id	sid	tid	token	lemma	pos
ajfa-16770	1	1	asian	asian	ADJ
ajfa-16770	1	2	journal	journal	PROPN
ajfa-16770	1	3	of	of	ADP
ajfa-16770	1	4	finance	finance	PROPN
ajfa-16770	1	5	&	&	CCONJ
ajfa-16770	1	6	accounting	accounting	PROPN
ajfa-16770	1	7	issn	issn	PROPN
ajfa-16770	1	8	1946	1946	NUM
ajfa-16770	1	9	-	-	PUNCT
ajfa-16770	1	10	052x	052x	NOUN
ajfa-16770	1	11	2020	2020	NUM
ajfa-16770	1	12	,	,	PUNCT
ajfa-16770	1	13	vol	vol	NOUN
ajfa-16770	1	14	.	.	PROPN
ajfa-16770	1	15	12	12	NUM
ajfa-16770	1	16	,	,	PUNCT
ajfa-16770	1	17	no	no	INTJ
ajfa-16770	1	18	.	.	NOUN
ajfa-16770	1	19	1	1	NUM
ajfa-16770	1	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16770	1	21	58	58	NUM
ajfa-16770	1	22	the	the	DET
ajfa-16770	1	23	link	link	NOUN
ajfa-16770	1	24	between	between	ADP
ajfa-16770	1	25	profitability	profitability	NOUN
ajfa-16770	1	26	and	and	CCONJ
ajfa-16770	1	27	financial	financial	ADJ
ajfa-16770	1	28	leverage	leverage	NOUN
ajfa-16770	1	29	,	,	PUNCT
ajfa-16770	1	30	evidence	evidence	NOUN
ajfa-16770	1	31	from	from	ADP
ajfa-16770	1	32	a	a	DET
ajfa-16770	1	33	small	small	ADJ
ajfa-16770	1	34	island	island	NOUN
ajfa-16770	1	35	economy	economy	NOUN
ajfa-16770	1	36	lakshana	lakshana	VERB
ajfa-16770	1	37	ramnoher	ramnoher	PROPN
ajfa-16770	1	38	university	university	PROPN
ajfa-16770	1	39	of	of	ADP
ajfa-16770	1	40	mauritius	mauritius	PROPN
ajfa-16770	1	41	keshav	keshav	PROPN
ajfa-16770	1	42	seetah	seetah	PROPN
ajfa-16770	1	43	university	university	PROPN
ajfa-16770	1	44	of	of	ADP
ajfa-16770	1	45	mauritius	mauritius	PROPN
ajfa-16770	1	46	received	receive	VERB
ajfa-16770	1	47	:	:	PUNCT
ajfa-16770	1	48	march	march	PROPN
ajfa-16770	1	49	1	1	NUM
ajfa-16770	1	50	,	,	PUNCT
ajfa-16770	1	51	2020	2020	NUM
ajfa-16770	1	52	accepted	accept	VERB
ajfa-16770	1	53	:	:	PUNCT
ajfa-16770	1	54	may	may	AUX
ajfa-16770	1	55	2	2	NUM
ajfa-16770	1	56	,	,	PUNCT
ajfa-16770	1	57	2020	2020	NUM
ajfa-16770	1	58	published	publish	VERB
ajfa-16770	1	59	:	:	PUNCT
ajfa-16770	1	60	june	june	PROPN
ajfa-16770	1	61	1	1	NUM
ajfa-16770	1	62	,	,	PUNCT
ajfa-16770	1	63	2020	2020	NUM
ajfa-16770	1	64	doi:10.5296	doi:10.5296	NOUN
ajfa-16770	1	65	/	/	SYM
ajfa-16770	1	66	ajfa.v12i1.16770	ajfa.v12i1.16770	NOUN
ajfa-16770	1	67	url	url	NOUN
ajfa-16770	1	68	:	:	PUNCT
ajfa-16770	1	69	https://doi.org/10.5296/ajfa.v12i1.16770	https://doi.org/10.5296/ajfa.v12i1.16770	X
ajfa-16770	1	70	abstract	abstract	ADP
ajfa-16770	1	71	the	the	DET
ajfa-16770	1	72	objective	objective	NOUN
ajfa-16770	1	73	of	of	ADP
ajfa-16770	1	74	this	this	DET
ajfa-16770	1	75	paper	paper	NOUN
ajfa-16770	1	76	was	be	AUX
ajfa-16770	1	77	to	to	PART
ajfa-16770	1	78	investigate	investigate	VERB
ajfa-16770	1	79	the	the	DET
ajfa-16770	1	80	link	link	NOUN
ajfa-16770	1	81	between	between	ADP
ajfa-16770	1	82	profitability	profitability	NOUN
ajfa-16770	1	83	and	and	CCONJ
ajfa-16770	1	84	financial	financial	ADJ
ajfa-16770	1	85	leverage	leverage	NOUN
ajfa-16770	1	86	in	in	ADP
ajfa-16770	1	87	mauritius	mauritius	PROPN
ajfa-16770	1	88	,	,	PUNCT
ajfa-16770	1	89	a	a	DET
ajfa-16770	1	90	small	small	ADJ
ajfa-16770	1	91	island	island	NOUN
ajfa-16770	1	92	developing	develop	VERB
ajfa-16770	1	93	economy	economy	NOUN
ajfa-16770	1	94	.	.	PUNCT
ajfa-16770	2	1	for	for	ADP
ajfa-16770	2	2	the	the	DET
ajfa-16770	2	3	purpose	purpose	NOUN
ajfa-16770	2	4	of	of	ADP
ajfa-16770	2	5	this	this	DET
ajfa-16770	2	6	study	study	NOUN
ajfa-16770	2	7	data	datum	NOUN
ajfa-16770	2	8	was	be	AUX
ajfa-16770	2	9	collected	collect	VERB
ajfa-16770	2	10	from	from	ADP
ajfa-16770	2	11	a	a	DET
ajfa-16770	2	12	sample	sample	NOUN
ajfa-16770	2	13	of	of	ADP
ajfa-16770	2	14	34	34	NUM
ajfa-16770	2	15	companies	company	NOUN
ajfa-16770	2	16	listed	list	VERB
ajfa-16770	2	17	on	on	ADP
ajfa-16770	2	18	the	the	DET
ajfa-16770	2	19	stock	stock	NOUN
ajfa-16770	2	20	exchange	exchange	NOUN
ajfa-16770	2	21	of	of	ADP
ajfa-16770	2	22	mauritius	mauritius	PROPN
ajfa-16770	2	23	(	(	PUNCT
ajfa-16770	2	24	sem	sem	NOUN
ajfa-16770	2	25	)	)	PUNCT
ajfa-16770	2	26	for	for	ADP
ajfa-16770	2	27	period	period	NOUN
ajfa-16770	2	28	2007	2007	NUM
ajfa-16770	2	29	to	to	ADP
ajfa-16770	2	30	2017	2017	NUM
ajfa-16770	2	31	.	.	PUNCT
ajfa-16770	3	1	the	the	DET
ajfa-16770	3	2	pecking	pecking	NOUN
ajfa-16770	3	3	order	order	NOUN
ajfa-16770	3	4	theory	theory	NOUN
ajfa-16770	3	5	,	,	PUNCT
ajfa-16770	3	6	the	the	DET
ajfa-16770	3	7	modigliani	modigliani	PROPN
ajfa-16770	3	8	and	and	CCONJ
ajfa-16770	3	9	miller	miller	PROPN
ajfa-16770	3	10	theory	theory	NOUN
ajfa-16770	3	11	,	,	PUNCT
ajfa-16770	3	12	the	the	DET
ajfa-16770	3	13	tradeoff	tradeoff	NOUN
ajfa-16770	3	14	theory	theory	NOUN
ajfa-16770	3	15	and	and	CCONJ
ajfa-16770	3	16	the	the	DET
ajfa-16770	3	17	agency	agency	NOUN
ajfa-16770	3	18	theory	theory	NOUN
ajfa-16770	3	19	were	be	AUX
ajfa-16770	3	20	used	use	VERB
ajfa-16770	3	21	to	to	PART
ajfa-16770	3	22	examine	examine	VERB
ajfa-16770	3	23	the	the	DET
ajfa-16770	3	24	association	association	NOUN
ajfa-16770	3	25	between	between	ADP
ajfa-16770	3	26	profitability	profitability	NOUN
ajfa-16770	3	27	and	and	CCONJ
ajfa-16770	3	28	financial	financial	ADJ
ajfa-16770	3	29	leverage	leverage	NOUN
ajfa-16770	3	30	in	in	ADP
ajfa-16770	3	31	mauritius	mauritius	PROPN
ajfa-16770	3	32	.	.	PUNCT
ajfa-16770	4	1	the	the	DET
ajfa-16770	4	2	findings	finding	NOUN
ajfa-16770	4	3	of	of	ADP
ajfa-16770	4	4	this	this	DET
ajfa-16770	4	5	research	research	NOUN
ajfa-16770	4	6	reveal	reveal	VERB
ajfa-16770	4	7	a	a	DET
ajfa-16770	4	8	positive	positive	ADJ
ajfa-16770	4	9	link	link	NOUN
ajfa-16770	4	10	between	between	ADP
ajfa-16770	4	11	profitability	profitability	NOUN
ajfa-16770	4	12	and	and	CCONJ
ajfa-16770	4	13	financial	financial	ADJ
ajfa-16770	4	14	leverage	leverage	NOUN
ajfa-16770	4	15	of	of	ADP
ajfa-16770	4	16	mauritian	mauritian	ADJ
ajfa-16770	4	17	listed	list	VERB
ajfa-16770	4	18	companies	company	NOUN
ajfa-16770	4	19	.	.	PUNCT
ajfa-16770	5	1	this	this	DET
ajfa-16770	5	2	positive	positive	ADJ
ajfa-16770	5	3	relationship	relationship	NOUN
ajfa-16770	5	4	is	be	AUX
ajfa-16770	5	5	consistent	consistent	ADJ
ajfa-16770	5	6	with	with	ADP
ajfa-16770	5	7	the	the	DET
ajfa-16770	5	8	modigliani	modigliani	ADJ
ajfa-16770	5	9	and	and	CCONJ
ajfa-16770	5	10	miller	miller	PROPN
ajfa-16770	5	11	theory	theory	NOUN
ajfa-16770	5	12	,	,	PUNCT
ajfa-16770	5	13	the	the	DET
ajfa-16770	5	14	trade	trade	NOUN
ajfa-16770	5	15	-	-	PUNCT
ajfa-16770	5	16	off	off	ADP
ajfa-16770	5	17	theory	theory	NOUN
ajfa-16770	5	18	and	and	CCONJ
ajfa-16770	5	19	the	the	DET
ajfa-16770	5	20	agency	agency	NOUN
ajfa-16770	5	21	theory	theory	NOUN
ajfa-16770	5	22	.	.	PUNCT
ajfa-16770	6	1	this	this	DET
ajfa-16770	6	2	research	research	NOUN
ajfa-16770	6	3	also	also	ADV
ajfa-16770	6	4	reveals	reveal	VERB
ajfa-16770	6	5	a	a	DET
ajfa-16770	6	6	negative	negative	ADJ
ajfa-16770	6	7	link	link	NOUN
ajfa-16770	6	8	between	between	ADP
ajfa-16770	6	9	firm	firm	ADJ
ajfa-16770	6	10	size	size	NOUN
ajfa-16770	6	11	and	and	CCONJ
ajfa-16770	6	12	profitability	profitability	NOUN
ajfa-16770	6	13	.	.	PUNCT
ajfa-16770	7	1	this	this	DET
ajfa-16770	7	2	study	study	NOUN
ajfa-16770	7	3	also	also	ADV
ajfa-16770	7	4	shows	show	VERB
ajfa-16770	7	5	that	that	SCONJ
ajfa-16770	7	6	there	there	PRON
ajfa-16770	7	7	are	be	VERB
ajfa-16770	7	8	no	no	DET
ajfa-16770	7	9	significant	significant	ADJ
ajfa-16770	7	10	relationships	relationship	NOUN
ajfa-16770	7	11	between	between	ADP
ajfa-16770	7	12	liquidity	liquidity	NOUN
ajfa-16770	7	13	and	and	CCONJ
ajfa-16770	7	14	profitability	profitability	NOUN
ajfa-16770	7	15	and	and	CCONJ
ajfa-16770	7	16	between	between	ADP
ajfa-16770	7	17	growth	growth	NOUN
ajfa-16770	7	18	opportunities	opportunity	NOUN
ajfa-16770	7	19	and	and	CCONJ
ajfa-16770	7	20	profitability	profitability	NOUN
ajfa-16770	7	21	of	of	ADP
ajfa-16770	7	22	mauritian	mauritian	ADJ
ajfa-16770	7	23	listed	list	VERB
ajfa-16770	7	24	firms	firm	NOUN
ajfa-16770	7	25	.	.	PUNCT
ajfa-16770	8	1	keywords	keyword	NOUN
ajfa-16770	8	2	:	:	PUNCT
ajfa-16770	8	3	profitability	profitability	NOUN
ajfa-16770	8	4	,	,	PUNCT
ajfa-16770	8	5	financial	financial	ADJ
ajfa-16770	8	6	leverage	leverage	NOUN
ajfa-16770	8	7	,	,	PUNCT
ajfa-16770	8	8	modigliani	modigliani	PROPN
ajfa-16770	8	9	and	and	CCONJ
ajfa-16770	8	10	miller	miller	PROPN
ajfa-16770	8	11	theory	theory	NOUN
ajfa-16770	8	12	,	,	PUNCT
ajfa-16770	8	13	trade	trade	NOUN
ajfa-16770	8	14	-	-	PUNCT
ajfa-16770	8	15	off	off	ADP
ajfa-16770	8	16	theory	theory	NOUN
ajfa-16770	8	17	,	,	PUNCT
ajfa-16770	8	18	agency	agency	NOUN
ajfa-16770	8	19	theory	theory	NOUN
ajfa-16770	8	20	asian	asian	PROPN
ajfa-16770	8	21	journal	journal	PROPN
ajfa-16770	8	22	of	of	ADP
ajfa-16770	8	23	finance	finance	PROPN
ajfa-16770	8	24	&	&	CCONJ
ajfa-16770	8	25	accounting	accounting	PROPN
ajfa-16770	8	26	issn	issn	PROPN
ajfa-16770	8	27	1946	1946	NUM
ajfa-16770	8	28	-	-	PUNCT
ajfa-16770	8	29	052x	052x	NOUN
ajfa-16770	8	30	2020	2020	NUM
ajfa-16770	8	31	,	,	PUNCT
ajfa-16770	8	32	vol	vol	NOUN
ajfa-16770	8	33	.	.	PROPN
ajfa-16770	8	34	12	12	NUM
ajfa-16770	8	35	,	,	PUNCT
ajfa-16770	8	36	no	no	INTJ
ajfa-16770	8	37	.	.	NOUN
ajfa-16770	8	38	1	1	NUM
ajfa-16770	8	39	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16770	8	40	59	59	NUM
ajfa-16770	8	41	1	1	NUM
ajfa-16770	8	42	.	.	PUNCT
ajfa-16770	9	1	introduction	introduction	NOUN
ajfa-16770	9	2	profitability	profitability	NOUN
ajfa-16770	9	3	has	have	AUX
ajfa-16770	9	4	always	always	ADV
ajfa-16770	9	5	been	be	AUX
ajfa-16770	9	6	the	the	DET
ajfa-16770	9	7	ultimate	ultimate	ADJ
ajfa-16770	9	8	aim	aim	NOUN
ajfa-16770	9	9	of	of	ADP
ajfa-16770	9	10	all	all	DET
ajfa-16770	9	11	firms	firm	NOUN
ajfa-16770	9	12	and	and	CCONJ
ajfa-16770	9	13	is	be	AUX
ajfa-16770	9	14	widely	widely	ADV
ajfa-16770	9	15	used	use	VERB
ajfa-16770	9	16	in	in	ADP
ajfa-16770	9	17	assessing	assess	VERB
ajfa-16770	9	18	their	their	PRON
ajfa-16770	9	19	financial	financial	ADJ
ajfa-16770	9	20	performance	performance	NOUN
ajfa-16770	9	21	.	.	PUNCT
ajfa-16770	10	1	the	the	DET
ajfa-16770	10	2	pursuit	pursuit	NOUN
ajfa-16770	10	3	for	for	ADP
ajfa-16770	10	4	profitability	profitability	NOUN
ajfa-16770	10	5	has	have	AUX
ajfa-16770	10	6	now	now	ADV
ajfa-16770	10	7	become	become	VERB
ajfa-16770	10	8	an	an	DET
ajfa-16770	10	9	extensive	extensive	ADJ
ajfa-16770	10	10	prerequisite	prerequisite	NOUN
ajfa-16770	10	11	for	for	ADP
ajfa-16770	10	12	organizations	organization	NOUN
ajfa-16770	10	13	’	'	PUNCT
ajfa-16770	10	14	long	long	ADJ
ajfa-16770	10	15	-	-	PUNCT
ajfa-16770	10	16	term	term	NOUN
ajfa-16770	10	17	sustainability	sustainability	NOUN
ajfa-16770	10	18	.	.	PUNCT
ajfa-16770	11	1	as	as	ADP
ajfa-16770	11	2	a	a	DET
ajfa-16770	11	3	matter	matter	NOUN
ajfa-16770	11	4	of	of	ADP
ajfa-16770	11	5	fact	fact	NOUN
ajfa-16770	11	6	,	,	PUNCT
ajfa-16770	11	7	no	no	DET
ajfa-16770	11	8	firms	firm	NOUN
ajfa-16770	11	9	or	or	CCONJ
ajfa-16770	11	10	businesses	business	NOUN
ajfa-16770	11	11	sustain	sustain	VERB
ajfa-16770	11	12	in	in	ADP
ajfa-16770	11	13	the	the	DET
ajfa-16770	11	14	market	market	NOUN
ajfa-16770	11	15	for	for	ADP
ajfa-16770	11	16	a	a	DET
ajfa-16770	11	17	long	long	ADJ
ajfa-16770	11	18	period	period	NOUN
ajfa-16770	11	19	of	of	ADP
ajfa-16770	11	20	time	time	NOUN
ajfa-16770	11	21	without	without	ADP
ajfa-16770	11	22	generating	generate	VERB
ajfa-16770	11	23	enough	enough	ADJ
ajfa-16770	11	24	profits	profit	NOUN
ajfa-16770	11	25	.	.	PUNCT
ajfa-16770	12	1	researchers	researcher	NOUN
ajfa-16770	12	2	have	have	AUX
ajfa-16770	12	3	provided	provide	VERB
ajfa-16770	12	4	valuable	valuable	ADJ
ajfa-16770	12	5	insights	insight	NOUN
ajfa-16770	12	6	in	in	ADP
ajfa-16770	12	7	the	the	DET
ajfa-16770	12	8	field	field	NOUN
ajfa-16770	12	9	of	of	ADP
ajfa-16770	12	10	profitability	profitability	NOUN
ajfa-16770	12	11	and	and	CCONJ
ajfa-16770	12	12	the	the	DET
ajfa-16770	12	13	possible	possible	ADJ
ajfa-16770	12	14	drivers	driver	NOUN
ajfa-16770	12	15	behind	behind	ADP
ajfa-16770	12	16	variations	variation	NOUN
ajfa-16770	12	17	in	in	ADP
ajfa-16770	12	18	profitability	profitability	NOUN
ajfa-16770	12	19	.	.	PUNCT
ajfa-16770	13	1	financial	financial	ADJ
ajfa-16770	13	2	leverage	leverage	NOUN
ajfa-16770	13	3	is	be	AUX
ajfa-16770	13	4	contemplated	contemplate	VERB
ajfa-16770	13	5	to	to	PART
ajfa-16770	13	6	be	be	AUX
ajfa-16770	13	7	one	one	NUM
ajfa-16770	13	8	of	of	ADP
ajfa-16770	13	9	the	the	DET
ajfa-16770	13	10	central	central	ADJ
ajfa-16770	13	11	drivers	driver	NOUN
ajfa-16770	13	12	of	of	ADP
ajfa-16770	13	13	profitability	profitability	NOUN
ajfa-16770	13	14	.	.	PUNCT
ajfa-16770	14	1	financial	financial	ADJ
ajfa-16770	14	2	leverage	leverage	NOUN
ajfa-16770	14	3	is	be	AUX
ajfa-16770	14	4	defined	define	VERB
ajfa-16770	14	5	as	as	ADP
ajfa-16770	14	6	a	a	DET
ajfa-16770	14	7	composition	composition	NOUN
ajfa-16770	14	8	of	of	ADP
ajfa-16770	14	9	debt	debt	NOUN
ajfa-16770	14	10	that	that	PRON
ajfa-16770	14	11	an	an	DET
ajfa-16770	14	12	entity	entity	NOUN
ajfa-16770	14	13	uses	use	VERB
ajfa-16770	14	14	for	for	ADP
ajfa-16770	14	15	investment	investment	NOUN
ajfa-16770	14	16	purposes	purpose	NOUN
ajfa-16770	14	17	.	.	PUNCT
ajfa-16770	15	1	elucidating	elucidate	VERB
ajfa-16770	15	2	the	the	DET
ajfa-16770	15	3	role	role	NOUN
ajfa-16770	15	4	that	that	PRON
ajfa-16770	15	5	financial	financial	ADJ
ajfa-16770	15	6	leverage	leverage	NOUN
ajfa-16770	15	7	plays	play	VERB
ajfa-16770	15	8	on	on	ADP
ajfa-16770	15	9	profitability	profitability	NOUN
ajfa-16770	15	10	of	of	ADP
ajfa-16770	15	11	organizations	organization	NOUN
ajfa-16770	15	12	is	be	AUX
ajfa-16770	15	13	not	not	PART
ajfa-16770	15	14	a	a	DET
ajfa-16770	15	15	research	research	NOUN
ajfa-16770	15	16	that	that	PRON
ajfa-16770	15	17	was	be	AUX
ajfa-16770	15	18	born	bear	VERB
ajfa-16770	15	19	recently	recently	ADV
ajfa-16770	15	20	,	,	PUNCT
ajfa-16770	15	21	but	but	CCONJ
ajfa-16770	15	22	stays	stay	VERB
ajfa-16770	15	23	among	among	ADP
ajfa-16770	15	24	the	the	DET
ajfa-16770	15	25	extant	extant	ADJ
ajfa-16770	15	26	research	research	NOUN
ajfa-16770	15	27	worldwide	worldwide	ADV
ajfa-16770	15	28	.	.	PUNCT
ajfa-16770	16	1	the	the	DET
ajfa-16770	16	2	question	question	NOUN
ajfa-16770	16	3	as	as	ADP
ajfa-16770	16	4	to	to	ADP
ajfa-16770	16	5	whether	whether	SCONJ
ajfa-16770	16	6	financial	financial	ADJ
ajfa-16770	16	7	leverage	leverage	NOUN
ajfa-16770	16	8	contributes	contribute	VERB
ajfa-16770	16	9	towards	towards	ADP
ajfa-16770	16	10	the	the	DET
ajfa-16770	16	11	profitability	profitability	NOUN
ajfa-16770	16	12	of	of	ADP
ajfa-16770	16	13	firms	firm	NOUN
ajfa-16770	16	14	,	,	PUNCT
ajfa-16770	16	15	has	have	AUX
ajfa-16770	16	16	grabbed	grab	VERB
ajfa-16770	16	17	the	the	DET
ajfa-16770	16	18	attention	attention	NOUN
ajfa-16770	16	19	of	of	ADP
ajfa-16770	16	20	numerous	numerous	ADJ
ajfa-16770	16	21	researchers	researcher	NOUN
ajfa-16770	16	22	such	such	ADJ
ajfa-16770	16	23	as	as	ADP
ajfa-16770	16	24	modigliani	modigliani	NOUN
ajfa-16770	16	25	and	and	CCONJ
ajfa-16770	16	26	miller	miller	PROPN
ajfa-16770	16	27	(	(	PUNCT
ajfa-16770	16	28	1958	1958	NUM
ajfa-16770	16	29	)	)	PUNCT
ajfa-16770	16	30	,	,	PUNCT
ajfa-16770	16	31	myers	myers	PROPN
ajfa-16770	16	32	(	(	PUNCT
ajfa-16770	16	33	1984	1984	NUM
ajfa-16770	16	34	)	)	PUNCT
ajfa-16770	16	35	,	,	PUNCT
ajfa-16770	16	36	jensen	jensen	PROPN
ajfa-16770	16	37	and	and	CCONJ
ajfa-16770	16	38	meckling	meckle	VERB
ajfa-16770	16	39	(	(	PUNCT
ajfa-16770	16	40	1986	1986	NUM
ajfa-16770	16	41	)	)	PUNCT
ajfa-16770	16	42	,	,	PUNCT
ajfa-16770	16	43	rajan	rajan	PROPN
ajfa-16770	16	44	and	and	CCONJ
ajfa-16770	16	45	zingales	zingales	PROPN
ajfa-16770	16	46	(	(	PUNCT
ajfa-16770	16	47	1995	1995	NUM
ajfa-16770	16	48	)	)	PUNCT
ajfa-16770	16	49	,	,	PUNCT
ajfa-16770	16	50	abor	abor	NOUN
ajfa-16770	16	51	(	(	PUNCT
ajfa-16770	16	52	2005	2005	NUM
ajfa-16770	16	53	)	)	PUNCT
ajfa-16770	16	54	,	,	PUNCT
ajfa-16770	16	55	rehman	rehman	NOUN
ajfa-16770	16	56	(	(	PUNCT
ajfa-16770	16	57	2013	2013	NUM
ajfa-16770	16	58	)	)	PUNCT
ajfa-16770	16	59	,	,	PUNCT
ajfa-16770	16	60	eckbo	eckbo	NOUN
ajfa-16770	16	61	and	and	CCONJ
ajfa-16770	16	62	kisser	kisser	X
ajfa-16770	16	63	(	(	PUNCT
ajfa-16770	16	64	2018	2018	NUM
ajfa-16770	16	65	)	)	PUNCT
ajfa-16770	16	66	and	and	CCONJ
ajfa-16770	16	67	many	many	ADJ
ajfa-16770	16	68	others	other	NOUN
ajfa-16770	16	69	.	.	PUNCT
ajfa-16770	17	1	past	past	ADJ
ajfa-16770	17	2	studies	study	NOUN
ajfa-16770	17	3	have	have	AUX
ajfa-16770	17	4	produced	produce	VERB
ajfa-16770	17	5	an	an	DET
ajfa-16770	17	6	eclectic	eclectic	ADJ
ajfa-16770	17	7	mix	mix	NOUN
ajfa-16770	17	8	of	of	ADP
ajfa-16770	17	9	results	result	NOUN
ajfa-16770	17	10	on	on	ADP
ajfa-16770	17	11	the	the	DET
ajfa-16770	17	12	link	link	NOUN
ajfa-16770	17	13	between	between	ADP
ajfa-16770	17	14	profitability	profitability	NOUN
ajfa-16770	17	15	and	and	CCONJ
ajfa-16770	17	16	financial	financial	ADJ
ajfa-16770	17	17	leverage	leverage	NOUN
ajfa-16770	17	18	.	.	PUNCT
ajfa-16770	18	1	in	in	ADP
ajfa-16770	18	2	perusing	peruse	VERB
ajfa-16770	18	3	how	how	SCONJ
ajfa-16770	18	4	financial	financial	ADJ
ajfa-16770	18	5	leverage	leverage	NOUN
ajfa-16770	18	6	is	be	AUX
ajfa-16770	18	7	connected	connect	VERB
ajfa-16770	18	8	to	to	ADP
ajfa-16770	18	9	profitability	profitability	NOUN
ajfa-16770	18	10	of	of	ADP
ajfa-16770	18	11	firms	firm	NOUN
ajfa-16770	18	12	,	,	PUNCT
ajfa-16770	18	13	a	a	DET
ajfa-16770	18	14	positive	positive	ADJ
ajfa-16770	18	15	association	association	NOUN
ajfa-16770	18	16	between	between	ADP
ajfa-16770	18	17	profitability	profitability	NOUN
ajfa-16770	18	18	and	and	CCONJ
ajfa-16770	18	19	financial	financial	ADJ
ajfa-16770	18	20	leverage	leverage	NOUN
ajfa-16770	18	21	was	be	AUX
ajfa-16770	18	22	supported	support	VERB
ajfa-16770	18	23	by	by	ADP
ajfa-16770	18	24	yoon	yoon	PROPN
ajfa-16770	18	25	and	and	CCONJ
ajfa-16770	18	26	jang	jang	PROPN
ajfa-16770	18	27	(	(	PUNCT
ajfa-16770	18	28	2005	2005	NUM
ajfa-16770	18	29	)	)	PUNCT
ajfa-16770	18	30	,	,	PUNCT
ajfa-16770	18	31	akhtar	akhtar	PROPN
ajfa-16770	18	32	et	et	PROPN
ajfa-16770	18	33	al	al	PROPN
ajfa-16770	18	34	(	(	PUNCT
ajfa-16770	18	35	2012	2012	NUM
ajfa-16770	18	36	)	)	PUNCT
ajfa-16770	18	37	and	and	CCONJ
ajfa-16770	18	38	eckbo	eckbo	PROPN
ajfa-16770	18	39	and	and	CCONJ
ajfa-16770	18	40	kisser	kisser	X
ajfa-16770	18	41	(	(	PUNCT
ajfa-16770	18	42	2018	2018	NUM
ajfa-16770	18	43	)	)	PUNCT
ajfa-16770	18	44	amongst	amongst	ADP
ajfa-16770	18	45	others	other	NOUN
ajfa-16770	18	46	.	.	PUNCT
ajfa-16770	19	1	furthermore	furthermore	ADV
ajfa-16770	19	2	studies	study	NOUN
ajfa-16770	19	3	such	such	ADJ
ajfa-16770	19	4	as	as	ADP
ajfa-16770	19	5	kester	kester	NOUN
ajfa-16770	19	6	(	(	PUNCT
ajfa-16770	19	7	1986	1986	NUM
ajfa-16770	19	8	)	)	PUNCT
ajfa-16770	19	9	,	,	PUNCT
ajfa-16770	19	10	rajan	rajan	PROPN
ajfa-16770	19	11	and	and	CCONJ
ajfa-16770	19	12	zingales	zingales	PROPN
ajfa-16770	19	13	(	(	PUNCT
ajfa-16770	19	14	1995	1995	NUM
ajfa-16770	19	15	)	)	PUNCT
ajfa-16770	19	16	,	,	PUNCT
ajfa-16770	19	17	and	and	CCONJ
ajfa-16770	19	18	pradhan	pradhan	PROPN
ajfa-16770	19	19	and	and	CCONJ
ajfa-16770	19	20	khadka	khadka	NOUN
ajfa-16770	19	21	(	(	PUNCT
ajfa-16770	19	22	2017	2017	NUM
ajfa-16770	19	23	)	)	PUNCT
ajfa-16770	19	24	amongst	amongst	ADP
ajfa-16770	19	25	others	other	NOUN
ajfa-16770	19	26	documented	document	VERB
ajfa-16770	19	27	a	a	DET
ajfa-16770	19	28	negative	negative	ADJ
ajfa-16770	19	29	influence	influence	NOUN
ajfa-16770	19	30	of	of	ADP
ajfa-16770	19	31	financial	financial	ADJ
ajfa-16770	19	32	leverage	leverage	NOUN
ajfa-16770	19	33	on	on	ADP
ajfa-16770	19	34	profitability	profitability	NOUN
ajfa-16770	19	35	.	.	PUNCT
ajfa-16770	20	1	nonetheless	nonetheless	ADV
ajfa-16770	20	2	no	no	DET
ajfa-16770	20	3	significant	significant	ADJ
ajfa-16770	20	4	association	association	NOUN
ajfa-16770	20	5	between	between	ADP
ajfa-16770	20	6	financial	financial	ADJ
ajfa-16770	20	7	leverage	leverage	NOUN
ajfa-16770	20	8	and	and	CCONJ
ajfa-16770	20	9	profitability	profitability	NOUN
ajfa-16770	20	10	was	be	AUX
ajfa-16770	20	11	documented	document	VERB
ajfa-16770	20	12	by	by	ADP
ajfa-16770	20	13	kebewar	kebewar	PROPN
ajfa-16770	20	14	(	(	PUNCT
ajfa-16770	20	15	2012	2012	NUM
ajfa-16770	20	16	)	)	PUNCT
ajfa-16770	20	17	and	and	CCONJ
ajfa-16770	20	18	yegon	yegon	NUM
ajfa-16770	20	19	(	(	PUNCT
ajfa-16770	20	20	2014	2014	NUM
ajfa-16770	20	21	)	)	PUNCT
ajfa-16770	20	22	.	.	PUNCT
ajfa-16770	21	1	it	it	PRON
ajfa-16770	21	2	is	be	AUX
ajfa-16770	21	3	observed	observe	VERB
ajfa-16770	21	4	that	that	SCONJ
ajfa-16770	21	5	there	there	PRON
ajfa-16770	21	6	is	be	VERB
ajfa-16770	21	7	no	no	DET
ajfa-16770	21	8	unanimity	unanimity	NOUN
ajfa-16770	21	9	in	in	ADP
ajfa-16770	21	10	the	the	DET
ajfa-16770	21	11	empirical	empirical	ADJ
ajfa-16770	21	12	strand	strand	NOUN
ajfa-16770	21	13	of	of	ADP
ajfa-16770	21	14	literature	literature	NOUN
ajfa-16770	21	15	with	with	ADP
ajfa-16770	21	16	regards	regard	NOUN
ajfa-16770	21	17	to	to	ADP
ajfa-16770	21	18	the	the	DET
ajfa-16770	21	19	link	link	NOUN
ajfa-16770	21	20	between	between	ADP
ajfa-16770	21	21	profitability	profitability	NOUN
ajfa-16770	21	22	and	and	CCONJ
ajfa-16770	21	23	financial	financial	ADJ
ajfa-16770	21	24	leverage	leverage	NOUN
ajfa-16770	21	25	.	.	PUNCT
ajfa-16770	22	1	despite	despite	SCONJ
ajfa-16770	22	2	enormous	enormous	ADJ
ajfa-16770	22	3	studies	study	NOUN
ajfa-16770	22	4	investigated	investigate	VERB
ajfa-16770	22	5	the	the	DET
ajfa-16770	22	6	influence	influence	NOUN
ajfa-16770	22	7	of	of	ADP
ajfa-16770	22	8	financial	financial	ADJ
ajfa-16770	22	9	leverage	leverage	NOUN
ajfa-16770	22	10	on	on	ADP
ajfa-16770	22	11	profitability	profitability	NOUN
ajfa-16770	22	12	,	,	PUNCT
ajfa-16770	22	13	yet	yet	CCONJ
ajfa-16770	22	14	a	a	DET
ajfa-16770	22	15	majority	majority	NOUN
ajfa-16770	22	16	of	of	ADP
ajfa-16770	22	17	them	they	PRON
ajfa-16770	22	18	concentrated	concentrate	VERB
ajfa-16770	22	19	in	in	ADP
ajfa-16770	22	20	the	the	DET
ajfa-16770	22	21	economically	economically	ADV
ajfa-16770	22	22	industrialized	industrialize	VERB
ajfa-16770	22	23	countries	country	NOUN
ajfa-16770	22	24	.	.	PUNCT
ajfa-16770	23	1	scant	scant	ADJ
ajfa-16770	23	2	studies	study	NOUN
ajfa-16770	23	3	on	on	ADP
ajfa-16770	23	4	this	this	DET
ajfa-16770	23	5	area	area	NOUN
ajfa-16770	23	6	were	be	AUX
ajfa-16770	23	7	carried	carry	VERB
ajfa-16770	23	8	out	out	ADP
ajfa-16770	23	9	in	in	ADP
ajfa-16770	23	10	developing	develop	VERB
ajfa-16770	23	11	countries	country	NOUN
ajfa-16770	23	12	.	.	PUNCT
ajfa-16770	24	1	in	in	ADP
ajfa-16770	24	2	addition	addition	NOUN
ajfa-16770	24	3	very	very	ADV
ajfa-16770	24	4	few	few	ADJ
ajfa-16770	24	5	studies	study	NOUN
ajfa-16770	24	6	have	have	AUX
ajfa-16770	24	7	been	be	AUX
ajfa-16770	24	8	conducted	conduct	VERB
ajfa-16770	24	9	in	in	ADP
ajfa-16770	24	10	this	this	DET
ajfa-16770	24	11	field	field	NOUN
ajfa-16770	24	12	in	in	ADP
ajfa-16770	24	13	small	small	ADJ
ajfa-16770	24	14	island	island	NOUN
ajfa-16770	24	15	economies	economy	NOUN
ajfa-16770	24	16	such	such	ADJ
ajfa-16770	24	17	as	as	ADP
ajfa-16770	24	18	mauritius	mauritius	NOUN
ajfa-16770	24	19	,	,	PUNCT
ajfa-16770	24	20	which	which	PRON
ajfa-16770	24	21	is	be	AUX
ajfa-16770	24	22	an	an	DET
ajfa-16770	24	23	emerging	emerge	VERB
ajfa-16770	24	24	economy	economy	NOUN
ajfa-16770	24	25	in	in	ADP
ajfa-16770	24	26	the	the	DET
ajfa-16770	24	27	african	african	ADJ
ajfa-16770	24	28	markets	market	NOUN
ajfa-16770	24	29	.	.	PUNCT
ajfa-16770	25	1	given	give	VERB
ajfa-16770	25	2	the	the	DET
ajfa-16770	25	3	dissimilarity	dissimilarity	NOUN
ajfa-16770	25	4	in	in	ADP
ajfa-16770	25	5	the	the	DET
ajfa-16770	25	6	previous	previous	ADJ
ajfa-16770	25	7	studies	study	NOUN
ajfa-16770	25	8	and	and	CCONJ
ajfa-16770	25	9	the	the	DET
ajfa-16770	25	10	very	very	ADV
ajfa-16770	25	11	limited	limited	ADJ
ajfa-16770	25	12	works	work	NOUN
ajfa-16770	25	13	in	in	ADP
ajfa-16770	25	14	developing	develop	VERB
ajfa-16770	25	15	economies	economy	NOUN
ajfa-16770	25	16	and	and	CCONJ
ajfa-16770	25	17	small	small	ADJ
ajfa-16770	25	18	island	island	NOUN
ajfa-16770	25	19	economies	economy	NOUN
ajfa-16770	25	20	,	,	PUNCT
ajfa-16770	25	21	it	it	PRON
ajfa-16770	25	22	is	be	AUX
ajfa-16770	25	23	important	important	ADJ
ajfa-16770	25	24	to	to	PART
ajfa-16770	25	25	investigate	investigate	VERB
ajfa-16770	25	26	the	the	DET
ajfa-16770	25	27	relationship	relationship	NOUN
ajfa-16770	25	28	between	between	ADP
ajfa-16770	25	29	financial	financial	ADJ
ajfa-16770	25	30	leverage	leverage	NOUN
ajfa-16770	25	31	and	and	CCONJ
ajfa-16770	25	32	profitability	profitability	NOUN
ajfa-16770	25	33	in	in	ADP
ajfa-16770	25	34	mauritius	mauritius	NOUN
ajfa-16770	25	35	which	which	PRON
ajfa-16770	25	36	is	be	AUX
ajfa-16770	25	37	an	an	DET
ajfa-16770	25	38	emerging	emerge	VERB
ajfa-16770	25	39	small	small	ADJ
ajfa-16770	25	40	island	island	NOUN
ajfa-16770	25	41	economy	economy	NOUN
ajfa-16770	25	42	.	.	PUNCT
ajfa-16770	26	1	this	this	DET
ajfa-16770	26	2	study	study	NOUN
ajfa-16770	26	3	contributes	contribute	VERB
ajfa-16770	26	4	to	to	ADP
ajfa-16770	26	5	the	the	DET
ajfa-16770	26	6	existing	exist	VERB
ajfa-16770	26	7	literature	literature	NOUN
ajfa-16770	26	8	in	in	ADP
ajfa-16770	26	9	developing	develop	VERB
ajfa-16770	26	10	economies	economy	NOUN
ajfa-16770	26	11	and	and	CCONJ
ajfa-16770	26	12	small	small	ADJ
ajfa-16770	26	13	island	island	NOUN
ajfa-16770	26	14	economies	economy	NOUN
ajfa-16770	26	15	in	in	ADP
ajfa-16770	26	16	the	the	DET
ajfa-16770	26	17	field	field	NOUN
ajfa-16770	26	18	of	of	ADP
ajfa-16770	26	19	financial	financial	ADJ
ajfa-16770	26	20	leverage	leverage	NOUN
ajfa-16770	26	21	and	and	CCONJ
ajfa-16770	26	22	profitability	profitability	NOUN
ajfa-16770	26	23	.	.	PUNCT
ajfa-16770	27	1	this	this	DET
ajfa-16770	27	2	paper	paper	NOUN
ajfa-16770	27	3	is	be	AUX
ajfa-16770	27	4	as	as	SCONJ
ajfa-16770	27	5	follows	follow	VERB
ajfa-16770	27	6	.	.	PUNCT
ajfa-16770	28	1	section	section	NOUN
ajfa-16770	28	2	2	2	NUM
ajfa-16770	28	3	contains	contain	VERB
ajfa-16770	28	4	the	the	DET
ajfa-16770	28	5	review	review	NOUN
ajfa-16770	28	6	of	of	ADP
ajfa-16770	28	7	literature	literature	NOUN
ajfa-16770	28	8	,	,	PUNCT
ajfa-16770	28	9	the	the	DET
ajfa-16770	28	10	methodology	methodology	NOUN
ajfa-16770	28	11	is	be	AUX
ajfa-16770	28	12	explained	explain	VERB
ajfa-16770	28	13	in	in	ADP
ajfa-16770	28	14	section	section	NOUN
ajfa-16770	28	15	3	3	NUM
ajfa-16770	28	16	,	,	PUNCT
ajfa-16770	28	17	the	the	DET
ajfa-16770	28	18	findings	finding	NOUN
ajfa-16770	28	19	and	and	CCONJ
ajfa-16770	28	20	discussion	discussion	NOUN
ajfa-16770	28	21	is	be	AUX
ajfa-16770	28	22	in	in	ADP
ajfa-16770	28	23	section	section	NOUN
ajfa-16770	28	24	4	4	NUM
ajfa-16770	28	25	and	and	CCONJ
ajfa-16770	28	26	section	section	NOUN
ajfa-16770	28	27	5	5	NUM
ajfa-16770	28	28	concludes	conclude	VERB
ajfa-16770	28	29	and	and	CCONJ
ajfa-16770	28	30	provides	provide	VERB
ajfa-16770	28	31	relevant	relevant	ADJ
ajfa-16770	28	32	recommendations	recommendation	NOUN
ajfa-16770	28	33	.	.	PUNCT
ajfa-16770	29	1	2	2	X
ajfa-16770	29	2	.	.	X
ajfa-16770	29	3	literature	literature	NOUN
ajfa-16770	29	4	review	review	VERB
ajfa-16770	29	5	2.1	2.1	NUM
ajfa-16770	29	6	theoretical	theoretical	ADJ
ajfa-16770	29	7	review	review	NOUN
ajfa-16770	29	8	the	the	DET
ajfa-16770	29	9	pecking	pecking	NOUN
ajfa-16770	29	10	order	order	NOUN
ajfa-16770	29	11	theory	theory	NOUN
ajfa-16770	29	12	,	,	PUNCT
ajfa-16770	29	13	the	the	DET
ajfa-16770	29	14	modigliani	modigliani	PROPN
ajfa-16770	29	15	and	and	CCONJ
ajfa-16770	29	16	miller	miller	PROPN
ajfa-16770	29	17	theory	theory	NOUN
ajfa-16770	29	18	,	,	PUNCT
ajfa-16770	29	19	the	the	DET
ajfa-16770	29	20	trade	trade	NOUN
ajfa-16770	29	21	-	-	PUNCT
ajfa-16770	29	22	off	off	ADP
ajfa-16770	29	23	theory	theory	NOUN
ajfa-16770	29	24	and	and	CCONJ
ajfa-16770	29	25	the	the	DET
ajfa-16770	29	26	agency	agency	NOUN
ajfa-16770	29	27	asian	asian	PROPN
ajfa-16770	29	28	journal	journal	PROPN
ajfa-16770	29	29	of	of	ADP
ajfa-16770	29	30	finance	finance	PROPN
ajfa-16770	29	31	&	&	CCONJ
ajfa-16770	29	32	accounting	accounting	PROPN
ajfa-16770	29	33	issn	issn	PROPN
ajfa-16770	29	34	1946	1946	NUM
ajfa-16770	29	35	-	-	PUNCT
ajfa-16770	29	36	052x	052x	NOUN
ajfa-16770	29	37	2020	2020	NUM
ajfa-16770	29	38	,	,	PUNCT
ajfa-16770	29	39	vol	vol	NOUN
ajfa-16770	29	40	.	.	PROPN
ajfa-16770	29	41	12	12	NUM
ajfa-16770	29	42	,	,	PUNCT
ajfa-16770	29	43	no	no	INTJ
ajfa-16770	29	44	.	.	NOUN
ajfa-16770	29	45	1	1	NUM
ajfa-16770	29	46	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16770	29	47	60	60	NUM
ajfa-16770	29	48	theory	theory	NOUN
ajfa-16770	29	49	are	be	AUX
ajfa-16770	29	50	commonly	commonly	ADV
ajfa-16770	29	51	used	use	VERB
ajfa-16770	29	52	theories	theory	NOUN
ajfa-16770	29	53	in	in	ADP
ajfa-16770	29	54	the	the	DET
ajfa-16770	29	55	literature	literature	NOUN
ajfa-16770	29	56	to	to	PART
ajfa-16770	29	57	explain	explain	VERB
ajfa-16770	29	58	the	the	DET
ajfa-16770	29	59	relationship	relationship	NOUN
ajfa-16770	29	60	between	between	ADP
ajfa-16770	29	61	financial	financial	ADJ
ajfa-16770	29	62	leverage	leverage	NOUN
ajfa-16770	29	63	and	and	CCONJ
ajfa-16770	29	64	profitability	profitability	NOUN
ajfa-16770	29	65	of	of	ADP
ajfa-16770	29	66	firms	firm	NOUN
ajfa-16770	29	67	.	.	PUNCT
ajfa-16770	30	1	these	these	DET
ajfa-16770	30	2	theories	theory	NOUN
ajfa-16770	30	3	are	be	AUX
ajfa-16770	30	4	explained	explain	VERB
ajfa-16770	30	5	in	in	ADP
ajfa-16770	30	6	more	more	ADJ
ajfa-16770	30	7	detail	detail	NOUN
ajfa-16770	30	8	in	in	ADP
ajfa-16770	30	9	this	this	DET
ajfa-16770	30	10	section	section	NOUN
ajfa-16770	30	11	of	of	ADP
ajfa-16770	30	12	the	the	DET
ajfa-16770	30	13	paper	paper	NOUN
ajfa-16770	30	14	.	.	PUNCT
ajfa-16770	31	1	2.1.1	2.1.1	NUM
ajfa-16770	31	2	pecking	pecking	NOUN
ajfa-16770	31	3	order	order	NOUN
ajfa-16770	31	4	theory	theory	NOUN
ajfa-16770	31	5	the	the	DET
ajfa-16770	31	6	pecking	pecking	NOUN
ajfa-16770	31	7	order	order	NOUN
ajfa-16770	31	8	theory	theory	NOUN
ajfa-16770	31	9	(	(	PUNCT
ajfa-16770	31	10	pot	pot	NOUN
ajfa-16770	31	11	)	)	PUNCT
ajfa-16770	31	12	forecasts	forecast	VERB
ajfa-16770	31	13	that	that	SCONJ
ajfa-16770	31	14	there	there	PRON
ajfa-16770	31	15	exists	exist	VERB
ajfa-16770	31	16	an	an	DET
ajfa-16770	31	17	inverse	inverse	NOUN
ajfa-16770	31	18	association	association	NOUN
ajfa-16770	31	19	between	between	ADP
ajfa-16770	31	20	profitability	profitability	NOUN
ajfa-16770	31	21	and	and	CCONJ
ajfa-16770	31	22	financial	financial	ADJ
ajfa-16770	31	23	leverage	leverage	NOUN
ajfa-16770	31	24	.	.	PUNCT
ajfa-16770	32	1	this	this	DET
ajfa-16770	32	2	theory	theory	NOUN
ajfa-16770	32	3	advocates	advocate	VERB
ajfa-16770	32	4	that	that	SCONJ
ajfa-16770	32	5	firms	firm	NOUN
ajfa-16770	32	6	must	must	AUX
ajfa-16770	32	7	have	have	AUX
ajfa-16770	32	8	recourse	recourse	VERB
ajfa-16770	32	9	to	to	ADP
ajfa-16770	32	10	different	different	ADJ
ajfa-16770	32	11	types	type	NOUN
ajfa-16770	32	12	of	of	ADP
ajfa-16770	32	13	financing	financing	NOUN
ajfa-16770	32	14	according	accord	VERB
ajfa-16770	32	15	to	to	ADP
ajfa-16770	32	16	a	a	DET
ajfa-16770	32	17	specific	specific	ADJ
ajfa-16770	32	18	order	order	NOUN
ajfa-16770	32	19	.	.	PUNCT
ajfa-16770	33	1	a	a	DET
ajfa-16770	33	2	firm	firm	NOUN
ajfa-16770	33	3	must	must	AUX
ajfa-16770	33	4	first	first	ADV
ajfa-16770	33	5	use	use	VERB
ajfa-16770	33	6	its	its	PRON
ajfa-16770	33	7	internal	internal	ADJ
ajfa-16770	33	8	financing	financing	NOUN
ajfa-16770	33	9	through	through	ADP
ajfa-16770	33	10	retained	retain	VERB
ajfa-16770	33	11	earnings	earning	NOUN
ajfa-16770	33	12	,	,	PUNCT
ajfa-16770	33	13	followed	follow	VERB
ajfa-16770	33	14	by	by	ADP
ajfa-16770	33	15	external	external	ADJ
ajfa-16770	33	16	financing	financing	NOUN
ajfa-16770	33	17	through	through	ADP
ajfa-16770	33	18	debt	debt	NOUN
ajfa-16770	33	19	and	and	CCONJ
ajfa-16770	33	20	the	the	DET
ajfa-16770	33	21	last	last	ADJ
ajfa-16770	33	22	option	option	NOUN
ajfa-16770	33	23	would	would	AUX
ajfa-16770	33	24	be	be	AUX
ajfa-16770	33	25	external	external	ADJ
ajfa-16770	33	26	funding	funding	NOUN
ajfa-16770	33	27	through	through	ADP
ajfa-16770	33	28	equity	equity	NOUN
ajfa-16770	33	29	(	(	PUNCT
ajfa-16770	33	30	myers	myers	PROPN
ajfa-16770	33	31	&	&	CCONJ
ajfa-16770	33	32	majluf	majluf	PROPN
ajfa-16770	33	33	,	,	PUNCT
ajfa-16770	33	34	1984	1984	NUM
ajfa-16770	33	35	)	)	PUNCT
ajfa-16770	33	36	.	.	PUNCT
ajfa-16770	34	1	according	accord	VERB
ajfa-16770	34	2	to	to	ADP
ajfa-16770	34	3	myers	myers	PROPN
ajfa-16770	34	4	and	and	CCONJ
ajfa-16770	34	5	majluf	majluf	PROPN
ajfa-16770	34	6	(	(	PUNCT
ajfa-16770	34	7	1984	1984	NUM
ajfa-16770	34	8	)	)	PUNCT
ajfa-16770	34	9	,	,	PUNCT
ajfa-16770	34	10	the	the	DET
ajfa-16770	34	11	pecking	pecking	NOUN
ajfa-16770	34	12	order	order	NOUN
ajfa-16770	34	13	of	of	ADP
ajfa-16770	34	14	funding	funding	NOUN
ajfa-16770	34	15	firms	firm	NOUN
ajfa-16770	34	16	is	be	AUX
ajfa-16770	34	17	grounded	ground	VERB
ajfa-16770	34	18	on	on	ADP
ajfa-16770	34	19	the	the	DET
ajfa-16770	34	20	concept	concept	NOUN
ajfa-16770	34	21	of	of	ADP
ajfa-16770	34	22	asymmetric	asymmetric	ADJ
ajfa-16770	34	23	information	information	NOUN
ajfa-16770	34	24	.	.	PUNCT
ajfa-16770	35	1	this	this	PRON
ajfa-16770	35	2	implies	imply	VERB
ajfa-16770	35	3	that	that	SCONJ
ajfa-16770	35	4	management	management	NOUN
ajfa-16770	35	5	is	be	AUX
ajfa-16770	35	6	better	well	ADV
ajfa-16770	35	7	informed	inform	VERB
ajfa-16770	35	8	about	about	ADP
ajfa-16770	35	9	the	the	DET
ajfa-16770	35	10	company	company	NOUN
ajfa-16770	35	11	’s	’s	PART
ajfa-16770	35	12	risks	risk	NOUN
ajfa-16770	35	13	,	,	PUNCT
ajfa-16770	35	14	value	value	NOUN
ajfa-16770	35	15	and	and	CCONJ
ajfa-16770	35	16	opportunities	opportunity	NOUN
ajfa-16770	35	17	than	than	ADP
ajfa-16770	35	18	investors	investor	NOUN
ajfa-16770	35	19	or	or	CCONJ
ajfa-16770	35	20	shareholders	shareholder	NOUN
ajfa-16770	35	21	.	.	PUNCT
ajfa-16770	36	1	due	due	ADP
ajfa-16770	36	2	to	to	ADP
ajfa-16770	36	3	this	this	DET
ajfa-16770	36	4	information	information	NOUN
ajfa-16770	36	5	asymmetry	asymmetry	NOUN
ajfa-16770	36	6	,	,	PUNCT
ajfa-16770	36	7	no	no	DET
ajfa-16770	36	8	adverse	adverse	ADJ
ajfa-16770	36	9	selection	selection	NOUN
ajfa-16770	36	10	problem	problem	NOUN
ajfa-16770	36	11	is	be	AUX
ajfa-16770	36	12	observed	observe	VERB
ajfa-16770	36	13	with	with	ADP
ajfa-16770	36	14	retained	retain	VERB
ajfa-16770	36	15	earnings	earning	NOUN
ajfa-16770	36	16	while	while	SCONJ
ajfa-16770	36	17	equity	equity	NOUN
ajfa-16770	36	18	has	have	VERB
ajfa-16770	36	19	higher	high	ADJ
ajfa-16770	36	20	adverse	adverse	ADJ
ajfa-16770	36	21	selection	selection	NOUN
ajfa-16770	36	22	problem	problem	NOUN
ajfa-16770	36	23	as	as	ADP
ajfa-16770	36	24	compared	compare	VERB
ajfa-16770	36	25	to	to	ADP
ajfa-16770	36	26	debt	debt	NOUN
ajfa-16770	36	27	.	.	PUNCT
ajfa-16770	37	1	thus	thus	ADV
ajfa-16770	37	2	,	,	PUNCT
ajfa-16770	37	3	when	when	SCONJ
ajfa-16770	37	4	external	external	ADJ
ajfa-16770	37	5	funding	funding	NOUN
ajfa-16770	37	6	is	be	AUX
ajfa-16770	37	7	used	use	VERB
ajfa-16770	37	8	,	,	PUNCT
ajfa-16770	37	9	firms	firm	NOUN
ajfa-16770	37	10	have	have	VERB
ajfa-16770	37	11	a	a	DET
ajfa-16770	37	12	stronger	strong	ADJ
ajfa-16770	37	13	preference	preference	NOUN
ajfa-16770	37	14	for	for	ADP
ajfa-16770	37	15	debt	debt	NOUN
ajfa-16770	37	16	rather	rather	ADV
ajfa-16770	37	17	than	than	ADP
ajfa-16770	37	18	equity	equity	NOUN
ajfa-16770	37	19	because	because	SCONJ
ajfa-16770	37	20	of	of	ADP
ajfa-16770	37	21	higher	high	ADJ
ajfa-16770	37	22	cost	cost	NOUN
ajfa-16770	37	23	of	of	ADP
ajfa-16770	37	24	equity	equity	NOUN
ajfa-16770	37	25	.	.	PUNCT
ajfa-16770	38	1	myers	myers	PROPN
ajfa-16770	38	2	(	(	PUNCT
ajfa-16770	38	3	1984	1984	NUM
ajfa-16770	38	4	)	)	PUNCT
ajfa-16770	38	5	claims	claim	VERB
ajfa-16770	38	6	that	that	SCONJ
ajfa-16770	38	7	because	because	SCONJ
ajfa-16770	38	8	of	of	ADP
ajfa-16770	38	9	the	the	DET
ajfa-16770	38	10	existence	existence	NOUN
ajfa-16770	38	11	of	of	ADP
ajfa-16770	38	12	information	information	NOUN
ajfa-16770	38	13	asymmetry	asymmetry	NOUN
ajfa-16770	38	14	and	and	CCONJ
ajfa-16770	38	15	adverse	adverse	ADJ
ajfa-16770	38	16	selection	selection	NOUN
ajfa-16770	38	17	,	,	PUNCT
ajfa-16770	38	18	this	this	PRON
ajfa-16770	38	19	compels	compel	VERB
ajfa-16770	38	20	profit	profit	NOUN
ajfa-16770	38	21	-	-	PUNCT
ajfa-16770	38	22	making	make	VERB
ajfa-16770	38	23	firms	firm	NOUN
ajfa-16770	38	24	to	to	PART
ajfa-16770	38	25	make	make	VERB
ajfa-16770	38	26	use	use	NOUN
ajfa-16770	38	27	of	of	ADP
ajfa-16770	38	28	their	their	PRON
ajfa-16770	38	29	retained	retain	VERB
ajfa-16770	38	30	earnings	earning	NOUN
ajfa-16770	38	31	over	over	ADP
ajfa-16770	38	32	external	external	ADJ
ajfa-16770	38	33	financing	financing	NOUN
ajfa-16770	38	34	.	.	PUNCT
ajfa-16770	39	1	the	the	DET
ajfa-16770	39	2	inverse	inverse	NOUN
ajfa-16770	39	3	relationship	relationship	NOUN
ajfa-16770	39	4	between	between	ADP
ajfa-16770	39	5	profitability	profitability	NOUN
ajfa-16770	39	6	and	and	CCONJ
ajfa-16770	39	7	leverage	leverage	NOUN
ajfa-16770	39	8	can	can	AUX
ajfa-16770	39	9	be	be	AUX
ajfa-16770	39	10	explained	explain	VERB
ajfa-16770	39	11	as	as	ADP
ajfa-16770	39	12	a	a	DET
ajfa-16770	39	13	result	result	NOUN
ajfa-16770	39	14	of	of	ADP
ajfa-16770	39	15	the	the	DET
ajfa-16770	39	16	fact	fact	NOUN
ajfa-16770	39	17	that	that	SCONJ
ajfa-16770	39	18	profitable	profitable	ADJ
ajfa-16770	39	19	firms	firm	NOUN
ajfa-16770	39	20	have	have	AUX
ajfa-16770	39	21	higher	high	ADJ
ajfa-16770	39	22	retained	retain	VERB
ajfa-16770	39	23	earnings	earning	NOUN
ajfa-16770	39	24	.	.	PUNCT
ajfa-16770	40	1	thus	thus	ADV
ajfa-16770	40	2	,	,	PUNCT
ajfa-16770	40	3	this	this	DET
ajfa-16770	40	4	reserve	reserve	NOUN
ajfa-16770	40	5	will	will	AUX
ajfa-16770	40	6	be	be	AUX
ajfa-16770	40	7	used	use	VERB
ajfa-16770	40	8	when	when	SCONJ
ajfa-16770	40	9	it	it	PRON
ajfa-16770	40	10	comes	come	VERB
ajfa-16770	40	11	to	to	ADP
ajfa-16770	40	12	financing	financing	NOUN
ajfa-16770	40	13	projects	project	NOUN
ajfa-16770	40	14	of	of	ADP
ajfa-16770	40	15	the	the	DET
ajfa-16770	40	16	firm	firm	NOUN
ajfa-16770	40	17	.	.	PUNCT
ajfa-16770	41	1	the	the	DET
ajfa-16770	41	2	latter	latter	ADJ
ajfa-16770	41	3	will	will	AUX
ajfa-16770	41	4	be	be	AUX
ajfa-16770	41	5	less	less	ADV
ajfa-16770	41	6	willing	willing	ADJ
ajfa-16770	41	7	to	to	PART
ajfa-16770	41	8	take	take	VERB
ajfa-16770	41	9	debt	debt	NOUN
ajfa-16770	41	10	since	since	SCONJ
ajfa-16770	41	11	they	they	PRON
ajfa-16770	41	12	are	be	AUX
ajfa-16770	41	13	unlikely	unlikely	ADJ
ajfa-16770	41	14	to	to	PART
ajfa-16770	41	15	be	be	AUX
ajfa-16770	41	16	faced	face	VERB
ajfa-16770	41	17	with	with	ADP
ajfa-16770	41	18	financing	financing	NOUN
ajfa-16770	41	19	constraints	constraint	NOUN
ajfa-16770	41	20	.	.	PUNCT
ajfa-16770	42	1	2.1.2	2.1.2	NUM
ajfa-16770	42	2	modigliani	modigliani	X
ajfa-16770	42	3	and	and	CCONJ
ajfa-16770	42	4	miller	miller	PROPN
ajfa-16770	42	5	theory	theory	NOUN
ajfa-16770	42	6	as	as	SCONJ
ajfa-16770	42	7	explained	explain	VERB
ajfa-16770	42	8	by	by	ADP
ajfa-16770	42	9	modigliani	modigliani	PROPN
ajfa-16770	42	10	and	and	CCONJ
ajfa-16770	42	11	miller	miller	PROPN
ajfa-16770	42	12	(	(	PUNCT
ajfa-16770	42	13	1958	1958	NUM
ajfa-16770	42	14	)	)	PUNCT
ajfa-16770	42	15	in	in	ADP
ajfa-16770	42	16	its	its	PRON
ajfa-16770	42	17	theory	theory	NOUN
ajfa-16770	42	18	of	of	ADP
ajfa-16770	42	19	irrelevance	irrelevance	NOUN
ajfa-16770	42	20	of	of	ADP
ajfa-16770	42	21	the	the	DET
ajfa-16770	42	22	capital	capital	NOUN
ajfa-16770	42	23	structure	structure	NOUN
ajfa-16770	42	24	,	,	PUNCT
ajfa-16770	42	25	in	in	ADP
ajfa-16770	42	26	a	a	DET
ajfa-16770	42	27	tax	tax	NOUN
ajfa-16770	42	28	-	-	PUNCT
ajfa-16770	42	29	free	free	ADJ
ajfa-16770	42	30	environment	environment	NOUN
ajfa-16770	42	31	,	,	PUNCT
ajfa-16770	42	32	irrespective	irrespective	ADV
ajfa-16770	42	33	of	of	ADP
ajfa-16770	42	34	whether	whether	SCONJ
ajfa-16770	42	35	a	a	DET
ajfa-16770	42	36	firm	firm	NOUN
ajfa-16770	42	37	is	be	AUX
ajfa-16770	42	38	financed	finance	VERB
ajfa-16770	42	39	by	by	ADP
ajfa-16770	42	40	debt	debt	NOUN
ajfa-16770	42	41	or	or	CCONJ
ajfa-16770	42	42	not	not	PART
ajfa-16770	42	43	,	,	PUNCT
ajfa-16770	42	44	its	its	PRON
ajfa-16770	42	45	market	market	NOUN
ajfa-16770	42	46	value	value	NOUN
ajfa-16770	42	47	remains	remain	VERB
ajfa-16770	42	48	unaffected	unaffected	ADJ
ajfa-16770	42	49	.	.	PUNCT
ajfa-16770	43	1	modigliani	modigliani	PROPN
ajfa-16770	43	2	and	and	CCONJ
ajfa-16770	43	3	miller	miller	PROPN
ajfa-16770	43	4	(	(	PUNCT
ajfa-16770	43	5	1958	1958	NUM
ajfa-16770	43	6	)	)	PUNCT
ajfa-16770	43	7	draws	draw	VERB
ajfa-16770	43	8	the	the	DET
ajfa-16770	43	9	attention	attention	NOUN
ajfa-16770	43	10	that	that	PRON
ajfa-16770	43	11	a	a	DET
ajfa-16770	43	12	firm	firm	NOUN
ajfa-16770	43	13	’s	’s	PART
ajfa-16770	43	14	market	market	NOUN
ajfa-16770	43	15	value	value	NOUN
ajfa-16770	43	16	is	be	AUX
ajfa-16770	43	17	computed	compute	VERB
ajfa-16770	43	18	by	by	ADP
ajfa-16770	43	19	the	the	DET
ajfa-16770	43	20	risks	risk	NOUN
ajfa-16770	43	21	involved	involve	VERB
ajfa-16770	43	22	with	with	ADP
ajfa-16770	43	23	the	the	DET
ajfa-16770	43	24	underlying	underlie	VERB
ajfa-16770	43	25	assets	asset	NOUN
ajfa-16770	43	26	of	of	ADP
ajfa-16770	43	27	a	a	DET
ajfa-16770	43	28	firm	firm	NOUN
ajfa-16770	43	29	as	as	ADV
ajfa-16770	43	30	well	well	ADV
ajfa-16770	43	31	as	as	ADP
ajfa-16770	43	32	the	the	DET
ajfa-16770	43	33	income	income	NOUN
ajfa-16770	43	34	generated	generate	VERB
ajfa-16770	43	35	by	by	ADP
ajfa-16770	43	36	that	that	DET
ajfa-16770	43	37	firm	firm	NOUN
ajfa-16770	43	38	.	.	PUNCT
ajfa-16770	44	1	also	also	ADV
ajfa-16770	44	2	,	,	PUNCT
ajfa-16770	44	3	whether	whether	SCONJ
ajfa-16770	44	4	a	a	DET
ajfa-16770	44	5	firm	firm	NOUN
ajfa-16770	44	6	is	be	AUX
ajfa-16770	44	7	highly	highly	ADV
ajfa-16770	44	8	geared	gear	VERB
ajfa-16770	44	9	or	or	CCONJ
ajfa-16770	44	10	low	low	ADJ
ajfa-16770	44	11	geared	gear	VERB
ajfa-16770	44	12	,	,	PUNCT
ajfa-16770	44	13	this	this	PRON
ajfa-16770	44	14	has	have	VERB
ajfa-16770	44	15	no	no	DET
ajfa-16770	44	16	influence	influence	NOUN
ajfa-16770	44	17	on	on	ADP
ajfa-16770	44	18	the	the	DET
ajfa-16770	44	19	weighted	weight	VERB
ajfa-16770	44	20	average	average	ADJ
ajfa-16770	44	21	cost	cost	NOUN
ajfa-16770	44	22	of	of	ADP
ajfa-16770	44	23	capital	capital	NOUN
ajfa-16770	44	24	(	(	PUNCT
ajfa-16770	44	25	wacc	wacc	PROPN
ajfa-16770	44	26	)	)	PUNCT
ajfa-16770	44	27	of	of	ADP
ajfa-16770	44	28	that	that	DET
ajfa-16770	44	29	firm	firm	NOUN
ajfa-16770	44	30	.	.	PUNCT
ajfa-16770	45	1	the	the	PRON
ajfa-16770	45	2	higher	high	ADJ
ajfa-16770	45	3	the	the	DET
ajfa-16770	45	4	debt	debt	NOUN
ajfa-16770	45	5	used	use	VERB
ajfa-16770	45	6	by	by	ADP
ajfa-16770	45	7	a	a	DET
ajfa-16770	45	8	company	company	NOUN
ajfa-16770	45	9	,	,	PUNCT
ajfa-16770	45	10	the	the	PRON
ajfa-16770	45	11	more	more	ADV
ajfa-16770	45	12	risky	risky	ADJ
ajfa-16770	45	13	it	it	PRON
ajfa-16770	45	14	appears	appear	VERB
ajfa-16770	45	15	to	to	PART
ajfa-16770	45	16	be	be	AUX
ajfa-16770	45	17	,	,	PUNCT
ajfa-16770	45	18	therefore	therefore	ADV
ajfa-16770	45	19	investors	investor	NOUN
ajfa-16770	45	20	will	will	AUX
ajfa-16770	45	21	demand	demand	VERB
ajfa-16770	45	22	for	for	ADP
ajfa-16770	45	23	more	more	ADJ
ajfa-16770	45	24	return	return	NOUN
ajfa-16770	45	25	.	.	PUNCT
ajfa-16770	46	1	however	however	ADV
ajfa-16770	46	2	,	,	PUNCT
ajfa-16770	46	3	as	as	SCONJ
ajfa-16770	46	4	described	describe	VERB
ajfa-16770	46	5	by	by	ADP
ajfa-16770	46	6	alifani	alifani	NOUN
ajfa-16770	46	7	and	and	CCONJ
ajfa-16770	46	8	nugroho	nugroho	NOUN
ajfa-16770	46	9	(	(	PUNCT
ajfa-16770	46	10	2013	2013	NUM
ajfa-16770	46	11	)	)	PUNCT
ajfa-16770	46	12	,	,	PUNCT
ajfa-16770	46	13	the	the	DET
ajfa-16770	46	14	expected	expect	VERB
ajfa-16770	46	15	return	return	NOUN
ajfa-16770	46	16	that	that	PRON
ajfa-16770	46	17	is	be	AUX
ajfa-16770	46	18	paid	pay	VERB
ajfa-16770	46	19	to	to	ADP
ajfa-16770	46	20	investors	investor	NOUN
ajfa-16770	46	21	on	on	ADP
ajfa-16770	46	22	the	the	DET
ajfa-16770	46	23	level	level	NOUN
ajfa-16770	46	24	of	of	ADP
ajfa-16770	46	25	equity	equity	NOUN
ajfa-16770	46	26	is	be	AUX
ajfa-16770	46	27	compensated	compensate	VERB
ajfa-16770	46	28	by	by	ADP
ajfa-16770	46	29	the	the	DET
ajfa-16770	46	30	cheaper	cheap	ADJ
ajfa-16770	46	31	cost	cost	NOUN
ajfa-16770	46	32	of	of	ADP
ajfa-16770	46	33	debt	debt	NOUN
ajfa-16770	46	34	of	of	ADP
ajfa-16770	46	35	the	the	DET
ajfa-16770	46	36	firm	firm	NOUN
ajfa-16770	46	37	.	.	PUNCT
ajfa-16770	47	1	so	so	ADV
ajfa-16770	47	2	,	,	PUNCT
ajfa-16770	47	3	in	in	ADP
ajfa-16770	47	4	this	this	DET
ajfa-16770	47	5	case	case	NOUN
ajfa-16770	47	6	,	,	PUNCT
ajfa-16770	47	7	the	the	DET
ajfa-16770	47	8	firm	firm	NOUN
ajfa-16770	47	9	’s	’s	PART
ajfa-16770	47	10	value	value	NOUN
ajfa-16770	47	11	remains	remain	VERB
ajfa-16770	47	12	unchanged	unchanged	ADJ
ajfa-16770	47	13	regardless	regardless	ADV
ajfa-16770	47	14	if	if	SCONJ
ajfa-16770	47	15	that	that	DET
ajfa-16770	47	16	firm	firm	NOUN
ajfa-16770	47	17	is	be	AUX
ajfa-16770	47	18	highly	highly	ADV
ajfa-16770	47	19	geared	gear	VERB
ajfa-16770	47	20	or	or	CCONJ
ajfa-16770	47	21	not	not	PART
ajfa-16770	47	22	in	in	ADP
ajfa-16770	47	23	a	a	DET
ajfa-16770	47	24	tax	tax	NOUN
ajfa-16770	47	25	free	free	ADJ
ajfa-16770	47	26	economy	economy	NOUN
ajfa-16770	47	27	.	.	PUNCT
ajfa-16770	48	1	however	however	ADV
ajfa-16770	48	2	,	,	PUNCT
ajfa-16770	48	3	the	the	DET
ajfa-16770	48	4	modigliani	modigliani	NOUN
ajfa-16770	48	5	and	and	CCONJ
ajfa-16770	48	6	miller	miller	PROPN
ajfa-16770	48	7	(	(	PUNCT
ajfa-16770	48	8	1958	1958	NUM
ajfa-16770	48	9	)	)	PUNCT
ajfa-16770	48	10	theorem	theorem	NOUN
ajfa-16770	48	11	is	be	AUX
ajfa-16770	48	12	grounded	ground	VERB
ajfa-16770	48	13	on	on	ADP
ajfa-16770	48	14	certain	certain	ADJ
ajfa-16770	48	15	assumptions	assumption	NOUN
ajfa-16770	48	16	such	such	ADJ
ajfa-16770	48	17	that	that	SCONJ
ajfa-16770	48	18	it	it	PRON
ajfa-16770	48	19	operates	operate	VERB
ajfa-16770	48	20	in	in	ADP
ajfa-16770	48	21	frictionless	frictionless	ADJ
ajfa-16770	48	22	markets	market	NOUN
ajfa-16770	48	23	and	and	CCONJ
ajfa-16770	48	24	that	that	SCONJ
ajfa-16770	48	25	transaction	transaction	NOUN
ajfa-16770	48	26	costs	cost	NOUN
ajfa-16770	48	27	and	and	CCONJ
ajfa-16770	48	28	taxes	taxis	NOUN
ajfa-16770	48	29	are	be	AUX
ajfa-16770	48	30	not	not	PART
ajfa-16770	48	31	present	present	ADJ
ajfa-16770	48	32	.	.	PUNCT
ajfa-16770	49	1	modigliani	modigliani	PROPN
ajfa-16770	49	2	and	and	CCONJ
ajfa-16770	49	3	miller	miller	PROPN
ajfa-16770	49	4	(	(	PUNCT
ajfa-16770	49	5	1963	1963	NUM
ajfa-16770	49	6	)	)	PUNCT
ajfa-16770	49	7	revised	revise	VERB
ajfa-16770	49	8	its	its	PRON
ajfa-16770	49	9	theorem	theorem	NOUN
ajfa-16770	49	10	and	and	CCONJ
ajfa-16770	49	11	included	include	VERB
ajfa-16770	49	12	the	the	DET
ajfa-16770	49	13	effect	effect	NOUN
ajfa-16770	49	14	of	of	ADP
ajfa-16770	49	15	corporate	corporate	ADJ
ajfa-16770	49	16	taxes	taxis	NOUN
ajfa-16770	49	17	.	.	PUNCT
ajfa-16770	50	1	according	accord	VERB
ajfa-16770	50	2	to	to	ADP
ajfa-16770	50	3	modigliani	modigliani	PROPN
ajfa-16770	50	4	and	and	CCONJ
ajfa-16770	50	5	miller	miller	PROPN
ajfa-16770	50	6	(	(	PUNCT
ajfa-16770	50	7	1963	1963	NUM
ajfa-16770	50	8	)	)	PUNCT
ajfa-16770	50	9	,	,	PUNCT
ajfa-16770	50	10	a	a	DET
ajfa-16770	50	11	positive	positive	ADJ
ajfa-16770	50	12	link	link	NOUN
ajfa-16770	50	13	exists	exist	VERB
ajfa-16770	50	14	between	between	ADP
ajfa-16770	50	15	leverage	leverage	NOUN
ajfa-16770	50	16	and	and	CCONJ
ajfa-16770	50	17	a	a	DET
ajfa-16770	50	18	firm	firm	NOUN
ajfa-16770	50	19	’s	’s	PART
ajfa-16770	50	20	value	value	NOUN
ajfa-16770	50	21	.	.	PUNCT
ajfa-16770	51	1	to	to	PART
ajfa-16770	51	2	be	be	AUX
ajfa-16770	51	3	able	able	ADJ
ajfa-16770	51	4	to	to	PART
ajfa-16770	51	5	increase	increase	VERB
ajfa-16770	51	6	the	the	DET
ajfa-16770	51	7	value	value	NOUN
ajfa-16770	51	8	of	of	ADP
ajfa-16770	51	9	a	a	DET
ajfa-16770	51	10	firm	firm	NOUN
ajfa-16770	51	11	,	,	PUNCT
ajfa-16770	51	12	the	the	DET
ajfa-16770	51	13	latter	latter	ADJ
ajfa-16770	51	14	should	should	AUX
ajfa-16770	51	15	take	take	VERB
ajfa-16770	51	16	more	more	ADJ
ajfa-16770	51	17	debt	debt	NOUN
ajfa-16770	51	18	so	so	SCONJ
ajfa-16770	51	19	as	as	SCONJ
ajfa-16770	51	20	to	to	PART
ajfa-16770	51	21	gain	gain	VERB
ajfa-16770	51	22	asian	asian	ADJ
ajfa-16770	51	23	journal	journal	NOUN
ajfa-16770	51	24	of	of	ADP
ajfa-16770	51	25	finance	finance	PROPN
ajfa-16770	51	26	&	&	CCONJ
ajfa-16770	51	27	accounting	accounting	PROPN
ajfa-16770	51	28	issn	issn	PROPN
ajfa-16770	51	29	1946	1946	NUM
ajfa-16770	51	30	-	-	PUNCT
ajfa-16770	51	31	052x	052x	NOUN
ajfa-16770	51	32	2020	2020	NUM
ajfa-16770	51	33	,	,	PUNCT
ajfa-16770	51	34	vol	vol	NOUN
ajfa-16770	51	35	.	.	PROPN
ajfa-16770	51	36	12	12	NUM
ajfa-16770	51	37	,	,	PUNCT
ajfa-16770	51	38	no	no	INTJ
ajfa-16770	51	39	.	.	NOUN
ajfa-16770	51	40	1	1	NUM
ajfa-16770	51	41	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16770	51	42	61	61	NUM
ajfa-16770	51	43	advantage	advantage	NOUN
ajfa-16770	51	44	from	from	ADP
ajfa-16770	51	45	the	the	DET
ajfa-16770	51	46	tax	tax	NOUN
ajfa-16770	51	47	-	-	PUNCT
ajfa-16770	51	48	shield	shield	NOUN
ajfa-16770	51	49	effect	effect	NOUN
ajfa-16770	51	50	.	.	PUNCT
ajfa-16770	52	1	this	this	PRON
ajfa-16770	52	2	refers	refer	VERB
ajfa-16770	52	3	to	to	ADP
ajfa-16770	52	4	a	a	DET
ajfa-16770	52	5	situation	situation	NOUN
ajfa-16770	52	6	whereby	whereby	SCONJ
ajfa-16770	52	7	interest	interest	NOUN
ajfa-16770	52	8	is	be	AUX
ajfa-16770	52	9	deducted	deduct	VERB
ajfa-16770	52	10	when	when	SCONJ
ajfa-16770	52	11	paying	pay	VERB
ajfa-16770	52	12	for	for	ADP
ajfa-16770	52	13	taxes	taxis	NOUN
ajfa-16770	52	14	and	and	CCONJ
ajfa-16770	52	15	hence	hence	ADV
ajfa-16770	52	16	the	the	DET
ajfa-16770	52	17	amount	amount	NOUN
ajfa-16770	52	18	to	to	PART
ajfa-16770	52	19	be	be	AUX
ajfa-16770	52	20	paid	pay	VERB
ajfa-16770	52	21	in	in	ADP
ajfa-16770	52	22	tax	tax	NOUN
ajfa-16770	52	23	is	be	AUX
ajfa-16770	52	24	reduced	reduce	VERB
ajfa-16770	52	25	.	.	PUNCT
ajfa-16770	53	1	we	we	PRON
ajfa-16770	53	2	can	can	AUX
ajfa-16770	53	3	therefore	therefore	ADV
ajfa-16770	53	4	say	say	VERB
ajfa-16770	53	5	that	that	SCONJ
ajfa-16770	53	6	a	a	DET
ajfa-16770	53	7	highly	highly	ADV
ajfa-16770	53	8	geared	gear	VERB
ajfa-16770	53	9	company	company	NOUN
ajfa-16770	53	10	pays	pay	VERB
ajfa-16770	53	11	a	a	DET
ajfa-16770	53	12	lower	low	ADJ
ajfa-16770	53	13	proportion	proportion	NOUN
ajfa-16770	53	14	of	of	ADP
ajfa-16770	53	15	tax	tax	NOUN
ajfa-16770	53	16	than	than	ADP
ajfa-16770	53	17	a	a	DET
ajfa-16770	53	18	firm	firm	NOUN
ajfa-16770	53	19	which	which	PRON
ajfa-16770	53	20	is	be	AUX
ajfa-16770	53	21	low	low	ADV
ajfa-16770	53	22	geared	geared	ADJ
ajfa-16770	53	23	.	.	PUNCT
ajfa-16770	54	1	in	in	ADP
ajfa-16770	54	2	the	the	DET
ajfa-16770	54	3	presence	presence	NOUN
ajfa-16770	54	4	of	of	ADP
ajfa-16770	54	5	tax	tax	NOUN
ajfa-16770	54	6	,	,	PUNCT
ajfa-16770	54	7	firms	firm	NOUN
ajfa-16770	54	8	are	be	AUX
ajfa-16770	54	9	able	able	ADJ
ajfa-16770	54	10	to	to	PART
ajfa-16770	54	11	take	take	VERB
ajfa-16770	54	12	advantage	advantage	NOUN
ajfa-16770	54	13	of	of	ADP
ajfa-16770	54	14	the	the	DET
ajfa-16770	54	15	tax	tax	NOUN
ajfa-16770	54	16	shield	shield	NOUN
ajfa-16770	54	17	effect	effect	NOUN
ajfa-16770	54	18	in	in	ADP
ajfa-16770	54	19	the	the	DET
ajfa-16770	54	20	case	case	NOUN
ajfa-16770	54	21	of	of	ADP
ajfa-16770	54	22	rising	rise	VERB
ajfa-16770	54	23	debt	debt	NOUN
ajfa-16770	54	24	proportion	proportion	NOUN
ajfa-16770	54	25	.	.	PUNCT
ajfa-16770	55	1	consequently	consequently	ADV
ajfa-16770	55	2	the	the	DET
ajfa-16770	55	3	wacc	wacc	PROPN
ajfa-16770	55	4	will	will	AUX
ajfa-16770	55	5	decrease	decrease	VERB
ajfa-16770	55	6	whilst	whilst	SCONJ
ajfa-16770	55	7	firm	firm	NOUN
ajfa-16770	55	8	’s	’s	PART
ajfa-16770	55	9	value	value	NOUN
ajfa-16770	55	10	will	will	AUX
ajfa-16770	55	11	rise	rise	VERB
ajfa-16770	55	12	.	.	PUNCT
ajfa-16770	56	1	in	in	ADP
ajfa-16770	56	2	other	other	ADJ
ajfa-16770	56	3	words	word	NOUN
ajfa-16770	56	4	,	,	PUNCT
ajfa-16770	56	5	the	the	DET
ajfa-16770	56	6	level	level	NOUN
ajfa-16770	56	7	of	of	ADP
ajfa-16770	56	8	income	income	NOUN
ajfa-16770	56	9	generated	generate	VERB
ajfa-16770	56	10	by	by	ADP
ajfa-16770	56	11	the	the	DET
ajfa-16770	56	12	firm	firm	NOUN
ajfa-16770	56	13	will	will	AUX
ajfa-16770	56	14	grow	grow	VERB
ajfa-16770	56	15	hence	hence	ADV
ajfa-16770	56	16	illustrating	illustrate	VERB
ajfa-16770	56	17	the	the	DET
ajfa-16770	56	18	positive	positive	ADJ
ajfa-16770	56	19	association	association	NOUN
ajfa-16770	56	20	between	between	ADP
ajfa-16770	56	21	profitability	profitability	NOUN
ajfa-16770	56	22	and	and	CCONJ
ajfa-16770	56	23	leverage	leverage	NOUN
ajfa-16770	56	24	.	.	PUNCT
ajfa-16770	57	1	this	this	DET
ajfa-16770	57	2	situation	situation	NOUN
ajfa-16770	57	3	occurs	occur	VERB
ajfa-16770	57	4	up	up	ADP
ajfa-16770	57	5	to	to	ADP
ajfa-16770	57	6	the	the	DET
ajfa-16770	57	7	optimal	optimal	ADJ
ajfa-16770	57	8	capital	capital	NOUN
ajfa-16770	57	9	structure	structure	NOUN
ajfa-16770	57	10	.	.	PUNCT
ajfa-16770	58	1	however	however	ADV
ajfa-16770	58	2	,	,	PUNCT
ajfa-16770	58	3	when	when	SCONJ
ajfa-16770	58	4	a	a	DET
ajfa-16770	58	5	firm	firm	NOUN
ajfa-16770	58	6	is	be	AUX
ajfa-16770	58	7	too	too	ADV
ajfa-16770	58	8	highly	highly	ADV
ajfa-16770	58	9	geared	gear	VERB
ajfa-16770	58	10	,	,	PUNCT
ajfa-16770	58	11	this	this	PRON
ajfa-16770	58	12	can	can	AUX
ajfa-16770	58	13	negatively	negatively	ADV
ajfa-16770	58	14	impact	impact	VERB
ajfa-16770	58	15	the	the	DET
ajfa-16770	58	16	firm	firm	NOUN
ajfa-16770	58	17	’s	’s	PART
ajfa-16770	58	18	value	value	NOUN
ajfa-16770	58	19	.	.	PUNCT
ajfa-16770	59	1	such	such	DET
ajfa-16770	59	2	a	a	DET
ajfa-16770	59	3	situation	situation	NOUN
ajfa-16770	59	4	will	will	AUX
ajfa-16770	59	5	prevail	prevail	VERB
ajfa-16770	59	6	when	when	SCONJ
ajfa-16770	59	7	the	the	DET
ajfa-16770	59	8	firm	firm	NOUN
ajfa-16770	59	9	operates	operate	VERB
ajfa-16770	59	10	at	at	ADP
ajfa-16770	59	11	a	a	DET
ajfa-16770	59	12	point	point	NOUN
ajfa-16770	59	13	which	which	PRON
ajfa-16770	59	14	is	be	AUX
ajfa-16770	59	15	beyond	beyond	ADP
ajfa-16770	59	16	its	its	PRON
ajfa-16770	59	17	optimal	optimal	ADJ
ajfa-16770	59	18	capital	capital	NOUN
ajfa-16770	59	19	structure	structure	NOUN
ajfa-16770	59	20	.	.	PUNCT
ajfa-16770	60	1	this	this	PRON
ajfa-16770	60	2	is	be	AUX
ajfa-16770	60	3	because	because	SCONJ
ajfa-16770	60	4	after	after	ADP
ajfa-16770	60	5	the	the	DET
ajfa-16770	60	6	optimal	optimal	ADJ
ajfa-16770	60	7	debt	debt	NOUN
ajfa-16770	60	8	to	to	ADP
ajfa-16770	60	9	equity	equity	NOUN
ajfa-16770	60	10	ratio	ratio	NOUN
ajfa-16770	60	11	,	,	PUNCT
ajfa-16770	60	12	the	the	DET
ajfa-16770	60	13	costs	cost	NOUN
ajfa-16770	60	14	of	of	ADP
ajfa-16770	60	15	financial	financial	ADJ
ajfa-16770	60	16	distress	distress	NOUN
ajfa-16770	60	17	are	be	AUX
ajfa-16770	60	18	greater	great	ADJ
ajfa-16770	60	19	than	than	ADP
ajfa-16770	60	20	the	the	DET
ajfa-16770	60	21	cheap	cheap	ADJ
ajfa-16770	60	22	cost	cost	NOUN
ajfa-16770	60	23	of	of	ADP
ajfa-16770	60	24	issuing	issue	VERB
ajfa-16770	60	25	debt	debt	NOUN
ajfa-16770	60	26	and	and	CCONJ
ajfa-16770	60	27	consequently	consequently	ADV
ajfa-16770	60	28	wacc	wacc	PROPN
ajfa-16770	60	29	starts	start	VERB
ajfa-16770	60	30	to	to	PART
ajfa-16770	60	31	increase	increase	VERB
ajfa-16770	60	32	leading	lead	VERB
ajfa-16770	60	33	to	to	ADP
ajfa-16770	60	34	lower	low	ADJ
ajfa-16770	60	35	firm	firm	ADJ
ajfa-16770	60	36	value	value	NOUN
ajfa-16770	60	37	(	(	PUNCT
ajfa-16770	60	38	modigliani	modigliani	PROPN
ajfa-16770	60	39	&	&	CCONJ
ajfa-16770	60	40	miller	miller	PROPN
ajfa-16770	60	41	,	,	PUNCT
ajfa-16770	60	42	1963	1963	NUM
ajfa-16770	60	43	)	)	PUNCT
ajfa-16770	60	44	.	.	PUNCT
ajfa-16770	61	1	2.1.3	2.1.3	NUM
ajfa-16770	61	2	trade	trade	NOUN
ajfa-16770	61	3	-	-	PUNCT
ajfa-16770	61	4	off	off	ADP
ajfa-16770	61	5	theory	theory	NOUN
ajfa-16770	61	6	the	the	DET
ajfa-16770	61	7	trade	trade	NOUN
ajfa-16770	61	8	-	-	PUNCT
ajfa-16770	61	9	off	off	ADP
ajfa-16770	61	10	theory	theory	NOUN
ajfa-16770	61	11	(	(	PUNCT
ajfa-16770	61	12	tot	tot	NOUN
ajfa-16770	61	13	)	)	PUNCT
ajfa-16770	61	14	advocates	advocate	VERB
ajfa-16770	61	15	that	that	SCONJ
ajfa-16770	61	16	a	a	DET
ajfa-16770	61	17	company	company	NOUN
ajfa-16770	61	18	is	be	AUX
ajfa-16770	61	19	faced	face	VERB
ajfa-16770	61	20	with	with	ADP
ajfa-16770	61	21	the	the	DET
ajfa-16770	61	22	choice	choice	NOUN
ajfa-16770	61	23	of	of	ADP
ajfa-16770	61	24	how	how	SCONJ
ajfa-16770	61	25	much	much	ADJ
ajfa-16770	61	26	debt	debt	NOUN
ajfa-16770	61	27	finance	finance	NOUN
ajfa-16770	61	28	to	to	PART
ajfa-16770	61	29	use	use	VERB
ajfa-16770	61	30	and	and	CCONJ
ajfa-16770	61	31	the	the	DET
ajfa-16770	61	32	extent	extent	NOUN
ajfa-16770	61	33	of	of	ADP
ajfa-16770	61	34	equity	equity	NOUN
ajfa-16770	61	35	finance	finance	NOUN
ajfa-16770	61	36	to	to	PART
ajfa-16770	61	37	use	use	VERB
ajfa-16770	61	38	such	such	ADJ
ajfa-16770	61	39	that	that	SCONJ
ajfa-16770	61	40	the	the	DET
ajfa-16770	61	41	costs	cost	NOUN
ajfa-16770	61	42	and	and	CCONJ
ajfa-16770	61	43	benefits	benefit	NOUN
ajfa-16770	61	44	of	of	ADP
ajfa-16770	61	45	each	each	DET
ajfa-16770	61	46	source	source	NOUN
ajfa-16770	61	47	of	of	ADP
ajfa-16770	61	48	finance	finance	NOUN
ajfa-16770	61	49	offset	offset	VERB
ajfa-16770	61	50	each	each	DET
ajfa-16770	61	51	other	other	ADJ
ajfa-16770	61	52	.	.	PUNCT
ajfa-16770	62	1	brealey	brealey	PROPN
ajfa-16770	62	2	&	&	CCONJ
ajfa-16770	62	3	myers	myers	PROPN
ajfa-16770	62	4	(	(	PUNCT
ajfa-16770	62	5	2003	2003	NUM
ajfa-16770	62	6	)	)	PUNCT
ajfa-16770	62	7	argued	argue	VERB
ajfa-16770	62	8	that	that	SCONJ
ajfa-16770	62	9	as	as	ADP
ajfa-16770	62	10	a	a	DET
ajfa-16770	62	11	result	result	NOUN
ajfa-16770	62	12	of	of	ADP
ajfa-16770	62	13	a	a	DET
ajfa-16770	62	14	firm	firm	NOUN
ajfa-16770	62	15	’s	’s	PART
ajfa-16770	62	16	debt	debt	NOUN
ajfa-16770	62	17	-	-	PUNCT
ajfa-16770	62	18	equity	equity	NOUN
ajfa-16770	62	19	decision	decision	NOUN
ajfa-16770	62	20	,	,	PUNCT
ajfa-16770	62	21	financial	financial	ADJ
ajfa-16770	62	22	managers	manager	NOUN
ajfa-16770	62	23	believe	believe	VERB
ajfa-16770	62	24	that	that	SCONJ
ajfa-16770	62	25	between	between	ADP
ajfa-16770	62	26	the	the	DET
ajfa-16770	62	27	costs	cost	NOUN
ajfa-16770	62	28	of	of	ADP
ajfa-16770	62	29	financial	financial	ADJ
ajfa-16770	62	30	distress	distress	NOUN
ajfa-16770	62	31	and	and	CCONJ
ajfa-16770	62	32	interest	interest	NOUN
ajfa-16770	62	33	tax	tax	NOUN
ajfa-16770	62	34	shields	shield	NOUN
ajfa-16770	62	35	,	,	PUNCT
ajfa-16770	62	36	there	there	PRON
ajfa-16770	62	37	exists	exist	VERB
ajfa-16770	62	38	a	a	DET
ajfa-16770	62	39	trade	trade	NOUN
ajfa-16770	62	40	-	-	PUNCT
ajfa-16770	62	41	off	off	NOUN
ajfa-16770	62	42	.	.	PUNCT
ajfa-16770	63	1	in	in	ADP
ajfa-16770	63	2	other	other	ADJ
ajfa-16770	63	3	words	word	NOUN
ajfa-16770	63	4	,	,	PUNCT
ajfa-16770	63	5	the	the	DET
ajfa-16770	63	6	tax	tax	NOUN
ajfa-16770	63	7	shield	shield	NOUN
ajfa-16770	63	8	benefits	benefit	NOUN
ajfa-16770	63	9	are	be	AUX
ajfa-16770	63	10	offset	offset	VERB
ajfa-16770	63	11	by	by	ADP
ajfa-16770	63	12	financial	financial	ADJ
ajfa-16770	63	13	distress	distress	NOUN
ajfa-16770	63	14	costs	cost	NOUN
ajfa-16770	63	15	and	and	CCONJ
ajfa-16770	63	16	agency	agency	NOUN
ajfa-16770	63	17	costs	cost	NOUN
ajfa-16770	63	18	of	of	ADP
ajfa-16770	63	19	that	that	DET
ajfa-16770	63	20	firm	firm	NOUN
ajfa-16770	63	21	.	.	PUNCT
ajfa-16770	64	1	under	under	ADP
ajfa-16770	64	2	the	the	DET
ajfa-16770	64	3	static	static	ADJ
ajfa-16770	64	4	trade	trade	NOUN
ajfa-16770	64	5	-	-	PUNCT
ajfa-16770	64	6	off	off	ADP
ajfa-16770	64	7	theory	theory	NOUN
ajfa-16770	64	8	,	,	PUNCT
ajfa-16770	64	9	shyam	shyam	PROPN
ajfa-16770	64	10	-	-	PUNCT
ajfa-16770	64	11	sunder	sunder	NOUN
ajfa-16770	64	12	and	and	CCONJ
ajfa-16770	64	13	myers	myers	PROPN
ajfa-16770	64	14	(	(	PUNCT
ajfa-16770	64	15	1999	1999	NUM
ajfa-16770	64	16	)	)	PUNCT
ajfa-16770	64	17	stated	state	VERB
ajfa-16770	64	18	that	that	SCONJ
ajfa-16770	64	19	there	there	PRON
ajfa-16770	64	20	is	be	VERB
ajfa-16770	64	21	an	an	DET
ajfa-16770	64	22	assumption	assumption	NOUN
ajfa-16770	64	23	that	that	SCONJ
ajfa-16770	64	24	firms	firm	NOUN
ajfa-16770	64	25	will	will	AUX
ajfa-16770	64	26	try	try	VERB
ajfa-16770	64	27	to	to	PART
ajfa-16770	64	28	balance	balance	VERB
ajfa-16770	64	29	the	the	DET
ajfa-16770	64	30	costs	cost	NOUN
ajfa-16770	64	31	of	of	ADP
ajfa-16770	64	32	financial	financial	ADJ
ajfa-16770	64	33	distress	distress	NOUN
ajfa-16770	64	34	against	against	ADP
ajfa-16770	64	35	the	the	DET
ajfa-16770	64	36	interest	interest	NOUN
ajfa-16770	64	37	tax	tax	NOUN
ajfa-16770	64	38	shields	shield	NOUN
ajfa-16770	64	39	’	'	PUNCT
ajfa-16770	64	40	marginal	marginal	ADJ
ajfa-16770	64	41	present	present	ADJ
ajfa-16770	64	42	values	value	NOUN
ajfa-16770	64	43	.	.	PUNCT
ajfa-16770	65	1	this	this	DET
ajfa-16770	65	2	optimal	optimal	ADJ
ajfa-16770	65	3	level	level	NOUN
ajfa-16770	65	4	is	be	AUX
ajfa-16770	65	5	achieved	achieve	VERB
ajfa-16770	65	6	when	when	SCONJ
ajfa-16770	65	7	the	the	DET
ajfa-16770	65	8	marginal	marginal	ADJ
ajfa-16770	65	9	value	value	NOUN
ajfa-16770	65	10	of	of	ADP
ajfa-16770	65	11	the	the	DET
ajfa-16770	65	12	benefits	benefit	NOUN
ajfa-16770	65	13	,	,	PUNCT
ajfa-16770	65	14	as	as	ADP
ajfa-16770	65	15	a	a	DET
ajfa-16770	65	16	result	result	NOUN
ajfa-16770	65	17	of	of	ADP
ajfa-16770	65	18	issuing	issue	VERB
ajfa-16770	65	19	debt	debt	NOUN
ajfa-16770	65	20	,	,	PUNCT
ajfa-16770	65	21	completely	completely	ADV
ajfa-16770	65	22	offsets	offset	VERB
ajfa-16770	65	23	the	the	DET
ajfa-16770	65	24	rise	rise	NOUN
ajfa-16770	65	25	in	in	ADP
ajfa-16770	65	26	present	present	ADJ
ajfa-16770	65	27	value	value	NOUN
ajfa-16770	65	28	of	of	ADP
ajfa-16770	65	29	the	the	DET
ajfa-16770	65	30	costs	cost	NOUN
ajfa-16770	65	31	related	relate	VERB
ajfa-16770	65	32	with	with	ADP
ajfa-16770	65	33	the	the	DET
ajfa-16770	65	34	issue	issue	NOUN
ajfa-16770	65	35	of	of	ADP
ajfa-16770	65	36	more	more	ADJ
ajfa-16770	65	37	debt	debt	NOUN
ajfa-16770	65	38	.	.	PUNCT
ajfa-16770	66	1	at	at	ADP
ajfa-16770	66	2	this	this	DET
ajfa-16770	66	3	optimal	optimal	ADJ
ajfa-16770	66	4	debt	debt	NOUN
ajfa-16770	66	5	ratio	ratio	NOUN
ajfa-16770	66	6	,	,	PUNCT
ajfa-16770	66	7	the	the	DET
ajfa-16770	66	8	firm	firm	NOUN
ajfa-16770	66	9	’s	’s	PART
ajfa-16770	66	10	value	value	NOUN
ajfa-16770	66	11	is	be	AUX
ajfa-16770	66	12	maximized	maximize	VERB
ajfa-16770	66	13	,	,	PUNCT
ajfa-16770	66	14	consequently	consequently	ADV
ajfa-16770	66	15	the	the	DET
ajfa-16770	66	16	firm	firm	NOUN
ajfa-16770	66	17	maximizes	maximize	VERB
ajfa-16770	66	18	profit	profit	NOUN
ajfa-16770	66	19	.	.	PUNCT
ajfa-16770	67	1	the	the	DET
ajfa-16770	67	2	static	static	ADJ
ajfa-16770	67	3	tot	tot	NOUN
ajfa-16770	67	4	hence	hence	ADV
ajfa-16770	67	5	depicts	depict	VERB
ajfa-16770	67	6	financial	financial	ADJ
ajfa-16770	67	7	leverage	leverage	NOUN
ajfa-16770	67	8	and	and	CCONJ
ajfa-16770	67	9	profitability	profitability	NOUN
ajfa-16770	67	10	to	to	PART
ajfa-16770	67	11	be	be	AUX
ajfa-16770	67	12	positively	positively	ADV
ajfa-16770	67	13	related	relate	VERB
ajfa-16770	67	14	.	.	PUNCT
ajfa-16770	68	1	niu	niu	PROPN
ajfa-16770	68	2	(	(	PUNCT
ajfa-16770	68	3	2008	2008	NUM
ajfa-16770	68	4	)	)	PUNCT
ajfa-16770	68	5	suggested	suggest	VERB
ajfa-16770	68	6	that	that	SCONJ
ajfa-16770	68	7	the	the	DET
ajfa-16770	68	8	more	more	ADV
ajfa-16770	68	9	profitable	profitable	ADJ
ajfa-16770	68	10	a	a	DET
ajfa-16770	68	11	firm	firm	NOUN
ajfa-16770	68	12	is	be	AUX
ajfa-16770	68	13	,	,	PUNCT
ajfa-16770	68	14	the	the	PRON
ajfa-16770	68	15	higher	high	ADJ
ajfa-16770	68	16	its	its	PRON
ajfa-16770	68	17	target	target	NOUN
ajfa-16770	68	18	debt	debt	NOUN
ajfa-16770	68	19	ratio	ratio	NOUN
ajfa-16770	68	20	is	be	AUX
ajfa-16770	68	21	.	.	PUNCT
ajfa-16770	69	1	2.1.4	2.1.4	NUM
ajfa-16770	69	2	agency	agency	PROPN
ajfa-16770	69	3	theory	theory	NOUN
ajfa-16770	69	4	the	the	DET
ajfa-16770	69	5	agency	agency	NOUN
ajfa-16770	69	6	theory	theory	NOUN
ajfa-16770	69	7	portrays	portray	VERB
ajfa-16770	69	8	that	that	SCONJ
ajfa-16770	69	9	financial	financial	ADJ
ajfa-16770	69	10	leverage	leverage	NOUN
ajfa-16770	69	11	is	be	AUX
ajfa-16770	69	12	positively	positively	ADV
ajfa-16770	69	13	associated	associate	VERB
ajfa-16770	69	14	with	with	ADP
ajfa-16770	69	15	profitability	profitability	NOUN
ajfa-16770	69	16	.	.	PUNCT
ajfa-16770	70	1	the	the	DET
ajfa-16770	70	2	theory	theory	NOUN
ajfa-16770	70	3	emphasizes	emphasize	VERB
ajfa-16770	70	4	on	on	ADP
ajfa-16770	70	5	the	the	DET
ajfa-16770	70	6	conflict	conflict	NOUN
ajfa-16770	70	7	of	of	ADP
ajfa-16770	70	8	interest	interest	NOUN
ajfa-16770	70	9	which	which	PRON
ajfa-16770	70	10	may	may	AUX
ajfa-16770	70	11	arise	arise	VERB
ajfa-16770	70	12	between	between	ADP
ajfa-16770	70	13	the	the	DET
ajfa-16770	70	14	owners	owner	NOUN
ajfa-16770	70	15	of	of	ADP
ajfa-16770	70	16	a	a	DET
ajfa-16770	70	17	company	company	NOUN
ajfa-16770	70	18	,	,	PUNCT
ajfa-16770	70	19	that	that	PRON
ajfa-16770	70	20	is	be	AUX
ajfa-16770	70	21	the	the	DET
ajfa-16770	70	22	shareholders	shareholder	NOUN
ajfa-16770	70	23	,	,	PUNCT
ajfa-16770	70	24	and	and	CCONJ
ajfa-16770	70	25	management	management	NOUN
ajfa-16770	70	26	.	.	PUNCT
ajfa-16770	71	1	this	this	DET
ajfa-16770	71	2	conflict	conflict	NOUN
ajfa-16770	71	3	of	of	ADP
ajfa-16770	71	4	interest	interest	NOUN
ajfa-16770	71	5	may	may	AUX
ajfa-16770	71	6	crop	crop	VERB
ajfa-16770	71	7	up	up	ADP
ajfa-16770	71	8	when	when	SCONJ
ajfa-16770	71	9	management	management	NOUN
ajfa-16770	71	10	act	act	NOUN
ajfa-16770	71	11	in	in	ADP
ajfa-16770	71	12	their	their	PRON
ajfa-16770	71	13	own	own	ADJ
ajfa-16770	71	14	personal	personal	ADJ
ajfa-16770	71	15	interests	interest	NOUN
ajfa-16770	71	16	first	first	ADV
ajfa-16770	71	17	rather	rather	ADV
ajfa-16770	71	18	than	than	ADP
ajfa-16770	71	19	acting	act	VERB
ajfa-16770	71	20	in	in	ADP
ajfa-16770	71	21	the	the	DET
ajfa-16770	71	22	best	good	ADJ
ajfa-16770	71	23	interests	interest	NOUN
ajfa-16770	71	24	of	of	ADP
ajfa-16770	71	25	the	the	DET
ajfa-16770	71	26	shareholders	shareholder	NOUN
ajfa-16770	71	27	.	.	PUNCT
ajfa-16770	72	1	jensen	jensen	PROPN
ajfa-16770	72	2	and	and	CCONJ
ajfa-16770	72	3	meckling	meckle	VERB
ajfa-16770	72	4	(	(	PUNCT
ajfa-16770	72	5	1986	1986	NUM
ajfa-16770	72	6	)	)	PUNCT
ajfa-16770	72	7	stated	state	VERB
ajfa-16770	72	8	that	that	SCONJ
ajfa-16770	72	9	the	the	DET
ajfa-16770	72	10	problem	problem	NOUN
ajfa-16770	72	11	is	be	AUX
ajfa-16770	72	12	to	to	PART
ajfa-16770	72	13	find	find	VERB
ajfa-16770	72	14	ways	way	NOUN
ajfa-16770	72	15	to	to	PART
ajfa-16770	72	16	prevent	prevent	VERB
ajfa-16770	72	17	managers	manager	NOUN
ajfa-16770	72	18	to	to	PART
ajfa-16770	72	19	engage	engage	VERB
ajfa-16770	72	20	in	in	ADP
ajfa-16770	72	21	inefficient	inefficient	ADJ
ajfa-16770	72	22	and	and	CCONJ
ajfa-16770	72	23	non	non	ADJ
ajfa-16770	72	24	-	-	ADJ
ajfa-16770	72	25	profitable	profitable	ADJ
ajfa-16770	72	26	investments	investment	NOUN
ajfa-16770	72	27	.	.	PUNCT
ajfa-16770	73	1	jensen	jensen	PROPN
ajfa-16770	73	2	(	(	PUNCT
ajfa-16770	73	3	1986	1986	NUM
ajfa-16770	73	4	)	)	PUNCT
ajfa-16770	73	5	and	and	CCONJ
ajfa-16770	73	6	stulz	stulz	ADJ
ajfa-16770	73	7	(	(	PUNCT
ajfa-16770	73	8	1990	1990	NUM
ajfa-16770	73	9	)	)	PUNCT
ajfa-16770	73	10	share	share	VERB
ajfa-16770	73	11	the	the	DET
ajfa-16770	73	12	same	same	ADJ
ajfa-16770	73	13	idea	idea	NOUN
ajfa-16770	73	14	that	that	SCONJ
ajfa-16770	73	15	high	high	ADJ
ajfa-16770	73	16	leverage	leverage	NOUN
ajfa-16770	73	17	diminishes	diminish	VERB
ajfa-16770	73	18	the	the	DET
ajfa-16770	73	19	amount	amount	NOUN
ajfa-16770	73	20	of	of	ADP
ajfa-16770	73	21	free	free	ADJ
ajfa-16770	73	22	cash	cash	NOUN
ajfa-16770	73	23	flow	flow	NOUN
ajfa-16770	73	24	available	available	ADJ
ajfa-16770	73	25	to	to	ADP
ajfa-16770	73	26	managers	manager	NOUN
ajfa-16770	73	27	,	,	PUNCT
ajfa-16770	73	28	thereby	thereby	ADV
ajfa-16770	73	29	reducing	reduce	VERB
ajfa-16770	73	30	the	the	DET
ajfa-16770	73	31	need	need	NOUN
ajfa-16770	73	32	to	to	PART
ajfa-16770	73	33	invest	invest	VERB
ajfa-16770	73	34	in	in	ADP
ajfa-16770	73	35	incompetent	incompetent	ADJ
ajfa-16770	73	36	firms	firm	NOUN
ajfa-16770	73	37	or	or	CCONJ
ajfa-16770	73	38	other	other	ADJ
ajfa-16770	73	39	loss	loss	NOUN
ajfa-16770	73	40	-	-	PUNCT
ajfa-16770	73	41	making	make	VERB
ajfa-16770	73	42	firms	firm	NOUN
ajfa-16770	73	43	in	in	ADP
ajfa-16770	73	44	which	which	PRON
ajfa-16770	73	45	management	management	NOUN
ajfa-16770	73	46	may	may	AUX
ajfa-16770	73	47	have	have	VERB
ajfa-16770	73	48	personal	personal	ADJ
ajfa-16770	73	49	interests	interest	NOUN
ajfa-16770	73	50	.	.	PUNCT
ajfa-16770	74	1	another	another	DET
ajfa-16770	74	2	remarkable	remarkable	ADJ
ajfa-16770	74	3	effect	effect	NOUN
ajfa-16770	74	4	is	be	AUX
ajfa-16770	74	5	the	the	DET
ajfa-16770	74	6	threat	threat	NOUN
ajfa-16770	74	7	of	of	ADP
ajfa-16770	74	8	bankruptcy	bankruptcy	NOUN
ajfa-16770	74	9	.	.	PUNCT
ajfa-16770	75	1	due	due	ADP
ajfa-16770	75	2	to	to	ADP
ajfa-16770	75	3	this	this	DET
ajfa-16770	75	4	threat	threat	NOUN
ajfa-16770	75	5	,	,	PUNCT
ajfa-16770	75	6	managers	manager	NOUN
ajfa-16770	75	7	are	be	AUX
ajfa-16770	75	8	forced	force	VERB
ajfa-16770	75	9	asian	asian	ADJ
ajfa-16770	75	10	journal	journal	NOUN
ajfa-16770	75	11	of	of	ADP
ajfa-16770	75	12	finance	finance	PROPN
ajfa-16770	75	13	&	&	CCONJ
ajfa-16770	75	14	accounting	accounting	PROPN
ajfa-16770	75	15	issn	issn	PROPN
ajfa-16770	75	16	1946	1946	NUM
ajfa-16770	75	17	-	-	PUNCT
ajfa-16770	75	18	052x	052x	NOUN
ajfa-16770	75	19	2020	2020	NUM
ajfa-16770	75	20	,	,	PUNCT
ajfa-16770	75	21	vol	vol	NOUN
ajfa-16770	75	22	.	.	PROPN
ajfa-16770	76	1	12	12	NUM
ajfa-16770	76	2	,	,	PUNCT
ajfa-16770	76	3	no	no	INTJ
ajfa-16770	76	4	.	.	NOUN
ajfa-16770	76	5	1	1	NUM
ajfa-16770	76	6	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16770	76	7	62	62	NUM
ajfa-16770	76	8	to	to	PART
ajfa-16770	76	9	run	run	VERB
ajfa-16770	76	10	businesses	business	NOUN
ajfa-16770	76	11	profitably	profitably	ADV
ajfa-16770	76	12	.	.	PUNCT
ajfa-16770	77	1	also	also	ADV
ajfa-16770	77	2	,	,	PUNCT
ajfa-16770	77	3	given	give	VERB
ajfa-16770	77	4	that	that	SCONJ
ajfa-16770	77	5	creditors	creditor	NOUN
ajfa-16770	77	6	have	have	AUX
ajfa-16770	77	7	the	the	DET
ajfa-16770	77	8	legal	legal	ADJ
ajfa-16770	77	9	right	right	NOUN
ajfa-16770	77	10	to	to	PART
ajfa-16770	77	11	sue	sue	VERB
ajfa-16770	77	12	a	a	DET
ajfa-16770	77	13	firm	firm	NOUN
ajfa-16770	77	14	if	if	SCONJ
ajfa-16770	77	15	it	it	PRON
ajfa-16770	77	16	fails	fail	VERB
ajfa-16770	77	17	to	to	PART
ajfa-16770	77	18	honor	honor	VERB
ajfa-16770	77	19	their	their	PRON
ajfa-16770	77	20	claims	claim	NOUN
ajfa-16770	77	21	,	,	PUNCT
ajfa-16770	77	22	managers	manager	NOUN
ajfa-16770	77	23	are	be	AUX
ajfa-16770	77	24	urged	urge	VERB
ajfa-16770	77	25	to	to	PART
ajfa-16770	77	26	run	run	VERB
ajfa-16770	77	27	the	the	DET
ajfa-16770	77	28	firm	firm	NOUN
ajfa-16770	77	29	in	in	ADP
ajfa-16770	77	30	a	a	DET
ajfa-16770	77	31	profitable	profitable	ADJ
ajfa-16770	77	32	manner	manner	NOUN
ajfa-16770	77	33	and	and	CCONJ
ajfa-16770	77	34	avoid	avoid	VERB
ajfa-16770	77	35	wastage	wastage	NOUN
ajfa-16770	77	36	of	of	ADP
ajfa-16770	77	37	the	the	DET
ajfa-16770	77	38	business	business	NOUN
ajfa-16770	77	39	resources	resource	NOUN
ajfa-16770	77	40	so	so	SCONJ
ajfa-16770	77	41	as	as	SCONJ
ajfa-16770	77	42	not	not	PART
ajfa-16770	77	43	to	to	PART
ajfa-16770	77	44	lose	lose	VERB
ajfa-16770	77	45	their	their	PRON
ajfa-16770	77	46	jobs	job	NOUN
ajfa-16770	77	47	.	.	PUNCT
ajfa-16770	78	1	therefore	therefore	ADV
ajfa-16770	78	2	,	,	PUNCT
ajfa-16770	78	3	using	use	VERB
ajfa-16770	78	4	debt	debt	NOUN
ajfa-16770	78	5	positively	positively	ADV
ajfa-16770	78	6	impacts	impact	NOUN
ajfa-16770	78	7	on	on	ADP
ajfa-16770	78	8	the	the	DET
ajfa-16770	78	9	level	level	NOUN
ajfa-16770	78	10	of	of	ADP
ajfa-16770	78	11	profitability	profitability	NOUN
ajfa-16770	78	12	.	.	PUNCT
ajfa-16770	79	1	2.2	2.2	NUM
ajfa-16770	79	2	empirical	empirical	ADJ
ajfa-16770	79	3	review	review	NOUN
ajfa-16770	79	4	existing	exist	VERB
ajfa-16770	79	5	studies	study	NOUN
ajfa-16770	79	6	have	have	AUX
ajfa-16770	79	7	revealed	reveal	VERB
ajfa-16770	79	8	mixed	mixed	ADJ
ajfa-16770	79	9	results	result	NOUN
ajfa-16770	79	10	on	on	ADP
ajfa-16770	79	11	the	the	DET
ajfa-16770	79	12	association	association	NOUN
ajfa-16770	79	13	between	between	ADP
ajfa-16770	79	14	financial	financial	ADJ
ajfa-16770	79	15	leverage	leverage	NOUN
ajfa-16770	79	16	and	and	CCONJ
ajfa-16770	79	17	profitability	profitability	NOUN
ajfa-16770	79	18	of	of	ADP
ajfa-16770	79	19	firms	firm	NOUN
ajfa-16770	79	20	.	.	PUNCT
ajfa-16770	80	1	some	some	DET
ajfa-16770	80	2	studies	study	NOUN
ajfa-16770	80	3	have	have	AUX
ajfa-16770	80	4	documented	document	VERB
ajfa-16770	80	5	positive	positive	ADJ
ajfa-16770	80	6	relationship	relationship	NOUN
ajfa-16770	80	7	between	between	ADP
ajfa-16770	80	8	financial	financial	ADJ
ajfa-16770	80	9	leverage	leverage	NOUN
ajfa-16770	80	10	and	and	CCONJ
ajfa-16770	80	11	profitability	profitability	NOUN
ajfa-16770	80	12	,	,	PUNCT
ajfa-16770	80	13	some	some	DET
ajfa-16770	80	14	studies	study	NOUN
ajfa-16770	80	15	have	have	AUX
ajfa-16770	80	16	revealed	reveal	VERB
ajfa-16770	80	17	negative	negative	ADJ
ajfa-16770	80	18	association	association	NOUN
ajfa-16770	80	19	between	between	ADP
ajfa-16770	80	20	these	these	DET
ajfa-16770	80	21	two	two	NUM
ajfa-16770	80	22	variables	variable	NOUN
ajfa-16770	80	23	and	and	CCONJ
ajfa-16770	80	24	some	some	DET
ajfa-16770	80	25	studies	study	NOUN
ajfa-16770	80	26	have	have	AUX
ajfa-16770	80	27	also	also	ADV
ajfa-16770	80	28	documented	document	VERB
ajfa-16770	80	29	no	no	DET
ajfa-16770	80	30	significant	significant	ADJ
ajfa-16770	80	31	link	link	NOUN
ajfa-16770	80	32	between	between	ADP
ajfa-16770	80	33	these	these	DET
ajfa-16770	80	34	two	two	NUM
ajfa-16770	80	35	variables	variable	NOUN
ajfa-16770	80	36	.	.	PUNCT
ajfa-16770	81	1	research	research	NOUN
ajfa-16770	81	2	on	on	ADP
ajfa-16770	81	3	the	the	DET
ajfa-16770	81	4	association	association	NOUN
ajfa-16770	81	5	between	between	ADP
ajfa-16770	81	6	financial	financial	ADJ
ajfa-16770	81	7	leverage	leverage	NOUN
ajfa-16770	81	8	and	and	CCONJ
ajfa-16770	81	9	profitability	profitability	NOUN
ajfa-16770	81	10	has	have	AUX
ajfa-16770	81	11	mostly	mostly	ADV
ajfa-16770	81	12	focused	focus	VERB
ajfa-16770	81	13	on	on	ADP
ajfa-16770	81	14	developed	develop	VERB
ajfa-16770	81	15	countries	country	NOUN
ajfa-16770	81	16	.	.	PUNCT
ajfa-16770	82	1	nonetheless	nonetheless	ADV
ajfa-16770	82	2	little	little	ADJ
ajfa-16770	82	3	research	research	NOUN
ajfa-16770	82	4	has	have	AUX
ajfa-16770	82	5	so	so	ADV
ajfa-16770	82	6	far	far	ADV
ajfa-16770	82	7	been	be	AUX
ajfa-16770	82	8	conducted	conduct	VERB
ajfa-16770	82	9	in	in	ADP
ajfa-16770	82	10	this	this	DET
ajfa-16770	82	11	field	field	NOUN
ajfa-16770	82	12	in	in	ADP
ajfa-16770	82	13	developing	develop	VERB
ajfa-16770	82	14	countries	country	NOUN
ajfa-16770	82	15	and	and	CCONJ
ajfa-16770	82	16	in	in	ADP
ajfa-16770	82	17	particular	particular	ADJ
ajfa-16770	82	18	in	in	ADP
ajfa-16770	82	19	small	small	ADJ
ajfa-16770	82	20	island	island	NOUN
ajfa-16770	82	21	economies	economy	NOUN
ajfa-16770	82	22	.	.	PUNCT
ajfa-16770	83	1	yoon	yoon	PROPN
ajfa-16770	83	2	and	and	CCONJ
ajfa-16770	83	3	jang	jang	PROPN
ajfa-16770	83	4	(	(	PUNCT
ajfa-16770	83	5	2005	2005	NUM
ajfa-16770	83	6	)	)	PUNCT
ajfa-16770	83	7	revealed	reveal	VERB
ajfa-16770	83	8	a	a	DET
ajfa-16770	83	9	positive	positive	ADJ
ajfa-16770	83	10	link	link	NOUN
ajfa-16770	83	11	between	between	ADP
ajfa-16770	83	12	financial	financial	ADJ
ajfa-16770	83	13	leverage	leverage	NOUN
ajfa-16770	83	14	and	and	CCONJ
ajfa-16770	83	15	profitability	profitability	NOUN
ajfa-16770	83	16	in	in	ADP
ajfa-16770	83	17	us	we	PRON
ajfa-16770	83	18	.	.	PUNCT
ajfa-16770	84	1	akhtar	akhtar	PROPN
ajfa-16770	84	2	et	et	PROPN
ajfa-16770	84	3	al	al	PROPN
ajfa-16770	84	4	.	.	PROPN
ajfa-16770	85	1	(	(	PUNCT
ajfa-16770	85	2	2012	2012	NUM
ajfa-16770	85	3	)	)	PUNCT
ajfa-16770	85	4	revealed	reveal	VERB
ajfa-16770	85	5	a	a	DET
ajfa-16770	85	6	positive	positive	ADJ
ajfa-16770	85	7	link	link	NOUN
ajfa-16770	85	8	between	between	ADP
ajfa-16770	85	9	profitability	profitability	NOUN
ajfa-16770	85	10	and	and	CCONJ
ajfa-16770	85	11	financial	financial	ADJ
ajfa-16770	85	12	leverage	leverage	NOUN
ajfa-16770	85	13	in	in	ADP
ajfa-16770	85	14	pakistan	pakistan	PROPN
ajfa-16770	85	15	.	.	PUNCT
ajfa-16770	86	1	since	since	SCONJ
ajfa-16770	86	2	the	the	DET
ajfa-16770	86	3	trade	trade	NOUN
ajfa-16770	86	4	-	-	PUNCT
ajfa-16770	86	5	off	off	ADP
ajfa-16770	86	6	theory	theory	NOUN
ajfa-16770	86	7	predicts	predict	VERB
ajfa-16770	86	8	that	that	SCONJ
ajfa-16770	86	9	in	in	ADP
ajfa-16770	86	10	rebalancing	rebalance	VERB
ajfa-16770	86	11	capital	capital	NOUN
ajfa-16770	86	12	structure	structure	NOUN
ajfa-16770	86	13	between	between	ADP
ajfa-16770	86	14	debt	debt	NOUN
ajfa-16770	86	15	and	and	CCONJ
ajfa-16770	86	16	equity	equity	NOUN
ajfa-16770	86	17	that	that	PRON
ajfa-16770	86	18	highly	highly	ADV
ajfa-16770	86	19	profitable	profitable	ADJ
ajfa-16770	86	20	firms	firm	NOUN
ajfa-16770	86	21	move	move	VERB
ajfa-16770	86	22	towards	towards	ADP
ajfa-16770	86	23	a	a	DET
ajfa-16770	86	24	highly	highly	ADV
ajfa-16770	86	25	geared	gear	VERB
ajfa-16770	86	26	ratio	ratio	NOUN
ajfa-16770	86	27	,	,	PUNCT
ajfa-16770	86	28	eckbo	eckbo	PROPN
ajfa-16770	86	29	and	and	CCONJ
ajfa-16770	86	30	kisser	kisser	X
ajfa-16770	86	31	(	(	PUNCT
ajfa-16770	86	32	2018	2018	NUM
ajfa-16770	86	33	)	)	PUNCT
ajfa-16770	86	34	attempted	attempt	VERB
ajfa-16770	86	35	to	to	PART
ajfa-16770	86	36	use	use	VERB
ajfa-16770	86	37	new	new	ADJ
ajfa-16770	86	38	tests	test	NOUN
ajfa-16770	86	39	in	in	ADP
ajfa-16770	86	40	scrutinizing	scrutinize	VERB
ajfa-16770	86	41	about	about	ADP
ajfa-16770	86	42	the	the	DET
ajfa-16770	86	43	relationship	relationship	NOUN
ajfa-16770	86	44	between	between	ADP
ajfa-16770	86	45	debt	debt	NOUN
ajfa-16770	86	46	and	and	CCONJ
ajfa-16770	86	47	profitability	profitability	NOUN
ajfa-16770	86	48	.	.	PUNCT
ajfa-16770	87	1	they	they	PRON
ajfa-16770	87	2	suggested	suggest	VERB
ajfa-16770	87	3	that	that	SCONJ
ajfa-16770	87	4	the	the	DET
ajfa-16770	87	5	cross	cross	ADJ
ajfa-16770	87	6	-	-	ADJ
ajfa-16770	87	7	sectional	sectional	ADJ
ajfa-16770	87	8	correlation	correlation	NOUN
ajfa-16770	87	9	of	of	ADP
ajfa-16770	87	10	profitability	profitability	NOUN
ajfa-16770	87	11	and	and	CCONJ
ajfa-16770	87	12	leverage	leverage	NOUN
ajfa-16770	87	13	is	be	AUX
ajfa-16770	87	14	significantly	significantly	ADV
ajfa-16770	87	15	positive	positive	ADJ
ajfa-16770	87	16	when	when	SCONJ
ajfa-16770	87	17	rebalancings	rebalancing	NOUN
ajfa-16770	87	18	of	of	ADP
ajfa-16770	87	19	capital	capital	NOUN
ajfa-16770	87	20	structure	structure	NOUN
ajfa-16770	87	21	is	be	AUX
ajfa-16770	87	22	financed	finance	VERB
ajfa-16770	87	23	internally	internally	ADV
ajfa-16770	87	24	.	.	PUNCT
ajfa-16770	88	1	existing	exist	VERB
ajfa-16770	88	2	studies	study	NOUN
ajfa-16770	88	3	have	have	AUX
ajfa-16770	88	4	also	also	ADV
ajfa-16770	88	5	documented	document	VERB
ajfa-16770	88	6	negative	negative	ADJ
ajfa-16770	88	7	relationships	relationship	NOUN
ajfa-16770	88	8	between	between	ADP
ajfa-16770	88	9	profitability	profitability	NOUN
ajfa-16770	88	10	and	and	CCONJ
ajfa-16770	88	11	financial	financial	ADJ
ajfa-16770	88	12	leverage	leverage	NOUN
ajfa-16770	88	13	.	.	PUNCT
ajfa-16770	89	1	out	out	ADP
ajfa-16770	89	2	of	of	ADP
ajfa-16770	89	3	an	an	DET
ajfa-16770	89	4	observation	observation	NOUN
ajfa-16770	89	5	carried	carry	VERB
ajfa-16770	89	6	out	out	ADP
ajfa-16770	89	7	in	in	ADP
ajfa-16770	89	8	american	american	ADJ
ajfa-16770	89	9	and	and	CCONJ
ajfa-16770	89	10	japanese	japanese	ADJ
ajfa-16770	89	11	manufacturing	manufacturing	NOUN
ajfa-16770	89	12	firms	firm	NOUN
ajfa-16770	89	13	,	,	PUNCT
ajfa-16770	89	14	kester	kester	PROPN
ajfa-16770	89	15	(	(	PUNCT
ajfa-16770	89	16	1986	1986	NUM
ajfa-16770	89	17	)	)	PUNCT
ajfa-16770	89	18	revealed	reveal	VERB
ajfa-16770	89	19	the	the	DET
ajfa-16770	89	20	existence	existence	NOUN
ajfa-16770	89	21	of	of	ADP
ajfa-16770	89	22	an	an	DET
ajfa-16770	89	23	inverse	inverse	NOUN
ajfa-16770	89	24	association	association	NOUN
ajfa-16770	89	25	between	between	ADP
ajfa-16770	89	26	profitability	profitability	NOUN
ajfa-16770	89	27	and	and	CCONJ
ajfa-16770	89	28	debt	debt	NOUN
ajfa-16770	89	29	ratios	ratio	NOUN
ajfa-16770	89	30	.	.	PUNCT
ajfa-16770	90	1	in	in	ADP
ajfa-16770	90	2	the	the	DET
ajfa-16770	90	3	same	same	ADJ
ajfa-16770	90	4	vein	vein	ADJ
ajfa-16770	90	5	rajan	rajan	PROPN
ajfa-16770	90	6	and	and	CCONJ
ajfa-16770	90	7	zingales	zingales	PROPN
ajfa-16770	90	8	(	(	PUNCT
ajfa-16770	90	9	1995	1995	NUM
ajfa-16770	90	10	)	)	PUNCT
ajfa-16770	90	11	found	find	VERB
ajfa-16770	90	12	a	a	DET
ajfa-16770	90	13	negative	negative	ADJ
ajfa-16770	90	14	link	link	NOUN
ajfa-16770	90	15	between	between	ADP
ajfa-16770	90	16	profitability	profitability	NOUN
ajfa-16770	90	17	and	and	CCONJ
ajfa-16770	90	18	leverage	leverage	NOUN
ajfa-16770	90	19	in	in	ADP
ajfa-16770	90	20	the	the	DET
ajfa-16770	90	21	major	major	ADJ
ajfa-16770	90	22	industrialized	industrialize	VERB
ajfa-16770	90	23	countries	country	NOUN
ajfa-16770	90	24	namely	namely	ADV
ajfa-16770	90	25	the	the	DET
ajfa-16770	90	26	g-7	g-7	NOUN
ajfa-16770	90	27	countries	country	NOUN
ajfa-16770	90	28	.	.	PUNCT
ajfa-16770	91	1	abor	abor	NOUN
ajfa-16770	91	2	(	(	PUNCT
ajfa-16770	91	3	2005	2005	NUM
ajfa-16770	91	4	)	)	PUNCT
ajfa-16770	91	5	found	find	VERB
ajfa-16770	91	6	a	a	DET
ajfa-16770	91	7	negative	negative	ADJ
ajfa-16770	91	8	relationship	relationship	NOUN
ajfa-16770	91	9	between	between	ADP
ajfa-16770	91	10	profitability	profitability	NOUN
ajfa-16770	91	11	and	and	CCONJ
ajfa-16770	91	12	long	long	ADJ
ajfa-16770	91	13	-	-	PUNCT
ajfa-16770	91	14	term	term	NOUN
ajfa-16770	91	15	debt	debt	NOUN
ajfa-16770	91	16	ratio	ratio	NOUN
ajfa-16770	91	17	in	in	ADP
ajfa-16770	91	18	the	the	DET
ajfa-16770	91	19	context	context	NOUN
ajfa-16770	91	20	of	of	ADP
ajfa-16770	91	21	ghana	ghana	PROPN
ajfa-16770	91	22	.	.	PUNCT
ajfa-16770	92	1	goddard	goddard	PROPN
ajfa-16770	92	2	,	,	PUNCT
ajfa-16770	92	3	tavakoli	tavakoli	PROPN
ajfa-16770	92	4	and	and	CCONJ
ajfa-16770	92	5	wilson	wilson	PROPN
ajfa-16770	92	6	(	(	PUNCT
ajfa-16770	92	7	2005	2005	NUM
ajfa-16770	92	8	)	)	PUNCT
ajfa-16770	92	9	conducted	conduct	VERB
ajfa-16770	92	10	an	an	DET
ajfa-16770	92	11	analysis	analysis	NOUN
ajfa-16770	92	12	in	in	ADP
ajfa-16770	92	13	the	the	DET
ajfa-16770	92	14	firms	firm	NOUN
ajfa-16770	92	15	of	of	ADP
ajfa-16770	92	16	manufacturing	manufacturing	NOUN
ajfa-16770	92	17	and	and	CCONJ
ajfa-16770	92	18	service	service	NOUN
ajfa-16770	92	19	sector	sector	NOUN
ajfa-16770	92	20	from	from	ADP
ajfa-16770	92	21	countries	country	NOUN
ajfa-16770	92	22	like	like	ADP
ajfa-16770	92	23	belgium	belgium	PROPN
ajfa-16770	92	24	,	,	PUNCT
ajfa-16770	92	25	italy	italy	PROPN
ajfa-16770	92	26	and	and	CCONJ
ajfa-16770	92	27	the	the	DET
ajfa-16770	92	28	uk	uk	PROPN
ajfa-16770	92	29	and	and	CCONJ
ajfa-16770	92	30	their	their	PRON
ajfa-16770	92	31	research	research	NOUN
ajfa-16770	92	32	revealed	reveal	VERB
ajfa-16770	92	33	a	a	DET
ajfa-16770	92	34	negative	negative	ADJ
ajfa-16770	92	35	association	association	NOUN
ajfa-16770	92	36	between	between	ADP
ajfa-16770	92	37	profitability	profitability	NOUN
ajfa-16770	92	38	and	and	CCONJ
ajfa-16770	92	39	financial	financial	ADJ
ajfa-16770	92	40	leverage	leverage	NOUN
ajfa-16770	92	41	.	.	PUNCT
ajfa-16770	93	1	in	in	ADP
ajfa-16770	93	2	addition	addition	NOUN
ajfa-16770	93	3	kebewar	kebewar	NOUN
ajfa-16770	93	4	(	(	PUNCT
ajfa-16770	93	5	2013	2013	NUM
ajfa-16770	93	6	)	)	PUNCT
ajfa-16770	93	7	found	find	VERB
ajfa-16770	93	8	a	a	DET
ajfa-16770	93	9	negative	negative	ADJ
ajfa-16770	93	10	relationship	relationship	NOUN
ajfa-16770	93	11	between	between	ADP
ajfa-16770	93	12	profitability	profitability	NOUN
ajfa-16770	93	13	and	and	CCONJ
ajfa-16770	93	14	financial	financial	ADJ
ajfa-16770	93	15	leverage	leverage	NOUN
ajfa-16770	93	16	in	in	ADP
ajfa-16770	93	17	the	the	DET
ajfa-16770	93	18	french	french	ADJ
ajfa-16770	93	19	trade	trade	NOUN
ajfa-16770	93	20	sector	sector	NOUN
ajfa-16770	93	21	.	.	PUNCT
ajfa-16770	94	1	pradhan	pradhan	PROPN
ajfa-16770	94	2	and	and	CCONJ
ajfa-16770	94	3	khadka	khadka	NOUN
ajfa-16770	94	4	(	(	PUNCT
ajfa-16770	94	5	2017	2017	NUM
ajfa-16770	94	6	)	)	PUNCT
ajfa-16770	94	7	found	find	VERB
ajfa-16770	94	8	a	a	DET
ajfa-16770	94	9	negative	negative	ADJ
ajfa-16770	94	10	association	association	NOUN
ajfa-16770	94	11	between	between	ADP
ajfa-16770	94	12	profitability	profitability	NOUN
ajfa-16770	94	13	and	and	CCONJ
ajfa-16770	94	14	long	long	ADJ
ajfa-16770	94	15	-	-	PUNCT
ajfa-16770	94	16	term	term	NOUN
ajfa-16770	94	17	debt	debt	NOUN
ajfa-16770	94	18	ratio	ratio	NOUN
ajfa-16770	94	19	in	in	ADP
ajfa-16770	94	20	nepal	nepal	ADJ
ajfa-16770	94	21	.	.	PUNCT
ajfa-16770	95	1	existing	exist	VERB
ajfa-16770	95	2	research	research	NOUN
ajfa-16770	95	3	have	have	AUX
ajfa-16770	95	4	also	also	ADV
ajfa-16770	95	5	documented	document	VERB
ajfa-16770	95	6	no	no	DET
ajfa-16770	95	7	significant	significant	ADJ
ajfa-16770	95	8	associations	association	NOUN
ajfa-16770	95	9	between	between	ADP
ajfa-16770	95	10	profitability	profitability	NOUN
ajfa-16770	95	11	and	and	CCONJ
ajfa-16770	95	12	financial	financial	ADJ
ajfa-16770	95	13	leverage	leverage	NOUN
ajfa-16770	95	14	.	.	PUNCT
ajfa-16770	96	1	kebewar	kebewar	NOUN
ajfa-16770	96	2	(	(	PUNCT
ajfa-16770	96	3	2012	2012	NUM
ajfa-16770	96	4	)	)	PUNCT
ajfa-16770	96	5	revealed	reveal	VERB
ajfa-16770	96	6	no	no	DET
ajfa-16770	96	7	significant	significant	ADJ
ajfa-16770	96	8	link	link	NOUN
ajfa-16770	96	9	between	between	ADP
ajfa-16770	96	10	profitability	profitability	NOUN
ajfa-16770	96	11	and	and	CCONJ
ajfa-16770	96	12	financial	financial	ADJ
ajfa-16770	96	13	leverage	leverage	NOUN
ajfa-16770	96	14	in	in	ADP
ajfa-16770	96	15	france	france	PROPN
ajfa-16770	96	16	.	.	PUNCT
ajfa-16770	97	1	in	in	ADP
ajfa-16770	97	2	addition	addition	NOUN
ajfa-16770	97	3	yegon	yegon	NOUN
ajfa-16770	97	4	(	(	PUNCT
ajfa-16770	97	5	2014	2014	NUM
ajfa-16770	97	6	)	)	PUNCT
ajfa-16770	97	7	documented	document	VERB
ajfa-16770	97	8	a	a	DET
ajfa-16770	97	9	non	non	ADJ
ajfa-16770	97	10	-	-	ADJ
ajfa-16770	97	11	significant	significant	ADJ
ajfa-16770	97	12	association	association	NOUN
ajfa-16770	97	13	between	between	ADP
ajfa-16770	97	14	profitability	profitability	NOUN
ajfa-16770	97	15	and	and	CCONJ
ajfa-16770	97	16	financial	financial	ADJ
ajfa-16770	97	17	leverage	leverage	NOUN
ajfa-16770	97	18	in	in	ADP
ajfa-16770	97	19	kenya	kenya	PROPN
ajfa-16770	97	20	.	.	PUNCT
ajfa-16770	98	1	2.3	2.3	NUM
ajfa-16770	98	2	hypothesis	hypothesis	NOUN
ajfa-16770	98	3	development	development	NOUN
ajfa-16770	98	4	in	in	ADP
ajfa-16770	98	5	spite	spite	NOUN
ajfa-16770	98	6	of	of	ADP
ajfa-16770	98	7	all	all	DET
ajfa-16770	98	8	the	the	DET
ajfa-16770	98	9	evidences	evidence	NOUN
ajfa-16770	98	10	provided	provide	VERB
ajfa-16770	98	11	with	with	ADP
ajfa-16770	98	12	regards	regard	NOUN
ajfa-16770	98	13	to	to	ADP
ajfa-16770	98	14	the	the	DET
ajfa-16770	98	15	theories	theory	NOUN
ajfa-16770	98	16	of	of	ADP
ajfa-16770	98	17	capital	capital	NOUN
ajfa-16770	98	18	structure	structure	NOUN
ajfa-16770	98	19	,	,	PUNCT
ajfa-16770	98	20	barclay	barclay	PROPN
ajfa-16770	98	21	and	and	CCONJ
ajfa-16770	98	22	smith	smith	PROPN
ajfa-16770	98	23	(	(	PUNCT
ajfa-16770	98	24	1999	1999	NUM
ajfa-16770	98	25	)	)	PUNCT
ajfa-16770	98	26	discuss	discuss	VERB
ajfa-16770	98	27	that	that	SCONJ
ajfa-16770	98	28	no	no	DET
ajfa-16770	98	29	such	such	ADJ
ajfa-16770	98	30	model	model	NOUN
ajfa-16770	98	31	exists	exist	VERB
ajfa-16770	98	32	which	which	PRON
ajfa-16770	98	33	decisively	decisively	ADV
ajfa-16770	98	34	test	test	VERB
ajfa-16770	98	35	the	the	DET
ajfa-16770	98	36	validity	validity	NOUN
ajfa-16770	98	37	of	of	ADP
ajfa-16770	98	38	the	the	DET
ajfa-16770	98	39	contradicting	contradict	VERB
ajfa-16770	98	40	theories	theory	NOUN
ajfa-16770	98	41	.	.	PUNCT
ajfa-16770	99	1	theories	theory	NOUN
ajfa-16770	99	2	explaining	explain	VERB
ajfa-16770	99	3	the	the	DET
ajfa-16770	99	4	link	link	NOUN
ajfa-16770	99	5	between	between	ADP
ajfa-16770	99	6	profitability	profitability	NOUN
ajfa-16770	99	7	and	and	CCONJ
ajfa-16770	99	8	financial	financial	ADJ
ajfa-16770	99	9	leverage	leverage	NOUN
ajfa-16770	99	10	asian	asian	ADJ
ajfa-16770	99	11	journal	journal	NOUN
ajfa-16770	99	12	of	of	ADP
ajfa-16770	99	13	finance	finance	PROPN
ajfa-16770	99	14	&	&	CCONJ
ajfa-16770	99	15	accounting	accounting	PROPN
ajfa-16770	99	16	issn	issn	PROPN
ajfa-16770	99	17	1946	1946	NUM
ajfa-16770	99	18	-	-	PUNCT
ajfa-16770	99	19	052x	052x	NOUN
ajfa-16770	99	20	2020	2020	NUM
ajfa-16770	99	21	,	,	PUNCT
ajfa-16770	99	22	vol	vol	NOUN
ajfa-16770	99	23	.	.	PROPN
ajfa-16770	99	24	12	12	NUM
ajfa-16770	99	25	,	,	PUNCT
ajfa-16770	99	26	no	no	INTJ
ajfa-16770	99	27	.	.	NOUN
ajfa-16770	99	28	1	1	NUM
ajfa-16770	99	29	ajfa.macrothink.org/	ajfa.macrothink.org/	PROPN
ajfa-16770	99	30	63	63	NUM
ajfa-16770	99	31	are	be	AUX
ajfa-16770	99	32	found	find	VERB
ajfa-16770	99	33	to	to	PART
ajfa-16770	99	34	be	be	AUX
ajfa-16770	99	35	in	in	ADP
ajfa-16770	99	36	conflicts	conflict	NOUN
ajfa-16770	99	37	given	give	VERB
ajfa-16770	99	38	the	the	DET
ajfa-16770	99	39	fact	fact	NOUN
ajfa-16770	99	40	that	that	SCONJ
ajfa-16770	99	41	not	not	PART
ajfa-16770	99	42	all	all	DET
ajfa-16770	99	43	theories	theory	NOUN
ajfa-16770	99	44	conform	conform	VERB
ajfa-16770	99	45	to	to	ADP
ajfa-16770	99	46	each	each	DET
ajfa-16770	99	47	other	other	ADJ
ajfa-16770	99	48	and	and	CCONJ
ajfa-16770	99	49	hence	hence	ADV
ajfa-16770	99	50	do	do	AUX
ajfa-16770	99	51	not	not	PART
ajfa-16770	99	52	predicate	predicate	VERB
ajfa-16770	99	53	a	a	DET
ajfa-16770	99	54	single	single	ADJ
ajfa-16770	99	55	conclusion	conclusion	NOUN
ajfa-16770	99	56	based	base	VERB
ajfa-16770	99	57	on	on	ADP
ajfa-16770	99	58	the	the	DET
ajfa-16770	99	59	relationship	relationship	NOUN
ajfa-16770	99	60	between	between	ADP
ajfa-16770	99	61	profitability	profitability	NOUN
ajfa-16770	99	62	and	and	CCONJ
ajfa-16770	99	63	debt	debt	NOUN
ajfa-16770	99	64	.	.	PUNCT
ajfa-16770	100	1	whilst	whilst	SCONJ
ajfa-16770	100	2	the	the	DET
ajfa-16770	100	3	modigliani	modigliani	NOUN
ajfa-16770	100	4	and	and	CCONJ
ajfa-16770	100	5	miller	miller	PROPN
ajfa-16770	100	6	(	(	PUNCT
ajfa-16770	100	7	1963	1963	NUM
ajfa-16770	100	8	)	)	PUNCT
ajfa-16770	100	9	theory	theory	NOUN
ajfa-16770	100	10	,	,	PUNCT
ajfa-16770	100	11	the	the	DET
ajfa-16770	100	12	trade	trade	NOUN
ajfa-16770	100	13	-	-	PUNCT
ajfa-16770	100	14	off	off	ADP
ajfa-16770	100	15	theory	theory	NOUN
ajfa-16770	100	16	and	and	CCONJ
ajfa-16770	100	17	the	the	DET
ajfa-16770	100	18	agency	agency	NOUN
ajfa-16770	100	19	theory	theory	NOUN
ajfa-16770	100	20	validate	validate	VERB
ajfa-16770	100	21	a	a	DET
ajfa-16770	100	22	positive	positive	ADJ
ajfa-16770	100	23	association	association	NOUN
ajfa-16770	100	24	,	,	PUNCT
ajfa-16770	100	25	the	the	DET
ajfa-16770	100	26	pecking	pecking	NOUN
ajfa-16770	100	27	order	order	NOUN
ajfa-16770	100	28	theory	theory	NOUN
ajfa-16770	100	29	predicts	predict	VERB
ajfa-16770	100	30	an	an	DET
ajfa-16770	100	31	inverse	inverse	NOUN
ajfa-16770	100	32	relationship	relationship	NOUN
ajfa-16770	100	33	between	between	ADP
ajfa-16770	100	34	financial	financial	ADJ
ajfa-16770	100	35	leverage	leverage	NOUN
ajfa-16770	100	36	and	and	CCONJ
ajfa-16770	100	37	profitability	profitability	NOUN
ajfa-16770	100	38	.	.	PUNCT
ajfa-16770	101	1	as	as	ADP
ajfa-16770	101	2	a	a	DET
ajfa-16770	101	3	matter	matter	NOUN
ajfa-16770	101	4	of	of	ADP
ajfa-16770	101	5	fact	fact	NOUN
ajfa-16770	101	6	,	,	PUNCT
ajfa-16770	101	7	taking	take	VERB
ajfa-16770	101	8	into	into	ADP
ajfa-16770	101	9	account	account	NOUN
ajfa-16770	101	10	the	the	DET
ajfa-16770	101	11	theoretical	theoretical	ADJ
ajfa-16770	101	12	framework	framework	NOUN
ajfa-16770	101	13	and	and	CCONJ
ajfa-16770	101	14	past	past	ADJ
ajfa-16770	101	15	studies	study	NOUN
ajfa-16770	101	16	carried	carry	VERB
ajfa-16770	101	17	out	out	ADP
ajfa-16770	101	18	,	,	PUNCT
ajfa-16770	101	19	literature	literature	NOUN
ajfa-16770	101	20	is	be	AUX
ajfa-16770	101	21	still	still	ADV
ajfa-16770	101	22	unclear	unclear	ADJ
ajfa-16770	101	23	on	on	ADP
ajfa-16770	101	24	the	the	DET
ajfa-16770	101	25	relationship	relationship	NOUN
ajfa-16770	101	26	between	between	ADP
ajfa-16770	101	27	profitability	profitability	NOUN
ajfa-16770	101	28	and	and	CCONJ
ajfa-16770	101	29	financial	financial	ADJ
ajfa-16770	101	30	leverage	leverage	NOUN
ajfa-16770	101	31	.	.	PUNCT
ajfa-16770	102	1	out	out	ADP
ajfa-16770	102	2	of	of	ADP
ajfa-16770	102	3	all	all	DET
ajfa-16770	102	4	the	the	DET
ajfa-16770	102	5	assorted	assorted	ADJ
ajfa-16770	102	6	views	view	NOUN
ajfa-16770	102	7	revealed	reveal	VERB
ajfa-16770	102	8	by	by	ADP
ajfa-16770	102	9	the	the	DET
ajfa-16770	102	10	theories	theory	NOUN
ajfa-16770	102	11	of	of	ADP
ajfa-16770	102	12	capital	capital	NOUN
ajfa-16770	102	13	structure	structure	NOUN
ajfa-16770	102	14	in	in	ADP
ajfa-16770	102	15	connection	connection	NOUN
ajfa-16770	102	16	with	with	ADP
ajfa-16770	102	17	the	the	DET
ajfa-16770	102	18	relationship	relationship	NOUN
ajfa-16770	102	19	between	between	ADP
ajfa-16770	102	20	profitability	profitability	NOUN
ajfa-16770	102	21	and	and	CCONJ
ajfa-16770	102	22	financial	financial	ADJ
ajfa-16770	102	23	leverage	leverage	NOUN
ajfa-16770	102	24	,	,	PUNCT
ajfa-16770	102	25	the	the	DET
ajfa-16770	102	26	majority	majority	NOUN
ajfa-16770	102	27	of	of	ADP
ajfa-16770	102	28	the	the	DET
ajfa-16770	102	29	existing	exist	VERB
ajfa-16770	102	30	theories	theory	NOUN
ajfa-16770	102	31	predominantly	predominantly	ADV
ajfa-16770	102	32	ascertain	ascertain	VERB
ajfa-16770	102	33	a	a	DET
ajfa-16770	102	34	positive	positive	ADJ
ajfa-16770	102	35	relationship	relationship	NOUN
ajfa-16770	102	36	.	.	PUNCT
ajfa-16770	103	1	moreover	moreover	ADV
ajfa-16770	103	2	most	most	ADV
ajfa-16770	103	3	empirical	empirical	ADJ
ajfa-16770	103	4	studies	study	NOUN
ajfa-16770	103	5	in	in	ADP
ajfa-16770	103	6	developed	develop	VERB
ajfa-16770	103	7	countries	country	NOUN
ajfa-16770	103	8	showed	show	VERB
ajfa-16770	103	9	debt	debt	NOUN
ajfa-16770	103	10	is	be	AUX
ajfa-16770	103	11	negatively	negatively	ADV
ajfa-16770	103	12	related	relate	VERB
ajfa-16770	103	13	to	to	ADP
ajfa-16770	103	14	profitability	profitability	NOUN
ajfa-16770	103	15	whereas	whereas	SCONJ
ajfa-16770	103	16	in	in	ADP
ajfa-16770	103	17	developing	develop	VERB
ajfa-16770	103	18	countries	country	NOUN
ajfa-16770	103	19	,	,	PUNCT
ajfa-16770	103	20	most	most	ADJ
ajfa-16770	103	21	of	of	ADP
ajfa-16770	103	22	the	the	DET
ajfa-16770	103	23	studies	study	NOUN
ajfa-16770	103	24	concluded	conclude	VERB
ajfa-16770	103	25	a	a	DET
ajfa-16770	103	26	positive	positive	ADJ
ajfa-16770	103	27	association	association	NOUN
ajfa-16770	103	28	.	.	PUNCT
ajfa-16770	104	1	since	since	SCONJ
ajfa-16770	104	2	mauritius	mauritius	PROPN
ajfa-16770	104	3	is	be	AUX
ajfa-16770	104	4	an	an	DET
ajfa-16770	104	5	economically	economically	ADV
ajfa-16770	104	6	developing	develop	VERB
ajfa-16770	104	7	country	country	NOUN
ajfa-16770	104	8	,	,	PUNCT
ajfa-16770	104	9	therefore	therefore	ADV
ajfa-16770	104	10	the	the	DET
ajfa-16770	104	11	relevant	relevant	ADJ
ajfa-16770	104	12	hypothesis	hypothesis	NOUN
ajfa-16770	104	13	is	be	AUX
ajfa-16770	104	14	that	that	SCONJ
ajfa-16770	104	15	there	there	PRON
ajfa-16770	104	16	is	be	VERB
ajfa-16770	104	17	a	a	DET
ajfa-16770	104	18	positive	positive	ADJ
ajfa-16770	104	19	link	link	NOUN
ajfa-16770	104	20	between	between	ADP
ajfa-16770	104	21	profitability	profitability	NOUN
ajfa-16770	104	22	and	and	CCONJ
ajfa-16770	104	23	financial	financial	ADJ
ajfa-16770	104	24	leverage	leverage	NOUN
ajfa-16770	104	25	of	of	ADP
ajfa-16770	104	26	mauritian	mauritian	ADJ
ajfa-16770	104	27	listed	list	VERB
ajfa-16770	104	28	companies	company	NOUN
ajfa-16770	104	29	.	.	PUNCT
ajfa-16770	105	1	3	3	X
ajfa-16770	105	2	.	.	X
ajfa-16770	105	3	methodology	methodology	NOUN
ajfa-16770	105	4	3.1	3.1	NUM
ajfa-16770	105	5	model	model	NOUN
ajfa-16770	105	6	specification	specification	NOUN
ajfa-16770	105	7	theories	theory	NOUN
ajfa-16770	105	8	such	such	ADJ
ajfa-16770	105	9	as	as	ADP
ajfa-16770	105	10	pecking	pecking	NOUN
ajfa-16770	105	11	order	order	NOUN
ajfa-16770	105	12	theory	theory	NOUN
ajfa-16770	105	13	,	,	PUNCT
ajfa-16770	105	14	modigliani	modigliani	PROPN
ajfa-16770	105	15	-	-	PUNCT
ajfa-16770	105	16	miller	miller	PROPN
ajfa-16770	105	17	theorem	theorem	NOUN
ajfa-16770	105	18	,	,	PUNCT
ajfa-16770	105	19	trade	trade	NOUN
ajfa-16770	105	20	-	-	PUNCT
ajfa-16770	105	21	off	off	ADP
ajfa-16770	105	22	theory	theory	NOUN
ajfa-16770	105	23	and	and	CCONJ
ajfa-16770	105	24	the	the	DET
ajfa-16770	105	25	agency	agency	NOUN
ajfa-16770	105	26	theory	theory	NOUN
ajfa-16770	105	27	have	have	AUX
ajfa-16770	105	28	been	be	AUX
ajfa-16770	105	29	used	use	VERB
ajfa-16770	105	30	to	to	PART
ajfa-16770	105	31	examine	examine	VERB
ajfa-16770	105	32	the	the	DET
ajfa-16770	105	33	relationship	relationship	NOUN
ajfa-16770	105	34	between	between	ADP
ajfa-16770	105	35	financial	financial	ADJ
ajfa-16770	105	36	leverage	leverage	NOUN
ajfa-16770	105	37	and	and	CCONJ
ajfa-16770	105	38	profitability	profitability	NOUN
ajfa-16770	105	39	of	of	ADP
ajfa-16770	105	40	mauritian	mauritian	ADJ
ajfa-16770	105	41	listed	list	VERB
ajfa-16770	105	42	firms	firm	NOUN
ajfa-16770	105	43	.	.	PUNCT
ajfa-16770	106	1	the	the	DET
ajfa-16770	106	2	period	period	NOUN
ajfa-16770	106	3	of	of	ADP
ajfa-16770	106	4	study	study	NOUN
ajfa-16770	106	5	is	be	AUX
ajfa-16770	106	6	2007	2007	NUM
ajfa-16770	106	7	to	to	ADP
ajfa-16770	106	8	2017	2017	NUM
ajfa-16770	106	9	.	.	PUNCT
ajfa-16770	107	1	data	datum	NOUN
ajfa-16770	107	2	was	be	AUX
ajfa-16770	107	3	collected	collect	VERB
ajfa-16770	107	4	from	from	ADP
ajfa-16770	107	5	a	a	DET
ajfa-16770	107	6	sample	sample	NOUN
ajfa-16770	107	7	of	of	ADP
ajfa-16770	107	8	34	34	NUM
ajfa-16770	107	9	firms	firm	NOUN
ajfa-16770	107	10	listed	list	VERB
ajfa-16770	107	11	on	on	ADP
ajfa-16770	107	12	the	the	DET
ajfa-16770	107	13	stock	stock	NOUN
ajfa-16770	107	14	exchange	exchange	NOUN
ajfa-16770	107	15	of	of	ADP
ajfa-16770	107	16	mauritius	mauritius	PROPN
ajfa-16770	107	17	(	(	PUNCT
ajfa-16770	107	18	sem	sem	NOUN
ajfa-16770	107	19	)	)	PUNCT
ajfa-16770	107	20	.	.	PUNCT
ajfa-16770	108	1	an	an	DET
ajfa-16770	108	2	unbalanced	unbalanced	ADJ
ajfa-16770	108	3	panel	panel	NOUN
ajfa-16770	108	4	data	datum	NOUN
ajfa-16770	108	5	was	be	AUX
ajfa-16770	108	6	mounted	mount	VERB
ajfa-16770	108	7	because	because	SCONJ
ajfa-16770	108	8	of	of	ADP
ajfa-16770	108	9	a	a	DET
ajfa-16770	108	10	few	few	ADJ
ajfa-16770	108	11	missing	missing	ADJ
ajfa-16770	108	12	data	datum	NOUN
ajfa-16770	108	13	and	and	CCONJ
ajfa-16770	108	14	also	also	ADV
ajfa-16770	108	15	because	because	SCONJ
ajfa-16770	108	16	a	a	DET
ajfa-16770	108	17	few	few	ADJ
ajfa-16770	108	18	firms	firm	NOUN
ajfa-16770	108	19	started	start	VERB
ajfa-16770	108	20	operations	operation	NOUN
ajfa-16770	108	21	after	after	ADP
ajfa-16770	108	22	2007	2007	NUM
ajfa-16770	108	23	.	.	PUNCT
ajfa-16770	109	1	the	the	DET
ajfa-16770	109	2	total	total	ADJ
ajfa-16770	109	3	number	number	NOUN
ajfa-16770	109	4	of	of	ADP
ajfa-16770	109	5	firm	firm	ADJ
ajfa-16770	109	6	year	year	NOUN
ajfa-16770	109	7	observations	observation	NOUN
ajfa-16770	109	8	for	for	ADP
ajfa-16770	109	9	the	the	DET
ajfa-16770	109	10	period	period	NOUN
ajfa-16770	109	11	of	of	ADP
ajfa-16770	109	12	study	study	NOUN
ajfa-16770	109	13	is	be	AUX
ajfa-16770	109	14	312	312	NUM
ajfa-16770	109	15	.	.	PUNCT
ajfa-16770	110	1	the	the	DET
ajfa-16770	110	2	following	follow	VERB
ajfa-16770	110	3	regression	regression	NOUN
ajfa-16770	110	4	model	model	NOUN
ajfa-16770	110	5	has	have	AUX
ajfa-16770	110	6	been	be	AUX
ajfa-16770	110	7	used	use	VERB
ajfa-16770	110	8	to	to	PART
ajfa-16770	110	9	investigate	investigate	VERB
ajfa-16770	110	10	the	the	DET
ajfa-16770	110	11	association	association	NOUN
ajfa-16770	110	12	between	between	ADP
ajfa-16770	110	13	financial	financial	ADJ
ajfa-16770	110	14	leverage	leverage	NOUN
ajfa-16770	110	15	and	and	CCONJ
ajfa-16770	110	16	profitability	profitability	NOUN
ajfa-16770	110	17	.	.	PUNCT
ajfa-16770	111	1	this	this	DET
ajfa-16770	111	2	model	model	NOUN
ajfa-16770	111	3	has	have	AUX
ajfa-16770	111	4	been	be	AUX
ajfa-16770	111	5	adapted	adapt	VERB
ajfa-16770	111	6	from	from	ADP
ajfa-16770	111	7	rajan	rajan	PROPN
ajfa-16770	111	8	and	and	CCONJ
ajfa-16770	111	9	zingales	zingales	PROPN
ajfa-16770	111	10	(	(	PUNCT
ajfa-16770	111	11	1995	1995	NUM
ajfa-16770	111	12	)	)	PUNCT
ajfa-16770	111	13	,	,	PUNCT
ajfa-16770	111	14	yoon	yoon	PROPN
ajfa-16770	111	15	and	and	CCONJ
ajfa-16770	111	16	jang	jang	PROPN
ajfa-16770	111	17	(	(	PUNCT
ajfa-16770	111	18	2005	2005	NUM
ajfa-16770	111	19	)	)	PUNCT
ajfa-16770	111	20	,	,	PUNCT
ajfa-16770	111	21	akhtar	akhtar	PROPN
ajfa-16770	111	22	et	et	PROPN
ajfa-16770	111	23	al	al	PROPN
ajfa-16770	111	24	.	.	PROPN
ajfa-16770	112	1	(	(	PUNCT
ajfa-16770	112	2	2012	2012	NUM
ajfa-16770	112	3	)	)	PUNCT
ajfa-16770	112	4	,	,	PUNCT
ajfa-16770	112	5	kebewar	kebewar	PROPN
ajfa-16770	112	6	(	(	PUNCT
ajfa-16770	112	7	2012	2012	NUM
ajfa-16770	112	8	)	)	PUNCT
ajfa-16770	112	9	and	and	CCONJ
ajfa-16770	112	10	pradhan	pradhan	PROPN
ajfa-16770	112	11	and	and	CCONJ
ajfa-16770	112	12	khadka	khadka	NOUN
ajfa-16770	112	13	(	(	PUNCT
ajfa-16770	112	14	2017	2017	NUM
ajfa-16770	112	15	)	)	PUNCT
ajfa-16770	112	16	amongst	amongst	ADP
ajfa-16770	112	17	others	other	NOUN
ajfa-16770	112	18	.	.	PUNCT
ajfa-16770	113	1	𝑅𝑂𝐴𝑡	𝑅𝑂𝐴𝑡	X
ajfa-16770	113	2	=	=	SYM
ajfa-16770	113	3	𝛽0	𝛽0	PROPN
ajfa-16770	113	4	+	+	CCONJ
ajfa-16770	113	5	𝛽1	𝛽1	NOUN
ajfa-16770	113	6	𝐿𝐸𝑉𝑡	𝐿𝐸𝑉𝑡	NOUN
ajfa-16770	113	7	+	+	CCONJ
ajfa-16770	113	8	𝛽2	𝛽2	PROPN
ajfa-16770	113	9	𝐹𝑆𝐼𝑍𝐸𝑡	𝐹𝑆𝐼𝑍𝐸𝑡	PROPN
ajfa-16770	113	10	+	+	CCONJ
ajfa-16770	113	11	𝛽3	𝛽3	NOUN
ajfa-16770	113	12	𝐿𝐼𝑄𝑡	𝐿𝐼𝑄𝑡	NOUN
ajfa-16770	113	13	+	+	CCONJ
ajfa-16770	113	14	𝛽4	𝛽4	PROPN
ajfa-16770	113	15	𝐺𝑂𝑡	𝐺𝑂𝑡	NOUN
ajfa-16770	113	16	+	+	CCONJ
ajfa-16770	113	17	𝜀𝑡	𝜀𝑡	NOUN
ajfa-16770	113	18	model	model	NOUN
ajfa-16770	113	19	1	1	NUM
ajfa-16770	113	20	where	where	SCONJ
ajfa-16770	113	21	;	;	PUNCT
ajfa-16770	113	22	roat	roat	NOUN
ajfa-16770	113	23	=	=	SYM
ajfa-16770	113	24	return	return	NOUN
ajfa-16770	113	25	on	on	ADP
ajfa-16770	113	26	assets	asset	NOUN
ajfa-16770	113	27	of	of	ADP
ajfa-16770	113	28	a	a	DET
ajfa-16770	113	29	firm	firm	NOUN
ajfa-16770	113	30	at	at	ADP
ajfa-16770	113	31	time	time	NOUN
ajfa-16770	113	32	t.	t.	PROPN
ajfa-16770	114	1	it	it	PRON
ajfa-16770	114	2	is	be	AUX
ajfa-16770	114	3	the	the	DET
ajfa-16770	114	4	ratio	ratio	NOUN
ajfa-16770	114	5	of	of	ADP
ajfa-16770	114	6	profit	profit	NOUN
ajfa-16770	114	7	for	for	ADP
ajfa-16770	114	8	the	the	DET
ajfa-16770	114	9	year	year	NOUN
ajfa-16770	114	10	to	to	ADP
ajfa-16770	114	11	total	total	ADJ
ajfa-16770	114	12	assets	asset	NOUN
ajfa-16770	114	13	of	of	ADP
ajfa-16770	114	14	a	a	DET
ajfa-16770	114	15	firm	firm	NOUN
ajfa-16770	114	16	.	.	PUNCT
ajfa-16770	115	1	levt	levt	NOUN
ajfa-16770	115	2	=	=	PUNCT
ajfa-16770	115	3	financial	financial	ADJ
ajfa-16770	115	4	leverage	leverage	NOUN
ajfa-16770	115	5	of	of	ADP
ajfa-16770	115	6	a	a	DET
ajfa-16770	115	7	firm	firm	NOUN
ajfa-16770	115	8	at	at	ADP
ajfa-16770	115	9	time	time	NOUN
ajfa-16770	115	10	t.	t.	PROPN
ajfa-16770	115	11	it	it	PRON
ajfa-16770	115	12	is	be	AUX
ajfa-16770	115	13	measured	measure	VERB
ajfa-16770	115	14	as	as	ADP
ajfa-16770	115	15	the	the	DET
ajfa-16770	115	16	ratio	ratio	NOUN
ajfa-16770	115	17	of	of	ADP
ajfa-16770	115	18	total	total	ADJ
ajfa-16770	115	19	long	long	ADJ
ajfa-16770	115	20	-	-	PUNCT
ajfa-16770	115	21	term	term	NOUN
ajfa-16770	115	22	debt	debt	NOUN
ajfa-16770	115	23	to	to	ADP
ajfa-16770	115	24	total	total	ADJ
ajfa-16770	115	25	assets	asset	NOUN
ajfa-16770	115	26	of	of	ADP
ajfa-16770	115	27	a	a	DET
ajfa-16770	115	28	firm	firm	NOUN
ajfa-16770	115	29	.	.	PUNCT
ajfa-16770	116	1	fsizet	fsizet	NOUN
ajfa-16770	116	2	=	=	NOUN
ajfa-16770	116	3	size	size	NOUN
ajfa-16770	116	4	of	of	ADP
ajfa-16770	116	5	a	a	DET
ajfa-16770	116	6	firm	firm	NOUN
ajfa-16770	116	7	at	at	ADP
ajfa-16770	116	8	time	time	NOUN
ajfa-16770	116	9	t	t	PROPN
ajfa-16770	117	1	and	and	CCONJ
ajfa-16770	117	2	it	it	PRON
ajfa-16770	117	3	is	be	AUX
ajfa-16770	117	4	the	the	DET
ajfa-16770	117	5	log	log	NOUN
ajfa-16770	117	6	of	of	ADP
ajfa-16770	117	7	total	total	ADJ
ajfa-16770	117	8	assets	asset	NOUN
ajfa-16770	117	9	of	of	ADP
ajfa-16770	117	10	a	a	DET
ajfa-16770	117	11	firm	firm	NOUN
ajfa-16770	117	12	.	.	PUNCT
ajfa-16770	118	1	liqt	liqt	VERB
ajfa-16770	118	2	=	=	SYM
ajfa-16770	118	3	liquidity	liquidity	NOUN
ajfa-16770	118	4	of	of	ADP
ajfa-16770	118	5	a	a	DET
ajfa-16770	118	6	firm	firm	NOUN
ajfa-16770	118	7	at	at	ADP
ajfa-16770	118	8	time	time	NOUN
ajfa-16770	118	9	t	t	PROPN
ajfa-16770	119	1	and	and	CCONJ
ajfa-16770	119	2	it	it	PRON
ajfa-16770	119	3	is	be	AUX
ajfa-16770	119	4	measured	measure	VERB
ajfa-16770	119	5	as	as	ADP
ajfa-16770	119	6	the	the	DET
ajfa-16770	119	7	ratio	ratio	NOUN
ajfa-16770	119	8	of	of	ADP
ajfa-16770	119	9	current	current	ADJ
ajfa-16770	119	10	assets	asset	NOUN
ajfa-16770	119	11	to	to	ADP
ajfa-16770	119	12	current	current	ADJ
ajfa-16770	119	13	liabilities	liability	NOUN
ajfa-16770	119	14	of	of	ADP
ajfa-16770	119	15	a	a	DET
ajfa-16770	119	16	firm	firm	NOUN
ajfa-16770	119	17	.	.	PUNCT
ajfa-16770	120	1	got	get	VERB
ajfa-16770	120	2	=	=	PUNCT
ajfa-16770	120	3	growth	growth	NOUN
ajfa-16770	120	4	opportunities	opportunity	NOUN
ajfa-16770	120	5	of	of	ADP
ajfa-16770	120	6	a	a	DET
ajfa-16770	120	7	firm	firm	NOUN
ajfa-16770	120	8	at	at	ADP
ajfa-16770	120	9	time	time	NOUN
ajfa-16770	120	10	t	t	PROPN
ajfa-16770	121	1	and	and	CCONJ
ajfa-16770	121	2	it	it	PRON
ajfa-16770	121	3	refers	refer	VERB
ajfa-16770	121	4	to	to	ADP
ajfa-16770	121	5	annual	annual	ADJ
ajfa-16770	121	6	percentage	percentage	NOUN
ajfa-16770	121	7	change	change	NOUN
ajfa-16770	121	8	in	in	ADP
ajfa-16770	121	9	asian	asian	ADJ
ajfa-16770	121	10	journal	journal	NOUN
ajfa-16770	121	11	of	of	ADP
ajfa-16770	121	12	finance	finance	PROPN
ajfa-16770	121	13	&	&	CCONJ
ajfa-16770	121	14	accounting	accounting	PROPN
ajfa-16770	121	15	issn	issn	PROPN
ajfa-16770	121	16	1946	1946	NUM
ajfa-16770	121	17	-	-	PUNCT
ajfa-16770	121	18	052x	052x	NOUN
ajfa-16770	121	19	2020	2020	NUM
ajfa-16770	121	20	,	,	PUNCT
ajfa-16770	121	21	vol	vol	NOUN
ajfa-16770	121	22	.	.	PROPN
ajfa-16770	121	23	12	12	NUM
ajfa-16770	121	24	,	,	PUNCT
ajfa-16770	121	25	no	no	INTJ
ajfa-16770	121	26	.	.	NOUN
ajfa-16770	121	27	1	1	NUM
ajfa-16770	121	28	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16770	121	29	64	64	NUM
ajfa-16770	121	30	total	total	ADJ
ajfa-16770	121	31	assets	asset	NOUN
ajfa-16770	121	32	of	of	ADP
ajfa-16770	121	33	a	a	DET
ajfa-16770	121	34	firm	firm	NOUN
ajfa-16770	121	35	.	.	PUNCT
ajfa-16770	122	1	in	in	ADP
ajfa-16770	122	2	the	the	DET
ajfa-16770	122	3	first	first	ADJ
ajfa-16770	122	4	instance	instance	NOUN
ajfa-16770	122	5	pooled	pool	VERB
ajfa-16770	122	6	cross	cross	ADJ
ajfa-16770	122	7	-	-	ADJ
ajfa-16770	122	8	sectional	sectional	ADJ
ajfa-16770	122	9	ols	ol	NOUN
ajfa-16770	122	10	has	have	AUX
ajfa-16770	122	11	been	be	AUX
ajfa-16770	122	12	conducted	conduct	VERB
ajfa-16770	122	13	.	.	PUNCT
ajfa-16770	123	1	the	the	DET
ajfa-16770	123	2	main	main	ADJ
ajfa-16770	123	3	problem	problem	NOUN
ajfa-16770	123	4	with	with	ADP
ajfa-16770	123	5	pooled	pool	VERB
ajfa-16770	123	6	cross	cross	ADJ
ajfa-16770	123	7	-	-	ADJ
ajfa-16770	123	8	sectional	sectional	ADJ
ajfa-16770	123	9	ols	ol	NOUN
ajfa-16770	123	10	is	be	AUX
ajfa-16770	123	11	that	that	SCONJ
ajfa-16770	123	12	it	it	PRON
ajfa-16770	123	13	discards	discard	VERB
ajfa-16770	123	14	the	the	DET
ajfa-16770	123	15	characteristics	characteristic	NOUN
ajfa-16770	123	16	of	of	ADP
ajfa-16770	123	17	heterogeneity	heterogeneity	NOUN
ajfa-16770	123	18	and	and	CCONJ
ajfa-16770	123	19	uniqueness	uniqueness	NOUN
ajfa-16770	123	20	of	of	ADP
ajfa-16770	123	21	data	datum	NOUN
ajfa-16770	123	22	sets	set	NOUN
ajfa-16770	123	23	.	.	PUNCT
ajfa-16770	124	1	for	for	ADP
ajfa-16770	124	2	this	this	DET
ajfa-16770	124	3	reason	reason	NOUN
ajfa-16770	124	4	hausman	hausman	ADJ
ajfa-16770	124	5	test	test	NOUN
ajfa-16770	124	6	has	have	AUX
ajfa-16770	124	7	been	be	AUX
ajfa-16770	124	8	conducted	conduct	VERB
ajfa-16770	124	9	to	to	PART
ajfa-16770	124	10	determine	determine	VERB
ajfa-16770	124	11	the	the	DET
ajfa-16770	124	12	use	use	NOUN
ajfa-16770	124	13	of	of	ADP
ajfa-16770	124	14	either	either	CCONJ
ajfa-16770	124	15	the	the	DET
ajfa-16770	124	16	fixed	fix	VERB
ajfa-16770	124	17	effect	effect	NOUN
ajfa-16770	124	18	or	or	CCONJ
ajfa-16770	124	19	the	the	DET
ajfa-16770	124	20	random	random	ADJ
ajfa-16770	124	21	effect	effect	NOUN
ajfa-16770	124	22	model	model	NOUN
ajfa-16770	124	23	.	.	PUNCT
ajfa-16770	125	1	3.2	3.2	NUM
ajfa-16770	125	2	description	description	NOUN
ajfa-16770	125	3	of	of	ADP
ajfa-16770	125	4	variables	variable	NOUN
ajfa-16770	125	5	profitability	profitability	NOUN
ajfa-16770	125	6	measure	measure	NOUN
ajfa-16770	125	7	is	be	AUX
ajfa-16770	125	8	the	the	DET
ajfa-16770	125	9	dependent	dependent	ADJ
ajfa-16770	125	10	variable	variable	NOUN
ajfa-16770	125	11	employed	employ	VERB
ajfa-16770	125	12	in	in	ADP
ajfa-16770	125	13	the	the	DET
ajfa-16770	125	14	model	model	NOUN
ajfa-16770	125	15	since	since	SCONJ
ajfa-16770	125	16	the	the	DET
ajfa-16770	125	17	study	study	NOUN
ajfa-16770	125	18	focuses	focus	VERB
ajfa-16770	125	19	on	on	ADP
ajfa-16770	125	20	the	the	DET
ajfa-16770	125	21	link	link	NOUN
ajfa-16770	125	22	between	between	ADP
ajfa-16770	125	23	profitability	profitability	NOUN
ajfa-16770	125	24	and	and	CCONJ
ajfa-16770	125	25	financial	financial	ADJ
ajfa-16770	125	26	leverage	leverage	NOUN
ajfa-16770	125	27	.	.	PUNCT
ajfa-16770	126	1	this	this	DET
ajfa-16770	126	2	study	study	NOUN
ajfa-16770	126	3	has	have	AUX
ajfa-16770	126	4	assessed	assess	VERB
ajfa-16770	126	5	whether	whether	SCONJ
ajfa-16770	126	6	taking	take	VERB
ajfa-16770	126	7	debt	debt	NOUN
ajfa-16770	126	8	contributes	contribute	VERB
ajfa-16770	126	9	to	to	ADP
ajfa-16770	126	10	the	the	DET
ajfa-16770	126	11	profitability	profitability	NOUN
ajfa-16770	126	12	of	of	ADP
ajfa-16770	126	13	firms	firm	NOUN
ajfa-16770	126	14	.	.	PUNCT
ajfa-16770	127	1	generating	generate	VERB
ajfa-16770	127	2	profits	profit	NOUN
ajfa-16770	127	3	remain	remain	VERB
ajfa-16770	127	4	the	the	DET
ajfa-16770	127	5	ultimate	ultimate	ADJ
ajfa-16770	127	6	objective	objective	NOUN
ajfa-16770	127	7	of	of	ADP
ajfa-16770	127	8	all	all	DET
ajfa-16770	127	9	firms	firm	NOUN
ajfa-16770	127	10	and	and	CCONJ
ajfa-16770	127	11	without	without	ADP
ajfa-16770	127	12	profitability	profitability	NOUN
ajfa-16770	127	13	,	,	PUNCT
ajfa-16770	127	14	this	this	PRON
ajfa-16770	127	15	will	will	AUX
ajfa-16770	127	16	lead	lead	VERB
ajfa-16770	127	17	to	to	ADP
ajfa-16770	127	18	the	the	DET
ajfa-16770	127	19	closure	closure	NOUN
ajfa-16770	127	20	of	of	ADP
ajfa-16770	127	21	firms	firm	NOUN
ajfa-16770	127	22	as	as	ADP
ajfa-16770	127	23	in	in	ADP
ajfa-16770	127	24	the	the	DET
ajfa-16770	127	25	long	long	ADJ
ajfa-16770	127	26	run	run	NOUN
ajfa-16770	127	27	,	,	PUNCT
ajfa-16770	127	28	no	no	DET
ajfa-16770	127	29	business	business	NOUN
ajfa-16770	127	30	will	will	AUX
ajfa-16770	127	31	survive	survive	VERB
ajfa-16770	127	32	.	.	PUNCT
ajfa-16770	128	1	profitability	profitability	NOUN
ajfa-16770	128	2	is	be	AUX
ajfa-16770	128	3	referred	refer	VERB
ajfa-16770	128	4	to	to	PART
ajfa-16770	128	5	be	be	AUX
ajfa-16770	128	6	a	a	DET
ajfa-16770	128	7	measurement	measurement	NOUN
ajfa-16770	128	8	of	of	ADP
ajfa-16770	128	9	efficiency	efficiency	NOUN
ajfa-16770	128	10	.	.	PUNCT
ajfa-16770	129	1	it	it	PRON
ajfa-16770	129	2	is	be	AUX
ajfa-16770	129	3	associated	associate	VERB
ajfa-16770	129	4	with	with	ADP
ajfa-16770	129	5	whether	whether	SCONJ
ajfa-16770	129	6	a	a	DET
ajfa-16770	129	7	firm	firm	NOUN
ajfa-16770	129	8	is	be	AUX
ajfa-16770	129	9	able	able	ADJ
ajfa-16770	129	10	to	to	PART
ajfa-16770	129	11	earn	earn	VERB
ajfa-16770	129	12	a	a	DET
ajfa-16770	129	13	return	return	NOUN
ajfa-16770	129	14	on	on	ADP
ajfa-16770	129	15	an	an	DET
ajfa-16770	129	16	investment	investment	NOUN
ajfa-16770	129	17	based	base	VERB
ajfa-16770	129	18	on	on	ADP
ajfa-16770	129	19	its	its	PRON
ajfa-16770	129	20	resources	resource	NOUN
ajfa-16770	129	21	.	.	PUNCT
ajfa-16770	130	1	hence	hence	ADV
ajfa-16770	130	2	,	,	PUNCT
ajfa-16770	130	3	the	the	DET
ajfa-16770	130	4	financial	financial	ADJ
ajfa-16770	130	5	metrics	metric	NOUN
ajfa-16770	130	6	that	that	PRON
ajfa-16770	130	7	has	have	AUX
ajfa-16770	130	8	been	be	AUX
ajfa-16770	130	9	used	use	VERB
ajfa-16770	130	10	as	as	ADP
ajfa-16770	130	11	a	a	DET
ajfa-16770	130	12	proxy	proxy	NOUN
ajfa-16770	130	13	for	for	ADP
ajfa-16770	130	14	profitability	profitability	NOUN
ajfa-16770	130	15	is	be	AUX
ajfa-16770	130	16	return	return	NOUN
ajfa-16770	130	17	on	on	ADP
ajfa-16770	130	18	assets	asset	NOUN
ajfa-16770	130	19	(	(	PUNCT
ajfa-16770	130	20	roa	roa	NOUN
ajfa-16770	130	21	)	)	PUNCT
ajfa-16770	130	22	.	.	PUNCT
ajfa-16770	131	1	as	as	ADP
ajfa-16770	131	2	per	per	ADP
ajfa-16770	131	3	kangarlouei	kangarlouei	PROPN
ajfa-16770	131	4	et	et	PROPN
ajfa-16770	131	5	al	al	PROPN
ajfa-16770	131	6	.	.	PROPN
ajfa-16770	131	7	(	(	PUNCT
ajfa-16770	131	8	2012	2012	NUM
ajfa-16770	131	9	)	)	PUNCT
ajfa-16770	131	10	,	,	PUNCT
ajfa-16770	131	11	out	out	ADP
ajfa-16770	131	12	of	of	ADP
ajfa-16770	131	13	all	all	DET
ajfa-16770	131	14	the	the	DET
ajfa-16770	131	15	financial	financial	ADJ
ajfa-16770	131	16	ratios	ratio	NOUN
ajfa-16770	131	17	that	that	PRON
ajfa-16770	131	18	exist	exist	VERB
ajfa-16770	131	19	to	to	PART
ajfa-16770	131	20	evaluate	evaluate	VERB
ajfa-16770	131	21	financial	financial	ADJ
ajfa-16770	131	22	performance	performance	NOUN
ajfa-16770	131	23	of	of	ADP
ajfa-16770	131	24	a	a	DET
ajfa-16770	131	25	firm	firm	NOUN
ajfa-16770	131	26	,	,	PUNCT
ajfa-16770	131	27	roa	roa	PROPN
ajfa-16770	131	28	is	be	AUX
ajfa-16770	131	29	among	among	ADP
ajfa-16770	131	30	the	the	DET
ajfa-16770	131	31	most	most	ADV
ajfa-16770	131	32	widely	widely	ADV
ajfa-16770	131	33	used	use	VERB
ajfa-16770	131	34	financial	financial	ADJ
ajfa-16770	131	35	ratios	ratio	NOUN
ajfa-16770	131	36	.	.	PUNCT
ajfa-16770	132	1	financial	financial	ADJ
ajfa-16770	132	2	leverage	leverage	NOUN
ajfa-16770	132	3	is	be	AUX
ajfa-16770	132	4	an	an	DET
ajfa-16770	132	5	independent	independent	ADJ
ajfa-16770	132	6	variable	variable	NOUN
ajfa-16770	132	7	in	in	ADP
ajfa-16770	132	8	the	the	DET
ajfa-16770	132	9	regression	regression	NOUN
ajfa-16770	132	10	model	model	NOUN
ajfa-16770	132	11	used	use	VERB
ajfa-16770	132	12	to	to	PART
ajfa-16770	132	13	examine	examine	VERB
ajfa-16770	132	14	the	the	DET
ajfa-16770	132	15	link	link	NOUN
ajfa-16770	132	16	between	between	ADP
ajfa-16770	132	17	financial	financial	ADJ
ajfa-16770	132	18	leverage	leverage	NOUN
ajfa-16770	132	19	and	and	CCONJ
ajfa-16770	132	20	profitability	profitability	NOUN
ajfa-16770	132	21	.	.	PUNCT
ajfa-16770	133	1	the	the	DET
ajfa-16770	133	2	more	more	ADJ
ajfa-16770	133	3	debt	debt	NOUN
ajfa-16770	133	4	a	a	DET
ajfa-16770	133	5	company	company	NOUN
ajfa-16770	133	6	takes	take	VERB
ajfa-16770	133	7	,	,	PUNCT
ajfa-16770	133	8	the	the	PRON
ajfa-16770	133	9	more	more	ADJ
ajfa-16770	133	10	it	it	PRON
ajfa-16770	133	11	will	will	AUX
ajfa-16770	133	12	have	have	VERB
ajfa-16770	133	13	to	to	PART
ajfa-16770	133	14	pay	pay	VERB
ajfa-16770	133	15	in	in	ADP
ajfa-16770	133	16	terms	term	NOUN
ajfa-16770	133	17	of	of	ADP
ajfa-16770	133	18	interest	interest	NOUN
ajfa-16770	133	19	expense	expense	NOUN
ajfa-16770	133	20	.	.	PUNCT
ajfa-16770	134	1	hence	hence	ADV
ajfa-16770	134	2	the	the	DET
ajfa-16770	134	3	firm	firm	NOUN
ajfa-16770	134	4	will	will	AUX
ajfa-16770	134	5	be	be	AUX
ajfa-16770	134	6	paying	pay	VERB
ajfa-16770	134	7	fewer	few	ADJ
ajfa-16770	134	8	corporate	corporate	ADJ
ajfa-16770	134	9	taxes	taxis	NOUN
ajfa-16770	134	10	due	due	ADJ
ajfa-16770	134	11	to	to	ADP
ajfa-16770	134	12	the	the	DET
ajfa-16770	134	13	benefits	benefit	NOUN
ajfa-16770	134	14	accompanied	accompany	VERB
ajfa-16770	134	15	with	with	ADP
ajfa-16770	134	16	the	the	DET
ajfa-16770	134	17	tax	tax	NOUN
ajfa-16770	134	18	shield	shield	NOUN
ajfa-16770	134	19	effect	effect	NOUN
ajfa-16770	134	20	.	.	PUNCT
ajfa-16770	135	1	the	the	DET
ajfa-16770	135	2	reduction	reduction	NOUN
ajfa-16770	135	3	in	in	ADP
ajfa-16770	135	4	tax	tax	NOUN
ajfa-16770	135	5	payments	payment	NOUN
ajfa-16770	135	6	will	will	AUX
ajfa-16770	135	7	enable	enable	VERB
ajfa-16770	135	8	firms	firm	NOUN
ajfa-16770	135	9	in	in	ADP
ajfa-16770	135	10	increasing	increase	VERB
ajfa-16770	135	11	their	their	PRON
ajfa-16770	135	12	firm	firm	ADJ
ajfa-16770	135	13	value	value	NOUN
ajfa-16770	135	14	(	(	PUNCT
ajfa-16770	135	15	modigliani	modigliani	PROPN
ajfa-16770	135	16	&	&	CCONJ
ajfa-16770	135	17	miller	miller	PROPN
ajfa-16770	135	18	,	,	PUNCT
ajfa-16770	135	19	1963	1963	NUM
ajfa-16770	135	20	)	)	PUNCT
ajfa-16770	135	21	.	.	PUNCT
ajfa-16770	136	1	according	accord	VERB
ajfa-16770	136	2	to	to	ADP
ajfa-16770	136	3	jensen	jensen	PROPN
ajfa-16770	136	4	(	(	PUNCT
ajfa-16770	136	5	1986	1986	NUM
ajfa-16770	136	6	)	)	PUNCT
ajfa-16770	136	7	and	and	CCONJ
ajfa-16770	136	8	stulz	stulz	ADJ
ajfa-16770	136	9	(	(	PUNCT
ajfa-16770	136	10	1990	1990	NUM
ajfa-16770	136	11	)	)	PUNCT
ajfa-16770	136	12	high	high	ADJ
ajfa-16770	136	13	leverage	leverage	NOUN
ajfa-16770	136	14	diminishes	diminish	VERB
ajfa-16770	136	15	the	the	DET
ajfa-16770	136	16	amount	amount	NOUN
ajfa-16770	136	17	of	of	ADP
ajfa-16770	136	18	free	free	ADJ
ajfa-16770	136	19	cash	cash	NOUN
ajfa-16770	136	20	flow	flow	NOUN
ajfa-16770	136	21	available	available	ADJ
ajfa-16770	136	22	to	to	ADP
ajfa-16770	136	23	managers	manager	NOUN
ajfa-16770	136	24	,	,	PUNCT
ajfa-16770	136	25	thereby	thereby	ADV
ajfa-16770	136	26	reducing	reduce	VERB
ajfa-16770	136	27	the	the	DET
ajfa-16770	136	28	need	need	NOUN
ajfa-16770	136	29	to	to	PART
ajfa-16770	136	30	invest	invest	VERB
ajfa-16770	136	31	in	in	ADP
ajfa-16770	136	32	incompetent	incompetent	ADJ
ajfa-16770	136	33	firms	firm	NOUN
ajfa-16770	136	34	or	or	CCONJ
ajfa-16770	136	35	other	other	ADJ
ajfa-16770	136	36	loss	loss	NOUN
ajfa-16770	136	37	-	-	PUNCT
ajfa-16770	136	38	making	make	VERB
ajfa-16770	136	39	firms	firm	NOUN
ajfa-16770	136	40	in	in	ADP
ajfa-16770	136	41	which	which	PRON
ajfa-16770	136	42	management	management	NOUN
ajfa-16770	136	43	may	may	AUX
ajfa-16770	136	44	have	have	VERB
ajfa-16770	136	45	personal	personal	ADJ
ajfa-16770	136	46	interests	interest	NOUN
ajfa-16770	136	47	.	.	PUNCT
ajfa-16770	137	1	therefore	therefore	ADV
ajfa-16770	137	2	,	,	PUNCT
ajfa-16770	137	3	using	use	VERB
ajfa-16770	137	4	debt	debt	NOUN
ajfa-16770	137	5	positively	positively	ADV
ajfa-16770	137	6	influence	influence	VERB
ajfa-16770	137	7	the	the	DET
ajfa-16770	137	8	level	level	NOUN
ajfa-16770	137	9	of	of	ADP
ajfa-16770	137	10	profitability	profitability	NOUN
ajfa-16770	137	11	.	.	PUNCT
ajfa-16770	138	1	however	however	ADV
ajfa-16770	138	2	it	it	PRON
ajfa-16770	138	3	is	be	AUX
ajfa-16770	138	4	also	also	ADV
ajfa-16770	138	5	possible	possible	ADJ
ajfa-16770	138	6	that	that	SCONJ
ajfa-16770	138	7	the	the	DET
ajfa-16770	138	8	more	more	ADV
ajfa-16770	138	9	profitable	profitable	ADJ
ajfa-16770	138	10	a	a	DET
ajfa-16770	138	11	firm	firm	NOUN
ajfa-16770	138	12	is	be	AUX
ajfa-16770	138	13	,	,	PUNCT
ajfa-16770	138	14	the	the	PRON
ajfa-16770	138	15	lower	low	ADJ
ajfa-16770	138	16	the	the	DET
ajfa-16770	138	17	firm	firm	NOUN
ajfa-16770	138	18	is	be	AUX
ajfa-16770	138	19	geared	gear	VERB
ajfa-16770	138	20	.	.	PUNCT
ajfa-16770	139	1	this	this	PRON
ajfa-16770	139	2	is	be	AUX
ajfa-16770	139	3	because	because	SCONJ
ajfa-16770	139	4	firms	firm	NOUN
ajfa-16770	139	5	having	have	VERB
ajfa-16770	139	6	high	high	ADJ
ajfa-16770	139	7	profitability	profitability	NOUN
ajfa-16770	139	8	levels	level	NOUN
ajfa-16770	139	9	are	be	AUX
ajfa-16770	139	10	likely	likely	ADJ
ajfa-16770	139	11	to	to	PART
ajfa-16770	139	12	have	have	VERB
ajfa-16770	139	13	higher	high	ADJ
ajfa-16770	139	14	retained	retain	VERB
ajfa-16770	139	15	earnings	earning	NOUN
ajfa-16770	139	16	and	and	CCONJ
ajfa-16770	139	17	they	they	PRON
ajfa-16770	139	18	are	be	AUX
ajfa-16770	139	19	more	more	ADV
ajfa-16770	139	20	likely	likely	ADJ
ajfa-16770	139	21	to	to	PART
ajfa-16770	139	22	use	use	VERB
ajfa-16770	139	23	this	this	DET
ajfa-16770	139	24	reserve	reserve	NOUN
ajfa-16770	139	25	instead	instead	ADV
ajfa-16770	139	26	of	of	ADP
ajfa-16770	139	27	debt	debt	NOUN
ajfa-16770	139	28	to	to	ADP
ajfa-16770	139	29	finance	finance	NOUN
ajfa-16770	139	30	projects	project	NOUN
ajfa-16770	139	31	of	of	ADP
ajfa-16770	139	32	the	the	DET
ajfa-16770	139	33	firm	firm	NOUN
ajfa-16770	139	34	(	(	PUNCT
ajfa-16770	139	35	myers	myers	PROPN
ajfa-16770	139	36	,	,	PUNCT
ajfa-16770	139	37	2001	2001	NUM
ajfa-16770	139	38	)	)	PUNCT
ajfa-16770	139	39	.	.	PUNCT
ajfa-16770	140	1	control	control	NOUN
ajfa-16770	140	2	variables	variable	NOUN
ajfa-16770	140	3	firm	firm	ADJ
ajfa-16770	140	4	size	size	NOUN
ajfa-16770	140	5	,	,	PUNCT
ajfa-16770	140	6	firm	firm	ADJ
ajfa-16770	140	7	liquidity	liquidity	NOUN
ajfa-16770	140	8	and	and	CCONJ
ajfa-16770	140	9	growth	growth	NOUN
ajfa-16770	140	10	opportunities	opportunity	NOUN
ajfa-16770	140	11	of	of	ADP
ajfa-16770	140	12	a	a	DET
ajfa-16770	140	13	firm	firm	NOUN
ajfa-16770	140	14	have	have	AUX
ajfa-16770	140	15	been	be	AUX
ajfa-16770	140	16	used	use	VERB
ajfa-16770	140	17	as	as	ADP
ajfa-16770	140	18	control	control	NOUN
ajfa-16770	140	19	variables	variable	NOUN
ajfa-16770	140	20	for	for	ADP
ajfa-16770	140	21	the	the	DET
ajfa-16770	140	22	purpose	purpose	NOUN
ajfa-16770	140	23	of	of	ADP
ajfa-16770	140	24	this	this	DET
ajfa-16770	140	25	study	study	NOUN
ajfa-16770	140	26	.	.	PUNCT
ajfa-16770	141	1	according	accord	VERB
ajfa-16770	141	2	to	to	ADP
ajfa-16770	141	3	pandey	pandey	PROPN
ajfa-16770	141	4	(	(	PUNCT
ajfa-16770	141	5	2004	2004	NUM
ajfa-16770	141	6	)	)	PUNCT
ajfa-16770	141	7	,	,	PUNCT
ajfa-16770	141	8	firm	firm	ADJ
ajfa-16770	141	9	size	size	NOUN
ajfa-16770	141	10	is	be	AUX
ajfa-16770	141	11	referred	refer	VERB
ajfa-16770	141	12	to	to	PART
ajfa-16770	141	13	be	be	AUX
ajfa-16770	141	14	the	the	DET
ajfa-16770	141	15	total	total	ADJ
ajfa-16770	141	16	amount	amount	NOUN
ajfa-16770	141	17	of	of	ADP
ajfa-16770	141	18	assets	asset	NOUN
ajfa-16770	141	19	that	that	PRON
ajfa-16770	141	20	a	a	DET
ajfa-16770	141	21	firm	firm	ADJ
ajfa-16770	141	22	possesses	possess	VERB
ajfa-16770	141	23	.	.	PUNCT
ajfa-16770	142	1	it	it	PRON
ajfa-16770	142	2	is	be	AUX
ajfa-16770	142	3	found	find	VERB
ajfa-16770	142	4	that	that	SCONJ
ajfa-16770	142	5	larger	large	ADJ
ajfa-16770	142	6	organizations	organization	NOUN
ajfa-16770	142	7	tend	tend	VERB
ajfa-16770	142	8	to	to	PART
ajfa-16770	142	9	be	be	AUX
ajfa-16770	142	10	highly	highly	ADV
ajfa-16770	142	11	levered	lever	VERB
ajfa-16770	142	12	since	since	SCONJ
ajfa-16770	142	13	they	they	PRON
ajfa-16770	142	14	have	have	VERB
ajfa-16770	142	15	an	an	DET
ajfa-16770	142	16	advantage	advantage	NOUN
ajfa-16770	142	17	over	over	ADP
ajfa-16770	142	18	smaller	small	ADJ
ajfa-16770	142	19	firms	firm	NOUN
ajfa-16770	142	20	in	in	ADP
ajfa-16770	142	21	terms	term	NOUN
ajfa-16770	142	22	of	of	ADP
ajfa-16770	142	23	lower	low	ADJ
ajfa-16770	142	24	borrowing	borrowing	NOUN
ajfa-16770	142	25	costs	cost	NOUN
ajfa-16770	142	26	.	.	PUNCT
ajfa-16770	143	1	in	in	ADP
ajfa-16770	143	2	addition	addition	NOUN
ajfa-16770	143	3	,	,	PUNCT
ajfa-16770	143	4	larger	large	ADJ
ajfa-16770	143	5	firms	firm	NOUN
ajfa-16770	143	6	are	be	AUX
ajfa-16770	143	7	less	less	ADV
ajfa-16770	143	8	prone	prone	ADJ
ajfa-16770	143	9	to	to	ADP
ajfa-16770	143	10	bankruptcy	bankruptcy	NOUN
ajfa-16770	143	11	given	give	VERB
ajfa-16770	143	12	the	the	DET
ajfa-16770	143	13	fact	fact	NOUN
ajfa-16770	143	14	that	that	SCONJ
ajfa-16770	143	15	they	they	PRON
ajfa-16770	143	16	are	be	AUX
ajfa-16770	143	17	more	more	ADV
ajfa-16770	143	18	diversified	diversified	ADJ
ajfa-16770	143	19	,	,	PUNCT
ajfa-16770	143	20	have	have	VERB
ajfa-16770	143	21	better	well	ADJ
ajfa-16770	143	22	technology	technology	NOUN
ajfa-16770	143	23	,	,	PUNCT
ajfa-16770	143	24	have	have	VERB
ajfa-16770	143	25	higher	high	ADJ
ajfa-16770	143	26	market	market	NOUN
ajfa-16770	143	27	power	power	NOUN
ajfa-16770	143	28	and	and	CCONJ
ajfa-16770	143	29	have	have	VERB
ajfa-16770	143	30	less	less	ADJ
ajfa-16770	143	31	asymmetric	asymmetric	ADJ
ajfa-16770	143	32	information	information	NOUN
ajfa-16770	143	33	costs	cost	NOUN
ajfa-16770	143	34	than	than	ADP
ajfa-16770	143	35	small	small	ADJ
ajfa-16770	143	36	-	-	PUNCT
ajfa-16770	143	37	sized	sized	ADJ
ajfa-16770	143	38	firms	firm	NOUN
ajfa-16770	143	39	.	.	PUNCT
ajfa-16770	144	1	thus	thus	ADV
ajfa-16770	144	2	,	,	PUNCT
ajfa-16770	144	3	as	as	SCONJ
ajfa-16770	144	4	stated	state	VERB
ajfa-16770	144	5	by	by	ADP
ajfa-16770	144	6	rajan	rajan	PROPN
ajfa-16770	144	7	and	and	CCONJ
ajfa-16770	144	8	zingales	zingales	PROPN
ajfa-16770	144	9	(	(	PUNCT
ajfa-16770	144	10	1995	1995	NUM
ajfa-16770	144	11	)	)	PUNCT
ajfa-16770	144	12	and	and	CCONJ
ajfa-16770	144	13	voulgaris	voulgaris	NOUN
ajfa-16770	144	14	and	and	CCONJ
ajfa-16770	144	15	lemonakis	lemonaki	NOUN
ajfa-16770	144	16	(	(	PUNCT
ajfa-16770	144	17	2014	2014	NUM
ajfa-16770	144	18	)	)	PUNCT
ajfa-16770	144	19	,	,	PUNCT
ajfa-16770	144	20	all	all	DET
ajfa-16770	144	21	this	this	PRON
ajfa-16770	144	22	can	can	AUX
ajfa-16770	144	23	lead	lead	VERB
ajfa-16770	144	24	to	to	ADP
ajfa-16770	144	25	a	a	DET
ajfa-16770	144	26	positive	positive	ADJ
ajfa-16770	144	27	influence	influence	NOUN
ajfa-16770	144	28	on	on	ADP
ajfa-16770	144	29	the	the	DET
ajfa-16770	144	30	profitability	profitability	NOUN
ajfa-16770	144	31	of	of	ADP
ajfa-16770	144	32	firms	firm	NOUN
ajfa-16770	144	33	.	.	PUNCT
ajfa-16770	145	1	it	it	PRON
ajfa-16770	145	2	therefore	therefore	ADV
ajfa-16770	145	3	follows	follow	VERB
ajfa-16770	145	4	that	that	SCONJ
ajfa-16770	145	5	firm	firm	ADJ
ajfa-16770	145	6	size	size	NOUN
ajfa-16770	145	7	is	be	AUX
ajfa-16770	145	8	expected	expect	VERB
ajfa-16770	145	9	to	to	PART
ajfa-16770	145	10	be	be	AUX
ajfa-16770	145	11	positively	positively	ADV
ajfa-16770	145	12	associated	associate	VERB
ajfa-16770	145	13	with	with	ADP
ajfa-16770	145	14	profitability	profitability	NOUN
ajfa-16770	145	15	of	of	ADP
ajfa-16770	145	16	a	a	DET
ajfa-16770	145	17	firm	firm	NOUN
ajfa-16770	145	18	.	.	PUNCT
ajfa-16770	146	1	however	however	ADV
ajfa-16770	146	2	shepherd	shepherd	NOUN
ajfa-16770	146	3	(	(	PUNCT
ajfa-16770	146	4	1972	1972	NUM
ajfa-16770	146	5	)	)	PUNCT
ajfa-16770	146	6	and	and	CCONJ
ajfa-16770	146	7	schneider	schneider	NOUN
ajfa-16770	146	8	(	(	PUNCT
ajfa-16770	146	9	1991	1991	NUM
ajfa-16770	146	10	)	)	PUNCT
ajfa-16770	146	11	argued	argue	VERB
ajfa-16770	146	12	that	that	SCONJ
ajfa-16770	146	13	there	there	PRON
ajfa-16770	146	14	is	be	VERB
ajfa-16770	146	15	a	a	DET
ajfa-16770	146	16	negative	negative	ADJ
ajfa-16770	146	17	association	association	NOUN
ajfa-16770	146	18	between	between	ADP
ajfa-16770	146	19	firm	firm	ADJ
ajfa-16770	146	20	size	size	NOUN
ajfa-16770	146	21	and	and	CCONJ
ajfa-16770	146	22	profitability	profitability	NOUN
ajfa-16770	146	23	.	.	PUNCT
ajfa-16770	147	1	asian	asian	ADJ
ajfa-16770	147	2	journal	journal	PROPN
ajfa-16770	147	3	of	of	ADP
ajfa-16770	147	4	finance	finance	PROPN
ajfa-16770	147	5	&	&	CCONJ
ajfa-16770	147	6	accounting	accounting	PROPN
ajfa-16770	147	7	issn	issn	PROPN
ajfa-16770	147	8	1946	1946	NUM
ajfa-16770	147	9	-	-	PUNCT
ajfa-16770	147	10	052x	052x	NOUN
ajfa-16770	147	11	2020	2020	NUM
ajfa-16770	147	12	,	,	PUNCT
ajfa-16770	147	13	vol	vol	NOUN
ajfa-16770	147	14	.	.	PROPN
ajfa-16770	147	15	12	12	NUM
ajfa-16770	147	16	,	,	PUNCT
ajfa-16770	147	17	no	no	INTJ
ajfa-16770	147	18	.	.	NOUN
ajfa-16770	147	19	1	1	NUM
ajfa-16770	147	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16770	147	21	65	65	NUM
ajfa-16770	147	22	according	accord	VERB
ajfa-16770	147	23	to	to	ADP
ajfa-16770	147	24	saluja	saluja	PROPN
ajfa-16770	147	25	and	and	CCONJ
ajfa-16770	147	26	kumar	kumar	PROPN
ajfa-16770	147	27	(	(	PUNCT
ajfa-16770	147	28	2012	2012	NUM
ajfa-16770	147	29	)	)	PUNCT
ajfa-16770	147	30	,	,	PUNCT
ajfa-16770	147	31	there	there	PRON
ajfa-16770	147	32	exist	exist	VERB
ajfa-16770	147	33	a	a	DET
ajfa-16770	147	34	trade	trade	NOUN
ajfa-16770	147	35	-	-	PUNCT
ajfa-16770	147	36	off	off	NOUN
ajfa-16770	147	37	between	between	ADP
ajfa-16770	147	38	liquidity	liquidity	NOUN
ajfa-16770	147	39	and	and	CCONJ
ajfa-16770	147	40	profitability	profitability	NOUN
ajfa-16770	147	41	.	.	PUNCT
ajfa-16770	148	1	higher	high	ADJ
ajfa-16770	148	2	liquidity	liquidity	NOUN
ajfa-16770	148	3	is	be	AUX
ajfa-16770	148	4	likely	likely	ADJ
ajfa-16770	148	5	to	to	PART
ajfa-16770	148	6	negatively	negatively	ADV
ajfa-16770	148	7	affect	affect	VERB
ajfa-16770	148	8	profitability	profitability	NOUN
ajfa-16770	148	9	.	.	PUNCT
ajfa-16770	149	1	hence	hence	ADV
ajfa-16770	149	2	an	an	DET
ajfa-16770	149	3	inverse	inverse	NOUN
ajfa-16770	149	4	association	association	NOUN
ajfa-16770	149	5	between	between	ADP
ajfa-16770	149	6	liquidity	liquidity	NOUN
ajfa-16770	149	7	and	and	CCONJ
ajfa-16770	149	8	profitability	profitability	NOUN
ajfa-16770	149	9	is	be	AUX
ajfa-16770	149	10	expected	expect	VERB
ajfa-16770	149	11	.	.	PUNCT
ajfa-16770	150	1	growth	growth	NOUN
ajfa-16770	150	2	opportunity	opportunity	NOUN
ajfa-16770	150	3	encompasses	encompass	VERB
ajfa-16770	150	4	an	an	DET
ajfa-16770	150	5	investment	investment	NOUN
ajfa-16770	150	6	or	or	CCONJ
ajfa-16770	150	7	project	project	NOUN
ajfa-16770	150	8	that	that	PRON
ajfa-16770	150	9	is	be	AUX
ajfa-16770	150	10	likely	likely	ADJ
ajfa-16770	150	11	to	to	PART
ajfa-16770	150	12	lead	lead	VERB
ajfa-16770	150	13	to	to	ADP
ajfa-16770	150	14	a	a	DET
ajfa-16770	150	15	significant	significant	ADJ
ajfa-16770	150	16	growth	growth	NOUN
ajfa-16770	150	17	of	of	ADP
ajfa-16770	150	18	a	a	DET
ajfa-16770	150	19	firm	firm	NOUN
ajfa-16770	150	20	and	and	CCONJ
ajfa-16770	150	21	a	a	DET
ajfa-16770	150	22	rise	rise	NOUN
ajfa-16770	150	23	in	in	ADP
ajfa-16770	150	24	the	the	DET
ajfa-16770	150	25	level	level	NOUN
ajfa-16770	150	26	of	of	ADP
ajfa-16770	150	27	profits	profit	NOUN
ajfa-16770	150	28	for	for	ADP
ajfa-16770	150	29	a	a	DET
ajfa-16770	150	30	firm	firm	NOUN
ajfa-16770	150	31	.	.	PUNCT
ajfa-16770	151	1	a	a	DET
ajfa-16770	151	2	positive	positive	ADJ
ajfa-16770	151	3	relationship	relationship	NOUN
ajfa-16770	151	4	is	be	AUX
ajfa-16770	151	5	expected	expect	VERB
ajfa-16770	151	6	between	between	ADP
ajfa-16770	151	7	growth	growth	NOUN
ajfa-16770	151	8	opportunities	opportunity	NOUN
ajfa-16770	151	9	and	and	CCONJ
ajfa-16770	151	10	profitability	profitability	NOUN
ajfa-16770	151	11	of	of	ADP
ajfa-16770	151	12	a	a	DET
ajfa-16770	151	13	firm	firm	NOUN
ajfa-16770	151	14	.	.	PUNCT
ajfa-16770	152	1	4	4	X
ajfa-16770	152	2	.	.	NUM
ajfa-16770	152	3	findings	finding	NOUN
ajfa-16770	152	4	and	and	CCONJ
ajfa-16770	152	5	discussion	discussion	NOUN
ajfa-16770	152	6	4.1	4.1	NUM
ajfa-16770	152	7	findings	finding	NOUN
ajfa-16770	152	8	to	to	PART
ajfa-16770	152	9	begin	begin	VERB
ajfa-16770	152	10	with	with	ADP
ajfa-16770	152	11	,	,	PUNCT
ajfa-16770	152	12	descriptive	descriptive	ADJ
ajfa-16770	152	13	statistics	statistic	NOUN
ajfa-16770	152	14	have	have	AUX
ajfa-16770	152	15	been	be	AUX
ajfa-16770	152	16	conducted	conduct	VERB
ajfa-16770	152	17	for	for	ADP
ajfa-16770	152	18	the	the	DET
ajfa-16770	152	19	sample	sample	NOUN
ajfa-16770	152	20	of	of	ADP
ajfa-16770	152	21	firms	firm	NOUN
ajfa-16770	152	22	which	which	PRON
ajfa-16770	152	23	are	be	AUX
ajfa-16770	152	24	illustrated	illustrate	VERB
ajfa-16770	152	25	in	in	ADP
ajfa-16770	152	26	the	the	DET
ajfa-16770	152	27	following	follow	VERB
ajfa-16770	152	28	table	table	NOUN
ajfa-16770	152	29	.	.	PUNCT
ajfa-16770	153	1	table	table	NOUN
ajfa-16770	153	2	1	1	NUM
ajfa-16770	153	3	:	:	PUNCT
ajfa-16770	153	4	descriptive	descriptive	ADJ
ajfa-16770	153	5	statistics	statistic	NOUN
ajfa-16770	153	6	roa	roa	PROPN
ajfa-16770	153	7	leverage	leverage	NOUN
ajfa-16770	153	8	size	size	NOUN
ajfa-16770	153	9	liquidity	liquidity	NOUN
ajfa-16770	153	10	growth	growth	NOUN
ajfa-16770	153	11	mean	mean	VERB
ajfa-16770	153	12	0.208666	0.208666	NUM
ajfa-16770	153	13	0.634860	0.634860	NUM
ajfa-16770	153	14	6.687800	6.687800	NUM
ajfa-16770	153	15	2.638147	2.638147	NUM
ajfa-16770	153	16	3.726708	3.726708	NUM
ajfa-16770	153	17	maximum	maximum	ADJ
ajfa-16770	153	18	55.34390	55.34390	NUM
ajfa-16770	153	19	190.7986	190.7986	NUM
ajfa-16770	153	20	8.538083	8.538083	NUM
ajfa-16770	153	21	90.83583	90.83583	NUM
ajfa-16770	153	22	1141.506	1141.506	NUM
ajfa-16770	153	23	minimum	minimum	ADJ
ajfa-16770	153	24	-0.220918	-0.220918	NOUN
ajfa-16770	154	1	0.000000	0.000000	NUM
ajfa-16770	154	2	4.339730	4.339730	NUM
ajfa-16770	154	3	0.071249	0.071249	NUM
ajfa-16770	154	4	-0.998860	-0.998860	NOUN
ajfa-16770	154	5	skewness	skewness	NOUN
ajfa-16770	154	6	18.50143	18.50143	NUM
ajfa-16770	154	7	18.51754	18.51754	NUM
ajfa-16770	154	8	-0.235114	-0.235114	NOUN
ajfa-16770	154	9	8.006934	8.006934	NUM
ajfa-16770	155	1	17.57825	17.57825	NUM
ajfa-16770	155	2	kurtosis	kurtosis	VERB
ajfa-16770	155	3	343.5364	343.5364	NUM
ajfa-16770	155	4	343.9340	343.9340	NUM
ajfa-16770	155	5	3.401753	3.401753	NUM
ajfa-16770	155	6	82.28251	82.28251	NUM
ajfa-16770	155	7	309.9977	309.9977	NUM
ajfa-16770	155	8	table	table	NOUN
ajfa-16770	155	9	1	1	NUM
ajfa-16770	155	10	demonstrates	demonstrate	VERB
ajfa-16770	155	11	that	that	SCONJ
ajfa-16770	155	12	on	on	ADP
ajfa-16770	155	13	average	average	ADJ
ajfa-16770	155	14	mauritian	mauritian	ADJ
ajfa-16770	155	15	listed	list	VERB
ajfa-16770	155	16	firms	firm	NOUN
ajfa-16770	155	17	’	'	PUNCT
ajfa-16770	155	18	roa	roa	PROPN
ajfa-16770	155	19	is	be	AUX
ajfa-16770	155	20	20.86	20.86	NUM
ajfa-16770	155	21	%	%	NOUN
ajfa-16770	155	22	.	.	PUNCT
ajfa-16770	156	1	furthermore	furthermore	ADV
ajfa-16770	156	2	,	,	PUNCT
ajfa-16770	156	3	the	the	DET
ajfa-16770	156	4	average	average	ADJ
ajfa-16770	156	5	value	value	NOUN
ajfa-16770	156	6	for	for	ADP
ajfa-16770	156	7	financial	financial	ADJ
ajfa-16770	156	8	leverage	leverage	NOUN
ajfa-16770	156	9	is	be	AUX
ajfa-16770	156	10	63.48	63.48	NUM
ajfa-16770	156	11	%	%	NOUN
ajfa-16770	156	12	which	which	PRON
ajfa-16770	156	13	indicates	indicate	VERB
ajfa-16770	156	14	that	that	SCONJ
ajfa-16770	156	15	listed	list	VERB
ajfa-16770	156	16	firms	firm	NOUN
ajfa-16770	156	17	in	in	ADP
ajfa-16770	156	18	mauritius	mauritius	PROPN
ajfa-16770	156	19	are	be	AUX
ajfa-16770	156	20	highly	highly	ADV
ajfa-16770	156	21	geared	gear	VERB
ajfa-16770	156	22	since	since	SCONJ
ajfa-16770	156	23	they	they	PRON
ajfa-16770	156	24	have	have	VERB
ajfa-16770	156	25	a	a	DET
ajfa-16770	156	26	leverage	leverage	NOUN
ajfa-16770	156	27	ratio	ratio	NOUN
ajfa-16770	156	28	greater	great	ADJ
ajfa-16770	156	29	than	than	ADP
ajfa-16770	156	30	50	50	NUM
ajfa-16770	156	31	%	%	NOUN
ajfa-16770	156	32	on	on	ADP
ajfa-16770	156	33	average	average	ADJ
ajfa-16770	156	34	.	.	PUNCT
ajfa-16770	157	1	additionally	additionally	ADV
ajfa-16770	157	2	,	,	PUNCT
ajfa-16770	157	3	these	these	DET
ajfa-16770	157	4	firms	firm	NOUN
ajfa-16770	157	5	are	be	AUX
ajfa-16770	157	6	less	less	ADV
ajfa-16770	157	7	likely	likely	ADJ
ajfa-16770	157	8	to	to	PART
ajfa-16770	157	9	encounter	encounter	VERB
ajfa-16770	157	10	liquidity	liquidity	NOUN
ajfa-16770	157	11	issues	issue	NOUN
ajfa-16770	157	12	given	give	VERB
ajfa-16770	157	13	that	that	SCONJ
ajfa-16770	157	14	on	on	ADP
ajfa-16770	157	15	average	average	ADJ
ajfa-16770	157	16	the	the	DET
ajfa-16770	157	17	liquidity	liquidity	NOUN
ajfa-16770	157	18	ratio	ratio	NOUN
ajfa-16770	157	19	is	be	AUX
ajfa-16770	157	20	2.64:1	2.64:1	NUM
ajfa-16770	157	21	.	.	PUNCT
ajfa-16770	158	1	these	these	DET
ajfa-16770	158	2	firms	firm	NOUN
ajfa-16770	158	3	also	also	ADV
ajfa-16770	158	4	experienced	experience	VERB
ajfa-16770	158	5	an	an	DET
ajfa-16770	158	6	average	average	ADJ
ajfa-16770	158	7	growth	growth	NOUN
ajfa-16770	158	8	rate	rate	NOUN
ajfa-16770	158	9	of	of	ADP
ajfa-16770	158	10	3.73	3.73	NUM
ajfa-16770	158	11	%	%	NOUN
ajfa-16770	158	12	over	over	ADP
ajfa-16770	158	13	the	the	DET
ajfa-16770	158	14	period	period	NOUN
ajfa-16770	158	15	2007	2007	NUM
ajfa-16770	158	16	to	to	ADP
ajfa-16770	158	17	2017	2017	NUM
ajfa-16770	158	18	.	.	PUNCT
ajfa-16770	159	1	in	in	ADP
ajfa-16770	159	2	the	the	DET
ajfa-16770	159	3	first	first	ADJ
ajfa-16770	159	4	instance	instance	NOUN
ajfa-16770	159	5	,	,	PUNCT
ajfa-16770	159	6	pooled	pool	VERB
ajfa-16770	159	7	cross	cross	ADJ
ajfa-16770	159	8	-	-	ADJ
ajfa-16770	159	9	sectional	sectional	ADJ
ajfa-16770	159	10	ols	ol	NOUN
ajfa-16770	159	11	has	have	AUX
ajfa-16770	159	12	been	be	AUX
ajfa-16770	159	13	used	use	VERB
ajfa-16770	159	14	to	to	PART
ajfa-16770	159	15	process	process	VERB
ajfa-16770	159	16	the	the	DET
ajfa-16770	159	17	regression	regression	NOUN
ajfa-16770	159	18	model	model	NOUN
ajfa-16770	159	19	and	and	CCONJ
ajfa-16770	159	20	its	its	PRON
ajfa-16770	159	21	results	result	NOUN
ajfa-16770	159	22	are	be	AUX
ajfa-16770	159	23	shown	show	VERB
ajfa-16770	159	24	in	in	ADP
ajfa-16770	159	25	table	table	NOUN
ajfa-16770	159	26	2	2	NUM
ajfa-16770	159	27	.	.	PUNCT
ajfa-16770	160	1	the	the	DET
ajfa-16770	160	2	total	total	ADJ
ajfa-16770	160	3	number	number	NOUN
ajfa-16770	160	4	of	of	ADP
ajfa-16770	160	5	firm	firm	ADJ
ajfa-16770	160	6	year	year	NOUN
ajfa-16770	160	7	observations	observation	NOUN
ajfa-16770	160	8	is	be	AUX
ajfa-16770	160	9	312	312	NUM
ajfa-16770	160	10	.	.	PUNCT
ajfa-16770	160	11	asian	asian	ADJ
ajfa-16770	160	12	journal	journal	PROPN
ajfa-16770	160	13	of	of	ADP
ajfa-16770	160	14	finance	finance	PROPN
ajfa-16770	160	15	&	&	CCONJ
ajfa-16770	160	16	accounting	accounting	PROPN
ajfa-16770	160	17	issn	issn	PROPN
ajfa-16770	160	18	1946	1946	NUM
ajfa-16770	160	19	-	-	PUNCT
ajfa-16770	160	20	052x	052x	NOUN
ajfa-16770	160	21	2020	2020	NUM
ajfa-16770	160	22	,	,	PUNCT
ajfa-16770	160	23	vol	vol	NOUN
ajfa-16770	160	24	.	.	PROPN
ajfa-16770	160	25	12	12	NUM
ajfa-16770	160	26	,	,	PUNCT
ajfa-16770	160	27	no	no	INTJ
ajfa-16770	160	28	.	.	NOUN
ajfa-16770	160	29	1	1	NUM
ajfa-16770	160	30	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16770	160	31	66	66	NUM
ajfa-16770	160	32	table	table	NOUN
ajfa-16770	160	33	2	2	NUM
ajfa-16770	160	34	.	.	PUNCT
ajfa-16770	160	35	results	result	NOUN
ajfa-16770	160	36	of	of	ADP
ajfa-16770	160	37	pooled	pool	VERB
ajfa-16770	160	38	cross	cross	ADJ
ajfa-16770	160	39	-	-	ADJ
ajfa-16770	160	40	sectional	sectional	ADJ
ajfa-16770	160	41	ols	ol	NOUN
ajfa-16770	160	42	variable	variable	ADJ
ajfa-16770	160	43	coefficient	coefficient	NOUN
ajfa-16770	160	44	std	std	PROPN
ajfa-16770	160	45	.	.	NOUN
ajfa-16770	160	46	error	error	NOUN
ajfa-16770	160	47	t	t	NOUN
ajfa-16770	160	48	-	-	PUNCT
ajfa-16770	160	49	statistic	statistic	NOUN
ajfa-16770	160	50	probability	probability	NOUN
ajfa-16770	160	51	intercept	intercept	VERB
ajfa-16770	160	52	0.344370	0.344370	NUM
ajfa-16770	160	53	0.039965	0.039965	NUM
ajfa-16770	160	54	8.616773	8.616773	NUM
ajfa-16770	160	55	0.0000	0.0000	NUM
ajfa-16770	160	56	leverage	leverage	NOUN
ajfa-16770	160	57	0.289328	0.289328	NUM
ajfa-16770	160	58	0.000402	0.000402	NUM
ajfa-16770	160	59	720.2182	720.2182	NUM
ajfa-16770	160	60	0.0000	0.0000	NUM
ajfa-16770	160	61	size	size	NOUN
ajfa-16770	160	62	-0.048557	-0.048557	NOUN
ajfa-16770	160	63	0.005892	0.005892	NUM
ajfa-16770	160	64	-8.241427	-8.241427	VERB
ajfa-16770	160	65	0.0000	0.0000	NUM
ajfa-16770	160	66	liquidity	liquidity	NOUN
ajfa-16770	160	67	0.000677	0.000677	NUM
ajfa-16770	160	68	0.000572	0.000572	NUM
ajfa-16770	160	69	1.185304	1.185304	NUM
ajfa-16770	160	70	0.2368	0.2368	NUM
ajfa-16770	160	71	growth	growth	NOUN
ajfa-16770	160	72	-2.74e-05	-2.74e-05	NOUN
ajfa-16770	160	73	6.61e-05	6.61e-05	NUM
ajfa-16770	160	74	-0.414881	-0.414881	NOUN
ajfa-16770	160	75	0.6785	0.6785	NUM
ajfa-16770	160	76	adjusted	adjusted	ADJ
ajfa-16770	160	77	r	r	NOUN
ajfa-16770	160	78	-	-	PUNCT
ajfa-16770	160	79	squared	square	VERB
ajfa-16770	160	80	0.999423	0.999423	NUM
ajfa-16770	160	81	f	f	X
ajfa-16770	160	82	-	-	PUNCT
ajfa-16770	160	83	statistic	statistic	NOUN
ajfa-16770	160	84	134680.8	134680.8	NUM
ajfa-16770	160	85	*	*	NOUN
ajfa-16770	160	86	*	*	PUNCT
ajfa-16770	160	87	*	*	PUNCT
ajfa-16770	161	1	*	*	PUNCT
ajfa-16770	161	2	*	*	PUNCT
ajfa-16770	161	3	*	*	NOUN
ajfa-16770	161	4	denotes	denote	NOUN
ajfa-16770	161	5	significance	significance	NOUN
ajfa-16770	161	6	at	at	ADP
ajfa-16770	161	7	1	1	NUM
ajfa-16770	161	8	%	%	NOUN
ajfa-16770	161	9	the	the	DET
ajfa-16770	161	10	core	core	NOUN
ajfa-16770	161	11	problem	problem	NOUN
ajfa-16770	161	12	with	with	ADP
ajfa-16770	161	13	pooled	pool	VERB
ajfa-16770	161	14	cross	cross	ADJ
ajfa-16770	161	15	-	-	ADJ
ajfa-16770	161	16	sectional	sectional	ADJ
ajfa-16770	161	17	ols	ol	NOUN
ajfa-16770	161	18	is	be	AUX
ajfa-16770	161	19	that	that	SCONJ
ajfa-16770	161	20	it	it	PRON
ajfa-16770	161	21	discards	discard	VERB
ajfa-16770	161	22	the	the	DET
ajfa-16770	161	23	characteristics	characteristic	NOUN
ajfa-16770	161	24	of	of	ADP
ajfa-16770	161	25	heterogeneity	heterogeneity	NOUN
ajfa-16770	161	26	and	and	CCONJ
ajfa-16770	161	27	uniqueness	uniqueness	NOUN
ajfa-16770	161	28	of	of	ADP
ajfa-16770	161	29	data	datum	NOUN
ajfa-16770	161	30	sets	set	NOUN
ajfa-16770	161	31	.	.	PUNCT
ajfa-16770	162	1	it	it	PRON
ajfa-16770	162	2	does	do	AUX
ajfa-16770	162	3	not	not	PART
ajfa-16770	162	4	take	take	VERB
ajfa-16770	162	5	into	into	ADP
ajfa-16770	162	6	account	account	NOUN
ajfa-16770	162	7	differences	difference	NOUN
ajfa-16770	162	8	that	that	PRON
ajfa-16770	162	9	may	may	AUX
ajfa-16770	162	10	eventually	eventually	ADV
ajfa-16770	162	11	exist	exist	VERB
ajfa-16770	162	12	among	among	ADP
ajfa-16770	162	13	the	the	DET
ajfa-16770	162	14	sample	sample	NOUN
ajfa-16770	162	15	of	of	ADP
ajfa-16770	162	16	34	34	NUM
ajfa-16770	162	17	listed	list	VERB
ajfa-16770	162	18	firms	firm	NOUN
ajfa-16770	162	19	.	.	PUNCT
ajfa-16770	163	1	as	as	SCONJ
ajfa-16770	163	2	such	such	DET
ajfa-16770	163	3	the	the	DET
ajfa-16770	163	4	fixed	fixed	ADJ
ajfa-16770	163	5	effect	effect	NOUN
ajfa-16770	163	6	and	and	CCONJ
ajfa-16770	163	7	the	the	DET
ajfa-16770	163	8	random	random	ADJ
ajfa-16770	163	9	effect	effect	NOUN
ajfa-16770	163	10	models	model	NOUN
ajfa-16770	163	11	are	be	AUX
ajfa-16770	163	12	preferred	prefer	VERB
ajfa-16770	163	13	.	.	PUNCT
ajfa-16770	164	1	the	the	DET
ajfa-16770	164	2	hausman	hausman	PROPN
ajfa-16770	164	3	test	test	NOUN
ajfa-16770	164	4	has	have	AUX
ajfa-16770	164	5	been	be	AUX
ajfa-16770	164	6	conducted	conduct	VERB
ajfa-16770	164	7	to	to	PART
ajfa-16770	164	8	determine	determine	VERB
ajfa-16770	164	9	whether	whether	SCONJ
ajfa-16770	164	10	the	the	DET
ajfa-16770	164	11	fixed	fix	VERB
ajfa-16770	164	12	effect	effect	NOUN
ajfa-16770	164	13	or	or	CCONJ
ajfa-16770	164	14	the	the	DET
ajfa-16770	164	15	random	random	ADJ
ajfa-16770	164	16	effect	effect	NOUN
ajfa-16770	164	17	should	should	AUX
ajfa-16770	164	18	be	be	AUX
ajfa-16770	164	19	used	use	VERB
ajfa-16770	164	20	.	.	PUNCT
ajfa-16770	165	1	the	the	DET
ajfa-16770	165	2	results	result	NOUN
ajfa-16770	165	3	of	of	ADP
ajfa-16770	165	4	the	the	DET
ajfa-16770	165	5	hausman	hausman	PROPN
ajfa-16770	165	6	test	test	NOUN
ajfa-16770	165	7	indicated	indicate	VERB
ajfa-16770	165	8	that	that	SCONJ
ajfa-16770	165	9	the	the	DET
ajfa-16770	165	10	fixed	fix	VERB
ajfa-16770	165	11	effect	effect	NOUN
ajfa-16770	165	12	is	be	AUX
ajfa-16770	165	13	appropriate	appropriate	ADJ
ajfa-16770	165	14	at	at	ADP
ajfa-16770	165	15	10	10	NUM
ajfa-16770	165	16	%	%	NOUN
ajfa-16770	165	17	significance	significance	NOUN
ajfa-16770	165	18	level	level	NOUN
ajfa-16770	165	19	.	.	PUNCT
ajfa-16770	166	1	this	this	PRON
ajfa-16770	166	2	is	be	AUX
ajfa-16770	166	3	because	because	SCONJ
ajfa-16770	166	4	the	the	DET
ajfa-16770	166	5	p	p	NOUN
ajfa-16770	166	6	-	-	PUNCT
ajfa-16770	166	7	value	value	NOUN
ajfa-16770	166	8	of	of	ADP
ajfa-16770	166	9	the	the	DET
ajfa-16770	166	10	hausman	hausman	PROPN
ajfa-16770	166	11	test	test	NOUN
ajfa-16770	166	12	was	be	AUX
ajfa-16770	166	13	0.0000	0.0000	NUM
ajfa-16770	166	14	which	which	PRON
ajfa-16770	166	15	is	be	AUX
ajfa-16770	166	16	lower	low	ADJ
ajfa-16770	166	17	than	than	ADP
ajfa-16770	166	18	10	10	NUM
ajfa-16770	166	19	%	%	NOUN
ajfa-16770	166	20	.	.	PUNCT
ajfa-16770	167	1	the	the	DET
ajfa-16770	167	2	following	follow	VERB
ajfa-16770	167	3	table	table	NOUN
ajfa-16770	167	4	illustrates	illustrate	VERB
ajfa-16770	167	5	the	the	DET
ajfa-16770	167	6	results	result	NOUN
ajfa-16770	167	7	of	of	ADP
ajfa-16770	167	8	the	the	DET
ajfa-16770	167	9	fixed	fix	VERB
ajfa-16770	167	10	effect	effect	NOUN
ajfa-16770	167	11	.	.	PUNCT
ajfa-16770	168	1	asian	asian	ADJ
ajfa-16770	168	2	journal	journal	PROPN
ajfa-16770	168	3	of	of	ADP
ajfa-16770	168	4	finance	finance	PROPN
ajfa-16770	168	5	&	&	CCONJ
ajfa-16770	168	6	accounting	accounting	PROPN
ajfa-16770	168	7	issn	issn	PROPN
ajfa-16770	168	8	1946	1946	NUM
ajfa-16770	168	9	-	-	PUNCT
ajfa-16770	168	10	052x	052x	NOUN
ajfa-16770	168	11	2020	2020	NUM
ajfa-16770	168	12	,	,	PUNCT
ajfa-16770	168	13	vol	vol	NOUN
ajfa-16770	168	14	.	.	PROPN
ajfa-16770	168	15	12	12	NUM
ajfa-16770	168	16	,	,	PUNCT
ajfa-16770	168	17	no	no	INTJ
ajfa-16770	168	18	.	.	NOUN
ajfa-16770	168	19	1	1	NUM
ajfa-16770	168	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16770	168	21	67	67	NUM
ajfa-16770	168	22	table	table	NOUN
ajfa-16770	168	23	3	3	NUM
ajfa-16770	168	24	.	.	PUNCT
ajfa-16770	168	25	results	result	NOUN
ajfa-16770	168	26	of	of	ADP
ajfa-16770	168	27	fixed	fix	VERB
ajfa-16770	168	28	effect	effect	NOUN
ajfa-16770	168	29	variable	variable	ADJ
ajfa-16770	168	30	coefficient	coefficient	NOUN
ajfa-16770	168	31	std	std	NOUN
ajfa-16770	168	32	.	.	NOUN
ajfa-16770	168	33	error	error	NOUN
ajfa-16770	168	34	t	t	NOUN
ajfa-16770	168	35	-	-	PUNCT
ajfa-16770	168	36	statistic	statistic	NOUN
ajfa-16770	168	37	probability	probability	NOUN
ajfa-16770	168	38	intercept	intercept	NOUN
ajfa-16770	168	39	0.490005	0.490005	NUM
ajfa-16770	168	40	0.200002	0.200002	NUM
ajfa-16770	168	41	2.449997	2.449997	NUM
ajfa-16770	168	42	0.0149	0.0149	NUM
ajfa-16770	168	43	leverage	leverage	NOUN
ajfa-16770	168	44	0.289240	0.289240	NUM
ajfa-16770	168	45	0.000583	0.000583	NUM
ajfa-16770	168	46	496.2207	496.2207	NUM
ajfa-16770	168	47	0.0000	0.0000	NUM
ajfa-16770	168	48	size	size	NOUN
ajfa-16770	168	49	-0.070100	-0.070100	NOUN
ajfa-16770	168	50	0.029778	0.029778	NUM
ajfa-16770	168	51	-2.354076	-2.354076	VERB
ajfa-16770	168	52	0.0193	0.0193	NUM
ajfa-16770	168	53	liquidity	liquidity	NOUN
ajfa-16770	168	54	0.000134	0.000134	NUM
ajfa-16770	168	55	0.000552	0.000552	NUM
ajfa-16770	168	56	0.243441	0.243441	NUM
ajfa-16770	168	57	0.8078	0.8078	NUM
ajfa-16770	168	58	growth	growth	NOUN
ajfa-16770	168	59	1.07e-05	1.07e-05	NUM
ajfa-16770	168	60	5.19e-05	5.19e-05	NUM
ajfa-16770	168	61	0.206912	0.206912	NUM
ajfa-16770	168	62	0.8362	0.8362	NUM
ajfa-16770	168	63	adjusted	adjust	VERB
ajfa-16770	168	64	r	r	NOUN
ajfa-16770	168	65	-	-	PUNCT
ajfa-16770	168	66	squared	square	VERB
ajfa-16770	168	67	0.999683	0.999683	NUM
ajfa-16770	168	68	f	f	X
ajfa-16770	168	69	-	-	PUNCT
ajfa-16770	168	70	statistic	statistic	ADJ
ajfa-16770	168	71	26491.27	26491.27	NUM
ajfa-16770	168	72	*	*	NOUN
ajfa-16770	168	73	*	*	PUNCT
ajfa-16770	168	74	*	*	PUNCT
ajfa-16770	169	1	*	*	PUNCT
ajfa-16770	169	2	*	*	PUNCT
ajfa-16770	169	3	*	*	NOUN
ajfa-16770	169	4	denotes	denote	NOUN
ajfa-16770	169	5	significance	significance	NOUN
ajfa-16770	169	6	at	at	ADP
ajfa-16770	169	7	1	1	NUM
ajfa-16770	169	8	%	%	NOUN
ajfa-16770	169	9	table	table	NOUN
ajfa-16770	169	10	3	3	NUM
ajfa-16770	169	11	demonstrates	demonstrate	VERB
ajfa-16770	169	12	that	that	SCONJ
ajfa-16770	169	13	at	at	ADP
ajfa-16770	169	14	10	10	NUM
ajfa-16770	169	15	%	%	NOUN
ajfa-16770	169	16	significance	significance	NOUN
ajfa-16770	169	17	level	level	NOUN
ajfa-16770	169	18	,	,	PUNCT
ajfa-16770	169	19	financial	financial	ADJ
ajfa-16770	169	20	leverage	leverage	NOUN
ajfa-16770	169	21	and	and	CCONJ
ajfa-16770	169	22	firm	firm	ADJ
ajfa-16770	169	23	size	size	NOUN
ajfa-16770	169	24	have	have	VERB
ajfa-16770	169	25	a	a	DET
ajfa-16770	169	26	significant	significant	ADJ
ajfa-16770	169	27	relationship	relationship	NOUN
ajfa-16770	169	28	with	with	ADP
ajfa-16770	169	29	roa	roa	PROPN
ajfa-16770	169	30	given	give	VERB
ajfa-16770	169	31	that	that	SCONJ
ajfa-16770	169	32	their	their	PRON
ajfa-16770	169	33	respective	respective	ADJ
ajfa-16770	169	34	p	p	NOUN
ajfa-16770	169	35	-	-	PUNCT
ajfa-16770	169	36	values	value	NOUN
ajfa-16770	169	37	are	be	AUX
ajfa-16770	169	38	0.0000	0.0000	NUM
ajfa-16770	169	39	and	and	CCONJ
ajfa-16770	169	40	0.0193	0.0193	NUM
ajfa-16770	169	41	which	which	PRON
ajfa-16770	169	42	are	be	AUX
ajfa-16770	169	43	below	below	ADP
ajfa-16770	169	44	10	10	NUM
ajfa-16770	169	45	%	%	NOUN
ajfa-16770	169	46	.	.	PUNCT
ajfa-16770	170	1	given	give	VERB
ajfa-16770	170	2	the	the	DET
ajfa-16770	170	3	positive	positive	ADJ
ajfa-16770	170	4	coefficient	coefficient	NOUN
ajfa-16770	170	5	of	of	ADP
ajfa-16770	170	6	0.289240	0.289240	NUM
ajfa-16770	170	7	for	for	ADP
ajfa-16770	170	8	financial	financial	ADJ
ajfa-16770	170	9	leverage	leverage	NOUN
ajfa-16770	170	10	,	,	PUNCT
ajfa-16770	170	11	the	the	DET
ajfa-16770	170	12	latter	latter	NOUN
ajfa-16770	170	13	has	have	VERB
ajfa-16770	170	14	a	a	DET
ajfa-16770	170	15	significant	significant	ADJ
ajfa-16770	170	16	and	and	CCONJ
ajfa-16770	170	17	positive	positive	ADJ
ajfa-16770	170	18	link	link	NOUN
ajfa-16770	170	19	with	with	ADP
ajfa-16770	170	20	roa	roa	PROPN
ajfa-16770	170	21	.	.	PUNCT
ajfa-16770	171	1	conversely	conversely	ADV
ajfa-16770	171	2	,	,	PUNCT
ajfa-16770	171	3	firm	firm	ADJ
ajfa-16770	171	4	size	size	NOUN
ajfa-16770	171	5	has	have	VERB
ajfa-16770	171	6	a	a	DET
ajfa-16770	171	7	negative	negative	ADJ
ajfa-16770	171	8	coefficient	coefficient	NOUN
ajfa-16770	171	9	of	of	ADP
ajfa-16770	171	10	0.070100	0.070100	NUM
ajfa-16770	171	11	which	which	PRON
ajfa-16770	171	12	indicates	indicate	VERB
ajfa-16770	171	13	that	that	SCONJ
ajfa-16770	171	14	firm	firm	ADJ
ajfa-16770	171	15	size	size	NOUN
ajfa-16770	171	16	has	have	VERB
ajfa-16770	171	17	a	a	DET
ajfa-16770	171	18	significant	significant	ADJ
ajfa-16770	171	19	and	and	CCONJ
ajfa-16770	171	20	negative	negative	ADJ
ajfa-16770	171	21	relationship	relationship	NOUN
ajfa-16770	171	22	with	with	ADP
ajfa-16770	171	23	roa	roa	PROPN
ajfa-16770	171	24	.	.	PUNCT
ajfa-16770	172	1	however	however	ADV
ajfa-16770	172	2	,	,	PUNCT
ajfa-16770	172	3	the	the	DET
ajfa-16770	172	4	findings	finding	NOUN
ajfa-16770	172	5	of	of	ADP
ajfa-16770	172	6	the	the	DET
ajfa-16770	172	7	study	study	NOUN
ajfa-16770	172	8	also	also	ADV
ajfa-16770	172	9	show	show	VERB
ajfa-16770	172	10	that	that	SCONJ
ajfa-16770	172	11	liquidity	liquidity	NOUN
ajfa-16770	172	12	and	and	CCONJ
ajfa-16770	172	13	growth	growth	NOUN
ajfa-16770	172	14	opportunities	opportunity	NOUN
ajfa-16770	172	15	have	have	VERB
ajfa-16770	172	16	probability	probability	NOUN
ajfa-16770	172	17	values	value	NOUN
ajfa-16770	172	18	of	of	ADP
ajfa-16770	172	19	0.8078	0.8078	NUM
ajfa-16770	172	20	and	and	CCONJ
ajfa-16770	172	21	0.8362	0.8362	NUM
ajfa-16770	172	22	respectively	respectively	ADV
ajfa-16770	172	23	.	.	PUNCT
ajfa-16770	173	1	since	since	SCONJ
ajfa-16770	173	2	their	their	PRON
ajfa-16770	173	3	p	p	NOUN
ajfa-16770	173	4	-	-	PUNCT
ajfa-16770	173	5	values	value	NOUN
ajfa-16770	173	6	exceed	exceed	VERB
ajfa-16770	173	7	10	10	NUM
ajfa-16770	173	8	%	%	NOUN
ajfa-16770	173	9	,	,	PUNCT
ajfa-16770	173	10	it	it	PRON
ajfa-16770	173	11	is	be	AUX
ajfa-16770	173	12	concluded	conclude	VERB
ajfa-16770	173	13	that	that	SCONJ
ajfa-16770	173	14	there	there	PRON
ajfa-16770	173	15	is	be	VERB
ajfa-16770	173	16	no	no	DET
ajfa-16770	173	17	significant	significant	ADJ
ajfa-16770	173	18	relationship	relationship	NOUN
ajfa-16770	173	19	between	between	ADP
ajfa-16770	173	20	roa	roa	NOUN
ajfa-16770	173	21	and	and	CCONJ
ajfa-16770	173	22	liquidity	liquidity	NOUN
ajfa-16770	173	23	and	and	CCONJ
ajfa-16770	173	24	between	between	ADP
ajfa-16770	173	25	roa	roa	NOUN
ajfa-16770	173	26	and	and	CCONJ
ajfa-16770	173	27	growth	growth	NOUN
ajfa-16770	173	28	opportunities	opportunity	NOUN
ajfa-16770	173	29	of	of	ADP
ajfa-16770	173	30	a	a	DET
ajfa-16770	173	31	mauritian	mauritian	ADJ
ajfa-16770	173	32	listed	list	VERB
ajfa-16770	173	33	firm	firm	NOUN
ajfa-16770	173	34	.	.	PUNCT
ajfa-16770	174	1	4.2	4.2	NUM
ajfa-16770	174	2	discussion	discussion	NOUN
ajfa-16770	174	3	following	follow	VERB
ajfa-16770	174	4	the	the	DET
ajfa-16770	174	5	fixed	fix	VERB
ajfa-16770	174	6	effect	effect	NOUN
ajfa-16770	174	7	model	model	NOUN
ajfa-16770	174	8	results	result	NOUN
ajfa-16770	174	9	from	from	ADP
ajfa-16770	174	10	table	table	NOUN
ajfa-16770	174	11	3	3	NUM
ajfa-16770	174	12	,	,	PUNCT
ajfa-16770	174	13	there	there	PRON
ajfa-16770	174	14	is	be	VERB
ajfa-16770	174	15	a	a	DET
ajfa-16770	174	16	significant	significant	ADJ
ajfa-16770	174	17	positive	positive	ADJ
ajfa-16770	174	18	relationship	relationship	NOUN
ajfa-16770	174	19	between	between	ADP
ajfa-16770	174	20	profitability	profitability	NOUN
ajfa-16770	174	21	and	and	CCONJ
ajfa-16770	174	22	leverage	leverage	NOUN
ajfa-16770	174	23	of	of	ADP
ajfa-16770	174	24	mauritian	mauritian	ADJ
ajfa-16770	174	25	listed	list	VERB
ajfa-16770	174	26	firms	firm	NOUN
ajfa-16770	174	27	.	.	PUNCT
ajfa-16770	175	1	this	this	PRON
ajfa-16770	175	2	shows	show	VERB
ajfa-16770	175	3	that	that	SCONJ
ajfa-16770	175	4	the	the	PRON
ajfa-16770	175	5	higher	high	ADJ
ajfa-16770	175	6	the	the	DET
ajfa-16770	175	7	level	level	NOUN
ajfa-16770	175	8	of	of	ADP
ajfa-16770	175	9	financial	financial	ADJ
ajfa-16770	175	10	leverage	leverage	NOUN
ajfa-16770	175	11	of	of	ADP
ajfa-16770	175	12	a	a	DET
ajfa-16770	175	13	mauritian	mauritian	ADJ
ajfa-16770	175	14	listed	list	VERB
ajfa-16770	175	15	firm	firm	NOUN
ajfa-16770	175	16	,	,	PUNCT
ajfa-16770	175	17	the	the	DET
ajfa-16770	175	18	higher	high	ADJ
ajfa-16770	175	19	is	be	AUX
ajfa-16770	175	20	its	its	PRON
ajfa-16770	175	21	profitability	profitability	NOUN
ajfa-16770	175	22	level	level	NOUN
ajfa-16770	175	23	.	.	PUNCT
ajfa-16770	176	1	the	the	DET
ajfa-16770	176	2	findings	finding	NOUN
ajfa-16770	176	3	of	of	ADP
ajfa-16770	176	4	this	this	DET
ajfa-16770	176	5	study	study	NOUN
ajfa-16770	176	6	uphold	uphold	VERB
ajfa-16770	176	7	the	the	DET
ajfa-16770	176	8	empirical	empirical	ADJ
ajfa-16770	176	9	works	work	NOUN
ajfa-16770	176	10	of	of	ADP
ajfa-16770	176	11	yoon	yoon	PROPN
ajfa-16770	176	12	and	and	CCONJ
ajfa-16770	176	13	jang	jang	PROPN
ajfa-16770	176	14	(	(	PUNCT
ajfa-16770	176	15	2005	2005	NUM
ajfa-16770	176	16	)	)	PUNCT
ajfa-16770	176	17	,	,	PUNCT
ajfa-16770	176	18	akhtar	akhtar	PROPN
ajfa-16770	176	19	et	et	PROPN
ajfa-16770	176	20	al	al	PROPN
ajfa-16770	176	21	.	.	PROPN
ajfa-16770	177	1	(	(	PUNCT
ajfa-16770	177	2	2012	2012	NUM
ajfa-16770	177	3	)	)	PUNCT
ajfa-16770	177	4	and	and	CCONJ
ajfa-16770	177	5	eckbo	eckbo	PROPN
ajfa-16770	177	6	and	and	CCONJ
ajfa-16770	177	7	kisser	kisser	X
ajfa-16770	177	8	(	(	PUNCT
ajfa-16770	177	9	2018	2018	NUM
ajfa-16770	177	10	)	)	PUNCT
ajfa-16770	177	11	amongst	amongst	ADP
ajfa-16770	177	12	others	other	NOUN
ajfa-16770	177	13	.	.	PUNCT
ajfa-16770	178	1	however	however	ADV
ajfa-16770	178	2	,	,	PUNCT
ajfa-16770	178	3	this	this	DET
ajfa-16770	178	4	result	result	NOUN
ajfa-16770	178	5	is	be	AUX
ajfa-16770	178	6	not	not	PART
ajfa-16770	178	7	consistent	consistent	ADJ
ajfa-16770	178	8	with	with	ADP
ajfa-16770	178	9	the	the	DET
ajfa-16770	178	10	studies	study	NOUN
ajfa-16770	178	11	of	of	ADP
ajfa-16770	178	12	kester	kester	PROPN
ajfa-16770	178	13	(	(	PUNCT
ajfa-16770	178	14	1986	1986	NUM
ajfa-16770	178	15	)	)	PUNCT
ajfa-16770	178	16	,	,	PUNCT
ajfa-16770	178	17	rajan	rajan	PROPN
ajfa-16770	178	18	and	and	CCONJ
ajfa-16770	178	19	zingales	zingales	PROPN
ajfa-16770	178	20	(	(	PUNCT
ajfa-16770	178	21	1995	1995	NUM
ajfa-16770	178	22	)	)	PUNCT
ajfa-16770	178	23	,	,	PUNCT
ajfa-16770	178	24	abor	abor	NOUN
ajfa-16770	178	25	(	(	PUNCT
ajfa-16770	178	26	2005	2005	NUM
ajfa-16770	178	27	)	)	PUNCT
ajfa-16770	178	28	and	and	CCONJ
ajfa-16770	178	29	pradhan	pradhan	PROPN
ajfa-16770	178	30	and	and	CCONJ
ajfa-16770	178	31	khadka	khadka	NOUN
ajfa-16770	178	32	(	(	PUNCT
ajfa-16770	178	33	2017	2017	NUM
ajfa-16770	178	34	)	)	PUNCT
ajfa-16770	178	35	amongst	amongst	ADP
ajfa-16770	178	36	others	other	NOUN
ajfa-16770	178	37	who	who	PRON
ajfa-16770	178	38	documented	document	VERB
ajfa-16770	178	39	a	a	DET
ajfa-16770	178	40	negative	negative	ADJ
ajfa-16770	178	41	association	association	NOUN
ajfa-16770	178	42	between	between	ADP
ajfa-16770	178	43	financial	financial	ADJ
ajfa-16770	178	44	leverage	leverage	NOUN
ajfa-16770	178	45	and	and	CCONJ
ajfa-16770	178	46	profitability	profitability	NOUN
ajfa-16770	178	47	.	.	PUNCT
ajfa-16770	179	1	the	the	DET
ajfa-16770	179	2	result	result	NOUN
ajfa-16770	179	3	of	of	ADP
ajfa-16770	179	4	this	this	DET
ajfa-16770	179	5	study	study	NOUN
ajfa-16770	179	6	is	be	AUX
ajfa-16770	179	7	also	also	ADV
ajfa-16770	179	8	not	not	PART
ajfa-16770	179	9	consistent	consistent	ADJ
ajfa-16770	179	10	with	with	ADP
ajfa-16770	179	11	kebewar	kebewar	NOUN
ajfa-16770	179	12	(	(	PUNCT
ajfa-16770	179	13	2012	2012	NUM
ajfa-16770	179	14	)	)	PUNCT
ajfa-16770	179	15	and	and	CCONJ
ajfa-16770	179	16	yegon	yegon	NUM
ajfa-16770	179	17	(	(	PUNCT
ajfa-16770	179	18	2014	2014	NUM
ajfa-16770	179	19	)	)	PUNCT
ajfa-16770	179	20	who	who	PRON
ajfa-16770	179	21	documented	document	VERB
ajfa-16770	179	22	a	a	DET
ajfa-16770	179	23	non	non	ADJ
ajfa-16770	179	24	-	-	ADJ
ajfa-16770	179	25	significant	significant	ADJ
ajfa-16770	179	26	association	association	NOUN
ajfa-16770	179	27	between	between	ADP
ajfa-16770	179	28	financial	financial	ADJ
ajfa-16770	179	29	leverage	leverage	NOUN
ajfa-16770	179	30	and	and	CCONJ
ajfa-16770	179	31	profitability	profitability	NOUN
ajfa-16770	179	32	.	.	PUNCT
ajfa-16770	180	1	the	the	DET
ajfa-16770	180	2	results	result	NOUN
ajfa-16770	180	3	of	of	ADP
ajfa-16770	180	4	this	this	PRON
ajfa-16770	180	5	can	can	AUX
ajfa-16770	180	6	be	be	AUX
ajfa-16770	180	7	explained	explain	VERB
ajfa-16770	180	8	through	through	ADP
ajfa-16770	180	9	the	the	DET
ajfa-16770	180	10	trade	trade	NOUN
ajfa-16770	180	11	-	-	PUNCT
ajfa-16770	180	12	off	off	ADP
ajfa-16770	180	13	theory	theory	NOUN
ajfa-16770	180	14	.	.	PUNCT
ajfa-16770	181	1	based	base	VERB
ajfa-16770	181	2	on	on	ADP
ajfa-16770	181	3	the	the	DET
ajfa-16770	181	4	trade	trade	NOUN
ajfa-16770	181	5	off	off	ADP
ajfa-16770	181	6	theory	theory	NOUN
ajfa-16770	181	7	it	it	PRON
ajfa-16770	181	8	may	may	AUX
ajfa-16770	181	9	be	be	AUX
ajfa-16770	181	10	inferred	infer	VERB
ajfa-16770	181	11	that	that	SCONJ
ajfa-16770	181	12	companies	company	NOUN
ajfa-16770	181	13	listed	list	VERB
ajfa-16770	181	14	on	on	ADP
ajfa-16770	181	15	sem	sem	PROPN
ajfa-16770	181	16	actually	actually	ADV
ajfa-16770	181	17	benefit	benefit	VERB
ajfa-16770	181	18	from	from	ADP
ajfa-16770	181	19	the	the	DET
ajfa-16770	181	20	tax	tax	NOUN
ajfa-16770	181	21	shield	shield	NOUN
ajfa-16770	181	22	advantage	advantage	NOUN
ajfa-16770	181	23	asian	asian	ADJ
ajfa-16770	181	24	journal	journal	NOUN
ajfa-16770	181	25	of	of	ADP
ajfa-16770	181	26	finance	finance	PROPN
ajfa-16770	181	27	&	&	CCONJ
ajfa-16770	181	28	accounting	accounting	PROPN
ajfa-16770	181	29	issn	issn	PROPN
ajfa-16770	181	30	1946	1946	NUM
ajfa-16770	181	31	-	-	PUNCT
ajfa-16770	181	32	052x	052x	NOUN
ajfa-16770	181	33	2020	2020	NUM
ajfa-16770	181	34	,	,	PUNCT
ajfa-16770	181	35	vol	vol	NOUN
ajfa-16770	181	36	.	.	PROPN
ajfa-16770	181	37	12	12	NUM
ajfa-16770	181	38	,	,	PUNCT
ajfa-16770	181	39	no	no	INTJ
ajfa-16770	181	40	.	.	NOUN
ajfa-16770	181	41	1	1	NUM
ajfa-16770	181	42	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16770	181	43	68	68	NUM
ajfa-16770	181	44	when	when	SCONJ
ajfa-16770	181	45	paying	pay	VERB
ajfa-16770	181	46	corporation	corporation	NOUN
ajfa-16770	181	47	taxes	taxis	NOUN
ajfa-16770	181	48	.	.	PUNCT
ajfa-16770	182	1	listed	list	VERB
ajfa-16770	182	2	companies	company	NOUN
ajfa-16770	182	3	on	on	ADP
ajfa-16770	182	4	sem	sem	PROPN
ajfa-16770	182	5	may	may	AUX
ajfa-16770	182	6	have	have	AUX
ajfa-16770	182	7	achieved	achieve	VERB
ajfa-16770	182	8	or	or	CCONJ
ajfa-16770	182	9	may	may	AUX
ajfa-16770	182	10	be	be	AUX
ajfa-16770	182	11	moving	move	VERB
ajfa-16770	182	12	towards	towards	ADP
ajfa-16770	182	13	the	the	DET
ajfa-16770	182	14	optimal	optimal	ADJ
ajfa-16770	182	15	debt	debt	NOUN
ajfa-16770	182	16	ratio	ratio	NOUN
ajfa-16770	182	17	because	because	SCONJ
ajfa-16770	182	18	at	at	ADP
ajfa-16770	182	19	such	such	DET
ajfa-16770	182	20	a	a	DET
ajfa-16770	182	21	point	point	NOUN
ajfa-16770	182	22	there	there	PRON
ajfa-16770	182	23	is	be	VERB
ajfa-16770	182	24	maximization	maximization	NOUN
ajfa-16770	182	25	of	of	ADP
ajfa-16770	182	26	firm	firm	NOUN
ajfa-16770	182	27	’s	’s	PART
ajfa-16770	182	28	value	value	NOUN
ajfa-16770	182	29	.	.	PUNCT
ajfa-16770	183	1	given	give	VERB
ajfa-16770	183	2	the	the	DET
ajfa-16770	183	3	value	value	NOUN
ajfa-16770	183	4	of	of	ADP
ajfa-16770	183	5	a	a	DET
ajfa-16770	183	6	firm	firm	NOUN
ajfa-16770	183	7	is	be	AUX
ajfa-16770	183	8	computed	compute	VERB
ajfa-16770	183	9	as	as	ADP
ajfa-16770	183	10	the	the	DET
ajfa-16770	183	11	level	level	NOUN
ajfa-16770	183	12	of	of	ADP
ajfa-16770	183	13	earnings	earning	NOUN
ajfa-16770	183	14	generated	generate	VERB
ajfa-16770	183	15	by	by	ADP
ajfa-16770	183	16	the	the	DET
ajfa-16770	183	17	firm	firm	NOUN
ajfa-16770	183	18	,	,	PUNCT
ajfa-16770	183	19	hence	hence	ADV
ajfa-16770	183	20	at	at	ADP
ajfa-16770	183	21	the	the	DET
ajfa-16770	183	22	optimal	optimal	ADJ
ajfa-16770	183	23	debt	debt	NOUN
ajfa-16770	183	24	ratio	ratio	NOUN
ajfa-16770	183	25	,	,	PUNCT
ajfa-16770	183	26	the	the	DET
ajfa-16770	183	27	firm	firm	NOUN
ajfa-16770	183	28	is	be	AUX
ajfa-16770	183	29	the	the	DET
ajfa-16770	183	30	most	most	ADV
ajfa-16770	183	31	profitable	profitable	ADJ
ajfa-16770	183	32	.	.	PUNCT
ajfa-16770	184	1	companies	company	NOUN
ajfa-16770	184	2	in	in	ADP
ajfa-16770	184	3	mauritius	mauritius	PROPN
ajfa-16770	184	4	,	,	PUNCT
ajfa-16770	184	5	as	as	ADP
ajfa-16770	184	6	a	a	DET
ajfa-16770	184	7	result	result	NOUN
ajfa-16770	184	8	of	of	ADP
ajfa-16770	184	9	taking	take	VERB
ajfa-16770	184	10	increasingly	increasingly	ADV
ajfa-16770	184	11	higher	high	ADJ
ajfa-16770	184	12	debts	debt	NOUN
ajfa-16770	184	13	,	,	PUNCT
ajfa-16770	184	14	bear	bear	VERB
ajfa-16770	184	15	the	the	DET
ajfa-16770	184	16	consequences	consequence	NOUN
ajfa-16770	184	17	of	of	ADP
ajfa-16770	184	18	higher	high	ADJ
ajfa-16770	184	19	interest	interest	NOUN
ajfa-16770	184	20	costs	cost	NOUN
ajfa-16770	184	21	and	and	CCONJ
ajfa-16770	184	22	also	also	ADV
ajfa-16770	184	23	benefits	benefit	VERB
ajfa-16770	184	24	from	from	ADP
ajfa-16770	184	25	interest	interest	NOUN
ajfa-16770	184	26	tax	tax	NOUN
ajfa-16770	184	27	shields	shield	NOUN
ajfa-16770	184	28	.	.	PUNCT
ajfa-16770	185	1	this	this	PRON
ajfa-16770	185	2	means	mean	VERB
ajfa-16770	185	3	that	that	SCONJ
ajfa-16770	185	4	the	the	DET
ajfa-16770	185	5	more	more	ADV
ajfa-16770	185	6	highly	highly	ADV
ajfa-16770	185	7	geared	gear	VERB
ajfa-16770	185	8	firms	firm	NOUN
ajfa-16770	185	9	are	be	AUX
ajfa-16770	185	10	,	,	PUNCT
ajfa-16770	185	11	the	the	DET
ajfa-16770	185	12	more	more	ADJ
ajfa-16770	185	13	interests	interest	NOUN
ajfa-16770	185	14	are	be	AUX
ajfa-16770	185	15	paid	pay	VERB
ajfa-16770	185	16	.	.	PUNCT
ajfa-16770	186	1	as	as	SCONJ
ajfa-16770	186	2	a	a	DET
ajfa-16770	186	3	result	result	NOUN
ajfa-16770	186	4	mauritian	mauritian	ADJ
ajfa-16770	186	5	listed	list	VERB
ajfa-16770	186	6	firms	firm	NOUN
ajfa-16770	186	7	may	may	AUX
ajfa-16770	186	8	benefit	benefit	VERB
ajfa-16770	186	9	more	more	ADJ
ajfa-16770	186	10	from	from	ADP
ajfa-16770	186	11	interest	interest	NOUN
ajfa-16770	186	12	tax	tax	NOUN
ajfa-16770	186	13	shields	shield	NOUN
ajfa-16770	186	14	such	such	ADJ
ajfa-16770	186	15	that	that	SCONJ
ajfa-16770	186	16	profits	profit	NOUN
ajfa-16770	186	17	increase	increase	NOUN
ajfa-16770	186	18	.	.	PUNCT
ajfa-16770	187	1	this	this	PRON
ajfa-16770	187	2	may	may	AUX
ajfa-16770	187	3	explain	explain	VERB
ajfa-16770	187	4	the	the	DET
ajfa-16770	187	5	positive	positive	ADJ
ajfa-16770	187	6	link	link	NOUN
ajfa-16770	187	7	between	between	ADP
ajfa-16770	187	8	profitability	profitability	NOUN
ajfa-16770	187	9	and	and	CCONJ
ajfa-16770	187	10	financial	financial	ADJ
ajfa-16770	187	11	leverage	leverage	NOUN
ajfa-16770	187	12	of	of	ADP
ajfa-16770	187	13	mauritian	mauritian	ADJ
ajfa-16770	187	14	listed	list	VERB
ajfa-16770	187	15	firms	firm	NOUN
ajfa-16770	187	16	.	.	PUNCT
ajfa-16770	188	1	jensen	jensen	PROPN
ajfa-16770	188	2	and	and	CCONJ
ajfa-16770	188	3	meckling	meckle	VERB
ajfa-16770	188	4	(	(	PUNCT
ajfa-16770	188	5	1986	1986	NUM
ajfa-16770	188	6	)	)	PUNCT
ajfa-16770	188	7	have	have	AUX
ajfa-16770	188	8	also	also	ADV
ajfa-16770	188	9	shed	shed	VERB
ajfa-16770	188	10	light	light	NOUN
ajfa-16770	188	11	upon	upon	SCONJ
ajfa-16770	188	12	the	the	DET
ajfa-16770	188	13	explanation	explanation	NOUN
ajfa-16770	188	14	behind	behind	ADP
ajfa-16770	188	15	the	the	DET
ajfa-16770	188	16	positive	positive	ADJ
ajfa-16770	188	17	association	association	NOUN
ajfa-16770	188	18	between	between	ADP
ajfa-16770	188	19	profitability	profitability	NOUN
ajfa-16770	188	20	and	and	CCONJ
ajfa-16770	188	21	debt	debt	NOUN
ajfa-16770	188	22	through	through	ADP
ajfa-16770	188	23	the	the	DET
ajfa-16770	188	24	agency	agency	NOUN
ajfa-16770	188	25	theory	theory	NOUN
ajfa-16770	188	26	.	.	PUNCT
ajfa-16770	189	1	if	if	SCONJ
ajfa-16770	189	2	viewed	view	VERB
ajfa-16770	189	3	in	in	ADP
ajfa-16770	189	4	the	the	DET
ajfa-16770	189	5	context	context	NOUN
ajfa-16770	189	6	of	of	ADP
ajfa-16770	189	7	mauritius	mauritius	NOUN
ajfa-16770	189	8	,	,	PUNCT
ajfa-16770	189	9	companies	company	NOUN
ajfa-16770	189	10	listed	list	VERB
ajfa-16770	189	11	on	on	ADP
ajfa-16770	189	12	sem	sem	PROPN
ajfa-16770	189	13	encounter	encounter	VERB
ajfa-16770	189	14	the	the	DET
ajfa-16770	189	15	agency	agency	NOUN
ajfa-16770	189	16	problem	problem	NOUN
ajfa-16770	189	17	.	.	PUNCT
ajfa-16770	190	1	this	this	PRON
ajfa-16770	190	2	is	be	AUX
ajfa-16770	190	3	known	know	VERB
ajfa-16770	190	4	to	to	PART
ajfa-16770	190	5	be	be	AUX
ajfa-16770	190	6	challenges	challenge	NOUN
ajfa-16770	190	7	faced	face	VERB
ajfa-16770	190	8	between	between	ADP
ajfa-16770	190	9	the	the	DET
ajfa-16770	190	10	principal	principal	NOUN
ajfa-16770	190	11	and	and	CCONJ
ajfa-16770	190	12	the	the	DET
ajfa-16770	190	13	agents	agent	NOUN
ajfa-16770	190	14	.	.	PUNCT
ajfa-16770	191	1	owners	owner	NOUN
ajfa-16770	191	2	of	of	ADP
ajfa-16770	191	3	these	these	DET
ajfa-16770	191	4	listed	list	VERB
ajfa-16770	191	5	companies	company	NOUN
ajfa-16770	191	6	,	,	PUNCT
ajfa-16770	191	7	who	who	PRON
ajfa-16770	191	8	are	be	AUX
ajfa-16770	191	9	the	the	DET
ajfa-16770	191	10	ordinary	ordinary	ADJ
ajfa-16770	191	11	shareholders	shareholder	NOUN
ajfa-16770	191	12	(	(	PUNCT
ajfa-16770	191	13	principal	principal	NOUN
ajfa-16770	191	14	)	)	PUNCT
ajfa-16770	191	15	appoint	appoint	NOUN
ajfa-16770	191	16	managers	manager	NOUN
ajfa-16770	191	17	or	or	CCONJ
ajfa-16770	191	18	board	board	NOUN
ajfa-16770	191	19	of	of	ADP
ajfa-16770	191	20	directors	director	NOUN
ajfa-16770	191	21	(	(	PUNCT
ajfa-16770	191	22	agents	agent	NOUN
ajfa-16770	191	23	)	)	PUNCT
ajfa-16770	191	24	to	to	PART
ajfa-16770	191	25	take	take	VERB
ajfa-16770	191	26	decisions	decision	NOUN
ajfa-16770	191	27	on	on	ADP
ajfa-16770	191	28	their	their	PRON
ajfa-16770	191	29	behalf	behalf	NOUN
ajfa-16770	191	30	and	and	CCONJ
ajfa-16770	191	31	equally	equally	ADV
ajfa-16770	191	32	for	for	ADP
ajfa-16770	191	33	the	the	DET
ajfa-16770	191	34	efficient	efficient	ADJ
ajfa-16770	191	35	and	and	CCONJ
ajfa-16770	191	36	effective	effective	ADJ
ajfa-16770	191	37	running	running	NOUN
ajfa-16770	191	38	of	of	ADP
ajfa-16770	191	39	the	the	DET
ajfa-16770	191	40	firm	firm	NOUN
ajfa-16770	191	41	.	.	PUNCT
ajfa-16770	192	1	however	however	ADV
ajfa-16770	192	2	,	,	PUNCT
ajfa-16770	192	3	the	the	DET
ajfa-16770	192	4	issue	issue	NOUN
ajfa-16770	192	5	that	that	PRON
ajfa-16770	192	6	arises	arise	VERB
ajfa-16770	192	7	is	be	AUX
ajfa-16770	192	8	that	that	SCONJ
ajfa-16770	192	9	the	the	DET
ajfa-16770	192	10	agents	agent	NOUN
ajfa-16770	192	11	may	may	AUX
ajfa-16770	192	12	instead	instead	ADV
ajfa-16770	192	13	act	act	VERB
ajfa-16770	192	14	in	in	ADP
ajfa-16770	192	15	their	their	PRON
ajfa-16770	192	16	self	self	NOUN
ajfa-16770	192	17	-	-	PUNCT
ajfa-16770	192	18	interests	interest	NOUN
ajfa-16770	192	19	.	.	PUNCT
ajfa-16770	193	1	when	when	SCONJ
ajfa-16770	193	2	companies	company	NOUN
ajfa-16770	193	3	take	take	VERB
ajfa-16770	193	4	more	more	ADJ
ajfa-16770	193	5	debt	debt	NOUN
ajfa-16770	193	6	,	,	PUNCT
ajfa-16770	193	7	the	the	DET
ajfa-16770	193	8	latter	latter	ADJ
ajfa-16770	193	9	may	may	AUX
ajfa-16770	193	10	find	find	VERB
ajfa-16770	193	11	themselves	themselves	PRON
ajfa-16770	193	12	trapped	trap	VERB
ajfa-16770	193	13	in	in	ADP
ajfa-16770	193	14	a	a	DET
ajfa-16770	193	15	situation	situation	NOUN
ajfa-16770	193	16	of	of	ADP
ajfa-16770	193	17	elevated	elevated	ADJ
ajfa-16770	193	18	risk	risk	NOUN
ajfa-16770	193	19	of	of	ADP
ajfa-16770	193	20	bankruptcy	bankruptcy	NOUN
ajfa-16770	193	21	.	.	PUNCT
ajfa-16770	194	1	with	with	ADP
ajfa-16770	194	2	the	the	DET
ajfa-16770	194	3	fear	fear	NOUN
ajfa-16770	194	4	that	that	SCONJ
ajfa-16770	194	5	managers	manager	NOUN
ajfa-16770	194	6	may	may	AUX
ajfa-16770	194	7	lose	lose	VERB
ajfa-16770	194	8	their	their	PRON
ajfa-16770	194	9	jobs	job	NOUN
ajfa-16770	194	10	if	if	SCONJ
ajfa-16770	194	11	their	their	PRON
ajfa-16770	194	12	firms	firm	NOUN
ajfa-16770	194	13	go	go	VERB
ajfa-16770	194	14	bankrupt	bankrupt	ADJ
ajfa-16770	194	15	,	,	PUNCT
ajfa-16770	194	16	managers	manager	NOUN
ajfa-16770	194	17	are	be	AUX
ajfa-16770	194	18	compelled	compel	VERB
ajfa-16770	194	19	to	to	PART
ajfa-16770	194	20	run	run	VERB
ajfa-16770	194	21	companies	company	NOUN
ajfa-16770	194	22	profitably	profitably	ADV
ajfa-16770	194	23	so	so	SCONJ
ajfa-16770	194	24	as	as	SCONJ
ajfa-16770	194	25	to	to	PART
ajfa-16770	194	26	be	be	AUX
ajfa-16770	194	27	successful	successful	ADJ
ajfa-16770	194	28	in	in	ADP
ajfa-16770	194	29	meeting	meet	VERB
ajfa-16770	194	30	the	the	DET
ajfa-16770	194	31	firms	firm	NOUN
ajfa-16770	194	32	’	’	PART
ajfa-16770	194	33	obligations	obligation	NOUN
ajfa-16770	194	34	and	and	CCONJ
ajfa-16770	194	35	in	in	ADP
ajfa-16770	194	36	particular	particular	ADJ
ajfa-16770	194	37	their	their	PRON
ajfa-16770	194	38	debt	debt	NOUN
ajfa-16770	194	39	obligation	obligation	NOUN
ajfa-16770	194	40	.	.	PUNCT
ajfa-16770	195	1	hence	hence	ADV
ajfa-16770	195	2	in	in	ADP
ajfa-16770	195	3	light	light	NOUN
ajfa-16770	195	4	with	with	ADP
ajfa-16770	195	5	the	the	DET
ajfa-16770	195	6	agency	agency	NOUN
ajfa-16770	195	7	theory	theory	NOUN
ajfa-16770	195	8	,	,	PUNCT
ajfa-16770	195	9	it	it	PRON
ajfa-16770	195	10	can	can	AUX
ajfa-16770	195	11	be	be	AUX
ajfa-16770	195	12	deduced	deduce	VERB
ajfa-16770	195	13	that	that	SCONJ
ajfa-16770	195	14	the	the	DET
ajfa-16770	195	15	more	more	ADJ
ajfa-16770	195	16	debt	debt	NOUN
ajfa-16770	195	17	a	a	DET
ajfa-16770	195	18	mauritian	mauritian	ADJ
ajfa-16770	195	19	listed	list	VERB
ajfa-16770	195	20	firm	firm	NOUN
ajfa-16770	195	21	takes	take	VERB
ajfa-16770	195	22	,	,	PUNCT
ajfa-16770	195	23	the	the	PRON
ajfa-16770	195	24	more	more	ADV
ajfa-16770	195	25	profitable	profitable	ADJ
ajfa-16770	195	26	it	it	PRON
ajfa-16770	195	27	is	be	AUX
ajfa-16770	195	28	likely	likely	ADJ
ajfa-16770	195	29	to	to	PART
ajfa-16770	195	30	be	be	AUX
ajfa-16770	195	31	.	.	PUNCT
ajfa-16770	196	1	this	this	DET
ajfa-16770	196	2	positive	positive	ADJ
ajfa-16770	196	3	relationship	relationship	NOUN
ajfa-16770	196	4	between	between	ADP
ajfa-16770	196	5	profitability	profitability	NOUN
ajfa-16770	196	6	and	and	CCONJ
ajfa-16770	196	7	financial	financial	ADJ
ajfa-16770	196	8	leverage	leverage	NOUN
ajfa-16770	196	9	in	in	ADP
ajfa-16770	196	10	the	the	DET
ajfa-16770	196	11	mauritian	mauritian	ADJ
ajfa-16770	196	12	context	context	NOUN
ajfa-16770	196	13	is	be	AUX
ajfa-16770	196	14	thus	thus	ADV
ajfa-16770	196	15	explained	explain	VERB
ajfa-16770	196	16	by	by	ADP
ajfa-16770	196	17	the	the	DET
ajfa-16770	196	18	agency	agency	NOUN
ajfa-16770	196	19	theory	theory	NOUN
ajfa-16770	196	20	.	.	PUNCT
ajfa-16770	197	1	the	the	DET
ajfa-16770	197	2	explanation	explanation	NOUN
ajfa-16770	197	3	of	of	ADP
ajfa-16770	197	4	the	the	DET
ajfa-16770	197	5	positive	positive	ADJ
ajfa-16770	197	6	link	link	NOUN
ajfa-16770	197	7	between	between	ADP
ajfa-16770	197	8	financial	financial	ADJ
ajfa-16770	197	9	leverage	leverage	NOUN
ajfa-16770	197	10	and	and	CCONJ
ajfa-16770	197	11	profitability	profitability	NOUN
ajfa-16770	197	12	can	can	AUX
ajfa-16770	197	13	as	as	ADV
ajfa-16770	197	14	well	well	ADV
ajfa-16770	197	15	be	be	AUX
ajfa-16770	197	16	clarified	clarify	VERB
ajfa-16770	197	17	using	use	VERB
ajfa-16770	197	18	the	the	DET
ajfa-16770	197	19	modigliani	modigliani	NOUN
ajfa-16770	197	20	and	and	CCONJ
ajfa-16770	197	21	miller	miller	PROPN
ajfa-16770	197	22	(	(	PUNCT
ajfa-16770	197	23	1963	1963	NUM
ajfa-16770	197	24	)	)	PUNCT
ajfa-16770	197	25	theory	theory	NOUN
ajfa-16770	197	26	.	.	PUNCT
ajfa-16770	198	1	given	give	VERB
ajfa-16770	198	2	that	that	SCONJ
ajfa-16770	198	3	mauritian	mauritian	ADJ
ajfa-16770	198	4	companies	company	NOUN
ajfa-16770	198	5	can	can	AUX
ajfa-16770	198	6	benefit	benefit	VERB
ajfa-16770	198	7	from	from	ADP
ajfa-16770	198	8	interest	interest	NOUN
ajfa-16770	198	9	tax	tax	NOUN
ajfa-16770	198	10	shield	shield	NOUN
ajfa-16770	198	11	effect	effect	NOUN
ajfa-16770	198	12	resulting	result	VERB
ajfa-16770	198	13	from	from	ADP
ajfa-16770	198	14	issuing	issue	VERB
ajfa-16770	198	15	more	more	ADJ
ajfa-16770	198	16	debts	debt	NOUN
ajfa-16770	198	17	,	,	PUNCT
ajfa-16770	198	18	this	this	PRON
ajfa-16770	198	19	will	will	AUX
ajfa-16770	198	20	impact	impact	VERB
ajfa-16770	198	21	on	on	ADP
ajfa-16770	198	22	the	the	DET
ajfa-16770	198	23	wacc	wacc	NOUN
ajfa-16770	198	24	of	of	ADP
ajfa-16770	198	25	the	the	DET
ajfa-16770	198	26	listed	list	VERB
ajfa-16770	198	27	firms	firm	NOUN
ajfa-16770	198	28	.	.	PUNCT
ajfa-16770	199	1	the	the	DET
ajfa-16770	199	2	wacc	wacc	PROPN
ajfa-16770	199	3	will	will	AUX
ajfa-16770	199	4	start	start	VERB
ajfa-16770	199	5	to	to	PART
ajfa-16770	199	6	drop	drop	VERB
ajfa-16770	199	7	thereby	thereby	ADV
ajfa-16770	199	8	leading	lead	VERB
ajfa-16770	199	9	to	to	ADP
ajfa-16770	199	10	the	the	DET
ajfa-16770	199	11	value	value	NOUN
ajfa-16770	199	12	of	of	ADP
ajfa-16770	199	13	the	the	DET
ajfa-16770	199	14	firm	firm	NOUN
ajfa-16770	199	15	to	to	PART
ajfa-16770	199	16	increase	increase	VERB
ajfa-16770	199	17	.	.	PUNCT
ajfa-16770	200	1	firms	firm	NOUN
ajfa-16770	200	2	’	'	PUNCT
ajfa-16770	200	3	value	value	NOUN
ajfa-16770	200	4	will	will	AUX
ajfa-16770	200	5	grow	grow	VERB
ajfa-16770	200	6	and	and	CCONJ
ajfa-16770	200	7	subsequently	subsequently	ADV
ajfa-16770	200	8	raising	raise	VERB
ajfa-16770	200	9	profitability	profitability	NOUN
ajfa-16770	200	10	levels	level	NOUN
ajfa-16770	200	11	only	only	ADV
ajfa-16770	200	12	when	when	SCONJ
ajfa-16770	200	13	the	the	DET
ajfa-16770	200	14	companies	company	NOUN
ajfa-16770	200	15	opt	opt	VERB
ajfa-16770	200	16	to	to	PART
ajfa-16770	200	17	operate	operate	VERB
ajfa-16770	200	18	at	at	ADP
ajfa-16770	200	19	a	a	DET
ajfa-16770	200	20	point	point	NOUN
ajfa-16770	200	21	before	before	ADP
ajfa-16770	200	22	or	or	CCONJ
ajfa-16770	200	23	at	at	ADP
ajfa-16770	200	24	the	the	DET
ajfa-16770	200	25	optimal	optimal	ADJ
ajfa-16770	200	26	capital	capital	NOUN
ajfa-16770	200	27	structure	structure	NOUN
ajfa-16770	200	28	.	.	PUNCT
ajfa-16770	201	1	the	the	DET
ajfa-16770	201	2	result	result	NOUN
ajfa-16770	201	3	of	of	ADP
ajfa-16770	201	4	this	this	DET
ajfa-16770	201	5	study	study	NOUN
ajfa-16770	201	6	is	be	AUX
ajfa-16770	201	7	consistent	consistent	ADJ
ajfa-16770	201	8	with	with	ADP
ajfa-16770	201	9	the	the	DET
ajfa-16770	201	10	trade	trade	NOUN
ajfa-16770	201	11	off	off	ADP
ajfa-16770	201	12	theory	theory	NOUN
ajfa-16770	201	13	,	,	PUNCT
ajfa-16770	201	14	agency	agency	NOUN
ajfa-16770	201	15	theory	theory	NOUN
ajfa-16770	201	16	and	and	CCONJ
ajfa-16770	201	17	modiglianimiller	modiglianimiller	NOUN
ajfa-16770	201	18	(	(	PUNCT
ajfa-16770	201	19	1963	1963	NUM
ajfa-16770	201	20	)	)	PUNCT
ajfa-16770	201	21	theory	theory	NOUN
ajfa-16770	201	22	but	but	CCONJ
ajfa-16770	201	23	not	not	PART
ajfa-16770	201	24	with	with	ADP
ajfa-16770	201	25	the	the	DET
ajfa-16770	201	26	pecking	pecking	NOUN
ajfa-16770	201	27	order	order	NOUN
ajfa-16770	201	28	theory	theory	NOUN
ajfa-16770	201	29	.	.	PUNCT
ajfa-16770	202	1	according	accord	VERB
ajfa-16770	202	2	to	to	ADP
ajfa-16770	202	3	the	the	DET
ajfa-16770	202	4	pecking	pecking	NOUN
ajfa-16770	202	5	order	order	NOUN
ajfa-16770	202	6	theory	theory	NOUN
ajfa-16770	202	7	,	,	PUNCT
ajfa-16770	202	8	there	there	PRON
ajfa-16770	202	9	is	be	VERB
ajfa-16770	202	10	an	an	DET
ajfa-16770	202	11	order	order	NOUN
ajfa-16770	202	12	through	through	ADP
ajfa-16770	202	13	which	which	PRON
ajfa-16770	202	14	companies	company	NOUN
ajfa-16770	202	15	will	will	AUX
ajfa-16770	202	16	normally	normally	ADV
ajfa-16770	202	17	have	have	VERB
ajfa-16770	202	18	their	their	PRON
ajfa-16770	202	19	organizations	organization	NOUN
ajfa-16770	202	20	financed	finance	VERB
ajfa-16770	202	21	;	;	PUNCT
ajfa-16770	202	22	first	first	ADV
ajfa-16770	202	23	and	and	CCONJ
ajfa-16770	202	24	foremost	foremost	ADV
ajfa-16770	202	25	,	,	PUNCT
ajfa-16770	202	26	through	through	ADP
ajfa-16770	202	27	internal	internal	ADJ
ajfa-16770	202	28	financing	financing	NOUN
ajfa-16770	202	29	,	,	PUNCT
ajfa-16770	202	30	that	that	PRON
ajfa-16770	202	31	is	be	AUX
ajfa-16770	202	32	retained	retain	VERB
ajfa-16770	202	33	earnings	earning	NOUN
ajfa-16770	202	34	and	and	CCONJ
ajfa-16770	202	35	afterwards	afterwards	ADV
ajfa-16770	202	36	through	through	ADP
ajfa-16770	202	37	external	external	ADJ
ajfa-16770	202	38	funding	funding	NOUN
ajfa-16770	202	39	.	.	PUNCT
ajfa-16770	203	1	the	the	DET
ajfa-16770	203	2	pecking	pecking	NOUN
ajfa-16770	203	3	order	order	NOUN
ajfa-16770	203	4	theory	theory	NOUN
ajfa-16770	203	5	advocates	advocate	VERB
ajfa-16770	203	6	that	that	SCONJ
ajfa-16770	203	7	the	the	DET
ajfa-16770	203	8	more	more	ADV
ajfa-16770	203	9	profit	profit	NOUN
ajfa-16770	203	10	-	-	PUNCT
ajfa-16770	203	11	generating	generate	VERB
ajfa-16770	203	12	firms	firm	NOUN
ajfa-16770	203	13	are	be	AUX
ajfa-16770	203	14	,	,	PUNCT
ajfa-16770	203	15	the	the	PRON
ajfa-16770	203	16	less	less	ADV
ajfa-16770	203	17	likely	likely	ADJ
ajfa-16770	203	18	they	they	PRON
ajfa-16770	203	19	will	will	AUX
ajfa-16770	203	20	issue	issue	VERB
ajfa-16770	203	21	debt	debt	NOUN
ajfa-16770	203	22	.	.	PUNCT
ajfa-16770	204	1	this	this	PRON
ajfa-16770	204	2	is	be	AUX
ajfa-16770	204	3	because	because	SCONJ
ajfa-16770	204	4	they	they	PRON
ajfa-16770	204	5	will	will	AUX
ajfa-16770	204	6	use	use	VERB
ajfa-16770	204	7	their	their	PRON
ajfa-16770	204	8	retained	retain	VERB
ajfa-16770	204	9	earnings	earning	NOUN
ajfa-16770	204	10	first	first	ADJ
ajfa-16770	204	11	.	.	PUNCT
ajfa-16770	205	1	mauritian	mauritian	ADJ
ajfa-16770	205	2	listed	list	VERB
ajfa-16770	205	3	firms	firm	NOUN
ajfa-16770	205	4	may	may	AUX
ajfa-16770	205	5	not	not	PART
ajfa-16770	205	6	have	have	AUX
ajfa-16770	205	7	followed	follow	VERB
ajfa-16770	205	8	the	the	DET
ajfa-16770	205	9	pecking	pecking	NOUN
ajfa-16770	205	10	order	order	NOUN
ajfa-16770	205	11	theory	theory	NOUN
ajfa-16770	205	12	.	.	PUNCT
ajfa-16770	206	1	profitable	profitable	ADJ
ajfa-16770	206	2	mauritian	mauritian	ADJ
ajfa-16770	206	3	listed	list	VERB
ajfa-16770	206	4	firms	firm	NOUN
ajfa-16770	206	5	having	have	VERB
ajfa-16770	206	6	high	high	ADJ
ajfa-16770	206	7	retained	retain	VERB
ajfa-16770	206	8	earnings	earning	NOUN
ajfa-16770	206	9	may	may	AUX
ajfa-16770	206	10	have	have	AUX
ajfa-16770	206	11	chosen	choose	VERB
ajfa-16770	206	12	not	not	PART
ajfa-16770	206	13	to	to	PART
ajfa-16770	206	14	diminish	diminish	VERB
ajfa-16770	206	15	all	all	PRON
ajfa-16770	206	16	of	of	ADP
ajfa-16770	206	17	their	their	PRON
ajfa-16770	206	18	internal	internal	ADJ
ajfa-16770	206	19	funds	fund	NOUN
ajfa-16770	206	20	and	and	CCONJ
ajfa-16770	206	21	therefore	therefore	ADV
ajfa-16770	206	22	took	take	VERB
ajfa-16770	206	23	debt	debt	NOUN
ajfa-16770	206	24	to	to	PART
ajfa-16770	206	25	fund	fund	VERB
ajfa-16770	206	26	massive	massive	ADJ
ajfa-16770	206	27	projects	project	NOUN
ajfa-16770	206	28	and	and	CCONJ
ajfa-16770	206	29	corporate	corporate	ADJ
ajfa-16770	206	30	activities	activity	NOUN
ajfa-16770	206	31	instead	instead	ADV
ajfa-16770	206	32	.	.	PUNCT
ajfa-16770	207	1	in	in	ADP
ajfa-16770	207	2	addition	addition	NOUN
ajfa-16770	207	3	less	less	ADV
ajfa-16770	207	4	profitable	profitable	ADJ
ajfa-16770	207	5	mauritian	mauritian	ADJ
ajfa-16770	207	6	listed	list	VERB
ajfa-16770	207	7	firms	firm	NOUN
ajfa-16770	207	8	may	may	AUX
ajfa-16770	207	9	not	not	PART
ajfa-16770	207	10	be	be	AUX
ajfa-16770	207	11	able	able	ADJ
ajfa-16770	207	12	to	to	PART
ajfa-16770	207	13	seek	seek	VERB
ajfa-16770	207	14	debt	debt	NOUN
ajfa-16770	207	15	finance	finance	NOUN
ajfa-16770	207	16	to	to	PART
ajfa-16770	207	17	finance	finance	VERB
ajfa-16770	207	18	their	their	PRON
ajfa-16770	207	19	project	project	NOUN
ajfa-16770	207	20	from	from	ADP
ajfa-16770	207	21	banks	bank	NOUN
ajfa-16770	207	22	.	.	PUNCT
ajfa-16770	208	1	the	the	DET
ajfa-16770	208	2	findings	finding	NOUN
ajfa-16770	208	3	of	of	ADP
ajfa-16770	208	4	the	the	DET
ajfa-16770	208	5	study	study	NOUN
ajfa-16770	208	6	reveal	reveal	VERB
ajfa-16770	208	7	that	that	SCONJ
ajfa-16770	208	8	profitability	profitability	NOUN
ajfa-16770	208	9	and	and	CCONJ
ajfa-16770	208	10	firm	firm	ADJ
ajfa-16770	208	11	size	size	NOUN
ajfa-16770	208	12	are	be	AUX
ajfa-16770	208	13	significantly	significantly	ADV
ajfa-16770	208	14	and	and	CCONJ
ajfa-16770	208	15	negatively	negatively	ADV
ajfa-16770	208	16	asian	asian	ADJ
ajfa-16770	208	17	journal	journal	NOUN
ajfa-16770	208	18	of	of	ADP
ajfa-16770	208	19	finance	finance	PROPN
ajfa-16770	208	20	&	&	CCONJ
ajfa-16770	208	21	accounting	accounting	PROPN
ajfa-16770	209	1	issn	issn	PROPN
ajfa-16770	209	2	1946	1946	NUM
ajfa-16770	209	3	-	-	PUNCT
ajfa-16770	209	4	052x	052x	NOUN
ajfa-16770	209	5	2020	2020	NUM
ajfa-16770	209	6	,	,	PUNCT
ajfa-16770	209	7	vol	vol	NOUN
ajfa-16770	209	8	.	.	PROPN
ajfa-16770	209	9	12	12	NUM
ajfa-16770	209	10	,	,	PUNCT
ajfa-16770	209	11	no	no	INTJ
ajfa-16770	209	12	.	.	NOUN
ajfa-16770	209	13	1	1	NUM
ajfa-16770	209	14	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16770	209	15	69	69	NUM
ajfa-16770	209	16	associated	associate	VERB
ajfa-16770	209	17	.	.	PUNCT
ajfa-16770	210	1	the	the	DET
ajfa-16770	210	2	findings	finding	NOUN
ajfa-16770	210	3	of	of	ADP
ajfa-16770	210	4	this	this	DET
ajfa-16770	210	5	study	study	NOUN
ajfa-16770	210	6	corroborate	corroborate	VERB
ajfa-16770	210	7	with	with	ADP
ajfa-16770	210	8	shepherd	shepherd	NOUN
ajfa-16770	210	9	(	(	PUNCT
ajfa-16770	210	10	1972	1972	NUM
ajfa-16770	210	11	)	)	PUNCT
ajfa-16770	210	12	and	and	CCONJ
ajfa-16770	210	13	schneider	schneider	NOUN
ajfa-16770	210	14	(	(	PUNCT
ajfa-16770	210	15	1991	1991	NUM
ajfa-16770	210	16	)	)	PUNCT
ajfa-16770	210	17	who	who	PRON
ajfa-16770	210	18	argued	argue	VERB
ajfa-16770	210	19	that	that	SCONJ
ajfa-16770	210	20	the	the	PRON
ajfa-16770	210	21	bigger	big	ADJ
ajfa-16770	210	22	the	the	DET
ajfa-16770	210	23	companies	company	NOUN
ajfa-16770	210	24	are	be	AUX
ajfa-16770	210	25	,	,	PUNCT
ajfa-16770	210	26	the	the	PRON
ajfa-16770	210	27	lower	low	ADJ
ajfa-16770	210	28	the	the	DET
ajfa-16770	210	29	level	level	NOUN
ajfa-16770	210	30	of	of	ADP
ajfa-16770	210	31	profitability	profitability	NOUN
ajfa-16770	210	32	is	be	AUX
ajfa-16770	210	33	.	.	PUNCT
ajfa-16770	211	1	however	however	ADV
ajfa-16770	211	2	,	,	PUNCT
ajfa-16770	211	3	the	the	DET
ajfa-16770	211	4	findings	finding	NOUN
ajfa-16770	211	5	of	of	ADP
ajfa-16770	211	6	this	this	DET
ajfa-16770	211	7	research	research	NOUN
ajfa-16770	211	8	are	be	AUX
ajfa-16770	211	9	not	not	PART
ajfa-16770	211	10	consistent	consistent	ADJ
ajfa-16770	211	11	with	with	ADP
ajfa-16770	211	12	those	those	PRON
ajfa-16770	211	13	of	of	ADP
ajfa-16770	211	14	rajan	rajan	PROPN
ajfa-16770	211	15	and	and	CCONJ
ajfa-16770	211	16	zingales	zingales	PROPN
ajfa-16770	211	17	(	(	PUNCT
ajfa-16770	211	18	1995	1995	NUM
ajfa-16770	211	19	)	)	PUNCT
ajfa-16770	211	20	and	and	CCONJ
ajfa-16770	211	21	voulgaris	voulgaris	NOUN
ajfa-16770	211	22	and	and	CCONJ
ajfa-16770	211	23	lemonakis	lemonaki	NOUN
ajfa-16770	211	24	(	(	PUNCT
ajfa-16770	211	25	2014	2014	NUM
ajfa-16770	211	26	)	)	PUNCT
ajfa-16770	211	27	who	who	PRON
ajfa-16770	211	28	found	find	VERB
ajfa-16770	211	29	a	a	DET
ajfa-16770	211	30	positive	positive	ADJ
ajfa-16770	211	31	link	link	NOUN
ajfa-16770	211	32	between	between	ADP
ajfa-16770	211	33	firm	firm	ADJ
ajfa-16770	211	34	size	size	NOUN
ajfa-16770	211	35	and	and	CCONJ
ajfa-16770	211	36	profitability	profitability	NOUN
ajfa-16770	211	37	.	.	PUNCT
ajfa-16770	212	1	the	the	DET
ajfa-16770	212	2	results	result	NOUN
ajfa-16770	212	3	of	of	ADP
ajfa-16770	212	4	this	this	DET
ajfa-16770	212	5	research	research	NOUN
ajfa-16770	212	6	reveal	reveal	VERB
ajfa-16770	212	7	no	no	DET
ajfa-16770	212	8	significant	significant	ADJ
ajfa-16770	212	9	association	association	NOUN
ajfa-16770	212	10	between	between	ADP
ajfa-16770	212	11	liquidity	liquidity	NOUN
ajfa-16770	212	12	and	and	CCONJ
ajfa-16770	212	13	profitability	profitability	NOUN
ajfa-16770	212	14	of	of	ADP
ajfa-16770	212	15	mauritian	mauritian	ADJ
ajfa-16770	212	16	listed	list	VERB
ajfa-16770	212	17	firms	firm	NOUN
ajfa-16770	212	18	.	.	PUNCT
ajfa-16770	213	1	this	this	DET
ajfa-16770	213	2	research	research	NOUN
ajfa-16770	213	3	also	also	ADV
ajfa-16770	213	4	reveals	reveal	VERB
ajfa-16770	213	5	no	no	DET
ajfa-16770	213	6	significant	significant	ADJ
ajfa-16770	213	7	association	association	NOUN
ajfa-16770	213	8	between	between	ADP
ajfa-16770	213	9	growth	growth	NOUN
ajfa-16770	213	10	and	and	CCONJ
ajfa-16770	213	11	profitability	profitability	NOUN
ajfa-16770	213	12	of	of	ADP
ajfa-16770	213	13	a	a	DET
ajfa-16770	213	14	mauritian	mauritian	ADJ
ajfa-16770	213	15	listed	list	VERB
ajfa-16770	213	16	firm	firm	NOUN
ajfa-16770	213	17	.	.	PUNCT
ajfa-16770	214	1	5	5	X
ajfa-16770	214	2	.	.	X
ajfa-16770	214	3	conclusion	conclusion	NOUN
ajfa-16770	214	4	and	and	CCONJ
ajfa-16770	214	5	recommendations	recommendation	NOUN
ajfa-16770	214	6	the	the	DET
ajfa-16770	214	7	objective	objective	NOUN
ajfa-16770	214	8	of	of	ADP
ajfa-16770	214	9	this	this	DET
ajfa-16770	214	10	study	study	NOUN
ajfa-16770	214	11	is	be	AUX
ajfa-16770	214	12	to	to	PART
ajfa-16770	214	13	examine	examine	VERB
ajfa-16770	214	14	the	the	DET
ajfa-16770	214	15	relationship	relationship	NOUN
ajfa-16770	214	16	between	between	ADP
ajfa-16770	214	17	financial	financial	ADJ
ajfa-16770	214	18	leverage	leverage	NOUN
ajfa-16770	214	19	and	and	CCONJ
ajfa-16770	214	20	profitability	profitability	NOUN
ajfa-16770	214	21	of	of	ADP
ajfa-16770	214	22	mauritian	mauritian	ADJ
ajfa-16770	214	23	listed	list	VERB
ajfa-16770	214	24	companies	company	NOUN
ajfa-16770	214	25	.	.	PUNCT
ajfa-16770	215	1	data	datum	NOUN
ajfa-16770	215	2	was	be	AUX
ajfa-16770	215	3	collected	collect	VERB
ajfa-16770	215	4	from	from	ADP
ajfa-16770	215	5	a	a	DET
ajfa-16770	215	6	sample	sample	NOUN
ajfa-16770	215	7	of	of	ADP
ajfa-16770	215	8	34	34	NUM
ajfa-16770	215	9	mauritian	mauritian	ADJ
ajfa-16770	215	10	listed	list	VERB
ajfa-16770	215	11	firms	firm	NOUN
ajfa-16770	215	12	for	for	ADP
ajfa-16770	215	13	the	the	DET
ajfa-16770	215	14	period	period	NOUN
ajfa-16770	215	15	2007	2007	NUM
ajfa-16770	215	16	to	to	ADP
ajfa-16770	215	17	2017	2017	NUM
ajfa-16770	215	18	with	with	ADP
ajfa-16770	215	19	a	a	DET
ajfa-16770	215	20	total	total	NOUN
ajfa-16770	215	21	of	of	ADP
ajfa-16770	215	22	312	312	NUM
ajfa-16770	215	23	firm	firm	ADJ
ajfa-16770	215	24	year	year	NOUN
ajfa-16770	215	25	observations	observation	NOUN
ajfa-16770	215	26	.	.	PUNCT
ajfa-16770	216	1	the	the	DET
ajfa-16770	216	2	findings	finding	NOUN
ajfa-16770	216	3	of	of	ADP
ajfa-16770	216	4	this	this	DET
ajfa-16770	216	5	research	research	NOUN
ajfa-16770	216	6	reveal	reveal	VERB
ajfa-16770	216	7	a	a	DET
ajfa-16770	216	8	significant	significant	ADJ
ajfa-16770	216	9	positive	positive	ADJ
ajfa-16770	216	10	link	link	NOUN
ajfa-16770	216	11	between	between	ADP
ajfa-16770	216	12	profitability	profitability	NOUN
ajfa-16770	216	13	and	and	CCONJ
ajfa-16770	216	14	financial	financial	ADJ
ajfa-16770	216	15	leverage	leverage	NOUN
ajfa-16770	216	16	of	of	ADP
ajfa-16770	216	17	mauritian	mauritian	ADJ
ajfa-16770	216	18	listed	list	VERB
ajfa-16770	216	19	companies	company	NOUN
ajfa-16770	216	20	.	.	PUNCT
ajfa-16770	217	1	this	this	DET
ajfa-16770	217	2	positive	positive	ADJ
ajfa-16770	217	3	relationship	relationship	NOUN
ajfa-16770	217	4	corroborates	corroborate	VERB
ajfa-16770	217	5	with	with	ADP
ajfa-16770	217	6	the	the	DET
ajfa-16770	217	7	modigliani	modigliani	PROPN
ajfa-16770	217	8	&	&	CCONJ
ajfa-16770	217	9	miller	miller	PROPN
ajfa-16770	217	10	(	(	PUNCT
ajfa-16770	217	11	1963	1963	NUM
ajfa-16770	217	12	)	)	PUNCT
ajfa-16770	217	13	theory	theory	NOUN
ajfa-16770	217	14	,	,	PUNCT
ajfa-16770	217	15	the	the	DET
ajfa-16770	217	16	trade	trade	NOUN
ajfa-16770	217	17	-	-	PUNCT
ajfa-16770	217	18	off	off	ADP
ajfa-16770	217	19	theory	theory	NOUN
ajfa-16770	217	20	and	and	CCONJ
ajfa-16770	217	21	the	the	DET
ajfa-16770	217	22	agency	agency	NOUN
ajfa-16770	217	23	theory	theory	NOUN
ajfa-16770	217	24	.	.	PUNCT
ajfa-16770	218	1	this	this	PRON
ajfa-16770	218	2	therefore	therefore	ADV
ajfa-16770	218	3	demonstrates	demonstrate	VERB
ajfa-16770	218	4	that	that	SCONJ
ajfa-16770	218	5	mauritian	mauritian	ADJ
ajfa-16770	218	6	listed	list	VERB
ajfa-16770	218	7	companies	company	NOUN
ajfa-16770	218	8	actually	actually	ADV
ajfa-16770	218	9	take	take	VERB
ajfa-16770	218	10	advantage	advantage	NOUN
ajfa-16770	218	11	of	of	ADP
ajfa-16770	218	12	the	the	DET
ajfa-16770	218	13	tax	tax	NOUN
ajfa-16770	218	14	-	-	PUNCT
ajfa-16770	218	15	shield	shield	NOUN
ajfa-16770	218	16	from	from	ADP
ajfa-16770	218	17	taking	take	VERB
ajfa-16770	218	18	more	more	ADJ
ajfa-16770	218	19	debt	debt	NOUN
ajfa-16770	218	20	leading	lead	VERB
ajfa-16770	218	21	to	to	ADP
ajfa-16770	218	22	lower	low	ADJ
ajfa-16770	218	23	wacc	wacc	PROPN
ajfa-16770	218	24	and	and	CCONJ
ajfa-16770	218	25	higher	high	ADJ
ajfa-16770	218	26	profitability	profitability	NOUN
ajfa-16770	218	27	and	and	CCONJ
ajfa-16770	218	28	firm	firm	ADJ
ajfa-16770	218	29	value	value	NOUN
ajfa-16770	218	30	.	.	PUNCT
ajfa-16770	219	1	moreover	moreover	ADV
ajfa-16770	219	2	managers	manager	NOUN
ajfa-16770	219	3	are	be	AUX
ajfa-16770	219	4	bound	bind	VERB
ajfa-16770	219	5	to	to	PART
ajfa-16770	219	6	run	run	VERB
ajfa-16770	219	7	companies	company	NOUN
ajfa-16770	219	8	profitably	profitably	ADV
ajfa-16770	219	9	so	so	SCONJ
ajfa-16770	219	10	as	as	SCONJ
ajfa-16770	219	11	to	to	PART
ajfa-16770	219	12	avoid	avoid	VERB
ajfa-16770	219	13	losing	lose	VERB
ajfa-16770	219	14	their	their	PRON
ajfa-16770	219	15	jobs	job	NOUN
ajfa-16770	219	16	if	if	SCONJ
ajfa-16770	219	17	their	their	PRON
ajfa-16770	219	18	firms	firm	NOUN
ajfa-16770	219	19	go	go	VERB
ajfa-16770	219	20	bankrupt	bankrupt	ADJ
ajfa-16770	219	21	due	due	ADP
ajfa-16770	219	22	to	to	ADP
ajfa-16770	219	23	non	non	ADJ
ajfa-16770	219	24	-	-	NOUN
ajfa-16770	219	25	settlement	settlement	NOUN
ajfa-16770	219	26	of	of	ADP
ajfa-16770	219	27	debt	debt	NOUN
ajfa-16770	219	28	obligation	obligation	NOUN
ajfa-16770	219	29	.	.	PUNCT
ajfa-16770	220	1	this	this	PRON
ajfa-16770	220	2	is	be	AUX
ajfa-16770	220	3	another	another	DET
ajfa-16770	220	4	reason	reason	NOUN
ajfa-16770	220	5	for	for	ADP
ajfa-16770	220	6	the	the	DET
ajfa-16770	220	7	positive	positive	ADJ
ajfa-16770	220	8	link	link	NOUN
ajfa-16770	220	9	between	between	ADP
ajfa-16770	220	10	profitability	profitability	NOUN
ajfa-16770	220	11	and	and	CCONJ
ajfa-16770	220	12	financial	financial	ADJ
ajfa-16770	220	13	leverage	leverage	NOUN
ajfa-16770	220	14	.	.	PUNCT
ajfa-16770	221	1	based	base	VERB
ajfa-16770	221	2	on	on	ADP
ajfa-16770	221	3	the	the	DET
ajfa-16770	221	4	results	result	NOUN
ajfa-16770	221	5	of	of	ADP
ajfa-16770	221	6	this	this	DET
ajfa-16770	221	7	study	study	NOUN
ajfa-16770	221	8	,	,	PUNCT
ajfa-16770	221	9	financial	financial	ADJ
ajfa-16770	221	10	leverage	leverage	NOUN
ajfa-16770	221	11	contributes	contribute	VERB
ajfa-16770	221	12	positively	positively	ADV
ajfa-16770	221	13	towards	towards	ADP
ajfa-16770	221	14	profitability	profitability	NOUN
ajfa-16770	221	15	of	of	ADP
ajfa-16770	221	16	mauritian	mauritian	ADJ
ajfa-16770	221	17	listed	list	VERB
ajfa-16770	221	18	firms	firm	NOUN
ajfa-16770	221	19	.	.	PUNCT
ajfa-16770	222	1	hence	hence	ADV
ajfa-16770	222	2	firms	firm	NOUN
ajfa-16770	222	3	are	be	AUX
ajfa-16770	222	4	encouraged	encourage	VERB
ajfa-16770	222	5	to	to	PART
ajfa-16770	222	6	increase	increase	VERB
ajfa-16770	222	7	their	their	PRON
ajfa-16770	222	8	financial	financial	ADJ
ajfa-16770	222	9	leverage	leverage	NOUN
ajfa-16770	222	10	.	.	PUNCT
ajfa-16770	223	1	however	however	ADV
ajfa-16770	223	2	firms	firm	NOUN
ajfa-16770	223	3	must	must	AUX
ajfa-16770	223	4	not	not	PART
ajfa-16770	223	5	go	go	VERB
ajfa-16770	223	6	beyond	beyond	ADP
ajfa-16770	223	7	the	the	DET
ajfa-16770	223	8	optimal	optimal	ADJ
ajfa-16770	223	9	capital	capital	NOUN
ajfa-16770	223	10	structure	structure	NOUN
ajfa-16770	223	11	because	because	SCONJ
ajfa-16770	223	12	they	they	PRON
ajfa-16770	223	13	will	will	AUX
ajfa-16770	223	14	start	start	VERB
ajfa-16770	223	15	experiencing	experience	VERB
ajfa-16770	223	16	costs	cost	NOUN
ajfa-16770	223	17	of	of	ADP
ajfa-16770	223	18	financial	financial	ADJ
ajfa-16770	223	19	distress	distress	NOUN
ajfa-16770	223	20	.	.	PUNCT
ajfa-16770	224	1	it	it	PRON
ajfa-16770	224	2	is	be	AUX
ajfa-16770	224	3	advisable	advisable	ADJ
ajfa-16770	224	4	for	for	SCONJ
ajfa-16770	224	5	firms	firm	NOUN
ajfa-16770	224	6	to	to	PART
ajfa-16770	224	7	increase	increase	VERB
ajfa-16770	224	8	their	their	PRON
ajfa-16770	224	9	financial	financial	ADJ
ajfa-16770	224	10	leverage	leverage	NOUN
ajfa-16770	224	11	up	up	ADP
ajfa-16770	224	12	to	to	ADP
ajfa-16770	224	13	their	their	PRON
ajfa-16770	224	14	optimal	optimal	ADJ
ajfa-16770	224	15	capital	capital	NOUN
ajfa-16770	224	16	structure	structure	NOUN
ajfa-16770	224	17	level	level	NOUN
ajfa-16770	224	18	.	.	PUNCT
ajfa-16770	225	1	companies	company	NOUN
ajfa-16770	225	2	can	can	AUX
ajfa-16770	225	3	issue	issue	VERB
ajfa-16770	225	4	attractive	attractive	ADJ
ajfa-16770	225	5	debentures	debenture	NOUN
ajfa-16770	225	6	to	to	ADP
ajfa-16770	225	7	its	its	PRON
ajfa-16770	225	8	investors	investor	NOUN
ajfa-16770	225	9	to	to	PART
ajfa-16770	225	10	raise	raise	VERB
ajfa-16770	225	11	debt	debt	NOUN
ajfa-16770	225	12	finance	finance	NOUN
ajfa-16770	225	13	.	.	PUNCT
ajfa-16770	226	1	another	another	DET
ajfa-16770	226	2	way	way	NOUN
ajfa-16770	226	3	of	of	ADP
ajfa-16770	226	4	boosting	boost	VERB
ajfa-16770	226	5	the	the	DET
ajfa-16770	226	6	level	level	NOUN
ajfa-16770	226	7	of	of	ADP
ajfa-16770	226	8	debt	debt	NOUN
ajfa-16770	226	9	in	in	ADP
ajfa-16770	226	10	listed	list	VERB
ajfa-16770	226	11	companies	company	NOUN
ajfa-16770	226	12	is	be	AUX
ajfa-16770	226	13	through	through	ADP
ajfa-16770	226	14	the	the	DET
ajfa-16770	226	15	central	central	ADJ
ajfa-16770	226	16	bank	bank	PROPN
ajfa-16770	226	17	of	of	ADP
ajfa-16770	226	18	mauritius	mauritius	PROPN
ajfa-16770	226	19	(	(	PUNCT
ajfa-16770	226	20	bank	bank	PROPN
ajfa-16770	226	21	of	of	ADP
ajfa-16770	226	22	mauritius	mauritius	NOUN
ajfa-16770	226	23	)	)	PUNCT
ajfa-16770	226	24	.	.	PUNCT
ajfa-16770	227	1	if	if	SCONJ
ajfa-16770	227	2	the	the	DET
ajfa-16770	227	3	bank	bank	NOUN
ajfa-16770	227	4	of	of	ADP
ajfa-16770	227	5	mauritius	mauritius	PROPN
ajfa-16770	227	6	lowers	lower	VERB
ajfa-16770	227	7	the	the	DET
ajfa-16770	227	8	repo	repo	NOUN
ajfa-16770	227	9	rate	rate	NOUN
ajfa-16770	227	10	,	,	PUNCT
ajfa-16770	227	11	then	then	ADV
ajfa-16770	227	12	commercial	commercial	ADJ
ajfa-16770	227	13	banks	bank	NOUN
ajfa-16770	227	14	may	may	AUX
ajfa-16770	227	15	subsequently	subsequently	ADV
ajfa-16770	227	16	reduce	reduce	VERB
ajfa-16770	227	17	their	their	PRON
ajfa-16770	227	18	lending	lending	NOUN
ajfa-16770	227	19	rate	rate	NOUN
ajfa-16770	227	20	thereby	thereby	ADV
ajfa-16770	227	21	encouraging	encourage	VERB
ajfa-16770	227	22	listed	list	VERB
ajfa-16770	227	23	firms	firm	NOUN
ajfa-16770	227	24	to	to	PART
ajfa-16770	227	25	take	take	VERB
ajfa-16770	227	26	additional	additional	ADJ
ajfa-16770	227	27	debt	debt	NOUN
ajfa-16770	227	28	.	.	PUNCT
ajfa-16770	228	1	given	give	VERB
ajfa-16770	228	2	that	that	PRON
ajfa-16770	228	3	financial	financial	ADJ
ajfa-16770	228	4	leverage	leverage	NOUN
ajfa-16770	228	5	positively	positively	ADV
ajfa-16770	228	6	influence	influence	VERB
ajfa-16770	228	7	profitability	profitability	NOUN
ajfa-16770	228	8	,	,	PUNCT
ajfa-16770	228	9	the	the	DET
ajfa-16770	228	10	relevant	relevant	ADJ
ajfa-16770	228	11	regulatory	regulatory	ADJ
ajfa-16770	228	12	body	body	NOUN
ajfa-16770	228	13	in	in	ADP
ajfa-16770	228	14	mauritius	mauritius	NOUN
ajfa-16770	228	15	can	can	AUX
ajfa-16770	228	16	encourage	encourage	VERB
ajfa-16770	228	17	companies	company	NOUN
ajfa-16770	228	18	to	to	PART
ajfa-16770	228	19	increase	increase	VERB
ajfa-16770	228	20	their	their	PRON
ajfa-16770	228	21	financial	financial	ADJ
ajfa-16770	228	22	leverage	leverage	NOUN
ajfa-16770	228	23	up	up	ADP
ajfa-16770	228	24	to	to	ADP
ajfa-16770	228	25	their	their	PRON
ajfa-16770	228	26	optimal	optimal	ADJ
ajfa-16770	228	27	capital	capital	NOUN
ajfa-16770	228	28	structure	structure	NOUN
ajfa-16770	228	29	.	.	PUNCT
ajfa-16770	229	1	this	this	DET
ajfa-16770	229	2	study	study	NOUN
ajfa-16770	229	3	contributes	contribute	VERB
ajfa-16770	229	4	to	to	ADP
ajfa-16770	229	5	existing	exist	VERB
ajfa-16770	229	6	literature	literature	NOUN
ajfa-16770	229	7	in	in	ADP
ajfa-16770	229	8	developing	develop	VERB
ajfa-16770	229	9	economies	economy	NOUN
ajfa-16770	229	10	and	and	CCONJ
ajfa-16770	229	11	small	small	ADJ
ajfa-16770	229	12	island	island	NOUN
ajfa-16770	229	13	economies	economy	NOUN
ajfa-16770	229	14	on	on	ADP
ajfa-16770	229	15	the	the	DET
ajfa-16770	229	16	association	association	NOUN
ajfa-16770	229	17	between	between	ADP
ajfa-16770	229	18	financial	financial	ADJ
ajfa-16770	229	19	leverage	leverage	NOUN
ajfa-16770	229	20	and	and	CCONJ
ajfa-16770	229	21	profitability	profitability	NOUN
ajfa-16770	229	22	.	.	PUNCT
ajfa-16770	230	1	the	the	DET
ajfa-16770	230	2	limitation	limitation	NOUN
ajfa-16770	230	3	of	of	ADP
ajfa-16770	230	4	this	this	DET
ajfa-16770	230	5	study	study	NOUN
ajfa-16770	230	6	is	be	AUX
ajfa-16770	230	7	that	that	SCONJ
ajfa-16770	230	8	it	it	PRON
ajfa-16770	230	9	focuses	focus	VERB
ajfa-16770	230	10	on	on	ADP
ajfa-16770	230	11	listed	list	VERB
ajfa-16770	230	12	mauritian	mauritian	ADJ
ajfa-16770	230	13	firms	firm	NOUN
ajfa-16770	230	14	only	only	ADV
ajfa-16770	230	15	and	and	CCONJ
ajfa-16770	230	16	the	the	DET
ajfa-16770	230	17	period	period	NOUN
ajfa-16770	230	18	of	of	ADP
ajfa-16770	230	19	study	study	NOUN
ajfa-16770	230	20	is	be	AUX
ajfa-16770	230	21	limited	limit	VERB
ajfa-16770	230	22	to	to	ADP
ajfa-16770	230	23	2007	2007	NUM
ajfa-16770	230	24	to	to	ADP
ajfa-16770	230	25	2017	2017	NUM
ajfa-16770	230	26	.	.	PUNCT
ajfa-16770	231	1	future	future	ADJ
ajfa-16770	231	2	research	research	NOUN
ajfa-16770	231	3	can	can	AUX
ajfa-16770	231	4	concentrate	concentrate	VERB
ajfa-16770	231	5	on	on	ADP
ajfa-16770	231	6	both	both	CCONJ
ajfa-16770	231	7	listed	list	VERB
ajfa-16770	231	8	and	and	CCONJ
ajfa-16770	231	9	non	non	ADJ
ajfa-16770	231	10	-	-	ADJ
ajfa-16770	231	11	listed	listed	ADJ
ajfa-16770	231	12	firms	firm	NOUN
ajfa-16770	231	13	.	.	PUNCT
ajfa-16770	232	1	also	also	ADV
ajfa-16770	232	2	,	,	PUNCT
ajfa-16770	232	3	future	future	ADJ
ajfa-16770	232	4	research	research	NOUN
ajfa-16770	232	5	can	can	AUX
ajfa-16770	232	6	investigate	investigate	VERB
ajfa-16770	232	7	a	a	DET
ajfa-16770	232	8	larger	large	ADJ
ajfa-16770	232	9	period	period	NOUN
ajfa-16770	232	10	of	of	ADP
ajfa-16770	232	11	study	study	NOUN
ajfa-16770	232	12	by	by	ADP
ajfa-16770	232	13	considering	consider	VERB
ajfa-16770	232	14	the	the	DET
ajfa-16770	232	15	influence	influence	NOUN
ajfa-16770	232	16	of	of	ADP
ajfa-16770	232	17	other	other	ADJ
ajfa-16770	232	18	drivers	driver	NOUN
ajfa-16770	232	19	of	of	ADP
ajfa-16770	232	20	profitability	profitability	NOUN
ajfa-16770	232	21	such	such	ADJ
ajfa-16770	232	22	as	as	ADP
ajfa-16770	232	23	corporate	corporate	ADJ
ajfa-16770	232	24	governance	governance	NOUN
ajfa-16770	232	25	and	and	CCONJ
ajfa-16770	232	26	corporate	corporate	ADJ
ajfa-16770	232	27	social	social	ADJ
ajfa-16770	232	28	responsibility	responsibility	NOUN
ajfa-16770	232	29	.	.	PUNCT
ajfa-16770	233	1	references	reference	NOUN
ajfa-16770	233	2	abor	abor	PROPN
ajfa-16770	233	3	,	,	PUNCT
ajfa-16770	233	4	j.	j.	PROPN
ajfa-16770	233	5	(	(	PUNCT
ajfa-16770	233	6	2005	2005	NUM
ajfa-16770	233	7	)	)	PUNCT
ajfa-16770	233	8	.	.	PUNCT
ajfa-16770	234	1	the	the	DET
ajfa-16770	234	2	effect	effect	NOUN
ajfa-16770	234	3	of	of	ADP
ajfa-16770	234	4	capital	capital	NOUN
ajfa-16770	234	5	structure	structure	NOUN
ajfa-16770	234	6	on	on	ADP
ajfa-16770	234	7	profitability	profitability	NOUN
ajfa-16770	234	8	:	:	PUNCT
ajfa-16770	234	9	an	an	DET
ajfa-16770	234	10	empirical	empirical	ADJ
ajfa-16770	234	11	analysis	analysis	NOUN
ajfa-16770	234	12	of	of	ADP
ajfa-16770	234	13	listed	list	VERB
ajfa-16770	234	14	firms	firm	NOUN
ajfa-16770	234	15	in	in	ADP
ajfa-16770	234	16	ghana	ghana	PROPN
ajfa-16770	234	17	.	.	PUNCT
ajfa-16770	235	1	the	the	DET
ajfa-16770	235	2	journal	journal	NOUN
ajfa-16770	235	3	of	of	ADP
ajfa-16770	235	4	risk	risk	NOUN
ajfa-16770	235	5	finance	finance	NOUN
ajfa-16770	235	6	,	,	PUNCT
ajfa-16770	235	7	6(5	6(5	NUM
ajfa-16770	235	8	)	)	PUNCT
ajfa-16770	235	9	,	,	PUNCT
ajfa-16770	235	10	438	438	NUM
ajfa-16770	235	11	-	-	SYM
ajfa-16770	235	12	445	445	NUM
ajfa-16770	235	13	.	.	PUNCT
ajfa-16770	236	1	https://doi.org/10.1108/15265940510633505	https://doi.org/10.1108/15265940510633505	PROPN
ajfa-16770	236	2	https://doi.org/10.1108/15265940510633505	https://doi.org/10.1108/15265940510633505	PUNCT
ajfa-16770	236	3	asian	asian	ADJ
ajfa-16770	236	4	journal	journal	PROPN
ajfa-16770	236	5	of	of	ADP
ajfa-16770	236	6	finance	finance	PROPN
ajfa-16770	236	7	&	&	CCONJ
ajfa-16770	236	8	accounting	accounting	PROPN
ajfa-16770	236	9	issn	issn	PROPN
ajfa-16770	236	10	1946	1946	NUM
ajfa-16770	236	11	-	-	PUNCT
ajfa-16770	236	12	052x	052x	NOUN
ajfa-16770	236	13	2020	2020	NUM
ajfa-16770	236	14	,	,	PUNCT
ajfa-16770	236	15	vol	vol	NOUN
ajfa-16770	236	16	.	.	PROPN
ajfa-16770	236	17	12	12	NUM
ajfa-16770	236	18	,	,	PUNCT
ajfa-16770	236	19	no	no	INTJ
ajfa-16770	236	20	.	.	NOUN
ajfa-16770	236	21	1	1	NUM
ajfa-16770	236	22	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16770	236	23	70	70	NUM
ajfa-16770	236	24	akhtar	akhtar	NOUN
ajfa-16770	236	25	,	,	PUNCT
ajfa-16770	236	26	s.	s.	PROPN
ajfa-16770	236	27	,	,	PUNCT
ajfa-16770	236	28	javed	javed	PROPN
ajfa-16770	236	29	,	,	PUNCT
ajfa-16770	236	30	b.	b.	PROPN
ajfa-16770	236	31	,	,	PUNCT
ajfa-16770	236	32	maryam	maryam	PROPN
ajfa-16770	236	33	,	,	PUNCT
ajfa-16770	236	34	a.	a.	PROPN
ajfa-16770	236	35	and	and	CCONJ
ajfa-16770	236	36	sadia	sadia	PROPN
ajfa-16770	236	37	,	,	PUNCT
ajfa-16770	236	38	h.	h.	PROPN
ajfa-16770	236	39	(	(	PUNCT
ajfa-16770	236	40	2012	2012	NUM
ajfa-16770	236	41	)	)	PUNCT
ajfa-16770	236	42	.	.	PUNCT
ajfa-16770	237	1	relationship	relationship	NOUN
ajfa-16770	237	2	between	between	ADP
ajfa-16770	237	3	financial	financial	ADJ
ajfa-16770	237	4	leverage	leverage	NOUN
ajfa-16770	237	5	and	and	CCONJ
ajfa-16770	237	6	financial	financial	ADJ
ajfa-16770	237	7	performance	performance	NOUN
ajfa-16770	237	8	:	:	PUNCT
ajfa-16770	237	9	evidence	evidence	NOUN
ajfa-16770	237	10	from	from	ADP
ajfa-16770	237	11	fuel	fuel	NOUN
ajfa-16770	237	12	&	&	CCONJ
ajfa-16770	237	13	energy	energy	NOUN
ajfa-16770	237	14	sector	sector	NOUN
ajfa-16770	237	15	of	of	ADP
ajfa-16770	237	16	pakistan	pakistan	PROPN
ajfa-16770	237	17	.	.	PUNCT
ajfa-16770	238	1	european	european	PROPN
ajfa-16770	238	2	journal	journal	PROPN
ajfa-16770	238	3	of	of	ADP
ajfa-16770	238	4	business	business	NOUN
ajfa-16770	238	5	and	and	CCONJ
ajfa-16770	238	6	management	management	NOUN
ajfa-16770	238	7	,	,	PUNCT
ajfa-16770	238	8	4(11	4(11	NUM
ajfa-16770	238	9	)	)	PUNCT
ajfa-16770	238	10	,	,	PUNCT
ajfa-16770	238	11	7	7	NUM
ajfa-16770	238	12	-	-	SYM
ajfa-16770	238	13	17	17	NUM
ajfa-16770	238	14	.	.	PUNCT
ajfa-16770	239	1	alifani	alifani	PROPN
ajfa-16770	239	2	,	,	PUNCT
ajfa-16770	239	3	g.a	g.a	PROPN
ajfa-16770	239	4	.	.	PROPN
ajfa-16770	239	5	and	and	CCONJ
ajfa-16770	239	6	nugroho	nugroho	PROPN
ajfa-16770	239	7	,	,	PUNCT
ajfa-16770	239	8	a.b	a.b	PROPN
ajfa-16770	239	9	.	.	PROPN
ajfa-16770	239	10	(	(	PUNCT
ajfa-16770	239	11	2013	2013	NUM
ajfa-16770	239	12	)	)	PUNCT
ajfa-16770	239	13	.	.	PUNCT
ajfa-16770	240	1	proving	prove	VERB
ajfa-16770	240	2	modigliani	modigliani	ADJ
ajfa-16770	240	3	and	and	CCONJ
ajfa-16770	240	4	miller	miller	PROPN
ajfa-16770	240	5	theories	theory	NOUN
ajfa-16770	240	6	of	of	ADP
ajfa-16770	240	7	capital	capital	NOUN
ajfa-16770	240	8	structure	structure	NOUN
ajfa-16770	240	9	:	:	PUNCT
ajfa-16770	240	10	the	the	DET
ajfa-16770	240	11	research	research	NOUN
ajfa-16770	240	12	on	on	ADP
ajfa-16770	240	13	indonesia	indonesia	PROPN
ajfa-16770	240	14	’s	’s	PART
ajfa-16770	240	15	cigarette	cigarette	NOUN
ajfa-16770	240	16	companies	company	NOUN
ajfa-16770	240	17	.	.	PUNCT
ajfa-16770	241	1	international	international	ADJ
ajfa-16770	241	2	journal	journal	PROPN
ajfa-16770	241	3	of	of	ADP
ajfa-16770	241	4	economic	economic	ADJ
ajfa-16770	241	5	sciences	science	NOUN
ajfa-16770	241	6	,	,	PUNCT
ajfa-16770	241	7	2013(3	2013(3	NUM
ajfa-16770	241	8	)	)	PUNCT
ajfa-16770	241	9	.	.	PUNCT
ajfa-16770	242	1	http://dx.doi.org/10.2139/ssrn.3393045	http://dx.doi.org/10.2139/ssrn.3393045	PROPN
ajfa-16770	242	2	barclay	barclay	PROPN
ajfa-16770	242	3	,	,	PUNCT
ajfa-16770	242	4	m.j	m.j	PROPN
ajfa-16770	242	5	.	.	PROPN
ajfa-16770	242	6	and	and	CCONJ
ajfa-16770	242	7	smith	smith	PROPN
ajfa-16770	242	8	jr	jr	PROPN
ajfa-16770	242	9	,	,	PUNCT
ajfa-16770	242	10	c.w	c.w	PROPN
ajfa-16770	242	11	.	.	PROPN
ajfa-16770	242	12	(	(	PUNCT
ajfa-16770	242	13	1999	1999	NUM
ajfa-16770	242	14	)	)	PUNCT
ajfa-16770	242	15	.	.	PUNCT
ajfa-16770	243	1	the	the	DET
ajfa-16770	243	2	capital	capital	NOUN
ajfa-16770	243	3	structure	structure	NOUN
ajfa-16770	243	4	puzzle	puzzle	NOUN
ajfa-16770	243	5	:	:	PUNCT
ajfa-16770	243	6	another	another	DET
ajfa-16770	243	7	look	look	NOUN
ajfa-16770	243	8	at	at	ADP
ajfa-16770	243	9	the	the	DET
ajfa-16770	243	10	evidence	evidence	NOUN
ajfa-16770	243	11	.	.	PUNCT
ajfa-16770	244	1	journal	journal	NOUN
ajfa-16770	244	2	of	of	ADP
ajfa-16770	244	3	applied	apply	VERB
ajfa-16770	244	4	corporate	corporate	ADJ
ajfa-16770	244	5	finance	finance	NOUN
ajfa-16770	244	6	,	,	PUNCT
ajfa-16770	244	7	12(1	12(1	NUM
ajfa-16770	244	8	)	)	PUNCT
ajfa-16770	244	9	,	,	PUNCT
ajfa-16770	244	10	8	8	NUM
ajfa-16770	244	11	-	-	SYM
ajfa-16770	244	12	20	20	NUM
ajfa-16770	244	13	.	.	PUNCT
ajfa-16770	245	1	https://doi.org/10.1111/j.17456622.1999.tb00655.x	https://doi.org/10.1111/j.17456622.1999.tb00655.x	PROPN
ajfa-16770	245	2	brealey	brealey	PROPN
ajfa-16770	245	3	r.a	r.a	PROPN
ajfa-16770	245	4	.	.	PROPN
ajfa-16770	245	5	,	,	PUNCT
ajfa-16770	245	6	myers	myers	PROPN
ajfa-16770	245	7	s.c	s.c	PROPN
ajfa-16770	245	8	.	.	PROPN
ajfa-16770	245	9	(	(	PUNCT
ajfa-16770	245	10	2003	2003	NUM
ajfa-16770	245	11	)	)	PUNCT
ajfa-16770	245	12	.	.	PUNCT
ajfa-16770	246	1	principles	principle	NOUN
ajfa-16770	246	2	of	of	ADP
ajfa-16770	246	3	corporate	corporate	ADJ
ajfa-16770	246	4	finance	finance	NOUN
ajfa-16770	246	5	”	"	PUNCT
ajfa-16770	246	6	,	,	PUNCT
ajfa-16770	246	7	seventh	seventh	ADJ
ajfa-16770	246	8	edition	edition	NOUN
ajfa-16770	246	9	,	,	PUNCT
ajfa-16770	246	10	mcgraw	mcgraw	PROPN
ajfa-16770	246	11	hill	hill	PROPN
ajfa-16770	246	12	.	.	PUNCT
ajfa-16770	247	1	goddard	goddard	PROPN
ajfa-16770	247	2	,	,	PUNCT
ajfa-16770	247	3	j.	j.	PROPN
ajfa-16770	247	4	,	,	PUNCT
ajfa-16770	247	5	tavakoli	tavakoli	PROPN
ajfa-16770	247	6	,	,	PUNCT
ajfa-16770	247	7	m.	m.	NOUN
ajfa-16770	247	8	,	,	PUNCT
ajfa-16770	247	9	&	&	CCONJ
ajfa-16770	247	10	wilson	wilson	PROPN
ajfa-16770	247	11	,	,	PUNCT
ajfa-16770	247	12	j.o	j.o	PROPN
ajfa-16770	247	13	.	.	PROPN
ajfa-16770	247	14	(	(	PUNCT
ajfa-16770	247	15	2005	2005	NUM
ajfa-16770	247	16	)	)	PUNCT
ajfa-16770	247	17	.	.	PUNCT
ajfa-16770	248	1	determinants	determinant	NOUN
ajfa-16770	248	2	of	of	ADP
ajfa-16770	248	3	profitability	profitability	NOUN
ajfa-16770	248	4	in	in	ADP
ajfa-16770	248	5	european	european	ADJ
ajfa-16770	248	6	manufacturing	manufacturing	NOUN
ajfa-16770	248	7	and	and	CCONJ
ajfa-16770	248	8	services	service	NOUN
ajfa-16770	248	9	:	:	PUNCT
ajfa-16770	248	10	evidence	evidence	NOUN
ajfa-16770	248	11	from	from	ADP
ajfa-16770	248	12	a	a	DET
ajfa-16770	248	13	dynamic	dynamic	ADJ
ajfa-16770	248	14	panel	panel	NOUN
ajfa-16770	248	15	model	model	NOUN
ajfa-16770	248	16	.	.	PUNCT
ajfa-16770	249	1	applied	apply	VERB
ajfa-16770	249	2	financial	financial	ADJ
ajfa-16770	249	3	economics	economic	NOUN
ajfa-16770	249	4	,	,	PUNCT
ajfa-16770	249	5	15(18	15(18	NUM
ajfa-16770	249	6	)	)	PUNCT
ajfa-16770	249	7	,	,	PUNCT
ajfa-16770	249	8	1269	1269	NUM
ajfa-16770	249	9	-	-	SYM
ajfa-16770	249	10	1282	1282	NUM
ajfa-16770	249	11	.	.	PUNCT
ajfa-16770	250	1	https://doi.org/10.1080/09603100500387139	https://doi.org/10.1080/09603100500387139	PROPN
ajfa-16770	250	2	eckbo	eckbo	PROPN
ajfa-16770	250	3	,	,	PUNCT
ajfa-16770	250	4	b.e	b.e	PROPN
ajfa-16770	250	5	.	.	PROPN
ajfa-16770	250	6	and	and	CCONJ
ajfa-16770	250	7	kisser	kisser	PROPN
ajfa-16770	250	8	,	,	PUNCT
ajfa-16770	250	9	m.	m.	NOUN
ajfa-16770	250	10	(	(	PUNCT
ajfa-16770	250	11	2018	2018	NUM
ajfa-16770	250	12	)	)	PUNCT
ajfa-16770	250	13	.	.	PUNCT
ajfa-16770	251	1	tradeoff	tradeoff	NOUN
ajfa-16770	251	2	theory	theory	NOUN
ajfa-16770	251	3	and	and	CCONJ
ajfa-16770	251	4	leverage	leverage	NOUN
ajfa-16770	251	5	dynamics	dynamic	NOUN
ajfa-16770	251	6	of	of	ADP
ajfa-16770	251	7	high	high	ADJ
ajfa-16770	251	8	-	-	PUNCT
ajfa-16770	251	9	frequency	frequency	NOUN
ajfa-16770	251	10	debt	debt	NOUN
ajfa-16770	251	11	issuers	issuer	NOUN
ajfa-16770	251	12	.	.	PUNCT
ajfa-16770	252	1	tuck	tuck	NOUN
ajfa-16770	252	2	school	school	NOUN
ajfa-16770	252	3	of	of	ADP
ajfa-16770	252	4	business	business	NOUN
ajfa-16770	252	5	working	working	NOUN
ajfa-16770	252	6	paper	paper	NOUN
ajfa-16770	252	7	,	,	PUNCT
ajfa-16770	252	8	(	(	PUNCT
ajfa-16770	252	9	2234435	2234435	NUM
ajfa-16770	252	10	)	)	PUNCT
ajfa-16770	252	11	.	.	PUNCT
ajfa-16770	253	1	http://dx.doi.org/10.2139/ssrn.2234435	http://dx.doi.org/10.2139/ssrn.2234435	PROPN
ajfa-16770	253	2	jensen	jensen	PROPN
ajfa-16770	253	3	,	,	PUNCT
ajfa-16770	253	4	m.c	m.c	PROPN
ajfa-16770	253	5	.	.	PROPN
ajfa-16770	253	6	(	(	PUNCT
ajfa-16770	253	7	1986	1986	NUM
ajfa-16770	253	8	)	)	PUNCT
ajfa-16770	253	9	.	.	PUNCT
ajfa-16770	254	1	agency	agency	NOUN
ajfa-16770	254	2	costs	cost	NOUN
ajfa-16770	254	3	of	of	ADP
ajfa-16770	254	4	free	free	ADJ
ajfa-16770	254	5	cash	cash	NOUN
ajfa-16770	254	6	flow	flow	NOUN
ajfa-16770	254	7	,	,	PUNCT
ajfa-16770	254	8	corporate	corporate	ADJ
ajfa-16770	254	9	finance	finance	NOUN
ajfa-16770	254	10	,	,	PUNCT
ajfa-16770	254	11	and	and	CCONJ
ajfa-16770	254	12	takeovers	takeover	NOUN
ajfa-16770	254	13	.	.	PUNCT
ajfa-16770	255	1	the	the	DET
ajfa-16770	255	2	american	american	PROPN
ajfa-16770	255	3	economic	economic	PROPN
ajfa-16770	255	4	review	review	PROPN
ajfa-16770	255	5	,	,	PUNCT
ajfa-16770	255	6	76(2	76(2	NUM
ajfa-16770	255	7	)	)	PUNCT
ajfa-16770	255	8	,	,	PUNCT
ajfa-16770	255	9	323	323	NUM
ajfa-16770	255	10	-	-	SYM
ajfa-16770	255	11	329	329	NUM
ajfa-16770	255	12	.	.	PUNCT
ajfa-16770	256	1	jensen	jensen	PROPN
ajfa-16770	256	2	,	,	PUNCT
ajfa-16770	256	3	m.	m.	NOUN
ajfa-16770	256	4	and	and	CCONJ
ajfa-16770	256	5	meckling	meckling	NOUN
ajfa-16770	256	6	,	,	PUNCT
ajfa-16770	256	7	w.h	w.h	PROPN
ajfa-16770	256	8	.	.	PROPN
ajfa-16770	256	9	(	(	PUNCT
ajfa-16770	256	10	1986	1986	NUM
ajfa-16770	256	11	)	)	PUNCT
ajfa-16770	256	12	.	.	PUNCT
ajfa-16770	257	1	agency	agency	NOUN
ajfa-16770	257	2	costs	cost	NOUN
ajfa-16770	257	3	of	of	ADP
ajfa-16770	257	4	fcf	fcf	NOUN
ajfa-16770	257	5	,	,	PUNCT
ajfa-16770	257	6	corporate	corporate	ADJ
ajfa-16770	257	7	finance	finance	NOUN
ajfa-16770	257	8	,	,	PUNCT
ajfa-16770	257	9	and	and	CCONJ
ajfa-16770	257	10	takeovers	takeover	NOUN
ajfa-16770	257	11	.	.	PUNCT
ajfa-16770	258	1	the	the	DET
ajfa-16770	258	2	american	american	PROPN
ajfa-16770	258	3	economic	economic	PROPN
ajfa-16770	258	4	review	review	PROPN
ajfa-16770	258	5	,	,	PUNCT
ajfa-16770	258	6	76	76	NUM
ajfa-16770	258	7	,	,	PUNCT
ajfa-16770	258	8	323	323	NUM
ajfa-16770	258	9	-	-	SYM
ajfa-16770	258	10	329	329	NUM
ajfa-16770	258	11	.	.	PUNCT
ajfa-16770	259	1	kangarlouei	kangarlouei	PROPN
ajfa-16770	259	2	,	,	PUNCT
ajfa-16770	259	3	s.j	s.j	PROPN
ajfa-16770	259	4	.	.	PROPN
ajfa-16770	259	5	,	,	PUNCT
ajfa-16770	259	6	azizi	azizi	PROPN
ajfa-16770	259	7	,	,	PUNCT
ajfa-16770	259	8	a.	a.	NOUN
ajfa-16770	259	9	,	,	PUNCT
ajfa-16770	259	10	farahani	farahani	PROPN
ajfa-16770	259	11	,	,	PUNCT
ajfa-16770	259	12	m.s	m.s	PROPN
ajfa-16770	259	13	.	.	PROPN
ajfa-16770	259	14	and	and	CCONJ
ajfa-16770	259	15	motavassel	motavassel	NOUN
ajfa-16770	259	16	,	,	PUNCT
ajfa-16770	259	17	m.	m.	NOUN
ajfa-16770	259	18	(	(	PUNCT
ajfa-16770	259	19	2012	2012	NUM
ajfa-16770	259	20	)	)	PUNCT
ajfa-16770	259	21	.	.	PUNCT
ajfa-16770	260	1	the	the	DET
ajfa-16770	260	2	search	search	NOUN
ajfa-16770	260	3	for	for	ADP
ajfa-16770	260	4	the	the	DET
ajfa-16770	260	5	best	good	ADJ
ajfa-16770	260	6	financial	financial	ADJ
ajfa-16770	260	7	performance	performance	NOUN
ajfa-16770	260	8	measure	measure	NOUN
ajfa-16770	260	9	of	of	ADP
ajfa-16770	260	10	companies	company	NOUN
ajfa-16770	260	11	listed	list	VERB
ajfa-16770	260	12	in	in	ADP
ajfa-16770	260	13	tehran	tehran	PROPN
ajfa-16770	260	14	stock	stock	PROPN
ajfa-16770	260	15	exchange	exchange	PROPN
ajfa-16770	260	16	(	(	PUNCT
ajfa-16770	260	17	tse	tse	PROPN
ajfa-16770	260	18	)	)	PUNCT
ajfa-16770	260	19	.	.	PUNCT
ajfa-16770	261	1	world	world	PROPN
ajfa-16770	261	2	applied	apply	VERB
ajfa-16770	261	3	sciences	science	NOUN
ajfa-16770	261	4	journal	journal	NOUN
ajfa-16770	261	5	,	,	PUNCT
ajfa-16770	261	6	16(3	16(3	NOUN
ajfa-16770	261	7	)	)	PUNCT
ajfa-16770	261	8	,	,	PUNCT
ajfa-16770	261	9	407	407	NUM
ajfa-16770	261	10	-	-	SYM
ajfa-16770	261	11	414	414	NUM
ajfa-16770	261	12	.	.	PUNCT
ajfa-16770	262	1	kebewar	kebewar	PROPN
ajfa-16770	262	2	,	,	PUNCT
ajfa-16770	262	3	m.	m.	NOUN
ajfa-16770	262	4	(	(	PUNCT
ajfa-16770	262	5	2012	2012	NUM
ajfa-16770	262	6	)	)	PUNCT
ajfa-16770	262	7	.	.	PUNCT
ajfa-16770	263	1	the	the	DET
ajfa-16770	263	2	effect	effect	NOUN
ajfa-16770	263	3	of	of	ADP
ajfa-16770	263	4	debt	debt	NOUN
ajfa-16770	263	5	on	on	ADP
ajfa-16770	263	6	corporate	corporate	ADJ
ajfa-16770	263	7	profitability	profitability	NOUN
ajfa-16770	263	8	:	:	PUNCT
ajfa-16770	263	9	evidence	evidence	NOUN
ajfa-16770	263	10	from	from	ADP
ajfa-16770	263	11	french	french	ADJ
ajfa-16770	263	12	service	service	NOUN
ajfa-16770	263	13	sector	sector	NOUN
ajfa-16770	263	14	.	.	PUNCT
ajfa-16770	264	1	available	available	ADJ
ajfa-16770	264	2	at	at	ADP
ajfa-16770	264	3	ssrn	ssrn	PROPN
ajfa-16770	264	4	2191075	2191075	NUM
ajfa-16770	264	5	.	.	PUNCT
ajfa-16770	265	1	http://dx.doi.org/10.2139/ssrn.2191075	http://dx.doi.org/10.2139/ssrn.2191075	PROPN
ajfa-16770	265	2	kebewar	kebewar	PROPN
ajfa-16770	265	3	,	,	PUNCT
ajfa-16770	265	4	m.	m.	NOUN
ajfa-16770	265	5	(	(	PUNCT
ajfa-16770	265	6	2013	2013	NUM
ajfa-16770	265	7	)	)	PUNCT
ajfa-16770	265	8	.	.	PUNCT
ajfa-16770	266	1	does	do	AUX
ajfa-16770	266	2	debt	debt	NOUN
ajfa-16770	266	3	affect	affect	VERB
ajfa-16770	266	4	profitability	profitability	NOUN
ajfa-16770	266	5	?	?	PUNCT
ajfa-16770	267	1	an	an	DET
ajfa-16770	267	2	empirical	empirical	ADJ
ajfa-16770	267	3	study	study	NOUN
ajfa-16770	267	4	of	of	ADP
ajfa-16770	267	5	french	french	ADJ
ajfa-16770	267	6	trade	trade	NOUN
ajfa-16770	267	7	sector	sector	NOUN
ajfa-16770	267	8	.	.	PUNCT
ajfa-16770	268	1	an	an	DET
ajfa-16770	268	2	empirical	empirical	ADJ
ajfa-16770	268	3	study	study	NOUN
ajfa-16770	268	4	of	of	ADP
ajfa-16770	268	5	french	french	ADJ
ajfa-16770	268	6	trade	trade	NOUN
ajfa-16770	268	7	sector	sector	NOUN
ajfa-16770	268	8	(	(	PUNCT
ajfa-16770	268	9	january	january	PROPN
ajfa-16770	268	10	23	23	NUM
ajfa-16770	268	11	,	,	PUNCT
ajfa-16770	268	12	2013	2013	NUM
ajfa-16770	268	13	)	)	PUNCT
ajfa-16770	268	14	.	.	PUNCT
ajfa-16770	269	1	http://dx.doi.org/10.2139/ssrn.2205794	http://dx.doi.org/10.2139/ssrn.2205794	PROPN
ajfa-16770	269	2	kester	kester	PROPN
ajfa-16770	269	3	,	,	PUNCT
ajfa-16770	269	4	w.c	w.c	PROPN
ajfa-16770	269	5	.	.	PROPN
ajfa-16770	269	6	(	(	PUNCT
ajfa-16770	269	7	1986	1986	NUM
ajfa-16770	269	8	)	)	PUNCT
ajfa-16770	269	9	.	.	PUNCT
ajfa-16770	270	1	financial	financial	ADJ
ajfa-16770	270	2	management	management	NOUN
ajfa-16770	270	3	in	in	ADP
ajfa-16770	270	4	japan	japan	PROPN
ajfa-16770	270	5	capital	capital	PROPN
ajfa-16770	270	6	and	and	CCONJ
ajfa-16770	270	7	ownership	ownership	NOUN
ajfa-16770	270	8	structure	structure	NOUN
ajfa-16770	270	9	:	:	PUNCT
ajfa-16770	270	10	a	a	DET
ajfa-16770	270	11	comparison	comparison	NOUN
ajfa-16770	270	12	of	of	ADP
ajfa-16770	270	13	united	united	PROPN
ajfa-16770	270	14	states	states	PROPN
ajfa-16770	270	15	and	and	CCONJ
ajfa-16770	270	16	japanese	japanese	ADJ
ajfa-16770	270	17	manufacturing	manufacturing	NOUN
ajfa-16770	270	18	corporations	corporation	NOUN
ajfa-16770	270	19	.	.	PUNCT
ajfa-16770	271	1	financial	financial	ADJ
ajfa-16770	271	2	management	management	NOUN
ajfa-16770	271	3	(	(	PUNCT
ajfa-16770	271	4	1986	1986	NUM
ajfa-16770	271	5	)	)	PUNCT
ajfa-16770	271	6	,	,	PUNCT
ajfa-16770	271	7	15(1	15(1	NUM
ajfa-16770	271	8	)	)	PUNCT
ajfa-16770	271	9	,	,	PUNCT
ajfa-16770	271	10	5	5	X
ajfa-16770	271	11	.	.	PUNCT
ajfa-16770	271	12	modigliani	modigliani	PROPN
ajfa-16770	271	13	,	,	PUNCT
ajfa-16770	271	14	f.	f.	PROPN
ajfa-16770	271	15	,	,	PUNCT
ajfa-16770	271	16	&	&	CCONJ
ajfa-16770	271	17	miller	miller	PROPN
ajfa-16770	271	18	,	,	PUNCT
ajfa-16770	271	19	m.	m.	NOUN
ajfa-16770	271	20	,	,	PUNCT
ajfa-16770	271	21	h.	h.	PROPN
ajfa-16770	271	22	(	(	PUNCT
ajfa-16770	271	23	1958	1958	NUM
ajfa-16770	271	24	)	)	PUNCT
ajfa-16770	271	25	.	.	PUNCT
ajfa-16770	272	1	the	the	DET
ajfa-16770	272	2	cost	cost	NOUN
ajfa-16770	272	3	of	of	ADP
ajfa-16770	272	4	capital	capital	NOUN
ajfa-16770	272	5	,	,	PUNCT
ajfa-16770	272	6	corporation	corporation	NOUN
ajfa-16770	272	7	finance	finance	NOUN
ajfa-16770	272	8	,	,	PUNCT
ajfa-16770	272	9	and	and	CCONJ
ajfa-16770	272	10	the	the	DET
ajfa-16770	272	11	theory	theory	NOUN
ajfa-16770	272	12	of	of	ADP
ajfa-16770	272	13	investment	investment	NOUN
ajfa-16770	272	14	”	"	PUNCT
ajfa-16770	272	15	,	,	PUNCT
ajfa-16770	272	16	american	american	ADJ
ajfa-16770	272	17	economics	economics	PROPN
ajfa-16770	272	18	review	review	PROPN
ajfa-16770	272	19	,	,	PUNCT
ajfa-16770	272	20	48	48	NUM
ajfa-16770	272	21	,	,	PUNCT
ajfa-16770	272	22	461	461	NUM
ajfa-16770	272	23	-	-	SYM
ajfa-16770	272	24	297	297	NUM
ajfa-16770	272	25	.	.	PUNCT
ajfa-16770	273	1	modigliani	modigliani	PROPN
ajfa-16770	273	2	,	,	PUNCT
ajfa-16770	273	3	f.	f.	PROPN
ajfa-16770	273	4	,	,	PUNCT
ajfa-16770	273	5	&	&	CCONJ
ajfa-16770	273	6	miller	miller	PROPN
ajfa-16770	273	7	,	,	PUNCT
ajfa-16770	273	8	m.h	m.h	PROPN
ajfa-16770	273	9	.	.	PROPN
ajfa-16770	273	10	(	(	PUNCT
ajfa-16770	273	11	1963	1963	NUM
ajfa-16770	273	12	)	)	PUNCT
ajfa-16770	273	13	.	.	PUNCT
ajfa-16770	274	1	corporate	corporate	ADJ
ajfa-16770	274	2	income	income	NOUN
ajfa-16770	274	3	taxes	taxis	NOUN
ajfa-16770	274	4	and	and	CCONJ
ajfa-16770	274	5	the	the	DET
ajfa-16770	274	6	cost	cost	NOUN
ajfa-16770	274	7	of	of	ADP
ajfa-16770	274	8	capital	capital	NOUN
ajfa-16770	274	9	:	:	PUNCT
ajfa-16770	274	10	a	a	DET
ajfa-16770	274	11	correction	correction	NOUN
ajfa-16770	274	12	.	.	PUNCT
ajfa-16770	275	1	the	the	DET
ajfa-16770	275	2	american	american	PROPN
ajfa-16770	275	3	economic	economic	PROPN
ajfa-16770	275	4	review	review	PROPN
ajfa-16770	275	5	,	,	PUNCT
ajfa-16770	275	6	53(3	53(3	NUM
ajfa-16770	275	7	)	)	PUNCT
ajfa-16770	275	8	,	,	PUNCT
ajfa-16770	275	9	433	433	NUM
ajfa-16770	275	10	-	-	SYM
ajfa-16770	275	11	443	443	NUM
ajfa-16770	275	12	.	.	PUNCT
ajfa-16770	276	1	https://dx.doi.org/10.2139/ssrn.3393045	https://dx.doi.org/10.2139/ssrn.3393045	ADJ
ajfa-16770	276	2	https://doi.org/10.1111/j.1745-6622.1999.tb00655.x	https://doi.org/10.1111/j.1745-6622.1999.tb00655.x	PROPN
ajfa-16770	276	3	https://doi.org/10.1111/j.1745-6622.1999.tb00655.x	https://doi.org/10.1111/j.1745-6622.1999.tb00655.x	PROPN
ajfa-16770	276	4	https://doi.org/10.1080/09603100500387139	https://doi.org/10.1080/09603100500387139	NOUN
ajfa-16770	276	5	https://dx.doi.org/10.2139/ssrn.2234435	https://dx.doi.org/10.2139/ssrn.2234435	X
ajfa-16770	276	6	https://dx.doi.org/10.2139/ssrn.2191075	https://dx.doi.org/10.2139/ssrn.2191075	X
ajfa-16770	276	7	https://dx.doi.org/10.2139/ssrn.2205794	https://dx.doi.org/10.2139/ssrn.2205794	PRON
ajfa-16770	276	8	asian	asian	ADJ
ajfa-16770	276	9	journal	journal	NOUN
ajfa-16770	276	10	of	of	ADP
ajfa-16770	276	11	finance	finance	PROPN
ajfa-16770	276	12	&	&	CCONJ
ajfa-16770	276	13	accounting	accounting	PROPN
ajfa-16770	276	14	issn	issn	PROPN
ajfa-16770	276	15	1946	1946	NUM
ajfa-16770	276	16	-	-	PUNCT
ajfa-16770	276	17	052x	052x	NOUN
ajfa-16770	276	18	2020	2020	NUM
ajfa-16770	276	19	,	,	PUNCT
ajfa-16770	276	20	vol	vol	NOUN
ajfa-16770	276	21	.	.	PROPN
ajfa-16770	276	22	12	12	NUM
ajfa-16770	276	23	,	,	PUNCT
ajfa-16770	276	24	no	no	INTJ
ajfa-16770	276	25	.	.	NOUN
ajfa-16770	276	26	1	1	NUM
ajfa-16770	276	27	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16770	276	28	71	71	NUM
ajfa-16770	276	29	myers	myer	NOUN
ajfa-16770	276	30	,	,	PUNCT
ajfa-16770	276	31	s.c	s.c	PROPN
ajfa-16770	276	32	.	.	PROPN
ajfa-16770	276	33	(	(	PUNCT
ajfa-16770	276	34	1984	1984	NUM
ajfa-16770	276	35	)	)	PUNCT
ajfa-16770	276	36	.	.	PUNCT
ajfa-16770	277	1	the	the	DET
ajfa-16770	277	2	capital	capital	NOUN
ajfa-16770	277	3	structure	structure	NOUN
ajfa-16770	277	4	puzzle	puzzle	NOUN
ajfa-16770	277	5	.	.	PUNCT
ajfa-16770	278	1	the	the	DET
ajfa-16770	278	2	journal	journal	PROPN
ajfa-16770	278	3	of	of	ADP
ajfa-16770	278	4	finance	finance	NOUN
ajfa-16770	278	5	,	,	PUNCT
ajfa-16770	278	6	39(3	39(3	NUM
ajfa-16770	278	7	)	)	PUNCT
ajfa-16770	278	8	,	,	PUNCT
ajfa-16770	278	9	574	574	NUM
ajfa-16770	278	10	-	-	SYM
ajfa-16770	278	11	592	592	NUM
ajfa-16770	278	12	.	.	PUNCT
ajfa-16770	279	1	https://doi.org/10.1111/j.1540-6261.1984.tb03646.x	https://doi.org/10.1111/j.1540-6261.1984.tb03646.x	PROPN
ajfa-16770	279	2	myers	myers	PROPN
ajfa-16770	279	3	,	,	PUNCT
ajfa-16770	279	4	s.c	s.c	PROPN
ajfa-16770	279	5	.	.	PROPN
ajfa-16770	279	6	and	and	CCONJ
ajfa-16770	279	7	majluf	majluf	PROPN
ajfa-16770	279	8	,	,	PUNCT
ajfa-16770	279	9	n.s	n.s	PROPN
ajfa-16770	279	10	.	.	PROPN
ajfa-16770	279	11	(	(	PUNCT
ajfa-16770	279	12	1984	1984	NUM
ajfa-16770	279	13	)	)	PUNCT
ajfa-16770	279	14	.	.	PUNCT
ajfa-16770	280	1	corporate	corporate	ADJ
ajfa-16770	280	2	financing	financing	NOUN
ajfa-16770	280	3	and	and	CCONJ
ajfa-16770	280	4	investment	investment	NOUN
ajfa-16770	280	5	decisions	decision	NOUN
ajfa-16770	280	6	when	when	SCONJ
ajfa-16770	280	7	firms	firm	NOUN
ajfa-16770	280	8	have	have	VERB
ajfa-16770	280	9	information	information	NOUN
ajfa-16770	280	10	that	that	SCONJ
ajfa-16770	280	11	investors	investor	NOUN
ajfa-16770	280	12	do	do	AUX
ajfa-16770	280	13	not	not	PART
ajfa-16770	280	14	have	have	VERB
ajfa-16770	280	15	.	.	PUNCT
ajfa-16770	281	1	journal	journal	NOUN
ajfa-16770	281	2	of	of	ADP
ajfa-16770	281	3	financial	financial	ADJ
ajfa-16770	281	4	economics	economic	NOUN
ajfa-16770	281	5	,	,	PUNCT
ajfa-16770	281	6	13(2	13(2	PROPN
ajfa-16770	281	7	)	)	PUNCT
ajfa-16770	281	8	,	,	PUNCT
ajfa-16770	281	9	187	187	NUM
ajfa-16770	281	10	-	-	SYM
ajfa-16770	281	11	221	221	NUM
ajfa-16770	281	12	.	.	PUNCT
ajfa-16770	282	1	myers	myers	PROPN
ajfa-16770	282	2	,	,	PUNCT
ajfa-16770	282	3	s.c	s.c	PROPN
ajfa-16770	282	4	.	.	PROPN
ajfa-16770	282	5	(	(	PUNCT
ajfa-16770	282	6	2001	2001	NUM
ajfa-16770	282	7	)	)	PUNCT
ajfa-16770	282	8	.	.	PUNCT
ajfa-16770	283	1	capital	capital	NOUN
ajfa-16770	283	2	structure	structure	NOUN
ajfa-16770	283	3	.	.	PUNCT
ajfa-16770	284	1	journal	journal	NOUN
ajfa-16770	284	2	of	of	ADP
ajfa-16770	284	3	economic	economic	ADJ
ajfa-16770	284	4	perspectives	perspective	NOUN
ajfa-16770	284	5	,	,	PUNCT
ajfa-16770	284	6	15(2	15(2	NUM
ajfa-16770	284	7	)	)	PUNCT
ajfa-16770	284	8	,	,	PUNCT
ajfa-16770	284	9	81	81	NUM
ajfa-16770	284	10	-	-	SYM
ajfa-16770	284	11	102	102	NUM
ajfa-16770	284	12	.	.	PUNCT
ajfa-16770	285	1	https://doi	https://doi	ADJ
ajfa-16770	285	2	/	/	SYM
ajfa-16770	285	3	pdf/10.1257	pdf/10.1257	PROPN
ajfa-16770	285	4	/	/	SYM
ajfa-16770	285	5	jep.15.2.81	jep.15.2.81	PROPN
ajfa-16770	285	6	pandey	pandey	PROPN
ajfa-16770	285	7	,	,	PUNCT
ajfa-16770	285	8	i.m	i.m	PROPN
ajfa-16770	285	9	.	.	PUNCT
ajfa-16770	285	10	(	(	PUNCT
ajfa-16770	285	11	2004	2004	NUM
ajfa-16770	285	12	)	)	PUNCT
ajfa-16770	285	13	.	.	PUNCT
ajfa-16770	286	1	capital	capital	NOUN
ajfa-16770	286	2	structure	structure	NOUN
ajfa-16770	286	3	,	,	PUNCT
ajfa-16770	286	4	profitability	profitability	NOUN
ajfa-16770	286	5	and	and	CCONJ
ajfa-16770	286	6	market	market	NOUN
ajfa-16770	286	7	structure	structure	NOUN
ajfa-16770	286	8	:	:	PUNCT
ajfa-16770	286	9	evidence	evidence	NOUN
ajfa-16770	286	10	from	from	ADP
ajfa-16770	286	11	malaysia	malaysia	PROPN
ajfa-16770	286	12	.	.	PUNCT
ajfa-16770	287	1	asia	asia	PROPN
ajfa-16770	287	2	pacific	pacific	PROPN
ajfa-16770	287	3	journal	journal	PROPN
ajfa-16770	287	4	of	of	ADP
ajfa-16770	287	5	economics	economic	NOUN
ajfa-16770	287	6	and	and	CCONJ
ajfa-16770	287	7	business	business	NOUN
ajfa-16770	287	8	,	,	PUNCT
ajfa-16770	287	9	8(2	8(2	NUM
ajfa-16770	287	10	)	)	PUNCT
ajfa-16770	287	11	,	,	PUNCT
ajfa-16770	287	12	78	78	NUM
ajfa-16770	287	13	.	.	PUNCT
ajfa-16770	288	1	pradhan	pradhan	PROPN
ajfa-16770	288	2	,	,	PUNCT
ajfa-16770	288	3	r.s	r.s	PROPN
ajfa-16770	288	4	.	.	PROPN
ajfa-16770	288	5	and	and	CCONJ
ajfa-16770	288	6	khadka	khadka	PROPN
ajfa-16770	288	7	,	,	PUNCT
ajfa-16770	288	8	n.	n.	NOUN
ajfa-16770	288	9	(	(	PUNCT
ajfa-16770	288	10	2017	2017	NUM
ajfa-16770	288	11	)	)	PUNCT
ajfa-16770	288	12	.	.	PUNCT
ajfa-16770	289	1	the	the	DET
ajfa-16770	289	2	effect	effect	NOUN
ajfa-16770	289	3	of	of	ADP
ajfa-16770	289	4	debt	debt	NOUN
ajfa-16770	289	5	financing	financing	NOUN
ajfa-16770	289	6	on	on	ADP
ajfa-16770	289	7	profitability	profitability	NOUN
ajfa-16770	289	8	of	of	ADP
ajfa-16770	289	9	nepalese	nepalese	ADJ
ajfa-16770	289	10	commercial	commercial	ADJ
ajfa-16770	289	11	banks	bank	NOUN
ajfa-16770	289	12	.	.	PUNCT
ajfa-16770	290	1	available	available	ADJ
ajfa-16770	290	2	at	at	ADP
ajfa-16770	290	3	ssrn	ssrn	NOUN
ajfa-16770	290	4	3044107	3044107	NUM
ajfa-16770	290	5	.	.	PUNCT
ajfa-16770	291	1	http://dx.doi.org/10.2139	http://dx.doi.org/10.2139	PROPN
ajfa-16770	291	2	rajan	rajan	PROPN
ajfa-16770	291	3	,	,	PUNCT
ajfa-16770	291	4	r.g	r.g	PROPN
ajfa-16770	291	5	.	.	PROPN
ajfa-16770	291	6	and	and	CCONJ
ajfa-16770	291	7	zingales	zingale	NOUN
ajfa-16770	291	8	,	,	PUNCT
ajfa-16770	291	9	l.	l.	PROPN
ajfa-16770	291	10	(	(	PUNCT
ajfa-16770	291	11	1995	1995	NUM
ajfa-16770	291	12	)	)	PUNCT
ajfa-16770	291	13	.	.	PUNCT
ajfa-16770	292	1	what	what	PRON
ajfa-16770	292	2	do	do	AUX
ajfa-16770	292	3	we	we	PRON
ajfa-16770	292	4	know	know	VERB
ajfa-16770	292	5	about	about	ADP
ajfa-16770	292	6	capital	capital	NOUN
ajfa-16770	292	7	structure	structure	NOUN
ajfa-16770	292	8	?	?	PUNCT
ajfa-16770	293	1	some	some	DET
ajfa-16770	293	2	evidence	evidence	NOUN
ajfa-16770	293	3	from	from	ADP
ajfa-16770	293	4	international	international	ADJ
ajfa-16770	293	5	data	datum	NOUN
ajfa-16770	293	6	.	.	PUNCT
ajfa-16770	294	1	the	the	DET
ajfa-16770	294	2	journal	journal	PROPN
ajfa-16770	294	3	of	of	ADP
ajfa-16770	294	4	finance	finance	NOUN
ajfa-16770	294	5	,	,	PUNCT
ajfa-16770	294	6	50(5	50(5	NUM
ajfa-16770	294	7	)	)	PUNCT
ajfa-16770	294	8	,	,	PUNCT
ajfa-16770	294	9	1421	1421	NUM
ajfa-16770	294	10	-	-	SYM
ajfa-16770	294	11	1460	1460	NUM
ajfa-16770	294	12	.	.	PUNCT
ajfa-16770	295	1	https://doi.org/10.1111/j.1540-6261.1995.tb05184.x	https://doi.org/10.1111/j.1540-6261.1995.tb05184.x	PROPN
ajfa-16770	295	2	rehman	rehman	PROPN
ajfa-16770	295	3	,	,	PUNCT
ajfa-16770	295	4	s.s.f.u	s.s.f.u	PROPN
ajfa-16770	295	5	.	.	PROPN
ajfa-16770	295	6	(	(	PUNCT
ajfa-16770	295	7	2013	2013	NUM
ajfa-16770	295	8	)	)	PUNCT
ajfa-16770	295	9	.	.	PUNCT
ajfa-16770	296	1	relationship	relationship	NOUN
ajfa-16770	296	2	between	between	ADP
ajfa-16770	296	3	financial	financial	ADJ
ajfa-16770	296	4	leverage	leverage	NOUN
ajfa-16770	296	5	and	and	CCONJ
ajfa-16770	296	6	financial	financial	ADJ
ajfa-16770	296	7	performance	performance	NOUN
ajfa-16770	296	8	:	:	PUNCT
ajfa-16770	296	9	empirical	empirical	ADJ
ajfa-16770	296	10	evidence	evidence	NOUN
ajfa-16770	296	11	of	of	ADP
ajfa-16770	296	12	listed	list	VERB
ajfa-16770	296	13	sugar	sugar	NOUN
ajfa-16770	296	14	companies	company	NOUN
ajfa-16770	296	15	of	of	ADP
ajfa-16770	296	16	pakistan	pakistan	PROPN
ajfa-16770	296	17	.	.	PUNCT
ajfa-16770	297	1	global	global	ADJ
ajfa-16770	297	2	journal	journal	PROPN
ajfa-16770	297	3	of	of	ADP
ajfa-16770	297	4	management	management	NOUN
ajfa-16770	297	5	and	and	CCONJ
ajfa-16770	297	6	business	business	NOUN
ajfa-16770	297	7	research	research	NOUN
ajfa-16770	297	8	.	.	PUNCT
ajfa-16770	298	1	saluja	saluja	PROPN
ajfa-16770	298	2	,	,	PUNCT
ajfa-16770	298	3	p.	p.	PROPN
ajfa-16770	298	4	and	and	CCONJ
ajfa-16770	298	5	kumar	kumar	PROPN
ajfa-16770	298	6	,	,	PUNCT
ajfa-16770	298	7	p.	p.	NOUN
ajfa-16770	298	8	(	(	PUNCT
ajfa-16770	298	9	2012	2012	NUM
ajfa-16770	298	10	)	)	PUNCT
ajfa-16770	298	11	.	.	PUNCT
ajfa-16770	299	1	liquidity	liquidity	NOUN
ajfa-16770	299	2	and	and	CCONJ
ajfa-16770	299	3	profitability	profitability	NOUN
ajfa-16770	299	4	trade	trade	NOUN
ajfa-16770	299	5	-	-	PUNCT
ajfa-16770	299	6	off	off	NOUN
ajfa-16770	299	7	.	.	PUNCT
ajfa-16770	300	1	international	international	ADJ
ajfa-16770	300	2	journal	journal	PROPN
ajfa-16770	300	3	of	of	ADP
ajfa-16770	300	4	advanced	advanced	ADJ
ajfa-16770	300	5	research	research	NOUN
ajfa-16770	300	6	in	in	ADP
ajfa-16770	300	7	management	management	NOUN
ajfa-16770	300	8	and	and	CCONJ
ajfa-16770	300	9	social	social	ADJ
ajfa-16770	300	10	sciences	science	NOUN
ajfa-16770	300	11	,	,	PUNCT
ajfa-16770	300	12	1(3	1(3	NUM
ajfa-16770	300	13	)	)	PUNCT
ajfa-16770	300	14	,	,	PUNCT
ajfa-16770	300	15	77	77	NUM
ajfa-16770	300	16	-	-	SYM
ajfa-16770	300	17	84	84	NUM
ajfa-16770	300	18	.	.	PUNCT
ajfa-16770	301	1	schneider	schneider	PROPN
ajfa-16770	301	2	,	,	PUNCT
ajfa-16770	301	3	f.	f.	PROPN
ajfa-16770	301	4	(	(	PUNCT
ajfa-16770	301	5	1991	1991	NUM
ajfa-16770	301	6	)	)	PUNCT
ajfa-16770	301	7	.	.	PUNCT
ajfa-16770	302	1	efficiency	efficiency	NOUN
ajfa-16770	302	2	and	and	CCONJ
ajfa-16770	302	3	profitability	profitability	NOUN
ajfa-16770	302	4	:	:	PUNCT
ajfa-16770	302	5	an	an	DET
ajfa-16770	302	6	inverse	inverse	NOUN
ajfa-16770	302	7	relationship	relationship	NOUN
ajfa-16770	302	8	according	accord	VERB
ajfa-16770	302	9	to	to	ADP
ajfa-16770	302	10	the	the	DET
ajfa-16770	302	11	size	size	NOUN
ajfa-16770	302	12	of	of	ADP
ajfa-16770	302	13	austrian	austrian	ADJ
ajfa-16770	302	14	firm	firm	NOUN
ajfa-16770	302	15	?	?	PUNCT
ajfa-16770	302	16	.	.	PUNCT
ajfa-16770	303	1	small	small	ADJ
ajfa-16770	303	2	business	business	NOUN
ajfa-16770	303	3	economics	economic	NOUN
ajfa-16770	303	4	,	,	PUNCT
ajfa-16770	303	5	3(4	3(4	NUM
ajfa-16770	303	6	)	)	PUNCT
ajfa-16770	303	7	,	,	PUNCT
ajfa-16770	303	8	287	287	NUM
ajfa-16770	303	9	-	-	SYM
ajfa-16770	303	10	296	296	NUM
ajfa-16770	303	11	.	.	PUNCT
ajfa-16770	304	1	https://doi.org/10.1007/bf01840610	https://doi.org/10.1007/bf01840610	ADJ
ajfa-16770	304	2	shepherd	shepherd	PROPN
ajfa-16770	304	3	,	,	PUNCT
ajfa-16770	304	4	w.g	w.g	PROPN
ajfa-16770	304	5	.	.	PROPN
ajfa-16770	304	6	(	(	PUNCT
ajfa-16770	304	7	1972	1972	NUM
ajfa-16770	304	8	)	)	PUNCT
ajfa-16770	304	9	.	.	PUNCT
ajfa-16770	305	1	the	the	DET
ajfa-16770	305	2	elements	element	NOUN
ajfa-16770	305	3	of	of	ADP
ajfa-16770	305	4	market	market	NOUN
ajfa-16770	305	5	structure	structure	NOUN
ajfa-16770	305	6	.	.	PUNCT
ajfa-16770	306	1	the	the	DET
ajfa-16770	306	2	review	review	NOUN
ajfa-16770	306	3	of	of	ADP
ajfa-16770	306	4	economics	economic	NOUN
ajfa-16770	306	5	and	and	CCONJ
ajfa-16770	306	6	statistics	statistic	NOUN
ajfa-16770	306	7	,	,	PUNCT
ajfa-16770	306	8	25	25	NUM
ajfa-16770	306	9	-	-	SYM
ajfa-16770	306	10	37	37	NUM
ajfa-16770	306	11	.	.	PUNCT
ajfa-16770	307	1	shyam	shyam	NOUN
ajfa-16770	307	2	-	-	PUNCT
ajfa-16770	307	3	sunder	sunder	PROPN
ajfa-16770	307	4	,	,	PUNCT
ajfa-16770	307	5	l.	l.	PROPN
ajfa-16770	307	6	and	and	CCONJ
ajfa-16770	307	7	myers	myers	PROPN
ajfa-16770	307	8	,	,	PUNCT
ajfa-16770	307	9	s.c	s.c	PROPN
ajfa-16770	307	10	.	.	PROPN
ajfa-16770	307	11	(	(	PUNCT
ajfa-16770	307	12	1999	1999	NUM
ajfa-16770	307	13	)	)	PUNCT
ajfa-16770	307	14	.	.	PUNCT
ajfa-16770	308	1	testing	test	VERB
ajfa-16770	308	2	static	static	ADJ
ajfa-16770	308	3	tradeoff	tradeoff	NOUN
ajfa-16770	308	4	against	against	ADP
ajfa-16770	308	5	pecking	pecking	NOUN
ajfa-16770	308	6	order	order	NOUN
ajfa-16770	308	7	models	model	NOUN
ajfa-16770	308	8	of	of	ADP
ajfa-16770	308	9	capital	capital	NOUN
ajfa-16770	308	10	structure	structure	NOUN
ajfa-16770	308	11	.	.	PUNCT
ajfa-16770	309	1	journal	journal	NOUN
ajfa-16770	309	2	of	of	ADP
ajfa-16770	309	3	financial	financial	ADJ
ajfa-16770	309	4	economics	economic	NOUN
ajfa-16770	309	5	,	,	PUNCT
ajfa-16770	309	6	51(2	51(2	NUM
ajfa-16770	309	7	)	)	PUNCT
ajfa-16770	309	8	,	,	PUNCT
ajfa-16770	309	9	219	219	NUM
ajfa-16770	309	10	-	-	SYM
ajfa-16770	309	11	244	244	NUM
ajfa-16770	309	12	.	.	PUNCT
ajfa-16770	310	1	https://doi.org/10.1016/s0304-405x(98)00051-8	https://doi.org/10.1016/s0304-405x(98)00051-8	NOUN
ajfa-16770	310	2	stulz	stulz	PROPN
ajfa-16770	310	3	,	,	PUNCT
ajfa-16770	310	4	r.	r.	PROPN
ajfa-16770	310	5	(	(	PUNCT
ajfa-16770	310	6	1990	1990	NUM
ajfa-16770	310	7	)	)	PUNCT
ajfa-16770	310	8	.	.	PUNCT
ajfa-16770	311	1	managerial	managerial	ADJ
ajfa-16770	311	2	discretion	discretion	NOUN
ajfa-16770	311	3	and	and	CCONJ
ajfa-16770	311	4	optimal	optimal	ADJ
ajfa-16770	311	5	financing	financing	NOUN
ajfa-16770	311	6	policies	policy	NOUN
ajfa-16770	311	7	.	.	PUNCT
ajfa-16770	312	1	journal	journal	NOUN
ajfa-16770	312	2	of	of	ADP
ajfa-16770	312	3	financial	financial	ADJ
ajfa-16770	312	4	economics	economic	NOUN
ajfa-16770	312	5	,	,	PUNCT
ajfa-16770	312	6	26(1	26(1	NUM
ajfa-16770	312	7	)	)	PUNCT
ajfa-16770	312	8	,	,	PUNCT
ajfa-16770	312	9	3	3	NUM
ajfa-16770	312	10	-	-	SYM
ajfa-16770	312	11	27	27	NUM
ajfa-16770	312	12	.	.	PUNCT
ajfa-16770	313	1	https://doi.org/10.1016/0304-405x(90)90011-n	https://doi.org/10.1016/0304-405x(90)90011-n	PROPN
ajfa-16770	313	2	voulgaris	voulgaris	PROPN
ajfa-16770	313	3	,	,	PUNCT
ajfa-16770	313	4	f.	f.	PROPN
ajfa-16770	313	5	and	and	CCONJ
ajfa-16770	313	6	lemonakis	lemonaki	NOUN
ajfa-16770	313	7	,	,	PUNCT
ajfa-16770	313	8	c.	c.	NOUN
ajfa-16770	313	9	(	(	PUNCT
ajfa-16770	313	10	2014	2014	NUM
ajfa-16770	313	11	)	)	PUNCT
ajfa-16770	313	12	.	.	PUNCT
ajfa-16770	314	1	competitiveness	competitiveness	NOUN
ajfa-16770	314	2	and	and	CCONJ
ajfa-16770	314	3	profitability	profitability	NOUN
ajfa-16770	314	4	:	:	PUNCT
ajfa-16770	314	5	the	the	DET
ajfa-16770	314	6	case	case	NOUN
ajfa-16770	314	7	of	of	ADP
ajfa-16770	314	8	chemicals	chemical	NOUN
ajfa-16770	314	9	,	,	PUNCT
ajfa-16770	314	10	pharmaceuticals	pharmaceutical	NOUN
ajfa-16770	314	11	and	and	CCONJ
ajfa-16770	314	12	plastics	plastic	NOUN
ajfa-16770	314	13	.	.	PUNCT
ajfa-16770	315	1	the	the	DET
ajfa-16770	315	2	journal	journal	NOUN
ajfa-16770	315	3	of	of	ADP
ajfa-16770	315	4	economic	economic	ADJ
ajfa-16770	315	5	asymmetries	asymmetry	NOUN
ajfa-16770	315	6	,	,	PUNCT
ajfa-16770	315	7	11	11	NUM
ajfa-16770	315	8	,	,	PUNCT
ajfa-16770	315	9	46	46	NUM
ajfa-16770	315	10	-	-	SYM
ajfa-16770	315	11	57	57	NUM
ajfa-16770	315	12	.	.	PUNCT
ajfa-16770	316	1	https://doi.org/10.1016/j.jeca.2014.04.003	https://doi.org/10.1016/j.jeca.2014.04.003	PROPN
ajfa-16770	316	2	yegon	yegon	PROPN
ajfa-16770	316	3	,	,	PUNCT
ajfa-16770	316	4	c.	c.	PROPN
ajfa-16770	316	5	,	,	PUNCT
ajfa-16770	316	6	cheruiyot	cheruiyot	NOUN
ajfa-16770	316	7	,	,	PUNCT
ajfa-16770	316	8	j.	j.	PROPN
ajfa-16770	316	9	,	,	PUNCT
ajfa-16770	316	10	sang	sing	VERB
ajfa-16770	316	11	,	,	PUNCT
ajfa-16770	316	12	j.	j.	PROPN
ajfa-16770	316	13	and	and	CCONJ
ajfa-16770	316	14	cheruiyot	cheruiyot	PROPN
ajfa-16770	316	15	,	,	PUNCT
ajfa-16770	316	16	p.	p.	NOUN
ajfa-16770	316	17	(	(	PUNCT
ajfa-16770	316	18	2014	2014	NUM
ajfa-16770	316	19	)	)	PUNCT
ajfa-16770	316	20	.	.	PUNCT
ajfa-16770	317	1	the	the	DET
ajfa-16770	317	2	effects	effect	NOUN
ajfa-16770	317	3	of	of	ADP
ajfa-16770	317	4	capital	capital	NOUN
ajfa-16770	317	5	structure	structure	NOUN
ajfa-16770	317	6	on	on	ADP
ajfa-16770	317	7	firm‟	firm‟	NOUN
ajfa-16770	317	8	s	s	PART
ajfa-16770	317	9	profitability	profitability	NOUN
ajfa-16770	317	10	:	:	PUNCT
ajfa-16770	317	11	evidence	evidence	NOUN
ajfa-16770	317	12	from	from	ADP
ajfa-16770	317	13	kenya‟	kenya‟	PROPN
ajfa-16770	317	14	s	s	PART
ajfa-16770	317	15	banking	banking	NOUN
ajfa-16770	317	16	sector	sector	NOUN
ajfa-16770	317	17	.	.	PUNCT
ajfa-16770	318	1	research	research	NOUN
ajfa-16770	318	2	journal	journal	PROPN
ajfa-16770	318	3	of	of	ADP
ajfa-16770	318	4	finance	finance	NOUN
ajfa-16770	318	5	and	and	CCONJ
ajfa-16770	318	6	accounting	accounting	NOUN
ajfa-16770	318	7	,	,	PUNCT
ajfa-16770	318	8	5(9	5(9	NUM
ajfa-16770	318	9	)	)	PUNCT
ajfa-16770	318	10	.	.	PUNCT
ajfa-16770	319	1	yoon	yoon	PROPN
ajfa-16770	319	2	,	,	PUNCT
ajfa-16770	319	3	e.	e.	PROPN
ajfa-16770	319	4	and	and	CCONJ
ajfa-16770	319	5	jang	jang	PROPN
ajfa-16770	319	6	,	,	PUNCT
ajfa-16770	319	7	s.	s.	PROPN
ajfa-16770	319	8	(	(	PUNCT
ajfa-16770	319	9	2005	2005	NUM
ajfa-16770	319	10	)	)	PUNCT
ajfa-16770	319	11	.	.	PUNCT
ajfa-16770	320	1	the	the	DET
ajfa-16770	320	2	effect	effect	NOUN
ajfa-16770	320	3	of	of	ADP
ajfa-16770	320	4	financial	financial	ADJ
ajfa-16770	320	5	leverage	leverage	NOUN
ajfa-16770	320	6	on	on	ADP
ajfa-16770	320	7	profitability	profitability	NOUN
ajfa-16770	320	8	and	and	CCONJ
ajfa-16770	320	9	risk	risk	NOUN
ajfa-16770	320	10	of	of	ADP
ajfa-16770	320	11	restaurant	restaurant	NOUN
ajfa-16770	320	12	firms	firm	NOUN
ajfa-16770	320	13	.	.	PUNCT
ajfa-16770	321	1	the	the	DET
ajfa-16770	321	2	journal	journal	NOUN
ajfa-16770	321	3	of	of	ADP
ajfa-16770	321	4	hospitality	hospitality	PROPN
ajfa-16770	321	5	financial	financial	ADJ
ajfa-16770	321	6	management	management	NOUN
ajfa-16770	321	7	,	,	PUNCT
ajfa-16770	321	8	13(1	13(1	NUM
ajfa-16770	321	9	)	)	PUNCT
ajfa-16770	321	10	,	,	PUNCT
ajfa-16770	321	11	35	35	NUM
ajfa-16770	321	12	-	-	SYM
ajfa-16770	321	13	47	47	NUM
ajfa-16770	321	14	.	.	PUNCT
ajfa-16770	322	1	https://doi.org/10.1080/10913211.2005.10653798	https://doi.org/10.1080/10913211.2005.10653798	INTJ
ajfa-16770	322	2	https://doi.org/10.1111/j.1540-6261.1984.tb03646.x	https://doi.org/10.1111/j.1540-6261.1984.tb03646.x	PROPN
ajfa-16770	322	3	https://doi.org/10.1111/j.1540-6261.1995.tb05184.x	https://doi.org/10.1111/j.1540-6261.1995.tb05184.x	PROPN
ajfa-16770	322	4	https://doi.org/10.1016/s0304-405x(98)00051-8	https://doi.org/10.1016/s0304-405x(98)00051-8	PROPN
ajfa-16770	322	5	https://doi.org/10.1016/0304-405x(90)90011-n	https://doi.org/10.1016/0304-405x(90)90011-n	PROPN
ajfa-16770	322	6	https://doi.org/10.1016/j.jeca.2014.04.003	https://doi.org/10.1016/j.jeca.2014.04.003	PROPN
ajfa-16770	322	7	https://doi.org/10.1080/10913211.2005.10653798	https://doi.org/10.1080/10913211.2005.10653798	PROPN