id	sid	tid	token	lemma	pos
ajfa-1737	1	1	microsoft	microsoft	PROPN
ajfa-1737	1	2	word	word	NOUN
ajfa-1737	1	3	1737	1737	NUM
ajfa-1737	1	4	-	-	SYM
ajfa-1737	1	5	6828	6828	NUM
ajfa-1737	1	6	-	-	PUNCT
ajfa-1737	1	7	2	2	NUM
ajfa-1737	1	8	-	-	PUNCT
ajfa-1737	1	9	rv	rv	NOUN
ajfa-1737	1	10	(	(	PUNCT
ajfa-1737	1	11	1)-writer2	1)-writer2	NUM
ajfa-1737	1	12	-	-	PUNCT
ajfa-1737	1	13	new	new	ADJ
ajfa-1737	1	14	-	-	PUNCT
ajfa-1737	1	15	final	final	ADJ
ajfa-1737	1	16	asian	asian	ADJ
ajfa-1737	1	17	journal	journal	NOUN
ajfa-1737	1	18	of	of	ADP
ajfa-1737	1	19	finance	finance	PROPN
ajfa-1737	1	20	&	&	CCONJ
ajfa-1737	1	21	accounting	accounting	PROPN
ajfa-1737	1	22	issn	issn	PROPN
ajfa-1737	1	23	1946	1946	NUM
ajfa-1737	1	24	-	-	PUNCT
ajfa-1737	1	25	052x	052x	NOUN
ajfa-1737	1	26	2012	2012	NUM
ajfa-1737	1	27	,	,	PUNCT
ajfa-1737	1	28	vol	vol	NOUN
ajfa-1737	1	29	.	.	PROPN
ajfa-1737	1	30	4	4	NUM
ajfa-1737	1	31	,	,	PUNCT
ajfa-1737	1	32	no	no	INTJ
ajfa-1737	1	33	.	.	NOUN
ajfa-1737	1	34	2	2	NUM
ajfa-1737	1	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1737	1	36	39	39	NUM
ajfa-1737	1	37	outside	outside	ADJ
ajfa-1737	1	38	directors	director	NOUN
ajfa-1737	1	39	,	,	PUNCT
ajfa-1737	1	40	corporate	corporate	ADJ
ajfa-1737	1	41	governance	governance	NOUN
ajfa-1737	1	42	and	and	CCONJ
ajfa-1737	1	43	firm	firm	ADJ
ajfa-1737	1	44	performance	performance	NOUN
ajfa-1737	1	45	:	:	PUNCT
ajfa-1737	1	46	empirical	empirical	ADJ
ajfa-1737	1	47	evidence	evidence	NOUN
ajfa-1737	1	48	from	from	ADP
ajfa-1737	1	49	india	india	PROPN
ajfa-1737	1	50	naveen	naveen	PROPN
ajfa-1737	1	51	kumar	kumar	PROPN
ajfa-1737	1	52	research	research	PROPN
ajfa-1737	1	53	scholar	scholar	NOUN
ajfa-1737	1	54	(	(	PUNCT
ajfa-1737	1	55	corresponding	corresponding	ADJ
ajfa-1737	1	56	author	author	NOUN
ajfa-1737	1	57	)	)	PUNCT
ajfa-1737	1	58	department	department	PROPN
ajfa-1737	1	59	of	of	ADP
ajfa-1737	1	60	management	management	NOUN
ajfa-1737	1	61	studies	study	NOUN
ajfa-1737	1	62	,	,	PUNCT
ajfa-1737	1	63	indian	indian	PROPN
ajfa-1737	1	64	institute	institute	PROPN
ajfa-1737	1	65	of	of	ADP
ajfa-1737	1	66	technology	technology	PROPN
ajfa-1737	1	67	roorkee	roorkee	PROPN
ajfa-1737	1	68	,	,	PUNCT
ajfa-1737	1	69	uttarakhand	uttarakhand	PROPN
ajfa-1737	1	70	,	,	PUNCT
ajfa-1737	1	71	247667	247667	NUM
ajfa-1737	1	72	,	,	PUNCT
ajfa-1737	1	73	india	india	PROPN
ajfa-1737	1	74	e	e	PROPN
ajfa-1737	1	75	-	-	NOUN
ajfa-1737	1	76	mail	mail	NOUN
ajfa-1737	1	77	:	:	PUNCT
ajfa-1737	1	78	naveensrivastav@gmail.com	naveensrivastav@gmail.com	PROPN
ajfa-1737	1	79	j.	j.	PROPN
ajfa-1737	1	80	p.	p.	PROPN
ajfa-1737	1	81	singh	singh	PROPN
ajfa-1737	1	82	professor	professor	PROPN
ajfa-1737	1	83	,	,	PUNCT
ajfa-1737	1	84	department	department	NOUN
ajfa-1737	1	85	of	of	ADP
ajfa-1737	1	86	management	management	NOUN
ajfa-1737	1	87	studies	study	NOUN
ajfa-1737	1	88	,	,	PUNCT
ajfa-1737	1	89	indian	indian	PROPN
ajfa-1737	1	90	institute	institute	PROPN
ajfa-1737	1	91	of	of	ADP
ajfa-1737	1	92	technology	technology	PROPN
ajfa-1737	1	93	,	,	PUNCT
ajfa-1737	1	94	roorkee	roorkee	PROPN
ajfa-1737	1	95	,	,	PUNCT
ajfa-1737	1	96	uttarakhand	uttarakhand	PROPN
ajfa-1737	1	97	,	,	PUNCT
ajfa-1737	1	98	247667	247667	NUM
ajfa-1737	1	99	,	,	PUNCT
ajfa-1737	1	100	india	india	PROPN
ajfa-1737	1	101	received	receive	VERB
ajfa-1737	1	102	:	:	PUNCT
ajfa-1737	1	103	may	may	AUX
ajfa-1737	1	104	3	3	NUM
ajfa-1737	1	105	,	,	PUNCT
ajfa-1737	1	106	2012	2012	NUM
ajfa-1737	1	107	accepted	accept	VERB
ajfa-1737	1	108	:	:	PUNCT
ajfa-1737	1	109	june	june	PROPN
ajfa-1737	1	110	27	27	NUM
ajfa-1737	1	111	,	,	PUNCT
ajfa-1737	1	112	2012	2012	NUM
ajfa-1737	1	113	published	publish	VERB
ajfa-1737	1	114	:	:	PUNCT
ajfa-1737	1	115	december	december	PROPN
ajfa-1737	1	116	1	1	NUM
ajfa-1737	1	117	,	,	PUNCT
ajfa-1737	1	118	2012	2012	NUM
ajfa-1737	1	119	doi:10.5296	doi:10.5296	NOUN
ajfa-1737	1	120	/	/	SYM
ajfa-1737	1	121	ajfa.v4i2.1737	ajfa.v4i2.1737	NUM
ajfa-1737	1	122	url	url	NOUN
ajfa-1737	1	123	:	:	PUNCT
ajfa-1737	1	124	http://dx.doi.org/10.5296/ajfa.v4i2.1737	http://dx.doi.org/10.5296/ajfa.v4i2.1737	NOUN
ajfa-1737	1	125	abstract	abstract	NOUN
ajfa-1737	1	126	the	the	DET
ajfa-1737	1	127	current	current	ADJ
ajfa-1737	1	128	study	study	NOUN
ajfa-1737	1	129	examines	examine	VERB
ajfa-1737	1	130	the	the	DET
ajfa-1737	1	131	efficacy	efficacy	NOUN
ajfa-1737	1	132	of	of	ADP
ajfa-1737	1	133	outside	outside	ADJ
ajfa-1737	1	134	directors	director	NOUN
ajfa-1737	1	135	on	on	ADP
ajfa-1737	1	136	the	the	DET
ajfa-1737	1	137	corporate	corporate	ADJ
ajfa-1737	1	138	boards	board	NOUN
ajfa-1737	1	139	of	of	ADP
ajfa-1737	1	140	157	157	NUM
ajfa-1737	1	141	non	non	ADJ
ajfa-1737	1	142	-	-	ADJ
ajfa-1737	1	143	financial	financial	ADJ
ajfa-1737	1	144	indian	indian	ADJ
ajfa-1737	1	145	companies	company	NOUN
ajfa-1737	1	146	for	for	ADP
ajfa-1737	1	147	the	the	DET
ajfa-1737	1	148	year	year	NOUN
ajfa-1737	1	149	2008	2008	NUM
ajfa-1737	1	150	.	.	PUNCT
ajfa-1737	2	1	the	the	DET
ajfa-1737	2	2	research	research	NOUN
ajfa-1737	2	3	particularly	particularly	ADV
ajfa-1737	2	4	investigates	investigate	VERB
ajfa-1737	2	5	if	if	SCONJ
ajfa-1737	2	6	the	the	DET
ajfa-1737	2	7	monitoring	monitoring	NOUN
ajfa-1737	2	8	by	by	ADP
ajfa-1737	2	9	grey	grey	ADJ
ajfa-1737	2	10	director	director	NOUN
ajfa-1737	2	11	(	(	PUNCT
ajfa-1737	2	12	non	non	ADJ
ajfa-1737	2	13	-	-	ADJ
ajfa-1737	2	14	executive	executive	ADJ
ajfa-1737	2	15	non	non	ADJ
ajfa-1737	2	16	-	-	ADJ
ajfa-1737	2	17	independent	independent	ADJ
ajfa-1737	2	18	)	)	PUNCT
ajfa-1737	2	19	and	and	CCONJ
ajfa-1737	2	20	independent	independent	ADJ
ajfa-1737	2	21	director	director	NOUN
ajfa-1737	2	22	influences	influence	VERB
ajfa-1737	2	23	firm	firm	ADJ
ajfa-1737	2	24	performance	performance	NOUN
ajfa-1737	2	25	.	.	PUNCT
ajfa-1737	3	1	research	research	NOUN
ajfa-1737	3	2	finding	finding	NOUN
ajfa-1737	3	3	reveals	reveal	VERB
ajfa-1737	3	4	that	that	SCONJ
ajfa-1737	3	5	while	while	SCONJ
ajfa-1737	3	6	the	the	DET
ajfa-1737	3	7	proportion	proportion	NOUN
ajfa-1737	3	8	of	of	ADP
ajfa-1737	3	9	grey	grey	ADJ
ajfa-1737	3	10	directors	director	NOUN
ajfa-1737	3	11	on	on	ADP
ajfa-1737	3	12	board	board	NOUN
ajfa-1737	3	13	has	have	AUX
ajfa-1737	3	14	marginally	marginally	ADV
ajfa-1737	3	15	deteriorated	deteriorate	VERB
ajfa-1737	3	16	effect	effect	NOUN
ajfa-1737	3	17	,	,	PUNCT
ajfa-1737	3	18	the	the	DET
ajfa-1737	3	19	independent	independent	ADJ
ajfa-1737	3	20	director	director	NOUN
ajfa-1737	3	21	’s	’s	PART
ajfa-1737	3	22	proportion	proportion	NOUN
ajfa-1737	3	23	has	have	VERB
ajfa-1737	3	24	an	an	DET
ajfa-1737	3	25	insignificant	insignificant	ADJ
ajfa-1737	3	26	positive	positive	ADJ
ajfa-1737	3	27	effect	effect	NOUN
ajfa-1737	3	28	on	on	ADP
ajfa-1737	3	29	firm	firm	ADJ
ajfa-1737	3	30	value	value	NOUN
ajfa-1737	3	31	.	.	PUNCT
ajfa-1737	4	1	outcome	outcome	NOUN
ajfa-1737	4	2	of	of	ADP
ajfa-1737	4	3	research	research	NOUN
ajfa-1737	4	4	has	have	VERB
ajfa-1737	4	5	significant	significant	ADJ
ajfa-1737	4	6	implications	implication	NOUN
ajfa-1737	4	7	for	for	ADP
ajfa-1737	4	8	devising	devise	VERB
ajfa-1737	4	9	a	a	DET
ajfa-1737	4	10	board	board	NOUN
ajfa-1737	4	11	model	model	NOUN
ajfa-1737	4	12	for	for	ADP
ajfa-1737	4	13	companies	company	NOUN
ajfa-1737	4	14	in	in	ADP
ajfa-1737	4	15	india	india	PROPN
ajfa-1737	4	16	that	that	PRON
ajfa-1737	4	17	have	have	VERB
ajfa-1737	4	18	a	a	DET
ajfa-1737	4	19	significant	significant	ADJ
ajfa-1737	4	20	ownership	ownership	NOUN
ajfa-1737	4	21	concentration	concentration	NOUN
ajfa-1737	4	22	and	and	CCONJ
ajfa-1737	4	23	insider	insider	NOUN
ajfa-1737	4	24	control	control	NOUN
ajfa-1737	4	25	.	.	PUNCT
ajfa-1737	5	1	independent	independent	ADJ
ajfa-1737	5	2	directors	director	NOUN
ajfa-1737	5	3	require	require	VERB
ajfa-1737	5	4	greater	great	ADJ
ajfa-1737	5	5	representation	representation	NOUN
ajfa-1737	5	6	on	on	ADP
ajfa-1737	5	7	the	the	DET
ajfa-1737	5	8	board	board	NOUN
ajfa-1737	5	9	in	in	ADP
ajfa-1737	5	10	lieu	lieu	NOUN
ajfa-1737	5	11	of	of	ADP
ajfa-1737	5	12	other	other	ADJ
ajfa-1737	5	13	non	non	ADJ
ajfa-1737	5	14	-	-	ADJ
ajfa-1737	5	15	executive	executive	ADJ
ajfa-1737	5	16	outside	outside	ADJ
ajfa-1737	5	17	directors	director	NOUN
ajfa-1737	5	18	.	.	PUNCT
ajfa-1737	6	1	keywords	keyword	NOUN
ajfa-1737	6	2	:	:	PUNCT
ajfa-1737	6	3	outside	outside	ADJ
ajfa-1737	6	4	directors	director	NOUN
ajfa-1737	6	5	,	,	PUNCT
ajfa-1737	6	6	independent	independent	ADJ
ajfa-1737	6	7	directors	director	NOUN
ajfa-1737	6	8	,	,	PUNCT
ajfa-1737	6	9	corporate	corporate	ADJ
ajfa-1737	6	10	governance	governance	NOUN
ajfa-1737	6	11	,	,	PUNCT
ajfa-1737	6	12	firm	firm	ADJ
ajfa-1737	6	13	performance	performance	NOUN
ajfa-1737	6	14	,	,	PUNCT
ajfa-1737	6	15	insider	insider	NOUN
ajfa-1737	6	16	ownership	ownership	NOUN
ajfa-1737	6	17	asian	asian	ADJ
ajfa-1737	6	18	journal	journal	NOUN
ajfa-1737	6	19	of	of	ADP
ajfa-1737	6	20	finance	finance	PROPN
ajfa-1737	6	21	&	&	CCONJ
ajfa-1737	6	22	accounting	accounting	PROPN
ajfa-1737	6	23	issn	issn	PROPN
ajfa-1737	6	24	1946	1946	NUM
ajfa-1737	6	25	-	-	PUNCT
ajfa-1737	6	26	052x	052x	NOUN
ajfa-1737	6	27	2012	2012	NUM
ajfa-1737	6	28	,	,	PUNCT
ajfa-1737	6	29	vol	vol	NOUN
ajfa-1737	6	30	.	.	PROPN
ajfa-1737	6	31	4	4	NUM
ajfa-1737	6	32	,	,	PUNCT
ajfa-1737	6	33	no	no	INTJ
ajfa-1737	6	34	.	.	NOUN
ajfa-1737	6	35	2	2	NUM
ajfa-1737	6	36	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1737	6	37	40	40	NUM
ajfa-1737	6	38	1	1	NUM
ajfa-1737	6	39	.	.	PUNCT
ajfa-1737	7	1	introduction	introduction	NOUN
ajfa-1737	7	2	corporate	corporate	ADJ
ajfa-1737	7	3	governance	governance	NOUN
ajfa-1737	7	4	has	have	AUX
ajfa-1737	7	5	become	become	VERB
ajfa-1737	7	6	vital	vital	ADJ
ajfa-1737	7	7	issue	issue	NOUN
ajfa-1737	7	8	all	all	ADV
ajfa-1737	7	9	around	around	ADP
ajfa-1737	7	10	the	the	DET
ajfa-1737	7	11	world	world	NOUN
ajfa-1737	7	12	,	,	PUNCT
ajfa-1737	7	13	particularly	particularly	ADV
ajfa-1737	7	14	,	,	PUNCT
ajfa-1737	7	15	in	in	ADP
ajfa-1737	7	16	the	the	DET
ajfa-1737	7	17	aftermath	aftermath	NOUN
ajfa-1737	7	18	of	of	ADP
ajfa-1737	7	19	global	global	ADJ
ajfa-1737	7	20	financial	financial	ADJ
ajfa-1737	7	21	crisis	crisis	NOUN
ajfa-1737	7	22	that	that	PRON
ajfa-1737	7	23	teetered	teeter	VERB
ajfa-1737	7	24	many	many	ADJ
ajfa-1737	7	25	economies	economy	NOUN
ajfa-1737	7	26	into	into	ADP
ajfa-1737	7	27	recession	recession	NOUN
ajfa-1737	7	28	.	.	PUNCT
ajfa-1737	8	1	much	much	ADJ
ajfa-1737	8	2	of	of	ADP
ajfa-1737	8	3	the	the	DET
ajfa-1737	8	4	recent	recent	ADJ
ajfa-1737	8	5	discussion	discussion	NOUN
ajfa-1737	8	6	that	that	PRON
ajfa-1737	8	7	has	have	AUX
ajfa-1737	8	8	taken	take	VERB
ajfa-1737	8	9	place	place	NOUN
ajfa-1737	8	10	centers	center	NOUN
ajfa-1737	8	11	on	on	ADP
ajfa-1737	8	12	an	an	DET
ajfa-1737	8	13	effective	effective	ADJ
ajfa-1737	8	14	corporate	corporate	ADJ
ajfa-1737	8	15	governance	governance	NOUN
ajfa-1737	8	16	mechanism	mechanism	NOUN
ajfa-1737	8	17	to	to	PART
ajfa-1737	8	18	protect	protect	VERB
ajfa-1737	8	19	shareholder	shareholder	NOUN
ajfa-1737	8	20	rights	right	NOUN
ajfa-1737	8	21	and	and	CCONJ
ajfa-1737	8	22	their	their	PRON
ajfa-1737	8	23	wealth	wealth	NOUN
ajfa-1737	8	24	.	.	PUNCT
ajfa-1737	9	1	the	the	DET
ajfa-1737	9	2	corporate	corporate	ADJ
ajfa-1737	9	3	governance	governance	NOUN
ajfa-1737	9	4	is	be	AUX
ajfa-1737	9	5	an	an	DET
ajfa-1737	9	6	important	important	ADJ
ajfa-1737	9	7	issue	issue	NOUN
ajfa-1737	9	8	of	of	ADP
ajfa-1737	9	9	public	public	ADJ
ajfa-1737	9	10	policy	policy	NOUN
ajfa-1737	9	11	debate	debate	NOUN
ajfa-1737	9	12	in	in	ADP
ajfa-1737	9	13	india	india	PROPN
ajfa-1737	9	14	because	because	SCONJ
ajfa-1737	9	15	of	of	ADP
ajfa-1737	9	16	ongoing	ongoing	ADJ
ajfa-1737	9	17	discussions	discussion	NOUN
ajfa-1737	9	18	within	within	ADP
ajfa-1737	9	19	government	government	NOUN
ajfa-1737	9	20	and	and	CCONJ
ajfa-1737	9	21	various	various	ADJ
ajfa-1737	9	22	regulatory	regulatory	ADJ
ajfa-1737	9	23	bodies	body	NOUN
ajfa-1737	9	24	to	to	PART
ajfa-1737	9	25	promulgate	promulgate	VERB
ajfa-1737	9	26	the	the	DET
ajfa-1737	9	27	new	new	ADJ
ajfa-1737	9	28	companies	company	NOUN
ajfa-1737	9	29	act	act	VERB
ajfa-1737	9	30	.	.	PUNCT
ajfa-1737	10	1	efficacy	efficacy	NOUN
ajfa-1737	10	2	of	of	ADP
ajfa-1737	10	3	sound	sound	ADJ
ajfa-1737	10	4	corporate	corporate	ADJ
ajfa-1737	10	5	governance	governance	NOUN
ajfa-1737	10	6	mechanisms	mechanism	NOUN
ajfa-1737	10	7	in	in	ADP
ajfa-1737	10	8	india	india	PROPN
ajfa-1737	10	9	and	and	CCONJ
ajfa-1737	10	10	its	its	PRON
ajfa-1737	10	11	regulation	regulation	NOUN
ajfa-1737	10	12	can	can	AUX
ajfa-1737	10	13	not	not	PART
ajfa-1737	10	14	be	be	AUX
ajfa-1737	10	15	overemphasized	overemphasize	VERB
ajfa-1737	10	16	,	,	PUNCT
ajfa-1737	10	17	understanding	understand	VERB
ajfa-1737	10	18	the	the	DET
ajfa-1737	10	19	fact	fact	NOUN
ajfa-1737	10	20	that	that	SCONJ
ajfa-1737	10	21	investors	investor	NOUN
ajfa-1737	10	22	and	and	CCONJ
ajfa-1737	10	23	shareholders	shareholder	NOUN
ajfa-1737	10	24	lost	lose	VERB
ajfa-1737	10	25	around	around	ADP
ajfa-1737	10	26	2.8	2.8	NUM
ajfa-1737	10	27	us	us	PROPN
ajfa-1737	10	28	billion	billion	NUM
ajfa-1737	10	29	dollars	dollar	NOUN
ajfa-1737	10	30	in	in	ADP
ajfa-1737	10	31	country	country	NOUN
ajfa-1737	10	32	’s	’s	PART
ajfa-1737	10	33	largest	large	ADJ
ajfa-1737	10	34	accounting	accounting	NOUN
ajfa-1737	10	35	fraud	fraud	NOUN
ajfa-1737	10	36	at	at	ADP
ajfa-1737	10	37	satyam	satyam	NOUN
ajfa-1737	10	38	computers	computer	NOUN
ajfa-1737	10	39	limited	limit	VERB
ajfa-1737	10	40	(	(	PUNCT
ajfa-1737	10	41	tellis	tellis	ADJ
ajfa-1737	10	42	,	,	PUNCT
ajfa-1737	10	43	2009	2009	NUM
ajfa-1737	10	44	)	)	PUNCT
ajfa-1737	10	45	.	.	PUNCT
ajfa-1737	11	1	further	far	ADV
ajfa-1737	11	2	,	,	PUNCT
ajfa-1737	11	3	external	external	ADJ
ajfa-1737	11	4	corporate	corporate	ADJ
ajfa-1737	11	5	governance	governance	NOUN
ajfa-1737	11	6	mechanism	mechanism	NOUN
ajfa-1737	11	7	and	and	CCONJ
ajfa-1737	11	8	market	market	NOUN
ajfa-1737	11	9	forces	force	NOUN
ajfa-1737	11	10	are	be	AUX
ajfa-1737	11	11	weak	weak	ADJ
ajfa-1737	11	12	in	in	ADP
ajfa-1737	11	13	indian	indian	ADJ
ajfa-1737	11	14	capital	capital	NOUN
ajfa-1737	11	15	market	market	NOUN
ajfa-1737	11	16	.	.	PUNCT
ajfa-1737	12	1	therefore	therefore	ADV
ajfa-1737	12	2	,	,	PUNCT
ajfa-1737	12	3	it	it	PRON
ajfa-1737	12	4	is	be	AUX
ajfa-1737	12	5	essential	essential	ADJ
ajfa-1737	12	6	to	to	PART
ajfa-1737	12	7	enforce	enforce	VERB
ajfa-1737	12	8	proper	proper	ADJ
ajfa-1737	12	9	corporate	corporate	ADJ
ajfa-1737	12	10	governance	governance	NOUN
ajfa-1737	12	11	structure	structure	NOUN
ajfa-1737	12	12	through	through	ADP
ajfa-1737	12	13	law	law	NOUN
ajfa-1737	12	14	.	.	PUNCT
ajfa-1737	13	1	assuring	assure	VERB
ajfa-1737	13	2	good	good	ADJ
ajfa-1737	13	3	corporate	corporate	ADJ
ajfa-1737	13	4	governance	governance	NOUN
ajfa-1737	13	5	in	in	ADP
ajfa-1737	13	6	companies	company	NOUN
ajfa-1737	13	7	through	through	ADP
ajfa-1737	13	8	outside	outside	ADJ
ajfa-1737	13	9	directors	director	NOUN
ajfa-1737	13	10	is	be	AUX
ajfa-1737	13	11	a	a	DET
ajfa-1737	13	12	prominent	prominent	ADJ
ajfa-1737	13	13	public	public	ADJ
ajfa-1737	13	14	policy	policy	NOUN
ajfa-1737	13	15	issue	issue	NOUN
ajfa-1737	13	16	in	in	ADP
ajfa-1737	13	17	india	india	PROPN
ajfa-1737	13	18	.	.	PUNCT
ajfa-1737	14	1	boards	board	NOUN
ajfa-1737	14	2	comprising	comprise	VERB
ajfa-1737	14	3	of	of	ADP
ajfa-1737	14	4	outside	outside	ADJ
ajfa-1737	14	5	directors	director	NOUN
ajfa-1737	14	6	monitor	monitor	VERB
ajfa-1737	14	7	corporate	corporate	ADJ
ajfa-1737	14	8	management	management	NOUN
ajfa-1737	14	9	on	on	ADP
ajfa-1737	14	10	the	the	DET
ajfa-1737	14	11	behalf	behalf	NOUN
ajfa-1737	14	12	of	of	ADP
ajfa-1737	14	13	shareholders	shareholder	NOUN
ajfa-1737	14	14	(	(	PUNCT
ajfa-1737	14	15	fama	fama	PROPN
ajfa-1737	14	16	and	and	CCONJ
ajfa-1737	14	17	jensen	jensen	PROPN
ajfa-1737	14	18	,	,	PUNCT
ajfa-1737	14	19	1983	1983	NUM
ajfa-1737	14	20	)	)	PUNCT
ajfa-1737	14	21	.	.	PUNCT
ajfa-1737	15	1	in	in	ADP
ajfa-1737	15	2	the	the	DET
ajfa-1737	15	3	agency	agency	NOUN
ajfa-1737	15	4	settings	setting	NOUN
ajfa-1737	15	5	of	of	ADP
ajfa-1737	15	6	emerging	emerge	VERB
ajfa-1737	15	7	economies	economy	NOUN
ajfa-1737	15	8	,	,	PUNCT
ajfa-1737	15	9	where	where	SCONJ
ajfa-1737	15	10	ownership	ownership	NOUN
ajfa-1737	15	11	concentration	concentration	NOUN
ajfa-1737	15	12	is	be	AUX
ajfa-1737	15	13	the	the	DET
ajfa-1737	15	14	general	general	ADJ
ajfa-1737	15	15	norm	norm	NOUN
ajfa-1737	15	16	along	along	ADP
ajfa-1737	15	17	with	with	ADP
ajfa-1737	15	18	weak	weak	ADJ
ajfa-1737	15	19	protection	protection	NOUN
ajfa-1737	15	20	of	of	ADP
ajfa-1737	15	21	shareholder	shareholder	NOUN
ajfa-1737	15	22	rights	right	NOUN
ajfa-1737	15	23	,	,	PUNCT
ajfa-1737	15	24	composition	composition	NOUN
ajfa-1737	15	25	of	of	ADP
ajfa-1737	15	26	board	board	NOUN
ajfa-1737	15	27	with	with	ADP
ajfa-1737	15	28	outside	outside	ADJ
ajfa-1737	15	29	directors	director	NOUN
ajfa-1737	15	30	(	(	PUNCT
ajfa-1737	15	31	particularly	particularly	ADV
ajfa-1737	15	32	independent	independent	ADJ
ajfa-1737	15	33	directors	director	NOUN
ajfa-1737	15	34	)	)	PUNCT
ajfa-1737	15	35	pose	pose	VERB
ajfa-1737	15	36	a	a	DET
ajfa-1737	15	37	significant	significant	ADJ
ajfa-1737	15	38	challenge	challenge	NOUN
ajfa-1737	15	39	.	.	PUNCT
ajfa-1737	16	1	as	as	SCONJ
ajfa-1737	16	2	such	such	ADJ
ajfa-1737	16	3	,	,	PUNCT
ajfa-1737	16	4	supervision	supervision	NOUN
ajfa-1737	16	5	of	of	ADP
ajfa-1737	16	6	the	the	DET
ajfa-1737	16	7	management	management	NOUN
ajfa-1737	16	8	by	by	ADP
ajfa-1737	16	9	outside	outside	ADJ
ajfa-1737	16	10	directors	director	NOUN
ajfa-1737	16	11	can	can	AUX
ajfa-1737	16	12	not	not	PART
ajfa-1737	16	13	be	be	AUX
ajfa-1737	16	14	overemphasized	overemphasize	VERB
ajfa-1737	16	15	.	.	PUNCT
ajfa-1737	17	1	further	far	ADV
ajfa-1737	17	2	,	,	PUNCT
ajfa-1737	17	3	the	the	DET
ajfa-1737	17	4	board	board	NOUN
ajfa-1737	17	5	performs	perform	VERB
ajfa-1737	17	6	multifaceted	multifaceted	ADJ
ajfa-1737	17	7	tasks	task	NOUN
ajfa-1737	17	8	(	(	PUNCT
ajfa-1737	17	9	ruigrok	ruigrok	PROPN
ajfa-1737	17	10	et	et	PROPN
ajfa-1737	17	11	al	al	PROPN
ajfa-1737	17	12	.	.	PROPN
ajfa-1737	17	13	,	,	PUNCT
ajfa-1737	17	14	2006	2006	NUM
ajfa-1737	17	15	)	)	PUNCT
ajfa-1737	17	16	and	and	CCONJ
ajfa-1737	17	17	has	have	VERB
ajfa-1737	17	18	direct	direct	ADJ
ajfa-1737	17	19	or	or	CCONJ
ajfa-1737	17	20	indirect	indirect	ADJ
ajfa-1737	17	21	effect	effect	NOUN
ajfa-1737	17	22	on	on	ADP
ajfa-1737	17	23	firm	firm	ADJ
ajfa-1737	17	24	performance	performance	NOUN
ajfa-1737	17	25	.	.	PUNCT
ajfa-1737	18	1	therefore	therefore	ADV
ajfa-1737	18	2	,	,	PUNCT
ajfa-1737	18	3	the	the	DET
ajfa-1737	18	4	pertinent	pertinent	ADJ
ajfa-1737	18	5	issue	issue	NOUN
ajfa-1737	18	6	worthy	worthy	ADJ
ajfa-1737	18	7	of	of	ADP
ajfa-1737	18	8	consideration	consideration	NOUN
ajfa-1737	18	9	is	be	AUX
ajfa-1737	18	10	board	board	NOUN
ajfa-1737	18	11	composition	composition	NOUN
ajfa-1737	18	12	with	with	ADP
ajfa-1737	18	13	outside	outside	ADJ
ajfa-1737	18	14	directors	director	NOUN
ajfa-1737	18	15	(	(	PUNCT
ajfa-1737	18	16	independent	independent	ADJ
ajfa-1737	18	17	and	and	CCONJ
ajfa-1737	18	18	grey	grey	ADJ
ajfa-1737	18	19	directors	director	NOUN
ajfa-1737	18	20	)	)	PUNCT
ajfa-1737	18	21	under	under	ADP
ajfa-1737	18	22	concentrated	concentrated	ADJ
ajfa-1737	18	23	ownership	ownership	NOUN
ajfa-1737	18	24	,	,	PUNCT
ajfa-1737	18	25	optimal	optimal	ADJ
ajfa-1737	18	26	from	from	ADP
ajfa-1737	18	27	the	the	DET
ajfa-1737	18	28	perspective	perspective	NOUN
ajfa-1737	18	29	of	of	ADP
ajfa-1737	18	30	maximizing	maximize	VERB
ajfa-1737	18	31	shareholder	shareholder	NOUN
ajfa-1737	18	32	value	value	NOUN
ajfa-1737	18	33	.	.	PUNCT
ajfa-1737	19	1	the	the	DET
ajfa-1737	19	2	current	current	ADJ
ajfa-1737	19	3	study	study	NOUN
ajfa-1737	19	4	aims	aim	VERB
ajfa-1737	19	5	to	to	PART
ajfa-1737	19	6	enhance	enhance	VERB
ajfa-1737	19	7	our	our	PRON
ajfa-1737	19	8	understanding	understanding	NOUN
ajfa-1737	19	9	about	about	ADP
ajfa-1737	19	10	various	various	ADJ
ajfa-1737	19	11	theoretical	theoretical	ADJ
ajfa-1737	19	12	foundations	foundation	NOUN
ajfa-1737	19	13	on	on	ADP
ajfa-1737	19	14	outside	outside	ADJ
ajfa-1737	19	15	directors	director	NOUN
ajfa-1737	19	16	as	as	ADP
ajfa-1737	19	17	an	an	DET
ajfa-1737	19	18	important	important	ADJ
ajfa-1737	19	19	corporate	corporate	ADJ
ajfa-1737	19	20	governance	governance	NOUN
ajfa-1737	19	21	mechanism	mechanism	NOUN
ajfa-1737	19	22	and	and	CCONJ
ajfa-1737	19	23	their	their	PRON
ajfa-1737	19	24	effect	effect	NOUN
ajfa-1737	19	25	on	on	ADP
ajfa-1737	19	26	firm	firm	NOUN
ajfa-1737	19	27	in	in	ADP
ajfa-1737	19	28	different	different	ADJ
ajfa-1737	19	29	institutional	institutional	ADJ
ajfa-1737	19	30	settings	setting	NOUN
ajfa-1737	19	31	.	.	PUNCT
ajfa-1737	20	1	the	the	DET
ajfa-1737	20	2	primary	primary	ADJ
ajfa-1737	20	3	objective	objective	NOUN
ajfa-1737	20	4	of	of	ADP
ajfa-1737	20	5	paper	paper	NOUN
ajfa-1737	20	6	is	be	AUX
ajfa-1737	20	7	to	to	PART
ajfa-1737	20	8	investigate	investigate	VERB
ajfa-1737	20	9	how	how	SCONJ
ajfa-1737	20	10	the	the	DET
ajfa-1737	20	11	arrangement	arrangement	NOUN
ajfa-1737	20	12	of	of	ADP
ajfa-1737	20	13	outside	outside	ADJ
ajfa-1737	20	14	directors	director	NOUN
ajfa-1737	20	15	affects	affect	VERB
ajfa-1737	20	16	the	the	DET
ajfa-1737	20	17	corporate	corporate	ADJ
ajfa-1737	20	18	performance	performance	NOUN
ajfa-1737	20	19	of	of	ADP
ajfa-1737	20	20	indian	indian	ADJ
ajfa-1737	20	21	companies	company	NOUN
ajfa-1737	20	22	.	.	PUNCT
ajfa-1737	21	1	our	our	PRON
ajfa-1737	21	2	second	second	ADJ
ajfa-1737	21	3	objective	objective	NOUN
ajfa-1737	21	4	is	be	AUX
ajfa-1737	21	5	to	to	PART
ajfa-1737	21	6	propose	propose	VERB
ajfa-1737	21	7	and	and	CCONJ
ajfa-1737	21	8	validate	validate	VERB
ajfa-1737	21	9	various	various	ADJ
ajfa-1737	21	10	theoretical	theoretical	ADJ
ajfa-1737	21	11	hypotheses	hypothesis	NOUN
ajfa-1737	21	12	with	with	ADP
ajfa-1737	21	13	the	the	DET
ajfa-1737	21	14	moderating	moderate	VERB
ajfa-1737	21	15	effect	effect	NOUN
ajfa-1737	21	16	of	of	ADP
ajfa-1737	21	17	insider	insider	NOUN
ajfa-1737	21	18	ownership	ownership	NOUN
ajfa-1737	21	19	and	and	CCONJ
ajfa-1737	21	20	control	control	NOUN
ajfa-1737	21	21	on	on	ADP
ajfa-1737	21	22	outside	outside	ADJ
ajfa-1737	21	23	director	director	NOUN
ajfa-1737	21	24	performance	performance	NOUN
ajfa-1737	21	25	.	.	PUNCT
ajfa-1737	22	1	the	the	DET
ajfa-1737	22	2	empirical	empirical	ADJ
ajfa-1737	22	3	outcome	outcome	NOUN
ajfa-1737	22	4	of	of	ADP
ajfa-1737	22	5	this	this	DET
ajfa-1737	22	6	study	study	NOUN
ajfa-1737	22	7	will	will	AUX
ajfa-1737	22	8	help	help	VERB
ajfa-1737	22	9	to	to	PART
ajfa-1737	22	10	determine	determine	VERB
ajfa-1737	22	11	the	the	DET
ajfa-1737	22	12	effectiveness	effectiveness	NOUN
ajfa-1737	22	13	of	of	ADP
ajfa-1737	22	14	outside	outside	ADJ
ajfa-1737	22	15	directors	director	NOUN
ajfa-1737	22	16	in	in	ADP
ajfa-1737	22	17	the	the	DET
ajfa-1737	22	18	presence	presence	NOUN
ajfa-1737	22	19	of	of	ADP
ajfa-1737	22	20	dominant	dominant	ADJ
ajfa-1737	22	21	shareholders	shareholder	NOUN
ajfa-1737	22	22	.	.	PUNCT
ajfa-1737	23	1	it	it	PRON
ajfa-1737	23	2	will	will	AUX
ajfa-1737	23	3	help	help	VERB
ajfa-1737	23	4	regulators	regulator	NOUN
ajfa-1737	23	5	and	and	CCONJ
ajfa-1737	23	6	policy	policy	NOUN
ajfa-1737	23	7	makers	maker	NOUN
ajfa-1737	23	8	to	to	PART
ajfa-1737	23	9	determine	determine	VERB
ajfa-1737	23	10	board	board	NOUN
ajfa-1737	23	11	composition	composition	NOUN
ajfa-1737	23	12	in	in	ADP
ajfa-1737	23	13	india	india	PROPN
ajfa-1737	23	14	.	.	PUNCT
ajfa-1737	24	1	2	2	X
ajfa-1737	24	2	.	.	NUM
ajfa-1737	24	3	related	relate	VERB
ajfa-1737	24	4	literature	literature	NOUN
ajfa-1737	24	5	corporate	corporate	ADJ
ajfa-1737	24	6	board	board	NOUN
ajfa-1737	24	7	is	be	AUX
ajfa-1737	24	8	considered	consider	VERB
ajfa-1737	24	9	as	as	ADP
ajfa-1737	24	10	the	the	DET
ajfa-1737	24	11	zenith	zenith	NOUN
ajfa-1737	24	12	of	of	ADP
ajfa-1737	24	13	internal	internal	ADJ
ajfa-1737	24	14	corporate	corporate	ADJ
ajfa-1737	24	15	governance	governance	NOUN
ajfa-1737	24	16	mechanism	mechanism	NOUN
ajfa-1737	24	17	(	(	PUNCT
ajfa-1737	24	18	brennan	brennan	NOUN
ajfa-1737	24	19	,	,	PUNCT
ajfa-1737	24	20	2006	2006	NUM
ajfa-1737	24	21	)	)	PUNCT
ajfa-1737	24	22	.	.	PUNCT
ajfa-1737	25	1	board	board	NOUN
ajfa-1737	25	2	of	of	ADP
ajfa-1737	25	3	directors	director	NOUN
ajfa-1737	25	4	on	on	ADP
ajfa-1737	25	5	behalf	behalf	NOUN
ajfa-1737	25	6	of	of	ADP
ajfa-1737	25	7	shareholders	shareholder	NOUN
ajfa-1737	25	8	is	be	AUX
ajfa-1737	25	9	envisaged	envisage	VERB
ajfa-1737	25	10	with	with	ADP
ajfa-1737	25	11	the	the	DET
ajfa-1737	25	12	role	role	NOUN
ajfa-1737	25	13	of	of	ADP
ajfa-1737	25	14	monitoring	monitor	VERB
ajfa-1737	25	15	the	the	DET
ajfa-1737	25	16	management	management	NOUN
ajfa-1737	25	17	and	and	CCONJ
ajfa-1737	25	18	protecting	protect	VERB
ajfa-1737	25	19	their	their	PRON
ajfa-1737	25	20	rights	right	NOUN
ajfa-1737	25	21	(	(	PUNCT
ajfa-1737	25	22	jensen	jensen	PROPN
ajfa-1737	25	23	and	and	CCONJ
ajfa-1737	25	24	mecking	mecking	NOUN
ajfa-1737	25	25	,	,	PUNCT
ajfa-1737	25	26	1976	1976	NUM
ajfa-1737	25	27	)	)	PUNCT
ajfa-1737	25	28	.	.	PUNCT
ajfa-1737	26	1	the	the	DET
ajfa-1737	26	2	monitoring	monitoring	NOUN
ajfa-1737	26	3	by	by	ADP
ajfa-1737	26	4	the	the	DET
ajfa-1737	26	5	board	board	NOUN
ajfa-1737	26	6	is	be	AUX
ajfa-1737	26	7	important	important	ADJ
ajfa-1737	26	8	because	because	SCONJ
ajfa-1737	26	9	potential	potential	ADJ
ajfa-1737	26	10	cost	cost	NOUN
ajfa-1737	26	11	is	be	AUX
ajfa-1737	26	12	incurred	incur	VERB
ajfa-1737	26	13	when	when	SCONJ
ajfa-1737	26	14	management	management	NOUN
ajfa-1737	26	15	may	may	AUX
ajfa-1737	26	16	pursue	pursue	VERB
ajfa-1737	26	17	its	its	PRON
ajfa-1737	26	18	own	own	ADJ
ajfa-1737	26	19	interest	interest	NOUN
ajfa-1737	26	20	at	at	ADP
ajfa-1737	26	21	the	the	DET
ajfa-1737	26	22	expense	expense	NOUN
ajfa-1737	26	23	of	of	ADP
ajfa-1737	26	24	shareholders	shareholder	NOUN
ajfa-1737	26	25	'	'	PART
ajfa-1737	26	26	interest	interest	NOUN
ajfa-1737	26	27	(	(	PUNCT
ajfa-1737	26	28	hillman	hillman	NOUN
ajfa-1737	26	29	and	and	CCONJ
ajfa-1737	26	30	dalziel	dalziel	PROPN
ajfa-1737	26	31	,	,	PUNCT
ajfa-1737	26	32	2003	2003	NUM
ajfa-1737	26	33	)	)	PUNCT
ajfa-1737	26	34	.	.	PUNCT
ajfa-1737	27	1	in	in	ADP
ajfa-1737	27	2	order	order	NOUN
ajfa-1737	27	3	to	to	PART
ajfa-1737	27	4	reduce	reduce	VERB
ajfa-1737	27	5	the	the	DET
ajfa-1737	27	6	agency	agency	NOUN
ajfa-1737	27	7	cost	cost	NOUN
ajfa-1737	27	8	,	,	PUNCT
ajfa-1737	27	9	arising	arise	VERB
ajfa-1737	27	10	from	from	ADP
ajfa-1737	27	11	the	the	DET
ajfa-1737	27	12	separation	separation	NOUN
ajfa-1737	27	13	of	of	ADP
ajfa-1737	27	14	ownership	ownership	NOUN
ajfa-1737	27	15	and	and	CCONJ
ajfa-1737	27	16	control	control	NOUN
ajfa-1737	27	17	in	in	ADP
ajfa-1737	27	18	developed	develop	VERB
ajfa-1737	27	19	countries	country	NOUN
ajfa-1737	27	20	,	,	PUNCT
ajfa-1737	27	21	the	the	DET
ajfa-1737	27	22	board	board	NOUN
ajfa-1737	27	23	is	be	AUX
ajfa-1737	27	24	required	require	VERB
ajfa-1737	27	25	to	to	PART
ajfa-1737	27	26	compose	compose	VERB
ajfa-1737	27	27	of	of	ADP
ajfa-1737	27	28	a	a	DET
ajfa-1737	27	29	majority	majority	NOUN
ajfa-1737	27	30	of	of	ADP
ajfa-1737	27	31	outside	outside	ADJ
ajfa-1737	27	32	asian	asian	ADJ
ajfa-1737	27	33	journal	journal	NOUN
ajfa-1737	27	34	of	of	ADP
ajfa-1737	27	35	finance	finance	PROPN
ajfa-1737	27	36	&	&	CCONJ
ajfa-1737	27	37	accounting	accounting	PROPN
ajfa-1737	27	38	issn	issn	PROPN
ajfa-1737	27	39	1946	1946	NUM
ajfa-1737	27	40	-	-	PUNCT
ajfa-1737	27	41	052x	052x	NOUN
ajfa-1737	27	42	2012	2012	NUM
ajfa-1737	27	43	,	,	PUNCT
ajfa-1737	27	44	vol	vol	NOUN
ajfa-1737	27	45	.	.	PROPN
ajfa-1737	27	46	4	4	NUM
ajfa-1737	27	47	,	,	PUNCT
ajfa-1737	27	48	no	no	INTJ
ajfa-1737	27	49	.	.	NOUN
ajfa-1737	27	50	2	2	NUM
ajfa-1737	27	51	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1737	27	52	41	41	NUM
ajfa-1737	27	53	directors	director	NOUN
ajfa-1737	27	54	.	.	PUNCT
ajfa-1737	28	1	board	board	NOUN
ajfa-1737	28	2	independence	independence	NOUN
ajfa-1737	28	3	is	be	AUX
ajfa-1737	28	4	considered	consider	VERB
ajfa-1737	28	5	crucial	crucial	ADJ
ajfa-1737	28	6	because	because	SCONJ
ajfa-1737	28	7	outside	outside	ADJ
ajfa-1737	28	8	directors	director	NOUN
ajfa-1737	28	9	considered	consider	VERB
ajfa-1737	28	10	as	as	ADP
ajfa-1737	28	11	true	true	ADJ
ajfa-1737	28	12	monitors	monitor	NOUN
ajfa-1737	28	13	’	'	PUNCT
ajfa-1737	28	14	and	and	CCONJ
ajfa-1737	28	15	can	can	AUX
ajfa-1737	28	16	discipline	discipline	VERB
ajfa-1737	28	17	the	the	DET
ajfa-1737	28	18	management	management	NOUN
ajfa-1737	28	19	and	and	CCONJ
ajfa-1737	28	20	improve	improve	VERB
ajfa-1737	28	21	firm	firm	ADJ
ajfa-1737	28	22	performance	performance	NOUN
ajfa-1737	28	23	(	(	PUNCT
ajfa-1737	28	24	fama	fama	NOUN
ajfa-1737	28	25	and	and	CCONJ
ajfa-1737	28	26	jensen	jensen	PROPN
ajfa-1737	28	27	,	,	PUNCT
ajfa-1737	28	28	1983	1983	NUM
ajfa-1737	28	29	;	;	PUNCT
ajfa-1737	28	30	weishbach	weishbach	NOUN
ajfa-1737	28	31	,	,	PUNCT
ajfa-1737	28	32	1988	1988	NUM
ajfa-1737	28	33	;	;	PUNCT
ajfa-1737	28	34	duchin	duchin	PROPN
ajfa-1737	28	35	et	et	PROPN
ajfa-1737	28	36	al	al	PROPN
ajfa-1737	28	37	.	.	PROPN
ajfa-1737	28	38	,	,	PUNCT
ajfa-1737	28	39	2010	2010	NUM
ajfa-1737	28	40	)	)	PUNCT
ajfa-1737	28	41	.	.	PUNCT
ajfa-1737	29	1	outside	outside	ADP
ajfa-1737	29	2	directors	director	NOUN
ajfa-1737	29	3	being	be	AUX
ajfa-1737	29	4	financially	financially	ADV
ajfa-1737	29	5	independent	independent	ADJ
ajfa-1737	29	6	of	of	ADP
ajfa-1737	29	7	management	management	NOUN
ajfa-1737	29	8	,	,	PUNCT
ajfa-1737	29	9	free	free	ADJ
ajfa-1737	29	10	from	from	ADP
ajfa-1737	29	11	potentially	potentially	ADV
ajfa-1737	29	12	conflicting	conflicting	ADJ
ajfa-1737	29	13	situations	situation	NOUN
ajfa-1737	29	14	able	able	ADJ
ajfa-1737	29	15	to	to	PART
ajfa-1737	29	16	alleviate	alleviate	VERB
ajfa-1737	29	17	agency	agency	NOUN
ajfa-1737	29	18	problems	problem	NOUN
ajfa-1737	29	19	and	and	CCONJ
ajfa-1737	29	20	curb	curb	VERB
ajfa-1737	29	21	managerial	managerial	ADJ
ajfa-1737	29	22	self	self	NOUN
ajfa-1737	29	23	-	-	PUNCT
ajfa-1737	29	24	interest	interest	NOUN
ajfa-1737	29	25	(	(	PUNCT
ajfa-1737	29	26	rhodes	rhode	NOUN
ajfa-1737	29	27	et	et	PROPN
ajfa-1737	29	28	al	al	PROPN
ajfa-1737	29	29	.	.	PROPN
ajfa-1737	29	30	,	,	PUNCT
ajfa-1737	29	31	2000	2000	NUM
ajfa-1737	29	32	)	)	PUNCT
ajfa-1737	29	33	.	.	PUNCT
ajfa-1737	30	1	they	they	PRON
ajfa-1737	30	2	can	can	AUX
ajfa-1737	30	3	protect	protect	VERB
ajfa-1737	30	4	the	the	DET
ajfa-1737	30	5	shareholder	shareholder	NOUN
ajfa-1737	30	6	interest	interest	NOUN
ajfa-1737	30	7	,	,	PUNCT
ajfa-1737	30	8	perform	perform	VERB
ajfa-1737	30	9	monitoring	monitoring	NOUN
ajfa-1737	30	10	and	and	CCONJ
ajfa-1737	30	11	control	control	NOUN
ajfa-1737	30	12	function	function	NOUN
ajfa-1737	30	13	in	in	ADP
ajfa-1737	30	14	a	a	DET
ajfa-1737	30	15	better	well	ADJ
ajfa-1737	30	16	way	way	NOUN
ajfa-1737	30	17	to	to	PART
ajfa-1737	30	18	align	align	VERB
ajfa-1737	30	19	firm	firm	ADJ
ajfa-1737	30	20	resources	resource	NOUN
ajfa-1737	30	21	for	for	ADP
ajfa-1737	30	22	better	well	ADJ
ajfa-1737	30	23	performance	performance	NOUN
ajfa-1737	30	24	.	.	PUNCT
ajfa-1737	31	1	there	there	PRON
ajfa-1737	31	2	have	have	AUX
ajfa-1737	31	3	been	be	AUX
ajfa-1737	31	4	several	several	ADJ
ajfa-1737	31	5	efforts	effort	NOUN
ajfa-1737	31	6	to	to	PART
ajfa-1737	31	7	find	find	VERB
ajfa-1737	31	8	empirical	empirical	ADJ
ajfa-1737	31	9	evidence	evidence	NOUN
ajfa-1737	31	10	on	on	ADP
ajfa-1737	31	11	the	the	DET
ajfa-1737	31	12	effectiveness	effectiveness	NOUN
ajfa-1737	31	13	outside	outside	ADP
ajfa-1737	31	14	director	director	NOUN
ajfa-1737	31	15	on	on	ADP
ajfa-1737	31	16	firm	firm	ADJ
ajfa-1737	31	17	performance	performance	NOUN
ajfa-1737	31	18	.	.	PUNCT
ajfa-1737	32	1	the	the	DET
ajfa-1737	32	2	results	result	NOUN
ajfa-1737	32	3	,	,	PUNCT
ajfa-1737	32	4	however	however	ADV
ajfa-1737	32	5	,	,	PUNCT
ajfa-1737	32	6	have	have	AUX
ajfa-1737	32	7	been	be	AUX
ajfa-1737	32	8	diverse	diverse	ADJ
ajfa-1737	32	9	.	.	PUNCT
ajfa-1737	33	1	while	while	SCONJ
ajfa-1737	33	2	several	several	ADJ
ajfa-1737	33	3	authors	author	NOUN
ajfa-1737	33	4	find	find	VERB
ajfa-1737	33	5	that	that	SCONJ
ajfa-1737	33	6	independent	independent	ADJ
ajfa-1737	33	7	outside	outside	ADJ
ajfa-1737	33	8	directors	director	NOUN
ajfa-1737	33	9	,	,	PUNCT
ajfa-1737	33	10	protect	protect	VERB
ajfa-1737	33	11	shareholders	shareholder	NOUN
ajfa-1737	33	12	in	in	ADP
ajfa-1737	33	13	specific	specific	ADJ
ajfa-1737	33	14	instances	instance	NOUN
ajfa-1737	33	15	in	in	ADP
ajfa-1737	33	16	which	which	PRON
ajfa-1737	33	17	there	there	PRON
ajfa-1737	33	18	is	be	VERB
ajfa-1737	33	19	an	an	DET
ajfa-1737	33	20	agency	agency	NOUN
ajfa-1737	33	21	problem	problem	NOUN
ajfa-1737	33	22	(	(	PUNCT
ajfa-1737	33	23	weishbach	weishbach	NOUN
ajfa-1737	33	24	1988	1988	NUM
ajfa-1737	33	25	;	;	PUNCT
ajfa-1737	33	26	byrd	byrd	PROPN
ajfa-1737	33	27	and	and	CCONJ
ajfa-1737	33	28	hickman	hickman	PROPN
ajfa-1737	33	29	,	,	PUNCT
ajfa-1737	33	30	1992	1992	NUM
ajfa-1737	33	31	;	;	PUNCT
ajfa-1737	33	32	xie	xie	PROPN
ajfa-1737	33	33	et	et	PROPN
ajfa-1737	33	34	al	al	PROPN
ajfa-1737	33	35	.	.	PROPN
ajfa-1737	33	36	,	,	PUNCT
ajfa-1737	33	37	2003	2003	NUM
ajfa-1737	33	38	;	;	PUNCT
ajfa-1737	33	39	mccabe	mccabe	NOUN
ajfa-1737	33	40	and	and	CCONJ
ajfa-1737	33	41	nowark	nowark	NOUN
ajfa-1737	33	42	,	,	PUNCT
ajfa-1737	33	43	2008	2008	NUM
ajfa-1737	33	44	)	)	PUNCT
ajfa-1737	33	45	.	.	PUNCT
ajfa-1737	34	1	several	several	ADJ
ajfa-1737	34	2	researchers	researcher	NOUN
ajfa-1737	34	3	have	have	AUX
ajfa-1737	34	4	found	find	VERB
ajfa-1737	34	5	a	a	DET
ajfa-1737	34	6	positive	positive	ADJ
ajfa-1737	34	7	relationship	relationship	NOUN
ajfa-1737	34	8	with	with	ADP
ajfa-1737	34	9	the	the	DET
ajfa-1737	34	10	presence	presence	NOUN
ajfa-1737	34	11	of	of	ADP
ajfa-1737	34	12	outside	outside	ADJ
ajfa-1737	34	13	director	director	NOUN
ajfa-1737	34	14	and	and	CCONJ
ajfa-1737	34	15	firm	firm	ADJ
ajfa-1737	34	16	performance	performance	NOUN
ajfa-1737	34	17	.	.	PUNCT
ajfa-1737	35	1	daily	daily	ADJ
ajfa-1737	35	2	and	and	CCONJ
ajfa-1737	35	3	dalton	dalton	PROPN
ajfa-1737	35	4	(	(	PUNCT
ajfa-1737	35	5	1992	1992	NUM
ajfa-1737	35	6	)	)	PUNCT
ajfa-1737	35	7	,	,	PUNCT
ajfa-1737	35	8	baysinger	baysinger	NOUN
ajfa-1737	35	9	and	and	CCONJ
ajfa-1737	35	10	butler	butler	NOUN
ajfa-1737	35	11	(	(	PUNCT
ajfa-1737	35	12	1985	1985	NUM
ajfa-1737	35	13	)	)	PUNCT
ajfa-1737	35	14	and	and	CCONJ
ajfa-1737	35	15	brickley	brickley	PROPN
ajfa-1737	35	16	et	et	PROPN
ajfa-1737	35	17	al	al	PROPN
ajfa-1737	35	18	.	.	PROPN
ajfa-1737	36	1	(	(	PUNCT
ajfa-1737	36	2	1994	1994	NUM
ajfa-1737	36	3	)	)	PUNCT
ajfa-1737	36	4	find	find	VERB
ajfa-1737	36	5	more	more	ADJ
ajfa-1737	36	6	independent	independent	ADJ
ajfa-1737	36	7	directors	director	NOUN
ajfa-1737	36	8	on	on	ADP
ajfa-1737	36	9	the	the	DET
ajfa-1737	36	10	board	board	NOUN
ajfa-1737	36	11	improve	improve	VERB
ajfa-1737	36	12	economic	economic	ADJ
ajfa-1737	36	13	performance	performance	NOUN
ajfa-1737	36	14	of	of	ADP
ajfa-1737	36	15	the	the	DET
ajfa-1737	36	16	firm	firm	NOUN
ajfa-1737	36	17	.	.	PUNCT
ajfa-1737	37	1	several	several	ADJ
ajfa-1737	37	2	other	other	ADJ
ajfa-1737	37	3	studies	study	NOUN
ajfa-1737	37	4	find	find	VERB
ajfa-1737	37	5	a	a	DET
ajfa-1737	37	6	positive	positive	ADJ
ajfa-1737	37	7	impact	impact	NOUN
ajfa-1737	37	8	from	from	ADP
ajfa-1737	37	9	appointing	appoint	VERB
ajfa-1737	37	10	outside	outside	ADP
ajfa-1737	37	11	independent	independent	ADJ
ajfa-1737	37	12	directors	director	NOUN
ajfa-1737	37	13	upon	upon	SCONJ
ajfa-1737	37	14	the	the	DET
ajfa-1737	37	15	board	board	NOUN
ajfa-1737	37	16	.	.	PUNCT
ajfa-1737	38	1	studies	study	NOUN
ajfa-1737	38	2	find	find	VERB
ajfa-1737	38	3	less	less	ADJ
ajfa-1737	38	4	likelihood	likelihood	NOUN
ajfa-1737	38	5	of	of	ADP
ajfa-1737	38	6	financial	financial	ADJ
ajfa-1737	38	7	statement	statement	NOUN
ajfa-1737	38	8	fraud	fraud	NOUN
ajfa-1737	38	9	(	(	PUNCT
ajfa-1737	38	10	beasley	beasley	PROPN
ajfa-1737	38	11	,	,	PUNCT
ajfa-1737	38	12	1996	1996	NUM
ajfa-1737	38	13	)	)	PUNCT
ajfa-1737	38	14	,	,	PUNCT
ajfa-1737	38	15	positive	positive	ADJ
ajfa-1737	38	16	price	price	NOUN
ajfa-1737	38	17	reaction	reaction	NOUN
ajfa-1737	38	18	(	(	PUNCT
ajfa-1737	38	19	rosenstein	rosenstein	NOUN
ajfa-1737	38	20	and	and	CCONJ
ajfa-1737	38	21	wyatt	wyatt	PROPN
ajfa-1737	38	22	,	,	PUNCT
ajfa-1737	38	23	1990	1990	NUM
ajfa-1737	38	24	)	)	PUNCT
ajfa-1737	38	25	,	,	PUNCT
ajfa-1737	38	26	positive	positive	ADJ
ajfa-1737	38	27	reaction	reaction	NOUN
ajfa-1737	38	28	to	to	PART
ajfa-1737	38	29	tender	tender	VERB
ajfa-1737	38	30	offer	offer	NOUN
ajfa-1737	38	31	bids	bid	NOUN
ajfa-1737	38	32	and	and	CCONJ
ajfa-1737	38	33	poison	poison	NOUN
ajfa-1737	38	34	pill	pill	NOUN
ajfa-1737	38	35	adoptions	adoption	NOUN
ajfa-1737	38	36	(	(	PUNCT
ajfa-1737	38	37	byrd	byrd	PROPN
ajfa-1737	38	38	and	and	CCONJ
ajfa-1737	38	39	hickman	hickman	PROPN
ajfa-1737	38	40	,	,	PUNCT
ajfa-1737	38	41	1992	1992	NUM
ajfa-1737	38	42	;	;	PUNCT
ajfa-1737	38	43	brickley	brickley	PROPN
ajfa-1737	38	44	et	et	PROPN
ajfa-1737	38	45	al	al	PROPN
ajfa-1737	38	46	.	.	PROPN
ajfa-1737	38	47	,1994	,1994	PUNCT
ajfa-1737	38	48	)	)	PUNCT
ajfa-1737	38	49	,	,	PUNCT
ajfa-1737	38	50	better	well	ADJ
ajfa-1737	38	51	firm	firm	ADJ
ajfa-1737	38	52	profitability	profitability	NOUN
ajfa-1737	38	53	(	(	PUNCT
ajfa-1737	38	54	ezzamel	ezzamel	NOUN
ajfa-1737	38	55	and	and	CCONJ
ajfa-1737	38	56	watson	watson	PROPN
ajfa-1737	38	57	,	,	PUNCT
ajfa-1737	38	58	1993	1993	NUM
ajfa-1737	38	59	)	)	PUNCT
ajfa-1737	38	60	and	and	CCONJ
ajfa-1737	38	61	better	well	ADJ
ajfa-1737	38	62	stock	stock	NOUN
ajfa-1737	38	63	price	price	NOUN
ajfa-1737	38	64	returns	return	NOUN
ajfa-1737	38	65	(	(	PUNCT
ajfa-1737	38	66	bhagat	bhagat	PROPN
ajfa-1737	38	67	and	and	CCONJ
ajfa-1737	38	68	black	black	ADJ
ajfa-1737	38	69	,	,	PUNCT
ajfa-1737	38	70	1999	1999	NUM
ajfa-1737	38	71	)	)	PUNCT
ajfa-1737	38	72	in	in	ADP
ajfa-1737	38	73	relation	relation	NOUN
ajfa-1737	38	74	to	to	ADP
ajfa-1737	38	75	outside	outside	ADJ
ajfa-1737	38	76	and	and	CCONJ
ajfa-1737	38	77	independent	independent	ADJ
ajfa-1737	38	78	directors	director	NOUN
ajfa-1737	38	79	.	.	PUNCT
ajfa-1737	39	1	several	several	ADJ
ajfa-1737	39	2	other	other	ADJ
ajfa-1737	39	3	empirical	empirical	ADJ
ajfa-1737	39	4	studies	study	NOUN
ajfa-1737	39	5	,	,	PUNCT
ajfa-1737	39	6	however	however	ADV
ajfa-1737	39	7	find	find	VERB
ajfa-1737	39	8	either	either	CCONJ
ajfa-1737	39	9	no	no	DET
ajfa-1737	39	10	significant	significant	ADJ
ajfa-1737	39	11	effect	effect	NOUN
ajfa-1737	39	12	or	or	CCONJ
ajfa-1737	39	13	negative	negative	ADJ
ajfa-1737	39	14	effect	effect	NOUN
ajfa-1737	39	15	of	of	ADP
ajfa-1737	39	16	outside	outside	ADJ
ajfa-1737	39	17	directors	director	NOUN
ajfa-1737	39	18	on	on	ADP
ajfa-1737	39	19	firm	firm	ADJ
ajfa-1737	39	20	performance	performance	NOUN
ajfa-1737	39	21	.	.	PUNCT
ajfa-1737	40	1	many	many	ADJ
ajfa-1737	40	2	researchers	researcher	NOUN
ajfa-1737	40	3	(	(	PUNCT
ajfa-1737	40	4	baysinger	baysinger	NOUN
ajfa-1737	40	5	and	and	CCONJ
ajfa-1737	40	6	butler	butler	NOUN
ajfa-1737	40	7	,	,	PUNCT
ajfa-1737	40	8	1985	1985	NUM
ajfa-1737	40	9	;	;	PUNCT
ajfa-1737	40	10	dalton	dalton	PROPN
ajfa-1737	40	11	et	et	PROPN
ajfa-1737	40	12	al	al	PROPN
ajfa-1737	40	13	.	.	PROPN
ajfa-1737	40	14	,	,	PUNCT
ajfa-1737	40	15	1998	1998	NUM
ajfa-1737	40	16	;	;	PUNCT
ajfa-1737	40	17	dalton	dalton	PROPN
ajfa-1737	40	18	and	and	CCONJ
ajfa-1737	40	19	daily	daily	ADJ
ajfa-1737	40	20	,	,	PUNCT
ajfa-1737	40	21	1999	1999	NUM
ajfa-1737	40	22	;	;	PUNCT
ajfa-1737	40	23	fernandes	fernande	NOUN
ajfa-1737	40	24	,	,	PUNCT
ajfa-1737	40	25	2005	2005	NUM
ajfa-1737	40	26	)	)	PUNCT
ajfa-1737	40	27	do	do	AUX
ajfa-1737	40	28	not	not	PART
ajfa-1737	40	29	find	find	VERB
ajfa-1737	40	30	any	any	DET
ajfa-1737	40	31	relationship	relationship	NOUN
ajfa-1737	40	32	between	between	ADP
ajfa-1737	40	33	board	board	NOUN
ajfa-1737	40	34	composition	composition	NOUN
ajfa-1737	40	35	with	with	ADP
ajfa-1737	40	36	representation	representation	NOUN
ajfa-1737	40	37	of	of	ADP
ajfa-1737	40	38	outside	outside	ADJ
ajfa-1737	40	39	independent	independent	ADJ
ajfa-1737	40	40	directors	director	NOUN
ajfa-1737	40	41	and	and	CCONJ
ajfa-1737	40	42	firm	firm	ADJ
ajfa-1737	40	43	performance	performance	NOUN
ajfa-1737	40	44	.	.	PUNCT
ajfa-1737	41	1	hermalin	hermalin	NOUN
ajfa-1737	41	2	and	and	CCONJ
ajfa-1737	41	3	weishbach	weishbach	NOUN
ajfa-1737	41	4	(	(	PUNCT
ajfa-1737	41	5	1991	1991	NUM
ajfa-1737	41	6	)	)	PUNCT
ajfa-1737	41	7	,	,	PUNCT
ajfa-1737	41	8	meharan	meharan	NOUN
ajfa-1737	41	9	(	(	PUNCT
ajfa-1737	41	10	1995	1995	NUM
ajfa-1737	41	11	)	)	PUNCT
ajfa-1737	41	12	,	,	PUNCT
ajfa-1737	41	13	bathala	bathala	NOUN
ajfa-1737	41	14	and	and	CCONJ
ajfa-1737	41	15	rao	rao	NOUN
ajfa-1737	41	16	(	(	PUNCT
ajfa-1737	41	17	1995	1995	NUM
ajfa-1737	41	18	)	)	PUNCT
ajfa-1737	41	19	,	,	PUNCT
ajfa-1737	41	20	vafeas	vafea	NOUN
ajfa-1737	41	21	and	and	CCONJ
ajfa-1737	41	22	theodoru	theodoru	NOUN
ajfa-1737	41	23	(	(	PUNCT
ajfa-1737	41	24	1998	1998	NUM
ajfa-1737	41	25	)	)	PUNCT
ajfa-1737	41	26	,	,	PUNCT
ajfa-1737	41	27	core	core	NOUN
ajfa-1737	41	28	et	et	PROPN
ajfa-1737	41	29	al	al	PROPN
ajfa-1737	41	30	.	.	PUNCT
ajfa-1737	41	31	(	(	PUNCT
ajfa-1737	41	32	1999	1999	NUM
ajfa-1737	41	33	)	)	PUNCT
ajfa-1737	41	34	,	,	PUNCT
ajfa-1737	41	35	and	and	CCONJ
ajfa-1737	41	36	klien	klien	PROPN
ajfa-1737	41	37	(	(	PUNCT
ajfa-1737	41	38	1998	1998	NUM
ajfa-1737	41	39	)	)	PUNCT
ajfa-1737	41	40	and	and	CCONJ
ajfa-1737	41	41	yermack	yermack	NOUN
ajfa-1737	41	42	(	(	PUNCT
ajfa-1737	41	43	1996	1996	NUM
ajfa-1737	41	44	)	)	PUNCT
ajfa-1737	41	45	report	report	VERB
ajfa-1737	41	46	an	an	DET
ajfa-1737	41	47	insignificant	insignificant	ADJ
ajfa-1737	41	48	relation	relation	NOUN
ajfa-1737	41	49	between	between	ADP
ajfa-1737	41	50	corporate	corporate	ADJ
ajfa-1737	41	51	board	board	NOUN
ajfa-1737	41	52	independence	independence	NOUN
ajfa-1737	41	53	and	and	CCONJ
ajfa-1737	41	54	various	various	ADJ
ajfa-1737	41	55	measures	measure	NOUN
ajfa-1737	41	56	of	of	ADP
ajfa-1737	41	57	firm	firm	ADJ
ajfa-1737	41	58	performance	performance	NOUN
ajfa-1737	41	59	.	.	PUNCT
ajfa-1737	42	1	many	many	ADJ
ajfa-1737	42	2	researchers	researcher	NOUN
ajfa-1737	42	3	also	also	ADV
ajfa-1737	42	4	have	have	AUX
ajfa-1737	42	5	reported	report	VERB
ajfa-1737	42	6	a	a	DET
ajfa-1737	42	7	negative	negative	ADJ
ajfa-1737	42	8	relationship	relationship	NOUN
ajfa-1737	42	9	between	between	ADP
ajfa-1737	42	10	the	the	DET
ajfa-1737	42	11	proportion	proportion	NOUN
ajfa-1737	42	12	of	of	ADP
ajfa-1737	42	13	outside	outside	ADJ
ajfa-1737	42	14	directors	director	NOUN
ajfa-1737	42	15	and	and	CCONJ
ajfa-1737	42	16	firm	firm	ADJ
ajfa-1737	42	17	value	value	NOUN
ajfa-1737	42	18	.	.	PUNCT
ajfa-1737	43	1	agrawal	agrawal	PROPN
ajfa-1737	43	2	and	and	CCONJ
ajfa-1737	43	3	knoeber	knoeber	NOUN
ajfa-1737	43	4	(	(	PUNCT
ajfa-1737	43	5	1996	1996	NUM
ajfa-1737	43	6	)	)	PUNCT
ajfa-1737	43	7	and	and	CCONJ
ajfa-1737	43	8	bhagat	bhagat	PROPN
ajfa-1737	43	9	and	and	CCONJ
ajfa-1737	43	10	black	black	ADJ
ajfa-1737	43	11	(	(	PUNCT
ajfa-1737	43	12	2002	2002	NUM
ajfa-1737	43	13	)	)	PUNCT
ajfa-1737	43	14	,	,	PUNCT
ajfa-1737	43	15	finds	find	VERB
ajfa-1737	43	16	a	a	DET
ajfa-1737	43	17	negative	negative	ADJ
ajfa-1737	43	18	relationship	relationship	NOUN
ajfa-1737	43	19	between	between	ADP
ajfa-1737	43	20	the	the	DET
ajfa-1737	43	21	proportion	proportion	NOUN
ajfa-1737	43	22	of	of	ADP
ajfa-1737	43	23	outside	outside	ADJ
ajfa-1737	43	24	directors	director	NOUN
ajfa-1737	43	25	on	on	ADP
ajfa-1737	43	26	board	board	NOUN
ajfa-1737	43	27	and	and	CCONJ
ajfa-1737	43	28	firm	firm	ADJ
ajfa-1737	43	29	performance	performance	NOUN
ajfa-1737	43	30	.	.	PUNCT
ajfa-1737	44	1	efficacy	efficacy	NOUN
ajfa-1737	44	2	of	of	ADP
ajfa-1737	44	3	outside	outside	ADJ
ajfa-1737	44	4	directors	director	NOUN
ajfa-1737	44	5	as	as	ADP
ajfa-1737	44	6	governance	governance	NOUN
ajfa-1737	44	7	mechanism	mechanism	NOUN
ajfa-1737	44	8	is	be	AUX
ajfa-1737	44	9	therefore	therefore	ADV
ajfa-1737	44	10	questionable	questionable	ADJ
ajfa-1737	44	11	in	in	ADP
ajfa-1737	44	12	the	the	DET
ajfa-1737	44	13	developed	develop	VERB
ajfa-1737	44	14	counties	county	NOUN
ajfa-1737	44	15	because	because	SCONJ
ajfa-1737	44	16	of	of	ADP
ajfa-1737	44	17	presence	presence	NOUN
ajfa-1737	44	18	external	external	ADJ
ajfa-1737	44	19	governance	governance	NOUN
ajfa-1737	44	20	mechanism	mechanism	NOUN
ajfa-1737	44	21	like	like	ADP
ajfa-1737	44	22	mergers	merger	NOUN
ajfa-1737	44	23	and	and	CCONJ
ajfa-1737	44	24	acquisition	acquisition	NOUN
ajfa-1737	44	25	,	,	PUNCT
ajfa-1737	44	26	market	market	NOUN
ajfa-1737	44	27	for	for	ADP
ajfa-1737	44	28	corporate	corporate	ADJ
ajfa-1737	44	29	control	control	NOUN
ajfa-1737	44	30	and	and	CCONJ
ajfa-1737	44	31	product	product	NOUN
ajfa-1737	44	32	market	market	NOUN
ajfa-1737	44	33	competition	competition	NOUN
ajfa-1737	44	34	.	.	PUNCT
ajfa-1737	45	1	efficacious	efficacious	ADJ
ajfa-1737	45	2	corporate	corporate	ADJ
ajfa-1737	45	3	governance	governance	NOUN
ajfa-1737	45	4	mechanisms	mechanism	NOUN
ajfa-1737	45	5	of	of	ADP
ajfa-1737	45	6	the	the	DET
ajfa-1737	45	7	developed	develop	VERB
ajfa-1737	45	8	countries	country	NOUN
ajfa-1737	45	9	may	may	AUX
ajfa-1737	45	10	not	not	PART
ajfa-1737	45	11	be	be	AUX
ajfa-1737	45	12	effective	effective	ADJ
ajfa-1737	45	13	in	in	ADP
ajfa-1737	45	14	emerging	emerge	VERB
ajfa-1737	45	15	markets	market	NOUN
ajfa-1737	45	16	and	and	CCONJ
ajfa-1737	45	17	other	other	ADJ
ajfa-1737	45	18	countries	country	NOUN
ajfa-1737	45	19	due	due	ADP
ajfa-1737	45	20	to	to	ADP
ajfa-1737	45	21	its	its	PRON
ajfa-1737	45	22	ownership	ownership	NOUN
ajfa-1737	45	23	structure	structure	NOUN
ajfa-1737	45	24	and	and	CCONJ
ajfa-1737	45	25	strength	strength	NOUN
ajfa-1737	45	26	of	of	ADP
ajfa-1737	45	27	the	the	DET
ajfa-1737	45	28	capital	capital	NOUN
ajfa-1737	45	29	market	market	NOUN
ajfa-1737	45	30	.	.	PUNCT
ajfa-1737	46	1	apart	apart	ADV
ajfa-1737	46	2	from	from	ADP
ajfa-1737	46	3	few	few	ADJ
ajfa-1737	46	4	anglo	anglo	ADJ
ajfa-1737	46	5	-	-	PUNCT
ajfa-1737	46	6	saxon	saxon	NOUN
ajfa-1737	46	7	countries	country	NOUN
ajfa-1737	46	8	,	,	PUNCT
ajfa-1737	46	9	most	most	ADJ
ajfa-1737	46	10	of	of	ADP
ajfa-1737	46	11	the	the	DET
ajfa-1737	46	12	companies	company	NOUN
ajfa-1737	46	13	of	of	ADP
ajfa-1737	46	14	other	other	ADJ
ajfa-1737	46	15	countries	country	NOUN
ajfa-1737	46	16	exhibit	exhibit	VERB
ajfa-1737	46	17	high	high	ADJ
ajfa-1737	46	18	ownership	ownership	NOUN
ajfa-1737	46	19	concentration	concentration	NOUN
ajfa-1737	46	20	(	(	PUNCT
ajfa-1737	46	21	shleifer	shleifer	NOUN
ajfa-1737	46	22	and	and	CCONJ
ajfa-1737	46	23	vishny	vishny	PROPN
ajfa-1737	46	24	,	,	PUNCT
ajfa-1737	46	25	1997	1997	NUM
ajfa-1737	46	26	;	;	PUNCT
ajfa-1737	46	27	la	la	PROPN
ajfa-1737	46	28	porta	porta	PROPN
ajfa-1737	46	29	et	et	PROPN
ajfa-1737	46	30	al	al	PROPN
ajfa-1737	46	31	.	.	PROPN
ajfa-1737	46	32	,	,	PUNCT
ajfa-1737	46	33	2000	2000	NUM
ajfa-1737	46	34	;	;	PUNCT
ajfa-1737	46	35	claessens	claessen	VERB
ajfa-1737	46	36	et	et	PROPN
ajfa-1737	46	37	al	al	PROPN
ajfa-1737	46	38	.	.	PROPN
ajfa-1737	46	39	,	,	PUNCT
ajfa-1737	46	40	2000	2000	NUM
ajfa-1737	46	41	)	)	PUNCT
ajfa-1737	46	42	.	.	PUNCT
ajfa-1737	47	1	the	the	DET
ajfa-1737	47	2	typical	typical	ADJ
ajfa-1737	47	3	agency	agency	NOUN
ajfa-1737	47	4	problem	problem	NOUN
ajfa-1737	47	5	,	,	PUNCT
ajfa-1737	47	6	which	which	PRON
ajfa-1737	47	7	arises	arise	VERB
ajfa-1737	47	8	from	from	ADP
ajfa-1737	47	9	the	the	DET
ajfa-1737	47	10	separation	separation	NOUN
ajfa-1737	47	11	of	of	ADP
ajfa-1737	47	12	ownership	ownership	NOUN
ajfa-1737	47	13	from	from	ADP
ajfa-1737	47	14	control	control	NOUN
ajfa-1737	47	15	in	in	ADP
ajfa-1737	47	16	such	such	DET
ajfa-1737	47	17	a	a	DET
ajfa-1737	47	18	setting	setting	NOUN
ajfa-1737	47	19	,	,	PUNCT
ajfa-1737	47	20	is	be	AUX
ajfa-1737	47	21	between	between	ADP
ajfa-1737	47	22	the	the	DET
ajfa-1737	47	23	dominant	dominant	ADJ
ajfa-1737	47	24	shareholder	shareholder	NOUN
ajfa-1737	47	25	and	and	CCONJ
ajfa-1737	47	26	other	other	ADJ
ajfa-1737	47	27	minority	minority	NOUN
ajfa-1737	47	28	shareholders	shareholder	NOUN
ajfa-1737	47	29	.	.	PUNCT
ajfa-1737	48	1	dominant	dominant	ADJ
ajfa-1737	48	2	shareholders	shareholder	NOUN
ajfa-1737	48	3	have	have	VERB
ajfa-1737	48	4	the	the	DET
ajfa-1737	48	5	ability	ability	NOUN
ajfa-1737	48	6	(	(	PUNCT
ajfa-1737	48	7	because	because	SCONJ
ajfa-1737	48	8	they	they	PRON
ajfa-1737	48	9	control	control	VERB
ajfa-1737	48	10	the	the	DET
ajfa-1737	48	11	firm	firm	ADJ
ajfa-1737	48	12	asian	asian	ADJ
ajfa-1737	48	13	journal	journal	NOUN
ajfa-1737	48	14	of	of	ADP
ajfa-1737	48	15	finance	finance	PROPN
ajfa-1737	48	16	&	&	CCONJ
ajfa-1737	48	17	accounting	accounting	PROPN
ajfa-1737	48	18	issn	issn	PROPN
ajfa-1737	48	19	1946	1946	NUM
ajfa-1737	48	20	-	-	PUNCT
ajfa-1737	48	21	052x	052x	NOUN
ajfa-1737	48	22	2012	2012	NUM
ajfa-1737	48	23	,	,	PUNCT
ajfa-1737	48	24	vol	vol	NOUN
ajfa-1737	48	25	.	.	PROPN
ajfa-1737	48	26	4	4	NUM
ajfa-1737	48	27	,	,	PUNCT
ajfa-1737	48	28	no	no	INTJ
ajfa-1737	48	29	.	.	NOUN
ajfa-1737	48	30	2	2	NUM
ajfa-1737	48	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1737	48	32	42	42	NUM
ajfa-1737	48	33	with	with	ADP
ajfa-1737	48	34	sufficiently	sufficiently	ADV
ajfa-1737	48	35	high	high	ADJ
ajfa-1737	48	36	voting	voting	NOUN
ajfa-1737	48	37	rights	right	NOUN
ajfa-1737	48	38	)	)	PUNCT
ajfa-1737	48	39	and	and	CCONJ
ajfa-1737	48	40	the	the	DET
ajfa-1737	48	41	incentive	incentive	NOUN
ajfa-1737	48	42	(	(	PUNCT
ajfa-1737	48	43	because	because	SCONJ
ajfa-1737	48	44	usually	usually	ADV
ajfa-1737	48	45	their	their	PRON
ajfa-1737	48	46	cash	cash	NOUN
ajfa-1737	48	47	flow	flow	NOUN
ajfa-1737	48	48	rights	right	NOUN
ajfa-1737	48	49	are	be	AUX
ajfa-1737	48	50	much	much	ADV
ajfa-1737	48	51	lower	low	ADJ
ajfa-1737	48	52	than	than	ADP
ajfa-1737	48	53	their	their	PRON
ajfa-1737	48	54	voting	voting	NOUN
ajfa-1737	48	55	rights	right	NOUN
ajfa-1737	48	56	)	)	PUNCT
ajfa-1737	48	57	to	to	PART
ajfa-1737	48	58	expropriate	expropriate	VERB
ajfa-1737	48	59	other	other	ADJ
ajfa-1737	48	60	shareholders	shareholder	NOUN
ajfa-1737	48	61	by	by	ADP
ajfa-1737	48	62	diverting	divert	VERB
ajfa-1737	48	63	the	the	DET
ajfa-1737	48	64	firm	firm	NOUN
ajfa-1737	48	65	’s	’s	PART
ajfa-1737	48	66	resources	resource	NOUN
ajfa-1737	48	67	to	to	ADP
ajfa-1737	48	68	themselves	themselves	PRON
ajfa-1737	48	69	(	(	PUNCT
ajfa-1737	48	70	claessens	claessen	NOUN
ajfa-1737	48	71	et	et	PROPN
ajfa-1737	48	72	al	al	PROPN
ajfa-1737	48	73	.	.	PROPN
ajfa-1737	48	74	,	,	PUNCT
ajfa-1737	48	75	2002	2002	NUM
ajfa-1737	48	76	;	;	PUNCT
ajfa-1737	49	1	la	la	PROPN
ajfa-1737	49	2	porta	porta	PROPN
ajfa-1737	49	3	et	et	PROPN
ajfa-1737	49	4	al	al	PROPN
ajfa-1737	49	5	.	.	PROPN
ajfa-1737	49	6	,	,	PUNCT
ajfa-1737	49	7	2002	2002	NUM
ajfa-1737	49	8	)	)	PUNCT
ajfa-1737	49	9	.	.	PUNCT
ajfa-1737	50	1	the	the	DET
ajfa-1737	50	2	pertinent	pertinent	ADJ
ajfa-1737	50	3	question	question	NOUN
ajfa-1737	50	4	under	under	ADP
ajfa-1737	50	5	case	case	NOUN
ajfa-1737	50	6	is	be	AUX
ajfa-1737	50	7	whether	whether	SCONJ
ajfa-1737	50	8	board	board	NOUN
ajfa-1737	50	9	composition	composition	NOUN
ajfa-1737	50	10	with	with	ADP
ajfa-1737	50	11	a	a	DET
ajfa-1737	50	12	majority	majority	NOUN
ajfa-1737	50	13	of	of	ADP
ajfa-1737	50	14	independent	independent	ADJ
ajfa-1737	50	15	directors	director	NOUN
ajfa-1737	50	16	will	will	AUX
ajfa-1737	50	17	increase	increase	VERB
ajfa-1737	50	18	firm	firm	ADJ
ajfa-1737	50	19	value	value	NOUN
ajfa-1737	50	20	by	by	ADP
ajfa-1737	50	21	assuring	assure	VERB
ajfa-1737	50	22	the	the	DET
ajfa-1737	50	23	investors	investor	NOUN
ajfa-1737	50	24	and	and	CCONJ
ajfa-1737	50	25	minority	minority	NOUN
ajfa-1737	50	26	shareholders	shareholder	NOUN
ajfa-1737	50	27	that	that	SCONJ
ajfa-1737	50	28	an	an	DET
ajfa-1737	50	29	independent	independent	ADJ
ajfa-1737	50	30	board	board	NOUN
ajfa-1737	50	31	will	will	AUX
ajfa-1737	50	32	prevent	prevent	VERB
ajfa-1737	50	33	diversion	diversion	NOUN
ajfa-1737	50	34	of	of	ADP
ajfa-1737	50	35	firm	firm	ADJ
ajfa-1737	50	36	resources	resource	NOUN
ajfa-1737	50	37	and	and	CCONJ
ajfa-1737	50	38	better	well	ADJ
ajfa-1737	50	39	monitoring	monitoring	NOUN
ajfa-1737	50	40	(	(	PUNCT
ajfa-1737	50	41	dhaya	dhaya	NOUN
ajfa-1737	50	42	et	et	PROPN
ajfa-1737	50	43	al	al	PROPN
ajfa-1737	50	44	.	.	PROPN
ajfa-1737	50	45	,	,	PUNCT
ajfa-1737	50	46	2007	2007	NUM
ajfa-1737	50	47	)	)	PUNCT
ajfa-1737	50	48	.	.	PUNCT
ajfa-1737	51	1	choi	choi	PROPN
ajfa-1737	51	2	et	et	PROPN
ajfa-1737	51	3	al	al	PROPN
ajfa-1737	51	4	.	.	PUNCT
ajfa-1737	52	1	(	(	PUNCT
ajfa-1737	52	2	2007	2007	NUM
ajfa-1737	52	3	)	)	PUNCT
ajfa-1737	52	4	in	in	ADP
ajfa-1737	52	5	korean	korean	ADJ
ajfa-1737	52	6	context	context	NOUN
ajfa-1737	52	7	finds	find	VERB
ajfa-1737	52	8	that	that	DET
ajfa-1737	52	9	effect	effect	NOUN
ajfa-1737	52	10	of	of	ADP
ajfa-1737	52	11	independent	independent	ADJ
ajfa-1737	52	12	directors	director	NOUN
ajfa-1737	52	13	on	on	ADP
ajfa-1737	52	14	firm	firm	ADJ
ajfa-1737	52	15	performance	performance	NOUN
ajfa-1737	52	16	is	be	AUX
ajfa-1737	52	17	strongly	strongly	ADV
ajfa-1737	52	18	positive	positive	ADJ
ajfa-1737	52	19	,	,	PUNCT
ajfa-1737	52	20	while	while	SCONJ
ajfa-1737	52	21	contributions	contribution	NOUN
ajfa-1737	52	22	from	from	ADP
ajfa-1737	52	23	grey	grey	ADJ
ajfa-1737	52	24	director	director	NOUN
ajfa-1737	52	25	is	be	AUX
ajfa-1737	52	26	ambiguous	ambiguous	ADJ
ajfa-1737	52	27	.	.	PUNCT
ajfa-1737	53	1	dahya	dahya	NOUN
ajfa-1737	53	2	et	et	PROPN
ajfa-1737	53	3	al	al	PROPN
ajfa-1737	53	4	.	.	PROPN
ajfa-1737	54	1	(	(	PUNCT
ajfa-1737	54	2	2007	2007	NUM
ajfa-1737	54	3	)	)	PUNCT
ajfa-1737	54	4	in	in	ADP
ajfa-1737	54	5	their	their	PRON
ajfa-1737	54	6	analysis	analysis	NOUN
ajfa-1737	54	7	of	of	ADP
ajfa-1737	54	8	799	799	NUM
ajfa-1737	54	9	firms	firm	NOUN
ajfa-1737	54	10	across	across	ADP
ajfa-1737	54	11	22	22	NUM
ajfa-1737	54	12	countries	country	NOUN
ajfa-1737	54	13	find	find	VERB
ajfa-1737	54	14	a	a	DET
ajfa-1737	54	15	significant	significant	ADJ
ajfa-1737	54	16	positive	positive	ADJ
ajfa-1737	54	17	relationship	relationship	NOUN
ajfa-1737	54	18	proportion	proportion	NOUN
ajfa-1737	54	19	of	of	ADP
ajfa-1737	54	20	independent	independent	ADJ
ajfa-1737	54	21	directors	director	NOUN
ajfa-1737	54	22	and	and	CCONJ
ajfa-1737	54	23	firm	firm	ADJ
ajfa-1737	54	24	performance	performance	NOUN
ajfa-1737	54	25	in	in	ADP
ajfa-1737	54	26	the	the	DET
ajfa-1737	54	27	presence	presence	NOUN
ajfa-1737	54	28	of	of	ADP
ajfa-1737	54	29	dominant	dominant	ADJ
ajfa-1737	54	30	shareholders	shareholder	NOUN
ajfa-1737	54	31	and	and	CCONJ
ajfa-1737	54	32	countries	country	NOUN
ajfa-1737	54	33	with	with	ADP
ajfa-1737	54	34	weak	weak	ADJ
ajfa-1737	54	35	protection	protection	NOUN
ajfa-1737	54	36	of	of	ADP
ajfa-1737	54	37	shareholder	shareholder	NOUN
ajfa-1737	54	38	rights	right	NOUN
ajfa-1737	54	39	.	.	PUNCT
ajfa-1737	55	1	further	far	ADV
ajfa-1737	55	2	,	,	PUNCT
ajfa-1737	55	3	their	their	PRON
ajfa-1737	55	4	results	result	NOUN
ajfa-1737	55	5	also	also	ADV
ajfa-1737	55	6	find	find	VERB
ajfa-1737	55	7	a	a	DET
ajfa-1737	55	8	negative	negative	ADJ
ajfa-1737	55	9	relationship	relationship	NOUN
ajfa-1737	55	10	between	between	ADP
ajfa-1737	55	11	the	the	DET
ajfa-1737	55	12	higher	high	ADJ
ajfa-1737	55	13	proportion	proportion	NOUN
ajfa-1737	55	14	of	of	ADP
ajfa-1737	55	15	independent	independent	ADJ
ajfa-1737	55	16	directors	director	NOUN
ajfa-1737	55	17	on	on	ADP
ajfa-1737	55	18	board	board	NOUN
ajfa-1737	55	19	and	and	CCONJ
ajfa-1737	55	20	related	related	ADJ
ajfa-1737	55	21	party	party	NOUN
ajfa-1737	55	22	transactions	transaction	NOUN
ajfa-1737	55	23	.	.	PUNCT
ajfa-1737	56	1	erickson	erickson	PROPN
ajfa-1737	56	2	et	et	PROPN
ajfa-1737	56	3	al	al	PROPN
ajfa-1737	56	4	.	.	PROPN
ajfa-1737	56	5	(	(	PUNCT
ajfa-1737	56	6	2005	2005	NUM
ajfa-1737	56	7	)	)	PUNCT
ajfa-1737	56	8	in	in	ADP
ajfa-1737	56	9	dominant	dominant	ADJ
ajfa-1737	56	10	shareholder	shareholder	NOUN
ajfa-1737	56	11	regime	regime	NOUN
ajfa-1737	56	12	for	for	ADP
ajfa-1737	56	13	canadian	canadian	ADJ
ajfa-1737	56	14	companies	company	NOUN
ajfa-1737	56	15	find	find	VERB
ajfa-1737	56	16	a	a	DET
ajfa-1737	56	17	negative	negative	ADJ
ajfa-1737	56	18	relationship	relationship	NOUN
ajfa-1737	56	19	between	between	ADP
ajfa-1737	56	20	the	the	DET
ajfa-1737	56	21	fraction	fraction	NOUN
ajfa-1737	56	22	of	of	ADP
ajfa-1737	56	23	outside	outside	ADJ
ajfa-1737	56	24	directors	director	NOUN
ajfa-1737	56	25	and	and	CCONJ
ajfa-1737	56	26	firm	firm	ADJ
ajfa-1737	56	27	value	value	NOUN
ajfa-1737	56	28	.	.	PUNCT
ajfa-1737	57	1	however	however	ADV
ajfa-1737	57	2	,	,	PUNCT
ajfa-1737	57	3	the	the	DET
ajfa-1737	57	4	authors	author	NOUN
ajfa-1737	57	5	suggest	suggest	VERB
ajfa-1737	57	6	that	that	SCONJ
ajfa-1737	57	7	independent	independent	ADJ
ajfa-1737	57	8	board	board	NOUN
ajfa-1737	57	9	was	be	AUX
ajfa-1737	57	10	able	able	ADJ
ajfa-1737	57	11	to	to	PART
ajfa-1737	57	12	mitigate	mitigate	VERB
ajfa-1737	57	13	agency	agency	NOUN
ajfa-1737	57	14	problem	problem	NOUN
ajfa-1737	57	15	arising	arise	VERB
ajfa-1737	57	16	out	out	ADP
ajfa-1737	57	17	of	of	ADP
ajfa-1737	57	18	dual	dual	ADJ
ajfa-1737	57	19	class	class	NOUN
ajfa-1737	57	20	common	common	ADJ
ajfa-1737	57	21	stock	stock	NOUN
ajfa-1737	57	22	.	.	PUNCT
ajfa-1737	58	1	ehikioya	ehikioya	PROPN
ajfa-1737	58	2	(	(	PUNCT
ajfa-1737	58	3	2009	2009	NUM
ajfa-1737	58	4	)	)	PUNCT
ajfa-1737	58	5	and	and	CCONJ
ajfa-1737	58	6	uadiale	uadiale	NOUN
ajfa-1737	58	7	(	(	PUNCT
ajfa-1737	58	8	2010	2010	NUM
ajfa-1737	58	9	)	)	PUNCT
ajfa-1737	58	10	for	for	ADP
ajfa-1737	58	11	nigerian	nigerian	ADJ
ajfa-1737	58	12	companies	company	NOUN
ajfa-1737	58	13	find	find	VERB
ajfa-1737	58	14	the	the	DET
ajfa-1737	58	15	positive	positive	ADJ
ajfa-1737	58	16	association	association	NOUN
ajfa-1737	58	17	proportion	proportion	NOUN
ajfa-1737	58	18	of	of	ADP
ajfa-1737	58	19	outside	outside	ADJ
ajfa-1737	58	20	directors	director	NOUN
ajfa-1737	58	21	and	and	CCONJ
ajfa-1737	58	22	firm	firm	ADJ
ajfa-1737	58	23	performance	performance	NOUN
ajfa-1737	58	24	.	.	PUNCT
ajfa-1737	59	1	ameer	ameer	PROPN
ajfa-1737	59	2	et	et	PROPN
ajfa-1737	59	3	al	al	PROPN
ajfa-1737	59	4	.	.	PROPN
ajfa-1737	60	1	(	(	PUNCT
ajfa-1737	60	2	2010	2010	NUM
ajfa-1737	60	3	)	)	PUNCT
ajfa-1737	60	4	for	for	ADP
ajfa-1737	60	5	malaysian	malaysian	ADJ
ajfa-1737	60	6	companies	company	NOUN
ajfa-1737	60	7	suggest	suggest	VERB
ajfa-1737	60	8	independent	independent	ADJ
ajfa-1737	60	9	directors	director	NOUN
ajfa-1737	60	10	perform	perform	VERB
ajfa-1737	60	11	better	well	ADV
ajfa-1737	60	12	than	than	ADP
ajfa-1737	60	13	affiliated	affiliated	ADJ
ajfa-1737	60	14	(	(	PUNCT
ajfa-1737	60	15	grey	grey	ADJ
ajfa-1737	60	16	)	)	PUNCT
ajfa-1737	60	17	directors	director	NOUN
ajfa-1737	60	18	.	.	PUNCT
ajfa-1737	61	1	yammeesri	yammeesri	PROPN
ajfa-1737	61	2	and	and	CCONJ
ajfa-1737	61	3	herath	herath	PROPN
ajfa-1737	61	4	(	(	PUNCT
ajfa-1737	61	5	2010	2010	NUM
ajfa-1737	61	6	)	)	PUNCT
ajfa-1737	62	1	for	for	ADP
ajfa-1737	62	2	thailand	thailand	PROPN
ajfa-1737	62	3	companies	company	NOUN
ajfa-1737	62	4	and	and	CCONJ
ajfa-1737	62	5	rashid	rashid	PROPN
ajfa-1737	62	6	et	et	PROPN
ajfa-1737	62	7	al	al	PROPN
ajfa-1737	62	8	.	.	PROPN
ajfa-1737	63	1	(	(	PUNCT
ajfa-1737	63	2	2010	2010	NUM
ajfa-1737	63	3	)	)	PUNCT
ajfa-1737	63	4	for	for	ADP
ajfa-1737	63	5	companies	company	NOUN
ajfa-1737	63	6	in	in	ADP
ajfa-1737	63	7	bangladesh	bangladesh	NOUN
ajfa-1737	63	8	report	report	NOUN
ajfa-1737	63	9	a	a	DET
ajfa-1737	63	10	positive	positive	ADJ
ajfa-1737	63	11	but	but	CCONJ
ajfa-1737	63	12	an	an	DET
ajfa-1737	63	13	insignificant	insignificant	ADJ
ajfa-1737	63	14	relationship	relationship	NOUN
ajfa-1737	63	15	with	with	ADP
ajfa-1737	63	16	presence	presence	NOUN
ajfa-1737	63	17	of	of	ADP
ajfa-1737	63	18	independent	independent	ADJ
ajfa-1737	63	19	directors	director	NOUN
ajfa-1737	63	20	and	and	CCONJ
ajfa-1737	63	21	firm	firm	ADJ
ajfa-1737	63	22	value	value	NOUN
ajfa-1737	63	23	.	.	PUNCT
ajfa-1737	64	1	3	3	X
ajfa-1737	64	2	.	.	NOUN
ajfa-1737	64	3	outside	outside	ADJ
ajfa-1737	64	4	directors	director	NOUN
ajfa-1737	64	5	and	and	CCONJ
ajfa-1737	64	6	corporate	corporate	ADJ
ajfa-1737	64	7	governance	governance	NOUN
ajfa-1737	64	8	in	in	ADP
ajfa-1737	64	9	indian	indian	ADJ
ajfa-1737	64	10	context	context	NOUN
ajfa-1737	64	11	–	–	PUNCT
ajfa-1737	64	12	hypothesis	hypothesis	NOUN
ajfa-1737	64	13	development	development	PROPN
ajfa-1737	64	14	india	india	PROPN
ajfa-1737	64	15	,	,	PUNCT
ajfa-1737	64	16	like	like	ADP
ajfa-1737	64	17	many	many	ADJ
ajfa-1737	64	18	other	other	ADJ
ajfa-1737	64	19	emerging	emerge	VERB
ajfa-1737	64	20	asian	asian	ADJ
ajfa-1737	64	21	countries	country	NOUN
ajfa-1737	64	22	has	have	VERB
ajfa-1737	64	23	high	high	ADJ
ajfa-1737	64	24	ownership	ownership	NOUN
ajfa-1737	64	25	concentration	concentration	NOUN
ajfa-1737	64	26	,	,	PUNCT
ajfa-1737	64	27	with	with	ADP
ajfa-1737	64	28	dominance	dominance	NOUN
ajfa-1737	64	29	of	of	ADP
ajfa-1737	64	30	family	family	NOUN
ajfa-1737	64	31	controlled	control	VERB
ajfa-1737	64	32	firms	firm	NOUN
ajfa-1737	64	33	along	along	ADP
ajfa-1737	64	34	with	with	ADP
ajfa-1737	64	35	many	many	ADJ
ajfa-1737	64	36	state	state	NOUN
ajfa-1737	64	37	controlled	control	VERB
ajfa-1737	64	38	firms	firm	NOUN
ajfa-1737	64	39	being	be	AUX
ajfa-1737	64	40	a	a	DET
ajfa-1737	64	41	peculiarity	peculiarity	NOUN
ajfa-1737	64	42	of	of	ADP
ajfa-1737	64	43	the	the	DET
ajfa-1737	64	44	corporate	corporate	ADJ
ajfa-1737	64	45	sector	sector	NOUN
ajfa-1737	64	46	(	(	PUNCT
ajfa-1737	64	47	chakrabarti	chakrabarti	PROPN
ajfa-1737	64	48	,	,	PUNCT
ajfa-1737	64	49	2005	2005	NUM
ajfa-1737	64	50	)	)	PUNCT
ajfa-1737	64	51	.	.	PUNCT
ajfa-1737	65	1	many	many	ADJ
ajfa-1737	65	2	companies	company	NOUN
ajfa-1737	65	3	are	be	AUX
ajfa-1737	65	4	affiliated	affiliate	VERB
ajfa-1737	65	5	with	with	ADP
ajfa-1737	65	6	a	a	DET
ajfa-1737	65	7	family	family	NOUN
ajfa-1737	65	8	managed	manage	VERB
ajfa-1737	65	9	business	business	NOUN
ajfa-1737	65	10	group	group	NOUN
ajfa-1737	65	11	,	,	PUNCT
ajfa-1737	65	12	and	and	CCONJ
ajfa-1737	65	13	show	show	VERB
ajfa-1737	65	14	high	high	ADJ
ajfa-1737	65	15	ownership	ownership	NOUN
ajfa-1737	65	16	concentration	concentration	NOUN
ajfa-1737	65	17	with	with	ADP
ajfa-1737	65	18	the	the	DET
ajfa-1737	65	19	dominant	dominant	ADJ
ajfa-1737	65	20	(	(	PUNCT
ajfa-1737	65	21	promoter	promoter	NOUN
ajfa-1737	65	22	)	)	PUNCT
ajfa-1737	65	23	shareholders	shareholder	NOUN
ajfa-1737	65	24	having	have	VERB
ajfa-1737	65	25	control	control	NOUN
ajfa-1737	65	26	of	of	ADP
ajfa-1737	65	27	most	most	ADJ
ajfa-1737	65	28	of	of	ADP
ajfa-1737	65	29	these	these	DET
ajfa-1737	65	30	firms	firm	NOUN
ajfa-1737	65	31	.	.	PUNCT
ajfa-1737	66	1	the	the	DET
ajfa-1737	66	2	agency	agency	NOUN
ajfa-1737	66	3	problem	problem	NOUN
ajfa-1737	66	4	in	in	ADP
ajfa-1737	66	5	india	india	PROPN
ajfa-1737	66	6	is	be	AUX
ajfa-1737	66	7	also	also	ADV
ajfa-1737	66	8	that	that	PRON
ajfa-1737	66	9	between	between	ADP
ajfa-1737	66	10	a	a	DET
ajfa-1737	66	11	dominant	dominant	ADJ
ajfa-1737	66	12	shareholder	shareholder	NOUN
ajfa-1737	66	13	and	and	CCONJ
ajfa-1737	66	14	minority	minority	NOUN
ajfa-1737	66	15	shareholder	shareholder	NOUN
ajfa-1737	66	16	.	.	PUNCT
ajfa-1737	67	1	in	in	ADP
ajfa-1737	67	2	this	this	DET
ajfa-1737	67	3	paper	paper	NOUN
ajfa-1737	67	4	,	,	PUNCT
ajfa-1737	67	5	we	we	PRON
ajfa-1737	67	6	put	put	VERB
ajfa-1737	67	7	forward	forward	ADV
ajfa-1737	67	8	that	that	SCONJ
ajfa-1737	67	9	the	the	DET
ajfa-1737	67	10	proportion	proportion	NOUN
ajfa-1737	67	11	of	of	ADP
ajfa-1737	67	12	outside	outside	ADJ
ajfa-1737	67	13	director	director	NOUN
ajfa-1737	67	14	on	on	ADP
ajfa-1737	67	15	the	the	DET
ajfa-1737	67	16	board	board	NOUN
ajfa-1737	67	17	is	be	AUX
ajfa-1737	67	18	a	a	DET
ajfa-1737	67	19	determinant	determinant	NOUN
ajfa-1737	67	20	of	of	ADP
ajfa-1737	67	21	good	good	ADJ
ajfa-1737	67	22	corporate	corporate	ADJ
ajfa-1737	67	23	governance	governance	NOUN
ajfa-1737	67	24	.	.	PUNCT
ajfa-1737	68	1	they	they	PRON
ajfa-1737	68	2	are	be	AUX
ajfa-1737	68	3	instigated	instigate	VERB
ajfa-1737	68	4	on	on	ADP
ajfa-1737	68	5	board	board	NOUN
ajfa-1737	68	6	because	because	SCONJ
ajfa-1737	68	7	of	of	ADP
ajfa-1737	68	8	their	their	PRON
ajfa-1737	68	9	high	high	ADJ
ajfa-1737	68	10	monitoring	monitoring	NOUN
ajfa-1737	68	11	ability	ability	NOUN
ajfa-1737	68	12	with	with	ADP
ajfa-1737	68	13	aimed	aim	VERB
ajfa-1737	68	14	at	at	ADP
ajfa-1737	68	15	reducing	reduce	VERB
ajfa-1737	68	16	the	the	DET
ajfa-1737	68	17	agency	agency	NOUN
ajfa-1737	68	18	cost	cost	NOUN
ajfa-1737	68	19	arising	arise	VERB
ajfa-1737	68	20	out	out	ADP
ajfa-1737	68	21	.	.	PUNCT
ajfa-1737	69	1	outside	outside	ADJ
ajfa-1737	69	2	directors	director	NOUN
ajfa-1737	69	3	(	(	PUNCT
ajfa-1737	69	4	non	non	ADJ
ajfa-1737	69	5	-	-	ADJ
ajfa-1737	69	6	executive	executive	ADJ
ajfa-1737	69	7	directors	director	NOUN
ajfa-1737	69	8	)	)	PUNCT
ajfa-1737	69	9	,	,	PUNCT
ajfa-1737	69	10	particularly	particularly	ADV
ajfa-1737	69	11	independent	independent	ADJ
ajfa-1737	69	12	directors	director	NOUN
ajfa-1737	69	13	are	be	AUX
ajfa-1737	69	14	mandated	mandate	VERB
ajfa-1737	69	15	by	by	ADP
ajfa-1737	69	16	law	law	NOUN
ajfa-1737	69	17	,	,	PUNCT
ajfa-1737	69	18	in	in	ADP
ajfa-1737	69	19	order	order	NOUN
ajfa-1737	69	20	to	to	PART
ajfa-1737	69	21	protect	protect	VERB
ajfa-1737	69	22	the	the	DET
ajfa-1737	69	23	minority	minority	NOUN
ajfa-1737	69	24	shareholders	shareholder	NOUN
ajfa-1737	69	25	,	,	PUNCT
ajfa-1737	69	26	expropriation	expropriation	NOUN
ajfa-1737	69	27	of	of	ADP
ajfa-1737	69	28	firm	firm	ADJ
ajfa-1737	69	29	resources	resource	NOUN
ajfa-1737	69	30	by	by	ADP
ajfa-1737	69	31	insiders	insider	NOUN
ajfa-1737	69	32	and	and	CCONJ
ajfa-1737	69	33	to	to	PART
ajfa-1737	69	34	increase	increase	VERB
ajfa-1737	69	35	firm	firm	ADJ
ajfa-1737	69	36	profitability	profitability	NOUN
ajfa-1737	69	37	and	and	CCONJ
ajfa-1737	69	38	its	its	PRON
ajfa-1737	69	39	value	value	NOUN
ajfa-1737	69	40	.	.	PUNCT
ajfa-1737	70	1	securities	security	NOUN
ajfa-1737	70	2	exchange	exchange	PROPN
ajfa-1737	70	3	board	board	PROPN
ajfa-1737	70	4	of	of	ADP
ajfa-1737	70	5	india	india	PROPN
ajfa-1737	70	6	(	(	PUNCT
ajfa-1737	70	7	sebi	sebi	PROPN
ajfa-1737	70	8	)	)	PUNCT
ajfa-1737	70	9	first	first	ADV
ajfa-1737	70	10	introduced	introduce	VERB
ajfa-1737	70	11	outside	outside	ADP
ajfa-1737	70	12	directors	director	NOUN
ajfa-1737	70	13	as	as	ADP
ajfa-1737	70	14	a	a	DET
ajfa-1737	70	15	corporate	corporate	ADJ
ajfa-1737	70	16	governance	governance	NOUN
ajfa-1737	70	17	mechanism	mechanism	NOUN
ajfa-1737	70	18	in	in	ADP
ajfa-1737	70	19	the	the	DET
ajfa-1737	70	20	indian	indian	ADJ
ajfa-1737	70	21	corporate	corporate	ADJ
ajfa-1737	70	22	regulatory	regulatory	ADJ
ajfa-1737	70	23	framework	framework	NOUN
ajfa-1737	70	24	in	in	ADP
ajfa-1737	70	25	the	the	DET
ajfa-1737	70	26	year	year	NOUN
ajfa-1737	70	27	2000	2000	NUM
ajfa-1737	70	28	.	.	PUNCT
ajfa-1737	71	1	securities	security	NOUN
ajfa-1737	71	2	market	market	NOUN
ajfa-1737	71	3	regulator	regulator	NOUN
ajfa-1737	71	4	,	,	PUNCT
ajfa-1737	71	5	sebi	sebi	NOUN
ajfa-1737	71	6	promulgated	promulgate	VERB
ajfa-1737	71	7	clause	clause	NOUN
ajfa-1737	71	8	49	49	NUM
ajfa-1737	71	9	of	of	ADP
ajfa-1737	71	10	the	the	DET
ajfa-1737	71	11	listing	listing	NOUN
ajfa-1737	71	12	agreement	agreement	NOUN
ajfa-1737	71	13	as	as	ADP
ajfa-1737	71	14	corporate	corporate	ADJ
ajfa-1737	71	15	governance	governance	NOUN
ajfa-1737	71	16	code	code	NOUN
ajfa-1737	71	17	for	for	ADP
ajfa-1737	71	18	the	the	DET
ajfa-1737	71	19	listed	list	VERB
ajfa-1737	71	20	companies	company	NOUN
ajfa-1737	71	21	.	.	PUNCT
ajfa-1737	72	1	the	the	DET
ajfa-1737	72	2	sebi	sebi	NOUN
ajfa-1737	72	3	endeavor	endeavor	NOUN
ajfa-1737	72	4	of	of	ADP
ajfa-1737	72	5	introducing	introduce	VERB
ajfa-1737	72	6	independent	independent	ADJ
ajfa-1737	72	7	director	director	NOUN
ajfa-1737	72	8	on	on	ADP
ajfa-1737	72	9	the	the	DET
ajfa-1737	72	10	corporate	corporate	ADJ
ajfa-1737	72	11	board	board	NOUN
ajfa-1737	72	12	was	be	AUX
ajfa-1737	72	13	to	to	PART
ajfa-1737	72	14	protect	protect	VERB
ajfa-1737	72	15	the	the	DET
ajfa-1737	72	16	rights	right	NOUN
ajfa-1737	72	17	of	of	ADP
ajfa-1737	72	18	minority	minority	NOUN
ajfa-1737	72	19	shareholders	shareholder	NOUN
ajfa-1737	72	20	.	.	PUNCT
ajfa-1737	73	1	clause	clause	NOUN
ajfa-1737	73	2	49	49	NUM
ajfa-1737	73	3	of	of	ADP
ajfa-1737	73	4	the	the	DET
ajfa-1737	73	5	listing	listing	NOUN
ajfa-1737	73	6	agreement	agreement	NOUN
ajfa-1737	73	7	,	,	PUNCT
ajfa-1737	73	8	in	in	ADP
ajfa-1737	73	9	its	its	PRON
ajfa-1737	73	10	current	current	ADJ
ajfa-1737	73	11	form	form	NOUN
ajfa-1737	73	12	necessitates	necessitate	VERB
ajfa-1737	73	13	that	that	SCONJ
ajfa-1737	73	14	where	where	SCONJ
ajfa-1737	73	15	the	the	DET
ajfa-1737	73	16	asian	asian	ADJ
ajfa-1737	73	17	journal	journal	NOUN
ajfa-1737	73	18	of	of	ADP
ajfa-1737	73	19	finance	finance	PROPN
ajfa-1737	73	20	&	&	CCONJ
ajfa-1737	73	21	accounting	accounting	PROPN
ajfa-1737	73	22	issn	issn	PROPN
ajfa-1737	73	23	1946	1946	NUM
ajfa-1737	73	24	-	-	PUNCT
ajfa-1737	73	25	052x	052x	NOUN
ajfa-1737	73	26	2012	2012	NUM
ajfa-1737	73	27	,	,	PUNCT
ajfa-1737	73	28	vol	vol	NOUN
ajfa-1737	73	29	.	.	PROPN
ajfa-1737	73	30	4	4	NUM
ajfa-1737	73	31	,	,	PUNCT
ajfa-1737	73	32	no	no	INTJ
ajfa-1737	73	33	.	.	NOUN
ajfa-1737	73	34	2	2	NUM
ajfa-1737	73	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1737	73	36	43	43	NUM
ajfa-1737	73	37	chairman	chairman	NOUN
ajfa-1737	73	38	of	of	ADP
ajfa-1737	73	39	the	the	DET
ajfa-1737	73	40	board	board	NOUN
ajfa-1737	73	41	is	be	AUX
ajfa-1737	73	42	a	a	DET
ajfa-1737	73	43	non	non	ADJ
ajfa-1737	73	44	-	-	ADJ
ajfa-1737	73	45	executive	executive	ADJ
ajfa-1737	73	46	director	director	NOUN
ajfa-1737	73	47	,	,	PUNCT
ajfa-1737	73	48	at	at	ADP
ajfa-1737	73	49	least	least	ADJ
ajfa-1737	73	50	one	one	NUM
ajfa-1737	73	51	-	-	PUNCT
ajfa-1737	73	52	third	third	NOUN
ajfa-1737	73	53	of	of	ADP
ajfa-1737	73	54	the	the	DET
ajfa-1737	73	55	board	board	NOUN
ajfa-1737	73	56	should	should	AUX
ajfa-1737	73	57	comprise	comprise	VERB
ajfa-1737	73	58	of	of	ADP
ajfa-1737	73	59	independent	independent	ADJ
ajfa-1737	73	60	directors	director	NOUN
ajfa-1737	73	61	,	,	PUNCT
ajfa-1737	73	62	and	and	CCONJ
ajfa-1737	73	63	in	in	ADP
ajfa-1737	73	64	case	case	NOUN
ajfa-1737	73	65	he	he	PRON
ajfa-1737	73	66	is	be	AUX
ajfa-1737	73	67	an	an	DET
ajfa-1737	73	68	executive	executive	ADJ
ajfa-1737	73	69	director	director	NOUN
ajfa-1737	73	70	(	(	PUNCT
ajfa-1737	73	71	including	include	VERB
ajfa-1737	73	72	non	non	ADJ
ajfa-1737	73	73	executive	executive	ADJ
ajfa-1737	73	74	promoter	promoter	NOUN
ajfa-1737	73	75	chairman	chairman	NOUN
ajfa-1737	73	76	)	)	PUNCT
ajfa-1737	73	77	,	,	PUNCT
ajfa-1737	73	78	at	at	ADP
ajfa-1737	73	79	least	least	ADJ
ajfa-1737	73	80	half	half	NOUN
ajfa-1737	73	81	of	of	ADP
ajfa-1737	73	82	the	the	DET
ajfa-1737	73	83	board	board	NOUN
ajfa-1737	73	84	should	should	AUX
ajfa-1737	73	85	comprise	comprise	VERB
ajfa-1737	73	86	of	of	ADP
ajfa-1737	73	87	independent	independent	ADJ
ajfa-1737	73	88	directors	director	NOUN
ajfa-1737	73	89	.	.	PUNCT
ajfa-1737	74	1	in	in	ADP
ajfa-1737	74	2	any	any	DET
ajfa-1737	74	3	case	case	NOUN
ajfa-1737	74	4	,	,	PUNCT
ajfa-1737	74	5	the	the	DET
ajfa-1737	74	6	board	board	NOUN
ajfa-1737	74	7	must	must	AUX
ajfa-1737	74	8	have	have	VERB
ajfa-1737	74	9	at	at	ADV
ajfa-1737	74	10	least	least	ADV
ajfa-1737	74	11	fifty	fifty	NUM
ajfa-1737	74	12	percent	percent	NOUN
ajfa-1737	74	13	of	of	ADP
ajfa-1737	74	14	non	non	ADJ
ajfa-1737	74	15	-	-	ADJ
ajfa-1737	74	16	executive	executive	ADJ
ajfa-1737	74	17	directors	director	NOUN
ajfa-1737	74	18	.	.	PUNCT
ajfa-1737	75	1	empirical	empirical	ADJ
ajfa-1737	75	2	studies	study	NOUN
ajfa-1737	75	3	in	in	ADP
ajfa-1737	75	4	indian	indian	ADJ
ajfa-1737	75	5	context	context	NOUN
ajfa-1737	75	6	,	,	PUNCT
ajfa-1737	75	7	jackling	jackling	NOUN
ajfa-1737	75	8	and	and	CCONJ
ajfa-1737	75	9	johl	johl	PROPN
ajfa-1737	75	10	(	(	PUNCT
ajfa-1737	75	11	2009	2009	NUM
ajfa-1737	75	12	)	)	PUNCT
ajfa-1737	75	13	find	find	VERB
ajfa-1737	75	14	a	a	DET
ajfa-1737	75	15	significant	significant	ADJ
ajfa-1737	75	16	positive	positive	ADJ
ajfa-1737	75	17	relationship	relationship	NOUN
ajfa-1737	75	18	on	on	ADP
ajfa-1737	75	19	firm	firm	ADJ
ajfa-1737	75	20	value	value	NOUN
ajfa-1737	75	21	(	(	PUNCT
ajfa-1737	75	22	tobinq	tobinq	ADJ
ajfa-1737	75	23	)	)	PUNCT
ajfa-1737	75	24	with	with	ADP
ajfa-1737	75	25	outside	outside	ADJ
ajfa-1737	75	26	directors	director	NOUN
ajfa-1737	75	27	,	,	PUNCT
ajfa-1737	75	28	while	while	SCONJ
ajfa-1737	75	29	other	other	ADJ
ajfa-1737	75	30	studies	study	NOUN
ajfa-1737	75	31	find	find	VERB
ajfa-1737	75	32	no	no	DET
ajfa-1737	75	33	significant	significant	ADJ
ajfa-1737	75	34	relationship	relationship	NOUN
ajfa-1737	75	35	between	between	ADP
ajfa-1737	75	36	the	the	DET
ajfa-1737	75	37	presence	presence	NOUN
ajfa-1737	75	38	of	of	ADP
ajfa-1737	75	39	outside	outside	ADJ
ajfa-1737	75	40	directors	director	NOUN
ajfa-1737	75	41	on	on	ADP
ajfa-1737	75	42	the	the	DET
ajfa-1737	75	43	board	board	NOUN
ajfa-1737	75	44	and	and	CCONJ
ajfa-1737	75	45	firm	firm	ADJ
ajfa-1737	75	46	performance	performance	NOUN
ajfa-1737	75	47	(	(	PUNCT
ajfa-1737	75	48	ghosh	ghosh	PROPN
ajfa-1737	75	49	,	,	PUNCT
ajfa-1737	75	50	2006	2006	NUM
ajfa-1737	75	51	;	;	PUNCT
ajfa-1737	75	52	kota	kota	PROPN
ajfa-1737	75	53	and	and	CCONJ
ajfa-1737	75	54	tomar	tomar	PROPN
ajfa-1737	75	55	,	,	PUNCT
ajfa-1737	75	56	2010	2010	NUM
ajfa-1737	75	57	)	)	PUNCT
ajfa-1737	75	58	.	.	PUNCT
ajfa-1737	76	1	however	however	ADV
ajfa-1737	76	2	,	,	PUNCT
ajfa-1737	76	3	earlier	early	ADJ
ajfa-1737	76	4	studies	study	NOUN
ajfa-1737	76	5	fail	fail	VERB
ajfa-1737	76	6	to	to	PART
ajfa-1737	76	7	delineate	delineate	VERB
ajfa-1737	76	8	the	the	DET
ajfa-1737	76	9	difference	difference	NOUN
ajfa-1737	76	10	between	between	ADP
ajfa-1737	76	11	outside	outside	ADJ
ajfa-1737	76	12	affiliate	affiliate	NOUN
ajfa-1737	76	13	(	(	PUNCT
ajfa-1737	76	14	grey	grey	PROPN
ajfa-1737	76	15	)	)	PUNCT
ajfa-1737	76	16	directors	director	NOUN
ajfa-1737	76	17	and	and	CCONJ
ajfa-1737	76	18	outside	outside	ADP
ajfa-1737	76	19	non	non	ADJ
ajfa-1737	76	20	-	-	NOUN
ajfa-1737	76	21	affiliate	affiliate	ADJ
ajfa-1737	76	22	(	(	PUNCT
ajfa-1737	76	23	independent	independent	ADJ
ajfa-1737	76	24	)	)	PUNCT
ajfa-1737	76	25	directors	director	NOUN
ajfa-1737	76	26	.	.	PUNCT
ajfa-1737	77	1	we	we	PRON
ajfa-1737	77	2	envisage	envisage	VERB
ajfa-1737	77	3	finding	find	VERB
ajfa-1737	77	4	the	the	DET
ajfa-1737	77	5	impact	impact	NOUN
ajfa-1737	77	6	of	of	ADP
ajfa-1737	77	7	outside	outside	ADJ
ajfa-1737	77	8	directors	director	NOUN
ajfa-1737	77	9	on	on	ADP
ajfa-1737	77	10	firm	firm	ADJ
ajfa-1737	77	11	value	value	NOUN
ajfa-1737	77	12	and	and	CCONJ
ajfa-1737	77	13	proposing	propose	VERB
ajfa-1737	77	14	that	that	PRON
ajfa-1737	77	15	:	:	PUNCT
ajfa-1737	77	16	h1	h1	NOUN
ajfa-1737	77	17	:	:	PUNCT
ajfa-1737	77	18	proportion	proportion	NOUN
ajfa-1737	77	19	of	of	ADP
ajfa-1737	77	20	non	non	ADJ
ajfa-1737	77	21	executive	executive	ADJ
ajfa-1737	77	22	directors	director	NOUN
ajfa-1737	77	23	(	(	PUNCT
ajfa-1737	77	24	independent	independent	ADJ
ajfa-1737	77	25	and	and	CCONJ
ajfa-1737	77	26	grey	grey	ADJ
ajfa-1737	77	27	directors	director	NOUN
ajfa-1737	77	28	)	)	PUNCT
ajfa-1737	77	29	on	on	ADP
ajfa-1737	77	30	the	the	DET
ajfa-1737	77	31	board	board	NOUN
ajfa-1737	77	32	is	be	AUX
ajfa-1737	77	33	positively	positively	ADV
ajfa-1737	77	34	related	relate	VERB
ajfa-1737	77	35	to	to	ADP
ajfa-1737	77	36	firm	firm	ADJ
ajfa-1737	77	37	value	value	NOUN
ajfa-1737	77	38	effect	effect	NOUN
ajfa-1737	77	39	of	of	ADP
ajfa-1737	77	40	insider	insider	NOUN
ajfa-1737	77	41	ownership	ownership	NOUN
ajfa-1737	77	42	on	on	ADP
ajfa-1737	77	43	outsider	outsider	NOUN
ajfa-1737	77	44	directors	director	NOUN
ajfa-1737	77	45	performance	performance	NOUN
ajfa-1737	77	46	in	in	ADP
ajfa-1737	77	47	relation	relation	NOUN
ajfa-1737	77	48	to	to	ADP
ajfa-1737	77	49	firm	firm	ADJ
ajfa-1737	77	50	value	value	NOUN
ajfa-1737	77	51	efficacy	efficacy	NOUN
ajfa-1737	77	52	of	of	ADP
ajfa-1737	77	53	outside	outside	ADJ
ajfa-1737	77	54	directors	director	NOUN
ajfa-1737	77	55	as	as	ADP
ajfa-1737	77	56	a	a	DET
ajfa-1737	77	57	corporate	corporate	ADJ
ajfa-1737	77	58	mechanism	mechanism	NOUN
ajfa-1737	77	59	depends	depend	VERB
ajfa-1737	77	60	upon	upon	SCONJ
ajfa-1737	77	61	the	the	DET
ajfa-1737	77	62	bargaining	bargaining	NOUN
ajfa-1737	77	63	strength	strength	NOUN
ajfa-1737	77	64	of	of	ADP
ajfa-1737	77	65	different	different	ADJ
ajfa-1737	77	66	ownership	ownership	NOUN
ajfa-1737	77	67	constituents	constituent	NOUN
ajfa-1737	77	68	of	of	ADP
ajfa-1737	77	69	a	a	DET
ajfa-1737	77	70	company	company	NOUN
ajfa-1737	77	71	(	(	PUNCT
ajfa-1737	77	72	chow	chow	PROPN
ajfa-1737	77	73	and	and	CCONJ
ajfa-1737	77	74	kim	kim	PROPN
ajfa-1737	77	75	,	,	PUNCT
ajfa-1737	77	76	2007	2007	NUM
ajfa-1737	77	77	)	)	PUNCT
ajfa-1737	77	78	.	.	PUNCT
ajfa-1737	78	1	different	different	ADJ
ajfa-1737	78	2	countries	country	NOUN
ajfa-1737	78	3	have	have	VERB
ajfa-1737	78	4	ownership	ownership	NOUN
ajfa-1737	78	5	structure	structure	NOUN
ajfa-1737	78	6	unique	unique	ADJ
ajfa-1737	78	7	to	to	ADP
ajfa-1737	78	8	the	the	DET
ajfa-1737	78	9	strength	strength	NOUN
ajfa-1737	78	10	of	of	ADP
ajfa-1737	78	11	capital	capital	NOUN
ajfa-1737	78	12	market	market	NOUN
ajfa-1737	78	13	and	and	CCONJ
ajfa-1737	78	14	legal	legal	ADJ
ajfa-1737	78	15	rights	right	NOUN
ajfa-1737	78	16	of	of	ADP
ajfa-1737	78	17	shareholders	shareholder	NOUN
ajfa-1737	78	18	.	.	PUNCT
ajfa-1737	79	1	the	the	DET
ajfa-1737	79	2	relative	relative	ADJ
ajfa-1737	79	3	strength	strength	NOUN
ajfa-1737	79	4	of	of	ADP
ajfa-1737	79	5	shareholders	shareholder	NOUN
ajfa-1737	79	6	and	and	CCONJ
ajfa-1737	79	7	their	their	PRON
ajfa-1737	79	8	influence	influence	NOUN
ajfa-1737	79	9	depends	depend	VERB
ajfa-1737	79	10	upon	upon	SCONJ
ajfa-1737	79	11	the	the	DET
ajfa-1737	79	12	typical	typical	ADJ
ajfa-1737	79	13	ownership	ownership	NOUN
ajfa-1737	79	14	structure	structure	NOUN
ajfa-1737	79	15	.	.	PUNCT
ajfa-1737	80	1	high	high	ADJ
ajfa-1737	80	2	ownership	ownership	NOUN
ajfa-1737	80	3	concentration	concentration	NOUN
ajfa-1737	80	4	with	with	ADP
ajfa-1737	80	5	a	a	DET
ajfa-1737	80	6	large	large	ADJ
ajfa-1737	80	7	shareholder	shareholder	NOUN
ajfa-1737	80	8	controlling	control	VERB
ajfa-1737	80	9	the	the	DET
ajfa-1737	80	10	firm	firm	NOUN
ajfa-1737	80	11	is	be	AUX
ajfa-1737	80	12	norm	norm	NOUN
ajfa-1737	80	13	of	of	ADP
ajfa-1737	80	14	the	the	DET
ajfa-1737	80	15	most	most	ADJ
ajfa-1737	80	16	of	of	ADP
ajfa-1737	80	17	asian	asian	ADJ
ajfa-1737	80	18	,	,	PUNCT
ajfa-1737	80	19	latin	latin	ADJ
ajfa-1737	80	20	american	american	ADJ
ajfa-1737	80	21	and	and	CCONJ
ajfa-1737	80	22	african	african	ADJ
ajfa-1737	80	23	economies	economy	NOUN
ajfa-1737	80	24	(	(	PUNCT
ajfa-1737	80	25	shleifer	shleifer	NOUN
ajfa-1737	80	26	and	and	CCONJ
ajfa-1737	80	27	vishny	vishny	PROPN
ajfa-1737	80	28	,	,	PUNCT
ajfa-1737	80	29	1986	1986	NUM
ajfa-1737	80	30	;	;	PUNCT
ajfa-1737	80	31	shleifer	shleifer	PROPN
ajfa-1737	80	32	and	and	CCONJ
ajfa-1737	80	33	vishny	vishny	PROPN
ajfa-1737	80	34	,	,	PUNCT
ajfa-1737	80	35	1997	1997	NUM
ajfa-1737	80	36	)	)	PUNCT
ajfa-1737	80	37	.	.	PUNCT
ajfa-1737	81	1	in	in	ADP
ajfa-1737	81	2	indian	indian	ADJ
ajfa-1737	81	3	context	context	NOUN
ajfa-1737	81	4	,	,	PUNCT
ajfa-1737	81	5	founding	found	VERB
ajfa-1737	81	6	family	family	NOUN
ajfa-1737	81	7	members	member	NOUN
ajfa-1737	81	8	or	or	CCONJ
ajfa-1737	81	9	their	their	PRON
ajfa-1737	81	10	offspring	offspring	NOUN
ajfa-1737	81	11	’s	’s	ADV
ajfa-1737	81	12	,	,	PUNCT
ajfa-1737	81	13	typically	typically	ADV
ajfa-1737	81	14	known	know	VERB
ajfa-1737	81	15	as	as	ADP
ajfa-1737	81	16	“	"	PUNCT
ajfa-1737	81	17	promoters	promoter	NOUN
ajfa-1737	81	18	”	"	PUNCT
ajfa-1737	81	19	,	,	PUNCT
ajfa-1737	81	20	are	be	AUX
ajfa-1737	81	21	generally	generally	ADV
ajfa-1737	81	22	the	the	DET
ajfa-1737	81	23	largest	large	ADJ
ajfa-1737	81	24	shareholders	shareholder	NOUN
ajfa-1737	81	25	in	in	ADP
ajfa-1737	81	26	the	the	DET
ajfa-1737	81	27	companies	company	NOUN
ajfa-1737	81	28	.	.	PUNCT
ajfa-1737	82	1	according	accord	VERB
ajfa-1737	82	2	to	to	ADP
ajfa-1737	82	3	the	the	DET
ajfa-1737	82	4	prowess	prowess	NOUN
ajfa-1737	82	5	database	database	NOUN
ajfa-1737	82	6	of	of	ADP
ajfa-1737	82	7	the	the	DET
ajfa-1737	82	8	center	center	NOUN
ajfa-1737	82	9	for	for	ADP
ajfa-1737	82	10	monitoring	monitor	VERB
ajfa-1737	82	11	indian	indian	ADJ
ajfa-1737	82	12	economy	economy	NOUN
ajfa-1737	82	13	(	(	PUNCT
ajfa-1737	82	14	cmie	cmie	PROPN
ajfa-1737	82	15	)	)	PUNCT
ajfa-1737	82	16	,	,	PUNCT
ajfa-1737	82	17	average	average	ADJ
ajfa-1737	82	18	promoter	promoter	NOUN
ajfa-1737	82	19	holding	holding	NOUN
ajfa-1737	82	20	in	in	ADP
ajfa-1737	82	21	bse500	bse500	ADJ
ajfa-1737	82	22	index	index	NOUN
ajfa-1737	82	23	companies	company	NOUN
ajfa-1737	82	24	for	for	ADP
ajfa-1737	82	25	financial	financial	ADJ
ajfa-1737	82	26	year	year	NOUN
ajfa-1737	82	27	2009	2009	NUM
ajfa-1737	82	28	is	be	AUX
ajfa-1737	82	29	approximately	approximately	ADV
ajfa-1737	82	30	51.197	51.197	NUM
ajfa-1737	82	31	percent	percent	NOUN
ajfa-1737	82	32	.	.	PUNCT
ajfa-1737	83	1	promoters	promoter	NOUN
ajfa-1737	83	2	being	be	AUX
ajfa-1737	83	3	dominant	dominant	ADJ
ajfa-1737	83	4	shareholders	shareholder	NOUN
ajfa-1737	83	5	in	in	ADP
ajfa-1737	83	6	indian	indian	ADJ
ajfa-1737	83	7	context	context	NOUN
ajfa-1737	83	8	either	either	CCONJ
ajfa-1737	83	9	occupy	occupy	VERB
ajfa-1737	83	10	a	a	DET
ajfa-1737	83	11	management	management	NOUN
ajfa-1737	83	12	position	position	NOUN
ajfa-1737	83	13	or	or	CCONJ
ajfa-1737	83	14	wield	wield	VERB
ajfa-1737	83	15	significant	significant	ADJ
ajfa-1737	83	16	influence	influence	NOUN
ajfa-1737	83	17	management	management	NOUN
ajfa-1737	83	18	of	of	ADP
ajfa-1737	83	19	the	the	DET
ajfa-1737	83	20	company	company	NOUN
ajfa-1737	83	21	.	.	PUNCT
ajfa-1737	84	1	typical	typical	ADJ
ajfa-1737	84	2	agency	agency	NOUN
ajfa-1737	84	3	problems	problem	NOUN
ajfa-1737	84	4	arising	arise	VERB
ajfa-1737	84	5	out	out	ADP
ajfa-1737	84	6	of	of	ADP
ajfa-1737	84	7	ownership	ownership	NOUN
ajfa-1737	84	8	and	and	CCONJ
ajfa-1737	84	9	control	control	NOUN
ajfa-1737	84	10	is	be	AUX
ajfa-1737	84	11	absent	absent	ADJ
ajfa-1737	84	12	,	,	PUNCT
ajfa-1737	84	13	but	but	CCONJ
ajfa-1737	84	14	a	a	DET
ajfa-1737	84	15	different	different	ADJ
ajfa-1737	84	16	type	type	NOUN
ajfa-1737	84	17	of	of	ADP
ajfa-1737	84	18	agency	agency	NOUN
ajfa-1737	84	19	cost	cost	NOUN
ajfa-1737	84	20	transpires	transpire	NOUN
ajfa-1737	84	21	in	in	ADP
ajfa-1737	84	22	indian	indian	ADJ
ajfa-1737	84	23	companies	company	NOUN
ajfa-1737	84	24	incited	incite	VERB
ajfa-1737	84	25	through	through	ADP
ajfa-1737	84	26	expropriation	expropriation	NOUN
ajfa-1737	84	27	of	of	ADP
ajfa-1737	84	28	minority	minority	NOUN
ajfa-1737	84	29	shareholder	shareholder	NOUN
ajfa-1737	84	30	rights	right	NOUN
ajfa-1737	84	31	by	by	ADP
ajfa-1737	84	32	dominant	dominant	ADJ
ajfa-1737	84	33	inside	inside	ADJ
ajfa-1737	84	34	shareholders	shareholder	NOUN
ajfa-1737	84	35	.	.	PUNCT
ajfa-1737	85	1	in	in	ADP
ajfa-1737	85	2	companies	company	NOUN
ajfa-1737	85	3	with	with	ADP
ajfa-1737	85	4	dominant	dominant	ADJ
ajfa-1737	85	5	shareholders	shareholder	NOUN
ajfa-1737	85	6	,	,	PUNCT
ajfa-1737	85	7	expropriation	expropriation	NOUN
ajfa-1737	85	8	of	of	ADP
ajfa-1737	85	9	wealth	wealth	NOUN
ajfa-1737	85	10	from	from	ADP
ajfa-1737	85	11	minority	minority	NOUN
ajfa-1737	85	12	shareholders	shareholder	NOUN
ajfa-1737	85	13	may	may	AUX
ajfa-1737	85	14	come	come	VERB
ajfa-1737	85	15	in	in	ADP
ajfa-1737	85	16	many	many	ADJ
ajfa-1737	85	17	ways	way	NOUN
ajfa-1737	85	18	.	.	PUNCT
ajfa-1737	86	1	johnson	johnson	PROPN
ajfa-1737	86	2	et	et	PROPN
ajfa-1737	86	3	al	al	PROPN
ajfa-1737	86	4	.	.	PROPN
ajfa-1737	86	5	,	,	PUNCT
ajfa-1737	86	6	(	(	PUNCT
ajfa-1737	86	7	2000	2000	NUM
ajfa-1737	86	8	)	)	PUNCT
ajfa-1737	86	9	show	show	VERB
ajfa-1737	86	10	that	that	SCONJ
ajfa-1737	86	11	dominant	dominant	ADJ
ajfa-1737	86	12	shareholders	shareholder	NOUN
ajfa-1737	86	13	can	can	AUX
ajfa-1737	86	14	divert	divert	VERB
ajfa-1737	86	15	value	value	NOUN
ajfa-1737	86	16	by	by	ADP
ajfa-1737	86	17	selling	sell	VERB
ajfa-1737	86	18	assets	asset	NOUN
ajfa-1737	86	19	,	,	PUNCT
ajfa-1737	86	20	goods	good	NOUN
ajfa-1737	86	21	,	,	PUNCT
ajfa-1737	86	22	or	or	CCONJ
ajfa-1737	86	23	services	service	NOUN
ajfa-1737	86	24	to	to	ADP
ajfa-1737	86	25	the	the	DET
ajfa-1737	86	26	company	company	NOUN
ajfa-1737	86	27	through	through	ADP
ajfa-1737	86	28	self	self	NOUN
ajfa-1737	86	29	-	-	PUNCT
ajfa-1737	86	30	dealing	deal	VERB
ajfa-1737	86	31	transactions	transaction	NOUN
ajfa-1737	86	32	;	;	PUNCT
ajfa-1737	86	33	they	they	PRON
ajfa-1737	86	34	can	can	AUX
ajfa-1737	86	35	obtain	obtain	VERB
ajfa-1737	86	36	loans	loan	NOUN
ajfa-1737	86	37	on	on	ADP
ajfa-1737	86	38	preferential	preferential	ADJ
ajfa-1737	86	39	terms	term	NOUN
ajfa-1737	86	40	.	.	PUNCT
ajfa-1737	87	1	bertrand	bertrand	PROPN
ajfa-1737	87	2	et	et	PROPN
ajfa-1737	87	3	al	al	PROPN
ajfa-1737	87	4	.	.	PROPN
ajfa-1737	87	5	,	,	PUNCT
ajfa-1737	87	6	(	(	PUNCT
ajfa-1737	87	7	2002	2002	NUM
ajfa-1737	87	8	)	)	PUNCT
ajfa-1737	87	9	report	report	VERB
ajfa-1737	87	10	a	a	DET
ajfa-1737	87	11	significant	significant	ADJ
ajfa-1737	87	12	amount	amount	NOUN
ajfa-1737	87	13	of	of	ADP
ajfa-1737	87	14	tunneling	tunneling	NOUN
ajfa-1737	87	15	in	in	ADP
ajfa-1737	87	16	indian	indian	ADJ
ajfa-1737	87	17	business	business	NOUN
ajfa-1737	87	18	groups	group	NOUN
ajfa-1737	87	19	occurring	occur	VERB
ajfa-1737	87	20	via	via	ADP
ajfa-1737	87	21	non	non	ADJ
ajfa-1737	87	22	-	-	ADJ
ajfa-1737	87	23	operating	operating	ADJ
ajfa-1737	87	24	part	part	NOUN
ajfa-1737	87	25	of	of	ADP
ajfa-1737	87	26	the	the	DET
ajfa-1737	87	27	profits	profit	NOUN
ajfa-1737	87	28	.	.	PUNCT
ajfa-1737	88	1	chakrabarti	chakrabarti	PROPN
ajfa-1737	88	2	(	(	PUNCT
ajfa-1737	88	3	2005	2005	NUM
ajfa-1737	88	4	)	)	PUNCT
ajfa-1737	88	5	further	far	ADV
ajfa-1737	88	6	suggests	suggest	VERB
ajfa-1737	88	7	the	the	DET
ajfa-1737	88	8	ownership	ownership	NOUN
ajfa-1737	88	9	structure	structure	NOUN
ajfa-1737	88	10	of	of	ADP
ajfa-1737	88	11	the	the	DET
ajfa-1737	88	12	indian	indian	ADJ
ajfa-1737	88	13	companies	company	NOUN
ajfa-1737	88	14	is	be	AUX
ajfa-1737	88	15	very	very	ADV
ajfa-1737	88	16	complex	complex	ADJ
ajfa-1737	88	17	with	with	ADP
ajfa-1737	88	18	widespread	widespread	ADJ
ajfa-1737	88	19	tunneling	tunneling	NOUN
ajfa-1737	88	20	,	,	PUNCT
ajfa-1737	88	21	cross	cross	ADJ
ajfa-1737	88	22	-	-	ADJ
ajfa-1737	88	23	holding	holding	ADJ
ajfa-1737	88	24	and	and	CCONJ
ajfa-1737	88	25	pyramiding	pyramiding	NOUN
ajfa-1737	88	26	effect	effect	NOUN
ajfa-1737	88	27	,	,	PUNCT
ajfa-1737	88	28	where	where	SCONJ
ajfa-1737	88	29	promoters	promoter	NOUN
ajfa-1737	88	30	acquire	acquire	VERB
ajfa-1737	88	31	ownership	ownership	NOUN
ajfa-1737	88	32	rights	right	NOUN
ajfa-1737	88	33	more	more	ADJ
ajfa-1737	88	34	than	than	ADP
ajfa-1737	88	35	their	their	PRON
ajfa-1737	88	36	voting	voting	NOUN
ajfa-1737	88	37	rights	right	NOUN
ajfa-1737	88	38	.	.	PUNCT
ajfa-1737	89	1	all	all	DET
ajfa-1737	89	2	this	this	PRON
ajfa-1737	89	3	helps	help	VERB
ajfa-1737	89	4	controlling	control	VERB
ajfa-1737	89	5	shareholders	shareholder	NOUN
ajfa-1737	89	6	to	to	PART
ajfa-1737	89	7	tunnel	tunnel	VERB
ajfa-1737	89	8	firm	firm	NOUN
ajfa-1737	89	9	’s	’s	PART
ajfa-1737	89	10	resources	resource	NOUN
ajfa-1737	89	11	for	for	ADP
ajfa-1737	89	12	their	their	PRON
ajfa-1737	89	13	private	private	ADJ
ajfa-1737	89	14	benefits	benefit	NOUN
ajfa-1737	89	15	.	.	PUNCT
ajfa-1737	90	1	the	the	DET
ajfa-1737	90	2	main	main	ADJ
ajfa-1737	90	3	purpose	purpose	NOUN
ajfa-1737	90	4	of	of	ADP
ajfa-1737	90	5	outside	outside	ADJ
ajfa-1737	90	6	directors	director	NOUN
ajfa-1737	90	7	in	in	ADP
ajfa-1737	90	8	india	india	PROPN
ajfa-1737	90	9	is	be	AUX
ajfa-1737	90	10	to	to	PART
ajfa-1737	90	11	minimize	minimize	VERB
ajfa-1737	90	12	the	the	DET
ajfa-1737	90	13	agency	agency	NOUN
ajfa-1737	90	14	cost	cost	NOUN
ajfa-1737	90	15	occurring	occur	VERB
ajfa-1737	90	16	due	due	ADP
ajfa-1737	90	17	to	to	ADP
ajfa-1737	90	18	ownership	ownership	NOUN
ajfa-1737	90	19	concentration	concentration	NOUN
ajfa-1737	90	20	and	and	CCONJ
ajfa-1737	90	21	the	the	DET
ajfa-1737	90	22	presence	presence	NOUN
ajfa-1737	90	23	of	of	ADP
ajfa-1737	90	24	large	large	ADJ
ajfa-1737	90	25	inside	inside	ADJ
ajfa-1737	90	26	shareholders	shareholder	NOUN
ajfa-1737	90	27	.	.	PUNCT
ajfa-1737	91	1	this	this	DET
ajfa-1737	91	2	way	way	NOUN
ajfa-1737	91	3	,	,	PUNCT
ajfa-1737	91	4	the	the	DET
ajfa-1737	91	5	asian	asian	ADJ
ajfa-1737	91	6	journal	journal	NOUN
ajfa-1737	91	7	of	of	ADP
ajfa-1737	91	8	finance	finance	PROPN
ajfa-1737	91	9	&	&	CCONJ
ajfa-1737	91	10	accounting	accounting	PROPN
ajfa-1737	91	11	issn	issn	PROPN
ajfa-1737	91	12	1946	1946	NUM
ajfa-1737	91	13	-	-	PUNCT
ajfa-1737	91	14	052x	052x	NOUN
ajfa-1737	91	15	2012	2012	NUM
ajfa-1737	91	16	,	,	PUNCT
ajfa-1737	91	17	vol	vol	NOUN
ajfa-1737	91	18	.	.	PROPN
ajfa-1737	91	19	4	4	NUM
ajfa-1737	91	20	,	,	PUNCT
ajfa-1737	91	21	no	no	INTJ
ajfa-1737	91	22	.	.	NOUN
ajfa-1737	91	23	2	2	NUM
ajfa-1737	91	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1737	91	25	44	44	NUM
ajfa-1737	91	26	higher	high	ADJ
ajfa-1737	91	27	is	be	AUX
ajfa-1737	91	28	the	the	DET
ajfa-1737	91	29	ownership	ownership	NOUN
ajfa-1737	91	30	and	and	CCONJ
ajfa-1737	91	31	control	control	NOUN
ajfa-1737	91	32	of	of	ADP
ajfa-1737	91	33	promoter	promoter	NOUN
ajfa-1737	91	34	shareholders	shareholder	NOUN
ajfa-1737	91	35	(	(	PUNCT
ajfa-1737	91	36	dominant	dominant	ADJ
ajfa-1737	91	37	shareholders	shareholder	NOUN
ajfa-1737	91	38	)	)	PUNCT
ajfa-1737	91	39	on	on	ADP
ajfa-1737	91	40	the	the	DET
ajfa-1737	91	41	companies	company	NOUN
ajfa-1737	91	42	,	,	PUNCT
ajfa-1737	91	43	less	less	ADJ
ajfa-1737	91	44	will	will	AUX
ajfa-1737	91	45	be	be	AUX
ajfa-1737	91	46	the	the	DET
ajfa-1737	91	47	effectiveness	effectiveness	NOUN
ajfa-1737	91	48	of	of	ADP
ajfa-1737	91	49	outside	outside	ADJ
ajfa-1737	91	50	directors	director	NOUN
ajfa-1737	91	51	.	.	PUNCT
ajfa-1737	92	1	controlling	control	VERB
ajfa-1737	92	2	rights	right	NOUN
ajfa-1737	92	3	to	to	ADP
ajfa-1737	92	4	promoters	promoter	NOUN
ajfa-1737	92	5	allows	allow	VERB
ajfa-1737	92	6	them	they	PRON
ajfa-1737	92	7	,	,	PUNCT
ajfa-1737	92	8	to	to	PART
ajfa-1737	92	9	have	have	VERB
ajfa-1737	92	10	direct	direct	ADJ
ajfa-1737	92	11	influence	influence	NOUN
ajfa-1737	92	12	on	on	ADP
ajfa-1737	92	13	the	the	DET
ajfa-1737	92	14	appointment	appointment	NOUN
ajfa-1737	92	15	of	of	ADP
ajfa-1737	92	16	the	the	DET
ajfa-1737	92	17	outside	outside	ADJ
ajfa-1737	92	18	directors	director	NOUN
ajfa-1737	92	19	on	on	ADP
ajfa-1737	92	20	the	the	DET
ajfa-1737	92	21	board	board	NOUN
ajfa-1737	92	22	.	.	PUNCT
ajfa-1737	93	1	in	in	ADP
ajfa-1737	93	2	family	family	NOUN
ajfa-1737	93	3	controlled	control	VERB
ajfa-1737	93	4	firms	firm	NOUN
ajfa-1737	93	5	,	,	PUNCT
ajfa-1737	93	6	outside	outside	ADJ
ajfa-1737	93	7	directors	director	NOUN
ajfa-1737	93	8	,	,	PUNCT
ajfa-1737	93	9	particularly	particularly	ADV
ajfa-1737	93	10	independent	independent	ADJ
ajfa-1737	93	11	directors	director	NOUN
ajfa-1737	93	12	,	,	PUNCT
ajfa-1737	93	13	may	may	AUX
ajfa-1737	93	14	not	not	PART
ajfa-1737	93	15	be	be	AUX
ajfa-1737	93	16	fully	fully	ADV
ajfa-1737	93	17	committed	committed	ADJ
ajfa-1737	93	18	to	to	ADP
ajfa-1737	93	19	their	their	PRON
ajfa-1737	93	20	monitoring	monitoring	NOUN
ajfa-1737	93	21	role	role	NOUN
ajfa-1737	93	22	,	,	PUNCT
ajfa-1737	93	23	either	either	CCONJ
ajfa-1737	93	24	due	due	ADJ
ajfa-1737	93	25	impinging	impinge	VERB
ajfa-1737	93	26	authority	authority	NOUN
ajfa-1737	93	27	of	of	ADP
ajfa-1737	93	28	promoters	promoter	NOUN
ajfa-1737	93	29	or	or	CCONJ
ajfa-1737	93	30	due	due	ADP
ajfa-1737	93	31	to	to	ADP
ajfa-1737	93	32	their	their	PRON
ajfa-1737	93	33	familiarity	familiarity	NOUN
ajfa-1737	93	34	with	with	ADP
ajfa-1737	93	35	them	they	PRON
ajfa-1737	93	36	(	(	PUNCT
ajfa-1737	93	37	chen	chen	PROPN
ajfa-1737	93	38	and	and	CCONJ
ajfa-1737	93	39	jaggi	jaggi	PROPN
ajfa-1737	93	40	,	,	PUNCT
ajfa-1737	93	41	2000	2000	NUM
ajfa-1737	93	42	;	;	PUNCT
ajfa-1737	93	43	leblanc	leblanc	PROPN
ajfa-1737	93	44	and	and	CCONJ
ajfa-1737	93	45	giles	gile	NOUN
ajfa-1737	93	46	,	,	PUNCT
ajfa-1737	93	47	2005	2005	NUM
ajfa-1737	93	48	)	)	PUNCT
ajfa-1737	93	49	.	.	PUNCT
ajfa-1737	94	1	cho	cho	PROPN
ajfa-1737	94	2	and	and	CCONJ
ajfa-1737	94	3	kim	kim	PROPN
ajfa-1737	94	4	(	(	PUNCT
ajfa-1737	94	5	2007	2007	NUM
ajfa-1737	94	6	)	)	PUNCT
ajfa-1737	94	7	suggest	suggest	VERB
ajfa-1737	94	8	that	that	SCONJ
ajfa-1737	94	9	the	the	DET
ajfa-1737	94	10	firm	firm	ADJ
ajfa-1737	94	11	performance	performance	NOUN
ajfa-1737	94	12	may	may	AUX
ajfa-1737	94	13	deteriorate	deteriorate	VERB
ajfa-1737	94	14	due	due	ADP
ajfa-1737	94	15	to	to	ADP
ajfa-1737	94	16	the	the	DET
ajfa-1737	94	17	greater	great	ADJ
ajfa-1737	94	18	power	power	NOUN
ajfa-1737	94	19	concentration	concentration	NOUN
ajfa-1737	94	20	in	in	ADP
ajfa-1737	94	21	the	the	DET
ajfa-1737	94	22	hands	hand	NOUN
ajfa-1737	94	23	of	of	ADP
ajfa-1737	94	24	insiders	insider	NOUN
ajfa-1737	94	25	due	due	ADJ
ajfa-1737	94	26	significant	significant	ADJ
ajfa-1737	94	27	agency	agency	NOUN
ajfa-1737	94	28	cost	cost	NOUN
ajfa-1737	94	29	arising	arise	VERB
ajfa-1737	94	30	between	between	ADP
ajfa-1737	94	31	insiders	insider	NOUN
ajfa-1737	94	32	and	and	CCONJ
ajfa-1737	94	33	minority	minority	NOUN
ajfa-1737	94	34	shareholders	shareholder	NOUN
ajfa-1737	94	35	.	.	PUNCT
ajfa-1737	95	1	outside	outside	ADJ
ajfa-1737	95	2	directors	director	NOUN
ajfa-1737	95	3	,	,	PUNCT
ajfa-1737	95	4	in	in	ADP
ajfa-1737	95	5	such	such	ADJ
ajfa-1737	95	6	context	context	NOUN
ajfa-1737	95	7	may	may	AUX
ajfa-1737	95	8	not	not	PART
ajfa-1737	95	9	act	act	VERB
ajfa-1737	95	10	as	as	ADP
ajfa-1737	95	11	effective	effective	ADJ
ajfa-1737	95	12	monitors	monitor	NOUN
ajfa-1737	95	13	of	of	ADP
ajfa-1737	95	14	management	management	NOUN
ajfa-1737	95	15	due	due	ADP
ajfa-1737	95	16	to	to	ADP
ajfa-1737	95	17	persistence	persistence	NOUN
ajfa-1737	95	18	of	of	ADP
ajfa-1737	95	19	high	high	ADJ
ajfa-1737	95	20	information	information	NOUN
ajfa-1737	95	21	asymmetry	asymmetry	NOUN
ajfa-1737	95	22	.	.	PUNCT
ajfa-1737	96	1	choi	choi	PROPN
ajfa-1737	96	2	et	et	PROPN
ajfa-1737	96	3	al	al	PROPN
ajfa-1737	96	4	.	.	PUNCT
ajfa-1737	97	1	(	(	PUNCT
ajfa-1737	97	2	2007	2007	NUM
ajfa-1737	97	3	)	)	PUNCT
ajfa-1737	97	4	in	in	ADP
ajfa-1737	97	5	korean	korean	ADJ
ajfa-1737	97	6	context	context	NOUN
ajfa-1737	97	7	,	,	PUNCT
ajfa-1737	97	8	suggests	suggest	VERB
ajfa-1737	97	9	that	that	SCONJ
ajfa-1737	97	10	the	the	DET
ajfa-1737	97	11	family	family	NOUN
ajfa-1737	97	12	ownership	ownership	NOUN
ajfa-1737	97	13	concentration	concentration	NOUN
ajfa-1737	97	14	negatively	negatively	ADV
ajfa-1737	97	15	affects	affect	VERB
ajfa-1737	97	16	the	the	DET
ajfa-1737	97	17	board	board	NOUN
ajfa-1737	97	18	independence	independence	NOUN
ajfa-1737	97	19	and	and	CCONJ
ajfa-1737	97	20	firm	firm	ADJ
ajfa-1737	97	21	performance	performance	NOUN
ajfa-1737	97	22	.	.	PUNCT
ajfa-1737	98	1	ibrahim	ibrahim	PROPN
ajfa-1737	98	2	and	and	CCONJ
ajfa-1737	98	3	samad	samad	PROPN
ajfa-1737	98	4	(	(	PUNCT
ajfa-1737	98	5	2011	2011	NUM
ajfa-1737	98	6	)	)	PUNCT
ajfa-1737	98	7	for	for	ADP
ajfa-1737	98	8	malaysian	malaysian	ADJ
ajfa-1737	98	9	companies	company	NOUN
ajfa-1737	98	10	find	find	VERB
ajfa-1737	98	11	that	that	SCONJ
ajfa-1737	98	12	the	the	DET
ajfa-1737	98	13	family	family	NOUN
ajfa-1737	98	14	concentration	concentration	NOUN
ajfa-1737	98	15	negatively	negatively	ADV
ajfa-1737	98	16	moderates	moderate	VERB
ajfa-1737	98	17	firm	firm	ADJ
ajfa-1737	98	18	performance	performance	NOUN
ajfa-1737	98	19	.	.	PUNCT
ajfa-1737	99	1	based	base	VERB
ajfa-1737	99	2	on	on	ADP
ajfa-1737	99	3	related	related	ADJ
ajfa-1737	99	4	literature	literature	NOUN
ajfa-1737	99	5	and	and	CCONJ
ajfa-1737	99	6	findings	finding	NOUN
ajfa-1737	99	7	we	we	PRON
ajfa-1737	99	8	hypothesize	hypothesize	VERB
ajfa-1737	99	9	that	that	SCONJ
ajfa-1737	99	10	:	:	PUNCT
ajfa-1737	99	11	h2	h2	NOUN
ajfa-1737	99	12	:	:	PUNCT
ajfa-1737	99	13	insider	insider	NOUN
ajfa-1737	99	14	ownership	ownership	NOUN
ajfa-1737	99	15	has	have	VERB
ajfa-1737	99	16	a	a	DET
ajfa-1737	99	17	negative	negative	ADJ
ajfa-1737	99	18	moderating	moderate	VERB
ajfa-1737	99	19	effect	effect	NOUN
ajfa-1737	99	20	on	on	ADP
ajfa-1737	99	21	outside	outside	ADJ
ajfa-1737	99	22	directors	director	NOUN
ajfa-1737	99	23	’	'	PUNCT
ajfa-1737	99	24	in	in	ADP
ajfa-1737	99	25	relation	relation	NOUN
ajfa-1737	99	26	to	to	ADP
ajfa-1737	99	27	the	the	DET
ajfa-1737	99	28	firm	firm	ADJ
ajfa-1737	99	29	value	value	NOUN
ajfa-1737	99	30	4	4	NUM
ajfa-1737	99	31	.	.	PUNCT
ajfa-1737	99	32	research	research	NOUN
ajfa-1737	99	33	design	design	NOUN
ajfa-1737	99	34	sample	sample	NOUN
ajfa-1737	99	35	and	and	CCONJ
ajfa-1737	99	36	data	datum	NOUN
ajfa-1737	99	37	collection	collection	NOUN
ajfa-1737	99	38	the	the	DET
ajfa-1737	99	39	data	datum	NOUN
ajfa-1737	99	40	for	for	ADP
ajfa-1737	99	41	research	research	NOUN
ajfa-1737	99	42	pertains	pertain	NOUN
ajfa-1737	99	43	to	to	ADP
ajfa-1737	99	44	firms	firm	NOUN
ajfa-1737	99	45	listed	list	VERB
ajfa-1737	99	46	on	on	ADP
ajfa-1737	99	47	bombay	bombay	PROPN
ajfa-1737	99	48	stock	stock	PROPN
ajfa-1737	99	49	exchange	exchange	PROPN
ajfa-1737	99	50	(	(	PUNCT
ajfa-1737	99	51	bse	bse	PROPN
ajfa-1737	99	52	)	)	PUNCT
ajfa-1737	99	53	in	in	ADP
ajfa-1737	99	54	the	the	DET
ajfa-1737	99	55	year	year	NOUN
ajfa-1737	99	56	2008	2008	NUM
ajfa-1737	99	57	.	.	PUNCT
ajfa-1737	100	1	initially	initially	ADV
ajfa-1737	100	2	,	,	PUNCT
ajfa-1737	100	3	for	for	ADP
ajfa-1737	100	4	study	study	NOUN
ajfa-1737	100	5	bse	bse	NOUN
ajfa-1737	100	6	200	200	NUM
ajfa-1737	100	7	firm	firm	NOUN
ajfa-1737	100	8	,	,	PUNCT
ajfa-1737	100	9	which	which	PRON
ajfa-1737	100	10	approximately	approximately	ADV
ajfa-1737	100	11	account	account	VERB
ajfa-1737	100	12	for	for	ADP
ajfa-1737	100	13	72	72	NUM
ajfa-1737	100	14	percent	percent	NOUN
ajfa-1737	100	15	of	of	ADP
ajfa-1737	100	16	market	market	NOUN
ajfa-1737	100	17	capitalization	capitalization	NOUN
ajfa-1737	100	18	,	,	PUNCT
ajfa-1737	100	19	were	be	AUX
ajfa-1737	100	20	taken	take	VERB
ajfa-1737	100	21	.	.	PUNCT
ajfa-1737	101	1	thereafter	thereafter	ADV
ajfa-1737	101	2	,	,	PUNCT
ajfa-1737	101	3	36	36	NUM
ajfa-1737	101	4	banking	banking	NOUN
ajfa-1737	101	5	and	and	CCONJ
ajfa-1737	101	6	other	other	ADJ
ajfa-1737	101	7	financial	financial	ADJ
ajfa-1737	101	8	firms	firm	NOUN
ajfa-1737	101	9	were	be	AUX
ajfa-1737	101	10	eliminated	eliminate	VERB
ajfa-1737	101	11	,	,	PUNCT
ajfa-1737	101	12	as	as	SCONJ
ajfa-1737	101	13	these	these	PRON
ajfa-1737	101	14	belong	belong	VERB
ajfa-1737	101	15	to	to	ADP
ajfa-1737	101	16	highly	highly	ADV
ajfa-1737	101	17	regulated	regulate	VERB
ajfa-1737	101	18	industry	industry	NOUN
ajfa-1737	101	19	.	.	PUNCT
ajfa-1737	102	1	in	in	ADP
ajfa-1737	102	2	addition	addition	NOUN
ajfa-1737	102	3	,	,	PUNCT
ajfa-1737	102	4	one	one	NUM
ajfa-1737	102	5	firm	firm	NOUN
ajfa-1737	102	6	was	be	AUX
ajfa-1737	102	7	left	leave	VERB
ajfa-1737	102	8	for	for	ADP
ajfa-1737	102	9	incomplete	incomplete	ADJ
ajfa-1737	102	10	financial	financial	ADJ
ajfa-1737	102	11	data	datum	NOUN
ajfa-1737	102	12	.	.	PUNCT
ajfa-1737	103	1	initial	initial	ADJ
ajfa-1737	103	2	ols	ol	NOUN
ajfa-1737	103	3	regression	regression	NOUN
ajfa-1737	103	4	was	be	AUX
ajfa-1737	103	5	carried	carry	VERB
ajfa-1737	103	6	out	out	ADP
ajfa-1737	103	7	,	,	PUNCT
ajfa-1737	103	8	and	and	CCONJ
ajfa-1737	103	9	six	six	NUM
ajfa-1737	103	10	firm	firm	ADJ
ajfa-1737	103	11	observations	observation	NOUN
ajfa-1737	103	12	were	be	AUX
ajfa-1737	103	13	found	find	VERB
ajfa-1737	103	14	to	to	PART
ajfa-1737	103	15	have	have	VERB
ajfa-1737	103	16	undue	undue	ADJ
ajfa-1737	103	17	influence	influence	NOUN
ajfa-1737	103	18	on	on	ADP
ajfa-1737	103	19	the	the	DET
ajfa-1737	103	20	model	model	NOUN
ajfa-1737	103	21	.	.	PUNCT
ajfa-1737	104	1	all	all	DET
ajfa-1737	104	2	these	these	DET
ajfa-1737	104	3	six	six	NUM
ajfa-1737	104	4	firm	firm	ADJ
ajfa-1737	104	5	observations	observation	NOUN
ajfa-1737	104	6	were	be	AUX
ajfa-1737	104	7	removed	remove	VERB
ajfa-1737	104	8	from	from	ADP
ajfa-1737	104	9	final	final	ADJ
ajfa-1737	104	10	analysis	analysis	NOUN
ajfa-1737	104	11	to	to	PART
ajfa-1737	104	12	keep	keep	VERB
ajfa-1737	104	13	results	result	NOUN
ajfa-1737	104	14	robust	robust	ADJ
ajfa-1737	104	15	to	to	ADP
ajfa-1737	104	16	outlier	outlier	NOUN
ajfa-1737	104	17	’s	’s	PART
ajfa-1737	104	18	effect	effect	NOUN
ajfa-1737	104	19	.	.	PUNCT
ajfa-1737	105	1	this	this	PRON
ajfa-1737	105	2	resulted	result	VERB
ajfa-1737	105	3	in	in	ADP
ajfa-1737	105	4	a	a	DET
ajfa-1737	105	5	final	final	ADJ
ajfa-1737	105	6	sample	sample	NOUN
ajfa-1737	105	7	of	of	ADP
ajfa-1737	105	8	157	157	NUM
ajfa-1737	105	9	firms	firm	NOUN
ajfa-1737	105	10	that	that	PRON
ajfa-1737	105	11	were	be	AUX
ajfa-1737	105	12	taken	take	VERB
ajfa-1737	105	13	for	for	ADP
ajfa-1737	105	14	empirical	empirical	ADJ
ajfa-1737	105	15	validation	validation	NOUN
ajfa-1737	105	16	of	of	ADP
ajfa-1737	105	17	different	different	ADJ
ajfa-1737	105	18	hypothesis	hypothesis	NOUN
ajfa-1737	105	19	proposed	propose	VERB
ajfa-1737	105	20	.	.	PUNCT
ajfa-1737	106	1	the	the	DET
ajfa-1737	106	2	financial	financial	ADJ
ajfa-1737	106	3	and	and	CCONJ
ajfa-1737	106	4	other	other	ADJ
ajfa-1737	106	5	data	datum	NOUN
ajfa-1737	106	6	for	for	ADP
ajfa-1737	106	7	these	these	DET
ajfa-1737	106	8	firms	firm	NOUN
ajfa-1737	106	9	was	be	AUX
ajfa-1737	106	10	obtained	obtain	VERB
ajfa-1737	106	11	from	from	ADP
ajfa-1737	106	12	the	the	DET
ajfa-1737	106	13	prowess	prowess	NOUN
ajfa-1737	106	14	database	database	NOUN
ajfa-1737	106	15	of	of	ADP
ajfa-1737	106	16	centre	centre	NOUN
ajfa-1737	106	17	for	for	ADP
ajfa-1737	106	18	monitoring	monitor	VERB
ajfa-1737	106	19	indian	indian	ADJ
ajfa-1737	106	20	economy	economy	NOUN
ajfa-1737	106	21	(	(	PUNCT
ajfa-1737	106	22	cmie	cmie	PROPN
ajfa-1737	106	23	)	)	PUNCT
ajfa-1737	106	24	.	.	PUNCT
ajfa-1737	107	1	the	the	DET
ajfa-1737	107	2	data	datum	NOUN
ajfa-1737	107	3	on	on	ADP
ajfa-1737	107	4	corporate	corporate	ADJ
ajfa-1737	107	5	governance	governance	NOUN
ajfa-1737	107	6	variables	variable	NOUN
ajfa-1737	107	7	like	like	ADP
ajfa-1737	107	8	board	board	NOUN
ajfa-1737	107	9	size	size	NOUN
ajfa-1737	107	10	,	,	PUNCT
ajfa-1737	107	11	proportion	proportion	NOUN
ajfa-1737	107	12	of	of	ADP
ajfa-1737	107	13	the	the	DET
ajfa-1737	107	14	outside	outside	ADJ
ajfa-1737	107	15	directors	director	NOUN
ajfa-1737	107	16	and	and	CCONJ
ajfa-1737	107	17	board	board	NOUN
ajfa-1737	107	18	leadership	leadership	NOUN
ajfa-1737	107	19	for	for	ADP
ajfa-1737	107	20	sample	sample	NOUN
ajfa-1737	107	21	firms	firm	NOUN
ajfa-1737	107	22	was	be	AUX
ajfa-1737	107	23	extracted	extract	VERB
ajfa-1737	107	24	from	from	ADP
ajfa-1737	107	25	corporate	corporate	ADJ
ajfa-1737	107	26	governance	governance	NOUN
ajfa-1737	107	27	reports	report	NOUN
ajfa-1737	107	28	annexed	annex	VERB
ajfa-1737	107	29	to	to	ADP
ajfa-1737	107	30	annual	annual	ADJ
ajfa-1737	107	31	reports	report	NOUN
ajfa-1737	107	32	.	.	PUNCT
ajfa-1737	108	1	variables	variable	NOUN
ajfa-1737	108	2	market	market	NOUN
ajfa-1737	108	3	-	-	PUNCT
ajfa-1737	108	4	based	base	VERB
ajfa-1737	108	5	measure	measure	NOUN
ajfa-1737	108	6	tobin	tobin	PROPN
ajfa-1737	108	7	’s	’s	PART
ajfa-1737	108	8	q	q	PROPN
ajfa-1737	108	9	has	have	AUX
ajfa-1737	108	10	been	be	AUX
ajfa-1737	108	11	selected	select	VERB
ajfa-1737	108	12	as	as	ADP
ajfa-1737	108	13	the	the	DET
ajfa-1737	108	14	dependent	dependent	ADJ
ajfa-1737	108	15	variable	variable	NOUN
ajfa-1737	108	16	in	in	ADP
ajfa-1737	108	17	this	this	DET
ajfa-1737	108	18	study	study	NOUN
ajfa-1737	108	19	.	.	PUNCT
ajfa-1737	109	1	it	it	PRON
ajfa-1737	109	2	is	be	AUX
ajfa-1737	109	3	considered	consider	VERB
ajfa-1737	109	4	more	more	ADV
ajfa-1737	109	5	reliable	reliable	ADJ
ajfa-1737	109	6	in	in	ADP
ajfa-1737	109	7	india	india	PROPN
ajfa-1737	109	8	as	as	SCONJ
ajfa-1737	109	9	compliance	compliance	NOUN
ajfa-1737	109	10	with	with	ADP
ajfa-1737	109	11	accounting	accounting	NOUN
ajfa-1737	109	12	standard	standard	NOUN
ajfa-1737	109	13	is	be	AUX
ajfa-1737	109	14	weak	weak	ADJ
ajfa-1737	109	15	.	.	PUNCT
ajfa-1737	110	1	further	far	ADV
ajfa-1737	110	2	,	,	PUNCT
ajfa-1737	110	3	market	market	NOUN
ajfa-1737	110	4	based	base	VERB
ajfa-1737	110	5	measure	measure	NOUN
ajfa-1737	110	6	discounts	discount	NOUN
ajfa-1737	110	7	and	and	CCONJ
ajfa-1737	110	8	factors	factor	NOUN
ajfa-1737	110	9	in	in	ADP
ajfa-1737	110	10	all	all	DET
ajfa-1737	110	11	parameters	parameter	NOUN
ajfa-1737	110	12	affecting	affect	VERB
ajfa-1737	110	13	firm	firm	ADJ
ajfa-1737	110	14	performance	performance	NOUN
ajfa-1737	110	15	.	.	PUNCT
ajfa-1737	111	1	the	the	DET
ajfa-1737	111	2	explanatory	explanatory	ADJ
ajfa-1737	111	3	variable	variable	NOUN
ajfa-1737	111	4	in	in	ADP
ajfa-1737	111	5	our	our	PRON
ajfa-1737	111	6	study	study	NOUN
ajfa-1737	111	7	is	be	AUX
ajfa-1737	111	8	the	the	DET
ajfa-1737	111	9	outside	outside	ADJ
ajfa-1737	111	10	directors	director	NOUN
ajfa-1737	111	11	(	(	PUNCT
ajfa-1737	111	12	proportion	proportion	NOUN
ajfa-1737	111	13	of	of	ADP
ajfa-1737	111	14	non	non	ADJ
ajfa-1737	111	15	-	-	ADJ
ajfa-1737	111	16	executive	executive	ADJ
ajfa-1737	111	17	directors	director	NOUN
ajfa-1737	111	18	)	)	PUNCT
ajfa-1737	111	19	.	.	PUNCT
ajfa-1737	112	1	further	far	ADV
ajfa-1737	112	2	,	,	PUNCT
ajfa-1737	112	3	we	we	PRON
ajfa-1737	112	4	have	have	AUX
ajfa-1737	112	5	delineated	delineate	VERB
ajfa-1737	112	6	the	the	DET
ajfa-1737	112	7	difference	difference	NOUN
ajfa-1737	112	8	between	between	ADP
ajfa-1737	112	9	affiliate	affiliate	NOUN
ajfa-1737	112	10	outside	outside	ADP
ajfa-1737	112	11	directors	director	NOUN
ajfa-1737	112	12	(	(	PUNCT
ajfa-1737	112	13	gray	gray	ADJ
ajfa-1737	112	14	directors	director	NOUN
ajfa-1737	112	15	)	)	PUNCT
ajfa-1737	112	16	and	and	CCONJ
ajfa-1737	112	17	non	non	ADJ
ajfa-1737	112	18	-	-	NOUN
ajfa-1737	112	19	affiliate	affiliate	NOUN
ajfa-1737	112	20	outside	outside	ADJ
ajfa-1737	112	21	directors	director	NOUN
ajfa-1737	112	22	(	(	PUNCT
ajfa-1737	112	23	independent	independent	ADJ
ajfa-1737	112	24	directors	director	NOUN
ajfa-1737	112	25	)	)	PUNCT
ajfa-1737	112	26	to	to	PART
ajfa-1737	112	27	separately	separately	ADV
ajfa-1737	112	28	find	find	VERB
ajfa-1737	112	29	their	their	PRON
ajfa-1737	112	30	effect	effect	NOUN
ajfa-1737	112	31	on	on	ADP
ajfa-1737	112	32	firm	firm	ADJ
ajfa-1737	112	33	performance	performance	NOUN
ajfa-1737	112	34	in	in	ADP
ajfa-1737	112	35	the	the	DET
ajfa-1737	112	36	main	main	ADJ
ajfa-1737	112	37	model	model	NOUN
ajfa-1737	112	38	.	.	PUNCT
ajfa-1737	113	1	firm	firm	ADJ
ajfa-1737	113	2	value	value	NOUN
ajfa-1737	113	3	is	be	AUX
ajfa-1737	113	4	not	not	PART
ajfa-1737	113	5	just	just	ADV
ajfa-1737	113	6	contingent	contingent	ADJ
ajfa-1737	113	7	upon	upon	SCONJ
ajfa-1737	113	8	proportion	proportion	NOUN
ajfa-1737	113	9	of	of	ADP
ajfa-1737	113	10	outside	outside	ADJ
ajfa-1737	113	11	directors	director	NOUN
ajfa-1737	113	12	on	on	ADP
ajfa-1737	113	13	the	the	DET
ajfa-1737	113	14	board	board	NOUN
ajfa-1737	113	15	,	,	PUNCT
ajfa-1737	113	16	but	but	CCONJ
ajfa-1737	113	17	also	also	ADV
ajfa-1737	113	18	influenced	influence	VERB
ajfa-1737	113	19	by	by	ADP
ajfa-1737	113	20	several	several	ADJ
ajfa-1737	113	21	firm	firm	ADJ
ajfa-1737	113	22	specific	specific	ADJ
ajfa-1737	113	23	factors	factor	NOUN
ajfa-1737	113	24	and	and	CCONJ
ajfa-1737	113	25	other	other	ADJ
ajfa-1737	113	26	governance	governance	NOUN
ajfa-1737	113	27	parameters	parameter	NOUN
ajfa-1737	113	28	.	.	PUNCT
ajfa-1737	114	1	non	non	ADJ
ajfa-1737	114	2	-	-	ADJ
ajfa-1737	114	3	inclusion	inclusion	ADJ
ajfa-1737	114	4	asian	asian	ADJ
ajfa-1737	114	5	journal	journal	NOUN
ajfa-1737	114	6	of	of	ADP
ajfa-1737	114	7	finance	finance	PROPN
ajfa-1737	114	8	&	&	CCONJ
ajfa-1737	114	9	accounting	accounting	PROPN
ajfa-1737	114	10	issn	issn	PROPN
ajfa-1737	114	11	1946	1946	NUM
ajfa-1737	114	12	-	-	PUNCT
ajfa-1737	114	13	052x	052x	NOUN
ajfa-1737	114	14	2012	2012	NUM
ajfa-1737	114	15	,	,	PUNCT
ajfa-1737	114	16	vol	vol	NOUN
ajfa-1737	114	17	.	.	PROPN
ajfa-1737	114	18	4	4	NUM
ajfa-1737	114	19	,	,	PUNCT
ajfa-1737	114	20	no	no	INTJ
ajfa-1737	114	21	.	.	NOUN
ajfa-1737	114	22	2	2	NUM
ajfa-1737	114	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1737	114	24	45	45	NUM
ajfa-1737	114	25	of	of	ADP
ajfa-1737	114	26	these	these	DET
ajfa-1737	114	27	parameters	parameter	NOUN
ajfa-1737	114	28	may	may	AUX
ajfa-1737	114	29	lead	lead	VERB
ajfa-1737	114	30	spurious	spurious	ADJ
ajfa-1737	114	31	relationship	relationship	NOUN
ajfa-1737	114	32	between	between	ADP
ajfa-1737	114	33	outside	outside	ADJ
ajfa-1737	114	34	directors	director	NOUN
ajfa-1737	114	35	and	and	CCONJ
ajfa-1737	114	36	firm	firm	ADJ
ajfa-1737	114	37	value	value	NOUN
ajfa-1737	114	38	.	.	PUNCT
ajfa-1737	115	1	several	several	ADJ
ajfa-1737	115	2	firm	firm	ADJ
ajfa-1737	115	3	specific	specific	ADJ
ajfa-1737	115	4	variables	variable	NOUN
ajfa-1737	115	5	like	like	ADP
ajfa-1737	115	6	firm	firm	ADJ
ajfa-1737	115	7	age	age	NOUN
ajfa-1737	115	8	(	(	PUNCT
ajfa-1737	115	9	fage	fage	NOUN
ajfa-1737	115	10	)	)	PUNCT
ajfa-1737	115	11	,	,	PUNCT
ajfa-1737	115	12	firm	firm	ADJ
ajfa-1737	115	13	size	size	NOUN
ajfa-1737	115	14	(	(	PUNCT
ajfa-1737	115	15	fsize	fsize	NOUN
ajfa-1737	115	16	)	)	PUNCT
ajfa-1737	115	17	,	,	PUNCT
ajfa-1737	115	18	leverage	leverage	NOUN
ajfa-1737	115	19	(	(	PUNCT
ajfa-1737	115	20	lev	lev	NOUN
ajfa-1737	115	21	)	)	PUNCT
ajfa-1737	115	22	and	and	CCONJ
ajfa-1737	115	23	previous	previous	ADJ
ajfa-1737	115	24	year	year	NOUN
ajfa-1737	115	25	firm	firm	NOUN
ajfa-1737	115	26	profitability	profitability	NOUN
ajfa-1737	115	27	(	(	PUNCT
ajfa-1737	115	28	lagroa	lagroa	NOUN
ajfa-1737	115	29	)	)	PUNCT
ajfa-1737	115	30	were	be	AUX
ajfa-1737	115	31	included	include	VERB
ajfa-1737	115	32	in	in	ADP
ajfa-1737	115	33	the	the	DET
ajfa-1737	115	34	regression	regression	NOUN
ajfa-1737	115	35	model	model	NOUN
ajfa-1737	115	36	as	as	ADP
ajfa-1737	115	37	a	a	DET
ajfa-1737	115	38	control	control	NOUN
ajfa-1737	115	39	variable	variable	NOUN
ajfa-1737	115	40	.	.	PUNCT
ajfa-1737	116	1	inclusion	inclusion	NOUN
ajfa-1737	116	2	of	of	ADP
ajfa-1737	116	3	these	these	DET
ajfa-1737	116	4	variables	variable	NOUN
ajfa-1737	116	5	as	as	SCONJ
ajfa-1737	116	6	removes	remove	VERB
ajfa-1737	116	7	heterogeneity	heterogeneity	NOUN
ajfa-1737	116	8	related	relate	VERB
ajfa-1737	116	9	firm	firm	ADJ
ajfa-1737	116	10	and	and	CCONJ
ajfa-1737	116	11	account	account	NOUN
ajfa-1737	116	12	firm	firm	ADJ
ajfa-1737	116	13	complexity	complexity	NOUN
ajfa-1737	116	14	,	,	PUNCT
ajfa-1737	116	15	economies	economy	NOUN
ajfa-1737	116	16	of	of	ADP
ajfa-1737	116	17	scale	scale	NOUN
ajfa-1737	116	18	and	and	CCONJ
ajfa-1737	116	19	firm	firm	ADJ
ajfa-1737	116	20	capital	capital	NOUN
ajfa-1737	116	21	structure	structure	NOUN
ajfa-1737	116	22	.	.	PUNCT
ajfa-1737	117	1	further	far	ADV
ajfa-1737	117	2	,	,	PUNCT
ajfa-1737	117	3	corporate	corporate	ADJ
ajfa-1737	117	4	governance	governance	NOUN
ajfa-1737	117	5	parameters	parameter	NOUN
ajfa-1737	117	6	,	,	PUNCT
ajfa-1737	117	7	like	like	ADP
ajfa-1737	117	8	insider	insider	NOUN
ajfa-1737	117	9	ownership	ownership	NOUN
ajfa-1737	117	10	(	(	PUNCT
ajfa-1737	117	11	insown	insown	PROPN
ajfa-1737	117	12	)	)	PUNCT
ajfa-1737	117	13	,	,	PUNCT
ajfa-1737	117	14	board	board	NOUN
ajfa-1737	117	15	size	size	NOUN
ajfa-1737	117	16	(	(	PUNCT
ajfa-1737	117	17	bsize	bsize	NOUN
ajfa-1737	117	18	)	)	PUNCT
ajfa-1737	117	19	and	and	CCONJ
ajfa-1737	117	20	board	board	NOUN
ajfa-1737	117	21	leadership	leadership	NOUN
ajfa-1737	117	22	(	(	PUNCT
ajfa-1737	117	23	nedchair	nedchair	NOUN
ajfa-1737	117	24	)	)	PUNCT
ajfa-1737	117	25	that	that	SCONJ
ajfa-1737	117	26	previous	previous	ADJ
ajfa-1737	117	27	research	research	NOUN
ajfa-1737	117	28	have	have	AUX
ajfa-1737	117	29	suggested	suggest	VERB
ajfa-1737	117	30	that	that	SCONJ
ajfa-1737	117	31	affect	affect	VERB
ajfa-1737	117	32	the	the	DET
ajfa-1737	117	33	firm	firm	ADJ
ajfa-1737	117	34	performance	performance	NOUN
ajfa-1737	117	35	were	be	AUX
ajfa-1737	117	36	also	also	ADV
ajfa-1737	117	37	included	include	VERB
ajfa-1737	117	38	in	in	ADP
ajfa-1737	117	39	the	the	DET
ajfa-1737	117	40	regression	regression	NOUN
ajfa-1737	117	41	model	model	NOUN
ajfa-1737	117	42	.	.	PUNCT
ajfa-1737	118	1	all	all	DET
ajfa-1737	118	2	variable	variable	ADJ
ajfa-1737	118	3	definitions	definition	NOUN
ajfa-1737	118	4	and	and	CCONJ
ajfa-1737	118	5	measurement	measurement	NOUN
ajfa-1737	118	6	are	be	AUX
ajfa-1737	118	7	given	give	VERB
ajfa-1737	118	8	in	in	ADP
ajfa-1737	118	9	table	table	NOUN
ajfa-1737	118	10	1	1	NUM
ajfa-1737	118	11	.	.	PUNCT
ajfa-1737	118	12	table	table	NOUN
ajfa-1737	118	13	1	1	NUM
ajfa-1737	118	14	.	.	PUNCT
ajfa-1737	119	1	variable	variable	ADJ
ajfa-1737	119	2	definitions	definition	NOUN
ajfa-1737	119	3	and	and	CCONJ
ajfa-1737	119	4	measurement	measurement	NOUN
ajfa-1737	119	5	variables	variable	NOUN
ajfa-1737	119	6	abbreviation	abbreviation	NOUN
ajfa-1737	119	7	measure	measure	NOUN
ajfa-1737	119	8	of	of	ADP
ajfa-1737	119	9	variables	variable	NOUN
ajfa-1737	119	10	tobinq	tobinq	ADJ
ajfa-1737	119	11	tobinq	tobinq	NOUN
ajfa-1737	119	12	the	the	DET
ajfa-1737	119	13	market	market	NOUN
ajfa-1737	119	14	value	value	NOUN
ajfa-1737	119	15	of	of	ADP
ajfa-1737	119	16	equity	equity	NOUN
ajfa-1737	119	17	plus	plus	CCONJ
ajfa-1737	119	18	the	the	DET
ajfa-1737	119	19	book	book	NOUN
ajfa-1737	119	20	value	value	NOUN
ajfa-1737	119	21	of	of	ADP
ajfa-1737	119	22	short	short	ADJ
ajfa-1737	119	23	-	-	PUNCT
ajfa-1737	119	24	term	term	NOUN
ajfa-1737	119	25	and	and	CCONJ
ajfa-1737	119	26	long	long	ADJ
ajfa-1737	119	27	-	-	PUNCT
ajfa-1737	119	28	term	term	NOUN
ajfa-1737	119	29	debt	debt	NOUN
ajfa-1737	119	30	divided	divide	VERB
ajfa-1737	119	31	by	by	ADP
ajfa-1737	119	32	total	total	ADJ
ajfa-1737	119	33	assets	asset	NOUN
ajfa-1737	119	34	outside	outside	ADP
ajfa-1737	119	35	directors	director	NOUN
ajfa-1737	119	36	perne	perne	VERB
ajfa-1737	119	37	number	number	NOUN
ajfa-1737	119	38	of	of	ADP
ajfa-1737	119	39	non	non	ADJ
ajfa-1737	119	40	-	-	ADJ
ajfa-1737	119	41	executive	executive	ADJ
ajfa-1737	119	42	directors	director	NOUN
ajfa-1737	119	43	divided	divide	VERB
ajfa-1737	119	44	by	by	ADP
ajfa-1737	119	45	the	the	DET
ajfa-1737	119	46	total	total	ADJ
ajfa-1737	119	47	number	number	NOUN
ajfa-1737	119	48	of	of	ADP
ajfa-1737	119	49	directors	director	NOUN
ajfa-1737	119	50	on	on	ADP
ajfa-1737	119	51	the	the	DET
ajfa-1737	119	52	board	board	NOUN
ajfa-1737	119	53	independent	independent	ADJ
ajfa-1737	119	54	directors	director	NOUN
ajfa-1737	119	55	(	(	PUNCT
ajfa-1737	119	56	non	non	X
ajfa-1737	119	57	affiliate	affiliate	NOUN
ajfa-1737	119	58	outside	outside	ADP
ajfa-1737	119	59	directors	director	NOUN
ajfa-1737	119	60	)	)	PUNCT
ajfa-1737	119	61	perind	perind	ADJ
ajfa-1737	119	62	number	number	NOUN
ajfa-1737	119	63	of	of	ADP
ajfa-1737	119	64	independent	independent	ADJ
ajfa-1737	119	65	directors	director	NOUN
ajfa-1737	119	66	divided	divide	VERB
ajfa-1737	119	67	by	by	ADP
ajfa-1737	119	68	the	the	DET
ajfa-1737	119	69	total	total	ADJ
ajfa-1737	119	70	number	number	NOUN
ajfa-1737	119	71	of	of	ADP
ajfa-1737	119	72	directors	director	NOUN
ajfa-1737	119	73	on	on	ADP
ajfa-1737	119	74	the	the	DET
ajfa-1737	119	75	board	board	NOUN
ajfa-1737	119	76	grey	grey	PROPN
ajfa-1737	119	77	director	director	NOUN
ajfa-1737	119	78	(	(	PUNCT
ajfa-1737	119	79	affiliate	affiliate	NOUN
ajfa-1737	119	80	outside	outside	ADP
ajfa-1737	119	81	directors	director	NOUN
ajfa-1737	119	82	)	)	PUNCT
ajfa-1737	119	83	pergr	pergr	NOUN
ajfa-1737	119	84	number	number	NOUN
ajfa-1737	119	85	of	of	ADP
ajfa-1737	119	86	non	non	ADJ
ajfa-1737	119	87	-	-	ADJ
ajfa-1737	119	88	executive	executive	ADJ
ajfa-1737	119	89	non	non	ADJ
ajfa-1737	119	90	-	-	ADJ
ajfa-1737	119	91	independent	independent	ADJ
ajfa-1737	119	92	directors	director	NOUN
ajfa-1737	119	93	divided	divide	VERB
ajfa-1737	119	94	by	by	ADP
ajfa-1737	119	95	the	the	DET
ajfa-1737	119	96	total	total	ADJ
ajfa-1737	119	97	number	number	NOUN
ajfa-1737	119	98	of	of	ADP
ajfa-1737	119	99	directors	director	NOUN
ajfa-1737	119	100	on	on	ADP
ajfa-1737	119	101	the	the	DET
ajfa-1737	119	102	board	board	NOUN
ajfa-1737	119	103	firm	firm	ADJ
ajfa-1737	119	104	age	age	NOUN
ajfa-1737	119	105	fage	fage	PROPN
ajfa-1737	119	106	natural	natural	ADJ
ajfa-1737	119	107	logarithm	logarithm	NOUN
ajfa-1737	119	108	of	of	ADP
ajfa-1737	119	109	the	the	DET
ajfa-1737	119	110	number	number	NOUN
ajfa-1737	119	111	of	of	ADP
ajfa-1737	119	112	years	year	NOUN
ajfa-1737	119	113	since	since	SCONJ
ajfa-1737	119	114	the	the	DET
ajfa-1737	119	115	establishment	establishment	NOUN
ajfa-1737	119	116	of	of	ADP
ajfa-1737	119	117	a	a	DET
ajfa-1737	119	118	firm	firm	NOUN
ajfa-1737	119	119	to	to	ADP
ajfa-1737	119	120	year	year	NOUN
ajfa-1737	119	121	2009	2009	NUM
ajfa-1737	119	122	firm	firm	ADJ
ajfa-1737	119	123	size	size	NOUN
ajfa-1737	119	124	fsize	fsize	VERB
ajfa-1737	119	125	natural	natural	ADJ
ajfa-1737	119	126	logarithm	logarithm	NOUN
ajfa-1737	119	127	of	of	ADP
ajfa-1737	119	128	total	total	ADJ
ajfa-1737	119	129	assets	asset	NOUN
ajfa-1737	119	130	firm	firm	NOUN
ajfa-1737	119	131	leverage	leverage	NOUN
ajfa-1737	119	132	lev	lev	NOUN
ajfa-1737	119	133	ratio	ratio	NOUN
ajfa-1737	119	134	of	of	ADP
ajfa-1737	119	135	long	long	ADJ
ajfa-1737	119	136	term	term	NOUN
ajfa-1737	119	137	debt	debt	NOUN
ajfa-1737	119	138	to	to	ADP
ajfa-1737	119	139	the	the	DET
ajfa-1737	119	140	total	total	ADJ
ajfa-1737	119	141	assets	asset	NOUN
ajfa-1737	119	142	previous	previous	ADJ
ajfa-1737	119	143	year	year	NOUN
ajfa-1737	119	144	firm	firm	NOUN
ajfa-1737	119	145	profitability	profitability	NOUN
ajfa-1737	119	146	lagroa	lagroa	NOUN
ajfa-1737	119	147	measured	measure	VERB
ajfa-1737	119	148	as	as	ADP
ajfa-1737	119	149	net	net	ADJ
ajfa-1737	119	150	profit	profit	NOUN
ajfa-1737	119	151	to	to	ADP
ajfa-1737	119	152	the	the	DET
ajfa-1737	119	153	total	total	ADJ
ajfa-1737	119	154	asset	asset	NOUN
ajfa-1737	119	155	insider	insider	NOUN
ajfa-1737	119	156	ownership	ownership	NOUN
ajfa-1737	119	157	insown	insown	NOUN
ajfa-1737	119	158	percentage	percentage	NOUN
ajfa-1737	119	159	of	of	ADP
ajfa-1737	119	160	promoter	promoter	NOUN
ajfa-1737	119	161	or	or	CCONJ
ajfa-1737	119	162	promoter	promoter	NOUN
ajfa-1737	119	163	group	group	NOUN
ajfa-1737	119	164	ownership	ownership	NOUN
ajfa-1737	119	165	in	in	ADP
ajfa-1737	119	166	firm	firm	ADJ
ajfa-1737	119	167	board	board	NOUN
ajfa-1737	119	168	size	size	NOUN
ajfa-1737	119	169	bsize	bsize	VERB
ajfa-1737	119	170	total	total	ADJ
ajfa-1737	119	171	number	number	NOUN
ajfa-1737	119	172	of	of	ADP
ajfa-1737	119	173	directors	director	NOUN
ajfa-1737	119	174	on	on	ADP
ajfa-1737	119	175	the	the	DET
ajfa-1737	119	176	board	board	NOUN
ajfa-1737	119	177	of	of	ADP
ajfa-1737	119	178	company	company	NOUN
ajfa-1737	119	179	board	board	NOUN
ajfa-1737	119	180	leadership	leadership	NOUN
ajfa-1737	119	181	nedchair	nedchair	NOUN
ajfa-1737	119	182	a	a	DET
ajfa-1737	119	183	dummy	dummy	ADJ
ajfa-1737	119	184	variable	variable	NOUN
ajfa-1737	119	185	,	,	PUNCT
ajfa-1737	119	186	which	which	PRON
ajfa-1737	119	187	takes	take	VERB
ajfa-1737	119	188	a	a	DET
ajfa-1737	119	189	value	value	NOUN
ajfa-1737	119	190	of	of	ADP
ajfa-1737	119	191	1	1	NUM
ajfa-1737	119	192	if	if	SCONJ
ajfa-1737	119	193	the	the	DET
ajfa-1737	119	194	chairman	chairman	NOUN
ajfa-1737	119	195	is	be	AUX
ajfa-1737	119	196	non	non	ADJ
ajfa-1737	119	197	-	-	ADJ
ajfa-1737	119	198	promoter	promoter	ADJ
ajfa-1737	119	199	non	non	ADJ
ajfa-1737	119	200	-	-	ADJ
ajfa-1737	119	201	executive	executive	ADJ
ajfa-1737	119	202	director	director	NOUN
ajfa-1737	119	203	,	,	PUNCT
ajfa-1737	119	204	else	else	ADV
ajfa-1737	119	205	0	0	NUM
ajfa-1737	119	206	empirical	empirical	ADJ
ajfa-1737	119	207	analysis	analysis	NOUN
ajfa-1737	119	208	the	the	DET
ajfa-1737	119	209	main	main	ADJ
ajfa-1737	119	210	aim	aim	NOUN
ajfa-1737	119	211	of	of	ADP
ajfa-1737	119	212	research	research	NOUN
ajfa-1737	119	213	is	be	AUX
ajfa-1737	119	214	to	to	PART
ajfa-1737	119	215	validate	validate	VERB
ajfa-1737	119	216	first	first	ADJ
ajfa-1737	119	217	hypothesis	hypothesis	NOUN
ajfa-1737	119	218	that	that	SCONJ
ajfa-1737	119	219	the	the	DET
ajfa-1737	119	220	proportion	proportion	NOUN
ajfa-1737	119	221	of	of	ADP
ajfa-1737	119	222	outside	outside	ADJ
ajfa-1737	119	223	directors	director	NOUN
ajfa-1737	119	224	(	(	PUNCT
ajfa-1737	119	225	also	also	ADV
ajfa-1737	119	226	independent	independent	ADJ
ajfa-1737	119	227	and	and	CCONJ
ajfa-1737	119	228	grey	grey	ADJ
ajfa-1737	119	229	)	)	PUNCT
ajfa-1737	119	230	is	be	AUX
ajfa-1737	119	231	positively	positively	ADV
ajfa-1737	119	232	related	relate	VERB
ajfa-1737	119	233	to	to	ADP
ajfa-1737	119	234	firm	firm	ADJ
ajfa-1737	119	235	performance	performance	NOUN
ajfa-1737	119	236	.	.	PUNCT
ajfa-1737	120	1	we	we	PRON
ajfa-1737	120	2	adopted	adopt	VERB
ajfa-1737	120	3	ordinary	ordinary	ADJ
ajfa-1737	120	4	least	least	ADJ
ajfa-1737	120	5	squares	square	NOUN
ajfa-1737	120	6	(	(	PUNCT
ajfa-1737	120	7	ols	ol	NOUN
ajfa-1737	120	8	)	)	PUNCT
ajfa-1737	120	9	regression	regression	NOUN
ajfa-1737	120	10	to	to	PART
ajfa-1737	120	11	test	test	VERB
ajfa-1737	120	12	this	this	DET
ajfa-1737	120	13	hypothesis	hypothesis	NOUN
ajfa-1737	120	14	.	.	PUNCT
ajfa-1737	121	1	subsequent	subsequent	ADJ
ajfa-1737	121	2	hypothesis	hypothesis	NOUN
ajfa-1737	121	3	asian	asian	PROPN
ajfa-1737	121	4	journal	journal	NOUN
ajfa-1737	121	5	of	of	ADP
ajfa-1737	121	6	finance	finance	PROPN
ajfa-1737	121	7	&	&	CCONJ
ajfa-1737	121	8	accounting	accounting	PROPN
ajfa-1737	121	9	issn	issn	PROPN
ajfa-1737	121	10	1946	1946	NUM
ajfa-1737	121	11	-	-	PUNCT
ajfa-1737	121	12	052x	052x	NOUN
ajfa-1737	121	13	2012	2012	NUM
ajfa-1737	121	14	,	,	PUNCT
ajfa-1737	121	15	vol	vol	NOUN
ajfa-1737	121	16	.	.	PROPN
ajfa-1737	121	17	4	4	NUM
ajfa-1737	121	18	,	,	PUNCT
ajfa-1737	121	19	no	no	INTJ
ajfa-1737	121	20	.	.	NOUN
ajfa-1737	121	21	2	2	NUM
ajfa-1737	121	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1737	121	23	46	46	NUM
ajfa-1737	121	24	required	require	VERB
ajfa-1737	121	25	moderating	moderate	VERB
ajfa-1737	121	26	effect	effect	NOUN
ajfa-1737	121	27	of	of	ADP
ajfa-1737	121	28	insider	insider	NOUN
ajfa-1737	121	29	ownership	ownership	NOUN
ajfa-1737	121	30	on	on	ADP
ajfa-1737	121	31	outside	outside	ADJ
ajfa-1737	121	32	directors	director	NOUN
ajfa-1737	121	33	,	,	PUNCT
ajfa-1737	121	34	and	and	CCONJ
ajfa-1737	121	35	for	for	ADP
ajfa-1737	121	36	that	that	DET
ajfa-1737	121	37	purpose	purpose	NOUN
ajfa-1737	121	38	moderated	moderate	VERB
ajfa-1737	121	39	regression	regression	NOUN
ajfa-1737	121	40	was	be	AUX
ajfa-1737	121	41	adopted.for	adopted.for	ADP
ajfa-1737	121	42	insider	insider	NOUN
ajfa-1737	121	43	ownership	ownership	NOUN
ajfa-1737	121	44	,	,	PUNCT
ajfa-1737	121	45	piecewise	piecewise	NOUN
ajfa-1737	121	46	moderated	moderate	VERB
ajfa-1737	121	47	regression	regression	NOUN
ajfa-1737	121	48	analysis	analysis	NOUN
ajfa-1737	121	49	was	be	AUX
ajfa-1737	121	50	performed	perform	VERB
ajfa-1737	121	51	on	on	ADP
ajfa-1737	121	52	outside	outside	ADJ
ajfa-1737	121	53	directors	director	NOUN
ajfa-1737	121	54	,	,	PUNCT
ajfa-1737	121	55	separately	separately	ADV
ajfa-1737	121	56	for	for	ADP
ajfa-1737	121	57	both	both	CCONJ
ajfa-1737	121	58	independent	independent	ADJ
ajfa-1737	121	59	and	and	CCONJ
ajfa-1737	121	60	gray	gray	ADJ
ajfa-1737	121	61	directors	director	NOUN
ajfa-1737	121	62	,	,	PUNCT
ajfa-1737	121	63	for	for	ADP
ajfa-1737	121	64	the	the	DET
ajfa-1737	121	65	insider	insider	NOUN
ajfa-1737	121	66	ownership	ownership	NOUN
ajfa-1737	121	67	level	level	NOUN
ajfa-1737	121	68	up	up	ADP
ajfa-1737	121	69	to	to	PART
ajfa-1737	121	70	fifty	fifty	NUM
ajfa-1737	121	71	percent	percent	NOUN
ajfa-1737	121	72	and	and	CCONJ
ajfa-1737	121	73	above	above	ADP
ajfa-1737	121	74	fifty	fifty	NUM
ajfa-1737	121	75	percent	percent	NOUN
ajfa-1737	121	76	.	.	PUNCT
ajfa-1737	122	1	aim	aim	NOUN
ajfa-1737	122	2	of	of	ADP
ajfa-1737	122	3	this	this	DET
ajfa-1737	122	4	type	type	NOUN
ajfa-1737	122	5	of	of	ADP
ajfa-1737	122	6	analysis	analysis	NOUN
ajfa-1737	122	7	was	be	AUX
ajfa-1737	122	8	to	to	PART
ajfa-1737	122	9	figure	figure	VERB
ajfa-1737	122	10	out	out	ADP
ajfa-1737	122	11	,	,	PUNCT
ajfa-1737	122	12	how	how	SCONJ
ajfa-1737	122	13	does	do	AUX
ajfa-1737	122	14	high	high	ADJ
ajfa-1737	122	15	ownership	ownership	NOUN
ajfa-1737	122	16	and	and	CCONJ
ajfa-1737	122	17	absolute	absolute	ADJ
ajfa-1737	122	18	control	control	NOUN
ajfa-1737	122	19	(	(	PUNCT
ajfa-1737	122	20	above	above	ADP
ajfa-1737	122	21	50	50	NUM
ajfa-1737	122	22	percent	percent	NOUN
ajfa-1737	122	23	)	)	PUNCT
ajfa-1737	122	24	to	to	ADP
ajfa-1737	122	25	promoters	promoter	NOUN
ajfa-1737	122	26	influences	influence	VERB
ajfa-1737	122	27	outside	outside	ADP
ajfa-1737	122	28	directors	director	NOUN
ajfa-1737	122	29	performance	performance	NOUN
ajfa-1737	122	30	in	in	ADP
ajfa-1737	122	31	relation	relation	NOUN
ajfa-1737	122	32	to	to	ADP
ajfa-1737	122	33	firm	firm	ADJ
ajfa-1737	122	34	value	value	NOUN
ajfa-1737	122	35	.	.	PUNCT
ajfa-1737	123	1	5	5	X
ajfa-1737	123	2	.	.	X
ajfa-1737	123	3	results	result	NOUN
ajfa-1737	123	4	and	and	CCONJ
ajfa-1737	123	5	discussions	discussion	NOUN
ajfa-1737	123	6	the	the	DET
ajfa-1737	123	7	descriptive	descriptive	ADJ
ajfa-1737	123	8	statistics	statistic	NOUN
ajfa-1737	123	9	of	of	ADP
ajfa-1737	123	10	the	the	DET
ajfa-1737	123	11	sample	sample	NOUN
ajfa-1737	123	12	companies	company	NOUN
ajfa-1737	123	13	are	be	AUX
ajfa-1737	123	14	presented	present	VERB
ajfa-1737	123	15	in	in	ADP
ajfa-1737	123	16	table	table	NOUN
ajfa-1737	123	17	2	2	NUM
ajfa-1737	123	18	.	.	PUNCT
ajfa-1737	124	1	the	the	DET
ajfa-1737	124	2	average	average	ADJ
ajfa-1737	124	3	percentage	percentage	NOUN
ajfa-1737	124	4	of	of	ADP
ajfa-1737	124	5	outside	outside	ADJ
ajfa-1737	124	6	directors	director	NOUN
ajfa-1737	124	7	(	(	PUNCT
ajfa-1737	124	8	perne	perne	NOUN
ajfa-1737	124	9	)	)	PUNCT
ajfa-1737	124	10	is	be	AUX
ajfa-1737	124	11	70.9	70.9	NUM
ajfa-1737	124	12	,	,	PUNCT
ajfa-1737	124	13	and	and	CCONJ
ajfa-1737	124	14	that	that	PRON
ajfa-1737	124	15	of	of	ADP
ajfa-1737	124	16	independent	independent	ADJ
ajfa-1737	124	17	directors	director	NOUN
ajfa-1737	124	18	(	(	PUNCT
ajfa-1737	124	19	perind	perind	NOUN
ajfa-1737	124	20	)	)	PUNCT
ajfa-1737	124	21	on	on	ADP
ajfa-1737	124	22	the	the	DET
ajfa-1737	124	23	board	board	NOUN
ajfa-1737	124	24	of	of	ADP
ajfa-1737	124	25	companies	company	NOUN
ajfa-1737	124	26	is	be	AUX
ajfa-1737	124	27	50.4	50.4	NUM
ajfa-1737	124	28	percent	percent	NOUN
ajfa-1737	124	29	.	.	PUNCT
ajfa-1737	125	1	this	this	PRON
ajfa-1737	125	2	clearly	clearly	ADV
ajfa-1737	125	3	reflects	reflect	VERB
ajfa-1737	125	4	that	that	SCONJ
ajfa-1737	125	5	the	the	DET
ajfa-1737	125	6	most	most	ADJ
ajfa-1737	125	7	of	of	ADP
ajfa-1737	125	8	boards	board	NOUN
ajfa-1737	125	9	of	of	ADP
ajfa-1737	125	10	companies	company	NOUN
ajfa-1737	125	11	are	be	AUX
ajfa-1737	125	12	comprised	comprise	VERB
ajfa-1737	125	13	of	of	ADP
ajfa-1737	125	14	a	a	DET
ajfa-1737	125	15	majority	majority	NOUN
ajfa-1737	125	16	of	of	ADP
ajfa-1737	125	17	independent	independent	ADJ
ajfa-1737	125	18	and	and	CCONJ
ajfa-1737	125	19	non	non	ADJ
ajfa-1737	125	20	-	-	ADJ
ajfa-1737	125	21	executive	executive	ADJ
ajfa-1737	125	22	directors	director	NOUN
ajfa-1737	125	23	.	.	PUNCT
ajfa-1737	126	1	the	the	DET
ajfa-1737	126	2	promoter	promoter	NOUN
ajfa-1737	126	3	ownership	ownership	NOUN
ajfa-1737	126	4	ranges	range	VERB
ajfa-1737	126	5	from	from	ADP
ajfa-1737	126	6	zero	zero	NUM
ajfa-1737	126	7	to	to	ADP
ajfa-1737	126	8	100	100	NUM
ajfa-1737	126	9	percent	percent	NOUN
ajfa-1737	126	10	with	with	ADP
ajfa-1737	126	11	a	a	DET
ajfa-1737	126	12	mean	mean	NOUN
ajfa-1737	126	13	of	of	ADP
ajfa-1737	126	14	54.5	54.5	NUM
ajfa-1737	126	15	percent	percent	NOUN
ajfa-1737	126	16	.	.	PUNCT
ajfa-1737	127	1	table	table	NOUN
ajfa-1737	127	2	2	2	NUM
ajfa-1737	127	3	.	.	PUNCT
ajfa-1737	127	4	descriptive	descriptive	ADJ
ajfa-1737	127	5	statistics	statistic	NOUN
ajfa-1737	127	6	of	of	ADP
ajfa-1737	127	7	variables	variable	NOUN
ajfa-1737	127	8	variables	variable	NOUN
ajfa-1737	127	9	n	n	PRON
ajfa-1737	127	10	minimum	minimum	ADJ
ajfa-1737	127	11	maximum	maximum	ADJ
ajfa-1737	127	12	mean	mean	ADJ
ajfa-1737	127	13	std	std	NOUN
ajfa-1737	127	14	.	.	PUNCT
ajfa-1737	128	1	deviation	deviation	NOUN
ajfa-1737	128	2	tobinq	tobinq	NOUN
ajfa-1737	128	3	157	157	NUM
ajfa-1737	128	4	0	0	NUM
ajfa-1737	128	5	4.19	4.19	NUM
ajfa-1737	128	6	1.284	1.284	NUM
ajfa-1737	128	7	0.825	0.825	NUM
ajfa-1737	128	8	fage	fage	NOUN
ajfa-1737	128	9	157	157	NUM
ajfa-1737	128	10	0.693	0.693	NUM
ajfa-1737	128	11	4.868	4.868	NUM
ajfa-1737	128	12	3.314	3.314	NUM
ajfa-1737	128	13	0.75	0.75	NUM
ajfa-1737	128	14	fsize	fsize	NOUN
ajfa-1737	129	1	157	157	NUM
ajfa-1737	129	2	9.08	9.08	NUM
ajfa-1737	129	3	14.715	14.715	NUM
ajfa-1737	129	4	11.147	11.147	NUM
ajfa-1737	129	5	1.121	1.121	NUM
ajfa-1737	129	6	lev	lev	NOUN
ajfa-1737	129	7	157	157	NUM
ajfa-1737	129	8	0	0	NUM
ajfa-1737	129	9	67.96	67.96	NUM
ajfa-1737	129	10	24.25	24.25	NUM
ajfa-1737	129	11	19.095	19.095	NUM
ajfa-1737	129	12	lagroa	lagroa	NOUN
ajfa-1737	129	13	157	157	NUM
ajfa-1737	129	14	-3.99	-3.99	NUM
ajfa-1737	129	15	70.96	70.96	NUM
ajfa-1737	129	16	12.171	12.171	NUM
ajfa-1737	129	17	9.989	9.989	NUM
ajfa-1737	129	18	insown	insown	NOUN
ajfa-1737	129	19	157	157	NUM
ajfa-1737	129	20	0	0	NUM
ajfa-1737	129	21	1	1	NUM
ajfa-1737	129	22	0.545	0.545	NUM
ajfa-1737	129	23	0.197	0.197	NUM
ajfa-1737	129	24	bsize	bsize	VERB
ajfa-1737	129	25	157	157	NUM
ajfa-1737	129	26	5	5	NUM
ajfa-1737	129	27	20	20	NUM
ajfa-1737	129	28	10.924	10.924	NUM
ajfa-1737	129	29	3.079	3.079	NUM
ajfa-1737	129	30	nedchair	nedchair	NOUN
ajfa-1737	129	31	157	157	NUM
ajfa-1737	129	32	0	0	NUM
ajfa-1737	129	33	1	1	NUM
ajfa-1737	129	34	0.159	0.159	NUM
ajfa-1737	129	35	0.367	0.367	NUM
ajfa-1737	129	36	perne	perne	NOUN
ajfa-1737	129	37	157	157	NUM
ajfa-1737	129	38	0.444	0.444	NUM
ajfa-1737	129	39	1	1	NUM
ajfa-1737	129	40	0.709	0.709	NUM
ajfa-1737	129	41	0.132	0.132	NUM
ajfa-1737	129	42	perind	perind	NOUN
ajfa-1737	129	43	157	157	NUM
ajfa-1737	129	44	0.2	0.2	NUM
ajfa-1737	129	45	0.857	0.857	NUM
ajfa-1737	129	46	0.504	0.504	NUM
ajfa-1737	129	47	0.107	0.107	NUM
ajfa-1737	129	48	pergr	pergr	NOUN
ajfa-1737	129	49	157	157	NUM
ajfa-1737	129	50	0	0	NUM
ajfa-1737	129	51	0.625	0.625	NUM
ajfa-1737	129	52	0.205	0.205	NUM
ajfa-1737	129	53	0.146	0.146	NUM
ajfa-1737	129	54	table	table	NOUN
ajfa-1737	129	55	3	3	NUM
ajfa-1737	129	56	illustrates	illustrate	VERB
ajfa-1737	129	57	the	the	DET
ajfa-1737	129	58	correlations	correlation	NOUN
ajfa-1737	129	59	among	among	ADP
ajfa-1737	129	60	different	different	ADJ
ajfa-1737	129	61	explanatory	explanatory	ADJ
ajfa-1737	129	62	,	,	PUNCT
ajfa-1737	129	63	control	control	NOUN
ajfa-1737	129	64	and	and	CCONJ
ajfa-1737	129	65	dependent	dependent	ADJ
ajfa-1737	129	66	variables	variable	NOUN
ajfa-1737	129	67	that	that	PRON
ajfa-1737	129	68	have	have	AUX
ajfa-1737	129	69	used	use	VERB
ajfa-1737	129	70	in	in	ADP
ajfa-1737	129	71	the	the	DET
ajfa-1737	129	72	regression	regression	NOUN
ajfa-1737	129	73	analysis	analysis	NOUN
ajfa-1737	129	74	.	.	PUNCT
ajfa-1737	130	1	as	as	SCONJ
ajfa-1737	130	2	shown	show	VERB
ajfa-1737	130	3	in	in	ADP
ajfa-1737	130	4	table	table	NOUN
ajfa-1737	130	5	3	3	NUM
ajfa-1737	130	6	,	,	PUNCT
ajfa-1737	130	7	an	an	DET
ajfa-1737	130	8	interesting	interesting	ADJ
ajfa-1737	130	9	finding	finding	NOUN
ajfa-1737	130	10	from	from	ADP
ajfa-1737	130	11	the	the	DET
ajfa-1737	130	12	correlation	correlation	NOUN
ajfa-1737	130	13	matrix	matrix	NOUN
ajfa-1737	130	14	is	be	AUX
ajfa-1737	130	15	that	that	SCONJ
ajfa-1737	130	16	promoter	promoter	NOUN
ajfa-1737	130	17	ownership	ownership	NOUN
ajfa-1737	130	18	is	be	AUX
ajfa-1737	130	19	positively	positively	ADV
ajfa-1737	130	20	related	relate	VERB
ajfa-1737	130	21	to	to	ADP
ajfa-1737	130	22	firm	firm	ADJ
ajfa-1737	130	23	size	size	NOUN
ajfa-1737	130	24	,	,	PUNCT
ajfa-1737	130	25	contemplating	contemplate	VERB
ajfa-1737	130	26	the	the	DET
ajfa-1737	130	27	fact	fact	NOUN
ajfa-1737	130	28	that	that	SCONJ
ajfa-1737	130	29	most	most	ADJ
ajfa-1737	130	30	of	of	ADP
ajfa-1737	130	31	the	the	DET
ajfa-1737	130	32	large	large	ADJ
ajfa-1737	130	33	firms	firm	NOUN
ajfa-1737	130	34	in	in	ADP
ajfa-1737	130	35	india	india	PROPN
ajfa-1737	130	36	are	be	AUX
ajfa-1737	130	37	promoted	promote	VERB
ajfa-1737	130	38	dominated	dominate	VERB
ajfa-1737	130	39	and	and	CCONJ
ajfa-1737	130	40	belongs	belong	VERB
ajfa-1737	130	41	to	to	ADP
ajfa-1737	130	42	family	family	NOUN
ajfa-1737	130	43	managed	manage	VERB
ajfa-1737	130	44	group	group	NOUN
ajfa-1737	130	45	.	.	PUNCT
ajfa-1737	131	1	correlation	correlation	NOUN
ajfa-1737	131	2	matrix	matrix	NOUN
ajfa-1737	131	3	reflects	reflect	VERB
ajfa-1737	131	4	a	a	DET
ajfa-1737	131	5	significant	significant	ADJ
ajfa-1737	131	6	correlation	correlation	NOUN
ajfa-1737	131	7	between	between	ADP
ajfa-1737	131	8	an	an	DET
ajfa-1737	131	9	outside	outside	ADJ
ajfa-1737	131	10	director	director	NOUN
ajfa-1737	131	11	(	(	PUNCT
ajfa-1737	131	12	perne	perne	NOUN
ajfa-1737	131	13	)	)	PUNCT
ajfa-1737	131	14	,	,	PUNCT
ajfa-1737	131	15	gray	gray	ADJ
ajfa-1737	131	16	director	director	NOUN
ajfa-1737	131	17	(	(	PUNCT
ajfa-1737	131	18	pergr	pergr	NOUN
ajfa-1737	131	19	)	)	PUNCT
ajfa-1737	131	20	and	and	CCONJ
ajfa-1737	131	21	independent	independent	ADJ
ajfa-1737	131	22	director	director	NOUN
ajfa-1737	131	23	(	(	PUNCT
ajfa-1737	131	24	perind	perind	PROPN
ajfa-1737	131	25	)	)	PUNCT
ajfa-1737	131	26	.	.	PUNCT
ajfa-1737	132	1	high	high	ADJ
ajfa-1737	132	2	correlation	correlation	NOUN
ajfa-1737	132	3	is	be	AUX
ajfa-1737	132	4	quite	quite	ADV
ajfa-1737	132	5	evident	evident	ADJ
ajfa-1737	132	6	from	from	ADP
ajfa-1737	132	7	the	the	DET
ajfa-1737	132	8	fact	fact	NOUN
ajfa-1737	132	9	that	that	SCONJ
ajfa-1737	132	10	all	all	DET
ajfa-1737	132	11	these	these	PRON
ajfa-1737	132	12	are	be	AUX
ajfa-1737	132	13	endogenous	endogenous	ADJ
ajfa-1737	132	14	in	in	ADP
ajfa-1737	132	15	board	board	NOUN
ajfa-1737	132	16	composition	composition	NOUN
ajfa-1737	132	17	.	.	PUNCT
ajfa-1737	133	1	however	however	ADV
ajfa-1737	133	2	,	,	PUNCT
ajfa-1737	133	3	multicolinearity	multicolinearity	NOUN
ajfa-1737	133	4	is	be	AUX
ajfa-1737	133	5	within	within	ADP
ajfa-1737	133	6	permissible	permissible	ADJ
ajfa-1737	133	7	limit	limit	NOUN
ajfa-1737	133	8	(	(	PUNCT
ajfa-1737	133	9	0.709	0.709	NUM
ajfa-1737	133	10	)	)	PUNCT
ajfa-1737	133	11	and	and	CCONJ
ajfa-1737	133	12	further	far	ADV
ajfa-1737	133	13	,	,	PUNCT
ajfa-1737	133	14	as	as	SCONJ
ajfa-1737	133	15	we	we	PRON
ajfa-1737	133	16	entered	enter	VERB
ajfa-1737	133	17	all	all	DET
ajfa-1737	133	18	these	these	DET
ajfa-1737	133	19	categories	category	NOUN
ajfa-1737	133	20	of	of	ADP
ajfa-1737	133	21	outside	outside	ADJ
ajfa-1737	133	22	directors	director	NOUN
ajfa-1737	133	23	independently	independently	ADV
ajfa-1737	133	24	in	in	ADP
ajfa-1737	133	25	the	the	DET
ajfa-1737	133	26	regression	regression	NOUN
ajfa-1737	133	27	model	model	NOUN
ajfa-1737	133	28	,	,	PUNCT
ajfa-1737	133	29	multicollinearity	multicollinearity	NOUN
ajfa-1737	133	30	was	be	AUX
ajfa-1737	133	31	not	not	PART
ajfa-1737	133	32	an	an	DET
ajfa-1737	133	33	issue	issue	NOUN
ajfa-1737	133	34	.	.	PUNCT
ajfa-1737	134	1	the	the	DET
ajfa-1737	134	2	highest	high	ADJ
ajfa-1737	134	3	variance	variance	NOUN
ajfa-1737	134	4	inflation	inflation	NOUN
ajfa-1737	134	5	factor	factor	NOUN
ajfa-1737	134	6	(	(	PUNCT
ajfa-1737	134	7	vif	vif	NOUN
ajfa-1737	134	8	)	)	PUNCT
ajfa-1737	134	9	in	in	ADP
ajfa-1737	134	10	the	the	DET
ajfa-1737	134	11	regression	regression	NOUN
ajfa-1737	134	12	model	model	NOUN
ajfa-1737	134	13	(	(	PUNCT
ajfa-1737	134	14	without	without	ADP
ajfa-1737	134	15	interaction	interaction	NOUN
ajfa-1737	134	16	terms	term	NOUN
ajfa-1737	134	17	)	)	PUNCT
ajfa-1737	134	18	was	be	AUX
ajfa-1737	134	19	easily	easily	ADV
ajfa-1737	134	20	within	within	ADP
ajfa-1737	134	21	the	the	DET
ajfa-1737	134	22	limit	limit	NOUN
ajfa-1737	134	23	.	.	PUNCT
ajfa-1737	135	1	however	however	ADV
ajfa-1737	135	2	,	,	PUNCT
ajfa-1737	135	3	we	we	PRON
ajfa-1737	135	4	do	do	VERB
ajfa-1737	135	5	the	the	DET
ajfa-1737	135	6	faced	faced	ADJ
ajfa-1737	135	7	issue	issue	NOUN
ajfa-1737	135	8	of	of	ADP
ajfa-1737	135	9	multicollinearity	multicollinearity	NOUN
ajfa-1737	135	10	,	,	PUNCT
ajfa-1737	135	11	when	when	SCONJ
ajfa-1737	135	12	interaction	interaction	NOUN
ajfa-1737	135	13	terms	term	NOUN
ajfa-1737	135	14	for	for	ADP
ajfa-1737	135	15	testing	test	VERB
ajfa-1737	135	16	moderation	moderation	NOUN
ajfa-1737	135	17	effect	effect	NOUN
ajfa-1737	135	18	were	be	AUX
ajfa-1737	135	19	asian	asian	ADJ
ajfa-1737	135	20	journal	journal	NOUN
ajfa-1737	135	21	of	of	ADP
ajfa-1737	135	22	finance	finance	PROPN
ajfa-1737	135	23	&	&	CCONJ
ajfa-1737	135	24	accounting	accounting	PROPN
ajfa-1737	135	25	issn	issn	PROPN
ajfa-1737	135	26	1946	1946	NUM
ajfa-1737	135	27	-	-	PUNCT
ajfa-1737	135	28	052x	052x	NOUN
ajfa-1737	135	29	2012	2012	NUM
ajfa-1737	135	30	,	,	PUNCT
ajfa-1737	135	31	vol	vol	NOUN
ajfa-1737	135	32	.	.	PROPN
ajfa-1737	135	33	4	4	NUM
ajfa-1737	135	34	,	,	PUNCT
ajfa-1737	135	35	no	no	INTJ
ajfa-1737	135	36	.	.	NOUN
ajfa-1737	135	37	2	2	NUM
ajfa-1737	135	38	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1737	135	39	47	47	NUM
ajfa-1737	135	40	entered	enter	VERB
ajfa-1737	135	41	in	in	ADP
ajfa-1737	135	42	the	the	DET
ajfa-1737	135	43	regression	regression	NOUN
ajfa-1737	135	44	model	model	NOUN
ajfa-1737	135	45	.	.	PUNCT
ajfa-1737	136	1	therefore	therefore	ADV
ajfa-1737	136	2	,	,	PUNCT
ajfa-1737	136	3	in	in	ADP
ajfa-1737	136	4	order	order	NOUN
ajfa-1737	136	5	to	to	PART
ajfa-1737	136	6	remove	remove	VERB
ajfa-1737	136	7	multicollinearity	multicollinearity	NOUN
ajfa-1737	136	8	,	,	PUNCT
ajfa-1737	136	9	all	all	DET
ajfa-1737	136	10	the	the	DET
ajfa-1737	136	11	variables	variable	NOUN
ajfa-1737	136	12	whose	whose	DET
ajfa-1737	136	13	interaction	interaction	NOUN
ajfa-1737	136	14	effect	effect	NOUN
ajfa-1737	136	15	to	to	PART
ajfa-1737	136	16	be	be	AUX
ajfa-1737	136	17	analyzed	analyze	VERB
ajfa-1737	136	18	in	in	ADP
ajfa-1737	136	19	the	the	DET
ajfa-1737	136	20	regression	regression	NOUN
ajfa-1737	136	21	model	model	NOUN
ajfa-1737	136	22	were	be	AUX
ajfa-1737	136	23	mean	mean	NOUN
ajfa-1737	136	24	centered	center	VERB
ajfa-1737	136	25	.	.	PUNCT
ajfa-1737	137	1	thereafter	thereafter	ADV
ajfa-1737	137	2	,	,	PUNCT
ajfa-1737	137	3	multicollinearity	multicollinearity	NOUN
ajfa-1737	137	4	was	be	AUX
ajfa-1737	137	5	not	not	PART
ajfa-1737	137	6	a	a	DET
ajfa-1737	137	7	significant	significant	ADJ
ajfa-1737	137	8	issue	issue	NOUN
ajfa-1737	137	9	in	in	ADP
ajfa-1737	137	10	the	the	DET
ajfa-1737	137	11	regression	regression	NOUN
ajfa-1737	137	12	analyses	analysis	NOUN
ajfa-1737	137	13	,	,	PUNCT
ajfa-1737	137	14	as	as	SCONJ
ajfa-1737	137	15	none	none	NOUN
ajfa-1737	137	16	of	of	ADP
ajfa-1737	137	17	vif	vif	NOUN
ajfa-1737	137	18	approached	approach	VERB
ajfa-1737	137	19	the	the	DET
ajfa-1737	137	20	critical	critical	ADJ
ajfa-1737	137	21	value	value	NOUN
ajfa-1737	137	22	of	of	ADP
ajfa-1737	137	23	10	10	NUM
ajfa-1737	137	24	.	.	PUNCT
ajfa-1737	138	1	other	other	ADJ
ajfa-1737	138	2	criteria	criterion	NOUN
ajfa-1737	138	3	for	for	ADP
ajfa-1737	138	4	checking	check	VERB
ajfa-1737	138	5	the	the	DET
ajfa-1737	138	6	multicollinearity	multicollinearity	NOUN
ajfa-1737	138	7	is	be	AUX
ajfa-1737	138	8	condition	condition	NOUN
ajfa-1737	138	9	index	index	NOUN
ajfa-1737	138	10	,	,	PUNCT
ajfa-1737	138	11	which	which	PRON
ajfa-1737	138	12	in	in	ADP
ajfa-1737	138	13	all	all	DET
ajfa-1737	138	14	regression	regression	NOUN
ajfa-1737	138	15	models	model	NOUN
ajfa-1737	138	16	was	be	AUX
ajfa-1737	138	17	always	always	ADV
ajfa-1737	138	18	with	with	ADP
ajfa-1737	138	19	the	the	DET
ajfa-1737	138	20	maximum	maximum	ADJ
ajfa-1737	138	21	permissible	permissible	ADJ
ajfa-1737	138	22	limit	limit	NOUN
ajfa-1737	138	23	of	of	ADP
ajfa-1737	138	24	50	50	NUM
ajfa-1737	138	25	,	,	PUNCT
ajfa-1737	138	26	for	for	ADP
ajfa-1737	138	27	the	the	DET
ajfa-1737	138	28	social	social	ADJ
ajfa-1737	138	29	science	science	NOUN
ajfa-1737	138	30	research	research	NOUN
ajfa-1737	138	31	.	.	PUNCT
ajfa-1737	139	1	table	table	NOUN
ajfa-1737	139	2	3	3	NUM
ajfa-1737	139	3	.	.	PUNCT
ajfa-1737	139	4	pearson	pearson	PROPN
ajfa-1737	139	5	correlation	correlation	NOUN
ajfa-1737	139	6	matrix	matrix	NOUN
ajfa-1737	139	7	between	between	ADP
ajfa-1737	139	8	variables	variable	NOUN
ajfa-1737	139	9	tobinq	tobinq	PROPN
ajfa-1737	139	10	perne	perne	VERB
ajfa-1737	139	11	perind	perind	PROPN
ajfa-1737	139	12	pergr	pergr	NOUN
ajfa-1737	139	13	bsize	bsize	VERB
ajfa-1737	139	14	nedchair	nedchair	NOUN
ajfa-1737	139	15	fage	fage	PROPN
ajfa-1737	139	16	fsize	fsize	NOUN
ajfa-1737	139	17	lev	lev	PROPN
ajfa-1737	139	18	lagroa	lagroa	NOUN
ajfa-1737	139	19	perne	perne	NOUN
ajfa-1737	139	20	-.085	-.085	NOUN
ajfa-1737	139	21	perind	perind	PROPN
ajfa-1737	139	22	-.023	-.023	PROPN
ajfa-1737	139	23	.265	.265	NUM
ajfa-1737	139	24	*	*	PUNCT
ajfa-1737	139	25	*	*	PUNCT
ajfa-1737	139	26	pergr	pergr	NOUN
ajfa-1737	139	27	-.060	-.060	NOUN
ajfa-1737	139	28	.709	.709	NOUN
ajfa-1737	139	29	*	*	PUNCT
ajfa-1737	139	30	*	*	PUNCT
ajfa-1737	139	31	-.493	-.493	PROPN
ajfa-1737	139	32	*	*	PUNCT
ajfa-1737	139	33	*	*	PUNCT
ajfa-1737	139	34	bsize	bsize	NOUN
ajfa-1737	139	35	-.072	-.072	NOUN
ajfa-1737	139	36	-.136	-.136	PROPN
ajfa-1737	139	37	-.195	-.195	PROPN
ajfa-1737	139	38	*	*	PROPN
ajfa-1737	139	39	.020	.020	NUM
ajfa-1737	139	40	nedchair	nedchair	NOUN
ajfa-1737	139	41	.135	.135	NUM
ajfa-1737	139	42	.090	.090	NUM
ajfa-1737	139	43	-.179	-.179	NOUN
ajfa-1737	139	44	*	*	NOUN
ajfa-1737	139	45	.212	.212	NUM
ajfa-1737	139	46	*	*	ADJ
ajfa-1737	139	47	*	*	ADJ
ajfa-1737	139	48	-.097	-.097	ADJ
ajfa-1737	139	49	fage	fage	NOUN
ajfa-1737	139	50	-.154	-.154	VERB
ajfa-1737	139	51	-.169	-.169	ADJ
ajfa-1737	139	52	*	*	PUNCT
ajfa-1737	139	53	-.120	-.120	ADJ
ajfa-1737	139	54	-.065	-.065	NOUN
ajfa-1737	139	55	.125	.125	NUM
ajfa-1737	139	56	-.035	-.035	PROPN
ajfa-1737	139	57	fsize	fsize	NOUN
ajfa-1737	139	58	-.235	-.235	NOUN
ajfa-1737	139	59	*	*	PUNCT
ajfa-1737	139	60	*	*	PUNCT
ajfa-1737	139	61	-.149	-.149	INTJ
ajfa-1737	139	62	-.022	-.022	VERB
ajfa-1737	139	63	-.118	-.118	NOUN
ajfa-1737	139	64	.309	.309	NUM
ajfa-1737	140	1	*	*	PUNCT
ajfa-1737	140	2	*	*	PUNCT
ajfa-1737	140	3	-.194	-.194	PROPN
ajfa-1737	140	4	*	*	NOUN
ajfa-1737	140	5	.178	.178	NUM
ajfa-1737	140	6	*	*	PUNCT
ajfa-1737	140	7	lev	lev	PROPN
ajfa-1737	140	8	-.311	-.311	PROPN
ajfa-1737	140	9	*	*	PROPN
ajfa-1737	140	10	*	*	PROPN
ajfa-1737	140	11	-.106	-.106	NOUN
ajfa-1737	140	12	.118	.118	NUM
ajfa-1737	141	1	-.181	-.181	NOUN
ajfa-1737	141	2	*	*	PUNCT
ajfa-1737	141	3	-.004	-.004	NOUN
ajfa-1737	141	4	-.057	-.057	NOUN
ajfa-1737	141	5	-.053	-.053	ADJ
ajfa-1737	141	6	.102	.102	NUM
ajfa-1737	141	7	lagroa	lagroa	NOUN
ajfa-1737	141	8	.365	.365	NUM
ajfa-1737	141	9	*	*	PUNCT
ajfa-1737	141	10	*	*	PUNCT
ajfa-1737	142	1	-.097	-.097	ADJ
ajfa-1737	142	2	-.021	-.021	ADJ
ajfa-1737	143	1	-.071	-.071	ADJ
ajfa-1737	143	2	-.062	-.062	PROPN
ajfa-1737	143	3	.024	.024	NUM
ajfa-1737	143	4	.044	.044	NUM
ajfa-1737	144	1	-.098	-.098	PROPN
ajfa-1737	144	2	-.360	-.360	PROPN
ajfa-1737	144	3	*	*	PUNCT
ajfa-1737	144	4	*	*	PUNCT
ajfa-1737	144	5	insown	insown	NOUN
ajfa-1737	144	6	.140	.140	NUM
ajfa-1737	144	7	-.046	-.046	NOUN
ajfa-1737	144	8	-.052	-.052	NOUN
ajfa-1737	145	1	-.004	-.004	NOUN
ajfa-1737	145	2	-.016	-.016	PROPN
ajfa-1737	145	3	-.038	-.038	PROPN
ajfa-1737	145	4	-.042	-.042	PROPN
ajfa-1737	145	5	.205	.205	NUM
ajfa-1737	145	6	*	*	PUNCT
ajfa-1737	145	7	*	*	PUNCT
ajfa-1737	145	8	-.213	-.213	PROPN
ajfa-1737	145	9	*	*	NOUN
ajfa-1737	145	10	*	*	NOUN
ajfa-1737	145	11	.053	.053	NUM
ajfa-1737	146	1	*	*	PUNCT
ajfa-1737	146	2	*	*	PUNCT
ajfa-1737	146	3	correlation	correlation	NOUN
ajfa-1737	146	4	is	be	AUX
ajfa-1737	146	5	significant	significant	ADJ
ajfa-1737	146	6	at	at	ADP
ajfa-1737	146	7	the	the	DET
ajfa-1737	146	8	0.01	0.01	NUM
ajfa-1737	146	9	level	level	NOUN
ajfa-1737	146	10	,	,	PUNCT
ajfa-1737	146	11	*	*	PUNCT
ajfa-1737	146	12	correlation	correlation	NOUN
ajfa-1737	146	13	is	be	AUX
ajfa-1737	146	14	significant	significant	ADJ
ajfa-1737	146	15	at	at	ADP
ajfa-1737	146	16	the	the	DET
ajfa-1737	146	17	0.05	0.05	NUM
ajfa-1737	146	18	level	level	NOUN
ajfa-1737	146	19	the	the	DET
ajfa-1737	146	20	regression	regression	NOUN
ajfa-1737	146	21	results	result	NOUN
ajfa-1737	146	22	are	be	AUX
ajfa-1737	146	23	presented	present	VERB
ajfa-1737	146	24	in	in	ADP
ajfa-1737	146	25	table	table	NOUN
ajfa-1737	146	26	4	4	NUM
ajfa-1737	146	27	and	and	CCONJ
ajfa-1737	146	28	5	5	NUM
ajfa-1737	146	29	.	.	PUNCT
ajfa-1737	147	1	the	the	DET
ajfa-1737	147	2	results	result	NOUN
ajfa-1737	147	3	are	be	AUX
ajfa-1737	147	4	robust	robust	ADJ
ajfa-1737	147	5	to	to	ADP
ajfa-1737	147	6	the	the	DET
ajfa-1737	147	7	effect	effect	NOUN
ajfa-1737	147	8	of	of	ADP
ajfa-1737	147	9	multi	multi	NOUN
ajfa-1737	147	10	-	-	NOUN
ajfa-1737	147	11	collinearity	collinearity	NOUN
ajfa-1737	147	12	,	,	PUNCT
ajfa-1737	147	13	outliers	outlier	NOUN
ajfa-1737	147	14	and	and	CCONJ
ajfa-1737	147	15	non	non	ADJ
ajfa-1737	147	16	-	-	ADJ
ajfa-1737	147	17	linearity	linearity	NOUN
ajfa-1737	147	18	.	.	PUNCT
ajfa-1737	148	1	squared	square	VERB
ajfa-1737	148	2	terms	term	NOUN
ajfa-1737	148	3	of	of	ADP
ajfa-1737	148	4	perne	perne	NOUN
ajfa-1737	148	5	,	,	PUNCT
ajfa-1737	148	6	perind	perind	NOUN
ajfa-1737	148	7	and	and	CCONJ
ajfa-1737	148	8	pergr	pergr	NOUN
ajfa-1737	148	9	were	be	AUX
ajfa-1737	148	10	also	also	ADV
ajfa-1737	148	11	included	include	VERB
ajfa-1737	148	12	in	in	ADP
ajfa-1737	148	13	the	the	DET
ajfa-1737	148	14	regression	regression	NOUN
ajfa-1737	148	15	equation	equation	NOUN
ajfa-1737	148	16	and	and	CCONJ
ajfa-1737	148	17	no	no	DET
ajfa-1737	148	18	significant	significant	ADJ
ajfa-1737	148	19	difference	difference	NOUN
ajfa-1737	148	20	was	be	AUX
ajfa-1737	148	21	found	find	VERB
ajfa-1737	148	22	.	.	PUNCT
ajfa-1737	149	1	the	the	DET
ajfa-1737	149	2	results	result	NOUN
ajfa-1737	149	3	of	of	ADP
ajfa-1737	149	4	this	this	DET
ajfa-1737	149	5	regression	regression	NOUN
ajfa-1737	149	6	model	model	NOUN
ajfa-1737	149	7	are	be	AUX
ajfa-1737	149	8	not	not	PART
ajfa-1737	149	9	shown	show	VERB
ajfa-1737	149	10	here	here	ADV
ajfa-1737	149	11	.	.	PUNCT
ajfa-1737	150	1	further	far	ADV
ajfa-1737	150	2	,	,	PUNCT
ajfa-1737	150	3	randomly	randomly	ADV
ajfa-1737	150	4	100	100	NUM
ajfa-1737	150	5	firms	firm	NOUN
ajfa-1737	150	6	were	be	AUX
ajfa-1737	150	7	selected	select	VERB
ajfa-1737	150	8	for	for	ADP
ajfa-1737	150	9	regression	regression	NOUN
ajfa-1737	150	10	.	.	PUNCT
ajfa-1737	151	1	the	the	DET
ajfa-1737	151	2	regression	regression	NOUN
ajfa-1737	151	3	results	result	NOUN
ajfa-1737	151	4	were	be	AUX
ajfa-1737	151	5	robust	robust	ADJ
ajfa-1737	151	6	to	to	ADP
ajfa-1737	151	7	that	that	PRON
ajfa-1737	151	8	with	with	ADP
ajfa-1737	151	9	no	no	DET
ajfa-1737	151	10	significant	significant	ADJ
ajfa-1737	151	11	difference	difference	NOUN
ajfa-1737	151	12	observed	observe	VERB
ajfa-1737	151	13	from	from	ADP
ajfa-1737	151	14	main	main	ADJ
ajfa-1737	151	15	findings	finding	NOUN
ajfa-1737	151	16	.	.	PUNCT
ajfa-1737	152	1	the	the	DET
ajfa-1737	152	2	table	table	NOUN
ajfa-1737	152	3	4	4	NUM
ajfa-1737	152	4	presents	present	NOUN
ajfa-1737	152	5	regression	regression	NOUN
ajfa-1737	152	6	analysis	analysis	NOUN
ajfa-1737	152	7	performed	perform	VERB
ajfa-1737	152	8	to	to	PART
ajfa-1737	152	9	examine	examine	VERB
ajfa-1737	152	10	the	the	DET
ajfa-1737	152	11	impact	impact	NOUN
ajfa-1737	152	12	of	of	ADP
ajfa-1737	152	13	outside	outside	ADJ
ajfa-1737	152	14	directors	director	NOUN
ajfa-1737	152	15	on	on	ADP
ajfa-1737	152	16	the	the	DET
ajfa-1737	152	17	firm	firm	ADJ
ajfa-1737	152	18	value	value	NOUN
ajfa-1737	152	19	.	.	PUNCT
ajfa-1737	153	1	there	there	PRON
ajfa-1737	153	2	is	be	VERB
ajfa-1737	153	3	a	a	DET
ajfa-1737	153	4	significant	significant	ADJ
ajfa-1737	153	5	negative	negative	ADJ
ajfa-1737	153	6	relationship	relationship	NOUN
ajfa-1737	153	7	between	between	ADP
ajfa-1737	153	8	the	the	DET
ajfa-1737	153	9	outside	outside	ADJ
ajfa-1737	153	10	directors	director	NOUN
ajfa-1737	153	11	(	(	PUNCT
ajfa-1737	153	12	without	without	ADP
ajfa-1737	153	13	delineating	delineate	VERB
ajfa-1737	153	14	the	the	DET
ajfa-1737	153	15	difference	difference	NOUN
ajfa-1737	153	16	between	between	ADP
ajfa-1737	153	17	grey	grey	ADJ
ajfa-1737	153	18	and	and	CCONJ
ajfa-1737	153	19	independent	independent	ADJ
ajfa-1737	153	20	directors	director	NOUN
ajfa-1737	153	21	)	)	PUNCT
ajfa-1737	153	22	and	and	CCONJ
ajfa-1737	153	23	the	the	DET
ajfa-1737	153	24	firm	firm	ADJ
ajfa-1737	153	25	value	value	NOUN
ajfa-1737	153	26	,	,	PUNCT
ajfa-1737	153	27	which	which	PRON
ajfa-1737	153	28	rejects	reject	VERB
ajfa-1737	153	29	hypothesis	hypothesis	NOUN
ajfa-1737	153	30	1	1	NUM
ajfa-1737	153	31	(	(	PUNCT
ajfa-1737	153	32	r=-0.852	r=-0.852	PROPN
ajfa-1737	153	33	,	,	PUNCT
ajfa-1737	153	34	p	p	X
ajfa-1737	153	35	<	<	X
ajfa-1737	153	36	0.1	0.1	NUM
ajfa-1737	153	37	)	)	PUNCT
ajfa-1737	153	38	.	.	PUNCT
ajfa-1737	154	1	when	when	SCONJ
ajfa-1737	154	2	grey	grey	PROPN
ajfa-1737	154	3	(	(	PUNCT
ajfa-1737	154	4	affiliate	affiliate	NOUN
ajfa-1737	154	5	outside	outside	ADP
ajfa-1737	154	6	directors	director	NOUN
ajfa-1737	154	7	)	)	PUNCT
ajfa-1737	154	8	and	and	CCONJ
ajfa-1737	154	9	independent	independent	ADJ
ajfa-1737	154	10	director	director	NOUN
ajfa-1737	154	11	(	(	PUNCT
ajfa-1737	154	12	non	non	ADJ
ajfa-1737	154	13	-	-	NOUN
ajfa-1737	154	14	affiliate	affiliate	NOUN
ajfa-1737	154	15	outside	outside	ADJ
ajfa-1737	154	16	directors	director	NOUN
ajfa-1737	154	17	)	)	PUNCT
ajfa-1737	154	18	were	be	AUX
ajfa-1737	154	19	differentiated	differentiate	VERB
ajfa-1737	154	20	,	,	PUNCT
ajfa-1737	154	21	there	there	PRON
ajfa-1737	154	22	clear	clear	ADJ
ajfa-1737	154	23	was	be	AUX
ajfa-1737	154	24	a	a	DET
ajfa-1737	154	25	clear	clear	ADJ
ajfa-1737	154	26	demarcation	demarcation	NOUN
ajfa-1737	154	27	in	in	ADP
ajfa-1737	154	28	the	the	DET
ajfa-1737	154	29	firm	firm	ADJ
ajfa-1737	154	30	performance	performance	NOUN
ajfa-1737	154	31	.	.	PUNCT
ajfa-1737	155	1	the	the	DET
ajfa-1737	155	2	percentage	percentage	NOUN
ajfa-1737	155	3	of	of	ADP
ajfa-1737	155	4	the	the	DET
ajfa-1737	155	5	grey	grey	ADJ
ajfa-1737	155	6	director	director	NOUN
ajfa-1737	155	7	on	on	ADP
ajfa-1737	155	8	board	board	NOUN
ajfa-1737	155	9	has	have	VERB
ajfa-1737	155	10	a	a	DET
ajfa-1737	155	11	significant	significant	ADJ
ajfa-1737	155	12	negative	negative	ADJ
ajfa-1737	155	13	relationship	relationship	NOUN
ajfa-1737	155	14	(	(	PUNCT
ajfa-1737	155	15	r=-0.749	r=-0.749	NOUN
ajfa-1737	155	16	,	,	PUNCT
ajfa-1737	155	17	p<0.1	p<0.1	NUM
ajfa-1737	155	18	)	)	PUNCT
ajfa-1737	155	19	with	with	ADP
ajfa-1737	155	20	firm	firm	ADJ
ajfa-1737	155	21	value	value	NOUN
ajfa-1737	155	22	,	,	PUNCT
ajfa-1737	155	23	while	while	SCONJ
ajfa-1737	155	24	independent	independent	ADJ
ajfa-1737	155	25	directors	director	NOUN
ajfa-1737	155	26	do	do	AUX
ajfa-1737	155	27	not	not	PART
ajfa-1737	155	28	have	have	VERB
ajfa-1737	155	29	significant	significant	ADJ
ajfa-1737	155	30	positive	positive	ADJ
ajfa-1737	155	31	impact	impact	NOUN
ajfa-1737	155	32	on	on	ADP
ajfa-1737	155	33	firm	firm	ADJ
ajfa-1737	155	34	value	value	NOUN
ajfa-1737	155	35	.	.	PUNCT
ajfa-1737	156	1	promoters	promoter	NOUN
ajfa-1737	156	2	ownership	ownership	NOUN
ajfa-1737	156	3	is	be	AUX
ajfa-1737	156	4	positively	positively	ADV
ajfa-1737	156	5	related	relate	VERB
ajfa-1737	156	6	to	to	ADP
ajfa-1737	156	7	firm	firm	ADJ
ajfa-1737	156	8	value	value	NOUN
ajfa-1737	156	9	in	in	ADP
ajfa-1737	156	10	all	all	DET
ajfa-1737	156	11	models	model	NOUN
ajfa-1737	156	12	as	as	SCONJ
ajfa-1737	156	13	investigated	investigate	VERB
ajfa-1737	156	14	in	in	ADP
ajfa-1737	156	15	many	many	ADJ
ajfa-1737	156	16	prior	prior	ADJ
ajfa-1737	156	17	studies	study	NOUN
ajfa-1737	156	18	studied	study	VERB
ajfa-1737	156	19	(	(	PUNCT
ajfa-1737	156	20	khanna	khanna	NOUN
ajfa-1737	156	21	and	and	CCONJ
ajfa-1737	156	22	palepu	palepu	NOUN
ajfa-1737	156	23	,	,	PUNCT
ajfa-1737	156	24	1999	1999	NUM
ajfa-1737	156	25	;	;	PUNCT
ajfa-1737	156	26	singh	singh	PROPN
ajfa-1737	156	27	and	and	CCONJ
ajfa-1737	156	28	gaur	gaur	NOUN
ajfa-1737	156	29	,	,	PUNCT
ajfa-1737	156	30	2009	2009	NUM
ajfa-1737	156	31	)	)	PUNCT
ajfa-1737	156	32	.	.	PUNCT
ajfa-1737	157	1	the	the	DET
ajfa-1737	157	2	results	result	NOUN
ajfa-1737	157	3	are	be	AUX
ajfa-1737	157	4	consistent	consistent	ADJ
ajfa-1737	157	5	with	with	ADP
ajfa-1737	157	6	other	other	ADJ
ajfa-1737	157	7	asian	asian	ADJ
ajfa-1737	157	8	countries	country	NOUN
ajfa-1737	157	9	and	and	CCONJ
ajfa-1737	157	10	indian	indian	ADJ
ajfa-1737	157	11	studies	study	NOUN
ajfa-1737	157	12	(	(	PUNCT
ajfa-1737	157	13	chow	chow	PROPN
ajfa-1737	157	14	and	and	CCONJ
ajfa-1737	157	15	kim	kim	PROPN
ajfa-1737	157	16	,	,	PUNCT
ajfa-1737	157	17	2007	2007	NUM
ajfa-1737	157	18	;	;	PUNCT
ajfa-1737	157	19	ghosh	ghosh	PROPN
ajfa-1737	157	20	,	,	PUNCT
ajfa-1737	157	21	2006	2006	NUM
ajfa-1737	157	22	;	;	PUNCT
ajfa-1737	157	23	kota	kota	PROPN
ajfa-1737	157	24	and	and	CCONJ
ajfa-1737	157	25	tomar	tomar	PROPN
ajfa-1737	157	26	,	,	PUNCT
ajfa-1737	157	27	2010	2010	NUM
ajfa-1737	157	28	)	)	PUNCT
ajfa-1737	157	29	which	which	PRON
ajfa-1737	157	30	have	have	AUX
ajfa-1737	157	31	also	also	ADV
ajfa-1737	157	32	not	not	PART
ajfa-1737	157	33	find	find	VERB
ajfa-1737	157	34	any	any	DET
ajfa-1737	157	35	significant	significant	ADJ
ajfa-1737	157	36	association	association	NOUN
ajfa-1737	157	37	with	with	ADP
ajfa-1737	157	38	the	the	DET
ajfa-1737	157	39	presence	presence	NOUN
ajfa-1737	157	40	of	of	ADP
ajfa-1737	157	41	outside	outside	ADJ
ajfa-1737	157	42	directors	director	NOUN
ajfa-1737	157	43	on	on	ADP
ajfa-1737	157	44	the	the	DET
ajfa-1737	157	45	board	board	NOUN
ajfa-1737	157	46	.	.	PUNCT
ajfa-1737	158	1	as	as	ADP
ajfa-1737	158	2	some	some	DET
ajfa-1737	158	3	evidence	evidence	NOUN
ajfa-1737	158	4	of	of	ADP
ajfa-1737	158	5	asian	asian	ADJ
ajfa-1737	158	6	journal	journal	NOUN
ajfa-1737	158	7	of	of	ADP
ajfa-1737	158	8	finance	finance	PROPN
ajfa-1737	158	9	&	&	CCONJ
ajfa-1737	158	10	accounting	accounting	PROPN
ajfa-1737	158	11	issn	issn	PROPN
ajfa-1737	158	12	1946	1946	NUM
ajfa-1737	158	13	-	-	PUNCT
ajfa-1737	158	14	052x	052x	NOUN
ajfa-1737	158	15	2012	2012	NUM
ajfa-1737	158	16	,	,	PUNCT
ajfa-1737	158	17	vol	vol	NOUN
ajfa-1737	158	18	.	.	PROPN
ajfa-1737	158	19	4	4	NUM
ajfa-1737	158	20	,	,	PUNCT
ajfa-1737	158	21	no	no	INTJ
ajfa-1737	158	22	.	.	NOUN
ajfa-1737	158	23	2	2	NUM
ajfa-1737	158	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1737	158	25	48	48	NUM
ajfa-1737	158	26	regression	regression	NOUN
ajfa-1737	158	27	results	result	NOUN
ajfa-1737	158	28	of	of	ADP
ajfa-1737	158	29	table	table	NOUN
ajfa-1737	158	30	4	4	NUM
ajfa-1737	158	31	,	,	PUNCT
ajfa-1737	158	32	that	that	SCONJ
ajfa-1737	158	33	the	the	DET
ajfa-1737	158	34	grey	grey	ADJ
ajfa-1737	158	35	directors	director	NOUN
ajfa-1737	158	36	mainly	mainly	ADV
ajfa-1737	158	37	drive	drive	VERB
ajfa-1737	158	38	the	the	DET
ajfa-1737	158	39	negative	negative	ADJ
ajfa-1737	158	40	impact	impact	NOUN
ajfa-1737	158	41	of	of	ADP
ajfa-1737	158	42	outside	outside	ADJ
ajfa-1737	158	43	director	director	NOUN
ajfa-1737	158	44	on	on	ADP
ajfa-1737	158	45	the	the	DET
ajfa-1737	158	46	value	value	NOUN
ajfa-1737	158	47	,	,	PUNCT
ajfa-1737	158	48	offsetting	offset	VERB
ajfa-1737	158	49	the	the	DET
ajfa-1737	158	50	positive	positive	ADJ
ajfa-1737	158	51	influence	influence	NOUN
ajfa-1737	158	52	of	of	ADP
ajfa-1737	158	53	independent	independent	ADJ
ajfa-1737	158	54	directors	director	NOUN
ajfa-1737	158	55	.	.	PUNCT
ajfa-1737	159	1	table	table	NOUN
ajfa-1737	159	2	4	4	NUM
ajfa-1737	159	3	.	.	X
ajfa-1737	160	1	tobin	tobin	PROPN
ajfa-1737	160	2	’s	’s	PART
ajfa-1737	160	3	qboard	qboard	ADJ
ajfa-1737	160	4	composition	composition	NOUN
ajfa-1737	160	5	by	by	ADP
ajfa-1737	160	6	outside	outside	ADJ
ajfa-1737	160	7	directors	director	NOUN
ajfa-1737	160	8	independent	independent	ADJ
ajfa-1737	160	9	variables	variables	PROPN
ajfa-1737	160	10	ne	ne	PROPN
ajfa-1737	160	11	director	director	PROPN
ajfa-1737	160	12	grey	grey	PROPN
ajfa-1737	160	13	director	director	PROPN
ajfa-1737	160	14	ind	ind	PROPN
ajfa-1737	160	15	director	director	PROPN
ajfa-1737	160	16	coeff	coeff	PROPN
ajfa-1737	160	17	p	p	PROPN
ajfa-1737	160	18	value	value	NOUN
ajfa-1737	160	19	coeff	coeff	PROPN
ajfa-1737	160	20	p	p	PROPN
ajfa-1737	160	21	value	value	NOUN
ajfa-1737	160	22	coeff	coeff	PROPN
ajfa-1737	160	23	p	p	NOUN
ajfa-1737	160	24	value	value	NOUN
ajfa-1737	160	25	(	(	PUNCT
ajfa-1737	160	26	constant	constant	ADJ
ajfa-1737	160	27	)	)	PUNCT
ajfa-1737	161	1	3.631	3.631	NUM
ajfa-1737	161	2	4.593	4.593	NUM
ajfa-1737	161	3	*	*	PUNCT
ajfa-1737	161	4	3.066	3.066	NUM
ajfa-1737	161	5	4.647	4.647	NUM
ajfa-1737	161	6	*	*	PUNCT
ajfa-1737	161	7	2.726	2.726	NUM
ajfa-1737	161	8	3.692	3.692	NUM
ajfa-1737	161	9	*	*	PUNCT
ajfa-1737	161	10	perne	perne	ADJ
ajfa-1737	161	11	-0.0852	-0.0852	NOUN
ajfa-1737	161	12	1.837	1.837	NUM
ajfa-1737	161	13	*	*	PUNCT
ajfa-1737	161	14	*	*	PUNCT
ajfa-1737	161	15	*	*	PUNCT
ajfa-1737	161	16	pergr	pergr	NOUN
ajfa-1737	161	17	-0.749	-0.749	NOUN
ajfa-1737	161	18	-1.772	-1.772	NOUN
ajfa-1737	161	19	*	*	PUNCT
ajfa-1737	161	20	*	*	PUNCT
ajfa-1737	161	21	*	*	PUNCT
ajfa-1737	161	22	perind	perind	NOUN
ajfa-1737	161	23	0.79	0.79	NUM
ajfa-1737	161	24	0.136	0.136	NUM
ajfa-1737	161	25	bsize	bsize	VERB
ajfa-1737	161	26	0.004	0.004	NUM
ajfa-1737	161	27	0.196	0.196	NUM
ajfa-1737	161	28	0.01	0.01	NUM
ajfa-1737	161	29	0.489	0.489	NUM
ajfa-1737	161	30	0.008	0.008	NUM
ajfa-1737	161	31	0.402	0.402	NUM
ajfa-1737	161	32	nedchair	nedchair	NOUN
ajfa-1737	161	33	0.209	0.209	NUM
ajfa-1737	161	34	1.29	1.29	NUM
ajfa-1737	161	35	0.25	0.25	NUM
ajfa-1737	161	36	1.512	1.512	NUM
ajfa-1737	161	37	0.197	0.197	NUM
ajfa-1737	161	38	1.181	1.181	NUM
ajfa-1737	161	39	fage	fage	NOUN
ajfa-1737	161	40	-0.173	-0.173	PUNCT
ajfa-1737	161	41	-2.152	-2.152	PUNCT
ajfa-1737	162	1	*	*	PUNCT
ajfa-1737	162	2	*	*	PUNCT
ajfa-1737	162	3	-0.16	-0.16	NUM
ajfa-1737	162	4	-1.999	-1.999	PUNCT
ajfa-1737	162	5	*	*	PUNCT
ajfa-1737	162	6	*	*	X
ajfa-1737	162	7	-0.15	-0.15	NUM
ajfa-1737	162	8	-1.852	-1.852	NOUN
ajfa-1737	162	9	*	*	PUNCT
ajfa-1737	162	10	*	*	PUNCT
ajfa-1737	162	11	*	*	PUNCT
ajfa-1737	162	12	fsize	fsize	NOUN
ajfa-1737	162	13	-0.142	-0.142	PUNCT
ajfa-1737	162	14	-2.421	-2.421	PUNCT
ajfa-1737	162	15	*	*	PUNCT
ajfa-1737	162	16	*	*	NOUN
ajfa-1737	162	17	-0.143	-0.143	NOUN
ajfa-1737	162	18	-2.435	-2.435	NOUN
ajfa-1737	162	19	*	*	PUNCT
ajfa-1737	162	20	*	*	PUNCT
ajfa-1737	162	21	-0.135	-0.135	PUNCT
ajfa-1737	162	22	-2.293	-2.293	NOUN
ajfa-1737	162	23	*	*	PUNCT
ajfa-1737	162	24	*	*	PUNCT
ajfa-1737	162	25	lev	lev	NOUN
ajfa-1737	162	26	-0.08	-0.08	PRON
ajfa-1737	162	27	-2.385	-2.385	NOUN
ajfa-1737	162	28	*	*	PROPN
ajfa-1737	162	29	*	*	PUNCT
ajfa-1737	162	30	-0.008	-0.008	NOUN
ajfa-1737	162	31	-2.436	-2.436	NOUN
ajfa-1737	162	32	*	*	PUNCT
ajfa-1737	162	33	*	*	X
ajfa-1737	162	34	0.007	0.007	NUM
ajfa-1737	162	35	-2.091	-2.091	ADP
ajfa-1737	162	36	*	*	PROPN
ajfa-1737	162	37	*	*	ADJ
ajfa-1737	162	38	lagroa	lagroa	NOUN
ajfa-1737	162	39	-0.022	-0.022	PROPN
ajfa-1737	163	1	-3.431	-3.431	PUNCT
ajfa-1737	163	2	*	*	PUNCT
ajfa-1737	164	1	0.022	0.022	NUM
ajfa-1737	164	2	3.456	3.456	NUM
ajfa-1737	164	3	*	*	NOUN
ajfa-1737	164	4	0.024	0.024	NUM
ajfa-1737	164	5	3.726	3.726	NUM
ajfa-1737	164	6	*	*	PUNCT
ajfa-1737	164	7	insown	insown	VERB
ajfa-1737	164	8	0.487	0.487	NUM
ajfa-1737	164	9	1.551	1.551	NUM
ajfa-1737	164	10	0.513	0.513	NUM
ajfa-1737	164	11	1.637	1.637	NUM
ajfa-1737	164	12	*	*	PUNCT
ajfa-1737	164	13	*	*	PUNCT
ajfa-1737	164	14	*	*	PUNCT
ajfa-1737	164	15	0.524	0.524	NUM
ajfa-1737	164	16	1.664	1.664	NUM
ajfa-1737	164	17	*	*	PUNCT
ajfa-1737	164	18	*	*	PUNCT
ajfa-1737	164	19	*	*	PUNCT
ajfa-1737	164	20	no	no	INTJ
ajfa-1737	164	21	.	.	PUNCT
ajfa-1737	164	22	of	of	ADP
ajfa-1737	164	23	firms	firm	NOUN
ajfa-1737	164	24	157	157	NUM
ajfa-1737	164	25	157	157	NUM
ajfa-1737	164	26	157	157	NUM
ajfa-1737	164	27	adj	adj	NOUN
ajfa-1737	164	28	r	r	PROPN
ajfa-1737	164	29	square	square	NOUN
ajfa-1737	165	1	0.224	0.224	NUM
ajfa-1737	165	2	0.223	0.223	NUM
ajfa-1737	165	3	0.207	0.207	NUM
ajfa-1737	165	4	f	f	NOUN
ajfa-1737	165	5	change	change	VERB
ajfa-1737	165	6	6.639	6.639	NUM
ajfa-1737	165	7	6.6	6.6	NUM
ajfa-1737	165	8	6.052	6.052	NUM
ajfa-1737	165	9	*	*	PUNCT
ajfa-1737	165	10	denotes	denote	NOUN
ajfa-1737	165	11	significance	significance	NOUN
ajfa-1737	165	12	1	1	NUM
ajfa-1737	165	13	%	%	NOUN
ajfa-1737	165	14	level	level	NOUN
ajfa-1737	165	15	,	,	PUNCT
ajfa-1737	165	16	*	*	PUNCT
ajfa-1737	165	17	*	*	NOUN
ajfa-1737	165	18	denotes	denote	NOUN
ajfa-1737	165	19	significance	significance	NOUN
ajfa-1737	165	20	at	at	ADP
ajfa-1737	165	21	5	5	NUM
ajfa-1737	165	22	%	%	NOUN
ajfa-1737	165	23	level	level	NOUN
ajfa-1737	165	24	,	,	PUNCT
ajfa-1737	165	25	*	*	PUNCT
ajfa-1737	165	26	*	*	PUNCT
ajfa-1737	165	27	*	*	PUNCT
ajfa-1737	165	28	denotes	denote	NOUN
ajfa-1737	165	29	significance	significance	NOUN
ajfa-1737	165	30	at	at	ADP
ajfa-1737	165	31	10	10	NUM
ajfa-1737	165	32	%	%	NOUN
ajfa-1737	165	33	level	level	NOUN
ajfa-1737	165	34	the	the	DET
ajfa-1737	165	35	results	result	NOUN
ajfa-1737	165	36	does	do	AUX
ajfa-1737	165	37	not	not	PART
ajfa-1737	165	38	hypothesis	hypothesis	VERB
ajfa-1737	165	39	2	2	NUM
ajfa-1737	165	40	.	.	PUNCT
ajfa-1737	166	1	in	in	ADP
ajfa-1737	166	2	fact	fact	NOUN
ajfa-1737	166	3	,	,	PUNCT
ajfa-1737	166	4	it	it	PRON
ajfa-1737	166	5	is	be	AUX
ajfa-1737	166	6	rejected	reject	VERB
ajfa-1737	166	7	that	that	SCONJ
ajfa-1737	166	8	insider	insider	NOUN
ajfa-1737	166	9	ownership	ownership	NOUN
ajfa-1737	166	10	has	have	VERB
ajfa-1737	166	11	a	a	DET
ajfa-1737	166	12	negative	negative	ADJ
ajfa-1737	166	13	moderating	moderate	VERB
ajfa-1737	166	14	effect	effect	NOUN
ajfa-1737	166	15	on	on	ADP
ajfa-1737	166	16	outside	outside	ADJ
ajfa-1737	166	17	director	director	NOUN
ajfa-1737	166	18	’s	’s	PART
ajfa-1737	166	19	performance	performance	NOUN
ajfa-1737	166	20	.	.	PUNCT
ajfa-1737	167	1	the	the	DET
ajfa-1737	167	2	empirical	empirical	ADJ
ajfa-1737	167	3	findings	finding	NOUN
ajfa-1737	167	4	of	of	ADP
ajfa-1737	167	5	moderated	moderated	ADJ
ajfa-1737	167	6	regression	regression	NOUN
ajfa-1737	167	7	model	model	NOUN
ajfa-1737	167	8	show	show	VERB
ajfa-1737	167	9	very	very	ADV
ajfa-1737	167	10	weak	weak	ADJ
ajfa-1737	167	11	but	but	CCONJ
ajfa-1737	167	12	positive	positive	ADJ
ajfa-1737	167	13	moderating	moderating	NOUN
ajfa-1737	167	14	effect	effect	NOUN
ajfa-1737	167	15	of	of	ADP
ajfa-1737	167	16	promoter	promoter	NOUN
ajfa-1737	167	17	ownership	ownership	NOUN
ajfa-1737	167	18	on	on	ADP
ajfa-1737	167	19	outside	outside	ADJ
ajfa-1737	167	20	directors	director	NOUN
ajfa-1737	167	21	(	(	PUNCT
ajfa-1737	167	22	table	table	NOUN
ajfa-1737	167	23	5	5	NUM
ajfa-1737	167	24	)	)	PUNCT
ajfa-1737	167	25	.	.	PUNCT
ajfa-1737	168	1	on	on	ADP
ajfa-1737	168	2	further	further	ADJ
ajfa-1737	168	3	examination	examination	NOUN
ajfa-1737	168	4	,	,	PUNCT
ajfa-1737	168	5	it	it	PRON
ajfa-1737	168	6	may	may	AUX
ajfa-1737	168	7	find	find	VERB
ajfa-1737	168	8	that	that	SCONJ
ajfa-1737	168	9	moderating	moderate	VERB
ajfa-1737	168	10	effect	effect	NOUN
ajfa-1737	168	11	of	of	ADP
ajfa-1737	168	12	insider	insider	NOUN
ajfa-1737	168	13	ownership	ownership	NOUN
ajfa-1737	168	14	is	be	AUX
ajfa-1737	168	15	positive	positive	ADJ
ajfa-1737	168	16	on	on	ADP
ajfa-1737	168	17	grey	grey	ADJ
ajfa-1737	168	18	directors	director	NOUN
ajfa-1737	168	19	but	but	CCONJ
ajfa-1737	168	20	negative	negative	ADJ
ajfa-1737	168	21	on	on	ADP
ajfa-1737	168	22	independent	independent	ADJ
ajfa-1737	168	23	directors	director	NOUN
ajfa-1737	168	24	.	.	PUNCT
ajfa-1737	169	1	the	the	DET
ajfa-1737	169	2	results	result	NOUN
ajfa-1737	169	3	here	here	ADV
ajfa-1737	169	4	may	may	AUX
ajfa-1737	169	5	be	be	AUX
ajfa-1737	169	6	explained	explain	VERB
ajfa-1737	169	7	and	and	CCONJ
ajfa-1737	169	8	interpreted	interpret	VERB
ajfa-1737	169	9	in	in	ADP
ajfa-1737	169	10	several	several	ADJ
ajfa-1737	169	11	ways	way	NOUN
ajfa-1737	169	12	.	.	PUNCT
ajfa-1737	170	1	there	there	PRON
ajfa-1737	170	2	is	be	VERB
ajfa-1737	170	3	weak	weak	ADJ
ajfa-1737	170	4	but	but	CCONJ
ajfa-1737	170	5	positive	positive	ADJ
ajfa-1737	170	6	moderating	moderating	NOUN
ajfa-1737	170	7	effect	effect	NOUN
ajfa-1737	170	8	of	of	ADP
ajfa-1737	170	9	insider	insider	NOUN
ajfa-1737	170	10	control	control	NOUN
ajfa-1737	170	11	on	on	ADP
ajfa-1737	170	12	performance	performance	NOUN
ajfa-1737	170	13	of	of	ADP
ajfa-1737	170	14	outside	outside	ADJ
ajfa-1737	170	15	grey	grey	ADJ
ajfa-1737	170	16	directors	director	NOUN
ajfa-1737	170	17	.	.	PUNCT
ajfa-1737	171	1	this	this	PRON
ajfa-1737	171	2	is	be	AUX
ajfa-1737	171	3	due	due	ADJ
ajfa-1737	171	4	to	to	ADP
ajfa-1737	171	5	the	the	DET
ajfa-1737	171	6	alignment	alignment	NOUN
ajfa-1737	171	7	of	of	ADP
ajfa-1737	171	8	incentives	incentive	NOUN
ajfa-1737	171	9	of	of	ADP
ajfa-1737	171	10	grey	grey	ADJ
ajfa-1737	171	11	directors	director	NOUN
ajfa-1737	171	12	with	with	ADP
ajfa-1737	171	13	greater	great	ADJ
ajfa-1737	171	14	ownership	ownership	NOUN
ajfa-1737	171	15	by	by	ADP
ajfa-1737	171	16	insiders	insider	NOUN
ajfa-1737	171	17	.	.	PUNCT
ajfa-1737	172	1	grey	grey	PROPN
ajfa-1737	172	2	directors	director	NOUN
ajfa-1737	172	3	being	be	AUX
ajfa-1737	172	4	affiliated	affiliate	VERB
ajfa-1737	172	5	with	with	ADP
ajfa-1737	172	6	ownership	ownership	NOUN
ajfa-1737	172	7	have	have	VERB
ajfa-1737	172	8	interests	interest	NOUN
ajfa-1737	172	9	aligned	align	VERB
ajfa-1737	172	10	with	with	ADP
ajfa-1737	172	11	managers	manager	NOUN
ajfa-1737	172	12	cum	cum	NOUN
ajfa-1737	172	13	owners	owner	NOUN
ajfa-1737	172	14	(	(	PUNCT
ajfa-1737	172	15	promoters	promoter	NOUN
ajfa-1737	172	16	)	)	PUNCT
ajfa-1737	172	17	and	and	CCONJ
ajfa-1737	172	18	perform	perform	VERB
ajfa-1737	172	19	their	their	PRON
ajfa-1737	172	20	advising	advise	VERB
ajfa-1737	172	21	role	role	NOUN
ajfa-1737	172	22	to	to	ADP
ajfa-1737	172	23	good	good	ADJ
ajfa-1737	172	24	extent	extent	NOUN
ajfa-1737	172	25	in	in	ADP
ajfa-1737	172	26	devising	devise	VERB
ajfa-1737	172	27	firm	firm	ADJ
ajfa-1737	172	28	strategy	strategy	NOUN
ajfa-1737	172	29	.	.	PUNCT
ajfa-1737	173	1	this	this	PRON
ajfa-1737	173	2	leads	lead	VERB
ajfa-1737	173	3	to	to	ADP
ajfa-1737	173	4	a	a	DET
ajfa-1737	173	5	positive	positive	ADJ
ajfa-1737	173	6	impact	impact	NOUN
ajfa-1737	173	7	on	on	ADP
ajfa-1737	173	8	firm	firm	ADJ
ajfa-1737	173	9	value	value	NOUN
ajfa-1737	173	10	.	.	PUNCT
ajfa-1737	174	1	the	the	DET
ajfa-1737	174	2	high	high	ADJ
ajfa-1737	174	3	ownership	ownership	NOUN
ajfa-1737	174	4	eliminates	eliminate	VERB
ajfa-1737	174	5	the	the	DET
ajfa-1737	174	6	typical	typical	ADJ
ajfa-1737	174	7	agency	agency	NOUN
ajfa-1737	174	8	problem	problem	NOUN
ajfa-1737	174	9	arising	arise	VERB
ajfa-1737	174	10	from	from	ADP
ajfa-1737	174	11	the	the	DET
ajfa-1737	174	12	separation	separation	NOUN
ajfa-1737	174	13	of	of	ADP
ajfa-1737	174	14	ownership	ownership	NOUN
ajfa-1737	174	15	and	and	CCONJ
ajfa-1737	174	16	control	control	NOUN
ajfa-1737	174	17	and	and	CCONJ
ajfa-1737	174	18	has	have	VERB
ajfa-1737	174	19	a	a	DET
ajfa-1737	174	20	positive	positive	ADJ
ajfa-1737	174	21	effect	effect	NOUN
ajfa-1737	174	22	on	on	ADP
ajfa-1737	174	23	firm	firm	ADJ
ajfa-1737	174	24	value	value	NOUN
ajfa-1737	174	25	.	.	PUNCT
ajfa-1737	175	1	this	this	PRON
ajfa-1737	175	2	is	be	AUX
ajfa-1737	175	3	evident	evident	ADJ
ajfa-1737	175	4	from	from	ADP
ajfa-1737	175	5	positive	positive	ADJ
ajfa-1737	175	6	(	(	PUNCT
ajfa-1737	175	7	in	in	ADP
ajfa-1737	175	8	some	some	DET
ajfa-1737	175	9	models	model	NOUN
ajfa-1737	175	10	significant	significant	ADJ
ajfa-1737	175	11	)	)	PUNCT
ajfa-1737	175	12	association	association	NOUN
ajfa-1737	175	13	with	with	ADP
ajfa-1737	175	14	promoter	promoter	NOUN
ajfa-1737	175	15	ownership	ownership	NOUN
ajfa-1737	175	16	with	with	ADP
ajfa-1737	175	17	firm	firm	ADJ
ajfa-1737	175	18	value	value	NOUN
ajfa-1737	175	19	in	in	ADP
ajfa-1737	175	20	all	all	DET
ajfa-1737	175	21	the	the	DET
ajfa-1737	175	22	models	model	NOUN
ajfa-1737	175	23	and	and	CCONJ
ajfa-1737	175	24	asian	asian	ADJ
ajfa-1737	175	25	journal	journal	NOUN
ajfa-1737	175	26	of	of	ADP
ajfa-1737	175	27	finance	finance	PROPN
ajfa-1737	175	28	&	&	CCONJ
ajfa-1737	175	29	accounting	accounting	PROPN
ajfa-1737	175	30	issn	issn	PROPN
ajfa-1737	175	31	1946	1946	NUM
ajfa-1737	175	32	-	-	PUNCT
ajfa-1737	175	33	052x	052x	NOUN
ajfa-1737	175	34	2012	2012	NUM
ajfa-1737	175	35	,	,	PUNCT
ajfa-1737	175	36	vol	vol	NOUN
ajfa-1737	175	37	.	.	PROPN
ajfa-1737	176	1	4	4	NUM
ajfa-1737	176	2	,	,	PUNCT
ajfa-1737	176	3	no	no	INTJ
ajfa-1737	176	4	.	.	NOUN
ajfa-1737	176	5	2	2	NUM
ajfa-1737	176	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1737	176	7	49	49	NUM
ajfa-1737	176	8	consistent	consistent	ADJ
ajfa-1737	176	9	with	with	ADP
ajfa-1737	176	10	prior	prior	ADJ
ajfa-1737	176	11	studies	study	NOUN
ajfa-1737	176	12	(	(	PUNCT
ajfa-1737	176	13	khanna	khanna	NOUN
ajfa-1737	176	14	and	and	CCONJ
ajfa-1737	176	15	palepu	palepu	NOUN
ajfa-1737	176	16	,	,	PUNCT
ajfa-1737	176	17	1999	1999	NUM
ajfa-1737	176	18	;	;	PUNCT
ajfa-1737	176	19	singh	singh	PROPN
ajfa-1737	176	20	and	and	CCONJ
ajfa-1737	176	21	gaur	gaur	NOUN
ajfa-1737	176	22	,	,	PUNCT
ajfa-1737	176	23	2009	2009	NUM
ajfa-1737	176	24	)	)	PUNCT
ajfa-1737	176	25	.	.	PUNCT
ajfa-1737	177	1	however	however	ADV
ajfa-1737	177	2	,	,	PUNCT
ajfa-1737	177	3	this	this	PRON
ajfa-1737	177	4	actuates	actuate	VERB
ajfa-1737	177	5	high	high	ADJ
ajfa-1737	177	6	agency	agency	NOUN
ajfa-1737	177	7	cost	cost	NOUN
ajfa-1737	177	8	in	in	ADP
ajfa-1737	177	9	terms	term	NOUN
ajfa-1737	177	10	of	of	ADP
ajfa-1737	177	11	monitoring	monitoring	NOUN
ajfa-1737	177	12	by	by	ADP
ajfa-1737	177	13	independent	independent	ADJ
ajfa-1737	177	14	directors	director	NOUN
ajfa-1737	177	15	in	in	ADP
ajfa-1737	177	16	safeguarding	safeguard	VERB
ajfa-1737	177	17	minority	minority	NOUN
ajfa-1737	177	18	shareholder	shareholder	NOUN
ajfa-1737	177	19	rights	right	NOUN
ajfa-1737	177	20	.	.	PUNCT
ajfa-1737	178	1	in	in	ADP
ajfa-1737	178	2	a	a	DET
ajfa-1737	178	3	high	high	ADJ
ajfa-1737	178	4	informatory	informatory	NOUN
ajfa-1737	178	5	asymmetry	asymmetry	NOUN
ajfa-1737	178	6	environment	environment	NOUN
ajfa-1737	178	7	with	with	ADP
ajfa-1737	178	8	presence	presence	NOUN
ajfa-1737	178	9	of	of	ADP
ajfa-1737	178	10	greater	great	ADJ
ajfa-1737	178	11	ownership	ownership	NOUN
ajfa-1737	178	12	of	of	ADP
ajfa-1737	178	13	promoters	promoter	NOUN
ajfa-1737	178	14	outside	outside	ADP
ajfa-1737	178	15	directors	director	NOUN
ajfa-1737	178	16	,	,	PUNCT
ajfa-1737	178	17	both	both	PRON
ajfa-1737	178	18	monitoring	monitoring	NOUN
ajfa-1737	178	19	and	and	CCONJ
ajfa-1737	178	20	advisory	advisory	ADJ
ajfa-1737	178	21	role	role	NOUN
ajfa-1737	178	22	is	be	AUX
ajfa-1737	178	23	less	less	ADV
ajfa-1737	178	24	efficacious	efficacious	ADJ
ajfa-1737	178	25	(	(	PUNCT
ajfa-1737	178	26	duchin	duchin	NOUN
ajfa-1737	178	27	et	et	PROPN
ajfa-1737	178	28	al	al	PROPN
ajfa-1737	178	29	.	.	PROPN
ajfa-1737	178	30	,	,	PUNCT
ajfa-1737	178	31	2010	2010	NUM
ajfa-1737	178	32	)	)	PUNCT
ajfa-1737	178	33	.	.	PUNCT
ajfa-1737	179	1	our	our	PRON
ajfa-1737	179	2	findings	finding	NOUN
ajfa-1737	179	3	are	be	AUX
ajfa-1737	179	4	consistent	consistent	ADJ
ajfa-1737	179	5	with	with	ADP
ajfa-1737	179	6	chow	chow	PROPN
ajfa-1737	179	7	and	and	CCONJ
ajfa-1737	179	8	kim	kim	PROPN
ajfa-1737	179	9	(	(	PUNCT
ajfa-1737	179	10	2007	2007	NUM
ajfa-1737	179	11	)	)	PUNCT
ajfa-1737	179	12	findings	finding	NOUN
ajfa-1737	179	13	,	,	PUNCT
ajfa-1737	179	14	and	and	CCONJ
ajfa-1737	179	15	their	their	PRON
ajfa-1737	179	16	explanation	explanation	NOUN
ajfa-1737	179	17	of	of	ADP
ajfa-1737	179	18	substitute	substitute	NOUN
ajfa-1737	179	19	governance	governance	NOUN
ajfa-1737	179	20	mechanisms	mechanism	NOUN
ajfa-1737	179	21	(	(	PUNCT
ajfa-1737	179	22	redikar	redikar	NOUN
ajfa-1737	179	23	and	and	CCONJ
ajfa-1737	179	24	seth	seth	PROPN
ajfa-1737	179	25	,	,	PUNCT
ajfa-1737	179	26	1995	1995	NUM
ajfa-1737	179	27	)	)	PUNCT
ajfa-1737	179	28	is	be	AUX
ajfa-1737	179	29	also	also	ADV
ajfa-1737	179	30	valid	valid	ADJ
ajfa-1737	179	31	in	in	ADP
ajfa-1737	179	32	indian	indian	ADJ
ajfa-1737	179	33	context	context	NOUN
ajfa-1737	179	34	.	.	PUNCT
ajfa-1737	180	1	the	the	DET
ajfa-1737	180	2	ownership	ownership	NOUN
ajfa-1737	180	3	concentration	concentration	NOUN
ajfa-1737	180	4	among	among	ADP
ajfa-1737	180	5	a	a	DET
ajfa-1737	180	6	dominant	dominant	ADJ
ajfa-1737	180	7	shareholder	shareholder	NOUN
ajfa-1737	180	8	(	(	PUNCT
ajfa-1737	180	9	promoter	promoter	NOUN
ajfa-1737	180	10	)	)	PUNCT
ajfa-1737	180	11	minimizes	minimize	VERB
ajfa-1737	180	12	the	the	DET
ajfa-1737	180	13	risk	risk	NOUN
ajfa-1737	180	14	of	of	ADP
ajfa-1737	180	15	takeover	takeover	NOUN
ajfa-1737	180	16	,	,	PUNCT
ajfa-1737	180	17	and	and	CCONJ
ajfa-1737	180	18	therefore	therefore	ADV
ajfa-1737	180	19	acts	act	VERB
ajfa-1737	180	20	substitute	substitute	NOUN
ajfa-1737	180	21	mechanism	mechanism	NOUN
ajfa-1737	180	22	for	for	ADP
ajfa-1737	180	23	monitoring	monitoring	NOUN
ajfa-1737	180	24	by	by	ADP
ajfa-1737	180	25	independent	independent	ADJ
ajfa-1737	180	26	directors	director	NOUN
ajfa-1737	180	27	.	.	PUNCT
ajfa-1737	181	1	a	a	DET
ajfa-1737	181	2	higher	high	ADJ
ajfa-1737	181	3	proportion	proportion	NOUN
ajfa-1737	181	4	of	of	ADP
ajfa-1737	181	5	independent	independent	ADJ
ajfa-1737	181	6	with	with	ADP
ajfa-1737	181	7	high	high	ADJ
ajfa-1737	181	8	insider	insider	NOUN
ajfa-1737	181	9	ownership	ownership	NOUN
ajfa-1737	181	10	further	far	ADV
ajfa-1737	181	11	attenuates	attenuate	VERB
ajfa-1737	181	12	conflict	conflict	NOUN
ajfa-1737	181	13	of	of	ADP
ajfa-1737	181	14	interest	interest	NOUN
ajfa-1737	181	15	between	between	ADP
ajfa-1737	181	16	them	they	PRON
ajfa-1737	181	17	and	and	CCONJ
ajfa-1737	181	18	the	the	DET
ajfa-1737	181	19	management	management	NOUN
ajfa-1737	181	20	/	/	SYM
ajfa-1737	181	21	owner	owner	NOUN
ajfa-1737	181	22	that	that	PRON
ajfa-1737	181	23	may	may	AUX
ajfa-1737	181	24	hinder	hinder	VERB
ajfa-1737	181	25	the	the	DET
ajfa-1737	181	26	decisions	decision	NOUN
ajfa-1737	181	27	making	make	VERB
ajfa-1737	181	28	process	process	NOUN
ajfa-1737	181	29	(	(	PUNCT
ajfa-1737	181	30	singh	singh	NOUN
ajfa-1737	181	31	and	and	CCONJ
ajfa-1737	181	32	gaur	gaur	NOUN
ajfa-1737	181	33	,	,	PUNCT
ajfa-1737	181	34	2009	2009	NUM
ajfa-1737	181	35	)	)	PUNCT
ajfa-1737	181	36	.	.	PUNCT
ajfa-1737	182	1	another	another	DET
ajfa-1737	182	2	perspective	perspective	NOUN
ajfa-1737	182	3	for	for	ADP
ajfa-1737	182	4	explanation	explanation	NOUN
ajfa-1737	182	5	is	be	AUX
ajfa-1737	182	6	ownership	ownership	NOUN
ajfa-1737	182	7	and	and	CCONJ
ajfa-1737	182	8	control	control	NOUN
ajfa-1737	182	9	by	by	ADP
ajfa-1737	182	10	promoters	promoter	NOUN
ajfa-1737	182	11	on	on	ADP
ajfa-1737	182	12	firm	firm	ADJ
ajfa-1737	182	13	allows	allow	VERB
ajfa-1737	182	14	them	they	PRON
ajfa-1737	182	15	to	to	PART
ajfa-1737	182	16	have	have	VERB
ajfa-1737	182	17	their	their	PRON
ajfa-1737	182	18	own	own	ADJ
ajfa-1737	182	19	people	people	NOUN
ajfa-1737	182	20	on	on	ADP
ajfa-1737	182	21	the	the	DET
ajfa-1737	182	22	board	board	NOUN
ajfa-1737	182	23	as	as	ADP
ajfa-1737	182	24	an	an	DET
ajfa-1737	182	25	independent	independent	ADJ
ajfa-1737	182	26	director	director	NOUN
ajfa-1737	182	27	.	.	PUNCT
ajfa-1737	183	1	in	in	ADP
ajfa-1737	183	2	such	such	ADJ
ajfa-1737	183	3	cases	case	NOUN
ajfa-1737	183	4	,	,	PUNCT
ajfa-1737	183	5	the	the	DET
ajfa-1737	183	6	independent	independent	ADJ
ajfa-1737	183	7	director	director	NOUN
ajfa-1737	183	8	role	role	NOUN
ajfa-1737	183	9	is	be	AUX
ajfa-1737	183	10	more	more	ADV
ajfa-1737	183	11	or	or	CCONJ
ajfa-1737	183	12	less	less	ADV
ajfa-1737	183	13	ceremonial	ceremonial	ADJ
ajfa-1737	183	14	and	and	CCONJ
ajfa-1737	183	15	only	only	ADV
ajfa-1737	183	16	for	for	ADP
ajfa-1737	183	17	compliance	compliance	NOUN
ajfa-1737	183	18	requirement	requirement	NOUN
ajfa-1737	183	19	purpose	purpose	NOUN
ajfa-1737	183	20	.	.	PUNCT
ajfa-1737	184	1	asian	asian	ADJ
ajfa-1737	184	2	journal	journal	PROPN
ajfa-1737	184	3	of	of	ADP
ajfa-1737	184	4	finance	finance	PROPN
ajfa-1737	184	5	&	&	CCONJ
ajfa-1737	184	6	accounting	accounting	PROPN
ajfa-1737	184	7	issn	issn	PROPN
ajfa-1737	184	8	1946	1946	NUM
ajfa-1737	184	9	-	-	PUNCT
ajfa-1737	184	10	052x	052x	NOUN
ajfa-1737	184	11	2012	2012	NUM
ajfa-1737	184	12	,	,	PUNCT
ajfa-1737	184	13	vol	vol	NOUN
ajfa-1737	184	14	.	.	PROPN
ajfa-1737	184	15	4	4	NUM
ajfa-1737	184	16	,	,	PUNCT
ajfa-1737	184	17	no	no	INTJ
ajfa-1737	184	18	.	.	NOUN
ajfa-1737	184	19	2	2	NUM
ajfa-1737	184	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1737	184	21	50	50	NUM
ajfa-1737	184	22	table	table	NOUN
ajfa-1737	184	23	5	5	NUM
ajfa-1737	184	24	.	.	PUNCT
ajfa-1737	184	25	tobinqmoderating	tobinqmoderate	VERB
ajfa-1737	184	26	effect	effect	NOUN
ajfa-1737	184	27	of	of	ADP
ajfa-1737	184	28	insider	insider	NOUN
ajfa-1737	184	29	ownership	ownership	NOUN
ajfa-1737	184	30	on	on	ADP
ajfa-1737	184	31	outside	outside	ADJ
ajfa-1737	184	32	director	director	NOUN
ajfa-1737	184	33	independent	independent	PROPN
ajfa-1737	184	34	variables	variables	PROPN
ajfa-1737	184	35	ne	ne	PROPN
ajfa-1737	184	36	director	director	PROPN
ajfa-1737	184	37	independent	independent	ADJ
ajfa-1737	184	38	director	director	NOUN
ajfa-1737	184	39	grey	grey	PROPN
ajfa-1737	184	40	director	director	NOUN
ajfa-1737	184	41	coeff	coeff	PROPN
ajfa-1737	184	42	p	p	PROPN
ajfa-1737	184	43	value	value	NOUN
ajfa-1737	184	44	coeff	coeff	PROPN
ajfa-1737	184	45	p	p	PROPN
ajfa-1737	184	46	value	value	NOUN
ajfa-1737	184	47	coeff	coeff	PROPN
ajfa-1737	184	48	p	p	NOUN
ajfa-1737	184	49	value	value	NOUN
ajfa-1737	184	50	(	(	PUNCT
ajfa-1737	184	51	constant	constant	ADJ
ajfa-1737	184	52	)	)	PUNCT
ajfa-1737	184	53	3.532	3.532	NUM
ajfa-1737	184	54	4.35	4.35	NUM
ajfa-1737	184	55	2.738	2.738	NUM
ajfa-1737	184	56	3.688	3.688	NUM
ajfa-1737	184	57	*	*	SYM
ajfa-1737	184	58	2.96	2.96	NUM
ajfa-1737	184	59	4.441	4.441	NUM
ajfa-1737	184	60	insown0	insown0	NOUN
ajfa-1737	184	61	-	-	PUNCT
ajfa-1737	184	62	50	50	NUM
ajfa-1737	184	63	*	*	PUNCT
ajfa-1737	184	64	(	(	PUNCT
ajfa-1737	184	65	perne	perne	ADJ
ajfa-1737	184	66	,	,	PUNCT
ajfa-1737	184	67	perind	perind	NOUN
ajfa-1737	184	68	,	,	PUNCT
ajfa-1737	184	69	pergr	pergr	NOUN
ajfa-1737	184	70	)	)	PUNCT
ajfa-1737	184	71	1.328	1.328	NUM
ajfa-1737	184	72	0.266	0.266	NUM
ajfa-1737	184	73	-1.798	-1.798	NOUN
ajfa-1737	184	74	-0.374	-0.374	VERB
ajfa-1737	184	75	2.759	2.759	NUM
ajfa-1737	184	76	0.642	0.642	NUM
ajfa-1737	184	77	insown51	insown51	NOUN
ajfa-1737	184	78	-	-	PUNCT
ajfa-1737	184	79	100	100	NUM
ajfa-1737	184	80	*	*	PUNCT
ajfa-1737	184	81	(	(	PUNCT
ajfa-1737	184	82	perne	perne	ADJ
ajfa-1737	184	83	,	,	PUNCT
ajfa-1737	184	84	perind	perind	NOUN
ajfa-1737	184	85	,	,	PUNCT
ajfa-1737	184	86	pergr	pergr	NOUN
ajfa-1737	184	87	)	)	PUNCT
ajfa-1737	184	88	1.412	1.412	NUM
ajfa-1737	184	89	0.482	0.482	NUM
ajfa-1737	184	90	-2.007	-2.007	PUNCT
ajfa-1737	184	91	-0.537	-0.537	NUM
ajfa-1737	184	92	2.662	2.662	NUM
ajfa-1737	184	93	1.08	1.08	NUM
ajfa-1737	184	94	perne	perne	NOUN
ajfa-1737	184	95	-0.829	-0.829	PUNCT
ajfa-1737	184	96	-1.769	-1.769	NOUN
ajfa-1737	184	97	*	*	PUNCT
ajfa-1737	184	98	*	*	PUNCT
ajfa-1737	184	99	*	*	PUNCT
ajfa-1737	184	100	perind	perind	NOUN
ajfa-1737	184	101	0.08	0.08	NUM
ajfa-1737	184	102	0.137	0.137	NUM
ajfa-1737	184	103	pergr	pergr	NOUN
ajfa-1737	184	104	-0.78	-0.78	NOUN
ajfa-1737	184	105	-1.827	-1.827	PUNCT
ajfa-1737	184	106	*	*	PUNCT
ajfa-1737	184	107	*	*	PUNCT
ajfa-1737	184	108	*	*	PUNCT
ajfa-1737	184	109	bsize	bsize	VERB
ajfa-1737	184	110	0.005	0.005	NUM
ajfa-1737	184	111	0.24	0.24	NUM
ajfa-1737	184	112	0.009	0.009	NUM
ajfa-1737	184	113	0.411	0.411	NUM
ajfa-1737	184	114	0.012	0.012	NUM
ajfa-1737	184	115	0.591	0.591	NUM
ajfa-1737	184	116	nedchair	nedchair	NOUN
ajfa-1737	184	117	0.213	0.213	NUM
ajfa-1737	184	118	1.303	1.303	NUM
ajfa-1737	184	119	0.185	0.185	NUM
ajfa-1737	184	120	1.095	1.095	NUM
ajfa-1737	184	121	0.248	0.248	NUM
ajfa-1737	184	122	1.486	1.486	NUM
ajfa-1737	184	123	fage	fage	NOUN
ajfa-1737	184	124	-0.169	-0.169	PUNCT
ajfa-1737	184	125	-2.059	-2.059	PUNCT
ajfa-1737	184	126	*	*	PUNCT
ajfa-1737	184	127	*	*	PUNCT
ajfa-1737	184	128	-0.156	-0.156	NUM
ajfa-1737	184	129	-1.897	-1.897	NOUN
ajfa-1737	184	130	*	*	PUNCT
ajfa-1737	184	131	*	*	PUNCT
ajfa-1737	184	132	*	*	PUNCT
ajfa-1737	184	133	-0.161	-0.161	PUNCT
ajfa-1737	184	134	-2.006	-2.006	NOUN
ajfa-1737	184	135	*	*	NOUN
ajfa-1737	184	136	*	*	PUNCT
ajfa-1737	184	137	fsize	fsize	NOUN
ajfa-1737	184	138	-0.138	-0.138	NUM
ajfa-1737	184	139	-2.330	-2.330	X
ajfa-1737	184	140	*	*	PUNCT
ajfa-1737	184	141	*	*	PUNCT
ajfa-1737	184	142	-0.136	-0.136	ADJ
ajfa-1737	184	143	-2.286	-2.286	ADJ
ajfa-1737	184	144	*	*	PUNCT
ajfa-1737	184	145	*	*	PUNCT
ajfa-1737	184	146	-0.138	-0.138	PUNCT
ajfa-1737	184	147	-2.336	-2.336	PUNCT
ajfa-1737	184	148	*	*	PUNCT
ajfa-1737	184	149	*	*	NOUN
ajfa-1737	184	150	lev	lev	NOUN
ajfa-1737	184	151	-0.008	-0.008	PUNCT
ajfa-1737	184	152	-2.330	-2.330	NOUN
ajfa-1737	184	153	*	*	PUNCT
ajfa-1737	184	154	*	*	PUNCT
ajfa-1737	184	155	-0.007	-0.007	NOUN
ajfa-1737	184	156	-2.018	-2.018	PUNCT
ajfa-1737	184	157	*	*	PUNCT
ajfa-1737	184	158	*	*	PUNCT
ajfa-1737	184	159	-0.008	-0.008	NOUN
ajfa-1737	184	160	-2.328	-2.328	PRON
ajfa-1737	184	161	*	*	PUNCT
ajfa-1737	184	162	*	*	PROPN
ajfa-1737	184	163	lagroa	lagroa	PROPN
ajfa-1737	184	164	0.022	0.022	NUM
ajfa-1737	184	165	3.459	3.459	NUM
ajfa-1737	184	166	*	*	NOUN
ajfa-1737	184	167	0.023	0.023	NUM
ajfa-1737	184	168	3.668	3.668	NUM
ajfa-1737	184	169	*	*	PUNCT
ajfa-1737	184	170	0.022	0.022	NUM
ajfa-1737	184	171	3.505	3.505	NUM
ajfa-1737	184	172	*	*	PUNCT
ajfa-1737	184	173	insown	insown	VERB
ajfa-1737	184	174	0.505	0.505	NUM
ajfa-1737	184	175	1.579	1.579	NUM
ajfa-1737	184	176	0.541	0.541	NUM
ajfa-1737	184	177	1.694	1.694	NUM
ajfa-1737	184	178	*	*	PUNCT
ajfa-1737	184	179	*	*	PUNCT
ajfa-1737	184	180	*	*	PUNCT
ajfa-1737	184	181	0.564	0.564	NUM
ajfa-1737	184	182	1.77	1.77	NUM
ajfa-1737	184	183	*	*	PUNCT
ajfa-1737	184	184	*	*	PUNCT
ajfa-1737	184	185	*	*	PUNCT
ajfa-1737	184	186	no	no	INTJ
ajfa-1737	184	187	.	.	PUNCT
ajfa-1737	185	1	of	of	ADP
ajfa-1737	185	2	firms	firm	NOUN
ajfa-1737	185	3	157	157	NUM
ajfa-1737	185	4	157	157	NUM
ajfa-1737	185	5	157	157	NUM
ajfa-1737	185	6	r	r	NOUN
ajfa-1737	185	7	0.516	0.516	NUM
ajfa-1737	185	8	0.515	0.515	NUM
ajfa-1737	185	9	0.515	0.515	NUM
ajfa-1737	185	10	r	r	NOUN
ajfa-1737	185	11	square	square	NOUN
ajfa-1737	185	12	0.266	0.266	NUM
ajfa-1737	185	13	0.265	0.265	NUM
ajfa-1737	185	14	0.265	0.265	NUM
ajfa-1737	185	15	adj	adj	NOUN
ajfa-1737	185	16	r	r	NOUN
ajfa-1737	185	17	square	square	NOUN
ajfa-1737	185	18	0.216	0.216	NUM
ajfa-1737	185	19	0.22	0.22	NUM
ajfa-1737	185	20	0.22	0.22	NUM
ajfa-1737	185	21	f	f	NOUN
ajfa-1737	185	22	change	change	VERB
ajfa-1737	185	23	5.296	5.296	NUM
ajfa-1737	185	24	5.88	5.88	NUM
ajfa-1737	185	25	5.88	5.88	NUM
ajfa-1737	185	26	*	*	PUNCT
ajfa-1737	185	27	denotes	denote	NOUN
ajfa-1737	185	28	significance	significance	NOUN
ajfa-1737	185	29	1	1	NUM
ajfa-1737	185	30	%	%	NOUN
ajfa-1737	185	31	level	level	NOUN
ajfa-1737	185	32	,	,	PUNCT
ajfa-1737	185	33	*	*	PUNCT
ajfa-1737	185	34	*	*	NOUN
ajfa-1737	185	35	denotes	denote	NOUN
ajfa-1737	185	36	significance	significance	NOUN
ajfa-1737	185	37	at	at	ADP
ajfa-1737	185	38	5	5	NUM
ajfa-1737	185	39	%	%	NOUN
ajfa-1737	185	40	level	level	NOUN
ajfa-1737	185	41	,	,	PUNCT
ajfa-1737	185	42	*	*	PUNCT
ajfa-1737	185	43	*	*	PUNCT
ajfa-1737	185	44	*	*	PUNCT
ajfa-1737	185	45	denotes	denote	NOUN
ajfa-1737	185	46	significance	significance	NOUN
ajfa-1737	185	47	at	at	ADP
ajfa-1737	185	48	10	10	NUM
ajfa-1737	185	49	%	%	NOUN
ajfa-1737	185	50	level	level	NOUN
ajfa-1737	185	51	6	6	NUM
ajfa-1737	185	52	.	.	PUNCT
ajfa-1737	186	1	conclusions	conclusion	NOUN
ajfa-1737	186	2	this	this	DET
ajfa-1737	186	3	paper	paper	NOUN
ajfa-1737	186	4	modestly	modestly	ADV
ajfa-1737	186	5	examines	examine	VERB
ajfa-1737	186	6	efficacy	efficacy	NOUN
ajfa-1737	186	7	of	of	ADP
ajfa-1737	186	8	outside	outside	ADJ
ajfa-1737	186	9	directors	director	NOUN
ajfa-1737	186	10	as	as	ADP
ajfa-1737	186	11	an	an	DET
ajfa-1737	186	12	important	important	ADJ
ajfa-1737	186	13	corporate	corporate	ADJ
ajfa-1737	186	14	governance	governance	NOUN
ajfa-1737	186	15	mechanism	mechanism	NOUN
ajfa-1737	186	16	,	,	PUNCT
ajfa-1737	186	17	from	from	ADP
ajfa-1737	186	18	an	an	DET
ajfa-1737	186	19	agency	agency	NOUN
ajfa-1737	186	20	perspective	perspective	NOUN
ajfa-1737	186	21	in	in	ADP
ajfa-1737	186	22	both	both	CCONJ
ajfa-1737	186	23	developed	developed	ADJ
ajfa-1737	186	24	and	and	CCONJ
ajfa-1737	186	25	emerging	emerge	VERB
ajfa-1737	186	26	countries	country	NOUN
ajfa-1737	186	27	,	,	PUNCT
ajfa-1737	186	28	also	also	ADV
ajfa-1737	186	29	covering	cover	VERB
ajfa-1737	186	30	the	the	DET
ajfa-1737	186	31	extant	extant	ADJ
ajfa-1737	186	32	literature	literature	NOUN
ajfa-1737	186	33	that	that	PRON
ajfa-1737	186	34	divulges	divulge	VERB
ajfa-1737	186	35	their	their	PRON
ajfa-1737	186	36	impact	impact	NOUN
ajfa-1737	186	37	on	on	ADP
ajfa-1737	186	38	the	the	DET
ajfa-1737	186	39	firm	firm	ADJ
ajfa-1737	186	40	performance	performance	NOUN
ajfa-1737	186	41	.	.	PUNCT
ajfa-1737	187	1	emerging	emerge	VERB
ajfa-1737	187	2	markets	market	NOUN
ajfa-1737	187	3	that	that	PRON
ajfa-1737	187	4	are	be	AUX
ajfa-1737	187	5	steadily	steadily	ADV
ajfa-1737	187	6	integrating	integrate	VERB
ajfa-1737	187	7	with	with	ADP
ajfa-1737	187	8	the	the	DET
ajfa-1737	187	9	global	global	ADJ
ajfa-1737	187	10	economy	economy	NOUN
ajfa-1737	187	11	are	be	AUX
ajfa-1737	187	12	getting	get	VERB
ajfa-1737	187	13	high	high	ADJ
ajfa-1737	187	14	recognition	recognition	NOUN
ajfa-1737	187	15	in	in	ADP
ajfa-1737	187	16	corporate	corporate	ADJ
ajfa-1737	187	17	governance	governance	NOUN
ajfa-1737	187	18	study	study	NOUN
ajfa-1737	187	19	(	(	PUNCT
ajfa-1737	187	20	chow	chow	PROPN
ajfa-1737	187	21	and	and	CCONJ
ajfa-1737	187	22	kim	kim	PROPN
ajfa-1737	187	23	,	,	PUNCT
ajfa-1737	187	24	2007	2007	NUM
ajfa-1737	187	25	)	)	PUNCT
ajfa-1737	187	26	.	.	PUNCT
ajfa-1737	188	1	corporate	corporate	ADJ
ajfa-1737	188	2	boards	board	NOUN
ajfa-1737	188	3	with	with	ADP
ajfa-1737	188	4	outside	outside	ADJ
ajfa-1737	188	5	independent	independent	ADJ
ajfa-1737	188	6	directors	director	NOUN
ajfa-1737	188	7	are	be	AUX
ajfa-1737	188	8	considered	consider	VERB
ajfa-1737	188	9	as	as	ADP
ajfa-1737	188	10	an	an	DET
ajfa-1737	188	11	important	important	ADJ
ajfa-1737	188	12	internal	internal	ADJ
ajfa-1737	188	13	corporate	corporate	ADJ
ajfa-1737	188	14	mechanism	mechanism	NOUN
ajfa-1737	188	15	in	in	ADP
ajfa-1737	188	16	the	the	DET
ajfa-1737	188	17	absence	absence	NOUN
ajfa-1737	188	18	of	of	ADP
ajfa-1737	188	19	external	external	ADJ
ajfa-1737	188	20	governance	governance	NOUN
ajfa-1737	188	21	mechanisms	mechanism	NOUN
ajfa-1737	188	22	in	in	ADP
ajfa-1737	188	23	emerging	emerge	VERB
ajfa-1737	188	24	markets	market	NOUN
ajfa-1737	188	25	(	(	PUNCT
ajfa-1737	188	26	singh	singh	NOUN
ajfa-1737	188	27	and	and	CCONJ
ajfa-1737	188	28	gaur	gaur	NOUN
ajfa-1737	188	29	,	,	PUNCT
ajfa-1737	188	30	2009	2009	NUM
ajfa-1737	188	31	)	)	PUNCT
ajfa-1737	188	32	.	.	PUNCT
ajfa-1737	189	1	this	this	DET
ajfa-1737	189	2	paper	paper	NOUN
ajfa-1737	189	3	investigates	investigate	VERB
ajfa-1737	189	4	the	the	DET
ajfa-1737	189	5	importance	importance	NOUN
ajfa-1737	189	6	of	of	ADP
ajfa-1737	189	7	outside	outside	ADJ
ajfa-1737	189	8	directors	director	NOUN
ajfa-1737	189	9	on	on	ADP
ajfa-1737	189	10	corporate	corporate	ADJ
ajfa-1737	189	11	asian	asian	ADJ
ajfa-1737	189	12	journal	journal	NOUN
ajfa-1737	189	13	of	of	ADP
ajfa-1737	189	14	finance	finance	PROPN
ajfa-1737	189	15	&	&	CCONJ
ajfa-1737	189	16	accounting	accounting	PROPN
ajfa-1737	189	17	issn	issn	PROPN
ajfa-1737	189	18	1946	1946	NUM
ajfa-1737	189	19	-	-	PUNCT
ajfa-1737	189	20	052x	052x	NOUN
ajfa-1737	189	21	2012	2012	NUM
ajfa-1737	189	22	,	,	PUNCT
ajfa-1737	189	23	vol	vol	NOUN
ajfa-1737	189	24	.	.	PROPN
ajfa-1737	190	1	4	4	NUM
ajfa-1737	190	2	,	,	PUNCT
ajfa-1737	190	3	no	no	INTJ
ajfa-1737	190	4	.	.	NOUN
ajfa-1737	190	5	2	2	NUM
ajfa-1737	190	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1737	190	7	51	51	NUM
ajfa-1737	190	8	boards	board	NOUN
ajfa-1737	190	9	of	of	ADP
ajfa-1737	190	10	indian	indian	ADJ
ajfa-1737	190	11	companies	company	NOUN
ajfa-1737	190	12	and	and	CCONJ
ajfa-1737	190	13	their	their	PRON
ajfa-1737	190	14	influence	influence	NOUN
ajfa-1737	190	15	on	on	ADP
ajfa-1737	190	16	firm	firm	ADJ
ajfa-1737	190	17	value	value	NOUN
ajfa-1737	190	18	.	.	PUNCT
ajfa-1737	191	1	it	it	PRON
ajfa-1737	191	2	further	far	ADV
ajfa-1737	191	3	examines	examine	VERB
ajfa-1737	191	4	the	the	DET
ajfa-1737	191	5	moderating	moderate	VERB
ajfa-1737	191	6	effect	effect	NOUN
ajfa-1737	191	7	of	of	ADP
ajfa-1737	191	8	dominant	dominant	ADJ
ajfa-1737	191	9	shareholder	shareholder	NOUN
ajfa-1737	191	10	on	on	ADP
ajfa-1737	191	11	outside	outside	ADJ
ajfa-1737	191	12	directors	director	NOUN
ajfa-1737	191	13	in	in	ADP
ajfa-1737	191	14	relations	relation	NOUN
ajfa-1737	191	15	to	to	ADP
ajfa-1737	191	16	firm	firm	ADJ
ajfa-1737	191	17	value	value	NOUN
ajfa-1737	191	18	.	.	PUNCT
ajfa-1737	192	1	analysis	analysis	NOUN
ajfa-1737	192	2	of	of	ADP
ajfa-1737	192	3	outside	outside	ADJ
ajfa-1737	192	4	directors	director	NOUN
ajfa-1737	192	5	as	as	ADP
ajfa-1737	192	6	determinant	determinant	ADJ
ajfa-1737	192	7	of	of	ADP
ajfa-1737	192	8	firm	firm	ADJ
ajfa-1737	192	9	performance	performance	NOUN
ajfa-1737	192	10	is	be	AUX
ajfa-1737	192	11	also	also	ADV
ajfa-1737	192	12	carried	carry	VERB
ajfa-1737	192	13	out	out	ADP
ajfa-1737	192	14	by	by	ADP
ajfa-1737	192	15	delineating	delineate	VERB
ajfa-1737	192	16	the	the	DET
ajfa-1737	192	17	difference	difference	NOUN
ajfa-1737	192	18	between	between	ADP
ajfa-1737	192	19	grey	grey	ADJ
ajfa-1737	192	20	and	and	CCONJ
ajfa-1737	192	21	independent	independent	ADJ
ajfa-1737	192	22	directors	director	NOUN
ajfa-1737	192	23	.	.	PUNCT
ajfa-1737	193	1	this	this	DET
ajfa-1737	193	2	aspect	aspect	NOUN
ajfa-1737	193	3	has	have	AUX
ajfa-1737	193	4	been	be	AUX
ajfa-1737	193	5	often	often	ADV
ajfa-1737	193	6	lacking	lack	VERB
ajfa-1737	193	7	in	in	ADP
ajfa-1737	193	8	previous	previous	ADJ
ajfa-1737	193	9	studies	study	NOUN
ajfa-1737	193	10	.	.	PUNCT
ajfa-1737	194	1	this	this	DET
ajfa-1737	194	2	study	study	NOUN
ajfa-1737	194	3	finds	find	VERB
ajfa-1737	194	4	that	that	SCONJ
ajfa-1737	194	5	the	the	DET
ajfa-1737	194	6	negative	negative	ADJ
ajfa-1737	194	7	effect	effect	NOUN
ajfa-1737	194	8	of	of	ADP
ajfa-1737	194	9	outside	outside	ADJ
ajfa-1737	194	10	directors	director	NOUN
ajfa-1737	194	11	on	on	ADP
ajfa-1737	194	12	the	the	DET
ajfa-1737	194	13	firm	firm	ADJ
ajfa-1737	194	14	value	value	NOUN
ajfa-1737	194	15	of	of	ADP
ajfa-1737	194	16	indian	indian	ADJ
ajfa-1737	194	17	companies	company	NOUN
ajfa-1737	194	18	is	be	AUX
ajfa-1737	194	19	mainly	mainly	ADV
ajfa-1737	194	20	due	due	ADJ
ajfa-1737	194	21	to	to	ADP
ajfa-1737	194	22	the	the	DET
ajfa-1737	194	23	grey	grey	ADJ
ajfa-1737	194	24	directors	director	NOUN
ajfa-1737	194	25	,	,	PUNCT
ajfa-1737	194	26	where	where	SCONJ
ajfa-1737	194	27	as	as	SCONJ
ajfa-1737	194	28	independent	independent	ADJ
ajfa-1737	194	29	directors	director	NOUN
ajfa-1737	194	30	have	have	VERB
ajfa-1737	194	31	a	a	DET
ajfa-1737	194	32	positive	positive	ADJ
ajfa-1737	194	33	but	but	CCONJ
ajfa-1737	194	34	insignificant	insignificant	ADJ
ajfa-1737	194	35	effect	effect	NOUN
ajfa-1737	194	36	.	.	PUNCT
ajfa-1737	195	1	it	it	PRON
ajfa-1737	195	2	may	may	AUX
ajfa-1737	195	3	be	be	AUX
ajfa-1737	195	4	concluded	conclude	VERB
ajfa-1737	195	5	that	that	SCONJ
ajfa-1737	195	6	market	market	NOUN
ajfa-1737	195	7	values	value	NOUN
ajfa-1737	195	8	companies	company	NOUN
ajfa-1737	195	9	with	with	ADP
ajfa-1737	195	10	a	a	DET
ajfa-1737	195	11	greater	great	ADJ
ajfa-1737	195	12	proportion	proportion	NOUN
ajfa-1737	195	13	of	of	ADP
ajfa-1737	195	14	independent	independent	ADJ
ajfa-1737	195	15	directors	director	NOUN
ajfa-1737	195	16	.	.	PUNCT
ajfa-1737	196	1	however	however	ADV
ajfa-1737	196	2	,	,	PUNCT
ajfa-1737	196	3	the	the	DET
ajfa-1737	196	4	promoters	promoter	NOUN
ajfa-1737	196	5	who	who	PRON
ajfa-1737	196	6	are	be	AUX
ajfa-1737	196	7	owners	owner	NOUN
ajfa-1737	196	8	and	and	CCONJ
ajfa-1737	196	9	controllers	controller	NOUN
ajfa-1737	196	10	of	of	ADP
ajfa-1737	196	11	indian	indian	ADJ
ajfa-1737	196	12	companies	company	NOUN
ajfa-1737	196	13	negatively	negatively	ADV
ajfa-1737	196	14	impact	impact	VERB
ajfa-1737	196	15	the	the	DET
ajfa-1737	196	16	performance	performance	NOUN
ajfa-1737	196	17	of	of	ADP
ajfa-1737	196	18	independent	independent	ADJ
ajfa-1737	196	19	directors	director	NOUN
ajfa-1737	196	20	.	.	PUNCT
ajfa-1737	197	1	the	the	DET
ajfa-1737	197	2	results	result	NOUN
ajfa-1737	197	3	have	have	VERB
ajfa-1737	197	4	some	some	DET
ajfa-1737	197	5	implications	implication	NOUN
ajfa-1737	197	6	for	for	ADP
ajfa-1737	197	7	policy	policy	NOUN
ajfa-1737	197	8	makers	maker	NOUN
ajfa-1737	197	9	who	who	PRON
ajfa-1737	197	10	are	be	AUX
ajfa-1737	197	11	trying	try	VERB
ajfa-1737	197	12	to	to	PART
ajfa-1737	197	13	find	find	VERB
ajfa-1737	197	14	a	a	DET
ajfa-1737	197	15	suitable	suitable	ADJ
ajfa-1737	197	16	board	board	NOUN
ajfa-1737	197	17	model	model	NOUN
ajfa-1737	197	18	for	for	ADP
ajfa-1737	197	19	companies	company	NOUN
ajfa-1737	197	20	and	and	CCONJ
ajfa-1737	197	21	define	define	VERB
ajfa-1737	197	22	the	the	DET
ajfa-1737	197	23	role	role	NOUN
ajfa-1737	197	24	of	of	ADP
ajfa-1737	197	25	independent	independent	ADJ
ajfa-1737	197	26	directors	director	NOUN
ajfa-1737	197	27	.	.	PUNCT
ajfa-1737	198	1	the	the	DET
ajfa-1737	198	2	study	study	NOUN
ajfa-1737	198	3	implicates	implicate	VERB
ajfa-1737	198	4	that	that	PRON
ajfa-1737	198	5	for	for	SCONJ
ajfa-1737	198	6	an	an	DET
ajfa-1737	198	7	independent	independent	ADJ
ajfa-1737	198	8	board	board	NOUN
ajfa-1737	198	9	with	with	ADP
ajfa-1737	198	10	grey	grey	PROPN
ajfa-1737	198	11	directors	director	NOUN
ajfa-1737	198	12	to	to	PART
ajfa-1737	198	13	be	be	AUX
ajfa-1737	198	14	replaced	replace	VERB
ajfa-1737	198	15	by	by	ADP
ajfa-1737	198	16	an	an	DET
ajfa-1737	198	17	independent	independent	ADJ
ajfa-1737	198	18	director	director	NOUN
ajfa-1737	198	19	.	.	PUNCT
ajfa-1737	199	1	further	far	ADV
ajfa-1737	199	2	,	,	PUNCT
ajfa-1737	199	3	a	a	DET
ajfa-1737	199	4	greater	great	ADJ
ajfa-1737	199	5	discussion	discussion	NOUN
ajfa-1737	199	6	and	and	CCONJ
ajfa-1737	199	7	analysis	analysis	NOUN
ajfa-1737	199	8	is	be	AUX
ajfa-1737	199	9	required	require	VERB
ajfa-1737	199	10	so	so	SCONJ
ajfa-1737	199	11	that	that	SCONJ
ajfa-1737	199	12	independent	independent	ADJ
ajfa-1737	199	13	directors	director	NOUN
ajfa-1737	199	14	remain	remain	VERB
ajfa-1737	199	15	independent	independent	ADJ
ajfa-1737	199	16	of	of	ADP
ajfa-1737	199	17	the	the	DET
ajfa-1737	199	18	promoters	promoter	NOUN
ajfa-1737	199	19	and	and	CCONJ
ajfa-1737	199	20	able	able	ADJ
ajfa-1737	199	21	to	to	PART
ajfa-1737	199	22	safeguard	safeguard	VERB
ajfa-1737	199	23	minority	minority	NOUN
ajfa-1737	199	24	shareholder	shareholder	NOUN
ajfa-1737	199	25	rights	right	NOUN
ajfa-1737	199	26	.	.	PUNCT
ajfa-1737	200	1	reforms	reform	NOUN
ajfa-1737	200	2	are	be	AUX
ajfa-1737	200	3	required	require	VERB
ajfa-1737	200	4	that	that	PRON
ajfa-1737	200	5	may	may	AUX
ajfa-1737	200	6	confiscate	confiscate	VERB
ajfa-1737	200	7	promoters	promoter	NOUN
ajfa-1737	200	8	control	control	NOUN
ajfa-1737	200	9	on	on	ADP
ajfa-1737	200	10	independent	independent	ADJ
ajfa-1737	200	11	director	director	NOUN
ajfa-1737	200	12	’s	’s	PART
ajfa-1737	200	13	selection	selection	NOUN
ajfa-1737	200	14	and	and	CCONJ
ajfa-1737	200	15	appointment	appointment	NOUN
ajfa-1737	200	16	process	process	NOUN
ajfa-1737	200	17	.	.	PUNCT
ajfa-1737	201	1	references	reference	NOUN
ajfa-1737	201	2	agrawal	agrawal	PROPN
ajfa-1737	201	3	,	,	PUNCT
ajfa-1737	201	4	a.	a.	NOUN
ajfa-1737	201	5	,	,	PUNCT
ajfa-1737	201	6	&	&	CCONJ
ajfa-1737	201	7	knoeber	knoeber	PROPN
ajfa-1737	201	8	,	,	PUNCT
ajfa-1737	201	9	c.	c.	PROPN
ajfa-1737	201	10	(	(	PUNCT
ajfa-1737	201	11	1996	1996	NUM
ajfa-1737	201	12	)	)	PUNCT
ajfa-1737	201	13	.	.	PUNCT
ajfa-1737	202	1	firm	firm	ADJ
ajfa-1737	202	2	performance	performance	NOUN
ajfa-1737	202	3	and	and	CCONJ
ajfa-1737	202	4	mechanisms	mechanism	NOUN
ajfa-1737	202	5	to	to	PART
ajfa-1737	202	6	control	control	VERB
ajfa-1737	202	7	agency	agency	NOUN
ajfa-1737	202	8	problems	problem	NOUN
ajfa-1737	202	9	between	between	ADP
ajfa-1737	202	10	managers	manager	NOUN
ajfa-1737	202	11	and	and	CCONJ
ajfa-1737	202	12	shareholders	shareholder	NOUN
ajfa-1737	202	13	.	.	PUNCT
ajfa-1737	203	1	journal	journal	PROPN
ajfa-1737	203	2	of	of	ADP
ajfa-1737	203	3	financial	financial	ADJ
ajfa-1737	203	4	quantitative	quantitative	ADJ
ajfa-1737	203	5	analysis	analysis	NOUN
ajfa-1737	203	6	,	,	PUNCT
ajfa-1737	203	7	31(3	31(3	NUM
ajfa-1737	203	8	)	)	PUNCT
ajfa-1737	203	9	,	,	PUNCT
ajfa-1737	203	10	377–397	377–397	NUM
ajfa-1737	203	11	.	.	PUNCT
ajfa-1737	204	1	http://dx.doi.org/10.2307/2331397	http://dx.doi.org/10.2307/2331397	PROPN
ajfa-1737	204	2	ameer	ameer	PROPN
ajfa-1737	204	3	,	,	PUNCT
ajfa-1737	204	4	r.	r.	PROPN
ajfa-1737	204	5	,	,	PUNCT
ajfa-1737	204	6	ramli	ramli	PROPN
ajfa-1737	204	7	,	,	PUNCT
ajfa-1737	204	8	f.	f.	PROPN
ajfa-1737	204	9	,	,	PUNCT
ajfa-1737	204	10	&	&	CCONJ
ajfa-1737	204	11	zakaria	zakaria	PROPN
ajfa-1737	204	12	,	,	PUNCT
ajfa-1737	204	13	h.	h.	PROPN
ajfa-1737	204	14	(	(	PUNCT
ajfa-1737	204	15	2011	2011	NUM
ajfa-1737	204	16	)	)	PUNCT
ajfa-1737	204	17	.	.	PUNCT
ajfa-1737	205	1	a	a	DET
ajfa-1737	205	2	new	new	ADJ
ajfa-1737	205	3	perspective	perspective	NOUN
ajfa-1737	205	4	on	on	ADP
ajfa-1737	205	5	board	board	NOUN
ajfa-1737	205	6	composition	composition	NOUN
ajfa-1737	205	7	and	and	CCONJ
ajfa-1737	205	8	firm	firm	ADJ
ajfa-1737	205	9	performance	performance	NOUN
ajfa-1737	205	10	in	in	ADP
ajfa-1737	205	11	an	an	DET
ajfa-1737	205	12	emerging	emerge	VERB
ajfa-1737	205	13	market	market	NOUN
ajfa-1737	205	14	.	.	PUNCT
ajfa-1737	206	1	corporate	corporate	ADJ
ajfa-1737	206	2	governance	governance	NOUN
ajfa-1737	206	3	,	,	PUNCT
ajfa-1737	206	4	10(5	10(5	NUM
ajfa-1737	206	5	)	)	PUNCT
ajfa-1737	206	6	,	,	PUNCT
ajfa-1737	206	7	647	647	NUM
ajfa-1737	206	8	-	-	SYM
ajfa-1737	206	9	661	661	NUM
ajfa-1737	206	10	.	.	PUNCT
ajfa-1737	207	1	bathala	bathala	VERB
ajfa-1737	207	2	,	,	PUNCT
ajfa-1737	207	3	c.	c.	PROPN
ajfa-1737	207	4	,	,	PUNCT
ajfa-1737	207	5	&	&	CCONJ
ajfa-1737	207	6	rao	rao	PROPN
ajfa-1737	207	7	,	,	PUNCT
ajfa-1737	207	8	r.	r.	PROPN
ajfa-1737	207	9	(	(	PUNCT
ajfa-1737	207	10	1995	1995	NUM
ajfa-1737	207	11	)	)	PUNCT
ajfa-1737	207	12	.	.	PUNCT
ajfa-1737	208	1	the	the	DET
ajfa-1737	208	2	determinants	determinant	NOUN
ajfa-1737	208	3	of	of	ADP
ajfa-1737	208	4	board	board	NOUN
ajfa-1737	208	5	composition	composition	NOUN
ajfa-1737	208	6	:	:	PUNCT
ajfa-1737	208	7	an	an	DET
ajfa-1737	208	8	agency	agency	NOUN
ajfa-1737	208	9	theory	theory	NOUN
ajfa-1737	208	10	perspective	perspective	NOUN
ajfa-1737	208	11	.	.	PUNCT
ajfa-1737	209	1	managerial	managerial	ADJ
ajfa-1737	209	2	and	and	CCONJ
ajfa-1737	209	3	decision	decision	NOUN
ajfa-1737	209	4	economics	economic	NOUN
ajfa-1737	209	5	,	,	PUNCT
ajfa-1737	209	6	16(1	16(1	NUM
ajfa-1737	209	7	)	)	PUNCT
ajfa-1737	209	8	,	,	PUNCT
ajfa-1737	209	9	59	59	NUM
ajfa-1737	209	10	-	-	SYM
ajfa-1737	209	11	69	69	NUM
ajfa-1737	209	12	.	.	PUNCT
ajfa-1737	210	1	http://dx.doi.org/10.1002/mde.4090160108	http://dx.doi.org/10.1002/mde.4090160108	PROPN
ajfa-1737	210	2	baysinger	baysinger	PROPN
ajfa-1737	210	3	,	,	PUNCT
ajfa-1737	210	4	b.	b.	PROPN
ajfa-1737	210	5	,	,	PUNCT
ajfa-1737	210	6	&	&	CCONJ
ajfa-1737	210	7	butler	butler	PROPN
ajfa-1737	210	8	,	,	PUNCT
ajfa-1737	210	9	h.	h.	PROPN
ajfa-1737	210	10	(	(	PUNCT
ajfa-1737	210	11	1985	1985	NUM
ajfa-1737	210	12	)	)	PUNCT
ajfa-1737	210	13	.	.	PUNCT
ajfa-1737	211	1	corporate	corporate	ADJ
ajfa-1737	211	2	governance	governance	NOUN
ajfa-1737	211	3	and	and	CCONJ
ajfa-1737	211	4	the	the	DET
ajfa-1737	211	5	board	board	NOUN
ajfa-1737	211	6	of	of	ADP
ajfa-1737	211	7	directors	director	NOUN
ajfa-1737	211	8	:	:	PUNCT
ajfa-1737	211	9	performance	performance	NOUN
ajfa-1737	211	10	effects	effect	NOUN
ajfa-1737	211	11	of	of	ADP
ajfa-1737	211	12	changes	change	NOUN
ajfa-1737	211	13	in	in	ADP
ajfa-1737	211	14	board	board	NOUN
ajfa-1737	211	15	composition	composition	NOUN
ajfa-1737	211	16	.	.	PUNCT
ajfa-1737	212	1	journal	journal	PROPN
ajfa-1737	212	2	of	of	ADP
ajfa-1737	212	3	law	law	NOUN
ajfa-1737	212	4	,	,	PUNCT
ajfa-1737	212	5	economics	economic	NOUN
ajfa-1737	212	6	,	,	PUNCT
ajfa-1737	212	7	&	&	CCONJ
ajfa-1737	212	8	organization	organization	PROPN
ajfa-1737	212	9	,	,	PUNCT
ajfa-1737	212	10	1(1	1(1	NUM
ajfa-1737	212	11	)	)	PUNCT
ajfa-1737	212	12	,	,	PUNCT
ajfa-1737	212	13	101	101	NUM
ajfa-1737	212	14	-	-	SYM
ajfa-1737	212	15	124	124	NUM
ajfa-1737	212	16	.	.	PUNCT
ajfa-1737	213	1	beasley	beasley	PROPN
ajfa-1737	213	2	,	,	PUNCT
ajfa-1737	213	3	m.s	m.s	PROPN
ajfa-1737	213	4	.	.	PROPN
ajfa-1737	213	5	(	(	PUNCT
ajfa-1737	213	6	1996	1996	NUM
ajfa-1737	213	7	)	)	PUNCT
ajfa-1737	213	8	.	.	PUNCT
ajfa-1737	214	1	an	an	DET
ajfa-1737	214	2	empirical	empirical	ADJ
ajfa-1737	214	3	analysis	analysis	NOUN
ajfa-1737	214	4	of	of	ADP
ajfa-1737	214	5	the	the	DET
ajfa-1737	214	6	relation	relation	NOUN
ajfa-1737	214	7	between	between	ADP
ajfa-1737	214	8	the	the	DET
ajfa-1737	214	9	board	board	NOUN
ajfa-1737	214	10	of	of	ADP
ajfa-1737	214	11	director	director	NOUN
ajfa-1737	214	12	composition	composition	NOUN
ajfa-1737	214	13	and	and	CCONJ
ajfa-1737	214	14	financial	financial	ADJ
ajfa-1737	214	15	statement	statement	NOUN
ajfa-1737	214	16	fraud	fraud	NOUN
ajfa-1737	214	17	.	.	PUNCT
ajfa-1737	215	1	the	the	DET
ajfa-1737	215	2	accounting	accounting	NOUN
ajfa-1737	215	3	review	review	NOUN
ajfa-1737	215	4	,	,	PUNCT
ajfa-1737	215	5	71	71	NUM
ajfa-1737	215	6	,	,	PUNCT
ajfa-1737	215	7	443	443	NUM
ajfa-1737	215	8	-	-	SYM
ajfa-1737	215	9	65	65	NUM
ajfa-1737	215	10	.	.	PUNCT
ajfa-1737	216	1	bertrand	bertrand	PROPN
ajfa-1737	216	2	,	,	PUNCT
ajfa-1737	216	3	m.	m.	NOUN
ajfa-1737	216	4	,	,	PUNCT
ajfa-1737	216	5	mehta	mehta	PROPN
ajfa-1737	216	6	,	,	PUNCT
ajfa-1737	216	7	p.	p.	PROPN
ajfa-1737	216	8	,	,	PUNCT
ajfa-1737	216	9	&	&	CCONJ
ajfa-1737	216	10	mullainathan	mullainathan	PROPN
ajfa-1737	216	11	,	,	PUNCT
ajfa-1737	216	12	s.	s.	PROPN
ajfa-1737	216	13	(	(	PUNCT
ajfa-1737	216	14	2002	2002	NUM
ajfa-1737	216	15	)	)	PUNCT
ajfa-1737	216	16	.	.	PUNCT
ajfa-1737	217	1	ferreting	ferret	VERB
ajfa-1737	217	2	out	out	ADP
ajfa-1737	217	3	tunneling	tunnel	VERB
ajfa-1737	217	4	:	:	PUNCT
ajfa-1737	217	5	an	an	DET
ajfa-1737	217	6	application	application	NOUN
ajfa-1737	217	7	to	to	ADP
ajfa-1737	217	8	indian	indian	ADJ
ajfa-1737	217	9	business	business	NOUN
ajfa-1737	217	10	groups	group	NOUN
ajfa-1737	217	11	.	.	PUNCT
ajfa-1737	218	1	quarterly	quarterly	ADJ
ajfa-1737	218	2	journal	journal	NOUN
ajfa-1737	218	3	of	of	ADP
ajfa-1737	218	4	economics	economic	NOUN
ajfa-1737	218	5	,	,	PUNCT
ajfa-1737	218	6	117	117	NUM
ajfa-1737	218	7	,	,	PUNCT
ajfa-1737	218	8	121–148	121–148	NUM
ajfa-1737	218	9	.	.	PUNCT
ajfa-1737	219	1	http://dx.doi.org/10.1162/003355302753399463	http://dx.doi.org/10.1162/003355302753399463	PROPN
ajfa-1737	219	2	bhagat	bhagat	PROPN
ajfa-1737	219	3	,	,	PUNCT
ajfa-1737	219	4	s.	s.	PROPN
ajfa-1737	219	5	,	,	PUNCT
ajfa-1737	219	6	&	&	CCONJ
ajfa-1737	219	7	black	black	PROPN
ajfa-1737	219	8	,	,	PUNCT
ajfa-1737	219	9	b.	b.	PROPN
ajfa-1737	219	10	(	(	PUNCT
ajfa-1737	219	11	2002	2002	NUM
ajfa-1737	219	12	)	)	PUNCT
ajfa-1737	219	13	.	.	PUNCT
ajfa-1737	220	1	the	the	DET
ajfa-1737	220	2	non	non	NOUN
ajfa-1737	220	3	-	-	NOUN
ajfa-1737	220	4	correlation	correlation	NOUN
ajfa-1737	220	5	between	between	ADP
ajfa-1737	220	6	board	board	NOUN
ajfa-1737	220	7	independence	independence	NOUN
ajfa-1737	220	8	and	and	CCONJ
ajfa-1737	220	9	long	long	ADJ
ajfa-1737	220	10	-	-	PUNCT
ajfa-1737	220	11	term	term	NOUN
ajfa-1737	220	12	firm	firm	ADJ
ajfa-1737	220	13	performance	performance	NOUN
ajfa-1737	220	14	.	.	PUNCT
ajfa-1737	221	1	journal	journal	NOUN
ajfa-1737	221	2	of	of	ADP
ajfa-1737	221	3	corporation	corporation	PROPN
ajfa-1737	221	4	law	law	NOUN
ajfa-1737	221	5	,	,	PUNCT
ajfa-1737	221	6	27(2	27(2	NUM
ajfa-1737	221	7	)	)	PUNCT
ajfa-1737	221	8	,	,	PUNCT
ajfa-1737	221	9	231	231	NUM
ajfa-1737	221	10	-	-	SYM
ajfa-1737	221	11	273	273	NUM
ajfa-1737	221	12	.	.	PUNCT
ajfa-1737	222	1	asian	asian	ADJ
ajfa-1737	222	2	journal	journal	PROPN
ajfa-1737	222	3	of	of	ADP
ajfa-1737	222	4	finance	finance	PROPN
ajfa-1737	222	5	&	&	CCONJ
ajfa-1737	222	6	accounting	accounting	PROPN
ajfa-1737	222	7	issn	issn	PROPN
ajfa-1737	222	8	1946	1946	NUM
ajfa-1737	222	9	-	-	PUNCT
ajfa-1737	222	10	052x	052x	NOUN
ajfa-1737	222	11	2012	2012	NUM
ajfa-1737	222	12	,	,	PUNCT
ajfa-1737	222	13	vol	vol	NOUN
ajfa-1737	222	14	.	.	PROPN
ajfa-1737	222	15	4	4	NUM
ajfa-1737	222	16	,	,	PUNCT
ajfa-1737	222	17	no	no	INTJ
ajfa-1737	222	18	.	.	NOUN
ajfa-1737	222	19	2	2	NUM
ajfa-1737	222	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1737	222	21	52	52	NUM
ajfa-1737	222	22	brennan	brennan	NOUN
ajfa-1737	222	23	,	,	PUNCT
ajfa-1737	222	24	n.	n.	PROPN
ajfa-1737	222	25	(	(	PUNCT
ajfa-1737	222	26	2006	2006	NUM
ajfa-1737	222	27	)	)	PUNCT
ajfa-1737	222	28	.	.	PUNCT
ajfa-1737	223	1	board	board	NOUN
ajfa-1737	223	2	of	of	ADP
ajfa-1737	223	3	directors	director	NOUN
ajfa-1737	223	4	and	and	CCONJ
ajfa-1737	223	5	firm	firm	ADJ
ajfa-1737	223	6	performance	performance	NOUN
ajfa-1737	223	7	:	:	PUNCT
ajfa-1737	223	8	is	be	AUX
ajfa-1737	223	9	there	there	PRON
ajfa-1737	223	10	an	an	DET
ajfa-1737	223	11	expectation	expectation	NOUN
ajfa-1737	223	12	gap	gap	NOUN
ajfa-1737	223	13	?	?	PUNCT
ajfa-1737	224	1	corporate	corporate	ADJ
ajfa-1737	224	2	governance	governance	NOUN
ajfa-1737	224	3	:	:	PUNCT
ajfa-1737	224	4	an	an	DET
ajfa-1737	224	5	international	international	ADJ
ajfa-1737	224	6	review	review	NOUN
ajfa-1737	224	7	,	,	PUNCT
ajfa-1737	224	8	14(6	14(6	NOUN
ajfa-1737	224	9	)	)	PUNCT
ajfa-1737	224	10	,	,	PUNCT
ajfa-1737	224	11	577	577	NUM
ajfa-1737	224	12	-	-	SYM
ajfa-1737	224	13	593	593	NUM
ajfa-1737	224	14	.	.	PUNCT
ajfa-1737	225	1	http://dx.doi.org/10.1111/j.1467-8683.2006.00534.x	http://dx.doi.org/10.1111/j.1467-8683.2006.00534.x	ADV
ajfa-1737	225	2	brickley	brickley	ADJ
ajfa-1737	225	3	,	,	PUNCT
ajfa-1737	225	4	j.	j.	PROPN
ajfa-1737	225	5	,	,	PUNCT
ajfa-1737	225	6	coles	coles	PROPN
ajfa-1737	225	7	,	,	PUNCT
ajfa-1737	225	8	l.	l.	PROPN
ajfa-1737	225	9	,	,	PUNCT
ajfa-1737	225	10	&	&	CCONJ
ajfa-1737	225	11	terry	terry	PROPN
ajfa-1737	225	12	,	,	PUNCT
ajfa-1737	225	13	r.	r.	PROPN
ajfa-1737	225	14	(	(	PUNCT
ajfa-1737	225	15	1994	1994	NUM
ajfa-1737	225	16	)	)	PUNCT
ajfa-1737	225	17	.	.	PUNCT
ajfa-1737	226	1	outside	outside	ADJ
ajfa-1737	226	2	directors	director	NOUN
ajfa-1737	226	3	and	and	CCONJ
ajfa-1737	226	4	the	the	DET
ajfa-1737	226	5	adoption	adoption	NOUN
ajfa-1737	226	6	of	of	ADP
ajfa-1737	226	7	poison	poison	NOUN
ajfa-1737	226	8	pills	pill	NOUN
ajfa-1737	226	9	.	.	PUNCT
ajfa-1737	227	1	journal	journal	PROPN
ajfa-1737	227	2	of	of	ADP
ajfa-1737	227	3	financial	financial	ADJ
ajfa-1737	227	4	economics	economic	NOUN
ajfa-1737	227	5	,	,	PUNCT
ajfa-1737	227	6	35	35	NUM
ajfa-1737	227	7	,	,	PUNCT
ajfa-1737	227	8	371–390	371–390	NUM
ajfa-1737	227	9	.	.	PUNCT
ajfa-1737	228	1	http://dx.doi.org/10.1016/0304-405x(94)90038-8	http://dx.doi.org/10.1016/0304-405x(94)90038-8	PROPN
ajfa-1737	228	2	byrd	byrd	PROPN
ajfa-1737	228	3	,	,	PUNCT
ajfa-1737	228	4	j.	j.	PROPN
ajfa-1737	228	5	,	,	PUNCT
ajfa-1737	228	6	&	&	CCONJ
ajfa-1737	228	7	hickman	hickman	PROPN
ajfa-1737	228	8	,	,	PUNCT
ajfa-1737	228	9	k.	k.	PROPN
ajfa-1737	228	10	(	(	PUNCT
ajfa-1737	228	11	1992	1992	NUM
ajfa-1737	228	12	)	)	PUNCT
ajfa-1737	228	13	.	.	PUNCT
ajfa-1737	229	1	do	do	AUX
ajfa-1737	229	2	outside	outside	ADJ
ajfa-1737	229	3	directors	director	NOUN
ajfa-1737	229	4	monitor	monitor	VERB
ajfa-1737	229	5	managers	manager	NOUN
ajfa-1737	229	6	?	?	PUNCT
ajfa-1737	230	1	journal	journal	NOUN
ajfa-1737	230	2	of	of	ADP
ajfa-1737	230	3	financial	financial	ADJ
ajfa-1737	230	4	economics	economic	NOUN
ajfa-1737	230	5	,	,	PUNCT
ajfa-1737	230	6	32	32	NUM
ajfa-1737	230	7	,	,	PUNCT
ajfa-1737	230	8	195–221	195–221	NUM
ajfa-1737	230	9	.	.	PUNCT
ajfa-1737	231	1	http://dx.doi.org/10.1016/0304-405x(92)90018-s	http://dx.doi.org/10.1016/0304-405x(92)90018-s	PROPN
ajfa-1737	231	2	chakrabarti	chakrabarti	PROPN
ajfa-1737	231	3	,	,	PUNCT
ajfa-1737	231	4	r.	r.	PROPN
ajfa-1737	231	5	(	(	PUNCT
ajfa-1737	231	6	2005	2005	NUM
ajfa-1737	231	7	)	)	PUNCT
ajfa-1737	231	8	.	.	PUNCT
ajfa-1737	232	1	corporate	corporate	ADJ
ajfa-1737	232	2	governance	governance	NOUN
ajfa-1737	232	3	in	in	ADP
ajfa-1737	232	4	india	india	PROPN
ajfa-1737	232	5	:	:	PUNCT
ajfa-1737	232	6	evolution	evolution	NOUN
ajfa-1737	232	7	and	and	CCONJ
ajfa-1737	232	8	challenges	challenge	NOUN
ajfa-1737	232	9	.	.	PUNCT
ajfa-1737	233	1	the	the	DET
ajfa-1737	233	2	icfai	icfai	NUM
ajfa-1737	233	3	journal	journal	NOUN
ajfa-1737	233	4	of	of	ADP
ajfa-1737	233	5	corporate	corporate	ADJ
ajfa-1737	233	6	governance	governance	NOUN
ajfa-1737	233	7	,	,	PUNCT
ajfa-1737	233	8	4(4	4(4	NUM
ajfa-1737	233	9	)	)	PUNCT
ajfa-1737	233	10	,	,	PUNCT
ajfa-1737	233	11	50	50	NUM
ajfa-1737	233	12	-	-	SYM
ajfa-1737	233	13	68	68	NUM
ajfa-1737	233	14	.	.	PUNCT
ajfa-1737	234	1	chen	chen	PROPN
ajfa-1737	234	2	,	,	PUNCT
ajfa-1737	234	3	c.j.p	c.j.p	PROPN
ajfa-1737	234	4	.	.	PROPN
ajfa-1737	234	5	,	,	PUNCT
ajfa-1737	234	6	&	&	CCONJ
ajfa-1737	234	7	jaggi	jaggi	PROPN
ajfa-1737	234	8	,	,	PUNCT
ajfa-1737	234	9	b.	b.	PROPN
ajfa-1737	234	10	(	(	PUNCT
ajfa-1737	234	11	2000	2000	NUM
ajfa-1737	234	12	)	)	PUNCT
ajfa-1737	234	13	.	.	PUNCT
ajfa-1737	235	1	association	association	NOUN
ajfa-1737	235	2	between	between	ADP
ajfa-1737	235	3	independent	independent	ADJ
ajfa-1737	235	4	directors	director	NOUN
ajfa-1737	235	5	,	,	PUNCT
ajfa-1737	235	6	family	family	NOUN
ajfa-1737	235	7	control	control	NOUN
ajfa-1737	235	8	and	and	CCONJ
ajfa-1737	235	9	financial	financial	ADJ
ajfa-1737	235	10	disclosures	disclosure	NOUN
ajfa-1737	235	11	in	in	ADP
ajfa-1737	235	12	hong	hong	PROPN
ajfa-1737	235	13	kong	kong	PROPN
ajfa-1737	235	14	.	.	PUNCT
ajfa-1737	236	1	journal	journal	PROPN
ajfa-1737	236	2	of	of	ADP
ajfa-1737	236	3	accounting	accounting	NOUN
ajfa-1737	236	4	and	and	CCONJ
ajfa-1737	236	5	public	public	ADJ
ajfa-1737	236	6	policy	policy	NOUN
ajfa-1737	236	7	,	,	PUNCT
ajfa-1737	236	8	19(4/5	19(4/5	NOUN
ajfa-1737	236	9	)	)	PUNCT
ajfa-1737	236	10	,	,	PUNCT
ajfa-1737	236	11	285	285	NUM
ajfa-1737	236	12	-	-	SYM
ajfa-1737	236	13	310	310	NUM
ajfa-1737	236	14	.	.	PUNCT
ajfa-1737	237	1	http://dx.doi.org/10.1016/s0278-4254(00)00015-6	http://dx.doi.org/10.1016/s0278-4254(00)00015-6	PROPN
ajfa-1737	237	2	cho	cho	PROPN
ajfa-1737	237	3	,	,	PUNCT
ajfa-1737	237	4	d.s	d.s	PROPN
ajfa-1737	237	5	.	.	PROPN
ajfa-1737	237	6	,	,	PUNCT
ajfa-1737	237	7	&	&	CCONJ
ajfa-1737	237	8	kim	kim	PROPN
ajfa-1737	237	9	,	,	PUNCT
ajfa-1737	237	10	j.	j.	PROPN
ajfa-1737	237	11	(	(	PUNCT
ajfa-1737	237	12	2007	2007	NUM
ajfa-1737	237	13	)	)	PUNCT
ajfa-1737	237	14	.	.	PUNCT
ajfa-1737	238	1	outside	outside	ADJ
ajfa-1737	238	2	directors	director	NOUN
ajfa-1737	238	3	,	,	PUNCT
ajfa-1737	238	4	ownership	ownership	NOUN
ajfa-1737	238	5	structure	structure	NOUN
ajfa-1737	238	6	and	and	CCONJ
ajfa-1737	238	7	firm	firm	ADJ
ajfa-1737	238	8	profitability	profitability	NOUN
ajfa-1737	238	9	in	in	ADP
ajfa-1737	238	10	korea	korea	PROPN
ajfa-1737	238	11	.	.	PUNCT
ajfa-1737	239	1	corporate	corporate	ADJ
ajfa-1737	239	2	governance	governance	NOUN
ajfa-1737	239	3	:	:	PUNCT
ajfa-1737	239	4	an	an	DET
ajfa-1737	239	5	international	international	ADJ
ajfa-1737	239	6	review	review	NOUN
ajfa-1737	239	7	,	,	PUNCT
ajfa-1737	239	8	15(2	15(2	NUM
ajfa-1737	239	9	)	)	PUNCT
ajfa-1737	239	10	,	,	PUNCT
ajfa-1737	239	11	239	239	NUM
ajfa-1737	239	12	-	-	SYM
ajfa-1737	239	13	250	250	NUM
ajfa-1737	239	14	.	.	PUNCT
ajfa-1737	240	1	http://dx.doi.org/10.1111/j.1467-8683.2007.00557.x	http://dx.doi.org/10.1111/j.1467-8683.2007.00557.x	NOUN
ajfa-1737	240	2	choi	choi	PROPN
ajfa-1737	240	3	,	,	PUNCT
ajfa-1737	240	4	j.j	j.j	PROPN
ajfa-1737	240	5	.	.	PROPN
ajfa-1737	240	6	,	,	PUNCT
ajfa-1737	240	7	park	park	PROPN
ajfa-1737	240	8	,	,	PUNCT
ajfa-1737	240	9	s.e	s.e	PROPN
ajfa-1737	240	10	.	.	PROPN
ajfa-1737	240	11	,	,	PUNCT
ajfa-1737	240	12	&	&	CCONJ
ajfa-1737	240	13	yoo	yoo	PROPN
ajfa-1737	240	14	,	,	PUNCT
ajfa-1737	240	15	s.s	s.s	PROPN
ajfa-1737	240	16	.	.	PROPN
ajfa-1737	240	17	(	(	PUNCT
ajfa-1737	240	18	2007	2007	NUM
ajfa-1737	240	19	)	)	PUNCT
ajfa-1737	240	20	.	.	PUNCT
ajfa-1737	241	1	the	the	DET
ajfa-1737	241	2	outside	outside	ADJ
ajfa-1737	241	3	directors	director	NOUN
ajfa-1737	241	4	in	in	ADP
ajfa-1737	241	5	korea	korea	PROPN
ajfa-1737	241	6	:	:	PUNCT
ajfa-1737	241	7	evidence	evidence	NOUN
ajfa-1737	241	8	from	from	ADP
ajfa-1737	241	9	corporate	corporate	ADJ
ajfa-1737	241	10	governance	governance	NOUN
ajfa-1737	241	11	reform	reform	NOUN
ajfa-1737	241	12	in	in	ADP
ajfa-1737	241	13	korea	korea	PROPN
ajfa-1737	241	14	.	.	PUNCT
ajfa-1737	242	1	journal	journal	PROPN
ajfa-1737	242	2	of	of	ADP
ajfa-1737	242	3	financial	financial	ADJ
ajfa-1737	242	4	and	and	CCONJ
ajfa-1737	242	5	quantitative	quantitative	ADJ
ajfa-1737	242	6	analysis	analysis	NOUN
ajfa-1737	242	7	,	,	PUNCT
ajfa-1737	242	8	42(4	42(4	PROPN
ajfa-1737	242	9	)	)	PUNCT
ajfa-1737	242	10	,	,	PUNCT
ajfa-1737	242	11	941	941	NUM
ajfa-1737	242	12	-	-	SYM
ajfa-1737	242	13	962	962	NUM
ajfa-1737	242	14	.	.	PUNCT
ajfa-1737	243	1	http://dx.doi.org/10.1017/s0022109000003458	http://dx.doi.org/10.1017/s0022109000003458	ADJ
ajfa-1737	243	2	claessens	claessen	NOUN
ajfa-1737	243	3	,	,	PUNCT
ajfa-1737	243	4	s.	s.	PROPN
ajfa-1737	243	5	,	,	PUNCT
ajfa-1737	243	6	djankov	djankov	PROPN
ajfa-1737	243	7	,	,	PUNCT
ajfa-1737	243	8	s.	s.	PROPN
ajfa-1737	243	9	,	,	PUNCT
ajfa-1737	243	10	&	&	CCONJ
ajfa-1737	243	11	lang	lang	PROPN
ajfa-1737	243	12	,	,	PUNCT
ajfa-1737	243	13	l.	l.	PROPN
ajfa-1737	243	14	(	(	PUNCT
ajfa-1737	243	15	2000	2000	NUM
ajfa-1737	243	16	)	)	PUNCT
ajfa-1737	243	17	.	.	PUNCT
ajfa-1737	244	1	the	the	DET
ajfa-1737	244	2	separation	separation	NOUN
ajfa-1737	244	3	of	of	ADP
ajfa-1737	244	4	ownership	ownership	NOUN
ajfa-1737	244	5	and	and	CCONJ
ajfa-1737	244	6	control	control	NOUN
ajfa-1737	244	7	in	in	ADP
ajfa-1737	244	8	east	east	ADJ
ajfa-1737	244	9	asian	asian	ADJ
ajfa-1737	244	10	corporations	corporation	NOUN
ajfa-1737	244	11	.	.	PUNCT
ajfa-1737	245	1	journal	journal	PROPN
ajfa-1737	245	2	of	of	ADP
ajfa-1737	245	3	financial	financial	ADJ
ajfa-1737	245	4	economics	economic	NOUN
ajfa-1737	245	5	,	,	PUNCT
ajfa-1737	245	6	58	58	NUM
ajfa-1737	245	7	,	,	PUNCT
ajfa-1737	245	8	81	81	NUM
ajfa-1737	245	9	-	-	SYM
ajfa-1737	245	10	112	112	NUM
ajfa-1737	245	11	.	.	PUNCT
ajfa-1737	246	1	http://dx.doi.org/10.1016/s0304-405x(00)00067-2	http://dx.doi.org/10.1016/s0304-405x(00)00067-2	NOUN
ajfa-1737	246	2	claessens	claessen	NOUN
ajfa-1737	246	3	,	,	PUNCT
ajfa-1737	246	4	s.	s.	PROPN
ajfa-1737	246	5	,	,	PUNCT
ajfa-1737	246	6	djankov	djankov	PROPN
ajfa-1737	246	7	,	,	PUNCT
ajfa-1737	246	8	s.	s.	PROPN
ajfa-1737	246	9	,	,	PUNCT
ajfa-1737	246	10	fan	fan	PROPN
ajfa-1737	246	11	,	,	PUNCT
ajfa-1737	246	12	j.p.h	j.p.h	PROPN
ajfa-1737	246	13	.	.	PROPN
ajfa-1737	246	14	,	,	PUNCT
ajfa-1737	246	15	&	&	CCONJ
ajfa-1737	246	16	lang	lang	PROPN
ajfa-1737	246	17	,	,	PUNCT
ajfa-1737	246	18	l.	l.	PROPN
ajfa-1737	246	19	(	(	PUNCT
ajfa-1737	246	20	2002	2002	NUM
ajfa-1737	246	21	)	)	PUNCT
ajfa-1737	246	22	.	.	PUNCT
ajfa-1737	247	1	distangling	distangle	VERB
ajfa-1737	247	2	the	the	DET
ajfa-1737	247	3	incentive	incentive	NOUN
ajfa-1737	247	4	and	and	CCONJ
ajfa-1737	247	5	entrenchment	entrenchment	NOUN
ajfa-1737	247	6	of	of	ADP
ajfa-1737	247	7	large	large	ADJ
ajfa-1737	247	8	shareholdings	shareholding	NOUN
ajfa-1737	247	9	.	.	PUNCT
ajfa-1737	248	1	the	the	DET
ajfa-1737	248	2	journal	journal	NOUN
ajfa-1737	248	3	of	of	ADP
ajfa-1737	248	4	finance	finance	NOUN
ajfa-1737	248	5	,	,	PUNCT
ajfa-1737	248	6	57(6	57(6	NUM
ajfa-1737	248	7	)	)	PUNCT
ajfa-1737	248	8	,	,	PUNCT
ajfa-1737	248	9	2741	2741	NUM
ajfa-1737	248	10	-	-	SYM
ajfa-1737	248	11	2771	2771	NUM
ajfa-1737	248	12	.	.	PUNCT
ajfa-1737	249	1	http://dx.doi.org/10.1111/1540-6261.00511	http://dx.doi.org/10.1111/1540-6261.00511	PROPN
ajfa-1737	249	2	core	core	NOUN
ajfa-1737	249	3	,	,	PUNCT
ajfa-1737	249	4	j.e	j.e	PROPN
ajfa-1737	249	5	.	.	PROPN
ajfa-1737	249	6	,	,	PUNCT
ajfa-1737	249	7	holthausen	holthausen	PROPN
ajfa-1737	249	8	,	,	PUNCT
ajfa-1737	249	9	r.w	r.w	PROPN
ajfa-1737	249	10	.	.	PROPN
ajfa-1737	249	11	,	,	PUNCT
ajfa-1737	249	12	&	&	CCONJ
ajfa-1737	249	13	larcker	larcker	PROPN
ajfa-1737	249	14	,	,	PUNCT
ajfa-1737	249	15	d.f	d.f	PROPN
ajfa-1737	249	16	.	.	PROPN
ajfa-1737	249	17	(	(	PUNCT
ajfa-1737	249	18	1999	1999	NUM
ajfa-1737	249	19	)	)	PUNCT
ajfa-1737	249	20	.	.	PUNCT
ajfa-1737	250	1	corporate	corporate	ADJ
ajfa-1737	250	2	governance	governance	NOUN
ajfa-1737	250	3	,	,	PUNCT
ajfa-1737	250	4	chief	chief	ADJ
ajfa-1737	250	5	executive	executive	ADJ
ajfa-1737	250	6	officer	officer	NOUN
ajfa-1737	250	7	and	and	CCONJ
ajfa-1737	250	8	firm	firm	ADJ
ajfa-1737	250	9	performance	performance	NOUN
ajfa-1737	250	10	.	.	PUNCT
ajfa-1737	251	1	journal	journal	NOUN
ajfa-1737	251	2	of	of	ADP
ajfa-1737	251	3	financial	financial	ADJ
ajfa-1737	251	4	economics	economic	NOUN
ajfa-1737	251	5	,	,	PUNCT
ajfa-1737	251	6	51	51	NUM
ajfa-1737	251	7	,	,	PUNCT
ajfa-1737	251	8	371	371	NUM
ajfa-1737	251	9	-	-	SYM
ajfa-1737	251	10	406	406	NUM
ajfa-1737	251	11	.	.	PUNCT
ajfa-1737	252	1	http://dx.doi.org/10.1016/s0304-405x(98)00058-0	http://dx.doi.org/10.1016/s0304-405x(98)00058-0	PROPN
ajfa-1737	252	2	dahya	dahya	PROPN
ajfa-1737	252	3	,	,	PUNCT
ajfa-1737	252	4	j.	j.	PROPN
ajfa-1737	252	5	,dimitrov	,dimitrov	PROPN
ajfa-1737	252	6	,	,	PUNCT
ajfa-1737	252	7	o.	o.	PROPN
ajfa-1737	252	8	,	,	PUNCT
ajfa-1737	252	9	&	&	CCONJ
ajfa-1737	252	10	mcconnell	mcconnell	PROPN
ajfa-1737	252	11	,	,	PUNCT
ajfa-1737	252	12	j.	j.	PROPN
ajfa-1737	252	13	(	(	PUNCT
ajfa-1737	252	14	2006	2006	NUM
ajfa-1737	252	15	)	)	PUNCT
ajfa-1737	252	16	.	.	PUNCT
ajfa-1737	253	1	dominant	dominant	ADJ
ajfa-1737	253	2	shareholders	shareholder	NOUN
ajfa-1737	253	3	,	,	PUNCT
ajfa-1737	253	4	corporate	corporate	ADJ
ajfa-1737	253	5	boards	board	NOUN
ajfa-1737	253	6	and	and	CCONJ
ajfa-1737	253	7	corporate	corporate	ADJ
ajfa-1737	253	8	value	value	NOUN
ajfa-1737	253	9	:	:	PUNCT
ajfa-1737	253	10	a	a	DET
ajfa-1737	253	11	cross	cross	ADJ
ajfa-1737	253	12	-	-	ADJ
ajfa-1737	253	13	country	country	ADJ
ajfa-1737	253	14	analysis	analysis	NOUN
ajfa-1737	253	15	.	.	PUNCT
ajfa-1737	254	1	journal	journal	NOUN
ajfa-1737	254	2	of	of	ADP
ajfa-1737	254	3	financial	financial	ADJ
ajfa-1737	254	4	economics	economic	NOUN
ajfa-1737	254	5	,	,	PUNCT
ajfa-1737	254	6	87	87	NUM
ajfa-1737	254	7	,	,	PUNCT
ajfa-1737	254	8	73–100	73–100	NUM
ajfa-1737	254	9	.	.	PUNCT
ajfa-1737	255	1	http://dx.doi.org/10.1016/j.jfineco.2006.10.005	http://dx.doi.org/10.1016/j.jfineco.2006.10.005	PROPN
ajfa-1737	255	2	dalton	dalton	PROPN
ajfa-1737	255	3	,	,	PUNCT
ajfa-1737	255	4	d	d	NOUN
ajfa-1737	255	5	,	,	PUNCT
ajfa-1737	255	6	daily	daily	ADV
ajfa-1737	255	7	,	,	PUNCT
ajfa-1737	255	8	c.	c.	NOUN
ajfa-1737	255	9	,	,	PUNCT
ajfa-1737	255	10	ellstrand	ellstrand	PROPN
ajfa-1737	255	11	,	,	PUNCT
ajfa-1737	255	12	a.	a.	NOUN
ajfa-1737	255	13	,	,	PUNCT
ajfa-1737	255	14	&	&	CCONJ
ajfa-1737	255	15	johnson	johnson	PROPN
ajfa-1737	255	16	,	,	PUNCT
ajfa-1737	255	17	j.	j.	PROPN
ajfa-1737	255	18	(	(	PUNCT
ajfa-1737	255	19	1998	1998	NUM
ajfa-1737	255	20	)	)	PUNCT
ajfa-1737	255	21	.	.	PUNCT
ajfa-1737	256	1	meta	meta	ADJ
ajfa-1737	256	2	-	-	PUNCT
ajfa-1737	256	3	analytic	analytic	ADJ
ajfa-1737	256	4	reviews	review	NOUN
ajfa-1737	256	5	of	of	ADP
ajfa-1737	256	6	board	board	NOUN
ajfa-1737	256	7	composition	composition	NOUN
ajfa-1737	256	8	,	,	PUNCT
ajfa-1737	256	9	leadership	leadership	NOUN
ajfa-1737	256	10	structure	structure	NOUN
ajfa-1737	256	11	,	,	PUNCT
ajfa-1737	256	12	and	and	CCONJ
ajfa-1737	256	13	financial	financial	ADJ
ajfa-1737	256	14	performance	performance	NOUN
ajfa-1737	256	15	.	.	PUNCT
ajfa-1737	257	1	strategic	strategic	ADJ
ajfa-1737	257	2	management	management	NOUN
ajfa-1737	257	3	journal	journal	NOUN
ajfa-1737	257	4	,	,	PUNCT
ajfa-1737	257	5	19	19	NUM
ajfa-1737	257	6	(	(	PUNCT
ajfa-1737	257	7	3	3	NUM
ajfa-1737	257	8	)	)	PUNCT
ajfa-1737	257	9	,	,	PUNCT
ajfa-1737	257	10	269	269	NUM
ajfa-1737	257	11	-	-	SYM
ajfa-1737	257	12	290	290	NUM
ajfa-1737	257	13	.	.	PUNCT
ajfa-1737	258	1	http://dx.doi.org/10.1002/(sici)1097-0266(199803)19:3<269::aid-smj950>3.0.co;2-k	http://dx.doi.org/10.1002/(sici)1097-0266(199803)19:3<269::aid-smj950>3.0.co;2-k	PROPN
ajfa-1737	258	2	dalton	dalton	PROPN
ajfa-1737	258	3	,	,	PUNCT
ajfa-1737	258	4	d.	d.	PROPN
ajfa-1737	258	5	r.	r.	PROPN
ajfa-1737	258	6	,	,	PUNCT
ajfa-1737	258	7	&	&	CCONJ
ajfa-1737	258	8	daily	daily	PROPN
ajfa-1737	258	9	,	,	PUNCT
ajfa-1737	258	10	c.	c.	PROPN
ajfa-1737	258	11	m.	m.	NOUN
ajfa-1737	258	12	(	(	PUNCT
ajfa-1737	258	13	1999	1999	NUM
ajfa-1737	258	14	)	)	PUNCT
ajfa-1737	258	15	.	.	PUNCT
ajfa-1737	259	1	what	what	PRON
ajfa-1737	259	2	’s	’	VERB
ajfa-1737	259	3	wrong	wrong	ADJ
ajfa-1737	259	4	with	with	ADP
ajfa-1737	259	5	having	have	VERB
ajfa-1737	259	6	friends	friend	NOUN
ajfa-1737	259	7	on	on	ADP
ajfa-1737	259	8	the	the	DET
ajfa-1737	259	9	board	board	NOUN
ajfa-1737	259	10	.	.	PUNCT
ajfa-1737	260	1	across	across	ADP
ajfa-1737	260	2	the	the	DET
ajfa-1737	260	3	board	board	NOUN
ajfa-1737	260	4	,	,	PUNCT
ajfa-1737	260	5	36(3	36(3	NUM
ajfa-1737	260	6	)	)	PUNCT
ajfa-1737	260	7	,	,	PUNCT
ajfa-1737	260	8	28	28	NUM
ajfa-1737	260	9	-	-	SYM
ajfa-1737	260	10	32	32	NUM
ajfa-1737	260	11	.	.	PUNCT
ajfa-1737	260	12	asian	asian	ADJ
ajfa-1737	260	13	journal	journal	PROPN
ajfa-1737	260	14	of	of	ADP
ajfa-1737	260	15	finance	finance	PROPN
ajfa-1737	260	16	&	&	CCONJ
ajfa-1737	260	17	accounting	accounting	PROPN
ajfa-1737	260	18	issn	issn	PROPN
ajfa-1737	260	19	1946	1946	NUM
ajfa-1737	260	20	-	-	PUNCT
ajfa-1737	260	21	052x	052x	NOUN
ajfa-1737	260	22	2012	2012	NUM
ajfa-1737	260	23	,	,	PUNCT
ajfa-1737	260	24	vol	vol	NOUN
ajfa-1737	260	25	.	.	PROPN
ajfa-1737	260	26	4	4	NUM
ajfa-1737	260	27	,	,	PUNCT
ajfa-1737	260	28	no	no	INTJ
ajfa-1737	260	29	.	.	NOUN
ajfa-1737	260	30	2	2	NUM
ajfa-1737	260	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1737	260	32	53	53	NUM
ajfa-1737	260	33	denis	deni	NOUN
ajfa-1737	260	34	,	,	PUNCT
ajfa-1737	260	35	d.j	d.j	PROPN
ajfa-1737	260	36	.	.	PROPN
ajfa-1737	260	37	,	,	PUNCT
ajfa-1737	260	38	&	&	CCONJ
ajfa-1737	260	39	sarin	sarin	NOUN
ajfa-1737	260	40	,	,	PUNCT
ajfa-1737	260	41	a.	a.	NOUN
ajfa-1737	260	42	(	(	PUNCT
ajfa-1737	260	43	1999	1999	NUM
ajfa-1737	260	44	)	)	PUNCT
ajfa-1737	260	45	.	.	PUNCT
ajfa-1737	261	1	ownership	ownership	NOUN
ajfa-1737	261	2	and	and	CCONJ
ajfa-1737	261	3	board	board	NOUN
ajfa-1737	261	4	structures	structure	NOUN
ajfa-1737	261	5	in	in	ADP
ajfa-1737	261	6	publicly	publicly	ADV
ajfa-1737	261	7	traded	trade	VERB
ajfa-1737	261	8	companies	company	NOUN
ajfa-1737	261	9	.	.	PUNCT
ajfa-1737	262	1	journal	journal	PROPN
ajfa-1737	262	2	of	of	ADP
ajfa-1737	262	3	financial	financial	ADJ
ajfa-1737	262	4	economics	economic	NOUN
ajfa-1737	262	5	,	,	PUNCT
ajfa-1737	262	6	52(2	52(2	NUM
ajfa-1737	262	7	)	)	PUNCT
ajfa-1737	262	8	,	,	PUNCT
ajfa-1737	262	9	187	187	NUM
ajfa-1737	262	10	-	-	SYM
ajfa-1737	262	11	223	223	NUM
ajfa-1737	262	12	.	.	PUNCT
ajfa-1737	263	1	http://dx.doi.org/10.1016/s0304-405x(99)00008-2	http://dx.doi.org/10.1016/s0304-405x(99)00008-2	NOUN
ajfa-1737	263	2	duchin	duchin	PROPN
ajfa-1737	263	3	,	,	PUNCT
ajfa-1737	263	4	r.	r.	PROPN
ajfa-1737	263	5	,	,	PUNCT
ajfa-1737	263	6	matsusaka	matsusaka	NOUN
ajfa-1737	263	7	,	,	PUNCT
ajfa-1737	263	8	j.g	j.g	PROPN
ajfa-1737	263	9	.	.	PROPN
ajfa-1737	263	10	,	,	PUNCT
ajfa-1737	263	11	&	&	CCONJ
ajfa-1737	263	12	ozbas	ozbas	PROPN
ajfa-1737	263	13	,	,	PUNCT
ajfa-1737	263	14	o.	o.	PROPN
ajfa-1737	263	15	(	(	PUNCT
ajfa-1737	263	16	2010	2010	NUM
ajfa-1737	263	17	)	)	PUNCT
ajfa-1737	263	18	.	.	PUNCT
ajfa-1737	264	1	when	when	SCONJ
ajfa-1737	264	2	are	be	AUX
ajfa-1737	264	3	outside	outside	ADJ
ajfa-1737	264	4	directors	director	NOUN
ajfa-1737	264	5	effective	effective	ADJ
ajfa-1737	264	6	?	?	PUNCT
ajfa-1737	265	1	journal	journal	NOUN
ajfa-1737	265	2	of	of	ADP
ajfa-1737	265	3	financial	financial	ADJ
ajfa-1737	265	4	economics	economic	NOUN
ajfa-1737	265	5	,	,	PUNCT
ajfa-1737	265	6	96(2	96(2	NUM
ajfa-1737	265	7	)	)	PUNCT
ajfa-1737	265	8	,	,	PUNCT
ajfa-1737	265	9	195	195	NUM
ajfa-1737	265	10	-	-	SYM
ajfa-1737	265	11	214	214	NUM
ajfa-1737	265	12	.	.	PUNCT
ajfa-1737	266	1	http://dx.doi.org/10.1016/j.jfineco.2009.12.004	http://dx.doi.org/10.1016/j.jfineco.2009.12.004	PROPN
ajfa-1737	266	2	ehikioya	ehikioya	PROPN
ajfa-1737	266	3	,	,	PUNCT
ajfa-1737	266	4	b.	b.	PROPN
ajfa-1737	266	5	i.	i.	PROPN
ajfa-1737	266	6	(	(	PUNCT
ajfa-1737	266	7	2009	2009	NUM
ajfa-1737	266	8	)	)	PUNCT
ajfa-1737	266	9	.	.	PUNCT
ajfa-1737	267	1	corporate	corporate	ADJ
ajfa-1737	267	2	governance	governance	NOUN
ajfa-1737	267	3	structure	structure	NOUN
ajfa-1737	267	4	and	and	CCONJ
ajfa-1737	267	5	firm	firm	ADJ
ajfa-1737	267	6	performance	performance	NOUN
ajfa-1737	267	7	in	in	ADP
ajfa-1737	267	8	developing	develop	VERB
ajfa-1737	267	9	economies	economy	NOUN
ajfa-1737	267	10	:	:	PUNCT
ajfa-1737	267	11	evidence	evidence	NOUN
ajfa-1737	267	12	from	from	ADP
ajfa-1737	267	13	nigeria	nigeria	PROPN
ajfa-1737	267	14	.	.	PUNCT
ajfa-1737	268	1	corporate	corporate	ADJ
ajfa-1737	268	2	governance	governance	NOUN
ajfa-1737	268	3	,	,	PUNCT
ajfa-1737	268	4	9	9	NUM
ajfa-1737	268	5	(	(	PUNCT
ajfa-1737	268	6	3	3	NUM
ajfa-1737	268	7	)	)	PUNCT
ajfa-1737	268	8	,	,	PUNCT
ajfa-1737	268	9	231	231	NUM
ajfa-1737	268	10	-	-	SYM
ajfa-1737	268	11	243	243	NUM
ajfa-1737	268	12	http://dx.doi.org/10.1108/14720700910964307	http://dx.doi.org/10.1108/14720700910964307	PROPN
ajfa-1737	268	13	erickson	erickson	PROPN
ajfa-1737	268	14	,	,	PUNCT
ajfa-1737	268	15	j.	j.	PROPN
ajfa-1737	268	16	,	,	PUNCT
ajfa-1737	268	17	park	park	PROPN
ajfa-1737	268	18	,	,	PUNCT
ajfa-1737	268	19	y.	y.	PROPN
ajfa-1737	268	20	w.	w.	PROPN
ajfa-1737	268	21	,	,	PUNCT
ajfa-1737	268	22	resing	resing	PROPN
ajfa-1737	268	23	,	,	PUNCT
ajfa-1737	268	24	j.	j.	PROPN
ajfa-1737	268	25	,	,	PUNCT
ajfa-1737	268	26	&	&	CCONJ
ajfa-1737	268	27	shin	shin	PROPN
ajfa-1737	268	28	,	,	PUNCT
ajfa-1737	268	29	h.h	h.h	PROPN
ajfa-1737	268	30	.	.	PROPN
ajfa-1737	268	31	(	(	PUNCT
ajfa-1737	268	32	2005	2005	NUM
ajfa-1737	268	33	)	)	PUNCT
ajfa-1737	268	34	.	.	PUNCT
ajfa-1737	269	1	board	board	NOUN
ajfa-1737	269	2	composition	composition	NOUN
ajfa-1737	269	3	and	and	CCONJ
ajfa-1737	269	4	firm	firm	ADJ
ajfa-1737	269	5	value	value	NOUN
ajfa-1737	269	6	under	under	ADP
ajfa-1737	269	7	concentrated	concentrated	ADJ
ajfa-1737	269	8	ownership	ownership	NOUN
ajfa-1737	269	9	:	:	PUNCT
ajfa-1737	269	10	the	the	DET
ajfa-1737	269	11	canadian	canadian	ADJ
ajfa-1737	269	12	evidence	evidence	NOUN
ajfa-1737	269	13	.	.	PUNCT
ajfa-1737	270	1	pacificbasin	pacificbasin	PROPN
ajfa-1737	270	2	finance	finance	PROPN
ajfa-1737	270	3	journal	journal	NOUN
ajfa-1737	270	4	,	,	PUNCT
ajfa-1737	270	5	13	13	NUM
ajfa-1737	270	6	,	,	PUNCT
ajfa-1737	270	7	387	387	NUM
ajfa-1737	270	8	-	-	SYM
ajfa-1737	270	9	410	410	NUM
ajfa-1737	270	10	.	.	PUNCT
ajfa-1737	271	1	http://dx.doi.org/10.1016/j.pacfin.2004.11.002	http://dx.doi.org/10.1016/j.pacfin.2004.11.002	NOUN
ajfa-1737	271	2	ezzamel	ezzamel	NOUN
ajfa-1737	271	3	,	,	PUNCT
ajfa-1737	271	4	m.a	m.a	PROPN
ajfa-1737	271	5	.	.	PROPN
ajfa-1737	271	6	,	,	PUNCT
ajfa-1737	271	7	&	&	CCONJ
ajfa-1737	271	8	watson	watson	PROPN
ajfa-1737	271	9	,	,	PUNCT
ajfa-1737	271	10	r.	r.	PROPN
ajfa-1737	271	11	(	(	PUNCT
ajfa-1737	271	12	1993	1993	NUM
ajfa-1737	271	13	)	)	PUNCT
ajfa-1737	271	14	.	.	PUNCT
ajfa-1737	272	1	organisational	organisational	ADJ
ajfa-1737	272	2	form	form	NOUN
ajfa-1737	272	3	,	,	PUNCT
ajfa-1737	272	4	ownership	ownership	NOUN
ajfa-1737	272	5	structure	structure	NOUN
ajfa-1737	272	6	and	and	CCONJ
ajfa-1737	272	7	corporate	corporate	ADJ
ajfa-1737	272	8	performance	performance	NOUN
ajfa-1737	272	9	:	:	PUNCT
ajfa-1737	272	10	a	a	DET
ajfa-1737	272	11	contextual	contextual	ADJ
ajfa-1737	272	12	empirical	empirical	ADJ
ajfa-1737	272	13	analysis	analysis	NOUN
ajfa-1737	272	14	of	of	ADP
ajfa-1737	272	15	uk	uk	PROPN
ajfa-1737	272	16	companies	company	NOUN
ajfa-1737	272	17	.	.	PUNCT
ajfa-1737	273	1	british	british	ADJ
ajfa-1737	273	2	journal	journal	PROPN
ajfa-1737	273	3	of	of	ADP
ajfa-1737	273	4	management	management	NOUN
ajfa-1737	273	5	,	,	PUNCT
ajfa-1737	273	6	4	4	NUM
ajfa-1737	273	7	,	,	PUNCT
ajfa-1737	273	8	161	161	NUM
ajfa-1737	273	9	-	-	SYM
ajfa-1737	273	10	176	176	NUM
ajfa-1737	273	11	.	.	PUNCT
ajfa-1737	274	1	http://dx.doi.org/10.1111/j.1467-8551.1993.tb00056.x	http://dx.doi.org/10.1111/j.1467-8551.1993.tb00056.x	PROPN
ajfa-1737	274	2	fama	fama	PROPN
ajfa-1737	274	3	,	,	PUNCT
ajfa-1737	274	4	e.	e.	PROPN
ajfa-1737	274	5	,	,	PUNCT
ajfa-1737	274	6	&	&	CCONJ
ajfa-1737	274	7	jensen	jensen	PROPN
ajfa-1737	274	8	,	,	PUNCT
ajfa-1737	274	9	m.	m.	NOUN
ajfa-1737	274	10	(	(	PUNCT
ajfa-1737	274	11	1983	1983	NUM
ajfa-1737	274	12	)	)	PUNCT
ajfa-1737	274	13	.	.	PUNCT
ajfa-1737	275	1	separation	separation	NOUN
ajfa-1737	275	2	of	of	ADP
ajfa-1737	275	3	ownership	ownership	NOUN
ajfa-1737	275	4	and	and	CCONJ
ajfa-1737	275	5	control	control	NOUN
ajfa-1737	275	6	.	.	PUNCT
ajfa-1737	276	1	journal	journal	PROPN
ajfa-1737	276	2	of	of	ADP
ajfa-1737	276	3	law	law	NOUN
ajfa-1737	276	4	and	and	CCONJ
ajfa-1737	276	5	economics	economic	NOUN
ajfa-1737	276	6	,	,	PUNCT
ajfa-1737	276	7	26	26	NUM
ajfa-1737	276	8	,	,	PUNCT
ajfa-1737	276	9	301	301	NUM
ajfa-1737	276	10	-	-	SYM
ajfa-1737	276	11	325	325	NUM
ajfa-1737	276	12	.	.	PUNCT
ajfa-1737	277	1	http://dx.doi.org/10.1086/467037	http://dx.doi.org/10.1086/467037	PROPN
ajfa-1737	277	2	fernandes	fernandes	PROPN
ajfa-1737	277	3	,	,	PUNCT
ajfa-1737	277	4	n.	n.	NOUN
ajfa-1737	277	5	(	(	PUNCT
ajfa-1737	277	6	2005	2005	NUM
ajfa-1737	277	7	)	)	PUNCT
ajfa-1737	277	8	.	.	PUNCT
ajfa-1737	278	1	board	board	NOUN
ajfa-1737	278	2	compensation	compensation	NOUN
ajfa-1737	278	3	and	and	CCONJ
ajfa-1737	278	4	firm	firm	ADJ
ajfa-1737	278	5	performance	performance	NOUN
ajfa-1737	278	6	:	:	PUNCT
ajfa-1737	278	7	the	the	DET
ajfa-1737	278	8	role	role	NOUN
ajfa-1737	278	9	of	of	ADP
ajfa-1737	278	10	“	"	PUNCT
ajfa-1737	278	11	independent	independent	ADJ
ajfa-1737	278	12	”	"	PUNCT
ajfa-1737	278	13	board	board	NOUN
ajfa-1737	278	14	members	member	NOUN
ajfa-1737	278	15	.	.	PUNCT
ajfa-1737	279	1	ecgi	ecgi	PROPN
ajfa-1737	279	2	working	working	PROPN
ajfa-1737	279	3	paper	paper	NOUN
ajfa-1737	279	4	series	series	NOUN
ajfa-1737	279	5	in	in	ADP
ajfa-1737	279	6	finance	finance	NOUN
ajfa-1737	279	7	,	,	PUNCT
ajfa-1737	279	8	european	european	ADJ
ajfa-1737	279	9	corporate	corporate	ADJ
ajfa-1737	279	10	governance	governance	NOUN
ajfa-1737	279	11	institute	institute	NOUN
ajfa-1737	279	12	.	.	PUNCT
ajfa-1737	280	1	ghosh	ghosh	PROPN
ajfa-1737	280	2	,	,	PUNCT
ajfa-1737	280	3	s.	s.	PROPN
ajfa-1737	280	4	(	(	PUNCT
ajfa-1737	280	5	2006	2006	NUM
ajfa-1737	280	6	)	)	PUNCT
ajfa-1737	280	7	.	.	PUNCT
ajfa-1737	281	1	do	do	AUX
ajfa-1737	281	2	board	board	NOUN
ajfa-1737	281	3	characteristics	characteristic	NOUN
ajfa-1737	281	4	affect	affect	VERB
ajfa-1737	281	5	corporate	corporate	ADJ
ajfa-1737	281	6	performance	performance	NOUN
ajfa-1737	281	7	?	?	PUNCT
ajfa-1737	282	1	firm	firm	ADJ
ajfa-1737	282	2	-	-	PUNCT
ajfa-1737	282	3	level	level	NOUN
ajfa-1737	282	4	evidence	evidence	NOUN
ajfa-1737	282	5	for	for	ADP
ajfa-1737	282	6	india	india	PROPN
ajfa-1737	282	7	.	.	PUNCT
ajfa-1737	283	1	applied	apply	VERB
ajfa-1737	283	2	economics	economic	NOUN
ajfa-1737	283	3	letters	letter	NOUN
ajfa-1737	283	4	,	,	PUNCT
ajfa-1737	283	5	13(7	13(7	NUM
ajfa-1737	283	6	)	)	PUNCT
ajfa-1737	283	7	,	,	PUNCT
ajfa-1737	283	8	435	435	NUM
ajfa-1737	283	9	-	-	SYM
ajfa-1737	283	10	443	443	NUM
ajfa-1737	283	11	.	.	PUNCT
ajfa-1737	284	1	http://dx.doi.org/10.1080/13504850500398617	http://dx.doi.org/10.1080/13504850500398617	PROPN
ajfa-1737	284	2	hermalin	hermalin	PROPN
ajfa-1737	284	3	,	,	PUNCT
ajfa-1737	284	4	b.e	b.e	PROPN
ajfa-1737	284	5	.	.	PROPN
ajfa-1737	284	6	,	,	PUNCT
ajfa-1737	284	7	&	&	CCONJ
ajfa-1737	284	8	weisbach	weisbach	PROPN
ajfa-1737	284	9	,	,	PUNCT
ajfa-1737	284	10	m.s	m.s	PROPN
ajfa-1737	284	11	.	.	PROPN
ajfa-1737	284	12	(	(	PUNCT
ajfa-1737	284	13	1991	1991	NUM
ajfa-1737	284	14	)	)	PUNCT
ajfa-1737	284	15	.	.	PUNCT
ajfa-1737	285	1	the	the	DET
ajfa-1737	285	2	effect	effect	NOUN
ajfa-1737	285	3	of	of	ADP
ajfa-1737	285	4	board	board	NOUN
ajfa-1737	285	5	composition	composition	NOUN
ajfa-1737	285	6	and	and	CCONJ
ajfa-1737	285	7	direct	direct	ADJ
ajfa-1737	285	8	incentives	incentive	NOUN
ajfa-1737	285	9	in	in	ADP
ajfa-1737	285	10	firm	firm	ADJ
ajfa-1737	285	11	performance	performance	NOUN
ajfa-1737	285	12	.	.	PUNCT
ajfa-1737	286	1	financial	financial	ADJ
ajfa-1737	286	2	management	management	NOUN
ajfa-1737	286	3	,	,	PUNCT
ajfa-1737	286	4	20(4	20(4	NOUN
ajfa-1737	286	5	)	)	PUNCT
ajfa-1737	286	6	,	,	PUNCT
ajfa-1737	286	7	101	101	NUM
ajfa-1737	286	8	-	-	SYM
ajfa-1737	286	9	12	12	NUM
ajfa-1737	286	10	.	.	PUNCT
ajfa-1737	287	1	http://dx.doi.org/10.2307/3665716	http://dx.doi.org/10.2307/3665716	PROPN
ajfa-1737	287	2	hillman	hillman	PROPN
ajfa-1737	287	3	,	,	PUNCT
ajfa-1737	287	4	a.j	a.j	PROPN
ajfa-1737	287	5	.	.	PROPN
ajfa-1737	287	6	,	,	PUNCT
ajfa-1737	287	7	&	&	CCONJ
ajfa-1737	287	8	dalziel	dalziel	PROPN
ajfa-1737	287	9	,	,	PUNCT
ajfa-1737	287	10	t.	t.	PROPN
ajfa-1737	287	11	(	(	PUNCT
ajfa-1737	287	12	2003	2003	NUM
ajfa-1737	287	13	)	)	PUNCT
ajfa-1737	287	14	.	.	PUNCT
ajfa-1737	288	1	boards	board	NOUN
ajfa-1737	288	2	of	of	ADP
ajfa-1737	288	3	directors	director	NOUN
ajfa-1737	288	4	and	and	CCONJ
ajfa-1737	288	5	firm	firm	ADJ
ajfa-1737	288	6	performance	performance	NOUN
ajfa-1737	288	7	:	:	PUNCT
ajfa-1737	288	8	integrating	integrate	VERB
ajfa-1737	288	9	agency	agency	NOUN
ajfa-1737	288	10	and	and	CCONJ
ajfa-1737	288	11	resource	resource	NOUN
ajfa-1737	288	12	dependence	dependence	NOUN
ajfa-1737	288	13	perspectives	perspective	NOUN
ajfa-1737	288	14	.	.	PUNCT
ajfa-1737	289	1	the	the	DET
ajfa-1737	289	2	academy	academy	PROPN
ajfa-1737	289	3	of	of	ADP
ajfa-1737	289	4	management	management	PROPN
ajfa-1737	289	5	review	review	PROPN
ajfa-1737	289	6	,	,	PUNCT
ajfa-1737	289	7	28(3	28(3	NUM
ajfa-1737	289	8	)	)	PUNCT
ajfa-1737	289	9	,	,	PUNCT
ajfa-1737	289	10	383	383	NUM
ajfa-1737	289	11	-	-	SYM
ajfa-1737	289	12	396	396	NUM
ajfa-1737	289	13	.	.	PUNCT
ajfa-1737	290	1	ibrahim	ibrahim	PROPN
ajfa-1737	290	2	,	,	PUNCT
ajfa-1737	290	3	h.	h.	PROPN
ajfa-1737	290	4	,	,	PUNCT
ajfa-1737	290	5	&	&	CCONJ
ajfa-1737	290	6	samad	samad	PROPN
ajfa-1737	290	7	,	,	PUNCT
ajfa-1737	290	8	f.a	f.a	PROPN
ajfa-1737	290	9	.	.	PROPN
ajfa-1737	290	10	(	(	PUNCT
ajfa-1737	290	11	2011	2011	NUM
ajfa-1737	290	12	)	)	PUNCT
ajfa-1737	290	13	.	.	PUNCT
ajfa-1737	291	1	corporate	corporate	ADJ
ajfa-1737	291	2	governance	governance	NOUN
ajfa-1737	291	3	mechanisms	mechanism	NOUN
ajfa-1737	291	4	and	and	CCONJ
ajfa-1737	291	5	performance	performance	NOUN
ajfa-1737	291	6	of	of	ADP
ajfa-1737	291	7	public	public	ADJ
ajfa-1737	291	8	-	-	PUNCT
ajfa-1737	291	9	listed	list	VERB
ajfa-1737	291	10	family	family	NOUN
ajfa-1737	291	11	-	-	PUNCT
ajfa-1737	291	12	ownership	ownership	NOUN
ajfa-1737	291	13	in	in	ADP
ajfa-1737	291	14	malaysia	malaysia	PROPN
ajfa-1737	291	15	.	.	PUNCT
ajfa-1737	292	1	international	international	ADJ
ajfa-1737	292	2	journal	journal	PROPN
ajfa-1737	292	3	of	of	ADP
ajfa-1737	292	4	economics	economic	NOUN
ajfa-1737	292	5	and	and	CCONJ
ajfa-1737	292	6	finance	finance	NOUN
ajfa-1737	292	7	,	,	PUNCT
ajfa-1737	292	8	3(1	3(1	NUM
ajfa-1737	292	9	)	)	PUNCT
ajfa-1737	292	10	,	,	PUNCT
ajfa-1737	292	11	105	105	NUM
ajfa-1737	292	12	-	-	SYM
ajfa-1737	292	13	115	115	NUM
ajfa-1737	292	14	.	.	PUNCT
ajfa-1737	293	1	jackling	jackling	PROPN
ajfa-1737	293	2	,	,	PUNCT
ajfa-1737	293	3	b.	b.	PROPN
ajfa-1737	293	4	,	,	PUNCT
ajfa-1737	293	5	&	&	CCONJ
ajfa-1737	293	6	johl	johl	PROPN
ajfa-1737	293	7	,	,	PUNCT
ajfa-1737	293	8	s.	s.	PROPN
ajfa-1737	293	9	(	(	PUNCT
ajfa-1737	293	10	2009	2009	NUM
ajfa-1737	293	11	)	)	PUNCT
ajfa-1737	293	12	.	.	PUNCT
ajfa-1737	294	1	board	board	NOUN
ajfa-1737	294	2	structure	structure	NOUN
ajfa-1737	294	3	and	and	CCONJ
ajfa-1737	294	4	firm	firm	ADJ
ajfa-1737	294	5	performance	performance	NOUN
ajfa-1737	294	6	:	:	PUNCT
ajfa-1737	294	7	evidence	evidence	NOUN
ajfa-1737	294	8	from	from	ADP
ajfa-1737	294	9	india	india	PROPN
ajfa-1737	294	10	’s	’s	PART
ajfa-1737	294	11	top	top	ADJ
ajfa-1737	294	12	companies	company	NOUN
ajfa-1737	294	13	.	.	PUNCT
ajfa-1737	295	1	corporate	corporate	ADJ
ajfa-1737	295	2	governance	governance	NOUN
ajfa-1737	295	3	:	:	PUNCT
ajfa-1737	295	4	an	an	DET
ajfa-1737	295	5	international	international	ADJ
ajfa-1737	295	6	review	review	NOUN
ajfa-1737	295	7	,	,	PUNCT
ajfa-1737	295	8	17(4	17(4	NUM
ajfa-1737	295	9	)	)	PUNCT
ajfa-1737	295	10	,	,	PUNCT
ajfa-1737	295	11	492–509	492–509	NUM
ajfa-1737	295	12	.	.	PUNCT
ajfa-1737	296	1	http://dx.doi.org/10.1111/j.1467-8683.2009.00760.x	http://dx.doi.org/10.1111/j.1467-8683.2009.00760.x	ADJ
ajfa-1737	296	2	asian	asian	ADJ
ajfa-1737	296	3	journal	journal	NOUN
ajfa-1737	296	4	of	of	ADP
ajfa-1737	296	5	finance	finance	PROPN
ajfa-1737	296	6	&	&	CCONJ
ajfa-1737	296	7	accounting	accounting	PROPN
ajfa-1737	296	8	issn	issn	PROPN
ajfa-1737	296	9	1946	1946	NUM
ajfa-1737	296	10	-	-	PUNCT
ajfa-1737	296	11	052x	052x	NOUN
ajfa-1737	296	12	2012	2012	NUM
ajfa-1737	296	13	,	,	PUNCT
ajfa-1737	296	14	vol	vol	NOUN
ajfa-1737	296	15	.	.	PROPN
ajfa-1737	296	16	4	4	NUM
ajfa-1737	296	17	,	,	PUNCT
ajfa-1737	296	18	no	no	INTJ
ajfa-1737	296	19	.	.	NOUN
ajfa-1737	296	20	2	2	NUM
ajfa-1737	296	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1737	296	22	54	54	NUM
ajfa-1737	296	23	jensen	jensen	PROPN
ajfa-1737	296	24	,	,	PUNCT
ajfa-1737	296	25	m.	m.	NOUN
ajfa-1737	296	26	,	,	PUNCT
ajfa-1737	296	27	&	&	CCONJ
ajfa-1737	296	28	meckling	meckling	PROPN
ajfa-1737	296	29	,	,	PUNCT
ajfa-1737	296	30	w.	w.	NOUN
ajfa-1737	296	31	(	(	PUNCT
ajfa-1737	296	32	1976	1976	NUM
ajfa-1737	296	33	)	)	PUNCT
ajfa-1737	296	34	.	.	PUNCT
ajfa-1737	297	1	theory	theory	NOUN
ajfa-1737	297	2	of	of	ADP
ajfa-1737	297	3	the	the	DET
ajfa-1737	297	4	firm	firm	NOUN
ajfa-1737	297	5	:	:	PUNCT
ajfa-1737	297	6	managerial	managerial	ADJ
ajfa-1737	297	7	behaviour	behaviour	NOUN
ajfa-1737	297	8	,	,	PUNCT
ajfa-1737	297	9	agency	agency	NOUN
ajfa-1737	297	10	cost	cost	NOUN
ajfa-1737	297	11	and	and	CCONJ
ajfa-1737	297	12	ownership	ownership	NOUN
ajfa-1737	297	13	structure	structure	NOUN
ajfa-1737	297	14	.	.	PUNCT
ajfa-1737	298	1	journal	journal	NOUN
ajfa-1737	298	2	of	of	ADP
ajfa-1737	298	3	financial	financial	ADJ
ajfa-1737	298	4	economics	economic	NOUN
ajfa-1737	298	5	,	,	PUNCT
ajfa-1737	298	6	3	3	NUM
ajfa-1737	298	7	,	,	PUNCT
ajfa-1737	298	8	305	305	NUM
ajfa-1737	298	9	-	-	SYM
ajfa-1737	298	10	350	350	NUM
ajfa-1737	298	11	.	.	PUNCT
ajfa-1737	299	1	http://dx.doi.org/10.1016/0304-405x(76)90026-x	http://dx.doi.org/10.1016/0304-405x(76)90026-x	PROPN
ajfa-1737	299	2	johnson	johnson	PROPN
ajfa-1737	299	3	,	,	PUNCT
ajfa-1737	299	4	s.	s.	PROPN
ajfa-1737	299	5	,	,	PUNCT
ajfa-1737	299	6	boone	boone	PROPN
ajfa-1737	299	7	,	,	PUNCT
ajfa-1737	299	8	p.	p.	NOUN
ajfa-1737	299	9	,	,	PUNCT
ajfa-1737	299	10	breach	breach	NOUN
ajfa-1737	299	11	,	,	PUNCT
ajfa-1737	299	12	a.	a.	PROPN
ajfa-1737	299	13	,	,	PUNCT
ajfa-1737	299	14	&	&	CCONJ
ajfa-1737	299	15	friedman	friedman	PROPN
ajfa-1737	299	16	,	,	PUNCT
ajfa-1737	299	17	e.	e.	PROPN
ajfa-1737	299	18	(	(	PUNCT
ajfa-1737	299	19	2000	2000	NUM
ajfa-1737	299	20	)	)	PUNCT
ajfa-1737	299	21	.	.	PUNCT
ajfa-1737	300	1	corporate	corporate	ADJ
ajfa-1737	300	2	governance	governance	NOUN
ajfa-1737	300	3	in	in	ADP
ajfa-1737	300	4	the	the	DET
ajfa-1737	300	5	asian	asian	ADJ
ajfa-1737	300	6	financial	financial	ADJ
ajfa-1737	300	7	crisis	crisis	NOUN
ajfa-1737	300	8	.	.	PUNCT
ajfa-1737	301	1	journal	journal	NOUN
ajfa-1737	301	2	of	of	ADP
ajfa-1737	301	3	financial	financial	ADJ
ajfa-1737	301	4	economics	economic	NOUN
ajfa-1737	301	5	,	,	PUNCT
ajfa-1737	301	6	58	58	NUM
ajfa-1737	301	7	,	,	PUNCT
ajfa-1737	301	8	141	141	NUM
ajfa-1737	301	9	-	-	SYM
ajfa-1737	301	10	186	186	NUM
ajfa-1737	301	11	.	.	PUNCT
ajfa-1737	302	1	http://dx.doi.org/10.1016/s0304-405x(00)00069-6	http://dx.doi.org/10.1016/s0304-405x(00)00069-6	ADJ
ajfa-1737	302	2	khanna	khanna	NOUN
ajfa-1737	302	3	,	,	PUNCT
ajfa-1737	302	4	t.	t.	PROPN
ajfa-1737	302	5	,	,	PUNCT
ajfa-1737	302	6	&	&	CCONJ
ajfa-1737	302	7	palepu	palepu	PROPN
ajfa-1737	302	8	,	,	PUNCT
ajfa-1737	302	9	k.	k.	PROPN
ajfa-1737	302	10	(	(	PUNCT
ajfa-1737	302	11	1999	1999	NUM
ajfa-1737	302	12	)	)	PUNCT
ajfa-1737	302	13	.	.	PUNCT
ajfa-1737	303	1	emerging	emerge	VERB
ajfa-1737	303	2	market	market	NOUN
ajfa-1737	303	3	business	business	NOUN
ajfa-1737	303	4	groups	group	NOUN
ajfa-1737	303	5	,	,	PUNCT
ajfa-1737	303	6	foreign	foreign	ADJ
ajfa-1737	303	7	investors	investor	NOUN
ajfa-1737	303	8	and	and	CCONJ
ajfa-1737	303	9	corporate	corporate	ADJ
ajfa-1737	303	10	governance	governance	NOUN
ajfa-1737	303	11	.	.	PUNCT
ajfa-1737	304	1	nber	nber	PROPN
ajfa-1737	304	2	working	working	PROPN
ajfa-1737	304	3	paper	paper	PROPN
ajfa-1737	304	4	series	series	NOUN
ajfa-1737	304	5	no	no	DET
ajfa-1737	304	6	6955	6955	NUM
ajfa-1737	304	7	,	,	PUNCT
ajfa-1737	304	8	1	1	NUM
ajfa-1737	304	9	-	-	SYM
ajfa-1737	304	10	33	33	NUM
ajfa-1737	304	11	.	.	PUNCT
ajfa-1737	305	1	kota	kota	PROPN
ajfa-1737	305	2	,	,	PUNCT
ajfa-1737	305	3	h.m	h.m	PROPN
ajfa-1737	305	4	.	.	PROPN
ajfa-1737	305	5	,	,	PUNCT
ajfa-1737	305	6	&	&	CCONJ
ajfa-1737	305	7	tomar	tomar	PROPN
ajfa-1737	305	8	,	,	PUNCT
ajfa-1737	305	9	c.	c.	PROPN
ajfa-1737	305	10	(	(	PUNCT
ajfa-1737	305	11	2010	2010	NUM
ajfa-1737	305	12	)	)	PUNCT
ajfa-1737	305	13	.	.	PUNCT
ajfa-1737	306	1	corporate	corporate	ADJ
ajfa-1737	306	2	governance	governance	NOUN
ajfa-1737	306	3	practices	practice	NOUN
ajfa-1737	306	4	of	of	ADP
ajfa-1737	306	5	indian	indian	ADJ
ajfa-1737	306	6	firms	firm	NOUN
ajfa-1737	306	7	.	.	PUNCT
ajfa-1737	307	1	journal	journal	PROPN
ajfa-1737	307	2	of	of	ADP
ajfa-1737	307	3	management	management	NOUN
ajfa-1737	307	4	and	and	CCONJ
ajfa-1737	307	5	organisation	organisation	NOUN
ajfa-1737	307	6	,	,	PUNCT
ajfa-1737	307	7	16	16	NUM
ajfa-1737	307	8	,	,	PUNCT
ajfa-1737	307	9	266	266	NUM
ajfa-1737	307	10	-	-	SYM
ajfa-1737	307	11	279	279	NUM
ajfa-1737	307	12	.	.	PUNCT
ajfa-1737	308	1	http://dx.doi.org/10.5172/jmo.16.2.266	http://dx.doi.org/10.5172/jmo.16.2.266	NOUN
ajfa-1737	308	2	la	la	PRON
ajfa-1737	308	3	porta	porta	PROPN
ajfa-1737	308	4	,	,	PUNCT
ajfa-1737	308	5	r	r	NOUN
ajfa-1737	308	6	,	,	PUNCT
ajfa-1737	308	7	lopez	lopez	NOUN
ajfa-1737	308	8	-	-	PUNCT
ajfa-1737	308	9	de	de	NOUN
ajfa-1737	308	10	-	-	NOUN
ajfa-1737	308	11	silanes	silane	NOUN
ajfa-1737	308	12	,	,	PUNCT
ajfa-1737	308	13	f	f	X
ajfa-1737	308	14	,	,	PUNCT
ajfa-1737	308	15	shleifer	shleifer	PROPN
ajfa-1737	308	16	,	,	PUNCT
ajfa-1737	308	17	a	a	PRON
ajfa-1737	308	18	and	and	CCONJ
ajfa-1737	308	19	vishny	vishny	PROPN
ajfa-1737	308	20	,	,	PUNCT
ajfa-1737	308	21	r.	r.	PROPN
ajfa-1737	308	22	(	(	PUNCT
ajfa-1737	308	23	2002	2002	NUM
ajfa-1737	308	24	)	)	PUNCT
ajfa-1737	308	25	.	.	PUNCT
ajfa-1737	309	1	investor	investor	NOUN
ajfa-1737	309	2	protection	protection	NOUN
ajfa-1737	309	3	and	and	CCONJ
ajfa-1737	309	4	corporate	corporate	ADJ
ajfa-1737	309	5	valuation	valuation	NOUN
ajfa-1737	309	6	.	.	PUNCT
ajfa-1737	310	1	journal	journal	PROPN
ajfa-1737	310	2	of	of	ADP
ajfa-1737	310	3	finance	finance	NOUN
ajfa-1737	310	4	.	.	PUNCT
ajfa-1737	311	1	57(3	57(3	X
ajfa-1737	311	2	)	)	PUNCT
ajfa-1737	311	3	,	,	PUNCT
ajfa-1737	311	4	1147	1147	NUM
ajfa-1737	311	5	-	-	SYM
ajfa-1737	311	6	1170	1170	NUM
ajfa-1737	311	7	.	.	PUNCT
ajfa-1737	312	1	http://dx.doi.org/10.1111/1540-6261.00457	http://dx.doi.org/10.1111/1540-6261.00457	NUM
ajfa-1737	312	2	la	la	PROPN
ajfa-1737	312	3	porta	porta	PROPN
ajfa-1737	312	4	,	,	PUNCT
ajfa-1737	312	5	r.	r.	PROPN
ajfa-1737	312	6	,	,	PUNCT
ajfa-1737	312	7	lopez	lopez	NOUN
ajfa-1737	312	8	-	-	PUNCT
ajfa-1737	312	9	de	de	NOUN
ajfa-1737	312	10	-	-	NOUN
ajfa-1737	312	11	silanes	silane	NOUN
ajfa-1737	312	12	,	,	PUNCT
ajfa-1737	312	13	f	f	X
ajfa-1737	312	14	,	,	PUNCT
ajfa-1737	312	15	shleifer	shleifer	PROPN
ajfa-1737	312	16	,	,	PUNCT
ajfa-1737	312	17	a.	a.	PROPN
ajfa-1737	312	18	,	,	PUNCT
ajfa-1737	312	19	&	&	CCONJ
ajfa-1737	312	20	vishny	vishny	PROPN
ajfa-1737	312	21	,	,	PUNCT
ajfa-1737	312	22	r.	r.	PROPN
ajfa-1737	312	23	(	(	PUNCT
ajfa-1737	312	24	2000	2000	NUM
ajfa-1737	312	25	)	)	PUNCT
ajfa-1737	312	26	.	.	PUNCT
ajfa-1737	313	1	investor	investor	NOUN
ajfa-1737	313	2	protection	protection	NOUN
ajfa-1737	313	3	and	and	CCONJ
ajfa-1737	313	4	corporate	corporate	ADJ
ajfa-1737	313	5	governance	governance	NOUN
ajfa-1737	313	6	.	.	PUNCT
ajfa-1737	314	1	journal	journal	NOUN
ajfa-1737	314	2	of	of	ADP
ajfa-1737	314	3	financial	financial	ADJ
ajfa-1737	314	4	economics	economic	NOUN
ajfa-1737	314	5	,	,	PUNCT
ajfa-1737	314	6	58	58	NUM
ajfa-1737	314	7	,	,	PUNCT
ajfa-1737	314	8	3	3	NUM
ajfa-1737	314	9	-	-	SYM
ajfa-1737	314	10	27	27	NUM
ajfa-1737	314	11	.	.	PUNCT
ajfa-1737	315	1	http://dx.doi.org/10.1016/s0304-405x(00)00065-9	http://dx.doi.org/10.1016/s0304-405x(00)00065-9	NUM
ajfa-1737	315	2	mccabe	mccabe	NOUN
ajfa-1737	315	3	,	,	PUNCT
ajfa-1737	315	4	m.	m.	NOUN
ajfa-1737	315	5	,	,	PUNCT
ajfa-1737	315	6	&	&	CCONJ
ajfa-1737	315	7	nowark	nowark	PROPN
ajfa-1737	315	8	,	,	PUNCT
ajfa-1737	315	9	m.	m.	NOUN
ajfa-1737	315	10	(	(	PUNCT
ajfa-1737	315	11	2008	2008	NUM
ajfa-1737	315	12	)	)	PUNCT
ajfa-1737	315	13	.	.	PUNCT
ajfa-1737	316	1	the	the	DET
ajfa-1737	316	2	independent	independent	ADJ
ajfa-1737	316	3	directors	director	NOUN
ajfa-1737	316	4	on	on	ADP
ajfa-1737	316	5	the	the	DET
ajfa-1737	316	6	board	board	NOUN
ajfa-1737	316	7	of	of	ADP
ajfa-1737	316	8	company	company	NOUN
ajfa-1737	316	9	.	.	PUNCT
ajfa-1737	317	1	managerial	managerial	ADJ
ajfa-1737	317	2	auditing	auditing	NOUN
ajfa-1737	317	3	journal	journal	NOUN
ajfa-1737	317	4	,	,	PUNCT
ajfa-1737	317	5	23(6	23(6	NUM
ajfa-1737	317	6	)	)	PUNCT
ajfa-1737	317	7	,	,	PUNCT
ajfa-1737	317	8	545	545	NUM
ajfa-1737	317	9	-	-	SYM
ajfa-1737	317	10	566	566	NUM
ajfa-1737	317	11	.	.	PUNCT
ajfa-1737	318	1	http://dx.doi.org/10.1108/02686900810882101	http://dx.doi.org/10.1108/02686900810882101	PROPN
ajfa-1737	318	2	mehran	mehran	PROPN
ajfa-1737	318	3	,	,	PUNCT
ajfa-1737	318	4	h.	h.	PROPN
ajfa-1737	318	5	(	(	PUNCT
ajfa-1737	318	6	1995	1995	NUM
ajfa-1737	318	7	)	)	PUNCT
ajfa-1737	318	8	.	.	PUNCT
ajfa-1737	319	1	executive	executive	PROPN
ajfa-1737	319	2	compensation	compensation	NOUN
ajfa-1737	319	3	structure	structure	NOUN
ajfa-1737	319	4	,	,	PUNCT
ajfa-1737	319	5	ownership	ownership	NOUN
ajfa-1737	319	6	,	,	PUNCT
ajfa-1737	319	7	and	and	CCONJ
ajfa-1737	319	8	firm	firm	ADJ
ajfa-1737	319	9	performance	performance	NOUN
ajfa-1737	319	10	.	.	PUNCT
ajfa-1737	320	1	journal	journal	NOUN
ajfa-1737	320	2	of	of	ADP
ajfa-1737	320	3	financial	financial	ADJ
ajfa-1737	320	4	economics	economic	NOUN
ajfa-1737	320	5	,	,	PUNCT
ajfa-1737	320	6	38	38	NUM
ajfa-1737	320	7	,	,	PUNCT
ajfa-1737	320	8	163	163	NUM
ajfa-1737	320	9	–	–	PUNCT
ajfa-1737	320	10	184	184	NUM
ajfa-1737	320	11	.	.	PUNCT
ajfa-1737	320	12	http://dx.doi.org/10.1016/0304-405x(94)00809-f	http://dx.doi.org/10.1016/0304-405x(94)00809-f	PROPN
ajfa-1737	320	13	rashid	rashid	PROPN
ajfa-1737	320	14	,	,	PUNCT
ajfa-1737	320	15	a.	a.	NOUN
ajfa-1737	320	16	,	,	PUNCT
ajfa-1737	320	17	de	de	PROPN
ajfa-1737	320	18	zoysa	zoysa	PROPN
ajfa-1737	320	19	,	,	PUNCT
ajfa-1737	320	20	a.	a.	PROPN
ajfa-1737	320	21	,	,	PUNCT
ajfa-1737	320	22	lodh	lodh	PROPN
ajfa-1737	320	23	,	,	PUNCT
ajfa-1737	320	24	s.	s.	PROPN
ajfa-1737	320	25	,	,	PUNCT
ajfa-1737	320	26	&	&	CCONJ
ajfa-1737	320	27	rudkin	rudkin	PROPN
ajfa-1737	320	28	,	,	PUNCT
ajfa-1737	320	29	k.	k.	PROPN
ajfa-1737	320	30	(	(	PUNCT
ajfa-1737	320	31	2010	2010	NUM
ajfa-1737	320	32	)	)	PUNCT
ajfa-1737	320	33	.	.	PUNCT
ajfa-1737	321	1	board	board	NOUN
ajfa-1737	321	2	composition	composition	NOUN
ajfa-1737	321	3	and	and	CCONJ
ajfa-1737	321	4	firm	firm	ADJ
ajfa-1737	321	5	performance	performance	NOUN
ajfa-1737	321	6	:	:	PUNCT
ajfa-1737	321	7	evidence	evidence	NOUN
ajfa-1737	321	8	from	from	ADP
ajfa-1737	321	9	bangladesh	bangladesh	NOUN
ajfa-1737	321	10	.	.	PUNCT
ajfa-1737	322	1	australasian	australasian	ADJ
ajfa-1737	322	2	accounting	accounting	NOUN
ajfa-1737	322	3	business	business	NOUN
ajfa-1737	322	4	and	and	CCONJ
ajfa-1737	322	5	finance	finance	NOUN
ajfa-1737	322	6	journal	journal	NOUN
ajfa-1737	322	7	,	,	PUNCT
ajfa-1737	322	8	4(1	4(1	NUM
ajfa-1737	322	9	)	)	PUNCT
ajfa-1737	322	10	,	,	PUNCT
ajfa-1737	322	11	76	76	NUM
ajfa-1737	322	12	-	-	SYM
ajfa-1737	322	13	95	95	NUM
ajfa-1737	322	14	.	.	PUNCT
ajfa-1737	323	1	rediker	rediker	PROPN
ajfa-1737	323	2	,	,	PUNCT
ajfa-1737	323	3	k.	k.	PROPN
ajfa-1737	323	4	,	,	PUNCT
ajfa-1737	323	5	&	&	CCONJ
ajfa-1737	323	6	seth	seth	PROPN
ajfa-1737	323	7	,	,	PUNCT
ajfa-1737	323	8	a	a	PRON
ajfa-1737	323	9	(	(	PUNCT
ajfa-1737	323	10	1995	1995	NUM
ajfa-1737	323	11	)	)	PUNCT
ajfa-1737	323	12	.	.	PUNCT
ajfa-1737	324	1	boards	board	NOUN
ajfa-1737	324	2	of	of	ADP
ajfa-1737	324	3	directors	director	NOUN
ajfa-1737	324	4	and	and	CCONJ
ajfa-1737	324	5	substitution	substitution	NOUN
ajfa-1737	324	6	effects	effect	NOUN
ajfa-1737	324	7	of	of	ADP
ajfa-1737	324	8	alternative	alternative	ADJ
ajfa-1737	324	9	governance	governance	NOUN
ajfa-1737	324	10	mechanism	mechanism	NOUN
ajfa-1737	324	11	.	.	PUNCT
ajfa-1737	325	1	strategic	strategic	ADJ
ajfa-1737	325	2	management	management	NOUN
ajfa-1737	325	3	journal	journal	NOUN
ajfa-1737	325	4	,	,	PUNCT
ajfa-1737	325	5	16	16	NUM
ajfa-1737	325	6	,	,	PUNCT
ajfa-1737	325	7	85–100	85–100	PROPN
ajfa-1737	325	8	.	.	PUNCT
ajfa-1737	326	1	http://dx.doi.org/10.1002/smj.4250160202	http://dx.doi.org/10.1002/smj.4250160202	PROPN
ajfa-1737	326	2	rhoades	rhoades	PROPN
ajfa-1737	326	3	,	,	PUNCT
ajfa-1737	326	4	d.	d.	PROPN
ajfa-1737	326	5	,	,	PUNCT
ajfa-1737	326	6	rechner	rechner	NOUN
ajfa-1737	326	7	,	,	PUNCT
ajfa-1737	326	8	p.	p.	PROPN
ajfa-1737	326	9	,	,	PUNCT
ajfa-1737	326	10	&	&	CCONJ
ajfa-1737	326	11	sundaramurthy	sundaramurthy	PROPN
ajfa-1737	326	12	,	,	PUNCT
ajfa-1737	326	13	c.	c.	PROPN
ajfa-1737	326	14	(	(	PUNCT
ajfa-1737	326	15	2000	2000	NUM
ajfa-1737	326	16	)	)	PUNCT
ajfa-1737	326	17	.	.	PUNCT
ajfa-1737	327	1	board	board	NOUN
ajfa-1737	327	2	composition	composition	NOUN
ajfa-1737	327	3	and	and	CCONJ
ajfa-1737	327	4	financial	financial	ADJ
ajfa-1737	327	5	performance	performance	NOUN
ajfa-1737	327	6	:	:	PUNCT
ajfa-1737	327	7	a	a	DET
ajfa-1737	327	8	meta	meta	ADJ
ajfa-1737	327	9	-	-	PUNCT
ajfa-1737	327	10	analysis	analysis	NOUN
ajfa-1737	327	11	of	of	ADP
ajfa-1737	327	12	the	the	DET
ajfa-1737	327	13	influence	influence	NOUN
ajfa-1737	327	14	of	of	ADP
ajfa-1737	327	15	outside	outside	ADJ
ajfa-1737	327	16	directors	director	NOUN
ajfa-1737	327	17	.	.	PUNCT
ajfa-1737	328	1	journal	journal	PROPN
ajfa-1737	328	2	of	of	ADP
ajfa-1737	328	3	managerial	managerial	ADJ
ajfa-1737	328	4	issues	issue	NOUN
ajfa-1737	328	5	,	,	PUNCT
ajfa-1737	328	6	12(1	12(1	NUM
ajfa-1737	328	7	)	)	PUNCT
ajfa-1737	328	8	,	,	PUNCT
ajfa-1737	328	9	76	76	NUM
ajfa-1737	328	10	-	-	SYM
ajfa-1737	328	11	91	91	NUM
ajfa-1737	328	12	.	.	PUNCT
ajfa-1737	329	1	rosenstein	rosenstein	PROPN
ajfa-1737	329	2	,	,	PUNCT
ajfa-1737	329	3	s.	s.	PROPN
ajfa-1737	329	4	,	,	PUNCT
ajfa-1737	329	5	&	&	CCONJ
ajfa-1737	329	6	wyatt	wyatt	PROPN
ajfa-1737	329	7	,	,	PUNCT
ajfa-1737	329	8	j.	j.	PROPN
ajfa-1737	329	9	g.	g.	PROPN
ajfa-1737	329	10	(	(	PUNCT
ajfa-1737	329	11	1990	1990	NUM
ajfa-1737	329	12	)	)	PUNCT
ajfa-1737	329	13	.	.	PUNCT
ajfa-1737	330	1	outside	outside	ADJ
ajfa-1737	330	2	directors	director	NOUN
ajfa-1737	330	3	,	,	PUNCT
ajfa-1737	330	4	board	board	NOUN
ajfa-1737	330	5	independence	independence	NOUN
ajfa-1737	330	6	and	and	CCONJ
ajfa-1737	330	7	shareholders	shareholder	NOUN
ajfa-1737	330	8	wealth	wealth	NOUN
ajfa-1737	330	9	.	.	PUNCT
ajfa-1737	331	1	journal	journal	PROPN
ajfa-1737	331	2	of	of	ADP
ajfa-1737	331	3	financial	financial	ADJ
ajfa-1737	331	4	economics	economic	NOUN
ajfa-1737	331	5	,	,	PUNCT
ajfa-1737	331	6	26(2	26(2	NUM
ajfa-1737	331	7	)	)	PUNCT
ajfa-1737	331	8	,	,	PUNCT
ajfa-1737	331	9	175	175	NUM
ajfa-1737	331	10	-	-	SYM
ajfa-1737	331	11	191	191	NUM
ajfa-1737	331	12	.	.	PUNCT
ajfa-1737	332	1	http://dx.doi.org/10.1016/0304-405x(90)90002-h	http://dx.doi.org/10.1016/0304-405x(90)90002-h	PROPN
ajfa-1737	332	2	ruigrok	ruigrok	PROPN
ajfa-1737	332	3	,	,	PUNCT
ajfa-1737	332	4	w.	w.	PROPN
ajfa-1737	332	5	,	,	PUNCT
ajfa-1737	332	6	peck	peck	PROPN
ajfa-1737	332	7	,	,	PUNCT
ajfa-1737	332	8	s.	s.	PROPN
ajfa-1737	332	9	,	,	PUNCT
ajfa-1737	332	10	&	&	CCONJ
ajfa-1737	332	11	keller	keller	PROPN
ajfa-1737	332	12	,	,	PUNCT
ajfa-1737	332	13	p.	p.	NOUN
ajfa-1737	332	14	(	(	PUNCT
ajfa-1737	332	15	2006	2006	NUM
ajfa-1737	332	16	)	)	PUNCT
ajfa-1737	332	17	.	.	PUNCT
ajfa-1737	333	1	board	board	NOUN
ajfa-1737	333	2	characteristics	characteristic	NOUN
ajfa-1737	333	3	and	and	CCONJ
ajfa-1737	333	4	involvement	involvement	NOUN
ajfa-1737	333	5	in	in	ADP
ajfa-1737	333	6	strategic	strategic	ADJ
ajfa-1737	333	7	decision	decision	NOUN
ajfa-1737	333	8	making	making	NOUN
ajfa-1737	333	9	:	:	PUNCT
ajfa-1737	333	10	evidence	evidence	NOUN
ajfa-1737	333	11	from	from	ADP
ajfa-1737	333	12	swiss	swiss	ADJ
ajfa-1737	333	13	companies	company	NOUN
ajfa-1737	333	14	.	.	PUNCT
ajfa-1737	334	1	journal	journal	PROPN
ajfa-1737	334	2	of	of	ADP
ajfa-1737	334	3	management	management	NOUN
ajfa-1737	334	4	studies	study	NOUN
ajfa-1737	334	5	,	,	PUNCT
ajfa-1737	334	6	43(5	43(5	NUM
ajfa-1737	334	7	)	)	PUNCT
ajfa-1737	334	8	,	,	PUNCT
ajfa-1737	334	9	1201	1201	NUM
ajfa-1737	334	10	-	-	SYM
ajfa-1737	334	11	1226	1226	NUM
ajfa-1737	334	12	.	.	PUNCT
ajfa-1737	335	1	http://dx.doi.org/10.1111/j.1467-6486.2006.00634.x	http://dx.doi.org/10.1111/j.1467-6486.2006.00634.x	ADJ
ajfa-1737	335	2	asian	asian	ADJ
ajfa-1737	335	3	journal	journal	NOUN
ajfa-1737	335	4	of	of	ADP
ajfa-1737	335	5	finance	finance	PROPN
ajfa-1737	335	6	&	&	CCONJ
ajfa-1737	335	7	accounting	accounting	PROPN
ajfa-1737	335	8	issn	issn	PROPN
ajfa-1737	335	9	1946	1946	NUM
ajfa-1737	335	10	-	-	PUNCT
ajfa-1737	335	11	052x	052x	NOUN
ajfa-1737	335	12	2012	2012	NUM
ajfa-1737	335	13	,	,	PUNCT
ajfa-1737	335	14	vol	vol	NOUN
ajfa-1737	335	15	.	.	PROPN
ajfa-1737	335	16	4	4	NUM
ajfa-1737	335	17	,	,	PUNCT
ajfa-1737	335	18	no	no	INTJ
ajfa-1737	335	19	.	.	NOUN
ajfa-1737	335	20	2	2	NUM
ajfa-1737	335	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1737	335	22	55	55	NUM
ajfa-1737	335	23	shleifer	shleifer	NOUN
ajfa-1737	335	24	,	,	PUNCT
ajfa-1737	335	25	a.	a.	PROPN
ajfa-1737	335	26	,	,	PUNCT
ajfa-1737	335	27	&	&	CCONJ
ajfa-1737	335	28	vishny	vishny	PROPN
ajfa-1737	335	29	,	,	PUNCT
ajfa-1737	335	30	r.	r.	PROPN
ajfa-1737	335	31	w.	w.	PROPN
ajfa-1737	335	32	(	(	PUNCT
ajfa-1737	335	33	1986	1986	NUM
ajfa-1737	335	34	)	)	PUNCT
ajfa-1737	335	35	.	.	PUNCT
ajfa-1737	336	1	large	large	ADJ
ajfa-1737	336	2	shareholders	shareholder	NOUN
ajfa-1737	336	3	and	and	CCONJ
ajfa-1737	336	4	corporate	corporate	ADJ
ajfa-1737	336	5	control	control	NOUN
ajfa-1737	336	6	.	.	PUNCT
ajfa-1737	337	1	journal	journal	NOUN
ajfa-1737	337	2	of	of	ADP
ajfa-1737	337	3	political	political	ADJ
ajfa-1737	337	4	economics	economic	NOUN
ajfa-1737	337	5	,	,	PUNCT
ajfa-1737	337	6	94(3	94(3	NUM
ajfa-1737	337	7	)	)	PUNCT
ajfa-1737	337	8	,	,	PUNCT
ajfa-1737	337	9	461	461	NUM
ajfa-1737	337	10	-	-	SYM
ajfa-1737	337	11	488	488	NUM
ajfa-1737	337	12	.	.	PUNCT
ajfa-1737	338	1	http://dx.doi.org/10.1086/261385	http://dx.doi.org/10.1086/261385	PROPN
ajfa-1737	338	2	shleifer	shleifer	PROPN
ajfa-1737	338	3	,	,	PUNCT
ajfa-1737	338	4	a.	a.	PROPN
ajfa-1737	338	5	,	,	PUNCT
ajfa-1737	338	6	&	&	CCONJ
ajfa-1737	338	7	vishny	vishny	PROPN
ajfa-1737	338	8	,	,	PUNCT
ajfa-1737	338	9	r.w	r.w	PROPN
ajfa-1737	338	10	.	.	PROPN
ajfa-1737	338	11	(	(	PUNCT
ajfa-1737	338	12	1997	1997	NUM
ajfa-1737	338	13	)	)	PUNCT
ajfa-1737	338	14	.	.	PUNCT
ajfa-1737	339	1	a	a	DET
ajfa-1737	339	2	survey	survey	NOUN
ajfa-1737	339	3	of	of	ADP
ajfa-1737	339	4	corporate	corporate	ADJ
ajfa-1737	339	5	governance	governance	NOUN
ajfa-1737	339	6	.	.	PUNCT
ajfa-1737	340	1	journal	journal	NOUN
ajfa-1737	340	2	of	of	ADP
ajfa-1737	340	3	finance	finance	NOUN
ajfa-1737	340	4	,	,	PUNCT
ajfa-1737	340	5	52(2	52(2	NUM
ajfa-1737	340	6	)	)	PUNCT
ajfa-1737	340	7	,	,	PUNCT
ajfa-1737	340	8	737	737	NUM
ajfa-1737	340	9	-	-	SYM
ajfa-1737	340	10	783	783	NUM
ajfa-1737	340	11	.	.	PUNCT
ajfa-1737	341	1	singh	singh	PROPN
ajfa-1737	341	2	j.p	j.p	PROPN
ajfa-1737	341	3	.	.	PROPN
ajfa-1737	341	4	,	,	PUNCT
ajfa-1737	341	5	kumar	kumar	PROPN
ajfa-1737	341	6	,	,	PUNCT
ajfa-1737	341	7	n.	n.	PROPN
ajfa-1737	341	8	,	,	PUNCT
ajfa-1737	341	9	&	&	CCONJ
ajfa-1737	341	10	uzma	uzma	PROPN
ajfa-1737	341	11	,	,	PUNCT
ajfa-1737	341	12	s.	s.	PROPN
ajfa-1737	341	13	(	(	PUNCT
ajfa-1737	341	14	2010	2010	NUM
ajfa-1737	341	15	)	)	PUNCT
ajfa-1737	341	16	.	.	PUNCT
ajfa-1737	342	1	satyam	satyam	PROPN
ajfa-1737	342	2	fiasco	fiasco	PROPN
ajfa-1737	342	3	:	:	PUNCT
ajfa-1737	342	4	corporate	corporate	ADJ
ajfa-1737	342	5	governance	governance	NOUN
ajfa-1737	342	6	failure	failure	NOUN
ajfa-1737	342	7	and	and	CCONJ
ajfa-1737	342	8	lessons	lesson	NOUN
ajfa-1737	342	9	therefrom	therefrom	NOUN
ajfa-1737	342	10	.	.	PUNCT
ajfa-1737	343	1	icfai	icfai	NOUN
ajfa-1737	343	2	journal	journal	NOUN
ajfa-1737	343	3	of	of	ADP
ajfa-1737	343	4	corporate	corporate	ADJ
ajfa-1737	343	5	governance	governance	NOUN
ajfa-1737	343	6	,	,	PUNCT
ajfa-1737	343	7	9(4	9(4	NUM
ajfa-1737	343	8	)	)	PUNCT
ajfa-1737	343	9	,	,	PUNCT
ajfa-1737	343	10	30	30	NUM
ajfa-1737	343	11	-	-	SYM
ajfa-1737	343	12	39	39	NUM
ajfa-1737	343	13	.	.	PUNCT
ajfa-1737	344	1	tellis	tellis	PROPN
ajfa-1737	344	2	,	,	PUNCT
ajfa-1737	344	3	o	o	X
ajfa-1737	344	4	(	(	PUNCT
ajfa-1737	344	5	2009	2009	NUM
ajfa-1737	344	6	)	)	PUNCT
ajfa-1737	344	7	.	.	PUNCT
ajfa-1737	345	1	whiter	whiter	NOUN
ajfa-1737	345	2	justice	justice	NOUN
ajfa-1737	345	3	for	for	ADP
ajfa-1737	345	4	satyam	satyam	NOUN
ajfa-1737	345	5	investors	investor	NOUN
ajfa-1737	345	6	?	?	PUNCT
ajfa-1737	346	1	deccan	deccan	PROPN
ajfa-1737	346	2	chronicle	chronicle	PROPN
ajfa-1737	346	3	,	,	PUNCT
ajfa-1737	346	4	december	december	PROPN
ajfa-1737	346	5	02	02	NUM
ajfa-1737	346	6	.	.	PUNCT
ajfa-1737	347	1	uadiale	uadiale	PROPN
ajfa-1737	347	2	,	,	PUNCT
ajfa-1737	347	3	o.m	o.m	PROPN
ajfa-1737	347	4	.	.	PUNCT
ajfa-1737	347	5	(	(	PUNCT
ajfa-1737	347	6	2010	2010	NUM
ajfa-1737	347	7	)	)	PUNCT
ajfa-1737	347	8	.	.	PUNCT
ajfa-1737	348	1	the	the	DET
ajfa-1737	348	2	impact	impact	NOUN
ajfa-1737	348	3	of	of	ADP
ajfa-1737	348	4	board	board	NOUN
ajfa-1737	348	5	structure	structure	NOUN
ajfa-1737	348	6	on	on	ADP
ajfa-1737	348	7	corporate	corporate	ADJ
ajfa-1737	348	8	financial	financial	ADJ
ajfa-1737	348	9	performance	performance	NOUN
ajfa-1737	348	10	in	in	ADP
ajfa-1737	348	11	nigeria	nigeria	PROPN
ajfa-1737	348	12	.	.	PUNCT
ajfa-1737	349	1	international	international	ADJ
ajfa-1737	349	2	journal	journal	PROPN
ajfa-1737	349	3	of	of	ADP
ajfa-1737	349	4	business	business	NOUN
ajfa-1737	349	5	and	and	CCONJ
ajfa-1737	349	6	management	management	NOUN
ajfa-1737	349	7	,	,	PUNCT
ajfa-1737	349	8	5(10	5(10	NUM
ajfa-1737	349	9	)	)	PUNCT
ajfa-1737	349	10	,	,	PUNCT
ajfa-1737	349	11	155	155	NUM
ajfa-1737	349	12	-	-	SYM
ajfa-1737	349	13	166	166	NUM
ajfa-1737	349	14	.	.	PUNCT
ajfa-1737	350	1	vafeas	vafea	NOUN
ajfa-1737	350	2	,	,	PUNCT
ajfa-1737	350	3	n.	n.	NOUN
ajfa-1737	350	4	,	,	PUNCT
ajfa-1737	350	5	&	&	CCONJ
ajfa-1737	350	6	theodorou	theodorou	PROPN
ajfa-1737	350	7	,	,	PUNCT
ajfa-1737	350	8	e.	e.	PROPN
ajfa-1737	350	9	(	(	PUNCT
ajfa-1737	350	10	1998	1998	NUM
ajfa-1737	350	11	)	)	PUNCT
ajfa-1737	350	12	.	.	PUNCT
ajfa-1737	351	1	the	the	DET
ajfa-1737	351	2	relationship	relationship	NOUN
ajfa-1737	351	3	between	between	ADP
ajfa-1737	351	4	board	board	NOUN
ajfa-1737	351	5	structure	structure	NOUN
ajfa-1737	351	6	and	and	CCONJ
ajfa-1737	351	7	firm	firm	ADJ
ajfa-1737	351	8	performance	performance	NOUN
ajfa-1737	351	9	in	in	ADP
ajfa-1737	351	10	uk	uk	PROPN
ajfa-1737	351	11	.	.	PUNCT
ajfa-1737	352	1	the	the	DET
ajfa-1737	352	2	british	british	PROPN
ajfa-1737	352	3	accounting	accounting	PROPN
ajfa-1737	352	4	review	review	PROPN
ajfa-1737	352	5	,	,	PUNCT
ajfa-1737	352	6	30(4	30(4	NUM
ajfa-1737	352	7	)	)	PUNCT
ajfa-1737	352	8	,	,	PUNCT
ajfa-1737	352	9	383	383	NUM
ajfa-1737	352	10	-	-	SYM
ajfa-1737	352	11	407	407	NUM
ajfa-1737	352	12	.	.	PUNCT
ajfa-1737	353	1	http://dx.doi.org/10.1006/bare.1998.0075	http://dx.doi.org/10.1006/bare.1998.0075	VERB
ajfa-1737	353	2	weisbach	weisbach	NOUN
ajfa-1737	353	3	,	,	PUNCT
ajfa-1737	353	4	m.	m.	NOUN
ajfa-1737	353	5	(	(	PUNCT
ajfa-1737	353	6	1988	1988	NUM
ajfa-1737	353	7	)	)	PUNCT
ajfa-1737	353	8	.	.	PUNCT
ajfa-1737	354	1	outside	outside	ADJ
ajfa-1737	354	2	directors	director	NOUN
ajfa-1737	354	3	and	and	CCONJ
ajfa-1737	354	4	ceo	ceo	NOUN
ajfa-1737	354	5	turnover	turnover	NOUN
ajfa-1737	354	6	.	.	PUNCT
ajfa-1737	355	1	journal	journal	NOUN
ajfa-1737	355	2	of	of	ADP
ajfa-1737	355	3	financial	financial	ADJ
ajfa-1737	355	4	economics	economic	NOUN
ajfa-1737	355	5	,	,	PUNCT
ajfa-1737	355	6	20(1	20(1	NUM
ajfa-1737	355	7	)	)	PUNCT
ajfa-1737	355	8	,	,	PUNCT
ajfa-1737	355	9	431	431	NUM
ajfa-1737	355	10	-	-	SYM
ajfa-1737	355	11	460	460	NUM
ajfa-1737	355	12	.	.	PUNCT
ajfa-1737	356	1	http://dx.doi.org/10.1016/0304-405x(88)90053-0	http://dx.doi.org/10.1016/0304-405x(88)90053-0	PROPN
ajfa-1737	356	2	xie	xie	PROPN
ajfa-1737	356	3	,	,	PUNCT
ajfa-1737	356	4	b.	b.	PROPN
ajfa-1737	356	5	,	,	PUNCT
ajfa-1737	356	6	davidson	davidson	PROPN
ajfa-1737	356	7	iii	iii	PROPN
ajfa-1737	356	8	,	,	PUNCT
ajfa-1737	356	9	w.n	w.n	PROPN
ajfa-1737	356	10	.	.	PROPN
ajfa-1737	356	11	,	,	PUNCT
ajfa-1737	356	12	&	&	CCONJ
ajfa-1737	356	13	dadalt	dadalt	NOUN
ajfa-1737	356	14	,	,	PUNCT
ajfa-1737	356	15	p.j	p.j	PROPN
ajfa-1737	356	16	.	.	PROPN
ajfa-1737	356	17	(	(	PUNCT
ajfa-1737	356	18	2003	2003	NUM
ajfa-1737	356	19	)	)	PUNCT
ajfa-1737	356	20	.	.	PUNCT
ajfa-1737	357	1	earnings	earning	NOUN
ajfa-1737	357	2	management	management	NOUN
ajfa-1737	357	3	and	and	CCONJ
ajfa-1737	357	4	corporate	corporate	ADJ
ajfa-1737	357	5	governance	governance	NOUN
ajfa-1737	357	6	:	:	PUNCT
ajfa-1737	357	7	the	the	DET
ajfa-1737	357	8	role	role	NOUN
ajfa-1737	357	9	of	of	ADP
ajfa-1737	357	10	the	the	DET
ajfa-1737	357	11	board	board	NOUN
ajfa-1737	357	12	and	and	CCONJ
ajfa-1737	357	13	the	the	DET
ajfa-1737	357	14	audit	audit	NOUN
ajfa-1737	357	15	committee	committee	NOUN
ajfa-1737	357	16	.	.	PUNCT
ajfa-1737	358	1	journal	journal	NOUN
ajfa-1737	358	2	of	of	ADP
ajfa-1737	358	3	corporate	corporate	ADJ
ajfa-1737	358	4	finance	finance	NOUN
ajfa-1737	358	5	,	,	PUNCT
ajfa-1737	358	6	9	9	NUM
ajfa-1737	358	7	,	,	PUNCT
ajfa-1737	358	8	295	295	NUM
ajfa-1737	358	9	–	–	PUNCT
ajfa-1737	358	10	316	316	NUM
ajfa-1737	358	11	.	.	PUNCT
ajfa-1737	359	1	http://dx.doi.org/10.1016/s0929-1199(02)00006-8	http://dx.doi.org/10.1016/s0929-1199(02)00006-8	PROPN
ajfa-1737	359	2	yammeesri	yammeesri	PROPN
ajfa-1737	359	3	,	,	PUNCT
ajfa-1737	359	4	j.	j.	PROPN
ajfa-1737	359	5	,	,	PUNCT
ajfa-1737	359	6	&	&	CCONJ
ajfa-1737	359	7	herath	herath	PROPN
ajfa-1737	359	8	,	,	PUNCT
ajfa-1737	359	9	s.k	s.k	PROPN
ajfa-1737	359	10	.	.	PROPN
ajfa-1737	359	11	(	(	PUNCT
ajfa-1737	359	12	2010	2010	NUM
ajfa-1737	359	13	)	)	PUNCT
ajfa-1737	359	14	.	.	PUNCT
ajfa-1737	360	1	board	board	NOUN
ajfa-1737	360	2	characteristics	characteristic	NOUN
ajfa-1737	360	3	and	and	CCONJ
ajfa-1737	360	4	corporate	corporate	ADJ
ajfa-1737	360	5	value	value	NOUN
ajfa-1737	360	6	:	:	PUNCT
ajfa-1737	360	7	evidence	evidence	NOUN
ajfa-1737	360	8	from	from	ADP
ajfa-1737	360	9	thailand	thailand	PROPN
ajfa-1737	360	10	.	.	PUNCT
ajfa-1737	361	1	corporate	corporate	ADJ
ajfa-1737	361	2	governance	governance	NOUN
ajfa-1737	361	3	,	,	PUNCT
ajfa-1737	361	4	10(3	10(3	NUM
ajfa-1737	361	5	)	)	PUNCT
ajfa-1737	361	6	,	,	PUNCT
ajfa-1737	361	7	279	279	NUM
ajfa-1737	361	8	-	-	SYM
ajfa-1737	361	9	292	292	NUM
ajfa-1737	361	10	.	.	PUNCT
ajfa-1737	362	1	http://dx.doi.org/10.1108/14720701011051910	http://dx.doi.org/10.1108/14720701011051910	NOUN
ajfa-1737	362	2	yermack	yermack	PROPN
ajfa-1737	362	3	,	,	PUNCT
ajfa-1737	362	4	d.	d.	PROPN
ajfa-1737	362	5	(	(	PUNCT
ajfa-1737	362	6	1996	1996	NUM
ajfa-1737	362	7	)	)	PUNCT
ajfa-1737	362	8	.	.	PUNCT
ajfa-1737	363	1	higher	high	ADJ
ajfa-1737	363	2	market	market	NOUN
ajfa-1737	363	3	valuations	valuation	NOUN
ajfa-1737	363	4	of	of	ADP
ajfa-1737	363	5	companies	company	NOUN
ajfa-1737	363	6	with	with	ADP
ajfa-1737	363	7	a	a	DET
ajfa-1737	363	8	small	small	ADJ
ajfa-1737	363	9	board	board	NOUN
ajfa-1737	363	10	of	of	ADP
ajfa-1737	363	11	directors	director	NOUN
ajfa-1737	363	12	.	.	PUNCT
ajfa-1737	364	1	journal	journal	NOUN
ajfa-1737	364	2	of	of	ADP
ajfa-1737	364	3	financial	financial	ADJ
ajfa-1737	364	4	economics	economic	NOUN
ajfa-1737	364	5	,	,	PUNCT
ajfa-1737	364	6	40	40	NUM
ajfa-1737	364	7	,	,	PUNCT
ajfa-1737	364	8	185	185	NUM
ajfa-1737	364	9	-	-	SYM
ajfa-1737	364	10	211	211	NUM
ajfa-1737	364	11	.	.	PUNCT
ajfa-1737	365	1	http://dx.doi.org/10.1016/0304-405x(95)00844-5	http://dx.doi.org/10.1016/0304-405x(95)00844-5	PROPN