id	sid	tid	token	lemma	pos
ajfa-1319	1	1	microsoft	microsoft	PROPN
ajfa-1319	1	2	word	word	PROPN
ajfa-1319	1	3	ajfa	ajfa	PROPN
ajfa-1319	1	4	re	re	PROPN
ajfa-1319	1	5	--	--	PUNCT
ajfa-1319	1	6	writer2	writer2	ADJ
ajfa-1319	1	7	-	-	ADJ
ajfa-1319	1	8	new	new	ADJ
ajfa-1319	1	9	-	-	PUNCT
ajfa-1319	1	10	final	final	ADJ
ajfa-1319	1	11	asian	asian	ADJ
ajfa-1319	1	12	journal	journal	NOUN
ajfa-1319	1	13	of	of	ADP
ajfa-1319	1	14	finance	finance	PROPN
ajfa-1319	1	15	&	&	CCONJ
ajfa-1319	1	16	accounting	accounting	PROPN
ajfa-1319	1	17	issn	issn	PROPN
ajfa-1319	1	18	1946	1946	NUM
ajfa-1319	1	19	-	-	PUNCT
ajfa-1319	1	20	052x	052x	NOUN
ajfa-1319	1	21	2012	2012	NUM
ajfa-1319	1	22	,	,	PUNCT
ajfa-1319	1	23	vol	vol	NOUN
ajfa-1319	1	24	.	.	PROPN
ajfa-1319	1	25	4	4	NUM
ajfa-1319	1	26	,	,	PUNCT
ajfa-1319	1	27	no	no	INTJ
ajfa-1319	1	28	.	.	NOUN
ajfa-1319	1	29	1	1	NUM
ajfa-1319	1	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1319	1	31	278	278	NUM
ajfa-1319	1	32	capital	capital	NOUN
ajfa-1319	1	33	structure	structure	NOUN
ajfa-1319	1	34	and	and	CCONJ
ajfa-1319	1	35	firm	firm	ADJ
ajfa-1319	1	36	performance	performance	NOUN
ajfa-1319	1	37	in	in	ADP
ajfa-1319	1	38	the	the	DET
ajfa-1319	1	39	financial	financial	ADJ
ajfa-1319	1	40	sector	sector	NOUN
ajfa-1319	1	41	:	:	PUNCT
ajfa-1319	1	42	evidence	evidence	NOUN
ajfa-1319	1	43	from	from	ADP
ajfa-1319	1	44	australia	australia	PROPN
ajfa-1319	1	45	vedran	vedran	NOUN
ajfa-1319	1	46	skopljak	skopljak	PROPN
ajfa-1319	1	47	school	school	NOUN
ajfa-1319	1	48	of	of	ADP
ajfa-1319	1	49	economics	economic	NOUN
ajfa-1319	1	50	and	and	CCONJ
ajfa-1319	1	51	finance	finance	NOUN
ajfa-1319	1	52	,	,	PUNCT
ajfa-1319	1	53	la	la	PROPN
ajfa-1319	1	54	trobe	trobe	PROPN
ajfa-1319	1	55	university	university	PROPN
ajfa-1319	1	56	kingsbury	kingsbury	PROPN
ajfa-1319	1	57	drive	drive	PROPN
ajfa-1319	1	58	,	,	PUNCT
ajfa-1319	1	59	bundoora	bundoora	PROPN
ajfa-1319	1	60	,	,	PUNCT
ajfa-1319	1	61	vic	vic	PROPN
ajfa-1319	1	62	3086	3086	NUM
ajfa-1319	1	63	,	,	PUNCT
ajfa-1319	1	64	australia	australia	PROPN
ajfa-1319	1	65	tel	tel	NOUN
ajfa-1319	1	66	:	:	PUNCT
ajfa-1319	1	67	61	61	NUM
ajfa-1319	1	68	-	-	SYM
ajfa-1319	1	69	3	3	NUM
ajfa-1319	1	70	-	-	PUNCT
ajfa-1319	1	71	9479	9479	NUM
ajfa-1319	1	72	-	-	SYM
ajfa-1319	1	73	1111	1111	NUM
ajfa-1319	1	74	e	e	NOUN
ajfa-1319	1	75	-	-	NOUN
ajfa-1319	1	76	mail	mail	NOUN
ajfa-1319	1	77	:	:	PUNCT
ajfa-1319	1	78	vedran.skopljak@latrobe.edu.au	vedran.skopljak@latrobe.edu.au	PROPN
ajfa-1319	1	79	robin	robin	PROPN
ajfa-1319	1	80	h.	h.	PROPN
ajfa-1319	1	81	luo	luo	PROPN
ajfa-1319	1	82	(	(	PUNCT
ajfa-1319	1	83	corresponding	correspond	VERB
ajfa-1319	1	84	author	author	NOUN
ajfa-1319	1	85	)	)	PUNCT
ajfa-1319	1	86	department	department	NOUN
ajfa-1319	1	87	of	of	ADP
ajfa-1319	1	88	finance	finance	PROPN
ajfa-1319	1	89	,	,	PUNCT
ajfa-1319	1	90	wuhan	wuhan	PROPN
ajfa-1319	1	91	university	university	PROPN
ajfa-1319	1	92	luojia	luojia	PROPN
ajfa-1319	1	93	hill	hill	PROPN
ajfa-1319	1	94	,	,	PUNCT
ajfa-1319	1	95	wuhan	wuhan	PROPN
ajfa-1319	1	96	430072	430072	NUM
ajfa-1319	1	97	,	,	PUNCT
ajfa-1319	1	98	china	china	PROPN
ajfa-1319	1	99	tel	tel	PROPN
ajfa-1319	1	100	:	:	PUNCT
ajfa-1319	1	101	86	86	NUM
ajfa-1319	1	102	-	-	SYM
ajfa-1319	1	103	27	27	NUM
ajfa-1319	1	104	-	-	PUNCT
ajfa-1319	1	105	6875	6875	NUM
ajfa-1319	1	106	-	-	SYM
ajfa-1319	1	107	2740	2740	NUM
ajfa-1319	1	108	e	e	NOUN
ajfa-1319	1	109	-	-	NOUN
ajfa-1319	1	110	mail	mail	NOUN
ajfa-1319	1	111	:	:	PUNCT
ajfa-1319	1	112	robin.h.luo@gmail.com	robin.h.luo@gmail.com	PROPN
ajfa-1319	1	113	received	receive	VERB
ajfa-1319	1	114	:	:	PUNCT
ajfa-1319	1	115	january	january	PROPN
ajfa-1319	1	116	29	29	NUM
ajfa-1319	1	117	,	,	PUNCT
ajfa-1319	1	118	2012	2012	NUM
ajfa-1319	1	119	accepted	accept	VERB
ajfa-1319	1	120	:	:	PUNCT
ajfa-1319	1	121	march	march	PROPN
ajfa-1319	1	122	1	1	NUM
ajfa-1319	1	123	,	,	PUNCT
ajfa-1319	1	124	2012	2012	NUM
ajfa-1319	1	125	published	publish	VERB
ajfa-1319	1	126	:	:	PUNCT
ajfa-1319	1	127	june	june	PROPN
ajfa-1319	1	128	1	1	NUM
ajfa-1319	1	129	,	,	PUNCT
ajfa-1319	1	130	2012	2012	NUM
ajfa-1319	1	131	doi:10.5296	doi:10.5296	NOUN
ajfa-1319	1	132	/	/	SYM
ajfa-1319	1	133	ajfa.v4i1.1319	ajfa.v4i1.1319	PRON
ajfa-1319	1	134	url	url	NOUN
ajfa-1319	1	135	:	:	PUNCT
ajfa-1319	1	136	http://dx.doi.org/10.5296/ajfa.v4i1.1319	http://dx.doi.org/10.5296/ajfa.v4i1.1319	PROPN
ajfa-1319	1	137	abstract	abstract	NOUN
ajfa-1319	1	138	how	how	SCONJ
ajfa-1319	1	139	does	do	AUX
ajfa-1319	1	140	capital	capital	NOUN
ajfa-1319	1	141	structure	structure	NOUN
ajfa-1319	1	142	affect	affect	VERB
ajfa-1319	1	143	firm	firm	ADJ
ajfa-1319	1	144	performance	performance	NOUN
ajfa-1319	1	145	of	of	ADP
ajfa-1319	1	146	authorised	authorise	VERB
ajfa-1319	1	147	deposit	deposit	NOUN
ajfa-1319	1	148	-	-	PUNCT
ajfa-1319	1	149	taking	take	VERB
ajfa-1319	1	150	institutions	institution	NOUN
ajfa-1319	1	151	(	(	PUNCT
ajfa-1319	1	152	adis	adis	PROPN
ajfa-1319	1	153	)	)	PUNCT
ajfa-1319	1	154	using	use	VERB
ajfa-1319	1	155	explicitly	explicitly	ADV
ajfa-1319	1	156	australian	australian	ADJ
ajfa-1319	1	157	data	datum	NOUN
ajfa-1319	1	158	?	?	PUNCT
ajfa-1319	2	1	this	this	DET
ajfa-1319	2	2	paper	paper	NOUN
ajfa-1319	2	3	investigates	investigate	VERB
ajfa-1319	2	4	the	the	DET
ajfa-1319	2	5	relationship	relationship	NOUN
ajfa-1319	2	6	between	between	ADP
ajfa-1319	2	7	capital	capital	NOUN
ajfa-1319	2	8	structure	structure	NOUN
ajfa-1319	2	9	and	and	CCONJ
ajfa-1319	2	10	firm	firm	ADJ
ajfa-1319	2	11	performance	performance	NOUN
ajfa-1319	2	12	of	of	ADP
ajfa-1319	2	13	australian	australian	ADJ
ajfa-1319	2	14	adis	adis	PROPN
ajfa-1319	2	15	.	.	PUNCT
ajfa-1319	3	1	our	our	PRON
ajfa-1319	3	2	findings	finding	NOUN
ajfa-1319	3	3	show	show	VERB
ajfa-1319	3	4	a	a	DET
ajfa-1319	3	5	significant	significant	ADJ
ajfa-1319	3	6	and	and	CCONJ
ajfa-1319	3	7	robust	robust	ADJ
ajfa-1319	3	8	quadratic	quadratic	ADJ
ajfa-1319	3	9	relationship	relationship	NOUN
ajfa-1319	3	10	between	between	ADP
ajfa-1319	3	11	capital	capital	NOUN
ajfa-1319	3	12	structure	structure	NOUN
ajfa-1319	3	13	and	and	CCONJ
ajfa-1319	3	14	firm	firm	ADJ
ajfa-1319	3	15	performance	performance	NOUN
ajfa-1319	3	16	of	of	ADP
ajfa-1319	3	17	australian	australian	ADJ
ajfa-1319	3	18	adis	adis	PROPN
ajfa-1319	3	19	.	.	PUNCT
ajfa-1319	4	1	at	at	ADP
ajfa-1319	4	2	relatively	relatively	ADV
ajfa-1319	4	3	low	low	ADJ
ajfa-1319	4	4	levels	level	NOUN
ajfa-1319	4	5	of	of	ADP
ajfa-1319	4	6	leverage	leverage	NOUN
ajfa-1319	4	7	an	an	DET
ajfa-1319	4	8	increase	increase	NOUN
ajfa-1319	4	9	in	in	ADP
ajfa-1319	4	10	debt	debt	NOUN
ajfa-1319	4	11	leads	lead	VERB
ajfa-1319	4	12	to	to	ADP
ajfa-1319	4	13	increased	increase	VERB
ajfa-1319	4	14	profit	profit	NOUN
ajfa-1319	4	15	efficiency	efficiency	NOUN
ajfa-1319	4	16	hence	hence	ADV
ajfa-1319	4	17	superior	superior	ADJ
ajfa-1319	4	18	bank	bank	NOUN
ajfa-1319	4	19	performance	performance	NOUN
ajfa-1319	4	20	,	,	PUNCT
ajfa-1319	4	21	at	at	ADP
ajfa-1319	4	22	relatively	relatively	ADV
ajfa-1319	4	23	high	high	ADJ
ajfa-1319	4	24	levels	level	NOUN
ajfa-1319	4	25	of	of	ADP
ajfa-1319	4	26	leverage	leverage	NOUN
ajfa-1319	4	27	increased	increase	VERB
ajfa-1319	4	28	debt	debt	NOUN
ajfa-1319	4	29	leads	lead	VERB
ajfa-1319	4	30	to	to	ADP
ajfa-1319	4	31	decreased	decrease	VERB
ajfa-1319	4	32	profit	profit	NOUN
ajfa-1319	4	33	efficiency	efficiency	NOUN
ajfa-1319	4	34	as	as	ADV
ajfa-1319	4	35	well	well	ADV
ajfa-1319	4	36	as	as	ADP
ajfa-1319	4	37	bank	bank	NOUN
ajfa-1319	4	38	performance	performance	NOUN
ajfa-1319	4	39	.	.	PUNCT
ajfa-1319	5	1	this	this	PRON
ajfa-1319	5	2	can	can	AUX
ajfa-1319	5	3	most	most	ADV
ajfa-1319	5	4	likely	likely	ADV
ajfa-1319	5	5	be	be	AUX
ajfa-1319	5	6	attributed	attribute	VERB
ajfa-1319	5	7	to	to	ADP
ajfa-1319	5	8	financial	financial	ADJ
ajfa-1319	5	9	distress	distress	NOUN
ajfa-1319	5	10	outweighing	outweigh	VERB
ajfa-1319	5	11	any	any	DET
ajfa-1319	5	12	gains	gain	NOUN
ajfa-1319	5	13	made	make	VERB
ajfa-1319	5	14	from	from	ADP
ajfa-1319	5	15	managerial	managerial	ADJ
ajfa-1319	5	16	performance	performance	NOUN
ajfa-1319	5	17	improving	improve	VERB
ajfa-1319	5	18	.	.	PUNCT
ajfa-1319	6	1	keywords	keyword	NOUN
ajfa-1319	6	2	:	:	PUNCT
ajfa-1319	6	3	profit	profit	NOUN
ajfa-1319	6	4	efficiency	efficiency	NOUN
ajfa-1319	6	5	;	;	PUNCT
ajfa-1319	6	6	capital	capital	NOUN
ajfa-1319	6	7	structure	structure	NOUN
ajfa-1319	6	8	;	;	PUNCT
ajfa-1319	6	9	agency	agency	NOUN
ajfa-1319	6	10	cost	cost	NOUN
ajfa-1319	6	11	theory	theory	NOUN
ajfa-1319	6	12	,	,	PUNCT
ajfa-1319	6	13	financial	financial	ADJ
ajfa-1319	6	14	sector	sector	NOUN
ajfa-1319	6	15	asian	asian	PROPN
ajfa-1319	6	16	journal	journal	NOUN
ajfa-1319	6	17	of	of	ADP
ajfa-1319	6	18	finance	finance	PROPN
ajfa-1319	6	19	&	&	CCONJ
ajfa-1319	6	20	accounting	accounting	PROPN
ajfa-1319	6	21	issn	issn	PROPN
ajfa-1319	6	22	1946	1946	NUM
ajfa-1319	6	23	-	-	PUNCT
ajfa-1319	6	24	052x	052x	NOUN
ajfa-1319	6	25	2012	2012	NUM
ajfa-1319	6	26	,	,	PUNCT
ajfa-1319	6	27	vol	vol	NOUN
ajfa-1319	6	28	.	.	PROPN
ajfa-1319	6	29	4	4	NUM
ajfa-1319	6	30	,	,	PUNCT
ajfa-1319	6	31	no	no	INTJ
ajfa-1319	6	32	.	.	NOUN
ajfa-1319	6	33	1	1	NUM
ajfa-1319	6	34	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1319	6	35	279	279	NUM
ajfa-1319	6	36	1	1	NUM
ajfa-1319	6	37	.	.	PUNCT
ajfa-1319	6	38	introduction	introduction	NOUN
ajfa-1319	6	39	capital	capital	NOUN
ajfa-1319	6	40	structure	structure	NOUN
ajfa-1319	6	41	and	and	CCONJ
ajfa-1319	6	42	its	its	PRON
ajfa-1319	6	43	effect	effect	NOUN
ajfa-1319	6	44	on	on	ADP
ajfa-1319	6	45	firm	firm	ADJ
ajfa-1319	6	46	performance	performance	NOUN
ajfa-1319	6	47	has	have	AUX
ajfa-1319	6	48	long	long	ADV
ajfa-1319	6	49	been	be	AUX
ajfa-1319	6	50	a	a	DET
ajfa-1319	6	51	topic	topic	NOUN
ajfa-1319	6	52	of	of	ADP
ajfa-1319	6	53	discussion	discussion	NOUN
ajfa-1319	6	54	,	,	PUNCT
ajfa-1319	6	55	with	with	ADP
ajfa-1319	6	56	no	no	DET
ajfa-1319	6	57	shortage	shortage	NOUN
ajfa-1319	6	58	of	of	ADP
ajfa-1319	6	59	papers	paper	NOUN
ajfa-1319	6	60	on	on	ADP
ajfa-1319	6	61	the	the	DET
ajfa-1319	6	62	issue	issue	NOUN
ajfa-1319	6	63	(	(	PUNCT
ajfa-1319	6	64	e.g.	e.g.	ADV
ajfa-1319	6	65	modigliani	modigliani	X
ajfa-1319	6	66	and	and	CCONJ
ajfa-1319	6	67	miller	miller	PROPN
ajfa-1319	6	68	,	,	PUNCT
ajfa-1319	6	69	1958	1958	NUM
ajfa-1319	6	70	;	;	PUNCT
ajfa-1319	6	71	myers	myer	NOUN
ajfa-1319	6	72	,	,	PUNCT
ajfa-1319	6	73	1977	1977	NUM
ajfa-1319	6	74	;	;	PUNCT
ajfa-1319	6	75	jensen	jensen	PROPN
ajfa-1319	6	76	and	and	CCONJ
ajfa-1319	6	77	meckling	meckling	NOUN
ajfa-1319	6	78	,	,	PUNCT
ajfa-1319	6	79	1976	1976	NUM
ajfa-1319	6	80	;	;	PUNCT
ajfa-1319	6	81	harris	harris	PROPN
ajfa-1319	6	82	and	and	CCONJ
ajfa-1319	6	83	raviv	raviv	PROPN
ajfa-1319	6	84	,	,	PUNCT
ajfa-1319	6	85	1991	1991	NUM
ajfa-1319	6	86	and	and	CCONJ
ajfa-1319	6	87	margiratis	margiratis	PROPN
ajfa-1319	6	88	and	and	CCONJ
ajfa-1319	6	89	pslilaki	pslilaki	VERB
ajfa-1319	6	90	,	,	PUNCT
ajfa-1319	6	91	2007	2007	NUM
ajfa-1319	6	92	)	)	PUNCT
ajfa-1319	6	93	.	.	PUNCT
ajfa-1319	7	1	however	however	ADV
ajfa-1319	7	2	,	,	PUNCT
ajfa-1319	7	3	these	these	DET
ajfa-1319	7	4	papers	paper	NOUN
ajfa-1319	7	5	are	be	AUX
ajfa-1319	7	6	very	very	ADV
ajfa-1319	7	7	general	general	ADJ
ajfa-1319	7	8	in	in	ADP
ajfa-1319	7	9	their	their	PRON
ajfa-1319	7	10	conclusions	conclusion	NOUN
ajfa-1319	7	11	and	and	CCONJ
ajfa-1319	7	12	their	their	PRON
ajfa-1319	7	13	reach	reach	NOUN
ajfa-1319	7	14	to	to	ADP
ajfa-1319	7	15	the	the	DET
ajfa-1319	7	16	financial	financial	ADJ
ajfa-1319	7	17	sector	sector	NOUN
ajfa-1319	7	18	is	be	AUX
ajfa-1319	7	19	relatively	relatively	ADV
ajfa-1319	7	20	limited	limited	ADJ
ajfa-1319	7	21	.	.	PUNCT
ajfa-1319	8	1	the	the	DET
ajfa-1319	8	2	reason	reason	NOUN
ajfa-1319	8	3	being	be	AUX
ajfa-1319	8	4	that	that	SCONJ
ajfa-1319	8	5	the	the	DET
ajfa-1319	8	6	financial	financial	ADJ
ajfa-1319	8	7	sector	sector	NOUN
ajfa-1319	8	8	has	have	VERB
ajfa-1319	8	9	its	its	PRON
ajfa-1319	8	10	own	own	ADJ
ajfa-1319	8	11	unique	unique	ADJ
ajfa-1319	8	12	set	set	NOUN
ajfa-1319	8	13	of	of	ADP
ajfa-1319	8	14	regulations	regulation	NOUN
ajfa-1319	8	15	,	,	PUNCT
ajfa-1319	8	16	and	and	CCONJ
ajfa-1319	8	17	is	be	AUX
ajfa-1319	8	18	generally	generally	ADV
ajfa-1319	8	19	highly	highly	ADV
ajfa-1319	8	20	leveraged	leveraged	ADJ
ajfa-1319	8	21	;	;	PUNCT
ajfa-1319	8	22	nevertheless	nevertheless	ADV
ajfa-1319	8	23	,	,	PUNCT
ajfa-1319	8	24	the	the	DET
ajfa-1319	8	25	underlying	underlying	ADJ
ajfa-1319	8	26	imperatives	imperative	NOUN
ajfa-1319	8	27	still	still	ADV
ajfa-1319	8	28	apply	apply	VERB
ajfa-1319	8	29	to	to	ADP
ajfa-1319	8	30	the	the	DET
ajfa-1319	8	31	financial	financial	ADJ
ajfa-1319	8	32	sector	sector	NOUN
ajfa-1319	8	33	just	just	ADV
ajfa-1319	8	34	as	as	SCONJ
ajfa-1319	8	35	they	they	PRON
ajfa-1319	8	36	do	do	AUX
ajfa-1319	8	37	for	for	ADP
ajfa-1319	8	38	firms	firm	NOUN
ajfa-1319	8	39	across	across	ADP
ajfa-1319	8	40	other	other	ADJ
ajfa-1319	8	41	disciplines	discipline	NOUN
ajfa-1319	8	42	.	.	PUNCT
ajfa-1319	9	1	this	this	DET
ajfa-1319	9	2	paper	paper	NOUN
ajfa-1319	9	3	mainly	mainly	ADV
ajfa-1319	9	4	investigates	investigate	VERB
ajfa-1319	9	5	the	the	DET
ajfa-1319	9	6	relationship	relationship	NOUN
ajfa-1319	9	7	between	between	ADP
ajfa-1319	9	8	capital	capital	NOUN
ajfa-1319	9	9	structure	structure	NOUN
ajfa-1319	9	10	and	and	CCONJ
ajfa-1319	9	11	firm	firm	ADJ
ajfa-1319	9	12	performance	performance	NOUN
ajfa-1319	9	13	of	of	ADP
ajfa-1319	9	14	australian	australian	ADJ
ajfa-1319	9	15	authorised	authorise	VERB
ajfa-1319	9	16	deposit	deposit	NOUN
ajfa-1319	9	17	-	-	PUNCT
ajfa-1319	9	18	taking	take	VERB
ajfa-1319	9	19	institutions	institution	NOUN
ajfa-1319	9	20	(	(	PUNCT
ajfa-1319	9	21	adis	adis	PROPN
ajfa-1319	9	22	)	)	PUNCT
ajfa-1319	9	23	.	.	PUNCT
ajfa-1319	10	1	based	base	VERB
ajfa-1319	10	2	on	on	ADP
ajfa-1319	10	3	agency	agency	NOUN
ajfa-1319	10	4	cost	cost	NOUN
ajfa-1319	10	5	theory	theory	NOUN
ajfa-1319	10	6	(	(	PUNCT
ajfa-1319	10	7	jensen	jensen	PROPN
ajfa-1319	10	8	and	and	CCONJ
ajfa-1319	10	9	meckling	meckling	NOUN
ajfa-1319	10	10	,	,	PUNCT
ajfa-1319	10	11	1976	1976	NUM
ajfa-1319	10	12	)	)	PUNCT
ajfa-1319	10	13	,	,	PUNCT
ajfa-1319	10	14	it	it	PRON
ajfa-1319	10	15	suggests	suggest	VERB
ajfa-1319	10	16	that	that	SCONJ
ajfa-1319	10	17	debt	debt	NOUN
ajfa-1319	10	18	is	be	AUX
ajfa-1319	10	19	used	use	VERB
ajfa-1319	10	20	as	as	ADP
ajfa-1319	10	21	a	a	DET
ajfa-1319	10	22	motivating	motivating	NOUN
ajfa-1319	10	23	factor	factor	NOUN
ajfa-1319	10	24	for	for	ADP
ajfa-1319	10	25	managerial	managerial	ADJ
ajfa-1319	10	26	staff	staff	NOUN
ajfa-1319	10	27	.	.	PUNCT
ajfa-1319	11	1	agency	agency	NOUN
ajfa-1319	11	2	theory	theory	NOUN
ajfa-1319	11	3	states	state	VERB
ajfa-1319	11	4	that	that	SCONJ
ajfa-1319	11	5	separation	separation	NOUN
ajfa-1319	11	6	of	of	ADP
ajfa-1319	11	7	top	top	ADJ
ajfa-1319	11	8	end	end	NOUN
ajfa-1319	11	9	management	management	NOUN
ajfa-1319	11	10	and	and	CCONJ
ajfa-1319	11	11	ownership	ownership	NOUN
ajfa-1319	11	12	has	have	VERB
ajfa-1319	11	13	a	a	DET
ajfa-1319	11	14	negative	negative	ADJ
ajfa-1319	11	15	effect	effect	NOUN
ajfa-1319	11	16	on	on	ADP
ajfa-1319	11	17	firm	firm	ADJ
ajfa-1319	11	18	performance	performance	NOUN
ajfa-1319	11	19	;	;	PUNCT
ajfa-1319	11	20	there	there	PRON
ajfa-1319	11	21	is	be	VERB
ajfa-1319	11	22	no	no	DET
ajfa-1319	11	23	incentive	incentive	NOUN
ajfa-1319	11	24	for	for	SCONJ
ajfa-1319	11	25	management	management	NOUN
ajfa-1319	11	26	to	to	PART
ajfa-1319	11	27	perform	perform	VERB
ajfa-1319	11	28	at	at	ADP
ajfa-1319	11	29	maximum	maximum	ADJ
ajfa-1319	11	30	capacity	capacity	NOUN
ajfa-1319	11	31	.	.	PUNCT
ajfa-1319	12	1	debt	debt	NOUN
ajfa-1319	12	2	is	be	AUX
ajfa-1319	12	3	enrolled	enrol	VERB
ajfa-1319	12	4	as	as	ADP
ajfa-1319	12	5	an	an	DET
ajfa-1319	12	6	instrument	instrument	NOUN
ajfa-1319	12	7	to	to	PART
ajfa-1319	12	8	heighten	heighten	VERB
ajfa-1319	12	9	work	work	NOUN
ajfa-1319	12	10	ethic	ethic	ADJ
ajfa-1319	12	11	and	and	CCONJ
ajfa-1319	12	12	performance	performance	NOUN
ajfa-1319	12	13	of	of	ADP
ajfa-1319	12	14	management	management	NOUN
ajfa-1319	12	15	;	;	PUNCT
ajfa-1319	12	16	however	however	ADV
ajfa-1319	12	17	an	an	DET
ajfa-1319	12	18	increase	increase	NOUN
ajfa-1319	12	19	in	in	ADP
ajfa-1319	12	20	the	the	DET
ajfa-1319	12	21	proportion	proportion	NOUN
ajfa-1319	12	22	of	of	ADP
ajfa-1319	12	23	debt	debt	NOUN
ajfa-1319	12	24	causes	cause	VERB
ajfa-1319	12	25	the	the	DET
ajfa-1319	12	26	firm	firm	NOUN
ajfa-1319	12	27	to	to	PART
ajfa-1319	12	28	experience	experience	VERB
ajfa-1319	12	29	higher	high	ADJ
ajfa-1319	12	30	financial	financial	ADJ
ajfa-1319	12	31	distress	distress	NOUN
ajfa-1319	12	32	(	(	PUNCT
ajfa-1319	12	33	harris	harris	PROPN
ajfa-1319	12	34	and	and	CCONJ
ajfa-1319	12	35	raviv	raviv	PROPN
ajfa-1319	12	36	,	,	PUNCT
ajfa-1319	12	37	1991	1991	NUM
ajfa-1319	12	38	)	)	PUNCT
ajfa-1319	12	39	.	.	PUNCT
ajfa-1319	13	1	the	the	DET
ajfa-1319	13	2	main	main	ADJ
ajfa-1319	13	3	hypothesis	hypothesis	NOUN
ajfa-1319	13	4	to	to	PART
ajfa-1319	13	5	be	be	AUX
ajfa-1319	13	6	explored	explore	VERB
ajfa-1319	13	7	in	in	ADP
ajfa-1319	13	8	this	this	DET
ajfa-1319	13	9	paper	paper	NOUN
ajfa-1319	13	10	contributes	contribute	VERB
ajfa-1319	13	11	to	to	ADP
ajfa-1319	13	12	academic	academic	ADJ
ajfa-1319	13	13	research	research	NOUN
ajfa-1319	13	14	in	in	ADP
ajfa-1319	13	15	this	this	DET
ajfa-1319	13	16	field	field	NOUN
ajfa-1319	13	17	in	in	ADP
ajfa-1319	13	18	two	two	NUM
ajfa-1319	13	19	major	major	ADJ
ajfa-1319	13	20	ways	way	NOUN
ajfa-1319	13	21	.	.	PUNCT
ajfa-1319	14	1	first	first	ADV
ajfa-1319	14	2	,	,	PUNCT
ajfa-1319	14	3	research	research	NOUN
ajfa-1319	14	4	papers	paper	NOUN
ajfa-1319	14	5	in	in	ADP
ajfa-1319	14	6	the	the	DET
ajfa-1319	14	7	field	field	NOUN
ajfa-1319	14	8	of	of	ADP
ajfa-1319	14	9	capital	capital	NOUN
ajfa-1319	14	10	structure	structure	NOUN
ajfa-1319	14	11	have	have	AUX
ajfa-1319	14	12	not	not	PART
ajfa-1319	14	13	often	often	ADV
ajfa-1319	14	14	concentrated	concentrate	VERB
ajfa-1319	14	15	on	on	ADP
ajfa-1319	14	16	the	the	DET
ajfa-1319	14	17	effect	effect	NOUN
ajfa-1319	14	18	of	of	ADP
ajfa-1319	14	19	capital	capital	NOUN
ajfa-1319	14	20	structure	structure	NOUN
ajfa-1319	14	21	on	on	ADP
ajfa-1319	14	22	profit	profit	NOUN
ajfa-1319	14	23	efficiency	efficiency	NOUN
ajfa-1319	14	24	,	,	PUNCT
ajfa-1319	14	25	especially	especially	ADV
ajfa-1319	14	26	linking	link	VERB
ajfa-1319	14	27	the	the	DET
ajfa-1319	14	28	two	two	NUM
ajfa-1319	14	29	in	in	ADP
ajfa-1319	14	30	the	the	DET
ajfa-1319	14	31	financial	financial	ADJ
ajfa-1319	14	32	sector	sector	NOUN
ajfa-1319	14	33	.	.	PUNCT
ajfa-1319	15	1	the	the	DET
ajfa-1319	15	2	general	general	ADJ
ajfa-1319	15	3	method	method	NOUN
ajfa-1319	15	4	has	have	AUX
ajfa-1319	15	5	been	be	AUX
ajfa-1319	15	6	to	to	PART
ajfa-1319	15	7	try	try	VERB
ajfa-1319	15	8	linking	link	VERB
ajfa-1319	15	9	capital	capital	NOUN
ajfa-1319	15	10	structure	structure	NOUN
ajfa-1319	15	11	with	with	ADP
ajfa-1319	15	12	firm	firm	ADJ
ajfa-1319	15	13	performance	performance	NOUN
ajfa-1319	15	14	using	use	VERB
ajfa-1319	15	15	common	common	ADJ
ajfa-1319	15	16	financial	financial	ADJ
ajfa-1319	15	17	ratios	ratio	NOUN
ajfa-1319	15	18	.	.	PUNCT
ajfa-1319	16	1	one	one	NUM
ajfa-1319	16	2	notable	notable	ADJ
ajfa-1319	16	3	research	research	NOUN
ajfa-1319	16	4	paper	paper	NOUN
ajfa-1319	16	5	by	by	ADP
ajfa-1319	16	6	berger	berger	PROPN
ajfa-1319	16	7	and	and	CCONJ
ajfa-1319	16	8	bonaccorsi	bonaccorsi	PROPN
ajfa-1319	16	9	di	di	X
ajfa-1319	16	10	patti	patti	PROPN
ajfa-1319	16	11	(	(	PUNCT
ajfa-1319	16	12	2006	2006	NUM
ajfa-1319	16	13	)	)	PUNCT
ajfa-1319	16	14	stands	stand	VERB
ajfa-1319	16	15	out	out	ADP
ajfa-1319	16	16	as	as	ADP
ajfa-1319	16	17	offering	offer	VERB
ajfa-1319	16	18	a	a	DET
ajfa-1319	16	19	significant	significant	ADJ
ajfa-1319	16	20	and	and	CCONJ
ajfa-1319	16	21	comprehensive	comprehensive	ADJ
ajfa-1319	16	22	empirical	empirical	ADJ
ajfa-1319	16	23	contribution	contribution	NOUN
ajfa-1319	16	24	to	to	ADP
ajfa-1319	16	25	the	the	DET
ajfa-1319	16	26	link	link	NOUN
ajfa-1319	16	27	of	of	ADP
ajfa-1319	16	28	capital	capital	NOUN
ajfa-1319	16	29	structure	structure	NOUN
ajfa-1319	16	30	and	and	CCONJ
ajfa-1319	16	31	profit	profit	NOUN
ajfa-1319	16	32	efficiency	efficiency	NOUN
ajfa-1319	16	33	in	in	ADP
ajfa-1319	16	34	the	the	DET
ajfa-1319	16	35	financial	financial	ADJ
ajfa-1319	16	36	sector	sector	NOUN
ajfa-1319	16	37	.	.	PUNCT
ajfa-1319	17	1	the	the	DET
ajfa-1319	17	2	financial	financial	ADJ
ajfa-1319	17	3	sector	sector	NOUN
ajfa-1319	17	4	is	be	AUX
ajfa-1319	17	5	fundamentally	fundamentally	ADV
ajfa-1319	17	6	different	different	ADJ
ajfa-1319	17	7	from	from	ADP
ajfa-1319	17	8	any	any	DET
ajfa-1319	17	9	other	other	ADJ
ajfa-1319	17	10	sector	sector	NOUN
ajfa-1319	17	11	of	of	ADP
ajfa-1319	17	12	the	the	DET
ajfa-1319	17	13	market	market	NOUN
ajfa-1319	17	14	in	in	ADP
ajfa-1319	17	15	terms	term	NOUN
ajfa-1319	17	16	of	of	ADP
ajfa-1319	17	17	its	its	PRON
ajfa-1319	17	18	high	high	ADJ
ajfa-1319	17	19	leverage	leverage	NOUN
ajfa-1319	17	20	and	and	CCONJ
ajfa-1319	17	21	regulation	regulation	NOUN
ajfa-1319	17	22	,	,	PUNCT
ajfa-1319	17	23	therefore	therefore	ADV
ajfa-1319	17	24	the	the	DET
ajfa-1319	17	25	results	result	NOUN
ajfa-1319	17	26	obtained	obtain	VERB
ajfa-1319	17	27	from	from	ADP
ajfa-1319	17	28	papers	paper	NOUN
ajfa-1319	17	29	using	use	VERB
ajfa-1319	17	30	data	datum	NOUN
ajfa-1319	17	31	across	across	ADP
ajfa-1319	17	32	multiple	multiple	ADJ
ajfa-1319	17	33	sectors	sector	NOUN
ajfa-1319	17	34	in	in	ADP
ajfa-1319	17	35	the	the	DET
ajfa-1319	17	36	market	market	NOUN
ajfa-1319	17	37	can	can	AUX
ajfa-1319	17	38	not	not	PART
ajfa-1319	17	39	be	be	AUX
ajfa-1319	17	40	directly	directly	ADV
ajfa-1319	17	41	carried	carry	VERB
ajfa-1319	17	42	over	over	ADP
ajfa-1319	17	43	to	to	ADP
ajfa-1319	17	44	the	the	DET
ajfa-1319	17	45	financial	financial	ADJ
ajfa-1319	17	46	sector	sector	NOUN
ajfa-1319	17	47	with	with	ADP
ajfa-1319	17	48	a	a	DET
ajfa-1319	17	49	high	high	ADJ
ajfa-1319	17	50	degree	degree	NOUN
ajfa-1319	17	51	of	of	ADP
ajfa-1319	17	52	confidence	confidence	NOUN
ajfa-1319	17	53	.	.	PUNCT
ajfa-1319	18	1	second	second	ADJ
ajfa-1319	18	2	,	,	PUNCT
ajfa-1319	18	3	papers	paper	NOUN
ajfa-1319	18	4	on	on	ADP
ajfa-1319	18	5	the	the	DET
ajfa-1319	18	6	relationship	relationship	NOUN
ajfa-1319	18	7	of	of	ADP
ajfa-1319	18	8	capital	capital	NOUN
ajfa-1319	18	9	structure	structure	NOUN
ajfa-1319	18	10	and	and	CCONJ
ajfa-1319	18	11	australian	australian	ADJ
ajfa-1319	18	12	financial	financial	ADJ
ajfa-1319	18	13	sector	sector	NOUN
ajfa-1319	18	14	“	"	PUNCT
ajfa-1319	18	15	firm	firm	ADJ
ajfa-1319	18	16	”	"	PUNCT
ajfa-1319	18	17	performance	performance	NOUN
ajfa-1319	18	18	are	be	AUX
ajfa-1319	18	19	very	very	ADV
ajfa-1319	18	20	scarce	scarce	ADJ
ajfa-1319	18	21	.	.	PUNCT
ajfa-1319	19	1	it	it	PRON
ajfa-1319	19	2	is	be	AUX
ajfa-1319	19	3	clear	clear	ADJ
ajfa-1319	19	4	that	that	SCONJ
ajfa-1319	19	5	australia	australia	PROPN
ajfa-1319	19	6	has	have	VERB
ajfa-1319	19	7	its	its	PRON
ajfa-1319	19	8	own	own	ADJ
ajfa-1319	19	9	set	set	NOUN
ajfa-1319	19	10	of	of	ADP
ajfa-1319	19	11	unique	unique	ADJ
ajfa-1319	19	12	market	market	NOUN
ajfa-1319	19	13	conditions	condition	NOUN
ajfa-1319	19	14	and	and	CCONJ
ajfa-1319	19	15	regulations	regulation	NOUN
ajfa-1319	19	16	,	,	PUNCT
ajfa-1319	19	17	which	which	PRON
ajfa-1319	19	18	highlights	highlight	VERB
ajfa-1319	19	19	the	the	DET
ajfa-1319	19	20	importance	importance	NOUN
ajfa-1319	19	21	of	of	ADP
ajfa-1319	19	22	extending	extend	VERB
ajfa-1319	19	23	berger	berger	NOUN
ajfa-1319	19	24	and	and	CCONJ
ajfa-1319	19	25	bonaccorsi	bonaccorsi	PROPN
ajfa-1319	19	26	di	di	PROPN
ajfa-1319	19	27	patti	patti	PROPN
ajfa-1319	19	28	’s	’s	PART
ajfa-1319	19	29	(	(	PUNCT
ajfa-1319	19	30	2006	2006	NUM
ajfa-1319	19	31	)	)	PUNCT
ajfa-1319	19	32	paper	paper	NOUN
ajfa-1319	19	33	specifically	specifically	ADV
ajfa-1319	19	34	for	for	ADP
ajfa-1319	19	35	australian	australian	ADJ
ajfa-1319	19	36	data	datum	NOUN
ajfa-1319	19	37	.	.	PUNCT
ajfa-1319	20	1	australia	australia	PROPN
ajfa-1319	20	2	intrinsically	intrinsically	ADV
ajfa-1319	20	3	has	have	VERB
ajfa-1319	20	4	a	a	DET
ajfa-1319	20	5	limited	limited	ADJ
ajfa-1319	20	6	financial	financial	ADJ
ajfa-1319	20	7	market	market	NOUN
ajfa-1319	20	8	with	with	ADP
ajfa-1319	20	9	relatively	relatively	ADV
ajfa-1319	20	10	few	few	ADJ
ajfa-1319	20	11	financial	financial	ADJ
ajfa-1319	20	12	firms	firm	NOUN
ajfa-1319	20	13	in	in	ADP
ajfa-1319	20	14	operation	operation	NOUN
ajfa-1319	20	15	therefore	therefore	ADV
ajfa-1319	20	16	it	it	PRON
ajfa-1319	20	17	is	be	AUX
ajfa-1319	20	18	to	to	PART
ajfa-1319	20	19	be	be	AUX
ajfa-1319	20	20	expected	expect	VERB
ajfa-1319	20	21	that	that	SCONJ
ajfa-1319	20	22	our	our	PRON
ajfa-1319	20	23	sample	sample	NOUN
ajfa-1319	20	24	size	size	NOUN
ajfa-1319	20	25	is	be	AUX
ajfa-1319	20	26	relatively	relatively	ADV
ajfa-1319	20	27	small	small	ADJ
ajfa-1319	20	28	.	.	PUNCT
ajfa-1319	21	1	our	our	PRON
ajfa-1319	21	2	final	final	ADJ
ajfa-1319	21	3	dataset	dataset	NOUN
ajfa-1319	21	4	consists	consist	NOUN
ajfa-1319	21	5	of	of	ADP
ajfa-1319	21	6	15	15	NUM
ajfa-1319	21	7	australian	australian	ADJ
ajfa-1319	21	8	adis	adi	NOUN
ajfa-1319	21	9	and	and	CCONJ
ajfa-1319	21	10	their	their	PRON
ajfa-1319	21	11	data	datum	NOUN
ajfa-1319	21	12	was	be	AUX
ajfa-1319	21	13	collected	collect	VERB
ajfa-1319	21	14	over	over	ADP
ajfa-1319	21	15	years	year	NOUN
ajfa-1319	21	16	2005	2005	NUM
ajfa-1319	21	17	-	-	SYM
ajfa-1319	21	18	2007	2007	NUM
ajfa-1319	21	19	of	of	ADP
ajfa-1319	21	20	operation	operation	NOUN
ajfa-1319	21	21	.	.	PUNCT
ajfa-1319	22	1	part	part	NOUN
ajfa-1319	22	2	of	of	ADP
ajfa-1319	22	3	the	the	DET
ajfa-1319	22	4	reason	reason	NOUN
ajfa-1319	22	5	the	the	DET
ajfa-1319	22	6	relationship	relationship	NOUN
ajfa-1319	22	7	between	between	ADP
ajfa-1319	22	8	capital	capital	NOUN
ajfa-1319	22	9	structure	structure	NOUN
ajfa-1319	22	10	and	and	CCONJ
ajfa-1319	22	11	firm	firm	ADJ
ajfa-1319	22	12	performance	performance	NOUN
ajfa-1319	22	13	has	have	AUX
ajfa-1319	22	14	been	be	AUX
ajfa-1319	22	15	known	know	VERB
ajfa-1319	22	16	to	to	PART
ajfa-1319	22	17	show	show	VERB
ajfa-1319	22	18	contradictory	contradictory	ADJ
ajfa-1319	22	19	correlation	correlation	NOUN
ajfa-1319	22	20	empirically	empirically	ADV
ajfa-1319	22	21	is	be	AUX
ajfa-1319	22	22	the	the	DET
ajfa-1319	22	23	fact	fact	NOUN
ajfa-1319	22	24	that	that	SCONJ
ajfa-1319	22	25	a	a	DET
ajfa-1319	22	26	proxy	proxy	NOUN
ajfa-1319	22	27	for	for	ADP
ajfa-1319	22	28	firm	firm	ADJ
ajfa-1319	22	29	performance	performance	NOUN
ajfa-1319	22	30	has	have	AUX
ajfa-1319	22	31	been	be	AUX
ajfa-1319	22	32	so	so	ADV
ajfa-1319	22	33	difficult	difficult	ADJ
ajfa-1319	22	34	to	to	PART
ajfa-1319	22	35	obtain	obtain	VERB
ajfa-1319	22	36	;	;	PUNCT
ajfa-1319	22	37	some	some	DET
ajfa-1319	22	38	form	form	NOUN
ajfa-1319	22	39	of	of	ADP
ajfa-1319	22	40	stock	stock	NOUN
ajfa-1319	22	41	return	return	NOUN
ajfa-1319	22	42	or	or	CCONJ
ajfa-1319	22	43	a	a	DET
ajfa-1319	22	44	common	common	ADJ
ajfa-1319	22	45	financial	financial	ADJ
ajfa-1319	22	46	statement	statement	NOUN
ajfa-1319	22	47	ratio	ratio	NOUN
ajfa-1319	22	48	has	have	AUX
ajfa-1319	22	49	usually	usually	ADV
ajfa-1319	22	50	been	be	AUX
ajfa-1319	22	51	used	use	VERB
ajfa-1319	22	52	in	in	ADP
ajfa-1319	22	53	the	the	DET
ajfa-1319	22	54	past	past	NOUN
ajfa-1319	22	55	.	.	PUNCT
ajfa-1319	23	1	although	although	SCONJ
ajfa-1319	23	2	it	it	PRON
ajfa-1319	23	3	is	be	AUX
ajfa-1319	23	4	an	an	DET
ajfa-1319	23	5	unfortunate	unfortunate	ADJ
ajfa-1319	23	6	fact	fact	NOUN
ajfa-1319	23	7	that	that	SCONJ
ajfa-1319	23	8	these	these	PRON
ajfa-1319	23	9	can	can	AUX
ajfa-1319	23	10	be	be	AUX
ajfa-1319	23	11	manipulated	manipulate	VERB
ajfa-1319	23	12	with	with	ADP
ajfa-1319	23	13	relative	relative	ADJ
ajfa-1319	23	14	ease	ease	NOUN
ajfa-1319	23	15	,	,	PUNCT
ajfa-1319	23	16	providing	provide	VERB
ajfa-1319	23	17	a	a	DET
ajfa-1319	23	18	clouded	clouded	ADJ
ajfa-1319	23	19	measurement	measurement	NOUN
ajfa-1319	23	20	of	of	ADP
ajfa-1319	23	21	firm	firm	ADJ
ajfa-1319	23	22	and	and	CCONJ
ajfa-1319	23	23	managerial	managerial	ADJ
ajfa-1319	23	24	performance	performance	NOUN
ajfa-1319	23	25	.	.	PUNCT
ajfa-1319	24	1	this	this	DET
ajfa-1319	24	2	paper	paper	NOUN
ajfa-1319	24	3	uses	use	VERB
ajfa-1319	24	4	a	a	DET
ajfa-1319	24	5	modified	modify	VERB
ajfa-1319	24	6	version	version	NOUN
ajfa-1319	24	7	of	of	ADP
ajfa-1319	24	8	berger	berger	PROPN
ajfa-1319	24	9	and	and	CCONJ
ajfa-1319	24	10	mester	mester	PROPN
ajfa-1319	24	11	’s	’s	PART
ajfa-1319	24	12	(	(	PUNCT
ajfa-1319	24	13	1997	1997	NUM
ajfa-1319	24	14	)	)	PUNCT
ajfa-1319	24	15	measure	measure	NOUN
ajfa-1319	24	16	of	of	ADP
ajfa-1319	24	17	firm	firm	ADJ
ajfa-1319	24	18	performance	performance	NOUN
ajfa-1319	24	19	-	-	PUNCT
ajfa-1319	24	20	profit	profit	NOUN
ajfa-1319	24	21	efficiency	efficiency	NOUN
ajfa-1319	24	22	.	.	PUNCT
ajfa-1319	25	1	the	the	DET
ajfa-1319	25	2	measure	measure	NOUN
ajfa-1319	25	3	is	be	AUX
ajfa-1319	25	4	a	a	DET
ajfa-1319	25	5	proxy	proxy	NOUN
ajfa-1319	25	6	for	for	ADP
ajfa-1319	25	7	the	the	DET
ajfa-1319	25	8	productive	productive	ADJ
ajfa-1319	25	9	efficiency	efficiency	NOUN
ajfa-1319	25	10	of	of	ADP
ajfa-1319	25	11	management	management	NOUN
ajfa-1319	25	12	,	,	PUNCT
ajfa-1319	25	13	linking	link	VERB
ajfa-1319	25	14	agency	agency	NOUN
ajfa-1319	25	15	cost	cost	NOUN
ajfa-1319	25	16	with	with	ADP
ajfa-1319	25	17	firm	firm	ADJ
ajfa-1319	25	18	performance	performance	NOUN
ajfa-1319	25	19	,	,	PUNCT
ajfa-1319	25	20	which	which	PRON
ajfa-1319	25	21	makes	make	VERB
ajfa-1319	25	22	it	it	PRON
ajfa-1319	25	23	an	an	DET
ajfa-1319	25	24	accurate	accurate	ADJ
ajfa-1319	25	25	and	and	CCONJ
ajfa-1319	25	26	practical	practical	ADJ
ajfa-1319	25	27	tool	tool	NOUN
ajfa-1319	25	28	.	.	PUNCT
ajfa-1319	26	1	along	along	ADP
ajfa-1319	26	2	with	with	ADP
ajfa-1319	26	3	the	the	DET
ajfa-1319	26	4	profit	profit	NOUN
ajfa-1319	26	5	efficiency	efficiency	NOUN
ajfa-1319	26	6	measure	measure	NOUN
ajfa-1319	26	7	this	this	DET
ajfa-1319	26	8	paper	paper	NOUN
ajfa-1319	26	9	uses	use	VERB
ajfa-1319	26	10	a	a	DET
ajfa-1319	26	11	common	common	ADJ
ajfa-1319	26	12	financial	financial	ADJ
ajfa-1319	26	13	ratio	ratio	NOUN
ajfa-1319	26	14	,	,	PUNCT
ajfa-1319	26	15	return	return	VERB
ajfa-1319	26	16	on	on	ADP
ajfa-1319	26	17	equity	equity	NOUN
ajfa-1319	26	18	(	(	PUNCT
ajfa-1319	26	19	roe	roe	PROPN
ajfa-1319	26	20	)	)	PUNCT
ajfa-1319	26	21	,	,	PUNCT
ajfa-1319	26	22	in	in	ADP
ajfa-1319	26	23	order	order	NOUN
ajfa-1319	26	24	to	to	PART
ajfa-1319	26	25	provide	provide	VERB
ajfa-1319	26	26	robustness	robustness	NOUN
ajfa-1319	26	27	to	to	ADP
ajfa-1319	26	28	the	the	DET
ajfa-1319	26	29	results	result	NOUN
ajfa-1319	26	30	.	.	PUNCT
ajfa-1319	27	1	reverse	reverse	ADJ
ajfa-1319	27	2	causality	causality	NOUN
ajfa-1319	27	3	has	have	AUX
ajfa-1319	27	4	also	also	ADV
ajfa-1319	27	5	been	be	AUX
ajfa-1319	27	6	identified	identify	VERB
ajfa-1319	27	7	by	by	ADP
ajfa-1319	27	8	previous	previous	ADJ
ajfa-1319	27	9	studies	study	NOUN
ajfa-1319	27	10	(	(	PUNCT
ajfa-1319	27	11	berger	berger	PROPN
ajfa-1319	27	12	and	and	CCONJ
ajfa-1319	27	13	bonacorrsi	bonacorrsi	ADJ
ajfa-1319	27	14	di	di	X
ajfa-1319	27	15	patti	patti	PROPN
ajfa-1319	27	16	2006	2006	NUM
ajfa-1319	27	17	)	)	PUNCT
ajfa-1319	27	18	as	as	ADP
ajfa-1319	27	19	a	a	DET
ajfa-1319	27	20	possible	possible	ADJ
ajfa-1319	27	21	cause	cause	NOUN
ajfa-1319	27	22	of	of	ADP
ajfa-1319	27	23	curious	curious	ADJ
ajfa-1319	27	24	results	result	NOUN
ajfa-1319	27	25	.	.	PUNCT
ajfa-1319	28	1	it	it	PRON
ajfa-1319	28	2	has	have	AUX
ajfa-1319	28	3	been	be	AUX
ajfa-1319	28	4	argued	argue	VERB
ajfa-1319	28	5	that	that	SCONJ
ajfa-1319	28	6	it	it	PRON
ajfa-1319	28	7	is	be	AUX
ajfa-1319	28	8	in	in	ADP
ajfa-1319	28	9	fact	fact	NOUN
ajfa-1319	28	10	firm	firm	ADJ
ajfa-1319	28	11	performance	performance	NOUN
ajfa-1319	28	12	which	which	PRON
ajfa-1319	28	13	affects	affect	VERB
ajfa-1319	28	14	capital	capital	NOUN
ajfa-1319	28	15	structure	structure	NOUN
ajfa-1319	28	16	,	,	PUNCT
ajfa-1319	28	17	rather	rather	ADV
ajfa-1319	28	18	than	than	ADP
ajfa-1319	28	19	the	the	DET
ajfa-1319	28	20	other	other	ADJ
ajfa-1319	28	21	way	way	NOUN
ajfa-1319	28	22	around	around	ADV
ajfa-1319	28	23	.	.	PUNCT
ajfa-1319	29	1	this	this	DET
ajfa-1319	29	2	paper	paper	NOUN
ajfa-1319	29	3	will	will	AUX
ajfa-1319	29	4	asian	asian	ADJ
ajfa-1319	29	5	journal	journal	NOUN
ajfa-1319	29	6	of	of	ADP
ajfa-1319	29	7	finance	finance	PROPN
ajfa-1319	29	8	&	&	CCONJ
ajfa-1319	29	9	accounting	accounting	PROPN
ajfa-1319	29	10	issn	issn	PROPN
ajfa-1319	29	11	1946	1946	NUM
ajfa-1319	29	12	-	-	PUNCT
ajfa-1319	29	13	052x	052x	NOUN
ajfa-1319	29	14	2012	2012	NUM
ajfa-1319	29	15	,	,	PUNCT
ajfa-1319	29	16	vol	vol	NOUN
ajfa-1319	29	17	.	.	PROPN
ajfa-1319	29	18	4	4	NUM
ajfa-1319	29	19	,	,	PUNCT
ajfa-1319	29	20	no	no	INTJ
ajfa-1319	29	21	.	.	NOUN
ajfa-1319	29	22	1	1	NUM
ajfa-1319	29	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1319	29	24	280	280	NUM
ajfa-1319	29	25	therefore	therefore	ADV
ajfa-1319	29	26	test	test	NOUN
ajfa-1319	29	27	for	for	ADP
ajfa-1319	29	28	reverse	reverse	ADJ
ajfa-1319	29	29	causality	causality	NOUN
ajfa-1319	29	30	by	by	ADP
ajfa-1319	29	31	performing	perform	VERB
ajfa-1319	29	32	granger	granger	NOUN
ajfa-1319	29	33	-	-	PUNCT
ajfa-1319	29	34	causality	causality	NOUN
ajfa-1319	29	35	tests	test	NOUN
ajfa-1319	29	36	on	on	ADP
ajfa-1319	29	37	the	the	DET
ajfa-1319	29	38	relationships	relationship	NOUN
ajfa-1319	29	39	of	of	ADP
ajfa-1319	29	40	capital	capital	NOUN
ajfa-1319	29	41	structure	structure	NOUN
ajfa-1319	29	42	and	and	CCONJ
ajfa-1319	29	43	firm	firm	ADJ
ajfa-1319	29	44	performance	performance	NOUN
ajfa-1319	29	45	.	.	PUNCT
ajfa-1319	30	1	the	the	DET
ajfa-1319	30	2	findings	finding	NOUN
ajfa-1319	30	3	of	of	ADP
ajfa-1319	30	4	this	this	DET
ajfa-1319	30	5	paper	paper	NOUN
ajfa-1319	30	6	confirm	confirm	VERB
ajfa-1319	30	7	no	no	DET
ajfa-1319	30	8	significant	significant	ADJ
ajfa-1319	30	9	linear	linear	ADJ
ajfa-1319	30	10	relationship	relationship	NOUN
ajfa-1319	30	11	between	between	ADP
ajfa-1319	30	12	capital	capital	NOUN
ajfa-1319	30	13	structure	structure	NOUN
ajfa-1319	30	14	and	and	CCONJ
ajfa-1319	30	15	firm	firm	ADJ
ajfa-1319	30	16	performance	performance	NOUN
ajfa-1319	30	17	,	,	PUNCT
ajfa-1319	30	18	however	however	ADV
ajfa-1319	30	19	importantly	importantly	ADV
ajfa-1319	30	20	the	the	DET
ajfa-1319	30	21	relationship	relationship	NOUN
ajfa-1319	30	22	is	be	AUX
ajfa-1319	30	23	significant	significant	ADJ
ajfa-1319	30	24	and	and	CCONJ
ajfa-1319	30	25	robust	robust	ADJ
ajfa-1319	30	26	once	once	ADV
ajfa-1319	30	27	a	a	DET
ajfa-1319	30	28	quadratic	quadratic	ADJ
ajfa-1319	30	29	capital	capital	NOUN
ajfa-1319	30	30	structure	structure	NOUN
ajfa-1319	30	31	term	term	NOUN
ajfa-1319	30	32	is	be	AUX
ajfa-1319	30	33	added	add	VERB
ajfa-1319	30	34	.	.	PUNCT
ajfa-1319	31	1	this	this	PRON
ajfa-1319	31	2	leads	lead	VERB
ajfa-1319	31	3	to	to	ADP
ajfa-1319	31	4	the	the	DET
ajfa-1319	31	5	conclusion	conclusion	NOUN
ajfa-1319	31	6	that	that	PRON
ajfa-1319	31	7	increased	increase	VERB
ajfa-1319	31	8	debt	debt	NOUN
ajfa-1319	31	9	improves	improve	VERB
ajfa-1319	31	10	bank	bank	NOUN
ajfa-1319	31	11	performance	performance	NOUN
ajfa-1319	31	12	at	at	ADP
ajfa-1319	31	13	relatively	relatively	ADV
ajfa-1319	31	14	low	low	ADJ
ajfa-1319	31	15	levels	level	NOUN
ajfa-1319	31	16	of	of	ADP
ajfa-1319	31	17	leverage	leverage	NOUN
ajfa-1319	31	18	while	while	SCONJ
ajfa-1319	31	19	at	at	ADP
ajfa-1319	31	20	relatively	relatively	ADV
ajfa-1319	31	21	high	high	ADJ
ajfa-1319	31	22	levels	level	NOUN
ajfa-1319	31	23	of	of	ADP
ajfa-1319	31	24	leverage	leverage	NOUN
ajfa-1319	31	25	the	the	DET
ajfa-1319	31	26	effect	effect	NOUN
ajfa-1319	31	27	of	of	ADP
ajfa-1319	31	28	financial	financial	ADJ
ajfa-1319	31	29	distress	distress	NOUN
ajfa-1319	31	30	exceeds	exceed	VERB
ajfa-1319	31	31	the	the	DET
ajfa-1319	31	32	beneficial	beneficial	ADJ
ajfa-1319	31	33	effects	effect	NOUN
ajfa-1319	31	34	of	of	ADP
ajfa-1319	31	35	debt	debt	NOUN
ajfa-1319	31	36	on	on	ADP
ajfa-1319	31	37	managerial	managerial	ADJ
ajfa-1319	31	38	performance	performance	NOUN
ajfa-1319	31	39	and	and	CCONJ
ajfa-1319	31	40	therefore	therefore	ADV
ajfa-1319	31	41	leads	lead	VERB
ajfa-1319	31	42	to	to	ADP
ajfa-1319	31	43	decreased	decrease	VERB
ajfa-1319	31	44	bank	bank	NOUN
ajfa-1319	31	45	performance	performance	NOUN
ajfa-1319	31	46	.	.	PUNCT
ajfa-1319	32	1	several	several	ADJ
ajfa-1319	32	2	robustness	robustness	NOUN
ajfa-1319	32	3	checks	check	NOUN
ajfa-1319	32	4	are	be	AUX
ajfa-1319	32	5	performed	perform	VERB
ajfa-1319	32	6	and	and	CCONJ
ajfa-1319	32	7	discussed	discuss	VERB
ajfa-1319	32	8	which	which	PRON
ajfa-1319	32	9	also	also	ADV
ajfa-1319	32	10	yield	yield	VERB
ajfa-1319	32	11	favourable	favourable	ADJ
ajfa-1319	32	12	results	result	NOUN
ajfa-1319	32	13	.	.	PUNCT
ajfa-1319	33	1	the	the	DET
ajfa-1319	33	2	paper	paper	NOUN
ajfa-1319	33	3	is	be	AUX
ajfa-1319	33	4	structured	structure	VERB
ajfa-1319	33	5	as	as	SCONJ
ajfa-1319	33	6	follows	follow	VERB
ajfa-1319	33	7	.	.	PUNCT
ajfa-1319	34	1	section	section	NOUN
ajfa-1319	34	2	2	2	NUM
ajfa-1319	34	3	reviews	review	VERB
ajfa-1319	34	4	major	major	ADJ
ajfa-1319	34	5	prior	prior	ADJ
ajfa-1319	34	6	literature	literature	NOUN
ajfa-1319	34	7	on	on	ADP
ajfa-1319	34	8	the	the	DET
ajfa-1319	34	9	relationship	relationship	NOUN
ajfa-1319	34	10	of	of	ADP
ajfa-1319	34	11	capital	capital	NOUN
ajfa-1319	34	12	structure	structure	NOUN
ajfa-1319	34	13	and	and	CCONJ
ajfa-1319	34	14	firm	firm	ADJ
ajfa-1319	34	15	performance	performance	NOUN
ajfa-1319	34	16	as	as	ADV
ajfa-1319	34	17	well	well	ADV
ajfa-1319	34	18	as	as	ADP
ajfa-1319	34	19	specific	specific	ADJ
ajfa-1319	34	20	studies	study	NOUN
ajfa-1319	34	21	of	of	ADP
ajfa-1319	34	22	the	the	DET
ajfa-1319	34	23	financial	financial	ADJ
ajfa-1319	34	24	sector	sector	NOUN
ajfa-1319	34	25	.	.	PUNCT
ajfa-1319	35	1	section	section	NOUN
ajfa-1319	35	2	3	3	NUM
ajfa-1319	35	3	presents	present	VERB
ajfa-1319	35	4	the	the	DET
ajfa-1319	35	5	methodology	methodology	NOUN
ajfa-1319	35	6	employed	employ	VERB
ajfa-1319	35	7	in	in	ADP
ajfa-1319	35	8	our	our	PRON
ajfa-1319	35	9	study	study	NOUN
ajfa-1319	35	10	.	.	PUNCT
ajfa-1319	36	1	section	section	NOUN
ajfa-1319	36	2	4	4	NUM
ajfa-1319	36	3	addresses	address	NOUN
ajfa-1319	36	4	the	the	DET
ajfa-1319	36	5	data	datum	NOUN
ajfa-1319	36	6	and	and	CCONJ
ajfa-1319	36	7	explanatory	explanatory	ADJ
ajfa-1319	36	8	variables	variable	NOUN
ajfa-1319	36	9	in	in	ADP
ajfa-1319	36	10	the	the	DET
ajfa-1319	36	11	study	study	NOUN
ajfa-1319	36	12	.	.	PUNCT
ajfa-1319	37	1	section	section	NOUN
ajfa-1319	37	2	5	5	NUM
ajfa-1319	37	3	reports	report	VERB
ajfa-1319	37	4	the	the	DET
ajfa-1319	37	5	empirical	empirical	ADJ
ajfa-1319	37	6	results	result	NOUN
ajfa-1319	37	7	including	include	VERB
ajfa-1319	37	8	the	the	DET
ajfa-1319	37	9	estimation	estimation	NOUN
ajfa-1319	37	10	of	of	ADP
ajfa-1319	37	11	profit	profit	NOUN
ajfa-1319	37	12	efficiency	efficiency	NOUN
ajfa-1319	37	13	and	and	CCONJ
ajfa-1319	37	14	the	the	DET
ajfa-1319	37	15	effect	effect	NOUN
ajfa-1319	37	16	of	of	ADP
ajfa-1319	37	17	explanatory	explanatory	ADJ
ajfa-1319	37	18	variables	variable	NOUN
ajfa-1319	37	19	on	on	ADP
ajfa-1319	37	20	profit	profit	NOUN
ajfa-1319	37	21	efficiency	efficiency	NOUN
ajfa-1319	37	22	.	.	PUNCT
ajfa-1319	38	1	section	section	NOUN
ajfa-1319	38	2	6	6	NUM
ajfa-1319	38	3	offers	offer	VERB
ajfa-1319	38	4	a	a	DET
ajfa-1319	38	5	conclusion	conclusion	NOUN
ajfa-1319	38	6	of	of	ADP
ajfa-1319	38	7	the	the	DET
ajfa-1319	38	8	paper	paper	NOUN
ajfa-1319	38	9	.	.	PUNCT
ajfa-1319	39	1	2	2	X
ajfa-1319	39	2	.	.	X
ajfa-1319	39	3	literature	literature	NOUN
ajfa-1319	39	4	review	review	VERB
ajfa-1319	39	5	2.1	2.1	NUM
ajfa-1319	39	6	agency	agency	NOUN
ajfa-1319	39	7	cost	cost	NOUN
ajfa-1319	39	8	theory	theory	NOUN
ajfa-1319	39	9	,	,	PUNCT
ajfa-1319	39	10	capital	capital	NOUN
ajfa-1319	39	11	structure	structure	NOUN
ajfa-1319	39	12	and	and	CCONJ
ajfa-1319	39	13	firm	firm	ADJ
ajfa-1319	39	14	performance	performance	NOUN
ajfa-1319	39	15	agency	agency	NOUN
ajfa-1319	39	16	cost	cost	NOUN
ajfa-1319	39	17	theory	theory	NOUN
ajfa-1319	39	18	is	be	AUX
ajfa-1319	39	19	a	a	DET
ajfa-1319	39	20	logical	logical	ADJ
ajfa-1319	39	21	concept	concept	NOUN
ajfa-1319	39	22	which	which	PRON
ajfa-1319	39	23	states	state	VERB
ajfa-1319	39	24	that	that	SCONJ
ajfa-1319	39	25	the	the	DET
ajfa-1319	39	26	separation	separation	NOUN
ajfa-1319	39	27	of	of	ADP
ajfa-1319	39	28	goals	goal	NOUN
ajfa-1319	39	29	for	for	ADP
ajfa-1319	39	30	management	management	NOUN
ajfa-1319	39	31	and	and	CCONJ
ajfa-1319	39	32	ownership	ownership	NOUN
ajfa-1319	39	33	in	in	ADP
ajfa-1319	39	34	a	a	DET
ajfa-1319	39	35	firm	firm	NOUN
ajfa-1319	39	36	may	may	AUX
ajfa-1319	39	37	lead	lead	VERB
ajfa-1319	39	38	to	to	ADP
ajfa-1319	39	39	negative	negative	ADJ
ajfa-1319	39	40	consequences	consequence	NOUN
ajfa-1319	39	41	in	in	ADP
ajfa-1319	39	42	its	its	PRON
ajfa-1319	39	43	performance	performance	NOUN
ajfa-1319	39	44	.	.	PUNCT
ajfa-1319	40	1	the	the	DET
ajfa-1319	40	2	fundamental	fundamental	ADJ
ajfa-1319	40	3	thought	thought	NOUN
ajfa-1319	40	4	process	process	NOUN
ajfa-1319	40	5	behind	behind	ADP
ajfa-1319	40	6	the	the	DET
ajfa-1319	40	7	theory	theory	NOUN
ajfa-1319	40	8	is	be	AUX
ajfa-1319	40	9	that	that	SCONJ
ajfa-1319	40	10	when	when	SCONJ
ajfa-1319	40	11	ownership	ownership	NOUN
ajfa-1319	40	12	and	and	CCONJ
ajfa-1319	40	13	management	management	NOUN
ajfa-1319	40	14	are	be	AUX
ajfa-1319	40	15	separate	separate	ADJ
ajfa-1319	40	16	entities	entity	NOUN
ajfa-1319	40	17	they	they	PRON
ajfa-1319	40	18	do	do	AUX
ajfa-1319	40	19	not	not	PART
ajfa-1319	40	20	share	share	VERB
ajfa-1319	40	21	a	a	DET
ajfa-1319	40	22	common	common	ADJ
ajfa-1319	40	23	goal	goal	NOUN
ajfa-1319	40	24	.	.	PUNCT
ajfa-1319	41	1	(	(	PUNCT
ajfa-1319	41	2	jensen	jensen	PROPN
ajfa-1319	41	3	and	and	CCONJ
ajfa-1319	41	4	meckling	meckling	NOUN
ajfa-1319	41	5	,	,	PUNCT
ajfa-1319	41	6	1976	1976	NUM
ajfa-1319	41	7	)	)	PUNCT
ajfa-1319	41	8	since	since	SCONJ
ajfa-1319	41	9	it	it	PRON
ajfa-1319	41	10	is	be	AUX
ajfa-1319	41	11	management	management	NOUN
ajfa-1319	41	12	who	who	PRON
ajfa-1319	41	13	is	be	AUX
ajfa-1319	41	14	in	in	ADP
ajfa-1319	41	15	control	control	NOUN
ajfa-1319	41	16	of	of	ADP
ajfa-1319	41	17	key	key	ADJ
ajfa-1319	41	18	decision	decision	NOUN
ajfa-1319	41	19	-	-	PUNCT
ajfa-1319	41	20	making	making	NOUN
ajfa-1319	41	21	,	,	PUNCT
ajfa-1319	41	22	this	this	DET
ajfa-1319	41	23	separation	separation	NOUN
ajfa-1319	41	24	is	be	AUX
ajfa-1319	41	25	detrimental	detrimental	ADJ
ajfa-1319	41	26	to	to	PART
ajfa-1319	41	27	firm	firm	ADJ
ajfa-1319	41	28	performance	performance	NOUN
ajfa-1319	41	29	.	.	PUNCT
ajfa-1319	42	1	two	two	NUM
ajfa-1319	42	2	key	key	ADJ
ajfa-1319	42	3	assumptions	assumption	NOUN
ajfa-1319	42	4	are	be	AUX
ajfa-1319	42	5	made	make	VERB
ajfa-1319	42	6	in	in	ADP
ajfa-1319	42	7	regards	regard	NOUN
ajfa-1319	42	8	to	to	ADP
ajfa-1319	42	9	the	the	DET
ajfa-1319	42	10	management	management	NOUN
ajfa-1319	42	11	and	and	CCONJ
ajfa-1319	42	12	owners	owner	NOUN
ajfa-1319	42	13	of	of	ADP
ajfa-1319	42	14	firms	firm	NOUN
ajfa-1319	42	15	for	for	ADP
ajfa-1319	42	16	this	this	DET
ajfa-1319	42	17	theory	theory	NOUN
ajfa-1319	42	18	to	to	PART
ajfa-1319	42	19	hold	hold	VERB
ajfa-1319	42	20	.	.	PUNCT
ajfa-1319	43	1	the	the	DET
ajfa-1319	43	2	human	human	ADJ
ajfa-1319	43	3	assumption	assumption	NOUN
ajfa-1319	43	4	(	(	PUNCT
ajfa-1319	43	5	eisenhardt	eisenhardt	ADJ
ajfa-1319	43	6	,	,	PUNCT
ajfa-1319	43	7	1989	1989	NUM
ajfa-1319	43	8	)	)	PUNCT
ajfa-1319	43	9	argues	argue	VERB
ajfa-1319	43	10	that	that	SCONJ
ajfa-1319	43	11	management	management	NOUN
ajfa-1319	43	12	suffers	suffer	VERB
ajfa-1319	43	13	from	from	ADP
ajfa-1319	43	14	human	human	ADJ
ajfa-1319	43	15	imperfections	imperfection	NOUN
ajfa-1319	43	16	,	,	PUNCT
ajfa-1319	43	17	which	which	PRON
ajfa-1319	43	18	manifest	manifest	VERB
ajfa-1319	43	19	themselves	themselves	PRON
ajfa-1319	43	20	in	in	ADP
ajfa-1319	43	21	the	the	DET
ajfa-1319	43	22	form	form	NOUN
ajfa-1319	43	23	of	of	ADP
ajfa-1319	43	24	self	self	NOUN
ajfa-1319	43	25	-	-	PUNCT
ajfa-1319	43	26	interest	interest	NOUN
ajfa-1319	43	27	.	.	PUNCT
ajfa-1319	44	1	despite	despite	SCONJ
ajfa-1319	44	2	managements	management	NOUN
ajfa-1319	44	3	major	major	ADJ
ajfa-1319	44	4	role	role	NOUN
ajfa-1319	44	5	being	be	AUX
ajfa-1319	44	6	that	that	PRON
ajfa-1319	44	7	of	of	ADP
ajfa-1319	44	8	maximizing	maximize	VERB
ajfa-1319	44	9	firm	firm	ADJ
ajfa-1319	44	10	performance	performance	NOUN
ajfa-1319	44	11	,	,	PUNCT
ajfa-1319	44	12	it	it	PRON
ajfa-1319	44	13	is	be	AUX
ajfa-1319	44	14	driven	drive	VERB
ajfa-1319	44	15	by	by	ADP
ajfa-1319	44	16	a	a	DET
ajfa-1319	44	17	bounded	bounded	ADJ
ajfa-1319	44	18	rationality	rationality	NOUN
ajfa-1319	44	19	whereby	whereby	SCONJ
ajfa-1319	44	20	the	the	DET
ajfa-1319	44	21	optimal	optimal	ADJ
ajfa-1319	44	22	choices	choice	NOUN
ajfa-1319	44	23	for	for	ADP
ajfa-1319	44	24	the	the	DET
ajfa-1319	44	25	firm	firm	NOUN
ajfa-1319	44	26	may	may	AUX
ajfa-1319	44	27	be	be	AUX
ajfa-1319	44	28	foregone	foregone	ADJ
ajfa-1319	44	29	in	in	ADP
ajfa-1319	44	30	favour	favour	NOUN
ajfa-1319	44	31	of	of	ADP
ajfa-1319	44	32	decisions	decision	NOUN
ajfa-1319	44	33	that	that	PRON
ajfa-1319	44	34	lead	lead	VERB
ajfa-1319	44	35	to	to	ADP
ajfa-1319	44	36	personal	personal	ADJ
ajfa-1319	44	37	gain	gain	NOUN
ajfa-1319	44	38	.	.	PUNCT
ajfa-1319	45	1	the	the	DET
ajfa-1319	45	2	organizational	organizational	ADJ
ajfa-1319	45	3	assumption	assumption	NOUN
ajfa-1319	45	4	(	(	PUNCT
ajfa-1319	45	5	eisenhardt	eisenhardt	ADJ
ajfa-1319	45	6	,	,	PUNCT
ajfa-1319	45	7	1989	1989	NUM
ajfa-1319	45	8	)	)	PUNCT
ajfa-1319	45	9	states	state	VERB
ajfa-1319	45	10	a	a	DET
ajfa-1319	45	11	firm	firm	NOUN
ajfa-1319	45	12	may	may	AUX
ajfa-1319	45	13	have	have	VERB
ajfa-1319	45	14	many	many	ADJ
ajfa-1319	45	15	owners	owner	NOUN
ajfa-1319	45	16	whose	whose	DET
ajfa-1319	45	17	measure	measure	NOUN
ajfa-1319	45	18	of	of	ADP
ajfa-1319	45	19	performance	performance	NOUN
ajfa-1319	45	20	may	may	AUX
ajfa-1319	45	21	differ	differ	VERB
ajfa-1319	45	22	from	from	ADP
ajfa-1319	45	23	one	one	NUM
ajfa-1319	45	24	another	another	DET
ajfa-1319	45	25	.	.	PUNCT
ajfa-1319	46	1	this	this	PRON
ajfa-1319	46	2	leads	lead	VERB
ajfa-1319	46	3	to	to	ADP
ajfa-1319	46	4	partial	partial	ADJ
ajfa-1319	46	5	goal	goal	NOUN
ajfa-1319	46	6	conflict	conflict	NOUN
ajfa-1319	46	7	among	among	ADP
ajfa-1319	46	8	participants	participant	NOUN
ajfa-1319	46	9	.	.	PUNCT
ajfa-1319	47	1	the	the	DET
ajfa-1319	47	2	key	key	NOUN
ajfa-1319	47	3	behind	behind	ADP
ajfa-1319	47	4	optimizing	optimize	VERB
ajfa-1319	47	5	efficiency	efficiency	NOUN
ajfa-1319	47	6	and	and	CCONJ
ajfa-1319	47	7	minimizing	minimize	VERB
ajfa-1319	47	8	agency	agency	NOUN
ajfa-1319	47	9	cost	cost	NOUN
ajfa-1319	47	10	is	be	AUX
ajfa-1319	47	11	the	the	DET
ajfa-1319	47	12	unification	unification	NOUN
ajfa-1319	47	13	of	of	ADP
ajfa-1319	47	14	managerial	managerial	ADJ
ajfa-1319	47	15	and	and	CCONJ
ajfa-1319	47	16	ownership	ownership	NOUN
ajfa-1319	47	17	goals	goal	NOUN
ajfa-1319	47	18	(	(	PUNCT
ajfa-1319	47	19	jensen	jensen	PROPN
ajfa-1319	47	20	and	and	CCONJ
ajfa-1319	47	21	meckling	meckling	NOUN
ajfa-1319	47	22	,	,	PUNCT
ajfa-1319	47	23	1976	1976	NUM
ajfa-1319	47	24	)	)	PUNCT
ajfa-1319	47	25	.	.	PUNCT
ajfa-1319	48	1	one	one	NUM
ajfa-1319	48	2	way	way	NOUN
ajfa-1319	48	3	of	of	ADP
ajfa-1319	48	4	unifying	unify	VERB
ajfa-1319	48	5	these	these	DET
ajfa-1319	48	6	goals	goal	NOUN
ajfa-1319	48	7	is	be	AUX
ajfa-1319	48	8	to	to	PART
ajfa-1319	48	9	instil	instil	VERB
ajfa-1319	48	10	responsibility	responsibility	NOUN
ajfa-1319	48	11	into	into	ADP
ajfa-1319	48	12	management	management	NOUN
ajfa-1319	48	13	through	through	ADP
ajfa-1319	48	14	partial	partial	ADJ
ajfa-1319	48	15	ownership	ownership	NOUN
ajfa-1319	48	16	(	(	PUNCT
ajfa-1319	48	17	fama	fama	NOUN
ajfa-1319	48	18	and	and	CCONJ
ajfa-1319	48	19	jensen	jensen	PROPN
ajfa-1319	48	20	,	,	PUNCT
ajfa-1319	48	21	1983	1983	NUM
ajfa-1319	48	22	)	)	PUNCT
ajfa-1319	48	23	.	.	PUNCT
ajfa-1319	49	1	shares	share	NOUN
ajfa-1319	49	2	are	be	AUX
ajfa-1319	49	3	issued	issue	VERB
ajfa-1319	49	4	to	to	ADP
ajfa-1319	49	5	management	management	NOUN
ajfa-1319	49	6	as	as	ADP
ajfa-1319	49	7	part	part	NOUN
ajfa-1319	49	8	of	of	ADP
ajfa-1319	49	9	their	their	PRON
ajfa-1319	49	10	contractual	contractual	ADJ
ajfa-1319	49	11	wage	wage	NOUN
ajfa-1319	49	12	agreement	agreement	NOUN
ajfa-1319	49	13	.	.	PUNCT
ajfa-1319	50	1	this	this	PRON
ajfa-1319	50	2	is	be	AUX
ajfa-1319	50	3	a	a	DET
ajfa-1319	50	4	relatively	relatively	ADV
ajfa-1319	50	5	simple	simple	ADJ
ajfa-1319	50	6	,	,	PUNCT
ajfa-1319	50	7	yet	yet	CCONJ
ajfa-1319	50	8	effective	effective	ADJ
ajfa-1319	50	9	way	way	NOUN
ajfa-1319	50	10	of	of	ADP
ajfa-1319	50	11	creating	create	VERB
ajfa-1319	50	12	an	an	DET
ajfa-1319	50	13	incentive	incentive	NOUN
ajfa-1319	50	14	based	base	VERB
ajfa-1319	50	15	wage	wage	NOUN
ajfa-1319	50	16	to	to	ADP
ajfa-1319	50	17	management	management	NOUN
ajfa-1319	50	18	,	,	PUNCT
ajfa-1319	50	19	who	who	PRON
ajfa-1319	50	20	are	be	AUX
ajfa-1319	50	21	therefore	therefore	ADV
ajfa-1319	50	22	forced	force	VERB
ajfa-1319	50	23	to	to	PART
ajfa-1319	50	24	work	work	VERB
ajfa-1319	50	25	harder	hard	ADV
ajfa-1319	50	26	to	to	PART
ajfa-1319	50	27	increase	increase	VERB
ajfa-1319	50	28	firm	firm	ADJ
ajfa-1319	50	29	performance	performance	NOUN
ajfa-1319	50	30	as	as	ADV
ajfa-1319	50	31	well	well	ADV
ajfa-1319	50	32	as	as	ADP
ajfa-1319	50	33	their	their	PRON
ajfa-1319	50	34	wage	wage	NOUN
ajfa-1319	50	35	.	.	PUNCT
ajfa-1319	51	1	more	more	ADV
ajfa-1319	51	2	closely	closely	ADV
ajfa-1319	51	3	related	relate	VERB
ajfa-1319	51	4	to	to	ADP
ajfa-1319	51	5	this	this	DET
ajfa-1319	51	6	paper	paper	NOUN
ajfa-1319	51	7	is	be	AUX
ajfa-1319	51	8	the	the	DET
ajfa-1319	51	9	theory	theory	NOUN
ajfa-1319	51	10	behind	behind	ADP
ajfa-1319	51	11	minimizing	minimize	VERB
ajfa-1319	51	12	agency	agency	NOUN
ajfa-1319	51	13	cost	cost	NOUN
ajfa-1319	51	14	through	through	ADP
ajfa-1319	51	15	increasing	increase	VERB
ajfa-1319	51	16	debt	debt	NOUN
ajfa-1319	51	17	levels	level	NOUN
ajfa-1319	51	18	.	.	PUNCT
ajfa-1319	52	1	though	though	SCONJ
ajfa-1319	52	2	the	the	DET
ajfa-1319	52	3	idea	idea	NOUN
ajfa-1319	52	4	of	of	ADP
ajfa-1319	52	5	debt	debt	NOUN
ajfa-1319	52	6	levels	level	NOUN
ajfa-1319	52	7	being	be	AUX
ajfa-1319	52	8	tiedto	tiedto	ADJ
ajfa-1319	52	9	agency	agency	NOUN
ajfa-1319	52	10	cost	cost	NOUN
ajfa-1319	52	11	may	may	AUX
ajfa-1319	52	12	sound	sound	VERB
ajfa-1319	52	13	trivial	trivial	ADJ
ajfa-1319	52	14	at	at	ADP
ajfa-1319	52	15	first	first	ADV
ajfa-1319	52	16	,	,	PUNCT
ajfa-1319	52	17	the	the	DET
ajfa-1319	52	18	theory	theory	NOUN
ajfa-1319	52	19	is	be	AUX
ajfa-1319	52	20	quite	quite	ADV
ajfa-1319	52	21	difficult	difficult	ADJ
ajfa-1319	52	22	to	to	PART
ajfa-1319	52	23	refute	refute	VERB
ajfa-1319	52	24	.	.	PUNCT
ajfa-1319	53	1	according	accord	VERB
ajfa-1319	53	2	to	to	ADP
ajfa-1319	53	3	harris	harris	PROPN
ajfa-1319	53	4	and	and	CCONJ
ajfa-1319	53	5	raviv	raviv	PROPN
ajfa-1319	53	6	(	(	PUNCT
ajfa-1319	53	7	1991	1991	NUM
ajfa-1319	53	8	)	)	PUNCT
ajfa-1319	53	9	,	,	PUNCT
ajfa-1319	53	10	debt	debt	NOUN
ajfa-1319	53	11	can	can	AUX
ajfa-1319	53	12	act	act	VERB
ajfa-1319	53	13	as	as	ADP
ajfa-1319	53	14	a	a	DET
ajfa-1319	53	15	monitoring	monitoring	NOUN
ajfa-1319	53	16	and	and	CCONJ
ajfa-1319	53	17	incentive	incentive	NOUN
ajfa-1319	53	18	device	device	NOUN
ajfa-1319	53	19	,	,	PUNCT
ajfa-1319	53	20	since	since	SCONJ
ajfa-1319	53	21	there	there	PRON
ajfa-1319	53	22	is	be	VERB
ajfa-1319	53	23	a	a	DET
ajfa-1319	53	24	positive	positive	ADJ
ajfa-1319	53	25	correlation	correlation	NOUN
ajfa-1319	53	26	between	between	ADP
ajfa-1319	53	27	higher	high	ADJ
ajfa-1319	53	28	debt	debt	NOUN
ajfa-1319	53	29	levels	level	NOUN
ajfa-1319	53	30	and	and	CCONJ
ajfa-1319	53	31	higher	high	ADJ
ajfa-1319	53	32	financial	financial	ADJ
ajfa-1319	53	33	distress	distress	NOUN
ajfa-1319	53	34	.	.	PUNCT
ajfa-1319	54	1	a	a	DET
ajfa-1319	54	2	company	company	NOUN
ajfa-1319	54	3	is	be	AUX
ajfa-1319	54	4	more	more	ADV
ajfa-1319	54	5	likely	likely	ADJ
ajfa-1319	54	6	to	to	PART
ajfa-1319	54	7	face	face	VERB
ajfa-1319	54	8	bankruptcy	bankruptcy	NOUN
ajfa-1319	54	9	if	if	SCONJ
ajfa-1319	54	10	it	it	PRON
ajfa-1319	54	11	is	be	AUX
ajfa-1319	54	12	experiencing	experience	VERB
ajfa-1319	54	13	high	high	ADJ
ajfa-1319	54	14	financial	financial	ADJ
ajfa-1319	54	15	distress	distress	NOUN
ajfa-1319	54	16	:	:	PUNCT
ajfa-1319	54	17	this	this	DET
ajfa-1319	54	18	fact	fact	NOUN
ajfa-1319	54	19	drives	drive	VERB
ajfa-1319	54	20	management	management	NOUN
ajfa-1319	54	21	to	to	PART
ajfa-1319	54	22	improve	improve	VERB
ajfa-1319	54	23	firm	firm	ADJ
ajfa-1319	54	24	performance	performance	NOUN
ajfa-1319	54	25	,	,	PUNCT
ajfa-1319	54	26	as	as	SCONJ
ajfa-1319	54	27	it	it	PRON
ajfa-1319	54	28	does	do	AUX
ajfa-1319	54	29	not	not	PART
ajfa-1319	54	30	want	want	VERB
ajfa-1319	54	31	to	to	PART
ajfa-1319	54	32	suffer	suffer	VERB
ajfa-1319	54	33	job	job	NOUN
ajfa-1319	54	34	loss	loss	NOUN
ajfa-1319	54	35	and/or	and/or	CCONJ
ajfa-1319	54	36	a	a	DET
ajfa-1319	54	37	bad	bad	ADJ
ajfa-1319	54	38	reputation	reputation	NOUN
ajfa-1319	54	39	as	as	ADP
ajfa-1319	54	40	a	a	DET
ajfa-1319	54	41	asian	asian	ADJ
ajfa-1319	54	42	journal	journal	NOUN
ajfa-1319	54	43	of	of	ADP
ajfa-1319	54	44	finance	finance	PROPN
ajfa-1319	54	45	&	&	CCONJ
ajfa-1319	54	46	accounting	accounting	PROPN
ajfa-1319	54	47	issn	issn	PROPN
ajfa-1319	54	48	1946	1946	NUM
ajfa-1319	54	49	-	-	PUNCT
ajfa-1319	54	50	052x	052x	NOUN
ajfa-1319	54	51	2012	2012	NUM
ajfa-1319	54	52	,	,	PUNCT
ajfa-1319	54	53	vol	vol	NOUN
ajfa-1319	54	54	.	.	PROPN
ajfa-1319	55	1	4	4	NUM
ajfa-1319	55	2	,	,	PUNCT
ajfa-1319	55	3	no	no	INTJ
ajfa-1319	55	4	.	.	NOUN
ajfa-1319	55	5	1	1	NUM
ajfa-1319	55	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1319	55	7	281	281	NUM
ajfa-1319	55	8	consequence	consequence	NOUN
ajfa-1319	55	9	of	of	ADP
ajfa-1319	55	10	bankruptcy	bankruptcy	NOUN
ajfa-1319	55	11	(	(	PUNCT
ajfa-1319	55	12	opler	opler	ADJ
ajfa-1319	55	13	and	and	CCONJ
ajfa-1319	55	14	titman	titman	NOUN
ajfa-1319	55	15	,	,	PUNCT
ajfa-1319	55	16	1994	1994	NUM
ajfa-1319	55	17	;	;	PUNCT
ajfa-1319	55	18	grossman	grossman	NOUN
ajfa-1319	55	19	and	and	CCONJ
ajfa-1319	55	20	hart	hart	PROPN
ajfa-1319	55	21	,	,	PUNCT
ajfa-1319	55	22	1982	1982	NUM
ajfa-1319	55	23	)	)	PUNCT
ajfa-1319	55	24	.	.	PUNCT
ajfa-1319	56	1	for	for	ADP
ajfa-1319	56	2	the	the	DET
ajfa-1319	56	3	empirical	empirical	ADJ
ajfa-1319	56	4	studies	study	NOUN
ajfa-1319	56	5	,	,	PUNCT
ajfa-1319	56	6	margiratis	margiratis	NOUN
ajfa-1319	56	7	and	and	CCONJ
ajfa-1319	56	8	psillaki	psillaki	PROPN
ajfa-1319	56	9	(	(	PUNCT
ajfa-1319	56	10	2007	2007	NUM
ajfa-1319	56	11	)	)	PUNCT
ajfa-1319	56	12	test	test	NOUN
ajfa-1319	56	13	for	for	ADP
ajfa-1319	56	14	profit	profit	NOUN
ajfa-1319	56	15	efficiency	efficiency	NOUN
ajfa-1319	56	16	and	and	CCONJ
ajfa-1319	56	17	the	the	DET
ajfa-1319	56	18	role	role	NOUN
ajfa-1319	56	19	capital	capital	NOUN
ajfa-1319	56	20	structure	structure	NOUN
ajfa-1319	56	21	plays	play	VERB
ajfa-1319	56	22	in	in	ADP
ajfa-1319	56	23	its	its	PRON
ajfa-1319	56	24	determination	determination	NOUN
ajfa-1319	56	25	.	.	PUNCT
ajfa-1319	57	1	they	they	PRON
ajfa-1319	57	2	define	define	VERB
ajfa-1319	57	3	profit	profit	NOUN
ajfa-1319	57	4	efficiency	efficiency	NOUN
ajfa-1319	57	5	as	as	ADP
ajfa-1319	57	6	the	the	DET
ajfa-1319	57	7	difference	difference	NOUN
ajfa-1319	57	8	between	between	ADP
ajfa-1319	57	9	maximum	maximum	ADJ
ajfa-1319	57	10	potential	potential	ADJ
ajfa-1319	57	11	output	output	NOUN
ajfa-1319	57	12	and	and	CCONJ
ajfa-1319	57	13	actual	actual	ADJ
ajfa-1319	57	14	output	output	NOUN
ajfa-1319	57	15	while	while	SCONJ
ajfa-1319	57	16	keeping	keep	VERB
ajfa-1319	57	17	input	input	NOUN
ajfa-1319	57	18	constant	constant	ADJ
ajfa-1319	57	19	.	.	PUNCT
ajfa-1319	58	1	these	these	DET
ajfa-1319	58	2	inefficiencies	inefficiency	NOUN
ajfa-1319	58	3	are	be	AUX
ajfa-1319	58	4	considered	consider	VERB
ajfa-1319	58	5	to	to	PART
ajfa-1319	58	6	be	be	AUX
ajfa-1319	58	7	direct	direct	ADJ
ajfa-1319	58	8	outcomes	outcome	NOUN
ajfa-1319	58	9	of	of	ADP
ajfa-1319	58	10	agency	agency	NOUN
ajfa-1319	58	11	cost	cost	NOUN
ajfa-1319	58	12	.	.	PUNCT
ajfa-1319	59	1	furthermore	furthermore	ADV
ajfa-1319	59	2	,	,	PUNCT
ajfa-1319	59	3	reverse	reverse	ADJ
ajfa-1319	59	4	causality	causality	NOUN
ajfa-1319	59	5	is	be	AUX
ajfa-1319	59	6	tested	test	VERB
ajfa-1319	59	7	for	for	ADP
ajfa-1319	59	8	by	by	ADP
ajfa-1319	59	9	regressing	regress	VERB
ajfa-1319	59	10	firm	firm	ADJ
ajfa-1319	59	11	performance	performance	NOUN
ajfa-1319	59	12	as	as	SCONJ
ajfa-1319	59	13	measured	measure	VERB
ajfa-1319	59	14	by	by	ADP
ajfa-1319	59	15	profit	profit	NOUN
ajfa-1319	59	16	efficiency	efficiency	NOUN
ajfa-1319	59	17	against	against	ADP
ajfa-1319	59	18	the	the	DET
ajfa-1319	59	19	capital	capital	NOUN
ajfa-1319	59	20	structure	structure	NOUN
ajfa-1319	59	21	of	of	ADP
ajfa-1319	59	22	firms	firm	NOUN
ajfa-1319	59	23	.	.	PUNCT
ajfa-1319	60	1	this	this	PRON
ajfa-1319	60	2	investigates	investigate	VERB
ajfa-1319	60	3	the	the	DET
ajfa-1319	60	4	validity	validity	NOUN
ajfa-1319	60	5	of	of	ADP
ajfa-1319	60	6	the	the	DET
ajfa-1319	60	7	efficiency	efficiency	NOUN
ajfa-1319	60	8	-	-	PUNCT
ajfa-1319	60	9	risk	risk	NOUN
ajfa-1319	60	10	hypothesis	hypothesis	NOUN
ajfa-1319	60	11	and	and	CCONJ
ajfa-1319	60	12	the	the	DET
ajfa-1319	60	13	franchise	franchise	NOUN
ajfa-1319	60	14	value	value	NOUN
ajfa-1319	60	15	hypothesis	hypothesis	NOUN
ajfa-1319	60	16	.	.	PUNCT
ajfa-1319	61	1	a	a	DET
ajfa-1319	61	2	very	very	ADV
ajfa-1319	61	3	similar	similar	ADJ
ajfa-1319	61	4	definition	definition	NOUN
ajfa-1319	61	5	of	of	ADP
ajfa-1319	61	6	profit	profit	NOUN
ajfa-1319	61	7	efficiency	efficiency	NOUN
ajfa-1319	61	8	to	to	ADP
ajfa-1319	61	9	that	that	PRON
ajfa-1319	61	10	of	of	ADP
ajfa-1319	61	11	berger	berger	PROPN
ajfa-1319	61	12	and	and	CCONJ
ajfa-1319	61	13	bonaccorsi	bonaccorsi	PROPN
ajfa-1319	61	14	di	di	X
ajfa-1319	61	15	patti	patti	PROPN
ajfa-1319	61	16	(	(	PUNCT
ajfa-1319	61	17	2006	2006	NUM
ajfa-1319	61	18	)	)	PUNCT
ajfa-1319	61	19	is	be	AUX
ajfa-1319	61	20	adopted	adopt	VERB
ajfa-1319	61	21	in	in	ADP
ajfa-1319	61	22	margiratis	margiratis	PROPN
ajfa-1319	61	23	and	and	CCONJ
ajfa-1319	61	24	psillaki	psillaki	VERB
ajfa-1319	61	25	’s	’s	PART
ajfa-1319	61	26	(	(	PUNCT
ajfa-1319	61	27	2007	2007	NUM
ajfa-1319	61	28	)	)	PUNCT
ajfa-1319	61	29	paper	paper	NOUN
ajfa-1319	61	30	.	.	PUNCT
ajfa-1319	62	1	a	a	DET
ajfa-1319	62	2	comprehensive	comprehensive	ADJ
ajfa-1319	62	3	12,240	12,240	NUM
ajfa-1319	62	4	new	new	ADJ
ajfa-1319	62	5	zealand	zealand	PROPN
ajfa-1319	62	6	firms	firm	NOUN
ajfa-1319	62	7	from	from	ADP
ajfa-1319	62	8	the	the	DET
ajfa-1319	62	9	2004	2004	NUM
ajfa-1319	62	10	new	new	PROPN
ajfa-1319	62	11	zealand	zealand	PROPN
ajfa-1319	62	12	annual	annual	ADJ
ajfa-1319	62	13	enterprise	enterprise	NOUN
ajfa-1319	62	14	survey	survey	NOUN
ajfa-1319	62	15	make	make	VERB
ajfa-1319	62	16	up	up	ADP
ajfa-1319	62	17	the	the	DET
ajfa-1319	62	18	data	data	NOUN
ajfa-1319	62	19	-	-	PUNCT
ajfa-1319	62	20	set	set	NOUN
ajfa-1319	62	21	.	.	PUNCT
ajfa-1319	63	1	these	these	PRON
ajfa-1319	63	2	are	be	AUX
ajfa-1319	63	3	primarily	primarily	ADV
ajfa-1319	63	4	constituted	constitute	VERB
ajfa-1319	63	5	by	by	ADP
ajfa-1319	63	6	small	small	ADJ
ajfa-1319	63	7	and	and	CCONJ
ajfa-1319	63	8	medium	medium	ADJ
ajfa-1319	63	9	enterprises	enterprise	NOUN
ajfa-1319	63	10	,	,	PUNCT
ajfa-1319	63	11	and	and	CCONJ
ajfa-1319	63	12	according	accord	VERB
ajfa-1319	63	13	to	to	ADP
ajfa-1319	63	14	the	the	DET
ajfa-1319	63	15	ministry	ministry	PROPN
ajfa-1319	63	16	of	of	ADP
ajfa-1319	63	17	economic	economic	PROPN
ajfa-1319	63	18	development	development	NOUN
ajfa-1319	63	19	in	in	ADP
ajfa-1319	63	20	new	new	PROPN
ajfa-1319	63	21	zealand	zealand	PROPN
ajfa-1319	63	22	are	be	AUX
ajfa-1319	63	23	defined	define	VERB
ajfa-1319	63	24	as	as	ADP
ajfa-1319	63	25	employing	employ	VERB
ajfa-1319	63	26	less	less	ADJ
ajfa-1319	63	27	than	than	ADP
ajfa-1319	63	28	19	19	NUM
ajfa-1319	63	29	workers	worker	NOUN
ajfa-1319	63	30	.	.	PUNCT
ajfa-1319	64	1	their	their	PRON
ajfa-1319	64	2	findings	finding	NOUN
ajfa-1319	64	3	match	match	VERB
ajfa-1319	64	4	expectations	expectation	NOUN
ajfa-1319	64	5	gathered	gather	VERB
ajfa-1319	64	6	from	from	ADP
ajfa-1319	64	7	agency	agency	NOUN
ajfa-1319	64	8	cost	cost	NOUN
ajfa-1319	64	9	theory	theory	NOUN
ajfa-1319	64	10	,	,	PUNCT
ajfa-1319	64	11	pecking	pecking	NOUN
ajfa-1319	64	12	order	order	NOUN
ajfa-1319	64	13	theory	theory	NOUN
ajfa-1319	64	14	,	,	PUNCT
ajfa-1319	64	15	and	and	CCONJ
ajfa-1319	64	16	to	to	ADP
ajfa-1319	64	17	a	a	DET
ajfa-1319	64	18	lesser	less	ADJ
ajfa-1319	64	19	extent	extent	NOUN
ajfa-1319	64	20	,	,	PUNCT
ajfa-1319	64	21	static	static	ADJ
ajfa-1319	64	22	theory	theory	NOUN
ajfa-1319	64	23	.	.	PUNCT
ajfa-1319	65	1	using	use	VERB
ajfa-1319	65	2	the	the	DET
ajfa-1319	65	3	entire	entire	ADJ
ajfa-1319	65	4	range	range	NOUN
ajfa-1319	65	5	of	of	ADP
ajfa-1319	65	6	data	datum	NOUN
ajfa-1319	65	7	they	they	PRON
ajfa-1319	65	8	conclude	conclude	VERB
ajfa-1319	65	9	that	that	SCONJ
ajfa-1319	65	10	debt	debt	NOUN
ajfa-1319	65	11	levels	level	NOUN
ajfa-1319	65	12	have	have	VERB
ajfa-1319	65	13	a	a	DET
ajfa-1319	65	14	significant	significant	ADJ
ajfa-1319	65	15	,	,	PUNCT
ajfa-1319	65	16	positive	positive	ADJ
ajfa-1319	65	17	affect	affect	NOUN
ajfa-1319	65	18	on	on	ADP
ajfa-1319	65	19	profit	profit	NOUN
ajfa-1319	65	20	efficiency	efficiency	NOUN
ajfa-1319	65	21	.	.	PUNCT
ajfa-1319	66	1	in	in	ADP
ajfa-1319	66	2	other	other	ADJ
ajfa-1319	66	3	words	word	NOUN
ajfa-1319	66	4	,	,	PUNCT
ajfa-1319	66	5	the	the	DET
ajfa-1319	66	6	observations	observation	NOUN
ajfa-1319	66	7	show	show	VERB
ajfa-1319	66	8	that	that	SCONJ
ajfa-1319	66	9	an	an	DET
ajfa-1319	66	10	increase	increase	NOUN
ajfa-1319	66	11	in	in	ADP
ajfa-1319	66	12	proportions	proportion	NOUN
ajfa-1319	66	13	of	of	ADP
ajfa-1319	66	14	debt	debt	NOUN
ajfa-1319	66	15	level	level	NOUN
ajfa-1319	66	16	lead	lead	NOUN
ajfa-1319	66	17	to	to	ADP
ajfa-1319	66	18	an	an	DET
ajfa-1319	66	19	increase	increase	NOUN
ajfa-1319	66	20	in	in	ADP
ajfa-1319	66	21	profit	profit	NOUN
ajfa-1319	66	22	efficiency	efficiency	NOUN
ajfa-1319	66	23	(	(	PUNCT
ajfa-1319	66	24	which	which	PRON
ajfa-1319	66	25	is	be	AUX
ajfa-1319	66	26	used	use	VERB
ajfa-1319	66	27	as	as	ADP
ajfa-1319	66	28	a	a	DET
ajfa-1319	66	29	proxy	proxy	NOUN
ajfa-1319	66	30	for	for	ADP
ajfa-1319	66	31	firm	firm	ADJ
ajfa-1319	66	32	and	and	CCONJ
ajfa-1319	66	33	managerial	managerial	ADJ
ajfa-1319	66	34	performance	performance	NOUN
ajfa-1319	66	35	)	)	PUNCT
ajfa-1319	66	36	.	.	PUNCT
ajfa-1319	67	1	furthermore	furthermore	ADV
ajfa-1319	67	2	,	,	PUNCT
ajfa-1319	67	3	the	the	DET
ajfa-1319	67	4	data	data	NOUN
ajfa-1319	67	5	is	be	AUX
ajfa-1319	67	6	then	then	ADV
ajfa-1319	67	7	tested	test	VERB
ajfa-1319	67	8	for	for	ADP
ajfa-1319	67	9	reverse	reverse	ADJ
ajfa-1319	67	10	causality	causality	NOUN
ajfa-1319	67	11	;	;	PUNCT
ajfa-1319	67	12	this	this	PRON
ajfa-1319	67	13	incorporates	incorporate	VERB
ajfa-1319	67	14	testing	testing	NOUN
ajfa-1319	67	15	for	for	ADP
ajfa-1319	67	16	the	the	DET
ajfa-1319	67	17	efficiency	efficiency	NOUN
ajfa-1319	67	18	-	-	PUNCT
ajfa-1319	67	19	risk	risk	NOUN
ajfa-1319	67	20	hypothesis	hypothesis	NOUN
ajfa-1319	67	21	,	,	PUNCT
ajfa-1319	67	22	as	as	ADV
ajfa-1319	67	23	well	well	ADV
ajfa-1319	67	24	as	as	ADP
ajfa-1319	67	25	the	the	DET
ajfa-1319	67	26	franchise	franchise	NOUN
ajfa-1319	67	27	-	-	PUNCT
ajfa-1319	67	28	value	value	NOUN
ajfa-1319	67	29	hypothesis	hypothesis	NOUN
ajfa-1319	67	30	.	.	PUNCT
ajfa-1319	68	1	the	the	DET
ajfa-1319	68	2	former	former	ADJ
ajfa-1319	68	3	hypothesis	hypothesis	NOUN
ajfa-1319	68	4	states	state	VERB
ajfa-1319	68	5	that	that	SCONJ
ajfa-1319	68	6	more	more	ADV
ajfa-1319	68	7	efficient	efficient	ADJ
ajfa-1319	68	8	firms	firm	NOUN
ajfa-1319	68	9	choose	choose	VERB
ajfa-1319	68	10	higher	high	ADJ
ajfa-1319	68	11	debt	debt	NOUN
ajfa-1319	68	12	to	to	ADP
ajfa-1319	68	13	equity	equity	NOUN
ajfa-1319	68	14	ratios	ratio	NOUN
ajfa-1319	68	15	,	,	PUNCT
ajfa-1319	68	16	as	as	SCONJ
ajfa-1319	68	17	higher	high	ADJ
ajfa-1319	68	18	efficiency	efficiency	NOUN
ajfa-1319	68	19	reduces	reduce	VERB
ajfa-1319	68	20	the	the	DET
ajfa-1319	68	21	cost	cost	NOUN
ajfa-1319	68	22	of	of	ADP
ajfa-1319	68	23	bankruptcy	bankruptcy	NOUN
ajfa-1319	68	24	risk	risk	NOUN
ajfa-1319	68	25	and	and	CCONJ
ajfa-1319	68	26	financial	financial	ADJ
ajfa-1319	68	27	distress	distress	NOUN
ajfa-1319	68	28	.	.	PUNCT
ajfa-1319	69	1	the	the	DET
ajfa-1319	69	2	latter	latter	ADJ
ajfa-1319	69	3	states	state	NOUN
ajfa-1319	69	4	that	that	SCONJ
ajfa-1319	69	5	more	more	ADV
ajfa-1319	69	6	efficient	efficient	ADJ
ajfa-1319	69	7	firms	firm	NOUN
ajfa-1319	69	8	may	may	AUX
ajfa-1319	69	9	choose	choose	VERB
ajfa-1319	69	10	lower	low	ADJ
ajfa-1319	69	11	debt	debt	NOUN
ajfa-1319	69	12	to	to	ADP
ajfa-1319	69	13	equity	equity	NOUN
ajfa-1319	69	14	ratios	ratio	NOUN
ajfa-1319	69	15	in	in	ADP
ajfa-1319	69	16	order	order	NOUN
ajfa-1319	69	17	to	to	PART
ajfa-1319	69	18	protect	protect	VERB
ajfa-1319	69	19	economic	economic	ADJ
ajfa-1319	69	20	rents	rent	NOUN
ajfa-1319	69	21	derived	derive	VERB
ajfa-1319	69	22	from	from	ADP
ajfa-1319	69	23	higher	high	ADJ
ajfa-1319	69	24	efficiency	efficiency	NOUN
ajfa-1319	69	25	from	from	ADP
ajfa-1319	69	26	the	the	DET
ajfa-1319	69	27	possibility	possibility	NOUN
ajfa-1319	69	28	of	of	ADP
ajfa-1319	69	29	liquidation	liquidation	NOUN
ajfa-1319	69	30	.	.	PUNCT
ajfa-1319	70	1	quantile	quantile	ADJ
ajfa-1319	70	2	regression	regression	NOUN
ajfa-1319	70	3	is	be	AUX
ajfa-1319	70	4	used	use	VERB
ajfa-1319	70	5	to	to	PART
ajfa-1319	70	6	test	test	VERB
ajfa-1319	70	7	for	for	ADP
ajfa-1319	70	8	reverse	reverse	ADJ
ajfa-1319	70	9	causality	causality	NOUN
ajfa-1319	70	10	and	and	CCONJ
ajfa-1319	70	11	therefore	therefore	ADV
ajfa-1319	70	12	the	the	DET
ajfa-1319	70	13	effect	effect	NOUN
ajfa-1319	70	14	of	of	ADP
ajfa-1319	70	15	firm	firm	ADJ
ajfa-1319	70	16	efficiency	efficiency	NOUN
ajfa-1319	70	17	on	on	ADP
ajfa-1319	70	18	debt	debt	NOUN
ajfa-1319	70	19	proportions	proportion	NOUN
ajfa-1319	70	20	.	.	PUNCT
ajfa-1319	71	1	the	the	DET
ajfa-1319	71	2	findings	finding	NOUN
ajfa-1319	71	3	show	show	VERB
ajfa-1319	71	4	validity	validity	NOUN
ajfa-1319	71	5	of	of	ADP
ajfa-1319	71	6	both	both	DET
ajfa-1319	71	7	hypotheses	hypothesis	NOUN
ajfa-1319	71	8	,	,	PUNCT
ajfa-1319	71	9	though	though	SCONJ
ajfa-1319	71	10	at	at	ADP
ajfa-1319	71	11	different	different	ADJ
ajfa-1319	71	12	spectrums	spectrum	NOUN
ajfa-1319	71	13	of	of	ADP
ajfa-1319	71	14	the	the	DET
ajfa-1319	71	15	data	datum	NOUN
ajfa-1319	71	16	.	.	PUNCT
ajfa-1319	72	1	at	at	ADP
ajfa-1319	72	2	the	the	DET
ajfa-1319	72	3	low	low	ADJ
ajfa-1319	72	4	to	to	ADP
ajfa-1319	72	5	mid	mid	ADJ
ajfa-1319	72	6	range	range	NOUN
ajfa-1319	72	7	of	of	ADP
ajfa-1319	72	8	the	the	DET
ajfa-1319	72	9	leverage	leverage	NOUN
ajfa-1319	72	10	distribution	distribution	NOUN
ajfa-1319	72	11	,	,	PUNCT
ajfa-1319	72	12	more	more	ADV
ajfa-1319	72	13	efficient	efficient	ADJ
ajfa-1319	72	14	firms	firm	NOUN
ajfa-1319	72	15	select	select	VERB
ajfa-1319	72	16	higher	high	ADJ
ajfa-1319	72	17	debt	debt	NOUN
ajfa-1319	72	18	level	level	NOUN
ajfa-1319	72	19	showing	show	VERB
ajfa-1319	72	20	evidence	evidence	NOUN
ajfa-1319	72	21	for	for	ADP
ajfa-1319	72	22	the	the	DET
ajfa-1319	72	23	efficiency	efficiency	NOUN
ajfa-1319	72	24	-	-	PUNCT
ajfa-1319	72	25	risk	risk	NOUN
ajfa-1319	72	26	hypothesis	hypothesis	NOUN
ajfa-1319	72	27	.	.	PUNCT
ajfa-1319	73	1	at	at	ADP
ajfa-1319	73	2	the	the	DET
ajfa-1319	73	3	high	high	ADJ
ajfa-1319	73	4	end	end	NOUN
ajfa-1319	73	5	of	of	ADP
ajfa-1319	73	6	the	the	DET
ajfa-1319	73	7	leverage	leverage	NOUN
ajfa-1319	73	8	distribution	distribution	NOUN
ajfa-1319	73	9	range	range	NOUN
ajfa-1319	73	10	,	,	PUNCT
ajfa-1319	73	11	evidence	evidence	NOUN
ajfa-1319	73	12	for	for	ADP
ajfa-1319	73	13	the	the	DET
ajfa-1319	73	14	franchise	franchise	NOUN
ajfa-1319	73	15	-	-	PUNCT
ajfa-1319	73	16	value	value	NOUN
ajfa-1319	73	17	hypothesis	hypothesis	NOUN
ajfa-1319	73	18	is	be	AUX
ajfa-1319	73	19	shown	show	VERB
ajfa-1319	73	20	;	;	PUNCT
ajfa-1319	73	21	higher	high	ADJ
ajfa-1319	73	22	efficiency	efficiency	NOUN
ajfa-1319	73	23	firms	firm	NOUN
ajfa-1319	73	24	choose	choose	VERB
ajfa-1319	73	25	relatively	relatively	ADV
ajfa-1319	73	26	lower	low	ADJ
ajfa-1319	73	27	debt	debt	NOUN
ajfa-1319	73	28	ratios	ratio	NOUN
ajfa-1319	73	29	.	.	PUNCT
ajfa-1319	74	1	opler	opl	ADJ
ajfa-1319	74	2	and	and	CCONJ
ajfa-1319	74	3	titman	titman	NOUN
ajfa-1319	74	4	(	(	PUNCT
ajfa-1319	74	5	1994	1994	NUM
ajfa-1319	74	6	)	)	PUNCT
ajfa-1319	74	7	specifically	specifically	ADV
ajfa-1319	74	8	study	study	VERB
ajfa-1319	74	9	the	the	DET
ajfa-1319	74	10	effects	effect	NOUN
ajfa-1319	74	11	of	of	ADP
ajfa-1319	74	12	financial	financial	ADJ
ajfa-1319	74	13	distress	distress	NOUN
ajfa-1319	74	14	among	among	ADP
ajfa-1319	74	15	high	high	ADJ
ajfa-1319	74	16	leveraged	leveraged	ADJ
ajfa-1319	74	17	firms	firm	NOUN
ajfa-1319	74	18	in	in	ADP
ajfa-1319	74	19	relation	relation	NOUN
ajfa-1319	74	20	to	to	ADP
ajfa-1319	74	21	relatively	relatively	ADV
ajfa-1319	74	22	low	low	ADJ
ajfa-1319	74	23	debt	debt	NOUN
ajfa-1319	74	24	firms	firm	NOUN
ajfa-1319	74	25	during	during	ADP
ajfa-1319	74	26	industry	industry	NOUN
ajfa-1319	74	27	downturns	downturn	NOUN
ajfa-1319	74	28	.	.	PUNCT
ajfa-1319	75	1	the	the	DET
ajfa-1319	75	2	firm	firm	ADJ
ajfa-1319	75	3	performance	performance	NOUN
ajfa-1319	75	4	acts	act	VERB
ajfa-1319	75	5	as	as	ADP
ajfa-1319	75	6	proxy	proxy	NOUN
ajfa-1319	75	7	by	by	ADP
ajfa-1319	75	8	operating	operate	VERB
ajfa-1319	75	9	profit	profit	NOUN
ajfa-1319	75	10	as	as	ADV
ajfa-1319	75	11	well	well	ADV
ajfa-1319	75	12	as	as	ADP
ajfa-1319	75	13	relative	relative	ADJ
ajfa-1319	75	14	market	market	NOUN
ajfa-1319	75	15	share	share	NOUN
ajfa-1319	75	16	.	.	PUNCT
ajfa-1319	76	1	it	it	PRON
ajfa-1319	76	2	is	be	AUX
ajfa-1319	76	3	found	find	VERB
ajfa-1319	76	4	that	that	SCONJ
ajfa-1319	76	5	,	,	PUNCT
ajfa-1319	76	6	as	as	SCONJ
ajfa-1319	76	7	predicted	predict	VERB
ajfa-1319	76	8	in	in	ADP
ajfa-1319	76	9	the	the	DET
ajfa-1319	76	10	franchise	franchise	NOUN
ajfa-1319	76	11	-	-	PUNCT
ajfa-1319	76	12	value	value	NOUN
ajfa-1319	76	13	hypothesis	hypothesis	NOUN
ajfa-1319	76	14	,	,	PUNCT
ajfa-1319	76	15	highly	highly	ADV
ajfa-1319	76	16	leveraged	leveraged	ADJ
ajfa-1319	76	17	firms	firm	NOUN
ajfa-1319	76	18	do	do	AUX
ajfa-1319	76	19	suffer	suffer	VERB
ajfa-1319	76	20	more	more	ADJ
ajfa-1319	76	21	than	than	ADP
ajfa-1319	76	22	their	their	PRON
ajfa-1319	76	23	low	low	ADJ
ajfa-1319	76	24	debt	debt	NOUN
ajfa-1319	76	25	counterparts	counterpart	NOUN
ajfa-1319	76	26	in	in	ADP
ajfa-1319	76	27	an	an	DET
ajfa-1319	76	28	economic	economic	ADJ
ajfa-1319	76	29	downturn	downturn	NOUN
ajfa-1319	76	30	.	.	PUNCT
ajfa-1319	77	1	cambello	cambello	NOUN
ajfa-1319	77	2	(	(	PUNCT
ajfa-1319	77	3	2003	2003	NUM
ajfa-1319	77	4	)	)	PUNCT
ajfa-1319	77	5	studies	study	VERB
ajfa-1319	77	6	the	the	DET
ajfa-1319	77	7	impact	impact	NOUN
ajfa-1319	77	8	of	of	ADP
ajfa-1319	77	9	capital	capital	NOUN
ajfa-1319	77	10	structure	structure	NOUN
ajfa-1319	77	11	on	on	ADP
ajfa-1319	77	12	firm	firm	ADJ
ajfa-1319	77	13	performance	performance	NOUN
ajfa-1319	77	14	of	of	ADP
ajfa-1319	77	15	product	product	NOUN
ajfa-1319	77	16	markets	market	NOUN
ajfa-1319	77	17	in	in	ADP
ajfa-1319	77	18	booms	boom	NOUN
ajfa-1319	77	19	and	and	CCONJ
ajfa-1319	77	20	recessions	recession	NOUN
ajfa-1319	77	21	.	.	PUNCT
ajfa-1319	78	1	he	he	PRON
ajfa-1319	78	2	found	find	VERB
ajfa-1319	78	3	that	that	SCONJ
ajfa-1319	78	4	firms	firm	NOUN
ajfa-1319	78	5	with	with	ADP
ajfa-1319	78	6	high	high	ADJ
ajfa-1319	78	7	debt	debt	NOUN
ajfa-1319	78	8	are	be	AUX
ajfa-1319	78	9	affected	affect	VERB
ajfa-1319	78	10	most	most	ADV
ajfa-1319	78	11	(	(	PUNCT
ajfa-1319	78	12	negatively	negatively	ADV
ajfa-1319	78	13	)	)	PUNCT
ajfa-1319	78	14	by	by	ADP
ajfa-1319	78	15	recession	recession	NOUN
ajfa-1319	78	16	when	when	SCONJ
ajfa-1319	78	17	there	there	PRON
ajfa-1319	78	18	are	be	VERB
ajfa-1319	78	19	competitors	competitor	NOUN
ajfa-1319	78	20	with	with	ADP
ajfa-1319	78	21	relatively	relatively	ADV
ajfa-1319	78	22	lower	low	ADJ
ajfa-1319	78	23	debt	debt	NOUN
ajfa-1319	78	24	financing	financing	NOUN
ajfa-1319	78	25	in	in	ADP
ajfa-1319	78	26	direct	direct	ADJ
ajfa-1319	78	27	contest	contest	NOUN
ajfa-1319	78	28	.	.	PUNCT
ajfa-1319	79	1	no	no	DET
ajfa-1319	79	2	such	such	ADJ
ajfa-1319	79	3	relationship	relationship	NOUN
ajfa-1319	79	4	was	be	AUX
ajfa-1319	79	5	witnessed	witness	VERB
ajfa-1319	79	6	for	for	ADP
ajfa-1319	79	7	firms	firm	NOUN
ajfa-1319	79	8	operating	operate	VERB
ajfa-1319	79	9	in	in	ADP
ajfa-1319	79	10	high	high	ADJ
ajfa-1319	79	11	debt	debt	NOUN
ajfa-1319	79	12	industries	industry	NOUN
ajfa-1319	79	13	.	.	PUNCT
ajfa-1319	80	1	since	since	SCONJ
ajfa-1319	80	2	the	the	DET
ajfa-1319	80	3	financial	financial	ADJ
ajfa-1319	80	4	sector	sector	NOUN
ajfa-1319	80	5	is	be	AUX
ajfa-1319	80	6	a	a	DET
ajfa-1319	80	7	highly	highly	ADV
ajfa-1319	80	8	leveraged	leverage	VERB
ajfa-1319	80	9	industry	industry	NOUN
ajfa-1319	80	10	this	this	DET
ajfa-1319	80	11	paper	paper	NOUN
ajfa-1319	80	12	will	will	AUX
ajfa-1319	80	13	go	go	VERB
ajfa-1319	80	14	on	on	ADP
ajfa-1319	80	15	to	to	ADP
ajfa-1319	80	16	further	further	ADJ
ajfa-1319	80	17	test	test	NOUN
ajfa-1319	80	18	cambello	cambello	PROPN
ajfa-1319	80	19	’s	’s	PART
ajfa-1319	80	20	findings	finding	NOUN
ajfa-1319	80	21	.	.	PUNCT
ajfa-1319	81	1	agrawal	agrawal	PROPN
ajfa-1319	81	2	and	and	CCONJ
ajfa-1319	81	3	knoeber	knoeber	NOUN
ajfa-1319	81	4	(	(	PUNCT
ajfa-1319	81	5	1996	1996	NUM
ajfa-1319	81	6	)	)	PUNCT
ajfa-1319	81	7	examine	examine	VERB
ajfa-1319	81	8	seven	seven	NUM
ajfa-1319	81	9	control	control	NOUN
ajfa-1319	81	10	mechanisms	mechanism	NOUN
ajfa-1319	81	11	which	which	PRON
ajfa-1319	81	12	are	be	AUX
ajfa-1319	81	13	commonly	commonly	ADV
ajfa-1319	81	14	used	use	VERB
ajfa-1319	81	15	to	to	PART
ajfa-1319	81	16	manage	manage	VERB
ajfa-1319	81	17	agency	agency	NOUN
ajfa-1319	81	18	cost	cost	NOUN
ajfa-1319	81	19	of	of	ADP
ajfa-1319	81	20	firms	firm	NOUN
ajfa-1319	81	21	.	.	PUNCT
ajfa-1319	82	1	among	among	ADP
ajfa-1319	82	2	them	they	PRON
ajfa-1319	82	3	is	be	AUX
ajfa-1319	82	4	a	a	DET
ajfa-1319	82	5	control	control	NOUN
ajfa-1319	82	6	variable	variable	NOUN
ajfa-1319	82	7	for	for	ADP
ajfa-1319	82	8	debt	debt	NOUN
ajfa-1319	82	9	,	,	PUNCT
ajfa-1319	82	10	and	and	CCONJ
ajfa-1319	82	11	the	the	DET
ajfa-1319	82	12	paper	paper	NOUN
ajfa-1319	82	13	’s	’s	PART
ajfa-1319	82	14	findings	finding	NOUN
ajfa-1319	82	15	contradict	contradict	VERB
ajfa-1319	82	16	that	that	PRON
ajfa-1319	82	17	of	of	ADP
ajfa-1319	82	18	agency	agency	NOUN
ajfa-1319	82	19	cost	cost	NOUN
ajfa-1319	82	20	theory	theory	NOUN
ajfa-1319	82	21	;	;	PUNCT
ajfa-1319	82	22	increased	increase	VERB
ajfa-1319	82	23	debt	debt	NOUN
ajfa-1319	82	24	proportions	proportion	NOUN
ajfa-1319	82	25	have	have	VERB
ajfa-1319	82	26	a	a	DET
ajfa-1319	82	27	significantly	significantly	ADV
ajfa-1319	82	28	negative	negative	ADJ
ajfa-1319	82	29	affect	affect	NOUN
ajfa-1319	82	30	on	on	ADP
ajfa-1319	82	31	firm	firm	ADJ
ajfa-1319	82	32	performance	performance	NOUN
ajfa-1319	82	33	when	when	SCONJ
ajfa-1319	82	34	the	the	DET
ajfa-1319	82	35	ordinary	ordinary	ADJ
ajfa-1319	82	36	least	least	ADJ
ajfa-1319	82	37	squares	square	NOUN
ajfa-1319	82	38	regression	regression	NOUN
ajfa-1319	82	39	(	(	PUNCT
ajfa-1319	82	40	ols	ol	NOUN
ajfa-1319	82	41	)	)	PUNCT
ajfa-1319	82	42	was	be	AUX
ajfa-1319	82	43	run	run	VERB
ajfa-1319	82	44	.	.	PUNCT
ajfa-1319	83	1	these	these	DET
ajfa-1319	83	2	results	result	NOUN
ajfa-1319	83	3	may	may	AUX
ajfa-1319	83	4	be	be	AUX
ajfa-1319	83	5	fogged	fog	VERB
ajfa-1319	83	6	,	,	PUNCT
ajfa-1319	83	7	however	however	ADV
ajfa-1319	83	8	,	,	PUNCT
ajfa-1319	83	9	by	by	ADP
ajfa-1319	83	10	statistical	statistical	ADJ
ajfa-1319	83	11	limitations	limitation	NOUN
ajfa-1319	83	12	such	such	ADJ
ajfa-1319	83	13	as	as	ADP
ajfa-1319	83	14	multicollinearity	multicollinearity	NOUN
ajfa-1319	83	15	asian	asian	ADJ
ajfa-1319	83	16	journal	journal	NOUN
ajfa-1319	83	17	of	of	ADP
ajfa-1319	83	18	finance	finance	PROPN
ajfa-1319	83	19	&	&	CCONJ
ajfa-1319	83	20	accounting	accounting	PROPN
ajfa-1319	83	21	issn	issn	PROPN
ajfa-1319	83	22	1946	1946	NUM
ajfa-1319	83	23	-	-	PUNCT
ajfa-1319	83	24	052x	052x	NOUN
ajfa-1319	83	25	2012	2012	NUM
ajfa-1319	83	26	,	,	PUNCT
ajfa-1319	83	27	vol	vol	NOUN
ajfa-1319	83	28	.	.	PROPN
ajfa-1319	84	1	4	4	NUM
ajfa-1319	84	2	,	,	PUNCT
ajfa-1319	84	3	no	no	INTJ
ajfa-1319	84	4	.	.	NOUN
ajfa-1319	84	5	1	1	NUM
ajfa-1319	84	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1319	84	7	282	282	NUM
ajfa-1319	84	8	etc	etc	X
ajfa-1319	84	9	.	.	X
ajfa-1319	84	10	,	,	PUNCT
ajfa-1319	84	11	such	such	ADJ
ajfa-1319	84	12	statistical	statistical	ADJ
ajfa-1319	84	13	flaws	flaw	NOUN
ajfa-1319	84	14	can	can	AUX
ajfa-1319	84	15	cause	cause	VERB
ajfa-1319	84	16	individual	individual	ADJ
ajfa-1319	84	17	variables	variable	NOUN
ajfa-1319	84	18	to	to	PART
ajfa-1319	84	19	take	take	VERB
ajfa-1319	84	20	on	on	ADP
ajfa-1319	84	21	inaccurate	inaccurate	ADJ
ajfa-1319	84	22	or	or	CCONJ
ajfa-1319	84	23	skewed	skewed	ADJ
ajfa-1319	84	24	values	value	NOUN
ajfa-1319	84	25	.	.	PUNCT
ajfa-1319	85	1	when	when	SCONJ
ajfa-1319	85	2	the	the	DET
ajfa-1319	85	3	two	two	NUM
ajfa-1319	85	4	-	-	PUNCT
ajfa-1319	85	5	stage	stage	NOUN
ajfa-1319	85	6	least	least	ADJ
ajfa-1319	85	7	squares	square	NOUN
ajfa-1319	85	8	(	(	PUNCT
ajfa-1319	85	9	2sls	2sls	NOUN
ajfa-1319	85	10	)	)	PUNCT
ajfa-1319	85	11	model	model	NOUN
ajfa-1319	85	12	is	be	AUX
ajfa-1319	85	13	run	run	VERB
ajfa-1319	85	14	using	use	VERB
ajfa-1319	85	15	the	the	DET
ajfa-1319	85	16	same	same	ADJ
ajfa-1319	85	17	data	data	NOUN
ajfa-1319	85	18	-	-	PUNCT
ajfa-1319	85	19	set	set	NOUN
ajfa-1319	85	20	,	,	PUNCT
ajfa-1319	85	21	debt	debt	NOUN
ajfa-1319	85	22	is	be	AUX
ajfa-1319	85	23	insignificant	insignificant	ADJ
ajfa-1319	85	24	but	but	CCONJ
ajfa-1319	85	25	shows	show	VERB
ajfa-1319	85	26	a	a	DET
ajfa-1319	85	27	positive	positive	ADJ
ajfa-1319	85	28	sign	sign	NOUN
ajfa-1319	85	29	in	in	ADP
ajfa-1319	85	30	regard	regard	NOUN
ajfa-1319	85	31	to	to	ADP
ajfa-1319	85	32	firm	firm	ADJ
ajfa-1319	85	33	performance	performance	NOUN
ajfa-1319	85	34	.	.	PUNCT
ajfa-1319	86	1	2.2	2.2	NUM
ajfa-1319	86	2	capital	capital	NOUN
ajfa-1319	86	3	structure	structure	NOUN
ajfa-1319	86	4	and	and	CCONJ
ajfa-1319	86	5	firm	firm	ADJ
ajfa-1319	86	6	performance	performance	NOUN
ajfa-1319	86	7	in	in	ADP
ajfa-1319	86	8	financial	financial	ADJ
ajfa-1319	86	9	sectors	sector	NOUN
ajfa-1319	86	10	as	as	SCONJ
ajfa-1319	86	11	stated	state	VERB
ajfa-1319	86	12	earlier	early	ADV
ajfa-1319	86	13	,	,	PUNCT
ajfa-1319	86	14	it	it	PRON
ajfa-1319	86	15	is	be	AUX
ajfa-1319	86	16	important	important	ADJ
ajfa-1319	86	17	to	to	PART
ajfa-1319	86	18	distinguish	distinguish	VERB
ajfa-1319	86	19	the	the	DET
ajfa-1319	86	20	financial	financial	ADJ
ajfa-1319	86	21	sector	sector	NOUN
ajfa-1319	86	22	from	from	ADP
ajfa-1319	86	23	the	the	DET
ajfa-1319	86	24	rest	rest	NOUN
ajfa-1319	86	25	of	of	ADP
ajfa-1319	86	26	the	the	DET
ajfa-1319	86	27	market	market	NOUN
ajfa-1319	86	28	when	when	SCONJ
ajfa-1319	86	29	attempting	attempt	VERB
ajfa-1319	86	30	to	to	PART
ajfa-1319	86	31	find	find	VERB
ajfa-1319	86	32	a	a	DET
ajfa-1319	86	33	relationship	relationship	NOUN
ajfa-1319	86	34	between	between	ADP
ajfa-1319	86	35	capital	capital	NOUN
ajfa-1319	86	36	structure	structure	NOUN
ajfa-1319	86	37	and	and	CCONJ
ajfa-1319	86	38	firm	firm	ADJ
ajfa-1319	86	39	performance	performance	NOUN
ajfa-1319	86	40	in	in	ADP
ajfa-1319	86	41	the	the	DET
ajfa-1319	86	42	financial	financial	ADJ
ajfa-1319	86	43	sector	sector	NOUN
ajfa-1319	86	44	.	.	PUNCT
ajfa-1319	87	1	banks	bank	NOUN
ajfa-1319	87	2	in	in	ADP
ajfa-1319	87	3	general	general	ADJ
ajfa-1319	87	4	operate	operate	VERB
ajfa-1319	87	5	under	under	ADP
ajfa-1319	87	6	a	a	DET
ajfa-1319	87	7	totally	totally	ADV
ajfa-1319	87	8	unique	unique	ADJ
ajfa-1319	87	9	and	and	CCONJ
ajfa-1319	87	10	rigorous	rigorous	ADJ
ajfa-1319	87	11	set	set	NOUN
ajfa-1319	87	12	of	of	ADP
ajfa-1319	87	13	regulations	regulation	NOUN
ajfa-1319	87	14	which	which	PRON
ajfa-1319	87	15	only	only	ADV
ajfa-1319	87	16	apply	apply	VERB
ajfa-1319	87	17	to	to	ADP
ajfa-1319	87	18	that	that	DET
ajfa-1319	87	19	sector	sector	NOUN
ajfa-1319	87	20	,	,	PUNCT
ajfa-1319	87	21	making	make	VERB
ajfa-1319	87	22	it	it	PRON
ajfa-1319	87	23	impossible	impossible	ADJ
ajfa-1319	87	24	to	to	PART
ajfa-1319	87	25	explain	explain	VERB
ajfa-1319	87	26	the	the	DET
ajfa-1319	87	27	relationship	relationship	NOUN
ajfa-1319	87	28	of	of	ADP
ajfa-1319	87	29	both	both	CCONJ
ajfa-1319	87	30	the	the	DET
ajfa-1319	87	31	banking	banking	NOUN
ajfa-1319	87	32	market	market	NOUN
ajfa-1319	87	33	and	and	CCONJ
ajfa-1319	87	34	the	the	DET
ajfa-1319	87	35	rest	rest	NOUN
ajfa-1319	87	36	of	of	ADP
ajfa-1319	87	37	the	the	DET
ajfa-1319	87	38	market	market	NOUN
ajfa-1319	87	39	using	use	VERB
ajfa-1319	87	40	only	only	ADV
ajfa-1319	87	41	a	a	DET
ajfa-1319	87	42	single	single	ADJ
ajfa-1319	87	43	model	model	NOUN
ajfa-1319	87	44	or	or	CCONJ
ajfa-1319	87	45	indeed	indeed	ADV
ajfa-1319	87	46	a	a	DET
ajfa-1319	87	47	single	single	ADJ
ajfa-1319	87	48	dataset	dataset	NOUN
ajfa-1319	87	49	(	(	PUNCT
ajfa-1319	87	50	barth	barth	NOUN
ajfa-1319	87	51	et	et	PROPN
ajfa-1319	87	52	al	al	PROPN
ajfa-1319	87	53	.	.	PROPN
ajfa-1319	87	54	,	,	PUNCT
ajfa-1319	87	55	2004	2004	NUM
ajfa-1319	87	56	)	)	PUNCT
ajfa-1319	87	57	.	.	PUNCT
ajfa-1319	88	1	for	for	ADP
ajfa-1319	88	2	example	example	NOUN
ajfa-1319	88	3	,	,	PUNCT
ajfa-1319	88	4	australian	australian	ADJ
ajfa-1319	88	5	adis	adis	PROPN
ajfa-1319	88	6	do	do	AUX
ajfa-1319	88	7	not	not	PART
ajfa-1319	88	8	only	only	ADV
ajfa-1319	88	9	have	have	VERB
ajfa-1319	88	10	to	to	PART
ajfa-1319	88	11	abide	abide	VERB
ajfa-1319	88	12	by	by	ADP
ajfa-1319	88	13	the	the	DET
ajfa-1319	88	14	general	general	ADJ
ajfa-1319	88	15	rules	rule	NOUN
ajfa-1319	88	16	enforced	enforce	VERB
ajfa-1319	88	17	by	by	ADP
ajfa-1319	88	18	law	law	NOUN
ajfa-1319	88	19	on	on	ADP
ajfa-1319	88	20	all	all	DET
ajfa-1319	88	21	firms	firm	NOUN
ajfa-1319	88	22	,	,	PUNCT
ajfa-1319	88	23	but	but	CCONJ
ajfa-1319	88	24	they	they	PRON
ajfa-1319	88	25	also	also	ADV
ajfa-1319	88	26	have	have	VERB
ajfa-1319	88	27	an	an	DET
ajfa-1319	88	28	additional	additional	ADJ
ajfa-1319	88	29	set	set	NOUN
ajfa-1319	88	30	of	of	ADP
ajfa-1319	88	31	regulations	regulation	NOUN
ajfa-1319	88	32	which	which	PRON
ajfa-1319	88	33	subject	subject	VERB
ajfa-1319	88	34	banks	bank	NOUN
ajfa-1319	88	35	to	to	ADP
ajfa-1319	88	36	requirements	requirement	NOUN
ajfa-1319	88	37	,	,	PUNCT
ajfa-1319	88	38	guidelines	guideline	NOUN
ajfa-1319	88	39	and	and	CCONJ
ajfa-1319	88	40	restrictions	restriction	NOUN
ajfa-1319	88	41	.	.	PUNCT
ajfa-1319	89	1	barth	barth	NOUN
ajfa-1319	89	2	et	et	PROPN
ajfa-1319	89	3	al	al	PROPN
ajfa-1319	89	4	.	.	PROPN
ajfa-1319	90	1	(	(	PUNCT
ajfa-1319	90	2	2001	2001	NUM
ajfa-1319	90	3	)	)	PUNCT
ajfa-1319	90	4	undertake	undertake	VERB
ajfa-1319	90	5	an	an	DET
ajfa-1319	90	6	ambitious	ambitious	ADJ
ajfa-1319	90	7	study	study	NOUN
ajfa-1319	90	8	in	in	ADP
ajfa-1319	90	9	an	an	DET
ajfa-1319	90	10	attempt	attempt	NOUN
ajfa-1319	90	11	to	to	PART
ajfa-1319	90	12	compare	compare	VERB
ajfa-1319	90	13	107	107	NUM
ajfa-1319	90	14	countries	country	NOUN
ajfa-1319	90	15	and	and	CCONJ
ajfa-1319	90	16	their	their	PRON
ajfa-1319	90	17	banking	banking	NOUN
ajfa-1319	90	18	systems	system	NOUN
ajfa-1319	90	19	.	.	PUNCT
ajfa-1319	91	1	they	they	PRON
ajfa-1319	91	2	test	test	VERB
ajfa-1319	91	3	for	for	ADP
ajfa-1319	91	4	regulatory	regulatory	ADJ
ajfa-1319	91	5	power	power	NOUN
ajfa-1319	91	6	,	,	PUNCT
ajfa-1319	91	7	supervision	supervision	NOUN
ajfa-1319	91	8	and	and	CCONJ
ajfa-1319	91	9	other	other	ADJ
ajfa-1319	91	10	factors	factor	NOUN
ajfa-1319	91	11	which	which	PRON
ajfa-1319	91	12	are	be	AUX
ajfa-1319	91	13	deemed	deem	VERB
ajfa-1319	91	14	important	important	ADJ
ajfa-1319	91	15	in	in	ADP
ajfa-1319	91	16	comparing	compare	VERB
ajfa-1319	91	17	banking	banking	NOUN
ajfa-1319	91	18	systems	system	NOUN
ajfa-1319	91	19	.	.	PUNCT
ajfa-1319	92	1	australia	australia	PROPN
ajfa-1319	92	2	is	be	AUX
ajfa-1319	92	3	almost	almost	ADV
ajfa-1319	92	4	always	always	ADV
ajfa-1319	92	5	on	on	ADP
ajfa-1319	92	6	the	the	DET
ajfa-1319	92	7	cautious	cautious	ADJ
ajfa-1319	92	8	side	side	NOUN
ajfa-1319	92	9	of	of	ADP
ajfa-1319	92	10	the	the	DET
ajfa-1319	92	11	scale	scale	NOUN
ajfa-1319	92	12	in	in	ADP
ajfa-1319	92	13	all	all	DET
ajfa-1319	92	14	disciplines	discipline	NOUN
ajfa-1319	92	15	.	.	PUNCT
ajfa-1319	93	1	australia	australia	PROPN
ajfa-1319	93	2	has	have	VERB
ajfa-1319	93	3	a	a	DET
ajfa-1319	93	4	high	high	ADJ
ajfa-1319	93	5	degree	degree	NOUN
ajfa-1319	93	6	of	of	ADP
ajfa-1319	93	7	supervision	supervision	NOUN
ajfa-1319	93	8	,	,	PUNCT
ajfa-1319	93	9	with	with	ADP
ajfa-1319	93	10	2	2	NUM
ajfa-1319	93	11	major	major	ADJ
ajfa-1319	93	12	bodies	body	NOUN
ajfa-1319	93	13	over	over	ADP
ajfa-1319	93	14	viewing	view	VERB
ajfa-1319	93	15	the	the	DET
ajfa-1319	93	16	banks	bank	NOUN
ajfa-1319	93	17	;	;	PUNCT
ajfa-1319	93	18	the	the	DET
ajfa-1319	93	19	australian	australian	ADJ
ajfa-1319	93	20	prudential	prudential	ADJ
ajfa-1319	93	21	regulation	regulation	PROPN
ajfa-1319	93	22	authority	authority	NOUN
ajfa-1319	93	23	(	(	PUNCT
ajfa-1319	93	24	apra	apra	ADJ
ajfa-1319	93	25	)	)	PUNCT
ajfa-1319	93	26	,	,	PUNCT
ajfa-1319	93	27	whose	whose	DET
ajfa-1319	93	28	lone	lone	ADJ
ajfa-1319	93	29	task	task	NOUN
ajfa-1319	93	30	is	be	AUX
ajfa-1319	93	31	to	to	PART
ajfa-1319	93	32	protect	protect	VERB
ajfa-1319	93	33	depositors	depositor	NOUN
ajfa-1319	93	34	through	through	ADP
ajfa-1319	93	35	limiting	limit	VERB
ajfa-1319	93	36	and	and	CCONJ
ajfa-1319	93	37	supervising	supervise	VERB
ajfa-1319	93	38	risk	risk	NOUN
ajfa-1319	93	39	levels	level	NOUN
ajfa-1319	93	40	taken	take	VERB
ajfa-1319	93	41	on	on	ADP
ajfa-1319	93	42	by	by	ADP
ajfa-1319	93	43	adis	adis	PROPN
ajfa-1319	93	44	,	,	PUNCT
ajfa-1319	93	45	and	and	CCONJ
ajfa-1319	93	46	the	the	DET
ajfa-1319	93	47	australian	australian	ADJ
ajfa-1319	93	48	securities	security	NOUN
ajfa-1319	93	49	and	and	CCONJ
ajfa-1319	93	50	investment	investment	NOUN
ajfa-1319	93	51	commission	commission	NOUN
ajfa-1319	93	52	(	(	PUNCT
ajfa-1319	93	53	asic	asic	PROPN
ajfa-1319	93	54	)	)	PUNCT
ajfa-1319	93	55	,	,	PUNCT
ajfa-1319	93	56	who	who	PRON
ajfa-1319	93	57	is	be	AUX
ajfa-1319	93	58	responsible	responsible	ADJ
ajfa-1319	93	59	for	for	ADP
ajfa-1319	93	60	information	information	NOUN
ajfa-1319	93	61	being	be	AUX
ajfa-1319	93	62	made	make	VERB
ajfa-1319	93	63	transparent	transparent	ADJ
ajfa-1319	93	64	and	and	CCONJ
ajfa-1319	93	65	available	available	ADJ
ajfa-1319	93	66	to	to	ADP
ajfa-1319	93	67	the	the	DET
ajfa-1319	93	68	market	market	NOUN
ajfa-1319	93	69	as	as	ADV
ajfa-1319	93	70	soon	soon	ADV
ajfa-1319	93	71	as	as	SCONJ
ajfa-1319	93	72	the	the	DET
ajfa-1319	93	73	information	information	NOUN
ajfa-1319	93	74	is	be	AUX
ajfa-1319	93	75	presented	present	VERB
ajfa-1319	93	76	to	to	ADP
ajfa-1319	93	77	the	the	DET
ajfa-1319	93	78	directors	director	NOUN
ajfa-1319	93	79	of	of	ADP
ajfa-1319	93	80	companies	company	NOUN
ajfa-1319	93	81	to	to	PART
ajfa-1319	93	82	carry	carry	VERB
ajfa-1319	93	83	out	out	ADP
ajfa-1319	93	84	their	their	PRON
ajfa-1319	93	85	acts	act	NOUN
ajfa-1319	93	86	in	in	ADP
ajfa-1319	93	87	honesty	honesty	NOUN
ajfa-1319	93	88	,	,	PUNCT
ajfa-1319	93	89	asic	asic	PROPN
ajfa-1319	93	90	also	also	ADV
ajfa-1319	93	91	investigates	investigate	VERB
ajfa-1319	93	92	the	the	DET
ajfa-1319	93	93	level	level	NOUN
ajfa-1319	93	94	of	of	ADP
ajfa-1319	93	95	efficiency	efficiency	NOUN
ajfa-1319	93	96	and	and	CCONJ
ajfa-1319	93	97	fairness	fairness	NOUN
ajfa-1319	93	98	in	in	ADP
ajfa-1319	93	99	the	the	DET
ajfa-1319	93	100	market	market	NOUN
ajfa-1319	93	101	.	.	PUNCT
ajfa-1319	94	1	in	in	ADP
ajfa-1319	94	2	addition	addition	NOUN
ajfa-1319	94	3	to	to	ADP
ajfa-1319	94	4	these	these	DET
ajfa-1319	94	5	australian	australian	ADJ
ajfa-1319	94	6	regulatory	regulatory	ADJ
ajfa-1319	94	7	bodies	body	NOUN
ajfa-1319	94	8	,	,	PUNCT
ajfa-1319	94	9	the	the	DET
ajfa-1319	94	10	financial	financial	ADJ
ajfa-1319	94	11	sector	sector	NOUN
ajfa-1319	94	12	is	be	AUX
ajfa-1319	94	13	subject	subject	ADJ
ajfa-1319	94	14	to	to	ADP
ajfa-1319	94	15	the	the	DET
ajfa-1319	94	16	basel	basel	PROPN
ajfa-1319	94	17	ii	ii	PROPN
ajfa-1319	94	18	accord	accord	NOUN
ajfa-1319	94	19	,	,	PUNCT
ajfa-1319	94	20	first	first	ADV
ajfa-1319	94	21	published	publish	VERB
ajfa-1319	94	22	in	in	ADP
ajfa-1319	94	23	2004	2004	NUM
ajfa-1319	94	24	,	,	PUNCT
ajfa-1319	94	25	which	which	PRON
ajfa-1319	94	26	is	be	AUX
ajfa-1319	94	27	an	an	DET
ajfa-1319	94	28	international	international	ADJ
ajfa-1319	94	29	document	document	NOUN
ajfa-1319	94	30	outlining	outline	VERB
ajfa-1319	94	31	the	the	DET
ajfa-1319	94	32	importance	importance	NOUN
ajfa-1319	94	33	of	of	ADP
ajfa-1319	94	34	strict	strict	ADJ
ajfa-1319	94	35	risk	risk	NOUN
ajfa-1319	94	36	and	and	CCONJ
ajfa-1319	94	37	capital	capital	NOUN
ajfa-1319	94	38	management	management	NOUN
ajfa-1319	94	39	requirements	requirement	NOUN
ajfa-1319	94	40	,	,	PUNCT
ajfa-1319	94	41	with	with	ADP
ajfa-1319	94	42	major	major	ADJ
ajfa-1319	94	43	emphasis	emphasis	NOUN
ajfa-1319	94	44	being	be	AUX
ajfa-1319	94	45	placed	place	VERB
ajfa-1319	94	46	on	on	ADP
ajfa-1319	94	47	minimum	minimum	ADJ
ajfa-1319	94	48	capital	capital	NOUN
ajfa-1319	94	49	requirements	requirement	NOUN
ajfa-1319	94	50	for	for	ADP
ajfa-1319	94	51	individual	individual	ADJ
ajfa-1319	94	52	banks	bank	NOUN
ajfa-1319	94	53	.	.	PUNCT
ajfa-1319	95	1	furthermore	furthermore	ADV
ajfa-1319	95	2	,	,	PUNCT
ajfa-1319	95	3	banks	bank	NOUN
ajfa-1319	95	4	are	be	AUX
ajfa-1319	95	5	fundamentally	fundamentally	ADV
ajfa-1319	95	6	highly	highly	ADV
ajfa-1319	95	7	leveraged	leveraged	ADJ
ajfa-1319	95	8	relative	relative	NOUN
ajfa-1319	95	9	to	to	ADP
ajfa-1319	95	10	the	the	DET
ajfa-1319	95	11	rest	rest	NOUN
ajfa-1319	95	12	of	of	ADP
ajfa-1319	95	13	the	the	DET
ajfa-1319	95	14	sectors	sector	NOUN
ajfa-1319	95	15	in	in	ADP
ajfa-1319	95	16	the	the	DET
ajfa-1319	95	17	economy	economy	NOUN
ajfa-1319	95	18	,	,	PUNCT
ajfa-1319	95	19	making	make	VERB
ajfa-1319	95	20	banks	bank	NOUN
ajfa-1319	95	21	a	a	DET
ajfa-1319	95	22	distinctive	distinctive	ADJ
ajfa-1319	95	23	test	test	NOUN
ajfa-1319	95	24	subject	subject	NOUN
ajfa-1319	95	25	for	for	ADP
ajfa-1319	95	26	the	the	DET
ajfa-1319	95	27	hypotheses	hypothesis	NOUN
ajfa-1319	95	28	this	this	DET
ajfa-1319	95	29	paper	paper	NOUN
ajfa-1319	95	30	intends	intend	VERB
ajfa-1319	95	31	to	to	PART
ajfa-1319	95	32	answer	answer	VERB
ajfa-1319	95	33	.	.	PUNCT
ajfa-1319	96	1	studies	study	NOUN
ajfa-1319	96	2	which	which	PRON
ajfa-1319	96	3	empirically	empirically	ADV
ajfa-1319	96	4	test	test	VERB
ajfa-1319	96	5	for	for	ADP
ajfa-1319	96	6	“	"	PUNCT
ajfa-1319	96	7	real	real	ADJ
ajfa-1319	96	8	world	world	NOUN
ajfa-1319	96	9	”	"	PUNCT
ajfa-1319	96	10	accuracy	accuracy	NOUN
ajfa-1319	96	11	of	of	ADP
ajfa-1319	96	12	capital	capital	NOUN
ajfa-1319	96	13	structure	structure	NOUN
ajfa-1319	96	14	theory	theory	NOUN
ajfa-1319	96	15	are	be	AUX
ajfa-1319	96	16	not	not	PART
ajfa-1319	96	17	in	in	ADP
ajfa-1319	96	18	shortage	shortage	NOUN
ajfa-1319	96	19	.	.	PUNCT
ajfa-1319	97	1	empirical	empirical	ADJ
ajfa-1319	97	2	research	research	NOUN
ajfa-1319	97	3	on	on	ADP
ajfa-1319	97	4	this	this	DET
ajfa-1319	97	5	topic	topic	NOUN
ajfa-1319	97	6	from	from	ADP
ajfa-1319	97	7	an	an	DET
ajfa-1319	97	8	australian	australian	ADJ
ajfa-1319	97	9	viewpoint	viewpoint	NOUN
ajfa-1319	97	10	,	,	PUNCT
ajfa-1319	97	11	especially	especially	ADV
ajfa-1319	97	12	regarding	regard	VERB
ajfa-1319	97	13	the	the	DET
ajfa-1319	97	14	financial	financial	ADJ
ajfa-1319	97	15	sector	sector	NOUN
ajfa-1319	97	16	,	,	PUNCT
ajfa-1319	97	17	is	be	AUX
ajfa-1319	97	18	quite	quite	ADV
ajfa-1319	97	19	scarce	scarce	ADJ
ajfa-1319	97	20	,	,	PUNCT
ajfa-1319	97	21	however	however	ADV
ajfa-1319	97	22	.	.	PUNCT
ajfa-1319	98	1	the	the	DET
ajfa-1319	98	2	focus	focus	NOUN
ajfa-1319	98	3	in	in	ADP
ajfa-1319	98	4	this	this	DET
ajfa-1319	98	5	paper	paper	NOUN
ajfa-1319	98	6	will	will	AUX
ajfa-1319	98	7	have	have	VERB
ajfa-1319	98	8	a	a	DET
ajfa-1319	98	9	particular	particular	ADJ
ajfa-1319	98	10	emphasis	emphasis	NOUN
ajfa-1319	98	11	on	on	ADP
ajfa-1319	98	12	a	a	DET
ajfa-1319	98	13	comprehensive	comprehensive	ADJ
ajfa-1319	98	14	and	and	CCONJ
ajfa-1319	98	15	widely	widely	ADV
ajfa-1319	98	16	regarded	regard	VERB
ajfa-1319	98	17	us	we	PRON
ajfa-1319	98	18	study	study	NOUN
ajfa-1319	98	19	conducted	conduct	VERB
ajfa-1319	98	20	by	by	ADP
ajfa-1319	98	21	berger	berger	PROPN
ajfa-1319	98	22	and	and	CCONJ
ajfa-1319	98	23	bonaccorsi	bonaccorsi	PROPN
ajfa-1319	98	24	di	di	X
ajfa-1319	98	25	patti	patti	PROPN
ajfa-1319	98	26	(	(	PUNCT
ajfa-1319	98	27	2006	2006	NUM
ajfa-1319	98	28	)	)	PUNCT
ajfa-1319	98	29	,	,	PUNCT
ajfa-1319	98	30	and	and	CCONJ
ajfa-1319	98	31	will	will	AUX
ajfa-1319	98	32	then	then	ADV
ajfa-1319	98	33	be	be	AUX
ajfa-1319	98	34	applied	apply	VERB
ajfa-1319	98	35	to	to	ADP
ajfa-1319	98	36	the	the	DET
ajfa-1319	98	37	australian	australian	ADJ
ajfa-1319	98	38	financial	financial	ADJ
ajfa-1319	98	39	sector	sector	NOUN
ajfa-1319	98	40	.	.	PUNCT
ajfa-1319	99	1	studies	study	NOUN
ajfa-1319	99	2	which	which	PRON
ajfa-1319	99	3	came	come	VERB
ajfa-1319	99	4	before	before	SCONJ
ajfa-1319	99	5	it	it	PRON
ajfa-1319	99	6	often	often	ADV
ajfa-1319	99	7	used	use	VERB
ajfa-1319	99	8	regular	regular	ADJ
ajfa-1319	99	9	accounting	accounting	NOUN
ajfa-1319	99	10	and	and	CCONJ
ajfa-1319	99	11	financial	financial	ADJ
ajfa-1319	99	12	measures	measure	NOUN
ajfa-1319	99	13	as	as	SCONJ
ajfa-1319	99	14	proxies	proxy	NOUN
ajfa-1319	99	15	of	of	ADP
ajfa-1319	99	16	firm	firm	ADJ
ajfa-1319	99	17	performance	performance	NOUN
ajfa-1319	99	18	(	(	PUNCT
ajfa-1319	99	19	such	such	ADJ
ajfa-1319	99	20	as	as	ADP
ajfa-1319	99	21	roe	roe	NOUN
ajfa-1319	99	22	,	,	PUNCT
ajfa-1319	99	23	returns	return	VERB
ajfa-1319	99	24	on	on	ADP
ajfa-1319	99	25	stock	stock	NOUN
ajfa-1319	99	26	market	market	NOUN
ajfa-1319	99	27	,	,	PUNCT
ajfa-1319	99	28	profit	profit	NOUN
ajfa-1319	99	29	etc	etc	X
ajfa-1319	99	30	.	.	X
ajfa-1319	99	31	)	)	PUNCT
ajfa-1319	99	32	,	,	PUNCT
ajfa-1319	100	1	and	and	CCONJ
ajfa-1319	100	2	although	although	SCONJ
ajfa-1319	100	3	these	these	PRON
ajfa-1319	100	4	are	be	AUX
ajfa-1319	100	5	useful	useful	ADJ
ajfa-1319	100	6	in	in	ADP
ajfa-1319	100	7	portraying	portray	VERB
ajfa-1319	100	8	the	the	DET
ajfa-1319	100	9	performance	performance	NOUN
ajfa-1319	100	10	of	of	ADP
ajfa-1319	100	11	a	a	DET
ajfa-1319	100	12	firm	firm	NOUN
ajfa-1319	100	13	,	,	PUNCT
ajfa-1319	100	14	they	they	PRON
ajfa-1319	100	15	offer	offer	VERB
ajfa-1319	100	16	no	no	DET
ajfa-1319	100	17	distinction	distinction	NOUN
ajfa-1319	100	18	between	between	ADP
ajfa-1319	100	19	management	management	NOUN
ajfa-1319	100	20	that	that	PRON
ajfa-1319	100	21	is	be	AUX
ajfa-1319	100	22	excelling	excel	VERB
ajfa-1319	100	23	and	and	CCONJ
ajfa-1319	100	24	management	management	NOUN
ajfa-1319	100	25	that	that	PRON
ajfa-1319	100	26	is	be	AUX
ajfa-1319	100	27	underperforming	underperform	VERB
ajfa-1319	100	28	.	.	PUNCT
ajfa-1319	101	1	berger	berger	PROPN
ajfa-1319	101	2	and	and	CCONJ
ajfa-1319	101	3	bonaccorsi	bonaccorsi	PROPN
ajfa-1319	101	4	di	di	X
ajfa-1319	101	5	patti	patti	PROPN
ajfa-1319	101	6	(	(	PUNCT
ajfa-1319	101	7	2006	2006	NUM
ajfa-1319	101	8	)	)	PUNCT
ajfa-1319	101	9	argue	argue	VERB
ajfa-1319	101	10	that	that	SCONJ
ajfa-1319	101	11	a	a	DET
ajfa-1319	101	12	more	more	ADV
ajfa-1319	101	13	appropriate	appropriate	ADJ
ajfa-1319	101	14	measure	measure	NOUN
ajfa-1319	101	15	to	to	PART
ajfa-1319	101	16	test	test	VERB
ajfa-1319	101	17	firm	firm	ADJ
ajfa-1319	101	18	performance	performance	NOUN
ajfa-1319	101	19	is	be	AUX
ajfa-1319	101	20	profit	profit	NOUN
ajfa-1319	101	21	efficiency	efficiency	NOUN
ajfa-1319	101	22	;	;	PUNCT
ajfa-1319	101	23	it	it	PRON
ajfa-1319	101	24	accounts	account	VERB
ajfa-1319	101	25	for	for	ADP
ajfa-1319	101	26	managerial	managerial	ADJ
ajfa-1319	101	27	performance	performance	NOUN
ajfa-1319	101	28	as	as	ADV
ajfa-1319	101	29	well	well	ADV
ajfa-1319	101	30	as	as	ADP
ajfa-1319	101	31	the	the	DET
ajfa-1319	101	32	extent	extent	NOUN
ajfa-1319	101	33	of	of	ADP
ajfa-1319	101	34	agency	agency	NOUN
ajfa-1319	101	35	cost	cost	NOUN
ajfa-1319	101	36	suffered	suffer	VERB
ajfa-1319	101	37	by	by	ADP
ajfa-1319	101	38	the	the	DET
ajfa-1319	101	39	firm	firm	NOUN
ajfa-1319	101	40	.	.	PUNCT
ajfa-1319	102	1	berger	berger	PROPN
ajfa-1319	102	2	and	and	CCONJ
ajfa-1319	102	3	mester	mester	PROPN
ajfa-1319	102	4	(	(	PUNCT
ajfa-1319	102	5	1997	1997	NUM
ajfa-1319	102	6	)	)	PUNCT
ajfa-1319	102	7	initially	initially	ADV
ajfa-1319	102	8	introduce	introduce	VERB
ajfa-1319	102	9	two	two	NUM
ajfa-1319	102	10	measures	measure	NOUN
ajfa-1319	102	11	of	of	ADP
ajfa-1319	102	12	profit	profit	NOUN
ajfa-1319	102	13	efficiency	efficiency	NOUN
ajfa-1319	102	14	,	,	PUNCT
ajfa-1319	102	15	the	the	DET
ajfa-1319	102	16	first	first	ADJ
ajfa-1319	102	17	of	of	ADP
ajfa-1319	102	18	which	which	PRON
ajfa-1319	102	19	is	be	AUX
ajfa-1319	102	20	;	;	PUNCT
ajfa-1319	102	21	asian	asian	ADJ
ajfa-1319	102	22	journal	journal	NOUN
ajfa-1319	102	23	of	of	ADP
ajfa-1319	102	24	finance	finance	PROPN
ajfa-1319	102	25	&	&	CCONJ
ajfa-1319	102	26	accounting	accounting	PROPN
ajfa-1319	102	27	issn	issn	PROPN
ajfa-1319	102	28	1946	1946	NUM
ajfa-1319	102	29	-	-	PUNCT
ajfa-1319	102	30	052x	052x	NOUN
ajfa-1319	102	31	2012	2012	NUM
ajfa-1319	102	32	,	,	PUNCT
ajfa-1319	102	33	vol	vol	NOUN
ajfa-1319	102	34	.	.	PROPN
ajfa-1319	103	1	4	4	NUM
ajfa-1319	103	2	,	,	PUNCT
ajfa-1319	103	3	no	no	INTJ
ajfa-1319	103	4	.	.	NOUN
ajfa-1319	103	5	1	1	NUM
ajfa-1319	103	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1319	103	7	283	283	NUM
ajfa-1319	103	8	(	(	PUNCT
ajfa-1319	103	9	1	1	NUM
ajfa-1319	103	10	)	)	PUNCT
ajfa-1319	103	11	which	which	PRON
ajfa-1319	103	12	is	be	AUX
ajfa-1319	103	13	based	base	VERB
ajfa-1319	103	14	on	on	ADP
ajfa-1319	103	15	the	the	DET
ajfa-1319	103	16	firm	firm	ADJ
ajfa-1319	103	17	profit	profit	NOUN
ajfa-1319	103	18	function	function	NOUN
ajfa-1319	103	19	:	:	PUNCT
ajfa-1319	103	20	ln	ln	X
ajfa-1319	103	21	(	(	PUNCT
ajfa-1319	103	22	)	)	PUNCT
ajfa-1319	103	23	(	(	PUNCT
ajfa-1319	103	24	,	,	PUNCT
ajfa-1319	103	25	,	,	PUNCT
ajfa-1319	103	26	,	,	PUNCT
ajfa-1319	103	27	)	)	PUNCT
ajfa-1319	104	1	ln	ln	PROPN
ajfa-1319	104	2	lnf	lnf	PROPN
ajfa-1319	104	3	w	w	PROPN
ajfa-1319	104	4	p	p	PROPN
ajfa-1319	104	5	z	z	PROPN
ajfa-1319	104	6	v	v	PROPN
ajfa-1319	104	7	u	u	NOUN
ajfa-1319	104	8			PROPN
ajfa-1319	104	9			X
ajfa-1319	104	10			PROPN
ajfa-1319	104	11			PROPN
ajfa-1319	104	12			PROPN
ajfa-1319	104	13			ADV
ajfa-1319	104	14			X
ajfa-1319	104	15	(	(	PUNCT
ajfa-1319	104	16	2	2	X
ajfa-1319	104	17	)	)	PUNCT
ajfa-1319	104	18	where	where	SCONJ
ajfa-1319	104	19			PROPN
ajfa-1319	104	20	is	be	AUX
ajfa-1319	104	21	the	the	DET
ajfa-1319	104	22	net	net	ADJ
ajfa-1319	104	23	variable	variable	ADJ
ajfa-1319	104	24	profit	profit	NOUN
ajfa-1319	104	25	of	of	ADP
ajfa-1319	104	26	a	a	DET
ajfa-1319	104	27	firm	firm	NOUN
ajfa-1319	104	28	(	(	PUNCT
ajfa-1319	104	29	revenue	revenue	NOUN
ajfa-1319	104	30	–	–	PUNCT
ajfa-1319	104	31	expenses	expense	NOUN
ajfa-1319	104	32	including	include	VERB
ajfa-1319	104	33	interest	interest	NOUN
ajfa-1319	104	34	earned	earn	VERB
ajfa-1319	104	35	and	and	CCONJ
ajfa-1319	104	36	paid	pay	VERB
ajfa-1319	104	37	)	)	PUNCT
ajfa-1319	104	38	;	;	PUNCT
ajfa-1319	104	39			PROPN
ajfa-1319	104	40	is	be	AUX
ajfa-1319	104	41	a	a	DET
ajfa-1319	104	42	constant	constant	ADJ
ajfa-1319	104	43	added	add	VERB
ajfa-1319	104	44	to	to	ADP
ajfa-1319	104	45	every	every	DET
ajfa-1319	104	46	firm	firm	NOUN
ajfa-1319	104	47	so	so	SCONJ
ajfa-1319	104	48	that	that	SCONJ
ajfa-1319	104	49	the	the	DET
ajfa-1319	104	50	natural	natural	ADJ
ajfa-1319	104	51	log	log	NOUN
ajfa-1319	104	52	is	be	AUX
ajfa-1319	104	53	a	a	DET
ajfa-1319	104	54	positive	positive	ADJ
ajfa-1319	104	55	value	value	NOUN
ajfa-1319	104	56	;	;	PUNCT
ajfa-1319	104	57	w	w	NOUN
ajfa-1319	104	58	and	and	CCONJ
ajfa-1319	104	59	p	p	NOUN
ajfa-1319	104	60	are	be	AUX
ajfa-1319	104	61	vectors	vector	NOUN
ajfa-1319	104	62	of	of	ADP
ajfa-1319	104	63	prices	price	NOUN
ajfa-1319	104	64	for	for	ADP
ajfa-1319	104	65	inputs	input	NOUN
ajfa-1319	104	66	outputs	output	NOUN
ajfa-1319	104	67	respectively	respectively	ADV
ajfa-1319	104	68	;	;	PUNCT
ajfa-1319	104	69	z	z	NOUN
ajfa-1319	104	70	is	be	AUX
ajfa-1319	104	71	the	the	DET
ajfa-1319	104	72	net	net	ADJ
ajfa-1319	104	73	quantity	quantity	NOUN
ajfa-1319	104	74	of	of	ADP
ajfa-1319	104	75	fixed	fix	VERB
ajfa-1319	104	76	output	output	NOUN
ajfa-1319	104	77	–	–	PUNCT
ajfa-1319	104	78	inputs	input	NOUN
ajfa-1319	104	79	and	and	CCONJ
ajfa-1319	104	80	v	v	NOUN
ajfa-1319	104	81	is	be	AUX
ajfa-1319	104	82	a	a	DET
ajfa-1319	104	83	variable	variable	ADJ
ajfa-1319	104	84	taking	take	VERB
ajfa-1319	104	85	into	into	ADP
ajfa-1319	104	86	any	any	DET
ajfa-1319	104	87	other	other	ADJ
ajfa-1319	104	88	factors	factor	NOUN
ajfa-1319	104	89	affecting	affect	VERB
ajfa-1319	104	90	profit	profit	NOUN
ajfa-1319	104	91	.	.	PUNCT
ajfa-1319	105	1	the	the	DET
ajfa-1319	105	2	ln	ln	ADJ
ajfa-1319	105	3	u	u	ADJ
ajfa-1319	105	4	variable	variable	NOUN
ajfa-1319	105	5	represents	represent	VERB
ajfa-1319	105	6	inefficiencies	inefficiency	NOUN
ajfa-1319	105	7	that	that	PRON
ajfa-1319	105	8	reduce	reduce	VERB
ajfa-1319	105	9	overall	overall	ADJ
ajfa-1319	105	10	profit	profit	NOUN
ajfa-1319	105	11	,	,	PUNCT
ajfa-1319	105	12	firms	firm	NOUN
ajfa-1319	105	13	with	with	ADP
ajfa-1319	105	14	the	the	DET
ajfa-1319	105	15	highest	high	ADJ
ajfa-1319	105	16	estimated	estimate	VERB
ajfa-1319	105	17	ln	ln	ADJ
ajfa-1319	105	18	u	u	NOUN
ajfa-1319	105	19	value	value	NOUN
ajfa-1319	105	20	are	be	AUX
ajfa-1319	105	21	considered	consider	VERB
ajfa-1319	105	22	to	to	PART
ajfa-1319	105	23	be	be	AUX
ajfa-1319	105	24	engaging	engage	VERB
ajfa-1319	105	25	in	in	ADP
ajfa-1319	105	26	the	the	DET
ajfa-1319	105	27	most	most	ADV
ajfa-1319	105	28	efficient	efficient	ADJ
ajfa-1319	105	29	business	business	NOUN
ajfa-1319	105	30	practice	practice	NOUN
ajfa-1319	105	31	,	,	PUNCT
ajfa-1319	105	32	and	and	CCONJ
ajfa-1319	105	33	are	be	AUX
ajfa-1319	105	34	denoted	denote	VERB
ajfa-1319	105	35	as	as	ADP
ajfa-1319	105	36	maxˆln	maxˆln	ADJ
ajfa-1319	105	37	u	u	NOUN
ajfa-1319	105	38	.	.	PUNCT
ajfa-1319	106	1	this	this	DET
ajfa-1319	106	2	bank	bank	NOUN
ajfa-1319	106	3	then	then	ADV
ajfa-1319	106	4	becomes	become	VERB
ajfa-1319	106	5	the	the	DET
ajfa-1319	106	6	benchmark	benchmark	NOUN
ajfa-1319	106	7	to	to	PART
ajfa-1319	106	8	which	which	PRON
ajfa-1319	106	9	berger	berger	PROPN
ajfa-1319	106	10	and	and	CCONJ
ajfa-1319	106	11	bonaccorsi	bonaccorsi	PROPN
ajfa-1319	106	12	di	di	PROPN
ajfa-1319	106	13	patti	patti	PROPN
ajfa-1319	106	14	base	base	NOUN
ajfa-1319	106	15	profit	profit	NOUN
ajfa-1319	106	16	efficiency	efficiency	NOUN
ajfa-1319	106	17	on	on	ADP
ajfa-1319	106	18	.	.	PUNCT
ajfa-1319	107	1	a	a	DET
ajfa-1319	107	2	bank	bank	NOUN
ajfa-1319	107	3	with	with	ADP
ajfa-1319	107	4	an	an	DET
ajfa-1319	107	5	speff	speff	NOUN
ajfa-1319	107	6	of	of	ADP
ajfa-1319	107	7	.7	.7	PROPN
ajfa-1319	107	8	earns	earn	VERB
ajfa-1319	107	9	70	70	NUM
ajfa-1319	107	10	%	%	NOUN
ajfa-1319	107	11	of	of	ADP
ajfa-1319	107	12	its	its	PRON
ajfa-1319	107	13	maximum	maximum	ADJ
ajfa-1319	107	14	potential	potential	ADJ
ajfa-1319	107	15	profits	profit	NOUN
ajfa-1319	107	16	.	.	PUNCT
ajfa-1319	108	1	the	the	DET
ajfa-1319	108	2	second	second	ADJ
ajfa-1319	108	3	specification	specification	NOUN
ajfa-1319	108	4	to	to	PART
ajfa-1319	108	5	measure	measure	VERB
ajfa-1319	108	6	profit	profit	NOUN
ajfa-1319	108	7	efficiency	efficiency	NOUN
ajfa-1319	108	8	as	as	SCONJ
ajfa-1319	108	9	described	describe	VERB
ajfa-1319	108	10	by	by	ADP
ajfa-1319	108	11	berger	berger	PROPN
ajfa-1319	108	12	and	and	CCONJ
ajfa-1319	108	13	mester	mester	PROPN
ajfa-1319	108	14	(	(	PUNCT
ajfa-1319	108	15	1997	1997	NUM
ajfa-1319	108	16	)	)	PUNCT
ajfa-1319	108	17	;	;	PUNCT
ajfa-1319	108	18	(	(	PUNCT
ajfa-1319	108	19	3	3	X
ajfa-1319	108	20	)	)	PUNCT
ajfa-1319	108	21	the	the	DET
ajfa-1319	108	22	alternative	alternative	ADJ
ajfa-1319	108	23	profit	profit	NOUN
ajfa-1319	108	24	efficiency	efficiency	NOUN
ajfa-1319	108	25	function	function	NOUN
ajfa-1319	108	26	is	be	AUX
ajfa-1319	108	27	derived	derive	VERB
ajfa-1319	108	28	from	from	ADP
ajfa-1319	108	29	the	the	DET
ajfa-1319	108	30	alternative	alternative	ADJ
ajfa-1319	108	31	profit	profit	NOUN
ajfa-1319	108	32	function	function	NOUN
ajfa-1319	108	33	;	;	PUNCT
ajfa-1319	108	34	ln	ln	X
ajfa-1319	108	35	(	(	PUNCT
ajfa-1319	108	36	)	)	PUNCT
ajfa-1319	108	37	(	(	PUNCT
ajfa-1319	108	38	,	,	PUNCT
ajfa-1319	108	39	,	,	PUNCT
ajfa-1319	108	40	,	,	PUNCT
ajfa-1319	108	41	)	)	PUNCT
ajfa-1319	108	42	ln	ln	PROPN
ajfa-1319	108	43	lnf	lnf	PROPN
ajfa-1319	108	44	w	w	PROPN
ajfa-1319	108	45	y	y	PROPN
ajfa-1319	108	46	z	z	PROPN
ajfa-1319	108	47	v	v	X
ajfa-1319	108	48	u	u	PROPN
ajfa-1319	108	49			VERB
ajfa-1319	108	50			NOUN
ajfa-1319	108	51			X
ajfa-1319	109	1			PROPN
ajfa-1319	109	2			PROPN
ajfa-1319	109	3			ADV
ajfa-1319	109	4			X
ajfa-1319	109	5	(	(	PUNCT
ajfa-1319	109	6	4	4	NUM
ajfa-1319	109	7	)	)	PUNCT
ajfa-1319	109	8	although	although	SCONJ
ajfa-1319	109	9	the	the	DET
ajfa-1319	109	10	alternative	alternative	ADJ
ajfa-1319	109	11	profit	profit	NOUN
ajfa-1319	109	12	efficiency	efficiency	NOUN
ajfa-1319	109	13	function	function	NOUN
ajfa-1319	109	14	is	be	AUX
ajfa-1319	109	15	calculated	calculate	VERB
ajfa-1319	109	16	in	in	ADP
ajfa-1319	109	17	a	a	DET
ajfa-1319	109	18	similar	similar	ADJ
ajfa-1319	109	19	way	way	NOUN
ajfa-1319	109	20	to	to	ADP
ajfa-1319	109	21	the	the	DET
ajfa-1319	109	22	standard	standard	ADJ
ajfa-1319	109	23	one	one	NOUN
ajfa-1319	109	24	,	,	PUNCT
ajfa-1319	109	25	there	there	PRON
ajfa-1319	109	26	is	be	VERB
ajfa-1319	109	27	a	a	DET
ajfa-1319	109	28	distinct	distinct	ADJ
ajfa-1319	109	29	difference	difference	NOUN
ajfa-1319	109	30	between	between	ADP
ajfa-1319	109	31	the	the	DET
ajfa-1319	109	32	two	two	NUM
ajfa-1319	109	33	.	.	PUNCT
ajfa-1319	110	1	this	this	DET
ajfa-1319	110	2	difference	difference	NOUN
ajfa-1319	110	3	is	be	AUX
ajfa-1319	110	4	the	the	DET
ajfa-1319	110	5	replacement	replacement	NOUN
ajfa-1319	110	6	of	of	ADP
ajfa-1319	110	7	output	output	NOUN
ajfa-1319	110	8	price	price	NOUN
ajfa-1319	110	9	with	with	ADP
ajfa-1319	110	10	output	output	NOUN
ajfa-1319	110	11	quantity	quantity	NOUN
ajfa-1319	110	12	as	as	ADP
ajfa-1319	110	13	an	an	DET
ajfa-1319	110	14	exogenous	exogenous	ADJ
ajfa-1319	110	15	variable	variable	NOUN
ajfa-1319	110	16	,	,	PUNCT
ajfa-1319	110	17	hence	hence	ADV
ajfa-1319	110	18	the	the	DET
ajfa-1319	110	19	price	price	NOUN
ajfa-1319	110	20	(	(	PUNCT
ajfa-1319	110	21	p	p	NOUN
ajfa-1319	110	22	)	)	PUNCT
ajfa-1319	110	23	variable	variable	NOUN
ajfa-1319	110	24	is	be	AUX
ajfa-1319	110	25	replaced	replace	VERB
ajfa-1319	110	26	by	by	ADP
ajfa-1319	110	27	the	the	DET
ajfa-1319	110	28	output	output	NOUN
ajfa-1319	110	29	quantity	quantity	NOUN
ajfa-1319	110	30	variable	variable	NOUN
ajfa-1319	110	31	(	(	PUNCT
ajfa-1319	110	32	y	y	NOUN
ajfa-1319	110	33	)	)	PUNCT
ajfa-1319	110	34	in	in	ADP
ajfa-1319	110	35	the	the	DET
ajfa-1319	110	36	alternative	alternative	ADJ
ajfa-1319	110	37	function	function	NOUN
ajfa-1319	110	38	.	.	PUNCT
ajfa-1319	111	1	the	the	DET
ajfa-1319	111	2	data	datum	NOUN
ajfa-1319	111	3	was	be	AUX
ajfa-1319	111	4	collected	collect	VERB
ajfa-1319	111	5	of	of	ADP
ajfa-1319	111	6	7,548	7,548	NUM
ajfa-1319	111	7	banks	bank	NOUN
ajfa-1319	111	8	;	;	PUNCT
ajfa-1319	111	9	a	a	DET
ajfa-1319	111	10	sub	sub	NOUN
ajfa-1319	111	11	-	-	NOUN
ajfa-1319	111	12	sample	sample	NOUN
ajfa-1319	111	13	,	,	PUNCT
ajfa-1319	111	14	“	"	PUNCT
ajfa-1319	111	15	the	the	DET
ajfa-1319	111	16	ownership	ownership	NOUN
ajfa-1319	111	17	sample	sample	NOUN
ajfa-1319	111	18	”	"	PUNCT
ajfa-1319	111	19	,	,	PUNCT
ajfa-1319	111	20	was	be	AUX
ajfa-1319	111	21	created	create	VERB
ajfa-1319	111	22	,	,	PUNCT
ajfa-1319	111	23	for	for	ADP
ajfa-1319	111	24	which	which	PRON
ajfa-1319	111	25	detailed	detailed	ADJ
ajfa-1319	111	26	information	information	NOUN
ajfa-1319	111	27	on	on	ADP
ajfa-1319	111	28	the	the	DET
ajfa-1319	111	29	insider	insider	NOUN
ajfa-1319	111	30	holdings	holding	NOUN
ajfa-1319	111	31	,	,	PUNCT
ajfa-1319	111	32	block	block	NOUN
ajfa-1319	111	33	holdings	holding	NOUN
ajfa-1319	111	34	of	of	ADP
ajfa-1319	111	35	5	5	NUM
ajfa-1319	111	36	%	%	NOUN
ajfa-1319	111	37	or	or	CCONJ
ajfa-1319	111	38	more	more	ADJ
ajfa-1319	111	39	(	(	PUNCT
ajfa-1319	111	40	by	by	ADP
ajfa-1319	111	41	insiders	insider	NOUN
ajfa-1319	111	42	or	or	CCONJ
ajfa-1319	111	43	outsiders	outsider	NOUN
ajfa-1319	111	44	)	)	PUNCT
ajfa-1319	111	45	,	,	PUNCT
ajfa-1319	111	46	and	and	CCONJ
ajfa-1319	111	47	institutional	institutional	ADJ
ajfa-1319	111	48	holdings	holding	NOUN
ajfa-1319	111	49	of	of	ADP
ajfa-1319	111	50	the	the	DET
ajfa-1319	111	51	bank	bank	NOUN
ajfa-1319	111	52	,	,	PUNCT
ajfa-1319	111	53	or	or	CCONJ
ajfa-1319	111	54	its	its	PRON
ajfa-1319	111	55	top	top	ADJ
ajfa-1319	111	56	-	-	PUNCT
ajfa-1319	111	57	tier	tier	NOUN
ajfa-1319	111	58	holding	hold	VERB
ajfa-1319	111	59	company	company	NOUN
ajfa-1319	111	60	,	,	PUNCT
ajfa-1319	111	61	is	be	AUX
ajfa-1319	111	62	available	available	ADJ
ajfa-1319	111	63	.	.	PUNCT
ajfa-1319	112	1	this	this	DET
ajfa-1319	112	2	data	datum	NOUN
ajfa-1319	112	3	was	be	AUX
ajfa-1319	112	4	then	then	ADV
ajfa-1319	112	5	gathered	gather	VERB
ajfa-1319	112	6	over	over	ADP
ajfa-1319	112	7	the	the	DET
ajfa-1319	112	8	time	time	NOUN
ajfa-1319	112	9	period	period	NOUN
ajfa-1319	112	10	of	of	ADP
ajfa-1319	112	11	1990	1990	NUM
ajfa-1319	112	12	-	-	SYM
ajfa-1319	112	13	1995	1995	NUM
ajfa-1319	112	14	,	,	PUNCT
ajfa-1319	112	15	using	use	VERB
ajfa-1319	112	16	a	a	DET
ajfa-1319	112	17	cross	cross	ADJ
ajfa-1319	112	18	sectional	sectional	ADJ
ajfa-1319	112	19	model	model	NOUN
ajfa-1319	112	20	describing	describe	VERB
ajfa-1319	112	21	the	the	DET
ajfa-1319	112	22	relationship	relationship	NOUN
ajfa-1319	112	23	between	between	ADP
ajfa-1319	112	24	average	average	ADJ
ajfa-1319	112	25	efficiency	efficiency	NOUN
ajfa-1319	112	26	(	(	PUNCT
ajfa-1319	112	27	effi	effi	PROPN
ajfa-1319	112	28	)	)	PUNCT
ajfa-1319	112	29	overtime	overtime	NOUN
ajfa-1319	112	30	and	and	CCONJ
ajfa-1319	112	31	average	average	ADJ
ajfa-1319	112	32	capital	capital	NOUN
ajfa-1319	112	33	ratio	ratio	NOUN
ajfa-1319	112	34	over	over	ADP
ajfa-1319	112	35	time	time	NOUN
ajfa-1319	112	36	(	(	PUNCT
ajfa-1319	112	37	ecapi	ecapi	NOUN
ajfa-1319	112	38	)	)	PUNCT
ajfa-1319	112	39	,	,	PUNCT
ajfa-1319	112	40	while	while	SCONJ
ajfa-1319	112	41	keeping	keep	VERB
ajfa-1319	112	42	averages	average	NOUN
ajfa-1319	112	43	for	for	ADP
ajfa-1319	112	44	most	most	ADJ
ajfa-1319	112	45	control	control	NOUN
ajfa-1319	112	46	variables	variable	NOUN
ajfa-1319	112	47	(	(	PUNCT
ajfa-1319	112	48	except	except	SCONJ
ajfa-1319	112	49	some	some	DET
ajfa-1319	112	50	ownership	ownership	NOUN
ajfa-1319	112	51	variables	variable	NOUN
ajfa-1319	112	52	)	)	PUNCT
ajfa-1319	112	53	.	.	PUNCT
ajfa-1319	113	1	since	since	SCONJ
ajfa-1319	113	2	we	we	PRON
ajfa-1319	113	3	are	be	AUX
ajfa-1319	113	4	using	use	VERB
ajfa-1319	113	5	very	very	ADV
ajfa-1319	113	6	similar	similar	ADJ
ajfa-1319	113	7	variables	variable	NOUN
ajfa-1319	113	8	both	both	CCONJ
ajfa-1319	113	9	the	the	DET
ajfa-1319	113	10	exogenous	exogenous	ADJ
ajfa-1319	113	11	and	and	CCONJ
ajfa-1319	113	12	endogenous	endogenous	ADJ
ajfa-1319	113	13	variables	variable	NOUN
ajfa-1319	113	14	will	will	AUX
ajfa-1319	113	15	be	be	AUX
ajfa-1319	113	16	described	describe	VERB
ajfa-1319	113	17	in	in	ADP
ajfa-1319	113	18	detail	detail	NOUN
ajfa-1319	113	19	in	in	ADP
ajfa-1319	113	20	the	the	DET
ajfa-1319	113	21	next	next	ADJ
ajfa-1319	113	22	chapter	chapter	NOUN
ajfa-1319	113	23	.	.	PUNCT
ajfa-1319	114	1	the	the	DET
ajfa-1319	114	2	paper	paper	NOUN
ajfa-1319	114	3	uses	use	VERB
ajfa-1319	114	4	a	a	DET
ajfa-1319	114	5	two	two	NUM
ajfa-1319	114	6	-	-	PUNCT
ajfa-1319	114	7	stage	stage	NOUN
ajfa-1319	114	8	least	least	ADJ
ajfa-1319	114	9	squares	square	NOUN
ajfa-1319	114	10	method	method	NOUN
ajfa-1319	114	11	(	(	PUNCT
ajfa-1319	114	12	2sls	2sls	NOUN
ajfa-1319	114	13	)	)	PUNCT
ajfa-1319	114	14	model	model	NOUN
ajfa-1319	114	15	,	,	PUNCT
ajfa-1319	114	16	it	it	PRON
ajfa-1319	114	17	is	be	AUX
ajfa-1319	114	18	most	most	ADV
ajfa-1319	114	19	frequently	frequently	ADV
ajfa-1319	114	20	used	use	VERB
ajfa-1319	114	21	when	when	SCONJ
ajfa-1319	114	22	there	there	PRON
ajfa-1319	114	23	is	be	VERB
ajfa-1319	114	24	a	a	DET
ajfa-1319	114	25	possibility	possibility	NOUN
ajfa-1319	114	26	of	of	ADP
ajfa-1319	114	27	reverse	reverse	ADJ
ajfa-1319	114	28	causality	causality	NOUN
ajfa-1319	114	29	being	be	AUX
ajfa-1319	114	30	present	present	ADJ
ajfa-1319	114	31	,	,	PUNCT
ajfa-1319	114	32	this	this	PRON
ajfa-1319	114	33	is	be	AUX
ajfa-1319	114	34	due	due	ADJ
ajfa-1319	114	35	to	to	ADP
ajfa-1319	114	36	the	the	DET
ajfa-1319	114	37	underlying	underlying	ADJ
ajfa-1319	114	38	assumption	assumption	NOUN
ajfa-1319	114	39	of	of	ADP
ajfa-1319	114	40	2sls	2sls	NUM
ajfa-1319	114	41	being	be	AUX
ajfa-1319	114	42	that	that	SCONJ
ajfa-1319	114	43	there	there	PRON
ajfa-1319	114	44	is	be	VERB
ajfa-1319	114	45	no	no	DET
ajfa-1319	114	46	correlation	correlation	NOUN
ajfa-1319	114	47	between	between	ADP
ajfa-1319	114	48	the	the	DET
ajfa-1319	114	49	primary	primary	ADJ
ajfa-1319	114	50	model	model	NOUN
ajfa-1319	114	51	and	and	CCONJ
ajfa-1319	114	52	the	the	DET
ajfa-1319	114	53	model	model	NOUN
ajfa-1319	114	54	testing	testing	NOUN
ajfa-1319	114	55	for	for	ADP
ajfa-1319	114	56	reverse	reverse	ADJ
ajfa-1319	114	57	causality	causality	NOUN
ajfa-1319	114	58	.	.	PUNCT
ajfa-1319	115	1	there	there	PRON
ajfa-1319	115	2	are	be	VERB
ajfa-1319	115	3	arguments	argument	NOUN
ajfa-1319	115	4	for	for	ADP
ajfa-1319	115	5	capital	capital	NOUN
ajfa-1319	115	6	structure	structure	NOUN
ajfa-1319	115	7	being	be	AUX
ajfa-1319	115	8	affected	affect	VERB
ajfa-1319	115	9	by	by	ADP
ajfa-1319	115	10	firm	firm	ADJ
ajfa-1319	115	11	performance	performance	NOUN
ajfa-1319	115	12	rather	rather	ADV
ajfa-1319	115	13	than	than	ADP
ajfa-1319	115	14	it	it	PRON
ajfa-1319	115	15	being	be	AUX
ajfa-1319	115	16	the	the	DET
ajfa-1319	115	17	other	other	ADJ
ajfa-1319	115	18	way	way	NOUN
ajfa-1319	115	19	around	around	ADV
ajfa-1319	115	20	hence	hence	ADV
ajfa-1319	115	21	for	for	ADP
ajfa-1319	115	22	the	the	DET
ajfa-1319	115	23	purpose	purpose	NOUN
ajfa-1319	115	24	of	of	ADP
ajfa-1319	115	25	checking	check	VERB
ajfa-1319	115	26	for	for	ADP
ajfa-1319	115	27	reverse	reverse	ADJ
ajfa-1319	115	28	causality	causality	NOUN
ajfa-1319	115	29	,	,	PUNCT
ajfa-1319	115	30	the	the	DET
ajfa-1319	115	31	efficiency	efficiency	NOUN
ajfa-1319	115	32	risk	risk	NOUN
ajfa-1319	115	33	and	and	CCONJ
ajfa-1319	115	34	franchise	franchise	NOUN
ajfa-1319	115	35	-	-	PUNCT
ajfa-1319	115	36	value	value	NOUN
ajfa-1319	115	37	hypothesis	hypothesis	NOUN
ajfa-1319	115	38	are	be	AUX
ajfa-1319	115	39	tested	test	VERB
ajfa-1319	115	40	by	by	ADP
ajfa-1319	115	41	specifying	specify	VERB
ajfa-1319	115	42	the	the	DET
ajfa-1319	115	43	equity	equity	NOUN
ajfa-1319	115	44	capital	capital	NOUN
ajfa-1319	115	45	ratio	ratio	NOUN
ajfa-1319	115	46	as	as	ADP
ajfa-1319	115	47	a	a	DET
ajfa-1319	115	48	function	function	NOUN
ajfa-1319	115	49	of	of	ADP
ajfa-1319	115	50	the	the	DET
ajfa-1319	115	51	firm	firm	NOUN
ajfa-1319	115	52	’s	’s	PART
ajfa-1319	115	53	profit	profit	NOUN
ajfa-1319	115	54	efficiency	efficiency	NOUN
ajfa-1319	115	55	.	.	PUNCT
ajfa-1319	116	1	asian	asian	ADJ
ajfa-1319	116	2	journal	journal	PROPN
ajfa-1319	116	3	of	of	ADP
ajfa-1319	116	4	finance	finance	PROPN
ajfa-1319	116	5	&	&	CCONJ
ajfa-1319	116	6	accounting	accounting	PROPN
ajfa-1319	116	7	issn	issn	PROPN
ajfa-1319	116	8	1946	1946	NUM
ajfa-1319	116	9	-	-	PUNCT
ajfa-1319	116	10	052x	052x	NOUN
ajfa-1319	116	11	2012	2012	NUM
ajfa-1319	116	12	,	,	PUNCT
ajfa-1319	116	13	vol	vol	NOUN
ajfa-1319	116	14	.	.	PROPN
ajfa-1319	116	15	4	4	NUM
ajfa-1319	116	16	,	,	PUNCT
ajfa-1319	116	17	no	no	INTJ
ajfa-1319	116	18	.	.	NOUN
ajfa-1319	116	19	1	1	NUM
ajfa-1319	116	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1319	116	21	284	284	NUM
ajfa-1319	116	22	the	the	DET
ajfa-1319	116	23	findings	finding	NOUN
ajfa-1319	116	24	of	of	ADP
ajfa-1319	116	25	the	the	DET
ajfa-1319	116	26	main	main	ADJ
ajfa-1319	116	27	hypothesis	hypothesis	NOUN
ajfa-1319	116	28	tested	test	VERB
ajfa-1319	116	29	by	by	ADP
ajfa-1319	116	30	berger	berger	PROPN
ajfa-1319	116	31	and	and	CCONJ
ajfa-1319	116	32	bonaccorsi	bonaccorsi	PROPN
ajfa-1319	116	33	di	di	X
ajfa-1319	116	34	patti	patti	PROPN
ajfa-1319	116	35	(	(	PUNCT
ajfa-1319	116	36	2006	2006	NUM
ajfa-1319	116	37	)	)	PUNCT
ajfa-1319	116	38	,	,	PUNCT
ajfa-1319	116	39	that	that	SCONJ
ajfa-1319	116	40	being	be	AUX
ajfa-1319	116	41	the	the	DET
ajfa-1319	116	42	agency	agency	NOUN
ajfa-1319	116	43	cost	cost	NOUN
ajfa-1319	116	44	hypothesis	hypothesis	NOUN
ajfa-1319	116	45	,	,	PUNCT
ajfa-1319	116	46	is	be	AUX
ajfa-1319	116	47	found	find	VERB
ajfa-1319	116	48	to	to	PART
ajfa-1319	116	49	be	be	AUX
ajfa-1319	116	50	significant	significant	ADJ
ajfa-1319	116	51	,	,	PUNCT
ajfa-1319	116	52	as	as	SCONJ
ajfa-1319	116	53	an	an	DET
ajfa-1319	116	54	increase	increase	NOUN
ajfa-1319	116	55	of	of	ADP
ajfa-1319	116	56	debt	debt	NOUN
ajfa-1319	116	57	proportions	proportion	NOUN
ajfa-1319	116	58	of	of	ADP
ajfa-1319	116	59	1	1	NUM
ajfa-1319	116	60	%	%	NOUN
ajfa-1319	116	61	leads	lead	VERB
ajfa-1319	116	62	to	to	ADP
ajfa-1319	116	63	an	an	DET
ajfa-1319	116	64	increase	increase	NOUN
ajfa-1319	116	65	in	in	ADP
ajfa-1319	116	66	efficiency	efficiency	NOUN
ajfa-1319	116	67	of	of	ADP
ajfa-1319	116	68	about	about	ADV
ajfa-1319	116	69	16	16	NUM
ajfa-1319	116	70	%	%	NOUN
ajfa-1319	116	71	at	at	ADP
ajfa-1319	116	72	the	the	DET
ajfa-1319	116	73	sample	sample	NOUN
ajfa-1319	116	74	mean	mean	VERB
ajfa-1319	116	75	;	;	PUNCT
ajfa-1319	116	76	showing	show	VERB
ajfa-1319	116	77	also	also	ADV
ajfa-1319	116	78	that	that	SCONJ
ajfa-1319	116	79	lower	low	ADJ
ajfa-1319	116	80	equity	equity	NOUN
ajfa-1319	116	81	capital	capital	NOUN
ajfa-1319	116	82	ratios	ratio	NOUN
ajfa-1319	116	83	are	be	AUX
ajfa-1319	116	84	associated	associate	VERB
ajfa-1319	116	85	with	with	ADP
ajfa-1319	116	86	higher	high	ADJ
ajfa-1319	116	87	profit	profit	NOUN
ajfa-1319	116	88	efficiency	efficiency	NOUN
ajfa-1319	116	89	over	over	ADP
ajfa-1319	116	90	the	the	DET
ajfa-1319	116	91	whole	whole	ADJ
ajfa-1319	116	92	spectrum	spectrum	NOUN
ajfa-1319	116	93	of	of	ADP
ajfa-1319	116	94	data	data	PROPN
ajfa-1319	116	95	.	.	PUNCT
ajfa-1319	117	1	in	in	ADP
ajfa-1319	117	2	the	the	DET
ajfa-1319	117	3	case	case	NOUN
ajfa-1319	117	4	of	of	ADP
ajfa-1319	117	5	testing	testing	NOUN
ajfa-1319	117	6	for	for	ADP
ajfa-1319	117	7	reverse	reverse	ADJ
ajfa-1319	117	8	causality	causality	NOUN
ajfa-1319	117	9	,	,	PUNCT
ajfa-1319	117	10	a	a	DET
ajfa-1319	117	11	similar	similar	ADJ
ajfa-1319	117	12	conclusion	conclusion	NOUN
ajfa-1319	117	13	is	be	AUX
ajfa-1319	117	14	found	find	VERB
ajfa-1319	117	15	to	to	ADP
ajfa-1319	117	16	that	that	PRON
ajfa-1319	117	17	of	of	ADP
ajfa-1319	117	18	margiratis	margiratis	PROPN
ajfa-1319	117	19	and	and	CCONJ
ajfa-1319	117	20	psillaki	psillaki	PROPN
ajfa-1319	117	21	(	(	PUNCT
ajfa-1319	117	22	2007	2007	NUM
ajfa-1319	117	23	)	)	PUNCT
ajfa-1319	117	24	.	.	PUNCT
ajfa-1319	118	1	neither	neither	CCONJ
ajfa-1319	118	2	the	the	DET
ajfa-1319	118	3	efficiency	efficiency	NOUN
ajfa-1319	118	4	-	-	PUNCT
ajfa-1319	118	5	risk	risk	NOUN
ajfa-1319	118	6	nor	nor	CCONJ
ajfa-1319	118	7	the	the	DET
ajfa-1319	118	8	franchise	franchise	NOUN
ajfa-1319	118	9	-	-	PUNCT
ajfa-1319	118	10	value	value	NOUN
ajfa-1319	118	11	hypotheses	hypothesis	NOUN
ajfa-1319	118	12	empirically	empirically	ADV
ajfa-1319	118	13	dominate	dominate	VERB
ajfa-1319	118	14	the	the	DET
ajfa-1319	118	15	other	other	ADJ
ajfa-1319	118	16	over	over	ADP
ajfa-1319	118	17	the	the	DET
ajfa-1319	118	18	entire	entire	ADJ
ajfa-1319	118	19	range	range	NOUN
ajfa-1319	118	20	of	of	ADP
ajfa-1319	118	21	data	datum	NOUN
ajfa-1319	118	22	.	.	PUNCT
ajfa-1319	119	1	maudos	maudo	NOUN
ajfa-1319	119	2	et	et	PROPN
ajfa-1319	119	3	al	al	PROPN
ajfa-1319	119	4	.	.	PUNCT
ajfa-1319	120	1	(	(	PUNCT
ajfa-1319	120	2	2000	2000	NUM
ajfa-1319	120	3	)	)	PUNCT
ajfa-1319	120	4	undertake	undertake	VERB
ajfa-1319	120	5	a	a	DET
ajfa-1319	120	6	study	study	NOUN
ajfa-1319	120	7	of	of	ADP
ajfa-1319	120	8	both	both	DET
ajfa-1319	120	9	cost	cost	NOUN
ajfa-1319	120	10	and	and	CCONJ
ajfa-1319	120	11	profit	profit	NOUN
ajfa-1319	120	12	efficiencies	efficiency	NOUN
ajfa-1319	120	13	across	across	ADP
ajfa-1319	120	14	countries	country	NOUN
ajfa-1319	120	15	.	.	PUNCT
ajfa-1319	121	1	the	the	DET
ajfa-1319	121	2	paper	paper	NOUN
ajfa-1319	121	3	tries	try	VERB
ajfa-1319	121	4	to	to	PART
ajfa-1319	121	5	identify	identify	VERB
ajfa-1319	121	6	relationships	relationship	NOUN
ajfa-1319	121	7	between	between	ADP
ajfa-1319	121	8	cost	cost	NOUN
ajfa-1319	121	9	and	and	CCONJ
ajfa-1319	121	10	profit	profit	NOUN
ajfa-1319	121	11	efficiencies	efficiency	NOUN
ajfa-1319	121	12	along	along	ADV
ajfa-1319	121	13	with	with	ADP
ajfa-1319	121	14	testing	testing	NOUN
ajfa-1319	121	15	for	for	ADP
ajfa-1319	121	16	the	the	DET
ajfa-1319	121	17	prevalent	prevalent	ADJ
ajfa-1319	121	18	theories	theory	NOUN
ajfa-1319	121	19	in	in	ADP
ajfa-1319	121	20	the	the	DET
ajfa-1319	121	21	field	field	NOUN
ajfa-1319	121	22	of	of	ADP
ajfa-1319	121	23	efficiency	efficiency	NOUN
ajfa-1319	121	24	based	base	VERB
ajfa-1319	121	25	performance	performance	NOUN
ajfa-1319	121	26	.	.	PUNCT
ajfa-1319	122	1	their	their	PRON
ajfa-1319	122	2	dataset	dataset	NOUN
ajfa-1319	122	3	includes	include	VERB
ajfa-1319	122	4	a	a	DET
ajfa-1319	122	5	total	total	NOUN
ajfa-1319	122	6	of	of	ADP
ajfa-1319	122	7	832	832	NUM
ajfa-1319	122	8	firms	firm	NOUN
ajfa-1319	122	9	across	across	ADP
ajfa-1319	122	10	10	10	NUM
ajfa-1319	122	11	european	european	ADJ
ajfa-1319	122	12	countries	country	NOUN
ajfa-1319	122	13	and	and	CCONJ
ajfa-1319	122	14	the	the	DET
ajfa-1319	122	15	regressions	regression	NOUN
ajfa-1319	122	16	are	be	AUX
ajfa-1319	122	17	run	run	VERB
ajfa-1319	122	18	using	use	VERB
ajfa-1319	122	19	several	several	ADJ
ajfa-1319	122	20	panel	panel	NOUN
ajfa-1319	122	21	data	datum	NOUN
ajfa-1319	122	22	frontier	frontier	NOUN
ajfa-1319	122	23	approaches	approach	NOUN
ajfa-1319	122	24	,	,	PUNCT
ajfa-1319	122	25	these	these	PRON
ajfa-1319	122	26	are	be	AUX
ajfa-1319	122	27	the	the	DET
ajfa-1319	122	28	distribution	distribution	NOUN
ajfa-1319	122	29	free	free	ADJ
ajfa-1319	122	30	approach	approach	NOUN
ajfa-1319	122	31	(	(	PUNCT
ajfa-1319	122	32	dfa	dfa	PROPN
ajfa-1319	122	33	)	)	PUNCT
ajfa-1319	122	34	,	,	PUNCT
ajfa-1319	122	35	the	the	DET
ajfa-1319	122	36	fixed	fix	VERB
ajfa-1319	122	37	effect	effect	NOUN
ajfa-1319	122	38	model	model	NOUN
ajfa-1319	122	39	(	(	PUNCT
ajfa-1319	122	40	fem	fem	NOUN
ajfa-1319	122	41	)	)	PUNCT
ajfa-1319	122	42	as	as	ADV
ajfa-1319	122	43	well	well	ADV
ajfa-1319	122	44	as	as	ADP
ajfa-1319	122	45	the	the	DET
ajfa-1319	122	46	random	random	ADJ
ajfa-1319	122	47	effects	effect	NOUN
ajfa-1319	122	48	model	model	NOUN
ajfa-1319	122	49	(	(	PUNCT
ajfa-1319	122	50	rem	rem	NOUN
ajfa-1319	122	51	)	)	PUNCT
ajfa-1319	122	52	.	.	PUNCT
ajfa-1319	123	1	the	the	DET
ajfa-1319	123	2	findings	finding	NOUN
ajfa-1319	123	3	show	show	VERB
ajfa-1319	123	4	relatively	relatively	ADV
ajfa-1319	123	5	higher	high	ADJ
ajfa-1319	123	6	inefficiencies	inefficiency	NOUN
ajfa-1319	123	7	in	in	ADP
ajfa-1319	123	8	profits	profit	NOUN
ajfa-1319	123	9	rather	rather	ADV
ajfa-1319	123	10	than	than	ADP
ajfa-1319	123	11	costs	cost	NOUN
ajfa-1319	123	12	,	,	PUNCT
ajfa-1319	123	13	this	this	PRON
ajfa-1319	123	14	implies	imply	VERB
ajfa-1319	123	15	that	that	SCONJ
ajfa-1319	123	16	there	there	PRON
ajfa-1319	123	17	are	be	VERB
ajfa-1319	123	18	inefficiency	inefficiency	NOUN
ajfa-1319	123	19	issues	issue	NOUN
ajfa-1319	123	20	on	on	ADP
ajfa-1319	123	21	the	the	DET
ajfa-1319	123	22	revenue	revenue	NOUN
ajfa-1319	123	23	side	side	NOUN
ajfa-1319	123	24	of	of	ADP
ajfa-1319	123	25	banking	banking	NOUN
ajfa-1319	123	26	which	which	PRON
ajfa-1319	123	27	may	may	AUX
ajfa-1319	123	28	need	need	VERB
ajfa-1319	123	29	to	to	PART
ajfa-1319	123	30	be	be	AUX
ajfa-1319	123	31	analysed	analyse	VERB
ajfa-1319	123	32	.	.	PUNCT
ajfa-1319	124	1	a	a	DET
ajfa-1319	124	2	low	low	ADJ
ajfa-1319	124	3	positive	positive	ADJ
ajfa-1319	124	4	correlation	correlation	NOUN
ajfa-1319	124	5	was	be	AUX
ajfa-1319	124	6	found	find	VERB
ajfa-1319	124	7	between	between	ADP
ajfa-1319	124	8	cost	cost	NOUN
ajfa-1319	124	9	and	and	CCONJ
ajfa-1319	124	10	profit	profit	NOUN
ajfa-1319	124	11	inefficiencies	inefficiency	NOUN
ajfa-1319	124	12	which	which	PRON
ajfa-1319	124	13	go	go	VERB
ajfa-1319	124	14	against	against	ADP
ajfa-1319	124	15	berger	berger	PROPN
ajfa-1319	124	16	and	and	CCONJ
ajfa-1319	124	17	mester	mester	PROPN
ajfa-1319	124	18	’s	’s	PART
ajfa-1319	124	19	(	(	PUNCT
ajfa-1319	124	20	1997	1997	NUM
ajfa-1319	124	21	)	)	PUNCT
ajfa-1319	124	22	findings	finding	NOUN
ajfa-1319	124	23	which	which	PRON
ajfa-1319	124	24	show	show	VERB
ajfa-1319	124	25	no	no	DET
ajfa-1319	124	26	correlation	correlation	NOUN
ajfa-1319	124	27	of	of	ADP
ajfa-1319	124	28	cost	cost	NOUN
ajfa-1319	124	29	inefficiencies	inefficiency	NOUN
ajfa-1319	124	30	and	and	CCONJ
ajfa-1319	124	31	profit	profit	NOUN
ajfa-1319	124	32	inefficiencies	inefficiency	NOUN
ajfa-1319	124	33	.	.	PUNCT
ajfa-1319	125	1	further	further	ADJ
ajfa-1319	125	2	findings	finding	NOUN
ajfa-1319	125	3	of	of	ADP
ajfa-1319	125	4	maudos	maudo	NOUN
ajfa-1319	125	5	et	et	PROPN
ajfa-1319	125	6	al	al	PROPN
ajfa-1319	125	7	.	.	PUNCT
ajfa-1319	126	1	(	(	PUNCT
ajfa-1319	126	2	2000	2000	NUM
ajfa-1319	126	3	)	)	PUNCT
ajfa-1319	126	4	include	include	VERB
ajfa-1319	126	5	that	that	DET
ajfa-1319	126	6	medium	medium	ADJ
ajfa-1319	126	7	sized	sized	ADJ
ajfa-1319	126	8	banks	bank	NOUN
ajfa-1319	126	9	(	(	PUNCT
ajfa-1319	126	10	assets	asset	NOUN
ajfa-1319	126	11	<	<	X
ajfa-1319	126	12	$	$	SYM
ajfa-1319	126	13	10,000,000,000	10,000,000,000	NUM
ajfa-1319	126	14	)	)	PUNCT
ajfa-1319	126	15	are	be	AUX
ajfa-1319	126	16	most	most	ADV
ajfa-1319	126	17	efficient	efficient	ADJ
ajfa-1319	126	18	on	on	ADP
ajfa-1319	126	19	both	both	CCONJ
ajfa-1319	126	20	the	the	DET
ajfa-1319	126	21	cost	cost	NOUN
ajfa-1319	126	22	and	and	CCONJ
ajfa-1319	126	23	profit	profit	NOUN
ajfa-1319	126	24	side	side	NOUN
ajfa-1319	126	25	of	of	ADP
ajfa-1319	126	26	things	thing	NOUN
ajfa-1319	126	27	,	,	PUNCT
ajfa-1319	126	28	as	as	SCONJ
ajfa-1319	126	29	stated	state	VERB
ajfa-1319	126	30	by	by	ADP
ajfa-1319	126	31	agency	agency	NOUN
ajfa-1319	126	32	theory	theory	NOUN
ajfa-1319	126	33	banks	bank	NOUN
ajfa-1319	126	34	with	with	ADP
ajfa-1319	126	35	a	a	DET
ajfa-1319	126	36	high	high	ADJ
ajfa-1319	126	37	loans	loan	NOUN
ajfa-1319	126	38	/	/	SYM
ajfa-1319	126	39	assets	asset	NOUN
ajfa-1319	126	40	ratio	ratio	NOUN
ajfa-1319	126	41	as	as	ADV
ajfa-1319	126	42	well	well	ADV
ajfa-1319	126	43	as	as	ADP
ajfa-1319	126	44	high	high	ADJ
ajfa-1319	126	45	risk	risk	NOUN
ajfa-1319	126	46	are	be	AUX
ajfa-1319	126	47	relatively	relatively	ADV
ajfa-1319	126	48	more	more	ADV
ajfa-1319	126	49	efficient	efficient	ADJ
ajfa-1319	126	50	.	.	PUNCT
ajfa-1319	127	1	3	3	X
ajfa-1319	127	2	.	.	X
ajfa-1319	127	3	methodology	methodology	NOUN
ajfa-1319	127	4	efficiency	efficiency	NOUN
ajfa-1319	127	5	measures	measure	NOUN
ajfa-1319	127	6	have	have	VERB
ajfa-1319	127	7	a	a	DET
ajfa-1319	127	8	considerable	considerable	ADJ
ajfa-1319	127	9	place	place	NOUN
ajfa-1319	127	10	in	in	ADP
ajfa-1319	127	11	academic	academic	ADJ
ajfa-1319	127	12	circles	circle	NOUN
ajfa-1319	127	13	,	,	PUNCT
ajfa-1319	127	14	not	not	PART
ajfa-1319	127	15	only	only	ADV
ajfa-1319	127	16	in	in	ADP
ajfa-1319	127	17	the	the	DET
ajfa-1319	127	18	field	field	NOUN
ajfa-1319	127	19	of	of	ADP
ajfa-1319	127	20	economics	economic	NOUN
ajfa-1319	127	21	and	and	CCONJ
ajfa-1319	127	22	finance	finance	NOUN
ajfa-1319	127	23	but	but	CCONJ
ajfa-1319	127	24	in	in	ADP
ajfa-1319	127	25	every	every	DET
ajfa-1319	127	26	imaginable	imaginable	ADJ
ajfa-1319	127	27	discipline	discipline	NOUN
ajfa-1319	127	28	.	.	PUNCT
ajfa-1319	128	1	since	since	SCONJ
ajfa-1319	128	2	finding	find	VERB
ajfa-1319	128	3	a	a	DET
ajfa-1319	128	4	way	way	NOUN
ajfa-1319	128	5	of	of	ADP
ajfa-1319	128	6	determining	determine	VERB
ajfa-1319	128	7	efficiency	efficiency	NOUN
ajfa-1319	128	8	can	can	AUX
ajfa-1319	128	9	be	be	AUX
ajfa-1319	128	10	quite	quite	ADV
ajfa-1319	128	11	challenging	challenging	ADJ
ajfa-1319	128	12	,	,	PUNCT
ajfa-1319	128	13	attention	attention	NOUN
ajfa-1319	128	14	has	have	VERB
ajfa-1319	128	15	to	to	PART
ajfa-1319	128	16	be	be	AUX
ajfa-1319	128	17	paid	pay	VERB
ajfa-1319	128	18	to	to	ADP
ajfa-1319	128	19	the	the	DET
ajfa-1319	128	20	specification	specification	NOUN
ajfa-1319	128	21	of	of	ADP
ajfa-1319	128	22	the	the	DET
ajfa-1319	128	23	efficiency	efficiency	NOUN
ajfa-1319	128	24	for	for	ADP
ajfa-1319	128	25	results	result	NOUN
ajfa-1319	128	26	to	to	PART
ajfa-1319	128	27	be	be	AUX
ajfa-1319	128	28	desirable	desirable	ADJ
ajfa-1319	128	29	and	and	CCONJ
ajfa-1319	128	30	correct	correct	ADJ
ajfa-1319	128	31	.	.	PUNCT
ajfa-1319	129	1	in	in	ADP
ajfa-1319	129	2	light	light	NOUN
ajfa-1319	129	3	of	of	ADP
ajfa-1319	129	4	these	these	DET
ajfa-1319	129	5	factors	factor	NOUN
ajfa-1319	129	6	,	,	PUNCT
ajfa-1319	129	7	this	this	DET
ajfa-1319	129	8	paper	paper	NOUN
ajfa-1319	129	9	attempts	attempt	VERB
ajfa-1319	129	10	to	to	PART
ajfa-1319	129	11	format	format	VERB
ajfa-1319	129	12	a	a	DET
ajfa-1319	129	13	simple	simple	ADJ
ajfa-1319	129	14	and	and	CCONJ
ajfa-1319	129	15	easily	easily	ADV
ajfa-1319	129	16	accessible	accessible	ADJ
ajfa-1319	129	17	profit	profit	NOUN
ajfa-1319	129	18	efficiency	efficiency	NOUN
ajfa-1319	129	19	equation	equation	NOUN
ajfa-1319	129	20	which	which	PRON
ajfa-1319	129	21	yields	yield	VERB
ajfa-1319	129	22	correct	correct	ADJ
ajfa-1319	129	23	and	and	CCONJ
ajfa-1319	129	24	robust	robust	ADJ
ajfa-1319	129	25	profit	profit	NOUN
ajfa-1319	129	26	efficiency	efficiency	NOUN
ajfa-1319	129	27	figures	figure	NOUN
ajfa-1319	129	28	.	.	PUNCT
ajfa-1319	130	1	berger	berger	PROPN
ajfa-1319	130	2	and	and	CCONJ
ajfa-1319	130	3	mester	mester	PROPN
ajfa-1319	130	4	(	(	PUNCT
ajfa-1319	130	5	1997	1997	NUM
ajfa-1319	130	6	)	)	PUNCT
ajfa-1319	130	7	developed	develop	VERB
ajfa-1319	130	8	relatively	relatively	ADV
ajfa-1319	130	9	complex	complex	ADJ
ajfa-1319	130	10	albeit	albeit	SCONJ
ajfa-1319	130	11	comprehensive	comprehensive	ADJ
ajfa-1319	130	12	efficiency	efficiency	NOUN
ajfa-1319	130	13	evaluations	evaluation	NOUN
ajfa-1319	130	14	as	as	SCONJ
ajfa-1319	130	15	mentioned	mention	VERB
ajfa-1319	130	16	in	in	ADP
ajfa-1319	130	17	section	section	NOUN
ajfa-1319	130	18	2.3	2.3	NUM
ajfa-1319	130	19	.	.	PUNCT
ajfa-1319	131	1	the	the	DET
ajfa-1319	131	2	problem	problem	NOUN
ajfa-1319	131	3	with	with	ADP
ajfa-1319	131	4	employing	employ	VERB
ajfa-1319	131	5	the	the	DET
ajfa-1319	131	6	same	same	ADJ
ajfa-1319	131	7	exact	exact	ADJ
ajfa-1319	131	8	specification	specification	NOUN
ajfa-1319	131	9	is	be	AUX
ajfa-1319	131	10	that	that	SCONJ
ajfa-1319	131	11	berger	berger	PROPN
ajfa-1319	131	12	and	and	CCONJ
ajfa-1319	131	13	mester	mester	PROPN
ajfa-1319	131	14	(	(	PUNCT
ajfa-1319	131	15	1997	1997	NUM
ajfa-1319	131	16	)	)	PUNCT
ajfa-1319	131	17	had	have	VERB
ajfa-1319	131	18	a	a	DET
ajfa-1319	131	19	dataset	dataset	NOUN
ajfa-1319	131	20	of	of	ADP
ajfa-1319	131	21	5949	5949	NUM
ajfa-1319	131	22	banks	bank	NOUN
ajfa-1319	131	23	,	,	PUNCT
ajfa-1319	131	24	hence	hence	ADV
ajfa-1319	131	25	their	their	PRON
ajfa-1319	131	26	efficiency	efficiency	NOUN
ajfa-1319	131	27	evaluation	evaluation	NOUN
ajfa-1319	131	28	method	method	NOUN
ajfa-1319	131	29	is	be	AUX
ajfa-1319	131	30	appropriate	appropriate	ADJ
ajfa-1319	131	31	to	to	PART
ajfa-1319	131	32	use	use	VERB
ajfa-1319	131	33	in	in	ADP
ajfa-1319	131	34	the	the	DET
ajfa-1319	131	35	case	case	NOUN
ajfa-1319	131	36	where	where	SCONJ
ajfa-1319	131	37	a	a	DET
ajfa-1319	131	38	sample	sample	NOUN
ajfa-1319	131	39	size	size	NOUN
ajfa-1319	131	40	as	as	ADV
ajfa-1319	131	41	large	large	ADJ
ajfa-1319	131	42	as	as	ADP
ajfa-1319	131	43	that	that	PRON
ajfa-1319	131	44	is	be	AUX
ajfa-1319	131	45	available	available	ADJ
ajfa-1319	131	46	.	.	PUNCT
ajfa-1319	132	1	in	in	ADP
ajfa-1319	132	2	the	the	DET
ajfa-1319	132	3	case	case	NOUN
ajfa-1319	132	4	of	of	ADP
ajfa-1319	132	5	our	our	PRON
ajfa-1319	132	6	study	study	NOUN
ajfa-1319	132	7	which	which	PRON
ajfa-1319	132	8	considers	consider	VERB
ajfa-1319	132	9	australia	australia	NOUN
ajfa-1319	132	10	exclusively	exclusively	ADV
ajfa-1319	132	11	,	,	PUNCT
ajfa-1319	132	12	sample	sample	NOUN
ajfa-1319	132	13	size	size	NOUN
ajfa-1319	132	14	becomes	become	VERB
ajfa-1319	132	15	quite	quite	DET
ajfa-1319	132	16	an	an	DET
ajfa-1319	132	17	issue	issue	NOUN
ajfa-1319	132	18	.	.	PUNCT
ajfa-1319	133	1	therefore	therefore	ADV
ajfa-1319	133	2	a	a	DET
ajfa-1319	133	3	primary	primary	ADJ
ajfa-1319	133	4	objective	objective	NOUN
ajfa-1319	133	5	was	be	AUX
ajfa-1319	133	6	to	to	PART
ajfa-1319	133	7	create	create	VERB
ajfa-1319	133	8	a	a	DET
ajfa-1319	133	9	simplified	simplified	ADJ
ajfa-1319	133	10	profit	profit	NOUN
ajfa-1319	133	11	efficiency	efficiency	NOUN
ajfa-1319	133	12	measure	measure	NOUN
ajfa-1319	133	13	based	base	VERB
ajfa-1319	133	14	on	on	ADP
ajfa-1319	133	15	those	those	PRON
ajfa-1319	133	16	of	of	ADP
ajfa-1319	133	17	berger	berger	PROPN
ajfa-1319	133	18	and	and	CCONJ
ajfa-1319	133	19	mester	mester	PROPN
ajfa-1319	133	20	(	(	PUNCT
ajfa-1319	133	21	1997	1997	NUM
ajfa-1319	133	22	)	)	PUNCT
ajfa-1319	133	23	as	as	ADV
ajfa-1319	133	24	well	well	ADV
ajfa-1319	133	25	as	as	ADP
ajfa-1319	133	26	muados	muado	NOUN
ajfa-1319	133	27	et	et	PROPN
ajfa-1319	133	28	al	al	PROPN
ajfa-1319	133	29	.	.	PUNCT
ajfa-1319	134	1	(	(	PUNCT
ajfa-1319	134	2	2000	2000	NUM
ajfa-1319	134	3	)	)	PUNCT
ajfa-1319	134	4	.	.	PUNCT
ajfa-1319	135	1	equation	equation	NOUN
ajfa-1319	135	2	5	5	NUM
ajfa-1319	135	3	shows	show	VERB
ajfa-1319	135	4	the	the	DET
ajfa-1319	135	5	specification	specification	NOUN
ajfa-1319	135	6	which	which	PRON
ajfa-1319	135	7	was	be	AUX
ajfa-1319	135	8	developed	develop	VERB
ajfa-1319	135	9	in	in	ADP
ajfa-1319	135	10	order	order	NOUN
ajfa-1319	135	11	to	to	PART
ajfa-1319	135	12	maintain	maintain	VERB
ajfa-1319	135	13	consistency	consistency	NOUN
ajfa-1319	135	14	with	with	ADP
ajfa-1319	135	15	efficiency	efficiency	NOUN
ajfa-1319	135	16	measures	measure	NOUN
ajfa-1319	135	17	in	in	ADP
ajfa-1319	135	18	past	past	ADJ
ajfa-1319	135	19	papers	paper	NOUN
ajfa-1319	135	20	while	while	SCONJ
ajfa-1319	135	21	being	be	AUX
ajfa-1319	135	22	simple	simple	ADJ
ajfa-1319	135	23	enough	enough	ADV
ajfa-1319	135	24	to	to	PART
ajfa-1319	135	25	be	be	AUX
ajfa-1319	135	26	used	use	VERB
ajfa-1319	135	27	for	for	ADP
ajfa-1319	135	28	a	a	DET
ajfa-1319	135	29	sample	sample	NOUN
ajfa-1319	135	30	of	of	ADP
ajfa-1319	135	31	similar	similar	ADJ
ajfa-1319	135	32	size	size	NOUN
ajfa-1319	135	33	to	to	ADP
ajfa-1319	135	34	ours	ours	PRON
ajfa-1319	135	35	:	:	PUNCT
ajfa-1319	135	36	ln	ln	ADJ
ajfa-1319	135	37	(	(	PUNCT
ajfa-1319	135	38	1	1	NUM
ajfa-1319	135	39	)	)	PUNCT
ajfa-1319	135	40	ln	ln	ADJ
ajfa-1319	135	41	(	(	PUNCT
ajfa-1319	135	42	2	2	NUM
ajfa-1319	135	43	)	)	PUNCT
ajfa-1319	135	44	ln	ln	ADJ
ajfa-1319	135	45	(	(	PUNCT
ajfa-1319	135	46	1	1	NUM
ajfa-1319	135	47	)	)	PUNCT
ajfa-1319	135	48	ln	ln	ADJ
ajfa-1319	135	49	(	(	PUNCT
ajfa-1319	135	50	2	2	NUM
ajfa-1319	135	51	)	)	PUNCT
ajfa-1319	135	52	ln	ln	ADJ
ajfa-1319	135	53	(	(	PUNCT
ajfa-1319	135	54	3	3	NUM
ajfa-1319	135	55	)	)	PUNCT
ajfa-1319	135	56	ln	ln	ADJ
ajfa-1319	135	57	(	(	PUNCT
ajfa-1319	135	58	1	1	NUM
ajfa-1319	135	59	1	1	NUM
ajfa-1319	135	60	)	)	PUNCT
ajfa-1319	135	61	ln	ln	ADJ
ajfa-1319	135	62	(	(	PUNCT
ajfa-1319	135	63	1	1	NUM
ajfa-1319	135	64	2	2	NUM
ajfa-1319	135	65	)	)	PUNCT
ajfa-1319	135	66	ln	ln	ADJ
ajfa-1319	135	67	(	(	PUNCT
ajfa-1319	135	68	1	1	NUM
ajfa-1319	135	69	3	3	NUM
ajfa-1319	135	70	)	)	PUNCT
ajfa-1319	135	71	ln	ln	ADJ
ajfa-1319	135	72	(	(	PUNCT
ajfa-1319	135	73	2	2	NUM
ajfa-1319	135	74	1	1	NUM
ajfa-1319	135	75	)	)	PUNCT
ajfa-1319	135	76	ln	ln	ADJ
ajfa-1319	135	77	(	(	PUNCT
ajfa-1319	135	78	2	2	NUM
ajfa-1319	135	79	2	2	NUM
ajfa-1319	135	80	)	)	PUNCT
ajfa-1319	135	81	ln	ln	ADJ
ajfa-1319	135	82	(	(	PUNCT
ajfa-1319	135	83	2	2	NUM
ajfa-1319	135	84	3	3	NUM
ajfa-1319	135	85	)	)	PUNCT
ajfa-1319	135	86	ln	ln	ADJ
ajfa-1319	135	87	(	(	PUNCT
ajfa-1319	135	88	)	)	PUNCT
ajfa-1319	135	89	ln	ln	ADJ
ajfa-1319	135	90	(	(	PUNCT
ajfa-1319	135	91	)	)	PUNCT
ajfa-1319	135	92	ln	ln	ADJ
ajfa-1319	135	93	(	(	PUNCT
ajfa-1319	135	94	)	)	PUNCT
ajfa-1319	136	1	i	i	PRON
ajfa-1319	137	1	i	i	PRON
ajfa-1319	138	1	i	i	PRON
ajfa-1319	139	1	i	i	PRON
ajfa-1319	140	1	i	i	PRON
ajfa-1319	141	1	i	i	PRON
ajfa-1319	142	1	i	i	PRON
ajfa-1319	143	1	i	i	PRON
ajfa-1319	144	1	i	i	PRON
ajfa-1319	145	1	i	i	PRON
ajfa-1319	146	1	i	i	PRON
ajfa-1319	147	1	i	i	PRON
ajfa-1319	148	1	i	i	PRON
ajfa-1319	149	1	i	i	PRON
ajfa-1319	150	1	i	i	PRON
ajfa-1319	151	1	i	i	PRON
ajfa-1319	152	1	i	i	PRON
ajfa-1319	153	1	i	i	PRON
ajfa-1319	154	1	i	i	PRON
ajfa-1319	155	1	i	i	PRON
ajfa-1319	156	1	i	i	PRON
ajfa-1319	156	2	peff	peff	VERB
ajfa-1319	156	3	x	x	PUNCT
ajfa-1319	157	1	x	x	PUNCT
ajfa-1319	157	2	c	c	NOUN
ajfa-1319	157	3	c	c	NOUN
ajfa-1319	157	4	c	c	NOUN
ajfa-1319	158	1	x	x	X
ajfa-1319	158	2	c	c	NOUN
ajfa-1319	158	3	x	x	X
ajfa-1319	158	4	c	c	NOUN
ajfa-1319	158	5	x	x	X
ajfa-1319	158	6	c	c	NOUN
ajfa-1319	158	7	x	x	X
ajfa-1319	158	8	c	c	NOUN
ajfa-1319	158	9	x	x	X
ajfa-1319	158	10	c	c	NOUN
ajfa-1319	158	11	x	x	X
ajfa-1319	159	1	c	c	NOUN
ajfa-1319	159	2	p	p	NOUN
ajfa-1319	159	3	a	a	DET
ajfa-1319	159	4	p	p	X
ajfa-1319	159	5	e	e	X
ajfa-1319	159	6			NOUN
ajfa-1319	159	7			PROPN
ajfa-1319	159	8			PROPN
ajfa-1319	159	9			PROPN
ajfa-1319	159	10			PROPN
ajfa-1319	159	11			PROPN
ajfa-1319	159	12			PROPN
ajfa-1319	159	13			PROPN
ajfa-1319	159	14			PROPN
ajfa-1319	159	15			PROPN
ajfa-1319	159	16			PROPN
ajfa-1319	159	17			PROPN
ajfa-1319	159	18			PUNCT
ajfa-1319	159	19			X
ajfa-1319	159	20	(	(	PUNCT
ajfa-1319	159	21	5	5	NUM
ajfa-1319	159	22	)	)	PUNCT
ajfa-1319	159	23	where	where	SCONJ
ajfa-1319	159	24	peff	peff	PROPN
ajfa-1319	159	25	is	be	AUX
ajfa-1319	159	26	the	the	DET
ajfa-1319	159	27	profit	profit	NOUN
ajfa-1319	159	28	efficiency	efficiency	NOUN
ajfa-1319	159	29	,	,	PUNCT
ajfa-1319	159	30	ix	ix	ADV
ajfa-1319	159	31	is	be	AUX
ajfa-1319	159	32	the	the	DET
ajfa-1319	159	33	respective	respective	ADJ
ajfa-1319	159	34	output	output	NOUN
ajfa-1319	159	35	of	of	ADP
ajfa-1319	159	36	the	the	DET
ajfa-1319	159	37	respective	respective	ADJ
ajfa-1319	159	38	bank	bank	NOUN
ajfa-1319	159	39	,	,	PUNCT
ajfa-1319	159	40	ic	ic	PROPN
ajfa-1319	159	41	is	be	AUX
ajfa-1319	159	42	the	the	DET
ajfa-1319	159	43	respective	respective	ADJ
ajfa-1319	159	44	input	input	NOUN
ajfa-1319	159	45	of	of	ADP
ajfa-1319	159	46	the	the	DET
ajfa-1319	159	47	respective	respective	ADJ
ajfa-1319	159	48	bank	bank	NOUN
ajfa-1319	159	49	,	,	PUNCT
ajfa-1319	159	50	ip	ip	PROPN
ajfa-1319	159	51	is	be	AUX
ajfa-1319	159	52	the	the	DET
ajfa-1319	159	53	respective	respective	ADJ
ajfa-1319	159	54	profit	profit	NOUN
ajfa-1319	159	55	,	,	PUNCT
ajfa-1319	159	56	ia	ia	PROPN
ajfa-1319	159	57	is	be	AUX
ajfa-1319	159	58	the	the	DET
ajfa-1319	159	59	asian	asian	ADJ
ajfa-1319	159	60	journal	journal	NOUN
ajfa-1319	159	61	of	of	ADP
ajfa-1319	159	62	finance	finance	PROPN
ajfa-1319	159	63	&	&	CCONJ
ajfa-1319	159	64	accounting	accounting	PROPN
ajfa-1319	159	65	issn	issn	PROPN
ajfa-1319	159	66	1946	1946	NUM
ajfa-1319	159	67	-	-	PUNCT
ajfa-1319	159	68	052x	052x	NOUN
ajfa-1319	159	69	2012	2012	NUM
ajfa-1319	159	70	,	,	PUNCT
ajfa-1319	159	71	vol	vol	NOUN
ajfa-1319	159	72	.	.	PROPN
ajfa-1319	160	1	4	4	NUM
ajfa-1319	160	2	,	,	PUNCT
ajfa-1319	160	3	no	no	INTJ
ajfa-1319	160	4	.	.	NOUN
ajfa-1319	160	5	1	1	NUM
ajfa-1319	160	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1319	160	7	285	285	NUM
ajfa-1319	160	8	respective	respective	ADJ
ajfa-1319	160	9	asset	asset	NOUN
ajfa-1319	160	10	and	and	CCONJ
ajfa-1319	160	11	ie	ie	X
ajfa-1319	160	12	is	be	AUX
ajfa-1319	160	13	the	the	DET
ajfa-1319	160	14	respective	respective	ADJ
ajfa-1319	160	15	equity	equity	NOUN
ajfa-1319	160	16	.	.	PUNCT
ajfa-1319	161	1	the	the	DET
ajfa-1319	161	2	alpha	alpha	ADJ
ajfa-1319	161	3	term	term	NOUN
ajfa-1319	161	4	(	(	PUNCT
ajfa-1319	161	5	α	α	NOUN
ajfa-1319	161	6	)	)	PUNCT
ajfa-1319	161	7	represents	represent	VERB
ajfa-1319	161	8	a	a	DET
ajfa-1319	161	9	constant	constant	ADJ
ajfa-1319	161	10	term	term	NOUN
ajfa-1319	161	11	added	add	VERB
ajfa-1319	161	12	on	on	ADP
ajfa-1319	161	13	to	to	ADP
ajfa-1319	161	14	all	all	DET
ajfa-1319	161	15	the	the	DET
ajfa-1319	161	16	figures	figure	NOUN
ajfa-1319	161	17	in	in	ADP
ajfa-1319	161	18	order	order	NOUN
ajfa-1319	161	19	to	to	PART
ajfa-1319	161	20	standardize	standardize	VERB
ajfa-1319	161	21	the	the	DET
ajfa-1319	161	22	inevitable	inevitable	ADJ
ajfa-1319	161	23	outlying	outlying	ADJ
ajfa-1319	161	24	negative	negative	ADJ
ajfa-1319	161	25	values	value	NOUN
ajfa-1319	161	26	to	to	ADP
ajfa-1319	161	27	positive	positive	ADJ
ajfa-1319	161	28	ones	one	NOUN
ajfa-1319	161	29	(	(	PUNCT
ajfa-1319	161	30	in	in	ADP
ajfa-1319	161	31	order	order	NOUN
ajfa-1319	161	32	for	for	SCONJ
ajfa-1319	161	33	their	their	PRON
ajfa-1319	161	34	respective	respective	ADJ
ajfa-1319	161	35	efficiency	efficiency	NOUN
ajfa-1319	161	36	values	value	NOUN
ajfa-1319	161	37	to	to	PART
ajfa-1319	161	38	be	be	AUX
ajfa-1319	161	39	positive	positive	ADJ
ajfa-1319	161	40	)	)	PUNCT
ajfa-1319	161	41	.	.	PUNCT
ajfa-1319	162	1	this	this	PRON
ajfa-1319	162	2	is	be	AUX
ajfa-1319	162	3	common	common	ADJ
ajfa-1319	162	4	practice	practice	NOUN
ajfa-1319	162	5	and	and	CCONJ
ajfa-1319	162	6	is	be	AUX
ajfa-1319	162	7	exercised	exercise	VERB
ajfa-1319	162	8	both	both	PRON
ajfa-1319	162	9	in	in	ADP
ajfa-1319	162	10	berger	berger	PROPN
ajfa-1319	162	11	and	and	CCONJ
ajfa-1319	162	12	mester	mester	PROPN
ajfa-1319	162	13	(	(	PUNCT
ajfa-1319	162	14	1997	1997	NUM
ajfa-1319	162	15	)	)	PUNCT
ajfa-1319	162	16	as	as	ADV
ajfa-1319	162	17	well	well	ADV
ajfa-1319	162	18	as	as	ADP
ajfa-1319	162	19	in	in	ADP
ajfa-1319	162	20	muados	muado	NOUN
ajfa-1319	162	21	et	et	PROPN
ajfa-1319	162	22	al	al	PROPN
ajfa-1319	162	23	.	.	PUNCT
ajfa-1319	163	1	(	(	PUNCT
ajfa-1319	163	2	2000	2000	NUM
ajfa-1319	163	3	)	)	PUNCT
ajfa-1319	163	4	.	.	PUNCT
ajfa-1319	164	1	naturally	naturally	ADV
ajfa-1319	164	2	adding	add	VERB
ajfa-1319	164	3	the	the	DET
ajfa-1319	164	4	alpha	alpha	ADJ
ajfa-1319	164	5	term	term	NOUN
ajfa-1319	164	6	creates	create	VERB
ajfa-1319	164	7	some	some	DET
ajfa-1319	164	8	figures	figure	NOUN
ajfa-1319	164	9	of	of	ADP
ajfa-1319	164	10	very	very	ADV
ajfa-1319	164	11	low	low	ADJ
ajfa-1319	164	12	profit	profit	NOUN
ajfa-1319	164	13	efficiency	efficiency	NOUN
ajfa-1319	164	14	and	and	CCONJ
ajfa-1319	164	15	although	although	SCONJ
ajfa-1319	164	16	these	these	DET
ajfa-1319	164	17	figures	figure	NOUN
ajfa-1319	164	18	may	may	AUX
ajfa-1319	164	19	seem	seem	VERB
ajfa-1319	164	20	inaccurate	inaccurate	ADJ
ajfa-1319	164	21	or	or	CCONJ
ajfa-1319	164	22	extreme	extreme	ADJ
ajfa-1319	164	23	,	,	PUNCT
ajfa-1319	164	24	the	the	DET
ajfa-1319	164	25	fact	fact	NOUN
ajfa-1319	164	26	is	be	AUX
ajfa-1319	164	27	an	an	DET
ajfa-1319	164	28	extremely	extremely	ADV
ajfa-1319	164	29	low	low	ADJ
ajfa-1319	164	30	profit	profit	NOUN
ajfa-1319	164	31	efficiency	efficiency	NOUN
ajfa-1319	164	32	figure	figure	NOUN
ajfa-1319	164	33	reflects	reflect	VERB
ajfa-1319	164	34	the	the	DET
ajfa-1319	164	35	banks	bank	NOUN
ajfa-1319	164	36	gross	gross	ADJ
ajfa-1319	164	37	inability	inability	NOUN
ajfa-1319	164	38	to	to	PART
ajfa-1319	164	39	convert	convert	VERB
ajfa-1319	164	40	inputs	input	NOUN
ajfa-1319	164	41	into	into	ADP
ajfa-1319	164	42	outputs	output	NOUN
ajfa-1319	164	43	efficiently	efficiently	ADV
ajfa-1319	164	44	relatively	relatively	ADV
ajfa-1319	164	45	to	to	ADP
ajfa-1319	164	46	the	the	DET
ajfa-1319	164	47	most	most	ADV
ajfa-1319	164	48	efficient	efficient	ADJ
ajfa-1319	164	49	bank	bank	NOUN
ajfa-1319	164	50	.	.	PUNCT
ajfa-1319	165	1	the	the	DET
ajfa-1319	165	2	ratio	ratio	NOUN
ajfa-1319	165	3	of	of	ADP
ajfa-1319	165	4	outputs	output	NOUN
ajfa-1319	165	5	against	against	ADP
ajfa-1319	165	6	inputs	input	NOUN
ajfa-1319	165	7	(	(	PUNCT
ajfa-1319	165	8	xi	xi	PROPN
ajfa-1319	165	9	/	/	SYM
ajfa-1319	165	10	ci	ci	NOUN
ajfa-1319	165	11	)	)	PUNCT
ajfa-1319	165	12	measures	measure	VERB
ajfa-1319	165	13	the	the	DET
ajfa-1319	165	14	ability	ability	NOUN
ajfa-1319	165	15	for	for	ADP
ajfa-1319	165	16	each	each	DET
ajfa-1319	165	17	banks	bank	NOUN
ajfa-1319	165	18	potential	potential	ADJ
ajfa-1319	165	19	to	to	PART
ajfa-1319	165	20	convert	convert	VERB
ajfa-1319	165	21	each	each	DET
ajfa-1319	165	22	input	input	NOUN
ajfa-1319	165	23	into	into	ADP
ajfa-1319	165	24	each	each	DET
ajfa-1319	165	25	output	output	NOUN
ajfa-1319	165	26	,	,	PUNCT
ajfa-1319	165	27	therefore	therefore	ADV
ajfa-1319	165	28	banks	bank	NOUN
ajfa-1319	165	29	with	with	ADP
ajfa-1319	165	30	larger	large	ADJ
ajfa-1319	165	31	figures	figure	NOUN
ajfa-1319	165	32	for	for	ADP
ajfa-1319	165	33	(	(	PUNCT
ajfa-1319	165	34	xi	xi	PROPN
ajfa-1319	165	35	/	/	SYM
ajfa-1319	165	36	ci	ci	NOUN
ajfa-1319	165	37	)	)	PUNCT
ajfa-1319	165	38	suggests	suggest	VERB
ajfa-1319	165	39	they	they	PRON
ajfa-1319	165	40	are	be	AUX
ajfa-1319	165	41	more	more	ADV
ajfa-1319	165	42	efficient	efficient	ADJ
ajfa-1319	165	43	in	in	ADP
ajfa-1319	165	44	converting	convert	VERB
ajfa-1319	165	45	costs	cost	NOUN
ajfa-1319	165	46	into	into	ADP
ajfa-1319	165	47	revenue	revenue	NOUN
ajfa-1319	165	48	.	.	PUNCT
ajfa-1319	166	1	the	the	DET
ajfa-1319	166	2	control	control	NOUN
ajfa-1319	166	3	variables	variable	NOUN
ajfa-1319	166	4	of	of	ADP
ajfa-1319	166	5	pi	pi	NOUN
ajfa-1319	166	6	,	,	PUNCT
ajfa-1319	166	7	ai	ai	VERB
ajfa-1319	166	8	and	and	CCONJ
ajfa-1319	166	9	ei	ei	AUX
ajfa-1319	166	10	have	have	VERB
ajfa-1319	166	11	the	the	DET
ajfa-1319	166	12	responsibility	responsibility	NOUN
ajfa-1319	166	13	of	of	ADP
ajfa-1319	166	14	allowing	allow	VERB
ajfa-1319	166	15	the	the	DET
ajfa-1319	166	16	model	model	NOUN
ajfa-1319	166	17	to	to	PART
ajfa-1319	166	18	deflate	deflate	VERB
ajfa-1319	166	19	the	the	DET
ajfa-1319	166	20	models	model	NOUN
ajfa-1319	166	21	efficiency	efficiency	NOUN
ajfa-1319	166	22	which	which	PRON
ajfa-1319	166	23	is	be	AUX
ajfa-1319	166	24	based	base	VERB
ajfa-1319	166	25	on	on	ADP
ajfa-1319	166	26	purely	purely	ADV
ajfa-1319	166	27	these	these	DET
ajfa-1319	166	28	factors	factor	NOUN
ajfa-1319	166	29	.	.	PUNCT
ajfa-1319	167	1	having	have	VERB
ajfa-1319	167	2	such	such	ADJ
ajfa-1319	167	3	control	control	NOUN
ajfa-1319	167	4	variables	variable	NOUN
ajfa-1319	167	5	enables	enable	VERB
ajfa-1319	167	6	the	the	DET
ajfa-1319	167	7	model	model	NOUN
ajfa-1319	167	8	to	to	PART
ajfa-1319	167	9	process	process	VERB
ajfa-1319	167	10	profit	profit	NOUN
ajfa-1319	167	11	efficiency	efficiency	NOUN
ajfa-1319	167	12	correctly	correctly	ADV
ajfa-1319	167	13	rather	rather	ADV
ajfa-1319	167	14	than	than	ADP
ajfa-1319	167	15	skewing	skew	VERB
ajfa-1319	167	16	figures	figure	NOUN
ajfa-1319	167	17	of	of	ADP
ajfa-1319	167	18	efficiency	efficiency	NOUN
ajfa-1319	167	19	for	for	ADP
ajfa-1319	167	20	banks	bank	NOUN
ajfa-1319	167	21	based	base	VERB
ajfa-1319	167	22	on	on	ADP
ajfa-1319	167	23	their	their	PRON
ajfa-1319	167	24	outright	outright	ADJ
ajfa-1319	167	25	profits	profit	NOUN
ajfa-1319	167	26	,	,	PUNCT
ajfa-1319	167	27	assets	asset	NOUN
ajfa-1319	167	28	or	or	CCONJ
ajfa-1319	167	29	indeed	indeed	ADV
ajfa-1319	167	30	equity	equity	NOUN
ajfa-1319	167	31	.	.	PUNCT
ajfa-1319	168	1	the	the	DET
ajfa-1319	168	2	profit	profit	NOUN
ajfa-1319	168	3	efficiency	efficiency	NOUN
ajfa-1319	168	4	measures	measure	VERB
ajfa-1319	168	5	the	the	DET
ajfa-1319	168	6	relative	relative	ADJ
ajfa-1319	168	7	performance	performance	NOUN
ajfa-1319	168	8	of	of	ADP
ajfa-1319	168	9	management	management	NOUN
ajfa-1319	168	10	to	to	ADP
ajfa-1319	168	11	that	that	PRON
ajfa-1319	168	12	of	of	ADP
ajfa-1319	168	13	the	the	DET
ajfa-1319	168	14	“	"	PUNCT
ajfa-1319	168	15	best	good	ADJ
ajfa-1319	168	16	performing	perform	VERB
ajfa-1319	168	17	bank	bank	NOUN
ajfa-1319	168	18	”	"	PUNCT
ajfa-1319	168	19	.	.	PUNCT
ajfa-1319	169	1	an	an	DET
ajfa-1319	169	2	efficiency	efficiency	NOUN
ajfa-1319	169	3	value	value	NOUN
ajfa-1319	169	4	of	of	ADP
ajfa-1319	169	5	1	1	NUM
ajfa-1319	169	6	would	would	AUX
ajfa-1319	169	7	mean	mean	VERB
ajfa-1319	169	8	the	the	DET
ajfa-1319	169	9	bank	bank	NOUN
ajfa-1319	169	10	is	be	AUX
ajfa-1319	169	11	the	the	DET
ajfa-1319	169	12	“	"	PUNCT
ajfa-1319	169	13	best	good	ADJ
ajfa-1319	169	14	performing	perform	VERB
ajfa-1319	169	15	bank	bank	NOUN
ajfa-1319	169	16	”	"	PUNCT
ajfa-1319	169	17	therefore	therefore	ADV
ajfa-1319	169	18	this	this	PRON
ajfa-1319	169	19	is	be	AUX
ajfa-1319	169	20	the	the	DET
ajfa-1319	169	21	upper	upper	ADJ
ajfa-1319	169	22	limit	limit	NOUN
ajfa-1319	169	23	of	of	ADP
ajfa-1319	169	24	possible	possible	ADJ
ajfa-1319	169	25	efficiency	efficiency	NOUN
ajfa-1319	169	26	values	value	NOUN
ajfa-1319	169	27	for	for	ADP
ajfa-1319	169	28	our	our	PRON
ajfa-1319	169	29	dataset	dataset	NOUN
ajfa-1319	169	30	.	.	PUNCT
ajfa-1319	170	1	the	the	DET
ajfa-1319	170	2	differences	difference	NOUN
ajfa-1319	170	3	of	of	ADP
ajfa-1319	170	4	observed	observed	ADJ
ajfa-1319	170	5	values	value	NOUN
ajfa-1319	170	6	relative	relative	ADJ
ajfa-1319	170	7	to	to	ADP
ajfa-1319	170	8	“	"	PUNCT
ajfa-1319	170	9	the	the	DET
ajfa-1319	170	10	best	well	ADV
ajfa-1319	170	11	performing	perform	VERB
ajfa-1319	170	12	bank	bank	NOUN
ajfa-1319	170	13	”	"	PUNCT
ajfa-1319	170	14	provide	provide	VERB
ajfa-1319	170	15	us	we	PRON
ajfa-1319	170	16	with	with	ADP
ajfa-1319	170	17	the	the	DET
ajfa-1319	170	18	percentage	percentage	NOUN
ajfa-1319	170	19	amount	amount	NOUN
ajfa-1319	170	20	of	of	ADP
ajfa-1319	170	21	inefficiency	inefficiency	NOUN
ajfa-1319	170	22	in	in	ADP
ajfa-1319	170	23	the	the	DET
ajfa-1319	170	24	corresponding	correspond	VERB
ajfa-1319	170	25	firm	firm	NOUN
ajfa-1319	170	26	.	.	PUNCT
ajfa-1319	171	1	intuitively	intuitively	ADV
ajfa-1319	171	2	values	value	NOUN
ajfa-1319	171	3	closer	close	ADV
ajfa-1319	171	4	to	to	PART
ajfa-1319	171	5	1	1	NUM
ajfa-1319	171	6	describe	describe	VERB
ajfa-1319	171	7	banks	bank	NOUN
ajfa-1319	171	8	with	with	ADP
ajfa-1319	171	9	relatively	relatively	ADV
ajfa-1319	171	10	low	low	ADJ
ajfa-1319	171	11	inefficiencies	inefficiency	NOUN
ajfa-1319	171	12	while	while	SCONJ
ajfa-1319	171	13	values	value	NOUN
ajfa-1319	171	14	closer	close	ADV
ajfa-1319	171	15	to	to	PART
ajfa-1319	171	16	0	0	NUM
ajfa-1319	171	17	show	show	VERB
ajfa-1319	171	18	higher	high	ADJ
ajfa-1319	171	19	inefficiencies	inefficiency	NOUN
ajfa-1319	171	20	.	.	PUNCT
ajfa-1319	172	1	the	the	DET
ajfa-1319	172	2	lower	low	ADJ
ajfa-1319	172	3	limit	limit	NOUN
ajfa-1319	172	4	of	of	ADP
ajfa-1319	172	5	profit	profit	NOUN
ajfa-1319	172	6	efficiency	efficiency	NOUN
ajfa-1319	172	7	is	be	AUX
ajfa-1319	172	8	0	0	NUM
ajfa-1319	172	9	due	due	ADP
ajfa-1319	172	10	to	to	ADP
ajfa-1319	172	11	the	the	DET
ajfa-1319	172	12	alpha	alpha	NOUN
ajfa-1319	172	13	(	(	PUNCT
ajfa-1319	172	14	α	α	NOUN
ajfa-1319	172	15	)	)	PUNCT
ajfa-1319	172	16	term	term	NOUN
ajfa-1319	172	17	.	.	PUNCT
ajfa-1319	173	1	3.1	3.1	NUM
ajfa-1319	173	2	the	the	DET
ajfa-1319	173	3	model	model	NOUN
ajfa-1319	173	4	as	as	SCONJ
ajfa-1319	173	5	described	describe	VERB
ajfa-1319	173	6	in	in	ADP
ajfa-1319	173	7	previous	previous	ADJ
ajfa-1319	173	8	sections	section	NOUN
ajfa-1319	173	9	,	,	PUNCT
ajfa-1319	173	10	the	the	DET
ajfa-1319	173	11	primary	primary	ADJ
ajfa-1319	173	12	objective	objective	NOUN
ajfa-1319	173	13	of	of	ADP
ajfa-1319	173	14	this	this	DET
ajfa-1319	173	15	paper	paper	NOUN
ajfa-1319	173	16	is	be	AUX
ajfa-1319	173	17	to	to	PART
ajfa-1319	173	18	test	test	VERB
ajfa-1319	173	19	the	the	DET
ajfa-1319	173	20	effect	effect	NOUN
ajfa-1319	173	21	leverage	leverage	NOUN
ajfa-1319	173	22	has	have	VERB
ajfa-1319	173	23	on	on	ADP
ajfa-1319	173	24	profit	profit	NOUN
ajfa-1319	173	25	inefficiency	inefficiency	NOUN
ajfa-1319	173	26	in	in	ADP
ajfa-1319	173	27	australian	australian	ADJ
ajfa-1319	173	28	banks	bank	NOUN
ajfa-1319	173	29	.	.	PUNCT
ajfa-1319	174	1	ecap	ecap	PROPN
ajfa-1319	174	2	(	(	PUNCT
ajfa-1319	174	3	equity	equity	NOUN
ajfa-1319	174	4	/	/	SYM
ajfa-1319	174	5	assets	asset	NOUN
ajfa-1319	174	6	)	)	PUNCT
ajfa-1319	174	7	is	be	AUX
ajfa-1319	174	8	used	use	VERB
ajfa-1319	174	9	as	as	ADP
ajfa-1319	174	10	the	the	DET
ajfa-1319	174	11	proxy	proxy	NOUN
ajfa-1319	174	12	of	of	ADP
ajfa-1319	174	13	reversed	reverse	VERB
ajfa-1319	174	14	leverage	leverage	NOUN
ajfa-1319	174	15	meaning	mean	VERB
ajfa-1319	174	16	a	a	DET
ajfa-1319	174	17	high	high	ADJ
ajfa-1319	174	18	ecap	ecap	NOUN
ajfa-1319	174	19	illustrates	illustrate	VERB
ajfa-1319	174	20	low	low	ADJ
ajfa-1319	174	21	leverage	leverage	NOUN
ajfa-1319	174	22	and	and	CCONJ
ajfa-1319	174	23	hence	hence	ADV
ajfa-1319	174	24	a	a	DET
ajfa-1319	174	25	low	low	ADJ
ajfa-1319	174	26	ecap	ecap	NOUN
ajfa-1319	174	27	illustrates	illustrate	VERB
ajfa-1319	174	28	high	high	ADJ
ajfa-1319	174	29	leverage	leverage	NOUN
ajfa-1319	174	30	.	.	PUNCT
ajfa-1319	175	1	therefore	therefore	ADV
ajfa-1319	175	2	the	the	DET
ajfa-1319	175	3	expectation	expectation	NOUN
ajfa-1319	175	4	according	accord	VERB
ajfa-1319	175	5	to	to	ADP
ajfa-1319	175	6	agency	agency	NOUN
ajfa-1319	175	7	theory	theory	NOUN
ajfa-1319	175	8	and	and	CCONJ
ajfa-1319	175	9	past	past	PROPN
ajfa-1319	175	10	literature	literature	NOUN
ajfa-1319	175	11	(	(	PUNCT
ajfa-1319	175	12	berger	berger	PROPN
ajfa-1319	175	13	and	and	CCONJ
ajfa-1319	175	14	bonaccorsi	bonaccorsi	PROPN
ajfa-1319	175	15	di	di	PROPN
ajfa-1319	175	16	patti	patti	PROPN
ajfa-1319	175	17	2006	2006	NUM
ajfa-1319	175	18	)	)	PUNCT
ajfa-1319	175	19	is	be	AUX
ajfa-1319	175	20	that	that	DET
ajfa-1319	175	21	ecap	ecap	NOUN
ajfa-1319	175	22	will	will	AUX
ajfa-1319	175	23	have	have	VERB
ajfa-1319	175	24	negative	negative	ADJ
ajfa-1319	175	25	relationship	relationship	NOUN
ajfa-1319	175	26	with	with	ADP
ajfa-1319	175	27	profit	profit	NOUN
ajfa-1319	175	28	efficiency	efficiency	NOUN
ajfa-1319	175	29	;	;	PUNCT
ajfa-1319	175	30	that	that	PRON
ajfa-1319	175	31	is	be	AUX
ajfa-1319	175	32	an	an	DET
ajfa-1319	175	33	increase	increase	NOUN
ajfa-1319	175	34	in	in	ADP
ajfa-1319	175	35	debt	debt	NOUN
ajfa-1319	175	36	yields	yield	NOUN
ajfa-1319	175	37	higher	high	ADJ
ajfa-1319	175	38	profit	profit	NOUN
ajfa-1319	175	39	efficiency	efficiency	NOUN
ajfa-1319	175	40	.	.	PUNCT
ajfa-1319	176	1	the	the	DET
ajfa-1319	176	2	model	model	NOUN
ajfa-1319	176	3	for	for	ADP
ajfa-1319	176	4	the	the	DET
ajfa-1319	176	5	primary	primary	ADJ
ajfa-1319	176	6	hypothesis	hypothesis	NOUN
ajfa-1319	176	7	:	:	PUNCT
ajfa-1319	176	8	(	(	PUNCT
ajfa-1319	176	9	)	)	PUNCT
ajfa-1319	176	10	i	i	PRON
ajfa-1319	176	11	ipeff	ipeff	VERB
ajfa-1319	176	12	f	f	PROPN
ajfa-1319	176	13	ecap	ecap	PROPN
ajfa-1319	176	14	x	x	PROPN
ajfa-1319	176	15	e	e	PROPN
ajfa-1319	176	16			X
ajfa-1319	176	17			X
ajfa-1319	176	18	(	(	PUNCT
ajfa-1319	176	19	6	6	NUM
ajfa-1319	176	20	)	)	PUNCT
ajfa-1319	176	21	where	where	SCONJ
ajfa-1319	176	22	ix	ix	PROPN
ajfa-1319	176	23	denotes	denote	VERB
ajfa-1319	176	24	the	the	DET
ajfa-1319	176	25	control	control	NOUN
ajfa-1319	176	26	variables	variable	NOUN
ajfa-1319	176	27	also	also	ADV
ajfa-1319	176	28	believed	believe	VERB
ajfa-1319	176	29	to	to	PART
ajfa-1319	176	30	affect	affect	VERB
ajfa-1319	176	31	profit	profit	NOUN
ajfa-1319	176	32	efficiency	efficiency	NOUN
ajfa-1319	176	33	(	(	PUNCT
ajfa-1319	176	34	peff	peff	NOUN
ajfa-1319	176	35	)	)	PUNCT
ajfa-1319	176	36	.	.	PUNCT
ajfa-1319	177	1	further	further	ADJ
ajfa-1319	177	2	findings	finding	NOUN
ajfa-1319	177	3	we	we	PRON
ajfa-1319	177	4	are	be	AUX
ajfa-1319	177	5	hoping	hope	VERB
ajfa-1319	177	6	to	to	PART
ajfa-1319	177	7	unearth	unearth	VERB
ajfa-1319	177	8	include	include	VERB
ajfa-1319	177	9	determining	determine	VERB
ajfa-1319	177	10	whether	whether	SCONJ
ajfa-1319	177	11	agency	agency	NOUN
ajfa-1319	177	12	theory	theory	NOUN
ajfa-1319	177	13	variables	variable	VERB
ajfa-1319	177	14	other	other	ADJ
ajfa-1319	177	15	than	than	ADP
ajfa-1319	177	16	leverage	leverage	NOUN
ajfa-1319	177	17	have	have	VERB
ajfa-1319	177	18	any	any	DET
ajfa-1319	177	19	significant	significant	ADJ
ajfa-1319	177	20	effect	effect	NOUN
ajfa-1319	177	21	on	on	ADP
ajfa-1319	177	22	profit	profit	NOUN
ajfa-1319	177	23	efficiency	efficiency	NOUN
ajfa-1319	177	24	.	.	PUNCT
ajfa-1319	178	1	in	in	ADP
ajfa-1319	178	2	our	our	PRON
ajfa-1319	178	3	model	model	NOUN
ajfa-1319	178	4	we	we	PRON
ajfa-1319	178	5	have	have	AUX
ajfa-1319	178	6	included	include	VERB
ajfa-1319	178	7	two	two	NUM
ajfa-1319	178	8	such	such	ADJ
ajfa-1319	178	9	variables	variable	NOUN
ajfa-1319	178	10	to	to	ADP
ajfa-1319	178	11	proxy	proxy	NOUN
ajfa-1319	178	12	ownership	ownership	NOUN
ajfa-1319	178	13	structure	structure	NOUN
ajfa-1319	178	14	,	,	PUNCT
ajfa-1319	178	15	sh5own	sh5own	NOUN
ajfa-1319	178	16	and	and	CCONJ
ajfa-1319	178	17	shinside	shinside	NOUN
ajfa-1319	178	18	have	have	AUX
ajfa-1319	178	19	been	be	AUX
ajfa-1319	178	20	explained	explain	VERB
ajfa-1319	178	21	in	in	ADP
ajfa-1319	178	22	section	section	NOUN
ajfa-1319	178	23	4.2	4.2	NUM
ajfa-1319	178	24	along	along	ADP
ajfa-1319	178	25	with	with	ADP
ajfa-1319	178	26	their	their	PRON
ajfa-1319	178	27	expected	expect	VERB
ajfa-1319	178	28	relationships	relationship	NOUN
ajfa-1319	178	29	with	with	ADP
ajfa-1319	178	30	profit	profit	NOUN
ajfa-1319	178	31	efficiency	efficiency	NOUN
ajfa-1319	178	32	.	.	PUNCT
ajfa-1319	179	1	along	along	ADP
ajfa-1319	179	2	with	with	ADP
ajfa-1319	179	3	ownership	ownership	NOUN
ajfa-1319	179	4	structure	structure	NOUN
ajfa-1319	179	5	,	,	PUNCT
ajfa-1319	179	6	risk	risk	NOUN
ajfa-1319	179	7	(	(	PUNCT
ajfa-1319	179	8	sdroe	sdroe	NOUN
ajfa-1319	179	9	)	)	PUNCT
ajfa-1319	179	10	,	,	PUNCT
ajfa-1319	179	11	size	size	NOUN
ajfa-1319	179	12	of	of	ADP
ajfa-1319	179	13	the	the	DET
ajfa-1319	179	14	bank	bank	NOUN
ajfa-1319	179	15	(	(	PUNCT
ajfa-1319	179	16	using	use	VERB
ajfa-1319	179	17	assets	asset	NOUN
ajfa-1319	179	18	as	as	ADP
ajfa-1319	179	19	proxy	proxy	NOUN
ajfa-1319	179	20	)	)	PUNCT
ajfa-1319	179	21	and	and	CCONJ
ajfa-1319	179	22	market	market	NOUN
ajfa-1319	179	23	-	-	PUNCT
ajfa-1319	179	24	share	share	NOUN
ajfa-1319	179	25	will	will	AUX
ajfa-1319	179	26	all	all	PRON
ajfa-1319	179	27	be	be	AUX
ajfa-1319	179	28	regressed	regress	VERB
ajfa-1319	179	29	against	against	ADP
ajfa-1319	179	30	profit	profit	NOUN
ajfa-1319	179	31	efficiency	efficiency	NOUN
ajfa-1319	179	32	.	.	PUNCT
ajfa-1319	180	1	as	as	ADP
ajfa-1319	180	2	an	an	DET
ajfa-1319	180	3	alternative	alternative	ADJ
ajfa-1319	180	4	measure	measure	NOUN
ajfa-1319	180	5	of	of	ADP
ajfa-1319	180	6	bank	bank	NOUN
ajfa-1319	180	7	performance	performance	NOUN
ajfa-1319	180	8	a	a	DET
ajfa-1319	180	9	commonly	commonly	ADV
ajfa-1319	180	10	used	use	VERB
ajfa-1319	180	11	accounting	accounting	NOUN
ajfa-1319	180	12	measure	measure	NOUN
ajfa-1319	180	13	is	be	AUX
ajfa-1319	180	14	employed	employ	VERB
ajfa-1319	180	15	.	.	PUNCT
ajfa-1319	181	1	the	the	DET
ajfa-1319	181	2	return	return	NOUN
ajfa-1319	181	3	on	on	ADP
ajfa-1319	181	4	equity	equity	NOUN
ajfa-1319	181	5	(	(	PUNCT
ajfa-1319	181	6	roe	roe	PROPN
ajfa-1319	181	7	)	)	PUNCT
ajfa-1319	181	8	is	be	AUX
ajfa-1319	181	9	regularly	regularly	ADV
ajfa-1319	181	10	used	use	VERB
ajfa-1319	181	11	as	as	ADP
ajfa-1319	181	12	a	a	DET
ajfa-1319	181	13	measure	measure	NOUN
ajfa-1319	181	14	of	of	ADP
ajfa-1319	181	15	firm	firm	ADJ
ajfa-1319	181	16	performance	performance	NOUN
ajfa-1319	181	17	and	and	CCONJ
ajfa-1319	181	18	although	although	SCONJ
ajfa-1319	181	19	it	it	PRON
ajfa-1319	181	20	does	do	AUX
ajfa-1319	181	21	not	not	PART
ajfa-1319	181	22	capture	capture	VERB
ajfa-1319	181	23	efficiency	efficiency	NOUN
ajfa-1319	181	24	as	as	SCONJ
ajfa-1319	181	25	such	such	ADJ
ajfa-1319	181	26	it	it	PRON
ajfa-1319	181	27	does	do	AUX
ajfa-1319	181	28	offer	offer	VERB
ajfa-1319	181	29	us	we	PRON
ajfa-1319	181	30	a	a	DET
ajfa-1319	181	31	raw	raw	ADJ
ajfa-1319	181	32	measure	measure	NOUN
ajfa-1319	181	33	of	of	ADP
ajfa-1319	181	34	bank	bank	NOUN
ajfa-1319	181	35	performance	performance	NOUN
ajfa-1319	181	36	.	.	PUNCT
ajfa-1319	182	1	it	it	PRON
ajfa-1319	182	2	therefore	therefore	ADV
ajfa-1319	182	3	allows	allow	VERB
ajfa-1319	182	4	us	we	PRON
ajfa-1319	182	5	to	to	PART
ajfa-1319	182	6	infer	infer	VERB
ajfa-1319	182	7	whether	whether	SCONJ
ajfa-1319	182	8	the	the	DET
ajfa-1319	182	9	explanatory	explanatory	ADJ
ajfa-1319	182	10	variables	variable	NOUN
ajfa-1319	182	11	affect	affect	VERB
ajfa-1319	182	12	firm	firm	ADJ
ajfa-1319	182	13	asian	asian	ADJ
ajfa-1319	182	14	journal	journal	NOUN
ajfa-1319	182	15	of	of	ADP
ajfa-1319	182	16	finance	finance	PROPN
ajfa-1319	182	17	&	&	CCONJ
ajfa-1319	182	18	accounting	accounting	PROPN
ajfa-1319	182	19	issn	issn	PROPN
ajfa-1319	182	20	1946	1946	NUM
ajfa-1319	182	21	-	-	PUNCT
ajfa-1319	182	22	052x	052x	NOUN
ajfa-1319	182	23	2012	2012	NUM
ajfa-1319	182	24	,	,	PUNCT
ajfa-1319	182	25	vol	vol	NOUN
ajfa-1319	182	26	.	.	PROPN
ajfa-1319	182	27	4	4	NUM
ajfa-1319	182	28	,	,	PUNCT
ajfa-1319	182	29	no	no	INTJ
ajfa-1319	182	30	.	.	NOUN
ajfa-1319	182	31	1	1	NUM
ajfa-1319	182	32	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1319	182	33	286	286	NUM
ajfa-1319	182	34	performance	performance	NOUN
ajfa-1319	182	35	in	in	ADP
ajfa-1319	182	36	the	the	DET
ajfa-1319	182	37	same	same	ADJ
ajfa-1319	182	38	way	way	NOUN
ajfa-1319	182	39	as	as	ADP
ajfa-1319	182	40	profit	profit	NOUN
ajfa-1319	182	41	efficiency	efficiency	NOUN
ajfa-1319	182	42	.	.	PUNCT
ajfa-1319	183	1	the	the	DET
ajfa-1319	183	2	model	model	NOUN
ajfa-1319	183	3	is	be	AUX
ajfa-1319	183	4	specified	specify	VERB
ajfa-1319	183	5	as	as	ADP
ajfa-1319	183	6	:	:	PUNCT
ajfa-1319	183	7	(	(	PUNCT
ajfa-1319	183	8	)	)	PUNCT
ajfa-1319	183	9	i	i	PRON
ajfa-1319	183	10	iroe	iroe	VERB
ajfa-1319	183	11	f	f	PROPN
ajfa-1319	183	12	ecap	ecap	PROPN
ajfa-1319	183	13	x	x	PROPN
ajfa-1319	183	14	e	e	PROPN
ajfa-1319	183	15			ADV
ajfa-1319	183	16			X
ajfa-1319	183	17	(	(	PUNCT
ajfa-1319	183	18	7	7	NUM
ajfa-1319	183	19	)	)	PUNCT
ajfa-1319	183	20	where	where	SCONJ
ajfa-1319	183	21	ix	ix	PROPN
ajfa-1319	183	22	denotes	denote	VERB
ajfa-1319	183	23	the	the	DET
ajfa-1319	183	24	control	control	NOUN
ajfa-1319	183	25	variables	variable	NOUN
ajfa-1319	183	26	believed	believe	VERB
ajfa-1319	183	27	to	to	PART
ajfa-1319	183	28	affect	affect	VERB
ajfa-1319	183	29	the	the	DET
ajfa-1319	183	30	return	return	NOUN
ajfa-1319	183	31	on	on	ADP
ajfa-1319	183	32	equity	equity	NOUN
ajfa-1319	183	33	(	(	PUNCT
ajfa-1319	183	34	roe	roe	PROPN
ajfa-1319	183	35	)	)	PUNCT
ajfa-1319	183	36	.	.	PUNCT
ajfa-1319	184	1	berger	berger	PROPN
ajfa-1319	184	2	and	and	CCONJ
ajfa-1319	184	3	bonaccorsi	bonaccorsi	PROPN
ajfa-1319	184	4	di	di	X
ajfa-1319	184	5	patti	patti	PROPN
ajfa-1319	184	6	(	(	PUNCT
ajfa-1319	184	7	2006	2006	NUM
ajfa-1319	184	8	)	)	PUNCT
ajfa-1319	184	9	had	have	VERB
ajfa-1319	184	10	a	a	DET
ajfa-1319	184	11	relatively	relatively	ADV
ajfa-1319	184	12	large	large	ADJ
ajfa-1319	184	13	sample	sample	NOUN
ajfa-1319	184	14	size	size	NOUN
ajfa-1319	184	15	,	,	PUNCT
ajfa-1319	184	16	this	this	PRON
ajfa-1319	184	17	enabled	enable	VERB
ajfa-1319	184	18	them	they	PRON
ajfa-1319	184	19	to	to	PART
ajfa-1319	184	20	use	use	VERB
ajfa-1319	184	21	the	the	DET
ajfa-1319	184	22	two	two	NUM
ajfa-1319	184	23	-	-	PUNCT
ajfa-1319	184	24	stage	stage	NOUN
ajfa-1319	184	25	least	least	ADJ
ajfa-1319	184	26	squared	square	VERB
ajfa-1319	184	27	method	method	NOUN
ajfa-1319	184	28	(	(	PUNCT
ajfa-1319	184	29	2sls	2sls	NOUN
ajfa-1319	184	30	)	)	PUNCT
ajfa-1319	184	31	when	when	SCONJ
ajfa-1319	184	32	modelling	model	VERB
ajfa-1319	184	33	leverage	leverage	NOUN
ajfa-1319	184	34	on	on	ADP
ajfa-1319	184	35	profit	profit	NOUN
ajfa-1319	184	36	efficiency	efficiency	NOUN
ajfa-1319	184	37	and	and	CCONJ
ajfa-1319	184	38	vice	vice	NOUN
ajfa-1319	184	39	versa	versa	ADV
ajfa-1319	184	40	.	.	PUNCT
ajfa-1319	185	1	the	the	DET
ajfa-1319	185	2	(	(	PUNCT
ajfa-1319	185	3	2sls	2sls	NOUN
ajfa-1319	185	4	)	)	PUNCT
ajfa-1319	185	5	is	be	AUX
ajfa-1319	185	6	the	the	DET
ajfa-1319	185	7	preferred	prefer	VERB
ajfa-1319	185	8	choice	choice	NOUN
ajfa-1319	185	9	for	for	ADP
ajfa-1319	185	10	models	model	NOUN
ajfa-1319	185	11	where	where	SCONJ
ajfa-1319	185	12	reverse	reverse	ADJ
ajfa-1319	185	13	causality	causality	NOUN
ajfa-1319	185	14	may	may	AUX
ajfa-1319	185	15	possibly	possibly	ADV
ajfa-1319	185	16	be	be	AUX
ajfa-1319	185	17	in	in	ADP
ajfa-1319	185	18	existence	existence	NOUN
ajfa-1319	185	19	.	.	PUNCT
ajfa-1319	186	1	due	due	ADP
ajfa-1319	186	2	to	to	ADP
ajfa-1319	186	3	the	the	DET
ajfa-1319	186	4	restriction	restriction	NOUN
ajfa-1319	186	5	of	of	ADP
ajfa-1319	186	6	our	our	PRON
ajfa-1319	186	7	sample	sample	NOUN
ajfa-1319	186	8	size	size	NOUN
ajfa-1319	186	9	some	some	DET
ajfa-1319	186	10	concessions	concession	NOUN
ajfa-1319	186	11	had	have	VERB
ajfa-1319	186	12	to	to	PART
ajfa-1319	186	13	made	make	VERB
ajfa-1319	186	14	,	,	PUNCT
ajfa-1319	186	15	one	one	NUM
ajfa-1319	186	16	of	of	ADP
ajfa-1319	186	17	those	those	PRON
ajfa-1319	186	18	being	be	AUX
ajfa-1319	186	19	that	that	SCONJ
ajfa-1319	186	20	using	use	VERB
ajfa-1319	186	21	the	the	DET
ajfa-1319	186	22	two	two	NUM
ajfa-1319	186	23	stage	stage	NOUN
ajfa-1319	186	24	least	least	ADJ
ajfa-1319	186	25	squares	square	NOUN
ajfa-1319	186	26	method	method	NOUN
ajfa-1319	186	27	was	be	AUX
ajfa-1319	186	28	not	not	PART
ajfa-1319	186	29	usable	usable	ADJ
ajfa-1319	186	30	.	.	PUNCT
ajfa-1319	187	1	instead	instead	ADV
ajfa-1319	187	2	a	a	DET
ajfa-1319	187	3	simple	simple	ADJ
ajfa-1319	187	4	least	least	ADJ
ajfa-1319	187	5	squares	square	NOUN
ajfa-1319	187	6	method	method	NOUN
ajfa-1319	187	7	(	(	PUNCT
ajfa-1319	187	8	ls	ls	PROPN
ajfa-1319	187	9	)	)	PUNCT
ajfa-1319	187	10	is	be	AUX
ajfa-1319	187	11	utilized	utilize	VERB
ajfa-1319	187	12	.	.	PUNCT
ajfa-1319	188	1	even	even	ADV
ajfa-1319	188	2	though	though	SCONJ
ajfa-1319	188	3	the	the	DET
ajfa-1319	188	4	method	method	NOUN
ajfa-1319	188	5	of	of	ADP
ajfa-1319	188	6	regressing	regress	VERB
ajfa-1319	188	7	the	the	DET
ajfa-1319	188	8	variables	variable	NOUN
ajfa-1319	188	9	differs	differ	VERB
ajfa-1319	188	10	to	to	ADP
ajfa-1319	188	11	that	that	PRON
ajfa-1319	188	12	of	of	ADP
ajfa-1319	188	13	berger	berger	PROPN
ajfa-1319	188	14	and	and	CCONJ
ajfa-1319	188	15	bonaccorsi	bonaccorsi	PROPN
ajfa-1319	188	16	di	di	X
ajfa-1319	188	17	patti	patti	PROPN
ajfa-1319	188	18	(	(	PUNCT
ajfa-1319	188	19	2006	2006	NUM
ajfa-1319	188	20	)	)	PUNCT
ajfa-1319	188	21	,	,	PUNCT
ajfa-1319	188	22	the	the	DET
ajfa-1319	188	23	results	result	NOUN
ajfa-1319	188	24	of	of	ADP
ajfa-1319	188	25	this	this	DET
ajfa-1319	188	26	papers	paper	NOUN
ajfa-1319	188	27	conclusions	conclusion	NOUN
ajfa-1319	188	28	should	should	AUX
ajfa-1319	188	29	not	not	PART
ajfa-1319	188	30	be	be	AUX
ajfa-1319	188	31	seen	see	VERB
ajfa-1319	188	32	as	as	ADP
ajfa-1319	188	33	any	any	DET
ajfa-1319	188	34	less	less	ADV
ajfa-1319	188	35	significant	significant	ADJ
ajfa-1319	188	36	,	,	PUNCT
ajfa-1319	188	37	the	the	DET
ajfa-1319	188	38	two	two	NUM
ajfa-1319	188	39	stage	stage	NOUN
ajfa-1319	188	40	least	least	ADJ
ajfa-1319	188	41	squares	square	NOUN
ajfa-1319	188	42	method	method	NOUN
ajfa-1319	188	43	simply	simply	ADV
ajfa-1319	188	44	has	have	VERB
ajfa-1319	188	45	slightly	slightly	ADV
ajfa-1319	188	46	more	more	ADV
ajfa-1319	188	47	accurate	accurate	ADJ
ajfa-1319	188	48	assumptions	assumption	NOUN
ajfa-1319	188	49	.	.	PUNCT
ajfa-1319	189	1	3.2	3.2	NUM
ajfa-1319	189	2	reverse	reverse	ADJ
ajfa-1319	189	3	causality	causality	NOUN
ajfa-1319	189	4	it	it	PRON
ajfa-1319	189	5	is	be	AUX
ajfa-1319	189	6	not	not	PART
ajfa-1319	189	7	unimaginable	unimaginable	ADJ
ajfa-1319	189	8	that	that	SCONJ
ajfa-1319	189	9	it	it	PRON
ajfa-1319	189	10	is	be	AUX
ajfa-1319	189	11	actually	actually	ADV
ajfa-1319	189	12	profit	profit	NOUN
ajfa-1319	189	13	efficiency	efficiency	NOUN
ajfa-1319	189	14	which	which	PRON
ajfa-1319	189	15	drives	drive	VERB
ajfa-1319	189	16	the	the	DET
ajfa-1319	189	17	capital	capital	NOUN
ajfa-1319	189	18	structure	structure	NOUN
ajfa-1319	189	19	choice	choice	NOUN
ajfa-1319	189	20	of	of	ADP
ajfa-1319	189	21	a	a	DET
ajfa-1319	189	22	bank	bank	NOUN
ajfa-1319	189	23	rather	rather	ADV
ajfa-1319	189	24	than	than	ADP
ajfa-1319	189	25	capital	capital	NOUN
ajfa-1319	189	26	structure	structure	NOUN
ajfa-1319	190	1	driving	drive	VERB
ajfa-1319	190	2	profit	profit	NOUN
ajfa-1319	190	3	efficiency	efficiency	NOUN
ajfa-1319	190	4	,	,	PUNCT
ajfa-1319	190	5	hence	hence	ADV
ajfa-1319	190	6	this	this	DET
ajfa-1319	190	7	paper	paper	NOUN
ajfa-1319	190	8	tests	test	NOUN
ajfa-1319	190	9	for	for	ADP
ajfa-1319	190	10	reverse	reverse	ADJ
ajfa-1319	190	11	causality	causality	NOUN
ajfa-1319	190	12	using	use	VERB
ajfa-1319	190	13	the	the	DET
ajfa-1319	190	14	granger	granger	NOUN
ajfa-1319	190	15	-	-	PUNCT
ajfa-1319	190	16	causality	causality	NOUN
ajfa-1319	190	17	test	test	NOUN
ajfa-1319	190	18	.	.	PUNCT
ajfa-1319	191	1	the	the	DET
ajfa-1319	191	2	granger	granger	NOUN
ajfa-1319	191	3	-	-	PUNCT
ajfa-1319	191	4	causality	causality	NOUN
ajfa-1319	191	5	test	test	NOUN
ajfa-1319	191	6	was	be	AUX
ajfa-1319	191	7	pioneered	pioneer	VERB
ajfa-1319	191	8	by	by	ADP
ajfa-1319	191	9	sims	sim	NOUN
ajfa-1319	191	10	(	(	PUNCT
ajfa-1319	191	11	1980	1980	NUM
ajfa-1319	191	12	)	)	PUNCT
ajfa-1319	191	13	and	and	CCONJ
ajfa-1319	191	14	it	it	PRON
ajfa-1319	191	15	is	be	AUX
ajfa-1319	191	16	conducted	conduct	VERB
ajfa-1319	191	17	within	within	ADP
ajfa-1319	191	18	a	a	DET
ajfa-1319	191	19	vector	vector	NOUN
ajfa-1319	191	20	autoregressive	autoregressive	ADJ
ajfa-1319	191	21	(	(	PUNCT
ajfa-1319	191	22	var	var	NOUN
ajfa-1319	191	23	)	)	PUNCT
ajfa-1319	191	24	context	context	NOUN
ajfa-1319	191	25	,	,	PUNCT
ajfa-1319	191	26	the	the	DET
ajfa-1319	191	27	test	test	NOUN
ajfa-1319	191	28	determines	determine	VERB
ajfa-1319	191	29	the	the	DET
ajfa-1319	191	30	order	order	NOUN
ajfa-1319	191	31	of	of	ADP
ajfa-1319	191	32	information	information	NOUN
ajfa-1319	191	33	being	be	AUX
ajfa-1319	191	34	processed	process	VERB
ajfa-1319	191	35	between	between	ADP
ajfa-1319	191	36	two	two	NUM
ajfa-1319	191	37	variables	variable	NOUN
ajfa-1319	191	38	.	.	PUNCT
ajfa-1319	192	1	it	it	PRON
ajfa-1319	192	2	is	be	AUX
ajfa-1319	192	3	therefore	therefore	ADV
ajfa-1319	192	4	important	important	ADJ
ajfa-1319	192	5	to	to	PART
ajfa-1319	192	6	note	note	VERB
ajfa-1319	192	7	that	that	SCONJ
ajfa-1319	192	8	a	a	DET
ajfa-1319	192	9	test	test	NOUN
ajfa-1319	192	10	finding	find	VERB
ajfa-1319	192	11	variable	variable	NOUN
ajfa-1319	192	12	x	x	X
ajfa-1319	192	13	to	to	ADP
ajfa-1319	192	14	granger	granger	NOUN
ajfa-1319	192	15	-	-	PUNCT
ajfa-1319	192	16	cause	cause	NOUN
ajfa-1319	192	17	variable	variable	ADJ
ajfa-1319	192	18	y	y	PROPN
ajfa-1319	192	19	does	do	AUX
ajfa-1319	192	20	not	not	PART
ajfa-1319	192	21	automatically	automatically	ADV
ajfa-1319	192	22	imply	imply	VERB
ajfa-1319	192	23	that	that	SCONJ
ajfa-1319	192	24	y	y	PROPN
ajfa-1319	192	25	is	be	AUX
ajfa-1319	192	26	the	the	DET
ajfa-1319	192	27	direct	direct	ADJ
ajfa-1319	192	28	result	result	NOUN
ajfa-1319	192	29	of	of	ADP
ajfa-1319	192	30	x	x	SYM
ajfa-1319	192	31	occurring	occur	VERB
ajfa-1319	192	32	,	,	PUNCT
ajfa-1319	192	33	however	however	ADV
ajfa-1319	192	34	the	the	DET
ajfa-1319	192	35	implications	implication	NOUN
ajfa-1319	192	36	of	of	ADP
ajfa-1319	192	37	information	information	NOUN
ajfa-1319	192	38	order	order	NOUN
ajfa-1319	192	39	can	can	AUX
ajfa-1319	192	40	be	be	AUX
ajfa-1319	192	41	just	just	ADV
ajfa-1319	192	42	as	as	ADV
ajfa-1319	192	43	important	important	ADJ
ajfa-1319	192	44	.	.	PUNCT
ajfa-1319	193	1	they	they	PRON
ajfa-1319	193	2	allow	allow	VERB
ajfa-1319	193	3	us	we	PRON
ajfa-1319	193	4	to	to	PART
ajfa-1319	193	5	state	state	VERB
ajfa-1319	193	6	whether	whether	SCONJ
ajfa-1319	193	7	past	past	ADJ
ajfa-1319	193	8	information	information	NOUN
ajfa-1319	193	9	of	of	ADP
ajfa-1319	193	10	x	x	PRON
ajfa-1319	193	11	predicts	predict	VERB
ajfa-1319	193	12	the	the	DET
ajfa-1319	193	13	value	value	NOUN
ajfa-1319	193	14	of	of	ADP
ajfa-1319	193	15	y	y	PROPN
ajfa-1319	193	16	or	or	CCONJ
ajfa-1319	193	17	vice	vice	NOUN
ajfa-1319	193	18	versa	versa	ADV
ajfa-1319	193	19	.	.	PUNCT
ajfa-1319	194	1	it	it	PRON
ajfa-1319	194	2	is	be	AUX
ajfa-1319	194	3	best	good	ADJ
ajfa-1319	194	4	to	to	PART
ajfa-1319	194	5	employ	employ	VERB
ajfa-1319	194	6	as	as	SCONJ
ajfa-1319	194	7	many	many	ADJ
ajfa-1319	194	8	lags	lag	NOUN
ajfa-1319	194	9	as	as	ADP
ajfa-1319	194	10	possible	possible	ADJ
ajfa-1319	194	11	since	since	SCONJ
ajfa-1319	194	12	fundamentally	fundamentally	ADV
ajfa-1319	194	13	the	the	DET
ajfa-1319	194	14	granger	granger	NOUN
ajfa-1319	194	15	-	-	PUNCT
ajfa-1319	194	16	causality	causality	NOUN
ajfa-1319	194	17	test	test	NOUN
ajfa-1319	194	18	is	be	AUX
ajfa-1319	194	19	based	base	VERB
ajfa-1319	194	20	on	on	ADP
ajfa-1319	194	21	determining	determine	VERB
ajfa-1319	194	22	the	the	DET
ajfa-1319	194	23	order	order	NOUN
ajfa-1319	194	24	of	of	ADP
ajfa-1319	194	25	past	past	ADJ
ajfa-1319	194	26	information	information	NOUN
ajfa-1319	194	27	and	and	CCONJ
ajfa-1319	194	28	its	its	PRON
ajfa-1319	194	29	prediction	prediction	NOUN
ajfa-1319	194	30	power	power	NOUN
ajfa-1319	194	31	on	on	ADP
ajfa-1319	194	32	the	the	DET
ajfa-1319	194	33	corresponding	corresponding	ADJ
ajfa-1319	194	34	variable	variable	NOUN
ajfa-1319	194	35	.	.	PUNCT
ajfa-1319	195	1	given	give	VERB
ajfa-1319	195	2	our	our	PRON
ajfa-1319	195	3	sample	sample	NOUN
ajfa-1319	195	4	data	datum	NOUN
ajfa-1319	195	5	,	,	PUNCT
ajfa-1319	195	6	the	the	DET
ajfa-1319	195	7	granger	granger	NOUN
ajfa-1319	195	8	-	-	PUNCT
ajfa-1319	195	9	causality	causality	NOUN
ajfa-1319	195	10	test	test	NOUN
ajfa-1319	195	11	is	be	AUX
ajfa-1319	195	12	implemented	implement	VERB
ajfa-1319	195	13	using	use	VERB
ajfa-1319	195	14	the	the	DET
ajfa-1319	195	15	maximum	maximum	ADJ
ajfa-1319	195	16	lags	lag	NOUN
ajfa-1319	195	17	available	available	ADJ
ajfa-1319	195	18	to	to	ADP
ajfa-1319	195	19	us	we	PRON
ajfa-1319	195	20	(	(	PUNCT
ajfa-1319	195	21	2	2	NUM
ajfa-1319	195	22	)	)	PUNCT
ajfa-1319	195	23	.	.	PUNCT
ajfa-1319	196	1	the	the	DET
ajfa-1319	196	2	general	general	ADJ
ajfa-1319	196	3	notation	notation	NOUN
ajfa-1319	196	4	of	of	ADP
ajfa-1319	196	5	a	a	DET
ajfa-1319	196	6	granger	granger	NOUN
ajfa-1319	196	7	-	-	PUNCT
ajfa-1319	196	8	causality	causality	NOUN
ajfa-1319	196	9	test	test	NOUN
ajfa-1319	196	10	which	which	PRON
ajfa-1319	196	11	is	be	AUX
ajfa-1319	196	12	trying	try	VERB
ajfa-1319	196	13	to	to	PART
ajfa-1319	196	14	determine	determine	VERB
ajfa-1319	196	15	whether	whether	SCONJ
ajfa-1319	196	16	the	the	DET
ajfa-1319	196	17	lagged	lag	VERB
ajfa-1319	196	18	terms	term	NOUN
ajfa-1319	196	19	of	of	ADP
ajfa-1319	196	20	x	x	PART
ajfa-1319	196	21	predict	predict	VERB
ajfa-1319	196	22	y	y	PROPN
ajfa-1319	196	23	and	and	CCONJ
ajfa-1319	196	24	whether	whether	SCONJ
ajfa-1319	196	25	the	the	DET
ajfa-1319	196	26	lagged	lag	VERB
ajfa-1319	196	27	terms	term	NOUN
ajfa-1319	196	28	of	of	ADP
ajfa-1319	196	29	y	y	PROPN
ajfa-1319	196	30	predict	predict	VERB
ajfa-1319	196	31	x	x	PUNCT
ajfa-1319	196	32	respectively	respectively	ADV
ajfa-1319	196	33	are	be	AUX
ajfa-1319	196	34	specified	specify	VERB
ajfa-1319	196	35	as	as	ADP
ajfa-1319	196	36	:	:	PUNCT
ajfa-1319	196	37	1	1	NUM
ajfa-1319	196	38	0	0	NUM
ajfa-1319	196	39	1	1	NUM
ajfa-1319	196	40	1	1	NUM
ajfa-1319	196	41	2	2	NUM
ajfa-1319	196	42	2	2	NUM
ajfa-1319	196	43	1	1	NUM
ajfa-1319	196	44	1	1	NUM
ajfa-1319	196	45	t	t	NOUN
ajfa-1319	196	46	t	t	NOUN
ajfa-1319	196	47	t	t	PROPN
ajfa-1319	196	48	p	p	PROPN
ajfa-1319	196	49	t	t	PROPN
ajfa-1319	196	50	p	p	X
ajfa-1319	196	51	t	t	PROPN
ajfa-1319	196	52	p	p	X
ajfa-1319	196	53	t	t	PROPN
ajfa-1319	196	54	p	p	NOUN
ajfa-1319	196	55	ty	ty	INTJ
ajfa-1319	196	56	y	y	PROPN
ajfa-1319	196	57	y	y	PROPN
ajfa-1319	196	58	y	y	PROPN
ajfa-1319	196	59	x	x	SYM
ajfa-1319	196	60	x	x	NOUN
ajfa-1319	196	61			X
ajfa-1319	196	62			X
ajfa-1319	196	63			NUM
ajfa-1319	196	64			PROPN
ajfa-1319	196	65			PROPN
ajfa-1319	196	66			PROPN
ajfa-1319	196	67			PROPN
ajfa-1319	196	68			PROPN
ajfa-1319	196	69			PROPN
ajfa-1319	196	70			PROPN
ajfa-1319	196	71			PUNCT
ajfa-1319	196	72			PROPN
ajfa-1319	196	73			PROPN
ajfa-1319	196	74			PROPN
ajfa-1319	196	75			PROPN
ajfa-1319	196	76			PUNCT
ajfa-1319	196	77			PUNCT
ajfa-1319	196	78			VERB
ajfa-1319	196	79			NUM
ajfa-1319	196	80	(	(	PUNCT
ajfa-1319	196	81	8)	8)	NOUN
ajfa-1319	196	82	0	0	NUM
ajfa-1319	196	83	1	1	NUM
ajfa-1319	196	84	1	1	NUM
ajfa-1319	196	85	2	2	NUM
ajfa-1319	196	86	2	2	NUM
ajfa-1319	196	87	1	1	NUM
ajfa-1319	196	88	1	1	NUM
ajfa-1319	196	89	t	t	NOUN
ajfa-1319	196	90	t	t	NOUN
ajfa-1319	196	91	t	t	PROPN
ajfa-1319	196	92	p	p	PROPN
ajfa-1319	196	93	t	t	PROPN
ajfa-1319	197	1	p	p	X
ajfa-1319	197	2	t	t	PROPN
ajfa-1319	197	3	p	p	PROPN
ajfa-1319	197	4	t	t	PROPN
ajfa-1319	197	5	p	p	X
ajfa-1319	197	6	tx	tx	PROPN
ajfa-1319	197	7	x	x	PUNCT
ajfa-1319	197	8	x	x	PUNCT
ajfa-1319	197	9	x	x	VERB
ajfa-1319	197	10	y	y	VERB
ajfa-1319	197	11	y	y	PROPN
ajfa-1319	197	12	u	u	PROPN
ajfa-1319	197	13			ADJ
ajfa-1319	197	14			ADJ
ajfa-1319	197	15			ADJ
ajfa-1319	197	16			NOUN
ajfa-1319	197	17			NOUN
ajfa-1319	197	18			PROPN
ajfa-1319	197	19			PROPN
ajfa-1319	197	20			PROPN
ajfa-1319	197	21			PROPN
ajfa-1319	197	22			PUNCT
ajfa-1319	197	23			PROPN
ajfa-1319	197	24			PROPN
ajfa-1319	197	25			PROPN
ajfa-1319	197	26			PROPN
ajfa-1319	197	27			PUNCT
ajfa-1319	197	28			PUNCT
ajfa-1319	197	29			VERB
ajfa-1319	197	30			NUM
ajfa-1319	197	31	(	(	PUNCT
ajfa-1319	197	32	9	9	NUM
ajfa-1319	197	33	)	)	PUNCT
ajfa-1319	197	34	where	where	SCONJ
ajfa-1319	197	35	p	p	NOUN
ajfa-1319	197	36	is	be	AUX
ajfa-1319	197	37	the	the	DET
ajfa-1319	197	38	number	number	NOUN
ajfa-1319	197	39	of	of	ADP
ajfa-1319	197	40	lags	lag	NOUN
ajfa-1319	197	41	,	,	PUNCT
ajfa-1319	197	42	t	t	PROPN
ajfa-1319	197	43	and	and	CCONJ
ajfa-1319	197	44	tu	tu	PROPN
ajfa-1319	197	45	are	be	AUX
ajfa-1319	197	46	the	the	DET
ajfa-1319	197	47	error	error	NOUN
ajfa-1319	197	48	terms	term	NOUN
ajfa-1319	197	49	.	.	PUNCT
ajfa-1319	198	1	equation	equation	NOUN
ajfa-1319	198	2	8	8	NUM
ajfa-1319	198	3	tests	test	VERB
ajfa-1319	198	4	whether	whether	SCONJ
ajfa-1319	198	5	x	x	PUNCT
ajfa-1319	198	6	granger	granger	NOUN
ajfa-1319	198	7	-	-	PUNCT
ajfa-1319	198	8	causes	cause	VERB
ajfa-1319	198	9	y	y	PROPN
ajfa-1319	198	10	,	,	PUNCT
ajfa-1319	198	11	if	if	SCONJ
ajfa-1319	198	12	beta	beta	ADJ
ajfa-1319	198	13	(	(	PUNCT
ajfa-1319	198	14	β	β	NOUN
ajfa-1319	198	15	)	)	PUNCT
ajfa-1319	198	16	does	do	AUX
ajfa-1319	198	17	not	not	PART
ajfa-1319	198	18	equal	equal	VERB
ajfa-1319	198	19	to	to	ADP
ajfa-1319	198	20	0	0	NUM
ajfa-1319	198	21	significantly	significantly	ADV
ajfa-1319	198	22	,	,	PUNCT
ajfa-1319	198	23	we	we	PRON
ajfa-1319	198	24	can	can	AUX
ajfa-1319	198	25	say	say	VERB
ajfa-1319	198	26	that	that	SCONJ
ajfa-1319	198	27	x	x	PRON
ajfa-1319	198	28	is	be	AUX
ajfa-1319	198	29	useful	useful	ADJ
ajfa-1319	198	30	in	in	ADP
ajfa-1319	198	31	forecasting	forecast	VERB
ajfa-1319	198	32	y.	y.	NOUN
ajfa-1319	198	33	equation	equation	NOUN
ajfa-1319	198	34	9	9	NUM
ajfa-1319	198	35	tests	test	NOUN
ajfa-1319	198	36	,	,	PUNCT
ajfa-1319	198	37	whether	whether	SCONJ
ajfa-1319	198	38	it	it	PRON
ajfa-1319	198	39	is	be	AUX
ajfa-1319	198	40	y	y	PROPN
ajfa-1319	198	41	that	that	SCONJ
ajfa-1319	198	42	granger	granger	NOUN
ajfa-1319	198	43	-	-	PUNCT
ajfa-1319	198	44	causes	cause	VERB
ajfa-1319	198	45	x	x	NOUN
ajfa-1319	198	46	,	,	PUNCT
ajfa-1319	198	47	if	if	SCONJ
ajfa-1319	198	48	p	p	NOUN
ajfa-1319	198	49	does	do	AUX
ajfa-1319	198	50	not	not	PART
ajfa-1319	198	51	equal	equal	VERB
ajfa-1319	198	52	to	to	ADP
ajfa-1319	198	53	0	0	NUM
ajfa-1319	198	54	significantly	significantly	ADV
ajfa-1319	198	55	we	we	PRON
ajfa-1319	198	56	can	can	AUX
ajfa-1319	198	57	say	say	VERB
ajfa-1319	198	58	that	that	SCONJ
ajfa-1319	198	59	y	y	PROPN
ajfa-1319	198	60	granger	granger	PROPN
ajfa-1319	198	61	-	-	PUNCT
ajfa-1319	198	62	causes	cause	NOUN
ajfa-1319	198	63	x.	x.	NOUN
ajfa-1319	198	64	there	there	PRON
ajfa-1319	198	65	are	be	VERB
ajfa-1319	198	66	two	two	NUM
ajfa-1319	198	67	leading	lead	VERB
ajfa-1319	198	68	theories	theory	NOUN
ajfa-1319	198	69	which	which	PRON
ajfa-1319	198	70	suggest	suggest	VERB
ajfa-1319	198	71	that	that	SCONJ
ajfa-1319	198	72	profit	profit	NOUN
ajfa-1319	198	73	efficiency	efficiency	NOUN
ajfa-1319	198	74	may	may	AUX
ajfa-1319	198	75	actually	actually	ADV
ajfa-1319	198	76	be	be	AUX
ajfa-1319	198	77	causing	cause	VERB
ajfa-1319	198	78	capital	capital	NOUN
ajfa-1319	198	79	structure	structure	NOUN
ajfa-1319	198	80	,	,	PUNCT
ajfa-1319	198	81	therefore	therefore	ADV
ajfa-1319	198	82	it	it	PRON
ajfa-1319	198	83	is	be	AUX
ajfa-1319	198	84	imperative	imperative	ADJ
ajfa-1319	198	85	for	for	SCONJ
ajfa-1319	198	86	us	we	PRON
ajfa-1319	198	87	to	to	PART
ajfa-1319	198	88	test	test	VERB
ajfa-1319	198	89	whether	whether	SCONJ
ajfa-1319	198	90	australian	australian	ADJ
ajfa-1319	198	91	banks	bank	NOUN
ajfa-1319	198	92	do	do	AUX
ajfa-1319	198	93	indeed	indeed	ADV
ajfa-1319	198	94	show	show	VERB
ajfa-1319	198	95	this	this	PRON
ajfa-1319	198	96	to	to	PART
ajfa-1319	198	97	be	be	AUX
ajfa-1319	198	98	true	true	ADJ
ajfa-1319	198	99	.	.	PUNCT
ajfa-1319	199	1	1	1	NUM
ajfa-1319	199	2	we	we	PRON
ajfa-1319	199	3	run	run	VERB
ajfa-1319	199	4	two	two	NUM
ajfa-1319	199	5	granger	granger	NOUN
ajfa-1319	199	6	causality	causality	NOUN
ajfa-1319	199	7	tests	test	NOUN
ajfa-1319	199	8	.	.	PUNCT
ajfa-1319	200	1	in	in	ADP
ajfa-1319	200	2	the	the	DET
ajfa-1319	200	3	first	first	ADJ
ajfa-1319	200	4	we	we	PRON
ajfa-1319	200	5	denote	denote	VERB
ajfa-1319	200	6	profit	profit	NOUN
ajfa-1319	200	7	efficiency	efficiency	NOUN
ajfa-1319	200	8	(	(	PUNCT
ajfa-1319	200	9	peff	peff	PROPN
ajfa-1319	200	10	)	)	PUNCT
ajfa-1319	200	11	as	as	ADP
ajfa-1319	200	12	y	y	PROPN
ajfa-1319	200	13	and	and	CCONJ
ajfa-1319	200	14	capital	capital	NOUN
ajfa-1319	200	15	structure	structure	NOUN
ajfa-1319	200	16	(	(	PUNCT
ajfa-1319	200	17	ecap	ecap	PROPN
ajfa-1319	200	18	)	)	PUNCT
ajfa-1319	200	19	is	be	AUX
ajfa-1319	200	20	x	x	X
ajfa-1319	200	21	,	,	PUNCT
ajfa-1319	200	22	in	in	ADP
ajfa-1319	200	23	the	the	DET
ajfa-1319	200	24	second	second	ADJ
ajfa-1319	200	25	granger	granger	NOUN
ajfa-1319	200	26	-	-	PUNCT
ajfa-1319	200	27	causality	causality	NOUN
ajfa-1319	200	28	test	test	NOUN
ajfa-1319	200	29	we	we	PRON
ajfa-1319	200	30	denote	denote	VERB
ajfa-1319	200	31	peff	peff	PROPN
ajfa-1319	200	32	as	as	ADP
ajfa-1319	200	33	y	y	PROPN
ajfa-1319	200	34	and	and	CCONJ
ajfa-1319	200	35	the	the	DET
ajfa-1319	200	36	quadratic	quadratic	ADJ
ajfa-1319	200	37	variable	variable	NOUN
ajfa-1319	200	38	of	of	ADP
ajfa-1319	200	39	capital	capital	NOUN
ajfa-1319	200	40	structure	structure	NOUN
ajfa-1319	200	41	(	(	PUNCT
ajfa-1319	200	42	1/2ecap^2	1/2ecap^2	NUM
ajfa-1319	200	43	)	)	PUNCT
ajfa-1319	200	44	as	as	ADP
ajfa-1319	200	45	x.	x.	PROPN
ajfa-1319	200	46	asian	asian	PROPN
ajfa-1319	200	47	journal	journal	PROPN
ajfa-1319	200	48	of	of	ADP
ajfa-1319	200	49	finance	finance	PROPN
ajfa-1319	200	50	&	&	CCONJ
ajfa-1319	200	51	accounting	accounting	PROPN
ajfa-1319	200	52	issn	issn	PROPN
ajfa-1319	200	53	1946	1946	NUM
ajfa-1319	200	54	-	-	PUNCT
ajfa-1319	200	55	052x	052x	NOUN
ajfa-1319	200	56	2012	2012	NUM
ajfa-1319	200	57	,	,	PUNCT
ajfa-1319	200	58	vol	vol	NOUN
ajfa-1319	200	59	.	.	PROPN
ajfa-1319	201	1	4	4	NUM
ajfa-1319	201	2	,	,	PUNCT
ajfa-1319	201	3	no	no	INTJ
ajfa-1319	201	4	.	.	NOUN
ajfa-1319	201	5	1	1	NUM
ajfa-1319	201	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1319	201	7	287	287	NUM
ajfa-1319	201	8	the	the	DET
ajfa-1319	201	9	efficiency	efficiency	NOUN
ajfa-1319	201	10	-	-	PUNCT
ajfa-1319	201	11	risk	risk	NOUN
ajfa-1319	201	12	hypothesis	hypothesis	NOUN
ajfa-1319	201	13	expresses	express	VERB
ajfa-1319	201	14	the	the	DET
ajfa-1319	201	15	idea	idea	NOUN
ajfa-1319	201	16	;	;	PUNCT
ajfa-1319	201	17	relatively	relatively	ADV
ajfa-1319	201	18	efficient	efficient	ADJ
ajfa-1319	201	19	firms	firm	NOUN
ajfa-1319	201	20	choose	choose	VERB
ajfa-1319	201	21	a	a	DET
ajfa-1319	201	22	capital	capital	NOUN
ajfa-1319	201	23	structure	structure	NOUN
ajfa-1319	201	24	which	which	PRON
ajfa-1319	201	25	employs	employ	VERB
ajfa-1319	201	26	a	a	DET
ajfa-1319	201	27	relatively	relatively	ADV
ajfa-1319	201	28	large	large	ADJ
ajfa-1319	201	29	proportion	proportion	NOUN
ajfa-1319	201	30	of	of	ADP
ajfa-1319	201	31	debt	debt	NOUN
ajfa-1319	201	32	as	as	SCONJ
ajfa-1319	201	33	the	the	DET
ajfa-1319	201	34	added	add	VERB
ajfa-1319	201	35	efficiency	efficiency	NOUN
ajfa-1319	201	36	makes	make	VERB
ajfa-1319	201	37	up	up	ADP
ajfa-1319	201	38	for	for	ADP
ajfa-1319	201	39	the	the	DET
ajfa-1319	201	40	added	add	VERB
ajfa-1319	201	41	financial	financial	ADJ
ajfa-1319	201	42	distress	distress	NOUN
ajfa-1319	201	43	of	of	ADP
ajfa-1319	201	44	having	have	VERB
ajfa-1319	201	45	lower	low	ADJ
ajfa-1319	201	46	equity	equity	NOUN
ajfa-1319	201	47	proportions	proportion	NOUN
ajfa-1319	201	48	.	.	PUNCT
ajfa-1319	202	1	the	the	DET
ajfa-1319	202	2	franchise	franchise	NOUN
ajfa-1319	202	3	-	-	PUNCT
ajfa-1319	202	4	value	value	NOUN
ajfa-1319	202	5	hypothesis	hypothesis	NOUN
ajfa-1319	202	6	expects	expect	VERB
ajfa-1319	202	7	highly	highly	ADV
ajfa-1319	202	8	efficient	efficient	ADJ
ajfa-1319	202	9	firms	firm	NOUN
ajfa-1319	202	10	to	to	PART
ajfa-1319	202	11	behave	behave	VERB
ajfa-1319	202	12	in	in	ADP
ajfa-1319	202	13	an	an	DET
ajfa-1319	202	14	opposite	opposite	ADJ
ajfa-1319	202	15	manner	manner	NOUN
ajfa-1319	202	16	.	.	PUNCT
ajfa-1319	203	1	it	it	PRON
ajfa-1319	203	2	argues	argue	VERB
ajfa-1319	203	3	,	,	PUNCT
ajfa-1319	203	4	firms	firm	NOUN
ajfa-1319	203	5	with	with	ADP
ajfa-1319	203	6	relatively	relatively	ADV
ajfa-1319	203	7	high	high	ADJ
ajfa-1319	203	8	efficiency	efficiency	NOUN
ajfa-1319	203	9	are	be	AUX
ajfa-1319	203	10	likely	likely	ADJ
ajfa-1319	203	11	to	to	PART
ajfa-1319	203	12	maintain	maintain	VERB
ajfa-1319	203	13	a	a	DET
ajfa-1319	203	14	high	high	ADJ
ajfa-1319	203	15	proportion	proportion	NOUN
ajfa-1319	203	16	of	of	ADP
ajfa-1319	203	17	equity	equity	NOUN
ajfa-1319	203	18	as	as	SCONJ
ajfa-1319	203	19	said	say	VERB
ajfa-1319	203	20	firm	firm	NOUN
ajfa-1319	203	21	wants	want	VERB
ajfa-1319	203	22	to	to	PART
ajfa-1319	203	23	protect	protect	VERB
ajfa-1319	203	24	its	its	PRON
ajfa-1319	203	25	expected	expect	VERB
ajfa-1319	203	26	returns	return	NOUN
ajfa-1319	203	27	.	.	PUNCT
ajfa-1319	204	1	4	4	X
ajfa-1319	204	2	.	.	X
ajfa-1319	204	3	data	datum	NOUN
ajfa-1319	204	4	and	and	CCONJ
ajfa-1319	204	5	variables	variable	NOUN
ajfa-1319	204	6	the	the	DET
ajfa-1319	204	7	data	datum	NOUN
ajfa-1319	204	8	originally	originally	ADV
ajfa-1319	204	9	consisted	consist	VERB
ajfa-1319	204	10	of	of	ADP
ajfa-1319	204	11	a	a	DET
ajfa-1319	204	12	total	total	ADJ
ajfa-1319	204	13	23	23	NUM
ajfa-1319	204	14	banks	bank	NOUN
ajfa-1319	204	15	and	and	CCONJ
ajfa-1319	204	16	financial	financial	ADJ
ajfa-1319	204	17	institutions	institution	NOUN
ajfa-1319	204	18	.	.	PUNCT
ajfa-1319	205	1	22	22	NUM
ajfa-1319	205	2	of	of	ADP
ajfa-1319	205	3	those	those	PRON
ajfa-1319	205	4	carry	carry	VERB
ajfa-1319	205	5	out	out	ADP
ajfa-1319	205	6	their	their	PRON
ajfa-1319	205	7	primary	primary	ADJ
ajfa-1319	205	8	operations	operation	NOUN
ajfa-1319	205	9	in	in	ADP
ajfa-1319	205	10	australia	australia	PROPN
ajfa-1319	205	11	while	while	SCONJ
ajfa-1319	205	12	1	1	NUM
ajfa-1319	205	13	in	in	ADP
ajfa-1319	205	14	new	new	PROPN
ajfa-1319	205	15	zealand	zealand	PROPN
ajfa-1319	205	16	,	,	PUNCT
ajfa-1319	205	17	this	this	PRON
ajfa-1319	205	18	was	be	AUX
ajfa-1319	205	19	1	1	NUM
ajfa-1319	205	20	of	of	ADP
ajfa-1319	205	21	the	the	DET
ajfa-1319	205	22	7	7	NUM
ajfa-1319	205	23	banks	bank	NOUN
ajfa-1319	205	24	and	and	CCONJ
ajfa-1319	205	25	financial	financial	ADJ
ajfa-1319	205	26	institutions	institution	NOUN
ajfa-1319	205	27	dropped	drop	VERB
ajfa-1319	205	28	in	in	ADP
ajfa-1319	205	29	the	the	DET
ajfa-1319	205	30	process	process	NOUN
ajfa-1319	205	31	of	of	ADP
ajfa-1319	205	32	developing	develop	VERB
ajfa-1319	205	33	the	the	DET
ajfa-1319	205	34	model	model	NOUN
ajfa-1319	205	35	.	.	PUNCT
ajfa-1319	206	1	the	the	DET
ajfa-1319	206	2	reasons	reason	NOUN
ajfa-1319	206	3	some	some	DET
ajfa-1319	206	4	banks	bank	NOUN
ajfa-1319	206	5	and	and	CCONJ
ajfa-1319	206	6	financial	financial	ADJ
ajfa-1319	206	7	institutions	institution	NOUN
ajfa-1319	206	8	were	be	AUX
ajfa-1319	206	9	dropped	drop	VERB
ajfa-1319	206	10	ranged	range	VERB
ajfa-1319	206	11	from	from	ADP
ajfa-1319	206	12	them	they	PRON
ajfa-1319	206	13	being	be	AUX
ajfa-1319	206	14	incomplete	incomplete	ADJ
ajfa-1319	206	15	in	in	ADP
ajfa-1319	206	16	their	their	PRON
ajfa-1319	206	17	data	data	NOUN
ajfa-1319	206	18	availability	availability	NOUN
ajfa-1319	206	19	to	to	ADP
ajfa-1319	206	20	their	their	PRON
ajfa-1319	206	21	operations	operation	NOUN
ajfa-1319	206	22	not	not	PART
ajfa-1319	206	23	being	be	AUX
ajfa-1319	206	24	active	active	ADJ
ajfa-1319	206	25	in	in	ADP
ajfa-1319	206	26	the	the	DET
ajfa-1319	206	27	year	year	NOUN
ajfa-1319	206	28	of	of	ADP
ajfa-1319	206	29	the	the	DET
ajfa-1319	206	30	sample	sample	NOUN
ajfa-1319	206	31	date	date	NOUN
ajfa-1319	206	32	.	.	PUNCT
ajfa-1319	207	1	the	the	DET
ajfa-1319	207	2	sample	sample	NOUN
ajfa-1319	207	3	period	period	NOUN
ajfa-1319	207	4	begins	begin	VERB
ajfa-1319	207	5	in	in	ADP
ajfa-1319	207	6	2005	2005	NUM
ajfa-1319	207	7	and	and	CCONJ
ajfa-1319	207	8	concludes	conclude	VERB
ajfa-1319	207	9	in	in	ADP
ajfa-1319	207	10	2007	2007	NUM
ajfa-1319	207	11	,	,	PUNCT
ajfa-1319	207	12	this	this	DET
ajfa-1319	207	13	three	three	NUM
ajfa-1319	207	14	year	year	NOUN
ajfa-1319	207	15	period	period	NOUN
ajfa-1319	207	16	was	be	AUX
ajfa-1319	207	17	particularly	particularly	ADV
ajfa-1319	207	18	chosen	choose	VERB
ajfa-1319	207	19	as	as	SCONJ
ajfa-1319	207	20	it	it	PRON
ajfa-1319	207	21	coincides	coincide	VERB
ajfa-1319	207	22	with	with	ADP
ajfa-1319	207	23	stable	stable	ADJ
ajfa-1319	207	24	economic	economic	ADJ
ajfa-1319	207	25	and	and	CCONJ
ajfa-1319	207	26	financial	financial	ADJ
ajfa-1319	207	27	market	market	NOUN
ajfa-1319	207	28	conditions	condition	NOUN
ajfa-1319	207	29	and	and	CCONJ
ajfa-1319	207	30	although	although	SCONJ
ajfa-1319	207	31	it	it	PRON
ajfa-1319	207	32	is	be	AUX
ajfa-1319	207	33	relatively	relatively	ADV
ajfa-1319	207	34	recent	recent	ADJ
ajfa-1319	207	35	data	datum	NOUN
ajfa-1319	207	36	,	,	PUNCT
ajfa-1319	207	37	the	the	DET
ajfa-1319	207	38	time	time	NOUN
ajfa-1319	207	39	is	be	AUX
ajfa-1319	207	40	distant	distant	ADJ
ajfa-1319	207	41	enough	enough	ADV
ajfa-1319	207	42	from	from	ADP
ajfa-1319	207	43	the	the	DET
ajfa-1319	207	44	recent	recent	ADJ
ajfa-1319	207	45	“	"	PUNCT
ajfa-1319	207	46	global	global	ADJ
ajfa-1319	207	47	financial	financial	ADJ
ajfa-1319	207	48	crisis	crisis	NOUN
ajfa-1319	207	49	“	"	PUNCT
ajfa-1319	207	50	.	.	PUNCT
ajfa-1319	208	1	the	the	DET
ajfa-1319	208	2	most	most	ADV
ajfa-1319	208	3	pronounced	pronounced	ADJ
ajfa-1319	208	4	problem	problem	NOUN
ajfa-1319	208	5	with	with	ADP
ajfa-1319	208	6	incorporating	incorporate	VERB
ajfa-1319	208	7	the	the	DET
ajfa-1319	208	8	most	most	ADV
ajfa-1319	208	9	recent	recent	ADJ
ajfa-1319	208	10	data	datum	NOUN
ajfa-1319	208	11	which	which	PRON
ajfa-1319	208	12	coincides	coincide	VERB
ajfa-1319	208	13	with	with	ADP
ajfa-1319	208	14	the	the	DET
ajfa-1319	208	15	gfc	gfc	NOUN
ajfa-1319	208	16	would	would	AUX
ajfa-1319	208	17	have	have	AUX
ajfa-1319	208	18	been	be	AUX
ajfa-1319	208	19	skewed	skewed	ADJ
ajfa-1319	208	20	figures	figure	NOUN
ajfa-1319	208	21	of	of	ADP
ajfa-1319	208	22	input	input	NOUN
ajfa-1319	208	23	costs	cost	NOUN
ajfa-1319	208	24	and	and	CCONJ
ajfa-1319	208	25	profit	profit	NOUN
ajfa-1319	208	26	figures	figure	NOUN
ajfa-1319	208	27	.	.	PUNCT
ajfa-1319	209	1	the	the	DET
ajfa-1319	209	2	implications	implication	NOUN
ajfa-1319	209	3	of	of	ADP
ajfa-1319	209	4	this	this	DET
ajfa-1319	209	5	occurrence	occurrence	NOUN
ajfa-1319	209	6	could	could	AUX
ajfa-1319	209	7	have	have	AUX
ajfa-1319	209	8	meant	mean	VERB
ajfa-1319	209	9	that	that	SCONJ
ajfa-1319	209	10	the	the	DET
ajfa-1319	209	11	fair	fair	ADJ
ajfa-1319	209	12	representation	representation	NOUN
ajfa-1319	209	13	of	of	ADP
ajfa-1319	209	14	banks	bank	NOUN
ajfa-1319	209	15	characteristics	characteristic	NOUN
ajfa-1319	209	16	studied	study	VERB
ajfa-1319	209	17	was	be	AUX
ajfa-1319	209	18	compromised	compromise	VERB
ajfa-1319	209	19	.	.	PUNCT
ajfa-1319	210	1	the	the	DET
ajfa-1319	210	2	firm	firm	ADJ
ajfa-1319	210	3	specific	specific	ADJ
ajfa-1319	210	4	data	datum	NOUN
ajfa-1319	210	5	was	be	AUX
ajfa-1319	210	6	extracted	extract	VERB
ajfa-1319	210	7	from	from	ADP
ajfa-1319	210	8	the	the	DET
ajfa-1319	210	9	osiris	osiris	PROPN
ajfa-1319	210	10	database	database	NOUN
ajfa-1319	210	11	,	,	PUNCT
ajfa-1319	210	12	in	in	ADP
ajfa-1319	210	13	the	the	DET
ajfa-1319	210	14	case	case	NOUN
ajfa-1319	210	15	that	that	SCONJ
ajfa-1319	210	16	data	datum	NOUN
ajfa-1319	210	17	was	be	AUX
ajfa-1319	210	18	not	not	PART
ajfa-1319	210	19	available	available	ADJ
ajfa-1319	210	20	in	in	ADP
ajfa-1319	210	21	the	the	DET
ajfa-1319	210	22	osiris	osiris	PROPN
ajfa-1319	210	23	database	database	NOUN
ajfa-1319	210	24	the	the	DET
ajfa-1319	210	25	official	official	ADJ
ajfa-1319	210	26	financial	financial	ADJ
ajfa-1319	210	27	statements	statement	NOUN
ajfa-1319	210	28	were	be	AUX
ajfa-1319	210	29	revised	revise	VERB
ajfa-1319	210	30	and	and	CCONJ
ajfa-1319	210	31	the	the	DET
ajfa-1319	210	32	appropriate	appropriate	ADJ
ajfa-1319	210	33	data	datum	NOUN
ajfa-1319	210	34	was	be	AUX
ajfa-1319	210	35	obtained	obtain	VERB
ajfa-1319	210	36	from	from	ADP
ajfa-1319	210	37	there	there	ADV
ajfa-1319	210	38	.	.	PUNCT
ajfa-1319	211	1	in	in	ADP
ajfa-1319	211	2	regards	regard	NOUN
ajfa-1319	211	3	to	to	ADP
ajfa-1319	211	4	the	the	DET
ajfa-1319	211	5	market	market	NOUN
ajfa-1319	211	6	variable	variable	NOUN
ajfa-1319	211	7	of	of	ADP
ajfa-1319	211	8	marketshare	marketshare	NOUN
ajfa-1319	211	9	which	which	PRON
ajfa-1319	211	10	represents	represent	VERB
ajfa-1319	211	11	the	the	DET
ajfa-1319	211	12	market	market	NOUN
ajfa-1319	211	13	-	-	PUNCT
ajfa-1319	211	14	share	share	NOUN
ajfa-1319	211	15	of	of	ADP
ajfa-1319	211	16	each	each	DET
ajfa-1319	211	17	bank	bank	NOUN
ajfa-1319	211	18	,	,	PUNCT
ajfa-1319	211	19	it	it	PRON
ajfa-1319	211	20	was	be	AUX
ajfa-1319	211	21	important	important	ADJ
ajfa-1319	211	22	that	that	SCONJ
ajfa-1319	211	23	information	information	NOUN
ajfa-1319	211	24	was	be	AUX
ajfa-1319	211	25	gathered	gather	VERB
ajfa-1319	211	26	from	from	ADP
ajfa-1319	211	27	a	a	DET
ajfa-1319	211	28	reliable	reliable	ADJ
ajfa-1319	211	29	source	source	NOUN
ajfa-1319	211	30	hence	hence	ADV
ajfa-1319	211	31	,	,	PUNCT
ajfa-1319	211	32	the	the	DET
ajfa-1319	211	33	source	source	NOUN
ajfa-1319	211	34	was	be	AUX
ajfa-1319	211	35	the	the	DET
ajfa-1319	211	36	australian	australian	ADJ
ajfa-1319	211	37	prudential	prudential	ADJ
ajfa-1319	211	38	regulatory	regulatory	PROPN
ajfa-1319	211	39	authority	authority	NOUN
ajfa-1319	211	40	(	(	PUNCT
ajfa-1319	211	41	apra	apra	ADJ
ajfa-1319	211	42	)	)	PUNCT
ajfa-1319	211	43	.	.	PUNCT
ajfa-1319	212	1	4.1	4.1	NUM
ajfa-1319	212	2	the	the	DET
ajfa-1319	212	3	dependent	dependent	ADJ
ajfa-1319	212	4	variables	variable	NOUN
ajfa-1319	212	5	the	the	DET
ajfa-1319	212	6	primary	primary	ADJ
ajfa-1319	212	7	variable	variable	NOUN
ajfa-1319	212	8	which	which	PRON
ajfa-1319	212	9	we	we	PRON
ajfa-1319	212	10	are	be	AUX
ajfa-1319	212	11	trying	try	VERB
ajfa-1319	212	12	to	to	PART
ajfa-1319	212	13	explain	explain	VERB
ajfa-1319	212	14	with	with	ADP
ajfa-1319	212	15	our	our	PRON
ajfa-1319	212	16	model	model	NOUN
ajfa-1319	212	17	is	be	AUX
ajfa-1319	212	18	the	the	DET
ajfa-1319	212	19	profit	profit	NOUN
ajfa-1319	212	20	efficiency	efficiency	NOUN
ajfa-1319	212	21	measure	measure	NOUN
ajfa-1319	212	22	denoted	denote	VERB
ajfa-1319	212	23	as	as	ADP
ajfa-1319	212	24	(	(	PUNCT
ajfa-1319	212	25	peff	peff	PROPN
ajfa-1319	212	26	)	)	PUNCT
ajfa-1319	212	27	.	.	PUNCT
ajfa-1319	213	1	the	the	DET
ajfa-1319	213	2	problem	problem	NOUN
ajfa-1319	213	3	of	of	ADP
ajfa-1319	213	4	how	how	SCONJ
ajfa-1319	213	5	to	to	PART
ajfa-1319	213	6	define	define	VERB
ajfa-1319	213	7	efficiency	efficiency	NOUN
ajfa-1319	213	8	in	in	ADP
ajfa-1319	213	9	general	general	NOUN
ajfa-1319	213	10	regardless	regardless	ADV
ajfa-1319	213	11	of	of	ADP
ajfa-1319	213	12	its	its	PRON
ajfa-1319	213	13	application	application	NOUN
ajfa-1319	213	14	is	be	AUX
ajfa-1319	213	15	always	always	ADV
ajfa-1319	213	16	a	a	DET
ajfa-1319	213	17	difficult	difficult	ADJ
ajfa-1319	213	18	one	one	NOUN
ajfa-1319	213	19	.	.	PUNCT
ajfa-1319	214	1	in	in	ADP
ajfa-1319	214	2	the	the	DET
ajfa-1319	214	3	case	case	NOUN
ajfa-1319	214	4	of	of	ADP
ajfa-1319	214	5	this	this	DET
ajfa-1319	214	6	paper	paper	NOUN
ajfa-1319	214	7	our	our	PRON
ajfa-1319	214	8	concern	concern	NOUN
ajfa-1319	214	9	is	be	AUX
ajfa-1319	214	10	profit	profit	NOUN
ajfa-1319	214	11	efficiency	efficiency	NOUN
ajfa-1319	214	12	.	.	PUNCT
ajfa-1319	215	1	a	a	DET
ajfa-1319	215	2	bank	bank	NOUN
ajfa-1319	215	3	has	have	VERB
ajfa-1319	215	4	several	several	ADJ
ajfa-1319	215	5	inputs	input	NOUN
ajfa-1319	215	6	that	that	PRON
ajfa-1319	215	7	it	it	PRON
ajfa-1319	215	8	uses	use	VERB
ajfa-1319	215	9	to	to	PART
ajfa-1319	215	10	produce	produce	VERB
ajfa-1319	215	11	outputs	output	NOUN
ajfa-1319	215	12	hence	hence	ADV
ajfa-1319	215	13	in	in	ADP
ajfa-1319	215	14	the	the	DET
ajfa-1319	215	15	case	case	NOUN
ajfa-1319	215	16	of	of	ADP
ajfa-1319	215	17	banks	bank	NOUN
ajfa-1319	215	18	,	,	PUNCT
ajfa-1319	215	19	profit	profit	NOUN
ajfa-1319	215	20	efficiency	efficiency	NOUN
ajfa-1319	215	21	is	be	AUX
ajfa-1319	215	22	the	the	DET
ajfa-1319	215	23	measure	measure	NOUN
ajfa-1319	215	24	of	of	ADP
ajfa-1319	215	25	outputs	output	NOUN
ajfa-1319	215	26	produced	produce	VERB
ajfa-1319	215	27	relative	relative	ADJ
ajfa-1319	215	28	to	to	ADP
ajfa-1319	215	29	a	a	DET
ajfa-1319	215	30	given	give	VERB
ajfa-1319	215	31	amount	amount	NOUN
ajfa-1319	215	32	of	of	ADP
ajfa-1319	215	33	inputs	input	NOUN
ajfa-1319	215	34	.	.	PUNCT
ajfa-1319	216	1	profit	profit	NOUN
ajfa-1319	216	2	efficiency	efficiency	NOUN
ajfa-1319	216	3	increases	increase	VERB
ajfa-1319	216	4	with	with	ADP
ajfa-1319	216	5	a	a	DET
ajfa-1319	216	6	relative	relative	ADJ
ajfa-1319	216	7	increase	increase	NOUN
ajfa-1319	216	8	of	of	ADP
ajfa-1319	216	9	outputs	output	NOUN
ajfa-1319	216	10	given	give	VERB
ajfa-1319	216	11	any	any	DET
ajfa-1319	216	12	amount	amount	NOUN
ajfa-1319	216	13	of	of	ADP
ajfa-1319	216	14	inputs	input	NOUN
ajfa-1319	216	15	.	.	PUNCT
ajfa-1319	217	1	maudos	maudo	NOUN
ajfa-1319	217	2	,	,	PUNCT
ajfa-1319	217	3	pastor	pastor	NOUN
ajfa-1319	217	4	,	,	PUNCT
ajfa-1319	217	5	perez	perez	PROPN
ajfa-1319	217	6	,	,	PUNCT
ajfa-1319	217	7	quesada	quesada	PROPN
ajfa-1319	217	8	(	(	PUNCT
ajfa-1319	217	9	2000	2000	NUM
ajfa-1319	217	10	)	)	PUNCT
ajfa-1319	217	11	employ	employ	VERB
ajfa-1319	217	12	three	three	NUM
ajfa-1319	217	13	inputs	input	NOUN
ajfa-1319	217	14	and	and	CCONJ
ajfa-1319	217	15	three	three	NUM
ajfa-1319	217	16	outputs	output	NOUN
ajfa-1319	217	17	in	in	ADP
ajfa-1319	217	18	their	their	PRON
ajfa-1319	217	19	quest	quest	NOUN
ajfa-1319	217	20	to	to	PART
ajfa-1319	217	21	derive	derive	VERB
ajfa-1319	217	22	a	a	DET
ajfa-1319	217	23	profit	profit	NOUN
ajfa-1319	217	24	efficiency	efficiency	NOUN
ajfa-1319	217	25	measure	measure	NOUN
ajfa-1319	217	26	,	,	PUNCT
ajfa-1319	217	27	our	our	PRON
ajfa-1319	217	28	paper	paper	NOUN
ajfa-1319	217	29	uses	use	VERB
ajfa-1319	217	30	this	this	DET
ajfa-1319	217	31	methodology	methodology	NOUN
ajfa-1319	217	32	as	as	ADP
ajfa-1319	217	33	a	a	DET
ajfa-1319	217	34	base	base	NOUN
ajfa-1319	217	35	.	.	PUNCT
ajfa-1319	218	1	we	we	PRON
ajfa-1319	218	2	use	use	VERB
ajfa-1319	218	3	very	very	ADV
ajfa-1319	218	4	similar	similar	ADJ
ajfa-1319	218	5	identifications	identification	NOUN
ajfa-1319	218	6	of	of	ADP
ajfa-1319	218	7	inputs	input	NOUN
ajfa-1319	218	8	and	and	CCONJ
ajfa-1319	218	9	outputs	output	NOUN
ajfa-1319	218	10	however	however	ADV
ajfa-1319	218	11	we	we	PRON
ajfa-1319	218	12	have	have	AUX
ajfa-1319	218	13	chosen	choose	VERB
ajfa-1319	218	14	to	to	PART
ajfa-1319	218	15	reduce	reduce	VERB
ajfa-1319	218	16	the	the	DET
ajfa-1319	218	17	outputs	output	NOUN
ajfa-1319	218	18	to	to	ADP
ajfa-1319	218	19	two	two	NUM
ajfa-1319	218	20	rather	rather	ADV
ajfa-1319	218	21	than	than	ADP
ajfa-1319	218	22	three	three	NUM
ajfa-1319	218	23	.	.	PUNCT
ajfa-1319	219	1	the	the	DET
ajfa-1319	219	2	reasoning	reasoning	NOUN
ajfa-1319	219	3	being	be	AUX
ajfa-1319	219	4	,	,	PUNCT
ajfa-1319	219	5	there	there	PRON
ajfa-1319	219	6	is	be	VERB
ajfa-1319	219	7	no	no	DET
ajfa-1319	219	8	evidence	evidence	NOUN
ajfa-1319	219	9	to	to	PART
ajfa-1319	219	10	suggest	suggest	VERB
ajfa-1319	219	11	that	that	SCONJ
ajfa-1319	219	12	having	have	VERB
ajfa-1319	219	13	three	three	NUM
ajfa-1319	219	14	rather	rather	ADV
ajfa-1319	219	15	than	than	ADP
ajfa-1319	219	16	two	two	NUM
ajfa-1319	219	17	output	output	NOUN
ajfa-1319	219	18	definitions	definition	NOUN
ajfa-1319	219	19	yields	yield	VERB
ajfa-1319	219	20	any	any	DET
ajfa-1319	219	21	gains	gain	NOUN
ajfa-1319	219	22	or	or	CCONJ
ajfa-1319	219	23	would	would	AUX
ajfa-1319	219	24	bring	bring	VERB
ajfa-1319	219	25	about	about	ADP
ajfa-1319	219	26	differing	differ	VERB
ajfa-1319	219	27	results	result	NOUN
ajfa-1319	219	28	hence	hence	ADV
ajfa-1319	219	29	using	use	VERB
ajfa-1319	219	30	two	two	NUM
ajfa-1319	219	31	outputs	output	NOUN
ajfa-1319	219	32	simplifies	simplifie	NOUN
ajfa-1319	219	33	the	the	DET
ajfa-1319	219	34	profit	profit	NOUN
ajfa-1319	219	35	efficiency	efficiency	NOUN
ajfa-1319	219	36	specification	specification	NOUN
ajfa-1319	219	37	slightly	slightly	ADV
ajfa-1319	219	38	.	.	PUNCT
ajfa-1319	220	1	furthermore	furthermore	ADV
ajfa-1319	220	2	the	the	DET
ajfa-1319	220	3	format	format	NOUN
ajfa-1319	220	4	of	of	ADP
ajfa-1319	220	5	information	information	NOUN
ajfa-1319	220	6	available	available	ADJ
ajfa-1319	220	7	in	in	ADP
ajfa-1319	220	8	the	the	DET
ajfa-1319	220	9	osiris	osiris	PROPN
ajfa-1319	220	10	database	database	NOUN
ajfa-1319	220	11	lent	lend	VERB
ajfa-1319	220	12	its	its	PRON
ajfa-1319	220	13	self	self	NOUN
ajfa-1319	220	14	best	good	ADJ
ajfa-1319	220	15	to	to	ADP
ajfa-1319	220	16	using	use	VERB
ajfa-1319	220	17	two	two	NUM
ajfa-1319	220	18	outputs	output	NOUN
ajfa-1319	220	19	.	.	PUNCT
ajfa-1319	221	1	the	the	DET
ajfa-1319	221	2	definitions	definition	NOUN
ajfa-1319	221	3	of	of	ADP
ajfa-1319	221	4	the	the	DET
ajfa-1319	221	5	inputs	input	NOUN
ajfa-1319	221	6	and	and	CCONJ
ajfa-1319	221	7	outputs	output	NOUN
ajfa-1319	221	8	of	of	ADP
ajfa-1319	221	9	our	our	PRON
ajfa-1319	221	10	profit	profit	NOUN
ajfa-1319	221	11	efficiency	efficiency	NOUN
ajfa-1319	221	12	specification	specification	NOUN
ajfa-1319	221	13	can	can	AUX
ajfa-1319	221	14	be	be	AUX
ajfa-1319	221	15	viewed	view	VERB
ajfa-1319	221	16	below	below	ADP
ajfa-1319	221	17	(	(	PUNCT
ajfa-1319	221	18	summaries	summary	NOUN
ajfa-1319	221	19	of	of	ADP
ajfa-1319	221	20	all	all	DET
ajfa-1319	221	21	variables	variable	NOUN
ajfa-1319	221	22	can	can	AUX
ajfa-1319	221	23	be	be	AUX
ajfa-1319	221	24	found	find	VERB
ajfa-1319	221	25	in	in	ADP
ajfa-1319	221	26	table	table	NOUN
ajfa-1319	221	27	1	1	NUM
ajfa-1319	221	28	):	):	PUNCT
ajfa-1319	221	29	inputs	input	NOUN
ajfa-1319	221	30	there	there	PRON
ajfa-1319	221	31	are	be	VERB
ajfa-1319	221	32	three	three	NUM
ajfa-1319	221	33	factor	factor	NOUN
ajfa-1319	221	34	costs	cost	NOUN
ajfa-1319	221	35	of	of	ADP
ajfa-1319	221	36	production	production	NOUN
ajfa-1319	221	37	.	.	PUNCT
ajfa-1319	222	1	asian	asian	ADJ
ajfa-1319	222	2	journal	journal	PROPN
ajfa-1319	222	3	of	of	ADP
ajfa-1319	222	4	finance	finance	PROPN
ajfa-1319	222	5	&	&	CCONJ
ajfa-1319	222	6	accounting	accounting	PROPN
ajfa-1319	222	7	issn	issn	PROPN
ajfa-1319	222	8	1946	1946	NUM
ajfa-1319	222	9	-	-	PUNCT
ajfa-1319	222	10	052x	052x	NOUN
ajfa-1319	222	11	2012	2012	NUM
ajfa-1319	222	12	,	,	PUNCT
ajfa-1319	222	13	vol	vol	NOUN
ajfa-1319	222	14	.	.	PROPN
ajfa-1319	222	15	4	4	NUM
ajfa-1319	222	16	,	,	PUNCT
ajfa-1319	222	17	no	no	INTJ
ajfa-1319	222	18	.	.	NOUN
ajfa-1319	222	19	1	1	NUM
ajfa-1319	222	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1319	222	21	288	288	NUM
ajfa-1319	222	22	c1	c1	NOUN
ajfa-1319	222	23	=	=	PUNCT
ajfa-1319	222	24	the	the	DET
ajfa-1319	222	25	cost	cost	NOUN
ajfa-1319	222	26	of	of	ADP
ajfa-1319	222	27	loaned	loan	VERB
ajfa-1319	222	28	funds	fund	NOUN
ajfa-1319	222	29	.	.	PUNCT
ajfa-1319	223	1	this	this	PRON
ajfa-1319	223	2	is	be	AUX
ajfa-1319	223	3	defined	define	VERB
ajfa-1319	223	4	as	as	ADP
ajfa-1319	223	5	the	the	DET
ajfa-1319	223	6	interest	interest	NOUN
ajfa-1319	223	7	expense	expense	NOUN
ajfa-1319	223	8	divided	divide	VERB
ajfa-1319	223	9	by	by	ADP
ajfa-1319	223	10	the	the	DET
ajfa-1319	223	11	corresponding	corresponding	ADJ
ajfa-1319	223	12	amount	amount	NOUN
ajfa-1319	223	13	owing	owe	VERB
ajfa-1319	223	14	.	.	PUNCT
ajfa-1319	224	1	the	the	DET
ajfa-1319	224	2	amount	amount	NOUN
ajfa-1319	224	3	owing	owing	ADJ
ajfa-1319	224	4	is	be	AUX
ajfa-1319	224	5	computed	compute	VERB
ajfa-1319	224	6	by	by	ADP
ajfa-1319	224	7	adding	add	VERB
ajfa-1319	224	8	up	up	ADP
ajfa-1319	224	9	the	the	DET
ajfa-1319	224	10	liabilities	liability	NOUN
ajfa-1319	224	11	of	of	ADP
ajfa-1319	224	12	deposits	deposit	NOUN
ajfa-1319	224	13	and	and	CCONJ
ajfa-1319	224	14	owing	owe	VERB
ajfa-1319	224	15	to	to	ADP
ajfa-1319	224	16	other	other	ADJ
ajfa-1319	224	17	banks	bank	NOUN
ajfa-1319	224	18	.	.	PUNCT
ajfa-1319	225	1	c2	c2	PROPN
ajfa-1319	225	2	=	=	PUNCT
ajfa-1319	225	3	the	the	DET
ajfa-1319	225	4	cost	cost	NOUN
ajfa-1319	225	5	of	of	ADP
ajfa-1319	225	6	labour	labour	NOUN
ajfa-1319	225	7	.	.	PUNCT
ajfa-1319	226	1	the	the	DET
ajfa-1319	226	2	cost	cost	NOUN
ajfa-1319	226	3	of	of	ADP
ajfa-1319	226	4	labour	labour	NOUN
ajfa-1319	226	5	is	be	AUX
ajfa-1319	226	6	defined	define	VERB
ajfa-1319	226	7	as	as	ADP
ajfa-1319	226	8	the	the	DET
ajfa-1319	226	9	total	total	ADJ
ajfa-1319	226	10	amount	amount	NOUN
ajfa-1319	226	11	spent	spend	VERB
ajfa-1319	226	12	on	on	ADP
ajfa-1319	226	13	personnel	personnel	NOUN
ajfa-1319	226	14	divided	divide	VERB
ajfa-1319	226	15	by	by	ADP
ajfa-1319	226	16	the	the	DET
ajfa-1319	226	17	total	total	ADJ
ajfa-1319	226	18	number	number	NOUN
ajfa-1319	226	19	of	of	ADP
ajfa-1319	226	20	employees	employee	NOUN
ajfa-1319	226	21	at	at	ADP
ajfa-1319	226	22	the	the	DET
ajfa-1319	226	23	bank	bank	NOUN
ajfa-1319	226	24	.	.	PUNCT
ajfa-1319	227	1	c3	c3	PROPN
ajfa-1319	227	2	=	=	PUNCT
ajfa-1319	228	1	the	the	DET
ajfa-1319	228	2	cost	cost	NOUN
ajfa-1319	228	3	of	of	ADP
ajfa-1319	228	4	fixed	fix	VERB
ajfa-1319	228	5	assets	asset	NOUN
ajfa-1319	228	6	.	.	PUNCT
ajfa-1319	229	1	the	the	DET
ajfa-1319	229	2	cost	cost	NOUN
ajfa-1319	229	3	of	of	ADP
ajfa-1319	229	4	fixed	fix	VERB
ajfa-1319	229	5	assets	asset	NOUN
ajfa-1319	229	6	is	be	AUX
ajfa-1319	229	7	defined	define	VERB
ajfa-1319	229	8	as	as	ADP
ajfa-1319	229	9	the	the	DET
ajfa-1319	229	10	cost	cost	NOUN
ajfa-1319	229	11	on	on	ADP
ajfa-1319	229	12	plant	plant	NOUN
ajfa-1319	229	13	and	and	CCONJ
ajfa-1319	229	14	equipment	equipment	NOUN
ajfa-1319	229	15	divided	divide	VERB
ajfa-1319	229	16	by	by	ADP
ajfa-1319	229	17	total	total	ADJ
ajfa-1319	229	18	fixed	fix	VERB
ajfa-1319	229	19	assets	asset	NOUN
ajfa-1319	229	20	.	.	PUNCT
ajfa-1319	230	1	outputs	output	NOUN
ajfa-1319	230	2	there	there	PRON
ajfa-1319	230	3	are	be	VERB
ajfa-1319	230	4	two	two	NUM
ajfa-1319	230	5	measures	measure	NOUN
ajfa-1319	230	6	of	of	ADP
ajfa-1319	230	7	yields	yield	NOUN
ajfa-1319	230	8	from	from	ADP
ajfa-1319	230	9	using	use	VERB
ajfa-1319	230	10	the	the	DET
ajfa-1319	230	11	factors	factor	NOUN
ajfa-1319	230	12	of	of	ADP
ajfa-1319	230	13	production	production	NOUN
ajfa-1319	230	14	x1	x1	NOUN
ajfa-1319	231	1	=	=	PUNCT
ajfa-1319	232	1	revenue	revenue	NOUN
ajfa-1319	232	2	from	from	ADP
ajfa-1319	232	3	loans	loan	NOUN
ajfa-1319	232	4	.	.	PUNCT
ajfa-1319	233	1	as	as	SCONJ
ajfa-1319	233	2	described	describe	VERB
ajfa-1319	233	3	in	in	ADP
ajfa-1319	233	4	the	the	DET
ajfa-1319	233	5	title	title	NOUN
ajfa-1319	233	6	,	,	PUNCT
ajfa-1319	233	7	output	output	NOUN
ajfa-1319	233	8	x1	x1	PROPN
ajfa-1319	233	9	is	be	AUX
ajfa-1319	233	10	the	the	DET
ajfa-1319	233	11	net	net	ADJ
ajfa-1319	233	12	interest	interest	NOUN
ajfa-1319	233	13	revenue	revenue	NOUN
ajfa-1319	233	14	from	from	ADP
ajfa-1319	233	15	loans	loan	NOUN
ajfa-1319	233	16	(	(	PUNCT
ajfa-1319	233	17	in	in	ADP
ajfa-1319	233	18	absolute	absolute	ADJ
ajfa-1319	233	19	values	value	NOUN
ajfa-1319	233	20	)	)	PUNCT
ajfa-1319	233	21	.	.	PUNCT
ajfa-1319	234	1	x2	x2	NOUN
ajfa-1319	235	1	=	=	PUNCT
ajfa-1319	235	2	revenue	revenue	NOUN
ajfa-1319	235	3	from	from	ADP
ajfa-1319	235	4	other	other	ADJ
ajfa-1319	235	5	activities	activity	NOUN
ajfa-1319	235	6	.	.	PUNCT
ajfa-1319	236	1	as	as	SCONJ
ajfa-1319	236	2	the	the	DET
ajfa-1319	236	3	title	title	NOUN
ajfa-1319	236	4	explains	explain	VERB
ajfa-1319	236	5	output	output	NOUN
ajfa-1319	236	6	x2	x2	PROPN
ajfa-1319	236	7	constitutes	constitute	VERB
ajfa-1319	236	8	the	the	DET
ajfa-1319	236	9	net	net	ADJ
ajfa-1319	236	10	operating	operating	NOUN
ajfa-1319	236	11	income	income	NOUN
ajfa-1319	236	12	from	from	ADP
ajfa-1319	236	13	activities	activity	NOUN
ajfa-1319	236	14	other	other	ADJ
ajfa-1319	236	15	than	than	ADP
ajfa-1319	236	16	interest	interest	NOUN
ajfa-1319	236	17	revenue	revenue	NOUN
ajfa-1319	236	18	.	.	PUNCT
ajfa-1319	237	1	control	control	NOUN
ajfa-1319	237	2	variables	variable	NOUN
ajfa-1319	237	3	include	include	VERB
ajfa-1319	237	4	a	a	DET
ajfa-1319	237	5	profit	profit	NOUN
ajfa-1319	237	6	,	,	PUNCT
ajfa-1319	237	7	asset	asset	NOUN
ajfa-1319	237	8	and	and	CCONJ
ajfa-1319	237	9	equity	equity	NOUN
ajfa-1319	237	10	variable	variable	NOUN
ajfa-1319	237	11	.	.	PUNCT
ajfa-1319	238	1	these	these	PRON
ajfa-1319	238	2	are	be	AUX
ajfa-1319	238	3	designed	design	VERB
ajfa-1319	238	4	for	for	SCONJ
ajfa-1319	238	5	the	the	DET
ajfa-1319	238	6	function	function	NOUN
ajfa-1319	238	7	to	to	PART
ajfa-1319	238	8	identify	identify	VERB
ajfa-1319	238	9	actual	actual	ADJ
ajfa-1319	238	10	profit	profit	NOUN
ajfa-1319	238	11	efficiency	efficiency	NOUN
ajfa-1319	238	12	differences	difference	NOUN
ajfa-1319	238	13	based	base	VERB
ajfa-1319	238	14	on	on	ADP
ajfa-1319	238	15	relative	relative	ADJ
ajfa-1319	238	16	size	size	NOUN
ajfa-1319	238	17	of	of	ADP
ajfa-1319	238	18	outputs	output	NOUN
ajfa-1319	238	19	given	give	VERB
ajfa-1319	238	20	inputs	input	NOUN
ajfa-1319	238	21	rather	rather	ADV
ajfa-1319	238	22	than	than	ADP
ajfa-1319	238	23	skewing	skew	VERB
ajfa-1319	238	24	figures	figure	NOUN
ajfa-1319	238	25	due	due	ADJ
ajfa-1319	238	26	to	to	ADP
ajfa-1319	238	27	differing	differ	VERB
ajfa-1319	238	28	values	value	NOUN
ajfa-1319	238	29	of	of	ADP
ajfa-1319	238	30	the	the	DET
ajfa-1319	238	31	respective	respective	ADJ
ajfa-1319	238	32	control	control	NOUN
ajfa-1319	238	33	variable	variable	NOUN
ajfa-1319	238	34	.	.	PUNCT
ajfa-1319	239	1	it	it	PRON
ajfa-1319	239	2	is	be	AUX
ajfa-1319	239	3	important	important	ADJ
ajfa-1319	239	4	to	to	PART
ajfa-1319	239	5	draw	draw	VERB
ajfa-1319	239	6	comparisons	comparison	NOUN
ajfa-1319	239	7	of	of	ADP
ajfa-1319	239	8	the	the	DET
ajfa-1319	239	9	primary	primary	ADJ
ajfa-1319	239	10	regression	regression	NOUN
ajfa-1319	239	11	which	which	PRON
ajfa-1319	239	12	is	be	AUX
ajfa-1319	239	13	run	run	VERB
ajfa-1319	239	14	using	use	VERB
ajfa-1319	239	15	the	the	DET
ajfa-1319	239	16	comprehensive	comprehensive	ADJ
ajfa-1319	239	17	profit	profit	NOUN
ajfa-1319	239	18	efficiency	efficiency	NOUN
ajfa-1319	239	19	measure	measure	NOUN
ajfa-1319	239	20	to	to	ADP
ajfa-1319	239	21	the	the	DET
ajfa-1319	239	22	results	result	NOUN
ajfa-1319	239	23	of	of	ADP
ajfa-1319	239	24	using	use	VERB
ajfa-1319	239	25	a	a	DET
ajfa-1319	239	26	more	more	ADV
ajfa-1319	239	27	conventional	conventional	ADJ
ajfa-1319	239	28	accounting	accounting	NOUN
ajfa-1319	239	29	measure	measure	NOUN
ajfa-1319	239	30	of	of	ADP
ajfa-1319	239	31	performance	performance	NOUN
ajfa-1319	239	32	.	.	PUNCT
ajfa-1319	240	1	this	this	PRON
ajfa-1319	240	2	allows	allow	VERB
ajfa-1319	240	3	us	we	PRON
ajfa-1319	240	4	to	to	PART
ajfa-1319	240	5	test	test	VERB
ajfa-1319	240	6	for	for	ADP
ajfa-1319	240	7	whether	whether	SCONJ
ajfa-1319	240	8	the	the	DET
ajfa-1319	240	9	model	model	NOUN
ajfa-1319	240	10	is	be	AUX
ajfa-1319	240	11	robust	robust	ADJ
ajfa-1319	240	12	and	and	CCONJ
ajfa-1319	240	13	can	can	AUX
ajfa-1319	240	14	be	be	AUX
ajfa-1319	240	15	extended	extend	VERB
ajfa-1319	240	16	to	to	PART
ajfa-1319	240	17	draw	draw	VERB
ajfa-1319	240	18	conclusions	conclusion	NOUN
ajfa-1319	240	19	on	on	ADP
ajfa-1319	240	20	whether	whether	SCONJ
ajfa-1319	240	21	the	the	DET
ajfa-1319	240	22	explanatory	explanatory	ADJ
ajfa-1319	240	23	variables	variable	NOUN
ajfa-1319	240	24	affect	affect	VERB
ajfa-1319	240	25	general	general	ADJ
ajfa-1319	240	26	firm	firm	ADJ
ajfa-1319	240	27	performance	performance	NOUN
ajfa-1319	240	28	as	as	SCONJ
ajfa-1319	240	29	measured	measure	VERB
ajfa-1319	240	30	by	by	ADP
ajfa-1319	240	31	the	the	DET
ajfa-1319	240	32	conventional	conventional	ADJ
ajfa-1319	240	33	accounting	accounting	NOUN
ajfa-1319	240	34	measure	measure	NOUN
ajfa-1319	240	35	(	(	PUNCT
ajfa-1319	240	36	roe	roe	NOUN
ajfa-1319	240	37	)	)	PUNCT
ajfa-1319	240	38	in	in	ADP
ajfa-1319	240	39	the	the	DET
ajfa-1319	240	40	same	same	ADJ
ajfa-1319	240	41	manner	manner	NOUN
ajfa-1319	240	42	as	as	SCONJ
ajfa-1319	240	43	they	they	PRON
ajfa-1319	240	44	affect	affect	VERB
ajfa-1319	240	45	profit	profit	NOUN
ajfa-1319	240	46	efficiency	efficiency	NOUN
ajfa-1319	240	47	(	(	PUNCT
ajfa-1319	240	48	peff	peff	NOUN
ajfa-1319	240	49	)	)	PUNCT
ajfa-1319	240	50	.	.	PUNCT
ajfa-1319	241	1	the	the	DET
ajfa-1319	241	2	return	return	NOUN
ajfa-1319	241	3	on	on	ADP
ajfa-1319	241	4	equity	equity	NOUN
ajfa-1319	241	5	(	(	PUNCT
ajfa-1319	241	6	roe	roe	PROPN
ajfa-1319	241	7	)	)	PUNCT
ajfa-1319	241	8	is	be	AUX
ajfa-1319	241	9	chosen	choose	VERB
ajfa-1319	241	10	to	to	PART
ajfa-1319	241	11	represent	represent	VERB
ajfa-1319	241	12	this	this	DET
ajfa-1319	241	13	comparative	comparative	ADJ
ajfa-1319	241	14	measure	measure	NOUN
ajfa-1319	241	15	due	due	ADP
ajfa-1319	241	16	to	to	ADP
ajfa-1319	241	17	its	its	PRON
ajfa-1319	241	18	popular	popular	ADJ
ajfa-1319	241	19	application	application	NOUN
ajfa-1319	241	20	in	in	ADP
ajfa-1319	241	21	finance	finance	NOUN
ajfa-1319	241	22	and	and	CCONJ
ajfa-1319	241	23	accounting	accounting	NOUN
ajfa-1319	241	24	,	,	PUNCT
ajfa-1319	241	25	it	it	PRON
ajfa-1319	241	26	provides	provide	VERB
ajfa-1319	241	27	a	a	DET
ajfa-1319	241	28	general	general	ADJ
ajfa-1319	241	29	measure	measure	NOUN
ajfa-1319	241	30	of	of	ADP
ajfa-1319	241	31	firm	firm	ADJ
ajfa-1319	241	32	performance	performance	NOUN
ajfa-1319	241	33	rather	rather	ADV
ajfa-1319	241	34	than	than	ADP
ajfa-1319	241	35	an	an	DET
ajfa-1319	241	36	efficiency	efficiency	NOUN
ajfa-1319	241	37	based	base	VERB
ajfa-1319	241	38	measure	measure	NOUN
ajfa-1319	241	39	,	,	PUNCT
ajfa-1319	241	40	this	this	PRON
ajfa-1319	241	41	gives	give	VERB
ajfa-1319	241	42	a	a	DET
ajfa-1319	241	43	good	good	ADJ
ajfa-1319	241	44	foundation	foundation	NOUN
ajfa-1319	241	45	to	to	PART
ajfa-1319	241	46	draw	draw	VERB
ajfa-1319	241	47	comparisons	comparison	NOUN
ajfa-1319	241	48	and	and	CCONJ
ajfa-1319	241	49	conclusions	conclusion	NOUN
ajfa-1319	241	50	from	from	ADP
ajfa-1319	241	51	.	.	PUNCT
ajfa-1319	242	1	the	the	DET
ajfa-1319	242	2	specification	specification	NOUN
ajfa-1319	242	3	for	for	ADP
ajfa-1319	242	4	the	the	DET
ajfa-1319	242	5	measure	measure	NOUN
ajfa-1319	242	6	of	of	ADP
ajfa-1319	242	7	return	return	NOUN
ajfa-1319	242	8	on	on	ADP
ajfa-1319	242	9	equity	equity	NOUN
ajfa-1319	242	10	(	(	PUNCT
ajfa-1319	242	11	roe	roe	PROPN
ajfa-1319	242	12	)	)	PUNCT
ajfa-1319	242	13	is	be	AUX
ajfa-1319	242	14	:	:	PUNCT
ajfa-1319	242	15	roe	roe	PROPN
ajfa-1319	242	16	net	net	PROPN
ajfa-1319	242	17	income	income	NOUN
ajfa-1319	242	18	after	after	ADP
ajfa-1319	242	19	tax	tax	NOUN
ajfa-1319	242	20	/	/	SYM
ajfa-1319	242	21	shareholder	shareholder	NOUN
ajfa-1319	242	22	’s	’s	PART
ajfa-1319	242	23	equity	equity	NOUN
ajfa-1319	242	24	(	(	PUNCT
ajfa-1319	242	25	10	10	NUM
ajfa-1319	242	26	)	)	PUNCT
ajfa-1319	242	27	it	it	PRON
ajfa-1319	242	28	is	be	AUX
ajfa-1319	242	29	quite	quite	ADV
ajfa-1319	242	30	likely	likely	ADJ
ajfa-1319	242	31	that	that	SCONJ
ajfa-1319	242	32	the	the	DET
ajfa-1319	242	33	explanatory	explanatory	ADJ
ajfa-1319	242	34	variables	variable	NOUN
ajfa-1319	242	35	will	will	AUX
ajfa-1319	242	36	have	have	VERB
ajfa-1319	242	37	very	very	ADV
ajfa-1319	242	38	similar	similar	ADJ
ajfa-1319	242	39	individual	individual	ADJ
ajfa-1319	242	40	effects	effect	NOUN
ajfa-1319	242	41	on	on	ADP
ajfa-1319	242	42	both	both	DET
ajfa-1319	242	43	return	return	NOUN
ajfa-1319	242	44	on	on	ADP
ajfa-1319	242	45	equity	equity	NOUN
ajfa-1319	242	46	(	(	PUNCT
ajfa-1319	242	47	roe	roe	PROPN
ajfa-1319	242	48	)	)	PUNCT
ajfa-1319	242	49	and	and	CCONJ
ajfa-1319	242	50	the	the	DET
ajfa-1319	242	51	profit	profit	NOUN
ajfa-1319	242	52	efficiency	efficiency	NOUN
ajfa-1319	242	53	measure	measure	NOUN
ajfa-1319	242	54	(	(	PUNCT
ajfa-1319	242	55	peff	peff	PROPN
ajfa-1319	242	56	)	)	PUNCT
ajfa-1319	242	57	,	,	PUNCT
ajfa-1319	242	58	however	however	ADV
ajfa-1319	242	59	there	there	PRON
ajfa-1319	242	60	are	be	VERB
ajfa-1319	242	61	sure	sure	ADJ
ajfa-1319	242	62	to	to	PART
ajfa-1319	242	63	be	be	AUX
ajfa-1319	242	64	interesting	interesting	ADJ
ajfa-1319	242	65	finds	find	NOUN
ajfa-1319	242	66	in	in	ADP
ajfa-1319	242	67	the	the	DET
ajfa-1319	242	68	process	process	NOUN
ajfa-1319	242	69	of	of	ADP
ajfa-1319	242	70	comparing	compare	VERB
ajfa-1319	242	71	the	the	DET
ajfa-1319	242	72	two	two	NUM
ajfa-1319	242	73	.	.	PUNCT
ajfa-1319	243	1	4.2	4.2	NUM
ajfa-1319	243	2	the	the	DET
ajfa-1319	243	3	explanatory	explanatory	ADJ
ajfa-1319	243	4	variables	variable	NOUN
ajfa-1319	243	5	as	as	SCONJ
ajfa-1319	243	6	mentioned	mention	VERB
ajfa-1319	243	7	in	in	ADP
ajfa-1319	243	8	previous	previous	ADJ
ajfa-1319	243	9	sections	section	NOUN
ajfa-1319	243	10	the	the	DET
ajfa-1319	243	11	common	common	ADJ
ajfa-1319	243	12	understanding	understanding	NOUN
ajfa-1319	243	13	in	in	ADP
ajfa-1319	243	14	past	past	ADJ
ajfa-1319	243	15	papers	paper	NOUN
ajfa-1319	243	16	is	be	AUX
ajfa-1319	243	17	that	that	SCONJ
ajfa-1319	243	18	along	along	ADP
ajfa-1319	243	19	with	with	ADP
ajfa-1319	243	20	the	the	DET
ajfa-1319	243	21	choice	choice	NOUN
ajfa-1319	243	22	of	of	ADP
ajfa-1319	243	23	capital	capital	NOUN
ajfa-1319	243	24	structure	structure	NOUN
ajfa-1319	243	25	,	,	PUNCT
ajfa-1319	243	26	the	the	DET
ajfa-1319	243	27	ownership	ownership	NOUN
ajfa-1319	243	28	structure	structure	NOUN
ajfa-1319	243	29	is	be	AUX
ajfa-1319	243	30	also	also	ADV
ajfa-1319	243	31	believed	believe	VERB
ajfa-1319	243	32	to	to	PART
ajfa-1319	243	33	have	have	VERB
ajfa-1319	243	34	a	a	DET
ajfa-1319	243	35	significant	significant	ADJ
ajfa-1319	243	36	impact	impact	NOUN
ajfa-1319	243	37	on	on	ADP
ajfa-1319	243	38	agency	agency	NOUN
ajfa-1319	243	39	cost	cost	NOUN
ajfa-1319	243	40	and	and	CCONJ
ajfa-1319	243	41	therefore	therefore	ADV
ajfa-1319	243	42	also	also	ADV
ajfa-1319	243	43	profit	profit	NOUN
ajfa-1319	243	44	efficiency	efficiency	NOUN
ajfa-1319	243	45	(	(	PUNCT
ajfa-1319	243	46	jensen	jensen	PROPN
ajfa-1319	243	47	1986	1986	NUM
ajfa-1319	243	48	)	)	PUNCT
ajfa-1319	243	49	(	(	PUNCT
ajfa-1319	243	50	ang	ang	INTJ
ajfa-1319	243	51	,	,	PUNCT
ajfa-1319	243	52	cole	cole	PROPN
ajfa-1319	243	53	and	and	CCONJ
ajfa-1319	243	54	lin	lin	PROPN
ajfa-1319	243	55	2000	2000	NUM
ajfa-1319	243	56	)	)	PUNCT
ajfa-1319	243	57	.	.	PUNCT
ajfa-1319	244	1	the	the	DET
ajfa-1319	244	2	independent	independent	ADJ
ajfa-1319	244	3	variable	variable	NOUN
ajfa-1319	244	4	that	that	PRON
ajfa-1319	244	5	captures	capture	VERB
ajfa-1319	244	6	capital	capital	NOUN
ajfa-1319	244	7	structure	structure	NOUN
ajfa-1319	244	8	which	which	PRON
ajfa-1319	244	9	is	be	AUX
ajfa-1319	244	10	used	use	VERB
ajfa-1319	244	11	in	in	ADP
ajfa-1319	244	12	our	our	PRON
ajfa-1319	244	13	primary	primary	ADJ
ajfa-1319	244	14	regressions	regression	NOUN
ajfa-1319	244	15	is	be	AUX
ajfa-1319	244	16	the	the	DET
ajfa-1319	244	17	ratio	ratio	NOUN
ajfa-1319	244	18	of	of	ADP
ajfa-1319	244	19	equity	equity	NOUN
ajfa-1319	244	20	divided	divide	VERB
ajfa-1319	244	21	by	by	ADP
ajfa-1319	244	22	capital	capital	NOUN
ajfa-1319	244	23	(	(	PUNCT
ajfa-1319	244	24	ecap	ecap	PROPN
ajfa-1319	244	25	)	)	PUNCT
ajfa-1319	244	26	.	.	PUNCT
ajfa-1319	245	1	a	a	DET
ajfa-1319	245	2	low	low	ADJ
ajfa-1319	245	3	ecap	ecap	NOUN
ajfa-1319	245	4	describes	describe	VERB
ajfa-1319	245	5	a	a	DET
ajfa-1319	245	6	bank	bank	NOUN
ajfa-1319	245	7	with	with	ADP
ajfa-1319	245	8	relatively	relatively	ADV
ajfa-1319	245	9	high	high	ADJ
ajfa-1319	245	10	leverage	leverage	NOUN
ajfa-1319	245	11	while	while	SCONJ
ajfa-1319	245	12	a	a	DET
ajfa-1319	245	13	high	high	ADJ
ajfa-1319	245	14	ecap	ecap	NOUN
ajfa-1319	245	15	describes	describe	VERB
ajfa-1319	245	16	a	a	DET
ajfa-1319	245	17	bank	bank	NOUN
ajfa-1319	245	18	with	with	ADP
ajfa-1319	245	19	relatively	relatively	ADV
ajfa-1319	245	20	low	low	ADJ
ajfa-1319	245	21	leverage	leverage	NOUN
ajfa-1319	245	22	.	.	PUNCT
ajfa-1319	246	1	as	as	SCONJ
ajfa-1319	246	2	was	be	AUX
ajfa-1319	246	3	mentioned	mention	VERB
ajfa-1319	246	4	in	in	ADP
ajfa-1319	246	5	previous	previous	ADJ
ajfa-1319	246	6	sections	section	NOUN
ajfa-1319	246	7	the	the	DET
ajfa-1319	246	8	agency	agency	NOUN
ajfa-1319	246	9	cost	cost	NOUN
ajfa-1319	246	10	hypothesis	hypothesis	NOUN
ajfa-1319	246	11	suggests	suggest	VERB
ajfa-1319	246	12	that	that	SCONJ
ajfa-1319	246	13	profit	profit	NOUN
ajfa-1319	246	14	efficiency	efficiency	NOUN
ajfa-1319	246	15	and	and	CCONJ
ajfa-1319	246	16	ecap	ecap	NOUN
ajfa-1319	246	17	have	have	VERB
ajfa-1319	246	18	an	an	DET
ajfa-1319	246	19	inverse	inverse	NOUN
ajfa-1319	246	20	relationship	relationship	NOUN
ajfa-1319	246	21	(	(	PUNCT
ajfa-1319	246	22	φecap	φecap	NOUN
ajfa-1319	246	23	/	/	SYM
ajfa-1319	246	24	φeff)>0	φeff)>0	PROPN
ajfa-1319	246	25	,	,	PUNCT
ajfa-1319	246	26	the	the	DET
ajfa-1319	246	27	theory	theory	NOUN
ajfa-1319	246	28	behind	behind	ADP
ajfa-1319	246	29	asian	asian	ADJ
ajfa-1319	246	30	journal	journal	NOUN
ajfa-1319	246	31	of	of	ADP
ajfa-1319	246	32	finance	finance	PROPN
ajfa-1319	246	33	&	&	CCONJ
ajfa-1319	246	34	accounting	accounting	PROPN
ajfa-1319	246	35	issn	issn	PROPN
ajfa-1319	246	36	1946	1946	NUM
ajfa-1319	246	37	-	-	PUNCT
ajfa-1319	246	38	052x	052x	NOUN
ajfa-1319	246	39	2012	2012	NUM
ajfa-1319	246	40	,	,	PUNCT
ajfa-1319	246	41	vol	vol	NOUN
ajfa-1319	246	42	.	.	PROPN
ajfa-1319	246	43	4	4	NUM
ajfa-1319	246	44	,	,	PUNCT
ajfa-1319	246	45	no	no	INTJ
ajfa-1319	246	46	.	.	NOUN
ajfa-1319	246	47	1	1	NUM
ajfa-1319	246	48	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1319	246	49	289	289	NUM
ajfa-1319	246	50	it	it	PRON
ajfa-1319	246	51	suggests	suggest	VERB
ajfa-1319	246	52	that	that	SCONJ
ajfa-1319	246	53	a	a	DET
ajfa-1319	246	54	high	high	ADJ
ajfa-1319	246	55	ecap	ecap	NOUN
ajfa-1319	246	56	or	or	CCONJ
ajfa-1319	246	57	in	in	ADP
ajfa-1319	246	58	other	other	ADJ
ajfa-1319	246	59	words	word	NOUN
ajfa-1319	246	60	low	low	ADJ
ajfa-1319	246	61	levels	level	NOUN
ajfa-1319	246	62	of	of	ADP
ajfa-1319	246	63	leverage	leverage	NOUN
ajfa-1319	246	64	lead	lead	VERB
ajfa-1319	246	65	to	to	ADP
ajfa-1319	246	66	managers	manager	NOUN
ajfa-1319	246	67	having	have	VERB
ajfa-1319	246	68	less	less	ADJ
ajfa-1319	246	69	incentive	incentive	NOUN
ajfa-1319	246	70	to	to	PART
ajfa-1319	246	71	work	work	VERB
ajfa-1319	246	72	hard	hard	ADV
ajfa-1319	246	73	on	on	ADP
ajfa-1319	246	74	maximizing	maximize	VERB
ajfa-1319	246	75	potential	potential	ADJ
ajfa-1319	246	76	profit	profit	NOUN
ajfa-1319	246	77	as	as	SCONJ
ajfa-1319	246	78	there	there	PRON
ajfa-1319	246	79	is	be	VERB
ajfa-1319	246	80	less	less	ADV
ajfa-1319	246	81	financial	financial	ADJ
ajfa-1319	246	82	distress	distress	NOUN
ajfa-1319	246	83	on	on	ADP
ajfa-1319	246	84	the	the	DET
ajfa-1319	246	85	bank	bank	NOUN
ajfa-1319	246	86	.	.	PUNCT
ajfa-1319	247	1	it	it	PRON
ajfa-1319	247	2	is	be	AUX
ajfa-1319	247	3	however	however	ADV
ajfa-1319	247	4	important	important	ADJ
ajfa-1319	247	5	to	to	PART
ajfa-1319	247	6	also	also	ADV
ajfa-1319	247	7	note	note	VERB
ajfa-1319	247	8	that	that	SCONJ
ajfa-1319	247	9	the	the	DET
ajfa-1319	247	10	expected	expect	VERB
ajfa-1319	247	11	relationship	relationship	NOUN
ajfa-1319	247	12	of	of	ADP
ajfa-1319	247	13	the	the	DET
ajfa-1319	247	14	ecap	ecap	NOUN
ajfa-1319	247	15	and	and	CCONJ
ajfa-1319	247	16	profit	profit	NOUN
ajfa-1319	247	17	efficiency	efficiency	NOUN
ajfa-1319	247	18	can	can	AUX
ajfa-1319	247	19	change	change	VERB
ajfa-1319	247	20	if	if	SCONJ
ajfa-1319	247	21	ecap	ecap	NOUN
ajfa-1319	247	22	becomes	become	VERB
ajfa-1319	247	23	small	small	ADJ
ajfa-1319	247	24	enough	enough	ADV
ajfa-1319	247	25	or	or	CCONJ
ajfa-1319	247	26	in	in	ADP
ajfa-1319	247	27	other	other	ADJ
ajfa-1319	247	28	words	word	NOUN
ajfa-1319	247	29	leverage	leverage	NOUN
ajfa-1319	247	30	has	have	AUX
ajfa-1319	247	31	become	become	VERB
ajfa-1319	247	32	high	high	ADJ
ajfa-1319	247	33	enough	enough	ADV
ajfa-1319	247	34	.	.	PUNCT
ajfa-1319	248	1	in	in	ADP
ajfa-1319	248	2	this	this	DET
ajfa-1319	248	3	case	case	NOUN
ajfa-1319	248	4	the	the	DET
ajfa-1319	248	5	financial	financial	ADJ
ajfa-1319	248	6	distress	distress	NOUN
ajfa-1319	248	7	caused	cause	VERB
ajfa-1319	248	8	by	by	ADP
ajfa-1319	248	9	a	a	DET
ajfa-1319	248	10	marginal	marginal	ADJ
ajfa-1319	248	11	increase	increase	NOUN
ajfa-1319	248	12	of	of	ADP
ajfa-1319	248	13	leverage	leverage	NOUN
ajfa-1319	248	14	outweighs	outweigh	VERB
ajfa-1319	248	15	the	the	DET
ajfa-1319	248	16	agency	agency	NOUN
ajfa-1319	248	17	cost	cost	NOUN
ajfa-1319	248	18	benefits	benefit	NOUN
ajfa-1319	248	19	and	and	CCONJ
ajfa-1319	248	20	therefore	therefore	ADV
ajfa-1319	248	21	can	can	AUX
ajfa-1319	248	22	produces	produce	VERB
ajfa-1319	248	23	a	a	DET
ajfa-1319	248	24	scenario	scenario	NOUN
ajfa-1319	248	25	where	where	SCONJ
ajfa-1319	248	26	(	(	PUNCT
ajfa-1319	248	27	φecap	φecap	NOUN
ajfa-1319	248	28	/	/	SYM
ajfa-1319	248	29	φeff)>0	φeff)>0	PROPN
ajfa-1319	248	30	.	.	PUNCT
ajfa-1319	249	1	the	the	DET
ajfa-1319	249	2	most	most	ADV
ajfa-1319	249	3	obvious	obvious	ADJ
ajfa-1319	249	4	solution	solution	NOUN
ajfa-1319	249	5	to	to	ADP
ajfa-1319	249	6	this	this	DET
ajfa-1319	249	7	problem	problem	NOUN
ajfa-1319	249	8	is	be	AUX
ajfa-1319	249	9	to	to	PART
ajfa-1319	249	10	run	run	VERB
ajfa-1319	249	11	an	an	DET
ajfa-1319	249	12	alternative	alternative	ADJ
ajfa-1319	249	13	regression	regression	NOUN
ajfa-1319	249	14	which	which	PRON
ajfa-1319	249	15	employs	employ	VERB
ajfa-1319	249	16	a	a	DET
ajfa-1319	249	17	quadratic	quadratic	ADJ
ajfa-1319	249	18	variable	variable	NOUN
ajfa-1319	249	19	of	of	ADP
ajfa-1319	249	20	ecap	ecap	NOUN
ajfa-1319	249	21	to	to	PART
ajfa-1319	249	22	test	test	VERB
ajfa-1319	249	23	whether	whether	SCONJ
ajfa-1319	249	24	leverage	leverage	NOUN
ajfa-1319	249	25	does	do	AUX
ajfa-1319	249	26	affect	affect	VERB
ajfa-1319	249	27	profit	profit	NOUN
ajfa-1319	249	28	efficiency	efficiency	NOUN
ajfa-1319	249	29	by	by	ADP
ajfa-1319	249	30	varying	vary	VERB
ajfa-1319	249	31	amounts	amount	NOUN
ajfa-1319	249	32	at	at	ADP
ajfa-1319	249	33	different	different	ADJ
ajfa-1319	249	34	levels	level	NOUN
ajfa-1319	249	35	of	of	ADP
ajfa-1319	249	36	debt	debt	NOUN
ajfa-1319	249	37	.	.	PUNCT
ajfa-1319	250	1	therefore	therefore	ADV
ajfa-1319	250	2	in	in	ADP
ajfa-1319	250	3	the	the	DET
ajfa-1319	250	4	second	second	ADJ
ajfa-1319	250	5	regression	regression	NOUN
ajfa-1319	250	6	of	of	ADP
ajfa-1319	250	7	our	our	PRON
ajfa-1319	250	8	primary	primary	ADJ
ajfa-1319	250	9	objective	objective	NOUN
ajfa-1319	250	10	the	the	DET
ajfa-1319	250	11	term	term	NOUN
ajfa-1319	250	12	1/2ecap^2	1/2ecap^2	NUM
ajfa-1319	250	13	is	be	AUX
ajfa-1319	250	14	added	add	VERB
ajfa-1319	250	15	to	to	PART
ajfa-1319	250	16	test	test	VERB
ajfa-1319	250	17	whether	whether	SCONJ
ajfa-1319	250	18	the	the	DET
ajfa-1319	250	19	relationship	relationship	NOUN
ajfa-1319	250	20	of	of	ADP
ajfa-1319	250	21	capital	capital	NOUN
ajfa-1319	250	22	structure	structure	NOUN
ajfa-1319	250	23	and	and	CCONJ
ajfa-1319	250	24	profit	profit	NOUN
ajfa-1319	250	25	efficiency	efficiency	NOUN
ajfa-1319	250	26	is	be	AUX
ajfa-1319	250	27	a	a	DET
ajfa-1319	250	28	quadratic	quadratic	ADJ
ajfa-1319	250	29	one	one	NOUN
ajfa-1319	250	30	.	.	PUNCT
ajfa-1319	251	1	as	as	ADP
ajfa-1319	251	2	a	a	DET
ajfa-1319	251	3	means	means	NOUN
ajfa-1319	251	4	of	of	ADP
ajfa-1319	251	5	testing	testing	NOUN
ajfa-1319	251	6	for	for	ADP
ajfa-1319	251	7	robustness	robustness	NOUN
ajfa-1319	251	8	of	of	ADP
ajfa-1319	251	9	the	the	DET
ajfa-1319	251	10	results	result	NOUN
ajfa-1319	251	11	from	from	ADP
ajfa-1319	251	12	the	the	DET
ajfa-1319	251	13	primary	primary	ADJ
ajfa-1319	251	14	regressions	regression	NOUN
ajfa-1319	251	15	the	the	DET
ajfa-1319	251	16	variable	variable	ADJ
ajfa-1319	251	17	loans	loan	NOUN
ajfa-1319	251	18	/	/	SYM
ajfa-1319	251	19	assets	asset	NOUN
ajfa-1319	251	20	(	(	PUNCT
ajfa-1319	251	21	l	l	NOUN
ajfa-1319	251	22	/	/	SYM
ajfa-1319	251	23	a	a	NOUN
ajfa-1319	251	24	)	)	PUNCT
ajfa-1319	251	25	will	will	AUX
ajfa-1319	251	26	be	be	AUX
ajfa-1319	251	27	interchanged	interchange	VERB
ajfa-1319	251	28	with	with	ADP
ajfa-1319	251	29	ecap	ecap	NOUN
ajfa-1319	251	30	,	,	PUNCT
ajfa-1319	251	31	obviously	obviously	ADV
ajfa-1319	251	32	these	these	DET
ajfa-1319	251	33	two	two	NUM
ajfa-1319	251	34	variables	variable	NOUN
ajfa-1319	251	35	are	be	AUX
ajfa-1319	251	36	highly	highly	ADV
ajfa-1319	251	37	correlated	correlate	VERB
ajfa-1319	251	38	and	and	CCONJ
ajfa-1319	251	39	will	will	AUX
ajfa-1319	251	40	therefore	therefore	ADV
ajfa-1319	251	41	not	not	PART
ajfa-1319	251	42	be	be	AUX
ajfa-1319	251	43	included	include	VERB
ajfa-1319	251	44	in	in	ADP
ajfa-1319	251	45	the	the	DET
ajfa-1319	251	46	same	same	ADJ
ajfa-1319	251	47	regression	regression	NOUN
ajfa-1319	251	48	output	output	NOUN
ajfa-1319	251	49	.	.	PUNCT
ajfa-1319	252	1	the	the	DET
ajfa-1319	252	2	variable	variable	ADJ
ajfa-1319	252	3	(	(	PUNCT
ajfa-1319	252	4	l	l	NOUN
ajfa-1319	252	5	/	/	SYM
ajfa-1319	252	6	a	a	NOUN
ajfa-1319	252	7	)	)	PUNCT
ajfa-1319	252	8	measures	measure	NOUN
ajfa-1319	252	9	the	the	DET
ajfa-1319	252	10	banks	bank	NOUN
ajfa-1319	252	11	loans	loan	NOUN
ajfa-1319	252	12	owing	owe	VERB
ajfa-1319	252	13	(	(	PUNCT
ajfa-1319	252	14	deposits	deposit	NOUN
ajfa-1319	252	15	and	and	CCONJ
ajfa-1319	252	16	amount	amount	NOUN
ajfa-1319	252	17	owing	owe	VERB
ajfa-1319	252	18	to	to	ADP
ajfa-1319	252	19	other	other	ADJ
ajfa-1319	252	20	banks	bank	NOUN
ajfa-1319	252	21	)	)	PUNCT
ajfa-1319	252	22	divided	divide	VERB
ajfa-1319	252	23	by	by	ADP
ajfa-1319	252	24	the	the	DET
ajfa-1319	252	25	total	total	ADJ
ajfa-1319	252	26	assets	asset	NOUN
ajfa-1319	252	27	.	.	PUNCT
ajfa-1319	253	1	the	the	DET
ajfa-1319	253	2	interpretation	interpretation	NOUN
ajfa-1319	253	3	is	be	AUX
ajfa-1319	253	4	opposite	opposite	ADJ
ajfa-1319	253	5	to	to	ADP
ajfa-1319	253	6	that	that	PRON
ajfa-1319	253	7	of	of	ADP
ajfa-1319	253	8	the	the	DET
ajfa-1319	253	9	ecap	ecap	NOUN
ajfa-1319	253	10	,	,	PUNCT
ajfa-1319	253	11	a	a	DET
ajfa-1319	253	12	high	high	ADJ
ajfa-1319	253	13	l	l	NOUN
ajfa-1319	253	14	/	/	SYM
ajfa-1319	253	15	a	a	PRON
ajfa-1319	253	16	shows	show	NOUN
ajfa-1319	253	17	relatively	relatively	ADV
ajfa-1319	253	18	high	high	ADJ
ajfa-1319	253	19	leverage	leverage	NOUN
ajfa-1319	253	20	while	while	SCONJ
ajfa-1319	253	21	a	a	DET
ajfa-1319	253	22	low	low	ADJ
ajfa-1319	253	23	l	l	NOUN
ajfa-1319	253	24	/	/	SYM
ajfa-1319	253	25	a	a	PRON
ajfa-1319	253	26	shows	show	NOUN
ajfa-1319	253	27	relatively	relatively	ADV
ajfa-1319	253	28	low	low	ADJ
ajfa-1319	253	29	leverage	leverage	NOUN
ajfa-1319	253	30	.	.	PUNCT
ajfa-1319	254	1	while	while	SCONJ
ajfa-1319	254	2	capital	capital	NOUN
ajfa-1319	254	3	structure	structure	NOUN
ajfa-1319	254	4	may	may	AUX
ajfa-1319	254	5	be	be	AUX
ajfa-1319	254	6	relatively	relatively	ADV
ajfa-1319	254	7	easy	easy	ADJ
ajfa-1319	254	8	to	to	PART
ajfa-1319	254	9	quantify	quantify	VERB
ajfa-1319	254	10	,	,	PUNCT
ajfa-1319	254	11	the	the	DET
ajfa-1319	254	12	same	same	ADJ
ajfa-1319	254	13	can	can	AUX
ajfa-1319	254	14	not	not	PART
ajfa-1319	254	15	be	be	AUX
ajfa-1319	254	16	said	say	VERB
ajfa-1319	254	17	about	about	ADP
ajfa-1319	254	18	ownership	ownership	NOUN
ajfa-1319	254	19	structure	structure	NOUN
ajfa-1319	254	20	.	.	PUNCT
ajfa-1319	255	1	the	the	DET
ajfa-1319	255	2	reason	reason	NOUN
ajfa-1319	255	3	being	be	AUX
ajfa-1319	255	4	that	that	DET
ajfa-1319	255	5	ownership	ownership	NOUN
ajfa-1319	255	6	structure	structure	NOUN
ajfa-1319	255	7	is	be	AUX
ajfa-1319	255	8	a	a	DET
ajfa-1319	255	9	topic	topic	NOUN
ajfa-1319	255	10	which	which	PRON
ajfa-1319	255	11	encompasses	encompass	VERB
ajfa-1319	255	12	several	several	ADJ
ajfa-1319	255	13	subsections	subsection	NOUN
ajfa-1319	255	14	that	that	PRON
ajfa-1319	255	15	are	be	AUX
ajfa-1319	255	16	both	both	PRON
ajfa-1319	255	17	quantitative	quantitative	ADJ
ajfa-1319	255	18	and	and	CCONJ
ajfa-1319	255	19	qualitative	qualitative	NOUN
ajfa-1319	255	20	.	.	PUNCT
ajfa-1319	256	1	in	in	ADP
ajfa-1319	256	2	order	order	NOUN
ajfa-1319	256	3	to	to	PART
ajfa-1319	256	4	correctly	correctly	ADV
ajfa-1319	256	5	specify	specify	VERB
ajfa-1319	256	6	a	a	DET
ajfa-1319	256	7	model	model	NOUN
ajfa-1319	256	8	for	for	ADP
ajfa-1319	256	9	ownership	ownership	NOUN
ajfa-1319	256	10	structure	structure	NOUN
ajfa-1319	256	11	several	several	ADJ
ajfa-1319	256	12	variables	variable	NOUN
ajfa-1319	256	13	need	need	VERB
ajfa-1319	256	14	to	to	PART
ajfa-1319	256	15	be	be	AUX
ajfa-1319	256	16	created	create	VERB
ajfa-1319	256	17	to	to	ADP
ajfa-1319	256	18	accounting	account	VERB
ajfa-1319	256	19	for	for	ADP
ajfa-1319	256	20	these	these	DET
ajfa-1319	256	21	many	many	ADJ
ajfa-1319	256	22	subsections	subsection	NOUN
ajfa-1319	256	23	.	.	PUNCT
ajfa-1319	257	1	in	in	ADP
ajfa-1319	257	2	order	order	NOUN
ajfa-1319	257	3	to	to	PART
ajfa-1319	257	4	quantify	quantify	VERB
ajfa-1319	257	5	ownership	ownership	NOUN
ajfa-1319	257	6	structure	structure	NOUN
ajfa-1319	257	7	accurately	accurately	ADV
ajfa-1319	257	8	,	,	PUNCT
ajfa-1319	257	9	several	several	ADJ
ajfa-1319	257	10	variables	variable	NOUN
ajfa-1319	257	11	were	be	AUX
ajfa-1319	257	12	used	use	VERB
ajfa-1319	257	13	.	.	PUNCT
ajfa-1319	258	1	as	as	SCONJ
ajfa-1319	258	2	was	be	AUX
ajfa-1319	258	3	mentioned	mention	VERB
ajfa-1319	258	4	ownership	ownership	NOUN
ajfa-1319	258	5	structure	structure	NOUN
ajfa-1319	258	6	inherently	inherently	ADV
ajfa-1319	258	7	incorporates	incorporate	VERB
ajfa-1319	258	8	many	many	ADJ
ajfa-1319	258	9	quantitative	quantitative	ADJ
ajfa-1319	258	10	and	and	CCONJ
ajfa-1319	258	11	qualitative	qualitative	ADJ
ajfa-1319	258	12	variables	variable	NOUN
ajfa-1319	258	13	,	,	PUNCT
ajfa-1319	258	14	therefore	therefore	ADV
ajfa-1319	258	15	allowing	allow	VERB
ajfa-1319	258	16	for	for	ADP
ajfa-1319	258	17	multiple	multiple	ADJ
ajfa-1319	258	18	variables	variable	NOUN
ajfa-1319	258	19	in	in	ADP
ajfa-1319	258	20	the	the	DET
ajfa-1319	258	21	model	model	NOUN
ajfa-1319	258	22	to	to	PART
ajfa-1319	258	23	estimate	estimate	VERB
ajfa-1319	258	24	allows	allow	VERB
ajfa-1319	258	25	a	a	DET
ajfa-1319	258	26	more	more	ADV
ajfa-1319	258	27	concise	concise	ADJ
ajfa-1319	258	28	conclusion	conclusion	NOUN
ajfa-1319	258	29	of	of	ADP
ajfa-1319	258	30	the	the	DET
ajfa-1319	258	31	effects	effect	NOUN
ajfa-1319	258	32	ownership	ownership	NOUN
ajfa-1319	258	33	structure	structure	NOUN
ajfa-1319	258	34	has	have	VERB
ajfa-1319	258	35	on	on	ADP
ajfa-1319	258	36	profit	profit	NOUN
ajfa-1319	258	37	efficiency	efficiency	NOUN
ajfa-1319	258	38	.	.	PUNCT
ajfa-1319	259	1	the	the	DET
ajfa-1319	259	2	variable	variable	ADJ
ajfa-1319	259	3	shinside	shinside	NOUN
ajfa-1319	259	4	measures	measure	VERB
ajfa-1319	259	5	the	the	DET
ajfa-1319	259	6	percentage	percentage	NOUN
ajfa-1319	259	7	of	of	ADP
ajfa-1319	259	8	ownership	ownership	NOUN
ajfa-1319	259	9	directly	directly	ADV
ajfa-1319	259	10	held	hold	VERB
ajfa-1319	259	11	by	by	ADP
ajfa-1319	259	12	board	board	NOUN
ajfa-1319	259	13	members	member	NOUN
ajfa-1319	259	14	(	(	PUNCT
ajfa-1319	259	15	also	also	ADV
ajfa-1319	259	16	including	include	VERB
ajfa-1319	259	17	family	family	NOUN
ajfa-1319	259	18	members	member	NOUN
ajfa-1319	259	19	)	)	PUNCT
ajfa-1319	259	20	as	as	SCONJ
ajfa-1319	259	21	measured	measure	VERB
ajfa-1319	259	22	by	by	ADP
ajfa-1319	259	23	stock	stock	NOUN
ajfa-1319	259	24	.	.	PUNCT
ajfa-1319	260	1	it	it	PRON
ajfa-1319	260	2	is	be	AUX
ajfa-1319	260	3	generally	generally	ADV
ajfa-1319	260	4	considered	consider	VERB
ajfa-1319	260	5	to	to	PART
ajfa-1319	260	6	be	be	AUX
ajfa-1319	260	7	a	a	DET
ajfa-1319	260	8	positive	positive	ADJ
ajfa-1319	260	9	signal	signal	NOUN
ajfa-1319	260	10	to	to	ADP
ajfa-1319	260	11	the	the	DET
ajfa-1319	260	12	market	market	NOUN
ajfa-1319	260	13	for	for	SCONJ
ajfa-1319	260	14	board	board	NOUN
ajfa-1319	260	15	members	member	NOUN
ajfa-1319	260	16	to	to	PART
ajfa-1319	260	17	have	have	VERB
ajfa-1319	260	18	shareholdings	shareholding	NOUN
ajfa-1319	260	19	in	in	ADP
ajfa-1319	260	20	their	their	PRON
ajfa-1319	260	21	respective	respective	ADJ
ajfa-1319	260	22	firms	firm	NOUN
ajfa-1319	260	23	;	;	PUNCT
ajfa-1319	260	24	such	such	ADJ
ajfa-1319	260	25	actions	action	NOUN
ajfa-1319	260	26	demonstrate	demonstrate	VERB
ajfa-1319	260	27	an	an	DET
ajfa-1319	260	28	expectation	expectation	NOUN
ajfa-1319	260	29	of	of	ADP
ajfa-1319	260	30	future	future	ADJ
ajfa-1319	260	31	growth	growth	NOUN
ajfa-1319	260	32	of	of	ADP
ajfa-1319	260	33	the	the	DET
ajfa-1319	260	34	firm	firm	NOUN
ajfa-1319	260	35	.	.	PUNCT
ajfa-1319	261	1	exploring	explore	VERB
ajfa-1319	261	2	the	the	DET
ajfa-1319	261	3	idea	idea	NOUN
ajfa-1319	261	4	of	of	ADP
ajfa-1319	261	5	agency	agency	NOUN
ajfa-1319	261	6	theory	theory	NOUN
ajfa-1319	261	7	also	also	ADV
ajfa-1319	261	8	ignites	ignite	VERB
ajfa-1319	261	9	the	the	DET
ajfa-1319	261	10	idea	idea	NOUN
ajfa-1319	261	11	of	of	ADP
ajfa-1319	261	12	shinside	shinside	NOUN
ajfa-1319	261	13	being	be	AUX
ajfa-1319	261	14	positively	positively	ADV
ajfa-1319	261	15	correlated	correlate	VERB
ajfa-1319	261	16	with	with	ADP
ajfa-1319	261	17	profit	profit	NOUN
ajfa-1319	261	18	efficiency	efficiency	NOUN
ajfa-1319	261	19	.	.	PUNCT
ajfa-1319	262	1	fundamentally	fundamentally	ADV
ajfa-1319	262	2	agency	agency	NOUN
ajfa-1319	262	3	theory	theory	NOUN
ajfa-1319	262	4	is	be	AUX
ajfa-1319	262	5	the	the	DET
ajfa-1319	262	6	conflict	conflict	NOUN
ajfa-1319	262	7	of	of	ADP
ajfa-1319	262	8	interest	interest	NOUN
ajfa-1319	262	9	between	between	ADP
ajfa-1319	262	10	shareholders	shareholder	NOUN
ajfa-1319	262	11	and	and	CCONJ
ajfa-1319	262	12	decision	decision	NOUN
ajfa-1319	262	13	makers	maker	NOUN
ajfa-1319	262	14	of	of	ADP
ajfa-1319	262	15	firms	firm	NOUN
ajfa-1319	262	16	(	(	PUNCT
ajfa-1319	262	17	managers	manager	NOUN
ajfa-1319	262	18	,	,	PUNCT
ajfa-1319	262	19	board	board	NOUN
ajfa-1319	262	20	members	member	NOUN
ajfa-1319	262	21	etc	etc	X
ajfa-1319	262	22	.	.	PUNCT
ajfa-1319	262	23	)	)	PUNCT
ajfa-1319	262	24	,	,	PUNCT
ajfa-1319	262	25	therefore	therefore	ADV
ajfa-1319	262	26	colluding	collude	VERB
ajfa-1319	262	27	the	the	DET
ajfa-1319	262	28	two	two	NUM
ajfa-1319	262	29	interests	interest	NOUN
ajfa-1319	262	30	by	by	ADP
ajfa-1319	262	31	making	make	VERB
ajfa-1319	262	32	the	the	DET
ajfa-1319	262	33	decision	decision	NOUN
ajfa-1319	262	34	makers	maker	NOUN
ajfa-1319	262	35	shareholders	shareholder	NOUN
ajfa-1319	262	36	should	should	AUX
ajfa-1319	262	37	drive	drive	VERB
ajfa-1319	262	38	decision	decision	NOUN
ajfa-1319	262	39	makers	maker	NOUN
ajfa-1319	262	40	to	to	PART
ajfa-1319	262	41	find	find	VERB
ajfa-1319	262	42	solutions	solution	NOUN
ajfa-1319	262	43	in	in	ADP
ajfa-1319	262	44	the	the	DET
ajfa-1319	262	45	best	good	ADJ
ajfa-1319	262	46	interest	interest	NOUN
ajfa-1319	262	47	of	of	ADP
ajfa-1319	262	48	shareholders	shareholder	NOUN
ajfa-1319	262	49	.	.	PUNCT
ajfa-1319	263	1	sh5own	sh5own	NOUN
ajfa-1319	263	2	depicts	depict	VERB
ajfa-1319	263	3	the	the	DET
ajfa-1319	263	4	proportion	proportion	NOUN
ajfa-1319	263	5	of	of	ADP
ajfa-1319	263	6	ownership	ownership	NOUN
ajfa-1319	263	7	held	hold	VERB
ajfa-1319	263	8	in	in	ADP
ajfa-1319	263	9	blocks	block	NOUN
ajfa-1319	263	10	greater	great	ADJ
ajfa-1319	263	11	than	than	ADP
ajfa-1319	263	12	5	5	NUM
ajfa-1319	263	13	%	%	NOUN
ajfa-1319	263	14	by	by	ADP
ajfa-1319	263	15	individual	individual	ADJ
ajfa-1319	263	16	share	share	NOUN
ajfa-1319	263	17	holders	holder	NOUN
ajfa-1319	263	18	.	.	PUNCT
ajfa-1319	264	1	it	it	PRON
ajfa-1319	264	2	is	be	AUX
ajfa-1319	264	3	expected	expect	VERB
ajfa-1319	264	4	that	that	SCONJ
ajfa-1319	264	5	banks	bank	NOUN
ajfa-1319	264	6	with	with	ADP
ajfa-1319	264	7	relatively	relatively	ADV
ajfa-1319	264	8	large	large	ADJ
ajfa-1319	264	9	values	value	NOUN
ajfa-1319	264	10	of	of	ADP
ajfa-1319	264	11	sh5own	sh5own	NOUN
ajfa-1319	264	12	are	be	AUX
ajfa-1319	264	13	going	go	VERB
ajfa-1319	264	14	to	to	PART
ajfa-1319	264	15	have	have	VERB
ajfa-1319	264	16	relatively	relatively	ADV
ajfa-1319	264	17	lower	low	ADJ
ajfa-1319	264	18	inefficiencies	inefficiency	NOUN
ajfa-1319	264	19	as	as	SCONJ
ajfa-1319	264	20	these	these	PRON
ajfa-1319	264	21	are	be	AUX
ajfa-1319	264	22	mitigated	mitigate	VERB
ajfa-1319	264	23	by	by	ADP
ajfa-1319	264	24	having	have	VERB
ajfa-1319	264	25	influential	influential	ADJ
ajfa-1319	264	26	shareholders	shareholder	NOUN
ajfa-1319	264	27	watching	watch	VERB
ajfa-1319	264	28	over	over	ADP
ajfa-1319	264	29	the	the	DET
ajfa-1319	264	30	performance	performance	NOUN
ajfa-1319	264	31	of	of	ADP
ajfa-1319	264	32	the	the	DET
ajfa-1319	264	33	decision	decision	NOUN
ajfa-1319	264	34	makers	maker	NOUN
ajfa-1319	264	35	.	.	PUNCT
ajfa-1319	265	1	a	a	DET
ajfa-1319	265	2	variable	variable	NOUN
ajfa-1319	265	3	is	be	AUX
ajfa-1319	265	4	introduced	introduce	VERB
ajfa-1319	265	5	to	to	PART
ajfa-1319	265	6	account	account	VERB
ajfa-1319	265	7	for	for	ADP
ajfa-1319	265	8	dissimilarities	dissimilarity	NOUN
ajfa-1319	265	9	in	in	ADP
ajfa-1319	265	10	bank	bank	NOUN
ajfa-1319	265	11	performance	performance	NOUN
ajfa-1319	265	12	which	which	PRON
ajfa-1319	265	13	are	be	AUX
ajfa-1319	265	14	attributed	attribute	VERB
ajfa-1319	265	15	to	to	ADP
ajfa-1319	265	16	size	size	NOUN
ajfa-1319	265	17	differences	difference	NOUN
ajfa-1319	265	18	.	.	PUNCT
ajfa-1319	266	1	total	total	ADJ
ajfa-1319	266	2	assets	asset	NOUN
ajfa-1319	266	3	are	be	AUX
ajfa-1319	266	4	used	use	VERB
ajfa-1319	266	5	as	as	ADP
ajfa-1319	266	6	a	a	DET
ajfa-1319	266	7	proxy	proxy	NOUN
ajfa-1319	266	8	of	of	ADP
ajfa-1319	266	9	size	size	NOUN
ajfa-1319	266	10	as	as	SCONJ
ajfa-1319	266	11	it	it	PRON
ajfa-1319	266	12	achieves	achieve	VERB
ajfa-1319	266	13	the	the	DET
ajfa-1319	266	14	most	most	ADV
ajfa-1319	266	15	accurate	accurate	ADJ
ajfa-1319	266	16	description	description	NOUN
ajfa-1319	266	17	of	of	ADP
ajfa-1319	266	18	size	size	NOUN
ajfa-1319	266	19	.	.	PUNCT
ajfa-1319	267	1	it	it	PRON
ajfa-1319	267	2	is	be	AUX
ajfa-1319	267	3	common	common	ADJ
ajfa-1319	267	4	practice	practice	NOUN
ajfa-1319	267	5	to	to	PART
ajfa-1319	267	6	employ	employ	VERB
ajfa-1319	267	7	several	several	ADJ
ajfa-1319	267	8	dummy	dummy	ADJ
ajfa-1319	267	9	variables	variable	NOUN
ajfa-1319	267	10	,	,	PUNCT
ajfa-1319	267	11	however	however	ADV
ajfa-1319	267	12	considering	consider	VERB
ajfa-1319	267	13	the	the	DET
ajfa-1319	267	14	small	small	ADJ
ajfa-1319	267	15	nature	nature	NOUN
ajfa-1319	267	16	of	of	ADP
ajfa-1319	267	17	the	the	DET
ajfa-1319	267	18	sample	sample	NOUN
ajfa-1319	267	19	in	in	ADP
ajfa-1319	267	20	this	this	DET
ajfa-1319	267	21	paper	paper	NOUN
ajfa-1319	267	22	only	only	ADV
ajfa-1319	267	23	1	1	NUM
ajfa-1319	267	24	dummy	dummy	ADJ
ajfa-1319	267	25	variable	variable	NOUN
ajfa-1319	267	26	is	be	AUX
ajfa-1319	267	27	used	use	VERB
ajfa-1319	267	28	.	.	PUNCT
ajfa-1319	268	1	the	the	DET
ajfa-1319	268	2	data	data	NOUN
ajfa-1319	268	3	is	be	AUX
ajfa-1319	268	4	split	split	VERB
ajfa-1319	268	5	into	into	ADP
ajfa-1319	268	6	two	two	NUM
ajfa-1319	268	7	categories	category	NOUN
ajfa-1319	268	8	,	,	PUNCT
ajfa-1319	268	9	the	the	DET
ajfa-1319	268	10	larger	large	ADJ
ajfa-1319	268	11	half	half	NOUN
ajfa-1319	268	12	of	of	ADP
ajfa-1319	268	13	banks	bank	NOUN
ajfa-1319	268	14	according	accord	VERB
ajfa-1319	268	15	to	to	ADP
ajfa-1319	268	16	asset	asset	NOUN
ajfa-1319	268	17	size	size	NOUN
ajfa-1319	268	18	are	be	AUX
ajfa-1319	268	19	given	give	VERB
ajfa-1319	268	20	the	the	DET
ajfa-1319	268	21	value	value	NOUN
ajfa-1319	268	22	of	of	ADP
ajfa-1319	268	23	1	1	NUM
ajfa-1319	268	24	while	while	SCONJ
ajfa-1319	268	25	the	the	DET
ajfa-1319	268	26	smaller	small	ADJ
ajfa-1319	268	27	half	half	NOUN
ajfa-1319	268	28	of	of	ADP
ajfa-1319	268	29	banks	bank	NOUN
ajfa-1319	268	30	were	be	AUX
ajfa-1319	268	31	given	give	VERB
ajfa-1319	268	32	a	a	DET
ajfa-1319	268	33	value	value	NOUN
ajfa-1319	268	34	of	of	ADP
ajfa-1319	268	35	0	0	NUM
ajfa-1319	268	36	.	.	PUNCT
ajfa-1319	269	1	risk	risk	NOUN
ajfa-1319	269	2	is	be	AUX
ajfa-1319	269	3	another	another	DET
ajfa-1319	269	4	bank	bank	NOUN
ajfa-1319	269	5	characteristic	characteristic	ADJ
ajfa-1319	269	6	which	which	PRON
ajfa-1319	269	7	is	be	AUX
ajfa-1319	269	8	generally	generally	ADV
ajfa-1319	269	9	believed	believe	VERB
ajfa-1319	269	10	to	to	PART
ajfa-1319	269	11	influence	influence	VERB
ajfa-1319	269	12	profit	profit	NOUN
ajfa-1319	269	13	efficiency	efficiency	NOUN
ajfa-1319	269	14	.	.	PUNCT
ajfa-1319	270	1	asian	asian	ADJ
ajfa-1319	270	2	journal	journal	PROPN
ajfa-1319	270	3	of	of	ADP
ajfa-1319	270	4	finance	finance	PROPN
ajfa-1319	270	5	&	&	CCONJ
ajfa-1319	270	6	accounting	accounting	PROPN
ajfa-1319	270	7	issn	issn	PROPN
ajfa-1319	270	8	1946	1946	NUM
ajfa-1319	270	9	-	-	PUNCT
ajfa-1319	270	10	052x	052x	NOUN
ajfa-1319	270	11	2012	2012	NUM
ajfa-1319	270	12	,	,	PUNCT
ajfa-1319	270	13	vol	vol	NOUN
ajfa-1319	270	14	.	.	PROPN
ajfa-1319	270	15	4	4	NUM
ajfa-1319	270	16	,	,	PUNCT
ajfa-1319	270	17	no	no	INTJ
ajfa-1319	270	18	.	.	NOUN
ajfa-1319	270	19	1	1	NUM
ajfa-1319	270	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1319	270	21	290	290	NUM
ajfa-1319	270	22	it	it	PRON
ajfa-1319	270	23	would	would	AUX
ajfa-1319	270	24	not	not	PART
ajfa-1319	270	25	be	be	AUX
ajfa-1319	270	26	wrong	wrong	ADJ
ajfa-1319	270	27	to	to	PART
ajfa-1319	270	28	assume	assume	VERB
ajfa-1319	270	29	that	that	SCONJ
ajfa-1319	270	30	variables	variable	NOUN
ajfa-1319	270	31	such	such	ADJ
ajfa-1319	270	32	as	as	ADP
ajfa-1319	270	33	(	(	PUNCT
ajfa-1319	270	34	l	l	NOUN
ajfa-1319	270	35	/	/	SYM
ajfa-1319	270	36	a	a	NOUN
ajfa-1319	270	37	)	)	PUNCT
ajfa-1319	270	38	and	and	CCONJ
ajfa-1319	270	39	(	(	PUNCT
ajfa-1319	270	40	ecap	ecap	PROPN
ajfa-1319	270	41	)	)	PUNCT
ajfa-1319	270	42	already	already	ADV
ajfa-1319	270	43	form	form	VERB
ajfa-1319	270	44	some	some	DET
ajfa-1319	270	45	sort	sort	NOUN
ajfa-1319	270	46	of	of	ADP
ajfa-1319	270	47	measurement	measurement	NOUN
ajfa-1319	270	48	of	of	ADP
ajfa-1319	270	49	risk	risk	NOUN
ajfa-1319	270	50	,	,	PUNCT
ajfa-1319	270	51	these	these	DET
ajfa-1319	270	52	variables	variable	NOUN
ajfa-1319	270	53	measure	measure	VERB
ajfa-1319	270	54	leverage	leverage	NOUN
ajfa-1319	270	55	which	which	PRON
ajfa-1319	270	56	in	in	ADP
ajfa-1319	270	57	itself	itself	PRON
ajfa-1319	270	58	is	be	AUX
ajfa-1319	270	59	a	a	DET
ajfa-1319	270	60	component	component	NOUN
ajfa-1319	270	61	of	of	ADP
ajfa-1319	270	62	overall	overall	ADJ
ajfa-1319	270	63	risk	risk	NOUN
ajfa-1319	270	64	.	.	PUNCT
ajfa-1319	271	1	therefore	therefore	ADV
ajfa-1319	271	2	the	the	DET
ajfa-1319	271	3	risk	risk	NOUN
ajfa-1319	271	4	these	these	DET
ajfa-1319	271	5	variables	variable	NOUN
ajfa-1319	271	6	account	account	VERB
ajfa-1319	271	7	for	for	ADP
ajfa-1319	271	8	may	may	AUX
ajfa-1319	271	9	not	not	PART
ajfa-1319	271	10	be	be	AUX
ajfa-1319	271	11	complete	complete	ADJ
ajfa-1319	271	12	,	,	PUNCT
ajfa-1319	271	13	it	it	PRON
ajfa-1319	271	14	is	be	AUX
ajfa-1319	271	15	important	important	ADJ
ajfa-1319	271	16	to	to	PART
ajfa-1319	271	17	have	have	VERB
ajfa-1319	271	18	a	a	DET
ajfa-1319	271	19	unique	unique	ADJ
ajfa-1319	271	20	variable	variable	NOUN
ajfa-1319	271	21	which	which	PRON
ajfa-1319	271	22	explicitly	explicitly	ADV
ajfa-1319	271	23	measures	measure	VERB
ajfa-1319	271	24	risk	risk	NOUN
ajfa-1319	271	25	.	.	PUNCT
ajfa-1319	272	1	this	this	DET
ajfa-1319	272	2	variable	variable	NOUN
ajfa-1319	272	3	is	be	AUX
ajfa-1319	272	4	(	(	PUNCT
ajfa-1319	272	5	sdroe	sdroe	NOUN
ajfa-1319	272	6	)	)	PUNCT
ajfa-1319	272	7	and	and	CCONJ
ajfa-1319	272	8	it	it	PRON
ajfa-1319	272	9	measures	measure	VERB
ajfa-1319	272	10	the	the	DET
ajfa-1319	272	11	standard	standard	ADJ
ajfa-1319	272	12	deviation	deviation	NOUN
ajfa-1319	272	13	of	of	ADP
ajfa-1319	272	14	the	the	DET
ajfa-1319	272	15	return	return	NOUN
ajfa-1319	272	16	on	on	ADP
ajfa-1319	272	17	equity	equity	NOUN
ajfa-1319	272	18	.	.	PUNCT
ajfa-1319	273	1	empirically	empirically	ADV
ajfa-1319	273	2	it	it	PRON
ajfa-1319	273	3	would	would	AUX
ajfa-1319	273	4	be	be	AUX
ajfa-1319	273	5	expected	expect	VERB
ajfa-1319	273	6	that	that	SCONJ
ajfa-1319	273	7	the	the	DET
ajfa-1319	273	8	level	level	NOUN
ajfa-1319	273	9	of	of	ADP
ajfa-1319	273	10	risk	risk	NOUN
ajfa-1319	273	11	is	be	AUX
ajfa-1319	273	12	positively	positively	ADV
ajfa-1319	273	13	correlated	correlate	VERB
ajfa-1319	273	14	with	with	ADP
ajfa-1319	273	15	profit	profit	NOUN
ajfa-1319	273	16	efficiency	efficiency	NOUN
ajfa-1319	273	17	,	,	PUNCT
ajfa-1319	273	18	agency	agency	NOUN
ajfa-1319	273	19	theory	theory	NOUN
ajfa-1319	273	20	suggests	suggest	VERB
ajfa-1319	273	21	higher	high	ADJ
ajfa-1319	273	22	risk	risk	NOUN
ajfa-1319	273	23	encourages	encourage	VERB
ajfa-1319	273	24	a	a	DET
ajfa-1319	273	25	stronger	strong	ADJ
ajfa-1319	273	26	work	work	NOUN
ajfa-1319	273	27	ethic	ethic	ADJ
ajfa-1319	273	28	,	,	PUNCT
ajfa-1319	273	29	hence	hence	ADV
ajfa-1319	273	30	profit	profit	NOUN
ajfa-1319	273	31	efficiency	efficiency	NOUN
ajfa-1319	273	32	is	be	AUX
ajfa-1319	273	33	increased	increase	VERB
ajfa-1319	273	34	.	.	PUNCT
ajfa-1319	274	1	to	to	PART
ajfa-1319	274	2	determine	determine	VERB
ajfa-1319	274	3	the	the	DET
ajfa-1319	274	4	standard	standard	ADJ
ajfa-1319	274	5	deviation	deviation	NOUN
ajfa-1319	274	6	of	of	ADP
ajfa-1319	274	7	return	return	NOUN
ajfa-1319	274	8	on	on	ADP
ajfa-1319	274	9	equity	equity	NOUN
ajfa-1319	274	10	(	(	PUNCT
ajfa-1319	274	11	roe	roe	PROPN
ajfa-1319	274	12	)	)	PUNCT
ajfa-1319	274	13	,	,	PUNCT
ajfa-1319	274	14	actual	actual	ADJ
ajfa-1319	274	15	observations	observation	NOUN
ajfa-1319	274	16	of	of	ADP
ajfa-1319	274	17	(	(	PUNCT
ajfa-1319	274	18	roe	roe	PROPN
ajfa-1319	274	19	)	)	PUNCT
ajfa-1319	274	20	were	be	AUX
ajfa-1319	274	21	made	make	VERB
ajfa-1319	274	22	over	over	ADP
ajfa-1319	274	23	4	4	NUM
ajfa-1319	274	24	consecutive	consecutive	ADJ
ajfa-1319	274	25	years	year	NOUN
ajfa-1319	274	26	for	for	ADP
ajfa-1319	274	27	each	each	DET
ajfa-1319	274	28	bank	bank	NOUN
ajfa-1319	274	29	,	,	PUNCT
ajfa-1319	274	30	hence	hence	ADV
ajfa-1319	274	31	the	the	DET
ajfa-1319	274	32	standard	standard	ADJ
ajfa-1319	274	33	deviation	deviation	NOUN
ajfa-1319	274	34	was	be	AUX
ajfa-1319	274	35	found	find	VERB
ajfa-1319	274	36	employing	employ	VERB
ajfa-1319	274	37	a	a	DET
ajfa-1319	274	38	general	general	ADJ
ajfa-1319	274	39	definition	definition	NOUN
ajfa-1319	274	40	of	of	ADP
ajfa-1319	274	41	standard	standard	ADJ
ajfa-1319	274	42	deviation	deviation	NOUN
ajfa-1319	274	43	.	.	PUNCT
ajfa-1319	275	1	sdroe	sdroe	NOUN
ajfa-1319	275	2	is	be	AUX
ajfa-1319	275	3	defined	define	VERB
ajfa-1319	275	4	as	as	ADP
ajfa-1319	275	5	:	:	PUNCT
ajfa-1319	275	6			NOUN
ajfa-1319	275	7	2	2	ADJ
ajfa-1319	275	8	1	1	NUM
ajfa-1319	275	9	1	1	NUM
ajfa-1319	275	10	n	n	NUM
ajfa-1319	275	11	i	i	PRON
ajfa-1319	275	12	i	i	VERB
ajfa-1319	275	13	x	x	SYM
ajfa-1319	275	14	n	n	PRON
ajfa-1319	275	15			PROPN
ajfa-1319	275	16			NOUN
ajfa-1319	275	17			NOUN
ajfa-1319	275	18			NUM
ajfa-1319	276	1			NOUN
ajfa-1319	276	2	(	(	PUNCT
ajfa-1319	276	3	11	11	NUM
ajfa-1319	276	4	)	)	PUNCT
ajfa-1319	276	5	where	where	SCONJ
ajfa-1319	276	6	(	(	PUNCT
ajfa-1319	276	7	σ	σ	NOUN
ajfa-1319	276	8	)	)	PUNCT
ajfa-1319	276	9	is	be	AUX
ajfa-1319	276	10	defined	define	VERB
ajfa-1319	276	11	as	as	ADP
ajfa-1319	276	12	the	the	DET
ajfa-1319	276	13	standard	standard	ADJ
ajfa-1319	276	14	deviation	deviation	NOUN
ajfa-1319	276	15	of	of	ADP
ajfa-1319	276	16	roe	roe	NOUN
ajfa-1319	276	17	,	,	PUNCT
ajfa-1319	276	18	(	(	PUNCT
ajfa-1319	276	19	n	n	CCONJ
ajfa-1319	276	20	)	)	PUNCT
ajfa-1319	276	21	is	be	AUX
ajfa-1319	276	22	the	the	DET
ajfa-1319	276	23	number	number	NOUN
ajfa-1319	276	24	of	of	ADP
ajfa-1319	276	25	observation	observation	NOUN
ajfa-1319	276	26	,	,	PUNCT
ajfa-1319	276	27	xi	xi	X
ajfa-1319	276	28	is	be	AUX
ajfa-1319	276	29	the	the	DET
ajfa-1319	276	30	individual	individual	ADJ
ajfa-1319	276	31	observation	observation	NOUN
ajfa-1319	276	32	and	and	CCONJ
ajfa-1319	276	33	μ	μ	NOUN
ajfa-1319	276	34	defined	define	VERB
ajfa-1319	276	35	as	as	ADP
ajfa-1319	276	36	the	the	DET
ajfa-1319	276	37	mean	mean	NOUN
ajfa-1319	276	38	of	of	ADP
ajfa-1319	276	39	the	the	DET
ajfa-1319	276	40	4	4	NUM
ajfa-1319	276	41	year	year	NOUN
ajfa-1319	276	42	observations	observation	NOUN
ajfa-1319	276	43	for	for	ADP
ajfa-1319	276	44	each	each	DET
ajfa-1319	276	45	individual	individual	ADJ
ajfa-1319	276	46	bank	bank	NOUN
ajfa-1319	276	47	.	.	PUNCT
ajfa-1319	277	1	a	a	DET
ajfa-1319	277	2	variable	variable	NOUN
ajfa-1319	277	3	to	to	PART
ajfa-1319	277	4	control	control	VERB
ajfa-1319	277	5	market	market	NOUN
ajfa-1319	277	6	share	share	NOUN
ajfa-1319	277	7	also	also	ADV
ajfa-1319	277	8	constitutes	constitute	VERB
ajfa-1319	277	9	part	part	NOUN
ajfa-1319	277	10	of	of	ADP
ajfa-1319	277	11	the	the	DET
ajfa-1319	277	12	model	model	NOUN
ajfa-1319	277	13	(	(	PUNCT
ajfa-1319	277	14	mktsh	mktsh	NOUN
ajfa-1319	277	15	)	)	PUNCT
ajfa-1319	277	16	,	,	PUNCT
ajfa-1319	277	17	although	although	SCONJ
ajfa-1319	277	18	total	total	ADJ
ajfa-1319	277	19	assets	asset	NOUN
ajfa-1319	277	20	may	may	AUX
ajfa-1319	277	21	give	give	VERB
ajfa-1319	277	22	a	a	DET
ajfa-1319	277	23	good	good	ADJ
ajfa-1319	277	24	indication	indication	NOUN
ajfa-1319	277	25	of	of	ADP
ajfa-1319	277	26	market	market	NOUN
ajfa-1319	277	27	share	share	NOUN
ajfa-1319	277	28	it	it	PRON
ajfa-1319	277	29	is	be	AUX
ajfa-1319	277	30	not	not	PART
ajfa-1319	277	31	the	the	DET
ajfa-1319	277	32	preferred	prefer	VERB
ajfa-1319	277	33	measure	measure	NOUN
ajfa-1319	277	34	of	of	ADP
ajfa-1319	277	35	previous	previous	ADJ
ajfa-1319	277	36	studies	study	NOUN
ajfa-1319	277	37	,	,	PUNCT
ajfa-1319	277	38	this	this	PRON
ajfa-1319	277	39	is	be	AUX
ajfa-1319	277	40	understandable	understandable	ADJ
ajfa-1319	277	41	as	as	SCONJ
ajfa-1319	277	42	total	total	ADJ
ajfa-1319	277	43	assets	asset	NOUN
ajfa-1319	277	44	do	do	AUX
ajfa-1319	277	45	not	not	PART
ajfa-1319	277	46	directly	directly	ADV
ajfa-1319	277	47	equal	equal	ADJ
ajfa-1319	277	48	to	to	ADP
ajfa-1319	277	49	a	a	DET
ajfa-1319	277	50	one	one	NUM
ajfa-1319	277	51	-	-	PUNCT
ajfa-1319	277	52	to	to	ADP
ajfa-1319	277	53	-	-	PUNCT
ajfa-1319	277	54	one	one	NUM
ajfa-1319	277	55	relationship	relationship	NOUN
ajfa-1319	277	56	with	with	ADP
ajfa-1319	277	57	market	market	NOUN
ajfa-1319	277	58	share	share	NOUN
ajfa-1319	277	59	,	,	PUNCT
ajfa-1319	277	60	instead	instead	ADV
ajfa-1319	277	61	a	a	DET
ajfa-1319	277	62	more	more	ADV
ajfa-1319	277	63	conventional	conventional	ADJ
ajfa-1319	277	64	measure	measure	NOUN
ajfa-1319	277	65	using	use	VERB
ajfa-1319	277	66	total	total	ADJ
ajfa-1319	277	67	deposits	deposit	NOUN
ajfa-1319	277	68	of	of	ADP
ajfa-1319	277	69	market	market	NOUN
ajfa-1319	277	70	share	share	NOUN
ajfa-1319	277	71	is	be	AUX
ajfa-1319	277	72	used	use	VERB
ajfa-1319	277	73	.	.	PUNCT
ajfa-1319	278	1	the	the	DET
ajfa-1319	278	2	data	datum	NOUN
ajfa-1319	278	3	of	of	ADP
ajfa-1319	278	4	individual	individual	ADJ
ajfa-1319	278	5	banks	bank	NOUN
ajfa-1319	278	6	total	total	VERB
ajfa-1319	278	7	deposits	deposit	NOUN
ajfa-1319	278	8	as	as	ADV
ajfa-1319	278	9	well	well	ADV
ajfa-1319	278	10	as	as	ADP
ajfa-1319	278	11	the	the	DET
ajfa-1319	278	12	total	total	ADJ
ajfa-1319	278	13	deposits	deposit	NOUN
ajfa-1319	278	14	in	in	ADP
ajfa-1319	278	15	the	the	DET
ajfa-1319	278	16	market	market	NOUN
ajfa-1319	278	17	were	be	AUX
ajfa-1319	278	18	retrieved	retrieve	VERB
ajfa-1319	278	19	from	from	ADP
ajfa-1319	278	20	the	the	DET
ajfa-1319	278	21	australian	australian	ADJ
ajfa-1319	278	22	prudential	prudential	ADJ
ajfa-1319	278	23	regulation	regulation	NOUN
ajfa-1319	278	24	authority	authority	NOUN
ajfa-1319	278	25	(	(	PUNCT
ajfa-1319	278	26	apra	apra	ADJ
ajfa-1319	278	27	)	)	PUNCT
ajfa-1319	278	28	.	.	PUNCT
ajfa-1319	279	1	the	the	DET
ajfa-1319	279	2	top	top	ADJ
ajfa-1319	279	3	10	10	NUM
ajfa-1319	279	4	banks	bank	NOUN
ajfa-1319	279	5	had	have	VERB
ajfa-1319	279	6	a	a	DET
ajfa-1319	279	7	total	total	ADJ
ajfa-1319	279	8	market	market	NOUN
ajfa-1319	279	9	share	share	NOUN
ajfa-1319	279	10	of	of	ADP
ajfa-1319	279	11	around	around	ADV
ajfa-1319	279	12	75	75	NUM
ajfa-1319	279	13	percent	percent	NOUN
ajfa-1319	279	14	,	,	PUNCT
ajfa-1319	279	15	the	the	DET
ajfa-1319	279	16	reasonable	reasonable	ADJ
ajfa-1319	279	17	assumption	assumption	NOUN
ajfa-1319	279	18	was	be	AUX
ajfa-1319	279	19	that	that	SCONJ
ajfa-1319	279	20	the	the	DET
ajfa-1319	279	21	rest	rest	NOUN
ajfa-1319	279	22	of	of	ADP
ajfa-1319	279	23	the	the	DET
ajfa-1319	279	24	banks	bank	NOUN
ajfa-1319	279	25	in	in	ADP
ajfa-1319	279	26	the	the	DET
ajfa-1319	279	27	sample	sample	NOUN
ajfa-1319	279	28	had	have	VERB
ajfa-1319	279	29	equal	equal	ADJ
ajfa-1319	279	30	share	share	NOUN
ajfa-1319	279	31	of	of	ADP
ajfa-1319	279	32	the	the	DET
ajfa-1319	279	33	remaining	remain	VERB
ajfa-1319	279	34	25	25	NUM
ajfa-1319	279	35	percent	percent	NOUN
ajfa-1319	279	36	.	.	PUNCT
ajfa-1319	280	1	the	the	DET
ajfa-1319	280	2	efficiency	efficiency	NOUN
ajfa-1319	280	3	structure	structure	NOUN
ajfa-1319	280	4	hypothesis	hypothesis	NOUN
ajfa-1319	280	5	states	state	VERB
ajfa-1319	280	6	that	that	SCONJ
ajfa-1319	280	7	it	it	PRON
ajfa-1319	280	8	is	be	AUX
ajfa-1319	280	9	actually	actually	ADV
ajfa-1319	280	10	efficiency	efficiency	NOUN
ajfa-1319	280	11	of	of	ADP
ajfa-1319	280	12	firms	firm	NOUN
ajfa-1319	280	13	which	which	PRON
ajfa-1319	280	14	determines	determine	VERB
ajfa-1319	280	15	market	market	NOUN
ajfa-1319	280	16	share	share	NOUN
ajfa-1319	280	17	;	;	PUNCT
ajfa-1319	280	18	however	however	ADV
ajfa-1319	280	19	this	this	DET
ajfa-1319	280	20	paper	paper	NOUN
ajfa-1319	280	21	attempts	attempt	VERB
ajfa-1319	280	22	to	to	PART
ajfa-1319	280	23	find	find	VERB
ajfa-1319	280	24	whether	whether	SCONJ
ajfa-1319	280	25	there	there	PRON
ajfa-1319	280	26	is	be	VERB
ajfa-1319	280	27	a	a	DET
ajfa-1319	280	28	relationship	relationship	NOUN
ajfa-1319	280	29	that	that	PRON
ajfa-1319	280	30	works	work	VERB
ajfa-1319	280	31	in	in	ADP
ajfa-1319	280	32	the	the	DET
ajfa-1319	280	33	other	other	ADJ
ajfa-1319	280	34	direction	direction	NOUN
ajfa-1319	280	35	,	,	PUNCT
ajfa-1319	280	36	that	that	ADV
ajfa-1319	280	37	is	is	ADV
ajfa-1319	280	38	we	we	PRON
ajfa-1319	280	39	test	test	VERB
ajfa-1319	280	40	if	if	SCONJ
ajfa-1319	280	41	market	market	NOUN
ajfa-1319	280	42	share	share	NOUN
ajfa-1319	280	43	has	have	VERB
ajfa-1319	280	44	a	a	DET
ajfa-1319	280	45	positive	positive	ADJ
ajfa-1319	280	46	or	or	CCONJ
ajfa-1319	280	47	indeed	indeed	ADV
ajfa-1319	280	48	negative	negative	ADJ
ajfa-1319	280	49	influence	influence	NOUN
ajfa-1319	280	50	on	on	ADP
ajfa-1319	280	51	profit	profit	NOUN
ajfa-1319	280	52	efficiency	efficiency	NOUN
ajfa-1319	280	53	.	.	PUNCT
ajfa-1319	281	1	5	5	X
ajfa-1319	281	2	.	.	X
ajfa-1319	281	3	results	result	VERB
ajfa-1319	281	4	5.1	5.1	NUM
ajfa-1319	281	5	descriptive	descriptive	ADJ
ajfa-1319	281	6	statistics	statistic	NOUN
ajfa-1319	281	7	here	here	ADV
ajfa-1319	281	8	the	the	DET
ajfa-1319	281	9	properties	property	NOUN
ajfa-1319	281	10	of	of	ADP
ajfa-1319	281	11	our	our	PRON
ajfa-1319	281	12	profit	profit	NOUN
ajfa-1319	281	13	efficiency	efficiency	NOUN
ajfa-1319	281	14	findings	finding	NOUN
ajfa-1319	281	15	are	be	AUX
ajfa-1319	281	16	discussed	discuss	VERB
ajfa-1319	281	17	.	.	PUNCT
ajfa-1319	282	1	it	it	PRON
ajfa-1319	282	2	is	be	AUX
ajfa-1319	282	3	essential	essential	ADJ
ajfa-1319	282	4	to	to	ADP
ajfa-1319	282	5	our	our	PRON
ajfa-1319	282	6	paper	paper	NOUN
ajfa-1319	282	7	to	to	PART
ajfa-1319	282	8	have	have	VERB
ajfa-1319	282	9	reliable	reliable	ADJ
ajfa-1319	282	10	and	and	CCONJ
ajfa-1319	282	11	robust	robust	ADJ
ajfa-1319	282	12	profit	profit	NOUN
ajfa-1319	282	13	efficiency	efficiency	NOUN
ajfa-1319	282	14	results	result	NOUN
ajfa-1319	282	15	of	of	ADP
ajfa-1319	282	16	banks	bank	NOUN
ajfa-1319	282	17	in	in	ADP
ajfa-1319	282	18	australia	australia	PROPN
ajfa-1319	282	19	.	.	PUNCT
ajfa-1319	283	1	table	table	NOUN
ajfa-1319	283	2	1	1	NUM
ajfa-1319	283	3	depicts	depict	VERB
ajfa-1319	283	4	a	a	DET
ajfa-1319	283	5	very	very	ADV
ajfa-1319	283	6	interesting	interesting	ADJ
ajfa-1319	283	7	picture	picture	NOUN
ajfa-1319	283	8	and	and	CCONJ
ajfa-1319	283	9	signify	signify	VERB
ajfa-1319	283	10	the	the	DET
ajfa-1319	283	11	importance	importance	NOUN
ajfa-1319	283	12	of	of	ADP
ajfa-1319	283	13	this	this	DET
ajfa-1319	283	14	paper	paper	NOUN
ajfa-1319	283	15	.	.	PUNCT
ajfa-1319	284	1	the	the	DET
ajfa-1319	284	2	results	result	NOUN
ajfa-1319	284	3	reflect	reflect	VERB
ajfa-1319	284	4	the	the	DET
ajfa-1319	284	5	profit	profit	NOUN
ajfa-1319	284	6	efficiency	efficiency	NOUN
ajfa-1319	284	7	figures	figure	NOUN
ajfa-1319	284	8	of	of	ADP
ajfa-1319	284	9	australian	australian	ADJ
ajfa-1319	284	10	banks	bank	NOUN
ajfa-1319	284	11	as	as	SCONJ
ajfa-1319	284	12	specified	specify	VERB
ajfa-1319	284	13	by	by	ADP
ajfa-1319	284	14	the	the	DET
ajfa-1319	284	15	purposely	purposely	ADV
ajfa-1319	284	16	developed	develop	VERB
ajfa-1319	284	17	profit	profit	NOUN
ajfa-1319	284	18	efficiency	efficiency	NOUN
ajfa-1319	284	19	equation	equation	NOUN
ajfa-1319	284	20	(	(	PUNCT
ajfa-1319	284	21	equation	equation	NOUN
ajfa-1319	284	22	5	5	NUM
ajfa-1319	284	23	)	)	PUNCT
ajfa-1319	284	24	.	.	PUNCT
ajfa-1319	285	1	it	it	PRON
ajfa-1319	285	2	shows	show	VERB
ajfa-1319	285	3	profit	profit	NOUN
ajfa-1319	285	4	efficiency	efficiency	NOUN
ajfa-1319	285	5	in	in	ADP
ajfa-1319	285	6	australian	australian	ADJ
ajfa-1319	285	7	banks	bank	NOUN
ajfa-1319	285	8	to	to	PART
ajfa-1319	285	9	be	be	AUX
ajfa-1319	285	10	averaging	average	VERB
ajfa-1319	285	11	78.6	78.6	NUM
ajfa-1319	285	12	%	%	NOUN
ajfa-1319	285	13	;	;	PUNCT
ajfa-1319	285	14	that	that	PRON
ajfa-1319	285	15	is	is	ADV
ajfa-1319	285	16	,	,	PUNCT
ajfa-1319	285	17	on	on	ADP
ajfa-1319	285	18	average	average	ADJ
ajfa-1319	285	19	banks	bank	NOUN
ajfa-1319	285	20	profit	profit	NOUN
ajfa-1319	285	21	efficiency	efficiency	NOUN
ajfa-1319	285	22	is	be	AUX
ajfa-1319	285	23	78.6	78.6	NUM
ajfa-1319	285	24	%	%	NOUN
ajfa-1319	285	25	relative	relative	ADJ
ajfa-1319	285	26	to	to	ADP
ajfa-1319	285	27	the	the	DET
ajfa-1319	285	28	performance	performance	NOUN
ajfa-1319	285	29	of	of	ADP
ajfa-1319	285	30	the	the	DET
ajfa-1319	285	31	most	most	ADV
ajfa-1319	285	32	profit	profit	NOUN
ajfa-1319	285	33	efficient	efficient	ADJ
ajfa-1319	285	34	bank	bank	NOUN
ajfa-1319	285	35	.	.	PUNCT
ajfa-1319	286	1	it	it	PRON
ajfa-1319	286	2	is	be	AUX
ajfa-1319	286	3	important	important	ADJ
ajfa-1319	286	4	not	not	PART
ajfa-1319	286	5	to	to	PART
ajfa-1319	286	6	forget	forget	VERB
ajfa-1319	286	7	what	what	PRON
ajfa-1319	286	8	the	the	DET
ajfa-1319	286	9	implications	implication	NOUN
ajfa-1319	286	10	of	of	ADP
ajfa-1319	286	11	profit	profit	NOUN
ajfa-1319	286	12	efficiency	efficiency	NOUN
ajfa-1319	286	13	are	be	AUX
ajfa-1319	286	14	,	,	PUNCT
ajfa-1319	286	15	profit	profit	NOUN
ajfa-1319	286	16	efficiency	efficiency	NOUN
ajfa-1319	286	17	measures	measure	VERB
ajfa-1319	286	18	the	the	DET
ajfa-1319	286	19	actual	actual	ADJ
ajfa-1319	286	20	output	output	NOUN
ajfa-1319	286	21	produced	produce	VERB
ajfa-1319	286	22	given	give	VERB
ajfa-1319	286	23	any	any	DET
ajfa-1319	286	24	level	level	NOUN
ajfa-1319	286	25	of	of	ADP
ajfa-1319	286	26	inputs	input	NOUN
ajfa-1319	286	27	required	require	VERB
ajfa-1319	286	28	to	to	PART
ajfa-1319	286	29	create	create	VERB
ajfa-1319	286	30	said	say	VERB
ajfa-1319	286	31	outputs	output	NOUN
ajfa-1319	286	32	.	.	PUNCT
ajfa-1319	287	1	the	the	DET
ajfa-1319	287	2	percentage	percentage	NOUN
ajfa-1319	287	3	of	of	ADP
ajfa-1319	287	4	relative	relative	ADJ
ajfa-1319	287	5	profit	profit	NOUN
ajfa-1319	287	6	efficiency	efficiency	NOUN
ajfa-1319	287	7	is	be	AUX
ajfa-1319	287	8	then	then	ADV
ajfa-1319	287	9	based	base	VERB
ajfa-1319	287	10	on	on	ADP
ajfa-1319	287	11	the	the	DET
ajfa-1319	287	12	most	most	ADV
ajfa-1319	287	13	efficient	efficient	ADJ
ajfa-1319	287	14	bank	bank	NOUN
ajfa-1319	287	15	and	and	CCONJ
ajfa-1319	287	16	its	its	PRON
ajfa-1319	287	17	ability	ability	NOUN
ajfa-1319	287	18	to	to	PART
ajfa-1319	287	19	produce	produce	VERB
ajfa-1319	287	20	outputs	output	NOUN
ajfa-1319	287	21	given	give	VERB
ajfa-1319	287	22	the	the	DET
ajfa-1319	287	23	level	level	NOUN
ajfa-1319	287	24	of	of	ADP
ajfa-1319	287	25	inputs	input	NOUN
ajfa-1319	287	26	.	.	PUNCT
ajfa-1319	288	1	remembering	remember	VERB
ajfa-1319	288	2	this	this	PRON
ajfa-1319	288	3	,	,	PUNCT
ajfa-1319	288	4	it	it	PRON
ajfa-1319	288	5	is	be	AUX
ajfa-1319	288	6	then	then	ADV
ajfa-1319	288	7	clear	clear	ADJ
ajfa-1319	288	8	that	that	SCONJ
ajfa-1319	288	9	the	the	DET
ajfa-1319	288	10	importance	importance	NOUN
ajfa-1319	288	11	of	of	ADP
ajfa-1319	288	12	the	the	DET
ajfa-1319	288	13	figures	figure	NOUN
ajfa-1319	288	14	is	be	AUX
ajfa-1319	288	15	not	not	PART
ajfa-1319	288	16	the	the	DET
ajfa-1319	288	17	mean	mean	NOUN
ajfa-1319	288	18	78.6	78.6	NUM
ajfa-1319	288	19	%	%	NOUN
ajfa-1319	288	20	profit	profit	NOUN
ajfa-1319	288	21	efficiency	efficiency	NOUN
ajfa-1319	288	22	but	but	CCONJ
ajfa-1319	288	23	rather	rather	ADV
ajfa-1319	288	24	the	the	DET
ajfa-1319	288	25	consequential	consequential	ADJ
ajfa-1319	288	26	mean	mean	NOUN
ajfa-1319	288	27	profit	profit	NOUN
ajfa-1319	288	28	inefficiency	inefficiency	NOUN
ajfa-1319	288	29	of	of	ADP
ajfa-1319	288	30	21.4	21.4	NUM
ajfa-1319	288	31	%	%	NOUN
ajfa-1319	288	32	.	.	PUNCT
ajfa-1319	289	1	this	this	DET
ajfa-1319	289	2	figure	figure	NOUN
ajfa-1319	289	3	implies	imply	VERB
ajfa-1319	289	4	on	on	ADP
ajfa-1319	289	5	average	average	ADJ
ajfa-1319	289	6	,	,	PUNCT
ajfa-1319	289	7	banks	bank	NOUN
ajfa-1319	289	8	can	can	AUX
ajfa-1319	289	9	increase	increase	VERB
ajfa-1319	289	10	profit	profit	NOUN
ajfa-1319	289	11	by	by	ADP
ajfa-1319	289	12	21.4	21.4	NUM
ajfa-1319	289	13	%	%	NOUN
ajfa-1319	289	14	by	by	ADP
ajfa-1319	289	15	simply	simply	ADV
ajfa-1319	289	16	adjusting	adjust	VERB
ajfa-1319	289	17	behaviour	behaviour	NOUN
ajfa-1319	289	18	to	to	PART
ajfa-1319	289	19	be	be	AUX
ajfa-1319	289	20	in	in	ADP
ajfa-1319	289	21	line	line	NOUN
ajfa-1319	289	22	with	with	ADP
ajfa-1319	289	23	that	that	PRON
ajfa-1319	289	24	of	of	ADP
ajfa-1319	289	25	the	the	DET
ajfa-1319	289	26	best	good	ADJ
ajfa-1319	289	27	practice	practice	NOUN
ajfa-1319	289	28	bank	bank	NOUN
ajfa-1319	289	29	.	.	PUNCT
ajfa-1319	290	1	it	it	PRON
ajfa-1319	290	2	is	be	AUX
ajfa-1319	290	3	the	the	DET
ajfa-1319	290	4	duty	duty	NOUN
ajfa-1319	290	5	of	of	ADP
ajfa-1319	290	6	management	management	NOUN
ajfa-1319	290	7	to	to	PART
ajfa-1319	290	8	achieve	achieve	VERB
ajfa-1319	290	9	maximum	maximum	ADJ
ajfa-1319	290	10	possible	possible	ADJ
ajfa-1319	290	11	profit	profit	NOUN
ajfa-1319	290	12	efficiency	efficiency	NOUN
ajfa-1319	290	13	hence	hence	ADV
ajfa-1319	290	14	any	any	DET
ajfa-1319	290	15	action	action	NOUN
ajfa-1319	290	16	which	which	PRON
ajfa-1319	290	17	a	a	DET
ajfa-1319	290	18	bank	bank	NOUN
ajfa-1319	290	19	is	be	AUX
ajfa-1319	290	20	able	able	ADJ
ajfa-1319	290	21	to	to	PART
ajfa-1319	290	22	take	take	VERB
ajfa-1319	290	23	to	to	ADP
ajfa-1319	290	24	asian	asian	ADJ
ajfa-1319	290	25	journal	journal	NOUN
ajfa-1319	290	26	of	of	ADP
ajfa-1319	290	27	finance	finance	PROPN
ajfa-1319	290	28	&	&	CCONJ
ajfa-1319	290	29	accounting	accounting	PROPN
ajfa-1319	290	30	issn	issn	PROPN
ajfa-1319	290	31	1946	1946	NUM
ajfa-1319	290	32	-	-	PUNCT
ajfa-1319	290	33	052x	052x	NOUN
ajfa-1319	290	34	2012	2012	NUM
ajfa-1319	290	35	,	,	PUNCT
ajfa-1319	290	36	vol	vol	NOUN
ajfa-1319	290	37	.	.	PROPN
ajfa-1319	291	1	4	4	NUM
ajfa-1319	291	2	,	,	PUNCT
ajfa-1319	291	3	no	no	INTJ
ajfa-1319	291	4	.	.	NOUN
ajfa-1319	291	5	1	1	NUM
ajfa-1319	291	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1319	291	7	291	291	NUM
ajfa-1319	291	8	increase	increase	NOUN
ajfa-1319	291	9	incentives	incentive	NOUN
ajfa-1319	291	10	for	for	SCONJ
ajfa-1319	291	11	managerial	managerial	ADJ
ajfa-1319	291	12	staff	staff	NOUN
ajfa-1319	291	13	to	to	PART
ajfa-1319	291	14	improve	improve	VERB
ajfa-1319	291	15	performance	performance	NOUN
ajfa-1319	291	16	could	could	AUX
ajfa-1319	291	17	yield	yield	VERB
ajfa-1319	291	18	large	large	ADJ
ajfa-1319	291	19	increases	increase	NOUN
ajfa-1319	291	20	in	in	ADP
ajfa-1319	291	21	profits	profit	NOUN
ajfa-1319	291	22	.	.	PUNCT
ajfa-1319	292	1	table	table	NOUN
ajfa-1319	292	2	1	1	NUM
ajfa-1319	292	3	.	.	PUNCT
ajfa-1319	293	1	summary	summary	NOUN
ajfa-1319	293	2	table	table	NOUN
ajfa-1319	293	3	of	of	ADP
ajfa-1319	293	4	all	all	DET
ajfa-1319	293	5	variables	variable	NOUN
ajfa-1319	293	6	variable	variable	ADJ
ajfa-1319	293	7	explanation	explanation	NOUN
ajfa-1319	293	8	mean	mean	NOUN
ajfa-1319	293	9	std	std	PROPN
ajfa-1319	293	10	.	.	PROPN
ajfa-1319	294	1	dev	dev	PROPN
ajfa-1319	294	2	.	.	PUNCT
ajfa-1319	295	1	endogeneous	endogeneous	ADJ
ajfa-1319	295	2	variable	variable	ADJ
ajfa-1319	295	3	peff	peff	PROPN
ajfa-1319	295	4	profit	profit	NOUN
ajfa-1319	295	5	efficiency	efficiency	NOUN
ajfa-1319	295	6	measure	measure	NOUN
ajfa-1319	295	7	.7861	.7861	PROPN
ajfa-1319	295	8	.2678	.2678	PROPN
ajfa-1319	295	9	roe	roe	PROPN
ajfa-1319	295	10	accounting	accounting	NOUN
ajfa-1319	295	11	measure	measure	NOUN
ajfa-1319	295	12	of	of	ADP
ajfa-1319	295	13	return	return	NOUN
ajfa-1319	295	14	on	on	ADP
ajfa-1319	295	15	equity	equity	NOUN
ajfa-1319	295	16	.1577	.1577	PROPN
ajfa-1319	295	17	.0513	.0513	PROPN
ajfa-1319	295	18	explanatory	explanatory	ADJ
ajfa-1319	295	19	variables	variable	NOUN
ajfa-1319	295	20	l	l	PROPN
ajfa-1319	295	21	/	/	SYM
ajfa-1319	295	22	a	a	DET
ajfa-1319	295	23	loans	loan	NOUN
ajfa-1319	295	24	(	(	PUNCT
ajfa-1319	295	25	deposits	deposit	NOUN
ajfa-1319	295	26	,	,	PUNCT
ajfa-1319	295	27	owing	owe	VERB
ajfa-1319	295	28	to	to	ADP
ajfa-1319	295	29	other	other	ADJ
ajfa-1319	295	30	banks)/	banks)/	NOUN
ajfa-1319	295	31	total	total	ADJ
ajfa-1319	295	32	assets	asset	NOUN
ajfa-1319	295	33	.8315	.8315	PROPN
ajfa-1319	295	34	.1256	.1256	PROPN
ajfa-1319	295	35	ecap	ecap	PROPN
ajfa-1319	295	36	total	total	ADJ
ajfa-1319	295	37	financial	financial	ADJ
ajfa-1319	295	38	equity	equity	NOUN
ajfa-1319	295	39	/	/	SYM
ajfa-1319	295	40	total	total	ADJ
ajfa-1319	295	41	assets	asset	NOUN
ajfa-1319	295	42	.0633	.0633	PROPN
ajfa-1319	296	1	.0407	.0407	NOUN
ajfa-1319	296	2	shinside	shinside	NOUN
ajfa-1319	296	3	%	%	NOUN
ajfa-1319	296	4	of	of	ADP
ajfa-1319	296	5	direct	direct	ADJ
ajfa-1319	296	6	share	share	NOUN
ajfa-1319	296	7	ownership	ownership	NOUN
ajfa-1319	296	8	by	by	ADP
ajfa-1319	296	9	directors	director	NOUN
ajfa-1319	296	10	and	and	CCONJ
ajfa-1319	296	11	their	their	PRON
ajfa-1319	296	12	families	family	NOUN
ajfa-1319	296	13	.0366	.0366	PUNCT
ajfa-1319	297	1	.0497	.0497	INTJ
ajfa-1319	298	1	sh5own	sh5own	NOUN
ajfa-1319	298	2	%	%	NOUN
ajfa-1319	298	3	of	of	ADP
ajfa-1319	298	4	shares	share	NOUN
ajfa-1319	298	5	held	hold	VERB
ajfa-1319	298	6	by	by	ADP
ajfa-1319	298	7	shareholders	shareholder	NOUN
ajfa-1319	298	8	with	with	ADP
ajfa-1319	298	9	total	total	ADJ
ajfa-1319	298	10	holdings	holding	NOUN
ajfa-1319	298	11	of	of	ADP
ajfa-1319	298	12	over	over	ADP
ajfa-1319	298	13	5	5	NUM
ajfa-1319	298	14	%	%	NOUN
ajfa-1319	298	15	.2409	.2409	NOUN
ajfa-1319	298	16	.1819	.1819	PROPN
ajfa-1319	298	17	size	size	NOUN
ajfa-1319	298	18	total	total	ADJ
ajfa-1319	298	19	assets	asset	NOUN
ajfa-1319	298	20	128348575	128348575	NUM
ajfa-1319	298	21	165888162	165888162	NUM
ajfa-1319	298	22	marketshare	marketshare	NOUN
ajfa-1319	298	23	%	%	NOUN
ajfa-1319	298	24	share	share	NOUN
ajfa-1319	298	25	of	of	ADP
ajfa-1319	298	26	depoits	depoit	NOUN
ajfa-1319	298	27	held	hold	VERB
ajfa-1319	298	28	by	by	ADP
ajfa-1319	298	29	bank	bank	NOUN
ajfa-1319	298	30	relative	relative	ADJ
ajfa-1319	298	31	to	to	ADP
ajfa-1319	298	32	overall	overall	ADJ
ajfa-1319	298	33	market	market	NOUN
ajfa-1319	298	34	.064957	.064957	NOUN
ajfa-1319	298	35	.065098	.065098	PROPN
ajfa-1319	298	36	sdroe	sdroe	NOUN
ajfa-1319	298	37	standard	standard	ADJ
ajfa-1319	298	38	deviation	deviation	NOUN
ajfa-1319	298	39	of	of	ADP
ajfa-1319	298	40	return	return	NOUN
ajfa-1319	298	41	on	on	ADP
ajfa-1319	298	42	equity	equity	NOUN
ajfa-1319	298	43	.0310	.0310	PUNCT
ajfa-1319	299	1	.0174	.0174	PROPN
ajfa-1319	299	2	½	½	PROPN
ajfa-1319	299	3	ecap^2	ecap^2	PROPN
ajfa-1319	299	4	.0028	.0028	PROPN
ajfa-1319	299	5	.0046	.0046	PROPN
ajfa-1319	299	6	determinants	determinant	NOUN
ajfa-1319	299	7	of	of	ADP
ajfa-1319	299	8	profit	profit	NOUN
ajfa-1319	299	9	efficiency	efficiency	NOUN
ajfa-1319	299	10	x1	x1	DET
ajfa-1319	299	11	net	net	ADJ
ajfa-1319	299	12	revenue	revenue	NOUN
ajfa-1319	299	13	from	from	ADP
ajfa-1319	299	14	loans	loan	NOUN
ajfa-1319	299	15	(	(	PUNCT
ajfa-1319	299	16	interest	interest	NOUN
ajfa-1319	299	17	)	)	PUNCT
ajfa-1319	299	18	2142224	2142224	NUM
ajfa-1319	299	19	2988490	2988490	NUM
ajfa-1319	300	1	x2	x2	PRON
ajfa-1319	300	2	net	net	ADJ
ajfa-1319	300	3	revenue	revenue	NOUN
ajfa-1319	300	4	from	from	ADP
ajfa-1319	300	5	other	other	ADJ
ajfa-1319	300	6	than	than	ADP
ajfa-1319	300	7	loans	loan	NOUN
ajfa-1319	300	8	1708502	1708502	NUM
ajfa-1319	300	9	2018601	2018601	NUM
ajfa-1319	300	10	c1	c1	PROPN
ajfa-1319	300	11	cost	cost	NOUN
ajfa-1319	300	12	of	of	ADP
ajfa-1319	300	13	funds	fund	NOUN
ajfa-1319	300	14	.0717	.0717	PROPN
ajfa-1319	300	15	.0590	.0590	PROPN
ajfa-1319	300	16	c2	c2	PROPN
ajfa-1319	300	17	cost	cost	NOUN
ajfa-1319	300	18	of	of	ADP
ajfa-1319	300	19	labour	labour	NOUN
ajfa-1319	300	20	92.335	92.335	NUM
ajfa-1319	300	21	51.300	51.300	NUM
ajfa-1319	300	22	c3	c3	NOUN
ajfa-1319	300	23	cost	cost	NOUN
ajfa-1319	300	24	of	of	ADP
ajfa-1319	300	25	fixed	fix	VERB
ajfa-1319	300	26	assets	asset	NOUN
ajfa-1319	300	27	.3081	.3081	PUNCT
ajfa-1319	300	28	.2139	.2139	ADJ
ajfa-1319	301	1	p	p	DET
ajfa-1319	301	2	profit	profit	NOUN
ajfa-1319	301	3	1813716	1813716	NUM
ajfa-1319	301	4	2433989	2433989	NUM
ajfa-1319	302	1	p	p	X
ajfa-1319	302	2	/	/	SYM
ajfa-1319	302	3	a	a	DET
ajfa-1319	302	4	profit	profit	NOUN
ajfa-1319	302	5	/	/	SYM
ajfa-1319	302	6	total	total	ADJ
ajfa-1319	302	7	assets	asset	NOUN
ajfa-1319	302	8	.0130	.0130	PUNCT
ajfa-1319	302	9	.0046	.0046	PROPN
ajfa-1319	302	10	e	e	PROPN
ajfa-1319	302	11	equity	equity	NOUN
ajfa-1319	302	12	6918591	6918591	NUM
ajfa-1319	302	13	8677036	8677036	NUM
ajfa-1319	302	14	a	a	DET
ajfa-1319	302	15	total	total	ADJ
ajfa-1319	302	16	assets	asset	NOUN
ajfa-1319	302	17	128348575	128348575	NUM
ajfa-1319	302	18	165888162	165888162	NUM
ajfa-1319	302	19	the	the	DET
ajfa-1319	302	20	standard	standard	ADJ
ajfa-1319	302	21	deviation	deviation	NOUN
ajfa-1319	302	22	of	of	ADP
ajfa-1319	302	23	.2678	.2678	NUM
ajfa-1319	302	24	or	or	CCONJ
ajfa-1319	302	25	26.78	26.78	NUM
ajfa-1319	302	26	%	%	NOUN
ajfa-1319	302	27	shows	show	VERB
ajfa-1319	302	28	a	a	DET
ajfa-1319	302	29	relatively	relatively	ADV
ajfa-1319	302	30	profound	profound	ADJ
ajfa-1319	302	31	difference	difference	NOUN
ajfa-1319	302	32	in	in	ADP
ajfa-1319	302	33	profit	profit	NOUN
ajfa-1319	302	34	efficiency	efficiency	NOUN
ajfa-1319	302	35	across	across	ADP
ajfa-1319	302	36	banks	bank	NOUN
ajfa-1319	302	37	.	.	PUNCT
ajfa-1319	303	1	once	once	ADV
ajfa-1319	303	2	again	again	ADV
ajfa-1319	303	3	due	due	ADP
ajfa-1319	303	4	to	to	ADP
ajfa-1319	303	5	the	the	DET
ajfa-1319	303	6	limitations	limitation	NOUN
ajfa-1319	303	7	on	on	ADP
ajfa-1319	303	8	sample	sample	NOUN
ajfa-1319	303	9	size	size	NOUN
ajfa-1319	303	10	availability	availability	NOUN
ajfa-1319	303	11	these	these	DET
ajfa-1319	303	12	standard	standard	ADJ
ajfa-1319	303	13	deviation	deviation	NOUN
ajfa-1319	303	14	figures	figure	NOUN
ajfa-1319	303	15	may	may	AUX
ajfa-1319	303	16	be	be	AUX
ajfa-1319	303	17	slightly	slightly	ADV
ajfa-1319	303	18	distorted	distort	VERB
ajfa-1319	303	19	due	due	ADP
ajfa-1319	303	20	to	to	ADP
ajfa-1319	303	21	a	a	DET
ajfa-1319	303	22	few	few	ADJ
ajfa-1319	303	23	outliers	outlier	NOUN
ajfa-1319	303	24	.	.	PUNCT
ajfa-1319	304	1	the	the	DET
ajfa-1319	304	2	effect	effect	NOUN
ajfa-1319	304	3	of	of	ADP
ajfa-1319	304	4	these	these	DET
ajfa-1319	304	5	outliers	outlier	NOUN
ajfa-1319	304	6	however	however	ADV
ajfa-1319	304	7	,	,	PUNCT
ajfa-1319	304	8	must	must	AUX
ajfa-1319	304	9	not	not	PART
ajfa-1319	304	10	be	be	AUX
ajfa-1319	304	11	overstated	overstate	VERB
ajfa-1319	304	12	as	as	SCONJ
ajfa-1319	304	13	the	the	DET
ajfa-1319	304	14	efficiency	efficiency	NOUN
ajfa-1319	304	15	results	result	NOUN
ajfa-1319	304	16	should	should	AUX
ajfa-1319	304	17	still	still	ADV
ajfa-1319	304	18	be	be	AUX
ajfa-1319	304	19	deemed	deem	VERB
ajfa-1319	304	20	stable	stable	ADJ
ajfa-1319	304	21	and	and	CCONJ
ajfa-1319	304	22	reliable	reliable	ADJ
ajfa-1319	304	23	.	.	PUNCT
ajfa-1319	305	1	skewness	skewness	NOUN
ajfa-1319	305	2	of	of	ADP
ajfa-1319	305	3	-1.96	-1.96	PROPN
ajfa-1319	305	4	is	be	AUX
ajfa-1319	305	5	in	in	ADP
ajfa-1319	305	6	accordance	accordance	NOUN
ajfa-1319	305	7	with	with	ADP
ajfa-1319	305	8	our	our	PRON
ajfa-1319	305	9	intuitive	intuitive	ADJ
ajfa-1319	305	10	expectation	expectation	NOUN
ajfa-1319	305	11	of	of	ADP
ajfa-1319	305	12	what	what	PRON
ajfa-1319	305	13	it	it	PRON
ajfa-1319	305	14	should	should	AUX
ajfa-1319	305	15	be	be	AUX
ajfa-1319	305	16	for	for	ADP
ajfa-1319	305	17	our	our	PRON
ajfa-1319	305	18	data	datum	NOUN
ajfa-1319	305	19	.	.	PUNCT
ajfa-1319	306	1	the	the	DET
ajfa-1319	306	2	negative	negative	ADJ
ajfa-1319	306	3	sign	sign	NOUN
ajfa-1319	306	4	shows	show	VERB
ajfa-1319	306	5	that	that	SCONJ
ajfa-1319	306	6	most	most	ADJ
ajfa-1319	306	7	of	of	ADP
ajfa-1319	306	8	the	the	DET
ajfa-1319	306	9	observations	observation	NOUN
ajfa-1319	306	10	of	of	ADP
ajfa-1319	306	11	profit	profit	NOUN
ajfa-1319	306	12	efficiency	efficiency	NOUN
ajfa-1319	306	13	lie	lie	VERB
ajfa-1319	306	14	close	close	ADV
ajfa-1319	306	15	to	to	ADP
ajfa-1319	306	16	1	1	NUM
ajfa-1319	306	17	however	however	ADV
ajfa-1319	306	18	there	there	PRON
ajfa-1319	306	19	are	be	VERB
ajfa-1319	306	20	a	a	DET
ajfa-1319	306	21	very	very	ADV
ajfa-1319	306	22	few	few	ADJ
ajfa-1319	306	23	extreme	extreme	ADJ
ajfa-1319	306	24	outliers	outlier	NOUN
ajfa-1319	306	25	closer	close	ADV
ajfa-1319	306	26	to	to	ADP
ajfa-1319	306	27	0	0	NUM
ajfa-1319	306	28	,	,	PUNCT
ajfa-1319	306	29	this	this	PRON
ajfa-1319	306	30	fits	fit	VERB
ajfa-1319	306	31	in	in	ADP
ajfa-1319	306	32	with	with	ADP
ajfa-1319	306	33	how	how	SCONJ
ajfa-1319	306	34	we	we	PRON
ajfa-1319	306	35	expect	expect	VERB
ajfa-1319	306	36	profit	profit	NOUN
ajfa-1319	306	37	efficiency	efficiency	NOUN
ajfa-1319	306	38	to	to	PART
ajfa-1319	306	39	behave	behave	VERB
ajfa-1319	306	40	.	.	PUNCT
ajfa-1319	307	1	one	one	PRON
ajfa-1319	307	2	would	would	AUX
ajfa-1319	307	3	expect	expect	VERB
ajfa-1319	307	4	profit	profit	NOUN
ajfa-1319	307	5	efficiency	efficiency	NOUN
ajfa-1319	307	6	of	of	ADP
ajfa-1319	307	7	banks	bank	NOUN
ajfa-1319	307	8	to	to	PART
ajfa-1319	307	9	be	be	AUX
ajfa-1319	307	10	in	in	ADP
ajfa-1319	307	11	the	the	DET
ajfa-1319	307	12	higher	high	ADJ
ajfa-1319	307	13	end	end	NOUN
ajfa-1319	307	14	of	of	ADP
ajfa-1319	307	15	the	the	DET
ajfa-1319	307	16	spectrum	spectrum	NOUN
ajfa-1319	307	17	relative	relative	ADJ
ajfa-1319	307	18	to	to	ADP
ajfa-1319	307	19	the	the	DET
ajfa-1319	307	20	best	good	ADJ
ajfa-1319	307	21	practice	practice	NOUN
ajfa-1319	307	22	bank	bank	NOUN
ajfa-1319	307	23	however	however	ADV
ajfa-1319	307	24	,	,	PUNCT
ajfa-1319	307	25	due	due	ADP
ajfa-1319	307	26	to	to	ADP
ajfa-1319	307	27	how	how	SCONJ
ajfa-1319	307	28	efficiency	efficiency	NOUN
ajfa-1319	307	29	is	be	AUX
ajfa-1319	307	30	calculated	calculate	VERB
ajfa-1319	307	31	there	there	PRON
ajfa-1319	307	32	is	be	VERB
ajfa-1319	307	33	bound	bind	VERB
ajfa-1319	307	34	to	to	PART
ajfa-1319	307	35	be	be	AUX
ajfa-1319	307	36	very	very	ADV
ajfa-1319	307	37	few	few	ADJ
ajfa-1319	307	38	extreme	extreme	ADJ
ajfa-1319	307	39	figures	figure	NOUN
ajfa-1319	307	40	close	close	ADJ
ajfa-1319	307	41	to	to	ADP
ajfa-1319	307	42	0	0	NUM
ajfa-1319	307	43	.	.	PUNCT
ajfa-1319	308	1	graphically	graphically	ADV
ajfa-1319	308	2	the	the	DET
ajfa-1319	308	3	expected	expect	VERB
ajfa-1319	308	4	skewness	skewness	NOUN
ajfa-1319	308	5	of	of	ADP
ajfa-1319	308	6	profit	profit	NOUN
ajfa-1319	308	7	efficiency	efficiency	NOUN
ajfa-1319	308	8	can	can	AUX
ajfa-1319	308	9	be	be	AUX
ajfa-1319	308	10	represented	represent	VERB
ajfa-1319	308	11	by	by	ADP
ajfa-1319	308	12	figure	figure	NOUN
ajfa-1319	308	13	1	1	NUM
ajfa-1319	308	14	.	.	PUNCT
ajfa-1319	308	15	asian	asian	ADJ
ajfa-1319	308	16	journal	journal	PROPN
ajfa-1319	308	17	of	of	ADP
ajfa-1319	308	18	finance	finance	PROPN
ajfa-1319	308	19	&	&	CCONJ
ajfa-1319	308	20	accounting	accounting	PROPN
ajfa-1319	308	21	issn	issn	PROPN
ajfa-1319	308	22	1946	1946	NUM
ajfa-1319	308	23	-	-	PUNCT
ajfa-1319	308	24	052x	052x	NOUN
ajfa-1319	308	25	2012	2012	NUM
ajfa-1319	308	26	,	,	PUNCT
ajfa-1319	308	27	vol	vol	NOUN
ajfa-1319	308	28	.	.	PROPN
ajfa-1319	309	1	4	4	NUM
ajfa-1319	309	2	,	,	PUNCT
ajfa-1319	309	3	no	no	INTJ
ajfa-1319	309	4	.	.	NOUN
ajfa-1319	309	5	1	1	NUM
ajfa-1319	309	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1319	309	7	292	292	NUM
ajfa-1319	309	8	figure	figure	NOUN
ajfa-1319	309	9	1	1	NUM
ajfa-1319	309	10	.	.	PUNCT
ajfa-1319	310	1	general	general	ADJ
ajfa-1319	310	2	representation	representation	NOUN
ajfa-1319	310	3	of	of	ADP
ajfa-1319	310	4	negative	negative	ADJ
ajfa-1319	310	5	skewness	skewness	NOUN
ajfa-1319	310	6	the	the	DET
ajfa-1319	310	7	kurtosis	kurtosis	NOUN
ajfa-1319	310	8	figure	figure	NOUN
ajfa-1319	310	9	of	of	ADP
ajfa-1319	310	10	5.69	5.69	NUM
ajfa-1319	310	11	is	be	AUX
ajfa-1319	310	12	a	a	DET
ajfa-1319	310	13	relatively	relatively	ADV
ajfa-1319	310	14	high	high	ADJ
ajfa-1319	310	15	value	value	NOUN
ajfa-1319	310	16	,	,	PUNCT
ajfa-1319	310	17	once	once	ADV
ajfa-1319	310	18	again	again	ADV
ajfa-1319	310	19	this	this	PRON
ajfa-1319	310	20	coincides	coincide	VERB
ajfa-1319	310	21	with	with	ADP
ajfa-1319	310	22	the	the	DET
ajfa-1319	310	23	observed	observe	VERB
ajfa-1319	310	24	descriptive	descriptive	ADJ
ajfa-1319	310	25	statistics	statistic	NOUN
ajfa-1319	310	26	before	before	ADP
ajfa-1319	310	27	it	it	PRON
ajfa-1319	310	28	.	.	PUNCT
ajfa-1319	311	1	a	a	DET
ajfa-1319	311	2	figure	figure	NOUN
ajfa-1319	311	3	of	of	ADP
ajfa-1319	311	4	5.69	5.69	NUM
ajfa-1319	311	5	suggests	suggest	VERB
ajfa-1319	311	6	that	that	SCONJ
ajfa-1319	311	7	a	a	DET
ajfa-1319	311	8	large	large	ADJ
ajfa-1319	311	9	proportion	proportion	NOUN
ajfa-1319	311	10	of	of	ADP
ajfa-1319	311	11	the	the	DET
ajfa-1319	311	12	standard	standard	ADJ
ajfa-1319	311	13	deviation	deviation	NOUN
ajfa-1319	311	14	in	in	ADP
ajfa-1319	311	15	profit	profit	NOUN
ajfa-1319	311	16	efficiency	efficiency	NOUN
ajfa-1319	311	17	is	be	AUX
ajfa-1319	311	18	brought	bring	VERB
ajfa-1319	311	19	on	on	ADP
ajfa-1319	311	20	by	by	ADP
ajfa-1319	311	21	extreme	extreme	ADJ
ajfa-1319	311	22	values	value	NOUN
ajfa-1319	311	23	.	.	PUNCT
ajfa-1319	312	1	this	this	PRON
ajfa-1319	312	2	once	once	ADV
ajfa-1319	312	3	again	again	ADV
ajfa-1319	312	4	can	can	AUX
ajfa-1319	312	5	be	be	AUX
ajfa-1319	312	6	explained	explain	VERB
ajfa-1319	312	7	by	by	ADP
ajfa-1319	312	8	the	the	DET
ajfa-1319	312	9	nature	nature	NOUN
ajfa-1319	312	10	of	of	ADP
ajfa-1319	312	11	the	the	DET
ajfa-1319	312	12	measure	measure	NOUN
ajfa-1319	312	13	of	of	ADP
ajfa-1319	312	14	profit	profit	NOUN
ajfa-1319	312	15	efficiency	efficiency	NOUN
ajfa-1319	312	16	,	,	PUNCT
ajfa-1319	312	17	a	a	DET
ajfa-1319	312	18	few	few	ADJ
ajfa-1319	312	19	extreme	extreme	ADJ
ajfa-1319	312	20	values	value	NOUN
ajfa-1319	312	21	are	be	AUX
ajfa-1319	312	22	to	to	PART
ajfa-1319	312	23	be	be	AUX
ajfa-1319	312	24	expected	expect	VERB
ajfa-1319	312	25	.	.	PUNCT
ajfa-1319	313	1	5.2	5.2	NUM
ajfa-1319	313	2	the	the	DET
ajfa-1319	313	3	effect	effect	NOUN
ajfa-1319	313	4	of	of	ADP
ajfa-1319	313	5	explanatory	explanatory	ADJ
ajfa-1319	313	6	variables	variable	NOUN
ajfa-1319	313	7	on	on	ADP
ajfa-1319	313	8	profit	profit	NOUN
ajfa-1319	313	9	efficiency	efficiency	NOUN
ajfa-1319	313	10	(	(	PUNCT
ajfa-1319	313	11	peff	peff	NOUN
ajfa-1319	313	12	)	)	PUNCT
ajfa-1319	313	13	table	table	NOUN
ajfa-1319	313	14	2	2	NUM
ajfa-1319	313	15	displays	display	VERB
ajfa-1319	313	16	the	the	DET
ajfa-1319	313	17	significance	significance	NOUN
ajfa-1319	313	18	and	and	CCONJ
ajfa-1319	313	19	the	the	DET
ajfa-1319	313	20	magnitude	magnitude	NOUN
ajfa-1319	313	21	of	of	ADP
ajfa-1319	313	22	the	the	DET
ajfa-1319	313	23	relationship	relationship	NOUN
ajfa-1319	313	24	between	between	ADP
ajfa-1319	313	25	the	the	DET
ajfa-1319	313	26	explanatory	explanatory	ADJ
ajfa-1319	313	27	variables	variable	NOUN
ajfa-1319	313	28	and	and	CCONJ
ajfa-1319	313	29	the	the	DET
ajfa-1319	313	30	dependant	dependant	ADJ
ajfa-1319	313	31	variables	variable	NOUN
ajfa-1319	313	32	of	of	ADP
ajfa-1319	313	33	the	the	DET
ajfa-1319	313	34	differing	differ	VERB
ajfa-1319	313	35	models	model	NOUN
ajfa-1319	313	36	.	.	PUNCT
ajfa-1319	314	1	as	as	SCONJ
ajfa-1319	314	2	explained	explain	VERB
ajfa-1319	314	3	in	in	ADP
ajfa-1319	314	4	previous	previous	ADJ
ajfa-1319	314	5	sections	section	NOUN
ajfa-1319	314	6	all	all	DET
ajfa-1319	314	7	models	model	NOUN
ajfa-1319	314	8	were	be	AUX
ajfa-1319	314	9	regressed	regress	VERB
ajfa-1319	314	10	using	use	VERB
ajfa-1319	314	11	the	the	DET
ajfa-1319	314	12	least	least	ADJ
ajfa-1319	314	13	squares	square	NOUN
ajfa-1319	314	14	method	method	NOUN
ajfa-1319	314	15	.	.	PUNCT
ajfa-1319	315	1	the	the	DET
ajfa-1319	315	2	variables	variable	NOUN
ajfa-1319	315	3	are	be	AUX
ajfa-1319	315	4	listed	list	VERB
ajfa-1319	315	5	with	with	ADP
ajfa-1319	315	6	their	their	PRON
ajfa-1319	315	7	coefficients	coefficient	NOUN
ajfa-1319	315	8	and	and	CCONJ
ajfa-1319	315	9	their	their	PRON
ajfa-1319	315	10	corresponding	corresponding	ADJ
ajfa-1319	315	11	standard	standard	ADJ
ajfa-1319	315	12	errors	error	NOUN
ajfa-1319	315	13	listed	list	VERB
ajfa-1319	315	14	right	right	ADV
ajfa-1319	315	15	below	below	ADP
ajfa-1319	315	16	the	the	DET
ajfa-1319	315	17	coefficient	coefficient	NOUN
ajfa-1319	315	18	figures	figure	NOUN
ajfa-1319	315	19	.	.	PUNCT
ajfa-1319	316	1	the	the	DET
ajfa-1319	316	2	two	two	NUM
ajfa-1319	316	3	primary	primary	ADJ
ajfa-1319	316	4	regressions	regression	NOUN
ajfa-1319	316	5	are	be	AUX
ajfa-1319	316	6	run	run	VERB
ajfa-1319	316	7	in	in	ADP
ajfa-1319	316	8	order	order	NOUN
ajfa-1319	316	9	to	to	PART
ajfa-1319	316	10	determine	determine	VERB
ajfa-1319	316	11	the	the	DET
ajfa-1319	316	12	nature	nature	NOUN
ajfa-1319	316	13	of	of	ADP
ajfa-1319	316	14	leverage	leverage	NOUN
ajfa-1319	316	15	on	on	ADP
ajfa-1319	316	16	profit	profit	NOUN
ajfa-1319	316	17	efficiency	efficiency	NOUN
ajfa-1319	316	18	,	,	PUNCT
ajfa-1319	316	19	that	that	PRON
ajfa-1319	316	20	is	be	AUX
ajfa-1319	316	21	to	to	PART
ajfa-1319	316	22	distinguish	distinguish	VERB
ajfa-1319	316	23	whether	whether	SCONJ
ajfa-1319	316	24	the	the	DET
ajfa-1319	316	25	relationship	relationship	NOUN
ajfa-1319	316	26	of	of	ADP
ajfa-1319	316	27	leverage	leverage	NOUN
ajfa-1319	316	28	on	on	ADP
ajfa-1319	316	29	profit	profit	NOUN
ajfa-1319	316	30	efficiency	efficiency	NOUN
ajfa-1319	316	31	is	be	AUX
ajfa-1319	316	32	linear	linear	ADJ
ajfa-1319	316	33	or	or	CCONJ
ajfa-1319	316	34	quadratic	quadratic	ADJ
ajfa-1319	316	35	.	.	PUNCT
ajfa-1319	317	1	the	the	DET
ajfa-1319	317	2	four	four	NUM
ajfa-1319	317	3	following	follow	VERB
ajfa-1319	317	4	regressions	regression	NOUN
ajfa-1319	317	5	are	be	AUX
ajfa-1319	317	6	forms	form	NOUN
ajfa-1319	317	7	of	of	ADP
ajfa-1319	317	8	robustness	robustness	NOUN
ajfa-1319	317	9	tests	test	NOUN
ajfa-1319	317	10	.	.	PUNCT
ajfa-1319	318	1	the	the	DET
ajfa-1319	318	2	first	first	ADJ
ajfa-1319	318	3	specification	specification	NOUN
ajfa-1319	318	4	tests	test	VERB
ajfa-1319	318	5	the	the	PRON
ajfa-1319	318	6	whether	whether	SCONJ
ajfa-1319	318	7	there	there	PRON
ajfa-1319	318	8	is	be	VERB
ajfa-1319	318	9	indeed	indeed	ADV
ajfa-1319	318	10	a	a	DET
ajfa-1319	318	11	linear	linear	ADJ
ajfa-1319	318	12	relationship	relationship	NOUN
ajfa-1319	318	13	of	of	ADP
ajfa-1319	318	14	leverage	leverage	NOUN
ajfa-1319	318	15	as	as	SCONJ
ajfa-1319	318	16	measured	measure	VERB
ajfa-1319	318	17	by	by	ADP
ajfa-1319	318	18	equity	equity	NOUN
ajfa-1319	318	19	/	/	SYM
ajfa-1319	318	20	assets	asset	NOUN
ajfa-1319	318	21	(	(	PUNCT
ajfa-1319	318	22	ecap	ecap	NOUN
ajfa-1319	318	23	)	)	PUNCT
ajfa-1319	318	24	on	on	ADP
ajfa-1319	318	25	profit	profit	NOUN
ajfa-1319	318	26	efficiency	efficiency	NOUN
ajfa-1319	318	27	.	.	PUNCT
ajfa-1319	319	1	though	though	SCONJ
ajfa-1319	319	2	the	the	DET
ajfa-1319	319	3	sign	sign	NOUN
ajfa-1319	319	4	is	be	AUX
ajfa-1319	319	5	negative	negative	ADJ
ajfa-1319	319	6	meaning	meaning	NOUN
ajfa-1319	319	7	increased	increase	VERB
ajfa-1319	319	8	leverage	leverage	NOUN
ajfa-1319	319	9	leads	lead	VERB
ajfa-1319	319	10	to	to	ADP
ajfa-1319	319	11	increased	increase	VERB
ajfa-1319	319	12	profit	profit	NOUN
ajfa-1319	319	13	efficiency	efficiency	NOUN
ajfa-1319	319	14	which	which	PRON
ajfa-1319	319	15	is	be	AUX
ajfa-1319	319	16	as	as	SCONJ
ajfa-1319	319	17	we	we	PRON
ajfa-1319	319	18	would	would	AUX
ajfa-1319	319	19	expect	expect	VERB
ajfa-1319	319	20	given	give	VERB
ajfa-1319	319	21	agency	agency	NOUN
ajfa-1319	319	22	theory	theory	NOUN
ajfa-1319	319	23	,	,	PUNCT
ajfa-1319	319	24	the	the	DET
ajfa-1319	319	25	result	result	NOUN
ajfa-1319	319	26	is	be	AUX
ajfa-1319	319	27	statistically	statistically	ADV
ajfa-1319	319	28	insignificant	insignificant	ADJ
ajfa-1319	319	29	at	at	ADP
ajfa-1319	319	30	any	any	DET
ajfa-1319	319	31	significance	significance	NOUN
ajfa-1319	319	32	level	level	NOUN
ajfa-1319	319	33	.	.	PUNCT
ajfa-1319	320	1	further	further	ADJ
ajfa-1319	320	2	analysis	analysis	NOUN
ajfa-1319	320	3	of	of	ADP
ajfa-1319	320	4	this	this	DET
ajfa-1319	320	5	regression	regression	NOUN
ajfa-1319	320	6	reveals	reveal	VERB
ajfa-1319	320	7	the	the	DET
ajfa-1319	320	8	variables	variable	NOUN
ajfa-1319	320	9	shinside	shinside	NOUN
ajfa-1319	320	10	(	(	PUNCT
ajfa-1319	320	11	director	director	NOUN
ajfa-1319	320	12	share	share	NOUN
ajfa-1319	320	13	ownership	ownership	NOUN
ajfa-1319	320	14	)	)	PUNCT
ajfa-1319	320	15	and	and	CCONJ
ajfa-1319	320	16	sdroe	sdroe	NOUN
ajfa-1319	320	17	(	(	PUNCT
ajfa-1319	320	18	risk	risk	NOUN
ajfa-1319	320	19	)	)	PUNCT
ajfa-1319	320	20	to	to	PART
ajfa-1319	320	21	carry	carry	VERB
ajfa-1319	320	22	a	a	DET
ajfa-1319	320	23	positive	positive	ADJ
ajfa-1319	320	24	relationship	relationship	NOUN
ajfa-1319	320	25	with	with	ADP
ajfa-1319	320	26	profit	profit	NOUN
ajfa-1319	320	27	efficiency	efficiency	NOUN
ajfa-1319	320	28	though	though	SCONJ
ajfa-1319	320	29	once	once	ADV
ajfa-1319	320	30	again	again	ADV
ajfa-1319	320	31	being	be	AUX
ajfa-1319	320	32	statistically	statistically	ADV
ajfa-1319	320	33	insignificant	insignificant	ADJ
ajfa-1319	320	34	.	.	PUNCT
ajfa-1319	321	1	the	the	DET
ajfa-1319	321	2	signs	sign	NOUN
ajfa-1319	321	3	of	of	ADP
ajfa-1319	321	4	both	both	PRON
ajfa-1319	321	5	of	of	ADP
ajfa-1319	321	6	these	these	DET
ajfa-1319	321	7	variables	variable	NOUN
ajfa-1319	321	8	are	be	AUX
ajfa-1319	321	9	as	as	SCONJ
ajfa-1319	321	10	expected	expect	VERB
ajfa-1319	321	11	,	,	PUNCT
ajfa-1319	321	12	we	we	PRON
ajfa-1319	321	13	discussed	discuss	VERB
ajfa-1319	321	14	the	the	DET
ajfa-1319	321	15	expected	expect	VERB
ajfa-1319	321	16	effect	effect	NOUN
ajfa-1319	321	17	of	of	ADP
ajfa-1319	321	18	risk	risk	NOUN
ajfa-1319	321	19	and	and	CCONJ
ajfa-1319	321	20	director	director	NOUN
ajfa-1319	321	21	share	share	NOUN
ajfa-1319	321	22	ownership	ownership	NOUN
ajfa-1319	321	23	on	on	ADP
ajfa-1319	321	24	profit	profit	NOUN
ajfa-1319	321	25	efficiency	efficiency	NOUN
ajfa-1319	321	26	,	,	PUNCT
ajfa-1319	321	27	both	both	PRON
ajfa-1319	321	28	were	be	AUX
ajfa-1319	321	29	expected	expect	VERB
ajfa-1319	321	30	to	to	PART
ajfa-1319	321	31	increase	increase	VERB
ajfa-1319	321	32	management	management	NOUN
ajfa-1319	321	33	’s	’s	PART
ajfa-1319	321	34	efficiency	efficiency	NOUN
ajfa-1319	321	35	.	.	PUNCT
ajfa-1319	322	1	the	the	DET
ajfa-1319	322	2	variable	variable	NOUN
ajfa-1319	322	3	for	for	ADP
ajfa-1319	322	4	size	size	NOUN
ajfa-1319	322	5	(	(	PUNCT
ajfa-1319	322	6	sizedummy	sizedummy	ADJ
ajfa-1319	322	7	)	)	PUNCT
ajfa-1319	322	8	shows	show	VERB
ajfa-1319	322	9	negative	negative	ADJ
ajfa-1319	322	10	yet	yet	CCONJ
ajfa-1319	322	11	statistically	statistically	ADV
ajfa-1319	322	12	insignificant	insignificant	ADJ
ajfa-1319	322	13	correlation	correlation	NOUN
ajfa-1319	322	14	with	with	ADP
ajfa-1319	322	15	profit	profit	NOUN
ajfa-1319	322	16	efficiency	efficiency	NOUN
ajfa-1319	322	17	.	.	PUNCT
ajfa-1319	323	1	sh5own	sh5own	NOUN
ajfa-1319	323	2	has	have	VERB
ajfa-1319	323	3	significant	significant	ADJ
ajfa-1319	323	4	negative	negative	ADJ
ajfa-1319	323	5	sign	sign	NOUN
ajfa-1319	323	6	,	,	PUNCT
ajfa-1319	323	7	this	this	PRON
ajfa-1319	323	8	goes	go	VERB
ajfa-1319	323	9	against	against	ADP
ajfa-1319	323	10	the	the	DET
ajfa-1319	323	11	experiences	experience	NOUN
ajfa-1319	323	12	of	of	ADP
ajfa-1319	323	13	previous	previous	ADJ
ajfa-1319	323	14	papers	paper	NOUN
ajfa-1319	323	15	as	as	ADV
ajfa-1319	323	16	well	well	ADV
ajfa-1319	323	17	as	as	ADP
ajfa-1319	323	18	theory	theory	NOUN
ajfa-1319	323	19	.	.	PUNCT
ajfa-1319	324	1	empirically	empirically	ADV
ajfa-1319	324	2	it	it	PRON
ajfa-1319	324	3	is	be	AUX
ajfa-1319	324	4	believed	believe	VERB
ajfa-1319	324	5	that	that	SCONJ
ajfa-1319	324	6	large	large	ADJ
ajfa-1319	324	7	block	block	NOUN
ajfa-1319	324	8	ownership	ownership	NOUN
ajfa-1319	324	9	acts	act	NOUN
ajfa-1319	324	10	as	as	ADP
ajfa-1319	324	11	an	an	DET
ajfa-1319	324	12	unofficial	unofficial	ADJ
ajfa-1319	324	13	governing	governing	NOUN
ajfa-1319	324	14	body	body	NOUN
ajfa-1319	324	15	however	however	ADV
ajfa-1319	324	16	,	,	PUNCT
ajfa-1319	324	17	our	our	PRON
ajfa-1319	324	18	result	result	NOUN
ajfa-1319	324	19	would	would	AUX
ajfa-1319	324	20	suggest	suggest	VERB
ajfa-1319	324	21	the	the	DET
ajfa-1319	324	22	opposite	opposite	NOUN
ajfa-1319	324	23	to	to	PART
ajfa-1319	324	24	be	be	AUX
ajfa-1319	324	25	true	true	ADJ
ajfa-1319	324	26	;	;	PUNCT
ajfa-1319	324	27	large	large	ADJ
ajfa-1319	324	28	block	block	NOUN
ajfa-1319	324	29	ownership	ownership	NOUN
ajfa-1319	324	30	may	may	AUX
ajfa-1319	324	31	act	act	VERB
ajfa-1319	324	32	as	as	ADP
ajfa-1319	324	33	a	a	DET
ajfa-1319	324	34	hindrance	hindrance	NOUN
ajfa-1319	324	35	.	.	PUNCT
ajfa-1319	325	1	marketshare	marketshare	NOUN
ajfa-1319	325	2	is	be	AUX
ajfa-1319	325	3	significant	significant	ADJ
ajfa-1319	325	4	at	at	ADP
ajfa-1319	325	5	the	the	DET
ajfa-1319	325	6	5	5	NUM
ajfa-1319	325	7	%	%	NOUN
ajfa-1319	325	8	significance	significance	NOUN
ajfa-1319	325	9	level	level	NOUN
ajfa-1319	325	10	and	and	CCONJ
ajfa-1319	325	11	is	be	AUX
ajfa-1319	325	12	positively	positively	ADV
ajfa-1319	325	13	correlated	correlate	VERB
ajfa-1319	325	14	with	with	ADP
ajfa-1319	325	15	profit	profit	NOUN
ajfa-1319	325	16	efficiency	efficiency	NOUN
ajfa-1319	325	17	,	,	PUNCT
ajfa-1319	325	18	that	that	PRON
ajfa-1319	325	19	is	be	AUX
ajfa-1319	325	20	increased	increase	VERB
ajfa-1319	325	21	market	market	NOUN
ajfa-1319	325	22	share	share	NOUN
ajfa-1319	325	23	increases	increase	VERB
ajfa-1319	325	24	profit	profit	NOUN
ajfa-1319	325	25	efficiency	efficiency	NOUN
ajfa-1319	325	26	.	.	PUNCT
ajfa-1319	326	1	the	the	DET
ajfa-1319	326	2	adjusted	adjust	VERB
ajfa-1319	326	3	r^2	r^2	PROPN
ajfa-1319	326	4	value	value	NOUN
ajfa-1319	326	5	shows	show	VERB
ajfa-1319	326	6	that	that	SCONJ
ajfa-1319	326	7	about	about	ADV
ajfa-1319	326	8	28	28	NUM
ajfa-1319	326	9	%	%	NOUN
ajfa-1319	326	10	of	of	ADP
ajfa-1319	326	11	variation	variation	NOUN
ajfa-1319	326	12	in	in	ADP
ajfa-1319	326	13	profit	profit	NOUN
ajfa-1319	326	14	efficiency	efficiency	NOUN
ajfa-1319	326	15	is	be	AUX
ajfa-1319	326	16	explained	explain	VERB
ajfa-1319	326	17	by	by	ADP
ajfa-1319	326	18	the	the	DET
ajfa-1319	326	19	explanatory	explanatory	ADJ
ajfa-1319	326	20	variables	variable	NOUN
ajfa-1319	326	21	.	.	PUNCT
ajfa-1319	327	1	asian	asian	ADJ
ajfa-1319	327	2	journal	journal	PROPN
ajfa-1319	327	3	of	of	ADP
ajfa-1319	327	4	finance	finance	PROPN
ajfa-1319	327	5	&	&	CCONJ
ajfa-1319	327	6	accounting	accounting	PROPN
ajfa-1319	327	7	issn	issn	PROPN
ajfa-1319	327	8	1946	1946	NUM
ajfa-1319	327	9	-	-	PUNCT
ajfa-1319	327	10	052x	052x	NOUN
ajfa-1319	327	11	2012	2012	NUM
ajfa-1319	327	12	,	,	PUNCT
ajfa-1319	327	13	vol	vol	NOUN
ajfa-1319	327	14	.	.	PROPN
ajfa-1319	327	15	4	4	NUM
ajfa-1319	327	16	,	,	PUNCT
ajfa-1319	327	17	no	no	INTJ
ajfa-1319	327	18	.	.	NOUN
ajfa-1319	327	19	1	1	NUM
ajfa-1319	327	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1319	327	21	293	293	NUM
ajfa-1319	327	22	table	table	NOUN
ajfa-1319	327	23	2	2	NUM
ajfa-1319	327	24	.	.	PUNCT
ajfa-1319	328	1	regression	regression	NOUN
ajfa-1319	328	2	output	output	NOUN
ajfa-1319	328	3	the	the	DET
ajfa-1319	328	4	second	second	ADJ
ajfa-1319	328	5	column	column	NOUN
ajfa-1319	328	6	consists	consist	VERB
ajfa-1319	328	7	of	of	ADP
ajfa-1319	328	8	the	the	DET
ajfa-1319	328	9	regression	regression	NOUN
ajfa-1319	328	10	which	which	PRON
ajfa-1319	328	11	attempts	attempt	VERB
ajfa-1319	328	12	to	to	PART
ajfa-1319	328	13	model	model	VERB
ajfa-1319	328	14	a	a	DET
ajfa-1319	328	15	quadratic	quadratic	ADJ
ajfa-1319	328	16	relationship	relationship	NOUN
ajfa-1319	328	17	between	between	ADP
ajfa-1319	328	18	capital	capital	NOUN
ajfa-1319	328	19	structure	structure	NOUN
ajfa-1319	328	20	and	and	CCONJ
ajfa-1319	328	21	profit	profit	NOUN
ajfa-1319	328	22	efficiency	efficiency	NOUN
ajfa-1319	328	23	hence	hence	ADV
ajfa-1319	328	24	the	the	DET
ajfa-1319	328	25	variable	variable	ADJ
ajfa-1319	328	26	1/2ecap2	1/2ecap2	NUM
ajfa-1319	328	27	is	be	AUX
ajfa-1319	328	28	added	add	VERB
ajfa-1319	328	29	.	.	PUNCT
ajfa-1319	329	1	the	the	DET
ajfa-1319	329	2	variable	variable	ADJ
ajfa-1319	329	3	1/2ecap2	1/2ecap2	NUM
ajfa-1319	329	4	is	be	AUX
ajfa-1319	329	5	a	a	DET
ajfa-1319	329	6	quadratic	quadratic	ADJ
ajfa-1319	329	7	term	term	NOUN
ajfa-1319	329	8	of	of	ADP
ajfa-1319	329	9	capital	capital	NOUN
ajfa-1319	329	10	structure	structure	NOUN
ajfa-1319	329	11	.	.	PUNCT
ajfa-1319	330	1	the	the	DET
ajfa-1319	330	2	model	model	NOUN
ajfa-1319	330	3	yields	yield	VERB
ajfa-1319	330	4	an	an	DET
ajfa-1319	330	5	almost	almost	ADV
ajfa-1319	330	6	surprising	surprising	ADJ
ajfa-1319	330	7	increase	increase	NOUN
ajfa-1319	330	8	in	in	ADP
ajfa-1319	330	9	overall	overall	ADJ
ajfa-1319	330	10	explanatory	explanatory	ADJ
ajfa-1319	330	11	power	power	NOUN
ajfa-1319	330	12	as	as	ADV
ajfa-1319	330	13	well	well	ADV
ajfa-1319	330	14	as	as	ADP
ajfa-1319	330	15	significance	significance	NOUN
ajfa-1319	330	16	of	of	ADP
ajfa-1319	330	17	ecap	ecap	NOUN
ajfa-1319	330	18	on	on	ADP
ajfa-1319	330	19	profit	profit	NOUN
ajfa-1319	330	20	efficiency	efficiency	NOUN
ajfa-1319	330	21	.	.	PUNCT
ajfa-1319	331	1	the	the	DET
ajfa-1319	331	2	adjusted	adjust	VERB
ajfa-1319	331	3	r2	r2	NOUN
ajfa-1319	331	4	value	value	NOUN
ajfa-1319	331	5	has	have	AUX
ajfa-1319	331	6	increased	increase	VERB
ajfa-1319	331	7	by	by	ADP
ajfa-1319	331	8	around	around	ADV
ajfa-1319	331	9	12	12	NUM
ajfa-1319	331	10	%	%	NOUN
ajfa-1319	331	11	to	to	ADP
ajfa-1319	331	12	a	a	DET
ajfa-1319	331	13	total	total	NOUN
ajfa-1319	331	14	of	of	ADP
ajfa-1319	331	15	40.1	40.1	NUM
ajfa-1319	331	16	%	%	NOUN
ajfa-1319	331	17	.	.	PUNCT
ajfa-1319	332	1	more	more	ADV
ajfa-1319	332	2	importantly	importantly	ADV
ajfa-1319	332	3	the	the	DET
ajfa-1319	332	4	indication	indication	NOUN
ajfa-1319	332	5	given	give	VERB
ajfa-1319	332	6	by	by	ADP
ajfa-1319	332	7	the	the	DET
ajfa-1319	332	8	model	model	NOUN
ajfa-1319	332	9	regarding	regard	VERB
ajfa-1319	332	10	leverage	leverage	NOUN
ajfa-1319	332	11	is	be	AUX
ajfa-1319	332	12	that	that	SCONJ
ajfa-1319	332	13	there	there	PRON
ajfa-1319	332	14	is	be	VERB
ajfa-1319	332	15	a	a	DET
ajfa-1319	332	16	statistically	statistically	ADV
ajfa-1319	332	17	significant	significant	ADJ
ajfa-1319	332	18	relationship	relationship	NOUN
ajfa-1319	332	19	of	of	ADP
ajfa-1319	332	20	leverage	leverage	NOUN
ajfa-1319	332	21	on	on	ADP
ajfa-1319	332	22	profit	profit	NOUN
ajfa-1319	332	23	efficiency	efficiency	NOUN
ajfa-1319	332	24	.	.	PUNCT
ajfa-1319	333	1	as	as	ADP
ajfa-1319	333	2	ecap	ecap	PROPN
ajfa-1319	333	3	is	be	AUX
ajfa-1319	333	4	implicitly	implicitly	ADV
ajfa-1319	333	5	the	the	DET
ajfa-1319	333	6	inverse	inverse	NOUN
ajfa-1319	333	7	of	of	ADP
ajfa-1319	333	8	leverage	leverage	NOUN
ajfa-1319	333	9	we	we	PRON
ajfa-1319	333	10	must	must	AUX
ajfa-1319	333	11	intuitively	intuitively	ADV
ajfa-1319	333	12	recognise	recognise	VERB
ajfa-1319	333	13	the	the	DET
ajfa-1319	333	14	relationship	relationship	NOUN
ajfa-1319	333	15	of	of	ADP
ajfa-1319	333	16	leverage	leverage	NOUN
ajfa-1319	333	17	and	and	CCONJ
ajfa-1319	333	18	profit	profit	NOUN
ajfa-1319	333	19	efficiency	efficiency	NOUN
ajfa-1319	333	20	is	be	AUX
ajfa-1319	333	21	as	as	SCONJ
ajfa-1319	333	22	theory	theory	NOUN
ajfa-1319	333	23	would	would	AUX
ajfa-1319	333	24	suggest	suggest	VERB
ajfa-1319	333	25	.	.	PUNCT
ajfa-1319	334	1	the	the	DET
ajfa-1319	334	2	regression	regression	NOUN
ajfa-1319	334	3	output	output	NOUN
ajfa-1319	334	4	shows	show	VERB
ajfa-1319	334	5	at	at	ADP
ajfa-1319	334	6	low	low	ADJ
ajfa-1319	334	7	levels	level	NOUN
ajfa-1319	334	8	of	of	ADP
ajfa-1319	334	9	leverage	leverage	NOUN
ajfa-1319	334	10	(	(	PUNCT
ajfa-1319	334	11	high	high	ADJ
ajfa-1319	334	12	levels	level	NOUN
ajfa-1319	334	13	of	of	ADP
ajfa-1319	334	14	ecap	ecap	PROPN
ajfa-1319	334	15	)	)	PUNCT
ajfa-1319	334	16	a	a	DET
ajfa-1319	334	17	marginal	marginal	ADJ
ajfa-1319	334	18	increase	increase	NOUN
ajfa-1319	334	19	in	in	ADP
ajfa-1319	334	20	debt	debt	NOUN
ajfa-1319	334	21	increases	increase	VERB
ajfa-1319	334	22	the	the	DET
ajfa-1319	334	23	profit	profit	NOUN
ajfa-1319	334	24	efficiency	efficiency	NOUN
ajfa-1319	334	25	of	of	ADP
ajfa-1319	334	26	banks	bank	NOUN
ajfa-1319	334	27	in	in	ADP
ajfa-1319	334	28	australia	australia	PROPN
ajfa-1319	334	29	.	.	PUNCT
ajfa-1319	335	1	at	at	ADP
ajfa-1319	335	2	relatively	relatively	ADV
ajfa-1319	335	3	high	high	ADJ
ajfa-1319	335	4	levels	level	NOUN
ajfa-1319	335	5	of	of	ADP
ajfa-1319	335	6	leverage	leverage	NOUN
ajfa-1319	335	7	(	(	PUNCT
ajfa-1319	335	8	low	low	ADJ
ajfa-1319	335	9	levels	level	NOUN
ajfa-1319	335	10	of	of	ADP
ajfa-1319	335	11	ecap	ecap	NOUN
ajfa-1319	335	12	)	)	PUNCT
ajfa-1319	335	13	a	a	DET
ajfa-1319	335	14	marginal	marginal	ADJ
ajfa-1319	335	15	increase	increase	NOUN
ajfa-1319	335	16	in	in	ADP
ajfa-1319	335	17	debt	debt	NOUN
ajfa-1319	335	18	actually	actually	ADV
ajfa-1319	335	19	decreases	decrease	VERB
ajfa-1319	335	20	the	the	DET
ajfa-1319	335	21	profit	profit	NOUN
ajfa-1319	335	22	efficiency	efficiency	NOUN
ajfa-1319	335	23	of	of	ADP
ajfa-1319	335	24	banks	bank	NOUN
ajfa-1319	335	25	.	.	PUNCT
ajfa-1319	336	1	theory	theory	NOUN
ajfa-1319	336	2	would	would	AUX
ajfa-1319	336	3	suggest	suggest	VERB
ajfa-1319	336	4	that	that	SCONJ
ajfa-1319	336	5	this	this	PRON
ajfa-1319	336	6	is	be	AUX
ajfa-1319	336	7	due	due	ADJ
ajfa-1319	336	8	to	to	ADP
ajfa-1319	336	9	the	the	DET
ajfa-1319	336	10	increased	increase	VERB
ajfa-1319	336	11	financial	financial	ADJ
ajfa-1319	336	12	distress	distress	NOUN
ajfa-1319	336	13	caused	cause	VERB
ajfa-1319	336	14	by	by	ADP
ajfa-1319	336	15	already	already	ADV
ajfa-1319	336	16	high	high	ADJ
ajfa-1319	336	17	debt	debt	NOUN
ajfa-1319	336	18	levels	level	NOUN
ajfa-1319	336	19	.	.	PUNCT
ajfa-1319	337	1	ceteris	ceteris	NOUN
ajfa-1319	337	2	paribus	paribus	NOUN
ajfa-1319	337	3	the	the	DET
ajfa-1319	337	4	derivative	derivative	NOUN
ajfa-1319	337	5	of	of	ADP
ajfa-1319	337	6	:	:	PUNCT
ajfa-1319	337	7	f(peff	f(peff	NOUN
ajfa-1319	337	8	)	)	PUNCT
ajfa-1319	338	1	=	=	SYM
ajfa-1319	338	2	1/2ecap^2	1/2ecap^2	NUM
ajfa-1319	339	1	+	+	NUM
ajfa-1319	339	2	ecap	ecap	NOUN
ajfa-1319	339	3	+	+	CCONJ
ajfa-1319	339	4	c	c	NOUN
ajfa-1319	339	5	in	in	ADP
ajfa-1319	339	6	the	the	DET
ajfa-1319	339	7	model	model	NOUN
ajfa-1319	339	8	is	be	AUX
ajfa-1319	339	9	f’(peff	f’(peff	NUM
ajfa-1319	339	10	)	)	PUNCT
ajfa-1319	339	11	=	=	SYM
ajfa-1319	339	12	119.93	119.93	NUM
ajfa-1319	339	13	–	–	PUNCT
ajfa-1319	339	14	14.166ecap	14.166ecap	NUM
ajfa-1319	339	15	which	which	PRON
ajfa-1319	339	16	illustrates	illustrate	VERB
ajfa-1319	339	17	that	that	SCONJ
ajfa-1319	339	18	the	the	DET
ajfa-1319	339	19	behaviour	behaviour	NOUN
ajfa-1319	339	20	of	of	ADP
ajfa-1319	339	21	leverage	leverage	NOUN
ajfa-1319	339	22	on	on	ADP
ajfa-1319	339	23	profit	profit	NOUN
ajfa-1319	339	24	efficiency	efficiency	NOUN
ajfa-1319	339	25	is	be	AUX
ajfa-1319	339	26	according	accord	VERB
ajfa-1319	339	27	to	to	ADP
ajfa-1319	339	28	that	that	PRON
ajfa-1319	339	29	of	of	ADP
ajfa-1319	339	30	the	the	DET
ajfa-1319	339	31	major	major	ADJ
ajfa-1319	339	32	theories	theory	NOUN
ajfa-1319	339	33	presented	present	VERB
ajfa-1319	339	34	in	in	ADP
ajfa-1319	339	35	this	this	DET
ajfa-1319	339	36	paper	paper	NOUN
ajfa-1319	339	37	.	.	PUNCT
ajfa-1319	340	1	along	along	ADP
ajfa-1319	340	2	with	with	ADP
ajfa-1319	340	3	leverage	leverage	NOUN
ajfa-1319	340	4	now	now	ADV
ajfa-1319	340	5	being	be	AUX
ajfa-1319	340	6	statistically	statistically	ADV
ajfa-1319	340	7	significant	significant	ADJ
ajfa-1319	340	8	in	in	ADP
ajfa-1319	340	9	explaining	explain	VERB
ajfa-1319	340	10	profit	profit	NOUN
ajfa-1319	340	11	efficiency	efficiency	NOUN
ajfa-1319	340	12	at	at	ADP
ajfa-1319	340	13	any	any	DET
ajfa-1319	340	14	significance	significance	NOUN
ajfa-1319	340	15	level	level	NOUN
ajfa-1319	340	16	,	,	PUNCT
ajfa-1319	340	17	sh5own	sh5own	NOUN
ajfa-1319	340	18	and	and	CCONJ
ajfa-1319	340	19	marketshare	marketshare	NOUN
ajfa-1319	340	20	remain	remain	VERB
ajfa-1319	340	21	statistically	statistically	ADV
ajfa-1319	340	22	significant	significant	ADJ
ajfa-1319	340	23	at	at	ADP
ajfa-1319	340	24	the	the	DET
ajfa-1319	340	25	5	5	NUM
ajfa-1319	340	26	%	%	NOUN
ajfa-1319	340	27	significance	significance	NOUN
ajfa-1319	340	28	level	level	NOUN
ajfa-1319	340	29	and	and	CCONJ
ajfa-1319	340	30	1	1	NUM
ajfa-1319	340	31	%	%	NOUN
ajfa-1319	340	32	significance	significance	NOUN
ajfa-1319	340	33	level	level	NOUN
ajfa-1319	340	34	respectively	respectively	ADV
ajfa-1319	340	35	while	while	SCONJ
ajfa-1319	340	36	offering	offer	VERB
ajfa-1319	340	37	the	the	DET
ajfa-1319	340	38	same	same	ADJ
ajfa-1319	340	39	directional	directional	ADJ
ajfa-1319	340	40	relationship	relationship	NOUN
ajfa-1319	340	41	as	as	ADP
ajfa-1319	340	42	in	in	ADP
ajfa-1319	340	43	the	the	DET
ajfa-1319	340	44	initial	initial	ADJ
ajfa-1319	340	45	regression	regression	NOUN
ajfa-1319	340	46	.	.	PUNCT
ajfa-1319	341	1	shinside	shinside	NOUN
ajfa-1319	341	2	,	,	PUNCT
ajfa-1319	341	3	sdroe	sdroe	NOUN
ajfa-1319	341	4	and	and	CCONJ
ajfa-1319	341	5	sizedummy	sizedummy	NOUN
ajfa-1319	341	6	are	be	AUX
ajfa-1319	341	7	all	all	PRON
ajfa-1319	341	8	still	still	ADV
ajfa-1319	341	9	statistically	statistically	ADV
ajfa-1319	341	10	insignificant	insignificant	ADJ
ajfa-1319	341	11	as	as	SCONJ
ajfa-1319	341	12	they	they	PRON
ajfa-1319	341	13	were	be	AUX
ajfa-1319	341	14	in	in	ADP
ajfa-1319	341	15	the	the	DET
ajfa-1319	341	16	initial	initial	ADJ
ajfa-1319	341	17	regression	regression	NOUN
ajfa-1319	341	18	.	.	PUNCT
ajfa-1319	342	1	in	in	ADP
ajfa-1319	342	2	the	the	DET
ajfa-1319	342	3	process	process	NOUN
ajfa-1319	342	4	of	of	ADP
ajfa-1319	342	5	determining	determine	VERB
ajfa-1319	342	6	variables	variable	NOUN
ajfa-1319	342	7	to	to	ADP
ajfa-1319	342	8	asian	asian	ADJ
ajfa-1319	342	9	journal	journal	NOUN
ajfa-1319	342	10	of	of	ADP
ajfa-1319	342	11	finance	finance	PROPN
ajfa-1319	342	12	&	&	CCONJ
ajfa-1319	342	13	accounting	accounting	PROPN
ajfa-1319	342	14	issn	issn	PROPN
ajfa-1319	342	15	1946	1946	NUM
ajfa-1319	342	16	-	-	PUNCT
ajfa-1319	342	17	052x	052x	NOUN
ajfa-1319	342	18	2012	2012	NUM
ajfa-1319	342	19	,	,	PUNCT
ajfa-1319	342	20	vol	vol	NOUN
ajfa-1319	342	21	.	.	PROPN
ajfa-1319	342	22	4	4	NUM
ajfa-1319	342	23	,	,	PUNCT
ajfa-1319	342	24	no	no	INTJ
ajfa-1319	342	25	.	.	NOUN
ajfa-1319	342	26	1	1	NUM
ajfa-1319	342	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1319	342	28	294	294	NUM
ajfa-1319	342	29	use	use	VERB
ajfa-1319	342	30	in	in	ADP
ajfa-1319	342	31	the	the	DET
ajfa-1319	342	32	model	model	NOUN
ajfa-1319	342	33	,	,	PUNCT
ajfa-1319	342	34	both	both	CCONJ
ajfa-1319	342	35	shinside	shinside	NOUN
ajfa-1319	342	36	and	and	CCONJ
ajfa-1319	342	37	sdroe	sdroe	NOUN
ajfa-1319	342	38	had	have	AUX
ajfa-1319	342	39	shown	show	VERB
ajfa-1319	342	40	quadratic	quadratic	ADJ
ajfa-1319	342	41	relationships	relationship	NOUN
ajfa-1319	342	42	with	with	ADP
ajfa-1319	342	43	profit	profit	NOUN
ajfa-1319	342	44	efficiency	efficiency	NOUN
ajfa-1319	342	45	in	in	ADP
ajfa-1319	342	46	the	the	DET
ajfa-1319	342	47	paper	paper	NOUN
ajfa-1319	342	48	of	of	ADP
ajfa-1319	342	49	berger	berger	PROPN
ajfa-1319	342	50	and	and	CCONJ
ajfa-1319	342	51	bonaccorsi	bonaccorsi	PROPN
ajfa-1319	342	52	di	di	X
ajfa-1319	342	53	patti	patti	PROPN
ajfa-1319	342	54	(	(	PUNCT
ajfa-1319	342	55	2006	2006	NUM
ajfa-1319	342	56	)	)	PUNCT
ajfa-1319	342	57	.	.	PUNCT
ajfa-1319	343	1	therefore	therefore	ADV
ajfa-1319	343	2	we	we	PRON
ajfa-1319	343	3	tested	test	VERB
ajfa-1319	343	4	whether	whether	SCONJ
ajfa-1319	343	5	quadratic	quadratic	ADJ
ajfa-1319	343	6	relationships	relationship	NOUN
ajfa-1319	343	7	were	be	AUX
ajfa-1319	343	8	in	in	ADP
ajfa-1319	343	9	existence	existence	NOUN
ajfa-1319	343	10	for	for	ADP
ajfa-1319	343	11	either	either	CCONJ
ajfa-1319	343	12	variable	variable	NOUN
ajfa-1319	343	13	and	and	CCONJ
ajfa-1319	343	14	both	both	PRON
ajfa-1319	343	15	yielded	yield	VERB
ajfa-1319	343	16	unsatisfactory	unsatisfactory	ADJ
ajfa-1319	343	17	results	result	NOUN
ajfa-1319	343	18	.	.	PUNCT
ajfa-1319	344	1	they	they	PRON
ajfa-1319	344	2	also	also	ADV
ajfa-1319	344	3	did	do	AUX
ajfa-1319	344	4	not	not	PART
ajfa-1319	344	5	add	add	VERB
ajfa-1319	344	6	to	to	ADP
ajfa-1319	344	7	the	the	DET
ajfa-1319	344	8	overall	overall	ADJ
ajfa-1319	344	9	explanatory	explanatory	ADJ
ajfa-1319	344	10	power	power	NOUN
ajfa-1319	344	11	of	of	ADP
ajfa-1319	344	12	the	the	DET
ajfa-1319	344	13	model	model	NOUN
ajfa-1319	344	14	and	and	CCONJ
ajfa-1319	344	15	in	in	ADP
ajfa-1319	344	16	fact	fact	NOUN
ajfa-1319	344	17	reduced	reduce	VERB
ajfa-1319	344	18	it	it	PRON
ajfa-1319	344	19	,	,	PUNCT
ajfa-1319	344	20	hence	hence	ADV
ajfa-1319	344	21	neither	neither	DET
ajfa-1319	344	22	variable	variable	NOUN
ajfa-1319	344	23	was	be	AUX
ajfa-1319	344	24	included	include	VERB
ajfa-1319	344	25	in	in	ADP
ajfa-1319	344	26	the	the	DET
ajfa-1319	344	27	regression	regression	NOUN
ajfa-1319	344	28	outputs	output	NOUN
ajfa-1319	344	29	.	.	PUNCT
ajfa-1319	345	1	5.3	5.3	NUM
ajfa-1319	345	2	robustness	robustness	NOUN
ajfa-1319	345	3	checks	check	NOUN
ajfa-1319	345	4	three	three	NUM
ajfa-1319	345	5	methods	method	NOUN
ajfa-1319	345	6	are	be	AUX
ajfa-1319	345	7	used	use	VERB
ajfa-1319	345	8	to	to	PART
ajfa-1319	345	9	check	check	VERB
ajfa-1319	345	10	for	for	ADP
ajfa-1319	345	11	robustness	robustness	NOUN
ajfa-1319	345	12	of	of	ADP
ajfa-1319	345	13	our	our	PRON
ajfa-1319	345	14	results	result	NOUN
ajfa-1319	345	15	.	.	PUNCT
ajfa-1319	346	1	firstly	firstly	ADV
ajfa-1319	346	2	to	to	PART
ajfa-1319	346	3	test	test	VERB
ajfa-1319	346	4	whether	whether	SCONJ
ajfa-1319	346	5	it	it	PRON
ajfa-1319	346	6	remains	remain	VERB
ajfa-1319	346	7	that	that	SCONJ
ajfa-1319	346	8	the	the	DET
ajfa-1319	346	9	relationship	relationship	NOUN
ajfa-1319	346	10	of	of	ADP
ajfa-1319	346	11	leverage	leverage	NOUN
ajfa-1319	346	12	and	and	CCONJ
ajfa-1319	346	13	profit	profit	NOUN
ajfa-1319	346	14	efficiency	efficiency	NOUN
ajfa-1319	346	15	in	in	ADP
ajfa-1319	346	16	australian	australian	ADJ
ajfa-1319	346	17	banks	bank	NOUN
ajfa-1319	346	18	is	be	AUX
ajfa-1319	346	19	a	a	DET
ajfa-1319	346	20	quadratic	quadratic	ADJ
ajfa-1319	346	21	rather	rather	ADV
ajfa-1319	346	22	than	than	ADP
ajfa-1319	346	23	a	a	DET
ajfa-1319	346	24	linear	linear	ADJ
ajfa-1319	346	25	one	one	NOUN
ajfa-1319	346	26	,	,	PUNCT
ajfa-1319	346	27	an	an	DET
ajfa-1319	346	28	alternate	alternate	ADJ
ajfa-1319	346	29	measure	measure	NOUN
ajfa-1319	346	30	of	of	ADP
ajfa-1319	346	31	leverage	leverage	NOUN
ajfa-1319	346	32	is	be	AUX
ajfa-1319	346	33	used	use	VERB
ajfa-1319	346	34	.	.	PUNCT
ajfa-1319	347	1	l	l	NOUN
ajfa-1319	347	2	/	/	SYM
ajfa-1319	347	3	a	a	PRON
ajfa-1319	347	4	as	as	SCONJ
ajfa-1319	347	5	used	use	VERB
ajfa-1319	347	6	by	by	ADP
ajfa-1319	347	7	muados	muado	NOUN
ajfa-1319	347	8	,	,	PUNCT
ajfa-1319	347	9	pastor	pastor	NOUN
ajfa-1319	347	10	,	,	PUNCT
ajfa-1319	347	11	perez	perez	PROPN
ajfa-1319	347	12	,	,	PUNCT
ajfa-1319	347	13	quaseda	quaseda	PROPN
ajfa-1319	347	14	(	(	PUNCT
ajfa-1319	347	15	2000	2000	NUM
ajfa-1319	347	16	)	)	PUNCT
ajfa-1319	347	17	,	,	PUNCT
ajfa-1319	347	18	measures	measure	VERB
ajfa-1319	347	19	loans	loan	NOUN
ajfa-1319	347	20	/	/	SYM
ajfa-1319	347	21	assets	asset	NOUN
ajfa-1319	347	22	(	(	PUNCT
ajfa-1319	347	23	loans	loan	NOUN
ajfa-1319	347	24	are	be	AUX
ajfa-1319	347	25	made	make	VERB
ajfa-1319	347	26	of	of	ADP
ajfa-1319	347	27	deposits	deposit	NOUN
ajfa-1319	347	28	and	and	CCONJ
ajfa-1319	347	29	other	other	ADJ
ajfa-1319	347	30	short	short	ADJ
ajfa-1319	347	31	term	term	NOUN
ajfa-1319	347	32	funding	funding	NOUN
ajfa-1319	347	33	as	as	ADV
ajfa-1319	347	34	well	well	ADV
ajfa-1319	347	35	as	as	ADP
ajfa-1319	347	36	other	other	ADJ
ajfa-1319	347	37	funding	funding	NOUN
ajfa-1319	347	38	)	)	PUNCT
ajfa-1319	347	39	.	.	PUNCT
ajfa-1319	348	1	the	the	DET
ajfa-1319	348	2	results	result	NOUN
ajfa-1319	348	3	of	of	ADP
ajfa-1319	348	4	this	this	DET
ajfa-1319	348	5	regression	regression	NOUN
ajfa-1319	348	6	suggest	suggest	VERB
ajfa-1319	348	7	that	that	SCONJ
ajfa-1319	348	8	there	there	PRON
ajfa-1319	348	9	is	be	VERB
ajfa-1319	348	10	no	no	DET
ajfa-1319	348	11	statistically	statistically	ADV
ajfa-1319	348	12	significant	significant	ADJ
ajfa-1319	348	13	relationship	relationship	NOUN
ajfa-1319	348	14	of	of	ADP
ajfa-1319	348	15	leverage	leverage	NOUN
ajfa-1319	348	16	and	and	CCONJ
ajfa-1319	348	17	profit	profit	NOUN
ajfa-1319	348	18	efficiency	efficiency	NOUN
ajfa-1319	348	19	whether	whether	SCONJ
ajfa-1319	348	20	it	it	PRON
ajfa-1319	348	21	be	be	AUX
ajfa-1319	348	22	linear	linear	ADJ
ajfa-1319	348	23	or	or	CCONJ
ajfa-1319	348	24	quadratic	quadratic	ADJ
ajfa-1319	348	25	.	.	PUNCT
ajfa-1319	349	1	the	the	DET
ajfa-1319	349	2	answer	answer	NOUN
ajfa-1319	349	3	to	to	ADP
ajfa-1319	349	4	this	this	DET
ajfa-1319	349	5	puzzling	puzzle	VERB
ajfa-1319	349	6	outcome	outcome	NOUN
ajfa-1319	349	7	may	may	AUX
ajfa-1319	349	8	lie	lie	VERB
ajfa-1319	349	9	in	in	ADP
ajfa-1319	349	10	the	the	DET
ajfa-1319	349	11	proxy	proxy	NOUN
ajfa-1319	349	12	of	of	ADP
ajfa-1319	349	13	leverage	leverage	NOUN
ajfa-1319	349	14	l	l	PROPN
ajfa-1319	349	15	/	/	SYM
ajfa-1319	349	16	a	a	PRON
ajfa-1319	349	17	as	as	SCONJ
ajfa-1319	349	18	it	it	PRON
ajfa-1319	349	19	may	may	AUX
ajfa-1319	349	20	not	not	PART
ajfa-1319	349	21	encapsulate	encapsulate	VERB
ajfa-1319	349	22	the	the	DET
ajfa-1319	349	23	total	total	ADJ
ajfa-1319	349	24	amount	amount	NOUN
ajfa-1319	349	25	of	of	ADP
ajfa-1319	349	26	leverage	leverage	NOUN
ajfa-1319	349	27	taken	take	VERB
ajfa-1319	349	28	on	on	ADP
ajfa-1319	349	29	by	by	ADP
ajfa-1319	349	30	a	a	DET
ajfa-1319	349	31	firm	firm	NOUN
ajfa-1319	349	32	.	.	PUNCT
ajfa-1319	350	1	debt	debt	NOUN
ajfa-1319	350	2	may	may	AUX
ajfa-1319	350	3	come	come	VERB
ajfa-1319	350	4	from	from	ADP
ajfa-1319	350	5	other	other	ADJ
ajfa-1319	350	6	places	place	NOUN
ajfa-1319	350	7	other	other	ADJ
ajfa-1319	350	8	than	than	ADP
ajfa-1319	350	9	deposits	deposit	NOUN
ajfa-1319	350	10	and	and	CCONJ
ajfa-1319	350	11	other	other	ADJ
ajfa-1319	350	12	loans	loan	NOUN
ajfa-1319	350	13	,	,	PUNCT
ajfa-1319	350	14	hence	hence	ADV
ajfa-1319	350	15	l	l	NOUN
ajfa-1319	350	16	/	/	SYM
ajfa-1319	350	17	a	a	PRON
ajfa-1319	350	18	may	may	AUX
ajfa-1319	350	19	just	just	ADV
ajfa-1319	350	20	not	not	PART
ajfa-1319	350	21	be	be	AUX
ajfa-1319	350	22	a	a	DET
ajfa-1319	350	23	great	great	ADJ
ajfa-1319	350	24	proxy	proxy	NOUN
ajfa-1319	350	25	of	of	ADP
ajfa-1319	350	26	leverage	leverage	NOUN
ajfa-1319	350	27	.	.	PUNCT
ajfa-1319	351	1	this	this	DET
ajfa-1319	351	2	notion	notion	NOUN
ajfa-1319	351	3	is	be	AUX
ajfa-1319	351	4	also	also	ADV
ajfa-1319	351	5	strengthened	strengthen	VERB
ajfa-1319	351	6	when	when	SCONJ
ajfa-1319	351	7	comparing	compare	VERB
ajfa-1319	351	8	the	the	DET
ajfa-1319	351	9	overall	overall	ADJ
ajfa-1319	351	10	strength	strength	NOUN
ajfa-1319	351	11	of	of	ADP
ajfa-1319	351	12	the	the	DET
ajfa-1319	351	13	model	model	NOUN
ajfa-1319	351	14	which	which	PRON
ajfa-1319	351	15	employs	employ	VERB
ajfa-1319	351	16	the	the	DET
ajfa-1319	351	17	quadratic	quadratic	ADJ
ajfa-1319	351	18	form	form	NOUN
ajfa-1319	351	19	of	of	ADP
ajfa-1319	351	20	ecap	ecap	NOUN
ajfa-1319	351	21	to	to	ADP
ajfa-1319	351	22	that	that	PRON
ajfa-1319	351	23	which	which	PRON
ajfa-1319	351	24	uses	use	VERB
ajfa-1319	351	25	the	the	DET
ajfa-1319	351	26	quadratic	quadratic	ADJ
ajfa-1319	351	27	form	form	NOUN
ajfa-1319	351	28	of	of	ADP
ajfa-1319	351	29	l	l	NOUN
ajfa-1319	351	30	/	/	SYM
ajfa-1319	351	31	a	a	PRON
ajfa-1319	351	32	,	,	PUNCT
ajfa-1319	351	33	you	you	PRON
ajfa-1319	351	34	find	find	VERB
ajfa-1319	351	35	that	that	SCONJ
ajfa-1319	351	36	the	the	DET
ajfa-1319	351	37	model	model	NOUN
ajfa-1319	351	38	using	use	VERB
ajfa-1319	351	39	l	l	PROPN
ajfa-1319	351	40	/	/	SYM
ajfa-1319	351	41	a	a	PRON
ajfa-1319	351	42	as	as	ADP
ajfa-1319	351	43	a	a	DET
ajfa-1319	351	44	proxy	proxy	NOUN
ajfa-1319	351	45	of	of	ADP
ajfa-1319	351	46	leverage	leverage	NOUN
ajfa-1319	351	47	has	have	VERB
ajfa-1319	351	48	much	much	ADV
ajfa-1319	351	49	lower	low	ADJ
ajfa-1319	351	50	explanatory	explanatory	ADJ
ajfa-1319	351	51	power	power	NOUN
ajfa-1319	351	52	.	.	PUNCT
ajfa-1319	352	1	the	the	DET
ajfa-1319	352	2	findings	finding	NOUN
ajfa-1319	352	3	of	of	ADP
ajfa-1319	352	4	this	this	DET
ajfa-1319	352	5	robustness	robustness	NOUN
ajfa-1319	352	6	test	test	NOUN
ajfa-1319	352	7	also	also	ADV
ajfa-1319	352	8	strengthen	strengthen	VERB
ajfa-1319	352	9	the	the	DET
ajfa-1319	352	10	idea	idea	NOUN
ajfa-1319	352	11	that	that	SCONJ
ajfa-1319	352	12	banks	bank	NOUN
ajfa-1319	352	13	should	should	AUX
ajfa-1319	352	14	try	try	VERB
ajfa-1319	352	15	to	to	PART
ajfa-1319	352	16	increase	increase	VERB
ajfa-1319	352	17	market	market	NOUN
ajfa-1319	352	18	share	share	NOUN
ajfa-1319	352	19	as	as	ADV
ajfa-1319	352	20	well	well	ADV
ajfa-1319	352	21	as	as	ADP
ajfa-1319	352	22	reduce	reduce	VERB
ajfa-1319	352	23	block	block	NOUN
ajfa-1319	352	24	ownership	ownership	NOUN
ajfa-1319	352	25	over	over	ADP
ajfa-1319	352	26	5	5	NUM
ajfa-1319	352	27	%	%	NOUN
ajfa-1319	352	28	,	,	PUNCT
ajfa-1319	352	29	as	as	SCONJ
ajfa-1319	352	30	both	both	PRON
ajfa-1319	352	31	of	of	ADP
ajfa-1319	352	32	these	these	PRON
ajfa-1319	352	33	remain	remain	VERB
ajfa-1319	352	34	statistically	statistically	ADV
ajfa-1319	352	35	significant	significant	ADJ
ajfa-1319	352	36	.	.	PUNCT
ajfa-1319	353	1	since	since	SCONJ
ajfa-1319	353	2	the	the	DET
ajfa-1319	353	3	first	first	ADJ
ajfa-1319	353	4	robustness	robustness	NOUN
ajfa-1319	353	5	check	check	NOUN
ajfa-1319	353	6	did	do	AUX
ajfa-1319	353	7	not	not	PART
ajfa-1319	353	8	give	give	VERB
ajfa-1319	353	9	clarity	clarity	NOUN
ajfa-1319	353	10	on	on	ADP
ajfa-1319	353	11	the	the	DET
ajfa-1319	353	12	issue	issue	NOUN
ajfa-1319	353	13	of	of	ADP
ajfa-1319	353	14	whether	whether	SCONJ
ajfa-1319	353	15	the	the	DET
ajfa-1319	353	16	model	model	NOUN
ajfa-1319	353	17	is	be	AUX
ajfa-1319	353	18	robust	robust	ADJ
ajfa-1319	353	19	a	a	DET
ajfa-1319	353	20	second	second	ADJ
ajfa-1319	353	21	robustness	robustness	NOUN
ajfa-1319	353	22	test	test	NOUN
ajfa-1319	353	23	is	be	AUX
ajfa-1319	353	24	initiated	initiate	VERB
ajfa-1319	353	25	.	.	PUNCT
ajfa-1319	354	1	this	this	DET
ajfa-1319	354	2	robustness	robustness	NOUN
ajfa-1319	354	3	test	test	NOUN
ajfa-1319	354	4	as	as	SCONJ
ajfa-1319	354	5	used	use	VERB
ajfa-1319	354	6	by	by	ADP
ajfa-1319	354	7	berger	berger	PROPN
ajfa-1319	354	8	and	and	CCONJ
ajfa-1319	354	9	bonaccorsi	bonaccorsi	PROPN
ajfa-1319	354	10	di	di	X
ajfa-1319	354	11	patti	patti	PROPN
ajfa-1319	354	12	(	(	PUNCT
ajfa-1319	354	13	2006	2006	NUM
ajfa-1319	354	14	)	)	PUNCT
ajfa-1319	354	15	employs	employ	VERB
ajfa-1319	354	16	the	the	DET
ajfa-1319	354	17	common	common	ADJ
ajfa-1319	354	18	accounting	accounting	NOUN
ajfa-1319	354	19	measure	measure	NOUN
ajfa-1319	354	20	of	of	ADP
ajfa-1319	354	21	firm	firm	ADJ
ajfa-1319	354	22	performance	performance	NOUN
ajfa-1319	354	23	roe	roe	NOUN
ajfa-1319	354	24	(	(	PUNCT
ajfa-1319	354	25	return	return	VERB
ajfa-1319	354	26	on	on	ADP
ajfa-1319	354	27	equity	equity	NOUN
ajfa-1319	354	28	)	)	PUNCT
ajfa-1319	354	29	as	as	ADP
ajfa-1319	354	30	the	the	DET
ajfa-1319	354	31	dependant	dependant	ADJ
ajfa-1319	354	32	variable	variable	NOUN
ajfa-1319	354	33	as	as	ADP
ajfa-1319	354	34	an	an	DET
ajfa-1319	354	35	alternative	alternative	NOUN
ajfa-1319	354	36	to	to	ADP
ajfa-1319	354	37	profit	profit	NOUN
ajfa-1319	354	38	efficiency	efficiency	NOUN
ajfa-1319	354	39	.	.	PUNCT
ajfa-1319	355	1	the	the	DET
ajfa-1319	355	2	findings	finding	NOUN
ajfa-1319	355	3	are	be	AUX
ajfa-1319	355	4	of	of	ADP
ajfa-1319	355	5	this	this	DET
ajfa-1319	355	6	robustness	robustness	NOUN
ajfa-1319	355	7	check	check	NOUN
ajfa-1319	355	8	is	be	AUX
ajfa-1319	355	9	favourable	favourable	ADJ
ajfa-1319	355	10	to	to	ADP
ajfa-1319	355	11	our	our	PRON
ajfa-1319	355	12	primary	primary	ADJ
ajfa-1319	355	13	model	model	NOUN
ajfa-1319	355	14	,	,	PUNCT
ajfa-1319	355	15	when	when	SCONJ
ajfa-1319	355	16	ecap	ecap	PROPN
ajfa-1319	355	17	is	be	AUX
ajfa-1319	355	18	used	use	VERB
ajfa-1319	355	19	to	to	ADP
ajfa-1319	355	20	proxy	proxy	ADJ
ajfa-1319	355	21	inverse	inverse	NOUN
ajfa-1319	355	22	leverage	leverage	NOUN
ajfa-1319	355	23	the	the	DET
ajfa-1319	355	24	findings	finding	NOUN
ajfa-1319	355	25	are	be	AUX
ajfa-1319	355	26	robust	robust	ADJ
ajfa-1319	355	27	even	even	ADV
ajfa-1319	355	28	when	when	SCONJ
ajfa-1319	355	29	using	use	VERB
ajfa-1319	355	30	a	a	DET
ajfa-1319	355	31	common	common	ADJ
ajfa-1319	355	32	accounting	accounting	NOUN
ajfa-1319	355	33	measure	measure	NOUN
ajfa-1319	355	34	of	of	ADP
ajfa-1319	355	35	firm	firm	ADJ
ajfa-1319	355	36	performance	performance	NOUN
ajfa-1319	355	37	(	(	PUNCT
ajfa-1319	355	38	roe	roe	NOUN
ajfa-1319	355	39	)	)	PUNCT
ajfa-1319	355	40	.	.	PUNCT
ajfa-1319	356	1	the	the	DET
ajfa-1319	356	2	findings	finding	NOUN
ajfa-1319	356	3	of	of	ADP
ajfa-1319	356	4	this	this	DET
ajfa-1319	356	5	robustness	robustness	NOUN
ajfa-1319	356	6	test	test	NOUN
ajfa-1319	356	7	are	be	AUX
ajfa-1319	356	8	that	that	SCONJ
ajfa-1319	356	9	leverage	leverage	NOUN
ajfa-1319	356	10	affects	affect	VERB
ajfa-1319	356	11	bank	bank	NOUN
ajfa-1319	356	12	performance	performance	NOUN
ajfa-1319	356	13	in	in	ADP
ajfa-1319	356	14	a	a	DET
ajfa-1319	356	15	quadratic	quadratic	ADJ
ajfa-1319	356	16	manner	manner	NOUN
ajfa-1319	356	17	rather	rather	ADV
ajfa-1319	356	18	than	than	ADP
ajfa-1319	356	19	a	a	DET
ajfa-1319	356	20	linear	linear	ADJ
ajfa-1319	356	21	one	one	NUM
ajfa-1319	356	22	.	.	PUNCT
ajfa-1319	357	1	ecap	ecap	PROPN
ajfa-1319	357	2	is	be	AUX
ajfa-1319	357	3	statistically	statistically	ADV
ajfa-1319	357	4	insignificant	insignificant	ADJ
ajfa-1319	357	5	at	at	ADP
ajfa-1319	357	6	any	any	DET
ajfa-1319	357	7	level	level	NOUN
ajfa-1319	357	8	when	when	SCONJ
ajfa-1319	357	9	testing	test	VERB
ajfa-1319	357	10	the	the	DET
ajfa-1319	357	11	linear	linear	ADJ
ajfa-1319	357	12	relationship	relationship	NOUN
ajfa-1319	357	13	of	of	ADP
ajfa-1319	357	14	ecap	ecap	NOUN
ajfa-1319	357	15	and	and	CCONJ
ajfa-1319	357	16	roe	roe	PROPN
ajfa-1319	357	17	(	(	PUNCT
ajfa-1319	357	18	regression	regression	NOUN
ajfa-1319	357	19	not	not	PART
ajfa-1319	357	20	shown	show	VERB
ajfa-1319	357	21	here	here	ADV
ajfa-1319	357	22	)	)	PUNCT
ajfa-1319	357	23	,	,	PUNCT
ajfa-1319	357	24	however	however	ADV
ajfa-1319	357	25	when	when	SCONJ
ajfa-1319	357	26	the	the	DET
ajfa-1319	357	27	quadratic	quadratic	ADJ
ajfa-1319	357	28	relationship	relationship	NOUN
ajfa-1319	357	29	of	of	ADP
ajfa-1319	357	30	ecap	ecap	NOUN
ajfa-1319	357	31	and	and	CCONJ
ajfa-1319	357	32	roe	roe	PROPN
ajfa-1319	357	33	is	be	AUX
ajfa-1319	357	34	examined	examine	VERB
ajfa-1319	357	35	it	it	PRON
ajfa-1319	357	36	is	be	AUX
ajfa-1319	357	37	statistically	statistically	ADV
ajfa-1319	357	38	significant	significant	ADJ
ajfa-1319	357	39	at	at	ADP
ajfa-1319	357	40	any	any	DET
ajfa-1319	357	41	significance	significance	NOUN
ajfa-1319	357	42	level	level	NOUN
ajfa-1319	357	43	.	.	PUNCT
ajfa-1319	358	1	furthermore	furthermore	ADV
ajfa-1319	358	2	this	this	DET
ajfa-1319	358	3	robustness	robustness	NOUN
ajfa-1319	358	4	test	test	NOUN
ajfa-1319	358	5	finds	find	VERB
ajfa-1319	358	6	market	market	NOUN
ajfa-1319	358	7	share	share	NOUN
ajfa-1319	358	8	to	to	PART
ajfa-1319	358	9	once	once	ADV
ajfa-1319	358	10	again	again	ADV
ajfa-1319	358	11	be	be	AUX
ajfa-1319	358	12	positively	positively	ADV
ajfa-1319	358	13	correlated	correlate	VERB
ajfa-1319	358	14	with	with	ADP
ajfa-1319	358	15	bank	bank	NOUN
ajfa-1319	358	16	performance	performance	NOUN
ajfa-1319	358	17	with	with	ADP
ajfa-1319	358	18	statistical	statistical	ADJ
ajfa-1319	358	19	significance	significance	NOUN
ajfa-1319	358	20	.	.	PUNCT
ajfa-1319	359	1	sh5own	sh5own	NOUN
ajfa-1319	359	2	is	be	AUX
ajfa-1319	359	3	significant	significant	ADJ
ajfa-1319	359	4	at	at	ADP
ajfa-1319	359	5	the	the	DET
ajfa-1319	359	6	10	10	NUM
ajfa-1319	359	7	%	%	NOUN
ajfa-1319	359	8	significance	significance	NOUN
ajfa-1319	359	9	level	level	NOUN
ajfa-1319	359	10	when	when	SCONJ
ajfa-1319	359	11	the	the	DET
ajfa-1319	359	12	regression	regression	NOUN
ajfa-1319	359	13	is	be	AUX
ajfa-1319	359	14	run	run	VERB
ajfa-1319	359	15	with	with	ADP
ajfa-1319	359	16	linear	linear	PROPN
ajfa-1319	359	17	ecap	ecap	NOUN
ajfa-1319	359	18	on	on	ADP
ajfa-1319	359	19	roe	roe	PROPN
ajfa-1319	359	20	however	however	ADV
ajfa-1319	359	21	it	it	PRON
ajfa-1319	359	22	is	be	AUX
ajfa-1319	359	23	insignificant	insignificant	ADJ
ajfa-1319	359	24	at	at	ADP
ajfa-1319	359	25	even	even	ADV
ajfa-1319	359	26	the	the	DET
ajfa-1319	359	27	10	10	NUM
ajfa-1319	359	28	%	%	NOUN
ajfa-1319	359	29	level	level	NOUN
ajfa-1319	359	30	in	in	ADP
ajfa-1319	359	31	the	the	DET
ajfa-1319	359	32	case	case	NOUN
ajfa-1319	359	33	of	of	ADP
ajfa-1319	359	34	the	the	DET
ajfa-1319	359	35	quadratic	quadratic	ADJ
ajfa-1319	359	36	relationship	relationship	NOUN
ajfa-1319	359	37	with	with	ADP
ajfa-1319	359	38	roe	roe	PROPN
ajfa-1319	359	39	being	be	AUX
ajfa-1319	359	40	specified	specify	VERB
ajfa-1319	359	41	.	.	PUNCT
ajfa-1319	360	1	all	all	DET
ajfa-1319	360	2	other	other	ADJ
ajfa-1319	360	3	variables	variable	NOUN
ajfa-1319	360	4	remain	remain	VERB
ajfa-1319	360	5	statistically	statistically	ADV
ajfa-1319	360	6	insignificant	insignificant	ADJ
ajfa-1319	360	7	at	at	ADP
ajfa-1319	360	8	any	any	DET
ajfa-1319	360	9	level	level	NOUN
ajfa-1319	360	10	.	.	PUNCT
ajfa-1319	361	1	finally	finally	ADV
ajfa-1319	361	2	a	a	DET
ajfa-1319	361	3	granger	granger	NOUN
ajfa-1319	361	4	-	-	PUNCT
ajfa-1319	361	5	causality	causality	NOUN
ajfa-1319	361	6	test	test	NOUN
ajfa-1319	361	7	is	be	AUX
ajfa-1319	361	8	employed	employ	VERB
ajfa-1319	361	9	to	to	PART
ajfa-1319	361	10	test	test	VERB
ajfa-1319	361	11	whether	whether	SCONJ
ajfa-1319	361	12	profit	profit	NOUN
ajfa-1319	361	13	efficiency	efficiency	NOUN
ajfa-1319	361	14	(	(	PUNCT
ajfa-1319	361	15	peff	peff	NOUN
ajfa-1319	361	16	)	)	PUNCT
ajfa-1319	361	17	actually	actually	ADV
ajfa-1319	361	18	causes	cause	VERB
ajfa-1319	361	19	choice	choice	NOUN
ajfa-1319	361	20	in	in	ADP
ajfa-1319	361	21	capital	capital	NOUN
ajfa-1319	361	22	structure	structure	NOUN
ajfa-1319	361	23	(	(	PUNCT
ajfa-1319	361	24	ecap	ecap	PROPN
ajfa-1319	361	25	)	)	PUNCT
ajfa-1319	361	26	.	.	PUNCT
ajfa-1319	362	1	this	this	PRON
ajfa-1319	362	2	is	be	AUX
ajfa-1319	362	3	indeed	indeed	ADV
ajfa-1319	362	4	against	against	ADP
ajfa-1319	362	5	the	the	DET
ajfa-1319	362	6	underlying	underlying	ADJ
ajfa-1319	362	7	assumption	assumption	NOUN
ajfa-1319	362	8	of	of	ADP
ajfa-1319	362	9	our	our	PRON
ajfa-1319	362	10	paper	paper	NOUN
ajfa-1319	362	11	in	in	ADP
ajfa-1319	362	12	which	which	PRON
ajfa-1319	362	13	we	we	PRON
ajfa-1319	362	14	model	model	VERB
ajfa-1319	362	15	the	the	DET
ajfa-1319	362	16	impact	impact	NOUN
ajfa-1319	362	17	of	of	ADP
ajfa-1319	362	18	capital	capital	NOUN
ajfa-1319	362	19	structure	structure	NOUN
ajfa-1319	362	20	on	on	ADP
ajfa-1319	362	21	profit	profit	NOUN
ajfa-1319	362	22	efficiency	efficiency	NOUN
ajfa-1319	362	23	.	.	PUNCT
ajfa-1319	363	1	both	both	CCONJ
ajfa-1319	363	2	the	the	DET
ajfa-1319	363	3	efficiency	efficiency	NOUN
ajfa-1319	363	4	-	-	PUNCT
ajfa-1319	363	5	risk	risk	NOUN
ajfa-1319	363	6	hypothesis	hypothesis	NOUN
ajfa-1319	363	7	and	and	CCONJ
ajfa-1319	363	8	the	the	DET
ajfa-1319	363	9	franchise	franchise	NOUN
ajfa-1319	363	10	-	-	PUNCT
ajfa-1319	363	11	value	value	NOUN
ajfa-1319	363	12	hypothesis	hypothesis	NOUN
ajfa-1319	363	13	offer	offer	VERB
ajfa-1319	363	14	considerable	considerable	ADJ
ajfa-1319	363	15	arguments	argument	NOUN
ajfa-1319	363	16	as	as	ADP
ajfa-1319	363	17	to	to	ADP
ajfa-1319	363	18	why	why	SCONJ
ajfa-1319	363	19	causality	causality	NOUN
ajfa-1319	363	20	may	may	AUX
ajfa-1319	363	21	be	be	AUX
ajfa-1319	363	22	in	in	ADP
ajfa-1319	363	23	the	the	DET
ajfa-1319	363	24	direction	direction	NOUN
ajfa-1319	363	25	of	of	ADP
ajfa-1319	363	26	profit	profit	NOUN
ajfa-1319	363	27	efficiency	efficiency	NOUN
ajfa-1319	363	28	to	to	ADP
ajfa-1319	363	29	capital	capital	NOUN
ajfa-1319	363	30	structure	structure	NOUN
ajfa-1319	363	31	.	.	PUNCT
ajfa-1319	364	1	the	the	DET
ajfa-1319	364	2	test	test	NOUN
ajfa-1319	364	3	is	be	AUX
ajfa-1319	364	4	set	set	VERB
ajfa-1319	364	5	up	up	ADP
ajfa-1319	364	6	so	so	SCONJ
ajfa-1319	364	7	that	that	SCONJ
ajfa-1319	364	8	granger	granger	NOUN
ajfa-1319	364	9	-	-	PUNCT
ajfa-1319	364	10	causality	causality	NOUN
ajfa-1319	364	11	is	be	AUX
ajfa-1319	364	12	tested	test	VERB
ajfa-1319	364	13	between	between	ADP
ajfa-1319	364	14	the	the	DET
ajfa-1319	364	15	linear	linear	ADJ
ajfa-1319	364	16	terms	term	NOUN
ajfa-1319	364	17	of	of	ADP
ajfa-1319	364	18	ecap	ecap	NOUN
ajfa-1319	364	19	and	and	CCONJ
ajfa-1319	364	20	peff	peff	PROPN
ajfa-1319	364	21	as	as	ADV
ajfa-1319	364	22	well	well	ADV
ajfa-1319	364	23	as	as	ADP
ajfa-1319	364	24	the	the	DET
ajfa-1319	364	25	quadratic	quadratic	ADJ
ajfa-1319	364	26	term	term	NOUN
ajfa-1319	364	27	of	of	ADP
ajfa-1319	364	28	ecap	ecap	NOUN
ajfa-1319	364	29	(	(	PUNCT
ajfa-1319	364	30	denoted	denote	VERB
ajfa-1319	364	31	ecapsq	ecapsq	NOUN
ajfa-1319	364	32	)	)	PUNCT
ajfa-1319	364	33	and	and	CCONJ
ajfa-1319	364	34	peff	peff	PROPN
ajfa-1319	364	35	.	.	PUNCT
ajfa-1319	365	1	table	table	NOUN
ajfa-1319	365	2	3	3	NUM
ajfa-1319	365	3	shows	show	VERB
ajfa-1319	365	4	that	that	SCONJ
ajfa-1319	365	5	when	when	SCONJ
ajfa-1319	365	6	the	the	DET
ajfa-1319	365	7	granger	granger	NOUN
ajfa-1319	365	8	-	-	PUNCT
ajfa-1319	365	9	causality	causality	NOUN
ajfa-1319	365	10	test	test	NOUN
ajfa-1319	365	11	is	be	AUX
ajfa-1319	365	12	conducted	conduct	VERB
ajfa-1319	365	13	with	with	ADP
ajfa-1319	365	14	2	2	NUM
ajfa-1319	365	15	lags	lag	NOUN
ajfa-1319	365	16	between	between	ADP
ajfa-1319	365	17	the	the	DET
ajfa-1319	365	18	linear	linear	ADJ
ajfa-1319	365	19	term	term	NOUN
ajfa-1319	365	20	of	of	ADP
ajfa-1319	365	21	ecap	ecap	NOUN
ajfa-1319	365	22	and	and	CCONJ
ajfa-1319	365	23	peff	peff	NOUN
ajfa-1319	365	24	we	we	PRON
ajfa-1319	365	25	find	find	VERB
ajfa-1319	365	26	that	that	SCONJ
ajfa-1319	365	27	granger	granger	NOUN
ajfa-1319	365	28	-	-	PUNCT
ajfa-1319	365	29	causality	causality	NOUN
ajfa-1319	365	30	does	do	AUX
ajfa-1319	365	31	not	not	PART
ajfa-1319	365	32	run	run	VERB
ajfa-1319	365	33	in	in	ADP
ajfa-1319	365	34	either	either	DET
ajfa-1319	365	35	direction	direction	NOUN
ajfa-1319	365	36	.	.	PUNCT
ajfa-1319	366	1	asian	asian	ADJ
ajfa-1319	366	2	journal	journal	PROPN
ajfa-1319	366	3	of	of	ADP
ajfa-1319	366	4	finance	finance	PROPN
ajfa-1319	366	5	&	&	CCONJ
ajfa-1319	366	6	accounting	accounting	PROPN
ajfa-1319	366	7	issn	issn	PROPN
ajfa-1319	366	8	1946	1946	NUM
ajfa-1319	366	9	-	-	PUNCT
ajfa-1319	366	10	052x	052x	NOUN
ajfa-1319	366	11	2012	2012	NUM
ajfa-1319	366	12	,	,	PUNCT
ajfa-1319	366	13	vol	vol	NOUN
ajfa-1319	366	14	.	.	PROPN
ajfa-1319	366	15	4	4	NUM
ajfa-1319	366	16	,	,	PUNCT
ajfa-1319	366	17	no	no	INTJ
ajfa-1319	366	18	.	.	NOUN
ajfa-1319	366	19	1	1	NUM
ajfa-1319	366	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1319	366	21	295	295	NUM
ajfa-1319	366	22	this	this	PRON
ajfa-1319	366	23	does	do	AUX
ajfa-1319	366	24	compliment	compliment	VERB
ajfa-1319	366	25	the	the	DET
ajfa-1319	366	26	findings	finding	NOUN
ajfa-1319	366	27	of	of	ADP
ajfa-1319	366	28	our	our	PRON
ajfa-1319	366	29	primary	primary	ADJ
ajfa-1319	366	30	regression	regression	NOUN
ajfa-1319	366	31	which	which	PRON
ajfa-1319	366	32	suggested	suggest	VERB
ajfa-1319	366	33	that	that	SCONJ
ajfa-1319	366	34	there	there	PRON
ajfa-1319	366	35	is	be	VERB
ajfa-1319	366	36	no	no	DET
ajfa-1319	366	37	relationship	relationship	NOUN
ajfa-1319	366	38	between	between	ADP
ajfa-1319	366	39	capital	capital	NOUN
ajfa-1319	366	40	structure	structure	NOUN
ajfa-1319	366	41	and	and	CCONJ
ajfa-1319	366	42	profit	profit	NOUN
ajfa-1319	366	43	efficiency	efficiency	NOUN
ajfa-1319	366	44	.	.	PUNCT
ajfa-1319	367	1	table	table	NOUN
ajfa-1319	367	2	3	3	NUM
ajfa-1319	367	3	.	.	PUNCT
ajfa-1319	368	1	granger	granger	NOUN
ajfa-1319	368	2	-	-	PUNCT
ajfa-1319	368	3	causality	causality	NOUN
ajfa-1319	368	4	test	test	NOUN
ajfa-1319	368	5	2	2	NUM
ajfa-1319	368	6	null	null	NOUN
ajfa-1319	368	7	hypothesis	hypothesis	NOUN
ajfa-1319	368	8	:	:	PUNCT
ajfa-1319	368	9	obs	obs	PROPN
ajfa-1319	368	10	f	f	NOUN
ajfa-1319	368	11	-	-	PUNCT
ajfa-1319	368	12	statistic	statistic	ADJ
ajfa-1319	368	13	probability	probability	NOUN
ajfa-1319	368	14	ecap	ecap	NOUN
ajfa-1319	368	15	does	do	AUX
ajfa-1319	368	16	not	not	PART
ajfa-1319	368	17	granger	granger	AUX
ajfa-1319	368	18	cause	cause	VERB
ajfa-1319	368	19	peff	peff	PROPN
ajfa-1319	368	20	15	15	NUM
ajfa-1319	368	21	1.44382	1.44382	NUM
ajfa-1319	368	22	0.28128	0.28128	NUM
ajfa-1319	368	23	peff	peff	NOUN
ajfa-1319	368	24	does	do	AUX
ajfa-1319	368	25	not	not	PART
ajfa-1319	368	26	granger	granger	AUX
ajfa-1319	368	27	cause	cause	VERB
ajfa-1319	368	28	ecap	ecap	NOUN
ajfa-1319	368	29	0.56267	0.56267	NUM
ajfa-1319	368	30	0.58672	0.58672	NUM
ajfa-1319	368	31	1/2ecap^2	1/2ecap^2	NUM
ajfa-1319	368	32	does	do	AUX
ajfa-1319	368	33	not	not	PART
ajfa-1319	368	34	granger	granger	AUX
ajfa-1319	368	35	cause	cause	VERB
ajfa-1319	368	36	peff	peff	PROPN
ajfa-1319	368	37	15	15	NUM
ajfa-1319	368	38	3.06392	3.06392	NUM
ajfa-1319	368	39	0.09165	0.09165	NUM
ajfa-1319	368	40	*	*	PUNCT
ajfa-1319	368	41	peff	peff	PROPN
ajfa-1319	368	42	does	do	AUX
ajfa-1319	368	43	not	not	PART
ajfa-1319	368	44	granger	granger	AUX
ajfa-1319	368	45	cause	cause	VERB
ajfa-1319	369	1	1/2ecap^2	1/2ecap^2	NUM
ajfa-1319	370	1	0.44492	0.44492	NUM
ajfa-1319	370	2	0.65297	0.65297	NUM
ajfa-1319	370	3	*	*	PUNCT
ajfa-1319	370	4	denotes	denote	NOUN
ajfa-1319	370	5	significance	significance	NOUN
ajfa-1319	370	6	at	at	ADP
ajfa-1319	370	7	the	the	DET
ajfa-1319	370	8	10	10	NUM
ajfa-1319	370	9	%	%	NOUN
ajfa-1319	370	10	level	level	NOUN
ajfa-1319	370	11	the	the	DET
ajfa-1319	370	12	second	second	ADJ
ajfa-1319	370	13	set	set	NOUN
ajfa-1319	370	14	of	of	ADP
ajfa-1319	370	15	output	output	NOUN
ajfa-1319	370	16	results	result	NOUN
ajfa-1319	370	17	confirm	confirm	VERB
ajfa-1319	370	18	the	the	DET
ajfa-1319	370	19	findings	finding	NOUN
ajfa-1319	370	20	of	of	ADP
ajfa-1319	370	21	our	our	PRON
ajfa-1319	370	22	paper	paper	NOUN
ajfa-1319	370	23	that	that	PRON
ajfa-1319	370	24	capital	capital	NOUN
ajfa-1319	370	25	structure	structure	NOUN
ajfa-1319	370	26	has	have	VERB
ajfa-1319	370	27	a	a	DET
ajfa-1319	370	28	significant	significant	ADJ
ajfa-1319	370	29	quadratic	quadratic	ADJ
ajfa-1319	370	30	impact	impact	NOUN
ajfa-1319	370	31	on	on	ADP
ajfa-1319	370	32	profit	profit	NOUN
ajfa-1319	370	33	efficiency	efficiency	NOUN
ajfa-1319	370	34	and	and	CCONJ
ajfa-1319	370	35	not	not	PART
ajfa-1319	370	36	the	the	DET
ajfa-1319	370	37	other	other	ADJ
ajfa-1319	370	38	way	way	NOUN
ajfa-1319	370	39	around	around	ADV
ajfa-1319	370	40	.	.	PUNCT
ajfa-1319	371	1	the	the	DET
ajfa-1319	371	2	output	output	NOUN
ajfa-1319	371	3	concludes	conclude	VERB
ajfa-1319	371	4	that	that	SCONJ
ajfa-1319	371	5	the	the	DET
ajfa-1319	371	6	quadratic	quadratic	ADJ
ajfa-1319	371	7	term	term	NOUN
ajfa-1319	371	8	of	of	ADP
ajfa-1319	371	9	capital	capital	NOUN
ajfa-1319	371	10	structure	structure	NOUN
ajfa-1319	371	11	(	(	PUNCT
ajfa-1319	371	12	1/2ecap^2	1/2ecap^2	NUM
ajfa-1319	371	13	)	)	PUNCT
ajfa-1319	371	14	granger	granger	NOUN
ajfa-1319	371	15	-	-	PUNCT
ajfa-1319	371	16	causes	cause	VERB
ajfa-1319	371	17	profit	profit	NOUN
ajfa-1319	371	18	efficiency	efficiency	NOUN
ajfa-1319	371	19	(	(	PUNCT
ajfa-1319	371	20	peff	peff	NOUN
ajfa-1319	371	21	)	)	PUNCT
ajfa-1319	371	22	at	at	ADP
ajfa-1319	371	23	the	the	DET
ajfa-1319	371	24	10	10	NUM
ajfa-1319	371	25	%	%	NOUN
ajfa-1319	371	26	significance	significance	NOUN
ajfa-1319	371	27	level	level	NOUN
ajfa-1319	371	28	and	and	CCONJ
ajfa-1319	371	29	also	also	ADV
ajfa-1319	371	30	importantly	importantly	ADV
ajfa-1319	371	31	profit	profit	NOUN
ajfa-1319	371	32	efficiency	efficiency	NOUN
ajfa-1319	371	33	(	(	PUNCT
ajfa-1319	371	34	peff	peff	NOUN
ajfa-1319	371	35	)	)	PUNCT
ajfa-1319	371	36	does	do	AUX
ajfa-1319	371	37	not	not	PART
ajfa-1319	371	38	granger	granger	NOUN
ajfa-1319	371	39	-	-	PUNCT
ajfa-1319	371	40	cause	cause	VERB
ajfa-1319	371	41	the	the	DET
ajfa-1319	371	42	quadratic	quadratic	ADJ
ajfa-1319	371	43	term	term	NOUN
ajfa-1319	371	44	of	of	ADP
ajfa-1319	371	45	capital	capital	NOUN
ajfa-1319	371	46	structure	structure	NOUN
ajfa-1319	371	47	(	(	PUNCT
ajfa-1319	371	48	1/2ecap^2	1/2ecap^2	NUM
ajfa-1319	371	49	)	)	PUNCT
ajfa-1319	371	50	at	at	ADP
ajfa-1319	371	51	any	any	DET
ajfa-1319	371	52	significance	significance	NOUN
ajfa-1319	371	53	level	level	NOUN
ajfa-1319	371	54	.	.	PUNCT
ajfa-1319	372	1	these	these	DET
ajfa-1319	372	2	results	result	NOUN
ajfa-1319	372	3	complement	complement	VERB
ajfa-1319	372	4	our	our	PRON
ajfa-1319	372	5	primary	primary	ADJ
ajfa-1319	372	6	findings	finding	NOUN
ajfa-1319	372	7	and	and	CCONJ
ajfa-1319	372	8	conclude	conclude	VERB
ajfa-1319	372	9	that	that	SCONJ
ajfa-1319	372	10	the	the	DET
ajfa-1319	372	11	causality	causality	NOUN
ajfa-1319	372	12	of	of	ADP
ajfa-1319	372	13	capital	capital	NOUN
ajfa-1319	372	14	structure	structure	NOUN
ajfa-1319	372	15	and	and	CCONJ
ajfa-1319	372	16	profit	profit	NOUN
ajfa-1319	372	17	efficiency	efficiency	NOUN
ajfa-1319	372	18	runs	run	VERB
ajfa-1319	372	19	in	in	ADP
ajfa-1319	372	20	only	only	ADV
ajfa-1319	372	21	one	one	NUM
ajfa-1319	372	22	direction	direction	NOUN
ajfa-1319	372	23	and	and	CCONJ
ajfa-1319	372	24	that	that	DET
ajfa-1319	372	25	relationship	relationship	NOUN
ajfa-1319	372	26	is	be	AUX
ajfa-1319	372	27	quadratic	quadratic	ADJ
ajfa-1319	372	28	.	.	PUNCT
ajfa-1319	373	1	6	6	X
ajfa-1319	373	2	.	.	X
ajfa-1319	373	3	conclusion	conclusion	NOUN
ajfa-1319	373	4	this	this	DET
ajfa-1319	373	5	paper	paper	NOUN
ajfa-1319	373	6	sets	set	VERB
ajfa-1319	373	7	out	out	ADP
ajfa-1319	373	8	to	to	PART
ajfa-1319	373	9	contribute	contribute	VERB
ajfa-1319	373	10	to	to	ADP
ajfa-1319	373	11	the	the	DET
ajfa-1319	373	12	theory	theory	NOUN
ajfa-1319	373	13	of	of	ADP
ajfa-1319	373	14	capital	capital	NOUN
ajfa-1319	373	15	structure	structure	NOUN
ajfa-1319	373	16	in	in	ADP
ajfa-1319	373	17	two	two	NUM
ajfa-1319	373	18	major	major	ADJ
ajfa-1319	373	19	ways	way	NOUN
ajfa-1319	373	20	;	;	PUNCT
ajfa-1319	373	21	the	the	DET
ajfa-1319	373	22	primary	primary	ADJ
ajfa-1319	373	23	objective	objective	NOUN
ajfa-1319	373	24	is	be	AUX
ajfa-1319	373	25	to	to	PART
ajfa-1319	373	26	create	create	VERB
ajfa-1319	373	27	a	a	DET
ajfa-1319	373	28	specific	specific	ADJ
ajfa-1319	373	29	hypothesis	hypothesis	NOUN
ajfa-1319	373	30	for	for	ADP
ajfa-1319	373	31	the	the	DET
ajfa-1319	373	32	effects	effect	NOUN
ajfa-1319	373	33	capital	capital	NOUN
ajfa-1319	373	34	structure	structure	NOUN
ajfa-1319	373	35	has	have	VERB
ajfa-1319	373	36	on	on	ADP
ajfa-1319	373	37	firm	firm	ADJ
ajfa-1319	373	38	performance	performance	NOUN
ajfa-1319	373	39	in	in	ADP
ajfa-1319	373	40	the	the	DET
ajfa-1319	373	41	financial	financial	ADJ
ajfa-1319	373	42	sector	sector	NOUN
ajfa-1319	373	43	,	,	PUNCT
ajfa-1319	373	44	using	use	VERB
ajfa-1319	373	45	the	the	DET
ajfa-1319	373	46	data	datum	NOUN
ajfa-1319	373	47	of	of	ADP
ajfa-1319	373	48	australian	australian	ADJ
ajfa-1319	373	49	15	15	NUM
ajfa-1319	373	50	australian	australian	ADJ
ajfa-1319	373	51	adis	adis	PROPN
ajfa-1319	373	52	over	over	ADP
ajfa-1319	373	53	the	the	DET
ajfa-1319	373	54	period	period	NOUN
ajfa-1319	373	55	of	of	ADP
ajfa-1319	373	56	2005	2005	NUM
ajfa-1319	373	57	-	-	SYM
ajfa-1319	373	58	2007	2007	NUM
ajfa-1319	373	59	.	.	PUNCT
ajfa-1319	374	1	the	the	DET
ajfa-1319	374	2	secondary	secondary	ADJ
ajfa-1319	374	3	objective	objective	NOUN
ajfa-1319	374	4	was	be	AUX
ajfa-1319	374	5	to	to	PART
ajfa-1319	374	6	create	create	VERB
ajfa-1319	374	7	a	a	DET
ajfa-1319	374	8	profit	profit	NOUN
ajfa-1319	374	9	efficiency	efficiency	NOUN
ajfa-1319	374	10	function	function	NOUN
ajfa-1319	374	11	that	that	PRON
ajfa-1319	374	12	is	be	AUX
ajfa-1319	374	13	profound	profound	ADJ
ajfa-1319	374	14	yet	yet	ADV
ajfa-1319	374	15	simple	simple	ADJ
ajfa-1319	374	16	enough	enough	ADV
ajfa-1319	374	17	to	to	PART
ajfa-1319	374	18	be	be	AUX
ajfa-1319	374	19	employed	employ	VERB
ajfa-1319	374	20	on	on	ADP
ajfa-1319	374	21	a	a	DET
ajfa-1319	374	22	dataset	dataset	NOUN
ajfa-1319	374	23	as	as	ADV
ajfa-1319	374	24	limited	limit	VERB
ajfa-1319	374	25	as	as	ADP
ajfa-1319	374	26	ours	our	NOUN
ajfa-1319	374	27	.	.	PUNCT
ajfa-1319	375	1	these	these	DET
ajfa-1319	375	2	objectives	objective	NOUN
ajfa-1319	375	3	have	have	AUX
ajfa-1319	375	4	been	be	AUX
ajfa-1319	375	5	accomplished	accomplish	VERB
ajfa-1319	375	6	successfully	successfully	ADV
ajfa-1319	375	7	,	,	PUNCT
ajfa-1319	375	8	we	we	PRON
ajfa-1319	375	9	have	have	AUX
ajfa-1319	375	10	shown	show	VERB
ajfa-1319	375	11	a	a	DET
ajfa-1319	375	12	clear	clear	ADJ
ajfa-1319	375	13	and	and	CCONJ
ajfa-1319	375	14	robust	robust	ADJ
ajfa-1319	375	15	relationship	relationship	NOUN
ajfa-1319	375	16	between	between	ADP
ajfa-1319	375	17	capital	capital	NOUN
ajfa-1319	375	18	structure	structure	NOUN
ajfa-1319	375	19	and	and	CCONJ
ajfa-1319	375	20	firm	firm	ADJ
ajfa-1319	375	21	performance	performance	NOUN
ajfa-1319	375	22	s	s	VERB
ajfa-1319	375	23	well	well	ADV
ajfa-1319	375	24	as	as	SCONJ
ajfa-1319	375	25	created	create	VERB
ajfa-1319	375	26	a	a	DET
ajfa-1319	375	27	profit	profit	NOUN
ajfa-1319	375	28	efficiency	efficiency	NOUN
ajfa-1319	375	29	function	function	NOUN
ajfa-1319	375	30	that	that	PRON
ajfa-1319	375	31	works	work	VERB
ajfa-1319	375	32	very	very	ADV
ajfa-1319	375	33	well	well	ADV
ajfa-1319	375	34	under	under	ADP
ajfa-1319	375	35	any	any	DET
ajfa-1319	375	36	condition	condition	NOUN
ajfa-1319	375	37	.	.	PUNCT
ajfa-1319	376	1	the	the	DET
ajfa-1319	376	2	main	main	ADJ
ajfa-1319	376	3	hypothesis	hypothesis	NOUN
ajfa-1319	376	4	:	:	PUNCT
ajfa-1319	376	5	“	"	PUNCT
ajfa-1319	376	6	how	how	SCONJ
ajfa-1319	376	7	does	do	AUX
ajfa-1319	376	8	capital	capital	NOUN
ajfa-1319	376	9	structure	structure	NOUN
ajfa-1319	376	10	affect	affect	VERB
ajfa-1319	376	11	firm	firm	ADJ
ajfa-1319	376	12	performance	performance	NOUN
ajfa-1319	376	13	of	of	ADP
ajfa-1319	376	14	authorised	authorise	VERB
ajfa-1319	376	15	deposit	deposit	NOUN
ajfa-1319	376	16	-	-	PUNCT
ajfa-1319	376	17	taking	take	VERB
ajfa-1319	376	18	institutions	institution	NOUN
ajfa-1319	376	19	(	(	PUNCT
ajfa-1319	376	20	adis	adis	PROPN
ajfa-1319	376	21	)	)	PUNCT
ajfa-1319	376	22	using	use	VERB
ajfa-1319	376	23	explicitly	explicitly	ADV
ajfa-1319	376	24	australian	australian	ADJ
ajfa-1319	376	25	data	datum	NOUN
ajfa-1319	376	26	?	?	PUNCT
ajfa-1319	376	27	”	"	PUNCT
ajfa-1319	376	28	is	be	AUX
ajfa-1319	376	29	one	one	NUM
ajfa-1319	376	30	which	which	PRON
ajfa-1319	376	31	is	be	AUX
ajfa-1319	376	32	of	of	ADP
ajfa-1319	376	33	especially	especially	ADV
ajfa-1319	376	34	great	great	ADJ
ajfa-1319	376	35	use	use	NOUN
ajfa-1319	376	36	for	for	ADP
ajfa-1319	376	37	australian	australian	ADJ
ajfa-1319	376	38	banks	bank	NOUN
ajfa-1319	376	39	but	but	CCONJ
ajfa-1319	376	40	its	its	PRON
ajfa-1319	376	41	implications	implication	NOUN
ajfa-1319	376	42	could	could	AUX
ajfa-1319	376	43	also	also	ADV
ajfa-1319	376	44	extend	extend	VERB
ajfa-1319	376	45	to	to	ADP
ajfa-1319	376	46	international	international	ADJ
ajfa-1319	376	47	data	datum	NOUN
ajfa-1319	376	48	.	.	PUNCT
ajfa-1319	377	1	according	accord	VERB
ajfa-1319	377	2	to	to	ADP
ajfa-1319	377	3	the	the	DET
ajfa-1319	377	4	theory	theory	NOUN
ajfa-1319	377	5	of	of	ADP
ajfa-1319	377	6	agency	agency	NOUN
ajfa-1319	377	7	cost	cost	NOUN
ajfa-1319	377	8	,	,	PUNCT
ajfa-1319	377	9	higher	high	ADJ
ajfa-1319	377	10	levels	level	NOUN
ajfa-1319	377	11	of	of	ADP
ajfa-1319	377	12	debt	debt	NOUN
ajfa-1319	377	13	decrease	decrease	NOUN
ajfa-1319	377	14	the	the	DET
ajfa-1319	377	15	agency	agency	NOUN
ajfa-1319	377	16	cost	cost	NOUN
ajfa-1319	377	17	of	of	ADP
ajfa-1319	377	18	the	the	DET
ajfa-1319	377	19	separation	separation	NOUN
ajfa-1319	377	20	of	of	ADP
ajfa-1319	377	21	ownership	ownership	NOUN
ajfa-1319	377	22	and	and	CCONJ
ajfa-1319	377	23	management	management	NOUN
ajfa-1319	377	24	.	.	PUNCT
ajfa-1319	378	1	this	this	PRON
ajfa-1319	378	2	is	be	AUX
ajfa-1319	378	3	driven	drive	VERB
ajfa-1319	378	4	by	by	ADP
ajfa-1319	378	5	the	the	DET
ajfa-1319	378	6	increased	increase	VERB
ajfa-1319	378	7	financial	financial	ADJ
ajfa-1319	378	8	distress	distress	NOUN
ajfa-1319	378	9	caused	cause	VERB
ajfa-1319	378	10	by	by	ADP
ajfa-1319	378	11	the	the	DET
ajfa-1319	378	12	higher	high	ADJ
ajfa-1319	378	13	debt	debt	NOUN
ajfa-1319	378	14	levels	level	NOUN
ajfa-1319	378	15	.	.	PUNCT
ajfa-1319	379	1	the	the	DET
ajfa-1319	379	2	added	add	VERB
ajfa-1319	379	3	financial	financial	ADJ
ajfa-1319	379	4	distress	distress	NOUN
ajfa-1319	379	5	then	then	ADV
ajfa-1319	379	6	forces	force	VERB
ajfa-1319	379	7	management	management	NOUN
ajfa-1319	379	8	to	to	PART
ajfa-1319	379	9	work	work	VERB
ajfa-1319	379	10	harder	hard	ADV
ajfa-1319	379	11	and	and	CCONJ
ajfa-1319	379	12	act	act	VERB
ajfa-1319	379	13	in	in	ADP
ajfa-1319	379	14	the	the	DET
ajfa-1319	379	15	shareholders	shareholder	NOUN
ajfa-1319	379	16	best	good	ADJ
ajfa-1319	379	17	interest	interest	NOUN
ajfa-1319	379	18	.	.	PUNCT
ajfa-1319	380	1	in	in	ADP
ajfa-1319	380	2	contrast	contrast	NOUN
ajfa-1319	380	3	,	,	PUNCT
ajfa-1319	380	4	at	at	ADP
ajfa-1319	380	5	high	high	ADJ
ajfa-1319	380	6	levels	level	NOUN
ajfa-1319	380	7	of	of	ADP
ajfa-1319	380	8	debt	debt	NOUN
ajfa-1319	380	9	,	,	PUNCT
ajfa-1319	380	10	the	the	DET
ajfa-1319	380	11	financial	financial	ADJ
ajfa-1319	380	12	distress	distress	NOUN
ajfa-1319	380	13	of	of	ADP
ajfa-1319	380	14	proportionally	proportionally	ADV
ajfa-1319	380	15	increasing	increase	VERB
ajfa-1319	380	16	debt	debt	NOUN
ajfa-1319	380	17	may	may	AUX
ajfa-1319	380	18	outweigh	outweigh	VERB
ajfa-1319	380	19	any	any	DET
ajfa-1319	380	20	agency	agency	NOUN
ajfa-1319	380	21	cost	cost	NOUN
ajfa-1319	380	22	benefits	benefit	NOUN
ajfa-1319	380	23	received	receive	VERB
ajfa-1319	380	24	from	from	ADP
ajfa-1319	380	25	such	such	ADJ
ajfa-1319	380	26	debt	debt	NOUN
ajfa-1319	380	27	increases	increase	NOUN
ajfa-1319	380	28	;	;	PUNCT
ajfa-1319	380	29	hence	hence	ADV
ajfa-1319	380	30	this	this	PRON
ajfa-1319	380	31	may	may	AUX
ajfa-1319	380	32	have	have	VERB
ajfa-1319	380	33	the	the	DET
ajfa-1319	380	34	effect	effect	NOUN
ajfa-1319	380	35	of	of	ADP
ajfa-1319	380	36	increasing	increase	VERB
ajfa-1319	380	37	the	the	DET
ajfa-1319	380	38	overall	overall	ADJ
ajfa-1319	380	39	agency	agency	NOUN
ajfa-1319	380	40	cost	cost	NOUN
ajfa-1319	380	41	inherited	inherit	VERB
ajfa-1319	380	42	by	by	ADP
ajfa-1319	380	43	the	the	DET
ajfa-1319	380	44	bank	bank	NOUN
ajfa-1319	380	45	.	.	PUNCT
ajfa-1319	381	1	reverse	reverse	ADJ
ajfa-1319	381	2	causality	causality	NOUN
ajfa-1319	381	3	could	could	AUX
ajfa-1319	381	4	be	be	AUX
ajfa-1319	381	5	argued	argue	VERB
ajfa-1319	381	6	with	with	ADP
ajfa-1319	381	7	both	both	CCONJ
ajfa-1319	381	8	the	the	DET
ajfa-1319	381	9	efficiency	efficiency	NOUN
ajfa-1319	381	10	-	-	PUNCT
ajfa-1319	381	11	risk	risk	NOUN
ajfa-1319	381	12	and	and	CCONJ
ajfa-1319	381	13	franchise	franchise	NOUN
ajfa-1319	381	14	-	-	PUNCT
ajfa-1319	381	15	value	value	NOUN
ajfa-1319	381	16	hypotheses	hypothesis	NOUN
ajfa-1319	381	17	,	,	PUNCT
ajfa-1319	381	18	offering	offer	VERB
ajfa-1319	381	19	plausible	plausible	ADJ
ajfa-1319	381	20	explanations	explanation	NOUN
ajfa-1319	381	21	of	of	ADP
ajfa-1319	381	22	firm	firm	ADJ
ajfa-1319	381	23	efficiency	efficiency	NOUN
ajfa-1319	381	24	affecting	affect	VERB
ajfa-1319	381	25	capital	capital	NOUN
ajfa-1319	381	26	structure	structure	NOUN
ajfa-1319	381	27	choice	choice	NOUN
ajfa-1319	381	28	;	;	PUNCT
ajfa-1319	381	29	these	these	PRON
ajfa-1319	381	30	are	be	AUX
ajfa-1319	381	31	tested	test	VERB
ajfa-1319	381	32	for	for	ADP
ajfa-1319	381	33	.	.	PUNCT
ajfa-1319	382	1	berger	berger	PROPN
ajfa-1319	382	2	and	and	CCONJ
ajfa-1319	382	3	bonaccorsi	bonaccorsi	PROPN
ajfa-1319	382	4	di	di	X
ajfa-1319	382	5	patti	patti	PROPN
ajfa-1319	382	6	(	(	PUNCT
ajfa-1319	382	7	2006	2006	NUM
ajfa-1319	382	8	)	)	PUNCT
ajfa-1319	382	9	find	find	VERB
ajfa-1319	382	10	support	support	NOUN
ajfa-1319	382	11	for	for	ADP
ajfa-1319	382	12	the	the	DET
ajfa-1319	382	13	agency	agency	NOUN
ajfa-1319	382	14	cost	cost	NOUN
ajfa-1319	382	15	hypothesis	hypothesis	NOUN
ajfa-1319	382	16	;	;	PUNCT
ajfa-1319	382	17	their	their	PRON
ajfa-1319	382	18	findings	finding	NOUN
ajfa-1319	382	19	show	show	VERB
ajfa-1319	382	20	higher	high	ADJ
ajfa-1319	382	21	leverage	leverage	NOUN
ajfa-1319	382	22	2	2	NUM
ajfa-1319	382	23	all	all	DET
ajfa-1319	382	24	granger	granger	NOUN
ajfa-1319	382	25	-	-	PUNCT
ajfa-1319	382	26	causality	causality	NOUN
ajfa-1319	382	27	tests	test	NOUN
ajfa-1319	382	28	are	be	AUX
ajfa-1319	382	29	run	run	VERB
ajfa-1319	382	30	using	use	VERB
ajfa-1319	382	31	2	2	NUM
ajfa-1319	382	32	lags	lag	NOUN
ajfa-1319	382	33	as	as	SCONJ
ajfa-1319	382	34	this	this	PRON
ajfa-1319	382	35	is	be	AUX
ajfa-1319	382	36	the	the	DET
ajfa-1319	382	37	maximum	maximum	ADJ
ajfa-1319	382	38	plausible	plausible	ADJ
ajfa-1319	382	39	lags	lag	NOUN
ajfa-1319	382	40	available	available	ADJ
ajfa-1319	382	41	to	to	ADP
ajfa-1319	382	42	our	our	PRON
ajfa-1319	382	43	dataset	dataset	NOUN
ajfa-1319	382	44	.	.	PUNCT
ajfa-1319	383	1	asian	asian	ADJ
ajfa-1319	383	2	journal	journal	PROPN
ajfa-1319	383	3	of	of	ADP
ajfa-1319	383	4	finance	finance	PROPN
ajfa-1319	383	5	&	&	CCONJ
ajfa-1319	383	6	accounting	accounting	PROPN
ajfa-1319	383	7	issn	issn	PROPN
ajfa-1319	383	8	1946	1946	NUM
ajfa-1319	383	9	-	-	PUNCT
ajfa-1319	383	10	052x	052x	NOUN
ajfa-1319	383	11	2012	2012	NUM
ajfa-1319	383	12	,	,	PUNCT
ajfa-1319	383	13	vol	vol	NOUN
ajfa-1319	383	14	.	.	PROPN
ajfa-1319	383	15	4	4	NUM
ajfa-1319	383	16	,	,	PUNCT
ajfa-1319	383	17	no	no	INTJ
ajfa-1319	383	18	.	.	NOUN
ajfa-1319	383	19	1	1	NUM
ajfa-1319	383	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1319	383	21	296	296	NUM
ajfa-1319	383	22	to	to	PART
ajfa-1319	383	23	be	be	AUX
ajfa-1319	383	24	associated	associate	VERB
ajfa-1319	383	25	with	with	ADP
ajfa-1319	383	26	higher	high	ADJ
ajfa-1319	383	27	profit	profit	NOUN
ajfa-1319	383	28	efficiency	efficiency	NOUN
ajfa-1319	383	29	.	.	PUNCT
ajfa-1319	384	1	along	along	ADP
ajfa-1319	384	2	with	with	ADP
ajfa-1319	384	3	the	the	DET
ajfa-1319	384	4	use	use	NOUN
ajfa-1319	384	5	of	of	ADP
ajfa-1319	384	6	the	the	DET
ajfa-1319	384	7	previously	previously	ADV
ajfa-1319	384	8	described	describe	VERB
ajfa-1319	384	9	profit	profit	NOUN
ajfa-1319	384	10	efficiency	efficiency	NOUN
ajfa-1319	384	11	measure	measure	NOUN
ajfa-1319	384	12	,	,	PUNCT
ajfa-1319	384	13	a	a	DET
ajfa-1319	384	14	common	common	ADJ
ajfa-1319	384	15	accounting	accounting	NOUN
ajfa-1319	384	16	performance	performance	NOUN
ajfa-1319	384	17	measure	measure	NOUN
ajfa-1319	384	18	is	be	AUX
ajfa-1319	384	19	used	use	VERB
ajfa-1319	384	20	to	to	PART
ajfa-1319	384	21	test	test	VERB
ajfa-1319	384	22	for	for	ADP
ajfa-1319	384	23	robustness	robustness	NOUN
ajfa-1319	384	24	as	as	ADV
ajfa-1319	384	25	well	well	ADV
ajfa-1319	384	26	as	as	ADP
ajfa-1319	384	27	draw	draw	VERB
ajfa-1319	384	28	comparisons	comparison	NOUN
ajfa-1319	384	29	from	from	ADP
ajfa-1319	384	30	the	the	DET
ajfa-1319	384	31	comparative	comparative	ADJ
ajfa-1319	384	32	measures	measure	NOUN
ajfa-1319	384	33	.	.	PUNCT
ajfa-1319	385	1	our	our	PRON
ajfa-1319	385	2	findings	finding	NOUN
ajfa-1319	385	3	show	show	VERB
ajfa-1319	385	4	a	a	DET
ajfa-1319	385	5	significant	significant	ADJ
ajfa-1319	385	6	and	and	CCONJ
ajfa-1319	385	7	robust	robust	ADJ
ajfa-1319	385	8	quadratic	quadratic	ADJ
ajfa-1319	385	9	relationship	relationship	NOUN
ajfa-1319	385	10	between	between	ADP
ajfa-1319	385	11	capital	capital	NOUN
ajfa-1319	385	12	structure	structure	NOUN
ajfa-1319	385	13	and	and	CCONJ
ajfa-1319	385	14	firm	firm	ADJ
ajfa-1319	385	15	performance	performance	NOUN
ajfa-1319	385	16	of	of	ADP
ajfa-1319	385	17	australian	australian	ADJ
ajfa-1319	385	18	adis	adis	PROPN
ajfa-1319	385	19	.	.	PUNCT
ajfa-1319	386	1	at	at	ADP
ajfa-1319	386	2	relatively	relatively	ADV
ajfa-1319	386	3	low	low	ADJ
ajfa-1319	386	4	levels	level	NOUN
ajfa-1319	386	5	of	of	ADP
ajfa-1319	386	6	leverage	leverage	NOUN
ajfa-1319	386	7	an	an	DET
ajfa-1319	386	8	increase	increase	NOUN
ajfa-1319	386	9	in	in	ADP
ajfa-1319	386	10	debt	debt	NOUN
ajfa-1319	386	11	leads	lead	VERB
ajfa-1319	386	12	to	to	ADP
ajfa-1319	386	13	increased	increase	VERB
ajfa-1319	386	14	profit	profit	NOUN
ajfa-1319	386	15	efficiency	efficiency	NOUN
ajfa-1319	386	16	hence	hence	ADV
ajfa-1319	386	17	superior	superior	ADJ
ajfa-1319	386	18	bank	bank	NOUN
ajfa-1319	386	19	performance	performance	NOUN
ajfa-1319	386	20	,	,	PUNCT
ajfa-1319	386	21	at	at	ADP
ajfa-1319	386	22	relatively	relatively	ADV
ajfa-1319	386	23	high	high	ADJ
ajfa-1319	386	24	levels	level	NOUN
ajfa-1319	386	25	of	of	ADP
ajfa-1319	386	26	leverage	leverage	NOUN
ajfa-1319	386	27	increased	increase	VERB
ajfa-1319	386	28	debt	debt	NOUN
ajfa-1319	386	29	leads	lead	VERB
ajfa-1319	386	30	to	to	ADP
ajfa-1319	386	31	decreased	decrease	VERB
ajfa-1319	386	32	profit	profit	NOUN
ajfa-1319	386	33	efficiency	efficiency	NOUN
ajfa-1319	386	34	as	as	ADV
ajfa-1319	386	35	well	well	ADV
ajfa-1319	386	36	as	as	ADP
ajfa-1319	386	37	bank	bank	NOUN
ajfa-1319	386	38	performance	performance	NOUN
ajfa-1319	386	39	.	.	PUNCT
ajfa-1319	387	1	this	this	PRON
ajfa-1319	387	2	can	can	AUX
ajfa-1319	387	3	most	most	ADV
ajfa-1319	387	4	likely	likely	ADV
ajfa-1319	387	5	be	be	AUX
ajfa-1319	387	6	attributed	attribute	VERB
ajfa-1319	387	7	to	to	ADP
ajfa-1319	387	8	financial	financial	ADJ
ajfa-1319	387	9	distress	distress	NOUN
ajfa-1319	387	10	outweighing	outweigh	VERB
ajfa-1319	387	11	any	any	DET
ajfa-1319	387	12	gains	gain	NOUN
ajfa-1319	387	13	made	make	VERB
ajfa-1319	387	14	from	from	ADP
ajfa-1319	387	15	managerial	managerial	ADJ
ajfa-1319	387	16	performance	performance	NOUN
ajfa-1319	387	17	improving	improve	VERB
ajfa-1319	387	18	.	.	PUNCT
ajfa-1319	388	1	the	the	DET
ajfa-1319	388	2	implications	implication	NOUN
ajfa-1319	388	3	of	of	ADP
ajfa-1319	388	4	this	this	DET
ajfa-1319	388	5	finding	finding	NOUN
ajfa-1319	388	6	are	be	AUX
ajfa-1319	388	7	considerable	considerable	ADJ
ajfa-1319	388	8	;	;	PUNCT
ajfa-1319	388	9	we	we	PRON
ajfa-1319	388	10	have	have	AUX
ajfa-1319	388	11	found	find	VERB
ajfa-1319	388	12	that	that	SCONJ
ajfa-1319	388	13	a	a	DET
ajfa-1319	388	14	bank	bank	NOUN
ajfa-1319	388	15	can	can	AUX
ajfa-1319	388	16	help	help	VERB
ajfa-1319	388	17	optimize	optimize	VERB
ajfa-1319	388	18	the	the	DET
ajfa-1319	388	19	performance	performance	NOUN
ajfa-1319	388	20	of	of	ADP
ajfa-1319	388	21	management	management	NOUN
ajfa-1319	388	22	and	and	CCONJ
ajfa-1319	388	23	general	general	ADJ
ajfa-1319	388	24	bank	bank	NOUN
ajfa-1319	388	25	performance	performance	NOUN
ajfa-1319	388	26	by	by	ADP
ajfa-1319	388	27	simply	simply	ADV
ajfa-1319	388	28	choosing	choose	VERB
ajfa-1319	388	29	a	a	DET
ajfa-1319	388	30	capital	capital	NOUN
ajfa-1319	388	31	structure	structure	NOUN
ajfa-1319	388	32	which	which	PRON
ajfa-1319	388	33	optimizes	optimize	VERB
ajfa-1319	388	34	managerial	managerial	ADJ
ajfa-1319	388	35	incentives	incentive	NOUN
ajfa-1319	388	36	while	while	SCONJ
ajfa-1319	388	37	keeping	keep	VERB
ajfa-1319	388	38	financial	financial	ADJ
ajfa-1319	388	39	distress	distress	NOUN
ajfa-1319	388	40	relatively	relatively	ADV
ajfa-1319	388	41	low	low	ADJ
ajfa-1319	388	42	.	.	PUNCT
ajfa-1319	389	1	further	further	ADJ
ajfa-1319	389	2	findings	finding	NOUN
ajfa-1319	389	3	show	show	VERB
ajfa-1319	389	4	that	that	SCONJ
ajfa-1319	389	5	increased	increase	VERB
ajfa-1319	389	6	market	market	NOUN
ajfa-1319	389	7	share	share	NOUN
ajfa-1319	389	8	also	also	ADV
ajfa-1319	389	9	leads	lead	VERB
ajfa-1319	389	10	to	to	ADP
ajfa-1319	389	11	increased	increase	VERB
ajfa-1319	389	12	profit	profit	NOUN
ajfa-1319	389	13	efficiency	efficiency	NOUN
ajfa-1319	389	14	while	while	SCONJ
ajfa-1319	389	15	the	the	DET
ajfa-1319	389	16	variable	variable	ADJ
ajfa-1319	389	17	sh5own	sh5own	NOUN
ajfa-1319	389	18	which	which	PRON
ajfa-1319	389	19	describes	describe	VERB
ajfa-1319	389	20	ownership	ownership	NOUN
ajfa-1319	389	21	held	hold	VERB
ajfa-1319	389	22	in	in	ADP
ajfa-1319	389	23	blocks	block	NOUN
ajfa-1319	389	24	greater	great	ADJ
ajfa-1319	389	25	than	than	ADP
ajfa-1319	389	26	5	5	NUM
ajfa-1319	389	27	%	%	NOUN
ajfa-1319	389	28	contradicts	contradict	VERB
ajfa-1319	389	29	results	result	NOUN
ajfa-1319	389	30	of	of	ADP
ajfa-1319	389	31	previous	previous	ADJ
ajfa-1319	389	32	papers	paper	NOUN
ajfa-1319	389	33	.	.	PUNCT
ajfa-1319	390	1	previous	previous	ADJ
ajfa-1319	390	2	papers	paper	NOUN
ajfa-1319	390	3	have	have	AUX
ajfa-1319	390	4	shown	show	VERB
ajfa-1319	390	5	increased	increase	VERB
ajfa-1319	390	6	block	block	NOUN
ajfa-1319	390	7	ownership	ownership	NOUN
ajfa-1319	390	8	acts	act	NOUN
ajfa-1319	390	9	as	as	ADP
ajfa-1319	390	10	a	a	DET
ajfa-1319	390	11	governing	govern	VERB
ajfa-1319	390	12	body	body	NOUN
ajfa-1319	390	13	and	and	CCONJ
ajfa-1319	390	14	therefore	therefore	ADV
ajfa-1319	390	15	increases	increase	VERB
ajfa-1319	390	16	profit	profit	NOUN
ajfa-1319	390	17	efficiency	efficiency	NOUN
ajfa-1319	390	18	,	,	PUNCT
ajfa-1319	390	19	however	however	ADV
ajfa-1319	390	20	our	our	PRON
ajfa-1319	390	21	results	result	NOUN
ajfa-1319	390	22	do	do	AUX
ajfa-1319	390	23	not	not	PART
ajfa-1319	390	24	complement	complement	VERB
ajfa-1319	390	25	these	these	DET
ajfa-1319	390	26	findings	finding	NOUN
ajfa-1319	390	27	.	.	PUNCT
ajfa-1319	391	1	our	our	PRON
ajfa-1319	391	2	model	model	NOUN
ajfa-1319	391	3	also	also	ADV
ajfa-1319	391	4	shows	show	VERB
ajfa-1319	391	5	performance	performance	NOUN
ajfa-1319	391	6	of	of	ADP
ajfa-1319	391	7	australian	australian	ADJ
ajfa-1319	391	8	banks	bank	NOUN
ajfa-1319	391	9	is	be	AUX
ajfa-1319	391	10	not	not	PART
ajfa-1319	391	11	significantly	significantly	ADV
ajfa-1319	391	12	affected	affect	VERB
ajfa-1319	391	13	by	by	ADP
ajfa-1319	391	14	its	its	PRON
ajfa-1319	391	15	size	size	NOUN
ajfa-1319	391	16	(	(	PUNCT
ajfa-1319	391	17	sizedummy	sizedummy	ADJ
ajfa-1319	391	18	)	)	PUNCT
ajfa-1319	391	19	or	or	CCONJ
ajfa-1319	391	20	operating	operate	VERB
ajfa-1319	391	21	risk	risk	NOUN
ajfa-1319	391	22	(	(	PUNCT
ajfa-1319	391	23	sdroe	sdroe	NOUN
ajfa-1319	391	24	)	)	PUNCT
ajfa-1319	391	25	.	.	PUNCT
ajfa-1319	392	1	the	the	DET
ajfa-1319	392	2	results	result	NOUN
ajfa-1319	392	3	of	of	ADP
ajfa-1319	392	4	our	our	PRON
ajfa-1319	392	5	primary	primary	ADJ
ajfa-1319	392	6	hypothesis	hypothesis	NOUN
ajfa-1319	392	7	are	be	AUX
ajfa-1319	392	8	robust	robust	ADJ
ajfa-1319	392	9	even	even	ADV
ajfa-1319	392	10	when	when	SCONJ
ajfa-1319	392	11	replacing	replace	VERB
ajfa-1319	392	12	the	the	DET
ajfa-1319	392	13	variable	variable	ADJ
ajfa-1319	392	14	ecap	ecap	NOUN
ajfa-1319	392	15	(	(	PUNCT
ajfa-1319	392	16	equity	equity	NOUN
ajfa-1319	392	17	/	/	SYM
ajfa-1319	392	18	total	total	ADJ
ajfa-1319	392	19	assets	asset	NOUN
ajfa-1319	392	20	)	)	PUNCT
ajfa-1319	392	21	with	with	ADP
ajfa-1319	392	22	the	the	DET
ajfa-1319	392	23	variable	variable	ADJ
ajfa-1319	392	24	l	l	PROPN
ajfa-1319	392	25	/	/	SYM
ajfa-1319	392	26	a	a	PRON
ajfa-1319	392	27	(	(	PUNCT
ajfa-1319	392	28	loans	loan	NOUN
ajfa-1319	392	29	/	/	SYM
ajfa-1319	392	30	total	total	ADJ
ajfa-1319	392	31	assets	asset	NOUN
ajfa-1319	392	32	)	)	PUNCT
ajfa-1319	392	33	as	as	ADV
ajfa-1319	392	34	well	well	ADV
ajfa-1319	392	35	as	as	ADP
ajfa-1319	392	36	when	when	SCONJ
ajfa-1319	392	37	the	the	DET
ajfa-1319	392	38	dependant	dependant	ADJ
ajfa-1319	392	39	variable	variable	ADJ
ajfa-1319	392	40	peff	peff	NOUN
ajfa-1319	392	41	(	(	PUNCT
ajfa-1319	392	42	profit	profit	NOUN
ajfa-1319	392	43	efficiency	efficiency	NOUN
ajfa-1319	392	44	measure	measure	NOUN
ajfa-1319	392	45	)	)	PUNCT
ajfa-1319	392	46	is	be	AUX
ajfa-1319	392	47	replaced	replace	VERB
ajfa-1319	392	48	by	by	ADP
ajfa-1319	392	49	a	a	DET
ajfa-1319	392	50	common	common	ADJ
ajfa-1319	392	51	accounting	accounting	NOUN
ajfa-1319	392	52	measure	measure	NOUN
ajfa-1319	392	53	of	of	ADP
ajfa-1319	392	54	firm	firm	ADJ
ajfa-1319	392	55	performance	performance	NOUN
ajfa-1319	392	56	roe	roe	NOUN
ajfa-1319	392	57	(	(	PUNCT
ajfa-1319	392	58	return	return	VERB
ajfa-1319	392	59	on	on	ADP
ajfa-1319	392	60	equity	equity	NOUN
ajfa-1319	392	61	)	)	PUNCT
ajfa-1319	392	62	.	.	PUNCT
ajfa-1319	393	1	furthermore	furthermore	ADV
ajfa-1319	393	2	the	the	DET
ajfa-1319	393	3	granger	granger	NOUN
ajfa-1319	393	4	-	-	PUNCT
ajfa-1319	393	5	causality	causality	NOUN
ajfa-1319	393	6	test	test	NOUN
ajfa-1319	393	7	discredits	discredit	VERB
ajfa-1319	393	8	the	the	DET
ajfa-1319	393	9	idea	idea	NOUN
ajfa-1319	393	10	that	that	SCONJ
ajfa-1319	393	11	it	it	PRON
ajfa-1319	393	12	is	be	AUX
ajfa-1319	393	13	actually	actually	ADV
ajfa-1319	393	14	profit	profit	NOUN
ajfa-1319	393	15	efficiency	efficiency	NOUN
ajfa-1319	393	16	which	which	PRON
ajfa-1319	393	17	drives	drive	VERB
ajfa-1319	393	18	capital	capital	NOUN
ajfa-1319	393	19	structure	structure	NOUN
ajfa-1319	393	20	as	as	SCONJ
ajfa-1319	393	21	is	be	AUX
ajfa-1319	393	22	suggested	suggest	VERB
ajfa-1319	393	23	by	by	ADP
ajfa-1319	393	24	certain	certain	ADJ
ajfa-1319	393	25	past	past	PROPN
ajfa-1319	393	26	literature	literature	NOUN
ajfa-1319	393	27	and	and	CCONJ
ajfa-1319	393	28	instead	instead	ADV
ajfa-1319	393	29	it	it	PRON
ajfa-1319	393	30	confirms	confirm	VERB
ajfa-1319	393	31	that	that	SCONJ
ajfa-1319	393	32	the	the	DET
ajfa-1319	393	33	capital	capital	NOUN
ajfa-1319	393	34	structure	structure	NOUN
ajfa-1319	393	35	is	be	AUX
ajfa-1319	393	36	actually	actually	ADV
ajfa-1319	393	37	driving	drive	VERB
ajfa-1319	393	38	profit	profit	NOUN
ajfa-1319	393	39	efficiency	efficiency	NOUN
ajfa-1319	393	40	albeit	albeit	SCONJ
ajfa-1319	393	41	quadratically	quadratically	ADV
ajfa-1319	393	42	.	.	PUNCT
ajfa-1319	394	1	references	reference	NOUN
ajfa-1319	394	2	agrawal	agrawal	PROPN
ajfa-1319	394	3	,	,	PUNCT
ajfa-1319	394	4	a.	a.	NOUN
ajfa-1319	394	5	,	,	PUNCT
ajfa-1319	394	6	&	&	CCONJ
ajfa-1319	394	7	knoeber	knoeber	PROPN
ajfa-1319	394	8	,	,	PUNCT
ajfa-1319	394	9	c.	c.	PROPN
ajfa-1319	394	10	r.	r.	PROPN
ajfa-1319	394	11	(	(	PUNCT
ajfa-1319	394	12	1996	1996	NUM
ajfa-1319	394	13	)	)	PUNCT
ajfa-1319	394	14	.	.	PUNCT
ajfa-1319	395	1	firm	firm	ADJ
ajfa-1319	395	2	performance	performance	NOUN
ajfa-1319	395	3	and	and	CCONJ
ajfa-1319	395	4	mechanisms	mechanism	NOUN
ajfa-1319	395	5	to	to	PART
ajfa-1319	395	6	control	control	VERB
ajfa-1319	395	7	agency	agency	NOUN
ajfa-1319	395	8	problems	problem	NOUN
ajfa-1319	395	9	between	between	ADP
ajfa-1319	395	10	managers	manager	NOUN
ajfa-1319	395	11	and	and	CCONJ
ajfa-1319	395	12	shareholders	shareholder	NOUN
ajfa-1319	395	13	.	.	PUNCT
ajfa-1319	396	1	the	the	DET
ajfa-1319	396	2	journal	journal	NOUN
ajfa-1319	396	3	of	of	ADP
ajfa-1319	396	4	financial	financial	ADJ
ajfa-1319	396	5	and	and	CCONJ
ajfa-1319	396	6	quantitative	quantitative	ADJ
ajfa-1319	396	7	analysis	analysis	NOUN
ajfa-1319	396	8	,	,	PUNCT
ajfa-1319	396	9	31	31	NUM
ajfa-1319	396	10	,	,	PUNCT
ajfa-1319	396	11	377	377	NUM
ajfa-1319	396	12	-	-	SYM
ajfa-1319	396	13	397	397	NUM
ajfa-1319	396	14	.	.	PUNCT
ajfa-1319	397	1	http://dx.doi.org/10.2307/2331397	http://dx.doi.org/10.2307/2331397	PROPN
ajfa-1319	397	2	ang	ang	PROPN
ajfa-1319	397	3	,	,	PUNCT
ajfa-1319	397	4	j.	j.	PROPN
ajfa-1319	397	5	s.	s.	PROPN
ajfa-1319	397	6	,	,	PUNCT
ajfa-1319	397	7	cole	cole	PROPN
ajfa-1319	397	8	,	,	PUNCT
ajfa-1319	397	9	r.a	r.a	PROPN
ajfa-1319	397	10	.	.	PROPN
ajfa-1319	397	11	,	,	PUNCT
ajfa-1319	397	12	&	&	CCONJ
ajfa-1319	397	13	lin	lin	PROPN
ajfa-1319	397	14	,	,	PUNCT
ajfa-1319	397	15	j.a	j.a	PROPN
ajfa-1319	397	16	.	.	PROPN
ajfa-1319	397	17	(	(	PUNCT
ajfa-1319	397	18	2000	2000	NUM
ajfa-1319	397	19	)	)	PUNCT
ajfa-1319	397	20	.	.	PUNCT
ajfa-1319	398	1	agency	agency	NOUN
ajfa-1319	398	2	costs	cost	NOUN
ajfa-1319	398	3	and	and	CCONJ
ajfa-1319	398	4	ownership	ownership	NOUN
ajfa-1319	398	5	structure	structure	NOUN
ajfa-1319	398	6	.	.	PUNCT
ajfa-1319	399	1	the	the	DET
ajfa-1319	399	2	journal	journal	PROPN
ajfa-1319	399	3	of	of	ADP
ajfa-1319	399	4	finance	finance	NOUN
ajfa-1319	399	5	,	,	PUNCT
ajfa-1319	399	6	1	1	NUM
ajfa-1319	399	7	,	,	PUNCT
ajfa-1319	399	8	81	81	NUM
ajfa-1319	399	9	-	-	SYM
ajfa-1319	399	10	106	106	NUM
ajfa-1319	399	11	.	.	PUNCT
ajfa-1319	400	1	http://dx.doi.org/10.1111/0022-1082.00201	http://dx.doi.org/10.1111/0022-1082.00201	PROPN
ajfa-1319	400	2	barth	barth	PROPN
ajfa-1319	400	3	,	,	PUNCT
ajfa-1319	400	4	j.	j.	PROPN
ajfa-1319	400	5	r.	r.	PROPN
ajfa-1319	400	6	,	,	PUNCT
ajfa-1319	400	7	caprio	caprio	PROPN
ajfa-1319	400	8	,	,	PUNCT
ajfa-1319	400	9	g.	g.	PROPN
ajfa-1319	400	10	jr	jr	PROPN
ajfa-1319	400	11	.	.	PROPN
ajfa-1319	400	12	,	,	PUNCT
ajfa-1319	400	13	&	&	CCONJ
ajfa-1319	400	14	levine	levine	PROPN
ajfa-1319	400	15	,	,	PUNCT
ajfa-1319	400	16	r.	r.	PROPN
ajfa-1319	400	17	(	(	PUNCT
ajfa-1319	400	18	2004	2004	NUM
ajfa-1319	400	19	)	)	PUNCT
ajfa-1319	400	20	.	.	PUNCT
ajfa-1319	401	1	bank	bank	NOUN
ajfa-1319	401	2	regulation	regulation	NOUN
ajfa-1319	401	3	and	and	CCONJ
ajfa-1319	401	4	supervision	supervision	NOUN
ajfa-1319	401	5	:	:	PUNCT
ajfa-1319	401	6	what	what	PRON
ajfa-1319	401	7	works	work	VERB
ajfa-1319	401	8	best	well	ADV
ajfa-1319	401	9	?	?	PUNCT
ajfa-1319	402	1	journal	journal	NOUN
ajfa-1319	402	2	of	of	ADP
ajfa-1319	402	3	financial	financial	ADJ
ajfa-1319	402	4	intermediation	intermediation	NOUN
ajfa-1319	402	5	,	,	PUNCT
ajfa-1319	402	6	13	13	NUM
ajfa-1319	402	7	,	,	PUNCT
ajfa-1319	402	8	205	205	NUM
ajfa-1319	402	9	-	-	SYM
ajfa-1319	402	10	248	248	NUM
ajfa-1319	402	11	.	.	PUNCT
ajfa-1319	403	1	http://dx.doi.org/10.1016/j.jfi.2003.06.002	http://dx.doi.org/10.1016/j.jfi.2003.06.002	PROPN
ajfa-1319	403	2	berger	berger	PROPN
ajfa-1319	403	3	,	,	PUNCT
ajfa-1319	403	4	a.n	a.n	PROPN
ajfa-1319	403	5	.	.	PROPN
ajfa-1319	403	6	,	,	PUNCT
ajfa-1319	403	7	&	&	CCONJ
ajfa-1319	403	8	bonaccorsi	bonaccorsi	NOUN
ajfa-1319	403	9	,	,	PUNCT
ajfa-1319	403	10	di	di	PROPN
ajfa-1319	403	11	patti	patti	PROPN
ajfa-1319	403	12	e.	e.	PROPN
ajfa-1319	403	13	(	(	PUNCT
ajfa-1319	403	14	2006	2006	NUM
ajfa-1319	403	15	)	)	PUNCT
ajfa-1319	403	16	.	.	PUNCT
ajfa-1319	404	1	capital	capital	NOUN
ajfa-1319	404	2	structure	structure	NOUN
ajfa-1319	404	3	and	and	CCONJ
ajfa-1319	404	4	firm	firm	ADJ
ajfa-1319	404	5	performance	performance	NOUN
ajfa-1319	404	6	:	:	PUNCT
ajfa-1319	404	7	a	a	DET
ajfa-1319	404	8	new	new	ADJ
ajfa-1319	404	9	approach	approach	NOUN
ajfa-1319	404	10	to	to	ADP
ajfa-1319	404	11	testing	testing	NOUN
ajfa-1319	404	12	agency	agency	NOUN
ajfa-1319	404	13	theory	theory	NOUN
ajfa-1319	404	14	and	and	CCONJ
ajfa-1319	404	15	an	an	DET
ajfa-1319	404	16	application	application	NOUN
ajfa-1319	404	17	to	to	ADP
ajfa-1319	404	18	the	the	DET
ajfa-1319	404	19	banking	banking	NOUN
ajfa-1319	404	20	industry	industry	NOUN
ajfa-1319	404	21	.	.	PUNCT
ajfa-1319	405	1	journal	journal	PROPN
ajfa-1319	405	2	of	of	ADP
ajfa-1319	405	3	banking	banking	NOUN
ajfa-1319	405	4	&	&	CCONJ
ajfa-1319	405	5	finance	finance	PROPN
ajfa-1319	405	6	,	,	PUNCT
ajfa-1319	405	7	30	30	NUM
ajfa-1319	405	8	,	,	PUNCT
ajfa-1319	405	9	1065	1065	NUM
ajfa-1319	405	10	-	-	SYM
ajfa-1319	405	11	1102	1102	NUM
ajfa-1319	405	12	.	.	PUNCT
ajfa-1319	406	1	http://dx.doi.org/10.1016/j.jbankfin.2005.05.015	http://dx.doi.org/10.1016/j.jbankfin.2005.05.015	PROPN
ajfa-1319	406	2	berger	berger	PROPN
ajfa-1319	406	3	,	,	PUNCT
ajfa-1319	406	4	a.	a.	PROPN
ajfa-1319	406	5	n.	n.	PROPN
ajfa-1319	406	6	,	,	PUNCT
ajfa-1319	406	7	&	&	CCONJ
ajfa-1319	406	8	mester	mester	PROPN
ajfa-1319	406	9	,	,	PUNCT
ajfa-1319	406	10	l.	l.	PROPN
ajfa-1319	406	11	j.	j.	PROPN
ajfa-1319	406	12	(	(	PUNCT
ajfa-1319	406	13	1997	1997	NUM
ajfa-1319	406	14	)	)	PUNCT
ajfa-1319	406	15	.	.	PUNCT
ajfa-1319	407	1	inside	inside	ADP
ajfa-1319	407	2	the	the	DET
ajfa-1319	407	3	black	black	ADJ
ajfa-1319	407	4	box	box	NOUN
ajfa-1319	407	5	:	:	PUNCT
ajfa-1319	407	6	what	what	PRON
ajfa-1319	407	7	explains	explain	VERB
ajfa-1319	407	8	the	the	DET
ajfa-1319	407	9	differences	difference	NOUN
ajfa-1319	407	10	in	in	ADP
ajfa-1319	407	11	the	the	DET
ajfa-1319	407	12	efficiencies	efficiency	NOUN
ajfa-1319	407	13	of	of	ADP
ajfa-1319	407	14	financial	financial	ADJ
ajfa-1319	407	15	institutions	institution	NOUN
ajfa-1319	407	16	?	?	PUNCT
ajfa-1319	408	1	journal	journal	NOUN
ajfa-1319	408	2	of	of	ADP
ajfa-1319	408	3	banking	banking	NOUN
ajfa-1319	408	4	&	&	CCONJ
ajfa-1319	408	5	finance	finance	PROPN
ajfa-1319	408	6	,	,	PUNCT
ajfa-1319	408	7	21	21	NUM
ajfa-1319	408	8	,	,	PUNCT
ajfa-1319	408	9	895	895	NUM
ajfa-1319	408	10	-	-	SYM
ajfa-1319	408	11	947	947	NUM
ajfa-1319	408	12	.	.	PUNCT
ajfa-1319	409	1	http://dx.doi.org/10.1016/s0378-4266(97)00010-1	http://dx.doi.org/10.1016/s0378-4266(97)00010-1	PROPN
ajfa-1319	409	2	cambello	cambello	NOUN
ajfa-1319	409	3	,	,	PUNCT
ajfa-1319	409	4	m.	m.	NOUN
ajfa-1319	409	5	(	(	PUNCT
ajfa-1319	409	6	2003	2003	NUM
ajfa-1319	409	7	)	)	PUNCT
ajfa-1319	409	8	.	.	PUNCT
ajfa-1319	410	1	capital	capital	NOUN
ajfa-1319	410	2	structure	structure	NOUN
ajfa-1319	410	3	and	and	CCONJ
ajfa-1319	410	4	product	product	NOUN
ajfa-1319	410	5	markets	market	NOUN
ajfa-1319	410	6	interactions	interaction	NOUN
ajfa-1319	410	7	:	:	PUNCT
ajfa-1319	410	8	evidence	evidence	NOUN
ajfa-1319	410	9	from	from	ADP
ajfa-1319	410	10	business	business	NOUN
ajfa-1319	410	11	cycles	cycle	NOUN
ajfa-1319	410	12	.	.	PUNCT
ajfa-1319	411	1	journal	journal	NOUN
ajfa-1319	411	2	of	of	ADP
ajfa-1319	411	3	finance	finance	NOUN
ajfa-1319	411	4	economics	economic	NOUN
ajfa-1319	411	5	,	,	PUNCT
ajfa-1319	411	6	68	68	NUM
ajfa-1319	411	7	,	,	PUNCT
ajfa-1319	411	8	353	353	NUM
ajfa-1319	411	9	-	-	SYM
ajfa-1319	411	10	378	378	NUM
ajfa-1319	411	11	.	.	PUNCT
ajfa-1319	412	1	http://dx.doi.org/10.1016/s0304-405x(03)00070-9	http://dx.doi.org/10.1016/s0304-405x(03)00070-9	PROPN
ajfa-1319	412	2	asian	asian	PROPN
ajfa-1319	412	3	journal	journal	PROPN
ajfa-1319	412	4	of	of	ADP
ajfa-1319	412	5	finance	finance	PROPN
ajfa-1319	412	6	&	&	CCONJ
ajfa-1319	412	7	accounting	accounting	PROPN
ajfa-1319	412	8	issn	issn	PROPN
ajfa-1319	412	9	1946	1946	NUM
ajfa-1319	412	10	-	-	PUNCT
ajfa-1319	412	11	052x	052x	NOUN
ajfa-1319	412	12	2012	2012	NUM
ajfa-1319	412	13	,	,	PUNCT
ajfa-1319	412	14	vol	vol	NOUN
ajfa-1319	412	15	.	.	PROPN
ajfa-1319	412	16	4	4	NUM
ajfa-1319	412	17	,	,	PUNCT
ajfa-1319	412	18	no	no	INTJ
ajfa-1319	412	19	.	.	NOUN
ajfa-1319	412	20	1	1	NUM
ajfa-1319	412	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1319	412	22	297	297	NUM
ajfa-1319	412	23	carpentier	carpentier	NOUN
ajfa-1319	412	24	,	,	PUNCT
ajfa-1319	412	25	c.	c.	NOUN
ajfa-1319	412	26	(	(	PUNCT
ajfa-1319	412	27	2006	2006	NUM
ajfa-1319	412	28	)	)	PUNCT
ajfa-1319	412	29	.	.	PUNCT
ajfa-1319	413	1	the	the	DET
ajfa-1319	413	2	valuation	valuation	NOUN
ajfa-1319	413	3	effects	effect	NOUN
ajfa-1319	413	4	of	of	ADP
ajfa-1319	413	5	long	long	ADJ
ajfa-1319	413	6	term	term	NOUN
ajfa-1319	413	7	changes	change	NOUN
ajfa-1319	413	8	in	in	ADP
ajfa-1319	413	9	capital	capital	NOUN
ajfa-1319	413	10	structure	structure	NOUN
ajfa-1319	413	11	.	.	PUNCT
ajfa-1319	414	1	international	international	ADJ
ajfa-1319	414	2	journal	journal	PROPN
ajfa-1319	414	3	of	of	ADP
ajfa-1319	414	4	managerial	managerial	ADJ
ajfa-1319	414	5	finance	finance	NOUN
ajfa-1319	414	6	,	,	PUNCT
ajfa-1319	414	7	2	2	NUM
ajfa-1319	414	8	,	,	PUNCT
ajfa-1319	414	9	4	4	NUM
ajfa-1319	414	10	-	-	SYM
ajfa-1319	414	11	18	18	NUM
ajfa-1319	414	12	.	.	PUNCT
ajfa-1319	415	1	http://dx.doi.org/10.1108/17439130610646144	http://dx.doi.org/10.1108/17439130610646144	PROPN
ajfa-1319	415	2	eisenhardt	eisenhardt	PROPN
ajfa-1319	415	3	,	,	PUNCT
ajfa-1319	415	4	k.m	k.m	PROPN
ajfa-1319	415	5	.	.	PROPN
ajfa-1319	415	6	(	(	PUNCT
ajfa-1319	415	7	1989	1989	NUM
ajfa-1319	415	8	)	)	PUNCT
ajfa-1319	415	9	.	.	PUNCT
ajfa-1319	416	1	agency	agency	NOUN
ajfa-1319	416	2	theory	theory	NOUN
ajfa-1319	416	3	:	:	PUNCT
ajfa-1319	416	4	an	an	DET
ajfa-1319	416	5	assessment	assessment	NOUN
ajfa-1319	416	6	and	and	CCONJ
ajfa-1319	416	7	review	review	NOUN
ajfa-1319	416	8	.	.	PUNCT
ajfa-1319	417	1	the	the	DET
ajfa-1319	417	2	academy	academy	PROPN
ajfa-1319	417	3	of	of	ADP
ajfa-1319	417	4	management	management	PROPN
ajfa-1319	417	5	review	review	NOUN
ajfa-1319	417	6	,	,	PUNCT
ajfa-1319	417	7	14	14	NUM
ajfa-1319	417	8	,	,	PUNCT
ajfa-1319	417	9	57	57	NUM
ajfa-1319	417	10	-	-	SYM
ajfa-1319	417	11	74	74	NUM
ajfa-1319	417	12	.	.	PUNCT
ajfa-1319	418	1	fama	fama	PROPN
ajfa-1319	418	2	,	,	PUNCT
ajfa-1319	418	3	e.f	e.f	PROPN
ajfa-1319	418	4	.	.	PROPN
ajfa-1319	418	5	,	,	PUNCT
ajfa-1319	418	6	&	&	CCONJ
ajfa-1319	418	7	jensen	jensen	PROPN
ajfa-1319	418	8	,	,	PUNCT
ajfa-1319	418	9	m.c	m.c	PROPN
ajfa-1319	418	10	.	.	PROPN
ajfa-1319	418	11	(	(	PUNCT
ajfa-1319	418	12	1983	1983	NUM
ajfa-1319	418	13	)	)	PUNCT
ajfa-1319	418	14	.	.	PUNCT
ajfa-1319	419	1	separation	separation	NOUN
ajfa-1319	419	2	of	of	ADP
ajfa-1319	419	3	ownership	ownership	NOUN
ajfa-1319	419	4	and	and	CCONJ
ajfa-1319	419	5	control	control	NOUN
ajfa-1319	419	6	.	.	PUNCT
ajfa-1319	420	1	journal	journal	PROPN
ajfa-1319	420	2	of	of	ADP
ajfa-1319	420	3	law	law	NOUN
ajfa-1319	420	4	and	and	CCONJ
ajfa-1319	420	5	economics	economic	NOUN
ajfa-1319	420	6	,	,	PUNCT
ajfa-1319	420	7	26	26	NUM
ajfa-1319	420	8	,	,	PUNCT
ajfa-1319	420	9	301	301	NUM
ajfa-1319	420	10	-	-	SYM
ajfa-1319	420	11	325	325	NUM
ajfa-1319	420	12	.	.	PUNCT
ajfa-1319	421	1	http://dx.doi.org/10.1086/467037	http://dx.doi.org/10.1086/467037	PROPN
ajfa-1319	421	2	grossman	grossman	PROPN
ajfa-1319	421	3	,	,	PUNCT
ajfa-1319	421	4	s.j	s.j	PROPN
ajfa-1319	421	5	.	.	PROPN
ajfa-1319	421	6	,	,	PUNCT
ajfa-1319	421	7	&	&	CCONJ
ajfa-1319	421	8	hart	hart	PROPN
ajfa-1319	421	9	,	,	PUNCT
ajfa-1319	421	10	o.d	o.d	PROPN
ajfa-1319	421	11	.	.	PROPN
ajfa-1319	421	12	(	(	PUNCT
ajfa-1319	421	13	1982	1982	NUM
ajfa-1319	421	14	)	)	PUNCT
ajfa-1319	421	15	.	.	PUNCT
ajfa-1319	422	1	corporate	corporate	ADJ
ajfa-1319	422	2	financial	financial	ADJ
ajfa-1319	422	3	structure	structure	NOUN
ajfa-1319	422	4	and	and	CCONJ
ajfa-1319	422	5	managerial	managerial	ADJ
ajfa-1319	422	6	incentives	incentive	NOUN
ajfa-1319	422	7	.	.	PUNCT
ajfa-1319	423	1	in	in	ADP
ajfa-1319	423	2	j.	j.	PROPN
ajfa-1319	423	3	mccall	mccall	PROPN
ajfa-1319	423	4	(	(	PUNCT
ajfa-1319	423	5	ed	ed	NOUN
ajfa-1319	423	6	.	.	PUNCT
ajfa-1319	423	7	)	)	PUNCT
ajfa-1319	423	8	,	,	PUNCT
ajfa-1319	423	9	the	the	DET
ajfa-1319	423	10	economics	economic	NOUN
ajfa-1319	423	11	of	of	ADP
ajfa-1319	423	12	information	information	NOUN
ajfa-1319	423	13	and	and	CCONJ
ajfa-1319	423	14	uncertainty	uncertainty	NOUN
ajfa-1319	423	15	.	.	PUNCT
ajfa-1319	424	1	chicago	chicago	PROPN
ajfa-1319	424	2	:	:	PUNCT
ajfa-1319	425	1	university	university	NOUN
ajfa-1319	425	2	of	of	ADP
ajfa-1319	425	3	chicago	chicago	PROPN
ajfa-1319	425	4	press	press	PROPN
ajfa-1319	425	5	.	.	PUNCT
ajfa-1319	426	1	harris	harris	PROPN
ajfa-1319	426	2	,	,	PUNCT
ajfa-1319	426	3	m.	m.	NOUN
ajfa-1319	426	4	,	,	PUNCT
ajfa-1319	426	5	&	&	CCONJ
ajfa-1319	426	6	raviv	raviv	PROPN
ajfa-1319	426	7	,	,	PUNCT
ajfa-1319	426	8	a.	a.	NOUN
ajfa-1319	426	9	(	(	PUNCT
ajfa-1319	426	10	1991	1991	NUM
ajfa-1319	426	11	)	)	PUNCT
ajfa-1319	426	12	.	.	PUNCT
ajfa-1319	427	1	the	the	DET
ajfa-1319	427	2	theory	theory	NOUN
ajfa-1319	427	3	of	of	ADP
ajfa-1319	427	4	capital	capital	NOUN
ajfa-1319	427	5	structure	structure	NOUN
ajfa-1319	427	6	.	.	PUNCT
ajfa-1319	428	1	the	the	DET
ajfa-1319	428	2	journal	journal	PROPN
ajfa-1319	428	3	of	of	ADP
ajfa-1319	428	4	finance	finance	NOUN
ajfa-1319	428	5	,	,	PUNCT
ajfa-1319	428	6	46	46	NUM
ajfa-1319	428	7	,	,	PUNCT
ajfa-1319	428	8	297	297	NUM
ajfa-1319	428	9	-	-	SYM
ajfa-1319	428	10	355	355	NUM
ajfa-1319	428	11	.	.	PUNCT
ajfa-1319	429	1	http://dx.doi.org/10.2307/2328697	http://dx.doi.org/10.2307/2328697	PROPN
ajfa-1319	429	2	jensen	jensen	PROPN
ajfa-1319	429	3	,	,	PUNCT
ajfa-1319	429	4	m.c	m.c	PROPN
ajfa-1319	429	5	.	.	PROPN
ajfa-1319	429	6	,	,	PUNCT
ajfa-1319	429	7	&	&	CCONJ
ajfa-1319	429	8	meckling	meckling	PROPN
ajfa-1319	429	9	,	,	PUNCT
ajfa-1319	429	10	w.h	w.h	PROPN
ajfa-1319	429	11	.	.	PROPN
ajfa-1319	429	12	(	(	PUNCT
ajfa-1319	429	13	1976	1976	NUM
ajfa-1319	429	14	)	)	PUNCT
ajfa-1319	429	15	.	.	PUNCT
ajfa-1319	430	1	theory	theory	NOUN
ajfa-1319	430	2	of	of	ADP
ajfa-1319	430	3	the	the	DET
ajfa-1319	430	4	firm	firm	NOUN
ajfa-1319	430	5	:	:	PUNCT
ajfa-1319	430	6	managerial	managerial	ADJ
ajfa-1319	430	7	behaviour	behaviour	NOUN
ajfa-1319	430	8	,	,	PUNCT
ajfa-1319	430	9	agency	agency	NOUN
ajfa-1319	430	10	costs	cost	NOUN
ajfa-1319	430	11	and	and	CCONJ
ajfa-1319	430	12	ownership	ownership	NOUN
ajfa-1319	430	13	structure	structure	NOUN
ajfa-1319	430	14	.	.	PUNCT
ajfa-1319	431	1	journal	journal	NOUN
ajfa-1319	431	2	of	of	ADP
ajfa-1319	431	3	financial	financial	ADJ
ajfa-1319	431	4	economics	economic	NOUN
ajfa-1319	431	5	,	,	PUNCT
ajfa-1319	431	6	3	3	NUM
ajfa-1319	431	7	,	,	PUNCT
ajfa-1319	431	8	305	305	NUM
ajfa-1319	431	9	-	-	SYM
ajfa-1319	431	10	360	360	NUM
ajfa-1319	431	11	.	.	PUNCT
ajfa-1319	432	1	http://dx.doi.org/10.1016/0304-405x(76)90026-x	http://dx.doi.org/10.1016/0304-405x(76)90026-x	PROPN
ajfa-1319	432	2	margaritis	margaritis	PROPN
ajfa-1319	432	3	,	,	PUNCT
ajfa-1319	432	4	d.	d.	PROPN
ajfa-1319	432	5	,	,	PUNCT
ajfa-1319	432	6	&	&	CCONJ
ajfa-1319	432	7	psillaki	psillaki	PROPN
ajfa-1319	432	8	,	,	PUNCT
ajfa-1319	432	9	m.	m.	NOUN
ajfa-1319	432	10	(	(	PUNCT
ajfa-1319	432	11	2007	2007	NUM
ajfa-1319	432	12	)	)	PUNCT
ajfa-1319	432	13	.	.	PUNCT
ajfa-1319	433	1	capital	capital	NOUN
ajfa-1319	433	2	structure	structure	NOUN
ajfa-1319	433	3	and	and	CCONJ
ajfa-1319	433	4	firm	firm	ADJ
ajfa-1319	433	5	efficiency	efficiency	NOUN
ajfa-1319	433	6	.	.	PUNCT
ajfa-1319	434	1	journal	journal	NOUN
ajfa-1319	434	2	of	of	ADP
ajfa-1319	434	3	business	business	NOUN
ajfa-1319	434	4	finance	finance	PROPN
ajfa-1319	434	5	&	&	CCONJ
ajfa-1319	434	6	accounting	accounting	PROPN
ajfa-1319	434	7	,	,	PUNCT
ajfa-1319	434	8	34	34	NUM
ajfa-1319	434	9	,	,	PUNCT
ajfa-1319	434	10	1447	1447	NUM
ajfa-1319	434	11	-	-	SYM
ajfa-1319	434	12	1469	1469	NUM
ajfa-1319	434	13	.	.	PUNCT
ajfa-1319	435	1	maudos	maudo	NOUN
ajfa-1319	435	2	,	,	PUNCT
ajfa-1319	435	3	j.	j.	PROPN
ajfa-1319	435	4	,	,	PUNCT
ajfa-1319	435	5	pastor	pastor	PROPN
ajfa-1319	435	6	,	,	PUNCT
ajfa-1319	435	7	j.m	j.m	PROPN
ajfa-1319	435	8	.	.	PROPN
ajfa-1319	435	9	,	,	PUNCT
ajfa-1319	435	10	perez	perez	PROPN
ajfa-1319	435	11	,	,	PUNCT
ajfa-1319	435	12	f.	f.	PROPN
ajfa-1319	435	13	,	,	PUNCT
ajfa-1319	435	14	&	&	CCONJ
ajfa-1319	435	15	quaseda	quaseda	PROPN
ajfa-1319	435	16	,	,	PUNCT
ajfa-1319	435	17	j.	j.	PROPN
ajfa-1319	435	18	(	(	PUNCT
ajfa-1319	435	19	2002	2002	NUM
ajfa-1319	435	20	)	)	PUNCT
ajfa-1319	435	21	.	.	PUNCT
ajfa-1319	436	1	cost	cost	NOUN
ajfa-1319	436	2	and	and	CCONJ
ajfa-1319	436	3	profit	profit	NOUN
ajfa-1319	436	4	efficiency	efficiency	NOUN
ajfa-1319	436	5	in	in	ADP
ajfa-1319	436	6	european	european	ADJ
ajfa-1319	436	7	banks	bank	NOUN
ajfa-1319	436	8	.	.	PUNCT
ajfa-1319	437	1	journal	journal	PROPN
ajfa-1319	437	2	of	of	ADP
ajfa-1319	437	3	international	international	ADJ
ajfa-1319	437	4	financial	financial	ADJ
ajfa-1319	437	5	markets	market	NOUN
ajfa-1319	437	6	,	,	PUNCT
ajfa-1319	437	7	institutions	institution	NOUN
ajfa-1319	437	8	and	and	CCONJ
ajfa-1319	437	9	money	money	NOUN
ajfa-1319	437	10	,	,	PUNCT
ajfa-1319	437	11	12	12	NUM
ajfa-1319	437	12	,	,	PUNCT
ajfa-1319	437	13	33	33	NUM
ajfa-1319	437	14	-	-	SYM
ajfa-1319	437	15	58	58	NUM
ajfa-1319	437	16	.	.	PUNCT
ajfa-1319	438	1	http://dx.doi.org/10.1016/s1042-4431(01)00051-8	http://dx.doi.org/10.1016/s1042-4431(01)00051-8	PROPN
ajfa-1319	438	2	modigliani	modigliani	PROPN
ajfa-1319	438	3	,	,	PUNCT
ajfa-1319	438	4	f.	f.	PROPN
ajfa-1319	438	5	,	,	PUNCT
ajfa-1319	438	6	&	&	CCONJ
ajfa-1319	438	7	miller	miller	PROPN
ajfa-1319	438	8	,	,	PUNCT
ajfa-1319	438	9	m.h	m.h	PROPN
ajfa-1319	438	10	.	.	PROPN
ajfa-1319	438	11	(	(	PUNCT
ajfa-1319	438	12	1958	1958	NUM
ajfa-1319	438	13	)	)	PUNCT
ajfa-1319	438	14	.	.	PUNCT
ajfa-1319	439	1	the	the	DET
ajfa-1319	439	2	cost	cost	NOUN
ajfa-1319	439	3	of	of	ADP
ajfa-1319	439	4	capital	capital	NOUN
ajfa-1319	439	5	,	,	PUNCT
ajfa-1319	439	6	corporation	corporation	NOUN
ajfa-1319	439	7	finance	finance	NOUN
ajfa-1319	439	8	and	and	CCONJ
ajfa-1319	439	9	the	the	DET
ajfa-1319	439	10	theory	theory	NOUN
ajfa-1319	439	11	of	of	ADP
ajfa-1319	439	12	investment	investment	NOUN
ajfa-1319	439	13	.	.	PUNCT
ajfa-1319	440	1	the	the	DET
ajfa-1319	440	2	american	american	PROPN
ajfa-1319	440	3	economic	economic	PROPN
ajfa-1319	440	4	review	review	PROPN
ajfa-1319	440	5	,	,	PUNCT
ajfa-1319	440	6	48	48	NUM
ajfa-1319	440	7	,	,	PUNCT
ajfa-1319	440	8	261	261	NUM
ajfa-1319	440	9	-	-	SYM
ajfa-1319	440	10	297	297	NUM
ajfa-1319	440	11	.	.	PUNCT
ajfa-1319	441	1	myers	myers	PROPN
ajfa-1319	441	2	,	,	PUNCT
ajfa-1319	441	3	s.c	s.c	PROPN
ajfa-1319	441	4	.	.	PROPN
ajfa-1319	441	5	(	(	PUNCT
ajfa-1319	441	6	1977	1977	NUM
ajfa-1319	441	7	)	)	PUNCT
ajfa-1319	441	8	.	.	PUNCT
ajfa-1319	442	1	determinants	determinant	NOUN
ajfa-1319	442	2	of	of	ADP
ajfa-1319	442	3	corporate	corporate	ADJ
ajfa-1319	442	4	borrowing	borrowing	NOUN
ajfa-1319	442	5	.	.	PUNCT
ajfa-1319	443	1	journal	journal	NOUN
ajfa-1319	443	2	of	of	ADP
ajfa-1319	443	3	financial	financial	ADJ
ajfa-1319	443	4	economics	economic	NOUN
ajfa-1319	443	5	,	,	PUNCT
ajfa-1319	443	6	5	5	NUM
ajfa-1319	443	7	,	,	PUNCT
ajfa-1319	443	8	147	147	NUM
ajfa-1319	443	9	-	-	SYM
ajfa-1319	443	10	175	175	NUM
ajfa-1319	443	11	.	.	PUNCT
ajfa-1319	444	1	http://dx.doi.org/10.1016/0304-405x(77)90015-0	http://dx.doi.org/10.1016/0304-405x(77)90015-0	PROPN
ajfa-1319	444	2	myers	myers	PROPN
ajfa-1319	444	3	,	,	PUNCT
ajfa-1319	444	4	s.	s.	PROPN
ajfa-1319	444	5	c.	c.	PROPN
ajfa-1319	444	6	(	(	PUNCT
ajfa-1319	444	7	1984	1984	NUM
ajfa-1319	444	8	)	)	PUNCT
ajfa-1319	444	9	.	.	PUNCT
ajfa-1319	445	1	the	the	DET
ajfa-1319	445	2	capital	capital	NOUN
ajfa-1319	445	3	structure	structure	NOUN
ajfa-1319	445	4	puzzle	puzzle	NOUN
ajfa-1319	445	5	.	.	PUNCT
ajfa-1319	446	1	the	the	DET
ajfa-1319	446	2	journal	journal	PROPN
ajfa-1319	446	3	of	of	ADP
ajfa-1319	446	4	finance	finance	NOUN
ajfa-1319	446	5	,	,	PUNCT
ajfa-1319	446	6	39	39	NUM
ajfa-1319	446	7	,	,	PUNCT
ajfa-1319	446	8	575	575	NUM
ajfa-1319	446	9	-	-	SYM
ajfa-1319	446	10	592	592	NUM
ajfa-1319	446	11	.	.	PUNCT
ajfa-1319	447	1	http://dx.doi.org/10.2307/2327916	http://dx.doi.org/10.2307/2327916	PROPN
ajfa-1319	447	2	myers	myers	PROPN
ajfa-1319	447	3	,	,	PUNCT
ajfa-1319	447	4	s.c	s.c	PROPN
ajfa-1319	447	5	.	.	PROPN
ajfa-1319	447	6	,	,	PUNCT
ajfa-1319	447	7	&	&	CCONJ
ajfa-1319	447	8	majluf	majluf	PROPN
ajfa-1319	447	9	,	,	PUNCT
ajfa-1319	447	10	n.	n.	NOUN
ajfa-1319	447	11	(	(	PUNCT
ajfa-1319	447	12	1984	1984	NUM
ajfa-1319	447	13	)	)	PUNCT
ajfa-1319	447	14	.	.	PUNCT
ajfa-1319	448	1	corporate	corporate	ADJ
ajfa-1319	448	2	financing	financing	NOUN
ajfa-1319	448	3	and	and	CCONJ
ajfa-1319	448	4	investment	investment	NOUN
ajfa-1319	448	5	decisions	decision	NOUN
ajfa-1319	448	6	when	when	SCONJ
ajfa-1319	448	7	firms	firm	NOUN
ajfa-1319	448	8	have	have	VERB
ajfa-1319	448	9	information	information	NOUN
ajfa-1319	448	10	that	that	SCONJ
ajfa-1319	448	11	investors	investor	NOUN
ajfa-1319	448	12	do	do	AUX
ajfa-1319	448	13	not	not	PART
ajfa-1319	448	14	have	have	VERB
ajfa-1319	448	15	.	.	PUNCT
ajfa-1319	449	1	journal	journal	NOUN
ajfa-1319	449	2	of	of	ADP
ajfa-1319	449	3	financial	financial	ADJ
ajfa-1319	449	4	economics	economic	NOUN
ajfa-1319	449	5	,	,	PUNCT
ajfa-1319	449	6	13	13	NUM
ajfa-1319	449	7	,	,	PUNCT
ajfa-1319	449	8	187	187	NUM
ajfa-1319	449	9	-	-	SYM
ajfa-1319	449	10	221	221	NUM
ajfa-1319	449	11	.	.	PUNCT
ajfa-1319	450	1	http://dx.doi.org/10.1016/0304-405x(84)90023-0	http://dx.doi.org/10.1016/0304-405x(84)90023-0	ADV
ajfa-1319	450	2	opler	opler	ADJ
ajfa-1319	450	3	,	,	PUNCT
ajfa-1319	450	4	t.c	t.c	PROPN
ajfa-1319	450	5	.	.	PROPN
ajfa-1319	450	6	,	,	PUNCT
ajfa-1319	450	7	&	&	CCONJ
ajfa-1319	450	8	titman	titman	PROPN
ajfa-1319	450	9	,	,	PUNCT
ajfa-1319	450	10	s.	s.	PROPN
ajfa-1319	450	11	(	(	PUNCT
ajfa-1319	450	12	1994	1994	NUM
ajfa-1319	450	13	)	)	PUNCT
ajfa-1319	450	14	.	.	PUNCT
ajfa-1319	451	1	financial	financial	ADJ
ajfa-1319	451	2	distress	distress	NOUN
ajfa-1319	451	3	and	and	CCONJ
ajfa-1319	451	4	corporate	corporate	ADJ
ajfa-1319	451	5	finance	finance	NOUN
ajfa-1319	451	6	.	.	PUNCT
ajfa-1319	452	1	the	the	DET
ajfa-1319	452	2	journal	journal	PROPN
ajfa-1319	452	3	of	of	ADP
ajfa-1319	452	4	finance	finance	NOUN
ajfa-1319	452	5	,	,	PUNCT
ajfa-1319	452	6	49	49	NUM
ajfa-1319	452	7	,	,	PUNCT
ajfa-1319	452	8	1015	1015	NUM
ajfa-1319	452	9	-	-	SYM
ajfa-1319	452	10	1040	1040	NUM
ajfa-1319	452	11	.	.	PUNCT
ajfa-1319	453	1	http://dx.doi.org/10.2307/2329214	http://dx.doi.org/10.2307/2329214	PROPN
ajfa-1319	453	2	richardson	richardson	PROPN
ajfa-1319	453	3	,	,	PUNCT
ajfa-1319	453	4	g.	g.	PROPN
ajfa-1319	453	5	,	,	PUNCT
ajfa-1319	453	6	&	&	CCONJ
ajfa-1319	453	7	lanis	lanis	PROPN
ajfa-1319	453	8	r.	r.	PROPN
ajfa-1319	453	9	(	(	PUNCT
ajfa-1319	453	10	2007	2007	NUM
ajfa-1319	453	11	)	)	PUNCT
ajfa-1319	453	12	.	.	PUNCT
ajfa-1319	454	1	determinants	determinant	NOUN
ajfa-1319	454	2	of	of	ADP
ajfa-1319	454	3	variability	variability	NOUN
ajfa-1319	454	4	in	in	ADP
ajfa-1319	454	5	corporate	corporate	ADJ
ajfa-1319	454	6	effective	effective	ADJ
ajfa-1319	454	7	tax	tax	NOUN
ajfa-1319	454	8	rates	rate	NOUN
ajfa-1319	454	9	and	and	CCONJ
ajfa-1319	454	10	tax	tax	NOUN
ajfa-1319	454	11	reform	reform	NOUN
ajfa-1319	454	12	:	:	PUNCT
ajfa-1319	454	13	evidence	evidence	NOUN
ajfa-1319	454	14	from	from	ADP
ajfa-1319	454	15	australia	australia	PROPN
ajfa-1319	454	16	.	.	PUNCT
ajfa-1319	455	1	journal	journal	PROPN
ajfa-1319	455	2	of	of	ADP
ajfa-1319	455	3	accounting	accounting	NOUN
ajfa-1319	455	4	and	and	CCONJ
ajfa-1319	455	5	public	public	ADJ
ajfa-1319	455	6	policy	policy	NOUN
ajfa-1319	455	7	,	,	PUNCT
ajfa-1319	455	8	26	26	NUM
ajfa-1319	455	9	,	,	PUNCT
ajfa-1319	455	10	689	689	NUM
ajfa-1319	455	11	-	-	SYM
ajfa-1319	455	12	704	704	NUM
ajfa-1319	455	13	.	.	PUNCT
ajfa-1319	456	1	http://dx.doi.org/10.1016/j.jaccpubpol.2007.10.003	http://dx.doi.org/10.1016/j.jaccpubpol.2007.10.003	PROPN
ajfa-1319	456	2	shulman	shulman	PROPN
ajfa-1319	456	3	,	,	PUNCT
ajfa-1319	456	4	c.t	c.t	PROPN
ajfa-1319	456	5	.	.	PROPN
ajfa-1319	456	6	,	,	PUNCT
ajfa-1319	456	7	thomas	thomas	PROPN
ajfa-1319	456	8	,	,	PUNCT
ajfa-1319	456	9	d.w	d.w	PROPN
ajfa-1319	456	10	.	.	PROPN
ajfa-1319	456	11	,	,	PUNCT
ajfa-1319	456	12	keith	keith	PROPN
ajfa-1319	456	13	,	,	PUNCT
ajfa-1319	456	14	s.f	s.f	PROPN
ajfa-1319	456	15	.	.	PROPN
ajfa-1319	456	16	,	,	PUNCT
ajfa-1319	456	17	&	&	CCONJ
ajfa-1319	456	18	kennedy	kennedy	PROPN
ajfa-1319	456	19	,	,	PUNCT
ajfa-1319	456	20	d.b	d.b	PROPN
ajfa-1319	456	21	.	.	PROPN
ajfa-1319	456	22	(	(	PUNCT
ajfa-1319	456	23	1996	1996	NUM
ajfa-1319	456	24	)	)	PUNCT
ajfa-1319	456	25	.	.	PUNCT
ajfa-1319	457	1	effects	effect	NOUN
ajfa-1319	457	2	of	of	ADP
ajfa-1319	457	3	tax	tax	NOUN
ajfa-1319	457	4	integration	integration	NOUN
ajfa-1319	457	5	and	and	CCONJ
ajfa-1319	457	6	capital	capital	NOUN
ajfa-1319	457	7	gains	gain	NOUN
ajfa-1319	457	8	tax	tax	NOUN
ajfa-1319	457	9	on	on	ADP
ajfa-1319	457	10	corporate	corporate	ADJ
ajfa-1319	457	11	leverage	leverage	NOUN
ajfa-1319	457	12	.	.	PUNCT
ajfa-1319	458	1	the	the	DET
ajfa-1319	458	2	national	national	ADJ
ajfa-1319	458	3	tax	tax	PROPN
ajfa-1319	458	4	journal	journal	PROPN
ajfa-1319	458	5	,	,	PUNCT
ajfa-1319	458	6	49	49	NUM
ajfa-1319	458	7	,	,	PUNCT
ajfa-1319	458	8	31	31	NUM
ajfa-1319	458	9	-	-	SYM
ajfa-1319	458	10	54	54	NUM
ajfa-1319	458	11	.	.	PUNCT
ajfa-1319	459	1	shyam	shyam	NOUN
ajfa-1319	459	2	-	-	PUNCT
ajfa-1319	459	3	sunder	sunder	PROPN
ajfa-1319	459	4	,	,	PUNCT
ajfa-1319	459	5	l.	l.	PROPN
ajfa-1319	459	6	,	,	PUNCT
ajfa-1319	459	7	&	&	CCONJ
ajfa-1319	459	8	myers	myers	PROPN
ajfa-1319	459	9	,	,	PUNCT
ajfa-1319	459	10	s.c	s.c	PROPN
ajfa-1319	459	11	.	.	PROPN
ajfa-1319	459	12	(	(	PUNCT
ajfa-1319	459	13	1999	1999	NUM
ajfa-1319	459	14	)	)	PUNCT
ajfa-1319	459	15	.	.	PUNCT
ajfa-1319	460	1	testing	test	VERB
ajfa-1319	460	2	static	static	ADJ
ajfa-1319	460	3	tradeoff	tradeoff	NOUN
ajfa-1319	460	4	against	against	ADP
ajfa-1319	460	5	the	the	DET
ajfa-1319	460	6	pecking	pecking	NOUN
ajfa-1319	460	7	order	order	NOUN
ajfa-1319	460	8	models	model	NOUN
ajfa-1319	460	9	of	of	ADP
ajfa-1319	460	10	capital	capital	NOUN
ajfa-1319	460	11	structure	structure	NOUN
ajfa-1319	460	12	.	.	PUNCT
ajfa-1319	461	1	journal	journal	NOUN
ajfa-1319	461	2	of	of	ADP
ajfa-1319	461	3	financial	financial	ADJ
ajfa-1319	461	4	economics	economic	NOUN
ajfa-1319	461	5	,	,	PUNCT
ajfa-1319	461	6	51	51	NUM
ajfa-1319	461	7	,	,	PUNCT
ajfa-1319	461	8	219	219	NUM
ajfa-1319	461	9	-	-	SYM
ajfa-1319	461	10	244	244	NUM
ajfa-1319	461	11	.	.	PUNCT
ajfa-1319	462	1	http://dx.doi.org/10.1016/s0304-405x(98)00051-8	http://dx.doi.org/10.1016/s0304-405x(98)00051-8	X
ajfa-1319	462	2	sims	sim	NOUN
ajfa-1319	462	3	,	,	PUNCT
ajfa-1319	462	4	c.a	c.a	PROPN
ajfa-1319	462	5	.	.	PROPN
ajfa-1319	462	6	(	(	PUNCT
ajfa-1319	462	7	1980	1980	NUM
ajfa-1319	462	8	)	)	PUNCT
ajfa-1319	462	9	.	.	PUNCT
ajfa-1319	463	1	macroeconomics	macroeconomic	NOUN
ajfa-1319	463	2	and	and	CCONJ
ajfa-1319	463	3	reality	reality	NOUN
ajfa-1319	463	4	.	.	PUNCT
ajfa-1319	464	1	econometrica	econometrica	PROPN
ajfa-1319	464	2	,	,	PUNCT
ajfa-1319	464	3	48(1	48(1	NOUN
ajfa-1319	464	4	)	)	PUNCT
ajfa-1319	464	5	,	,	PUNCT
ajfa-1319	464	6	1–48	1–48	NOUN
ajfa-1319	464	7	.	.	PUNCT
ajfa-1319	465	1	asian	asian	ADJ
ajfa-1319	465	2	journal	journal	PROPN
ajfa-1319	465	3	of	of	ADP
ajfa-1319	465	4	finance	finance	PROPN
ajfa-1319	465	5	&	&	CCONJ
ajfa-1319	465	6	accounting	accounting	PROPN
ajfa-1319	465	7	issn	issn	PROPN
ajfa-1319	465	8	1946	1946	NUM
ajfa-1319	465	9	-	-	PUNCT
ajfa-1319	465	10	052x	052x	NOUN
ajfa-1319	465	11	2012	2012	NUM
ajfa-1319	465	12	,	,	PUNCT
ajfa-1319	465	13	vol	vol	NOUN
ajfa-1319	465	14	.	.	PROPN
ajfa-1319	465	15	4	4	NUM
ajfa-1319	465	16	,	,	PUNCT
ajfa-1319	465	17	no	no	INTJ
ajfa-1319	465	18	.	.	NOUN
ajfa-1319	465	19	1	1	NUM
ajfa-1319	465	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1319	465	21	298	298	NUM
ajfa-1319	465	22	http://dx.doi.org/10.2307/1912017	http://dx.doi.org/10.2307/1912017	NOUN
ajfa-1319	465	23	copyright	copyright	NOUN
ajfa-1319	465	24	disclaimer	disclaimer	NOUN
ajfa-1319	465	25	copyright	copyright	NOUN
ajfa-1319	465	26	reserved	reserve	VERB
ajfa-1319	465	27	by	by	ADP
ajfa-1319	465	28	the	the	DET
ajfa-1319	465	29	author(s	author(s	NOUN
ajfa-1319	465	30	)	)	PUNCT
ajfa-1319	465	31	.	.	PUNCT
ajfa-1319	466	1	this	this	DET
ajfa-1319	466	2	article	article	NOUN
ajfa-1319	466	3	is	be	AUX
ajfa-1319	466	4	an	an	DET
ajfa-1319	466	5	open	open	ADJ
ajfa-1319	466	6	-	-	PUNCT
ajfa-1319	466	7	access	access	NOUN
ajfa-1319	466	8	article	article	NOUN
ajfa-1319	466	9	distributed	distribute	VERB
ajfa-1319	466	10	under	under	ADP
ajfa-1319	466	11	the	the	DET
ajfa-1319	466	12	terms	term	NOUN
ajfa-1319	466	13	and	and	CCONJ
ajfa-1319	466	14	conditions	condition	NOUN
ajfa-1319	466	15	of	of	ADP
ajfa-1319	466	16	the	the	DET
ajfa-1319	466	17	creative	creative	ADJ
ajfa-1319	466	18	commons	common	NOUN
ajfa-1319	466	19	attribution	attribution	NOUN
ajfa-1319	466	20	license	license	NOUN
ajfa-1319	466	21	(	(	PUNCT
ajfa-1319	466	22	http://creativecommons.org/licenses/by/3.0/	http://creativecommons.org/licenses/by/3.0/	PROPN
ajfa-1319	466	23	)	)	PUNCT
ajfa-1319	466	24	.	.	PUNCT