
ajfa-13065	55	35	always	always	ADV
ajfa-13065	55	36	aligned	align	VERB
ajfa-13065	55	37	with	with	ADP
ajfa-13065	55	38	that	that	PRON
ajfa-13065	55	39	of	of	ADP
ajfa-13065	55	40	shareholders	shareholder	NOUN
ajfa-13065	55	41	.	.	PUNCT
ajfa-13065	56	1	in	in	ADP
ajfa-13065	56	2	contrast	contrast	NOUN
ajfa-13065	56	3	,	,	PUNCT
ajfa-13065	56	4	the	the	DET
ajfa-13065	56	5	agency	agency	NOUN
ajfa-13065	56	6	theory	theory	NOUN
ajfa-13065	56	7	assumes	assume	VERB
ajfa-13065	56	8	that	that	SCONJ
ajfa-13065	56	9	self	self	NOUN
ajfa-13065	56	10	-	-	PUNCT
ajfa-13065	56	11	interested	interested	ADJ
ajfa-13065	56	12	managers	manager	NOUN
ajfa-13065	56	13	always	always	ADV
ajfa-13065	56	14	pursue	pursue	VERB
ajfa-13065	56	15	their	their	PRON
ajfa-13065	56	16	own	own	ADJ
ajfa-13065	56	17	objectives	objective	NOUN
ajfa-13065	56	18	at	at	ADP
ajfa-13065	56	19	the	the	DET
ajfa-13065	56	20	expenses	expense	NOUN
ajfa-13065	56	21	of	of	ADP
ajfa-13065	56	22	shareholders	shareholder	NOUN
ajfa-13065	56	23	(	(	PUNCT
ajfa-13065	56	24	jensen	jensen	PROPN
ajfa-13065	56	25	and	and	CCONJ
ajfa-13065	56	26	meckling	meckling	NOUN
ajfa-13065	56	27	,	,	PUNCT
ajfa-13065	56	28	1976).jensen	1976).jensen	NUM
ajfa-13065	56	29	and	and	CCONJ
ajfa-13065	56	30	meckling	meckling	NOUN
ajfa-13065	56	31	(	(	PUNCT
ajfa-13065	56	32	1976	1976	NUM
ajfa-13065	56	33	)	)	PUNCT
ajfa-13065	56	34	formally	formally	ADV
ajfa-13065	56	35	model	model	VERB
ajfa-13065	56	36	the	the	DET
ajfa-13065	56	37	agency	agency	NOUN
ajfa-13065	56	38	costs	cost	NOUN
ajfa-13065	56	39	of	of	ADP
ajfa-13065	56	40	equity	equity	NOUN
ajfa-13065	56	41	and	and	CCONJ
ajfa-13065	56	42	debt	debt	NOUN
ajfa-13065	56	43	capital	capital	NOUN
ajfa-13065	56	44	in	in	ADP
ajfa-13065	56	45	a	a	DET
ajfa-13065	56	46	modern	modern	ADJ
ajfa-13065	56	47	corporation	corporation	NOUN
ajfa-13065	56	48	.	.	PUNCT
ajfa-13065	57	1	they	they	PRON
ajfa-13065	57	2	identify	identify	VERB
ajfa-13065	57	3	two	two	NUM
ajfa-13065	57	4	types	type	NOUN
ajfa-13065	57	5	of	of	ADP
ajfa-13065	57	6	agency	agency	NOUN
ajfa-13065	57	7	conflicts	conflict	NOUN
ajfa-13065	57	8	namely	namely	ADV
ajfa-13065	57	9	,	,	PUNCT
ajfa-13065	57	10	conflicts	conflict	NOUN
ajfa-13065	57	11	between	between	ADP
ajfa-13065	57	12	managers	manager	NOUN
ajfa-13065	57	13	and	and	CCONJ
ajfa-13065	57	14	shareholders	shareholder	NOUN
ajfa-13065	57	15	,	,	PUNCT
ajfa-13065	57	16	and	and	CCONJ
ajfa-13065	57	17	conflicts	conflict	NOUN
ajfa-13065	57	18	between	between	ADP
ajfa-13065	57	19	shareholders	shareholder	NOUN
ajfa-13065	57	20	and	and	CCONJ
ajfa-13065	57	21	bond	bond	NOUN
ajfa-13065	57	22	holders	holder	NOUN
ajfa-13065	57	23	,	,	PUNCT
ajfa-13065	57	24	and	and	CCONJ
ajfa-13065	57	25	the	the	DET
ajfa-13065	57	26	related	related	ADJ
ajfa-13065	57	27	agency	agency	NOUN
ajfa-13065	57	28	costs	cost	NOUN
ajfa-13065	57	29	in	in	ADP
ajfa-13065	57	30	a	a	DET
ajfa-13065	57	31	firm	firm	NOUN
ajfa-13065	57	32	.	.	PUNCT
ajfa-13065	58	1	as	as	SCONJ
ajfa-13065	58	2	argued	argue	VERB
ajfa-13065	58	3	in	in	ADP
ajfa-13065	58	4	jensen	jensen	PROPN
ajfa-13065	58	5	and	and	CCONJ
ajfa-13065	58	6	meckling	meckling	NOUN
ajfa-13065	58	7	(	(	PUNCT
ajfa-13065	58	8	1976	1976	NUM
ajfa-13065	58	9	)	)	PUNCT
ajfa-13065	58	10	and	and	CCONJ
ajfa-13065	58	11	jensen	jensen	PROPN
ajfa-13065	58	12	(	(	PUNCT
ajfa-13065	58	13	1986	1986	NUM
ajfa-13065	58	14	)	)	PUNCT
ajfa-13065	58	15	,	,	PUNCT
ajfa-13065	58	16	debt	debt	NOUN
ajfa-13065	58	17	capital	capital	NOUN
ajfa-13065	58	18	not	not	PART
ajfa-13065	58	19	only	only	ADV
ajfa-13065	58	20	brings	bring	VERB
ajfa-13065	58	21	in	in	ADP
ajfa-13065	58	22	additional	additional	ADJ
ajfa-13065	58	23	monitoring	monitoring	NOUN
ajfa-13065	58	24	from	from	ADP
ajfa-13065	58	25	outsiders	outsider	NOUN
ajfa-13065	58	26	(	(	PUNCT
ajfa-13065	58	27	i.e.	i.e.	X
ajfa-13065	58	28	creditors	creditor	NOUN
ajfa-13065	58	29	)	)	PUNCT
ajfa-13065	58	30	but	but	CCONJ
ajfa-13065	58	31	also	also	ADV
ajfa-13065	58	32	make	make	VERB
ajfa-13065	58	33	managers	manager	NOUN
ajfa-13065	58	34	commit	commit	VERB
ajfa-13065	58	35	to	to	PART
ajfa-13065	58	36	pay	pay	VERB
ajfa-13065	58	37	out	out	ADP
ajfa-13065	58	38	cash	cash	NOUN
ajfa-13065	58	39	,	,	PUNCT
ajfa-13065	58	40	(	(	PUNCT
ajfa-13065	58	41	i.e.	i.e.	X
ajfa-13065	58	42	,	,	PUNCT
ajfa-13065	58	43	it	it	PRON
ajfa-13065	58	44	reduces	reduce	VERB
ajfa-13065	58	45	the	the	DET
ajfa-13065	58	46	amount	amount	NOUN
ajfa-13065	58	47	available	available	ADJ
ajfa-13065	58	48	to	to	ADP
ajfa-13065	58	49	managers	manager	NOUN
ajfa-13065	58	50	to	to	PART
ajfa-13065	58	51	overinvest	overinv	ADJ
ajfa-13065	58	52	)	)	PUNCT
ajfa-13065	58	53	.	.	PUNCT
ajfa-13065	59	1	therefore	therefore	ADV
ajfa-13065	59	2	,	,	PUNCT
ajfa-13065	59	3	using	use	VERB
ajfa-13065	59	4	debt	debt	NOUN
ajfa-13065	59	5	capital	capital	NOUN
ajfa-13065	59	6	in	in	ADP
ajfa-13065	59	7	the	the	DET
ajfa-13065	59	8	capital	capital	NOUN
ajfa-13065	59	9	structure	structure	NOUN
ajfa-13065	59	10	helps	help	VERB
ajfa-13065	59	11	to	to	PART
ajfa-13065	59	12	reduce	reduce	VERB
ajfa-13065	59	13	agency	agency	NOUN
ajfa-13065	59	14	costs	cost	NOUN
ajfa-13065	59	15	arising	arise	VERB
ajfa-13065	59	16	from	from	ADP
ajfa-13065	59	17	conflicts	conflict	NOUN
ajfa-13065	59	18	between	between	ADP
ajfa-13065	59	19	managers	manager	NOUN
ajfa-13065	59	20	and	and	CCONJ
ajfa-13065	59	21	shareholders	shareholder	NOUN
ajfa-13065	59	22	(	(	PUNCT
ajfa-13065	59	23	see	see	VERB
ajfa-13065	59	24	s.vijayakumaran	s.vijayakumaran	PROPN
ajfa-13065	59	25	(	(	PUNCT
ajfa-13065	59	26	2016	2016	NUM
ajfa-13065	59	27	)	)	PUNCT
ajfa-13065	59	28	and	and	CCONJ
ajfa-13065	59	29	r.	r.	PROPN
ajfa-13065	59	30	vijayakumaran	vijayakumaran	PROPN
ajfa-13065	59	31	(	(	PUNCT
ajfa-13065	59	32	2017	2017	NUM
ajfa-13065	59	33	)	)	PUNCT
ajfa-13065	59	34	for	for	ADP
ajfa-13065	59	35	a	a	DET
ajfa-13065	59	36	discussion	discussion	NOUN
ajfa-13065	59	37	on	on	ADP
ajfa-13065	59	38	the	the	DET
ajfa-13065	59	39	governance	governance	NOUN
ajfa-13065	59	40	role	role	NOUN
ajfa-13065	59	41	of	of	ADP
ajfa-13065	59	42	debt	debt	NOUN
ajfa-13065	59	43	)	)	PUNCT
ajfa-13065	59	44	.	.	PUNCT
ajfa-13065	60	1	the	the	DET
ajfa-13065	60	2	use	use	NOUN
ajfa-13065	60	3	of	of	ADP
ajfa-13065	60	4	debt	debt	NOUN
ajfa-13065	60	5	capital	capital	NOUN
ajfa-13065	60	6	in	in	ADP
ajfa-13065	60	7	the	the	DET
ajfa-13065	60	8	capital	capital	NOUN
ajfa-13065	60	9	structure	structure	NOUN
ajfa-13065	60	10	leads	lead	VERB
ajfa-13065	60	11	to	to	ADP
ajfa-13065	60	12	conflicts	conflict	NOUN
ajfa-13065	60	13	between	between	ADP
ajfa-13065	60	14	debt	debt	NOUN
ajfa-13065	60	15	-	-	PUNCT
ajfa-13065	60	16	holders	holder	NOUN
ajfa-13065	60	17	and	and	CCONJ
ajfa-13065	60	18	equity	equity	NOUN
ajfa-13065	60	19	holders	holder	NOUN
ajfa-13065	60	20	because	because	SCONJ
ajfa-13065	60	21	debt	debt	NOUN
ajfa-13065	60	22	contracts	contract	NOUN
ajfa-13065	60	23	give	give	VERB
ajfa-13065	60	24	equity	equity	NOUN
ajfa-13065	60	25	holders	holder	NOUN
ajfa-13065	60	26	an	an	DET
ajfa-13065	60	27	incentive	incentive	NOUN
ajfa-13065	60	28	to	to	PART
ajfa-13065	60	29	invest	invest	VERB
ajfa-13065	60	30	sub	sub	VERB
ajfa-13065	60	31	-	-	ADJ
ajfa-13065	60	32	optimally	optimally	ADV
ajfa-13065	60	33	(	(	PUNCT
ajfa-13065	60	34	jensen	jensen	PROPN
ajfa-13065	60	35	and	and	CCONJ
ajfa-13065	60	36	meckling	meckling	NOUN
ajfa-13065	60	37	,	,	PUNCT
ajfa-13065	60	38	1976	1976	NUM
ajfa-13065	60	39	)	)	PUNCT
ajfa-13065	60	40	.	.	PUNCT
ajfa-13065	61	1	that	that	PRON
ajfa-13065	61	2	is	be	AUX
ajfa-13065	61	3	,	,	PUNCT
ajfa-13065	61	4	managers	manager	NOUN
ajfa-13065	61	5	(	(	PUNCT
ajfa-13065	61	6	who	who	PRON
ajfa-13065	61	7	act	act	VERB
ajfa-13065	61	8	on	on	ADP
ajfa-13065	61	9	behalf	behalf	NOUN
ajfa-13065	61	10	of	of	ADP
ajfa-13065	61	11	shareholders	shareholder	NOUN
ajfa-13065	61	12	)	)	PUNCT
ajfa-13065	61	13	have	have	VERB
ajfa-13065	61	14	incentive	incentive	NOUN
ajfa-13065	61	15	to	to	PART
ajfa-13065	61	16	shift	shift	VERB
ajfa-13065	61	17	funds	fund	NOUN
ajfa-13065	61	18	from	from	ADP
ajfa-13065	61	19	low	low	ADJ
ajfa-13065	61	20	-	-	PUNCT
ajfa-13065	61	21	risk	risk	NOUN
ajfa-13065	61	22	investment	investment	NOUN
ajfa-13065	61	23	projects	project	NOUN
ajfa-13065	61	24	to	to	ADP
ajfa-13065	61	25	high	high	ADJ
ajfa-13065	61	26	-	-	PUNCT
ajfa-13065	61	27	risk	risk	NOUN
ajfa-13065	61	28	ones	one	NOUN
ajfa-13065	61	29	in	in	ADP
ajfa-13065	61	30	order	order	NOUN
ajfa-13065	61	31	to	to	PART
ajfa-13065	61	32	earn	earn	VERB
ajfa-13065	61	33	higher	high	ADJ
ajfa-13065	61	34	profit	profit	NOUN
ajfa-13065	61	35	in	in	ADP
ajfa-13065	61	36	the	the	DET
ajfa-13065	61	37	short	short	ADJ
ajfa-13065	61	38	term	term	NOUN
ajfa-13065	61	39	period	period	NOUN
ajfa-13065	61	40	(	(	PUNCT
ajfa-13065	61	41	also	also	ADV
ajfa-13065	61	42	known	know	VERB
ajfa-13065	61	43	as	as	ADP
ajfa-13065	61	44	assets	asset	NOUN
ajfa-13065	61	45	substitution	substitution	NOUN
ajfa-13065	61	46	effect	effect	NOUN
ajfa-13065	61	47	)	)	PUNCT
ajfa-13065	61	48	.	.	PUNCT
ajfa-13065	62	1	myers	myers	PROPN
ajfa-13065	62	2	(	(	PUNCT
ajfa-13065	62	3	1977	1977	NUM
ajfa-13065	62	4	)	)	PUNCT
ajfa-13065	62	5	identifies	identify	VERB
ajfa-13065	62	6	another	another	DET
ajfa-13065	62	7	agency	agency	NOUN
ajfa-13065	62	8	cost	cost	NOUN
ajfa-13065	62	9	of	of	ADP
ajfa-13065	62	10	debt	debt	NOUN
ajfa-13065	62	11	.	.	PUNCT
ajfa-13065	63	1	he	he	PRON
ajfa-13065	63	2	argues	argue	VERB
ajfa-13065	63	3	that	that	SCONJ
ajfa-13065	63	4	when	when	SCONJ
ajfa-13065	63	5	firms	firm	NOUN
ajfa-13065	63	6	are	be	AUX
ajfa-13065	63	7	likely	likely	ADJ
ajfa-13065	63	8	to	to	PART
ajfa-13065	63	9	go	go	VERB
ajfa-13065	63	10	bankrupt	bankrupt	ADJ
ajfa-13065	63	11	in	in	ADP
ajfa-13065	63	12	the	the	DET
ajfa-13065	63	13	near	near	ADJ
ajfa-13065	63	14	future	future	NOUN
ajfa-13065	63	15	,	,	PUNCT
ajfa-13065	63	16	equity	equity	NOUN
ajfa-13065	63	17	holders	holder	NOUN
ajfa-13065	63	18	have	have	VERB
ajfa-13065	63	19	no	no	DET
ajfa-13065	63	20	incentive	incentive	NOUN
ajfa-13065	63	21	to	to	PART
ajfa-13065	63	22	contribute	contribute	VERB
ajfa-13065	63	23	new	new	ADJ
ajfa-13065	63	24	capital	capital	NOUN
ajfa-13065	63	25	,	,	PUNCT
ajfa-13065	63	26	even	even	ADV
ajfa-13065	63	27	to	to	PART
ajfa-13065	63	28	invest	invest	VERB
ajfa-13065	63	29	in	in	ADP
ajfa-13065	63	30	value	value	NOUN
ajfa-13065	63	31	-	-	PUNCT
ajfa-13065	63	32	increasing	increase	VERB
ajfa-13065	63	33	projects	project	NOUN
ajfa-13065	63	34	because	because	SCONJ
ajfa-13065	63	35	they	they	PRON
ajfa-13065	63	36	bear	bear	VERB
ajfa-13065	63	37	the	the	DET
ajfa-13065	63	38	entire	entire	ADJ
ajfa-13065	63	39	cost	cost	NOUN
ajfa-13065	63	40	of	of	ADP
ajfa-13065	63	41	the	the	DET
ajfa-13065	63	42	investment	investment	NOUN
ajfa-13065	63	43	,	,	PUNCT
ajfa-13065	63	44	while	while	SCONJ
ajfa-13065	63	45	the	the	DET
ajfa-13065	63	46	returns	return	NOUN
ajfa-13065	63	47	may	may	AUX
ajfa-13065	63	48	be	be	AUX
ajfa-13065	63	49	captured	capture	VERB
ajfa-13065	63	50	mainly	mainly	ADV
ajfa-13065	63	51	by	by	ADP
ajfa-13065	63	52	debt	debt	NOUN
ajfa-13065	63	53	-	-	PUNCT
ajfa-13065	63	54	holders	holder	NOUN
ajfa-13065	63	55	(	(	PUNCT
ajfa-13065	63	56	i.e.	i.e.	X
ajfa-13065	63	57	the	the	DET
ajfa-13065	63	58	debt	debt	NOUN
ajfa-13065	63	59	overhang	overhang	NOUN
ajfa-13065	63	60	problem	problem	NOUN
ajfa-13065	63	61	)	)	PUNCT
ajfa-13065	63	62	.	.	PUNCT
ajfa-13065	64	1	therefore	therefore	ADV
ajfa-13065	64	2	,	,	PUNCT
ajfa-13065	64	3	the	the	DET
ajfa-13065	64	4	firm	firm	NOUN
ajfa-13065	64	5	may	may	AUX
ajfa-13065	64	6	undesirably	undesirably	ADV
ajfa-13065	64	7	forego	forego	VERB
ajfa-13065	64	8	positive	positive	ADJ
ajfa-13065	64	9	npv	npv	NOUN
ajfa-13065	64	10	projects	project	NOUN
ajfa-13065	64	11	due	due	ADJ
ajfa-13065	64	12	to	to	ADP
ajfa-13065	64	13	the	the	DET
ajfa-13065	64	14	conflicts	conflict	NOUN
ajfa-13065	64	15	of	of	ADP
ajfa-13065	64	16	interest	interest	NOUN
ajfa-13065	64	17	between	between	ADP
ajfa-13065	64	18	equity	equity	NOUN
ajfa-13065	64	19	holders	holder	NOUN
ajfa-13065	64	20	and	and	CCONJ
ajfa-13065	64	21	debt	debt	NOUN
ajfa-13065	64	22	holders	holder	NOUN
ajfa-13065	64	23	.	.	PUNCT
ajfa-13065	65	1	this	this	PRON
ajfa-13065	65	2	is	be	AUX
ajfa-13065	65	3	well	well	ADV
ajfa-13065	65	4	documented	document	VERB
ajfa-13065	65	5	as	as	ADP
ajfa-13065	65	6	“	"	PUNCT
ajfa-13065	65	7	under	under	ADP
ajfa-13065	65	8	invest	invest	NOUN
ajfa-13065	65	9	problem	problem	NOUN
ajfa-13065	65	10	”	"	PUNCT
ajfa-13065	65	11	in	in	ADP
ajfa-13065	65	12	the	the	DET
ajfa-13065	65	13	agency	agency	NOUN
ajfa-13065	65	14	literature	literature	NOUN
ajfa-13065	65	15	.	.	PUNCT
ajfa-13065	66	1	considering	consider	VERB
ajfa-13065	66	2	the	the	DET
ajfa-13065	66	3	benefits	benefit	NOUN
ajfa-13065	66	4	and	and	CCONJ
ajfa-13065	66	5	costs	cost	NOUN
ajfa-13065	66	6	of	of	ADP
ajfa-13065	66	7	debt	debt	NOUN
ajfa-13065	66	8	financing	financing	NOUN
ajfa-13065	66	9	from	from	ADP
ajfa-13065	66	10	an	an	DET
ajfa-13065	66	11	agency	agency	NOUN
ajfa-13065	66	12	perspective	perspective	NOUN
ajfa-13065	66	13	,	,	PUNCT
ajfa-13065	66	14	the	the	DET
ajfa-13065	66	15	agency	agency	NOUN
ajfa-13065	66	16	theory	theory	NOUN
ajfa-13065	66	17	provides	provide	VERB
ajfa-13065	66	18	predictions	prediction	NOUN
ajfa-13065	66	19	for	for	ADP
ajfa-13065	66	20	the	the	DET
ajfa-13065	66	21	potential	potential	ADJ
ajfa-13065	66	22	effects	effect	NOUN
ajfa-13065	66	23	of	of	ADP
ajfa-13065	66	24	the	the	DET
ajfa-13065	66	25	firm	firm	NOUN
ajfa-13065	66	26	characterises	characterise	VERB
ajfa-13065	66	27	on	on	ADP
ajfa-13065	66	28	the	the	DET
ajfa-13065	66	29	use	use	NOUN
ajfa-13065	66	30	of	of	ADP
ajfa-13065	66	31	debt	debt	NOUN
ajfa-13065	66	32	capital	capital	NOUN
ajfa-13065	66	33	in	in	ADP
ajfa-13065	66	34	the	the	DET
ajfa-13065	66	35	firm	firm	NOUN
ajfa-13065	66	36	.	.	PUNCT
ajfa-13065	67	1	asian	asian	ADJ
ajfa-13065	67	2	journal	journal	PROPN
ajfa-13065	67	3	of	of	ADP
ajfa-13065	67	4	finance	finance	PROPN
ajfa-13065	67	5	&	&	CCONJ
ajfa-13065	67	6	accounting	accounting	PROPN
ajfa-13065	67	7	issn	issn	PROPN
ajfa-13065	67	8	1946	1946	NUM
ajfa-13065	67	9	-	-	PUNCT
ajfa-13065	67	10	052x	052x	NOUN
ajfa-13065	67	11	2018	2018	NUM
ajfa-13065	67	12	,	,	PUNCT
ajfa-13065	67	13	vol	vol	NOUN
ajfa-13065	67	14	.	.	PROPN
ajfa-13065	68	1	10	10	NUM
ajfa-13065	68	2	,	,	PUNCT
ajfa-13065	68	3	no	no	INTJ
ajfa-13065	68	4	.	.	NOUN
ajfa-13065	68	5	2	2	NUM
ajfa-13065	68	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	68	7	67	67	NUM
ajfa-13065	68	8	2.2	2.2	NUM
ajfa-13065	68	9	the	the	DET
ajfa-13065	68	10	determinants	determinant	NOUN
ajfa-13065	68	11	of	of	ADP
ajfa-13065	68	12	capital	capital	NOUN
ajfa-13065	68	13	structure	structure	NOUN
ajfa-13065	68	14	and	and	CCONJ
ajfa-13065	68	15	hypotheses	hypothesis	NOUN
ajfa-13065	68	16	following	follow	VERB
ajfa-13065	68	17	rajan	rajan	PROPN
ajfa-13065	68	18	and	and	CCONJ
ajfa-13065	68	19	zingales	zingales	PROPN
ajfa-13065	68	20	(	(	PUNCT
ajfa-13065	68	21	1995	1995	NUM
ajfa-13065	68	22	)	)	PUNCT
ajfa-13065	68	23	,	,	PUNCT
ajfa-13065	68	24	titman	titman	NOUN
ajfa-13065	68	25	and	and	CCONJ
ajfa-13065	68	26	wessels	wessels	PROPN
ajfa-13065	68	27	(	(	PUNCT
ajfa-13065	68	28	1988	1988	NUM
ajfa-13065	68	29	)	)	PUNCT
ajfa-13065	68	30	,	,	PUNCT
ajfa-13065	68	31	and	and	CCONJ
ajfa-13065	68	32	frank	frank	PROPN
ajfa-13065	68	33	and	and	CCONJ
ajfa-13065	68	34	goyal	goyal	PROPN
ajfa-13065	68	35	(	(	PUNCT
ajfa-13065	68	36	2009	2009	NUM
ajfa-13065	68	37	)	)	PUNCT
ajfa-13065	68	38	,	,	PUNCT
ajfa-13065	68	39	the	the	DET
ajfa-13065	68	40	study	study	NOUN
ajfa-13065	68	41	uses	use	VERB
ajfa-13065	68	42	seven	seven	NUM
ajfa-13065	68	43	important	important	ADJ
ajfa-13065	68	44	firm	firm	ADJ
ajfa-13065	68	45	characteristics	characteristic	NOUN
ajfa-13065	68	46	the	the	DET
ajfa-13065	68	47	expected	expect	VERB
ajfa-13065	68	48	relationship	relationship	NOUN
ajfa-13065	68	49	between	between	ADP
ajfa-13065	68	50	the	the	DET
ajfa-13065	68	51	determinant	determinant	ADJ
ajfa-13065	68	52	variables	variable	NOUN
ajfa-13065	68	53	and	and	CCONJ
ajfa-13065	68	54	leverage	leverage	NOUN
ajfa-13065	68	55	are	be	AUX
ajfa-13065	68	56	primarily	primarily	ADV
ajfa-13065	68	57	guided	guide	VERB
ajfa-13065	68	58	by	by	ADP
ajfa-13065	68	59	relevant	relevant	ADJ
ajfa-13065	68	60	theories	theory	NOUN
ajfa-13065	68	61	as	as	ADV
ajfa-13065	68	62	well	well	ADV
ajfa-13065	68	63	as	as	ADP
ajfa-13065	68	64	previous	previous	ADJ
ajfa-13065	68	65	empirical	empirical	ADJ
ajfa-13065	68	66	studies	study	NOUN
ajfa-13065	68	67	.	.	PUNCT
ajfa-13065	69	1	2.2.1	2.2.1	NUM
ajfa-13065	69	2	firm	firm	ADJ
ajfa-13065	69	3	size	size	NOUN
ajfa-13065	69	4	as	as	SCONJ
ajfa-13065	69	5	discussed	discuss	VERB
ajfa-13065	69	6	in	in	ADP
ajfa-13065	69	7	rajan	rajan	PROPN
ajfa-13065	69	8	and	and	CCONJ
ajfa-13065	69	9	zingales	zingales	PROPN
ajfa-13065	69	10	(	(	PUNCT
ajfa-13065	69	11	1995	1995	NUM
ajfa-13065	69	12	)	)	PUNCT
ajfa-13065	69	13	,	,	PUNCT
ajfa-13065	69	14	the	the	DET
ajfa-13065	69	15	theoretical	theoretical	ADJ
ajfa-13065	69	16	prediction	prediction	NOUN
ajfa-13065	69	17	for	for	ADP
ajfa-13065	69	18	the	the	DET
ajfa-13065	69	19	effect	effect	NOUN
ajfa-13065	69	20	of	of	ADP
ajfa-13065	69	21	size	size	NOUN
ajfa-13065	69	22	on	on	ADP
ajfa-13065	69	23	leverage	leverage	NOUN
ajfa-13065	69	24	is	be	AUX
ajfa-13065	69	25	ambiguous	ambiguous	ADJ
ajfa-13065	69	26	.	.	PUNCT
ajfa-13065	70	1	it	it	PRON
ajfa-13065	70	2	is	be	AUX
ajfa-13065	70	3	argued	argue	VERB
ajfa-13065	70	4	that	that	SCONJ
ajfa-13065	70	5	larger	large	ADJ
ajfa-13065	70	6	firms	firm	NOUN
ajfa-13065	70	7	tend	tend	VERB
ajfa-13065	70	8	to	to	PART
ajfa-13065	70	9	be	be	AUX
ajfa-13065	70	10	more	more	ADV
ajfa-13065	70	11	diversified	diversified	ADJ
ajfa-13065	70	12	and	and	CCONJ
ajfa-13065	70	13	have	have	VERB
ajfa-13065	70	14	more	more	ADJ
ajfa-13065	70	15	tangible	tangible	ADJ
ajfa-13065	70	16	assets	asset	NOUN
ajfa-13065	70	17	,	,	PUNCT
ajfa-13065	70	18	stable	stable	ADJ
ajfa-13065	70	19	cash	cash	NOUN
ajfa-13065	70	20	flows	flow	NOUN
ajfa-13065	70	21	and	and	CCONJ
ajfa-13065	70	22	better	well	ADJ
ajfa-13065	70	23	reputations	reputation	NOUN
ajfa-13065	70	24	.	.	PUNCT
ajfa-13065	71	1	the	the	DET
ajfa-13065	71	2	trade	trade	NOUN
ajfa-13065	71	3	-	-	PUNCT
ajfa-13065	71	4	off	off	ADP
ajfa-13065	71	5	theory	theory	NOUN
ajfa-13065	71	6	therefore	therefore	ADV
ajfa-13065	71	7	postulates	postulate	VERB
ajfa-13065	71	8	that	that	SCONJ
ajfa-13065	71	9	compared	compare	VERB
ajfa-13065	71	10	to	to	ADP
ajfa-13065	71	11	smaller	small	ADJ
ajfa-13065	71	12	ones	one	NOUN
ajfa-13065	71	13	,	,	PUNCT
ajfa-13065	71	14	ceteris	ceteris	NOUN
ajfa-13065	71	15	paribus	paribus	NOUN
ajfa-13065	71	16	,	,	PUNCT
ajfa-13065	71	17	larger	large	ADJ
ajfa-13065	71	18	firms	firm	NOUN
ajfa-13065	71	19	are	be	AUX
ajfa-13065	71	20	expected	expect	VERB
ajfa-13065	71	21	to	to	PART
ajfa-13065	71	22	have	have	VERB
ajfa-13065	71	23	a	a	DET
ajfa-13065	71	24	higher	high	ADJ
ajfa-13065	71	25	debt	debt	NOUN
ajfa-13065	71	26	capacity	capacity	NOUN
ajfa-13065	71	27	due	due	ADP
ajfa-13065	71	28	to	to	ADP
ajfa-13065	71	29	a	a	DET
ajfa-13065	71	30	lower	low	ADJ
ajfa-13065	71	31	risk	risk	NOUN
ajfa-13065	71	32	of	of	ADP
ajfa-13065	71	33	bankruptcy	bankruptcy	NOUN
ajfa-13065	71	34	(	(	PUNCT
ajfa-13065	71	35	bankruptcy	bankruptcy	NOUN
ajfa-13065	71	36	cost	cost	NOUN
ajfa-13065	71	37	)	)	PUNCT
ajfa-13065	71	38	.	.	PUNCT
ajfa-13065	72	1	in	in	ADP
ajfa-13065	72	2	contrast	contrast	NOUN
ajfa-13065	72	3	,	,	PUNCT
ajfa-13065	72	4	the	the	DET
ajfa-13065	72	5	pecking	pecking	NOUN
ajfa-13065	72	6	-	-	PUNCT
ajfa-13065	72	7	order	order	NOUN
ajfa-13065	72	8	theory	theory	NOUN
ajfa-13065	72	9	suggests	suggest	VERB
ajfa-13065	72	10	that	that	SCONJ
ajfa-13065	72	11	,	,	PUNCT
ajfa-13065	72	12	bigger	big	ADJ
ajfa-13065	72	13	firms	firm	NOUN
ajfa-13065	72	14	are	be	AUX
ajfa-13065	72	15	more	more	ADV
ajfa-13065	72	16	likely	likely	ADJ
ajfa-13065	72	17	to	to	PART
ajfa-13065	72	18	use	use	VERB
ajfa-13065	72	19	less	less	ADJ
ajfa-13065	72	20	debt	debt	NOUN
ajfa-13065	72	21	due	due	ADP
ajfa-13065	72	22	to	to	ADP
ajfa-13065	72	23	lower	low	ADJ
ajfa-13065	72	24	asymmetric	asymmetric	ADJ
ajfa-13065	72	25	information	information	NOUN
ajfa-13065	72	26	problems	problem	NOUN
ajfa-13065	72	27	between	between	ADP
ajfa-13065	72	28	insiders	insider	NOUN
ajfa-13065	72	29	and	and	CCONJ
ajfa-13065	72	30	outside	outside	ADJ
ajfa-13065	72	31	investors	investor	NOUN
ajfa-13065	72	32	(	(	PUNCT
ajfa-13065	72	33	i.e.	i.e.	X
ajfa-13065	72	34	larger	large	ADJ
ajfa-13065	72	35	firms	firm	NOUN
ajfa-13065	72	36	provide	provide	VERB
ajfa-13065	72	37	more	more	ADJ
ajfa-13065	72	38	information	information	NOUN
ajfa-13065	72	39	to	to	ADP
ajfa-13065	72	40	lenders	lender	NOUN
ajfa-13065	72	41	than	than	ADP
ajfa-13065	72	42	smaller	small	ADJ
ajfa-13065	72	43	firms	firm	NOUN
ajfa-13065	72	44	,	,	PUNCT
ajfa-13065	72	45	so	so	SCONJ
ajfa-13065	72	46	the	the	DET
ajfa-13065	72	47	cost	cost	NOUN
ajfa-13065	72	48	of	of	ADP
ajfa-13065	72	49	issuing	issue	VERB
ajfa-13065	72	50	new	new	ADJ
ajfa-13065	72	51	equity	equity	NOUN
ajfa-13065	72	52	is	be	AUX
ajfa-13065	72	53	lower	low	ADJ
ajfa-13065	72	54	than	than	ADP
ajfa-13065	72	55	the	the	DET
ajfa-13065	72	56	debt	debt	NOUN
ajfa-13065	72	57	issuing	issue	VERB
ajfa-13065	72	58	cost	cost	NOUN
ajfa-13065	72	59	)	)	PUNCT
ajfa-13065	72	60	.	.	PUNCT
ajfa-13065	73	1	previous	previous	ADJ
ajfa-13065	73	2	empirical	empirical	ADJ
ajfa-13065	73	3	studies	study	NOUN
ajfa-13065	73	4	from	from	ADP
ajfa-13065	73	5	developed	develop	VERB
ajfa-13065	73	6	countries	country	NOUN
ajfa-13065	73	7	(	(	PUNCT
ajfa-13065	73	8	titman	titman	NOUN
ajfa-13065	73	9	and	and	CCONJ
ajfa-13065	73	10	wessels	wessels	PROPN
ajfa-13065	73	11	,	,	PUNCT
ajfa-13065	73	12	1988	1988	NUM
ajfa-13065	73	13	;	;	PUNCT
ajfa-13065	73	14	berger	berger	PROPN
ajfa-13065	73	15	et	et	PROPN
ajfa-13065	73	16	al	al	PROPN
ajfa-13065	73	17	.	.	PROPN
ajfa-13065	73	18	,	,	PUNCT
ajfa-13065	73	19	1997	1997	NUM
ajfa-13065	73	20	;	;	PUNCT
ajfa-13065	73	21	brailsfore	brailsfore	PROPN
ajfa-13065	73	22	et	et	PROPN
ajfa-13065	73	23	al	al	PROPN
ajfa-13065	73	24	.	.	PROPN
ajfa-13065	73	25	,	,	PUNCT
ajfa-13065	73	26	2002	2002	NUM
ajfa-13065	73	27	;	;	PUNCT
ajfa-13065	73	28	florackis	floracki	NOUN
ajfa-13065	73	29	and	and	CCONJ
ajfa-13065	73	30	ozken	ozken	VERB
ajfa-13065	73	31	,	,	PUNCT
ajfa-13065	73	32	2009	2009	NUM
ajfa-13065	73	33	)	)	PUNCT
ajfa-13065	73	34	,	,	PUNCT
ajfa-13065	73	35	from	from	ADP
ajfa-13065	73	36	developing	develop	VERB
ajfa-13065	73	37	economics	economic	NOUN
ajfa-13065	73	38	(	(	PUNCT
ajfa-13065	73	39	wiwattanakantang	wiwattanakantang	PROPN
ajfa-13065	73	40	,	,	PUNCT
ajfa-13065	73	41	1999	1999	NUM
ajfa-13065	73	42	;	;	PUNCT
ajfa-13065	73	43	booth	booth	NOUN
ajfa-13065	73	44	et	et	PROPN
ajfa-13065	73	45	al	al	PROPN
ajfa-13065	73	46	.	.	PROPN
ajfa-13065	73	47	,	,	PUNCT
ajfa-13065	73	48	2001	2001	NUM
ajfa-13065	73	49	;	;	PUNCT
ajfa-13065	73	50	pandey	pandey	PROPN
ajfa-13065	73	51	,	,	PUNCT
ajfa-13065	73	52	2001	2001	NUM
ajfa-13065	73	53	;	;	PUNCT
ajfa-13065	73	54	deesomsak	deesomsak	PROPN
ajfa-13065	73	55	et	et	PROPN
ajfa-13065	73	56	al	al	PROPN
ajfa-13065	73	57	.	.	PROPN
ajfa-13065	73	58	,	,	PUNCT
ajfa-13065	73	59	2004	2004	NUM
ajfa-13065	73	60	)	)	PUNCT
ajfa-13065	73	61	,	,	PUNCT
ajfa-13065	73	62	as	as	ADV
ajfa-13065	73	63	well	well	ADV
ajfa-13065	73	64	as	as	ADP
ajfa-13065	73	65	in	in	ADP
ajfa-13065	73	66	the	the	DET
ajfa-13065	73	67	context	context	NOUN
ajfa-13065	73	68	of	of	ADP
ajfa-13065	73	69	chinese	chinese	ADJ
ajfa-13065	73	70	firms	firm	NOUN
ajfa-13065	73	71	(	(	PUNCT
ajfa-13065	73	72	chen	chen	PROPN
ajfa-13065	73	73	and	and	CCONJ
ajfa-13065	73	74	strange	strange	ADJ
ajfa-13065	73	75	,	,	PUNCT
ajfa-13065	73	76	2005	2005	NUM
ajfa-13065	73	77	;	;	PUNCT
ajfa-13065	73	78	zou	zou	PROPN
ajfa-13065	73	79	and	and	CCONJ
ajfa-13065	73	80	xiao	xiao	PROPN
ajfa-13065	73	81	2006	2006	NUM
ajfa-13065	73	82	;	;	PUNCT
ajfa-13065	73	83	haung	haung	NOUN
ajfa-13065	73	84	and	and	CCONJ
ajfa-13065	73	85	song	song	NOUN
ajfa-13065	73	86	,	,	PUNCT
ajfa-13065	73	87	2006	2006	NUM
ajfa-13065	73	88	;	;	PUNCT
ajfa-13065	73	89	qian	qian	PROPN
ajfa-13065	73	90	et	et	PROPN
ajfa-13065	73	91	al	al	PROPN
ajfa-13065	73	92	.	.	PROPN
ajfa-13065	73	93	,	,	PUNCT
ajfa-13065	73	94	2009	2009	NUM
ajfa-13065	73	95	)	)	PUNCT
ajfa-13065	73	96	all	all	PRON
ajfa-13065	73	97	uniformly	uniformly	ADV
ajfa-13065	73	98	find	find	VERB
ajfa-13065	73	99	that	that	SCONJ
ajfa-13065	73	100	leverage	leverage	NOUN
ajfa-13065	73	101	is	be	AUX
ajfa-13065	73	102	positively	positively	ADV
ajfa-13065	73	103	related	relate	VERB
ajfa-13065	73	104	to	to	ADP
ajfa-13065	73	105	firm	firm	ADJ
ajfa-13065	73	106	size	size	NOUN
ajfa-13065	73	107	.	.	PUNCT
ajfa-13065	74	1	we	we	PRON
ajfa-13065	74	2	therefore	therefore	ADV
ajfa-13065	74	3	expect	expect	VERB
ajfa-13065	74	4	a	a	DET
ajfa-13065	74	5	positive	positive	ADJ
ajfa-13065	74	6	relationship	relationship	NOUN
ajfa-13065	74	7	between	between	ADP
ajfa-13065	74	8	firm	firm	ADJ
ajfa-13065	74	9	size	size	NOUN
ajfa-13065	74	10	and	and	CCONJ
ajfa-13065	74	11	leverage	leverage	NOUN
ajfa-13065	74	12	.	.	PUNCT
ajfa-13065	75	1	therefore	therefore	ADV
ajfa-13065	75	2	,	,	PUNCT
ajfa-13065	75	3	our	our	PRON
ajfa-13065	75	4	hypothesis	hypothesis	NOUN
ajfa-13065	75	5	is	be	AUX
ajfa-13065	75	6	that	that	SCONJ
ajfa-13065	75	7	h1	h1	X
ajfa-13065	75	8	:	:	PUNCT
ajfa-13065	75	9	there	there	PRON
ajfa-13065	75	10	is	be	VERB
ajfa-13065	75	11	a	a	DET
ajfa-13065	75	12	positive	positive	ADJ
ajfa-13065	75	13	significant	significant	ADJ
ajfa-13065	75	14	relationship	relationship	NOUN
ajfa-13065	75	15	between	between	ADP
ajfa-13065	75	16	firm	firm	ADJ
ajfa-13065	75	17	size	size	NOUN
ajfa-13065	75	18	and	and	CCONJ
ajfa-13065	75	19	leverage	leverage	NOUN
ajfa-13065	75	20	.	.	PUNCT
ajfa-13065	76	1	2.2.2	2.2.2	NUM
ajfa-13065	76	2	profitability	profitability	NOUN
ajfa-13065	76	3	according	accord	VERB
ajfa-13065	76	4	to	to	ADP
ajfa-13065	76	5	the	the	DET
ajfa-13065	76	6	static	static	ADJ
ajfa-13065	76	7	trade	trade	NOUN
ajfa-13065	76	8	-	-	PUNCT
ajfa-13065	76	9	off	off	ADP
ajfa-13065	76	10	theory	theory	NOUN
ajfa-13065	76	11	,	,	PUNCT
ajfa-13065	76	12	the	the	DET
ajfa-13065	76	13	more	more	ADV
ajfa-13065	76	14	profitable	profitable	ADJ
ajfa-13065	76	15	the	the	DET
ajfa-13065	76	16	firms	firm	NOUN
ajfa-13065	76	17	,	,	PUNCT
ajfa-13065	76	18	the	the	PRON
ajfa-13065	76	19	greater	great	ADJ
ajfa-13065	76	20	the	the	DET
ajfa-13065	76	21	use	use	NOUN
ajfa-13065	76	22	of	of	ADP
ajfa-13065	76	23	leverage	leverage	NOUN
ajfa-13065	76	24	,	,	PUNCT
ajfa-13065	76	25	ceteris	ceteris	NOUN
ajfa-13065	76	26	paribus	paribus	NOUN
ajfa-13065	76	27	,	,	PUNCT
ajfa-13065	76	28	due	due	ADP
ajfa-13065	76	29	to	to	ADP
ajfa-13065	76	30	an	an	DET
ajfa-13065	76	31	increase	increase	NOUN
ajfa-13065	76	32	in	in	ADP
ajfa-13065	76	33	the	the	DET
ajfa-13065	76	34	tax	tax	NOUN
ajfa-13065	76	35	shield	shield	NOUN
ajfa-13065	76	36	benefits	benefit	NOUN
ajfa-13065	76	37	and	and	CCONJ
ajfa-13065	76	38	,	,	PUNCT
ajfa-13065	76	39	to	to	ADP
ajfa-13065	76	40	a	a	DET
ajfa-13065	76	41	lower	low	ADJ
ajfa-13065	76	42	financial	financial	ADJ
ajfa-13065	76	43	distress	distress	NOUN
ajfa-13065	76	44	and	and	CCONJ
ajfa-13065	76	45	agency	agency	NOUN
ajfa-13065	76	46	costs	cost	NOUN
ajfa-13065	76	47	of	of	ADP
ajfa-13065	76	48	debt	debt	NOUN
ajfa-13065	76	49	.	.	PUNCT
ajfa-13065	77	1	thus	thus	ADV
ajfa-13065	77	2	,	,	PUNCT
ajfa-13065	77	3	this	this	DET
ajfa-13065	77	4	theory	theory	NOUN
ajfa-13065	77	5	predicts	predict	VERB
ajfa-13065	77	6	that	that	SCONJ
ajfa-13065	77	7	profitability	profitability	NOUN
ajfa-13065	77	8	is	be	AUX
ajfa-13065	77	9	positively	positively	ADV
ajfa-13065	77	10	related	relate	VERB
ajfa-13065	77	11	to	to	ADP
ajfa-13065	77	12	leverage	leverage	NOUN
ajfa-13065	77	13	.	.	PUNCT
ajfa-13065	78	1	in	in	ADP
ajfa-13065	78	2	contrast	contrast	NOUN
ajfa-13065	78	3	,	,	PUNCT
ajfa-13065	78	4	there	there	PRON
ajfa-13065	78	5	is	be	VERB
ajfa-13065	78	6	an	an	DET
ajfa-13065	78	7	opposite	opposite	ADJ
ajfa-13065	78	8	prediction	prediction	NOUN
ajfa-13065	78	9	based	base	VERB
ajfa-13065	78	10	on	on	ADP
ajfa-13065	78	11	the	the	DET
ajfa-13065	78	12	pecking	pecking	NOUN
ajfa-13065	78	13	-	-	PUNCT
ajfa-13065	78	14	order	order	NOUN
ajfa-13065	78	15	theory	theory	NOUN
ajfa-13065	78	16	that	that	SCONJ
ajfa-13065	78	17	the	the	DET
ajfa-13065	78	18	most	most	ADV
ajfa-13065	78	19	profitable	profitable	ADJ
ajfa-13065	78	20	firms	firm	NOUN
ajfa-13065	78	21	tend	tend	VERB
ajfa-13065	78	22	to	to	PART
ajfa-13065	78	23	borrow	borrow	VERB
ajfa-13065	78	24	less	less	ADJ
ajfa-13065	78	25	.	.	PUNCT
ajfa-13065	79	1	in	in	ADP
ajfa-13065	79	2	other	other	ADJ
ajfa-13065	79	3	,	,	PUNCT
ajfa-13065	79	4	the	the	DET
ajfa-13065	79	5	pecking	pecking	NOUN
ajfa-13065	79	6	-	-	PUNCT
ajfa-13065	79	7	order	order	NOUN
ajfa-13065	79	8	theory	theory	NOUN
ajfa-13065	79	9	suggests	suggest	VERB
ajfa-13065	79	10	that	that	SCONJ
ajfa-13065	79	11	firms	firm	NOUN
ajfa-13065	79	12	first	first	ADV
ajfa-13065	79	13	finance	finance	VERB
ajfa-13065	79	14	their	their	PRON
ajfa-13065	79	15	investment	investment	NOUN
ajfa-13065	79	16	using	use	VERB
ajfa-13065	79	17	internal	internal	ADJ
ajfa-13065	79	18	resources	resource	NOUN
ajfa-13065	79	19	(	(	PUNCT
ajfa-13065	79	20	i.e.	i.e.	X
ajfa-13065	79	21	retained	retain	VERB
ajfa-13065	79	22	profit	profit	NOUN
ajfa-13065	79	23	)	)	PUNCT
ajfa-13065	79	24	,	,	PUNCT
ajfa-13065	79	25	and	and	CCONJ
ajfa-13065	79	26	then	then	ADV
ajfa-13065	79	27	move	move	VERB
ajfa-13065	79	28	to	to	ADP
ajfa-13065	79	29	debt	debt	NOUN
ajfa-13065	79	30	and	and	CCONJ
ajfa-13065	79	31	new	new	ADJ
ajfa-13065	79	32	equity	equity	NOUN
ajfa-13065	79	33	financing	financing	NOUN
ajfa-13065	79	34	as	as	ADP
ajfa-13065	79	35	a	a	DET
ajfa-13065	79	36	last	last	ADJ
ajfa-13065	79	37	resort	resort	NOUN
ajfa-13065	79	38	.	.	PUNCT
ajfa-13065	80	1	previous	previous	ADJ
ajfa-13065	80	2	empirical	empirical	ADJ
ajfa-13065	80	3	findings	finding	NOUN
ajfa-13065	80	4	on	on	ADP
ajfa-13065	80	5	financing	finance	VERB
ajfa-13065	80	6	behaviour	behaviour	NOUN
ajfa-13065	80	7	of	of	ADP
ajfa-13065	80	8	firms	firm	NOUN
ajfa-13065	80	9	in	in	ADP
ajfa-13065	80	10	developed	develop	VERB
ajfa-13065	80	11	economies	economy	NOUN
ajfa-13065	80	12	(	(	PUNCT
ajfa-13065	80	13	titman	titman	NOUN
ajfa-13065	80	14	and	and	CCONJ
ajfa-13065	80	15	wessels	wessels	PROPN
ajfa-13065	80	16	,	,	PUNCT
ajfa-13065	80	17	1988	1988	NUM
ajfa-13065	80	18	;	;	PUNCT
ajfa-13065	80	19	chiarella	chiarella	PROPN
ajfa-13065	80	20	et	et	PROPN
ajfa-13065	80	21	al	al	PROPN
ajfa-13065	80	22	.	.	PROPN
ajfa-13065	80	23	,	,	PUNCT
ajfa-13065	80	24	1992	1992	NUM
ajfa-13065	80	25	;	;	PUNCT
ajfa-13065	80	26	allem	allem	NOUN
ajfa-13065	80	27	,	,	PUNCT
ajfa-13065	80	28	1993	1993	NUM
ajfa-13065	80	29	;	;	PUNCT
ajfa-13065	80	30	wald	wald	X
ajfa-13065	80	31	,	,	PUNCT
ajfa-13065	80	32	1999	1999	NUM
ajfa-13065	80	33	;	;	PUNCT
ajfa-13065	80	34	rajan	rajan	NOUN
ajfa-13065	80	35	and	and	CCONJ
ajfa-13065	80	36	singales	singale	NOUN
ajfa-13065	80	37	,	,	PUNCT
ajfa-13065	80	38	1995	1995	NUM
ajfa-13065	80	39	;	;	PUNCT
ajfa-13065	80	40	berger	berger	PROPN
ajfa-13065	80	41	et	et	PROPN
ajfa-13065	80	42	al	al	PROPN
ajfa-13065	80	43	.	.	PROPN
ajfa-13065	80	44	,	,	PUNCT
ajfa-13065	80	45	1997	1997	NUM
ajfa-13065	80	46	;	;	PUNCT
ajfa-13065	80	47	brailsfore	brailsfore	PROPN
ajfa-13065	80	48	et	et	PROPN
ajfa-13065	80	49	al	al	PROPN
ajfa-13065	80	50	.	.	PROPN
ajfa-13065	80	51	,	,	PUNCT
ajfa-13065	80	52	2002	2002	NUM
ajfa-13065	80	53	;	;	PUNCT
ajfa-13065	80	54	fama	fama	PROPN
ajfa-13065	80	55	and	and	CCONJ
ajfa-13065	80	56	french	french	NOUN
ajfa-13065	80	57	,	,	PUNCT
ajfa-13065	80	58	2002	2002	NUM
ajfa-13065	80	59	;	;	PUNCT
ajfa-13065	80	60	frank	frank	PROPN
ajfa-13065	80	61	and	and	CCONJ
ajfa-13065	80	62	goyal	goyal	PROPN
ajfa-13065	80	63	,	,	PUNCT
ajfa-13065	80	64	2003	2003	NUM
ajfa-13065	80	65	;	;	PUNCT
ajfa-13065	80	66	florackis	floracki	NOUN
ajfa-13065	80	67	and	and	CCONJ
ajfa-13065	80	68	ozken	ozken	VERB
ajfa-13065	80	69	,	,	PUNCT
ajfa-13065	80	70	2009	2009	NUM
ajfa-13065	80	71	)	)	PUNCT
ajfa-13065	80	72	,	,	PUNCT
ajfa-13065	80	73	and	and	CCONJ
ajfa-13065	80	74	in	in	ADP
ajfa-13065	80	75	emerging	emerge	VERB
ajfa-13065	80	76	economies	economy	NOUN
ajfa-13065	80	77	(	(	PUNCT
ajfa-13065	80	78	wiwattanakantang	wiwattanakantang	PROPN
ajfa-13065	80	79	,	,	PUNCT
ajfa-13065	80	80	1999	1999	NUM
ajfa-13065	80	81	;	;	PUNCT
ajfa-13065	80	82	booth	booth	NOUN
ajfa-13065	80	83	et	et	PROPN
ajfa-13065	80	84	al	al	PROPN
ajfa-13065	80	85	.	.	PROPN
ajfa-13065	80	86	,	,	PUNCT
ajfa-13065	80	87	2001	2001	NUM
ajfa-13065	80	88	;	;	PUNCT
ajfa-13065	80	89	pandey	pandey	PROPN
ajfa-13065	80	90	,	,	PUNCT
ajfa-13065	80	91	2001	2001	NUM
ajfa-13065	80	92	;	;	PUNCT
ajfa-13065	80	93	deesomsak	deesomsak	PROPN
ajfa-13065	80	94	et	et	PROPN
ajfa-13065	80	95	al	al	PROPN
ajfa-13065	80	96	.	.	PROPN
ajfa-13065	80	97	,	,	PUNCT
ajfa-13065	80	98	2004	2004	NUM
ajfa-13065	80	99	)	)	PUNCT
ajfa-13065	80	100	find	find	VERB
ajfa-13065	80	101	a	a	DET
ajfa-13065	80	102	negative	negative	ADJ
ajfa-13065	80	103	relationship	relationship	NOUN
ajfa-13065	80	104	between	between	ADP
ajfa-13065	80	105	leverage	leverage	NOUN
ajfa-13065	80	106	ratios	ratio	NOUN
ajfa-13065	80	107	and	and	CCONJ
ajfa-13065	80	108	profitability	profitability	NOUN
ajfa-13065	80	109	.	.	PUNCT
ajfa-13065	81	1	in	in	ADP
ajfa-13065	81	2	the	the	DET
ajfa-13065	81	3	context	context	NOUN
ajfa-13065	81	4	of	of	ADP
ajfa-13065	81	5	chinese	chinese	ADJ
ajfa-13065	81	6	enterprises	enterprise	NOUN
ajfa-13065	81	7	,	,	PUNCT
ajfa-13065	81	8	several	several	ADJ
ajfa-13065	81	9	authors	author	NOUN
ajfa-13065	81	10	(	(	PUNCT
ajfa-13065	81	11	chen	chen	PROPN
ajfa-13065	81	12	,	,	PUNCT
ajfa-13065	81	13	2004	2004	NUM
ajfa-13065	81	14	;	;	PUNCT
ajfa-13065	81	15	chen	chen	PROPN
ajfa-13065	81	16	and	and	CCONJ
ajfa-13065	81	17	strange	strange	ADJ
ajfa-13065	81	18	,	,	PUNCT
ajfa-13065	81	19	2005	2005	NUM
ajfa-13065	81	20	;	;	PUNCT
ajfa-13065	81	21	zou	zou	PROPN
ajfa-13065	81	22	and	and	CCONJ
ajfa-13065	81	23	xiao	xiao	PROPN
ajfa-13065	81	24	2006	2006	NUM
ajfa-13065	81	25	;	;	PUNCT
ajfa-13065	81	26	haung	haung	NOUN
ajfa-13065	81	27	and	and	CCONJ
ajfa-13065	81	28	song	song	NOUN
ajfa-13065	81	29	,	,	PUNCT
ajfa-13065	81	30	2006	2006	NUM
ajfa-13065	81	31	;	;	PUNCT
ajfa-13065	81	32	qian	qian	PROPN
ajfa-13065	81	33	et	et	PROPN
ajfa-13065	81	34	al	al	PROPN
ajfa-13065	81	35	.	.	PROPN
ajfa-13065	81	36	,	,	PUNCT
ajfa-13065	81	37	2009	2009	NUM
ajfa-13065	81	38	)	)	PUNCT
ajfa-13065	81	39	also	also	ADV
ajfa-13065	81	40	report	report	VERB
ajfa-13065	81	41	a	a	DET
ajfa-13065	81	42	similar	similar	ADJ
ajfa-13065	81	43	relationship	relationship	NOUN
ajfa-13065	81	44	.	.	PUNCT
ajfa-13065	82	1	in	in	ADP
ajfa-13065	82	2	this	this	DET
ajfa-13065	82	3	study	study	NOUN
ajfa-13065	82	4	,	,	PUNCT
ajfa-13065	82	5	the	the	DET
ajfa-13065	82	6	measure	measure	NOUN
ajfa-13065	82	7	of	of	ADP
ajfa-13065	82	8	earnings	earning	NOUN
ajfa-13065	82	9	before	before	ADP
ajfa-13065	82	10	interest	interest	NOUN
ajfa-13065	82	11	and	and	CCONJ
ajfa-13065	82	12	asian	asian	ADJ
ajfa-13065	82	13	journal	journal	NOUN
ajfa-13065	82	14	of	of	ADP
ajfa-13065	82	15	finance	finance	PROPN
ajfa-13065	82	16	&	&	CCONJ
ajfa-13065	82	17	accounting	accounting	PROPN
ajfa-13065	82	18	issn	issn	PROPN
ajfa-13065	82	19	1946	1946	NUM
ajfa-13065	82	20	-	-	PUNCT
ajfa-13065	82	21	052x	052x	NOUN
ajfa-13065	82	22	2018	2018	NUM
ajfa-13065	82	23	,	,	PUNCT
ajfa-13065	82	24	vol	vol	NOUN
ajfa-13065	82	25	.	.	PROPN
ajfa-13065	82	26	10	10	NUM
ajfa-13065	82	27	,	,	PUNCT
ajfa-13065	82	28	no	no	INTJ
ajfa-13065	82	29	.	.	NOUN
ajfa-13065	82	30	2	2	NUM
ajfa-13065	82	31	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	82	32	68	68	NUM
ajfa-13065	82	33	taxes	taxis	NOUN
ajfa-13065	82	34	scaled	scale	VERB
ajfa-13065	82	35	by	by	ADP
ajfa-13065	82	36	total	total	ADJ
ajfa-13065	82	37	assets	asset	NOUN
ajfa-13065	82	38	is	be	AUX
ajfa-13065	82	39	employed	employ	VERB
ajfa-13065	82	40	to	to	PART
ajfa-13065	82	41	measure	measure	VERB
ajfa-13065	82	42	profitability	profitability	NOUN
ajfa-13065	82	43	(	(	PUNCT
ajfa-13065	82	44	profit	profit	NOUN
ajfa-13065	82	45	)	)	PUNCT
ajfa-13065	82	46	of	of	ADP
ajfa-13065	82	47	firms	firm	NOUN
ajfa-13065	82	48	.	.	PUNCT
ajfa-13065	83	1	we	we	PRON
ajfa-13065	83	2	test	test	VERB
ajfa-13065	83	3	the	the	DET
ajfa-13065	83	4	following	follow	VERB
ajfa-13065	83	5	hypothesis	hypothesis	NOUN
ajfa-13065	83	6	:	:	PUNCT
ajfa-13065	83	7	h2	h2	NOUN
ajfa-13065	83	8	:	:	PUNCT
ajfa-13065	83	9	there	there	PRON
ajfa-13065	83	10	is	be	VERB
ajfa-13065	83	11	a	a	DET
ajfa-13065	83	12	negative	negative	ADJ
ajfa-13065	83	13	significant	significant	ADJ
ajfa-13065	83	14	relationship	relationship	NOUN
ajfa-13065	83	15	between	between	ADP
ajfa-13065	83	16	profitability	profitability	NOUN
ajfa-13065	83	17	and	and	CCONJ
ajfa-13065	83	18	leverage	leverage	NOUN
ajfa-13065	83	19	.	.	PUNCT
ajfa-13065	84	1	2.2.3	2.2.3	NUM
ajfa-13065	84	2	tangibility	tangibility	NOUN
ajfa-13065	84	3	according	accord	VERB
ajfa-13065	84	4	to	to	ADP
ajfa-13065	84	5	the	the	DET
ajfa-13065	84	6	pecking	pecking	NOUN
ajfa-13065	84	7	-	-	PUNCT
ajfa-13065	84	8	order	order	NOUN
ajfa-13065	84	9	theory	theory	NOUN
ajfa-13065	84	10	,	,	PUNCT
ajfa-13065	84	11	firms	firm	NOUN
ajfa-13065	84	12	with	with	ADP
ajfa-13065	84	13	more	more	ADJ
ajfa-13065	84	14	fixed	fix	VERB
ajfa-13065	84	15	assets	asset	NOUN
ajfa-13065	84	16	can	can	AUX
ajfa-13065	84	17	easily	easily	ADV
ajfa-13065	84	18	access	access	VERB
ajfa-13065	84	19	secured	secure	VERB
ajfa-13065	84	20	debt	debt	NOUN
ajfa-13065	84	21	since	since	SCONJ
ajfa-13065	84	22	tangible	tangible	ADJ
ajfa-13065	84	23	assets	asset	NOUN
ajfa-13065	84	24	are	be	AUX
ajfa-13065	84	25	used	use	VERB
ajfa-13065	84	26	as	as	ADP
ajfa-13065	84	27	collateral	collateral	NOUN
ajfa-13065	84	28	for	for	ADP
ajfa-13065	84	29	debt	debt	NOUN
ajfa-13065	84	30	.	.	PUNCT
ajfa-13065	85	1	the	the	DET
ajfa-13065	85	2	static	static	ADJ
ajfa-13065	85	3	trade	trade	NOUN
ajfa-13065	85	4	-	-	PUNCT
ajfa-13065	85	5	off	off	ADP
ajfa-13065	85	6	theory	theory	NOUN
ajfa-13065	85	7	postulates	postulate	VERB
ajfa-13065	85	8	that	that	SCONJ
ajfa-13065	85	9	the	the	PRON
ajfa-13065	85	10	larger	large	ADJ
ajfa-13065	85	11	the	the	DET
ajfa-13065	85	12	fixed	fix	VERB
ajfa-13065	85	13	assets	asset	NOUN
ajfa-13065	85	14	of	of	ADP
ajfa-13065	85	15	the	the	DET
ajfa-13065	85	16	firm	firm	NOUN
ajfa-13065	85	17	(	(	PUNCT
ajfa-13065	85	18	fixed	fix	VERB
ajfa-13065	85	19	assets	asset	NOUN
ajfa-13065	85	20	are	be	AUX
ajfa-13065	85	21	collateralised	collateralise	VERB
ajfa-13065	85	22	for	for	ADP
ajfa-13065	85	23	debt	debt	NOUN
ajfa-13065	85	24	and	and	CCONJ
ajfa-13065	85	25	thus	thus	ADV
ajfa-13065	85	26	they	they	PRON
ajfa-13065	85	27	reduce	reduce	VERB
ajfa-13065	85	28	the	the	DET
ajfa-13065	85	29	risk	risk	NOUN
ajfa-13065	85	30	of	of	ADP
ajfa-13065	85	31	lenders	lender	NOUN
ajfa-13065	85	32	)	)	PUNCT
ajfa-13065	85	33	,	,	PUNCT
ajfa-13065	85	34	the	the	PRON
ajfa-13065	85	35	lower	low	ADJ
ajfa-13065	85	36	the	the	DET
ajfa-13065	85	37	bankruptcy	bankruptcy	NOUN
ajfa-13065	85	38	and	and	CCONJ
ajfa-13065	85	39	financial	financial	ADJ
ajfa-13065	85	40	distress	distress	NOUN
ajfa-13065	85	41	costs	cost	NOUN
ajfa-13065	85	42	.	.	PUNCT
ajfa-13065	86	1	in	in	ADP
ajfa-13065	86	2	line	line	NOUN
ajfa-13065	86	3	with	with	ADP
ajfa-13065	86	4	the	the	DET
ajfa-13065	86	5	explanation	explanation	NOUN
ajfa-13065	86	6	of	of	ADP
ajfa-13065	86	7	both	both	DET
ajfa-13065	86	8	theories	theory	NOUN
ajfa-13065	86	9	,	,	PUNCT
ajfa-13065	86	10	a	a	DET
ajfa-13065	86	11	positive	positive	ADJ
ajfa-13065	86	12	relationship	relationship	NOUN
ajfa-13065	86	13	between	between	ADP
ajfa-13065	86	14	tangibility	tangibility	NOUN
ajfa-13065	86	15	and	and	CCONJ
ajfa-13065	86	16	leverage	leverage	NOUN
ajfa-13065	86	17	is	be	AUX
ajfa-13065	86	18	expected	expect	VERB
ajfa-13065	86	19	.	.	PUNCT
ajfa-13065	87	1	the	the	DET
ajfa-13065	87	2	findings	finding	NOUN
ajfa-13065	87	3	of	of	ADP
ajfa-13065	87	4	prior	prior	ADJ
ajfa-13065	87	5	empirical	empirical	ADJ
ajfa-13065	87	6	research	research	NOUN
ajfa-13065	87	7	on	on	ADP
ajfa-13065	87	8	leverage	leverage	NOUN
ajfa-13065	87	9	based	base	VERB
ajfa-13065	87	10	on	on	ADP
ajfa-13065	87	11	developed	develop	VERB
ajfa-13065	87	12	countries	country	NOUN
ajfa-13065	87	13	(	(	PUNCT
ajfa-13065	87	14	rajan	rajan	NOUN
ajfa-13065	87	15	and	and	CCONJ
ajfa-13065	87	16	singales	singale	NOUN
ajfa-13065	87	17	,	,	PUNCT
ajfa-13065	87	18	1995	1995	NUM
ajfa-13065	87	19	;	;	PUNCT
ajfa-13065	87	20	berger	berger	PROPN
ajfa-13065	87	21	et	et	PROPN
ajfa-13065	87	22	al	al	PROPN
ajfa-13065	87	23	.	.	PROPN
ajfa-13065	87	24	,	,	PUNCT
ajfa-13065	87	25	1997	1997	NUM
ajfa-13065	87	26	;	;	PUNCT
ajfa-13065	87	27	wald	wald	X
ajfa-13065	87	28	,	,	PUNCT
ajfa-13065	87	29	1999	1999	NUM
ajfa-13065	87	30	;	;	PUNCT
ajfa-13065	87	31	brailsfore	brailsfore	PROPN
ajfa-13065	87	32	et	et	PROPN
ajfa-13065	87	33	al	al	PROPN
ajfa-13065	87	34	.	.	PROPN
ajfa-13065	87	35	,	,	PUNCT
ajfa-13065	87	36	2002	2002	NUM
ajfa-13065	87	37	;	;	PUNCT
ajfa-13065	87	38	florackis	floracki	NOUN
ajfa-13065	87	39	and	and	CCONJ
ajfa-13065	87	40	ozken	ozken	VERB
ajfa-13065	87	41	,	,	PUNCT
ajfa-13065	87	42	2009	2009	NUM
ajfa-13065	87	43	)	)	PUNCT
ajfa-13065	87	44	,	,	PUNCT
ajfa-13065	87	45	and	and	CCONJ
ajfa-13065	87	46	developing	develop	VERB
ajfa-13065	87	47	countries	country	NOUN
ajfa-13065	87	48	(	(	PUNCT
ajfa-13065	87	49	wiwattanakantang	wiwattanakantang	PROPN
ajfa-13065	87	50	,	,	PUNCT
ajfa-13065	87	51	1999	1999	NUM
ajfa-13065	87	52	;	;	PUNCT
ajfa-13065	87	53	deesomsak	deesomsak	PROPN
ajfa-13065	87	54	et	et	PROPN
ajfa-13065	87	55	al	al	PROPN
ajfa-13065	87	56	.	.	PROPN
ajfa-13065	87	57	,	,	PUNCT
ajfa-13065	87	58	2004	2004	NUM
ajfa-13065	87	59	)	)	PUNCT
ajfa-13065	87	60	as	as	ADV
ajfa-13065	87	61	well	well	ADV
ajfa-13065	87	62	as	as	ADP
ajfa-13065	87	63	china	china	PROPN
ajfa-13065	87	64	(	(	PUNCT
ajfa-13065	87	65	chen	chen	PROPN
ajfa-13065	87	66	,	,	PUNCT
ajfa-13065	87	67	2004	2004	NUM
ajfa-13065	87	68	;	;	PUNCT
ajfa-13065	87	69	chen	chen	PROPN
ajfa-13065	87	70	and	and	CCONJ
ajfa-13065	87	71	strange	strange	ADJ
ajfa-13065	87	72	,	,	PUNCT
ajfa-13065	87	73	2005	2005	NUM
ajfa-13065	87	74	;	;	PUNCT
ajfa-13065	87	75	zou	zou	PROPN
ajfa-13065	87	76	and	and	CCONJ
ajfa-13065	87	77	xiao	xiao	PROPN
ajfa-13065	87	78	2006	2006	NUM
ajfa-13065	87	79	;	;	PUNCT
ajfa-13065	87	80	haung	haung	NOUN
ajfa-13065	87	81	and	and	CCONJ
ajfa-13065	87	82	song	song	NOUN
ajfa-13065	87	83	,	,	PUNCT
ajfa-13065	87	84	2006	2006	NUM
ajfa-13065	87	85	;	;	PUNCT
ajfa-13065	87	86	qian	qian	PROPN
ajfa-13065	87	87	et	et	PROPN
ajfa-13065	87	88	al	al	PROPN
ajfa-13065	87	89	.	.	PROPN
ajfa-13065	87	90	,	,	PUNCT
ajfa-13065	87	91	2009	2009	NUM
ajfa-13065	87	92	)	)	PUNCT
ajfa-13065	87	93	,	,	PUNCT
ajfa-13065	87	94	confirm	confirm	VERB
ajfa-13065	87	95	this	this	DET
ajfa-13065	87	96	theoretical	theoretical	ADJ
ajfa-13065	87	97	prediction	prediction	NOUN
ajfa-13065	87	98	.	.	PUNCT
ajfa-13065	88	1	we	we	PRON
ajfa-13065	88	2	thus	thus	ADV
ajfa-13065	88	3	expect	expect	VERB
ajfa-13065	88	4	a	a	DET
ajfa-13065	88	5	positive	positive	ADJ
ajfa-13065	88	6	relationship	relationship	NOUN
ajfa-13065	88	7	between	between	ADP
ajfa-13065	88	8	tangibility	tangibility	NOUN
ajfa-13065	88	9	and	and	CCONJ
ajfa-13065	88	10	leverage	leverage	NOUN
ajfa-13065	88	11	.	.	PUNCT
ajfa-13065	89	1	in	in	ADP
ajfa-13065	89	2	this	this	DET
ajfa-13065	89	3	study	study	NOUN
ajfa-13065	89	4	,	,	PUNCT
ajfa-13065	89	5	tangibility	tangibility	NOUN
ajfa-13065	89	6	(	(	PUNCT
ajfa-13065	89	7	tang	tang	PROPN
ajfa-13065	89	8	)	)	PUNCT
ajfa-13065	89	9	is	be	AUX
ajfa-13065	89	10	measured	measure	VERB
ajfa-13065	89	11	by	by	ADP
ajfa-13065	89	12	net	net	ADJ
ajfa-13065	89	13	fixed	fix	VERB
ajfa-13065	89	14	assets	asset	NOUN
ajfa-13065	89	15	normalized	normalize	VERB
ajfa-13065	89	16	by	by	ADP
ajfa-13065	89	17	total	total	ADJ
ajfa-13065	89	18	assets	asset	NOUN
ajfa-13065	89	19	of	of	ADP
ajfa-13065	89	20	the	the	DET
ajfa-13065	89	21	firm	firm	NOUN
ajfa-13065	89	22	.	.	PUNCT
ajfa-13065	90	1	we	we	PRON
ajfa-13065	90	2	test	test	VERB
ajfa-13065	90	3	the	the	DET
ajfa-13065	90	4	following	follow	VERB
ajfa-13065	90	5	hypothesis	hypothesis	NOUN
ajfa-13065	90	6	:	:	PUNCT
ajfa-13065	90	7	h3	h3	VERB
ajfa-13065	90	8	:	:	PUNCT
ajfa-13065	90	9	there	there	PRON
ajfa-13065	90	10	is	be	VERB
ajfa-13065	90	11	a	a	DET
ajfa-13065	90	12	positive	positive	ADJ
ajfa-13065	90	13	significant	significant	ADJ
ajfa-13065	90	14	relationship	relationship	NOUN
ajfa-13065	90	15	between	between	ADP
ajfa-13065	90	16	tangibility	tangibility	NOUN
ajfa-13065	90	17	and	and	CCONJ
ajfa-13065	90	18	leverage	leverage	NOUN
ajfa-13065	90	19	.	.	PUNCT
ajfa-13065	91	1	2.2.4	2.2.4	NUM
ajfa-13065	91	2	growth	growth	NOUN
ajfa-13065	91	3	opportunities	opportunity	NOUN
ajfa-13065	91	4	according	accord	VERB
ajfa-13065	91	5	to	to	ADP
ajfa-13065	91	6	the	the	DET
ajfa-13065	91	7	static	static	ADJ
ajfa-13065	91	8	trade	trade	NOUN
ajfa-13065	91	9	-	-	PUNCT
ajfa-13065	91	10	off	off	ADP
ajfa-13065	91	11	theory	theory	NOUN
ajfa-13065	91	12	,	,	PUNCT
ajfa-13065	91	13	firms	firm	NOUN
ajfa-13065	91	14	with	with	ADP
ajfa-13065	91	15	high	high	ADJ
ajfa-13065	91	16	growth	growth	NOUN
ajfa-13065	91	17	opportunities	opportunity	NOUN
ajfa-13065	91	18	(	(	PUNCT
ajfa-13065	91	19	which	which	PRON
ajfa-13065	91	20	are	be	AUX
ajfa-13065	91	21	a	a	DET
ajfa-13065	91	22	form	form	NOUN
ajfa-13065	91	23	of	of	ADP
ajfa-13065	91	24	intangible	intangible	ADJ
ajfa-13065	91	25	assets	asset	NOUN
ajfa-13065	91	26	)	)	PUNCT
ajfa-13065	91	27	in	in	ADP
ajfa-13065	91	28	the	the	DET
ajfa-13065	91	29	future	future	NOUN
ajfa-13065	91	30	are	be	AUX
ajfa-13065	91	31	likely	likely	ADJ
ajfa-13065	91	32	to	to	PART
ajfa-13065	91	33	be	be	AUX
ajfa-13065	91	34	high	high	ADJ
ajfa-13065	91	35	risk	risk	NOUN
ajfa-13065	91	36	,	,	PUNCT
ajfa-13065	91	37	and	and	CCONJ
ajfa-13065	91	38	this	this	PRON
ajfa-13065	91	39	leads	lead	VERB
ajfa-13065	91	40	to	to	ADP
ajfa-13065	91	41	a	a	DET
ajfa-13065	91	42	greater	great	ADJ
ajfa-13065	91	43	financial	financial	ADJ
ajfa-13065	91	44	distress	distress	NOUN
ajfa-13065	91	45	costs	cost	NOUN
ajfa-13065	91	46	(	(	PUNCT
ajfa-13065	91	47	frank	frank	ADJ
ajfa-13065	91	48	and	and	CCONJ
ajfa-13065	91	49	goyal	goyal	PROPN
ajfa-13065	91	50	,	,	PUNCT
ajfa-13065	91	51	2009	2009	NUM
ajfa-13065	91	52	)	)	PUNCT
ajfa-13065	91	53	.	.	PUNCT
ajfa-13065	92	1	therefore	therefore	ADV
ajfa-13065	92	2	,	,	PUNCT
ajfa-13065	92	3	an	an	DET
ajfa-13065	92	4	inverse	inverse	NOUN
ajfa-13065	92	5	relationship	relationship	NOUN
ajfa-13065	92	6	between	between	ADP
ajfa-13065	92	7	growth	growth	NOUN
ajfa-13065	92	8	opportunities	opportunity	NOUN
ajfa-13065	92	9	and	and	CCONJ
ajfa-13065	92	10	leverage	leverage	NOUN
ajfa-13065	92	11	is	be	AUX
ajfa-13065	92	12	postulated	postulate	VERB
ajfa-13065	92	13	.	.	PUNCT
ajfa-13065	93	1	the	the	DET
ajfa-13065	93	2	pecking	pecking	NOUN
ajfa-13065	93	3	-	-	PUNCT
ajfa-13065	93	4	order	order	NOUN
ajfa-13065	93	5	theory	theory	NOUN
ajfa-13065	93	6	,	,	PUNCT
ajfa-13065	93	7	in	in	ADP
ajfa-13065	93	8	contrast	contrast	NOUN
ajfa-13065	93	9	,	,	PUNCT
ajfa-13065	93	10	predicts	predict	VERB
ajfa-13065	93	11	a	a	DET
ajfa-13065	93	12	positive	positive	ADJ
ajfa-13065	93	13	relationship	relationship	NOUN
ajfa-13065	93	14	between	between	ADP
ajfa-13065	93	15	these	these	DET
ajfa-13065	93	16	variables	variable	NOUN
ajfa-13065	93	17	since	since	SCONJ
ajfa-13065	93	18	high	high	ADJ
ajfa-13065	93	19	-	-	PUNCT
ajfa-13065	93	20	growth	growth	NOUN
ajfa-13065	93	21	opportunity	opportunity	NOUN
ajfa-13065	93	22	firms	firm	NOUN
ajfa-13065	93	23	are	be	AUX
ajfa-13065	93	24	likely	likely	ADJ
ajfa-13065	93	25	to	to	PART
ajfa-13065	93	26	face	face	VERB
ajfa-13065	93	27	more	more	ADJ
ajfa-13065	93	28	information	information	NOUN
ajfa-13065	93	29	asymmetry	asymmetry	NOUN
ajfa-13065	93	30	problems	problem	NOUN
ajfa-13065	93	31	between	between	ADP
ajfa-13065	93	32	insiders	insider	NOUN
ajfa-13065	93	33	and	and	CCONJ
ajfa-13065	93	34	outsiders	outsider	NOUN
ajfa-13065	93	35	(	(	PUNCT
ajfa-13065	93	36	i.e.	i.e.	X
ajfa-13065	93	37	company	company	NOUN
ajfa-13065	93	38	managers	manager	NOUN
ajfa-13065	93	39	know	know	VERB
ajfa-13065	93	40	more	more	ADJ
ajfa-13065	93	41	about	about	ADP
ajfa-13065	93	42	their	their	PRON
ajfa-13065	93	43	future	future	ADJ
ajfa-13065	93	44	investment	investment	NOUN
ajfa-13065	93	45	opportunities	opportunity	NOUN
ajfa-13065	93	46	than	than	ADP
ajfa-13065	93	47	outside	outside	ADJ
ajfa-13065	93	48	investors	investor	NOUN
ajfa-13065	93	49	)	)	PUNCT
ajfa-13065	93	50	.	.	PUNCT
ajfa-13065	94	1	so	so	ADV
ajfa-13065	94	2	these	these	DET
ajfa-13065	94	3	firms	firm	NOUN
ajfa-13065	94	4	use	use	VERB
ajfa-13065	94	5	more	more	ADJ
ajfa-13065	94	6	debt	debt	NOUN
ajfa-13065	94	7	than	than	ADP
ajfa-13065	94	8	equity	equity	NOUN
ajfa-13065	94	9	in	in	ADP
ajfa-13065	94	10	the	the	DET
ajfa-13065	94	11	financing	financing	NOUN
ajfa-13065	94	12	hierarchy	hierarchy	NOUN
ajfa-13065	94	13	,	,	PUNCT
ajfa-13065	94	14	since	since	SCONJ
ajfa-13065	94	15	debt	debt	NOUN
ajfa-13065	94	16	capital	capital	NOUN
ajfa-13065	94	17	suffers	suffer	VERB
ajfa-13065	94	18	less	less	ADV
ajfa-13065	94	19	from	from	ADP
ajfa-13065	94	20	information	information	NOUN
ajfa-13065	94	21	asymmetries	asymmetry	NOUN
ajfa-13065	94	22	.	.	PUNCT
ajfa-13065	95	1	most	most	ADJ
ajfa-13065	95	2	empirical	empirical	ADJ
ajfa-13065	95	3	work	work	NOUN
ajfa-13065	95	4	on	on	ADP
ajfa-13065	95	5	capital	capital	NOUN
ajfa-13065	95	6	structure	structure	NOUN
ajfa-13065	95	7	decisions	decision	NOUN
ajfa-13065	95	8	show	show	VERB
ajfa-13065	95	9	an	an	DET
ajfa-13065	95	10	opposite	opposite	ADJ
ajfa-13065	95	11	relationship	relationship	NOUN
ajfa-13065	95	12	between	between	ADP
ajfa-13065	95	13	growth	growth	NOUN
ajfa-13065	95	14	opportunities	opportunity	NOUN
ajfa-13065	95	15	and	and	CCONJ
ajfa-13065	95	16	leverage	leverage	NOUN
ajfa-13065	95	17	.	.	PUNCT
ajfa-13065	96	1	empirical	empirical	ADJ
ajfa-13065	96	2	studies	study	NOUN
ajfa-13065	96	3	from	from	ADP
ajfa-13065	96	4	developed	develop	VERB
ajfa-13065	96	5	countries	country	NOUN
ajfa-13065	96	6	(	(	PUNCT
ajfa-13065	96	7	titman	titman	NOUN
ajfa-13065	96	8	and	and	CCONJ
ajfa-13065	96	9	wessels	wessels	PROPN
ajfa-13065	96	10	,	,	PUNCT
ajfa-13065	96	11	1988	1988	NUM
ajfa-13065	96	12	;	;	PUNCT
ajfa-13065	96	13	rajan	rajan	NOUN
ajfa-13065	96	14	and	and	CCONJ
ajfa-13065	96	15	singales	singale	NOUN
ajfa-13065	96	16	,	,	PUNCT
ajfa-13065	96	17	1995	1995	NUM
ajfa-13065	96	18	;	;	PUNCT
ajfa-13065	96	19	fama	fama	PROPN
ajfa-13065	96	20	and	and	CCONJ
ajfa-13065	96	21	french	french	NOUN
ajfa-13065	96	22	,	,	PUNCT
ajfa-13065	96	23	2002	2002	NUM
ajfa-13065	96	24	;	;	PUNCT
ajfa-13065	96	25	brailsfore	brailsfore	PROPN
ajfa-13065	96	26	et	et	PROPN
ajfa-13065	96	27	al	al	PROPN
ajfa-13065	96	28	.	.	PROPN
ajfa-13065	96	29	,	,	PUNCT
ajfa-13065	96	30	2002	2002	NUM
ajfa-13065	96	31	;	;	PUNCT
ajfa-13065	96	32	frank	frank	PROPN
ajfa-13065	96	33	and	and	CCONJ
ajfa-13065	96	34	goyal	goyal	PROPN
ajfa-13065	96	35	,	,	PUNCT
ajfa-13065	96	36	2009	2009	NUM
ajfa-13065	96	37	;	;	PUNCT
ajfa-13065	96	38	florackis	floracki	NOUN
ajfa-13065	96	39	and	and	CCONJ
ajfa-13065	96	40	ozken	ozken	VERB
ajfa-13065	96	41	,	,	PUNCT
ajfa-13065	96	42	2009	2009	NUM
ajfa-13065	96	43	)	)	PUNCT
ajfa-13065	96	44	,	,	PUNCT
ajfa-13065	96	45	from	from	ADP
ajfa-13065	96	46	developing	develop	VERB
ajfa-13065	96	47	countries	country	NOUN
ajfa-13065	96	48	(	(	PUNCT
ajfa-13065	96	49	wiwattanakantang	wiwattanakantang	PROPN
ajfa-13065	96	50	,	,	PUNCT
ajfa-13065	96	51	1999	1999	NUM
ajfa-13065	96	52	;	;	PUNCT
ajfa-13065	96	53	deesomsak	deesomsak	PROPN
ajfa-13065	96	54	et	et	PROPN
ajfa-13065	96	55	al	al	PROPN
ajfa-13065	96	56	.	.	PROPN
ajfa-13065	96	57	,	,	PUNCT
ajfa-13065	96	58	2004	2004	NUM
ajfa-13065	96	59	)	)	PUNCT
ajfa-13065	96	60	,	,	PUNCT
ajfa-13065	96	61	and	and	CCONJ
ajfa-13065	96	62	from	from	ADP
ajfa-13065	96	63	china	china	PROPN
ajfa-13065	96	64	(	(	PUNCT
ajfa-13065	96	65	zou	zou	PROPN
ajfa-13065	96	66	and	and	CCONJ
ajfa-13065	96	67	xiao	xiao	PROPN
ajfa-13065	96	68	2006	2006	NUM
ajfa-13065	96	69	;	;	PUNCT
ajfa-13065	96	70	haung	haung	NOUN
ajfa-13065	96	71	and	and	CCONJ
ajfa-13065	96	72	song	song	NOUN
ajfa-13065	96	73	,	,	PUNCT
ajfa-13065	96	74	2006	2006	NUM
ajfa-13065	96	75	)	)	PUNCT
ajfa-13065	96	76	obtain	obtain	VERB
ajfa-13065	96	77	an	an	DET
ajfa-13065	96	78	inverse	inverse	NOUN
ajfa-13065	96	79	relationship	relationship	NOUN
ajfa-13065	96	80	between	between	ADP
ajfa-13065	96	81	leverage	leverage	NOUN
ajfa-13065	96	82	and	and	CCONJ
ajfa-13065	96	83	growth	growth	NOUN
ajfa-13065	96	84	opportunities	opportunity	NOUN
ajfa-13065	96	85	.	.	PUNCT
ajfa-13065	97	1	therefore	therefore	ADV
ajfa-13065	97	2	,	,	PUNCT
ajfa-13065	97	3	we	we	PRON
ajfa-13065	97	4	also	also	ADV
ajfa-13065	97	5	expect	expect	VERB
ajfa-13065	97	6	to	to	PART
ajfa-13065	97	7	find	find	VERB
ajfa-13065	97	8	a	a	DET
ajfa-13065	97	9	negative	negative	ADJ
ajfa-13065	97	10	relationship	relationship	NOUN
ajfa-13065	97	11	between	between	ADP
ajfa-13065	97	12	the	the	DET
ajfa-13065	97	13	two	two	NUM
ajfa-13065	97	14	variables	variable	NOUN
ajfa-13065	97	15	in	in	ADP
ajfa-13065	97	16	chinese	chinese	ADJ
ajfa-13065	97	17	listed	list	VERB
ajfa-13065	97	18	companies	company	NOUN
ajfa-13065	97	19	.	.	PUNCT
ajfa-13065	98	1	following	follow	VERB
ajfa-13065	98	2	rajan	rajan	PROPN
ajfa-13065	98	3	and	and	CCONJ
ajfa-13065	98	4	zingales	zingales	PROPN
ajfa-13065	98	5	(	(	PUNCT
ajfa-13065	98	6	1995	1995	NUM
ajfa-13065	98	7	)	)	PUNCT
ajfa-13065	98	8	and	and	CCONJ
ajfa-13065	98	9	booth	booth	NOUN
ajfa-13065	98	10	et	et	PROPN
ajfa-13065	98	11	al	al	PROPN
ajfa-13065	98	12	.	.	PROPN
ajfa-13065	99	1	(	(	PUNCT
ajfa-13065	99	2	2001	2001	NUM
ajfa-13065	99	3	)	)	PUNCT
ajfa-13065	99	4	,	,	PUNCT
ajfa-13065	99	5	we	we	PRON
ajfa-13065	99	6	use	use	VERB
ajfa-13065	99	7	the	the	DET
ajfa-13065	99	8	ratio	ratio	NOUN
ajfa-13065	99	9	of	of	ADP
ajfa-13065	99	10	the	the	DET
ajfa-13065	99	11	sum	sum	NOUN
ajfa-13065	99	12	of	of	ADP
ajfa-13065	99	13	the	the	DET
ajfa-13065	99	14	market	market	NOUN
ajfa-13065	99	15	value	value	NOUN
ajfa-13065	99	16	of	of	ADP
ajfa-13065	99	17	equity	equity	NOUN
ajfa-13065	99	18	and	and	CCONJ
ajfa-13065	99	19	the	the	DET
ajfa-13065	99	20	book	book	NOUN
ajfa-13065	99	21	value	value	NOUN
ajfa-13065	99	22	of	of	ADP
ajfa-13065	99	23	debt	debt	NOUN
ajfa-13065	99	24	to	to	ADP
ajfa-13065	99	25	the	the	DET
ajfa-13065	99	26	book	book	NOUN
ajfa-13065	99	27	value	value	NOUN
ajfa-13065	99	28	of	of	ADP
ajfa-13065	99	29	total	total	ADJ
ajfa-13065	99	30	assets	asset	NOUN
ajfa-13065	99	31	to	to	PART
ajfa-13065	99	32	measure	measure	VERB
ajfa-13065	99	33	growth	growth	NOUN
ajfa-13065	99	34	opportunities	opportunity	NOUN
ajfa-13065	99	35	(	(	PUNCT
ajfa-13065	99	36	growth	growth	NOUN
ajfa-13065	99	37	)	)	PUNCT
ajfa-13065	99	38	in	in	ADP
ajfa-13065	99	39	our	our	PRON
ajfa-13065	99	40	study	study	NOUN
ajfa-13065	99	41	.	.	PUNCT
ajfa-13065	100	1	we	we	PRON
ajfa-13065	100	2	test	test	VERB
ajfa-13065	100	3	the	the	DET
ajfa-13065	100	4	following	follow	VERB
ajfa-13065	100	5	hypothesis	hypothesis	NOUN
ajfa-13065	100	6	:	:	PUNCT
ajfa-13065	100	7	asian	asian	ADJ
ajfa-13065	100	8	journal	journal	NOUN
ajfa-13065	100	9	of	of	ADP
ajfa-13065	100	10	finance	finance	PROPN
ajfa-13065	100	11	&	&	CCONJ
ajfa-13065	100	12	accounting	accounting	PROPN
ajfa-13065	100	13	issn	issn	PROPN
ajfa-13065	100	14	1946	1946	NUM
ajfa-13065	100	15	-	-	PUNCT
ajfa-13065	100	16	052x	052x	NOUN
ajfa-13065	100	17	2018	2018	NUM
ajfa-13065	100	18	,	,	PUNCT
ajfa-13065	100	19	vol	vol	NOUN
ajfa-13065	100	20	.	.	PROPN
ajfa-13065	100	21	10	10	NUM
ajfa-13065	100	22	,	,	PUNCT
ajfa-13065	100	23	no	no	INTJ
ajfa-13065	100	24	.	.	NOUN
ajfa-13065	100	25	2	2	NUM
ajfa-13065	100	26	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	100	27	69	69	NUM
ajfa-13065	100	28	h4	h4	NOUN
ajfa-13065	100	29	:	:	PUNCT
ajfa-13065	100	30	there	there	PRON
ajfa-13065	100	31	is	be	VERB
ajfa-13065	100	32	a	a	DET
ajfa-13065	100	33	negative	negative	ADJ
ajfa-13065	100	34	significant	significant	ADJ
ajfa-13065	100	35	relationship	relationship	NOUN
ajfa-13065	100	36	between	between	ADP
ajfa-13065	100	37	growth	growth	NOUN
ajfa-13065	100	38	opportunities	opportunity	NOUN
ajfa-13065	100	39	and	and	CCONJ
ajfa-13065	100	40	leverage	leverage	NOUN
ajfa-13065	100	41	.	.	PUNCT
ajfa-13065	101	1	2.2.5	2.2.5	NUM
ajfa-13065	101	2	non	non	ADJ
ajfa-13065	101	3	-	-	ADJ
ajfa-13065	101	4	debt	debt	ADJ
ajfa-13065	101	5	tax	tax	NOUN
ajfa-13065	101	6	shields	shield	NOUN
ajfa-13065	101	7	non	non	ADJ
ajfa-13065	101	8	-	-	ADJ
ajfa-13065	101	9	debt	debt	ADJ
ajfa-13065	101	10	tax	tax	NOUN
ajfa-13065	101	11	shields	shield	NOUN
ajfa-13065	101	12	(	(	PUNCT
ajfa-13065	101	13	nontaxshd	nontaxshd	ADV
ajfa-13065	101	14	)	)	PUNCT
ajfa-13065	101	15	represent	represent	VERB
ajfa-13065	101	16	tax	tax	NOUN
ajfa-13065	101	17	credits	credit	NOUN
ajfa-13065	101	18	for	for	ADP
ajfa-13065	101	19	investments	investment	NOUN
ajfa-13065	101	20	and	and	CCONJ
ajfa-13065	101	21	depreciation	depreciation	NOUN
ajfa-13065	101	22	.	.	PUNCT
ajfa-13065	102	1	non	non	ADJ
ajfa-13065	102	2	-	-	ADJ
ajfa-13065	102	3	debt	debt	ADJ
ajfa-13065	102	4	tax	tax	NOUN
ajfa-13065	102	5	shields	shield	NOUN
ajfa-13065	102	6	reduce	reduce	VERB
ajfa-13065	102	7	a	a	DET
ajfa-13065	102	8	firm	firm	NOUN
ajfa-13065	102	9	’s	’s	PART
ajfa-13065	102	10	tax	tax	NOUN
ajfa-13065	102	11	payments	payment	NOUN
ajfa-13065	102	12	and	and	CCONJ
ajfa-13065	102	13	thus	thus	ADV
ajfa-13065	102	14	reduces	reduce	VERB
ajfa-13065	102	15	the	the	DET
ajfa-13065	102	16	need	need	NOUN
ajfa-13065	102	17	for	for	ADP
ajfa-13065	102	18	debt	debt	NOUN
ajfa-13065	102	19	financing	financing	NOUN
ajfa-13065	102	20	as	as	ADP
ajfa-13065	102	21	a	a	DET
ajfa-13065	102	22	means	means	NOUN
ajfa-13065	102	23	to	to	PART
ajfa-13065	102	24	obtain	obtain	VERB
ajfa-13065	102	25	tax	tax	NOUN
ajfa-13065	102	26	advantages	advantage	NOUN
ajfa-13065	102	27	(	(	PUNCT
ajfa-13065	102	28	dammon	dammon	ADJ
ajfa-13065	102	29	and	and	CCONJ
ajfa-13065	102	30	senbet	senbet	ADJ
ajfa-13065	102	31	,	,	PUNCT
ajfa-13065	102	32	1988	1988	NUM
ajfa-13065	102	33	)	)	PUNCT
ajfa-13065	102	34	.	.	PUNCT
ajfa-13065	103	1	that	that	PRON
ajfa-13065	103	2	is	be	AUX
ajfa-13065	103	3	,	,	PUNCT
ajfa-13065	103	4	non	non	ADJ
ajfa-13065	103	5	-	-	ADJ
ajfa-13065	103	6	debt	debt	ADJ
ajfa-13065	103	7	tax	tax	NOUN
ajfa-13065	103	8	shields	shield	NOUN
ajfa-13065	103	9	are	be	AUX
ajfa-13065	103	10	substitutes	substitute	NOUN
ajfa-13065	103	11	for	for	ADP
ajfa-13065	103	12	the	the	DET
ajfa-13065	103	13	tax	tax	NOUN
ajfa-13065	103	14	benefits	benefit	NOUN
ajfa-13065	103	15	of	of	ADP
ajfa-13065	103	16	debt	debt	NOUN
ajfa-13065	103	17	financing	financing	NOUN
ajfa-13065	103	18	.	.	PUNCT
ajfa-13065	104	1	therefore	therefore	ADV
ajfa-13065	104	2	,	,	PUNCT
ajfa-13065	104	3	the	the	DET
ajfa-13065	104	4	trade	trade	NOUN
ajfa-13065	104	5	-	-	PUNCT
ajfa-13065	104	6	off	off	ADP
ajfa-13065	104	7	theory	theory	NOUN
ajfa-13065	104	8	predicts	predict	VERB
ajfa-13065	104	9	a	a	DET
ajfa-13065	104	10	negative	negative	ADJ
ajfa-13065	104	11	relationship	relationship	NOUN
ajfa-13065	104	12	between	between	ADP
ajfa-13065	104	13	non	non	ADJ
ajfa-13065	104	14	-	-	ADJ
ajfa-13065	104	15	debt	debt	ADJ
ajfa-13065	104	16	tax	tax	NOUN
ajfa-13065	104	17	shields	shield	NOUN
ajfa-13065	104	18	and	and	CCONJ
ajfa-13065	104	19	leverage	leverage	NOUN
ajfa-13065	104	20	.	.	PUNCT
ajfa-13065	105	1	previous	previous	ADJ
ajfa-13065	105	2	empirical	empirical	ADJ
ajfa-13065	105	3	studies	study	NOUN
ajfa-13065	105	4	from	from	ADP
ajfa-13065	105	5	developed	develop	VERB
ajfa-13065	105	6	countries	country	NOUN
ajfa-13065	105	7	(	(	PUNCT
ajfa-13065	105	8	wald	wald	X
ajfa-13065	105	9	,	,	PUNCT
ajfa-13065	105	10	1999	1999	NUM
ajfa-13065	105	11	;	;	PUNCT
ajfa-13065	105	12	chaplinsky	chaplinsky	NOUN
ajfa-13065	105	13	and	and	CCONJ
ajfa-13065	105	14	niehaus	niehaus	NOUN
ajfa-13065	105	15	,	,	PUNCT
ajfa-13065	105	16	1993	1993	NUM
ajfa-13065	105	17	)	)	PUNCT
ajfa-13065	105	18	,	,	PUNCT
ajfa-13065	105	19	from	from	ADP
ajfa-13065	105	20	developing	develop	VERB
ajfa-13065	105	21	countries	country	NOUN
ajfa-13065	105	22	(	(	PUNCT
ajfa-13065	105	23	wiwattanakantang	wiwattanakantang	PROPN
ajfa-13065	105	24	,	,	PUNCT
ajfa-13065	105	25	1999	1999	NUM
ajfa-13065	105	26	;	;	PUNCT
ajfa-13065	105	27	deesomsak	deesomsak	PROPN
ajfa-13065	105	28	et	et	PROPN
ajfa-13065	105	29	al	al	PROPN
ajfa-13065	105	30	.	.	PROPN
ajfa-13065	105	31	,	,	PUNCT
ajfa-13065	105	32	2004	2004	NUM
ajfa-13065	105	33	)	)	PUNCT
ajfa-13065	105	34	,	,	PUNCT
ajfa-13065	105	35	as	as	ADV
ajfa-13065	105	36	well	well	ADV
ajfa-13065	105	37	as	as	ADP
ajfa-13065	105	38	in	in	ADP
ajfa-13065	105	39	the	the	DET
ajfa-13065	105	40	context	context	NOUN
ajfa-13065	105	41	of	of	ADP
ajfa-13065	105	42	chinese	chinese	ADJ
ajfa-13065	105	43	firms	firm	NOUN
ajfa-13065	105	44	(	(	PUNCT
ajfa-13065	105	45	huang	huang	PROPN
ajfa-13065	105	46	and	and	CCONJ
ajfa-13065	105	47	song	song	NOUN
ajfa-13065	105	48	,	,	PUNCT
ajfa-13065	105	49	2006	2006	NUM
ajfa-13065	105	50	;	;	PUNCT
ajfa-13065	105	51	qian	qian	PROPN
ajfa-13065	105	52	et	et	PROPN
ajfa-13065	105	53	al	al	PROPN
ajfa-13065	105	54	.	.	PROPN
ajfa-13065	105	55	,	,	PUNCT
ajfa-13065	105	56	2009	2009	NUM
ajfa-13065	105	57	)	)	PUNCT
ajfa-13065	105	58	,	,	PUNCT
ajfa-13065	105	59	find	find	VERB
ajfa-13065	105	60	an	an	DET
ajfa-13065	105	61	inverse	inverse	NOUN
ajfa-13065	105	62	relationship	relationship	NOUN
ajfa-13065	105	63	between	between	ADP
ajfa-13065	105	64	non	non	ADJ
ajfa-13065	105	65	-	-	ADJ
ajfa-13065	105	66	debt	debt	ADJ
ajfa-13065	105	67	tax	tax	NOUN
ajfa-13065	105	68	shields	shield	NOUN
ajfa-13065	105	69	and	and	CCONJ
ajfa-13065	105	70	leverage	leverage	NOUN
ajfa-13065	105	71	.	.	PUNCT
ajfa-13065	106	1	therefore	therefore	ADV
ajfa-13065	106	2	,	,	PUNCT
ajfa-13065	106	3	we	we	PRON
ajfa-13065	106	4	expect	expect	VERB
ajfa-13065	106	5	a	a	DET
ajfa-13065	106	6	similar	similar	ADJ
ajfa-13065	106	7	relationship	relationship	NOUN
ajfa-13065	106	8	between	between	ADP
ajfa-13065	106	9	non	non	ADJ
ajfa-13065	106	10	-	-	ADJ
ajfa-13065	106	11	debt	debt	ADJ
ajfa-13065	106	12	tax	tax	NOUN
ajfa-13065	106	13	shields	shield	NOUN
ajfa-13065	106	14	and	and	CCONJ
ajfa-13065	106	15	leverage	leverage	NOUN
ajfa-13065	106	16	.	.	PUNCT
ajfa-13065	107	1	in	in	ADP
ajfa-13065	107	2	this	this	DET
ajfa-13065	107	3	study	study	NOUN
ajfa-13065	107	4	,	,	PUNCT
ajfa-13065	107	5	we	we	PRON
ajfa-13065	107	6	use	use	VERB
ajfa-13065	107	7	non	non	ADJ
ajfa-13065	107	8	-	-	ADJ
ajfa-13065	107	9	debt	debt	ADJ
ajfa-13065	107	10	tax	tax	NOUN
ajfa-13065	107	11	shields	shield	NOUN
ajfa-13065	107	12	(	(	PUNCT
ajfa-13065	107	13	notaxshd	notaxshd	ADV
ajfa-13065	107	14	)	)	PUNCT
ajfa-13065	107	15	measured	measure	VERB
ajfa-13065	107	16	by	by	ADP
ajfa-13065	107	17	depreciation	depreciation	NOUN
ajfa-13065	107	18	scaled	scale	VERB
ajfa-13065	107	19	by	by	ADP
ajfa-13065	107	20	the	the	DET
ajfa-13065	107	21	total	total	ADJ
ajfa-13065	107	22	assets	asset	NOUN
ajfa-13065	107	23	as	as	ADP
ajfa-13065	107	24	an	an	DET
ajfa-13065	107	25	inverse	inverse	NOUN
ajfa-13065	107	26	proxy	proxy	NOUN
ajfa-13065	107	27	for	for	ADP
ajfa-13065	107	28	tax	tax	NOUN
ajfa-13065	107	29	shield	shield	NOUN
ajfa-13065	107	30	advantage	advantage	NOUN
ajfa-13065	107	31	.	.	PUNCT
ajfa-13065	108	1	we	we	PRON
ajfa-13065	108	2	test	test	VERB
ajfa-13065	108	3	the	the	DET
ajfa-13065	108	4	following	follow	VERB
ajfa-13065	108	5	hypothesis	hypothesis	NOUN
ajfa-13065	108	6	:	:	PUNCT
ajfa-13065	108	7	h5	h5	PROPN
ajfa-13065	108	8	:	:	PUNCT
ajfa-13065	108	9	there	there	PRON
ajfa-13065	108	10	is	be	VERB
ajfa-13065	108	11	a	a	DET
ajfa-13065	108	12	significant	significant	ADJ
ajfa-13065	108	13	negative	negative	ADJ
ajfa-13065	108	14	relationship	relationship	NOUN
ajfa-13065	108	15	between	between	ADP
ajfa-13065	108	16	non	non	ADJ
ajfa-13065	108	17	-	-	ADJ
ajfa-13065	108	18	debt	debt	ADJ
ajfa-13065	108	19	tax	tax	NOUN
ajfa-13065	108	20	shields	shield	NOUN
ajfa-13065	108	21	and	and	CCONJ
ajfa-13065	108	22	leverage	leverage	NOUN
ajfa-13065	108	23	2.2.6	2.2.6	NUM
ajfa-13065	108	24	volatility	volatility	NOUN
ajfa-13065	108	25	according	accord	VERB
ajfa-13065	108	26	to	to	ADP
ajfa-13065	108	27	the	the	DET
ajfa-13065	108	28	trade	trade	NOUN
ajfa-13065	108	29	-	-	PUNCT
ajfa-13065	108	30	off	off	ADP
ajfa-13065	108	31	theory	theory	NOUN
ajfa-13065	108	32	,	,	PUNCT
ajfa-13065	108	33	a	a	DET
ajfa-13065	108	34	firm	firm	NOUN
ajfa-13065	108	35	with	with	ADP
ajfa-13065	108	36	higher	high	ADJ
ajfa-13065	108	37	earnings	earning	NOUN
ajfa-13065	108	38	volatility	volatility	NOUN
ajfa-13065	108	39	has	have	VERB
ajfa-13065	108	40	a	a	DET
ajfa-13065	108	41	higher	high	ADJ
ajfa-13065	108	42	probability	probability	NOUN
ajfa-13065	108	43	of	of	ADP
ajfa-13065	108	44	financial	financial	ADJ
ajfa-13065	108	45	distress	distress	NOUN
ajfa-13065	108	46	,	,	PUNCT
ajfa-13065	108	47	since	since	SCONJ
ajfa-13065	108	48	the	the	DET
ajfa-13065	108	49	volatility	volatility	NOUN
ajfa-13065	108	50	of	of	ADP
ajfa-13065	108	51	earnings	earning	NOUN
ajfa-13065	108	52	is	be	AUX
ajfa-13065	108	53	the	the	DET
ajfa-13065	108	54	chief	chief	ADJ
ajfa-13065	108	55	factor	factor	NOUN
ajfa-13065	108	56	in	in	ADP
ajfa-13065	108	57	determining	determine	VERB
ajfa-13065	108	58	firms	firm	NOUN
ajfa-13065	108	59	’	'	PUNCT
ajfa-13065	108	60	ability	ability	NOUN
ajfa-13065	108	61	to	to	PART
ajfa-13065	108	62	meet	meet	VERB
ajfa-13065	108	63	debt	debt	NOUN
ajfa-13065	108	64	obligations	obligation	NOUN
ajfa-13065	108	65	,	,	PUNCT
ajfa-13065	108	66	such	such	ADJ
ajfa-13065	108	67	as	as	ADP
ajfa-13065	108	68	interest	interest	NOUN
ajfa-13065	108	69	charges	charge	NOUN
ajfa-13065	108	70	.	.	PUNCT
ajfa-13065	109	1	therefore	therefore	ADV
ajfa-13065	109	2	,	,	PUNCT
ajfa-13065	109	3	an	an	DET
ajfa-13065	109	4	inverse	inverse	NOUN
ajfa-13065	109	5	relationship	relationship	NOUN
ajfa-13065	109	6	between	between	ADP
ajfa-13065	109	7	volatility	volatility	NOUN
ajfa-13065	109	8	and	and	CCONJ
ajfa-13065	109	9	leverage	leverage	NOUN
ajfa-13065	109	10	is	be	AUX
ajfa-13065	109	11	postulated	postulate	VERB
ajfa-13065	109	12	.	.	PUNCT
ajfa-13065	110	1	the	the	DET
ajfa-13065	110	2	findings	finding	NOUN
ajfa-13065	110	3	of	of	ADP
ajfa-13065	110	4	prior	prior	ADJ
ajfa-13065	110	5	empirical	empirical	ADJ
ajfa-13065	110	6	studies	study	NOUN
ajfa-13065	110	7	on	on	ADP
ajfa-13065	110	8	leverage	leverage	NOUN
ajfa-13065	110	9	based	base	VERB
ajfa-13065	110	10	on	on	ADP
ajfa-13065	110	11	developed	develop	VERB
ajfa-13065	110	12	countries	country	NOUN
ajfa-13065	110	13	(	(	PUNCT
ajfa-13065	110	14	titman	titman	NOUN
ajfa-13065	110	15	and	and	CCONJ
ajfa-13065	110	16	wessels	wessels	PROPN
ajfa-13065	110	17	,	,	PUNCT
ajfa-13065	110	18	1988	1988	NUM
ajfa-13065	110	19	)	)	PUNCT
ajfa-13065	110	20	,	,	PUNCT
ajfa-13065	110	21	and	and	CCONJ
ajfa-13065	110	22	developing	develop	VERB
ajfa-13065	110	23	countries	country	NOUN
ajfa-13065	110	24	(	(	PUNCT
ajfa-13065	110	25	booth	booth	NOUN
ajfa-13065	110	26	et	et	PROPN
ajfa-13065	110	27	al	al	PROPN
ajfa-13065	110	28	.	.	PROPN
ajfa-13065	110	29	,	,	PUNCT
ajfa-13065	110	30	2001	2001	NUM
ajfa-13065	110	31	)	)	PUNCT
ajfa-13065	110	32	as	as	ADV
ajfa-13065	110	33	well	well	ADV
ajfa-13065	110	34	as	as	ADP
ajfa-13065	110	35	chinese	chinese	ADJ
ajfa-13065	110	36	firms	firm	NOUN
ajfa-13065	110	37	(	(	PUNCT
ajfa-13065	110	38	huang	huang	PROPN
ajfa-13065	110	39	and	and	CCONJ
ajfa-13065	110	40	song	song	NOUN
ajfa-13065	110	41	,	,	PUNCT
ajfa-13065	110	42	2006	2006	NUM
ajfa-13065	110	43	)	)	PUNCT
ajfa-13065	110	44	provide	provide	VERB
ajfa-13065	110	45	an	an	DET
ajfa-13065	110	46	inverse	inverse	NOUN
ajfa-13065	110	47	relationship	relationship	NOUN
ajfa-13065	110	48	between	between	ADP
ajfa-13065	110	49	the	the	DET
ajfa-13065	110	50	volatility	volatility	NOUN
ajfa-13065	110	51	of	of	ADP
ajfa-13065	110	52	earnings	earning	NOUN
ajfa-13065	110	53	and	and	CCONJ
ajfa-13065	110	54	leverage	leverage	NOUN
ajfa-13065	110	55	.	.	PUNCT
ajfa-13065	111	1	we	we	PRON
ajfa-13065	111	2	thus	thus	ADV
ajfa-13065	111	3	also	also	ADV
ajfa-13065	111	4	expect	expect	VERB
ajfa-13065	111	5	to	to	PART
ajfa-13065	111	6	find	find	VERB
ajfa-13065	111	7	a	a	DET
ajfa-13065	111	8	negative	negative	ADJ
ajfa-13065	111	9	relationship	relationship	NOUN
ajfa-13065	111	10	between	between	ADP
ajfa-13065	111	11	volatility	volatility	NOUN
ajfa-13065	111	12	and	and	CCONJ
ajfa-13065	111	13	leverage	leverage	NOUN
ajfa-13065	111	14	.	.	PUNCT
ajfa-13065	112	1	following	follow	VERB
ajfa-13065	112	2	johnson	johnson	PROPN
ajfa-13065	112	3	(	(	PUNCT
ajfa-13065	112	4	2003	2003	NUM
ajfa-13065	112	5	)	)	PUNCT
ajfa-13065	112	6	,	,	PUNCT
ajfa-13065	112	7	in	in	ADP
ajfa-13065	112	8	this	this	DET
ajfa-13065	112	9	study	study	NOUN
ajfa-13065	112	10	,	,	PUNCT
ajfa-13065	112	11	we	we	PRON
ajfa-13065	112	12	define	define	VERB
ajfa-13065	112	13	volatility	volatility	NOUN
ajfa-13065	112	14	(	(	PUNCT
ajfa-13065	112	15	vol	vol	NOUN
ajfa-13065	112	16	)	)	PUNCT
ajfa-13065	112	17	as	as	ADP
ajfa-13065	112	18	the	the	DET
ajfa-13065	112	19	standard	standard	ADJ
ajfa-13065	112	20	deviation	deviation	NOUN
ajfa-13065	112	21	of	of	ADP
ajfa-13065	112	22	the	the	DET
ajfa-13065	112	23	first	first	ADJ
ajfa-13065	112	24	differences	difference	NOUN
ajfa-13065	112	25	of	of	ADP
ajfa-13065	112	26	earnings	earning	NOUN
ajfa-13065	112	27	before	before	ADP
ajfa-13065	112	28	taxes	taxis	NOUN
ajfa-13065	112	29	and	and	CCONJ
ajfa-13065	112	30	depreciation	depreciation	NOUN
ajfa-13065	112	31	over	over	ADP
ajfa-13065	112	32	the	the	DET
ajfa-13065	112	33	four	four	NUM
ajfa-13065	112	34	years	year	NOUN
ajfa-13065	112	35	preceding	precede	VERB
ajfa-13065	112	36	the	the	DET
ajfa-13065	112	37	sample	sample	NOUN
ajfa-13065	112	38	year	year	NOUN
ajfa-13065	112	39	,	,	PUNCT
ajfa-13065	112	40	divided	divide	VERB
ajfa-13065	112	41	by	by	ADP
ajfa-13065	112	42	average	average	ADJ
ajfa-13065	112	43	total	total	ADJ
ajfa-13065	112	44	assets	asset	NOUN
ajfa-13065	112	45	for	for	ADP
ajfa-13065	112	46	that	that	DET
ajfa-13065	112	47	period	period	NOUN
ajfa-13065	112	48	.	.	PUNCT
ajfa-13065	113	1	we	we	PRON
ajfa-13065	113	2	test	test	VERB
ajfa-13065	113	3	the	the	DET
ajfa-13065	113	4	following	follow	VERB
ajfa-13065	113	5	hypothesis	hypothesis	NOUN
ajfa-13065	113	6	:	:	PUNCT
ajfa-13065	113	7	h6	h6	PROPN
ajfa-13065	113	8	:	:	PUNCT
ajfa-13065	113	9	there	there	PRON
ajfa-13065	113	10	is	be	VERB
ajfa-13065	113	11	a	a	DET
ajfa-13065	113	12	negative	negative	ADJ
ajfa-13065	113	13	significant	significant	ADJ
ajfa-13065	113	14	relationship	relationship	NOUN
ajfa-13065	113	15	between	between	ADP
ajfa-13065	113	16	volatility	volatility	NOUN
ajfa-13065	113	17	and	and	CCONJ
ajfa-13065	113	18	leverage	leverage	NOUN
ajfa-13065	113	19	.	.	PUNCT
ajfa-13065	114	1	2.2.7	2.2.7	NUM
ajfa-13065	114	2	firm	firm	ADJ
ajfa-13065	114	3	age	age	NOUN
ajfa-13065	114	4	both	both	CCONJ
ajfa-13065	114	5	the	the	DET
ajfa-13065	114	6	static	static	NOUN
ajfa-13065	114	7	-	-	PUNCT
ajfa-13065	114	8	trade	trade	NOUN
ajfa-13065	114	9	off	off	ADP
ajfa-13065	114	10	and	and	CCONJ
ajfa-13065	114	11	pecking	pecking	NOUN
ajfa-13065	114	12	-	-	PUNCT
ajfa-13065	114	13	order	order	NOUN
ajfa-13065	114	14	theories	theory	NOUN
ajfa-13065	114	15	are	be	AUX
ajfa-13065	114	16	silent	silent	ADJ
ajfa-13065	114	17	as	as	SCONJ
ajfa-13065	114	18	regards	regard	VERB
ajfa-13065	114	19	the	the	DET
ajfa-13065	114	20	relationship	relationship	NOUN
ajfa-13065	114	21	between	between	ADP
ajfa-13065	114	22	the	the	DET
ajfa-13065	114	23	firm	firm	ADJ
ajfa-13065	114	24	age	age	NOUN
ajfa-13065	114	25	and	and	CCONJ
ajfa-13065	114	26	leverage	leverage	NOUN
ajfa-13065	114	27	.	.	PUNCT
ajfa-13065	115	1	however	however	ADV
ajfa-13065	115	2	,	,	PUNCT
ajfa-13065	115	3	based	base	VERB
ajfa-13065	115	4	on	on	ADP
ajfa-13065	115	5	the	the	DET
ajfa-13065	115	6	agency	agency	NOUN
ajfa-13065	115	7	framework	framework	NOUN
ajfa-13065	115	8	,	,	PUNCT
ajfa-13065	115	9	some	some	DET
ajfa-13065	115	10	authors	author	NOUN
ajfa-13065	115	11	(	(	PUNCT
ajfa-13065	115	12	e.g.	e.g.	ADV
ajfa-13065	115	13	du	du	X
ajfa-13065	115	14	et	et	PROPN
ajfa-13065	115	15	al	al	PROPN
ajfa-13065	115	16	.	.	PROPN
ajfa-13065	115	17	,	,	PUNCT
ajfa-13065	115	18	2010	2010	NUM
ajfa-13065	115	19	)	)	PUNCT
ajfa-13065	115	20	suggest	suggest	VERB
ajfa-13065	115	21	that	that	SCONJ
ajfa-13065	115	22	the	the	DET
ajfa-13065	115	23	older	old	ADJ
ajfa-13065	115	24	firms	firm	NOUN
ajfa-13065	115	25	are	be	AUX
ajfa-13065	115	26	less	less	ADV
ajfa-13065	115	27	likely	likely	ADJ
ajfa-13065	115	28	to	to	PART
ajfa-13065	115	29	face	face	VERB
ajfa-13065	115	30	asymmetric	asymmetric	ADJ
ajfa-13065	115	31	information	information	NOUN
ajfa-13065	115	32	problems	problem	NOUN
ajfa-13065	115	33	and	and	CCONJ
ajfa-13065	115	34	should	should	AUX
ajfa-13065	115	35	have	have	VERB
ajfa-13065	115	36	much	much	ADV
ajfa-13065	115	37	easier	easy	ADJ
ajfa-13065	115	38	access	access	NOUN
ajfa-13065	115	39	debt	debt	NOUN
ajfa-13065	115	40	financing	financing	NOUN
ajfa-13065	115	41	compared	compare	VERB
ajfa-13065	115	42	to	to	ADP
ajfa-13065	115	43	younger	young	ADJ
ajfa-13065	115	44	ones	one	NOUN
ajfa-13065	115	45	,	,	PUNCT
ajfa-13065	115	46	ceteris	ceteris	NOUN
ajfa-13065	115	47	paribus	paribus	NOUN
ajfa-13065	115	48	.	.	PUNCT
ajfa-13065	116	1	also	also	ADV
ajfa-13065	116	2	,	,	PUNCT
ajfa-13065	116	3	older	old	ADJ
ajfa-13065	116	4	firms	firm	NOUN
ajfa-13065	116	5	are	be	AUX
ajfa-13065	116	6	less	less	ADV
ajfa-13065	116	7	likely	likely	ADJ
ajfa-13065	116	8	to	to	PART
ajfa-13065	116	9	invest	invest	VERB
ajfa-13065	116	10	in	in	ADP
ajfa-13065	116	11	risky	risky	ADJ
ajfa-13065	116	12	projects	project	NOUN
ajfa-13065	116	13	,	,	PUNCT
ajfa-13065	116	14	since	since	SCONJ
ajfa-13065	116	15	they	they	PRON
ajfa-13065	116	16	are	be	AUX
ajfa-13065	116	17	established	establish	VERB
ajfa-13065	116	18	over	over	ADP
ajfa-13065	116	19	many	many	ADJ
ajfa-13065	116	20	years	year	NOUN
ajfa-13065	116	21	and	and	CCONJ
ajfa-13065	116	22	well	well	ADV
ajfa-13065	116	23	reputed	repute	VERB
ajfa-13065	116	24	in	in	ADP
ajfa-13065	116	25	the	the	DET
ajfa-13065	116	26	market	market	NOUN
ajfa-13065	116	27	(	(	PUNCT
ajfa-13065	116	28	diamond	diamond	NOUN
ajfa-13065	116	29	,	,	PUNCT
ajfa-13065	116	30	1991	1991	NUM
ajfa-13065	116	31	)	)	PUNCT
ajfa-13065	116	32	.	.	PUNCT
ajfa-13065	117	1	moreover	moreover	ADV
ajfa-13065	117	2	,	,	PUNCT
ajfa-13065	117	3	tian	tian	ADJ
ajfa-13065	117	4	and	and	CCONJ
ajfa-13065	117	5	estrin	estrin	NOUN
ajfa-13065	117	6	(	(	PUNCT
ajfa-13065	117	7	2007	2007	NUM
ajfa-13065	117	8	)	)	PUNCT
ajfa-13065	117	9	also	also	ADV
ajfa-13065	117	10	mention	mention	VERB
ajfa-13065	117	11	that	that	DET
ajfa-13065	117	12	firm	firm	NOUN
ajfa-13065	117	13	with	with	ADP
ajfa-13065	117	14	long	long	ADJ
ajfa-13065	117	15	history	history	NOUN
ajfa-13065	117	16	can	can	AUX
ajfa-13065	117	17	easily	easily	ADV
ajfa-13065	117	18	establish	establish	VERB
ajfa-13065	117	19	their	their	PRON
ajfa-13065	117	20	reputation	reputation	NOUN
ajfa-13065	117	21	in	in	ADP
ajfa-13065	117	22	the	the	DET
ajfa-13065	117	23	debt	debt	NOUN
ajfa-13065	117	24	market	market	NOUN
ajfa-13065	117	25	,	,	PUNCT
ajfa-13065	117	26	resulting	result	VERB
ajfa-13065	117	27	older	old	ADJ
ajfa-13065	117	28	firms	firm	NOUN
ajfa-13065	117	29	are	be	AUX
ajfa-13065	117	30	more	more	ADV
ajfa-13065	117	31	likely	likely	ADJ
ajfa-13065	117	32	to	to	PART
ajfa-13065	117	33	have	have	VERB
ajfa-13065	117	34	a	a	DET
ajfa-13065	117	35	higher	high	ADJ
ajfa-13065	117	36	asian	asian	ADJ
ajfa-13065	117	37	journal	journal	NOUN
ajfa-13065	117	38	of	of	ADP
ajfa-13065	117	39	finance	finance	PROPN
ajfa-13065	117	40	&	&	CCONJ
ajfa-13065	117	41	accounting	accounting	PROPN
ajfa-13065	117	42	issn	issn	PROPN
ajfa-13065	117	43	1946	1946	NUM
ajfa-13065	117	44	-	-	PUNCT
ajfa-13065	117	45	052x	052x	NOUN
ajfa-13065	117	46	2018	2018	NUM
ajfa-13065	117	47	,	,	PUNCT
ajfa-13065	117	48	vol	vol	NOUN
ajfa-13065	117	49	.	.	PROPN
ajfa-13065	117	50	10	10	NUM
ajfa-13065	117	51	,	,	PUNCT
ajfa-13065	117	52	no	no	INTJ
ajfa-13065	117	53	.	.	NOUN
ajfa-13065	117	54	2	2	NUM
ajfa-13065	117	55	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	117	56	70	70	NUM
ajfa-13065	117	57	leverage	leverage	NOUN
ajfa-13065	117	58	ratio	ratio	NOUN
ajfa-13065	117	59	than	than	ADP
ajfa-13065	117	60	younger	young	ADJ
ajfa-13065	117	61	ones	one	NOUN
ajfa-13065	117	62	.	.	PUNCT
ajfa-13065	118	1	previous	previous	ADJ
ajfa-13065	118	2	empirical	empirical	ADJ
ajfa-13065	118	3	studies	study	NOUN
ajfa-13065	118	4	on	on	ADP
ajfa-13065	118	5	chinese	chinese	ADJ
ajfa-13065	118	6	firms	firm	NOUN
ajfa-13065	118	7	(	(	PUNCT
ajfa-13065	118	8	for	for	ADP
ajfa-13065	118	9	example	example	NOUN
ajfa-13065	118	10	,	,	PUNCT
ajfa-13065	118	11	chen	chen	PROPN
ajfa-13065	118	12	and	and	CCONJ
ajfa-13065	118	13	strange	strange	ADJ
ajfa-13065	118	14	,	,	PUNCT
ajfa-13065	118	15	2005	2005	NUM
ajfa-13065	118	16	)	)	PUNCT
ajfa-13065	118	17	find	find	VERB
ajfa-13065	118	18	that	that	SCONJ
ajfa-13065	118	19	firm	firm	ADJ
ajfa-13065	118	20	age	age	NOUN
ajfa-13065	118	21	is	be	AUX
ajfa-13065	118	22	positively	positively	ADV
ajfa-13065	118	23	related	relate	VERB
ajfa-13065	118	24	to	to	ADP
ajfa-13065	118	25	leverage	leverage	NOUN
ajfa-13065	118	26	.	.	PUNCT
ajfa-13065	119	1	in	in	ADP
ajfa-13065	119	2	line	line	NOUN
ajfa-13065	119	3	with	with	ADP
ajfa-13065	119	4	the	the	DET
ajfa-13065	119	5	above	above	ADJ
ajfa-13065	119	6	explanation	explanation	NOUN
ajfa-13065	119	7	and	and	CCONJ
ajfa-13065	119	8	previous	previous	ADJ
ajfa-13065	119	9	findings	finding	NOUN
ajfa-13065	119	10	,	,	PUNCT
ajfa-13065	119	11	we	we	PRON
ajfa-13065	119	12	expect	expect	VERB
ajfa-13065	119	13	a	a	DET
ajfa-13065	119	14	positive	positive	ADJ
ajfa-13065	119	15	relationship	relationship	NOUN
ajfa-13065	119	16	between	between	ADP
ajfa-13065	119	17	firm	firm	ADJ
ajfa-13065	119	18	age	age	NOUN
ajfa-13065	119	19	and	and	CCONJ
ajfa-13065	119	20	leverage	leverage	NOUN
ajfa-13065	119	21	.	.	PUNCT
ajfa-13065	120	1	in	in	ADP
ajfa-13065	120	2	this	this	DET
ajfa-13065	120	3	study	study	NOUN
ajfa-13065	120	4	,	,	PUNCT
ajfa-13065	120	5	firm	firm	ADJ
ajfa-13065	120	6	age	age	NOUN
ajfa-13065	120	7	(	(	PUNCT
ajfa-13065	120	8	firmage	firmage	NOUN
ajfa-13065	120	9	)	)	PUNCT
ajfa-13065	120	10	is	be	AUX
ajfa-13065	120	11	measured	measure	VERB
ajfa-13065	120	12	by	by	ADP
ajfa-13065	120	13	the	the	DET
ajfa-13065	120	14	natural	natural	ADJ
ajfa-13065	120	15	logarithm	logarithm	NOUN
ajfa-13065	120	16	of	of	ADP
ajfa-13065	120	17	years	year	NOUN
ajfa-13065	120	18	since	since	SCONJ
ajfa-13065	120	19	the	the	DET
ajfa-13065	120	20	establishment	establishment	NOUN
ajfa-13065	120	21	of	of	ADP
ajfa-13065	120	22	the	the	DET
ajfa-13065	120	23	firm	firm	NOUN
ajfa-13065	120	24	.	.	PUNCT
ajfa-13065	121	1	we	we	PRON
ajfa-13065	121	2	test	test	VERB
ajfa-13065	121	3	the	the	DET
ajfa-13065	121	4	following	follow	VERB
ajfa-13065	121	5	hypothesis	hypothesis	NOUN
ajfa-13065	121	6	:	:	PUNCT
ajfa-13065	121	7	h7	h7	NOUN
ajfa-13065	121	8	:	:	PUNCT
ajfa-13065	121	9	there	there	PRON
ajfa-13065	121	10	is	be	VERB
ajfa-13065	121	11	a	a	DET
ajfa-13065	121	12	positive	positive	ADJ
ajfa-13065	121	13	significant	significant	ADJ
ajfa-13065	121	14	relationship	relationship	NOUN
ajfa-13065	121	15	between	between	ADP
ajfa-13065	121	16	fim	fim	NOUN
ajfa-13065	121	17	age	age	NOUN
ajfa-13065	121	18	and	and	CCONJ
ajfa-13065	121	19	leverage	leverage	NOUN
ajfa-13065	121	20	.	.	PUNCT
ajfa-13065	122	1	3	3	X
ajfa-13065	122	2	.	.	NOUN
ajfa-13065	122	3	model	model	NOUN
ajfa-13065	122	4	specification	specification	NOUN
ajfa-13065	122	5	and	and	CCONJ
ajfa-13065	122	6	estimation	estimation	NOUN
ajfa-13065	122	7	methodology	methodology	NOUN
ajfa-13065	122	8	in	in	ADP
ajfa-13065	122	9	this	this	DET
ajfa-13065	122	10	section	section	NOUN
ajfa-13065	122	11	,	,	PUNCT
ajfa-13065	122	12	we	we	PRON
ajfa-13065	122	13	first	first	ADV
ajfa-13065	122	14	present	present	VERB
ajfa-13065	122	15	our	our	PRON
ajfa-13065	122	16	model	model	NOUN
ajfa-13065	122	17	specifications	specification	NOUN
ajfa-13065	122	18	:	:	PUNCT
ajfa-13065	122	19	static	static	ADJ
ajfa-13065	122	20	baseline	baseline	NOUN
ajfa-13065	122	21	model	model	NOUN
ajfa-13065	122	22	and	and	CCONJ
ajfa-13065	122	23	dynamic	dynamic	ADJ
ajfa-13065	122	24	model	model	NOUN
ajfa-13065	122	25	.	.	PUNCT
ajfa-13065	123	1	following	follow	VERB
ajfa-13065	123	2	the	the	DET
ajfa-13065	123	3	model	model	NOUN
ajfa-13065	123	4	specification	specification	NOUN
ajfa-13065	123	5	,	,	PUNCT
ajfa-13065	123	6	the	the	DET
ajfa-13065	123	7	control	control	NOUN
ajfa-13065	123	8	variables	variable	NOUN
ajfa-13065	123	9	that	that	PRON
ajfa-13065	123	10	are	be	AUX
ajfa-13065	123	11	used	use	VERB
ajfa-13065	123	12	in	in	ADP
ajfa-13065	123	13	the	the	DET
ajfa-13065	123	14	study	study	NOUN
ajfa-13065	123	15	are	be	AUX
ajfa-13065	123	16	described	describe	VERB
ajfa-13065	123	17	lengthily	lengthily	ADV
ajfa-13065	123	18	with	with	ADP
ajfa-13065	123	19	reference	reference	NOUN
ajfa-13065	123	20	to	to	ADP
ajfa-13065	123	21	relevant	relevant	ADJ
ajfa-13065	123	22	theories	theory	NOUN
ajfa-13065	123	23	and	and	CCONJ
ajfa-13065	123	24	prior	prior	ADJ
ajfa-13065	123	25	empirical	empirical	ADJ
ajfa-13065	123	26	studies	study	NOUN
ajfa-13065	123	27	.	.	PUNCT
ajfa-13065	124	1	finally	finally	ADV
ajfa-13065	124	2	,	,	PUNCT
ajfa-13065	124	3	estimation	estimation	NOUN
ajfa-13065	124	4	methodologies	methodology	NOUN
ajfa-13065	124	5	are	be	AUX
ajfa-13065	124	6	discussed	discuss	VERB
ajfa-13065	124	7	.	.	PUNCT
ajfa-13065	125	1	3.1	3.1	NUM
ajfa-13065	125	2	model	model	NOUN
ajfa-13065	125	3	specification	specification	NOUN
ajfa-13065	125	4	levit=	levit=	PROPN
ajfa-13065	125	5	β0	β0	PROPN
ajfa-13065	125	6	+	+	CCONJ
ajfa-13065	125	7	β1sizeit	β1sizeit	PROPN
ajfa-13065	125	8	+	+	NUM
ajfa-13065	125	9	β2profitit	β2profitit	NOUN
ajfa-13065	125	10	+	+	CCONJ
ajfa-13065	125	11	β3tangit	β3tangit	PROPN
ajfa-13065	125	12	+	+	CCONJ
ajfa-13065	125	13	β4growthit	β4growthit	VERB
ajfa-13065	125	14	+	+	CCONJ
ajfa-13065	125	15	β5nontaxshdit	β5nontaxshdit	NOUN
ajfa-13065	125	16	+	+	NOUN
ajfa-13065	125	17	β6volit	β6volit	ADJ
ajfa-13065	125	18	+	+	CCONJ
ajfa-13065	125	19	β7firmageit	β7firmageit	PROPN
ajfa-13065	125	20	+	+	CCONJ
ajfa-13065	125	21	vi	vi	NOUN
ajfa-13065	125	22	+	+	NUM
ajfa-13065	125	23	vt	vt	NOUN
ajfa-13065	125	24	+	+	CCONJ
ajfa-13065	125	25	vj+	vj+	PROPN
ajfa-13065	125	26	vk+	vk+	PROPN
ajfa-13065	125	27	eit	eit	PROPN
ajfa-13065	125	28	.	.	PUNCT
ajfa-13065	126	1	(	(	PUNCT
ajfa-13065	126	2	1	1	X
ajfa-13065	126	3	)	)	PUNCT
ajfa-13065	126	4	where	where	SCONJ
ajfa-13065	126	5	i	i	PRON
ajfa-13065	126	6	indexes	index	VERB
ajfa-13065	126	7	firm	firm	ADJ
ajfa-13065	126	8	,	,	PUNCT
ajfa-13065	126	9	t	t	NOUN
ajfa-13065	126	10	years	year	NOUN
ajfa-13065	126	11	.	.	PUNCT
ajfa-13065	127	1	the	the	DET
ajfa-13065	127	2	term	term	NOUN
ajfa-13065	127	3	vi	vi	PROPN
ajfa-13065	127	4	,	,	PUNCT
ajfa-13065	127	5	vt	vt	NOUN
ajfa-13065	127	6	,	,	PUNCT
ajfa-13065	127	7	,	,	PUNCT
ajfa-13065	127	8	vj	vj	INTJ
ajfa-13065	127	9	,	,	PUNCT
ajfa-13065	127	10	and	and	CCONJ
ajfa-13065	127	11	vk	vk	PART
ajfa-13065	127	12	represent	represent	VERB
ajfa-13065	127	13	time	time	NOUN
ajfa-13065	127	14	-	-	PUNCT
ajfa-13065	127	15	invariant	invariant	ADJ
ajfa-13065	127	16	firm	firm	ADJ
ajfa-13065	127	17	specific	specific	ADJ
ajfa-13065	127	18	fixed	fix	VERB
ajfa-13065	127	19	effects	effect	NOUN
ajfa-13065	127	20	,	,	PUNCT
ajfa-13065	127	21	time	time	NOUN
ajfa-13065	127	22	-	-	PUNCT
ajfa-13065	127	23	specific	specific	ADJ
ajfa-13065	127	24	effects	effect	NOUN
ajfa-13065	127	25	,	,	PUNCT
ajfa-13065	127	26	industry	industry	NOUN
ajfa-13065	127	27	effects	effect	NOUN
ajfa-13065	127	28	,	,	PUNCT
ajfa-13065	127	29	and	and	CCONJ
ajfa-13065	127	30	effects	effect	NOUN
ajfa-13065	127	31	of	of	ADP
ajfa-13065	127	32	regional	regional	ADJ
ajfa-13065	127	33	differences	difference	NOUN
ajfa-13065	127	34	,	,	PUNCT
ajfa-13065	127	35	respectively	respectively	ADV
ajfa-13065	127	36	;	;	PUNCT
ajfa-13065	127	37	eit	eit	PROPN
ajfa-13065	127	38	is	be	AUX
ajfa-13065	127	39	a	a	DET
ajfa-13065	127	40	random/	random/	NUM
ajfa-13065	127	41	idiosyncratic	idiosyncratic	ADJ
ajfa-13065	127	42	error	error	NOUN
ajfa-13065	127	43	term	term	NOUN
ajfa-13065	127	44	.	.	PUNCT
ajfa-13065	128	1	3.2	3.2	NUM
ajfa-13065	128	2	control	control	NOUN
ajfa-13065	128	3	variables	variable	NOUN
ajfa-13065	128	4	in	in	ADP
ajfa-13065	128	5	addition	addition	NOUN
ajfa-13065	128	6	to	to	ADP
ajfa-13065	128	7	the	the	DET
ajfa-13065	128	8	considered	consider	VERB
ajfa-13065	128	9	determinants	determinant	NOUN
ajfa-13065	128	10	of	of	ADP
ajfa-13065	128	11	capital	capital	NOUN
ajfa-13065	128	12	structure	structure	NOUN
ajfa-13065	128	13	,	,	PUNCT
ajfa-13065	128	14	we	we	PRON
ajfa-13065	128	15	include	include	VERB
ajfa-13065	128	16	year	year	NOUN
ajfa-13065	128	17	,	,	PUNCT
ajfa-13065	128	18	industry	industry	NOUN
ajfa-13065	128	19	and	and	CCONJ
ajfa-13065	128	20	regional	regional	ADJ
ajfa-13065	128	21	dummies	dummy	NOUN
ajfa-13065	128	22	as	as	ADP
ajfa-13065	128	23	controls	control	NOUN
ajfa-13065	128	24	to	to	PART
ajfa-13065	128	25	control	control	VERB
ajfa-13065	128	26	for	for	ADP
ajfa-13065	128	27	year	year	NOUN
ajfa-13065	128	28	-	-	PUNCT
ajfa-13065	128	29	specific	specific	ADJ
ajfa-13065	128	30	,	,	PUNCT
ajfa-13065	128	31	industry	industry	NOUN
ajfa-13065	128	32	-	-	PUNCT
ajfa-13065	128	33	specific	specific	ADJ
ajfa-13065	128	34	and	and	CCONJ
ajfa-13065	128	35	geographic	geographic	ADJ
ajfa-13065	128	36	effects	effect	NOUN
ajfa-13065	128	37	.	.	PUNCT
ajfa-13065	129	1	lemmon	lemmon	PROPN
ajfa-13065	129	2	et	et	PROPN
ajfa-13065	129	3	al	al	PROPN
ajfa-13065	129	4	.	.	PROPN
ajfa-13065	130	1	(	(	PUNCT
ajfa-13065	130	2	2008	2008	NUM
ajfa-13065	130	3	)	)	PUNCT
ajfa-13065	130	4	provide	provide	VERB
ajfa-13065	130	5	strong	strong	ADJ
ajfa-13065	130	6	evidence	evidence	NOUN
ajfa-13065	130	7	that	that	SCONJ
ajfa-13065	130	8	firm	firm	ADJ
ajfa-13065	130	9	-	-	PUNCT
ajfa-13065	130	10	specific	specific	ADJ
ajfa-13065	130	11	unobservable	unobservable	ADJ
ajfa-13065	130	12	characteristics	characteristic	NOUN
ajfa-13065	130	13	(	(	PUNCT
ajfa-13065	130	14	vi	vi	NOUN
ajfa-13065	130	15	)	)	PUNCT
ajfa-13065	130	16	of	of	ADP
ajfa-13065	130	17	the	the	DET
ajfa-13065	130	18	firm	firm	NOUN
ajfa-13065	130	19	have	have	AUX
ajfa-13065	130	20	a	a	DET
ajfa-13065	130	21	significant	significant	ADJ
ajfa-13065	130	22	impact	impact	NOUN
ajfa-13065	130	23	on	on	ADP
ajfa-13065	130	24	firms	firm	NOUN
ajfa-13065	130	25	’	'	PUNCT
ajfa-13065	130	26	capital	capital	NOUN
ajfa-13065	130	27	structure	structure	NOUN
ajfa-13065	130	28	decisions	decision	NOUN
ajfa-13065	130	29	.	.	PUNCT
ajfa-13065	131	1	they	they	PRON
ajfa-13065	131	2	vary	vary	VERB
ajfa-13065	131	3	across	across	ADP
ajfa-13065	131	4	firms	firm	NOUN
ajfa-13065	131	5	but	but	CCONJ
ajfa-13065	131	6	are	be	AUX
ajfa-13065	131	7	assumed	assume	VERB
ajfa-13065	131	8	to	to	PART
ajfa-13065	131	9	remain	remain	VERB
ajfa-13065	131	10	constant	constant	ADJ
ajfa-13065	131	11	for	for	ADP
ajfa-13065	131	12	each	each	DET
ajfa-13065	131	13	firm	firm	NOUN
ajfa-13065	131	14	through	through	ADP
ajfa-13065	131	15	time	time	NOUN
ajfa-13065	131	16	.	.	PUNCT
ajfa-13065	132	1	they	they	PRON
ajfa-13065	132	2	include	include	VERB
ajfa-13065	132	3	variables	variable	NOUN
ajfa-13065	132	4	such	such	ADJ
ajfa-13065	132	5	as	as	ADP
ajfa-13065	132	6	the	the	DET
ajfa-13065	132	7	quality	quality	NOUN
ajfa-13065	132	8	of	of	ADP
ajfa-13065	132	9	management	management	NOUN
ajfa-13065	132	10	,	,	PUNCT
ajfa-13065	132	11	managers	manager	NOUN
ajfa-13065	132	12	’	’	PART
ajfa-13065	132	13	attitudes	attitude	NOUN
ajfa-13065	132	14	towards	towards	ADP
ajfa-13065	132	15	risk	risk	NOUN
ajfa-13065	132	16	,	,	PUNCT
ajfa-13065	132	17	and	and	CCONJ
ajfa-13065	132	18	market	market	NOUN
ajfa-13065	132	19	reputation	reputation	NOUN
ajfa-13065	132	20	,	,	PUNCT
ajfa-13065	132	21	etc	etc	X
ajfa-13065	132	22	.	.	X
ajfa-13065	133	1	on	on	ADP
ajfa-13065	133	2	the	the	DET
ajfa-13065	133	3	other	other	ADJ
ajfa-13065	133	4	hand	hand	NOUN
ajfa-13065	133	5	,	,	PUNCT
ajfa-13065	133	6	time	time	NOUN
ajfa-13065	133	7	-	-	PUNCT
ajfa-13065	133	8	specific	specific	ADJ
ajfa-13065	133	9	effects	effect	NOUN
ajfa-13065	133	10	(	(	PUNCT
ajfa-13065	133	11	vt	vt	NOUN
ajfa-13065	133	12	)	)	PUNCT
ajfa-13065	133	13	,	,	PUNCT
ajfa-13065	133	14	which	which	PRON
ajfa-13065	133	15	we	we	PRON
ajfa-13065	133	16	control	control	VERB
ajfa-13065	133	17	for	for	ADP
ajfa-13065	133	18	by	by	ADP
ajfa-13065	133	19	including	include	VERB
ajfa-13065	133	20	time	time	NOUN
ajfa-13065	133	21	dummies	dummy	NOUN
ajfa-13065	133	22	,	,	PUNCT
ajfa-13065	133	23	vary	vary	VERB
ajfa-13065	133	24	through	through	ADP
ajfa-13065	133	25	time	time	NOUN
ajfa-13065	133	26	but	but	CCONJ
ajfa-13065	133	27	are	be	AUX
ajfa-13065	133	28	the	the	DET
ajfa-13065	133	29	same	same	ADJ
ajfa-13065	133	30	for	for	ADP
ajfa-13065	133	31	all	all	DET
ajfa-13065	133	32	the	the	DET
ajfa-13065	133	33	firms	firm	NOUN
ajfa-13065	133	34	at	at	ADP
ajfa-13065	133	35	a	a	DET
ajfa-13065	133	36	given	give	VERB
ajfa-13065	133	37	point	point	NOUN
ajfa-13065	133	38	in	in	ADP
ajfa-13065	133	39	time	time	NOUN
ajfa-13065	133	40	.	.	PUNCT
ajfa-13065	134	1	vt	vt	PROPN
ajfa-13065	134	2	captures	capture	VERB
ajfa-13065	134	3	macroeconomic	macroeconomic	ADJ
ajfa-13065	134	4	factors	factor	NOUN
ajfa-13065	134	5	such	such	ADJ
ajfa-13065	134	6	as	as	ADP
ajfa-13065	134	7	interest	interest	NOUN
ajfa-13065	134	8	rates	rate	NOUN
ajfa-13065	134	9	,	,	PUNCT
ajfa-13065	134	10	inflation	inflation	NOUN
ajfa-13065	134	11	and	and	CCONJ
ajfa-13065	134	12	business	business	NOUN
ajfa-13065	134	13	cycle	cycle	NOUN
ajfa-13065	134	14	effects	effect	NOUN
ajfa-13065	134	15	,	,	PUNCT
ajfa-13065	134	16	which	which	PRON
ajfa-13065	134	17	are	be	AUX
ajfa-13065	134	18	outside	outside	ADP
ajfa-13065	134	19	the	the	DET
ajfa-13065	134	20	control	control	NOUN
ajfa-13065	134	21	of	of	ADP
ajfa-13065	134	22	firms	firm	NOUN
ajfa-13065	134	23	.	.	PUNCT
ajfa-13065	135	1	finally	finally	ADV
ajfa-13065	135	2	,	,	PUNCT
ajfa-13065	135	3	vj	vj	INTJ
ajfa-13065	135	4	,	,	PUNCT
ajfa-13065	135	5	effects	effect	NOUN
ajfa-13065	135	6	of	of	ADP
ajfa-13065	135	7	regional	regional	ADJ
ajfa-13065	135	8	differences	difference	NOUN
ajfa-13065	135	9	.	.	PUNCT
ajfa-13065	136	1	on	on	ADP
ajfa-13065	136	2	the	the	DET
ajfa-13065	136	3	left	left	ADJ
ajfa-13065	136	4	hand	hand	NOUN
ajfa-13065	136	5	side	side	NOUN
ajfa-13065	136	6	of	of	ADP
ajfa-13065	136	7	the	the	DET
ajfa-13065	136	8	equation	equation	NOUN
ajfa-13065	136	9	(	(	PUNCT
ajfa-13065	136	10	1	1	NUM
ajfa-13065	136	11	)	)	PUNCT
ajfa-13065	136	12	,	,	PUNCT
ajfa-13065	136	13	our	our	PRON
ajfa-13065	136	14	dependent	dependent	ADJ
ajfa-13065	136	15	variable	variable	NOUN
ajfa-13065	136	16	is	be	AUX
ajfa-13065	136	17	the	the	DET
ajfa-13065	136	18	leverage	leverage	NOUN
ajfa-13065	136	19	ratio	ratio	NOUN
ajfa-13065	136	20	(	(	PUNCT
ajfa-13065	136	21	the	the	DET
ajfa-13065	136	22	ratio	ratio	NOUN
ajfa-13065	136	23	of	of	ADP
ajfa-13065	136	24	the	the	DET
ajfa-13065	136	25	book	book	NOUN
ajfa-13065	136	26	value	value	NOUN
ajfa-13065	136	27	of	of	ADP
ajfa-13065	136	28	total	total	ADJ
ajfa-13065	136	29	debt	debt	NOUN
ajfa-13065	136	30	to	to	ADP
ajfa-13065	136	31	the	the	DET
ajfa-13065	136	32	book	book	NOUN
ajfa-13065	136	33	value	value	NOUN
ajfa-13065	136	34	of	of	ADP
ajfa-13065	136	35	the	the	DET
ajfa-13065	136	36	firm	firm	NOUN
ajfa-13065	136	37	’s	’s	PART
ajfa-13065	136	38	total	total	ADJ
ajfa-13065	136	39	assets	asset	NOUN
ajfa-13065	136	40	)	)	PUNCT
ajfa-13065	136	41	of	of	ADP
ajfa-13065	136	42	firm	firm	ADJ
ajfa-13065	136	43	i	i	PRON
ajfa-13065	136	44	in	in	ADP
ajfa-13065	136	45	year	year	NOUN
ajfa-13065	136	46	t.	t.	PROPN
ajfa-13065	136	47	on	on	ADP
ajfa-13065	136	48	the	the	DET
ajfa-13065	136	49	right	right	ADJ
ajfa-13065	136	50	hand	hand	NOUN
ajfa-13065	136	51	side	side	NOUN
ajfa-13065	136	52	a	a	DET
ajfa-13065	136	53	set	set	NOUN
ajfa-13065	136	54	of	of	ADP
ajfa-13065	136	55	explanatory	explanatory	ADJ
ajfa-13065	136	56	variables	variable	NOUN
ajfa-13065	136	57	in	in	ADP
ajfa-13065	136	58	addition	addition	NOUN
ajfa-13065	136	59	to	to	ADP
ajfa-13065	136	60	a	a	DET
ajfa-13065	136	61	set	set	NOUN
ajfa-13065	136	62	of	of	ADP
ajfa-13065	136	63	control	control	NOUN
ajfa-13065	136	64	variables	variable	NOUN
ajfa-13065	136	65	.	.	PUNCT
ajfa-13065	137	1	the	the	DET
ajfa-13065	137	2	list	list	NOUN
ajfa-13065	137	3	of	of	ADP
ajfa-13065	137	4	variables	variable	NOUN
ajfa-13065	137	5	used	use	VERB
ajfa-13065	137	6	in	in	ADP
ajfa-13065	137	7	the	the	DET
ajfa-13065	137	8	paper	paper	NOUN
ajfa-13065	137	9	,	,	PUNCT
ajfa-13065	137	10	their	their	PRON
ajfa-13065	137	11	definition	definition	NOUN
ajfa-13065	137	12	and	and	CCONJ
ajfa-13065	137	13	expected	expect	VERB
ajfa-13065	137	14	sign	sign	NOUN
ajfa-13065	137	15	are	be	AUX
ajfa-13065	137	16	summarized	summarize	VERB
ajfa-13065	137	17	in	in	ADP
ajfa-13065	137	18	table1	table1	PROPN
ajfa-13065	137	19	1	1	NUM
ajfa-13065	137	20	.	.	PUNCT
ajfa-13065	137	21	asian	asian	ADJ
ajfa-13065	137	22	journal	journal	PROPN
ajfa-13065	137	23	of	of	ADP
ajfa-13065	137	24	finance	finance	PROPN
ajfa-13065	137	25	&	&	CCONJ
ajfa-13065	137	26	accounting	accounting	PROPN
ajfa-13065	137	27	issn	issn	PROPN
ajfa-13065	137	28	1946	1946	NUM
ajfa-13065	137	29	-	-	PUNCT
ajfa-13065	137	30	052x	052x	NOUN
ajfa-13065	137	31	2018	2018	NUM
ajfa-13065	137	32	,	,	PUNCT
ajfa-13065	137	33	vol	vol	NOUN
ajfa-13065	137	34	.	.	PROPN
ajfa-13065	137	35	10	10	NUM
ajfa-13065	137	36	,	,	PUNCT
ajfa-13065	137	37	no	no	INTJ
ajfa-13065	137	38	.	.	NOUN
ajfa-13065	137	39	2	2	NUM
ajfa-13065	137	40	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	137	41	71	71	NUM
ajfa-13065	137	42	table	table	NOUN
ajfa-13065	137	43	1	1	NUM
ajfa-13065	137	44	.	.	PUNCT
ajfa-13065	138	1	definition	definition	NOUN
ajfa-13065	138	2	of	of	ADP
ajfa-13065	138	3	variables	variable	NOUN
ajfa-13065	138	4	variables	variable	NOUN
ajfa-13065	138	5	name	name	NOUN
ajfa-13065	138	6	measures	measure	NOUN
ajfa-13065	138	7	expected	expect	VERB
ajfa-13065	138	8	sign	sign	NOUN
ajfa-13065	138	9	capital	capital	NOUN
ajfa-13065	138	10	structure	structure	NOUN
ajfa-13065	138	11	variable	variable	ADJ
ajfa-13065	138	12	leverage	leverage	NOUN
ajfa-13065	138	13	lev	lev	NOUN
ajfa-13065	138	14	:	:	PUNCT
ajfa-13065	138	15	total	total	ADJ
ajfa-13065	138	16	debt	debt	NOUN
ajfa-13065	138	17	/	/	SYM
ajfa-13065	138	18	total	total	ADJ
ajfa-13065	138	19	assets	asset	NOUN
ajfa-13065	138	20	determinants	determinant	NOUN
ajfa-13065	138	21	of	of	ADP
ajfa-13065	138	22	leverage	leverage	NOUN
ajfa-13065	138	23	size	size	NOUN
ajfa-13065	138	24	size	size	NOUN
ajfa-13065	138	25	:	:	PUNCT
ajfa-13065	138	26	natural	natural	ADJ
ajfa-13065	138	27	logarithm	logarithm	NOUN
ajfa-13065	138	28	of	of	ADP
ajfa-13065	138	29	total	total	ADJ
ajfa-13065	138	30	real	real	ADJ
ajfa-13065	138	31	assets	asset	NOUN
ajfa-13065	138	32	+	+	CCONJ
ajfa-13065	138	33	profitability	profitability	NOUN
ajfa-13065	138	34	profit	profit	NOUN
ajfa-13065	138	35	:	:	PUNCT
ajfa-13065	138	36	roa	roa	PROPN
ajfa-13065	138	37	=	=	AUX
ajfa-13065	138	38	return	return	VERB
ajfa-13065	138	39	on	on	ADP
ajfa-13065	138	40	assets	asset	NOUN
ajfa-13065	138	41	=	=	SYM
ajfa-13065	138	42	earnings	earning	NOUN
ajfa-13065	138	43	before	before	ADP
ajfa-13065	138	44	interest	interest	NOUN
ajfa-13065	138	45	,	,	PUNCT
ajfa-13065	138	46	taxes	taxis	NOUN
ajfa-13065	138	47	and	and	CCONJ
ajfa-13065	138	48	depreciation	depreciation	NOUN
ajfa-13065	138	49	/	/	SYM
ajfa-13065	138	50	total	total	ADJ
ajfa-13065	138	51	assets	asset	NOUN
ajfa-13065	138	52	tangibility	tangibility	PROPN
ajfa-13065	138	53	tang	tang	NOUN
ajfa-13065	138	54	:	:	PUNCT
ajfa-13065	138	55	net	net	NOUN
ajfa-13065	138	56	fixed	fix	VERB
ajfa-13065	138	57	assets/	assets/	NUM
ajfa-13065	138	58	total	total	ADJ
ajfa-13065	138	59	assets	asset	NOUN
ajfa-13065	138	60	+	+	CCONJ
ajfa-13065	138	61	growth	growth	NOUN
ajfa-13065	138	62	opportunities	opportunity	NOUN
ajfa-13065	138	63	growth	growth	NOUN
ajfa-13065	138	64	:	:	PUNCT
ajfa-13065	138	65	ratio	ratio	NOUN
ajfa-13065	138	66	of	of	ADP
ajfa-13065	138	67	the	the	DET
ajfa-13065	138	68	sum	sum	NOUN
ajfa-13065	138	69	of	of	ADP
ajfa-13065	138	70	the	the	DET
ajfa-13065	138	71	market	market	NOUN
ajfa-13065	138	72	value	value	NOUN
ajfa-13065	138	73	of	of	ADP
ajfa-13065	138	74	equity	equity	NOUN
ajfa-13065	138	75	and	and	CCONJ
ajfa-13065	138	76	the	the	DET
ajfa-13065	138	77	book	book	NOUN
ajfa-13065	138	78	value	value	NOUN
ajfa-13065	138	79	of	of	ADP
ajfa-13065	138	80	debt	debt	NOUN
ajfa-13065	138	81	to	to	ADP
ajfa-13065	138	82	the	the	DET
ajfa-13065	138	83	book	book	NOUN
ajfa-13065	138	84	value	value	NOUN
ajfa-13065	138	85	of	of	ADP
ajfa-13065	138	86	total	total	ADJ
ajfa-13065	138	87	assets	asset	NOUN
ajfa-13065	138	88	.	.	PUNCT
ajfa-13065	139	1	non	non	ADJ
ajfa-13065	139	2	-	-	ADJ
ajfa-13065	139	3	tradable	tradable	ADJ
ajfa-13065	139	4	share	share	NOUN
ajfa-13065	139	5	price	price	NOUN
ajfa-13065	139	6	is	be	AUX
ajfa-13065	139	7	used	use	VERB
ajfa-13065	139	8	to	to	PART
ajfa-13065	139	9	calculate	calculate	VERB
ajfa-13065	139	10	as	as	ADP
ajfa-13065	139	11	the	the	DET
ajfa-13065	139	12	market	market	NOUN
ajfa-13065	139	13	value	value	NOUN
ajfa-13065	139	14	of	of	ADP
ajfa-13065	139	15	the	the	DET
ajfa-13065	139	16	tradable	tradable	ADJ
ajfa-13065	139	17	equity	equity	NOUN
ajfa-13065	139	18	.	.	PUNCT
ajfa-13065	140	1	non	non	ADJ
ajfa-13065	140	2	-	-	ADJ
ajfa-13065	140	3	debt	debt	ADJ
ajfa-13065	140	4	tax	tax	NOUN
ajfa-13065	140	5	shield	shield	NOUN
ajfa-13065	140	6	notaxshd	notaxshd	ADV
ajfa-13065	140	7	:	:	PUNCT
ajfa-13065	140	8	depreciation	depreciation	NOUN
ajfa-13065	140	9	/	/	SYM
ajfa-13065	140	10	total	total	ADJ
ajfa-13065	140	11	assets	asset	NOUN
ajfa-13065	140	12	volatility	volatility	NOUN
ajfa-13065	140	13	vol	vol	NOUN
ajfa-13065	140	14	:	:	PUNCT
ajfa-13065	140	15	standard	standard	ADJ
ajfa-13065	140	16	deviation	deviation	NOUN
ajfa-13065	140	17	of	of	ADP
ajfa-13065	140	18	the	the	DET
ajfa-13065	140	19	first	first	ADJ
ajfa-13065	140	20	differences	difference	NOUN
ajfa-13065	140	21	of	of	ADP
ajfa-13065	140	22	earnings	earning	NOUN
ajfa-13065	140	23	before	before	ADP
ajfa-13065	140	24	taxes	taxis	NOUN
ajfa-13065	140	25	and	and	CCONJ
ajfa-13065	140	26	depreciation	depreciation	NOUN
ajfa-13065	140	27	over	over	ADP
ajfa-13065	140	28	the	the	DET
ajfa-13065	140	29	four	four	NUM
ajfa-13065	140	30	years	year	NOUN
ajfa-13065	140	31	preceding	precede	VERB
ajfa-13065	140	32	the	the	DET
ajfa-13065	140	33	sample	sample	NOUN
ajfa-13065	140	34	period	period	NOUN
ajfa-13065	140	35	,	,	PUNCT
ajfa-13065	140	36	divided	divide	VERB
ajfa-13065	140	37	by	by	ADP
ajfa-13065	140	38	average	average	ADJ
ajfa-13065	140	39	total	total	ADJ
ajfa-13065	140	40	assets	asset	NOUN
ajfa-13065	140	41	for	for	ADP
ajfa-13065	140	42	that	that	DET
ajfa-13065	140	43	period	period	NOUN
ajfa-13065	140	44	.	.	PUNCT
ajfa-13065	141	1	firm	firm	ADJ
ajfa-13065	141	2	age	age	NOUN
ajfa-13065	141	3	firmage	firmage	NOUN
ajfa-13065	141	4	:	:	PUNCT
ajfa-13065	141	5	log	log	NOUN
ajfa-13065	141	6	of	of	ADP
ajfa-13065	141	7	the	the	DET
ajfa-13065	141	8	number	number	NOUN
ajfa-13065	141	9	of	of	ADP
ajfa-13065	141	10	years	year	NOUN
ajfa-13065	141	11	since	since	SCONJ
ajfa-13065	141	12	the	the	DET
ajfa-13065	141	13	establishment	establishment	NOUN
ajfa-13065	141	14	of	of	ADP
ajfa-13065	141	15	the	the	DET
ajfa-13065	141	16	firm	firm	ADJ
ajfa-13065	141	17	+	+	NUM
ajfa-13065	141	18	year	year	NOUN
ajfa-13065	141	19	dummies	dummy	NOUN
ajfa-13065	141	20	vt	vt	PROPN
ajfa-13065	141	21	:	:	PUNCT
ajfa-13065	141	22	year	year	NOUN
ajfa-13065	141	23	dummies	dummy	NOUN
ajfa-13065	141	24	for	for	ADP
ajfa-13065	141	25	the	the	DET
ajfa-13065	141	26	years	year	NOUN
ajfa-13065	141	27	2003	2003	NUM
ajfa-13065	141	28	to	to	ADP
ajfa-13065	141	29	2010	2010	NUM
ajfa-13065	141	30	industry	industry	NOUN
ajfa-13065	141	31	dummies	dummy	NOUN
ajfa-13065	141	32	vj	vj	INTJ
ajfa-13065	141	33	:	:	PUNCT
ajfa-13065	141	34	csmar	csmar	PROPN
ajfa-13065	141	35	b	b	PROPN
ajfa-13065	141	36	classification	classification	NOUN
ajfa-13065	141	37	:	:	PUNCT
ajfa-13065	141	38	5	5	NUM
ajfa-13065	141	39	industries	industry	NOUN
ajfa-13065	141	40	:	:	PUNCT
ajfa-13065	141	41	utilities	utility	NOUN
ajfa-13065	141	42	,	,	PUNCT
ajfa-13065	141	43	properties	property	NOUN
ajfa-13065	141	44	,	,	PUNCT
ajfa-13065	141	45	conglomerates	conglomerate	NOUN
ajfa-13065	141	46	,	,	PUNCT
ajfa-13065	141	47	industry	industry	NOUN
ajfa-13065	141	48	,	,	PUNCT
ajfa-13065	141	49	commerce	commerce	NOUN
ajfa-13065	141	50	(	(	PUNCT
ajfa-13065	141	51	except	except	SCONJ
ajfa-13065	141	52	financial	financial	ADJ
ajfa-13065	141	53	industries	industry	NOUN
ajfa-13065	141	54	)	)	PUNCT
ajfa-13065	141	55	regional	regional	ADJ
ajfa-13065	141	56	dummies	dummy	NOUN
ajfa-13065	141	57	vk	vk	NOUN
ajfa-13065	141	58	:	:	PUNCT
ajfa-13065	141	59	dummies	dummy	NOUN
ajfa-13065	141	60	indicating	indicate	VERB
ajfa-13065	141	61	whether	whether	SCONJ
ajfa-13065	141	62	the	the	DET
ajfa-13065	141	63	firm	firm	NOUN
ajfa-13065	141	64	is	be	AUX
ajfa-13065	141	65	located	locate	VERB
ajfa-13065	141	66	in	in	ADP
ajfa-13065	141	67	the	the	DET
ajfa-13065	141	68	coastal	coastal	ADJ
ajfa-13065	141	69	,	,	PUNCT
ajfa-13065	141	70	western	western	ADJ
ajfa-13065	141	71	,	,	PUNCT
ajfa-13065	141	72	or	or	CCONJ
ajfa-13065	141	73	central	central	ADJ
ajfa-13065	141	74	region	region	NOUN
ajfa-13065	141	75	of	of	ADP
ajfa-13065	141	76	china	china	PROPN
ajfa-13065	141	77	notes	note	VERB
ajfa-13065	141	78	:	:	PUNCT
ajfa-13065	141	79	‘	'	PUNCT
ajfa-13065	141	80	+	+	NOUN
ajfa-13065	141	81	’	'	PUNCT
ajfa-13065	141	82	means	mean	VERB
ajfa-13065	141	83	that	that	SCONJ
ajfa-13065	141	84	leverage	leverage	NOUN
ajfa-13065	141	85	increases	increase	VERB
ajfa-13065	141	86	with	with	ADP
ajfa-13065	141	87	the	the	DET
ajfa-13065	141	88	variables	variable	NOUN
ajfa-13065	141	89	,	,	PUNCT
ajfa-13065	141	90	‘	'	PUNCT
ajfa-13065	141	91	-	-	PUNCT
ajfa-13065	141	92	’	'	PUNCT
ajfa-13065	141	93	means	mean	VERB
ajfa-13065	141	94	that	that	SCONJ
ajfa-13065	141	95	leverage	leverage	NOUN
ajfa-13065	141	96	decreases	decrease	VERB
ajfa-13065	141	97	with	with	ADP
ajfa-13065	141	98	the	the	DET
ajfa-13065	141	99	variables	variable	NOUN
ajfa-13065	141	100	.	.	PUNCT
ajfa-13065	142	1	3.3	3.3	NUM
ajfa-13065	142	2	estimation	estimation	NOUN
ajfa-13065	142	3	methodology	methodology	NOUN
ajfa-13065	142	4	in	in	ADP
ajfa-13065	142	5	this	this	DET
ajfa-13065	142	6	study	study	NOUN
ajfa-13065	142	7	panel	panel	NOUN
ajfa-13065	142	8	data	datum	NOUN
ajfa-13065	142	9	estimation	estimation	NOUN
ajfa-13065	142	10	methodologies	methodology	NOUN
ajfa-13065	142	11	are	be	AUX
ajfa-13065	142	12	used	use	VERB
ajfa-13065	142	13	to	to	PART
ajfa-13065	142	14	examine	examine	VERB
ajfa-13065	142	15	the	the	DET
ajfa-13065	142	16	relationship	relationship	NOUN
ajfa-13065	142	17	between	between	ADP
ajfa-13065	142	18	leverage	leverage	NOUN
ajfa-13065	142	19	and	and	CCONJ
ajfa-13065	142	20	its	its	PRON
ajfa-13065	142	21	determinants	determinant	NOUN
ajfa-13065	142	22	.	.	PUNCT
ajfa-13065	143	1	panel	panel	NOUN
ajfa-13065	143	2	data	datum	NOUN
ajfa-13065	143	3	analysis	analysis	NOUN
ajfa-13065	143	4	presents	present	VERB
ajfa-13065	143	5	several	several	ADJ
ajfa-13065	143	6	advantages	advantage	NOUN
ajfa-13065	143	7	:	:	PUNCT
ajfa-13065	143	8	it	it	PRON
ajfa-13065	143	9	increases	increase	VERB
ajfa-13065	143	10	the	the	DET
ajfa-13065	143	11	degree	degree	NOUN
ajfa-13065	143	12	of	of	ADP
ajfa-13065	143	13	freedom	freedom	NOUN
ajfa-13065	143	14	owing	owe	VERB
ajfa-13065	143	15	to	to	ADP
ajfa-13065	143	16	large	large	ADJ
ajfa-13065	143	17	number	number	NOUN
ajfa-13065	143	18	observation	observation	NOUN
ajfa-13065	143	19	,	,	PUNCT
ajfa-13065	143	20	reduces	reduce	VERB
ajfa-13065	143	21	the	the	DET
ajfa-13065	143	22	possibility	possibility	NOUN
ajfa-13065	143	23	of	of	ADP
ajfa-13065	143	24	collinearity	collinearity	NOUN
ajfa-13065	143	25	among	among	ADP
ajfa-13065	143	26	the	the	DET
ajfa-13065	143	27	explanatory	explanatory	ADJ
ajfa-13065	143	28	variables	variable	NOUN
ajfa-13065	143	29	,	,	PUNCT
ajfa-13065	143	30	and	and	CCONJ
ajfa-13065	143	31	results	result	NOUN
ajfa-13065	143	32	in	in	ADP
ajfa-13065	143	33	more	more	ADV
ajfa-13065	143	34	efficient	efficient	ADJ
ajfa-13065	143	35	estimates	estimate	NOUN
ajfa-13065	143	36	.	.	PUNCT
ajfa-13065	144	1	we	we	PRON
ajfa-13065	144	2	first	first	ADV
ajfa-13065	144	3	use	use	VERB
ajfa-13065	144	4	a	a	DET
ajfa-13065	144	5	pooled	pooled	ADJ
ajfa-13065	144	6	ols	ol	NOUN
ajfa-13065	144	7	(	(	PUNCT
ajfa-13065	144	8	ordinary	ordinary	ADJ
ajfa-13065	144	9	least	least	ADJ
ajfa-13065	144	10	square	square	ADJ
ajfa-13065	144	11	)	)	PUNCT
ajfa-13065	144	12	model	model	NOUN
ajfa-13065	144	13	.	.	PUNCT
ajfa-13065	145	1	however	however	ADV
ajfa-13065	145	2	,	,	PUNCT
ajfa-13065	145	3	a	a	DET
ajfa-13065	145	4	pooled	pool	VERB
ajfa-13065	145	5	ols	ol	NOUN
ajfa-13065	145	6	does	do	AUX
ajfa-13065	145	7	not	not	PART
ajfa-13065	145	8	take	take	VERB
ajfa-13065	145	9	into	into	ADP
ajfa-13065	145	10	account	account	NOUN
ajfa-13065	145	11	the	the	DET
ajfa-13065	145	12	potential	potential	ADJ
ajfa-13065	145	13	unobserved	unobserved	ADJ
ajfa-13065	145	14	firm	firm	ADJ
ajfa-13065	145	15	heterogeneity	heterogeneity	NOUN
ajfa-13065	145	16	,	,	PUNCT
ajfa-13065	145	17	which	which	PRON
ajfa-13065	145	18	may	may	AUX
ajfa-13065	145	19	affect	affect	VERB
ajfa-13065	145	20	both	both	DET
ajfa-13065	145	21	the	the	DET
ajfa-13065	145	22	leverage	leverage	NOUN
ajfa-13065	145	23	and	and	CCONJ
ajfa-13065	145	24	asian	asian	ADJ
ajfa-13065	145	25	journal	journal	NOUN
ajfa-13065	145	26	of	of	ADP
ajfa-13065	145	27	finance	finance	PROPN
ajfa-13065	145	28	&	&	CCONJ
ajfa-13065	145	29	accounting	accounting	PROPN
ajfa-13065	145	30	issn	issn	PROPN
ajfa-13065	145	31	1946	1946	NUM
ajfa-13065	145	32	-	-	PUNCT
ajfa-13065	145	33	052x	052x	NOUN
ajfa-13065	145	34	2018	2018	NUM
ajfa-13065	145	35	,	,	PUNCT
ajfa-13065	145	36	vol	vol	NOUN
ajfa-13065	145	37	.	.	PROPN
ajfa-13065	146	1	10	10	NUM
ajfa-13065	146	2	,	,	PUNCT
ajfa-13065	146	3	no	no	INTJ
ajfa-13065	146	4	.	.	NOUN
ajfa-13065	146	5	2	2	NUM
ajfa-13065	146	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	146	7	72	72	NUM
ajfa-13065	146	8	its	its	PRON
ajfa-13065	146	9	determinants	determinant	NOUN
ajfa-13065	146	10	.	.	PUNCT
ajfa-13065	147	1	therefore	therefore	ADV
ajfa-13065	147	2	,	,	PUNCT
ajfa-13065	147	3	we	we	PRON
ajfa-13065	147	4	use	use	VERB
ajfa-13065	147	5	fixed	fix	VERB
ajfa-13065	147	6	effects	effect	NOUN
ajfa-13065	147	7	method	method	NOUN
ajfa-13065	147	8	which	which	PRON
ajfa-13065	147	9	allows	allow	VERB
ajfa-13065	147	10	us	we	PRON
ajfa-13065	147	11	to	to	PART
ajfa-13065	147	12	control	control	VERB
ajfa-13065	147	13	for	for	ADP
ajfa-13065	147	14	unobservable	unobservable	ADJ
ajfa-13065	147	15	heterogeneity	heterogeneity	NOUN
ajfa-13065	147	16	and	and	CCONJ
ajfa-13065	147	17	,	,	PUNCT
ajfa-13065	147	18	therefore	therefore	ADV
ajfa-13065	147	19	,	,	PUNCT
ajfa-13065	147	20	eliminates	eliminate	VERB
ajfa-13065	147	21	the	the	DET
ajfa-13065	147	22	risk	risk	NOUN
ajfa-13065	147	23	of	of	ADP
ajfa-13065	147	24	obtaining	obtain	VERB
ajfa-13065	147	25	biased	biased	ADJ
ajfa-13065	147	26	estimates	estimate	NOUN
ajfa-13065	147	27	for	for	ADP
ajfa-13065	147	28	our	our	PRON
ajfa-13065	147	29	variables	variable	NOUN
ajfa-13065	147	30	.	.	PUNCT
ajfa-13065	148	1	4	4	X
ajfa-13065	148	2	.	.	X
ajfa-13065	148	3	data	datum	NOUN
ajfa-13065	148	4	and	and	CCONJ
ajfa-13065	148	5	descriptive	descriptive	ADJ
ajfa-13065	148	6	statistics	statistic	NOUN
ajfa-13065	148	7	in	in	ADP
ajfa-13065	148	8	this	this	DET
ajfa-13065	148	9	section	section	NOUN
ajfa-13065	148	10	,	,	PUNCT
ajfa-13065	148	11	we	we	PRON
ajfa-13065	148	12	describe	describe	VERB
ajfa-13065	148	13	the	the	DET
ajfa-13065	148	14	dataset	dataset	NOUN
ajfa-13065	148	15	and	and	CCONJ
ajfa-13065	148	16	sample	sample	NOUN
ajfa-13065	148	17	that	that	PRON
ajfa-13065	148	18	is	be	AUX
ajfa-13065	148	19	used	use	VERB
ajfa-13065	148	20	in	in	ADP
ajfa-13065	148	21	our	our	PRON
ajfa-13065	148	22	study	study	NOUN
ajfa-13065	148	23	,	,	PUNCT
ajfa-13065	148	24	and	and	CCONJ
ajfa-13065	148	25	explain	explain	VERB
ajfa-13065	148	26	how	how	SCONJ
ajfa-13065	148	27	the	the	DET
ajfa-13065	148	28	data	datum	NOUN
ajfa-13065	148	29	is	be	AUX
ajfa-13065	148	30	processed	process	VERB
ajfa-13065	148	31	.	.	PUNCT
ajfa-13065	149	1	this	this	DET
ajfa-13065	149	2	section	section	NOUN
ajfa-13065	149	3	also	also	ADV
ajfa-13065	149	4	provides	provide	VERB
ajfa-13065	149	5	a	a	DET
ajfa-13065	149	6	discussion	discussion	NOUN
ajfa-13065	149	7	on	on	ADP
ajfa-13065	149	8	summary	summary	NOUN
ajfa-13065	149	9	statistics	statistic	NOUN
ajfa-13065	149	10	and	and	CCONJ
ajfa-13065	149	11	correlation	correlation	NOUN
ajfa-13065	149	12	analysis	analysis	NOUN
ajfa-13065	149	13	of	of	ADP
ajfa-13065	149	14	our	our	PRON
ajfa-13065	149	15	variables	variable	NOUN
ajfa-13065	149	16	.	.	PUNCT
ajfa-13065	150	1	4.1	4.1	NUM
ajfa-13065	150	2	data	datum	NOUN
ajfa-13065	150	3	and	and	CCONJ
ajfa-13065	150	4	sample	sample	NOUN
ajfa-13065	150	5	selection	selection	NOUN
ajfa-13065	150	6	our	our	PRON
ajfa-13065	150	7	sample	sample	NOUN
ajfa-13065	150	8	includes	include	VERB
ajfa-13065	150	9	all	all	DET
ajfa-13065	150	10	the	the	DET
ajfa-13065	150	11	publicly	publicly	ADV
ajfa-13065	150	12	held	hold	VERB
ajfa-13065	150	13	firms	firm	NOUN
ajfa-13065	150	14	that	that	PRON
ajfa-13065	150	15	have	have	AUX
ajfa-13065	150	16	been	be	AUX
ajfa-13065	150	17	listed	list	VERB
ajfa-13065	150	18	on	on	ADP
ajfa-13065	150	19	the	the	DET
ajfa-13065	150	20	shanghai	shanghai	PROPN
ajfa-13065	150	21	and	and	CCONJ
ajfa-13065	150	22	shenzhen	shenzhen	PROPN
ajfa-13065	150	23	stock	stock	PROPN
ajfa-13065	150	24	exchanges	exchange	NOUN
ajfa-13065	150	25	over	over	ADP
ajfa-13065	150	26	the	the	DET
ajfa-13065	150	27	period	period	NOUN
ajfa-13065	150	28	of	of	ADP
ajfa-13065	150	29	2003	2003	NUM
ajfa-13065	150	30	to	to	ADP
ajfa-13065	150	31	2010	2010	NUM
ajfa-13065	150	32	.	.	PUNCT
ajfa-13065	151	1	data	datum	NOUN
ajfa-13065	151	2	are	be	AUX
ajfa-13065	151	3	collected	collect	VERB
ajfa-13065	151	4	from	from	ADP
ajfa-13065	151	5	the	the	DET
ajfa-13065	151	6	china	china	PROPN
ajfa-13065	151	7	stock	stock	NOUN
ajfa-13065	151	8	market	market	NOUN
ajfa-13065	151	9	and	and	CCONJ
ajfa-13065	151	10	accounting	accounting	NOUN
ajfa-13065	151	11	research	research	NOUN
ajfa-13065	151	12	(	(	PUNCT
ajfa-13065	151	13	csmar	csmar	PROPN
ajfa-13065	151	14	)	)	PUNCT
ajfa-13065	151	15	database	database	NOUN
ajfa-13065	151	16	and	and	CCONJ
ajfa-13065	151	17	sino	sino	ADJ
ajfa-13065	151	18	-	-	PUNCT
ajfa-13065	151	19	fin	fin	NOUN
ajfa-13065	151	20	.	.	PUNCT
ajfa-13065	152	1	we	we	PRON
ajfa-13065	152	2	first	first	ADV
ajfa-13065	152	3	delete	delete	ADJ
ajfa-13065	152	4	firms	firm	NOUN
ajfa-13065	152	5	in	in	ADP
ajfa-13065	152	6	the	the	DET
ajfa-13065	152	7	financial	financial	ADJ
ajfa-13065	152	8	industry	industry	NOUN
ajfa-13065	152	9	,	,	PUNCT
ajfa-13065	152	10	since	since	SCONJ
ajfa-13065	152	11	their	their	PRON
ajfa-13065	152	12	capital	capital	NOUN
ajfa-13065	152	13	structure	structure	NOUN
ajfa-13065	152	14	is	be	AUX
ajfa-13065	152	15	subject	subject	ADJ
ajfa-13065	152	16	to	to	ADP
ajfa-13065	152	17	many	many	ADJ
ajfa-13065	152	18	regulations	regulation	NOUN
ajfa-13065	152	19	.	.	PUNCT
ajfa-13065	153	1	we	we	PRON
ajfa-13065	153	2	then	then	ADV
ajfa-13065	153	3	remove	remove	VERB
ajfa-13065	153	4	the	the	DET
ajfa-13065	153	5	potential	potential	ADJ
ajfa-13065	153	6	outliers	outlier	NOUN
ajfa-13065	153	7	(	(	PUNCT
ajfa-13065	153	8	i.e.	i.e.	X
ajfa-13065	153	9	,	,	PUNCT
ajfa-13065	153	10	extreme	extreme	ADJ
ajfa-13065	153	11	observations	observation	NOUN
ajfa-13065	153	12	)	)	PUNCT
ajfa-13065	153	13	by	by	ADP
ajfa-13065	153	14	deleting	delete	VERB
ajfa-13065	153	15	observations	observation	NOUN
ajfa-13065	153	16	below	below	ADP
ajfa-13065	153	17	the	the	DET
ajfa-13065	153	18	1st	1st	NOUN
ajfa-13065	153	19	and	and	CCONJ
ajfa-13065	153	20	above	above	ADP
ajfa-13065	153	21	the	the	DET
ajfa-13065	153	22	99th	99th	ADJ
ajfa-13065	153	23	percentile	percentile	NOUN
ajfa-13065	153	24	of	of	ADP
ajfa-13065	153	25	all	all	DET
ajfa-13065	153	26	our	our	PRON
ajfa-13065	153	27	regression	regression	NOUN
ajfa-13065	153	28	variables	variable	NOUN
ajfa-13065	153	29	,	,	PUNCT
ajfa-13065	153	30	expect	expect	VERB
ajfa-13065	153	31	dummy	dummy	ADJ
ajfa-13065	153	32	variables	variable	NOUN
ajfa-13065	153	33	.	.	PUNCT
ajfa-13065	154	1	our	our	PRON
ajfa-13065	154	2	final	final	ADJ
ajfa-13065	154	3	sample	sample	NOUN
ajfa-13065	154	4	has	have	VERB
ajfa-13065	154	5	1844	1844	NUM
ajfa-13065	154	6	chinese	chinese	ADJ
ajfa-13065	154	7	firms	firm	NOUN
ajfa-13065	154	8	and	and	CCONJ
ajfa-13065	154	9	covers	cover	VERB
ajfa-13065	154	10	an	an	DET
ajfa-13065	154	11	unbalanced	unbalanced	ADJ
ajfa-13065	154	12	panel	panel	NOUN
ajfa-13065	154	13	of	of	ADP
ajfa-13065	154	14	9624	9624	NUM
ajfa-13065	154	15	firm	firm	ADJ
ajfa-13065	154	16	-	-	PUNCT
ajfa-13065	154	17	year	year	NOUN
ajfa-13065	154	18	observations	observation	NOUN
ajfa-13065	154	19	.	.	PUNCT
ajfa-13065	155	1	4.2	4.2	NUM
ajfa-13065	155	2	.	.	PUNCT
ajfa-13065	156	1	summary	summary	NOUN
ajfa-13065	156	2	statistics	statistic	NOUN
ajfa-13065	156	3	table	table	NOUN
ajfa-13065	156	4	2	2	NUM
ajfa-13065	156	5	presents	present	VERB
ajfa-13065	156	6	descriptive	descriptive	ADJ
ajfa-13065	156	7	statistics	statistic	NOUN
ajfa-13065	156	8	for	for	ADP
ajfa-13065	156	9	the	the	DET
ajfa-13065	156	10	dependent	dependent	ADJ
ajfa-13065	156	11	variables	variable	NOUN
ajfa-13065	156	12	,	,	PUNCT
ajfa-13065	156	13	explanatory	explanatory	ADJ
ajfa-13065	156	14	used	use	VERB
ajfa-13065	156	15	in	in	ADP
ajfa-13065	156	16	our	our	PRON
ajfa-13065	156	17	regression	regression	NOUN
ajfa-13065	156	18	analysis	analysis	NOUN
ajfa-13065	156	19	.	.	PUNCT
ajfa-13065	157	1	included	include	VERB
ajfa-13065	157	2	are	be	AUX
ajfa-13065	157	3	mean	mean	ADJ
ajfa-13065	157	4	,	,	PUNCT
ajfa-13065	157	5	median	median	ADJ
ajfa-13065	157	6	,	,	PUNCT
ajfa-13065	157	7	standard	standard	ADJ
ajfa-13065	157	8	deviations	deviation	NOUN
ajfa-13065	157	9	,	,	PUNCT
ajfa-13065	157	10	minimum	minimum	NOUN
ajfa-13065	157	11	and	and	CCONJ
ajfa-13065	157	12	maximum	maximum	ADJ
ajfa-13065	157	13	for	for	ADP
ajfa-13065	157	14	the	the	DET
ajfa-13065	157	15	variables	variable	NOUN
ajfa-13065	157	16	used	use	VERB
ajfa-13065	157	17	in	in	ADP
ajfa-13065	157	18	our	our	PRON
ajfa-13065	157	19	study	study	NOUN
ajfa-13065	157	20	.	.	PUNCT
ajfa-13065	158	1	table	table	NOUN
ajfa-13065	159	1	2	2	NUM
ajfa-13065	159	2	.	.	PUNCT
ajfa-13065	159	3	summary	summary	NOUN
ajfa-13065	159	4	statistics	statistic	NOUN
ajfa-13065	159	5	of	of	ADP
ajfa-13065	159	6	leverage	leverage	NOUN
ajfa-13065	159	7	,	,	PUNCT
ajfa-13065	159	8	corporate	corporate	ADJ
ajfa-13065	159	9	governance	governance	NOUN
ajfa-13065	159	10	,	,	PUNCT
ajfa-13065	159	11	and	and	CCONJ
ajfa-13065	159	12	control	control	NOUN
ajfa-13065	159	13	variables	variable	NOUN
ajfa-13065	159	14	of	of	ADP
ajfa-13065	159	15	chinese	chinese	ADJ
ajfa-13065	159	16	listed	list	VERB
ajfa-13065	159	17	firms	firm	NOUN
ajfa-13065	159	18	over	over	ADP
ajfa-13065	159	19	the	the	DET
ajfa-13065	159	20	period	period	NOUN
ajfa-13065	159	21	of	of	ADP
ajfa-13065	159	22	2003	2003	NUM
ajfa-13065	159	23	to	to	ADP
ajfa-13065	159	24	2010	2010	NUM
ajfa-13065	159	25	variables	variable	NOUN
ajfa-13065	159	26	obs	obs	PROPN
ajfa-13065	159	27	.	.	PUNCT
ajfa-13065	160	1	mean	mean	VERB
ajfa-13065	160	2	median	median	ADJ
ajfa-13065	160	3	std	std	PROPN
ajfa-13065	160	4	.	.	PROPN
ajfa-13065	160	5	dev	dev	PROPN
ajfa-13065	160	6	.	.	PUNCT
ajfa-13065	161	1	min	min	PROPN
ajfa-13065	161	2	max	max	PROPN
ajfa-13065	161	3	dependent	dependent	ADJ
ajfa-13065	161	4	variable	variable	ADJ
ajfa-13065	161	5	lev	lev	NOUN
ajfa-13065	161	6	9624	9624	NUM
ajfa-13065	161	7	0.503	0.503	NUM
ajfa-13065	161	8	0.505	0.505	NUM
ajfa-13065	161	9	0.214	0.214	NUM
ajfa-13065	161	10	0.058	0.058	NUM
ajfa-13065	161	11	3.061	3.061	NUM
ajfa-13065	161	12	determinates	determinate	NOUN
ajfa-13065	161	13	of	of	ADP
ajfa-13065	161	14	capital	capital	NOUN
ajfa-13065	161	15	structure	structure	NOUN
ajfa-13065	161	16	size	size	NOUN
ajfa-13065	161	17	(	(	PUNCT
ajfa-13065	161	18	billion	billion	NUM
ajfa-13065	161	19	rmb	rmb	NOUN
ajfa-13065	161	20	)	)	PUNCT
ajfa-13065	161	21	9624	9624	NUM
ajfa-13065	161	22	1.463	1.463	NUM
ajfa-13065	161	23	0.732	0.732	NUM
ajfa-13065	161	24	2.471	2.471	NUM
ajfa-13065	161	25	0.067	0.067	NUM
ajfa-13065	161	26	26.136	26.136	NUM
ajfa-13065	161	27	profit	profit	NOUN
ajfa-13065	161	28	9624	9624	NUM
ajfa-13065	161	29	0.074	0.074	NUM
ajfa-13065	161	30	0.074	0.074	NUM
ajfa-13065	161	31	0.063	0.063	NUM
ajfa-13065	161	32	-0.254	-0.254	NUM
ajfa-13065	161	33	0.268	0.268	NUM
ajfa-13065	161	34	tang	tang	NOUN
ajfa-13065	161	35	9624	9624	NUM
ajfa-13065	161	36	0.460	0.460	NUM
ajfa-13065	161	37	0.457	0.457	NUM
ajfa-13065	161	38	0.165	0.165	NUM
ajfa-13065	161	39	0.061	0.061	NUM
ajfa-13065	161	40	0.845	0.845	NUM
ajfa-13065	161	41	growth	growth	NOUN
ajfa-13065	161	42	9624	9624	NUM
ajfa-13065	161	43	2.082	2.082	NUM
ajfa-13065	161	44	1.659	1.659	NUM
ajfa-13065	161	45	1.237	1.237	NUM
ajfa-13065	161	46	0.807	0.807	NUM
ajfa-13065	161	47	8.504	8.504	NUM
ajfa-13065	161	48	notaxshd	notaxshd	ADV
ajfa-13065	161	49	9624	9624	NUM
ajfa-13065	161	50	0.025	0.025	NUM
ajfa-13065	161	51	0.022	0.022	NUM
ajfa-13065	161	52	0.015	0.015	NUM
ajfa-13065	161	53	0.000	0.000	NUM
ajfa-13065	161	54	0.081	0.081	NUM
ajfa-13065	161	55	vol	vol	NOUN
ajfa-13065	161	56	9624	9624	NUM
ajfa-13065	161	57	0.037	0.037	NUM
ajfa-13065	161	58	0.020	0.020	NUM
ajfa-13065	161	59	0.049	0.049	NUM
ajfa-13065	161	60	0.000	0.000	NUM
ajfa-13065	161	61	0.368	0.368	NUM
ajfa-13065	161	62	firmage	firmage	NOUN
ajfa-13065	161	63	9624	9624	NUM
ajfa-13065	161	64	10.543	10.543	NUM
ajfa-13065	161	65	10.000	10.000	NUM
ajfa-13065	161	66	4.132	4.132	NUM
ajfa-13065	161	67	1.000	1.000	NUM
ajfa-13065	161	68	26.000	26.000	NUM
ajfa-13065	161	69	note	note	NOUN
ajfa-13065	161	70	:	:	PUNCT
ajfa-13065	161	71	definitions	definition	NOUN
ajfa-13065	161	72	for	for	ADP
ajfa-13065	161	73	all	all	DET
ajfa-13065	161	74	variables	variable	NOUN
ajfa-13065	161	75	are	be	AUX
ajfa-13065	161	76	provided	provide	VERB
ajfa-13065	161	77	in	in	ADP
ajfa-13065	161	78	table.1	table.1	PROPN
ajfa-13065	161	79	.	.	PUNCT
ajfa-13065	162	1	the	the	DET
ajfa-13065	162	2	minimum	minimum	ADJ
ajfa-13065	162	3	and	and	CCONJ
ajfa-13065	162	4	maximum	maximum	ADJ
ajfa-13065	162	5	book	book	NOUN
ajfa-13065	162	6	values	value	NOUN
ajfa-13065	162	7	of	of	ADP
ajfa-13065	162	8	leverage	leverage	NOUN
ajfa-13065	162	9	(	(	PUNCT
ajfa-13065	162	10	lev	lev	NOUN
ajfa-13065	162	11	)	)	PUNCT
ajfa-13065	162	12	ratios	ratio	NOUN
ajfa-13065	162	13	for	for	ADP
ajfa-13065	162	14	the	the	DET
ajfa-13065	162	15	sample	sample	NOUN
ajfa-13065	162	16	firms	firm	NOUN
ajfa-13065	162	17	range	range	VERB
ajfa-13065	162	18	from	from	ADP
ajfa-13065	162	19	5.8	5.8	NUM
ajfa-13065	162	20	%	%	NOUN
ajfa-13065	162	21	to	to	ADP
ajfa-13065	162	22	306.1	306.1	NUM
ajfa-13065	162	23	%	%	NOUN
ajfa-13065	162	24	with	with	ADP
ajfa-13065	162	25	an	an	DET
ajfa-13065	162	26	average	average	NOUN
ajfa-13065	162	27	of	of	ADP
ajfa-13065	162	28	about	about	ADV
ajfa-13065	162	29	50	50	NUM
ajfa-13065	162	30	%	%	NOUN
ajfa-13065	162	31	(	(	PUNCT
ajfa-13065	162	32	median	median	NOUN
ajfa-13065	162	33	50	50	NUM
ajfa-13065	162	34	%	%	NOUN
ajfa-13065	162	35	)	)	PUNCT
ajfa-13065	162	36	.	.	PUNCT
ajfa-13065	163	1	this	this	PRON
ajfa-13065	163	2	suggests	suggest	VERB
ajfa-13065	163	3	that	that	SCONJ
ajfa-13065	163	4	on	on	ADP
ajfa-13065	163	5	average	average	ADJ
ajfa-13065	163	6	,	,	PUNCT
ajfa-13065	163	7	half	half	NOUN
ajfa-13065	163	8	of	of	ADP
ajfa-13065	163	9	total	total	ADJ
ajfa-13065	163	10	assets	asset	NOUN
ajfa-13065	163	11	are	be	AUX
ajfa-13065	163	12	financed	finance	VERB
ajfa-13065	163	13	by	by	ADP
ajfa-13065	163	14	debt	debt	NOUN
ajfa-13065	163	15	capital	capital	NOUN
ajfa-13065	163	16	.	.	PUNCT
ajfa-13065	164	1	furthermore	furthermore	ADV
ajfa-13065	164	2	,	,	PUNCT
ajfa-13065	164	3	this	this	DET
ajfa-13065	164	4	figure	figure	NOUN
ajfa-13065	164	5	implies	imply	VERB
ajfa-13065	164	6	that	that	SCONJ
ajfa-13065	164	7	our	our	PRON
ajfa-13065	164	8	sample	sample	NOUN
ajfa-13065	164	9	firms	firm	NOUN
ajfa-13065	164	10	in	in	ADP
ajfa-13065	164	11	china	china	PROPN
ajfa-13065	164	12	have	have	VERB
ajfa-13065	164	13	similar	similar	ADJ
ajfa-13065	164	14	mean	mean	NOUN
ajfa-13065	164	15	leverage	leverage	NOUN
ajfa-13065	164	16	compared	compare	VERB
ajfa-13065	164	17	with	with	ADP
ajfa-13065	164	18	the	the	DET
ajfa-13065	164	19	findings	finding	NOUN
ajfa-13065	164	20	of	of	ADP
ajfa-13065	164	21	the	the	DET
ajfa-13065	164	22	previous	previous	ADJ
ajfa-13065	164	23	studies	study	NOUN
ajfa-13065	164	24	in	in	ADP
ajfa-13065	164	25	developed	develop	VERB
ajfa-13065	164	26	economies	economy	NOUN
ajfa-13065	164	27	.	.	PUNCT
ajfa-13065	165	1	for	for	ADP
ajfa-13065	165	2	example	example	NOUN
ajfa-13065	165	3	,	,	PUNCT
ajfa-13065	165	4	in	in	ADP
ajfa-13065	165	5	their	their	PRON
ajfa-13065	165	6	sample	sample	NOUN
ajfa-13065	165	7	of	of	ADP
ajfa-13065	165	8	firms	firm	NOUN
ajfa-13065	165	9	from	from	ADP
ajfa-13065	165	10	g-7	g-7	PROPN
ajfa-13065	165	11	asian	asian	PROPN
ajfa-13065	165	12	journal	journal	PROPN
ajfa-13065	165	13	of	of	ADP
ajfa-13065	165	14	finance	finance	PROPN
ajfa-13065	165	15	&	&	CCONJ
ajfa-13065	165	16	accounting	accounting	PROPN
ajfa-13065	165	17	issn	issn	PROPN
ajfa-13065	165	18	1946	1946	NUM
ajfa-13065	165	19	-	-	PUNCT
ajfa-13065	165	20	052x	052x	NOUN
ajfa-13065	165	21	2018	2018	NUM
ajfa-13065	165	22	,	,	PUNCT
ajfa-13065	165	23	vol	vol	NOUN
ajfa-13065	165	24	.	.	PROPN
ajfa-13065	166	1	10	10	NUM
ajfa-13065	166	2	,	,	PUNCT
ajfa-13065	166	3	no	no	INTJ
ajfa-13065	166	4	.	.	NOUN
ajfa-13065	166	5	2	2	NUM
ajfa-13065	166	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	166	7	73	73	NUM
ajfa-13065	166	8	countries	country	NOUN
ajfa-13065	166	9	rajan	rajan	PROPN
ajfa-13065	166	10	and	and	CCONJ
ajfa-13065	166	11	zingales	zingales	PROPN
ajfa-13065	166	12	(	(	PUNCT
ajfa-13065	166	13	1995	1995	NUM
ajfa-13065	166	14	)	)	PUNCT
ajfa-13065	166	15	report	report	NOUN
ajfa-13065	166	16	that	that	PRON
ajfa-13065	166	17	mean	mean	VERB
ajfa-13065	166	18	leverage	leverage	NOUN
ajfa-13065	166	19	ratios	ratio	NOUN
ajfa-13065	166	20	(	(	PUNCT
ajfa-13065	166	21	in	in	ADP
ajfa-13065	166	22	book	book	NOUN
ajfa-13065	166	23	value	value	NOUN
ajfa-13065	166	24	)	)	PUNCT
ajfa-13065	166	25	of	of	ADP
ajfa-13065	166	26	52	52	NUM
ajfa-13065	166	27	%	%	NOUN
ajfa-13065	166	28	and	and	CCONJ
ajfa-13065	166	29	54	54	NUM
ajfa-13065	166	30	%	%	NOUN
ajfa-13065	166	31	,	,	PUNCT
ajfa-13065	166	32	respectively	respectively	ADV
ajfa-13065	166	33	for	for	ADP
ajfa-13065	166	34	the	the	DET
ajfa-13065	166	35	united	united	PROPN
ajfa-13065	166	36	states	states	PROPN
ajfa-13065	166	37	and	and	CCONJ
ajfa-13065	166	38	the	the	DET
ajfa-13065	166	39	uk	uk	PROPN
ajfa-13065	166	40	.	.	PUNCT
ajfa-13065	167	1	moreover	moreover	ADV
ajfa-13065	167	2	,	,	PUNCT
ajfa-13065	167	3	the	the	DET
ajfa-13065	167	4	mean	mean	ADJ
ajfa-13065	167	5	leverage	leverage	NOUN
ajfa-13065	167	6	ratio	ratio	NOUN
ajfa-13065	167	7	of	of	ADP
ajfa-13065	167	8	chinese	chinese	ADJ
ajfa-13065	167	9	listed	list	VERB
ajfa-13065	167	10	firms	firm	NOUN
ajfa-13065	167	11	is	be	AUX
ajfa-13065	167	12	also	also	ADV
ajfa-13065	167	13	similar	similar	ADJ
ajfa-13065	167	14	to	to	ADP
ajfa-13065	167	15	the	the	DET
ajfa-13065	167	16	ratios	ratio	NOUN
ajfa-13065	167	17	observed	observe	VERB
ajfa-13065	167	18	in	in	ADP
ajfa-13065	167	19	developing	develop	VERB
ajfa-13065	167	20	countries	country	NOUN
ajfa-13065	167	21	(	(	PUNCT
ajfa-13065	167	22	which	which	PRON
ajfa-13065	167	23	average	average	VERB
ajfa-13065	167	24	51	51	NUM
ajfa-13065	167	25	%	%	NOUN
ajfa-13065	167	26	according	accord	VERB
ajfa-13065	167	27	to	to	ADP
ajfa-13065	167	28	booth	booth	PROPN
ajfa-13065	167	29	et	et	PROPN
ajfa-13065	167	30	al	al	PROPN
ajfa-13065	167	31	.	.	PROPN
ajfa-13065	167	32	,	,	PUNCT
ajfa-13065	167	33	2001	2001	NUM
ajfa-13065	167	34	)	)	PUNCT
ajfa-13065	167	35	.	.	PUNCT
ajfa-13065	168	1	with	with	ADP
ajfa-13065	168	2	regard	regard	NOUN
ajfa-13065	168	3	to	to	ADP
ajfa-13065	168	4	the	the	DET
ajfa-13065	168	5	determinants	determinant	NOUN
ajfa-13065	168	6	of	of	ADP
ajfa-13065	168	7	leverage	leverage	NOUN
ajfa-13065	168	8	,	,	PUNCT
ajfa-13065	168	9	the	the	DET
ajfa-13065	168	10	mean	mean	ADJ
ajfa-13065	168	11	(	(	PUNCT
ajfa-13065	168	12	median	median	NOUN
ajfa-13065	168	13	)	)	PUNCT
ajfa-13065	168	14	of	of	ADP
ajfa-13065	168	15	firm	firm	ADJ
ajfa-13065	168	16	size	size	NOUN
ajfa-13065	168	17	(	(	PUNCT
ajfa-13065	168	18	size	size	NOUN
ajfa-13065	168	19	)	)	PUNCT
ajfa-13065	168	20	proxied	proxie	VERB
ajfa-13065	168	21	by	by	ADP
ajfa-13065	168	22	total	total	ADJ
ajfa-13065	168	23	assets	asset	NOUN
ajfa-13065	168	24	of	of	ADP
ajfa-13065	168	25	the	the	DET
ajfa-13065	168	26	firm	firm	NOUN
ajfa-13065	168	27	is	be	AUX
ajfa-13065	168	28	1.463	1.463	NUM
ajfa-13065	168	29	billion	billion	NUM
ajfa-13065	168	30	rmb	rmb	NOUN
ajfa-13065	168	31	(	(	PUNCT
ajfa-13065	168	32	732	732	NUM
ajfa-13065	168	33	billion	billion	NUM
ajfa-13065	168	34	rmb).(note	rmb).(note	NUM
ajfa-13065	168	35	3	3	NUM
ajfa-13065	168	36	)	)	PUNCT
ajfa-13065	168	37	moreover	moreover	ADV
ajfa-13065	168	38	,	,	PUNCT
ajfa-13065	168	39	according	accord	VERB
ajfa-13065	168	40	to	to	ADP
ajfa-13065	168	41	the	the	DET
ajfa-13065	168	42	sample	sample	NOUN
ajfa-13065	168	43	,	,	PUNCT
ajfa-13065	168	44	chinese	chinese	ADJ
ajfa-13065	168	45	firms	firm	NOUN
ajfa-13065	168	46	have	have	VERB
ajfa-13065	168	47	an	an	DET
ajfa-13065	168	48	average	average	ADJ
ajfa-13065	168	49	profitability	profitability	NOUN
ajfa-13065	168	50	(	(	PUNCT
ajfa-13065	168	51	profit	profit	NOUN
ajfa-13065	168	52	)	)	PUNCT
ajfa-13065	168	53	of	of	ADP
ajfa-13065	168	54	7.4	7.4	NUM
ajfa-13065	168	55	%	%	NOUN
ajfa-13065	168	56	,	,	PUNCT
ajfa-13065	168	57	an	an	DET
ajfa-13065	168	58	average	average	ADJ
ajfa-13065	168	59	tangibility	tangibility	NOUN
ajfa-13065	168	60	(	(	PUNCT
ajfa-13065	168	61	tang	tang	PROPN
ajfa-13065	168	62	)	)	PUNCT
ajfa-13065	168	63	of	of	ADP
ajfa-13065	168	64	46	46	NUM
ajfa-13065	168	65	%	%	NOUN
ajfa-13065	168	66	,	,	PUNCT
ajfa-13065	168	67	and	and	CCONJ
ajfa-13065	168	68	average	average	ADJ
ajfa-13065	168	69	growth	growth	NOUN
ajfa-13065	168	70	opportunity	opportunity	NOUN
ajfa-13065	168	71	(	(	PUNCT
ajfa-13065	168	72	growth	growth	NOUN
ajfa-13065	168	73	)	)	PUNCT
ajfa-13065	168	74	of	of	ADP
ajfa-13065	168	75	20.82	20.82	NUM
ajfa-13065	168	76	%	%	NOUN
ajfa-13065	168	77	.	.	PUNCT
ajfa-13065	169	1	average	average	ADJ
ajfa-13065	169	2	(	(	PUNCT
ajfa-13065	169	3	median	median	ADJ
ajfa-13065	169	4	)	)	PUNCT
ajfa-13065	169	5	nondebt	nondebt	PROPN
ajfa-13065	169	6	tax	tax	NOUN
ajfa-13065	169	7	shield	shield	NOUN
ajfa-13065	169	8	(	(	PUNCT
ajfa-13065	169	9	notaxshd	notaxshd	ADV
ajfa-13065	169	10	)	)	PUNCT
ajfa-13065	169	11	for	for	ADP
ajfa-13065	169	12	the	the	DET
ajfa-13065	169	13	sample	sample	NOUN
ajfa-13065	169	14	firms	firm	NOUN
ajfa-13065	169	15	is	be	AUX
ajfa-13065	169	16	2.5	2.5	NUM
ajfa-13065	169	17	%	%	NOUN
ajfa-13065	169	18	(	(	PUNCT
ajfa-13065	169	19	2.2	2.2	NUM
ajfa-13065	169	20	%	%	NOUN
ajfa-13065	169	21	)	)	PUNCT
ajfa-13065	169	22	while	while	SCONJ
ajfa-13065	169	23	average	average	ADJ
ajfa-13065	169	24	(	(	PUNCT
ajfa-13065	169	25	median	median	ADJ
ajfa-13065	169	26	)	)	PUNCT
ajfa-13065	169	27	volatility	volatility	NOUN
ajfa-13065	169	28	(	(	PUNCT
ajfa-13065	169	29	vol	vol	NOUN
ajfa-13065	169	30	)	)	PUNCT
ajfa-13065	169	31	for	for	ADP
ajfa-13065	169	32	the	the	DET
ajfa-13065	169	33	sample	sample	NOUN
ajfa-13065	169	34	firms	firm	NOUN
ajfa-13065	169	35	is	be	AUX
ajfa-13065	169	36	3.7	3.7	NUM
ajfa-13065	169	37	%	%	NOUN
ajfa-13065	169	38	(	(	PUNCT
ajfa-13065	169	39	2	2	NUM
ajfa-13065	169	40	%	%	NOUN
ajfa-13065	169	41	)	)	PUNCT
ajfa-13065	169	42	.	.	PUNCT
ajfa-13065	170	1	the	the	DET
ajfa-13065	170	2	average	average	ADJ
ajfa-13065	170	3	level	level	NOUN
ajfa-13065	170	4	of	of	ADP
ajfa-13065	170	5	firm	firm	ADJ
ajfa-13065	170	6	age	age	NOUN
ajfa-13065	170	7	(	(	PUNCT
ajfa-13065	170	8	firmage	firmage	NOUN
ajfa-13065	170	9	)	)	PUNCT
ajfa-13065	170	10	is	be	AUX
ajfa-13065	170	11	10.5	10.5	NUM
ajfa-13065	170	12	(	(	PUNCT
ajfa-13065	170	13	10.00	10.00	NUM
ajfa-13065	170	14	)	)	PUNCT
ajfa-13065	170	15	.	.	PUNCT
ajfa-13065	171	1	using	use	VERB
ajfa-13065	171	2	data	datum	NOUN
ajfa-13065	171	3	972	972	NUM
ajfa-13065	171	4	chinese	chinese	PROPN
ajfa-13065	171	5	plcs	plcs	PROPN
ajfa-13065	171	6	in	in	ADP
ajfa-13065	171	7	2003	2003	NUM
ajfa-13065	171	8	,	,	PUNCT
ajfa-13065	171	9	chen	chen	PROPN
ajfa-13065	171	10	and	and	CCONJ
ajfa-13065	171	11	strange	strange	ADJ
ajfa-13065	171	12	(	(	PUNCT
ajfa-13065	171	13	2005	2005	NUM
ajfa-13065	171	14	)	)	PUNCT
ajfa-13065	171	15	find	find	VERB
ajfa-13065	171	16	a	a	DET
ajfa-13065	171	17	mean	mean	NOUN
ajfa-13065	171	18	of	of	ADP
ajfa-13065	171	19	6.60	6.60	NUM
ajfa-13065	171	20	for	for	ADP
ajfa-13065	171	21	firm	firm	ADJ
ajfa-13065	171	22	age	age	NOUN
ajfa-13065	171	23	.	.	PUNCT
ajfa-13065	172	1	the	the	DET
ajfa-13065	172	2	mean	mean	ADJ
ajfa-13065	172	3	values	value	NOUN
ajfa-13065	172	4	of	of	ADP
ajfa-13065	172	5	these	these	DET
ajfa-13065	172	6	variables	variable	NOUN
ajfa-13065	172	7	are	be	AUX
ajfa-13065	172	8	comparable	comparable	ADJ
ajfa-13065	172	9	to	to	ADP
ajfa-13065	172	10	those	those	PRON
ajfa-13065	172	11	reported	report	VERB
ajfa-13065	172	12	in	in	ADP
ajfa-13065	172	13	studies	study	NOUN
ajfa-13065	172	14	on	on	ADP
ajfa-13065	172	15	capital	capital	NOUN
ajfa-13065	172	16	structure	structure	NOUN
ajfa-13065	172	17	decision	decision	NOUN
ajfa-13065	172	18	in	in	ADP
ajfa-13065	172	19	the	the	DET
ajfa-13065	172	20	context	context	NOUN
ajfa-13065	172	21	of	of	ADP
ajfa-13065	172	22	china	china	PROPN
ajfa-13065	172	23	,	,	PUNCT
ajfa-13065	172	24	such	such	ADJ
ajfa-13065	172	25	as	as	ADP
ajfa-13065	172	26	huang	huang	PROPN
ajfa-13065	172	27	and	and	CCONJ
ajfa-13065	172	28	song	song	NOUN
ajfa-13065	172	29	(	(	PUNCT
ajfa-13065	172	30	2006	2006	NUM
ajfa-13065	172	31	)	)	PUNCT
ajfa-13065	172	32	among	among	ADP
ajfa-13065	172	33	others	other	NOUN
ajfa-13065	172	34	.	.	PUNCT
ajfa-13065	173	1	5	5	X
ajfa-13065	173	2	.	.	X
ajfa-13065	173	3	empirical	empirical	ADJ
ajfa-13065	173	4	results	result	NOUN
ajfa-13065	173	5	5.1	5.1	NUM
ajfa-13065	173	6	correlation	correlation	NOUN
ajfa-13065	173	7	analysis	analysis	NOUN
ajfa-13065	173	8	table	table	NOUN
ajfa-13065	173	9	3	3	NUM
ajfa-13065	173	10	reports	report	VERB
ajfa-13065	173	11	the	the	DET
ajfa-13065	173	12	pearson	pearson	PROPN
ajfa-13065	173	13	correlation	correlation	NOUN
ajfa-13065	173	14	coefficients	coefficient	NOUN
ajfa-13065	173	15	between	between	ADP
ajfa-13065	173	16	variables	variable	NOUN
ajfa-13065	173	17	used	use	VERB
ajfa-13065	173	18	in	in	ADP
ajfa-13065	173	19	our	our	PRON
ajfa-13065	173	20	regression	regression	NOUN
ajfa-13065	173	21	analysis	analysis	NOUN
ajfa-13065	173	22	.	.	PUNCT
ajfa-13065	174	1	firstly	firstly	ADV
ajfa-13065	174	2	,	,	PUNCT
ajfa-13065	174	3	firm	firm	ADJ
ajfa-13065	174	4	size	size	NOUN
ajfa-13065	174	5	(	(	PUNCT
ajfa-13065	174	6	size	size	NOUN
ajfa-13065	174	7	)	)	PUNCT
ajfa-13065	174	8	shows	show	VERB
ajfa-13065	174	9	a	a	DET
ajfa-13065	174	10	positive	positive	ADJ
ajfa-13065	174	11	and	and	CCONJ
ajfa-13065	174	12	statistically	statistically	ADV
ajfa-13065	174	13	significant	significant	ADJ
ajfa-13065	174	14	correlation	correlation	NOUN
ajfa-13065	174	15	with	with	ADP
ajfa-13065	174	16	total	total	ADJ
ajfa-13065	174	17	leverage	leverage	NOUN
ajfa-13065	174	18	(	(	PUNCT
ajfa-13065	174	19	lev	lev	NOUN
ajfa-13065	174	20	)	)	PUNCT
ajfa-13065	174	21	.	.	PUNCT
ajfa-13065	175	1	similarly	similarly	ADV
ajfa-13065	175	2	,	,	PUNCT
ajfa-13065	175	3	tangibility	tangibility	NOUN
ajfa-13065	175	4	(	(	PUNCT
ajfa-13065	175	5	tang	tang	PROPN
ajfa-13065	175	6	)	)	PUNCT
ajfa-13065	175	7	exhibits	exhibit	VERB
ajfa-13065	175	8	a	a	DET
ajfa-13065	175	9	positive	positive	ADJ
ajfa-13065	175	10	association	association	NOUN
ajfa-13065	175	11	with	with	ADP
ajfa-13065	175	12	total	total	ADJ
ajfa-13065	175	13	leverage	leverage	NOUN
ajfa-13065	175	14	.	.	PUNCT
ajfa-13065	176	1	as	as	SCONJ
ajfa-13065	176	2	expected	expect	VERB
ajfa-13065	176	3	,	,	PUNCT
ajfa-13065	176	4	profitability	profitability	NOUN
ajfa-13065	176	5	(	(	PUNCT
ajfa-13065	176	6	profit	profit	NOUN
ajfa-13065	176	7	)	)	PUNCT
ajfa-13065	176	8	and	and	CCONJ
ajfa-13065	176	9	growth	growth	NOUN
ajfa-13065	176	10	opportunities	opportunity	NOUN
ajfa-13065	176	11	(	(	PUNCT
ajfa-13065	176	12	growth)show	growth)show	ADP
ajfa-13065	176	13	a	a	DET
ajfa-13065	176	14	negative	negative	ADJ
ajfa-13065	176	15	correlation	correlation	NOUN
ajfa-13065	176	16	with	with	ADP
ajfa-13065	176	17	total	total	ADJ
ajfa-13065	176	18	leverage.the	leverage.the	DET
ajfa-13065	176	19	non	non	ADJ
ajfa-13065	176	20	-	-	ADJ
ajfa-13065	176	21	debt	debt	ADJ
ajfa-13065	176	22	tax	tax	NOUN
ajfa-13065	176	23	shield	shield	NOUN
ajfa-13065	176	24	(	(	PUNCT
ajfa-13065	176	25	nontaxshd	nontaxshd	ADV
ajfa-13065	176	26	)	)	PUNCT
ajfa-13065	176	27	is	be	AUX
ajfa-13065	176	28	positively	positively	ADV
ajfa-13065	176	29	and	and	CCONJ
ajfa-13065	176	30	significantly	significantly	ADV
ajfa-13065	176	31	related	relate	VERB
ajfa-13065	176	32	to	to	ADP
ajfa-13065	176	33	leverage	leverage	NOUN
ajfa-13065	176	34	.	.	PUNCT
ajfa-13065	177	1	finally	finally	ADV
ajfa-13065	177	2	,	,	PUNCT
ajfa-13065	177	3	firm	firm	ADJ
ajfa-13065	177	4	age	age	NOUN
ajfa-13065	177	5	(	(	PUNCT
ajfa-13065	177	6	firmage	firmage	NOUN
ajfa-13065	177	7	)	)	PUNCT
ajfa-13065	177	8	is	be	AUX
ajfa-13065	177	9	positively	positively	ADV
ajfa-13065	177	10	and	and	CCONJ
ajfa-13065	177	11	significantly	significantly	ADV
ajfa-13065	177	12	related	relate	VERB
ajfa-13065	177	13	to	to	ADP
ajfa-13065	177	14	leverage	leverage	NOUN
ajfa-13065	177	15	.	.	PUNCT
ajfa-13065	178	1	furthermore	furthermore	ADV
ajfa-13065	178	2	,	,	PUNCT
ajfa-13065	178	3	table	table	NOUN
ajfa-13065	178	4	3	3	NUM
ajfa-13065	178	5	suggests	suggest	VERB
ajfa-13065	178	6	that	that	SCONJ
ajfa-13065	178	7	given	give	VERB
ajfa-13065	178	8	that	that	SCONJ
ajfa-13065	178	9	the	the	DET
ajfa-13065	178	10	observed	observe	VERB
ajfa-13065	178	11	correlation	correlation	NOUN
ajfa-13065	178	12	coefficients	coefficient	NOUN
ajfa-13065	178	13	between	between	ADP
ajfa-13065	178	14	independent	independent	ADJ
ajfa-13065	178	15	variables	variable	NOUN
ajfa-13065	178	16	are	be	AUX
ajfa-13065	178	17	relatively	relatively	ADV
ajfa-13065	178	18	low	low	ADJ
ajfa-13065	178	19	,	,	PUNCT
ajfa-13065	178	20	multicollinearity	multicollinearity	NOUN
ajfa-13065	178	21	should	should	AUX
ajfa-13065	178	22	not	not	PART
ajfa-13065	178	23	be	be	AUX
ajfa-13065	178	24	a	a	DET
ajfa-13065	178	25	serious	serious	ADJ
ajfa-13065	178	26	problem	problem	NOUN
ajfa-13065	178	27	in	in	ADP
ajfa-13065	178	28	our	our	PRON
ajfa-13065	178	29	study	study	NOUN
ajfa-13065	178	30	.	.	PUNCT
ajfa-13065	179	1	table	table	NOUN
ajfa-13065	179	2	3	3	NUM
ajfa-13065	179	3	.	.	PUNCT
ajfa-13065	179	4	pearson	pearson	PROPN
ajfa-13065	179	5	correlation	correlation	NOUN
ajfa-13065	179	6	matrices	matrice	VERB
ajfa-13065	179	7	lev	lev	NOUN
ajfa-13065	179	8	size	size	NOUN
ajfa-13065	179	9	profit	profit	NOUN
ajfa-13065	179	10	tang	tang	PROPN
ajfa-13065	179	11	growth	growth	NOUN
ajfa-13065	179	12	nontaxshd	nontaxshd	PROPN
ajfa-13065	179	13	vol	vol	NOUN
ajfa-13065	179	14	firmage	firmage	NOUN
ajfa-13065	179	15	lev	lev	NOUN
ajfa-13065	179	16	1.00	1.00	NUM
ajfa-13065	179	17	size	size	NOUN
ajfa-13065	179	18	0.20	0.20	NUM
ajfa-13065	179	19	*	*	SYM
ajfa-13065	179	20	1.00	1.00	NUM
ajfa-13065	179	21	profit	profit	NOUN
ajfa-13065	179	22	-0.33	-0.33	NOUN
ajfa-13065	179	23	*	*	NOUN
ajfa-13065	179	24	0.19	0.19	NUM
ajfa-13065	179	25	*	*	NUM
ajfa-13065	179	26	1.00	1.00	NUM
ajfa-13065	179	27	tang	tang	NOUN
ajfa-13065	179	28	0.20	0.20	NUM
ajfa-13065	179	29	*	*	SYM
ajfa-13065	179	30	0.16	0.16	NUM
ajfa-13065	179	31	*	*	SYM
ajfa-13065	179	32	0.09	0.09	NUM
ajfa-13065	179	33	*	*	NUM
ajfa-13065	179	34	1.00	1.00	NUM
ajfa-13065	179	35	growth	growth	NOUN
ajfa-13065	179	36	-0.22	-0.22	NUM
ajfa-13065	179	37	*	*	PUNCT
ajfa-13065	179	38	-0.30	-0.30	PROPN
ajfa-13065	179	39	*	*	PUNCT
ajfa-13065	179	40	0.21	0.21	NUM
ajfa-13065	179	41	*	*	PUNCT
ajfa-13065	179	42	-0.21	-0.21	PROPN
ajfa-13065	179	43	*	*	PROPN
ajfa-13065	179	44	1.00	1.00	NUM
ajfa-13065	179	45	nontaxshd	nontaxshd	ADV
ajfa-13065	179	46	0.29	0.29	NUM
ajfa-13065	179	47	*	*	SYM
ajfa-13065	179	48	-0.12	-0.12	NUM
ajfa-13065	179	49	*	*	PROPN
ajfa-13065	179	50	-0.21	-0.21	PROPN
ajfa-13065	179	51	*	*	PROPN
ajfa-13065	179	52	-0.01	-0.01	NUM
ajfa-13065	179	53	0.07	0.07	NUM
ajfa-13065	179	54	*	*	NUM
ajfa-13065	179	55	1.00	1.00	NUM
ajfa-13065	179	56	vol	vol	NOUN
ajfa-13065	179	57	-0.02	-0.02	NUM
ajfa-13065	179	58	0.06	0.06	NUM
ajfa-13065	179	59	*	*	NOUN
ajfa-13065	179	60	0.23	0.23	NUM
ajfa-13065	179	61	*	*	PUNCT
ajfa-13065	179	62	0.50	0.50	NUM
ajfa-13065	179	63	*	*	SYM
ajfa-13065	179	64	-0.08	-0.08	NUM
ajfa-13065	179	65	*	*	PUNCT
ajfa-13065	179	66	0.06	0.06	NUM
ajfa-13065	179	67	*	*	NUM
ajfa-13065	179	68	1.00	1.00	NUM
ajfa-13065	179	69	firmage	firmage	NOUN
ajfa-13065	179	70	0.25	0.25	NUM
ajfa-13065	179	71	*	*	SYM
ajfa-13065	179	72	0.15	0.15	NUM
ajfa-13065	179	73	*	*	PUNCT
ajfa-13065	179	74	-0.10	-0.10	NUM
ajfa-13065	179	75	*	*	NOUN
ajfa-13065	179	76	0.08	0.08	NUM
ajfa-13065	179	77	*	*	SYM
ajfa-13065	179	78	-0.03	-0.03	NUM
ajfa-13065	179	79	*	*	NOUN
ajfa-13065	179	80	0.29	0.29	NUM
ajfa-13065	179	81	*	*	NUM
ajfa-13065	179	82	0.02	0.02	NUM
ajfa-13065	179	83	*	*	NUM
ajfa-13065	179	84	1.00	1.00	NUM
ajfa-13065	179	85	notes	note	NOUN
ajfa-13065	179	86	:	:	PUNCT
ajfa-13065	179	87	*	*	PUNCT
ajfa-13065	179	88	denotes	denote	NOUN
ajfa-13065	179	89	significance	significance	NOUN
ajfa-13065	179	90	at	at	ADP
ajfa-13065	179	91	the	the	DET
ajfa-13065	179	92	5	5	NUM
ajfa-13065	179	93	%	%	NOUN
ajfa-13065	179	94	level	level	NOUN
ajfa-13065	179	95	.	.	PUNCT
ajfa-13065	180	1	see	see	VERB
ajfa-13065	180	2	table1	table1	PROPN
ajfa-13065	180	3	for	for	ADP
ajfa-13065	180	4	definitions	definition	NOUN
ajfa-13065	180	5	of	of	ADP
ajfa-13065	180	6	all	all	DET
ajfa-13065	180	7	variables	variable	NOUN
ajfa-13065	180	8	.	.	PUNCT
ajfa-13065	181	1	asian	asian	ADJ
ajfa-13065	181	2	journal	journal	PROPN
ajfa-13065	181	3	of	of	ADP
ajfa-13065	181	4	finance	finance	PROPN
ajfa-13065	181	5	&	&	CCONJ
ajfa-13065	181	6	accounting	accounting	PROPN
ajfa-13065	181	7	issn	issn	PROPN
ajfa-13065	181	8	1946	1946	NUM
ajfa-13065	181	9	-	-	PUNCT
ajfa-13065	181	10	052x	052x	NOUN
ajfa-13065	181	11	2018	2018	NUM
ajfa-13065	181	12	,	,	PUNCT
ajfa-13065	181	13	vol	vol	NOUN
ajfa-13065	181	14	.	.	PROPN
ajfa-13065	182	1	10	10	NUM
ajfa-13065	182	2	,	,	PUNCT
ajfa-13065	182	3	no	no	INTJ
ajfa-13065	182	4	.	.	NOUN
ajfa-13065	182	5	2	2	NUM
ajfa-13065	182	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	182	7	74	74	NUM
ajfa-13065	182	8	5.2	5.2	NUM
ajfa-13065	182	9	multivariate	multivariate	NOUN
ajfa-13065	182	10	analysis	analysis	NOUN
ajfa-13065	182	11	this	this	DET
ajfa-13065	182	12	section	section	NOUN
ajfa-13065	182	13	discusses	discuss	VERB
ajfa-13065	182	14	the	the	DET
ajfa-13065	182	15	empirical	empirical	ADJ
ajfa-13065	182	16	results	result	NOUN
ajfa-13065	182	17	.	.	PUNCT
ajfa-13065	183	1	we	we	PRON
ajfa-13065	183	2	first	first	ADV
ajfa-13065	183	3	report	report	NOUN
ajfa-13065	183	4	estimates	estimate	NOUN
ajfa-13065	183	5	from	from	ADP
ajfa-13065	183	6	model	model	NOUN
ajfa-13065	183	7	obtained	obtain	VERB
ajfa-13065	183	8	using	use	VERB
ajfa-13065	183	9	the	the	DET
ajfa-13065	183	10	pooled	pooled	ADJ
ajfa-13065	183	11	ols	ol	NOUN
ajfa-13065	183	12	and	and	CCONJ
ajfa-13065	183	13	then	then	ADV
ajfa-13065	183	14	firm	firm	ADJ
ajfa-13065	183	15	fixed	fix	VERB
ajfa-13065	183	16	effects	effect	NOUN
ajfa-13065	183	17	regressions	regression	NOUN
ajfa-13065	183	18	which	which	PRON
ajfa-13065	183	19	enable	enable	VERB
ajfa-13065	183	20	us	we	PRON
ajfa-13065	183	21	to	to	PART
ajfa-13065	183	22	directly	directly	ADV
ajfa-13065	183	23	compare	compare	VERB
ajfa-13065	183	24	our	our	PRON
ajfa-13065	183	25	results	result	NOUN
ajfa-13065	183	26	with	with	ADP
ajfa-13065	183	27	previous	previous	ADJ
ajfa-13065	183	28	studies	study	NOUN
ajfa-13065	183	29	based	base	VERB
ajfa-13065	183	30	on	on	ADP
ajfa-13065	183	31	developed	develop	VERB
ajfa-13065	183	32	countries	country	NOUN
ajfa-13065	183	33	as	as	ADV
ajfa-13065	183	34	well	well	ADV
ajfa-13065	183	35	as	as	ADP
ajfa-13065	183	36	in	in	ADP
ajfa-13065	183	37	the	the	DET
ajfa-13065	183	38	context	context	NOUN
ajfa-13065	183	39	of	of	ADP
ajfa-13065	183	40	chinese	chinese	ADJ
ajfa-13065	183	41	firms	firm	NOUN
ajfa-13065	183	42	.	.	PUNCT
ajfa-13065	184	1	we	we	PRON
ajfa-13065	184	2	can	can	AUX
ajfa-13065	184	3	see	see	VERB
ajfa-13065	184	4	that	that	SCONJ
ajfa-13065	184	5	in	in	ADP
ajfa-13065	184	6	column	column	NOUN
ajfa-13065	184	7	1	1	NUM
ajfa-13065	184	8	of	of	ADP
ajfa-13065	184	9	table4	table4	PROPN
ajfa-13065	184	10	,	,	PUNCT
ajfa-13065	184	11	firm	firm	ADJ
ajfa-13065	184	12	size	size	NOUN
ajfa-13065	184	13	(	(	PUNCT
ajfa-13065	184	14	size	size	NOUN
ajfa-13065	184	15	)	)	PUNCT
ajfa-13065	184	16	attracts	attract	VERB
ajfa-13065	184	17	a	a	DET
ajfa-13065	184	18	positive	positive	ADJ
ajfa-13065	184	19	and	and	CCONJ
ajfa-13065	184	20	statistically	statistically	ADV
ajfa-13065	184	21	significant	significant	ADJ
ajfa-13065	184	22	coefficient	coefficient	NOUN
ajfa-13065	184	23	.	.	PUNCT
ajfa-13065	185	1	this	this	PRON
ajfa-13065	185	2	is	be	AUX
ajfa-13065	185	3	consistent	consistent	ADJ
ajfa-13065	185	4	with	with	ADP
ajfa-13065	185	5	the	the	DET
ajfa-13065	185	6	previous	previous	ADJ
ajfa-13065	185	7	empirical	empirical	ADJ
ajfa-13065	185	8	findings	finding	NOUN
ajfa-13065	185	9	(	(	PUNCT
ajfa-13065	185	10	e.g.	e.g.	ADV
ajfa-13065	185	11	,	,	PUNCT
ajfa-13065	185	12	berger	berger	PROPN
ajfa-13065	185	13	et	et	PROPN
ajfa-13065	185	14	al	al	PROPN
ajfa-13065	185	15	.	.	PROPN
ajfa-13065	185	16	,	,	PUNCT
ajfa-13065	185	17	1997	1997	NUM
ajfa-13065	185	18	;	;	PUNCT
ajfa-13065	185	19	booth	booth	NOUN
ajfa-13065	185	20	et	et	PROPN
ajfa-13065	185	21	al	al	PROPN
ajfa-13065	185	22	.	.	PROPN
ajfa-13065	185	23	,	,	PUNCT
ajfa-13065	185	24	2001	2001	NUM
ajfa-13065	185	25	)	)	PUNCT
ajfa-13065	185	26	and	and	CCONJ
ajfa-13065	185	27	with	with	ADP
ajfa-13065	185	28	the	the	DET
ajfa-13065	185	29	trade	trade	NOUN
ajfa-13065	185	30	-	-	PUNCT
ajfa-13065	185	31	off	off	NOUN
ajfa-13065	185	32	and	and	CCONJ
ajfa-13065	185	33	agency	agency	NOUN
ajfa-13065	185	34	theories	theory	NOUN
ajfa-13065	185	35	,	,	PUNCT
ajfa-13065	185	36	meaning	mean	VERB
ajfa-13065	185	37	that	that	SCONJ
ajfa-13065	185	38	larger	large	ADJ
ajfa-13065	185	39	firms	firm	NOUN
ajfa-13065	185	40	are	be	AUX
ajfa-13065	185	41	more	more	ADV
ajfa-13065	185	42	diversified	diversified	ADJ
ajfa-13065	185	43	compared	compare	VERB
ajfa-13065	185	44	to	to	ADP
ajfa-13065	185	45	small	small	ADJ
ajfa-13065	185	46	ones	one	NOUN
ajfa-13065	185	47	and	and	CCONJ
ajfa-13065	185	48	consequently	consequently	ADV
ajfa-13065	185	49	,	,	PUNCT
ajfa-13065	185	50	they	they	PRON
ajfa-13065	185	51	are	be	AUX
ajfa-13065	185	52	associated	associate	VERB
ajfa-13065	185	53	with	with	ADP
ajfa-13065	185	54	a	a	DET
ajfa-13065	185	55	lower	low	ADJ
ajfa-13065	185	56	risk	risk	NOUN
ajfa-13065	185	57	of	of	ADP
ajfa-13065	185	58	bankruptcy	bankruptcy	NOUN
ajfa-13065	185	59	cost	cost	NOUN
ajfa-13065	185	60	and	and	CCONJ
ajfa-13065	185	61	better	well	ADJ
ajfa-13065	185	62	borrowing	borrowing	NOUN
ajfa-13065	185	63	capacity	capacity	NOUN
ajfa-13065	185	64	relative	relative	ADJ
ajfa-13065	185	65	to	to	ADP
ajfa-13065	185	66	smaller	small	ADJ
ajfa-13065	185	67	firms	firm	NOUN
ajfa-13065	185	68	.	.	PUNCT
ajfa-13065	186	1	in	in	ADP
ajfa-13065	186	2	line	line	NOUN
ajfa-13065	186	3	with	with	ADP
ajfa-13065	186	4	the	the	DET
ajfa-13065	186	5	pecking	pecking	NOUN
ajfa-13065	186	6	-	-	PUNCT
ajfa-13065	186	7	order	order	NOUN
ajfa-13065	186	8	theory	theory	NOUN
ajfa-13065	186	9	,	,	PUNCT
ajfa-13065	186	10	the	the	DET
ajfa-13065	186	11	relationship	relationship	NOUN
ajfa-13065	186	12	between	between	ADP
ajfa-13065	186	13	profitability	profitability	NOUN
ajfa-13065	186	14	(	(	PUNCT
ajfa-13065	186	15	profit	profit	NOUN
ajfa-13065	186	16	)	)	PUNCT
ajfa-13065	186	17	and	and	CCONJ
ajfa-13065	186	18	leverage	leverage	NOUN
ajfa-13065	186	19	is	be	AUX
ajfa-13065	186	20	negative	negative	ADJ
ajfa-13065	186	21	and	and	CCONJ
ajfa-13065	186	22	precisely	precisely	ADV
ajfa-13065	186	23	determined	determined	ADJ
ajfa-13065	186	24	in	in	ADP
ajfa-13065	186	25	all	all	DET
ajfa-13065	186	26	columns	column	NOUN
ajfa-13065	186	27	.	.	PUNCT
ajfa-13065	187	1	this	this	PRON
ajfa-13065	187	2	provides	provide	VERB
ajfa-13065	187	3	additional	additional	ADJ
ajfa-13065	187	4	support	support	NOUN
ajfa-13065	187	5	to	to	ADP
ajfa-13065	187	6	findings	finding	NOUN
ajfa-13065	187	7	of	of	ADP
ajfa-13065	187	8	previous	previous	ADJ
ajfa-13065	187	9	empirical	empirical	ADJ
ajfa-13065	187	10	studies	study	NOUN
ajfa-13065	187	11	in	in	ADP
ajfa-13065	187	12	the	the	DET
ajfa-13065	187	13	context	context	NOUN
ajfa-13065	187	14	of	of	ADP
ajfa-13065	187	15	chinese	chinese	ADJ
ajfa-13065	187	16	listed	list	VERB
ajfa-13065	187	17	companies	company	NOUN
ajfa-13065	187	18	.	.	PUNCT
ajfa-13065	188	1	for	for	ADP
ajfa-13065	188	2	example	example	NOUN
ajfa-13065	188	3	chen	chen	PROPN
ajfa-13065	188	4	(	(	PUNCT
ajfa-13065	188	5	2004	2004	NUM
ajfa-13065	188	6	)	)	PUNCT
ajfa-13065	188	7	proposes	propose	VERB
ajfa-13065	188	8	‘	'	PUNCT
ajfa-13065	188	9	a	a	DET
ajfa-13065	188	10	new	new	ADJ
ajfa-13065	188	11	pecking	pecking	NOUN
ajfa-13065	188	12	-	-	PUNCT
ajfa-13065	188	13	order	order	NOUN
ajfa-13065	188	14	’	'	PUNCT
ajfa-13065	188	15	,	,	PUNCT
ajfa-13065	188	16	whereby	whereby	SCONJ
ajfa-13065	188	17	firms	firm	NOUN
ajfa-13065	188	18	use	use	VERB
ajfa-13065	188	19	first	first	ADJ
ajfa-13065	188	20	retained	retain	VERB
ajfa-13065	188	21	profits	profit	NOUN
ajfa-13065	188	22	,	,	PUNCT
ajfa-13065	188	23	then	then	ADV
ajfa-13065	188	24	equity	equity	NOUN
ajfa-13065	188	25	financing	financing	NOUN
ajfa-13065	188	26	,	,	PUNCT
ajfa-13065	188	27	and	and	CCONJ
ajfa-13065	188	28	debt	debt	NOUN
ajfa-13065	188	29	capital	capital	NOUN
ajfa-13065	188	30	as	as	ADP
ajfa-13065	188	31	a	a	DET
ajfa-13065	188	32	last	last	ADJ
ajfa-13065	188	33	resort	resort	NOUN
ajfa-13065	188	34	since	since	SCONJ
ajfa-13065	188	35	bond	bond	NOUN
ajfa-13065	188	36	markets	market	NOUN
ajfa-13065	188	37	in	in	ADP
ajfa-13065	188	38	china	china	PROPN
ajfa-13065	188	39	are	be	AUX
ajfa-13065	188	40	not	not	PART
ajfa-13065	188	41	very	very	ADV
ajfa-13065	188	42	much	much	ADV
ajfa-13065	188	43	developed	develop	VERB
ajfa-13065	188	44	.	.	PUNCT
ajfa-13065	189	1	he	he	PRON
ajfa-13065	189	2	finds	find	VERB
ajfa-13065	189	3	that	that	SCONJ
ajfa-13065	189	4	firms	firm	NOUN
ajfa-13065	189	5	with	with	ADP
ajfa-13065	189	6	more	more	ADV
ajfa-13065	189	7	profitable	profitable	ADJ
ajfa-13065	189	8	projects	project	NOUN
ajfa-13065	189	9	tend	tend	VERB
ajfa-13065	189	10	to	to	PART
ajfa-13065	189	11	use	use	VERB
ajfa-13065	189	12	less	less	ADJ
ajfa-13065	189	13	external	external	ADJ
ajfa-13065	189	14	financing	financing	NOUN
ajfa-13065	189	15	since	since	SCONJ
ajfa-13065	189	16	these	these	DET
ajfa-13065	189	17	firms	firm	NOUN
ajfa-13065	189	18	have	have	VERB
ajfa-13065	189	19	better	well	ADJ
ajfa-13065	189	20	access	access	NOUN
ajfa-13065	189	21	to	to	ADP
ajfa-13065	189	22	internal	internal	ADJ
ajfa-13065	189	23	financing	financing	NOUN
ajfa-13065	189	24	than	than	ADP
ajfa-13065	189	25	firms	firm	NOUN
ajfa-13065	189	26	with	with	ADP
ajfa-13065	189	27	lower	low	ADJ
ajfa-13065	189	28	profits	profit	NOUN
ajfa-13065	189	29	.	.	PUNCT
ajfa-13065	190	1	asian	asian	ADJ
ajfa-13065	190	2	journal	journal	PROPN
ajfa-13065	190	3	of	of	ADP
ajfa-13065	190	4	finance	finance	PROPN
ajfa-13065	190	5	&	&	CCONJ
ajfa-13065	190	6	accounting	accounting	PROPN
ajfa-13065	190	7	issn	issn	PROPN
ajfa-13065	190	8	1946	1946	NUM
ajfa-13065	190	9	-	-	PUNCT
ajfa-13065	190	10	052x	052x	NOUN
ajfa-13065	190	11	2018	2018	NUM
ajfa-13065	190	12	,	,	PUNCT
ajfa-13065	190	13	vol	vol	NOUN
ajfa-13065	190	14	.	.	PROPN
ajfa-13065	191	1	10	10	NUM
ajfa-13065	191	2	,	,	PUNCT
ajfa-13065	191	3	no	no	INTJ
ajfa-13065	191	4	.	.	NOUN
ajfa-13065	191	5	2	2	NUM
ajfa-13065	191	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	191	7	75	75	NUM
ajfa-13065	191	8	table	table	NOUN
ajfa-13065	191	9	4	4	NUM
ajfa-13065	191	10	.	.	PUNCT
ajfa-13065	192	1	the	the	DET
ajfa-13065	192	2	traditional	traditional	ADJ
ajfa-13065	192	3	determinants	determinant	NOUN
ajfa-13065	192	4	of	of	ADP
ajfa-13065	192	5	capital	capital	NOUN
ajfa-13065	192	6	structure	structure	NOUN
ajfa-13065	192	7	variables	variable	NOUN
ajfa-13065	192	8	predicted	predict	VERB
ajfa-13065	192	9	sign	sign	PROPN
ajfa-13065	192	10	ols	ol	NOUN
ajfa-13065	192	11	(	(	PUNCT
ajfa-13065	192	12	1	1	X
ajfa-13065	192	13	)	)	PUNCT
ajfa-13065	192	14	fixed	fix	VERB
ajfa-13065	192	15	effects	effect	NOUN
ajfa-13065	192	16	(	(	PUNCT
ajfa-13065	192	17	2	2	NUM
ajfa-13065	192	18	)	)	PUNCT
ajfa-13065	192	19	size	size	NOUN
ajfa-13065	192	20	+	+	CCONJ
ajfa-13065	192	21	0.049	0.049	NUM
ajfa-13065	192	22	*	*	PUNCT
ajfa-13065	192	23	*	*	PUNCT
ajfa-13065	192	24	*	*	PUNCT
ajfa-13065	192	25	0.050	0.050	NUM
ajfa-13065	192	26	*	*	PUNCT
ajfa-13065	192	27	*	*	PUNCT
ajfa-13065	192	28	*	*	PUNCT
ajfa-13065	192	29	(	(	PUNCT
ajfa-13065	192	30	0.004	0.004	NUM
ajfa-13065	192	31	)	)	PUNCT
ajfa-13065	192	32	(	(	PUNCT
ajfa-13065	192	33	0.008	0.008	NUM
ajfa-13065	192	34	)	)	PUNCT
ajfa-13065	192	35	profit	profit	NOUN
ajfa-13065	192	36	-0.974	-0.974	PUNCT
ajfa-13065	192	37	*	*	PUNCT
ajfa-13065	192	38	*	*	PUNCT
ajfa-13065	192	39	*	*	PUNCT
ajfa-13065	192	40	-0.606	-0.606	PUNCT
ajfa-13065	192	41	*	*	PUNCT
ajfa-13065	192	42	*	*	PUNCT
ajfa-13065	192	43	*	*	PUNCT
ajfa-13065	192	44	(	(	PUNCT
ajfa-13065	192	45	0.066	0.066	NUM
ajfa-13065	192	46	)	)	PUNCT
ajfa-13065	192	47	(	(	PUNCT
ajfa-13065	192	48	0.044	0.044	NUM
ajfa-13065	192	49	)	)	PUNCT
ajfa-13065	192	50	tang	tang	NOUN
ajfa-13065	192	51	+	+	CCONJ
ajfa-13065	193	1	0.270	0.270	NUM
ajfa-13065	193	2	*	*	PUNCT
ajfa-13065	193	3	*	*	PUNCT
ajfa-13065	193	4	*	*	PUNCT
ajfa-13065	193	5	0.175	0.175	NUM
ajfa-13065	193	6	*	*	PUNCT
ajfa-13065	193	7	*	*	PUNCT
ajfa-13065	193	8	*	*	PUNCT
ajfa-13065	193	9	(	(	PUNCT
ajfa-13065	193	10	0.026	0.026	NUM
ajfa-13065	193	11	)	)	PUNCT
ajfa-13065	193	12	(	(	PUNCT
ajfa-13065	193	13	0.023	0.023	NUM
ajfa-13065	193	14	)	)	PUNCT
ajfa-13065	193	15	growth	growth	NOUN
ajfa-13065	193	16	-0.012	-0.012	NOUN
ajfa-13065	193	17	*	*	PUNCT
ajfa-13065	193	18	*	*	PUNCT
ajfa-13065	193	19	*	*	PUNCT
ajfa-13065	193	20	-0.002	-0.002	PUNCT
ajfa-13065	193	21	(	(	PUNCT
ajfa-13065	193	22	0.005	0.005	NUM
ajfa-13065	193	23	)	)	PUNCT
ajfa-13065	193	24	(	(	PUNCT
ajfa-13065	193	25	0.003	0.003	NUM
ajfa-13065	193	26	)	)	PUNCT
ajfa-13065	193	27	nontaxshd	nontaxshd	ADV
ajfa-13065	193	28	-1.109	-1.109	NOUN
ajfa-13065	193	29	*	*	PUNCT
ajfa-13065	193	30	*	*	PUNCT
ajfa-13065	193	31	*	*	PUNCT
ajfa-13065	193	32	-0.212	-0.212	PUNCT
ajfa-13065	193	33	(	(	PUNCT
ajfa-13065	193	34	0.300	0.300	NUM
ajfa-13065	193	35	)	)	PUNCT
ajfa-13065	193	36	(	(	PUNCT
ajfa-13065	193	37	0.352	0.352	NUM
ajfa-13065	193	38	)	)	PUNCT
ajfa-13065	193	39	vol	vol	NOUN
ajfa-13065	193	40	1.042	1.042	NUM
ajfa-13065	193	41	*	*	PUNCT
ajfa-13065	193	42	*	*	PUNCT
ajfa-13065	193	43	*	*	PUNCT
ajfa-13065	193	44	0.566	0.566	NUM
ajfa-13065	193	45	*	*	PUNCT
ajfa-13065	193	46	*	*	PUNCT
ajfa-13065	193	47	*	*	PUNCT
ajfa-13065	193	48	(	(	PUNCT
ajfa-13065	193	49	0.140	0.140	NUM
ajfa-13065	193	50	)	)	PUNCT
ajfa-13065	193	51	(	(	PUNCT
ajfa-13065	193	52	0.110	0.110	NUM
ajfa-13065	193	53	)	)	PUNCT
ajfa-13065	193	54	firmage	firmage	NOUN
ajfa-13065	193	55	+	+	CCONJ
ajfa-13065	193	56	0.053	0.053	NUM
ajfa-13065	193	57	*	*	PUNCT
ajfa-13065	193	58	*	*	PUNCT
ajfa-13065	193	59	*	*	PUNCT
ajfa-13065	193	60	0.072	0.072	NUM
ajfa-13065	193	61	*	*	PUNCT
ajfa-13065	193	62	*	*	PUNCT
ajfa-13065	193	63	*	*	PUNCT
ajfa-13065	193	64	(	(	PUNCT
ajfa-13065	193	65	0.009	0.009	NUM
ajfa-13065	193	66	)	)	PUNCT
ajfa-13065	193	67	(	(	PUNCT
ajfa-13065	193	68	0.019	0.019	NUM
ajfa-13065	193	69	)	)	PUNCT
ajfa-13065	193	70	constant	constant	ADJ
ajfa-13065	193	71	-0.744	-0.744	NUM
ajfa-13065	193	72	*	*	NOUN
ajfa-13065	193	73	*	*	PUNCT
ajfa-13065	193	74	*	*	NOUN
ajfa-13065	193	75	-0.815	-0.815	NOUN
ajfa-13065	193	76	*	*	PUNCT
ajfa-13065	193	77	*	*	PUNCT
ajfa-13065	193	78	*	*	PUNCT
ajfa-13065	193	79	(	(	PUNCT
ajfa-13065	193	80	0.097	0.097	NUM
ajfa-13065	193	81	)	)	PUNCT
ajfa-13065	193	82	(	(	PUNCT
ajfa-13065	193	83	0.172	0.172	NUM
ajfa-13065	193	84	)	)	PUNCT
ajfa-13065	193	85	industry	industry	NOUN
ajfa-13065	193	86	dummies	dummy	NOUN
ajfa-13065	194	1	yes	yes	INTJ
ajfa-13065	194	2	yes	yes	INTJ
ajfa-13065	194	3	regional	regional	ADJ
ajfa-13065	194	4	dummies	dummy	NOUN
ajfa-13065	195	1	yes	yes	INTJ
ajfa-13065	196	1	yes	yes	INTJ
ajfa-13065	196	2	year	year	NOUN
ajfa-13065	197	1	dummies	dummy	NOUN
ajfa-13065	197	2	yes	yes	INTJ
ajfa-13065	198	1	yes	yes	INTJ
ajfa-13065	198	2	firm	firm	ADJ
ajfa-13065	198	3	fixed	fix	VERB
ajfa-13065	198	4	effects	effect	NOUN
ajfa-13065	198	5	yes	yes	ADP
ajfa-13065	198	6	observations	observation	NOUN
ajfa-13065	198	7	9624	9624	NUM
ajfa-13065	198	8	9624	9624	NUM
ajfa-13065	198	9	r2	r2	NOUN
ajfa-13065	198	10	0.298	0.298	NUM
ajfa-13065	198	11	0.192	0.192	NUM
ajfa-13065	198	12	adj	adj	PROPN
ajfa-13065	198	13	.	.	PUNCT
ajfa-13065	198	14	r2	r2	PROPN
ajfa-13065	198	15	0.296	0.296	NUM
ajfa-13065	198	16	0.191	0.191	NUM
ajfa-13065	198	17	f	f	NOUN
ajfa-13065	198	18	value	value	NOUN
ajfa-13065	198	19	82.761	82.761	NUM
ajfa-13065	198	20	46.929	46.929	NUM
ajfa-13065	199	1	p	p	DET
ajfa-13065	199	2	values	value	NOUN
ajfa-13065	199	3	0.000	0.000	NUM
ajfa-13065	199	4	0.000	0.000	NUM
ajfa-13065	199	5	notes	note	NOUN
ajfa-13065	199	6	:	:	PUNCT
ajfa-13065	199	7	cluster	cluster	NOUN
ajfa-13065	199	8	robust	robust	ADJ
ajfa-13065	199	9	standard	standard	ADJ
ajfa-13065	199	10	errors	error	NOUN
ajfa-13065	199	11	are	be	AUX
ajfa-13065	199	12	reported	report	VERB
ajfa-13065	199	13	in	in	ADP
ajfa-13065	199	14	columns	column	NOUN
ajfa-13065	199	15	1	1	NUM
ajfa-13065	199	16	and	and	CCONJ
ajfa-13065	199	17	2	2	NUM
ajfa-13065	199	18	(	(	PUNCT
ajfa-13065	199	19	clustered	cluster	VERB
ajfa-13065	199	20	on	on	ADP
ajfa-13065	199	21	firms	firm	NOUN
ajfa-13065	199	22	)	)	PUNCT
ajfa-13065	199	23	.	.	PUNCT
ajfa-13065	200	1	*	*	PUNCT
ajfa-13065	201	1	*	*	PUNCT
ajfa-13065	201	2	*	*	PUNCT
ajfa-13065	201	3	,	,	PUNCT
ajfa-13065	201	4	*	*	PUNCT
ajfa-13065	201	5	*	*	PUNCT
ajfa-13065	201	6	,	,	PUNCT
ajfa-13065	201	7	and	and	CCONJ
ajfa-13065	201	8	*	*	PUNCT
ajfa-13065	201	9	denote	denote	NOUN
ajfa-13065	201	10	significance	significance	NOUN
ajfa-13065	201	11	levels	level	NOUN
ajfa-13065	201	12	of	of	ADP
ajfa-13065	201	13	1	1	NUM
ajfa-13065	201	14	%	%	NOUN
ajfa-13065	201	15	,	,	PUNCT
ajfa-13065	201	16	5%and	5%and	NOUN
ajfa-13065	201	17	10	10	NUM
ajfa-13065	201	18	%	%	NOUN
ajfa-13065	201	19	,	,	PUNCT
ajfa-13065	201	20	respectively	respectively	ADV
ajfa-13065	201	21	.	.	PUNCT
ajfa-13065	202	1	see	see	VERB
ajfa-13065	202	2	table	table	NOUN
ajfa-13065	202	3	1	1	NUM
ajfa-13065	202	4	for	for	ADP
ajfa-13065	202	5	definitions	definition	NOUN
ajfa-13065	202	6	of	of	ADP
ajfa-13065	202	7	all	all	DET
ajfa-13065	202	8	variables	variable	NOUN
ajfa-13065	202	9	.	.	PUNCT
ajfa-13065	203	1	tangibility	tangibility	NOUN
ajfa-13065	203	2	(	(	PUNCT
ajfa-13065	203	3	tang	tang	PROPN
ajfa-13065	203	4	)	)	PUNCT
ajfa-13065	203	5	is	be	AUX
ajfa-13065	203	6	positively	positively	ADV
ajfa-13065	203	7	related	relate	VERB
ajfa-13065	203	8	to	to	ADP
ajfa-13065	203	9	leverage	leverage	NOUN
ajfa-13065	203	10	in	in	ADP
ajfa-13065	203	11	columns	column	NOUN
ajfa-13065	203	12	1	1	NUM
ajfa-13065	203	13	and	and	CCONJ
ajfa-13065	203	14	2	2	NUM
ajfa-13065	203	15	,	,	PUNCT
ajfa-13065	203	16	suggesting	suggest	VERB
ajfa-13065	203	17	that	that	SCONJ
ajfa-13065	203	18	the	the	PRON
ajfa-13065	203	19	larger	large	ADJ
ajfa-13065	203	20	the	the	DET
ajfa-13065	203	21	proportion	proportion	NOUN
ajfa-13065	203	22	of	of	ADP
ajfa-13065	203	23	fixed	fix	VERB
ajfa-13065	203	24	to	to	ADP
ajfa-13065	203	25	total	total	ADJ
ajfa-13065	203	26	assets	asset	NOUN
ajfa-13065	203	27	the	the	DET
ajfa-13065	203	28	firm	firm	NOUN
ajfa-13065	203	29	has	have	VERB
ajfa-13065	203	30	,	,	PUNCT
ajfa-13065	203	31	the	the	PRON
ajfa-13065	203	32	lower	low	ADJ
ajfa-13065	203	33	the	the	DET
ajfa-13065	203	34	bankruptcy	bankruptcy	NOUN
ajfa-13065	203	35	costs	cost	NOUN
ajfa-13065	203	36	.	.	PUNCT
ajfa-13065	204	1	this	this	DET
ajfa-13065	204	2	finding	finding	NOUN
ajfa-13065	204	3	is	be	AUX
ajfa-13065	204	4	in	in	ADP
ajfa-13065	204	5	line	line	NOUN
ajfa-13065	204	6	with	with	ADP
ajfa-13065	204	7	the	the	DET
ajfa-13065	204	8	trade	trade	NOUN
ajfa-13065	204	9	-	-	PUNCT
ajfa-13065	204	10	off	off	ADP
ajfa-13065	204	11	theory	theory	NOUN
ajfa-13065	204	12	and	and	CCONJ
ajfa-13065	204	13	the	the	DET
ajfa-13065	204	14	findings	finding	NOUN
ajfa-13065	204	15	of	of	ADP
ajfa-13065	204	16	previous	previous	ADJ
ajfa-13065	204	17	empirical	empirical	ADJ
ajfa-13065	204	18	studies	study	NOUN
ajfa-13065	204	19	(	(	PUNCT
ajfa-13065	204	20	e.g.	e.g.	ADV
ajfa-13065	204	21	,	,	PUNCT
ajfa-13065	204	22	rajan	rajan	NOUN
ajfa-13065	204	23	and	and	CCONJ
ajfa-13065	204	24	zinghales	zinghale	NOUN
ajfa-13065	204	25	,	,	PUNCT
ajfa-13065	204	26	1995	1995	NUM
ajfa-13065	204	27	;	;	PUNCT
ajfa-13065	204	28	zou	zou	PROPN
ajfa-13065	204	29	and	and	CCONJ
ajfa-13065	204	30	xiao	xiao	PROPN
ajfa-13065	204	31	,	,	PUNCT
ajfa-13065	204	32	2006	2006	NUM
ajfa-13065	204	33	)	)	PUNCT
ajfa-13065	204	34	.	.	PUNCT
ajfa-13065	205	1	furthermore	furthermore	ADV
ajfa-13065	205	2	,	,	PUNCT
ajfa-13065	205	3	as	as	SCONJ
ajfa-13065	205	4	can	can	AUX
ajfa-13065	205	5	be	be	AUX
ajfa-13065	205	6	seen	see	VERB
ajfa-13065	205	7	in	in	ADP
ajfa-13065	205	8	the	the	DET
ajfa-13065	205	9	ols	ol	NOUN
ajfa-13065	205	10	regression	regression	NOUN
ajfa-13065	205	11	in	in	ADP
ajfa-13065	205	12	columns	column	NOUN
ajfa-13065	205	13	1	1	NUM
ajfa-13065	205	14	,	,	PUNCT
ajfa-13065	205	15	growth	growth	NOUN
ajfa-13065	205	16	opportunities	opportunity	NOUN
ajfa-13065	205	17	(	(	PUNCT
ajfa-13065	205	18	growth	growth	NOUN
ajfa-13065	205	19	)	)	PUNCT
ajfa-13065	205	20	exhibit	exhibit	VERB
ajfa-13065	205	21	a	a	DET
ajfa-13065	205	22	negative	negative	ADJ
ajfa-13065	205	23	significant	significant	ADJ
ajfa-13065	205	24	coefficient	coefficient	NOUN
ajfa-13065	205	25	in	in	ADP
ajfa-13065	205	26	line	line	NOUN
ajfa-13065	205	27	with	with	ADP
ajfa-13065	205	28	the	the	DET
ajfa-13065	205	29	static	static	ADJ
ajfa-13065	205	30	trade	trade	NOUN
ajfa-13065	205	31	-	-	PUNCT
ajfa-13065	205	32	off	off	ADP
ajfa-13065	205	33	theory	theory	NOUN
ajfa-13065	205	34	.	.	PUNCT
ajfa-13065	206	1	this	this	PRON
ajfa-13065	206	2	can	can	AUX
ajfa-13065	206	3	also	also	ADV
ajfa-13065	206	4	be	be	AUX
ajfa-13065	206	5	explained	explain	VERB
ajfa-13065	206	6	following	follow	VERB
ajfa-13065	206	7	myers	myers	PROPN
ajfa-13065	206	8	(	(	PUNCT
ajfa-13065	206	9	1977	1977	NUM
ajfa-13065	206	10	)	)	PUNCT
ajfa-13065	206	11	who	who	PRON
ajfa-13065	206	12	argues	argue	VERB
ajfa-13065	206	13	that	that	SCONJ
ajfa-13065	206	14	high	high	ADJ
ajfa-13065	206	15	growth	growth	NOUN
ajfa-13065	206	16	firms	firm	NOUN
ajfa-13065	206	17	tend	tend	VERB
ajfa-13065	206	18	to	to	PART
ajfa-13065	206	19	use	use	VERB
ajfa-13065	206	20	less	less	ADJ
ajfa-13065	206	21	leverage	leverage	NOUN
ajfa-13065	206	22	in	in	ADP
ajfa-13065	206	23	order	order	NOUN
ajfa-13065	206	24	to	to	PART
ajfa-13065	206	25	reduce	reduce	VERB
ajfa-13065	206	26	underinvestment	underinvestment	ADJ
ajfa-13065	206	27	problem	problem	NOUN
ajfa-13065	206	28	.	.	PUNCT
ajfa-13065	207	1	this	this	DET
ajfa-13065	207	2	result	result	NOUN
ajfa-13065	207	3	is	be	AUX
ajfa-13065	207	4	also	also	ADV
ajfa-13065	207	5	consistent	consistent	ADJ
ajfa-13065	207	6	with	with	ADP
ajfa-13065	207	7	the	the	DET
ajfa-13065	207	8	findings	finding	NOUN
ajfa-13065	207	9	of	of	ADP
ajfa-13065	207	10	the	the	DET
ajfa-13065	207	11	previous	previous	ADJ
ajfa-13065	207	12	studies	study	NOUN
ajfa-13065	207	13	in	in	ADP
ajfa-13065	207	14	the	the	DET
ajfa-13065	207	15	context	context	NOUN
ajfa-13065	207	16	of	of	ADP
ajfa-13065	207	17	china	china	PROPN
ajfa-13065	207	18	(	(	PUNCT
ajfa-13065	207	19	zou	zou	PROPN
ajfa-13065	207	20	and	and	CCONJ
ajfa-13065	207	21	xiao	xiao	PROPN
ajfa-13065	207	22	2006	2006	NUM
ajfa-13065	207	23	;	;	PUNCT
ajfa-13065	207	24	haung	haung	NOUN
ajfa-13065	207	25	and	and	CCONJ
ajfa-13065	207	26	song	song	NOUN
ajfa-13065	207	27	,	,	PUNCT
ajfa-13065	207	28	2006	2006	NUM
ajfa-13065	207	29	;	;	PUNCT
ajfa-13065	207	30	moosa	moosa	PROPN
ajfa-13065	207	31	et	et	PROPN
ajfa-13065	207	32	al	al	PROPN
ajfa-13065	207	33	.	.	PROPN
ajfa-13065	207	34	,	,	PUNCT
ajfa-13065	207	35	2011	2011	NUM
ajfa-13065	207	36	)	)	PUNCT
ajfa-13065	207	37	,	,	PUNCT
ajfa-13065	207	38	from	from	ADP
ajfa-13065	207	39	developed	develop	VERB
ajfa-13065	207	40	countries	country	NOUN
ajfa-13065	207	41	(	(	PUNCT
ajfa-13065	207	42	frank	frank	ADJ
ajfa-13065	207	43	and	and	CCONJ
ajfa-13065	207	44	goyal	goyal	PROPN
ajfa-13065	207	45	,	,	PUNCT
ajfa-13065	207	46	2003	2003	NUM
ajfa-13065	207	47	;	;	PUNCT
ajfa-13065	207	48	florackis	floracki	NOUN
ajfa-13065	207	49	and	and	CCONJ
ajfa-13065	207	50	ozken	ozken	VERB
ajfa-13065	207	51	,	,	PUNCT
ajfa-13065	207	52	2009	2009	NUM
ajfa-13065	207	53	)	)	PUNCT
ajfa-13065	207	54	,	,	PUNCT
ajfa-13065	207	55	and	and	CCONJ
ajfa-13065	207	56	from	from	ADP
ajfa-13065	207	57	developing	develop	VERB
ajfa-13065	207	58	countries	country	NOUN
ajfa-13065	207	59	(	(	PUNCT
ajfa-13065	207	60	see	see	VERB
ajfa-13065	207	61	e.g.	e.g.	ADV
ajfa-13065	207	62	,	,	PUNCT
ajfa-13065	207	63	wiwattanakantang	wiwattanakantang	NOUN
ajfa-13065	207	64	,	,	PUNCT
ajfa-13065	207	65	1999	1999	NUM
ajfa-13065	207	66	;	;	PUNCT
ajfa-13065	207	67	deesomsak	deesomsak	PROPN
ajfa-13065	207	68	et	et	PROPN
ajfa-13065	207	69	al	al	PROPN
ajfa-13065	207	70	.	.	PROPN
ajfa-13065	207	71	,	,	PUNCT
ajfa-13065	207	72	2004	2004	NUM
ajfa-13065	207	73	)	)	PUNCT
ajfa-13065	207	74	.	.	PUNCT
ajfa-13065	208	1	however	however	ADV
ajfa-13065	208	2	,	,	PUNCT
ajfa-13065	208	3	results	result	NOUN
ajfa-13065	208	4	from	from	ADP
ajfa-13065	208	5	the	the	DET
ajfa-13065	208	6	fixed	fix	VERB
ajfa-13065	208	7	effects	effect	NOUN
ajfa-13065	208	8	model	model	NOUN
ajfa-13065	208	9	in	in	ADP
ajfa-13065	208	10	column	column	NOUN
ajfa-13065	208	11	2	2	NUM
ajfa-13065	208	12	indicate	indicate	VERB
ajfa-13065	208	13	that	that	SCONJ
ajfa-13065	208	14	growth	growth	NOUN
ajfa-13065	208	15	opportunities	opportunitie	VERB
ajfa-13065	208	16	asian	asian	ADJ
ajfa-13065	208	17	journal	journal	NOUN
ajfa-13065	208	18	of	of	ADP
ajfa-13065	208	19	finance	finance	PROPN
ajfa-13065	208	20	&	&	CCONJ
ajfa-13065	208	21	accounting	accounting	PROPN
ajfa-13065	208	22	issn	issn	PROPN
ajfa-13065	208	23	1946	1946	NUM
ajfa-13065	208	24	-	-	PUNCT
ajfa-13065	208	25	052x	052x	NOUN
ajfa-13065	208	26	2018	2018	NUM
ajfa-13065	208	27	,	,	PUNCT
ajfa-13065	208	28	vol	vol	NOUN
ajfa-13065	208	29	.	.	PROPN
ajfa-13065	208	30	10	10	NUM
ajfa-13065	208	31	,	,	PUNCT
ajfa-13065	208	32	no	no	INTJ
ajfa-13065	208	33	.	.	NOUN
ajfa-13065	208	34	2	2	NUM
ajfa-13065	208	35	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	208	36	76	76	NUM
ajfa-13065	208	37	have	have	VERB
ajfa-13065	208	38	no	no	DET
ajfa-13065	208	39	significant	significant	ADJ
ajfa-13065	208	40	impact	impact	NOUN
ajfa-13065	208	41	on	on	ADP
ajfa-13065	208	42	leverage	leverage	NOUN
ajfa-13065	208	43	ratios	ratio	NOUN
ajfa-13065	208	44	.	.	PUNCT
ajfa-13065	209	1	column	column	NOUN
ajfa-13065	209	2	1	1	NUM
ajfa-13065	209	3	of	of	ADP
ajfa-13065	209	4	table	table	NOUN
ajfa-13065	209	5	4	4	NUM
ajfa-13065	209	6	show	show	VERB
ajfa-13065	209	7	that	that	SCONJ
ajfa-13065	209	8	the	the	DET
ajfa-13065	209	9	non	non	ADJ
ajfa-13065	209	10	-	-	ADJ
ajfa-13065	209	11	debt	debt	ADJ
ajfa-13065	209	12	tax	tax	NOUN
ajfa-13065	209	13	shield	shield	NOUN
ajfa-13065	209	14	(	(	PUNCT
ajfa-13065	209	15	nontaxshd	nontaxshd	ADV
ajfa-13065	209	16	)	)	PUNCT
ajfa-13065	209	17	is	be	AUX
ajfa-13065	209	18	negatively	negatively	ADV
ajfa-13065	209	19	and	and	CCONJ
ajfa-13065	209	20	significantly	significantly	ADV
ajfa-13065	209	21	related	relate	VERB
ajfa-13065	209	22	to	to	ADP
ajfa-13065	209	23	leverage	leverage	NOUN
ajfa-13065	209	24	,	,	PUNCT
ajfa-13065	209	25	confirming	confirm	VERB
ajfa-13065	209	26	non	non	ADJ
ajfa-13065	209	27	-	-	ADJ
ajfa-13065	209	28	debt	debt	ADJ
ajfa-13065	209	29	tax	tax	NOUN
ajfa-13065	209	30	shields	shield	NOUN
ajfa-13065	209	31	are	be	AUX
ajfa-13065	209	32	substitutes	substitute	NOUN
ajfa-13065	209	33	for	for	ADP
ajfa-13065	209	34	the	the	DET
ajfa-13065	209	35	tax	tax	NOUN
ajfa-13065	209	36	benefits	benefit	NOUN
ajfa-13065	209	37	of	of	ADP
ajfa-13065	209	38	debt	debt	NOUN
ajfa-13065	209	39	financing	financing	NOUN
ajfa-13065	209	40	(	(	PUNCT
ajfa-13065	209	41	deangelo	deangelo	PROPN
ajfa-13065	209	42	and	and	CCONJ
ajfa-13065	209	43	masulis	masuli	NOUN
ajfa-13065	209	44	,	,	PUNCT
ajfa-13065	209	45	1980	1980	NUM
ajfa-13065	209	46	)	)	PUNCT
ajfa-13065	209	47	.	.	PUNCT
ajfa-13065	210	1	this	this	DET
ajfa-13065	210	2	result	result	NOUN
ajfa-13065	210	3	is	be	AUX
ajfa-13065	210	4	consistent	consistent	ADJ
ajfa-13065	210	5	with	with	ADP
ajfa-13065	210	6	the	the	DET
ajfa-13065	210	7	findings	finding	NOUN
ajfa-13065	210	8	of	of	ADP
ajfa-13065	210	9	the	the	DET
ajfa-13065	210	10	previous	previous	ADJ
ajfa-13065	210	11	empirical	empirical	ADJ
ajfa-13065	210	12	studies	study	NOUN
ajfa-13065	210	13	(	(	PUNCT
ajfa-13065	210	14	deesomsak	deesomsak	INTJ
ajfa-13065	210	15	et	et	PROPN
ajfa-13065	210	16	al	al	PROPN
ajfa-13065	210	17	.	.	PROPN
ajfa-13065	210	18	,	,	PUNCT
ajfa-13065	210	19	2004	2004	NUM
ajfa-13065	210	20	;	;	PUNCT
ajfa-13065	210	21	wiwattanakantang	wiwattanakantang	PROPN
ajfa-13065	210	22	,	,	PUNCT
ajfa-13065	210	23	1999	1999	NUM
ajfa-13065	210	24	;	;	PUNCT
ajfa-13065	210	25	qian	qian	PROPN
ajfa-13065	210	26	et	et	PROPN
ajfa-13065	210	27	al	al	PROPN
ajfa-13065	210	28	.	.	PROPN
ajfa-13065	210	29	,	,	PUNCT
ajfa-13065	210	30	2009	2009	NUM
ajfa-13065	210	31	)	)	PUNCT
ajfa-13065	210	32	.	.	PUNCT
ajfa-13065	211	1	however	however	ADV
ajfa-13065	211	2	,	,	PUNCT
ajfa-13065	211	3	as	as	SCONJ
ajfa-13065	211	4	shown	show	VERB
ajfa-13065	211	5	in	in	ADP
ajfa-13065	211	6	column	column	NOUN
ajfa-13065	211	7	(	(	PUNCT
ajfa-13065	211	8	2	2	NUM
ajfa-13065	211	9	)	)	PUNCT
ajfa-13065	211	10	,	,	PUNCT
ajfa-13065	211	11	the	the	DET
ajfa-13065	211	12	coefficient	coefficient	NOUN
ajfa-13065	211	13	on	on	ADP
ajfa-13065	211	14	non	non	ADJ
ajfa-13065	211	15	-	-	ADJ
ajfa-13065	211	16	debt	debt	ADJ
ajfa-13065	211	17	tax	tax	NOUN
ajfa-13065	211	18	shields	shield	NOUN
ajfa-13065	211	19	is	be	AUX
ajfa-13065	211	20	insignificant	insignificant	ADJ
ajfa-13065	211	21	in	in	ADP
ajfa-13065	211	22	fixed	fix	VERB
ajfa-13065	211	23	effects	effect	NOUN
ajfa-13065	211	24	regressions	regression	NOUN
ajfa-13065	211	25	.	.	PUNCT
ajfa-13065	212	1	as	as	SCONJ
ajfa-13065	212	2	can	can	AUX
ajfa-13065	212	3	be	be	AUX
ajfa-13065	212	4	seen	see	VERB
ajfa-13065	212	5	in	in	ADP
ajfa-13065	212	6	columns	column	NOUN
ajfa-13065	212	7	(	(	PUNCT
ajfa-13065	212	8	1	1	NUM
ajfa-13065	212	9	)	)	PUNCT
ajfa-13065	212	10	and	and	CCONJ
ajfa-13065	212	11	(	(	PUNCT
ajfa-13065	212	12	2	2	X
ajfa-13065	212	13	)	)	PUNCT
ajfa-13065	212	14	of	of	ADP
ajfa-13065	212	15	table	table	NOUN
ajfa-13065	212	16	4	4	NUM
ajfa-13065	212	17	,	,	PUNCT
ajfa-13065	212	18	the	the	DET
ajfa-13065	212	19	estimated	estimate	VERB
ajfa-13065	212	20	coefficient	coefficient	NOUN
ajfa-13065	212	21	on	on	ADP
ajfa-13065	212	22	volatility	volatility	NOUN
ajfa-13065	212	23	(	(	PUNCT
ajfa-13065	212	24	vol	vol	NOUN
ajfa-13065	212	25	)	)	PUNCT
ajfa-13065	212	26	is	be	AUX
ajfa-13065	212	27	significantly	significantly	ADV
ajfa-13065	212	28	positive	positive	ADJ
ajfa-13065	212	29	.	.	PUNCT
ajfa-13065	213	1	these	these	DET
ajfa-13065	213	2	results	result	NOUN
ajfa-13065	213	3	are	be	AUX
ajfa-13065	213	4	consistent	consistent	ADJ
ajfa-13065	213	5	with	with	ADP
ajfa-13065	213	6	the	the	DET
ajfa-13065	213	7	findings	finding	NOUN
ajfa-13065	213	8	of	of	ADP
ajfa-13065	213	9	the	the	DET
ajfa-13065	213	10	previous	previous	ADJ
ajfa-13065	213	11	studies	study	NOUN
ajfa-13065	213	12	for	for	ADP
ajfa-13065	213	13	chinese	chinese	ADJ
ajfa-13065	213	14	listed	list	VERB
ajfa-13065	213	15	firms	firm	NOUN
ajfa-13065	213	16	(	(	PUNCT
ajfa-13065	213	17	qian	qian	PROPN
ajfa-13065	213	18	et	et	PROPN
ajfa-13065	213	19	al	al	PROPN
ajfa-13065	213	20	.	.	PROPN
ajfa-13065	213	21	,	,	PUNCT
ajfa-13065	213	22	2009	2009	NUM
ajfa-13065	213	23	)	)	PUNCT
ajfa-13065	213	24	.	.	PUNCT
ajfa-13065	214	1	finally	finally	ADV
ajfa-13065	214	2	,	,	PUNCT
ajfa-13065	214	3	the	the	DET
ajfa-13065	214	4	results	result	NOUN
ajfa-13065	214	5	from	from	ADP
ajfa-13065	214	6	both	both	DET
ajfa-13065	214	7	ols	ol	NOUN
ajfa-13065	214	8	and	and	CCONJ
ajfa-13065	214	9	fixed	fix	VERB
ajfa-13065	214	10	effects	effect	NOUN
ajfa-13065	214	11	regressions	regression	NOUN
ajfa-13065	214	12	in	in	ADP
ajfa-13065	214	13	columns	column	NOUN
ajfa-13065	214	14	(	(	PUNCT
ajfa-13065	214	15	1	1	NUM
ajfa-13065	214	16	)	)	PUNCT
ajfa-13065	214	17	and	and	CCONJ
ajfa-13065	214	18	(	(	PUNCT
ajfa-13065	214	19	2	2	X
ajfa-13065	214	20	)	)	PUNCT
ajfa-13065	214	21	indicate	indicate	VERB
ajfa-13065	214	22	that	that	PRON
ajfa-13065	214	23	firm	firm	ADJ
ajfa-13065	214	24	age	age	NOUN
ajfa-13065	214	25	(	(	PUNCT
ajfa-13065	214	26	firmage	firmage	NOUN
ajfa-13065	214	27	)	)	PUNCT
ajfa-13065	214	28	is	be	AUX
ajfa-13065	214	29	positively	positively	ADV
ajfa-13065	214	30	and	and	CCONJ
ajfa-13065	214	31	significantly	significantly	ADV
ajfa-13065	214	32	related	relate	VERB
ajfa-13065	214	33	to	to	ADP
ajfa-13065	214	34	leverage	leverage	NOUN
ajfa-13065	214	35	,	,	PUNCT
ajfa-13065	214	36	suggesting	suggest	VERB
ajfa-13065	214	37	that	that	SCONJ
ajfa-13065	214	38	older	old	ADJ
ajfa-13065	214	39	firms	firm	NOUN
ajfa-13065	214	40	have	have	VERB
ajfa-13065	214	41	much	much	ADV
ajfa-13065	214	42	easier	easy	ADJ
ajfa-13065	214	43	to	to	PART
ajfa-13065	214	44	access	access	VERB
ajfa-13065	214	45	debt	debt	NOUN
ajfa-13065	214	46	financing	financing	NOUN
ajfa-13065	214	47	since	since	SCONJ
ajfa-13065	214	48	they	they	PRON
ajfa-13065	214	49	face	face	VERB
ajfa-13065	214	50	less	less	ADJ
ajfa-13065	214	51	asymmetric	asymmetric	ADJ
ajfa-13065	214	52	information	information	NOUN
ajfa-13065	214	53	problems	problem	NOUN
ajfa-13065	214	54	.	.	PUNCT
ajfa-13065	215	1	this	this	PRON
ajfa-13065	215	2	is	be	AUX
ajfa-13065	215	3	consistent	consistent	ADJ
ajfa-13065	215	4	with	with	ADP
ajfa-13065	215	5	the	the	DET
ajfa-13065	215	6	previous	previous	ADJ
ajfa-13065	215	7	empirical	empirical	ADJ
ajfa-13065	215	8	finding	finding	NOUN
ajfa-13065	215	9	in	in	ADP
ajfa-13065	215	10	the	the	DET
ajfa-13065	215	11	context	context	NOUN
ajfa-13065	215	12	of	of	ADP
ajfa-13065	215	13	chinese	chinese	ADJ
ajfa-13065	215	14	listed	list	VERB
ajfa-13065	215	15	firms	firm	NOUN
ajfa-13065	215	16	(	(	PUNCT
ajfa-13065	215	17	chen	chen	PROPN
ajfa-13065	215	18	and	and	CCONJ
ajfa-13065	215	19	strang	strang	PROPN
ajfa-13065	215	20	,	,	PUNCT
ajfa-13065	215	21	2005	2005	NUM
ajfa-13065	215	22	)	)	PUNCT
ajfa-13065	215	23	.	.	PUNCT
ajfa-13065	216	1	so	so	ADV
ajfa-13065	216	2	far	far	ADV
ajfa-13065	216	3	,	,	PUNCT
ajfa-13065	216	4	our	our	PRON
ajfa-13065	216	5	analysis	analysis	NOUN
ajfa-13065	216	6	indicates	indicate	VERB
ajfa-13065	216	7	that	that	SCONJ
ajfa-13065	216	8	the	the	DET
ajfa-13065	216	9	average	average	ADJ
ajfa-13065	216	10	leverage	leverage	NOUN
ajfa-13065	216	11	ratio	ratio	NOUN
ajfa-13065	216	12	of	of	ADP
ajfa-13065	216	13	chinese	chinese	ADJ
ajfa-13065	216	14	listed	list	VERB
ajfa-13065	216	15	firms	firm	NOUN
ajfa-13065	216	16	is	be	AUX
ajfa-13065	216	17	similar	similar	ADJ
ajfa-13065	216	18	to	to	ADP
ajfa-13065	216	19	those	those	PRON
ajfa-13065	216	20	observed	observe	VERB
ajfa-13065	216	21	in	in	ADP
ajfa-13065	216	22	other	other	ADJ
ajfa-13065	216	23	developing	develop	VERB
ajfa-13065	216	24	countries	country	NOUN
ajfa-13065	216	25	and	and	CCONJ
ajfa-13065	216	26	the	the	DET
ajfa-13065	216	27	level	level	NOUN
ajfa-13065	216	28	of	of	ADP
ajfa-13065	216	29	leverage	leverage	NOUN
ajfa-13065	216	30	is	be	AUX
ajfa-13065	216	31	well	well	ADV
ajfa-13065	216	32	explained	explain	VERB
ajfa-13065	216	33	by	by	ADP
ajfa-13065	216	34	the	the	DET
ajfa-13065	216	35	firm	firm	ADJ
ajfa-13065	216	36	specific	specific	ADJ
ajfa-13065	216	37	determinants	determinant	NOUN
ajfa-13065	216	38	such	such	ADJ
ajfa-13065	216	39	as	as	ADP
ajfa-13065	216	40	firm	firm	ADJ
ajfa-13065	216	41	size	size	NOUN
ajfa-13065	216	42	,	,	PUNCT
ajfa-13065	216	43	profitability	profitability	NOUN
ajfa-13065	216	44	,	,	PUNCT
ajfa-13065	216	45	tangibility	tangibility	NOUN
ajfa-13065	216	46	,	,	PUNCT
ajfa-13065	216	47	volatility	volatility	NOUN
ajfa-13065	216	48	and	and	CCONJ
ajfa-13065	216	49	firm	firm	ADJ
ajfa-13065	216	50	age	age	NOUN
ajfa-13065	216	51	.	.	PUNCT
ajfa-13065	217	1	6	6	NUM
ajfa-13065	217	2	.	.	X
ajfa-13065	217	3	conclusions	conclusion	NOUN
ajfa-13065	217	4	capital	capital	NOUN
ajfa-13065	217	5	structure	structure	NOUN
ajfa-13065	217	6	theories	theory	NOUN
ajfa-13065	217	7	have	have	AUX
ajfa-13065	217	8	been	be	AUX
ajfa-13065	217	9	subjected	subject	VERB
ajfa-13065	217	10	to	to	ADP
ajfa-13065	217	11	extensive	extensive	ADJ
ajfa-13065	217	12	empirical	empirical	ADJ
ajfa-13065	217	13	testing	testing	NOUN
ajfa-13065	217	14	in	in	ADP
ajfa-13065	217	15	the	the	DET
ajfa-13065	217	16	context	context	NOUN
ajfa-13065	217	17	of	of	ADP
ajfa-13065	217	18	developed	develop	VERB
ajfa-13065	217	19	economies	economy	NOUN
ajfa-13065	217	20	,	,	PUNCT
ajfa-13065	217	21	particularly	particularly	ADV
ajfa-13065	217	22	the	the	DET
ajfa-13065	217	23	united	united	PROPN
ajfa-13065	217	24	states	states	PROPN
ajfa-13065	217	25	.	.	PUNCT
ajfa-13065	218	1	in	in	ADP
ajfa-13065	218	2	this	this	DET
ajfa-13065	218	3	paper	paper	NOUN
ajfa-13065	218	4	,	,	PUNCT
ajfa-13065	218	5	we	we	PRON
ajfa-13065	218	6	study	study	VERB
ajfa-13065	218	7	the	the	DET
ajfa-13065	218	8	determinants	determinant	NOUN
ajfa-13065	218	9	of	of	ADP
ajfa-13065	218	10	leverage	leverage	NOUN
ajfa-13065	218	11	in	in	ADP
ajfa-13065	218	12	the	the	DET
ajfa-13065	218	13	context	context	NOUN
ajfa-13065	218	14	of	of	ADP
ajfa-13065	218	15	china	china	PROPN
ajfa-13065	218	16	.	.	PUNCT
ajfa-13065	219	1	we	we	PRON
ajfa-13065	219	2	use	use	VERB
ajfa-13065	219	3	a	a	DET
ajfa-13065	219	4	sample	sample	NOUN
ajfa-13065	219	5	of	of	ADP
ajfa-13065	219	6	1844	1844	NUM
ajfa-13065	219	7	chinese	chinese	ADJ
ajfa-13065	219	8	non	non	ADJ
ajfa-13065	219	9	-	-	ADJ
ajfa-13065	219	10	financial	financial	ADJ
ajfa-13065	219	11	firms	firm	NOUN
ajfa-13065	219	12	over	over	ADP
ajfa-13065	219	13	the	the	DET
ajfa-13065	219	14	period	period	NOUN
ajfa-13065	219	15	2003	2003	NUM
ajfa-13065	219	16	to	to	ADP
ajfa-13065	219	17	2010	2010	NUM
ajfa-13065	219	18	for	for	ADP
ajfa-13065	219	19	our	our	PRON
ajfa-13065	219	20	empirical	empirical	ADJ
ajfa-13065	219	21	analysis	analysis	NOUN
ajfa-13065	219	22	.	.	PUNCT
ajfa-13065	220	1	this	this	DET
ajfa-13065	220	2	empirical	empirical	ADJ
ajfa-13065	220	3	study	study	NOUN
ajfa-13065	220	4	uses	use	VERB
ajfa-13065	220	5	data	datum	NOUN
ajfa-13065	220	6	after	after	ADP
ajfa-13065	220	7	the	the	DET
ajfa-13065	220	8	2005	2005	NUM
ajfa-13065	220	9	spilt	spilt	NOUN
ajfa-13065	220	10	-share	-share	NOUN
ajfa-13065	220	11	reform	reform	NOUN
ajfa-13065	220	12	.	.	PUNCT
ajfa-13065	221	1	firstly	firstly	ADV
ajfa-13065	221	2	,	,	PUNCT
ajfa-13065	221	3	our	our	PRON
ajfa-13065	221	4	study	study	NOUN
ajfa-13065	221	5	finds	find	VERB
ajfa-13065	221	6	that	that	SCONJ
ajfa-13065	221	7	that	that	SCONJ
ajfa-13065	221	8	the	the	DET
ajfa-13065	221	9	average	average	ADJ
ajfa-13065	221	10	leverage	leverage	NOUN
ajfa-13065	221	11	ratio	ratio	NOUN
ajfa-13065	221	12	of	of	ADP
ajfa-13065	221	13	chinese	chinese	ADJ
ajfa-13065	221	14	listed	list	VERB
ajfa-13065	221	15	firms	firm	NOUN
ajfa-13065	221	16	is	be	AUX
ajfa-13065	221	17	similar	similar	ADJ
ajfa-13065	221	18	to	to	ADP
ajfa-13065	221	19	those	those	PRON
ajfa-13065	221	20	observed	observe	VERB
ajfa-13065	221	21	in	in	ADP
ajfa-13065	221	22	other	other	ADJ
ajfa-13065	221	23	developing	develop	VERB
ajfa-13065	221	24	countries	country	NOUN
ajfa-13065	221	25	.	.	PUNCT
ajfa-13065	222	1	the	the	DET
ajfa-13065	222	2	study	study	NOUN
ajfa-13065	222	3	also	also	ADV
ajfa-13065	222	4	finds	find	VERB
ajfa-13065	222	5	that	that	DET
ajfa-13065	222	6	size	size	NOUN
ajfa-13065	222	7	,	,	PUNCT
ajfa-13065	222	8	tangibility	tangibility	NOUN
ajfa-13065	222	9	,	,	PUNCT
ajfa-13065	222	10	volatility	volatility	NOUN
ajfa-13065	222	11	and	and	CCONJ
ajfa-13065	222	12	firm	firm	ADJ
ajfa-13065	222	13	age	age	NOUN
ajfa-13065	222	14	are	be	AUX
ajfa-13065	222	15	positively	positively	ADV
ajfa-13065	222	16	and	and	CCONJ
ajfa-13065	222	17	significantly	significantly	ADV
ajfa-13065	222	18	associated	associate	VERB
ajfa-13065	222	19	with	with	ADP
ajfa-13065	222	20	leverage	leverage	NOUN
ajfa-13065	222	21	.	.	PUNCT
ajfa-13065	223	1	furthermore	furthermore	ADV
ajfa-13065	223	2	,	,	PUNCT
ajfa-13065	223	3	firm	firm	NOUN
ajfa-13065	223	4	’s	’s	PART
ajfa-13065	223	5	profitability	profitability	NOUN
ajfa-13065	223	6	has	have	VERB
ajfa-13065	223	7	statistically	statistically	ADV
ajfa-13065	223	8	significant	significant	ADJ
ajfa-13065	223	9	negative	negative	ADJ
ajfa-13065	223	10	impact	impact	NOUN
ajfa-13065	223	11	on	on	ADP
ajfa-13065	223	12	leverage	leverage	NOUN
ajfa-13065	223	13	.	.	PUNCT
ajfa-13065	224	1	furthermore	furthermore	ADV
ajfa-13065	224	2	,	,	PUNCT
ajfa-13065	224	3	we	we	PRON
ajfa-13065	224	4	find	find	VERB
ajfa-13065	224	5	that	that	SCONJ
ajfa-13065	224	6	we	we	PRON
ajfa-13065	224	7	find	find	VERB
ajfa-13065	224	8	that	that	PRON
ajfa-13065	224	9	firm	firm	ADJ
ajfa-13065	224	10	size	size	NOUN
ajfa-13065	224	11	,	,	PUNCT
ajfa-13065	224	12	profitability	profitability	NOUN
ajfa-13065	224	13	,	,	PUNCT
ajfa-13065	224	14	tangibility	tangibility	NOUN
ajfa-13065	224	15	,	,	PUNCT
ajfa-13065	224	16	volatility	volatility	NOUN
ajfa-13065	224	17	and	and	CCONJ
ajfa-13065	224	18	firm	firm	ADJ
ajfa-13065	224	19	age	age	NOUN
ajfa-13065	224	20	are	be	AUX
ajfa-13065	224	21	the	the	DET
ajfa-13065	224	22	robust	robust	ADJ
ajfa-13065	224	23	determinants	determinant	NOUN
ajfa-13065	224	24	of	of	ADP
ajfa-13065	224	25	leverage	leverage	NOUN
ajfa-13065	224	26	of	of	ADP
ajfa-13065	224	27	chinese	chinese	ADJ
ajfa-13065	224	28	listed	list	VERB
ajfa-13065	224	29	firms	firm	NOUN
ajfa-13065	224	30	.	.	PUNCT
ajfa-13065	225	1	notes	note	VERB
ajfa-13065	225	2	note1	note1	PROPN
ajfa-13065	225	3	.	.	PUNCT
ajfa-13065	226	1	market	market	NOUN
ajfa-13065	226	2	-	-	PUNCT
ajfa-13065	226	3	oriented	orient	VERB
ajfa-13065	226	4	countries	country	NOUN
ajfa-13065	226	5	include	include	VERB
ajfa-13065	226	6	the	the	DET
ajfa-13065	226	7	uk	uk	PROPN
ajfa-13065	226	8	and	and	CCONJ
ajfa-13065	226	9	the	the	DET
ajfa-13065	226	10	usa	usa	PROPN
ajfa-13065	226	11	.	.	PROPN
ajfa-13065	226	12	bank	bank	NOUN
ajfa-13065	226	13	-	-	PUNCT
ajfa-13065	226	14	oriented	orient	VERB
ajfa-13065	226	15	countries	country	NOUN
ajfa-13065	226	16	include	include	VERB
ajfa-13065	226	17	japan	japan	PROPN
ajfa-13065	226	18	,	,	PUNCT
ajfa-13065	226	19	france	france	PROPN
ajfa-13065	226	20	and	and	CCONJ
ajfa-13065	226	21	germany	germany	PROPN
ajfa-13065	226	22	.	.	PUNCT
ajfa-13065	227	1	note	note	VERB
ajfa-13065	227	2	2	2	NUM
ajfa-13065	227	3	.	.	PUNCT
ajfa-13065	228	1	the	the	DET
ajfa-13065	228	2	compensation	compensation	NOUN
ajfa-13065	228	3	package/	package/	NUM
ajfa-13065	228	4	plan	plan	NOUN
ajfa-13065	228	5	should	should	AUX
ajfa-13065	228	6	be	be	AUX
ajfa-13065	228	7	approved	approve	VERB
ajfa-13065	228	8	by	by	ADP
ajfa-13065	228	9	2/3	2/3	NUM
ajfa-13065	228	10	of	of	ADP
ajfa-13065	228	11	the	the	DET
ajfa-13065	228	12	total	total	ADJ
ajfa-13065	228	13	voting	vote	VERB
ajfa-13065	228	14	shareholders	shareholder	NOUN
ajfa-13065	228	15	and	and	CCONJ
ajfa-13065	228	16	the	the	DET
ajfa-13065	228	17	voting	voting	NOUN
ajfa-13065	228	18	tradable	tradable	ADJ
ajfa-13065	228	19	shareholders	shareholder	NOUN
ajfa-13065	228	20	.	.	PUNCT
ajfa-13065	229	1	note	note	VERB
ajfa-13065	229	2	3	3	X
ajfa-13065	229	3	.	.	PUNCT
ajfa-13065	230	1	it	it	PRON
ajfa-13065	230	2	should	should	AUX
ajfa-13065	230	3	be	be	AUX
ajfa-13065	230	4	noted	note	VERB
ajfa-13065	230	5	that	that	SCONJ
ajfa-13065	230	6	although	although	SCONJ
ajfa-13065	230	7	firm	firm	ADJ
ajfa-13065	230	8	size	size	NOUN
ajfa-13065	230	9	is	be	AUX
ajfa-13065	230	10	measured	measure	VERB
ajfa-13065	230	11	as	as	ADP
ajfa-13065	230	12	the	the	DET
ajfa-13065	230	13	logarithm	logarithm	NOUN
ajfa-13065	230	14	of	of	ADP
ajfa-13065	230	15	total	total	ADJ
ajfa-13065	230	16	real	real	ADJ
ajfa-13065	230	17	assets	asset	NOUN
ajfa-13065	230	18	in	in	ADP
ajfa-13065	230	19	the	the	DET
ajfa-13065	230	20	regression	regression	NOUN
ajfa-13065	230	21	analysis	analysis	NOUN
ajfa-13065	230	22	,	,	PUNCT
ajfa-13065	230	23	the	the	DET
ajfa-13065	230	24	figure	figure	NOUN
ajfa-13065	230	25	reported	report	VERB
ajfa-13065	230	26	in	in	ADP
ajfa-13065	230	27	the	the	DET
ajfa-13065	230	28	descriptive	descriptive	ADJ
ajfa-13065	230	29	statistics	statistic	NOUN
ajfa-13065	230	30	in	in	ADP
ajfa-13065	230	31	table	table	NOUN
ajfa-13065	230	32	3.1is	3.1is	PROPN
ajfa-13065	230	33	not	not	PART
ajfa-13065	230	34	in	in	ADP
ajfa-13065	230	35	logarithms	logarithm	NOUN
ajfa-13065	230	36	as	as	ADP
ajfa-13065	230	37	actual	actual	ADJ
ajfa-13065	230	38	value	value	NOUN
ajfa-13065	230	39	is	be	AUX
ajfa-13065	230	40	easier	easy	ADJ
ajfa-13065	230	41	to	to	PART
ajfa-13065	230	42	interpret	interpret	VERB
ajfa-13065	230	43	.	.	PUNCT
ajfa-13065	231	1	asian	asian	ADJ
ajfa-13065	231	2	journal	journal	PROPN
ajfa-13065	231	3	of	of	ADP
ajfa-13065	231	4	finance	finance	PROPN
ajfa-13065	231	5	&	&	CCONJ
ajfa-13065	231	6	accounting	accounting	PROPN
ajfa-13065	231	7	issn	issn	PROPN
ajfa-13065	231	8	1946	1946	NUM
ajfa-13065	231	9	-	-	PUNCT
ajfa-13065	231	10	052x	052x	NOUN
ajfa-13065	231	11	2018	2018	NUM
ajfa-13065	231	12	,	,	PUNCT
ajfa-13065	231	13	vol	vol	NOUN
ajfa-13065	231	14	.	.	PROPN
ajfa-13065	232	1	10	10	NUM
ajfa-13065	232	2	,	,	PUNCT
ajfa-13065	232	3	no	no	INTJ
ajfa-13065	232	4	.	.	NOUN
ajfa-13065	232	5	2	2	NUM
ajfa-13065	232	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	232	7	77	77	NUM
ajfa-13065	232	8	references	reference	NOUN
ajfa-13065	232	9	antoniou	antoniou	PROPN
ajfa-13065	232	10	a.	a.	NOUN
ajfa-13065	232	11	,	,	PUNCT
ajfa-13065	232	12	guney	guney	NOUN
ajfa-13065	232	13	y.	y.	PROPN
ajfa-13065	232	14	,	,	PUNCT
ajfa-13065	232	15	&	&	CCONJ
ajfa-13065	232	16	paudyal	paudyal	PROPN
ajfa-13065	232	17	k.	k.	PROPN
ajfa-13065	232	18	(	(	PUNCT
ajfa-13065	232	19	2008	2008	NUM
ajfa-13065	232	20	)	)	PUNCT
ajfa-13065	232	21	.	.	PUNCT
ajfa-13065	233	1	the	the	DET
ajfa-13065	233	2	determinants	determinant	NOUN
ajfa-13065	233	3	of	of	ADP
ajfa-13065	233	4	capital	capital	NOUN
ajfa-13065	233	5	structure	structure	NOUN
ajfa-13065	233	6	:	:	PUNCT
ajfa-13065	233	7	capital	capital	NOUN
ajfa-13065	233	8	market	market	NOUN
ajfa-13065	233	9	-	-	PUNCT
ajfa-13065	233	10	oriented	orient	VERB
ajfa-13065	233	11	versus	versus	ADP
ajfa-13065	233	12	bank	bank	NOUN
ajfa-13065	233	13	-	-	PUNCT
ajfa-13065	233	14	oriented	orient	VERB
ajfa-13065	233	15	institutions	institution	NOUN
ajfa-13065	233	16	.	.	PUNCT
ajfa-13065	234	1	journal	journal	PROPN
ajfa-13065	234	2	of	of	ADP
ajfa-13065	234	3	finance	finance	NOUN
ajfa-13065	234	4	and	and	CCONJ
ajfa-13065	234	5	quantitative	quantitative	ADJ
ajfa-13065	234	6	analysis	analysis	NOUN
ajfa-13065	234	7	,	,	PUNCT
ajfa-13065	234	8	43(1	43(1	NOUN
ajfa-13065	234	9	)	)	PUNCT
ajfa-13065	234	10	,	,	PUNCT
ajfa-13065	234	11	59	59	NUM
ajfa-13065	234	12	-	-	SYM
ajfa-13065	234	13	92	92	NUM
ajfa-13065	234	14	.	.	PUNCT
ajfa-13065	235	1	https://doi.org/10.1017/s0022109000002751	https://doi.org/10.1017/s0022109000002751	NUM
ajfa-13065	235	2	arellano	arellano	NOUN
ajfa-13065	235	3	,	,	PUNCT
ajfa-13065	235	4	m.	m.	NOUN
ajfa-13065	235	5	,	,	PUNCT
ajfa-13065	235	6	&	&	CCONJ
ajfa-13065	235	7	bond	bond	PROPN
ajfa-13065	235	8	,	,	PUNCT
ajfa-13065	235	9	s.	s.	PROPN
ajfa-13065	235	10	(	(	PUNCT
ajfa-13065	235	11	1991	1991	NUM
ajfa-13065	235	12	)	)	PUNCT
ajfa-13065	235	13	.	.	PUNCT
ajfa-13065	236	1	some	some	DET
ajfa-13065	236	2	tests	test	NOUN
ajfa-13065	236	3	of	of	ADP
ajfa-13065	236	4	specification	specification	NOUN
ajfa-13065	236	5	for	for	ADP
ajfa-13065	236	6	panel	panel	NOUN
ajfa-13065	236	7	data	datum	NOUN
ajfa-13065	236	8	:	:	PUNCT
ajfa-13065	236	9	monte	monte	PROPN
ajfa-13065	236	10	carlo	carlo	PROPN
ajfa-13065	236	11	evidence	evidence	NOUN
ajfa-13065	236	12	and	and	CCONJ
ajfa-13065	236	13	an	an	DET
ajfa-13065	236	14	application	application	NOUN
ajfa-13065	236	15	to	to	ADP
ajfa-13065	236	16	employment	employment	NOUN
ajfa-13065	236	17	equations	equation	NOUN
ajfa-13065	236	18	.	.	PUNCT
ajfa-13065	237	1	the	the	DET
ajfa-13065	237	2	review	review	NOUN
ajfa-13065	237	3	of	of	ADP
ajfa-13065	237	4	economic	economic	ADJ
ajfa-13065	237	5	studies	study	NOUN
ajfa-13065	237	6	,	,	PUNCT
ajfa-13065	237	7	58(2	58(2	NUM
ajfa-13065	237	8	)	)	PUNCT
ajfa-13065	237	9	,	,	PUNCT
ajfa-13065	237	10	277	277	NUM
ajfa-13065	237	11	-	-	SYM
ajfa-13065	237	12	297	297	NUM
ajfa-13065	237	13	.	.	PUNCT
ajfa-13065	238	1	https://doi.org/10.2307/2297968	https://doi.org/10.2307/2297968	NUM
ajfa-13065	238	2	berger	berger	PROPN
ajfa-13065	238	3	,	,	PUNCT
ajfa-13065	238	4	p.g	p.g	PROPN
ajfa-13065	238	5	.	.	PROPN
ajfa-13065	238	6	,	,	PUNCT
ajfa-13065	238	7	ofek	ofek	PROPN
ajfa-13065	238	8	,	,	PUNCT
ajfa-13065	238	9	e.	e.	PROPN
ajfa-13065	238	10	,	,	PUNCT
ajfa-13065	238	11	&	&	CCONJ
ajfa-13065	238	12	yermack	yermack	PROPN
ajfa-13065	238	13	,	,	PUNCT
ajfa-13065	238	14	d.l	d.l	PROPN
ajfa-13065	238	15	.	.	PROPN
ajfa-13065	238	16	(	(	PUNCT
ajfa-13065	238	17	1997	1997	NUM
ajfa-13065	238	18	)	)	PUNCT
ajfa-13065	238	19	managerial	managerial	ADJ
ajfa-13065	238	20	entrenchment	entrenchment	NOUN
ajfa-13065	238	21	and	and	CCONJ
ajfa-13065	238	22	capital	capital	NOUN
ajfa-13065	238	23	structure	structure	NOUN
ajfa-13065	238	24	decisions	decision	NOUN
ajfa-13065	238	25	.	.	PUNCT
ajfa-13065	239	1	journal	journal	NOUN
ajfa-13065	239	2	of	of	ADP
ajfa-13065	239	3	finance	finance	NOUN
ajfa-13065	239	4	,	,	PUNCT
ajfa-13065	239	5	52	52	NUM
ajfa-13065	239	6	,	,	PUNCT
ajfa-13065	239	7	1411	1411	NUM
ajfa-13065	239	8	-	-	SYM
ajfa-13065	239	9	1438	1438	NUM
ajfa-13065	239	10	.	.	PUNCT
ajfa-13065	240	1	https://doi.org/10.1111/j.1540-6261.1997.tb01115.x	https://doi.org/10.1111/j.1540-6261.1997.tb01115.x	PROPN
ajfa-13065	240	2	baker	baker	PROPN
ajfa-13065	240	3	,	,	PUNCT
ajfa-13065	240	4	m.	m.	NOUN
ajfa-13065	240	5	,	,	PUNCT
ajfa-13065	240	6	&	&	CCONJ
ajfa-13065	240	7	jeffrey	jeffrey	PROPN
ajfa-13065	240	8	,	,	PUNCT
ajfa-13065	240	9	w.	w.	PROPN
ajfa-13065	240	10	(	(	PUNCT
ajfa-13065	240	11	2002	2002	NUM
ajfa-13065	240	12	)	)	PUNCT
ajfa-13065	240	13	market	market	NOUN
ajfa-13065	240	14	timing	timing	NOUN
ajfa-13065	240	15	and	and	CCONJ
ajfa-13065	240	16	capital	capital	NOUN
ajfa-13065	240	17	structure	structure	NOUN
ajfa-13065	240	18	.	.	PUNCT
ajfa-13065	241	1	journal	journal	PROPN
ajfa-13065	241	2	of	of	ADP
ajfa-13065	241	3	finance	finance	NOUN
ajfa-13065	241	4	,	,	PUNCT
ajfa-13065	241	5	57	57	NUM
ajfa-13065	241	6	,	,	PUNCT
ajfa-13065	241	7	1	1	NUM
ajfa-13065	241	8	-	-	SYM
ajfa-13065	241	9	32	32	NUM
ajfa-13065	241	10	.	.	PUNCT
ajfa-13065	242	1	https://doi.org/10.1111/1540-6261.00414	https://doi.org/10.1111/1540-6261.00414	PROPN
ajfa-13065	242	2	bhabra	bhabra	PROPN
ajfa-13065	242	3	,	,	PUNCT
ajfa-13065	242	4	h.	h.	PROPN
ajfa-13065	242	5	s.	s.	PROPN
ajfa-13065	242	6	,	,	PUNCT
ajfa-13065	242	7	liu	liu	PROPN
ajfa-13065	242	8	,	,	PUNCT
ajfa-13065	242	9	t.	t.	PROPN
ajfa-13065	242	10	,	,	PUNCT
ajfa-13065	242	11	&	&	CCONJ
ajfa-13065	242	12	tirtiroglu	tirtiroglu	PROPN
ajfa-13065	242	13	,	,	PUNCT
ajfa-13065	242	14	d.	d.	PROPN
ajfa-13065	242	15	(	(	PUNCT
ajfa-13065	242	16	2008	2008	NUM
ajfa-13065	242	17	)	)	PUNCT
ajfa-13065	242	18	.	.	PUNCT
ajfa-13065	243	1	capital	capital	NOUN
ajfa-13065	243	2	structure	structure	NOUN
ajfa-13065	243	3	choice	choice	NOUN
ajfa-13065	243	4	in	in	ADP
ajfa-13065	243	5	a	a	DET
ajfa-13065	243	6	nascent	nascent	ADJ
ajfa-13065	243	7	market	market	NOUN
ajfa-13065	243	8	:	:	PUNCT
ajfa-13065	243	9	evidence	evidence	NOUN
ajfa-13065	243	10	from	from	ADP
ajfa-13065	243	11	listed	list	VERB
ajfa-13065	243	12	firms	firm	NOUN
ajfa-13065	243	13	in	in	ADP
ajfa-13065	243	14	china	china	PROPN
ajfa-13065	243	15	.	.	PUNCT
ajfa-13065	244	1	financial	financial	ADJ
ajfa-13065	244	2	management	management	NOUN
ajfa-13065	244	3	,	,	PUNCT
ajfa-13065	244	4	37(2	37(2	PROPN
ajfa-13065	244	5	)	)	PUNCT
ajfa-13065	244	6	,	,	PUNCT
ajfa-13065	244	7	341	341	NUM
ajfa-13065	244	8	-	-	SYM
ajfa-13065	244	9	364	364	NUM
ajfa-13065	244	10	.	.	PUNCT
ajfa-13065	245	1	https://doi.org/10.1111/j.1755-053x.2008.00015.x	https://doi.org/10.1111/j.1755-053x.2008.00015.x	PROPN
ajfa-13065	245	2	benito	benito	PROPN
ajfa-13065	245	3	,	,	PUNCT
ajfa-13065	245	4	a.	a.	NOUN
ajfa-13065	245	5	(	(	PUNCT
ajfa-13065	245	6	2003	2003	NUM
ajfa-13065	245	7	)	)	PUNCT
ajfa-13065	245	8	.	.	PUNCT
ajfa-13065	246	1	the	the	DET
ajfa-13065	246	2	capital	capital	NOUN
ajfa-13065	246	3	structure	structure	NOUN
ajfa-13065	246	4	decisions	decision	NOUN
ajfa-13065	246	5	of	of	ADP
ajfa-13065	246	6	firms	firm	NOUN
ajfa-13065	246	7	:	:	PUNCT
ajfa-13065	246	8	is	be	AUX
ajfa-13065	246	9	there	there	PRON
ajfa-13065	246	10	a	a	DET
ajfa-13065	246	11	pecking	pecking	NOUN
ajfa-13065	246	12	order	order	NOUN
ajfa-13065	246	13	?	?	PUNCT
ajfa-13065	247	1	bank	bank	NOUN
ajfa-13065	247	2	of	of	ADP
ajfa-13065	247	3	spain	spain	PROPN
ajfa-13065	247	4	working	working	PROPN
ajfa-13065	247	5	paper	paper	PROPN
ajfa-13065	247	6	no	no	INTJ
ajfa-13065	247	7	.	.	PROPN
ajfa-13065	247	8	0310	0310	NUM
ajfa-13065	247	9	.	.	PUNCT
ajfa-13065	248	1	retrieved	retrieve	VERB
ajfa-13065	248	2	from	from	ADP
ajfa-13065	248	3	https://ideas.repec.org/p/b-de/wpaper/0310.html	https://ideas.repec.org/p/b-de/wpaper/0310.html	ADJ
ajfa-13065	248	4	booth	booth	NOUN
ajfa-13065	248	5	,	,	PUNCT
ajfa-13065	248	6	l.	l.	PROPN
ajfa-13065	248	7	,	,	PUNCT
ajfa-13065	248	8	aivazian	aivazian	PROPN
ajfa-13065	248	9	,	,	PUNCT
ajfa-13065	248	10	v.	v.	PROPN
ajfa-13065	248	11	,	,	PUNCT
ajfa-13065	248	12	demirguc	demirguc	PROPN
ajfa-13065	248	13	-	-	PUNCT
ajfa-13065	248	14	kunt	kunt	PROPN
ajfa-13065	248	15	,	,	PUNCT
ajfa-13065	248	16	a.	a.	NOUN
ajfa-13065	248	17	,	,	PUNCT
ajfa-13065	248	18	&	&	CCONJ
ajfa-13065	248	19	maksimovic	maksimovic	PROPN
ajfa-13065	248	20	,	,	PUNCT
ajfa-13065	248	21	v.	v.	PROPN
ajfa-13065	248	22	(	(	PUNCT
ajfa-13065	248	23	2001	2001	NUM
ajfa-13065	248	24	)	)	PUNCT
ajfa-13065	248	25	.	.	PUNCT
ajfa-13065	249	1	capital	capital	NOUN
ajfa-13065	249	2	structure	structure	NOUN
ajfa-13065	249	3	in	in	ADP
ajfa-13065	249	4	developing	develop	VERB
ajfa-13065	249	5	countries	country	NOUN
ajfa-13065	249	6	.	.	PUNCT
ajfa-13065	250	1	journal	journal	PROPN
ajfa-13065	250	2	of	of	ADP
ajfa-13065	250	3	finance	finance	NOUN
ajfa-13065	250	4	,	,	PUNCT
ajfa-13065	250	5	56(1	56(1	NUM
ajfa-13065	250	6	)	)	PUNCT
ajfa-13065	250	7	,	,	PUNCT
ajfa-13065	250	8	87	87	NUM
ajfa-13065	250	9	-	-	SYM
ajfa-13065	250	10	130	130	NUM
ajfa-13065	250	11	.	.	PUNCT
ajfa-13065	251	1	https://doi.org/10.1111/0022-1082.00320	https://doi.org/10.1111/0022-1082.00320	PROPN
ajfa-13065	251	2	bradley	bradley	PROPN
ajfa-13065	251	3	,	,	PUNCT
ajfa-13065	251	4	m.	m.	NOUN
ajfa-13065	251	5	,	,	PUNCT
ajfa-13065	251	6	jarrell	jarrell	PROPN
ajfa-13065	251	7	,	,	PUNCT
ajfa-13065	251	8	g.	g.	PROPN
ajfa-13065	251	9	a.	a.	PROPN
ajfa-13065	251	10	,	,	PUNCT
ajfa-13065	251	11	&	&	CCONJ
ajfa-13065	251	12	and	and	CCONJ
ajfa-13065	251	13	kim	kim	PROPN
ajfa-13065	251	14	,	,	PUNCT
ajfa-13065	251	15	e.	e.	PROPN
ajfa-13065	251	16	h.	h.	PROPN
ajfa-13065	251	17	(	(	PUNCT
ajfa-13065	251	18	1984	1984	NUM
ajfa-13065	251	19	)	)	PUNCT
ajfa-13065	251	20	.	.	PUNCT
ajfa-13065	252	1	on	on	ADP
ajfa-13065	252	2	the	the	DET
ajfa-13065	252	3	existence	existence	NOUN
ajfa-13065	252	4	of	of	ADP
ajfa-13065	252	5	an	an	DET
ajfa-13065	252	6	optimal	optimal	ADJ
ajfa-13065	252	7	capital	capital	NOUN
ajfa-13065	252	8	structure	structure	NOUN
ajfa-13065	252	9	:	:	PUNCT
ajfa-13065	252	10	theory	theory	NOUN
ajfa-13065	252	11	and	and	CCONJ
ajfa-13065	252	12	evidence	evidence	NOUN
ajfa-13065	252	13	.	.	PUNCT
ajfa-13065	253	1	the	the	DET
ajfa-13065	253	2	journal	journal	PROPN
ajfa-13065	253	3	of	of	ADP
ajfa-13065	253	4	finance	finance	NOUN
ajfa-13065	253	5	,	,	PUNCT
ajfa-13065	253	6	39(3	39(3	NUM
ajfa-13065	253	7	)	)	PUNCT
ajfa-13065	253	8	,	,	PUNCT
ajfa-13065	253	9	857	857	NUM
ajfa-13065	253	10	-	-	SYM
ajfa-13065	253	11	878	878	NUM
ajfa-13065	253	12	.	.	PUNCT
ajfa-13065	254	1	https://doi.org/10.1111/j.1540-6261.1984.tb03680.x	https://doi.org/10.1111/j.1540-6261.1984.tb03680.x	PROPN
ajfa-13065	254	2	brandt	brandt	PROPN
ajfa-13065	254	3	,	,	PUNCT
ajfa-13065	254	4	l.	l.	PROPN
ajfa-13065	254	5	,	,	PUNCT
ajfa-13065	254	6	&	&	CCONJ
ajfa-13065	254	7	li	li	PROPN
ajfa-13065	254	8	,	,	PUNCT
ajfa-13065	254	9	h.	h.	PROPN
ajfa-13065	254	10	(	(	PUNCT
ajfa-13065	254	11	2003	2003	NUM
ajfa-13065	254	12	)	)	PUNCT
ajfa-13065	254	13	.	.	PUNCT
ajfa-13065	255	1	bank	bank	NOUN
ajfa-13065	255	2	discrimination	discrimination	NOUN
ajfa-13065	255	3	in	in	ADP
ajfa-13065	255	4	transition	transition	NOUN
ajfa-13065	255	5	economies	economy	NOUN
ajfa-13065	255	6	:	:	PUNCT
ajfa-13065	255	7	ideology	ideology	NOUN
ajfa-13065	255	8	,	,	PUNCT
ajfa-13065	255	9	information	information	NOUN
ajfa-13065	255	10	,	,	PUNCT
ajfa-13065	255	11	or	or	CCONJ
ajfa-13065	255	12	incentives	incentive	NOUN
ajfa-13065	255	13	?	?	PUNCT
ajfa-13065	256	1	journal	journal	NOUN
ajfa-13065	256	2	of	of	ADP
ajfa-13065	256	3	comparative	comparative	ADJ
ajfa-13065	256	4	economics	economic	NOUN
ajfa-13065	256	5	,	,	PUNCT
ajfa-13065	256	6	31(3	31(3	NUM
ajfa-13065	256	7	)	)	PUNCT
ajfa-13065	256	8	,	,	PUNCT
ajfa-13065	256	9	387	387	NUM
ajfa-13065	256	10	-	-	SYM
ajfa-13065	256	11	413	413	NUM
ajfa-13065	256	12	.	.	PUNCT
ajfa-13065	257	1	https://doi.org/10.1016/s0147-5967(03)00080-5	https://doi.org/10.1016/s0147-5967(03)00080-5	PROPN
ajfa-13065	257	2	chen	chen	PROPN
ajfa-13065	257	3	,	,	PUNCT
ajfa-13065	257	4	j.	j.	PROPN
ajfa-13065	257	5	j.	j.	PROPN
ajfa-13065	257	6	(	(	PUNCT
ajfa-13065	257	7	2004	2004	NUM
ajfa-13065	257	8	)	)	PUNCT
ajfa-13065	257	9	.	.	PUNCT
ajfa-13065	258	1	determinants	determinant	NOUN
ajfa-13065	258	2	of	of	ADP
ajfa-13065	258	3	capital	capital	NOUN
ajfa-13065	258	4	structure	structure	NOUN
ajfa-13065	258	5	of	of	ADP
ajfa-13065	258	6	chinese	chinese	ADJ
ajfa-13065	258	7	-	-	PUNCT
ajfa-13065	258	8	listed	list	VERB
ajfa-13065	258	9	companies	company	NOUN
ajfa-13065	258	10	.	.	PUNCT
ajfa-13065	259	1	journal	journal	PROPN
ajfa-13065	259	2	of	of	ADP
ajfa-13065	259	3	business	business	NOUN
ajfa-13065	259	4	research	research	NOUN
ajfa-13065	259	5	,	,	PUNCT
ajfa-13065	259	6	57(12	57(12	NUM
ajfa-13065	259	7	)	)	PUNCT
ajfa-13065	259	8	,	,	PUNCT
ajfa-13065	259	9	1341	1341	NUM
ajfa-13065	259	10	-	-	SYM
ajfa-13065	259	11	1351	1351	NUM
ajfa-13065	259	12	.	.	PUNCT
ajfa-13065	260	1	https://doi.org/10.1016/s0148-2963(03)00070-5	https://doi.org/10.1016/s0148-2963(03)00070-5	PROPN
ajfa-13065	260	2	chen	chen	PROPN
ajfa-13065	260	3	,	,	PUNCT
ajfa-13065	260	4	j.	j.	PROPN
ajfa-13065	260	5	,	,	PUNCT
ajfa-13065	260	6	jiang	jiang	PROPN
ajfa-13065	260	7	,	,	PUNCT
ajfa-13065	260	8	c.	c.	PROPN
ajfa-13065	260	9	,	,	PUNCT
ajfa-13065	260	10	&	&	CCONJ
ajfa-13065	260	11	lin	lin	PROPN
ajfa-13065	260	12	,	,	PUNCT
ajfa-13065	260	13	y.	y.	PROPN
ajfa-13065	260	14	(	(	PUNCT
ajfa-13065	260	15	2014	2014	NUM
ajfa-13065	260	16	)	)	PUNCT
ajfa-13065	260	17	.	.	PUNCT
ajfa-13065	261	1	what	what	PRON
ajfa-13065	261	2	determine	determine	VERB
ajfa-13065	261	3	firms	firm	NOUN
ajfa-13065	261	4	'	'	PART
ajfa-13065	261	5	capital	capital	NOUN
ajfa-13065	261	6	structure	structure	NOUN
ajfa-13065	261	7	in	in	ADP
ajfa-13065	261	8	china	china	PROPN
ajfa-13065	261	9	?	?	PUNCT
ajfa-13065	262	1	managerial	managerial	ADJ
ajfa-13065	262	2	finance	finance	NOUN
ajfa-13065	262	3	,	,	PUNCT
ajfa-13065	262	4	40(10	40(10	PROPN
ajfa-13065	262	5	)	)	PUNCT
ajfa-13065	262	6	,	,	PUNCT
ajfa-13065	262	7	1024	1024	NUM
ajfa-13065	262	8	-	-	SYM
ajfa-13065	262	9	1039	1039	NUM
ajfa-13065	262	10	.	.	PUNCT
ajfa-13065	263	1	https://doi.org/10.1108/mf-06-2013-0163	https://doi.org/10.1108/mf-06-2013-0163	PRON
ajfa-13065	263	2	chen	chen	PROPN
ajfa-13065	263	3	,	,	PUNCT
ajfa-13065	263	4	j.	j.	PROPN
ajfa-13065	263	5	,	,	PUNCT
ajfa-13065	263	6	&	&	CCONJ
ajfa-13065	263	7	strange	strange	ADJ
ajfa-13065	263	8	,	,	PUNCT
ajfa-13065	263	9	r.	r.	PROPN
ajfa-13065	263	10	(	(	PUNCT
ajfa-13065	263	11	2005	2005	NUM
ajfa-13065	263	12	)	)	PUNCT
ajfa-13065	263	13	.	.	PUNCT
ajfa-13065	264	1	the	the	DET
ajfa-13065	264	2	determinants	determinant	NOUN
ajfa-13065	264	3	of	of	ADP
ajfa-13065	264	4	capital	capital	NOUN
ajfa-13065	264	5	structure	structure	NOUN
ajfa-13065	264	6	:	:	PUNCT
ajfa-13065	264	7	evidence	evidence	NOUN
ajfa-13065	264	8	from	from	ADP
ajfa-13065	264	9	chinese	chinese	ADJ
ajfa-13065	264	10	listed	list	VERB
ajfa-13065	264	11	companies	company	NOUN
ajfa-13065	264	12	.	.	PUNCT
ajfa-13065	265	1	economic	economic	ADJ
ajfa-13065	265	2	change	change	NOUN
ajfa-13065	265	3	and	and	CCONJ
ajfa-13065	265	4	restructuring	restructuring	NOUN
ajfa-13065	265	5	,	,	PUNCT
ajfa-13065	265	6	38(1	38(1	NUM
ajfa-13065	265	7	)	)	PUNCT
ajfa-13065	265	8	,	,	PUNCT
ajfa-13065	265	9	11	11	NUM
ajfa-13065	265	10	-	-	SYM
ajfa-13065	265	11	35	35	NUM
ajfa-13065	265	12	.	.	PUNCT
ajfa-13065	266	1	https://doi.org/10.1007/s10644-005-4521-7	https://doi.org/10.1007/s10644-005-4521-7	NUM
ajfa-13065	266	2	choi	choi	NOUN
ajfa-13065	266	3	,	,	PUNCT
ajfa-13065	266	4	j.	j.	PROPN
ajfa-13065	266	5	,	,	PUNCT
ajfa-13065	266	6	&	&	CCONJ
ajfa-13065	266	7	richardson	richardson	PROPN
ajfa-13065	266	8	,	,	PUNCT
ajfa-13065	266	9	m.	m.	NOUN
ajfa-13065	266	10	(	(	PUNCT
ajfa-13065	266	11	2016).the	2016).the	DET
ajfa-13065	266	12	volatility	volatility	NOUN
ajfa-13065	266	13	of	of	ADP
ajfa-13065	266	14	a	a	DET
ajfa-13065	266	15	firm	firm	NOUN
ajfa-13065	266	16	's	's	PART
ajfa-13065	266	17	assets	asset	NOUN
ajfa-13065	266	18	and	and	CCONJ
ajfa-13065	266	19	the	the	DET
ajfa-13065	266	20	leverage	leverage	NOUN
ajfa-13065	266	21	effect	effect	NOUN
ajfa-13065	266	22	.	.	PUNCT
ajfa-13065	267	1	journal	journal	NOUN
ajfa-13065	267	2	of	of	ADP
ajfa-13065	267	3	financial	financial	ADJ
ajfa-13065	267	4	economics	economic	NOUN
ajfa-13065	267	5	,	,	PUNCT
ajfa-13065	267	6	121(2	121(2	NUM
ajfa-13065	267	7	)	)	PUNCT
ajfa-13065	267	8	,	,	PUNCT
ajfa-13065	267	9	254	254	NUM
ajfa-13065	267	10	-	-	SYM
ajfa-13065	267	11	277	277	NUM
ajfa-13065	267	12	.	.	PUNCT
ajfa-13065	268	1	https://doi.org/10.1016/j.jfineco.2016.05.009	https://doi.org/10.1016/j.jfineco.2016.05.009	PROPN
ajfa-13065	268	2	asian	asian	ADJ
ajfa-13065	268	3	journal	journal	NOUN
ajfa-13065	268	4	of	of	ADP
ajfa-13065	268	5	finance	finance	PROPN
ajfa-13065	268	6	&	&	CCONJ
ajfa-13065	268	7	accounting	accounting	PROPN
ajfa-13065	268	8	issn	issn	PROPN
ajfa-13065	268	9	1946	1946	NUM
ajfa-13065	268	10	-	-	PUNCT
ajfa-13065	268	11	052x	052x	NOUN
ajfa-13065	268	12	2018	2018	NUM
ajfa-13065	268	13	,	,	PUNCT
ajfa-13065	268	14	vol	vol	NOUN
ajfa-13065	268	15	.	.	PROPN
ajfa-13065	268	16	10	10	NUM
ajfa-13065	268	17	,	,	PUNCT
ajfa-13065	268	18	no	no	INTJ
ajfa-13065	268	19	.	.	NOUN
ajfa-13065	268	20	2	2	NUM
ajfa-13065	268	21	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	268	22	78	78	NUM
ajfa-13065	268	23	deangelo	deangelo	NOUN
ajfa-13065	268	24	,	,	PUNCT
ajfa-13065	268	25	h.	h.	PROPN
ajfa-13065	268	26	,	,	PUNCT
ajfa-13065	268	27	&	&	CCONJ
ajfa-13065	268	28	masulis	masulis	PROPN
ajfa-13065	268	29	,	,	PUNCT
ajfa-13065	268	30	r.	r.	PROPN
ajfa-13065	268	31	w.	w.	PROPN
ajfa-13065	269	1	(	(	PUNCT
ajfa-13065	269	2	1980).optimal	1980).optimal	NUM
ajfa-13065	269	3	capital	capital	NOUN
ajfa-13065	269	4	structure	structure	NOUN
ajfa-13065	269	5	under	under	ADP
ajfa-13065	269	6	corporate	corporate	ADJ
ajfa-13065	269	7	and	and	CCONJ
ajfa-13065	269	8	personal	personal	ADJ
ajfa-13065	269	9	taxation	taxation	NOUN
ajfa-13065	269	10	.	.	PUNCT
ajfa-13065	270	1	journal	journal	NOUN
ajfa-13065	270	2	of	of	ADP
ajfa-13065	270	3	financial	financial	ADJ
ajfa-13065	270	4	economics	economic	NOUN
ajfa-13065	270	5	,	,	PUNCT
ajfa-13065	270	6	8(1	8(1	NOUN
ajfa-13065	270	7	)	)	PUNCT
ajfa-13065	270	8	,	,	PUNCT
ajfa-13065	270	9	3	3	NUM
ajfa-13065	270	10	-	-	SYM
ajfa-13065	270	11	29	29	NUM
ajfa-13065	270	12	.	.	PUNCT
ajfa-13065	271	1	https://doi.org/10.1016/0304-405x(80)90019-7	https://doi.org/10.1016/0304-405x(80)90019-7	PROPN
ajfa-13065	271	2	deesomsak	deesomsak	PROPN
ajfa-13065	271	3	,	,	PUNCT
ajfa-13065	271	4	r.	r.	PROPN
ajfa-13065	271	5	,	,	PUNCT
ajfa-13065	271	6	paudyal	paudyal	NOUN
ajfa-13065	271	7	,	,	PUNCT
ajfa-13065	271	8	k.	k.	PROPN
ajfa-13065	271	9	,	,	PUNCT
ajfa-13065	271	10	&	&	CCONJ
ajfa-13065	271	11	pescetto	pescetto	PROPN
ajfa-13065	271	12	,	,	PUNCT
ajfa-13065	271	13	g.	g.	PROPN
ajfa-13065	271	14	(	(	PUNCT
ajfa-13065	271	15	2004	2004	NUM
ajfa-13065	271	16	)	)	PUNCT
ajfa-13065	271	17	.	.	PUNCT
ajfa-13065	272	1	the	the	DET
ajfa-13065	272	2	determinants	determinant	NOUN
ajfa-13065	272	3	of	of	ADP
ajfa-13065	272	4	capital	capital	NOUN
ajfa-13065	272	5	structure	structure	NOUN
ajfa-13065	272	6	:	:	PUNCT
ajfa-13065	272	7	evidence	evidence	NOUN
ajfa-13065	272	8	from	from	ADP
ajfa-13065	272	9	the	the	DET
ajfa-13065	272	10	asia	asia	PROPN
ajfa-13065	272	11	pacific	pacific	PROPN
ajfa-13065	272	12	region	region	PROPN
ajfa-13065	272	13	.	.	PUNCT
ajfa-13065	273	1	journal	journal	PROPN
ajfa-13065	273	2	of	of	ADP
ajfa-13065	273	3	multinational	multinational	ADJ
ajfa-13065	273	4	financial	financial	ADJ
ajfa-13065	273	5	management	management	NOUN
ajfa-13065	273	6	,	,	PUNCT
ajfa-13065	273	7	14(4	14(4	NUM
ajfa-13065	273	8	)	)	PUNCT
ajfa-13065	273	9	,	,	PUNCT
ajfa-13065	273	10	387	387	NUM
ajfa-13065	273	11	-	-	SYM
ajfa-13065	273	12	405	405	NUM
ajfa-13065	273	13	.	.	PUNCT
ajfa-13065	274	1	https://doi.org/10.1016/j.mulfin.2004.03.001	https://doi.org/10.1016/j.mulfin.2004.03.001	NOUN
ajfa-13065	274	2	dejong	dejong	NOUN
ajfa-13065	274	3	,	,	PUNCT
ajfa-13065	274	4	a.	a.	NOUN
ajfa-13065	274	5	,	,	PUNCT
ajfa-13065	274	6	nguyen	nguyen	NOUN
ajfa-13065	274	7	,	,	PUNCT
ajfa-13065	274	8	t.	t.	PROPN
ajfa-13065	274	9	t.	t.	PROPN
ajfa-13065	274	10	,	,	PUNCT
ajfa-13065	274	11	&	&	CCONJ
ajfa-13065	274	12	kabir	kabir	PROPN
ajfa-13065	274	13	,	,	PUNCT
ajfa-13065	274	14	r.	r.	PROPN
ajfa-13065	274	15	(	(	PUNCT
ajfa-13065	274	16	2008	2008	NUM
ajfa-13065	274	17	)	)	PUNCT
ajfa-13065	274	18	.	.	PUNCT
ajfa-13065	275	1	capital	capital	NOUN
ajfa-13065	275	2	structure	structure	NOUN
ajfa-13065	275	3	around	around	ADP
ajfa-13065	275	4	the	the	DET
ajfa-13065	275	5	world	world	NOUN
ajfa-13065	275	6	:	:	PUNCT
ajfa-13065	275	7	the	the	DET
ajfa-13065	275	8	roles	role	NOUN
ajfa-13065	275	9	of	of	ADP
ajfa-13065	275	10	firmand	firmand	NOUN
ajfa-13065	275	11	country	country	NOUN
ajfa-13065	275	12	-	-	PUNCT
ajfa-13065	275	13	specific	specific	ADJ
ajfa-13065	275	14	determinants	determinant	NOUN
ajfa-13065	275	15	.	.	PUNCT
ajfa-13065	276	1	journal	journal	NOUN
ajfa-13065	276	2	of	of	ADP
ajfa-13065	276	3	banking	banking	NOUN
ajfa-13065	276	4	and	and	CCONJ
ajfa-13065	276	5	finance	finance	NOUN
ajfa-13065	276	6	,	,	PUNCT
ajfa-13065	276	7	32(9	32(9	NUM
ajfa-13065	276	8	)	)	PUNCT
ajfa-13065	276	9	,	,	PUNCT
ajfa-13065	276	10	1954	1954	NUM
ajfa-13065	276	11	-	-	SYM
ajfa-13065	276	12	1969	1969	NUM
ajfa-13065	276	13	.	.	PUNCT
ajfa-13065	277	1	https://doi.org/10.1016/j.jbankfin.2007.12.034	https://doi.org/10.1016/j.jbankfin.2007.12.034	PROPN
ajfa-13065	277	2	de	de	PROPN
ajfa-13065	277	3	miguel	miguel	PROPN
ajfa-13065	277	4	,	,	PUNCT
ajfa-13065	277	5	a.	a.	PROPN
ajfa-13065	277	6	,	,	PUNCT
ajfa-13065	277	7	&	&	CCONJ
ajfa-13065	277	8	pindado	pindado	PROPN
ajfa-13065	277	9	,	,	PUNCT
ajfa-13065	277	10	j.	j.	PROPN
ajfa-13065	277	11	(	(	PUNCT
ajfa-13065	277	12	2001	2001	NUM
ajfa-13065	277	13	)	)	PUNCT
ajfa-13065	277	14	.	.	PUNCT
ajfa-13065	278	1	determinants	determinant	NOUN
ajfa-13065	278	2	of	of	ADP
ajfa-13065	278	3	capital	capital	NOUN
ajfa-13065	278	4	structure	structure	NOUN
ajfa-13065	278	5	:	:	PUNCT
ajfa-13065	278	6	new	new	ADJ
ajfa-13065	278	7	evidence	evidence	NOUN
ajfa-13065	278	8	from	from	ADP
ajfa-13065	278	9	spanish	spanish	ADJ
ajfa-13065	278	10	panel	panel	NOUN
ajfa-13065	278	11	data	datum	NOUN
ajfa-13065	278	12	.	.	PUNCT
ajfa-13065	279	1	journal	journal	NOUN
ajfa-13065	279	2	of	of	ADP
ajfa-13065	279	3	corporate	corporate	ADJ
ajfa-13065	279	4	finance	finance	NOUN
ajfa-13065	279	5	,	,	PUNCT
ajfa-13065	279	6	7(1	7(1	NUM
ajfa-13065	279	7	)	)	PUNCT
ajfa-13065	279	8	,	,	PUNCT
ajfa-13065	279	9	77	77	NUM
ajfa-13065	279	10	-	-	SYM
ajfa-13065	279	11	99	99	NUM
ajfa-13065	279	12	.	.	PUNCT
ajfa-13065	280	1	https://doi.org/10.1016/s0929-1199(00)00020-1	https://doi.org/10.1016/s0929-1199(00)00020-1	PROPN
ajfa-13065	280	2	dickinson	dickinson	PROPN
ajfa-13065	280	3	,	,	PUNCT
ajfa-13065	280	4	g.	g.	PROPN
ajfa-13065	280	5	(	(	PUNCT
ajfa-13065	280	6	2001	2001	NUM
ajfa-13065	280	7	)	)	PUNCT
ajfa-13065	280	8	.	.	PUNCT
ajfa-13065	281	1	enterprise	enterprise	NOUN
ajfa-13065	281	2	risk	risk	NOUN
ajfa-13065	281	3	management	management	NOUN
ajfa-13065	281	4	:	:	PUNCT
ajfa-13065	281	5	its	its	PRON
ajfa-13065	281	6	origins	origin	NOUN
ajfa-13065	281	7	and	and	CCONJ
ajfa-13065	281	8	conceptual	conceptual	ADJ
ajfa-13065	281	9	foundation	foundation	NOUN
ajfa-13065	281	10	.	.	PUNCT
ajfa-13065	282	1	the	the	DET
ajfa-13065	282	2	geneva	geneva	PROPN
ajfa-13065	282	3	papers	paper	NOUN
ajfa-13065	282	4	on	on	ADP
ajfa-13065	282	5	risk	risk	NOUN
ajfa-13065	282	6	and	and	CCONJ
ajfa-13065	282	7	insurance	insurance	NOUN
ajfa-13065	282	8	.	.	PUNCT
ajfa-13065	283	1	issues	issue	NOUN
ajfa-13065	283	2	and	and	CCONJ
ajfa-13065	283	3	practice	practice	NOUN
ajfa-13065	283	4	,	,	PUNCT
ajfa-13065	283	5	26(3	26(3	NUM
ajfa-13065	283	6	)	)	PUNCT
ajfa-13065	283	7	,	,	PUNCT
ajfa-13065	283	8	360	360	NUM
ajfa-13065	283	9	-	-	SYM
ajfa-13065	283	10	366	366	NUM
ajfa-13065	283	11	.	.	PUNCT
ajfa-13065	284	1	https://doi.org/10.1111/1468-0440.00121	https://doi.org/10.1111/1468-0440.00121	PROPN
ajfa-13065	284	2	dixon	dixon	PROPN
ajfa-13065	284	3	,	,	PUNCT
ajfa-13065	284	4	r.	r.	PROPN
ajfa-13065	284	5	,	,	PUNCT
ajfa-13065	284	6	guariglia	guariglia	PROPN
ajfa-13065	284	7	,	,	PUNCT
ajfa-13065	284	8	a.	a.	NOUN
ajfa-13065	284	9	,	,	PUNCT
ajfa-13065	284	10	&	&	CCONJ
ajfa-13065	284	11	vijayakumaran	vijayakumaran	PROPN
ajfa-13065	284	12	,	,	PUNCT
ajfa-13065	284	13	r.	r.	PROPN
ajfa-13065	284	14	(	(	PUNCT
ajfa-13065	284	15	2015	2015	NUM
ajfa-13065	284	16	)	)	PUNCT
ajfa-13065	284	17	.	.	PUNCT
ajfa-13065	285	1	managerial	managerial	ADJ
ajfa-13065	285	2	ownership	ownership	NOUN
ajfa-13065	285	3	,	,	PUNCT
ajfa-13065	285	4	corporate	corporate	ADJ
ajfa-13065	285	5	governance	governance	NOUN
ajfa-13065	285	6	and	and	CCONJ
ajfa-13065	285	7	firms	firm	NOUN
ajfa-13065	285	8	'	'	PART
ajfa-13065	285	9	exporting	export	VERB
ajfa-13065	285	10	decisions	decision	NOUN
ajfa-13065	285	11	:	:	PUNCT
ajfa-13065	285	12	evidence	evidence	NOUN
ajfa-13065	285	13	from	from	ADP
ajfa-13065	285	14	chinese	chinese	ADJ
ajfa-13065	285	15	listed	list	VERB
ajfa-13065	285	16	companies	company	NOUN
ajfa-13065	285	17	.	.	PUNCT
ajfa-13065	286	1	the	the	DET
ajfa-13065	286	2	european	european	PROPN
ajfa-13065	286	3	journal	journal	PROPN
ajfa-13065	286	4	of	of	ADP
ajfa-13065	286	5	finance	finance	NOUN
ajfa-13065	286	6	,	,	PUNCT
ajfa-13065	286	7	1	1	NUM
ajfa-13065	286	8	-	-	SYM
ajfa-13065	286	9	39	39	NUM
ajfa-13065	286	10	.	.	PUNCT
ajfa-13065	286	11	faccio	faccio	PROPN
ajfa-13065	286	12	,	,	PUNCT
ajfa-13065	286	13	m.	m.	NOUN
ajfa-13065	286	14	(	(	PUNCT
ajfa-13065	286	15	2006).politically	2006).politically	ADV
ajfa-13065	286	16	connected	connected	ADJ
ajfa-13065	286	17	firms	firm	NOUN
ajfa-13065	286	18	.	.	PUNCT
ajfa-13065	287	1	the	the	DET
ajfa-13065	287	2	american	american	PROPN
ajfa-13065	287	3	economic	economic	PROPN
ajfa-13065	287	4	review	review	PROPN
ajfa-13065	287	5	,	,	PUNCT
ajfa-13065	287	6	96(1	96(1	NUM
ajfa-13065	287	7	)	)	PUNCT
ajfa-13065	287	8	,	,	PUNCT
ajfa-13065	287	9	369	369	NUM
ajfa-13065	287	10	-	-	SYM
ajfa-13065	287	11	386	386	NUM
ajfa-13065	287	12	.	.	PUNCT
ajfa-13065	288	1	https://doi.org/10.1257/000282806776157704	https://doi.org/10.1257/000282806776157704	VERB
ajfa-13065	288	2	fischer	fischer	PROPN
ajfa-13065	288	3	,	,	PUNCT
ajfa-13065	288	4	e.	e.	PROPN
ajfa-13065	288	5	o.	o.	PROPN
ajfa-13065	288	6	,	,	PUNCT
ajfa-13065	288	7	heinkel	heinkel	NOUN
ajfa-13065	288	8	,	,	PUNCT
ajfa-13065	288	9	r.	r.	PROPN
ajfa-13065	288	10	,	,	PUNCT
ajfa-13065	288	11	&	&	CCONJ
ajfa-13065	288	12	zechner	zechner	PROPN
ajfa-13065	288	13	,	,	PUNCT
ajfa-13065	288	14	j.	j.	PROPN
ajfa-13065	288	15	(	(	PUNCT
ajfa-13065	288	16	1989	1989	NUM
ajfa-13065	288	17	)	)	PUNCT
ajfa-13065	288	18	.	.	PUNCT
ajfa-13065	289	1	dynamic	dynamic	ADJ
ajfa-13065	289	2	capital	capital	NOUN
ajfa-13065	289	3	structure	structure	NOUN
ajfa-13065	289	4	choice	choice	NOUN
ajfa-13065	289	5	:	:	PUNCT
ajfa-13065	289	6	theory	theory	NOUN
ajfa-13065	289	7	and	and	CCONJ
ajfa-13065	289	8	tests	test	NOUN
ajfa-13065	289	9	.	.	PUNCT
ajfa-13065	290	1	the	the	DET
ajfa-13065	290	2	journal	journal	PROPN
ajfa-13065	290	3	of	of	ADP
ajfa-13065	290	4	finance	finance	NOUN
ajfa-13065	290	5	,	,	PUNCT
ajfa-13065	290	6	44(1	44(1	PROPN
ajfa-13065	290	7	)	)	PUNCT
ajfa-13065	290	8	,	,	PUNCT
ajfa-13065	290	9	19	19	NUM
ajfa-13065	290	10	-	-	SYM
ajfa-13065	290	11	40	40	NUM
ajfa-13065	290	12	.	.	PUNCT
ajfa-13065	291	1	https://doi.org/10.1111/j.1540-6261.1989.tb02402.x	https://doi.org/10.1111/j.1540-6261.1989.tb02402.x	PROPN
ajfa-13065	291	2	flannery	flannery	PROPN
ajfa-13065	291	3	,	,	PUNCT
ajfa-13065	291	4	m.	m.	NOUN
ajfa-13065	291	5	,	,	PUNCT
ajfa-13065	291	6	&	&	CCONJ
ajfa-13065	291	7	rangan	rangan	VERB
ajfa-13065	291	8	,	,	PUNCT
ajfa-13065	291	9	k.	k.	PROPN
ajfa-13065	291	10	(	(	PUNCT
ajfa-13065	291	11	2006).partial	2006).partial	NUM
ajfa-13065	291	12	adjustment	adjustment	NOUN
ajfa-13065	291	13	toward	toward	ADP
ajfa-13065	291	14	target	target	NOUN
ajfa-13065	291	15	capital	capital	NOUN
ajfa-13065	291	16	structures	structure	NOUN
ajfa-13065	291	17	.	.	PUNCT
ajfa-13065	292	1	journal	journal	NOUN
ajfa-13065	292	2	of	of	ADP
ajfa-13065	292	3	financial	financial	ADJ
ajfa-13065	292	4	economics	economic	NOUN
ajfa-13065	292	5	,	,	PUNCT
ajfa-13065	292	6	79(3	79(3	NUM
ajfa-13065	292	7	)	)	PUNCT
ajfa-13065	292	8	,	,	PUNCT
ajfa-13065	292	9	469	469	NUM
ajfa-13065	292	10	-	-	SYM
ajfa-13065	292	11	506	506	NUM
ajfa-13065	292	12	.	.	PUNCT
ajfa-13065	293	1	https://doi.org/10.1016/j.jfineco.2005.03.004	https://doi.org/10.1016/j.jfineco.2005.03.004	PROPN
ajfa-13065	293	2	frank	frank	PROPN
ajfa-13065	293	3	,	,	PUNCT
ajfa-13065	293	4	m.	m.	NOUN
ajfa-13065	293	5	z.	z.	PROPN
ajfa-13065	293	6	,	,	PUNCT
ajfa-13065	293	7	&	&	CCONJ
ajfa-13065	293	8	goyal	goyal	PROPN
ajfa-13065	293	9	,	,	PUNCT
ajfa-13065	293	10	v.	v.	PROPN
ajfa-13065	293	11	k.	k.	PROPN
ajfa-13065	293	12	(	(	PUNCT
ajfa-13065	293	13	2009	2009	NUM
ajfa-13065	293	14	)	)	PUNCT
ajfa-13065	293	15	.	.	PUNCT
ajfa-13065	294	1	capital	capital	NOUN
ajfa-13065	294	2	structure	structure	NOUN
ajfa-13065	294	3	decisions	decision	NOUN
ajfa-13065	294	4	:	:	PUNCT
ajfa-13065	294	5	which	which	DET
ajfa-13065	294	6	factors	factor	NOUN
ajfa-13065	294	7	are	be	AUX
ajfa-13065	294	8	reliably	reliably	ADV
ajfa-13065	294	9	important	important	ADJ
ajfa-13065	294	10	?	?	PUNCT
ajfa-13065	295	1	financial	financial	ADJ
ajfa-13065	295	2	management	management	NOUN
ajfa-13065	295	3	,	,	PUNCT
ajfa-13065	295	4	38(1	38(1	NUM
ajfa-13065	295	5	)	)	PUNCT
ajfa-13065	295	6	,	,	PUNCT
ajfa-13065	295	7	1	1	NUM
ajfa-13065	295	8	-	-	SYM
ajfa-13065	295	9	37	37	NUM
ajfa-13065	295	10	.	.	PUNCT
ajfa-13065	296	1	https://doi.org/10.1111/j.1755-053x.2009.01026.x	https://doi.org/10.1111/j.1755-053x.2009.01026.x	PROPN
ajfa-13065	296	2	diamond	diamond	NOUN
ajfa-13065	296	3	,	,	PUNCT
ajfa-13065	296	4	d.	d.	PROPN
ajfa-13065	296	5	w.	w.	PROPN
ajfa-13065	296	6	(	(	PUNCT
ajfa-13065	296	7	1991	1991	NUM
ajfa-13065	296	8	)	)	PUNCT
ajfa-13065	296	9	.	.	PUNCT
ajfa-13065	297	1	debt	debt	NOUN
ajfa-13065	297	2	maturity	maturity	NOUN
ajfa-13065	297	3	structure	structure	NOUN
ajfa-13065	297	4	and	and	CCONJ
ajfa-13065	297	5	liquidity	liquidity	NOUN
ajfa-13065	297	6	risk	risk	NOUN
ajfa-13065	297	7	.	.	PUNCT
ajfa-13065	298	1	the	the	DET
ajfa-13065	298	2	quarterly	quarterly	ADJ
ajfa-13065	298	3	journal	journal	NOUN
ajfa-13065	298	4	of	of	ADP
ajfa-13065	298	5	economics	economic	NOUN
ajfa-13065	298	6	,	,	PUNCT
ajfa-13065	298	7	709	709	NUM
ajfa-13065	298	8	-	-	SYM
ajfa-13065	298	9	737	737	NUM
ajfa-13065	298	10	.	.	PUNCT
ajfa-13065	299	1	https://doi.org/10.2307/2937924	https://doi.org/10.2307/2937924	PROPN
ajfa-13065	299	2	dixon	dixon	PROPN
ajfa-13065	299	3	,	,	PUNCT
ajfa-13065	299	4	r.	r.	PROPN
ajfa-13065	299	5	,	,	PUNCT
ajfa-13065	299	6	guariglia	guariglia	PROPN
ajfa-13065	299	7	,	,	PUNCT
ajfa-13065	299	8	a.	a.	NOUN
ajfa-13065	299	9	,	,	PUNCT
ajfa-13065	299	10	&	&	CCONJ
ajfa-13065	299	11	vijayakumaran	vijayakumaran	PROPN
ajfa-13065	299	12	,	,	PUNCT
ajfa-13065	299	13	r.	r.	PROPN
ajfa-13065	299	14	(	(	PUNCT
ajfa-13065	299	15	2015	2015	NUM
ajfa-13065	299	16	)	)	PUNCT
ajfa-13065	299	17	.	.	PUNCT
ajfa-13065	300	1	managerial	managerial	ADJ
ajfa-13065	300	2	ownership	ownership	NOUN
ajfa-13065	300	3	,	,	PUNCT
ajfa-13065	300	4	corporate	corporate	ADJ
ajfa-13065	300	5	governance	governance	NOUN
ajfa-13065	300	6	and	and	CCONJ
ajfa-13065	300	7	firms	firm	NOUN
ajfa-13065	300	8	'	'	PART
ajfa-13065	300	9	exporting	export	VERB
ajfa-13065	300	10	decisions	decision	NOUN
ajfa-13065	300	11	:	:	PUNCT
ajfa-13065	300	12	evidence	evidence	NOUN
ajfa-13065	300	13	from	from	ADP
ajfa-13065	300	14	chinese	chinese	ADJ
ajfa-13065	300	15	listed	list	VERB
ajfa-13065	300	16	companies	company	NOUN
ajfa-13065	300	17	.	.	PUNCT
ajfa-13065	301	1	the	the	DET
ajfa-13065	301	2	european	european	PROPN
ajfa-13065	301	3	journal	journal	PROPN
ajfa-13065	301	4	of	of	ADP
ajfa-13065	301	5	finance	finance	NOUN
ajfa-13065	301	6	,	,	PUNCT
ajfa-13065	301	7	1	1	NUM
ajfa-13065	301	8	-	-	SYM
ajfa-13065	301	9	39	39	NUM
ajfa-13065	301	10	.	.	PUNCT
ajfa-13065	302	1	du	du	PROPN
ajfa-13065	302	2	,	,	PUNCT
ajfa-13065	302	3	j.	j.	PROPN
ajfa-13065	302	4	,	,	PUNCT
ajfa-13065	302	5	guariglia	guariglia	PROPN
ajfa-13065	302	6	,	,	PUNCT
ajfa-13065	302	7	a.	a.	NOUN
ajfa-13065	302	8	,	,	PUNCT
ajfa-13065	302	9	&	&	CCONJ
ajfa-13065	302	10	newman	newman	PROPN
ajfa-13065	302	11	,	,	PUNCT
ajfa-13065	302	12	a.	a.	NOUN
ajfa-13065	302	13	(	(	PUNCT
ajfa-13065	302	14	2015	2015	NUM
ajfa-13065	302	15	)	)	PUNCT
ajfa-13065	302	16	.	.	PUNCT
ajfa-13065	303	1	do	do	AUX
ajfa-13065	303	2	social	social	ADJ
ajfa-13065	303	3	capital	capital	NOUN
ajfa-13065	303	4	building	building	NOUN
ajfa-13065	303	5	strategies	strategy	NOUN
ajfa-13065	303	6	influence	influence	VERB
ajfa-13065	303	7	the	the	DET
ajfa-13065	303	8	financing	financing	NOUN
ajfa-13065	303	9	behavior	behavior	NOUN
ajfa-13065	303	10	of	of	ADP
ajfa-13065	303	11	chinese	chinese	ADJ
ajfa-13065	303	12	private	private	ADJ
ajfa-13065	303	13	small	small	ADJ
ajfa-13065	303	14	and	and	CCONJ
ajfa-13065	303	15	medium	medium	ADJ
ajfa-13065	303	16	sized	sized	ADJ
ajfa-13065	303	17	enterprises	enterprise	NOUN
ajfa-13065	303	18	?	?	PUNCT
ajfa-13065	303	19	.	.	PUNCT
ajfa-13065	304	1	entrepreneurship	entrepreneurship	NOUN
ajfa-13065	304	2	theory	theory	NOUN
ajfa-13065	304	3	and	and	CCONJ
ajfa-13065	304	4	practice	practice	NOUN
ajfa-13065	304	5	,	,	PUNCT
ajfa-13065	304	6	39(3	39(3	NUM
ajfa-13065	304	7	)	)	PUNCT
ajfa-13065	304	8	,	,	PUNCT
ajfa-13065	304	9	601	601	NUM
ajfa-13065	304	10	-	-	SYM
ajfa-13065	304	11	631	631	NUM
ajfa-13065	304	12	.	.	PUNCT
ajfa-13065	305	1	https://doi.org/10.1111/etap.12051	https://doi.org/10.1111/etap.12051	ADJ
ajfa-13065	305	2	graham	graham	PROPN
ajfa-13065	305	3	,	,	PUNCT
ajfa-13065	305	4	j.	j.	PROPN
ajfa-13065	305	5	r.	r.	PROPN
ajfa-13065	305	6	,	,	PUNCT
ajfa-13065	305	7	&	&	CCONJ
ajfa-13065	305	8	leary	leary	PROPN
ajfa-13065	305	9	,	,	PUNCT
ajfa-13065	305	10	m.	m.	NOUN
ajfa-13065	305	11	t.	t.	PROPN
ajfa-13065	305	12	(	(	PUNCT
ajfa-13065	305	13	2011	2011	NUM
ajfa-13065	305	14	)	)	PUNCT
ajfa-13065	305	15	.	.	PUNCT
ajfa-13065	306	1	a	a	DET
ajfa-13065	306	2	review	review	NOUN
ajfa-13065	306	3	of	of	ADP
ajfa-13065	306	4	empirical	empirical	ADJ
ajfa-13065	306	5	capital	capital	NOUN
ajfa-13065	306	6	structure	structure	NOUN
ajfa-13065	306	7	research	research	NOUN
ajfa-13065	306	8	and	and	CCONJ
ajfa-13065	306	9	asian	asian	ADJ
ajfa-13065	306	10	journal	journal	NOUN
ajfa-13065	306	11	of	of	ADP
ajfa-13065	306	12	finance	finance	PROPN
ajfa-13065	306	13	&	&	CCONJ
ajfa-13065	306	14	accounting	accounting	PROPN
ajfa-13065	306	15	issn	issn	PROPN
ajfa-13065	306	16	1946	1946	NUM
ajfa-13065	306	17	-	-	PUNCT
ajfa-13065	306	18	052x	052x	NOUN
ajfa-13065	306	19	2018	2018	NUM
ajfa-13065	306	20	,	,	PUNCT
ajfa-13065	306	21	vol	vol	NOUN
ajfa-13065	306	22	.	.	PROPN
ajfa-13065	306	23	10	10	NUM
ajfa-13065	306	24	,	,	PUNCT
ajfa-13065	306	25	no	no	INTJ
ajfa-13065	306	26	.	.	NOUN
ajfa-13065	306	27	2	2	NUM
ajfa-13065	306	28	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	306	29	79	79	NUM
ajfa-13065	306	30	directions	direction	NOUN
ajfa-13065	306	31	for	for	ADP
ajfa-13065	306	32	the	the	DET
ajfa-13065	306	33	future	future	NOUN
ajfa-13065	306	34	.	.	PUNCT
ajfa-13065	307	1	(	(	PUNCT
ajfa-13065	307	2	april	april	PROPN
ajfa-13065	307	3	7	7	NUM
ajfa-13065	307	4	,	,	PUNCT
ajfa-13065	307	5	2011	2011	NUM
ajfa-13065	307	6	)	)	PUNCT
ajfa-13065	307	7	.	.	PUNCT
ajfa-13065	308	1	annual	annual	ADJ
ajfa-13065	308	2	review	review	NOUN
ajfa-13065	308	3	of	of	ADP
ajfa-13065	308	4	financial	financial	ADJ
ajfa-13065	308	5	economics	economic	NOUN
ajfa-13065	308	6	,	,	PUNCT
ajfa-13065	308	7	3	3	NUM
ajfa-13065	308	8	,	,	PUNCT
ajfa-13065	308	9	2011	2011	NUM
ajfa-13065	308	10	.	.	PUNCT
ajfa-13065	309	1	https://doi.org/10.2139/ssrn.1729388	https://doi.org/10.2139/ssrn.1729388	PROPN
ajfa-13065	309	2	grossman	grossman	PROPN
ajfa-13065	309	3	,	,	PUNCT
ajfa-13065	309	4	s.	s.	PROPN
ajfa-13065	309	5	j.	j.	PROPN
ajfa-13065	309	6	,	,	PUNCT
ajfa-13065	309	7	&	&	CCONJ
ajfa-13065	309	8	hart	hart	PROPN
ajfa-13065	309	9	,	,	PUNCT
ajfa-13065	309	10	o.	o.	PROPN
ajfa-13065	309	11	d.	d.	PROPN
ajfa-13065	309	12	(	(	PUNCT
ajfa-13065	309	13	1982	1982	NUM
ajfa-13065	309	14	)	)	PUNCT
ajfa-13065	309	15	.	.	PUNCT
ajfa-13065	310	1	corporate	corporate	ADJ
ajfa-13065	310	2	financial	financial	ADJ
ajfa-13065	310	3	structure	structure	NOUN
ajfa-13065	310	4	and	and	CCONJ
ajfa-13065	310	5	managerial	managerial	ADJ
ajfa-13065	310	6	incentives	incentive	NOUN
ajfa-13065	310	7	.	.	PUNCT
ajfa-13065	311	1	in	in	ADP
ajfa-13065	311	2	the	the	DET
ajfa-13065	311	3	economics	economic	NOUN
ajfa-13065	311	4	of	of	ADP
ajfa-13065	311	5	information	information	NOUN
ajfa-13065	311	6	and	and	CCONJ
ajfa-13065	311	7	uncertainty	uncertainty	NOUN
ajfa-13065	311	8	(	(	PUNCT
ajfa-13065	311	9	pp	pp	ADJ
ajfa-13065	311	10	.	.	PUNCT
ajfa-13065	312	1	107	107	NUM
ajfa-13065	312	2	-	-	SYM
ajfa-13065	312	3	140).university	140).university	NUM
ajfa-13065	312	4	of	of	ADP
ajfa-13065	312	5	chicago	chicago	PROPN
ajfa-13065	312	6	press	press	NOUN
ajfa-13065	312	7	.	.	PUNCT
ajfa-13065	313	1	guarigli	guarigli	PROPN
ajfa-13065	313	2	,	,	PUNCT
ajfa-13065	313	3	a.	a.	PROPN
ajfa-13065	313	4	,	,	PUNCT
ajfa-13065	313	5	&	&	CCONJ
ajfa-13065	313	6	vijayakumaran	vijayakumaran	PROPN
ajfa-13065	313	7	,	,	PUNCT
ajfa-13065	313	8	s.	s.	PROPN
ajfa-13065	313	9	(	(	PUNCT
ajfa-13065	313	10	2013	2013	NUM
ajfa-13065	313	11	)	)	PUNCT
ajfa-13065	313	12	.	.	PUNCT
ajfa-13065	314	1	capital	capital	NOUN
ajfa-13065	314	2	structure	structure	NOUN
ajfa-13065	314	3	decisions	decision	NOUN
ajfa-13065	314	4	and	and	CCONJ
ajfa-13065	314	5	corporate	corporate	ADJ
ajfa-13065	314	6	governance	governance	NOUN
ajfa-13065	314	7	:	:	PUNCT
ajfa-13065	314	8	evidence	evidence	NOUN
ajfa-13065	314	9	from	from	ADP
ajfa-13065	314	10	the	the	DET
ajfa-13065	314	11	chinese	chinese	ADJ
ajfa-13065	314	12	listed	list	VERB
ajfa-13065	314	13	companies	company	NOUN
ajfa-13065	314	14	.	.	PUNCT
ajfa-13065	315	1	proceedings	proceeding	NOUN
ajfa-13065	315	2	of	of	ADP
ajfa-13065	315	3	4th	4th	ADJ
ajfa-13065	315	4	asia	asia	PROPN
ajfa-13065	315	5	-	-	PUNCT
ajfa-13065	315	6	pacific	pacific	PROPN
ajfa-13065	315	7	business	business	PROPN
ajfa-13065	315	8	research	research	NOUN
ajfa-13065	315	9	conference	conference	PROPN
ajfa-13065	315	10	,	,	PUNCT
ajfa-13065	315	11	singapore	singapore	PROPN
ajfa-13065	315	12	.	.	PUNCT
ajfa-13065	315	13	retrieved	retrieve	VERB
ajfa-13065	315	14	from	from	ADP
ajfa-13065	315	15	https://wbiworldconpro.com/uploads/singapore-conference-013/finance/1380694634_310-su	https://wbiworldconpro.com/uploads/singapore-conference-013/finance/1380694634_310-su	PROPN
ajfa-13065	315	16	nitha.pdf	nitha.pdf	PROPN
ajfa-13065	315	17	harris	harris	PROPN
ajfa-13065	315	18	,	,	PUNCT
ajfa-13065	315	19	m.	m.	NOUN
ajfa-13065	315	20	,	,	PUNCT
ajfa-13065	315	21	&	&	CCONJ
ajfa-13065	315	22	raviv	raviv	PROPN
ajfa-13065	315	23	,	,	PUNCT
ajfa-13065	315	24	a.	a.	NOUN
ajfa-13065	315	25	(	(	PUNCT
ajfa-13065	315	26	1991).the	1991).the	DET
ajfa-13065	315	27	theory	theory	NOUN
ajfa-13065	315	28	of	of	ADP
ajfa-13065	315	29	capital	capital	NOUN
ajfa-13065	315	30	structure	structure	NOUN
ajfa-13065	315	31	.	.	PUNCT
ajfa-13065	316	1	the	the	DET
ajfa-13065	316	2	journal	journal	PROPN
ajfa-13065	316	3	of	of	ADP
ajfa-13065	316	4	finance	finance	NOUN
ajfa-13065	316	5	,	,	PUNCT
ajfa-13065	316	6	46(1	46(1	PROPN
ajfa-13065	316	7	)	)	PUNCT
ajfa-13065	316	8	,	,	PUNCT
ajfa-13065	316	9	297	297	NUM
ajfa-13065	316	10	-	-	SYM
ajfa-13065	316	11	355	355	NUM
ajfa-13065	316	12	.	.	PUNCT
ajfa-13065	317	1	https://doi.org/10.1111/j.1540-6261.1991.tb03753.x	https://doi.org/10.1111/j.1540-6261.1991.tb03753.x	PROPN
ajfa-13065	317	2	hart	hart	PROPN
ajfa-13065	317	3	,	,	PUNCT
ajfa-13065	317	4	o	o	PROPN
ajfa-13065	317	5	&	&	CCONJ
ajfa-13065	317	6	moore	moore	PROPN
ajfa-13065	317	7	,	,	PUNCT
ajfa-13065	317	8	j.	j.	PROPN
ajfa-13065	317	9	(	(	PUNCT
ajfa-13065	317	10	1995	1995	NUM
ajfa-13065	317	11	)	)	PUNCT
ajfa-13065	317	12	.	.	PUNCT
ajfa-13065	318	1	debt	debt	NOUN
ajfa-13065	318	2	and	and	CCONJ
ajfa-13065	318	3	seniority	seniority	NOUN
ajfa-13065	318	4	:	:	PUNCT
ajfa-13065	318	5	an	an	DET
ajfa-13065	318	6	analysis	analysis	NOUN
ajfa-13065	318	7	of	of	ADP
ajfa-13065	318	8	hard	hard	ADJ
ajfa-13065	318	9	claims	claim	NOUN
ajfa-13065	318	10	in	in	ADP
ajfa-13065	318	11	constraining	constrain	VERB
ajfa-13065	318	12	management	management	NOUN
ajfa-13065	318	13	.	.	PUNCT
ajfa-13065	319	1	american	american	PROPN
ajfa-13065	319	2	economic	economic	PROPN
ajfa-13065	319	3	review	review	PROPN
ajfa-13065	319	4	,	,	PUNCT
ajfa-13065	319	5	85	85	NUM
ajfa-13065	319	6	,	,	PUNCT
ajfa-13065	319	7	567	567	NUM
ajfa-13065	319	8	-	-	SYM
ajfa-13065	319	9	585	585	NUM
ajfa-13065	319	10	.	.	PUNCT
ajfa-13065	320	1	hsiao	hsiao	PROPN
ajfa-13065	320	2	,	,	PUNCT
ajfa-13065	320	3	c.	c.	PROPN
ajfa-13065	320	4	(	(	PUNCT
ajfa-13065	320	5	1985	1985	NUM
ajfa-13065	320	6	)	)	PUNCT
ajfa-13065	320	7	.	.	PUNCT
ajfa-13065	321	1	benefits	benefit	NOUN
ajfa-13065	321	2	and	and	CCONJ
ajfa-13065	321	3	limitations	limitation	NOUN
ajfa-13065	321	4	of	of	ADP
ajfa-13065	321	5	panel	panel	NOUN
ajfa-13065	321	6	data	datum	NOUN
ajfa-13065	321	7	.	.	PUNCT
ajfa-13065	322	1	econometric	econometric	ADJ
ajfa-13065	322	2	reviews	review	NOUN
ajfa-13065	322	3	,	,	PUNCT
ajfa-13065	322	4	4	4	NUM
ajfa-13065	322	5	,	,	PUNCT
ajfa-13065	322	6	127	127	NUM
ajfa-13065	322	7	-	-	SYM
ajfa-13065	322	8	74	74	NUM
ajfa-13065	322	9	.	.	PUNCT
ajfa-13065	323	1	https://doi.org/10.1080/07474938508800078	https://doi.org/10.1080/07474938508800078	PROPN
ajfa-13065	323	2	huang	huang	PROPN
ajfa-13065	323	3	,	,	PUNCT
ajfa-13065	323	4	g.	g.	PROPN
ajfa-13065	323	5	,	,	PUNCT
ajfa-13065	323	6	&	&	CCONJ
ajfa-13065	323	7	song	song	PROPN
ajfa-13065	323	8	,	,	PUNCT
ajfa-13065	323	9	f.	f.	PROPN
ajfa-13065	323	10	m.	m.	PROPN
ajfa-13065	323	11	(	(	PUNCT
ajfa-13065	323	12	2006	2006	NUM
ajfa-13065	323	13	)	)	PUNCT
ajfa-13065	323	14	.	.	PUNCT
ajfa-13065	324	1	the	the	DET
ajfa-13065	324	2	determinants	determinant	NOUN
ajfa-13065	324	3	of	of	ADP
ajfa-13065	324	4	capital	capital	NOUN
ajfa-13065	324	5	structure	structure	NOUN
ajfa-13065	324	6	:	:	PUNCT
ajfa-13065	324	7	evidence	evidence	NOUN
ajfa-13065	324	8	from	from	ADP
ajfa-13065	324	9	china	china	PROPN
ajfa-13065	324	10	.	.	PUNCT
ajfa-13065	325	1	china	china	PROPN
ajfa-13065	325	2	economic	economic	PROPN
ajfa-13065	325	3	review	review	PROPN
ajfa-13065	325	4	,	,	PUNCT
ajfa-13065	325	5	17(1	17(1	NUM
ajfa-13065	325	6	)	)	PUNCT
ajfa-13065	325	7	,	,	PUNCT
ajfa-13065	325	8	14	14	NUM
ajfa-13065	325	9	-	-	SYM
ajfa-13065	325	10	36	36	NUM
ajfa-13065	325	11	.	.	PUNCT
ajfa-13065	326	1	https://doi.org/10.1016/j.chieco.2005.02.007	https://doi.org/10.1016/j.chieco.2005.02.007	PROPN
ajfa-13065	326	2	jensen	jensen	PROPN
ajfa-13065	326	3	,	,	PUNCT
ajfa-13065	326	4	m.	m.	PROPN
ajfa-13065	326	5	c.	c.	PROPN
ajfa-13065	326	6	(	(	PUNCT
ajfa-13065	326	7	1986	1986	NUM
ajfa-13065	326	8	)	)	PUNCT
ajfa-13065	326	9	.	.	PUNCT
ajfa-13065	327	1	agency	agency	NOUN
ajfa-13065	327	2	costs	cost	NOUN
ajfa-13065	327	3	of	of	ADP
ajfa-13065	327	4	free	free	ADJ
ajfa-13065	327	5	cash	cash	NOUN
ajfa-13065	327	6	flow	flow	NOUN
ajfa-13065	327	7	,	,	PUNCT
ajfa-13065	327	8	corporate	corporate	ADJ
ajfa-13065	327	9	finance	finance	NOUN
ajfa-13065	327	10	,	,	PUNCT
ajfa-13065	327	11	and	and	CCONJ
ajfa-13065	327	12	takeovers	takeover	NOUN
ajfa-13065	327	13	.	.	PUNCT
ajfa-13065	328	1	the	the	DET
ajfa-13065	328	2	american	american	PROPN
ajfa-13065	328	3	economic	economic	PROPN
ajfa-13065	328	4	review	review	PROPN
ajfa-13065	328	5	,	,	PUNCT
ajfa-13065	328	6	76(2	76(2	NUM
ajfa-13065	328	7	)	)	PUNCT
ajfa-13065	328	8	,	,	PUNCT
ajfa-13065	328	9	323	323	NUM
ajfa-13065	328	10	-	-	SYM
ajfa-13065	328	11	329	329	NUM
ajfa-13065	328	12	.	.	PUNCT
ajfa-13065	329	1	jensen	jensen	PROPN
ajfa-13065	329	2	,	,	PUNCT
ajfa-13065	329	3	m.	m.	NOUN
ajfa-13065	329	4	,	,	PUNCT
ajfa-13065	329	5	&	&	CCONJ
ajfa-13065	329	6	meckling	meckling	NOUN
ajfa-13065	329	7	,	,	PUNCT
ajfa-13065	329	8	m.	m.	NOUN
ajfa-13065	329	9	(	(	PUNCT
ajfa-13065	329	10	1976	1976	NUM
ajfa-13065	329	11	)	)	PUNCT
ajfa-13065	329	12	.	.	PUNCT
ajfa-13065	330	1	theory	theory	NOUN
ajfa-13065	330	2	of	of	ADP
ajfa-13065	330	3	the	the	DET
ajfa-13065	330	4	firm	firm	NOUN
ajfa-13065	330	5	:	:	PUNCT
ajfa-13065	330	6	managerial	managerial	ADJ
ajfa-13065	330	7	behavior	behavior	NOUN
ajfa-13065	330	8	,	,	PUNCT
ajfa-13065	330	9	agency	agency	NOUN
ajfa-13065	330	10	costs	cost	NOUN
ajfa-13065	330	11	and	and	CCONJ
ajfa-13065	330	12	ownership	ownership	NOUN
ajfa-13065	330	13	structure	structure	NOUN
ajfa-13065	330	14	.	.	PUNCT
ajfa-13065	331	1	journal	journal	NOUN
ajfa-13065	331	2	of	of	ADP
ajfa-13065	331	3	financial	financial	ADJ
ajfa-13065	331	4	economics	economic	NOUN
ajfa-13065	331	5	,	,	PUNCT
ajfa-13065	331	6	3(4	3(4	NUM
ajfa-13065	331	7	)	)	PUNCT
ajfa-13065	331	8	,	,	PUNCT
ajfa-13065	331	9	305	305	NUM
ajfa-13065	331	10	-	-	SYM
ajfa-13065	331	11	360	360	NUM
ajfa-13065	331	12	.	.	PUNCT
ajfa-13065	332	1	https://doi.org/10.1016/0304-405x(76)90026-x	https://doi.org/10.1016/0304-405x(76)90026-x	PROPN
ajfa-13065	332	2	johnson	johnson	PROPN
ajfa-13065	332	3	,	,	PUNCT
ajfa-13065	332	4	s.	s.	PROPN
ajfa-13065	332	5	(	(	PUNCT
ajfa-13065	332	6	2003	2003	NUM
ajfa-13065	332	7	)	)	PUNCT
ajfa-13065	332	8	.	.	PUNCT
ajfa-13065	333	1	debt	debt	NOUN
ajfa-13065	333	2	maturity	maturity	NOUN
ajfa-13065	333	3	and	and	CCONJ
ajfa-13065	333	4	the	the	DET
ajfa-13065	333	5	effects	effect	NOUN
ajfa-13065	333	6	of	of	ADP
ajfa-13065	333	7	growth	growth	NOUN
ajfa-13065	333	8	opportunities	opportunity	NOUN
ajfa-13065	333	9	and	and	CCONJ
ajfa-13065	333	10	liquidity	liquidity	NOUN
ajfa-13065	333	11	risk	risk	NOUN
ajfa-13065	333	12	on	on	ADP
ajfa-13065	333	13	leverage	leverage	NOUN
ajfa-13065	333	14	,	,	PUNCT
ajfa-13065	333	15	review	review	NOUN
ajfa-13065	333	16	of	of	ADP
ajfa-13065	333	17	financial	financial	ADJ
ajfa-13065	333	18	studies	study	NOUN
ajfa-13065	333	19	,	,	PUNCT
ajfa-13065	333	20	16	16	NUM
ajfa-13065	333	21	,	,	PUNCT
ajfa-13065	333	22	209	209	NUM
ajfa-13065	333	23	-	-	SYM
ajfa-13065	333	24	236	236	NUM
ajfa-13065	333	25	.	.	PUNCT
ajfa-13065	334	1	https://doi.org/10.1093/rfs/16.1.0209	https://doi.org/10.1093/rfs/16.1.0209	PROPN
ajfa-13065	334	2	lemmon	lemmon	PROPN
ajfa-13065	334	3	,	,	PUNCT
ajfa-13065	334	4	m.	m.	PROPN
ajfa-13065	334	5	l.	l.	PROPN
ajfa-13065	334	6	,	,	PUNCT
ajfa-13065	334	7	roberts	roberts	PROPN
ajfa-13065	334	8	,	,	PUNCT
ajfa-13065	334	9	m.	m.	PROPN
ajfa-13065	334	10	r.	r.	PROPN
ajfa-13065	334	11	,	,	PUNCT
ajfa-13065	334	12	&	&	CCONJ
ajfa-13065	334	13	zender	zender	PROPN
ajfa-13065	334	14	,	,	PUNCT
ajfa-13065	334	15	j.	j.	PROPN
ajfa-13065	334	16	f.	f.	PROPN
ajfa-13065	334	17	(	(	PUNCT
ajfa-13065	334	18	2008	2008	NUM
ajfa-13065	334	19	)	)	PUNCT
ajfa-13065	334	20	.	.	PUNCT
ajfa-13065	335	1	back	back	ADV
ajfa-13065	335	2	to	to	ADP
ajfa-13065	335	3	the	the	DET
ajfa-13065	335	4	beginning	beginning	NOUN
ajfa-13065	335	5	:	:	PUNCT
ajfa-13065	335	6	persistence	persistence	NOUN
ajfa-13065	335	7	and	and	CCONJ
ajfa-13065	335	8	the	the	DET
ajfa-13065	335	9	cross‐section	cross‐section	NOUN
ajfa-13065	335	10	of	of	ADP
ajfa-13065	335	11	corporate	corporate	ADJ
ajfa-13065	335	12	capital	capital	NOUN
ajfa-13065	335	13	structure	structure	NOUN
ajfa-13065	335	14	.	.	PUNCT
ajfa-13065	336	1	the	the	DET
ajfa-13065	336	2	journal	journal	PROPN
ajfa-13065	336	3	of	of	ADP
ajfa-13065	336	4	finance	finance	NOUN
ajfa-13065	336	5	,	,	PUNCT
ajfa-13065	336	6	63(4	63(4	NOUN
ajfa-13065	336	7	)	)	PUNCT
ajfa-13065	336	8	,	,	PUNCT
ajfa-13065	336	9	1575	1575	NUM
ajfa-13065	336	10	-	-	SYM
ajfa-13065	336	11	1608	1608	NUM
ajfa-13065	336	12	.	.	PUNCT
ajfa-13065	337	1	https://doi.org/10.1111/j.1540-6261.2008.01369.x	https://doi.org/10.1111/j.1540-6261.2008.01369.x	PROPN
ajfa-13065	337	2	kim	kim	PROPN
ajfa-13065	337	3	,	,	PUNCT
ajfa-13065	337	4	h.	h.	PROPN
ajfa-13065	337	5	,	,	PUNCT
ajfa-13065	337	6	heshmati	heshmati	PROPN
ajfa-13065	337	7	,	,	PUNCT
ajfa-13065	337	8	a.	a.	PROPN
ajfa-13065	337	9	,	,	PUNCT
ajfa-13065	337	10	&	&	CCONJ
ajfa-13065	337	11	aoun	aoun	PROPN
ajfa-13065	337	12	,	,	PUNCT
ajfa-13065	337	13	d.	d.	PROPN
ajfa-13065	337	14	(	(	PUNCT
ajfa-13065	337	15	2006	2006	NUM
ajfa-13065	337	16	)	)	PUNCT
ajfa-13065	337	17	.	.	PUNCT
ajfa-13065	338	1	dynamics	dynamic	NOUN
ajfa-13065	338	2	of	of	ADP
ajfa-13065	338	3	capital	capital	NOUN
ajfa-13065	338	4	structure	structure	NOUN
ajfa-13065	338	5	:	:	PUNCT
ajfa-13065	338	6	the	the	DET
ajfa-13065	338	7	case	case	NOUN
ajfa-13065	338	8	of	of	ADP
ajfa-13065	338	9	korean	korean	ADJ
ajfa-13065	338	10	listed	list	VERB
ajfa-13065	338	11	manufacturing	manufacturing	NOUN
ajfa-13065	338	12	companies	company	NOUN
ajfa-13065	338	13	.	.	PUNCT
ajfa-13065	339	1	asian	asian	ADJ
ajfa-13065	339	2	economic	economic	ADJ
ajfa-13065	339	3	journal	journal	NOUN
ajfa-13065	339	4	,	,	PUNCT
ajfa-13065	339	5	20(3	20(3	NOUN
ajfa-13065	339	6	)	)	PUNCT
ajfa-13065	339	7	,	,	PUNCT
ajfa-13065	339	8	275	275	NUM
ajfa-13065	339	9	-	-	SYM
ajfa-13065	339	10	302	302	NUM
ajfa-13065	339	11	.	.	PUNCT
ajfa-13065	340	1	https://doi.org/10.1111/j.1467-8381.2006.00236.x	https://doi.org/10.1111/j.1467-8381.2006.00236.x	PROPN
ajfa-13065	340	2	miller	miller	PROPN
ajfa-13065	340	3	,	,	PUNCT
ajfa-13065	340	4	m.	m.	NOUN
ajfa-13065	340	5	(	(	PUNCT
ajfa-13065	340	6	1977	1977	NUM
ajfa-13065	340	7	)	)	PUNCT
ajfa-13065	340	8	.	.	PUNCT
ajfa-13065	341	1	debt	debt	NOUN
ajfa-13065	341	2	and	and	CCONJ
ajfa-13065	341	3	taxes.journal	taxes.journal	ADJ
ajfa-13065	341	4	of	of	ADP
ajfa-13065	341	5	finance	finance	NOUN
ajfa-13065	341	6	,	,	PUNCT
ajfa-13065	341	7	32(2	32(2	NUM
ajfa-13065	341	8	)	)	PUNCT
ajfa-13065	341	9	,	,	PUNCT
ajfa-13065	341	10	261	261	NUM
ajfa-13065	341	11	-	-	SYM
ajfa-13065	341	12	275	275	NUM
ajfa-13065	341	13	.	.	PUNCT
ajfa-13065	342	1	https://doi.org/10.1111/j.1540-6261.1977.tb03267.x	https://doi.org/10.1111/j.1540-6261.1977.tb03267.x	NOUN
ajfa-13065	342	2	modigliani	modigliani	X
ajfa-13065	342	3	,	,	PUNCT
ajfa-13065	342	4	f.	f.	PROPN
ajfa-13065	342	5	,	,	PUNCT
ajfa-13065	342	6	&	&	CCONJ
ajfa-13065	342	7	miller	miller	PROPN
ajfa-13065	342	8	,	,	PUNCT
ajfa-13065	342	9	m.	m.	NOUN
ajfa-13065	342	10	(	(	PUNCT
ajfa-13065	342	11	1963	1963	NUM
ajfa-13065	342	12	)	)	PUNCT
ajfa-13065	342	13	.	.	PUNCT
ajfa-13065	343	1	corporate	corporate	ADJ
ajfa-13065	343	2	income	income	NOUN
ajfa-13065	343	3	taxes	taxis	NOUN
ajfa-13065	343	4	and	and	CCONJ
ajfa-13065	343	5	the	the	DET
ajfa-13065	343	6	cost	cost	NOUN
ajfa-13065	343	7	of	of	ADP
ajfa-13065	343	8	capital	capital	NOUN
ajfa-13065	343	9	:	:	PUNCT
ajfa-13065	343	10	a	a	DET
ajfa-13065	343	11	correction	correction	NOUN
ajfa-13065	343	12	.	.	PUNCT
ajfa-13065	344	1	american	american	PROPN
ajfa-13065	344	2	economic	economic	PROPN
ajfa-13065	344	3	review	review	PROPN
ajfa-13065	344	4	,	,	PUNCT
ajfa-13065	344	5	53(3	53(3	NUM
ajfa-13065	344	6	)	)	PUNCT
ajfa-13065	344	7	,	,	PUNCT
ajfa-13065	344	8	433	433	NUM
ajfa-13065	344	9	-	-	SYM
ajfa-13065	344	10	443	443	NUM
ajfa-13065	344	11	.	.	PUNCT
ajfa-13065	345	1	modigliani	modigliani	PROPN
ajfa-13065	345	2	,	,	PUNCT
ajfa-13065	345	3	f.	f.	PROPN
ajfa-13065	345	4	,	,	PUNCT
ajfa-13065	345	5	&	&	CCONJ
ajfa-13065	345	6	miller	miller	PROPN
ajfa-13065	345	7	,	,	PUNCT
ajfa-13065	345	8	m.	m.	NOUN
ajfa-13065	345	9	h.	h.	PROPN
ajfa-13065	345	10	(	(	PUNCT
ajfa-13065	345	11	1958	1958	NUM
ajfa-13065	345	12	)	)	PUNCT
ajfa-13065	345	13	.	.	PUNCT
ajfa-13065	346	1	the	the	DET
ajfa-13065	346	2	cost	cost	NOUN
ajfa-13065	346	3	of	of	ADP
ajfa-13065	346	4	capital	capital	NOUN
ajfa-13065	346	5	,	,	PUNCT
ajfa-13065	346	6	corporation	corporation	NOUN
ajfa-13065	346	7	finance	finance	NOUN
ajfa-13065	346	8	and	and	CCONJ
ajfa-13065	346	9	the	the	DET
ajfa-13065	346	10	theory	theory	NOUN
ajfa-13065	346	11	asian	asian	PROPN
ajfa-13065	346	12	journal	journal	PROPN
ajfa-13065	346	13	of	of	ADP
ajfa-13065	346	14	finance	finance	PROPN
ajfa-13065	346	15	&	&	CCONJ
ajfa-13065	346	16	accounting	accounting	PROPN
ajfa-13065	346	17	issn	issn	PROPN
ajfa-13065	346	18	1946	1946	NUM
ajfa-13065	346	19	-	-	PUNCT
ajfa-13065	346	20	052x	052x	NOUN
ajfa-13065	346	21	2018	2018	NUM
ajfa-13065	346	22	,	,	PUNCT
ajfa-13065	346	23	vol	vol	NOUN
ajfa-13065	346	24	.	.	PROPN
ajfa-13065	346	25	10	10	NUM
ajfa-13065	346	26	,	,	PUNCT
ajfa-13065	346	27	no	no	INTJ
ajfa-13065	346	28	.	.	NOUN
ajfa-13065	346	29	2	2	NUM
ajfa-13065	346	30	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	346	31	80	80	NUM
ajfa-13065	346	32	of	of	ADP
ajfa-13065	346	33	investment	investment	NOUN
ajfa-13065	346	34	.	.	PUNCT
ajfa-13065	347	1	american	american	PROPN
ajfa-13065	347	2	economic	economic	PROPN
ajfa-13065	347	3	review	review	PROPN
ajfa-13065	347	4	,	,	PUNCT
ajfa-13065	347	5	48(3	48(3	PROPN
ajfa-13065	347	6	)	)	PUNCT
ajfa-13065	347	7	,	,	PUNCT
ajfa-13065	347	8	261	261	NUM
ajfa-13065	347	9	-	-	SYM
ajfa-13065	347	10	297	297	NUM
ajfa-13065	347	11	.	.	PUNCT
ajfa-13065	348	1	moosa	moosa	PROPN
ajfa-13065	348	2	,	,	PUNCT
ajfa-13065	348	3	i.	i.	PROPN
ajfa-13065	348	4	,	,	PUNCT
ajfa-13065	348	5	li	li	PROPN
ajfa-13065	348	6	,	,	PUNCT
ajfa-13065	348	7	l.	l.	PROPN
ajfa-13065	348	8	,	,	PUNCT
ajfa-13065	348	9	&	&	CCONJ
ajfa-13065	348	10	naughton	naughton	PROPN
ajfa-13065	348	11	,	,	PUNCT
ajfa-13065	348	12	t.	t.	PROPN
ajfa-13065	348	13	(	(	PUNCT
ajfa-13065	348	14	2011	2011	NUM
ajfa-13065	348	15	)	)	PUNCT
ajfa-13065	348	16	.	.	PUNCT
ajfa-13065	349	1	robust	robust	ADJ
ajfa-13065	349	2	and	and	CCONJ
ajfa-13065	349	3	fragile	fragile	ADJ
ajfa-13065	349	4	firm	firm	ADJ
ajfa-13065	349	5	-	-	PUNCT
ajfa-13065	349	6	specific	specific	ADJ
ajfa-13065	349	7	determinants	determinant	NOUN
ajfa-13065	349	8	of	of	ADP
ajfa-13065	349	9	the	the	DET
ajfa-13065	349	10	capital	capital	NOUN
ajfa-13065	349	11	structure	structure	NOUN
ajfa-13065	349	12	of	of	ADP
ajfa-13065	349	13	chinese	chinese	ADJ
ajfa-13065	349	14	firms	firm	NOUN
ajfa-13065	349	15	.	.	PUNCT
ajfa-13065	350	1	applied	apply	VERB
ajfa-13065	350	2	financial	financial	ADJ
ajfa-13065	350	3	economics	economic	NOUN
ajfa-13065	350	4	,	,	PUNCT
ajfa-13065	350	5	21(18	21(18	NUM
ajfa-13065	350	6	)	)	PUNCT
ajfa-13065	350	7	,	,	PUNCT
ajfa-13065	350	8	1331	1331	NUM
ajfa-13065	350	9	-	-	SYM
ajfa-13065	350	10	1343	1343	NUM
ajfa-13065	350	11	.	.	PUNCT
ajfa-13065	351	1	https://doi.org/10.1080/09603107.2011.570714	https://doi.org/10.1080/09603107.2011.570714	NOUN
ajfa-13065	351	2	myers	myers	PROPN
ajfa-13065	351	3	,	,	PUNCT
ajfa-13065	351	4	s.	s.	PROPN
ajfa-13065	351	5	c.	c.	PROPN
ajfa-13065	351	6	(	(	PUNCT
ajfa-13065	351	7	1977	1977	NUM
ajfa-13065	351	8	)	)	PUNCT
ajfa-13065	351	9	.	.	PUNCT
ajfa-13065	352	1	determinants	determinant	NOUN
ajfa-13065	352	2	of	of	ADP
ajfa-13065	352	3	corporate	corporate	ADJ
ajfa-13065	352	4	borrowing.journal	borrowing.journal	NOUN
ajfa-13065	352	5	of	of	ADP
ajfa-13065	352	6	financial	financial	ADJ
ajfa-13065	352	7	economics	economic	NOUN
ajfa-13065	352	8	,	,	PUNCT
ajfa-13065	352	9	5(2	5(2	NUM
ajfa-13065	352	10	)	)	PUNCT
ajfa-13065	352	11	,	,	PUNCT
ajfa-13065	352	12	147	147	NUM
ajfa-13065	352	13	-	-	SYM
ajfa-13065	352	14	175	175	NUM
ajfa-13065	352	15	.	.	PUNCT
ajfa-13065	353	1	https://doi.org/10.1016/0304-405x(77)90015-0	https://doi.org/10.1016/0304-405x(77)90015-0	PROPN
ajfa-13065	353	2	myers	myers	PROPN
ajfa-13065	353	3	,	,	PUNCT
ajfa-13065	353	4	s.	s.	PROPN
ajfa-13065	353	5	c.	c.	PROPN
ajfa-13065	353	6	(	(	PUNCT
ajfa-13065	353	7	1984	1984	NUM
ajfa-13065	353	8	)	)	PUNCT
ajfa-13065	353	9	.	.	PUNCT
ajfa-13065	354	1	the	the	DET
ajfa-13065	354	2	capital	capital	NOUN
ajfa-13065	354	3	structure	structure	NOUN
ajfa-13065	354	4	puzzle.the	puzzle.the	DET
ajfa-13065	354	5	journal	journal	NOUN
ajfa-13065	354	6	of	of	ADP
ajfa-13065	354	7	finance	finance	NOUN
ajfa-13065	354	8	,	,	PUNCT
ajfa-13065	354	9	39(3	39(3	NUM
ajfa-13065	354	10	)	)	PUNCT
ajfa-13065	354	11	,	,	PUNCT
ajfa-13065	354	12	574	574	NUM
ajfa-13065	354	13	-	-	SYM
ajfa-13065	354	14	592	592	NUM
ajfa-13065	354	15	.	.	PUNCT
ajfa-13065	355	1	https://doi.org/10.1111/j.1540-6261.1984.tb03646.x	https://doi.org/10.1111/j.1540-6261.1984.tb03646.x	PROPN
ajfa-13065	355	2	myers	myers	PROPN
ajfa-13065	355	3	,	,	PUNCT
ajfa-13065	355	4	s.	s.	PROPN
ajfa-13065	355	5	c.	c.	PROPN
ajfa-13065	355	6	,	,	PUNCT
ajfa-13065	355	7	&	&	CCONJ
ajfa-13065	355	8	majluf	majluf	PROPN
ajfa-13065	355	9	,	,	PUNCT
ajfa-13065	355	10	n.	n.	PROPN
ajfa-13065	355	11	s.	s.	PROPN
ajfa-13065	355	12	(	(	PUNCT
ajfa-13065	355	13	1984	1984	NUM
ajfa-13065	355	14	)	)	PUNCT
ajfa-13065	355	15	.	.	PUNCT
ajfa-13065	356	1	corporate	corporate	ADJ
ajfa-13065	356	2	financing	financing	NOUN
ajfa-13065	356	3	and	and	CCONJ
ajfa-13065	356	4	investment	investment	NOUN
ajfa-13065	356	5	decisions	decision	NOUN
ajfa-13065	356	6	when	when	SCONJ
ajfa-13065	356	7	firms	firm	NOUN
ajfa-13065	356	8	have	have	VERB
ajfa-13065	356	9	information	information	NOUN
ajfa-13065	356	10	that	that	SCONJ
ajfa-13065	356	11	investors	investor	NOUN
ajfa-13065	356	12	do	do	AUX
ajfa-13065	356	13	not	not	PART
ajfa-13065	356	14	have	have	VERB
ajfa-13065	356	15	.	.	PUNCT
ajfa-13065	357	1	journal	journal	NOUN
ajfa-13065	357	2	of	of	ADP
ajfa-13065	357	3	financial	financial	ADJ
ajfa-13065	357	4	economics	economic	NOUN
ajfa-13065	357	5	,	,	PUNCT
ajfa-13065	357	6	13(2	13(2	PROPN
ajfa-13065	357	7	)	)	PUNCT
ajfa-13065	357	8	,	,	PUNCT
ajfa-13065	357	9	187	187	NUM
ajfa-13065	357	10	-	-	SYM
ajfa-13065	357	11	221	221	NUM
ajfa-13065	357	12	.	.	PUNCT
ajfa-13065	358	1	https://doi.org/10.1016/0304-405x(84)90023-0	https://doi.org/10.1016/0304-405x(84)90023-0	PROPN
ajfa-13065	358	2	ozkan	ozkan	NOUN
ajfa-13065	358	3	,	,	PUNCT
ajfa-13065	358	4	a.	a.	NOUN
ajfa-13065	358	5	(	(	PUNCT
ajfa-13065	358	6	2001	2001	NUM
ajfa-13065	358	7	)	)	PUNCT
ajfa-13065	358	8	.	.	PUNCT
ajfa-13065	359	1	determinants	determinant	NOUN
ajfa-13065	359	2	of	of	ADP
ajfa-13065	359	3	capital	capital	NOUN
ajfa-13065	359	4	structure	structure	NOUN
ajfa-13065	359	5	and	and	CCONJ
ajfa-13065	359	6	adjustment	adjustment	NOUN
ajfa-13065	359	7	to	to	ADP
ajfa-13065	359	8	long	long	ADJ
ajfa-13065	359	9	run	run	NOUN
ajfa-13065	359	10	target	target	NOUN
ajfa-13065	359	11	:	:	PUNCT
ajfa-13065	359	12	evidence	evidence	NOUN
ajfa-13065	359	13	from	from	ADP
ajfa-13065	359	14	uk	uk	PROPN
ajfa-13065	359	15	company	company	NOUN
ajfa-13065	359	16	panel	panel	NOUN
ajfa-13065	359	17	data	data	PROPN
ajfa-13065	359	18	.	.	PUNCT
ajfa-13065	360	1	journal	journal	PROPN
ajfa-13065	360	2	of	of	ADP
ajfa-13065	360	3	business	business	NOUN
ajfa-13065	360	4	finance	finance	PROPN
ajfa-13065	360	5	&	&	CCONJ
ajfa-13065	360	6	accounting	accounting	PROPN
ajfa-13065	360	7	,	,	PUNCT
ajfa-13065	360	8	28(1	28(1	NOUN
ajfa-13065	360	9	-	-	SYM
ajfa-13065	360	10	2	2	NUM
ajfa-13065	360	11	)	)	PUNCT
ajfa-13065	360	12	,	,	PUNCT
ajfa-13065	360	13	175	175	NUM
ajfa-13065	360	14	-	-	SYM
ajfa-13065	360	15	198	198	NUM
ajfa-13065	360	16	.	.	PUNCT
ajfa-13065	361	1	https://doi.org/10.1111/1468-5957.00370	https://doi.org/10.1111/1468-5957.00370	PROPN
ajfa-13065	361	2	pandy	pandy	NOUN
ajfa-13065	361	3	,	,	PUNCT
ajfa-13065	361	4	i.	i.	NOUN
ajfa-13065	361	5	m.	m.	NOUN
ajfa-13065	361	6	(	(	PUNCT
ajfa-13065	361	7	2008	2008	NUM
ajfa-13065	361	8	)	)	PUNCT
ajfa-13065	361	9	.	.	PUNCT
ajfa-13065	362	1	financial	financial	ADJ
ajfa-13065	362	2	management	management	NOUN
ajfa-13065	362	3	,	,	PUNCT
ajfa-13065	362	4	vikas	vikas	NOUN
ajfa-13065	362	5	pub	pub	NOUN
ajfa-13065	362	6	.	.	PUNCT
ajfa-13065	363	1	house	house	PROPN
ajfa-13065	363	2	pvt	pvt	PROPN
ajfa-13065	363	3	.	.	PROPN
ajfa-13065	363	4	ltd	ltd	PROPN
ajfa-13065	363	5	.	.	PROPN
ajfa-13065	363	6	,	,	PUNCT
ajfa-13065	363	7	noida	noida	PROPN
ajfa-13065	363	8	,	,	PUNCT
ajfa-13065	363	9	9th	9th	ADJ
ajfa-13065	363	10	ed	ed	NOUN
ajfa-13065	363	11	.	.	PUNCT
ajfa-13065	363	12	reprint	reprint	NOUN
ajfa-13065	363	13	,	,	PUNCT
ajfa-13065	363	14	520	520	NUM
ajfa-13065	363	15	.	.	PUNCT
ajfa-13065	364	1	qian	qian	PROPN
ajfa-13065	364	2	,	,	PUNCT
ajfa-13065	364	3	y.	y.	PROPN
ajfa-13065	364	4	,	,	PUNCT
ajfa-13065	364	5	tian	tian	PROPN
ajfa-13065	364	6	,	,	PUNCT
ajfa-13065	364	7	y.	y.	PROPN
ajfa-13065	364	8	,	,	PUNCT
ajfa-13065	364	9	&	&	CCONJ
ajfa-13065	364	10	wirjanto	wirjanto	NOUN
ajfa-13065	364	11	,	,	PUNCT
ajfa-13065	364	12	t.	t.	PROPN
ajfa-13065	364	13	s.	s.	PROPN
ajfa-13065	364	14	(	(	PUNCT
ajfa-13065	364	15	2009	2009	NUM
ajfa-13065	364	16	)	)	PUNCT
ajfa-13065	364	17	.	.	PUNCT
ajfa-13065	365	1	do	do	AUX
ajfa-13065	365	2	chinese	chinese	PROPN
ajfa-13065	365	3	publicly	publicly	ADV
ajfa-13065	365	4	listed	list	VERB
ajfa-13065	365	5	companies	company	NOUN
ajfa-13065	365	6	adjust	adjust	VERB
ajfa-13065	365	7	their	their	PRON
ajfa-13065	365	8	capital	capital	NOUN
ajfa-13065	365	9	structure	structure	NOUN
ajfa-13065	365	10	toward	toward	ADP
ajfa-13065	365	11	a	a	DET
ajfa-13065	365	12	target	target	NOUN
ajfa-13065	365	13	level	level	NOUN
ajfa-13065	365	14	?	?	PUNCT
ajfa-13065	366	1	china	china	PROPN
ajfa-13065	366	2	economic	economic	PROPN
ajfa-13065	366	3	review	review	PROPN
ajfa-13065	366	4	,	,	PUNCT
ajfa-13065	366	5	20(4	20(4	NOUN
ajfa-13065	366	6	)	)	PUNCT
ajfa-13065	366	7	,	,	PUNCT
ajfa-13065	366	8	662	662	NUM
ajfa-13065	366	9	-	-	SYM
ajfa-13065	366	10	676	676	NUM
ajfa-13065	366	11	.	.	PUNCT
ajfa-13065	367	1	https://doi.org/10.1016/j.chieco.2009.06.001	https://doi.org/10.1016/j.chieco.2009.06.001	NOUN
ajfa-13065	367	2	rajan	rajan	PROPN
ajfa-13065	367	3	,	,	PUNCT
ajfa-13065	367	4	r.	r.	PROPN
ajfa-13065	367	5	g.	g.	PROPN
ajfa-13065	367	6	,	,	PUNCT
ajfa-13065	367	7	&	&	CCONJ
ajfa-13065	367	8	zingales	zingales	PROPN
ajfa-13065	367	9	,	,	PUNCT
ajfa-13065	367	10	l.	l.	PROPN
ajfa-13065	367	11	(	(	PUNCT
ajfa-13065	367	12	1995	1995	NUM
ajfa-13065	367	13	)	)	PUNCT
ajfa-13065	367	14	.	.	PUNCT
ajfa-13065	368	1	what	what	PRON
ajfa-13065	368	2	do	do	AUX
ajfa-13065	368	3	we	we	PRON
ajfa-13065	368	4	know	know	VERB
ajfa-13065	368	5	about	about	ADP
ajfa-13065	368	6	capital	capital	NOUN
ajfa-13065	368	7	structure	structure	NOUN
ajfa-13065	368	8	?	?	PUNCT
ajfa-13065	369	1	some	some	DET
ajfa-13065	369	2	evidence	evidence	NOUN
ajfa-13065	369	3	from	from	ADP
ajfa-13065	369	4	international	international	ADJ
ajfa-13065	369	5	data	datum	NOUN
ajfa-13065	369	6	.	.	PUNCT
ajfa-13065	370	1	the	the	DET
ajfa-13065	370	2	journal	journal	PROPN
ajfa-13065	370	3	of	of	ADP
ajfa-13065	370	4	finance	finance	NOUN
ajfa-13065	370	5	,	,	PUNCT
ajfa-13065	370	6	50(5	50(5	NUM
ajfa-13065	370	7	)	)	PUNCT
ajfa-13065	370	8	,	,	PUNCT
ajfa-13065	370	9	1421	1421	NUM
ajfa-13065	370	10	-	-	SYM
ajfa-13065	370	11	1460	1460	NUM
ajfa-13065	370	12	.	.	PUNCT
ajfa-13065	371	1	https://doi.org/10.1111/j.1540-6261.1995.tb05184.x	https://doi.org/10.1111/j.1540-6261.1995.tb05184.x	PROPN
ajfa-13065	371	2	stiglitz	stiglitz	PROPN
ajfa-13065	371	3	,	,	PUNCT
ajfa-13065	371	4	j.	j.	PROPN
ajfa-13065	371	5	e.	e.	PROPN
ajfa-13065	371	6	(	(	PUNCT
ajfa-13065	371	7	1972	1972	NUM
ajfa-13065	371	8	)	)	PUNCT
ajfa-13065	371	9	.	.	PUNCT
ajfa-13065	372	1	some	some	DET
ajfa-13065	372	2	aspects	aspect	NOUN
ajfa-13065	372	3	of	of	ADP
ajfa-13065	372	4	the	the	DET
ajfa-13065	372	5	pure	pure	ADJ
ajfa-13065	372	6	theory	theory	NOUN
ajfa-13065	372	7	of	of	ADP
ajfa-13065	372	8	corporate	corporate	ADJ
ajfa-13065	372	9	finance	finance	NOUN
ajfa-13065	372	10	:	:	PUNCT
ajfa-13065	372	11	bankruptcies	bankruptcy	NOUN
ajfa-13065	372	12	and	and	CCONJ
ajfa-13065	372	13	take	take	NOUN
ajfa-13065	372	14	-	-	PUNCT
ajfa-13065	372	15	overs	over	NOUN
ajfa-13065	372	16	.	.	PUNCT
ajfa-13065	373	1	the	the	DET
ajfa-13065	373	2	bell	bell	PROPN
ajfa-13065	373	3	journal	journal	PROPN
ajfa-13065	373	4	of	of	ADP
ajfa-13065	373	5	economics	economic	NOUN
ajfa-13065	373	6	and	and	CCONJ
ajfa-13065	373	7	management	management	NOUN
ajfa-13065	373	8	science	science	NOUN
ajfa-13065	373	9	,	,	PUNCT
ajfa-13065	373	10	458	458	NUM
ajfa-13065	373	11	-	-	SYM
ajfa-13065	373	12	482	482	NUM
ajfa-13065	373	13	.	.	PUNCT
ajfa-13065	374	1	https://doi.org/10.2307/3003033	https://doi.org/10.2307/3003033	VERB
ajfa-13065	374	2	stulz	stulz	ADJ
ajfa-13065	374	3	,	,	PUNCT
ajfa-13065	374	4	r.	r.	PROPN
ajfa-13065	374	5	(	(	PUNCT
ajfa-13065	374	6	1990	1990	NUM
ajfa-13065	374	7	)	)	PUNCT
ajfa-13065	374	8	.	.	PUNCT
ajfa-13065	375	1	managerial	managerial	ADJ
ajfa-13065	375	2	discretion	discretion	NOUN
ajfa-13065	375	3	and	and	CCONJ
ajfa-13065	375	4	optimal	optimal	ADJ
ajfa-13065	375	5	financing	financing	NOUN
ajfa-13065	375	6	policies	policy	NOUN
ajfa-13065	375	7	.	.	PUNCT
ajfa-13065	376	1	journal	journal	NOUN
ajfa-13065	376	2	of	of	ADP
ajfa-13065	376	3	financial	financial	ADJ
ajfa-13065	376	4	economics	economic	NOUN
ajfa-13065	376	5	,	,	PUNCT
ajfa-13065	376	6	26(1	26(1	NUM
ajfa-13065	376	7	)	)	PUNCT
ajfa-13065	376	8	,	,	PUNCT
ajfa-13065	376	9	3	3	NUM
ajfa-13065	376	10	-	-	SYM
ajfa-13065	376	11	27	27	NUM
ajfa-13065	376	12	.	.	PUNCT
ajfa-13065	377	1	https://doi.org/10.1016/0304-405x(90)90011-n	https://doi.org/10.1016/0304-405x(90)90011-n	PROPN
ajfa-13065	377	2	tian	tian	PROPN
ajfa-13065	377	3	,	,	PUNCT
ajfa-13065	377	4	l.	l.	PROPN
ajfa-13065	377	5	,	,	PUNCT
ajfa-13065	377	6	&	&	CCONJ
ajfa-13065	377	7	estrin	estrin	PROPN
ajfa-13065	377	8	,	,	PUNCT
ajfa-13065	377	9	s.	s.	PROPN
ajfa-13065	377	10	(	(	PUNCT
ajfa-13065	377	11	2007	2007	NUM
ajfa-13065	377	12	)	)	PUNCT
ajfa-13065	377	13	.	.	PUNCT
ajfa-13065	378	1	debt	debt	NOUN
ajfa-13065	378	2	financing	financing	NOUN
ajfa-13065	378	3	,	,	PUNCT
ajfa-13065	378	4	soft	soft	ADJ
ajfa-13065	378	5	budget	budget	NOUN
ajfa-13065	378	6	constraints	constraint	NOUN
ajfa-13065	378	7	,	,	PUNCT
ajfa-13065	378	8	and	and	CCONJ
ajfa-13065	378	9	government	government	NOUN
ajfa-13065	378	10	ownership	ownership	NOUN
ajfa-13065	378	11	:	:	PUNCT
ajfa-13065	378	12	evidence	evidence	NOUN
ajfa-13065	378	13	from	from	ADP
ajfa-13065	378	14	china	china	PROPN
ajfa-13065	378	15	.	.	PUNCT
ajfa-13065	379	1	economics	economic	NOUN
ajfa-13065	379	2	of	of	ADP
ajfa-13065	379	3	transition	transition	NOUN
ajfa-13065	379	4	,	,	PUNCT
ajfa-13065	379	5	15(3	15(3	NUM
ajfa-13065	379	6	)	)	PUNCT
ajfa-13065	379	7	,	,	PUNCT
ajfa-13065	379	8	461	461	NUM
ajfa-13065	379	9	-	-	SYM
ajfa-13065	379	10	481	481	NUM
ajfa-13065	379	11	.	.	PUNCT
ajfa-13065	379	12	https://doi.org/10.1111/j.1468-0351.2007.00292.x	https://doi.org/10.1111/j.1468-0351.2007.00292.x	PROPN
ajfa-13065	379	13	titman	titman	PROPN
ajfa-13065	379	14	,	,	PUNCT
ajfa-13065	379	15	s.	s.	PROPN
ajfa-13065	379	16	,	,	PUNCT
ajfa-13065	379	17	&	&	CCONJ
ajfa-13065	379	18	grinblatt	grinblatt	PROPN
ajfa-13065	379	19	,	,	PUNCT
ajfa-13065	379	20	m.	m.	NOUN
ajfa-13065	379	21	(	(	PUNCT
ajfa-13065	379	22	1998	1998	NUM
ajfa-13065	379	23	)	)	PUNCT
ajfa-13065	379	24	.	.	PUNCT
ajfa-13065	380	1	financial	financial	ADJ
ajfa-13065	380	2	market	market	NOUN
ajfa-13065	380	3	and	and	CCONJ
ajfa-13065	380	4	corporate	corporate	ADJ
ajfa-13065	380	5	strategy	strategy	NOUN
ajfa-13065	380	6	.	.	PUNCT
ajfa-13065	381	1	us	we	PRON
ajfa-13065	381	2	:	:	PUNCT
ajfa-13065	381	3	mcgraw	mcgraw	PROPN
ajfa-13065	381	4	hill	hill	PROPN
ajfa-13065	381	5	.	.	PUNCT
ajfa-13065	382	1	titman	titman	PROPN
ajfa-13065	382	2	,	,	PUNCT
ajfa-13065	382	3	s.	s.	PROPN
ajfa-13065	382	4	(	(	PUNCT
ajfa-13065	382	5	1984	1984	NUM
ajfa-13065	382	6	)	)	PUNCT
ajfa-13065	382	7	.	.	PUNCT
ajfa-13065	383	1	the	the	DET
ajfa-13065	383	2	effect	effect	NOUN
ajfa-13065	383	3	of	of	ADP
ajfa-13065	383	4	capital	capital	NOUN
ajfa-13065	383	5	structure	structure	NOUN
ajfa-13065	383	6	on	on	ADP
ajfa-13065	383	7	a	a	DET
ajfa-13065	383	8	firm	firm	NOUN
ajfa-13065	383	9	's	's	PART
ajfa-13065	383	10	liquidation	liquidation	NOUN
ajfa-13065	383	11	decision	decision	NOUN
ajfa-13065	383	12	.	.	PUNCT
ajfa-13065	384	1	journal	journal	NOUN
ajfa-13065	384	2	of	of	ADP
ajfa-13065	384	3	financial	financial	ADJ
ajfa-13065	384	4	economics	economic	NOUN
ajfa-13065	384	5	,	,	PUNCT
ajfa-13065	384	6	13(1	13(1	NUM
ajfa-13065	384	7	)	)	PUNCT
ajfa-13065	384	8	,	,	PUNCT
ajfa-13065	384	9	137	137	NUM
ajfa-13065	384	10	-	-	SYM
ajfa-13065	384	11	151	151	NUM
ajfa-13065	384	12	.	.	PUNCT
ajfa-13065	385	1	https://doi.org/10.1016/0304-405x(84)90035-7	https://doi.org/10.1016/0304-405x(84)90035-7	PROPN
ajfa-13065	385	2	titman	titman	NOUN
ajfa-13065	385	3	,	,	PUNCT
ajfa-13065	385	4	s.	s.	PROPN
ajfa-13065	385	5	,	,	PUNCT
ajfa-13065	385	6	&	&	CCONJ
ajfa-13065	385	7	wessels	wessels	PROPN
ajfa-13065	385	8	,	,	PUNCT
ajfa-13065	385	9	r.	r.	PROPN
ajfa-13065	385	10	(	(	PUNCT
ajfa-13065	385	11	1988	1988	NUM
ajfa-13065	385	12	)	)	PUNCT
ajfa-13065	385	13	.	.	PUNCT
ajfa-13065	386	1	the	the	DET
ajfa-13065	386	2	determinants	determinant	NOUN
ajfa-13065	386	3	of	of	ADP
ajfa-13065	386	4	capital	capital	NOUN
ajfa-13065	386	5	structure	structure	NOUN
ajfa-13065	386	6	choice	choice	NOUN
ajfa-13065	386	7	.	.	PUNCT
ajfa-13065	387	1	the	the	DET
ajfa-13065	387	2	journal	journal	PROPN
ajfa-13065	387	3	of	of	ADP
ajfa-13065	387	4	finance	finance	NOUN
ajfa-13065	387	5	,	,	PUNCT
ajfa-13065	387	6	43(1	43(1	NOUN
ajfa-13065	387	7	)	)	PUNCT
ajfa-13065	387	8	,	,	PUNCT
ajfa-13065	387	9	1	1	NUM
ajfa-13065	387	10	-	-	SYM
ajfa-13065	387	11	19	19	NUM
ajfa-13065	387	12	.	.	PUNCT
ajfa-13065	388	1	https://doi.org/10.1111/j.1540-6261.1988.tb02585.x	https://doi.org/10.1111/j.1540-6261.1988.tb02585.x	PROPN
ajfa-13065	388	2	asian	asian	ADJ
ajfa-13065	388	3	journal	journal	PROPN
ajfa-13065	388	4	of	of	ADP
ajfa-13065	388	5	finance	finance	PROPN
ajfa-13065	388	6	&	&	CCONJ
ajfa-13065	388	7	accounting	accounting	PROPN
ajfa-13065	388	8	issn	issn	PROPN
ajfa-13065	388	9	1946	1946	NUM
ajfa-13065	388	10	-	-	PUNCT
ajfa-13065	388	11	052x	052x	NOUN
ajfa-13065	388	12	2018	2018	NUM
ajfa-13065	388	13	,	,	PUNCT
ajfa-13065	388	14	vol	vol	NOUN
ajfa-13065	388	15	.	.	PROPN
ajfa-13065	388	16	10	10	NUM
ajfa-13065	388	17	,	,	PUNCT
ajfa-13065	388	18	no	no	INTJ
ajfa-13065	388	19	.	.	NOUN
ajfa-13065	388	20	2	2	NUM
ajfa-13065	388	21	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-13065	388	22	81	81	NUM
ajfa-13065	388	23	vijayakumaran	vijayakumaran	NOUN
ajfa-13065	388	24	,	,	PUNCT
ajfa-13065	388	25	r.	r.	PROPN
ajfa-13065	388	26	(	(	PUNCT
ajfa-13065	388	27	2014	2014	NUM
ajfa-13065	388	28	)	)	PUNCT
ajfa-13065	388	29	.	.	PUNCT
ajfa-13065	389	1	corporate	corporate	ADJ
ajfa-13065	389	2	governance	governance	NOUN
ajfa-13065	389	3	and	and	CCONJ
ajfa-13065	389	4	corporate	corporate	ADJ
ajfa-13065	389	5	finance	finance	NOUN
ajfa-13065	389	6	:	:	PUNCT
ajfa-13065	389	7	evidence	evidence	NOUN
ajfa-13065	389	8	from	from	ADP
ajfa-13065	389	9	chinese	chinese	ADJ
ajfa-13065	389	10	listed	list	VERB
ajfa-13065	389	11	companies	company	NOUN
ajfa-13065	389	12	.	.	PUNCT
ajfa-13065	390	1	unpublished	unpublished	ADJ
ajfa-13065	390	2	doctoral	doctoral	ADJ
ajfa-13065	390	3	dissertation	dissertation	NOUN
ajfa-13065	390	4	.	.	PUNCT
ajfa-13065	391	1	durham	durham	PROPN
ajfa-13065	391	2	university	university	PROPN
ajfa-13065	391	3	,	,	PUNCT
ajfa-13065	391	4	durham	durham	PROPN
ajfa-13065	391	5	.	.	PUNCT
ajfa-13065	391	6	retrieved	retrieve	VERB
ajfa-13065	391	7	from	from	ADP
ajfa-13065	391	8	http://etheses.dur.ac.uk/10965/	http://etheses.dur.ac.uk/10965/	PROPN
ajfa-13065	391	9	vijayakumaran	vijayakumaran	PROPN
ajfa-13065	391	10	,	,	PUNCT
ajfa-13065	391	11	r.	r.	PROPN
ajfa-13065	391	12	(	(	PUNCT
ajfa-13065	391	13	2015	2015	NUM
ajfa-13065	391	14	)	)	PUNCT
ajfa-13065	391	15	.	.	PUNCT
ajfa-13065	392	1	capital	capital	NOUN
ajfa-13065	392	2	structure	structure	NOUN
ajfa-13065	392	3	decisions	decision	NOUN
ajfa-13065	392	4	,	,	PUNCT
ajfa-13065	392	5	agency	agency	NOUN
ajfa-13065	392	6	conflict	conflict	NOUN
ajfa-13065	392	7	and	and	CCONJ
ajfa-13065	392	8	corporate	corporate	ADJ
ajfa-13065	392	9	performance	performance	NOUN
ajfa-13065	392	10	:	:	PUNCT
ajfa-13065	392	11	evidence	evidence	NOUN
ajfa-13065	392	12	from	from	ADP
ajfa-13065	392	13	sri	sri	PROPN
ajfa-13065	392	14	lankan	lankan	PROPN
ajfa-13065	392	15	listed	list	VERB
ajfa-13065	392	16	manufacturing	manufacturing	NOUN
ajfa-13065	392	17	companies	company	NOUN
ajfa-13065	392	18	.	.	PUNCT
ajfa-13065	393	1	international	international	ADJ
ajfa-13065	393	2	journal	journal	PROPN
ajfa-13065	393	3	of	of	ADP
ajfa-13065	393	4	accounting	accounting	NOUN
ajfa-13065	393	5	and	and	CCONJ
ajfa-13065	393	6	business	business	NOUN
ajfa-13065	393	7	finance	finance	NOUN
ajfa-13065	393	8	,	,	PUNCT
ajfa-13065	393	9	1(1	1(1	NUM
ajfa-13065	393	10	)	)	PUNCT
ajfa-13065	393	11	,	,	PUNCT
ajfa-13065	393	12	1	1	NUM
ajfa-13065	393	13	-	-	SYM
ajfa-13065	393	14	14	14	NUM
ajfa-13065	393	15	.	.	PUNCT
ajfa-13065	394	1	retrieved	retrieve	VERB
ajfa-13065	394	2	from	from	ADP
ajfa-13065	394	3	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2666511	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2666511	PROPN
ajfa-13065	394	4	vijayakumaran	vijayakumaran	NOUN
ajfa-13065	394	5	,	,	PUNCT
ajfa-13065	394	6	r.	r.	PROPN
ajfa-13065	394	7	,	,	PUNCT
ajfa-13065	394	8	(	(	PUNCT
ajfa-13065	394	9	2017	2017	NUM
ajfa-13065	394	10	)	)	PUNCT
ajfa-13065	394	11	.	.	PUNCT
ajfa-13065	395	1	capital	capital	NOUN
ajfa-13065	395	2	structure	structure	NOUN
ajfa-13065	395	3	decisions	decision	NOUN
ajfa-13065	395	4	and	and	CCONJ
ajfa-13065	395	5	corporate	corporate	ADJ
ajfa-13065	395	6	performance	performance	NOUN
ajfa-13065	395	7	:	:	PUNCT
ajfa-13065	395	8	evidence	evidence	NOUN
ajfa-13065	395	9	from	from	ADP
ajfa-13065	395	10	chinese	chinese	ADJ
ajfa-13065	395	11	listed	list	VERB
ajfa-13065	395	12	industrial	industrial	ADJ
ajfa-13065	395	13	firms	firm	NOUN
ajfa-13065	395	14	.	.	PUNCT
ajfa-13065	396	1	international	international	ADJ
ajfa-13065	396	2	journal	journal	PROPN
ajfa-13065	396	3	of	of	ADP
ajfa-13065	396	4	accounting	accounting	NOUN
ajfa-13065	396	5	and	and	CCONJ
ajfa-13065	396	6	financial	financial	ADJ
ajfa-13065	396	7	reporting	reporting	NOUN
ajfa-13065	396	8	,	,	PUNCT
ajfa-13065	396	9	7(2	7(2	NUM
ajfa-13065	396	10	)	)	PUNCT
ajfa-13065	396	11	.	.	PUNCT
ajfa-13065	397	1	https://doi.org/10.5296/ijafr.v7i2	https://doi.org/10.5296/ijafr.v7i2	NOUN
ajfa-13065	397	2	vijayakumaran	vijayakumaran	PROPN
ajfa-13065	397	3	,	,	PUNCT
ajfa-13065	397	4	r.	r.	PROPN
ajfa-13065	397	5	,	,	PUNCT
ajfa-13065	397	6	&	&	CCONJ
ajfa-13065	397	7	vijayakumaran	vijayakumaran	PROPN
ajfa-13065	397	8	,	,	PUNCT
ajfa-13065	397	9	s.	s.	PROPN
ajfa-13065	397	10	(	(	PUNCT
ajfa-13065	397	11	2011	2011	NUM
ajfa-13065	397	12	)	)	PUNCT
ajfa-13065	397	13	.	.	PUNCT
ajfa-13065	398	1	determinants	determinant	NOUN
ajfa-13065	398	2	of	of	ADP
ajfa-13065	398	3	capital	capital	NOUN
ajfa-13065	398	4	structure	structure	NOUN
ajfa-13065	398	5	in	in	ADP
ajfa-13065	398	6	sri	sri	PROPN
ajfa-13065	398	7	lanka	lanka	PROPN
ajfa-13065	398	8	:	:	PUNCT
ajfa-13065	398	9	evidence	evidence	NOUN
ajfa-13065	398	10	from	from	ADP
ajfa-13065	398	11	panel	panel	NOUN
ajfa-13065	398	12	data	datum	NOUN
ajfa-13065	398	13	.	.	PUNCT
ajfa-13065	399	1	proceedings	proceeding	NOUN
ajfa-13065	399	2	of	of	ADP
ajfa-13065	399	3	the	the	DET
ajfa-13065	399	4	international	international	ADJ
ajfa-13065	399	5	conference	conference	NOUN
ajfa-13065	399	6	,	,	PUNCT
ajfa-13065	399	7	of	of	ADP
ajfa-13065	399	8	the	the	DET
ajfa-13065	399	9	international	international	ADJ
ajfa-13065	399	10	conference	conference	NOUN
ajfa-13065	399	11	of	of	ADP
ajfa-13065	399	12	sri	sri	PROPN
ajfa-13065	399	13	ram	ram	PROPN
ajfa-13065	399	14	institute	institute	PROPN
ajfa-13065	399	15	of	of	ADP
ajfa-13065	399	16	management	management	NOUN
ajfa-13065	399	17	studies	study	NOUN
ajfa-13065	399	18	,	,	PUNCT
ajfa-13065	399	19	india	india	PROPN
ajfa-13065	399	20	,	,	PUNCT
ajfa-13065	399	21	295	295	NUM
ajfa-13065	399	22	-	-	SYM
ajfa-13065	399	23	305	305	NUM
ajfa-13065	399	24	.	.	PUNCT
ajfa-13065	400	1	vijayakumaran	vijayakumaran	PROPN
ajfa-13065	400	2	,	,	PUNCT
ajfa-13065	400	3	r.	r.	PROPN
ajfa-13065	400	4	,	,	PUNCT
ajfa-13065	400	5	&	&	CCONJ
ajfa-13065	400	6	vijayakumaran	vijayakumaran	PROPN
ajfa-13065	400	7	,	,	PUNCT
ajfa-13065	400	8	s.	s.	PROPN
ajfa-13065	400	9	(	(	PUNCT
ajfa-13065	400	10	2017	2017	NUM
ajfa-13065	400	11	)	)	PUNCT
ajfa-13065	400	12	.	.	PUNCT
ajfa-13065	401	1	institutional	institutional	ADJ
ajfa-13065	401	2	reforms	reform	NOUN
ajfa-13065	401	3	and	and	CCONJ
ajfa-13065	401	4	development	development	NOUN
ajfa-13065	401	5	of	of	ADP
ajfa-13065	401	6	corporate	corporate	ADJ
ajfa-13065	401	7	governance	governance	NOUN
ajfa-13065	401	8	and	and	CCONJ
ajfa-13065	401	9	banking	banking	NOUN
ajfa-13065	401	10	system	system	NOUN
ajfa-13065	401	11	in	in	ADP
ajfa-13065	401	12	china	china	PROPN
ajfa-13065	401	13	.	.	PUNCT
ajfa-13065	402	1	asian	asian	PROPN
ajfa-13065	402	2	journal	journal	PROPN
ajfa-13065	402	3	of	of	ADP
ajfa-13065	402	4	finance	finance	PROPN
ajfa-13065	402	5	&	&	CCONJ
ajfa-13065	402	6	accounting	accounting	PROPN
ajfa-13065	402	7	,	,	PUNCT
ajfa-13065	402	8	9(2	9(2	NUM
ajfa-13065	402	9	)	)	PUNCT
ajfa-13065	402	10	,	,	PUNCT
ajfa-13065	402	11	352	352	NUM
ajfa-13065	402	12	-	-	SYM
ajfa-13065	402	13	368	368	NUM
ajfa-13065	402	14	.	.	PUNCT
ajfa-13065	403	1	https://doi.org/10.5296/ajfa.v9i2.12382	https://doi.org/10.5296/ajfa.v9i2.12382	PROPN
ajfa-13065	403	2	vijayakumaran	vijayakumaran	NOUN
ajfa-13065	403	3	,	,	PUNCT
ajfa-13065	403	4	s.	s.	PROPN
ajfa-13065	403	5	(	(	PUNCT
ajfa-13065	403	6	2016).leverage	2016).leverage	NUM
ajfa-13065	403	7	and	and	CCONJ
ajfa-13065	403	8	debt	debt	NOUN
ajfa-13065	403	9	maturity	maturity	NOUN
ajfa-13065	403	10	of	of	ADP
ajfa-13065	403	11	chinese	chinese	ADJ
ajfa-13065	403	12	listed	list	VERB
ajfa-13065	403	13	firms	firm	NOUN
ajfa-13065	403	14	:	:	PUNCT
ajfa-13065	403	15	determinants	determinant	NOUN
ajfa-13065	403	16	and	and	CCONJ
ajfa-13065	403	17	effects	effect	NOUN
ajfa-13065	403	18	on	on	ADP
ajfa-13065	403	19	corporate	corporate	ADJ
ajfa-13065	403	20	performance	performance	NOUN
ajfa-13065	403	21	,	,	PUNCT
ajfa-13065	403	22	doctoral	doctoral	ADJ
ajfa-13065	403	23	dissertation	dissertation	NOUN
ajfa-13065	403	24	,	,	PUNCT
ajfa-13065	403	25	durham	durham	PROPN
ajfa-13065	403	26	university	university	PROPN
ajfa-13065	403	27	.	.	PUNCT
ajfa-13065	404	1	retrieved	retrieve	VERB
ajfa-13065	404	2	from	from	ADP
ajfa-13065	404	3	http://etheses.dur.ac.uk/11897/	http://etheses.dur.ac.uk/11897/	PROPN
ajfa-13065	404	4	wald	wald	PROPN
ajfa-13065	404	5	,	,	PUNCT
ajfa-13065	404	6	j.	j.	PROPN
ajfa-13065	404	7	k.	k.	PROPN
ajfa-13065	404	8	(	(	PUNCT
ajfa-13065	404	9	1999	1999	NUM
ajfa-13065	404	10	)	)	PUNCT
ajfa-13065	404	11	.	.	PUNCT
ajfa-13065	405	1	how	how	SCONJ
ajfa-13065	405	2	firm	firm	ADJ
ajfa-13065	405	3	characteristics	characteristic	NOUN
ajfa-13065	405	4	affect	affect	VERB
ajfa-13065	405	5	capital	capital	NOUN
ajfa-13065	405	6	structure	structure	NOUN
ajfa-13065	405	7	:	:	PUNCT
ajfa-13065	405	8	an	an	DET
ajfa-13065	405	9	international	international	ADJ
ajfa-13065	405	10	comparison	comparison	NOUN
ajfa-13065	405	11	.	.	PUNCT
ajfa-13065	406	1	journal	journal	NOUN
ajfa-13065	406	2	of	of	ADP
ajfa-13065	406	3	financial	financial	ADJ
ajfa-13065	406	4	research	research	NOUN
ajfa-13065	406	5	,	,	PUNCT
ajfa-13065	406	6	22(2	22(2	NUM
ajfa-13065	406	7	)	)	PUNCT
ajfa-13065	406	8	,	,	PUNCT
ajfa-13065	406	9	161	161	NUM
ajfa-13065	406	10	-	-	SYM
ajfa-13065	406	11	187	187	NUM
ajfa-13065	406	12	.	.	PUNCT
ajfa-13065	407	1	https://doi.org/10.1111/j.1475-6803.1999.tb00721.x	https://doi.org/10.1111/j.1475-6803.1999.tb00721.x	NOUN
ajfa-13065	407	2	wiwattanakantang	wiwattanakantang	PROPN
ajfa-13065	407	3	,	,	PUNCT
ajfa-13065	407	4	y.	y.	PROPN
ajfa-13065	407	5	(	(	PUNCT
ajfa-13065	407	6	1999	1999	NUM
ajfa-13065	407	7	)	)	PUNCT
ajfa-13065	407	8	.	.	PUNCT
ajfa-13065	408	1	an	an	DET
ajfa-13065	408	2	empirical	empirical	ADJ
ajfa-13065	408	3	study	study	NOUN
ajfa-13065	408	4	on	on	ADP
ajfa-13065	408	5	the	the	DET
ajfa-13065	408	6	determinants	determinant	NOUN
ajfa-13065	408	7	of	of	ADP
ajfa-13065	408	8	the	the	DET
ajfa-13065	408	9	capital	capital	NOUN
ajfa-13065	408	10	structure	structure	NOUN
ajfa-13065	408	11	of	of	ADP
ajfa-13065	408	12	thai	thai	ADJ
ajfa-13065	408	13	firms	firm	NOUN
ajfa-13065	408	14	.	.	PUNCT
ajfa-13065	409	1	pacific	pacific	ADJ
ajfa-13065	409	2	-	-	PUNCT
ajfa-13065	409	3	basin	basin	NOUN
ajfa-13065	409	4	finance	finance	NOUN
ajfa-13065	409	5	journal	journal	NOUN
ajfa-13065	409	6	,	,	PUNCT
ajfa-13065	409	7	7(3	7(3	NUM
ajfa-13065	409	8	-	-	SYM
ajfa-13065	409	9	4	4	NUM
ajfa-13065	409	10	)	)	PUNCT
ajfa-13065	409	11	,	,	PUNCT
ajfa-13065	409	12	371	371	NUM
ajfa-13065	409	13	-	-	SYM
ajfa-13065	409	14	403	403	NUM
ajfa-13065	409	15	.	.	PUNCT
ajfa-13065	410	1	https://doi.org/10.1016/s0927-538x(99)00007-4	https://doi.org/10.1016/s0927-538x(99)00007-4	PROPN
ajfa-13065	410	2	zhang	zhang	PROPN
ajfa-13065	410	3	,	,	PUNCT
ajfa-13065	410	4	t.	t.	PROPN
ajfa-13065	410	5	(	(	PUNCT
ajfa-13065	410	6	2008	2008	NUM
ajfa-13065	410	7	)	)	PUNCT
ajfa-13065	410	8	.	.	PUNCT
ajfa-13065	411	1	the	the	DET
ajfa-13065	411	2	problems	problem	NOUN
ajfa-13065	411	3	and	and	CCONJ
ajfa-13065	411	4	causes	cause	NOUN
ajfa-13065	411	5	of	of	ADP
ajfa-13065	411	6	capital	capital	NOUN
ajfa-13065	411	7	structure	structure	NOUN
ajfa-13065	411	8	within	within	ADP
ajfa-13065	411	9	chinese	chinese	ADJ
ajfa-13065	411	10	listed	list	VERB
ajfa-13065	411	11	firms	firm	NOUN
ajfa-13065	411	12	.	.	PUNCT
ajfa-13065	412	1	journal	journal	PROPN
ajfa-13065	412	2	of	of	ADP
ajfa-13065	412	3	yunnan	yunnan	PROPN
ajfa-13065	412	4	university	university	PROPN
ajfa-13065	412	5	,	,	PUNCT
ajfa-13065	412	6	3(1	3(1	NUM
ajfa-13065	412	7	)	)	PUNCT
ajfa-13065	412	8	,	,	PUNCT
ajfa-13065	412	9	13	13	NUM
ajfa-13065	412	10	-	-	SYM
ajfa-13065	412	11	16	16	NUM
ajfa-13065	412	12	.	.	PUNCT
ajfa-13065	413	1	zou	zou	PROPN
ajfa-13065	413	2	,	,	PUNCT
ajfa-13065	413	3	h.	h.	PROPN
ajfa-13065	413	4	,	,	PUNCT
ajfa-13065	413	5	&	&	CCONJ
ajfa-13065	413	6	xiao	xiao	PROPN
ajfa-13065	413	7	,	,	PUNCT
ajfa-13065	413	8	j.	j.	PROPN
ajfa-13065	413	9	z.	z.	PROPN
ajfa-13065	413	10	(	(	PUNCT
ajfa-13065	413	11	2006).the	2006).the	NUM
ajfa-13065	413	12	financing	financing	NOUN
ajfa-13065	413	13	behaviour	behaviour	NOUN
ajfa-13065	413	14	of	of	ADP
ajfa-13065	413	15	listed	list	VERB
ajfa-13065	413	16	chinese	chinese	ADJ
ajfa-13065	413	17	firms	firm	NOUN
ajfa-13065	413	18	.	.	PUNCT
ajfa-13065	414	1	the	the	DET
ajfa-13065	414	2	british	british	PROPN
ajfa-13065	414	3	accounting	accounting	PROPN
ajfa-13065	414	4	review	review	PROPN
ajfa-13065	414	5	,	,	PUNCT
ajfa-13065	414	6	38(3	38(3	NUM
ajfa-13065	414	7	)	)	PUNCT
ajfa-13065	414	8	,	,	PUNCT
ajfa-13065	414	9	239	239	NUM
ajfa-13065	414	10	-	-	SYM
ajfa-13065	414	11	258	258	NUM
ajfa-13065	414	12	.	.	PUNCT
ajfa-13065	415	1	https://doi.org/10.1016/j.bar.2006.04.008	https://doi.org/10.1016/j.bar.2006.04.008	NOUN