id	sid	tid	token	lemma	pos
ajfa-15328	1	1	microsoft	microsoft	PROPN
ajfa-15328	1	2	word	word	NOUN
ajfa-15328	1	3	15328	15328	NUM
ajfa-15328	1	4	-	-	SYM
ajfa-15328	1	5	55162	55162	NUM
ajfa-15328	1	6	-	-	PUNCT
ajfa-15328	1	7	2	2	NUM
ajfa-15328	1	8	-	-	PUNCT
ajfa-15328	1	9	sm	sm	NOUN
ajfa-15328	1	10	-	-	PUNCT
ajfa-15328	1	11	writer2	writer2	VERB
ajfa-15328	1	12	-	-	ADJ
ajfa-15328	1	13	new	new	ADJ
ajfa-15328	1	14	asian	asian	ADJ
ajfa-15328	1	15	journal	journal	NOUN
ajfa-15328	1	16	of	of	ADP
ajfa-15328	1	17	finance	finance	PROPN
ajfa-15328	1	18	&	&	CCONJ
ajfa-15328	1	19	accounting	accounting	PROPN
ajfa-15328	1	20	issn	issn	PROPN
ajfa-15328	1	21	1946	1946	NUM
ajfa-15328	1	22	-	-	PUNCT
ajfa-15328	1	23	052x	052x	PROPN
ajfa-15328	1	24	2019	2019	NUM
ajfa-15328	1	25	,	,	PUNCT
ajfa-15328	1	26	vol	vol	NOUN
ajfa-15328	1	27	.	.	PROPN
ajfa-15328	1	28	11	11	NUM
ajfa-15328	1	29	,	,	PUNCT
ajfa-15328	1	30	no	no	INTJ
ajfa-15328	1	31	.	.	NOUN
ajfa-15328	1	32	2	2	NUM
ajfa-15328	1	33	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	1	34	66	66	NUM
ajfa-15328	1	35	corporate	corporate	ADJ
ajfa-15328	1	36	governance	governance	NOUN
ajfa-15328	1	37	,	,	PUNCT
ajfa-15328	1	38	performance	performance	NOUN
ajfa-15328	1	39	and	and	CCONJ
ajfa-15328	1	40	efficiency	efficiency	NOUN
ajfa-15328	1	41	:	:	PUNCT
ajfa-15328	1	42	case	case	NOUN
ajfa-15328	1	43	of	of	ADP
ajfa-15328	1	44	the	the	DET
ajfa-15328	1	45	tunisian	tunisian	ADJ
ajfa-15328	1	46	listed	list	VERB
ajfa-15328	1	47	firms	firm	NOUN
ajfa-15328	1	48	wided	wide	VERB
ajfa-15328	1	49	khiari	khiari	PROPN
ajfa-15328	1	50	dept	dept	PROPN
ajfa-15328	1	51	.	.	PROPN
ajfa-15328	1	52	of	of	ADP
ajfa-15328	1	53	finance	finance	NOUN
ajfa-15328	1	54	,	,	PUNCT
ajfa-15328	1	55	university	university	NOUN
ajfa-15328	1	56	of	of	ADP
ajfa-15328	1	57	tunis	tunis	PROPN
ajfa-15328	1	58	41	41	NUM
ajfa-15328	1	59	avenue	avenue	PROPN
ajfa-15328	1	60	de	de	X
ajfa-15328	1	61	la	la	X
ajfa-15328	1	62	liberté	liberté	PROPN
ajfa-15328	1	63	,	,	PUNCT
ajfa-15328	1	64	bouchoucha	bouchoucha	PROPN
ajfa-15328	1	65	,	,	PUNCT
ajfa-15328	1	66	bardo	bardo	PROPN
ajfa-15328	1	67	2000	2000	NUM
ajfa-15328	1	68	,	,	PUNCT
ajfa-15328	1	69	tunis	tunis	PROPN
ajfa-15328	1	70	,	,	PUNCT
ajfa-15328	1	71	tunisia	tunisia	NOUN
ajfa-15328	1	72	tel	tel	PROPN
ajfa-15328	1	73	:	:	PUNCT
ajfa-15328	1	74	21	21	NUM
ajfa-15328	1	75	-	-	SYM
ajfa-15328	1	76	69	69	NUM
ajfa-15328	1	77	-	-	PUNCT
ajfa-15328	1	78	858	858	NUM
ajfa-15328	1	79	-	-	NUM
ajfa-15328	1	80	6639	6639	NUM
ajfa-15328	1	81	e	e	NOUN
ajfa-15328	1	82	-	-	NOUN
ajfa-15328	1	83	mail	mail	NOUN
ajfa-15328	1	84	:	:	PUNCT
ajfa-15328	1	85	khiariwided@yahoo.fr	khiariwided@yahoo.fr	PROPN
ajfa-15328	1	86	received	receive	VERB
ajfa-15328	1	87	:	:	PUNCT
ajfa-15328	1	88	august	august	PROPN
ajfa-15328	1	89	5	5	NUM
ajfa-15328	1	90	,	,	PUNCT
ajfa-15328	1	91	2019	2019	NUM
ajfa-15328	1	92	accepted	accept	VERB
ajfa-15328	1	93	:	:	PUNCT
ajfa-15328	1	94	oct	oct	PROPN
ajfa-15328	1	95	.	.	PROPN
ajfa-15328	1	96	28	28	NUM
ajfa-15328	1	97	,	,	PUNCT
ajfa-15328	1	98	2019	2019	NUM
ajfa-15328	1	99	published	publish	VERB
ajfa-15328	1	100	:	:	PUNCT
ajfa-15328	1	101	december	december	PROPN
ajfa-15328	1	102	1	1	NUM
ajfa-15328	1	103	,	,	PUNCT
ajfa-15328	1	104	2019	2019	NUM
ajfa-15328	1	105	doi:10.5296	doi:10.5296	NOUN
ajfa-15328	1	106	/	/	SYM
ajfa-15328	1	107	ajfa.v11i2.15328	ajfa.v11i2.15328	PROPN
ajfa-15328	1	108	url	url	PROPN
ajfa-15328	1	109	:	:	PUNCT
ajfa-15328	1	110	https://doi.org/10.5296/ajfa.v11i2.15328	https://doi.org/10.5296/ajfa.v11i2.15328	PUNCT
ajfa-15328	1	111	abstract	abstract	ADJ
ajfa-15328	1	112	the	the	DET
ajfa-15328	1	113	purpose	purpose	NOUN
ajfa-15328	1	114	of	of	ADP
ajfa-15328	1	115	this	this	DET
ajfa-15328	1	116	article	article	NOUN
ajfa-15328	1	117	is	be	AUX
ajfa-15328	1	118	to	to	PART
ajfa-15328	1	119	develop	develop	VERB
ajfa-15328	1	120	a	a	DET
ajfa-15328	1	121	synthetic	synthetic	ADJ
ajfa-15328	1	122	index	index	NOUN
ajfa-15328	1	123	to	to	PART
ajfa-15328	1	124	evaluate	evaluate	VERB
ajfa-15328	1	125	the	the	DET
ajfa-15328	1	126	firms	firm	NOUN
ajfa-15328	1	127	'	'	PART
ajfa-15328	1	128	practices	practice	NOUN
ajfa-15328	1	129	with	with	ADP
ajfa-15328	1	130	regard	regard	NOUN
ajfa-15328	1	131	to	to	ADP
ajfa-15328	1	132	corporate	corporate	ADJ
ajfa-15328	1	133	governance	governance	NOUN
ajfa-15328	1	134	and	and	CCONJ
ajfa-15328	1	135	this	this	PRON
ajfa-15328	1	136	based	base	VERB
ajfa-15328	1	137	on	on	ADP
ajfa-15328	1	138	the	the	DET
ajfa-15328	1	139	stochastic	stochastic	ADJ
ajfa-15328	1	140	frontier	frontier	NOUN
ajfa-15328	1	141	methodology	methodology	NOUN
ajfa-15328	1	142	,	,	PUNCT
ajfa-15328	1	143	and	and	CCONJ
ajfa-15328	1	144	stalled	stall	VERB
ajfa-15328	1	145	on	on	ADP
ajfa-15328	1	146	the	the	DET
ajfa-15328	1	147	level	level	NOUN
ajfa-15328	1	148	of	of	ADP
ajfa-15328	1	149	performance	performance	NOUN
ajfa-15328	1	150	achieved	achieve	VERB
ajfa-15328	1	151	by	by	ADP
ajfa-15328	1	152	tunisian	tunisian	ADJ
ajfa-15328	1	153	listed	list	VERB
ajfa-15328	1	154	firms	firm	NOUN
ajfa-15328	1	155	.	.	PUNCT
ajfa-15328	2	1	the	the	DET
ajfa-15328	2	2	sample	sample	NOUN
ajfa-15328	2	3	used	use	VERB
ajfa-15328	2	4	makes	make	VERB
ajfa-15328	2	5	it	it	PRON
ajfa-15328	2	6	possible	possible	ADJ
ajfa-15328	2	7	to	to	PART
ajfa-15328	2	8	determine	determine	VERB
ajfa-15328	2	9	the	the	DET
ajfa-15328	2	10	effect	effect	NOUN
ajfa-15328	2	11	of	of	ADP
ajfa-15328	2	12	the	the	DET
ajfa-15328	2	13	corporate	corporate	ADJ
ajfa-15328	2	14	governance	governance	NOUN
ajfa-15328	2	15	characteristics	characteristic	NOUN
ajfa-15328	2	16	on	on	ADP
ajfa-15328	2	17	performance	performance	NOUN
ajfa-15328	2	18	as	as	ADV
ajfa-15328	2	19	well	well	ADV
ajfa-15328	2	20	as	as	ADP
ajfa-15328	2	21	the	the	DET
ajfa-15328	2	22	effect	effect	NOUN
ajfa-15328	2	23	of	of	ADP
ajfa-15328	2	24	the	the	DET
ajfa-15328	2	25	firm	firm	ADJ
ajfa-15328	2	26	-	-	PUNCT
ajfa-15328	2	27	specific	specific	ADJ
ajfa-15328	2	28	features	feature	NOUN
ajfa-15328	2	29	on	on	ADP
ajfa-15328	2	30	the	the	DET
ajfa-15328	2	31	level	level	NOUN
ajfa-15328	2	32	of	of	ADP
ajfa-15328	2	33	efficiency	efficiency	NOUN
ajfa-15328	2	34	.	.	PUNCT
ajfa-15328	3	1	the	the	DET
ajfa-15328	3	2	profile	profile	ADJ
ajfa-15328	3	3	study	study	NOUN
ajfa-15328	3	4	of	of	ADP
ajfa-15328	3	5	calculated	calculate	VERB
ajfa-15328	3	6	efficiency	efficiency	NOUN
ajfa-15328	3	7	indices	index	NOUN
ajfa-15328	3	8	shows	show	VERB
ajfa-15328	3	9	that	that	SCONJ
ajfa-15328	3	10	tunisian	tunisian	ADJ
ajfa-15328	3	11	firms	firm	NOUN
ajfa-15328	3	12	in	in	ADP
ajfa-15328	3	13	general	general	ADJ
ajfa-15328	3	14	and	and	CCONJ
ajfa-15328	3	15	,	,	PUNCT
ajfa-15328	3	16	especially	especially	ADV
ajfa-15328	3	17	,	,	PUNCT
ajfa-15328	3	18	those	those	PRON
ajfa-15328	3	19	belonging	belong	VERB
ajfa-15328	3	20	to	to	ADP
ajfa-15328	3	21	the	the	DET
ajfa-15328	3	22	financial	financial	ADJ
ajfa-15328	3	23	sector	sector	NOUN
ajfa-15328	3	24	(	(	PUNCT
ajfa-15328	3	25	represented	represent	VERB
ajfa-15328	3	26	mainly	mainly	ADV
ajfa-15328	3	27	by	by	ADP
ajfa-15328	3	28	banks	bank	NOUN
ajfa-15328	3	29	)	)	PUNCT
ajfa-15328	3	30	suffer	suffer	VERB
ajfa-15328	3	31	from	from	ADP
ajfa-15328	3	32	a	a	DET
ajfa-15328	3	33	problem	problem	NOUN
ajfa-15328	3	34	of	of	ADP
ajfa-15328	3	35	governance	governance	NOUN
ajfa-15328	3	36	.	.	PUNCT
ajfa-15328	4	1	keywords	keyword	NOUN
ajfa-15328	4	2	:	:	PUNCT
ajfa-15328	4	3	corporate	corporate	ADJ
ajfa-15328	4	4	governance	governance	NOUN
ajfa-15328	4	5	,	,	PUNCT
ajfa-15328	4	6	efficiency	efficiency	NOUN
ajfa-15328	4	7	,	,	PUNCT
ajfa-15328	4	8	index	index	NOUN
ajfa-15328	4	9	,	,	PUNCT
ajfa-15328	4	10	performance	performance	NOUN
ajfa-15328	4	11	,	,	PUNCT
ajfa-15328	4	12	governance	governance	NOUN
ajfa-15328	4	13	mechanisms	mechanism	NOUN
ajfa-15328	4	14	,	,	PUNCT
ajfa-15328	4	15	stochastic	stochastic	ADJ
ajfa-15328	4	16	frontier	frontier	NOUN
ajfa-15328	4	17	,	,	PUNCT
ajfa-15328	4	18	tunisian	tunisian	ADJ
ajfa-15328	4	19	listed	list	VERB
ajfa-15328	4	20	companies	company	NOUN
ajfa-15328	4	21	…	…	PUNCT
ajfa-15328	4	22	jel	jel	PROPN
ajfa-15328	4	23	classification	classification	NOUN
ajfa-15328	4	24	:	:	PUNCT
ajfa-15328	4	25	g34	g34	PROPN
ajfa-15328	4	26	,	,	PUNCT
ajfa-15328	4	27	c01	c01	PROPN
ajfa-15328	4	28	,	,	PUNCT
ajfa-15328	4	29	c13	c13	PROPN
ajfa-15328	4	30	asian	asian	PROPN
ajfa-15328	4	31	journal	journal	PROPN
ajfa-15328	4	32	of	of	ADP
ajfa-15328	4	33	finance	finance	PROPN
ajfa-15328	4	34	&	&	CCONJ
ajfa-15328	4	35	accounting	accounting	PROPN
ajfa-15328	4	36	issn	issn	PROPN
ajfa-15328	4	37	1946	1946	NUM
ajfa-15328	4	38	-	-	PUNCT
ajfa-15328	4	39	052x	052x	PROPN
ajfa-15328	4	40	2019	2019	NUM
ajfa-15328	4	41	,	,	PUNCT
ajfa-15328	4	42	vol	vol	NOUN
ajfa-15328	4	43	.	.	PROPN
ajfa-15328	4	44	11	11	NUM
ajfa-15328	4	45	,	,	PUNCT
ajfa-15328	4	46	no	no	INTJ
ajfa-15328	4	47	.	.	NOUN
ajfa-15328	4	48	2	2	NUM
ajfa-15328	4	49	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	4	50	67	67	NUM
ajfa-15328	4	51	1	1	NUM
ajfa-15328	4	52	.	.	PUNCT
ajfa-15328	5	1	introduction	introduction	NOUN
ajfa-15328	5	2	many	many	ADJ
ajfa-15328	5	3	striking	striking	ADJ
ajfa-15328	5	4	examples	example	NOUN
ajfa-15328	5	5	of	of	ADP
ajfa-15328	5	6	scandals	scandal	NOUN
ajfa-15328	5	7	such	such	ADJ
ajfa-15328	5	8	as	as	ADP
ajfa-15328	5	9	enron	enron	PROPN
ajfa-15328	5	10	and	and	CCONJ
ajfa-15328	5	11	worldcom	worldcom	PROPN
ajfa-15328	5	12	in	in	ADP
ajfa-15328	5	13	the	the	DET
ajfa-15328	5	14	united	united	PROPN
ajfa-15328	5	15	states	states	PROPN
ajfa-15328	5	16	,	,	PUNCT
ajfa-15328	5	17	marconi	marconi	NOUN
ajfa-15328	5	18	in	in	ADP
ajfa-15328	5	19	the	the	DET
ajfa-15328	5	20	united	united	PROPN
ajfa-15328	5	21	kingdom	kingdom	PROPN
ajfa-15328	5	22	and	and	CCONJ
ajfa-15328	5	23	others	other	NOUN
ajfa-15328	5	24	around	around	ADP
ajfa-15328	5	25	the	the	DET
ajfa-15328	5	26	world	world	NOUN
ajfa-15328	5	27	were	be	AUX
ajfa-15328	5	28	caused	cause	VERB
ajfa-15328	5	29	or	or	CCONJ
ajfa-15328	5	30	worsened	worsen	VERB
ajfa-15328	5	31	by	by	ADP
ajfa-15328	5	32	weak	weak	ADJ
ajfa-15328	5	33	governance	governance	NOUN
ajfa-15328	5	34	;	;	PUNCT
ajfa-15328	5	35	this	this	PRON
ajfa-15328	5	36	attracted	attract	VERB
ajfa-15328	5	37	the	the	DET
ajfa-15328	5	38	attention	attention	NOUN
ajfa-15328	5	39	of	of	ADP
ajfa-15328	5	40	the	the	DET
ajfa-15328	5	41	financial	financial	ADJ
ajfa-15328	5	42	community	community	NOUN
ajfa-15328	5	43	as	as	ADP
ajfa-15328	5	44	to	to	ADP
ajfa-15328	5	45	the	the	DET
ajfa-15328	5	46	accuracy	accuracy	NOUN
ajfa-15328	5	47	of	of	ADP
ajfa-15328	5	48	the	the	DET
ajfa-15328	5	49	simple	simple	ADJ
ajfa-15328	5	50	use	use	NOUN
ajfa-15328	5	51	of	of	ADP
ajfa-15328	5	52	the	the	DET
ajfa-15328	5	53	firm	firm	NOUN
ajfa-15328	5	54	’s	’s	PART
ajfa-15328	5	55	profitability	profitability	NOUN
ajfa-15328	5	56	or	or	CCONJ
ajfa-15328	5	57	growth	growth	NOUN
ajfa-15328	5	58	prospectuses	prospectus	NOUN
ajfa-15328	5	59	in	in	ADP
ajfa-15328	5	60	the	the	DET
ajfa-15328	5	61	evaluation	evaluation	NOUN
ajfa-15328	5	62	of	of	ADP
ajfa-15328	5	63	the	the	DET
ajfa-15328	5	64	firm	firm	NOUN
ajfa-15328	5	65	.	.	PUNCT
ajfa-15328	6	1	several	several	ADJ
ajfa-15328	6	2	studies	study	NOUN
ajfa-15328	6	3	have	have	AUX
ajfa-15328	6	4	shaped	shape	VERB
ajfa-15328	6	5	measures	measure	NOUN
ajfa-15328	6	6	of	of	ADP
ajfa-15328	6	7	corporate	corporate	ADJ
ajfa-15328	6	8	governance	governance	NOUN
ajfa-15328	6	9	,	,	PUNCT
ajfa-15328	6	10	and	and	CCONJ
ajfa-15328	6	11	studied	study	VERB
ajfa-15328	6	12	the	the	DET
ajfa-15328	6	13	impact	impact	NOUN
ajfa-15328	6	14	of	of	ADP
ajfa-15328	6	15	these	these	DET
ajfa-15328	6	16	measures	measure	NOUN
ajfa-15328	6	17	on	on	ADP
ajfa-15328	6	18	the	the	DET
ajfa-15328	6	19	performance	performance	NOUN
ajfa-15328	6	20	of	of	ADP
ajfa-15328	6	21	firms	firm	NOUN
ajfa-15328	6	22	(	(	PUNCT
ajfa-15328	6	23	gompers	gomper	NOUN
ajfa-15328	6	24	et	et	PROPN
ajfa-15328	6	25	al	al	PROPN
ajfa-15328	6	26	.	.	PROPN
ajfa-15328	6	27	2003	2003	NUM
ajfa-15328	6	28	;	;	PUNCT
ajfa-15328	6	29	bebchuk	bebchuk	PROPN
ajfa-15328	6	30	et	et	PROPN
ajfa-15328	6	31	al	al	PROPN
ajfa-15328	6	32	.	.	PROPN
ajfa-15328	6	33	2004	2004	NUM
ajfa-15328	6	34	;	;	PUNCT
ajfa-15328	6	35	core	core	NOUN
ajfa-15328	6	36	et	et	PROPN
ajfa-15328	6	37	al	al	PROPN
ajfa-15328	6	38	.	.	PROPN
ajfa-15328	6	39	2006	2006	NUM
ajfa-15328	6	40	;	;	PUNCT
ajfa-15328	6	41	gillan	gillan	PROPN
ajfa-15328	6	42	,	,	PUNCT
ajfa-15328	6	43	hartzell	hartzell	PROPN
ajfa-15328	6	44	and	and	CCONJ
ajfa-15328	6	45	starks	stark	NOUN
ajfa-15328	6	46	,	,	PUNCT
ajfa-15328	6	47	2003	2003	NUM
ajfa-15328	6	48	;	;	PUNCT
ajfa-15328	6	49	samontaray	samontaray	VERB
ajfa-15328	6	50	2010	2010	NUM
ajfa-15328	6	51	;	;	PUNCT
ajfa-15328	6	52	varshney	varshney	NOUN
ajfa-15328	6	53	et	et	PROPN
ajfa-15328	6	54	al	al	PROPN
ajfa-15328	6	55	.	.	PROPN
ajfa-15328	7	1	(	(	PUNCT
ajfa-15328	7	2	2012	2012	NUM
ajfa-15328	7	3	)	)	PUNCT
ajfa-15328	7	4	,	,	PUNCT
ajfa-15328	7	5	zitouni	zitouni	PROPN
ajfa-15328	7	6	,	,	PUNCT
ajfa-15328	7	7	2016	2016	NUM
ajfa-15328	7	8	and	and	CCONJ
ajfa-15328	7	9	kaur	kaur	PROPN
ajfa-15328	7	10	and	and	CCONJ
ajfa-15328	7	11	vij	vij	PROPN
ajfa-15328	7	12	,	,	PUNCT
ajfa-15328	7	13	2018	2018	NUM
ajfa-15328	7	14	)	)	PUNCT
ajfa-15328	7	15	.	.	PUNCT
ajfa-15328	8	1	the	the	DET
ajfa-15328	8	2	corporate	corporate	ADJ
ajfa-15328	8	3	governance	governance	NOUN
ajfa-15328	8	4	measure	measure	NOUN
ajfa-15328	8	5	of	of	ADP
ajfa-15328	8	6	gompers	gomper	NOUN
ajfa-15328	8	7	et	et	PROPN
ajfa-15328	8	8	al	al	PROPN
ajfa-15328	8	9	.	.	PROPN
ajfa-15328	9	1	(	(	PUNCT
ajfa-15328	9	2	2003	2003	NUM
ajfa-15328	9	3	)	)	PUNCT
ajfa-15328	9	4	is	be	AUX
ajfa-15328	9	5	a	a	DET
ajfa-15328	9	6	governance	governance	NOUN
ajfa-15328	9	7	index	index	NOUN
ajfa-15328	9	8	(	(	PUNCT
ajfa-15328	9	9	g	g	NOUN
ajfa-15328	9	10	-	-	PUNCT
ajfa-15328	9	11	index	index	NOUN
ajfa-15328	9	12	)	)	PUNCT
ajfa-15328	9	13	composed	compose	VERB
ajfa-15328	9	14	of	of	ADP
ajfa-15328	9	15	24	24	NUM
ajfa-15328	9	16	distinct	distinct	ADJ
ajfa-15328	9	17	corporate	corporate	ADJ
ajfa-15328	9	18	governance	governance	NOUN
ajfa-15328	9	19	provisions	provision	NOUN
ajfa-15328	9	20	developed	develop	VERB
ajfa-15328	9	21	by	by	ADP
ajfa-15328	9	22	the	the	DET
ajfa-15328	9	23	investors	investor	NOUN
ajfa-15328	9	24	of	of	ADP
ajfa-15328	9	25	the	the	DET
ajfa-15328	9	26	investor	investor	NOUN
ajfa-15328	9	27	responsibility	responsibility	NOUN
ajfa-15328	9	28	research	research	NOUN
ajfa-15328	9	29	center	center	NOUN
ajfa-15328	9	30	(	(	PUNCT
ajfa-15328	9	31	irrc	irrc	PROPN
ajfa-15328	9	32	)	)	PUNCT
ajfa-15328	9	33	.	.	PUNCT
ajfa-15328	10	1	according	accord	VERB
ajfa-15328	10	2	to	to	ADP
ajfa-15328	10	3	bebchuk	bebchuk	PROPN
ajfa-15328	10	4	et	et	PROPN
ajfa-15328	10	5	al	al	PROPN
ajfa-15328	10	6	.	.	PROPN
ajfa-15328	11	1	(	(	PUNCT
ajfa-15328	11	2	2004	2004	NUM
ajfa-15328	11	3	)	)	PUNCT
ajfa-15328	11	4	some	some	PRON
ajfa-15328	11	5	of	of	ADP
ajfa-15328	11	6	these	these	DET
ajfa-15328	11	7	provisions	provision	NOUN
ajfa-15328	11	8	may	may	AUX
ajfa-15328	11	9	be	be	AUX
ajfa-15328	11	10	more	more	ADV
ajfa-15328	11	11	interesting	interesting	ADJ
ajfa-15328	11	12	than	than	ADP
ajfa-15328	11	13	others	other	NOUN
ajfa-15328	11	14	and	and	CCONJ
ajfa-15328	11	15	some	some	PRON
ajfa-15328	11	16	of	of	ADP
ajfa-15328	11	17	them	they	PRON
ajfa-15328	11	18	may	may	AUX
ajfa-15328	11	19	be	be	AUX
ajfa-15328	11	20	correlated	correlate	VERB
ajfa-15328	11	21	.	.	PUNCT
ajfa-15328	12	1	therefore	therefore	ADV
ajfa-15328	12	2	,	,	PUNCT
ajfa-15328	12	3	they	they	PRON
ajfa-15328	12	4	built	build	VERB
ajfa-15328	12	5	an	an	DET
ajfa-15328	12	6	index	index	NOUN
ajfa-15328	12	7	composed	compose	VERB
ajfa-15328	12	8	of	of	ADP
ajfa-15328	12	9	six	six	NUM
ajfa-15328	12	10	provisions	provision	NOUN
ajfa-15328	12	11	.	.	PUNCT
ajfa-15328	13	1	however	however	ADV
ajfa-15328	13	2	,	,	PUNCT
ajfa-15328	13	3	the	the	DET
ajfa-15328	13	4	majority	majority	NOUN
ajfa-15328	13	5	of	of	ADP
ajfa-15328	13	6	these	these	DET
ajfa-15328	13	7	studies	study	NOUN
ajfa-15328	13	8	face	face	VERB
ajfa-15328	13	9	certain	certain	ADJ
ajfa-15328	13	10	conceptual	conceptual	ADJ
ajfa-15328	13	11	limitations	limitation	NOUN
ajfa-15328	13	12	.	.	PUNCT
ajfa-15328	14	1	indeed	indeed	ADV
ajfa-15328	14	2	,	,	PUNCT
ajfa-15328	14	3	the	the	DET
ajfa-15328	14	4	indices	index	NOUN
ajfa-15328	14	5	considered	consider	VERB
ajfa-15328	14	6	assume	assume	VERB
ajfa-15328	14	7	that	that	SCONJ
ajfa-15328	14	8	governance	governance	NOUN
ajfa-15328	14	9	is	be	AUX
ajfa-15328	14	10	a	a	DET
ajfa-15328	14	11	linear	linear	ADJ
ajfa-15328	14	12	function	function	NOUN
ajfa-15328	14	13	of	of	ADP
ajfa-15328	14	14	the	the	DET
ajfa-15328	14	15	chosen	choose	VERB
ajfa-15328	14	16	mechanisms	mechanism	NOUN
ajfa-15328	14	17	and	and	CCONJ
ajfa-15328	14	18	that	that	SCONJ
ajfa-15328	14	19	they	they	PRON
ajfa-15328	14	20	are	be	AUX
ajfa-15328	14	21	equal	equal	ADJ
ajfa-15328	14	22	-	-	PUNCT
ajfa-15328	14	23	weighted	weight	VERB
ajfa-15328	14	24	,	,	PUNCT
ajfa-15328	14	25	which	which	PRON
ajfa-15328	14	26	is	be	AUX
ajfa-15328	14	27	not	not	PART
ajfa-15328	14	28	the	the	DET
ajfa-15328	14	29	case	case	NOUN
ajfa-15328	14	30	.	.	PUNCT
ajfa-15328	15	1	in	in	ADP
ajfa-15328	15	2	fact	fact	NOUN
ajfa-15328	15	3	,	,	PUNCT
ajfa-15328	15	4	morck	morck	PROPN
ajfa-15328	15	5	et	et	PROPN
ajfa-15328	15	6	al	al	PROPN
ajfa-15328	15	7	.	.	PROPN
ajfa-15328	15	8	(	(	PUNCT
ajfa-15328	15	9	1988	1988	NUM
ajfa-15328	15	10	)	)	PUNCT
ajfa-15328	15	11	have	have	AUX
ajfa-15328	15	12	shown	show	VERB
ajfa-15328	15	13	that	that	SCONJ
ajfa-15328	15	14	performance	performance	NOUN
ajfa-15328	15	15	is	be	AUX
ajfa-15328	15	16	a	a	DET
ajfa-15328	15	17	nonlinear	nonlinear	ADJ
ajfa-15328	15	18	function	function	NOUN
ajfa-15328	15	19	of	of	ADP
ajfa-15328	15	20	managerial	managerial	ADJ
ajfa-15328	15	21	ownership	ownership	NOUN
ajfa-15328	15	22	.	.	PUNCT
ajfa-15328	16	1	in	in	ADP
ajfa-15328	16	2	addition	addition	NOUN
ajfa-15328	16	3	,	,	PUNCT
ajfa-15328	16	4	some	some	DET
ajfa-15328	16	5	research	research	NOUN
ajfa-15328	16	6	has	have	AUX
ajfa-15328	16	7	focused	focus	VERB
ajfa-15328	16	8	on	on	ADP
ajfa-15328	16	9	a	a	DET
ajfa-15328	16	10	particular	particular	ADJ
ajfa-15328	16	11	aspect	aspect	NOUN
ajfa-15328	16	12	of	of	ADP
ajfa-15328	16	13	governance	governance	NOUN
ajfa-15328	16	14	in	in	ADP
ajfa-15328	16	15	the	the	DET
ajfa-15328	16	16	development	development	NOUN
ajfa-15328	16	17	of	of	ADP
ajfa-15328	16	18	governance	governance	NOUN
ajfa-15328	16	19	measures	measure	NOUN
ajfa-15328	16	20	such	such	ADJ
ajfa-15328	16	21	as	as	ADP
ajfa-15328	16	22	the	the	DET
ajfa-15328	16	23	independence	independence	NOUN
ajfa-15328	16	24	of	of	ADP
ajfa-15328	16	25	the	the	DET
ajfa-15328	16	26	board	board	NOUN
ajfa-15328	16	27	(	(	PUNCT
ajfa-15328	16	28	hermalin	hermalin	NOUN
ajfa-15328	16	29	and	and	CCONJ
ajfa-15328	16	30	weisbach	weisbach	NOUN
ajfa-15328	16	31	(	(	PUNCT
ajfa-15328	16	32	1998	1998	NUM
ajfa-15328	16	33	,	,	PUNCT
ajfa-15328	16	34	2003	2003	NUM
ajfa-15328	16	35	)	)	PUNCT
ajfa-15328	16	36	)	)	PUNCT
ajfa-15328	16	37	,	,	PUNCT
ajfa-15328	16	38	the	the	DET
ajfa-15328	16	39	ownership	ownership	NOUN
ajfa-15328	16	40	of	of	ADP
ajfa-15328	16	41	directors	director	NOUN
ajfa-15328	16	42	(	(	PUNCT
ajfa-15328	16	43	bhagat	bhagat	PROPN
ajfa-15328	16	44	,	,	PUNCT
ajfa-15328	16	45	carey	carey	PROPN
ajfa-15328	16	46	and	and	CCONJ
ajfa-15328	16	47	elson	elson	PROPN
ajfa-15328	16	48	(	(	PUNCT
ajfa-15328	16	49	1999	1999	NUM
ajfa-15328	16	50	)	)	PUNCT
ajfa-15328	16	51	)	)	PUNCT
ajfa-15328	16	52	and	and	CCONJ
ajfa-15328	16	53	duality	duality	NOUN
ajfa-15328	16	54	(	(	PUNCT
ajfa-15328	16	55	brickley	brickley	ADJ
ajfa-15328	16	56	,	,	PUNCT
ajfa-15328	16	57	coles	cole	NOUN
ajfa-15328	16	58	and	and	CCONJ
ajfa-15328	16	59	jarrell	jarrell	PROPN
ajfa-15328	16	60	(	(	PUNCT
ajfa-15328	16	61	1997	1997	NUM
ajfa-15328	16	62	)	)	PUNCT
ajfa-15328	16	63	)	)	PUNCT
ajfa-15328	16	64	.	.	PUNCT
ajfa-15328	17	1	furthermore	furthermore	ADV
ajfa-15328	17	2	,	,	PUNCT
ajfa-15328	17	3	some	some	DET
ajfa-15328	17	4	authors	author	NOUN
ajfa-15328	17	5	have	have	AUX
ajfa-15328	17	6	attempted	attempt	VERB
ajfa-15328	17	7	to	to	PART
ajfa-15328	17	8	synthesize	synthesize	VERB
ajfa-15328	17	9	governance	governance	NOUN
ajfa-15328	17	10	practices	practice	NOUN
ajfa-15328	17	11	based	base	VERB
ajfa-15328	17	12	on	on	ADP
ajfa-15328	17	13	a	a	DET
ajfa-15328	17	14	very	very	ADV
ajfa-15328	17	15	specific	specific	ADJ
ajfa-15328	17	16	sample	sample	NOUN
ajfa-15328	17	17	,	,	PUNCT
ajfa-15328	17	18	such	such	ADJ
ajfa-15328	17	19	as	as	ADP
ajfa-15328	17	20	black	black	ADJ
ajfa-15328	17	21	(	(	PUNCT
ajfa-15328	17	22	2001	2001	NUM
ajfa-15328	17	23	)	)	PUNCT
ajfa-15328	17	24	in	in	ADP
ajfa-15328	17	25	russia	russia	PROPN
ajfa-15328	17	26	;	;	PUNCT
ajfa-15328	17	27	black	black	PROPN
ajfa-15328	17	28	et	et	PROPN
ajfa-15328	17	29	al	al	PROPN
ajfa-15328	17	30	.	.	PROPN
ajfa-15328	18	1	(	(	PUNCT
ajfa-15328	18	2	2006	2006	NUM
ajfa-15328	18	3	)	)	PUNCT
ajfa-15328	18	4	in	in	ADP
ajfa-15328	18	5	korea	korea	PROPN
ajfa-15328	18	6	(	(	PUNCT
ajfa-15328	18	7	in	in	ADP
ajfa-15328	18	8	the	the	DET
ajfa-15328	18	9	context	context	NOUN
ajfa-15328	18	10	of	of	ADP
ajfa-15328	18	11	emerging	emerge	VERB
ajfa-15328	18	12	countries	country	NOUN
ajfa-15328	18	13	)	)	PUNCT
ajfa-15328	18	14	and	and	CCONJ
ajfa-15328	18	15	gompers	gomper	NOUN
ajfa-15328	18	16	et	et	PROPN
ajfa-15328	18	17	al	al	PROPN
ajfa-15328	18	18	.	.	PUNCT
ajfa-15328	19	1	(	(	PUNCT
ajfa-15328	19	2	2003	2003	NUM
ajfa-15328	19	3	)	)	PUNCT
ajfa-15328	19	4	,	,	PUNCT
ajfa-15328	19	5	core	core	NOUN
ajfa-15328	19	6	et	et	PROPN
ajfa-15328	19	7	al	al	PROPN
ajfa-15328	19	8	.	.	PROPN
ajfa-15328	19	9	(	(	PUNCT
ajfa-15328	19	10	2006	2006	NUM
ajfa-15328	19	11	)	)	PUNCT
ajfa-15328	19	12	,	,	PUNCT
ajfa-15328	19	13	and	and	CCONJ
ajfa-15328	19	14	gillan	gillan	PROPN
ajfa-15328	19	15	,	,	PUNCT
ajfa-15328	19	16	hartzell	hartzell	PROPN
ajfa-15328	19	17	and	and	CCONJ
ajfa-15328	19	18	starks	stark	NOUN
ajfa-15328	19	19	(	(	PUNCT
ajfa-15328	19	20	2003	2003	NUM
ajfa-15328	19	21	)	)	PUNCT
ajfa-15328	19	22	in	in	ADP
ajfa-15328	19	23	the	the	DET
ajfa-15328	19	24	american	american	ADJ
ajfa-15328	19	25	context	context	NOUN
ajfa-15328	19	26	.	.	PUNCT
ajfa-15328	20	1	hence	hence	ADV
ajfa-15328	20	2	,	,	PUNCT
ajfa-15328	20	3	what	what	PRON
ajfa-15328	20	4	motivates	motivate	VERB
ajfa-15328	20	5	us	we	PRON
ajfa-15328	20	6	to	to	PART
ajfa-15328	20	7	embark	embark	VERB
ajfa-15328	20	8	on	on	ADP
ajfa-15328	20	9	this	this	DET
ajfa-15328	20	10	path	path	NOUN
ajfa-15328	20	11	of	of	ADP
ajfa-15328	20	12	research	research	NOUN
ajfa-15328	20	13	lies	lie	VERB
ajfa-15328	20	14	first	first	ADV
ajfa-15328	20	15	and	and	CCONJ
ajfa-15328	20	16	foremost	foremost	ADV
ajfa-15328	20	17	in	in	ADP
ajfa-15328	20	18	the	the	DET
ajfa-15328	20	19	originality	originality	NOUN
ajfa-15328	20	20	of	of	ADP
ajfa-15328	20	21	the	the	DET
ajfa-15328	20	22	theme	theme	NOUN
ajfa-15328	20	23	that	that	PRON
ajfa-15328	20	24	breaks	break	VERB
ajfa-15328	20	25	with	with	ADP
ajfa-15328	20	26	the	the	DET
ajfa-15328	20	27	classic	classic	ADJ
ajfa-15328	20	28	framework	framework	NOUN
ajfa-15328	20	29	of	of	ADP
ajfa-15328	20	30	the	the	DET
ajfa-15328	20	31	relationship	relationship	NOUN
ajfa-15328	20	32	between	between	ADP
ajfa-15328	20	33	governance	governance	NOUN
ajfa-15328	20	34	and	and	CCONJ
ajfa-15328	20	35	performance	performance	NOUN
ajfa-15328	20	36	.	.	PUNCT
ajfa-15328	21	1	then	then	ADV
ajfa-15328	21	2	,	,	PUNCT
ajfa-15328	21	3	there	there	PRON
ajfa-15328	21	4	is	be	VERB
ajfa-15328	21	5	a	a	DET
ajfa-15328	21	6	challenge	challenge	NOUN
ajfa-15328	21	7	to	to	PART
ajfa-15328	21	8	try	try	VERB
ajfa-15328	21	9	to	to	PART
ajfa-15328	21	10	identify	identify	VERB
ajfa-15328	21	11	the	the	DET
ajfa-15328	21	12	scanty	scanty	ADJ
ajfa-15328	21	13	character	character	NOUN
ajfa-15328	21	14	of	of	ADP
ajfa-15328	21	15	previous	previous	ADJ
ajfa-15328	21	16	research	research	NOUN
ajfa-15328	21	17	in	in	ADP
ajfa-15328	21	18	this	this	DET
ajfa-15328	21	19	field	field	NOUN
ajfa-15328	21	20	,	,	PUNCT
ajfa-15328	21	21	including	include	VERB
ajfa-15328	21	22	the	the	DET
ajfa-15328	21	23	small	small	ADJ
ajfa-15328	21	24	number	number	NOUN
ajfa-15328	21	25	of	of	ADP
ajfa-15328	21	26	governance	governance	NOUN
ajfa-15328	21	27	mechanisms	mechanism	NOUN
ajfa-15328	21	28	studied	study	VERB
ajfa-15328	21	29	.	.	PUNCT
ajfa-15328	22	1	finally	finally	ADV
ajfa-15328	22	2	,	,	PUNCT
ajfa-15328	22	3	the	the	DET
ajfa-15328	22	4	existence	existence	NOUN
ajfa-15328	22	5	of	of	ADP
ajfa-15328	22	6	a	a	DET
ajfa-15328	22	7	theoretical	theoretical	ADJ
ajfa-15328	22	8	controversy	controversy	NOUN
ajfa-15328	22	9	over	over	ADP
ajfa-15328	22	10	quite	quite	DET
ajfa-15328	22	11	a	a	DET
ajfa-15328	22	12	large	large	ADJ
ajfa-15328	22	13	number	number	NOUN
ajfa-15328	22	14	of	of	ADP
ajfa-15328	22	15	points	point	NOUN
ajfa-15328	22	16	leads	lead	VERB
ajfa-15328	22	17	us	we	PRON
ajfa-15328	22	18	to	to	PART
ajfa-15328	22	19	attempt	attempt	VERB
ajfa-15328	22	20	an	an	DET
ajfa-15328	22	21	empirical	empirical	ADJ
ajfa-15328	22	22	analysis	analysis	NOUN
ajfa-15328	22	23	likely	likely	ADJ
ajfa-15328	22	24	to	to	PART
ajfa-15328	22	25	better	well	ADV
ajfa-15328	22	26	perceive	perceive	VERB
ajfa-15328	22	27	the	the	DET
ajfa-15328	22	28	various	various	ADJ
ajfa-15328	22	29	approaches	approach	NOUN
ajfa-15328	22	30	.	.	PUNCT
ajfa-15328	23	1	thus	thus	ADV
ajfa-15328	23	2	,	,	PUNCT
ajfa-15328	23	3	in	in	ADP
ajfa-15328	23	4	this	this	DET
ajfa-15328	23	5	work	work	NOUN
ajfa-15328	23	6	,	,	PUNCT
ajfa-15328	23	7	we	we	PRON
ajfa-15328	23	8	try	try	VERB
ajfa-15328	23	9	to	to	PART
ajfa-15328	23	10	contribute	contribute	VERB
ajfa-15328	23	11	to	to	ADP
ajfa-15328	23	12	the	the	DET
ajfa-15328	23	13	literature	literature	NOUN
ajfa-15328	23	14	that	that	PRON
ajfa-15328	23	15	deals	deal	VERB
ajfa-15328	23	16	with	with	ADP
ajfa-15328	23	17	the	the	DET
ajfa-15328	23	18	relationship	relationship	NOUN
ajfa-15328	23	19	between	between	ADP
ajfa-15328	23	20	corporate	corporate	ADJ
ajfa-15328	23	21	governance	governance	NOUN
ajfa-15328	23	22	and	and	CCONJ
ajfa-15328	23	23	performance	performance	NOUN
ajfa-15328	23	24	by	by	ADP
ajfa-15328	23	25	taking	take	VERB
ajfa-15328	23	26	into	into	ADP
ajfa-15328	23	27	account	account	NOUN
ajfa-15328	23	28	the	the	DET
ajfa-15328	23	29	interaction	interaction	NOUN
ajfa-15328	23	30	between	between	ADP
ajfa-15328	23	31	the	the	DET
ajfa-15328	23	32	various	various	ADJ
ajfa-15328	23	33	mechanisms	mechanism	NOUN
ajfa-15328	23	34	of	of	ADP
ajfa-15328	23	35	governance	governance	NOUN
ajfa-15328	23	36	as	as	ADV
ajfa-15328	23	37	well	well	ADV
ajfa-15328	23	38	as	as	ADP
ajfa-15328	23	39	the	the	DET
ajfa-15328	23	40	criticisms	criticism	NOUN
ajfa-15328	23	41	addressed	address	VERB
ajfa-15328	23	42	to	to	ADP
ajfa-15328	23	43	the	the	DET
ajfa-15328	23	44	level	level	NOUN
ajfa-15328	23	45	of	of	ADP
ajfa-15328	23	46	quantification	quantification	NOUN
ajfa-15328	23	47	of	of	ADP
ajfa-15328	23	48	governance	governance	NOUN
ajfa-15328	23	49	score	score	NOUN
ajfa-15328	23	50	using	use	VERB
ajfa-15328	23	51	an	an	DET
ajfa-15328	23	52	efficiency	efficiency	NOUN
ajfa-15328	23	53	score	score	NOUN
ajfa-15328	23	54	-	-	PUNCT
ajfa-15328	23	55	based	base	VERB
ajfa-15328	23	56	approach	approach	NOUN
ajfa-15328	23	57	,	,	PUNCT
ajfa-15328	23	58	the	the	DET
ajfa-15328	23	59	stochastic	stochastic	ADJ
ajfa-15328	23	60	frontier	frontier	NOUN
ajfa-15328	23	61	approach	approach	NOUN
ajfa-15328	23	62	,	,	PUNCT
ajfa-15328	23	63	in	in	ADP
ajfa-15328	23	64	order	order	NOUN
ajfa-15328	23	65	to	to	PART
ajfa-15328	23	66	calculate	calculate	VERB
ajfa-15328	23	67	indices	index	NOUN
ajfa-15328	23	68	reflecting	reflect	VERB
ajfa-15328	23	69	the	the	DET
ajfa-15328	23	70	(	(	PUNCT
ajfa-15328	23	71	in	in	ADP
ajfa-15328	23	72	)	)	PUNCT
ajfa-15328	23	73	efficiency	efficiency	NOUN
ajfa-15328	23	74	of	of	ADP
ajfa-15328	23	75	governance	governance	NOUN
ajfa-15328	23	76	.	.	PUNCT
ajfa-15328	24	1	in	in	ADP
ajfa-15328	24	2	addition	addition	NOUN
ajfa-15328	24	3	,	,	PUNCT
ajfa-15328	24	4	the	the	DET
ajfa-15328	24	5	choice	choice	NOUN
ajfa-15328	24	6	of	of	ADP
ajfa-15328	24	7	tunisian	tunisian	ADJ
ajfa-15328	24	8	companies	company	NOUN
ajfa-15328	24	9	is	be	AUX
ajfa-15328	24	10	in	in	ADP
ajfa-15328	24	11	itself	itself	PRON
ajfa-15328	24	12	is	be	AUX
ajfa-15328	24	13	a	a	DET
ajfa-15328	24	14	contribution	contribution	NOUN
ajfa-15328	24	15	as	as	SCONJ
ajfa-15328	24	16	there	there	PRON
ajfa-15328	24	17	is	be	VERB
ajfa-15328	24	18	not	not	PART
ajfa-15328	24	19	yet	yet	ADV
ajfa-15328	24	20	an	an	DET
ajfa-15328	24	21	existing	exist	VERB
ajfa-15328	24	22	governance	governance	NOUN
ajfa-15328	24	23	measures	measure	NOUN
ajfa-15328	24	24	for	for	ADP
ajfa-15328	24	25	listed	list	VERB
ajfa-15328	24	26	tunisian	tunisian	ADJ
ajfa-15328	24	27	companies	company	NOUN
ajfa-15328	24	28	(	(	PUNCT
ajfa-15328	24	29	khiari	khiari	PROPN
ajfa-15328	24	30	and	and	CCONJ
ajfa-15328	24	31	asian	asian	ADJ
ajfa-15328	24	32	journal	journal	NOUN
ajfa-15328	24	33	of	of	ADP
ajfa-15328	24	34	finance	finance	PROPN
ajfa-15328	24	35	&	&	CCONJ
ajfa-15328	24	36	accounting	accounting	PROPN
ajfa-15328	24	37	issn	issn	PROPN
ajfa-15328	24	38	1946	1946	NUM
ajfa-15328	24	39	-	-	PUNCT
ajfa-15328	24	40	052x	052x	PROPN
ajfa-15328	24	41	2019	2019	NUM
ajfa-15328	24	42	,	,	PUNCT
ajfa-15328	24	43	vol	vol	NOUN
ajfa-15328	24	44	.	.	PROPN
ajfa-15328	24	45	11	11	NUM
ajfa-15328	24	46	,	,	PUNCT
ajfa-15328	24	47	no	no	INTJ
ajfa-15328	24	48	.	.	NOUN
ajfa-15328	24	49	2	2	NUM
ajfa-15328	24	50	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	24	51	68	68	NUM
ajfa-15328	24	52	lajmi	lajmi	NOUN
ajfa-15328	24	53	,	,	PUNCT
ajfa-15328	24	54	2018	2018	NUM
ajfa-15328	24	55	)	)	PUNCT
ajfa-15328	24	56	.	.	PUNCT
ajfa-15328	25	1	2	2	X
ajfa-15328	25	2	.	.	X
ajfa-15328	25	3	corporate	corporate	ADJ
ajfa-15328	25	4	governance	governance	NOUN
ajfa-15328	25	5	and	and	CCONJ
ajfa-15328	25	6	efficiency	efficiency	NOUN
ajfa-15328	25	7	:	:	PUNCT
ajfa-15328	25	8	a	a	DET
ajfa-15328	25	9	literature	literature	NOUN
ajfa-15328	25	10	review	review	VERB
ajfa-15328	25	11	the	the	DET
ajfa-15328	25	12	concept	concept	NOUN
ajfa-15328	25	13	of	of	ADP
ajfa-15328	25	14	efficiency	efficiency	NOUN
ajfa-15328	25	15	emphasizes	emphasize	VERB
ajfa-15328	25	16	the	the	DET
ajfa-15328	25	17	quality	quality	NOUN
ajfa-15328	25	18	of	of	ADP
ajfa-15328	25	19	the	the	DET
ajfa-15328	25	20	organization	organization	NOUN
ajfa-15328	25	21	and	and	CCONJ
ajfa-15328	25	22	strategic	strategic	ADJ
ajfa-15328	25	23	decisions	decision	NOUN
ajfa-15328	25	24	in	in	ADP
ajfa-15328	25	25	the	the	DET
ajfa-15328	25	26	markets	market	NOUN
ajfa-15328	25	27	.	.	PUNCT
ajfa-15328	26	1	it	it	PRON
ajfa-15328	26	2	measures	measure	VERB
ajfa-15328	26	3	not	not	PART
ajfa-15328	26	4	only	only	ADV
ajfa-15328	26	5	the	the	DET
ajfa-15328	26	6	financial	financial	ADJ
ajfa-15328	26	7	performance	performance	NOUN
ajfa-15328	26	8	but	but	CCONJ
ajfa-15328	26	9	also	also	ADV
ajfa-15328	26	10	the	the	DET
ajfa-15328	26	11	productive	productive	ADJ
ajfa-15328	26	12	performance	performance	NOUN
ajfa-15328	26	13	.	.	PUNCT
ajfa-15328	27	1	this	this	DET
ajfa-15328	27	2	approach	approach	NOUN
ajfa-15328	27	3	to	to	ADP
ajfa-15328	27	4	efficiency	efficiency	NOUN
ajfa-15328	27	5	focuses	focus	VERB
ajfa-15328	27	6	attention	attention	NOUN
ajfa-15328	27	7	on	on	ADP
ajfa-15328	27	8	the	the	DET
ajfa-15328	27	9	quality	quality	NOUN
ajfa-15328	27	10	of	of	ADP
ajfa-15328	27	11	internal	internal	ADJ
ajfa-15328	27	12	management	management	NOUN
ajfa-15328	27	13	and	and	CCONJ
ajfa-15328	27	14	the	the	DET
ajfa-15328	27	15	quality	quality	NOUN
ajfa-15328	27	16	of	of	ADP
ajfa-15328	27	17	strategic	strategic	ADJ
ajfa-15328	27	18	choices	choice	NOUN
ajfa-15328	27	19	.	.	PUNCT
ajfa-15328	28	1	it	it	PRON
ajfa-15328	28	2	can	can	AUX
ajfa-15328	28	3	be	be	AUX
ajfa-15328	28	4	considered	consider	VERB
ajfa-15328	28	5	as	as	ADP
ajfa-15328	28	6	measuring	measure	VERB
ajfa-15328	28	7	managerial	managerial	ADJ
ajfa-15328	28	8	efficiency	efficiency	NOUN
ajfa-15328	28	9	.	.	PUNCT
ajfa-15328	29	1	it	it	PRON
ajfa-15328	29	2	is	be	AUX
ajfa-15328	29	3	also	also	ADV
ajfa-15328	29	4	a	a	DET
ajfa-15328	29	5	useful	useful	ADJ
ajfa-15328	29	6	tool	tool	NOUN
ajfa-15328	29	7	for	for	ADP
ajfa-15328	29	8	benchmarking	benchmarke	VERB
ajfa-15328	29	9	,	,	PUNCT
ajfa-15328	29	10	since	since	SCONJ
ajfa-15328	29	11	the	the	DET
ajfa-15328	29	12	determination	determination	NOUN
ajfa-15328	29	13	of	of	ADP
ajfa-15328	29	14	the	the	DET
ajfa-15328	29	15	boundary	boundary	NOUN
ajfa-15328	29	16	makes	make	VERB
ajfa-15328	29	17	it	it	PRON
ajfa-15328	29	18	possible	possible	ADJ
ajfa-15328	29	19	to	to	PART
ajfa-15328	29	20	identify	identify	VERB
ajfa-15328	29	21	efficient	efficient	ADJ
ajfa-15328	29	22	firms	firm	NOUN
ajfa-15328	29	23	that	that	PRON
ajfa-15328	29	24	have	have	VERB
ajfa-15328	29	25	"	"	PUNCT
ajfa-15328	29	26	best	good	ADJ
ajfa-15328	29	27	practices	practice	NOUN
ajfa-15328	29	28	"	"	PUNCT
ajfa-15328	29	29	and	and	CCONJ
ajfa-15328	29	30	can	can	AUX
ajfa-15328	29	31	therefore	therefore	ADV
ajfa-15328	29	32	serve	serve	VERB
ajfa-15328	29	33	as	as	ADP
ajfa-15328	29	34	a	a	DET
ajfa-15328	29	35	reference	reference	NOUN
ajfa-15328	29	36	for	for	ADP
ajfa-15328	29	37	others	other	NOUN
ajfa-15328	29	38	.	.	PUNCT
ajfa-15328	30	1	the	the	DET
ajfa-15328	30	2	article	article	NOUN
ajfa-15328	30	3	by	by	ADP
ajfa-15328	30	4	leibenstein	leibenstein	PROPN
ajfa-15328	30	5	(	(	PUNCT
ajfa-15328	30	6	1966	1966	NUM
ajfa-15328	30	7	)	)	PUNCT
ajfa-15328	30	8	is	be	AUX
ajfa-15328	30	9	certainly	certainly	ADV
ajfa-15328	30	10	one	one	NUM
ajfa-15328	30	11	of	of	ADP
ajfa-15328	30	12	the	the	DET
ajfa-15328	30	13	classic	classic	ADJ
ajfa-15328	30	14	works	work	NOUN
ajfa-15328	30	15	which	which	PRON
ajfa-15328	30	16	,	,	PUNCT
ajfa-15328	30	17	in	in	ADP
ajfa-15328	30	18	conceptualizing	conceptualize	VERB
ajfa-15328	30	19	the	the	DET
ajfa-15328	30	20	notion	notion	NOUN
ajfa-15328	30	21	of	of	ADP
ajfa-15328	30	22	x	x	NOUN
ajfa-15328	30	23	-	-	NOUN
ajfa-15328	30	24	efficiency	efficiency	NOUN
ajfa-15328	30	25	,	,	PUNCT
ajfa-15328	30	26	spoke	speak	VERB
ajfa-15328	30	27	primarily	primarily	ADV
ajfa-15328	30	28	with	with	ADP
ajfa-15328	30	29	the	the	DET
ajfa-15328	30	30	language	language	NOUN
ajfa-15328	30	31	of	of	ADP
ajfa-15328	30	32	corporate	corporate	ADJ
ajfa-15328	30	33	governance	governance	NOUN
ajfa-15328	30	34	.	.	PUNCT
ajfa-15328	31	1	theories	theory	NOUN
ajfa-15328	31	2	on	on	ADP
ajfa-15328	31	3	corporate	corporate	ADJ
ajfa-15328	31	4	governance	governance	NOUN
ajfa-15328	31	5	based	base	VERB
ajfa-15328	31	6	on	on	ADP
ajfa-15328	31	7	efficiency	efficiency	NOUN
ajfa-15328	31	8	paradigm	paradigm	NOUN
ajfa-15328	31	9	use	use	VERB
ajfa-15328	31	10	a	a	DET
ajfa-15328	31	11	specific	specific	ADJ
ajfa-15328	31	12	model	model	NOUN
ajfa-15328	31	13	of	of	ADP
ajfa-15328	31	14	value	value	NOUN
ajfa-15328	31	15	creation	creation	NOUN
ajfa-15328	31	16	(	(	PUNCT
ajfa-15328	31	17	bouaicha	bouaicha	ADJ
ajfa-15328	31	18	,	,	PUNCT
ajfa-15328	31	19	2015	2015	NUM
ajfa-15328	31	20	)	)	PUNCT
ajfa-15328	31	21	which	which	PRON
ajfa-15328	31	22	allows	allow	VERB
ajfa-15328	31	23	organization	organization	NOUN
ajfa-15328	31	24	to	to	PART
ajfa-15328	31	25	achieve	achieve	VERB
ajfa-15328	31	26	its	its	PRON
ajfa-15328	31	27	objective	objective	NOUN
ajfa-15328	31	28	and	and	CCONJ
ajfa-15328	31	29	reach	reach	VERB
ajfa-15328	31	30	its	its	PRON
ajfa-15328	31	31	survival	survival	NOUN
ajfa-15328	31	32	.	.	PUNCT
ajfa-15328	32	1	thus	thus	ADV
ajfa-15328	32	2	,	,	PUNCT
ajfa-15328	32	3	corporate	corporate	ADJ
ajfa-15328	32	4	governance	governance	NOUN
ajfa-15328	32	5	characteristics	characteristic	NOUN
ajfa-15328	32	6	allow	allow	VERB
ajfa-15328	32	7	firms	firm	NOUN
ajfa-15328	32	8	to	to	PART
ajfa-15328	32	9	improve	improve	VERB
ajfa-15328	32	10	their	their	PRON
ajfa-15328	32	11	efficiency	efficiency	NOUN
ajfa-15328	32	12	by	by	ADP
ajfa-15328	32	13	creating	create	VERB
ajfa-15328	32	14	maximum	maximum	ADJ
ajfa-15328	32	15	value	value	NOUN
ajfa-15328	32	16	.	.	PUNCT
ajfa-15328	33	1	within	within	ADP
ajfa-15328	33	2	this	this	DET
ajfa-15328	33	3	framework	framework	NOUN
ajfa-15328	33	4	,	,	PUNCT
ajfa-15328	33	5	zelenyuk	zelenyuk	NOUN
ajfa-15328	33	6	and	and	CCONJ
ajfa-15328	33	7	zheka	zheka	NOUN
ajfa-15328	33	8	(	(	PUNCT
ajfa-15328	33	9	2006	2006	NUM
ajfa-15328	33	10	)	)	PUNCT
ajfa-15328	33	11	tried	try	VERB
ajfa-15328	33	12	to	to	PART
ajfa-15328	33	13	empirically	empirically	ADV
ajfa-15328	33	14	study	study	VERB
ajfa-15328	33	15	the	the	DET
ajfa-15328	33	16	efficiency	efficiency	NOUN
ajfa-15328	33	17	of	of	ADP
ajfa-15328	33	18	firms	firm	NOUN
ajfa-15328	33	19	in	in	ADP
ajfa-15328	33	20	an	an	DET
ajfa-15328	33	21	explicit	explicit	ADJ
ajfa-15328	33	22	way	way	NOUN
ajfa-15328	33	23	in	in	ADP
ajfa-15328	33	24	the	the	DET
ajfa-15328	33	25	context	context	NOUN
ajfa-15328	33	26	of	of	ADP
ajfa-15328	33	27	corporate	corporate	ADJ
ajfa-15328	33	28	governance	governance	NOUN
ajfa-15328	33	29	.	.	PUNCT
ajfa-15328	34	1	they	they	PRON
ajfa-15328	34	2	show	show	VERB
ajfa-15328	34	3	the	the	DET
ajfa-15328	34	4	existence	existence	NOUN
ajfa-15328	34	5	of	of	ADP
ajfa-15328	34	6	a	a	DET
ajfa-15328	34	7	positive	positive	ADJ
ajfa-15328	34	8	relationship	relationship	NOUN
ajfa-15328	34	9	between	between	ADP
ajfa-15328	34	10	the	the	DET
ajfa-15328	34	11	quality	quality	NOUN
ajfa-15328	34	12	of	of	ADP
ajfa-15328	34	13	the	the	DET
ajfa-15328	34	14	corporate	corporate	ADJ
ajfa-15328	34	15	governance	governance	NOUN
ajfa-15328	34	16	of	of	ADP
ajfa-15328	34	17	the	the	DET
ajfa-15328	34	18	firm	firm	NOUN
ajfa-15328	34	19	and	and	CCONJ
ajfa-15328	34	20	its	its	PRON
ajfa-15328	34	21	level	level	NOUN
ajfa-15328	34	22	of	of	ADP
ajfa-15328	34	23	relative	relative	ADJ
ajfa-15328	34	24	efficiency	efficiency	NOUN
ajfa-15328	34	25	.	.	PUNCT
ajfa-15328	35	1	according	accord	VERB
ajfa-15328	35	2	to	to	ADP
ajfa-15328	35	3	them	they	PRON
ajfa-15328	35	4	,	,	PUNCT
ajfa-15328	35	5	this	this	DET
ajfa-15328	35	6	result	result	NOUN
ajfa-15328	35	7	provides	provide	VERB
ajfa-15328	35	8	empirical	empirical	ADJ
ajfa-15328	35	9	support	support	NOUN
ajfa-15328	35	10	to	to	PART
ajfa-15328	35	11	liebenstein	liebenstein	VERB
ajfa-15328	35	12	's	's	PART
ajfa-15328	35	13	idea	idea	NOUN
ajfa-15328	35	14	that	that	SCONJ
ajfa-15328	35	15	the	the	DET
ajfa-15328	35	16	major	major	ADJ
ajfa-15328	35	17	source	source	NOUN
ajfa-15328	35	18	of	of	ADP
ajfa-15328	35	19	efficiency	efficiency	NOUN
ajfa-15328	35	20	is	be	AUX
ajfa-15328	35	21	the	the	DET
ajfa-15328	35	22	motivation	motivation	NOUN
ajfa-15328	35	23	at	at	ADP
ajfa-15328	35	24	each	each	DET
ajfa-15328	35	25	level	level	NOUN
ajfa-15328	35	26	of	of	ADP
ajfa-15328	35	27	management	management	NOUN
ajfa-15328	35	28	/	/	SYM
ajfa-15328	35	29	ownership	ownership	NOUN
ajfa-15328	35	30	.	.	PUNCT
ajfa-15328	36	1	this	this	PRON
ajfa-15328	36	2	also	also	ADV
ajfa-15328	36	3	supports	support	VERB
ajfa-15328	36	4	the	the	DET
ajfa-15328	36	5	idea	idea	NOUN
ajfa-15328	36	6	of	of	ADP
ajfa-15328	36	7	stulz	stulz	ADJ
ajfa-15328	36	8	(	(	PUNCT
ajfa-15328	36	9	1998	1998	NUM
ajfa-15328	36	10	)	)	PUNCT
ajfa-15328	36	11	which	which	PRON
ajfa-15328	36	12	says	say	VERB
ajfa-15328	36	13	that	that	SCONJ
ajfa-15328	36	14	the	the	DET
ajfa-15328	36	15	establishment	establishment	NOUN
ajfa-15328	36	16	and	and	CCONJ
ajfa-15328	36	17	strengthening	strengthening	NOUN
ajfa-15328	36	18	of	of	ADP
ajfa-15328	36	19	corporate	corporate	ADJ
ajfa-15328	36	20	governance	governance	NOUN
ajfa-15328	36	21	principles	principle	NOUN
ajfa-15328	36	22	should	should	AUX
ajfa-15328	36	23	significantly	significantly	ADV
ajfa-15328	36	24	improve	improve	VERB
ajfa-15328	36	25	individual	individual	ADJ
ajfa-15328	36	26	businesses	business	NOUN
ajfa-15328	36	27	and	and	CCONJ
ajfa-15328	36	28	the	the	DET
ajfa-15328	36	29	entire	entire	ADJ
ajfa-15328	36	30	economy	economy	NOUN
ajfa-15328	36	31	,	,	PUNCT
ajfa-15328	36	32	at	at	ADP
ajfa-15328	36	33	least	least	ADJ
ajfa-15328	36	34	because	because	SCONJ
ajfa-15328	36	35	of	of	ADP
ajfa-15328	36	36	the	the	DET
ajfa-15328	36	37	efficiency	efficiency	NOUN
ajfa-15328	36	38	of	of	ADP
ajfa-15328	36	39	the	the	DET
ajfa-15328	36	40	resources	resource	NOUN
ajfa-15328	36	41	used	use	VERB
ajfa-15328	36	42	.	.	PUNCT
ajfa-15328	37	1	it	it	PRON
ajfa-15328	37	2	also	also	ADV
ajfa-15328	37	3	result	result	VERB
ajfa-15328	37	4	in	in	ADP
ajfa-15328	37	5	a	a	DET
ajfa-15328	37	6	negative	negative	ADJ
ajfa-15328	37	7	relationship	relationship	NOUN
ajfa-15328	37	8	between	between	ADP
ajfa-15328	37	9	the	the	DET
ajfa-15328	37	10	shares	share	NOUN
ajfa-15328	37	11	held	hold	VERB
ajfa-15328	37	12	by	by	ADP
ajfa-15328	37	13	the	the	DET
ajfa-15328	37	14	state	state	NOUN
ajfa-15328	37	15	and	and	CCONJ
ajfa-15328	37	16	the	the	DET
ajfa-15328	37	17	efficiency	efficiency	NOUN
ajfa-15328	37	18	level	level	NOUN
ajfa-15328	37	19	of	of	ADP
ajfa-15328	37	20	the	the	DET
ajfa-15328	37	21	firm	firm	NOUN
ajfa-15328	37	22	,	,	PUNCT
ajfa-15328	37	23	which	which	PRON
ajfa-15328	37	24	converges	converge	VERB
ajfa-15328	37	25	with	with	ADP
ajfa-15328	37	26	previous	previous	ADJ
ajfa-15328	37	27	studies	study	NOUN
ajfa-15328	37	28	(	(	PUNCT
ajfa-15328	37	29	brown	brown	ADJ
ajfa-15328	37	30	and	and	CCONJ
ajfa-15328	37	31	earle	earle	PROPN
ajfa-15328	37	32	,	,	PUNCT
ajfa-15328	37	33	2000	2000	NUM
ajfa-15328	37	34	,	,	PUNCT
ajfa-15328	37	35	andreeva	andreeva	VERB
ajfa-15328	37	36	,	,	PUNCT
ajfa-15328	37	37	2003	2003	NUM
ajfa-15328	37	38	,	,	PUNCT
ajfa-15328	37	39	and	and	CCONJ
ajfa-15328	37	40	melnychenko	melnychenko	NOUN
ajfa-15328	37	41	,	,	PUNCT
ajfa-15328	37	42	2002	2002	NUM
ajfa-15328	37	43	)	)	PUNCT
ajfa-15328	37	44	.	.	PUNCT
ajfa-15328	38	1	in	in	ADP
ajfa-15328	38	2	the	the	DET
ajfa-15328	38	3	same	same	ADJ
ajfa-15328	38	4	context	context	NOUN
ajfa-15328	38	5	,	,	PUNCT
ajfa-15328	38	6	el	el	PROPN
ajfa-15328	38	7	mir	mir	PROPN
ajfa-15328	38	8	and	and	CCONJ
ajfa-15328	38	9	khanchel	khanchel	PROPN
ajfa-15328	38	10	(	(	PUNCT
ajfa-15328	38	11	2004	2004	NUM
ajfa-15328	38	12	)	)	PUNCT
ajfa-15328	38	13	tried	try	VERB
ajfa-15328	38	14	to	to	PART
ajfa-15328	38	15	identify	identify	VERB
ajfa-15328	38	16	efficient	efficient	ADJ
ajfa-15328	38	17	governance	governance	NOUN
ajfa-15328	38	18	that	that	PRON
ajfa-15328	38	19	is	be	AUX
ajfa-15328	38	20	apprehended	apprehend	VERB
ajfa-15328	38	21	by	by	ADP
ajfa-15328	38	22	the	the	DET
ajfa-15328	38	23	ownership	ownership	NOUN
ajfa-15328	38	24	structure	structure	NOUN
ajfa-15328	38	25	and	and	CCONJ
ajfa-15328	38	26	the	the	DET
ajfa-15328	38	27	effectiveness	effectiveness	NOUN
ajfa-15328	38	28	of	of	ADP
ajfa-15328	38	29	the	the	DET
ajfa-15328	38	30	control	control	NOUN
ajfa-15328	38	31	exercised	exercise	VERB
ajfa-15328	38	32	by	by	ADP
ajfa-15328	38	33	the	the	DET
ajfa-15328	38	34	board	board	NOUN
ajfa-15328	38	35	of	of	ADP
ajfa-15328	38	36	directors	director	NOUN
ajfa-15328	38	37	.	.	PUNCT
ajfa-15328	39	1	based	base	VERB
ajfa-15328	39	2	on	on	ADP
ajfa-15328	39	3	a	a	DET
ajfa-15328	39	4	sample	sample	NOUN
ajfa-15328	39	5	of	of	ADP
ajfa-15328	39	6	331	331	NUM
ajfa-15328	39	7	us	us	PROPN
ajfa-15328	39	8	listed	list	VERB
ajfa-15328	39	9	firms	firm	NOUN
ajfa-15328	39	10	,	,	PUNCT
ajfa-15328	39	11	for	for	ADP
ajfa-15328	39	12	the	the	DET
ajfa-15328	39	13	period	period	NOUN
ajfa-15328	39	14	1994	1994	NUM
ajfa-15328	39	15	-	-	SYM
ajfa-15328	39	16	2001	2001	NUM
ajfa-15328	39	17	,	,	PUNCT
ajfa-15328	39	18	they	they	PRON
ajfa-15328	39	19	synthesized	synthesize	VERB
ajfa-15328	39	20	governance	governance	NOUN
ajfa-15328	39	21	practices	practice	NOUN
ajfa-15328	39	22	by	by	ADP
ajfa-15328	39	23	an	an	DET
ajfa-15328	39	24	index	index	NOUN
ajfa-15328	39	25	calculated	calculate	VERB
ajfa-15328	39	26	using	use	VERB
ajfa-15328	39	27	a	a	DET
ajfa-15328	39	28	non	non	ADJ
ajfa-15328	39	29	-	-	ADJ
ajfa-15328	39	30	parametric	parametric	ADJ
ajfa-15328	39	31	method	method	NOUN
ajfa-15328	39	32	,	,	PUNCT
ajfa-15328	39	33	the	the	DET
ajfa-15328	39	34	data	datum	NOUN
ajfa-15328	39	35	wrapping	wrapping	NOUN
ajfa-15328	39	36	method	method	NOUN
ajfa-15328	39	37	,	,	PUNCT
ajfa-15328	39	38	which	which	PRON
ajfa-15328	39	39	takes	take	VERB
ajfa-15328	39	40	into	into	ADP
ajfa-15328	39	41	account	account	NOUN
ajfa-15328	39	42	the	the	DET
ajfa-15328	39	43	nature	nature	NOUN
ajfa-15328	39	44	of	of	ADP
ajfa-15328	39	45	the	the	DET
ajfa-15328	39	46	relationship	relationship	NOUN
ajfa-15328	39	47	(	(	PUNCT
ajfa-15328	39	48	linear	linear	ADJ
ajfa-15328	39	49	or	or	CCONJ
ajfa-15328	39	50	not	not	PART
ajfa-15328	39	51	,	,	PUNCT
ajfa-15328	39	52	endogenous	endogenous	ADJ
ajfa-15328	39	53	or	or	CCONJ
ajfa-15328	39	54	exogenous	exogenous	ADJ
ajfa-15328	39	55	)	)	PUNCT
ajfa-15328	39	56	between	between	ADP
ajfa-15328	39	57	the	the	DET
ajfa-15328	39	58	inputs	input	NOUN
ajfa-15328	39	59	(	(	PUNCT
ajfa-15328	39	60	the	the	DET
ajfa-15328	39	61	control	control	NOUN
ajfa-15328	39	62	system	system	NOUN
ajfa-15328	39	63	)	)	PUNCT
ajfa-15328	39	64	and	and	CCONJ
ajfa-15328	39	65	the	the	DET
ajfa-15328	39	66	outputs	output	NOUN
ajfa-15328	39	67	(	(	PUNCT
ajfa-15328	39	68	the	the	DET
ajfa-15328	39	69	performance	performance	NOUN
ajfa-15328	39	70	)	)	PUNCT
ajfa-15328	39	71	.	.	PUNCT
ajfa-15328	40	1	the	the	DET
ajfa-15328	40	2	results	result	NOUN
ajfa-15328	40	3	they	they	PRON
ajfa-15328	40	4	have	have	AUX
ajfa-15328	40	5	achieved	achieve	VERB
ajfa-15328	40	6	show	show	VERB
ajfa-15328	40	7	that	that	SCONJ
ajfa-15328	40	8	the	the	DET
ajfa-15328	40	9	majority	majority	NOUN
ajfa-15328	40	10	of	of	ADP
ajfa-15328	40	11	companies	company	NOUN
ajfa-15328	40	12	are	be	AUX
ajfa-15328	40	13	moderately	moderately	ADV
ajfa-15328	40	14	efficient	efficient	ADJ
ajfa-15328	40	15	.	.	PUNCT
ajfa-15328	41	1	also	also	ADV
ajfa-15328	41	2	,	,	PUNCT
ajfa-15328	41	3	khiari	khiari	PROPN
ajfa-15328	41	4	et	et	PROPN
ajfa-15328	41	5	al	al	PROPN
ajfa-15328	41	6	.	.	PROPN
ajfa-15328	42	1	(	(	PUNCT
ajfa-15328	42	2	2007	2007	NUM
ajfa-15328	42	3	)	)	PUNCT
ajfa-15328	42	4	attempted	attempt	VERB
ajfa-15328	42	5	to	to	PART
ajfa-15328	42	6	investigate	investigate	VERB
ajfa-15328	42	7	the	the	DET
ajfa-15328	42	8	association	association	NOUN
ajfa-15328	42	9	between	between	ADP
ajfa-15328	42	10	performance	performance	NOUN
ajfa-15328	42	11	and	and	CCONJ
ajfa-15328	42	12	the	the	DET
ajfa-15328	42	13	specific	specific	ADJ
ajfa-15328	42	14	characteristics	characteristic	NOUN
ajfa-15328	42	15	of	of	ADP
ajfa-15328	42	16	a	a	DET
ajfa-15328	42	17	sample	sample	NOUN
ajfa-15328	42	18	of	of	ADP
ajfa-15328	42	19	american	american	ADJ
ajfa-15328	42	20	companies	company	NOUN
ajfa-15328	42	21	.	.	PUNCT
ajfa-15328	43	1	and	and	CCONJ
ajfa-15328	43	2	in	in	ADP
ajfa-15328	43	3	order	order	NOUN
ajfa-15328	43	4	to	to	PART
ajfa-15328	43	5	achieve	achieve	VERB
ajfa-15328	43	6	that	that	DET
ajfa-15328	43	7	asian	asian	ADJ
ajfa-15328	43	8	journal	journal	NOUN
ajfa-15328	43	9	of	of	ADP
ajfa-15328	43	10	finance	finance	PROPN
ajfa-15328	43	11	&	&	CCONJ
ajfa-15328	43	12	accounting	accounting	PROPN
ajfa-15328	43	13	issn	issn	PROPN
ajfa-15328	43	14	1946	1946	NUM
ajfa-15328	43	15	-	-	PUNCT
ajfa-15328	43	16	052x	052x	PROPN
ajfa-15328	43	17	2019	2019	NUM
ajfa-15328	43	18	,	,	PUNCT
ajfa-15328	43	19	vol	vol	NOUN
ajfa-15328	43	20	.	.	PROPN
ajfa-15328	43	21	11	11	NUM
ajfa-15328	43	22	,	,	PUNCT
ajfa-15328	43	23	no	no	INTJ
ajfa-15328	43	24	.	.	NOUN
ajfa-15328	43	25	2	2	NUM
ajfa-15328	43	26	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	43	27	69	69	NUM
ajfa-15328	43	28	they	they	PRON
ajfa-15328	43	29	used	use	VERB
ajfa-15328	43	30	a	a	DET
ajfa-15328	43	31	governance	governance	NOUN
ajfa-15328	43	32	efficiency	efficiency	NOUN
ajfa-15328	43	33	index	index	NOUN
ajfa-15328	43	34	,	,	PUNCT
ajfa-15328	43	35	calculated	calculate	VERB
ajfa-15328	43	36	using	use	VERB
ajfa-15328	43	37	the	the	DET
ajfa-15328	43	38	stochastic	stochastic	ADJ
ajfa-15328	43	39	frontier	frontier	NOUN
ajfa-15328	43	40	method	method	NOUN
ajfa-15328	43	41	.	.	PUNCT
ajfa-15328	44	1	the	the	DET
ajfa-15328	44	2	purpose	purpose	NOUN
ajfa-15328	44	3	of	of	ADP
ajfa-15328	44	4	using	use	VERB
ajfa-15328	44	5	a	a	DET
ajfa-15328	44	6	latent	latent	ADJ
ajfa-15328	44	7	class	class	NOUN
ajfa-15328	44	8	structure	structure	NOUN
ajfa-15328	44	9	that	that	PRON
ajfa-15328	44	10	is	be	AUX
ajfa-15328	44	11	not	not	PART
ajfa-15328	44	12	observable	observable	ADJ
ajfa-15328	44	13	in	in	ADP
ajfa-15328	44	14	the	the	DET
ajfa-15328	44	15	sample	sample	NOUN
ajfa-15328	44	16	specification	specification	NOUN
ajfa-15328	44	17	is	be	AUX
ajfa-15328	44	18	to	to	PART
ajfa-15328	44	19	establish	establish	VERB
ajfa-15328	44	20	several	several	ADJ
ajfa-15328	44	21	levels	level	NOUN
ajfa-15328	44	22	of	of	ADP
ajfa-15328	44	23	efficiency	efficiency	NOUN
ajfa-15328	44	24	for	for	ADP
ajfa-15328	44	25	firms	firm	NOUN
ajfa-15328	44	26	according	accord	VERB
ajfa-15328	44	27	to	to	ADP
ajfa-15328	44	28	their	their	PRON
ajfa-15328	44	29	intrinsic	intrinsic	ADJ
ajfa-15328	44	30	characteristics	characteristic	NOUN
ajfa-15328	44	31	.	.	PUNCT
ajfa-15328	45	1	this	this	DET
ajfa-15328	45	2	structure	structure	NOUN
ajfa-15328	45	3	allowed	allow	VERB
ajfa-15328	45	4	discerning	discern	VERB
ajfa-15328	45	5	two	two	NUM
ajfa-15328	45	6	groups	group	NOUN
ajfa-15328	45	7	of	of	ADP
ajfa-15328	45	8	companies	company	NOUN
ajfa-15328	45	9	.	.	PUNCT
ajfa-15328	46	1	the	the	DET
ajfa-15328	46	2	results	result	NOUN
ajfa-15328	46	3	obtained	obtain	VERB
ajfa-15328	46	4	show	show	VERB
ajfa-15328	46	5	that	that	SCONJ
ajfa-15328	46	6	the	the	DET
ajfa-15328	46	7	probability	probability	NOUN
ajfa-15328	46	8	of	of	ADP
ajfa-15328	46	9	being	be	AUX
ajfa-15328	46	10	in	in	ADP
ajfa-15328	46	11	the	the	DET
ajfa-15328	46	12	best	good	ADJ
ajfa-15328	46	13	performing	perform	VERB
ajfa-15328	46	14	group	group	NOUN
ajfa-15328	46	15	is	be	AUX
ajfa-15328	46	16	even	even	ADV
ajfa-15328	46	17	more	more	ADV
ajfa-15328	46	18	important	important	ADJ
ajfa-15328	46	19	than	than	ADP
ajfa-15328	46	20	the	the	DET
ajfa-15328	46	21	stock	stock	NOUN
ajfa-15328	46	22	market	market	NOUN
ajfa-15328	46	23	return	return	NOUN
ajfa-15328	46	24	,	,	PUNCT
ajfa-15328	46	25	the	the	DET
ajfa-15328	46	26	size	size	NOUN
ajfa-15328	46	27	of	of	ADP
ajfa-15328	46	28	the	the	DET
ajfa-15328	46	29	company	company	NOUN
ajfa-15328	46	30	,	,	PUNCT
ajfa-15328	46	31	and	and	CCONJ
ajfa-15328	46	32	a	a	DET
ajfa-15328	46	33	high	high	ADJ
ajfa-15328	46	34	roe	roe	NOUN
ajfa-15328	46	35	,	,	PUNCT
ajfa-15328	46	36	whereas	whereas	SCONJ
ajfa-15328	46	37	a	a	DET
ajfa-15328	46	38	high	high	ADJ
ajfa-15328	46	39	level	level	NOUN
ajfa-15328	46	40	of	of	ADP
ajfa-15328	46	41	debt	debt	NOUN
ajfa-15328	46	42	seems	seem	VERB
ajfa-15328	46	43	to	to	PART
ajfa-15328	46	44	increase	increase	VERB
ajfa-15328	46	45	the	the	DET
ajfa-15328	46	46	chance	chance	NOUN
ajfa-15328	46	47	of	of	ADP
ajfa-15328	46	48	being	be	AUX
ajfa-15328	46	49	in	in	ADP
ajfa-15328	46	50	the	the	DET
ajfa-15328	46	51	lowest	low	ADJ
ajfa-15328	46	52	performing	perform	VERB
ajfa-15328	46	53	group	group	NOUN
ajfa-15328	46	54	.	.	PUNCT
ajfa-15328	47	1	the	the	DET
ajfa-15328	47	2	calculation	calculation	NOUN
ajfa-15328	47	3	of	of	ADP
ajfa-15328	47	4	the	the	DET
ajfa-15328	47	5	governance	governance	NOUN
ajfa-15328	47	6	indices	index	NOUN
ajfa-15328	47	7	also	also	ADV
ajfa-15328	47	8	shows	show	VERB
ajfa-15328	47	9	a	a	DET
ajfa-15328	47	10	significant	significant	ADJ
ajfa-15328	47	11	increase	increase	NOUN
ajfa-15328	47	12	in	in	ADP
ajfa-15328	47	13	the	the	DET
ajfa-15328	47	14	index	index	NOUN
ajfa-15328	47	15	of	of	ADP
ajfa-15328	47	16	(	(	PUNCT
ajfa-15328	47	17	in	in	ADP
ajfa-15328	47	18	)	)	PUNCT
ajfa-15328	47	19	efficiency	efficiency	NOUN
ajfa-15328	47	20	over	over	ADP
ajfa-15328	47	21	the	the	DET
ajfa-15328	47	22	years	year	NOUN
ajfa-15328	47	23	.	.	PUNCT
ajfa-15328	48	1	this	this	DET
ajfa-15328	48	2	increase	increase	NOUN
ajfa-15328	48	3	occurred	occur	VERB
ajfa-15328	48	4	between	between	ADP
ajfa-15328	48	5	1999	1999	NUM
ajfa-15328	48	6	and	and	CCONJ
ajfa-15328	48	7	2001	2001	NUM
ajfa-15328	48	8	and	and	CCONJ
ajfa-15328	48	9	could	could	AUX
ajfa-15328	48	10	be	be	AUX
ajfa-15328	48	11	explained	explain	VERB
ajfa-15328	48	12	by	by	ADP
ajfa-15328	48	13	the	the	DET
ajfa-15328	48	14	very	very	ADV
ajfa-15328	48	15	dramatic	dramatic	ADJ
ajfa-15328	48	16	falls	fall	NOUN
ajfa-15328	48	17	of	of	ADP
ajfa-15328	48	18	large	large	ADJ
ajfa-15328	48	19	american	american	ADJ
ajfa-15328	48	20	companies	company	NOUN
ajfa-15328	48	21	.	.	PUNCT
ajfa-15328	49	1	3	3	X
ajfa-15328	49	2	.	.	X
ajfa-15328	49	3	research	research	NOUN
ajfa-15328	49	4	methodology	methodology	NOUN
ajfa-15328	49	5	the	the	DET
ajfa-15328	49	6	objective	objective	NOUN
ajfa-15328	49	7	of	of	ADP
ajfa-15328	49	8	this	this	DET
ajfa-15328	49	9	work	work	NOUN
ajfa-15328	49	10	is	be	AUX
ajfa-15328	49	11	to	to	PART
ajfa-15328	49	12	develop	develop	VERB
ajfa-15328	49	13	a	a	DET
ajfa-15328	49	14	synthetic	synthetic	ADJ
ajfa-15328	49	15	index	index	NOUN
ajfa-15328	49	16	that	that	PRON
ajfa-15328	49	17	evaluates	evaluate	VERB
ajfa-15328	49	18	the	the	DET
ajfa-15328	49	19	firms	firm	NOUN
ajfa-15328	49	20	’	'	PUNCT
ajfa-15328	49	21	practices	practice	NOUN
ajfa-15328	49	22	with	with	ADP
ajfa-15328	49	23	regard	regard	NOUN
ajfa-15328	49	24	to	to	ADP
ajfa-15328	49	25	the	the	DET
ajfa-15328	49	26	corporate	corporate	ADJ
ajfa-15328	49	27	governance	governance	NOUN
ajfa-15328	49	28	.	.	PUNCT
ajfa-15328	50	1	the	the	DET
ajfa-15328	50	2	creation	creation	NOUN
ajfa-15328	50	3	of	of	ADP
ajfa-15328	50	4	the	the	DET
ajfa-15328	50	5	model	model	NOUN
ajfa-15328	50	6	takes	take	VERB
ajfa-15328	50	7	,	,	PUNCT
ajfa-15328	50	8	as	as	ADP
ajfa-15328	50	9	a	a	DET
ajfa-15328	50	10	starting	starting	NOUN
ajfa-15328	50	11	point	point	NOUN
ajfa-15328	50	12	,	,	PUNCT
ajfa-15328	50	13	a	a	DET
ajfa-15328	50	14	basic	basic	ADJ
ajfa-15328	50	15	idea	idea	NOUN
ajfa-15328	50	16	that	that	SCONJ
ajfa-15328	50	17	there	there	PRON
ajfa-15328	50	18	is	be	VERB
ajfa-15328	50	19	a	a	DET
ajfa-15328	50	20	real	real	ADJ
ajfa-15328	50	21	willingness	willingness	NOUN
ajfa-15328	50	22	on	on	ADP
ajfa-15328	50	23	the	the	DET
ajfa-15328	50	24	part	part	NOUN
ajfa-15328	50	25	of	of	ADP
ajfa-15328	50	26	firms	firm	NOUN
ajfa-15328	50	27	to	to	PART
ajfa-15328	50	28	comply	comply	VERB
ajfa-15328	50	29	with	with	ADP
ajfa-15328	50	30	international	international	ADJ
ajfa-15328	50	31	standards	standard	NOUN
ajfa-15328	50	32	of	of	ADP
ajfa-15328	50	33	governance	governance	NOUN
ajfa-15328	50	34	and	and	CCONJ
ajfa-15328	50	35	to	to	PART
ajfa-15328	50	36	combine	combine	VERB
ajfa-15328	50	37	,	,	PUNCT
ajfa-15328	50	38	therefore	therefore	ADV
ajfa-15328	50	39	,	,	PUNCT
ajfa-15328	50	40	the	the	DET
ajfa-15328	50	41	best	good	ADJ
ajfa-15328	50	42	practices	practice	NOUN
ajfa-15328	50	43	in	in	ADP
ajfa-15328	50	44	governance	governance	NOUN
ajfa-15328	50	45	in	in	ADP
ajfa-15328	50	46	order	order	NOUN
ajfa-15328	50	47	to	to	PART
ajfa-15328	50	48	achieve	achieve	VERB
ajfa-15328	50	49	a	a	DET
ajfa-15328	50	50	high	high	ADJ
ajfa-15328	50	51	level	level	NOUN
ajfa-15328	50	52	of	of	ADP
ajfa-15328	50	53	performance	performance	NOUN
ajfa-15328	50	54	.	.	PUNCT
ajfa-15328	51	1	the	the	DET
ajfa-15328	51	2	chosen	choose	VERB
ajfa-15328	51	3	approach	approach	NOUN
ajfa-15328	51	4	is	be	AUX
ajfa-15328	51	5	econometric	econometric	ADJ
ajfa-15328	51	6	and	and	CCONJ
ajfa-15328	51	7	is	be	AUX
ajfa-15328	51	8	based	base	VERB
ajfa-15328	51	9	on	on	ADP
ajfa-15328	51	10	the	the	DET
ajfa-15328	51	11	stochastic	stochastic	ADJ
ajfa-15328	51	12	efficiency	efficiency	NOUN
ajfa-15328	51	13	frontier	frontier	NOUN
ajfa-15328	51	14	method	method	NOUN
ajfa-15328	51	15	.	.	PUNCT
ajfa-15328	52	1	the	the	DET
ajfa-15328	52	2	proposed	propose	VERB
ajfa-15328	52	3	governance	governance	NOUN
ajfa-15328	52	4	index	index	NOUN
ajfa-15328	52	5	is	be	AUX
ajfa-15328	52	6	presented	present	VERB
ajfa-15328	52	7	as	as	ADP
ajfa-15328	52	8	an	an	DET
ajfa-15328	52	9	efficiency	efficiency	NOUN
ajfa-15328	52	10	score	score	NOUN
ajfa-15328	52	11	that	that	PRON
ajfa-15328	52	12	reflects	reflect	VERB
ajfa-15328	52	13	,	,	PUNCT
ajfa-15328	52	14	for	for	ADP
ajfa-15328	52	15	each	each	DET
ajfa-15328	52	16	firm	firm	NOUN
ajfa-15328	52	17	,	,	PUNCT
ajfa-15328	52	18	the	the	DET
ajfa-15328	52	19	distance	distance	NOUN
ajfa-15328	52	20	that	that	PRON
ajfa-15328	52	21	separates	separate	VERB
ajfa-15328	52	22	it	it	PRON
ajfa-15328	52	23	from	from	ADP
ajfa-15328	52	24	an	an	DET
ajfa-15328	52	25	efficiency	efficiency	NOUN
ajfa-15328	52	26	frontier	frontier	NOUN
ajfa-15328	52	27	expressing	express	VERB
ajfa-15328	52	28	"	"	PUNCT
ajfa-15328	52	29	best	good	ADJ
ajfa-15328	52	30	practices	practice	NOUN
ajfa-15328	52	31	"	"	PUNCT
ajfa-15328	52	32	in	in	ADP
ajfa-15328	52	33	terms	term	NOUN
ajfa-15328	52	34	of	of	ADP
ajfa-15328	52	35	corporate	corporate	ADJ
ajfa-15328	52	36	governance	governance	NOUN
ajfa-15328	52	37	.	.	PUNCT
ajfa-15328	53	1	this	this	DET
ajfa-15328	53	2	method	method	NOUN
ajfa-15328	53	3	makes	make	VERB
ajfa-15328	53	4	it	it	PRON
ajfa-15328	53	5	possible	possible	ADJ
ajfa-15328	53	6	to	to	PART
ajfa-15328	53	7	determine	determine	VERB
ajfa-15328	53	8	the	the	DET
ajfa-15328	53	9	possible	possible	ADJ
ajfa-15328	53	10	ways	way	NOUN
ajfa-15328	53	11	to	to	PART
ajfa-15328	53	12	access	access	VERB
ajfa-15328	53	13	"	"	PUNCT
ajfa-15328	53	14	best	good	ADJ
ajfa-15328	53	15	practices	practice	NOUN
ajfa-15328	53	16	"	"	PUNCT
ajfa-15328	53	17	for	for	ADP
ajfa-15328	53	18	n	n	PRON
ajfa-15328	53	19	decision	decision	NOUN
ajfa-15328	53	20	-	-	PUNCT
ajfa-15328	53	21	making	make	VERB
ajfa-15328	53	22	units	unit	NOUN
ajfa-15328	53	23	(	(	PUNCT
ajfa-15328	53	24	companies	company	NOUN
ajfa-15328	53	25	)	)	PUNCT
ajfa-15328	53	26	,	,	PUNCT
ajfa-15328	53	27	by	by	ADP
ajfa-15328	53	28	varying	vary	VERB
ajfa-15328	53	29	the	the	DET
ajfa-15328	53	30	inputs	input	NOUN
ajfa-15328	53	31	(	(	PUNCT
ajfa-15328	53	32	the	the	DET
ajfa-15328	53	33	governance	governance	NOUN
ajfa-15328	53	34	variables	variable	VERB
ajfa-15328	53	35	)	)	PUNCT
ajfa-15328	53	36	or	or	CCONJ
ajfa-15328	53	37	by	by	ADP
ajfa-15328	53	38	varying	vary	VERB
ajfa-15328	53	39	the	the	DET
ajfa-15328	53	40	outputs	output	NOUN
ajfa-15328	53	41	(	(	PUNCT
ajfa-15328	53	42	the	the	DET
ajfa-15328	53	43	performance	performance	NOUN
ajfa-15328	53	44	apprehended	apprehend	VERB
ajfa-15328	53	45	by	by	ADP
ajfa-15328	53	46	tobin	tobin	PROPN
ajfa-15328	53	47	's	's	PART
ajfa-15328	53	48	q	q	NOUN
ajfa-15328	53	49	)	)	PUNCT
ajfa-15328	53	50	or	or	CCONJ
ajfa-15328	53	51	by	by	ADP
ajfa-15328	53	52	combining	combine	VERB
ajfa-15328	53	53	these	these	DET
ajfa-15328	53	54	two	two	NUM
ajfa-15328	53	55	ways	way	NOUN
ajfa-15328	53	56	.	.	PUNCT
ajfa-15328	54	1	however	however	ADV
ajfa-15328	54	2	,	,	PUNCT
ajfa-15328	54	3	the	the	DET
ajfa-15328	54	4	theoretical	theoretical	ADJ
ajfa-15328	54	5	and	and	CCONJ
ajfa-15328	54	6	empirical	empirical	ADJ
ajfa-15328	54	7	literature	literature	NOUN
ajfa-15328	54	8	shows	show	VERB
ajfa-15328	54	9	a	a	DET
ajfa-15328	54	10	tendency	tendency	NOUN
ajfa-15328	54	11	towards	towards	ADP
ajfa-15328	54	12	the	the	DET
ajfa-15328	54	13	decomposition	decomposition	NOUN
ajfa-15328	54	14	of	of	ADP
ajfa-15328	54	15	the	the	DET
ajfa-15328	54	16	indices	index	NOUN
ajfa-15328	54	17	of	of	ADP
ajfa-15328	54	18	governance	governance	NOUN
ajfa-15328	54	19	into	into	ADP
ajfa-15328	54	20	sub	sub	NOUN
ajfa-15328	54	21	-	-	NOUN
ajfa-15328	54	22	indices	index	NOUN
ajfa-15328	54	23	.	.	PUNCT
ajfa-15328	55	1	given	give	VERB
ajfa-15328	55	2	that	that	SCONJ
ajfa-15328	55	3	the	the	DET
ajfa-15328	55	4	governance	governance	NOUN
ajfa-15328	55	5	mechanisms	mechanism	NOUN
ajfa-15328	55	6	we	we	PRON
ajfa-15328	55	7	use	use	VERB
ajfa-15328	55	8	are	be	AUX
ajfa-15328	55	9	internal	internal	ADJ
ajfa-15328	55	10	and	and	CCONJ
ajfa-15328	55	11	related	relate	VERB
ajfa-15328	55	12	solely	solely	ADV
ajfa-15328	55	13	to	to	ADP
ajfa-15328	55	14	the	the	DET
ajfa-15328	55	15	features	feature	NOUN
ajfa-15328	55	16	of	of	ADP
ajfa-15328	55	17	the	the	DET
ajfa-15328	55	18	board	board	NOUN
ajfa-15328	55	19	of	of	ADP
ajfa-15328	55	20	directors	director	NOUN
ajfa-15328	55	21	and	and	CCONJ
ajfa-15328	55	22	the	the	DET
ajfa-15328	55	23	ownership	ownership	NOUN
ajfa-15328	55	24	structure	structure	NOUN
ajfa-15328	55	25	,	,	PUNCT
ajfa-15328	55	26	we	we	PRON
ajfa-15328	55	27	will	will	AUX
ajfa-15328	55	28	create	create	VERB
ajfa-15328	55	29	two	two	NUM
ajfa-15328	55	30	sub	sub	NOUN
ajfa-15328	55	31	-	-	NOUN
ajfa-15328	55	32	indices	index	NOUN
ajfa-15328	55	33	reflecting	reflect	VERB
ajfa-15328	55	34	respectively	respectively	ADV
ajfa-15328	55	35	the	the	DET
ajfa-15328	55	36	efficiency	efficiency	NOUN
ajfa-15328	55	37	of	of	ADP
ajfa-15328	55	38	the	the	DET
ajfa-15328	55	39	board	board	NOUN
ajfa-15328	55	40	of	of	ADP
ajfa-15328	55	41	directors	director	NOUN
ajfa-15328	55	42	and	and	CCONJ
ajfa-15328	55	43	the	the	DET
ajfa-15328	55	44	efficiency	efficiency	NOUN
ajfa-15328	55	45	of	of	ADP
ajfa-15328	55	46	the	the	DET
ajfa-15328	55	47	ownership	ownership	NOUN
ajfa-15328	55	48	structure	structure	NOUN
ajfa-15328	55	49	.	.	PUNCT
ajfa-15328	56	1	the	the	DET
ajfa-15328	56	2	same	same	ADJ
ajfa-15328	56	3	principle	principle	NOUN
ajfa-15328	56	4	is	be	AUX
ajfa-15328	56	5	applied	apply	VERB
ajfa-15328	56	6	:	:	PUNCT
ajfa-15328	56	7	for	for	ADP
ajfa-15328	56	8	each	each	DET
ajfa-15328	56	9	index	index	NOUN
ajfa-15328	56	10	,	,	PUNCT
ajfa-15328	56	11	it	it	PRON
ajfa-15328	56	12	is	be	AUX
ajfa-15328	56	13	a	a	DET
ajfa-15328	56	14	question	question	NOUN
ajfa-15328	56	15	of	of	ADP
ajfa-15328	56	16	how	how	SCONJ
ajfa-15328	56	17	to	to	PART
ajfa-15328	56	18	regress	regress	VERB
ajfa-15328	56	19	the	the	DET
ajfa-15328	56	20	variables	variable	NOUN
ajfa-15328	56	21	related	relate	VERB
ajfa-15328	56	22	to	to	ADP
ajfa-15328	56	23	performance	performance	NOUN
ajfa-15328	56	24	,	,	PUNCT
ajfa-15328	56	25	and	and	CCONJ
ajfa-15328	56	26	how	how	SCONJ
ajfa-15328	56	27	to	to	PART
ajfa-15328	56	28	draw	draw	VERB
ajfa-15328	56	29	an	an	DET
ajfa-15328	56	30	index	index	NOUN
ajfa-15328	56	31	of	of	ADP
ajfa-15328	56	32	efficiency	efficiency	NOUN
ajfa-15328	56	33	which	which	PRON
ajfa-15328	56	34	translates	translate	VERB
ajfa-15328	56	35	,	,	PUNCT
ajfa-15328	56	36	for	for	ADP
ajfa-15328	56	37	each	each	DET
ajfa-15328	56	38	firm	firm	NOUN
ajfa-15328	56	39	,	,	PUNCT
ajfa-15328	56	40	the	the	DET
ajfa-15328	56	41	distance	distance	NOUN
ajfa-15328	56	42	separating	separate	VERB
ajfa-15328	56	43	it	it	PRON
ajfa-15328	56	44	from	from	ADP
ajfa-15328	56	45	applying	apply	VERB
ajfa-15328	56	46	the	the	DET
ajfa-15328	56	47	best	good	ADJ
ajfa-15328	56	48	practices	practice	NOUN
ajfa-15328	56	49	on	on	ADP
ajfa-15328	56	50	the	the	DET
ajfa-15328	56	51	board	board	NOUN
ajfa-15328	56	52	of	of	ADP
ajfa-15328	56	53	directors	director	NOUN
ajfa-15328	56	54	and	and	CCONJ
ajfa-15328	56	55	the	the	DET
ajfa-15328	56	56	ownership	ownership	NOUN
ajfa-15328	56	57	structure	structure	NOUN
ajfa-15328	56	58	.	.	PUNCT
ajfa-15328	57	1	3.1	3.1	NUM
ajfa-15328	57	2	.	.	PUNCT
ajfa-15328	57	3	sample	sample	NOUN
ajfa-15328	57	4	and	and	CCONJ
ajfa-15328	57	5	variables	variable	NOUN
ajfa-15328	57	6	presentation	presentation	VERB
ajfa-15328	57	7	the	the	DET
ajfa-15328	57	8	study	study	NOUN
ajfa-15328	57	9	covers	cover	VERB
ajfa-15328	57	10	46	46	NUM
ajfa-15328	57	11	tunisian	tunisian	ADJ
ajfa-15328	57	12	companies	company	NOUN
ajfa-15328	57	13	listed	list	VERB
ajfa-15328	57	14	on	on	ADP
ajfa-15328	57	15	the	the	DET
ajfa-15328	57	16	tunis	tunis	NOUN
ajfa-15328	57	17	stock	stock	NOUN
ajfa-15328	57	18	exchange	exchange	NOUN
ajfa-15328	57	19	and	and	CCONJ
ajfa-15328	57	20	over	over	ADP
ajfa-15328	57	21	a	a	DET
ajfa-15328	57	22	period	period	NOUN
ajfa-15328	57	23	of	of	ADP
ajfa-15328	57	24	15	15	NUM
ajfa-15328	57	25	years	year	NOUN
ajfa-15328	57	26	from	from	ADP
ajfa-15328	57	27	1996	1996	NUM
ajfa-15328	57	28	to	to	ADP
ajfa-15328	57	29	2010	2010	NUM
ajfa-15328	57	30	,	,	PUNCT
ajfa-15328	57	31	which	which	PRON
ajfa-15328	57	32	means	mean	VERB
ajfa-15328	57	33	690	690	NUM
ajfa-15328	57	34	observations	observation	NOUN
ajfa-15328	57	35	.	.	PUNCT
ajfa-15328	58	1	all	all	DET
ajfa-15328	58	2	data	datum	NOUN
ajfa-15328	58	3	was	be	AUX
ajfa-15328	58	4	collected	collect	VERB
ajfa-15328	58	5	from	from	ADP
ajfa-15328	58	6	the	the	DET
ajfa-15328	58	7	annual	annual	ADJ
ajfa-15328	58	8	reports	report	NOUN
ajfa-15328	58	9	present	present	ADJ
ajfa-15328	58	10	on	on	ADP
ajfa-15328	58	11	the	the	DET
ajfa-15328	58	12	following	follow	VERB
ajfa-15328	58	13	sites	site	NOUN
ajfa-15328	58	14	:	:	PUNCT
ajfa-15328	58	15	www.bvmt.com.tn	www.bvmt.com.tn	NOUN
ajfa-15328	58	16	,	,	PUNCT
ajfa-15328	58	17	and	and	CCONJ
ajfa-15328	58	18	www.tustesx.com.tn	www.tustesx.com.tn	NOUN
ajfa-15328	58	19	.	.	PUNCT
ajfa-15328	59	1	most	most	ADJ
ajfa-15328	59	2	of	of	ADP
ajfa-15328	59	3	the	the	DET
ajfa-15328	59	4	companies	company	NOUN
ajfa-15328	59	5	in	in	ADP
ajfa-15328	59	6	the	the	DET
ajfa-15328	59	7	sample	sample	NOUN
ajfa-15328	59	8	belong	belong	VERB
ajfa-15328	59	9	to	to	ADP
ajfa-15328	59	10	the	the	DET
ajfa-15328	59	11	financial	financial	ADJ
ajfa-15328	59	12	sector	sector	NOUN
ajfa-15328	59	13	(	(	PUNCT
ajfa-15328	59	14	52.19	52.19	NUM
ajfa-15328	59	15	%	%	NOUN
ajfa-15328	59	16	)	)	PUNCT
ajfa-15328	59	17	while	while	SCONJ
ajfa-15328	59	18	the	the	DET
ajfa-15328	59	19	rest	rest	NOUN
ajfa-15328	59	20	are	be	AUX
ajfa-15328	59	21	industrial	industrial	ADJ
ajfa-15328	59	22	companies	company	NOUN
ajfa-15328	59	23	(	(	PUNCT
ajfa-15328	59	24	26.08	26.08	NUM
ajfa-15328	59	25	%	%	NOUN
ajfa-15328	59	26	)	)	PUNCT
ajfa-15328	59	27	or	or	CCONJ
ajfa-15328	59	28	services	service	NOUN
ajfa-15328	59	29	(	(	PUNCT
ajfa-15328	59	30	21.73	21.73	NUM
ajfa-15328	59	31	%	%	NOUN
ajfa-15328	59	32	)	)	PUNCT
ajfa-15328	59	33	.	.	PUNCT
ajfa-15328	60	1	asian	asian	ADJ
ajfa-15328	60	2	journal	journal	PROPN
ajfa-15328	60	3	of	of	ADP
ajfa-15328	60	4	finance	finance	PROPN
ajfa-15328	60	5	&	&	CCONJ
ajfa-15328	60	6	accounting	accounting	PROPN
ajfa-15328	60	7	issn	issn	PROPN
ajfa-15328	60	8	1946	1946	NUM
ajfa-15328	60	9	-	-	PUNCT
ajfa-15328	60	10	052x	052x	PROPN
ajfa-15328	60	11	2019	2019	NUM
ajfa-15328	60	12	,	,	PUNCT
ajfa-15328	60	13	vol	vol	NOUN
ajfa-15328	60	14	.	.	PROPN
ajfa-15328	60	15	11	11	NUM
ajfa-15328	60	16	,	,	PUNCT
ajfa-15328	60	17	no	no	INTJ
ajfa-15328	60	18	.	.	NOUN
ajfa-15328	60	19	2	2	NUM
ajfa-15328	60	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	60	21	70	70	NUM
ajfa-15328	60	22	governance	governance	NOUN
ajfa-15328	60	23	is	be	AUX
ajfa-15328	60	24	captured	capture	VERB
ajfa-15328	60	25	by	by	ADP
ajfa-15328	60	26	a	a	DET
ajfa-15328	60	27	number	number	NOUN
ajfa-15328	60	28	of	of	ADP
ajfa-15328	60	29	ownership	ownership	NOUN
ajfa-15328	60	30	structure	structure	NOUN
ajfa-15328	60	31	and	and	CCONJ
ajfa-15328	60	32	board	board	NOUN
ajfa-15328	60	33	variables	variable	NOUN
ajfa-15328	60	34	(	(	PUNCT
ajfa-15328	60	35	as	as	SCONJ
ajfa-15328	60	36	shown	show	VERB
ajfa-15328	60	37	in	in	ADP
ajfa-15328	60	38	table	table	NOUN
ajfa-15328	60	39	1	1	NUM
ajfa-15328	60	40	)	)	PUNCT
ajfa-15328	60	41	.	.	PUNCT
ajfa-15328	61	1	whereas	whereas	SCONJ
ajfa-15328	61	2	the	the	DET
ajfa-15328	61	3	performance	performance	NOUN
ajfa-15328	61	4	is	be	AUX
ajfa-15328	61	5	apprehended	apprehend	VERB
ajfa-15328	61	6	by	by	ADP
ajfa-15328	61	7	the	the	DET
ajfa-15328	61	8	logarithm	logarithm	NOUN
ajfa-15328	61	9	of	of	ADP
ajfa-15328	61	10	tobin	tobin	PROPN
ajfa-15328	61	11	's	's	PART
ajfa-15328	61	12	q	q	NOUN
ajfa-15328	61	13	,	,	PUNCT
ajfa-15328	61	14	this	this	DET
ajfa-15328	61	15	latter	latter	ADJ
ajfa-15328	61	16	is	be	AUX
ajfa-15328	61	17	measured	measure	VERB
ajfa-15328	61	18	by	by	ADP
ajfa-15328	61	19	the	the	DET
ajfa-15328	61	20	ratio	ratio	NOUN
ajfa-15328	61	21	between	between	ADP
ajfa-15328	61	22	market	market	NOUN
ajfa-15328	61	23	capitalization	capitalization	NOUN
ajfa-15328	61	24	and	and	CCONJ
ajfa-15328	61	25	total	total	ADJ
ajfa-15328	61	26	assets	asset	NOUN
ajfa-15328	61	27	.	.	PUNCT
ajfa-15328	62	1	table	table	NOUN
ajfa-15328	62	2	1	1	NUM
ajfa-15328	62	3	.	.	PUNCT
ajfa-15328	63	1	definition	definition	NOUN
ajfa-15328	63	2	and	and	CCONJ
ajfa-15328	63	3	measurement	measurement	NOUN
ajfa-15328	63	4	of	of	ADP
ajfa-15328	63	5	governance	governance	NOUN
ajfa-15328	63	6	variables	variable	NOUN
ajfa-15328	63	7	variables	variable	VERB
ajfa-15328	63	8	definitions	definition	NOUN
ajfa-15328	63	9	and	and	CCONJ
ajfa-15328	63	10	measures	measure	NOUN
ajfa-15328	63	11	board	board	NOUN
ajfa-15328	63	12	of	of	ADP
ajfa-15328	63	13	directors	director	NOUN
ajfa-15328	63	14	bosize	bosize	VERB
ajfa-15328	63	15	board	board	NOUN
ajfa-15328	63	16	size	size	NOUN
ajfa-15328	63	17	=	=	NOUN
ajfa-15328	63	18	number	number	NOUN
ajfa-15328	63	19	of	of	ADP
ajfa-15328	63	20	directors	director	NOUN
ajfa-15328	63	21	on	on	ADP
ajfa-15328	63	22	the	the	DET
ajfa-15328	63	23	board	board	NOUN
ajfa-15328	63	24	outdir	outdir	NOUN
ajfa-15328	63	25	percentage	percentage	NOUN
ajfa-15328	63	26	of	of	ADP
ajfa-15328	63	27	outsider	outsider	NOUN
ajfa-15328	63	28	external	external	ADJ
ajfa-15328	63	29	directors	director	NOUN
ajfa-15328	63	30	on	on	ADP
ajfa-15328	63	31	the	the	DET
ajfa-15328	63	32	board	board	NOUN
ajfa-15328	63	33	=	=	NOUN
ajfa-15328	63	34	number	number	NOUN
ajfa-15328	63	35	of	of	ADP
ajfa-15328	63	36	outside	outside	ADJ
ajfa-15328	63	37	directors	director	NOUN
ajfa-15328	63	38	/	/	SYM
ajfa-15328	63	39	total	total	ADJ
ajfa-15328	63	40	number	number	NOUN
ajfa-15328	63	41	of	of	ADP
ajfa-15328	63	42	directors	director	NOUN
ajfa-15328	63	43	on	on	ADP
ajfa-15328	63	44	the	the	DET
ajfa-15328	63	45	board	board	NOUN
ajfa-15328	63	46	dual	dual	ADJ
ajfa-15328	63	47	a	a	DET
ajfa-15328	63	48	dummy	dummy	ADJ
ajfa-15328	63	49	variable	variable	NOUN
ajfa-15328	63	50	that	that	PRON
ajfa-15328	63	51	takes	take	VERB
ajfa-15328	63	52	the	the	DET
ajfa-15328	63	53	value	value	NOUN
ajfa-15328	63	54	1	1	NUM
ajfa-15328	63	55	if	if	SCONJ
ajfa-15328	63	56	the	the	DET
ajfa-15328	63	57	manager	manager	NOUN
ajfa-15328	63	58	is	be	AUX
ajfa-15328	63	59	a	a	DET
ajfa-15328	63	60	member	member	NOUN
ajfa-15328	63	61	of	of	ADP
ajfa-15328	63	62	the	the	DET
ajfa-15328	63	63	board	board	NOUN
ajfa-15328	63	64	and	and	CCONJ
ajfa-15328	63	65	0	0	NUM
ajfa-15328	63	66	otherwise	otherwise	ADV
ajfa-15328	63	67	.	.	PUNCT
ajfa-15328	64	1	dirmand	dirmand	NOUN
ajfa-15328	64	2	directors	director	NOUN
ajfa-15328	64	3	'	'	PART
ajfa-15328	64	4	term	term	NOUN
ajfa-15328	64	5	of	of	ADP
ajfa-15328	64	6	office	office	NOUN
ajfa-15328	64	7	:	:	PUNCT
ajfa-15328	64	8	number	number	NOUN
ajfa-15328	64	9	of	of	ADP
ajfa-15328	64	10	years	year	NOUN
ajfa-15328	64	11	as	as	ADP
ajfa-15328	64	12	a	a	DET
ajfa-15328	64	13	member	member	NOUN
ajfa-15328	64	14	of	of	ADP
ajfa-15328	64	15	the	the	DET
ajfa-15328	64	16	board	board	NOUN
ajfa-15328	64	17	of	of	ADP
ajfa-15328	64	18	directors	director	NOUN
ajfa-15328	64	19	manmand	manmand	NOUN
ajfa-15328	64	20	manager	manager	NOUN
ajfa-15328	64	21	's	's	PART
ajfa-15328	64	22	mandate	mandate	NOUN
ajfa-15328	64	23	:	:	PUNCT
ajfa-15328	64	24	number	number	NOUN
ajfa-15328	64	25	of	of	ADP
ajfa-15328	64	26	directors	director	NOUN
ajfa-15328	64	27	'	'	PART
ajfa-15328	64	28	mandates	mandate	NOUN
ajfa-15328	64	29	.	.	PUNCT
ajfa-15328	65	1	ceoturn	ceoturn	PROPN
ajfa-15328	65	2	ceo	ceo	PROPN
ajfa-15328	65	3	turover	turover	PROPN
ajfa-15328	65	4	:	:	PUNCT
ajfa-15328	65	5	a	a	DET
ajfa-15328	65	6	dummy	dummy	ADJ
ajfa-15328	65	7	variable	variable	NOUN
ajfa-15328	65	8	that	that	PRON
ajfa-15328	65	9	takes	take	VERB
ajfa-15328	65	10	the	the	DET
ajfa-15328	65	11	value	value	NOUN
ajfa-15328	65	12	1	1	NUM
ajfa-15328	65	13	if	if	SCONJ
ajfa-15328	65	14	the	the	DET
ajfa-15328	65	15	ceo	ceo	NOUN
ajfa-15328	65	16	has	have	AUX
ajfa-15328	65	17	been	be	AUX
ajfa-15328	65	18	replaced	replace	VERB
ajfa-15328	65	19	and	and	CCONJ
ajfa-15328	65	20	0	0	NUM
ajfa-15328	65	21	otherwise	otherwise	ADV
ajfa-15328	65	22	ownership	ownership	NOUN
ajfa-15328	65	23	structure	structure	NOUN
ajfa-15328	65	24	famown	famown	NOUN
ajfa-15328	65	25	percentage	percentage	NOUN
ajfa-15328	65	26	held	hold	VERB
ajfa-15328	65	27	by	by	ADP
ajfa-15328	65	28	families	family	NOUN
ajfa-15328	65	29	owncon	owncon	VERB
ajfa-15328	65	30	the	the	DET
ajfa-15328	65	31	percentage	percentage	NOUN
ajfa-15328	65	32	of	of	ADP
ajfa-15328	65	33	capital	capital	NOUN
ajfa-15328	65	34	held	hold	VERB
ajfa-15328	65	35	by	by	ADP
ajfa-15328	65	36	the	the	DET
ajfa-15328	65	37	majority	majority	NOUN
ajfa-15328	65	38	shareholders	shareholder	NOUN
ajfa-15328	65	39	(	(	PUNCT
ajfa-15328	65	40	greater	great	ADJ
ajfa-15328	65	41	than	than	ADP
ajfa-15328	65	42	5	5	NUM
ajfa-15328	65	43	%	%	NOUN
ajfa-15328	65	44	)	)	PUNCT
ajfa-15328	65	45	statown	statown	VERB
ajfa-15328	65	46	the	the	DET
ajfa-15328	65	47	percentage	percentage	NOUN
ajfa-15328	65	48	of	of	ADP
ajfa-15328	65	49	capital	capital	NOUN
ajfa-15328	65	50	held	hold	VERB
ajfa-15328	65	51	by	by	ADP
ajfa-15328	65	52	the	the	DET
ajfa-15328	65	53	state	state	NOUN
ajfa-15328	65	54	instown	instown	NOUN
ajfa-15328	65	55	the	the	DET
ajfa-15328	65	56	percentage	percentage	NOUN
ajfa-15328	65	57	held	hold	VERB
ajfa-15328	65	58	by	by	ADP
ajfa-15328	65	59	institutional	institutional	ADJ
ajfa-15328	65	60	investors	investor	NOUN
ajfa-15328	65	61	dirown	dirown	VERB
ajfa-15328	65	62	the	the	DET
ajfa-15328	65	63	percentage	percentage	NOUN
ajfa-15328	65	64	held	hold	VERB
ajfa-15328	65	65	by	by	ADP
ajfa-15328	65	66	the	the	DET
ajfa-15328	65	67	directors	director	NOUN
ajfa-15328	65	68	manown	manown	VERB
ajfa-15328	65	69	managerial	managerial	ADJ
ajfa-15328	65	70	ownership	ownership	NOUN
ajfa-15328	65	71	:	:	PUNCT
ajfa-15328	65	72	the	the	DET
ajfa-15328	65	73	percentage	percentage	NOUN
ajfa-15328	65	74	held	hold	VERB
ajfa-15328	65	75	by	by	ADP
ajfa-15328	65	76	the	the	DET
ajfa-15328	65	77	manager	manager	NOUN
ajfa-15328	65	78	audit	audit	PROPN
ajfa-15328	65	79	committee	committee	NOUN
ajfa-15328	65	80	audit	audit	VERB
ajfa-15328	65	81	a	a	DET
ajfa-15328	65	82	dummy	dummy	ADJ
ajfa-15328	65	83	variable	variable	NOUN
ajfa-15328	65	84	that	that	PRON
ajfa-15328	65	85	takes	take	VERB
ajfa-15328	65	86	the	the	DET
ajfa-15328	65	87	value	value	NOUN
ajfa-15328	65	88	1	1	NUM
ajfa-15328	65	89	if	if	SCONJ
ajfa-15328	65	90	there	there	PRON
ajfa-15328	65	91	is	be	VERB
ajfa-15328	65	92	an	an	DET
ajfa-15328	65	93	audit	audit	NOUN
ajfa-15328	65	94	committee	committee	NOUN
ajfa-15328	65	95	and	and	CCONJ
ajfa-15328	65	96	0	0	NUM
ajfa-15328	65	97	otherwise	otherwise	ADV
ajfa-15328	65	98	.	.	PUNCT
ajfa-15328	66	1	big4	big4	PROPN
ajfa-15328	66	2	a	a	DET
ajfa-15328	66	3	dummy	dummy	ADJ
ajfa-15328	66	4	variable	variable	NOUN
ajfa-15328	66	5	that	that	PRON
ajfa-15328	66	6	takes	take	VERB
ajfa-15328	66	7	the	the	DET
ajfa-15328	66	8	value	value	NOUN
ajfa-15328	66	9	1	1	NUM
ajfa-15328	66	10	if	if	SCONJ
ajfa-15328	66	11	the	the	DET
ajfa-15328	66	12	audit	audit	NOUN
ajfa-15328	66	13	firm	firm	NOUN
ajfa-15328	66	14	is	be	AUX
ajfa-15328	66	15	big4	big4	NOUN
ajfa-15328	66	16	and	and	CCONJ
ajfa-15328	66	17	0	0	NUM
ajfa-15328	66	18	otherwise	otherwise	ADV
ajfa-15328	66	19	.	.	PUNCT
ajfa-15328	67	1	3.2	3.2	NUM
ajfa-15328	67	2	.	.	PUNCT
ajfa-15328	67	3	econometric	econometric	ADJ
ajfa-15328	67	4	model	model	NOUN
ajfa-15328	67	5	also	also	ADV
ajfa-15328	67	6	known	know	VERB
ajfa-15328	67	7	as	as	ADP
ajfa-15328	67	8	the	the	DET
ajfa-15328	67	9	"	"	PUNCT
ajfa-15328	67	10	compound	compound	NOUN
ajfa-15328	67	11	error	error	NOUN
ajfa-15328	67	12	model	model	NOUN
ajfa-15328	67	13	"	"	PUNCT
ajfa-15328	67	14	,	,	PUNCT
ajfa-15328	67	15	the	the	DET
ajfa-15328	67	16	stochastic	stochastic	ADJ
ajfa-15328	67	17	frontier	frontier	NOUN
ajfa-15328	67	18	approach	approach	NOUN
ajfa-15328	67	19	breaks	break	VERB
ajfa-15328	67	20	down	down	ADP
ajfa-15328	67	21	the	the	DET
ajfa-15328	67	22	error	error	NOUN
ajfa-15328	67	23	term	term	NOUN
ajfa-15328	67	24	of	of	ADP
ajfa-15328	67	25	the	the	DET
ajfa-15328	67	26	studied	study	VERB
ajfa-15328	67	27	function	function	NOUN
ajfa-15328	67	28	into	into	ADP
ajfa-15328	67	29	two	two	NUM
ajfa-15328	67	30	parts	part	NOUN
ajfa-15328	67	31	.	.	PUNCT
ajfa-15328	68	1	the	the	DET
ajfa-15328	68	2	first	first	ADJ
ajfa-15328	68	3	represents	represent	VERB
ajfa-15328	68	4	random	random	ADJ
ajfa-15328	68	5	effects	effect	NOUN
ajfa-15328	68	6	and	and	CCONJ
ajfa-15328	68	7	measurement	measurement	NOUN
ajfa-15328	68	8	errors	error	NOUN
ajfa-15328	68	9	and	and	CCONJ
ajfa-15328	68	10	the	the	DET
ajfa-15328	68	11	second	second	NOUN
ajfa-15328	68	12	represents	represent	VERB
ajfa-15328	68	13	the	the	DET
ajfa-15328	68	14	degree	degree	NOUN
ajfa-15328	68	15	of	of	ADP
ajfa-15328	68	16	inefficiency	inefficiency	NOUN
ajfa-15328	68	17	.	.	PUNCT
ajfa-15328	69	1	the	the	DET
ajfa-15328	69	2	stochastic	stochastic	ADJ
ajfa-15328	69	3	frontier	frontier	NOUN
ajfa-15328	69	4	approach	approach	NOUN
ajfa-15328	69	5	is	be	AUX
ajfa-15328	69	6	characterized	characterize	VERB
ajfa-15328	69	7	by	by	ADP
ajfa-15328	69	8	taking	take	VERB
ajfa-15328	69	9	into	into	ADP
ajfa-15328	69	10	account	account	NOUN
ajfa-15328	69	11	a	a	DET
ajfa-15328	69	12	single	single	ADJ
ajfa-15328	69	13	output	output	NOUN
ajfa-15328	69	14	(	(	PUNCT
ajfa-15328	69	15	production	production	NOUN
ajfa-15328	69	16	,	,	PUNCT
ajfa-15328	69	17	cost	cost	NOUN
ajfa-15328	69	18	,	,	PUNCT
ajfa-15328	69	19	profit	profit	NOUN
ajfa-15328	69	20	)	)	PUNCT
ajfa-15328	69	21	and	and	CCONJ
ajfa-15328	69	22	multiple	multiple	ADJ
ajfa-15328	69	23	inputs	input	NOUN
ajfa-15328	69	24	,	,	PUNCT
ajfa-15328	69	25	and	and	CCONJ
ajfa-15328	69	26	it	it	PRON
ajfa-15328	69	27	is	be	AUX
ajfa-15328	69	28	also	also	ADV
ajfa-15328	69	29	known	know	VERB
ajfa-15328	69	30	especially	especially	ADV
ajfa-15328	69	31	by	by	ADP
ajfa-15328	69	32	the	the	DET
ajfa-15328	69	33	hypothesis	hypothesis	NOUN
ajfa-15328	69	34	of	of	ADP
ajfa-15328	69	35	the	the	DET
ajfa-15328	69	36	existence	existence	NOUN
ajfa-15328	69	37	of	of	ADP
ajfa-15328	69	38	special	special	ADJ
ajfa-15328	69	39	relations	relation	NOUN
ajfa-15328	69	40	that	that	PRON
ajfa-15328	69	41	connect	connect	VERB
ajfa-15328	69	42	the	the	DET
ajfa-15328	69	43	output	output	NOUN
ajfa-15328	69	44	to	to	ADP
ajfa-15328	69	45	the	the	DET
ajfa-15328	69	46	inputs	input	NOUN
ajfa-15328	69	47	.	.	PUNCT
ajfa-15328	70	1	the	the	DET
ajfa-15328	70	2	goal	goal	NOUN
ajfa-15328	70	3	is	be	AUX
ajfa-15328	70	4	to	to	PART
ajfa-15328	70	5	derive	derive	VERB
ajfa-15328	70	6	a	a	DET
ajfa-15328	70	7	measure	measure	NOUN
ajfa-15328	70	8	of	of	ADP
ajfa-15328	70	9	performance	performance	NOUN
ajfa-15328	70	10	,	,	PUNCT
ajfa-15328	70	11	called	call	VERB
ajfa-15328	70	12	"	"	PUNCT
ajfa-15328	70	13	efficiency	efficiency	NOUN
ajfa-15328	70	14	"	"	PUNCT
ajfa-15328	70	15	.	.	PUNCT
ajfa-15328	71	1	the	the	DET
ajfa-15328	71	2	model	model	NOUN
ajfa-15328	71	3	of	of	ADP
ajfa-15328	71	4	the	the	DET
ajfa-15328	71	5	stochastic	stochastic	ADJ
ajfa-15328	71	6	frontier	frontier	NOUN
ajfa-15328	71	7	can	can	AUX
ajfa-15328	71	8	be	be	AUX
ajfa-15328	71	9	written	write	VERB
ajfa-15328	71	10	as	as	SCONJ
ajfa-15328	71	11	follows	follow	VERB
ajfa-15328	71	12	:	:	PUNCT
ajfa-15328	71	13			NOUN
ajfa-15328	71	14			PROPN
ajfa-15328	71	15	ftftft	ftftft	NOUN
ajfa-15328	71	16	,	,	PUNCT
ajfa-15328	71	17	t	t	PROPN
ajfa-15328	71	18	,	,	PUNCT
ajfa-15328	71	19	xfy	xfy	PROPN
ajfa-15328	71	20			PROPN
ajfa-15328	71	21	with	with	ADP
ajfa-15328	71	22	ftftft	ftftft	NOUN
ajfa-15328	71	23	uv	uv	NOUN
ajfa-15328	71	24			NOUN
ajfa-15328	71	25	and	and	CCONJ
ajfa-15328	71	26	)	)	PUNCT
ajfa-15328	71	27	]	]	PUNCT
ajfa-15328	71	28	,	,	PUNCT
ajfa-15328	71	29	m(n[u	m(n[u	X
ajfa-15328	71	30	2	2	NUM
ajfa-15328	71	31	uftft	uftft	NOUN
ajfa-15328	71	32			PROPN
ajfa-15328	71	33	and	and	CCONJ
ajfa-15328	71	34	)	)	PUNCT
ajfa-15328	71	35	,	,	PUNCT
ajfa-15328	71	36	0(nv	0(nv	NOUN
ajfa-15328	71	37	2	2	NUM
ajfa-15328	71	38	vft	vft	NOUN
ajfa-15328	71	39			PROPN
ajfa-15328	71	40	asian	asian	ADJ
ajfa-15328	71	41	journal	journal	NOUN
ajfa-15328	71	42	of	of	ADP
ajfa-15328	71	43	finance	finance	PROPN
ajfa-15328	71	44	&	&	CCONJ
ajfa-15328	71	45	accounting	accounting	PROPN
ajfa-15328	71	46	issn	issn	PROPN
ajfa-15328	71	47	1946	1946	NUM
ajfa-15328	71	48	-	-	PUNCT
ajfa-15328	71	49	052x	052x	PROPN
ajfa-15328	71	50	2019	2019	NUM
ajfa-15328	71	51	,	,	PUNCT
ajfa-15328	71	52	vol	vol	NOUN
ajfa-15328	71	53	.	.	PROPN
ajfa-15328	71	54	11	11	NUM
ajfa-15328	71	55	,	,	PUNCT
ajfa-15328	71	56	no	no	INTJ
ajfa-15328	71	57	.	.	NOUN
ajfa-15328	71	58	2	2	NUM
ajfa-15328	71	59	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	71	60	71	71	NUM
ajfa-15328	71	61	f	f	NOUN
ajfa-15328	71	62	(	(	PUNCT
ajfa-15328	71	63	.	.	PUNCT
ajfa-15328	71	64	)	)	PUNCT
ajfa-15328	71	65	is	be	AUX
ajfa-15328	71	66	the	the	DET
ajfa-15328	71	67	theoretical	theoretical	ADJ
ajfa-15328	71	68	function	function	NOUN
ajfa-15328	71	69	of	of	ADP
ajfa-15328	71	70	production	production	NOUN
ajfa-15328	71	71	or	or	CCONJ
ajfa-15328	71	72	cost	cost	NOUN
ajfa-15328	71	73	,	,	PUNCT
ajfa-15328	71	74	yft	yft	PROPN
ajfa-15328	71	75	is	be	AUX
ajfa-15328	71	76	the	the	DET
ajfa-15328	71	77	output	output	NOUN
ajfa-15328	71	78	of	of	ADP
ajfa-15328	71	79	the	the	DET
ajfa-15328	71	80	firm	firm	NOUN
ajfa-15328	71	81	f	f	PROPN
ajfa-15328	71	82	at	at	ADP
ajfa-15328	71	83	the	the	DET
ajfa-15328	71	84	date	date	NOUN
ajfa-15328	71	85	t	t	PROPN
ajfa-15328	71	86	,	,	PUNCT
ajfa-15328	71	87	xft	xft	PROPN
ajfa-15328	71	88	is	be	AUX
ajfa-15328	71	89	the	the	DET
ajfa-15328	71	90	level	level	NOUN
ajfa-15328	71	91	of	of	ADP
ajfa-15328	71	92	the	the	DET
ajfa-15328	71	93	input	input	NOUN
ajfa-15328	71	94	j	j	PROPN
ajfa-15328	71	95	and	and	CCONJ
ajfa-15328	71	96	β	β	PROPN
ajfa-15328	71	97	is	be	AUX
ajfa-15328	71	98	the	the	DET
ajfa-15328	71	99	vector	vector	NOUN
ajfa-15328	71	100	of	of	ADP
ajfa-15328	71	101	the	the	DET
ajfa-15328	71	102	parameters	parameter	NOUN
ajfa-15328	71	103	to	to	PART
ajfa-15328	71	104	be	be	AUX
ajfa-15328	71	105	estimated	estimate	VERB
ajfa-15328	71	106	.	.	PUNCT
ajfa-15328	72	1	in	in	ADP
ajfa-15328	72	2	our	our	PRON
ajfa-15328	72	3	case	case	NOUN
ajfa-15328	72	4	,	,	PUNCT
ajfa-15328	72	5	yft	yft	PROPN
ajfa-15328	72	6	is	be	AUX
ajfa-15328	72	7	the	the	DET
ajfa-15328	72	8	level	level	NOUN
ajfa-15328	72	9	of	of	ADP
ajfa-15328	72	10	the	the	DET
ajfa-15328	72	11	company	company	NOUN
ajfa-15328	72	12	's	's	PART
ajfa-15328	72	13	performance	performance	NOUN
ajfa-15328	72	14	f	f	PROPN
ajfa-15328	72	15	at	at	ADP
ajfa-15328	72	16	the	the	DET
ajfa-15328	72	17	date	date	NOUN
ajfa-15328	72	18	t	t	NOUN
ajfa-15328	72	19	measured	measure	VERB
ajfa-15328	72	20	by	by	ADP
ajfa-15328	72	21	the	the	DET
ajfa-15328	72	22	logarithm	logarithm	NOUN
ajfa-15328	72	23	of	of	ADP
ajfa-15328	72	24	the	the	DET
ajfa-15328	72	25	tobin’q	tobin’q	PROPN
ajfa-15328	72	26	.	.	PUNCT
ajfa-15328	73	1	xft	xft	PROPN
ajfa-15328	73	2	is	be	AUX
ajfa-15328	73	3	the	the	DET
ajfa-15328	73	4	vector	vector	NOUN
ajfa-15328	73	5	of	of	ADP
ajfa-15328	73	6	the	the	DET
ajfa-15328	73	7	explanatory	explanatory	ADJ
ajfa-15328	73	8	variables	variable	NOUN
ajfa-15328	73	9	associating	associate	VERB
ajfa-15328	73	10	respectively	respectively	ADV
ajfa-15328	73	11	the	the	DET
ajfa-15328	73	12	characteristics	characteristic	NOUN
ajfa-15328	73	13	of	of	ADP
ajfa-15328	73	14	the	the	DET
ajfa-15328	73	15	board	board	NOUN
ajfa-15328	73	16	of	of	ADP
ajfa-15328	73	17	directors	director	NOUN
ajfa-15328	73	18	and	and	CCONJ
ajfa-15328	73	19	the	the	DET
ajfa-15328	73	20	structure	structure	NOUN
ajfa-15328	73	21	of	of	ADP
ajfa-15328	73	22	ownership	ownership	NOUN
ajfa-15328	73	23	of	of	ADP
ajfa-15328	73	24	the	the	DET
ajfa-15328	73	25	company	company	NOUN
ajfa-15328	73	26	f	f	PROPN
ajfa-15328	73	27	during	during	ADP
ajfa-15328	73	28	the	the	DET
ajfa-15328	73	29	year	year	NOUN
ajfa-15328	73	30	t	t	NOUN
ajfa-15328	73	31	;	;	PUNCT
ajfa-15328	73	32	the	the	DET
ajfa-15328	73	33	vft	vft	NOUN
ajfa-15328	73	34	are	be	AUX
ajfa-15328	73	35	the	the	DET
ajfa-15328	73	36	random	random	ADJ
ajfa-15328	73	37	error	error	NOUN
ajfa-15328	73	38	terms	term	NOUN
ajfa-15328	73	39	which	which	PRON
ajfa-15328	73	40	are	be	AUX
ajfa-15328	73	41	independently	independently	ADV
ajfa-15328	73	42	and	and	CCONJ
ajfa-15328	73	43	identically	identically	ADV
ajfa-15328	73	44	distributed	distribute	VERB
ajfa-15328	73	45	and	and	CCONJ
ajfa-15328	73	46	uncorrelated	uncorrelate	VERB
ajfa-15328	73	47	with	with	ADP
ajfa-15328	73	48	the	the	DET
ajfa-15328	73	49	regression	regression	NOUN
ajfa-15328	73	50	coefficients	coefficient	NOUN
ajfa-15328	73	51	.	.	PUNCT
ajfa-15328	74	1	vft	vft	PROPN
ajfa-15328	74	2	mainly	mainly	ADV
ajfa-15328	74	3	captures	capture	VERB
ajfa-15328	74	4	measurement	measurement	NOUN
ajfa-15328	74	5	errors	error	NOUN
ajfa-15328	74	6	and	and	CCONJ
ajfa-15328	74	7	shocks	shock	NOUN
ajfa-15328	74	8	with	with	ADP
ajfa-15328	74	9	a	a	DET
ajfa-15328	74	10	white	white	ADJ
ajfa-15328	74	11	noise	noise	NOUN
ajfa-15328	74	12	character	character	NOUN
ajfa-15328	74	13	.	.	PUNCT
ajfa-15328	75	1	uft	uft	PROPN
ajfa-15328	75	2	are	be	AUX
ajfa-15328	75	3	non	non	ADJ
ajfa-15328	75	4	-	-	ADJ
ajfa-15328	75	5	negative	negative	ADJ
ajfa-15328	75	6	random	random	ADJ
ajfa-15328	75	7	variables	variable	NOUN
ajfa-15328	75	8	associated	associate	VERB
ajfa-15328	75	9	with	with	ADP
ajfa-15328	75	10	the	the	DET
ajfa-15328	75	11	(	(	PUNCT
ajfa-15328	75	12	in	in	ADP
ajfa-15328	75	13	)	)	PUNCT
ajfa-15328	75	14	efficiency	efficiency	NOUN
ajfa-15328	75	15	of	of	ADP
ajfa-15328	75	16	the	the	DET
ajfa-15328	75	17	firm	firm	NOUN
ajfa-15328	75	18	.	.	PUNCT
ajfa-15328	76	1	in	in	ADP
ajfa-15328	76	2	the	the	DET
ajfa-15328	76	3	second	second	ADJ
ajfa-15328	76	4	part	part	NOUN
ajfa-15328	76	5	of	of	ADP
ajfa-15328	76	6	the	the	DET
ajfa-15328	76	7	model	model	NOUN
ajfa-15328	76	8	,	,	PUNCT
ajfa-15328	76	9	the	the	DET
ajfa-15328	76	10	term	term	NOUN
ajfa-15328	76	11	(	(	PUNCT
ajfa-15328	76	12	in	in	ADP
ajfa-15328	76	13	)	)	PUNCT
ajfa-15328	76	14	efficiency	efficiency	NOUN
ajfa-15328	76	15	is	be	AUX
ajfa-15328	76	16	an	an	DET
ajfa-15328	76	17	explicit	explicit	ADJ
ajfa-15328	76	18	function	function	NOUN
ajfa-15328	76	19	of	of	ADP
ajfa-15328	76	20	the	the	DET
ajfa-15328	76	21	k	k	PROPN
ajfa-15328	76	22	explanatory	explanatory	ADJ
ajfa-15328	76	23	variables	variable	NOUN
ajfa-15328	76	24	,	,	PUNCT
ajfa-15328	76	25	zk	zk	PROPN
ajfa-15328	76	26	,	,	PUNCT
ajfa-15328	76	27	ft	ft	PROPN
ajfa-15328	76	28	,	,	PUNCT
ajfa-15328	76	29	is	be	AUX
ajfa-15328	76	30	associated	associate	VERB
ajfa-15328	76	31	with	with	ADP
ajfa-15328	76	32	the	the	DET
ajfa-15328	76	33	specific	specific	ADJ
ajfa-15328	76	34	characteristics	characteristic	NOUN
ajfa-15328	76	35	of	of	ADP
ajfa-15328	76	36	the	the	DET
ajfa-15328	76	37	firms	firm	NOUN
ajfa-15328	76	38	present	present	ADJ
ajfa-15328	76	39	in	in	ADP
ajfa-15328	76	40	our	our	PRON
ajfa-15328	76	41	study	study	NOUN
ajfa-15328	76	42	.	.	PUNCT
ajfa-15328	77	1	in	in	ADP
ajfa-15328	77	2	our	our	PRON
ajfa-15328	77	3	case	case	NOUN
ajfa-15328	77	4	,	,	PUNCT
ajfa-15328	77	5	the	the	DET
ajfa-15328	77	6	specific	specific	ADJ
ajfa-15328	77	7	characteristics	characteristic	NOUN
ajfa-15328	77	8	of	of	ADP
ajfa-15328	77	9	the	the	DET
ajfa-15328	77	10	selected	select	VERB
ajfa-15328	77	11	firms	firm	NOUN
ajfa-15328	77	12	are	be	AUX
ajfa-15328	77	13	presented	present	VERB
ajfa-15328	77	14	in	in	ADP
ajfa-15328	77	15	table	table	NOUN
ajfa-15328	77	16	2	2	NUM
ajfa-15328	77	17	.	.	PUNCT
ajfa-15328	77	18	table	table	NOUN
ajfa-15328	77	19	2	2	NUM
ajfa-15328	77	20	.	.	PUNCT
ajfa-15328	77	21	definitions	definition	NOUN
ajfa-15328	77	22	and	and	CCONJ
ajfa-15328	77	23	measurements	measurement	NOUN
ajfa-15328	77	24	of	of	ADP
ajfa-15328	77	25	control	control	NOUN
ajfa-15328	77	26	variables	variable	NOUN
ajfa-15328	77	27	variables	variable	VERB
ajfa-15328	77	28	measures	measure	NOUN
ajfa-15328	77	29	period	period	VERB
ajfa-15328	77	30	the	the	DET
ajfa-15328	77	31	period	period	NOUN
ajfa-15328	77	32	between	between	ADP
ajfa-15328	77	33	the	the	DET
ajfa-15328	77	34	ipo	ipo	NOUN
ajfa-15328	77	35	date	date	NOUN
ajfa-15328	77	36	of	of	ADP
ajfa-15328	77	37	the	the	DET
ajfa-15328	77	38	company	company	NOUN
ajfa-15328	77	39	and	and	CCONJ
ajfa-15328	77	40	the	the	DET
ajfa-15328	77	41	date	date	NOUN
ajfa-15328	77	42	of	of	ADP
ajfa-15328	77	43	the	the	DET
ajfa-15328	77	44	study	study	NOUN
ajfa-15328	77	45	.	.	PUNCT
ajfa-15328	78	1	sector	sector	NOUN
ajfa-15328	78	2	the	the	DET
ajfa-15328	78	3	business	business	NOUN
ajfa-15328	78	4	sector	sector	NOUN
ajfa-15328	78	5	to	to	PART
ajfa-15328	78	6	which	which	PRON
ajfa-15328	78	7	the	the	DET
ajfa-15328	78	8	company	company	NOUN
ajfa-15328	78	9	belongs	belong	VERB
ajfa-15328	78	10	.	.	PUNCT
ajfa-15328	79	1	this	this	DET
ajfa-15328	79	2	variable	variable	NOUN
ajfa-15328	79	3	is	be	AUX
ajfa-15328	79	4	set	set	VERB
ajfa-15328	79	5	to	to	ADP
ajfa-15328	79	6	1	1	NUM
ajfa-15328	79	7	if	if	SCONJ
ajfa-15328	79	8	the	the	DET
ajfa-15328	79	9	business	business	NOUN
ajfa-15328	79	10	belongs	belong	VERB
ajfa-15328	79	11	to	to	ADP
ajfa-15328	79	12	the	the	DET
ajfa-15328	79	13	financial	financial	ADJ
ajfa-15328	79	14	sector	sector	NOUN
ajfa-15328	79	15	and	and	CCONJ
ajfa-15328	79	16	0	0	NUM
ajfa-15328	79	17	otherwise	otherwise	ADV
ajfa-15328	79	18	age	age	NOUN
ajfa-15328	79	19	age	age	NOUN
ajfa-15328	79	20	of	of	ADP
ajfa-15328	79	21	the	the	DET
ajfa-15328	79	22	company	company	NOUN
ajfa-15328	79	23	roe	roe	NOUN
ajfa-15328	79	24	it	it	PRON
ajfa-15328	79	25	is	be	AUX
ajfa-15328	79	26	the	the	DET
ajfa-15328	79	27	ratio	ratio	NOUN
ajfa-15328	79	28	"	"	PUNCT
ajfa-15328	79	29	return	return	VERB
ajfa-15328	79	30	on	on	ADP
ajfa-15328	79	31	equity	equity	NOUN
ajfa-15328	79	32	"	"	PUNCT
ajfa-15328	79	33	,	,	PUNCT
ajfa-15328	79	34	it	it	PRON
ajfa-15328	79	35	measures	measure	VERB
ajfa-15328	79	36	the	the	DET
ajfa-15328	79	37	ratio	ratio	NOUN
ajfa-15328	79	38	between	between	ADP
ajfa-15328	79	39	the	the	DET
ajfa-15328	79	40	net	net	ADJ
ajfa-15328	79	41	profit	profit	NOUN
ajfa-15328	79	42	and	and	CCONJ
ajfa-15328	79	43	the	the	DET
ajfa-15328	79	44	equity	equity	NOUN
ajfa-15328	79	45	of	of	ADP
ajfa-15328	79	46	the	the	DET
ajfa-15328	79	47	company	company	NOUN
ajfa-15328	79	48	indebt	indebt	VERB
ajfa-15328	79	49	the	the	DET
ajfa-15328	79	50	level	level	NOUN
ajfa-15328	79	51	of	of	ADP
ajfa-15328	79	52	indebtedness	indebtedness	NOUN
ajfa-15328	79	53	of	of	ADP
ajfa-15328	79	54	the	the	DET
ajfa-15328	79	55	company	company	NOUN
ajfa-15328	79	56	measured	measure	VERB
ajfa-15328	79	57	by	by	ADP
ajfa-15328	79	58	the	the	DET
ajfa-15328	79	59	logarithm	logarithm	NOUN
ajfa-15328	79	60	of	of	ADP
ajfa-15328	79	61	total	total	ADJ
ajfa-15328	79	62	debts	debt	NOUN
ajfa-15328	79	63	size	size	NOUN
ajfa-15328	79	64	it	it	PRON
ajfa-15328	79	65	is	be	AUX
ajfa-15328	79	66	the	the	DET
ajfa-15328	79	67	size	size	NOUN
ajfa-15328	79	68	of	of	ADP
ajfa-15328	79	69	the	the	DET
ajfa-15328	79	70	firm	firm	NOUN
ajfa-15328	79	71	measured	measure	VERB
ajfa-15328	79	72	by	by	ADP
ajfa-15328	79	73	the	the	DET
ajfa-15328	79	74	logarithm	logarithm	NOUN
ajfa-15328	79	75	of	of	ADP
ajfa-15328	79	76	total	total	ADJ
ajfa-15328	79	77	assets	asset	NOUN
ajfa-15328	80	1	uft	uft	VERB
ajfa-15328	80	2	are	be	AUX
ajfa-15328	80	3	independently	independently	ADV
ajfa-15328	80	4	but	but	CCONJ
ajfa-15328	80	5	not	not	PART
ajfa-15328	80	6	identically	identically	ADV
ajfa-15328	80	7	distributed	distribute	VERB
ajfa-15328	80	8	:	:	PUNCT
ajfa-15328	80	9	)	)	PUNCT
ajfa-15328	80	10	,	,	PUNCT
ajfa-15328	80	11	z(nu	z(nu	X
ajfa-15328	80	12	m	m	VERB
ajfa-15328	80	13	1k	1k	NUM
ajfa-15328	80	14	2	2	NUM
ajfa-15328	80	15	uft	uft	NOUN
ajfa-15328	80	16	,	,	PUNCT
ajfa-15328	80	17	kk0	kk0	NOUN
ajfa-15328	80	18	ft	ft	VERB
ajfa-15328	80	19			X
ajfa-15328	80	20			NOUN
ajfa-15328	80	21			VERB
ajfa-15328	80	22	the	the	DET
ajfa-15328	80	23	stochastic	stochastic	ADJ
ajfa-15328	80	24	frontier	frontier	NOUN
ajfa-15328	80	25	model	model	NOUN
ajfa-15328	80	26	is	be	AUX
ajfa-15328	80	27	often	often	ADV
ajfa-15328	80	28	specified	specify	VERB
ajfa-15328	80	29	in	in	ADP
ajfa-15328	80	30	log	log	NOUN
ajfa-15328	80	31	,	,	PUNCT
ajfa-15328	80	32	the	the	DET
ajfa-15328	80	33	(	(	PUNCT
ajfa-15328	80	34	in	in	ADP
ajfa-15328	80	35	)	)	PUNCT
ajfa-15328	80	36	efficiency	efficiency	NOUN
ajfa-15328	80	37	term	term	NOUN
ajfa-15328	80	38	can	can	AUX
ajfa-15328	80	39	be	be	AUX
ajfa-15328	80	40	interpreted	interpret	VERB
ajfa-15328	80	41	as	as	ADP
ajfa-15328	80	42	the	the	DET
ajfa-15328	80	43	deviation	deviation	NOUN
ajfa-15328	80	44	from	from	ADP
ajfa-15328	80	45	the	the	DET
ajfa-15328	80	46	observed	observe	VERB
ajfa-15328	80	47	performance	performance	NOUN
ajfa-15328	80	48	and	and	CCONJ
ajfa-15328	80	49	the	the	DET
ajfa-15328	80	50	estimated	estimate	VERB
ajfa-15328	80	51	performance	performance	NOUN
ajfa-15328	80	52	.	.	PUNCT
ajfa-15328	81	1	the	the	DET
ajfa-15328	81	2	firm	firm	NOUN
ajfa-15328	81	3	's	's	PART
ajfa-15328	81	4	performance	performance	NOUN
ajfa-15328	81	5	frontier	frontier	NOUN
ajfa-15328	81	6	is	be	AUX
ajfa-15328	81	7	:	:	PUNCT
ajfa-15328	81	8	ftft	ftft	VERB
ajfa-15328	81	9	'	'	PUNCT
ajfa-15328	81	10	*	*	PUNCT
ajfa-15328	81	11	ft	ft	NOUN
ajfa-15328	81	12	vxy	vxy	VERB
ajfa-15328	81	13			NOUN
ajfa-15328	81	14	our	our	PRON
ajfa-15328	81	15	focus	focus	NOUN
ajfa-15328	81	16	is	be	AUX
ajfa-15328	81	17	on	on	ADP
ajfa-15328	81	18	measuring	measure	VERB
ajfa-15328	81	19	the	the	DET
ajfa-15328	81	20	efficiency	efficiency	NOUN
ajfa-15328	81	21	or	or	CCONJ
ajfa-15328	81	22	inefficiency	inefficiency	NOUN
ajfa-15328	81	23	of	of	ADP
ajfa-15328	81	24	the	the	DET
ajfa-15328	81	25	firm	firm	NOUN
ajfa-15328	81	26	.	.	PUNCT
ajfa-15328	82	1	thus	thus	ADV
ajfa-15328	82	2	,	,	PUNCT
ajfa-15328	82	3	the	the	DET
ajfa-15328	82	4	efficiency	efficiency	NOUN
ajfa-15328	82	5	of	of	ADP
ajfa-15328	82	6	the	the	DET
ajfa-15328	82	7	firm	firm	NOUN
ajfa-15328	82	8	i	i	PRON
ajfa-15328	82	9	at	at	ADP
ajfa-15328	82	10	the	the	DET
ajfa-15328	82	11	date	date	NOUN
ajfa-15328	82	12	t	t	NOUN
ajfa-15328	82	13	is	be	AUX
ajfa-15328	82	14	)	)	PUNCT
ajfa-15328	82	15	uexp()yexp(/)yexp	uexp()yexp(/)yexp	PROPN
ajfa-15328	82	16	(	(	PUNCT
ajfa-15328	82	17	ftft	ftft	NOUN
ajfa-15328	82	18	*	*	PUNCT
ajfa-15328	82	19	ft	ft	NOUN
ajfa-15328	82	20			PROPN
ajfa-15328	82	21	with	with	ADP
ajfa-15328	82	22	ftftft	ftftft	NOUN
ajfa-15328	82	23	'	'	PUNCT
ajfa-15328	82	24	ft	ft	PRON
ajfa-15328	82	25	uvxy	uvxy	PROPN
ajfa-15328	82	26			PROPN
ajfa-15328	82	27	.	.	PUNCT
ajfa-15328	83	1	it	it	PRON
ajfa-15328	83	2	is	be	AUX
ajfa-15328	83	3	often	often	ADV
ajfa-15328	83	4	more	more	ADV
ajfa-15328	83	5	convincing	convincing	ADJ
ajfa-15328	83	6	to	to	PART
ajfa-15328	83	7	analyze	analyze	VERB
ajfa-15328	83	8	inefficiency	inefficiency	NOUN
ajfa-15328	83	9	,	,	PUNCT
ajfa-15328	83	10	1	1	NUM
ajfa-15328	83	11	-	-	PUNCT
ajfa-15328	83	12	exp(-uft	exp(-uft	NOUN
ajfa-15328	83	13	)	)	PUNCT
ajfa-15328	83	14	.	.	PUNCT
ajfa-15328	84	1	asian	asian	ADJ
ajfa-15328	84	2	journal	journal	PROPN
ajfa-15328	84	3	of	of	ADP
ajfa-15328	84	4	finance	finance	PROPN
ajfa-15328	84	5	&	&	CCONJ
ajfa-15328	84	6	accounting	accounting	PROPN
ajfa-15328	84	7	issn	issn	PROPN
ajfa-15328	84	8	1946	1946	NUM
ajfa-15328	84	9	-	-	PUNCT
ajfa-15328	84	10	052x	052x	PROPN
ajfa-15328	84	11	2019	2019	NUM
ajfa-15328	84	12	,	,	PUNCT
ajfa-15328	84	13	vol	vol	NOUN
ajfa-15328	84	14	.	.	PROPN
ajfa-15328	84	15	11	11	NUM
ajfa-15328	84	16	,	,	PUNCT
ajfa-15328	84	17	no	no	INTJ
ajfa-15328	84	18	.	.	NOUN
ajfa-15328	84	19	2	2	NUM
ajfa-15328	84	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	84	21	72	72	NUM
ajfa-15328	84	22	the	the	DET
ajfa-15328	84	23	most	most	ADV
ajfa-15328	84	24	common	common	ADJ
ajfa-15328	84	25	assumption	assumption	NOUN
ajfa-15328	84	26	in	in	ADP
ajfa-15328	84	27	the	the	DET
ajfa-15328	84	28	literature	literature	NOUN
ajfa-15328	84	29	is	be	AUX
ajfa-15328	84	30	that	that	SCONJ
ajfa-15328	84	31	uft	uft	PROPN
ajfa-15328	84	32	follow	follow	VERB
ajfa-15328	84	33	a	a	DET
ajfa-15328	84	34	semi	semi	ADJ
ajfa-15328	84	35	-	-	ADJ
ajfa-15328	84	36	normal	normal	ADJ
ajfa-15328	84	37	distribution	distribution	NOUN
ajfa-15328	84	38	(	(	PUNCT
ajfa-15328	84	39	absolute	absolute	ADJ
ajfa-15328	84	40	value	value	NOUN
ajfa-15328	84	41	of	of	ADP
ajfa-15328	84	42	a	a	DET
ajfa-15328	84	43	normal	normal	ADJ
ajfa-15328	84	44	distribution	distribution	NOUN
ajfa-15328	84	45	(	(	PUNCT
ajfa-15328	84	46	0	0	NUM
ajfa-15328	84	47	,	,	PUNCT
ajfa-15328	84	48	u	u	ADJ
ajfa-15328	84	49	2	2	NUM
ajfa-15328	84	50	)	)	PUNCT
ajfa-15328	84	51	)	)	PUNCT
ajfa-15328	84	52	.	.	PUNCT
ajfa-15328	85	1	vft	vft	PROPN
ajfa-15328	85	2			NOUN
ajfa-15328	85	3	[	[	X
ajfa-15328	85	4	n	n	X
ajfa-15328	85	5	(	(	PUNCT
ajfa-15328	85	6	0	0	NUM
ajfa-15328	85	7	,	,	PUNCT
ajfa-15328	85	8	v	v	NOUN
ajfa-15328	85	9	2	2	NUM
ajfa-15328	85	10	)	)	PUNCT
ajfa-15328	85	11	]	]	PUNCT
ajfa-15328	86	1	uft	uft	PROPN
ajfa-15328	86	2	=	=	NUM
ajfa-15328	86	3	uit	uit	NOUN
ajfa-15328	86	4	or	or	CCONJ
ajfa-15328	86	5	uit	uit	NOUN
ajfa-15328	86	6			NOUN
ajfa-15328	86	7	[	[	X
ajfa-15328	86	8	n	n	X
ajfa-15328	86	9	(	(	PUNCT
ajfa-15328	86	10	0	0	NUM
ajfa-15328	86	11	,	,	PUNCT
ajfa-15328	86	12	u	u	ADJ
ajfa-15328	86	13	2	2	NUM
ajfa-15328	86	14	)	)	PUNCT
ajfa-15328	86	15	]	]	PUNCT
ajfa-15328	86	16	.	.	PUNCT
ajfa-15328	87	1	in	in	ADP
ajfa-15328	87	2	order	order	NOUN
ajfa-15328	87	3	to	to	PART
ajfa-15328	87	4	estimate	estimate	VERB
ajfa-15328	87	5	the	the	DET
ajfa-15328	87	6	different	different	ADJ
ajfa-15328	87	7	parameters	parameter	NOUN
ajfa-15328	87	8	of	of	ADP
ajfa-15328	87	9	the	the	DET
ajfa-15328	87	10	model	model	NOUN
ajfa-15328	87	11	,	,	PUNCT
ajfa-15328	87	12	we	we	PRON
ajfa-15328	87	13	write	write	VERB
ajfa-15328	87	14	the	the	DET
ajfa-15328	87	15	likelihood	likelihood	NOUN
ajfa-15328	87	16	function	function	NOUN
ajfa-15328	87	17	in	in	ADP
ajfa-15328	87	18	the	the	DET
ajfa-15328	87	19	following	following	ADJ
ajfa-15328	87	20	way	way	NOUN
ajfa-15328	87	21	:	:	PUNCT
ajfa-15328	87	22			X
ajfa-15328	87	23			X
ajfa-15328	87	24			X
ajfa-15328	87	25			X
ajfa-15328	88	1			PRON
ajfa-15328	89	1			PROPN
ajfa-15328	89	2			NUM
ajfa-15328	89	3			NUM
ajfa-15328	89	4			NUM
ajfa-15328	89	5			NUM
ajfa-15328	89	6			NOUN
ajfa-15328	89	7			PROPN
ajfa-15328	89	8			NOUN
ajfa-15328	89	9			PROPN
ajfa-15328	89	10			NOUN
ajfa-15328	89	11			PROPN
ajfa-15328	89	12			PROPN
ajfa-15328	89	13			PROPN
ajfa-15328	90	1			PROPN
ajfa-15328	90	2			NOUN
ajfa-15328	90	3			NUM
ajfa-15328	90	4			X
ajfa-15328	90	5			NOUN
ajfa-15328	90	6			PROPN
ajfa-15328	90	7			NOUN
ajfa-15328	90	8			PROPN
ajfa-15328	90	9			PROPN
ajfa-15328	90	10			PROPN
ajfa-15328	91	1			PROPN
ajfa-15328	91	2			NOUN
ajfa-15328	91	3			NOUN
ajfa-15328	92	1			PROPN
ajfa-15328	92	2			PROPN
ajfa-15328	92	3			X
ajfa-15328	92	4			NOUN
ajfa-15328	92	5			X
ajfa-15328	92	6			VERB
ajfa-15328	92	7			PROPN
ajfa-15328	92	8			PROPN
ajfa-15328	92	9			X
ajfa-15328	92	10			X
ajfa-15328	92	11			ADP
ajfa-15328	92	12			NOUN
ajfa-15328	92	13			PROPN
ajfa-15328	92	14			PROPN
ajfa-15328	92	15			PROPN
ajfa-15328	92	16			VERB
ajfa-15328	92	17	f	f	PROPN
ajfa-15328	92	18	1f	1f	PROPN
ajfa-15328	92	19	f	f	PROPN
ajfa-15328	93	1	1f	1f	PROPN
ajfa-15328	93	2	f	f	PROPN
ajfa-15328	93	3	1f	1f	PROPN
ajfa-15328	93	4	2	2	NUM
ajfa-15328	93	5	f	f	NOUN
ajfa-15328	93	6	'	'	PUNCT
ajfa-15328	93	7	f	f	NUM
ajfa-15328	93	8	2	2	NUM
ajfa-15328	93	9	f	f	NOUN
ajfa-15328	93	10	'	'	PUNCT
ajfa-15328	93	11	f	f	NUM
ajfa-15328	93	12	2	2	NUM
ajfa-15328	93	13	f	f	NOUN
ajfa-15328	93	14	'	'	PUNCT
ajfa-15328	93	15	f	f	PROPN
ajfa-15328	93	16	f	f	PROPN
ajfa-15328	93	17	'	'	PUNCT
ajfa-15328	93	18	f	f	PROPN
ajfa-15328	93	19	2	2	NUM
ajfa-15328	93	20	f	f	NOUN
ajfa-15328	93	21	'	'	PUNCT
ajfa-15328	93	22	f	f	PROPN
ajfa-15328	94	1	f	f	PROPN
ajfa-15328	94	2	1f	1f	PROPN
ajfa-15328	94	3	f	f	PROPN
ajfa-15328	94	4	1f	1f	PROPN
ajfa-15328	95	1	f	f	PROPN
ajfa-15328	95	2	'	'	PUNCT
ajfa-15328	95	3	f	f	PROPN
ajfa-15328	96	1	f	f	PROPN
ajfa-15328	96	2	1f	1f	PROPN
ajfa-15328	96	3	f	f	NOUN
ajfa-15328	96	4	2	2	NUM
ajfa-15328	96	5	f	f	PROPN
ajfa-15328	96	6	2	2	NUM
ajfa-15328	96	7	)	)	PUNCT
ajfa-15328	96	8	1(2	1(2	PROPN
ajfa-15328	96	9	1	1	NUM
ajfa-15328	96	10	]	]	SYM
ajfa-15328	96	11	)	)	PUNCT
ajfa-15328	96	12	1(1[)1(2	1(1[)1(2	PROPN
ajfa-15328	96	13	1	1	NUM
ajfa-15328	96	14	]	]	PUNCT
ajfa-15328	96	15	)	)	PUNCT
ajfa-15328	96	16	1(1[)1	1(1[)1	NUM
ajfa-15328	96	17	(	(	PUNCT
ajfa-15328	96	18	1ln	1ln	ADJ
ajfa-15328	96	19	2	2	NUM
ajfa-15328	96	20	1	1	NUM
ajfa-15328	96	21	lnf)1ln	lnf)1ln	NOUN
ajfa-15328	96	22	(	(	PUNCT
ajfa-15328	96	23	2	2	NUM
ajfa-15328	96	24	1	1	NUM
ajfa-15328	96	25	)	)	PUNCT
ajfa-15328	96	26	1ln()1	1ln()1	NUM
ajfa-15328	96	27	t	t	NOUN
ajfa-15328	96	28	2	2	NUM
ajfa-15328	96	29	1	1	NUM
ajfa-15328	96	30	)	)	PUNCT
ajfa-15328	96	31	)	)	PUNCT
ajfa-15328	96	32	ln()2(ln(t	ln()2(ln(t	NOUN
ajfa-15328	96	33	2	2	NUM
ajfa-15328	96	34	1	1	NUM
ajfa-15328	96	35	)	)	PUNCT
ajfa-15328	96	36	,	,	PUNCT
ajfa-15328	96	37	,	,	PUNCT
ajfa-15328	96	38	,	,	PUNCT
ajfa-15328	96	39	(	(	PUNCT
ajfa-15328	96	40	lln	lln	X
ajfa-15328	96	41	where	where	SCONJ
ajfa-15328	96	42	2	2	NOUN
ajfa-15328	96	43	=	=	SYM
ajfa-15328	96	44	u	u	NOUN
ajfa-15328	96	45	2	2	NUM
ajfa-15328	96	46	+	+	CCONJ
ajfa-15328	96	47	v	v	PROPN
ajfa-15328	96	48	2	2	NUM
ajfa-15328	96	49	,	,	PUNCT
ajfa-15328	96	50			NUM
ajfa-15328	96	51	=	=	PUNCT
ajfa-15328	97	1	u	u	PRON
ajfa-15328	97	2	2/2	2/2	NUM
ajfa-15328	97	3	,	,	PUNCT
ajfa-15328	97	4	uft	uft	NOUN
ajfa-15328	97	5	=	=	SYM
ajfa-15328	97	6	exp	exp	NOUN
ajfa-15328	97	7	(	(	PUNCT
ajfa-15328	97	8	-(t	-(t	INTJ
ajfa-15328	97	9	–	–	PUNCT
ajfa-15328	97	10	t	t	NOUN
ajfa-15328	97	11	)	)	PUNCT
ajfa-15328	97	12	)	)	PUNCT
ajfa-15328	97	13	,	,	PUNCT
ajfa-15328	97	14	and	and	CCONJ
ajfa-15328	97	15	ft	ft	PROPN
ajfa-15328	97	16	=	=	SYM
ajfa-15328	97	17	uft	uft	PROPN
ajfa-15328	97	18	vft	vft	NOUN
ajfa-15328	97	19	=	=	SYM
ajfa-15328	97	20	ln	ln	ADJ
ajfa-15328	97	21	cft	cft	PROPN
ajfa-15328	97	22	’xft	’xft	PROPN
ajfa-15328	97	23	.	.	PUNCT
ajfa-15328	98	1	the	the	DET
ajfa-15328	98	2	estimated	estimated	ADJ
ajfa-15328	98	3	maximum	maximum	ADJ
ajfa-15328	98	4	likelihood	likelihood	NOUN
ajfa-15328	98	5	of	of	ADP
ajfa-15328	98	6	this	this	DET
ajfa-15328	98	7	function	function	NOUN
ajfa-15328	98	8	generates	generate	VERB
ajfa-15328	98	9	the	the	DET
ajfa-15328	98	10	estimate	estimate	NOUN
ajfa-15328	98	11	of	of	ADP
ajfa-15328	98	12	all	all	DET
ajfa-15328	98	13	parameters	parameter	NOUN
ajfa-15328	98	14	of	of	ADP
ajfa-15328	98	15	the	the	DET
ajfa-15328	98	16	frontier	frontier	NOUN
ajfa-15328	98	17	function	function	NOUN
ajfa-15328	98	18	as	as	ADV
ajfa-15328	98	19	well	well	ADV
ajfa-15328	98	20	as	as	ADP
ajfa-15328	98	21	2	2	NOUN
ajfa-15328	98	22	,	,	PUNCT
ajfa-15328	98	23			PUNCT
ajfa-15328	98	24	and	and	CCONJ
ajfa-15328	98	25	.	.	ADJ
ajfa-15328	98	26	in	in	ADP
ajfa-15328	98	27	this	this	DET
ajfa-15328	98	28	model	model	NOUN
ajfa-15328	98	29	,	,	PUNCT
ajfa-15328	98	30	the	the	DET
ajfa-15328	98	31	effect	effect	NOUN
ajfa-15328	98	32	of	of	ADP
ajfa-15328	98	33	firm	firm	ADJ
ajfa-15328	98	34	inefficiency	inefficiency	NOUN
ajfa-15328	98	35	f	f	NOUN
ajfa-15328	98	36	at	at	ADP
ajfa-15328	98	37	time	time	NOUN
ajfa-15328	98	38	t	t	PROPN
ajfa-15328	98	39	,	,	PUNCT
ajfa-15328	98	40	uft	uft	PROPN
ajfa-15328	98	41	,	,	PUNCT
ajfa-15328	98	42	is	be	AUX
ajfa-15328	98	43	defined	define	VERB
ajfa-15328	98	44	as	as	ADP
ajfa-15328	98	45	the	the	DET
ajfa-15328	98	46	product	product	NOUN
ajfa-15328	98	47	of	of	ADP
ajfa-15328	98	48	the	the	DET
ajfa-15328	98	49	exponential	exponential	ADJ
ajfa-15328	98	50	function	function	NOUN
ajfa-15328	98	51	of	of	ADP
ajfa-15328	98	52	time	time	NOUN
ajfa-15328	98	53	,	,	PUNCT
ajfa-15328	98	54	exp	exp	NOUN
ajfa-15328	98	55	(	(	PUNCT
ajfa-15328	98	56	-(t	-(t	INTJ
ajfa-15328	98	57	–	–	PUNCT
ajfa-15328	98	58	t	t	NOUN
ajfa-15328	98	59	)	)	PUNCT
ajfa-15328	98	60	)	)	PUNCT
ajfa-15328	98	61	,	,	PUNCT
ajfa-15328	98	62	involving	involve	VERB
ajfa-15328	98	63	an	an	DET
ajfa-15328	98	64	unknown	unknown	ADJ
ajfa-15328	98	65	parameter	parameter	NOUN
ajfa-15328	98	66	,	,	PUNCT
ajfa-15328	98	67			NUM
ajfa-15328	98	68	,	,	PUNCT
ajfa-15328	98	69	which	which	PRON
ajfa-15328	98	70	informs	inform	VERB
ajfa-15328	98	71	about	about	ADP
ajfa-15328	98	72	the	the	DET
ajfa-15328	98	73	efficiency	efficiency	NOUN
ajfa-15328	98	74	feature	feature	NOUN
ajfa-15328	98	75	and	and	CCONJ
ajfa-15328	98	76	the	the	DET
ajfa-15328	98	77	non	non	ADJ
ajfa-15328	98	78	-	-	ADJ
ajfa-15328	98	79	negative	negative	ADJ
ajfa-15328	98	80	random	random	ADJ
ajfa-15328	98	81	variable	variable	NOUN
ajfa-15328	98	82	uft	uft	NOUN
ajfa-15328	98	83	.	.	PUNCT
ajfa-15328	99	1	if	if	SCONJ
ajfa-15328	99	2			NUM
ajfa-15328	99	3	is	be	AUX
ajfa-15328	99	4	positive	positive	ADJ
ajfa-15328	99	5	then	then	ADV
ajfa-15328	99	6	-(t	-(t	X
ajfa-15328	99	7	–	–	PUNCT
ajfa-15328	99	8	t	t	NOUN
ajfa-15328	99	9	)	)	PUNCT
ajfa-15328	99	10	=	=	SYM
ajfa-15328	99	11	(t	(t	PROPN
ajfa-15328	99	12	–	–	PUNCT
ajfa-15328	99	13	t	t	PROPN
ajfa-15328	99	14	)	)	PUNCT
ajfa-15328	99	15	is	be	AUX
ajfa-15328	99	16	positive	positive	ADJ
ajfa-15328	99	17	for	for	ADP
ajfa-15328	99	18	t	t	PROPN
ajfa-15328	99	19	inferior	inferior	ADJ
ajfa-15328	99	20	to	to	ADP
ajfa-15328	99	21	t	t	PROPN
ajfa-15328	99	22	and	and	CCONJ
ajfa-15328	99	23	consequently	consequently	ADV
ajfa-15328	99	24	exp	exp	NOUN
ajfa-15328	99	25	(	(	PUNCT
ajfa-15328	99	26	-(t	-(t	INTJ
ajfa-15328	99	27	–	–	PUNCT
ajfa-15328	99	28	t	t	NOUN
ajfa-15328	99	29	)	)	PUNCT
ajfa-15328	99	30	)	)	PUNCT
ajfa-15328	99	31	>	>	X
ajfa-15328	99	32	1	1	NUM
ajfa-15328	99	33	which	which	PRON
ajfa-15328	99	34	means	mean	VERB
ajfa-15328	99	35	that	that	SCONJ
ajfa-15328	99	36	the	the	PRON
ajfa-15328	99	37	(	(	PUNCT
ajfa-15328	99	38	in)efficiency	in)efficiency	NOUN
ajfa-15328	99	39	decreases	decrease	VERB
ajfa-15328	99	40	with	with	ADP
ajfa-15328	99	41	time	time	NOUN
ajfa-15328	99	42	.	.	PUNCT
ajfa-15328	100	1	if	if	SCONJ
ajfa-15328	100	2			NUM
ajfa-15328	100	3	is	be	AUX
ajfa-15328	100	4	negative	negative	ADJ
ajfa-15328	100	5	then	then	ADV
ajfa-15328	100	6	-(t	-(t	X
ajfa-15328	100	7	–	–	PUNCT
ajfa-15328	100	8	t	t	NOUN
ajfa-15328	100	9	)	)	PUNCT
ajfa-15328	100	10	<	<	X
ajfa-15328	100	11	0	0	PUNCT
ajfa-15328	101	1	and	and	CCONJ
ajfa-15328	101	2	consequently	consequently	ADV
ajfa-15328	101	3	the	the	DET
ajfa-15328	101	4	(	(	PUNCT
ajfa-15328	101	5	in)efficiency	in)efficiency	NOUN
ajfa-15328	101	6	evolves	evolve	VERB
ajfa-15328	101	7	over	over	ADP
ajfa-15328	101	8	time	time	NOUN
ajfa-15328	101	9	.	.	PUNCT
ajfa-15328	102	1	a	a	DET
ajfa-15328	102	2	value	value	NOUN
ajfa-15328	102	3	of	of	ADP
ajfa-15328	102	4			NUM
ajfa-15328	102	5	=	=	SYM
ajfa-15328	102	6	0	0	NUM
ajfa-15328	102	7	indicates	indicate	VERB
ajfa-15328	102	8	that	that	SCONJ
ajfa-15328	102	9	the	the	DET
ajfa-15328	102	10	deviations	deviation	NOUN
ajfa-15328	102	11	around	around	ADP
ajfa-15328	102	12	the	the	DET
ajfa-15328	102	13	frontier	frontier	NOUN
ajfa-15328	102	14	are	be	AUX
ajfa-15328	102	15	entirely	entirely	ADV
ajfa-15328	102	16	due	due	ADJ
ajfa-15328	102	17	to	to	ADP
ajfa-15328	102	18	white	white	ADJ
ajfa-15328	102	19	noise	noise	NOUN
ajfa-15328	102	20	,	,	PUNCT
ajfa-15328	102	21	while	while	SCONJ
ajfa-15328	102	22	a	a	DET
ajfa-15328	102	23	value	value	NOUN
ajfa-15328	102	24	equal	equal	ADJ
ajfa-15328	102	25	to	to	ADP
ajfa-15328	102	26	unity	unity	NOUN
ajfa-15328	102	27	indicates	indicate	VERB
ajfa-15328	102	28	that	that	SCONJ
ajfa-15328	102	29	all	all	DET
ajfa-15328	102	30	deviations	deviation	NOUN
ajfa-15328	102	31	are	be	AUX
ajfa-15328	102	32	due	due	ADJ
ajfa-15328	102	33	to	to	PART
ajfa-15328	102	34	(	(	PUNCT
ajfa-15328	102	35	in	in	ADP
ajfa-15328	102	36	)	)	PUNCT
ajfa-15328	102	37	efficiency	efficiency	NOUN
ajfa-15328	102	38	.	.	PUNCT
ajfa-15328	103	1	knowing	know	VERB
ajfa-15328	103	2	that	that	SCONJ
ajfa-15328	103	3			PROPN
ajfa-15328	104	1	=	=	NOUN
ajfa-15328	104	2	u	u	X
ajfa-15328	104	3	2	2	NUM
ajfa-15328	104	4	/	/	SYM
ajfa-15328	104	5	u	u	ADJ
ajfa-15328	104	6	2	2	NUM
ajfa-15328	104	7	+	+	CCONJ
ajfa-15328	104	8	v	v	NOUN
ajfa-15328	104	9	2	2	NUM
ajfa-15328	104	10	is	be	AUX
ajfa-15328	104	11	between	between	ADP
ajfa-15328	104	12	0	0	NUM
ajfa-15328	104	13	and	and	CCONJ
ajfa-15328	104	14	1	1	NUM
ajfa-15328	104	15	.	.	PUNCT
ajfa-15328	105	1	once	once	SCONJ
ajfa-15328	105	2	the	the	DET
ajfa-15328	105	3	likelihood	likelihood	NOUN
ajfa-15328	105	4	function	function	NOUN
ajfa-15328	105	5	is	be	AUX
ajfa-15328	105	6	estimated	estimate	VERB
ajfa-15328	105	7	,	,	PUNCT
ajfa-15328	105	8	the	the	DET
ajfa-15328	105	9	residual	residual	ADJ
ajfa-15328	105	10	term	term	NOUN
ajfa-15328	105	11	can	can	AUX
ajfa-15328	105	12	be	be	AUX
ajfa-15328	105	13	derived	derive	VERB
ajfa-15328	105	14	by	by	ADP
ajfa-15328	105	15	substituting	substitute	VERB
ajfa-15328	105	16	the	the	DET
ajfa-15328	105	17	vector	vector	NOUN
ajfa-15328	105	18	of	of	ADP
ajfa-15328	105	19	the	the	DET
ajfa-15328	105	20	estimated	estimate	VERB
ajfa-15328	105	21	parameters	parameter	NOUN
ajfa-15328	105	22			PROPN
ajfa-15328	105	23	of	of	ADP
ajfa-15328	105	24	the	the	DET
ajfa-15328	105	25	cost	cost	NOUN
ajfa-15328	105	26	function	function	NOUN
ajfa-15328	105	27	.	.	PUNCT
ajfa-15328	106	1	battese	battese	PROPN
ajfa-15328	106	2	and	and	CCONJ
ajfa-15328	106	3	coelli	coelli	PROPN
ajfa-15328	106	4	(	(	PUNCT
ajfa-15328	106	5	1992	1992	NUM
ajfa-15328	106	6	)	)	PUNCT
ajfa-15328	106	7	show	show	VERB
ajfa-15328	106	8	that	that	SCONJ
ajfa-15328	106	9	efficiency	efficiency	NOUN
ajfa-15328	106	10	is	be	AUX
ajfa-15328	106	11	given	give	VERB
ajfa-15328	106	12	by	by	ADP
ajfa-15328	106	13	:	:	PUNCT
ajfa-15328	106	14			ADJ
ajfa-15328	106	15			SYM
ajfa-15328	106	16			NOUN
ajfa-15328	107	1			NOUN
ajfa-15328	107	2			PROPN
ajfa-15328	107	3			NOUN
ajfa-15328	107	4			PUNCT
ajfa-15328	107	5			PROPN
ajfa-15328	107	6			NUM
ajfa-15328	107	7			PRON
ajfa-15328	107	8			PROPN
ajfa-15328	107	9			PROPN
ajfa-15328	107	10			NOUN
ajfa-15328	107	11			DET
ajfa-15328	107	12			NOUN
ajfa-15328	108	1			INTJ
ajfa-15328	108	2			NUM
ajfa-15328	108	3	2	2	NUM
ajfa-15328	108	4	*	*	SYM
ajfa-15328	108	5	f	f	PROPN
ajfa-15328	108	6	2	2	NUM
ajfa-15328	108	7	ft	ft	PROPN
ajfa-15328	108	8	*	*	PUNCT
ajfa-15328	108	9	fft	fft	PROPN
ajfa-15328	108	10	*	*	PROPN
ajfa-15328	108	11	f	f	PROPN
ajfa-15328	108	12	*	*	PUNCT
ajfa-15328	108	13	f	f	X
ajfa-15328	108	14	*	*	PUNCT
ajfa-15328	108	15	fft	fft	PROPN
ajfa-15328	108	16	*	*	PUNCT
ajfa-15328	108	17	f	f	X
ajfa-15328	108	18	*	*	PUNCT
ajfa-15328	108	19	f	f	X
ajfa-15328	108	20	fft	fft	PROPN
ajfa-15328	108	21	2	2	NUM
ajfa-15328	108	22	1	1	NUM
ajfa-15328	108	23	exp	exp	NOUN
ajfa-15328	108	24	/	/	SYM
ajfa-15328	108	25	/	/	SYM
ajfa-15328	108	26	uexpeeffx	uexpeeffx	NOUN
ajfa-15328	108	27	with	with	ADP
ajfa-15328	108	28	2	2	NUM
ajfa-15328	108	29	uf	uf	NOUN
ajfa-15328	108	30	'	'	PUNCT
ajfa-15328	108	31	f	f	PROPN
ajfa-15328	108	32	2	2	NUM
ajfa-15328	108	33	v	v	ADP
ajfa-15328	108	34	2	2	NUM
ajfa-15328	108	35	uf	uf	NOUN
ajfa-15328	108	36	'	'	PUNCT
ajfa-15328	108	37	f	f	X
ajfa-15328	108	38	*	*	PUNCT
ajfa-15328	108	39	f	f	PROPN
ajfa-15328	108	40			X
ajfa-15328	108	41			ADJ
ajfa-15328	108	42			ADJ
ajfa-15328	108	43	2	2	NUM
ajfa-15328	108	44	uf	uf	NOUN
ajfa-15328	108	45	'	'	PUNCT
ajfa-15328	108	46	f	f	PROPN
ajfa-15328	108	47	2	2	NUM
ajfa-15328	108	48	v	v	SYM
ajfa-15328	108	49	2	2	NUM
ajfa-15328	108	50	u	u	NOUN
ajfa-15328	108	51	2	2	NUM
ajfa-15328	108	52	v	v	NOUN
ajfa-15328	108	53	*	*	PROPN
ajfa-15328	108	54	f	f	PROPN
ajfa-15328	108	55	2	2	NUM
ajfa-15328	108	56			NOUN
ajfa-15328	108	57			X
ajfa-15328	108	58			PUNCT
ajfa-15328	108	59	an	an	DET
ajfa-15328	108	60	efficiency	efficiency	NOUN
ajfa-15328	108	61	value	value	NOUN
ajfa-15328	108	62	x	x	X
ajfa-15328	108	63	equal	equal	ADJ
ajfa-15328	108	64	to	to	ADP
ajfa-15328	108	65	unity	unity	NOUN
ajfa-15328	108	66	indicates	indicate	VERB
ajfa-15328	108	67	the	the	DET
ajfa-15328	108	68	efficiency	efficiency	NOUN
ajfa-15328	108	69	of	of	ADP
ajfa-15328	108	70	the	the	DET
ajfa-15328	108	71	firm	firm	NOUN
ajfa-15328	108	72	.	.	PUNCT
ajfa-15328	109	1	thus	thus	ADV
ajfa-15328	109	2	,	,	PUNCT
ajfa-15328	109	3	the	the	PRON
ajfa-15328	109	4	closer	close	ADJ
ajfa-15328	109	5	you	you	PRON
ajfa-15328	109	6	get	get	VERB
ajfa-15328	109	7	to	to	ADP
ajfa-15328	109	8	the	the	DET
ajfa-15328	109	9	unit	unit	NOUN
ajfa-15328	109	10	,	,	PUNCT
ajfa-15328	109	11	the	the	PRON
ajfa-15328	109	12	more	more	ADJ
ajfa-15328	109	13	the	the	DET
ajfa-15328	109	14	company	company	NOUN
ajfa-15328	109	15	in	in	ADP
ajfa-15328	109	16	question	question	NOUN
ajfa-15328	109	17	is	be	AUX
ajfa-15328	109	18	efficient	efficient	ADJ
ajfa-15328	109	19	.	.	PUNCT
ajfa-15328	110	1	however	however	ADV
ajfa-15328	110	2	,	,	PUNCT
ajfa-15328	110	3	a	a	DET
ajfa-15328	110	4	value	value	NOUN
ajfa-15328	110	5	close	close	ADV
ajfa-15328	110	6	to	to	ADP
ajfa-15328	110	7	zero	zero	NUM
ajfa-15328	110	8	indicates	indicate	VERB
ajfa-15328	110	9	low	low	ADJ
ajfa-15328	110	10	governance	governance	NOUN
ajfa-15328	110	11	efficiency	efficiency	NOUN
ajfa-15328	110	12	.	.	PUNCT
ajfa-15328	111	1	asian	asian	ADJ
ajfa-15328	111	2	journal	journal	PROPN
ajfa-15328	111	3	of	of	ADP
ajfa-15328	111	4	finance	finance	PROPN
ajfa-15328	111	5	&	&	CCONJ
ajfa-15328	111	6	accounting	accounting	PROPN
ajfa-15328	111	7	issn	issn	PROPN
ajfa-15328	111	8	1946	1946	NUM
ajfa-15328	111	9	-	-	PUNCT
ajfa-15328	111	10	052x	052x	PROPN
ajfa-15328	111	11	2019	2019	NUM
ajfa-15328	111	12	,	,	PUNCT
ajfa-15328	111	13	vol	vol	NOUN
ajfa-15328	111	14	.	.	PROPN
ajfa-15328	111	15	11	11	NUM
ajfa-15328	111	16	,	,	PUNCT
ajfa-15328	111	17	no	no	INTJ
ajfa-15328	111	18	.	.	NOUN
ajfa-15328	111	19	2	2	NUM
ajfa-15328	111	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	111	21	73	73	NUM
ajfa-15328	111	22	4	4	NUM
ajfa-15328	111	23	.	.	PUNCT
ajfa-15328	112	1	empirical	empirical	ADJ
ajfa-15328	112	2	results	result	NOUN
ajfa-15328	112	3	4.1	4.1	NUM
ajfa-15328	112	4	.	.	PUNCT
ajfa-15328	113	1	estimation	estimation	NOUN
ajfa-15328	113	2	of	of	ADP
ajfa-15328	113	3	the	the	DET
ajfa-15328	113	4	efficiency	efficiency	NOUN
ajfa-15328	113	5	frontier	frontier	NOUN
ajfa-15328	113	6	related	relate	VERB
ajfa-15328	113	7	to	to	ADP
ajfa-15328	113	8	the	the	DET
ajfa-15328	113	9	characteristics	characteristic	NOUN
ajfa-15328	113	10	of	of	ADP
ajfa-15328	113	11	the	the	DET
ajfa-15328	113	12	board	board	NOUN
ajfa-15328	113	13	of	of	ADP
ajfa-15328	113	14	directors	director	NOUN
ajfa-15328	113	15	the	the	DET
ajfa-15328	113	16	results	result	NOUN
ajfa-15328	113	17	of	of	ADP
ajfa-15328	113	18	the	the	DET
ajfa-15328	113	19	estimation	estimation	NOUN
ajfa-15328	113	20	based	base	VERB
ajfa-15328	113	21	on	on	ADP
ajfa-15328	113	22	the	the	DET
ajfa-15328	113	23	maximum	maximum	ADJ
ajfa-15328	113	24	likelihood	likelihood	NOUN
ajfa-15328	113	25	method	method	NOUN
ajfa-15328	113	26	related	relate	VERB
ajfa-15328	113	27	to	to	ADP
ajfa-15328	113	28	the	the	DET
ajfa-15328	113	29	board	board	NOUN
ajfa-15328	113	30	characteristics	characteristic	NOUN
ajfa-15328	113	31	and	and	CCONJ
ajfa-15328	113	32	control	control	NOUN
ajfa-15328	113	33	variables	variable	NOUN
ajfa-15328	113	34	are	be	AUX
ajfa-15328	113	35	presented	present	VERB
ajfa-15328	113	36	in	in	ADP
ajfa-15328	113	37	the	the	DET
ajfa-15328	113	38	following	follow	VERB
ajfa-15328	113	39	table	table	NOUN
ajfa-15328	113	40	:	:	PUNCT
ajfa-15328	113	41	table	table	NOUN
ajfa-15328	113	42	3	3	NUM
ajfa-15328	113	43	.	.	PUNCT
ajfa-15328	113	44	results	result	NOUN
ajfa-15328	113	45	of	of	ADP
ajfa-15328	113	46	the	the	DET
ajfa-15328	113	47	estimation	estimation	NOUN
ajfa-15328	113	48	of	of	ADP
ajfa-15328	113	49	the	the	DET
ajfa-15328	113	50	efficiency	efficiency	NOUN
ajfa-15328	113	51	frontier	frontier	NOUN
ajfa-15328	113	52	related	relate	VERB
ajfa-15328	113	53	to	to	ADP
ajfa-15328	113	54	the	the	DET
ajfa-15328	113	55	characteristics	characteristic	NOUN
ajfa-15328	113	56	of	of	ADP
ajfa-15328	113	57	the	the	DET
ajfa-15328	113	58	board	board	NOUN
ajfa-15328	113	59	of	of	ADP
ajfa-15328	113	60	directors	director	NOUN
ajfa-15328	113	61	variables	variable	VERB
ajfa-15328	113	62	estimations	estimation	NOUN
ajfa-15328	113	63	std	std	PROPN
ajfa-15328	113	64	.	.	PUNCT
ajfa-15328	114	1	err	err	PROPN
ajfa-15328	114	2	.	.	PUNCT
ajfa-15328	115	1	prob	prob	PROPN
ajfa-15328	115	2	2	2	NOUN
ajfa-15328	115	3	-0.1423	-0.1423	NOUN
ajfa-15328	115	4	0.0201	0.0201	NUM
ajfa-15328	115	5	0.0000	0.0000	NUM
ajfa-15328	115	6			NUM
ajfa-15328	115	7	-3.6795	-3.6795	VERB
ajfa-15328	115	8	0.9238	0.9238	NUM
ajfa-15328	115	9	0.0007	0.0007	NUM
ajfa-15328	115	10	constante	constante	NOUN
ajfa-15328	115	11	-1.9987	-1.9987	NOUN
ajfa-15328	115	12	0.7128	0.7128	NUM
ajfa-15328	115	13	0.0057	0.0057	NUM
ajfa-15328	115	14	outdir	outdir	NOUN
ajfa-15328	115	15	-0.2045	-0.2045	NOUN
ajfa-15328	116	1	0.1032	0.1032	NUM
ajfa-15328	116	2	0.0943	0.0943	NUM
ajfa-15328	116	3	bosize	bosize	NOUN
ajfa-15328	116	4	-0.2546	-0.2546	VERB
ajfa-15328	116	5	0.2673	0.2673	NUM
ajfa-15328	116	6	0.4768	0.4768	NUM
ajfa-15328	116	7	audit	audit	NOUN
ajfa-15328	116	8	-0.2537	-0.2537	X
ajfa-15328	116	9	0.1137	0.1137	NUM
ajfa-15328	116	10	0.0176	0.0176	NUM
ajfa-15328	116	11	big4	big4	PROPN
ajfa-15328	116	12	0.3112	0.3112	NUM
ajfa-15328	116	13	0.0764	0.0764	NUM
ajfa-15328	116	14	0.0076	0.0076	NUM
ajfa-15328	116	15	dual	dual	ADJ
ajfa-15328	116	16	-0.0653	-0.0653	NOUN
ajfa-15328	116	17	0.1121	0.1121	NUM
ajfa-15328	116	18	0.4963	0.4963	NUM
ajfa-15328	116	19	dirmand	dirmand	NOUN
ajfa-15328	116	20	-0.1132	-0.1132	VERB
ajfa-15328	116	21	0.0327	0.0327	NUM
ajfa-15328	116	22	0.2765	0.2765	NUM
ajfa-15328	116	23	manmand	manmand	NOUN
ajfa-15328	116	24	0.0187	0.0187	NUM
ajfa-15328	116	25	0.0099	0.0099	NUM
ajfa-15328	116	26	0.0000	0.0000	NUM
ajfa-15328	116	27	ceoturn	ceoturn	NOUN
ajfa-15328	116	28	-0.4178	-0.4178	NOUN
ajfa-15328	116	29	0.0895	0.0895	NUM
ajfa-15328	116	30	0.0000	0.0000	NUM
ajfa-15328	116	31			NUM
ajfa-15328	116	32	0.4256	0.4256	NUM
ajfa-15328	116	33	0.1620	0.1620	NUM
ajfa-15328	116	34	0.0000	0.0000	NUM
ajfa-15328	116	35	roa	roa	NOUN
ajfa-15328	116	36	0.7467	0.7467	NUM
ajfa-15328	116	37	0.3701	0.3701	NUM
ajfa-15328	116	38	0.0005	0.0005	NUM
ajfa-15328	116	39	size	size	NOUN
ajfa-15328	116	40	0.1798	0.1798	NUM
ajfa-15328	116	41	0.0263	0.0263	NUM
ajfa-15328	116	42	0.0000	0.0000	NUM
ajfa-15328	116	43	indebt	indebt	NOUN
ajfa-15328	116	44	-0.5457	-0.5457	ADP
ajfa-15328	116	45	0.1467	0.1467	NUM
ajfa-15328	116	46	0.0006	0.0006	NUM
ajfa-15328	116	47	industrial	industrial	ADJ
ajfa-15328	116	48	0.5231	0.5231	NUM
ajfa-15328	116	49	0.3762	0.3762	NUM
ajfa-15328	116	50	0.0520	0.0520	NUM
ajfa-15328	116	51	service	service	NOUN
ajfa-15328	116	52	0.6342	0.6342	NUM
ajfa-15328	116	53	0.2991	0.2991	NUM
ajfa-15328	116	54	0.0310	0.0310	NUM
ajfa-15328	116	55	results	result	NOUN
ajfa-15328	116	56	show	show	VERB
ajfa-15328	116	57	a	a	DET
ajfa-15328	116	58	negative	negative	ADJ
ajfa-15328	116	59	but	but	CCONJ
ajfa-15328	116	60	insignificant	insignificant	ADJ
ajfa-15328	116	61	effect	effect	NOUN
ajfa-15328	116	62	of	of	ADP
ajfa-15328	116	63	the	the	DET
ajfa-15328	116	64	size	size	NOUN
ajfa-15328	116	65	of	of	ADP
ajfa-15328	116	66	the	the	DET
ajfa-15328	116	67	board	board	NOUN
ajfa-15328	116	68	and	and	CCONJ
ajfa-15328	116	69	the	the	DET
ajfa-15328	116	70	combination	combination	NOUN
ajfa-15328	116	71	of	of	ADP
ajfa-15328	116	72	the	the	DET
ajfa-15328	116	73	functions	function	NOUN
ajfa-15328	116	74	of	of	ADP
ajfa-15328	116	75	chairman	chairman	NOUN
ajfa-15328	116	76	of	of	ADP
ajfa-15328	116	77	the	the	DET
ajfa-15328	116	78	board	board	NOUN
ajfa-15328	116	79	and	and	CCONJ
ajfa-15328	116	80	chief	chief	ADJ
ajfa-15328	116	81	executive	executive	ADJ
ajfa-15328	116	82	officer	officer	NOUN
ajfa-15328	116	83	on	on	ADP
ajfa-15328	116	84	the	the	DET
ajfa-15328	116	85	performance	performance	NOUN
ajfa-15328	116	86	.	.	PUNCT
ajfa-15328	117	1	regarding	regard	VERB
ajfa-15328	117	2	the	the	DET
ajfa-15328	117	3	presence	presence	NOUN
ajfa-15328	117	4	of	of	ADP
ajfa-15328	117	5	outsiders	outsider	NOUN
ajfa-15328	117	6	in	in	ADP
ajfa-15328	117	7	the	the	DET
ajfa-15328	117	8	board	board	NOUN
ajfa-15328	117	9	,	,	PUNCT
ajfa-15328	117	10	the	the	DET
ajfa-15328	117	11	table	table	NOUN
ajfa-15328	117	12	above	above	ADV
ajfa-15328	117	13	shows	show	VERB
ajfa-15328	117	14	a	a	DET
ajfa-15328	117	15	negative	negative	ADJ
ajfa-15328	117	16	and	and	CCONJ
ajfa-15328	117	17	significant	significant	ADJ
ajfa-15328	117	18	relationship	relationship	NOUN
ajfa-15328	117	19	between	between	ADP
ajfa-15328	117	20	this	this	DET
ajfa-15328	117	21	variable	variable	NOUN
ajfa-15328	117	22	and	and	CCONJ
ajfa-15328	117	23	performance	performance	NOUN
ajfa-15328	117	24	.	.	PUNCT
ajfa-15328	118	1	this	this	DET
ajfa-15328	118	2	result	result	NOUN
ajfa-15328	118	3	can	can	AUX
ajfa-15328	118	4	be	be	AUX
ajfa-15328	118	5	explained	explain	VERB
ajfa-15328	118	6	by	by	ADP
ajfa-15328	118	7	the	the	DET
ajfa-15328	118	8	fact	fact	NOUN
ajfa-15328	118	9	that	that	SCONJ
ajfa-15328	118	10	a	a	DET
ajfa-15328	118	11	board	board	NOUN
ajfa-15328	118	12	of	of	ADP
ajfa-15328	118	13	directors	director	NOUN
ajfa-15328	118	14	dominated	dominate	VERB
ajfa-15328	118	15	by	by	ADP
ajfa-15328	118	16	external	external	ADJ
ajfa-15328	118	17	members	member	NOUN
ajfa-15328	118	18	can	can	AUX
ajfa-15328	118	19	harm	harm	VERB
ajfa-15328	118	20	shareholders	shareholder	NOUN
ajfa-15328	118	21	'	'	PART
ajfa-15328	118	22	interests	interest	NOUN
ajfa-15328	118	23	because	because	SCONJ
ajfa-15328	118	24	they	they	PRON
ajfa-15328	118	25	place	place	VERB
ajfa-15328	118	26	too	too	ADV
ajfa-15328	118	27	much	much	ADJ
ajfa-15328	118	28	emphasis	emphasis	NOUN
ajfa-15328	118	29	on	on	ADP
ajfa-15328	118	30	their	their	PRON
ajfa-15328	118	31	supervisory	supervisory	ADJ
ajfa-15328	118	32	role	role	NOUN
ajfa-15328	118	33	rather	rather	ADV
ajfa-15328	118	34	than	than	ADP
ajfa-15328	118	35	on	on	ADP
ajfa-15328	118	36	their	their	PRON
ajfa-15328	118	37	role	role	NOUN
ajfa-15328	118	38	as	as	ADP
ajfa-15328	118	39	advisers	adviser	NOUN
ajfa-15328	118	40	.	.	PUNCT
ajfa-15328	119	1	similarly	similarly	ADV
ajfa-15328	119	2	,	,	PUNCT
ajfa-15328	119	3	the	the	DET
ajfa-15328	119	4	results	result	NOUN
ajfa-15328	119	5	show	show	VERB
ajfa-15328	119	6	a	a	DET
ajfa-15328	119	7	negative	negative	ADJ
ajfa-15328	119	8	and	and	CCONJ
ajfa-15328	119	9	significant	significant	ADJ
ajfa-15328	119	10	effect	effect	NOUN
ajfa-15328	119	11	of	of	ADP
ajfa-15328	119	12	manager	manager	NOUN
ajfa-15328	119	13	turnover	turnover	NOUN
ajfa-15328	119	14	on	on	ADP
ajfa-15328	119	15	performance	performance	NOUN
ajfa-15328	119	16	.	.	PUNCT
ajfa-15328	120	1	this	this	PRON
ajfa-15328	120	2	implies	imply	VERB
ajfa-15328	120	3	that	that	SCONJ
ajfa-15328	120	4	the	the	DET
ajfa-15328	120	5	change	change	NOUN
ajfa-15328	120	6	of	of	ADP
ajfa-15328	120	7	the	the	DET
ajfa-15328	120	8	manager	manager	NOUN
ajfa-15328	120	9	is	be	AUX
ajfa-15328	120	10	likely	likely	ADJ
ajfa-15328	120	11	to	to	PART
ajfa-15328	120	12	lower	lower	VERB
ajfa-15328	120	13	the	the	DET
ajfa-15328	120	14	performance	performance	NOUN
ajfa-15328	120	15	.	.	PUNCT
ajfa-15328	121	1	indeed	indeed	ADV
ajfa-15328	121	2	,	,	PUNCT
ajfa-15328	121	3	several	several	ADJ
ajfa-15328	121	4	authors	author	NOUN
ajfa-15328	121	5	show	show	VERB
ajfa-15328	121	6	that	that	SCONJ
ajfa-15328	121	7	the	the	PRON
ajfa-15328	121	8	more	more	ADV
ajfa-15328	121	9	the	the	DET
ajfa-15328	121	10	leader	leader	NOUN
ajfa-15328	121	11	is	be	AUX
ajfa-15328	121	12	rooted	root	VERB
ajfa-15328	121	13	,	,	PUNCT
ajfa-15328	121	14	the	the	PRON
ajfa-15328	121	15	more	more	ADJ
ajfa-15328	121	16	he	he	PRON
ajfa-15328	121	17	will	will	AUX
ajfa-15328	121	18	tend	tend	VERB
ajfa-15328	121	19	to	to	PART
ajfa-15328	121	20	increase	increase	VERB
ajfa-15328	121	21	the	the	DET
ajfa-15328	121	22	value	value	NOUN
ajfa-15328	121	23	of	of	ADP
ajfa-15328	121	24	the	the	DET
ajfa-15328	121	25	company	company	NOUN
ajfa-15328	121	26	since	since	SCONJ
ajfa-15328	121	27	he	he	PRON
ajfa-15328	121	28	is	be	AUX
ajfa-15328	121	29	concerned	concern	VERB
ajfa-15328	121	30	and	and	CCONJ
ajfa-15328	121	31	affected	affect	VERB
ajfa-15328	121	32	by	by	ADP
ajfa-15328	121	33	any	any	DET
ajfa-15328	121	34	trouble	trouble	NOUN
ajfa-15328	121	35	that	that	PRON
ajfa-15328	121	36	may	may	AUX
ajfa-15328	121	37	harm	harm	VERB
ajfa-15328	121	38	the	the	DET
ajfa-15328	121	39	interests	interest	NOUN
ajfa-15328	121	40	of	of	ADP
ajfa-15328	121	41	the	the	DET
ajfa-15328	121	42	company	company	NOUN
ajfa-15328	121	43	,	,	PUNCT
ajfa-15328	121	44	so	so	SCONJ
ajfa-15328	121	45	he	he	PRON
ajfa-15328	121	46	would	would	AUX
ajfa-15328	121	47	be	be	AUX
ajfa-15328	121	48	motivated	motivate	VERB
ajfa-15328	121	49	to	to	PART
ajfa-15328	121	50	favor	favor	VERB
ajfa-15328	121	51	the	the	DET
ajfa-15328	121	52	company	company	NOUN
ajfa-15328	121	53	's	's	PART
ajfa-15328	121	54	long	long	ADJ
ajfa-15328	121	55	-	-	PUNCT
ajfa-15328	121	56	term	term	NOUN
ajfa-15328	121	57	performance	performance	NOUN
ajfa-15328	121	58	,	,	PUNCT
ajfa-15328	121	59	which	which	PRON
ajfa-15328	121	60	supports	support	VERB
ajfa-15328	121	61	the	the	DET
ajfa-15328	121	62	convergence	convergence	NOUN
ajfa-15328	121	63	of	of	ADP
ajfa-15328	121	64	interest	interest	NOUN
ajfa-15328	121	65	argument	argument	NOUN
ajfa-15328	121	66	.	.	PUNCT
ajfa-15328	122	1	in	in	ADP
ajfa-15328	122	2	addition	addition	NOUN
ajfa-15328	122	3	,	,	PUNCT
ajfa-15328	122	4	the	the	DET
ajfa-15328	122	5	company	company	NOUN
ajfa-15328	122	6	could	could	AUX
ajfa-15328	122	7	benefit	benefit	VERB
ajfa-15328	122	8	from	from	ADP
ajfa-15328	122	9	the	the	DET
ajfa-15328	122	10	knowledge	knowledge	NOUN
ajfa-15328	122	11	and	and	CCONJ
ajfa-15328	122	12	experience	experience	NOUN
ajfa-15328	122	13	of	of	ADP
ajfa-15328	122	14	executives	executive	NOUN
ajfa-15328	122	15	who	who	PRON
ajfa-15328	122	16	have	have	AUX
ajfa-15328	122	17	spent	spend	VERB
ajfa-15328	122	18	several	several	ADJ
ajfa-15328	122	19	years	year	NOUN
ajfa-15328	122	20	in	in	ADP
ajfa-15328	122	21	their	their	PRON
ajfa-15328	122	22	department	department	NOUN
ajfa-15328	122	23	.	.	PUNCT
ajfa-15328	123	1	asian	asian	ADJ
ajfa-15328	123	2	journal	journal	PROPN
ajfa-15328	123	3	of	of	ADP
ajfa-15328	123	4	finance	finance	PROPN
ajfa-15328	123	5	&	&	CCONJ
ajfa-15328	123	6	accounting	accounting	PROPN
ajfa-15328	123	7	issn	issn	PROPN
ajfa-15328	123	8	1946	1946	NUM
ajfa-15328	123	9	-	-	PUNCT
ajfa-15328	123	10	052x	052x	PROPN
ajfa-15328	123	11	2019	2019	NUM
ajfa-15328	123	12	,	,	PUNCT
ajfa-15328	123	13	vol	vol	NOUN
ajfa-15328	123	14	.	.	PROPN
ajfa-15328	123	15	11	11	NUM
ajfa-15328	123	16	,	,	PUNCT
ajfa-15328	123	17	no	no	INTJ
ajfa-15328	123	18	.	.	NOUN
ajfa-15328	123	19	2	2	NUM
ajfa-15328	123	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	123	21	74	74	NUM
ajfa-15328	123	22	however	however	ADV
ajfa-15328	123	23	,	,	PUNCT
ajfa-15328	123	24	we	we	PRON
ajfa-15328	123	25	note	note	VERB
ajfa-15328	123	26	a	a	DET
ajfa-15328	123	27	positive	positive	ADJ
ajfa-15328	123	28	effect	effect	NOUN
ajfa-15328	123	29	on	on	ADP
ajfa-15328	123	30	the	the	DET
ajfa-15328	123	31	performance	performance	NOUN
ajfa-15328	123	32	when	when	SCONJ
ajfa-15328	123	33	the	the	DET
ajfa-15328	123	34	external	external	ADJ
ajfa-15328	123	35	audit	audit	NOUN
ajfa-15328	123	36	is	be	AUX
ajfa-15328	123	37	a	a	DET
ajfa-15328	123	38	member	member	NOUN
ajfa-15328	123	39	to	to	ADP
ajfa-15328	123	40	one	one	NUM
ajfa-15328	123	41	of	of	ADP
ajfa-15328	123	42	the	the	DET
ajfa-15328	123	43	large	large	ADJ
ajfa-15328	123	44	firms	firm	NOUN
ajfa-15328	123	45	as	as	ADV
ajfa-15328	123	46	well	well	ADV
ajfa-15328	123	47	as	as	ADP
ajfa-15328	123	48	the	the	DET
ajfa-15328	123	49	number	number	NOUN
ajfa-15328	123	50	of	of	ADP
ajfa-15328	123	51	mandates	mandate	NOUN
ajfa-15328	123	52	of	of	ADP
ajfa-15328	123	53	the	the	DET
ajfa-15328	123	54	manager	manager	NOUN
ajfa-15328	123	55	.	.	PUNCT
ajfa-15328	124	1	this	this	DET
ajfa-15328	124	2	result	result	NOUN
ajfa-15328	124	3	finds	find	VERB
ajfa-15328	124	4	its	its	PRON
ajfa-15328	124	5	explanation	explanation	NOUN
ajfa-15328	124	6	in	in	ADP
ajfa-15328	124	7	the	the	DET
ajfa-15328	124	8	rooting	rooting	NOUN
ajfa-15328	124	9	thesis	thesis	NOUN
ajfa-15328	124	10	.	.	PUNCT
ajfa-15328	125	1	this	this	PRON
ajfa-15328	125	2	can	can	AUX
ajfa-15328	125	3	be	be	AUX
ajfa-15328	125	4	associated	associate	VERB
ajfa-15328	125	5	with	with	ADP
ajfa-15328	125	6	the	the	DET
ajfa-15328	125	7	fact	fact	NOUN
ajfa-15328	125	8	that	that	SCONJ
ajfa-15328	125	9	the	the	PRON
ajfa-15328	125	10	longer	long	ADJ
ajfa-15328	125	11	the	the	DET
ajfa-15328	125	12	period	period	NOUN
ajfa-15328	125	13	the	the	DET
ajfa-15328	125	14	audit	audit	NOUN
ajfa-15328	125	15	is	be	AUX
ajfa-15328	125	16	in	in	ADP
ajfa-15328	125	17	the	the	DET
ajfa-15328	125	18	company	company	NOUN
ajfa-15328	125	19	,	,	PUNCT
ajfa-15328	125	20	the	the	PRON
ajfa-15328	125	21	more	more	ADJ
ajfa-15328	125	22	it	it	PRON
ajfa-15328	125	23	become	become	VERB
ajfa-15328	125	24	experienced	experienced	ADJ
ajfa-15328	125	25	and	and	CCONJ
ajfa-15328	125	26	knowledgeable	knowledgeable	ADJ
ajfa-15328	125	27	of	of	ADP
ajfa-15328	125	28	the	the	DET
ajfa-15328	125	29	specificities	specificity	NOUN
ajfa-15328	125	30	of	of	ADP
ajfa-15328	125	31	the	the	DET
ajfa-15328	125	32	company	company	NOUN
ajfa-15328	125	33	,	,	PUNCT
ajfa-15328	125	34	which	which	PRON
ajfa-15328	125	35	facilitates	facilitate	VERB
ajfa-15328	125	36	decision	decision	NOUN
ajfa-15328	125	37	-	-	PUNCT
ajfa-15328	125	38	making	making	NOUN
ajfa-15328	125	39	and	and	CCONJ
ajfa-15328	125	40	will	will	AUX
ajfa-15328	125	41	have	have	VERB
ajfa-15328	125	42	a	a	DET
ajfa-15328	125	43	positive	positive	ADJ
ajfa-15328	125	44	effect	effect	NOUN
ajfa-15328	125	45	on	on	ADP
ajfa-15328	125	46	performance	performance	NOUN
ajfa-15328	125	47	.	.	PUNCT
ajfa-15328	126	1	on	on	ADP
ajfa-15328	126	2	the	the	DET
ajfa-15328	126	3	other	other	ADJ
ajfa-15328	126	4	hand	hand	NOUN
ajfa-15328	126	5	,	,	PUNCT
ajfa-15328	126	6	the	the	DET
ajfa-15328	126	7	auditor	auditor	NOUN
ajfa-15328	126	8	is	be	AUX
ajfa-15328	126	9	,	,	PUNCT
ajfa-15328	126	10	because	because	SCONJ
ajfa-15328	126	11	of	of	ADP
ajfa-15328	126	12	his	his	PRON
ajfa-15328	126	13	expertise	expertise	NOUN
ajfa-15328	126	14	,	,	PUNCT
ajfa-15328	126	15	a	a	DET
ajfa-15328	126	16	trusted	trust	VERB
ajfa-15328	126	17	provider	provider	NOUN
ajfa-15328	126	18	.	.	PUNCT
ajfa-15328	127	1	he	he	PRON
ajfa-15328	127	2	ensures	ensure	VERB
ajfa-15328	127	3	the	the	DET
ajfa-15328	127	4	statutory	statutory	ADJ
ajfa-15328	127	5	audit	audit	NOUN
ajfa-15328	127	6	of	of	ADP
ajfa-15328	127	7	the	the	DET
ajfa-15328	127	8	accounts	account	NOUN
ajfa-15328	127	9	in	in	ADP
ajfa-15328	127	10	the	the	DET
ajfa-15328	127	11	interest	interest	NOUN
ajfa-15328	127	12	of	of	ADP
ajfa-15328	127	13	the	the	DET
ajfa-15328	127	14	shareholders	shareholder	NOUN
ajfa-15328	127	15	.	.	PUNCT
ajfa-15328	128	1	throughout	throughout	ADP
ajfa-15328	128	2	his	his	PRON
ajfa-15328	128	3	mission	mission	NOUN
ajfa-15328	128	4	,	,	PUNCT
ajfa-15328	128	5	he	he	PRON
ajfa-15328	128	6	assesses	assess	VERB
ajfa-15328	128	7	the	the	DET
ajfa-15328	128	8	internal	internal	ADJ
ajfa-15328	128	9	control	control	NOUN
ajfa-15328	128	10	procedures	procedure	NOUN
ajfa-15328	128	11	and	and	CCONJ
ajfa-15328	128	12	rules	rule	NOUN
ajfa-15328	128	13	,	,	PUNCT
ajfa-15328	128	14	as	as	ADV
ajfa-15328	128	15	well	well	ADV
ajfa-15328	128	16	as	as	ADP
ajfa-15328	128	17	the	the	DET
ajfa-15328	128	18	degree	degree	NOUN
ajfa-15328	128	19	of	of	ADP
ajfa-15328	128	20	compliance	compliance	NOUN
ajfa-15328	128	21	of	of	ADP
ajfa-15328	128	22	the	the	DET
ajfa-15328	128	23	financial	financial	ADJ
ajfa-15328	128	24	statements	statement	NOUN
ajfa-15328	128	25	prepared	prepare	VERB
ajfa-15328	128	26	with	with	ADP
ajfa-15328	128	27	the	the	DET
ajfa-15328	128	28	generally	generally	ADV
ajfa-15328	128	29	recognized	recognize	VERB
ajfa-15328	128	30	accounting	accounting	NOUN
ajfa-15328	128	31	principles	principle	NOUN
ajfa-15328	128	32	.	.	PUNCT
ajfa-15328	129	1	his	his	PRON
ajfa-15328	129	2	role	role	NOUN
ajfa-15328	129	3	aims	aim	VERB
ajfa-15328	129	4	to	to	PART
ajfa-15328	129	5	reduce	reduce	VERB
ajfa-15328	129	6	the	the	DET
ajfa-15328	129	7	asymmetry	asymmetry	NOUN
ajfa-15328	129	8	of	of	ADP
ajfa-15328	129	9	information	information	NOUN
ajfa-15328	129	10	due	due	ADP
ajfa-15328	129	11	to	to	ADP
ajfa-15328	129	12	the	the	DET
ajfa-15328	129	13	opportunistic	opportunistic	ADJ
ajfa-15328	129	14	behavior	behavior	NOUN
ajfa-15328	129	15	of	of	ADP
ajfa-15328	129	16	managers	manager	NOUN
ajfa-15328	129	17	.	.	PUNCT
ajfa-15328	130	1	thus	thus	ADV
ajfa-15328	130	2	,	,	PUNCT
ajfa-15328	130	3	strengthening	strengthen	VERB
ajfa-15328	130	4	the	the	DET
ajfa-15328	130	5	quality	quality	NOUN
ajfa-15328	130	6	of	of	ADP
ajfa-15328	130	7	the	the	DET
ajfa-15328	130	8	audit	audit	NOUN
ajfa-15328	130	9	allows	allow	VERB
ajfa-15328	130	10	at	at	ADP
ajfa-15328	130	11	best	good	ADJ
ajfa-15328	130	12	the	the	DET
ajfa-15328	130	13	reduction	reduction	NOUN
ajfa-15328	130	14	of	of	ADP
ajfa-15328	130	15	asymmetric	asymmetric	ADJ
ajfa-15328	130	16	information	information	NOUN
ajfa-15328	130	17	.	.	PUNCT
ajfa-15328	131	1	owners	owner	NOUN
ajfa-15328	131	2	as	as	ADV
ajfa-15328	131	3	well	well	ADV
ajfa-15328	131	4	as	as	ADP
ajfa-15328	131	5	managers	manager	NOUN
ajfa-15328	131	6	have	have	VERB
ajfa-15328	131	7	an	an	DET
ajfa-15328	131	8	interest	interest	NOUN
ajfa-15328	131	9	in	in	ADP
ajfa-15328	131	10	adopting	adopt	VERB
ajfa-15328	131	11	an	an	DET
ajfa-15328	131	12	audit	audit	NOUN
ajfa-15328	131	13	deemed	deem	VERB
ajfa-15328	131	14	more	more	ADV
ajfa-15328	131	15	efficient	efficient	ADJ
ajfa-15328	131	16	.	.	PUNCT
ajfa-15328	132	1	it	it	PRON
ajfa-15328	132	2	allows	allow	VERB
ajfa-15328	132	3	the	the	DET
ajfa-15328	132	4	shareholders	shareholder	NOUN
ajfa-15328	132	5	to	to	PART
ajfa-15328	132	6	value	value	VERB
ajfa-15328	132	7	their	their	PRON
ajfa-15328	132	8	investment	investment	NOUN
ajfa-15328	132	9	by	by	ADP
ajfa-15328	132	10	better	well	ADV
ajfa-15328	132	11	controlling	control	VERB
ajfa-15328	132	12	the	the	DET
ajfa-15328	132	13	wealth	wealth	NOUN
ajfa-15328	132	14	of	of	ADP
ajfa-15328	132	15	the	the	DET
ajfa-15328	132	16	firm	firm	NOUN
ajfa-15328	132	17	and	and	CCONJ
ajfa-15328	132	18	the	the	DET
ajfa-15328	132	19	managers	manager	NOUN
ajfa-15328	132	20	to	to	PART
ajfa-15328	132	21	report	report	VERB
ajfa-15328	132	22	the	the	DET
ajfa-15328	132	23	quality	quality	NOUN
ajfa-15328	132	24	of	of	ADP
ajfa-15328	132	25	their	their	PRON
ajfa-15328	132	26	management	management	NOUN
ajfa-15328	132	27	.	.	PUNCT
ajfa-15328	133	1	4.2	4.2	NUM
ajfa-15328	133	2	.	.	PUNCT
ajfa-15328	133	3	estimation	estimation	NOUN
ajfa-15328	133	4	of	of	ADP
ajfa-15328	133	5	the	the	DET
ajfa-15328	133	6	efficiency	efficiency	NOUN
ajfa-15328	133	7	frontier	frontier	NOUN
ajfa-15328	133	8	related	relate	VERB
ajfa-15328	133	9	to	to	ADP
ajfa-15328	133	10	the	the	DET
ajfa-15328	133	11	ownership	ownership	NOUN
ajfa-15328	133	12	structure	structure	NOUN
ajfa-15328	133	13	variables	variable	VERB
ajfa-15328	133	14	the	the	DET
ajfa-15328	133	15	results	result	NOUN
ajfa-15328	133	16	of	of	ADP
ajfa-15328	133	17	the	the	DET
ajfa-15328	133	18	maximum	maximum	ADJ
ajfa-15328	133	19	likelihood	likelihood	NOUN
ajfa-15328	133	20	estimation	estimation	NOUN
ajfa-15328	133	21	for	for	ADP
ajfa-15328	133	22	the	the	DET
ajfa-15328	133	23	ownership	ownership	NOUN
ajfa-15328	133	24	structure	structure	NOUN
ajfa-15328	133	25	are	be	AUX
ajfa-15328	133	26	presented	present	VERB
ajfa-15328	133	27	in	in	ADP
ajfa-15328	133	28	the	the	DET
ajfa-15328	133	29	following	follow	VERB
ajfa-15328	133	30	table	table	NOUN
ajfa-15328	133	31	:	:	PUNCT
ajfa-15328	133	32	table	table	NOUN
ajfa-15328	133	33	4	4	NUM
ajfa-15328	133	34	.	.	PUNCT
ajfa-15328	133	35	results	result	NOUN
ajfa-15328	133	36	of	of	ADP
ajfa-15328	133	37	the	the	DET
ajfa-15328	133	38	estimation	estimation	NOUN
ajfa-15328	133	39	of	of	ADP
ajfa-15328	133	40	the	the	DET
ajfa-15328	133	41	efficiency	efficiency	NOUN
ajfa-15328	133	42	frontier	frontier	NOUN
ajfa-15328	133	43	related	relate	VERB
ajfa-15328	133	44	to	to	ADP
ajfa-15328	133	45	the	the	DET
ajfa-15328	133	46	ownership	ownership	NOUN
ajfa-15328	133	47	structure	structure	NOUN
ajfa-15328	133	48	variables	variable	VERB
ajfa-15328	133	49	variables	variable	VERB
ajfa-15328	133	50	estimations	estimation	NOUN
ajfa-15328	133	51	std	std	PROPN
ajfa-15328	133	52	.	.	PUNCT
ajfa-15328	134	1	err	err	PROPN
ajfa-15328	134	2	.	.	PUNCT
ajfa-15328	135	1	prob	prob	PROPN
ajfa-15328	135	2	2	2	NOUN
ajfa-15328	135	3	0.1978	0.1978	NUM
ajfa-15328	135	4	0.0147	0.0147	NUM
ajfa-15328	135	5	0.0000	0.0000	NUM
ajfa-15328	135	6			NUM
ajfa-15328	135	7	-3.0098	-3.0098	NOUN
ajfa-15328	135	8	0.9879	0.9879	NUM
ajfa-15328	135	9	0.0004	0.0004	NUM
ajfa-15328	135	10	constante	constante	NOUN
ajfa-15328	135	11	-2.7865	-2.7865	ADJ
ajfa-15328	135	12	0.3234	0.3234	NUM
ajfa-15328	135	13	0.0000	0.0000	NUM
ajfa-15328	135	14	owncon	owncon	NOUN
ajfa-15328	135	15	-0.0960	-0.0960	PUNCT
ajfa-15328	136	1	0.1755	0.1755	NUM
ajfa-15328	136	2	0.5298	0.5298	NUM
ajfa-15328	136	3	statown	statown	ADJ
ajfa-15328	136	4	-1.3426	-1.3426	NOUN
ajfa-15328	136	5	0.5678	0.5678	NUM
ajfa-15328	136	6	0.0125	0.0125	NUM
ajfa-15328	136	7	instown	instown	NOUN
ajfa-15328	136	8	-0.1332	-0.1332	NOUN
ajfa-15328	136	9	0.3122	0.3122	NUM
ajfa-15328	136	10	0.0085	0.0085	NUM
ajfa-15328	136	11	admown	admown	ADJ
ajfa-15328	136	12	1.3725	1.3725	NUM
ajfa-15328	136	13	0.4761	0.4761	NUM
ajfa-15328	136	14	0.0022	0.0022	NUM
ajfa-15328	136	15	famiown	famiown	VERB
ajfa-15328	136	16	0.0184	0.0184	NUM
ajfa-15328	136	17	0.2067	0.2067	NUM
ajfa-15328	136	18	0.7398	0.7398	NUM
ajfa-15328	136	19	manown	manown	NOUN
ajfa-15328	136	20	-1.8964	-1.8964	NOUN
ajfa-15328	136	21	1.7956	1.7956	NUM
ajfa-15328	136	22	0.8561	0.8561	NUM
ajfa-15328	136	23			NUM
ajfa-15328	136	24	0.0174	0.0174	NUM
ajfa-15328	136	25	0.0039	0.0039	NUM
ajfa-15328	136	26	0.0000	0.0000	NUM
ajfa-15328	136	27	roa	roa	NOUN
ajfa-15328	136	28	0.8722	0.8722	NUM
ajfa-15328	136	29	0.3351	0.3351	NUM
ajfa-15328	136	30	0.0001	0.0001	NUM
ajfa-15328	136	31	size	size	NOUN
ajfa-15328	136	32	0.1736	0.1736	NUM
ajfa-15328	136	33	0.0365	0.0365	NUM
ajfa-15328	136	34	0.0000	0.0000	NUM
ajfa-15328	136	35	indebt	indebt	NOUN
ajfa-15328	136	36	-0.7360	-0.7360	VERB
ajfa-15328	136	37	0.1728	0.1728	NUM
ajfa-15328	136	38	0.0100	0.0100	NUM
ajfa-15328	136	39	industrial	industrial	ADJ
ajfa-15328	136	40	0.5427	0.5427	NUM
ajfa-15328	136	41	0.1735	0.1735	NUM
ajfa-15328	136	42	0.0216	0.0216	NUM
ajfa-15328	136	43	service	service	NOUN
ajfa-15328	136	44	0.6013	0.6013	NUM
ajfa-15328	136	45	0.3421	0.3421	NUM
ajfa-15328	136	46	0.0235	0.0235	NUM
ajfa-15328	136	47	according	accord	VERB
ajfa-15328	136	48	to	to	ADP
ajfa-15328	136	49	these	these	DET
ajfa-15328	136	50	results	result	NOUN
ajfa-15328	136	51	,	,	PUNCT
ajfa-15328	136	52	the	the	DET
ajfa-15328	136	53	company	company	NOUN
ajfa-15328	136	54	's	's	PART
ajfa-15328	136	55	performance	performance	NOUN
ajfa-15328	136	56	reacts	react	VERB
ajfa-15328	136	57	negatively	negatively	ADV
ajfa-15328	136	58	to	to	ADP
ajfa-15328	136	59	the	the	DET
ajfa-15328	136	60	increase	increase	NOUN
ajfa-15328	136	61	in	in	ADP
ajfa-15328	136	62	the	the	DET
ajfa-15328	136	63	concentration	concentration	NOUN
ajfa-15328	136	64	of	of	ADP
ajfa-15328	136	65	the	the	DET
ajfa-15328	136	66	ownership	ownership	NOUN
ajfa-15328	136	67	since	since	SCONJ
ajfa-15328	136	68	the	the	DET
ajfa-15328	136	69	coefficient	coefficient	NOUN
ajfa-15328	136	70	obtained	obtain	VERB
ajfa-15328	136	71	is	be	AUX
ajfa-15328	136	72	negative	negative	ADJ
ajfa-15328	136	73	but	but	CCONJ
ajfa-15328	136	74	not	not	PART
ajfa-15328	136	75	significant	significant	ADJ
ajfa-15328	136	76	,	,	PUNCT
ajfa-15328	136	77	implying	imply	VERB
ajfa-15328	136	78	neutrality	neutrality	NOUN
ajfa-15328	136	79	in	in	ADP
ajfa-15328	136	80	the	the	DET
ajfa-15328	136	81	concentration	concentration	NOUN
ajfa-15328	136	82	/	/	SYM
ajfa-15328	136	83	performance	performance	NOUN
ajfa-15328	136	84	relationship	relationship	NOUN
ajfa-15328	136	85	.	.	PUNCT
ajfa-15328	137	1	institutional	institutional	ADJ
ajfa-15328	137	2	ownership	ownership	NOUN
ajfa-15328	137	3	results	result	NOUN
ajfa-15328	137	4	show	show	VERB
ajfa-15328	137	5	a	a	DET
ajfa-15328	137	6	negative	negative	ADJ
ajfa-15328	137	7	and	and	CCONJ
ajfa-15328	137	8	significant	significant	ADJ
ajfa-15328	137	9	relationship	relationship	NOUN
ajfa-15328	137	10	between	between	ADP
ajfa-15328	137	11	this	this	DET
ajfa-15328	137	12	variable	variable	NOUN
ajfa-15328	137	13	and	and	CCONJ
ajfa-15328	137	14	performance	performance	NOUN
ajfa-15328	137	15	.	.	PUNCT
ajfa-15328	138	1	indeed	indeed	ADV
ajfa-15328	138	2	,	,	PUNCT
ajfa-15328	138	3	various	various	ADJ
ajfa-15328	138	4	studies	study	NOUN
ajfa-15328	138	5	have	have	AUX
ajfa-15328	138	6	examined	examine	VERB
ajfa-15328	138	7	the	the	DET
ajfa-15328	138	8	impact	impact	NOUN
ajfa-15328	138	9	of	of	ADP
ajfa-15328	138	10	institutional	institutional	ADJ
ajfa-15328	138	11	asian	asian	ADJ
ajfa-15328	138	12	journal	journal	NOUN
ajfa-15328	138	13	of	of	ADP
ajfa-15328	138	14	finance	finance	PROPN
ajfa-15328	138	15	&	&	CCONJ
ajfa-15328	138	16	accounting	accounting	PROPN
ajfa-15328	138	17	issn	issn	PROPN
ajfa-15328	138	18	1946	1946	NUM
ajfa-15328	138	19	-	-	PUNCT
ajfa-15328	138	20	052x	052x	PROPN
ajfa-15328	138	21	2019	2019	NUM
ajfa-15328	138	22	,	,	PUNCT
ajfa-15328	138	23	vol	vol	NOUN
ajfa-15328	138	24	.	.	PROPN
ajfa-15328	139	1	11	11	NUM
ajfa-15328	139	2	,	,	PUNCT
ajfa-15328	139	3	no	no	INTJ
ajfa-15328	139	4	.	.	NOUN
ajfa-15328	139	5	2	2	NUM
ajfa-15328	139	6	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	139	7	75	75	NUM
ajfa-15328	139	8	investor	investor	NOUN
ajfa-15328	139	9	presence	presence	NOUN
ajfa-15328	139	10	on	on	ADP
ajfa-15328	139	11	performance	performance	NOUN
ajfa-15328	139	12	,	,	PUNCT
ajfa-15328	139	13	and	and	CCONJ
ajfa-15328	139	14	have	have	AUX
ajfa-15328	139	15	led	lead	VERB
ajfa-15328	139	16	to	to	ADP
ajfa-15328	139	17	the	the	DET
ajfa-15328	139	18	fact	fact	NOUN
ajfa-15328	139	19	that	that	SCONJ
ajfa-15328	139	20	the	the	DET
ajfa-15328	139	21	presence	presence	NOUN
ajfa-15328	139	22	of	of	ADP
ajfa-15328	139	23	institutional	institutional	ADJ
ajfa-15328	139	24	investors	investor	NOUN
ajfa-15328	139	25	can	can	AUX
ajfa-15328	139	26	lead	lead	VERB
ajfa-15328	139	27	to	to	ADP
ajfa-15328	139	28	an	an	DET
ajfa-15328	139	29	improvement	improvement	NOUN
ajfa-15328	139	30	in	in	ADP
ajfa-15328	139	31	performance	performance	NOUN
ajfa-15328	139	32	.	.	PUNCT
ajfa-15328	140	1	this	this	DET
ajfa-15328	140	2	result	result	NOUN
ajfa-15328	140	3	was	be	AUX
ajfa-15328	140	4	explained	explain	VERB
ajfa-15328	140	5	by	by	ADP
ajfa-15328	140	6	the	the	DET
ajfa-15328	140	7	fact	fact	NOUN
ajfa-15328	140	8	that	that	SCONJ
ajfa-15328	140	9	institutional	institutional	ADJ
ajfa-15328	140	10	investors	investor	NOUN
ajfa-15328	140	11	are	be	AUX
ajfa-15328	140	12	best	well	ADV
ajfa-15328	140	13	able	able	ADJ
ajfa-15328	140	14	to	to	PART
ajfa-15328	140	15	encourage	encourage	VERB
ajfa-15328	140	16	managers	manager	NOUN
ajfa-15328	140	17	to	to	PART
ajfa-15328	140	18	increase	increase	VERB
ajfa-15328	140	19	the	the	DET
ajfa-15328	140	20	development	development	NOUN
ajfa-15328	140	21	of	of	ADP
ajfa-15328	140	22	new	new	ADJ
ajfa-15328	140	23	products	product	NOUN
ajfa-15328	140	24	through	through	ADP
ajfa-15328	140	25	commitment	commitment	NOUN
ajfa-15328	140	26	to	to	ADP
ajfa-15328	140	27	research	research	NOUN
ajfa-15328	140	28	and	and	CCONJ
ajfa-15328	140	29	development	development	NOUN
ajfa-15328	140	30	expenses	expense	NOUN
ajfa-15328	140	31	.	.	PUNCT
ajfa-15328	141	1	also	also	ADV
ajfa-15328	141	2	,	,	PUNCT
ajfa-15328	141	3	the	the	DET
ajfa-15328	141	4	training	training	NOUN
ajfa-15328	141	5	of	of	ADP
ajfa-15328	141	6	large	large	ADJ
ajfa-15328	141	7	institutional	institutional	ADJ
ajfa-15328	141	8	investors	investor	NOUN
ajfa-15328	141	9	could	could	AUX
ajfa-15328	141	10	nevertheless	nevertheless	ADV
ajfa-15328	141	11	strengthen	strengthen	VERB
ajfa-15328	141	12	corporate	corporate	ADJ
ajfa-15328	141	13	governance	governance	NOUN
ajfa-15328	141	14	,	,	PUNCT
ajfa-15328	141	15	because	because	SCONJ
ajfa-15328	141	16	they	they	PRON
ajfa-15328	141	17	have	have	VERB
ajfa-15328	141	18	both	both	CCONJ
ajfa-15328	141	19	the	the	DET
ajfa-15328	141	20	will	will	NOUN
ajfa-15328	141	21	and	and	CCONJ
ajfa-15328	141	22	the	the	DET
ajfa-15328	141	23	ability	ability	NOUN
ajfa-15328	141	24	to	to	PART
ajfa-15328	141	25	monitor	monitor	VERB
ajfa-15328	141	26	the	the	DET
ajfa-15328	141	27	performance	performance	NOUN
ajfa-15328	141	28	of	of	ADP
ajfa-15328	141	29	a	a	DET
ajfa-15328	141	30	company	company	NOUN
ajfa-15328	141	31	and	and	CCONJ
ajfa-15328	141	32	a	a	DET
ajfa-15328	141	33	significant	significant	ADJ
ajfa-15328	141	34	power	power	NOUN
ajfa-15328	141	35	to	to	PART
ajfa-15328	141	36	take	take	VERB
ajfa-15328	141	37	action	action	NOUN
ajfa-15328	141	38	in	in	ADP
ajfa-15328	141	39	this	this	DET
ajfa-15328	141	40	regard	regard	NOUN
ajfa-15328	141	41	.	.	PUNCT
ajfa-15328	142	1	if	if	SCONJ
ajfa-15328	142	2	institutional	institutional	ADJ
ajfa-15328	142	3	investors	investor	NOUN
ajfa-15328	142	4	influence	influence	VERB
ajfa-15328	142	5	managers	manager	NOUN
ajfa-15328	142	6	'	'	PART
ajfa-15328	142	7	decisions	decision	NOUN
ajfa-15328	142	8	in	in	ADP
ajfa-15328	142	9	order	order	NOUN
ajfa-15328	142	10	to	to	PART
ajfa-15328	142	11	maximize	maximize	VERB
ajfa-15328	142	12	the	the	DET
ajfa-15328	142	13	return	return	NOUN
ajfa-15328	142	14	on	on	ADP
ajfa-15328	142	15	their	their	PRON
ajfa-15328	142	16	investments	investment	NOUN
ajfa-15328	142	17	,	,	PUNCT
ajfa-15328	142	18	the	the	DET
ajfa-15328	142	19	value	value	NOUN
ajfa-15328	142	20	of	of	ADP
ajfa-15328	142	21	the	the	DET
ajfa-15328	142	22	business	business	NOUN
ajfa-15328	142	23	,	,	PUNCT
ajfa-15328	142	24	agency	agency	NOUN
ajfa-15328	142	25	costs	cost	NOUN
ajfa-15328	142	26	decrease	decrease	NOUN
ajfa-15328	142	27	and	and	CCONJ
ajfa-15328	142	28	performance	performance	NOUN
ajfa-15328	142	29	improves	improve	VERB
ajfa-15328	142	30	.	.	PUNCT
ajfa-15328	143	1	with	with	ADP
ajfa-15328	143	2	respect	respect	NOUN
ajfa-15328	143	3	to	to	ADP
ajfa-15328	143	4	state	state	NOUN
ajfa-15328	143	5	-	-	PUNCT
ajfa-15328	143	6	owned	own	VERB
ajfa-15328	143	7	property	property	NOUN
ajfa-15328	143	8	,	,	PUNCT
ajfa-15328	143	9	the	the	DET
ajfa-15328	143	10	results	result	NOUN
ajfa-15328	143	11	we	we	PRON
ajfa-15328	143	12	have	have	AUX
ajfa-15328	143	13	achieved	achieve	VERB
ajfa-15328	143	14	indicate	indicate	VERB
ajfa-15328	143	15	that	that	SCONJ
ajfa-15328	143	16	the	the	PRON
ajfa-15328	143	17	lower	low	ADJ
ajfa-15328	143	18	the	the	DET
ajfa-15328	143	19	state	state	NOUN
ajfa-15328	143	20	's	's	PART
ajfa-15328	143	21	ownership	ownership	NOUN
ajfa-15328	143	22	interests	interest	NOUN
ajfa-15328	143	23	in	in	ADP
ajfa-15328	143	24	the	the	DET
ajfa-15328	143	25	property	property	NOUN
ajfa-15328	143	26	,	,	PUNCT
ajfa-15328	143	27	the	the	PRON
ajfa-15328	143	28	lower	low	ADJ
ajfa-15328	143	29	the	the	DET
ajfa-15328	143	30	performance	performance	NOUN
ajfa-15328	143	31	.	.	PUNCT
ajfa-15328	144	1	this	this	DET
ajfa-15328	144	2	result	result	NOUN
ajfa-15328	144	3	shows	show	VERB
ajfa-15328	144	4	that	that	SCONJ
ajfa-15328	144	5	the	the	DET
ajfa-15328	144	6	presence	presence	NOUN
ajfa-15328	144	7	of	of	ADP
ajfa-15328	144	8	the	the	DET
ajfa-15328	144	9	state	state	NOUN
ajfa-15328	144	10	is	be	AUX
ajfa-15328	144	11	likely	likely	ADJ
ajfa-15328	144	12	to	to	PART
ajfa-15328	144	13	affect	affect	VERB
ajfa-15328	144	14	performance	performance	NOUN
ajfa-15328	144	15	.	.	PUNCT
ajfa-15328	145	1	regarding	regard	VERB
ajfa-15328	145	2	the	the	DET
ajfa-15328	145	3	managerial	managerial	ADJ
ajfa-15328	145	4	ownership	ownership	NOUN
ajfa-15328	145	5	,	,	PUNCT
ajfa-15328	145	6	we	we	PRON
ajfa-15328	145	7	note	note	VERB
ajfa-15328	145	8	a	a	DET
ajfa-15328	145	9	positive	positive	ADJ
ajfa-15328	145	10	and	and	CCONJ
ajfa-15328	145	11	significant	significant	ADJ
ajfa-15328	145	12	effect	effect	NOUN
ajfa-15328	145	13	of	of	ADP
ajfa-15328	145	14	this	this	DET
ajfa-15328	145	15	variable	variable	NOUN
ajfa-15328	145	16	on	on	ADP
ajfa-15328	145	17	performance	performance	NOUN
ajfa-15328	145	18	.	.	PUNCT
ajfa-15328	146	1	in	in	ADP
ajfa-15328	146	2	fact	fact	NOUN
ajfa-15328	146	3	,	,	PUNCT
ajfa-15328	146	4	according	accord	VERB
ajfa-15328	146	5	to	to	ADP
ajfa-15328	146	6	some	some	DET
ajfa-15328	146	7	authors	author	NOUN
ajfa-15328	146	8	,	,	PUNCT
ajfa-15328	146	9	the	the	DET
ajfa-15328	146	10	proportion	proportion	NOUN
ajfa-15328	146	11	of	of	ADP
ajfa-15328	146	12	capital	capital	NOUN
ajfa-15328	146	13	held	hold	VERB
ajfa-15328	146	14	by	by	ADP
ajfa-15328	146	15	the	the	DET
ajfa-15328	146	16	directors	director	NOUN
ajfa-15328	146	17	appears	appear	VERB
ajfa-15328	146	18	to	to	PART
ajfa-15328	146	19	be	be	AUX
ajfa-15328	146	20	a	a	DET
ajfa-15328	146	21	determining	determine	VERB
ajfa-15328	146	22	factor	factor	NOUN
ajfa-15328	146	23	in	in	ADP
ajfa-15328	146	24	the	the	DET
ajfa-15328	146	25	firm	firm	NOUN
ajfa-15328	146	26	's	's	PART
ajfa-15328	146	27	performance	performance	NOUN
ajfa-15328	146	28	.	.	PUNCT
ajfa-15328	147	1	this	this	DET
ajfa-15328	147	2	result	result	NOUN
ajfa-15328	147	3	can	can	AUX
ajfa-15328	147	4	be	be	AUX
ajfa-15328	147	5	explained	explain	VERB
ajfa-15328	147	6	by	by	ADP
ajfa-15328	147	7	the	the	DET
ajfa-15328	147	8	fact	fact	NOUN
ajfa-15328	147	9	that	that	SCONJ
ajfa-15328	147	10	the	the	DET
ajfa-15328	147	11	percentage	percentage	NOUN
ajfa-15328	147	12	of	of	ADP
ajfa-15328	147	13	capital	capital	NOUN
ajfa-15328	147	14	held	hold	VERB
ajfa-15328	147	15	by	by	ADP
ajfa-15328	147	16	the	the	DET
ajfa-15328	147	17	directors	director	NOUN
ajfa-15328	147	18	is	be	AUX
ajfa-15328	147	19	supposed	suppose	VERB
ajfa-15328	147	20	to	to	PART
ajfa-15328	147	21	favorably	favorably	ADV
ajfa-15328	147	22	influence	influence	VERB
ajfa-15328	147	23	the	the	DET
ajfa-15328	147	24	control	control	NOUN
ajfa-15328	147	25	of	of	ADP
ajfa-15328	147	26	the	the	DET
ajfa-15328	147	27	directors	director	NOUN
ajfa-15328	147	28	by	by	ADP
ajfa-15328	147	29	encouraging	encourage	VERB
ajfa-15328	147	30	the	the	DET
ajfa-15328	147	31	members	member	NOUN
ajfa-15328	147	32	of	of	ADP
ajfa-15328	147	33	the	the	DET
ajfa-15328	147	34	board	board	NOUN
ajfa-15328	147	35	to	to	PART
ajfa-15328	147	36	defend	defend	VERB
ajfa-15328	147	37	their	their	PRON
ajfa-15328	147	38	interests	interest	NOUN
ajfa-15328	147	39	more	more	ADV
ajfa-15328	147	40	harshly	harshly	ADV
ajfa-15328	147	41	.	.	PUNCT
ajfa-15328	148	1	as	as	ADP
ajfa-15328	148	2	a	a	DET
ajfa-15328	148	3	result	result	NOUN
ajfa-15328	148	4	,	,	PUNCT
ajfa-15328	148	5	the	the	PRON
ajfa-15328	148	6	greater	great	ADJ
ajfa-15328	148	7	the	the	DET
ajfa-15328	148	8	share	share	NOUN
ajfa-15328	148	9	of	of	ADP
ajfa-15328	148	10	capital	capital	NOUN
ajfa-15328	148	11	held	hold	VERB
ajfa-15328	148	12	by	by	ADP
ajfa-15328	148	13	directors	director	NOUN
ajfa-15328	148	14	,	,	PUNCT
ajfa-15328	148	15	the	the	DET
ajfa-15328	148	16	less	less	ADV
ajfa-15328	148	17	bad	bad	ADJ
ajfa-15328	148	18	management	management	NOUN
ajfa-15328	148	19	is	be	AUX
ajfa-15328	148	20	allowed	allow	VERB
ajfa-15328	148	21	.	.	PUNCT
ajfa-15328	149	1	4.3	4.3	NUM
ajfa-15328	149	2	.	.	PUNCT
ajfa-15328	150	1	the	the	DET
ajfa-15328	150	2	influence	influence	NOUN
ajfa-15328	150	3	of	of	ADP
ajfa-15328	150	4	the	the	DET
ajfa-15328	150	5	firm	firm	ADJ
ajfa-15328	150	6	-	-	PUNCT
ajfa-15328	150	7	specific	specific	ADJ
ajfa-15328	150	8	characteristics	characteristic	NOUN
ajfa-15328	150	9	on	on	ADP
ajfa-15328	150	10	efficiency	efficiency	NOUN
ajfa-15328	150	11	the	the	DET
ajfa-15328	150	12	model	model	NOUN
ajfa-15328	150	13	used	use	VERB
ajfa-15328	150	14	has	have	VERB
ajfa-15328	150	15	the	the	DET
ajfa-15328	150	16	advantage	advantage	NOUN
ajfa-15328	150	17	of	of	ADP
ajfa-15328	150	18	determining	determine	VERB
ajfa-15328	150	19	the	the	DET
ajfa-15328	150	20	effect	effect	NOUN
ajfa-15328	150	21	of	of	ADP
ajfa-15328	150	22	firm	firm	ADJ
ajfa-15328	150	23	-	-	PUNCT
ajfa-15328	150	24	specific	specific	ADJ
ajfa-15328	150	25	characteristics	characteristic	NOUN
ajfa-15328	150	26	on	on	ADP
ajfa-15328	150	27	the	the	DET
ajfa-15328	150	28	level	level	NOUN
ajfa-15328	150	29	of	of	ADP
ajfa-15328	150	30	efficiency	efficiency	NOUN
ajfa-15328	150	31	.	.	PUNCT
ajfa-15328	151	1	this	this	DET
ajfa-15328	151	2	work	work	NOUN
ajfa-15328	151	3	will	will	AUX
ajfa-15328	151	4	enable	enable	VERB
ajfa-15328	151	5	us	we	PRON
ajfa-15328	151	6	to	to	PART
ajfa-15328	151	7	establish	establish	VERB
ajfa-15328	151	8	a	a	DET
ajfa-15328	151	9	link	link	NOUN
ajfa-15328	151	10	between	between	ADP
ajfa-15328	151	11	the	the	DET
ajfa-15328	151	12	governance	governance	NOUN
ajfa-15328	151	13	related	relate	VERB
ajfa-15328	151	14	to	to	ADP
ajfa-15328	151	15	the	the	DET
ajfa-15328	151	16	ownership	ownership	NOUN
ajfa-15328	151	17	structure	structure	NOUN
ajfa-15328	151	18	,	,	PUNCT
ajfa-15328	151	19	the	the	DET
ajfa-15328	151	20	board	board	NOUN
ajfa-15328	151	21	of	of	ADP
ajfa-15328	151	22	directors	director	NOUN
ajfa-15328	151	23	and	and	CCONJ
ajfa-15328	151	24	some	some	DET
ajfa-15328	151	25	observable	observable	ADJ
ajfa-15328	151	26	characteristics	characteristic	NOUN
ajfa-15328	151	27	specific	specific	ADJ
ajfa-15328	151	28	to	to	ADP
ajfa-15328	151	29	the	the	DET
ajfa-15328	151	30	firms	firm	NOUN
ajfa-15328	151	31	as	as	ADP
ajfa-15328	151	32	this	this	DET
ajfa-15328	151	33	relation	relation	NOUN
ajfa-15328	151	34	was	be	AUX
ajfa-15328	151	35	discussed	discuss	VERB
ajfa-15328	151	36	in	in	ADP
ajfa-15328	151	37	many	many	ADJ
ajfa-15328	151	38	research	research	NOUN
ajfa-15328	151	39	works	work	NOUN
ajfa-15328	151	40	related	relate	VERB
ajfa-15328	151	41	to	to	ADP
ajfa-15328	151	42	the	the	DET
ajfa-15328	151	43	relation	relation	NOUN
ajfa-15328	151	44	between	between	ADP
ajfa-15328	151	45	firms	firm	NOUN
ajfa-15328	151	46	characteristics	characteristic	NOUN
ajfa-15328	151	47	and	and	CCONJ
ajfa-15328	151	48	performance	performance	NOUN
ajfa-15328	151	49	(	(	PUNCT
ajfa-15328	151	50	arora	arora	PROPN
ajfa-15328	151	51	and	and	CCONJ
ajfa-15328	151	52	bhandari	bhandari	NOUN
ajfa-15328	151	53	,	,	PUNCT
ajfa-15328	151	54	2017	2017	NUM
ajfa-15328	151	55	)	)	PUNCT
ajfa-15328	151	56	,	,	PUNCT
ajfa-15328	151	57	notably	notably	ADV
ajfa-15328	151	58	the	the	DET
ajfa-15328	151	59	size	size	NOUN
ajfa-15328	151	60	,	,	PUNCT
ajfa-15328	151	61	the	the	DET
ajfa-15328	151	62	level	level	NOUN
ajfa-15328	151	63	of	of	ADP
ajfa-15328	151	64	indebtedness	indebtedness	NOUN
ajfa-15328	151	65	,	,	PUNCT
ajfa-15328	151	66	the	the	DET
ajfa-15328	151	67	return	return	NOUN
ajfa-15328	151	68	on	on	ADP
ajfa-15328	151	69	the	the	DET
ajfa-15328	151	70	assets	asset	NOUN
ajfa-15328	151	71	(	(	PUNCT
ajfa-15328	151	72	roa	roa	NOUN
ajfa-15328	151	73	)	)	PUNCT
ajfa-15328	151	74	and	and	CCONJ
ajfa-15328	151	75	the	the	DET
ajfa-15328	151	76	business	business	NOUN
ajfa-15328	151	77	sector	sector	NOUN
ajfa-15328	151	78	.	.	PUNCT
ajfa-15328	152	1	the	the	DET
ajfa-15328	152	2	results	result	NOUN
ajfa-15328	152	3	obtained	obtain	VERB
ajfa-15328	152	4	show	show	VERB
ajfa-15328	152	5	a	a	DET
ajfa-15328	152	6	globally	globally	ADV
ajfa-15328	152	7	significant	significant	ADJ
ajfa-15328	152	8	impact	impact	NOUN
ajfa-15328	152	9	of	of	ADP
ajfa-15328	152	10	all	all	DET
ajfa-15328	152	11	the	the	DET
ajfa-15328	152	12	control	control	NOUN
ajfa-15328	152	13	variables	variable	NOUN
ajfa-15328	152	14	used	use	VERB
ajfa-15328	152	15	on	on	ADP
ajfa-15328	152	16	the	the	DET
ajfa-15328	152	17	level	level	NOUN
ajfa-15328	152	18	of	of	ADP
ajfa-15328	152	19	efficiency	efficiency	NOUN
ajfa-15328	152	20	of	of	ADP
ajfa-15328	152	21	the	the	DET
ajfa-15328	152	22	ownership	ownership	NOUN
ajfa-15328	152	23	structure	structure	NOUN
ajfa-15328	152	24	and	and	CCONJ
ajfa-15328	152	25	the	the	DET
ajfa-15328	152	26	board	board	NOUN
ajfa-15328	152	27	of	of	ADP
ajfa-15328	152	28	directors	director	NOUN
ajfa-15328	152	29	.	.	PUNCT
ajfa-15328	153	1	this	this	PRON
ajfa-15328	153	2	shows	show	VERB
ajfa-15328	153	3	that	that	SCONJ
ajfa-15328	153	4	firm	firm	ADJ
ajfa-15328	153	5	-	-	PUNCT
ajfa-15328	153	6	specific	specific	ADJ
ajfa-15328	153	7	characteristics	characteristic	NOUN
ajfa-15328	153	8	are	be	AUX
ajfa-15328	153	9	important	important	ADJ
ajfa-15328	153	10	determinants	determinant	NOUN
ajfa-15328	153	11	of	of	ADP
ajfa-15328	153	12	the	the	DET
ajfa-15328	153	13	efficiency	efficiency	NOUN
ajfa-15328	153	14	of	of	ADP
ajfa-15328	153	15	the	the	DET
ajfa-15328	153	16	governance	governance	NOUN
ajfa-15328	153	17	mechanisms	mechanism	NOUN
ajfa-15328	153	18	of	of	ADP
ajfa-15328	153	19	tunisian	tunisian	ADJ
ajfa-15328	153	20	listed	list	VERB
ajfa-15328	153	21	companies	company	NOUN
ajfa-15328	153	22	.	.	PUNCT
ajfa-15328	154	1	the	the	DET
ajfa-15328	154	2	results	result	NOUN
ajfa-15328	154	3	in	in	ADP
ajfa-15328	154	4	tables	table	NOUN
ajfa-15328	154	5	3	3	NUM
ajfa-15328	154	6	and	and	CCONJ
ajfa-15328	154	7	4	4	NUM
ajfa-15328	154	8	show	show	VERB
ajfa-15328	154	9	a	a	DET
ajfa-15328	154	10	similarity	similarity	NOUN
ajfa-15328	154	11	in	in	ADP
ajfa-15328	154	12	the	the	DET
ajfa-15328	154	13	relationship	relationship	NOUN
ajfa-15328	154	14	between	between	ADP
ajfa-15328	154	15	a	a	DET
ajfa-15328	154	16	firm	firm	ADJ
ajfa-15328	154	17	-	-	PUNCT
ajfa-15328	154	18	specific	specific	ADJ
ajfa-15328	154	19	characteristics	characteristic	NOUN
ajfa-15328	154	20	and	and	CCONJ
ajfa-15328	154	21	efficiency	efficiency	NOUN
ajfa-15328	154	22	indices	index	NOUN
ajfa-15328	154	23	.	.	PUNCT
ajfa-15328	155	1	we	we	PRON
ajfa-15328	155	2	note	note	VERB
ajfa-15328	155	3	a	a	DET
ajfa-15328	155	4	positive	positive	ADJ
ajfa-15328	155	5	effect	effect	NOUN
ajfa-15328	155	6	of	of	ADP
ajfa-15328	155	7	the	the	DET
ajfa-15328	155	8	size	size	NOUN
ajfa-15328	155	9	,	,	PUNCT
ajfa-15328	155	10	the	the	DET
ajfa-15328	155	11	affiliation	affiliation	NOUN
ajfa-15328	155	12	to	to	ADP
ajfa-15328	155	13	the	the	DET
ajfa-15328	155	14	sector	sector	NOUN
ajfa-15328	155	15	of	of	ADP
ajfa-15328	155	16	industry	industry	NOUN
ajfa-15328	155	17	and	and	CCONJ
ajfa-15328	155	18	service	service	NOUN
ajfa-15328	155	19	and	and	CCONJ
ajfa-15328	155	20	the	the	DET
ajfa-15328	155	21	asset	asset	NOUN
ajfa-15328	155	22	profitability	profitability	NOUN
ajfa-15328	155	23	on	on	ADP
ajfa-15328	155	24	the	the	DET
ajfa-15328	155	25	level	level	NOUN
ajfa-15328	155	26	of	of	ADP
ajfa-15328	155	27	efficiency	efficiency	NOUN
ajfa-15328	155	28	of	of	ADP
ajfa-15328	155	29	the	the	DET
ajfa-15328	155	30	firms	firm	NOUN
ajfa-15328	155	31	in	in	ADP
ajfa-15328	155	32	the	the	DET
ajfa-15328	155	33	sample	sample	NOUN
ajfa-15328	155	34	.	.	PUNCT
ajfa-15328	156	1	this	this	PRON
ajfa-15328	156	2	indicates	indicate	VERB
ajfa-15328	156	3	that	that	SCONJ
ajfa-15328	156	4	the	the	DET
ajfa-15328	156	5	governance	governance	NOUN
ajfa-15328	156	6	system	system	NOUN
ajfa-15328	156	7	is	be	AUX
ajfa-15328	156	8	efficient	efficient	ADJ
ajfa-15328	156	9	in	in	ADP
ajfa-15328	156	10	large	large	ADJ
ajfa-15328	156	11	companies	company	NOUN
ajfa-15328	156	12	.	.	PUNCT
ajfa-15328	157	1	indeed	indeed	ADV
ajfa-15328	157	2	,	,	PUNCT
ajfa-15328	157	3	they	they	PRON
ajfa-15328	157	4	have	have	VERB
ajfa-15328	157	5	the	the	DET
ajfa-15328	157	6	means	mean	NOUN
ajfa-15328	157	7	and	and	CCONJ
ajfa-15328	157	8	the	the	DET
ajfa-15328	157	9	capacity	capacity	NOUN
ajfa-15328	157	10	to	to	PART
ajfa-15328	157	11	invest	invest	VERB
ajfa-15328	157	12	in	in	ADP
ajfa-15328	157	13	more	more	ADV
ajfa-15328	157	14	efficient	efficient	ADJ
ajfa-15328	157	15	and	and	CCONJ
ajfa-15328	157	16	sophisticated	sophisticated	ADJ
ajfa-15328	157	17	governance	governance	NOUN
ajfa-15328	157	18	systems	system	NOUN
ajfa-15328	157	19	.	.	PUNCT
ajfa-15328	158	1	they	they	PRON
ajfa-15328	158	2	are	be	AUX
ajfa-15328	158	3	also	also	ADV
ajfa-15328	158	4	motivated	motivated	ADJ
ajfa-15328	158	5	to	to	PART
ajfa-15328	158	6	do	do	VERB
ajfa-15328	158	7	so	so	ADV
ajfa-15328	158	8	because	because	SCONJ
ajfa-15328	158	9	they	they	PRON
ajfa-15328	158	10	want	want	VERB
ajfa-15328	158	11	to	to	PART
ajfa-15328	158	12	maintain	maintain	VERB
ajfa-15328	158	13	their	their	PRON
ajfa-15328	158	14	competitive	competitive	ADJ
ajfa-15328	158	15	position	position	NOUN
ajfa-15328	158	16	and	and	CCONJ
ajfa-15328	158	17	reputation	reputation	NOUN
ajfa-15328	158	18	on	on	ADP
ajfa-15328	158	19	the	the	DET
ajfa-15328	158	20	stock	stock	NOUN
ajfa-15328	158	21	market	market	NOUN
ajfa-15328	158	22	.	.	PUNCT
ajfa-15328	159	1	these	these	DET
ajfa-15328	159	2	results	result	NOUN
ajfa-15328	159	3	are	be	AUX
ajfa-15328	159	4	consistent	consistent	ADJ
ajfa-15328	159	5	with	with	ADP
ajfa-15328	159	6	those	those	PRON
ajfa-15328	159	7	of	of	ADP
ajfa-15328	159	8	black	black	ADJ
ajfa-15328	159	9	et	et	PROPN
ajfa-15328	159	10	al	al	PROPN
ajfa-15328	159	11	.	.	PROPN
ajfa-15328	160	1	(	(	PUNCT
ajfa-15328	160	2	2006	2006	NUM
ajfa-15328	160	3	)	)	PUNCT
ajfa-15328	160	4	who	who	PRON
ajfa-15328	160	5	affirm	affirm	VERB
ajfa-15328	160	6	the	the	DET
ajfa-15328	160	7	existence	existence	NOUN
ajfa-15328	160	8	of	of	ADP
ajfa-15328	160	9	a	a	DET
ajfa-15328	160	10	positive	positive	ADJ
ajfa-15328	160	11	relationship	relationship	NOUN
ajfa-15328	160	12	between	between	ADP
ajfa-15328	160	13	governance	governance	NOUN
ajfa-15328	160	14	and	and	CCONJ
ajfa-15328	160	15	the	the	DET
ajfa-15328	160	16	size	size	NOUN
ajfa-15328	160	17	of	of	ADP
ajfa-15328	160	18	the	the	DET
ajfa-15328	160	19	firm	firm	NOUN
ajfa-15328	160	20	.	.	PUNCT
ajfa-15328	161	1	asian	asian	ADJ
ajfa-15328	161	2	journal	journal	PROPN
ajfa-15328	161	3	of	of	ADP
ajfa-15328	161	4	finance	finance	PROPN
ajfa-15328	161	5	&	&	CCONJ
ajfa-15328	161	6	accounting	accounting	PROPN
ajfa-15328	161	7	issn	issn	PROPN
ajfa-15328	161	8	1946	1946	NUM
ajfa-15328	161	9	-	-	PUNCT
ajfa-15328	161	10	052x	052x	PROPN
ajfa-15328	161	11	2019	2019	NUM
ajfa-15328	161	12	,	,	PUNCT
ajfa-15328	161	13	vol	vol	NOUN
ajfa-15328	161	14	.	.	PROPN
ajfa-15328	161	15	11	11	NUM
ajfa-15328	161	16	,	,	PUNCT
ajfa-15328	161	17	no	no	INTJ
ajfa-15328	161	18	.	.	NOUN
ajfa-15328	161	19	2	2	NUM
ajfa-15328	161	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	161	21	76	76	NUM
ajfa-15328	161	22	however	however	ADV
ajfa-15328	161	23	,	,	PUNCT
ajfa-15328	161	24	we	we	PRON
ajfa-15328	161	25	note	note	VERB
ajfa-15328	161	26	a	a	DET
ajfa-15328	161	27	negative	negative	ADJ
ajfa-15328	161	28	effect	effect	NOUN
ajfa-15328	161	29	of	of	ADP
ajfa-15328	161	30	indebtedness	indebtedness	NOUN
ajfa-15328	161	31	on	on	ADP
ajfa-15328	161	32	efficiency	efficiency	NOUN
ajfa-15328	161	33	.	.	PUNCT
ajfa-15328	162	1	in	in	ADP
ajfa-15328	162	2	other	other	ADJ
ajfa-15328	162	3	words	word	NOUN
ajfa-15328	162	4	,	,	PUNCT
ajfa-15328	162	5	inefficiency	inefficiency	NOUN
ajfa-15328	162	6	arises	arise	VERB
ajfa-15328	162	7	both	both	CCONJ
ajfa-15328	162	8	from	from	ADP
ajfa-15328	162	9	a	a	DET
ajfa-15328	162	10	failure	failure	NOUN
ajfa-15328	162	11	in	in	ADP
ajfa-15328	162	12	the	the	DET
ajfa-15328	162	13	ownership	ownership	NOUN
ajfa-15328	162	14	structure	structure	NOUN
ajfa-15328	162	15	and	and	CCONJ
ajfa-15328	162	16	at	at	ADP
ajfa-15328	162	17	the	the	DET
ajfa-15328	162	18	level	level	NOUN
ajfa-15328	162	19	of	of	ADP
ajfa-15328	162	20	the	the	DET
ajfa-15328	162	21	board	board	NOUN
ajfa-15328	162	22	structure	structure	NOUN
ajfa-15328	162	23	.	.	PUNCT
ajfa-15328	163	1	this	this	DET
ajfa-15328	163	2	result	result	NOUN
ajfa-15328	163	3	shows	show	VERB
ajfa-15328	163	4	that	that	SCONJ
ajfa-15328	163	5	the	the	DET
ajfa-15328	163	6	most	most	ADV
ajfa-15328	163	7	indebted	indebted	ADJ
ajfa-15328	163	8	companies	company	NOUN
ajfa-15328	163	9	suffer	suffer	VERB
ajfa-15328	163	10	from	from	ADP
ajfa-15328	163	11	an	an	DET
ajfa-15328	163	12	inefficient	inefficient	ADJ
ajfa-15328	163	13	governance	governance	NOUN
ajfa-15328	163	14	system	system	NOUN
ajfa-15328	163	15	.	.	PUNCT
ajfa-15328	164	1	further	far	ADV
ajfa-15328	164	2	,	,	PUNCT
ajfa-15328	164	3	these	these	DET
ajfa-15328	164	4	results	result	NOUN
ajfa-15328	164	5	show	show	VERB
ajfa-15328	164	6	that	that	SCONJ
ajfa-15328	164	7	in	in	ADP
ajfa-15328	164	8	the	the	DET
ajfa-15328	164	9	financial	financial	ADJ
ajfa-15328	164	10	sector	sector	NOUN
ajfa-15328	164	11	(	(	PUNCT
ajfa-15328	164	12	represented	represent	VERB
ajfa-15328	164	13	mainly	mainly	ADV
ajfa-15328	164	14	by	by	ADP
ajfa-15328	164	15	the	the	DET
ajfa-15328	164	16	banks	bank	NOUN
ajfa-15328	164	17	)	)	PUNCT
ajfa-15328	164	18	,	,	PUNCT
ajfa-15328	164	19	the	the	DET
ajfa-15328	164	20	governance	governance	NOUN
ajfa-15328	164	21	system	system	NOUN
ajfa-15328	164	22	is	be	AUX
ajfa-15328	164	23	inefficient	inefficient	ADJ
ajfa-15328	164	24	,	,	PUNCT
ajfa-15328	164	25	which	which	PRON
ajfa-15328	164	26	reflects	reflect	VERB
ajfa-15328	164	27	the	the	DET
ajfa-15328	164	28	reality	reality	NOUN
ajfa-15328	164	29	of	of	ADP
ajfa-15328	164	30	tunisian	tunisian	ADJ
ajfa-15328	164	31	companies	company	NOUN
ajfa-15328	164	32	in	in	ADP
ajfa-15328	164	33	this	this	DET
ajfa-15328	164	34	sector	sector	NOUN
ajfa-15328	164	35	.	.	PUNCT
ajfa-15328	165	1	indeed	indeed	ADV
ajfa-15328	165	2	,	,	PUNCT
ajfa-15328	165	3	the	the	DET
ajfa-15328	165	4	specificity	specificity	NOUN
ajfa-15328	165	5	of	of	ADP
ajfa-15328	165	6	the	the	DET
ajfa-15328	165	7	sector	sector	NOUN
ajfa-15328	165	8	strongly	strongly	ADV
ajfa-15328	165	9	influences	influence	VERB
ajfa-15328	165	10	the	the	DET
ajfa-15328	165	11	governance	governance	NOUN
ajfa-15328	165	12	system	system	NOUN
ajfa-15328	165	13	of	of	ADP
ajfa-15328	165	14	companies	company	NOUN
ajfa-15328	165	15	in	in	ADP
ajfa-15328	165	16	this	this	DET
ajfa-15328	165	17	field	field	NOUN
ajfa-15328	165	18	.	.	PUNCT
ajfa-15328	166	1	this	this	DET
ajfa-15328	166	2	sector	sector	NOUN
ajfa-15328	166	3	is	be	AUX
ajfa-15328	166	4	more	more	ADV
ajfa-15328	166	5	complex	complex	ADJ
ajfa-15328	166	6	as	as	SCONJ
ajfa-15328	166	7	it	it	PRON
ajfa-15328	166	8	includes	include	VERB
ajfa-15328	166	9	several	several	ADJ
ajfa-15328	166	10	partners	partner	NOUN
ajfa-15328	166	11	with	with	ADP
ajfa-15328	166	12	divergent	divergent	ADJ
ajfa-15328	166	13	interests	interest	NOUN
ajfa-15328	166	14	.	.	PUNCT
ajfa-15328	167	1	it	it	PRON
ajfa-15328	167	2	is	be	AUX
ajfa-15328	167	3	characterized	characterize	VERB
ajfa-15328	167	4	by	by	ADP
ajfa-15328	167	5	external	external	ADJ
ajfa-15328	167	6	mechanisms	mechanism	NOUN
ajfa-15328	167	7	with	with	ADP
ajfa-15328	167	8	controversial	controversial	ADJ
ajfa-15328	167	9	effects	effect	NOUN
ajfa-15328	167	10	and	and	CCONJ
ajfa-15328	167	11	a	a	DET
ajfa-15328	167	12	discipline	discipline	NOUN
ajfa-15328	167	13	exerted	exert	VERB
ajfa-15328	167	14	by	by	ADP
ajfa-15328	167	15	ineffective	ineffective	ADJ
ajfa-15328	167	16	or	or	CCONJ
ajfa-15328	167	17	limited	limited	ADJ
ajfa-15328	167	18	markets	market	NOUN
ajfa-15328	167	19	.	.	PUNCT
ajfa-15328	168	1	4.4	4.4	NUM
ajfa-15328	168	2	.	.	PUNCT
ajfa-15328	169	1	characteristics	characteristic	NOUN
ajfa-15328	169	2	of	of	ADP
ajfa-15328	169	3	efficiency	efficiency	NOUN
ajfa-15328	169	4	indices	indice	VERB
ajfa-15328	169	5	the	the	DET
ajfa-15328	169	6	goal	goal	NOUN
ajfa-15328	169	7	of	of	ADP
ajfa-15328	169	8	this	this	DET
ajfa-15328	169	9	section	section	NOUN
ajfa-15328	169	10	is	be	AUX
ajfa-15328	169	11	to	to	PART
ajfa-15328	169	12	study	study	VERB
ajfa-15328	169	13	the	the	DET
ajfa-15328	169	14	profile	profile	NOUN
ajfa-15328	169	15	of	of	ADP
ajfa-15328	169	16	calculated	calculated	ADJ
ajfa-15328	169	17	efficiency	efficiency	NOUN
ajfa-15328	169	18	indices	index	NOUN
ajfa-15328	169	19	.	.	PUNCT
ajfa-15328	170	1	figure	figure	NOUN
ajfa-15328	170	2	1	1	NUM
ajfa-15328	170	3	.	.	PUNCT
ajfa-15328	171	1	classification	classification	NOUN
ajfa-15328	171	2	of	of	ADP
ajfa-15328	171	3	companies	company	NOUN
ajfa-15328	171	4	by	by	ADP
ajfa-15328	171	5	means	mean	NOUN
ajfa-15328	171	6	of	of	ADP
ajfa-15328	171	7	the	the	DET
ajfa-15328	171	8	averages	average	NOUN
ajfa-15328	171	9	of	of	ADP
ajfa-15328	171	10	efficiency	efficiency	NOUN
ajfa-15328	171	11	indices	indice	VERB
ajfa-15328	171	12	this	this	DET
ajfa-15328	171	13	figure	figure	NOUN
ajfa-15328	171	14	shows	show	VERB
ajfa-15328	171	15	the	the	DET
ajfa-15328	171	16	distribution	distribution	NOUN
ajfa-15328	171	17	of	of	ADP
ajfa-15328	171	18	tunisian	tunisian	ADJ
ajfa-15328	171	19	listed	list	VERB
ajfa-15328	171	20	companies	company	NOUN
ajfa-15328	171	21	based	base	VERB
ajfa-15328	171	22	on	on	ADP
ajfa-15328	171	23	average	average	ADJ
ajfa-15328	171	24	indices	index	NOUN
ajfa-15328	171	25	reflecting	reflect	VERB
ajfa-15328	171	26	the	the	DET
ajfa-15328	171	27	efficiency	efficiency	NOUN
ajfa-15328	171	28	of	of	ADP
ajfa-15328	171	29	corporate	corporate	ADJ
ajfa-15328	171	30	governance	governance	NOUN
ajfa-15328	171	31	.	.	PUNCT
ajfa-15328	172	1	the	the	DET
ajfa-15328	172	2	results	result	NOUN
ajfa-15328	172	3	obtained	obtain	VERB
ajfa-15328	172	4	show	show	VERB
ajfa-15328	172	5	that	that	SCONJ
ajfa-15328	172	6	the	the	DET
ajfa-15328	172	7	majority	majority	NOUN
ajfa-15328	172	8	of	of	ADP
ajfa-15328	172	9	tunisian	tunisian	ADJ
ajfa-15328	172	10	listed	list	VERB
ajfa-15328	172	11	companies	company	NOUN
ajfa-15328	172	12	are	be	AUX
ajfa-15328	172	13	relatively	relatively	ADV
ajfa-15328	172	14	characterized	characterize	VERB
ajfa-15328	172	15	by	by	ADP
ajfa-15328	172	16	a	a	DET
ajfa-15328	172	17	poor	poor	ADJ
ajfa-15328	172	18	efficiency	efficiency	NOUN
ajfa-15328	172	19	in	in	ADP
ajfa-15328	172	20	terms	term	NOUN
ajfa-15328	172	21	of	of	ADP
ajfa-15328	172	22	governance	governance	NOUN
ajfa-15328	172	23	practices	practice	NOUN
ajfa-15328	172	24	related	relate	VERB
ajfa-15328	172	25	to	to	ADP
ajfa-15328	172	26	the	the	DET
ajfa-15328	172	27	ownership	ownership	NOUN
ajfa-15328	172	28	structure	structure	NOUN
ajfa-15328	172	29	and	and	CCONJ
ajfa-15328	172	30	the	the	DET
ajfa-15328	172	31	board	board	NOUN
ajfa-15328	172	32	of	of	ADP
ajfa-15328	172	33	directors	director	NOUN
ajfa-15328	172	34	.	.	PUNCT
ajfa-15328	173	1	indeed	indeed	ADV
ajfa-15328	173	2	,	,	PUNCT
ajfa-15328	173	3	this	this	DET
ajfa-15328	173	4	theme	theme	NOUN
ajfa-15328	173	5	is	be	AUX
ajfa-15328	173	6	not	not	PART
ajfa-15328	173	7	yet	yet	ADV
ajfa-15328	173	8	very	very	ADV
ajfa-15328	173	9	developed	developed	ADJ
ajfa-15328	173	10	in	in	ADP
ajfa-15328	173	11	tunisia	tunisia	NOUN
ajfa-15328	173	12	,	,	PUNCT
ajfa-15328	173	13	and	and	CCONJ
ajfa-15328	173	14	tunisian	tunisian	ADJ
ajfa-15328	173	15	companies	company	NOUN
ajfa-15328	173	16	do	do	AUX
ajfa-15328	173	17	not	not	PART
ajfa-15328	173	18	have	have	VERB
ajfa-15328	173	19	a	a	DET
ajfa-15328	173	20	code	code	NOUN
ajfa-15328	173	21	of	of	ADP
ajfa-15328	173	22	good	good	ADJ
ajfa-15328	173	23	governance	governance	NOUN
ajfa-15328	173	24	practices	practice	NOUN
ajfa-15328	173	25	that	that	PRON
ajfa-15328	173	26	they	they	PRON
ajfa-15328	173	27	are	be	AUX
ajfa-15328	173	28	supposed	suppose	VERB
ajfa-15328	173	29	to	to	PART
ajfa-15328	173	30	follow	follow	VERB
ajfa-15328	173	31	and	and	CCONJ
ajfa-15328	173	32	apply	apply	VERB
ajfa-15328	173	33	the	the	DET
ajfa-15328	173	34	recommendations	recommendation	NOUN
ajfa-15328	173	35	.	.	PUNCT
ajfa-15328	174	1	it	it	PRON
ajfa-15328	174	2	was	be	AUX
ajfa-15328	174	3	only	only	ADV
ajfa-15328	174	4	in	in	ADP
ajfa-15328	174	5	2008	2008	NUM
ajfa-15328	174	6	that	that	SCONJ
ajfa-15328	174	7	tunisia	tunisia	NOUN
ajfa-15328	174	8	put	put	VERB
ajfa-15328	174	9	in	in	ADP
ajfa-15328	174	10	place	place	NOUN
ajfa-15328	174	11	a	a	DET
ajfa-15328	174	12	code	code	NOUN
ajfa-15328	174	13	expressing	express	VERB
ajfa-15328	174	14	best	good	ADJ
ajfa-15328	174	15	practices	practice	NOUN
ajfa-15328	174	16	in	in	ADP
ajfa-15328	174	17	governance	governance	NOUN
ajfa-15328	174	18	.	.	PUNCT
ajfa-15328	175	1	however	however	ADV
ajfa-15328	175	2	,	,	PUNCT
ajfa-15328	175	3	the	the	DET
ajfa-15328	175	4	rules	rule	NOUN
ajfa-15328	175	5	in	in	ADP
ajfa-15328	175	6	this	this	DET
ajfa-15328	175	7	report	report	NOUN
ajfa-15328	175	8	are	be	AUX
ajfa-15328	175	9	a	a	DET
ajfa-15328	175	10	bit	bit	NOUN
ajfa-15328	175	11	general	general	ADJ
ajfa-15328	175	12	and	and	CCONJ
ajfa-15328	175	13	their	their	PRON
ajfa-15328	175	14	bo	bo	PROPN
ajfa-15328	175	15	rd	rd	PROPN
ajfa-15328	175	16	_	_	NOUN
ajfa-15328	176	1	i	i	PRON
ajfa-15328	176	2	nd	nd	VERB
ajfa-15328	176	3	ex	ex	VERB
ajfa-15328	176	4	ownership_index	ownership_index	ADJ
ajfa-15328	176	5	asian	asian	ADJ
ajfa-15328	176	6	journal	journal	NOUN
ajfa-15328	176	7	of	of	ADP
ajfa-15328	176	8	finance	finance	PROPN
ajfa-15328	176	9	&	&	CCONJ
ajfa-15328	176	10	accounting	accounting	PROPN
ajfa-15328	176	11	issn	issn	PROPN
ajfa-15328	176	12	1946	1946	NUM
ajfa-15328	176	13	-	-	PUNCT
ajfa-15328	176	14	052x	052x	PROPN
ajfa-15328	176	15	2019	2019	NUM
ajfa-15328	176	16	,	,	PUNCT
ajfa-15328	176	17	vol	vol	NOUN
ajfa-15328	176	18	.	.	PROPN
ajfa-15328	176	19	11	11	NUM
ajfa-15328	176	20	,	,	PUNCT
ajfa-15328	176	21	no	no	INTJ
ajfa-15328	176	22	.	.	NOUN
ajfa-15328	176	23	2	2	NUM
ajfa-15328	176	24	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	176	25	77	77	NUM
ajfa-15328	176	26	application	application	NOUN
ajfa-15328	176	27	is	be	AUX
ajfa-15328	176	28	not	not	PART
ajfa-15328	176	29	forced	force	VERB
ajfa-15328	176	30	.	.	PUNCT
ajfa-15328	177	1	nevertheless	nevertheless	ADV
ajfa-15328	177	2	,	,	PUNCT
ajfa-15328	177	3	only	only	ADV
ajfa-15328	177	4	five	five	NUM
ajfa-15328	177	5	companies	company	NOUN
ajfa-15328	177	6	are	be	AUX
ajfa-15328	177	7	,	,	PUNCT
ajfa-15328	177	8	on	on	ADP
ajfa-15328	177	9	average	average	ADJ
ajfa-15328	177	10	,	,	PUNCT
ajfa-15328	177	11	efficient	efficient	ADJ
ajfa-15328	177	12	in	in	ADP
ajfa-15328	177	13	terms	term	NOUN
ajfa-15328	177	14	of	of	ADP
ajfa-15328	177	15	governance	governance	NOUN
ajfa-15328	177	16	(	(	PUNCT
ajfa-15328	177	17	sotrapil	sotrapil	PROPN
ajfa-15328	177	18	,	,	PUNCT
ajfa-15328	177	19	sfbt	sfbt	PROPN
ajfa-15328	177	20	,	,	PUNCT
ajfa-15328	177	21	siame	siame	PROPN
ajfa-15328	177	22	,	,	PUNCT
ajfa-15328	177	23	air	air	NOUN
ajfa-15328	177	24	liquide	liquide	NOUN
ajfa-15328	177	25	and	and	CCONJ
ajfa-15328	177	26	spdit	spdit	NOUN
ajfa-15328	177	27	sicaf	sicaf	NOUN
ajfa-15328	177	28	)	)	PUNCT
ajfa-15328	177	29	,	,	PUNCT
ajfa-15328	177	30	which	which	PRON
ajfa-15328	177	31	corresponds	correspond	VERB
ajfa-15328	177	32	to	to	ADP
ajfa-15328	177	33	10.87	10.87	NUM
ajfa-15328	177	34	%	%	NOUN
ajfa-15328	177	35	of	of	ADP
ajfa-15328	177	36	the	the	DET
ajfa-15328	177	37	companies	company	NOUN
ajfa-15328	177	38	in	in	ADP
ajfa-15328	177	39	the	the	DET
ajfa-15328	177	40	sample	sample	NOUN
ajfa-15328	177	41	.	.	PUNCT
ajfa-15328	178	1	indeed	indeed	ADV
ajfa-15328	178	2	,	,	PUNCT
ajfa-15328	178	3	we	we	PRON
ajfa-15328	178	4	notice	notice	VERB
ajfa-15328	178	5	that	that	SCONJ
ajfa-15328	178	6	in	in	ADP
ajfa-15328	178	7	class	class	NOUN
ajfa-15328	178	8	3	3	NUM
ajfa-15328	178	9	(	(	PUNCT
ajfa-15328	178	10	poor	poor	ADJ
ajfa-15328	178	11	efficiency	efficiency	NOUN
ajfa-15328	178	12	)	)	PUNCT
ajfa-15328	178	13	the	the	DET
ajfa-15328	178	14	majority	majority	NOUN
ajfa-15328	178	15	of	of	ADP
ajfa-15328	178	16	companies	company	NOUN
ajfa-15328	178	17	belong	belong	VERB
ajfa-15328	178	18	to	to	ADP
ajfa-15328	178	19	the	the	DET
ajfa-15328	178	20	financial	financial	ADJ
ajfa-15328	178	21	sector	sector	NOUN
ajfa-15328	178	22	.	.	PUNCT
ajfa-15328	179	1	similarly	similarly	ADV
ajfa-15328	179	2	,	,	PUNCT
ajfa-15328	179	3	class	class	NOUN
ajfa-15328	179	4	1	1	NUM
ajfa-15328	179	5	(	(	PUNCT
ajfa-15328	179	6	good	good	ADJ
ajfa-15328	179	7	efficiency	efficiency	NOUN
ajfa-15328	179	8	)	)	PUNCT
ajfa-15328	179	9	shows	show	VERB
ajfa-15328	179	10	that	that	SCONJ
ajfa-15328	179	11	the	the	DET
ajfa-15328	179	12	majority	majority	NOUN
ajfa-15328	179	13	of	of	ADP
ajfa-15328	179	14	companies	company	NOUN
ajfa-15328	179	15	with	with	ADP
ajfa-15328	179	16	good	good	ADJ
ajfa-15328	179	17	governance	governance	NOUN
ajfa-15328	179	18	practices	practice	NOUN
ajfa-15328	179	19	are	be	AUX
ajfa-15328	179	20	non	non	ADJ
ajfa-15328	179	21	-	-	ADJ
ajfa-15328	179	22	financial	financial	ADJ
ajfa-15328	179	23	enterprises	enterprise	NOUN
ajfa-15328	179	24	,	,	PUNCT
ajfa-15328	179	25	which	which	PRON
ajfa-15328	179	26	shows	show	VERB
ajfa-15328	179	27	that	that	SCONJ
ajfa-15328	179	28	tunisian	tunisian	ADJ
ajfa-15328	179	29	firms	firm	NOUN
ajfa-15328	179	30	in	in	ADP
ajfa-15328	179	31	general	general	ADJ
ajfa-15328	179	32	and	and	CCONJ
ajfa-15328	179	33	particularly	particularly	ADV
ajfa-15328	179	34	those	those	PRON
ajfa-15328	179	35	in	in	ADP
ajfa-15328	179	36	the	the	DET
ajfa-15328	179	37	financial	financial	ADJ
ajfa-15328	179	38	sector	sector	NOUN
ajfa-15328	179	39	(	(	PUNCT
ajfa-15328	179	40	represented	represent	VERB
ajfa-15328	179	41	mainly	mainly	ADV
ajfa-15328	179	42	by	by	ADP
ajfa-15328	179	43	the	the	DET
ajfa-15328	179	44	banks	bank	NOUN
ajfa-15328	179	45	)	)	PUNCT
ajfa-15328	179	46	suffer	suffer	VERB
ajfa-15328	179	47	from	from	ADP
ajfa-15328	179	48	a	a	DET
ajfa-15328	179	49	problem	problem	NOUN
ajfa-15328	179	50	of	of	ADP
ajfa-15328	179	51	governance	governance	NOUN
ajfa-15328	179	52	.	.	PUNCT
ajfa-15328	180	1	indeed	indeed	ADV
ajfa-15328	180	2	,	,	PUNCT
ajfa-15328	180	3	banks	bank	NOUN
ajfa-15328	180	4	are	be	AUX
ajfa-15328	180	5	more	more	ADV
ajfa-15328	180	6	opaque	opaque	ADJ
ajfa-15328	180	7	than	than	ADP
ajfa-15328	180	8	other	other	ADJ
ajfa-15328	180	9	firms	firm	NOUN
ajfa-15328	180	10	,	,	PUNCT
ajfa-15328	180	11	(	(	PUNCT
ajfa-15328	180	12	furfine	furfine	NOUN
ajfa-15328	180	13	,	,	PUNCT
ajfa-15328	180	14	2001	2001	NUM
ajfa-15328	180	15	)	)	PUNCT
ajfa-15328	180	16	.	.	PUNCT
ajfa-15328	181	1	in	in	ADP
ajfa-15328	181	2	other	other	ADJ
ajfa-15328	181	3	words	word	NOUN
ajfa-15328	181	4	,	,	PUNCT
ajfa-15328	181	5	they	they	PRON
ajfa-15328	181	6	present	present	VERB
ajfa-15328	181	7	problems	problem	NOUN
ajfa-15328	181	8	of	of	ADP
ajfa-15328	181	9	transparency	transparency	NOUN
ajfa-15328	181	10	towards	towards	ADP
ajfa-15328	181	11	all	all	DET
ajfa-15328	181	12	the	the	DET
ajfa-15328	181	13	constituents	constituent	NOUN
ajfa-15328	181	14	of	of	ADP
ajfa-15328	181	15	their	their	PRON
ajfa-15328	181	16	internal	internal	ADJ
ajfa-15328	181	17	and	and	CCONJ
ajfa-15328	181	18	external	external	ADJ
ajfa-15328	181	19	environments	environment	NOUN
ajfa-15328	181	20	.	.	PUNCT
ajfa-15328	182	1	they	they	PRON
ajfa-15328	182	2	are	be	AUX
ajfa-15328	182	3	characterized	characterize	VERB
ajfa-15328	182	4	by	by	ADP
ajfa-15328	182	5	distinct	distinct	ADJ
ajfa-15328	182	6	and	and	CCONJ
ajfa-15328	182	7	accentuated	accentuated	ADJ
ajfa-15328	182	8	agency	agency	NOUN
ajfa-15328	182	9	problems	problem	NOUN
ajfa-15328	182	10	compared	compare	VERB
ajfa-15328	182	11	to	to	ADP
ajfa-15328	182	12	other	other	ADJ
ajfa-15328	182	13	firms	firm	NOUN
ajfa-15328	182	14	,	,	PUNCT
ajfa-15328	182	15	which	which	PRON
ajfa-15328	182	16	are	be	AUX
ajfa-15328	182	17	generated	generate	VERB
ajfa-15328	182	18	mainly	mainly	ADV
ajfa-15328	182	19	by	by	ADP
ajfa-15328	182	20	the	the	DET
ajfa-15328	182	21	information	information	NOUN
ajfa-15328	182	22	asymmetry	asymmetry	NOUN
ajfa-15328	182	23	existing	exist	VERB
ajfa-15328	182	24	between	between	ADP
ajfa-15328	182	25	all	all	DET
ajfa-15328	182	26	the	the	DET
ajfa-15328	182	27	players	player	NOUN
ajfa-15328	182	28	in	in	ADP
ajfa-15328	182	29	the	the	DET
ajfa-15328	182	30	banking	banking	NOUN
ajfa-15328	182	31	sector	sector	NOUN
ajfa-15328	182	32	(	(	PUNCT
ajfa-15328	182	33	llewellyn	llewellyn	PROPN
ajfa-15328	182	34	,	,	PUNCT
ajfa-15328	182	35	2001	2001	NUM
ajfa-15328	182	36	)	)	PUNCT
ajfa-15328	182	37	.	.	PUNCT
ajfa-15328	183	1	this	this	DET
ajfa-15328	183	2	information	information	NOUN
ajfa-15328	183	3	asymmetry	asymmetry	NOUN
ajfa-15328	183	4	affects	affect	VERB
ajfa-15328	183	5	the	the	DET
ajfa-15328	183	6	relations	relation	NOUN
ajfa-15328	183	7	between	between	ADP
ajfa-15328	183	8	the	the	DET
ajfa-15328	183	9	directors	director	NOUN
ajfa-15328	183	10	and	and	CCONJ
ajfa-15328	183	11	the	the	DET
ajfa-15328	183	12	members	member	NOUN
ajfa-15328	183	13	of	of	ADP
ajfa-15328	183	14	the	the	DET
ajfa-15328	183	15	bank	bank	NOUN
ajfa-15328	183	16	's	's	PART
ajfa-15328	183	17	board	board	NOUN
ajfa-15328	183	18	.	.	PUNCT
ajfa-15328	184	1	it	it	PRON
ajfa-15328	184	2	also	also	ADV
ajfa-15328	184	3	affects	affect	VERB
ajfa-15328	184	4	the	the	DET
ajfa-15328	184	5	relations	relation	NOUN
ajfa-15328	184	6	between	between	ADP
ajfa-15328	184	7	these	these	DET
ajfa-15328	184	8	"	"	PUNCT
ajfa-15328	184	9	interns	intern	NOUN
ajfa-15328	184	10	"	"	PUNCT
ajfa-15328	184	11	and	and	CCONJ
ajfa-15328	184	12	the	the	DET
ajfa-15328	184	13	shareholders	shareholder	NOUN
ajfa-15328	184	14	.	.	PUNCT
ajfa-15328	185	1	5	5	X
ajfa-15328	185	2	.	.	X
ajfa-15328	185	3	conclusion	conclusion	NOUN
ajfa-15328	185	4	this	this	DET
ajfa-15328	185	5	work	work	NOUN
ajfa-15328	185	6	aims	aim	VERB
ajfa-15328	185	7	to	to	PART
ajfa-15328	185	8	develop	develop	VERB
ajfa-15328	185	9	a	a	DET
ajfa-15328	185	10	synthetic	synthetic	ADJ
ajfa-15328	185	11	index	index	NOUN
ajfa-15328	185	12	of	of	ADP
ajfa-15328	185	13	corporate	corporate	ADJ
ajfa-15328	185	14	governance	governance	NOUN
ajfa-15328	185	15	practices	practice	NOUN
ajfa-15328	185	16	,	,	PUNCT
ajfa-15328	185	17	based	base	VERB
ajfa-15328	185	18	on	on	ADP
ajfa-15328	185	19	the	the	DET
ajfa-15328	185	20	stochastic	stochastic	ADJ
ajfa-15328	185	21	frontier	frontier	NOUN
ajfa-15328	185	22	method	method	NOUN
ajfa-15328	185	23	,	,	PUNCT
ajfa-15328	185	24	which	which	PRON
ajfa-15328	185	25	is	be	AUX
ajfa-15328	185	26	determined	determine	VERB
ajfa-15328	185	27	by	by	ADP
ajfa-15328	185	28	the	the	DET
ajfa-15328	185	29	level	level	NOUN
ajfa-15328	185	30	of	of	ADP
ajfa-15328	185	31	performance	performance	NOUN
ajfa-15328	185	32	achieved	achieve	VERB
ajfa-15328	185	33	by	by	ADP
ajfa-15328	185	34	different	different	ADJ
ajfa-15328	185	35	firms	firm	NOUN
ajfa-15328	185	36	.	.	PUNCT
ajfa-15328	186	1	in	in	ADP
ajfa-15328	186	2	addition	addition	NOUN
ajfa-15328	186	3	,	,	PUNCT
ajfa-15328	186	4	the	the	DET
ajfa-15328	186	5	adopted	adopt	VERB
ajfa-15328	186	6	model	model	NOUN
ajfa-15328	186	7	has	have	VERB
ajfa-15328	186	8	the	the	DET
ajfa-15328	186	9	advantage	advantage	NOUN
ajfa-15328	186	10	of	of	ADP
ajfa-15328	186	11	evaluating	evaluate	VERB
ajfa-15328	186	12	the	the	DET
ajfa-15328	186	13	quality	quality	NOUN
ajfa-15328	186	14	of	of	ADP
ajfa-15328	186	15	the	the	DET
ajfa-15328	186	16	governance	governance	NOUN
ajfa-15328	186	17	practices	practice	NOUN
ajfa-15328	186	18	of	of	ADP
ajfa-15328	186	19	each	each	DET
ajfa-15328	186	20	firm	firm	NOUN
ajfa-15328	186	21	,	,	PUNCT
ajfa-15328	186	22	and	and	CCONJ
ajfa-15328	186	23	offering	offer	VERB
ajfa-15328	186	24	benchmarking	benchmarking	NOUN
ajfa-15328	186	25	tools	tool	NOUN
ajfa-15328	186	26	since	since	SCONJ
ajfa-15328	186	27	the	the	DET
ajfa-15328	186	28	determination	determination	NOUN
ajfa-15328	186	29	of	of	ADP
ajfa-15328	186	30	the	the	DET
ajfa-15328	186	31	frontier	frontier	NOUN
ajfa-15328	186	32	makes	make	VERB
ajfa-15328	186	33	it	it	PRON
ajfa-15328	186	34	possible	possible	ADJ
ajfa-15328	186	35	to	to	PART
ajfa-15328	186	36	identify	identify	VERB
ajfa-15328	186	37	the	the	DET
ajfa-15328	186	38	efficient	efficient	ADJ
ajfa-15328	186	39	firms	firm	NOUN
ajfa-15328	186	40	that	that	PRON
ajfa-15328	186	41	have	have	VERB
ajfa-15328	186	42	the	the	DET
ajfa-15328	186	43	‘	'	PUNCT
ajfa-15328	186	44	best	good	ADJ
ajfa-15328	186	45	practices	practice	NOUN
ajfa-15328	186	46	’	'	PUNCT
ajfa-15328	186	47	,	,	PUNCT
ajfa-15328	186	48	and	and	CCONJ
ajfa-15328	186	49	can	can	AUX
ajfa-15328	186	50	therefore	therefore	ADV
ajfa-15328	186	51	serve	serve	VERB
ajfa-15328	186	52	as	as	ADP
ajfa-15328	186	53	a	a	DET
ajfa-15328	186	54	reference	reference	NOUN
ajfa-15328	186	55	for	for	ADP
ajfa-15328	186	56	others	other	NOUN
ajfa-15328	186	57	.	.	PUNCT
ajfa-15328	187	1	it	it	PRON
ajfa-15328	187	2	also	also	ADV
ajfa-15328	187	3	enables	enable	VERB
ajfa-15328	187	4	businesses	business	NOUN
ajfa-15328	187	5	to	to	PART
ajfa-15328	187	6	identify	identify	VERB
ajfa-15328	187	7	ways	way	NOUN
ajfa-15328	187	8	to	to	PART
ajfa-15328	187	9	access	access	VERB
ajfa-15328	187	10	"	"	PUNCT
ajfa-15328	187	11	best	good	ADJ
ajfa-15328	187	12	practices	practice	NOUN
ajfa-15328	187	13	"	"	PUNCT
ajfa-15328	187	14	,	,	PUNCT
ajfa-15328	187	15	which	which	PRON
ajfa-15328	187	16	are	be	AUX
ajfa-15328	187	17	a	a	DET
ajfa-15328	187	18	guarantee	guarantee	NOUN
ajfa-15328	187	19	of	of	ADP
ajfa-15328	187	20	better	well	ADJ
ajfa-15328	187	21	performance	performance	NOUN
ajfa-15328	187	22	.	.	PUNCT
ajfa-15328	188	1	on	on	ADP
ajfa-15328	188	2	the	the	DET
ajfa-15328	188	3	other	other	ADJ
ajfa-15328	188	4	hand	hand	NOUN
ajfa-15328	188	5	,	,	PUNCT
ajfa-15328	188	6	the	the	DET
ajfa-15328	188	7	model	model	NOUN
ajfa-15328	188	8	makes	make	VERB
ajfa-15328	188	9	it	it	PRON
ajfa-15328	188	10	possible	possible	ADJ
ajfa-15328	188	11	to	to	PART
ajfa-15328	188	12	determine	determine	VERB
ajfa-15328	188	13	the	the	DET
ajfa-15328	188	14	effect	effect	NOUN
ajfa-15328	188	15	of	of	ADP
ajfa-15328	188	16	corporate	corporate	ADJ
ajfa-15328	188	17	governance	governance	NOUN
ajfa-15328	188	18	characteristics	characteristic	NOUN
ajfa-15328	188	19	on	on	ADP
ajfa-15328	188	20	performance	performance	NOUN
ajfa-15328	188	21	as	as	ADV
ajfa-15328	188	22	well	well	ADV
ajfa-15328	188	23	as	as	ADP
ajfa-15328	188	24	the	the	DET
ajfa-15328	188	25	effect	effect	NOUN
ajfa-15328	188	26	of	of	ADP
ajfa-15328	188	27	firm	firm	ADJ
ajfa-15328	188	28	-	-	PUNCT
ajfa-15328	188	29	specific	specific	ADJ
ajfa-15328	188	30	characteristics	characteristic	NOUN
ajfa-15328	188	31	on	on	ADP
ajfa-15328	188	32	efficiency	efficiency	NOUN
ajfa-15328	188	33	indices	index	NOUN
ajfa-15328	188	34	.	.	PUNCT
ajfa-15328	189	1	the	the	DET
ajfa-15328	189	2	results	result	NOUN
ajfa-15328	189	3	obtained	obtain	VERB
ajfa-15328	189	4	show	show	VERB
ajfa-15328	189	5	a	a	DET
ajfa-15328	189	6	globally	globally	ADV
ajfa-15328	189	7	significant	significant	ADJ
ajfa-15328	189	8	impact	impact	NOUN
ajfa-15328	189	9	of	of	ADP
ajfa-15328	189	10	firm	firm	ADJ
ajfa-15328	189	11	-	-	PUNCT
ajfa-15328	189	12	specific	specific	ADJ
ajfa-15328	189	13	characteristics	characteristic	NOUN
ajfa-15328	189	14	on	on	ADP
ajfa-15328	189	15	the	the	DET
ajfa-15328	189	16	level	level	NOUN
ajfa-15328	189	17	of	of	ADP
ajfa-15328	189	18	efficiency	efficiency	NOUN
ajfa-15328	189	19	of	of	ADP
ajfa-15328	189	20	the	the	DET
ajfa-15328	189	21	ownership	ownership	NOUN
ajfa-15328	189	22	structure	structure	NOUN
ajfa-15328	189	23	and	and	CCONJ
ajfa-15328	189	24	the	the	DET
ajfa-15328	189	25	board	board	NOUN
ajfa-15328	189	26	of	of	ADP
ajfa-15328	189	27	directors	director	NOUN
ajfa-15328	189	28	.	.	PUNCT
ajfa-15328	190	1	this	this	PRON
ajfa-15328	190	2	shows	show	VERB
ajfa-15328	190	3	that	that	SCONJ
ajfa-15328	190	4	firm	firm	ADJ
ajfa-15328	190	5	-	-	PUNCT
ajfa-15328	190	6	specific	specific	ADJ
ajfa-15328	190	7	characteristics	characteristic	NOUN
ajfa-15328	190	8	are	be	AUX
ajfa-15328	190	9	important	important	ADJ
ajfa-15328	190	10	determinants	determinant	NOUN
ajfa-15328	190	11	of	of	ADP
ajfa-15328	190	12	the	the	DET
ajfa-15328	190	13	efficiency	efficiency	NOUN
ajfa-15328	190	14	of	of	ADP
ajfa-15328	190	15	the	the	DET
ajfa-15328	190	16	governance	governance	NOUN
ajfa-15328	190	17	mechanisms	mechanism	NOUN
ajfa-15328	190	18	of	of	ADP
ajfa-15328	190	19	tunisian	tunisian	ADJ
ajfa-15328	190	20	listed	list	VERB
ajfa-15328	190	21	companies	company	NOUN
ajfa-15328	190	22	.	.	PUNCT
ajfa-15328	191	1	moreover	moreover	ADV
ajfa-15328	191	2	,	,	PUNCT
ajfa-15328	191	3	the	the	DET
ajfa-15328	191	4	results	result	NOUN
ajfa-15328	191	5	obtained	obtain	VERB
ajfa-15328	191	6	show	show	VERB
ajfa-15328	191	7	that	that	SCONJ
ajfa-15328	191	8	in	in	ADP
ajfa-15328	191	9	the	the	DET
ajfa-15328	191	10	financial	financial	ADJ
ajfa-15328	191	11	sector	sector	NOUN
ajfa-15328	191	12	(	(	PUNCT
ajfa-15328	191	13	represented	represent	VERB
ajfa-15328	191	14	mainly	mainly	ADV
ajfa-15328	191	15	by	by	ADP
ajfa-15328	191	16	banks	bank	NOUN
ajfa-15328	191	17	)	)	PUNCT
ajfa-15328	191	18	,	,	PUNCT
ajfa-15328	191	19	the	the	DET
ajfa-15328	191	20	governance	governance	NOUN
ajfa-15328	191	21	system	system	NOUN
ajfa-15328	191	22	is	be	AUX
ajfa-15328	191	23	inefficient	inefficient	ADJ
ajfa-15328	191	24	,	,	PUNCT
ajfa-15328	191	25	which	which	PRON
ajfa-15328	191	26	absolutely	absolutely	ADV
ajfa-15328	191	27	reflects	reflect	VERB
ajfa-15328	191	28	the	the	DET
ajfa-15328	191	29	reality	reality	NOUN
ajfa-15328	191	30	of	of	ADP
ajfa-15328	191	31	tunisian	tunisian	ADJ
ajfa-15328	191	32	companies	company	NOUN
ajfa-15328	191	33	in	in	ADP
ajfa-15328	191	34	this	this	DET
ajfa-15328	191	35	sector	sector	NOUN
ajfa-15328	191	36	.	.	PUNCT
ajfa-15328	192	1	nonetheless	nonetheless	ADV
ajfa-15328	192	2	,	,	PUNCT
ajfa-15328	192	3	it	it	PRON
ajfa-15328	192	4	is	be	AUX
ajfa-15328	192	5	important	important	ADJ
ajfa-15328	192	6	to	to	PART
ajfa-15328	192	7	mention	mention	VERB
ajfa-15328	192	8	that	that	SCONJ
ajfa-15328	192	9	there	there	PRON
ajfa-15328	192	10	are	be	VERB
ajfa-15328	192	11	some	some	DET
ajfa-15328	192	12	caveats	caveat	NOUN
ajfa-15328	192	13	that	that	PRON
ajfa-15328	192	14	should	should	AUX
ajfa-15328	192	15	be	be	AUX
ajfa-15328	192	16	considered	consider	VERB
ajfa-15328	192	17	.	.	PUNCT
ajfa-15328	193	1	the	the	DET
ajfa-15328	193	2	sample	sample	NOUN
ajfa-15328	193	3	used	use	VERB
ajfa-15328	193	4	that	that	PRON
ajfa-15328	193	5	covers	cover	VERB
ajfa-15328	193	6	only	only	ADV
ajfa-15328	193	7	the	the	DET
ajfa-15328	193	8	pre	pre	ADJ
ajfa-15328	193	9	-	-	ADJ
ajfa-15328	193	10	revolution	revolution	ADJ
ajfa-15328	193	11	period	period	NOUN
ajfa-15328	193	12	of	of	ADP
ajfa-15328	193	13	the	the	DET
ajfa-15328	193	14	14th	14th	NUM
ajfa-15328	193	15	of	of	ADP
ajfa-15328	193	16	january	january	PROPN
ajfa-15328	193	17	2011	2011	NUM
ajfa-15328	193	18	makes	make	VERB
ajfa-15328	193	19	our	our	PRON
ajfa-15328	193	20	results	result	NOUN
ajfa-15328	193	21	less	less	ADV
ajfa-15328	193	22	precise	precise	ADJ
ajfa-15328	193	23	and	and	CCONJ
ajfa-15328	193	24	can	can	AUX
ajfa-15328	193	25	not	not	PART
ajfa-15328	193	26	be	be	AUX
ajfa-15328	193	27	generalized	generalize	VERB
ajfa-15328	193	28	to	to	ADP
ajfa-15328	193	29	the	the	DET
ajfa-15328	193	30	actual	actual	ADJ
ajfa-15328	193	31	situation	situation	NOUN
ajfa-15328	193	32	of	of	ADP
ajfa-15328	193	33	the	the	DET
ajfa-15328	193	34	tunisian	tunisian	ADJ
ajfa-15328	193	35	firms	firm	NOUN
ajfa-15328	193	36	.	.	PUNCT
ajfa-15328	194	1	in	in	ADP
ajfa-15328	194	2	fact	fact	NOUN
ajfa-15328	194	3	,	,	PUNCT
ajfa-15328	194	4	after	after	ADP
ajfa-15328	194	5	the	the	DET
ajfa-15328	194	6	revolution	revolution	NOUN
ajfa-15328	194	7	of	of	ADP
ajfa-15328	194	8	january	january	PROPN
ajfa-15328	194	9	14	14	NUM
ajfa-15328	194	10	,	,	PUNCT
ajfa-15328	194	11	2011	2011	NUM
ajfa-15328	194	12	,	,	PUNCT
ajfa-15328	194	13	tunisians	tunisian	NOUN
ajfa-15328	194	14	have	have	AUX
ajfa-15328	194	15	lived	live	VERB
ajfa-15328	194	16	a	a	DET
ajfa-15328	194	17	period	period	NOUN
ajfa-15328	194	18	of	of	ADP
ajfa-15328	194	19	insecurity	insecurity	NOUN
ajfa-15328	194	20	through	through	ADP
ajfa-15328	194	21	its	its	PRON
ajfa-15328	194	22	struggle	struggle	NOUN
ajfa-15328	194	23	with	with	ADP
ajfa-15328	194	24	terrorism	terrorism	NOUN
ajfa-15328	194	25	and	and	CCONJ
ajfa-15328	194	26	strikes	strike	NOUN
ajfa-15328	194	27	which	which	PRON
ajfa-15328	194	28	deepened	deepen	VERB
ajfa-15328	194	29	instability	instability	NOUN
ajfa-15328	194	30	and	and	CCONJ
ajfa-15328	194	31	delayed	delay	VERB
ajfa-15328	194	32	economic	economic	ADJ
ajfa-15328	194	33	recovery	recovery	NOUN
ajfa-15328	194	34	.	.	PUNCT
ajfa-15328	195	1	tunisia	tunisia	PROPN
ajfa-15328	195	2	's	's	PART
ajfa-15328	195	3	economic	economic	ADJ
ajfa-15328	195	4	difficulties	difficulty	NOUN
ajfa-15328	195	5	become	become	VERB
ajfa-15328	195	6	even	even	ADV
ajfa-15328	195	7	more	more	ADV
ajfa-15328	195	8	important	important	ADJ
ajfa-15328	195	9	with	with	ADP
ajfa-15328	195	10	the	the	DET
ajfa-15328	195	11	debt	debt	NOUN
ajfa-15328	195	12	crisis	crisis	NOUN
ajfa-15328	195	13	of	of	ADP
ajfa-15328	195	14	its	its	PRON
ajfa-15328	195	15	main	main	ADJ
ajfa-15328	195	16	economic	economic	ADJ
ajfa-15328	195	17	partner	partner	NOUN
ajfa-15328	195	18	,	,	PUNCT
ajfa-15328	195	19	namely	namely	ADV
ajfa-15328	195	20	the	the	DET
ajfa-15328	195	21	european	european	PROPN
ajfa-15328	195	22	union	union	PROPN
ajfa-15328	195	23	.	.	PUNCT
ajfa-15328	196	1	moreover	moreover	ADV
ajfa-15328	196	2	,	,	PUNCT
ajfa-15328	196	3	the	the	DET
ajfa-15328	196	4	former	former	ADJ
ajfa-15328	196	5	regime	regime	NOUN
ajfa-15328	196	6	and	and	CCONJ
ajfa-15328	196	7	its	its	PRON
ajfa-15328	196	8	allies	ally	NOUN
ajfa-15328	196	9	engaged	engage	VERB
ajfa-15328	196	10	in	in	ADP
ajfa-15328	196	11	conspicuous	conspicuous	ADJ
ajfa-15328	196	12	and	and	CCONJ
ajfa-15328	196	13	predatory	predatory	ADJ
ajfa-15328	196	14	corruption	corruption	NOUN
ajfa-15328	196	15	that	that	PRON
ajfa-15328	196	16	undermined	undermine	VERB
ajfa-15328	196	17	asian	asian	ADJ
ajfa-15328	196	18	journal	journal	NOUN
ajfa-15328	196	19	of	of	ADP
ajfa-15328	196	20	finance	finance	PROPN
ajfa-15328	196	21	&	&	CCONJ
ajfa-15328	196	22	accounting	accounting	PROPN
ajfa-15328	196	23	issn	issn	PROPN
ajfa-15328	196	24	1946	1946	NUM
ajfa-15328	196	25	-	-	PUNCT
ajfa-15328	196	26	052x	052x	PROPN
ajfa-15328	196	27	2019	2019	NUM
ajfa-15328	196	28	,	,	PUNCT
ajfa-15328	196	29	vol	vol	NOUN
ajfa-15328	196	30	.	.	PROPN
ajfa-15328	197	1	11	11	NUM
ajfa-15328	197	2	,	,	PUNCT
ajfa-15328	197	3	no	no	INTJ
ajfa-15328	197	4	.	.	NOUN
ajfa-15328	197	5	2	2	NUM
ajfa-15328	197	6	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	197	7	78	78	NUM
ajfa-15328	197	8	investment	investment	NOUN
ajfa-15328	197	9	and	and	CCONJ
ajfa-15328	197	10	entrepreneurial	entrepreneurial	ADJ
ajfa-15328	197	11	incentives	incentive	NOUN
ajfa-15328	197	12	and	and	CCONJ
ajfa-15328	197	13	sowed	sow	VERB
ajfa-15328	197	14	indignation	indignation	NOUN
ajfa-15328	197	15	over	over	ADP
ajfa-15328	197	16	the	the	DET
ajfa-15328	197	17	lack	lack	NOUN
ajfa-15328	197	18	of	of	ADP
ajfa-15328	197	19	free	free	ADJ
ajfa-15328	197	20	and	and	CCONJ
ajfa-15328	197	21	fair	fair	ADJ
ajfa-15328	197	22	competition	competition	NOUN
ajfa-15328	197	23	in	in	ADP
ajfa-15328	197	24	the	the	DET
ajfa-15328	197	25	market	market	NOUN
ajfa-15328	197	26	place	place	NOUN
ajfa-15328	197	27	.	.	PUNCT
ajfa-15328	198	1	for	for	ADP
ajfa-15328	198	2	instance	instance	NOUN
ajfa-15328	198	3	,	,	PUNCT
ajfa-15328	198	4	poor	poor	ADJ
ajfa-15328	198	5	governance	governance	NOUN
ajfa-15328	198	6	of	of	ADP
ajfa-15328	198	7	the	the	DET
ajfa-15328	198	8	banking	banking	NOUN
ajfa-15328	198	9	sector	sector	NOUN
ajfa-15328	198	10	has	have	AUX
ajfa-15328	198	11	led	lead	VERB
ajfa-15328	198	12	to	to	ADP
ajfa-15328	198	13	deep	deep	ADJ
ajfa-15328	198	14	dysfunctions	dysfunction	NOUN
ajfa-15328	198	15	which	which	PRON
ajfa-15328	198	16	made	make	VERB
ajfa-15328	198	17	the	the	DET
ajfa-15328	198	18	banking	banking	NOUN
ajfa-15328	198	19	system	system	NOUN
ajfa-15328	198	20	inefficient	inefficient	ADJ
ajfa-15328	198	21	,	,	PUNCT
ajfa-15328	198	22	highly	highly	ADV
ajfa-15328	198	23	vulnerable	vulnerable	ADJ
ajfa-15328	198	24	,	,	PUNCT
ajfa-15328	198	25	characterized	characterize	VERB
ajfa-15328	198	26	by	by	ADP
ajfa-15328	198	27	low	low	ADJ
ajfa-15328	198	28	profitability	profitability	NOUN
ajfa-15328	198	29	,	,	PUNCT
ajfa-15328	198	30	and	and	CCONJ
ajfa-15328	198	31	especially	especially	ADV
ajfa-15328	198	32	unable	unable	ADJ
ajfa-15328	198	33	to	to	PART
ajfa-15328	198	34	optimally	optimally	ADV
ajfa-15328	198	35	allocate	allocate	VERB
ajfa-15328	198	36	resources	resource	NOUN
ajfa-15328	198	37	toward	toward	ADP
ajfa-15328	198	38	the	the	DET
ajfa-15328	198	39	productive	productive	ADJ
ajfa-15328	198	40	activities	activity	NOUN
ajfa-15328	198	41	resulting	result	VERB
ajfa-15328	198	42	in	in	ADP
ajfa-15328	198	43	weak	weak	ADJ
ajfa-15328	198	44	economic	economic	ADJ
ajfa-15328	198	45	performance	performance	NOUN
ajfa-15328	198	46	and	and	CCONJ
ajfa-15328	198	47	insufficient	insufficient	ADJ
ajfa-15328	198	48	jobs	job	NOUN
ajfa-15328	198	49	creation	creation	NOUN
ajfa-15328	198	50	.	.	PUNCT
ajfa-15328	199	1	we	we	PRON
ajfa-15328	199	2	think	think	VERB
ajfa-15328	199	3	that	that	SCONJ
ajfa-15328	199	4	a	a	DET
ajfa-15328	199	5	comparison	comparison	NOUN
ajfa-15328	199	6	pre	pre	VERB
ajfa-15328	199	7	and	and	CCONJ
ajfa-15328	199	8	post	post	VERB
ajfa-15328	199	9	revolution	revolution	NOUN
ajfa-15328	199	10	can	can	AUX
ajfa-15328	199	11	be	be	AUX
ajfa-15328	199	12	very	very	ADV
ajfa-15328	199	13	interesting	interesting	ADJ
ajfa-15328	199	14	and	and	CCONJ
ajfa-15328	199	15	shows	show	VERB
ajfa-15328	199	16	the	the	DET
ajfa-15328	199	17	impact	impact	NOUN
ajfa-15328	199	18	of	of	ADP
ajfa-15328	199	19	the	the	DET
ajfa-15328	199	20	revolution	revolution	NOUN
ajfa-15328	199	21	of	of	ADP
ajfa-15328	199	22	january	january	PROPN
ajfa-15328	199	23	14	14	NUM
ajfa-15328	199	24	,	,	PUNCT
ajfa-15328	199	25	2011	2011	NUM
ajfa-15328	199	26	on	on	ADP
ajfa-15328	199	27	the	the	DET
ajfa-15328	199	28	efficiency	efficiency	NOUN
ajfa-15328	199	29	of	of	ADP
ajfa-15328	199	30	the	the	DET
ajfa-15328	199	31	tunisian	tunisian	ADJ
ajfa-15328	199	32	governance	governance	NOUN
ajfa-15328	199	33	system	system	NOUN
ajfa-15328	199	34	.	.	PUNCT
ajfa-15328	200	1	references	reference	NOUN
ajfa-15328	200	2	alchian	alchian	PROPN
ajfa-15328	200	3	,	,	PUNCT
ajfa-15328	200	4	a.a	a.a	PROPN
ajfa-15328	200	5	.	.	PROPN
ajfa-15328	200	6	,	,	PUNCT
ajfa-15328	200	7	&	&	CCONJ
ajfa-15328	200	8	demsetz	demsetz	PROPN
ajfa-15328	200	9	,	,	PUNCT
ajfa-15328	200	10	h.	h.	PROPN
ajfa-15328	200	11	(	(	PUNCT
ajfa-15328	200	12	1972	1972	NUM
ajfa-15328	200	13	)	)	PUNCT
ajfa-15328	200	14	.	.	PUNCT
ajfa-15328	201	1	production	production	NOUN
ajfa-15328	201	2	,	,	PUNCT
ajfa-15328	201	3	information	information	NOUN
ajfa-15328	201	4	costs	cost	NOUN
ajfa-15328	201	5	and	and	CCONJ
ajfa-15328	201	6	economic	economic	ADJ
ajfa-15328	201	7	organization	organization	NOUN
ajfa-15328	201	8	.	.	PUNCT
ajfa-15328	202	1	american	american	PROPN
ajfa-15328	202	2	economic	economic	PROPN
ajfa-15328	202	3	review	review	PROPN
ajfa-15328	202	4	,	,	PUNCT
ajfa-15328	202	5	62(5	62(5	NOUN
ajfa-15328	202	6	)	)	PUNCT
ajfa-15328	202	7	,	,	PUNCT
ajfa-15328	202	8	777	777	NUM
ajfa-15328	202	9	-	-	SYM
ajfa-15328	202	10	795	795	NUM
ajfa-15328	202	11	.	.	PUNCT
ajfa-15328	203	1	arora	arora	PROPN
ajfa-15328	203	2	,	,	PUNCT
ajfa-15328	203	3	a.	a.	PROPN
ajfa-15328	203	4	&	&	CCONJ
ajfa-15328	203	5	bhandari	bhandari	PROPN
ajfa-15328	203	6	,	,	PUNCT
ajfa-15328	203	7	v.	v.	PROPN
ajfa-15328	203	8	(	(	PUNCT
ajfa-15328	203	9	2017	2017	NUM
ajfa-15328	203	10	)	)	PUNCT
ajfa-15328	203	11	.	.	PUNCT
ajfa-15328	204	1	do	do	AUX
ajfa-15328	204	2	firm	firm	ADJ
ajfa-15328	204	3	-	-	PUNCT
ajfa-15328	204	4	level	level	NOUN
ajfa-15328	204	5	variables	variable	NOUN
ajfa-15328	204	6	affect	affect	VERB
ajfa-15328	204	7	corporate	corporate	ADJ
ajfa-15328	204	8	governance	governance	NOUN
ajfa-15328	204	9	quality	quality	NOUN
ajfa-15328	204	10	and	and	CCONJ
ajfa-15328	204	11	performance	performance	NOUN
ajfa-15328	204	12	?	?	PUNCT
ajfa-15328	205	1	evidence	evidence	NOUN
ajfa-15328	205	2	from	from	ADP
ajfa-15328	205	3	india	india	PROPN
ajfa-15328	205	4	.	.	PUNCT
ajfa-15328	206	1	international	international	ADJ
ajfa-15328	206	2	journal	journal	PROPN
ajfa-15328	206	3	of	of	ADP
ajfa-15328	206	4	corporate	corporate	ADJ
ajfa-15328	206	5	governance	governance	NOUN
ajfa-15328	206	6	,	,	PUNCT
ajfa-15328	206	7	8(1	8(1	NOUN
ajfa-15328	206	8	)	)	PUNCT
ajfa-15328	206	9	,	,	PUNCT
ajfa-15328	206	10	1	1	NUM
ajfa-15328	206	11	-	-	SYM
ajfa-15328	206	12	24	24	NUM
ajfa-15328	206	13	.	.	PUNCT
ajfa-15328	207	1	https://doi.org/10.1504/ijcg.2017.085230	https://doi.org/10.1504/ijcg.2017.085230	PROPN
ajfa-15328	207	2	bebchuk	bebchuk	NOUN
ajfa-15328	207	3	,	,	PUNCT
ajfa-15328	207	4	l.	l.	PROPN
ajfa-15328	207	5	cohen	cohen	PROPN
ajfa-15328	207	6	,	,	PUNCT
ajfa-15328	207	7	a.	a.	PROPN
ajfa-15328	207	8	&	&	CCONJ
ajfa-15328	207	9	ferrell	ferrell	PROPN
ajfa-15328	207	10	,	,	PUNCT
ajfa-15328	207	11	a.	a.	NOUN
ajfa-15328	207	12	(	(	PUNCT
ajfa-15328	207	13	2004	2004	NUM
ajfa-15328	207	14	)	)	PUNCT
ajfa-15328	207	15	.	.	PUNCT
ajfa-15328	208	1	what	what	PRON
ajfa-15328	208	2	matters	matter	VERB
ajfa-15328	208	3	in	in	ADP
ajfa-15328	208	4	corporate	corporate	ADJ
ajfa-15328	208	5	governance	governance	NOUN
ajfa-15328	208	6	?	?	PUNCT
ajfa-15328	209	1	working	work	VERB
ajfa-15328	209	2	paper	paper	NOUN
ajfa-15328	209	3	,	,	PUNCT
ajfa-15328	209	4	harvard	harvard	PROPN
ajfa-15328	209	5	law	law	PROPN
ajfa-15328	209	6	school	school	PROPN
ajfa-15328	209	7	.	.	PUNCT
ajfa-15328	210	1	https://doi.org/10.2139/ssrn.593423	https://doi.org/10.2139/ssrn.593423	PROPN
ajfa-15328	210	2	beiner	beiner	NOUN
ajfa-15328	210	3	,	,	PUNCT
ajfa-15328	210	4	s.	s.	PROPN
ajfa-15328	210	5	drobetz	drobetz	VERB
ajfa-15328	210	6	,	,	PUNCT
ajfa-15328	210	7	w.	w.	PROPN
ajfa-15328	210	8	schmid	schmid	PROPN
ajfa-15328	210	9	,	,	PUNCT
ajfa-15328	210	10	m.	m.	PROPN
ajfa-15328	210	11	&	&	CCONJ
ajfa-15328	210	12	zimmermann	zimmermann	PROPN
ajfa-15328	210	13	,	,	PUNCT
ajfa-15328	210	14	h.	h.	PROPN
ajfa-15328	210	15	(	(	PUNCT
ajfa-15328	210	16	2006	2006	NUM
ajfa-15328	210	17	)	)	PUNCT
ajfa-15328	210	18	.	.	PUNCT
ajfa-15328	211	1	an	an	DET
ajfa-15328	211	2	integrated	integrate	VERB
ajfa-15328	211	3	framework	framework	NOUN
ajfa-15328	211	4	of	of	ADP
ajfa-15328	211	5	corporate	corporate	ADJ
ajfa-15328	211	6	governance	governance	NOUN
ajfa-15328	211	7	and	and	CCONJ
ajfa-15328	211	8	firm	firm	ADJ
ajfa-15328	211	9	valuation	valuation	NOUN
ajfa-15328	211	10	:	:	PUNCT
ajfa-15328	211	11	evidence	evidence	NOUN
ajfa-15328	211	12	from	from	ADP
ajfa-15328	211	13	switzerland	switzerland	PROPN
ajfa-15328	211	14	.	.	PUNCT
ajfa-15328	212	1	european	european	ADJ
ajfa-15328	212	2	financial	financial	ADJ
ajfa-15328	212	3	management	management	NOUN
ajfa-15328	212	4	,	,	PUNCT
ajfa-15328	212	5	12(2	12(2	NUM
ajfa-15328	212	6	)	)	PUNCT
ajfa-15328	212	7	,	,	PUNCT
ajfa-15328	212	8	249	249	NUM
ajfa-15328	212	9	-	-	SYM
ajfa-15328	212	10	283	283	NUM
ajfa-15328	212	11	.	.	PUNCT
ajfa-15328	213	1	https://doi.org/10.1111/j.1354-7798.2006.00318.x	https://doi.org/10.1111/j.1354-7798.2006.00318.x	ADJ
ajfa-15328	213	2	bhagat	bhagat	PROPN
ajfa-15328	213	3	,	,	PUNCT
ajfa-15328	213	4	s.	s.	PROPN
ajfa-15328	213	5	carey	carey	PROPN
ajfa-15328	213	6	,	,	PUNCT
ajfa-15328	213	7	d.	d.	PROPN
ajfa-15328	213	8	&	&	CCONJ
ajfa-15328	213	9	elson	elson	PROPN
ajfa-15328	213	10	,	,	PUNCT
ajfa-15328	213	11	c.	c.	PROPN
ajfa-15328	213	12	(	(	PUNCT
ajfa-15328	213	13	1999	1999	NUM
ajfa-15328	213	14	)	)	PUNCT
ajfa-15328	213	15	.	.	PUNCT
ajfa-15328	214	1	director	director	NOUN
ajfa-15328	214	2	ownership	ownership	NOUN
ajfa-15328	214	3	,	,	PUNCT
ajfa-15328	214	4	corporate	corporate	ADJ
ajfa-15328	214	5	performance	performance	NOUN
ajfa-15328	214	6	,	,	PUNCT
ajfa-15328	214	7	and	and	CCONJ
ajfa-15328	214	8	management	management	NOUN
ajfa-15328	214	9	turnover	turnover	NOUN
ajfa-15328	214	10	.	.	PUNCT
ajfa-15328	215	1	the	the	DET
ajfa-15328	215	2	business	business	NOUN
ajfa-15328	215	3	lawyer	lawyer	NOUN
ajfa-15328	215	4	,	,	PUNCT
ajfa-15328	215	5	54	54	NUM
ajfa-15328	215	6	.	.	PUNCT
ajfa-15328	216	1	https://doi.org/10.2139/ssrn.134488	https://doi.org/10.2139/ssrn.134488	PROPN
ajfa-15328	216	2	black	black	NOUN
ajfa-15328	216	3	,	,	PUNCT
ajfa-15328	216	4	b.s	b.s	PROPN
ajfa-15328	216	5	.	.	PROPN
ajfa-15328	216	6	jang	jang	PROPN
ajfa-15328	216	7	,	,	PUNCT
ajfa-15328	216	8	h.	h.	PROPN
ajfa-15328	216	9	&	&	CCONJ
ajfa-15328	216	10	kim	kim	PROPN
ajfa-15328	216	11	,	,	PUNCT
ajfa-15328	216	12	w.	w.	PROPN
ajfa-15328	216	13	(	(	PUNCT
ajfa-15328	216	14	2006	2006	NUM
ajfa-15328	216	15	)	)	PUNCT
ajfa-15328	216	16	.	.	PUNCT
ajfa-15328	217	1	predicting	predict	VERB
ajfa-15328	217	2	firms	firm	NOUN
ajfa-15328	217	3	'	'	PART
ajfa-15328	217	4	corporate	corporate	ADJ
ajfa-15328	217	5	governance	governance	NOUN
ajfa-15328	217	6	choices	choice	NOUN
ajfa-15328	217	7	:	:	PUNCT
ajfa-15328	217	8	evidence	evidence	NOUN
ajfa-15328	217	9	from	from	ADP
ajfa-15328	217	10	korea	korea	PROPN
ajfa-15328	217	11	.	.	PUNCT
ajfa-15328	218	1	journal	journal	PROPN
ajfa-15328	218	2	of	of	ADP
ajfa-15328	218	3	corporate	corporate	ADJ
ajfa-15328	218	4	finance	finance	NOUN
ajfa-15328	218	5	,	,	PUNCT
ajfa-15328	218	6	12(3	12(3	NUM
ajfa-15328	218	7	)	)	PUNCT
ajfa-15328	218	8	,	,	PUNCT
ajfa-15328	218	9	660	660	NUM
ajfa-15328	218	10	-	-	SYM
ajfa-15328	218	11	691	691	NUM
ajfa-15328	218	12	.	.	PUNCT
ajfa-15328	219	1	https://doi.org/10.1016/j.jcorpfin.2005.08.001	https://doi.org/10.1016/j.jcorpfin.2005.08.001	VERB
ajfa-15328	219	2	black	black	NOUN
ajfa-15328	219	3	,	,	PUNCT
ajfa-15328	219	4	b.s	b.s	PROPN
ajfa-15328	219	5	.	.	PROPN
ajfa-15328	219	6	jang	jang	PROPN
ajfa-15328	219	7	,	,	PUNCT
ajfa-15328	219	8	h.	h.	PROPN
ajfa-15328	219	9	&	&	CCONJ
ajfa-15328	219	10	kim	kim	PROPN
ajfa-15328	219	11	,	,	PUNCT
ajfa-15328	219	12	w.	w.	PROPN
ajfa-15328	219	13	(	(	PUNCT
ajfa-15328	219	14	2006	2006	NUM
ajfa-15328	219	15	)	)	PUNCT
ajfa-15328	219	16	.	.	PUNCT
ajfa-15328	220	1	does	do	AUX
ajfa-15328	220	2	corporate	corporate	ADJ
ajfa-15328	220	3	governance	governance	NOUN
ajfa-15328	220	4	predict	predict	VERB
ajfa-15328	220	5	firms	firm	NOUN
ajfa-15328	220	6	’	’	PART
ajfa-15328	220	7	market	market	NOUN
ajfa-15328	220	8	values	value	NOUN
ajfa-15328	220	9	?	?	PUNCT
ajfa-15328	221	1	evidence	evidence	NOUN
ajfa-15328	221	2	from	from	ADP
ajfa-15328	221	3	korea	korea	PROPN
ajfa-15328	221	4	.	.	PUNCT
ajfa-15328	222	1	journal	journal	PROPN
ajfa-15328	222	2	of	of	ADP
ajfa-15328	222	3	law	law	NOUN
ajfa-15328	222	4	,	,	PUNCT
ajfa-15328	222	5	economics	economic	NOUN
ajfa-15328	222	6	,	,	PUNCT
ajfa-15328	222	7	and	and	CCONJ
ajfa-15328	222	8	organization	organization	NOUN
ajfa-15328	222	9	,	,	PUNCT
ajfa-15328	222	10	22	22	NUM
ajfa-15328	222	11	,	,	PUNCT
ajfa-15328	222	12	366	366	NUM
ajfa-15328	222	13	-	-	SYM
ajfa-15328	222	14	413	413	NUM
ajfa-15328	222	15	.	.	PUNCT
ajfa-15328	223	1	https://doi.org/10.1093/jleo/ewj018	https://doi.org/10.1093/jleo/ewj018	NOUN
ajfa-15328	223	2	bouaicha	bouaicha	PROPN
ajfa-15328	223	3	,	,	PUNCT
ajfa-15328	223	4	r.	r.	PROPN
ajfa-15328	223	5	(	(	PUNCT
ajfa-15328	223	6	2015	2015	NUM
ajfa-15328	223	7	)	)	PUNCT
ajfa-15328	223	8	.	.	PUNCT
ajfa-15328	224	1	internal	internal	ADJ
ajfa-15328	224	2	governance	governance	NOUN
ajfa-15328	224	3	mechanisms	mechanism	NOUN
ajfa-15328	224	4	and	and	CCONJ
ajfa-15328	224	5	the	the	DET
ajfa-15328	224	6	external	external	ADJ
ajfa-15328	224	7	audit	audit	NOUN
ajfa-15328	224	8	quality	quality	NOUN
ajfa-15328	224	9	:	:	PUNCT
ajfa-15328	224	10	theoretical	theoretical	ADJ
ajfa-15328	224	11	review	review	NOUN
ajfa-15328	224	12	of	of	ADP
ajfa-15328	224	13	the	the	DET
ajfa-15328	224	14	relational	relational	ADJ
ajfa-15328	224	15	issues	issue	NOUN
ajfa-15328	224	16	.	.	PUNCT
ajfa-15328	225	1	african	african	ADJ
ajfa-15328	225	2	journal	journal	PROPN
ajfa-15328	225	3	of	of	ADP
ajfa-15328	225	4	accounting	accounting	NOUN
ajfa-15328	225	5	and	and	CCONJ
ajfa-15328	225	6	finance	finance	NOUN
ajfa-15328	225	7	,	,	PUNCT
ajfa-15328	225	8	4(1	4(1	NOUN
ajfa-15328	225	9	)	)	PUNCT
ajfa-15328	225	10	,	,	PUNCT
ajfa-15328	225	11	53	53	NUM
ajfa-15328	225	12	-	-	SYM
ajfa-15328	225	13	73	73	NUM
ajfa-15328	225	14	.	.	PUNCT
ajfa-15328	226	1	https://doi.org/10.1504/ajaaf.2015.071758	https://doi.org/10.1504/ajaaf.2015.071758	PROPN
ajfa-15328	226	2	brickley	brickley	NOUN
ajfa-15328	226	3	,	,	PUNCT
ajfa-15328	226	4	j.	j.	PROPN
ajfa-15328	226	5	,	,	PUNCT
ajfa-15328	226	6	coles	coles	PROPN
ajfa-15328	226	7	,	,	PUNCT
ajfa-15328	226	8	j.	j.	PROPN
ajfa-15328	226	9	&	&	CCONJ
ajfa-15328	226	10	jarrell	jarrell	PROPN
ajfa-15328	226	11	,	,	PUNCT
ajfa-15328	226	12	g.	g.	PROPN
ajfa-15328	226	13	(	(	PUNCT
ajfa-15328	226	14	1997	1997	NUM
ajfa-15328	226	15	)	)	PUNCT
ajfa-15328	226	16	.	.	PUNCT
ajfa-15328	227	1	leadership	leadership	NOUN
ajfa-15328	227	2	structure	structure	NOUN
ajfa-15328	227	3	:	:	PUNCT
ajfa-15328	227	4	separating	separate	VERB
ajfa-15328	227	5	the	the	DET
ajfa-15328	227	6	ceo	ceo	NOUN
ajfa-15328	227	7	and	and	CCONJ
ajfa-15328	227	8	chairman	chairman	NOUN
ajfa-15328	227	9	of	of	ADP
ajfa-15328	227	10	the	the	DET
ajfa-15328	227	11	board	board	NOUN
ajfa-15328	227	12	.	.	PUNCT
ajfa-15328	228	1	journal	journal	PROPN
ajfa-15328	228	2	of	of	ADP
ajfa-15328	228	3	corporate	corporate	ADJ
ajfa-15328	228	4	finance	finance	NOUN
ajfa-15328	228	5	,	,	PUNCT
ajfa-15328	228	6	3(3	3(3	NUM
ajfa-15328	228	7	)	)	PUNCT
ajfa-15328	228	8	,	,	PUNCT
ajfa-15328	228	9	189	189	NUM
ajfa-15328	228	10	-	-	SYM
ajfa-15328	228	11	220	220	NUM
ajfa-15328	228	12	.	.	PUNCT
ajfa-15328	229	1	https://doi.org/10.1016/s0929-1199(96)00013-2	https://doi.org/10.1016/s0929-1199(96)00013-2	PROPN
ajfa-15328	229	2	core	core	NOUN
ajfa-15328	229	3	,	,	PUNCT
ajfa-15328	229	4	j.e	j.e	PROPN
ajfa-15328	229	5	.	.	PROPN
ajfa-15328	229	6	,	,	PUNCT
ajfa-15328	229	7	wayne	wayne	PROPN
ajfa-15328	229	8	,	,	PUNCT
ajfa-15328	229	9	r.g	r.g	PROPN
ajfa-15328	229	10	.	.	PROPN
ajfa-15328	229	11	&	&	CCONJ
ajfa-15328	229	12	tjomme	tjomme	PROPN
ajfa-15328	229	13	,	,	PUNCT
ajfa-15328	229	14	o.r	o.r	PROPN
ajfa-15328	229	15	.	.	PROPN
ajfa-15328	229	16	(	(	PUNCT
ajfa-15328	229	17	2006	2006	NUM
ajfa-15328	229	18	)	)	PUNCT
ajfa-15328	229	19	.	.	PUNCT
ajfa-15328	230	1	does	do	AUX
ajfa-15328	230	2	weak	weak	ADJ
ajfa-15328	230	3	governance	governance	NOUN
ajfa-15328	230	4	cause	cause	VERB
ajfa-15328	230	5	weak	weak	ADJ
ajfa-15328	230	6	stock	stock	NOUN
ajfa-15328	230	7	returns	return	NOUN
ajfa-15328	230	8	?	?	PUNCT
ajfa-15328	231	1	an	an	DET
ajfa-15328	231	2	examination	examination	NOUN
ajfa-15328	231	3	of	of	ADP
ajfa-15328	231	4	firm	firm	ADJ
ajfa-15328	231	5	operating	operating	NOUN
ajfa-15328	231	6	performance	performance	NOUN
ajfa-15328	231	7	and	and	CCONJ
ajfa-15328	231	8	investors	investor	NOUN
ajfa-15328	231	9	’	’	PART
ajfa-15328	231	10	expectations	expectation	NOUN
ajfa-15328	231	11	.	.	PUNCT
ajfa-15328	232	1	journal	journal	PROPN
ajfa-15328	232	2	of	of	ADP
ajfa-15328	232	3	finance	finance	NOUN
ajfa-15328	232	4	,	,	PUNCT
ajfa-15328	232	5	61(2	61(2	NUM
ajfa-15328	232	6	)	)	PUNCT
ajfa-15328	232	7	,	,	PUNCT
ajfa-15328	232	8	655	655	NUM
ajfa-15328	232	9	-	-	SYM
ajfa-15328	232	10	687	687	NUM
ajfa-15328	232	11	.	.	PUNCT
ajfa-15328	233	1	https://doi.org/10.1111/j.1540-6261.2006.00851.x	https://doi.org/10.1111/j.1540-6261.2006.00851.x	ADJ
ajfa-15328	233	2	asian	asian	ADJ
ajfa-15328	233	3	journal	journal	PROPN
ajfa-15328	233	4	of	of	ADP
ajfa-15328	233	5	finance	finance	PROPN
ajfa-15328	233	6	&	&	CCONJ
ajfa-15328	233	7	accounting	accounting	PROPN
ajfa-15328	233	8	issn	issn	PROPN
ajfa-15328	233	9	1946	1946	NUM
ajfa-15328	233	10	-	-	PUNCT
ajfa-15328	233	11	052x	052x	PROPN
ajfa-15328	233	12	2019	2019	NUM
ajfa-15328	233	13	,	,	PUNCT
ajfa-15328	233	14	vol	vol	NOUN
ajfa-15328	233	15	.	.	PROPN
ajfa-15328	233	16	11	11	NUM
ajfa-15328	233	17	,	,	PUNCT
ajfa-15328	233	18	no	no	INTJ
ajfa-15328	233	19	.	.	NOUN
ajfa-15328	233	20	2	2	NUM
ajfa-15328	233	21	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	233	22	79	79	NUM
ajfa-15328	233	23	el	el	PROPN
ajfa-15328	233	24	mir	mir	PROPN
ajfa-15328	233	25	,	,	PUNCT
ajfa-15328	233	26	a.	a.	PROPN
ajfa-15328	233	27	&	&	CCONJ
ajfa-15328	233	28	khanchel	khanchel	PROPN
ajfa-15328	233	29	,	,	PUNCT
ajfa-15328	233	30	i.	i.	PROPN
ajfa-15328	233	31	(	(	PUNCT
ajfa-15328	233	32	2004	2004	NUM
ajfa-15328	233	33	)	)	PUNCT
ajfa-15328	233	34	.	.	PUNCT
ajfa-15328	234	1	de	de	PROPN
ajfa-15328	234	2	l’efficience	l’efficience	PROPN
ajfa-15328	234	3	de	de	X
ajfa-15328	234	4	la	la	PROPN
ajfa-15328	234	5	gouvernance	gouvernance	PROPN
ajfa-15328	234	6	.	.	PUNCT
ajfa-15328	235	1	13e	13e	X
ajfa-15328	235	2	conférence	conférence	PROPN
ajfa-15328	235	3	de	de	PROPN
ajfa-15328	235	4	l’aims	l’aims	PROPN
ajfa-15328	235	5	.	.	PUNCT
ajfa-15328	236	1	normandie	normandie	PROPN
ajfa-15328	236	2	.	.	PUNCT
ajfa-15328	237	1	vallée	vallée	PROPN
ajfa-15328	237	2	de	de	PROPN
ajfa-15328	237	3	seine	seine	PROPN
ajfa-15328	237	4	2	2	NUM
ajfa-15328	237	5	,	,	PUNCT
ajfa-15328	237	6	3	3	NUM
ajfa-15328	237	7	et	et	NOUN
ajfa-15328	237	8	4	4	NUM
ajfa-15328	237	9	juin	juin	NOUN
ajfa-15328	237	10	2004	2004	NUM
ajfa-15328	237	11	.	.	PUNCT
ajfa-15328	238	1	gillan	gillan	PROPN
ajfa-15328	238	2	,	,	PUNCT
ajfa-15328	238	3	s.l	s.l	PROPN
ajfa-15328	238	4	.	.	PROPN
ajfa-15328	238	5	,	,	PUNCT
ajfa-15328	238	6	jay	jay	PROPN
ajfa-15328	238	7	c.h	c.h	PROPN
ajfa-15328	238	8	.	.	PROPN
ajfa-15328	238	9	&	&	CCONJ
ajfa-15328	238	10	laura	laura	PROPN
ajfa-15328	238	11	t.s	t.s	PROPN
ajfa-15328	238	12	.	.	PROPN
ajfa-15328	238	13	(	(	PUNCT
ajfa-15328	238	14	2003	2003	NUM
ajfa-15328	238	15	)	)	PUNCT
ajfa-15328	238	16	.	.	PUNCT
ajfa-15328	239	1	explaining	explain	VERB
ajfa-15328	239	2	corporate	corporate	ADJ
ajfa-15328	239	3	governance	governance	NOUN
ajfa-15328	239	4	:	:	PUNCT
ajfa-15328	239	5	boards	board	NOUN
ajfa-15328	239	6	,	,	PUNCT
ajfa-15328	239	7	bylaws	bylaw	NOUN
ajfa-15328	239	8	,	,	PUNCT
ajfa-15328	239	9	and	and	CCONJ
ajfa-15328	239	10	charter	charter	NOUN
ajfa-15328	239	11	provisions	provision	NOUN
ajfa-15328	239	12	.	.	PUNCT
ajfa-15328	240	1	working	work	VERB
ajfa-15328	240	2	paper	paper	NOUN
ajfa-15328	240	3	.	.	PUNCT
ajfa-15328	241	1	,	,	PUNCT
ajfa-15328	241	2	at	at	ADP
ajfa-15328	241	3	http://ssrn.com/abstract=442740	http://ssrn.com/abstract=442740	PROPN
ajfa-15328	241	4	.	.	PUNCT
ajfa-15328	242	1	https://doi.org/10.2139/ssrn.442740	https://doi.org/10.2139/ssrn.442740	PROPN
ajfa-15328	242	2	gompers	gomper	NOUN
ajfa-15328	242	3	,	,	PUNCT
ajfa-15328	242	4	p.a	p.a	PROPN
ajfa-15328	242	5	.	.	PROPN
ajfa-15328	242	6	,	,	PUNCT
ajfa-15328	242	7	ishii	ishii	PROPN
ajfa-15328	242	8	,	,	PUNCT
ajfa-15328	242	9	j.l	j.l	PROPN
ajfa-15328	242	10	.	.	PROPN
ajfa-15328	242	11	&	&	CCONJ
ajfa-15328	242	12	metrick	metrick	PROPN
ajfa-15328	242	13	,	,	PUNCT
ajfa-15328	242	14	a.	a.	NOUN
ajfa-15328	242	15	(	(	PUNCT
ajfa-15328	242	16	2003	2003	NUM
ajfa-15328	242	17	)	)	PUNCT
ajfa-15328	242	18	.	.	PUNCT
ajfa-15328	243	1	corporate	corporate	ADJ
ajfa-15328	243	2	governance	governance	NOUN
ajfa-15328	243	3	and	and	CCONJ
ajfa-15328	243	4	equity	equity	NOUN
ajfa-15328	243	5	prices	price	NOUN
ajfa-15328	243	6	.	.	PUNCT
ajfa-15328	244	1	the	the	DET
ajfa-15328	244	2	quarterly	quarterly	ADJ
ajfa-15328	244	3	journal	journal	NOUN
ajfa-15328	244	4	of	of	ADP
ajfa-15328	244	5	economics	economic	NOUN
ajfa-15328	244	6	,	,	PUNCT
ajfa-15328	244	7	20	20	NUM
ajfa-15328	244	8	,	,	PUNCT
ajfa-15328	244	9	107	107	NUM
ajfa-15328	244	10	-	-	SYM
ajfa-15328	244	11	118	118	NUM
ajfa-15328	244	12	.	.	PUNCT
ajfa-15328	245	1	https://doi.org/10.1162/00335530360535162	https://doi.org/10.1162/00335530360535162	NOUN
ajfa-15328	245	2	hermalin	hermalin	PROPN
ajfa-15328	245	3	,	,	PUNCT
ajfa-15328	245	4	b.e	b.e	PROPN
ajfa-15328	245	5	.	.	PROPN
ajfa-15328	245	6	&	&	CCONJ
ajfa-15328	245	7	weisbach	weisbach	PROPN
ajfa-15328	245	8	,	,	PUNCT
ajfa-15328	245	9	m.s	m.s	PROPN
ajfa-15328	245	10	.	.	PROPN
ajfa-15328	245	11	(	(	PUNCT
ajfa-15328	245	12	2003	2003	NUM
ajfa-15328	245	13	)	)	PUNCT
ajfa-15328	245	14	.	.	PUNCT
ajfa-15328	246	1	boards	board	NOUN
ajfa-15328	246	2	of	of	ADP
ajfa-15328	246	3	directors	director	NOUN
ajfa-15328	246	4	as	as	ADP
ajfa-15328	246	5	an	an	DET
ajfa-15328	246	6	endogenously	endogenously	ADV
ajfa-15328	246	7	determined	determined	ADJ
ajfa-15328	246	8	institution	institution	NOUN
ajfa-15328	246	9	:	:	PUNCT
ajfa-15328	246	10	a	a	DET
ajfa-15328	246	11	survey	survey	NOUN
ajfa-15328	246	12	of	of	ADP
ajfa-15328	246	13	the	the	DET
ajfa-15328	246	14	economic	economic	ADJ
ajfa-15328	246	15	evidence	evidence	NOUN
ajfa-15328	246	16	.	.	PUNCT
ajfa-15328	247	1	economic	economic	ADJ
ajfa-15328	247	2	policy	policy	NOUN
ajfa-15328	247	3	review	review	NOUN
ajfa-15328	247	4	,	,	PUNCT
ajfa-15328	247	5	9	9	NUM
ajfa-15328	247	6	,	,	PUNCT
ajfa-15328	247	7	7	7	NUM
ajfa-15328	247	8	-	-	SYM
ajfa-15328	247	9	26	26	NUM
ajfa-15328	247	10	.	.	PUNCT
ajfa-15328	248	1	hermalin	hermalin	PROPN
ajfa-15328	248	2	,	,	PUNCT
ajfa-15328	248	3	b.e	b.e	PROPN
ajfa-15328	248	4	.	.	PROPN
ajfa-15328	248	5	&	&	CCONJ
ajfa-15328	248	6	weisbach	weisbach	PROPN
ajfa-15328	248	7	,	,	PUNCT
ajfa-15328	248	8	m.s	m.s	PROPN
ajfa-15328	248	9	.	.	PROPN
ajfa-15328	248	10	(	(	PUNCT
ajfa-15328	248	11	1998	1998	NUM
ajfa-15328	248	12	)	)	PUNCT
ajfa-15328	248	13	.	.	PUNCT
ajfa-15328	249	1	endogenously	endogenously	ADV
ajfa-15328	249	2	chosen	choose	VERB
ajfa-15328	249	3	boards	board	NOUN
ajfa-15328	249	4	of	of	ADP
ajfa-15328	249	5	directors	director	NOUN
ajfa-15328	249	6	and	and	CCONJ
ajfa-15328	249	7	their	their	PRON
ajfa-15328	249	8	monitoring	monitoring	NOUN
ajfa-15328	249	9	of	of	ADP
ajfa-15328	249	10	the	the	DET
ajfa-15328	249	11	ceo	ceo	NOUN
ajfa-15328	249	12	.	.	PUNCT
ajfa-15328	250	1	american	american	PROPN
ajfa-15328	250	2	economic	economic	PROPN
ajfa-15328	250	3	review	review	PROPN
ajfa-15328	250	4	,	,	PUNCT
ajfa-15328	250	5	88	88	NUM
ajfa-15328	250	6	,	,	PUNCT
ajfa-15328	250	7	96	96	NUM
ajfa-15328	250	8	-	-	SYM
ajfa-15328	250	9	118	118	NUM
ajfa-15328	250	10	.	.	PUNCT
ajfa-15328	251	1	jensen	jensen	PROPN
ajfa-15328	251	2	,	,	PUNCT
ajfa-15328	251	3	m.c	m.c	PROPN
ajfa-15328	251	4	.	.	PROPN
ajfa-15328	251	5	&	&	CCONJ
ajfa-15328	251	6	meckling	meckling	PROPN
ajfa-15328	251	7	,	,	PUNCT
ajfa-15328	251	8	w.	w.	NOUN
ajfa-15328	251	9	(	(	PUNCT
ajfa-15328	251	10	1976	1976	NUM
ajfa-15328	251	11	)	)	PUNCT
ajfa-15328	251	12	.	.	PUNCT
ajfa-15328	252	1	‘	'	PUNCT
ajfa-15328	252	2	theory	theory	NOUN
ajfa-15328	252	3	of	of	ADP
ajfa-15328	252	4	the	the	DET
ajfa-15328	252	5	firm	firm	NOUN
ajfa-15328	252	6	:	:	PUNCT
ajfa-15328	252	7	managerial	managerial	ADJ
ajfa-15328	252	8	behavior	behavior	NOUN
ajfa-15328	252	9	,	,	PUNCT
ajfa-15328	252	10	agency	agency	NOUN
ajfa-15328	252	11	costs	cost	NOUN
ajfa-15328	252	12	and	and	CCONJ
ajfa-15328	252	13	ownership	ownership	NOUN
ajfa-15328	252	14	structure	structure	NOUN
ajfa-15328	252	15	.	.	PUNCT
ajfa-15328	253	1	journal	journal	NOUN
ajfa-15328	253	2	of	of	ADP
ajfa-15328	253	3	financial	financial	ADJ
ajfa-15328	253	4	economics	economic	NOUN
ajfa-15328	253	5	,	,	PUNCT
ajfa-15328	253	6	3(4	3(4	NUM
ajfa-15328	253	7	)	)	PUNCT
ajfa-15328	253	8	,	,	PUNCT
ajfa-15328	253	9	305	305	NUM
ajfa-15328	253	10	-	-	SYM
ajfa-15328	253	11	360	360	NUM
ajfa-15328	253	12	.	.	PUNCT
ajfa-15328	254	1	https://doi.org/10.1016/0304-405x(76)90026-x	https://doi.org/10.1016/0304-405x(76)90026-x	PROPN
ajfa-15328	254	2	kaur	kaur	NOUN
ajfa-15328	254	3	,	,	PUNCT
ajfa-15328	254	4	m.	m.	NOUN
ajfa-15328	254	5	&	&	CCONJ
ajfa-15328	254	6	vij	vij	PROPN
ajfa-15328	254	7	,	,	PUNCT
ajfa-15328	254	8	m.	m.	NOUN
ajfa-15328	254	9	(	(	PUNCT
ajfa-15328	254	10	2018).corporate	2018).corporate	NOUN
ajfa-15328	254	11	governance	governance	NOUN
ajfa-15328	254	12	index	index	NOUN
ajfa-15328	254	13	and	and	CCONJ
ajfa-15328	254	14	firm	firm	ADJ
ajfa-15328	254	15	performance	performance	NOUN
ajfa-15328	254	16	:	:	PUNCT
ajfa-15328	254	17	empirical	empirical	ADJ
ajfa-15328	254	18	evidence	evidence	NOUN
ajfa-15328	254	19	from	from	ADP
ajfa-15328	254	20	indian	indian	ADJ
ajfa-15328	254	21	banking	banking	NOUN
ajfa-15328	254	22	.	.	PUNCT
ajfa-15328	255	1	afro	afro	NOUN
ajfa-15328	255	2	-	-	PUNCT
ajfa-15328	255	3	asian	asian	ADJ
ajfa-15328	255	4	j.	j.	PROPN
ajfa-15328	255	5	of	of	ADP
ajfa-15328	255	6	finance	finance	NOUN
ajfa-15328	255	7	and	and	CCONJ
ajfa-15328	255	8	accounting	accounting	NOUN
ajfa-15328	255	9	,	,	PUNCT
ajfa-15328	255	10	8(2	8(2	NUM
ajfa-15328	255	11	)	)	PUNCT
ajfa-15328	255	12	,	,	PUNCT
ajfa-15328	255	13	190	190	NUM
ajfa-15328	255	14	-	-	SYM
ajfa-15328	255	15	207	207	NUM
ajfa-15328	255	16	.	.	PUNCT
ajfa-15328	256	1	https://doi.org/10.1504/aajfa.2018.091065	https://doi.org/10.1504/aajfa.2018.091065	PROPN
ajfa-15328	256	2	khiari	khiari	PROPN
ajfa-15328	256	3	,	,	PUNCT
ajfa-15328	256	4	w.	w.	PROPN
ajfa-15328	256	5	&	&	CCONJ
ajfa-15328	256	6	lajmi	lajmi	PROPN
ajfa-15328	256	7	,	,	PUNCT
ajfa-15328	256	8	a.	a.	NOUN
ajfa-15328	256	9	(	(	PUNCT
ajfa-15328	256	10	2018	2018	NUM
ajfa-15328	256	11	)	)	PUNCT
ajfa-15328	256	12	.	.	PUNCT
ajfa-15328	257	1	towards	towards	ADP
ajfa-15328	257	2	the	the	DET
ajfa-15328	257	3	implementation	implementation	NOUN
ajfa-15328	257	4	of	of	ADP
ajfa-15328	257	5	corporate	corporate	ADJ
ajfa-15328	257	6	governance	governance	NOUN
ajfa-15328	257	7	best	good	ADJ
ajfa-15328	257	8	practices	practice	NOUN
ajfa-15328	257	9	for	for	ADP
ajfa-15328	257	10	tunisian	tunisian	ADJ
ajfa-15328	257	11	listed	list	VERB
ajfa-15328	257	12	firms	firm	NOUN
ajfa-15328	257	13	:	:	PUNCT
ajfa-15328	257	14	an	an	DET
ajfa-15328	257	15	empirical	empirical	ADJ
ajfa-15328	257	16	approach	approach	NOUN
ajfa-15328	257	17	using	use	VERB
ajfa-15328	257	18	the	the	DET
ajfa-15328	257	19	artificial	artificial	ADJ
ajfa-15328	257	20	neuronal	neuronal	ADJ
ajfa-15328	257	21	networks	network	NOUN
ajfa-15328	257	22	.	.	PUNCT
ajfa-15328	258	1	african	african	PROPN
ajfa-15328	258	2	j.	j.	PROPN
ajfa-15328	258	3	of	of	ADP
ajfa-15328	258	4	accounting	accounting	PROPN
ajfa-15328	258	5	,	,	PUNCT
ajfa-15328	258	6	auditing	auditing	NOUN
ajfa-15328	258	7	and	and	CCONJ
ajfa-15328	258	8	finance	finance	NOUN
ajfa-15328	258	9	,	,	PUNCT
ajfa-15328	258	10	6(1	6(1	NUM
ajfa-15328	258	11	)	)	PUNCT
ajfa-15328	258	12	,	,	PUNCT
ajfa-15328	258	13	21	21	NUM
ajfa-15328	258	14	-	-	SYM
ajfa-15328	258	15	42	42	NUM
ajfa-15328	258	16	.	.	PUNCT
ajfa-15328	259	1	https://doi.org/10.1504/ajaaf.2018.091128	https://doi.org/10.1504/ajaaf.2018.091128	PROPN
ajfa-15328	259	2	khiari	khiari	PROPN
ajfa-15328	259	3	,	,	PUNCT
ajfa-15328	259	4	w.	w.	PROPN
ajfa-15328	259	5	,	,	PUNCT
ajfa-15328	259	6	omri	omri	PROPN
ajfa-15328	259	7	,	,	PUNCT
ajfa-15328	259	8	a.	a.	PROPN
ajfa-15328	259	9	&	&	CCONJ
ajfa-15328	259	10	karaa	karaa	PROPN
ajfa-15328	259	11	,	,	PUNCT
ajfa-15328	259	12	a.	a.	NOUN
ajfa-15328	259	13	(	(	PUNCT
ajfa-15328	259	14	2007	2007	NUM
ajfa-15328	259	15	)	)	PUNCT
ajfa-15328	259	16	.	.	PUNCT
ajfa-15328	260	1	corporate	corporate	ADJ
ajfa-15328	260	2	governance	governance	NOUN
ajfa-15328	260	3	and	and	CCONJ
ajfa-15328	260	4	efficiency	efficiency	NOUN
ajfa-15328	260	5	:	:	PUNCT
ajfa-15328	260	6	an	an	DET
ajfa-15328	260	7	indexing	indexing	NOUN
ajfa-15328	260	8	approach	approach	NOUN
ajfa-15328	260	9	using	use	VERB
ajfa-15328	260	10	the	the	DET
ajfa-15328	260	11	stochastic	stochastic	ADJ
ajfa-15328	260	12	frontier	frontier	NOUN
ajfa-15328	260	13	analysis	analysis	NOUN
ajfa-15328	260	14	.	.	PUNCT
ajfa-15328	261	1	corporate	corporate	ADJ
ajfa-15328	261	2	governance	governance	NOUN
ajfa-15328	261	3	:	:	PUNCT
ajfa-15328	261	4	the	the	DET
ajfa-15328	261	5	international	international	ADJ
ajfa-15328	261	6	journal	journal	NOUN
ajfa-15328	261	7	of	of	ADP
ajfa-15328	261	8	business	business	NOUN
ajfa-15328	261	9	in	in	ADP
ajfa-15328	261	10	society	society	NOUN
ajfa-15328	261	11	,	,	PUNCT
ajfa-15328	261	12	7(2),148	7(2),148	NOUN
ajfa-15328	261	13	-	-	SYM
ajfa-15328	261	14	161	161	NUM
ajfa-15328	261	15	.	.	PUNCT
ajfa-15328	262	1	https://doi.org/10.1108/14720700710739796	https://doi.org/10.1108/14720700710739796	PROPN
ajfa-15328	262	2	klein	klein	PROPN
ajfa-15328	262	3	,	,	PUNCT
ajfa-15328	262	4	p.	p.	PROPN
ajfa-15328	262	5	,	,	PUNCT
ajfa-15328	262	6	shapiro	shapiro	PROPN
ajfa-15328	262	7	,	,	PUNCT
ajfa-15328	262	8	d.	d.	PROPN
ajfa-15328	262	9	&	&	CCONJ
ajfa-15328	262	10	young	young	PROPN
ajfa-15328	262	11	,	,	PUNCT
ajfa-15328	262	12	j.	j.	PROPN
ajfa-15328	262	13	(	(	PUNCT
ajfa-15328	262	14	2005	2005	NUM
ajfa-15328	262	15	)	)	PUNCT
ajfa-15328	262	16	.	.	PUNCT
ajfa-15328	263	1	corporate	corporate	ADJ
ajfa-15328	263	2	governance	governance	NOUN
ajfa-15328	263	3	,	,	PUNCT
ajfa-15328	263	4	family	family	NOUN
ajfa-15328	263	5	ownership	ownership	NOUN
ajfa-15328	263	6	and	and	CCONJ
ajfa-15328	263	7	firm	firm	ADJ
ajfa-15328	263	8	value	value	NOUN
ajfa-15328	263	9	:	:	PUNCT
ajfa-15328	263	10	the	the	DET
ajfa-15328	263	11	canadian	canadian	ADJ
ajfa-15328	263	12	evidence	evidence	NOUN
ajfa-15328	263	13	.	.	PUNCT
ajfa-15328	264	1	corporate	corporate	ADJ
ajfa-15328	264	2	governance	governance	NOUN
ajfa-15328	264	3	:	:	PUNCT
ajfa-15328	264	4	an	an	DET
ajfa-15328	264	5	international	international	ADJ
ajfa-15328	264	6	review	review	NOUN
ajfa-15328	264	7	,	,	PUNCT
ajfa-15328	264	8	13(6	13(6	PROPN
ajfa-15328	264	9	)	)	PUNCT
ajfa-15328	264	10	,	,	PUNCT
ajfa-15328	264	11	769	769	NUM
ajfa-15328	264	12	-	-	SYM
ajfa-15328	264	13	784	784	NUM
ajfa-15328	264	14	.	.	PUNCT
ajfa-15328	265	1	https://doi.org/10.1111/j.1467-8683.2005.00469.x	https://doi.org/10.1111/j.1467-8683.2005.00469.x	PROPN
ajfa-15328	265	2	morck	morck	PROPN
ajfa-15328	265	3	,	,	PUNCT
ajfa-15328	265	4	r.	r.	PROPN
ajfa-15328	265	5	,	,	PUNCT
ajfa-15328	265	6	shleifer	shleifer	VERB
ajfa-15328	265	7	,	,	PUNCT
ajfa-15328	265	8	a.	a.	PROPN
ajfa-15328	265	9	&	&	CCONJ
ajfa-15328	265	10	vishny	vishny	PROPN
ajfa-15328	265	11	,	,	PUNCT
ajfa-15328	265	12	r.w	r.w	PROPN
ajfa-15328	265	13	.	.	PROPN
ajfa-15328	265	14	(	(	PUNCT
ajfa-15328	265	15	1988	1988	NUM
ajfa-15328	265	16	)	)	PUNCT
ajfa-15328	265	17	.	.	PUNCT
ajfa-15328	266	1	management	management	NOUN
ajfa-15328	266	2	ownership	ownership	NOUN
ajfa-15328	266	3	and	and	CCONJ
ajfa-15328	266	4	corporate	corporate	ADJ
ajfa-15328	266	5	performance	performance	NOUN
ajfa-15328	266	6	:	:	PUNCT
ajfa-15328	266	7	an	an	DET
ajfa-15328	266	8	empirical	empirical	ADJ
ajfa-15328	266	9	analysis	analysis	NOUN
ajfa-15328	266	10	.	.	PUNCT
ajfa-15328	267	1	journal	journal	NOUN
ajfa-15328	267	2	of	of	ADP
ajfa-15328	267	3	financial	financial	ADJ
ajfa-15328	267	4	economics	economic	NOUN
ajfa-15328	267	5	,	,	PUNCT
ajfa-15328	267	6	20	20	NUM
ajfa-15328	267	7	,	,	PUNCT
ajfa-15328	267	8	293	293	NUM
ajfa-15328	267	9	-	-	SYM
ajfa-15328	267	10	316	316	NUM
ajfa-15328	267	11	.	.	PUNCT
ajfa-15328	268	1	https://doi.org/10.1016/0304-405x(88)90048-7	https://doi.org/10.1016/0304-405x(88)90048-7	PROPN
ajfa-15328	269	1	oecd	oecd	PROPN
ajfa-15328	269	2	,	,	PUNCT
ajfa-15328	269	3	(	(	PUNCT
ajfa-15328	269	4	1999	1999	NUM
ajfa-15328	269	5	)	)	PUNCT
ajfa-15328	269	6	.	.	PUNCT
ajfa-15328	270	1	oecd	oecd	PROPN
ajfa-15328	270	2	principles	principle	NOUN
ajfa-15328	270	3	of	of	ADP
ajfa-15328	270	4	corporate	corporate	ADJ
ajfa-15328	270	5	governance	governance	NOUN
ajfa-15328	270	6	,	,	PUNCT
ajfa-15328	270	7	may	may	AUX
ajfa-15328	270	8	.	.	PUNCT
ajfa-15328	271	1	schleifer	schleifer	VERB
ajfa-15328	271	2	,	,	PUNCT
ajfa-15328	271	3	a.	a.	PROPN
ajfa-15328	271	4	&	&	CCONJ
ajfa-15328	271	5	vishny	vishny	PROPN
ajfa-15328	271	6	,	,	PUNCT
ajfa-15328	271	7	w.	w.	PROPN
ajfa-15328	271	8	(	(	PUNCT
ajfa-15328	271	9	1989	1989	NUM
ajfa-15328	271	10	)	)	PUNCT
ajfa-15328	271	11	.	.	PUNCT
ajfa-15328	272	1	management	management	NOUN
ajfa-15328	272	2	entrenchment	entrenchment	NOUN
ajfa-15328	272	3	:	:	PUNCT
ajfa-15328	272	4	the	the	DET
ajfa-15328	272	5	case	case	NOUN
ajfa-15328	272	6	of	of	ADP
ajfa-15328	272	7	manager	manager	NOUN
ajfa-15328	272	8	specific	specific	ADJ
ajfa-15328	272	9	investments	investment	NOUN
ajfa-15328	272	10	.	.	PUNCT
ajfa-15328	273	1	journal	journal	NOUN
ajfa-15328	273	2	of	of	ADP
ajfa-15328	273	3	financial	financial	ADJ
ajfa-15328	273	4	economics	economic	NOUN
ajfa-15328	273	5	,	,	PUNCT
ajfa-15328	273	6	25(1	25(1	NUM
ajfa-15328	273	7	)	)	PUNCT
ajfa-15328	273	8	,	,	PUNCT
ajfa-15328	273	9	123	123	NUM
ajfa-15328	273	10	-	-	SYM
ajfa-15328	273	11	139	139	NUM
ajfa-15328	273	12	.	.	PUNCT
ajfa-15328	274	1	https://doi.org/10.1016/0304-405x(89)90099-8	https://doi.org/10.1016/0304-405x(89)90099-8	AUX
ajfa-15328	274	2	stulz	stulz	ADJ
ajfa-15328	274	3	,	,	PUNCT
ajfa-15328	274	4	r.m	r.m	PROPN
ajfa-15328	274	5	.	.	PROPN
ajfa-15328	274	6	(	(	PUNCT
ajfa-15328	274	7	1998	1998	NUM
ajfa-15328	274	8	)	)	PUNCT
ajfa-15328	274	9	.	.	PUNCT
ajfa-15328	275	1	globalization	globalization	NOUN
ajfa-15328	275	2	of	of	ADP
ajfa-15328	275	3	equity	equity	NOUN
ajfa-15328	275	4	markets	market	NOUN
ajfa-15328	275	5	and	and	CCONJ
ajfa-15328	275	6	the	the	DET
ajfa-15328	275	7	cost	cost	NOUN
ajfa-15328	275	8	of	of	ADP
ajfa-15328	275	9	capital	capital	NOUN
ajfa-15328	275	10	.	.	PUNCT
ajfa-15328	276	1	journal	journal	PROPN
ajfa-15328	276	2	of	of	ADP
ajfa-15328	276	3	applied	apply	VERB
ajfa-15328	276	4	corporate	corporate	ADJ
ajfa-15328	276	5	finance	finance	NOUN
ajfa-15328	276	6	,	,	PUNCT
ajfa-15328	276	7	12	12	NUM
ajfa-15328	276	8	,	,	PUNCT
ajfa-15328	276	9	8	8	NUM
ajfa-15328	276	10	-	-	SYM
ajfa-15328	276	11	25	25	NUM
ajfa-15328	276	12	.	.	PUNCT
ajfa-15328	277	1	https://doi.org/10.1111/j.1745-6622.1999.tb00027.x	https://doi.org/10.1111/j.1745-6622.1999.tb00027.x	PROPN
ajfa-15328	277	2	asian	asian	ADJ
ajfa-15328	277	3	journal	journal	PROPN
ajfa-15328	277	4	of	of	ADP
ajfa-15328	277	5	finance	finance	PROPN
ajfa-15328	277	6	&	&	CCONJ
ajfa-15328	277	7	accounting	accounting	PROPN
ajfa-15328	277	8	issn	issn	PROPN
ajfa-15328	277	9	1946	1946	NUM
ajfa-15328	277	10	-	-	PUNCT
ajfa-15328	277	11	052x	052x	PROPN
ajfa-15328	277	12	2019	2019	NUM
ajfa-15328	277	13	,	,	PUNCT
ajfa-15328	277	14	vol	vol	NOUN
ajfa-15328	277	15	.	.	PROPN
ajfa-15328	277	16	11	11	NUM
ajfa-15328	277	17	,	,	PUNCT
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ajfa-15328	277	19	.	.	NOUN
ajfa-15328	277	20	2	2	NUM
ajfa-15328	277	21	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-15328	277	22	80	80	NUM
ajfa-15328	277	23	varshney	varshney	NOUN
ajfa-15328	277	24	,	,	PUNCT
ajfa-15328	277	25	p.	p.	NOUN
ajfa-15328	277	26	,	,	PUNCT
ajfa-15328	277	27	kaul	kaul	PROPN
ajfa-15328	277	28	,	,	PUNCT
ajfa-15328	277	29	v.k	v.k	PROPN
ajfa-15328	277	30	.	.	PROPN
ajfa-15328	277	31	&	&	CCONJ
ajfa-15328	277	32	vasal	vasal	PROPN
ajfa-15328	277	33	,	,	PUNCT
ajfa-15328	277	34	v.k	v.k	PROPN
ajfa-15328	277	35	.	.	PROPN
ajfa-15328	277	36	(	(	PUNCT
ajfa-15328	277	37	2012	2012	NUM
ajfa-15328	277	38	)	)	PUNCT
ajfa-15328	277	39	.	.	PUNCT
ajfa-15328	278	1	corporate	corporate	ADJ
ajfa-15328	278	2	governance	governance	NOUN
ajfa-15328	278	3	index	index	NOUN
ajfa-15328	278	4	and	and	CCONJ
ajfa-15328	278	5	firm	firm	ADJ
ajfa-15328	278	6	performance	performance	NOUN
ajfa-15328	278	7	:	:	PUNCT
ajfa-15328	278	8	empirical	empirical	ADJ
ajfa-15328	278	9	evidence	evidence	NOUN
ajfa-15328	278	10	from	from	ADP
ajfa-15328	278	11	india	india	PROPN
ajfa-15328	278	12	.	.	PUNCT
ajfa-15328	279	1	working	work	VERB
ajfa-15328	279	2	paper	paper	NOUN
ajfa-15328	279	3	,	,	PUNCT
ajfa-15328	279	4	available	available	ADJ
ajfa-15328	279	5	from	from	ADP
ajfa-15328	279	6	http://ssrn.com/abstract=2103462	http://ssrn.com/abstract=2103462	PROPN
ajfa-15328	279	7	[	[	X
ajfa-15328	279	8	accessed	access	VERB
ajfa-15328	279	9	october	october	PROPN
ajfa-15328	279	10	1st	1st	NOUN
ajfa-15328	279	11	2012	2012	NUM
ajfa-15328	279	12	]	]	PUNCT
ajfa-15328	279	13	.	.	PUNCT
ajfa-15328	280	1	https://doi.org/10.2139/ssrn.2103462	https://doi.org/10.2139/ssrn.2103462	PROPN
ajfa-15328	280	2	samontaray	samontaray	VERB
ajfa-15328	280	3	,	,	PUNCT
ajfa-15328	280	4	d.p	d.p	PROPN
ajfa-15328	280	5	.	.	PUNCT
ajfa-15328	281	1	(	(	PUNCT
ajfa-15328	281	2	2010	2010	NUM
ajfa-15328	281	3	)	)	PUNCT
ajfa-15328	281	4	.	.	PUNCT
ajfa-15328	282	1	impact	impact	NOUN
ajfa-15328	282	2	of	of	ADP
ajfa-15328	282	3	corporate	corporate	ADJ
ajfa-15328	282	4	governance	governance	NOUN
ajfa-15328	282	5	on	on	ADP
ajfa-15328	282	6	the	the	DET
ajfa-15328	282	7	stock	stock	NOUN
ajfa-15328	282	8	prices	price	NOUN
ajfa-15328	282	9	of	of	ADP
ajfa-15328	282	10	the	the	DET
ajfa-15328	282	11	nifty	nifty	ADJ
ajfa-15328	282	12	50	50	NUM
ajfa-15328	282	13	broad	broad	ADJ
ajfa-15328	282	14	index	index	NOUN
ajfa-15328	282	15	listed	list	VERB
ajfa-15328	282	16	companies	company	NOUN
ajfa-15328	282	17	.	.	PUNCT
ajfa-15328	283	1	international	international	ADJ
ajfa-15328	283	2	research	research	PROPN
ajfa-15328	283	3	journal	journal	NOUN
ajfa-15328	283	4	of	of	ADP
ajfa-15328	283	5	finance	finance	NOUN
ajfa-15328	283	6	and	and	CCONJ
ajfa-15328	283	7	economics	economic	NOUN
ajfa-15328	283	8	,	,	PUNCT
ajfa-15328	283	9	41	41	NUM
ajfa-15328	283	10	,	,	PUNCT
ajfa-15328	283	11	7	7	NUM
ajfa-15328	283	12	-	-	SYM
ajfa-15328	283	13	18	18	NUM
ajfa-15328	283	14	.	.	PUNCT
ajfa-15328	284	1	zelenyuk	zelenyuk	NOUN
ajfa-15328	284	2	,	,	PUNCT
ajfa-15328	284	3	v.	v.	PROPN
ajfa-15328	284	4	&	&	CCONJ
ajfa-15328	284	5	zheka	zheka	PROPN
ajfa-15328	284	6	,	,	PUNCT
ajfa-15328	284	7	v.	v.	PROPN
ajfa-15328	284	8	(	(	PUNCT
ajfa-15328	284	9	2006	2006	NUM
ajfa-15328	284	10	)	)	PUNCT
ajfa-15328	284	11	.	.	PUNCT
ajfa-15328	285	1	corporate	corporate	ADJ
ajfa-15328	285	2	governance	governance	NOUN
ajfa-15328	285	3	and	and	CCONJ
ajfa-15328	285	4	firm	firm	NOUN
ajfa-15328	285	5	’s	’s	PART
ajfa-15328	285	6	efficiency	efficiency	NOUN
ajfa-15328	285	7	:	:	PUNCT
ajfa-15328	285	8	the	the	DET
ajfa-15328	285	9	case	case	NOUN
ajfa-15328	285	10	of	of	ADP
ajfa-15328	285	11	transitional	transitional	ADJ
ajfa-15328	285	12	country	country	NOUN
ajfa-15328	285	13	,	,	PUNCT
ajfa-15328	285	14	ukrain	ukrain	PROPN
ajfa-15328	285	15	.	.	PUNCT
ajfa-15328	286	1	journal	journal	PROPN
ajfa-15328	286	2	of	of	ADP
ajfa-15328	286	3	productivity	productivity	NOUN
ajfa-15328	286	4	analysis	analysis	NOUN
ajfa-15328	286	5	,	,	PUNCT
ajfa-15328	286	6	25(1	25(1	NUM
ajfa-15328	286	7	-	-	SYM
ajfa-15328	286	8	2	2	NUM
ajfa-15328	286	9	)	)	PUNCT
ajfa-15328	286	10	,	,	PUNCT
ajfa-15328	286	11	143	143	NUM
ajfa-15328	286	12	-157	-157	PROPN
ajfa-15328	286	13	.	.	PUNCT
ajfa-15328	286	14	https://doi.org/10.1007/s11123-006-7136-8	https://doi.org/10.1007/s11123-006-7136-8	PROPN
ajfa-15328	287	1	zitouni	zitouni	PROPN
ajfa-15328	287	2	,	,	PUNCT
ajfa-15328	287	3	t.	t.	PROPN
ajfa-15328	287	4	(	(	PUNCT
ajfa-15328	287	5	2006	2006	NUM
ajfa-15328	287	6	)	)	PUNCT
ajfa-15328	287	7	.	.	PUNCT
ajfa-15328	288	1	index	index	NOUN
ajfa-15328	288	2	approach	approach	NOUN
ajfa-15328	288	3	of	of	ADP
ajfa-15328	288	4	corporate	corporate	ADJ
ajfa-15328	288	5	governance	governance	NOUN
ajfa-15328	288	6	.	.	PUNCT
ajfa-15328	289	1	journal	journal	NOUN
ajfa-15328	289	2	of	of	ADP
ajfa-15328	289	3	business	business	NOUN
ajfa-15328	289	4	studies	study	NOUN
ajfa-15328	289	5	quarterly	quarterly	ADV
ajfa-15328	289	6	,	,	PUNCT
ajfa-15328	289	7	7(3	7(3	NUM
ajfa-15328	289	8	)	)	PUNCT
ajfa-15328	289	9	,	,	PUNCT
ajfa-15328	289	10	97	97	NUM
ajfa-15328	289	11	-	-	SYM
ajfa-15328	289	12	109	109	NUM
ajfa-15328	289	13	.	.	PUNCT