id	sid	tid	token	lemma	pos
ajfa-16968	1	1	microsoft	microsoft	PROPN
ajfa-16968	1	2	word	word	NOUN
ajfa-16968	1	3	16968	16968	NUM
ajfa-16968	1	4	-	-	SYM
ajfa-16968	1	5	60314	60314	NUM
ajfa-16968	1	6	-	-	PUNCT
ajfa-16968	1	7	1	1	NUM
ajfa-16968	1	8	-	-	PUNCT
ajfa-16968	1	9	sm	sm	NOUN
ajfa-16968	1	10	(	(	PUNCT
ajfa-16968	1	11	1)-writer2	1)-writer2	NUM
ajfa-16968	1	12	-	-	PUNCT
ajfa-16968	1	13	new	new	ADJ
ajfa-16968	1	14	asian	asian	ADJ
ajfa-16968	1	15	journal	journal	NOUN
ajfa-16968	1	16	of	of	ADP
ajfa-16968	1	17	finance	finance	PROPN
ajfa-16968	1	18	&	&	CCONJ
ajfa-16968	1	19	accounting	accounting	PROPN
ajfa-16968	1	20	issn	issn	PROPN
ajfa-16968	1	21	1946	1946	NUM
ajfa-16968	1	22	-	-	PUNCT
ajfa-16968	1	23	052x	052x	NOUN
ajfa-16968	1	24	2020	2020	NUM
ajfa-16968	1	25	,	,	PUNCT
ajfa-16968	1	26	vol	vol	NOUN
ajfa-16968	1	27	.	.	PROPN
ajfa-16968	1	28	12	12	NUM
ajfa-16968	1	29	,	,	PUNCT
ajfa-16968	1	30	no	no	INTJ
ajfa-16968	1	31	.	.	NOUN
ajfa-16968	1	32	1	1	NUM
ajfa-16968	1	33	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	1	34	131	131	NUM
ajfa-16968	1	35	a	a	DET
ajfa-16968	1	36	reexamination	reexamination	NOUN
ajfa-16968	1	37	of	of	ADP
ajfa-16968	1	38	firm	firm	NOUN
ajfa-16968	1	39	’s	’s	PART
ajfa-16968	1	40	r&d	r&d	NOUN
ajfa-16968	1	41	expenditure	expenditure	NOUN
ajfa-16968	1	42	behavior	behavior	NOUN
ajfa-16968	1	43	hsin	hsin	PROPN
ajfa-16968	1	44	-	-	PUNCT
ajfa-16968	1	45	jung	jung	PROPN
ajfa-16968	1	46	hsieh	hsieh	PROPN
ajfa-16968	1	47	department	department	PROPN
ajfa-16968	1	48	of	of	ADP
ajfa-16968	1	49	international	international	PROPN
ajfa-16968	1	50	business	business	NOUN
ajfa-16968	1	51	,	,	PUNCT
ajfa-16968	1	52	kainan	kainan	PROPN
ajfa-16968	1	53	university	university	PROPN
ajfa-16968	2	1	no	no	INTJ
ajfa-16968	2	2	.	.	PROPN
ajfa-16968	2	3	1	1	NUM
ajfa-16968	2	4	kainan	kainan	PROPN
ajfa-16968	2	5	rd	rd	PROPN
ajfa-16968	2	6	.	.	PROPN
ajfa-16968	2	7	,	,	PUNCT
ajfa-16968	2	8	luzhu	luzhu	PROPN
ajfa-16968	2	9	,	,	PUNCT
ajfa-16968	2	10	taoyuan	taoyuan	PROPN
ajfa-16968	2	11	33857	33857	NUM
ajfa-16968	2	12	,	,	PUNCT
ajfa-16968	3	1	taiwan	taiwan	PROPN
ajfa-16968	3	2	e	e	PROPN
ajfa-16968	3	3	-	-	NOUN
ajfa-16968	3	4	mail	mail	NOUN
ajfa-16968	3	5	:	:	PUNCT
ajfa-16968	3	6	hjh@mail.knu.edu.tw	hjh@mail.knu.edu.tw	ADJ
ajfa-16968	3	7	yen	yen	PROPN
ajfa-16968	3	8	-	-	PUNCT
ajfa-16968	3	9	chih	chih	PROPN
ajfa-16968	3	10	liu	liu	PROPN
ajfa-16968	3	11	(	(	PUNCT
ajfa-16968	3	12	corresponding	corresponding	ADJ
ajfa-16968	3	13	author	author	NOUN
ajfa-16968	3	14	)	)	PUNCT
ajfa-16968	3	15	department	department	NOUN
ajfa-16968	3	16	of	of	ADP
ajfa-16968	3	17	accounting	accounting	PROPN
ajfa-16968	3	18	,	,	PUNCT
ajfa-16968	3	19	kainan	kainan	PROPN
ajfa-16968	3	20	university	university	PROPN
ajfa-16968	4	1	no	no	INTJ
ajfa-16968	4	2	.	.	PROPN
ajfa-16968	4	3	1	1	NUM
ajfa-16968	4	4	kainan	kainan	PROPN
ajfa-16968	4	5	rd	rd	PROPN
ajfa-16968	4	6	.	.	PROPN
ajfa-16968	4	7	,	,	PUNCT
ajfa-16968	4	8	luzhu	luzhu	PROPN
ajfa-16968	4	9	,	,	PUNCT
ajfa-16968	4	10	taoyuan	taoyuan	PROPN
ajfa-16968	4	11	33857	33857	NUM
ajfa-16968	4	12	,	,	PUNCT
ajfa-16968	4	13	taiwan	taiwan	PROPN
ajfa-16968	4	14	e	e	PROPN
ajfa-16968	4	15	-	-	NOUN
ajfa-16968	4	16	mail	mail	NOUN
ajfa-16968	4	17	:	:	PUNCT
ajfa-16968	4	18	ycliu@mail.knu.edu.tw	ycliu@mail.knu.edu.tw	PROPN
ajfa-16968	4	19	received	receive	VERB
ajfa-16968	4	20	:	:	PUNCT
ajfa-16968	4	21	march	march	PROPN
ajfa-16968	4	22	1	1	NUM
ajfa-16968	4	23	,	,	PUNCT
ajfa-16968	4	24	2020	2020	NUM
ajfa-16968	4	25	accepted	accept	VERB
ajfa-16968	4	26	:	:	PUNCT
ajfa-16968	4	27	may	may	AUX
ajfa-16968	4	28	18	18	NUM
ajfa-16968	4	29	,	,	PUNCT
ajfa-16968	4	30	2020	2020	NUM
ajfa-16968	4	31	published	publish	VERB
ajfa-16968	4	32	:	:	PUNCT
ajfa-16968	4	33	june	june	PROPN
ajfa-16968	4	34	1	1	NUM
ajfa-16968	4	35	,	,	PUNCT
ajfa-16968	4	36	2020	2020	NUM
ajfa-16968	4	37	doi:10.5296	doi:10.5296	NOUN
ajfa-16968	4	38	/	/	SYM
ajfa-16968	4	39	ajfa.v12i1.16968	ajfa.v12i1.16968	PROPN
ajfa-16968	4	40	url	url	PROPN
ajfa-16968	4	41	:	:	PUNCT
ajfa-16968	4	42	https://doi.org/10.5296/ajfa.v12i1.16968	https://doi.org/10.5296/ajfa.v12i1.16968	X
ajfa-16968	4	43	abstract	abstract	ADJ
ajfa-16968	4	44	knowledge	knowledge	NOUN
ajfa-16968	4	45	acts	act	VERB
ajfa-16968	4	46	as	as	ADP
ajfa-16968	4	47	a	a	DET
ajfa-16968	4	48	crucial	crucial	ADJ
ajfa-16968	4	49	element	element	NOUN
ajfa-16968	4	50	in	in	ADP
ajfa-16968	4	51	economic	economic	ADJ
ajfa-16968	4	52	activities	activity	NOUN
ajfa-16968	4	53	.	.	PUNCT
ajfa-16968	5	1	for	for	ADP
ajfa-16968	5	2	knowledge	knowledge	NOUN
ajfa-16968	5	3	-	-	PUNCT
ajfa-16968	5	4	intensive	intensive	ADJ
ajfa-16968	5	5	business	business	NOUN
ajfa-16968	5	6	,	,	PUNCT
ajfa-16968	5	7	r&d	r&d	NOUN
ajfa-16968	5	8	activities	activity	NOUN
ajfa-16968	5	9	maintain	maintain	VERB
ajfa-16968	5	10	market	market	NOUN
ajfa-16968	5	11	competitiveness	competitiveness	NOUN
ajfa-16968	5	12	and	and	CCONJ
ajfa-16968	5	13	create	create	VERB
ajfa-16968	5	14	new	new	ADJ
ajfa-16968	5	15	firm	firm	ADJ
ajfa-16968	5	16	value	value	NOUN
ajfa-16968	5	17	.	.	PUNCT
ajfa-16968	6	1	r&d	r&d	NOUN
ajfa-16968	6	2	expenditure	expenditure	NOUN
ajfa-16968	6	3	indeed	indeed	ADV
ajfa-16968	6	4	brings	bring	VERB
ajfa-16968	6	5	forth	forth	ADP
ajfa-16968	6	6	potential	potential	ADJ
ajfa-16968	6	7	growth	growth	NOUN
ajfa-16968	6	8	opportunities	opportunity	NOUN
ajfa-16968	6	9	for	for	ADP
ajfa-16968	6	10	firm	firm	ADJ
ajfa-16968	6	11	value	value	NOUN
ajfa-16968	6	12	although	although	SCONJ
ajfa-16968	6	13	the	the	DET
ajfa-16968	6	14	growth	growth	NOUN
ajfa-16968	6	15	may	may	AUX
ajfa-16968	6	16	take	take	VERB
ajfa-16968	6	17	a	a	DET
ajfa-16968	6	18	long	long	ADJ
ajfa-16968	6	19	time	time	NOUN
ajfa-16968	6	20	to	to	PART
ajfa-16968	6	21	achieve	achieve	VERB
ajfa-16968	6	22	.	.	PUNCT
ajfa-16968	7	1	apart	apart	ADV
ajfa-16968	7	2	from	from	ADP
ajfa-16968	7	3	that	that	PRON
ajfa-16968	7	4	,	,	PUNCT
ajfa-16968	7	5	it	it	PRON
ajfa-16968	7	6	usually	usually	ADV
ajfa-16968	7	7	accompanies	accompany	VERB
ajfa-16968	7	8	problems	problem	NOUN
ajfa-16968	7	9	of	of	ADP
ajfa-16968	7	10	agency	agency	NOUN
ajfa-16968	7	11	costs	cost	NOUN
ajfa-16968	7	12	and	and	CCONJ
ajfa-16968	7	13	asymmetric	asymmetric	ADJ
ajfa-16968	7	14	information	information	NOUN
ajfa-16968	7	15	in	in	ADP
ajfa-16968	7	16	daily	daily	ADJ
ajfa-16968	7	17	firm	firm	ADJ
ajfa-16968	7	18	operations	operation	NOUN
ajfa-16968	7	19	,	,	PUNCT
ajfa-16968	7	20	which	which	PRON
ajfa-16968	7	21	,	,	PUNCT
ajfa-16968	7	22	in	in	ADP
ajfa-16968	7	23	turn	turn	NOUN
ajfa-16968	7	24	,	,	PUNCT
ajfa-16968	7	25	may	may	AUX
ajfa-16968	7	26	offset	offset	VERB
ajfa-16968	7	27	the	the	DET
ajfa-16968	7	28	certainty	certainty	NOUN
ajfa-16968	7	29	of	of	ADP
ajfa-16968	7	30	a	a	DET
ajfa-16968	7	31	firm	firm	NOUN
ajfa-16968	7	32	’s	’s	PART
ajfa-16968	7	33	increasing	increase	VERB
ajfa-16968	7	34	value	value	NOUN
ajfa-16968	7	35	.	.	PUNCT
ajfa-16968	8	1	this	this	DET
ajfa-16968	8	2	study	study	NOUN
ajfa-16968	8	3	examines	examine	VERB
ajfa-16968	8	4	the	the	DET
ajfa-16968	8	5	decision	decision	NOUN
ajfa-16968	8	6	-	-	PUNCT
ajfa-16968	8	7	making	making	NOUN
ajfa-16968	8	8	on	on	ADP
ajfa-16968	8	9	optimal	optimal	ADJ
ajfa-16968	8	10	r&d	r&d	NOUN
ajfa-16968	8	11	expenditure	expenditure	NOUN
ajfa-16968	8	12	for	for	ADP
ajfa-16968	8	13	listed	list	VERB
ajfa-16968	8	14	firms	firm	NOUN
ajfa-16968	8	15	in	in	ADP
ajfa-16968	8	16	taiwan	taiwan	PROPN
ajfa-16968	8	17	.	.	PUNCT
ajfa-16968	9	1	from	from	ADP
ajfa-16968	9	2	january	january	PROPN
ajfa-16968	9	3	1986	1986	NUM
ajfa-16968	9	4	to	to	ADP
ajfa-16968	9	5	december	december	PROPN
ajfa-16968	9	6	2013	2013	NUM
ajfa-16968	9	7	,	,	PUNCT
ajfa-16968	9	8	the	the	DET
ajfa-16968	9	9	data	datum	NOUN
ajfa-16968	9	10	of	of	ADP
ajfa-16968	9	11	all	all	DET
ajfa-16968	9	12	the	the	DET
ajfa-16968	9	13	listed	list	VERB
ajfa-16968	9	14	firms	firm	NOUN
ajfa-16968	9	15	excluding	exclude	VERB
ajfa-16968	9	16	financial	financial	ADJ
ajfa-16968	9	17	,	,	PUNCT
ajfa-16968	9	18	insurance	insurance	NOUN
ajfa-16968	9	19	,	,	PUNCT
ajfa-16968	9	20	and	and	CCONJ
ajfa-16968	9	21	securities	security	NOUN
ajfa-16968	9	22	firms	firm	NOUN
ajfa-16968	9	23	have	have	AUX
ajfa-16968	9	24	been	be	AUX
ajfa-16968	9	25	analyzed	analyze	VERB
ajfa-16968	9	26	.	.	PUNCT
ajfa-16968	10	1	in	in	ADP
ajfa-16968	10	2	addition	addition	NOUN
ajfa-16968	10	3	,	,	PUNCT
ajfa-16968	10	4	to	to	PART
ajfa-16968	10	5	further	far	ADV
ajfa-16968	10	6	explore	explore	VERB
ajfa-16968	10	7	the	the	DET
ajfa-16968	10	8	differences	difference	NOUN
ajfa-16968	10	9	in	in	ADP
ajfa-16968	10	10	decision	decision	NOUN
ajfa-16968	10	11	-	-	PUNCT
ajfa-16968	10	12	making	making	NOUN
ajfa-16968	10	13	among	among	ADP
ajfa-16968	10	14	different	different	ADJ
ajfa-16968	10	15	macroeconomic	macroeconomic	ADJ
ajfa-16968	10	16	conditions	condition	NOUN
ajfa-16968	10	17	,	,	PUNCT
ajfa-16968	10	18	industrial	industrial	ADJ
ajfa-16968	10	19	attributes	attribute	NOUN
ajfa-16968	10	20	and	and	CCONJ
ajfa-16968	10	21	firms	firm	NOUN
ajfa-16968	10	22	’	’	PART
ajfa-16968	10	23	characteristics	characteristic	NOUN
ajfa-16968	10	24	,	,	PUNCT
ajfa-16968	10	25	we	we	PRON
ajfa-16968	10	26	divide	divide	VERB
ajfa-16968	10	27	all	all	DET
ajfa-16968	10	28	samples	sample	NOUN
ajfa-16968	10	29	into	into	ADP
ajfa-16968	10	30	subsamples	subsample	NOUN
ajfa-16968	10	31	to	to	PART
ajfa-16968	10	32	reexamine	reexamine	VERB
ajfa-16968	10	33	.	.	PUNCT
ajfa-16968	11	1	the	the	DET
ajfa-16968	11	2	empirical	empirical	ADJ
ajfa-16968	11	3	findings	finding	NOUN
ajfa-16968	11	4	indicate	indicate	VERB
ajfa-16968	11	5	that	that	SCONJ
ajfa-16968	11	6	firms	firm	NOUN
ajfa-16968	11	7	may	may	AUX
ajfa-16968	11	8	weigh	weigh	VERB
ajfa-16968	11	9	the	the	DET
ajfa-16968	11	10	cost	cost	NOUN
ajfa-16968	11	11	and	and	CCONJ
ajfa-16968	11	12	benefit	benefit	NOUN
ajfa-16968	11	13	of	of	ADP
ajfa-16968	11	14	r&d	r&d	NOUN
ajfa-16968	11	15	expenditure	expenditure	NOUN
ajfa-16968	11	16	in	in	ADP
ajfa-16968	11	17	its	its	PRON
ajfa-16968	11	18	decision	decision	NOUN
ajfa-16968	11	19	,	,	PUNCT
ajfa-16968	11	20	but	but	CCONJ
ajfa-16968	11	21	the	the	DET
ajfa-16968	11	22	driving	drive	VERB
ajfa-16968	11	23	factor	factor	NOUN
ajfa-16968	11	24	lies	lie	VERB
ajfa-16968	11	25	in	in	ADP
ajfa-16968	11	26	firm	firm	NOUN
ajfa-16968	11	27	’s	’s	PART
ajfa-16968	11	28	return	return	NOUN
ajfa-16968	11	29	on	on	ADP
ajfa-16968	11	30	assets	asset	NOUN
ajfa-16968	11	31	(	(	PUNCT
ajfa-16968	11	32	roa	roa	NOUN
ajfa-16968	11	33	)	)	PUNCT
ajfa-16968	11	34	,	,	PUNCT
ajfa-16968	11	35	potential	potential	ADJ
ajfa-16968	11	36	growth	growth	NOUN
ajfa-16968	11	37	opportunity	opportunity	NOUN
ajfa-16968	11	38	,	,	PUNCT
ajfa-16968	11	39	and	and	CCONJ
ajfa-16968	11	40	capital	capital	NOUN
ajfa-16968	11	41	structure	structure	NOUN
ajfa-16968	11	42	.	.	PUNCT
ajfa-16968	12	1	keywords	keyword	NOUN
ajfa-16968	12	2	:	:	PUNCT
ajfa-16968	12	3	firm	firm	ADJ
ajfa-16968	12	4	value	value	NOUN
ajfa-16968	12	5	,	,	PUNCT
ajfa-16968	12	6	agency	agency	NOUN
ajfa-16968	12	7	problem	problem	NOUN
ajfa-16968	12	8	,	,	PUNCT
ajfa-16968	12	9	asymmetric	asymmetric	ADJ
ajfa-16968	12	10	information	information	NOUN
ajfa-16968	12	11	research	research	NOUN
ajfa-16968	12	12	,	,	PUNCT
ajfa-16968	12	13	and	and	CCONJ
ajfa-16968	12	14	development	development	NOUN
ajfa-16968	12	15	(	(	PUNCT
ajfa-16968	12	16	r&d	r&d	NOUN
ajfa-16968	12	17	)	)	PUNCT
ajfa-16968	12	18	expenditure	expenditure	NOUN
ajfa-16968	12	19	jel	jel	PROPN
ajfa-16968	12	20	classification	classification	NOUN
ajfa-16968	12	21	:	:	PUNCT
ajfa-16968	12	22	g32	g32	NOUN
ajfa-16968	12	23	,	,	PUNCT
ajfa-16968	12	24	g34	g34	NOUN
ajfa-16968	12	25	,	,	PUNCT
ajfa-16968	12	26	o32	o32	ADJ
ajfa-16968	12	27	asian	asian	ADJ
ajfa-16968	12	28	journal	journal	NOUN
ajfa-16968	12	29	of	of	ADP
ajfa-16968	12	30	finance	finance	PROPN
ajfa-16968	12	31	&	&	CCONJ
ajfa-16968	12	32	accounting	accounting	PROPN
ajfa-16968	12	33	issn	issn	PROPN
ajfa-16968	12	34	1946	1946	NUM
ajfa-16968	12	35	-	-	PUNCT
ajfa-16968	12	36	052x	052x	NOUN
ajfa-16968	12	37	2020	2020	NUM
ajfa-16968	12	38	,	,	PUNCT
ajfa-16968	12	39	vol	vol	NOUN
ajfa-16968	12	40	.	.	PROPN
ajfa-16968	12	41	12	12	NUM
ajfa-16968	12	42	,	,	PUNCT
ajfa-16968	12	43	no	no	INTJ
ajfa-16968	12	44	.	.	NOUN
ajfa-16968	12	45	1	1	NUM
ajfa-16968	12	46	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	12	47	132	132	NUM
ajfa-16968	12	48	1	1	NUM
ajfa-16968	12	49	.	.	PUNCT
ajfa-16968	13	1	introduction	introduction	NOUN
ajfa-16968	13	2	people	people	NOUN
ajfa-16968	13	3	generally	generally	ADV
ajfa-16968	13	4	agree	agree	VERB
ajfa-16968	13	5	that	that	SCONJ
ajfa-16968	13	6	r&d	r&d	NOUN
ajfa-16968	13	7	innovation	innovation	NOUN
ajfa-16968	13	8	activities	activity	NOUN
ajfa-16968	13	9	hold	hold	VERB
ajfa-16968	13	10	a	a	DET
ajfa-16968	13	11	key	key	ADJ
ajfa-16968	13	12	position	position	NOUN
ajfa-16968	13	13	—	—	PUNCT
ajfa-16968	13	14	that	that	PRON
ajfa-16968	13	15	of	of	ADP
ajfa-16968	13	16	maintaining	maintain	VERB
ajfa-16968	13	17	market	market	NOUN
ajfa-16968	13	18	competitiveness	competitiveness	NOUN
ajfa-16968	13	19	and	and	CCONJ
ajfa-16968	13	20	creating	create	VERB
ajfa-16968	13	21	new	new	ADJ
ajfa-16968	13	22	firm	firm	ADJ
ajfa-16968	13	23	value	value	NOUN
ajfa-16968	13	24	in	in	ADP
ajfa-16968	13	25	knowledge	knowledge	NOUN
ajfa-16968	13	26	-	-	PUNCT
ajfa-16968	13	27	intensive	intensive	ADJ
ajfa-16968	13	28	enterprises	enterprise	NOUN
ajfa-16968	13	29	.	.	PUNCT
ajfa-16968	14	1	r&d	r&d	NOUN
ajfa-16968	14	2	expenditure	expenditure	NOUN
ajfa-16968	14	3	can	can	AUX
ajfa-16968	14	4	indeed	indeed	ADV
ajfa-16968	14	5	bring	bring	VERB
ajfa-16968	14	6	about	about	ADP
ajfa-16968	14	7	potential	potential	ADJ
ajfa-16968	14	8	growth	growth	NOUN
ajfa-16968	14	9	opportunities	opportunity	NOUN
ajfa-16968	14	10	for	for	ADP
ajfa-16968	14	11	firm	firm	ADJ
ajfa-16968	14	12	value	value	NOUN
ajfa-16968	14	13	;	;	PUNCT
ajfa-16968	14	14	however	however	ADV
ajfa-16968	14	15	,	,	PUNCT
ajfa-16968	14	16	cultivating	cultivate	VERB
ajfa-16968	14	17	the	the	DET
ajfa-16968	14	18	advantages	advantage	NOUN
ajfa-16968	14	19	of	of	ADP
ajfa-16968	14	20	r&d	r&d	NOUN
ajfa-16968	14	21	innovation	innovation	NOUN
ajfa-16968	14	22	requires	require	VERB
ajfa-16968	14	23	long	long	ADJ
ajfa-16968	14	24	-	-	PUNCT
ajfa-16968	14	25	term	term	NOUN
ajfa-16968	14	26	cooperation	cooperation	NOUN
ajfa-16968	14	27	.	.	PUNCT
ajfa-16968	15	1	therefore	therefore	ADV
ajfa-16968	15	2	,	,	PUNCT
ajfa-16968	15	3	how	how	SCONJ
ajfa-16968	15	4	firms	firm	NOUN
ajfa-16968	15	5	weigh	weigh	VERB
ajfa-16968	15	6	the	the	DET
ajfa-16968	15	7	benefits	benefit	NOUN
ajfa-16968	15	8	and	and	CCONJ
ajfa-16968	15	9	costs	cost	NOUN
ajfa-16968	15	10	to	to	PART
ajfa-16968	15	11	make	make	VERB
ajfa-16968	15	12	the	the	DET
ajfa-16968	15	13	most	most	ADV
ajfa-16968	15	14	appropriate	appropriate	ADJ
ajfa-16968	15	15	decision	decision	NOUN
ajfa-16968	15	16	of	of	ADP
ajfa-16968	15	17	r&d	r&d	NOUN
ajfa-16968	15	18	expenditure	expenditure	NOUN
ajfa-16968	15	19	is	be	AUX
ajfa-16968	15	20	an	an	DET
ajfa-16968	15	21	important	important	ADJ
ajfa-16968	15	22	issue	issue	NOUN
ajfa-16968	15	23	.	.	PUNCT
ajfa-16968	16	1	according	accord	VERB
ajfa-16968	16	2	to	to	ADP
ajfa-16968	16	3	statistics	statistic	NOUN
ajfa-16968	16	4	from	from	ADP
ajfa-16968	16	5	the	the	DET
ajfa-16968	16	6	indicators	indicator	NOUN
ajfa-16968	16	7	of	of	ADP
ajfa-16968	16	8	science	science	NOUN
ajfa-16968	16	9	and	and	CCONJ
ajfa-16968	16	10	technology	technology	NOUN
ajfa-16968	16	11	of	of	ADP
ajfa-16968	16	12	the	the	DET
ajfa-16968	16	13	republic	republic	NOUN
ajfa-16968	16	14	of	of	ADP
ajfa-16968	16	15	china	china	PROPN
ajfa-16968	16	16	,	,	PUNCT
ajfa-16968	16	17	issued	issue	VERB
ajfa-16968	16	18	by	by	ADP
ajfa-16968	16	19	the	the	DET
ajfa-16968	16	20	ministry	ministry	PROPN
ajfa-16968	16	21	of	of	ADP
ajfa-16968	16	22	science	science	NOUN
ajfa-16968	16	23	and	and	CCONJ
ajfa-16968	16	24	technology	technology	NOUN
ajfa-16968	16	25	,	,	PUNCT
ajfa-16968	16	26	the	the	DET
ajfa-16968	16	27	proportion	proportion	NOUN
ajfa-16968	16	28	of	of	ADP
ajfa-16968	16	29	taiwan	taiwan	PROPN
ajfa-16968	16	30	's	's	PART
ajfa-16968	16	31	r&d	r&d	NOUN
ajfa-16968	16	32	expenditure	expenditure	NOUN
ajfa-16968	16	33	to	to	ADP
ajfa-16968	16	34	gdp	gdp	NOUN
ajfa-16968	16	35	has	have	AUX
ajfa-16968	16	36	increased	increase	VERB
ajfa-16968	16	37	year	year	NOUN
ajfa-16968	16	38	by	by	ADP
ajfa-16968	16	39	year	year	NOUN
ajfa-16968	16	40	since	since	SCONJ
ajfa-16968	16	41	the	the	DET
ajfa-16968	16	42	time	time	NOUN
ajfa-16968	16	43	it	it	PRON
ajfa-16968	16	44	exceeded	exceed	VERB
ajfa-16968	16	45	2	2	NUM
ajfa-16968	16	46	%	%	NOUN
ajfa-16968	16	47	in	in	ADP
ajfa-16968	16	48	2001	2001	NUM
ajfa-16968	16	49	and	and	CCONJ
ajfa-16968	16	50	has	have	AUX
ajfa-16968	16	51	increased	increase	VERB
ajfa-16968	16	52	to	to	ADP
ajfa-16968	16	53	more	more	ADJ
ajfa-16968	16	54	than	than	ADP
ajfa-16968	16	55	3.1	3.1	NUM
ajfa-16968	16	56	%	%	NOUN
ajfa-16968	16	57	since	since	SCONJ
ajfa-16968	16	58	2012	2012	NUM
ajfa-16968	16	59	.	.	PUNCT
ajfa-16968	17	1	therefore	therefore	ADV
ajfa-16968	17	2	,	,	PUNCT
ajfa-16968	17	3	the	the	DET
ajfa-16968	17	4	trend	trend	NOUN
ajfa-16968	17	5	at	at	ADP
ajfa-16968	17	6	home	home	ADV
ajfa-16968	17	7	and	and	CCONJ
ajfa-16968	17	8	abroad	abroad	ADV
ajfa-16968	17	9	and	and	CCONJ
ajfa-16968	17	10	the	the	DET
ajfa-16968	17	11	promoted	promote	VERB
ajfa-16968	17	12	national	national	ADJ
ajfa-16968	17	13	policies	policy	NOUN
ajfa-16968	17	14	all	all	PRON
ajfa-16968	17	15	advocate	advocate	VERB
ajfa-16968	17	16	that	that	SCONJ
ajfa-16968	17	17	r&d	r&d	NOUN
ajfa-16968	17	18	should	should	AUX
ajfa-16968	17	19	be	be	AUX
ajfa-16968	17	20	the	the	DET
ajfa-16968	17	21	main	main	ADJ
ajfa-16968	17	22	source	source	NOUN
ajfa-16968	17	23	of	of	ADP
ajfa-16968	17	24	power	power	NOUN
ajfa-16968	17	25	for	for	ADP
ajfa-16968	17	26	industrial	industrial	ADJ
ajfa-16968	17	27	upgrading	upgrading	NOUN
ajfa-16968	17	28	and	and	CCONJ
ajfa-16968	17	29	approve	approve	VERB
ajfa-16968	17	30	that	that	SCONJ
ajfa-16968	17	31	the	the	DET
ajfa-16968	17	32	absolute	absolute	ADJ
ajfa-16968	17	33	amount	amount	NOUN
ajfa-16968	17	34	of	of	ADP
ajfa-16968	17	35	r&d	r&d	NOUN
ajfa-16968	17	36	expenditure	expenditure	NOUN
ajfa-16968	17	37	plays	play	VERB
ajfa-16968	17	38	a	a	DET
ajfa-16968	17	39	direct	direct	ADJ
ajfa-16968	17	40	extra	extra	ADJ
ajfa-16968	17	41	role	role	NOUN
ajfa-16968	17	42	in	in	ADP
ajfa-16968	17	43	global	global	ADJ
ajfa-16968	17	44	industry	industry	NOUN
ajfa-16968	17	45	competition	competition	NOUN
ajfa-16968	17	46	.	.	PUNCT
ajfa-16968	18	1	with	with	ADP
ajfa-16968	18	2	respect	respect	NOUN
ajfa-16968	18	3	to	to	ADP
ajfa-16968	18	4	the	the	DET
ajfa-16968	18	5	research	research	NOUN
ajfa-16968	18	6	on	on	ADP
ajfa-16968	18	7	r&d	r&d	NOUN
ajfa-16968	18	8	expenditure	expenditure	NOUN
ajfa-16968	18	9	and	and	CCONJ
ajfa-16968	18	10	firm	firm	ADJ
ajfa-16968	18	11	value	value	NOUN
ajfa-16968	18	12	,	,	PUNCT
ajfa-16968	18	13	scholars	scholar	NOUN
ajfa-16968	18	14	found	find	VERB
ajfa-16968	18	15	that	that	SCONJ
ajfa-16968	18	16	the	the	DET
ajfa-16968	18	17	increase	increase	NOUN
ajfa-16968	18	18	in	in	ADP
ajfa-16968	18	19	r&d	r&d	NOUN
ajfa-16968	18	20	expenditure	expenditure	NOUN
ajfa-16968	18	21	has	have	VERB
ajfa-16968	18	22	a	a	DET
ajfa-16968	18	23	positive	positive	ADJ
ajfa-16968	18	24	impact	impact	NOUN
ajfa-16968	18	25	on	on	ADP
ajfa-16968	18	26	firm	firm	ADJ
ajfa-16968	18	27	share	share	NOUN
ajfa-16968	18	28	price	price	NOUN
ajfa-16968	18	29	,	,	PUNCT
ajfa-16968	18	30	verifying	verify	VERB
ajfa-16968	18	31	that	that	SCONJ
ajfa-16968	18	32	r&d	r&d	NOUN
ajfa-16968	18	33	activities	activity	NOUN
ajfa-16968	18	34	do	do	AUX
ajfa-16968	18	35	help	help	VERB
ajfa-16968	18	36	to	to	PART
ajfa-16968	18	37	create	create	VERB
ajfa-16968	18	38	future	future	ADJ
ajfa-16968	18	39	earnings	earning	NOUN
ajfa-16968	18	40	and	and	CCONJ
ajfa-16968	18	41	cash	cash	NOUN
ajfa-16968	18	42	flows	flow	NOUN
ajfa-16968	18	43	and	and	CCONJ
ajfa-16968	18	44	increase	increase	VERB
ajfa-16968	18	45	firm	firm	ADJ
ajfa-16968	18	46	value(hirschey	value(hirschey	PROPN
ajfa-16968	18	47	and	and	CCONJ
ajfa-16968	18	48	weygandt	weygandt	PROPN
ajfa-16968	18	49	,	,	PUNCT
ajfa-16968	18	50	1985	1985	NUM
ajfa-16968	18	51	;	;	PUNCT
ajfa-16968	18	52	bublitz	bublitz	NOUN
ajfa-16968	18	53	and	and	CCONJ
ajfa-16968	18	54	ettredge	ettredge	NOUN
ajfa-16968	18	55	,	,	PUNCT
ajfa-16968	18	56	1989	1989	NUM
ajfa-16968	18	57	;	;	PUNCT
ajfa-16968	18	58	chan	chan	PROPN
ajfa-16968	18	59	,	,	PUNCT
ajfa-16968	18	60	martin	martin	PROPN
ajfa-16968	18	61	,	,	PUNCT
ajfa-16968	18	62	and	and	CCONJ
ajfa-16968	18	63	kensinger	kensing	ADJ
ajfa-16968	18	64	,	,	PUNCT
ajfa-16968	18	65	1990	1990	NUM
ajfa-16968	18	66	;	;	PUNCT
ajfa-16968	18	67	kothari	kothari	PROPN
ajfa-16968	18	68	and	and	CCONJ
ajfa-16968	18	69	zimmerman,1995	zimmerman,1995	PROPN
ajfa-16968	18	70	)	)	PUNCT
ajfa-16968	18	71	.	.	PUNCT
ajfa-16968	19	1	however	however	ADV
ajfa-16968	19	2	,	,	PUNCT
ajfa-16968	19	3	morris	morris	PROPN
ajfa-16968	19	4	,	,	PUNCT
ajfa-16968	19	5	teisberg	teisberg	PROPN
ajfa-16968	19	6	,	,	PUNCT
ajfa-16968	19	7	and	and	CCONJ
ajfa-16968	19	8	kolbe	kolbe	PROPN
ajfa-16968	19	9	(	(	PUNCT
ajfa-16968	19	10	1991	1991	NUM
ajfa-16968	19	11	)	)	PUNCT
ajfa-16968	19	12	proposed	propose	VERB
ajfa-16968	19	13	two	two	NUM
ajfa-16968	19	14	risks	risk	NOUN
ajfa-16968	19	15	threatening	threaten	VERB
ajfa-16968	19	16	the	the	DET
ajfa-16968	19	17	future	future	ADJ
ajfa-16968	19	18	growth	growth	NOUN
ajfa-16968	19	19	opportunities	opportunity	NOUN
ajfa-16968	19	20	and	and	CCONJ
ajfa-16968	19	21	real	real	ADJ
ajfa-16968	19	22	cash	cash	NOUN
ajfa-16968	19	23	income	income	NOUN
ajfa-16968	19	24	in	in	ADP
ajfa-16968	19	25	the	the	DET
ajfa-16968	19	26	r&d	r&d	NOUN
ajfa-16968	19	27	plan	plan	NOUN
ajfa-16968	19	28	.	.	PUNCT
ajfa-16968	20	1	if	if	SCONJ
ajfa-16968	20	2	the	the	DET
ajfa-16968	20	3	plan	plan	NOUN
ajfa-16968	20	4	failed	fail	VERB
ajfa-16968	20	5	,	,	PUNCT
ajfa-16968	20	6	the	the	DET
ajfa-16968	20	7	huge	huge	ADJ
ajfa-16968	20	8	expenditure	expenditure	NOUN
ajfa-16968	20	9	would	would	AUX
ajfa-16968	20	10	cause	cause	VERB
ajfa-16968	20	11	great	great	ADJ
ajfa-16968	20	12	losses	loss	NOUN
ajfa-16968	20	13	to	to	ADP
ajfa-16968	20	14	firm	firm	ADJ
ajfa-16968	20	15	surplus	surplus	NOUN
ajfa-16968	20	16	.	.	PUNCT
ajfa-16968	21	1	for	for	ADP
ajfa-16968	21	2	example	example	NOUN
ajfa-16968	21	3	,	,	PUNCT
ajfa-16968	21	4	jensen	jensen	PROPN
ajfa-16968	21	5	(	(	PUNCT
ajfa-16968	21	6	1993	1993	NUM
ajfa-16968	21	7	)	)	PUNCT
ajfa-16968	21	8	found	find	VERB
ajfa-16968	21	9	that	that	SCONJ
ajfa-16968	21	10	most	most	ADJ
ajfa-16968	21	11	r&d	r&d	NOUN
ajfa-16968	21	12	plans	plan	NOUN
ajfa-16968	21	13	that	that	PRON
ajfa-16968	21	14	had	have	AUX
ajfa-16968	21	15	been	be	AUX
ajfa-16968	21	16	conducted	conduct	VERB
ajfa-16968	21	17	failed	fail	VERB
ajfa-16968	21	18	to	to	PART
ajfa-16968	21	19	earn	earn	VERB
ajfa-16968	21	20	profits	profit	NOUN
ajfa-16968	21	21	as	as	SCONJ
ajfa-16968	21	22	expected	expect	VERB
ajfa-16968	21	23	,	,	PUNCT
ajfa-16968	21	24	but	but	CCONJ
ajfa-16968	21	25	investors	investor	NOUN
ajfa-16968	21	26	'	'	PART
ajfa-16968	21	27	high	high	ADJ
ajfa-16968	21	28	expectations	expectation	NOUN
ajfa-16968	21	29	of	of	ADP
ajfa-16968	21	30	profitability	profitability	NOUN
ajfa-16968	21	31	from	from	ADP
ajfa-16968	21	32	r&d	r&d	NOUN
ajfa-16968	21	33	activities	activity	NOUN
ajfa-16968	21	34	may	may	AUX
ajfa-16968	21	35	cause	cause	VERB
ajfa-16968	21	36	firm	firm	ADJ
ajfa-16968	21	37	stock	stock	NOUN
ajfa-16968	21	38	price	price	NOUN
ajfa-16968	21	39	to	to	PART
ajfa-16968	21	40	be	be	AUX
ajfa-16968	21	41	overvalued	overvalue	VERB
ajfa-16968	21	42	.	.	PUNCT
ajfa-16968	22	1	however	however	ADV
ajfa-16968	22	2	,	,	PUNCT
ajfa-16968	22	3	in	in	ADP
ajfa-16968	22	4	the	the	DET
ajfa-16968	22	5	accounting	accounting	NOUN
ajfa-16968	22	6	statements	statement	NOUN
ajfa-16968	22	7	,	,	PUNCT
ajfa-16968	22	8	when	when	SCONJ
ajfa-16968	22	9	the	the	DET
ajfa-16968	22	10	expended	expended	ADJ
ajfa-16968	22	11	annual	annual	ADJ
ajfa-16968	22	12	r&d	r&d	NOUN
ajfa-16968	22	13	expenditure	expenditure	NOUN
ajfa-16968	22	14	(	(	PUNCT
ajfa-16968	22	15	included	include	VERB
ajfa-16968	22	16	in	in	ADP
ajfa-16968	22	17	the	the	DET
ajfa-16968	22	18	income	income	NOUN
ajfa-16968	22	19	statement	statement	NOUN
ajfa-16968	22	20	under	under	ADP
ajfa-16968	22	21	the	the	DET
ajfa-16968	22	22	subject	subject	NOUN
ajfa-16968	22	23	of	of	ADP
ajfa-16968	22	24	the	the	DET
ajfa-16968	22	25	profit	profit	NOUN
ajfa-16968	22	26	and	and	CCONJ
ajfa-16968	22	27	loss	loss	NOUN
ajfa-16968	22	28	account	account	NOUN
ajfa-16968	22	29	)	)	PUNCT
ajfa-16968	22	30	fails	fail	VERB
ajfa-16968	22	31	to	to	PART
ajfa-16968	22	32	consider	consider	VERB
ajfa-16968	22	33	the	the	DET
ajfa-16968	22	34	economic	economic	ADJ
ajfa-16968	22	35	added	add	VERB
ajfa-16968	22	36	value	value	NOUN
ajfa-16968	22	37	brought	bring	VERB
ajfa-16968	22	38	about	about	ADP
ajfa-16968	22	39	by	by	ADP
ajfa-16968	22	40	r&d	r&d	NOUN
ajfa-16968	22	41	activities	activity	NOUN
ajfa-16968	22	42	,	,	PUNCT
ajfa-16968	22	43	it	it	PRON
ajfa-16968	22	44	may	may	AUX
ajfa-16968	22	45	lead	lead	VERB
ajfa-16968	22	46	to	to	ADP
ajfa-16968	22	47	underestimated	underestimated	ADJ
ajfa-16968	22	48	firm	firm	ADJ
ajfa-16968	22	49	value	value	NOUN
ajfa-16968	22	50	in	in	ADP
ajfa-16968	22	51	the	the	DET
ajfa-16968	22	52	accounting	accounting	NOUN
ajfa-16968	22	53	surplus	surplus	NOUN
ajfa-16968	22	54	.	.	PUNCT
ajfa-16968	23	1	hall	hall	NOUN
ajfa-16968	23	2	(	(	PUNCT
ajfa-16968	23	3	1993	1993	NUM
ajfa-16968	23	4	)	)	PUNCT
ajfa-16968	23	5	and	and	CCONJ
ajfa-16968	23	6	porter	porter	NOUN
ajfa-16968	23	7	(	(	PUNCT
ajfa-16968	23	8	1993	1993	NUM
ajfa-16968	23	9	)	)	PUNCT
ajfa-16968	23	10	also	also	ADV
ajfa-16968	23	11	proposed	propose	VERB
ajfa-16968	23	12	that	that	SCONJ
ajfa-16968	23	13	because	because	SCONJ
ajfa-16968	23	14	the	the	DET
ajfa-16968	23	15	benefits	benefit	NOUN
ajfa-16968	23	16	of	of	ADP
ajfa-16968	23	17	r&d	r&d	NOUN
ajfa-16968	23	18	plans	plan	NOUN
ajfa-16968	23	19	take	take	VERB
ajfa-16968	23	20	a	a	DET
ajfa-16968	23	21	long	long	ADJ
ajfa-16968	23	22	time	time	NOUN
ajfa-16968	23	23	to	to	PART
ajfa-16968	23	24	generate	generate	VERB
ajfa-16968	23	25	investment	investment	NOUN
ajfa-16968	23	26	returns	return	NOUN
ajfa-16968	23	27	,	,	PUNCT
ajfa-16968	23	28	investors	investor	NOUN
ajfa-16968	23	29	taking	take	VERB
ajfa-16968	23	30	reference	reference	NOUN
ajfa-16968	23	31	from	from	ADP
ajfa-16968	23	32	the	the	DET
ajfa-16968	23	33	distorted	distorted	ADJ
ajfa-16968	23	34	accounting	accounting	NOUN
ajfa-16968	23	35	statements	statement	NOUN
ajfa-16968	23	36	may	may	AUX
ajfa-16968	23	37	overlook	overlook	VERB
ajfa-16968	23	38	future	future	ADJ
ajfa-16968	23	39	firm	firm	ADJ
ajfa-16968	23	40	value	value	NOUN
ajfa-16968	23	41	.	.	PUNCT
ajfa-16968	24	1	such	such	ADJ
ajfa-16968	24	2	shortsighted	shortsighted	ADJ
ajfa-16968	24	3	capital	capital	NOUN
ajfa-16968	24	4	markets	market	NOUN
ajfa-16968	24	5	may	may	AUX
ajfa-16968	24	6	also	also	ADV
ajfa-16968	24	7	trigger	trigger	VERB
ajfa-16968	24	8	agency	agency	NOUN
ajfa-16968	24	9	problems	problem	NOUN
ajfa-16968	24	10	between	between	ADP
ajfa-16968	24	11	managers	manager	NOUN
ajfa-16968	24	12	and	and	CCONJ
ajfa-16968	24	13	shareholders	shareholder	NOUN
ajfa-16968	24	14	.	.	PUNCT
ajfa-16968	25	1	empirical	empirical	ADJ
ajfa-16968	25	2	studies	study	NOUN
ajfa-16968	25	3	found	find	VERB
ajfa-16968	25	4	that	that	SCONJ
ajfa-16968	25	5	managers	manager	NOUN
ajfa-16968	25	6	have	have	VERB
ajfa-16968	25	7	a	a	DET
ajfa-16968	25	8	strong	strong	ADJ
ajfa-16968	25	9	incentive	incentive	NOUN
ajfa-16968	25	10	to	to	PART
ajfa-16968	25	11	reduce	reduce	VERB
ajfa-16968	25	12	the	the	DET
ajfa-16968	25	13	current	current	ADJ
ajfa-16968	25	14	r&d	r&d	NOUN
ajfa-16968	25	15	or	or	CCONJ
ajfa-16968	25	16	other	other	ADJ
ajfa-16968	25	17	long	long	ADJ
ajfa-16968	25	18	-	-	PUNCT
ajfa-16968	25	19	term	term	NOUN
ajfa-16968	25	20	expenditures	expenditure	NOUN
ajfa-16968	25	21	to	to	PART
ajfa-16968	25	22	improve	improve	VERB
ajfa-16968	25	23	the	the	DET
ajfa-16968	25	24	firm	firm	NOUN
ajfa-16968	25	25	's	's	PART
ajfa-16968	25	26	short	short	ADJ
ajfa-16968	25	27	-	-	PUNCT
ajfa-16968	25	28	term	term	NOUN
ajfa-16968	25	29	performance	performance	NOUN
ajfa-16968	25	30	;	;	PUNCT
ajfa-16968	25	31	however	however	ADV
ajfa-16968	25	32	,	,	PUNCT
ajfa-16968	25	33	this	this	PRON
ajfa-16968	25	34	will	will	AUX
ajfa-16968	25	35	be	be	AUX
ajfa-16968	25	36	inevitably	inevitably	ADV
ajfa-16968	25	37	inconsistent	inconsistent	ADJ
ajfa-16968	25	38	with	with	ADP
ajfa-16968	25	39	the	the	DET
ajfa-16968	25	40	goals	goal	NOUN
ajfa-16968	25	41	of	of	ADP
ajfa-16968	25	42	shareholders	shareholder	NOUN
ajfa-16968	25	43	who	who	PRON
ajfa-16968	25	44	pursue	pursue	VERB
ajfa-16968	25	45	long	long	ADJ
ajfa-16968	25	46	-	-	PUNCT
ajfa-16968	25	47	term	term	NOUN
ajfa-16968	25	48	interests	interest	NOUN
ajfa-16968	25	49	of	of	ADP
ajfa-16968	25	50	the	the	DET
ajfa-16968	25	51	firm	firm	NOUN
ajfa-16968	25	52	,	,	PUNCT
ajfa-16968	25	53	resulting	result	VERB
ajfa-16968	25	54	in	in	ADP
ajfa-16968	25	55	related	related	ADJ
ajfa-16968	25	56	agency	agency	NOUN
ajfa-16968	25	57	costs	cost	NOUN
ajfa-16968	25	58	(	(	PUNCT
ajfa-16968	25	59	baber	baber	PROPN
ajfa-16968	25	60	,	,	PUNCT
ajfa-16968	25	61	fairfiled	fairfile	VERB
ajfa-16968	25	62	,	,	PUNCT
ajfa-16968	25	63	and	and	CCONJ
ajfa-16968	25	64	haggard	haggard	ADJ
ajfa-16968	25	65	,	,	PUNCT
ajfa-16968	25	66	1991	1991	NUM
ajfa-16968	25	67	;	;	PUNCT
ajfa-16968	25	68	dechow	dechow	ADJ
ajfa-16968	25	69	and	and	CCONJ
ajfa-16968	25	70	sloan	sloan	PROPN
ajfa-16968	25	71	,	,	PUNCT
ajfa-16968	25	72	1991	1991	NUM
ajfa-16968	25	73	;	;	PUNCT
ajfa-16968	25	74	murphy	murphy	PROPN
ajfa-16968	25	75	and	and	CCONJ
ajfa-16968	25	76	zimmerman	zimmerman	PROPN
ajfa-16968	25	77	,	,	PUNCT
ajfa-16968	25	78	1993	1993	NUM
ajfa-16968	25	79	)	)	PUNCT
ajfa-16968	25	80	.	.	PUNCT
ajfa-16968	26	1	the	the	DET
ajfa-16968	26	2	r&d	r&d	NOUN
ajfa-16968	26	3	expenditure	expenditure	NOUN
ajfa-16968	26	4	and	and	CCONJ
ajfa-16968	26	5	information	information	NOUN
ajfa-16968	26	6	asymmetry	asymmetry	NOUN
ajfa-16968	26	7	between	between	ADP
ajfa-16968	26	8	managers	manager	NOUN
ajfa-16968	26	9	and	and	CCONJ
ajfa-16968	26	10	shareholders	shareholder	NOUN
ajfa-16968	26	11	can	can	AUX
ajfa-16968	26	12	also	also	ADV
ajfa-16968	26	13	not	not	PART
ajfa-16968	26	14	be	be	AUX
ajfa-16968	26	15	ignored	ignore	VERB
ajfa-16968	26	16	.	.	PUNCT
ajfa-16968	27	1	aboody	aboody	NOUN
ajfa-16968	27	2	and	and	CCONJ
ajfa-16968	27	3	lev	lev	NOUN
ajfa-16968	27	4	(	(	PUNCT
ajfa-16968	27	5	2000	2000	NUM
ajfa-16968	27	6	)	)	PUNCT
ajfa-16968	27	7	found	find	VERB
ajfa-16968	27	8	that	that	SCONJ
ajfa-16968	27	9	insiders	insider	NOUN
ajfa-16968	27	10	in	in	ADP
ajfa-16968	27	11	firms	firm	NOUN
ajfa-16968	27	12	with	with	ADP
ajfa-16968	27	13	strong	strong	ADJ
ajfa-16968	27	14	r&d	r&d	NOUN
ajfa-16968	27	15	capability	capability	NOUN
ajfa-16968	27	16	earn	earn	VERB
ajfa-16968	27	17	more	more	ADJ
ajfa-16968	27	18	profits	profit	NOUN
ajfa-16968	27	19	than	than	ADP
ajfa-16968	27	20	those	those	PRON
ajfa-16968	27	21	in	in	ADP
ajfa-16968	27	22	firms	firm	NOUN
ajfa-16968	27	23	that	that	PRON
ajfa-16968	27	24	do	do	AUX
ajfa-16968	27	25	not	not	PART
ajfa-16968	27	26	conduct	conduct	VERB
ajfa-16968	27	27	r&d	r&d	NOUN
ajfa-16968	27	28	activities	activity	NOUN
ajfa-16968	27	29	,	,	PUNCT
ajfa-16968	27	30	indicating	indicate	VERB
ajfa-16968	27	31	that	that	SCONJ
ajfa-16968	27	32	the	the	DET
ajfa-16968	27	33	problem	problem	NOUN
ajfa-16968	27	34	of	of	ADP
ajfa-16968	27	35	r&d	r&d	NOUN
ajfa-16968	27	36	expenditure	expenditure	NOUN
ajfa-16968	27	37	and	and	CCONJ
ajfa-16968	27	38	information	information	NOUN
ajfa-16968	27	39	asymmetry	asymmetry	NOUN
ajfa-16968	27	40	between	between	ADP
ajfa-16968	27	41	managers	manager	NOUN
ajfa-16968	27	42	and	and	CCONJ
ajfa-16968	27	43	shareholders	shareholder	NOUN
ajfa-16968	27	44	does	do	AUX
ajfa-16968	27	45	exist	exist	VERB
ajfa-16968	27	46	.	.	PUNCT
ajfa-16968	28	1	asian	asian	ADJ
ajfa-16968	28	2	journal	journal	PROPN
ajfa-16968	28	3	of	of	ADP
ajfa-16968	28	4	finance	finance	PROPN
ajfa-16968	28	5	&	&	CCONJ
ajfa-16968	28	6	accounting	accounting	PROPN
ajfa-16968	28	7	issn	issn	PROPN
ajfa-16968	28	8	1946	1946	NUM
ajfa-16968	28	9	-	-	PUNCT
ajfa-16968	28	10	052x	052x	NOUN
ajfa-16968	28	11	2020	2020	NUM
ajfa-16968	28	12	,	,	PUNCT
ajfa-16968	28	13	vol	vol	NOUN
ajfa-16968	28	14	.	.	PROPN
ajfa-16968	28	15	12	12	NUM
ajfa-16968	28	16	,	,	PUNCT
ajfa-16968	28	17	no	no	INTJ
ajfa-16968	28	18	.	.	NOUN
ajfa-16968	28	19	1	1	NUM
ajfa-16968	28	20	ajfa.macrothink.org/	ajfa.macrothink.org/	PROPN
ajfa-16968	28	21	133	133	NUM
ajfa-16968	28	22	therefore	therefore	ADV
ajfa-16968	28	23	,	,	PUNCT
ajfa-16968	28	24	there	there	PRON
ajfa-16968	28	25	is	be	VERB
ajfa-16968	28	26	still	still	ADV
ajfa-16968	28	27	no	no	DET
ajfa-16968	28	28	specific	specific	ADJ
ajfa-16968	28	29	or	or	CCONJ
ajfa-16968	28	30	effective	effective	ADJ
ajfa-16968	28	31	method	method	NOUN
ajfa-16968	28	32	available	available	ADJ
ajfa-16968	28	33	in	in	ADP
ajfa-16968	28	34	practice	practice	NOUN
ajfa-16968	28	35	or	or	CCONJ
ajfa-16968	28	36	academic	academic	ADJ
ajfa-16968	28	37	research	research	NOUN
ajfa-16968	28	38	as	as	ADP
ajfa-16968	28	39	to	to	ADP
ajfa-16968	28	40	whether	whether	SCONJ
ajfa-16968	28	41	firms	firm	NOUN
ajfa-16968	28	42	should	should	AUX
ajfa-16968	28	43	always	always	ADV
ajfa-16968	28	44	maintain	maintain	VERB
ajfa-16968	28	45	a	a	DET
ajfa-16968	28	46	certain	certain	ADJ
ajfa-16968	28	47	amount	amount	NOUN
ajfa-16968	28	48	of	of	ADP
ajfa-16968	28	49	money	money	NOUN
ajfa-16968	28	50	each	each	DET
ajfa-16968	28	51	year	year	NOUN
ajfa-16968	28	52	as	as	ADP
ajfa-16968	28	53	an	an	DET
ajfa-16968	28	54	innovative	innovative	ADJ
ajfa-16968	28	55	r&d	r&d	NOUN
ajfa-16968	28	56	budget	budget	NOUN
ajfa-16968	28	57	or	or	CCONJ
ajfa-16968	28	58	maintain	maintain	VERB
ajfa-16968	28	59	a	a	DET
ajfa-16968	28	60	certain	certain	ADJ
ajfa-16968	28	61	ratio	ratio	NOUN
ajfa-16968	28	62	according	accord	VERB
ajfa-16968	28	63	to	to	ADP
ajfa-16968	28	64	different	different	ADJ
ajfa-16968	28	65	characteristics	characteristic	NOUN
ajfa-16968	28	66	and	and	CCONJ
ajfa-16968	28	67	differences	difference	NOUN
ajfa-16968	28	68	of	of	ADP
ajfa-16968	28	69	the	the	DET
ajfa-16968	28	70	firms	firm	NOUN
ajfa-16968	28	71	.	.	PUNCT
ajfa-16968	29	1	to	to	PART
ajfa-16968	29	2	effectively	effectively	ADV
ajfa-16968	29	3	control	control	VERB
ajfa-16968	29	4	and	and	CCONJ
ajfa-16968	29	5	allocate	allocate	VERB
ajfa-16968	29	6	r&d	r&d	NOUN
ajfa-16968	29	7	resources	resource	NOUN
ajfa-16968	29	8	,	,	PUNCT
ajfa-16968	29	9	it	it	PRON
ajfa-16968	29	10	is	be	AUX
ajfa-16968	29	11	the	the	DET
ajfa-16968	29	12	most	most	ADV
ajfa-16968	29	13	important	important	ADJ
ajfa-16968	29	14	research	research	NOUN
ajfa-16968	29	15	purpose	purpose	NOUN
ajfa-16968	29	16	of	of	ADP
ajfa-16968	29	17	this	this	DET
ajfa-16968	29	18	study	study	NOUN
ajfa-16968	29	19	to	to	PART
ajfa-16968	29	20	find	find	VERB
ajfa-16968	29	21	an	an	DET
ajfa-16968	29	22	effective	effective	ADJ
ajfa-16968	29	23	measurement	measurement	NOUN
ajfa-16968	29	24	indicator	indicator	NOUN
ajfa-16968	29	25	system	system	NOUN
ajfa-16968	29	26	that	that	PRON
ajfa-16968	29	27	can	can	AUX
ajfa-16968	29	28	be	be	AUX
ajfa-16968	29	29	used	use	VERB
ajfa-16968	29	30	in	in	ADP
ajfa-16968	29	31	taiwan	taiwan	PROPN
ajfa-16968	29	32	.	.	PUNCT
ajfa-16968	30	1	the	the	DET
ajfa-16968	30	2	rest	rest	NOUN
ajfa-16968	30	3	of	of	ADP
ajfa-16968	30	4	this	this	DET
ajfa-16968	30	5	paper	paper	NOUN
ajfa-16968	30	6	is	be	AUX
ajfa-16968	30	7	organized	organize	VERB
ajfa-16968	30	8	as	as	SCONJ
ajfa-16968	30	9	follows	follow	VERB
ajfa-16968	30	10	.	.	PUNCT
ajfa-16968	31	1	section	section	NOUN
ajfa-16968	31	2	2	2	NUM
ajfa-16968	31	3	presents	present	VERB
ajfa-16968	31	4	a	a	DET
ajfa-16968	31	5	review	review	NOUN
ajfa-16968	31	6	of	of	ADP
ajfa-16968	31	7	the	the	DET
ajfa-16968	31	8	literature	literature	NOUN
ajfa-16968	31	9	on	on	ADP
ajfa-16968	31	10	the	the	DET
ajfa-16968	31	11	benefits	benefit	NOUN
ajfa-16968	31	12	of	of	ADP
ajfa-16968	31	13	firm	firm	ADJ
ajfa-16968	31	14	value	value	NOUN
ajfa-16968	31	15	brought	bring	VERB
ajfa-16968	31	16	about	about	ADP
ajfa-16968	31	17	by	by	ADP
ajfa-16968	31	18	r&d	r&d	NOUN
ajfa-16968	31	19	expenditure	expenditure	NOUN
ajfa-16968	31	20	,	,	PUNCT
ajfa-16968	31	21	the	the	DET
ajfa-16968	31	22	cost	cost	NOUN
ajfa-16968	31	23	of	of	ADP
ajfa-16968	31	24	agency	agency	NOUN
ajfa-16968	31	25	problem	problem	NOUN
ajfa-16968	31	26	,	,	PUNCT
ajfa-16968	31	27	and	and	CCONJ
ajfa-16968	31	28	that	that	PRON
ajfa-16968	31	29	of	of	ADP
ajfa-16968	31	30	information	information	NOUN
ajfa-16968	31	31	asymmetry	asymmetry	NOUN
ajfa-16968	31	32	,	,	PUNCT
ajfa-16968	31	33	while	while	SCONJ
ajfa-16968	31	34	section	section	NOUN
ajfa-16968	31	35	3	3	NUM
ajfa-16968	31	36	provides	provide	VERB
ajfa-16968	31	37	our	our	PRON
ajfa-16968	31	38	research	research	NOUN
ajfa-16968	31	39	design	design	NOUN
ajfa-16968	31	40	and	and	CCONJ
ajfa-16968	31	41	empirical	empirical	ADJ
ajfa-16968	31	42	models	model	NOUN
ajfa-16968	31	43	.	.	PUNCT
ajfa-16968	32	1	section	section	NOUN
ajfa-16968	32	2	4	4	NUM
ajfa-16968	32	3	presents	present	VERB
ajfa-16968	32	4	the	the	DET
ajfa-16968	32	5	empirical	empirical	ADJ
ajfa-16968	32	6	results	result	NOUN
ajfa-16968	32	7	of	of	ADP
ajfa-16968	32	8	this	this	DET
ajfa-16968	32	9	work	work	NOUN
ajfa-16968	32	10	,	,	PUNCT
ajfa-16968	32	11	and	and	CCONJ
ajfa-16968	32	12	section	section	NOUN
ajfa-16968	32	13	5	5	NUM
ajfa-16968	32	14	then	then	ADV
ajfa-16968	32	15	gives	give	VERB
ajfa-16968	32	16	the	the	DET
ajfa-16968	32	17	conclusions	conclusion	NOUN
ajfa-16968	32	18	.	.	PUNCT
ajfa-16968	33	1	2	2	X
ajfa-16968	33	2	.	.	X
ajfa-16968	33	3	literature	literature	NOUN
ajfa-16968	33	4	reviews	review	NOUN
ajfa-16968	33	5	according	accord	VERB
ajfa-16968	33	6	to	to	ADP
ajfa-16968	33	7	standard	standard	ADJ
ajfa-16968	33	8	no	no	NOUN
ajfa-16968	33	9	.	.	NOUN
ajfa-16968	33	10	2	2	NUM
ajfa-16968	33	11	issued	issue	VERB
ajfa-16968	33	12	by	by	ADP
ajfa-16968	33	13	the	the	DET
ajfa-16968	33	14	financial	financial	ADJ
ajfa-16968	33	15	accounting	accounting	NOUN
ajfa-16968	33	16	standards	standards	PROPN
ajfa-16968	33	17	board	board	NOUN
ajfa-16968	33	18	,	,	PUNCT
ajfa-16968	33	19	research	research	NOUN
ajfa-16968	33	20	is	be	AUX
ajfa-16968	33	21	planned	plan	VERB
ajfa-16968	33	22	search	search	NOUN
ajfa-16968	33	23	or	or	CCONJ
ajfa-16968	33	24	critical	critical	ADJ
ajfa-16968	33	25	investigation	investigation	NOUN
ajfa-16968	33	26	that	that	PRON
ajfa-16968	33	27	is	be	AUX
ajfa-16968	33	28	aimed	aim	VERB
ajfa-16968	33	29	at	at	ADP
ajfa-16968	33	30	discovering	discover	VERB
ajfa-16968	33	31	new	new	ADJ
ajfa-16968	33	32	knowledge	knowledge	NOUN
ajfa-16968	33	33	with	with	ADP
ajfa-16968	33	34	the	the	DET
ajfa-16968	33	35	hope	hope	NOUN
ajfa-16968	33	36	that	that	SCONJ
ajfa-16968	33	37	such	such	ADJ
ajfa-16968	33	38	knowledge	knowledge	NOUN
ajfa-16968	33	39	will	will	AUX
ajfa-16968	33	40	be	be	AUX
ajfa-16968	33	41	useful	useful	ADJ
ajfa-16968	33	42	in	in	ADP
ajfa-16968	33	43	developing	develop	VERB
ajfa-16968	33	44	a	a	DET
ajfa-16968	33	45	new	new	ADJ
ajfa-16968	33	46	product	product	NOUN
ajfa-16968	33	47	or	or	CCONJ
ajfa-16968	33	48	service	service	NOUN
ajfa-16968	33	49	or	or	CCONJ
ajfa-16968	33	50	a	a	DET
ajfa-16968	33	51	new	new	ADJ
ajfa-16968	33	52	process	process	NOUN
ajfa-16968	33	53	or	or	CCONJ
ajfa-16968	33	54	technique	technique	NOUN
ajfa-16968	33	55	or	or	CCONJ
ajfa-16968	33	56	in	in	ADP
ajfa-16968	33	57	bringing	bring	VERB
ajfa-16968	33	58	about	about	ADP
ajfa-16968	33	59	significant	significant	ADJ
ajfa-16968	33	60	improvement	improvement	NOUN
ajfa-16968	33	61	to	to	ADP
ajfa-16968	33	62	an	an	DET
ajfa-16968	33	63	existing	exist	VERB
ajfa-16968	33	64	product	product	NOUN
ajfa-16968	33	65	or	or	CCONJ
ajfa-16968	33	66	process	process	NOUN
ajfa-16968	33	67	.	.	PUNCT
ajfa-16968	34	1	development	development	NOUN
ajfa-16968	34	2	is	be	AUX
ajfa-16968	34	3	the	the	DET
ajfa-16968	34	4	transaction	transaction	NOUN
ajfa-16968	34	5	of	of	ADP
ajfa-16968	34	6	research	research	NOUN
ajfa-16968	34	7	findings	finding	NOUN
ajfa-16968	34	8	or	or	CCONJ
ajfa-16968	34	9	other	other	ADJ
ajfa-16968	34	10	knowledge	knowledge	NOUN
ajfa-16968	34	11	into	into	ADP
ajfa-16968	34	12	a	a	DET
ajfa-16968	34	13	plan	plan	NOUN
ajfa-16968	34	14	or	or	CCONJ
ajfa-16968	34	15	design	design	NOUN
ajfa-16968	34	16	for	for	ADP
ajfa-16968	34	17	a	a	DET
ajfa-16968	34	18	new	new	ADJ
ajfa-16968	34	19	product	product	NOUN
ajfa-16968	34	20	or	or	CCONJ
ajfa-16968	34	21	process	process	NOUN
ajfa-16968	34	22	or	or	CCONJ
ajfa-16968	34	23	for	for	ADP
ajfa-16968	34	24	a	a	DET
ajfa-16968	34	25	significant	significant	ADJ
ajfa-16968	34	26	improvement	improvement	NOUN
ajfa-16968	34	27	to	to	ADP
ajfa-16968	34	28	an	an	DET
ajfa-16968	34	29	existing	exist	VERB
ajfa-16968	34	30	product	product	NOUN
ajfa-16968	34	31	or	or	CCONJ
ajfa-16968	34	32	process	process	NOUN
ajfa-16968	34	33	,	,	PUNCT
ajfa-16968	34	34	whether	whether	SCONJ
ajfa-16968	34	35	intended	intend	VERB
ajfa-16968	34	36	for	for	ADP
ajfa-16968	34	37	sale	sale	NOUN
ajfa-16968	34	38	or	or	CCONJ
ajfa-16968	34	39	use	use	NOUN
ajfa-16968	34	40	.	.	PUNCT
ajfa-16968	35	1	nason	nason	PROPN
ajfa-16968	35	2	(	(	PUNCT
ajfa-16968	35	3	1981	1981	NUM
ajfa-16968	35	4	)	)	PUNCT
ajfa-16968	35	5	defined	define	VERB
ajfa-16968	35	6	research	research	NOUN
ajfa-16968	35	7	and	and	CCONJ
ajfa-16968	35	8	development	development	NOUN
ajfa-16968	35	9	(	(	PUNCT
ajfa-16968	35	10	r&d	r&d	NOUN
ajfa-16968	35	11	)	)	PUNCT
ajfa-16968	35	12	as	as	ADP
ajfa-16968	35	13	a	a	DET
ajfa-16968	35	14	planned	plan	VERB
ajfa-16968	35	15	new	new	ADJ
ajfa-16968	35	16	knowledge	knowledge	NOUN
ajfa-16968	35	17	activity	activity	NOUN
ajfa-16968	35	18	that	that	PRON
ajfa-16968	35	19	systematically	systematically	ADV
ajfa-16968	35	20	develops	develop	VERB
ajfa-16968	35	21	and	and	CCONJ
ajfa-16968	35	22	improves	improve	VERB
ajfa-16968	35	23	existing	exist	VERB
ajfa-16968	35	24	technologies	technology	NOUN
ajfa-16968	35	25	and	and	CCONJ
ajfa-16968	35	26	products	product	NOUN
ajfa-16968	35	27	and	and	CCONJ
ajfa-16968	35	28	converts	convert	VERB
ajfa-16968	35	29	the	the	DET
ajfa-16968	35	30	results	result	NOUN
ajfa-16968	35	31	or	or	CCONJ
ajfa-16968	35	32	new	new	ADJ
ajfa-16968	35	33	knowledge	knowledge	NOUN
ajfa-16968	35	34	into	into	ADP
ajfa-16968	35	35	new	new	ADJ
ajfa-16968	35	36	products	product	NOUN
ajfa-16968	35	37	and	and	CCONJ
ajfa-16968	35	38	processes	process	NOUN
ajfa-16968	35	39	.	.	PUNCT
ajfa-16968	36	1	the	the	DET
ajfa-16968	36	2	main	main	ADJ
ajfa-16968	36	3	purpose	purpose	NOUN
ajfa-16968	36	4	of	of	ADP
ajfa-16968	36	5	this	this	DET
ajfa-16968	36	6	study	study	NOUN
ajfa-16968	36	7	is	be	AUX
ajfa-16968	36	8	to	to	PART
ajfa-16968	36	9	explore	explore	VERB
ajfa-16968	36	10	how	how	SCONJ
ajfa-16968	36	11	firms	firm	NOUN
ajfa-16968	36	12	balance	balance	VERB
ajfa-16968	36	13	growth	growth	NOUN
ajfa-16968	36	14	benefits	benefit	NOUN
ajfa-16968	36	15	and	and	CCONJ
ajfa-16968	36	16	information	information	NOUN
ajfa-16968	36	17	asymmetry	asymmetry	NOUN
ajfa-16968	36	18	and	and	CCONJ
ajfa-16968	36	19	agency	agency	NOUN
ajfa-16968	36	20	problems	problem	NOUN
ajfa-16968	36	21	brought	bring	VERB
ajfa-16968	36	22	about	about	ADP
ajfa-16968	36	23	r&d	r&d	NOUN
ajfa-16968	36	24	expenditure	expenditure	NOUN
ajfa-16968	36	25	,	,	PUNCT
ajfa-16968	36	26	to	to	PART
ajfa-16968	36	27	obtain	obtain	VERB
ajfa-16968	36	28	the	the	DET
ajfa-16968	36	29	optimal	optimal	ADJ
ajfa-16968	36	30	level	level	NOUN
ajfa-16968	36	31	of	of	ADP
ajfa-16968	36	32	r&d	r&d	NOUN
ajfa-16968	36	33	expenditure	expenditure	NOUN
ajfa-16968	36	34	.	.	PUNCT
ajfa-16968	37	1	therefore	therefore	ADV
ajfa-16968	37	2	,	,	PUNCT
ajfa-16968	37	3	the	the	DET
ajfa-16968	37	4	relevant	relevant	ADJ
ajfa-16968	37	5	literature	literature	NOUN
ajfa-16968	37	6	review	review	NOUN
ajfa-16968	37	7	is	be	AUX
ajfa-16968	37	8	based	base	VERB
ajfa-16968	37	9	on	on	ADP
ajfa-16968	37	10	the	the	DET
ajfa-16968	37	11	impact	impact	NOUN
ajfa-16968	37	12	of	of	ADP
ajfa-16968	37	13	r&d	r&d	NOUN
ajfa-16968	37	14	expenditure	expenditure	NOUN
ajfa-16968	37	15	on	on	ADP
ajfa-16968	37	16	the	the	DET
ajfa-16968	37	17	firm	firm	NOUN
ajfa-16968	37	18	,	,	PUNCT
ajfa-16968	37	19	and	and	CCONJ
ajfa-16968	37	20	the	the	DET
ajfa-16968	37	21	following	follow	VERB
ajfa-16968	37	22	aspects	aspect	NOUN
ajfa-16968	37	23	are	be	AUX
ajfa-16968	37	24	analysed	analyse	VERB
ajfa-16968	37	25	according	accord	VERB
ajfa-16968	37	26	to	to	ADP
ajfa-16968	37	27	r&d	r&d	NOUN
ajfa-16968	37	28	expenditure	expenditure	NOUN
ajfa-16968	37	29	and	and	CCONJ
ajfa-16968	37	30	firm	firm	ADJ
ajfa-16968	37	31	value	value	NOUN
ajfa-16968	37	32	,	,	PUNCT
ajfa-16968	37	33	information	information	NOUN
ajfa-16968	37	34	asymmetry	asymmetry	NOUN
ajfa-16968	37	35	,	,	PUNCT
ajfa-16968	37	36	and	and	CCONJ
ajfa-16968	37	37	agency	agency	NOUN
ajfa-16968	37	38	problems	problem	NOUN
ajfa-16968	37	39	.	.	PUNCT
ajfa-16968	38	1	2.1	2.1	NUM
ajfa-16968	38	2	r&d	r&d	NOUN
ajfa-16968	38	3	expenditure	expenditure	NOUN
ajfa-16968	38	4	and	and	CCONJ
ajfa-16968	38	5	firm	firm	ADJ
ajfa-16968	38	6	value	value	NOUN
ajfa-16968	38	7	in	in	ADP
ajfa-16968	38	8	recent	recent	ADJ
ajfa-16968	38	9	years	year	NOUN
ajfa-16968	38	10	,	,	PUNCT
ajfa-16968	38	11	many	many	ADJ
ajfa-16968	38	12	scholars	scholar	NOUN
ajfa-16968	38	13	have	have	AUX
ajfa-16968	38	14	discussed	discuss	VERB
ajfa-16968	38	15	the	the	DET
ajfa-16968	38	16	impact	impact	NOUN
ajfa-16968	38	17	of	of	ADP
ajfa-16968	38	18	firm	firm	ADJ
ajfa-16968	38	19	r&d	r&d	NOUN
ajfa-16968	38	20	plans	plan	NOUN
ajfa-16968	38	21	on	on	ADP
ajfa-16968	38	22	firm	firm	ADJ
ajfa-16968	38	23	value	value	NOUN
ajfa-16968	38	24	(	(	PUNCT
ajfa-16968	38	25	measured	measure	VERB
ajfa-16968	38	26	by	by	ADP
ajfa-16968	38	27	firm	firm	ADJ
ajfa-16968	38	28	stock	stock	NOUN
ajfa-16968	38	29	price	price	NOUN
ajfa-16968	38	30	return	return	NOUN
ajfa-16968	38	31	)	)	PUNCT
ajfa-16968	38	32	.	.	PUNCT
ajfa-16968	39	1	hirschey	hirschey	PROPN
ajfa-16968	39	2	and	and	CCONJ
ajfa-16968	39	3	weygandt	weygandt	PROPN
ajfa-16968	39	4	(	(	PUNCT
ajfa-16968	39	5	1985	1985	NUM
ajfa-16968	39	6	)	)	PUNCT
ajfa-16968	39	7	explored	explore	VERB
ajfa-16968	39	8	the	the	DET
ajfa-16968	39	9	impact	impact	NOUN
ajfa-16968	39	10	of	of	ADP
ajfa-16968	39	11	r&d	r&d	NOUN
ajfa-16968	39	12	expenditure	expenditure	NOUN
ajfa-16968	39	13	and	and	CCONJ
ajfa-16968	39	14	advertising	advertising	NOUN
ajfa-16968	39	15	costs	cost	NOUN
ajfa-16968	39	16	on	on	ADP
ajfa-16968	39	17	firm	firm	ADJ
ajfa-16968	39	18	stock	stock	NOUN
ajfa-16968	39	19	price	price	NOUN
ajfa-16968	39	20	.	.	PUNCT
ajfa-16968	40	1	the	the	DET
ajfa-16968	40	2	results	result	NOUN
ajfa-16968	40	3	indicated	indicate	VERB
ajfa-16968	40	4	that	that	SCONJ
ajfa-16968	40	5	r&d	r&d	NOUN
ajfa-16968	40	6	expenditure	expenditure	NOUN
ajfa-16968	40	7	and	and	CCONJ
ajfa-16968	40	8	advertising	advertising	NOUN
ajfa-16968	40	9	costs	cost	NOUN
ajfa-16968	40	10	have	have	VERB
ajfa-16968	40	11	significant	significant	ADJ
ajfa-16968	40	12	positive	positive	ADJ
ajfa-16968	40	13	impacts	impact	NOUN
ajfa-16968	40	14	on	on	ADP
ajfa-16968	40	15	firm	firm	ADJ
ajfa-16968	40	16	book	book	NOUN
ajfa-16968	40	17	value	value	NOUN
ajfa-16968	40	18	and	and	CCONJ
ajfa-16968	40	19	book	book	NOUN
ajfa-16968	40	20	-	-	PUNCT
ajfa-16968	40	21	to	to	ADP
ajfa-16968	40	22	-	-	PUNCT
ajfa-16968	40	23	market	market	NOUN
ajfa-16968	40	24	ratio	ratio	NOUN
ajfa-16968	40	25	.	.	PUNCT
ajfa-16968	41	1	in	in	ADP
ajfa-16968	41	2	addition	addition	NOUN
ajfa-16968	41	3	,	,	PUNCT
ajfa-16968	41	4	these	these	DET
ajfa-16968	41	5	inputs	input	NOUN
ajfa-16968	41	6	can	can	AUX
ajfa-16968	41	7	increase	increase	VERB
ajfa-16968	41	8	firm	firm	ADJ
ajfa-16968	41	9	market	market	NOUN
ajfa-16968	41	10	value	value	NOUN
ajfa-16968	41	11	as	as	ADP
ajfa-16968	41	12	firm	firm	ADJ
ajfa-16968	41	13	durable	durable	ADJ
ajfa-16968	41	14	goods	good	NOUN
ajfa-16968	41	15	.	.	PUNCT
ajfa-16968	42	1	however	however	ADV
ajfa-16968	42	2	,	,	PUNCT
ajfa-16968	42	3	the	the	DET
ajfa-16968	42	4	period	period	NOUN
ajfa-16968	42	5	of	of	ADP
ajfa-16968	42	6	benefits	benefit	NOUN
ajfa-16968	42	7	created	create	VERB
ajfa-16968	42	8	by	by	ADP
ajfa-16968	42	9	advertising	advertising	NOUN
ajfa-16968	42	10	costs	cost	NOUN
ajfa-16968	42	11	is	be	AUX
ajfa-16968	42	12	shorter	short	ADJ
ajfa-16968	42	13	and	and	CCONJ
ajfa-16968	42	14	that	that	SCONJ
ajfa-16968	42	15	created	create	VERB
ajfa-16968	42	16	by	by	ADP
ajfa-16968	42	17	r&d	r&d	NOUN
ajfa-16968	42	18	expenditure	expenditure	NOUN
ajfa-16968	42	19	is	be	AUX
ajfa-16968	42	20	longer	long	ADJ
ajfa-16968	42	21	.	.	PUNCT
ajfa-16968	43	1	bublitz	bublitz	NOUN
ajfa-16968	43	2	and	and	CCONJ
ajfa-16968	43	3	ettredge	ettredge	ADJ
ajfa-16968	43	4	(	(	PUNCT
ajfa-16968	43	5	1986	1986	NUM
ajfa-16968	43	6	)	)	PUNCT
ajfa-16968	43	7	further	far	ADV
ajfa-16968	43	8	used	use	VERB
ajfa-16968	43	9	the	the	DET
ajfa-16968	43	10	cumulative	cumulative	ADJ
ajfa-16968	43	11	abnormal	abnormal	ADJ
ajfa-16968	43	12	return	return	NOUN
ajfa-16968	43	13	to	to	PART
ajfa-16968	43	14	analyze	analyze	VERB
ajfa-16968	43	15	the	the	DET
ajfa-16968	43	16	impact	impact	NOUN
ajfa-16968	43	17	of	of	ADP
ajfa-16968	43	18	non	non	ADJ
ajfa-16968	43	19	-	-	ADJ
ajfa-16968	43	20	expected	expected	ADJ
ajfa-16968	43	21	r&d	r&d	NOUN
ajfa-16968	43	22	and	and	CCONJ
ajfa-16968	43	23	advertising	advertising	NOUN
ajfa-16968	43	24	costs	cost	NOUN
ajfa-16968	43	25	on	on	ADP
ajfa-16968	43	26	stock	stock	NOUN
ajfa-16968	43	27	return	return	NOUN
ajfa-16968	43	28	,	,	PUNCT
ajfa-16968	43	29	and	and	CCONJ
ajfa-16968	43	30	they	they	PRON
ajfa-16968	43	31	referred	refer	VERB
ajfa-16968	43	32	to	to	ADP
ajfa-16968	43	33	the	the	DET
ajfa-16968	43	34	lipe	lipe	NOUN
ajfa-16968	43	35	’s	’s	PART
ajfa-16968	43	36	(	(	PUNCT
ajfa-16968	43	37	1986	1986	NUM
ajfa-16968	43	38	)	)	PUNCT
ajfa-16968	43	39	model	model	NOUN
ajfa-16968	43	40	for	for	ADP
ajfa-16968	43	41	discussion	discussion	NOUN
ajfa-16968	43	42	.	.	PUNCT
ajfa-16968	44	1	the	the	DET
ajfa-16968	44	2	results	result	NOUN
ajfa-16968	44	3	show	show	VERB
ajfa-16968	44	4	that	that	SCONJ
ajfa-16968	44	5	r&d	r&d	NOUN
ajfa-16968	44	6	activities	activity	NOUN
ajfa-16968	44	7	can	can	AUX
ajfa-16968	44	8	indeed	indeed	ADV
ajfa-16968	44	9	exert	exert	VERB
ajfa-16968	44	10	a	a	DET
ajfa-16968	44	11	positive	positive	ADJ
ajfa-16968	44	12	impact	impact	NOUN
ajfa-16968	44	13	on	on	ADP
ajfa-16968	44	14	firm	firm	ADJ
ajfa-16968	44	15	value	value	NOUN
ajfa-16968	44	16	and	and	CCONJ
ajfa-16968	44	17	that	that	DET
ajfa-16968	44	18	firm	firm	ADJ
ajfa-16968	44	19	investment	investment	NOUN
ajfa-16968	44	20	in	in	ADP
ajfa-16968	44	21	r&d	r&d	NOUN
ajfa-16968	44	22	activities	activity	NOUN
ajfa-16968	44	23	should	should	AUX
ajfa-16968	44	24	be	be	AUX
ajfa-16968	44	25	reasonably	reasonably	ADV
ajfa-16968	44	26	evaluated	evaluate	VERB
ajfa-16968	44	27	by	by	ADP
ajfa-16968	44	28	the	the	DET
ajfa-16968	44	29	market	market	NOUN
ajfa-16968	44	30	and	and	CCONJ
ajfa-16968	44	31	in	in	ADP
ajfa-16968	44	32	the	the	DET
ajfa-16968	44	33	same	same	ADJ
ajfa-16968	44	34	manner	manner	NOUN
ajfa-16968	44	35	as	as	ADP
ajfa-16968	44	36	general	general	ADJ
ajfa-16968	44	37	investment	investment	NOUN
ajfa-16968	44	38	projects	project	NOUN
ajfa-16968	44	39	.	.	PUNCT
ajfa-16968	45	1	chan	chan	PROPN
ajfa-16968	45	2	et	et	PROPN
ajfa-16968	45	3	al	al	PROPN
ajfa-16968	45	4	.	.	PROPN
ajfa-16968	46	1	(	(	PUNCT
ajfa-16968	46	2	1990	1990	NUM
ajfa-16968	46	3	)	)	PUNCT
ajfa-16968	46	4	examined	examine	VERB
ajfa-16968	46	5	the	the	DET
ajfa-16968	46	6	impact	impact	NOUN
ajfa-16968	46	7	of	of	ADP
ajfa-16968	46	8	the	the	DET
ajfa-16968	46	9	announcement	announcement	NOUN
ajfa-16968	46	10	of	of	ADP
ajfa-16968	46	11	r&d	r&d	NOUN
ajfa-16968	46	12	expenditure	expenditure	NOUN
ajfa-16968	46	13	on	on	ADP
ajfa-16968	46	14	firm	firm	ADJ
ajfa-16968	46	15	stock	stock	NOUN
ajfa-16968	46	16	price	price	NOUN
ajfa-16968	46	17	.	.	PUNCT
ajfa-16968	47	1	asian	asian	ADJ
ajfa-16968	47	2	journal	journal	PROPN
ajfa-16968	47	3	of	of	ADP
ajfa-16968	47	4	finance	finance	PROPN
ajfa-16968	47	5	&	&	CCONJ
ajfa-16968	47	6	accounting	accounting	PROPN
ajfa-16968	47	7	issn	issn	PROPN
ajfa-16968	47	8	1946	1946	NUM
ajfa-16968	47	9	-	-	PUNCT
ajfa-16968	47	10	052x	052x	NOUN
ajfa-16968	47	11	2020	2020	NUM
ajfa-16968	47	12	,	,	PUNCT
ajfa-16968	47	13	vol	vol	NOUN
ajfa-16968	47	14	.	.	PROPN
ajfa-16968	47	15	12	12	NUM
ajfa-16968	47	16	,	,	PUNCT
ajfa-16968	47	17	no	no	INTJ
ajfa-16968	47	18	.	.	NOUN
ajfa-16968	47	19	1	1	NUM
ajfa-16968	47	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	47	21	134	134	NUM
ajfa-16968	47	22	they	they	PRON
ajfa-16968	47	23	adopted	adopt	VERB
ajfa-16968	47	24	the	the	DET
ajfa-16968	47	25	sample	sample	NOUN
ajfa-16968	47	26	period	period	NOUN
ajfa-16968	47	27	from	from	ADP
ajfa-16968	47	28	1979	1979	NUM
ajfa-16968	47	29	to	to	ADP
ajfa-16968	47	30	1985	1985	NUM
ajfa-16968	47	31	to	to	PART
ajfa-16968	47	32	distinguish	distinguish	VERB
ajfa-16968	47	33	between	between	ADP
ajfa-16968	47	34	two	two	NUM
ajfa-16968	47	35	subsamples	subsample	NOUN
ajfa-16968	47	36	:	:	PUNCT
ajfa-16968	47	37	high	high	ADJ
ajfa-16968	47	38	-	-	PUNCT
ajfa-16968	47	39	tech	tech	NOUN
ajfa-16968	47	40	and	and	CCONJ
ajfa-16968	47	41	low	low	ADJ
ajfa-16968	47	42	-	-	PUNCT
ajfa-16968	47	43	tech	tech	NOUN
ajfa-16968	47	44	.	.	PUNCT
ajfa-16968	48	1	they	they	PRON
ajfa-16968	48	2	found	find	VERB
ajfa-16968	48	3	that	that	SCONJ
ajfa-16968	48	4	the	the	DET
ajfa-16968	48	5	stock	stock	NOUN
ajfa-16968	48	6	price	price	NOUN
ajfa-16968	48	7	does	do	AUX
ajfa-16968	48	8	have	have	VERB
ajfa-16968	48	9	significant	significant	ADJ
ajfa-16968	48	10	excess	excess	ADJ
ajfa-16968	48	11	return	return	NOUN
ajfa-16968	48	12	after	after	ADP
ajfa-16968	48	13	the	the	DET
ajfa-16968	48	14	announcement	announcement	NOUN
ajfa-16968	48	15	of	of	ADP
ajfa-16968	48	16	r&d	r&d	NOUN
ajfa-16968	48	17	expenditure	expenditure	NOUN
ajfa-16968	48	18	but	but	CCONJ
ajfa-16968	48	19	that	that	SCONJ
ajfa-16968	48	20	the	the	DET
ajfa-16968	48	21	market	market	NOUN
ajfa-16968	48	22	gives	give	VERB
ajfa-16968	48	23	positive	positive	ADJ
ajfa-16968	48	24	evaluation	evaluation	NOUN
ajfa-16968	48	25	on	on	ADP
ajfa-16968	48	26	the	the	DET
ajfa-16968	48	27	announcements	announcement	NOUN
ajfa-16968	48	28	made	make	VERB
ajfa-16968	48	29	by	by	ADP
ajfa-16968	48	30	high	high	ADJ
ajfa-16968	48	31	-	-	PUNCT
ajfa-16968	48	32	tech	tech	NOUN
ajfa-16968	48	33	firms	firm	NOUN
ajfa-16968	48	34	.	.	PUNCT
ajfa-16968	49	1	on	on	ADP
ajfa-16968	49	2	the	the	DET
ajfa-16968	49	3	contrary	contrary	NOUN
ajfa-16968	49	4	,	,	PUNCT
ajfa-16968	49	5	for	for	ADP
ajfa-16968	49	6	firms	firm	NOUN
ajfa-16968	49	7	with	with	ADP
ajfa-16968	49	8	a	a	DET
ajfa-16968	49	9	lower	low	ADJ
ajfa-16968	49	10	degree	degree	NOUN
ajfa-16968	49	11	of	of	ADP
ajfa-16968	49	12	technology	technology	NOUN
ajfa-16968	49	13	,	,	PUNCT
ajfa-16968	49	14	the	the	DET
ajfa-16968	49	15	market	market	NOUN
ajfa-16968	49	16	gives	give	VERB
ajfa-16968	49	17	significantly	significantly	ADV
ajfa-16968	49	18	negative	negative	ADJ
ajfa-16968	49	19	market	market	NOUN
ajfa-16968	49	20	returns	return	NOUN
ajfa-16968	49	21	,	,	PUNCT
ajfa-16968	49	22	indicating	indicate	VERB
ajfa-16968	49	23	that	that	SCONJ
ajfa-16968	49	24	r&d	r&d	NOUN
ajfa-16968	49	25	expenditure	expenditure	NOUN
ajfa-16968	49	26	can	can	AUX
ajfa-16968	49	27	still	still	ADV
ajfa-16968	49	28	receive	receive	VERB
ajfa-16968	49	29	positive	positive	ADJ
ajfa-16968	49	30	evaluation	evaluation	NOUN
ajfa-16968	49	31	from	from	ADP
ajfa-16968	49	32	the	the	DET
ajfa-16968	49	33	capital	capital	NOUN
ajfa-16968	49	34	market	market	NOUN
ajfa-16968	49	35	although	although	SCONJ
ajfa-16968	49	36	it	it	PRON
ajfa-16968	49	37	would	would	AUX
ajfa-16968	49	38	reduce	reduce	VERB
ajfa-16968	49	39	annual	annual	ADJ
ajfa-16968	49	40	surplus	surplus	NOUN
ajfa-16968	49	41	and	and	CCONJ
ajfa-16968	49	42	that	that	SCONJ
ajfa-16968	49	43	industrial	industrial	ADJ
ajfa-16968	49	44	category	category	NOUN
ajfa-16968	49	45	has	have	VERB
ajfa-16968	49	46	a	a	DET
ajfa-16968	49	47	decisive	decisive	ADJ
ajfa-16968	49	48	influence	influence	NOUN
ajfa-16968	49	49	on	on	ADP
ajfa-16968	49	50	the	the	DET
ajfa-16968	49	51	information	information	NOUN
ajfa-16968	49	52	effect	effect	NOUN
ajfa-16968	49	53	of	of	ADP
ajfa-16968	49	54	r&d	r&d	NOUN
ajfa-16968	49	55	expenditure	expenditure	NOUN
ajfa-16968	49	56	.	.	PUNCT
ajfa-16968	50	1	kothari	kothari	PROPN
ajfa-16968	50	2	and	and	CCONJ
ajfa-16968	50	3	zimmerman	zimmerman	PROPN
ajfa-16968	50	4	(	(	PUNCT
ajfa-16968	50	5	1995	1995	NUM
ajfa-16968	50	6	)	)	PUNCT
ajfa-16968	50	7	also	also	ADV
ajfa-16968	50	8	examined	examine	VERB
ajfa-16968	50	9	the	the	DET
ajfa-16968	50	10	relationship	relationship	NOUN
ajfa-16968	50	11	between	between	ADP
ajfa-16968	50	12	r&d	r&d	NOUN
ajfa-16968	50	13	expenditure	expenditure	NOUN
ajfa-16968	50	14	and	and	CCONJ
ajfa-16968	50	15	firm	firm	ADJ
ajfa-16968	50	16	share	share	NOUN
ajfa-16968	50	17	price	price	NOUN
ajfa-16968	50	18	.	.	PUNCT
ajfa-16968	51	1	the	the	DET
ajfa-16968	51	2	results	result	NOUN
ajfa-16968	51	3	also	also	ADV
ajfa-16968	51	4	pointed	point	VERB
ajfa-16968	51	5	out	out	ADP
ajfa-16968	51	6	that	that	SCONJ
ajfa-16968	51	7	a	a	DET
ajfa-16968	51	8	firm	firm	NOUN
ajfa-16968	51	9	’s	’s	PART
ajfa-16968	51	10	increased	increase	VERB
ajfa-16968	51	11	r&d	r&d	NOUN
ajfa-16968	51	12	expenditure	expenditure	NOUN
ajfa-16968	51	13	brings	bring	VERB
ajfa-16968	51	14	about	about	ADP
ajfa-16968	51	15	positive	positive	ADJ
ajfa-16968	51	16	returns	return	NOUN
ajfa-16968	51	17	to	to	ADP
ajfa-16968	51	18	the	the	DET
ajfa-16968	51	19	firm	firm	NOUN
ajfa-16968	51	20	's	's	PART
ajfa-16968	51	21	share	share	NOUN
ajfa-16968	51	22	price	price	NOUN
ajfa-16968	51	23	,	,	PUNCT
ajfa-16968	51	24	and	and	CCONJ
ajfa-16968	51	25	therefore	therefore	ADV
ajfa-16968	51	26	,	,	PUNCT
ajfa-16968	51	27	r&d	r&d	NOUN
ajfa-16968	51	28	activities	activity	NOUN
ajfa-16968	51	29	indeed	indeed	ADV
ajfa-16968	51	30	helps	help	VERB
ajfa-16968	51	31	to	to	PART
ajfa-16968	51	32	create	create	VERB
ajfa-16968	51	33	future	future	ADJ
ajfa-16968	51	34	earnings	earning	NOUN
ajfa-16968	51	35	and	and	CCONJ
ajfa-16968	51	36	cash	cash	NOUN
ajfa-16968	51	37	flow	flow	NOUN
ajfa-16968	51	38	and	and	CCONJ
ajfa-16968	51	39	further	further	ADJ
ajfa-16968	51	40	increase	increase	VERB
ajfa-16968	51	41	firm	firm	ADJ
ajfa-16968	51	42	value	value	NOUN
ajfa-16968	51	43	.	.	PUNCT
ajfa-16968	52	1	sougiannis	sougianni	NOUN
ajfa-16968	52	2	(	(	PUNCT
ajfa-16968	52	3	1994	1994	NUM
ajfa-16968	52	4	)	)	PUNCT
ajfa-16968	52	5	found	find	VERB
ajfa-16968	52	6	that	that	SCONJ
ajfa-16968	52	7	r&d	r&d	NOUN
ajfa-16968	52	8	investment	investment	NOUN
ajfa-16968	52	9	has	have	VERB
ajfa-16968	52	10	a	a	DET
ajfa-16968	52	11	significant	significant	ADJ
ajfa-16968	52	12	positive	positive	ADJ
ajfa-16968	52	13	deferral	deferral	ADJ
ajfa-16968	52	14	effect	effect	NOUN
ajfa-16968	52	15	on	on	ADP
ajfa-16968	52	16	firm	firm	ADJ
ajfa-16968	52	17	stock	stock	NOUN
ajfa-16968	52	18	price	price	NOUN
ajfa-16968	52	19	and	and	CCONJ
ajfa-16968	52	20	earnings	earning	NOUN
ajfa-16968	52	21	.	.	PUNCT
ajfa-16968	53	1	on	on	ADP
ajfa-16968	53	2	average	average	ADJ
ajfa-16968	53	3	,	,	PUNCT
ajfa-16968	53	4	a	a	DET
ajfa-16968	53	5	1	1	NUM
ajfa-16968	53	6	-	-	PUNCT
ajfa-16968	53	7	dollar	dollar	NOUN
ajfa-16968	53	8	increase	increase	NOUN
ajfa-16968	53	9	in	in	ADP
ajfa-16968	53	10	r&d	r&d	NOUN
ajfa-16968	53	11	expenditure	expenditure	NOUN
ajfa-16968	53	12	leads	lead	VERB
ajfa-16968	53	13	to	to	ADP
ajfa-16968	53	14	a	a	DET
ajfa-16968	53	15	2dollar	2dollar	NUM
ajfa-16968	53	16	increase	increase	NOUN
ajfa-16968	53	17	in	in	ADP
ajfa-16968	53	18	profit	profit	NOUN
ajfa-16968	53	19	over	over	ADP
ajfa-16968	53	20	a	a	DET
ajfa-16968	53	21	7	7	NUM
ajfa-16968	53	22	-	-	PUNCT
ajfa-16968	53	23	year	year	NOUN
ajfa-16968	53	24	period	period	NOUN
ajfa-16968	53	25	and	and	CCONJ
ajfa-16968	53	26	an	an	DET
ajfa-16968	53	27	increase	increase	NOUN
ajfa-16968	53	28	in	in	ADP
ajfa-16968	53	29	stock	stock	NOUN
ajfa-16968	53	30	value	value	NOUN
ajfa-16968	53	31	over	over	ADP
ajfa-16968	53	32	a	a	DET
ajfa-16968	53	33	5	5	NUM
ajfa-16968	53	34	-	-	PUNCT
ajfa-16968	53	35	year	year	NOUN
ajfa-16968	53	36	period	period	NOUN
ajfa-16968	53	37	.	.	PUNCT
ajfa-16968	54	1	lev	lev	NOUN
ajfa-16968	54	2	and	and	CCONJ
ajfa-16968	54	3	sougiannis	sougianni	NOUN
ajfa-16968	54	4	(	(	PUNCT
ajfa-16968	54	5	1996	1996	NUM
ajfa-16968	54	6	)	)	PUNCT
ajfa-16968	54	7	found	find	VERB
ajfa-16968	54	8	that	that	SCONJ
ajfa-16968	54	9	r&d	r&d	NOUN
ajfa-16968	54	10	expenditure	expenditure	NOUN
ajfa-16968	54	11	not	not	PART
ajfa-16968	54	12	only	only	ADV
ajfa-16968	54	13	contributes	contribute	VERB
ajfa-16968	54	14	positively	positively	ADV
ajfa-16968	54	15	to	to	PART
ajfa-16968	54	16	firm	firm	VERB
ajfa-16968	54	17	current	current	ADJ
ajfa-16968	54	18	stock	stock	NOUN
ajfa-16968	54	19	returns	return	NOUN
ajfa-16968	54	20	but	but	CCONJ
ajfa-16968	54	21	also	also	ADV
ajfa-16968	54	22	to	to	PART
ajfa-16968	54	23	firm	firm	VERB
ajfa-16968	54	24	future	future	ADJ
ajfa-16968	54	25	stock	stock	NOUN
ajfa-16968	54	26	returns	return	NOUN
ajfa-16968	54	27	,	,	PUNCT
ajfa-16968	54	28	i.e.	i.e.	X
ajfa-16968	54	29	,	,	PUNCT
ajfa-16968	54	30	r&d	r&d	NOUN
ajfa-16968	54	31	expenditure	expenditure	NOUN
ajfa-16968	54	32	has	have	VERB
ajfa-16968	54	33	deferred	defer	VERB
ajfa-16968	54	34	benefit	benefit	NOUN
ajfa-16968	54	35	to	to	ADP
ajfa-16968	54	36	surplus	surplus	NOUN
ajfa-16968	54	37	.	.	PUNCT
ajfa-16968	55	1	deeds	deed	NOUN
ajfa-16968	55	2	(	(	PUNCT
ajfa-16968	55	3	2000	2000	NUM
ajfa-16968	55	4	)	)	PUNCT
ajfa-16968	55	5	indicated	indicate	VERB
ajfa-16968	55	6	that	that	SCONJ
ajfa-16968	55	7	the	the	DET
ajfa-16968	55	8	intensity	intensity	NOUN
ajfa-16968	55	9	of	of	ADP
ajfa-16968	55	10	r&d	r&d	NOUN
ajfa-16968	55	11	is	be	AUX
ajfa-16968	55	12	significantly	significantly	ADV
ajfa-16968	55	13	positively	positively	ADV
ajfa-16968	55	14	correlated	correlate	VERB
ajfa-16968	55	15	with	with	ADP
ajfa-16968	55	16	market	market	NOUN
ajfa-16968	55	17	added	add	VERB
ajfa-16968	55	18	value	value	NOUN
ajfa-16968	55	19	.	.	PUNCT
ajfa-16968	56	1	from	from	ADP
ajfa-16968	56	2	the	the	DET
ajfa-16968	56	3	perspective	perspective	NOUN
ajfa-16968	56	4	of	of	ADP
ajfa-16968	56	5	firm	firm	ADJ
ajfa-16968	56	6	business	business	NOUN
ajfa-16968	56	7	performance	performance	NOUN
ajfa-16968	56	8	,	,	PUNCT
ajfa-16968	56	9	bourgeois	bourgeois	NOUN
ajfa-16968	56	10	(	(	PUNCT
ajfa-16968	56	11	1981	1981	NUM
ajfa-16968	56	12	)	)	PUNCT
ajfa-16968	56	13	,	,	PUNCT
ajfa-16968	56	14	singh	singh	PROPN
ajfa-16968	56	15	(	(	PUNCT
ajfa-16968	56	16	1986	1986	NUM
ajfa-16968	56	17	)	)	PUNCT
ajfa-16968	56	18	,	,	PUNCT
ajfa-16968	56	19	and	and	CCONJ
ajfa-16968	56	20	chakrarthy	chakrarthy	NOUN
ajfa-16968	56	21	(	(	PUNCT
ajfa-16968	56	22	1986	1986	NUM
ajfa-16968	56	23	)	)	PUNCT
ajfa-16968	56	24	advocated	advocate	VERB
ajfa-16968	56	25	that	that	SCONJ
ajfa-16968	56	26	better	well	ADJ
ajfa-16968	56	27	business	business	NOUN
ajfa-16968	56	28	performance	performance	NOUN
ajfa-16968	56	29	results	result	NOUN
ajfa-16968	56	30	in	in	ADP
ajfa-16968	56	31	more	more	ADJ
ajfa-16968	56	32	resources	resource	NOUN
ajfa-16968	56	33	in	in	ADP
ajfa-16968	56	34	excess	excess	NOUN
ajfa-16968	56	35	of	of	ADP
ajfa-16968	56	36	what	what	PRON
ajfa-16968	56	37	is	be	AUX
ajfa-16968	56	38	required	require	VERB
ajfa-16968	56	39	for	for	ADP
ajfa-16968	56	40	the	the	DET
ajfa-16968	56	41	“	"	PUNCT
ajfa-16968	56	42	normal	normal	ADJ
ajfa-16968	56	43	”	"	PUNCT
ajfa-16968	56	44	efficient	efficient	ADJ
ajfa-16968	56	45	operation	operation	NOUN
ajfa-16968	56	46	of	of	ADP
ajfa-16968	56	47	a	a	DET
ajfa-16968	56	48	firm	firm	NOUN
ajfa-16968	56	49	and	and	CCONJ
ajfa-16968	56	50	that	that	SCONJ
ajfa-16968	56	51	these	these	DET
ajfa-16968	56	52	excess	excess	ADJ
ajfa-16968	56	53	resources	resource	NOUN
ajfa-16968	56	54	encourage	encourage	VERB
ajfa-16968	56	55	firms	firm	NOUN
ajfa-16968	56	56	to	to	PART
ajfa-16968	56	57	more	more	ADV
ajfa-16968	56	58	actively	actively	ADV
ajfa-16968	56	59	interact	interact	VERB
ajfa-16968	56	60	with	with	ADP
ajfa-16968	56	61	or	or	CCONJ
ajfa-16968	56	62	compete	compete	VERB
ajfa-16968	56	63	against	against	ADP
ajfa-16968	56	64	the	the	DET
ajfa-16968	56	65	environment	environment	NOUN
ajfa-16968	56	66	.	.	PUNCT
ajfa-16968	57	1	this	this	PRON
ajfa-16968	57	2	means	mean	VERB
ajfa-16968	57	3	that	that	SCONJ
ajfa-16968	57	4	better	well	ADJ
ajfa-16968	57	5	performance	performance	NOUN
ajfa-16968	57	6	give	give	VERB
ajfa-16968	57	7	a	a	DET
ajfa-16968	57	8	firm	firm	NOUN
ajfa-16968	57	9	more	more	ADJ
ajfa-16968	57	10	resources	resource	NOUN
ajfa-16968	57	11	to	to	PART
ajfa-16968	57	12	try	try	VERB
ajfa-16968	57	13	to	to	PART
ajfa-16968	57	14	develop	develop	VERB
ajfa-16968	57	15	innovative	innovative	ADJ
ajfa-16968	57	16	products	product	NOUN
ajfa-16968	57	17	.	.	PUNCT
ajfa-16968	58	1	morbey	morbey	NOUN
ajfa-16968	58	2	and	and	CCONJ
ajfa-16968	58	3	reithner	reithner	NOUN
ajfa-16968	58	4	(	(	PUNCT
ajfa-16968	58	5	1990	1990	NUM
ajfa-16968	58	6	)	)	PUNCT
ajfa-16968	58	7	identified	identify	VERB
ajfa-16968	58	8	that	that	SCONJ
ajfa-16968	58	9	r&d	r&d	NOUN
ajfa-16968	58	10	expenditure	expenditure	NOUN
ajfa-16968	58	11	brings	bring	VERB
ajfa-16968	58	12	about	about	ADP
ajfa-16968	58	13	net	net	ADJ
ajfa-16968	58	14	growth	growth	NOUN
ajfa-16968	58	15	in	in	ADP
ajfa-16968	58	16	firm	firm	ADJ
ajfa-16968	58	17	future	future	ADJ
ajfa-16968	58	18	operating	operating	NOUN
ajfa-16968	58	19	income	income	NOUN
ajfa-16968	58	20	.	.	PUNCT
ajfa-16968	59	1	dugal	dugal	PROPN
ajfa-16968	59	2	and	and	CCONJ
ajfa-16968	59	3	morbey	morbey	ADJ
ajfa-16968	59	4	(	(	PUNCT
ajfa-16968	59	5	1995	1995	NUM
ajfa-16968	59	6	)	)	PUNCT
ajfa-16968	59	7	also	also	ADV
ajfa-16968	59	8	found	find	VERB
ajfa-16968	59	9	that	that	SCONJ
ajfa-16968	59	10	in	in	ADP
ajfa-16968	59	11	the	the	DET
ajfa-16968	59	12	recession	recession	NOUN
ajfa-16968	59	13	period	period	NOUN
ajfa-16968	59	14	where	where	SCONJ
ajfa-16968	59	15	the	the	DET
ajfa-16968	59	16	economic	economic	ADJ
ajfa-16968	59	17	environment	environment	NOUN
ajfa-16968	59	18	faces	face	VERB
ajfa-16968	59	19	a	a	DET
ajfa-16968	59	20	decline	decline	NOUN
ajfa-16968	59	21	in	in	ADP
ajfa-16968	59	22	the	the	DET
ajfa-16968	59	23	gross	gross	ADJ
ajfa-16968	59	24	growth	growth	NOUN
ajfa-16968	59	25	rate	rate	NOUN
ajfa-16968	59	26	of	of	ADP
ajfa-16968	59	27	real	real	ADJ
ajfa-16968	59	28	national	national	ADJ
ajfa-16968	59	29	production	production	NOUN
ajfa-16968	59	30	,	,	PUNCT
ajfa-16968	59	31	a	a	DET
ajfa-16968	59	32	firm	firm	NOUN
ajfa-16968	59	33	’s	’s	PART
ajfa-16968	59	34	sales	sale	NOUN
ajfa-16968	59	35	would	would	AUX
ajfa-16968	59	36	not	not	PART
ajfa-16968	59	37	decline	decline	VERB
ajfa-16968	59	38	if	if	SCONJ
ajfa-16968	59	39	its	its	PRON
ajfa-16968	59	40	r&d	r&d	NOUN
ajfa-16968	59	41	expenditure	expenditure	NOUN
ajfa-16968	59	42	exceeded	exceed	VERB
ajfa-16968	59	43	3	3	NUM
ajfa-16968	59	44	%	%	NOUN
ajfa-16968	59	45	of	of	ADP
ajfa-16968	59	46	its	its	PRON
ajfa-16968	59	47	sales	sale	NOUN
ajfa-16968	59	48	volume	volume	NOUN
ajfa-16968	59	49	,	,	PUNCT
ajfa-16968	59	50	and	and	CCONJ
ajfa-16968	59	51	the	the	DET
ajfa-16968	59	52	r&d	r&d	NOUN
ajfa-16968	59	53	density	density	NOUN
ajfa-16968	59	54	is	be	AUX
ajfa-16968	59	55	significantly	significantly	ADV
ajfa-16968	59	56	positively	positively	ADV
ajfa-16968	59	57	correlated	correlate	VERB
ajfa-16968	59	58	with	with	ADP
ajfa-16968	59	59	corporate	corporate	ADJ
ajfa-16968	59	60	profits	profit	NOUN
ajfa-16968	59	61	.	.	PUNCT
ajfa-16968	60	1	in	in	ADP
ajfa-16968	60	2	taiwan	taiwan	PROPN
ajfa-16968	60	3	,	,	PUNCT
ajfa-16968	60	4	lin	lin	PROPN
ajfa-16968	60	5	’s	’s	PART
ajfa-16968	60	6	(	(	PUNCT
ajfa-16968	60	7	2001	2001	NUM
ajfa-16968	60	8	)	)	PUNCT
ajfa-16968	60	9	empirical	empirical	ADJ
ajfa-16968	60	10	research	research	NOUN
ajfa-16968	60	11	pointed	point	VERB
ajfa-16968	60	12	out	out	ADP
ajfa-16968	60	13	that	that	SCONJ
ajfa-16968	60	14	the	the	DET
ajfa-16968	60	15	domestic	domestic	ADJ
ajfa-16968	60	16	capital	capital	NOUN
ajfa-16968	60	17	market	market	NOUN
ajfa-16968	60	18	does	do	AUX
ajfa-16968	60	19	have	have	VERB
ajfa-16968	60	20	a	a	DET
ajfa-16968	60	21	positive	positive	ADJ
ajfa-16968	60	22	evaluation	evaluation	NOUN
ajfa-16968	60	23	of	of	ADP
ajfa-16968	60	24	firm	firm	ADJ
ajfa-16968	60	25	r&d	r&d	NOUN
ajfa-16968	60	26	expenditure	expenditure	NOUN
ajfa-16968	60	27	and	and	CCONJ
ajfa-16968	60	28	that	that	DET
ajfa-16968	60	29	firm	firm	ADJ
ajfa-16968	60	30	r&d	r&d	NOUN
ajfa-16968	60	31	expenditure	expenditure	NOUN
ajfa-16968	60	32	could	could	AUX
ajfa-16968	60	33	contribute	contribute	VERB
ajfa-16968	60	34	about	about	ADP
ajfa-16968	60	35	0.089	0.089	NUM
ajfa-16968	60	36	to	to	ADP
ajfa-16968	60	37	1.144	1.144	NUM
ajfa-16968	60	38	yuan	yuan	NOUN
ajfa-16968	60	39	for	for	ADP
ajfa-16968	60	40	its	its	PRON
ajfa-16968	60	41	current	current	ADJ
ajfa-16968	60	42	share	share	NOUN
ajfa-16968	60	43	price	price	NOUN
ajfa-16968	60	44	returns	return	NOUN
ajfa-16968	60	45	;	;	PUNCT
ajfa-16968	60	46	hsu	hsu	PROPN
ajfa-16968	60	47	(	(	PUNCT
ajfa-16968	60	48	2002	2002	NUM
ajfa-16968	60	49	)	)	PUNCT
ajfa-16968	60	50	pointed	point	VERB
ajfa-16968	60	51	out	out	ADP
ajfa-16968	60	52	that	that	SCONJ
ajfa-16968	60	53	for	for	ADP
ajfa-16968	60	54	electronic	electronic	ADJ
ajfa-16968	60	55	firms	firm	NOUN
ajfa-16968	60	56	listed	list	VERB
ajfa-16968	60	57	on	on	ADP
ajfa-16968	60	58	the	the	DET
ajfa-16968	60	59	domestic	domestic	ADJ
ajfa-16968	60	60	market	market	NOUN
ajfa-16968	60	61	,	,	PUNCT
ajfa-16968	60	62	there	there	PRON
ajfa-16968	60	63	was	be	VERB
ajfa-16968	60	64	a	a	DET
ajfa-16968	60	65	significantly	significantly	ADV
ajfa-16968	60	66	positive	positive	ADJ
ajfa-16968	60	67	relationship	relationship	NOUN
ajfa-16968	60	68	between	between	ADP
ajfa-16968	60	69	the	the	DET
ajfa-16968	60	70	first	first	ADJ
ajfa-16968	60	71	and	and	CCONJ
ajfa-16968	60	72	second	second	ADJ
ajfa-16968	60	73	phases	phase	NOUN
ajfa-16968	60	74	of	of	ADP
ajfa-16968	60	75	r&d	r&d	NOUN
ajfa-16968	60	76	density	density	NOUN
ajfa-16968	60	77	and	and	CCONJ
ajfa-16968	60	78	shareholder	shareholder	NOUN
ajfa-16968	60	79	returns	return	NOUN
ajfa-16968	60	80	.	.	PUNCT
ajfa-16968	61	1	a	a	DET
ajfa-16968	61	2	1	1	NUM
ajfa-16968	61	3	%	%	NOUN
ajfa-16968	61	4	increase	increase	NOUN
ajfa-16968	61	5	in	in	ADP
ajfa-16968	61	6	r&d	r&d	NOUN
ajfa-16968	61	7	density	density	NOUN
ajfa-16968	61	8	leads	lead	VERB
ajfa-16968	61	9	to	to	ADP
ajfa-16968	61	10	a	a	DET
ajfa-16968	61	11	1.995	1.995	NUM
ajfa-16968	61	12	%	%	NOUN
ajfa-16968	61	13	increase	increase	NOUN
ajfa-16968	61	14	in	in	ADP
ajfa-16968	61	15	current	current	ADJ
ajfa-16968	61	16	shareholder	shareholder	NOUN
ajfa-16968	61	17	returns	return	NOUN
ajfa-16968	61	18	.	.	PUNCT
ajfa-16968	62	1	therefore	therefore	ADV
ajfa-16968	62	2	,	,	PUNCT
ajfa-16968	62	3	firm	firm	ADJ
ajfa-16968	62	4	investment	investment	NOUN
ajfa-16968	62	5	in	in	ADP
ajfa-16968	62	6	r&d	r&d	NOUN
ajfa-16968	62	7	activities	activity	NOUN
ajfa-16968	62	8	seems	seem	VERB
ajfa-16968	62	9	to	to	PART
ajfa-16968	62	10	focus	focus	VERB
ajfa-16968	62	11	more	more	ADV
ajfa-16968	62	12	on	on	ADP
ajfa-16968	62	13	the	the	DET
ajfa-16968	62	14	short	short	ADJ
ajfa-16968	62	15	-	-	PUNCT
ajfa-16968	62	16	term	term	NOUN
ajfa-16968	62	17	.	.	PUNCT
ajfa-16968	63	1	jhao	jhao	PROPN
ajfa-16968	63	2	(	(	PUNCT
ajfa-16968	63	3	2002	2002	NUM
ajfa-16968	63	4	)	)	PUNCT
ajfa-16968	63	5	analysed	analyse	VERB
ajfa-16968	63	6	the	the	DET
ajfa-16968	63	7	relationship	relationship	NOUN
ajfa-16968	63	8	between	between	ADP
ajfa-16968	63	9	firm	firm	ADJ
ajfa-16968	63	10	r&d	r&d	NOUN
ajfa-16968	63	11	expenditure	expenditure	NOUN
ajfa-16968	63	12	and	and	CCONJ
ajfa-16968	63	13	stock	stock	NOUN
ajfa-16968	63	14	price	price	NOUN
ajfa-16968	63	15	returns	return	NOUN
ajfa-16968	63	16	after	after	SCONJ
ajfa-16968	63	17	the	the	DET
ajfa-16968	63	18	r&d	r&d	NOUN
ajfa-16968	63	19	expenditure	expenditure	NOUN
ajfa-16968	63	20	is	be	AUX
ajfa-16968	63	21	capitalized	capitalize	VERB
ajfa-16968	63	22	.	.	PUNCT
ajfa-16968	64	1	the	the	DET
ajfa-16968	64	2	results	result	NOUN
ajfa-16968	64	3	show	show	VERB
ajfa-16968	64	4	that	that	SCONJ
ajfa-16968	64	5	after	after	ADP
ajfa-16968	64	6	capitalization	capitalization	NOUN
ajfa-16968	64	7	,	,	PUNCT
ajfa-16968	64	8	the	the	DET
ajfa-16968	64	9	book	book	NOUN
ajfa-16968	64	10	value	value	NOUN
ajfa-16968	64	11	of	of	ADP
ajfa-16968	64	12	r&d	r&d	NOUN
ajfa-16968	64	13	assets	asset	NOUN
ajfa-16968	64	14	has	have	VERB
ajfa-16968	64	15	positive	positive	ADJ
ajfa-16968	64	16	explanatory	explanatory	ADJ
ajfa-16968	64	17	power	power	NOUN
ajfa-16968	64	18	on	on	ADP
ajfa-16968	64	19	stock	stock	NOUN
ajfa-16968	64	20	price	price	NOUN
ajfa-16968	64	21	.	.	PUNCT
ajfa-16968	65	1	after	after	ADP
ajfa-16968	65	2	dividing	divide	VERB
ajfa-16968	65	3	the	the	DET
ajfa-16968	65	4	sample	sample	NOUN
ajfa-16968	65	5	,	,	PUNCT
ajfa-16968	65	6	there	there	PRON
ajfa-16968	65	7	are	be	VERB
ajfa-16968	65	8	significantly	significantly	ADV
ajfa-16968	65	9	positive	positive	ADJ
ajfa-16968	65	10	differences	difference	NOUN
ajfa-16968	65	11	between	between	ADP
ajfa-16968	65	12	firms	firm	NOUN
ajfa-16968	65	13	with	with	ADP
ajfa-16968	65	14	higher	high	ADJ
ajfa-16968	65	15	r&d	r&d	NOUN
ajfa-16968	65	16	concentration	concentration	NOUN
ajfa-16968	65	17	and	and	CCONJ
ajfa-16968	65	18	those	those	PRON
ajfa-16968	65	19	with	with	ADP
ajfa-16968	65	20	lower	low	ADJ
ajfa-16968	65	21	r&d	r&d	NOUN
ajfa-16968	65	22	concentration	concentration	NOUN
ajfa-16968	65	23	in	in	ADP
ajfa-16968	65	24	terms	term	NOUN
ajfa-16968	65	25	of	of	ADP
ajfa-16968	65	26	long	long	ADJ
ajfa-16968	65	27	-	-	PUNCT
ajfa-16968	65	28	term	term	NOUN
ajfa-16968	65	29	shareholder	shareholder	NOUN
ajfa-16968	65	30	returns	return	NOUN
ajfa-16968	65	31	.	.	PUNCT
ajfa-16968	66	1	however	however	ADV
ajfa-16968	66	2	,	,	PUNCT
ajfa-16968	66	3	as	as	ADP
ajfa-16968	66	4	for	for	ADP
ajfa-16968	66	5	asian	asian	ADJ
ajfa-16968	66	6	journal	journal	NOUN
ajfa-16968	66	7	of	of	ADP
ajfa-16968	66	8	finance	finance	PROPN
ajfa-16968	66	9	&	&	CCONJ
ajfa-16968	66	10	accounting	accounting	PROPN
ajfa-16968	66	11	issn	issn	PROPN
ajfa-16968	66	12	1946	1946	NUM
ajfa-16968	66	13	-	-	PUNCT
ajfa-16968	66	14	052x	052x	NOUN
ajfa-16968	66	15	2020	2020	NUM
ajfa-16968	66	16	,	,	PUNCT
ajfa-16968	66	17	vol	vol	NOUN
ajfa-16968	66	18	.	.	PROPN
ajfa-16968	66	19	12	12	NUM
ajfa-16968	66	20	,	,	PUNCT
ajfa-16968	66	21	no	no	INTJ
ajfa-16968	66	22	.	.	NOUN
ajfa-16968	66	23	1	1	NUM
ajfa-16968	66	24	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	66	25	135	135	NUM
ajfa-16968	66	26	advertising	advertising	NOUN
ajfa-16968	66	27	expenses	expense	NOUN
ajfa-16968	66	28	with	with	ADP
ajfa-16968	66	29	the	the	DET
ajfa-16968	66	30	same	same	ADJ
ajfa-16968	66	31	nature	nature	NOUN
ajfa-16968	66	32	as	as	ADP
ajfa-16968	66	33	r&d	r&d	NOUN
ajfa-16968	66	34	expenditure	expenditure	NOUN
ajfa-16968	66	35	,	,	PUNCT
ajfa-16968	66	36	after	after	ADP
ajfa-16968	66	37	being	be	AUX
ajfa-16968	66	38	capitalized	capitalize	VERB
ajfa-16968	66	39	,	,	PUNCT
ajfa-16968	66	40	they	they	PRON
ajfa-16968	66	41	are	be	AUX
ajfa-16968	66	42	not	not	PART
ajfa-16968	66	43	positively	positively	ADV
ajfa-16968	66	44	evaluated	evaluate	VERB
ajfa-16968	66	45	by	by	ADP
ajfa-16968	66	46	the	the	DET
ajfa-16968	66	47	stock	stock	NOUN
ajfa-16968	66	48	market	market	NOUN
ajfa-16968	66	49	.	.	PUNCT
ajfa-16968	67	1	therefore	therefore	ADV
ajfa-16968	67	2	,	,	PUNCT
ajfa-16968	67	3	it	it	PRON
ajfa-16968	67	4	is	be	AUX
ajfa-16968	67	5	more	more	ADV
ajfa-16968	67	6	appropriate	appropriate	ADJ
ajfa-16968	67	7	to	to	PART
ajfa-16968	67	8	recognize	recognize	VERB
ajfa-16968	67	9	the	the	DET
ajfa-16968	67	10	current	current	ADJ
ajfa-16968	67	11	advertising	advertising	NOUN
ajfa-16968	67	12	expenses	expense	NOUN
ajfa-16968	67	13	.	.	PUNCT
ajfa-16968	68	1	from	from	ADP
ajfa-16968	68	2	the	the	DET
ajfa-16968	68	3	perspective	perspective	NOUN
ajfa-16968	68	4	of	of	ADP
ajfa-16968	68	5	firm	firm	ADJ
ajfa-16968	68	6	business	business	NOUN
ajfa-16968	68	7	performance	performance	NOUN
ajfa-16968	68	8	,	,	PUNCT
ajfa-16968	68	9	the	the	DET
ajfa-16968	68	10	empirical	empirical	ADJ
ajfa-16968	68	11	research	research	NOUN
ajfa-16968	68	12	by	by	ADP
ajfa-16968	68	13	huang	huang	PROPN
ajfa-16968	68	14	(	(	PUNCT
ajfa-16968	68	15	1999	1999	NUM
ajfa-16968	68	16	)	)	PUNCT
ajfa-16968	68	17	found	find	VERB
ajfa-16968	68	18	that	that	SCONJ
ajfa-16968	68	19	the	the	DET
ajfa-16968	68	20	r&d	r&d	NOUN
ajfa-16968	68	21	expenditure	expenditure	NOUN
ajfa-16968	68	22	of	of	ADP
ajfa-16968	68	23	the	the	DET
ajfa-16968	68	24	domestic	domestic	ADJ
ajfa-16968	68	25	electronics	electronic	NOUN
ajfa-16968	68	26	industry	industry	NOUN
ajfa-16968	68	27	has	have	VERB
ajfa-16968	68	28	a	a	DET
ajfa-16968	68	29	significantly	significantly	ADV
ajfa-16968	68	30	negative	negative	ADJ
ajfa-16968	68	31	relationship	relationship	NOUN
ajfa-16968	68	32	with	with	ADP
ajfa-16968	68	33	the	the	DET
ajfa-16968	68	34	current	current	ADJ
ajfa-16968	68	35	revenue	revenue	NOUN
ajfa-16968	68	36	growth	growth	NOUN
ajfa-16968	68	37	rate	rate	NOUN
ajfa-16968	68	38	and	and	CCONJ
ajfa-16968	68	39	that	that	SCONJ
ajfa-16968	68	40	the	the	DET
ajfa-16968	68	41	next	next	ADJ
ajfa-16968	68	42	year	year	NOUN
ajfa-16968	68	43	's	's	PART
ajfa-16968	68	44	revenue	revenue	NOUN
ajfa-16968	68	45	growth	growth	NOUN
ajfa-16968	68	46	rate	rate	NOUN
ajfa-16968	68	47	has	have	VERB
ajfa-16968	68	48	a	a	DET
ajfa-16968	68	49	significantly	significantly	ADV
ajfa-16968	68	50	positive	positive	ADJ
ajfa-16968	68	51	deferral	deferral	ADJ
ajfa-16968	68	52	effect	effect	NOUN
ajfa-16968	68	53	;	;	PUNCT
ajfa-16968	68	54	in	in	ADP
ajfa-16968	68	55	addition	addition	NOUN
ajfa-16968	68	56	,	,	PUNCT
ajfa-16968	68	57	as	as	ADP
ajfa-16968	68	58	for	for	ADP
ajfa-16968	68	59	the	the	DET
ajfa-16968	68	60	relationship	relationship	NOUN
ajfa-16968	68	61	between	between	ADP
ajfa-16968	68	62	r&d	r&d	NOUN
ajfa-16968	68	63	expenditure	expenditure	NOUN
ajfa-16968	68	64	and	and	CCONJ
ajfa-16968	68	65	firm	firm	ADJ
ajfa-16968	68	66	return	return	NOUN
ajfa-16968	68	67	on	on	ADP
ajfa-16968	68	68	assets	asset	NOUN
ajfa-16968	68	69	,	,	PUNCT
ajfa-16968	68	70	there	there	PRON
ajfa-16968	68	71	is	be	VERB
ajfa-16968	68	72	a	a	DET
ajfa-16968	68	73	significantly	significantly	ADV
ajfa-16968	68	74	negative	negative	ADJ
ajfa-16968	68	75	correlation	correlation	NOUN
ajfa-16968	68	76	between	between	ADP
ajfa-16968	68	77	r&d	r&d	NOUN
ajfa-16968	68	78	expenditure	expenditure	NOUN
ajfa-16968	68	79	and	and	CCONJ
ajfa-16968	68	80	the	the	DET
ajfa-16968	68	81	current	current	ADJ
ajfa-16968	68	82	asset	asset	NOUN
ajfa-16968	68	83	return	return	NOUN
ajfa-16968	68	84	rate	rate	NOUN
ajfa-16968	68	85	,	,	PUNCT
ajfa-16968	68	86	and	and	CCONJ
ajfa-16968	68	87	there	there	PRON
ajfa-16968	68	88	is	be	VERB
ajfa-16968	68	89	a	a	DET
ajfa-16968	68	90	significantly	significantly	ADV
ajfa-16968	68	91	positive	positive	ADJ
ajfa-16968	68	92	deferral	deferral	ADJ
ajfa-16968	68	93	effect	effect	NOUN
ajfa-16968	68	94	on	on	ADP
ajfa-16968	68	95	the	the	DET
ajfa-16968	68	96	asset	asset	NOUN
ajfa-16968	68	97	return	return	NOUN
ajfa-16968	68	98	rate	rate	NOUN
ajfa-16968	68	99	in	in	ADP
ajfa-16968	68	100	the	the	DET
ajfa-16968	68	101	lagged	lag	VERB
ajfa-16968	68	102	period	period	NOUN
ajfa-16968	68	103	of	of	ADP
ajfa-16968	68	104	the	the	DET
ajfa-16968	68	105	previous	previous	ADJ
ajfa-16968	68	106	5	5	NUM
ajfa-16968	68	107	years	year	NOUN
ajfa-16968	68	108	.	.	PUNCT
ajfa-16968	69	1	however	however	ADV
ajfa-16968	69	2	,	,	PUNCT
ajfa-16968	69	3	in	in	ADP
ajfa-16968	69	4	terms	term	NOUN
ajfa-16968	69	5	of	of	ADP
ajfa-16968	69	6	the	the	DET
ajfa-16968	69	7	correlation	correlation	NOUN
ajfa-16968	69	8	between	between	ADP
ajfa-16968	69	9	r&d	r&d	NOUN
ajfa-16968	69	10	expenditure	expenditure	NOUN
ajfa-16968	69	11	and	and	CCONJ
ajfa-16968	69	12	post	post	ADJ
ajfa-16968	69	13	-	-	ADJ
ajfa-16968	69	14	tax	tax	ADJ
ajfa-16968	69	15	net	net	ADJ
ajfa-16968	69	16	return	return	NOUN
ajfa-16968	69	17	,	,	PUNCT
ajfa-16968	69	18	the	the	DET
ajfa-16968	69	19	result	result	NOUN
ajfa-16968	69	20	shows	show	VERB
ajfa-16968	69	21	a	a	DET
ajfa-16968	69	22	significantly	significantly	ADV
ajfa-16968	69	23	negative	negative	ADJ
ajfa-16968	69	24	correlation	correlation	NOUN
ajfa-16968	69	25	in	in	ADP
ajfa-16968	69	26	the	the	DET
ajfa-16968	69	27	current	current	ADJ
ajfa-16968	69	28	period	period	NOUN
ajfa-16968	69	29	and	and	CCONJ
ajfa-16968	69	30	a	a	DET
ajfa-16968	69	31	significantly	significantly	ADV
ajfa-16968	69	32	positive	positive	ADJ
ajfa-16968	69	33	deferral	deferral	ADJ
ajfa-16968	69	34	effect	effect	NOUN
ajfa-16968	69	35	in	in	ADP
ajfa-16968	69	36	the	the	DET
ajfa-16968	69	37	lagged	lag	VERB
ajfa-16968	69	38	period	period	NOUN
ajfa-16968	69	39	of	of	ADP
ajfa-16968	69	40	the	the	DET
ajfa-16968	69	41	previous	previous	ADJ
ajfa-16968	69	42	5	5	NUM
ajfa-16968	69	43	years	year	NOUN
ajfa-16968	69	44	.	.	PUNCT
ajfa-16968	70	1	both	both	PRON
ajfa-16968	70	2	ou	ou	X
ajfa-16968	70	3	(	(	PUNCT
ajfa-16968	70	4	1998	1998	NUM
ajfa-16968	70	5	)	)	PUNCT
ajfa-16968	70	6	and	and	CCONJ
ajfa-16968	70	7	yang	yang	PROPN
ajfa-16968	70	8	(	(	PUNCT
ajfa-16968	70	9	2002	2002	NUM
ajfa-16968	70	10	)	)	PUNCT
ajfa-16968	70	11	found	find	VERB
ajfa-16968	70	12	that	that	SCONJ
ajfa-16968	70	13	r&d	r&d	NOUN
ajfa-16968	70	14	activities	activity	NOUN
ajfa-16968	70	15	have	have	VERB
ajfa-16968	70	16	significantly	significantly	ADV
ajfa-16968	70	17	positive	positive	ADJ
ajfa-16968	70	18	effects	effect	NOUN
ajfa-16968	70	19	on	on	ADP
ajfa-16968	70	20	firm	firm	ADJ
ajfa-16968	70	21	operating	operating	NOUN
ajfa-16968	70	22	performance	performance	NOUN
ajfa-16968	70	23	and	and	CCONJ
ajfa-16968	70	24	operating	operate	VERB
ajfa-16968	70	25	gross	gross	ADJ
ajfa-16968	70	26	margins	margin	NOUN
ajfa-16968	70	27	,	,	PUNCT
ajfa-16968	70	28	respectively	respectively	ADV
ajfa-16968	70	29	,	,	PUNCT
ajfa-16968	70	30	in	in	ADP
ajfa-16968	70	31	the	the	DET
ajfa-16968	70	32	current	current	NOUN
ajfa-16968	70	33	and	and	CCONJ
ajfa-16968	70	34	the	the	DET
ajfa-16968	70	35	next	next	ADJ
ajfa-16968	70	36	year	year	NOUN
ajfa-16968	70	37	.	.	PUNCT
ajfa-16968	71	1	lin	lin	PROPN
ajfa-16968	71	2	(	(	PUNCT
ajfa-16968	71	3	2002	2002	NUM
ajfa-16968	71	4	)	)	PUNCT
ajfa-16968	71	5	explored	explore	VERB
ajfa-16968	71	6	the	the	DET
ajfa-16968	71	7	contribution	contribution	NOUN
ajfa-16968	71	8	of	of	ADP
ajfa-16968	71	9	taiwan	taiwan	PROPN
ajfa-16968	71	10	's	's	PART
ajfa-16968	71	11	listed	list	VERB
ajfa-16968	71	12	information	information	NOUN
ajfa-16968	71	13	and	and	CCONJ
ajfa-16968	71	14	electronics	electronic	NOUN
ajfa-16968	71	15	industry	industry	NOUN
ajfa-16968	71	16	to	to	PART
ajfa-16968	71	17	firm	firm	VERB
ajfa-16968	71	18	value	value	NOUN
ajfa-16968	71	19	and	and	CCONJ
ajfa-16968	71	20	found	find	VERB
ajfa-16968	71	21	that	that	SCONJ
ajfa-16968	71	22	r&d	r&d	NOUN
ajfa-16968	71	23	expenditure	expenditure	NOUN
ajfa-16968	71	24	is	be	AUX
ajfa-16968	71	25	significantly	significantly	ADV
ajfa-16968	71	26	negatively	negatively	ADV
ajfa-16968	71	27	correlated	correlate	VERB
ajfa-16968	71	28	with	with	ADP
ajfa-16968	71	29	business	business	NOUN
ajfa-16968	71	30	performance	performance	NOUN
ajfa-16968	71	31	in	in	ADP
ajfa-16968	71	32	the	the	DET
ajfa-16968	71	33	current	current	ADJ
ajfa-16968	71	34	year	year	NOUN
ajfa-16968	71	35	and	and	CCONJ
ajfa-16968	71	36	significantly	significantly	ADV
ajfa-16968	71	37	positively	positively	ADV
ajfa-16968	71	38	correlated	correlate	VERB
ajfa-16968	71	39	with	with	ADP
ajfa-16968	71	40	business	business	NOUN
ajfa-16968	71	41	performance	performance	NOUN
ajfa-16968	71	42	in	in	ADP
ajfa-16968	71	43	the	the	DET
ajfa-16968	71	44	next	next	ADJ
ajfa-16968	71	45	year	year	NOUN
ajfa-16968	71	46	and	and	CCONJ
ajfa-16968	71	47	that	that	SCONJ
ajfa-16968	71	48	there	there	PRON
ajfa-16968	71	49	is	be	VERB
ajfa-16968	71	50	a	a	DET
ajfa-16968	71	51	significantly	significantly	ADV
ajfa-16968	71	52	negative	negative	ADJ
ajfa-16968	71	53	deferral	deferral	ADJ
ajfa-16968	71	54	effect	effect	NOUN
ajfa-16968	71	55	on	on	ADP
ajfa-16968	71	56	the	the	DET
ajfa-16968	71	57	business	business	NOUN
ajfa-16968	71	58	performance	performance	NOUN
ajfa-16968	71	59	after	after	ADP
ajfa-16968	71	60	4	4	NUM
ajfa-16968	71	61	years	year	NOUN
ajfa-16968	71	62	’	'	PUNCT
ajfa-16968	71	63	lagged	lag	VERB
ajfa-16968	71	64	period	period	NOUN
ajfa-16968	71	65	.	.	PUNCT
ajfa-16968	72	1	firms	firm	NOUN
ajfa-16968	72	2	with	with	ADP
ajfa-16968	72	3	high	high	ADJ
ajfa-16968	72	4	r&d	r&d	NOUN
ajfa-16968	72	5	expenditure	expenditure	NOUN
ajfa-16968	72	6	obviously	obviously	ADV
ajfa-16968	72	7	have	have	VERB
ajfa-16968	72	8	better	well	ADJ
ajfa-16968	72	9	business	business	NOUN
ajfa-16968	72	10	performance	performance	NOUN
ajfa-16968	72	11	than	than	ADP
ajfa-16968	72	12	those	those	PRON
ajfa-16968	72	13	with	with	ADP
ajfa-16968	72	14	low	low	ADJ
ajfa-16968	72	15	r&d	r&d	NOUN
ajfa-16968	72	16	expenditure	expenditure	NOUN
ajfa-16968	72	17	,	,	PUNCT
ajfa-16968	72	18	particularly	particularly	ADV
ajfa-16968	72	19	in	in	ADP
ajfa-16968	72	20	the	the	DET
ajfa-16968	72	21	fourth	fourth	ADJ
ajfa-16968	72	22	and	and	CCONJ
ajfa-16968	72	23	fifth	fifth	ADJ
ajfa-16968	72	24	year	year	NOUN
ajfa-16968	72	25	after	after	ADP
ajfa-16968	72	26	r&d	r&d	NOUN
ajfa-16968	72	27	investment	investment	NOUN
ajfa-16968	72	28	.	.	PUNCT
ajfa-16968	73	1	2.2	2.2	NUM
ajfa-16968	73	2	r&d	r&d	NOUN
ajfa-16968	73	3	expenditure	expenditure	NOUN
ajfa-16968	73	4	and	and	CCONJ
ajfa-16968	73	5	information	information	NOUN
ajfa-16968	73	6	asymmetry	asymmetry	NOUN
ajfa-16968	73	7	aboody	aboody	NOUN
ajfa-16968	73	8	and	and	CCONJ
ajfa-16968	73	9	lev	lev	NOUN
ajfa-16968	73	10	(	(	PUNCT
ajfa-16968	73	11	2000	2000	NUM
ajfa-16968	73	12	)	)	PUNCT
ajfa-16968	73	13	studied	study	VERB
ajfa-16968	73	14	firm	firm	ADJ
ajfa-16968	73	15	insider	insider	NOUN
ajfa-16968	73	16	gains	gain	NOUN
ajfa-16968	73	17	and	and	CCONJ
ajfa-16968	73	18	believed	believe	VERB
ajfa-16968	73	19	that	that	SCONJ
ajfa-16968	73	20	the	the	DET
ajfa-16968	73	21	information	information	NOUN
ajfa-16968	73	22	asymmetry	asymmetry	NOUN
ajfa-16968	73	23	caused	cause	VERB
ajfa-16968	73	24	by	by	ADP
ajfa-16968	73	25	r&d	r&d	NOUN
ajfa-16968	73	26	expenditure	expenditure	NOUN
ajfa-16968	73	27	is	be	AUX
ajfa-16968	73	28	triggered	trigger	VERB
ajfa-16968	73	29	by	by	ADP
ajfa-16968	73	30	a	a	DET
ajfa-16968	73	31	firm	firm	NOUN
ajfa-16968	73	32	's	's	PART
ajfa-16968	73	33	own	own	ADJ
ajfa-16968	73	34	investment	investment	NOUN
ajfa-16968	73	35	strategy	strategy	NOUN
ajfa-16968	73	36	.	.	PUNCT
ajfa-16968	74	1	the	the	DET
ajfa-16968	74	2	reason	reason	NOUN
ajfa-16968	74	3	for	for	ADP
ajfa-16968	74	4	the	the	DET
ajfa-16968	74	5	degree	degree	NOUN
ajfa-16968	74	6	of	of	ADP
ajfa-16968	74	7	information	information	NOUN
ajfa-16968	74	8	asymmetry	asymmetry	NOUN
ajfa-16968	74	9	caused	cause	VERB
ajfa-16968	74	10	by	by	ADP
ajfa-16968	74	11	r&d	r&d	NOUN
ajfa-16968	74	12	expenditure	expenditure	NOUN
ajfa-16968	74	13	being	be	AUX
ajfa-16968	74	14	much	much	ADV
ajfa-16968	74	15	greater	great	ADJ
ajfa-16968	74	16	than	than	SCONJ
ajfa-16968	74	17	that	that	PRON
ajfa-16968	74	18	caused	cause	VERB
ajfa-16968	74	19	by	by	ADP
ajfa-16968	74	20	other	other	ADJ
ajfa-16968	74	21	tangible	tangible	ADJ
ajfa-16968	74	22	assets	asset	NOUN
ajfa-16968	74	23	lies	lie	VERB
ajfa-16968	74	24	in	in	ADP
ajfa-16968	74	25	the	the	DET
ajfa-16968	74	26	uniqueness	uniqueness	NOUN
ajfa-16968	74	27	of	of	ADP
ajfa-16968	74	28	r&d	r&d	NOUN
ajfa-16968	74	29	activities	activity	NOUN
ajfa-16968	74	30	.	.	PUNCT
ajfa-16968	75	1	therefore	therefore	ADV
ajfa-16968	75	2	,	,	PUNCT
ajfa-16968	75	3	investors	investor	NOUN
ajfa-16968	75	4	can	can	AUX
ajfa-16968	75	5	not	not	PART
ajfa-16968	75	6	infer	infer	VERB
ajfa-16968	75	7	firm	firm	ADJ
ajfa-16968	75	8	r&d	r&d	NOUN
ajfa-16968	75	9	performance	performance	NOUN
ajfa-16968	75	10	by	by	ADP
ajfa-16968	75	11	the	the	DET
ajfa-16968	75	12	performance	performance	NOUN
ajfa-16968	75	13	of	of	ADP
ajfa-16968	75	14	other	other	ADJ
ajfa-16968	75	15	firms	firm	NOUN
ajfa-16968	75	16	'	'	PART
ajfa-16968	75	17	r&d	r&d	NOUN
ajfa-16968	75	18	activities	activity	NOUN
ajfa-16968	75	19	.	.	PUNCT
ajfa-16968	76	1	another	another	DET
ajfa-16968	76	2	reason	reason	NOUN
ajfa-16968	76	3	is	be	AUX
ajfa-16968	76	4	that	that	SCONJ
ajfa-16968	76	5	the	the	DET
ajfa-16968	76	6	accounting	accounting	NOUN
ajfa-16968	76	7	measure	measure	NOUN
ajfa-16968	76	8	used	use	VERB
ajfa-16968	76	9	in	in	ADP
ajfa-16968	76	10	r&d	r&d	NOUN
ajfa-16968	76	11	expenditure	expenditure	NOUN
ajfa-16968	76	12	is	be	AUX
ajfa-16968	76	13	different	different	ADJ
ajfa-16968	76	14	from	from	ADP
ajfa-16968	76	15	that	that	PRON
ajfa-16968	76	16	used	use	VERB
ajfa-16968	76	17	in	in	ADP
ajfa-16968	76	18	general	general	ADJ
ajfa-16968	76	19	tangible	tangible	ADJ
ajfa-16968	76	20	assets	asset	NOUN
ajfa-16968	76	21	.	.	PUNCT
ajfa-16968	77	1	as	as	SCONJ
ajfa-16968	77	2	r&d	r&d	NOUN
ajfa-16968	77	3	expenditure	expenditure	NOUN
ajfa-16968	77	4	is	be	AUX
ajfa-16968	77	5	categorized	categorize	VERB
ajfa-16968	77	6	as	as	ADP
ajfa-16968	77	7	expenses	expense	NOUN
ajfa-16968	77	8	according	accord	VERB
ajfa-16968	77	9	to	to	ADP
ajfa-16968	77	10	the	the	DET
ajfa-16968	77	11	current	current	ADJ
ajfa-16968	77	12	regulations	regulation	NOUN
ajfa-16968	77	13	,	,	PUNCT
ajfa-16968	77	14	accounting	accounting	NOUN
ajfa-16968	77	15	statements	statement	NOUN
ajfa-16968	77	16	can	can	AUX
ajfa-16968	77	17	not	not	PART
ajfa-16968	77	18	provide	provide	VERB
ajfa-16968	77	19	useful	useful	ADJ
ajfa-16968	77	20	information	information	NOUN
ajfa-16968	77	21	on	on	ADP
ajfa-16968	77	22	account	account	NOUN
ajfa-16968	77	23	of	of	ADP
ajfa-16968	77	24	the	the	DET
ajfa-16968	77	25	confidentiality	confidentiality	NOUN
ajfa-16968	77	26	of	of	ADP
ajfa-16968	77	27	information	information	NOUN
ajfa-16968	77	28	on	on	ADP
ajfa-16968	77	29	r&d	r&d	NOUN
ajfa-16968	77	30	expenditures	expenditure	NOUN
ajfa-16968	77	31	.	.	PUNCT
ajfa-16968	78	1	the	the	DET
ajfa-16968	78	2	research	research	NOUN
ajfa-16968	78	3	results	result	NOUN
ajfa-16968	78	4	show	show	VERB
ajfa-16968	78	5	that	that	SCONJ
ajfa-16968	78	6	insiders	insider	NOUN
ajfa-16968	78	7	of	of	ADP
ajfa-16968	78	8	firms	firm	NOUN
ajfa-16968	78	9	with	with	ADP
ajfa-16968	78	10	higher	high	ADJ
ajfa-16968	78	11	r&d	r&d	NOUN
ajfa-16968	78	12	density	density	NOUN
ajfa-16968	78	13	earn	earn	VERB
ajfa-16968	78	14	more	more	ADJ
ajfa-16968	78	15	profits	profit	NOUN
ajfa-16968	78	16	than	than	SCONJ
ajfa-16968	78	17	do	do	VERB
ajfa-16968	78	18	those	those	PRON
ajfa-16968	78	19	of	of	ADP
ajfa-16968	78	20	firms	firm	NOUN
ajfa-16968	78	21	with	with	ADP
ajfa-16968	78	22	lower	low	ADJ
ajfa-16968	78	23	r&d	r&d	NOUN
ajfa-16968	78	24	density	density	NOUN
ajfa-16968	78	25	.	.	PUNCT
ajfa-16968	79	1	in	in	ADP
ajfa-16968	79	2	addition	addition	NOUN
ajfa-16968	79	3	,	,	PUNCT
ajfa-16968	79	4	as	as	SCONJ
ajfa-16968	79	5	most	most	ADJ
ajfa-16968	79	6	r&d	r&d	NOUN
ajfa-16968	79	7	projects	project	NOUN
ajfa-16968	79	8	are	be	AUX
ajfa-16968	79	9	firm	firm	ADJ
ajfa-16968	79	10	internal	internal	ADJ
ajfa-16968	79	11	confidential	confidential	ADJ
ajfa-16968	79	12	plans	plan	NOUN
ajfa-16968	79	13	and	and	CCONJ
ajfa-16968	79	14	as	as	SCONJ
ajfa-16968	79	15	there	there	PRON
ajfa-16968	79	16	is	be	VERB
ajfa-16968	79	17	no	no	DET
ajfa-16968	79	18	market	market	NOUN
ajfa-16968	79	19	for	for	ADP
ajfa-16968	79	20	r&d	r&d	NOUN
ajfa-16968	79	21	project	project	NOUN
ajfa-16968	79	22	trading	trading	NOUN
ajfa-16968	79	23	,	,	PUNCT
ajfa-16968	79	24	the	the	DET
ajfa-16968	79	25	current	current	ADJ
ajfa-16968	79	26	market	market	NOUN
ajfa-16968	79	27	has	have	AUX
ajfa-16968	79	28	not	not	PART
ajfa-16968	79	29	effectively	effectively	ADV
ajfa-16968	79	30	estimated	estimate	VERB
ajfa-16968	79	31	or	or	CCONJ
ajfa-16968	79	32	evaluated	evaluate	VERB
ajfa-16968	79	33	r&d	r&d	NOUN
ajfa-16968	79	34	projects	project	NOUN
ajfa-16968	79	35	.	.	PUNCT
ajfa-16968	80	1	referring	refer	VERB
ajfa-16968	80	2	to	to	ADP
ajfa-16968	80	3	the	the	DET
ajfa-16968	80	4	characteristics	characteristic	NOUN
ajfa-16968	80	5	of	of	ADP
ajfa-16968	80	6	intangible	intangible	ADJ
ajfa-16968	80	7	assets	asset	NOUN
ajfa-16968	80	8	,	,	PUNCT
ajfa-16968	80	9	with	with	ADP
ajfa-16968	80	10	the	the	DET
ajfa-16968	80	11	accounting	accounting	NOUN
ajfa-16968	80	12	system	system	NOUN
ajfa-16968	80	13	not	not	PART
ajfa-16968	80	14	yet	yet	ADV
ajfa-16968	80	15	having	having	AUX
ajfa-16968	80	16	capitalized	capitalize	VERB
ajfa-16968	80	17	r&d	r&d	NOUN
ajfa-16968	80	18	expenditure	expenditure	NOUN
ajfa-16968	80	19	,	,	PUNCT
ajfa-16968	80	20	firms	firm	NOUN
ajfa-16968	80	21	categorize	categorize	VERB
ajfa-16968	80	22	current	current	ADJ
ajfa-16968	80	23	r&d	r&d	NOUN
ajfa-16968	80	24	expenditures	expenditure	NOUN
ajfa-16968	80	25	as	as	ADP
ajfa-16968	80	26	current	current	ADJ
ajfa-16968	80	27	expenses	expense	NOUN
ajfa-16968	80	28	.	.	PUNCT
ajfa-16968	81	1	such	such	DET
ajfa-16968	81	2	an	an	DET
ajfa-16968	81	3	accounting	accounting	NOUN
ajfa-16968	81	4	system	system	NOUN
ajfa-16968	81	5	seriously	seriously	ADV
ajfa-16968	81	6	underestimates	underestimate	VERB
ajfa-16968	81	7	firm	firm	ADJ
ajfa-16968	81	8	assets	asset	NOUN
ajfa-16968	81	9	.	.	PUNCT
ajfa-16968	82	1	chan	chan	PROPN
ajfa-16968	82	2	,	,	PUNCT
ajfa-16968	82	3	lakonishok	lakonishok	NOUN
ajfa-16968	82	4	,	,	PUNCT
ajfa-16968	82	5	and	and	CCONJ
ajfa-16968	82	6	sougiannis	sougianni	NOUN
ajfa-16968	82	7	(	(	PUNCT
ajfa-16968	82	8	2001	2001	NUM
ajfa-16968	82	9	)	)	PUNCT
ajfa-16968	82	10	found	find	VERB
ajfa-16968	82	11	that	that	SCONJ
ajfa-16968	82	12	because	because	SCONJ
ajfa-16968	82	13	the	the	DET
ajfa-16968	82	14	accounting	accounting	NOUN
ajfa-16968	82	15	system	system	NOUN
ajfa-16968	82	16	can	can	AUX
ajfa-16968	82	17	not	not	PART
ajfa-16968	82	18	estimate	estimate	VERB
ajfa-16968	82	19	the	the	DET
ajfa-16968	82	20	value	value	NOUN
ajfa-16968	82	21	of	of	ADP
ajfa-16968	82	22	asian	asian	ADJ
ajfa-16968	82	23	journal	journal	NOUN
ajfa-16968	82	24	of	of	ADP
ajfa-16968	82	25	finance	finance	PROPN
ajfa-16968	82	26	&	&	CCONJ
ajfa-16968	82	27	accounting	accounting	PROPN
ajfa-16968	82	28	issn	issn	PROPN
ajfa-16968	82	29	1946	1946	NUM
ajfa-16968	82	30	-	-	PUNCT
ajfa-16968	82	31	052x	052x	NOUN
ajfa-16968	82	32	2020	2020	NUM
ajfa-16968	82	33	,	,	PUNCT
ajfa-16968	82	34	vol	vol	NOUN
ajfa-16968	82	35	.	.	PROPN
ajfa-16968	82	36	12	12	NUM
ajfa-16968	82	37	,	,	PUNCT
ajfa-16968	82	38	no	no	INTJ
ajfa-16968	82	39	.	.	NOUN
ajfa-16968	82	40	1	1	NUM
ajfa-16968	82	41	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	82	42	136	136	NUM
ajfa-16968	82	43	intangible	intangible	ADJ
ajfa-16968	82	44	assets	asset	NOUN
ajfa-16968	82	45	,	,	PUNCT
ajfa-16968	82	46	investors	investor	NOUN
ajfa-16968	82	47	with	with	ADP
ajfa-16968	82	48	knowledge	knowledge	NOUN
ajfa-16968	82	49	of	of	ADP
ajfa-16968	82	50	the	the	DET
ajfa-16968	82	51	accounting	accounting	NOUN
ajfa-16968	82	52	statements	statement	NOUN
ajfa-16968	82	53	may	may	AUX
ajfa-16968	82	54	make	make	VERB
ajfa-16968	82	55	invalid	invalid	ADJ
ajfa-16968	82	56	judgments	judgment	NOUN
ajfa-16968	82	57	on	on	ADP
ajfa-16968	82	58	firm	firm	ADJ
ajfa-16968	82	59	stock	stock	NOUN
ajfa-16968	82	60	price	price	NOUN
ajfa-16968	82	61	and	and	CCONJ
ajfa-16968	82	62	future	future	ADJ
ajfa-16968	82	63	growth	growth	NOUN
ajfa-16968	82	64	opportunities	opportunity	NOUN
ajfa-16968	82	65	.	.	PUNCT
ajfa-16968	83	1	it	it	PRON
ajfa-16968	83	2	can	can	AUX
ajfa-16968	83	3	be	be	AUX
ajfa-16968	83	4	seen	see	VERB
ajfa-16968	83	5	that	that	SCONJ
ajfa-16968	83	6	when	when	SCONJ
ajfa-16968	83	7	firms	firm	NOUN
ajfa-16968	83	8	engage	engage	VERB
ajfa-16968	83	9	in	in	ADP
ajfa-16968	83	10	r&d	r&d	NOUN
ajfa-16968	83	11	activities	activity	NOUN
ajfa-16968	83	12	,	,	PUNCT
ajfa-16968	83	13	there	there	PRON
ajfa-16968	83	14	will	will	AUX
ajfa-16968	83	15	likely	likely	ADV
ajfa-16968	83	16	be	be	AUX
ajfa-16968	83	17	information	information	NOUN
ajfa-16968	83	18	asymmetry	asymmetry	NOUN
ajfa-16968	83	19	between	between	ADP
ajfa-16968	83	20	insiders	insider	NOUN
ajfa-16968	83	21	and	and	CCONJ
ajfa-16968	83	22	investors	investor	NOUN
ajfa-16968	83	23	,	,	PUNCT
ajfa-16968	83	24	explaining	explain	VERB
ajfa-16968	83	25	why	why	SCONJ
ajfa-16968	83	26	many	many	ADJ
ajfa-16968	83	27	scholars	scholar	NOUN
ajfa-16968	83	28	explore	explore	VERB
ajfa-16968	83	29	the	the	DET
ajfa-16968	83	30	relationship	relationship	NOUN
ajfa-16968	83	31	between	between	ADP
ajfa-16968	83	32	r&d	r&d	NOUN
ajfa-16968	83	33	expenditure	expenditure	NOUN
ajfa-16968	83	34	and	and	CCONJ
ajfa-16968	83	35	information	information	NOUN
ajfa-16968	83	36	asymmetry	asymmetry	NOUN
ajfa-16968	83	37	.	.	PUNCT
ajfa-16968	84	1	alam	alam	PROPN
ajfa-16968	84	2	and	and	CCONJ
ajfa-16968	84	3	walton	walton	PROPN
ajfa-16968	84	4	(	(	PUNCT
ajfa-16968	84	5	1995	1995	NUM
ajfa-16968	84	6	)	)	PUNCT
ajfa-16968	84	7	divided	divide	VERB
ajfa-16968	84	8	the	the	DET
ajfa-16968	84	9	sample	sample	NOUN
ajfa-16968	84	10	into	into	ADP
ajfa-16968	84	11	two	two	NUM
ajfa-16968	84	12	categories	category	NOUN
ajfa-16968	84	13	:	:	PUNCT
ajfa-16968	84	14	high	high	ADJ
ajfa-16968	84	15	r&d	r&d	NOUN
ajfa-16968	84	16	density	density	NOUN
ajfa-16968	84	17	and	and	CCONJ
ajfa-16968	84	18	low	low	ADJ
ajfa-16968	84	19	r&d	r&d	NOUN
ajfa-16968	84	20	density	density	NOUN
ajfa-16968	84	21	.	.	PUNCT
ajfa-16968	85	1	the	the	DET
ajfa-16968	85	2	event	event	NOUN
ajfa-16968	85	3	study	study	NOUN
ajfa-16968	85	4	method	method	NOUN
ajfa-16968	85	5	was	be	AUX
ajfa-16968	85	6	used	use	VERB
ajfa-16968	85	7	to	to	PART
ajfa-16968	85	8	analyse	analyse	VERB
ajfa-16968	85	9	the	the	DET
ajfa-16968	85	10	stock	stock	NOUN
ajfa-16968	85	11	price	price	NOUN
ajfa-16968	85	12	effect	effect	NOUN
ajfa-16968	85	13	of	of	ADP
ajfa-16968	85	14	the	the	DET
ajfa-16968	85	15	two	two	NUM
ajfa-16968	85	16	subsamples	subsample	NOUN
ajfa-16968	85	17	after	after	ADP
ajfa-16968	85	18	the	the	DET
ajfa-16968	85	19	announcement	announcement	NOUN
ajfa-16968	85	20	of	of	ADP
ajfa-16968	85	21	new	new	ADJ
ajfa-16968	85	22	bond	bond	NOUN
ajfa-16968	85	23	issuance	issuance	NOUN
ajfa-16968	85	24	.	.	PUNCT
ajfa-16968	86	1	the	the	DET
ajfa-16968	86	2	results	result	NOUN
ajfa-16968	86	3	show	show	VERB
ajfa-16968	86	4	that	that	SCONJ
ajfa-16968	86	5	the	the	DET
ajfa-16968	86	6	information	information	NOUN
ajfa-16968	86	7	asymmetry	asymmetry	NOUN
ajfa-16968	86	8	caused	cause	VERB
ajfa-16968	86	9	by	by	ADP
ajfa-16968	86	10	r&d	r&d	NOUN
ajfa-16968	86	11	expenditure	expenditure	NOUN
ajfa-16968	86	12	leads	lead	VERB
ajfa-16968	86	13	to	to	ADP
ajfa-16968	86	14	significantly	significantly	ADV
ajfa-16968	86	15	positive	positive	ADJ
ajfa-16968	86	16	abnormal	abnormal	ADJ
ajfa-16968	86	17	returns	return	NOUN
ajfa-16968	86	18	when	when	SCONJ
ajfa-16968	86	19	a	a	DET
ajfa-16968	86	20	firm	firm	NOUN
ajfa-16968	86	21	declares	declare	VERB
ajfa-16968	86	22	bond	bond	NOUN
ajfa-16968	86	23	issuance	issuance	NOUN
ajfa-16968	86	24	.	.	PUNCT
ajfa-16968	87	1	that	that	PRON
ajfa-16968	87	2	is	be	AUX
ajfa-16968	87	3	to	to	PART
ajfa-16968	87	4	say	say	VERB
ajfa-16968	87	5	,	,	PUNCT
ajfa-16968	87	6	firms	firm	NOUN
ajfa-16968	87	7	with	with	ADP
ajfa-16968	87	8	high	high	ADJ
ajfa-16968	87	9	r&d	r&d	NOUN
ajfa-16968	87	10	density	density	NOUN
ajfa-16968	87	11	and	and	CCONJ
ajfa-16968	87	12	low	low	ADJ
ajfa-16968	87	13	r&d	r&d	NOUN
ajfa-16968	87	14	density	density	NOUN
ajfa-16968	87	15	have	have	VERB
ajfa-16968	87	16	significant	significant	ADJ
ajfa-16968	87	17	differences	difference	NOUN
ajfa-16968	87	18	in	in	ADP
ajfa-16968	87	19	returns	return	NOUN
ajfa-16968	87	20	after	after	ADP
ajfa-16968	87	21	the	the	DET
ajfa-16968	87	22	announcement	announcement	NOUN
ajfa-16968	87	23	.	.	PUNCT
ajfa-16968	88	1	boone	boone	NOUN
ajfa-16968	88	2	and	and	CCONJ
ajfa-16968	88	3	raman	raman	PROPN
ajfa-16968	88	4	(	(	PUNCT
ajfa-16968	88	5	2001	2001	NUM
ajfa-16968	88	6	)	)	PUNCT
ajfa-16968	88	7	used	use	VERB
ajfa-16968	88	8	the	the	DET
ajfa-16968	88	9	amount	amount	NOUN
ajfa-16968	88	10	of	of	ADP
ajfa-16968	88	11	r&d	r&d	NOUN
ajfa-16968	88	12	expenditure	expenditure	NOUN
ajfa-16968	88	13	as	as	ADP
ajfa-16968	88	14	the	the	DET
ajfa-16968	88	15	substitute	substitute	NOUN
ajfa-16968	88	16	variable	variable	NOUN
ajfa-16968	88	17	for	for	ADP
ajfa-16968	88	18	information	information	NOUN
ajfa-16968	88	19	asymmetry	asymmetry	NOUN
ajfa-16968	88	20	to	to	PART
ajfa-16968	88	21	verify	verify	VERB
ajfa-16968	88	22	the	the	DET
ajfa-16968	88	23	relationship	relationship	NOUN
ajfa-16968	88	24	between	between	ADP
ajfa-16968	88	25	information	information	NOUN
ajfa-16968	88	26	asymmetry	asymmetry	NOUN
ajfa-16968	88	27	and	and	CCONJ
ajfa-16968	88	28	firm	firm	ADJ
ajfa-16968	88	29	stock	stock	NOUN
ajfa-16968	88	30	liquidity	liquidity	NOUN
ajfa-16968	88	31	.	.	PUNCT
ajfa-16968	89	1	glosten	glosten	ADJ
ajfa-16968	89	2	and	and	CCONJ
ajfa-16968	89	3	milgrom	milgrom	ADJ
ajfa-16968	89	4	(	(	PUNCT
ajfa-16968	89	5	1985	1985	NUM
ajfa-16968	89	6	)	)	PUNCT
ajfa-16968	89	7	mentioned	mention	VERB
ajfa-16968	89	8	that	that	SCONJ
ajfa-16968	89	9	the	the	DET
ajfa-16968	89	10	market	market	NOUN
ajfa-16968	89	11	lose	lose	VERB
ajfa-16968	89	12	confidence	confidence	NOUN
ajfa-16968	89	13	in	in	ADP
ajfa-16968	89	14	firms	firm	NOUN
ajfa-16968	89	15	with	with	ADP
ajfa-16968	89	16	serious	serious	ADJ
ajfa-16968	89	17	problems	problem	NOUN
ajfa-16968	89	18	of	of	ADP
ajfa-16968	89	19	information	information	NOUN
ajfa-16968	89	20	asymmetry	asymmetry	NOUN
ajfa-16968	89	21	.	.	PUNCT
ajfa-16968	90	1	therefore	therefore	ADV
ajfa-16968	90	2	,	,	PUNCT
ajfa-16968	90	3	market	market	NOUN
ajfa-16968	90	4	makers	maker	NOUN
ajfa-16968	90	5	suffer	suffer	VERB
ajfa-16968	90	6	losses	loss	NOUN
ajfa-16968	90	7	when	when	SCONJ
ajfa-16968	90	8	dealing	deal	VERB
ajfa-16968	90	9	with	with	ADP
ajfa-16968	90	10	information	information	NOUN
ajfa-16968	90	11	owners	owner	NOUN
ajfa-16968	90	12	,	,	PUNCT
ajfa-16968	90	13	and	and	CCONJ
ajfa-16968	90	14	they	they	PRON
ajfa-16968	90	15	increase	increase	VERB
ajfa-16968	90	16	the	the	DET
ajfa-16968	90	17	bid	bid	NOUN
ajfa-16968	90	18	-	-	PUNCT
ajfa-16968	90	19	ask	ask	NOUN
ajfa-16968	90	20	spread	spread	NOUN
ajfa-16968	90	21	in	in	ADP
ajfa-16968	90	22	the	the	DET
ajfa-16968	90	23	market	market	NOUN
ajfa-16968	90	24	to	to	PART
ajfa-16968	90	25	obtain	obtain	VERB
ajfa-16968	90	26	compensation	compensation	NOUN
ajfa-16968	90	27	from	from	ADP
ajfa-16968	90	28	the	the	DET
ajfa-16968	90	29	traders	trader	NOUN
ajfa-16968	90	30	who	who	PRON
ajfa-16968	90	31	lack	lack	VERB
ajfa-16968	90	32	information	information	NOUN
ajfa-16968	90	33	.	.	PUNCT
ajfa-16968	91	1	however	however	ADV
ajfa-16968	91	2	,	,	PUNCT
ajfa-16968	91	3	such	such	ADJ
ajfa-16968	91	4	increased	increase	VERB
ajfa-16968	91	5	bid	bid	NOUN
ajfa-16968	91	6	-	-	PUNCT
ajfa-16968	91	7	ask	ask	NOUN
ajfa-16968	91	8	spreads	spread	NOUN
ajfa-16968	91	9	make	make	VERB
ajfa-16968	91	10	firms	firm	NOUN
ajfa-16968	91	11	with	with	ADP
ajfa-16968	91	12	the	the	DET
ajfa-16968	91	13	problem	problem	NOUN
ajfa-16968	91	14	of	of	ADP
ajfa-16968	91	15	information	information	NOUN
ajfa-16968	91	16	asymmetry	asymmetry	NOUN
ajfa-16968	91	17	left	leave	VERB
ajfa-16968	91	18	with	with	ADP
ajfa-16968	91	19	lower	low	ADJ
ajfa-16968	91	20	stock	stock	NOUN
ajfa-16968	91	21	liquidity	liquidity	NOUN
ajfa-16968	91	22	.	.	PUNCT
ajfa-16968	92	1	the	the	DET
ajfa-16968	92	2	empirical	empirical	ADJ
ajfa-16968	92	3	results	result	NOUN
ajfa-16968	92	4	of	of	ADP
ajfa-16968	92	5	boone	boone	NOUN
ajfa-16968	92	6	and	and	CCONJ
ajfa-16968	92	7	raman	raman	NOUN
ajfa-16968	92	8	(	(	PUNCT
ajfa-16968	92	9	2001	2001	NUM
ajfa-16968	92	10	)	)	PUNCT
ajfa-16968	92	11	are	be	AUX
ajfa-16968	92	12	also	also	ADV
ajfa-16968	92	13	in	in	ADP
ajfa-16968	92	14	line	line	NOUN
ajfa-16968	92	15	with	with	ADP
ajfa-16968	92	16	glosten	glosten	ADJ
ajfa-16968	92	17	and	and	CCONJ
ajfa-16968	92	18	milgrom	milgrom	NOUN
ajfa-16968	92	19	’s	’s	PART
ajfa-16968	92	20	(	(	PUNCT
ajfa-16968	92	21	1985	1985	NUM
ajfa-16968	92	22	)	)	PUNCT
ajfa-16968	92	23	inference	inference	NOUN
ajfa-16968	92	24	,	,	PUNCT
ajfa-16968	92	25	which	which	PRON
ajfa-16968	92	26	confirms	confirm	VERB
ajfa-16968	92	27	that	that	SCONJ
ajfa-16968	92	28	firms	firm	NOUN
ajfa-16968	92	29	that	that	PRON
ajfa-16968	92	30	invest	invest	VERB
ajfa-16968	92	31	heavily	heavily	ADV
ajfa-16968	92	32	in	in	ADP
ajfa-16968	92	33	r&d	r&d	NOUN
ajfa-16968	92	34	activities	activity	NOUN
ajfa-16968	92	35	do	do	AUX
ajfa-16968	92	36	have	have	VERB
ajfa-16968	92	37	relatively	relatively	ADV
ajfa-16968	92	38	poor	poor	ADJ
ajfa-16968	92	39	liquidity	liquidity	NOUN
ajfa-16968	92	40	.	.	PUNCT
ajfa-16968	93	1	in	in	ADP
ajfa-16968	93	2	summary	summary	NOUN
ajfa-16968	93	3	,	,	PUNCT
ajfa-16968	93	4	the	the	DET
ajfa-16968	93	5	information	information	NOUN
ajfa-16968	93	6	asymmetry	asymmetry	NOUN
ajfa-16968	93	7	generated	generate	VERB
ajfa-16968	93	8	by	by	ADP
ajfa-16968	93	9	firms	firm	NOUN
ajfa-16968	93	10	with	with	ADP
ajfa-16968	93	11	higher	high	ADJ
ajfa-16968	93	12	r&d	r&d	NOUN
ajfa-16968	93	13	expenditure	expenditure	NOUN
ajfa-16968	93	14	is	be	AUX
ajfa-16968	93	15	significantly	significantly	ADV
ajfa-16968	93	16	different	different	ADJ
ajfa-16968	93	17	from	from	ADP
ajfa-16968	93	18	that	that	PRON
ajfa-16968	93	19	generated	generate	VERB
ajfa-16968	93	20	by	by	ADP
ajfa-16968	93	21	those	those	PRON
ajfa-16968	93	22	with	with	ADP
ajfa-16968	93	23	lower	low	ADJ
ajfa-16968	93	24	r&d	r&d	NOUN
ajfa-16968	93	25	expenditure	expenditure	NOUN
ajfa-16968	93	26	,	,	PUNCT
ajfa-16968	93	27	in	in	ADP
ajfa-16968	93	28	terms	term	NOUN
ajfa-16968	93	29	of	of	ADP
ajfa-16968	93	30	performance	performance	NOUN
ajfa-16968	93	31	on	on	ADP
ajfa-16968	93	32	the	the	DET
ajfa-16968	93	33	capital	capital	NOUN
ajfa-16968	93	34	market	market	NOUN
ajfa-16968	93	35	(	(	PUNCT
ajfa-16968	93	36	stock	stock	NOUN
ajfa-16968	93	37	performance	performance	NOUN
ajfa-16968	93	38	)	)	PUNCT
ajfa-16968	93	39	.	.	PUNCT
ajfa-16968	94	1	in	in	ADP
ajfa-16968	94	2	taiwan	taiwan	PROPN
ajfa-16968	94	3	research	research	NOUN
ajfa-16968	94	4	on	on	ADP
ajfa-16968	94	5	the	the	DET
ajfa-16968	94	6	relationship	relationship	NOUN
ajfa-16968	94	7	between	between	ADP
ajfa-16968	94	8	r&d	r&d	NOUN
ajfa-16968	94	9	expenditure	expenditure	NOUN
ajfa-16968	94	10	and	and	CCONJ
ajfa-16968	94	11	information	information	NOUN
ajfa-16968	94	12	asymmetry	asymmetry	NOUN
ajfa-16968	94	13	are	be	AUX
ajfa-16968	94	14	rare	rare	ADJ
ajfa-16968	94	15	.	.	PUNCT
ajfa-16968	95	1	the	the	DET
ajfa-16968	95	2	empirical	empirical	ADJ
ajfa-16968	95	3	research	research	NOUN
ajfa-16968	95	4	by	by	ADP
ajfa-16968	95	5	liu	liu	PROPN
ajfa-16968	95	6	(	(	PUNCT
ajfa-16968	95	7	2001	2001	NUM
ajfa-16968	95	8	)	)	PUNCT
ajfa-16968	95	9	found	find	VERB
ajfa-16968	95	10	that	that	SCONJ
ajfa-16968	95	11	the	the	DET
ajfa-16968	95	12	r&d	r&d	NOUN
ajfa-16968	95	13	expenditure	expenditure	NOUN
ajfa-16968	95	14	of	of	ADP
ajfa-16968	95	15	domestic	domestic	ADJ
ajfa-16968	95	16	listed	list	VERB
ajfa-16968	95	17	firms	firm	NOUN
ajfa-16968	95	18	tends	tend	VERB
ajfa-16968	95	19	to	to	PART
ajfa-16968	95	20	defer	defer	VERB
ajfa-16968	95	21	the	the	DET
ajfa-16968	95	22	financial	financial	ADJ
ajfa-16968	95	23	benefits	benefit	NOUN
ajfa-16968	95	24	that	that	PRON
ajfa-16968	95	25	should	should	AUX
ajfa-16968	95	26	be	be	AUX
ajfa-16968	95	27	obtained	obtain	VERB
ajfa-16968	95	28	by	by	ADP
ajfa-16968	95	29	the	the	DET
ajfa-16968	95	30	firm	firm	NOUN
ajfa-16968	95	31	and	and	CCONJ
ajfa-16968	95	32	that	that	SCONJ
ajfa-16968	95	33	it	it	PRON
ajfa-16968	95	34	will	will	AUX
ajfa-16968	95	35	take	take	VERB
ajfa-16968	95	36	2–5	2–5	NUM
ajfa-16968	95	37	years	year	NOUN
ajfa-16968	95	38	for	for	ADP
ajfa-16968	95	39	the	the	DET
ajfa-16968	95	40	benefits	benefit	NOUN
ajfa-16968	95	41	to	to	PART
ajfa-16968	95	42	show	show	VERB
ajfa-16968	95	43	significant	significant	ADJ
ajfa-16968	95	44	effects	effect	NOUN
ajfa-16968	95	45	.	.	PUNCT
ajfa-16968	96	1	the	the	DET
ajfa-16968	96	2	results	result	NOUN
ajfa-16968	96	3	show	show	VERB
ajfa-16968	96	4	that	that	SCONJ
ajfa-16968	96	5	the	the	PRON
ajfa-16968	96	6	higher	high	ADJ
ajfa-16968	96	7	the	the	DET
ajfa-16968	96	8	r&d	r&d	NOUN
ajfa-16968	96	9	expenditure	expenditure	NOUN
ajfa-16968	96	10	,	,	PUNCT
ajfa-16968	96	11	the	the	DET
ajfa-16968	96	12	more	more	ADV
ajfa-16968	96	13	obvious	obvious	ADJ
ajfa-16968	96	14	it	it	PRON
ajfa-16968	96	15	is	be	AUX
ajfa-16968	96	16	that	that	SCONJ
ajfa-16968	96	17	r&d	r&d	NOUN
ajfa-16968	96	18	expenditure	expenditure	NOUN
ajfa-16968	96	19	efficiency	efficiency	NOUN
ajfa-16968	96	20	is	be	AUX
ajfa-16968	96	21	behind	behind	ADP
ajfa-16968	96	22	the	the	DET
ajfa-16968	96	23	current	current	ADJ
ajfa-16968	96	24	period	period	NOUN
ajfa-16968	96	25	.	.	PUNCT
ajfa-16968	97	1	lee	lee	PROPN
ajfa-16968	97	2	(	(	PUNCT
ajfa-16968	97	3	2003	2003	NUM
ajfa-16968	97	4	)	)	PUNCT
ajfa-16968	97	5	explored	explore	VERB
ajfa-16968	97	6	patent	patent	NOUN
ajfa-16968	97	7	rights	right	NOUN
ajfa-16968	97	8	,	,	PUNCT
ajfa-16968	97	9	the	the	DET
ajfa-16968	97	10	intangible	intangible	ADJ
ajfa-16968	97	11	asset	asset	NOUN
ajfa-16968	97	12	closely	closely	ADV
ajfa-16968	97	13	related	relate	VERB
ajfa-16968	97	14	to	to	ADP
ajfa-16968	97	15	r&d	r&d	NOUN
ajfa-16968	97	16	expenditure	expenditure	NOUN
ajfa-16968	97	17	,	,	PUNCT
ajfa-16968	97	18	to	to	PART
ajfa-16968	97	19	discuss	discuss	VERB
ajfa-16968	97	20	whether	whether	SCONJ
ajfa-16968	97	21	the	the	DET
ajfa-16968	97	22	insiders	insider	NOUN
ajfa-16968	97	23	of	of	ADP
ajfa-16968	97	24	taiwan	taiwan	PROPN
ajfa-16968	97	25	-	-	PUNCT
ajfa-16968	97	26	listed	list	VERB
ajfa-16968	97	27	firms	firm	NOUN
ajfa-16968	97	28	have	have	VERB
ajfa-16968	97	29	more	more	ADJ
ajfa-16968	97	30	information	information	NOUN
ajfa-16968	97	31	than	than	ADP
ajfa-16968	97	32	outsiders	outsider	NOUN
ajfa-16968	97	33	through	through	ADP
ajfa-16968	97	34	their	their	PRON
ajfa-16968	97	35	positions	position	NOUN
ajfa-16968	97	36	.	.	PUNCT
ajfa-16968	98	1	the	the	DET
ajfa-16968	98	2	results	result	NOUN
ajfa-16968	98	3	show	show	VERB
ajfa-16968	98	4	that	that	SCONJ
ajfa-16968	98	5	the	the	DET
ajfa-16968	98	6	insiders	insider	NOUN
ajfa-16968	98	7	of	of	ADP
ajfa-16968	98	8	firms	firm	NOUN
ajfa-16968	98	9	with	with	ADP
ajfa-16968	98	10	patent	patent	NOUN
ajfa-16968	98	11	rights	right	NOUN
ajfa-16968	98	12	have	have	VERB
ajfa-16968	98	13	higher	high	ADJ
ajfa-16968	98	14	stock	stock	NOUN
ajfa-16968	98	15	returns	return	NOUN
ajfa-16968	98	16	than	than	ADP
ajfa-16968	98	17	those	those	PRON
ajfa-16968	98	18	of	of	ADP
ajfa-16968	98	19	patent	patent	NOUN
ajfa-16968	98	20	-	-	PUNCT
ajfa-16968	98	21	free	free	ADJ
ajfa-16968	98	22	firms	firm	NOUN
ajfa-16968	98	23	,	,	PUNCT
ajfa-16968	98	24	revealing	reveal	VERB
ajfa-16968	98	25	that	that	SCONJ
ajfa-16968	98	26	intangible	intangible	ADJ
ajfa-16968	98	27	assets	asset	NOUN
ajfa-16968	98	28	do	do	AUX
ajfa-16968	98	29	generate	generate	VERB
ajfa-16968	98	30	information	information	NOUN
ajfa-16968	98	31	asymmetry	asymmetry	NOUN
ajfa-16968	98	32	between	between	ADP
ajfa-16968	98	33	insiders	insider	NOUN
ajfa-16968	98	34	and	and	CCONJ
ajfa-16968	98	35	outside	outside	ADJ
ajfa-16968	98	36	investors	investor	NOUN
ajfa-16968	98	37	,	,	PUNCT
ajfa-16968	98	38	which	which	PRON
ajfa-16968	98	39	,	,	PUNCT
ajfa-16968	98	40	in	in	ADP
ajfa-16968	98	41	turn	turn	NOUN
ajfa-16968	98	42	,	,	PUNCT
ajfa-16968	98	43	affects	affect	VERB
ajfa-16968	98	44	firm	firm	ADJ
ajfa-16968	98	45	stock	stock	NOUN
ajfa-16968	98	46	returns	return	NOUN
ajfa-16968	98	47	.	.	PUNCT
ajfa-16968	99	1	2.3	2.3	NUM
ajfa-16968	99	2	r&d	r&d	NOUN
ajfa-16968	99	3	expenditure	expenditure	NOUN
ajfa-16968	99	4	and	and	CCONJ
ajfa-16968	99	5	agency	agency	NOUN
ajfa-16968	99	6	problem	problem	NOUN
ajfa-16968	99	7	morris	morris	PROPN
ajfa-16968	99	8	et	et	PROPN
ajfa-16968	99	9	al	al	PROPN
ajfa-16968	99	10	.	.	PROPN
ajfa-16968	100	1	(	(	PUNCT
ajfa-16968	100	2	1991	1991	NUM
ajfa-16968	100	3	)	)	PUNCT
ajfa-16968	100	4	proposed	propose	VERB
ajfa-16968	100	5	that	that	SCONJ
ajfa-16968	100	6	firm	firm	ADJ
ajfa-16968	100	7	r&d	r&d	NOUN
ajfa-16968	100	8	plans	plan	NOUN
ajfa-16968	100	9	face	face	VERB
ajfa-16968	100	10	two	two	NUM
ajfa-16968	100	11	types	type	NOUN
ajfa-16968	100	12	of	of	ADP
ajfa-16968	100	13	risks	risk	NOUN
ajfa-16968	100	14	:	:	PUNCT
ajfa-16968	100	15	uncertain	uncertain	ADJ
ajfa-16968	100	16	future	future	ADJ
ajfa-16968	100	17	growth	growth	NOUN
ajfa-16968	100	18	space	space	NOUN
ajfa-16968	100	19	and	and	CCONJ
ajfa-16968	100	20	uncertain	uncertain	ADJ
ajfa-16968	100	21	future	future	ADJ
ajfa-16968	100	22	cash	cash	NOUN
ajfa-16968	100	23	income	income	NOUN
ajfa-16968	100	24	.	.	PUNCT
ajfa-16968	101	1	the	the	DET
ajfa-16968	101	2	findings	finding	NOUN
ajfa-16968	101	3	of	of	ADP
ajfa-16968	101	4	their	their	PRON
ajfa-16968	101	5	study	study	NOUN
ajfa-16968	101	6	also	also	ADV
ajfa-16968	101	7	highlight	highlight	VERB
ajfa-16968	101	8	the	the	DET
ajfa-16968	101	9	difficulty	difficulty	NOUN
ajfa-16968	101	10	of	of	ADP
ajfa-16968	101	11	decision	decision	NOUN
ajfa-16968	101	12	-	-	PUNCT
ajfa-16968	101	13	making	making	NOUN
ajfa-16968	101	14	of	of	ADP
ajfa-16968	101	15	r&d	r&d	NOUN
ajfa-16968	101	16	expenditure	expenditure	NOUN
ajfa-16968	101	17	within	within	ADP
ajfa-16968	101	18	an	an	DET
ajfa-16968	101	19	enterprise	enterprise	NOUN
ajfa-16968	101	20	.	.	PUNCT
ajfa-16968	102	1	even	even	ADV
ajfa-16968	102	2	if	if	SCONJ
ajfa-16968	102	3	firm	firm	ADJ
ajfa-16968	102	4	assessment	assessment	NOUN
ajfa-16968	102	5	of	of	ADP
ajfa-16968	102	6	the	the	DET
ajfa-16968	102	7	investment	investment	NOUN
ajfa-16968	102	8	in	in	ADP
ajfa-16968	102	9	r&d	r&d	NOUN
ajfa-16968	102	10	activities	activity	NOUN
ajfa-16968	102	11	is	be	AUX
ajfa-16968	102	12	of	of	ADP
ajfa-16968	102	13	great	great	ADJ
ajfa-16968	102	14	help	help	NOUN
ajfa-16968	102	15	to	to	ADP
ajfa-16968	102	16	its	its	PRON
ajfa-16968	102	17	future	future	ADJ
ajfa-16968	102	18	economic	economic	ADJ
ajfa-16968	102	19	benefits	benefit	NOUN
ajfa-16968	102	20	,	,	PUNCT
ajfa-16968	102	21	there	there	PRON
ajfa-16968	102	22	are	be	VERB
ajfa-16968	102	23	hidden	hidden	ADJ
ajfa-16968	102	24	risks	risk	NOUN
ajfa-16968	102	25	behind	behind	ADP
ajfa-16968	102	26	the	the	DET
ajfa-16968	102	27	r&d	r&d	NOUN
ajfa-16968	102	28	plan	plan	NOUN
ajfa-16968	102	29	.	.	PUNCT
ajfa-16968	103	1	if	if	SCONJ
ajfa-16968	103	2	the	the	DET
ajfa-16968	103	3	plan	plan	NOUN
ajfa-16968	103	4	fails	fail	VERB
ajfa-16968	103	5	,	,	PUNCT
ajfa-16968	103	6	the	the	DET
ajfa-16968	103	7	huge	huge	ADJ
ajfa-16968	103	8	expenses	expense	NOUN
ajfa-16968	103	9	in	in	ADP
ajfa-16968	103	10	the	the	DET
ajfa-16968	103	11	plan	plan	NOUN
ajfa-16968	103	12	would	would	AUX
ajfa-16968	103	13	cause	cause	VERB
ajfa-16968	103	14	great	great	ADJ
ajfa-16968	103	15	loss	loss	NOUN
ajfa-16968	103	16	to	to	ADP
ajfa-16968	103	17	the	the	DET
ajfa-16968	103	18	firm	firm	NOUN
ajfa-16968	103	19	's	's	PART
ajfa-16968	103	20	surplus	surplus	NOUN
ajfa-16968	103	21	.	.	PUNCT
ajfa-16968	104	1	such	such	ADJ
ajfa-16968	104	2	loss	loss	NOUN
ajfa-16968	104	3	would	would	AUX
ajfa-16968	104	4	be	be	AUX
ajfa-16968	104	5	a	a	DET
ajfa-16968	104	6	dilemma	dilemma	NOUN
ajfa-16968	104	7	to	to	PART
ajfa-16968	104	8	be	be	AUX
ajfa-16968	104	9	faced	face	VERB
ajfa-16968	104	10	by	by	ADP
ajfa-16968	104	11	firm	firm	ADJ
ajfa-16968	104	12	asian	asian	ADJ
ajfa-16968	104	13	journal	journal	NOUN
ajfa-16968	104	14	of	of	ADP
ajfa-16968	104	15	finance	finance	PROPN
ajfa-16968	104	16	&	&	CCONJ
ajfa-16968	104	17	accounting	accounting	PROPN
ajfa-16968	104	18	issn	issn	PROPN
ajfa-16968	104	19	1946	1946	NUM
ajfa-16968	104	20	-	-	PUNCT
ajfa-16968	104	21	052x	052x	NOUN
ajfa-16968	104	22	2020	2020	NUM
ajfa-16968	104	23	,	,	PUNCT
ajfa-16968	104	24	vol	vol	NOUN
ajfa-16968	104	25	.	.	PROPN
ajfa-16968	104	26	12	12	NUM
ajfa-16968	104	27	,	,	PUNCT
ajfa-16968	104	28	no	no	INTJ
ajfa-16968	104	29	.	.	NOUN
ajfa-16968	104	30	1	1	NUM
ajfa-16968	104	31	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	104	32	137	137	NUM
ajfa-16968	104	33	managers	manager	NOUN
ajfa-16968	104	34	and	and	CCONJ
ajfa-16968	104	35	shareholders	shareholder	NOUN
ajfa-16968	104	36	.	.	PUNCT
ajfa-16968	105	1	for	for	ADP
ajfa-16968	105	2	example	example	NOUN
ajfa-16968	105	3	,	,	PUNCT
ajfa-16968	105	4	jensen	jensen	PROPN
ajfa-16968	105	5	(	(	PUNCT
ajfa-16968	105	6	1993	1993	NUM
ajfa-16968	105	7	)	)	PUNCT
ajfa-16968	105	8	found	find	VERB
ajfa-16968	105	9	that	that	SCONJ
ajfa-16968	105	10	most	most	ADJ
ajfa-16968	105	11	r&d	r&d	NOUN
ajfa-16968	105	12	plans	plan	NOUN
ajfa-16968	105	13	failed	fail	VERB
ajfa-16968	105	14	to	to	PART
ajfa-16968	105	15	benefit	benefit	VERB
ajfa-16968	105	16	as	as	SCONJ
ajfa-16968	105	17	expected	expect	VERB
ajfa-16968	105	18	.	.	PUNCT
ajfa-16968	106	1	but	but	CCONJ
ajfa-16968	106	2	investors	investor	NOUN
ajfa-16968	106	3	'	'	PART
ajfa-16968	106	4	high	high	ADJ
ajfa-16968	106	5	expectations	expectation	NOUN
ajfa-16968	106	6	of	of	ADP
ajfa-16968	106	7	profit	profit	NOUN
ajfa-16968	106	8	brought	bring	VERB
ajfa-16968	106	9	about	about	ADP
ajfa-16968	106	10	by	by	ADP
ajfa-16968	106	11	the	the	DET
ajfa-16968	106	12	r&d	r&d	NOUN
ajfa-16968	106	13	activities	activity	NOUN
ajfa-16968	106	14	may	may	AUX
ajfa-16968	106	15	result	result	VERB
ajfa-16968	106	16	in	in	ADP
ajfa-16968	106	17	overestimated	overestimate	VERB
ajfa-16968	106	18	stock	stock	NOUN
ajfa-16968	106	19	price	price	NOUN
ajfa-16968	106	20	.	.	PUNCT
ajfa-16968	107	1	in	in	ADP
ajfa-16968	107	2	addition	addition	NOUN
ajfa-16968	107	3	,	,	PUNCT
ajfa-16968	107	4	when	when	SCONJ
ajfa-16968	107	5	a	a	DET
ajfa-16968	107	6	firm	firm	ADJ
ajfa-16968	107	7	invests	invest	NOUN
ajfa-16968	107	8	in	in	ADP
ajfa-16968	107	9	r&d	r&d	NOUN
ajfa-16968	107	10	funds	fund	NOUN
ajfa-16968	107	11	,	,	PUNCT
ajfa-16968	107	12	it	it	PRON
ajfa-16968	107	13	can	can	AUX
ajfa-16968	107	14	increase	increase	VERB
ajfa-16968	107	15	firm	firm	ADJ
ajfa-16968	107	16	value	value	NOUN
ajfa-16968	107	17	.	.	PUNCT
ajfa-16968	108	1	however	however	ADV
ajfa-16968	108	2	,	,	PUNCT
ajfa-16968	108	3	in	in	ADP
ajfa-16968	108	4	the	the	DET
ajfa-16968	108	5	accounting	accounting	NOUN
ajfa-16968	108	6	statements	statement	NOUN
ajfa-16968	108	7	,	,	PUNCT
ajfa-16968	108	8	when	when	SCONJ
ajfa-16968	108	9	the	the	DET
ajfa-16968	108	10	expensed	expensed	ADJ
ajfa-16968	108	11	annual	annual	ADJ
ajfa-16968	108	12	r&d	r&d	NOUN
ajfa-16968	108	13	expenditure	expenditure	NOUN
ajfa-16968	108	14	(	(	PUNCT
ajfa-16968	108	15	included	include	VERB
ajfa-16968	108	16	in	in	ADP
ajfa-16968	108	17	the	the	DET
ajfa-16968	108	18	income	income	NOUN
ajfa-16968	108	19	statement	statement	NOUN
ajfa-16968	108	20	under	under	ADP
ajfa-16968	108	21	the	the	DET
ajfa-16968	108	22	subject	subject	NOUN
ajfa-16968	108	23	of	of	ADP
ajfa-16968	108	24	the	the	DET
ajfa-16968	108	25	profit	profit	NOUN
ajfa-16968	108	26	and	and	CCONJ
ajfa-16968	108	27	loss	loss	NOUN
ajfa-16968	108	28	account	account	NOUN
ajfa-16968	108	29	)	)	PUNCT
ajfa-16968	108	30	fails	fail	VERB
ajfa-16968	108	31	to	to	PART
ajfa-16968	108	32	consider	consider	VERB
ajfa-16968	108	33	the	the	DET
ajfa-16968	108	34	economic	economic	ADJ
ajfa-16968	108	35	added	add	VERB
ajfa-16968	108	36	value	value	NOUN
ajfa-16968	108	37	brought	bring	VERB
ajfa-16968	108	38	about	about	ADP
ajfa-16968	108	39	by	by	ADP
ajfa-16968	108	40	r&d	r&d	NOUN
ajfa-16968	108	41	activities	activity	NOUN
ajfa-16968	108	42	,	,	PUNCT
ajfa-16968	108	43	it	it	PRON
ajfa-16968	108	44	may	may	AUX
ajfa-16968	108	45	lead	lead	VERB
ajfa-16968	108	46	to	to	ADP
ajfa-16968	108	47	underestimated	underestimated	ADJ
ajfa-16968	108	48	firm	firm	ADJ
ajfa-16968	108	49	value	value	NOUN
ajfa-16968	108	50	in	in	ADP
ajfa-16968	108	51	the	the	DET
ajfa-16968	108	52	accounting	accounting	NOUN
ajfa-16968	108	53	surplus	surplus	NOUN
ajfa-16968	108	54	.	.	PUNCT
ajfa-16968	109	1	hall	hall	NOUN
ajfa-16968	109	2	(	(	PUNCT
ajfa-16968	109	3	1993	1993	NUM
ajfa-16968	109	4	)	)	PUNCT
ajfa-16968	109	5	proposed	propose	VERB
ajfa-16968	109	6	that	that	SCONJ
ajfa-16968	109	7	as	as	SCONJ
ajfa-16968	109	8	it	it	PRON
ajfa-16968	109	9	takes	take	VERB
ajfa-16968	109	10	a	a	DET
ajfa-16968	109	11	relatively	relatively	ADV
ajfa-16968	109	12	long	long	ADJ
ajfa-16968	109	13	period	period	NOUN
ajfa-16968	109	14	of	of	ADP
ajfa-16968	109	15	time	time	NOUN
ajfa-16968	109	16	for	for	ADP
ajfa-16968	109	17	the	the	DET
ajfa-16968	109	18	benefits	benefit	NOUN
ajfa-16968	109	19	of	of	ADP
ajfa-16968	109	20	an	an	DET
ajfa-16968	109	21	r&d	r&d	NOUN
ajfa-16968	109	22	plan	plan	NOUN
ajfa-16968	109	23	to	to	PART
ajfa-16968	109	24	create	create	VERB
ajfa-16968	109	25	returns	return	NOUN
ajfa-16968	109	26	,	,	PUNCT
ajfa-16968	109	27	firms	firm	NOUN
ajfa-16968	109	28	expect	expect	VERB
ajfa-16968	109	29	to	to	PART
ajfa-16968	109	30	recover	recover	VERB
ajfa-16968	109	31	about	about	ADP
ajfa-16968	109	32	20%~30	20%~30	NUM
ajfa-16968	109	33	%	%	NOUN
ajfa-16968	109	34	of	of	ADP
ajfa-16968	109	35	the	the	DET
ajfa-16968	109	36	annual	annual	ADJ
ajfa-16968	109	37	profit	profit	NOUN
ajfa-16968	109	38	from	from	ADP
ajfa-16968	109	39	r&d	r&d	NOUN
ajfa-16968	109	40	activities	activity	NOUN
ajfa-16968	109	41	,	,	PUNCT
ajfa-16968	109	42	and	and	CCONJ
ajfa-16968	109	43	that	that	SCONJ
ajfa-16968	109	44	there	there	PRON
ajfa-16968	109	45	are	be	VERB
ajfa-16968	109	46	significant	significant	ADJ
ajfa-16968	109	47	differences	difference	NOUN
ajfa-16968	109	48	among	among	ADP
ajfa-16968	109	49	different	different	ADJ
ajfa-16968	109	50	industries	industry	NOUN
ajfa-16968	109	51	.	.	PUNCT
ajfa-16968	110	1	porter	porter	NOUN
ajfa-16968	110	2	(	(	PUNCT
ajfa-16968	110	3	1993	1993	NUM
ajfa-16968	110	4	)	)	PUNCT
ajfa-16968	110	5	also	also	ADV
ajfa-16968	110	6	found	find	VERB
ajfa-16968	110	7	similar	similar	ADJ
ajfa-16968	110	8	results	result	NOUN
ajfa-16968	110	9	.	.	PUNCT
ajfa-16968	111	1	nevertheless	nevertheless	ADV
ajfa-16968	111	2	,	,	PUNCT
ajfa-16968	111	3	kothari	kothari	PROPN
ajfa-16968	111	4	,	,	PUNCT
ajfa-16968	111	5	laguerre	laguerre	NOUN
ajfa-16968	111	6	,	,	PUNCT
ajfa-16968	111	7	and	and	CCONJ
ajfa-16968	111	8	leone	leone	NOUN
ajfa-16968	111	9	(	(	PUNCT
ajfa-16968	111	10	2002	2002	NUM
ajfa-16968	111	11	)	)	PUNCT
ajfa-16968	111	12	found	find	VERB
ajfa-16968	111	13	that	that	SCONJ
ajfa-16968	111	14	r&d	r&d	NOUN
ajfa-16968	111	15	expenditure	expenditure	NOUN
ajfa-16968	111	16	has	have	VERB
ajfa-16968	111	17	three	three	NUM
ajfa-16968	111	18	times	time	NOUN
ajfa-16968	111	19	the	the	DET
ajfa-16968	111	20	impact	impact	NOUN
ajfa-16968	111	21	on	on	ADP
ajfa-16968	111	22	the	the	DET
ajfa-16968	111	23	firm	firm	ADJ
ajfa-16968	111	24	future	future	ADJ
ajfa-16968	111	25	earnings	earning	NOUN
ajfa-16968	111	26	variable	variable	NOUN
ajfa-16968	111	27	than	than	SCONJ
ajfa-16968	111	28	do	do	VERB
ajfa-16968	111	29	general	general	ADJ
ajfa-16968	111	30	fixed	fix	VERB
ajfa-16968	111	31	assets	asset	NOUN
ajfa-16968	111	32	.	.	PUNCT
ajfa-16968	112	1	chan	chan	PROPN
ajfa-16968	112	2	et	et	PROPN
ajfa-16968	112	3	al	al	PROPN
ajfa-16968	112	4	.	.	PROPN
ajfa-16968	113	1	(	(	PUNCT
ajfa-16968	113	2	2001	2001	NUM
ajfa-16968	113	3	)	)	PUNCT
ajfa-16968	113	4	further	far	ADV
ajfa-16968	113	5	found	find	VERB
ajfa-16968	113	6	that	that	SCONJ
ajfa-16968	113	7	the	the	DET
ajfa-16968	113	8	r&d	r&d	NOUN
ajfa-16968	113	9	density	density	NOUN
ajfa-16968	113	10	has	have	VERB
ajfa-16968	113	11	a	a	DET
ajfa-16968	113	12	considerable	considerable	ADJ
ajfa-16968	113	13	correlation	correlation	NOUN
ajfa-16968	113	14	with	with	ADP
ajfa-16968	113	15	the	the	DET
ajfa-16968	113	16	variation	variation	NOUN
ajfa-16968	113	17	in	in	ADP
ajfa-16968	113	18	firm	firm	ADJ
ajfa-16968	113	19	stock	stock	NOUN
ajfa-16968	113	20	returns	return	NOUN
ajfa-16968	113	21	.	.	PUNCT
ajfa-16968	114	1	therefore	therefore	ADV
ajfa-16968	114	2	,	,	PUNCT
ajfa-16968	114	3	when	when	SCONJ
ajfa-16968	114	4	investors	investor	NOUN
ajfa-16968	114	5	face	face	VERB
ajfa-16968	114	6	the	the	DET
ajfa-16968	114	7	current	current	ADJ
ajfa-16968	114	8	distorted	distorted	ADJ
ajfa-16968	114	9	accounting	accounting	NOUN
ajfa-16968	114	10	statements	statement	NOUN
ajfa-16968	114	11	as	as	ADP
ajfa-16968	114	12	a	a	DET
ajfa-16968	114	13	reference	reference	NOUN
ajfa-16968	114	14	for	for	ADP
ajfa-16968	114	15	investment	investment	NOUN
ajfa-16968	114	16	decisions	decision	NOUN
ajfa-16968	114	17	,	,	PUNCT
ajfa-16968	114	18	along	along	ADP
ajfa-16968	114	19	with	with	ADP
ajfa-16968	114	20	the	the	DET
ajfa-16968	114	21	unclear	unclear	ADJ
ajfa-16968	114	22	impact	impact	NOUN
ajfa-16968	114	23	of	of	ADP
ajfa-16968	114	24	the	the	DET
ajfa-16968	114	25	r&d	r&d	NOUN
ajfa-16968	114	26	activities	activity	NOUN
ajfa-16968	114	27	on	on	ADP
ajfa-16968	114	28	firm	firm	ADJ
ajfa-16968	114	29	future	future	ADJ
ajfa-16968	114	30	performance	performance	NOUN
ajfa-16968	114	31	,	,	PUNCT
ajfa-16968	114	32	it	it	PRON
ajfa-16968	114	33	may	may	AUX
ajfa-16968	114	34	prompt	prompt	VERB
ajfa-16968	114	35	the	the	DET
ajfa-16968	114	36	capital	capital	NOUN
ajfa-16968	114	37	market	market	NOUN
ajfa-16968	114	38	to	to	PART
ajfa-16968	114	39	ignore	ignore	VERB
ajfa-16968	114	40	the	the	DET
ajfa-16968	114	41	firm	firm	NOUN
ajfa-16968	114	42	’s	’s	PART
ajfa-16968	114	43	future	future	ADJ
ajfa-16968	114	44	firm	firm	ADJ
ajfa-16968	114	45	value	value	NOUN
ajfa-16968	114	46	and	and	CCONJ
ajfa-16968	114	47	become	become	VERB
ajfa-16968	114	48	short	short	ADV
ajfa-16968	114	49	-	-	PUNCT
ajfa-16968	114	50	sighted	sighted	ADJ
ajfa-16968	114	51	.	.	PUNCT
ajfa-16968	115	1	such	such	DET
ajfa-16968	115	2	a	a	DET
ajfa-16968	115	3	short	short	ADJ
ajfa-16968	115	4	-	-	PUNCT
ajfa-16968	115	5	sighted	sighted	ADJ
ajfa-16968	115	6	capital	capital	NOUN
ajfa-16968	115	7	market	market	NOUN
ajfa-16968	115	8	can	can	AUX
ajfa-16968	115	9	lead	lead	VERB
ajfa-16968	115	10	to	to	ADP
ajfa-16968	115	11	agency	agency	NOUN
ajfa-16968	115	12	problems	problem	NOUN
ajfa-16968	115	13	between	between	ADP
ajfa-16968	115	14	managers	manager	NOUN
ajfa-16968	115	15	and	and	CCONJ
ajfa-16968	115	16	shareholders	shareholder	NOUN
ajfa-16968	115	17	.	.	PUNCT
ajfa-16968	116	1	the	the	DET
ajfa-16968	116	2	results	result	NOUN
ajfa-16968	116	3	of	of	ADP
ajfa-16968	116	4	baber	baber	PROPN
ajfa-16968	116	5	et	et	PROPN
ajfa-16968	116	6	al	al	PROPN
ajfa-16968	116	7	.	.	PROPN
ajfa-16968	116	8	(	(	PUNCT
ajfa-16968	116	9	1991	1991	NUM
ajfa-16968	116	10	)	)	PUNCT
ajfa-16968	116	11	indicated	indicate	VERB
ajfa-16968	116	12	that	that	SCONJ
ajfa-16968	116	13	when	when	SCONJ
ajfa-16968	116	14	a	a	DET
ajfa-16968	116	15	firm	firm	NOUN
ajfa-16968	116	16	's	's	PART
ajfa-16968	116	17	r&d	r&d	NOUN
ajfa-16968	116	18	expenditure	expenditure	NOUN
ajfa-16968	116	19	affects	affect	VERB
ajfa-16968	116	20	the	the	DET
ajfa-16968	116	21	positive	positive	ADJ
ajfa-16968	116	22	or	or	CCONJ
ajfa-16968	116	23	negative	negative	ADJ
ajfa-16968	116	24	value	value	NOUN
ajfa-16968	116	25	of	of	ADP
ajfa-16968	116	26	a	a	DET
ajfa-16968	116	27	firm	firm	NOUN
ajfa-16968	116	28	's	's	PART
ajfa-16968	116	29	current	current	ADJ
ajfa-16968	116	30	earnings	earning	NOUN
ajfa-16968	116	31	or	or	CCONJ
ajfa-16968	116	32	switches	switch	NOUN
ajfa-16968	116	33	the	the	DET
ajfa-16968	116	34	firm	firm	NOUN
ajfa-16968	116	35	's	's	PART
ajfa-16968	116	36	revenue	revenue	NOUN
ajfa-16968	116	37	from	from	ADP
ajfa-16968	116	38	increase	increase	NOUN
ajfa-16968	116	39	to	to	PART
ajfa-16968	116	40	decline	decline	VERB
ajfa-16968	116	41	,	,	PUNCT
ajfa-16968	116	42	the	the	DET
ajfa-16968	116	43	firm	firm	NOUN
ajfa-16968	116	44	's	's	PART
ajfa-16968	116	45	managers	manager	NOUN
ajfa-16968	116	46	significantly	significantly	ADV
ajfa-16968	116	47	reduce	reduce	VERB
ajfa-16968	116	48	the	the	DET
ajfa-16968	116	49	firm	firm	NOUN
ajfa-16968	116	50	's	's	PART
ajfa-16968	116	51	r&d	r&d	NOUN
ajfa-16968	116	52	expenditure	expenditure	NOUN
ajfa-16968	116	53	,	,	PUNCT
ajfa-16968	116	54	to	to	PART
ajfa-16968	116	55	maintain	maintain	VERB
ajfa-16968	116	56	a	a	DET
ajfa-16968	116	57	relatively	relatively	ADV
ajfa-16968	116	58	high	high	ADJ
ajfa-16968	116	59	level	level	NOUN
ajfa-16968	116	60	of	of	ADP
ajfa-16968	116	61	surplus	surplus	NOUN
ajfa-16968	116	62	.	.	PUNCT
ajfa-16968	117	1	the	the	DET
ajfa-16968	117	2	empirical	empirical	ADJ
ajfa-16968	117	3	research	research	NOUN
ajfa-16968	117	4	also	also	ADV
ajfa-16968	117	5	found	find	VERB
ajfa-16968	117	6	that	that	SCONJ
ajfa-16968	117	7	as	as	SCONJ
ajfa-16968	117	8	firm	firm	ADJ
ajfa-16968	117	9	performance	performance	NOUN
ajfa-16968	117	10	affects	affect	VERB
ajfa-16968	117	11	the	the	DET
ajfa-16968	117	12	retention	retention	NOUN
ajfa-16968	117	13	of	of	ADP
ajfa-16968	117	14	the	the	DET
ajfa-16968	117	15	firm	firm	NOUN
ajfa-16968	117	16	's	's	PART
ajfa-16968	117	17	manager	manager	NOUN
ajfa-16968	117	18	position	position	NOUN
ajfa-16968	117	19	,	,	PUNCT
ajfa-16968	117	20	the	the	DET
ajfa-16968	117	21	manager	manager	NOUN
ajfa-16968	117	22	has	have	VERB
ajfa-16968	117	23	a	a	DET
ajfa-16968	117	24	strong	strong	ADJ
ajfa-16968	117	25	motivation	motivation	NOUN
ajfa-16968	117	26	to	to	PART
ajfa-16968	117	27	conceal	conceal	VERB
ajfa-16968	117	28	poor	poor	ADJ
ajfa-16968	117	29	firm	firm	ADJ
ajfa-16968	117	30	performance	performance	NOUN
ajfa-16968	117	31	to	to	PART
ajfa-16968	117	32	ensure	ensure	VERB
ajfa-16968	117	33	their	their	PRON
ajfa-16968	117	34	position	position	NOUN
ajfa-16968	117	35	(	(	PUNCT
ajfa-16968	117	36	dechow	dechow	ADJ
ajfa-16968	117	37	and	and	CCONJ
ajfa-16968	117	38	sloan,1991	sloan,1991	PROPN
ajfa-16968	117	39	;	;	PUNCT
ajfa-16968	117	40	murphy	murphy	PROPN
ajfa-16968	117	41	and	and	CCONJ
ajfa-16968	117	42	zimmerman	zimmerman	PROPN
ajfa-16968	117	43	,	,	PUNCT
ajfa-16968	117	44	1993	1993	NUM
ajfa-16968	117	45	)	)	PUNCT
ajfa-16968	117	46	.	.	PUNCT
ajfa-16968	118	1	however	however	ADV
ajfa-16968	118	2	,	,	PUNCT
ajfa-16968	118	3	reducing	reduce	VERB
ajfa-16968	118	4	the	the	DET
ajfa-16968	118	5	current	current	ADJ
ajfa-16968	118	6	r&d	r&d	NOUN
ajfa-16968	118	7	expenditure	expenditure	NOUN
ajfa-16968	118	8	or	or	CCONJ
ajfa-16968	118	9	other	other	ADJ
ajfa-16968	118	10	long	long	ADJ
ajfa-16968	118	11	-	-	PUNCT
ajfa-16968	118	12	term	term	NOUN
ajfa-16968	118	13	expenditures	expenditure	NOUN
ajfa-16968	118	14	to	to	PART
ajfa-16968	118	15	improve	improve	VERB
ajfa-16968	118	16	the	the	DET
ajfa-16968	118	17	firm	firm	NOUN
ajfa-16968	118	18	's	's	PART
ajfa-16968	118	19	short	short	ADJ
ajfa-16968	118	20	-	-	PUNCT
ajfa-16968	118	21	term	term	NOUN
ajfa-16968	118	22	performance	performance	NOUN
ajfa-16968	118	23	is	be	AUX
ajfa-16968	118	24	a	a	DET
ajfa-16968	118	25	commonly	commonly	ADV
ajfa-16968	118	26	used	use	VERB
ajfa-16968	118	27	method	method	NOUN
ajfa-16968	118	28	.	.	PUNCT
ajfa-16968	119	1	still	still	ADV
ajfa-16968	119	2	the	the	DET
ajfa-16968	119	3	move	move	NOUN
ajfa-16968	119	4	is	be	AUX
ajfa-16968	119	5	bound	bind	VERB
ajfa-16968	119	6	to	to	PART
ajfa-16968	119	7	be	be	AUX
ajfa-16968	119	8	inconsistent	inconsistent	ADJ
ajfa-16968	119	9	with	with	ADP
ajfa-16968	119	10	those	those	DET
ajfa-16968	119	11	shareholders	shareholder	NOUN
ajfa-16968	119	12	whose	whose	DET
ajfa-16968	119	13	goal	goal	NOUN
ajfa-16968	119	14	is	be	AUX
ajfa-16968	119	15	to	to	PART
ajfa-16968	119	16	pursue	pursue	VERB
ajfa-16968	119	17	the	the	DET
ajfa-16968	119	18	firm	firm	NOUN
ajfa-16968	119	19	's	's	PART
ajfa-16968	119	20	long	long	ADJ
ajfa-16968	119	21	-	-	PUNCT
ajfa-16968	119	22	term	term	NOUN
ajfa-16968	119	23	interests	interest	NOUN
ajfa-16968	119	24	,	,	PUNCT
ajfa-16968	119	25	resulting	result	VERB
ajfa-16968	119	26	in	in	ADP
ajfa-16968	119	27	agency	agency	NOUN
ajfa-16968	119	28	costs	cost	NOUN
ajfa-16968	119	29	between	between	ADP
ajfa-16968	119	30	the	the	DET
ajfa-16968	119	31	shareholders	shareholder	NOUN
ajfa-16968	119	32	and	and	CCONJ
ajfa-16968	119	33	the	the	DET
ajfa-16968	119	34	manager	manager	NOUN
ajfa-16968	119	35	.	.	PUNCT
ajfa-16968	120	1	on	on	ADP
ajfa-16968	120	2	the	the	DET
ajfa-16968	120	3	other	other	ADJ
ajfa-16968	120	4	hand	hand	NOUN
ajfa-16968	120	5	,	,	PUNCT
ajfa-16968	120	6	previous	previous	ADJ
ajfa-16968	120	7	scholars	scholar	NOUN
ajfa-16968	120	8	have	have	AUX
ajfa-16968	120	9	found	find	VERB
ajfa-16968	120	10	that	that	SCONJ
ajfa-16968	120	11	when	when	SCONJ
ajfa-16968	120	12	firms	firm	NOUN
ajfa-16968	120	13	invest	invest	VERB
ajfa-16968	120	14	in	in	ADP
ajfa-16968	120	15	r&d	r&d	NOUN
ajfa-16968	120	16	activities	activity	NOUN
ajfa-16968	120	17	,	,	PUNCT
ajfa-16968	120	18	managers	manager	NOUN
ajfa-16968	120	19	are	be	AUX
ajfa-16968	120	20	given	give	VERB
ajfa-16968	120	21	an	an	DET
ajfa-16968	120	22	opportunity	opportunity	NOUN
ajfa-16968	120	23	to	to	PART
ajfa-16968	120	24	transfer	transfer	VERB
ajfa-16968	120	25	wealth	wealth	NOUN
ajfa-16968	120	26	to	to	ADP
ajfa-16968	120	27	shareholders	shareholder	NOUN
ajfa-16968	120	28	.	.	PUNCT
ajfa-16968	121	1	when	when	SCONJ
ajfa-16968	121	2	a	a	DET
ajfa-16968	121	3	firm	firm	ADJ
ajfa-16968	121	4	invests	invest	NOUN
ajfa-16968	121	5	or	or	CCONJ
ajfa-16968	121	6	spends	spend	VERB
ajfa-16968	121	7	money	money	NOUN
ajfa-16968	121	8	in	in	ADP
ajfa-16968	121	9	r&d	r&d	NOUN
ajfa-16968	121	10	activities	activity	NOUN
ajfa-16968	121	11	,	,	PUNCT
ajfa-16968	121	12	there	there	PRON
ajfa-16968	121	13	is	be	VERB
ajfa-16968	121	14	a	a	DET
ajfa-16968	121	15	large	large	ADJ
ajfa-16968	121	16	demand	demand	NOUN
ajfa-16968	121	17	for	for	ADP
ajfa-16968	121	18	capital	capital	NOUN
ajfa-16968	121	19	.	.	PUNCT
ajfa-16968	122	1	jensen	jensen	PROPN
ajfa-16968	122	2	and	and	CCONJ
ajfa-16968	122	3	meckling	meckling	NOUN
ajfa-16968	122	4	(	(	PUNCT
ajfa-16968	122	5	1976	1976	NUM
ajfa-16968	122	6	)	)	PUNCT
ajfa-16968	122	7	and	and	CCONJ
ajfa-16968	122	8	galai	galai	NOUN
ajfa-16968	122	9	and	and	CCONJ
ajfa-16968	122	10	masulis	masulis	PROPN
ajfa-16968	122	11	(	(	PUNCT
ajfa-16968	122	12	1976	1976	NUM
ajfa-16968	122	13	)	)	PUNCT
ajfa-16968	122	14	found	find	VERB
ajfa-16968	122	15	that	that	SCONJ
ajfa-16968	122	16	when	when	SCONJ
ajfa-16968	122	17	investment	investment	NOUN
ajfa-16968	122	18	causes	cause	VERB
ajfa-16968	122	19	a	a	DET
ajfa-16968	122	20	firm	firm	NOUN
ajfa-16968	122	21	to	to	PART
ajfa-16968	122	22	raise	raise	VERB
ajfa-16968	122	23	external	external	ADJ
ajfa-16968	122	24	debts	debt	NOUN
ajfa-16968	122	25	,	,	PUNCT
ajfa-16968	122	26	it	it	PRON
ajfa-16968	122	27	will	will	AUX
ajfa-16968	122	28	increase	increase	VERB
ajfa-16968	122	29	the	the	DET
ajfa-16968	122	30	firm	firm	NOUN
ajfa-16968	122	31	’s	’s	PART
ajfa-16968	122	32	agency	agency	NOUN
ajfa-16968	122	33	cost	cost	NOUN
ajfa-16968	122	34	.	.	PUNCT
ajfa-16968	123	1	since	since	SCONJ
ajfa-16968	123	2	investment	investment	NOUN
ajfa-16968	123	3	activities	activity	NOUN
ajfa-16968	123	4	such	such	ADJ
ajfa-16968	123	5	as	as	ADP
ajfa-16968	123	6	r&d	r&d	NOUN
ajfa-16968	123	7	are	be	AUX
ajfa-16968	123	8	risky	risky	ADJ
ajfa-16968	123	9	,	,	PUNCT
ajfa-16968	123	10	the	the	DET
ajfa-16968	123	11	increased	increase	VERB
ajfa-16968	123	12	risk	risk	NOUN
ajfa-16968	123	13	of	of	ADP
ajfa-16968	123	14	a	a	DET
ajfa-16968	123	15	firm	firm	NOUN
ajfa-16968	123	16	helps	help	VERB
ajfa-16968	123	17	to	to	PART
ajfa-16968	123	18	lift	lift	VERB
ajfa-16968	123	19	shareholder	shareholder	NOUN
ajfa-16968	123	20	value	value	NOUN
ajfa-16968	123	21	when	when	SCONJ
ajfa-16968	123	22	the	the	DET
ajfa-16968	123	23	debts	debt	NOUN
ajfa-16968	123	24	are	be	AUX
ajfa-16968	123	25	repaid	repay	VERB
ajfa-16968	123	26	within	within	ADP
ajfa-16968	123	27	a	a	DET
ajfa-16968	123	28	limited	limited	ADJ
ajfa-16968	123	29	period	period	NOUN
ajfa-16968	123	30	of	of	ADP
ajfa-16968	123	31	time	time	NOUN
ajfa-16968	123	32	.	.	PUNCT
ajfa-16968	124	1	however	however	ADV
ajfa-16968	124	2	,	,	PUNCT
ajfa-16968	124	3	when	when	SCONJ
ajfa-16968	124	4	compared	compare	VERB
ajfa-16968	124	5	with	with	ADP
ajfa-16968	124	6	the	the	DET
ajfa-16968	124	7	creditor	creditor	NOUN
ajfa-16968	124	8	,	,	PUNCT
ajfa-16968	124	9	the	the	DET
ajfa-16968	124	10	shareholders	shareholder	NOUN
ajfa-16968	124	11	must	must	AUX
ajfa-16968	124	12	bear	bear	VERB
ajfa-16968	124	13	the	the	DET
ajfa-16968	124	14	risk	risk	NOUN
ajfa-16968	124	15	of	of	ADP
ajfa-16968	124	16	wealth	wealth	NOUN
ajfa-16968	124	17	transfer	transfer	NOUN
ajfa-16968	124	18	,	,	PUNCT
ajfa-16968	124	19	and	and	CCONJ
ajfa-16968	124	20	therefore	therefore	ADV
ajfa-16968	124	21	emerges	emerge	VERB
ajfa-16968	124	22	the	the	DET
ajfa-16968	124	23	phenomenon	phenomenon	NOUN
ajfa-16968	124	24	of	of	ADP
ajfa-16968	124	25	redistribution	redistribution	NOUN
ajfa-16968	124	26	of	of	ADP
ajfa-16968	124	27	wealth	wealth	NOUN
ajfa-16968	124	28	.	.	PUNCT
ajfa-16968	125	1	thus	thus	ADV
ajfa-16968	125	2	,	,	PUNCT
ajfa-16968	125	3	the	the	DET
ajfa-16968	125	4	creditor	creditor	NOUN
ajfa-16968	125	5	requires	require	VERB
ajfa-16968	125	6	higher	high	ADJ
ajfa-16968	125	7	interest	interest	NOUN
ajfa-16968	125	8	rates	rate	NOUN
ajfa-16968	125	9	or	or	CCONJ
ajfa-16968	125	10	they	they	PRON
ajfa-16968	125	11	add	add	VERB
ajfa-16968	125	12	more	more	ADJ
ajfa-16968	125	13	restrictions	restriction	NOUN
ajfa-16968	125	14	to	to	PART
ajfa-16968	125	15	hedge	hedge	VERB
ajfa-16968	125	16	against	against	ADP
ajfa-16968	125	17	the	the	DET
ajfa-16968	125	18	risk	risk	NOUN
ajfa-16968	125	19	,	,	PUNCT
ajfa-16968	125	20	and	and	CCONJ
ajfa-16968	125	21	the	the	DET
ajfa-16968	125	22	increased	increase	VERB
ajfa-16968	125	23	need	need	NOUN
ajfa-16968	125	24	of	of	ADP
ajfa-16968	125	25	capital	capital	NOUN
ajfa-16968	125	26	brought	bring	VERB
ajfa-16968	125	27	about	about	ADP
ajfa-16968	125	28	by	by	ADP
ajfa-16968	125	29	the	the	DET
ajfa-16968	125	30	r&d	r&d	NOUN
ajfa-16968	125	31	expenditure	expenditure	NOUN
ajfa-16968	125	32	will	will	AUX
ajfa-16968	125	33	also	also	ADV
ajfa-16968	125	34	result	result	VERB
ajfa-16968	125	35	in	in	ADP
ajfa-16968	125	36	an	an	DET
ajfa-16968	125	37	increase	increase	NOUN
ajfa-16968	125	38	in	in	ADP
ajfa-16968	125	39	agency	agency	NOUN
ajfa-16968	125	40	costs	cost	NOUN
ajfa-16968	125	41	between	between	ADP
ajfa-16968	125	42	shareholders	shareholder	NOUN
ajfa-16968	125	43	and	and	CCONJ
ajfa-16968	125	44	creditors	creditor	NOUN
ajfa-16968	125	45	.	.	PUNCT
ajfa-16968	126	1	asian	asian	ADJ
ajfa-16968	126	2	journal	journal	PROPN
ajfa-16968	126	3	of	of	ADP
ajfa-16968	126	4	finance	finance	PROPN
ajfa-16968	126	5	&	&	CCONJ
ajfa-16968	126	6	accounting	accounting	PROPN
ajfa-16968	126	7	issn	issn	PROPN
ajfa-16968	126	8	1946	1946	NUM
ajfa-16968	126	9	-	-	PUNCT
ajfa-16968	126	10	052x	052x	NOUN
ajfa-16968	126	11	2020	2020	NUM
ajfa-16968	126	12	,	,	PUNCT
ajfa-16968	126	13	vol	vol	NOUN
ajfa-16968	126	14	.	.	PROPN
ajfa-16968	126	15	12	12	NUM
ajfa-16968	126	16	,	,	PUNCT
ajfa-16968	126	17	no	no	INTJ
ajfa-16968	126	18	.	.	NOUN
ajfa-16968	126	19	1	1	NUM
ajfa-16968	126	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	126	21	138	138	NUM
ajfa-16968	126	22	3	3	NUM
ajfa-16968	126	23	.	.	PUNCT
ajfa-16968	126	24	research	research	NOUN
ajfa-16968	126	25	method	method	NOUN
ajfa-16968	126	26	3.1	3.1	NUM
ajfa-16968	126	27	sample	sample	NOUN
ajfa-16968	126	28	and	and	CCONJ
ajfa-16968	126	29	data	datum	NOUN
ajfa-16968	126	30	source	source	NOUN
ajfa-16968	126	31	in	in	ADP
ajfa-16968	126	32	the	the	DET
ajfa-16968	126	33	previous	previous	ADJ
ajfa-16968	126	34	literature	literature	NOUN
ajfa-16968	126	35	on	on	ADP
ajfa-16968	126	36	r&d	r&d	NOUN
ajfa-16968	126	37	expenditure	expenditure	NOUN
ajfa-16968	126	38	,	,	PUNCT
ajfa-16968	126	39	the	the	DET
ajfa-16968	126	40	difficulty	difficulty	NOUN
ajfa-16968	126	41	of	of	ADP
ajfa-16968	126	42	obtaining	obtain	VERB
ajfa-16968	126	43	data	datum	NOUN
ajfa-16968	126	44	meant	mean	VERB
ajfa-16968	126	45	that	that	SCONJ
ajfa-16968	126	46	the	the	DET
ajfa-16968	126	47	one	one	NUM
ajfa-16968	126	48	-	-	PUNCT
ajfa-16968	126	49	year	year	NOUN
ajfa-16968	126	50	cross	cross	ADJ
ajfa-16968	126	51	-	-	ADJ
ajfa-16968	126	52	sectional	sectional	ADJ
ajfa-16968	126	53	data	datum	NOUN
ajfa-16968	126	54	of	of	ADP
ajfa-16968	126	55	specific	specific	ADJ
ajfa-16968	126	56	industries	industry	NOUN
ajfa-16968	126	57	were	be	AUX
ajfa-16968	126	58	mostly	mostly	ADV
ajfa-16968	126	59	taken	take	VERB
ajfa-16968	126	60	as	as	ADP
ajfa-16968	126	61	the	the	DET
ajfa-16968	126	62	object	object	NOUN
ajfa-16968	126	63	of	of	ADP
ajfa-16968	126	64	research	research	NOUN
ajfa-16968	126	65	.	.	PUNCT
ajfa-16968	127	1	to	to	PART
ajfa-16968	127	2	obtain	obtain	VERB
ajfa-16968	127	3	a	a	DET
ajfa-16968	127	4	more	more	ADJ
ajfa-16968	127	5	in	in	ADP
ajfa-16968	127	6	-	-	PUNCT
ajfa-16968	127	7	depth	depth	NOUN
ajfa-16968	127	8	and	and	CCONJ
ajfa-16968	127	9	comprehensive	comprehensive	ADJ
ajfa-16968	127	10	understanding	understanding	NOUN
ajfa-16968	127	11	of	of	ADP
ajfa-16968	127	12	the	the	DET
ajfa-16968	127	13	r&d	r&d	NOUN
ajfa-16968	127	14	activities	activity	NOUN
ajfa-16968	127	15	in	in	ADP
ajfa-16968	127	16	various	various	ADJ
ajfa-16968	127	17	industries	industry	NOUN
ajfa-16968	127	18	and	and	CCONJ
ajfa-16968	127	19	eras	era	NOUN
ajfa-16968	127	20	,	,	PUNCT
ajfa-16968	127	21	this	this	DET
ajfa-16968	127	22	study	study	NOUN
ajfa-16968	127	23	takes	take	VERB
ajfa-16968	127	24	all	all	DET
ajfa-16968	127	25	the	the	DET
ajfa-16968	127	26	firms	firm	NOUN
ajfa-16968	127	27	listed	list	VERB
ajfa-16968	127	28	on	on	ADP
ajfa-16968	127	29	the	the	DET
ajfa-16968	127	30	taiwan	taiwan	PROPN
ajfa-16968	127	31	stock	stock	NOUN
ajfa-16968	127	32	market	market	NOUN
ajfa-16968	127	33	from	from	ADP
ajfa-16968	127	34	1986	1986	NUM
ajfa-16968	127	35	to	to	ADP
ajfa-16968	127	36	2013	2013	NUM
ajfa-16968	127	37	as	as	ADP
ajfa-16968	127	38	research	research	NOUN
ajfa-16968	127	39	objects	object	NOUN
ajfa-16968	127	40	.	.	PUNCT
ajfa-16968	128	1	in	in	ADP
ajfa-16968	128	2	addition	addition	NOUN
ajfa-16968	128	3	,	,	PUNCT
ajfa-16968	128	4	because	because	SCONJ
ajfa-16968	128	5	of	of	ADP
ajfa-16968	128	6	different	different	ADJ
ajfa-16968	128	7	industrial	industrial	ADJ
ajfa-16968	128	8	characteristics	characteristic	NOUN
ajfa-16968	128	9	,	,	PUNCT
ajfa-16968	128	10	relevant	relevant	ADJ
ajfa-16968	128	11	industries	industry	NOUN
ajfa-16968	128	12	such	such	ADJ
ajfa-16968	128	13	as	as	ADP
ajfa-16968	128	14	financial	financial	ADJ
ajfa-16968	128	15	,	,	PUNCT
ajfa-16968	128	16	insurance	insurance	NOUN
ajfa-16968	128	17	,	,	PUNCT
ajfa-16968	128	18	and	and	CCONJ
ajfa-16968	128	19	securities	security	NOUN
ajfa-16968	128	20	are	be	AUX
ajfa-16968	128	21	excluded	exclude	VERB
ajfa-16968	128	22	,	,	PUNCT
ajfa-16968	128	23	and	and	CCONJ
ajfa-16968	128	24	special	special	ADJ
ajfa-16968	128	25	stocks	stock	NOUN
ajfa-16968	128	26	and	and	CCONJ
ajfa-16968	128	27	beneficiary	beneficiary	NOUN
ajfa-16968	128	28	certificates	certificate	NOUN
ajfa-16968	128	29	are	be	AUX
ajfa-16968	128	30	also	also	ADV
ajfa-16968	128	31	deducted	deduct	VERB
ajfa-16968	128	32	.	.	PUNCT
ajfa-16968	129	1	the	the	DET
ajfa-16968	129	2	final	final	ADJ
ajfa-16968	129	3	sample	sample	NOUN
ajfa-16968	129	4	totaled	total	VERB
ajfa-16968	129	5	29026	29026	NUM
ajfa-16968	129	6	observations	observation	NOUN
ajfa-16968	129	7	.	.	PUNCT
ajfa-16968	130	1	this	this	DET
ajfa-16968	130	2	study	study	NOUN
ajfa-16968	130	3	is	be	AUX
ajfa-16968	130	4	aimed	aim	VERB
ajfa-16968	130	5	at	at	ADP
ajfa-16968	130	6	the	the	DET
ajfa-16968	130	7	annual	annual	ADJ
ajfa-16968	130	8	data	datum	NOUN
ajfa-16968	130	9	.	.	PUNCT
ajfa-16968	131	1	the	the	DET
ajfa-16968	131	2	information	information	NOUN
ajfa-16968	131	3	on	on	ADP
ajfa-16968	131	4	firm	firm	ADJ
ajfa-16968	131	5	rate	rate	NOUN
ajfa-16968	131	6	of	of	ADP
ajfa-16968	131	7	return	return	NOUN
ajfa-16968	131	8	is	be	AUX
ajfa-16968	131	9	taken	take	VERB
ajfa-16968	131	10	from	from	ADP
ajfa-16968	131	11	the	the	DET
ajfa-16968	131	12	stock	stock	NOUN
ajfa-16968	131	13	price	price	NOUN
ajfa-16968	131	14	database	database	NOUN
ajfa-16968	131	15	in	in	ADP
ajfa-16968	131	16	the	the	DET
ajfa-16968	131	17	taiwan	taiwan	PROPN
ajfa-16968	131	18	economic	economic	PROPN
ajfa-16968	131	19	journal	journal	PROPN
ajfa-16968	131	20	(	(	PUNCT
ajfa-16968	131	21	tej	tej	NOUN
ajfa-16968	131	22	)	)	PUNCT
ajfa-16968	131	23	,	,	PUNCT
ajfa-16968	131	24	and	and	CCONJ
ajfa-16968	131	25	the	the	DET
ajfa-16968	131	26	relevant	relevant	ADJ
ajfa-16968	131	27	financial	financial	ADJ
ajfa-16968	131	28	information	information	NOUN
ajfa-16968	131	29	is	be	AUX
ajfa-16968	131	30	derived	derive	VERB
ajfa-16968	131	31	from	from	ADP
ajfa-16968	131	32	the	the	DET
ajfa-16968	131	33	financial	financial	ADJ
ajfa-16968	131	34	database	database	NOUN
ajfa-16968	131	35	of	of	ADP
ajfa-16968	131	36	listed	list	VERB
ajfa-16968	131	37	firms	firm	NOUN
ajfa-16968	131	38	in	in	ADP
ajfa-16968	131	39	the	the	DET
ajfa-16968	131	40	general	general	ADJ
ajfa-16968	131	41	industry	industry	NOUN
ajfa-16968	131	42	of	of	ADP
ajfa-16968	131	43	the	the	DET
ajfa-16968	131	44	tej	tej	NOUN
ajfa-16968	131	45	.	.	PUNCT
ajfa-16968	131	46	3.2	3.2	NUM
ajfa-16968	131	47	variable	variable	ADJ
ajfa-16968	131	48	definitions	definition	NOUN
ajfa-16968	131	49	according	accord	VERB
ajfa-16968	131	50	to	to	ADP
ajfa-16968	131	51	the	the	DET
ajfa-16968	131	52	literature	literature	PROPN
ajfa-16968	131	53	review	review	PROPN
ajfa-16968	131	54	of	of	ADP
ajfa-16968	131	55	fong	fong	PROPN
ajfa-16968	131	56	,	,	PUNCT
ajfa-16968	131	57	tseng	tseng	PROPN
ajfa-16968	131	58	,	,	PUNCT
ajfa-16968	131	59	chung	chung	PROPN
ajfa-16968	131	60	,	,	PUNCT
ajfa-16968	131	61	and	and	CCONJ
ajfa-16968	131	62	shen	shen	NOUN
ajfa-16968	131	63	(	(	PUNCT
ajfa-16968	131	64	2000	2000	NUM
ajfa-16968	131	65	)	)	PUNCT
ajfa-16968	131	66	,	,	PUNCT
ajfa-16968	131	67	the	the	DET
ajfa-16968	131	68	factors	factor	NOUN
ajfa-16968	131	69	that	that	PRON
ajfa-16968	131	70	affect	affect	VERB
ajfa-16968	131	71	the	the	DET
ajfa-16968	131	72	r&d	r&d	NOUN
ajfa-16968	131	73	expenditure	expenditure	NOUN
ajfa-16968	131	74	of	of	ADP
ajfa-16968	131	75	enterprises	enterprise	NOUN
ajfa-16968	131	76	at	at	ADP
ajfa-16968	131	77	home	home	ADV
ajfa-16968	131	78	and	and	CCONJ
ajfa-16968	131	79	abroad	abroad	ADV
ajfa-16968	131	80	can	can	AUX
ajfa-16968	131	81	be	be	AUX
ajfa-16968	131	82	roughly	roughly	ADV
ajfa-16968	131	83	divided	divide	VERB
ajfa-16968	131	84	into	into	ADP
ajfa-16968	131	85	two	two	NUM
ajfa-16968	131	86	categories	category	NOUN
ajfa-16968	131	87	:	:	PUNCT
ajfa-16968	131	88	industrial	industrial	ADJ
ajfa-16968	131	89	and	and	CCONJ
ajfa-16968	131	90	environmental	environmental	ADJ
ajfa-16968	131	91	characteristics	characteristic	NOUN
ajfa-16968	131	92	and	and	CCONJ
ajfa-16968	131	93	enterprise	enterprise	NOUN
ajfa-16968	131	94	characteristics	characteristic	NOUN
ajfa-16968	131	95	.	.	PUNCT
ajfa-16968	132	1	however	however	ADV
ajfa-16968	132	2	,	,	PUNCT
ajfa-16968	132	3	the	the	DET
ajfa-16968	132	4	main	main	ADJ
ajfa-16968	132	5	purpose	purpose	NOUN
ajfa-16968	132	6	of	of	ADP
ajfa-16968	132	7	this	this	DET
ajfa-16968	132	8	study	study	NOUN
ajfa-16968	132	9	is	be	AUX
ajfa-16968	132	10	to	to	PART
ajfa-16968	132	11	explore	explore	VERB
ajfa-16968	132	12	how	how	SCONJ
ajfa-16968	132	13	firms	firm	NOUN
ajfa-16968	132	14	balance	balance	VERB
ajfa-16968	132	15	the	the	DET
ajfa-16968	132	16	growth	growth	NOUN
ajfa-16968	132	17	benefits	benefit	NOUN
ajfa-16968	132	18	brought	bring	VERB
ajfa-16968	132	19	about	about	ADP
ajfa-16968	132	20	by	by	ADP
ajfa-16968	132	21	r&d	r&d	NOUN
ajfa-16968	132	22	expenditure	expenditure	NOUN
ajfa-16968	132	23	on	on	ADP
ajfa-16968	132	24	one	one	NUM
ajfa-16968	132	25	side	side	NOUN
ajfa-16968	132	26	and	and	CCONJ
ajfa-16968	132	27	the	the	DET
ajfa-16968	132	28	information	information	NOUN
ajfa-16968	132	29	asymmetry	asymmetry	NOUN
ajfa-16968	132	30	and	and	CCONJ
ajfa-16968	132	31	agency	agency	NOUN
ajfa-16968	132	32	problems	problem	NOUN
ajfa-16968	132	33	also	also	ADV
ajfa-16968	132	34	brought	bring	VERB
ajfa-16968	132	35	about	about	ADP
ajfa-16968	132	36	by	by	ADP
ajfa-16968	132	37	r&d	r&d	NOUN
ajfa-16968	132	38	expenditure	expenditure	NOUN
ajfa-16968	132	39	on	on	ADP
ajfa-16968	132	40	the	the	DET
ajfa-16968	132	41	other	other	ADJ
ajfa-16968	132	42	side	side	NOUN
ajfa-16968	132	43	,	,	PUNCT
ajfa-16968	132	44	to	to	PART
ajfa-16968	132	45	obtain	obtain	VERB
ajfa-16968	132	46	the	the	DET
ajfa-16968	132	47	optimal	optimal	ADJ
ajfa-16968	132	48	level	level	NOUN
ajfa-16968	132	49	of	of	ADP
ajfa-16968	132	50	r&d	r&d	NOUN
ajfa-16968	132	51	expenditure	expenditure	NOUN
ajfa-16968	132	52	.	.	PUNCT
ajfa-16968	133	1	we	we	PRON
ajfa-16968	133	2	use	use	VERB
ajfa-16968	133	3	the	the	DET
ajfa-16968	133	4	method	method	NOUN
ajfa-16968	133	5	of	of	ADP
ajfa-16968	133	6	ordinary	ordinary	ADJ
ajfa-16968	133	7	least	least	ADJ
ajfa-16968	133	8	square	square	ADJ
ajfa-16968	133	9	(	(	PUNCT
ajfa-16968	133	10	ols	ol	NOUN
ajfa-16968	133	11	)	)	PUNCT
ajfa-16968	133	12	(	(	PUNCT
ajfa-16968	133	13	note	note	NOUN
ajfa-16968	133	14	1	1	NUM
ajfa-16968	133	15	)	)	PUNCT
ajfa-16968	133	16	of	of	ADP
ajfa-16968	133	17	pooled	pool	VERB
ajfa-16968	133	18	crosssectional	crosssectional	ADJ
ajfa-16968	133	19	data	datum	NOUN
ajfa-16968	133	20	to	to	PART
ajfa-16968	133	21	estimate	estimate	VERB
ajfa-16968	133	22	multiple	multiple	ADJ
ajfa-16968	133	23	regression	regression	NOUN
ajfa-16968	133	24	analysis	analysis	NOUN
ajfa-16968	133	25	and	and	CCONJ
ajfa-16968	133	26	list	list	VERB
ajfa-16968	133	27	the	the	DET
ajfa-16968	133	28	definitions	definition	NOUN
ajfa-16968	133	29	and	and	CCONJ
ajfa-16968	133	30	operations	operation	NOUN
ajfa-16968	133	31	of	of	ADP
ajfa-16968	133	32	the	the	DET
ajfa-16968	133	33	variables	variable	NOUN
ajfa-16968	133	34	in	in	ADP
ajfa-16968	133	35	the	the	DET
ajfa-16968	133	36	model	model	NOUN
ajfa-16968	133	37	as	as	SCONJ
ajfa-16968	133	38	follows	follow	VERB
ajfa-16968	133	39	:	:	PUNCT
ajfa-16968	133	40	titititititititi	titititititititi	NOUN
ajfa-16968	133	41	finlroaopplnretsizefcfrdrate	finlroaopplnretsizefcfrdrate	ADJ
ajfa-16968	133	42	,	,	PUNCT
ajfa-16968	133	43	,	,	PUNCT
ajfa-16968	133	44	6,5,4,3,2,10	6,5,4,3,2,10	PROPN
ajfa-16968	133	45	,	,	PUNCT
ajfa-16968	133	46			PROPN
ajfa-16968	133	47			PROPN
ajfa-16968	133	48	(	(	PUNCT
ajfa-16968	133	49	1	1	NUM
ajfa-16968	133	50	)	)	PUNCT
ajfa-16968	133	51	3.2.1	3.2.1	NUM
ajfa-16968	133	52	dependent	dependent	ADJ
ajfa-16968	133	53	variable	variable	ADJ
ajfa-16968	133	54	rdrate	rdrate	NOUN
ajfa-16968	133	55	:	:	PUNCT
ajfa-16968	133	56	research	research	NOUN
ajfa-16968	133	57	and	and	CCONJ
ajfa-16968	133	58	development	development	NOUN
ajfa-16968	133	59	ratio	ratio	NOUN
ajfa-16968	133	60	.	.	PUNCT
ajfa-16968	134	1	because	because	SCONJ
ajfa-16968	134	2	the	the	DET
ajfa-16968	134	3	absolute	absolute	ADJ
ajfa-16968	134	4	amount	amount	NOUN
ajfa-16968	134	5	of	of	ADP
ajfa-16968	134	6	r&d	r&d	NOUN
ajfa-16968	134	7	expenditure	expenditure	NOUN
ajfa-16968	134	8	does	do	AUX
ajfa-16968	134	9	not	not	PART
ajfa-16968	134	10	eliminate	eliminate	VERB
ajfa-16968	134	11	the	the	DET
ajfa-16968	134	12	effect	effect	NOUN
ajfa-16968	134	13	of	of	ADP
ajfa-16968	134	14	firm	firm	ADJ
ajfa-16968	134	15	size	size	NOUN
ajfa-16968	134	16	and	and	CCONJ
ajfa-16968	134	17	because	because	SCONJ
ajfa-16968	134	18	it	it	PRON
ajfa-16968	134	19	is	be	AUX
ajfa-16968	134	20	prone	prone	ADJ
ajfa-16968	134	21	to	to	ADP
ajfa-16968	134	22	heteroscedasticity	heteroscedasticity	NOUN
ajfa-16968	134	23	(	(	PUNCT
ajfa-16968	134	24	hoskisson	hoskisson	PROPN
ajfa-16968	134	25	and	and	CCONJ
ajfa-16968	134	26	hitt	hitt	ADJ
ajfa-16968	134	27	,	,	PUNCT
ajfa-16968	134	28	1988	1988	NUM
ajfa-16968	134	29	)	)	PUNCT
ajfa-16968	134	30	,	,	PUNCT
ajfa-16968	134	31	we	we	PRON
ajfa-16968	134	32	adopt	adopt	VERB
ajfa-16968	134	33	the	the	DET
ajfa-16968	134	34	methods	method	NOUN
ajfa-16968	134	35	of	of	ADP
ajfa-16968	134	36	hambrick	hambrick	NOUN
ajfa-16968	134	37	and	and	CCONJ
ajfa-16968	134	38	mcmillan	mcmillan	NOUN
ajfa-16968	134	39	(	(	PUNCT
ajfa-16968	134	40	1985	1985	NUM
ajfa-16968	134	41	)	)	PUNCT
ajfa-16968	134	42	and	and	CCONJ
ajfa-16968	134	43	baysinger	baysinger	NOUN
ajfa-16968	134	44	and	and	CCONJ
ajfa-16968	134	45	hoskisson	hoskisson	NOUN
ajfa-16968	134	46	(	(	PUNCT
ajfa-16968	134	47	1989	1989	NUM
ajfa-16968	134	48	)	)	PUNCT
ajfa-16968	134	49	and	and	CCONJ
ajfa-16968	134	50	use	use	VERB
ajfa-16968	134	51	the	the	DET
ajfa-16968	134	52	ratio	ratio	NOUN
ajfa-16968	134	53	of	of	ADP
ajfa-16968	134	54	r&d	r&d	NOUN
ajfa-16968	134	55	expenditure	expenditure	NOUN
ajfa-16968	134	56	as	as	ADP
ajfa-16968	134	57	a	a	DET
ajfa-16968	134	58	measure	measure	NOUN
ajfa-16968	134	59	to	to	PART
ajfa-16968	134	60	eliminate	eliminate	VERB
ajfa-16968	134	61	scale	scale	NOUN
ajfa-16968	134	62	effects	effect	NOUN
ajfa-16968	134	63	and	and	CCONJ
ajfa-16968	134	64	to	to	PART
ajfa-16968	134	65	reduce	reduce	VERB
ajfa-16968	134	66	the	the	DET
ajfa-16968	134	67	possibility	possibility	NOUN
ajfa-16968	134	68	of	of	ADP
ajfa-16968	134	69	heteroscedasticity	heteroscedasticity	NOUN
ajfa-16968	134	70	.	.	PUNCT
ajfa-16968	135	1	%	%	NOUN
ajfa-16968	135	2	100	100	NUM
ajfa-16968	135	3	sales	sale	NOUN
ajfa-16968	135	4	net	net	ADJ
ajfa-16968	135	5	eexpenditur	eexpenditur	PROPN
ajfa-16968	135	6	d	d	PROPN
ajfa-16968	135	7	&	&	CCONJ
ajfa-16968	135	8			NOUN
ajfa-16968	135	9	r	r	NOUN
ajfa-16968	135	10	rdrate	rdrate	NOUN
ajfa-16968	135	11	(	(	PUNCT
ajfa-16968	135	12	2	2	NUM
ajfa-16968	135	13	)	)	PUNCT
ajfa-16968	135	14	3.2.2	3.2.2	NUM
ajfa-16968	135	15	explanatory	explanatory	ADJ
ajfa-16968	135	16	variables	variable	NOUN
ajfa-16968	135	17	fcf	fcf	PROPN
ajfa-16968	135	18	:	:	PUNCT
ajfa-16968	135	19	free	free	ADJ
ajfa-16968	135	20	cash	cash	NOUN
ajfa-16968	135	21	flow	flow	NOUN
ajfa-16968	135	22	,	,	PUNCT
ajfa-16968	135	23	a	a	DET
ajfa-16968	135	24	substitute	substitute	ADJ
ajfa-16968	135	25	variable	variable	NOUN
ajfa-16968	135	26	for	for	ADP
ajfa-16968	135	27	equity	equity	NOUN
ajfa-16968	135	28	agency	agency	NOUN
ajfa-16968	135	29	costs	cost	NOUN
ajfa-16968	135	30	(	(	PUNCT
ajfa-16968	135	31	jensen	jensen	PROPN
ajfa-16968	135	32	,	,	PUNCT
ajfa-16968	135	33	1986	1986	NUM
ajfa-16968	135	34	)	)	PUNCT
ajfa-16968	135	35	.	.	PUNCT
ajfa-16968	136	1	it	it	PRON
ajfa-16968	136	2	equals	equal	VERB
ajfa-16968	136	3	operating	operating	NOUN
ajfa-16968	136	4	profit	profit	NOUN
ajfa-16968	136	5	before	before	ADP
ajfa-16968	136	6	depreciation	depreciation	NOUN
ajfa-16968	136	7	interest	interest	NOUN
ajfa-16968	136	8	expense	expense	NOUN
ajfa-16968	136	9	income	income	NOUN
ajfa-16968	136	10	tax	tax	NOUN
ajfa-16968	136	11	expense	expense	NOUN
ajfa-16968	136	12	cash	cash	NOUN
ajfa-16968	136	13	dividend	dividend	NOUN
ajfa-16968	136	14	.	.	PUNCT
ajfa-16968	137	1	size	size	NOUN
ajfa-16968	137	2	:	:	PUNCT
ajfa-16968	137	3	firm	firm	ADJ
ajfa-16968	137	4	size	size	NOUN
ajfa-16968	137	5	,	,	PUNCT
ajfa-16968	137	6	a	a	DET
ajfa-16968	137	7	substitute	substitute	ADJ
ajfa-16968	137	8	variable	variable	NOUN
ajfa-16968	137	9	for	for	ADP
ajfa-16968	137	10	information	information	NOUN
ajfa-16968	137	11	asymmetry	asymmetry	NOUN
ajfa-16968	137	12	(	(	PUNCT
ajfa-16968	137	13	hasbrouck	hasbrouck	NOUN
ajfa-16968	137	14	,	,	PUNCT
ajfa-16968	137	15	1991	1991	NUM
ajfa-16968	137	16	)	)	PUNCT
ajfa-16968	137	17	.	.	PUNCT
ajfa-16968	138	1	because	because	SCONJ
ajfa-16968	138	2	of	of	ADP
ajfa-16968	138	3	the	the	DET
ajfa-16968	138	4	small	small	ADJ
ajfa-16968	138	5	number	number	NOUN
ajfa-16968	138	6	of	of	ADP
ajfa-16968	138	7	shares	share	NOUN
ajfa-16968	138	8	in	in	ADP
ajfa-16968	138	9	circulation	circulation	NOUN
ajfa-16968	138	10	,	,	PUNCT
ajfa-16968	138	11	the	the	DET
ajfa-16968	138	12	internal	internal	ADJ
ajfa-16968	138	13	shareholding	shareholding	NOUN
ajfa-16968	138	14	ratio	ratio	NOUN
ajfa-16968	138	15	in	in	ADP
ajfa-16968	138	16	small	small	ADJ
ajfa-16968	138	17	firms	firm	NOUN
ajfa-16968	138	18	is	be	AUX
ajfa-16968	138	19	asian	asian	ADJ
ajfa-16968	138	20	journal	journal	NOUN
ajfa-16968	138	21	of	of	ADP
ajfa-16968	138	22	finance	finance	PROPN
ajfa-16968	138	23	&	&	CCONJ
ajfa-16968	138	24	accounting	accounting	PROPN
ajfa-16968	138	25	issn	issn	PROPN
ajfa-16968	138	26	1946	1946	NUM
ajfa-16968	138	27	-	-	PUNCT
ajfa-16968	138	28	052x	052x	NOUN
ajfa-16968	138	29	2020	2020	NUM
ajfa-16968	138	30	,	,	PUNCT
ajfa-16968	138	31	vol	vol	NOUN
ajfa-16968	138	32	.	.	PROPN
ajfa-16968	138	33	12	12	NUM
ajfa-16968	138	34	,	,	PUNCT
ajfa-16968	138	35	no	no	INTJ
ajfa-16968	138	36	.	.	NOUN
ajfa-16968	138	37	1	1	NUM
ajfa-16968	138	38	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	138	39	139	139	NUM
ajfa-16968	138	40	relatively	relatively	ADV
ajfa-16968	138	41	high	high	ADJ
ajfa-16968	138	42	.	.	PUNCT
ajfa-16968	139	1	there	there	PRON
ajfa-16968	139	2	are	be	VERB
ajfa-16968	139	3	relatively	relatively	ADV
ajfa-16968	139	4	more	more	ADJ
ajfa-16968	139	5	incentives	incentive	NOUN
ajfa-16968	139	6	for	for	SCONJ
ajfa-16968	139	7	insiders	insider	NOUN
ajfa-16968	139	8	to	to	PART
ajfa-16968	139	9	conceal	conceal	VERB
ajfa-16968	139	10	the	the	DET
ajfa-16968	139	11	hidden	hide	VERB
ajfa-16968	139	12	key	key	ADJ
ajfa-16968	139	13	information	information	NOUN
ajfa-16968	139	14	in	in	ADP
ajfa-16968	139	15	pursuit	pursuit	NOUN
ajfa-16968	139	16	of	of	ADP
ajfa-16968	139	17	private	private	ADJ
ajfa-16968	139	18	gains	gain	NOUN
ajfa-16968	139	19	,	,	PUNCT
ajfa-16968	139	20	leading	lead	VERB
ajfa-16968	139	21	to	to	ADP
ajfa-16968	139	22	more	more	ADV
ajfa-16968	139	23	serious	serious	ADJ
ajfa-16968	139	24	information	information	NOUN
ajfa-16968	139	25	asymmetry	asymmetry	NOUN
ajfa-16968	139	26	.	.	PUNCT
ajfa-16968	140	1	this	this	DET
ajfa-16968	140	2	study	study	NOUN
ajfa-16968	140	3	uses	use	VERB
ajfa-16968	140	4	firm	firm	ADJ
ajfa-16968	140	5	market	market	NOUN
ajfa-16968	140	6	value	value	NOUN
ajfa-16968	140	7	as	as	ADP
ajfa-16968	140	8	a	a	DET
ajfa-16968	140	9	variable	variable	NOUN
ajfa-16968	140	10	to	to	PART
ajfa-16968	140	11	measure	measure	VERB
ajfa-16968	140	12	firm	firm	ADJ
ajfa-16968	140	13	size	size	NOUN
ajfa-16968	140	14	.	.	PUNCT
ajfa-16968	141	1	lnret	lnret	PROPN
ajfa-16968	141	2	:	:	PUNCT
ajfa-16968	141	3	this	this	PRON
ajfa-16968	141	4	measures	measure	VERB
ajfa-16968	141	5	firm	firm	ADJ
ajfa-16968	141	6	value	value	NOUN
ajfa-16968	141	7	.	.	PUNCT
ajfa-16968	142	1	this	this	DET
ajfa-16968	142	2	study	study	NOUN
ajfa-16968	142	3	uses	use	VERB
ajfa-16968	142	4	the	the	DET
ajfa-16968	142	5	stock	stock	NOUN
ajfa-16968	142	6	price	price	NOUN
ajfa-16968	142	7	return	return	NOUN
ajfa-16968	142	8	rate	rate	NOUN
ajfa-16968	142	9	as	as	ADP
ajfa-16968	142	10	a	a	DET
ajfa-16968	142	11	reference	reference	NOUN
ajfa-16968	142	12	indicator	indicator	NOUN
ajfa-16968	142	13	for	for	SCONJ
ajfa-16968	142	14	firms	firm	NOUN
ajfa-16968	142	15	to	to	PART
ajfa-16968	142	16	make	make	VERB
ajfa-16968	142	17	the	the	DET
ajfa-16968	142	18	optimal	optimal	ADJ
ajfa-16968	142	19	r&d	r&d	NOUN
ajfa-16968	142	20	expenditure	expenditure	NOUN
ajfa-16968	142	21	decision	decision	NOUN
ajfa-16968	142	22	.	.	PUNCT
ajfa-16968	143	1	it	it	PRON
ajfa-16968	143	2	takes	take	VERB
ajfa-16968	143	3	the	the	DET
ajfa-16968	143	4	adjusted	adjust	VERB
ajfa-16968	143	5	stock	stock	NOUN
ajfa-16968	143	6	price	price	NOUN
ajfa-16968	143	7	return	return	NOUN
ajfa-16968	143	8	rate	rate	NOUN
ajfa-16968	143	9	from	from	ADP
ajfa-16968	143	10	the	the	DET
ajfa-16968	143	11	taiwan	taiwan	PROPN
ajfa-16968	143	12	economic	economic	ADJ
ajfa-16968	143	13	journal	journal	NOUN
ajfa-16968	143	14	,	,	PUNCT
ajfa-16968	143	15	and	and	CCONJ
ajfa-16968	143	16	natural	natural	ADJ
ajfa-16968	143	17	logarithm	logarithm	NOUN
ajfa-16968	143	18	(	(	PUNCT
ajfa-16968	143	19	ln	ln	ADJ
ajfa-16968	143	20	)	)	PUNCT
ajfa-16968	143	21	,	,	PUNCT
ajfa-16968	143	22	in	in	ADP
ajfa-16968	143	23	response	response	NOUN
ajfa-16968	143	24	to	to	ADP
ajfa-16968	143	25	the	the	DET
ajfa-16968	143	26	concept	concept	NOUN
ajfa-16968	143	27	of	of	ADP
ajfa-16968	143	28	using	use	VERB
ajfa-16968	143	29	continuously	continuously	ADV
ajfa-16968	143	30	compounded	compound	VERB
ajfa-16968	143	31	interest	interest	NOUN
ajfa-16968	143	32	to	to	PART
ajfa-16968	143	33	calculate	calculate	VERB
ajfa-16968	143	34	returns	return	NOUN
ajfa-16968	143	35	,	,	PUNCT
ajfa-16968	143	36	to	to	PART
ajfa-16968	143	37	preserve	preserve	VERB
ajfa-16968	143	38	the	the	DET
ajfa-16968	143	39	additive	additive	ADJ
ajfa-16968	143	40	nature	nature	NOUN
ajfa-16968	143	41	of	of	ADP
ajfa-16968	143	42	time	time	NOUN
ajfa-16968	143	43	series	series	PROPN
ajfa-16968	143	44	.	.	PUNCT
ajfa-16968	144	1	opp	opp	PROPN
ajfa-16968	144	2	:	:	PUNCT
ajfa-16968	144	3	this	this	PRON
ajfa-16968	144	4	means	mean	VERB
ajfa-16968	144	5	a	a	DET
ajfa-16968	144	6	firm	firm	NOUN
ajfa-16968	144	7	's	's	PART
ajfa-16968	144	8	future	future	ADJ
ajfa-16968	144	9	investment	investment	NOUN
ajfa-16968	144	10	growth	growth	NOUN
ajfa-16968	144	11	opportunities	opportunity	NOUN
ajfa-16968	144	12	.	.	PUNCT
ajfa-16968	145	1	because	because	SCONJ
ajfa-16968	145	2	a	a	DET
ajfa-16968	145	3	firm	firm	NOUN
ajfa-16968	145	4	's	's	PART
ajfa-16968	145	5	future	future	ADJ
ajfa-16968	145	6	investment	investment	NOUN
ajfa-16968	145	7	opportunities	opportunity	NOUN
ajfa-16968	145	8	are	be	AUX
ajfa-16968	145	9	critical	critical	ADJ
ajfa-16968	145	10	to	to	ADP
ajfa-16968	145	11	its	its	PRON
ajfa-16968	145	12	investment	investment	NOUN
ajfa-16968	145	13	decisions	decision	NOUN
ajfa-16968	145	14	,	,	PUNCT
ajfa-16968	145	15	firm	firm	ADJ
ajfa-16968	145	16	current	current	ADJ
ajfa-16968	145	17	market	market	NOUN
ajfa-16968	145	18	to	to	ADP
ajfa-16968	145	19	book	book	NOUN
ajfa-16968	145	20	ratio	ratio	NOUN
ajfa-16968	145	21	is	be	AUX
ajfa-16968	145	22	taken	take	VERB
ajfa-16968	145	23	as	as	ADP
ajfa-16968	145	24	the	the	DET
ajfa-16968	145	25	substitute	substitute	NOUN
ajfa-16968	145	26	variable	variable	NOUN
ajfa-16968	145	27	for	for	ADP
ajfa-16968	145	28	investment	investment	NOUN
ajfa-16968	145	29	opportunity	opportunity	NOUN
ajfa-16968	145	30	（	（	PUNCT
ajfa-16968	145	31	myers	myers	PROPN
ajfa-16968	145	32	,	,	PUNCT
ajfa-16968	145	33	1977	1977	NUM
ajfa-16968	145	34	）	）	NOUN
ajfa-16968	145	35	.	.	PUNCT
ajfa-16968	146	1	assets	asset	NOUN
ajfa-16968	146	2	total	total	NOUN
ajfa-16968	146	3	of	of	ADP
ajfa-16968	146	4	value	value	NOUN
ajfa-16968	146	5	book	book	NOUN
ajfa-16968	146	6	equities	equity	NOUN
ajfa-16968	146	7	total	total	NOUN
ajfa-16968	146	8	of	of	ADP
ajfa-16968	146	9	value	value	NOUN
ajfa-16968	146	10	market	market	NOUN
ajfa-16968	146	11	+	+	CCONJ
ajfa-16968	146	12	equities	equity	NOUN
ajfa-16968	146	13	total	total	NOUN
ajfa-16968	146	14	of	of	ADP
ajfa-16968	146	15	value	value	NOUN
ajfa-16968	146	16	bookassets	bookasset	NOUN
ajfa-16968	146	17	total	total	VERB
ajfa-16968	146	18	of	of	ADP
ajfa-16968	146	19	value	value	NOUN
ajfa-16968	146	20	book	book	NOUN
ajfa-16968	146	21			NUM
ajfa-16968	146	22	b	b	NOUN
ajfa-16968	146	23	mopp	mopp	X
ajfa-16968	146	24	(	(	PUNCT
ajfa-16968	146	25	3	3	NUM
ajfa-16968	146	26	)	)	PUNCT
ajfa-16968	146	27	3.2.3	3.2.3	NUM
ajfa-16968	146	28	control	control	NOUN
ajfa-16968	146	29	variables	variable	NOUN
ajfa-16968	146	30	roa	roa	PROPN
ajfa-16968	146	31	:	:	PUNCT
ajfa-16968	146	32	this	this	PRON
ajfa-16968	146	33	measures	measure	VERB
ajfa-16968	146	34	firm	firm	ADJ
ajfa-16968	146	35	performance	performance	NOUN
ajfa-16968	146	36	.	.	PUNCT
ajfa-16968	147	1	as	as	SCONJ
ajfa-16968	147	2	return	return	NOUN
ajfa-16968	147	3	on	on	ADP
ajfa-16968	147	4	assets	asset	NOUN
ajfa-16968	147	5	(	(	PUNCT
ajfa-16968	147	6	roa	roa	NOUN
ajfa-16968	147	7	)	)	PUNCT
ajfa-16968	147	8	is	be	AUX
ajfa-16968	147	9	an	an	DET
ajfa-16968	147	10	effective	effective	ADJ
ajfa-16968	147	11	indicator	indicator	NOUN
ajfa-16968	147	12	that	that	PRON
ajfa-16968	147	13	is	be	AUX
ajfa-16968	147	14	used	use	VERB
ajfa-16968	147	15	to	to	PART
ajfa-16968	147	16	measure	measure	VERB
ajfa-16968	147	17	firm	firm	ADJ
ajfa-16968	147	18	business	business	NOUN
ajfa-16968	147	19	performance	performance	NOUN
ajfa-16968	147	20	(	(	PUNCT
ajfa-16968	147	21	lant	lant	PROPN
ajfa-16968	147	22	,	,	PUNCT
ajfa-16968	147	23	milliken	milliken	PROPN
ajfa-16968	147	24	,	,	PUNCT
ajfa-16968	147	25	and	and	CCONJ
ajfa-16968	147	26	batra	batra	NOUN
ajfa-16968	147	27	,	,	PUNCT
ajfa-16968	147	28	1992；trevino	1992；trevino	NUM
ajfa-16968	147	29	and	and	CCONJ
ajfa-16968	147	30	daniels	daniels	PROPN
ajfa-16968	147	31	,	,	PUNCT
ajfa-16968	147	32	1994	1994	NUM
ajfa-16968	147	33	,	,	PUNCT
ajfa-16968	147	34	1996	1996	NUM
ajfa-16968	147	35	)	)	PUNCT
ajfa-16968	147	36	,	,	PUNCT
ajfa-16968	147	37	roa	roa	PROPN
ajfa-16968	147	38	is	be	AUX
ajfa-16968	147	39	adopted	adopt	VERB
ajfa-16968	147	40	in	in	ADP
ajfa-16968	147	41	this	this	DET
ajfa-16968	147	42	study	study	NOUN
ajfa-16968	147	43	as	as	ADP
ajfa-16968	147	44	a	a	DET
ajfa-16968	147	45	reference	reference	NOUN
ajfa-16968	147	46	indicator	indicator	NOUN
ajfa-16968	147	47	for	for	SCONJ
ajfa-16968	147	48	firms	firm	NOUN
ajfa-16968	147	49	to	to	PART
ajfa-16968	147	50	make	make	VERB
ajfa-16968	147	51	optimal	optimal	ADJ
ajfa-16968	147	52	r&d	r&d	NOUN
ajfa-16968	147	53	expenditure	expenditure	NOUN
ajfa-16968	147	54	decisions	decision	NOUN
ajfa-16968	147	55	.	.	PUNCT
ajfa-16968	148	1	(	(	PUNCT
ajfa-16968	148	2	4	4	X
ajfa-16968	148	3	)	)	PUNCT
ajfa-16968	148	4	finl	finl	NOUN
ajfa-16968	148	5	:	:	PUNCT
ajfa-16968	148	6	this	this	PRON
ajfa-16968	148	7	means	mean	VERB
ajfa-16968	148	8	debt	debt	NOUN
ajfa-16968	148	9	ratio	ratio	NOUN
ajfa-16968	148	10	.	.	PUNCT
ajfa-16968	149	1	this	this	DET
ajfa-16968	149	2	study	study	NOUN
ajfa-16968	149	3	adopts	adopt	VERB
ajfa-16968	149	4	the	the	DET
ajfa-16968	149	5	debt	debt	NOUN
ajfa-16968	149	6	ratio	ratio	NOUN
ajfa-16968	149	7	measured	measure	VERB
ajfa-16968	149	8	by	by	ADP
ajfa-16968	149	9	previous	previous	ADJ
ajfa-16968	149	10	related	relate	VERB
ajfa-16968	149	11	research	research	NOUN
ajfa-16968	149	12	(	(	PUNCT
ajfa-16968	149	13	hitt	hitt	X
ajfa-16968	149	14	et.al,1991	et.al,1991	PROPN
ajfa-16968	149	15	)	)	PUNCT
ajfa-16968	149	16	as	as	ADP
ajfa-16968	149	17	the	the	DET
ajfa-16968	149	18	control	control	NOUN
ajfa-16968	149	19	variable	variable	NOUN
ajfa-16968	149	20	.	.	PUNCT
ajfa-16968	150	1	%	%	NOUN
ajfa-16968	150	2	100	100	NUM
ajfa-16968	150	3	equity	equity	NOUN
ajfa-16968	150	4	sr'shareholde	sr'shareholde	PROPN
ajfa-16968	150	5	total	total	ADJ
ajfa-16968	150	6	sliabilitie	sliabilitie	NOUN
ajfa-16968	150	7	total	total	ADJ
ajfa-16968	150	8	finl	finl	NOUN
ajfa-16968	150	9	(	(	PUNCT
ajfa-16968	150	10	5	5	NUM
ajfa-16968	150	11	)	)	PUNCT
ajfa-16968	150	12	4	4	NUM
ajfa-16968	150	13	.	.	PUNCT
ajfa-16968	151	1	results	result	NOUN
ajfa-16968	151	2	of	of	ADP
ajfa-16968	151	3	empirical	empirical	ADJ
ajfa-16968	151	4	analysis	analysis	NOUN
ajfa-16968	151	5	the	the	DET
ajfa-16968	151	6	purpose	purpose	NOUN
ajfa-16968	151	7	of	of	ADP
ajfa-16968	151	8	this	this	DET
ajfa-16968	151	9	study	study	NOUN
ajfa-16968	151	10	is	be	AUX
ajfa-16968	151	11	to	to	PART
ajfa-16968	151	12	observe	observe	VERB
ajfa-16968	151	13	the	the	DET
ajfa-16968	151	14	decision	decision	NOUN
ajfa-16968	151	15	-	-	PUNCT
ajfa-16968	151	16	making	make	VERB
ajfa-16968	151	17	behaviour	behaviour	NOUN
ajfa-16968	151	18	of	of	ADP
ajfa-16968	151	19	listed	list	VERB
ajfa-16968	151	20	firms	firm	NOUN
ajfa-16968	151	21	in	in	ADP
ajfa-16968	151	22	r&d	r&d	NOUN
ajfa-16968	151	23	expenditure	expenditure	NOUN
ajfa-16968	151	24	.	.	PUNCT
ajfa-16968	152	1	because	because	SCONJ
ajfa-16968	152	2	of	of	ADP
ajfa-16968	152	3	the	the	DET
ajfa-16968	152	4	difficulties	difficulty	NOUN
ajfa-16968	152	5	in	in	ADP
ajfa-16968	152	6	making	make	VERB
ajfa-16968	152	7	the	the	DET
ajfa-16968	152	8	decisions	decision	NOUN
ajfa-16968	152	9	of	of	ADP
ajfa-16968	152	10	r&d	r&d	NOUN
ajfa-16968	152	11	expenditure	expenditure	NOUN
ajfa-16968	152	12	,	,	PUNCT
ajfa-16968	152	13	firms	firm	NOUN
ajfa-16968	152	14	need	need	VERB
ajfa-16968	152	15	to	to	PART
ajfa-16968	152	16	make	make	VERB
ajfa-16968	152	17	a	a	DET
ajfa-16968	152	18	trade	trade	NOUN
ajfa-16968	152	19	-	-	PUNCT
ajfa-16968	152	20	off	off	NOUN
ajfa-16968	152	21	between	between	ADP
ajfa-16968	152	22	firm	firm	ADJ
ajfa-16968	152	23	future	future	ADJ
ajfa-16968	152	24	competitive	competitive	ADJ
ajfa-16968	152	25	potential	potential	ADJ
ajfa-16968	152	26	and	and	CCONJ
ajfa-16968	152	27	current	current	ADJ
ajfa-16968	152	28	surplus	surplus	NOUN
ajfa-16968	152	29	,	,	PUNCT
ajfa-16968	152	30	as	as	ADV
ajfa-16968	152	31	well	well	ADV
ajfa-16968	152	32	as	as	ADP
ajfa-16968	152	33	the	the	DET
ajfa-16968	152	34	possible	possible	ADJ
ajfa-16968	152	35	subsequent	subsequent	ADJ
ajfa-16968	152	36	agency	agency	NOUN
ajfa-16968	152	37	problem	problem	NOUN
ajfa-16968	152	38	and	and	CCONJ
ajfa-16968	152	39	information	information	NOUN
ajfa-16968	152	40	asymmetry	asymmetry	NOUN
ajfa-16968	152	41	.	.	PUNCT
ajfa-16968	153	1	thus	thus	ADV
ajfa-16968	153	2	,	,	PUNCT
ajfa-16968	153	3	the	the	DET
ajfa-16968	153	4	data	datum	NOUN
ajfa-16968	153	5	collected	collect	VERB
ajfa-16968	153	6	in	in	ADP
ajfa-16968	153	7	this	this	DET
ajfa-16968	153	8	study	study	NOUN
ajfa-16968	153	9	includes	include	VERB
ajfa-16968	153	10	all	all	DET
ajfa-16968	153	11	the	the	DET
ajfa-16968	153	12	listed	list	VERB
ajfa-16968	153	13	firms	firm	NOUN
ajfa-16968	153	14	from	from	ADP
ajfa-16968	153	15	1986	1986	NUM
ajfa-16968	153	16	to	to	ADP
ajfa-16968	153	17	2013	2013	NUM
ajfa-16968	153	18	as	as	ADP
ajfa-16968	153	19	the	the	DET
ajfa-16968	153	20	sample	sample	NOUN
ajfa-16968	153	21	group	group	NOUN
ajfa-16968	153	22	,	,	PUNCT
ajfa-16968	153	23	and	and	CCONJ
ajfa-16968	153	24	industries	industry	NOUN
ajfa-16968	153	25	such	such	ADJ
ajfa-16968	153	26	as	as	ADP
ajfa-16968	153	27	financial	financial	ADJ
ajfa-16968	153	28	,	,	PUNCT
ajfa-16968	153	29	insurance	insurance	NOUN
ajfa-16968	153	30	,	,	PUNCT
ajfa-16968	153	31	and	and	CCONJ
ajfa-16968	153	32	securities	security	NOUN
ajfa-16968	153	33	are	be	AUX
ajfa-16968	153	34	excluded	exclude	VERB
ajfa-16968	153	35	to	to	PART
ajfa-16968	153	36	avoid	avoid	VERB
ajfa-16968	153	37	bias	bias	NOUN
ajfa-16968	153	38	.	.	PUNCT
ajfa-16968	154	1	in	in	ADP
ajfa-16968	154	2	addition	addition	NOUN
ajfa-16968	154	3	,	,	PUNCT
ajfa-16968	154	4	in	in	ADP
ajfa-16968	154	5	accordance	accordance	NOUN
ajfa-16968	154	6	with	with	ADP
ajfa-16968	154	7	fong	fong	PROPN
ajfa-16968	154	8	et	et	PROPN
ajfa-16968	154	9	al	al	PROPN
ajfa-16968	154	10	.	.	PROPN
ajfa-16968	154	11	(	(	PUNCT
ajfa-16968	154	12	2000	2000	NUM
ajfa-16968	154	13	)	)	PUNCT
ajfa-16968	154	14	,	,	PUNCT
ajfa-16968	154	15	who	who	PRON
ajfa-16968	154	16	discovered	discover	VERB
ajfa-16968	154	17	the	the	DET
ajfa-16968	154	18	impact	impact	NOUN
ajfa-16968	154	19	of	of	ADP
ajfa-16968	154	20	industry	industry	NOUN
ajfa-16968	154	21	,	,	PUNCT
ajfa-16968	154	22	environment	environment	NOUN
ajfa-16968	154	23	,	,	PUNCT
ajfa-16968	154	24	and	and	CCONJ
ajfa-16968	154	25	corporate	corporate	ADJ
ajfa-16968	154	26	characteristics	characteristic	NOUN
ajfa-16968	154	27	on	on	ADP
ajfa-16968	154	28	firm	firm	ADJ
ajfa-16968	154	29	r&d	r&d	NOUN
ajfa-16968	154	30	expenditure	expenditure	NOUN
ajfa-16968	154	31	,	,	PUNCT
ajfa-16968	154	32	this	this	DET
ajfa-16968	154	33	study	study	NOUN
ajfa-16968	154	34	explores	explore	VERB
ajfa-16968	154	35	different	different	ADJ
ajfa-16968	154	36	overall	overall	ADJ
ajfa-16968	154	37	economic	economic	ADJ
ajfa-16968	154	38	conditions	condition	NOUN
ajfa-16968	154	39	(	(	PUNCT
ajfa-16968	154	40	including	include	VERB
ajfa-16968	154	41	monitoring	monitor	VERB
ajfa-16968	154	42	indicator	indicator	NOUN
ajfa-16968	154	43	,	,	PUNCT
ajfa-16968	154	44	leading	leading	ADJ
ajfa-16968	154	45	indicator	indicator	NOUN
ajfa-16968	154	46	,	,	PUNCT
ajfa-16968	154	47	real	real	ADJ
ajfa-16968	154	48	gdp	gdp	NOUN
ajfa-16968	154	49	growth	growth	NOUN
ajfa-16968	154	50	,	,	PUNCT
ajfa-16968	154	51	and	and	CCONJ
ajfa-16968	154	52	different	different	ADJ
ajfa-16968	154	53	eras	era	NOUN
ajfa-16968	154	54	)	)	PUNCT
ajfa-16968	154	55	and	and	CCONJ
ajfa-16968	154	56	industrial	industrial	ADJ
ajfa-16968	154	57	characteristics	characteristic	NOUN
ajfa-16968	154	58	(	(	PUNCT
ajfa-16968	154	59	including	include	VERB
ajfa-16968	154	60	listed	list	VERB
ajfa-16968	154	61	firms	firm	NOUN
ajfa-16968	154	62	and	and	CCONJ
ajfa-16968	154	63	electronic	electronic	ADJ
ajfa-16968	154	64	and	and	CCONJ
ajfa-16968	154	65	nonelectronic	nonelectronic	ADJ
ajfa-16968	154	66	stocks	stock	NOUN
ajfa-16968	154	67	)	)	PUNCT
ajfa-16968	154	68	,	,	PUNCT
ajfa-16968	154	69	in	in	ADP
ajfa-16968	154	70	the	the	DET
ajfa-16968	154	71	hope	hope	NOUN
ajfa-16968	154	72	that	that	SCONJ
ajfa-16968	154	73	we	we	PRON
ajfa-16968	154	74	can	can	AUX
ajfa-16968	154	75	use	use	VERB
ajfa-16968	154	76	the	the	DET
ajfa-16968	154	77	subsamples	subsample	NOUN
ajfa-16968	154	78	to	to	PART
ajfa-16968	154	79	explore	explore	VERB
ajfa-16968	154	80	the	the	DET
ajfa-16968	154	81	differences	difference	NOUN
ajfa-16968	154	82	in	in	ADP
ajfa-16968	154	83	%	%	NOUN
ajfa-16968	154	84	100	100	NUM
ajfa-16968	154	85	assets	asset	NOUN
ajfa-16968	154	86	total	total	ADJ
ajfa-16968	154	87	tax	tax	NOUN
ajfa-16968	154	88	and	and	CCONJ
ajfa-16968	154	89	interest	interest	NOUN
ajfa-16968	154	90	beforeincome	beforeincome	PROPN
ajfa-16968	154	91	net	net	ADJ
ajfa-16968	154	92	roa	roa	PROPN
ajfa-16968	154	93	asian	asian	PROPN
ajfa-16968	154	94	journal	journal	PROPN
ajfa-16968	154	95	of	of	ADP
ajfa-16968	154	96	finance	finance	PROPN
ajfa-16968	154	97	&	&	CCONJ
ajfa-16968	154	98	accounting	accounting	PROPN
ajfa-16968	154	99	issn	issn	PROPN
ajfa-16968	154	100	1946	1946	NUM
ajfa-16968	154	101	-	-	PUNCT
ajfa-16968	154	102	052x	052x	NOUN
ajfa-16968	154	103	2020	2020	NUM
ajfa-16968	154	104	,	,	PUNCT
ajfa-16968	154	105	vol	vol	NOUN
ajfa-16968	154	106	.	.	PROPN
ajfa-16968	154	107	12	12	NUM
ajfa-16968	154	108	,	,	PUNCT
ajfa-16968	154	109	no	no	INTJ
ajfa-16968	154	110	.	.	NOUN
ajfa-16968	154	111	1	1	NUM
ajfa-16968	154	112	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	154	113	140	140	NUM
ajfa-16968	154	114	decision	decision	NOUN
ajfa-16968	154	115	-	-	PUNCT
ajfa-16968	154	116	making	making	NOUN
ajfa-16968	154	117	on	on	ADP
ajfa-16968	154	118	r&d	r&d	NOUN
ajfa-16968	154	119	expenditure	expenditure	NOUN
ajfa-16968	154	120	under	under	ADP
ajfa-16968	154	121	different	different	ADJ
ajfa-16968	154	122	contexts	contexts	NOUN
ajfa-16968	154	123	.	.	PUNCT
ajfa-16968	155	1	the	the	DET
ajfa-16968	155	2	empirical	empirical	ADJ
ajfa-16968	155	3	results	result	NOUN
ajfa-16968	155	4	at	at	ADP
ajfa-16968	155	5	various	various	ADJ
ajfa-16968	155	6	stages	stage	NOUN
ajfa-16968	155	7	are	be	AUX
ajfa-16968	155	8	shown	show	VERB
ajfa-16968	155	9	as	as	SCONJ
ajfa-16968	155	10	follows	follow	VERB
ajfa-16968	155	11	.	.	PUNCT
ajfa-16968	156	1	4.1	4.1	NUM
ajfa-16968	156	2	entire	entire	ADJ
ajfa-16968	156	3	sample	sample	NOUN
ajfa-16968	156	4	first	first	ADV
ajfa-16968	156	5	,	,	PUNCT
ajfa-16968	156	6	the	the	DET
ajfa-16968	156	7	basic	basic	ADJ
ajfa-16968	156	8	descriptive	descriptive	ADJ
ajfa-16968	156	9	statistics	statistic	NOUN
ajfa-16968	156	10	of	of	ADP
ajfa-16968	156	11	each	each	DET
ajfa-16968	156	12	variable	variable	NOUN
ajfa-16968	156	13	and	and	CCONJ
ajfa-16968	156	14	the	the	DET
ajfa-16968	156	15	results	result	NOUN
ajfa-16968	156	16	of	of	ADP
ajfa-16968	156	17	the	the	DET
ajfa-16968	156	18	spearman	spearman	NOUN
ajfa-16968	156	19	's	's	PART
ajfa-16968	156	20	rho	rho	ADJ
ajfa-16968	156	21	correlation	correlation	NOUN
ajfa-16968	156	22	coefficient	coefficient	NOUN
ajfa-16968	156	23	matrix	matrix	NOUN
ajfa-16968	156	24	used	use	VERB
ajfa-16968	156	25	for	for	ADP
ajfa-16968	156	26	the	the	DET
ajfa-16968	156	27	preliminary	preliminary	ADJ
ajfa-16968	156	28	observation	observation	NOUN
ajfa-16968	156	29	of	of	ADP
ajfa-16968	156	30	the	the	DET
ajfa-16968	156	31	degree	degree	NOUN
ajfa-16968	156	32	and	and	CCONJ
ajfa-16968	156	33	direction	direction	NOUN
ajfa-16968	156	34	of	of	ADP
ajfa-16968	156	35	the	the	DET
ajfa-16968	156	36	correlation	correlation	NOUN
ajfa-16968	156	37	between	between	ADP
ajfa-16968	156	38	the	the	DET
ajfa-16968	156	39	variables	variable	NOUN
ajfa-16968	156	40	are	be	AUX
ajfa-16968	156	41	disclosed	disclose	VERB
ajfa-16968	156	42	in	in	ADP
ajfa-16968	156	43	tables	table	NOUN
ajfa-16968	156	44	1	1	NUM
ajfa-16968	156	45	and	and	CCONJ
ajfa-16968	156	46	2	2	NUM
ajfa-16968	156	47	,	,	PUNCT
ajfa-16968	156	48	respectively	respectively	ADV
ajfa-16968	156	49	.	.	PUNCT
ajfa-16968	156	50	table	table	NOUN
ajfa-16968	156	51	3	3	NUM
ajfa-16968	156	52	shows	show	VERB
ajfa-16968	156	53	the	the	DET
ajfa-16968	156	54	empirical	empirical	ADJ
ajfa-16968	156	55	results	result	NOUN
ajfa-16968	156	56	of	of	ADP
ajfa-16968	156	57	the	the	DET
ajfa-16968	156	58	decision	decision	NOUN
ajfa-16968	156	59	-	-	PUNCT
ajfa-16968	156	60	making	making	NOUN
ajfa-16968	156	61	on	on	ADP
ajfa-16968	156	62	r&d	r&d	NOUN
ajfa-16968	156	63	expenditure	expenditure	NOUN
ajfa-16968	156	64	using	use	VERB
ajfa-16968	156	65	the	the	DET
ajfa-16968	156	66	entire	entire	ADJ
ajfa-16968	156	67	sample	sample	NOUN
ajfa-16968	156	68	.	.	PUNCT
ajfa-16968	157	1	in	in	ADP
ajfa-16968	157	2	the	the	DET
ajfa-16968	157	3	spearman	spearman	NOUN
ajfa-16968	157	4	’s	’s	PART
ajfa-16968	157	5	rho	rho	ADJ
ajfa-16968	157	6	correlation	correlation	NOUN
ajfa-16968	157	7	coefficient	coefficient	NOUN
ajfa-16968	157	8	matrix	matrix	NOUN
ajfa-16968	157	9	in	in	ADP
ajfa-16968	157	10	table	table	NOUN
ajfa-16968	157	11	2	2	NUM
ajfa-16968	157	12	,	,	PUNCT
ajfa-16968	157	13	although	although	SCONJ
ajfa-16968	157	14	the	the	DET
ajfa-16968	157	15	spearman	spearman	NOUN
ajfa-16968	157	16	’s	’s	PART
ajfa-16968	157	17	rho	rho	ADJ
ajfa-16968	157	18	correlation	correlation	NOUN
ajfa-16968	157	19	coefficients	coefficient	NOUN
ajfa-16968	157	20	of	of	ADP
ajfa-16968	157	21	most	most	ADJ
ajfa-16968	157	22	variables	variable	NOUN
ajfa-16968	157	23	are	be	AUX
ajfa-16968	157	24	significantly	significantly	ADV
ajfa-16968	157	25	different	different	ADJ
ajfa-16968	157	26	than	than	ADP
ajfa-16968	157	27	0	0	NUM
ajfa-16968	157	28	,	,	PUNCT
ajfa-16968	157	29	the	the	DET
ajfa-16968	157	30	results	result	NOUN
ajfa-16968	157	31	of	of	ADP
ajfa-16968	157	32	the	the	DET
ajfa-16968	157	33	collinearity	collinearity	NOUN
ajfa-16968	157	34	statistics	statistic	NOUN
ajfa-16968	157	35	in	in	ADP
ajfa-16968	157	36	table	table	NOUN
ajfa-16968	157	37	3	3	NUM
ajfa-16968	157	38	show	show	VERB
ajfa-16968	157	39	no	no	DET
ajfa-16968	157	40	significant	significant	ADJ
ajfa-16968	157	41	collinearity	collinearity	NOUN
ajfa-16968	157	42	problems	problem	NOUN
ajfa-16968	157	43	for	for	ADP
ajfa-16968	157	44	the	the	DET
ajfa-16968	157	45	variables	variable	NOUN
ajfa-16968	157	46	in	in	ADP
ajfa-16968	157	47	the	the	DET
ajfa-16968	157	48	model	model	NOUN
ajfa-16968	157	49	.	.	PUNCT
ajfa-16968	158	1	the	the	DET
ajfa-16968	158	2	main	main	ADJ
ajfa-16968	158	3	empirical	empirical	ADJ
ajfa-16968	158	4	results	result	NOUN
ajfa-16968	158	5	in	in	ADP
ajfa-16968	158	6	table	table	NOUN
ajfa-16968	158	7	3	3	NUM
ajfa-16968	158	8	indicate	indicate	VERB
ajfa-16968	158	9	that	that	SCONJ
ajfa-16968	158	10	the	the	DET
ajfa-16968	158	11	free	free	ADJ
ajfa-16968	158	12	cash	cash	NOUN
ajfa-16968	158	13	flow	flow	NOUN
ajfa-16968	158	14	(	(	PUNCT
ajfa-16968	158	15	fcf	fcf	NOUN
ajfa-16968	158	16	)	)	PUNCT
ajfa-16968	158	17	used	use	VERB
ajfa-16968	158	18	to	to	PART
ajfa-16968	158	19	measure	measure	VERB
ajfa-16968	158	20	agency	agency	NOUN
ajfa-16968	158	21	problems	problem	NOUN
ajfa-16968	158	22	is	be	AUX
ajfa-16968	158	23	not	not	PART
ajfa-16968	158	24	statistically	statistically	ADV
ajfa-16968	158	25	significant	significant	ADJ
ajfa-16968	158	26	but	but	CCONJ
ajfa-16968	158	27	that	that	SCONJ
ajfa-16968	158	28	it	it	PRON
ajfa-16968	158	29	indeed	indeed	ADV
ajfa-16968	158	30	shows	show	VERB
ajfa-16968	158	31	a	a	DET
ajfa-16968	158	32	negative	negative	ADJ
ajfa-16968	158	33	coefficient	coefficient	NOUN
ajfa-16968	158	34	of	of	ADP
ajfa-16968	158	35	-0.10	-0.10	NUM
ajfa-16968	158	36	,	,	PUNCT
ajfa-16968	158	37	which	which	PRON
ajfa-16968	158	38	means	mean	VERB
ajfa-16968	158	39	that	that	SCONJ
ajfa-16968	158	40	firms	firm	NOUN
ajfa-16968	158	41	with	with	ADP
ajfa-16968	158	42	more	more	ADJ
ajfa-16968	158	43	fcf	fcf	NOUN
ajfa-16968	158	44	may	may	AUX
ajfa-16968	158	45	have	have	VERB
ajfa-16968	158	46	more	more	ADJ
ajfa-16968	158	47	agency	agency	NOUN
ajfa-16968	158	48	problems	problem	NOUN
ajfa-16968	158	49	,	,	PUNCT
ajfa-16968	158	50	which	which	PRON
ajfa-16968	158	51	do	do	AUX
ajfa-16968	158	52	have	have	VERB
ajfa-16968	158	53	a	a	DET
ajfa-16968	158	54	negative	negative	ADJ
ajfa-16968	158	55	impact	impact	NOUN
ajfa-16968	158	56	on	on	ADP
ajfa-16968	158	57	rdrate	rdrate	NOUN
ajfa-16968	158	58	.	.	PUNCT
ajfa-16968	159	1	in	in	ADP
ajfa-16968	159	2	addition	addition	NOUN
ajfa-16968	159	3	,	,	PUNCT
ajfa-16968	159	4	we	we	PRON
ajfa-16968	159	5	try	try	VERB
ajfa-16968	159	6	to	to	PART
ajfa-16968	159	7	verify	verify	VERB
ajfa-16968	159	8	information	information	NOUN
ajfa-16968	159	9	asymmetry	asymmetry	NOUN
ajfa-16968	159	10	through	through	ADP
ajfa-16968	159	11	firm	firm	ADJ
ajfa-16968	159	12	size	size	NOUN
ajfa-16968	159	13	(	(	PUNCT
ajfa-16968	159	14	size	size	NOUN
ajfa-16968	159	15	)	)	PUNCT
ajfa-16968	159	16	.	.	PUNCT
ajfa-16968	160	1	just	just	ADV
ajfa-16968	160	2	as	as	SCONJ
ajfa-16968	160	3	the	the	DET
ajfa-16968	160	4	past	past	ADJ
ajfa-16968	160	5	literature	literature	NOUN
ajfa-16968	160	6	found	find	VERB
ajfa-16968	160	7	that	that	SCONJ
ajfa-16968	160	8	the	the	PRON
ajfa-16968	160	9	smaller	small	ADJ
ajfa-16968	160	10	the	the	DET
ajfa-16968	160	11	firm	firm	ADJ
ajfa-16968	160	12	size	size	NOUN
ajfa-16968	160	13	the	the	PRON
ajfa-16968	160	14	more	more	ADV
ajfa-16968	160	15	serious	serious	ADJ
ajfa-16968	160	16	the	the	DET
ajfa-16968	160	17	information	information	NOUN
ajfa-16968	160	18	asymmetry	asymmetry	NOUN
ajfa-16968	160	19	,	,	PUNCT
ajfa-16968	160	20	we	we	PRON
ajfa-16968	160	21	also	also	ADV
ajfa-16968	160	22	found	find	VERB
ajfa-16968	160	23	no	no	DET
ajfa-16968	160	24	significantly	significantly	ADV
ajfa-16968	160	25	positive	positive	ADJ
ajfa-16968	160	26	relationship	relationship	NOUN
ajfa-16968	160	27	between	between	ADP
ajfa-16968	160	28	size	size	NOUN
ajfa-16968	160	29	and	and	CCONJ
ajfa-16968	160	30	rdrate	rdrate	NOUN
ajfa-16968	160	31	,	,	PUNCT
ajfa-16968	160	32	which	which	PRON
ajfa-16968	160	33	also	also	ADV
ajfa-16968	160	34	shows	show	VERB
ajfa-16968	160	35	that	that	SCONJ
ajfa-16968	160	36	although	although	SCONJ
ajfa-16968	160	37	the	the	DET
ajfa-16968	160	38	statistical	statistical	ADJ
ajfa-16968	160	39	relationship	relationship	NOUN
ajfa-16968	160	40	is	be	AUX
ajfa-16968	160	41	not	not	PART
ajfa-16968	160	42	significant	significant	ADJ
ajfa-16968	160	43	,	,	PUNCT
ajfa-16968	160	44	larger	large	ADJ
ajfa-16968	160	45	firm	firm	ADJ
ajfa-16968	160	46	size	size	NOUN
ajfa-16968	160	47	reduces	reduce	VERB
ajfa-16968	160	48	information	information	NOUN
ajfa-16968	160	49	asymmetry	asymmetry	NOUN
ajfa-16968	160	50	problems	problem	NOUN
ajfa-16968	160	51	and	and	CCONJ
ajfa-16968	160	52	further	far	ADV
ajfa-16968	160	53	improves	improve	VERB
ajfa-16968	160	54	r&d	r&d	NOUN
ajfa-16968	160	55	expenditure	expenditure	NOUN
ajfa-16968	160	56	.	.	PUNCT
ajfa-16968	161	1	table	table	NOUN
ajfa-16968	161	2	1	1	NUM
ajfa-16968	161	3	.	.	PUNCT
ajfa-16968	162	1	descriptive	descriptive	ADJ
ajfa-16968	162	2	statistics	statistics	PROPN
ajfa-16968	162	3	min	min	PROPN
ajfa-16968	162	4	.	.	PROPN
ajfa-16968	162	5	value	value	PROPN
ajfa-16968	162	6	max	max	PROPN
ajfa-16968	162	7	.	.	PROPN
ajfa-16968	162	8	value	value	PROPN
ajfa-16968	162	9	average	average	ADJ
ajfa-16968	162	10	standard	standard	ADJ
ajfa-16968	162	11	deviation	deviation	NOUN
ajfa-16968	162	12	rdrate	rdrate	VERB
ajfa-16968	162	13	.0000	.0000	INTJ
ajfa-16968	163	1	157018.7500	157018.7500	NUM
ajfa-16968	163	2	20.227874	20.227874	NUM
ajfa-16968	163	3	1.3414731e3	1.3414731e3	NUM
ajfa-16968	163	4	fcf	fcf	PROPN
ajfa-16968	163	5	-421877648	-421877648	PROPN
ajfa-16968	163	6	401185110	401185110	NUM
ajfa-16968	163	7	315215.06	315215.06	NUM
ajfa-16968	163	8	9271846.870	9271846.870	NUM
ajfa-16968	163	9	size	size	NOUN
ajfa-16968	163	10	31	31	NUM
ajfa-16968	163	11	2735469	2735469	NUM
ajfa-16968	163	12	15549.60	15549.60	NUM
ajfa-16968	163	13	70514.353	70514.353	NUM
ajfa-16968	163	14	lnret	lnret	NOUN
ajfa-16968	163	15	-290	-290	PROPN
ajfa-16968	163	16	339	339	NUM
ajfa-16968	163	17	3.05	3.05	NUM
ajfa-16968	163	18	54.931	54.931	NUM
ajfa-16968	163	19	opp	opp	PROPN
ajfa-16968	163	20	.00	.00	NUM
ajfa-16968	163	21	2.44	2.44	NUM
ajfa-16968	163	22	.3935	.3935	NOUN
ajfa-16968	164	1	.18862	.18862	PRON
ajfa-16968	165	1	roa	roa	NOUN
ajfa-16968	166	1	-8.81	-8.81	PROPN
ajfa-16968	166	2	1.10	1.10	NUM
ajfa-16968	166	3	.0562	.0562	NOUN
ajfa-16968	166	4	.13664	.13664	PROPN
ajfa-16968	167	1	finl	finl	PROPN
ajfa-16968	167	2	-992.73	-992.73	PROPN
ajfa-16968	167	3	913.33	913.33	NUM
ajfa-16968	167	4	1.3958	1.3958	NUM
ajfa-16968	167	5	9.81474	9.81474	NUM
ajfa-16968	167	6	note	note	NOUN
ajfa-16968	167	7	1	1	NUM
ajfa-16968	167	8	:	:	PUNCT
ajfa-16968	167	9	rdrate	rdrate	NOUN
ajfa-16968	167	10	:	:	PUNCT
ajfa-16968	167	11	r&d	r&d	NOUN
ajfa-16968	167	12	expenditure	expenditure	NOUN
ajfa-16968	167	13	ratio	ratio	NOUN
ajfa-16968	167	14	;	;	PUNCT
ajfa-16968	167	15	fcf	fcf	NOUN
ajfa-16968	167	16	:	:	PUNCT
ajfa-16968	167	17	free	free	ADJ
ajfa-16968	167	18	cash	cash	NOUN
ajfa-16968	167	19	flow	flow	NOUN
ajfa-16968	167	20	;	;	PUNCT
ajfa-16968	167	21	size	size	NOUN
ajfa-16968	167	22	:	:	PUNCT
ajfa-16968	167	23	firm	firm	ADJ
ajfa-16968	167	24	size	size	NOUN
ajfa-16968	167	25	lnret	lnret	PROPN
ajfa-16968	167	26	:	:	PUNCT
ajfa-16968	167	27	ln	ln	ADJ
ajfa-16968	167	28	(	(	PUNCT
ajfa-16968	167	29	return	return	VERB
ajfa-16968	167	30	on	on	ADP
ajfa-16968	167	31	share	share	NOUN
ajfa-16968	167	32	price	price	NOUN
ajfa-16968	167	33	)	)	PUNCT
ajfa-16968	167	34	;	;	PUNCT
ajfa-16968	168	1	opp	opp	PRON
ajfa-16968	168	2	:	:	PUNCT
ajfa-16968	168	3	future	future	ADJ
ajfa-16968	168	4	investment	investment	NOUN
ajfa-16968	168	5	growth	growth	NOUN
ajfa-16968	168	6	opportunity	opportunity	NOUN
ajfa-16968	168	7	;	;	PUNCT
ajfa-16968	168	8	roa	roa	NOUN
ajfa-16968	168	9	:	:	PUNCT
ajfa-16968	168	10	return	return	VERB
ajfa-16968	168	11	on	on	ADP
ajfa-16968	168	12	assets	asset	NOUN
ajfa-16968	168	13	;	;	PUNCT
ajfa-16968	168	14	finl	finl	NOUN
ajfa-16968	168	15	:	:	PUNCT
ajfa-16968	168	16	debt	debt	NOUN
ajfa-16968	168	17	-	-	PUNCT
ajfa-16968	168	18	to	to	ADP
ajfa-16968	168	19	-	-	PUNCT
ajfa-16968	168	20	equity	equity	NOUN
ajfa-16968	168	21	ratio	ratio	NOUN
ajfa-16968	168	22	.	.	PUNCT
ajfa-16968	169	1	asian	asian	ADJ
ajfa-16968	169	2	journal	journal	PROPN
ajfa-16968	169	3	of	of	ADP
ajfa-16968	169	4	finance	finance	PROPN
ajfa-16968	169	5	&	&	CCONJ
ajfa-16968	169	6	accounting	accounting	PROPN
ajfa-16968	169	7	issn	issn	PROPN
ajfa-16968	169	8	1946	1946	NUM
ajfa-16968	169	9	-	-	PUNCT
ajfa-16968	169	10	052x	052x	NOUN
ajfa-16968	169	11	2020	2020	NUM
ajfa-16968	169	12	,	,	PUNCT
ajfa-16968	169	13	vol	vol	NOUN
ajfa-16968	169	14	.	.	PROPN
ajfa-16968	169	15	12	12	NUM
ajfa-16968	169	16	,	,	PUNCT
ajfa-16968	169	17	no	no	INTJ
ajfa-16968	169	18	.	.	NOUN
ajfa-16968	169	19	1	1	NUM
ajfa-16968	169	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	169	21	141	141	NUM
ajfa-16968	169	22	table	table	NOUN
ajfa-16968	169	23	2	2	NUM
ajfa-16968	169	24	.	.	X
ajfa-16968	170	1	spearman	spearman	NOUN
ajfa-16968	170	2	’s	’s	PART
ajfa-16968	170	3	rho	rho	ADJ
ajfa-16968	170	4	correlation	correlation	NOUN
ajfa-16968	170	5	matrix	matrix	NOUN
ajfa-16968	170	6	rdrate	rdrate	NOUN
ajfa-16968	170	7	fcf	fcf	NOUN
ajfa-16968	170	8	size	size	NOUN
ajfa-16968	170	9	lnret	lnret	PROPN
ajfa-16968	170	10	opp	opp	PROPN
ajfa-16968	170	11	roa	roa	PROPN
ajfa-16968	170	12	finl	finl	PROPN
ajfa-16968	170	13	rdrate	rdrate	VERB
ajfa-16968	170	14	1.000	1.000	NUM
ajfa-16968	170	15	-.012	-.012	NOUN
ajfa-16968	170	16	-.039	-.039	NOUN
ajfa-16968	170	17	*	*	PUNCT
ajfa-16968	170	18	*	*	PUNCT
ajfa-16968	170	19	-.029	-.029	PROPN
ajfa-16968	170	20	*	*	PUNCT
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ajfa-16968	170	22	-.261	-.261	PROPN
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ajfa-16968	170	25	.010	.010	NUM
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ajfa-16968	170	29	fcf	fcf	PROPN
ajfa-16968	170	30	-.012	-.012	PROPN
ajfa-16968	170	31	1.000	1.000	NUM
ajfa-16968	170	32	.299	.299	NUM
ajfa-16968	170	33	*	*	PROPN
ajfa-16968	170	34	*	*	X
ajfa-16968	170	35	.019	.019	NUM
ajfa-16968	170	36	*	*	PUNCT
ajfa-16968	170	37	-.153	-.153	PROPN
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ajfa-16968	170	42	*	*	PUNCT
ajfa-16968	170	43	-.176	-.176	NOUN
ajfa-16968	170	44	*	*	NOUN
ajfa-16968	170	45	*	*	NOUN
ajfa-16968	170	46	size	size	NOUN
ajfa-16968	170	47	-.039	-.039	NOUN
ajfa-16968	170	48	*	*	PUNCT
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ajfa-16968	170	51	*	*	PROPN
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ajfa-16968	170	53	1.000	1.000	NUM
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ajfa-16968	170	55	*	*	PUNCT
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ajfa-16968	170	153	free	free	ADJ
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ajfa-16968	170	157	size	size	NOUN
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ajfa-16968	170	162	lnret	lnret	PROPN
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ajfa-16968	170	164	ln	ln	ADJ
ajfa-16968	170	165	(	(	PUNCT
ajfa-16968	170	166	return	return	VERB
ajfa-16968	170	167	on	on	ADP
ajfa-16968	170	168	share	share	NOUN
ajfa-16968	170	169	price	price	NOUN
ajfa-16968	170	170	)	)	PUNCT
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ajfa-16968	170	172	opp	opp	PRON
ajfa-16968	170	173	:	:	PUNCT
ajfa-16968	170	174	future	future	ADJ
ajfa-16968	170	175	investment	investment	NOUN
ajfa-16968	170	176	growth	growth	NOUN
ajfa-16968	170	177	opportunity	opportunity	NOUN
ajfa-16968	170	178	;	;	PUNCT
ajfa-16968	170	179	roa	roa	NOUN
ajfa-16968	170	180	:	:	PUNCT
ajfa-16968	170	181	return	return	VERB
ajfa-16968	170	182	on	on	ADP
ajfa-16968	170	183	assets	asset	NOUN
ajfa-16968	170	184	;	;	PUNCT
ajfa-16968	170	185	finl	finl	NOUN
ajfa-16968	170	186	:	:	PUNCT
ajfa-16968	170	187	debt	debt	NOUN
ajfa-16968	170	188	-	-	PUNCT
ajfa-16968	170	189	to	to	ADP
ajfa-16968	170	190	-	-	PUNCT
ajfa-16968	170	191	equity	equity	NOUN
ajfa-16968	170	192	ratio	ratio	NOUN
ajfa-16968	170	193	.	.	PUNCT
ajfa-16968	171	1	note	note	VERB
ajfa-16968	171	2	2	2	NUM
ajfa-16968	171	3	:	:	PUNCT
ajfa-16968	171	4	*	*	PUNCT
ajfa-16968	171	5	*	*	PUNCT
ajfa-16968	171	6	represents	represent	VERB
ajfa-16968	171	7	the	the	DET
ajfa-16968	171	8	statistical	statistical	ADJ
ajfa-16968	171	9	significance	significance	NOUN
ajfa-16968	171	10	level	level	NOUN
ajfa-16968	171	11	of	of	ADP
ajfa-16968	171	12	two	two	NUM
ajfa-16968	171	13	-	-	PUNCT
ajfa-16968	171	14	paired	pair	VERB
ajfa-16968	171	15	test	test	NOUN
ajfa-16968	171	16	of	of	ADP
ajfa-16968	171	17	1	1	NUM
ajfa-16968	171	18	%	%	NOUN
ajfa-16968	171	19	.	.	PUNCT
ajfa-16968	172	1	note	note	VERB
ajfa-16968	172	2	3	3	NUM
ajfa-16968	172	3	:	:	PUNCT
ajfa-16968	172	4	*	*	PUNCT
ajfa-16968	172	5	represents	represent	VERB
ajfa-16968	172	6	the	the	DET
ajfa-16968	172	7	statistical	statistical	ADJ
ajfa-16968	172	8	significance	significance	NOUN
ajfa-16968	172	9	level	level	NOUN
ajfa-16968	172	10	of	of	ADP
ajfa-16968	172	11	two	two	NUM
ajfa-16968	172	12	-	-	PUNCT
ajfa-16968	172	13	paired	pair	VERB
ajfa-16968	172	14	test	test	NOUN
ajfa-16968	172	15	of	of	ADP
ajfa-16968	172	16	5	5	NUM
ajfa-16968	172	17	%	%	NOUN
ajfa-16968	172	18	.	.	PUNCT
ajfa-16968	173	1	table	table	NOUN
ajfa-16968	173	2	3	3	NUM
ajfa-16968	173	3	.	.	PUNCT
ajfa-16968	173	4	research	research	NOUN
ajfa-16968	173	5	and	and	CCONJ
ajfa-16968	173	6	development	development	NOUN
ajfa-16968	173	7	expenditure	expenditure	NOUN
ajfa-16968	173	8	decision	decision	NOUN
ajfa-16968	173	9	model	model	NOUN
ajfa-16968	173	10	for	for	ADP
ajfa-16968	173	11	the	the	DET
ajfa-16968	173	12	entire	entire	ADJ
ajfa-16968	173	13	sample	sample	NOUN
ajfa-16968	173	14	model	model	NOUN
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ajfa-16968	173	16	coefficients	coefficient	NOUN
ajfa-16968	173	17	sig	sig	PROPN
ajfa-16968	173	18	.	.	PUNCT
ajfa-16968	174	1	collinearity	collinearity	NOUN
ajfa-16968	174	2	statistics	statistic	NOUN
ajfa-16968	174	3	tolerance	tolerance	NOUN
ajfa-16968	174	4	vif	vif	NOUN
ajfa-16968	174	5	(	(	PUNCT
ajfa-16968	174	6	constant	constant	ADJ
ajfa-16968	174	7	)	)	PUNCT
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ajfa-16968	174	9	fcf	fcf	PROPN
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ajfa-16968	174	12	.593	.593	NUM
ajfa-16968	174	13	1.686	1.686	NUM
ajfa-16968	174	14	size	size	NOUN
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ajfa-16968	174	16	.511	.511	NUM
ajfa-16968	174	17	.593	.593	NUM
ajfa-16968	174	18	1.685	1.685	NUM
ajfa-16968	174	19	lnret	lnret	PROPN
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ajfa-16968	174	21	.413	.413	NUM
ajfa-16968	174	22	.933	.933	NUM
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ajfa-16968	174	24	opp	opp	PROPN
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ajfa-16968	174	30	.840	.840	NUM
ajfa-16968	174	31	1.191	1.191	NUM
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ajfa-16968	174	48	1	1	NUM
ajfa-16968	174	49	:	:	PUNCT
ajfa-16968	174	50	the	the	DET
ajfa-16968	174	51	study	study	NOUN
ajfa-16968	174	52	adopts	adopt	VERB
ajfa-16968	174	53	the	the	DET
ajfa-16968	174	54	method	method	NOUN
ajfa-16968	174	55	of	of	ADP
ajfa-16968	174	56	ordinary	ordinary	ADJ
ajfa-16968	174	57	least	least	ADJ
ajfa-16968	174	58	square	square	ADJ
ajfa-16968	174	59	(	(	PUNCT
ajfa-16968	174	60	ols	ol	NOUN
ajfa-16968	174	61	)	)	PUNCT
ajfa-16968	174	62	of	of	ADP
ajfa-16968	174	63	pooled	pool	VERB
ajfa-16968	174	64	cross	cross	ADJ
ajfa-16968	174	65	-	-	ADJ
ajfa-16968	174	66	sectional	sectional	ADJ
ajfa-16968	174	67	data	datum	NOUN
ajfa-16968	174	68	to	to	PART
ajfa-16968	174	69	estimate	estimate	VERB
ajfa-16968	174	70	the	the	DET
ajfa-16968	174	71	multiple	multiple	ADJ
ajfa-16968	174	72	regression	regression	NOUN
ajfa-16968	174	73	analysis	analysis	NOUN
ajfa-16968	174	74	.	.	PUNCT
ajfa-16968	175	1	titititititititi	titititititititi	PROPN
ajfa-16968	175	2	finlroaopplnretsizefcfrdrate	finlroaopplnretsizefcfrdrate	VERB
ajfa-16968	175	3	,	,	PUNCT
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ajfa-16968	175	5	6,5,4,3,2,10	6,5,4,3,2,10	PROPN
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ajfa-16968	175	9	note	note	VERB
ajfa-16968	175	10	2	2	NUM
ajfa-16968	175	11	:	:	PUNCT
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ajfa-16968	175	13	:	:	PUNCT
ajfa-16968	175	14	r&d	r&d	NOUN
ajfa-16968	175	15	expenditure	expenditure	NOUN
ajfa-16968	175	16	ratio	ratio	NOUN
ajfa-16968	175	17	;	;	PUNCT
ajfa-16968	175	18	fcf	fcf	NOUN
ajfa-16968	175	19	:	:	PUNCT
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ajfa-16968	175	21	cash	cash	NOUN
ajfa-16968	175	22	flow	flow	NOUN
ajfa-16968	175	23	;	;	PUNCT
ajfa-16968	175	24	size	size	NOUN
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ajfa-16968	175	55	ratio	ratio	NOUN
ajfa-16968	175	56	note	note	NOUN
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ajfa-16968	175	64	statistical	statistical	ADJ
ajfa-16968	175	65	significance	significance	NOUN
ajfa-16968	175	66	level	level	NOUN
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ajfa-16968	175	68	two	two	NUM
ajfa-16968	175	69	-	-	PUNCT
ajfa-16968	175	70	paired	pair	VERB
ajfa-16968	175	71	test	test	NOUN
ajfa-16968	175	72	of	of	ADP
ajfa-16968	175	73	1	1	NUM
ajfa-16968	175	74	%	%	NOUN
ajfa-16968	175	75	note	note	NOUN
ajfa-16968	175	76	4	4	NUM
ajfa-16968	175	77	:	:	PUNCT
ajfa-16968	175	78	*	*	PUNCT
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ajfa-16968	175	80	represents	represent	VERB
ajfa-16968	175	81	the	the	DET
ajfa-16968	175	82	statistical	statistical	ADJ
ajfa-16968	175	83	significance	significance	NOUN
ajfa-16968	175	84	level	level	NOUN
ajfa-16968	175	85	of	of	ADP
ajfa-16968	175	86	two	two	NUM
ajfa-16968	175	87	-	-	PUNCT
ajfa-16968	175	88	paired	pair	VERB
ajfa-16968	175	89	test	test	NOUN
ajfa-16968	175	90	of	of	ADP
ajfa-16968	175	91	5	5	NUM
ajfa-16968	175	92	%	%	NOUN
ajfa-16968	175	93	although	although	SCONJ
ajfa-16968	175	94	the	the	DET
ajfa-16968	175	95	results	result	NOUN
ajfa-16968	175	96	of	of	ADP
ajfa-16968	175	97	all	all	DET
ajfa-16968	175	98	the	the	DET
ajfa-16968	175	99	samples	sample	NOUN
ajfa-16968	175	100	in	in	ADP
ajfa-16968	175	101	this	this	DET
ajfa-16968	175	102	study	study	NOUN
ajfa-16968	175	103	find	find	VERB
ajfa-16968	175	104	that	that	SCONJ
ajfa-16968	175	105	the	the	DET
ajfa-16968	175	106	impact	impact	NOUN
ajfa-16968	175	107	of	of	ADP
ajfa-16968	175	108	agency	agency	NOUN
ajfa-16968	175	109	problems	problem	NOUN
ajfa-16968	175	110	and	and	CCONJ
ajfa-16968	175	111	information	information	NOUN
ajfa-16968	175	112	asymmetry	asymmetry	NOUN
ajfa-16968	175	113	on	on	ADP
ajfa-16968	175	114	company	company	NOUN
ajfa-16968	175	115	r&d	r&d	NOUN
ajfa-16968	175	116	investment	investment	NOUN
ajfa-16968	175	117	is	be	AUX
ajfa-16968	175	118	not	not	PART
ajfa-16968	175	119	statistically	statistically	ADV
ajfa-16968	175	120	significant	significant	ADJ
ajfa-16968	175	121	and	and	CCONJ
ajfa-16968	175	122	that	that	SCONJ
ajfa-16968	175	123	the	the	DET
ajfa-16968	175	124	direction	direction	NOUN
ajfa-16968	175	125	of	of	ADP
ajfa-16968	175	126	the	the	DET
ajfa-16968	175	127	regression	regression	NOUN
ajfa-16968	175	128	coefficient	coefficient	NOUN
ajfa-16968	175	129	is	be	AUX
ajfa-16968	175	130	the	the	DET
ajfa-16968	175	131	same	same	ADJ
ajfa-16968	175	132	as	as	ADP
ajfa-16968	175	133	that	that	PRON
ajfa-16968	175	134	expected	expect	VERB
ajfa-16968	175	135	by	by	ADP
ajfa-16968	175	136	us	we	PRON
ajfa-16968	175	137	.	.	PUNCT
ajfa-16968	176	1	in	in	ADP
ajfa-16968	176	2	addition	addition	NOUN
ajfa-16968	176	3	,	,	PUNCT
ajfa-16968	176	4	in	in	ADP
ajfa-16968	176	5	terms	term	NOUN
ajfa-16968	176	6	of	of	ADP
ajfa-16968	176	7	other	other	ADJ
ajfa-16968	176	8	explanatory	explanatory	ADJ
ajfa-16968	176	9	variables	variable	NOUN
ajfa-16968	176	10	,	,	PUNCT
ajfa-16968	176	11	the	the	DET
ajfa-16968	176	12	impact	impact	NOUN
ajfa-16968	176	13	of	of	ADP
ajfa-16968	176	14	lnret	lnret	PROPN
ajfa-16968	176	15	on	on	ADP
ajfa-16968	176	16	rdrate	rdrate	NOUN
ajfa-16968	176	17	is	be	AUX
ajfa-16968	176	18	positive	positive	ADJ
ajfa-16968	176	19	,	,	PUNCT
ajfa-16968	176	20	0.006	0.006	NUM
ajfa-16968	176	21	.	.	PUNCT
ajfa-16968	177	1	asian	asian	ADJ
ajfa-16968	177	2	journal	journal	PROPN
ajfa-16968	177	3	of	of	ADP
ajfa-16968	177	4	finance	finance	PROPN
ajfa-16968	177	5	&	&	CCONJ
ajfa-16968	177	6	accounting	accounting	PROPN
ajfa-16968	177	7	issn	issn	PROPN
ajfa-16968	177	8	1946	1946	NUM
ajfa-16968	177	9	-	-	PUNCT
ajfa-16968	177	10	052x	052x	NOUN
ajfa-16968	177	11	2020	2020	NUM
ajfa-16968	177	12	,	,	PUNCT
ajfa-16968	177	13	vol	vol	NOUN
ajfa-16968	177	14	.	.	PROPN
ajfa-16968	177	15	12	12	NUM
ajfa-16968	177	16	,	,	PUNCT
ajfa-16968	177	17	no	no	INTJ
ajfa-16968	177	18	.	.	NOUN
ajfa-16968	177	19	1	1	NUM
ajfa-16968	177	20	ajfa.macrothink.org/	ajfa.macrothink.org/	VERB
ajfa-16968	177	21	142	142	NUM
ajfa-16968	177	22	although	although	SCONJ
ajfa-16968	177	23	it	it	PRON
ajfa-16968	177	24	does	do	AUX
ajfa-16968	177	25	not	not	PART
ajfa-16968	177	26	reach	reach	VERB
ajfa-16968	177	27	the	the	DET
ajfa-16968	177	28	statistically	statistically	ADV
ajfa-16968	177	29	significant	significant	ADJ
ajfa-16968	177	30	level	level	NOUN
ajfa-16968	177	31	,	,	PUNCT
ajfa-16968	177	32	it	it	PRON
ajfa-16968	177	33	can	can	AUX
ajfa-16968	177	34	be	be	AUX
ajfa-16968	177	35	inferred	infer	VERB
ajfa-16968	177	36	that	that	SCONJ
ajfa-16968	177	37	the	the	DET
ajfa-16968	177	38	decisionmaking	decisionmaking	NOUN
ajfa-16968	177	39	of	of	ADP
ajfa-16968	177	40	firm	firm	ADJ
ajfa-16968	177	41	r&d	r&d	NOUN
ajfa-16968	177	42	expenditure	expenditure	NOUN
ajfa-16968	177	43	is	be	AUX
ajfa-16968	177	44	indeed	indeed	ADV
ajfa-16968	177	45	influenced	influence	VERB
ajfa-16968	177	46	by	by	ADP
ajfa-16968	177	47	investors	investor	NOUN
ajfa-16968	177	48	’	'	PUNCT
ajfa-16968	177	49	positive	positive	ADJ
ajfa-16968	177	50	affirmation	affirmation	NOUN
ajfa-16968	177	51	of	of	ADP
ajfa-16968	177	52	firm	firm	ADJ
ajfa-16968	177	53	value	value	NOUN
ajfa-16968	177	54	.	.	PUNCT
ajfa-16968	178	1	in	in	ADP
ajfa-16968	178	2	addition	addition	NOUN
ajfa-16968	178	3	,	,	PUNCT
ajfa-16968	178	4	firm	firm	ADJ
ajfa-16968	178	5	investment	investment	NOUN
ajfa-16968	178	6	growth	growth	NOUN
ajfa-16968	178	7	opportunity	opportunity	NOUN
ajfa-16968	178	8	(	(	PUNCT
ajfa-16968	178	9	opp	opp	INTJ
ajfa-16968	178	10	)	)	PUNCT
ajfa-16968	178	11	also	also	ADV
ajfa-16968	178	12	has	have	VERB
ajfa-16968	178	13	a	a	DET
ajfa-16968	178	14	significant	significant	ADJ
ajfa-16968	178	15	negative	negative	ADJ
ajfa-16968	178	16	relationship	relationship	NOUN
ajfa-16968	178	17	with	with	ADP
ajfa-16968	178	18	rdrate	rdrate	NOUN
ajfa-16968	178	19	,	,	PUNCT
ajfa-16968	178	20	with	with	ADP
ajfa-16968	178	21	an	an	DET
ajfa-16968	178	22	estimated	estimate	VERB
ajfa-16968	178	23	coefficient	coefficient	NOUN
ajfa-16968	178	24	of	of	ADP
ajfa-16968	178	25	-0.134	-0.134	PROPN
ajfa-16968	178	26	.	.	PUNCT
ajfa-16968	179	1	although	although	SCONJ
ajfa-16968	179	2	this	this	DET
ajfa-16968	179	3	result	result	NOUN
ajfa-16968	179	4	differs	differ	VERB
ajfa-16968	179	5	from	from	ADP
ajfa-16968	179	6	that	that	PRON
ajfa-16968	179	7	in	in	ADP
ajfa-16968	179	8	which	which	PRON
ajfa-16968	179	9	firms	firm	NOUN
ajfa-16968	179	10	make	make	VERB
ajfa-16968	179	11	more	more	ADV
ajfa-16968	179	12	optimistic	optimistic	ADJ
ajfa-16968	179	13	and	and	CCONJ
ajfa-16968	179	14	positive	positive	ADJ
ajfa-16968	179	15	r&d	r&d	NOUN
ajfa-16968	179	16	investment	investment	NOUN
ajfa-16968	179	17	under	under	ADP
ajfa-16968	179	18	expectant	expectant	ADJ
ajfa-16968	179	19	future	future	ADJ
ajfa-16968	179	20	growth	growth	NOUN
ajfa-16968	179	21	opportunities	opportunity	NOUN
ajfa-16968	179	22	,	,	PUNCT
ajfa-16968	179	23	it	it	PRON
ajfa-16968	179	24	reveals	reveal	VERB
ajfa-16968	179	25	that	that	SCONJ
ajfa-16968	179	26	firms	firm	NOUN
ajfa-16968	179	27	are	be	AUX
ajfa-16968	179	28	willing	willing	ADJ
ajfa-16968	179	29	to	to	PART
ajfa-16968	179	30	be	be	AUX
ajfa-16968	179	31	more	more	ADV
ajfa-16968	179	32	cautious	cautious	ADJ
ajfa-16968	179	33	regarding	regard	VERB
ajfa-16968	179	34	innovative	innovative	ADJ
ajfa-16968	179	35	r&d	r&d	NOUN
ajfa-16968	179	36	challenges	challenge	NOUN
ajfa-16968	179	37	in	in	ADP
ajfa-16968	179	38	the	the	DET
ajfa-16968	179	39	anticipation	anticipation	NOUN
ajfa-16968	179	40	of	of	ADP
ajfa-16968	179	41	an	an	DET
ajfa-16968	179	42	optimistic	optimistic	ADJ
ajfa-16968	179	43	future	future	NOUN
ajfa-16968	179	44	.	.	PUNCT
ajfa-16968	180	1	in	in	ADP
ajfa-16968	180	2	terms	term	NOUN
ajfa-16968	180	3	of	of	ADP
ajfa-16968	180	4	control	control	NOUN
ajfa-16968	180	5	variables	variable	NOUN
ajfa-16968	180	6	,	,	PUNCT
ajfa-16968	180	7	there	there	PRON
ajfa-16968	180	8	is	be	VERB
ajfa-16968	180	9	a	a	DET
ajfa-16968	180	10	significantly	significantly	ADV
ajfa-16968	180	11	negative	negative	ADJ
ajfa-16968	180	12	coefficient	coefficient	NOUN
ajfa-16968	180	13	of	of	ADP
ajfa-16968	180	14	-0.096	-0.096	PUNCT
ajfa-16968	180	15	between	between	ADP
ajfa-16968	180	16	firm	firm	ADJ
ajfa-16968	180	17	roa	roa	NOUN
ajfa-16968	180	18	and	and	CCONJ
ajfa-16968	180	19	rdrate	rdrate	VERB
ajfa-16968	180	20	,	,	PUNCT
ajfa-16968	180	21	which	which	PRON
ajfa-16968	180	22	is	be	AUX
ajfa-16968	180	23	in	in	ADP
ajfa-16968	180	24	line	line	NOUN
ajfa-16968	180	25	with	with	ADP
ajfa-16968	180	26	our	our	PRON
ajfa-16968	180	27	expectations	expectation	NOUN
ajfa-16968	180	28	.	.	PUNCT
ajfa-16968	181	1	it	it	PRON
ajfa-16968	181	2	indicates	indicate	VERB
ajfa-16968	181	3	that	that	SCONJ
ajfa-16968	181	4	r&d	r&d	NOUN
ajfa-16968	181	5	expenditure	expenditure	NOUN
ajfa-16968	181	6	must	must	AUX
ajfa-16968	181	7	be	be	AUX
ajfa-16968	181	8	recognized	recognize	VERB
ajfa-16968	181	9	as	as	ADP
ajfa-16968	181	10	current	current	ADJ
ajfa-16968	181	11	expense	expense	NOUN
ajfa-16968	181	12	in	in	ADP
ajfa-16968	181	13	the	the	DET
ajfa-16968	181	14	accounting	accounting	NOUN
ajfa-16968	181	15	system	system	NOUN
ajfa-16968	181	16	,	,	PUNCT
ajfa-16968	181	17	thus	thus	ADV
ajfa-16968	181	18	affecting	affect	VERB
ajfa-16968	181	19	the	the	DET
ajfa-16968	181	20	current	current	ADJ
ajfa-16968	181	21	surplus	surplus	NOUN
ajfa-16968	181	22	and	and	CCONJ
ajfa-16968	181	23	reducing	reduce	VERB
ajfa-16968	181	24	the	the	DET
ajfa-16968	181	25	level	level	NOUN
ajfa-16968	181	26	of	of	ADP
ajfa-16968	181	27	asset	asset	NOUN
ajfa-16968	181	28	returns	return	NOUN
ajfa-16968	181	29	.	.	PUNCT
ajfa-16968	182	1	in	in	ADP
ajfa-16968	182	2	terms	term	NOUN
ajfa-16968	182	3	of	of	ADP
ajfa-16968	182	4	the	the	DET
ajfa-16968	182	5	control	control	NOUN
ajfa-16968	182	6	variable	variable	NOUN
ajfa-16968	182	7	finl	finl	NOUN
ajfa-16968	182	8	,	,	PUNCT
ajfa-16968	182	9	a	a	DET
ajfa-16968	182	10	significant	significant	ADJ
ajfa-16968	182	11	coefficient	coefficient	NOUN
ajfa-16968	182	12	+0.020	+0.020	NOUN
ajfa-16968	182	13	indicates	indicate	VERB
ajfa-16968	182	14	that	that	SCONJ
ajfa-16968	182	15	firm	firm	ADJ
ajfa-16968	182	16	r&d	r&d	NOUN
ajfa-16968	182	17	expenditure	expenditure	NOUN
ajfa-16968	182	18	indeed	indeed	ADV
ajfa-16968	182	19	affects	affect	VERB
ajfa-16968	182	20	its	its	PRON
ajfa-16968	182	21	capital	capital	NOUN
ajfa-16968	182	22	structure	structure	NOUN
ajfa-16968	182	23	.	.	PUNCT
ajfa-16968	183	1	4.2	4.2	NUM
ajfa-16968	183	2	re	re	NOUN
ajfa-16968	183	3	-	-	NOUN
ajfa-16968	183	4	examination	examination	NOUN
ajfa-16968	183	5	of	of	ADP
ajfa-16968	183	6	r&d	r&d	NOUN
ajfa-16968	183	7	expenditure	expenditure	NOUN
ajfa-16968	183	8	decisions	decision	NOUN
ajfa-16968	183	9	under	under	ADP
ajfa-16968	183	10	different	different	ADJ
ajfa-16968	183	11	overall	overall	ADJ
ajfa-16968	183	12	environments	environment	NOUN
ajfa-16968	183	13	to	to	PART
ajfa-16968	183	14	determine	determine	VERB
ajfa-16968	183	15	whether	whether	SCONJ
ajfa-16968	183	16	the	the	DET
ajfa-16968	183	17	differences	difference	NOUN
ajfa-16968	183	18	in	in	ADP
ajfa-16968	183	19	the	the	DET
ajfa-16968	183	20	overall	overall	ADJ
ajfa-16968	183	21	environment	environment	NOUN
ajfa-16968	183	22	exert	exert	VERB
ajfa-16968	183	23	different	different	ADJ
ajfa-16968	183	24	impacts	impact	NOUN
ajfa-16968	183	25	on	on	ADP
ajfa-16968	183	26	firm	firm	ADJ
ajfa-16968	183	27	r&d	r&d	NOUN
ajfa-16968	183	28	expenditure	expenditure	NOUN
ajfa-16968	183	29	decisions	decision	NOUN
ajfa-16968	183	30	,	,	PUNCT
ajfa-16968	183	31	we	we	PRON
ajfa-16968	183	32	further	far	ADV
ajfa-16968	183	33	re	re	VERB
ajfa-16968	183	34	-	-	VERB
ajfa-16968	183	35	observed	observe	VERB
ajfa-16968	183	36	the	the	DET
ajfa-16968	183	37	entire	entire	ADJ
ajfa-16968	183	38	sample	sample	NOUN
ajfa-16968	183	39	on	on	ADP
ajfa-16968	183	40	the	the	DET
ajfa-16968	183	41	basis	basis	NOUN
ajfa-16968	183	42	of	of	ADP
ajfa-16968	183	43	different	different	ADJ
ajfa-16968	183	44	monitoring	monitoring	NOUN
ajfa-16968	183	45	indicators	indicator	NOUN
ajfa-16968	183	46	and	and	CCONJ
ajfa-16968	183	47	different	different	ADJ
ajfa-16968	183	48	eras	era	NOUN
ajfa-16968	183	49	.	.	PUNCT
ajfa-16968	184	1	the	the	DET
ajfa-16968	184	2	data	datum	NOUN
ajfa-16968	184	3	in	in	ADP
ajfa-16968	184	4	table	table	NOUN
ajfa-16968	184	5	4	4	NUM
ajfa-16968	184	6	show	show	VERB
ajfa-16968	184	7	the	the	DET
ajfa-16968	184	8	changes	change	NOUN
ajfa-16968	184	9	in	in	ADP
ajfa-16968	184	10	firm	firm	ADJ
ajfa-16968	184	11	decision	decision	NOUN
ajfa-16968	184	12	-	-	PUNCT
ajfa-16968	184	13	making	make	VERB
ajfa-16968	184	14	behaviour	behaviour	NOUN
ajfa-16968	184	15	on	on	ADP
ajfa-16968	184	16	r&d	r&d	NOUN
ajfa-16968	184	17	expenditure	expenditure	NOUN
ajfa-16968	184	18	under	under	ADP
ajfa-16968	184	19	different	different	ADJ
ajfa-16968	184	20	monitoring	monitoring	NOUN
ajfa-16968	184	21	indicators	indicator	NOUN
ajfa-16968	184	22	.	.	PUNCT
ajfa-16968	185	1	in	in	ADP
ajfa-16968	185	2	what	what	PRON
ajfa-16968	185	3	is	be	AUX
ajfa-16968	185	4	case	case	NOUN
ajfa-16968	185	5	with	with	ADP
ajfa-16968	185	6	the	the	DET
ajfa-16968	185	7	entire	entire	ADJ
ajfa-16968	185	8	sample	sample	NOUN
ajfa-16968	185	9	,	,	PUNCT
ajfa-16968	185	10	both	both	DET
ajfa-16968	185	11	roa	roa	NOUN
ajfa-16968	185	12	and	and	CCONJ
ajfa-16968	185	13	opp	opp	PROPN
ajfa-16968	185	14	have	have	VERB
ajfa-16968	185	15	a	a	DET
ajfa-16968	185	16	significant	significant	ADJ
ajfa-16968	185	17	negative	negative	ADJ
ajfa-16968	185	18	relationship	relationship	NOUN
ajfa-16968	185	19	with	with	ADP
ajfa-16968	185	20	rdrate	rdrate	NOUN
ajfa-16968	185	21	regardless	regardless	ADV
ajfa-16968	185	22	of	of	ADP
ajfa-16968	185	23	the	the	DET
ajfa-16968	185	24	overall	overall	ADJ
ajfa-16968	185	25	annual	annual	ADJ
ajfa-16968	185	26	economic	economic	ADJ
ajfa-16968	185	27	situation	situation	NOUN
ajfa-16968	185	28	.	.	PUNCT
ajfa-16968	186	1	this	this	PRON
ajfa-16968	186	2	once	once	ADV
ajfa-16968	186	3	again	again	ADV
ajfa-16968	186	4	illustrates	illustrate	VERB
ajfa-16968	186	5	the	the	DET
ajfa-16968	186	6	dilution	dilution	NOUN
ajfa-16968	186	7	effect	effect	NOUN
ajfa-16968	186	8	of	of	ADP
ajfa-16968	186	9	r&d	r&d	NOUN
ajfa-16968	186	10	expenditure	expenditure	NOUN
ajfa-16968	186	11	on	on	ADP
ajfa-16968	186	12	earnings	earning	NOUN
ajfa-16968	186	13	and	and	CCONJ
ajfa-16968	186	14	the	the	DET
ajfa-16968	186	15	cautious	cautious	ADJ
ajfa-16968	186	16	r&d	r&d	NOUN
ajfa-16968	186	17	expenditure	expenditure	NOUN
ajfa-16968	186	18	decision	decision	NOUN
ajfa-16968	186	19	made	make	VERB
ajfa-16968	186	20	by	by	ADP
ajfa-16968	186	21	firms	firm	NOUN
ajfa-16968	186	22	in	in	ADP
ajfa-16968	186	23	the	the	DET
ajfa-16968	186	24	presence	presence	NOUN
ajfa-16968	186	25	of	of	ADP
ajfa-16968	186	26	a	a	DET
ajfa-16968	186	27	high	high	ADJ
ajfa-16968	186	28	potential	potential	NOUN
ajfa-16968	186	29	for	for	ADP
ajfa-16968	186	30	future	future	ADJ
ajfa-16968	186	31	growth	growth	NOUN
ajfa-16968	186	32	.	.	PUNCT
ajfa-16968	187	1	however	however	ADV
ajfa-16968	187	2	,	,	PUNCT
ajfa-16968	187	3	interestingly	interestingly	ADV
ajfa-16968	187	4	,	,	PUNCT
ajfa-16968	187	5	finl	finl	NOUN
ajfa-16968	187	6	shows	show	VERB
ajfa-16968	187	7	a	a	DET
ajfa-16968	187	8	statistically	statistically	ADV
ajfa-16968	187	9	insignificant	insignificant	ADJ
ajfa-16968	187	10	positive	positive	ADJ
ajfa-16968	187	11	relationship	relationship	NOUN
ajfa-16968	187	12	when	when	SCONJ
ajfa-16968	187	13	the	the	DET
ajfa-16968	187	14	monitoring	monitoring	NOUN
ajfa-16968	187	15	indicator	indicator	NOUN
ajfa-16968	187	16	shows	show	VERB
ajfa-16968	187	17	a	a	DET
ajfa-16968	187	18	green	green	ADJ
ajfa-16968	187	19	light	light	NOUN
ajfa-16968	187	20	and	and	CCONJ
ajfa-16968	187	21	a	a	DET
ajfa-16968	187	22	yellow	yellow	ADJ
ajfa-16968	187	23	and	and	CCONJ
ajfa-16968	187	24	red	red	ADJ
ajfa-16968	187	25	light	light	NOUN
ajfa-16968	187	26	.	.	PUNCT
ajfa-16968	188	1	unlike	unlike	ADP
ajfa-16968	188	2	the	the	DET
ajfa-16968	188	3	previous	previous	ADJ
ajfa-16968	188	4	findings	finding	NOUN
ajfa-16968	188	5	from	from	ADP
ajfa-16968	188	6	the	the	DET
ajfa-16968	188	7	entire	entire	ADJ
ajfa-16968	188	8	sample	sample	NOUN
ajfa-16968	188	9	,	,	PUNCT
ajfa-16968	188	10	it	it	PRON
ajfa-16968	188	11	seems	seem	VERB
ajfa-16968	188	12	that	that	SCONJ
ajfa-16968	188	13	firm	firm	ADJ
ajfa-16968	188	14	capital	capital	NOUN
ajfa-16968	188	15	structure	structure	NOUN
ajfa-16968	188	16	does	do	AUX
ajfa-16968	188	17	not	not	PART
ajfa-16968	188	18	significantly	significantly	ADV
ajfa-16968	188	19	affect	affect	VERB
ajfa-16968	188	20	firm	firm	ADJ
ajfa-16968	188	21	r&d	r&d	NOUN
ajfa-16968	188	22	decisionmaking	decisionmake	VERB
ajfa-16968	188	23	in	in	ADP
ajfa-16968	188	24	a	a	DET
ajfa-16968	188	25	relatively	relatively	ADV
ajfa-16968	188	26	optimistic	optimistic	ADJ
ajfa-16968	188	27	economy	economy	NOUN
ajfa-16968	188	28	.	.	PUNCT
ajfa-16968	189	1	however	however	ADV
ajfa-16968	189	2	,	,	PUNCT
ajfa-16968	189	3	when	when	SCONJ
ajfa-16968	189	4	the	the	DET
ajfa-16968	189	5	indicator	indicator	NOUN
ajfa-16968	189	6	shows	show	VERB
ajfa-16968	189	7	that	that	SCONJ
ajfa-16968	189	8	the	the	DET
ajfa-16968	189	9	economy	economy	NOUN
ajfa-16968	189	10	falls	fall	VERB
ajfa-16968	189	11	into	into	ADP
ajfa-16968	189	12	recession	recession	NOUN
ajfa-16968	189	13	,	,	PUNCT
ajfa-16968	189	14	which	which	PRON
ajfa-16968	189	15	is	be	AUX
ajfa-16968	189	16	denoted	denote	VERB
ajfa-16968	189	17	by	by	ADP
ajfa-16968	189	18	a	a	DET
ajfa-16968	189	19	blue	blue	ADJ
ajfa-16968	189	20	light	light	NOUN
ajfa-16968	189	21	or	or	CCONJ
ajfa-16968	189	22	a	a	DET
ajfa-16968	189	23	yellow	yellow	ADJ
ajfa-16968	189	24	and	and	CCONJ
ajfa-16968	189	25	blue	blue	ADJ
ajfa-16968	189	26	light	light	NOUN
ajfa-16968	189	27	,	,	PUNCT
ajfa-16968	189	28	firm	firm	ADJ
ajfa-16968	189	29	r&d	r&d	NOUN
ajfa-16968	189	30	decision	decision	NOUN
ajfa-16968	189	31	-	-	PUNCT
ajfa-16968	189	32	making	making	NOUN
ajfa-16968	189	33	is	be	AUX
ajfa-16968	189	34	affected	affect	VERB
ajfa-16968	189	35	by	by	ADP
ajfa-16968	189	36	firm	firm	ADJ
ajfa-16968	189	37	capital	capital	NOUN
ajfa-16968	189	38	structure	structure	NOUN
ajfa-16968	189	39	.	.	PUNCT
ajfa-16968	190	1	asian	asian	ADJ
ajfa-16968	190	2	journal	journal	PROPN
ajfa-16968	190	3	of	of	ADP
ajfa-16968	190	4	finance	finance	PROPN
ajfa-16968	190	5	&	&	CCONJ
ajfa-16968	190	6	accounting	accounting	PROPN
ajfa-16968	190	7	issn	issn	PROPN
ajfa-16968	190	8	1946	1946	NUM
ajfa-16968	190	9	-	-	PUNCT
ajfa-16968	190	10	052x	052x	NOUN
ajfa-16968	190	11	2020	2020	NUM
ajfa-16968	190	12	,	,	PUNCT
ajfa-16968	190	13	vol	vol	NOUN
ajfa-16968	190	14	.	.	PROPN
ajfa-16968	190	15	12	12	NUM
ajfa-16968	190	16	,	,	PUNCT
ajfa-16968	190	17	no	no	INTJ
ajfa-16968	190	18	.	.	NOUN
ajfa-16968	190	19	1	1	NUM
ajfa-16968	190	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	190	21	143	143	NUM
ajfa-16968	190	22	table	table	NOUN
ajfa-16968	190	23	4	4	NUM
ajfa-16968	190	24	.	.	PUNCT
ajfa-16968	191	1	r&d	r&d	NOUN
ajfa-16968	191	2	expenditure	expenditure	NOUN
ajfa-16968	191	3	behavior	behavior	NOUN
ajfa-16968	191	4	of	of	ADP
ajfa-16968	191	5	firms	firm	NOUN
ajfa-16968	191	6	in	in	ADP
ajfa-16968	191	7	different	different	ADJ
ajfa-16968	191	8	overall	overall	ADJ
ajfa-16968	191	9	environments	environment	NOUN
ajfa-16968	191	10	and	and	CCONJ
ajfa-16968	191	11	eras	era	NOUN
ajfa-16968	191	12	with	with	ADP
ajfa-16968	191	13	different	different	ADJ
ajfa-16968	191	14	levels	level	NOUN
ajfa-16968	191	15	of	of	ADP
ajfa-16968	191	16	r&d	r&d	NOUN
ajfa-16968	191	17	intensity	intensity	NOUN
ajfa-16968	191	18	model	model	NOUN
ajfa-16968	191	19	standardized	standardize	VERB
ajfa-16968	191	20	coefficients	coefficient	NOUN
ajfa-16968	191	21	monitoring	monitor	VERB
ajfa-16968	191	22	indicator	indicator	NOUN
ajfa-16968	191	23	(	(	PUNCT
ajfa-16968	191	24	light	light	ADJ
ajfa-16968	191	25	signal	signal	NOUN
ajfa-16968	191	26	)	)	PUNCT
ajfa-16968	191	27	period	period	NOUN
ajfa-16968	191	28	blue	blue	NOUN
ajfa-16968	191	29	(	(	PUNCT
ajfa-16968	191	30	sluggis	sluggis	ADJ
ajfa-16968	191	31	h	h	NOUN
ajfa-16968	191	32	)	)	PUNCT
ajfa-16968	191	33	yellowblue	yellowblue	NOUN
ajfa-16968	191	34	(	(	PUNCT
ajfa-16968	191	35	transition	transition	NOUN
ajfa-16968	191	36	al	al	PROPN
ajfa-16968	191	37	)	)	PUNCT
ajfa-16968	191	38	green	green	NOUN
ajfa-16968	191	39	(	(	PUNCT
ajfa-16968	191	40	stable	stable	ADJ
ajfa-16968	191	41	)	)	PUNCT
ajfa-16968	191	42	yellowred	yellowre	VERB
ajfa-16968	191	43	(	(	PUNCT
ajfa-16968	191	44	transition	transition	NOUN
ajfa-16968	191	45	al	al	PROPN
ajfa-16968	191	46	)	)	PUNCT
ajfa-16968	191	47	1986~20	1986~20	PROPN
ajfa-16968	191	48	00	00	SYM
ajfa-16968	192	1	2001~20	2001~20	NUM
ajfa-16968	192	2	11	11	NUM
ajfa-16968	192	3	2012~20	2012~20	NUM
ajfa-16968	192	4	13	13	NUM
ajfa-16968	192	5	(	(	PUNCT
ajfa-16968	192	6	consta	consta	PROPN
ajfa-16968	192	7	nt	not	PART
ajfa-16968	192	8	)	)	PUNCT
ajfa-16968	192	9	fcf	fcf	NOUN
ajfa-16968	192	10	-.004	-.004	PROPN
ajfa-16968	192	11	-.019	-.019	PROPN
ajfa-16968	193	1	-.009	-.009	PROPN
ajfa-16968	194	1	-.013	-.013	NOUN
ajfa-16968	194	2	-.072	-.072	NOUN
ajfa-16968	194	3	*	*	PUNCT
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ajfa-16968	194	6	-.006	-.006	ADJ
ajfa-16968	194	7	-.017	-.017	X
ajfa-16968	194	8	size	size	NOUN
ajfa-16968	194	9	.004	.004	NUM
ajfa-16968	194	10	.004	.004	NUM
ajfa-16968	194	11	.008	.008	NUM
ajfa-16968	194	12	.015	.015	NUM
ajfa-16968	194	13	.111	.111	NUM
ajfa-16968	194	14	*	*	PUNCT
ajfa-16968	194	15	*	*	PUNCT
ajfa-16968	194	16	*	*	NOUN
ajfa-16968	194	17	.005	.005	NUM
ajfa-16968	194	18	.008	.008	NUM
ajfa-16968	194	19	lnret	lnret	PROPN
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ajfa-16968	194	24	-.014	-.014	PROPN
ajfa-16968	194	25	-.043	-.043	NOUN
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ajfa-16968	194	27	*	*	NOUN
ajfa-16968	194	28	.002	.002	NUM
ajfa-16968	194	29	.003	.003	NUM
ajfa-16968	194	30	opp	opp	PROPN
ajfa-16968	194	31	-.143	-.143	PROPN
ajfa-16968	194	32	*	*	PUNCT
ajfa-16968	195	1	*	*	PUNCT
ajfa-16968	195	2	*	*	PUNCT
ajfa-16968	195	3	-.211	-.211	PUNCT
ajfa-16968	195	4	*	*	PUNCT
ajfa-16968	195	5	*	*	PUNCT
ajfa-16968	195	6	*	*	PUNCT
ajfa-16968	196	1	-.126	-.126	NOUN
ajfa-16968	196	2	*	*	PUNCT
ajfa-16968	196	3	*	*	PUNCT
ajfa-16968	197	1	*	*	PUNCT
ajfa-16968	197	2	-.163	-.163	VERB
ajfa-16968	197	3	*	*	PUNCT
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ajfa-16968	197	7	*	*	PUNCT
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ajfa-16968	198	1	-.152	-.152	PRON
ajfa-16968	198	2	*	*	PUNCT
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ajfa-16968	198	7	*	*	PUNCT
ajfa-16968	198	8	*	*	PUNCT
ajfa-16968	198	9	roa	roa	NOUN
ajfa-16968	198	10	-.100	-.100	NOUN
ajfa-16968	198	11	*	*	PUNCT
ajfa-16968	198	12	*	*	PUNCT
ajfa-16968	198	13	*	*	PUNCT
ajfa-16968	199	1	-.093	-.093	ADJ
ajfa-16968	199	2	*	*	PUNCT
ajfa-16968	199	3	*	*	PUNCT
ajfa-16968	199	4	*	*	PUNCT
ajfa-16968	199	5	-.101	-.101	VERB
ajfa-16968	199	6	*	*	PUNCT
ajfa-16968	199	7	*	*	PUNCT
ajfa-16968	199	8	*	*	PUNCT
ajfa-16968	199	9	-.138	-.138	PROPN
ajfa-16968	199	10	*	*	PUNCT
ajfa-16968	199	11	*	*	PUNCT
ajfa-16968	199	12	*	*	X
ajfa-16968	199	13	.025	.025	NUM
ajfa-16968	199	14	-.126	-.126	NOUN
ajfa-16968	199	15	*	*	PUNCT
ajfa-16968	199	16	*	*	PUNCT
ajfa-16968	199	17	*	*	PUNCT
ajfa-16968	200	1	-.053	-.053	ADJ
ajfa-16968	200	2	*	*	PUNCT
ajfa-16968	200	3	*	*	PUNCT
ajfa-16968	200	4	*	*	PUNCT
ajfa-16968	200	5	finl	finl	NOUN
ajfa-16968	200	6	.033	.033	NUM
ajfa-16968	200	7	*	*	PROPN
ajfa-16968	200	8	*	*	X
ajfa-16968	200	9	.074	.074	NUM
ajfa-16968	200	10	*	*	PUNCT
ajfa-16968	200	11	*	*	X
ajfa-16968	200	12	.017	.017	NUM
ajfa-16968	200	13	.016	.016	NUM
ajfa-16968	200	14	.004	.004	NUM
ajfa-16968	200	15	.023	.023	NUM
ajfa-16968	200	16	*	*	PUNCT
ajfa-16968	200	17	*	*	NOUN
ajfa-16968	200	18	.046	.046	NUM
ajfa-16968	200	19	*	*	PUNCT
ajfa-16968	201	1	*	*	PUNCT
ajfa-16968	202	1	note	note	NOUN
ajfa-16968	203	1	1	1	NUM
ajfa-16968	203	2	:	:	PUNCT
ajfa-16968	203	3	the	the	DET
ajfa-16968	203	4	study	study	NOUN
ajfa-16968	203	5	adopts	adopt	VERB
ajfa-16968	203	6	the	the	DET
ajfa-16968	203	7	method	method	NOUN
ajfa-16968	203	8	of	of	ADP
ajfa-16968	203	9	ordinary	ordinary	ADJ
ajfa-16968	203	10	least	least	ADJ
ajfa-16968	203	11	square	square	ADJ
ajfa-16968	203	12	(	(	PUNCT
ajfa-16968	203	13	ols	ol	NOUN
ajfa-16968	203	14	)	)	PUNCT
ajfa-16968	203	15	of	of	ADP
ajfa-16968	203	16	pooled	pool	VERB
ajfa-16968	203	17	cross	cross	ADJ
ajfa-16968	203	18	-	-	ADJ
ajfa-16968	203	19	sectional	sectional	ADJ
ajfa-16968	203	20	data	datum	NOUN
ajfa-16968	203	21	to	to	PART
ajfa-16968	203	22	estimate	estimate	VERB
ajfa-16968	203	23	the	the	DET
ajfa-16968	203	24	multiple	multiple	ADJ
ajfa-16968	203	25	regression	regression	NOUN
ajfa-16968	203	26	analysis	analysis	NOUN
ajfa-16968	203	27	.	.	PUNCT
ajfa-16968	204	1	titititititititi	titititititititi	PROPN
ajfa-16968	204	2	finlroaopplnretsizefcfrdrate	finlroaopplnretsizefcfrdrate	VERB
ajfa-16968	204	3	,	,	PUNCT
ajfa-16968	204	4	,	,	PUNCT
ajfa-16968	204	5	6,5,4,3,2,10	6,5,4,3,2,10	PROPN
ajfa-16968	204	6	,	,	PUNCT
ajfa-16968	204	7			PROPN
ajfa-16968	204	8			PROPN
ajfa-16968	204	9	note	note	VERB
ajfa-16968	204	10	2	2	NUM
ajfa-16968	204	11	:	:	PUNCT
ajfa-16968	204	12	rdrate	rdrate	NOUN
ajfa-16968	204	13	:	:	PUNCT
ajfa-16968	204	14	r&d	r&d	NOUN
ajfa-16968	204	15	expenditure	expenditure	NOUN
ajfa-16968	204	16	ratio	ratio	NOUN
ajfa-16968	204	17	;	;	PUNCT
ajfa-16968	204	18	fcf	fcf	NOUN
ajfa-16968	204	19	:	:	PUNCT
ajfa-16968	204	20	free	free	ADJ
ajfa-16968	204	21	cash	cash	NOUN
ajfa-16968	204	22	flow	flow	NOUN
ajfa-16968	204	23	;	;	PUNCT
ajfa-16968	204	24	size	size	NOUN
ajfa-16968	204	25	:	:	PUNCT
ajfa-16968	204	26	firm	firm	ADJ
ajfa-16968	204	27	size	size	NOUN
ajfa-16968	204	28	;	;	PUNCT
ajfa-16968	204	29	lnret	lnret	PROPN
ajfa-16968	204	30	:	:	PUNCT
ajfa-16968	204	31	ln	ln	ADJ
ajfa-16968	204	32	(	(	PUNCT
ajfa-16968	204	33	return	return	VERB
ajfa-16968	204	34	on	on	ADP
ajfa-16968	204	35	share	share	NOUN
ajfa-16968	204	36	price	price	NOUN
ajfa-16968	204	37	)	)	PUNCT
ajfa-16968	204	38	;	;	PUNCT
ajfa-16968	204	39	opp	opp	PRON
ajfa-16968	204	40	:	:	PUNCT
ajfa-16968	204	41	future	future	ADJ
ajfa-16968	204	42	investment	investment	NOUN
ajfa-16968	204	43	growth	growth	NOUN
ajfa-16968	204	44	opportunity	opportunity	NOUN
ajfa-16968	204	45	;	;	PUNCT
ajfa-16968	204	46	roa	roa	NOUN
ajfa-16968	204	47	:	:	PUNCT
ajfa-16968	204	48	return	return	VERB
ajfa-16968	204	49	on	on	ADP
ajfa-16968	204	50	assets	asset	NOUN
ajfa-16968	204	51	;	;	PUNCT
ajfa-16968	204	52	finl	finl	NOUN
ajfa-16968	204	53	:	:	PUNCT
ajfa-16968	204	54	debt	debt	NOUN
ajfa-16968	204	55	-	-	PUNCT
ajfa-16968	204	56	to	to	ADP
ajfa-16968	204	57	-	-	PUNCT
ajfa-16968	204	58	equity	equity	NOUN
ajfa-16968	204	59	ratio	ratio	NOUN
ajfa-16968	204	60	.	.	PUNCT
ajfa-16968	205	1	note	note	VERB
ajfa-16968	205	2	3	3	NUM
ajfa-16968	205	3	:	:	PUNCT
ajfa-16968	205	4	to	to	PART
ajfa-16968	205	5	avoid	avoid	VERB
ajfa-16968	205	6	subjectively	subjectively	ADV
ajfa-16968	205	7	distinguishing	distinguish	VERB
ajfa-16968	205	8	different	different	ADJ
ajfa-16968	205	9	subsamples	subsample	NOUN
ajfa-16968	205	10	of	of	ADP
ajfa-16968	205	11	the	the	DET
ajfa-16968	205	12	overall	overall	ADJ
ajfa-16968	205	13	economic	economic	ADJ
ajfa-16968	205	14	situations	situation	NOUN
ajfa-16968	205	15	,	,	PUNCT
ajfa-16968	205	16	this	this	DET
ajfa-16968	205	17	study	study	NOUN
ajfa-16968	205	18	takes	take	VERB
ajfa-16968	205	19	the	the	DET
ajfa-16968	205	20	monitoring	monitoring	NOUN
ajfa-16968	205	21	indicators	indicator	NOUN
ajfa-16968	205	22	of	of	ADP
ajfa-16968	205	23	each	each	DET
ajfa-16968	205	24	year	year	NOUN
ajfa-16968	205	25	as	as	ADP
ajfa-16968	205	26	the	the	DET
ajfa-16968	205	27	indicator	indicator	NOUN
ajfa-16968	205	28	for	for	ADP
ajfa-16968	205	29	overall	overall	ADJ
ajfa-16968	205	30	economic	economic	ADJ
ajfa-16968	205	31	situations	situation	NOUN
ajfa-16968	205	32	.	.	PUNCT
ajfa-16968	206	1	the	the	DET
ajfa-16968	206	2	monitoring	monitoring	NOUN
ajfa-16968	206	3	indicator	indicator	NOUN
ajfa-16968	206	4	is	be	AUX
ajfa-16968	206	5	the	the	DET
ajfa-16968	206	6	sum	sum	NOUN
ajfa-16968	206	7	of	of	ADP
ajfa-16968	206	8	the	the	DET
ajfa-16968	206	9	indicator	indicator	NOUN
ajfa-16968	206	10	scores	score	NOUN
ajfa-16968	206	11	of	of	ADP
ajfa-16968	206	12	nine	nine	NUM
ajfa-16968	206	13	economic	economic	ADJ
ajfa-16968	206	14	activities	activity	NOUN
ajfa-16968	206	15	published	publish	VERB
ajfa-16968	206	16	monthly	monthly	ADV
ajfa-16968	206	17	by	by	ADP
ajfa-16968	206	18	the	the	DET
ajfa-16968	206	19	council	council	NOUN
ajfa-16968	206	20	for	for	ADP
ajfa-16968	206	21	economic	economic	ADJ
ajfa-16968	206	22	planning	planning	NOUN
ajfa-16968	206	23	and	and	CCONJ
ajfa-16968	206	24	development	development	NOUN
ajfa-16968	206	25	,	,	PUNCT
ajfa-16968	206	26	executive	executive	NOUN
ajfa-16968	206	27	yuan	yuan	NOUN
ajfa-16968	206	28	,	,	PUNCT
ajfa-16968	206	29	namely	namely	ADV
ajfa-16968	206	30	monetary	monetary	ADJ
ajfa-16968	206	31	aggregate	aggregate	NOUN
ajfa-16968	206	32	m1b	m1b	PROPN
ajfa-16968	206	33	;	;	PUNCT
ajfa-16968	206	34	direct	direct	ADJ
ajfa-16968	206	35	and	and	CCONJ
ajfa-16968	206	36	indirect	indirect	ADJ
ajfa-16968	206	37	finance	finance	NOUN
ajfa-16968	206	38	;	;	PUNCT
ajfa-16968	206	39	taiex	taiex	NOUN
ajfa-16968	206	40	average	average	ADJ
ajfa-16968	206	41	closing	closing	NOUN
ajfa-16968	206	42	price	price	NOUN
ajfa-16968	206	43	;	;	PUNCT
ajfa-16968	206	44	industrial	industrial	ADJ
ajfa-16968	206	45	production	production	NOUN
ajfa-16968	206	46	index	index	NOUN
ajfa-16968	206	47	;	;	PUNCT
ajfa-16968	206	48	non	non	ADJ
ajfa-16968	206	49	-	-	ADJ
ajfa-16968	206	50	agricultural	agricultural	ADJ
ajfa-16968	206	51	employment	employment	NOUN
ajfa-16968	206	52	;	;	PUNCT
ajfa-16968	206	53	customs	custom	NOUN
ajfa-16968	206	54	export	export	NOUN
ajfa-16968	206	55	value	value	NOUN
ajfa-16968	206	56	;	;	PUNCT
ajfa-16968	206	57	imports	import	NOUN
ajfa-16968	206	58	of	of	ADP
ajfa-16968	206	59	machineries	machinery	NOUN
ajfa-16968	206	60	&	&	CCONJ
ajfa-16968	206	61	electrical	electrical	ADJ
ajfa-16968	206	62	equipment	equipment	NOUN
ajfa-16968	206	63	;	;	PUNCT
ajfa-16968	206	64	tier	tier	NOUN
ajfa-16968	206	65	manufacturing	manufacturing	NOUN
ajfa-16968	206	66	composite	composite	ADJ
ajfa-16968	206	67	indicator	indicator	NOUN
ajfa-16968	206	68	/	/	SYM
ajfa-16968	206	69	index	index	NOUN
ajfa-16968	206	70	of	of	ADP
ajfa-16968	206	71	producer	producer	NOUN
ajfa-16968	206	72	’s	’s	PART
ajfa-16968	206	73	shipment	shipment	NOUN
ajfa-16968	206	74	for	for	ADP
ajfa-16968	206	75	manufacturing	manufacturing	NOUN
ajfa-16968	206	76	;	;	PUNCT
ajfa-16968	206	77	and	and	CCONJ
ajfa-16968	206	78	sales	sale	NOUN
ajfa-16968	206	79	of	of	ADP
ajfa-16968	206	80	trade	trade	NOUN
ajfa-16968	206	81	and	and	CCONJ
ajfa-16968	206	82	food	food	NOUN
ajfa-16968	206	83	services	service	NOUN
ajfa-16968	206	84	.	.	PUNCT
ajfa-16968	207	1	the	the	DET
ajfa-16968	207	2	highest	high	ADJ
ajfa-16968	207	3	score	score	NOUN
ajfa-16968	207	4	for	for	ADP
ajfa-16968	207	5	the	the	DET
ajfa-16968	207	6	monitoring	monitoring	NOUN
ajfa-16968	207	7	indicator	indicator	NOUN
ajfa-16968	207	8	is	be	AUX
ajfa-16968	207	9	45	45	NUM
ajfa-16968	207	10	,	,	PUNCT
ajfa-16968	207	11	and	and	CCONJ
ajfa-16968	207	12	the	the	DET
ajfa-16968	207	13	lowest	low	ADJ
ajfa-16968	207	14	is	be	AUX
ajfa-16968	207	15	9	9	NUM
ajfa-16968	207	16	.	.	PUNCT
ajfa-16968	208	1	the	the	DET
ajfa-16968	208	2	comprehensive	comprehensive	ADJ
ajfa-16968	208	3	scores	score	NOUN
ajfa-16968	208	4	obtained	obtain	VERB
ajfa-16968	208	5	are	be	AUX
ajfa-16968	208	6	used	use	VERB
ajfa-16968	208	7	to	to	PART
ajfa-16968	208	8	distinguish	distinguish	VERB
ajfa-16968	208	9	the	the	DET
ajfa-16968	208	10	corresponding	corresponding	ADJ
ajfa-16968	208	11	monitoring	monitoring	NOUN
ajfa-16968	208	12	indicators	indicator	NOUN
ajfa-16968	208	13	for	for	SCONJ
ajfa-16968	208	14	them	they	PRON
ajfa-16968	208	15	to	to	PART
ajfa-16968	208	16	be	be	AUX
ajfa-16968	208	17	used	use	VERB
ajfa-16968	208	18	as	as	ADP
ajfa-16968	208	19	a	a	DET
ajfa-16968	208	20	reference	reference	NOUN
ajfa-16968	208	21	for	for	ADP
ajfa-16968	208	22	future	future	ADJ
ajfa-16968	208	23	monitoring	monitoring	NOUN
ajfa-16968	208	24	.	.	PUNCT
ajfa-16968	209	1	the	the	DET
ajfa-16968	209	2	scores	score	NOUN
ajfa-16968	209	3	and	and	CCONJ
ajfa-16968	209	4	meaning	meaning	NOUN
ajfa-16968	209	5	of	of	ADP
ajfa-16968	209	6	each	each	DET
ajfa-16968	209	7	monitoring	monitoring	NOUN
ajfa-16968	209	8	indicator	indicator	NOUN
ajfa-16968	209	9	are	be	AUX
ajfa-16968	209	10	shown	show	VERB
ajfa-16968	209	11	as	as	SCONJ
ajfa-16968	209	12	follows	follow	VERB
ajfa-16968	209	13	:	:	PUNCT
ajfa-16968	209	14	if	if	SCONJ
ajfa-16968	209	15	the	the	DET
ajfa-16968	209	16	comprehensive	comprehensive	ADJ
ajfa-16968	209	17	indicator	indicator	NOUN
ajfa-16968	209	18	score	score	NOUN
ajfa-16968	209	19	falls	fall	VERB
ajfa-16968	209	20	between	between	ADP
ajfa-16968	209	21	9	9	NUM
ajfa-16968	209	22	and	and	CCONJ
ajfa-16968	209	23	16	16	NUM
ajfa-16968	209	24	,	,	PUNCT
ajfa-16968	209	25	it	it	PRON
ajfa-16968	209	26	shows	show	VERB
ajfa-16968	209	27	a	a	DET
ajfa-16968	209	28	blue	blue	ADJ
ajfa-16968	209	29	light	light	NOUN
ajfa-16968	209	30	,	,	PUNCT
ajfa-16968	209	31	meaning	mean	VERB
ajfa-16968	209	32	that	that	SCONJ
ajfa-16968	209	33	the	the	DET
ajfa-16968	209	34	economy	economy	NOUN
ajfa-16968	209	35	is	be	AUX
ajfa-16968	209	36	in	in	ADP
ajfa-16968	209	37	a	a	DET
ajfa-16968	209	38	downturn	downturn	NOUN
ajfa-16968	209	39	;	;	PUNCT
ajfa-16968	209	40	a	a	DET
ajfa-16968	209	41	score	score	NOUN
ajfa-16968	209	42	between	between	ADP
ajfa-16968	209	43	17	17	NUM
ajfa-16968	209	44	and	and	CCONJ
ajfa-16968	209	45	22	22	NUM
ajfa-16968	209	46	shows	show	VERB
ajfa-16968	209	47	a	a	DET
ajfa-16968	209	48	yellow	yellow	ADJ
ajfa-16968	209	49	-	-	PUNCT
ajfa-16968	209	50	blue	blue	ADJ
ajfa-16968	209	51	light	light	NOUN
ajfa-16968	209	52	,	,	PUNCT
ajfa-16968	209	53	meaning	mean	VERB
ajfa-16968	209	54	that	that	SCONJ
ajfa-16968	209	55	the	the	DET
ajfa-16968	209	56	economy	economy	NOUN
ajfa-16968	209	57	is	be	AUX
ajfa-16968	209	58	getting	getting	AUX
ajfa-16968	209	59	rid	rid	VERB
ajfa-16968	209	60	of	of	ADP
ajfa-16968	209	61	a	a	DET
ajfa-16968	209	62	downturn	downturn	NOUN
ajfa-16968	209	63	;	;	PUNCT
ajfa-16968	209	64	a	a	DET
ajfa-16968	209	65	score	score	NOUN
ajfa-16968	209	66	between	between	ADP
ajfa-16968	209	67	23	23	NUM
ajfa-16968	209	68	and	and	CCONJ
ajfa-16968	209	69	31	31	NUM
ajfa-16968	209	70	shows	show	VERB
ajfa-16968	209	71	a	a	DET
ajfa-16968	209	72	green	green	ADJ
ajfa-16968	209	73	light	light	NOUN
ajfa-16968	209	74	,	,	PUNCT
ajfa-16968	209	75	meaning	mean	VERB
ajfa-16968	209	76	that	that	SCONJ
ajfa-16968	209	77	the	the	DET
ajfa-16968	209	78	economy	economy	NOUN
ajfa-16968	209	79	is	be	AUX
ajfa-16968	209	80	stable	stable	ADJ
ajfa-16968	209	81	;	;	PUNCT
ajfa-16968	209	82	a	a	DET
ajfa-16968	209	83	score	score	NOUN
ajfa-16968	209	84	between	between	ADP
ajfa-16968	209	85	32	32	NUM
ajfa-16968	209	86	and	and	CCONJ
ajfa-16968	209	87	37	37	NUM
ajfa-16968	209	88	shows	show	VERB
ajfa-16968	209	89	a	a	DET
ajfa-16968	209	90	yellow	yellow	ADJ
ajfa-16968	209	91	-	-	PUNCT
ajfa-16968	209	92	red	red	ADJ
ajfa-16968	209	93	light	light	NOUN
ajfa-16968	209	94	,	,	PUNCT
ajfa-16968	209	95	meaning	mean	VERB
ajfa-16968	209	96	that	that	SCONJ
ajfa-16968	209	97	the	the	DET
ajfa-16968	209	98	economy	economy	NOUN
ajfa-16968	209	99	is	be	AUX
ajfa-16968	209	100	growing	grow	VERB
ajfa-16968	209	101	steadily	steadily	ADV
ajfa-16968	209	102	;	;	PUNCT
ajfa-16968	209	103	asian	asian	ADJ
ajfa-16968	209	104	journal	journal	NOUN
ajfa-16968	209	105	of	of	ADP
ajfa-16968	209	106	finance	finance	PROPN
ajfa-16968	209	107	&	&	CCONJ
ajfa-16968	209	108	accounting	accounting	PROPN
ajfa-16968	209	109	issn	issn	PROPN
ajfa-16968	209	110	1946	1946	NUM
ajfa-16968	209	111	-	-	PUNCT
ajfa-16968	209	112	052x	052x	NOUN
ajfa-16968	209	113	2020	2020	NUM
ajfa-16968	209	114	,	,	PUNCT
ajfa-16968	209	115	vol	vol	NOUN
ajfa-16968	209	116	.	.	PROPN
ajfa-16968	209	117	12	12	NUM
ajfa-16968	209	118	,	,	PUNCT
ajfa-16968	209	119	no	no	INTJ
ajfa-16968	209	120	.	.	NOUN
ajfa-16968	209	121	1	1	NUM
ajfa-16968	209	122	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	209	123	144	144	NUM
ajfa-16968	209	124	and	and	CCONJ
ajfa-16968	209	125	a	a	DET
ajfa-16968	209	126	score	score	NOUN
ajfa-16968	209	127	between	between	ADP
ajfa-16968	209	128	38	38	NUM
ajfa-16968	209	129	and	and	CCONJ
ajfa-16968	209	130	45	45	NUM
ajfa-16968	209	131	shows	show	VERB
ajfa-16968	209	132	a	a	DET
ajfa-16968	209	133	red	red	ADJ
ajfa-16968	209	134	light	light	NOUN
ajfa-16968	209	135	,	,	PUNCT
ajfa-16968	209	136	meaning	mean	VERB
ajfa-16968	209	137	that	that	SCONJ
ajfa-16968	209	138	the	the	DET
ajfa-16968	209	139	economy	economy	NOUN
ajfa-16968	209	140	is	be	AUX
ajfa-16968	209	141	booming	boom	VERB
ajfa-16968	209	142	.	.	PUNCT
ajfa-16968	210	1	there	there	PRON
ajfa-16968	210	2	was	be	VERB
ajfa-16968	210	3	no	no	DET
ajfa-16968	210	4	indicator	indicator	NOUN
ajfa-16968	210	5	flashing	flash	VERB
ajfa-16968	210	6	a	a	DET
ajfa-16968	210	7	red	red	ADJ
ajfa-16968	210	8	light	light	NOUN
ajfa-16968	210	9	in	in	ADP
ajfa-16968	210	10	the	the	DET
ajfa-16968	210	11	samples	sample	NOUN
ajfa-16968	210	12	during	during	ADP
ajfa-16968	210	13	the	the	DET
ajfa-16968	210	14	28	28	NUM
ajfa-16968	210	15	-	-	PUNCT
ajfa-16968	210	16	year	year	NOUN
ajfa-16968	210	17	study	study	NOUN
ajfa-16968	210	18	period	period	NOUN
ajfa-16968	210	19	.	.	PUNCT
ajfa-16968	211	1	note	note	VERB
ajfa-16968	211	2	4	4	NUM
ajfa-16968	211	3	:	:	PUNCT
ajfa-16968	211	4	according	accord	VERB
ajfa-16968	211	5	to	to	ADP
ajfa-16968	211	6	the	the	DET
ajfa-16968	211	7	statistics	statistic	NOUN
ajfa-16968	211	8	from	from	ADP
ajfa-16968	211	9	the	the	DET
ajfa-16968	211	10	indicators	indicator	NOUN
ajfa-16968	211	11	of	of	ADP
ajfa-16968	211	12	science	science	NOUN
ajfa-16968	211	13	and	and	CCONJ
ajfa-16968	211	14	technology	technology	NOUN
ajfa-16968	211	15	of	of	ADP
ajfa-16968	211	16	the	the	DET
ajfa-16968	211	17	republic	republic	NOUN
ajfa-16968	211	18	of	of	ADP
ajfa-16968	211	19	china	china	PROPN
ajfa-16968	211	20	issued	issue	VERB
ajfa-16968	211	21	by	by	ADP
ajfa-16968	211	22	the	the	DET
ajfa-16968	211	23	ministry	ministry	PROPN
ajfa-16968	211	24	of	of	ADP
ajfa-16968	211	25	science	science	NOUN
ajfa-16968	211	26	and	and	CCONJ
ajfa-16968	211	27	technology	technology	NOUN
ajfa-16968	211	28	,	,	PUNCT
ajfa-16968	211	29	the	the	DET
ajfa-16968	211	30	proportion	proportion	NOUN
ajfa-16968	211	31	of	of	ADP
ajfa-16968	211	32	taiwan	taiwan	PROPN
ajfa-16968	211	33	's	's	PART
ajfa-16968	211	34	overall	overall	ADJ
ajfa-16968	211	35	r&d	r&d	NOUN
ajfa-16968	211	36	expenditure	expenditure	NOUN
ajfa-16968	211	37	to	to	ADP
ajfa-16968	211	38	gdp	gdp	NOUN
ajfa-16968	211	39	has	have	AUX
ajfa-16968	211	40	increased	increase	VERB
ajfa-16968	211	41	year	year	NOUN
ajfa-16968	211	42	by	by	ADP
ajfa-16968	211	43	year	year	NOUN
ajfa-16968	211	44	ever	ever	ADV
ajfa-16968	211	45	since	since	SCONJ
ajfa-16968	211	46	it	it	PRON
ajfa-16968	211	47	exceeded	exceed	VERB
ajfa-16968	211	48	2	2	NUM
ajfa-16968	211	49	%	%	NOUN
ajfa-16968	211	50	in	in	ADP
ajfa-16968	211	51	2001	2001	NUM
ajfa-16968	211	52	,	,	PUNCT
ajfa-16968	211	53	and	and	CCONJ
ajfa-16968	211	54	it	it	PRON
ajfa-16968	211	55	has	have	AUX
ajfa-16968	211	56	increased	increase	VERB
ajfa-16968	211	57	to	to	ADP
ajfa-16968	211	58	more	more	ADJ
ajfa-16968	211	59	than	than	ADP
ajfa-16968	211	60	3.1	3.1	NUM
ajfa-16968	211	61	%	%	NOUN
ajfa-16968	211	62	since	since	SCONJ
ajfa-16968	211	63	2012	2012	NUM
ajfa-16968	211	64	.	.	PUNCT
ajfa-16968	212	1	thus	thus	ADV
ajfa-16968	212	2	,	,	PUNCT
ajfa-16968	212	3	this	this	DET
ajfa-16968	212	4	study	study	NOUN
ajfa-16968	212	5	has	have	AUX
ajfa-16968	212	6	divided	divide	VERB
ajfa-16968	212	7	the	the	DET
ajfa-16968	212	8	entire	entire	ADJ
ajfa-16968	212	9	sample	sample	NOUN
ajfa-16968	212	10	period	period	NOUN
ajfa-16968	212	11	into	into	ADP
ajfa-16968	212	12	three	three	NUM
ajfa-16968	212	13	parts	part	NOUN
ajfa-16968	212	14	,	,	PUNCT
ajfa-16968	212	15	which	which	PRON
ajfa-16968	212	16	are	be	AUX
ajfa-16968	212	17	the	the	DET
ajfa-16968	212	18	low	low	ADJ
ajfa-16968	212	19	r&d	r&d	NOUN
ajfa-16968	212	20	era	era	NOUN
ajfa-16968	212	21	before	before	ADP
ajfa-16968	212	22	2000	2000	NUM
ajfa-16968	212	23	,	,	PUNCT
ajfa-16968	212	24	the	the	DET
ajfa-16968	212	25	leap	leap	PROPN
ajfa-16968	212	26	forward	forward	ADV
ajfa-16968	212	27	r&d	r&d	NOUN
ajfa-16968	212	28	era	era	NOUN
ajfa-16968	212	29	from	from	ADP
ajfa-16968	212	30	2001	2001	NUM
ajfa-16968	212	31	to	to	ADP
ajfa-16968	212	32	2011	2011	NUM
ajfa-16968	212	33	,	,	PUNCT
ajfa-16968	212	34	and	and	CCONJ
ajfa-16968	212	35	the	the	DET
ajfa-16968	212	36	high	high	ADJ
ajfa-16968	212	37	r&d	r&d	NOUN
ajfa-16968	212	38	era	era	NOUN
ajfa-16968	212	39	after	after	ADP
ajfa-16968	212	40	2012	2012	NUM
ajfa-16968	212	41	.	.	PUNCT
ajfa-16968	213	1	note	note	VERB
ajfa-16968	213	2	5	5	NUM
ajfa-16968	213	3	:	:	PUNCT
ajfa-16968	213	4	*	*	PUNCT
ajfa-16968	213	5	*	*	PUNCT
ajfa-16968	213	6	*	*	PUNCT
ajfa-16968	213	7	represents	represent	VERB
ajfa-16968	213	8	the	the	DET
ajfa-16968	213	9	statistical	statistical	ADJ
ajfa-16968	213	10	significance	significance	NOUN
ajfa-16968	213	11	level	level	NOUN
ajfa-16968	213	12	of	of	ADP
ajfa-16968	213	13	two	two	NUM
ajfa-16968	213	14	-	-	PUNCT
ajfa-16968	213	15	paired	pair	VERB
ajfa-16968	213	16	test	test	NOUN
ajfa-16968	213	17	of	of	ADP
ajfa-16968	213	18	1	1	NUM
ajfa-16968	213	19	%	%	NOUN
ajfa-16968	213	20	.	.	PUNCT
ajfa-16968	214	1	note	note	VERB
ajfa-16968	214	2	6	6	NUM
ajfa-16968	214	3	:	:	PUNCT
ajfa-16968	214	4	*	*	PUNCT
ajfa-16968	214	5	*	*	PUNCT
ajfa-16968	214	6	represents	represent	VERB
ajfa-16968	214	7	the	the	DET
ajfa-16968	214	8	statistical	statistical	ADJ
ajfa-16968	214	9	significance	significance	NOUN
ajfa-16968	214	10	level	level	NOUN
ajfa-16968	214	11	of	of	ADP
ajfa-16968	214	12	two	two	NUM
ajfa-16968	214	13	-	-	PUNCT
ajfa-16968	214	14	paired	pair	VERB
ajfa-16968	214	15	test	test	NOUN
ajfa-16968	214	16	of	of	ADP
ajfa-16968	214	17	5	5	NUM
ajfa-16968	214	18	%	%	NOUN
ajfa-16968	214	19	.	.	PUNCT
ajfa-16968	215	1	note	note	VERB
ajfa-16968	215	2	7	7	NUM
ajfa-16968	215	3	:	:	PUNCT
ajfa-16968	215	4	*	*	PUNCT
ajfa-16968	215	5	represents	represent	VERB
ajfa-16968	215	6	the	the	DET
ajfa-16968	215	7	statistical	statistical	ADJ
ajfa-16968	215	8	significance	significance	NOUN
ajfa-16968	215	9	level	level	NOUN
ajfa-16968	215	10	of	of	ADP
ajfa-16968	215	11	two	two	NUM
ajfa-16968	215	12	-	-	PUNCT
ajfa-16968	215	13	paired	pair	VERB
ajfa-16968	215	14	test	test	NOUN
ajfa-16968	215	15	of	of	ADP
ajfa-16968	215	16	10	10	NUM
ajfa-16968	215	17	%	%	NOUN
ajfa-16968	215	18	.	.	PUNCT
ajfa-16968	216	1	in	in	ADP
ajfa-16968	216	2	addition	addition	NOUN
ajfa-16968	216	3	,	,	PUNCT
ajfa-16968	216	4	as	as	SCONJ
ajfa-16968	216	5	the	the	DET
ajfa-16968	216	6	proportion	proportion	NOUN
ajfa-16968	216	7	of	of	ADP
ajfa-16968	216	8	taiwan	taiwan	PROPN
ajfa-16968	216	9	's	's	PART
ajfa-16968	216	10	overall	overall	ADJ
ajfa-16968	216	11	r&d	r&d	NOUN
ajfa-16968	216	12	expenditure	expenditure	NOUN
ajfa-16968	216	13	in	in	ADP
ajfa-16968	216	14	gdp	gdp	NOUN
ajfa-16968	216	15	has	have	AUX
ajfa-16968	216	16	exceeded	exceed	VERB
ajfa-16968	216	17	2	2	NUM
ajfa-16968	216	18	%	%	NOUN
ajfa-16968	216	19	and	and	CCONJ
ajfa-16968	216	20	increased	increase	VERB
ajfa-16968	216	21	gradually	gradually	ADV
ajfa-16968	216	22	since	since	SCONJ
ajfa-16968	216	23	2001	2001	NUM
ajfa-16968	216	24	and	and	CCONJ
ajfa-16968	216	25	has	have	AUX
ajfa-16968	216	26	exceeded	exceed	VERB
ajfa-16968	216	27	3.1	3.1	NUM
ajfa-16968	216	28	%	%	NOUN
ajfa-16968	216	29	since	since	SCONJ
ajfa-16968	216	30	2012	2012	NUM
ajfa-16968	216	31	,	,	PUNCT
ajfa-16968	216	32	this	this	DET
ajfa-16968	216	33	study	study	NOUN
ajfa-16968	216	34	has	have	AUX
ajfa-16968	216	35	divided	divide	VERB
ajfa-16968	216	36	the	the	DET
ajfa-16968	216	37	entire	entire	ADJ
ajfa-16968	216	38	sample	sample	NOUN
ajfa-16968	216	39	period	period	NOUN
ajfa-16968	216	40	into	into	ADP
ajfa-16968	216	41	three	three	NUM
ajfa-16968	216	42	parts	part	NOUN
ajfa-16968	216	43	,	,	PUNCT
ajfa-16968	216	44	which	which	PRON
ajfa-16968	216	45	are	be	AUX
ajfa-16968	216	46	the	the	DET
ajfa-16968	216	47	low	low	ADJ
ajfa-16968	216	48	r&d	r&d	NOUN
ajfa-16968	216	49	era	era	NOUN
ajfa-16968	216	50	before	before	ADP
ajfa-16968	216	51	2000	2000	NUM
ajfa-16968	216	52	;	;	PUNCT
ajfa-16968	216	53	the	the	DET
ajfa-16968	216	54	leap	leap	PROPN
ajfa-16968	216	55	forward	forward	ADV
ajfa-16968	216	56	r&d	r&d	NOUN
ajfa-16968	216	57	era	era	NOUN
ajfa-16968	216	58	from	from	ADP
ajfa-16968	216	59	2001	2001	NUM
ajfa-16968	216	60	to	to	ADP
ajfa-16968	216	61	2011	2011	NUM
ajfa-16968	216	62	;	;	PUNCT
ajfa-16968	216	63	and	and	CCONJ
ajfa-16968	216	64	the	the	DET
ajfa-16968	216	65	high	high	ADJ
ajfa-16968	216	66	r&d	r&d	NOUN
ajfa-16968	216	67	era	era	NOUN
ajfa-16968	216	68	after	after	ADP
ajfa-16968	216	69	2012	2012	NUM
ajfa-16968	216	70	.	.	PUNCT
ajfa-16968	217	1	the	the	DET
ajfa-16968	217	2	right	right	ADJ
ajfa-16968	217	3	-	-	PUNCT
ajfa-16968	217	4	hand	hand	NOUN
ajfa-16968	217	5	side	side	NOUN
ajfa-16968	217	6	half	half	NOUN
ajfa-16968	217	7	of	of	ADP
ajfa-16968	217	8	table	table	NOUN
ajfa-16968	217	9	4	4	NUM
ajfa-16968	217	10	shows	show	VERB
ajfa-16968	217	11	the	the	DET
ajfa-16968	217	12	results	result	NOUN
ajfa-16968	217	13	under	under	ADP
ajfa-16968	217	14	different	different	ADJ
ajfa-16968	217	15	eras	era	NOUN
ajfa-16968	217	16	with	with	ADP
ajfa-16968	217	17	different	different	ADJ
ajfa-16968	217	18	r&d	r&d	NOUN
ajfa-16968	217	19	intensities	intensity	NOUN
ajfa-16968	217	20	.	.	PUNCT
ajfa-16968	218	1	the	the	DET
ajfa-16968	218	2	r&d	r&d	NOUN
ajfa-16968	218	3	expenditure	expenditure	NOUN
ajfa-16968	218	4	decisions	decision	NOUN
ajfa-16968	218	5	after	after	ADP
ajfa-16968	218	6	2000	2000	NUM
ajfa-16968	218	7	show	show	VERB
ajfa-16968	218	8	the	the	DET
ajfa-16968	218	9	same	same	ADJ
ajfa-16968	218	10	result	result	NOUN
ajfa-16968	218	11	as	as	ADP
ajfa-16968	218	12	that	that	PRON
ajfa-16968	218	13	shown	show	VERB
ajfa-16968	218	14	by	by	ADP
ajfa-16968	218	15	the	the	DET
ajfa-16968	218	16	entire	entire	ADJ
ajfa-16968	218	17	sample	sample	NOUN
ajfa-16968	218	18	;	;	PUNCT
ajfa-16968	218	19	however	however	ADV
ajfa-16968	218	20	,	,	PUNCT
ajfa-16968	218	21	before	before	SCONJ
ajfa-16968	218	22	the	the	DET
ajfa-16968	218	23	low	low	ADJ
ajfa-16968	218	24	r&d	r&d	NOUN
ajfa-16968	218	25	era	era	NOUN
ajfa-16968	218	26	preceding	precede	VERB
ajfa-16968	218	27	2000	2000	NUM
ajfa-16968	218	28	firms	firm	NOUN
ajfa-16968	218	29	made	make	VERB
ajfa-16968	218	30	very	very	ADV
ajfa-16968	218	31	cautious	cautious	ADJ
ajfa-16968	218	32	decisions	decision	NOUN
ajfa-16968	218	33	on	on	ADP
ajfa-16968	218	34	r&d	r&d	NOUN
ajfa-16968	218	35	expenditures	expenditure	NOUN
ajfa-16968	218	36	.	.	PUNCT
ajfa-16968	219	1	fcf	fcf	NOUN
ajfa-16968	219	2	,	,	PUNCT
ajfa-16968	219	3	size	size	NOUN
ajfa-16968	219	4	,	,	PUNCT
ajfa-16968	219	5	and	and	CCONJ
ajfa-16968	219	6	lnret	lnret	NOUN
ajfa-16968	219	7	are	be	AUX
ajfa-16968	219	8	all	all	PRON
ajfa-16968	219	9	key	key	ADJ
ajfa-16968	219	10	factors	factor	NOUN
ajfa-16968	219	11	that	that	PRON
ajfa-16968	219	12	significantly	significantly	ADV
ajfa-16968	219	13	affect	affect	VERB
ajfa-16968	219	14	firm	firm	ADJ
ajfa-16968	219	15	behaviour	behaviour	NOUN
ajfa-16968	219	16	,	,	PUNCT
ajfa-16968	219	17	indicating	indicate	VERB
ajfa-16968	219	18	that	that	SCONJ
ajfa-16968	219	19	in	in	ADP
ajfa-16968	219	20	the	the	DET
ajfa-16968	219	21	early	early	ADJ
ajfa-16968	219	22	days	day	NOUN
ajfa-16968	219	23	,	,	PUNCT
ajfa-16968	219	24	of	of	ADP
ajfa-16968	219	25	low	low	ADJ
ajfa-16968	219	26	r&d	r&d	NOUN
ajfa-16968	219	27	density	density	NOUN
ajfa-16968	219	28	,	,	PUNCT
ajfa-16968	219	29	agency	agency	NOUN
ajfa-16968	219	30	problems	problem	NOUN
ajfa-16968	219	31	and	and	CCONJ
ajfa-16968	219	32	information	information	NOUN
ajfa-16968	219	33	asymmetry	asymmetry	NOUN
ajfa-16968	219	34	significantly	significantly	ADV
ajfa-16968	219	35	affected	affect	VERB
ajfa-16968	219	36	firm	firm	ADJ
ajfa-16968	219	37	r&d	r&d	NOUN
ajfa-16968	219	38	expenditure	expenditure	NOUN
ajfa-16968	219	39	decisions	decision	NOUN
ajfa-16968	219	40	.	.	PUNCT
ajfa-16968	220	1	we	we	PRON
ajfa-16968	220	2	believe	believe	VERB
ajfa-16968	220	3	that	that	SCONJ
ajfa-16968	220	4	a	a	DET
ajfa-16968	220	5	smaller	small	ADJ
ajfa-16968	220	6	agency	agency	NOUN
ajfa-16968	220	7	problem	problem	NOUN
ajfa-16968	220	8	(	(	PUNCT
ajfa-16968	220	9	less	less	ADJ
ajfa-16968	220	10	fcf	fcf	NOUN
ajfa-16968	220	11	)	)	PUNCT
ajfa-16968	220	12	leads	lead	VERB
ajfa-16968	220	13	to	to	ADP
ajfa-16968	220	14	less	less	ADJ
ajfa-16968	220	15	asymmetric	asymmetric	ADJ
ajfa-16968	220	16	information	information	NOUN
ajfa-16968	220	17	(	(	PUNCT
ajfa-16968	220	18	larger	large	ADJ
ajfa-16968	220	19	size	size	NOUN
ajfa-16968	220	20	)	)	PUNCT
ajfa-16968	220	21	,	,	PUNCT
ajfa-16968	220	22	as	as	ADV
ajfa-16968	220	23	well	well	ADV
ajfa-16968	220	24	as	as	ADP
ajfa-16968	220	25	the	the	DET
ajfa-16968	220	26	lowest	low	ADJ
ajfa-16968	220	27	return	return	NOUN
ajfa-16968	220	28	on	on	ADP
ajfa-16968	220	29	stock	stock	NOUN
ajfa-16968	220	30	price	price	NOUN
ajfa-16968	220	31	,	,	PUNCT
ajfa-16968	220	32	all	all	PRON
ajfa-16968	220	33	of	of	ADP
ajfa-16968	220	34	which	which	PRON
ajfa-16968	220	35	prompt	prompt	VERB
ajfa-16968	220	36	a	a	DET
ajfa-16968	220	37	firm	firm	NOUN
ajfa-16968	220	38	to	to	PART
ajfa-16968	220	39	conduct	conduct	VERB
ajfa-16968	220	40	more	more	ADV
ajfa-16968	220	41	active	active	ADJ
ajfa-16968	220	42	r&d	r&d	NOUN
ajfa-16968	220	43	actions	action	NOUN
ajfa-16968	220	44	.	.	PUNCT
ajfa-16968	221	1	4.3	4.3	NUM
ajfa-16968	221	2	re	re	NOUN
ajfa-16968	221	3	-	-	NOUN
ajfa-16968	221	4	examination	examination	NOUN
ajfa-16968	221	5	of	of	ADP
ajfa-16968	221	6	r&d	r&d	NOUN
ajfa-16968	221	7	expenditure	expenditure	NOUN
ajfa-16968	221	8	decisions	decision	NOUN
ajfa-16968	221	9	under	under	ADP
ajfa-16968	221	10	different	different	ADJ
ajfa-16968	221	11	industrial	industrial	ADJ
ajfa-16968	221	12	characteristics	characteristic	NOUN
ajfa-16968	221	13	in	in	ADP
ajfa-16968	221	14	addition	addition	NOUN
ajfa-16968	221	15	to	to	ADP
ajfa-16968	221	16	the	the	DET
ajfa-16968	221	17	overall	overall	ADJ
ajfa-16968	221	18	environmental	environmental	ADJ
ajfa-16968	221	19	factor	factor	NOUN
ajfa-16968	221	20	affecting	affect	VERB
ajfa-16968	221	21	firm	firm	ADJ
ajfa-16968	221	22	decision	decision	NOUN
ajfa-16968	221	23	-	-	PUNCT
ajfa-16968	221	24	making	making	NOUN
ajfa-16968	221	25	,	,	PUNCT
ajfa-16968	221	26	this	this	DET
ajfa-16968	221	27	study	study	NOUN
ajfa-16968	221	28	carries	carry	VERB
ajfa-16968	221	29	out	out	ADP
ajfa-16968	221	30	discussions	discussion	NOUN
ajfa-16968	221	31	by	by	ADP
ajfa-16968	221	32	further	far	ADV
ajfa-16968	221	33	dividing	divide	VERB
ajfa-16968	221	34	the	the	DET
ajfa-16968	221	35	samples	sample	NOUN
ajfa-16968	221	36	into	into	ADP
ajfa-16968	221	37	two	two	NUM
ajfa-16968	221	38	subsamples	subsample	NOUN
ajfa-16968	221	39	,	,	PUNCT
ajfa-16968	221	40	which	which	PRON
ajfa-16968	221	41	are	be	AUX
ajfa-16968	221	42	listed	list	VERB
ajfa-16968	221	43	firms	firm	NOUN
ajfa-16968	221	44	and	and	CCONJ
ajfa-16968	221	45	otc	otc	NOUN
ajfa-16968	221	46	firms	firm	NOUN
ajfa-16968	221	47	,	,	PUNCT
ajfa-16968	221	48	and	and	CCONJ
ajfa-16968	221	49	into	into	ADP
ajfa-16968	221	50	two	two	NUM
ajfa-16968	221	51	other	other	ADJ
ajfa-16968	221	52	subsamples	subsample	NOUN
ajfa-16968	221	53	,	,	PUNCT
ajfa-16968	221	54	which	which	PRON
ajfa-16968	221	55	are	be	AUX
ajfa-16968	221	56	electronic	electronic	ADJ
ajfa-16968	221	57	stocks	stock	NOUN
ajfa-16968	221	58	and	and	CCONJ
ajfa-16968	221	59	nonelectronic	nonelectronic	ADJ
ajfa-16968	221	60	stocks	stock	NOUN
ajfa-16968	221	61	.	.	PUNCT
ajfa-16968	222	1	the	the	DET
ajfa-16968	222	2	results	result	NOUN
ajfa-16968	222	3	in	in	ADP
ajfa-16968	222	4	table	table	NOUN
ajfa-16968	222	5	5	5	NUM
ajfa-16968	222	6	indicate	indicate	VERB
ajfa-16968	222	7	that	that	SCONJ
ajfa-16968	222	8	in	in	ADP
ajfa-16968	222	9	what	what	PRON
ajfa-16968	222	10	is	be	AUX
ajfa-16968	222	11	different	different	ADJ
ajfa-16968	222	12	from	from	ADP
ajfa-16968	222	13	the	the	DET
ajfa-16968	222	14	entire	entire	ADJ
ajfa-16968	222	15	sample	sample	NOUN
ajfa-16968	222	16	and	and	CCONJ
ajfa-16968	222	17	listed	list	VERB
ajfa-16968	222	18	firms	firm	NOUN
ajfa-16968	222	19	,	,	PUNCT
ajfa-16968	222	20	otc	otc	PROPN
ajfa-16968	222	21	firms	firm	NOUN
ajfa-16968	222	22	have	have	VERB
ajfa-16968	222	23	smaller	small	ADJ
ajfa-16968	222	24	agency	agency	NOUN
ajfa-16968	222	25	problems	problem	NOUN
ajfa-16968	222	26	and	and	CCONJ
ajfa-16968	222	27	larger	large	ADJ
ajfa-16968	222	28	firm	firm	ADJ
ajfa-16968	222	29	size	size	NOUN
ajfa-16968	222	30	,	,	PUNCT
ajfa-16968	222	31	which	which	PRON
ajfa-16968	222	32	can	can	AUX
ajfa-16968	222	33	encourage	encourage	VERB
ajfa-16968	222	34	them	they	PRON
ajfa-16968	222	35	to	to	PART
ajfa-16968	222	36	have	have	VERB
ajfa-16968	222	37	more	more	ADV
ajfa-16968	222	38	active	active	ADJ
ajfa-16968	222	39	r&d	r&d	NOUN
ajfa-16968	222	40	expenditure	expenditure	NOUN
ajfa-16968	222	41	activities	activity	NOUN
ajfa-16968	222	42	.	.	PUNCT
ajfa-16968	223	1	as	as	ADP
ajfa-16968	223	2	for	for	ADP
ajfa-16968	223	3	the	the	DET
ajfa-16968	223	4	subsamples	subsample	NOUN
ajfa-16968	223	5	of	of	ADP
ajfa-16968	223	6	electronic	electronic	ADJ
ajfa-16968	223	7	stocks	stock	NOUN
ajfa-16968	223	8	and	and	CCONJ
ajfa-16968	223	9	non	non	ADJ
ajfa-16968	223	10	-	-	ADJ
ajfa-16968	223	11	electronic	electronic	ADJ
ajfa-16968	223	12	stocks	stock	NOUN
ajfa-16968	223	13	,	,	PUNCT
ajfa-16968	223	14	different	different	ADJ
ajfa-16968	223	15	returns	return	NOUN
ajfa-16968	223	16	on	on	ADP
ajfa-16968	223	17	stock	stock	NOUN
ajfa-16968	223	18	price	price	NOUN
ajfa-16968	223	19	lead	lead	NOUN
ajfa-16968	223	20	to	to	ADP
ajfa-16968	223	21	different	different	ADJ
ajfa-16968	223	22	directions	direction	NOUN
ajfa-16968	223	23	of	of	ADP
ajfa-16968	223	24	decision	decision	NOUN
ajfa-16968	223	25	-	-	PUNCT
ajfa-16968	223	26	making	making	NOUN
ajfa-16968	223	27	.	.	PUNCT
ajfa-16968	224	1	for	for	ADP
ajfa-16968	224	2	general	general	ADJ
ajfa-16968	224	3	industry	industry	NOUN
ajfa-16968	224	4	firms	firm	NOUN
ajfa-16968	224	5	with	with	ADP
ajfa-16968	224	6	non	non	ADJ
ajfa-16968	224	7	-	-	ADJ
ajfa-16968	224	8	electronic	electronic	ADJ
ajfa-16968	224	9	stocks	stock	NOUN
ajfa-16968	224	10	,	,	PUNCT
ajfa-16968	224	11	r&d	r&d	NOUN
ajfa-16968	224	12	expenditure	expenditure	NOUN
ajfa-16968	224	13	decisions	decision	NOUN
ajfa-16968	224	14	are	be	AUX
ajfa-16968	224	15	all	all	PRON
ajfa-16968	224	16	significantly	significantly	ADV
ajfa-16968	224	17	subject	subject	ADJ
ajfa-16968	224	18	to	to	ADP
ajfa-16968	224	19	positive	positive	ADJ
ajfa-16968	224	20	feedback	feedback	NOUN
ajfa-16968	224	21	from	from	ADP
ajfa-16968	224	22	investors	investor	NOUN
ajfa-16968	224	23	.	.	PUNCT
ajfa-16968	225	1	however	however	ADV
ajfa-16968	225	2	,	,	PUNCT
ajfa-16968	225	3	as	as	ADP
ajfa-16968	225	4	for	for	ADP
ajfa-16968	225	5	firms	firm	NOUN
ajfa-16968	225	6	with	with	ADP
ajfa-16968	225	7	electronic	electronic	ADJ
ajfa-16968	225	8	stocks	stock	NOUN
ajfa-16968	225	9	,	,	PUNCT
ajfa-16968	225	10	r&d	r&d	NOUN
ajfa-16968	225	11	expenditure	expenditure	NOUN
ajfa-16968	225	12	plays	play	VERB
ajfa-16968	225	13	a	a	DET
ajfa-16968	225	14	more	more	ADV
ajfa-16968	225	15	important	important	ADJ
ajfa-16968	225	16	role	role	NOUN
ajfa-16968	225	17	in	in	ADP
ajfa-16968	225	18	the	the	DET
ajfa-16968	225	19	electronics	electronics	NOUN
ajfa-16968	225	20	industry	industry	NOUN
ajfa-16968	225	21	because	because	SCONJ
ajfa-16968	225	22	of	of	ADP
ajfa-16968	225	23	fierce	fierce	ADJ
ajfa-16968	225	24	competition	competition	NOUN
ajfa-16968	225	25	in	in	ADP
ajfa-16968	225	26	the	the	DET
ajfa-16968	225	27	industry	industry	NOUN
ajfa-16968	225	28	.	.	PUNCT
ajfa-16968	226	1	thus	thus	ADV
ajfa-16968	226	2	,	,	PUNCT
ajfa-16968	226	3	when	when	SCONJ
ajfa-16968	226	4	the	the	DET
ajfa-16968	226	5	stock	stock	NOUN
ajfa-16968	226	6	price	price	NOUN
ajfa-16968	226	7	returns	return	NOUN
ajfa-16968	226	8	are	be	AUX
ajfa-16968	226	9	low	low	ADJ
ajfa-16968	226	10	,	,	PUNCT
ajfa-16968	226	11	firms	firm	NOUN
ajfa-16968	226	12	are	be	AUX
ajfa-16968	226	13	motivated	motivated	ADJ
ajfa-16968	226	14	to	to	PART
ajfa-16968	226	15	conduct	conduct	VERB
ajfa-16968	226	16	more	more	ADJ
ajfa-16968	226	17	r&d	r&d	NOUN
ajfa-16968	226	18	expenditure	expenditure	NOUN
ajfa-16968	226	19	.	.	PUNCT
ajfa-16968	227	1	asian	asian	ADJ
ajfa-16968	227	2	journal	journal	PROPN
ajfa-16968	227	3	of	of	ADP
ajfa-16968	227	4	finance	finance	PROPN
ajfa-16968	227	5	&	&	CCONJ
ajfa-16968	227	6	accounting	accounting	PROPN
ajfa-16968	227	7	issn	issn	PROPN
ajfa-16968	227	8	1946	1946	NUM
ajfa-16968	227	9	-	-	PUNCT
ajfa-16968	227	10	052x	052x	NOUN
ajfa-16968	227	11	2020	2020	NUM
ajfa-16968	227	12	,	,	PUNCT
ajfa-16968	227	13	vol	vol	NOUN
ajfa-16968	227	14	.	.	PROPN
ajfa-16968	227	15	12	12	NUM
ajfa-16968	227	16	,	,	PUNCT
ajfa-16968	227	17	no	no	INTJ
ajfa-16968	227	18	.	.	NOUN
ajfa-16968	227	19	1	1	NUM
ajfa-16968	227	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	227	21	145	145	NUM
ajfa-16968	227	22	table	table	NOUN
ajfa-16968	227	23	5	5	NUM
ajfa-16968	227	24	.	.	PUNCT
ajfa-16968	228	1	r&d	r&d	NOUN
ajfa-16968	228	2	expenditure	expenditure	NOUN
ajfa-16968	228	3	behavior	behavior	NOUN
ajfa-16968	228	4	of	of	ADP
ajfa-16968	228	5	firms	firm	NOUN
ajfa-16968	228	6	in	in	ADP
ajfa-16968	228	7	different	different	ADJ
ajfa-16968	228	8	market	market	NOUN
ajfa-16968	228	9	categories	category	NOUN
ajfa-16968	228	10	and	and	CCONJ
ajfa-16968	228	11	industries	industry	NOUN
ajfa-16968	228	12	model	model	NOUN
ajfa-16968	228	13	standardized	standardize	VERB
ajfa-16968	228	14	coefficients	coefficient	NOUN
ajfa-16968	228	15	market	market	NOUN
ajfa-16968	228	16	level	level	NOUN
ajfa-16968	228	17	industry	industry	NOUN
ajfa-16968	228	18	level	level	NOUN
ajfa-16968	228	19	twse	twse	NOUN
ajfa-16968	228	20	gtme	gtme	NOUN
ajfa-16968	228	21	electronics	electronics	PROPN
ajfa-16968	228	22	non	non	ADJ
ajfa-16968	228	23	electronics	electronic	NOUN
ajfa-16968	228	24	(	(	PUNCT
ajfa-16968	228	25	constant	constant	ADJ
ajfa-16968	228	26	)	)	PUNCT
ajfa-16968	228	27	fcf	fcf	PROPN
ajfa-16968	228	28	-.014	-.014	PROPN
ajfa-16968	228	29	-.031	-.031	PROPN
ajfa-16968	228	30	*	*	PROPN
ajfa-16968	228	31	*	*	PROPN
ajfa-16968	229	1	-.027	-.027	PROPN
ajfa-16968	229	2	-.011	-.011	PROPN
ajfa-16968	229	3	size	size	NOUN
ajfa-16968	229	4	.018	.018	NUM
ajfa-16968	229	5	.060	.060	NUM
ajfa-16968	229	6	*	*	PUNCT
ajfa-16968	229	7	*	*	PUNCT
ajfa-16968	229	8	*	*	X
ajfa-16968	229	9	.021	.021	NUM
ajfa-16968	229	10	.002	.002	NUM
ajfa-16968	229	11	lnret	lnret	PROPN
ajfa-16968	229	12	-.002	-.002	NOUN
ajfa-16968	229	13	.006	.006	NUM
ajfa-16968	229	14	-.031	-.031	NOUN
ajfa-16968	229	15	*	*	PUNCT
ajfa-16968	229	16	*	*	PUNCT
ajfa-16968	229	17	.021	.021	NUM
ajfa-16968	229	18	*	*	PUNCT
ajfa-16968	229	19	*	*	PUNCT
ajfa-16968	229	20	opp	opp	INTJ
ajfa-16968	229	21	-.128	-.128	PROPN
ajfa-16968	229	22	*	*	PUNCT
ajfa-16968	229	23	*	*	PUNCT
ajfa-16968	229	24	*	*	PUNCT
ajfa-16968	229	25	-.160	-.160	NOUN
ajfa-16968	229	26	*	*	PROPN
ajfa-16968	229	27	*	*	PUNCT
ajfa-16968	229	28	*	*	PUNCT
ajfa-16968	229	29	-.286	-.286	ADJ
ajfa-16968	229	30	*	*	PUNCT
ajfa-16968	229	31	*	*	PUNCT
ajfa-16968	229	32	*	*	PUNCT
ajfa-16968	230	1	-.133	-.133	NOUN
ajfa-16968	230	2	*	*	PUNCT
ajfa-16968	230	3	*	*	PUNCT
ajfa-16968	230	4	*	*	PUNCT
ajfa-16968	230	5	roa	roa	PROPN
ajfa-16968	230	6	-.066	-.066	PROPN
ajfa-16968	230	7	*	*	PROPN
ajfa-16968	230	8	*	*	PUNCT
ajfa-16968	230	9	*	*	PUNCT
ajfa-16968	230	10	-.123	-.123	NOUN
ajfa-16968	230	11	*	*	PUNCT
ajfa-16968	230	12	*	*	PUNCT
ajfa-16968	230	13	*	*	PUNCT
ajfa-16968	230	14	-.194	-.194	ADJ
ajfa-16968	230	15	*	*	PUNCT
ajfa-16968	230	16	*	*	PUNCT
ajfa-16968	230	17	*	*	PUNCT
ajfa-16968	231	1	-.109	-.109	VERB
ajfa-16968	231	2	*	*	PUNCT
ajfa-16968	231	3	*	*	PUNCT
ajfa-16968	231	4	*	*	PUNCT
ajfa-16968	231	5	finl	finl	PROPN
ajfa-16968	231	6	.017	.017	NUM
ajfa-16968	231	7	*	*	NOUN
ajfa-16968	231	8	.028	.028	NUM
ajfa-16968	231	9	*	*	NOUN
ajfa-16968	231	10	.073	.073	NOUN
ajfa-16968	231	11	*	*	PUNCT
ajfa-16968	231	12	*	*	PUNCT
ajfa-16968	231	13	*	*	X
ajfa-16968	231	14	.016	.016	NUM
ajfa-16968	231	15	*	*	NOUN
ajfa-16968	231	16	note	note	NOUN
ajfa-16968	231	17	1	1	NUM
ajfa-16968	231	18	:	:	PUNCT
ajfa-16968	231	19	the	the	DET
ajfa-16968	231	20	study	study	NOUN
ajfa-16968	231	21	adopts	adopt	VERB
ajfa-16968	231	22	the	the	DET
ajfa-16968	231	23	method	method	NOUN
ajfa-16968	231	24	of	of	ADP
ajfa-16968	231	25	ordinary	ordinary	ADJ
ajfa-16968	231	26	least	least	ADJ
ajfa-16968	231	27	square	square	ADJ
ajfa-16968	231	28	(	(	PUNCT
ajfa-16968	231	29	ols	ol	NOUN
ajfa-16968	231	30	)	)	PUNCT
ajfa-16968	231	31	of	of	ADP
ajfa-16968	231	32	pooled	pool	VERB
ajfa-16968	231	33	cross	cross	ADJ
ajfa-16968	231	34	-	-	ADJ
ajfa-16968	231	35	sectional	sectional	ADJ
ajfa-16968	231	36	data	datum	NOUN
ajfa-16968	231	37	to	to	PART
ajfa-16968	231	38	estimate	estimate	VERB
ajfa-16968	231	39	the	the	DET
ajfa-16968	231	40	multiple	multiple	ADJ
ajfa-16968	231	41	regression	regression	NOUN
ajfa-16968	231	42	analysis	analysis	NOUN
ajfa-16968	231	43	.	.	PUNCT
ajfa-16968	232	1	titititititititi	titititititititi	PROPN
ajfa-16968	232	2	finlroaopplnretsizefcfrdrate	finlroaopplnretsizefcfrdrate	VERB
ajfa-16968	232	3	,	,	PUNCT
ajfa-16968	232	4	,	,	PUNCT
ajfa-16968	232	5	6,5,4,3,2,10	6,5,4,3,2,10	PROPN
ajfa-16968	232	6	,	,	PUNCT
ajfa-16968	232	7			PROPN
ajfa-16968	232	8			PROPN
ajfa-16968	232	9	note	note	VERB
ajfa-16968	232	10	2	2	NUM
ajfa-16968	232	11	:	:	PUNCT
ajfa-16968	232	12	rdrate	rdrate	NOUN
ajfa-16968	232	13	:	:	PUNCT
ajfa-16968	232	14	r&d	r&d	NOUN
ajfa-16968	232	15	expenditure	expenditure	NOUN
ajfa-16968	232	16	ratio	ratio	NOUN
ajfa-16968	232	17	;	;	PUNCT
ajfa-16968	232	18	fcf	fcf	NOUN
ajfa-16968	232	19	:	:	PUNCT
ajfa-16968	232	20	free	free	ADJ
ajfa-16968	232	21	cash	cash	NOUN
ajfa-16968	232	22	flow	flow	NOUN
ajfa-16968	232	23	;	;	PUNCT
ajfa-16968	232	24	size	size	NOUN
ajfa-16968	232	25	:	:	PUNCT
ajfa-16968	232	26	firm	firm	ADJ
ajfa-16968	232	27	size	size	NOUN
ajfa-16968	232	28	;	;	PUNCT
ajfa-16968	232	29	lnret	lnret	PROPN
ajfa-16968	232	30	:	:	PUNCT
ajfa-16968	232	31	ln	ln	ADJ
ajfa-16968	232	32	(	(	PUNCT
ajfa-16968	232	33	return	return	VERB
ajfa-16968	232	34	on	on	ADP
ajfa-16968	232	35	share	share	NOUN
ajfa-16968	232	36	price	price	NOUN
ajfa-16968	232	37	)	)	PUNCT
ajfa-16968	232	38	;	;	PUNCT
ajfa-16968	232	39	opp	opp	PRON
ajfa-16968	232	40	:	:	PUNCT
ajfa-16968	232	41	future	future	ADJ
ajfa-16968	232	42	investment	investment	NOUN
ajfa-16968	232	43	growth	growth	NOUN
ajfa-16968	232	44	opportunity	opportunity	NOUN
ajfa-16968	232	45	;	;	PUNCT
ajfa-16968	232	46	roa	roa	NOUN
ajfa-16968	232	47	:	:	PUNCT
ajfa-16968	232	48	return	return	VERB
ajfa-16968	232	49	on	on	ADP
ajfa-16968	232	50	assets	asset	NOUN
ajfa-16968	232	51	;	;	PUNCT
ajfa-16968	232	52	finl	finl	NOUN
ajfa-16968	232	53	:	:	PUNCT
ajfa-16968	232	54	debt	debt	NOUN
ajfa-16968	232	55	-	-	PUNCT
ajfa-16968	232	56	to	to	ADP
ajfa-16968	232	57	-	-	PUNCT
ajfa-16968	232	58	equity	equity	NOUN
ajfa-16968	232	59	ratio	ratio	NOUN
ajfa-16968	232	60	.	.	PUNCT
ajfa-16968	233	1	note	note	VERB
ajfa-16968	233	2	3	3	NUM
ajfa-16968	233	3	:	:	PUNCT
ajfa-16968	233	4	*	*	PUNCT
ajfa-16968	233	5	*	*	PUNCT
ajfa-16968	233	6	*	*	PUNCT
ajfa-16968	233	7	represents	represent	VERB
ajfa-16968	233	8	the	the	DET
ajfa-16968	233	9	statistical	statistical	ADJ
ajfa-16968	233	10	significance	significance	NOUN
ajfa-16968	233	11	level	level	NOUN
ajfa-16968	233	12	of	of	ADP
ajfa-16968	233	13	two	two	NUM
ajfa-16968	233	14	-	-	PUNCT
ajfa-16968	233	15	paired	pair	VERB
ajfa-16968	233	16	test	test	NOUN
ajfa-16968	233	17	of	of	ADP
ajfa-16968	233	18	1	1	NUM
ajfa-16968	233	19	%	%	NOUN
ajfa-16968	233	20	.	.	PUNCT
ajfa-16968	234	1	note	note	VERB
ajfa-16968	234	2	4	4	NUM
ajfa-16968	234	3	:	:	PUNCT
ajfa-16968	234	4	*	*	PUNCT
ajfa-16968	234	5	*	*	PUNCT
ajfa-16968	234	6	represents	represent	VERB
ajfa-16968	234	7	the	the	DET
ajfa-16968	234	8	statistical	statistical	ADJ
ajfa-16968	234	9	significance	significance	NOUN
ajfa-16968	234	10	level	level	NOUN
ajfa-16968	234	11	of	of	ADP
ajfa-16968	234	12	two	two	NUM
ajfa-16968	234	13	-	-	PUNCT
ajfa-16968	234	14	paired	pair	VERB
ajfa-16968	234	15	test	test	NOUN
ajfa-16968	234	16	of	of	ADP
ajfa-16968	234	17	5	5	NUM
ajfa-16968	234	18	%	%	NOUN
ajfa-16968	234	19	.	.	PUNCT
ajfa-16968	235	1	note	note	VERB
ajfa-16968	235	2	5	5	NUM
ajfa-16968	235	3	:	:	PUNCT
ajfa-16968	235	4	*	*	PUNCT
ajfa-16968	235	5	represents	represent	VERB
ajfa-16968	235	6	the	the	DET
ajfa-16968	235	7	statistical	statistical	ADJ
ajfa-16968	235	8	significance	significance	NOUN
ajfa-16968	235	9	level	level	NOUN
ajfa-16968	235	10	of	of	ADP
ajfa-16968	235	11	two	two	NUM
ajfa-16968	235	12	-	-	PUNCT
ajfa-16968	235	13	paired	pair	VERB
ajfa-16968	235	14	test	test	NOUN
ajfa-16968	235	15	of	of	ADP
ajfa-16968	235	16	10	10	NUM
ajfa-16968	235	17	%	%	NOUN
ajfa-16968	235	18	.	.	PUNCT
ajfa-16968	236	1	5	5	X
ajfa-16968	236	2	.	.	X
ajfa-16968	236	3	conclusions	conclusion	NOUN
ajfa-16968	236	4	and	and	CCONJ
ajfa-16968	236	5	suggestions	suggestion	NOUN
ajfa-16968	236	6	this	this	DET
ajfa-16968	236	7	study	study	NOUN
ajfa-16968	236	8	examines	examine	VERB
ajfa-16968	236	9	the	the	DET
ajfa-16968	236	10	decision	decision	NOUN
ajfa-16968	236	11	-	-	PUNCT
ajfa-16968	236	12	making	making	NOUN
ajfa-16968	236	13	on	on	ADP
ajfa-16968	236	14	optimal	optimal	ADJ
ajfa-16968	236	15	r&d	r&d	NOUN
ajfa-16968	236	16	expenditure	expenditure	NOUN
ajfa-16968	236	17	for	for	ADP
ajfa-16968	236	18	listed	list	VERB
ajfa-16968	236	19	firms	firm	NOUN
ajfa-16968	236	20	in	in	ADP
ajfa-16968	236	21	taiwan	taiwan	PROPN
ajfa-16968	236	22	during	during	ADP
ajfa-16968	236	23	the	the	DET
ajfa-16968	236	24	period1986	period1986	PROPN
ajfa-16968	236	25	to	to	ADP
ajfa-16968	236	26	2013.the	2013.the	PRON
ajfa-16968	236	27	results	result	NOUN
ajfa-16968	236	28	of	of	ADP
ajfa-16968	236	29	the	the	DET
ajfa-16968	236	30	empirical	empirical	ADJ
ajfa-16968	236	31	analysis	analysis	NOUN
ajfa-16968	236	32	are	be	AUX
ajfa-16968	236	33	summarized	summarize	VERB
ajfa-16968	236	34	as	as	SCONJ
ajfa-16968	236	35	follows	follow	VERB
ajfa-16968	236	36	:	:	PUNCT
ajfa-16968	236	37	a	a	DET
ajfa-16968	236	38	significant	significant	ADJ
ajfa-16968	236	39	negative	negative	ADJ
ajfa-16968	236	40	correlation	correlation	NOUN
ajfa-16968	236	41	between	between	ADP
ajfa-16968	236	42	the	the	DET
ajfa-16968	236	43	rate	rate	NOUN
ajfa-16968	236	44	of	of	ADP
ajfa-16968	236	45	return	return	NOUN
ajfa-16968	236	46	on	on	ADP
ajfa-16968	236	47	assets	asset	NOUN
ajfa-16968	236	48	and	and	CCONJ
ajfa-16968	236	49	the	the	DET
ajfa-16968	236	50	ratio	ratio	NOUN
ajfa-16968	236	51	of	of	ADP
ajfa-16968	236	52	r&d	r&d	NOUN
ajfa-16968	236	53	expenditure	expenditure	NOUN
ajfa-16968	236	54	can	can	AUX
ajfa-16968	236	55	be	be	AUX
ajfa-16968	236	56	observed	observe	VERB
ajfa-16968	236	57	in	in	ADP
ajfa-16968	236	58	both	both	CCONJ
ajfa-16968	236	59	the	the	DET
ajfa-16968	236	60	entire	entire	ADJ
ajfa-16968	236	61	sample	sample	NOUN
ajfa-16968	236	62	group	group	NOUN
ajfa-16968	236	63	and	and	CCONJ
ajfa-16968	236	64	different	different	ADJ
ajfa-16968	236	65	subsample	subsample	ADJ
ajfa-16968	236	66	groups	group	NOUN
ajfa-16968	236	67	.	.	PUNCT
ajfa-16968	237	1	this	this	PRON
ajfa-16968	237	2	again	again	ADV
ajfa-16968	237	3	demonstrates	demonstrate	VERB
ajfa-16968	237	4	the	the	DET
ajfa-16968	237	5	problem	problem	NOUN
ajfa-16968	237	6	that	that	SCONJ
ajfa-16968	237	7	the	the	DET
ajfa-16968	237	8	loss	loss	NOUN
ajfa-16968	237	9	of	of	ADP
ajfa-16968	237	10	book	book	NOUN
ajfa-16968	237	11	value	value	NOUN
ajfa-16968	237	12	and	and	CCONJ
ajfa-16968	237	13	negative	negative	ADJ
ajfa-16968	237	14	dilution	dilution	NOUN
ajfa-16968	237	15	might	might	AUX
ajfa-16968	237	16	appear	appear	VERB
ajfa-16968	237	17	in	in	ADP
ajfa-16968	237	18	current	current	ADJ
ajfa-16968	237	19	surplus	surplus	NOUN
ajfa-16968	237	20	if	if	SCONJ
ajfa-16968	237	21	r&d	r&d	NOUN
ajfa-16968	237	22	expenditure	expenditure	NOUN
ajfa-16968	237	23	is	be	AUX
ajfa-16968	237	24	recognized	recognize	VERB
ajfa-16968	237	25	in	in	ADP
ajfa-16968	237	26	the	the	DET
ajfa-16968	237	27	accounting	accounting	NOUN
ajfa-16968	237	28	system	system	NOUN
ajfa-16968	237	29	as	as	ADP
ajfa-16968	237	30	expenses	expense	NOUN
ajfa-16968	237	31	.	.	PUNCT
ajfa-16968	238	1	this	this	PRON
ajfa-16968	238	2	may	may	AUX
ajfa-16968	238	3	cause	cause	VERB
ajfa-16968	238	4	firms	firm	NOUN
ajfa-16968	238	5	to	to	PART
ajfa-16968	238	6	be	be	AUX
ajfa-16968	238	7	affected	affect	VERB
ajfa-16968	238	8	by	by	ADP
ajfa-16968	238	9	pressure	pressure	NOUN
ajfa-16968	238	10	from	from	ADP
ajfa-16968	238	11	the	the	DET
ajfa-16968	238	12	current	current	ADJ
ajfa-16968	238	13	target	target	NOUN
ajfa-16968	238	14	surplus	surplus	NOUN
ajfa-16968	238	15	level	level	NOUN
ajfa-16968	238	16	when	when	SCONJ
ajfa-16968	238	17	making	make	VERB
ajfa-16968	238	18	r&d	r&d	NOUN
ajfa-16968	238	19	expenditure	expenditure	NOUN
ajfa-16968	238	20	decisions	decision	NOUN
ajfa-16968	238	21	,	,	PUNCT
ajfa-16968	238	22	resulting	result	VERB
ajfa-16968	238	23	in	in	ADP
ajfa-16968	238	24	the	the	DET
ajfa-16968	238	25	failure	failure	NOUN
ajfa-16968	238	26	to	to	PART
ajfa-16968	238	27	grasp	grasp	VERB
ajfa-16968	238	28	the	the	DET
ajfa-16968	238	29	innovation	innovation	NOUN
ajfa-16968	238	30	opportunities	opportunity	NOUN
ajfa-16968	238	31	in	in	ADP
ajfa-16968	238	32	time	time	NOUN
ajfa-16968	238	33	.	.	PUNCT
ajfa-16968	239	1	therefore	therefore	ADV
ajfa-16968	239	2	,	,	PUNCT
ajfa-16968	239	3	in	in	ADP
ajfa-16968	239	4	addition	addition	NOUN
ajfa-16968	239	5	to	to	ADP
ajfa-16968	239	6	the	the	DET
ajfa-16968	239	7	disclosure	disclosure	NOUN
ajfa-16968	239	8	of	of	ADP
ajfa-16968	239	9	intangible	intangible	ADJ
ajfa-16968	239	10	assets	asset	NOUN
ajfa-16968	239	11	such	such	ADJ
ajfa-16968	239	12	as	as	ADP
ajfa-16968	239	13	patents	patent	NOUN
ajfa-16968	239	14	in	in	ADP
ajfa-16968	239	15	the	the	DET
ajfa-16968	239	16	notes	note	NOUN
ajfa-16968	239	17	to	to	ADP
ajfa-16968	239	18	the	the	DET
ajfa-16968	239	19	financial	financial	ADJ
ajfa-16968	239	20	statements	statement	NOUN
ajfa-16968	239	21	,	,	PUNCT
ajfa-16968	239	22	the	the	DET
ajfa-16968	239	23	development	development	NOUN
ajfa-16968	239	24	of	of	ADP
ajfa-16968	239	25	a	a	DET
ajfa-16968	239	26	set	set	NOUN
ajfa-16968	239	27	of	of	ADP
ajfa-16968	239	28	appropriate	appropriate	ADJ
ajfa-16968	239	29	accounting	accounting	NOUN
ajfa-16968	239	30	methods	method	NOUN
ajfa-16968	239	31	proposed	propose	VERB
ajfa-16968	239	32	by	by	ADP
ajfa-16968	239	33	many	many	ADJ
ajfa-16968	239	34	research	research	NOUN
ajfa-16968	239	35	institutes	institute	NOUN
ajfa-16968	239	36	to	to	PART
ajfa-16968	239	37	capitalize	capitalize	VERB
ajfa-16968	239	38	intangible	intangible	ADJ
ajfa-16968	239	39	assets	asset	NOUN
ajfa-16968	239	40	such	such	ADJ
ajfa-16968	239	41	as	as	ADP
ajfa-16968	239	42	r&d	r&d	NOUN
ajfa-16968	239	43	investment	investment	NOUN
ajfa-16968	239	44	is	be	AUX
ajfa-16968	239	45	worthy	worthy	ADJ
ajfa-16968	239	46	of	of	ADP
ajfa-16968	239	47	further	further	ADJ
ajfa-16968	239	48	improvement	improvement	NOUN
ajfa-16968	239	49	by	by	ADP
ajfa-16968	239	50	relevant	relevant	ADJ
ajfa-16968	239	51	units	unit	NOUN
ajfa-16968	239	52	.	.	PUNCT
ajfa-16968	240	1	the	the	DET
ajfa-16968	240	2	significantly	significantly	ADV
ajfa-16968	240	3	negative	negative	ADJ
ajfa-16968	240	4	relationship	relationship	NOUN
ajfa-16968	240	5	with	with	ADP
ajfa-16968	240	6	future	future	ADJ
ajfa-16968	240	7	investment	investment	NOUN
ajfa-16968	240	8	growth	growth	NOUN
ajfa-16968	240	9	opportunities	opportunity	NOUN
ajfa-16968	240	10	indicates	indicate	VERB
ajfa-16968	240	11	that	that	SCONJ
ajfa-16968	240	12	firms	firm	NOUN
ajfa-16968	240	13	are	be	AUX
ajfa-16968	240	14	optimistic	optimistic	ADJ
ajfa-16968	240	15	regarding	regard	VERB
ajfa-16968	240	16	future	future	ADJ
ajfa-16968	240	17	investment	investment	NOUN
ajfa-16968	240	18	growth	growth	NOUN
ajfa-16968	240	19	opportunities	opportunity	NOUN
ajfa-16968	240	20	but	but	CCONJ
ajfa-16968	240	21	hold	hold	VERB
ajfa-16968	240	22	a	a	DET
ajfa-16968	240	23	more	more	ADV
ajfa-16968	240	24	cautious	cautious	ADJ
ajfa-16968	240	25	attitude	attitude	NOUN
ajfa-16968	240	26	asian	asian	ADJ
ajfa-16968	240	27	journal	journal	NOUN
ajfa-16968	240	28	of	of	ADP
ajfa-16968	240	29	finance	finance	PROPN
ajfa-16968	240	30	&	&	CCONJ
ajfa-16968	240	31	accounting	accounting	PROPN
ajfa-16968	240	32	issn	issn	PROPN
ajfa-16968	240	33	1946	1946	NUM
ajfa-16968	240	34	-	-	PUNCT
ajfa-16968	240	35	052x	052x	NOUN
ajfa-16968	240	36	2020	2020	NUM
ajfa-16968	240	37	,	,	PUNCT
ajfa-16968	240	38	vol	vol	NOUN
ajfa-16968	240	39	.	.	PROPN
ajfa-16968	241	1	12	12	NUM
ajfa-16968	241	2	,	,	PUNCT
ajfa-16968	241	3	no	no	INTJ
ajfa-16968	241	4	.	.	NOUN
ajfa-16968	241	5	1	1	NUM
ajfa-16968	241	6	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	241	7	146	146	NUM
ajfa-16968	241	8	and	and	CCONJ
ajfa-16968	241	9	that	that	SCONJ
ajfa-16968	241	10	investors	investor	NOUN
ajfa-16968	241	11	show	show	VERB
ajfa-16968	241	12	positive	positive	ADJ
ajfa-16968	241	13	support	support	NOUN
ajfa-16968	241	14	for	for	ADP
ajfa-16968	241	15	firm	firm	ADJ
ajfa-16968	241	16	investment	investment	NOUN
ajfa-16968	241	17	in	in	ADP
ajfa-16968	241	18	r&d	r&d	NOUN
ajfa-16968	241	19	activities	activity	NOUN
ajfa-16968	241	20	.	.	PUNCT
ajfa-16968	242	1	these	these	DET
ajfa-16968	242	2	results	result	VERB
ajfa-16968	242	3	further	far	ADV
ajfa-16968	242	4	motivate	motivate	VERB
ajfa-16968	242	5	firm	firm	ADJ
ajfa-16968	242	6	management	management	NOUN
ajfa-16968	242	7	to	to	PART
ajfa-16968	242	8	invest	invest	VERB
ajfa-16968	242	9	in	in	ADP
ajfa-16968	242	10	innovative	innovative	ADJ
ajfa-16968	242	11	activities	activity	NOUN
ajfa-16968	242	12	with	with	ADP
ajfa-16968	242	13	more	more	ADJ
ajfa-16968	242	14	confidence	confidence	NOUN
ajfa-16968	242	15	and	and	CCONJ
ajfa-16968	242	16	incentives	incentive	NOUN
ajfa-16968	242	17	.	.	PUNCT
ajfa-16968	243	1	this	this	PRON
ajfa-16968	243	2	is	be	AUX
ajfa-16968	243	3	because	because	SCONJ
ajfa-16968	243	4	firms	firm	NOUN
ajfa-16968	243	5	need	need	VERB
ajfa-16968	243	6	the	the	DET
ajfa-16968	243	7	recognition	recognition	NOUN
ajfa-16968	243	8	and	and	CCONJ
ajfa-16968	243	9	support	support	NOUN
ajfa-16968	243	10	of	of	ADP
ajfa-16968	243	11	shareholders	shareholder	NOUN
ajfa-16968	243	12	before	before	ADP
ajfa-16968	243	13	making	make	VERB
ajfa-16968	243	14	active	active	ADJ
ajfa-16968	243	15	progress	progress	NOUN
ajfa-16968	243	16	in	in	ADP
ajfa-16968	243	17	r&d	r&d	NOUN
ajfa-16968	243	18	innovation	innovation	NOUN
ajfa-16968	243	19	.	.	PUNCT
ajfa-16968	244	1	thus	thus	ADV
ajfa-16968	244	2	,	,	PUNCT
ajfa-16968	244	3	when	when	SCONJ
ajfa-16968	244	4	making	make	VERB
ajfa-16968	244	5	r&d	r&d	NOUN
ajfa-16968	244	6	expenditure	expenditure	NOUN
ajfa-16968	244	7	decisions	decision	NOUN
ajfa-16968	244	8	,	,	PUNCT
ajfa-16968	244	9	firms	firm	NOUN
ajfa-16968	244	10	should	should	AUX
ajfa-16968	244	11	cautiously	cautiously	ADV
ajfa-16968	244	12	assess	assess	VERB
ajfa-16968	244	13	future	future	ADJ
ajfa-16968	244	14	growth	growth	NOUN
ajfa-16968	244	15	opportunities	opportunity	NOUN
ajfa-16968	244	16	so	so	SCONJ
ajfa-16968	244	17	as	as	SCONJ
ajfa-16968	244	18	to	to	PART
ajfa-16968	244	19	seize	seize	VERB
ajfa-16968	244	20	the	the	DET
ajfa-16968	244	21	opportunity	opportunity	NOUN
ajfa-16968	244	22	to	to	PART
ajfa-16968	244	23	help	help	VERB
ajfa-16968	244	24	raise	raise	VERB
ajfa-16968	244	25	their	their	PRON
ajfa-16968	244	26	future	future	ADJ
ajfa-16968	244	27	competitiveness	competitiveness	NOUN
ajfa-16968	244	28	and	and	CCONJ
ajfa-16968	244	29	firm	firm	ADJ
ajfa-16968	244	30	value	value	NOUN
ajfa-16968	244	31	.	.	PUNCT
ajfa-16968	245	1	although	although	SCONJ
ajfa-16968	245	2	the	the	DET
ajfa-16968	245	3	agency	agency	NOUN
ajfa-16968	245	4	problems	problem	NOUN
ajfa-16968	245	5	and	and	CCONJ
ajfa-16968	245	6	the	the	DET
ajfa-16968	245	7	information	information	NOUN
ajfa-16968	245	8	asymmetry	asymmetry	NOUN
ajfa-16968	245	9	possibly	possibly	ADV
ajfa-16968	245	10	brought	bring	VERB
ajfa-16968	245	11	up	up	ADP
ajfa-16968	245	12	by	by	ADP
ajfa-16968	245	13	r&d	r&d	NOUN
ajfa-16968	245	14	expenditure	expenditure	NOUN
ajfa-16968	245	15	,	,	PUNCT
ajfa-16968	245	16	is	be	AUX
ajfa-16968	245	17	not	not	PART
ajfa-16968	245	18	statistically	statistically	ADV
ajfa-16968	245	19	significant	significant	ADJ
ajfa-16968	245	20	in	in	ADP
ajfa-16968	245	21	the	the	DET
ajfa-16968	245	22	empirical	empirical	ADJ
ajfa-16968	245	23	results	result	NOUN
ajfa-16968	245	24	of	of	ADP
ajfa-16968	245	25	the	the	DET
ajfa-16968	245	26	entire	entire	ADJ
ajfa-16968	245	27	sample	sample	NOUN
ajfa-16968	245	28	,	,	PUNCT
ajfa-16968	245	29	the	the	DET
ajfa-16968	245	30	empirical	empirical	ADJ
ajfa-16968	245	31	results	result	NOUN
ajfa-16968	245	32	show	show	VERB
ajfa-16968	245	33	that	that	SCONJ
ajfa-16968	245	34	these	these	DET
ajfa-16968	245	35	negative	negative	ADJ
ajfa-16968	245	36	effects	effect	NOUN
ajfa-16968	245	37	may	may	AUX
ajfa-16968	245	38	indeed	indeed	ADV
ajfa-16968	245	39	make	make	VERB
ajfa-16968	245	40	firms	firm	NOUN
ajfa-16968	245	41	pay	pay	VERB
ajfa-16968	245	42	a	a	DET
ajfa-16968	245	43	higher	high	ADJ
ajfa-16968	245	44	price	price	NOUN
ajfa-16968	245	45	while	while	SCONJ
ajfa-16968	245	46	pursuing	pursue	VERB
ajfa-16968	245	47	firm	firm	ADJ
ajfa-16968	245	48	value	value	NOUN
ajfa-16968	245	49	increase	increase	NOUN
ajfa-16968	245	50	.	.	PUNCT
ajfa-16968	246	1	acknowledgments	acknowledgment	NOUN
ajfa-16968	246	2	:	:	PUNCT
ajfa-16968	246	3	the	the	DET
ajfa-16968	246	4	authors	author	NOUN
ajfa-16968	246	5	thank	thank	VERB
ajfa-16968	246	6	crimson	crimson	PROPN
ajfa-16968	246	7	interactive	interactive	PROPN
ajfa-16968	246	8	pvt	pvt	PROPN
ajfa-16968	246	9	.	.	PROPN
ajfa-16968	246	10	ltd	ltd	PROPN
ajfa-16968	246	11	.	.	PROPN
ajfa-16968	247	1	(	(	PUNCT
ajfa-16968	247	2	ulatus	ulatus	NOUN
ajfa-16968	247	3	)	)	PUNCT
ajfa-16968	247	4	–	–	PUNCT
ajfa-16968	247	5	www.ulatus.tw	www.ulatus.tw	NOUN
ajfa-16968	247	6	for	for	ADP
ajfa-16968	247	7	their	their	PRON
ajfa-16968	247	8	assistance	assistance	NOUN
ajfa-16968	247	9	in	in	ADP
ajfa-16968	247	10	manuscript	manuscript	NOUN
ajfa-16968	247	11	translation	translation	NOUN
ajfa-16968	247	12	and	and	CCONJ
ajfa-16968	247	13	editing	editing	NOUN
ajfa-16968	247	14	.	.	PUNCT
ajfa-16968	248	1	conflicts	conflict	NOUN
ajfa-16968	248	2	of	of	ADP
ajfa-16968	248	3	interest	interest	NOUN
ajfa-16968	248	4	:	:	PUNCT
ajfa-16968	248	5	“	"	PUNCT
ajfa-16968	248	6	the	the	DET
ajfa-16968	248	7	authors	author	NOUN
ajfa-16968	248	8	declare	declare	VERB
ajfa-16968	248	9	no	no	DET
ajfa-16968	248	10	conflict	conflict	NOUN
ajfa-16968	248	11	of	of	ADP
ajfa-16968	248	12	interest	interest	NOUN
ajfa-16968	248	13	.	.	PUNCT
ajfa-16968	248	14	”	"	PUNCT
ajfa-16968	249	1	notes	note	NOUN
ajfa-16968	249	2	note	note	VERB
ajfa-16968	249	3	1	1	NUM
ajfa-16968	249	4	.	.	PUNCT
ajfa-16968	250	1	since	since	SCONJ
ajfa-16968	250	2	the	the	DET
ajfa-16968	250	3	research	research	NOUN
ajfa-16968	250	4	data	datum	NOUN
ajfa-16968	250	5	also	also	ADV
ajfa-16968	250	6	complies	comply	VERB
ajfa-16968	250	7	with	with	ADP
ajfa-16968	250	8	the	the	DET
ajfa-16968	250	9	characteristics	characteristic	NOUN
ajfa-16968	250	10	of	of	ADP
ajfa-16968	250	11	the	the	DET
ajfa-16968	250	12	panel	panel	NOUN
ajfa-16968	250	13	data	datum	NOUN
ajfa-16968	250	14	,	,	PUNCT
ajfa-16968	250	15	we	we	PRON
ajfa-16968	250	16	refer	refer	VERB
ajfa-16968	250	17	to	to	ADP
ajfa-16968	250	18	the	the	DET
ajfa-16968	250	19	opinions	opinion	NOUN
ajfa-16968	250	20	given	give	VERB
ajfa-16968	250	21	by	by	ADP
ajfa-16968	250	22	an	an	DET
ajfa-16968	250	23	anonymous	anonymous	ADJ
ajfa-16968	250	24	reviewer	reviewer	NOUN
ajfa-16968	250	25	and	and	CCONJ
ajfa-16968	250	26	adopt	adopt	VERB
ajfa-16968	250	27	the	the	DET
ajfa-16968	250	28	generalized	generalized	ADJ
ajfa-16968	250	29	method	method	NOUN
ajfa-16968	250	30	of	of	ADP
ajfa-16968	250	31	moments	moment	NOUN
ajfa-16968	250	32	(	(	PUNCT
ajfa-16968	250	33	gmm	gmm	NOUN
ajfa-16968	250	34	)	)	PUNCT
ajfa-16968	250	35	for	for	ADP
ajfa-16968	250	36	analysis	analysis	NOUN
ajfa-16968	250	37	.	.	PUNCT
ajfa-16968	251	1	as	as	SCONJ
ajfa-16968	251	2	the	the	DET
ajfa-16968	251	3	direction	direction	NOUN
ajfa-16968	251	4	and	and	CCONJ
ajfa-16968	251	5	significance	significance	NOUN
ajfa-16968	251	6	of	of	ADP
ajfa-16968	251	7	the	the	DET
ajfa-16968	251	8	coefficient	coefficient	NOUN
ajfa-16968	251	9	in	in	ADP
ajfa-16968	251	10	the	the	DET
ajfa-16968	251	11	empirical	empirical	ADJ
ajfa-16968	251	12	results	result	NOUN
ajfa-16968	251	13	are	be	AUX
ajfa-16968	251	14	similar	similar	ADJ
ajfa-16968	251	15	to	to	ADP
ajfa-16968	251	16	those	those	PRON
ajfa-16968	251	17	of	of	ADP
ajfa-16968	251	18	the	the	DET
ajfa-16968	251	19	coefficient	coefficient	NOUN
ajfa-16968	251	20	derived	derive	VERB
ajfa-16968	251	21	through	through	ADP
ajfa-16968	251	22	the	the	DET
ajfa-16968	251	23	method	method	NOUN
ajfa-16968	251	24	of	of	ADP
ajfa-16968	251	25	ols	ol	NOUN
ajfa-16968	251	26	adopted	adopt	VERB
ajfa-16968	251	27	in	in	ADP
ajfa-16968	251	28	this	this	DET
ajfa-16968	251	29	study	study	NOUN
ajfa-16968	251	30	,	,	PUNCT
ajfa-16968	251	31	the	the	DET
ajfa-16968	251	32	empirical	empirical	ADJ
ajfa-16968	251	33	results	result	NOUN
ajfa-16968	251	34	are	be	AUX
ajfa-16968	251	35	still	still	ADV
ajfa-16968	251	36	presented	present	VERB
ajfa-16968	251	37	by	by	ADP
ajfa-16968	251	38	using	use	VERB
ajfa-16968	251	39	the	the	DET
ajfa-16968	251	40	ols	ol	NOUN
ajfa-16968	251	41	method	method	NOUN
ajfa-16968	251	42	.	.	PUNCT
ajfa-16968	252	1	references	reference	NOUN
ajfa-16968	252	2	aboody	aboody	PROPN
ajfa-16968	252	3	,	,	PUNCT
ajfa-16968	252	4	d.	d.	PROPN
ajfa-16968	252	5	,	,	PUNCT
ajfa-16968	252	6	&	&	CCONJ
ajfa-16968	252	7	lev	lev	PROPN
ajfa-16968	252	8	,	,	PUNCT
ajfa-16968	252	9	b.	b.	PROPN
ajfa-16968	252	10	(	(	PUNCT
ajfa-16968	252	11	2000	2000	NUM
ajfa-16968	252	12	)	)	PUNCT
ajfa-16968	252	13	.	.	PUNCT
ajfa-16968	253	1	information	information	NOUN
ajfa-16968	253	2	asymmetry	asymmetry	NOUN
ajfa-16968	253	3	,	,	PUNCT
ajfa-16968	253	4	r&d	r&d	NOUN
ajfa-16968	253	5	and	and	CCONJ
ajfa-16968	253	6	insider	insider	NOUN
ajfa-16968	253	7	gains	gain	NOUN
ajfa-16968	253	8	.	.	PUNCT
ajfa-16968	254	1	the	the	DET
ajfa-16968	254	2	journal	journal	NOUN
ajfa-16968	254	3	of	of	ADP
ajfa-16968	254	4	finance	finance	NOUN
ajfa-16968	254	5	,	,	PUNCT
ajfa-16968	254	6	55(6	55(6	NUM
ajfa-16968	254	7	)	)	PUNCT
ajfa-16968	254	8	,	,	PUNCT
ajfa-16968	254	9	2747	2747	NUM
ajfa-16968	254	10	-	-	SYM
ajfa-16968	254	11	2766	2766	NUM
ajfa-16968	254	12	.	.	PUNCT
ajfa-16968	255	1	https://doi.org/10.1111/0022-1082.00305	https://doi.org/10.1111/0022-1082.00305	PROPN
ajfa-16968	255	2	alam	alam	PROPN
ajfa-16968	255	3	,	,	PUNCT
ajfa-16968	255	4	p.	p.	PROPN
ajfa-16968	255	5	,	,	PUNCT
ajfa-16968	255	6	&	&	CCONJ
ajfa-16968	255	7	walton	walton	PROPN
ajfa-16968	255	8	,	,	PUNCT
ajfa-16968	255	9	k.	k.	PROPN
ajfa-16968	255	10	s.	s.	PROPN
ajfa-16968	255	11	(	(	PUNCT
ajfa-16968	255	12	1995	1995	NUM
ajfa-16968	255	13	)	)	PUNCT
ajfa-16968	255	14	.	.	PUNCT
ajfa-16968	256	1	information	information	NOUN
ajfa-16968	256	2	asymmetry	asymmetry	NOUN
ajfa-16968	256	3	and	and	CCONJ
ajfa-16968	256	4	valuation	valuation	NOUN
ajfa-16968	256	5	effects	effect	NOUN
ajfa-16968	256	6	of	of	ADP
ajfa-16968	256	7	debt	debt	NOUN
ajfa-16968	256	8	financing	financing	NOUN
ajfa-16968	256	9	.	.	PUNCT
ajfa-16968	257	1	the	the	DET
ajfa-16968	257	2	financial	financial	PROPN
ajfa-16968	257	3	review	review	NOUN
ajfa-16968	257	4	,	,	PUNCT
ajfa-16968	257	5	30(2	30(2	NUM
ajfa-16968	257	6	)	)	PUNCT
ajfa-16968	257	7	,	,	PUNCT
ajfa-16968	257	8	289	289	NUM
ajfa-16968	257	9	-	-	SYM
ajfa-16968	257	10	311	311	NUM
ajfa-16968	257	11	.	.	PUNCT
ajfa-16968	258	1	https://doi.org/10.1111/j.15406288.1995.tb00834.x	https://doi.org/10.1111/j.15406288.1995.tb00834.x	VERB
ajfa-16968	258	2	baber	baber	PROPN
ajfa-16968	258	3	,	,	PUNCT
ajfa-16968	258	4	w.	w.	PROPN
ajfa-16968	258	5	p.	p.	PROPN
ajfa-16968	258	6	,	,	PUNCT
ajfa-16968	258	7	fairfield	fairfield	PROPN
ajfa-16968	258	8	,	,	PUNCT
ajfa-16968	258	9	p.	p.	NOUN
ajfa-16968	258	10	m.	m.	NOUN
ajfa-16968	258	11	,	,	PUNCT
ajfa-16968	258	12	&	&	CCONJ
ajfa-16968	258	13	haggard	haggard	ADJ
ajfa-16968	258	14	,	,	PUNCT
ajfa-16968	258	15	j.	j.	PROPN
ajfa-16968	258	16	(	(	PUNCT
ajfa-16968	258	17	1991	1991	NUM
ajfa-16968	258	18	)	)	PUNCT
ajfa-16968	258	19	.	.	PUNCT
ajfa-16968	259	1	the	the	DET
ajfa-16968	259	2	effect	effect	NOUN
ajfa-16968	259	3	of	of	ADP
ajfa-16968	259	4	concern	concern	NOUN
ajfa-16968	259	5	about	about	ADP
ajfa-16968	259	6	reported	report	VERB
ajfa-16968	259	7	income	income	NOUN
ajfa-16968	259	8	on	on	ADP
ajfa-16968	259	9	discretionary	discretionary	ADJ
ajfa-16968	259	10	spending	spending	NOUN
ajfa-16968	259	11	decisions	decision	NOUN
ajfa-16968	259	12	:	:	PUNCT
ajfa-16968	259	13	the	the	DET
ajfa-16968	259	14	case	case	NOUN
ajfa-16968	259	15	of	of	ADP
ajfa-16968	259	16	research	research	NOUN
ajfa-16968	259	17	and	and	CCONJ
ajfa-16968	259	18	development	development	NOUN
ajfa-16968	259	19	.	.	PUNCT
ajfa-16968	260	1	the	the	DET
ajfa-16968	260	2	accounting	accounting	NOUN
ajfa-16968	260	3	review	review	PROPN
ajfa-16968	260	4	,	,	PUNCT
ajfa-16968	260	5	66(4	66(4	NUM
ajfa-16968	260	6	)	)	PUNCT
ajfa-16968	260	7	,	,	PUNCT
ajfa-16968	260	8	840	840	NUM
ajfa-16968	260	9	-	-	SYM
ajfa-16968	260	10	855	855	NUM
ajfa-16968	260	11	.	.	PUNCT
ajfa-16968	260	12	baysinger	baysinger	NOUN
ajfa-16968	260	13	,	,	PUNCT
ajfa-16968	260	14	b.	b.	PROPN
ajfa-16968	260	15	,	,	PUNCT
ajfa-16968	260	16	&	&	CCONJ
ajfa-16968	260	17	hoskisson	hoskisson	PROPN
ajfa-16968	260	18	,	,	PUNCT
ajfa-16968	260	19	r.	r.	PROPN
ajfa-16968	260	20	e.	e.	PROPN
ajfa-16968	260	21	(	(	PUNCT
ajfa-16968	260	22	1989	1989	NUM
ajfa-16968	260	23	)	)	PUNCT
ajfa-16968	260	24	.	.	PUNCT
ajfa-16968	261	1	diversification	diversification	NOUN
ajfa-16968	261	2	strategy	strategy	NOUN
ajfa-16968	261	3	and	and	CCONJ
ajfa-16968	261	4	r&d	r&d	NOUN
ajfa-16968	261	5	intensity	intensity	NOUN
ajfa-16968	261	6	in	in	ADP
ajfa-16968	261	7	large	large	ADJ
ajfa-16968	261	8	multi	multi	ADJ
ajfa-16968	261	9	-	-	ADJ
ajfa-16968	261	10	product	product	ADJ
ajfa-16968	261	11	firms	firm	NOUN
ajfa-16968	261	12	.	.	PUNCT
ajfa-16968	262	1	the	the	DET
ajfa-16968	262	2	academy	academy	PROPN
ajfa-16968	262	3	of	of	ADP
ajfa-16968	262	4	management	management	PROPN
ajfa-16968	262	5	journal	journal	NOUN
ajfa-16968	262	6	,	,	PUNCT
ajfa-16968	262	7	32(2	32(2	NUM
ajfa-16968	262	8	)	)	PUNCT
ajfa-16968	262	9	,	,	PUNCT
ajfa-16968	262	10	310	310	NUM
ajfa-16968	262	11	-	-	SYM
ajfa-16968	262	12	332	332	NUM
ajfa-16968	262	13	.	.	PUNCT
ajfa-16968	263	1	boone	boone	PROPN
ajfa-16968	263	2	,	,	PUNCT
ajfa-16968	263	3	j.	j.	PROPN
ajfa-16968	263	4	p.	p.	PROPN
ajfa-16968	263	5	,	,	PUNCT
ajfa-16968	263	6	&	&	CCONJ
ajfa-16968	263	7	raman	raman	PROPN
ajfa-16968	263	8	,	,	PUNCT
ajfa-16968	263	9	k.	k.	PROPN
ajfa-16968	263	10	k.	k.	PROPN
ajfa-16968	263	11	(	(	PUNCT
ajfa-16968	263	12	2001	2001	NUM
ajfa-16968	263	13	)	)	PUNCT
ajfa-16968	263	14	.	.	PUNCT
ajfa-16968	264	1	off	off	ADP
ajfa-16968	264	2	-	-	PUNCT
ajfa-16968	264	3	balance	balance	NOUN
ajfa-16968	264	4	sheet	sheet	NOUN
ajfa-16968	264	5	r&d	r&d	NOUN
ajfa-16968	264	6	assets	asset	NOUN
ajfa-16968	264	7	and	and	CCONJ
ajfa-16968	264	8	market	market	NOUN
ajfa-16968	264	9	liquidity	liquidity	NOUN
ajfa-16968	264	10	.	.	PUNCT
ajfa-16968	265	1	journal	journal	NOUN
ajfa-16968	265	2	of	of	ADP
ajfa-16968	265	3	accounting	accounting	NOUN
ajfa-16968	265	4	and	and	CCONJ
ajfa-16968	265	5	public	public	ADJ
ajfa-16968	265	6	policy	policy	NOUN
ajfa-16968	265	7	,	,	PUNCT
ajfa-16968	265	8	20	20	NUM
ajfa-16968	265	9	,	,	PUNCT
ajfa-16968	265	10	97	97	NUM
ajfa-16968	265	11	-	-	SYM
ajfa-16968	265	12	128	128	NUM
ajfa-16968	265	13	.	.	PUNCT
ajfa-16968	266	1	https://doi.org/10.1016/s02784254(01)00023-0	https://doi.org/10.1016/s02784254(01)00023-0	VERB
ajfa-16968	266	2	bourgeois	bourgeois	NOUN
ajfa-16968	266	3	,	,	PUNCT
ajfa-16968	266	4	l.	l.	PROPN
ajfa-16968	266	5	j.	j.	PROPN
ajfa-16968	266	6	(	(	PUNCT
ajfa-16968	266	7	1981	1981	NUM
ajfa-16968	266	8	)	)	PUNCT
ajfa-16968	266	9	.	.	PUNCT
ajfa-16968	267	1	on	on	ADP
ajfa-16968	267	2	the	the	DET
ajfa-16968	267	3	measurement	measurement	NOUN
ajfa-16968	267	4	of	of	ADP
ajfa-16968	267	5	organizational	organizational	ADJ
ajfa-16968	267	6	slack	slack	NOUN
ajfa-16968	267	7	.	.	PUNCT
ajfa-16968	268	1	academy	academy	PROPN
ajfa-16968	268	2	of	of	ADP
ajfa-16968	268	3	management	management	PROPN
ajfa-16968	268	4	review	review	PROPN
ajfa-16968	268	5	,	,	PUNCT
ajfa-16968	268	6	6(1	6(1	NUM
ajfa-16968	268	7	)	)	PUNCT
ajfa-16968	268	8	,	,	PUNCT
ajfa-16968	268	9	29	29	NUM
ajfa-16968	268	10	-	-	SYM
ajfa-16968	268	11	39	39	NUM
ajfa-16968	268	12	.	.	PUNCT
ajfa-16968	269	1	https://doi.org/10.5465/amr.1981.4287985	https://doi.org/10.5465/amr.1981.4287985	PROPN
ajfa-16968	269	2	bublitz	bublitz	PROPN
ajfa-16968	269	3	,	,	PUNCT
ajfa-16968	269	4	b.	b.	PROPN
ajfa-16968	269	5	,	,	PUNCT
ajfa-16968	269	6	&	&	CCONJ
ajfa-16968	269	7	ettredge	ettredge	PROPN
ajfa-16968	269	8	,	,	PUNCT
ajfa-16968	269	9	m.	m.	NOUN
ajfa-16968	269	10	(	(	PUNCT
ajfa-16968	269	11	1989	1989	NUM
ajfa-16968	269	12	)	)	PUNCT
ajfa-16968	269	13	.	.	PUNCT
ajfa-16968	270	1	the	the	DET
ajfa-16968	270	2	information	information	NOUN
ajfa-16968	270	3	in	in	ADP
ajfa-16968	270	4	discretionary	discretionary	ADJ
ajfa-16968	270	5	outlays	outlay	NOUN
ajfa-16968	270	6	:	:	PUNCT
ajfa-16968	270	7	advertising	advertising	NOUN
ajfa-16968	270	8	,	,	PUNCT
ajfa-16968	270	9	research	research	NOUN
ajfa-16968	270	10	,	,	PUNCT
ajfa-16968	270	11	and	and	CCONJ
ajfa-16968	270	12	development	development	NOUN
ajfa-16968	270	13	.	.	PUNCT
ajfa-16968	271	1	journal	journal	PROPN
ajfa-16968	271	2	of	of	ADP
ajfa-16968	271	3	accounting	accounting	PROPN
ajfa-16968	271	4	review	review	NOUN
ajfa-16968	271	5	,	,	PUNCT
ajfa-16968	271	6	64	64	NUM
ajfa-16968	271	7	,	,	PUNCT
ajfa-16968	271	8	108	108	NUM
ajfa-16968	271	9	-	-	SYM
ajfa-16968	271	10	124	124	NUM
ajfa-16968	271	11	.	.	PUNCT
ajfa-16968	272	1	asian	asian	ADJ
ajfa-16968	272	2	journal	journal	PROPN
ajfa-16968	272	3	of	of	ADP
ajfa-16968	272	4	finance	finance	PROPN
ajfa-16968	272	5	&	&	CCONJ
ajfa-16968	272	6	accounting	accounting	PROPN
ajfa-16968	272	7	issn	issn	PROPN
ajfa-16968	272	8	1946	1946	NUM
ajfa-16968	272	9	-	-	PUNCT
ajfa-16968	272	10	052x	052x	NOUN
ajfa-16968	272	11	2020	2020	NUM
ajfa-16968	272	12	,	,	PUNCT
ajfa-16968	272	13	vol	vol	NOUN
ajfa-16968	272	14	.	.	PROPN
ajfa-16968	272	15	12	12	NUM
ajfa-16968	272	16	,	,	PUNCT
ajfa-16968	272	17	no	no	INTJ
ajfa-16968	272	18	.	.	NOUN
ajfa-16968	272	19	1	1	NUM
ajfa-16968	272	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	272	21	147	147	NUM
ajfa-16968	272	22	chakrarthy	chakrarthy	NOUN
ajfa-16968	272	23	,	,	PUNCT
ajfa-16968	272	24	b.	b.	PROPN
ajfa-16968	272	25	s.	s.	PROPN
ajfa-16968	272	26	(	(	PUNCT
ajfa-16968	272	27	1986	1986	NUM
ajfa-16968	272	28	)	)	PUNCT
ajfa-16968	272	29	.	.	PUNCT
ajfa-16968	273	1	measuring	measure	VERB
ajfa-16968	273	2	strategic	strategic	ADJ
ajfa-16968	273	3	performance	performance	NOUN
ajfa-16968	273	4	.	.	PUNCT
ajfa-16968	274	1	strategic	strategic	ADJ
ajfa-16968	274	2	management	management	NOUN
ajfa-16968	274	3	journal	journal	NOUN
ajfa-16968	274	4	,	,	PUNCT
ajfa-16968	274	5	7(5	7(5	NUM
ajfa-16968	274	6	)	)	PUNCT
ajfa-16968	274	7	,	,	PUNCT
ajfa-16968	274	8	437	437	NUM
ajfa-16968	274	9	-	-	SYM
ajfa-16968	274	10	458	458	NUM
ajfa-16968	274	11	.	.	PUNCT
ajfa-16968	275	1	https://doi.org/10.1002/smj.4250070505	https://doi.org/10.1002/smj.4250070505	PROPN
ajfa-16968	275	2	chan	chan	PROPN
ajfa-16968	275	3	,	,	PUNCT
ajfa-16968	275	4	l.k.c	l.k.c	NOUN
ajfa-16968	275	5	.	.	PUNCT
ajfa-16968	275	6	,	,	PUNCT
ajfa-16968	275	7	lakonishok	lakonishok	PROPN
ajfa-16968	275	8	,	,	PUNCT
ajfa-16968	275	9	j.	j.	PROPN
ajfa-16968	275	10	,	,	PUNCT
ajfa-16968	275	11	&	&	CCONJ
ajfa-16968	275	12	sougiannis	sougiannis	PROPN
ajfa-16968	275	13	,	,	PUNCT
ajfa-16968	275	14	t.	t.	PROPN
ajfa-16968	275	15	(	(	PUNCT
ajfa-16968	275	16	2001	2001	NUM
ajfa-16968	275	17	)	)	PUNCT
ajfa-16968	275	18	.	.	PUNCT
ajfa-16968	276	1	the	the	DET
ajfa-16968	276	2	stock	stock	NOUN
ajfa-16968	276	3	market	market	NOUN
ajfa-16968	276	4	valuation	valuation	NOUN
ajfa-16968	276	5	of	of	ADP
ajfa-16968	276	6	research	research	NOUN
ajfa-16968	276	7	and	and	CCONJ
ajfa-16968	276	8	development	development	NOUN
ajfa-16968	276	9	expenditures	expenditure	NOUN
ajfa-16968	276	10	.	.	PUNCT
ajfa-16968	277	1	the	the	DET
ajfa-16968	277	2	journal	journal	NOUN
ajfa-16968	277	3	of	of	ADP
ajfa-16968	277	4	finance	finance	NOUN
ajfa-16968	277	5	,	,	PUNCT
ajfa-16968	277	6	56(6	56(6	NUM
ajfa-16968	277	7	)	)	PUNCT
ajfa-16968	277	8	,	,	PUNCT
ajfa-16968	277	9	2431	2431	NUM
ajfa-16968	277	10	-	-	SYM
ajfa-16968	277	11	2456	2456	NUM
ajfa-16968	277	12	.	.	PUNCT
ajfa-16968	278	1	https://doi.org/10.1111/0022-1082.00411	https://doi.org/10.1111/0022-1082.00411	PROPN
ajfa-16968	278	2	chan	chan	PROPN
ajfa-16968	278	3	,	,	PUNCT
ajfa-16968	278	4	s.	s.	PROPN
ajfa-16968	278	5	h.	h.	PROPN
ajfa-16968	278	6	,	,	PUNCT
ajfa-16968	278	7	martin	martin	PROPN
ajfa-16968	278	8	,	,	PUNCT
ajfa-16968	278	9	j.	j.	PROPN
ajfa-16968	278	10	d.	d.	PROPN
ajfa-16968	278	11	,	,	PUNCT
ajfa-16968	278	12	&	&	CCONJ
ajfa-16968	278	13	kensinger	kensinger	PROPN
ajfa-16968	278	14	,	,	PUNCT
ajfa-16968	278	15	j.	j.	PROPN
ajfa-16968	278	16	w.	w.	PROPN
ajfa-16968	278	17	(	(	PUNCT
ajfa-16968	278	18	1990	1990	NUM
ajfa-16968	278	19	)	)	PUNCT
ajfa-16968	278	20	.	.	PUNCT
ajfa-16968	279	1	corporate	corporate	ADJ
ajfa-16968	279	2	research	research	NOUN
ajfa-16968	279	3	and	and	CCONJ
ajfa-16968	279	4	development	development	NOUN
ajfa-16968	279	5	expenditures	expenditure	NOUN
ajfa-16968	279	6	and	and	CCONJ
ajfa-16968	279	7	share	share	NOUN
ajfa-16968	279	8	value	value	NOUN
ajfa-16968	279	9	.	.	PUNCT
ajfa-16968	280	1	journal	journal	NOUN
ajfa-16968	280	2	of	of	ADP
ajfa-16968	280	3	financial	financial	ADJ
ajfa-16968	280	4	economics	economic	NOUN
ajfa-16968	280	5	,	,	PUNCT
ajfa-16968	280	6	26(2	26(2	NUM
ajfa-16968	280	7	)	)	PUNCT
ajfa-16968	280	8	,	,	PUNCT
ajfa-16968	280	9	255	255	NUM
ajfa-16968	280	10	-	-	SYM
ajfa-16968	280	11	276	276	NUM
ajfa-16968	280	12	.	.	PUNCT
ajfa-16968	281	1	https://doi.org/10.1016/0304-405x(90)90005-k	https://doi.org/10.1016/0304-405x(90)90005-k	PROPN
ajfa-16968	281	2	chen	chen	PROPN
ajfa-16968	281	3	,	,	PUNCT
ajfa-16968	281	4	a.	a.	PROPN
ajfa-16968	281	5	s.	s.	PROPN
ajfa-16968	281	6	,	,	PUNCT
ajfa-16968	281	7	&	&	CCONJ
ajfa-16968	281	8	chiou	chiou	PROPN
ajfa-16968	281	9	,	,	PUNCT
ajfa-16968	281	10	s.	s.	PROPN
ajfa-16968	281	11	n.	n.	PROPN
ajfa-16968	281	12	(	(	PUNCT
ajfa-16968	281	13	1997	1997	NUM
ajfa-16968	281	14	)	)	PUNCT
ajfa-16968	281	15	.	.	PUNCT
ajfa-16968	282	1	predicting	predict	VERB
ajfa-16968	282	2	the	the	DET
ajfa-16968	282	3	direction	direction	NOUN
ajfa-16968	282	4	of	of	ADP
ajfa-16968	282	5	different	different	ADJ
ajfa-16968	282	6	horizon	horizon	NOUN
ajfa-16968	282	7	returns	return	NOUN
ajfa-16968	282	8	of	of	ADP
ajfa-16968	282	9	the	the	DET
ajfa-16968	282	10	taiwan	taiwan	PROPN
ajfa-16968	282	11	index	index	NOUN
ajfa-16968	282	12	.	.	PUNCT
ajfa-16968	283	1	review	review	NOUN
ajfa-16968	283	2	of	of	ADP
ajfa-16968	283	3	securities	security	NOUN
ajfa-16968	283	4	and	and	CCONJ
ajfa-16968	283	5	futures	future	NOUN
ajfa-16968	283	6	markets	market	NOUN
ajfa-16968	283	7	,	,	PUNCT
ajfa-16968	283	8	33	33	NUM
ajfa-16968	283	9	,	,	PUNCT
ajfa-16968	283	10	135	135	NUM
ajfa-16968	283	11	-	-	SYM
ajfa-16968	283	12	163	163	NUM
ajfa-16968	283	13	.	.	PUNCT
ajfa-16968	284	1	dechow	dechow	ADJ
ajfa-16968	284	2	,	,	PUNCT
ajfa-16968	284	3	p.	p.	PROPN
ajfa-16968	284	4	,	,	PUNCT
ajfa-16968	284	5	&	&	CCONJ
ajfa-16968	284	6	sloan	sloan	PROPN
ajfa-16968	284	7	,	,	PUNCT
ajfa-16968	284	8	r.	r.	PROPN
ajfa-16968	284	9	(	(	PUNCT
ajfa-16968	284	10	1991	1991	NUM
ajfa-16968	284	11	)	)	PUNCT
ajfa-16968	284	12	.	.	PUNCT
ajfa-16968	285	1	executive	executive	ADJ
ajfa-16968	285	2	incentives	incentive	NOUN
ajfa-16968	285	3	and	and	CCONJ
ajfa-16968	285	4	horizon	horizon	NOUN
ajfa-16968	285	5	problem	problem	NOUN
ajfa-16968	285	6	.	.	PUNCT
ajfa-16968	286	1	journal	journal	NOUN
ajfa-16968	286	2	of	of	ADP
ajfa-16968	286	3	accounting	accounting	NOUN
ajfa-16968	286	4	and	and	CCONJ
ajfa-16968	286	5	economics	economic	NOUN
ajfa-16968	286	6	,	,	PUNCT
ajfa-16968	286	7	14(1	14(1	NUM
ajfa-16968	286	8	)	)	PUNCT
ajfa-16968	286	9	,	,	PUNCT
ajfa-16968	286	10	51	51	NUM
ajfa-16968	286	11	-	-	SYM
ajfa-16968	286	12	89	89	NUM
ajfa-16968	286	13	.	.	PUNCT
ajfa-16968	287	1	https://doi.org/10.1016/0167-7187(91)90058-s	https://doi.org/10.1016/0167-7187(91)90058-s	PROPN
ajfa-16968	287	2	deeds	deed	NOUN
ajfa-16968	287	3	,	,	PUNCT
ajfa-16968	287	4	d.	d.	PROPN
ajfa-16968	287	5	l.	l.	PROPN
ajfa-16968	287	6	(	(	PUNCT
ajfa-16968	287	7	2001	2001	NUM
ajfa-16968	287	8	)	)	PUNCT
ajfa-16968	287	9	.	.	PUNCT
ajfa-16968	288	1	the	the	DET
ajfa-16968	288	2	role	role	NOUN
ajfa-16968	288	3	of	of	ADP
ajfa-16968	288	4	r&d	r&d	NOUN
ajfa-16968	288	5	intensity	intensity	NOUN
ajfa-16968	288	6	,	,	PUNCT
ajfa-16968	288	7	technical	technical	ADJ
ajfa-16968	288	8	development	development	NOUN
ajfa-16968	288	9	and	and	CCONJ
ajfa-16968	288	10	absorptive	absorptive	ADJ
ajfa-16968	288	11	capacity	capacity	NOUN
ajfa-16968	288	12	in	in	ADP
ajfa-16968	288	13	creating	create	VERB
ajfa-16968	288	14	entrepreneurial	entrepreneurial	ADJ
ajfa-16968	288	15	wealth	wealth	NOUN
ajfa-16968	288	16	in	in	ADP
ajfa-16968	288	17	high	high	ADJ
ajfa-16968	288	18	technology	technology	NOUN
ajfa-16968	288	19	start	start	NOUN
ajfa-16968	288	20	-	-	PUNCT
ajfa-16968	288	21	ups	up	NOUN
ajfa-16968	288	22	.	.	PUNCT
ajfa-16968	289	1	journal	journal	PROPN
ajfa-16968	289	2	of	of	ADP
ajfa-16968	289	3	engineering	engineering	NOUN
ajfa-16968	289	4	and	and	CCONJ
ajfa-16968	289	5	technology	technology	NOUN
ajfa-16968	289	6	management	management	NOUN
ajfa-16968	289	7	,	,	PUNCT
ajfa-16968	289	8	18(1	18(1	NUM
ajfa-16968	289	9	)	)	PUNCT
ajfa-16968	289	10	,	,	PUNCT
ajfa-16968	289	11	29	29	NUM
ajfa-16968	289	12	-	-	SYM
ajfa-16968	289	13	47	47	NUM
ajfa-16968	289	14	.	.	PUNCT
ajfa-16968	290	1	https://doi.org/10.1016/s09234748(00)00032-1	https://doi.org/10.1016/s09234748(00)00032-1	VERB
ajfa-16968	290	2	dugal	dugal	ADJ
ajfa-16968	290	3	,	,	PUNCT
ajfa-16968	290	4	s.	s.	PROPN
ajfa-16968	290	5	s.	s.	PROPN
ajfa-16968	290	6	,	,	PUNCT
ajfa-16968	290	7	&	&	CCONJ
ajfa-16968	290	8	morbey	morbey	ADJ
ajfa-16968	290	9	,	,	PUNCT
ajfa-16968	290	10	g.	g.	PROPN
ajfa-16968	290	11	k.	k.	PROPN
ajfa-16968	290	12	(	(	PUNCT
ajfa-16968	290	13	1995	1995	NUM
ajfa-16968	290	14	)	)	PUNCT
ajfa-16968	290	15	.	.	PUNCT
ajfa-16968	291	1	revisiting	revisit	VERB
ajfa-16968	291	2	corporate	corporate	ADJ
ajfa-16968	291	3	r&d	r&d	NOUN
ajfa-16968	291	4	spending	spending	NOUN
ajfa-16968	291	5	during	during	ADP
ajfa-16968	291	6	a	a	DET
ajfa-16968	291	7	recession	recession	NOUN
ajfa-16968	291	8	.	.	PUNCT
ajfa-16968	292	1	research	research	NOUN
ajfa-16968	292	2	technology	technology	NOUN
ajfa-16968	292	3	management	management	NOUN
ajfa-16968	292	4	,	,	PUNCT
ajfa-16968	292	5	38(4	38(4	NUM
ajfa-16968	292	6	)	)	PUNCT
ajfa-16968	292	7	,	,	PUNCT
ajfa-16968	292	8	23	23	NUM
ajfa-16968	292	9	-	-	SYM
ajfa-16968	292	10	27	27	NUM
ajfa-16968	292	11	.	.	PUNCT
ajfa-16968	293	1	https://doi.org/10.1080/08956308.1995.11674276	https://doi.org/10.1080/08956308.1995.11674276	PROPN
ajfa-16968	293	2	fong	fong	PROPN
ajfa-16968	293	3	,	,	PUNCT
ajfa-16968	293	4	c.	c.	PROPN
ajfa-16968	293	5	m.	m.	PROPN
ajfa-16968	293	6	,	,	PUNCT
ajfa-16968	293	7	tseng	tseng	PROPN
ajfa-16968	293	8	,	,	PUNCT
ajfa-16968	293	9	c.	c.	PROPN
ajfa-16968	293	10	h.	h.	PROPN
ajfa-16968	293	11	,	,	PUNCT
ajfa-16968	293	12	chung	chung	PROPN
ajfa-16968	293	13	,	,	PUNCT
ajfa-16968	293	14	h.	h.	PROPN
ajfa-16968	293	15	j.	j.	PROPN
ajfa-16968	293	16	,	,	PUNCT
ajfa-16968	293	17	&	&	CCONJ
ajfa-16968	293	18	shen	shen	PROPN
ajfa-16968	293	19	,	,	PUNCT
ajfa-16968	293	20	j.	j.	PROPN
ajfa-16968	293	21	c.	c.	PROPN
ajfa-16968	293	22	(	(	PUNCT
ajfa-16968	293	23	2000	2000	NUM
ajfa-16968	293	24	)	)	PUNCT
ajfa-16968	293	25	.	.	PUNCT
ajfa-16968	294	1	the	the	DET
ajfa-16968	294	2	effect	effect	NOUN
ajfa-16968	294	3	of	of	ADP
ajfa-16968	294	4	top	top	ADJ
ajfa-16968	294	5	management	management	NOUN
ajfa-16968	294	6	team	team	NOUN
ajfa-16968	294	7	characteristics	characteristic	NOUN
ajfa-16968	294	8	and	and	CCONJ
ajfa-16968	294	9	financial	financial	ADJ
ajfa-16968	294	10	capabilities	capability	NOUN
ajfa-16968	294	11	on	on	ADP
ajfa-16968	294	12	r&d	r&d	NOUN
ajfa-16968	294	13	expenditure	expenditure	NOUN
ajfa-16968	294	14	--	--	PUNCT
ajfa-16968	294	15	an	an	DET
ajfa-16968	294	16	empirical	empirical	ADJ
ajfa-16968	294	17	study	study	NOUN
ajfa-16968	294	18	of	of	ADP
ajfa-16968	294	19	taiwan	taiwan	PROPN
ajfa-16968	294	20	's	's	PART
ajfa-16968	294	21	listed	list	VERB
ajfa-16968	294	22	electronic	electronic	ADJ
ajfa-16968	294	23	companies	company	NOUN
ajfa-16968	294	24	.	.	PUNCT
ajfa-16968	295	1	journal	journal	PROPN
ajfa-16968	295	2	of	of	ADP
ajfa-16968	295	3	technology	technology	NOUN
ajfa-16968	295	4	management	management	NOUN
ajfa-16968	295	5	,	,	PUNCT
ajfa-16968	295	6	5(3	5(3	NUM
ajfa-16968	295	7	)	)	PUNCT
ajfa-16968	295	8	,	,	PUNCT
ajfa-16968	295	9	29	29	NUM
ajfa-16968	295	10	-	-	SYM
ajfa-16968	295	11	46	46	NUM
ajfa-16968	295	12	.	.	PUNCT
ajfa-16968	296	1	galai	galai	PROPN
ajfa-16968	296	2	,	,	PUNCT
ajfa-16968	296	3	d.	d.	PROPN
ajfa-16968	296	4	,	,	PUNCT
ajfa-16968	296	5	&	&	CCONJ
ajfa-16968	296	6	masulis	masulis	PROPN
ajfa-16968	296	7	,	,	PUNCT
ajfa-16968	296	8	r.	r.	PROPN
ajfa-16968	296	9	w.	w.	PROPN
ajfa-16968	296	10	(	(	PUNCT
ajfa-16968	296	11	1976	1976	NUM
ajfa-16968	296	12	)	)	PUNCT
ajfa-16968	296	13	.	.	PUNCT
ajfa-16968	297	1	the	the	DET
ajfa-16968	297	2	option	option	NOUN
ajfa-16968	297	3	pricing	pricing	NOUN
ajfa-16968	297	4	model	model	NOUN
ajfa-16968	297	5	and	and	CCONJ
ajfa-16968	297	6	the	the	DET
ajfa-16968	297	7	risk	risk	NOUN
ajfa-16968	297	8	factor	factor	NOUN
ajfa-16968	297	9	of	of	ADP
ajfa-16968	297	10	stock	stock	NOUN
ajfa-16968	297	11	.	.	PUNCT
ajfa-16968	298	1	journal	journal	PROPN
ajfa-16968	298	2	of	of	ADP
ajfa-16968	298	3	financial	financial	ADJ
ajfa-16968	298	4	economics	economic	NOUN
ajfa-16968	298	5	,	,	PUNCT
ajfa-16968	298	6	3(1	3(1	NUM
ajfa-16968	298	7	-	-	SYM
ajfa-16968	298	8	2	2	NUM
ajfa-16968	298	9	)	)	PUNCT
ajfa-16968	298	10	,	,	PUNCT
ajfa-16968	298	11	53	53	NUM
ajfa-16968	298	12	-	-	SYM
ajfa-16968	298	13	81	81	NUM
ajfa-16968	298	14	.	.	PUNCT
ajfa-16968	299	1	https://doi.org/10.1016/0304-405x(76)900209	https://doi.org/10.1016/0304-405x(76)900209	AUX
ajfa-16968	299	2	glosten	glosten	ADJ
ajfa-16968	299	3	,	,	PUNCT
ajfa-16968	299	4	l.	l.	PROPN
ajfa-16968	299	5	r.	r.	PROPN
ajfa-16968	299	6	,	,	PUNCT
ajfa-16968	299	7	&	&	CCONJ
ajfa-16968	299	8	milgrom	milgrom	PROPN
ajfa-16968	299	9	,	,	PUNCT
ajfa-16968	299	10	p.	p.	PROPN
ajfa-16968	299	11	r.	r.	PROPN
ajfa-16968	299	12	(	(	PUNCT
ajfa-16968	299	13	1985	1985	NUM
ajfa-16968	299	14	)	)	PUNCT
ajfa-16968	299	15	.	.	PUNCT
ajfa-16968	300	1	bid	bid	NOUN
ajfa-16968	300	2	-	-	PUNCT
ajfa-16968	300	3	ask	ask	NOUN
ajfa-16968	300	4	and	and	CCONJ
ajfa-16968	300	5	transaction	transaction	NOUN
ajfa-16968	300	6	prices	price	NOUN
ajfa-16968	300	7	in	in	ADP
ajfa-16968	300	8	a	a	DET
ajfa-16968	300	9	dealer	dealer	NOUN
ajfa-16968	300	10	market	market	NOUN
ajfa-16968	300	11	with	with	ADP
ajfa-16968	300	12	heterogeneously	heterogeneously	ADV
ajfa-16968	300	13	informed	inform	VERB
ajfa-16968	300	14	traders	trader	NOUN
ajfa-16968	300	15	.	.	PUNCT
ajfa-16968	301	1	journal	journal	NOUN
ajfa-16968	301	2	of	of	ADP
ajfa-16968	301	3	financial	financial	ADJ
ajfa-16968	301	4	economics	economic	NOUN
ajfa-16968	301	5	,	,	PUNCT
ajfa-16968	301	6	14(1	14(1	NUM
ajfa-16968	301	7	)	)	PUNCT
ajfa-16968	301	8	,	,	PUNCT
ajfa-16968	301	9	71	71	NUM
ajfa-16968	301	10	-	-	SYM
ajfa-16968	301	11	100	100	NUM
ajfa-16968	301	12	.	.	PUNCT
ajfa-16968	302	1	https://doi.org/10.1016/0304-405x(85)90044-3	https://doi.org/10.1016/0304-405x(85)90044-3	PROPN
ajfa-16968	302	2	hall	hall	PROPN
ajfa-16968	302	3	,	,	PUNCT
ajfa-16968	302	4	b.	b.	PROPN
ajfa-16968	302	5	(	(	PUNCT
ajfa-16968	302	6	1993	1993	NUM
ajfa-16968	302	7	)	)	PUNCT
ajfa-16968	302	8	.	.	PUNCT
ajfa-16968	303	1	industrial	industrial	ADJ
ajfa-16968	303	2	research	research	NOUN
ajfa-16968	303	3	during	during	ADP
ajfa-16968	303	4	the	the	DET
ajfa-16968	303	5	1980s	1980s	NUM
ajfa-16968	303	6	:	:	PUNCT
ajfa-16968	303	7	did	do	VERB
ajfa-16968	303	8	the	the	DET
ajfa-16968	303	9	rate	rate	NOUN
ajfa-16968	303	10	of	of	ADP
ajfa-16968	303	11	return	return	NOUN
ajfa-16968	303	12	fall	fall	NOUN
ajfa-16968	303	13	?	?	PUNCT
ajfa-16968	304	1	brookings	brookings	PROPN
ajfa-16968	304	2	papers	paper	NOUN
ajfa-16968	304	3	on	on	ADP
ajfa-16968	304	4	economic	economic	ADJ
ajfa-16968	304	5	activity	activity	NOUN
ajfa-16968	304	6	,	,	PUNCT
ajfa-16968	304	7	2	2	NUM
ajfa-16968	304	8	,	,	PUNCT
ajfa-16968	304	9	289	289	NUM
ajfa-16968	304	10	-	-	SYM
ajfa-16968	304	11	393	393	NUM
ajfa-16968	304	12	.	.	PUNCT
ajfa-16968	305	1	https://doi.org/10.2307/2534741	https://doi.org/10.2307/2534741	PROPN
ajfa-16968	305	2	hambrick	hambrick	PROPN
ajfa-16968	305	3	,	,	PUNCT
ajfa-16968	305	4	d.	d.	PROPN
ajfa-16968	305	5	c.	c.	PROPN
ajfa-16968	305	6	,	,	PUNCT
ajfa-16968	305	7	&	&	CCONJ
ajfa-16968	305	8	mcmillan	mcmillan	PROPN
ajfa-16968	305	9	,	,	PUNCT
ajfa-16968	305	10	i.	i.	PROPN
ajfa-16968	305	11	c.	c.	PROPN
ajfa-16968	305	12	(	(	PUNCT
ajfa-16968	305	13	1985	1985	NUM
ajfa-16968	305	14	)	)	PUNCT
ajfa-16968	305	15	.	.	PUNCT
ajfa-16968	306	1	efficiency	efficiency	NOUN
ajfa-16968	306	2	of	of	ADP
ajfa-16968	306	3	product	product	NOUN
ajfa-16968	306	4	r&d	r&d	NOUN
ajfa-16968	306	5	in	in	ADP
ajfa-16968	306	6	business	business	NOUN
ajfa-16968	306	7	units	unit	NOUN
ajfa-16968	306	8	:	:	PUNCT
ajfa-16968	306	9	the	the	DET
ajfa-16968	306	10	role	role	NOUN
ajfa-16968	306	11	of	of	ADP
ajfa-16968	306	12	strategic	strategic	ADJ
ajfa-16968	306	13	context	context	NOUN
ajfa-16968	306	14	.	.	PUNCT
ajfa-16968	307	1	academy	academy	PROPN
ajfa-16968	307	2	of	of	ADP
ajfa-16968	307	3	management	management	PROPN
ajfa-16968	307	4	journal	journal	PROPN
ajfa-16968	307	5	,	,	PUNCT
ajfa-16968	307	6	28(3	28(3	NUM
ajfa-16968	307	7	)	)	PUNCT
ajfa-16968	307	8	,	,	PUNCT
ajfa-16968	307	9	527	527	NUM
ajfa-16968	307	10	-	-	SYM
ajfa-16968	307	11	547	547	NUM
ajfa-16968	307	12	.	.	PUNCT
ajfa-16968	308	1	https://doi.org/10.5465/256112	https://doi.org/10.5465/256112	PROPN
ajfa-16968	308	2	hansen	hansen	PROPN
ajfa-16968	308	3	,	,	PUNCT
ajfa-16968	308	4	l.	l.	PROPN
ajfa-16968	308	5	p.	p.	PROPN
ajfa-16968	308	6	(	(	PUNCT
ajfa-16968	308	7	1982	1982	NUM
ajfa-16968	308	8	)	)	PUNCT
ajfa-16968	308	9	.	.	PUNCT
ajfa-16968	309	1	large	large	ADJ
ajfa-16968	309	2	sample	sample	NOUN
ajfa-16968	309	3	properties	property	NOUN
ajfa-16968	309	4	of	of	ADP
ajfa-16968	309	5	generalized	generalized	ADJ
ajfa-16968	309	6	method	method	NOUN
ajfa-16968	309	7	of	of	ADP
ajfa-16968	309	8	moment	moment	NOUN
ajfa-16968	309	9	estimator	estimator	NOUN
ajfa-16968	309	10	.	.	PUNCT
ajfa-16968	310	1	econometrica	econometrica	PROPN
ajfa-16968	310	2	,	,	PUNCT
ajfa-16968	310	3	50(4	50(4	NUM
ajfa-16968	310	4	)	)	PUNCT
ajfa-16968	310	5	,	,	PUNCT
ajfa-16968	310	6	1029	1029	NUM
ajfa-16968	310	7	-	-	SYM
ajfa-16968	310	8	1054	1054	NUM
ajfa-16968	310	9	.	.	PUNCT
ajfa-16968	311	1	https://doi.org/10.2307/1912775	https://doi.org/10.2307/1912775	NOUN
ajfa-16968	311	2	hasbrouck	hasbrouck	PROPN
ajfa-16968	311	3	,	,	PUNCT
ajfa-16968	311	4	j.	j.	PROPN
ajfa-16968	311	5	(	(	PUNCT
ajfa-16968	311	6	1991	1991	NUM
ajfa-16968	311	7	)	)	PUNCT
ajfa-16968	311	8	.	.	PUNCT
ajfa-16968	312	1	measuring	measure	VERB
ajfa-16968	312	2	the	the	DET
ajfa-16968	312	3	information	information	NOUN
ajfa-16968	312	4	content	content	NOUN
ajfa-16968	312	5	of	of	ADP
ajfa-16968	312	6	stocks	stock	NOUN
ajfa-16968	312	7	trades	trade	NOUN
ajfa-16968	312	8	.	.	PUNCT
ajfa-16968	313	1	the	the	DET
ajfa-16968	313	2	journal	journal	PROPN
ajfa-16968	313	3	of	of	ADP
ajfa-16968	313	4	finance	finance	NOUN
ajfa-16968	313	5	,	,	PUNCT
ajfa-16968	313	6	46(1	46(1	PROPN
ajfa-16968	313	7	)	)	PUNCT
ajfa-16968	313	8	,	,	PUNCT
ajfa-16968	313	9	179	179	NUM
ajfa-16968	313	10	-	-	SYM
ajfa-16968	313	11	207	207	NUM
ajfa-16968	313	12	.	.	PUNCT
ajfa-16968	314	1	https://doi.org/10.1111/j.1540-6261.1991.tb03749.x	https://doi.org/10.1111/j.1540-6261.1991.tb03749.x	PROPN
ajfa-16968	314	2	asian	asian	PROPN
ajfa-16968	314	3	journal	journal	PROPN
ajfa-16968	314	4	of	of	ADP
ajfa-16968	314	5	finance	finance	PROPN
ajfa-16968	314	6	&	&	CCONJ
ajfa-16968	314	7	accounting	accounting	PROPN
ajfa-16968	314	8	issn	issn	PROPN
ajfa-16968	314	9	1946	1946	NUM
ajfa-16968	314	10	-	-	PUNCT
ajfa-16968	314	11	052x	052x	NOUN
ajfa-16968	314	12	2020	2020	NUM
ajfa-16968	314	13	,	,	PUNCT
ajfa-16968	314	14	vol	vol	NOUN
ajfa-16968	314	15	.	.	PROPN
ajfa-16968	314	16	12	12	NUM
ajfa-16968	314	17	,	,	PUNCT
ajfa-16968	314	18	no	no	INTJ
ajfa-16968	314	19	.	.	NOUN
ajfa-16968	314	20	1	1	NUM
ajfa-16968	314	21	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	314	22	148	148	NUM
ajfa-16968	314	23	hirschey	hirschey	NOUN
ajfa-16968	314	24	,	,	PUNCT
ajfa-16968	314	25	m.	m.	NOUN
ajfa-16968	314	26	,	,	PUNCT
ajfa-16968	314	27	&	&	CCONJ
ajfa-16968	314	28	weygandt	weygandt	PROPN
ajfa-16968	314	29	,	,	PUNCT
ajfa-16968	314	30	j.	j.	PROPN
ajfa-16968	314	31	(	(	PUNCT
ajfa-16968	314	32	1985	1985	NUM
ajfa-16968	314	33	)	)	PUNCT
ajfa-16968	314	34	.	.	PUNCT
ajfa-16968	315	1	amortization	amortization	NOUN
ajfa-16968	315	2	policy	policy	NOUN
ajfa-16968	315	3	for	for	ADP
ajfa-16968	315	4	advertising	advertising	NOUN
ajfa-16968	315	5	and	and	CCONJ
ajfa-16968	315	6	research	research	NOUN
ajfa-16968	315	7	and	and	CCONJ
ajfa-16968	315	8	development	development	NOUN
ajfa-16968	315	9	expenditures	expenditure	NOUN
ajfa-16968	315	10	.	.	PUNCT
ajfa-16968	316	1	journal	journal	NOUN
ajfa-16968	316	2	of	of	ADP
ajfa-16968	316	3	accounting	accounting	NOUN
ajfa-16968	316	4	research	research	NOUN
ajfa-16968	316	5	,	,	PUNCT
ajfa-16968	316	6	23(1	23(1	NUM
ajfa-16968	316	7	)	)	PUNCT
ajfa-16968	316	8	,	,	PUNCT
ajfa-16968	316	9	326	326	NUM
ajfa-16968	316	10	-	-	SYM
ajfa-16968	316	11	335	335	NUM
ajfa-16968	316	12	.	.	PUNCT
ajfa-16968	317	1	https://doi.org/10.2307/2490921	https://doi.org/10.2307/2490921	NOUN
ajfa-16968	317	2	hitt	hitt	PROPN
ajfa-16968	317	3	,	,	PUNCT
ajfa-16968	317	4	m.	m.	NOUN
ajfa-16968	317	5	a.	a.	PROPN
ajfa-16968	317	6	,	,	PUNCT
ajfa-16968	317	7	hoskisson	hoskisson	PROPN
ajfa-16968	317	8	,	,	PUNCT
ajfa-16968	317	9	r.	r.	PROPN
ajfa-16968	317	10	d.	d.	PROPN
ajfa-16968	317	11	,	,	PUNCT
ajfa-16968	317	12	ireland	ireland	PROPN
ajfa-16968	317	13	,	,	PUNCT
ajfa-16968	317	14	r.	r.	PROPN
ajfa-16968	317	15	d.	d.	PROPN
ajfa-16968	317	16	,	,	PUNCT
ajfa-16968	317	17	&	&	CCONJ
ajfa-16968	317	18	harrison	harrison	PROPN
ajfa-16968	317	19	,	,	PUNCT
ajfa-16968	317	20	j.	j.	PROPN
ajfa-16968	317	21	s.	s.	PROPN
ajfa-16968	317	22	(	(	PUNCT
ajfa-16968	317	23	1991	1991	NUM
ajfa-16968	317	24	)	)	PUNCT
ajfa-16968	317	25	.	.	PUNCT
ajfa-16968	318	1	effects	effect	NOUN
ajfa-16968	318	2	of	of	ADP
ajfa-16968	318	3	acquisitions	acquisition	NOUN
ajfa-16968	318	4	on	on	ADP
ajfa-16968	318	5	r&d	r&d	NOUN
ajfa-16968	318	6	inputs	input	NOUN
ajfa-16968	318	7	and	and	CCONJ
ajfa-16968	318	8	outputs	output	NOUN
ajfa-16968	318	9	.	.	PUNCT
ajfa-16968	319	1	academy	academy	PROPN
ajfa-16968	319	2	of	of	ADP
ajfa-16968	319	3	management	management	PROPN
ajfa-16968	319	4	journal	journal	NOUN
ajfa-16968	319	5	,	,	PUNCT
ajfa-16968	319	6	34(3	34(3	NUM
ajfa-16968	319	7	)	)	PUNCT
ajfa-16968	319	8	,	,	PUNCT
ajfa-16968	319	9	693	693	NUM
ajfa-16968	319	10	-	-	SYM
ajfa-16968	319	11	706	706	NUM
ajfa-16968	319	12	.	.	PUNCT
ajfa-16968	320	1	https://doi.org/10.5465/256412	https://doi.org/10.5465/256412	ADP
ajfa-16968	320	2	hoskisson	hoskisson	PROPN
ajfa-16968	320	3	,	,	PUNCT
ajfa-16968	320	4	r.	r.	PROPN
ajfa-16968	320	5	e.	e.	PROPN
ajfa-16968	320	6	,	,	PUNCT
ajfa-16968	320	7	&	&	CCONJ
ajfa-16968	320	8	hitt	hitt	PROPN
ajfa-16968	320	9	,	,	PUNCT
ajfa-16968	320	10	m.	m.	NOUN
ajfa-16968	320	11	a.	a.	NOUN
ajfa-16968	320	12	(	(	PUNCT
ajfa-16968	320	13	1988	1988	NUM
ajfa-16968	320	14	)	)	PUNCT
ajfa-16968	320	15	.	.	PUNCT
ajfa-16968	321	1	strategic	strategic	ADJ
ajfa-16968	321	2	control	control	NOUN
ajfa-16968	321	3	systems	system	NOUN
ajfa-16968	321	4	and	and	CCONJ
ajfa-16968	321	5	relative	relative	ADJ
ajfa-16968	321	6	r&d	r&d	NOUN
ajfa-16968	321	7	investment	investment	NOUN
ajfa-16968	321	8	in	in	ADP
ajfa-16968	321	9	large	large	ADJ
ajfa-16968	321	10	multi	multi	ADJ
ajfa-16968	321	11	-	-	ADJ
ajfa-16968	321	12	product	product	ADJ
ajfa-16968	321	13	firms	firm	NOUN
ajfa-16968	321	14	.	.	PUNCT
ajfa-16968	322	1	strategic	strategic	ADJ
ajfa-16968	322	2	management	management	NOUN
ajfa-16968	322	3	journal	journal	NOUN
ajfa-16968	322	4	,	,	PUNCT
ajfa-16968	322	5	9(6	9(6	NUM
ajfa-16968	322	6	)	)	PUNCT
ajfa-16968	322	7	,	,	PUNCT
ajfa-16968	322	8	605	605	NUM
ajfa-16968	322	9	-	-	SYM
ajfa-16968	322	10	621	621	NUM
ajfa-16968	322	11	.	.	PUNCT
ajfa-16968	323	1	https://doi.org/10.1002/smj.4250090607	https://doi.org/10.1002/smj.4250090607	PROPN
ajfa-16968	323	2	hsu	hsu	PROPN
ajfa-16968	323	3	,	,	PUNCT
ajfa-16968	323	4	c.	c.	PROPN
ajfa-16968	323	5	(	(	PUNCT
ajfa-16968	323	6	2001	2001	NUM
ajfa-16968	323	7	)	)	PUNCT
ajfa-16968	323	8	.	.	PUNCT
ajfa-16968	324	1	causal	causal	ADJ
ajfa-16968	324	2	relationship	relationship	NOUN
ajfa-16968	324	3	between	between	ADP
ajfa-16968	324	4	r&d	r&d	NOUN
ajfa-16968	324	5	,	,	PUNCT
ajfa-16968	324	6	advertising	advertising	NOUN
ajfa-16968	324	7	expenditure	expenditure	NOUN
ajfa-16968	324	8	and	and	CCONJ
ajfa-16968	324	9	changes	change	NOUN
ajfa-16968	324	10	in	in	ADP
ajfa-16968	324	11	firm	firm	NOUN
ajfa-16968	324	12	’s	’s	PART
ajfa-16968	324	13	value(unpublished	value(unpublished	PROPN
ajfa-16968	324	14	master	master	NOUN
ajfa-16968	324	15	's	's	PART
ajfa-16968	324	16	thesis	thesis	NOUN
ajfa-16968	324	17	)	)	PUNCT
ajfa-16968	324	18	.	.	PUNCT
ajfa-16968	325	1	master	master	NOUN
ajfa-16968	325	2	's	's	PART
ajfa-16968	325	3	thesis	thesis	NOUN
ajfa-16968	325	4	by	by	ADP
ajfa-16968	325	5	master	master	NOUN
ajfa-16968	325	6	of	of	ADP
ajfa-16968	325	7	business	business	PROPN
ajfa-16968	325	8	administration	administration	PROPN
ajfa-16968	325	9	,	,	PUNCT
ajfa-16968	325	10	tunghai	tunghai	PROPN
ajfa-16968	325	11	university	university	PROPN
ajfa-16968	325	12	,	,	PUNCT
ajfa-16968	325	13	taiwan	taiwan	PROPN
ajfa-16968	325	14	.	.	PUNCT
ajfa-16968	326	1	hsu	hsu	PROPN
ajfa-16968	326	2	,	,	PUNCT
ajfa-16968	326	3	s.	s.	PROPN
ajfa-16968	326	4	c.	c.	PROPN
ajfa-16968	326	5	(	(	PUNCT
ajfa-16968	326	6	2002	2002	NUM
ajfa-16968	326	7	)	)	PUNCT
ajfa-16968	326	8	.	.	PUNCT
ajfa-16968	327	1	research	research	NOUN
ajfa-16968	327	2	of	of	ADP
ajfa-16968	327	3	relationship	relationship	NOUN
ajfa-16968	327	4	between	between	ADP
ajfa-16968	327	5	r&d	r&d	NOUN
ajfa-16968	327	6	spending	spending	NOUN
ajfa-16968	327	7	and	and	CCONJ
ajfa-16968	327	8	stockholders	stockholder	NOUN
ajfa-16968	327	9	'	'	PART
ajfa-16968	327	10	returns	return	NOUN
ajfa-16968	327	11	in	in	ADP
ajfa-16968	327	12	taiwanese	taiwanese	ADJ
ajfa-16968	327	13	information	information	NOUN
ajfa-16968	327	14	-	-	PUNCT
ajfa-16968	327	15	electronic	electronic	ADJ
ajfa-16968	327	16	industry(unpublished	industry(unpublishe	VERB
ajfa-16968	327	17	master	master	NOUN
ajfa-16968	327	18	's	's	PART
ajfa-16968	327	19	thesis	thesis	NOUN
ajfa-16968	327	20	)	)	PUNCT
ajfa-16968	327	21	.	.	PUNCT
ajfa-16968	328	1	soochow	soochow	PROPN
ajfa-16968	328	2	university	university	PROPN
ajfa-16968	328	3	,	,	PUNCT
ajfa-16968	328	4	taiwan	taiwan	PROPN
ajfa-16968	328	5	.	.	PUNCT
ajfa-16968	329	1	huang	huang	PROPN
ajfa-16968	329	2	,	,	PUNCT
ajfa-16968	329	3	y.	y.	PROPN
ajfa-16968	329	4	l.	l.	PROPN
ajfa-16968	329	5	(	(	PUNCT
ajfa-16968	329	6	1999	1999	NUM
ajfa-16968	329	7	)	)	PUNCT
ajfa-16968	329	8	.	.	PUNCT
ajfa-16968	330	1	discussion	discussion	NOUN
ajfa-16968	330	2	on	on	ADP
ajfa-16968	330	3	the	the	DET
ajfa-16968	330	4	relationship	relationship	NOUN
ajfa-16968	330	5	between	between	ADP
ajfa-16968	330	6	r&d	r&d	NOUN
ajfa-16968	330	7	and	and	CCONJ
ajfa-16968	330	8	business	business	NOUN
ajfa-16968	330	9	performance	performance	NOUN
ajfa-16968	330	10	and	and	CCONJ
ajfa-16968	330	11	its	its	PRON
ajfa-16968	330	12	expensing	expense	VERB
ajfa-16968	330	13	-taking	-take	VERB
ajfa-16968	330	14	the	the	DET
ajfa-16968	330	15	electronics	electronic	NOUN
ajfa-16968	330	16	and	and	CCONJ
ajfa-16968	330	17	non	non	ADJ
ajfa-16968	330	18	-	-	ADJ
ajfa-16968	330	19	electronic	electronic	ADJ
ajfa-16968	330	20	industries	industry	NOUN
ajfa-16968	330	21	of	of	ADP
ajfa-16968	330	22	listed	list	VERB
ajfa-16968	330	23	companies	company	NOUN
ajfa-16968	330	24	in	in	ADP
ajfa-16968	330	25	taiwan	taiwan	PROPN
ajfa-16968	330	26	as	as	ADP
ajfa-16968	330	27	examples(unpublished	examples(unpublishe	VERB
ajfa-16968	330	28	master	master	NOUN
ajfa-16968	330	29	's	's	PART
ajfa-16968	330	30	thesis	thesis	NOUN
ajfa-16968	330	31	)	)	PUNCT
ajfa-16968	330	32	.	.	PUNCT
ajfa-16968	331	1	national	national	PROPN
ajfa-16968	331	2	chengchi	chengchi	PROPN
ajfa-16968	331	3	university	university	PROPN
ajfa-16968	331	4	,	,	PUNCT
ajfa-16968	331	5	taiwan	taiwan	PROPN
ajfa-16968	331	6	.	.	PUNCT
ajfa-16968	332	1	jensen	jensen	PROPN
ajfa-16968	332	2	,	,	PUNCT
ajfa-16968	332	3	m.	m.	PROPN
ajfa-16968	332	4	c.	c.	PROPN
ajfa-16968	332	5	,	,	PUNCT
ajfa-16968	332	6	&	&	CCONJ
ajfa-16968	332	7	meckling	meckling	PROPN
ajfa-16968	332	8	,	,	PUNCT
ajfa-16968	332	9	w.	w.	PROPN
ajfa-16968	332	10	h.	h.	PROPN
ajfa-16968	332	11	(	(	PUNCT
ajfa-16968	332	12	1976	1976	NUM
ajfa-16968	332	13	)	)	PUNCT
ajfa-16968	332	14	.	.	PUNCT
ajfa-16968	333	1	theory	theory	NOUN
ajfa-16968	333	2	of	of	ADP
ajfa-16968	333	3	firm	firm	NOUN
ajfa-16968	333	4	:	:	PUNCT
ajfa-16968	333	5	managerial	managerial	ADJ
ajfa-16968	333	6	behavior	behavior	NOUN
ajfa-16968	333	7	,	,	PUNCT
ajfa-16968	333	8	agency	agency	NOUN
ajfa-16968	333	9	costs	cost	NOUN
ajfa-16968	333	10	and	and	CCONJ
ajfa-16968	333	11	ownership	ownership	NOUN
ajfa-16968	333	12	structure	structure	NOUN
ajfa-16968	333	13	.	.	PUNCT
ajfa-16968	334	1	journal	journal	NOUN
ajfa-16968	334	2	of	of	ADP
ajfa-16968	334	3	financial	financial	ADJ
ajfa-16968	334	4	economics	economic	NOUN
ajfa-16968	334	5	,	,	PUNCT
ajfa-16968	334	6	3(4	3(4	NUM
ajfa-16968	334	7	)	)	PUNCT
ajfa-16968	334	8	,	,	PUNCT
ajfa-16968	334	9	305	305	NUM
ajfa-16968	334	10	-	-	SYM
ajfa-16968	334	11	360	360	NUM
ajfa-16968	334	12	.	.	PUNCT
ajfa-16968	335	1	https://doi.org/10.1016/0304-405x(76)90026-x	https://doi.org/10.1016/0304-405x(76)90026-x	PROPN
ajfa-16968	335	2	jensen	jensen	PROPN
ajfa-16968	335	3	,	,	PUNCT
ajfa-16968	335	4	m.	m.	NOUN
ajfa-16968	335	5	c.	c.	PROPN
ajfa-16968	335	6	(	(	PUNCT
ajfa-16968	335	7	1986	1986	NUM
ajfa-16968	335	8	)	)	PUNCT
ajfa-16968	335	9	.	.	PUNCT
ajfa-16968	336	1	agency	agency	NOUN
ajfa-16968	336	2	costs	cost	NOUN
ajfa-16968	336	3	of	of	ADP
ajfa-16968	336	4	free	free	ADJ
ajfa-16968	336	5	cash	cash	NOUN
ajfa-16968	336	6	flow	flow	NOUN
ajfa-16968	336	7	,	,	PUNCT
ajfa-16968	336	8	corporate	corporate	ADJ
ajfa-16968	336	9	finance	finance	NOUN
ajfa-16968	336	10	and	and	CCONJ
ajfa-16968	336	11	takeover	takeover	NOUN
ajfa-16968	336	12	.	.	PUNCT
ajfa-16968	337	1	the	the	DET
ajfa-16968	337	2	american	american	PROPN
ajfa-16968	337	3	economic	economic	PROPN
ajfa-16968	337	4	review	review	PROPN
ajfa-16968	337	5	,	,	PUNCT
ajfa-16968	337	6	76(2	76(2	NUM
ajfa-16968	337	7	)	)	PUNCT
ajfa-16968	337	8	,	,	PUNCT
ajfa-16968	337	9	323	323	NUM
ajfa-16968	337	10	-	-	SYM
ajfa-16968	337	11	361	361	NUM
ajfa-16968	337	12	.	.	PUNCT
ajfa-16968	338	1	http://dx.doi.org/10.2139/ssrn.99580	http://dx.doi.org/10.2139/ssrn.99580	PROPN
ajfa-16968	339	1	jensen	jensen	PROPN
ajfa-16968	339	2	,	,	PUNCT
ajfa-16968	339	3	m.	m.	PROPN
ajfa-16968	339	4	c.	c.	PROPN
ajfa-16968	339	5	(	(	PUNCT
ajfa-16968	339	6	1993	1993	NUM
ajfa-16968	339	7	)	)	PUNCT
ajfa-16968	339	8	.	.	PUNCT
ajfa-16968	340	1	the	the	DET
ajfa-16968	340	2	modern	modern	ADJ
ajfa-16968	340	3	industry	industry	NOUN
ajfa-16968	340	4	revolution	revolution	NOUN
ajfa-16968	340	5	,	,	PUNCT
ajfa-16968	340	6	exit	exit	NOUN
ajfa-16968	340	7	,	,	PUNCT
ajfa-16968	340	8	and	and	CCONJ
ajfa-16968	340	9	the	the	DET
ajfa-16968	340	10	failure	failure	NOUN
ajfa-16968	340	11	of	of	ADP
ajfa-16968	340	12	internal	internal	ADJ
ajfa-16968	340	13	control	control	NOUN
ajfa-16968	340	14	systems	system	NOUN
ajfa-16968	340	15	.	.	PUNCT
ajfa-16968	341	1	the	the	DET
ajfa-16968	341	2	journal	journal	PROPN
ajfa-16968	341	3	of	of	ADP
ajfa-16968	341	4	finance	finance	NOUN
ajfa-16968	341	5	,	,	PUNCT
ajfa-16968	341	6	48(3	48(3	PROPN
ajfa-16968	341	7	)	)	PUNCT
ajfa-16968	341	8	,	,	PUNCT
ajfa-16968	341	9	831	831	NUM
ajfa-16968	341	10	-	-	SYM
ajfa-16968	341	11	880	880	NUM
ajfa-16968	341	12	.	.	PUNCT
ajfa-16968	342	1	https://doi.org/10.1111/j.15406261.1993.tb04022.x	https://doi.org/10.1111/j.15406261.1993.tb04022.x	PROPN
ajfa-16968	342	2	jhao	jhao	PROPN
ajfa-16968	342	3	,	,	PUNCT
ajfa-16968	342	4	l.	l.	PROPN
ajfa-16968	342	5	k.	k.	PROPN
ajfa-16968	342	6	(	(	PUNCT
ajfa-16968	342	7	2002	2002	NUM
ajfa-16968	342	8	)	)	PUNCT
ajfa-16968	342	9	.	.	PUNCT
ajfa-16968	343	1	correlation	correlation	NOUN
ajfa-16968	343	2	between	between	ADP
ajfa-16968	343	3	capitalization	capitalization	NOUN
ajfa-16968	343	4	of	of	ADP
ajfa-16968	343	5	corporate	corporate	ADJ
ajfa-16968	343	6	r&d	r&d	NOUN
ajfa-16968	343	7	expenditure	expenditure	NOUN
ajfa-16968	343	8	and	and	CCONJ
ajfa-16968	343	9	stock	stock	NOUN
ajfa-16968	343	10	price	price	NOUN
ajfa-16968	343	11	returns(unpublished	returns(unpublishe	VERB
ajfa-16968	343	12	master	master	NOUN
ajfa-16968	343	13	's	's	PART
ajfa-16968	343	14	thesis	thesis	NOUN
ajfa-16968	343	15	)	)	PUNCT
ajfa-16968	343	16	.	.	PUNCT
ajfa-16968	344	1	national	national	PROPN
ajfa-16968	344	2	chung	chung	PROPN
ajfa-16968	344	3	cheng	cheng	PROPN
ajfa-16968	344	4	university	university	PROPN
ajfa-16968	344	5	,	,	PUNCT
ajfa-16968	344	6	taiwan	taiwan	PROPN
ajfa-16968	344	7	.	.	PUNCT
ajfa-16968	345	1	kothari	kothari	PROPN
ajfa-16968	345	2	,	,	PUNCT
ajfa-16968	345	3	s.	s.	PROPN
ajfa-16968	345	4	p.	p.	PROPN
ajfa-16968	345	5	,	,	PUNCT
ajfa-16968	345	6	&	&	CCONJ
ajfa-16968	345	7	zimmerman	zimmerman	PROPN
ajfa-16968	345	8	,	,	PUNCT
ajfa-16968	345	9	j.	j.	PROPN
ajfa-16968	345	10	l.	l.	PROPN
ajfa-16968	345	11	(	(	PUNCT
ajfa-16968	345	12	1995	1995	NUM
ajfa-16968	345	13	)	)	PUNCT
ajfa-16968	345	14	.	.	PUNCT
ajfa-16968	346	1	price	price	NOUN
ajfa-16968	346	2	and	and	CCONJ
ajfa-16968	346	3	return	return	NOUN
ajfa-16968	346	4	models	model	NOUN
ajfa-16968	346	5	.	.	PUNCT
ajfa-16968	347	1	journal	journal	NOUN
ajfa-16968	347	2	of	of	ADP
ajfa-16968	347	3	accounting	accounting	NOUN
ajfa-16968	347	4	and	and	CCONJ
ajfa-16968	347	5	economics	economic	NOUN
ajfa-16968	347	6	,	,	PUNCT
ajfa-16968	347	7	20(2	20(2	NUM
ajfa-16968	347	8	)	)	PUNCT
ajfa-16968	347	9	,	,	PUNCT
ajfa-16968	347	10	155	155	NUM
ajfa-16968	347	11	-	-	SYM
ajfa-16968	347	12	192	192	NUM
ajfa-16968	347	13	.	.	PUNCT
ajfa-16968	348	1	https://doi.org/10.1016/0165-4101(95)00399-4	https://doi.org/10.1016/0165-4101(95)00399-4	PROPN
ajfa-16968	348	2	kothari	kothari	PROPN
ajfa-16968	348	3	,	,	PUNCT
ajfa-16968	348	4	s.	s.	PROPN
ajfa-16968	348	5	p.	p.	PROPN
ajfa-16968	348	6	,	,	PUNCT
ajfa-16968	348	7	laguerre	laguerre	NOUN
ajfa-16968	348	8	,	,	PUNCT
ajfa-16968	348	9	t.	t.	PROPN
ajfa-16968	348	10	,	,	PUNCT
ajfa-16968	348	11	&	&	CCONJ
ajfa-16968	348	12	leone	leone	PROPN
ajfa-16968	348	13	,	,	PUNCT
ajfa-16968	348	14	a.	a.	NOUN
ajfa-16968	348	15	(	(	PUNCT
ajfa-16968	348	16	2002	2002	NUM
ajfa-16968	348	17	)	)	PUNCT
ajfa-16968	348	18	.	.	PUNCT
ajfa-16968	349	1	capitalization	capitalization	NOUN
ajfa-16968	349	2	versus	versus	ADP
ajfa-16968	349	3	expensing	expense	VERB
ajfa-16968	349	4	:	:	PUNCT
ajfa-16968	349	5	evidence	evidence	NOUN
ajfa-16968	349	6	on	on	ADP
ajfa-16968	349	7	the	the	DET
ajfa-16968	349	8	uncertainty	uncertainty	NOUN
ajfa-16968	349	9	of	of	ADP
ajfa-16968	349	10	future	future	ADJ
ajfa-16968	349	11	earnings	earning	NOUN
ajfa-16968	349	12	from	from	ADP
ajfa-16968	349	13	capital	capital	NOUN
ajfa-16968	349	14	expenditure	expenditure	NOUN
ajfa-16968	349	15	versus	versus	ADP
ajfa-16968	349	16	r&d	r&d	NOUN
ajfa-16968	349	17	outlays	outlay	NOUN
ajfa-16968	349	18	.	.	PUNCT
ajfa-16968	350	1	review	review	NOUN
ajfa-16968	350	2	of	of	ADP
ajfa-16968	350	3	accounting	accounting	NOUN
ajfa-16968	350	4	studies	study	NOUN
ajfa-16968	350	5	,	,	PUNCT
ajfa-16968	350	6	7	7	NUM
ajfa-16968	350	7	,	,	PUNCT
ajfa-16968	350	8	355	355	NUM
ajfa-16968	350	9	-	-	SYM
ajfa-16968	350	10	382	382	NUM
ajfa-16968	350	11	.	.	PUNCT
ajfa-16968	351	1	https://doi.org/10.1023/a:1020764227390	https://doi.org/10.1023/a:1020764227390	PROPN
ajfa-16968	351	2	lant	lant	PROPN
ajfa-16968	351	3	,	,	PUNCT
ajfa-16968	351	4	t.	t.	PROPN
ajfa-16968	351	5	k.	k.	PROPN
ajfa-16968	351	6	,	,	PUNCT
ajfa-16968	351	7	milliken	milliken	PROPN
ajfa-16968	351	8	,	,	PUNCT
ajfa-16968	351	9	f.	f.	PROPN
ajfa-16968	351	10	j.	j.	PROPN
ajfa-16968	351	11	,	,	PUNCT
ajfa-16968	351	12	&	&	CCONJ
ajfa-16968	351	13	batra	batra	PROPN
ajfa-16968	351	14	,	,	PUNCT
ajfa-16968	351	15	b.	b.	PROPN
ajfa-16968	351	16	(	(	PUNCT
ajfa-16968	351	17	1992	1992	NUM
ajfa-16968	351	18	)	)	PUNCT
ajfa-16968	351	19	.	.	PUNCT
ajfa-16968	352	1	the	the	DET
ajfa-16968	352	2	role	role	NOUN
ajfa-16968	352	3	of	of	ADP
ajfa-16968	352	4	managerial	managerial	ADJ
ajfa-16968	352	5	learning	learning	NOUN
ajfa-16968	352	6	and	and	CCONJ
ajfa-16968	352	7	interpretation	interpretation	NOUN
ajfa-16968	352	8	in	in	ADP
ajfa-16968	352	9	strategic	strategic	ADJ
ajfa-16968	352	10	persistence	persistence	NOUN
ajfa-16968	352	11	and	and	CCONJ
ajfa-16968	352	12	reorientation	reorientation	NOUN
ajfa-16968	352	13	:	:	PUNCT
ajfa-16968	352	14	an	an	DET
ajfa-16968	352	15	empirical	empirical	ADJ
ajfa-16968	352	16	exploration	exploration	NOUN
ajfa-16968	352	17	.	.	PUNCT
ajfa-16968	353	1	strategic	strategic	ADJ
ajfa-16968	353	2	management	management	NOUN
ajfa-16968	353	3	journal	journal	NOUN
ajfa-16968	353	4	,	,	PUNCT
ajfa-16968	353	5	13(8	13(8	NUM
ajfa-16968	353	6	)	)	PUNCT
ajfa-16968	353	7	,	,	PUNCT
ajfa-16968	353	8	585	585	NUM
ajfa-16968	353	9	-	-	SYM
ajfa-16968	353	10	608	608	NUM
ajfa-16968	353	11	.	.	PUNCT
ajfa-16968	354	1	https://doi.org/10.1002/smj.4250130803	https://doi.org/10.1002/smj.4250130803	PROPN
ajfa-16968	354	2	asian	asian	PROPN
ajfa-16968	354	3	journal	journal	PROPN
ajfa-16968	354	4	of	of	ADP
ajfa-16968	354	5	finance	finance	PROPN
ajfa-16968	354	6	&	&	CCONJ
ajfa-16968	354	7	accounting	accounting	PROPN
ajfa-16968	354	8	issn	issn	PROPN
ajfa-16968	354	9	1946	1946	NUM
ajfa-16968	354	10	-	-	PUNCT
ajfa-16968	354	11	052x	052x	NOUN
ajfa-16968	354	12	2020	2020	NUM
ajfa-16968	354	13	,	,	PUNCT
ajfa-16968	354	14	vol	vol	NOUN
ajfa-16968	354	15	.	.	PROPN
ajfa-16968	354	16	12	12	NUM
ajfa-16968	354	17	,	,	PUNCT
ajfa-16968	354	18	no	no	INTJ
ajfa-16968	354	19	.	.	NOUN
ajfa-16968	354	20	1	1	NUM
ajfa-16968	354	21	ajfa.macrothink.org/	ajfa.macrothink.org/	PROPN
ajfa-16968	354	22	149	149	NUM
ajfa-16968	354	23	lee	lee	PROPN
ajfa-16968	354	24	,	,	PUNCT
ajfa-16968	354	25	k.	k.	PROPN
ajfa-16968	354	26	j.	j.	PROPN
ajfa-16968	354	27	(	(	PUNCT
ajfa-16968	354	28	2003	2003	NUM
ajfa-16968	354	29	)	)	PUNCT
ajfa-16968	354	30	.	.	PUNCT
ajfa-16968	355	1	patent	patent	NOUN
ajfa-16968	355	2	and	and	CCONJ
ajfa-16968	355	3	insider	insider	NOUN
ajfa-16968	355	4	trading	trading	NOUN
ajfa-16968	355	5	:	:	PUNCT
ajfa-16968	355	6	evidence	evidence	NOUN
ajfa-16968	355	7	from	from	ADP
ajfa-16968	355	8	taiwan	taiwan	PROPN
ajfa-16968	355	9	market	market	NOUN
ajfa-16968	355	10	(	(	PUNCT
ajfa-16968	355	11	unpublished	unpublished	ADJ
ajfa-16968	355	12	master	master	NOUN
ajfa-16968	355	13	's	's	PART
ajfa-16968	355	14	thesis	thesis	NOUN
ajfa-16968	355	15	)	)	PUNCT
ajfa-16968	355	16	.	.	PUNCT
ajfa-16968	356	1	national	national	PROPN
ajfa-16968	356	2	chung	chung	PROPN
ajfa-16968	356	3	cheng	cheng	PROPN
ajfa-16968	356	4	university	university	PROPN
ajfa-16968	356	5	,	,	PUNCT
ajfa-16968	356	6	taiwan	taiwan	PROPN
ajfa-16968	356	7	.	.	PUNCT
ajfa-16968	356	8	lev	lev	PROPN
ajfa-16968	356	9	,	,	PUNCT
ajfa-16968	356	10	b.	b.	PROPN
ajfa-16968	356	11	,	,	PUNCT
ajfa-16968	356	12	&	&	CCONJ
ajfa-16968	356	13	sougiannis	sougiannis	PROPN
ajfa-16968	356	14	,	,	PUNCT
ajfa-16968	356	15	t.	t.	PROPN
ajfa-16968	356	16	(	(	PUNCT
ajfa-16968	356	17	1996	1996	NUM
ajfa-16968	356	18	)	)	PUNCT
ajfa-16968	356	19	.	.	PUNCT
ajfa-16968	357	1	the	the	DET
ajfa-16968	357	2	capitalization	capitalization	NOUN
ajfa-16968	357	3	,	,	PUNCT
ajfa-16968	357	4	amortization	amortization	NOUN
ajfa-16968	357	5	,	,	PUNCT
ajfa-16968	357	6	and	and	CCONJ
ajfa-16968	357	7	value	value	NOUN
ajfa-16968	357	8	-	-	PUNCT
ajfa-16968	357	9	relevance	relevance	NOUN
ajfa-16968	357	10	of	of	ADP
ajfa-16968	357	11	r&d	r&d	NOUN
ajfa-16968	357	12	.	.	PUNCT
ajfa-16968	358	1	journal	journal	PROPN
ajfa-16968	358	2	of	of	ADP
ajfa-16968	358	3	accounting	accounting	NOUN
ajfa-16968	358	4	and	and	CCONJ
ajfa-16968	358	5	economics	economic	NOUN
ajfa-16968	358	6	,	,	PUNCT
ajfa-16968	358	7	21(1	21(1	NUM
ajfa-16968	358	8	)	)	PUNCT
ajfa-16968	358	9	,	,	PUNCT
ajfa-16968	358	10	107	107	NUM
ajfa-16968	358	11	-	-	SYM
ajfa-16968	358	12	138	138	NUM
ajfa-16968	358	13	.	.	PUNCT
ajfa-16968	359	1	https://doi.org/10.1016/01654101(95)00410-6	https://doi.org/10.1016/01654101(95)00410-6	PROPN
ajfa-16968	359	2	lin	lin	PROPN
ajfa-16968	359	3	,	,	PUNCT
ajfa-16968	359	4	l.	l.	PROPN
ajfa-16968	359	5	f.	f.	PROPN
ajfa-16968	359	6	(	(	PUNCT
ajfa-16968	359	7	2001	2001	NUM
ajfa-16968	359	8	)	)	PUNCT
ajfa-16968	359	9	.	.	PUNCT
ajfa-16968	360	1	correlation	correlation	NOUN
ajfa-16968	360	2	between	between	ADP
ajfa-16968	360	3	r&d	r&d	NOUN
ajfa-16968	360	4	expenditures	expenditure	NOUN
ajfa-16968	360	5	and	and	CCONJ
ajfa-16968	360	6	stock	stock	NOUN
ajfa-16968	360	7	prices	price	NOUN
ajfa-16968	360	8	of	of	ADP
ajfa-16968	360	9	listed	list	VERB
ajfa-16968	360	10	electronics	electronic	NOUN
ajfa-16968	360	11	firms	firm	NOUN
ajfa-16968	360	12	in	in	ADP
ajfa-16968	360	13	taiwan(unpublished	taiwan(unpublished	ADJ
ajfa-16968	360	14	master	master	NOUN
ajfa-16968	360	15	's	's	PART
ajfa-16968	360	16	thesis	thesis	NOUN
ajfa-16968	360	17	)	)	PUNCT
ajfa-16968	360	18	.	.	PUNCT
ajfa-16968	361	1	national	national	PROPN
ajfa-16968	361	2	chung	chung	PROPN
ajfa-16968	361	3	cheng	cheng	PROPN
ajfa-16968	361	4	university	university	PROPN
ajfa-16968	361	5	,	,	PUNCT
ajfa-16968	361	6	taiwan	taiwan	PROPN
ajfa-16968	361	7	.	.	PUNCT
ajfa-16968	362	1	lin	lin	PROPN
ajfa-16968	362	2	,	,	PUNCT
ajfa-16968	362	3	l.	l.	PROPN
ajfa-16968	362	4	f.	f.	PROPN
ajfa-16968	362	5	(	(	PUNCT
ajfa-16968	362	6	2003	2003	NUM
ajfa-16968	362	7	)	)	PUNCT
ajfa-16968	362	8	.	.	PUNCT
ajfa-16968	363	1	research	research	NOUN
ajfa-16968	363	2	on	on	ADP
ajfa-16968	363	3	the	the	DET
ajfa-16968	363	4	relationship	relationship	NOUN
ajfa-16968	363	5	between	between	ADP
ajfa-16968	363	6	r&d	r&d	NOUN
ajfa-16968	363	7	expenditure	expenditure	NOUN
ajfa-16968	363	8	and	and	CCONJ
ajfa-16968	363	9	business	business	NOUN
ajfa-16968	363	10	performance	performance	NOUN
ajfa-16968	363	11	,	,	PUNCT
ajfa-16968	363	12	stock	stock	NOUN
ajfa-16968	363	13	price	price	NOUN
ajfa-16968	363	14	returns	return	NOUN
ajfa-16968	363	15	in	in	ADP
ajfa-16968	363	16	information	information	NOUN
ajfa-16968	363	17	electronics	electronic	NOUN
ajfa-16968	363	18	industry	industry	NOUN
ajfa-16968	363	19	.	.	PUNCT
ajfa-16968	364	1	takming	takme	VERB
ajfa-16968	364	2	university	university	NOUN
ajfa-16968	364	3	journal	journal	NOUN
ajfa-16968	364	4	,	,	PUNCT
ajfa-16968	364	5	21	21	NUM
ajfa-16968	364	6	,	,	PUNCT
ajfa-16968	364	7	51	51	NUM
ajfa-16968	364	8	-	-	SYM
ajfa-16968	364	9	68	68	NUM
ajfa-16968	364	10	.	.	PUNCT
ajfa-16968	365	1	liu	liu	PROPN
ajfa-16968	365	2	,	,	PUNCT
ajfa-16968	365	3	j.	j.	PROPN
ajfa-16968	365	4	t.	t.	PROPN
ajfa-16968	365	5	(	(	PUNCT
ajfa-16968	365	6	2001	2001	NUM
ajfa-16968	365	7	)	)	PUNCT
ajfa-16968	365	8	.	.	PUNCT
ajfa-16968	366	1	accounting	accounting	NOUN
ajfa-16968	366	2	based	base	VERB
ajfa-16968	366	3	valuation	valuation	NOUN
ajfa-16968	366	4	model	model	NOUN
ajfa-16968	366	5	of	of	ADP
ajfa-16968	366	6	capitalization	capitalization	NOUN
ajfa-16968	366	7	for	for	ADP
ajfa-16968	366	8	r&d	r&d	PROPN
ajfa-16968	366	9	.	.	PUNCT
ajfa-16968	367	1	journal	journal	PROPN
ajfa-16968	367	2	of	of	ADP
ajfa-16968	367	3	accounting	accounting	PROPN
ajfa-16968	367	4	review	review	PROPN
ajfa-16968	367	5	,	,	PUNCT
ajfa-16968	367	6	33	33	NUM
ajfa-16968	367	7	,	,	PUNCT
ajfa-16968	367	8	1	1	NUM
ajfa-16968	367	9	-	-	SYM
ajfa-16968	367	10	26	26	NUM
ajfa-16968	367	11	.	.	PUNCT
ajfa-16968	368	1	morbey	morbey	PROPN
ajfa-16968	368	2	,	,	PUNCT
ajfa-16968	368	3	g.	g.	PROPN
ajfa-16968	368	4	k.	k.	PROPN
ajfa-16968	368	5	,	,	PUNCT
ajfa-16968	368	6	&	&	CCONJ
ajfa-16968	368	7	reithner	reithner	PROPN
ajfa-16968	368	8	,	,	PUNCT
ajfa-16968	368	9	r.	r.	PROPN
ajfa-16968	368	10	m.	m.	PROPN
ajfa-16968	368	11	(	(	PUNCT
ajfa-16968	368	12	1990	1990	NUM
ajfa-16968	368	13	)	)	PUNCT
ajfa-16968	368	14	.	.	PUNCT
ajfa-16968	369	1	how	how	SCONJ
ajfa-16968	369	2	r&d	r&d	NOUN
ajfa-16968	369	3	affects	affect	VERB
ajfa-16968	369	4	sales	sale	NOUN
ajfa-16968	369	5	growth	growth	NOUN
ajfa-16968	369	6	,	,	PUNCT
ajfa-16968	369	7	productivity	productivity	NOUN
ajfa-16968	369	8	and	and	CCONJ
ajfa-16968	369	9	profitability	profitability	NOUN
ajfa-16968	369	10	.	.	PUNCT
ajfa-16968	370	1	research	research	NOUN
ajfa-16968	370	2	-	-	PUNCT
ajfa-16968	370	3	technology	technology	NOUN
ajfa-16968	370	4	management	management	NOUN
ajfa-16968	370	5	,	,	PUNCT
ajfa-16968	370	6	33(3	33(3	NOUN
ajfa-16968	370	7	)	)	PUNCT
ajfa-16968	370	8	,	,	PUNCT
ajfa-16968	370	9	11	11	NUM
ajfa-16968	370	10	-	-	SYM
ajfa-16968	370	11	14	14	NUM
ajfa-16968	370	12	.	.	PUNCT
ajfa-16968	371	1	https://doi.org/10.1080/08956308.1990.11670656	https://doi.org/10.1080/08956308.1990.11670656	PROPN
ajfa-16968	371	2	morris	morris	PROPN
ajfa-16968	371	3	,	,	PUNCT
ajfa-16968	371	4	p.	p.	NOUN
ajfa-16968	371	5	a.	a.	PROPN
ajfa-16968	371	6	,	,	PUNCT
ajfa-16968	371	7	teisberg	teisberg	PROPN
ajfa-16968	371	8	,	,	PUNCT
ajfa-16968	371	9	e.	e.	PROPN
ajfa-16968	371	10	o.	o.	PROPN
ajfa-16968	371	11	,	,	PUNCT
ajfa-16968	371	12	&	&	CCONJ
ajfa-16968	371	13	kolbe	kolbe	PROPN
ajfa-16968	371	14	,	,	PUNCT
ajfa-16968	371	15	a.	a.	PROPN
ajfa-16968	371	16	l.	l.	PROPN
ajfa-16968	371	17	(	(	PUNCT
ajfa-16968	371	18	1991	1991	NUM
ajfa-16968	371	19	)	)	PUNCT
ajfa-16968	371	20	.	.	PUNCT
ajfa-16968	372	1	when	when	SCONJ
ajfa-16968	372	2	choosing	choose	VERB
ajfa-16968	372	3	r&d	r&d	NOUN
ajfa-16968	372	4	projects	project	NOUN
ajfa-16968	372	5	,	,	PUNCT
ajfa-16968	372	6	go	go	VERB
ajfa-16968	372	7	with	with	ADP
ajfa-16968	372	8	long	long	ADJ
ajfa-16968	372	9	shots	shot	NOUN
ajfa-16968	372	10	.	.	PUNCT
ajfa-16968	373	1	research	research	NOUN
ajfa-16968	373	2	-	-	PUNCT
ajfa-16968	373	3	technology	technology	NOUN
ajfa-16968	373	4	management	management	NOUN
ajfa-16968	373	5	,	,	PUNCT
ajfa-16968	373	6	34(1	34(1	NUM
ajfa-16968	373	7	)	)	PUNCT
ajfa-16968	373	8	,	,	PUNCT
ajfa-16968	373	9	35	35	NUM
ajfa-16968	373	10	-	-	SYM
ajfa-16968	373	11	40	40	NUM
ajfa-16968	373	12	.	.	PUNCT
ajfa-16968	374	1	https://doi.org/10.1080/08956308.1991.11670715	https://doi.org/10.1080/08956308.1991.11670715	PROPN
ajfa-16968	374	2	murphy	murphy	PROPN
ajfa-16968	374	3	,	,	PUNCT
ajfa-16968	374	4	k.	k.	PROPN
ajfa-16968	374	5	j.	j.	PROPN
ajfa-16968	374	6	,	,	PUNCT
ajfa-16968	374	7	&	&	CCONJ
ajfa-16968	374	8	zimmerman	zimmerman	PROPN
ajfa-16968	374	9	,	,	PUNCT
ajfa-16968	374	10	j.	j.	PROPN
ajfa-16968	374	11	(	(	PUNCT
ajfa-16968	374	12	1993	1993	NUM
ajfa-16968	374	13	)	)	PUNCT
ajfa-16968	374	14	.	.	PUNCT
ajfa-16968	375	1	financial	financial	ADJ
ajfa-16968	375	2	performance	performance	NOUN
ajfa-16968	375	3	surrounding	surround	VERB
ajfa-16968	375	4	ceo	ceo	NOUN
ajfa-16968	375	5	turnover	turnover	NOUN
ajfa-16968	375	6	.	.	PUNCT
ajfa-16968	376	1	journal	journal	NOUN
ajfa-16968	376	2	of	of	ADP
ajfa-16968	376	3	accounting	accounting	NOUN
ajfa-16968	376	4	and	and	CCONJ
ajfa-16968	376	5	economics	economic	NOUN
ajfa-16968	376	6	,	,	PUNCT
ajfa-16968	376	7	16(1	16(1	PROPN
ajfa-16968	376	8	-	-	SYM
ajfa-16968	376	9	3	3	NUM
ajfa-16968	376	10	)	)	PUNCT
ajfa-16968	376	11	,	,	PUNCT
ajfa-16968	376	12	273	273	NUM
ajfa-16968	376	13	-	-	SYM
ajfa-16968	376	14	315	315	NUM
ajfa-16968	376	15	.	.	PUNCT
ajfa-16968	377	1	https://doi.org/10.1016/01654101(93)90014-7	https://doi.org/10.1016/01654101(93)90014-7	PROPN
ajfa-16968	377	2	myers	myers	PROPN
ajfa-16968	377	3	,	,	PUNCT
ajfa-16968	377	4	s.	s.	PROPN
ajfa-16968	377	5	c.	c.	PROPN
ajfa-16968	377	6	(	(	PUNCT
ajfa-16968	377	7	1977	1977	NUM
ajfa-16968	377	8	)	)	PUNCT
ajfa-16968	377	9	.	.	PUNCT
ajfa-16968	378	1	determinants	determinant	NOUN
ajfa-16968	378	2	of	of	ADP
ajfa-16968	378	3	corporate	corporate	ADJ
ajfa-16968	378	4	borrowing	borrowing	NOUN
ajfa-16968	378	5	.	.	PUNCT
ajfa-16968	379	1	journal	journal	NOUN
ajfa-16968	379	2	of	of	ADP
ajfa-16968	379	3	financial	financial	ADJ
ajfa-16968	379	4	economics	economic	NOUN
ajfa-16968	379	5	,	,	PUNCT
ajfa-16968	379	6	5(2	5(2	NUM
ajfa-16968	379	7	)	)	PUNCT
ajfa-16968	379	8	,	,	PUNCT
ajfa-16968	379	9	147	147	NUM
ajfa-16968	379	10	-	-	SYM
ajfa-16968	379	11	175	175	NUM
ajfa-16968	379	12	.	.	PUNCT
ajfa-16968	380	1	https://doi.org/10.1016/0304-405x(77)90015-0	https://doi.org/10.1016/0304-405x(77)90015-0	PROPN
ajfa-16968	380	2	nason	nason	PROPN
ajfa-16968	380	3	,	,	PUNCT
ajfa-16968	380	4	h.	h.	PROPN
ajfa-16968	380	5	k.	k.	PROPN
ajfa-16968	380	6	(	(	PUNCT
ajfa-16968	380	7	1981	1981	NUM
ajfa-16968	380	8	)	)	PUNCT
ajfa-16968	380	9	.	.	PUNCT
ajfa-16968	381	1	distinction	distinction	NOUN
ajfa-16968	381	2	basic	basic	ADJ
ajfa-16968	381	3	and	and	CCONJ
ajfa-16968	381	4	applied	apply	VERB
ajfa-16968	381	5	in	in	ADP
ajfa-16968	381	6	industrial	industrial	ADJ
ajfa-16968	381	7	research	research	NOUN
ajfa-16968	381	8	.	.	PUNCT
ajfa-16968	382	1	research	research	NOUN
ajfa-16968	382	2	management(may	management(may	PROPN
ajfa-16968	382	3	)	)	PUNCT
ajfa-16968	382	4	,	,	PUNCT
ajfa-16968	382	5	23	23	NUM
ajfa-16968	382	6	-	-	SYM
ajfa-16968	382	7	28	28	NUM
ajfa-16968	382	8	.	.	PUNCT
ajfa-16968	383	1	https://doi.org/10.1080/00345334.1981.11756666	https://doi.org/10.1080/00345334.1981.11756666	NOUN
ajfa-16968	383	2	ou	ou	PROPN
ajfa-16968	383	3	,	,	PUNCT
ajfa-16968	383	4	c.	c.	PROPN
ajfa-16968	383	5	s.(1998	s.(1998	PROPN
ajfa-16968	383	6	)	)	PUNCT
ajfa-16968	383	7	.	.	PUNCT
ajfa-16968	384	1	an	an	DET
ajfa-16968	384	2	empirical	empirical	ADJ
ajfa-16968	384	3	examination	examination	NOUN
ajfa-16968	384	4	of	of	ADP
ajfa-16968	384	5	the	the	DET
ajfa-16968	384	6	relationship	relationship	NOUN
ajfa-16968	384	7	between	between	ADP
ajfa-16968	384	8	r&d	r&d	NOUN
ajfa-16968	384	9	and	and	CCONJ
ajfa-16968	384	10	operating	operating	NOUN
ajfa-16968	384	11	performance	performance	NOUN
ajfa-16968	384	12	of	of	ADP
ajfa-16968	384	13	taiwanese	taiwanese	ADJ
ajfa-16968	384	14	manufacturing	manufacturing	NOUN
ajfa-16968	384	15	firms	firm	NOUN
ajfa-16968	384	16	.	.	PUNCT
ajfa-16968	385	1	sun	sun	PROPN
ajfa-16968	385	2	yat	yat	PROPN
ajfa-16968	385	3	-	-	PUNCT
ajfa-16968	385	4	sen	sen	PROPN
ajfa-16968	385	5	management	management	PROPN
ajfa-16968	385	6	review	review	NOUN
ajfa-16968	385	7	,	,	PUNCT
ajfa-16968	385	8	6(2	6(2	NUM
ajfa-16968	385	9	)	)	PUNCT
ajfa-16968	385	10	,	,	PUNCT
ajfa-16968	385	11	357386	357386	NUM
ajfa-16968	385	12	.	.	PUNCT
ajfa-16968	386	1	porter	porter	NOUN
ajfa-16968	386	2	,	,	PUNCT
ajfa-16968	386	3	m.	m.	NOUN
ajfa-16968	386	4	(	(	PUNCT
ajfa-16968	386	5	1992	1992	NUM
ajfa-16968	386	6	)	)	PUNCT
ajfa-16968	386	7	.	.	PUNCT
ajfa-16968	387	1	capital	capital	NOUN
ajfa-16968	387	2	choices	choice	NOUN
ajfa-16968	387	3	:	:	PUNCT
ajfa-16968	387	4	changing	change	VERB
ajfa-16968	387	5	the	the	DET
ajfa-16968	387	6	way	way	NOUN
ajfa-16968	387	7	america	america	PROPN
ajfa-16968	387	8	invests	invest	NOUN
ajfa-16968	387	9	in	in	ADP
ajfa-16968	387	10	industry	industry	NOUN
ajfa-16968	387	11	.	.	PUNCT
ajfa-16968	388	1	boston	boston	PROPN
ajfa-16968	388	2	,	,	PUNCT
ajfa-16968	388	3	journal	journal	NOUN
ajfa-16968	388	4	of	of	ADP
ajfa-16968	388	5	applied	apply	VERB
ajfa-16968	388	6	corporate	corporate	ADJ
ajfa-16968	388	7	finance	finance	NOUN
ajfa-16968	388	8	,	,	PUNCT
ajfa-16968	388	9	5(2	5(2	NUM
ajfa-16968	388	10	)	)	PUNCT
ajfa-16968	388	11	,	,	PUNCT
ajfa-16968	388	12	4	4	NUM
ajfa-16968	388	13	-	-	SYM
ajfa-16968	388	14	6	6	NUM
ajfa-16968	388	15	.	.	PUNCT
ajfa-16968	389	1	https://doi.org/10.1111/j.17456622.1992.tb00485.x	https://doi.org/10.1111/j.17456622.1992.tb00485.x	VERB
ajfa-16968	389	2	singh	singh	PROPN
ajfa-16968	389	3	,	,	PUNCT
ajfa-16968	389	4	j.	j.	PROPN
ajfa-16968	389	5	v.	v.	PROPN
ajfa-16968	389	6	(	(	PUNCT
ajfa-16968	389	7	1986	1986	NUM
ajfa-16968	389	8	)	)	PUNCT
ajfa-16968	389	9	.	.	PUNCT
ajfa-16968	390	1	performance	performance	NOUN
ajfa-16968	390	2	,	,	PUNCT
ajfa-16968	390	3	slack	slack	VERB
ajfa-16968	390	4	and	and	CCONJ
ajfa-16968	390	5	risk	risk	NOUN
ajfa-16968	390	6	taking	take	VERB
ajfa-16968	390	7	in	in	ADP
ajfa-16968	390	8	organizational	organizational	ADJ
ajfa-16968	390	9	decision	decision	NOUN
ajfa-16968	390	10	making	making	NOUN
ajfa-16968	390	11	.	.	PUNCT
ajfa-16968	391	1	academy	academy	PROPN
ajfa-16968	391	2	of	of	ADP
ajfa-16968	391	3	management	management	PROPN
ajfa-16968	391	4	journal	journal	NOUN
ajfa-16968	391	5	,	,	PUNCT
ajfa-16968	391	6	29(3	29(3	NUM
ajfa-16968	391	7	)	)	PUNCT
ajfa-16968	391	8	,	,	PUNCT
ajfa-16968	391	9	562	562	NUM
ajfa-16968	391	10	-	-	SYM
ajfa-16968	391	11	585	585	NUM
ajfa-16968	391	12	.	.	PUNCT
ajfa-16968	392	1	https://doi.org/10.5465/256224	https://doi.org/10.5465/256224	X
ajfa-16968	392	2	sougiannis	sougiannis	PROPN
ajfa-16968	392	3	,	,	PUNCT
ajfa-16968	392	4	t.	t.	PROPN
ajfa-16968	392	5	(	(	PUNCT
ajfa-16968	392	6	1994	1994	NUM
ajfa-16968	392	7	)	)	PUNCT
ajfa-16968	392	8	.	.	PUNCT
ajfa-16968	393	1	the	the	DET
ajfa-16968	393	2	accounting	accounting	NOUN
ajfa-16968	393	3	based	base	VERB
ajfa-16968	393	4	valuation	valuation	NOUN
ajfa-16968	393	5	of	of	ADP
ajfa-16968	393	6	corporate	corporate	ADJ
ajfa-16968	393	7	r&d	r&d	NOUN
ajfa-16968	393	8	.	.	PUNCT
ajfa-16968	394	1	the	the	DET
ajfa-16968	394	2	accounting	accounting	NOUN
ajfa-16968	394	3	review	review	NOUN
ajfa-16968	394	4	,	,	PUNCT
ajfa-16968	394	5	69(1	69(1	NUM
ajfa-16968	394	6	)	)	PUNCT
ajfa-16968	394	7	,	,	PUNCT
ajfa-16968	394	8	44	44	NUM
ajfa-16968	394	9	-	-	SYM
ajfa-16968	394	10	68	68	NUM
ajfa-16968	394	11	.	.	PUNCT
ajfa-16968	395	1	asian	asian	ADJ
ajfa-16968	395	2	journal	journal	PROPN
ajfa-16968	395	3	of	of	ADP
ajfa-16968	395	4	finance	finance	PROPN
ajfa-16968	395	5	&	&	CCONJ
ajfa-16968	395	6	accounting	accounting	PROPN
ajfa-16968	395	7	issn	issn	PROPN
ajfa-16968	395	8	1946	1946	NUM
ajfa-16968	395	9	-	-	PUNCT
ajfa-16968	395	10	052x	052x	NOUN
ajfa-16968	395	11	2020	2020	NUM
ajfa-16968	395	12	,	,	PUNCT
ajfa-16968	395	13	vol	vol	NOUN
ajfa-16968	395	14	.	.	PROPN
ajfa-16968	395	15	12	12	NUM
ajfa-16968	395	16	,	,	PUNCT
ajfa-16968	395	17	no	no	INTJ
ajfa-16968	395	18	.	.	NOUN
ajfa-16968	395	19	1	1	NUM
ajfa-16968	395	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-16968	395	21	150	150	NUM
ajfa-16968	395	22	trevino	trevino	NOUN
ajfa-16968	395	23	,	,	PUNCT
ajfa-16968	395	24	l.	l.	PROPN
ajfa-16968	395	25	j.	j.	PROPN
ajfa-16968	395	26	,	,	PUNCT
ajfa-16968	395	27	&	&	CCONJ
ajfa-16968	395	28	daniels	daniels	PROPN
ajfa-16968	395	29	,	,	PUNCT
ajfa-16968	395	30	j.	j.	PROPN
ajfa-16968	395	31	d.	d.	PROPN
ajfa-16968	395	32	(	(	PUNCT
ajfa-16968	395	33	1994	1994	NUM
ajfa-16968	395	34	)	)	PUNCT
ajfa-16968	395	35	.	.	PUNCT
ajfa-16968	396	1	an	an	DET
ajfa-16968	396	2	empirical	empirical	ADJ
ajfa-16968	396	3	assessment	assessment	NOUN
ajfa-16968	396	4	of	of	ADP
ajfa-16968	396	5	the	the	DET
ajfa-16968	396	6	preconditions	precondition	NOUN
ajfa-16968	396	7	of	of	ADP
ajfa-16968	396	8	japanese	japanese	ADJ
ajfa-16968	396	9	manufacturing	manufacture	VERB
ajfa-16968	396	10	foreign	foreign	ADJ
ajfa-16968	396	11	direct	direct	ADJ
ajfa-16968	396	12	investment	investment	NOUN
ajfa-16968	396	13	in	in	ADP
ajfa-16968	396	14	the	the	DET
ajfa-16968	396	15	united	united	PROPN
ajfa-16968	396	16	states	states	PROPN
ajfa-16968	396	17	.	.	PUNCT
ajfa-16968	397	1	review	review	NOUN
ajfa-16968	397	2	of	of	ADP
ajfa-16968	397	3	world	world	NOUN
ajfa-16968	397	4	economics	economic	NOUN
ajfa-16968	397	5	,	,	PUNCT
ajfa-16968	397	6	130	130	NUM
ajfa-16968	397	7	,	,	PUNCT
ajfa-16968	397	8	576	576	NUM
ajfa-16968	397	9	-	-	SYM
ajfa-16968	397	10	599	599	NUM
ajfa-16968	397	11	.	.	PUNCT
ajfa-16968	398	1	https://doi.org/10.1007/bf02707614	https://doi.org/10.1007/bf02707614	X
ajfa-16968	398	2	tang	tang	PROPN
ajfa-16968	398	3	,	,	PUNCT
ajfa-16968	398	4	h.	h.	PROPN
ajfa-16968	398	5	h.	h.	PROPN
ajfa-16968	398	6	(	(	PUNCT
ajfa-16968	398	7	2003	2003	NUM
ajfa-16968	398	8	)	)	PUNCT
ajfa-16968	398	9	.	.	PUNCT
ajfa-16968	399	1	long	long	ADV
ajfa-16968	399	2	-	-	PUNCT
ajfa-16968	399	3	run	run	NOUN
ajfa-16968	399	4	adjustment	adjustment	NOUN
ajfa-16968	399	5	of	of	ADP
ajfa-16968	399	6	capital	capital	NOUN
ajfa-16968	399	7	structure	structure	NOUN
ajfa-16968	399	8	for	for	ADP
ajfa-16968	399	9	traded	trade	VERB
ajfa-16968	399	10	company	company	NOUN
ajfa-16968	399	11	in	in	ADP
ajfa-16968	399	12	taiwan(unpublished	taiwan(unpublished	ADJ
ajfa-16968	399	13	master	master	NOUN
ajfa-16968	399	14	's	's	PART
ajfa-16968	399	15	thesis	thesis	NOUN
ajfa-16968	399	16	)	)	PUNCT
ajfa-16968	399	17	.	.	PUNCT
ajfa-16968	400	1	ming	ming	PROPN
ajfa-16968	400	2	chuan	chuan	PROPN
ajfa-16968	400	3	university	university	PROPN
ajfa-16968	400	4	,	,	PUNCT
ajfa-16968	400	5	taiwan	taiwan	PROPN
ajfa-16968	400	6	.	.	PUNCT
ajfa-16968	401	1	trevino	trevino	PROPN
ajfa-16968	401	2	,	,	PUNCT
ajfa-16968	401	3	l.	l.	PROPN
ajfa-16968	401	4	j.	j.	PROPN
ajfa-16968	401	5	,	,	PUNCT
ajfa-16968	401	6	&	&	CCONJ
ajfa-16968	401	7	daniels	daniels	PROPN
ajfa-16968	401	8	,	,	PUNCT
ajfa-16968	401	9	j.	j.	PROPN
ajfa-16968	401	10	d.	d.	PROPN
ajfa-16968	401	11	(	(	PUNCT
ajfa-16968	401	12	1996	1996	NUM
ajfa-16968	401	13	)	)	PUNCT
ajfa-16968	401	14	.	.	PUNCT
ajfa-16968	402	1	the	the	DET
ajfa-16968	402	2	preconditions	precondition	NOUN
ajfa-16968	402	3	for	for	ADP
ajfa-16968	402	4	manufacturing	manufacture	VERB
ajfa-16968	402	5	foreign	foreign	ADJ
ajfa-16968	402	6	direct	direct	ADJ
ajfa-16968	402	7	investment	investment	NOUN
ajfa-16968	402	8	in	in	ADP
ajfa-16968	402	9	the	the	DET
ajfa-16968	402	10	united	united	PROPN
ajfa-16968	402	11	states	states	PROPN
ajfa-16968	402	12	:	:	PUNCT
ajfa-16968	402	13	an	an	DET
ajfa-16968	402	14	empirical	empirical	ADJ
ajfa-16968	402	15	assessment	assessment	NOUN
ajfa-16968	402	16	.	.	PUNCT
ajfa-16968	403	1	the	the	DET
ajfa-16968	403	2	international	international	ADJ
ajfa-16968	403	3	trade	trade	NOUN
ajfa-16968	403	4	journal	journal	NOUN
ajfa-16968	403	5	,	,	PUNCT
ajfa-16968	403	6	10(2	10(2	NUM
ajfa-16968	403	7	)	)	PUNCT
ajfa-16968	403	8	,	,	PUNCT
ajfa-16968	403	9	223	223	NUM
ajfa-16968	403	10	-	-	SYM
ajfa-16968	403	11	246	246	NUM
ajfa-16968	403	12	.	.	PUNCT
ajfa-16968	404	1	https://doi.org/10.1080/08853909608523854	https://doi.org/10.1080/08853909608523854	X
ajfa-16968	404	2	yang	yang	PROPN
ajfa-16968	404	3	,	,	PUNCT
ajfa-16968	404	4	c.	c.	PROPN
ajfa-16968	404	5	h.	h.	PROPN
ajfa-16968	404	6	,	,	PUNCT
ajfa-16968	404	7	&	&	CCONJ
ajfa-16968	404	8	chen	chen	PROPN
ajfa-16968	404	9	,	,	PUNCT
ajfa-16968	404	10	j.	j.	PROPN
ajfa-16968	404	11	r.	r.	PROPN
ajfa-16968	404	12	(	(	PUNCT
ajfa-16968	404	13	2001	2001	NUM
ajfa-16968	404	14	)	)	PUNCT
ajfa-16968	404	15	.	.	PUNCT
ajfa-16968	405	1	r&d	r&d	NOUN
ajfa-16968	405	2	,	,	PUNCT
ajfa-16968	405	3	technology	technology	NOUN
ajfa-16968	405	4	import	import	NOUN
ajfa-16968	405	5	and	and	CCONJ
ajfa-16968	405	6	patents	patent	NOUN
ajfa-16968	405	7	-	-	PUNCT
ajfa-16968	405	8	gmm	gmm	NOUN
ajfa-16968	405	9	on	on	ADP
ajfa-16968	405	10	count	count	NOUN
ajfa-16968	405	11	panel	panel	NOUN
ajfa-16968	405	12	data	datum	NOUN
ajfa-16968	405	13	.	.	PUNCT
ajfa-16968	406	1	taiwan	taiwan	PROPN
ajfa-16968	406	2	economic	economic	PROPN
ajfa-16968	406	3	review	review	PROPN
ajfa-16968	406	4	,	,	PUNCT
ajfa-16968	406	5	29(1	29(1	NUM
ajfa-16968	406	6	)	)	PUNCT
ajfa-16968	406	7	,	,	PUNCT
ajfa-16968	406	8	69	69	NUM
ajfa-16968	406	9	-	-	SYM
ajfa-16968	406	10	87	87	NUM
ajfa-16968	406	11	.	.	PUNCT
ajfa-16968	407	1	yang	yang	PROPN
ajfa-16968	407	2	,	,	PUNCT
ajfa-16968	407	3	k.	k.	PROPN
ajfa-16968	407	4	s.	s.	PROPN
ajfa-16968	407	5	(	(	PUNCT
ajfa-16968	407	6	2002	2002	NUM
ajfa-16968	407	7	)	)	PUNCT
ajfa-16968	407	8	.	.	PUNCT
ajfa-16968	408	1	an	an	DET
ajfa-16968	408	2	empirical	empirical	ADJ
ajfa-16968	408	3	investigation	investigation	NOUN
ajfa-16968	408	4	on	on	ADP
ajfa-16968	408	5	the	the	DET
ajfa-16968	408	6	relationship	relationship	NOUN
ajfa-16968	408	7	between	between	ADP
ajfa-16968	408	8	investment	investment	NOUN
ajfa-16968	408	9	tax	tax	NOUN
ajfa-16968	408	10	credit	credit	NOUN
ajfa-16968	408	11	of	of	ADP
ajfa-16968	408	12	r&d	r&d	NOUN
ajfa-16968	408	13	and	and	CCONJ
ajfa-16968	408	14	corporate	corporate	ADJ
ajfa-16968	408	15	performance	performance	NOUN
ajfa-16968	408	16	(	(	PUNCT
ajfa-16968	408	17	unpublished	unpublished	ADJ
ajfa-16968	408	18	master	master	NOUN
ajfa-16968	408	19	's	's	PART
ajfa-16968	408	20	thesis	thesis	NOUN
ajfa-16968	408	21	)	)	PUNCT
ajfa-16968	408	22	.	.	PUNCT
ajfa-16968	409	1	national	national	PROPN
ajfa-16968	409	2	taiwan	taiwan	PROPN
ajfa-16968	409	3	university	university	PROPN
ajfa-16968	409	4	,	,	PUNCT
ajfa-16968	409	5	taiwan	taiwan	PROPN
ajfa-16968	409	6	.	.	PUNCT
ajfa-16968	410	1	wu	wu	PROPN
ajfa-16968	410	2	,	,	PUNCT
ajfa-16968	410	3	y.	y.	PROPN
ajfa-16968	410	4	c.	c.	PROPN
ajfa-16968	410	5	(	(	PUNCT
ajfa-16968	410	6	2000	2000	NUM
ajfa-16968	410	7	)	)	PUNCT
ajfa-16968	410	8	.	.	PUNCT
ajfa-16968	411	1	a	a	DET
ajfa-16968	411	2	research	research	NOUN
ajfa-16968	411	3	on	on	ADP
ajfa-16968	411	4	insider	insider	NOUN
ajfa-16968	411	5	trading	trading	NOUN
ajfa-16968	411	6	performance	performance	NOUN
ajfa-16968	411	7	(	(	PUNCT
ajfa-16968	411	8	unpublished	unpublished	ADJ
ajfa-16968	411	9	master	master	NOUN
ajfa-16968	411	10	's	's	PART
ajfa-16968	411	11	thesis	thesis	NOUN
ajfa-16968	411	12	)	)	PUNCT
ajfa-16968	411	13	.	.	PUNCT
ajfa-16968	412	1	national	national	PROPN
ajfa-16968	412	2	cheng	cheng	PROPN
ajfa-16968	412	3	kung	kung	PROPN
ajfa-16968	412	4	university	university	PROPN
ajfa-16968	412	5	,	,	PUNCT
ajfa-16968	412	6	taiwan	taiwan	PROPN
ajfa-16968	412	7	.	.	PUNCT