id	sid	tid	token	lemma	pos
ajfa-14805	1	1	microsoft	microsoft	PROPN
ajfa-14805	1	2	word	word	NOUN
ajfa-14805	1	3	14805	14805	NUM
ajfa-14805	1	4	-	-	SYM
ajfa-14805	1	5	53579	53579	NUM
ajfa-14805	1	6	-	-	PUNCT
ajfa-14805	1	7	1	1	NUM
ajfa-14805	1	8	-	-	PUNCT
ajfa-14805	1	9	sm	sm	NOUN
ajfa-14805	1	10	-	-	PUNCT
ajfa-14805	1	11	writer2	writer2	VERB
ajfa-14805	1	12	-	-	ADJ
ajfa-14805	1	13	new	new	ADJ
ajfa-14805	1	14	asian	asian	ADJ
ajfa-14805	1	15	journal	journal	NOUN
ajfa-14805	1	16	of	of	ADP
ajfa-14805	1	17	finance	finance	PROPN
ajfa-14805	1	18	&	&	CCONJ
ajfa-14805	1	19	accounting	accounting	PROPN
ajfa-14805	1	20	issn	issn	PROPN
ajfa-14805	1	21	1946	1946	NUM
ajfa-14805	1	22	-	-	PUNCT
ajfa-14805	1	23	052x	052x	PROPN
ajfa-14805	1	24	2019	2019	NUM
ajfa-14805	1	25	,	,	PUNCT
ajfa-14805	1	26	vol	vol	NOUN
ajfa-14805	1	27	.	.	PROPN
ajfa-14805	1	28	11	11	NUM
ajfa-14805	1	29	,	,	PUNCT
ajfa-14805	1	30	no	no	INTJ
ajfa-14805	1	31	.	.	NOUN
ajfa-14805	1	32	1	1	NUM
ajfa-14805	1	33	ajfa.macrothink.org/	ajfa.macrothink.org/	PROPN
ajfa-14805	1	34	291	291	NUM
ajfa-14805	1	35	the	the	DET
ajfa-14805	1	36	impact	impact	NOUN
ajfa-14805	1	37	of	of	ADP
ajfa-14805	1	38	managerial	managerial	ADJ
ajfa-14805	1	39	entrenchment	entrenchment	ADJ
ajfa-14805	1	40	indicators	indicator	NOUN
ajfa-14805	1	41	on	on	ADP
ajfa-14805	1	42	cash	cash	NOUN
ajfa-14805	1	43	holding	holding	NOUN
ajfa-14805	1	44	adjustments	adjustment	NOUN
ajfa-14805	1	45	:	:	PUNCT
ajfa-14805	1	46	stock	stock	NOUN
ajfa-14805	1	47	exchange	exchange	NOUN
ajfa-14805	1	48	firms	firm	NOUN
ajfa-14805	1	49	zahra	zahra	PROPN
ajfa-14805	1	50	hashemi	hashemi	PROPN
ajfa-14805	1	51	oskouei	oskouei	PROPN
ajfa-14805	1	52	department	department	PROPN
ajfa-14805	1	53	of	of	ADP
ajfa-14805	1	54	accounting	accounting	PROPN
ajfa-14805	1	55	,	,	PUNCT
ajfa-14805	1	56	east	east	PROPN
ajfa-14805	1	57	tehran	tehran	PROPN
ajfa-14805	1	58	branch	branch	PROPN
ajfa-14805	1	59	,	,	PUNCT
ajfa-14805	1	60	islamic	islamic	PROPN
ajfa-14805	1	61	azad	azad	PROPN
ajfa-14805	1	62	university	university	PROPN
ajfa-14805	1	63	tehran	tehran	PROPN
ajfa-14805	1	64	,	,	PUNCT
ajfa-14805	1	65	iran	iran	PROPN
ajfa-14805	1	66	tel	tel	PROPN
ajfa-14805	1	67	:	:	PUNCT
ajfa-14805	1	68	98	98	NUM
ajfa-14805	1	69	-	-	SYM
ajfa-14805	1	70	912	912	NUM
ajfa-14805	1	71	-	-	PUNCT
ajfa-14805	1	72	381	381	NUM
ajfa-14805	1	73	-	-	PUNCT
ajfa-14805	1	74	6127	6127	NUM
ajfa-14805	1	75	e	e	NOUN
ajfa-14805	1	76	-	-	NOUN
ajfa-14805	1	77	mail	mail	NOUN
ajfa-14805	1	78	:	:	PUNCT
ajfa-14805	1	79	zahra.oskouei@gmail.com	zahra.oskouei@gmail.com	X
ajfa-14805	1	80	zeynab	zeynab	PROPN
ajfa-14805	1	81	aminifard	aminifard	PROPN
ajfa-14805	1	82	(	(	PUNCT
ajfa-14805	1	83	corresponding	correspond	VERB
ajfa-14805	1	84	author	author	NOUN
ajfa-14805	1	85	)	)	PUNCT
ajfa-14805	1	86	department	department	NOUN
ajfa-14805	1	87	of	of	ADP
ajfa-14805	1	88	accounting	accounting	PROPN
ajfa-14805	1	89	,	,	PUNCT
ajfa-14805	1	90	east	east	PROPN
ajfa-14805	1	91	tehran	tehran	PROPN
ajfa-14805	1	92	branch	branch	PROPN
ajfa-14805	1	93	,	,	PUNCT
ajfa-14805	1	94	islamic	islamic	PROPN
ajfa-14805	1	95	azad	azad	PROPN
ajfa-14805	1	96	university	university	PROPN
ajfa-14805	1	97	tehran	tehran	PROPN
ajfa-14805	1	98	,	,	PUNCT
ajfa-14805	1	99	iran	iran	PROPN
ajfa-14805	1	100	tel	tel	PROPN
ajfa-14805	1	101	:	:	PUNCT
ajfa-14805	1	102	98	98	NUM
ajfa-14805	1	103	-	-	SYM
ajfa-14805	1	104	912	912	NUM
ajfa-14805	1	105	-	-	PUNCT
ajfa-14805	1	106	359	359	NUM
ajfa-14805	1	107	-	-	PUNCT
ajfa-14805	1	108	7243	7243	NUM
ajfa-14805	1	109	e	e	NOUN
ajfa-14805	1	110	-	-	NOUN
ajfa-14805	1	111	mail	mail	NOUN
ajfa-14805	1	112	:	:	PUNCT
ajfa-14805	1	113	aminifard.zeynab@gmail.com	aminifard.zeynab@gmail.com	X
ajfa-14805	1	114	received	receive	VERB
ajfa-14805	1	115	:	:	PUNCT
ajfa-14805	1	116	april	april	PROPN
ajfa-14805	1	117	8	8	NUM
ajfa-14805	1	118	,	,	PUNCT
ajfa-14805	1	119	2019	2019	NUM
ajfa-14805	1	120	accepted	accept	VERB
ajfa-14805	1	121	:	:	PUNCT
ajfa-14805	1	122	june	june	PROPN
ajfa-14805	1	123	12	12	NUM
ajfa-14805	1	124	,	,	PUNCT
ajfa-14805	1	125	2019	2019	NUM
ajfa-14805	1	126	published	publish	VERB
ajfa-14805	1	127	:	:	PUNCT
ajfa-14805	1	128	june	june	PROPN
ajfa-14805	1	129	12	12	NUM
ajfa-14805	1	130	,	,	PUNCT
ajfa-14805	1	131	2019	2019	NUM
ajfa-14805	1	132	doi:10.5296	doi:10.5296	NOUN
ajfa-14805	1	133	/	/	SYM
ajfa-14805	1	134	ajfa.v11i1.14805	ajfa.v11i1.14805	PROPN
ajfa-14805	1	135	url	url	PROPN
ajfa-14805	1	136	:	:	PUNCT
ajfa-14805	1	137	https://doi.org/10.5296/ajfa.v11i1.14805	https://doi.org/10.5296/ajfa.v11i1.14805	NUM
ajfa-14805	1	138	abstract	abstract	ADV
ajfa-14805	1	139	this	this	DET
ajfa-14805	1	140	paper	paper	NOUN
ajfa-14805	1	141	investigates	investigate	VERB
ajfa-14805	1	142	the	the	DET
ajfa-14805	1	143	relationship	relationship	NOUN
ajfa-14805	1	144	between	between	ADP
ajfa-14805	1	145	the	the	DET
ajfa-14805	1	146	managerial	managerial	ADJ
ajfa-14805	1	147	entrenchment	entrenchment	NOUN
ajfa-14805	1	148	and	and	CCONJ
ajfa-14805	1	149	cash	cash	NOUN
ajfa-14805	1	150	holding	hold	VERB
ajfa-14805	1	151	adjustments	adjustment	NOUN
ajfa-14805	1	152	for	for	ADP
ajfa-14805	1	153	a	a	DET
ajfa-14805	1	154	sample	sample	NOUN
ajfa-14805	1	155	of	of	ADP
ajfa-14805	1	156	140	140	NUM
ajfa-14805	1	157	firms	firm	NOUN
ajfa-14805	1	158	listed	list	VERB
ajfa-14805	1	159	in	in	ADP
ajfa-14805	1	160	the	the	DET
ajfa-14805	1	161	tehran	tehran	PROPN
ajfa-14805	1	162	stock	stock	PROPN
ajfa-14805	1	163	exchange	exchange	PROPN
ajfa-14805	1	164	(	(	PUNCT
ajfa-14805	1	165	tse	tse	PROPN
ajfa-14805	1	166	)	)	PUNCT
ajfa-14805	1	167	during	during	ADP
ajfa-14805	1	168	2011	2011	NUM
ajfa-14805	1	169	to	to	ADP
ajfa-14805	1	170	2016	2016	NUM
ajfa-14805	1	171	.	.	PUNCT
ajfa-14805	2	1	to	to	PART
ajfa-14805	2	2	measure	measure	VERB
ajfa-14805	2	3	the	the	DET
ajfa-14805	2	4	managerial	managerial	ADJ
ajfa-14805	2	5	entrenchment	entrenchment	NOUN
ajfa-14805	2	6	,	,	PUNCT
ajfa-14805	2	7	four	four	NUM
ajfa-14805	2	8	indicators	indicator	NOUN
ajfa-14805	2	9	of	of	ADP
ajfa-14805	2	10	manager	manager	NOUN
ajfa-14805	2	11	's	's	PART
ajfa-14805	2	12	duality	duality	NOUN
ajfa-14805	2	13	,	,	PUNCT
ajfa-14805	2	14	management	management	NOUN
ajfa-14805	2	15	reward	reward	NOUN
ajfa-14805	2	16	,	,	PUNCT
ajfa-14805	2	17	dividends	dividend	NOUN
ajfa-14805	2	18	,	,	PUNCT
ajfa-14805	2	19	and	and	CCONJ
ajfa-14805	2	20	over	over	ADP
ajfa-14805	2	21	-	-	PUNCT
ajfa-14805	2	22	investment	investment	NOUN
ajfa-14805	2	23	risk	risk	NOUN
ajfa-14805	2	24	were	be	AUX
ajfa-14805	2	25	employed	employ	VERB
ajfa-14805	2	26	.	.	PUNCT
ajfa-14805	3	1	a	a	DET
ajfa-14805	3	2	multiple	multiple	ADJ
ajfa-14805	3	3	linear	linear	ADJ
ajfa-14805	3	4	regression	regression	NOUN
ajfa-14805	3	5	model	model	NOUN
ajfa-14805	3	6	was	be	AUX
ajfa-14805	3	7	used	use	VERB
ajfa-14805	3	8	in	in	ADP
ajfa-14805	3	9	order	order	NOUN
ajfa-14805	3	10	to	to	PART
ajfa-14805	3	11	test	test	VERB
ajfa-14805	3	12	the	the	DET
ajfa-14805	3	13	hypotheses	hypothesis	NOUN
ajfa-14805	3	14	of	of	ADP
ajfa-14805	3	15	the	the	DET
ajfa-14805	3	16	research	research	NOUN
ajfa-14805	3	17	.	.	PUNCT
ajfa-14805	4	1	the	the	DET
ajfa-14805	4	2	results	result	NOUN
ajfa-14805	4	3	indicate	indicate	VERB
ajfa-14805	4	4	that	that	SCONJ
ajfa-14805	4	5	when	when	SCONJ
ajfa-14805	4	6	management	management	NOUN
ajfa-14805	4	7	rewards	reward	NOUN
ajfa-14805	4	8	were	be	AUX
ajfa-14805	4	9	used	use	VERB
ajfa-14805	4	10	to	to	PART
ajfa-14805	4	11	measure	measure	VERB
ajfa-14805	4	12	the	the	DET
ajfa-14805	4	13	managerial	managerial	ADJ
ajfa-14805	4	14	entrenchment	entrenchment	NOUN
ajfa-14805	4	15	,	,	PUNCT
ajfa-14805	4	16	there	there	PRON
ajfa-14805	4	17	is	be	VERB
ajfa-14805	4	18	a	a	DET
ajfa-14805	4	19	significant	significant	ADJ
ajfa-14805	4	20	positive	positive	ADJ
ajfa-14805	4	21	relationship	relationship	NOUN
ajfa-14805	4	22	between	between	ADP
ajfa-14805	4	23	the	the	DET
ajfa-14805	4	24	management	management	NOUN
ajfa-14805	4	25	rewards	reward	VERB
ajfa-14805	4	26	and	and	CCONJ
ajfa-14805	4	27	cash	cash	NOUN
ajfa-14805	4	28	holding	holding	NOUN
ajfa-14805	4	29	adjustments	adjustment	NOUN
ajfa-14805	4	30	.	.	PUNCT
ajfa-14805	5	1	also	also	ADV
ajfa-14805	5	2	,	,	PUNCT
ajfa-14805	5	3	there	there	PRON
ajfa-14805	5	4	is	be	VERB
ajfa-14805	5	5	a	a	DET
ajfa-14805	5	6	significant	significant	ADJ
ajfa-14805	5	7	positive	positive	ADJ
ajfa-14805	5	8	relationship	relationship	NOUN
ajfa-14805	5	9	between	between	ADP
ajfa-14805	5	10	the	the	DET
ajfa-14805	5	11	overinvestment	overinvestment	ADJ
ajfa-14805	5	12	risk	risk	NOUN
ajfa-14805	5	13	and	and	CCONJ
ajfa-14805	5	14	cash	cash	NOUN
ajfa-14805	5	15	holding	holding	NOUN
ajfa-14805	5	16	adjustments	adjustment	NOUN
ajfa-14805	5	17	.	.	PUNCT
ajfa-14805	6	1	cash	cash	NOUN
ajfa-14805	6	2	holding	hold	VERB
ajfa-14805	6	3	speed	speed	NOUN
ajfa-14805	6	4	was	be	AUX
ajfa-14805	6	5	found	find	VERB
ajfa-14805	6	6	to	to	PART
ajfa-14805	6	7	have	have	VERB
ajfa-14805	6	8	a	a	DET
ajfa-14805	6	9	significant	significant	ADJ
ajfa-14805	6	10	positive	positive	ADJ
ajfa-14805	6	11	effect	effect	NOUN
ajfa-14805	6	12	on	on	ADP
ajfa-14805	6	13	the	the	DET
ajfa-14805	6	14	relationship	relationship	NOUN
ajfa-14805	6	15	between	between	ADP
ajfa-14805	6	16	dividend	dividend	NOUN
ajfa-14805	6	17	(	(	PUNCT
ajfa-14805	6	18	managerial	managerial	ADJ
ajfa-14805	6	19	entrenchment	entrenchment	NOUN
ajfa-14805	6	20	)	)	PUNCT
ajfa-14805	6	21	and	and	CCONJ
ajfa-14805	6	22	cash	cash	NOUN
ajfa-14805	6	23	holding	holding	NOUN
ajfa-14805	6	24	adjustments	adjustment	NOUN
ajfa-14805	6	25	.	.	PUNCT
ajfa-14805	7	1	these	these	DET
ajfa-14805	7	2	results	result	NOUN
ajfa-14805	7	3	suggest	suggest	VERB
ajfa-14805	7	4	a	a	DET
ajfa-14805	7	5	significant	significant	ADJ
ajfa-14805	7	6	positive	positive	ADJ
ajfa-14805	7	7	relationship	relationship	NOUN
ajfa-14805	7	8	between	between	ADP
ajfa-14805	7	9	the	the	DET
ajfa-14805	7	10	managerial	managerial	ADJ
ajfa-14805	7	11	entrenchment	entrenchment	NOUN
ajfa-14805	7	12	and	and	CCONJ
ajfa-14805	7	13	cash	cash	NOUN
ajfa-14805	7	14	holding	holding	NOUN
ajfa-14805	7	15	adjustments	adjustment	NOUN
ajfa-14805	7	16	.	.	PUNCT
ajfa-14805	8	1	keywords	keyword	NOUN
ajfa-14805	8	2	:	:	PUNCT
ajfa-14805	8	3	cash	cash	NOUN
ajfa-14805	8	4	holdings	holding	NOUN
ajfa-14805	8	5	,	,	PUNCT
ajfa-14805	8	6	cash	cash	NOUN
ajfa-14805	8	7	holdings	holding	NOUN
ajfa-14805	8	8	speed	speed	NOUN
ajfa-14805	8	9	,	,	PUNCT
ajfa-14805	8	10	managerial	managerial	ADJ
ajfa-14805	8	11	entrenchment	entrenchment	NOUN
ajfa-14805	8	12	,	,	PUNCT
ajfa-14805	8	13	over	over	ADP
ajfa-14805	8	14	-	-	PUNCT
ajfa-14805	8	15	investment	investment	NOUN
ajfa-14805	8	16	risk	risk	NOUN
ajfa-14805	8	17	,	,	PUNCT
ajfa-14805	8	18	management	management	NOUN
ajfa-14805	8	19	reward	reward	VERB
ajfa-14805	8	20	asian	asian	ADJ
ajfa-14805	8	21	journal	journal	NOUN
ajfa-14805	8	22	of	of	ADP
ajfa-14805	8	23	finance	finance	PROPN
ajfa-14805	8	24	&	&	CCONJ
ajfa-14805	8	25	accounting	accounting	PROPN
ajfa-14805	8	26	issn	issn	PROPN
ajfa-14805	8	27	1946	1946	NUM
ajfa-14805	8	28	-	-	PUNCT
ajfa-14805	8	29	052x	052x	PROPN
ajfa-14805	8	30	2019	2019	NUM
ajfa-14805	8	31	,	,	PUNCT
ajfa-14805	8	32	vol	vol	NOUN
ajfa-14805	8	33	.	.	PROPN
ajfa-14805	8	34	11	11	NUM
ajfa-14805	8	35	,	,	PUNCT
ajfa-14805	8	36	no	no	INTJ
ajfa-14805	8	37	.	.	NOUN
ajfa-14805	8	38	1	1	NUM
ajfa-14805	8	39	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14805	8	40	292	292	NUM
ajfa-14805	8	41	1	1	NUM
ajfa-14805	8	42	.	.	PUNCT
ajfa-14805	9	1	introduction	introduction	NOUN
ajfa-14805	9	2	the	the	DET
ajfa-14805	9	3	main	main	ADJ
ajfa-14805	9	4	advantage	advantage	NOUN
ajfa-14805	9	5	of	of	ADP
ajfa-14805	9	6	cash	cash	NOUN
ajfa-14805	9	7	holding	holding	NOUN
ajfa-14805	9	8	is	be	AUX
ajfa-14805	9	9	to	to	PART
ajfa-14805	9	10	increase	increase	VERB
ajfa-14805	9	11	the	the	DET
ajfa-14805	9	12	capability	capability	NOUN
ajfa-14805	9	13	of	of	ADP
ajfa-14805	9	14	a	a	DET
ajfa-14805	9	15	firm	firm	NOUN
ajfa-14805	9	16	based	base	VERB
ajfa-14805	9	17	on	on	ADP
ajfa-14805	9	18	valuable	valuable	ADJ
ajfa-14805	9	19	investment	investment	NOUN
ajfa-14805	9	20	opportunities	opportunity	NOUN
ajfa-14805	9	21	,	,	PUNCT
ajfa-14805	9	22	and	and	CCONJ
ajfa-14805	9	23	to	to	PART
ajfa-14805	9	24	prevent	prevent	VERB
ajfa-14805	9	25	costly	costly	ADJ
ajfa-14805	9	26	external	external	ADJ
ajfa-14805	9	27	financing	financing	NOUN
ajfa-14805	9	28	(	(	PUNCT
ajfa-14805	9	29	jiang	jiang	PROPN
ajfa-14805	9	30	&	&	CCONJ
ajfa-14805	9	31	lie	lie	PROPN
ajfa-14805	9	32	,	,	PUNCT
ajfa-14805	9	33	2016	2016	NUM
ajfa-14805	9	34	)	)	PUNCT
ajfa-14805	9	35	.	.	PUNCT
ajfa-14805	10	1	focusing	focus	VERB
ajfa-14805	10	2	on	on	ADP
ajfa-14805	10	3	the	the	DET
ajfa-14805	10	4	various	various	ADJ
ajfa-14805	10	5	dimensions	dimension	NOUN
ajfa-14805	10	6	of	of	ADP
ajfa-14805	10	7	cash	cash	NOUN
ajfa-14805	10	8	,	,	PUNCT
ajfa-14805	10	9	dittmar	dittmar	PROPN
ajfa-14805	10	10	&	&	CCONJ
ajfa-14805	10	11	smith	smith	PROPN
ajfa-14805	10	12	(	(	PUNCT
ajfa-14805	10	13	2007	2007	NUM
ajfa-14805	10	14	)	)	PUNCT
ajfa-14805	10	15	demonstrated	demonstrate	VERB
ajfa-14805	10	16	that	that	SCONJ
ajfa-14805	10	17	cash	cash	NOUN
ajfa-14805	10	18	and	and	CCONJ
ajfa-14805	10	19	near	near	ADJ
ajfa-14805	10	20	cash	cash	NOUN
ajfa-14805	10	21	comprise	comprise	VERB
ajfa-14805	10	22	13	13	NUM
ajfa-14805	10	23	%	%	NOUN
ajfa-14805	10	24	of	of	ADP
ajfa-14805	10	25	the	the	DET
ajfa-14805	10	26	total	total	ADJ
ajfa-14805	10	27	american	american	ADJ
ajfa-14805	10	28	firms	firm	NOUN
ajfa-14805	10	29	’	’	PART
ajfa-14805	10	30	assets	asset	NOUN
ajfa-14805	10	31	in	in	ADP
ajfa-14805	10	32	average	average	ADJ
ajfa-14805	10	33	.	.	PUNCT
ajfa-14805	11	1	also	also	ADV
ajfa-14805	11	2	,	,	PUNCT
ajfa-14805	11	3	habib	habib	PROPN
ajfa-14805	11	4	et	et	PROPN
ajfa-14805	11	5	al	al	PROPN
ajfa-14805	11	6	.	.	PROPN
ajfa-14805	12	1	(	(	PUNCT
ajfa-14805	12	2	2017	2017	NUM
ajfa-14805	12	3	)	)	PUNCT
ajfa-14805	12	4	indicates	indicate	VERB
ajfa-14805	12	5	the	the	DET
ajfa-14805	12	6	presence	presence	NOUN
ajfa-14805	12	7	of	of	ADP
ajfa-14805	12	8	6	6	NUM
ajfa-14805	12	9	%	%	NOUN
ajfa-14805	12	10	cash	cash	NOUN
ajfa-14805	12	11	in	in	ADP
ajfa-14805	12	12	the	the	DET
ajfa-14805	12	13	total	total	ADJ
ajfa-14805	12	14	assets	asset	NOUN
ajfa-14805	12	15	of	of	ADP
ajfa-14805	12	16	uk	uk	PROPN
ajfa-14805	12	17	firms	firm	NOUN
ajfa-14805	12	18	.	.	PUNCT
ajfa-14805	13	1	since	since	SCONJ
ajfa-14805	13	2	all	all	DET
ajfa-14805	13	3	firms	firm	NOUN
ajfa-14805	13	4	with	with	ADP
ajfa-14805	13	5	unbalanced	unbalanced	ADJ
ajfa-14805	13	6	cash	cash	NOUN
ajfa-14805	13	7	face	face	VERB
ajfa-14805	13	8	many	many	ADJ
ajfa-14805	13	9	problems	problem	NOUN
ajfa-14805	13	10	,	,	PUNCT
ajfa-14805	13	11	it	it	PRON
ajfa-14805	13	12	is	be	AUX
ajfa-14805	13	13	important	important	ADJ
ajfa-14805	13	14	to	to	PART
ajfa-14805	13	15	investigate	investigate	VERB
ajfa-14805	13	16	the	the	DET
ajfa-14805	13	17	amount	amount	NOUN
ajfa-14805	13	18	of	of	ADP
ajfa-14805	13	19	cash	cash	NOUN
ajfa-14805	13	20	holding	hold	VERB
ajfa-14805	13	21	deviation	deviation	NOUN
ajfa-14805	13	22	and	and	CCONJ
ajfa-14805	13	23	how	how	SCONJ
ajfa-14805	13	24	rapidly	rapidly	ADV
ajfa-14805	13	25	their	their	PRON
ajfa-14805	13	26	cash	cash	NOUN
ajfa-14805	13	27	moves	move	NOUN
ajfa-14805	13	28	towards	towards	ADP
ajfa-14805	13	29	its	its	PRON
ajfa-14805	13	30	own	own	ADJ
ajfa-14805	13	31	target	target	NOUN
ajfa-14805	13	32	level	level	NOUN
ajfa-14805	13	33	(	(	PUNCT
ajfa-14805	13	34	titman	titman	NOUN
ajfa-14805	13	35	&	&	CCONJ
ajfa-14805	13	36	wessels	wessels	PROPN
ajfa-14805	13	37	,	,	PUNCT
ajfa-14805	13	38	1988	1988	NUM
ajfa-14805	13	39	)	)	PUNCT
ajfa-14805	13	40	.	.	PUNCT
ajfa-14805	14	1	one	one	NUM
ajfa-14805	14	2	of	of	ADP
ajfa-14805	14	3	the	the	DET
ajfa-14805	14	4	early	early	ADJ
ajfa-14805	14	5	studies	study	NOUN
ajfa-14805	14	6	on	on	ADP
ajfa-14805	14	7	cash	cash	NOUN
ajfa-14805	14	8	holdings	holding	NOUN
ajfa-14805	14	9	was	be	AUX
ajfa-14805	14	10	performed	perform	VERB
ajfa-14805	14	11	by	by	ADP
ajfa-14805	14	12	kim	kim	PROPN
ajfa-14805	14	13	et	et	PROPN
ajfa-14805	14	14	al	al	PROPN
ajfa-14805	14	15	.	.	PROPN
ajfa-14805	15	1	(	(	PUNCT
ajfa-14805	15	2	1998	1998	NUM
ajfa-14805	15	3	)	)	PUNCT
ajfa-14805	15	4	focusing	focus	VERB
ajfa-14805	15	5	on	on	ADP
ajfa-14805	15	6	the	the	DET
ajfa-14805	15	7	firms	firm	NOUN
ajfa-14805	15	8	'	'	PART
ajfa-14805	15	9	investment	investment	NOUN
ajfa-14805	15	10	decisions	decision	NOUN
ajfa-14805	15	11	in	in	ADP
ajfa-14805	15	12	cash	cash	NOUN
ajfa-14805	15	13	assets	asset	NOUN
ajfa-14805	15	14	when	when	SCONJ
ajfa-14805	15	15	the	the	DET
ajfa-14805	15	16	cost	cost	NOUN
ajfa-14805	15	17	of	of	ADP
ajfa-14805	15	18	external	external	ADJ
ajfa-14805	15	19	financing	financing	NOUN
ajfa-14805	15	20	is	be	AUX
ajfa-14805	15	21	high	high	ADJ
ajfa-14805	15	22	.	.	PUNCT
ajfa-14805	16	1	they	they	PRON
ajfa-14805	16	2	believed	believe	VERB
ajfa-14805	16	3	that	that	SCONJ
ajfa-14805	16	4	optimal	optimal	ADJ
ajfa-14805	16	5	cash	cash	NOUN
ajfa-14805	16	6	amount	amount	NOUN
ajfa-14805	16	7	is	be	AUX
ajfa-14805	16	8	determined	determine	VERB
ajfa-14805	16	9	by	by	ADP
ajfa-14805	16	10	balancing	balance	VERB
ajfa-14805	16	11	of	of	ADP
ajfa-14805	16	12	low	low	ADJ
ajfa-14805	16	13	return	return	NOUN
ajfa-14805	16	14	of	of	ADP
ajfa-14805	16	15	cash	cash	NOUN
ajfa-14805	16	16	assets	asset	NOUN
ajfa-14805	16	17	and	and	CCONJ
ajfa-14805	16	18	the	the	DET
ajfa-14805	16	19	profit	profit	NOUN
ajfa-14805	16	20	obtained	obtain	VERB
ajfa-14805	16	21	by	by	ADP
ajfa-14805	16	22	minimizing	minimize	VERB
ajfa-14805	16	23	the	the	DET
ajfa-14805	16	24	needs	need	NOUN
ajfa-14805	16	25	to	to	ADP
ajfa-14805	16	26	external	external	ADJ
ajfa-14805	16	27	financing	financing	NOUN
ajfa-14805	16	28	(	(	PUNCT
ajfa-14805	16	29	bates	bate	NOUN
ajfa-14805	16	30	et	et	PROPN
ajfa-14805	16	31	al	al	PROPN
ajfa-14805	16	32	.	.	PROPN
ajfa-14805	16	33	,	,	PUNCT
ajfa-14805	16	34	2009	2009	NUM
ajfa-14805	16	35	)	)	PUNCT
ajfa-14805	16	36	.	.	PUNCT
ajfa-14805	17	1	the	the	DET
ajfa-14805	17	2	early	early	ADJ
ajfa-14805	17	3	studies	study	NOUN
ajfa-14805	17	4	of	of	ADP
ajfa-14805	17	5	cash	cash	NOUN
ajfa-14805	17	6	holdings	holding	NOUN
ajfa-14805	17	7	investigated	investigate	VERB
ajfa-14805	17	8	only	only	ADV
ajfa-14805	17	9	the	the	DET
ajfa-14805	17	10	factors	factor	NOUN
ajfa-14805	17	11	that	that	PRON
ajfa-14805	17	12	influence	influence	VERB
ajfa-14805	17	13	cash	cash	NOUN
ajfa-14805	17	14	holdings	holding	NOUN
ajfa-14805	17	15	and	and	CCONJ
ajfa-14805	17	16	the	the	DET
ajfa-14805	17	17	effect	effect	NOUN
ajfa-14805	17	18	of	of	ADP
ajfa-14805	17	19	firms	firm	NOUN
ajfa-14805	17	20	'	'	PART
ajfa-14805	17	21	special	special	ADJ
ajfa-14805	17	22	features	feature	NOUN
ajfa-14805	17	23	and	and	CCONJ
ajfa-14805	17	24	their	their	PRON
ajfa-14805	17	25	environment	environment	NOUN
ajfa-14805	17	26	on	on	ADP
ajfa-14805	17	27	cash	cash	NOUN
ajfa-14805	17	28	holdings	holding	NOUN
ajfa-14805	17	29	.	.	PUNCT
ajfa-14805	18	1	these	these	DET
ajfa-14805	18	2	studies	study	NOUN
ajfa-14805	18	3	rarely	rarely	ADV
ajfa-14805	18	4	considered	consider	VERB
ajfa-14805	18	5	that	that	SCONJ
ajfa-14805	18	6	how	how	SCONJ
ajfa-14805	18	7	quickly	quickly	ADV
ajfa-14805	18	8	firms	firm	NOUN
ajfa-14805	18	9	move	move	VERB
ajfa-14805	18	10	their	their	PRON
ajfa-14805	18	11	own	own	ADJ
ajfa-14805	18	12	cash	cash	NOUN
ajfa-14805	18	13	towards	towards	ADP
ajfa-14805	18	14	the	the	DET
ajfa-14805	18	15	optimal	optimal	ADJ
ajfa-14805	18	16	level	level	NOUN
ajfa-14805	18	17	.	.	PUNCT
ajfa-14805	19	1	the	the	DET
ajfa-14805	19	2	research	research	NOUN
ajfa-14805	19	3	by	by	ADP
ajfa-14805	19	4	opler	opl	ADJ
ajfa-14805	19	5	et	et	PROPN
ajfa-14805	19	6	al	al	PROPN
ajfa-14805	19	7	.	.	PROPN
ajfa-14805	20	1	(	(	PUNCT
ajfa-14805	20	2	1999	1999	NUM
ajfa-14805	20	3	)	)	PUNCT
ajfa-14805	20	4	is	be	AUX
ajfa-14805	20	5	one	one	NUM
ajfa-14805	20	6	of	of	ADP
ajfa-14805	20	7	the	the	DET
ajfa-14805	20	8	first	first	ADJ
ajfa-14805	20	9	studies	study	NOUN
ajfa-14805	20	10	carried	carry	VERB
ajfa-14805	20	11	out	out	ADP
ajfa-14805	20	12	about	about	ADP
ajfa-14805	20	13	partial	partial	ADJ
ajfa-14805	20	14	adjustment	adjustment	NOUN
ajfa-14805	20	15	.	.	PUNCT
ajfa-14805	21	1	the	the	DET
ajfa-14805	21	2	study	study	NOUN
ajfa-14805	21	3	of	of	ADP
ajfa-14805	21	4	ozkan	ozkan	PROPN
ajfa-14805	21	5	&	&	CCONJ
ajfa-14805	21	6	ozkan	ozkan	PROPN
ajfa-14805	21	7	(	(	PUNCT
ajfa-14805	21	8	2004	2004	NUM
ajfa-14805	21	9	)	)	PUNCT
ajfa-14805	21	10	about	about	ADP
ajfa-14805	21	11	determining	determine	VERB
ajfa-14805	21	12	the	the	DET
ajfa-14805	21	13	level	level	NOUN
ajfa-14805	21	14	of	of	ADP
ajfa-14805	21	15	cash	cash	NOUN
ajfa-14805	21	16	holdings	holding	NOUN
ajfa-14805	21	17	in	in	ADP
ajfa-14805	21	18	uk	uk	PROPN
ajfa-14805	21	19	firms	firm	NOUN
ajfa-14805	21	20	estimated	estimate	VERB
ajfa-14805	21	21	the	the	DET
ajfa-14805	21	22	optimal	optimal	ADJ
ajfa-14805	21	23	holdings	holding	NOUN
ajfa-14805	21	24	level	level	NOUN
ajfa-14805	21	25	using	use	VERB
ajfa-14805	21	26	a	a	DET
ajfa-14805	21	27	dynamic	dynamic	ADJ
ajfa-14805	21	28	trade	trade	NOUN
ajfa-14805	21	29	-	-	PUNCT
ajfa-14805	21	30	off	off	ADP
ajfa-14805	21	31	model	model	NOUN
ajfa-14805	21	32	.	.	PUNCT
ajfa-14805	22	1	their	their	PRON
ajfa-14805	22	2	study	study	NOUN
ajfa-14805	22	3	could	could	AUX
ajfa-14805	22	4	indirectly	indirectly	ADV
ajfa-14805	22	5	attract	attract	VERB
ajfa-14805	22	6	attentions	attention	NOUN
ajfa-14805	22	7	towards	towards	ADP
ajfa-14805	22	8	cash	cash	NOUN
ajfa-14805	22	9	adjustment	adjustment	NOUN
ajfa-14805	22	10	speed	speed	NOUN
ajfa-14805	22	11	(	(	PUNCT
ajfa-14805	22	12	al	al	PROPN
ajfa-14805	22	13	-	-	PUNCT
ajfa-14805	22	14	dhamari	dhamari	PROPN
ajfa-14805	22	15	&	&	CCONJ
ajfa-14805	22	16	ismail	ismail	PROPN
ajfa-14805	22	17	,	,	PUNCT
ajfa-14805	22	18	2014	2014	NUM
ajfa-14805	22	19	)	)	PUNCT
ajfa-14805	22	20	.	.	PUNCT
ajfa-14805	23	1	it	it	PRON
ajfa-14805	23	2	is	be	AUX
ajfa-14805	23	3	essential	essential	ADJ
ajfa-14805	23	4	to	to	PART
ajfa-14805	23	5	study	study	VERB
ajfa-14805	23	6	managerial	managerial	ADJ
ajfa-14805	23	7	entrenchment	entrenchment	NOUN
ajfa-14805	23	8	and	and	CCONJ
ajfa-14805	23	9	cash	cash	NOUN
ajfa-14805	23	10	holding	hold	VERB
ajfa-14805	23	11	adjustments	adjustment	NOUN
ajfa-14805	23	12	because	because	SCONJ
ajfa-14805	23	13	of	of	ADP
ajfa-14805	23	14	three	three	NUM
ajfa-14805	23	15	reasons	reason	NOUN
ajfa-14805	23	16	including	include	VERB
ajfa-14805	23	17	:	:	PUNCT
ajfa-14805	23	18	(	(	PUNCT
ajfa-14805	23	19	1	1	X
ajfa-14805	23	20	)	)	PUNCT
ajfa-14805	23	21	more	more	ADJ
ajfa-14805	23	22	studies	study	NOUN
ajfa-14805	23	23	are	be	AUX
ajfa-14805	23	24	needed	need	VERB
ajfa-14805	23	25	for	for	ADP
ajfa-14805	23	26	various	various	ADJ
ajfa-14805	23	27	firms	firm	NOUN
ajfa-14805	23	28	and	and	CCONJ
ajfa-14805	23	29	countries	country	NOUN
ajfa-14805	23	30	;	;	PUNCT
ajfa-14805	23	31	(	(	PUNCT
ajfa-14805	23	32	2	2	X
ajfa-14805	23	33	)	)	PUNCT
ajfa-14805	23	34	for	for	ADP
ajfa-14805	23	35	firms	firm	NOUN
ajfa-14805	23	36	encountering	encounter	VERB
ajfa-14805	23	37	unbalanced	unbalanced	ADJ
ajfa-14805	23	38	cash	cash	NOUN
ajfa-14805	23	39	,	,	PUNCT
ajfa-14805	23	40	it	it	PRON
ajfa-14805	23	41	is	be	AUX
ajfa-14805	23	42	important	important	ADJ
ajfa-14805	23	43	to	to	PART
ajfa-14805	23	44	investigate	investigate	VERB
ajfa-14805	23	45	the	the	DET
ajfa-14805	23	46	amount	amount	NOUN
ajfa-14805	23	47	of	of	ADP
ajfa-14805	23	48	cash	cash	NOUN
ajfa-14805	23	49	holding	hold	VERB
ajfa-14805	23	50	deviation	deviation	NOUN
ajfa-14805	23	51	,	,	PUNCT
ajfa-14805	23	52	and	and	CCONJ
ajfa-14805	23	53	to	to	PART
ajfa-14805	23	54	study	study	VERB
ajfa-14805	23	55	how	how	SCONJ
ajfa-14805	23	56	quickly	quickly	ADV
ajfa-14805	23	57	the	the	DET
ajfa-14805	23	58	cash	cash	NOUN
ajfa-14805	23	59	moves	move	NOUN
ajfa-14805	23	60	towards	towards	ADP
ajfa-14805	23	61	its	its	PRON
ajfa-14805	23	62	own	own	ADJ
ajfa-14805	23	63	target	target	NOUN
ajfa-14805	23	64	level	level	NOUN
ajfa-14805	23	65	;	;	PUNCT
ajfa-14805	23	66	and	and	CCONJ
ajfa-14805	23	67	(	(	PUNCT
ajfa-14805	23	68	3	3	X
ajfa-14805	23	69	)	)	PUNCT
ajfa-14805	23	70	understanding	understand	VERB
ajfa-14805	23	71	the	the	DET
ajfa-14805	23	72	factors	factor	NOUN
ajfa-14805	23	73	that	that	PRON
ajfa-14805	23	74	play	play	VERB
ajfa-14805	23	75	a	a	DET
ajfa-14805	23	76	role	role	NOUN
ajfa-14805	23	77	in	in	ADP
ajfa-14805	23	78	cash	cash	NOUN
ajfa-14805	23	79	holding	hold	VERB
ajfa-14805	23	80	adjustments	adjustment	NOUN
ajfa-14805	23	81	not	not	PART
ajfa-14805	23	82	only	only	ADV
ajfa-14805	23	83	keeps	keep	VERB
ajfa-14805	23	84	the	the	DET
ajfa-14805	23	85	investors	investor	NOUN
ajfa-14805	23	86	’	’	PART
ajfa-14805	23	87	profits	profit	NOUN
ajfa-14805	23	88	but	but	CCONJ
ajfa-14805	23	89	also	also	ADV
ajfa-14805	23	90	causes	cause	VERB
ajfa-14805	23	91	the	the	DET
ajfa-14805	23	92	growth	growth	NOUN
ajfa-14805	23	93	and	and	CCONJ
ajfa-14805	23	94	development	development	NOUN
ajfa-14805	23	95	of	of	ADP
ajfa-14805	23	96	the	the	DET
ajfa-14805	23	97	firm	firm	NOUN
ajfa-14805	23	98	.	.	PUNCT
ajfa-14805	24	1	finally	finally	ADV
ajfa-14805	24	2	,	,	PUNCT
ajfa-14805	24	3	it	it	PRON
ajfa-14805	24	4	increases	increase	VERB
ajfa-14805	24	5	profitability	profitability	NOUN
ajfa-14805	24	6	and	and	CCONJ
ajfa-14805	24	7	provides	provide	VERB
ajfa-14805	24	8	shareholders	shareholder	NOUN
ajfa-14805	24	9	’	'	PUNCT
ajfa-14805	24	10	satisfaction	satisfaction	NOUN
ajfa-14805	24	11	in	in	ADP
ajfa-14805	24	12	terms	term	NOUN
ajfa-14805	24	13	of	of	ADP
ajfa-14805	24	14	excess	excess	ADJ
ajfa-14805	24	15	cash	cash	NOUN
ajfa-14805	24	16	holding	hold	VERB
ajfa-14805	24	17	policies	policy	NOUN
ajfa-14805	24	18	in	in	ADP
ajfa-14805	24	19	the	the	DET
ajfa-14805	24	20	firm	firm	NOUN
ajfa-14805	24	21	.	.	PUNCT
ajfa-14805	25	1	very	very	ADV
ajfa-14805	25	2	few	few	ADJ
ajfa-14805	25	3	studies	study	NOUN
ajfa-14805	25	4	have	have	AUX
ajfa-14805	25	5	been	be	AUX
ajfa-14805	25	6	carried	carry	VERB
ajfa-14805	25	7	out	out	ADP
ajfa-14805	25	8	about	about	ADP
ajfa-14805	25	9	the	the	DET
ajfa-14805	25	10	factors	factor	NOUN
ajfa-14805	25	11	influencing	influence	VERB
ajfa-14805	25	12	cash	cash	NOUN
ajfa-14805	25	13	holding	hold	VERB
ajfa-14805	25	14	adjustments	adjustment	NOUN
ajfa-14805	25	15	in	in	ADP
ajfa-14805	25	16	iranian	iranian	ADJ
ajfa-14805	25	17	firms	firm	NOUN
ajfa-14805	25	18	.	.	PUNCT
ajfa-14805	26	1	the	the	DET
ajfa-14805	26	2	present	present	ADJ
ajfa-14805	26	3	study	study	NOUN
ajfa-14805	26	4	aims	aim	VERB
ajfa-14805	26	5	to	to	PART
ajfa-14805	26	6	investigate	investigate	VERB
ajfa-14805	26	7	the	the	DET
ajfa-14805	26	8	relationship	relationship	NOUN
ajfa-14805	26	9	between	between	ADP
ajfa-14805	26	10	the	the	DET
ajfa-14805	26	11	managerial	managerial	ADJ
ajfa-14805	26	12	entrenchment	entrenchment	NOUN
ajfa-14805	26	13	and	and	CCONJ
ajfa-14805	26	14	cash	cash	NOUN
ajfa-14805	26	15	holding	hold	VERB
ajfa-14805	26	16	adjustments	adjustment	NOUN
ajfa-14805	26	17	for	for	ADP
ajfa-14805	26	18	140	140	NUM
ajfa-14805	26	19	iranian	iranian	ADJ
ajfa-14805	26	20	firms	firm	NOUN
ajfa-14805	26	21	from	from	ADP
ajfa-14805	26	22	the	the	DET
ajfa-14805	26	23	tehran	tehran	PROPN
ajfa-14805	26	24	stock	stock	PROPN
ajfa-14805	26	25	exchange	exchange	PROPN
ajfa-14805	26	26	(	(	PUNCT
ajfa-14805	26	27	listed	list	VERB
ajfa-14805	26	28	from	from	ADP
ajfa-14805	26	29	2011	2011	NUM
ajfa-14805	26	30	to	to	ADP
ajfa-14805	26	31	2016	2016	NUM
ajfa-14805	26	32	)	)	PUNCT
ajfa-14805	26	33	.	.	PUNCT
ajfa-14805	27	1	this	this	DET
ajfa-14805	27	2	research	research	NOUN
ajfa-14805	27	3	aims	aim	VERB
ajfa-14805	27	4	to	to	PART
ajfa-14805	27	5	address	address	VERB
ajfa-14805	27	6	the	the	DET
ajfa-14805	27	7	main	main	ADJ
ajfa-14805	27	8	question	question	NOUN
ajfa-14805	27	9	as	as	ADP
ajfa-14805	27	10	whether	whether	SCONJ
ajfa-14805	27	11	managerial	managerial	ADJ
ajfa-14805	27	12	entrenchment	entrenchment	NOUN
ajfa-14805	27	13	can	can	AUX
ajfa-14805	27	14	result	result	VERB
ajfa-14805	27	15	in	in	ADP
ajfa-14805	27	16	cash	cash	NOUN
ajfa-14805	27	17	holding	hold	VERB
ajfa-14805	27	18	adjustments	adjustment	NOUN
ajfa-14805	27	19	for	for	ADP
ajfa-14805	27	20	this	this	DET
ajfa-14805	27	21	sample	sample	NOUN
ajfa-14805	27	22	of	of	ADP
ajfa-14805	27	23	firms	firm	NOUN
ajfa-14805	27	24	through	through	ADP
ajfa-14805	27	25	analyzing	analyze	VERB
ajfa-14805	27	26	the	the	DET
ajfa-14805	27	27	data	datum	NOUN
ajfa-14805	27	28	and	and	CCONJ
ajfa-14805	27	29	observations	observation	NOUN
ajfa-14805	27	30	of	of	ADP
ajfa-14805	27	31	firm	firm	ADJ
ajfa-14805	27	32	-	-	PUNCT
ajfa-14805	27	33	year	year	NOUN
ajfa-14805	27	34	(	(	PUNCT
ajfa-14805	27	35	140	140	NUM
ajfa-14805	27	36	firms	firm	NOUN
ajfa-14805	27	37	in	in	ADP
ajfa-14805	27	38	6	6	NUM
ajfa-14805	27	39	years	year	NOUN
ajfa-14805	27	40	)	)	PUNCT
ajfa-14805	27	41	.	.	PUNCT
ajfa-14805	28	1	2	2	X
ajfa-14805	28	2	.	.	X
ajfa-14805	28	3	theoretical	theoretical	ADJ
ajfa-14805	28	4	bases	basis	NOUN
ajfa-14805	28	5	and	and	CCONJ
ajfa-14805	28	6	hypotheses	hypothesis	NOUN
ajfa-14805	28	7	firms	firm	NOUN
ajfa-14805	28	8	usually	usually	ADV
ajfa-14805	28	9	maintain	maintain	VERB
ajfa-14805	28	10	considerable	considerable	ADJ
ajfa-14805	28	11	amounts	amount	NOUN
ajfa-14805	28	12	of	of	ADP
ajfa-14805	28	13	cash	cash	NOUN
ajfa-14805	28	14	in	in	ADP
ajfa-14805	28	15	their	their	PRON
ajfa-14805	28	16	balance	balance	NOUN
ajfa-14805	28	17	sheets	sheet	NOUN
ajfa-14805	28	18	because	because	SCONJ
ajfa-14805	28	19	of	of	ADP
ajfa-14805	28	20	capital	capital	NOUN
ajfa-14805	28	21	market	market	NOUN
ajfa-14805	28	22	failures	failure	NOUN
ajfa-14805	28	23	such	such	ADJ
ajfa-14805	28	24	as	as	ADP
ajfa-14805	28	25	asymmetric	asymmetric	ADJ
ajfa-14805	28	26	information	information	NOUN
ajfa-14805	28	27	,	,	PUNCT
ajfa-14805	28	28	problems	problem	NOUN
ajfa-14805	28	29	of	of	ADP
ajfa-14805	28	30	representation	representation	NOUN
ajfa-14805	28	31	,	,	PUNCT
ajfa-14805	28	32	transaction	transaction	NOUN
ajfa-14805	28	33	costs	cost	NOUN
ajfa-14805	28	34	and	and	CCONJ
ajfa-14805	28	35	financing	financing	NOUN
ajfa-14805	28	36	costs	cost	NOUN
ajfa-14805	28	37	(	(	PUNCT
ajfa-14805	28	38	locorotondo	locorotondo	NOUN
ajfa-14805	28	39	et	et	PROPN
ajfa-14805	28	40	al	al	PROPN
ajfa-14805	28	41	.	.	PROPN
ajfa-14805	28	42	,	,	PUNCT
ajfa-14805	28	43	2014	2014	NUM
ajfa-14805	28	44	)	)	PUNCT
ajfa-14805	28	45	.	.	PUNCT
ajfa-14805	29	1	although	although	SCONJ
ajfa-14805	29	2	cash	cash	NOUN
ajfa-14805	29	3	holding	holding	NOUN
ajfa-14805	29	4	is	be	AUX
ajfa-14805	29	5	taken	take	VERB
ajfa-14805	29	6	into	into	ADP
ajfa-14805	29	7	account	account	NOUN
ajfa-14805	29	8	as	as	ADP
ajfa-14805	29	9	an	an	DET
ajfa-14805	29	10	important	important	ADJ
ajfa-14805	29	11	asset	asset	NOUN
ajfa-14805	29	12	for	for	ADP
ajfa-14805	29	13	a	a	DET
ajfa-14805	29	14	firm	firm	NOUN
ajfa-14805	29	15	in	in	ADP
ajfa-14805	29	16	their	their	PRON
ajfa-14805	29	17	balance	balance	NOUN
ajfa-14805	29	18	sheet	sheet	NOUN
ajfa-14805	29	19	,	,	PUNCT
ajfa-14805	29	20	maintaining	maintain	VERB
ajfa-14805	29	21	this	this	DET
ajfa-14805	29	22	asset	asset	NOUN
ajfa-14805	29	23	excessively	excessively	ADV
ajfa-14805	29	24	indicates	indicate	VERB
ajfa-14805	29	25	inefficiency	inefficiency	NOUN
ajfa-14805	29	26	of	of	ADP
ajfa-14805	29	27	resources	resource	NOUN
ajfa-14805	29	28	allocation	allocation	NOUN
ajfa-14805	29	29	,	,	PUNCT
ajfa-14805	29	30	and	and	CCONJ
ajfa-14805	29	31	it	it	PRON
ajfa-14805	29	32	involves	involve	VERB
ajfa-14805	29	33	some	some	DET
ajfa-14805	29	34	costs	cost	NOUN
ajfa-14805	29	35	for	for	ADP
ajfa-14805	29	36	the	the	DET
ajfa-14805	29	37	firm	firm	NOUN
ajfa-14805	29	38	(	(	PUNCT
ajfa-14805	29	39	subramaniam	subramaniam	PROPN
ajfa-14805	29	40	et	et	PROPN
ajfa-14805	29	41	al	al	PROPN
ajfa-14805	29	42	.	.	PROPN
ajfa-14805	29	43	,	,	PUNCT
ajfa-14805	29	44	2011	2011	NUM
ajfa-14805	29	45	)	)	PUNCT
ajfa-14805	29	46	.	.	PUNCT
ajfa-14805	30	1	these	these	DET
ajfa-14805	30	2	costs	cost	NOUN
ajfa-14805	30	3	may	may	AUX
ajfa-14805	30	4	involve	involve	VERB
ajfa-14805	30	5	the	the	DET
ajfa-14805	30	6	cost	cost	NOUN
ajfa-14805	30	7	of	of	ADP
ajfa-14805	30	8	capital	capital	NOUN
ajfa-14805	30	9	opportunity	opportunity	NOUN
ajfa-14805	30	10	,	,	PUNCT
ajfa-14805	30	11	external	external	ADJ
ajfa-14805	30	12	financing	financing	NOUN
ajfa-14805	30	13	costs	cost	NOUN
ajfa-14805	30	14	and	and	CCONJ
ajfa-14805	30	15	representative	representative	ADJ
ajfa-14805	30	16	costs	cost	NOUN
ajfa-14805	30	17	in	in	ADP
ajfa-14805	30	18	relation	relation	NOUN
ajfa-14805	30	19	to	to	ADP
ajfa-14805	30	20	supervision	supervision	NOUN
ajfa-14805	30	21	.	.	PUNCT
ajfa-14805	31	1	bates	bates	PROPN
ajfa-14805	31	2	et	et	PROPN
ajfa-14805	31	3	al	al	PROPN
ajfa-14805	31	4	.	.	PROPN
ajfa-14805	31	5	(	(	PUNCT
ajfa-14805	31	6	2009	2009	NUM
ajfa-14805	31	7	)	)	PUNCT
ajfa-14805	31	8	and	and	CCONJ
ajfa-14805	31	9	ferreira	ferreira	PROPN
ajfa-14805	31	10	&	&	CCONJ
ajfa-14805	31	11	vilela	vilela	PROPN
ajfa-14805	31	12	(	(	PUNCT
ajfa-14805	31	13	2004	2004	NUM
ajfa-14805	31	14	)	)	PUNCT
ajfa-14805	31	15	asian	asian	ADJ
ajfa-14805	31	16	journal	journal	NOUN
ajfa-14805	31	17	of	of	ADP
ajfa-14805	31	18	finance	finance	PROPN
ajfa-14805	31	19	&	&	CCONJ
ajfa-14805	31	20	accounting	accounting	PROPN
ajfa-14805	31	21	issn	issn	PROPN
ajfa-14805	31	22	1946	1946	NUM
ajfa-14805	31	23	-	-	PUNCT
ajfa-14805	31	24	052x	052x	PROPN
ajfa-14805	31	25	2019	2019	NUM
ajfa-14805	31	26	,	,	PUNCT
ajfa-14805	31	27	vol	vol	NOUN
ajfa-14805	31	28	.	.	PROPN
ajfa-14805	32	1	11	11	NUM
ajfa-14805	32	2	,	,	PUNCT
ajfa-14805	32	3	no	no	INTJ
ajfa-14805	32	4	.	.	NOUN
ajfa-14805	32	5	1	1	NUM
ajfa-14805	32	6	ajfa.macrothink.org/	ajfa.macrothink.org/	PROPN
ajfa-14805	32	7	293	293	NUM
ajfa-14805	32	8	studied	study	VERB
ajfa-14805	32	9	the	the	DET
ajfa-14805	32	10	ratio	ratio	NOUN
ajfa-14805	32	11	of	of	ADP
ajfa-14805	32	12	cash	cash	NOUN
ajfa-14805	32	13	to	to	ADP
ajfa-14805	32	14	all	all	DET
ajfa-14805	32	15	assets	asset	NOUN
ajfa-14805	32	16	of	of	ADP
ajfa-14805	32	17	the	the	DET
ajfa-14805	32	18	european	european	PROPN
ajfa-14805	32	19	monetary	monetary	PROPN
ajfa-14805	32	20	union	union	PROPN
ajfa-14805	32	21	firms	firm	NOUN
ajfa-14805	32	22	and	and	CCONJ
ajfa-14805	32	23	concluded	conclude	VERB
ajfa-14805	32	24	that	that	SCONJ
ajfa-14805	32	25	these	these	DET
ajfa-14805	32	26	firms	firm	NOUN
ajfa-14805	32	27	maintained	maintain	VERB
ajfa-14805	32	28	15	15	NUM
ajfa-14805	32	29	%	%	NOUN
ajfa-14805	32	30	of	of	ADP
ajfa-14805	32	31	the	the	DET
ajfa-14805	32	32	total	total	ADJ
ajfa-14805	32	33	assets	asset	NOUN
ajfa-14805	32	34	in	in	ADP
ajfa-14805	32	35	the	the	DET
ajfa-14805	32	36	form	form	NOUN
ajfa-14805	32	37	of	of	ADP
ajfa-14805	32	38	cash	cash	NOUN
ajfa-14805	32	39	or	or	CCONJ
ajfa-14805	32	40	near	near	ADP
ajfa-14805	32	41	cash	cash	NOUN
ajfa-14805	32	42	.	.	PUNCT
ajfa-14805	33	1	also	also	ADV
ajfa-14805	33	2	,	,	PUNCT
ajfa-14805	33	3	bates	bates	PROPN
ajfa-14805	33	4	et	et	PROPN
ajfa-14805	33	5	al	al	PROPN
ajfa-14805	33	6	.	.	PROPN
ajfa-14805	34	1	(	(	PUNCT
ajfa-14805	34	2	2009	2009	NUM
ajfa-14805	34	3	)	)	PUNCT
ajfa-14805	34	4	reported	report	VERB
ajfa-14805	34	5	that	that	SCONJ
ajfa-14805	34	6	the	the	DET
ajfa-14805	34	7	average	average	ADJ
ajfa-14805	34	8	ratio	ratio	NOUN
ajfa-14805	34	9	of	of	ADP
ajfa-14805	34	10	cash	cash	NOUN
ajfa-14805	34	11	to	to	ADP
ajfa-14805	34	12	the	the	DET
ajfa-14805	34	13	assets	asset	NOUN
ajfa-14805	34	14	of	of	ADP
ajfa-14805	34	15	the	the	DET
ajfa-14805	34	16	us	us	PROPN
ajfa-14805	34	17	industrial	industrial	ADJ
ajfa-14805	34	18	firms	firm	NOUN
ajfa-14805	34	19	increased	increase	VERB
ajfa-14805	34	20	by	by	ADP
ajfa-14805	34	21	129	129	NUM
ajfa-14805	34	22	%	%	NOUN
ajfa-14805	34	23	from	from	ADP
ajfa-14805	34	24	1998	1998	NUM
ajfa-14805	34	25	to	to	ADP
ajfa-14805	34	26	2004	2004	NUM
ajfa-14805	34	27	.	.	PUNCT
ajfa-14805	35	1	at	at	ADP
ajfa-14805	35	2	last	last	ADJ
ajfa-14805	35	3	,	,	PUNCT
ajfa-14805	35	4	managers	manager	NOUN
ajfa-14805	35	5	must	must	AUX
ajfa-14805	35	6	decide	decide	VERB
ajfa-14805	35	7	whether	whether	SCONJ
ajfa-14805	35	8	the	the	DET
ajfa-14805	35	9	cash	cash	NOUN
ajfa-14805	35	10	should	should	AUX
ajfa-14805	35	11	be	be	AUX
ajfa-14805	35	12	distributed	distribute	VERB
ajfa-14805	35	13	among	among	ADP
ajfa-14805	35	14	shareholders	shareholder	NOUN
ajfa-14805	35	15	,	,	PUNCT
ajfa-14805	35	16	it	it	PRON
ajfa-14805	35	17	should	should	AUX
ajfa-14805	35	18	be	be	AUX
ajfa-14805	35	19	allocated	allocate	VERB
ajfa-14805	35	20	to	to	ADP
ajfa-14805	35	21	internal	internal	ADJ
ajfa-14805	35	22	expenditures	expenditure	NOUN
ajfa-14805	35	23	or	or	CCONJ
ajfa-14805	35	24	it	it	PRON
ajfa-14805	35	25	should	should	AUX
ajfa-14805	35	26	be	be	AUX
ajfa-14805	35	27	maintained	maintain	VERB
ajfa-14805	35	28	.	.	PUNCT
ajfa-14805	36	1	they	they	PRON
ajfa-14805	36	2	should	should	AUX
ajfa-14805	36	3	always	always	ADV
ajfa-14805	36	4	evaluate	evaluate	VERB
ajfa-14805	36	5	the	the	DET
ajfa-14805	36	6	benefits	benefit	NOUN
ajfa-14805	36	7	and	and	CCONJ
ajfa-14805	36	8	losses	loss	NOUN
ajfa-14805	36	9	of	of	ADP
ajfa-14805	36	10	their	their	PRON
ajfa-14805	36	11	decision	decision	NOUN
ajfa-14805	36	12	.	.	PUNCT
ajfa-14805	37	1	one	one	NUM
ajfa-14805	37	2	of	of	ADP
ajfa-14805	37	3	the	the	DET
ajfa-14805	37	4	most	most	ADV
ajfa-14805	37	5	important	important	ADJ
ajfa-14805	37	6	factors	factor	NOUN
ajfa-14805	37	7	of	of	ADP
ajfa-14805	37	8	high	high	ADJ
ajfa-14805	37	9	cash	cash	NOUN
ajfa-14805	37	10	holdings	holding	NOUN
ajfa-14805	37	11	is	be	AUX
ajfa-14805	37	12	asymmetric	asymmetric	ADJ
ajfa-14805	37	13	information	information	NOUN
ajfa-14805	37	14	and	and	CCONJ
ajfa-14805	37	15	its	its	PRON
ajfa-14805	37	16	problems	problem	NOUN
ajfa-14805	37	17	(	(	PUNCT
ajfa-14805	37	18	supbramanian	supbramanian	PROPN
ajfa-14805	37	19	et	et	PROPN
ajfa-14805	37	20	al	al	PROPN
ajfa-14805	37	21	.	.	PROPN
ajfa-14805	37	22	,	,	PUNCT
ajfa-14805	37	23	2011	2011	NUM
ajfa-14805	37	24	)	)	PUNCT
ajfa-14805	37	25	.	.	PUNCT
ajfa-14805	38	1	francis	francis	PROPN
ajfa-14805	38	2	et	et	PROPN
ajfa-14805	38	3	al	al	PROPN
ajfa-14805	38	4	.	.	PROPN
ajfa-14805	38	5	(	(	PUNCT
ajfa-14805	38	6	2004	2004	NUM
ajfa-14805	38	7	,	,	PUNCT
ajfa-14805	38	8	2005	2005	NUM
ajfa-14805	38	9	)	)	PUNCT
ajfa-14805	38	10	and	and	CCONJ
ajfa-14805	38	11	ozkan	ozkan	PROPN
ajfa-14805	38	12	&	&	CCONJ
ajfa-14805	38	13	ozkan	ozkan	PROPN
ajfa-14805	38	14	(	(	PUNCT
ajfa-14805	38	15	2004	2004	NUM
ajfa-14805	38	16	)	)	PUNCT
ajfa-14805	38	17	reported	report	VERB
ajfa-14805	38	18	that	that	SCONJ
ajfa-14805	38	19	firms	firm	NOUN
ajfa-14805	38	20	are	be	AUX
ajfa-14805	38	21	motivated	motivated	ADJ
ajfa-14805	38	22	to	to	PART
ajfa-14805	38	23	maintain	maintain	VERB
ajfa-14805	38	24	high	high	ADJ
ajfa-14805	38	25	cash	cash	NOUN
ajfa-14805	38	26	assets	asset	NOUN
ajfa-14805	38	27	because	because	SCONJ
ajfa-14805	38	28	of	of	ADP
ajfa-14805	38	29	increasing	increase	VERB
ajfa-14805	38	30	asymmetric	asymmetric	ADJ
ajfa-14805	38	31	information	information	NOUN
ajfa-14805	38	32	.	.	PUNCT
ajfa-14805	39	1	in	in	ADP
ajfa-14805	39	2	other	other	ADJ
ajfa-14805	39	3	words	word	NOUN
ajfa-14805	39	4	,	,	PUNCT
ajfa-14805	39	5	asymmetric	asymmetric	ADJ
ajfa-14805	39	6	information	information	NOUN
ajfa-14805	39	7	results	result	NOUN
ajfa-14805	39	8	in	in	ADP
ajfa-14805	39	9	increasing	increase	VERB
ajfa-14805	39	10	the	the	DET
ajfa-14805	39	11	capital	capital	NOUN
ajfa-14805	39	12	cost	cost	NOUN
ajfa-14805	39	13	,	,	PUNCT
ajfa-14805	39	14	and	and	CCONJ
ajfa-14805	39	15	providing	provide	VERB
ajfa-14805	39	16	the	the	DET
ajfa-14805	39	17	costs	cost	NOUN
ajfa-14805	39	18	from	from	ADP
ajfa-14805	39	19	financial	financial	ADJ
ajfa-14805	39	20	markets	market	NOUN
ajfa-14805	39	21	is	be	AUX
ajfa-14805	39	22	not	not	PART
ajfa-14805	39	23	beneficial	beneficial	ADJ
ajfa-14805	39	24	for	for	ADP
ajfa-14805	39	25	firms	firm	NOUN
ajfa-14805	39	26	.	.	PUNCT
ajfa-14805	40	1	hence	hence	ADV
ajfa-14805	40	2	,	,	PUNCT
ajfa-14805	40	3	firms	firm	NOUN
ajfa-14805	40	4	prefer	prefer	VERB
ajfa-14805	40	5	to	to	PART
ajfa-14805	40	6	maintain	maintain	VERB
ajfa-14805	40	7	more	more	ADJ
ajfa-14805	40	8	cash	cash	NOUN
ajfa-14805	40	9	assets	asset	NOUN
ajfa-14805	40	10	so	so	SCONJ
ajfa-14805	40	11	that	that	SCONJ
ajfa-14805	40	12	they	they	PRON
ajfa-14805	40	13	can	can	AUX
ajfa-14805	40	14	provide	provide	VERB
ajfa-14805	40	15	their	their	PRON
ajfa-14805	40	16	required	require	VERB
ajfa-14805	40	17	cash	cash	NOUN
ajfa-14805	40	18	from	from	ADP
ajfa-14805	40	19	internal	internal	ADJ
ajfa-14805	40	20	resources	resource	NOUN
ajfa-14805	40	21	when	when	SCONJ
ajfa-14805	40	22	necessary	necessary	ADJ
ajfa-14805	40	23	.	.	PUNCT
ajfa-14805	41	1	this	this	DET
ajfa-14805	41	2	theory	theory	NOUN
ajfa-14805	41	3	is	be	AUX
ajfa-14805	41	4	based	base	VERB
ajfa-14805	41	5	on	on	ADP
ajfa-14805	41	6	the	the	DET
ajfa-14805	41	7	hypothesis	hypothesis	NOUN
ajfa-14805	41	8	that	that	SCONJ
ajfa-14805	41	9	those	those	PRON
ajfa-14805	41	10	working	work	VERB
ajfa-14805	41	11	inside	inside	ADP
ajfa-14805	41	12	a	a	DET
ajfa-14805	41	13	firm	firm	NOUN
ajfa-14805	41	14	are	be	AUX
ajfa-14805	41	15	more	more	ADV
ajfa-14805	41	16	aware	aware	ADJ
ajfa-14805	41	17	than	than	ADP
ajfa-14805	41	18	shareholders	shareholder	NOUN
ajfa-14805	41	19	.	.	PUNCT
ajfa-14805	42	1	if	if	SCONJ
ajfa-14805	42	2	internal	internal	ADJ
ajfa-14805	42	3	resources	resource	NOUN
ajfa-14805	42	4	of	of	ADP
ajfa-14805	42	5	a	a	DET
ajfa-14805	42	6	firm	firm	NOUN
ajfa-14805	42	7	are	be	AUX
ajfa-14805	42	8	not	not	PART
ajfa-14805	42	9	sufficient	sufficient	ADJ
ajfa-14805	42	10	for	for	ADP
ajfa-14805	42	11	financing	financing	NOUN
ajfa-14805	42	12	of	of	ADP
ajfa-14805	42	13	optimal	optimal	ADJ
ajfa-14805	42	14	investment	investment	NOUN
ajfa-14805	42	15	programs	program	NOUN
ajfa-14805	42	16	,	,	PUNCT
ajfa-14805	42	17	and	and	CCONJ
ajfa-14805	42	18	asymmetric	asymmetric	ADJ
ajfa-14805	42	19	information	information	NOUN
ajfa-14805	42	20	becomes	become	VERB
ajfa-14805	42	21	an	an	DET
ajfa-14805	42	22	obstacle	obstacle	NOUN
ajfa-14805	42	23	,	,	PUNCT
ajfa-14805	42	24	then	then	ADV
ajfa-14805	42	25	the	the	DET
ajfa-14805	42	26	managers	manager	NOUN
ajfa-14805	42	27	may	may	AUX
ajfa-14805	42	28	be	be	AUX
ajfa-14805	42	29	forced	force	VERB
ajfa-14805	42	30	to	to	PART
ajfa-14805	42	31	ignore	ignore	VERB
ajfa-14805	42	32	profitable	profitable	ADJ
ajfa-14805	42	33	projects	project	NOUN
ajfa-14805	42	34	.	.	PUNCT
ajfa-14805	43	1	in	in	ADP
ajfa-14805	43	2	this	this	DET
ajfa-14805	43	3	case	case	NOUN
ajfa-14805	43	4	,	,	PUNCT
ajfa-14805	43	5	cash	cash	NOUN
ajfa-14805	43	6	becomes	become	VERB
ajfa-14805	43	7	very	very	ADV
ajfa-14805	43	8	valuable	valuable	ADJ
ajfa-14805	43	9	.	.	PUNCT
ajfa-14805	44	1	the	the	DET
ajfa-14805	44	2	opportunity	opportunity	NOUN
ajfa-14805	44	3	to	to	PART
ajfa-14805	44	4	issue	issue	VERB
ajfa-14805	44	5	the	the	DET
ajfa-14805	44	6	shares	share	NOUN
ajfa-14805	44	7	without	without	ADP
ajfa-14805	44	8	losing	lose	VERB
ajfa-14805	44	9	the	the	DET
ajfa-14805	44	10	market	market	NOUN
ajfa-14805	44	11	value	value	NOUN
ajfa-14805	44	12	is	be	AUX
ajfa-14805	44	13	provided	provide	VERB
ajfa-14805	44	14	when	when	SCONJ
ajfa-14805	44	15	there	there	PRON
ajfa-14805	44	16	is	be	VERB
ajfa-14805	44	17	no	no	DET
ajfa-14805	44	18	asymmetric	asymmetric	ADJ
ajfa-14805	44	19	information	information	NOUN
ajfa-14805	44	20	or	or	CCONJ
ajfa-14805	44	21	very	very	ADV
ajfa-14805	44	22	less	less	ADJ
ajfa-14805	44	23	asymmetry	asymmetry	NOUN
ajfa-14805	44	24	.	.	PUNCT
ajfa-14805	45	1	therefore	therefore	ADV
ajfa-14805	45	2	,	,	PUNCT
ajfa-14805	45	3	managers	manager	NOUN
ajfa-14805	45	4	prefer	prefer	VERB
ajfa-14805	45	5	cash	cash	NOUN
ajfa-14805	45	6	holdings	holding	NOUN
ajfa-14805	45	7	so	so	SCONJ
ajfa-14805	45	8	that	that	SCONJ
ajfa-14805	45	9	they	they	PRON
ajfa-14805	45	10	can	can	AUX
ajfa-14805	45	11	provide	provide	VERB
ajfa-14805	45	12	financing	financing	NOUN
ajfa-14805	45	13	from	from	ADP
ajfa-14805	45	14	inside	inside	ADP
ajfa-14805	45	15	the	the	DET
ajfa-14805	45	16	firm	firm	NOUN
ajfa-14805	45	17	in	in	ADP
ajfa-14805	45	18	the	the	DET
ajfa-14805	45	19	first	first	ADJ
ajfa-14805	45	20	step	step	NOUN
ajfa-14805	45	21	(	(	PUNCT
ajfa-14805	45	22	ferreira	ferreira	PROPN
ajfa-14805	45	23	&	&	CCONJ
ajfa-14805	45	24	vilela	vilela	PROPN
ajfa-14805	45	25	,	,	PUNCT
ajfa-14805	45	26	2004	2004	NUM
ajfa-14805	45	27	)	)	PUNCT
ajfa-14805	45	28	.	.	PUNCT
ajfa-14805	46	1	in	in	ADP
ajfa-14805	46	2	the	the	DET
ajfa-14805	46	3	present	present	ADJ
ajfa-14805	46	4	research	research	NOUN
ajfa-14805	46	5	,	,	PUNCT
ajfa-14805	46	6	it	it	PRON
ajfa-14805	46	7	is	be	AUX
ajfa-14805	46	8	predicted	predict	VERB
ajfa-14805	46	9	that	that	SCONJ
ajfa-14805	46	10	adjustment	adjustment	NOUN
ajfa-14805	46	11	speed	speed	NOUN
ajfa-14805	46	12	reflects	reflect	VERB
ajfa-14805	46	13	three	three	NUM
ajfa-14805	46	14	main	main	ADJ
ajfa-14805	46	15	factors	factor	NOUN
ajfa-14805	46	16	including	include	VERB
ajfa-14805	46	17	:	:	PUNCT
ajfa-14805	46	18	(	(	PUNCT
ajfa-14805	46	19	1	1	X
ajfa-14805	46	20	)	)	PUNCT
ajfa-14805	46	21	deviation	deviation	NOUN
ajfa-14805	46	22	value	value	NOUN
ajfa-14805	46	23	of	of	ADP
ajfa-14805	46	24	the	the	DET
ajfa-14805	46	25	objective	objective	ADJ
ajfa-14805	46	26	ratio	ratio	NOUN
ajfa-14805	46	27	;	;	PUNCT
ajfa-14805	46	28	(	(	PUNCT
ajfa-14805	46	29	2	2	X
ajfa-14805	46	30	)	)	PUNCT
ajfa-14805	46	31	value	value	NOUN
ajfa-14805	46	32	of	of	ADP
ajfa-14805	46	33	cash	cash	NOUN
ajfa-14805	46	34	adjustments	adjustment	NOUN
ajfa-14805	46	35	;	;	PUNCT
ajfa-14805	46	36	and	and	CCONJ
ajfa-14805	46	37	(	(	PUNCT
ajfa-14805	46	38	3	3	X
ajfa-14805	46	39	)	)	PUNCT
ajfa-14805	46	40	manager	manager	NOUN
ajfa-14805	46	41	’s	’s	PART
ajfa-14805	46	42	tendency	tendency	NOUN
ajfa-14805	46	43	in	in	ADP
ajfa-14805	46	44	cash	cash	NOUN
ajfa-14805	46	45	adjustments	adjustment	NOUN
ajfa-14805	46	46	.	.	PUNCT
ajfa-14805	47	1	the	the	DET
ajfa-14805	47	2	deviation	deviation	NOUN
ajfa-14805	47	3	value	value	NOUN
ajfa-14805	47	4	of	of	ADP
ajfa-14805	47	5	the	the	DET
ajfa-14805	47	6	objective	objective	ADJ
ajfa-14805	47	7	ratio	ratio	NOUN
ajfa-14805	47	8	includes	include	VERB
ajfa-14805	47	9	the	the	DET
ajfa-14805	47	10	costs	cost	NOUN
ajfa-14805	47	11	of	of	ADP
ajfa-14805	47	12	financial	financial	ADJ
ajfa-14805	47	13	crisis	crisis	NOUN
ajfa-14805	47	14	and	and	CCONJ
ajfa-14805	47	15	over	over	ADP
ajfa-14805	47	16	investment	investment	NOUN
ajfa-14805	47	17	.	.	PUNCT
ajfa-14805	48	1	when	when	SCONJ
ajfa-14805	48	2	this	this	DET
ajfa-14805	48	3	optimal	optimal	ADJ
ajfa-14805	48	4	ratio	ratio	NOUN
ajfa-14805	48	5	is	be	AUX
ajfa-14805	48	6	low	low	ADJ
ajfa-14805	48	7	,	,	PUNCT
ajfa-14805	48	8	managers	manager	NOUN
ajfa-14805	48	9	quickly	quickly	ADV
ajfa-14805	48	10	try	try	VERB
ajfa-14805	48	11	to	to	PART
ajfa-14805	48	12	compensate	compensate	VERB
ajfa-14805	48	13	cash	cash	NOUN
ajfa-14805	48	14	shortage	shortage	NOUN
ajfa-14805	48	15	(	(	PUNCT
ajfa-14805	48	16	jiang	jiang	PROPN
ajfa-14805	48	17	&	&	CCONJ
ajfa-14805	48	18	lie	lie	PROPN
ajfa-14805	48	19	,	,	PUNCT
ajfa-14805	48	20	2016	2016	NUM
ajfa-14805	48	21	)	)	PUNCT
ajfa-14805	48	22	.	.	PUNCT
ajfa-14805	49	1	in	in	ADP
ajfa-14805	49	2	addition	addition	NOUN
ajfa-14805	49	3	,	,	PUNCT
ajfa-14805	49	4	it	it	PRON
ajfa-14805	49	5	is	be	AUX
ajfa-14805	49	6	anticipated	anticipate	VERB
ajfa-14805	49	7	that	that	SCONJ
ajfa-14805	49	8	financial	financial	ADJ
ajfa-14805	49	9	risks	risk	NOUN
ajfa-14805	49	10	and	and	CCONJ
ajfa-14805	49	11	operational	operational	ADJ
ajfa-14805	49	12	risks	risk	NOUN
ajfa-14805	49	13	affect	affect	VERB
ajfa-14805	49	14	adjustment	adjustment	NOUN
ajfa-14805	49	15	speed	speed	NOUN
ajfa-14805	49	16	.	.	PUNCT
ajfa-14805	50	1	in	in	ADP
ajfa-14805	50	2	contrast	contrast	NOUN
ajfa-14805	50	3	,	,	PUNCT
ajfa-14805	50	4	there	there	PRON
ajfa-14805	50	5	are	be	VERB
ajfa-14805	50	6	some	some	DET
ajfa-14805	50	7	competitive	competitive	ADJ
ajfa-14805	50	8	hypotheses	hypothesis	NOUN
ajfa-14805	50	9	investigating	investigate	VERB
ajfa-14805	50	10	the	the	DET
ajfa-14805	50	11	interest	interest	NOUN
ajfa-14805	50	12	of	of	ADP
ajfa-14805	50	13	managers	manager	NOUN
ajfa-14805	50	14	in	in	ADP
ajfa-14805	50	15	cash	cash	NOUN
ajfa-14805	50	16	adjustment	adjustment	NOUN
ajfa-14805	50	17	speech	speech	NOUN
ajfa-14805	50	18	.	.	PUNCT
ajfa-14805	51	1	opler	opler	PROPN
ajfa-14805	51	2	et	et	PROPN
ajfa-14805	51	3	al	al	PROPN
ajfa-14805	51	4	.	.	PROPN
ajfa-14805	52	1	(	(	PUNCT
ajfa-14805	52	2	1999	1999	NUM
ajfa-14805	52	3	)	)	PUNCT
ajfa-14805	52	4	believe	believe	VERB
ajfa-14805	52	5	that	that	SCONJ
ajfa-14805	52	6	managers	manager	NOUN
ajfa-14805	52	7	tend	tend	VERB
ajfa-14805	52	8	to	to	PART
ajfa-14805	52	9	maintain	maintain	VERB
ajfa-14805	52	10	excess	excess	ADJ
ajfa-14805	52	11	cash	cash	NOUN
ajfa-14805	52	12	because	because	SCONJ
ajfa-14805	52	13	they	they	PRON
ajfa-14805	52	14	do	do	AUX
ajfa-14805	52	15	not	not	PART
ajfa-14805	52	16	want	want	VERB
ajfa-14805	52	17	to	to	PART
ajfa-14805	52	18	take	take	VERB
ajfa-14805	52	19	any	any	DET
ajfa-14805	52	20	risk	risk	NOUN
ajfa-14805	52	21	,	,	PUNCT
ajfa-14805	52	22	and	and	CCONJ
ajfa-14805	52	23	they	they	PRON
ajfa-14805	52	24	prefer	prefer	VERB
ajfa-14805	52	25	to	to	PART
ajfa-14805	52	26	follow	follow	VERB
ajfa-14805	52	27	their	their	PRON
ajfa-14805	52	28	own	own	ADJ
ajfa-14805	52	29	objectives	objective	NOUN
ajfa-14805	52	30	.	.	PUNCT
ajfa-14805	53	1	this	this	DET
ajfa-14805	53	2	issue	issue	NOUN
ajfa-14805	53	3	prevents	prevent	VERB
ajfa-14805	53	4	from	from	ADP
ajfa-14805	53	5	using	use	VERB
ajfa-14805	53	6	the	the	DET
ajfa-14805	53	7	cash	cash	NOUN
ajfa-14805	53	8	timely	timely	ADV
ajfa-14805	53	9	or	or	CCONJ
ajfa-14805	53	10	paying	pay	VERB
ajfa-14805	53	11	cash	cash	NOUN
ajfa-14805	53	12	reservoirs	reservoir	NOUN
ajfa-14805	53	13	to	to	PART
ajfa-14805	53	14	maximize	maximize	VERB
ajfa-14805	53	15	the	the	DET
ajfa-14805	53	16	cash	cash	NOUN
ajfa-14805	53	17	when	when	SCONJ
ajfa-14805	53	18	there	there	PRON
ajfa-14805	53	19	is	be	VERB
ajfa-14805	53	20	no	no	DET
ajfa-14805	53	21	external	external	ADJ
ajfa-14805	53	22	pressure	pressure	NOUN
ajfa-14805	53	23	.	.	PUNCT
ajfa-14805	54	1	therefore	therefore	ADV
ajfa-14805	54	2	,	,	PUNCT
ajfa-14805	54	3	we	we	PRON
ajfa-14805	54	4	should	should	AUX
ajfa-14805	54	5	follow	follow	VERB
ajfa-14805	54	6	high	high	ADJ
ajfa-14805	54	7	cash	cash	NOUN
ajfa-14805	54	8	adjustments	adjustment	NOUN
ajfa-14805	54	9	among	among	ADP
ajfa-14805	54	10	the	the	DET
ajfa-14805	54	11	firms	firm	NOUN
ajfa-14805	54	12	.	.	PUNCT
ajfa-14805	55	1	on	on	ADP
ajfa-14805	55	2	the	the	DET
ajfa-14805	55	3	other	other	ADJ
ajfa-14805	55	4	hand	hand	NOUN
ajfa-14805	55	5	,	,	PUNCT
ajfa-14805	55	6	jensen	jensen	PROPN
ajfa-14805	55	7	(	(	PUNCT
ajfa-14805	55	8	1986	1986	NUM
ajfa-14805	55	9	)	)	PUNCT
ajfa-14805	55	10	believes	believe	VERB
ajfa-14805	55	11	that	that	SCONJ
ajfa-14805	55	12	managers	manager	NOUN
ajfa-14805	55	13	are	be	AUX
ajfa-14805	55	14	interested	interested	ADJ
ajfa-14805	55	15	in	in	ADP
ajfa-14805	55	16	inefficient	inefficient	ADJ
ajfa-14805	55	17	cash	cash	NOUN
ajfa-14805	55	18	investment	investment	NOUN
ajfa-14805	55	19	because	because	SCONJ
ajfa-14805	55	20	even	even	ADV
ajfa-14805	55	21	the	the	DET
ajfa-14805	55	22	projects	project	NOUN
ajfa-14805	55	23	with	with	ADP
ajfa-14805	55	24	negative	negative	ADJ
ajfa-14805	55	25	net	net	ADJ
ajfa-14805	55	26	present	present	ADJ
ajfa-14805	55	27	value	value	NOUN
ajfa-14805	55	28	have	have	VERB
ajfa-14805	55	29	some	some	DET
ajfa-14805	55	30	profit	profit	NOUN
ajfa-14805	55	31	for	for	ADP
ajfa-14805	55	32	them	they	PRON
ajfa-14805	55	33	,	,	PUNCT
ajfa-14805	55	34	thus	thus	ADV
ajfa-14805	55	35	these	these	DET
ajfa-14805	55	36	managers	manager	NOUN
ajfa-14805	55	37	may	may	AUX
ajfa-14805	55	38	prefer	prefer	VERB
ajfa-14805	55	39	excess	excess	ADJ
ajfa-14805	55	40	investment	investment	NOUN
ajfa-14805	55	41	.	.	PUNCT
ajfa-14805	56	1	according	accord	VERB
ajfa-14805	56	2	to	to	ADP
ajfa-14805	56	3	richardson	richardson	PROPN
ajfa-14805	56	4	(	(	PUNCT
ajfa-14805	56	5	2006	2006	NUM
ajfa-14805	56	6	)	)	PUNCT
ajfa-14805	56	7	,	,	PUNCT
ajfa-14805	56	8	entrenchment	entrenchment	NOUN
ajfa-14805	56	9	is	be	AUX
ajfa-14805	56	10	analyzed	analyze	VERB
ajfa-14805	56	11	from	from	ADP
ajfa-14805	56	12	two	two	NUM
ajfa-14805	56	13	perspectives	perspective	NOUN
ajfa-14805	56	14	.	.	PUNCT
ajfa-14805	57	1	the	the	DET
ajfa-14805	57	2	first	first	ADJ
ajfa-14805	57	3	one	one	NOUN
ajfa-14805	57	4	is	be	AUX
ajfa-14805	57	5	the	the	DET
ajfa-14805	57	6	managerial	managerial	ADJ
ajfa-14805	57	7	entrenchment	entrenchment	NOUN
ajfa-14805	57	8	related	relate	VERB
ajfa-14805	57	9	to	to	ADP
ajfa-14805	57	10	all	all	DET
ajfa-14805	57	11	behaviors	behavior	NOUN
ajfa-14805	57	12	resulting	result	VERB
ajfa-14805	57	13	in	in	ADP
ajfa-14805	57	14	keeping	keep	VERB
ajfa-14805	57	15	the	the	DET
ajfa-14805	57	16	job	job	NOUN
ajfa-14805	57	17	,	,	PUNCT
ajfa-14805	57	18	increasing	increase	VERB
ajfa-14805	57	19	decision	decision	NOUN
ajfa-14805	57	20	-	-	PUNCT
ajfa-14805	57	21	making	make	VERB
ajfa-14805	57	22	freedom	freedom	NOUN
ajfa-14805	57	23	and	and	CCONJ
ajfa-14805	57	24	maintaining	maintain	VERB
ajfa-14805	57	25	personal	personal	ADJ
ajfa-14805	57	26	profits	profit	NOUN
ajfa-14805	57	27	.	.	PUNCT
ajfa-14805	58	1	the	the	DET
ajfa-14805	58	2	second	second	ADJ
ajfa-14805	58	3	one	one	NOUN
ajfa-14805	58	4	is	be	AUX
ajfa-14805	58	5	the	the	DET
ajfa-14805	58	6	shareholder	shareholder	NOUN
ajfa-14805	58	7	entrenchment	entrenchment	NOUN
ajfa-14805	58	8	.	.	PUNCT
ajfa-14805	59	1	this	this	DET
ajfa-14805	59	2	kind	kind	NOUN
ajfa-14805	59	3	of	of	ADP
ajfa-14805	59	4	entrenchment	entrenchment	NOUN
ajfa-14805	59	5	is	be	AUX
ajfa-14805	59	6	considered	consider	VERB
ajfa-14805	59	7	either	either	CCONJ
ajfa-14805	59	8	as	as	ADP
ajfa-14805	59	9	a	a	DET
ajfa-14805	59	10	demolition	demolition	NOUN
ajfa-14805	59	11	tool	tool	NOUN
ajfa-14805	59	12	when	when	SCONJ
ajfa-14805	59	13	high	high	ADJ
ajfa-14805	59	14	costs	cost	NOUN
ajfa-14805	59	15	are	be	AUX
ajfa-14805	59	16	enforced	enforce	VERB
ajfa-14805	59	17	for	for	ADP
ajfa-14805	59	18	the	the	DET
ajfa-14805	59	19	firm	firm	NOUN
ajfa-14805	59	20	and	and	CCONJ
ajfa-14805	59	21	the	the	DET
ajfa-14805	59	22	firm	firm	ADJ
ajfa-14805	59	23	investments	investment	NOUN
ajfa-14805	59	24	are	be	AUX
ajfa-14805	59	25	inefficient	inefficient	ADJ
ajfa-14805	59	26	;	;	PUNCT
ajfa-14805	59	27	or	or	CCONJ
ajfa-14805	59	28	as	as	ADP
ajfa-14805	59	29	a	a	DET
ajfa-14805	59	30	desirable	desirable	ADJ
ajfa-14805	59	31	tool	tool	NOUN
ajfa-14805	59	32	when	when	SCONJ
ajfa-14805	59	33	the	the	DET
ajfa-14805	59	34	firm	firm	ADJ
ajfa-14805	59	35	survival	survival	NOUN
ajfa-14805	59	36	is	be	AUX
ajfa-14805	59	37	possible	possible	ADJ
ajfa-14805	59	38	,	,	PUNCT
ajfa-14805	59	39	and	and	CCONJ
ajfa-14805	59	40	it	it	PRON
ajfa-14805	59	41	is	be	AUX
ajfa-14805	59	42	related	relate	VERB
ajfa-14805	59	43	to	to	ADP
ajfa-14805	59	44	the	the	DET
ajfa-14805	59	45	firm	firm	ADJ
ajfa-14805	59	46	growth	growth	NOUN
ajfa-14805	59	47	.	.	PUNCT
ajfa-14805	60	1	jensen	jensen	PROPN
ajfa-14805	60	2	(	(	PUNCT
ajfa-14805	60	3	1986	1986	NUM
ajfa-14805	60	4	)	)	PUNCT
ajfa-14805	60	5	infers	infer	NOUN
ajfa-14805	60	6	that	that	SCONJ
ajfa-14805	60	7	when	when	SCONJ
ajfa-14805	60	8	there	there	PRON
ajfa-14805	60	9	are	be	VERB
ajfa-14805	60	10	excessive	excessive	ADJ
ajfa-14805	60	11	cash	cash	NOUN
ajfa-14805	60	12	resources	resource	NOUN
ajfa-14805	60	13	,	,	PUNCT
ajfa-14805	60	14	managers	manager	NOUN
ajfa-14805	60	15	would	would	AUX
ajfa-14805	60	16	behave	behave	VERB
ajfa-14805	60	17	in	in	ADP
ajfa-14805	60	18	an	an	DET
ajfa-14805	60	19	optimistic	optimistic	ADJ
ajfa-14805	60	20	manner	manner	NOUN
ajfa-14805	60	21	and	and	CCONJ
ajfa-14805	60	22	they	they	PRON
ajfa-14805	60	23	would	would	AUX
ajfa-14805	60	24	probably	probably	ADV
ajfa-14805	60	25	invest	invest	VERB
ajfa-14805	60	26	in	in	ADP
ajfa-14805	60	27	projects	project	NOUN
ajfa-14805	60	28	with	with	ADP
ajfa-14805	60	29	negative	negative	ADJ
ajfa-14805	60	30	net	net	ADJ
ajfa-14805	60	31	present	present	ADJ
ajfa-14805	60	32	value	value	NOUN
ajfa-14805	60	33	to	to	PART
ajfa-14805	60	34	receive	receive	VERB
ajfa-14805	60	35	more	more	ADJ
ajfa-14805	60	36	rewards	reward	NOUN
ajfa-14805	60	37	.	.	PUNCT
ajfa-14805	61	1	this	this	PRON
ajfa-14805	61	2	can	can	AUX
ajfa-14805	61	3	result	result	VERB
ajfa-14805	61	4	in	in	ADP
ajfa-14805	61	5	losing	lose	VERB
ajfa-14805	61	6	the	the	DET
ajfa-14805	61	7	firm	firm	ADJ
ajfa-14805	61	8	resources	resource	NOUN
ajfa-14805	61	9	.	.	PUNCT
ajfa-14805	62	1	harford	harford	PROPN
ajfa-14805	62	2	et	et	PROPN
ajfa-14805	62	3	al	al	PROPN
ajfa-14805	62	4	.	.	PROPN
ajfa-14805	63	1	(	(	PUNCT
ajfa-14805	63	2	2008	2008	NUM
ajfa-14805	63	3	)	)	PUNCT
ajfa-14805	63	4	asian	asian	ADJ
ajfa-14805	63	5	journal	journal	NOUN
ajfa-14805	63	6	of	of	ADP
ajfa-14805	63	7	finance	finance	PROPN
ajfa-14805	63	8	&	&	CCONJ
ajfa-14805	63	9	accounting	accounting	PROPN
ajfa-14805	63	10	issn	issn	PROPN
ajfa-14805	63	11	1946	1946	NUM
ajfa-14805	63	12	-	-	PUNCT
ajfa-14805	63	13	052x	052x	PROPN
ajfa-14805	63	14	2019	2019	NUM
ajfa-14805	63	15	,	,	PUNCT
ajfa-14805	63	16	vol	vol	NOUN
ajfa-14805	63	17	.	.	PROPN
ajfa-14805	63	18	11	11	NUM
ajfa-14805	63	19	,	,	PUNCT
ajfa-14805	63	20	no	no	INTJ
ajfa-14805	63	21	.	.	NOUN
ajfa-14805	63	22	1	1	NUM
ajfa-14805	63	23	ajfa.macrothink.org/	ajfa.macrothink.org/	PROPN
ajfa-14805	63	24	294	294	NUM
ajfa-14805	63	25	argues	argue	VERB
ajfa-14805	63	26	that	that	SCONJ
ajfa-14805	63	27	large	large	ADJ
ajfa-14805	63	28	and	and	CCONJ
ajfa-14805	63	29	well	well	ADV
ajfa-14805	63	30	-	-	PUNCT
ajfa-14805	63	31	known	know	VERB
ajfa-14805	63	32	firms	firm	NOUN
ajfa-14805	63	33	try	try	VERB
ajfa-14805	63	34	to	to	PART
ajfa-14805	63	35	control	control	VERB
ajfa-14805	63	36	their	their	PRON
ajfa-14805	63	37	own	own	ADJ
ajfa-14805	63	38	cash	cash	NOUN
ajfa-14805	63	39	reserves	reserve	NOUN
ajfa-14805	63	40	because	because	SCONJ
ajfa-14805	63	41	they	they	PRON
ajfa-14805	63	42	believe	believe	VERB
ajfa-14805	63	43	that	that	SCONJ
ajfa-14805	63	44	these	these	DET
ajfa-14805	63	45	excessive	excessive	ADJ
ajfa-14805	63	46	resources	resource	NOUN
ajfa-14805	63	47	can	can	AUX
ajfa-14805	63	48	unwantedly	unwantedly	ADV
ajfa-14805	63	49	attract	attract	VERB
ajfa-14805	63	50	the	the	DET
ajfa-14805	63	51	attention	attention	NOUN
ajfa-14805	63	52	of	of	ADP
ajfa-14805	63	53	individuals	individual	NOUN
ajfa-14805	63	54	.	.	PUNCT
ajfa-14805	64	1	lee	lee	PROPN
ajfa-14805	64	2	&	&	CCONJ
ajfa-14805	64	3	lee	lee	PROPN
ajfa-14805	64	4	(	(	PUNCT
ajfa-14805	64	5	2009	2009	NUM
ajfa-14805	64	6	)	)	PUNCT
ajfa-14805	64	7	investigated	investigate	VERB
ajfa-14805	64	8	negative	negative	ADJ
ajfa-14805	64	9	effects	effect	NOUN
ajfa-14805	64	10	of	of	ADP
ajfa-14805	64	11	cash	cash	NOUN
ajfa-14805	64	12	holdings	holding	NOUN
ajfa-14805	64	13	on	on	ADP
ajfa-14805	64	14	firm	firm	NOUN
ajfa-14805	64	15	's	's	PART
ajfa-14805	64	16	value	value	NOUN
ajfa-14805	64	17	.	.	PUNCT
ajfa-14805	65	1	a	a	DET
ajfa-14805	65	2	linear	linear	ADJ
ajfa-14805	65	3	regression	regression	NOUN
ajfa-14805	65	4	model	model	NOUN
ajfa-14805	65	5	was	be	AUX
ajfa-14805	65	6	used	use	VERB
ajfa-14805	65	7	to	to	PART
ajfa-14805	65	8	test	test	VERB
ajfa-14805	65	9	the	the	DET
ajfa-14805	65	10	research	research	NOUN
ajfa-14805	65	11	hypotheses	hypothesis	NOUN
ajfa-14805	65	12	.	.	PUNCT
ajfa-14805	66	1	they	they	PRON
ajfa-14805	66	2	concluded	conclude	VERB
ajfa-14805	66	3	that	that	SCONJ
ajfa-14805	66	4	the	the	DET
ajfa-14805	66	5	negative	negative	ADJ
ajfa-14805	66	6	effects	effect	NOUN
ajfa-14805	66	7	of	of	ADP
ajfa-14805	66	8	excess	excess	ADJ
ajfa-14805	66	9	cash	cash	NOUN
ajfa-14805	66	10	and	and	CCONJ
ajfa-14805	66	11	the	the	DET
ajfa-14805	66	12	manager	manager	NOUN
ajfa-14805	66	13	violations	violation	VERB
ajfa-14805	66	14	to	to	ADP
ajfa-14805	66	15	the	the	DET
ajfa-14805	66	16	firm	firm	ADJ
ajfa-14805	66	17	values	value	NOUN
ajfa-14805	66	18	could	could	AUX
ajfa-14805	66	19	be	be	AUX
ajfa-14805	66	20	controlled	control	VERB
ajfa-14805	66	21	and	and	CCONJ
ajfa-14805	66	22	adjusted	adjust	VERB
ajfa-14805	66	23	by	by	ADP
ajfa-14805	66	24	a	a	DET
ajfa-14805	66	25	strong	strong	ADJ
ajfa-14805	66	26	board	board	NOUN
ajfa-14805	66	27	of	of	ADP
ajfa-14805	66	28	directors	director	NOUN
ajfa-14805	66	29	.	.	PUNCT
ajfa-14805	67	1	jani	jani	PROPN
ajfa-14805	67	2	et	et	PROPN
ajfa-14805	67	3	al	al	PROPN
ajfa-14805	67	4	.	.	PROPN
ajfa-14805	68	1	(	(	PUNCT
ajfa-14805	68	2	2004	2004	NUM
ajfa-14805	68	3	)	)	PUNCT
ajfa-14805	68	4	studied	study	VERB
ajfa-14805	68	5	the	the	DET
ajfa-14805	68	6	relationship	relationship	NOUN
ajfa-14805	68	7	between	between	ADP
ajfa-14805	68	8	conservatism	conservatism	NOUN
ajfa-14805	68	9	and	and	CCONJ
ajfa-14805	68	10	cash	cash	NOUN
ajfa-14805	68	11	holdings	holding	NOUN
ajfa-14805	68	12	in	in	ADP
ajfa-14805	68	13	american	american	ADJ
ajfa-14805	68	14	firms	firm	NOUN
ajfa-14805	68	15	during	during	ADP
ajfa-14805	68	16	2005	2005	NUM
ajfa-14805	68	17	-	-	SYM
ajfa-14805	68	18	2009	2009	NUM
ajfa-14805	68	19	using	use	VERB
ajfa-14805	68	20	linear	linear	PROPN
ajfa-14805	68	21	regression	regression	NOUN
ajfa-14805	68	22	methods	method	NOUN
ajfa-14805	68	23	.	.	PUNCT
ajfa-14805	69	1	they	they	PRON
ajfa-14805	69	2	concluded	conclude	VERB
ajfa-14805	69	3	that	that	SCONJ
ajfa-14805	69	4	accounting	accounting	NOUN
ajfa-14805	69	5	conservatism	conservatism	NOUN
ajfa-14805	69	6	had	have	VERB
ajfa-14805	69	7	relation	relation	NOUN
ajfa-14805	69	8	with	with	ADP
ajfa-14805	69	9	efficient	efficient	ADJ
ajfa-14805	69	10	use	use	NOUN
ajfa-14805	69	11	of	of	ADP
ajfa-14805	69	12	cash	cash	NOUN
ajfa-14805	69	13	holdings	holding	NOUN
ajfa-14805	69	14	.	.	PUNCT
ajfa-14805	70	1	this	this	PRON
ajfa-14805	70	2	shows	show	VERB
ajfa-14805	70	3	that	that	SCONJ
ajfa-14805	70	4	accounting	accounting	NOUN
ajfa-14805	70	5	conservatism	conservatism	NOUN
ajfa-14805	70	6	can	can	AUX
ajfa-14805	70	7	be	be	AUX
ajfa-14805	70	8	considered	consider	VERB
ajfa-14805	70	9	as	as	ADP
ajfa-14805	70	10	a	a	DET
ajfa-14805	70	11	replacement	replacement	NOUN
ajfa-14805	70	12	for	for	ADP
ajfa-14805	70	13	external	external	ADJ
ajfa-14805	70	14	supervision	supervision	NOUN
ajfa-14805	70	15	in	in	ADP
ajfa-14805	70	16	firms	firm	NOUN
ajfa-14805	70	17	,	,	PUNCT
ajfa-14805	70	18	and	and	CCONJ
ajfa-14805	70	19	it	it	PRON
ajfa-14805	70	20	can	can	AUX
ajfa-14805	70	21	reduce	reduce	VERB
ajfa-14805	70	22	representative	representative	ADJ
ajfa-14805	70	23	conflict	conflict	NOUN
ajfa-14805	70	24	costs	cost	NOUN
ajfa-14805	70	25	between	between	ADP
ajfa-14805	70	26	the	the	DET
ajfa-14805	70	27	managers	manager	NOUN
ajfa-14805	70	28	and	and	CCONJ
ajfa-14805	70	29	shareholders	shareholder	NOUN
ajfa-14805	70	30	.	.	PUNCT
ajfa-14805	71	1	gul	gul	PROPN
ajfa-14805	71	2	&	&	CCONJ
ajfa-14805	71	3	tsui	tsui	PROPN
ajfa-14805	71	4	(	(	PUNCT
ajfa-14805	71	5	2012	2012	NUM
ajfa-14805	71	6	)	)	PUNCT
ajfa-14805	71	7	,	,	PUNCT
ajfa-14805	71	8	in	in	ADP
ajfa-14805	71	9	a	a	DET
ajfa-14805	71	10	study	study	NOUN
ajfa-14805	71	11	on	on	ADP
ajfa-14805	71	12	american	american	ADJ
ajfa-14805	71	13	firms	firm	NOUN
ajfa-14805	71	14	during	during	ADP
ajfa-14805	71	15	2006	2006	NUM
ajfa-14805	71	16	-	-	SYM
ajfa-14805	71	17	2010	2010	NUM
ajfa-14805	71	18	,	,	PUNCT
ajfa-14805	71	19	investigated	investigate	VERB
ajfa-14805	71	20	the	the	DET
ajfa-14805	71	21	effects	effect	NOUN
ajfa-14805	71	22	of	of	ADP
ajfa-14805	71	23	firms	firm	NOUN
ajfa-14805	71	24	’	'	PUNCT
ajfa-14805	71	25	credit	credit	NOUN
ajfa-14805	71	26	rating	rating	NOUN
ajfa-14805	71	27	on	on	ADP
ajfa-14805	71	28	cash	cash	NOUN
ajfa-14805	71	29	holdings	holding	NOUN
ajfa-14805	71	30	.	.	PUNCT
ajfa-14805	72	1	they	they	PRON
ajfa-14805	72	2	found	find	VERB
ajfa-14805	72	3	out	out	ADP
ajfa-14805	72	4	that	that	SCONJ
ajfa-14805	72	5	the	the	DET
ajfa-14805	72	6	firms	firm	NOUN
ajfa-14805	72	7	with	with	ADP
ajfa-14805	72	8	reduced	reduced	ADJ
ajfa-14805	72	9	credit	credit	NOUN
ajfa-14805	72	10	ranking	ranking	NOUN
ajfa-14805	72	11	,	,	PUNCT
ajfa-14805	72	12	in	in	ADP
ajfa-14805	72	13	comparison	comparison	NOUN
ajfa-14805	72	14	to	to	ADP
ajfa-14805	72	15	the	the	DET
ajfa-14805	72	16	firms	firm	NOUN
ajfa-14805	72	17	without	without	ADP
ajfa-14805	72	18	any	any	DET
ajfa-14805	72	19	changes	change	NOUN
ajfa-14805	72	20	of	of	ADP
ajfa-14805	72	21	credit	credit	NOUN
ajfa-14805	72	22	ranking	ranking	NOUN
ajfa-14805	72	23	,	,	PUNCT
ajfa-14805	72	24	took	take	VERB
ajfa-14805	72	25	actions	action	NOUN
ajfa-14805	72	26	to	to	PART
ajfa-14805	72	27	increase	increase	VERB
ajfa-14805	72	28	3	3	NUM
ajfa-14805	72	29	%	%	NOUN
ajfa-14805	72	30	of	of	ADP
ajfa-14805	72	31	cash	cash	NOUN
ajfa-14805	72	32	holdings	holding	NOUN
ajfa-14805	72	33	in	in	ADP
ajfa-14805	72	34	relation	relation	NOUN
ajfa-14805	72	35	to	to	ADP
ajfa-14805	72	36	the	the	DET
ajfa-14805	72	37	total	total	ADJ
ajfa-14805	72	38	non	non	ADJ
ajfa-14805	72	39	-	-	ADJ
ajfa-14805	72	40	cash	cash	ADJ
ajfa-14805	72	41	assets	asset	NOUN
ajfa-14805	72	42	.	.	PUNCT
ajfa-14805	73	1	locorotondo	locorotondo	NOUN
ajfa-14805	73	2	et	et	PROPN
ajfa-14805	73	3	al	al	PROPN
ajfa-14805	73	4	.	.	PROPN
ajfa-14805	74	1	(	(	PUNCT
ajfa-14805	74	2	2014	2014	NUM
ajfa-14805	74	3	)	)	PUNCT
ajfa-14805	74	4	investigated	investigate	VERB
ajfa-14805	74	5	the	the	DET
ajfa-14805	74	6	business	business	NOUN
ajfa-14805	74	7	group	group	NOUN
ajfa-14805	74	8	companies	company	NOUN
ajfa-14805	74	9	and	and	CCONJ
ajfa-14805	74	10	cash	cash	NOUN
ajfa-14805	74	11	holding	holding	NOUN
ajfa-14805	74	12	level	level	NOUN
ajfa-14805	74	13	in	in	ADP
ajfa-14805	74	14	belgian	belgian	ADJ
ajfa-14805	74	15	firms	firm	NOUN
ajfa-14805	74	16	(	(	PUNCT
ajfa-14805	74	17	those	those	PRON
ajfa-14805	74	18	accepted	accept	VERB
ajfa-14805	74	19	in	in	ADP
ajfa-14805	74	20	belgian	belgian	ADJ
ajfa-14805	74	21	stock	stock	NOUN
ajfa-14805	74	22	exchange	exchange	NOUN
ajfa-14805	74	23	during	during	ADP
ajfa-14805	74	24	2010	2010	NUM
ajfa-14805	74	25	-	-	SYM
ajfa-14805	74	26	2012	2012	NUM
ajfa-14805	74	27	)	)	PUNCT
ajfa-14805	74	28	.	.	PUNCT
ajfa-14805	75	1	they	they	PRON
ajfa-14805	75	2	showed	show	VERB
ajfa-14805	75	3	that	that	SCONJ
ajfa-14805	75	4	cash	cash	NOUN
ajfa-14805	75	5	holding	holding	NOUN
ajfa-14805	75	6	level	level	NOUN
ajfa-14805	75	7	was	be	AUX
ajfa-14805	75	8	lower	low	ADJ
ajfa-14805	75	9	in	in	ADP
ajfa-14805	75	10	the	the	DET
ajfa-14805	75	11	firms	firm	NOUN
ajfa-14805	75	12	that	that	PRON
ajfa-14805	75	13	were	be	AUX
ajfa-14805	75	14	the	the	DET
ajfa-14805	75	15	member	member	NOUN
ajfa-14805	75	16	of	of	ADP
ajfa-14805	75	17	commercial	commercial	ADJ
ajfa-14805	75	18	and	and	CCONJ
ajfa-14805	75	19	business	business	NOUN
ajfa-14805	75	20	groups	group	NOUN
ajfa-14805	75	21	in	in	ADP
ajfa-14805	75	22	comparison	comparison	NOUN
ajfa-14805	75	23	to	to	ADP
ajfa-14805	75	24	independent	independent	ADJ
ajfa-14805	75	25	firms	firm	NOUN
ajfa-14805	75	26	.	.	PUNCT
ajfa-14805	76	1	jiang	jiang	PROPN
ajfa-14805	76	2	&	&	CCONJ
ajfa-14805	76	3	lie	lie	PROPN
ajfa-14805	76	4	(	(	PUNCT
ajfa-14805	76	5	2016	2016	NUM
ajfa-14805	76	6	)	)	PUNCT
ajfa-14805	76	7	investigated	investigate	VERB
ajfa-14805	76	8	the	the	DET
ajfa-14805	76	9	relationship	relationship	NOUN
ajfa-14805	76	10	between	between	ADP
ajfa-14805	76	11	cash	cash	NOUN
ajfa-14805	76	12	holding	hold	VERB
ajfa-14805	76	13	adjustments	adjustment	NOUN
ajfa-14805	76	14	and	and	CCONJ
ajfa-14805	76	15	managerial	managerial	ADJ
ajfa-14805	76	16	entrenchment	entrenchment	NOUN
ajfa-14805	76	17	in	in	ADP
ajfa-14805	76	18	chinese	chinese	ADJ
ajfa-14805	76	19	firms	firm	NOUN
ajfa-14805	76	20	during	during	ADP
ajfa-14805	76	21	2008	2008	NUM
ajfa-14805	76	22	-	-	SYM
ajfa-14805	76	23	2014	2014	NUM
ajfa-14805	76	24	.	.	PUNCT
ajfa-14805	77	1	they	they	PRON
ajfa-14805	77	2	used	use	VERB
ajfa-14805	77	3	a	a	DET
ajfa-14805	77	4	linear	linear	ADJ
ajfa-14805	77	5	regression	regression	NOUN
ajfa-14805	77	6	model	model	NOUN
ajfa-14805	77	7	and	and	CCONJ
ajfa-14805	77	8	ozkan	ozkan	PROPN
ajfa-14805	77	9	&	&	CCONJ
ajfa-14805	77	10	ozkan	ozkan	PROPN
ajfa-14805	77	11	’s	’s	PART
ajfa-14805	77	12	method	method	NOUN
ajfa-14805	77	13	to	to	PART
ajfa-14805	77	14	test	test	VERB
ajfa-14805	77	15	the	the	DET
ajfa-14805	77	16	hypotheses	hypothesis	NOUN
ajfa-14805	77	17	.	.	PUNCT
ajfa-14805	78	1	they	they	PRON
ajfa-14805	78	2	reported	report	VERB
ajfa-14805	78	3	that	that	SCONJ
ajfa-14805	78	4	the	the	DET
ajfa-14805	78	5	firms	firm	NOUN
ajfa-14805	78	6	covered	cover	VERB
ajfa-14805	78	7	31	31	NUM
ajfa-14805	78	8	%	%	NOUN
ajfa-14805	78	9	of	of	ADP
ajfa-14805	78	10	the	the	DET
ajfa-14805	78	11	gap	gap	NOUN
ajfa-14805	78	12	between	between	ADP
ajfa-14805	78	13	the	the	DET
ajfa-14805	78	14	ratio	ratio	NOUN
ajfa-14805	78	15	of	of	ADP
ajfa-14805	78	16	real	real	ADJ
ajfa-14805	78	17	cash	cash	NOUN
ajfa-14805	78	18	to	to	PART
ajfa-14805	78	19	target	target	VERB
ajfa-14805	78	20	cash	cash	NOUN
ajfa-14805	78	21	(	(	PUNCT
ajfa-14805	78	22	the	the	DET
ajfa-14805	78	23	ratio	ratio	NOUN
ajfa-14805	78	24	of	of	ADP
ajfa-14805	78	25	target	target	NOUN
ajfa-14805	78	26	cash	cash	NOUN
ajfa-14805	78	27	)	)	PUNCT
ajfa-14805	78	28	each	each	DET
ajfa-14805	78	29	year	year	NOUN
ajfa-14805	78	30	.	.	PUNCT
ajfa-14805	79	1	generally	generally	ADV
ajfa-14805	79	2	,	,	PUNCT
ajfa-14805	79	3	cash	cash	NOUN
ajfa-14805	79	4	ratio	ratio	NOUN
ajfa-14805	79	5	adjustment	adjustment	NOUN
ajfa-14805	79	6	occurs	occur	VERB
ajfa-14805	79	7	quickly	quickly	ADV
ajfa-14805	79	8	when	when	SCONJ
ajfa-14805	79	9	the	the	DET
ajfa-14805	79	10	ratio	ratio	NOUN
ajfa-14805	79	11	of	of	ADP
ajfa-14805	79	12	real	real	ADJ
ajfa-14805	79	13	cash	cash	NOUN
ajfa-14805	79	14	is	be	AUX
ajfa-14805	79	15	greater	great	ADJ
ajfa-14805	79	16	than	than	ADP
ajfa-14805	79	17	the	the	DET
ajfa-14805	79	18	ratio	ratio	NOUN
ajfa-14805	79	19	of	of	ADP
ajfa-14805	79	20	target	target	NOUN
ajfa-14805	79	21	cash	cash	NOUN
ajfa-14805	79	22	.	.	PUNCT
ajfa-14805	80	1	the	the	DET
ajfa-14805	80	2	reason	reason	NOUN
ajfa-14805	80	3	may	may	AUX
ajfa-14805	80	4	be	be	AUX
ajfa-14805	80	5	that	that	DET
ajfa-14805	80	6	reduction	reduction	NOUN
ajfa-14805	80	7	in	in	ADP
ajfa-14805	80	8	cash	cash	NOUN
ajfa-14805	80	9	is	be	AUX
ajfa-14805	80	10	cheaper	cheap	ADJ
ajfa-14805	80	11	than	than	SCONJ
ajfa-14805	80	12	increase	increase	VERB
ajfa-14805	80	13	in	in	ADP
ajfa-14805	80	14	cash	cash	NOUN
ajfa-14805	80	15	.	.	PUNCT
ajfa-14805	81	1	when	when	SCONJ
ajfa-14805	81	2	the	the	DET
ajfa-14805	81	3	firms	firm	NOUN
ajfa-14805	81	4	become	become	VERB
ajfa-14805	81	5	more	more	ADV
ajfa-14805	81	6	impervious	impervious	ADJ
ajfa-14805	81	7	against	against	ADP
ajfa-14805	81	8	takeover	takeover	NOUN
ajfa-14805	81	9	threats	threat	NOUN
ajfa-14805	81	10	,	,	PUNCT
ajfa-14805	81	11	they	they	PRON
ajfa-14805	81	12	considerably	considerably	ADV
ajfa-14805	81	13	decrease	decrease	VERB
ajfa-14805	81	14	their	their	PRON
ajfa-14805	81	15	cash	cash	NOUN
ajfa-14805	81	16	adjustments	adjustment	NOUN
ajfa-14805	81	17	in	in	ADP
ajfa-14805	81	18	high	high	ADJ
ajfa-14805	81	19	cash	cash	NOUN
ajfa-14805	81	20	ratios	ratio	NOUN
ajfa-14805	81	21	.	.	PUNCT
ajfa-14805	82	1	evidence	evidence	NOUN
ajfa-14805	82	2	shows	show	VERB
ajfa-14805	82	3	that	that	SCONJ
ajfa-14805	82	4	managers	manager	NOUN
ajfa-14805	82	5	who	who	PRON
ajfa-14805	82	6	seek	seek	VERB
ajfa-14805	82	7	benefits	benefit	NOUN
ajfa-14805	82	8	do	do	AUX
ajfa-14805	82	9	not	not	PART
ajfa-14805	82	10	tend	tend	VERB
ajfa-14805	82	11	to	to	PART
ajfa-14805	82	12	distribute	distribute	VERB
ajfa-14805	82	13	surplus	surplus	NOUN
ajfa-14805	82	14	cash	cash	NOUN
ajfa-14805	82	15	;	;	PUNCT
ajfa-14805	82	16	and	and	CCONJ
ajfa-14805	82	17	they	they	PRON
ajfa-14805	82	18	tend	tend	VERB
ajfa-14805	82	19	to	to	PART
ajfa-14805	82	20	hold	hold	VERB
ajfa-14805	82	21	cash	cash	NOUN
ajfa-14805	82	22	in	in	ADP
ajfa-14805	82	23	high	high	ADJ
ajfa-14805	82	24	levels	level	NOUN
ajfa-14805	82	25	except	except	SCONJ
ajfa-14805	82	26	in	in	ADP
ajfa-14805	82	27	cases	case	NOUN
ajfa-14805	82	28	when	when	SCONJ
ajfa-14805	82	29	the	the	DET
ajfa-14805	82	30	firms	firm	NOUN
ajfa-14805	82	31	are	be	AUX
ajfa-14805	82	32	under	under	ADP
ajfa-14805	82	33	external	external	ADJ
ajfa-14805	82	34	pressures	pressure	NOUN
ajfa-14805	82	35	.	.	PUNCT
ajfa-14805	83	1	2.1	2.1	NUM
ajfa-14805	83	2	.	.	PUNCT
ajfa-14805	84	1	research	research	NOUN
ajfa-14805	84	2	hypotheses	hypothese	VERB
ajfa-14805	84	3	the	the	DET
ajfa-14805	84	4	first	first	ADJ
ajfa-14805	84	5	main	main	ADJ
ajfa-14805	84	6	hypothesis	hypothesis	NOUN
ajfa-14805	84	7	studied	study	VERB
ajfa-14805	84	8	in	in	ADP
ajfa-14805	84	9	the	the	DET
ajfa-14805	84	10	present	present	ADJ
ajfa-14805	84	11	paper	paper	NOUN
ajfa-14805	84	12	is	be	AUX
ajfa-14805	84	13	:	:	PUNCT
ajfa-14805	84	14	managerial	managerial	ADJ
ajfa-14805	84	15	entrenchment	entrenchment	NOUN
ajfa-14805	84	16	has	have	VERB
ajfa-14805	84	17	a	a	DET
ajfa-14805	84	18	significant	significant	ADJ
ajfa-14805	84	19	effect	effect	NOUN
ajfa-14805	84	20	on	on	ADP
ajfa-14805	84	21	cash	cash	NOUN
ajfa-14805	84	22	holding	holding	NOUN
ajfa-14805	84	23	adjustments	adjustment	NOUN
ajfa-14805	84	24	.	.	PUNCT
ajfa-14805	85	1	the	the	DET
ajfa-14805	85	2	second	second	ADJ
ajfa-14805	85	3	main	main	ADJ
ajfa-14805	85	4	hypothesis	hypothesis	NOUN
ajfa-14805	85	5	is	be	AUX
ajfa-14805	85	6	:	:	PUNCT
ajfa-14805	85	7	the	the	DET
ajfa-14805	85	8	speed	speed	NOUN
ajfa-14805	85	9	of	of	ADP
ajfa-14805	85	10	cash	cash	NOUN
ajfa-14805	85	11	holdings	holding	NOUN
ajfa-14805	85	12	has	have	VERB
ajfa-14805	85	13	a	a	DET
ajfa-14805	85	14	significant	significant	ADJ
ajfa-14805	85	15	effect	effect	NOUN
ajfa-14805	85	16	on	on	ADP
ajfa-14805	85	17	the	the	DET
ajfa-14805	85	18	relationship	relationship	NOUN
ajfa-14805	85	19	between	between	ADP
ajfa-14805	85	20	managerial	managerial	ADJ
ajfa-14805	85	21	entrenchment	entrenchment	NOUN
ajfa-14805	85	22	and	and	CCONJ
ajfa-14805	85	23	cash	cash	NOUN
ajfa-14805	85	24	holding	holding	NOUN
ajfa-14805	85	25	adjustments	adjustment	NOUN
ajfa-14805	85	26	.	.	PUNCT
ajfa-14805	86	1	the	the	DET
ajfa-14805	86	2	sub	sub	NOUN
ajfa-14805	86	3	-	-	NOUN
ajfa-14805	86	4	hypotheses	hypothesis	NOUN
ajfa-14805	86	5	include	include	VERB
ajfa-14805	86	6	:	:	PUNCT
ajfa-14805	86	7	the	the	DET
ajfa-14805	86	8	first	first	ADJ
ajfa-14805	86	9	sub	sub	NOUN
ajfa-14805	86	10	-	-	NOUN
ajfa-14805	86	11	hypothesis	hypothesis	NOUN
ajfa-14805	86	12	:	:	PUNCT
ajfa-14805	86	13	the	the	DET
ajfa-14805	86	14	manager	manager	NOUN
ajfa-14805	86	15	's	's	PART
ajfa-14805	86	16	duality	duality	NOUN
ajfa-14805	86	17	(	(	PUNCT
ajfa-14805	86	18	managerial	managerial	ADJ
ajfa-14805	86	19	entrenchment	entrenchment	NOUN
ajfa-14805	86	20	)	)	PUNCT
ajfa-14805	86	21	has	have	VERB
ajfa-14805	86	22	a	a	DET
ajfa-14805	86	23	significant	significant	ADJ
ajfa-14805	86	24	effect	effect	NOUN
ajfa-14805	86	25	on	on	ADP
ajfa-14805	86	26	cash	cash	NOUN
ajfa-14805	86	27	holding	holding	NOUN
ajfa-14805	86	28	adjustments	adjustment	NOUN
ajfa-14805	86	29	.	.	PUNCT
ajfa-14805	87	1	the	the	DET
ajfa-14805	87	2	second	second	ADJ
ajfa-14805	87	3	sub	sub	NOUN
ajfa-14805	87	4	-	-	NOUN
ajfa-14805	87	5	hypothesis	hypothesis	NOUN
ajfa-14805	87	6	:	:	PUNCT
ajfa-14805	87	7	the	the	DET
ajfa-14805	87	8	management	management	NOUN
ajfa-14805	87	9	reward	reward	NOUN
ajfa-14805	87	10	(	(	PUNCT
ajfa-14805	87	11	managerial	managerial	ADJ
ajfa-14805	87	12	entrenchment	entrenchment	NOUN
ajfa-14805	87	13	)	)	PUNCT
ajfa-14805	87	14	has	have	VERB
ajfa-14805	87	15	a	a	DET
ajfa-14805	87	16	significant	significant	ADJ
ajfa-14805	87	17	effect	effect	NOUN
ajfa-14805	87	18	on	on	ADP
ajfa-14805	87	19	cash	cash	NOUN
ajfa-14805	87	20	holding	holding	NOUN
ajfa-14805	87	21	adjustments	adjustment	NOUN
ajfa-14805	87	22	.	.	PUNCT
ajfa-14805	88	1	the	the	DET
ajfa-14805	88	2	third	third	ADJ
ajfa-14805	88	3	sub	sub	NOUN
ajfa-14805	88	4	hypothesis	hypothesis	NOUN
ajfa-14805	88	5	:	:	PUNCT
ajfa-14805	88	6	dividend	dividend	NOUN
ajfa-14805	88	7	per	per	ADP
ajfa-14805	88	8	share	share	NOUN
ajfa-14805	88	9	(	(	PUNCT
ajfa-14805	88	10	managerial	managerial	ADJ
ajfa-14805	88	11	entrenchment	entrenchment	NOUN
ajfa-14805	88	12	)	)	PUNCT
ajfa-14805	88	13	has	have	VERB
ajfa-14805	88	14	a	a	DET
ajfa-14805	88	15	significant	significant	ADJ
ajfa-14805	88	16	effect	effect	NOUN
ajfa-14805	88	17	on	on	ADP
ajfa-14805	88	18	cash	cash	NOUN
ajfa-14805	88	19	holding	holding	NOUN
ajfa-14805	88	20	adjustments	adjustment	NOUN
ajfa-14805	88	21	.	.	PUNCT
ajfa-14805	89	1	asian	asian	ADJ
ajfa-14805	89	2	journal	journal	PROPN
ajfa-14805	89	3	of	of	ADP
ajfa-14805	89	4	finance	finance	PROPN
ajfa-14805	89	5	&	&	CCONJ
ajfa-14805	89	6	accounting	accounting	PROPN
ajfa-14805	89	7	issn	issn	PROPN
ajfa-14805	89	8	1946	1946	NUM
ajfa-14805	89	9	-	-	PUNCT
ajfa-14805	89	10	052x	052x	PROPN
ajfa-14805	89	11	2019	2019	NUM
ajfa-14805	89	12	,	,	PUNCT
ajfa-14805	89	13	vol	vol	NOUN
ajfa-14805	89	14	.	.	PROPN
ajfa-14805	89	15	11	11	NUM
ajfa-14805	89	16	,	,	PUNCT
ajfa-14805	89	17	no	no	INTJ
ajfa-14805	89	18	.	.	NOUN
ajfa-14805	89	19	1	1	NUM
ajfa-14805	89	20	ajfa.macrothink.org/	ajfa.macrothink.org/	VERB
ajfa-14805	89	21	295	295	NUM
ajfa-14805	89	22	the	the	DET
ajfa-14805	89	23	fourth	fourth	ADJ
ajfa-14805	89	24	sub	sub	NOUN
ajfa-14805	89	25	-	-	NOUN
ajfa-14805	89	26	hypothesis	hypothesis	NOUN
ajfa-14805	89	27	:	:	PUNCT
ajfa-14805	89	28	over	over	ADP
ajfa-14805	89	29	-	-	PUNCT
ajfa-14805	89	30	investment	investment	NOUN
ajfa-14805	89	31	risk	risk	NOUN
ajfa-14805	89	32	(	(	PUNCT
ajfa-14805	89	33	managerial	managerial	ADJ
ajfa-14805	89	34	entrenchment	entrenchment	NOUN
ajfa-14805	89	35	)	)	PUNCT
ajfa-14805	89	36	has	have	VERB
ajfa-14805	89	37	a	a	DET
ajfa-14805	89	38	significant	significant	ADJ
ajfa-14805	89	39	effect	effect	NOUN
ajfa-14805	89	40	on	on	ADP
ajfa-14805	89	41	cash	cash	NOUN
ajfa-14805	89	42	holding	holding	NOUN
ajfa-14805	89	43	adjustments	adjustment	NOUN
ajfa-14805	89	44	.	.	PUNCT
ajfa-14805	90	1	the	the	DET
ajfa-14805	90	2	fifth	fifth	ADJ
ajfa-14805	90	3	sub	sub	NOUN
ajfa-14805	90	4	-	-	NOUN
ajfa-14805	90	5	hypothesis	hypothesis	NOUN
ajfa-14805	90	6	:	:	PUNCT
ajfa-14805	90	7	the	the	DET
ajfa-14805	90	8	speed	speed	NOUN
ajfa-14805	90	9	of	of	ADP
ajfa-14805	90	10	cash	cash	NOUN
ajfa-14805	90	11	holdings	holding	NOUN
ajfa-14805	90	12	has	have	VERB
ajfa-14805	90	13	a	a	DET
ajfa-14805	90	14	significant	significant	ADJ
ajfa-14805	90	15	effect	effect	NOUN
ajfa-14805	90	16	on	on	ADP
ajfa-14805	90	17	the	the	DET
ajfa-14805	90	18	relationship	relationship	NOUN
ajfa-14805	90	19	between	between	ADP
ajfa-14805	90	20	the	the	DET
ajfa-14805	90	21	manager	manager	NOUN
ajfa-14805	90	22	duality	duality	NOUN
ajfa-14805	90	23	(	(	PUNCT
ajfa-14805	90	24	managerial	managerial	ADJ
ajfa-14805	90	25	entrenchment	entrenchment	NOUN
ajfa-14805	90	26	)	)	PUNCT
ajfa-14805	90	27	and	and	CCONJ
ajfa-14805	90	28	cash	cash	NOUN
ajfa-14805	90	29	holding	holding	NOUN
ajfa-14805	90	30	adjustments	adjustment	NOUN
ajfa-14805	90	31	.	.	PUNCT
ajfa-14805	91	1	the	the	DET
ajfa-14805	91	2	sixth	sixth	ADJ
ajfa-14805	91	3	sub	sub	NOUN
ajfa-14805	91	4	-	-	NOUN
ajfa-14805	91	5	hypothesis	hypothesis	NOUN
ajfa-14805	91	6	:	:	PUNCT
ajfa-14805	91	7	the	the	DET
ajfa-14805	91	8	speed	speed	NOUN
ajfa-14805	91	9	of	of	ADP
ajfa-14805	91	10	cash	cash	NOUN
ajfa-14805	91	11	holdings	holding	NOUN
ajfa-14805	91	12	has	have	VERB
ajfa-14805	91	13	a	a	DET
ajfa-14805	91	14	significant	significant	ADJ
ajfa-14805	91	15	effect	effect	NOUN
ajfa-14805	91	16	on	on	ADP
ajfa-14805	91	17	the	the	DET
ajfa-14805	91	18	relationship	relationship	NOUN
ajfa-14805	91	19	between	between	ADP
ajfa-14805	91	20	the	the	DET
ajfa-14805	91	21	management	management	NOUN
ajfa-14805	91	22	reward	reward	NOUN
ajfa-14805	91	23	(	(	PUNCT
ajfa-14805	91	24	managerial	managerial	ADJ
ajfa-14805	91	25	entrenchment	entrenchment	NOUN
ajfa-14805	91	26	)	)	PUNCT
ajfa-14805	91	27	and	and	CCONJ
ajfa-14805	91	28	cash	cash	NOUN
ajfa-14805	91	29	holding	holding	NOUN
ajfa-14805	91	30	adjustments	adjustment	NOUN
ajfa-14805	91	31	.	.	PUNCT
ajfa-14805	92	1	the	the	DET
ajfa-14805	92	2	seventh	seventh	ADJ
ajfa-14805	92	3	sub	sub	NOUN
ajfa-14805	92	4	-	-	NOUN
ajfa-14805	92	5	hypothesis	hypothesis	NOUN
ajfa-14805	92	6	:	:	PUNCT
ajfa-14805	92	7	the	the	DET
ajfa-14805	92	8	speed	speed	NOUN
ajfa-14805	92	9	of	of	ADP
ajfa-14805	92	10	cash	cash	NOUN
ajfa-14805	92	11	holdings	holding	NOUN
ajfa-14805	92	12	has	have	VERB
ajfa-14805	92	13	a	a	DET
ajfa-14805	92	14	significant	significant	ADJ
ajfa-14805	92	15	effect	effect	NOUN
ajfa-14805	92	16	on	on	ADP
ajfa-14805	92	17	the	the	DET
ajfa-14805	92	18	relationship	relationship	NOUN
ajfa-14805	92	19	between	between	ADP
ajfa-14805	92	20	dividend	dividend	NOUN
ajfa-14805	92	21	per	per	ADP
ajfa-14805	92	22	share	share	NOUN
ajfa-14805	92	23	(	(	PUNCT
ajfa-14805	92	24	managerial	managerial	ADJ
ajfa-14805	92	25	entrenchment	entrenchment	NOUN
ajfa-14805	92	26	)	)	PUNCT
ajfa-14805	92	27	and	and	CCONJ
ajfa-14805	92	28	cash	cash	NOUN
ajfa-14805	92	29	holding	holding	NOUN
ajfa-14805	92	30	adjustments	adjustment	NOUN
ajfa-14805	92	31	.	.	PUNCT
ajfa-14805	93	1	the	the	DET
ajfa-14805	93	2	eighth	eighth	ADJ
ajfa-14805	93	3	sub	sub	NOUN
ajfa-14805	93	4	-	-	NOUN
ajfa-14805	93	5	hypothesis	hypothesis	NOUN
ajfa-14805	93	6	:	:	PUNCT
ajfa-14805	93	7	the	the	DET
ajfa-14805	93	8	speed	speed	NOUN
ajfa-14805	93	9	of	of	ADP
ajfa-14805	93	10	cash	cash	NOUN
ajfa-14805	93	11	holdings	holding	NOUN
ajfa-14805	93	12	has	have	VERB
ajfa-14805	93	13	a	a	DET
ajfa-14805	93	14	significant	significant	ADJ
ajfa-14805	93	15	effect	effect	NOUN
ajfa-14805	93	16	on	on	ADP
ajfa-14805	93	17	the	the	DET
ajfa-14805	93	18	relationship	relationship	NOUN
ajfa-14805	93	19	between	between	ADP
ajfa-14805	93	20	over	over	ADP
ajfa-14805	93	21	investment	investment	NOUN
ajfa-14805	93	22	risk	risk	NOUN
ajfa-14805	93	23	(	(	PUNCT
ajfa-14805	93	24	managerial	managerial	ADJ
ajfa-14805	93	25	entrenchment	entrenchment	NOUN
ajfa-14805	93	26	)	)	PUNCT
ajfa-14805	93	27	and	and	CCONJ
ajfa-14805	93	28	cash	cash	NOUN
ajfa-14805	93	29	holding	holding	NOUN
ajfa-14805	93	30	adjustments	adjustment	NOUN
ajfa-14805	93	31	.	.	PUNCT
ajfa-14805	94	1	3	3	X
ajfa-14805	94	2	.	.	X
ajfa-14805	94	3	methodology	methodology	NOUN
ajfa-14805	94	4	3.1	3.1	NUM
ajfa-14805	94	5	.	.	PUNCT
ajfa-14805	95	1	data	datum	NOUN
ajfa-14805	95	2	description	description	NOUN
ajfa-14805	95	3	for	for	ADP
ajfa-14805	95	4	this	this	DET
ajfa-14805	95	5	study	study	NOUN
ajfa-14805	95	6	,	,	PUNCT
ajfa-14805	95	7	a	a	DET
ajfa-14805	95	8	sample	sample	NOUN
ajfa-14805	95	9	of	of	ADP
ajfa-14805	95	10	firms	firm	NOUN
ajfa-14805	95	11	accepted	accept	VERB
ajfa-14805	95	12	in	in	ADP
ajfa-14805	95	13	the	the	DET
ajfa-14805	95	14	tehran	tehran	PROPN
ajfa-14805	95	15	stock	stock	PROPN
ajfa-14805	95	16	exchange	exchange	PROPN
ajfa-14805	95	17	(	(	PUNCT
ajfa-14805	95	18	tse	tse	PROPN
ajfa-14805	95	19	)	)	PUNCT
ajfa-14805	95	20	during	during	ADP
ajfa-14805	95	21	20112016	20112016	NUM
ajfa-14805	95	22	was	be	AUX
ajfa-14805	95	23	analyzed	analyze	VERB
ajfa-14805	95	24	.	.	PUNCT
ajfa-14805	96	1	the	the	DET
ajfa-14805	96	2	following	follow	VERB
ajfa-14805	96	3	criteria	criterion	NOUN
ajfa-14805	96	4	were	be	AUX
ajfa-14805	96	5	employed	employ	VERB
ajfa-14805	96	6	to	to	PART
ajfa-14805	96	7	screen	screen	VERB
ajfa-14805	96	8	and	and	CCONJ
ajfa-14805	96	9	select	select	VERB
ajfa-14805	96	10	the	the	DET
ajfa-14805	96	11	firms	firm	NOUN
ajfa-14805	96	12	for	for	ADP
ajfa-14805	96	13	investigation	investigation	NOUN
ajfa-14805	96	14	:	:	PUNCT
ajfa-14805	96	15	(	(	PUNCT
ajfa-14805	96	16	1	1	X
ajfa-14805	96	17	)	)	PUNCT
ajfa-14805	96	18	the	the	DET
ajfa-14805	96	19	acceptance	acceptance	NOUN
ajfa-14805	96	20	date	date	NOUN
ajfa-14805	96	21	for	for	SCONJ
ajfa-14805	96	22	the	the	DET
ajfa-14805	96	23	firm	firm	NOUN
ajfa-14805	96	24	to	to	PART
ajfa-14805	96	25	be	be	AUX
ajfa-14805	96	26	listed	list	VERB
ajfa-14805	96	27	in	in	ADP
ajfa-14805	96	28	the	the	DET
ajfa-14805	96	29	stock	stock	NOUN
ajfa-14805	96	30	must	must	AUX
ajfa-14805	96	31	be	be	AUX
ajfa-14805	96	32	before	before	ADP
ajfa-14805	96	33	2011	2011	NUM
ajfa-14805	96	34	and	and	CCONJ
ajfa-14805	96	35	until	until	ADP
ajfa-14805	96	36	the	the	DET
ajfa-14805	96	37	end	end	NOUN
ajfa-14805	96	38	of	of	ADP
ajfa-14805	96	39	2016	2016	NUM
ajfa-14805	96	40	;	;	PUNCT
ajfa-14805	96	41	(	(	PUNCT
ajfa-14805	96	42	2	2	X
ajfa-14805	96	43	)	)	PUNCT
ajfa-14805	96	44	the	the	DET
ajfa-14805	96	45	required	require	VERB
ajfa-14805	96	46	information	information	NOUN
ajfa-14805	96	47	and	and	CCONJ
ajfa-14805	96	48	data	datum	NOUN
ajfa-14805	96	49	must	must	AUX
ajfa-14805	96	50	be	be	AUX
ajfa-14805	96	51	available	available	ADJ
ajfa-14805	96	52	,	,	PUNCT
ajfa-14805	96	53	and	and	CCONJ
ajfa-14805	96	54	dividends	dividend	NOUN
ajfa-14805	96	55	have	have	AUX
ajfa-14805	96	56	been	be	AUX
ajfa-14805	96	57	done	do	VERB
ajfa-14805	96	58	continuously	continuously	ADV
ajfa-14805	96	59	;	;	PUNCT
ajfa-14805	96	60	and	and	CCONJ
ajfa-14805	96	61	(	(	PUNCT
ajfa-14805	96	62	3	3	X
ajfa-14805	96	63	)	)	PUNCT
ajfa-14805	96	64	the	the	DET
ajfa-14805	96	65	end	end	NOUN
ajfa-14805	96	66	of	of	ADP
ajfa-14805	96	67	fiscal	fiscal	ADJ
ajfa-14805	96	68	year	year	NOUN
ajfa-14805	96	69	is	be	AUX
ajfa-14805	96	70	end	end	NOUN
ajfa-14805	96	71	of	of	ADP
ajfa-14805	96	72	march	march	NOUN
ajfa-14805	96	73	,	,	PUNCT
ajfa-14805	96	74	and	and	CCONJ
ajfa-14805	96	75	during	during	ADP
ajfa-14805	96	76	the	the	DET
ajfa-14805	96	77	period	period	NOUN
ajfa-14805	96	78	of	of	ADP
ajfa-14805	96	79	investigation	investigation	NOUN
ajfa-14805	96	80	,	,	PUNCT
ajfa-14805	96	81	fiscal	fiscal	ADJ
ajfa-14805	96	82	year	year	NOUN
ajfa-14805	96	83	has	have	AUX
ajfa-14805	96	84	not	not	PART
ajfa-14805	96	85	changed	change	VERB
ajfa-14805	96	86	.	.	PUNCT
ajfa-14805	97	1	these	these	DET
ajfa-14805	97	2	criteria	criterion	NOUN
ajfa-14805	97	3	resulted	result	VERB
ajfa-14805	97	4	in	in	ADP
ajfa-14805	97	5	140	140	NUM
ajfa-14805	97	6	firms	firm	NOUN
ajfa-14805	97	7	to	to	PART
ajfa-14805	97	8	be	be	AUX
ajfa-14805	97	9	selected	select	VERB
ajfa-14805	97	10	for	for	ADP
ajfa-14805	97	11	the	the	DET
ajfa-14805	97	12	study	study	NOUN
ajfa-14805	97	13	over	over	ADP
ajfa-14805	97	14	the	the	DET
ajfa-14805	97	15	period	period	NOUN
ajfa-14805	97	16	of	of	ADP
ajfa-14805	97	17	2011	2011	NUM
ajfa-14805	97	18	-	-	SYM
ajfa-14805	97	19	2016	2016	NUM
ajfa-14805	97	20	.	.	PUNCT
ajfa-14805	98	1	totally	totally	ADV
ajfa-14805	98	2	,	,	PUNCT
ajfa-14805	98	3	840	840	NUM
ajfa-14805	98	4	observations	observation	NOUN
ajfa-14805	98	5	(	(	PUNCT
ajfa-14805	98	6	firmyear	firmyear	NOUN
ajfa-14805	98	7	)	)	PUNCT
ajfa-14805	98	8	needed	need	VERB
ajfa-14805	98	9	to	to	PART
ajfa-14805	98	10	be	be	AUX
ajfa-14805	98	11	tested	test	VERB
ajfa-14805	98	12	.	.	PUNCT
ajfa-14805	99	1	the	the	DET
ajfa-14805	99	2	data	datum	NOUN
ajfa-14805	99	3	and	and	CCONJ
ajfa-14805	99	4	audited	audit	VERB
ajfa-14805	99	5	information	information	NOUN
ajfa-14805	99	6	of	of	ADP
ajfa-14805	99	7	these	these	DET
ajfa-14805	99	8	firms	firm	NOUN
ajfa-14805	99	9	were	be	AUX
ajfa-14805	99	10	collated	collate	VERB
ajfa-14805	99	11	and	and	CCONJ
ajfa-14805	99	12	investigated	investigate	VERB
ajfa-14805	99	13	by	by	ADP
ajfa-14805	99	14	the	the	DET
ajfa-14805	99	15	panel	panel	NOUN
ajfa-14805	99	16	data	data	VERB
ajfa-14805	99	17	multiple	multiple	ADJ
ajfa-14805	99	18	regression	regression	NOUN
ajfa-14805	99	19	.	.	PUNCT
ajfa-14805	100	1	the	the	DET
ajfa-14805	100	2	data	datum	NOUN
ajfa-14805	100	3	were	be	AUX
ajfa-14805	100	4	extracted	extract	VERB
ajfa-14805	100	5	from	from	ADP
ajfa-14805	100	6	rahavard	rahavard	ADJ
ajfa-14805	100	7	novin	novin	NOUN
ajfa-14805	100	8	software	software	NOUN
ajfa-14805	100	9	(	(	PUNCT
ajfa-14805	100	10	iran	iran	PROPN
ajfa-14805	100	11	’s	’s	PART
ajfa-14805	100	12	stock	stock	PROPN
ajfa-14805	100	13	exchange	exchange	NOUN
ajfa-14805	100	14	databases	database	NOUN
ajfa-14805	100	15	)	)	PUNCT
ajfa-14805	100	16	,	,	PUNCT
ajfa-14805	100	17	and	and	CCONJ
ajfa-14805	100	18	were	be	AUX
ajfa-14805	100	19	combined	combine	VERB
ajfa-14805	100	20	with	with	ADP
ajfa-14805	100	21	their	their	PRON
ajfa-14805	100	22	financial	financial	ADJ
ajfa-14805	100	23	statements	statement	NOUN
ajfa-14805	100	24	.	.	PUNCT
ajfa-14805	101	1	eviews	eviews	PROPN
ajfa-14805	101	2	software	software	PROPN
ajfa-14805	101	3	was	be	AUX
ajfa-14805	101	4	employed	employ	VERB
ajfa-14805	101	5	to	to	PART
ajfa-14805	101	6	analyze	analyze	VERB
ajfa-14805	101	7	the	the	DET
ajfa-14805	101	8	data	datum	NOUN
ajfa-14805	101	9	and	and	CCONJ
ajfa-14805	101	10	information	information	NOUN
ajfa-14805	101	11	.	.	PUNCT
ajfa-14805	102	1	3.2	3.2	NUM
ajfa-14805	102	2	.	.	PUNCT
ajfa-14805	103	1	data	datum	NOUN
ajfa-14805	103	2	analysis	analysis	NOUN
ajfa-14805	103	3	and	and	CCONJ
ajfa-14805	103	4	research	research	NOUN
ajfa-14805	103	5	variables	variable	NOUN
ajfa-14805	103	6	in	in	ADP
ajfa-14805	103	7	this	this	DET
ajfa-14805	103	8	study	study	NOUN
ajfa-14805	103	9	,	,	PUNCT
ajfa-14805	103	10	the	the	DET
ajfa-14805	103	11	model	model	NOUN
ajfa-14805	103	12	of	of	ADP
ajfa-14805	103	13	jiang	jiang	PROPN
ajfa-14805	103	14	&	&	CCONJ
ajfa-14805	103	15	lie	lie	PROPN
ajfa-14805	103	16	(	(	PUNCT
ajfa-14805	103	17	2016	2016	NUM
ajfa-14805	103	18	)	)	PUNCT
ajfa-14805	103	19	was	be	AUX
ajfa-14805	103	20	used	use	VERB
ajfa-14805	103	21	to	to	PART
ajfa-14805	103	22	test	test	VERB
ajfa-14805	103	23	the	the	DET
ajfa-14805	103	24	research	research	NOUN
ajfa-14805	103	25	hypotheses	hypothesis	NOUN
ajfa-14805	103	26	.	.	PUNCT
ajfa-14805	104	1	to	to	PART
ajfa-14805	104	2	test	test	VERB
ajfa-14805	104	3	the	the	DET
ajfa-14805	104	4	first	first	ADJ
ajfa-14805	104	5	hypothesis	hypothesis	NOUN
ajfa-14805	104	6	,	,	PUNCT
ajfa-14805	104	7	the	the	DET
ajfa-14805	104	8	relationship	relationship	NOUN
ajfa-14805	104	9	between	between	ADP
ajfa-14805	104	10	managerial	managerial	ADJ
ajfa-14805	104	11	entrenchment	entrenchment	NOUN
ajfa-14805	104	12	and	and	CCONJ
ajfa-14805	104	13	cash	cash	NOUN
ajfa-14805	104	14	holding	hold	VERB
ajfa-14805	104	15	adjustments	adjustment	NOUN
ajfa-14805	104	16	is	be	AUX
ajfa-14805	104	17	investigated	investigate	VERB
ajfa-14805	104	18	;	;	PUNCT
ajfa-14805	104	19	and	and	CCONJ
ajfa-14805	104	20	to	to	PART
ajfa-14805	104	21	test	test	VERB
ajfa-14805	104	22	the	the	DET
ajfa-14805	104	23	second	second	ADJ
ajfa-14805	104	24	hypothesis	hypothesis	NOUN
ajfa-14805	104	25	,	,	PUNCT
ajfa-14805	104	26	the	the	DET
ajfa-14805	104	27	intervening	intervene	VERB
ajfa-14805	104	28	effect	effect	NOUN
ajfa-14805	104	29	of	of	ADP
ajfa-14805	104	30	cash	cash	NOUN
ajfa-14805	104	31	holdings	holding	NOUN
ajfa-14805	104	32	speed	speed	NOUN
ajfa-14805	104	33	on	on	ADP
ajfa-14805	104	34	the	the	DET
ajfa-14805	104	35	relationship	relationship	NOUN
ajfa-14805	104	36	between	between	ADP
ajfa-14805	104	37	managerial	managerial	ADJ
ajfa-14805	104	38	entrenchment	entrenchment	NOUN
ajfa-14805	104	39	and	and	CCONJ
ajfa-14805	104	40	cash	cash	NOUN
ajfa-14805	104	41	holdings	holding	NOUN
ajfa-14805	104	42	adjustments	adjustment	NOUN
ajfa-14805	104	43	is	be	AUX
ajfa-14805	104	44	studied	study	VERB
ajfa-14805	104	45	for	for	ADP
ajfa-14805	104	46	the	the	DET
ajfa-14805	104	47	selected	select	VERB
ajfa-14805	104	48	firms	firm	NOUN
ajfa-14805	104	49	.	.	PUNCT
ajfa-14805	105	1	to	to	PART
ajfa-14805	105	2	do	do	VERB
ajfa-14805	105	3	this	this	PRON
ajfa-14805	105	4	,	,	PUNCT
ajfa-14805	105	5	models	model	NOUN
ajfa-14805	105	6	(	(	PUNCT
ajfa-14805	105	7	1	1	NUM
ajfa-14805	105	8	)	)	PUNCT
ajfa-14805	105	9	and	and	CCONJ
ajfa-14805	105	10	(	(	PUNCT
ajfa-14805	105	11	2	2	X
ajfa-14805	105	12	)	)	PUNCT
ajfa-14805	105	13	were	be	AUX
ajfa-14805	105	14	used	use	VERB
ajfa-14805	105	15	for	for	ADP
ajfa-14805	105	16	the	the	DET
ajfa-14805	105	17	first	first	ADJ
ajfa-14805	105	18	and	and	CCONJ
ajfa-14805	105	19	second	second	ADJ
ajfa-14805	105	20	hypotheses	hypothesis	NOUN
ajfa-14805	105	21	,	,	PUNCT
ajfa-14805	105	22	respectively	respectively	ADV
ajfa-14805	105	23	:	:	PUNCT
ajfa-14805	105	24	cashit	cashit	VERB
ajfa-14805	105	25	-	-	PUNCT
ajfa-14805	105	26	cashit-1=	cashit-1=	ADJ
ajfa-14805	105	27	λ(cashit	λ(cashit	NOUN
ajfa-14805	106	1	*	*	PUNCT
ajfa-14805	106	2	-cashit-1)+β1(cashit	-cashit-1)+β1(cashit	INTJ
ajfa-14805	106	3	*	*	PUNCT
ajfa-14805	106	4	-cashit-1)×entrenchmentit+	-cashit-1)×entrenchmentit+	X
ajfa-14805	107	1	β2(cashit	β2(cashit	X
ajfa-14805	107	2	*	*	ADJ
ajfa-14805	107	3	-cashit-1	-cashit-1	ADJ
ajfa-14805	107	4	)	)	PUNCT
ajfa-14805	107	5	×	×	NOUN
ajfa-14805	107	6	control	control	NOUN
ajfa-14805	107	7	variableit+εit	variableit+εit	PROPN
ajfa-14805	107	8	model	model	NOUN
ajfa-14805	107	9	(	(	PUNCT
ajfa-14805	107	10	1	1	NUM
ajfa-14805	107	11	)	)	PUNCT
ajfa-14805	107	12	asian	asian	ADJ
ajfa-14805	107	13	journal	journal	NOUN
ajfa-14805	107	14	of	of	ADP
ajfa-14805	107	15	finance	finance	PROPN
ajfa-14805	107	16	&	&	CCONJ
ajfa-14805	107	17	accounting	accounting	PROPN
ajfa-14805	107	18	issn	issn	PROPN
ajfa-14805	107	19	1946	1946	NUM
ajfa-14805	107	20	-	-	PUNCT
ajfa-14805	107	21	052x	052x	PROPN
ajfa-14805	107	22	2019	2019	NUM
ajfa-14805	107	23	,	,	PUNCT
ajfa-14805	107	24	vol	vol	NOUN
ajfa-14805	107	25	.	.	PROPN
ajfa-14805	107	26	11	11	NUM
ajfa-14805	107	27	,	,	PUNCT
ajfa-14805	107	28	no	no	INTJ
ajfa-14805	107	29	.	.	NOUN
ajfa-14805	107	30	1	1	NUM
ajfa-14805	107	31	ajfa.macrothink.org/	ajfa.macrothink.org/	PROPN
ajfa-14805	107	32	296	296	NUM
ajfa-14805	107	33	cashit	cashit	NOUN
ajfa-14805	107	34	-	-	PUNCT
ajfa-14805	107	35	cashit-1=	cashit-1=	ADJ
ajfa-14805	107	36	λ(cashit	λ(cashit	NOUN
ajfa-14805	107	37	*	*	PUNCT
ajfa-14805	107	38	-cashit-1)+β1(cashit	-cashit-1)+β1(cashit	PROPN
ajfa-14805	107	39	*	*	PUNCT
ajfa-14805	107	40	-cashit-1)×highcashit×	-cashit-1)×highcashit×	NOUN
ajfa-14805	107	41	entrenchmentit	entrenchmentit	NOUN
ajfa-14805	108	1	+	+	CCONJ
ajfa-14805	108	2	β2(cashit	β2(cashit	X
ajfa-14805	108	3	*	*	PUNCT
ajfa-14805	108	4	-cashit-1)×	-cashit-1)×	PROPN
ajfa-14805	108	5	control	control	PROPN
ajfa-14805	108	6	variableit+εit	variableit+εit	PROPN
ajfa-14805	108	7	model	model	NOUN
ajfa-14805	108	8	(	(	PUNCT
ajfa-14805	108	9	2	2	NUM
ajfa-14805	108	10	)	)	PUNCT
ajfa-14805	108	11	where	where	SCONJ
ajfa-14805	108	12	the	the	DET
ajfa-14805	108	13	operational	operational	ADJ
ajfa-14805	108	14	definition	definition	NOUN
ajfa-14805	108	15	of	of	ADP
ajfa-14805	108	16	variables	variable	NOUN
ajfa-14805	108	17	is	be	AUX
ajfa-14805	108	18	as	as	SCONJ
ajfa-14805	108	19	follows	follow	VERB
ajfa-14805	108	20	:	:	PUNCT
ajfa-14805	108	21	dependent	dependent	ADJ
ajfa-14805	108	22	variable	variable	NOUN
ajfa-14805	108	23	and	and	CCONJ
ajfa-14805	108	24	the	the	DET
ajfa-14805	108	25	method	method	NOUN
ajfa-14805	108	26	of	of	ADP
ajfa-14805	108	27	computation	computation	NOUN
ajfa-14805	108	28	cash	cash	NOUN
ajfa-14805	108	29	holding	hold	VERB
ajfa-14805	108	30	adjustment	adjustment	NOUN
ajfa-14805	108	31	:	:	PUNCT
ajfa-14805	108	32	the	the	DET
ajfa-14805	108	33	model	model	NOUN
ajfa-14805	108	34	of	of	ADP
ajfa-14805	108	35	ozkan	ozkan	PROPN
ajfa-14805	108	36	&	&	CCONJ
ajfa-14805	108	37	ozkan	ozkan	PROPN
ajfa-14805	108	38	(	(	PUNCT
ajfa-14805	108	39	2004	2004	NUM
ajfa-14805	108	40	)	)	PUNCT
ajfa-14805	108	41	was	be	AUX
ajfa-14805	108	42	used	use	VERB
ajfa-14805	108	43	to	to	PART
ajfa-14805	108	44	compute	compute	VERB
ajfa-14805	108	45	cash	cash	NOUN
ajfa-14805	108	46	holding	holding	NOUN
ajfa-14805	108	47	adjustments	adjustment	NOUN
ajfa-14805	108	48	:	:	PUNCT
ajfa-14805	108	49	cashit	cashit	NOUN
ajfa-14805	108	50	-	-	PUNCT
ajfa-14805	108	51	cashit-1=	cashit-1=	ADJ
ajfa-14805	108	52	λ(cashit	λ(cashit	NOUN
ajfa-14805	108	53	*	*	NOUN
ajfa-14805	108	54	-cashit-1)+εit	-cashit-1)+εit	NOUN
ajfa-14805	108	55	model	model	NOUN
ajfa-14805	108	56	(	(	PUNCT
ajfa-14805	108	57	3	3	X
ajfa-14805	108	58	)	)	PUNCT
ajfa-14805	108	59	cashit	cashit	NOUN
ajfa-14805	108	60	is	be	AUX
ajfa-14805	108	61	the	the	DET
ajfa-14805	108	62	ratio	ratio	NOUN
ajfa-14805	108	63	of	of	ADP
ajfa-14805	108	64	real	real	ADJ
ajfa-14805	108	65	cash	cash	NOUN
ajfa-14805	108	66	to	to	ADP
ajfa-14805	108	67	book	book	NOUN
ajfa-14805	108	68	value	value	NOUN
ajfa-14805	108	69	of	of	ADP
ajfa-14805	108	70	assets	asset	NOUN
ajfa-14805	108	71	in	in	ADP
ajfa-14805	108	72	year	year	NOUN
ajfa-14805	108	73	t.	t.	PROPN
ajfa-14805	108	74	cashit	cashit	PROPN
ajfa-14805	108	75	*	*	PUNCT
ajfa-14805	108	76	is	be	AUX
ajfa-14805	108	77	the	the	DET
ajfa-14805	108	78	target	target	NOUN
ajfa-14805	108	79	cash	cash	NOUN
ajfa-14805	108	80	in	in	ADP
ajfa-14805	108	81	year	year	NOUN
ajfa-14805	108	82	t	t	NOUN
ajfa-14805	108	83	that	that	PRON
ajfa-14805	108	84	is	be	AUX
ajfa-14805	108	85	equal	equal	ADJ
ajfa-14805	108	86	to	to	ADP
ajfa-14805	108	87	moving	move	VERB
ajfa-14805	108	88	average	average	NOUN
ajfa-14805	108	89	of	of	ADP
ajfa-14805	108	90	cash	cash	NOUN
ajfa-14805	108	91	during	during	ADP
ajfa-14805	108	92	past	past	ADJ
ajfa-14805	108	93	five	five	NUM
ajfa-14805	108	94	years	year	NOUN
ajfa-14805	108	95	to	to	ADP
ajfa-14805	108	96	the	the	DET
ajfa-14805	108	97	book	book	NOUN
ajfa-14805	108	98	value	value	NOUN
ajfa-14805	108	99	of	of	ADP
ajfa-14805	108	100	assets	asset	NOUN
ajfa-14805	108	101	in	in	ADP
ajfa-14805	108	102	year	year	NOUN
ajfa-14805	108	103	t.	t.	PROPN
ajfa-14805	108	104	cashit	cashit	PROPN
ajfa-14805	109	1	*	*	PUNCT
ajfa-14805	109	2	-cashit-1	-cashit-1	PROPN
ajfa-14805	109	3	is	be	AUX
ajfa-14805	109	4	the	the	DET
ajfa-14805	109	5	deviation	deviation	NOUN
ajfa-14805	109	6	from	from	ADP
ajfa-14805	109	7	the	the	DET
ajfa-14805	109	8	target	target	NOUN
ajfa-14805	109	9	level	level	NOUN
ajfa-14805	109	10	of	of	ADP
ajfa-14805	109	11	cash	cash	NOUN
ajfa-14805	109	12	in	in	ADP
ajfa-14805	109	13	year	year	NOUN
ajfa-14805	109	14	t.	t.	PROPN
ajfa-14805	109	15	𝜆	𝜆	PROPN
ajfa-14805	109	16	is	be	AUX
ajfa-14805	109	17	the	the	DET
ajfa-14805	109	18	adjustment	adjustment	NOUN
ajfa-14805	109	19	coefficient	coefficient	NOUN
ajfa-14805	109	20	indicating	indicate	VERB
ajfa-14805	109	21	the	the	DET
ajfa-14805	109	22	speed	speed	NOUN
ajfa-14805	109	23	towards	towards	ADP
ajfa-14805	109	24	the	the	DET
ajfa-14805	109	25	target	target	NOUN
ajfa-14805	109	26	level	level	NOUN
ajfa-14805	109	27	.	.	PUNCT
ajfa-14805	110	1	highcashit	highcashit	PROPN
ajfa-14805	110	2	is	be	AUX
ajfa-14805	110	3	a	a	DET
ajfa-14805	110	4	dummy	dummy	ADJ
ajfa-14805	110	5	variable	variable	NOUN
ajfa-14805	110	6	.	.	PUNCT
ajfa-14805	111	1	it	it	PRON
ajfa-14805	111	2	is	be	AUX
ajfa-14805	111	3	equal	equal	ADJ
ajfa-14805	111	4	to	to	ADP
ajfa-14805	111	5	1	1	NUM
ajfa-14805	111	6	if	if	SCONJ
ajfa-14805	111	7	cashit	cashit	NOUN
ajfa-14805	111	8	is	be	AUX
ajfa-14805	111	9	larger	large	ADJ
ajfa-14805	111	10	than	than	ADP
ajfa-14805	111	11	cashit	cashit	ADJ
ajfa-14805	111	12	*	*	ADP
ajfa-14805	111	13	;	;	PUNCT
ajfa-14805	111	14	otherwise	otherwise	ADV
ajfa-14805	111	15	,	,	PUNCT
ajfa-14805	111	16	it	it	PRON
ajfa-14805	111	17	is	be	AUX
ajfa-14805	111	18	equal	equal	ADJ
ajfa-14805	111	19	to	to	ADP
ajfa-14805	111	20	zero	zero	NUM
ajfa-14805	111	21	.	.	PUNCT
ajfa-14805	112	1	independent	independent	ADJ
ajfa-14805	112	2	variable	variable	NOUN
ajfa-14805	112	3	and	and	CCONJ
ajfa-14805	112	4	the	the	DET
ajfa-14805	112	5	method	method	NOUN
ajfa-14805	112	6	of	of	ADP
ajfa-14805	112	7	computation	computation	NOUN
ajfa-14805	112	8	in	in	ADP
ajfa-14805	112	9	this	this	DET
ajfa-14805	112	10	research	research	NOUN
ajfa-14805	112	11	,	,	PUNCT
ajfa-14805	112	12	managerial	managerial	ADJ
ajfa-14805	112	13	entrenchment	entrenchment	NOUN
ajfa-14805	112	14	(	(	PUNCT
ajfa-14805	112	15	entrenchmentit	entrenchmentit	NOUN
ajfa-14805	112	16	)	)	PUNCT
ajfa-14805	112	17	was	be	AUX
ajfa-14805	112	18	an	an	DET
ajfa-14805	112	19	independent	independent	ADJ
ajfa-14805	112	20	variable	variable	NOUN
ajfa-14805	112	21	.	.	PUNCT
ajfa-14805	113	1	to	to	PART
ajfa-14805	113	2	measure	measure	VERB
ajfa-14805	113	3	the	the	DET
ajfa-14805	113	4	managerial	managerial	ADJ
ajfa-14805	113	5	entrenchment	entrenchment	NOUN
ajfa-14805	113	6	,	,	PUNCT
ajfa-14805	113	7	four	four	NUM
ajfa-14805	113	8	indicators	indicator	NOUN
ajfa-14805	113	9	of	of	ADP
ajfa-14805	113	10	manager	manager	NOUN
ajfa-14805	113	11	's	's	PART
ajfa-14805	113	12	duality	duality	NOUN
ajfa-14805	113	13	,	,	PUNCT
ajfa-14805	113	14	management	management	NOUN
ajfa-14805	113	15	reward	reward	NOUN
ajfa-14805	113	16	,	,	PUNCT
ajfa-14805	113	17	dividends	dividend	NOUN
ajfa-14805	113	18	,	,	PUNCT
ajfa-14805	113	19	and	and	CCONJ
ajfa-14805	113	20	overinvestment	overinvestment	ADJ
ajfa-14805	113	21	risk	risk	NOUN
ajfa-14805	113	22	were	be	AUX
ajfa-14805	113	23	employed	employ	VERB
ajfa-14805	113	24	.	.	PUNCT
ajfa-14805	114	1	1	1	X
ajfa-14805	114	2	)	)	PUNCT
ajfa-14805	114	3	manager	manager	NOUN
ajfa-14805	114	4	's	's	PART
ajfa-14805	114	5	duality	duality	NOUN
ajfa-14805	114	6	(	(	PUNCT
ajfa-14805	114	7	dualityit	dualityit	NOUN
ajfa-14805	114	8	)	)	PUNCT
ajfa-14805	114	9	is	be	AUX
ajfa-14805	114	10	measured	measure	VERB
ajfa-14805	114	11	as	as	ADP
ajfa-14805	114	12	a	a	DET
ajfa-14805	114	13	dummy	dummy	ADJ
ajfa-14805	114	14	variable	variable	NOUN
ajfa-14805	114	15	.	.	PUNCT
ajfa-14805	115	1	if	if	SCONJ
ajfa-14805	115	2	the	the	DET
ajfa-14805	115	3	manager	manager	NOUN
ajfa-14805	115	4	is	be	AUX
ajfa-14805	115	5	simultaneously	simultaneously	ADV
ajfa-14805	115	6	both	both	PRON
ajfa-14805	115	7	managing	manage	VERB
ajfa-14805	115	8	director	director	NOUN
ajfa-14805	115	9	and	and	CCONJ
ajfa-14805	115	10	manager	manager	NOUN
ajfa-14805	115	11	,	,	PUNCT
ajfa-14805	115	12	then	then	ADV
ajfa-14805	115	13	it	it	PRON
ajfa-14805	115	14	is	be	AUX
ajfa-14805	115	15	equal	equal	ADJ
ajfa-14805	115	16	to	to	ADP
ajfa-14805	115	17	1	1	NUM
ajfa-14805	115	18	;	;	PUNCT
ajfa-14805	115	19	otherwise	otherwise	ADV
ajfa-14805	115	20	,	,	PUNCT
ajfa-14805	115	21	it	it	PRON
ajfa-14805	115	22	is	be	AUX
ajfa-14805	115	23	equal	equal	ADJ
ajfa-14805	115	24	to	to	ADP
ajfa-14805	115	25	zero	zero	NUM
ajfa-14805	115	26	.	.	PUNCT
ajfa-14805	116	1	2	2	NUM
ajfa-14805	116	2	)	)	PUNCT
ajfa-14805	116	3	management	management	NOUN
ajfa-14805	116	4	reward	reward	NOUN
ajfa-14805	116	5	(	(	PUNCT
ajfa-14805	116	6	rewardit	rewardit	NOUN
ajfa-14805	116	7	)	)	PUNCT
ajfa-14805	116	8	is	be	AUX
ajfa-14805	116	9	equal	equal	ADJ
ajfa-14805	116	10	to	to	ADP
ajfa-14805	116	11	natural	natural	ADJ
ajfa-14805	116	12	logarithm	logarithm	NOUN
ajfa-14805	116	13	of	of	ADP
ajfa-14805	116	14	1	1	NUM
ajfa-14805	116	15	and	and	CCONJ
ajfa-14805	116	16	the	the	DET
ajfa-14805	116	17	managers	manager	NOUN
ajfa-14805	116	18	reward	reward	VERB
ajfa-14805	116	19	in	in	ADP
ajfa-14805	116	20	firm	firm	ADJ
ajfa-14805	116	21	i	i	PRON
ajfa-14805	116	22	in	in	ADP
ajfa-14805	116	23	year	year	NOUN
ajfa-14805	116	24	t.	t.	NOUN
ajfa-14805	116	25	3	3	NUM
ajfa-14805	116	26	)	)	PUNCT
ajfa-14805	116	27	dummy	dummy	ADJ
ajfa-14805	116	28	variable	variable	NOUN
ajfa-14805	116	29	of	of	ADP
ajfa-14805	116	30	dividends	dividend	NOUN
ajfa-14805	116	31	:	:	PUNCT
ajfa-14805	116	32	(	(	PUNCT
ajfa-14805	116	33	dummy_divit	dummy_divit	PROPN
ajfa-14805	116	34	):	):	PUNCT
ajfa-14805	116	35	if	if	SCONJ
ajfa-14805	116	36	firm	firm	ADJ
ajfa-14805	116	37	i	i	PRON
ajfa-14805	116	38	divides	divide	VERB
ajfa-14805	116	39	the	the	DET
ajfa-14805	116	40	profit	profit	NOUN
ajfa-14805	116	41	in	in	ADP
ajfa-14805	116	42	year	year	NOUN
ajfa-14805	116	43	t	t	PROPN
ajfa-14805	116	44	,	,	PUNCT
ajfa-14805	116	45	it	it	PRON
ajfa-14805	116	46	receives	receive	VERB
ajfa-14805	116	47	1	1	NUM
ajfa-14805	116	48	;	;	PUNCT
ajfa-14805	116	49	otherwise	otherwise	ADV
ajfa-14805	116	50	,	,	PUNCT
ajfa-14805	116	51	it	it	PRON
ajfa-14805	116	52	receives	receive	VERB
ajfa-14805	116	53	zero	zero	NUM
ajfa-14805	116	54	.	.	PUNCT
ajfa-14805	117	1	4	4	NUM
ajfa-14805	117	2	)	)	PUNCT
ajfa-14805	117	3	over	over	ADP
ajfa-14805	117	4	-	-	PUNCT
ajfa-14805	117	5	investment	investment	NOUN
ajfa-14805	117	6	risk	risk	NOUN
ajfa-14805	117	7	(	(	PUNCT
ajfa-14805	117	8	over	over	ADV
ajfa-14805	117	9	-	-	PUNCT
ajfa-14805	117	10	investment_riskit	investment_riskit	ADJ
ajfa-14805	117	11	):	):	PUNCT
ajfa-14805	117	12	in	in	ADP
ajfa-14805	117	13	order	order	NOUN
ajfa-14805	117	14	to	to	PART
ajfa-14805	117	15	compute	compute	VERB
ajfa-14805	117	16	excess	excess	ADJ
ajfa-14805	117	17	-	-	PUNCT
ajfa-14805	117	18	investment	investment	NOUN
ajfa-14805	117	19	risk	risk	NOUN
ajfa-14805	117	20	,	,	PUNCT
ajfa-14805	117	21	model	model	NOUN
ajfa-14805	117	22	(	(	PUNCT
ajfa-14805	117	23	4	4	NUM
ajfa-14805	117	24	)	)	PUNCT
ajfa-14805	117	25	was	be	AUX
ajfa-14805	117	26	used	use	VERB
ajfa-14805	117	27	.	.	PUNCT
ajfa-14805	118	1	for	for	ADP
ajfa-14805	118	2	this	this	DET
ajfa-14805	118	3	purpose	purpose	NOUN
ajfa-14805	118	4	,	,	PUNCT
ajfa-14805	118	5	investment	investment	NOUN
ajfa-14805	118	6	efficiency	efficiency	NOUN
ajfa-14805	118	7	should	should	AUX
ajfa-14805	118	8	be	be	AUX
ajfa-14805	118	9	obtained	obtain	VERB
ajfa-14805	118	10	using	use	VERB
ajfa-14805	118	11	model	model	NOUN
ajfa-14805	118	12	(	(	PUNCT
ajfa-14805	118	13	4	4	NUM
ajfa-14805	118	14	)	)	PUNCT
ajfa-14805	118	15	.	.	PUNCT
ajfa-14805	119	1	invit=	invit=	PROPN
ajfa-14805	119	2	β0	β0	PROPN
ajfa-14805	119	3	+	+	CCONJ
ajfa-14805	119	4	β1qit-1	β1qit-1	NUM
ajfa-14805	119	5	+	+	ADJ
ajfa-14805	119	6	εit	εit	NOUN
ajfa-14805	119	7	model	model	NOUN
ajfa-14805	119	8	(	(	PUNCT
ajfa-14805	119	9	4	4	X
ajfa-14805	119	10	)	)	PUNCT
ajfa-14805	119	11	investmentit+1	investmentit+1	PROPN
ajfa-14805	119	12	is	be	AUX
ajfa-14805	119	13	the	the	DET
ajfa-14805	119	14	amount	amount	NOUN
ajfa-14805	119	15	of	of	ADP
ajfa-14805	119	16	investment	investment	NOUN
ajfa-14805	119	17	in	in	ADP
ajfa-14805	119	18	capital	capital	NOUN
ajfa-14805	119	19	assets	asset	NOUN
ajfa-14805	119	20	in	in	ADP
ajfa-14805	119	21	year	year	NOUN
ajfa-14805	119	22	t	t	PROPN
ajfa-14805	119	23	(	(	PUNCT
ajfa-14805	119	24	equals	equal	VERB
ajfa-14805	119	25	the	the	DET
ajfa-14805	119	26	capital	capital	NOUN
ajfa-14805	119	27	costs	cost	NOUN
ajfa-14805	119	28	in	in	ADP
ajfa-14805	119	29	year	year	NOUN
ajfa-14805	119	30	t	t	PROPN
ajfa-14805	119	31	)	)	PUNCT
ajfa-14805	119	32	.	.	PUNCT
ajfa-14805	119	33	qit-1	qit-1	PUNCT
ajfa-14805	119	34	is	be	AUX
ajfa-14805	119	35	equal	equal	ADJ
ajfa-14805	119	36	to	to	ADP
ajfa-14805	119	37	qtobin	qtobin	NOUN
ajfa-14805	119	38	ratio	ratio	NOUN
ajfa-14805	119	39	in	in	ADP
ajfa-14805	119	40	year	year	NOUN
ajfa-14805	119	41	t	t	PROPN
ajfa-14805	119	42	:	:	PUNCT
ajfa-14805	119	43	the	the	DET
ajfa-14805	119	44	ratio	ratio	NOUN
ajfa-14805	119	45	of	of	ADP
ajfa-14805	119	46	market	market	NOUN
ajfa-14805	119	47	value	value	NOUN
ajfa-14805	119	48	of	of	ADP
ajfa-14805	119	49	total	total	ADJ
ajfa-14805	119	50	assets	asset	NOUN
ajfa-14805	119	51	(	(	PUNCT
ajfa-14805	119	52	the	the	DET
ajfa-14805	119	53	market	market	NOUN
ajfa-14805	119	54	value	value	NOUN
ajfa-14805	119	55	of	of	ADP
ajfa-14805	119	56	assets	asset	NOUN
ajfa-14805	119	57	is	be	AUX
ajfa-14805	119	58	equal	equal	ADJ
ajfa-14805	119	59	to	to	ADP
ajfa-14805	119	60	the	the	DET
ajfa-14805	119	61	capital	capital	NOUN
ajfa-14805	119	62	market	market	NOUN
ajfa-14805	119	63	value	value	NOUN
ajfa-14805	119	64	plus	plus	CCONJ
ajfa-14805	119	65	the	the	DET
ajfa-14805	119	66	book	book	NOUN
ajfa-14805	119	67	value	value	NOUN
ajfa-14805	119	68	of	of	ADP
ajfa-14805	119	69	debts	debt	NOUN
ajfa-14805	119	70	)	)	PUNCT
ajfa-14805	119	71	/	/	SYM
ajfa-14805	119	72	book	book	NOUN
ajfa-14805	119	73	value	value	NOUN
ajfa-14805	119	74	of	of	ADP
ajfa-14805	119	75	assets	asset	NOUN
ajfa-14805	119	76	in	in	ADP
ajfa-14805	119	77	firm	firm	ADJ
ajfa-14805	119	78	i	i	PRON
ajfa-14805	119	79	in	in	ADP
ajfa-14805	119	80	year	year	NOUN
ajfa-14805	119	81	t.	t.	PROPN
ajfa-14805	119	82	asian	asian	PROPN
ajfa-14805	119	83	journal	journal	PROPN
ajfa-14805	119	84	of	of	ADP
ajfa-14805	119	85	finance	finance	PROPN
ajfa-14805	119	86	&	&	CCONJ
ajfa-14805	119	87	accounting	accounting	PROPN
ajfa-14805	119	88	issn	issn	PROPN
ajfa-14805	119	89	1946	1946	NUM
ajfa-14805	119	90	-	-	PUNCT
ajfa-14805	119	91	052x	052x	PROPN
ajfa-14805	119	92	2019	2019	NUM
ajfa-14805	119	93	,	,	PUNCT
ajfa-14805	119	94	vol	vol	NOUN
ajfa-14805	119	95	.	.	PROPN
ajfa-14805	119	96	11	11	NUM
ajfa-14805	119	97	,	,	PUNCT
ajfa-14805	119	98	no	no	INTJ
ajfa-14805	119	99	.	.	NOUN
ajfa-14805	119	100	1	1	NUM
ajfa-14805	119	101	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14805	119	102	297	297	NUM
ajfa-14805	119	103	εit	εit	NOUN
ajfa-14805	119	104	:	:	PUNCT
ajfa-14805	119	105	absolute	absolute	ADJ
ajfa-14805	119	106	value	value	NOUN
ajfa-14805	119	107	with	with	ADP
ajfa-14805	119	108	high	high	ADJ
ajfa-14805	119	109	regression	regression	NOUN
ajfa-14805	119	110	error	error	NOUN
ajfa-14805	119	111	shows	show	VERB
ajfa-14805	119	112	investment	investment	NOUN
ajfa-14805	119	113	efficiency	efficiency	NOUN
ajfa-14805	119	114	.	.	PUNCT
ajfa-14805	120	1	generally	generally	ADV
ajfa-14805	120	2	,	,	PUNCT
ajfa-14805	120	3	the	the	PRON
ajfa-14805	120	4	smaller	small	ADJ
ajfa-14805	120	5	the	the	DET
ajfa-14805	120	6	absolute	absolute	ADJ
ajfa-14805	120	7	value	value	NOUN
ajfa-14805	120	8	of	of	ADP
ajfa-14805	120	9	errors	error	NOUN
ajfa-14805	120	10	,	,	PUNCT
ajfa-14805	120	11	the	the	DET
ajfa-14805	120	12	higher	high	ADJ
ajfa-14805	120	13	investment	investment	NOUN
ajfa-14805	120	14	efficiency	efficiency	NOUN
ajfa-14805	120	15	and	and	CCONJ
ajfa-14805	120	16	vice	vice	NOUN
ajfa-14805	120	17	versa	versa	ADV
ajfa-14805	120	18	.	.	PUNCT
ajfa-14805	121	1	then	then	ADV
ajfa-14805	121	2	,	,	PUNCT
ajfa-14805	121	3	firms	firm	NOUN
ajfa-14805	121	4	should	should	AUX
ajfa-14805	121	5	be	be	AUX
ajfa-14805	121	6	divided	divide	VERB
ajfa-14805	121	7	into	into	ADP
ajfa-14805	121	8	two	two	NUM
ajfa-14805	121	9	classes	class	NOUN
ajfa-14805	121	10	including	include	VERB
ajfa-14805	121	11	over	over	ADP
ajfa-14805	121	12	-	-	PUNCT
ajfa-14805	121	13	investment	investment	NOUN
ajfa-14805	121	14	and	and	CCONJ
ajfa-14805	121	15	under	under	ADP
ajfa-14805	121	16	investment	investment	NOUN
ajfa-14805	121	17	.	.	PUNCT
ajfa-14805	122	1	for	for	ADP
ajfa-14805	122	2	this	this	DET
ajfa-14805	122	3	purpose	purpose	NOUN
ajfa-14805	122	4	,	,	PUNCT
ajfa-14805	122	5	the	the	DET
ajfa-14805	122	6	median	median	NOUN
ajfa-14805	122	7	of	of	ADP
ajfa-14805	122	8	absolute	absolute	ADJ
ajfa-14805	122	9	value	value	NOUN
ajfa-14805	122	10	with	with	ADP
ajfa-14805	122	11	high	high	ADJ
ajfa-14805	122	12	regression	regression	NOUN
ajfa-14805	122	13	value	value	NOUN
ajfa-14805	122	14	should	should	AUX
ajfa-14805	122	15	be	be	AUX
ajfa-14805	122	16	computed	compute	VERB
ajfa-14805	122	17	.	.	PUNCT
ajfa-14805	123	1	the	the	DET
ajfa-14805	123	2	firms	firm	NOUN
ajfa-14805	123	3	located	locate	VERB
ajfa-14805	123	4	above	above	ADP
ajfa-14805	123	5	the	the	DET
ajfa-14805	123	6	second	second	ADJ
ajfa-14805	123	7	quarter	quarter	NOUN
ajfa-14805	123	8	(	(	PUNCT
ajfa-14805	123	9	median	median	NOUN
ajfa-14805	123	10	)	)	PUNCT
ajfa-14805	123	11	are	be	AUX
ajfa-14805	123	12	categorized	categorize	VERB
ajfa-14805	123	13	as	as	ADP
ajfa-14805	123	14	over	over	ADP
ajfa-14805	123	15	-	-	PUNCT
ajfa-14805	123	16	investment	investment	NOUN
ajfa-14805	123	17	firms	firm	NOUN
ajfa-14805	123	18	,	,	PUNCT
ajfa-14805	123	19	and	and	CCONJ
ajfa-14805	123	20	others	other	NOUN
ajfa-14805	123	21	as	as	ADP
ajfa-14805	123	22	under	under	NOUN
ajfa-14805	123	23	-	-	PUNCT
ajfa-14805	123	24	investment	investment	NOUN
ajfa-14805	123	25	.	.	PUNCT
ajfa-14805	124	1	at	at	ADP
ajfa-14805	124	2	last	last	ADV
ajfa-14805	124	3	,	,	PUNCT
ajfa-14805	124	4	we	we	PRON
ajfa-14805	124	5	used	use	VERB
ajfa-14805	124	6	one	one	NUM
ajfa-14805	124	7	dummy	dummy	ADJ
ajfa-14805	124	8	variable	variable	NOUN
ajfa-14805	124	9	.	.	PUNCT
ajfa-14805	125	1	a	a	DET
ajfa-14805	125	2	dummy	dummy	ADJ
ajfa-14805	125	3	variable	variable	NOUN
ajfa-14805	125	4	is	be	AUX
ajfa-14805	125	5	a	a	DET
ajfa-14805	125	6	variable	variable	NOUN
ajfa-14805	125	7	receiving	receive	VERB
ajfa-14805	125	8	the	the	DET
ajfa-14805	125	9	value	value	NOUN
ajfa-14805	125	10	of	of	ADP
ajfa-14805	125	11	one	one	NUM
ajfa-14805	125	12	or	or	CCONJ
ajfa-14805	125	13	zero	zero	NUM
ajfa-14805	125	14	.	.	PUNCT
ajfa-14805	126	1	the	the	DET
ajfa-14805	126	2	firms	firm	NOUN
ajfa-14805	126	3	with	with	ADP
ajfa-14805	126	4	over	over	ADP
ajfa-14805	126	5	investment	investment	NOUN
ajfa-14805	126	6	receive	receive	VERB
ajfa-14805	126	7	one	one	NUM
ajfa-14805	126	8	,	,	PUNCT
ajfa-14805	126	9	and	and	CCONJ
ajfa-14805	126	10	others	other	NOUN
ajfa-14805	126	11	receive	receive	VERB
ajfa-14805	126	12	zero	zero	NUM
ajfa-14805	126	13	.	.	PUNCT
ajfa-14805	127	1	moderator	moderator	NOUN
ajfa-14805	127	2	variable	variable	NOUN
ajfa-14805	127	3	in	in	ADP
ajfa-14805	127	4	this	this	DET
ajfa-14805	127	5	research	research	NOUN
ajfa-14805	127	6	,	,	PUNCT
ajfa-14805	127	7	the	the	DET
ajfa-14805	127	8	speed	speed	NOUN
ajfa-14805	127	9	of	of	ADP
ajfa-14805	127	10	cash	cash	NOUN
ajfa-14805	127	11	holdings	holding	NOUN
ajfa-14805	127	12	(	(	PUNCT
ajfa-14805	127	13	highcashit	highcashit	ADJ
ajfa-14805	127	14	)	)	PUNCT
ajfa-14805	127	15	is	be	AUX
ajfa-14805	127	16	a	a	DET
ajfa-14805	127	17	moderator	moderator	NOUN
ajfa-14805	127	18	variable	variable	NOUN
ajfa-14805	127	19	.	.	PUNCT
ajfa-14805	128	1	to	to	PART
ajfa-14805	128	2	measure	measure	VERB
ajfa-14805	128	3	this	this	DET
ajfa-14805	128	4	variable	variable	NOUN
ajfa-14805	128	5	,	,	PUNCT
ajfa-14805	128	6	we	we	PRON
ajfa-14805	128	7	used	use	VERB
ajfa-14805	128	8	one	one	NUM
ajfa-14805	128	9	dummy	dummy	ADJ
ajfa-14805	128	10	variable	variable	NOUN
ajfa-14805	128	11	which	which	PRON
ajfa-14805	128	12	is	be	AUX
ajfa-14805	128	13	equal	equal	ADJ
ajfa-14805	128	14	to	to	ADP
ajfa-14805	128	15	1	1	NUM
ajfa-14805	128	16	if	if	SCONJ
ajfa-14805	128	17	cashit	cashit	NOUN
ajfa-14805	128	18	is	be	AUX
ajfa-14805	128	19	larger	large	ADJ
ajfa-14805	128	20	than	than	ADP
ajfa-14805	128	21	cashit	cashit	ADJ
ajfa-14805	128	22	*	*	ADP
ajfa-14805	128	23	;	;	PUNCT
ajfa-14805	128	24	otherwise	otherwise	ADV
ajfa-14805	128	25	,	,	PUNCT
ajfa-14805	128	26	zero	zero	NUM
ajfa-14805	128	27	.	.	PUNCT
ajfa-14805	129	1	control	control	NOUN
ajfa-14805	129	2	variables	variable	NOUN
ajfa-14805	129	3	and	and	CCONJ
ajfa-14805	129	4	the	the	DET
ajfa-14805	129	5	method	method	NOUN
ajfa-14805	129	6	of	of	ADP
ajfa-14805	129	7	computation	computation	NOUN
ajfa-14805	129	8	1	1	NUM
ajfa-14805	129	9	.	.	PUNCT
ajfa-14805	130	1	the	the	DET
ajfa-14805	130	2	size	size	NOUN
ajfa-14805	130	3	of	of	ADP
ajfa-14805	130	4	firm	firm	NOUN
ajfa-14805	130	5	(	(	PUNCT
ajfa-14805	130	6	sizeit	sizeit	ADJ
ajfa-14805	130	7	):	):	PUNCT
ajfa-14805	130	8	the	the	DET
ajfa-14805	130	9	variable	variable	NOUN
ajfa-14805	130	10	of	of	ADP
ajfa-14805	130	11	the	the	DET
ajfa-14805	130	12	firm	firm	ADJ
ajfa-14805	130	13	size	size	NOUN
ajfa-14805	130	14	is	be	AUX
ajfa-14805	130	15	equal	equal	ADJ
ajfa-14805	130	16	to	to	ADP
ajfa-14805	130	17	the	the	DET
ajfa-14805	130	18	natural	natural	ADJ
ajfa-14805	130	19	logarithm	logarithm	NOUN
ajfa-14805	130	20	of	of	ADP
ajfa-14805	130	21	total	total	ADJ
ajfa-14805	130	22	assets	asset	NOUN
ajfa-14805	130	23	value	value	NOUN
ajfa-14805	130	24	of	of	ADP
ajfa-14805	130	25	firm	firm	ADJ
ajfa-14805	130	26	i	i	PRON
ajfa-14805	130	27	in	in	ADP
ajfa-14805	130	28	year	year	NOUN
ajfa-14805	130	29	t.	t.	PROPN
ajfa-14805	130	30	2	2	NUM
ajfa-14805	130	31	.	.	PUNCT
ajfa-14805	131	1	(	(	PUNCT
ajfa-14805	131	2	qtobinit	qtobinit	NOUN
ajfa-14805	131	3	)	)	PUNCT
ajfa-14805	131	4	is	be	AUX
ajfa-14805	131	5	equal	equal	ADJ
ajfa-14805	131	6	to	to	ADP
ajfa-14805	131	7	the	the	DET
ajfa-14805	131	8	ratio	ratio	NOUN
ajfa-14805	131	9	of	of	ADP
ajfa-14805	131	10	market	market	NOUN
ajfa-14805	131	11	value	value	NOUN
ajfa-14805	131	12	of	of	ADP
ajfa-14805	131	13	total	total	ADJ
ajfa-14805	131	14	assets	asset	NOUN
ajfa-14805	131	15	(	(	PUNCT
ajfa-14805	131	16	the	the	DET
ajfa-14805	131	17	market	market	NOUN
ajfa-14805	131	18	value	value	NOUN
ajfa-14805	131	19	of	of	ADP
ajfa-14805	131	20	assets	asset	NOUN
ajfa-14805	131	21	is	be	AUX
ajfa-14805	131	22	equal	equal	ADJ
ajfa-14805	131	23	to	to	ADP
ajfa-14805	131	24	the	the	DET
ajfa-14805	131	25	capital	capital	NOUN
ajfa-14805	131	26	market	market	NOUN
ajfa-14805	131	27	value	value	NOUN
ajfa-14805	131	28	plus	plus	CCONJ
ajfa-14805	131	29	the	the	DET
ajfa-14805	131	30	book	book	NOUN
ajfa-14805	131	31	value	value	NOUN
ajfa-14805	131	32	of	of	ADP
ajfa-14805	131	33	debts	debt	NOUN
ajfa-14805	131	34	)	)	PUNCT
ajfa-14805	131	35	/	/	SYM
ajfa-14805	131	36	book	book	NOUN
ajfa-14805	131	37	value	value	NOUN
ajfa-14805	131	38	of	of	ADP
ajfa-14805	131	39	assets	asset	NOUN
ajfa-14805	131	40	in	in	ADP
ajfa-14805	131	41	firm	firm	ADJ
ajfa-14805	131	42	i	i	PRON
ajfa-14805	131	43	in	in	ADP
ajfa-14805	131	44	year	year	NOUN
ajfa-14805	131	45	t.	t.	PROPN
ajfa-14805	131	46	3	3	X
ajfa-14805	131	47	.	.	PUNCT
ajfa-14805	131	48	operational	operational	ADJ
ajfa-14805	131	49	cash	cash	NOUN
ajfa-14805	131	50	flow	flow	NOUN
ajfa-14805	131	51	risk	risk	NOUN
ajfa-14805	131	52	(	(	PUNCT
ajfa-14805	131	53	cfvit	cfvit	ADJ
ajfa-14805	131	54	):	):	PUNCT
ajfa-14805	131	55	it	it	PRON
ajfa-14805	131	56	is	be	AUX
ajfa-14805	131	57	the	the	DET
ajfa-14805	131	58	standard	standard	ADJ
ajfa-14805	131	59	deviation	deviation	NOUN
ajfa-14805	131	60	of	of	ADP
ajfa-14805	131	61	operational	operational	ADJ
ajfa-14805	131	62	cash	cash	NOUN
ajfa-14805	131	63	flow	flow	NOUN
ajfa-14805	131	64	related	relate	VERB
ajfa-14805	131	65	to	to	ADP
ajfa-14805	131	66	the	the	DET
ajfa-14805	131	67	past	past	ADJ
ajfa-14805	131	68	five	five	NUM
ajfa-14805	131	69	years	year	NOUN
ajfa-14805	131	70	of	of	ADP
ajfa-14805	131	71	firm	firm	ADJ
ajfa-14805	131	72	i	i	PRON
ajfa-14805	131	73	in	in	ADP
ajfa-14805	131	74	year	year	NOUN
ajfa-14805	131	75	t.	t.	PROPN
ajfa-14805	131	76	4	4	NUM
ajfa-14805	131	77	.	.	PUNCT
ajfa-14805	131	78	net	net	ADJ
ajfa-14805	131	79	working	working	NOUN
ajfa-14805	131	80	capital	capital	NOUN
ajfa-14805	131	81	(	(	PUNCT
ajfa-14805	131	82	nwcit	nwcit	PROPN
ajfa-14805	131	83	)	)	PUNCT
ajfa-14805	131	84	is	be	AUX
ajfa-14805	131	85	equal	equal	ADJ
ajfa-14805	131	86	to	to	ADP
ajfa-14805	131	87	the	the	DET
ajfa-14805	131	88	ratio	ratio	NOUN
ajfa-14805	131	89	of	of	ADP
ajfa-14805	131	90	working	work	VERB
ajfa-14805	131	91	capital	capital	NOUN
ajfa-14805	131	92	(	(	PUNCT
ajfa-14805	131	93	that	that	PRON
ajfa-14805	131	94	is	be	AUX
ajfa-14805	131	95	equal	equal	ADJ
ajfa-14805	131	96	to	to	ADP
ajfa-14805	131	97	current	current	ADJ
ajfa-14805	131	98	assets	asset	NOUN
ajfa-14805	131	99	minus	minus	ADP
ajfa-14805	131	100	current	current	ADJ
ajfa-14805	131	101	debts	debt	NOUN
ajfa-14805	131	102	)	)	PUNCT
ajfa-14805	131	103	divided	divide	VERB
ajfa-14805	131	104	by	by	ADP
ajfa-14805	131	105	the	the	DET
ajfa-14805	131	106	total	total	ADJ
ajfa-14805	131	107	assets	asset	NOUN
ajfa-14805	131	108	in	in	ADP
ajfa-14805	131	109	year	year	NOUN
ajfa-14805	131	110	t.	t.	PROPN
ajfa-14805	131	111	5	5	NUM
ajfa-14805	131	112	.	.	PUNCT
ajfa-14805	131	113	financial	financial	ADJ
ajfa-14805	131	114	leverage	leverage	NOUN
ajfa-14805	131	115	(	(	PUNCT
ajfa-14805	131	116	levit	levit	PROPN
ajfa-14805	131	117	):	):	PUNCT
ajfa-14805	131	118	the	the	DET
ajfa-14805	131	119	index	index	NOUN
ajfa-14805	131	120	of	of	ADP
ajfa-14805	131	121	financial	financial	ADJ
ajfa-14805	131	122	leverage	leverage	NOUN
ajfa-14805	131	123	of	of	ADP
ajfa-14805	131	124	firm	firm	ADJ
ajfa-14805	131	125	i	i	PRON
ajfa-14805	131	126	in	in	ADP
ajfa-14805	131	127	year	year	NOUN
ajfa-14805	131	128	t	t	PROPN
ajfa-14805	131	129	is	be	AUX
ajfa-14805	131	130	equal	equal	ADJ
ajfa-14805	131	131	to	to	ADP
ajfa-14805	131	132	the	the	DET
ajfa-14805	131	133	ratio	ratio	NOUN
ajfa-14805	131	134	of	of	ADP
ajfa-14805	131	135	debts	debt	NOUN
ajfa-14805	131	136	to	to	ADP
ajfa-14805	131	137	assets	asset	NOUN
ajfa-14805	131	138	.	.	PUNCT
ajfa-14805	132	1	6	6	X
ajfa-14805	132	2	.	.	X
ajfa-14805	132	3	the	the	DET
ajfa-14805	132	4	age	age	NOUN
ajfa-14805	132	5	of	of	ADP
ajfa-14805	132	6	firm	firm	NOUN
ajfa-14805	132	7	(	(	PUNCT
ajfa-14805	132	8	ageit	ageit	PROPN
ajfa-14805	132	9	):	):	PUNCT
ajfa-14805	132	10	the	the	DET
ajfa-14805	132	11	variable	variable	NOUN
ajfa-14805	132	12	of	of	ADP
ajfa-14805	132	13	firm	firm	NOUN
ajfa-14805	132	14	's	's	PART
ajfa-14805	132	15	age	age	NOUN
ajfa-14805	132	16	is	be	AUX
ajfa-14805	132	17	equal	equal	ADJ
ajfa-14805	132	18	to	to	ADP
ajfa-14805	132	19	the	the	DET
ajfa-14805	132	20	age	age	NOUN
ajfa-14805	132	21	of	of	ADP
ajfa-14805	132	22	firm	firm	NOUN
ajfa-14805	132	23	since	since	SCONJ
ajfa-14805	132	24	its	its	PRON
ajfa-14805	132	25	establishment	establishment	NOUN
ajfa-14805	132	26	.	.	PUNCT
ajfa-14805	133	1	4	4	X
ajfa-14805	133	2	.	.	NOUN
ajfa-14805	133	3	results	result	NOUN
ajfa-14805	133	4	and	and	CCONJ
ajfa-14805	133	5	discussion	discussion	NOUN
ajfa-14805	133	6	descriptive	descriptive	ADJ
ajfa-14805	133	7	statistics	statistic	NOUN
ajfa-14805	133	8	for	for	ADP
ajfa-14805	133	9	the	the	DET
ajfa-14805	133	10	research	research	NOUN
ajfa-14805	133	11	variables	variable	NOUN
ajfa-14805	133	12	are	be	AUX
ajfa-14805	133	13	presented	present	VERB
ajfa-14805	133	14	in	in	ADP
ajfa-14805	133	15	table	table	NOUN
ajfa-14805	133	16	1	1	NUM
ajfa-14805	133	17	indicating	indicate	VERB
ajfa-14805	133	18	descriptive	descriptive	ADJ
ajfa-14805	133	19	parameters	parameter	NOUN
ajfa-14805	133	20	for	for	ADP
ajfa-14805	133	21	each	each	DET
ajfa-14805	133	22	variable	variable	NOUN
ajfa-14805	133	23	separately	separately	ADV
ajfa-14805	133	24	.	.	PUNCT
ajfa-14805	134	1	these	these	DET
ajfa-14805	134	2	parameters	parameter	NOUN
ajfa-14805	134	3	are	be	AUX
ajfa-14805	134	4	commonly	commonly	ADV
ajfa-14805	134	5	related	relate	VERB
ajfa-14805	134	6	to	to	ADP
ajfa-14805	134	7	central	central	ADJ
ajfa-14805	134	8	indices	index	NOUN
ajfa-14805	134	9	such	such	ADJ
ajfa-14805	134	10	as	as	ADP
ajfa-14805	134	11	minimum	minimum	ADJ
ajfa-14805	134	12	value	value	NOUN
ajfa-14805	134	13	,	,	PUNCT
ajfa-14805	134	14	maximum	maximum	ADJ
ajfa-14805	134	15	value	value	NOUN
ajfa-14805	134	16	,	,	PUNCT
ajfa-14805	134	17	mean	mean	VERB
ajfa-14805	134	18	,	,	PUNCT
ajfa-14805	134	19	median	median	ADJ
ajfa-14805	134	20	as	as	ADV
ajfa-14805	134	21	well	well	ADV
ajfa-14805	134	22	as	as	ADP
ajfa-14805	134	23	dispersion	dispersion	NOUN
ajfa-14805	134	24	indices	indice	VERB
ajfa-14805	134	25	such	such	ADJ
ajfa-14805	134	26	as	as	ADP
ajfa-14805	134	27	standard	standard	ADJ
ajfa-14805	134	28	deviation	deviation	NOUN
ajfa-14805	134	29	.	.	PUNCT
ajfa-14805	135	1	the	the	DET
ajfa-14805	135	2	most	most	ADV
ajfa-14805	135	3	important	important	ADJ
ajfa-14805	135	4	central	central	ADJ
ajfa-14805	135	5	index	index	NOUN
ajfa-14805	135	6	is	be	AUX
ajfa-14805	135	7	the	the	DET
ajfa-14805	135	8	mean	mean	ADJ
ajfa-14805	135	9	value	value	NOUN
ajfa-14805	135	10	which	which	PRON
ajfa-14805	135	11	shows	show	VERB
ajfa-14805	135	12	the	the	DET
ajfa-14805	135	13	balance	balance	NOUN
ajfa-14805	135	14	point	point	NOUN
ajfa-14805	135	15	and	and	CCONJ
ajfa-14805	135	16	center	center	NOUN
ajfa-14805	135	17	of	of	ADP
ajfa-14805	135	18	distribution	distribution	NOUN
ajfa-14805	135	19	gravity	gravity	NOUN
ajfa-14805	135	20	,	,	PUNCT
ajfa-14805	135	21	and	and	CCONJ
ajfa-14805	135	22	it	it	PRON
ajfa-14805	135	23	is	be	AUX
ajfa-14805	135	24	a	a	DET
ajfa-14805	135	25	suitable	suitable	ADJ
ajfa-14805	135	26	index	index	NOUN
ajfa-14805	135	27	to	to	PART
ajfa-14805	135	28	show	show	VERB
ajfa-14805	135	29	data	datum	NOUN
ajfa-14805	135	30	centrality	centrality	NOUN
ajfa-14805	135	31	.	.	PUNCT
ajfa-14805	136	1	the	the	DET
ajfa-14805	136	2	mean	mean	ADJ
ajfa-14805	136	3	and	and	CCONJ
ajfa-14805	136	4	median	median	ADJ
ajfa-14805	136	5	cash	cash	NOUN
ajfa-14805	136	6	holding	holding	NOUN
ajfa-14805	136	7	level	level	NOUN
ajfa-14805	136	8	were	be	AUX
ajfa-14805	136	9	0.053	0.053	NUM
ajfa-14805	136	10	and	and	CCONJ
ajfa-14805	136	11	0.032	0.032	NUM
ajfa-14805	136	12	,	,	PUNCT
ajfa-14805	136	13	respectively	respectively	ADV
ajfa-14805	136	14	with	with	ADP
ajfa-14805	136	15	minimum	minimum	ADJ
ajfa-14805	136	16	and	and	CCONJ
ajfa-14805	136	17	maximum	maximum	ADJ
ajfa-14805	136	18	values	value	NOUN
ajfa-14805	136	19	of	of	ADP
ajfa-14805	136	20	0.0006	0.0006	NUM
ajfa-14805	136	21	and	and	CCONJ
ajfa-14805	136	22	0.515	0.515	NUM
ajfa-14805	136	23	,	,	PUNCT
ajfa-14805	136	24	respectively	respectively	ADV
ajfa-14805	136	25	.	.	PUNCT
ajfa-14805	137	1	this	this	PRON
ajfa-14805	137	2	indicates	indicate	VERB
ajfa-14805	137	3	that	that	SCONJ
ajfa-14805	137	4	the	the	DET
ajfa-14805	137	5	cash	cash	NOUN
ajfa-14805	137	6	amount	amount	NOUN
ajfa-14805	137	7	and	and	CCONJ
ajfa-14805	137	8	short	short	ADJ
ajfa-14805	137	9	-	-	PUNCT
ajfa-14805	137	10	term	term	NOUN
ajfa-14805	137	11	investment	investment	NOUN
ajfa-14805	137	12	of	of	ADP
ajfa-14805	137	13	the	the	DET
ajfa-14805	137	14	firms	firm	NOUN
ajfa-14805	137	15	is	be	AUX
ajfa-14805	137	16	about	about	ADV
ajfa-14805	137	17	5	5	NUM
ajfa-14805	137	18	%	%	NOUN
ajfa-14805	137	19	of	of	ADP
ajfa-14805	137	20	their	their	PRON
ajfa-14805	137	21	assets	asset	NOUN
ajfa-14805	137	22	.	.	PUNCT
ajfa-14805	138	1	the	the	DET
ajfa-14805	138	2	mean	mean	ADJ
ajfa-14805	138	3	cash	cash	NOUN
ajfa-14805	138	4	holding	holding	NOUN
ajfa-14805	138	5	level	level	NOUN
ajfa-14805	138	6	in	in	ADP
ajfa-14805	138	7	the	the	DET
ajfa-14805	138	8	previous	previous	ADJ
ajfa-14805	138	9	year	year	NOUN
ajfa-14805	138	10	is	be	AUX
ajfa-14805	138	11	about	about	ADV
ajfa-14805	138	12	0.054	0.054	NUM
ajfa-14805	138	13	which	which	PRON
ajfa-14805	138	14	shows	show	VERB
ajfa-14805	138	15	that	that	SCONJ
ajfa-14805	138	16	the	the	DET
ajfa-14805	138	17	amount	amount	NOUN
ajfa-14805	138	18	of	of	ADP
ajfa-14805	138	19	cash	cash	NOUN
ajfa-14805	138	20	holding	holding	NOUN
ajfa-14805	138	21	has	have	AUX
ajfa-14805	138	22	reduced	reduce	VERB
ajfa-14805	138	23	in	in	ADP
ajfa-14805	138	24	comparison	comparison	NOUN
ajfa-14805	138	25	to	to	ADP
ajfa-14805	138	26	the	the	DET
ajfa-14805	138	27	previous	previous	ADJ
ajfa-14805	138	28	year	year	NOUN
ajfa-14805	138	29	.	.	PUNCT
ajfa-14805	139	1	also	also	ADV
ajfa-14805	139	2	,	,	PUNCT
ajfa-14805	139	3	standard	standard	ADJ
ajfa-14805	139	4	deviation	deviation	NOUN
ajfa-14805	139	5	of	of	ADP
ajfa-14805	139	6	cash	cash	NOUN
ajfa-14805	139	7	holding	holding	NOUN
ajfa-14805	139	8	level	level	NOUN
ajfa-14805	139	9	in	in	ADP
ajfa-14805	139	10	the	the	DET
ajfa-14805	139	11	previous	previous	ADJ
ajfa-14805	139	12	year	year	NOUN
ajfa-14805	139	13	is	be	AUX
ajfa-14805	139	14	about	about	ADV
ajfa-14805	139	15	0.067	0.067	NUM
ajfa-14805	139	16	,	,	PUNCT
ajfa-14805	139	17	which	which	PRON
ajfa-14805	139	18	has	have	AUX
ajfa-14805	139	19	increased	increase	VERB
ajfa-14805	139	20	about	about	ADP
ajfa-14805	139	21	0.002	0.002	NUM
ajfa-14805	139	22	in	in	ADP
ajfa-14805	139	23	comparison	comparison	NOUN
ajfa-14805	139	24	to	to	ADP
ajfa-14805	139	25	the	the	DET
ajfa-14805	139	26	standard	standard	ADJ
ajfa-14805	139	27	deviation	deviation	NOUN
ajfa-14805	139	28	of	of	ADP
ajfa-14805	139	29	cash	cash	NOUN
ajfa-14805	139	30	holding	holding	NOUN
ajfa-14805	139	31	in	in	ADP
ajfa-14805	139	32	the	the	DET
ajfa-14805	139	33	current	current	ADJ
ajfa-14805	139	34	year	year	NOUN
ajfa-14805	139	35	(	(	PUNCT
ajfa-14805	139	36	0.065	0.065	NUM
ajfa-14805	139	37	)	)	PUNCT
ajfa-14805	139	38	.	.	PUNCT
ajfa-14805	140	1	it	it	PRON
ajfa-14805	140	2	shows	show	VERB
ajfa-14805	140	3	that	that	SCONJ
ajfa-14805	140	4	asian	asian	ADJ
ajfa-14805	140	5	journal	journal	NOUN
ajfa-14805	140	6	of	of	ADP
ajfa-14805	140	7	finance	finance	PROPN
ajfa-14805	140	8	&	&	CCONJ
ajfa-14805	140	9	accounting	accounting	PROPN
ajfa-14805	140	10	issn	issn	PROPN
ajfa-14805	140	11	1946	1946	NUM
ajfa-14805	140	12	-	-	PUNCT
ajfa-14805	140	13	052x	052x	PROPN
ajfa-14805	140	14	2019	2019	NUM
ajfa-14805	140	15	,	,	PUNCT
ajfa-14805	140	16	vol	vol	NOUN
ajfa-14805	140	17	.	.	PROPN
ajfa-14805	140	18	11	11	NUM
ajfa-14805	140	19	,	,	PUNCT
ajfa-14805	140	20	no	no	INTJ
ajfa-14805	140	21	.	.	NOUN
ajfa-14805	140	22	1	1	NUM
ajfa-14805	140	23	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14805	140	24	298	298	NUM
ajfa-14805	140	25	the	the	DET
ajfa-14805	140	26	liquidity	liquidity	NOUN
ajfa-14805	140	27	risk	risk	NOUN
ajfa-14805	140	28	has	have	AUX
ajfa-14805	140	29	increased	increase	VERB
ajfa-14805	140	30	.	.	PUNCT
ajfa-14805	141	1	also	also	ADV
ajfa-14805	141	2	,	,	PUNCT
ajfa-14805	141	3	the	the	DET
ajfa-14805	141	4	mean	mean	ADJ
ajfa-14805	141	5	and	and	CCONJ
ajfa-14805	141	6	median	median	ADJ
ajfa-14805	141	7	optimal	optimal	ADJ
ajfa-14805	141	8	cash	cash	NOUN
ajfa-14805	141	9	holdings	holding	NOUN
ajfa-14805	141	10	are	be	AUX
ajfa-14805	141	11	respectively	respectively	ADV
ajfa-14805	141	12	0.056	0.056	NUM
ajfa-14805	141	13	and	and	CCONJ
ajfa-14805	141	14	0.041	0.041	NUM
ajfa-14805	141	15	with	with	ADP
ajfa-14805	141	16	minimum	minimum	ADJ
ajfa-14805	141	17	and	and	CCONJ
ajfa-14805	141	18	maximum	maximum	ADJ
ajfa-14805	141	19	values	value	NOUN
ajfa-14805	141	20	of	of	ADP
ajfa-14805	141	21	0.002	0.002	NUM
ajfa-14805	141	22	and	and	CCONJ
ajfa-14805	141	23	0.427	0.427	NUM
ajfa-14805	141	24	,	,	PUNCT
ajfa-14805	141	25	respectively	respectively	ADV
ajfa-14805	141	26	.	.	PUNCT
ajfa-14805	142	1	by	by	ADP
ajfa-14805	142	2	comparing	compare	VERB
ajfa-14805	142	3	the	the	DET
ajfa-14805	142	4	mean	mean	ADJ
ajfa-14805	142	5	cash	cash	NOUN
ajfa-14805	142	6	holdings	holding	NOUN
ajfa-14805	142	7	in	in	ADP
ajfa-14805	142	8	the	the	DET
ajfa-14805	142	9	current	current	ADJ
ajfa-14805	142	10	year	year	NOUN
ajfa-14805	142	11	(	(	PUNCT
ajfa-14805	142	12	0.053	0.053	NUM
ajfa-14805	142	13	)	)	PUNCT
ajfa-14805	142	14	,	,	PUNCT
ajfa-14805	142	15	and	and	CCONJ
ajfa-14805	142	16	the	the	DET
ajfa-14805	142	17	mean	mean	ADJ
ajfa-14805	142	18	target	target	NOUN
ajfa-14805	142	19	cash	cash	NOUN
ajfa-14805	142	20	holdings	holding	NOUN
ajfa-14805	142	21	(	(	PUNCT
ajfa-14805	142	22	0.056	0.056	NUM
ajfa-14805	142	23	)	)	PUNCT
ajfa-14805	142	24	,	,	PUNCT
ajfa-14805	142	25	it	it	PRON
ajfa-14805	142	26	can	can	AUX
ajfa-14805	142	27	be	be	AUX
ajfa-14805	142	28	said	say	VERB
ajfa-14805	142	29	that	that	SCONJ
ajfa-14805	142	30	the	the	DET
ajfa-14805	142	31	studied	study	VERB
ajfa-14805	142	32	firms	firm	NOUN
ajfa-14805	142	33	had	have	VERB
ajfa-14805	142	34	a	a	DET
ajfa-14805	142	35	distance	distance	NOUN
ajfa-14805	142	36	with	with	ADP
ajfa-14805	142	37	their	their	PRON
ajfa-14805	142	38	target	target	NOUN
ajfa-14805	142	39	cash	cash	NOUN
ajfa-14805	142	40	holdings	holding	NOUN
ajfa-14805	142	41	.	.	PUNCT
ajfa-14805	143	1	the	the	DET
ajfa-14805	143	2	mean	mean	ADJ
ajfa-14805	143	3	and	and	CCONJ
ajfa-14805	143	4	median	median	ADJ
ajfa-14805	143	5	values	value	NOUN
ajfa-14805	143	6	of	of	ADP
ajfa-14805	143	7	manager	manager	NOUN
ajfa-14805	143	8	's	's	PART
ajfa-14805	143	9	duality	duality	NOUN
ajfa-14805	143	10	were	be	AUX
ajfa-14805	143	11	0.078	0.078	NUM
ajfa-14805	143	12	and	and	CCONJ
ajfa-14805	143	13	0.000	0.000	NUM
ajfa-14805	143	14	,	,	PUNCT
ajfa-14805	143	15	respectively	respectively	ADV
ajfa-14805	143	16	with	with	ADP
ajfa-14805	143	17	minimum	minimum	ADJ
ajfa-14805	143	18	and	and	CCONJ
ajfa-14805	143	19	maximum	maximum	ADJ
ajfa-14805	143	20	values	value	NOUN
ajfa-14805	143	21	of	of	ADP
ajfa-14805	143	22	0	0	NUM
ajfa-14805	143	23	and	and	CCONJ
ajfa-14805	143	24	1	1	NUM
ajfa-14805	143	25	,	,	PUNCT
ajfa-14805	143	26	respectively	respectively	ADV
ajfa-14805	143	27	.	.	PUNCT
ajfa-14805	144	1	this	this	PRON
ajfa-14805	144	2	shows	show	VERB
ajfa-14805	144	3	that	that	SCONJ
ajfa-14805	144	4	in	in	ADP
ajfa-14805	144	5	about	about	ADV
ajfa-14805	144	6	8	8	NUM
ajfa-14805	144	7	%	%	NOUN
ajfa-14805	144	8	of	of	ADP
ajfa-14805	144	9	the	the	DET
ajfa-14805	144	10	studied	study	VERB
ajfa-14805	144	11	firms	firm	NOUN
ajfa-14805	144	12	,	,	PUNCT
ajfa-14805	144	13	the	the	DET
ajfa-14805	144	14	general	general	ADJ
ajfa-14805	144	15	manager	manager	NOUN
ajfa-14805	144	16	was	be	AUX
ajfa-14805	144	17	the	the	DET
ajfa-14805	144	18	chief	chief	ADJ
ajfa-14805	144	19	executive	executive	ADJ
ajfa-14805	144	20	officer	officer	NOUN
ajfa-14805	144	21	(	(	PUNCT
ajfa-14805	144	22	ceo	ceo	NOUN
ajfa-14805	144	23	)	)	PUNCT
ajfa-14805	144	24	too	too	ADV
ajfa-14805	144	25	,	,	PUNCT
ajfa-14805	144	26	and	and	CCONJ
ajfa-14805	144	27	this	this	DET
ajfa-14805	144	28	low	low	ADJ
ajfa-14805	144	29	percentage	percentage	NOUN
ajfa-14805	144	30	is	be	AUX
ajfa-14805	144	31	related	relate	VERB
ajfa-14805	144	32	to	to	ADP
ajfa-14805	144	33	the	the	DET
ajfa-14805	144	34	stock	stock	NOUN
ajfa-14805	144	35	exchange	exchange	NOUN
ajfa-14805	144	36	suggesting	suggest	VERB
ajfa-14805	144	37	to	to	ADP
ajfa-14805	144	38	firms	firm	NOUN
ajfa-14805	144	39	not	not	PART
ajfa-14805	144	40	to	to	PART
ajfa-14805	144	41	have	have	VERB
ajfa-14805	144	42	the	the	DET
ajfa-14805	144	43	same	same	ADJ
ajfa-14805	144	44	general	general	ADJ
ajfa-14805	144	45	manager	manager	NOUN
ajfa-14805	144	46	and	and	CCONJ
ajfa-14805	144	47	ceo	ceo	NOUN
ajfa-14805	144	48	.	.	PUNCT
ajfa-14805	145	1	also	also	ADV
ajfa-14805	145	2	,	,	PUNCT
ajfa-14805	145	3	the	the	DET
ajfa-14805	145	4	mean	mean	ADJ
ajfa-14805	145	5	(	(	PUNCT
ajfa-14805	145	6	standard	standard	ADJ
ajfa-14805	145	7	deviation	deviation	NOUN
ajfa-14805	145	8	)	)	PUNCT
ajfa-14805	145	9	logarithm	logarithm	NOUN
ajfa-14805	145	10	of	of	ADP
ajfa-14805	145	11	manager	manager	NOUN
ajfa-14805	145	12	reward	reward	NOUN
ajfa-14805	145	13	is	be	AUX
ajfa-14805	145	14	2.450	2.450	NUM
ajfa-14805	145	15	(	(	PUNCT
ajfa-14805	145	16	3.340	3.340	NUM
ajfa-14805	145	17	)	)	PUNCT
ajfa-14805	145	18	.	.	PUNCT
ajfa-14805	146	1	this	this	PRON
ajfa-14805	146	2	shows	show	VERB
ajfa-14805	146	3	that	that	SCONJ
ajfa-14805	146	4	the	the	DET
ajfa-14805	146	5	logarithm	logarithm	NOUN
ajfa-14805	146	6	of	of	ADP
ajfa-14805	146	7	auditing	auditing	NOUN
ajfa-14805	146	8	fee	fee	NOUN
ajfa-14805	146	9	is	be	AUX
ajfa-14805	146	10	2.450	2.450	NUM
ajfa-14805	146	11	.	.	PUNCT
ajfa-14805	147	1	the	the	DET
ajfa-14805	147	2	high	high	ADJ
ajfa-14805	147	3	standard	standard	ADJ
ajfa-14805	147	4	deviation	deviation	NOUN
ajfa-14805	147	5	of	of	ADP
ajfa-14805	147	6	3.340	3.340	NUM
ajfa-14805	147	7	shows	show	VERB
ajfa-14805	147	8	large	large	ADJ
ajfa-14805	147	9	variations	variation	NOUN
ajfa-14805	147	10	in	in	ADP
ajfa-14805	147	11	auditing	auditing	NOUN
ajfa-14805	147	12	fees	fee	NOUN
ajfa-14805	147	13	among	among	ADP
ajfa-14805	147	14	the	the	DET
ajfa-14805	147	15	auditing	auditing	NOUN
ajfa-14805	147	16	companies	company	NOUN
ajfa-14805	147	17	.	.	PUNCT
ajfa-14805	148	1	dummy	dummy	ADJ
ajfa-14805	148	2	variable	variable	NOUN
ajfa-14805	148	3	mean	mean	VERB
ajfa-14805	148	4	dividends	dividend	NOUN
ajfa-14805	148	5	was	be	AUX
ajfa-14805	148	6	found	find	VERB
ajfa-14805	148	7	as	as	ADP
ajfa-14805	148	8	0.963	0.963	NUM
ajfa-14805	148	9	,	,	PUNCT
ajfa-14805	148	10	and	and	CCONJ
ajfa-14805	148	11	its	its	PRON
ajfa-14805	148	12	median	median	NOUN
ajfa-14805	148	13	is	be	AUX
ajfa-14805	148	14	1	1	NUM
ajfa-14805	148	15	.	.	PUNCT
ajfa-14805	149	1	this	this	PRON
ajfa-14805	149	2	shows	show	VERB
ajfa-14805	149	3	that	that	SCONJ
ajfa-14805	149	4	96	96	NUM
ajfa-14805	149	5	%	%	NOUN
ajfa-14805	149	6	of	of	ADP
ajfa-14805	149	7	the	the	DET
ajfa-14805	149	8	studied	study	VERB
ajfa-14805	149	9	firms	firm	NOUN
ajfa-14805	149	10	pay	pay	VERB
ajfa-14805	149	11	cash	cash	NOUN
ajfa-14805	149	12	profit	profit	NOUN
ajfa-14805	149	13	(	(	PUNCT
ajfa-14805	149	14	paying	pay	VERB
ajfa-14805	149	15	cash	cash	NOUN
ajfa-14805	149	16	profit	profit	NOUN
ajfa-14805	149	17	and	and	CCONJ
ajfa-14805	149	18	its	its	PRON
ajfa-14805	149	19	statement	statement	NOUN
ajfa-14805	149	20	during	during	ADP
ajfa-14805	149	21	cash	cash	NOUN
ajfa-14805	149	22	flow	flow	NOUN
ajfa-14805	149	23	)	)	PUNCT
ajfa-14805	149	24	.	.	PUNCT
ajfa-14805	150	1	the	the	DET
ajfa-14805	150	2	reason	reason	NOUN
ajfa-14805	150	3	of	of	ADP
ajfa-14805	150	4	cash	cash	NOUN
ajfa-14805	150	5	profit	profit	NOUN
ajfa-14805	150	6	payment	payment	NOUN
ajfa-14805	150	7	is	be	AUX
ajfa-14805	150	8	the	the	DET
ajfa-14805	150	9	necessity	necessity	NOUN
ajfa-14805	150	10	of	of	ADP
ajfa-14805	150	11	stock	stock	NOUN
ajfa-14805	150	12	exchange	exchange	NOUN
ajfa-14805	150	13	to	to	PART
ajfa-14805	150	14	pay	pay	VERB
ajfa-14805	150	15	dividends	dividend	NOUN
ajfa-14805	150	16	.	.	PUNCT
ajfa-14805	151	1	the	the	DET
ajfa-14805	151	2	mean	mean	NOUN
ajfa-14805	151	3	and	and	CCONJ
ajfa-14805	151	4	median	median	ADJ
ajfa-14805	151	5	over	over	ADP
ajfa-14805	151	6	-	-	PUNCT
ajfa-14805	151	7	investment	investment	NOUN
ajfa-14805	151	8	risk	risk	NOUN
ajfa-14805	151	9	were	be	AUX
ajfa-14805	151	10	0.500	0.500	NUM
ajfa-14805	151	11	and	and	CCONJ
ajfa-14805	151	12	0.500	0.500	NUM
ajfa-14805	151	13	,	,	PUNCT
ajfa-14805	151	14	respectively	respectively	ADV
ajfa-14805	151	15	.	.	PUNCT
ajfa-14805	152	1	this	this	PRON
ajfa-14805	152	2	shows	show	VERB
ajfa-14805	152	3	than	than	SCONJ
ajfa-14805	152	4	over	over	ADP
ajfa-14805	152	5	half	half	NOUN
ajfa-14805	152	6	of	of	ADP
ajfa-14805	152	7	the	the	DET
ajfa-14805	152	8	studied	study	VERB
ajfa-14805	152	9	firms	firm	NOUN
ajfa-14805	152	10	had	have	VERB
ajfa-14805	152	11	over	over	ADP
ajfa-14805	152	12	-	-	PUNCT
ajfa-14805	152	13	investments	investment	NOUN
ajfa-14805	152	14	.	.	PUNCT
ajfa-14805	153	1	asian	asian	ADJ
ajfa-14805	153	2	journal	journal	PROPN
ajfa-14805	153	3	of	of	ADP
ajfa-14805	153	4	finance	finance	PROPN
ajfa-14805	153	5	&	&	CCONJ
ajfa-14805	153	6	accounting	accounting	PROPN
ajfa-14805	153	7	issn	issn	PROPN
ajfa-14805	153	8	1946	1946	NUM
ajfa-14805	153	9	-	-	PUNCT
ajfa-14805	153	10	052x	052x	PROPN
ajfa-14805	153	11	2019	2019	NUM
ajfa-14805	153	12	,	,	PUNCT
ajfa-14805	153	13	vol	vol	NOUN
ajfa-14805	153	14	.	.	PROPN
ajfa-14805	153	15	11	11	NUM
ajfa-14805	153	16	,	,	PUNCT
ajfa-14805	153	17	no	no	INTJ
ajfa-14805	153	18	.	.	NOUN
ajfa-14805	153	19	1	1	NUM
ajfa-14805	153	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14805	153	21	299	299	NUM
ajfa-14805	153	22	table	table	NOUN
ajfa-14805	153	23	1	1	NUM
ajfa-14805	153	24	.	.	PUNCT
ajfa-14805	153	25	descriptive	descriptive	ADJ
ajfa-14805	153	26	statistics	statistic	NOUN
ajfa-14805	153	27	of	of	ADP
ajfa-14805	153	28	research	research	NOUN
ajfa-14805	153	29	variables	variable	NOUN
ajfa-14805	153	30	.	.	PUNCT
ajfa-14805	154	1	maximum	maximum	ADJ
ajfa-14805	154	2	minimum	minimum	ADJ
ajfa-14805	154	3	standard	standard	ADJ
ajfa-14805	154	4	deviation	deviation	NOUN
ajfa-14805	154	5	median	median	NOUN
ajfa-14805	154	6	mean	mean	VERB
ajfa-14805	154	7	variable	variable	NOUN
ajfa-14805	154	8	0.515	0.515	NUM
ajfa-14805	154	9	0.0006	0.0006	NUM
ajfa-14805	154	10	0.065	0.065	NUM
ajfa-14805	154	11	0.032	0.032	NUM
ajfa-14805	154	12	0.053	0.053	NUM
ajfa-14805	154	13	cash	cash	NOUN
ajfa-14805	154	14	holding	hold	VERB
ajfa-14805	154	15	level	level	NOUN
ajfa-14805	154	16	(	(	PUNCT
ajfa-14805	154	17	cashit	cashit	PROPN
ajfa-14805	154	18	)	)	PUNCT
ajfa-14805	154	19	0.515	0.515	NUM
ajfa-14805	154	20	0.0006	0.0006	NUM
ajfa-14805	154	21	0.067	0.067	NUM
ajfa-14805	154	22	0.033	0.033	NUM
ajfa-14805	154	23	0.054	0.054	NUM
ajfa-14805	154	24	cash	cash	NOUN
ajfa-14805	154	25	holding	hold	VERB
ajfa-14805	154	26	level	level	NOUN
ajfa-14805	154	27	of	of	ADP
ajfa-14805	154	28	previous	previous	ADJ
ajfa-14805	154	29	year	year	NOUN
ajfa-14805	154	30	(	(	PUNCT
ajfa-14805	154	31	cashit-1	cashit-1	NUM
ajfa-14805	154	32	)	)	PUNCT
ajfa-14805	154	33	0.427	0.427	NUM
ajfa-14805	154	34	0.002	0.002	NUM
ajfa-14805	154	35	0.052	0.052	NUM
ajfa-14805	154	36	0.041	0.041	NUM
ajfa-14805	154	37	0.056	0.056	NUM
ajfa-14805	154	38	optimal	optimal	ADJ
ajfa-14805	154	39	cash	cash	NOUN
ajfa-14805	154	40	holding	hold	VERB
ajfa-14805	154	41	level	level	NOUN
ajfa-14805	154	42	(	(	PUNCT
ajfa-14805	154	43	cashit	cashit	NOUN
ajfa-14805	154	44	*	*	PUNCT
ajfa-14805	154	45	)	)	PUNCT
ajfa-14805	154	46	0.180	0.180	NUM
ajfa-14805	154	47	-0.331	-0.331	NUM
ajfa-14805	154	48	0.047	0.047	NUM
ajfa-14805	154	49	0.004	0.004	NUM
ajfa-14805	154	50	0.001	0.001	NUM
ajfa-14805	154	51	deviation	deviation	NOUN
ajfa-14805	154	52	of	of	ADP
ajfa-14805	154	53	optimal	optimal	ADJ
ajfa-14805	154	54	cash	cash	NOUN
ajfa-14805	154	55	holding	holding	NOUN
ajfa-14805	154	56	level	level	NOUN
ajfa-14805	154	57	(	(	PUNCT
ajfa-14805	154	58	cashit	cashit	NOUN
ajfa-14805	154	59	*	*	NOUN
ajfa-14805	154	60	-cashit-1	-cashit-1	PROPN
ajfa-14805	154	61	)	)	PUNCT
ajfa-14805	154	62	1	1	NUM
ajfa-14805	154	63	0	0	NUM
ajfa-14805	154	64	0.0486	0.0486	NUM
ajfa-14805	154	65	0	0	NUM
ajfa-14805	154	66	0.384	0.384	NUM
ajfa-14805	154	67	cash	cash	NOUN
ajfa-14805	154	68	holding	hold	VERB
ajfa-14805	154	69	speed	speed	NOUN
ajfa-14805	154	70	(	(	PUNCT
ajfa-14805	154	71	high	high	ADJ
ajfa-14805	154	72	cashit	cashit	NOUN
ajfa-14805	154	73	)	)	PUNCT
ajfa-14805	154	74	1	1	NUM
ajfa-14805	154	75	0	0	NUM
ajfa-14805	154	76	0.269	0.269	NUM
ajfa-14805	154	77	0	0	NUM
ajfa-14805	154	78	0.078	0.078	NUM
ajfa-14805	154	79	manager	manager	NOUN
ajfa-14805	154	80	's	's	PART
ajfa-14805	154	81	duality	duality	NOUN
ajfa-14805	154	82	(	(	PUNCT
ajfa-14805	154	83	dualityit	dualityit	NOUN
ajfa-14805	154	84	)	)	PUNCT
ajfa-14805	154	85	11.288	11.288	NUM
ajfa-14805	154	86	0	0	NUM
ajfa-14805	154	87	3.340	3.340	NUM
ajfa-14805	154	88	0	0	NUM
ajfa-14805	154	89	2.450	2.450	NUM
ajfa-14805	154	90	logarithm	logarithm	NOUN
ajfa-14805	154	91	of	of	ADP
ajfa-14805	154	92	managers	manager	NOUN
ajfa-14805	154	93	reward	reward	VERB
ajfa-14805	154	94	(	(	PUNCT
ajfa-14805	154	95	rewardit	rewardit	NOUN
ajfa-14805	154	96	)	)	PUNCT
ajfa-14805	154	97	1	1	NUM
ajfa-14805	154	98	0	0	NUM
ajfa-14805	154	99	0.186	0.186	NUM
ajfa-14805	154	100	1	1	NUM
ajfa-14805	154	101	0.963	0.963	NUM
ajfa-14805	154	102	dummy	dummy	ADJ
ajfa-14805	154	103	variable	variable	NOUN
ajfa-14805	154	104	of	of	ADP
ajfa-14805	154	105	dividends	dividend	NOUN
ajfa-14805	154	106	(	(	PUNCT
ajfa-14805	154	107	dummy_divit	dummy_divit	PROPN
ajfa-14805	154	108	)	)	PUNCT
ajfa-14805	154	109	1	1	NUM
ajfa-14805	154	110	0	0	NUM
ajfa-14805	154	111	0.510	0.510	NUM
ajfa-14805	154	112	0.500	0.500	NUM
ajfa-14805	154	113	0.500	0.500	NUM
ajfa-14805	154	114	over	over	ADP
ajfa-14805	154	115	-	-	PUNCT
ajfa-14805	154	116	investment	investment	NOUN
ajfa-14805	154	117	risk	risk	NOUN
ajfa-14805	154	118	(	(	PUNCT
ajfa-14805	154	119	over_investment	over_investment	NOUN
ajfa-14805	154	120	_	_	PRON
ajfa-14805	154	121	riskit	riskit	NOUN
ajfa-14805	154	122	)	)	PUNCT
ajfa-14805	154	123	19.106	19.106	NUM
ajfa-14805	154	124	10.504	10.504	NUM
ajfa-14805	154	125	1.351	1.351	NUM
ajfa-14805	154	126	13.776	13.776	NUM
ajfa-14805	154	127	13.932	13.932	NUM
ajfa-14805	154	128	the	the	DET
ajfa-14805	154	129	size	size	NOUN
ajfa-14805	154	130	of	of	ADP
ajfa-14805	154	131	firm	firm	ADJ
ajfa-14805	154	132	(	(	PUNCT
ajfa-14805	154	133	sizeit	sizeit	ADJ
ajfa-14805	154	134	)	)	PUNCT
ajfa-14805	154	135	2.721	2.721	NUM
ajfa-14805	154	136	0.868	0.868	NUM
ajfa-14805	154	137	0.494	0.494	NUM
ajfa-14805	154	138	1.288	1.288	NUM
ajfa-14805	154	139	1.437	1.437	NUM
ajfa-14805	154	140	qtobin	qtobin	NOUN
ajfa-14805	154	141	criterion	criterion	NOUN
ajfa-14805	154	142	(	(	PUNCT
ajfa-14805	154	143	qtobinit	qtobinit	PROPN
ajfa-14805	154	144	)	)	PUNCT
ajfa-14805	154	145	0.513	0.513	NUM
ajfa-14805	154	146	-0.184	-0.184	X
ajfa-14805	154	147	0.124	0.124	NUM
ajfa-14805	154	148	0.096	0.096	NUM
ajfa-14805	154	149	0.110	0.110	NUM
ajfa-14805	154	150	operating	operate	VERB
ajfa-14805	154	151	cash	cash	NOUN
ajfa-14805	154	152	flow	flow	NOUN
ajfa-14805	154	153	to	to	ADP
ajfa-14805	154	154	asset	asset	NOUN
ajfa-14805	154	155	(	(	PUNCT
ajfa-14805	154	156	cfoit	cfoit	PROPN
ajfa-14805	154	157	)	)	PUNCT
ajfa-14805	154	158	0.358	0.358	NUM
ajfa-14805	154	159	0.016	0.016	NUM
ajfa-14805	154	160	0.061	0.061	NUM
ajfa-14805	154	161	0.079	0.079	NUM
ajfa-14805	154	162	0.095	0.095	NUM
ajfa-14805	154	163	operating	operate	VERB
ajfa-14805	154	164	cash	cash	NOUN
ajfa-14805	154	165	flow	flow	NOUN
ajfa-14805	154	166	variations	variation	NOUN
ajfa-14805	154	167	(	(	PUNCT
ajfa-14805	154	168	cfvit	cfvit	ADJ
ajfa-14805	154	169	)	)	PUNCT
ajfa-14805	154	170	0.436	0.436	NUM
ajfa-14805	154	171	-0.354	-0.354	PUNCT
ajfa-14805	154	172	0.203	0.203	NUM
ajfa-14805	154	173	0.095	0.095	NUM
ajfa-14805	154	174	0.077	0.077	NUM
ajfa-14805	154	175	the	the	DET
ajfa-14805	154	176	ratio	ratio	NOUN
ajfa-14805	154	177	of	of	ADP
ajfa-14805	154	178	working	work	VERB
ajfa-14805	154	179	capital	capital	NOUN
ajfa-14805	154	180	to	to	ADP
ajfa-14805	154	181	asset	asset	NOUN
ajfa-14805	154	182	(	(	PUNCT
ajfa-14805	154	183	nwcit	nwcit	PROPN
ajfa-14805	154	184	)	)	PUNCT
ajfa-14805	154	185	1.102	1.102	NUM
ajfa-14805	154	186	0.204	0.204	NUM
ajfa-14805	154	187	0.207	0.207	NUM
ajfa-14805	154	188	0.662	0.662	NUM
ajfa-14805	154	189	0.667	0.667	NUM
ajfa-14805	154	190	financial	financial	ADJ
ajfa-14805	154	191	leverage	leverage	NOUN
ajfa-14805	154	192	(	(	PUNCT
ajfa-14805	154	193	levit	levit	PROPN
ajfa-14805	154	194	)	)	PUNCT
ajfa-14805	154	195	65	65	NUM
ajfa-14805	154	196	11	11	NUM
ajfa-14805	154	197	12.677	12.677	NUM
ajfa-14805	154	198	40	40	NUM
ajfa-14805	154	199	37.916	37.916	NUM
ajfa-14805	154	200	the	the	DET
ajfa-14805	154	201	age	age	NOUN
ajfa-14805	154	202	of	of	ADP
ajfa-14805	154	203	firm	firm	ADJ
ajfa-14805	154	204	(	(	PUNCT
ajfa-14805	154	205	ageit	ageit	NOUN
ajfa-14805	154	206	)	)	PUNCT
ajfa-14805	154	207	multi	multi	ADJ
ajfa-14805	154	208	-	-	ADJ
ajfa-14805	154	209	linear	linear	ADJ
ajfa-14805	154	210	regression	regression	NOUN
ajfa-14805	154	211	was	be	AUX
ajfa-14805	154	212	used	use	VERB
ajfa-14805	154	213	to	to	PART
ajfa-14805	154	214	test	test	VERB
ajfa-14805	154	215	the	the	DET
ajfa-14805	154	216	hypotheses	hypothesis	NOUN
ajfa-14805	154	217	in	in	ADP
ajfa-14805	154	218	this	this	DET
ajfa-14805	154	219	study	study	NOUN
ajfa-14805	154	220	.	.	PUNCT
ajfa-14805	155	1	in	in	ADP
ajfa-14805	155	2	order	order	NOUN
ajfa-14805	155	3	to	to	PART
ajfa-14805	155	4	be	be	AUX
ajfa-14805	155	5	sure	sure	ADJ
ajfa-14805	155	6	of	of	ADP
ajfa-14805	155	7	interpreting	interpret	VERB
ajfa-14805	155	8	regression	regression	NOUN
ajfa-14805	155	9	relations	relation	NOUN
ajfa-14805	155	10	,	,	PUNCT
ajfa-14805	155	11	the	the	DET
ajfa-14805	155	12	hypotheses	hypothesis	NOUN
ajfa-14805	155	13	of	of	ADP
ajfa-14805	155	14	a	a	DET
ajfa-14805	155	15	regression	regression	NOUN
ajfa-14805	155	16	were	be	AUX
ajfa-14805	155	17	used	use	VERB
ajfa-14805	155	18	.	.	PUNCT
ajfa-14805	156	1	the	the	DET
ajfa-14805	156	2	first	first	ADJ
ajfa-14805	156	3	condition	condition	NOUN
ajfa-14805	156	4	of	of	ADP
ajfa-14805	156	5	using	use	VERB
ajfa-14805	156	6	this	this	DET
ajfa-14805	156	7	regression	regression	NOUN
ajfa-14805	156	8	is	be	AUX
ajfa-14805	156	9	that	that	SCONJ
ajfa-14805	156	10	the	the	DET
ajfa-14805	156	11	error	error	NOUN
ajfa-14805	156	12	distribution	distribution	NOUN
ajfa-14805	156	13	must	must	AUX
ajfa-14805	156	14	involve	involve	VERB
ajfa-14805	156	15	normal	normal	ADJ
ajfa-14805	156	16	distribution	distribution	NOUN
ajfa-14805	156	17	with	with	ADP
ajfa-14805	156	18	a	a	DET
ajfa-14805	156	19	mean	mean	NOUN
ajfa-14805	156	20	of	of	ADP
ajfa-14805	156	21	zero	zero	NUM
ajfa-14805	156	22	.	.	PUNCT
ajfa-14805	157	1	for	for	ADP
ajfa-14805	157	2	this	this	DET
ajfa-14805	157	3	purpose	purpose	NOUN
ajfa-14805	157	4	,	,	PUNCT
ajfa-14805	157	5	the	the	DET
ajfa-14805	157	6	kolmogorov	kolmogorov	ADJ
ajfa-14805	157	7	smirnov	smirnov	PROPN
ajfa-14805	157	8	test	test	NOUN
ajfa-14805	157	9	was	be	AUX
ajfa-14805	157	10	used	use	VERB
ajfa-14805	157	11	.	.	PUNCT
ajfa-14805	158	1	the	the	DET
ajfa-14805	158	2	results	result	NOUN
ajfa-14805	158	3	of	of	ADP
ajfa-14805	158	4	this	this	DET
ajfa-14805	158	5	test	test	NOUN
ajfa-14805	158	6	showed	show	VERB
ajfa-14805	158	7	that	that	SCONJ
ajfa-14805	158	8	the	the	DET
ajfa-14805	158	9	data	data	NOUN
ajfa-14805	158	10	distribution	distribution	NOUN
ajfa-14805	158	11	was	be	AUX
ajfa-14805	158	12	normal	normal	ADJ
ajfa-14805	158	13	.	.	PUNCT
ajfa-14805	159	1	watson	watson	NOUN
ajfa-14805	159	2	-	-	PUNCT
ajfa-14805	159	3	durbin	durbin	ADJ
ajfa-14805	159	4	statistics	statistic	NOUN
ajfa-14805	159	5	was	be	AUX
ajfa-14805	159	6	used	use	VERB
ajfa-14805	159	7	to	to	PART
ajfa-14805	159	8	investigate	investigate	VERB
ajfa-14805	159	9	the	the	DET
ajfa-14805	159	10	lack	lack	NOUN
ajfa-14805	159	11	of	of	ADP
ajfa-14805	159	12	autocorrelation	autocorrelation	NOUN
ajfa-14805	159	13	function	function	NOUN
ajfa-14805	159	14	between	between	ADP
ajfa-14805	159	15	the	the	DET
ajfa-14805	159	16	independent	independent	ADJ
ajfa-14805	159	17	variables	variable	NOUN
ajfa-14805	159	18	.	.	PUNCT
ajfa-14805	160	1	the	the	DET
ajfa-14805	160	2	value	value	NOUN
ajfa-14805	160	3	of	of	ADP
ajfa-14805	160	4	this	this	DET
ajfa-14805	160	5	statistics	statistic	NOUN
ajfa-14805	160	6	is	be	AUX
ajfa-14805	160	7	variable	variable	ADJ
ajfa-14805	160	8	between	between	ADP
ajfa-14805	160	9	0	0	NUM
ajfa-14805	160	10	-	-	SYM
ajfa-14805	160	11	4	4	NUM
ajfa-14805	160	12	.	.	PUNCT
ajfa-14805	161	1	if	if	SCONJ
ajfa-14805	161	2	there	there	PRON
ajfa-14805	161	3	is	be	VERB
ajfa-14805	161	4	not	not	PART
ajfa-14805	161	5	any	any	DET
ajfa-14805	161	6	correlation	correlation	NOUN
ajfa-14805	161	7	between	between	ADP
ajfa-14805	161	8	successive	successive	ADJ
ajfa-14805	161	9	residual	residual	ADJ
ajfa-14805	161	10	,	,	PUNCT
ajfa-14805	161	11	then	then	ADV
ajfa-14805	161	12	the	the	DET
ajfa-14805	161	13	statistics	statistic	NOUN
ajfa-14805	161	14	value	value	NOUN
ajfa-14805	161	15	should	should	AUX
ajfa-14805	161	16	be	be	AUX
ajfa-14805	161	17	near	near	ADP
ajfa-14805	161	18	2	2	NUM
ajfa-14805	161	19	.	.	PUNCT
ajfa-14805	162	1	if	if	SCONJ
ajfa-14805	162	2	the	the	DET
ajfa-14805	162	3	statistics	statistic	NOUN
ajfa-14805	162	4	value	value	NOUN
ajfa-14805	162	5	is	be	AUX
ajfa-14805	162	6	near	near	ADP
ajfa-14805	162	7	zero	zero	NUM
ajfa-14805	162	8	,	,	PUNCT
ajfa-14805	162	9	then	then	ADV
ajfa-14805	162	10	it	it	PRON
ajfa-14805	162	11	shows	show	VERB
ajfa-14805	162	12	a	a	DET
ajfa-14805	162	13	asian	asian	ADJ
ajfa-14805	162	14	journal	journal	NOUN
ajfa-14805	162	15	of	of	ADP
ajfa-14805	162	16	finance	finance	PROPN
ajfa-14805	162	17	&	&	CCONJ
ajfa-14805	162	18	accounting	accounting	PROPN
ajfa-14805	162	19	issn	issn	PROPN
ajfa-14805	162	20	1946	1946	NUM
ajfa-14805	162	21	-	-	PUNCT
ajfa-14805	162	22	052x	052x	PROPN
ajfa-14805	162	23	2019	2019	NUM
ajfa-14805	162	24	,	,	PUNCT
ajfa-14805	162	25	vol	vol	NOUN
ajfa-14805	162	26	.	.	PROPN
ajfa-14805	162	27	11	11	NUM
ajfa-14805	162	28	,	,	PUNCT
ajfa-14805	162	29	no	no	INTJ
ajfa-14805	162	30	.	.	NOUN
ajfa-14805	162	31	1	1	NUM
ajfa-14805	162	32	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14805	162	33	300	300	NUM
ajfa-14805	162	34	positive	positive	ADJ
ajfa-14805	162	35	correlation	correlation	NOUN
ajfa-14805	162	36	between	between	ADP
ajfa-14805	162	37	the	the	DET
ajfa-14805	162	38	residual	residual	ADJ
ajfa-14805	162	39	,	,	PUNCT
ajfa-14805	162	40	and	and	CCONJ
ajfa-14805	162	41	if	if	SCONJ
ajfa-14805	162	42	it	it	PRON
ajfa-14805	162	43	is	be	AUX
ajfa-14805	162	44	near	near	ADP
ajfa-14805	162	45	4	4	NUM
ajfa-14805	162	46	,	,	PUNCT
ajfa-14805	162	47	then	then	ADV
ajfa-14805	162	48	it	it	PRON
ajfa-14805	162	49	shows	show	VERB
ajfa-14805	162	50	a	a	DET
ajfa-14805	162	51	negative	negative	ADJ
ajfa-14805	162	52	correlation	correlation	NOUN
ajfa-14805	162	53	between	between	ADP
ajfa-14805	162	54	the	the	DET
ajfa-14805	162	55	successive	successive	ADJ
ajfa-14805	162	56	residual	residual	NOUN
ajfa-14805	162	57	.	.	PUNCT
ajfa-14805	163	1	generally	generally	ADV
ajfa-14805	163	2	,	,	PUNCT
ajfa-14805	163	3	if	if	SCONJ
ajfa-14805	163	4	watson	watson	NOUN
ajfa-14805	163	5	-	-	PUNCT
ajfa-14805	163	6	durbin	durbin	ADJ
ajfa-14805	163	7	statistics	statistic	NOUN
ajfa-14805	163	8	is	be	AUX
ajfa-14805	163	9	between	between	ADP
ajfa-14805	163	10	1.5	1.5	NUM
ajfa-14805	163	11	and	and	CCONJ
ajfa-14805	163	12	2.5	2.5	NUM
ajfa-14805	163	13	,	,	PUNCT
ajfa-14805	163	14	then	then	ADV
ajfa-14805	163	15	the	the	DET
ajfa-14805	163	16	hypothesis	hypothesis	NOUN
ajfa-14805	163	17	including	include	VERB
ajfa-14805	163	18	lack	lack	NOUN
ajfa-14805	163	19	of	of	ADP
ajfa-14805	163	20	correlation	correlation	NOUN
ajfa-14805	163	21	between	between	ADP
ajfa-14805	163	22	the	the	DET
ajfa-14805	163	23	model	model	NOUN
ajfa-14805	163	24	errors	error	NOUN
ajfa-14805	163	25	can	can	AUX
ajfa-14805	163	26	be	be	AUX
ajfa-14805	163	27	accepted	accept	VERB
ajfa-14805	163	28	.	.	PUNCT
ajfa-14805	164	1	variance	variance	NOUN
ajfa-14805	164	2	inflation	inflation	NOUN
ajfa-14805	164	3	factor	factor	NOUN
ajfa-14805	164	4	(	(	PUNCT
ajfa-14805	164	5	vif	vif	NOUN
ajfa-14805	164	6	)	)	PUNCT
ajfa-14805	164	7	was	be	AUX
ajfa-14805	164	8	used	use	VERB
ajfa-14805	164	9	to	to	PART
ajfa-14805	164	10	investigate	investigate	VERB
ajfa-14805	164	11	the	the	DET
ajfa-14805	164	12	linear	linear	ADJ
ajfa-14805	164	13	relation	relation	NOUN
ajfa-14805	164	14	between	between	ADP
ajfa-14805	164	15	the	the	DET
ajfa-14805	164	16	independent	independent	ADJ
ajfa-14805	164	17	variables	variable	NOUN
ajfa-14805	164	18	.	.	PUNCT
ajfa-14805	165	1	when	when	SCONJ
ajfa-14805	165	2	the	the	DET
ajfa-14805	165	3	variance	variance	NOUN
ajfa-14805	165	4	inflation	inflation	NOUN
ajfa-14805	165	5	factor	factor	NOUN
ajfa-14805	165	6	increases	increase	VERB
ajfa-14805	165	7	,	,	PUNCT
ajfa-14805	165	8	it	it	PRON
ajfa-14805	165	9	results	result	VERB
ajfa-14805	165	10	in	in	ADP
ajfa-14805	165	11	increasing	increase	VERB
ajfa-14805	165	12	coefficient	coefficient	NOUN
ajfa-14805	165	13	variances	variance	NOUN
ajfa-14805	165	14	,	,	PUNCT
ajfa-14805	165	15	and	and	CCONJ
ajfa-14805	165	16	it	it	PRON
ajfa-14805	165	17	makes	make	VERB
ajfa-14805	165	18	regression	regression	NOUN
ajfa-14805	165	19	unsuitable	unsuitable	ADJ
ajfa-14805	165	20	for	for	ADP
ajfa-14805	165	21	prediction	prediction	NOUN
ajfa-14805	165	22	.	.	PUNCT
ajfa-14805	166	1	the	the	DET
ajfa-14805	166	2	practical	practical	ADJ
ajfa-14805	166	3	experiments	experiment	NOUN
ajfa-14805	166	4	demonstrate	demonstrate	VERB
ajfa-14805	166	5	that	that	SCONJ
ajfa-14805	166	6	if	if	SCONJ
ajfa-14805	166	7	vif	vif	NOUN
ajfa-14805	166	8	is	be	AUX
ajfa-14805	166	9	larger	large	ADJ
ajfa-14805	166	10	than	than	ADP
ajfa-14805	166	11	5	5	NUM
ajfa-14805	166	12	,	,	PUNCT
ajfa-14805	166	13	then	then	ADV
ajfa-14805	166	14	there	there	PRON
ajfa-14805	166	15	is	be	VERB
ajfa-14805	166	16	a	a	DET
ajfa-14805	166	17	probable	probable	ADJ
ajfa-14805	166	18	warning	warning	NOUN
ajfa-14805	166	19	,	,	PUNCT
ajfa-14805	166	20	and	and	CCONJ
ajfa-14805	166	21	if	if	SCONJ
ajfa-14805	166	22	it	it	PRON
ajfa-14805	166	23	is	be	AUX
ajfa-14805	166	24	larger	large	ADJ
ajfa-14805	166	25	than	than	ADP
ajfa-14805	166	26	10	10	NUM
ajfa-14805	166	27	,	,	PUNCT
ajfa-14805	166	28	then	then	ADV
ajfa-14805	166	29	it	it	PRON
ajfa-14805	166	30	reminds	remind	VERB
ajfa-14805	166	31	a	a	DET
ajfa-14805	166	32	serious	serious	ADJ
ajfa-14805	166	33	wearing	wearing	NOUN
ajfa-14805	166	34	.	.	PUNCT
ajfa-14805	167	1	this	this	PRON
ajfa-14805	167	2	shows	show	VERB
ajfa-14805	167	3	that	that	SCONJ
ajfa-14805	167	4	regression	regression	NOUN
ajfa-14805	167	5	coefficients	coefficient	NOUN
ajfa-14805	167	6	related	relate	VERB
ajfa-14805	167	7	to	to	ADP
ajfa-14805	167	8	multiple	multiple	ADJ
ajfa-14805	167	9	linear	linear	ADJ
ajfa-14805	167	10	relations	relation	NOUN
ajfa-14805	167	11	are	be	AUX
ajfa-14805	167	12	weakly	weakly	ADV
ajfa-14805	167	13	estimated	estimate	VERB
ajfa-14805	167	14	.	.	PUNCT
ajfa-14805	168	1	when	when	SCONJ
ajfa-14805	168	2	dispersion	dispersion	NOUN
ajfa-14805	168	3	is	be	AUX
ajfa-14805	168	4	near	near	ADP
ajfa-14805	168	5	zero	zero	NUM
ajfa-14805	168	6	,	,	PUNCT
ajfa-14805	168	7	then	then	ADV
ajfa-14805	168	8	the	the	DET
ajfa-14805	168	9	higher	high	ADJ
ajfa-14805	168	10	multi	multi	ADJ
ajfa-14805	168	11	linear	linear	ADJ
ajfa-14805	168	12	correlation	correlation	NOUN
ajfa-14805	168	13	exists	exist	VERB
ajfa-14805	168	14	,	,	PUNCT
ajfa-14805	168	15	and	and	CCONJ
ajfa-14805	168	16	inflation	inflation	NOUN
ajfa-14805	168	17	of	of	ADP
ajfa-14805	168	18	regression	regression	NOUN
ajfa-14805	168	19	of	of	ADP
ajfa-14805	168	20	the	the	DET
ajfa-14805	168	21	standard	standard	ADJ
ajfa-14805	168	22	deviation	deviation	NOUN
ajfa-14805	168	23	occurs	occur	VERB
ajfa-14805	168	24	.	.	PUNCT
ajfa-14805	169	1	table	table	NOUN
ajfa-14805	169	2	2	2	NUM
ajfa-14805	169	3	.	.	PUNCT
ajfa-14805	169	4	test	test	NOUN
ajfa-14805	169	5	results	result	NOUN
ajfa-14805	169	6	of	of	ADP
ajfa-14805	169	7	hausman	hausman	PROPN
ajfa-14805	169	8	&	&	CCONJ
ajfa-14805	169	9	f	f	PROPN
ajfa-14805	169	10	limer	limer	PROPN
ajfa-14805	169	11	hausman	hausman	PROPN
ajfa-14805	169	12	test	test	NOUN
ajfa-14805	169	13	results	result	NOUN
ajfa-14805	169	14	chav	chav	PROPN
ajfa-14805	169	15	test	test	NOUN
ajfa-14805	169	16	results	result	NOUN
ajfa-14805	169	17	test	test	NOUN
ajfa-14805	169	18	result	result	PROPN
ajfa-14805	169	19	significa	significa	PROPN
ajfa-14805	169	20	nce	nce	PROPN
ajfa-14805	169	21	level	level	PROPN
ajfa-14805	169	22	statisti	statisti	VERB
ajfa-14805	170	1	cs	cs	PROPN
ajfa-14805	170	2	signifi	signifi	PROPN
ajfa-14805	170	3	cance	cance	PROPN
ajfa-14805	170	4	level	level	NOUN
ajfa-14805	170	5	statisti	statisti	VERB
ajfa-14805	170	6	cs	cs	PROPN
ajfa-14805	170	7	model	model	NOUN
ajfa-14805	170	8	polling	polling	NOUN
ajfa-14805	170	9	methodfixed	methodfixe	VERB
ajfa-14805	170	10	effects	effect	NOUN
ajfa-14805	170	11	0.000	0.000	NUM
ajfa-14805	170	12	26.307	26.307	NUM
ajfa-14805	170	13	crosssection	crosssection	NOUN
ajfa-14805	170	14	random	random	ADJ
ajfa-14805	170	15	effects	effect	NOUN
ajfa-14805	170	16	0.000	0.000	NUM
ajfa-14805	170	17	1.986	1.986	NUM
ajfa-14805	170	18	crosssection	crosssection	NOUN
ajfa-14805	170	19	fixed	fix	VERB
ajfa-14805	170	20	effects	effect	NOUN
ajfa-14805	170	21	research	research	NOUN
ajfa-14805	170	22	model	model	NOUN
ajfa-14805	170	23	(	(	PUNCT
ajfa-14805	170	24	1	1	NUM
ajfa-14805	170	25	)	)	PUNCT
ajfa-14805	170	26	panel	panel	NOUN
ajfa-14805	170	27	methodfixed	methodfixe	VERB
ajfa-14805	170	28	effects	effect	NOUN
ajfa-14805	170	29	0.000	0.000	NUM
ajfa-14805	170	30	22.424	22.424	NUM
ajfa-14805	170	31	crosssection	crosssection	NOUN
ajfa-14805	170	32	random	random	ADJ
ajfa-14805	170	33	effects	effect	NOUN
ajfa-14805	170	34	0.000	0.000	NUM
ajfa-14805	170	35	1.737	1.737	NUM
ajfa-14805	170	36	crosssection	crosssection	NOUN
ajfa-14805	170	37	fixed	fix	VERB
ajfa-14805	170	38	effects	effect	NOUN
ajfa-14805	170	39	research	research	NOUN
ajfa-14805	170	40	model	model	NOUN
ajfa-14805	170	41	(	(	PUNCT
ajfa-14805	170	42	2	2	NUM
ajfa-14805	170	43	)	)	PUNCT
ajfa-14805	170	44	in	in	ADP
ajfa-14805	170	45	order	order	NOUN
ajfa-14805	170	46	to	to	PART
ajfa-14805	170	47	select	select	VERB
ajfa-14805	170	48	the	the	DET
ajfa-14805	170	49	model	model	NOUN
ajfa-14805	170	50	of	of	ADP
ajfa-14805	170	51	data	datum	NOUN
ajfa-14805	170	52	analysis	analysis	NOUN
ajfa-14805	170	53	,	,	PUNCT
ajfa-14805	170	54	data	datum	NOUN
ajfa-14805	170	55	can	can	AUX
ajfa-14805	170	56	be	be	AUX
ajfa-14805	170	57	considered	consider	VERB
ajfa-14805	170	58	as	as	ADP
ajfa-14805	170	59	series	series	NOUN
ajfa-14805	170	60	,	,	PUNCT
ajfa-14805	170	61	cross	cross	ADJ
ajfa-14805	170	62	-	-	ADJ
ajfa-14805	170	63	sectional	sectional	ADJ
ajfa-14805	170	64	or	or	CCONJ
ajfa-14805	170	65	panel	panel	NOUN
ajfa-14805	170	66	.	.	PUNCT
ajfa-14805	171	1	since	since	SCONJ
ajfa-14805	171	2	the	the	DET
ajfa-14805	171	3	data	datum	NOUN
ajfa-14805	171	4	of	of	ADP
ajfa-14805	171	5	this	this	DET
ajfa-14805	171	6	research	research	NOUN
ajfa-14805	171	7	was	be	AUX
ajfa-14805	171	8	panel	panel	NOUN
ajfa-14805	171	9	,	,	PUNCT
ajfa-14805	171	10	then	then	ADV
ajfa-14805	171	11	it	it	PRON
ajfa-14805	171	12	should	should	AUX
ajfa-14805	171	13	be	be	AUX
ajfa-14805	171	14	specified	specify	VERB
ajfa-14805	171	15	that	that	SCONJ
ajfa-14805	171	16	whether	whether	SCONJ
ajfa-14805	171	17	they	they	PRON
ajfa-14805	171	18	were	be	AUX
ajfa-14805	171	19	panel	panel	NOUN
ajfa-14805	171	20	or	or	CCONJ
ajfa-14805	171	21	pooling	pooling	NOUN
ajfa-14805	171	22	.	.	PUNCT
ajfa-14805	172	1	for	for	ADP
ajfa-14805	172	2	this	this	DET
ajfa-14805	172	3	purpose	purpose	NOUN
ajfa-14805	172	4	,	,	PUNCT
ajfa-14805	172	5	the	the	DET
ajfa-14805	172	6	chav	chav	NOUN
ajfa-14805	172	7	test	test	NOUN
ajfa-14805	172	8	was	be	AUX
ajfa-14805	172	9	used	use	VERB
ajfa-14805	172	10	,	,	PUNCT
ajfa-14805	172	11	as	as	SCONJ
ajfa-14805	172	12	given	give	VERB
ajfa-14805	172	13	in	in	ADP
ajfa-14805	172	14	table	table	NOUN
ajfa-14805	172	15	2	2	NUM
ajfa-14805	172	16	.	.	PUNCT
ajfa-14805	173	1	the	the	DET
ajfa-14805	173	2	panel	panel	NOUN
ajfa-14805	173	3	method	method	NOUN
ajfa-14805	173	4	is	be	AUX
ajfa-14805	173	5	used	use	VERB
ajfa-14805	173	6	for	for	ADP
ajfa-14805	173	7	observations	observation	NOUN
ajfa-14805	173	8	where	where	SCONJ
ajfa-14805	173	9	test	test	NOUN
ajfa-14805	173	10	probability	probability	NOUN
ajfa-14805	173	11	is	be	AUX
ajfa-14805	173	12	higher	high	ADJ
ajfa-14805	173	13	than	than	ADP
ajfa-14805	173	14	5	5	NUM
ajfa-14805	173	15	%	%	NOUN
ajfa-14805	173	16	,	,	PUNCT
ajfa-14805	173	17	while	while	SCONJ
ajfa-14805	173	18	polling	polling	NOUN
ajfa-14805	173	19	method	method	NOUN
ajfa-14805	173	20	is	be	AUX
ajfa-14805	173	21	used	use	VERB
ajfa-14805	173	22	to	to	PART
ajfa-14805	173	23	estimate	estimate	VERB
ajfa-14805	173	24	the	the	DET
ajfa-14805	173	25	model	model	NOUN
ajfa-14805	173	26	for	for	ADP
ajfa-14805	173	27	observations	observation	NOUN
ajfa-14805	173	28	where	where	SCONJ
ajfa-14805	173	29	test	test	NOUN
ajfa-14805	173	30	probability	probability	NOUN
ajfa-14805	173	31	is	be	AUX
ajfa-14805	173	32	less	less	ADJ
ajfa-14805	173	33	than	than	ADP
ajfa-14805	173	34	5	5	NUM
ajfa-14805	173	35	%	%	NOUN
ajfa-14805	173	36	.	.	PUNCT
ajfa-14805	174	1	the	the	DET
ajfa-14805	174	2	polling	polling	NOUN
ajfa-14805	174	3	method	method	NOUN
ajfa-14805	174	4	can	can	AUX
ajfa-14805	174	5	be	be	AUX
ajfa-14805	174	6	performed	perform	VERB
ajfa-14805	174	7	by	by	ADP
ajfa-14805	174	8	using	use	VERB
ajfa-14805	174	9	two	two	NUM
ajfa-14805	174	10	models	model	NOUN
ajfa-14805	174	11	of	of	ADP
ajfa-14805	174	12	“	"	PUNCT
ajfa-14805	174	13	fixed	fix	VERB
ajfa-14805	174	14	effects	effect	NOUN
ajfa-14805	174	15	”	"	PUNCT
ajfa-14805	174	16	and	and	CCONJ
ajfa-14805	174	17	“	"	PUNCT
ajfa-14805	174	18	random	random	ADJ
ajfa-14805	174	19	effects	effect	NOUN
ajfa-14805	174	20	”	"	PUNCT
ajfa-14805	174	21	.	.	PUNCT
ajfa-14805	175	1	in	in	ADP
ajfa-14805	175	2	order	order	NOUN
ajfa-14805	175	3	to	to	PART
ajfa-14805	175	4	determine	determine	VERB
ajfa-14805	175	5	which	which	DET
ajfa-14805	175	6	model	model	NOUN
ajfa-14805	175	7	can	can	AUX
ajfa-14805	175	8	be	be	AUX
ajfa-14805	175	9	used	use	VERB
ajfa-14805	175	10	,	,	PUNCT
ajfa-14805	175	11	hausman	hausman	ADJ
ajfa-14805	175	12	test	test	NOUN
ajfa-14805	175	13	was	be	AUX
ajfa-14805	175	14	used	use	VERB
ajfa-14805	175	15	.	.	PUNCT
ajfa-14805	176	1	the	the	DET
ajfa-14805	176	2	model	model	NOUN
ajfa-14805	176	3	of	of	ADP
ajfa-14805	176	4	fixed	fix	VERB
ajfa-14805	176	5	effects	effect	NOUN
ajfa-14805	176	6	was	be	AUX
ajfa-14805	176	7	used	use	VERB
ajfa-14805	176	8	for	for	ADP
ajfa-14805	176	9	observations	observation	NOUN
ajfa-14805	176	10	where	where	SCONJ
ajfa-14805	176	11	test	test	NOUN
ajfa-14805	176	12	probability	probability	NOUN
ajfa-14805	176	13	is	be	AUX
ajfa-14805	176	14	than	than	ADP
ajfa-14805	176	15	less	less	ADJ
ajfa-14805	176	16	5	5	NUM
ajfa-14805	176	17	%	%	NOUN
ajfa-14805	176	18	,	,	PUNCT
ajfa-14805	176	19	and	and	CCONJ
ajfa-14805	176	20	the	the	DET
ajfa-14805	176	21	model	model	NOUN
ajfa-14805	176	22	of	of	ADP
ajfa-14805	176	23	random	random	ADJ
ajfa-14805	176	24	was	be	AUX
ajfa-14805	176	25	used	use	VERB
ajfa-14805	176	26	for	for	ADP
ajfa-14805	176	27	observations	observation	NOUN
ajfa-14805	176	28	where	where	SCONJ
ajfa-14805	176	29	test	test	NOUN
ajfa-14805	176	30	probability	probability	NOUN
ajfa-14805	176	31	is	be	AUX
ajfa-14805	176	32	more	more	ADJ
ajfa-14805	176	33	than	than	ADP
ajfa-14805	176	34	5	5	NUM
ajfa-14805	176	35	%	%	NOUN
ajfa-14805	176	36	.	.	PUNCT
ajfa-14805	177	1	as	as	SCONJ
ajfa-14805	177	2	it	it	PRON
ajfa-14805	177	3	was	be	AUX
ajfa-14805	177	4	observed	observe	VERB
ajfa-14805	177	5	,	,	PUNCT
ajfa-14805	177	6	with	with	ADP
ajfa-14805	177	7	regard	regard	NOUN
ajfa-14805	177	8	to	to	ADP
ajfa-14805	177	9	the	the	DET
ajfa-14805	177	10	obtained	obtain	VERB
ajfa-14805	177	11	level	level	NOUN
ajfa-14805	177	12	and	and	CCONJ
ajfa-14805	177	13	the	the	DET
ajfa-14805	177	14	significance	significance	NOUN
ajfa-14805	177	15	level	level	NOUN
ajfa-14805	177	16	accepted	accept	VERB
ajfa-14805	177	17	as	as	ADP
ajfa-14805	177	18	5	5	NUM
ajfa-14805	177	19	%	%	NOUN
ajfa-14805	177	20	,	,	PUNCT
ajfa-14805	177	21	the	the	DET
ajfa-14805	177	22	results	result	NOUN
ajfa-14805	177	23	indicate	indicate	VERB
ajfa-14805	177	24	that	that	SCONJ
ajfa-14805	177	25	polling	polling	NOUN
ajfa-14805	177	26	model	model	NOUN
ajfa-14805	177	27	was	be	AUX
ajfa-14805	177	28	used	use	VERB
ajfa-14805	177	29	for	for	ADP
ajfa-14805	177	30	both	both	DET
ajfa-14805	177	31	models	model	NOUN
ajfa-14805	177	32	1	1	NUM
ajfa-14805	177	33	and	and	CCONJ
ajfa-14805	177	34	2	2	NUM
ajfa-14805	177	35	by	by	ADP
ajfa-14805	177	36	considering	consider	VERB
ajfa-14805	177	37	fixed	fix	VERB
ajfa-14805	177	38	effects	effect	NOUN
ajfa-14805	177	39	.	.	PUNCT
ajfa-14805	178	1	asian	asian	ADJ
ajfa-14805	178	2	journal	journal	PROPN
ajfa-14805	178	3	of	of	ADP
ajfa-14805	178	4	finance	finance	PROPN
ajfa-14805	178	5	&	&	CCONJ
ajfa-14805	178	6	accounting	accounting	PROPN
ajfa-14805	178	7	issn	issn	PROPN
ajfa-14805	178	8	1946	1946	NUM
ajfa-14805	178	9	-	-	PUNCT
ajfa-14805	178	10	052x	052x	PROPN
ajfa-14805	178	11	2019	2019	NUM
ajfa-14805	178	12	,	,	PUNCT
ajfa-14805	178	13	vol	vol	NOUN
ajfa-14805	178	14	.	.	PROPN
ajfa-14805	178	15	11	11	NUM
ajfa-14805	178	16	,	,	PUNCT
ajfa-14805	178	17	no	no	INTJ
ajfa-14805	178	18	.	.	NOUN
ajfa-14805	178	19	1	1	NUM
ajfa-14805	178	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14805	178	21	301	301	NUM
ajfa-14805	178	22	table	table	NOUN
ajfa-14805	178	23	3	3	NUM
ajfa-14805	178	24	.	.	PUNCT
ajfa-14805	178	25	test	test	NOUN
ajfa-14805	178	26	results	result	NOUN
ajfa-14805	178	27	of	of	ADP
ajfa-14805	178	28	statistical	statistical	ADJ
ajfa-14805	178	29	analysis	analysis	NOUN
ajfa-14805	178	30	for	for	ADP
ajfa-14805	178	31	the	the	DET
ajfa-14805	178	32	first	first	ADJ
ajfa-14805	178	33	to	to	ADP
ajfa-14805	178	34	fourth	fourth	ADJ
ajfa-14805	178	35	sub	sub	NOUN
ajfa-14805	178	36	-	-	ADJ
ajfa-14805	178	37	hypotheses	hypothesis	NOUN
ajfa-14805	178	38	cashit	cashit	NOUN
ajfa-14805	178	39	-	-	PUNCT
ajfa-14805	178	40	cashit-1=	cashit-1=	ADJ
ajfa-14805	178	41	λ(cashit	λ(cashit	NOUN
ajfa-14805	178	42	*	*	NOUN
ajfa-14805	178	43	-cashit-1	-cashit-1	ADJ
ajfa-14805	178	44	)	)	PUNCT
ajfa-14805	179	1	+	+	CCONJ
ajfa-14805	179	2	β1(cashit	β1(cashit	ADJ
ajfa-14805	179	3	*	*	ADJ
ajfa-14805	179	4	-cashit-1	-cashit-1	ADJ
ajfa-14805	179	5	)	)	PUNCT
ajfa-14805	179	6	×	×	NOUN
ajfa-14805	179	7	entrenchmentit	entrenchmentit	NOUN
ajfa-14805	179	8	+	+	CCONJ
ajfa-14805	179	9	β2(cashit	β2(cashit	X
ajfa-14805	179	10	*	*	PUNCT
ajfa-14805	179	11	cashit-1	cashit-1	NUM
ajfa-14805	179	12	)	)	PUNCT
ajfa-14805	179	13	×	×	NOUN
ajfa-14805	179	14	control	control	NOUN
ajfa-14805	179	15	variableit	variableit	NOUN
ajfa-14805	179	16	+	+	CCONJ
ajfa-14805	179	17	εit	εit	VERB
ajfa-14805	179	18	dependent	dependent	ADJ
ajfa-14805	179	19	variable	variable	NOUN
ajfa-14805	179	20	:	:	PUNCT
ajfa-14805	179	21	cash	cash	NOUN
ajfa-14805	179	22	holding	hold	VERB
ajfa-14805	179	23	adjustments	adjustment	NOUN
ajfa-14805	179	24	vif	vif	NOUN
ajfa-14805	179	25	significance	significance	NOUN
ajfa-14805	179	26	level	level	NOUN
ajfa-14805	179	27	t	t	PROPN
ajfa-14805	179	28	-	-	PUNCT
ajfa-14805	179	29	statistics	statistic	NOUN
ajfa-14805	179	30	standard	standard	ADJ
ajfa-14805	179	31	error	error	NOUN
ajfa-14805	179	32	coefficient	coefficient	NOUN
ajfa-14805	179	33	variable	variable	ADJ
ajfa-14805	179	34	0.000	0.000	NUM
ajfa-14805	179	35	7.999	7.999	NUM
ajfa-14805	179	36	0.001	0.001	NUM
ajfa-14805	179	37	0.008	0.008	NUM
ajfa-14805	179	38	fixed	fix	VERB
ajfa-14805	179	39	value	value	NOUN
ajfa-14805	179	40	1.004	1.004	NUM
ajfa-14805	179	41	0.026	0.026	NUM
ajfa-14805	179	42	-2.216	-2.216	NUM
ajfa-14805	179	43	0.0001	0.0001	NUM
ajfa-14805	179	44	-0.0004	-0.0004	NOUN
ajfa-14805	179	45	)	)	PUNCT
ajfa-14805	179	46	1	1	NUM
ajfa-14805	179	47	-	-	SYM
ajfa-14805	179	48	itcash-	itcash-	NOUN
ajfa-14805	179	49	*	*	NOUN
ajfa-14805	179	50	itλ(cash	itλ(cash	NOUN
ajfa-14805	179	51	1.266	1.266	NUM
ajfa-14805	179	52	0.676	0.676	NUM
ajfa-14805	179	53	-0.417	-0.417	ADV
ajfa-14805	179	54	0.109	0.109	NUM
ajfa-14805	179	55	-0.045	-0.045	PUNCT
ajfa-14805	179	56	)	)	PUNCT
ajfa-14805	179	57	×	×	NOUN
ajfa-14805	179	58	1	1	NUM
ajfa-14805	179	59	-	-	PUNCT
ajfa-14805	179	60	itcash-	itcash-	NOUN
ajfa-14805	179	61	*	*	NOUN
ajfa-14805	179	62	it(cash	it(cash	PROPN
ajfa-14805	179	63	itduality	itduality	NOUN
ajfa-14805	179	64	1.797	1.797	NUM
ajfa-14805	179	65	0.008	0.008	NUM
ajfa-14805	179	66	2.629	2.629	NUM
ajfa-14805	179	67	0.009	0.009	NUM
ajfa-14805	179	68	0.023	0.023	NUM
ajfa-14805	179	69	)	)	PUNCT
ajfa-14805	179	70	×	×	NOUN
ajfa-14805	179	71	1	1	NUM
ajfa-14805	179	72	-	-	PUNCT
ajfa-14805	179	73	itcash-	itcash-	NOUN
ajfa-14805	179	74	*	*	NOUN
ajfa-14805	179	75	it(cash	it(cash	PROPN
ajfa-14805	179	76	itreward	itreward	VERB
ajfa-14805	179	77	3.029	3.029	NUM
ajfa-14805	179	78	0.629	0.629	NUM
ajfa-14805	179	79	0.483	0.483	NUM
ajfa-14805	179	80	0.136	0.136	NUM
ajfa-14805	179	81	0.065	0.065	NUM
ajfa-14805	179	82	)	)	PUNCT
ajfa-14805	179	83	×	×	NOUN
ajfa-14805	179	84	1	1	NUM
ajfa-14805	179	85	-	-	PUNCT
ajfa-14805	179	86	itcash-	itcash-	NOUN
ajfa-14805	179	87	*	*	NOUN
ajfa-14805	179	88	it(cash	it(cash	PROPN
ajfa-14805	179	89	itdummy_div	itdummy_div	NUM
ajfa-14805	179	90	1.344	1.344	NUM
ajfa-14805	179	91	0.001	0.001	NUM
ajfa-14805	179	92	3.309	3.309	NUM
ajfa-14805	179	93	0.250	0.250	NUM
ajfa-14805	179	94	0.830	0.830	NUM
ajfa-14805	179	95	)	)	PUNCT
ajfa-14805	179	96	×	×	NOUN
ajfa-14805	179	97	1	1	NUM
ajfa-14805	179	98	-	-	PUNCT
ajfa-14805	179	99	itcash-	itcash-	NOUN
ajfa-14805	179	100	*	*	NOUN
ajfa-14805	179	101	it(cash	it(cash	PROPN
ajfa-14805	179	102	itover_investment_risk	itover_investment_risk	NOUN
ajfa-14805	179	103	1.070	1.070	NUM
ajfa-14805	179	104	0.000	0.000	NUM
ajfa-14805	179	105	-11.384	-11.384	PROPN
ajfa-14805	179	106	0.001	0.001	NUM
ajfa-14805	179	107	-0.22	-0.22	NOUN
ajfa-14805	179	108	)	)	PUNCT
ajfa-14805	179	109	×	×	NOUN
ajfa-14805	179	110	1	1	NUM
ajfa-14805	179	111	-	-	PUNCT
ajfa-14805	179	112	itcash-	itcash-	NOUN
ajfa-14805	179	113	*	*	NOUN
ajfa-14805	179	114	it(cash	it(cash	PRON
ajfa-14805	179	115	itsize	itsize	VERB
ajfa-14805	179	116	5.387	5.387	NUM
ajfa-14805	179	117	0.106	0.106	NUM
ajfa-14805	179	118	1.615	1.615	NUM
ajfa-14805	179	119	0.048	0.048	NUM
ajfa-14805	179	120	0.078	0.078	NUM
ajfa-14805	179	121	)	)	PUNCT
ajfa-14805	179	122	×	×	NOUN
ajfa-14805	179	123	1	1	NUM
ajfa-14805	179	124	-	-	PUNCT
ajfa-14805	179	125	itcash-	itcash-	NOUN
ajfa-14805	179	126	*	*	NOUN
ajfa-14805	179	127	it(cash	it(cash	PROPN
ajfa-14805	179	128	itqtobin	itqtobin	NOUN
ajfa-14805	179	129	1.052	1.052	NUM
ajfa-14805	179	130	0.695	0.695	NUM
ajfa-14805	179	131	-0.390	-0.390	SYM
ajfa-14805	179	132	0.099	0.099	NUM
ajfa-14805	179	133	-0.039	-0.039	X
ajfa-14805	179	134	it)×cfv1	it)×cfv1	PROPN
ajfa-14805	179	135	-	-	PUNCT
ajfa-14805	179	136	itcash-	itcash-	NOUN
ajfa-14805	179	137	*	*	NOUN
ajfa-14805	179	138	it(cash	it(cash	PROPN
ajfa-14805	179	139	3.092	3.092	NUM
ajfa-14805	179	140	0.533	0.533	NUM
ajfa-14805	179	141	0.623	0.623	NUM
ajfa-14805	179	142	0.170	0.170	NUM
ajfa-14805	179	143	0.106	0.106	NUM
ajfa-14805	179	144	it)×nwc1	it)×nwc1	PROPN
ajfa-14805	179	145	-	-	PUNCT
ajfa-14805	179	146	itcash-	itcash-	NOUN
ajfa-14805	179	147	*	*	NOUN
ajfa-14805	180	1	it(cash	it(cash	PROPN
ajfa-14805	181	1	1.229	1.229	NUM
ajfa-14805	181	2	0.027	0.027	NUM
ajfa-14805	181	3	2.214	2.214	NUM
ajfa-14805	181	4	0.140	0.140	NUM
ajfa-14805	181	5	0.311	0.311	NUM
ajfa-14805	181	6	it)×lev1	it)×lev1	NOUN
ajfa-14805	181	7	-	-	PUNCT
ajfa-14805	181	8	itcash-	itcash-	NOUN
ajfa-14805	181	9	*	*	NOUN
ajfa-14805	181	10	it(cash	it(cash	VERB
ajfa-14805	181	11	9.969	9.969	NUM
ajfa-14805	181	12	0.615	0.615	NUM
ajfa-14805	181	13	0.502	0.502	NUM
ajfa-14805	181	14	0.002	0.002	NUM
ajfa-14805	181	15	0.001	0.001	NUM
ajfa-14805	181	16	it)×age1	it)×age1	NUM
ajfa-14805	181	17	-	-	PUNCT
ajfa-14805	181	18	itcash-	itcash-	NOUN
ajfa-14805	181	19	*	*	NOUN
ajfa-14805	182	1	it(cash	it(cash	PROPN
ajfa-14805	182	2	30.250	30.250	NUM
ajfa-14805	182	3	f	f	PROPN
ajfa-14805	182	4	statistics	statistic	NOUN
ajfa-14805	182	5	0.277	0.277	NUM
ajfa-14805	182	6	r2	r2	NOUN
ajfa-14805	182	7	-	-	PUNCT
ajfa-14805	182	8	adjusted	adjust	VERB
ajfa-14805	182	9	coefficient	coefficient	NOUN
ajfa-14805	182	10	0.000	0.000	NUM
ajfa-14805	182	11	significance	significance	NOUN
ajfa-14805	182	12	level	level	VERB
ajfa-14805	182	13	2.093	2.093	NUM
ajfa-14805	182	14	durbin	durbin	ADJ
ajfa-14805	182	15	-	-	PUNCT
ajfa-14805	182	16	watson	watson	PROPN
ajfa-14805	182	17	statistics	statistics	PROPN
ajfa-14805	182	18	asian	asian	PROPN
ajfa-14805	182	19	journal	journal	PROPN
ajfa-14805	182	20	of	of	ADP
ajfa-14805	182	21	finance	finance	PROPN
ajfa-14805	182	22	&	&	CCONJ
ajfa-14805	182	23	accounting	accounting	PROPN
ajfa-14805	182	24	issn	issn	PROPN
ajfa-14805	182	25	1946	1946	NUM
ajfa-14805	182	26	-	-	PUNCT
ajfa-14805	182	27	052x	052x	PROPN
ajfa-14805	182	28	2019	2019	NUM
ajfa-14805	182	29	,	,	PUNCT
ajfa-14805	182	30	vol	vol	NOUN
ajfa-14805	182	31	.	.	PROPN
ajfa-14805	182	32	11	11	NUM
ajfa-14805	182	33	,	,	PUNCT
ajfa-14805	182	34	no	no	INTJ
ajfa-14805	182	35	.	.	NOUN
ajfa-14805	182	36	1	1	NUM
ajfa-14805	182	37	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14805	182	38	302	302	NUM
ajfa-14805	182	39	table	table	NOUN
ajfa-14805	182	40	4	4	NUM
ajfa-14805	182	41	.	.	PUNCT
ajfa-14805	182	42	test	test	NOUN
ajfa-14805	182	43	results	result	NOUN
ajfa-14805	182	44	of	of	ADP
ajfa-14805	182	45	statistical	statistical	ADJ
ajfa-14805	182	46	analysis	analysis	NOUN
ajfa-14805	182	47	for	for	ADP
ajfa-14805	182	48	the	the	DET
ajfa-14805	182	49	fifth	fifth	ADJ
ajfa-14805	182	50	to	to	PART
ajfa-14805	182	51	eighth	eighth	ADJ
ajfa-14805	182	52	sub	sub	NOUN
ajfa-14805	182	53	-	-	ADJ
ajfa-14805	182	54	hypotheses	hypothesis	NOUN
ajfa-14805	182	55	cashit	cashit	NOUN
ajfa-14805	182	56	-	-	PUNCT
ajfa-14805	182	57	cashit-1=	cashit-1=	ADJ
ajfa-14805	182	58	λ(cashit	λ(cashit	NOUN
ajfa-14805	182	59	*	*	NOUN
ajfa-14805	182	60	-cashit-1	-cashit-1	ADJ
ajfa-14805	182	61	)	)	PUNCT
ajfa-14805	183	1	+	+	CCONJ
ajfa-14805	183	2	β1(cashit	β1(cashit	ADJ
ajfa-14805	183	3	*	*	ADJ
ajfa-14805	183	4	-cashit-1	-cashit-1	ADJ
ajfa-14805	183	5	)	)	PUNCT
ajfa-14805	183	6	×	×	NOUN
ajfa-14805	183	7	entrenchmentit	entrenchmentit	NOUN
ajfa-14805	183	8	+	+	CCONJ
ajfa-14805	183	9	β2(cashit	β2(cashit	X
ajfa-14805	183	10	*	*	PUNCT
ajfa-14805	183	11	cashit-1	cashit-1	NUM
ajfa-14805	183	12	)	)	PUNCT
ajfa-14805	183	13	×	×	NOUN
ajfa-14805	183	14	control	control	NOUN
ajfa-14805	183	15	variableit	variableit	NOUN
ajfa-14805	183	16	+	+	CCONJ
ajfa-14805	183	17	εit	εit	VERB
ajfa-14805	183	18	dependent	dependent	ADJ
ajfa-14805	183	19	variable	variable	NOUN
ajfa-14805	183	20	:	:	PUNCT
ajfa-14805	183	21	cash	cash	NOUN
ajfa-14805	183	22	holding	hold	VERB
ajfa-14805	183	23	adjustments	adjustment	NOUN
ajfa-14805	183	24	vif	vif	NOUN
ajfa-14805	183	25	significance	significance	NOUN
ajfa-14805	183	26	level	level	NOUN
ajfa-14805	183	27	t	t	PROPN
ajfa-14805	183	28	-	-	PUNCT
ajfa-14805	183	29	statistics	statistic	NOUN
ajfa-14805	183	30	standard	standard	ADJ
ajfa-14805	183	31	error	error	NOUN
ajfa-14805	183	32	coefficient	coefficient	NOUN
ajfa-14805	183	33	variable	variable	NOUN
ajfa-14805	183	34	0.000	0.000	NUM
ajfa-14805	183	35	7.486	7.486	NUM
ajfa-14805	183	36	0.001	0.001	NUM
ajfa-14805	183	37	0.007	0.007	NUM
ajfa-14805	183	38	fixed	fix	VERB
ajfa-14805	183	39	value	value	NOUN
ajfa-14805	183	40	1.004	1.004	NUM
ajfa-14805	183	41	0.052	0.052	NUM
ajfa-14805	183	42	-1.941	-1.941	NUM
ajfa-14805	183	43	0.0001	0.0001	NUM
ajfa-14805	183	44	-0.0003	-0.0003	NOUN
ajfa-14805	183	45	)	)	PUNCT
ajfa-14805	183	46	1	1	NUM
ajfa-14805	183	47	-	-	SYM
ajfa-14805	183	48	itcash-	itcash-	NOUN
ajfa-14805	183	49	*	*	NOUN
ajfa-14805	183	50	itλ(cash	itλ(cash	NOUN
ajfa-14805	183	51	1.474	1.474	NUM
ajfa-14805	183	52	0.649	0.649	NUM
ajfa-14805	183	53	0.455	0.455	NUM
ajfa-14805	183	54	0.192	0.192	NUM
ajfa-14805	183	55	0.087	0.087	NUM
ajfa-14805	183	56	)	)	PUNCT
ajfa-14805	183	57	×	×	NOUN
ajfa-14805	183	58	1	1	NUM
ajfa-14805	183	59	-	-	PUNCT
ajfa-14805	183	60	itcash-	itcash-	NOUN
ajfa-14805	183	61	*	*	NOUN
ajfa-14805	183	62	it(cash	it(cash	PROPN
ajfa-14805	183	63	it×	it×	ADP
ajfa-14805	183	64	dualityit	dualityit	NOUN
ajfa-14805	183	65	highcash	highcash	VERB
ajfa-14805	183	66	1.686	1.686	NUM
ajfa-14805	183	67	0.622	0.622	NUM
ajfa-14805	183	68	-0.492	-0.492	NOUN
ajfa-14805	183	69	0.018	0.018	NUM
ajfa-14805	183	70	-0.009	-0.009	NUM
ajfa-14805	183	71	)	)	PUNCT
ajfa-14805	183	72	×	×	NOUN
ajfa-14805	183	73	1	1	NUM
ajfa-14805	183	74	-	-	PUNCT
ajfa-14805	183	75	itcash-	itcash-	NOUN
ajfa-14805	183	76	*	*	NOUN
ajfa-14805	183	77	it(cash	it(cash	PROPN
ajfa-14805	183	78	it×	it×	ADP
ajfa-14805	183	79	rewardit	rewardit	NOUN
ajfa-14805	183	80	highcash	highcash	NOUN
ajfa-14805	183	81	3.544	3.544	NUM
ajfa-14805	183	82	0.000	0.000	NUM
ajfa-14805	183	83	7.960	7.960	NUM
ajfa-14805	183	84	0.060	0.060	NUM
ajfa-14805	183	85	0.484	0.484	NUM
ajfa-14805	183	86	)	)	PUNCT
ajfa-14805	183	87	×	×	NOUN
ajfa-14805	183	88	1	1	NUM
ajfa-14805	183	89	-	-	PUNCT
ajfa-14805	183	90	itcash-	itcash-	NOUN
ajfa-14805	183	91	*	*	NOUN
ajfa-14805	183	92	it(cash	it(cash	PROPN
ajfa-14805	183	93	×	×	NOUN
ajfa-14805	183	94	it	it	PRON
ajfa-14805	183	95	highcash	highcash	VERB
ajfa-14805	183	96	itdummy_div	itdummy_div	NUM
ajfa-14805	183	97	1.328	1.328	NUM
ajfa-14805	183	98	0.000	0.000	NUM
ajfa-14805	183	99	5.880	5.880	NUM
ajfa-14805	183	100	0.586	0.586	NUM
ajfa-14805	183	101	0.449	0.449	NUM
ajfa-14805	183	102	)	)	PUNCT
ajfa-14805	183	103	×	×	NOUN
ajfa-14805	183	104	1	1	NUM
ajfa-14805	183	105	-	-	PUNCT
ajfa-14805	183	106	itcash-	itcash-	NOUN
ajfa-14805	183	107	*	*	NOUN
ajfa-14805	183	108	it(cash	it(cash	PROPN
ajfa-14805	183	109	-×	-×	PUNCT
ajfa-14805	183	110	overit	overit	VERB
ajfa-14805	183	111	highcash	highcash	PROPN
ajfa-14805	183	112	itinvestment_risk	itinvestment_risk	PROPN
ajfa-14805	183	113	1.137	1.137	NUM
ajfa-14805	183	114	0.000	0.000	NUM
ajfa-14805	183	115	-11.221	-11.221	NUM
ajfa-14805	183	116	0.002	0.002	NUM
ajfa-14805	183	117	-0.023	-0.023	NUM
ajfa-14805	183	118	)	)	PUNCT
ajfa-14805	183	119	×	×	NOUN
ajfa-14805	183	120	1	1	NUM
ajfa-14805	183	121	-	-	PUNCT
ajfa-14805	183	122	itcash-	itcash-	NOUN
ajfa-14805	183	123	*	*	NOUN
ajfa-14805	183	124	it(cash	it(cash	PROPN
ajfa-14805	183	125	it×	it×	VERB
ajfa-14805	183	126	sizeit	sizeit	ADJ
ajfa-14805	183	127	highcash	highcash	NOUN
ajfa-14805	183	128	4.437	4.437	NUM
ajfa-14805	183	129	0.041	0.041	NUM
ajfa-14805	183	130	2.040	2.040	NUM
ajfa-14805	183	131	0.047	0.047	NUM
ajfa-14805	183	132	0.097	0.097	NUM
ajfa-14805	183	133	)	)	PUNCT
ajfa-14805	183	134	×	×	NOUN
ajfa-14805	183	135	1	1	NUM
ajfa-14805	183	136	-	-	PUNCT
ajfa-14805	183	137	itcash-	itcash-	NOUN
ajfa-14805	183	138	*	*	NOUN
ajfa-14805	183	139	it(cash	it(cash	PROPN
ajfa-14805	183	140	it×	it×	PRON
ajfa-14805	183	141	qtobinit	qtobinit	NOUN
ajfa-14805	183	142	highcash	highcash	VERB
ajfa-14805	183	143	1.051	1.051	NUM
ajfa-14805	183	144	0.760	0.760	NUM
ajfa-14805	183	145	-0.305	-0.305	NOUN
ajfa-14805	183	146	0.097	0.097	NUM
ajfa-14805	183	147	-0.029	-0.029	NOUN
ajfa-14805	183	148	)	)	PUNCT
ajfa-14805	183	149	×	×	NOUN
ajfa-14805	183	150	1	1	NUM
ajfa-14805	183	151	-	-	PUNCT
ajfa-14805	183	152	itcash-	itcash-	NOUN
ajfa-14805	183	153	*	*	NOUN
ajfa-14805	183	154	it(cash	it(cash	PROPN
ajfa-14805	183	155	itcfv×	itcfv×	ADJ
ajfa-14805	183	156	it	it	PRON
ajfa-14805	183	157	highcash	highcash	VERB
ajfa-14805	183	158	2.592	2.592	NUM
ajfa-14805	183	159	0.078	0.078	NUM
ajfa-14805	183	160	1.763	1.763	NUM
ajfa-14805	183	161	0.158	0.158	NUM
ajfa-14805	183	162	0.278	0.278	NUM
ajfa-14805	183	163	)	)	PUNCT
ajfa-14805	183	164	×	×	NOUN
ajfa-14805	183	165	1	1	NUM
ajfa-14805	183	166	-	-	PUNCT
ajfa-14805	183	167	itcash-	itcash-	NOUN
ajfa-14805	183	168	*	*	NOUN
ajfa-14805	183	169	it(cash	it(cash	PROPN
ajfa-14805	183	170	it×	it×	PRON
ajfa-14805	183	171	nwcit	nwcit	ADJ
ajfa-14805	183	172	highcash	highcash	NOUN
ajfa-14805	183	173	60305	60305	NUM
ajfa-14805	183	174	0.000	0.000	NUM
ajfa-14805	183	175	3.999	3.999	NUM
ajfa-14805	183	176	0.120	0.120	NUM
ajfa-14805	183	177	0.482	0.482	NUM
ajfa-14805	183	178	)	)	PUNCT
ajfa-14805	183	179	×	×	NOUN
ajfa-14805	183	180	1	1	NUM
ajfa-14805	183	181	-	-	PUNCT
ajfa-14805	183	182	itcash-	itcash-	NOUN
ajfa-14805	183	183	*	*	NOUN
ajfa-14805	183	184	it(cash	it(cash	PROPN
ajfa-14805	183	185	it×	it×	PRON
ajfa-14805	183	186	levit	levit	PROPN
ajfa-14805	183	187	highcash	highcash	VERB
ajfa-14805	183	188	8.085	8.085	NUM
ajfa-14805	183	189	0.107	0.107	NUM
ajfa-14805	183	190	1.610	1.610	NUM
ajfa-14805	183	191	0.001	0.001	NUM
ajfa-14805	183	192	0.003	0.003	NUM
ajfa-14805	183	193	)	)	PUNCT
ajfa-14805	183	194	×	×	NOUN
ajfa-14805	183	195	1	1	NUM
ajfa-14805	183	196	-	-	PUNCT
ajfa-14805	183	197	itcash-	itcash-	NOUN
ajfa-14805	183	198	*	*	NOUN
ajfa-14805	183	199	it(cash	it(cash	PROPN
ajfa-14805	183	200	it×	it×	ADP
ajfa-14805	183	201	ageit	ageit	NOUN
ajfa-14805	183	202	highcash	highcash	NOUN
ajfa-14805	183	203	29.517	29.517	NUM
ajfa-14805	183	204	f	f	PROPN
ajfa-14805	183	205	statistics	statistic	NOUN
ajfa-14805	183	206	0.240	0.240	NUM
ajfa-14805	183	207	r2	r2	PROPN
ajfa-14805	183	208	-	-	PUNCT
ajfa-14805	183	209	adjusted	adjust	VERB
ajfa-14805	183	210	coefficient	coefficient	NOUN
ajfa-14805	183	211	0.000	0.000	NUM
ajfa-14805	183	212	significance	significance	NOUN
ajfa-14805	183	213	level	level	NOUN
ajfa-14805	183	214	2.099	2.099	NUM
ajfa-14805	183	215	durbin	durbin	ADJ
ajfa-14805	183	216	-	-	PUNCT
ajfa-14805	183	217	watson	watson	NOUN
ajfa-14805	183	218	statistics	statistic	NOUN
ajfa-14805	183	219	4.1	4.1	NUM
ajfa-14805	183	220	.	.	PUNCT
ajfa-14805	184	1	the	the	DET
ajfa-14805	184	2	first	first	ADJ
ajfa-14805	184	3	main	main	ADJ
ajfa-14805	184	4	hypothesis	hypothesis	NOUN
ajfa-14805	184	5	in	in	ADP
ajfa-14805	184	6	this	this	DET
ajfa-14805	184	7	study	study	NOUN
ajfa-14805	184	8	,	,	PUNCT
ajfa-14805	184	9	managerial	managerial	ADJ
ajfa-14805	184	10	entrenchment	entrenchment	NOUN
ajfa-14805	184	11	was	be	AUX
ajfa-14805	184	12	an	an	DET
ajfa-14805	184	13	independent	independent	ADJ
ajfa-14805	184	14	variable	variable	NOUN
ajfa-14805	184	15	.	.	PUNCT
ajfa-14805	185	1	to	to	PART
ajfa-14805	185	2	measure	measure	VERB
ajfa-14805	185	3	managerial	managerial	ADJ
ajfa-14805	185	4	entrenchment	entrenchment	NOUN
ajfa-14805	185	5	,	,	PUNCT
ajfa-14805	185	6	four	four	NUM
ajfa-14805	185	7	indices	index	NOUN
ajfa-14805	185	8	including	include	VERB
ajfa-14805	185	9	manager	manager	NOUN
ajfa-14805	185	10	's	's	PART
ajfa-14805	185	11	duality	duality	NOUN
ajfa-14805	185	12	,	,	PUNCT
ajfa-14805	185	13	management	management	NOUN
ajfa-14805	185	14	reward	reward	NOUN
ajfa-14805	185	15	,	,	PUNCT
ajfa-14805	185	16	cash	cash	NOUN
ajfa-14805	185	17	profit	profit	NOUN
ajfa-14805	185	18	and	and	CCONJ
ajfa-14805	185	19	over	over	ADP
ajfa-14805	185	20	-	-	PUNCT
ajfa-14805	185	21	investment	investment	NOUN
ajfa-14805	185	22	risk	risk	NOUN
ajfa-14805	185	23	were	be	AUX
ajfa-14805	185	24	used	use	VERB
ajfa-14805	185	25	.	.	PUNCT
ajfa-14805	186	1	hence	hence	ADV
ajfa-14805	186	2	,	,	PUNCT
ajfa-14805	186	3	we	we	PRON
ajfa-14805	186	4	investigate	investigate	VERB
ajfa-14805	186	5	the	the	DET
ajfa-14805	186	6	first	first	ADJ
ajfa-14805	186	7	main	main	ADJ
ajfa-14805	186	8	hypothesis	hypothesis	NOUN
ajfa-14805	186	9	through	through	ADP
ajfa-14805	186	10	four	four	NUM
ajfa-14805	186	11	sub	sub	NOUN
ajfa-14805	186	12	-	-	NOUN
ajfa-14805	186	13	hypotheses	hypothesis	NOUN
ajfa-14805	186	14	as	as	SCONJ
ajfa-14805	186	15	follows	follow	VERB
ajfa-14805	186	16	.	.	PUNCT
ajfa-14805	187	1	asian	asian	ADJ
ajfa-14805	187	2	journal	journal	PROPN
ajfa-14805	187	3	of	of	ADP
ajfa-14805	187	4	finance	finance	PROPN
ajfa-14805	187	5	&	&	CCONJ
ajfa-14805	187	6	accounting	accounting	PROPN
ajfa-14805	187	7	issn	issn	PROPN
ajfa-14805	187	8	1946	1946	NUM
ajfa-14805	187	9	-	-	PUNCT
ajfa-14805	187	10	052x	052x	PROPN
ajfa-14805	187	11	2019	2019	NUM
ajfa-14805	187	12	,	,	PUNCT
ajfa-14805	187	13	vol	vol	NOUN
ajfa-14805	187	14	.	.	PROPN
ajfa-14805	187	15	11	11	NUM
ajfa-14805	187	16	,	,	PUNCT
ajfa-14805	187	17	no	no	INTJ
ajfa-14805	187	18	.	.	NOUN
ajfa-14805	187	19	1	1	NUM
ajfa-14805	187	20	ajfa.macrothink.org/	ajfa.macrothink.org/	VERB
ajfa-14805	187	21	303	303	NUM
ajfa-14805	187	22	the	the	DET
ajfa-14805	187	23	first	first	ADJ
ajfa-14805	187	24	sub	sub	NOUN
ajfa-14805	187	25	-	-	NOUN
ajfa-14805	187	26	hypothesis	hypothesis	NOUN
ajfa-14805	187	27	:	:	PUNCT
ajfa-14805	187	28	in	in	ADP
ajfa-14805	187	29	table	table	NOUN
ajfa-14805	187	30	3	3	NUM
ajfa-14805	187	31	,	,	PUNCT
ajfa-14805	187	32	the	the	DET
ajfa-14805	187	33	coefficient	coefficient	NOUN
ajfa-14805	187	34	of	of	ADP
ajfa-14805	187	35	manager	manager	NOUN
ajfa-14805	187	36	's	's	PART
ajfa-14805	187	37	duality	duality	NOUN
ajfa-14805	187	38	[	[	X
ajfa-14805	187	39	(	(	PUNCT
ajfa-14805	187	40	cashit	cashit	PROPN
ajfa-14805	187	41	*	*	PROPN
ajfa-14805	187	42	-cashit1)×	-cashit1)×	PROPN
ajfa-14805	187	43	(	(	PUNCT
ajfa-14805	187	44	dualityit	dualityit	NOUN
ajfa-14805	187	45	)	)	PUNCT
ajfa-14805	187	46	]	]	PUNCT
ajfa-14805	187	47	is	be	AUX
ajfa-14805	187	48	-0.045	-0.045	ADJ
ajfa-14805	187	49	and	and	CCONJ
ajfa-14805	187	50	t	t	PROPN
ajfa-14805	187	51	-	-	PUNCT
ajfa-14805	187	52	statistics	statistic	NOUN
ajfa-14805	187	53	is	be	AUX
ajfa-14805	187	54	equal	equal	ADJ
ajfa-14805	187	55	to	to	ADP
ajfa-14805	187	56	-0.417	-0.417	PUNCT
ajfa-14805	187	57	.	.	PUNCT
ajfa-14805	188	1	according	accord	VERB
ajfa-14805	188	2	to	to	ADP
ajfa-14805	188	3	the	the	DET
ajfa-14805	188	4	significance	significance	NOUN
ajfa-14805	188	5	level	level	NOUN
ajfa-14805	188	6	(	(	PUNCT
ajfa-14805	188	7	0.676	0.676	NUM
ajfa-14805	188	8	)	)	PUNCT
ajfa-14805	188	9	,	,	PUNCT
ajfa-14805	188	10	there	there	PRON
ajfa-14805	188	11	is	be	VERB
ajfa-14805	188	12	no	no	DET
ajfa-14805	188	13	significant	significant	ADJ
ajfa-14805	188	14	relationship	relationship	NOUN
ajfa-14805	188	15	between	between	ADP
ajfa-14805	188	16	the	the	DET
ajfa-14805	188	17	dependent	dependent	ADJ
ajfa-14805	188	18	and	and	CCONJ
ajfa-14805	188	19	independent	independent	ADJ
ajfa-14805	188	20	variables	variable	NOUN
ajfa-14805	188	21	.	.	PUNCT
ajfa-14805	189	1	in	in	ADP
ajfa-14805	189	2	other	other	ADJ
ajfa-14805	189	3	words	word	NOUN
ajfa-14805	189	4	,	,	PUNCT
ajfa-14805	189	5	the	the	DET
ajfa-14805	189	6	manager	manager	NOUN
ajfa-14805	189	7	's	's	PART
ajfa-14805	189	8	duality	duality	NOUN
ajfa-14805	189	9	did	do	AUX
ajfa-14805	189	10	not	not	PART
ajfa-14805	189	11	affect	affect	VERB
ajfa-14805	189	12	cash	cash	NOUN
ajfa-14805	189	13	holding	holding	NOUN
ajfa-14805	189	14	adjustments	adjustment	NOUN
ajfa-14805	189	15	.	.	PUNCT
ajfa-14805	190	1	therefore	therefore	ADV
ajfa-14805	190	2	,	,	PUNCT
ajfa-14805	190	3	the	the	DET
ajfa-14805	190	4	first	first	ADJ
ajfa-14805	190	5	sub	sub	NOUN
ajfa-14805	190	6	-	-	NOUN
ajfa-14805	190	7	hypothesis	hypothesis	NOUN
ajfa-14805	190	8	can	can	AUX
ajfa-14805	190	9	be	be	AUX
ajfa-14805	190	10	rejected	reject	VERB
ajfa-14805	190	11	.	.	PUNCT
ajfa-14805	191	1	it	it	PRON
ajfa-14805	191	2	is	be	AUX
ajfa-14805	191	3	noted	note	VERB
ajfa-14805	191	4	that	that	SCONJ
ajfa-14805	191	5	the	the	DET
ajfa-14805	191	6	results	result	NOUN
ajfa-14805	191	7	of	of	ADP
ajfa-14805	191	8	the	the	DET
ajfa-14805	191	9	first	first	ADJ
ajfa-14805	191	10	subhypothesis	subhypothesis	NOUN
ajfa-14805	191	11	for	for	ADP
ajfa-14805	191	12	the	the	DET
ajfa-14805	191	13	studied	study	VERB
ajfa-14805	191	14	firms	firm	NOUN
ajfa-14805	191	15	in	in	ADP
ajfa-14805	191	16	this	this	DET
ajfa-14805	191	17	work	work	NOUN
ajfa-14805	191	18	did	do	AUX
ajfa-14805	191	19	not	not	PART
ajfa-14805	191	20	match	match	VERB
ajfa-14805	191	21	with	with	ADP
ajfa-14805	191	22	the	the	DET
ajfa-14805	191	23	results	result	NOUN
ajfa-14805	191	24	reported	report	VERB
ajfa-14805	191	25	by	by	ADP
ajfa-14805	191	26	jiang	jiang	PROPN
ajfa-14805	191	27	&	&	CCONJ
ajfa-14805	191	28	lie	lie	PROPN
ajfa-14805	191	29	(	(	PUNCT
ajfa-14805	191	30	2016	2016	NUM
ajfa-14805	191	31	)	)	PUNCT
ajfa-14805	191	32	.	.	PUNCT
ajfa-14805	192	1	the	the	DET
ajfa-14805	192	2	main	main	ADJ
ajfa-14805	192	3	reason	reason	NOUN
ajfa-14805	192	4	is	be	AUX
ajfa-14805	192	5	that	that	SCONJ
ajfa-14805	192	6	the	the	DET
ajfa-14805	192	7	manager	manager	NOUN
ajfa-14805	192	8	's	's	PART
ajfa-14805	192	9	duality	duality	NOUN
ajfa-14805	192	10	was	be	AUX
ajfa-14805	192	11	low	low	ADJ
ajfa-14805	192	12	in	in	ADP
ajfa-14805	192	13	these	these	DET
ajfa-14805	192	14	firms	firm	NOUN
ajfa-14805	192	15	.	.	PUNCT
ajfa-14805	193	1	the	the	DET
ajfa-14805	193	2	second	second	ADJ
ajfa-14805	193	3	sub	sub	NOUN
ajfa-14805	193	4	-	-	NOUN
ajfa-14805	193	5	hypothesis	hypothesis	NOUN
ajfa-14805	193	6	:	:	PUNCT
ajfa-14805	193	7	the	the	DET
ajfa-14805	193	8	coefficient	coefficient	NOUN
ajfa-14805	193	9	of	of	ADP
ajfa-14805	193	10	management	management	NOUN
ajfa-14805	193	11	reward	reward	NOUN
ajfa-14805	193	12	[	[	X
ajfa-14805	193	13	(	(	PUNCT
ajfa-14805	193	14	cashit	cashit	NOUN
ajfa-14805	193	15	*	*	PUNCT
ajfa-14805	193	16	-cashit1)×(rewardit	-cashit1)×(rewardit	PROPN
ajfa-14805	193	17	)	)	PUNCT
ajfa-14805	193	18	]	]	PUNCT
ajfa-14805	193	19	was	be	AUX
ajfa-14805	193	20	found	find	VERB
ajfa-14805	193	21	as	as	ADP
ajfa-14805	193	22	0.023	0.023	NUM
ajfa-14805	193	23	and	and	CCONJ
ajfa-14805	193	24	t	t	PROPN
ajfa-14805	193	25	-	-	PUNCT
ajfa-14805	193	26	statistics	statistic	NOUN
ajfa-14805	193	27	was	be	AUX
ajfa-14805	193	28	equal	equal	ADJ
ajfa-14805	193	29	to	to	ADP
ajfa-14805	193	30	2.629	2.629	NUM
ajfa-14805	193	31	(	(	PUNCT
ajfa-14805	193	32	significant	significant	ADJ
ajfa-14805	193	33	in	in	ADP
ajfa-14805	193	34	the	the	DET
ajfa-14805	193	35	level	level	NOUN
ajfa-14805	193	36	of	of	ADP
ajfa-14805	193	37	0.008	0.008	NUM
ajfa-14805	193	38	)	)	PUNCT
ajfa-14805	193	39	,	,	PUNCT
ajfa-14805	193	40	as	as	SCONJ
ajfa-14805	193	41	presented	present	VERB
ajfa-14805	193	42	in	in	ADP
ajfa-14805	193	43	table	table	NOUN
ajfa-14805	193	44	3	3	NUM
ajfa-14805	193	45	.	.	PUNCT
ajfa-14805	194	1	since	since	SCONJ
ajfa-14805	194	2	it	it	PRON
ajfa-14805	194	3	is	be	AUX
ajfa-14805	194	4	less	less	ADJ
ajfa-14805	194	5	than	than	ADP
ajfa-14805	194	6	the	the	DET
ajfa-14805	194	7	prediction	prediction	NOUN
ajfa-14805	194	8	error	error	NOUN
ajfa-14805	194	9	(	(	PUNCT
ajfa-14805	194	10	1	1	NUM
ajfa-14805	194	11	%	%	NOUN
ajfa-14805	194	12	)	)	PUNCT
ajfa-14805	194	13	,	,	PUNCT
ajfa-14805	194	14	the	the	DET
ajfa-14805	194	15	significance	significance	NOUN
ajfa-14805	194	16	of	of	ADP
ajfa-14805	194	17	the	the	DET
ajfa-14805	194	18	independent	independent	ADJ
ajfa-14805	194	19	variable	variable	NOUN
ajfa-14805	194	20	is	be	AUX
ajfa-14805	194	21	confirmed	confirm	VERB
ajfa-14805	194	22	in	in	ADP
ajfa-14805	194	23	the	the	DET
ajfa-14805	194	24	significance	significance	NOUN
ajfa-14805	194	25	level	level	NOUN
ajfa-14805	194	26	of	of	ADP
ajfa-14805	194	27	99	99	NUM
ajfa-14805	194	28	%	%	NOUN
ajfa-14805	194	29	.	.	PUNCT
ajfa-14805	195	1	management	management	NOUN
ajfa-14805	195	2	reward	reward	NOUN
ajfa-14805	195	3	,	,	PUNCT
ajfa-14805	195	4	as	as	ADP
ajfa-14805	195	5	one	one	NUM
ajfa-14805	195	6	of	of	ADP
ajfa-14805	195	7	the	the	DET
ajfa-14805	195	8	elements	element	NOUN
ajfa-14805	195	9	of	of	ADP
ajfa-14805	195	10	managerial	managerial	ADJ
ajfa-14805	195	11	entrenchment	entrenchment	NOUN
ajfa-14805	195	12	,	,	PUNCT
ajfa-14805	195	13	was	be	AUX
ajfa-14805	195	14	found	find	VERB
ajfa-14805	195	15	to	to	PART
ajfa-14805	195	16	have	have	VERB
ajfa-14805	195	17	a	a	DET
ajfa-14805	195	18	positive	positive	ADJ
ajfa-14805	195	19	and	and	CCONJ
ajfa-14805	195	20	significant	significant	ADJ
ajfa-14805	195	21	effect	effect	NOUN
ajfa-14805	195	22	on	on	ADP
ajfa-14805	195	23	cash	cash	NOUN
ajfa-14805	195	24	holding	hold	VERB
ajfa-14805	195	25	adjustments	adjustment	NOUN
ajfa-14805	195	26	in	in	ADP
ajfa-14805	195	27	the	the	DET
ajfa-14805	195	28	studied	study	VERB
ajfa-14805	195	29	firms	firm	NOUN
ajfa-14805	195	30	.	.	PUNCT
ajfa-14805	196	1	therefore	therefore	ADV
ajfa-14805	196	2	,	,	PUNCT
ajfa-14805	196	3	the	the	PRON
ajfa-14805	196	4	second	second	ADJ
ajfa-14805	196	5	sub	sub	NOUN
ajfa-14805	196	6	-	-	NOUN
ajfa-14805	196	7	hypothesis	hypothesis	NOUN
ajfa-14805	196	8	is	be	AUX
ajfa-14805	196	9	confirmed	confirm	VERB
ajfa-14805	196	10	.	.	PUNCT
ajfa-14805	197	1	this	this	DET
ajfa-14805	197	2	finding	finding	NOUN
ajfa-14805	197	3	is	be	AUX
ajfa-14805	197	4	in	in	ADP
ajfa-14805	197	5	agreement	agreement	NOUN
ajfa-14805	197	6	with	with	ADP
ajfa-14805	197	7	the	the	DET
ajfa-14805	197	8	results	result	NOUN
ajfa-14805	197	9	of	of	ADP
ajfa-14805	197	10	jiang	jiang	PROPN
ajfa-14805	197	11	&	&	CCONJ
ajfa-14805	197	12	lie	lie	PROPN
ajfa-14805	197	13	(	(	PUNCT
ajfa-14805	197	14	2016	2016	NUM
ajfa-14805	197	15	)	)	PUNCT
ajfa-14805	197	16	.	.	PUNCT
ajfa-14805	198	1	the	the	DET
ajfa-14805	198	2	most	most	ADV
ajfa-14805	198	3	important	important	ADJ
ajfa-14805	198	4	reason	reason	NOUN
ajfa-14805	198	5	could	could	AUX
ajfa-14805	198	6	be	be	AUX
ajfa-14805	198	7	the	the	DET
ajfa-14805	198	8	opportunistic	opportunistic	ADJ
ajfa-14805	198	9	motivation	motivation	NOUN
ajfa-14805	198	10	of	of	ADP
ajfa-14805	198	11	managers	manager	NOUN
ajfa-14805	198	12	to	to	PART
ajfa-14805	198	13	increase	increase	VERB
ajfa-14805	198	14	their	their	PRON
ajfa-14805	198	15	own	own	ADJ
ajfa-14805	198	16	reward	reward	NOUN
ajfa-14805	198	17	by	by	ADP
ajfa-14805	198	18	increasing	increase	VERB
ajfa-14805	198	19	cash	cash	NOUN
ajfa-14805	198	20	holdings	holding	NOUN
ajfa-14805	198	21	.	.	PUNCT
ajfa-14805	199	1	the	the	DET
ajfa-14805	199	2	third	third	ADJ
ajfa-14805	199	3	sub	sub	NOUN
ajfa-14805	199	4	-	-	NOUN
ajfa-14805	199	5	hypothesis	hypothesis	NOUN
ajfa-14805	199	6	:	:	PUNCT
ajfa-14805	199	7	the	the	DET
ajfa-14805	199	8	coefficient	coefficient	NOUN
ajfa-14805	199	9	of	of	ADP
ajfa-14805	199	10	dividend	dividend	NOUN
ajfa-14805	199	11	payment	payment	NOUN
ajfa-14805	199	12	[	[	X
ajfa-14805	199	13	(	(	PUNCT
ajfa-14805	199	14	cashit	cashit	NOUN
ajfa-14805	199	15	*	*	PUNCT
ajfa-14805	199	16	-cashit1)×(dummy_divit	-cashit1)×(dummy_divit	NUM
ajfa-14805	199	17	)	)	PUNCT
ajfa-14805	199	18	]	]	PUNCT
ajfa-14805	199	19	was	be	AUX
ajfa-14805	199	20	calculated	calculate	VERB
ajfa-14805	199	21	as	as	ADP
ajfa-14805	199	22	0.065	0.065	NUM
ajfa-14805	199	23	,	,	PUNCT
ajfa-14805	199	24	and	and	CCONJ
ajfa-14805	199	25	t	t	PROPN
ajfa-14805	199	26	-	-	PUNCT
ajfa-14805	199	27	statistics	statistic	NOUN
ajfa-14805	199	28	was	be	AUX
ajfa-14805	199	29	equal	equal	ADJ
ajfa-14805	199	30	to	to	ADP
ajfa-14805	199	31	0.483	0.483	NUM
ajfa-14805	199	32	.	.	PUNCT
ajfa-14805	200	1	based	base	VERB
ajfa-14805	200	2	on	on	ADP
ajfa-14805	200	3	the	the	DET
ajfa-14805	200	4	significance	significance	NOUN
ajfa-14805	200	5	level	level	NOUN
ajfa-14805	200	6	obtained	obtain	VERB
ajfa-14805	200	7	as	as	ADP
ajfa-14805	200	8	0.629	0.629	NUM
ajfa-14805	200	9	,	,	PUNCT
ajfa-14805	200	10	no	no	DET
ajfa-14805	200	11	significant	significant	ADJ
ajfa-14805	200	12	relationship	relationship	NOUN
ajfa-14805	200	13	was	be	AUX
ajfa-14805	200	14	found	find	VERB
ajfa-14805	200	15	between	between	ADP
ajfa-14805	200	16	the	the	DET
ajfa-14805	200	17	dependent	dependent	ADJ
ajfa-14805	200	18	and	and	CCONJ
ajfa-14805	200	19	independent	independent	ADJ
ajfa-14805	200	20	variables	variable	NOUN
ajfa-14805	200	21	.	.	PUNCT
ajfa-14805	201	1	this	this	PRON
ajfa-14805	201	2	indicated	indicate	VERB
ajfa-14805	201	3	that	that	SCONJ
ajfa-14805	201	4	the	the	DET
ajfa-14805	201	5	dividend	dividend	NOUN
ajfa-14805	201	6	payment	payment	NOUN
ajfa-14805	201	7	did	do	AUX
ajfa-14805	201	8	not	not	PART
ajfa-14805	201	9	affect	affect	VERB
ajfa-14805	201	10	cash	cash	NOUN
ajfa-14805	201	11	holding	hold	VERB
ajfa-14805	201	12	adjustments	adjustment	NOUN
ajfa-14805	201	13	in	in	ADP
ajfa-14805	201	14	the	the	DET
ajfa-14805	201	15	studied	study	VERB
ajfa-14805	201	16	firms	firm	NOUN
ajfa-14805	201	17	.	.	PUNCT
ajfa-14805	202	1	it	it	PRON
ajfa-14805	202	2	can	can	AUX
ajfa-14805	202	3	be	be	AUX
ajfa-14805	202	4	argued	argue	VERB
ajfa-14805	202	5	that	that	SCONJ
ajfa-14805	202	6	the	the	DET
ajfa-14805	202	7	reason	reason	NOUN
ajfa-14805	202	8	is	be	AUX
ajfa-14805	202	9	because	because	SCONJ
ajfa-14805	202	10	of	of	ADP
ajfa-14805	202	11	the	the	DET
ajfa-14805	202	12	requirement	requirement	NOUN
ajfa-14805	202	13	forced	force	VERB
ajfa-14805	202	14	by	by	ADP
ajfa-14805	202	15	the	the	DET
ajfa-14805	202	16	stock	stock	NOUN
ajfa-14805	202	17	exchange	exchange	NOUN
ajfa-14805	202	18	that	that	SCONJ
ajfa-14805	202	19	firms	firm	NOUN
ajfa-14805	202	20	are	be	AUX
ajfa-14805	202	21	obliged	oblige	VERB
ajfa-14805	202	22	to	to	PART
ajfa-14805	202	23	pay	pay	VERB
ajfa-14805	202	24	dividends	dividend	NOUN
ajfa-14805	202	25	from	from	ADP
ajfa-14805	202	26	their	their	PRON
ajfa-14805	202	27	cash	cash	NOUN
ajfa-14805	202	28	profit	profit	NOUN
ajfa-14805	202	29	.	.	PUNCT
ajfa-14805	203	1	the	the	DET
ajfa-14805	203	2	firms	firm	NOUN
ajfa-14805	203	3	normally	normally	ADV
ajfa-14805	203	4	predict	predict	VERB
ajfa-14805	203	5	the	the	DET
ajfa-14805	203	6	amount	amount	NOUN
ajfa-14805	203	7	of	of	ADP
ajfa-14805	203	8	cash	cash	NOUN
ajfa-14805	203	9	profit	profit	NOUN
ajfa-14805	203	10	annually	annually	ADV
ajfa-14805	203	11	,	,	PUNCT
ajfa-14805	203	12	and	and	CCONJ
ajfa-14805	203	13	the	the	DET
ajfa-14805	203	14	probability	probability	NOUN
ajfa-14805	203	15	of	of	ADP
ajfa-14805	203	16	cash	cash	NOUN
ajfa-14805	203	17	holding	hold	VERB
ajfa-14805	203	18	adjustments	adjustment	NOUN
ajfa-14805	203	19	to	to	PART
ajfa-14805	203	20	pay	pay	VERB
ajfa-14805	203	21	dividends	dividend	NOUN
ajfa-14805	203	22	is	be	AUX
ajfa-14805	203	23	low	low	ADJ
ajfa-14805	203	24	.	.	PUNCT
ajfa-14805	204	1	the	the	DET
ajfa-14805	204	2	third	third	ADJ
ajfa-14805	204	3	sub	sub	NOUN
ajfa-14805	204	4	-	-	NOUN
ajfa-14805	204	5	hypothesis	hypothesis	NOUN
ajfa-14805	204	6	is	be	AUX
ajfa-14805	204	7	rejected	reject	VERB
ajfa-14805	204	8	.	.	PUNCT
ajfa-14805	205	1	the	the	DET
ajfa-14805	205	2	fourth	fourth	ADJ
ajfa-14805	205	3	sub	sub	NOUN
ajfa-14805	205	4	-	-	NOUN
ajfa-14805	205	5	hypothesis	hypothesis	NOUN
ajfa-14805	205	6	:	:	PUNCT
ajfa-14805	205	7	the	the	DET
ajfa-14805	205	8	coefficient	coefficient	NOUN
ajfa-14805	205	9	of	of	ADP
ajfa-14805	205	10	over	over	ADP
ajfa-14805	205	11	-	-	PUNCT
ajfa-14805	205	12	investment	investment	NOUN
ajfa-14805	205	13	risk	risk	NOUN
ajfa-14805	205	14	[	[	X
ajfa-14805	205	15	(	(	PUNCT
ajfa-14805	205	16	cashit	cashit	NOUN
ajfa-14805	205	17	*	*	PUNCT
ajfa-14805	205	18	-cashit1)×(over_investment_riskit	-cashit1)×(over_investment_riskit	PROPN
ajfa-14805	205	19	)	)	PUNCT
ajfa-14805	205	20	]	]	PUNCT
ajfa-14805	205	21	is	be	AUX
ajfa-14805	205	22	0.830	0.830	NUM
ajfa-14805	205	23	,	,	PUNCT
ajfa-14805	205	24	and	and	CCONJ
ajfa-14805	205	25	t	t	PROPN
ajfa-14805	205	26	-	-	PUNCT
ajfa-14805	205	27	statistics	statistic	NOUN
ajfa-14805	205	28	is	be	AUX
ajfa-14805	205	29	equal	equal	ADJ
ajfa-14805	205	30	to	to	ADP
ajfa-14805	205	31	3.309	3.309	NUM
ajfa-14805	205	32	,	,	PUNCT
ajfa-14805	205	33	with	with	ADP
ajfa-14805	205	34	a	a	DET
ajfa-14805	205	35	significance	significance	NOUN
ajfa-14805	205	36	level	level	NOUN
ajfa-14805	205	37	of	of	ADP
ajfa-14805	205	38	0.001	0.001	NUM
ajfa-14805	205	39	,	,	PUNCT
ajfa-14805	205	40	as	as	SCONJ
ajfa-14805	205	41	given	give	VERB
ajfa-14805	205	42	in	in	ADP
ajfa-14805	205	43	table	table	NOUN
ajfa-14805	205	44	3	3	NUM
ajfa-14805	205	45	.	.	PUNCT
ajfa-14805	206	1	the	the	DET
ajfa-14805	206	2	significance	significance	NOUN
ajfa-14805	206	3	of	of	ADP
ajfa-14805	206	4	the	the	DET
ajfa-14805	206	5	independent	independent	ADJ
ajfa-14805	206	6	variable	variable	NOUN
ajfa-14805	206	7	was	be	AUX
ajfa-14805	206	8	confirmed	confirm	VERB
ajfa-14805	206	9	.	.	PUNCT
ajfa-14805	207	1	in	in	ADP
ajfa-14805	207	2	fact	fact	NOUN
ajfa-14805	207	3	,	,	PUNCT
ajfa-14805	207	4	with	with	ADP
ajfa-14805	207	5	increasing	increase	VERB
ajfa-14805	207	6	over	over	ADP
ajfa-14805	207	7	-	-	PUNCT
ajfa-14805	207	8	investment	investment	NOUN
ajfa-14805	207	9	risks	risk	NOUN
ajfa-14805	207	10	,	,	PUNCT
ajfa-14805	207	11	the	the	DET
ajfa-14805	207	12	amount	amount	NOUN
ajfa-14805	207	13	of	of	ADP
ajfa-14805	207	14	cash	cash	NOUN
ajfa-14805	207	15	holding	hold	VERB
ajfa-14805	207	16	adjustments	adjustment	NOUN
ajfa-14805	207	17	increased	increase	VERB
ajfa-14805	207	18	.	.	PUNCT
ajfa-14805	208	1	this	this	PRON
ajfa-14805	208	2	could	could	AUX
ajfa-14805	208	3	be	be	AUX
ajfa-14805	208	4	because	because	SCONJ
ajfa-14805	208	5	of	of	ADP
ajfa-14805	208	6	the	the	DET
ajfa-14805	208	7	opportunistic	opportunistic	ADJ
ajfa-14805	208	8	motivation	motivation	NOUN
ajfa-14805	208	9	of	of	ADP
ajfa-14805	208	10	managers	manager	NOUN
ajfa-14805	208	11	for	for	ADP
ajfa-14805	208	12	overinvestment	overinvestment	NOUN
ajfa-14805	208	13	to	to	PART
ajfa-14805	208	14	increase	increase	VERB
ajfa-14805	208	15	their	their	PRON
ajfa-14805	208	16	rewards	reward	NOUN
ajfa-14805	208	17	.	.	PUNCT
ajfa-14805	209	1	therefore	therefore	ADV
ajfa-14805	209	2	,	,	PUNCT
ajfa-14805	209	3	the	the	DET
ajfa-14805	209	4	first	first	ADJ
ajfa-14805	209	5	hypothesis	hypothesis	NOUN
ajfa-14805	209	6	is	be	AUX
ajfa-14805	209	7	confirmed	confirm	VERB
ajfa-14805	209	8	in	in	ADP
ajfa-14805	209	9	the	the	DET
ajfa-14805	209	10	fourth	fourth	ADJ
ajfa-14805	209	11	sub	sub	NOUN
ajfa-14805	209	12	-	-	NOUN
ajfa-14805	209	13	hypothesis	hypothesis	NOUN
ajfa-14805	209	14	.	.	PUNCT
ajfa-14805	210	1	based	base	VERB
ajfa-14805	210	2	on	on	ADP
ajfa-14805	210	3	the	the	DET
ajfa-14805	210	4	results	result	NOUN
ajfa-14805	210	5	obtained	obtain	VERB
ajfa-14805	210	6	for	for	ADP
ajfa-14805	210	7	the	the	DET
ajfa-14805	210	8	first	first	ADJ
ajfa-14805	210	9	main	main	ADJ
ajfa-14805	210	10	hypothesis	hypothesis	NOUN
ajfa-14805	210	11	in	in	ADP
ajfa-14805	210	12	this	this	DET
ajfa-14805	210	13	study	study	NOUN
ajfa-14805	210	14	,	,	PUNCT
ajfa-14805	210	15	it	it	PRON
ajfa-14805	210	16	is	be	AUX
ajfa-14805	210	17	suggested	suggest	VERB
ajfa-14805	210	18	that	that	SCONJ
ajfa-14805	210	19	decision	decision	NOUN
ajfa-14805	210	20	makers	maker	NOUN
ajfa-14805	210	21	pay	pay	VERB
ajfa-14805	210	22	special	special	ADJ
ajfa-14805	210	23	attention	attention	NOUN
ajfa-14805	210	24	to	to	ADP
ajfa-14805	210	25	managerial	managerial	ADJ
ajfa-14805	210	26	entrenchment	entrenchment	NOUN
ajfa-14805	210	27	in	in	ADP
ajfa-14805	210	28	relation	relation	NOUN
ajfa-14805	210	29	to	to	PART
ajfa-14805	210	30	cash	cash	VERB
ajfa-14805	210	31	holding	holding	NOUN
ajfa-14805	210	32	adjustments	adjustment	NOUN
ajfa-14805	210	33	.	.	PUNCT
ajfa-14805	211	1	managers	manager	NOUN
ajfa-14805	211	2	and	and	CCONJ
ajfa-14805	211	3	investors	investor	NOUN
ajfa-14805	211	4	are	be	AUX
ajfa-14805	211	5	also	also	ADV
ajfa-14805	211	6	recommended	recommend	VERB
ajfa-14805	211	7	to	to	PART
ajfa-14805	211	8	pay	pay	VERB
ajfa-14805	211	9	attention	attention	NOUN
ajfa-14805	211	10	to	to	ADP
ajfa-14805	211	11	managerial	managerial	ADJ
ajfa-14805	211	12	entrenchment	entrenchment	NOUN
ajfa-14805	211	13	when	when	SCONJ
ajfa-14805	211	14	they	they	PRON
ajfa-14805	211	15	decide	decide	VERB
ajfa-14805	211	16	about	about	ADP
ajfa-14805	211	17	the	the	DET
ajfa-14805	211	18	amount	amount	NOUN
ajfa-14805	211	19	of	of	ADP
ajfa-14805	211	20	cash	cash	NOUN
ajfa-14805	211	21	holding	hold	VERB
ajfa-14805	211	22	adjustments	adjustment	NOUN
ajfa-14805	211	23	for	for	ADP
ajfa-14805	211	24	firms	firm	NOUN
ajfa-14805	211	25	,	,	PUNCT
ajfa-14805	211	26	or	or	CCONJ
ajfa-14805	211	27	when	when	SCONJ
ajfa-14805	211	28	they	they	PRON
ajfa-14805	211	29	decide	decide	VERB
ajfa-14805	211	30	about	about	ADP
ajfa-14805	211	31	buying	buy	VERB
ajfa-14805	211	32	or	or	CCONJ
ajfa-14805	211	33	selling	sell	VERB
ajfa-14805	211	34	the	the	DET
ajfa-14805	211	35	share	share	NOUN
ajfa-14805	211	36	of	of	ADP
ajfa-14805	211	37	a	a	DET
ajfa-14805	211	38	firm	firm	NOUN
ajfa-14805	211	39	.	.	PUNCT
ajfa-14805	212	1	4.2	4.2	NUM
ajfa-14805	212	2	.	.	PUNCT
ajfa-14805	213	1	the	the	DET
ajfa-14805	213	2	second	second	ADJ
ajfa-14805	213	3	main	main	ADJ
ajfa-14805	213	4	hypothesis	hypothesis	NOUN
ajfa-14805	213	5	the	the	DET
ajfa-14805	213	6	second	second	ADJ
ajfa-14805	213	7	main	main	ADJ
ajfa-14805	213	8	hypothesis	hypothesis	NOUN
ajfa-14805	213	9	was	be	AUX
ajfa-14805	213	10	studied	study	VERB
ajfa-14805	213	11	through	through	ADP
ajfa-14805	213	12	the	the	DET
ajfa-14805	213	13	following	follow	VERB
ajfa-14805	213	14	four	four	NUM
ajfa-14805	213	15	sub	sub	NOUN
ajfa-14805	213	16	-	-	NOUN
ajfa-14805	213	17	hypotheses	hypothesis	NOUN
ajfa-14805	213	18	(	(	PUNCT
ajfa-14805	213	19	fifth	fifth	ADJ
ajfa-14805	213	20	to	to	PART
ajfa-14805	213	21	eighth	eighth	ADJ
ajfa-14805	213	22	)	)	PUNCT
ajfa-14805	213	23	.	.	PUNCT
ajfa-14805	214	1	as	as	SCONJ
ajfa-14805	214	2	mentioned	mention	VERB
ajfa-14805	214	3	previously	previously	ADV
ajfa-14805	214	4	,	,	PUNCT
ajfa-14805	214	5	four	four	NUM
ajfa-14805	214	6	indices	index	NOUN
ajfa-14805	214	7	including	include	VERB
ajfa-14805	214	8	the	the	DET
ajfa-14805	214	9	manager	manager	NOUN
ajfa-14805	214	10	's	's	PART
ajfa-14805	214	11	duality	duality	NOUN
ajfa-14805	214	12	,	,	PUNCT
ajfa-14805	214	13	management	management	NOUN
ajfa-14805	214	14	asian	asian	ADJ
ajfa-14805	214	15	journal	journal	NOUN
ajfa-14805	214	16	of	of	ADP
ajfa-14805	214	17	finance	finance	PROPN
ajfa-14805	214	18	&	&	CCONJ
ajfa-14805	214	19	accounting	accounting	PROPN
ajfa-14805	214	20	issn	issn	PROPN
ajfa-14805	214	21	1946	1946	NUM
ajfa-14805	214	22	-	-	PUNCT
ajfa-14805	214	23	052x	052x	PROPN
ajfa-14805	214	24	2019	2019	NUM
ajfa-14805	214	25	,	,	PUNCT
ajfa-14805	214	26	vol	vol	NOUN
ajfa-14805	214	27	.	.	PROPN
ajfa-14805	214	28	11	11	NUM
ajfa-14805	214	29	,	,	PUNCT
ajfa-14805	214	30	no	no	INTJ
ajfa-14805	214	31	.	.	NOUN
ajfa-14805	214	32	1	1	NUM
ajfa-14805	214	33	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14805	214	34	304	304	NUM
ajfa-14805	214	35	reward	reward	NOUN
ajfa-14805	214	36	,	,	PUNCT
ajfa-14805	214	37	cash	cash	NOUN
ajfa-14805	214	38	profit	profit	NOUN
ajfa-14805	214	39	and	and	CCONJ
ajfa-14805	214	40	over	over	ADP
ajfa-14805	214	41	-	-	PUNCT
ajfa-14805	214	42	investment	investment	NOUN
ajfa-14805	214	43	risk	risk	NOUN
ajfa-14805	214	44	were	be	AUX
ajfa-14805	214	45	used	use	VERB
ajfa-14805	214	46	in	in	ADP
ajfa-14805	214	47	this	this	DET
ajfa-14805	214	48	research	research	NOUN
ajfa-14805	214	49	to	to	PART
ajfa-14805	214	50	measure	measure	VERB
ajfa-14805	214	51	managerial	managerial	ADJ
ajfa-14805	214	52	entrenchment	entrenchment	NOUN
ajfa-14805	214	53	.	.	PUNCT
ajfa-14805	215	1	the	the	DET
ajfa-14805	215	2	fifth	fifth	ADJ
ajfa-14805	215	3	sub	sub	NOUN
ajfa-14805	215	4	-	-	NOUN
ajfa-14805	215	5	hypothesis	hypothesis	NOUN
ajfa-14805	215	6	:	:	PUNCT
ajfa-14805	215	7	the	the	DET
ajfa-14805	215	8	coefficient	coefficient	NOUN
ajfa-14805	215	9	of	of	ADP
ajfa-14805	215	10	the	the	DET
ajfa-14805	215	11	cash	cash	NOUN
ajfa-14805	215	12	holding	hold	VERB
ajfa-14805	215	13	adjustments	adjustment	NOUN
ajfa-14805	215	14	variable	variable	ADJ
ajfa-14805	215	15	in	in	ADP
ajfa-14805	215	16	the	the	DET
ajfa-14805	215	17	relationship	relationship	NOUN
ajfa-14805	215	18	between	between	ADP
ajfa-14805	215	19	the	the	DET
ajfa-14805	215	20	managerial	managerial	ADJ
ajfa-14805	215	21	entrenchment	entrenchment	NOUN
ajfa-14805	215	22	(	(	PUNCT
ajfa-14805	215	23	manager	manager	NOUN
ajfa-14805	215	24	duality	duality	NOUN
ajfa-14805	215	25	)	)	PUNCT
ajfa-14805	215	26	and	and	CCONJ
ajfa-14805	215	27	cash	cash	NOUN
ajfa-14805	215	28	holding	hold	VERB
ajfa-14805	215	29	adjustments	adjustment	NOUN
ajfa-14805	215	30	[	[	X
ajfa-14805	215	31	(	(	PUNCT
ajfa-14805	215	32	cashit	cashit	NOUN
ajfa-14805	215	33	*	*	PUNCT
ajfa-14805	215	34	-cashit-1)×(highcashit×	-cashit-1)×(highcashit×	PROPN
ajfa-14805	215	35	dualityit	dualityit	NOUN
ajfa-14805	215	36	)	)	PUNCT
ajfa-14805	215	37	]	]	PUNCT
ajfa-14805	215	38	was	be	AUX
ajfa-14805	215	39	found	find	VERB
ajfa-14805	215	40	as	as	ADP
ajfa-14805	215	41	0.067	0.067	NUM
ajfa-14805	215	42	,	,	PUNCT
ajfa-14805	215	43	and	and	CCONJ
ajfa-14805	215	44	t	t	PROPN
ajfa-14805	215	45	-	-	PUNCT
ajfa-14805	215	46	statistics	statistic	NOUN
ajfa-14805	215	47	was	be	AUX
ajfa-14805	215	48	0.455	0.455	NUM
ajfa-14805	215	49	,	,	PUNCT
ajfa-14805	215	50	as	as	SCONJ
ajfa-14805	215	51	presented	present	VERB
ajfa-14805	215	52	in	in	ADP
ajfa-14805	215	53	table	table	NOUN
ajfa-14805	215	54	4	4	NUM
ajfa-14805	215	55	.	.	PUNCT
ajfa-14805	216	1	based	base	VERB
ajfa-14805	216	2	on	on	ADP
ajfa-14805	216	3	the	the	DET
ajfa-14805	216	4	significance	significance	NOUN
ajfa-14805	216	5	level	level	NOUN
ajfa-14805	216	6	of	of	ADP
ajfa-14805	216	7	0.649	0.649	NUM
ajfa-14805	216	8	,	,	PUNCT
ajfa-14805	216	9	the	the	DET
ajfa-14805	216	10	moderator	moderator	NOUN
ajfa-14805	216	11	variable	variable	NOUN
ajfa-14805	216	12	has	have	VERB
ajfa-14805	216	13	no	no	DET
ajfa-14805	216	14	significant	significant	ADJ
ajfa-14805	216	15	direct	direct	ADJ
ajfa-14805	216	16	effect	effect	NOUN
ajfa-14805	216	17	on	on	ADP
ajfa-14805	216	18	the	the	DET
ajfa-14805	216	19	correlation	correlation	NOUN
ajfa-14805	216	20	between	between	ADP
ajfa-14805	216	21	the	the	DET
ajfa-14805	216	22	dependent	dependent	ADJ
ajfa-14805	216	23	and	and	CCONJ
ajfa-14805	216	24	independent	independent	ADJ
ajfa-14805	216	25	variables	variable	NOUN
ajfa-14805	216	26	.	.	PUNCT
ajfa-14805	217	1	in	in	ADP
ajfa-14805	217	2	fact	fact	NOUN
ajfa-14805	217	3	,	,	PUNCT
ajfa-14805	217	4	cash	cash	NOUN
ajfa-14805	217	5	holding	hold	VERB
ajfa-14805	217	6	adjustments	adjustment	NOUN
ajfa-14805	217	7	did	do	AUX
ajfa-14805	217	8	not	not	PART
ajfa-14805	217	9	influence	influence	VERB
ajfa-14805	217	10	the	the	DET
ajfa-14805	217	11	relationship	relationship	NOUN
ajfa-14805	217	12	between	between	ADP
ajfa-14805	217	13	the	the	DET
ajfa-14805	217	14	manager	manager	NOUN
ajfa-14805	217	15	's	's	PART
ajfa-14805	217	16	duality	duality	NOUN
ajfa-14805	217	17	and	and	CCONJ
ajfa-14805	217	18	cash	cash	NOUN
ajfa-14805	217	19	holding	holding	NOUN
ajfa-14805	217	20	adjustments	adjustment	NOUN
ajfa-14805	217	21	.	.	PUNCT
ajfa-14805	218	1	therefore	therefore	ADV
ajfa-14805	218	2	,	,	PUNCT
ajfa-14805	218	3	the	the	DET
ajfa-14805	218	4	fifth	fifth	ADJ
ajfa-14805	218	5	hypothesis	hypothesis	NOUN
ajfa-14805	218	6	is	be	AUX
ajfa-14805	218	7	rejected	reject	VERB
ajfa-14805	218	8	.	.	PUNCT
ajfa-14805	219	1	the	the	DET
ajfa-14805	219	2	main	main	ADJ
ajfa-14805	219	3	reason	reason	NOUN
ajfa-14805	219	4	is	be	AUX
ajfa-14805	219	5	that	that	PRON
ajfa-14805	219	6	manager	manager	NOUN
ajfa-14805	219	7	duality	duality	NOUN
ajfa-14805	219	8	is	be	AUX
ajfa-14805	219	9	low	low	ADJ
ajfa-14805	219	10	in	in	ADP
ajfa-14805	219	11	the	the	DET
ajfa-14805	219	12	tehran	tehran	PROPN
ajfa-14805	219	13	stock	stock	PROPN
ajfa-14805	219	14	exchange	exchange	PROPN
ajfa-14805	219	15	.	.	PUNCT
ajfa-14805	220	1	the	the	DET
ajfa-14805	220	2	results	result	NOUN
ajfa-14805	220	3	of	of	ADP
ajfa-14805	220	4	the	the	DET
ajfa-14805	220	5	fifth	fifth	ADJ
ajfa-14805	220	6	sub	sub	NOUN
ajfa-14805	220	7	-	-	NOUN
ajfa-14805	220	8	hypothesis	hypothesis	NOUN
ajfa-14805	220	9	do	do	AUX
ajfa-14805	220	10	not	not	PART
ajfa-14805	220	11	match	match	VERB
ajfa-14805	220	12	with	with	ADP
ajfa-14805	220	13	the	the	DET
ajfa-14805	220	14	results	result	NOUN
ajfa-14805	220	15	reported	report	VERB
ajfa-14805	220	16	by	by	ADP
ajfa-14805	220	17	jiang	jiang	PROPN
ajfa-14805	220	18	&	&	CCONJ
ajfa-14805	220	19	lie	lie	PROPN
ajfa-14805	220	20	(	(	PUNCT
ajfa-14805	220	21	2016	2016	NUM
ajfa-14805	220	22	)	)	PUNCT
ajfa-14805	220	23	.	.	PUNCT
ajfa-14805	221	1	the	the	DET
ajfa-14805	221	2	sixth	sixth	ADJ
ajfa-14805	221	3	sub	sub	NOUN
ajfa-14805	221	4	-	-	NOUN
ajfa-14805	221	5	hypothesis	hypothesis	NOUN
ajfa-14805	221	6	:	:	PUNCT
ajfa-14805	221	7	the	the	DET
ajfa-14805	221	8	coefficient	coefficient	NOUN
ajfa-14805	221	9	of	of	ADP
ajfa-14805	221	10	cash	cash	NOUN
ajfa-14805	221	11	holding	hold	VERB
ajfa-14805	221	12	adjustment	adjustment	NOUN
ajfa-14805	221	13	variable	variable	NOUN
ajfa-14805	221	14	on	on	ADP
ajfa-14805	221	15	the	the	DET
ajfa-14805	221	16	relationship	relationship	NOUN
ajfa-14805	221	17	between	between	ADP
ajfa-14805	221	18	management	management	NOUN
ajfa-14805	221	19	entrenchment	entrenchment	NOUN
ajfa-14805	221	20	(	(	PUNCT
ajfa-14805	221	21	management	management	NOUN
ajfa-14805	221	22	rewards	reward	VERB
ajfa-14805	221	23	and	and	CCONJ
ajfa-14805	221	24	cash	cash	NOUN
ajfa-14805	221	25	holding	hold	VERB
ajfa-14805	221	26	adjustments	adjustment	NOUN
ajfa-14805	221	27	[	[	X
ajfa-14805	221	28	(	(	PUNCT
ajfa-14805	221	29	cashit	cashit	NOUN
ajfa-14805	221	30	*	*	PUNCT
ajfa-14805	221	31	-cashit-1)×(highcashit×	-cashit-1)×(highcashit×	PROPN
ajfa-14805	221	32	rewardit	rewardit	NOUN
ajfa-14805	221	33	)	)	PUNCT
ajfa-14805	221	34	]	]	PUNCT
ajfa-14805	221	35	was	be	AUX
ajfa-14805	221	36	-0.009	-0.009	NUM
ajfa-14805	221	37	,	,	PUNCT
ajfa-14805	221	38	and	and	CCONJ
ajfa-14805	221	39	t	t	PROPN
ajfa-14805	221	40	-	-	PUNCT
ajfa-14805	221	41	statistics	statistic	NOUN
ajfa-14805	221	42	was	be	AUX
ajfa-14805	221	43	equal	equal	ADJ
ajfa-14805	221	44	to	to	ADP
ajfa-14805	221	45	0.492	0.492	NUM
ajfa-14805	221	46	(	(	PUNCT
ajfa-14805	221	47	significance	significance	NOUN
ajfa-14805	221	48	level	level	NOUN
ajfa-14805	221	49	of	of	ADP
ajfa-14805	221	50	0.622	0.622	NUM
ajfa-14805	221	51	)	)	PUNCT
ajfa-14805	221	52	.	.	PUNCT
ajfa-14805	222	1	the	the	DET
ajfa-14805	222	2	moderator	moderator	NOUN
ajfa-14805	222	3	variable	variable	NOUN
ajfa-14805	222	4	has	have	VERB
ajfa-14805	222	5	no	no	DET
ajfa-14805	222	6	significant	significant	ADJ
ajfa-14805	222	7	direct	direct	ADJ
ajfa-14805	222	8	effect	effect	NOUN
ajfa-14805	222	9	on	on	ADP
ajfa-14805	222	10	the	the	DET
ajfa-14805	222	11	correlation	correlation	NOUN
ajfa-14805	222	12	between	between	ADP
ajfa-14805	222	13	the	the	DET
ajfa-14805	222	14	dependent	dependent	ADJ
ajfa-14805	222	15	and	and	CCONJ
ajfa-14805	222	16	independent	independent	ADJ
ajfa-14805	222	17	variables	variable	NOUN
ajfa-14805	222	18	.	.	PUNCT
ajfa-14805	223	1	cash	cash	NOUN
ajfa-14805	223	2	holding	hold	VERB
ajfa-14805	223	3	speed	speed	NOUN
ajfa-14805	223	4	did	do	AUX
ajfa-14805	223	5	not	not	PART
ajfa-14805	223	6	affect	affect	VERB
ajfa-14805	223	7	the	the	DET
ajfa-14805	223	8	relationship	relationship	NOUN
ajfa-14805	223	9	between	between	ADP
ajfa-14805	223	10	the	the	DET
ajfa-14805	223	11	managers	manager	NOUN
ajfa-14805	223	12	'	'	PART
ajfa-14805	223	13	reward	reward	NOUN
ajfa-14805	223	14	and	and	CCONJ
ajfa-14805	223	15	cash	cash	NOUN
ajfa-14805	223	16	holding	hold	VERB
ajfa-14805	223	17	adjustments	adjustment	NOUN
ajfa-14805	223	18	in	in	ADP
ajfa-14805	223	19	the	the	DET
ajfa-14805	223	20	studied	study	VERB
ajfa-14805	223	21	firms	firm	NOUN
ajfa-14805	223	22	.	.	PUNCT
ajfa-14805	224	1	this	this	PRON
ajfa-14805	224	2	was	be	AUX
ajfa-14805	224	3	also	also	ADV
ajfa-14805	224	4	in	in	ADP
ajfa-14805	224	5	agreement	agreement	NOUN
ajfa-14805	224	6	with	with	ADP
ajfa-14805	224	7	the	the	DET
ajfa-14805	224	8	findings	finding	NOUN
ajfa-14805	224	9	of	of	ADP
ajfa-14805	224	10	jiang	jiang	PROPN
ajfa-14805	224	11	&	&	CCONJ
ajfa-14805	224	12	lie	lie	PROPN
ajfa-14805	224	13	(	(	PUNCT
ajfa-14805	224	14	2016	2016	NUM
ajfa-14805	224	15	)	)	PUNCT
ajfa-14805	224	16	.	.	PUNCT
ajfa-14805	225	1	the	the	DET
ajfa-14805	225	2	seventh	seventh	ADJ
ajfa-14805	225	3	sub	sub	NOUN
ajfa-14805	225	4	-	-	NOUN
ajfa-14805	225	5	hypothesis	hypothesis	NOUN
ajfa-14805	225	6	:	:	PUNCT
ajfa-14805	225	7	the	the	DET
ajfa-14805	225	8	coefficient	coefficient	NOUN
ajfa-14805	225	9	of	of	ADP
ajfa-14805	225	10	cash	cash	NOUN
ajfa-14805	225	11	holding	hold	VERB
ajfa-14805	225	12	adjustments	adjustment	NOUN
ajfa-14805	225	13	variable	variable	ADJ
ajfa-14805	225	14	on	on	ADP
ajfa-14805	225	15	the	the	DET
ajfa-14805	225	16	relationship	relationship	NOUN
ajfa-14805	225	17	between	between	ADP
ajfa-14805	225	18	management	management	NOUN
ajfa-14805	225	19	entrenchment	entrenchment	NOUN
ajfa-14805	225	20	dividends	dividend	NOUN
ajfa-14805	225	21	,	,	PUNCT
ajfa-14805	225	22	and	and	CCONJ
ajfa-14805	225	23	cash	cash	NOUN
ajfa-14805	225	24	holding	hold	VERB
ajfa-14805	225	25	adjustments	adjustment	NOUN
ajfa-14805	225	26	[	[	X
ajfa-14805	225	27	(	(	PUNCT
ajfa-14805	225	28	cashit	cashit	NOUN
ajfa-14805	225	29	*	*	NOUN
ajfa-14805	225	30	-cashit-1)×highcashit×(dummy_divit	-cashit-1)×highcashit×(dummy_divit	PROPN
ajfa-14805	225	31	)	)	PUNCT
ajfa-14805	225	32	]	]	PUNCT
ajfa-14805	225	33	was	be	AUX
ajfa-14805	225	34	obtained	obtain	VERB
ajfa-14805	225	35	as	as	ADP
ajfa-14805	225	36	0.484	0.484	NUM
ajfa-14805	225	37	(	(	PUNCT
ajfa-14805	225	38	t	t	NOUN
ajfa-14805	225	39	-	-	PUNCT
ajfa-14805	225	40	statistics	statistic	NOUN
ajfa-14805	225	41	0.960	0.960	NUM
ajfa-14805	225	42	)	)	PUNCT
ajfa-14805	225	43	,	,	PUNCT
ajfa-14805	225	44	as	as	SCONJ
ajfa-14805	225	45	given	give	VERB
ajfa-14805	225	46	in	in	ADP
ajfa-14805	225	47	table	table	NOUN
ajfa-14805	225	48	4	4	NUM
ajfa-14805	225	49	.	.	PUNCT
ajfa-14805	226	1	the	the	DET
ajfa-14805	226	2	results	result	NOUN
ajfa-14805	226	3	confirmed	confirm	VERB
ajfa-14805	226	4	that	that	SCONJ
ajfa-14805	226	5	cash	cash	NOUN
ajfa-14805	226	6	holding	hold	VERB
ajfa-14805	226	7	speed	speed	NOUN
ajfa-14805	226	8	can	can	AUX
ajfa-14805	226	9	affect	affect	VERB
ajfa-14805	226	10	the	the	DET
ajfa-14805	226	11	relationship	relationship	NOUN
ajfa-14805	226	12	between	between	ADP
ajfa-14805	226	13	the	the	DET
ajfa-14805	226	14	dividend	dividend	NOUN
ajfa-14805	226	15	and	and	CCONJ
ajfa-14805	226	16	cash	cash	NOUN
ajfa-14805	226	17	holding	holding	NOUN
ajfa-14805	226	18	adjustments	adjustment	NOUN
ajfa-14805	226	19	.	.	PUNCT
ajfa-14805	227	1	the	the	DET
ajfa-14805	227	2	reason	reason	NOUN
ajfa-14805	227	3	may	may	AUX
ajfa-14805	227	4	be	be	AUX
ajfa-14805	227	5	the	the	DET
ajfa-14805	227	6	necessity	necessity	NOUN
ajfa-14805	227	7	of	of	ADP
ajfa-14805	227	8	the	the	DET
ajfa-14805	227	9	stock	stock	NOUN
ajfa-14805	227	10	exchange	exchange	NOUN
ajfa-14805	227	11	for	for	ADP
ajfa-14805	227	12	the	the	DET
ajfa-14805	227	13	firms	firm	NOUN
ajfa-14805	227	14	to	to	PART
ajfa-14805	227	15	pay	pay	VERB
ajfa-14805	227	16	dividends	dividend	NOUN
ajfa-14805	227	17	.	.	PUNCT
ajfa-14805	228	1	usually	usually	ADV
ajfa-14805	228	2	,	,	PUNCT
ajfa-14805	228	3	firms	firm	NOUN
ajfa-14805	228	4	predict	predict	VERB
ajfa-14805	228	5	this	this	PRON
ajfa-14805	228	6	annually	annually	ADV
ajfa-14805	228	7	,	,	PUNCT
ajfa-14805	228	8	hence	hence	ADV
ajfa-14805	228	9	,	,	PUNCT
ajfa-14805	228	10	their	their	PRON
ajfa-14805	228	11	cash	cash	NOUN
ajfa-14805	228	12	holding	hold	VERB
ajfa-14805	228	13	speed	speed	NOUN
ajfa-14805	228	14	is	be	AUX
ajfa-14805	228	15	higher	high	ADJ
ajfa-14805	228	16	and	and	CCONJ
ajfa-14805	228	17	they	they	PRON
ajfa-14805	228	18	have	have	VERB
ajfa-14805	228	19	higher	high	ADJ
ajfa-14805	228	20	cash	cash	NOUN
ajfa-14805	228	21	holding	holding	NOUN
ajfa-14805	228	22	adjustments	adjustment	NOUN
ajfa-14805	228	23	.	.	PUNCT
ajfa-14805	229	1	the	the	DET
ajfa-14805	229	2	seventh	seventh	ADJ
ajfa-14805	229	3	subhypothesis	subhypothesis	NOUN
ajfa-14805	229	4	is	be	AUX
ajfa-14805	229	5	confirmed	confirm	VERB
ajfa-14805	229	6	.	.	PUNCT
ajfa-14805	230	1	the	the	DET
ajfa-14805	230	2	eighth	eighth	ADJ
ajfa-14805	230	3	sub	sub	NOUN
ajfa-14805	230	4	-	-	NOUN
ajfa-14805	230	5	hypothesis	hypothesis	NOUN
ajfa-14805	230	6	:	:	PUNCT
ajfa-14805	230	7	the	the	DET
ajfa-14805	230	8	coefficient	coefficient	NOUN
ajfa-14805	230	9	of	of	ADP
ajfa-14805	230	10	cash	cash	NOUN
ajfa-14805	230	11	holding	hold	VERB
ajfa-14805	230	12	adjustment	adjustment	NOUN
ajfa-14805	230	13	variable	variable	NOUN
ajfa-14805	230	14	on	on	ADP
ajfa-14805	230	15	the	the	DET
ajfa-14805	230	16	relationship	relationship	NOUN
ajfa-14805	230	17	between	between	ADP
ajfa-14805	230	18	the	the	DET
ajfa-14805	230	19	management	management	NOUN
ajfa-14805	230	20	entrenchment	entrenchment	NOUN
ajfa-14805	230	21	(	(	PUNCT
ajfa-14805	230	22	over	over	ADP
ajfa-14805	230	23	-	-	PUNCT
ajfa-14805	230	24	investment	investment	NOUN
ajfa-14805	230	25	risk	risk	NOUN
ajfa-14805	230	26	)	)	PUNCT
ajfa-14805	230	27	and	and	CCONJ
ajfa-14805	230	28	cash	cash	NOUN
ajfa-14805	230	29	holding	hold	VERB
ajfa-14805	230	30	adjustments	adjustment	NOUN
ajfa-14805	230	31	[	[	X
ajfa-14805	230	32	(	(	PUNCT
ajfa-14805	230	33	cashit	cashit	NOUN
ajfa-14805	230	34	*	*	PUNCT
ajfa-14805	230	35	-cashit-1)×(highcashit×	-cashit-1)×(highcashit×	VERB
ajfa-14805	230	36	over	over	ADV
ajfa-14805	230	37	-	-	PUNCT
ajfa-14805	230	38	investment_riskit	investment_riskit	ADJ
ajfa-14805	230	39	)	)	PUNCT
ajfa-14805	230	40	]	]	PUNCT
ajfa-14805	230	41	was	be	AUX
ajfa-14805	230	42	0.449	0.449	NUM
ajfa-14805	230	43	,	,	PUNCT
ajfa-14805	230	44	and	and	CCONJ
ajfa-14805	230	45	tstatistics	tstatistic	NOUN
ajfa-14805	230	46	was	be	AUX
ajfa-14805	230	47	5.880	5.880	NUM
ajfa-14805	230	48	.	.	PUNCT
ajfa-14805	231	1	the	the	DET
ajfa-14805	231	2	significance	significance	NOUN
ajfa-14805	231	3	of	of	ADP
ajfa-14805	231	4	the	the	DET
ajfa-14805	231	5	independent	independent	ADJ
ajfa-14805	231	6	variable	variable	NOUN
ajfa-14805	231	7	was	be	AUX
ajfa-14805	231	8	confirmed	confirm	VERB
ajfa-14805	231	9	with	with	ADP
ajfa-14805	231	10	a	a	DET
ajfa-14805	231	11	confidence	confidence	NOUN
ajfa-14805	231	12	level	level	NOUN
ajfa-14805	231	13	of	of	ADP
ajfa-14805	231	14	99	99	NUM
ajfa-14805	231	15	%	%	NOUN
ajfa-14805	231	16	.	.	PUNCT
ajfa-14805	232	1	in	in	ADP
ajfa-14805	232	2	fact	fact	NOUN
ajfa-14805	232	3	,	,	PUNCT
ajfa-14805	232	4	cash	cash	NOUN
ajfa-14805	232	5	holding	hold	VERB
ajfa-14805	232	6	speed	speed	NOUN
ajfa-14805	232	7	affected	affect	VERB
ajfa-14805	232	8	the	the	DET
ajfa-14805	232	9	relationship	relationship	NOUN
ajfa-14805	232	10	between	between	ADP
ajfa-14805	232	11	the	the	DET
ajfa-14805	232	12	overinvestment	overinvestment	ADJ
ajfa-14805	232	13	risk	risk	NOUN
ajfa-14805	232	14	and	and	CCONJ
ajfa-14805	232	15	cash	cash	NOUN
ajfa-14805	232	16	holding	hold	VERB
ajfa-14805	232	17	adjustments	adjustment	NOUN
ajfa-14805	232	18	for	for	ADP
ajfa-14805	232	19	the	the	DET
ajfa-14805	232	20	studied	study	VERB
ajfa-14805	232	21	firms	firm	NOUN
ajfa-14805	232	22	.	.	PUNCT
ajfa-14805	233	1	the	the	DET
ajfa-14805	233	2	reason	reason	NOUN
ajfa-14805	233	3	could	could	AUX
ajfa-14805	233	4	be	be	AUX
ajfa-14805	233	5	the	the	DET
ajfa-14805	233	6	opportunistic	opportunistic	ADJ
ajfa-14805	233	7	motivation	motivation	NOUN
ajfa-14805	233	8	of	of	ADP
ajfa-14805	233	9	the	the	DET
ajfa-14805	233	10	firms	firm	NOUN
ajfa-14805	233	11	’	’	PART
ajfa-14805	233	12	managers	manager	NOUN
ajfa-14805	233	13	for	for	ADP
ajfa-14805	233	14	over	over	ADP
ajfa-14805	233	15	-	-	PUNCT
ajfa-14805	233	16	investment	investment	NOUN
ajfa-14805	233	17	to	to	PART
ajfa-14805	233	18	increase	increase	VERB
ajfa-14805	233	19	their	their	PRON
ajfa-14805	233	20	rewards	reward	NOUN
ajfa-14805	233	21	.	.	PUNCT
ajfa-14805	234	1	the	the	DET
ajfa-14805	234	2	eighth	eighth	ADJ
ajfa-14805	234	3	sub	sub	NOUN
ajfa-14805	234	4	-	-	NOUN
ajfa-14805	234	5	hypothesis	hypothesis	NOUN
ajfa-14805	234	6	is	be	AUX
ajfa-14805	234	7	confirmed	confirm	VERB
ajfa-14805	234	8	and	and	CCONJ
ajfa-14805	234	9	this	this	DET
ajfa-14805	234	10	finding	finding	NOUN
ajfa-14805	234	11	agrees	agree	VERB
ajfa-14805	234	12	with	with	ADP
ajfa-14805	234	13	the	the	DET
ajfa-14805	234	14	evidence	evidence	NOUN
ajfa-14805	234	15	reported	report	VERB
ajfa-14805	234	16	by	by	ADP
ajfa-14805	234	17	jiang	jiang	PROPN
ajfa-14805	234	18	&	&	CCONJ
ajfa-14805	234	19	lie	lie	PROPN
ajfa-14805	234	20	(	(	PUNCT
ajfa-14805	234	21	2016	2016	NUM
ajfa-14805	234	22	)	)	PUNCT
ajfa-14805	234	23	.	.	PUNCT
ajfa-14805	235	1	according	accord	VERB
ajfa-14805	235	2	to	to	ADP
ajfa-14805	235	3	the	the	DET
ajfa-14805	235	4	results	result	NOUN
ajfa-14805	235	5	found	find	VERB
ajfa-14805	235	6	for	for	ADP
ajfa-14805	235	7	the	the	DET
ajfa-14805	235	8	second	second	ADJ
ajfa-14805	235	9	main	main	ADJ
ajfa-14805	235	10	hypothesis	hypothesis	NOUN
ajfa-14805	235	11	in	in	ADP
ajfa-14805	235	12	this	this	DET
ajfa-14805	235	13	work	work	NOUN
ajfa-14805	235	14	,	,	PUNCT
ajfa-14805	235	15	it	it	PRON
ajfa-14805	235	16	is	be	AUX
ajfa-14805	235	17	suggested	suggest	VERB
ajfa-14805	235	18	that	that	SCONJ
ajfa-14805	235	19	decision	decision	NOUN
ajfa-14805	235	20	makers	maker	NOUN
ajfa-14805	235	21	pay	pay	VERB
ajfa-14805	235	22	attention	attention	NOUN
ajfa-14805	235	23	to	to	ADP
ajfa-14805	235	24	cash	cash	NOUN
ajfa-14805	235	25	holding	hold	VERB
ajfa-14805	235	26	speed	speed	NOUN
ajfa-14805	235	27	on	on	ADP
ajfa-14805	235	28	the	the	DET
ajfa-14805	235	29	relationship	relationship	NOUN
ajfa-14805	235	30	between	between	ADP
ajfa-14805	235	31	the	the	DET
ajfa-14805	235	32	effect	effect	NOUN
ajfa-14805	235	33	of	of	ADP
ajfa-14805	235	34	managerial	managerial	ADJ
ajfa-14805	235	35	entrenchment	entrenchment	NOUN
ajfa-14805	235	36	on	on	ADP
ajfa-14805	235	37	cash	cash	NOUN
ajfa-14805	235	38	holding	holding	NOUN
ajfa-14805	235	39	adjustments	adjustment	NOUN
ajfa-14805	235	40	.	.	PUNCT
ajfa-14805	236	1	managers	manager	NOUN
ajfa-14805	236	2	and	and	CCONJ
ajfa-14805	236	3	investors	investor	NOUN
ajfa-14805	236	4	are	be	AUX
ajfa-14805	236	5	also	also	ADV
ajfa-14805	236	6	suggested	suggest	VERB
ajfa-14805	236	7	to	to	PART
ajfa-14805	236	8	pay	pay	VERB
ajfa-14805	236	9	attention	attention	NOUN
ajfa-14805	236	10	to	to	ADP
ajfa-14805	236	11	the	the	DET
ajfa-14805	236	12	effect	effect	NOUN
ajfa-14805	236	13	of	of	ADP
ajfa-14805	236	14	cash	cash	NOUN
ajfa-14805	236	15	holding	hold	VERB
ajfa-14805	236	16	adjustments	adjustment	NOUN
ajfa-14805	236	17	speed	speed	NOUN
ajfa-14805	236	18	on	on	ADP
ajfa-14805	236	19	the	the	DET
ajfa-14805	236	20	relationship	relationship	NOUN
ajfa-14805	236	21	between	between	ADP
ajfa-14805	236	22	managerial	managerial	ADJ
ajfa-14805	236	23	entrenchment	entrenchment	NOUN
ajfa-14805	236	24	and	and	CCONJ
ajfa-14805	236	25	cash	cash	NOUN
ajfa-14805	236	26	holding	hold	VERB
ajfa-14805	236	27	adjustments	adjustment	NOUN
ajfa-14805	236	28	when	when	SCONJ
ajfa-14805	236	29	they	they	PRON
ajfa-14805	236	30	decide	decide	VERB
ajfa-14805	236	31	about	about	ADP
ajfa-14805	236	32	the	the	DET
ajfa-14805	236	33	asian	asian	ADJ
ajfa-14805	236	34	journal	journal	NOUN
ajfa-14805	236	35	of	of	ADP
ajfa-14805	236	36	finance	finance	PROPN
ajfa-14805	236	37	&	&	CCONJ
ajfa-14805	236	38	accounting	accounting	PROPN
ajfa-14805	236	39	issn	issn	PROPN
ajfa-14805	236	40	1946	1946	NUM
ajfa-14805	236	41	-	-	PUNCT
ajfa-14805	236	42	052x	052x	PROPN
ajfa-14805	236	43	2019	2019	NUM
ajfa-14805	236	44	,	,	PUNCT
ajfa-14805	236	45	vol	vol	NOUN
ajfa-14805	236	46	.	.	PROPN
ajfa-14805	237	1	11	11	NUM
ajfa-14805	237	2	,	,	PUNCT
ajfa-14805	237	3	no	no	INTJ
ajfa-14805	237	4	.	.	NOUN
ajfa-14805	237	5	1	1	NUM
ajfa-14805	237	6	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14805	237	7	305	305	NUM
ajfa-14805	237	8	amount	amount	NOUN
ajfa-14805	237	9	of	of	ADP
ajfa-14805	237	10	cash	cash	NOUN
ajfa-14805	237	11	holding	hold	VERB
ajfa-14805	237	12	adjustments	adjustment	NOUN
ajfa-14805	237	13	or	or	CCONJ
ajfa-14805	237	14	when	when	SCONJ
ajfa-14805	237	15	they	they	PRON
ajfa-14805	237	16	decide	decide	VERB
ajfa-14805	237	17	about	about	ADP
ajfa-14805	237	18	buying	buy	VERB
ajfa-14805	237	19	or	or	CCONJ
ajfa-14805	237	20	selling	sell	VERB
ajfa-14805	237	21	shares	share	NOUN
ajfa-14805	237	22	of	of	ADP
ajfa-14805	237	23	a	a	DET
ajfa-14805	237	24	firm	firm	NOUN
ajfa-14805	237	25	.	.	PUNCT
ajfa-14805	238	1	5	5	X
ajfa-14805	238	2	.	.	X
ajfa-14805	238	3	conclusions	conclusion	NOUN
ajfa-14805	238	4	this	this	DET
ajfa-14805	238	5	study	study	NOUN
ajfa-14805	238	6	investigated	investigate	VERB
ajfa-14805	238	7	the	the	DET
ajfa-14805	238	8	relationship	relationship	NOUN
ajfa-14805	238	9	between	between	ADP
ajfa-14805	238	10	the	the	DET
ajfa-14805	238	11	managerial	managerial	ADJ
ajfa-14805	238	12	entrenchment	entrenchment	NOUN
ajfa-14805	238	13	and	and	CCONJ
ajfa-14805	238	14	cash	cash	NOUN
ajfa-14805	238	15	holding	hold	VERB
ajfa-14805	238	16	adjustments	adjustment	NOUN
ajfa-14805	238	17	for	for	ADP
ajfa-14805	238	18	a	a	DET
ajfa-14805	238	19	sample	sample	NOUN
ajfa-14805	238	20	of	of	ADP
ajfa-14805	238	21	140	140	NUM
ajfa-14805	238	22	firms	firm	NOUN
ajfa-14805	238	23	listed	list	VERB
ajfa-14805	238	24	in	in	ADP
ajfa-14805	238	25	the	the	DET
ajfa-14805	238	26	tehran	tehran	PROPN
ajfa-14805	238	27	stock	stock	PROPN
ajfa-14805	238	28	exchange	exchange	PROPN
ajfa-14805	238	29	(	(	PUNCT
ajfa-14805	238	30	tse	tse	PROPN
ajfa-14805	238	31	)	)	PUNCT
ajfa-14805	238	32	during	during	ADP
ajfa-14805	238	33	2011	2011	NUM
ajfa-14805	238	34	to	to	ADP
ajfa-14805	238	35	2016	2016	NUM
ajfa-14805	238	36	.	.	PUNCT
ajfa-14805	239	1	for	for	ADP
ajfa-14805	239	2	managerial	managerial	ADJ
ajfa-14805	239	3	entrenchment	entrenchment	NOUN
ajfa-14805	239	4	,	,	PUNCT
ajfa-14805	239	5	four	four	NUM
ajfa-14805	239	6	measures	measure	NOUN
ajfa-14805	239	7	of	of	ADP
ajfa-14805	239	8	manager	manager	NOUN
ajfa-14805	239	9	's	's	PART
ajfa-14805	239	10	duality	duality	NOUN
ajfa-14805	239	11	,	,	PUNCT
ajfa-14805	239	12	management	management	NOUN
ajfa-14805	239	13	reward	reward	NOUN
ajfa-14805	239	14	,	,	PUNCT
ajfa-14805	239	15	dividends	dividend	NOUN
ajfa-14805	239	16	,	,	PUNCT
ajfa-14805	239	17	and	and	CCONJ
ajfa-14805	239	18	over	over	ADP
ajfa-14805	239	19	-	-	PUNCT
ajfa-14805	239	20	investment	investment	NOUN
ajfa-14805	239	21	risk	risk	NOUN
ajfa-14805	239	22	were	be	AUX
ajfa-14805	239	23	employed	employ	VERB
ajfa-14805	239	24	.	.	PUNCT
ajfa-14805	240	1	the	the	DET
ajfa-14805	240	2	concluding	concluding	NOUN
ajfa-14805	240	3	remarks	remark	NOUN
ajfa-14805	240	4	are	be	AUX
ajfa-14805	240	5	summarized	summarize	VERB
ajfa-14805	240	6	as	as	SCONJ
ajfa-14805	240	7	follows	follow	VERB
ajfa-14805	240	8	.	.	PUNCT
ajfa-14805	241	1	there	there	PRON
ajfa-14805	241	2	is	be	VERB
ajfa-14805	241	3	a	a	DET
ajfa-14805	241	4	significant	significant	ADJ
ajfa-14805	241	5	positive	positive	ADJ
ajfa-14805	241	6	relationship	relationship	NOUN
ajfa-14805	241	7	between	between	ADP
ajfa-14805	241	8	the	the	DET
ajfa-14805	241	9	management	management	NOUN
ajfa-14805	241	10	rewards	reward	VERB
ajfa-14805	241	11	and	and	CCONJ
ajfa-14805	241	12	cash	cash	NOUN
ajfa-14805	241	13	holding	holding	NOUN
ajfa-14805	241	14	adjustments	adjustment	NOUN
ajfa-14805	241	15	.	.	PUNCT
ajfa-14805	242	1	also	also	ADV
ajfa-14805	242	2	,	,	PUNCT
ajfa-14805	242	3	there	there	PRON
ajfa-14805	242	4	is	be	VERB
ajfa-14805	242	5	a	a	DET
ajfa-14805	242	6	significant	significant	ADJ
ajfa-14805	242	7	positive	positive	ADJ
ajfa-14805	242	8	relationship	relationship	NOUN
ajfa-14805	242	9	between	between	ADP
ajfa-14805	242	10	the	the	DET
ajfa-14805	242	11	over	over	ADP
ajfa-14805	242	12	-	-	PUNCT
ajfa-14805	242	13	investment	investment	NOUN
ajfa-14805	242	14	risk	risk	NOUN
ajfa-14805	242	15	and	and	CCONJ
ajfa-14805	242	16	cash	cash	NOUN
ajfa-14805	242	17	holding	holding	NOUN
ajfa-14805	242	18	adjustments	adjustment	NOUN
ajfa-14805	242	19	.	.	PUNCT
ajfa-14805	243	1	cash	cash	NOUN
ajfa-14805	243	2	holding	hold	VERB
ajfa-14805	243	3	speed	speed	NOUN
ajfa-14805	243	4	was	be	AUX
ajfa-14805	243	5	found	find	VERB
ajfa-14805	243	6	to	to	PART
ajfa-14805	243	7	have	have	VERB
ajfa-14805	243	8	a	a	DET
ajfa-14805	243	9	significant	significant	ADJ
ajfa-14805	243	10	positive	positive	ADJ
ajfa-14805	243	11	effect	effect	NOUN
ajfa-14805	243	12	on	on	ADP
ajfa-14805	243	13	the	the	DET
ajfa-14805	243	14	relationship	relationship	NOUN
ajfa-14805	243	15	between	between	ADP
ajfa-14805	243	16	the	the	DET
ajfa-14805	243	17	dividends	dividend	NOUN
ajfa-14805	243	18	and	and	CCONJ
ajfa-14805	243	19	cash	cash	NOUN
ajfa-14805	243	20	holding	holding	NOUN
ajfa-14805	243	21	adjustments	adjustment	NOUN
ajfa-14805	243	22	.	.	PUNCT
ajfa-14805	244	1	the	the	DET
ajfa-14805	244	2	research	research	NOUN
ajfa-14805	244	3	findings	finding	NOUN
ajfa-14805	244	4	showed	show	VERB
ajfa-14805	244	5	that	that	SCONJ
ajfa-14805	244	6	when	when	SCONJ
ajfa-14805	244	7	managerial	managerial	ADJ
ajfa-14805	244	8	entrenchment	entrenchment	NOUN
ajfa-14805	244	9	was	be	AUX
ajfa-14805	244	10	used	use	VERB
ajfa-14805	244	11	by	by	ADP
ajfa-14805	244	12	the	the	DET
ajfa-14805	244	13	over	over	ADP
ajfa-14805	244	14	-	-	PUNCT
ajfa-14805	244	15	investment	investment	NOUN
ajfa-14805	244	16	risk	risk	NOUN
ajfa-14805	244	17	,	,	PUNCT
ajfa-14805	244	18	the	the	DET
ajfa-14805	244	19	cash	cash	NOUN
ajfa-14805	244	20	holding	hold	VERB
ajfa-14805	244	21	speed	speed	NOUN
ajfa-14805	244	22	had	have	VERB
ajfa-14805	244	23	a	a	DET
ajfa-14805	244	24	significant	significant	ADJ
ajfa-14805	244	25	positive	positive	ADJ
ajfa-14805	244	26	effect	effect	NOUN
ajfa-14805	244	27	on	on	ADP
ajfa-14805	244	28	the	the	DET
ajfa-14805	244	29	relationship	relationship	NOUN
ajfa-14805	244	30	between	between	ADP
ajfa-14805	244	31	the	the	DET
ajfa-14805	244	32	over	over	ADP
ajfa-14805	244	33	-	-	PUNCT
ajfa-14805	244	34	investment	investment	NOUN
ajfa-14805	244	35	risk	risk	NOUN
ajfa-14805	244	36	(	(	PUNCT
ajfa-14805	244	37	managerial	managerial	ADJ
ajfa-14805	244	38	entrenchment	entrenchment	NOUN
ajfa-14805	244	39	)	)	PUNCT
ajfa-14805	244	40	and	and	CCONJ
ajfa-14805	244	41	cash	cash	NOUN
ajfa-14805	244	42	holdings	holding	NOUN
ajfa-14805	244	43	adjustments	adjustment	NOUN
ajfa-14805	244	44	.	.	PUNCT
ajfa-14805	245	1	these	these	DET
ajfa-14805	245	2	results	result	NOUN
ajfa-14805	245	3	suggest	suggest	VERB
ajfa-14805	245	4	a	a	DET
ajfa-14805	245	5	significant	significant	ADJ
ajfa-14805	245	6	positive	positive	ADJ
ajfa-14805	245	7	relationship	relationship	NOUN
ajfa-14805	245	8	between	between	ADP
ajfa-14805	245	9	the	the	DET
ajfa-14805	245	10	managerial	managerial	ADJ
ajfa-14805	245	11	entrenchment	entrenchment	NOUN
ajfa-14805	245	12	and	and	CCONJ
ajfa-14805	245	13	cash	cash	NOUN
ajfa-14805	245	14	holding	hold	VERB
ajfa-14805	245	15	adjustments	adjustment	NOUN
ajfa-14805	245	16	for	for	ADP
ajfa-14805	245	17	the	the	DET
ajfa-14805	245	18	studied	study	VERB
ajfa-14805	245	19	firms	firm	NOUN
ajfa-14805	245	20	.	.	PUNCT
ajfa-14805	246	1	references	reference	NOUN
ajfa-14805	246	2	al	al	PROPN
ajfa-14805	246	3	-	-	PUNCT
ajfa-14805	246	4	dhamari	dhamari	PROPN
ajfa-14805	246	5	,	,	PUNCT
ajfa-14805	246	6	r.	r.	PROPN
ajfa-14805	246	7	a.	a.	PROPN
ajfa-14805	246	8	,	,	PUNCT
ajfa-14805	246	9	&	&	CCONJ
ajfa-14805	246	10	ismail	ismail	PROPN
ajfa-14805	246	11	,	,	PUNCT
ajfa-14805	246	12	k.	k.	PROPN
ajfa-14805	246	13	n.	n.	PROPN
ajfa-14805	246	14	i.	i.	PROPN
ajfa-14805	246	15	k.	k.	PROPN
ajfa-14805	246	16	(	(	PUNCT
ajfa-14805	246	17	2014	2014	NUM
ajfa-14805	246	18	)	)	PUNCT
ajfa-14805	246	19	.	.	PUNCT
ajfa-14805	247	1	an	an	DET
ajfa-14805	247	2	investigation	investigation	NOUN
ajfa-14805	247	3	into	into	ADP
ajfa-14805	247	4	the	the	DET
ajfa-14805	247	5	effect	effect	NOUN
ajfa-14805	247	6	of	of	ADP
ajfa-14805	247	7	surplus	surplus	ADJ
ajfa-14805	247	8	free	free	ADJ
ajfa-14805	247	9	cash	cash	NOUN
ajfa-14805	247	10	flow	flow	NOUN
ajfa-14805	247	11	,	,	PUNCT
ajfa-14805	247	12	corporate	corporate	ADJ
ajfa-14805	247	13	governance	governance	NOUN
ajfa-14805	247	14	and	and	CCONJ
ajfa-14805	247	15	firm	firm	ADJ
ajfa-14805	247	16	size	size	NOUN
ajfa-14805	247	17	on	on	ADP
ajfa-14805	247	18	earnings	earning	NOUN
ajfa-14805	247	19	predictability	predictability	NOUN
ajfa-14805	247	20	.	.	PUNCT
ajfa-14805	248	1	international	international	ADJ
ajfa-14805	248	2	journal	journal	PROPN
ajfa-14805	248	3	of	of	ADP
ajfa-14805	248	4	accounting	accounting	NOUN
ajfa-14805	248	5	and	and	CCONJ
ajfa-14805	248	6	information	information	NOUN
ajfa-14805	248	7	management	management	NOUN
ajfa-14805	248	8	,	,	PUNCT
ajfa-14805	248	9	22(2	22(2	NUM
ajfa-14805	248	10	)	)	PUNCT
ajfa-14805	248	11	,	,	PUNCT
ajfa-14805	248	12	118	118	NUM
ajfa-14805	248	13	-	-	SYM
ajfa-14805	248	14	133	133	NUM
ajfa-14805	248	15	.	.	PUNCT
ajfa-14805	249	1	https://doi.org/10.1108/ijaim-05-2013-0037	https://doi.org/10.1108/ijaim-05-2013-0037	PROPN
ajfa-14805	249	2	bates	bate	NOUN
ajfa-14805	249	3	,	,	PUNCT
ajfa-14805	249	4	t.	t.	PROPN
ajfa-14805	249	5	w.	w.	PROPN
ajfa-14805	249	6	,	,	PUNCT
ajfa-14805	249	7	kahle	kahle	PROPN
ajfa-14805	249	8	,	,	PUNCT
ajfa-14805	249	9	k.	k.	PROPN
ajfa-14805	249	10	m.	m.	PROPN
ajfa-14805	249	11	,	,	PUNCT
ajfa-14805	249	12	&	&	CCONJ
ajfa-14805	249	13	stulz	stulz	PROPN
ajfa-14805	249	14	,	,	PUNCT
ajfa-14805	249	15	r.	r.	PROPN
ajfa-14805	249	16	(	(	PUNCT
ajfa-14805	249	17	2009	2009	NUM
ajfa-14805	249	18	)	)	PUNCT
ajfa-14805	249	19	.	.	PUNCT
ajfa-14805	250	1	why	why	SCONJ
ajfa-14805	250	2	do	do	AUX
ajfa-14805	250	3	u.s	u.s	PROPN
ajfa-14805	250	4	.	.	PROPN
ajfa-14805	250	5	firms	firm	NOUN
ajfa-14805	250	6	hold	hold	VERB
ajfa-14805	250	7	so	so	ADV
ajfa-14805	250	8	much	much	ADV
ajfa-14805	250	9	more	more	ADJ
ajfa-14805	250	10	cash	cash	NOUN
ajfa-14805	250	11	than	than	SCONJ
ajfa-14805	250	12	they	they	PRON
ajfa-14805	250	13	used	use	VERB
ajfa-14805	250	14	to	to	ADP
ajfa-14805	250	15	?	?	PUNCT
ajfa-14805	250	16	.	.	PUNCT
ajfa-14805	251	1	j.	j.	PROPN
ajfa-14805	251	2	financ	financ	PROPN
ajfa-14805	251	3	.	.	PROPN
ajfa-14805	251	4	,	,	PUNCT
ajfa-14805	251	5	64	64	NUM
ajfa-14805	251	6	,	,	PUNCT
ajfa-14805	251	7	1985	1985	NUM
ajfa-14805	251	8	-	-	SYM
ajfa-14805	251	9	2021	2021	NUM
ajfa-14805	251	10	.	.	PUNCT
ajfa-14805	252	1	https://doi.org/10.1111/j.15406261.2009.01492.x	https://doi.org/10.1111/j.15406261.2009.01492.x	PUNCT
ajfa-14805	252	2	dittmar	dittmar	PROPN
ajfa-14805	252	3	,	,	PUNCT
ajfa-14805	252	4	a.	a.	PROPN
ajfa-14805	252	5	&	&	CCONJ
ajfa-14805	252	6	smith	smith	PROPN
ajfa-14805	252	7	,	,	PUNCT
ajfa-14805	252	8	j.	j.	PROPN
ajfa-14805	252	9	(	(	PUNCT
ajfa-14805	252	10	2007	2007	NUM
ajfa-14805	252	11	)	)	PUNCT
ajfa-14805	252	12	.	.	PUNCT
ajfa-14805	253	1	corporate	corporate	ADJ
ajfa-14805	253	2	governance	governance	NOUN
ajfa-14805	253	3	and	and	CCONJ
ajfa-14805	253	4	the	the	DET
ajfa-14805	253	5	value	value	NOUN
ajfa-14805	253	6	of	of	ADP
ajfa-14805	253	7	cash	cash	NOUN
ajfa-14805	253	8	holdings	holding	NOUN
ajfa-14805	253	9	.	.	PUNCT
ajfa-14805	254	1	journal	journal	NOUN
ajfa-14805	254	2	of	of	ADP
ajfa-14805	254	3	financial	financial	ADJ
ajfa-14805	254	4	economics	economic	NOUN
ajfa-14805	254	5	,	,	PUNCT
ajfa-14805	254	6	83(3	83(3	NUM
ajfa-14805	254	7	)	)	PUNCT
ajfa-14805	254	8	,	,	PUNCT
ajfa-14805	254	9	599	599	NUM
ajfa-14805	254	10	-	-	SYM
ajfa-14805	254	11	634	634	NUM
ajfa-14805	254	12	.	.	PUNCT
ajfa-14805	255	1	https://doi.org/10.1016/j.jfineco.2005.12.006	https://doi.org/10.1016/j.jfineco.2005.12.006	PROPN
ajfa-14805	255	2	francis	francis	PROPN
ajfa-14805	255	3	,	,	PUNCT
ajfa-14805	255	4	j.	j.	PROPN
ajfa-14805	255	5	,	,	PUNCT
ajfa-14805	255	6	lafond	lafond	PROPN
ajfa-14805	255	7	,	,	PUNCT
ajfa-14805	255	8	r.	r.	PROPN
ajfa-14805	255	9	,	,	PUNCT
ajfa-14805	255	10	olsson	olsson	PROPN
ajfa-14805	255	11	,	,	PUNCT
ajfa-14805	255	12	p.	p.	PROPN
ajfa-14805	255	13	,	,	PUNCT
ajfa-14805	255	14	&	&	CCONJ
ajfa-14805	255	15	schipper	schipper	PROPN
ajfa-14805	255	16	,	,	PUNCT
ajfa-14805	255	17	k.	k.	PROPN
ajfa-14805	255	18	(	(	PUNCT
ajfa-14805	255	19	2004	2004	NUM
ajfa-14805	255	20	)	)	PUNCT
ajfa-14805	255	21	.	.	PUNCT
ajfa-14805	256	1	costs	cost	NOUN
ajfa-14805	256	2	of	of	ADP
ajfa-14805	256	3	equity	equity	NOUN
ajfa-14805	256	4	and	and	CCONJ
ajfa-14805	256	5	earnings	earning	NOUN
ajfa-14805	256	6	attributes	attribute	NOUN
ajfa-14805	256	7	.	.	PUNCT
ajfa-14805	257	1	accounting	accounting	NOUN
ajfa-14805	257	2	review	review	PROPN
ajfa-14805	257	3	,	,	PUNCT
ajfa-14805	257	4	79	79	NUM
ajfa-14805	257	5	,	,	PUNCT
ajfa-14805	257	6	967	967	NUM
ajfa-14805	257	7	-	-	SYM
ajfa-14805	257	8	1010	1010	NUM
ajfa-14805	257	9	.	.	PUNCT
ajfa-14805	258	1	https://doi.org/10.2308/accr.2004.79.4.967	https://doi.org/10.2308/accr.2004.79.4.967	PROPN
ajfa-14805	258	2	francis	francis	PROPN
ajfa-14805	258	3	,	,	PUNCT
ajfa-14805	258	4	j.	j.	PROPN
ajfa-14805	258	5	,	,	PUNCT
ajfa-14805	258	6	olsson	olsson	PROPN
ajfa-14805	258	7	,	,	PUNCT
ajfa-14805	258	8	p.	p.	PROPN
ajfa-14805	258	9	,	,	PUNCT
ajfa-14805	258	10	&	&	CCONJ
ajfa-14805	258	11	schipper	schipper	PROPN
ajfa-14805	258	12	,	,	PUNCT
ajfa-14805	258	13	k.	k.	PROPN
ajfa-14805	258	14	(	(	PUNCT
ajfa-14805	258	15	2005	2005	NUM
ajfa-14805	258	16	)	)	PUNCT
ajfa-14805	258	17	.	.	PUNCT
ajfa-14805	259	1	earnings	earning	NOUN
ajfa-14805	259	2	quality	quality	NOUN
ajfa-14805	259	3	.	.	PUNCT
ajfa-14805	260	1	foundations	foundation	NOUN
ajfa-14805	260	2	and	and	CCONJ
ajfa-14805	260	3	trends	trend	NOUN
ajfa-14805	260	4	in	in	ADP
ajfa-14805	260	5	accounting	accounting	NOUN
ajfa-14805	260	6	,	,	PUNCT
ajfa-14805	260	7	1(4	1(4	NUM
ajfa-14805	260	8	)	)	PUNCT
ajfa-14805	260	9	,	,	PUNCT
ajfa-14805	260	10	259	259	NUM
ajfa-14805	260	11	-	-	SYM
ajfa-14805	260	12	340	340	NUM
ajfa-14805	260	13	.	.	PUNCT
ajfa-14805	261	1	https://doi.org/10.1561/1400000004	https://doi.org/10.1561/1400000004	PROPN
ajfa-14805	261	2	ferreira	ferreira	PROPN
ajfa-14805	261	3	,	,	PUNCT
ajfa-14805	261	4	m.	m.	NOUN
ajfa-14805	261	5	,	,	PUNCT
ajfa-14805	261	6	&	&	CCONJ
ajfa-14805	261	7	vilela	vilela	PROPN
ajfa-14805	261	8	,	,	PUNCT
ajfa-14805	261	9	a.	a.	NOUN
ajfa-14805	261	10	(	(	PUNCT
ajfa-14805	261	11	2004	2004	NUM
ajfa-14805	261	12	)	)	PUNCT
ajfa-14805	261	13	.	.	PUNCT
ajfa-14805	262	1	why	why	SCONJ
ajfa-14805	262	2	do	do	AUX
ajfa-14805	262	3	firms	firm	NOUN
ajfa-14805	262	4	fold	fold	VERB
ajfa-14805	262	5	cash	cash	NOUN
ajfa-14805	262	6	?	?	PUNCT
ajfa-14805	263	1	evidence	evidence	NOUN
ajfa-14805	263	2	from	from	ADP
ajfa-14805	263	3	emu	emu	PROPN
ajfa-14805	263	4	countries	country	NOUN
ajfa-14805	263	5	.	.	PUNCT
ajfa-14805	264	1	european	european	ADJ
ajfa-14805	264	2	financial	financial	ADJ
ajfa-14805	264	3	management	management	NOUN
ajfa-14805	264	4	,	,	PUNCT
ajfa-14805	264	5	10(2	10(2	NUM
ajfa-14805	264	6	)	)	PUNCT
ajfa-14805	264	7	,	,	PUNCT
ajfa-14805	264	8	295	295	NUM
ajfa-14805	264	9	-	-	SYM
ajfa-14805	264	10	319	319	NUM
ajfa-14805	264	11	.	.	PUNCT
ajfa-14805	264	12	https://doi.org/10.1111/j.13547798.2004.00251.x	https://doi.org/10.1111/j.13547798.2004.00251.x	PUNCT
ajfa-14805	265	1	gul	gul	PROPN
ajfa-14805	265	2	,	,	PUNCT
ajfa-14805	265	3	f.	f.	PROPN
ajfa-14805	265	4	a.	a.	PROPN
ajfa-14805	265	5	&	&	CCONJ
ajfa-14805	265	6	tsui	tsui	PROPN
ajfa-14805	265	7	,	,	PUNCT
ajfa-14805	265	8	j.	j.	PROPN
ajfa-14805	265	9	s.	s.	PROPN
ajfa-14805	265	10	l.	l.	PROPN
ajfa-14805	265	11	(	(	PUNCT
ajfa-14805	265	12	2012	2012	NUM
ajfa-14805	265	13	)	)	PUNCT
ajfa-14805	265	14	.	.	PUNCT
ajfa-14805	266	1	free	free	ADJ
ajfa-14805	266	2	cash	cash	NOUN
ajfa-14805	266	3	flow	flow	NOUN
ajfa-14805	266	4	,	,	PUNCT
ajfa-14805	266	5	debt	debt	NOUN
ajfa-14805	266	6	-	-	PUNCT
ajfa-14805	266	7	monitoring	monitoring	NOUN
ajfa-14805	266	8	,	,	PUNCT
ajfa-14805	266	9	and	and	CCONJ
ajfa-14805	266	10	audit	audit	NOUN
ajfa-14805	266	11	pricing	pricing	NOUN
ajfa-14805	266	12	:	:	PUNCT
ajfa-14805	266	13	further	further	ADJ
ajfa-14805	266	14	evidence	evidence	NOUN
ajfa-14805	266	15	on	on	ADP
ajfa-14805	266	16	the	the	DET
ajfa-14805	266	17	role	role	NOUN
ajfa-14805	266	18	of	of	ADP
ajfa-14805	266	19	director	director	NOUN
ajfa-14805	266	20	equity	equity	NOUN
ajfa-14805	266	21	ownership	ownership	NOUN
ajfa-14805	266	22	.	.	PUNCT
ajfa-14805	267	1	auditing	auditing	NOUN
ajfa-14805	267	2	,	,	PUNCT
ajfa-14805	267	3	20(2	20(2	NUM
ajfa-14805	267	4	)	)	PUNCT
ajfa-14805	267	5	,	,	PUNCT
ajfa-14805	267	6	71	71	NUM
ajfa-14805	267	7	-	-	SYM
ajfa-14805	267	8	84	84	NUM
ajfa-14805	267	9	.	.	PUNCT
ajfa-14805	268	1	https://doi.org/10.2308/aud.2001.20.2.71	https://doi.org/10.2308/aud.2001.20.2.71	PROPN
ajfa-14805	268	2	asian	asian	PROPN
ajfa-14805	268	3	journal	journal	PROPN
ajfa-14805	268	4	of	of	ADP
ajfa-14805	268	5	finance	finance	PROPN
ajfa-14805	268	6	&	&	CCONJ
ajfa-14805	268	7	accounting	accounting	PROPN
ajfa-14805	268	8	issn	issn	PROPN
ajfa-14805	268	9	1946	1946	NUM
ajfa-14805	268	10	-	-	PUNCT
ajfa-14805	268	11	052x	052x	PROPN
ajfa-14805	268	12	2019	2019	NUM
ajfa-14805	268	13	,	,	PUNCT
ajfa-14805	268	14	vol	vol	NOUN
ajfa-14805	268	15	.	.	PROPN
ajfa-14805	268	16	11	11	NUM
ajfa-14805	268	17	,	,	PUNCT
ajfa-14805	268	18	no	no	INTJ
ajfa-14805	268	19	.	.	NOUN
ajfa-14805	268	20	1	1	NUM
ajfa-14805	268	21	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14805	268	22	306	306	NUM
ajfa-14805	268	23	habib	habib	NOUN
ajfa-14805	268	24	,	,	PUNCT
ajfa-14805	268	25	a.	a.	PROPN
ajfa-14805	268	26	,	,	PUNCT
ajfa-14805	268	27	&	&	CCONJ
ajfa-14805	268	28	hasan	hasan	PROPN
ajfa-14805	268	29	,	,	PUNCT
ajfa-14805	268	30	m.	m.	NOUN
ajfa-14805	268	31	(	(	PUNCT
ajfa-14805	268	32	2017	2017	NUM
ajfa-14805	268	33	)	)	PUNCT
ajfa-14805	268	34	.	.	PUNCT
ajfa-14805	269	1	social	social	ADJ
ajfa-14805	269	2	capital	capital	NOUN
ajfa-14805	269	3	and	and	CCONJ
ajfa-14805	269	4	corporate	corporate	ADJ
ajfa-14805	269	5	cash	cash	NOUN
ajfa-14805	269	6	holdings	holding	NOUN
ajfa-14805	269	7	.	.	PUNCT
ajfa-14805	270	1	international	international	ADJ
ajfa-14805	270	2	review	review	NOUN
ajfa-14805	270	3	of	of	ADP
ajfa-14805	270	4	economics	economics	PROPN
ajfa-14805	270	5	&	&	CCONJ
ajfa-14805	270	6	finance	finance	PROPN
ajfa-14805	270	7	,	,	PUNCT
ajfa-14805	270	8	52	52	NUM
ajfa-14805	270	9	,	,	PUNCT
ajfa-14805	270	10	1	1	NUM
ajfa-14805	270	11	-	-	SYM
ajfa-14805	270	12	20	20	NUM
ajfa-14805	270	13	.	.	PUNCT
ajfa-14805	271	1	https://doi.org/10.1016/j.iref.2017.09.005	https://doi.org/10.1016/j.iref.2017.09.005	PROPN
ajfa-14805	271	2	harford	harford	PROPN
ajfa-14805	271	3	,	,	PUNCT
ajfa-14805	271	4	j.	j.	PROPN
ajfa-14805	271	5	,	,	PUNCT
ajfa-14805	271	6	mansi	mansi	PROPN
ajfa-14805	271	7	s.	s.	PROPN
ajfa-14805	271	8	a.	a.	PROPN
ajfa-14805	271	9	,	,	PUNCT
ajfa-14805	271	10	maxwell	maxwell	PROPN
ajfa-14805	271	11	,	,	PUNCT
ajfa-14805	271	12	w.	w.	PROPN
ajfa-14805	271	13	f.	f.	PROPN
ajfa-14805	271	14	(	(	PUNCT
ajfa-14805	271	15	2008	2008	NUM
ajfa-14805	271	16	)	)	PUNCT
ajfa-14805	271	17	.	.	PUNCT
ajfa-14805	272	1	corporate	corporate	ADJ
ajfa-14805	272	2	governance	governance	NOUN
ajfa-14805	272	3	and	and	CCONJ
ajfa-14805	272	4	firm	firm	ADJ
ajfa-14805	272	5	cash	cash	NOUN
ajfa-14805	272	6	holdings	holding	NOUN
ajfa-14805	272	7	in	in	ADP
ajfa-14805	272	8	the	the	DET
ajfa-14805	272	9	us	us	PROPN
ajfa-14805	272	10	.	.	PUNCT
ajfa-14805	273	1	journal	journal	PROPN
ajfa-14805	273	2	of	of	ADP
ajfa-14805	273	3	financial	financial	ADJ
ajfa-14805	273	4	economics	economic	NOUN
ajfa-14805	273	5	,	,	PUNCT
ajfa-14805	273	6	87(3	87(3	NOUN
ajfa-14805	273	7	)	)	PUNCT
ajfa-14805	273	8	,	,	PUNCT
ajfa-14805	273	9	535	535	NUM
ajfa-14805	273	10	-	-	SYM
ajfa-14805	273	11	555	555	NUM
ajfa-14805	273	12	.	.	PUNCT
ajfa-14805	274	1	https://doi.org/10.1016/j.jfineco.2007.04.002	https://doi.org/10.1016/j.jfineco.2007.04.002	PROPN
ajfa-14805	274	2	jiang	jiang	PROPN
ajfa-14805	274	3	,	,	PUNCT
ajfa-14805	274	4	z.	z.	PROPN
ajfa-14805	274	5	,	,	PUNCT
ajfa-14805	274	6	&	&	CCONJ
ajfa-14805	274	7	lie	lie	PROPN
ajfa-14805	274	8	,	,	PUNCT
ajfa-14805	274	9	e.	e.	PROPN
ajfa-14805	274	10	(	(	PUNCT
ajfa-14805	274	11	2016	2016	NUM
ajfa-14805	274	12	)	)	PUNCT
ajfa-14805	274	13	.	.	PUNCT
ajfa-14805	275	1	cash	cash	NOUN
ajfa-14805	275	2	holding	hold	VERB
ajfa-14805	275	3	adjustments	adjustment	NOUN
ajfa-14805	275	4	and	and	CCONJ
ajfa-14805	275	5	managerial	managerial	ADJ
ajfa-14805	275	6	entrenchment	entrenchment	NOUN
ajfa-14805	275	7	.	.	PUNCT
ajfa-14805	276	1	journal	journal	NOUN
ajfa-14805	276	2	of	of	ADP
ajfa-14805	276	3	corporate	corporate	ADJ
ajfa-14805	276	4	finance	finance	NOUN
ajfa-14805	276	5	,	,	PUNCT
ajfa-14805	276	6	36	36	NUM
ajfa-14805	276	7	,	,	PUNCT
ajfa-14805	276	8	190	190	NUM
ajfa-14805	276	9	-	-	SYM
ajfa-14805	276	10	205	205	NUM
ajfa-14805	276	11	.	.	PUNCT
ajfa-14805	277	1	https://doi.org/10.1016/j.jcorpfin.2015.12.008	https://doi.org/10.1016/j.jcorpfin.2015.12.008	PROPN
ajfa-14805	277	2	jani	jani	PROPN
ajfa-14805	277	3	e.	e.	PROPN
ajfa-14805	277	4	,	,	PUNCT
ajfa-14805	277	5	hoesli	hoesli	ADJ
ajfa-14805	277	6	m.	m.	NOUN
ajfa-14805	277	7	,	,	PUNCT
ajfa-14805	277	8	&	&	CCONJ
ajfa-14805	277	9	bender	bender	PROPN
ajfa-14805	277	10	a.	a.	PROPN
ajfa-14805	277	11	(	(	PUNCT
ajfa-14805	277	12	2004	2004	NUM
ajfa-14805	277	13	)	)	PUNCT
ajfa-14805	277	14	.	.	PUNCT
ajfa-14805	278	1	corporate	corporate	ADJ
ajfa-14805	278	2	cash	cash	NOUN
ajfa-14805	278	3	holdings	holding	NOUN
ajfa-14805	278	4	and	and	CCONJ
ajfa-14805	278	5	agency	agency	NOUN
ajfa-14805	278	6	conflicts	conflict	NOUN
ajfa-14805	278	7	.	.	PUNCT
ajfa-14805	279	1	https://doi.org/10.2139/ssrn.563863	https://doi.org/10.2139/ssrn.563863	PROPN
ajfa-14805	279	2	jensen	jensen	PROPN
ajfa-14805	279	3	,	,	PUNCT
ajfa-14805	279	4	m.	m.	PROPN
ajfa-14805	279	5	c.	c.	PROPN
ajfa-14805	279	6	(	(	PUNCT
ajfa-14805	279	7	1986	1986	NUM
ajfa-14805	279	8	)	)	PUNCT
ajfa-14805	279	9	.	.	PUNCT
ajfa-14805	280	1	agency	agency	NOUN
ajfa-14805	280	2	costs	cost	NOUN
ajfa-14805	280	3	of	of	ADP
ajfa-14805	280	4	free	free	ADJ
ajfa-14805	280	5	cash	cash	NOUN
ajfa-14805	280	6	flow	flow	NOUN
ajfa-14805	280	7	,	,	PUNCT
ajfa-14805	280	8	corporate	corporate	ADJ
ajfa-14805	280	9	finance	finance	NOUN
ajfa-14805	280	10	,	,	PUNCT
ajfa-14805	280	11	and	and	CCONJ
ajfa-14805	280	12	takeovers	takeover	NOUN
ajfa-14805	280	13	.	.	PUNCT
ajfa-14805	281	1	the	the	DET
ajfa-14805	281	2	american	american	PROPN
ajfa-14805	281	3	economic	economic	PROPN
ajfa-14805	281	4	review	review	PROPN
ajfa-14805	281	5	,	,	PUNCT
ajfa-14805	281	6	76(2	76(2	NUM
ajfa-14805	281	7	)	)	PUNCT
ajfa-14805	281	8	,	,	PUNCT
ajfa-14805	281	9	323	323	NUM
ajfa-14805	281	10	-	-	SYM
ajfa-14805	281	11	329	329	NUM
ajfa-14805	281	12	.	.	PUNCT
ajfa-14805	282	1	kim	kim	PROPN
ajfa-14805	282	2	,	,	PUNCT
ajfa-14805	282	3	c.	c.	PROPN
ajfa-14805	282	4	s.	s.	PROPN
ajfa-14805	282	5	,	,	PUNCT
ajfa-14805	282	6	mauer	mauer	PROPN
ajfa-14805	282	7	,	,	PUNCT
ajfa-14805	282	8	d.	d.	PROPN
ajfa-14805	282	9	c.	c.	PROPN
ajfa-14805	282	10	,	,	PUNCT
ajfa-14805	282	11	&	&	CCONJ
ajfa-14805	282	12	sherman	sherman	PROPN
ajfa-14805	282	13	,	,	PUNCT
ajfa-14805	282	14	a.	a.	PROPN
ajfa-14805	282	15	e.	e.	PROPN
ajfa-14805	282	16	(	(	PUNCT
ajfa-14805	282	17	1998	1998	NUM
ajfa-14805	282	18	)	)	PUNCT
ajfa-14805	282	19	.	.	PUNCT
ajfa-14805	283	1	the	the	DET
ajfa-14805	283	2	determinants	determinant	NOUN
ajfa-14805	283	3	of	of	ADP
ajfa-14805	283	4	corporate	corporate	ADJ
ajfa-14805	283	5	liquidity	liquidity	NOUN
ajfa-14805	283	6	:	:	PUNCT
ajfa-14805	283	7	theory	theory	NOUN
ajfa-14805	283	8	and	and	CCONJ
ajfa-14805	283	9	evidence	evidence	NOUN
ajfa-14805	283	10	.	.	PUNCT
ajfa-14805	284	1	journal	journal	NOUN
ajfa-14805	284	2	of	of	ADP
ajfa-14805	284	3	financial	financial	ADJ
ajfa-14805	284	4	and	and	CCONJ
ajfa-14805	284	5	quantitative	quantitative	ADJ
ajfa-14805	284	6	analysis	analysis	NOUN
ajfa-14805	284	7	,	,	PUNCT
ajfa-14805	284	8	33	33	NUM
ajfa-14805	284	9	,	,	PUNCT
ajfa-14805	284	10	335	335	NUM
ajfa-14805	284	11	-	-	SYM
ajfa-14805	284	12	359	359	NUM
ajfa-14805	284	13	.	.	PUNCT
ajfa-14805	285	1	https://doi.org/10.2307/2331099	https://doi.org/10.2307/2331099	VERB
ajfa-14805	286	1	lee	lee	PROPN
ajfa-14805	286	2	,	,	PUNCT
ajfa-14805	286	3	k.	k.	PROPN
ajfa-14805	286	4	w.	w.	PROPN
ajfa-14805	286	5	,	,	PUNCT
ajfa-14805	286	6	&	&	CCONJ
ajfa-14805	286	7	lee	lee	PROPN
ajfa-14805	286	8	,	,	PUNCT
ajfa-14805	286	9	c.	c.	PROPN
ajfa-14805	286	10	f.	f.	PROPN
ajfa-14805	286	11	(	(	PUNCT
ajfa-14805	286	12	2009	2009	NUM
ajfa-14805	286	13	)	)	PUNCT
ajfa-14805	286	14	.	.	PUNCT
ajfa-14805	287	1	cash	cash	NOUN
ajfa-14805	287	2	holdings	holding	NOUN
ajfa-14805	287	3	,	,	PUNCT
ajfa-14805	287	4	corporate	corporate	ADJ
ajfa-14805	287	5	governance	governance	NOUN
ajfa-14805	287	6	structure	structure	NOUN
ajfa-14805	287	7	and	and	CCONJ
ajfa-14805	287	8	firm	firm	ADJ
ajfa-14805	287	9	valuation	valuation	NOUN
ajfa-14805	287	10	.	.	PUNCT
ajfa-14805	288	1	review	review	NOUN
ajfa-14805	288	2	of	of	ADP
ajfa-14805	288	3	pacific	pacific	PROPN
ajfa-14805	288	4	basin	basin	PROPN
ajfa-14805	288	5	financial	financial	ADJ
ajfa-14805	288	6	markets	market	NOUN
ajfa-14805	288	7	and	and	CCONJ
ajfa-14805	288	8	policies	policy	NOUN
ajfa-14805	288	9	,	,	PUNCT
ajfa-14805	288	10	12(3	12(3	NUM
ajfa-14805	288	11	)	)	PUNCT
ajfa-14805	288	12	,	,	PUNCT
ajfa-14805	288	13	475	475	NUM
ajfa-14805	288	14	-	-	SYM
ajfa-14805	288	15	508	508	NUM
ajfa-14805	288	16	.	.	PUNCT
ajfa-14805	289	1	https://doi.org/10.1142/s021909150900171x	https://doi.org/10.1142/s021909150900171x	ADJ
ajfa-14805	289	2	opler	opler	ADJ
ajfa-14805	289	3	,	,	PUNCT
ajfa-14805	289	4	t.	t.	PROPN
ajfa-14805	289	5	,	,	PUNCT
ajfa-14805	289	6	pinkowitz	pinkowitz	PROPN
ajfa-14805	289	7	,	,	PUNCT
ajfa-14805	289	8	l.	l.	PROPN
ajfa-14805	289	9	,	,	PUNCT
ajfa-14805	289	10	stulz	stulz	ADJ
ajfa-14805	289	11	,	,	PUNCT
ajfa-14805	289	12	r.	r.	PROPN
ajfa-14805	289	13	,	,	PUNCT
ajfa-14805	289	14	&	&	CCONJ
ajfa-14805	289	15	williamson	williamson	PROPN
ajfa-14805	289	16	,	,	PUNCT
ajfa-14805	289	17	r.	r.	PROPN
ajfa-14805	289	18	(	(	PUNCT
ajfa-14805	289	19	1999	1999	NUM
ajfa-14805	289	20	)	)	PUNCT
ajfa-14805	289	21	.	.	PUNCT
ajfa-14805	290	1	the	the	DET
ajfa-14805	290	2	determinants	determinant	NOUN
ajfa-14805	290	3	and	and	CCONJ
ajfa-14805	290	4	implications	implication	NOUN
ajfa-14805	290	5	of	of	ADP
ajfa-14805	290	6	corporate	corporate	ADJ
ajfa-14805	290	7	cash	cash	NOUN
ajfa-14805	290	8	holdings	holding	NOUN
ajfa-14805	290	9	.	.	PUNCT
ajfa-14805	291	1	journal	journal	NOUN
ajfa-14805	291	2	of	of	ADP
ajfa-14805	291	3	financial	financial	ADJ
ajfa-14805	291	4	economics	economic	NOUN
ajfa-14805	291	5	,	,	PUNCT
ajfa-14805	291	6	52(1	52(1	NOUN
ajfa-14805	291	7	)	)	PUNCT
ajfa-14805	291	8	,	,	PUNCT
ajfa-14805	291	9	3	3	NUM
ajfa-14805	291	10	-	-	SYM
ajfa-14805	291	11	46	46	NUM
ajfa-14805	291	12	.	.	PUNCT
ajfa-14805	292	1	https://doi.org/10.1016/s0304-405x(99)00003-3	https://doi.org/10.1016/s0304-405x(99)00003-3	PROPN
ajfa-14805	292	2	ozkan	ozkan	ADJ
ajfa-14805	292	3	,	,	PUNCT
ajfa-14805	292	4	a.	a.	PROPN
ajfa-14805	292	5	,	,	PUNCT
ajfa-14805	292	6	&	&	CCONJ
ajfa-14805	292	7	ozkan	ozkan	PROPN
ajfa-14805	292	8	,	,	PUNCT
ajfa-14805	292	9	n.	n.	PROPN
ajfa-14805	292	10	(	(	PUNCT
ajfa-14805	292	11	2004	2004	NUM
ajfa-14805	292	12	)	)	PUNCT
ajfa-14805	292	13	.	.	PUNCT
ajfa-14805	293	1	corporate	corporate	ADJ
ajfa-14805	293	2	cash	cash	NOUN
ajfa-14805	293	3	holdings	holding	NOUN
ajfa-14805	293	4	:	:	PUNCT
ajfa-14805	293	5	an	an	DET
ajfa-14805	293	6	empirical	empirical	ADJ
ajfa-14805	293	7	investigation	investigation	NOUN
ajfa-14805	293	8	of	of	ADP
ajfa-14805	293	9	uk	uk	PROPN
ajfa-14805	293	10	companies	company	NOUN
ajfa-14805	293	11	.	.	PUNCT
ajfa-14805	294	1	journal	journal	NOUN
ajfa-14805	294	2	of	of	ADP
ajfa-14805	294	3	banking	banking	NOUN
ajfa-14805	294	4	and	and	CCONJ
ajfa-14805	294	5	finance	finance	NOUN
ajfa-14805	294	6	,	,	PUNCT
ajfa-14805	294	7	28	28	NUM
ajfa-14805	294	8	,	,	PUNCT
ajfa-14805	294	9	2103	2103	NUM
ajfa-14805	294	10	-	-	SYM
ajfa-14805	294	11	2134	2134	NUM
ajfa-14805	294	12	.	.	PUNCT
ajfa-14805	295	1	https://doi.org/10.1016/j.jbankfin.2003.08.003	https://doi.org/10.1016/j.jbankfin.2003.08.003	PROPN
ajfa-14805	295	2	richardson	richardson	PROPN
ajfa-14805	295	3	,	,	PUNCT
ajfa-14805	295	4	s.	s.	PROPN
ajfa-14805	295	5	(	(	PUNCT
ajfa-14805	295	6	2006	2006	NUM
ajfa-14805	295	7	)	)	PUNCT
ajfa-14805	295	8	.	.	PUNCT
ajfa-14805	296	1	over	over	ADP
ajfa-14805	296	2	-	-	PUNCT
ajfa-14805	296	3	investment	investment	NOUN
ajfa-14805	296	4	of	of	ADP
ajfa-14805	296	5	free	free	ADJ
ajfa-14805	296	6	cash	cash	NOUN
ajfa-14805	296	7	flow	flow	NOUN
ajfa-14805	296	8	.	.	PUNCT
ajfa-14805	297	1	review	review	NOUN
ajfa-14805	297	2	of	of	ADP
ajfa-14805	297	3	accounting	accounting	NOUN
ajfa-14805	297	4	studies	study	NOUN
ajfa-14805	297	5	,	,	PUNCT
ajfa-14805	297	6	11(2	11(2	NOUN
ajfa-14805	297	7	)	)	PUNCT
ajfa-14805	297	8	,	,	PUNCT
ajfa-14805	297	9	159	159	NUM
ajfa-14805	297	10	-	-	SYM
ajfa-14805	297	11	189	189	NUM
ajfa-14805	297	12	.	.	PUNCT
ajfa-14805	298	1	https://doi.org/10.1007/s11142-006-9012-1	https://doi.org/10.1007/s11142-006-9012-1	NUM
ajfa-14805	298	2	locorotondo	locorotondo	NOUN
ajfa-14805	298	3	,	,	PUNCT
ajfa-14805	298	4	r.	r.	PROPN
ajfa-14805	298	5	,	,	PUNCT
ajfa-14805	298	6	dewaelheyns	dewaelheyn	VERB
ajfa-14805	298	7	n.	n.	NOUN
ajfa-14805	298	8	,	,	PUNCT
ajfa-14805	298	9	&	&	CCONJ
ajfa-14805	298	10	hulle	hulle	PROPN
ajfa-14805	298	11	,	,	PUNCT
ajfa-14805	299	1	c.	c.	PROPN
ajfa-14805	299	2	v.	v.	PROPN
ajfa-14805	299	3	(	(	PUNCT
ajfa-14805	299	4	2014	2014	NUM
ajfa-14805	299	5	)	)	PUNCT
ajfa-14805	299	6	.	.	PUNCT
ajfa-14805	300	1	cash	cash	NOUN
ajfa-14805	300	2	holdings	holding	NOUN
ajfa-14805	300	3	and	and	CCONJ
ajfa-14805	300	4	business	business	NOUN
ajfa-14805	300	5	group	group	NOUN
ajfa-14805	300	6	membership	membership	NOUN
ajfa-14805	300	7	.	.	PUNCT
ajfa-14805	301	1	journal	journal	PROPN
ajfa-14805	301	2	of	of	ADP
ajfa-14805	301	3	business	business	NOUN
ajfa-14805	301	4	research	research	NOUN
ajfa-14805	301	5	,	,	PUNCT
ajfa-14805	301	6	67	67	NUM
ajfa-14805	301	7	,	,	PUNCT
ajfa-14805	301	8	316	316	NUM
ajfa-14805	301	9	-	-	SYM
ajfa-14805	301	10	323	323	NUM
ajfa-14805	301	11	.	.	PUNCT
ajfa-14805	302	1	https://doi.org/10.1016/j.jbusres.2013.01.019	https://doi.org/10.1016/j.jbusres.2013.01.019	NUM
ajfa-14805	302	2	subramaniam	subramaniam	PROPN
ajfa-14805	302	3	,	,	PUNCT
ajfa-14805	302	4	v.	v.	PROPN
ajfa-14805	302	5	,	,	PUNCT
ajfa-14805	302	6	tang	tang	PROPN
ajfa-14805	302	7	,	,	PUNCT
ajfa-14805	302	8	t.	t.	PROPN
ajfa-14805	302	9	t.	t.	PROPN
ajfa-14805	302	10	,	,	PUNCT
ajfa-14805	302	11	yue	yue	PROPN
ajfa-14805	302	12	,	,	PUNCT
ajfa-14805	302	13	h.	h.	PROPN
ajfa-14805	302	14	,	,	PUNCT
ajfa-14805	302	15	&	&	CCONJ
ajfa-14805	302	16	zhou	zhou	PROPN
ajfa-14805	302	17	,	,	PUNCT
ajfa-14805	302	18	x.	x.	NOUN
ajfa-14805	302	19	(	(	PUNCT
ajfa-14805	302	20	2011	2011	NUM
ajfa-14805	302	21	)	)	PUNCT
ajfa-14805	302	22	.	.	PUNCT
ajfa-14805	303	1	firm	firm	ADJ
ajfa-14805	303	2	structure	structure	NOUN
ajfa-14805	303	3	and	and	CCONJ
ajfa-14805	303	4	corporate	corporate	ADJ
ajfa-14805	303	5	cash	cash	NOUN
ajfa-14805	303	6	holdings	holding	NOUN
ajfa-14805	303	7	.	.	PUNCT
ajfa-14805	304	1	journal	journal	NOUN
ajfa-14805	304	2	of	of	ADP
ajfa-14805	304	3	corporate	corporate	ADJ
ajfa-14805	304	4	finance	finance	NOUN
ajfa-14805	304	5	,	,	PUNCT
ajfa-14805	304	6	17	17	NUM
ajfa-14805	304	7	,	,	PUNCT
ajfa-14805	304	8	759	759	NUM
ajfa-14805	304	9	-	-	SYM
ajfa-14805	304	10	773	773	NUM
ajfa-14805	304	11	.	.	PUNCT
ajfa-14805	305	1	https://doi.org/10.1016/j.jcorpfin.2010.06.002	https://doi.org/10.1016/j.jcorpfin.2010.06.002	NUM
ajfa-14805	305	2	titman	titman	PROPN
ajfa-14805	305	3	s.	s.	PROPN
ajfa-14805	305	4	,	,	PUNCT
ajfa-14805	305	5	&	&	CCONJ
ajfa-14805	305	6	wessels	wessels	PROPN
ajfa-14805	305	7	r.	r.	PROPN
ajfa-14805	305	8	(	(	PUNCT
ajfa-14805	305	9	1988	1988	NUM
ajfa-14805	305	10	)	)	PUNCT
ajfa-14805	305	11	.	.	PUNCT
ajfa-14805	306	1	the	the	DET
ajfa-14805	306	2	determinants	determinant	NOUN
ajfa-14805	306	3	of	of	ADP
ajfa-14805	306	4	capital	capital	NOUN
ajfa-14805	306	5	structure	structure	NOUN
ajfa-14805	306	6	choice	choice	NOUN
ajfa-14805	306	7	.	.	PUNCT
ajfa-14805	307	1	journal	journal	PROPN
ajfa-14805	307	2	of	of	ADP
ajfa-14805	307	3	finance	finance	NOUN
ajfa-14805	307	4	,	,	PUNCT
ajfa-14805	307	5	43(1	43(1	NOUN
ajfa-14805	307	6	)	)	PUNCT
ajfa-14805	307	7	,	,	PUNCT
ajfa-14805	307	8	1	1	NUM
ajfa-14805	307	9	-	-	SYM
ajfa-14805	307	10	19	19	NUM
ajfa-14805	307	11	.	.	PUNCT
ajfa-14805	307	12	https://doi.org/10.2307/2328319	https://doi.org/10.2307/2328319	PUNCT