id	sid	tid	token	lemma	pos
ajfa-1783	1	1	microsoft	microsoft	PROPN
ajfa-1783	1	2	word	word	PROPN
ajfa-1783	1	3	1783	1783	NUM
ajfa-1783	1	4	-	-	SYM
ajfa-1783	1	5	7010	7010	NUM
ajfa-1783	1	6	-	-	PUNCT
ajfa-1783	1	7	1	1	NUM
ajfa-1783	1	8	-	-	PUNCT
ajfa-1783	1	9	sm	sm	NOUN
ajfa-1783	1	10	-	-	PUNCT
ajfa-1783	1	11	writer2	writer2	VERB
ajfa-1783	1	12	-	-	ADJ
ajfa-1783	1	13	new	new	ADJ
ajfa-1783	1	14	asian	asian	ADJ
ajfa-1783	1	15	journal	journal	NOUN
ajfa-1783	1	16	of	of	ADP
ajfa-1783	1	17	finance	finance	PROPN
ajfa-1783	1	18	&	&	CCONJ
ajfa-1783	1	19	accounting	accounting	PROPN
ajfa-1783	1	20	issn	issn	PROPN
ajfa-1783	1	21	1946	1946	NUM
ajfa-1783	1	22	-	-	PUNCT
ajfa-1783	1	23	052x	052x	NOUN
ajfa-1783	1	24	2012	2012	NUM
ajfa-1783	1	25	,	,	PUNCT
ajfa-1783	1	26	vol	vol	NOUN
ajfa-1783	1	27	.	.	PROPN
ajfa-1783	1	28	4	4	NUM
ajfa-1783	1	29	,	,	PUNCT
ajfa-1783	1	30	no	no	INTJ
ajfa-1783	1	31	.	.	NOUN
ajfa-1783	1	32	1	1	NUM
ajfa-1783	1	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1783	1	34	359	359	NUM
ajfa-1783	1	35	do	do	VERB
ajfa-1783	1	36	agency	agency	NOUN
ajfa-1783	1	37	costs	cost	NOUN
ajfa-1783	1	38	really	really	ADV
ajfa-1783	1	39	matter	matter	ADV
ajfa-1783	1	40	?	?	PUNCT
ajfa-1783	2	1	a	a	DET
ajfa-1783	2	2	non	non	ADJ
ajfa-1783	2	3	-	-	ADJ
ajfa-1783	2	4	linear	linear	ADJ
ajfa-1783	2	5	approach	approach	NOUN
ajfa-1783	2	6	of	of	ADP
ajfa-1783	2	7	panel	panel	NOUN
ajfa-1783	2	8	data	data	PROPN
ajfa-1783	2	9	fitriya	fitriya	PROPN
ajfa-1783	2	10	fauzi	fauzi	PROPN
ajfa-1783	2	11	(	(	PUNCT
ajfa-1783	2	12	corresponding	correspond	VERB
ajfa-1783	2	13	author	author	NOUN
ajfa-1783	2	14	)	)	PUNCT
ajfa-1783	2	15	the	the	DET
ajfa-1783	2	16	university	university	NOUN
ajfa-1783	2	17	of	of	ADP
ajfa-1783	2	18	waikato	waikato	PROPN
ajfa-1783	2	19	,	,	PUNCT
ajfa-1783	2	20	waikato	waikato	NOUN
ajfa-1783	2	21	management	management	NOUN
ajfa-1783	2	22	school	school	NOUN
ajfa-1783	2	23	,	,	PUNCT
ajfa-1783	2	24	new	new	PROPN
ajfa-1783	2	25	zealand	zealand	PROPN
ajfa-1783	2	26	private	private	ADJ
ajfa-1783	2	27	bag	bag	NOUN
ajfa-1783	2	28	3105	3105	NUM
ajfa-1783	2	29	,	,	PUNCT
ajfa-1783	2	30	hamilton	hamilton	PROPN
ajfa-1783	2	31	3240	3240	NUM
ajfa-1783	2	32	,	,	PUNCT
ajfa-1783	2	33	new	new	PROPN
ajfa-1783	2	34	zealand	zealand	PROPN
ajfa-1783	2	35	e	e	PROPN
ajfa-1783	2	36	-	-	NOUN
ajfa-1783	2	37	mail	mail	NOUN
ajfa-1783	2	38	:	:	PUNCT
ajfa-1783	2	39	ff21@waikato.ac.nz	ff21@waikato.ac.nz	PROPN
ajfa-1783	2	40	stuart	stuart	PROPN
ajfa-1783	2	41	locke	locke	PROPN
ajfa-1783	2	42	the	the	DET
ajfa-1783	2	43	university	university	PROPN
ajfa-1783	2	44	of	of	ADP
ajfa-1783	2	45	waikato	waikato	PROPN
ajfa-1783	2	46	,	,	PUNCT
ajfa-1783	2	47	waikato	waikato	NOUN
ajfa-1783	2	48	management	management	NOUN
ajfa-1783	2	49	school	school	NOUN
ajfa-1783	2	50	,	,	PUNCT
ajfa-1783	2	51	new	new	PROPN
ajfa-1783	2	52	zealand	zealand	PROPN
ajfa-1783	2	53	private	private	ADJ
ajfa-1783	2	54	bag	bag	NOUN
ajfa-1783	2	55	3105	3105	NUM
ajfa-1783	2	56	,	,	PUNCT
ajfa-1783	2	57	hamilton	hamilton	PROPN
ajfa-1783	2	58	3240	3240	NUM
ajfa-1783	2	59	,	,	PUNCT
ajfa-1783	2	60	new	new	PROPN
ajfa-1783	2	61	zealand	zealand	PROPN
ajfa-1783	2	62	received	receive	VERB
ajfa-1783	2	63	:	:	PUNCT
ajfa-1783	2	64	may	may	AUX
ajfa-1783	2	65	8	8	NUM
ajfa-1783	2	66	,	,	PUNCT
ajfa-1783	2	67	2012	2012	NUM
ajfa-1783	2	68	accepted	accept	VERB
ajfa-1783	2	69	:	:	PUNCT
ajfa-1783	2	70	may	may	AUX
ajfa-1783	2	71	29	29	NUM
ajfa-1783	2	72	,	,	PUNCT
ajfa-1783	2	73	2012	2012	NUM
ajfa-1783	2	74	published	publish	VERB
ajfa-1783	2	75	:	:	PUNCT
ajfa-1783	2	76	june	june	PROPN
ajfa-1783	2	77	1	1	NUM
ajfa-1783	2	78	,	,	PUNCT
ajfa-1783	2	79	2012	2012	NUM
ajfa-1783	2	80	doi:10.5296	doi:10.5296	NOUN
ajfa-1783	2	81	/	/	SYM
ajfa-1783	2	82	ajfa.v4i1.1783	ajfa.v4i1.1783	NUM
ajfa-1783	2	83	url	url	NOUN
ajfa-1783	2	84	:	:	PUNCT
ajfa-1783	2	85	http://dx.doi.org/10.5296/ajfa.v4i1.1783	http://dx.doi.org/10.5296/ajfa.v4i1.1783	NOUN
ajfa-1783	2	86	abstract	abstract	ADJ
ajfa-1783	2	87	this	this	DET
ajfa-1783	2	88	paper	paper	NOUN
ajfa-1783	2	89	investigates	investigate	VERB
ajfa-1783	2	90	the	the	DET
ajfa-1783	2	91	relationship	relationship	NOUN
ajfa-1783	2	92	between	between	ADP
ajfa-1783	2	93	agency	agency	NOUN
ajfa-1783	2	94	cost	cost	NOUN
ajfa-1783	2	95	,	,	PUNCT
ajfa-1783	2	96	ownership	ownership	NOUN
ajfa-1783	2	97	structure	structure	NOUN
ajfa-1783	2	98	and	and	CCONJ
ajfa-1783	2	99	corporate	corporate	ADJ
ajfa-1783	2	100	governance	governance	NOUN
ajfa-1783	2	101	mechanisms	mechanism	NOUN
ajfa-1783	2	102	.	.	PUNCT
ajfa-1783	3	1	though	though	SCONJ
ajfa-1783	3	2	previous	previous	ADJ
ajfa-1783	3	3	studies	study	NOUN
ajfa-1783	3	4	of	of	ADP
ajfa-1783	3	5	agency	agency	NOUN
ajfa-1783	3	6	problems	problem	NOUN
ajfa-1783	3	7	,	,	PUNCT
ajfa-1783	3	8	corporate	corporate	ADJ
ajfa-1783	3	9	governance	governance	NOUN
ajfa-1783	3	10	mechanisms	mechanism	NOUN
ajfa-1783	3	11	or	or	CCONJ
ajfa-1783	3	12	ownership	ownership	NOUN
ajfa-1783	3	13	variables	variable	NOUN
ajfa-1783	3	14	suffer	suffer	VERB
ajfa-1783	3	15	from	from	ADP
ajfa-1783	3	16	endogeneity	endogeneity	NOUN
ajfa-1783	3	17	,	,	PUNCT
ajfa-1783	3	18	with	with	ADP
ajfa-1783	3	19	respect	respect	NOUN
ajfa-1783	3	20	to	to	ADP
ajfa-1783	3	21	the	the	DET
ajfa-1783	3	22	corporate	corporate	ADJ
ajfa-1783	3	23	governance	governance	NOUN
ajfa-1783	3	24	it	it	PRON
ajfa-1783	3	25	is	be	AUX
ajfa-1783	3	26	unclear	unclear	ADJ
ajfa-1783	3	27	as	as	SCONJ
ajfa-1783	3	28	to	to	PART
ajfa-1783	3	29	which	which	PRON
ajfa-1783	3	30	variables	variable	NOUN
ajfa-1783	3	31	are	be	AUX
ajfa-1783	3	32	endogenous	endogenous	ADJ
ajfa-1783	3	33	and	and	CCONJ
ajfa-1783	3	34	which	which	PRON
ajfa-1783	3	35	are	be	AUX
ajfa-1783	3	36	exogenous	exogenous	ADJ
ajfa-1783	3	37	.	.	PUNCT
ajfa-1783	4	1	this	this	DET
ajfa-1783	4	2	study	study	NOUN
ajfa-1783	4	3	,	,	PUNCT
ajfa-1783	4	4	using	use	VERB
ajfa-1783	4	5	the	the	DET
ajfa-1783	4	6	durbin	durbin	ADJ
ajfa-1783	4	7	-	-	PUNCT
ajfa-1783	4	8	wu	wu	PROPN
ajfa-1783	4	9	-	-	PUNCT
ajfa-1783	4	10	hausman	hausman	PROPN
ajfa-1783	4	11	test	test	NOUN
ajfa-1783	4	12	for	for	ADP
ajfa-1783	4	13	endogeneity	endogeneity	NOUN
ajfa-1783	4	14	,	,	PUNCT
ajfa-1783	4	15	confirms	confirm	VERB
ajfa-1783	4	16	noendogeneity	noendogeneity	NOUN
ajfa-1783	4	17	issues	issue	NOUN
ajfa-1783	4	18	should	should	AUX
ajfa-1783	4	19	be	be	AUX
ajfa-1783	4	20	addressed	address	VERB
ajfa-1783	4	21	.	.	PUNCT
ajfa-1783	5	1	furthermore	furthermore	ADV
ajfa-1783	5	2	,	,	PUNCT
ajfa-1783	5	3	addressing	address	VERB
ajfa-1783	5	4	the	the	DET
ajfa-1783	5	5	issue	issue	NOUN
ajfa-1783	5	6	of	of	ADP
ajfa-1783	5	7	non	non	ADJ
ajfa-1783	5	8	-	-	ADJ
ajfa-1783	5	9	linearity	linearity	ADJ
ajfa-1783	5	10	,	,	PUNCT
ajfa-1783	5	11	this	this	DET
ajfa-1783	5	12	study	study	NOUN
ajfa-1783	5	13	confirms	confirm	VERB
ajfa-1783	5	14	that	that	SCONJ
ajfa-1783	5	15	the	the	DET
ajfa-1783	5	16	relationship	relationship	NOUN
ajfa-1783	5	17	between	between	ADP
ajfa-1783	5	18	agency	agency	NOUN
ajfa-1783	5	19	costs	cost	NOUN
ajfa-1783	5	20	,	,	PUNCT
ajfa-1783	5	21	ownership	ownership	NOUN
ajfa-1783	5	22	structures	structure	NOUN
ajfa-1783	5	23	and	and	CCONJ
ajfa-1783	5	24	corporate	corporate	ADJ
ajfa-1783	5	25	governance	governance	NOUN
ajfa-1783	5	26	mechanisms	mechanism	NOUN
ajfa-1783	5	27	are	be	AUX
ajfa-1783	5	28	non	non	ADJ
ajfa-1783	5	29	-	-	ADJ
ajfa-1783	5	30	linear	linear	ADJ
ajfa-1783	5	31	.	.	PUNCT
ajfa-1783	6	1	using	use	VERB
ajfa-1783	6	2	a	a	DET
ajfa-1783	6	3	balanced	balanced	ADJ
ajfa-1783	6	4	panel	panel	NOUN
ajfa-1783	6	5	of	of	ADP
ajfa-1783	6	6	79	79	NUM
ajfa-1783	6	7	new	new	PROPN
ajfa-1783	6	8	zealand	zealand	PROPN
ajfa-1783	6	9	-	-	PUNCT
ajfa-1783	6	10	listed	list	VERB
ajfa-1783	6	11	firms	firm	NOUN
ajfa-1783	6	12	,	,	PUNCT
ajfa-1783	6	13	this	this	DET
ajfa-1783	6	14	study	study	NOUN
ajfa-1783	6	15	employs	employ	VERB
ajfa-1783	6	16	a	a	DET
ajfa-1783	6	17	non	non	ADJ
ajfa-1783	6	18	-	-	ADJ
ajfa-1783	6	19	linear	linear	ADJ
ajfa-1783	6	20	panel	panel	NOUN
ajfa-1783	6	21	data	datum	NOUN
ajfa-1783	6	22	method	method	NOUN
ajfa-1783	6	23	using	use	VERB
ajfa-1783	6	24	tobit	tobit	NOUN
ajfa-1783	6	25	.	.	PUNCT
ajfa-1783	7	1	apart	apart	ADV
ajfa-1783	7	2	from	from	ADP
ajfa-1783	7	3	block	block	NOUN
ajfa-1783	7	4	-	-	PUNCT
ajfa-1783	7	5	holders	holder	NOUN
ajfa-1783	7	6	’	'	PUNCT
ajfa-1783	7	7	ownership	ownership	NOUN
ajfa-1783	7	8	,	,	PUNCT
ajfa-1783	7	9	leverage	leverage	NOUN
ajfa-1783	7	10	,	,	PUNCT
ajfa-1783	7	11	dividend	dividend	NOUN
ajfa-1783	7	12	,	,	PUNCT
ajfa-1783	7	13	non	non	ADJ
ajfa-1783	7	14	-	-	ADJ
ajfa-1783	7	15	executive	executive	ADJ
ajfa-1783	7	16	directors	director	NOUN
ajfa-1783	7	17	and	and	CCONJ
ajfa-1783	7	18	audit	audit	NOUN
ajfa-1783	7	19	committees	committee	NOUN
ajfa-1783	7	20	,	,	PUNCT
ajfa-1783	7	21	managerial	managerial	ADJ
ajfa-1783	7	22	ownership	ownership	NOUN
ajfa-1783	7	23	,	,	PUNCT
ajfa-1783	7	24	the	the	DET
ajfa-1783	7	25	number	number	NOUN
ajfa-1783	7	26	of	of	ADP
ajfa-1783	7	27	the	the	DET
ajfa-1783	7	28	board	board	NOUN
ajfa-1783	7	29	size	size	NOUN
ajfa-1783	7	30	,	,	PUNCT
ajfa-1783	7	31	nomination	nomination	NOUN
ajfa-1783	7	32	and	and	CCONJ
ajfa-1783	7	33	remuneration	remuneration	NOUN
ajfa-1783	7	34	of	of	ADP
ajfa-1783	7	35	the	the	DET
ajfa-1783	7	36	committee	committee	NOUN
ajfa-1783	7	37	have	have	VERB
ajfa-1783	7	38	significant	significant	ADJ
ajfa-1783	7	39	impact	impact	NOUN
ajfa-1783	7	40	in	in	ADP
ajfa-1783	7	41	reducing	reduce	VERB
ajfa-1783	7	42	the	the	DET
ajfa-1783	7	43	agency	agency	NOUN
ajfa-1783	7	44	costs	cost	NOUN
ajfa-1783	7	45	in	in	ADP
ajfa-1783	7	46	the	the	DET
ajfa-1783	7	47	context	context	NOUN
ajfa-1783	7	48	of	of	ADP
ajfa-1783	7	49	new	new	PROPN
ajfa-1783	7	50	zealand	zealand	PROPN
ajfa-1783	7	51	-	-	PUNCT
ajfa-1783	7	52	listed	list	VERB
ajfa-1783	7	53	firms	firm	NOUN
ajfa-1783	7	54	.	.	PUNCT
ajfa-1783	8	1	overall	overall	ADV
ajfa-1783	8	2	,	,	PUNCT
ajfa-1783	8	3	it	it	PRON
ajfa-1783	8	4	can	can	AUX
ajfa-1783	8	5	be	be	AUX
ajfa-1783	8	6	concluded	conclude	VERB
ajfa-1783	8	7	that	that	SCONJ
ajfa-1783	8	8	corporate	corporate	ADJ
ajfa-1783	8	9	governance	governance	NOUN
ajfa-1783	8	10	mechanisms	mechanism	NOUN
ajfa-1783	8	11	and	and	CCONJ
ajfa-1783	8	12	ownership	ownership	NOUN
ajfa-1783	8	13	structures	structure	NOUN
ajfa-1783	8	14	are	be	AUX
ajfa-1783	8	15	vital	vital	ADJ
ajfa-1783	8	16	in	in	ADP
ajfa-1783	8	17	mitigating	mitigate	VERB
ajfa-1783	8	18	agency	agency	NOUN
ajfa-1783	8	19	costs	cost	NOUN
ajfa-1783	8	20	in	in	ADP
ajfa-1783	8	21	the	the	DET
ajfa-1783	8	22	new	new	PROPN
ajfa-1783	8	23	zealand	zealand	PROPN
ajfa-1783	8	24	context	context	NOUN
ajfa-1783	8	25	.	.	PUNCT
ajfa-1783	9	1	keywords	keyword	NOUN
ajfa-1783	9	2	:	:	PUNCT
ajfa-1783	9	3	agency	agency	NOUN
ajfa-1783	9	4	cost	cost	NOUN
ajfa-1783	9	5	,	,	PUNCT
ajfa-1783	9	6	managerial	managerial	ADJ
ajfa-1783	9	7	ownership	ownership	NOUN
ajfa-1783	9	8	,	,	PUNCT
ajfa-1783	9	9	corporate	corporate	ADJ
ajfa-1783	9	10	governance	governance	NOUN
ajfa-1783	9	11	,	,	PUNCT
ajfa-1783	9	12	non	non	ADJ
ajfa-1783	9	13	-	-	ADJ
ajfa-1783	9	14	linear	linear	ADJ
ajfa-1783	9	15	panel	panel	NOUN
ajfa-1783	9	16	tobit	tobit	NOUN
ajfa-1783	9	17	,	,	PUNCT
ajfa-1783	9	18	new	new	PROPN
ajfa-1783	9	19	zealand	zealand	PROPN
ajfa-1783	9	20	-	-	PUNCT
ajfa-1783	9	21	listed	list	VERB
ajfa-1783	9	22	firms	firm	NOUN
ajfa-1783	9	23	jel	jel	PROPN
ajfa-1783	9	24	classification	classification	NOUN
ajfa-1783	9	25	:	:	PUNCT
ajfa-1783	9	26	g34	g34	PROPN
ajfa-1783	9	27	asian	asian	PROPN
ajfa-1783	9	28	journal	journal	PROPN
ajfa-1783	9	29	of	of	ADP
ajfa-1783	9	30	finance	finance	PROPN
ajfa-1783	9	31	&	&	CCONJ
ajfa-1783	9	32	accounting	accounting	PROPN
ajfa-1783	9	33	issn	issn	PROPN
ajfa-1783	9	34	1946	1946	NUM
ajfa-1783	9	35	-	-	PUNCT
ajfa-1783	9	36	052x	052x	NOUN
ajfa-1783	9	37	2012	2012	NUM
ajfa-1783	9	38	,	,	PUNCT
ajfa-1783	9	39	vol	vol	NOUN
ajfa-1783	9	40	.	.	PROPN
ajfa-1783	10	1	4	4	NUM
ajfa-1783	10	2	,	,	PUNCT
ajfa-1783	10	3	no	no	INTJ
ajfa-1783	10	4	.	.	NOUN
ajfa-1783	10	5	1	1	NUM
ajfa-1783	10	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1783	10	7	360	360	NUM
ajfa-1783	10	8	1	1	NUM
ajfa-1783	10	9	.	.	PUNCT
ajfa-1783	11	1	introduction	introduction	NOUN
ajfa-1783	11	2	in	in	ADP
ajfa-1783	11	3	publicly	publicly	ADV
ajfa-1783	11	4	held	hold	VERB
ajfa-1783	11	5	corporations	corporation	NOUN
ajfa-1783	11	6	,	,	PUNCT
ajfa-1783	11	7	the	the	DET
ajfa-1783	11	8	management	management	NOUN
ajfa-1783	11	9	is	be	AUX
ajfa-1783	11	10	usually	usually	ADV
ajfa-1783	11	11	controlled	control	VERB
ajfa-1783	11	12	by	by	ADP
ajfa-1783	11	13	non	non	ADJ
ajfa-1783	11	14	-	-	ADJ
ajfa-1783	11	15	owner	owner	ADJ
ajfa-1783	11	16	managers	manager	NOUN
ajfa-1783	11	17	.	.	PUNCT
ajfa-1783	12	1	these	these	DET
ajfa-1783	12	2	managers	manager	NOUN
ajfa-1783	12	3	act	act	VERB
ajfa-1783	12	4	as	as	ADP
ajfa-1783	12	5	agents	agent	NOUN
ajfa-1783	12	6	for	for	ADP
ajfa-1783	12	7	the	the	DET
ajfa-1783	12	8	owners	owner	NOUN
ajfa-1783	12	9	,	,	PUNCT
ajfa-1783	12	10	who	who	PRON
ajfa-1783	12	11	have	have	AUX
ajfa-1783	12	12	hired	hire	VERB
ajfa-1783	12	13	them	they	PRON
ajfa-1783	12	14	to	to	PART
ajfa-1783	12	15	make	make	VERB
ajfa-1783	12	16	decisions	decision	NOUN
ajfa-1783	12	17	and	and	CCONJ
ajfa-1783	12	18	to	to	PART
ajfa-1783	12	19	manage	manage	VERB
ajfa-1783	12	20	the	the	DET
ajfa-1783	12	21	firm	firm	NOUN
ajfa-1783	12	22	for	for	ADP
ajfa-1783	12	23	the	the	DET
ajfa-1783	12	24	owners	owner	NOUN
ajfa-1783	12	25	’	'	PUNCT
ajfa-1783	12	26	benefit	benefit	NOUN
ajfa-1783	12	27	;	;	PUNCT
ajfa-1783	12	28	that	that	PRON
ajfa-1783	12	29	is	is	ADV
ajfa-1783	12	30	,	,	PUNCT
ajfa-1783	12	31	to	to	PART
ajfa-1783	12	32	maximise	maximise	VERB
ajfa-1783	12	33	the	the	DET
ajfa-1783	12	34	shareholders	shareholder	NOUN
ajfa-1783	12	35	’	’	PART
ajfa-1783	12	36	wealth	wealth	NOUN
ajfa-1783	12	37	.	.	PUNCT
ajfa-1783	13	1	however	however	ADV
ajfa-1783	13	2	,	,	PUNCT
ajfa-1783	13	3	managers	manager	NOUN
ajfa-1783	13	4	also	also	ADV
ajfa-1783	13	5	consider	consider	VERB
ajfa-1783	13	6	their	their	PRON
ajfa-1783	13	7	own	own	ADJ
ajfa-1783	13	8	interests	interest	NOUN
ajfa-1783	13	9	,	,	PUNCT
ajfa-1783	13	10	and	and	CCONJ
ajfa-1783	13	11	the	the	DET
ajfa-1783	13	12	conflict	conflict	NOUN
ajfa-1783	13	13	between	between	ADP
ajfa-1783	13	14	the	the	DET
ajfa-1783	13	15	goals	goal	NOUN
ajfa-1783	13	16	of	of	ADP
ajfa-1783	13	17	the	the	DET
ajfa-1783	13	18	shareholders	shareholder	NOUN
ajfa-1783	13	19	and	and	CCONJ
ajfa-1783	13	20	those	those	PRON
ajfa-1783	13	21	of	of	ADP
ajfa-1783	13	22	managers	manager	NOUN
ajfa-1783	13	23	give	give	VERB
ajfa-1783	13	24	rise	rise	NOUN
ajfa-1783	13	25	to	to	ADP
ajfa-1783	13	26	agency	agency	NOUN
ajfa-1783	13	27	costs	cost	NOUN
ajfa-1783	13	28	.	.	PUNCT
ajfa-1783	14	1	therefore	therefore	ADV
ajfa-1783	14	2	,	,	PUNCT
ajfa-1783	14	3	corporate	corporate	ADJ
ajfa-1783	14	4	governance	governance	NOUN
ajfa-1783	14	5	is	be	AUX
ajfa-1783	14	6	necessary	necessary	ADJ
ajfa-1783	14	7	to	to	PART
ajfa-1783	14	8	align	align	VERB
ajfa-1783	14	9	the	the	DET
ajfa-1783	14	10	interests	interest	NOUN
ajfa-1783	14	11	of	of	ADP
ajfa-1783	14	12	shareholders	shareholder	NOUN
ajfa-1783	14	13	and	and	CCONJ
ajfa-1783	14	14	management	management	NOUN
ajfa-1783	14	15	.	.	PUNCT
ajfa-1783	15	1	this	this	DET
ajfa-1783	15	2	conflict	conflict	NOUN
ajfa-1783	15	3	of	of	ADP
ajfa-1783	15	4	interests	interest	NOUN
ajfa-1783	15	5	has	have	AUX
ajfa-1783	15	6	been	be	AUX
ajfa-1783	15	7	addressed	address	VERB
ajfa-1783	15	8	in	in	ADP
ajfa-1783	15	9	a	a	DET
ajfa-1783	15	10	legal	legal	ADJ
ajfa-1783	15	11	way	way	NOUN
ajfa-1783	15	12	through	through	ADP
ajfa-1783	15	13	regulations	regulation	NOUN
ajfa-1783	15	14	,	,	PUNCT
ajfa-1783	15	15	such	such	ADJ
ajfa-1783	15	16	as	as	SCONJ
ajfa-1783	15	17	the	the	DET
ajfa-1783	15	18	companies	company	NOUN
ajfa-1783	15	19	act	act	VERB
ajfa-1783	15	20	1993	1993	NUM
ajfa-1783	15	21	in	in	ADP
ajfa-1783	15	22	new	new	PROPN
ajfa-1783	15	23	zealand	zealand	PROPN
ajfa-1783	15	24	(	(	PUNCT
ajfa-1783	15	25	nz	nz	PROPN
ajfa-1783	15	26	)	)	PUNCT
ajfa-1783	15	27	.	.	PUNCT
ajfa-1783	16	1	the	the	DET
ajfa-1783	16	2	companies	company	NOUN
ajfa-1783	16	3	act	act	VERB
ajfa-1783	16	4	1993	1993	NUM
ajfa-1783	16	5	is	be	AUX
ajfa-1783	16	6	aimed	aim	VERB
ajfa-1783	16	7	at	at	ADP
ajfa-1783	16	8	regulating	regulate	VERB
ajfa-1783	16	9	rules	rule	NOUN
ajfa-1783	16	10	of	of	ADP
ajfa-1783	16	11	conduct	conduct	NOUN
ajfa-1783	16	12	which	which	PRON
ajfa-1783	16	13	firms	firm	NOUN
ajfa-1783	16	14	should	should	AUX
ajfa-1783	16	15	comply	comply	VERB
ajfa-1783	16	16	with	with	ADP
ajfa-1783	16	17	,	,	PUNCT
ajfa-1783	16	18	for	for	ADP
ajfa-1783	16	19	example	example	NOUN
ajfa-1783	16	20	:	:	PUNCT
ajfa-1783	16	21	the	the	DET
ajfa-1783	16	22	positions	position	NOUN
ajfa-1783	16	23	of	of	ADP
ajfa-1783	16	24	chief	chief	ADJ
ajfa-1783	16	25	executive	executive	NOUN
ajfa-1783	16	26	and	and	CCONJ
ajfa-1783	16	27	chairman	chairman	NOUN
ajfa-1783	16	28	should	should	AUX
ajfa-1783	16	29	not	not	PART
ajfa-1783	16	30	be	be	AUX
ajfa-1783	16	31	held	hold	VERB
ajfa-1783	16	32	by	by	ADP
ajfa-1783	16	33	the	the	DET
ajfa-1783	16	34	same	same	ADJ
ajfa-1783	16	35	person	person	NOUN
ajfa-1783	16	36	;	;	PUNCT
ajfa-1783	16	37	the	the	DET
ajfa-1783	16	38	audit	audit	NOUN
ajfa-1783	16	39	committee	committee	NOUN
ajfa-1783	16	40	should	should	AUX
ajfa-1783	16	41	be	be	AUX
ajfa-1783	16	42	comprised	comprise	VERB
ajfa-1783	16	43	solely	solely	ADV
ajfa-1783	16	44	of	of	ADP
ajfa-1783	16	45	non	non	ADJ
ajfa-1783	16	46	-	-	ADJ
ajfa-1783	16	47	executive	executive	ADJ
ajfa-1783	16	48	directors	director	NOUN
ajfa-1783	16	49	;	;	PUNCT
ajfa-1783	16	50	there	there	PRON
ajfa-1783	16	51	should	should	AUX
ajfa-1783	16	52	be	be	AUX
ajfa-1783	16	53	a	a	DET
ajfa-1783	16	54	nomination	nomination	NOUN
ajfa-1783	16	55	committee	committee	NOUN
ajfa-1783	16	56	for	for	ADP
ajfa-1783	16	57	board	board	NOUN
ajfa-1783	16	58	appointments	appointment	NOUN
ajfa-1783	16	59	with	with	ADP
ajfa-1783	16	60	a	a	DET
ajfa-1783	16	61	majority	majority	NOUN
ajfa-1783	16	62	of	of	ADP
ajfa-1783	16	63	independent	independent	ADJ
ajfa-1783	16	64	directors	director	NOUN
ajfa-1783	16	65	;	;	PUNCT
ajfa-1783	16	66	there	there	PRON
ajfa-1783	16	67	should	should	AUX
ajfa-1783	16	68	be	be	AUX
ajfa-1783	16	69	a	a	DET
ajfa-1783	16	70	remuneration	remuneration	NOUN
ajfa-1783	16	71	committee	committee	NOUN
ajfa-1783	16	72	to	to	PART
ajfa-1783	16	73	recommend	recommend	VERB
ajfa-1783	16	74	remuneration	remuneration	NOUN
ajfa-1783	16	75	packages	package	NOUN
ajfa-1783	16	76	for	for	ADP
ajfa-1783	16	77	directors	director	NOUN
ajfa-1783	16	78	,	,	PUNCT
ajfa-1783	16	79	the	the	DET
ajfa-1783	16	80	members	member	NOUN
ajfa-1783	16	81	of	of	ADP
ajfa-1783	16	82	which	which	PRON
ajfa-1783	16	83	are	be	AUX
ajfa-1783	16	84	identified	identify	VERB
ajfa-1783	16	85	in	in	ADP
ajfa-1783	16	86	the	the	DET
ajfa-1783	16	87	annual	annual	ADJ
ajfa-1783	16	88	report	report	NOUN
ajfa-1783	16	89	.	.	PUNCT
ajfa-1783	17	1	if	if	SCONJ
ajfa-1783	17	2	these	these	DET
ajfa-1783	17	3	rules	rule	NOUN
ajfa-1783	17	4	of	of	ADP
ajfa-1783	17	5	conduct	conduct	NOUN
ajfa-1783	17	6	are	be	AUX
ajfa-1783	17	7	well	well	ADV
ajfa-1783	17	8	implemented	implement	VERB
ajfa-1783	17	9	,	,	PUNCT
ajfa-1783	17	10	they	they	PRON
ajfa-1783	17	11	reduce	reduce	VERB
ajfa-1783	17	12	the	the	DET
ajfa-1783	17	13	risk	risk	NOUN
ajfa-1783	17	14	of	of	ADP
ajfa-1783	17	15	agency	agency	NOUN
ajfa-1783	17	16	problems	problem	NOUN
ajfa-1783	17	17	within	within	ADP
ajfa-1783	17	18	the	the	DET
ajfa-1783	17	19	company	company	NOUN
ajfa-1783	17	20	.	.	PUNCT
ajfa-1783	18	1	in	in	ADP
ajfa-1783	18	2	addition	addition	NOUN
ajfa-1783	18	3	,	,	PUNCT
ajfa-1783	18	4	the	the	DET
ajfa-1783	18	5	organisation	organisation	NOUN
ajfa-1783	18	6	for	for	ADP
ajfa-1783	18	7	economic	economic	ADJ
ajfa-1783	18	8	co	co	NOUN
ajfa-1783	18	9	-	-	NOUN
ajfa-1783	18	10	operation	operation	NOUN
ajfa-1783	18	11	and	and	CCONJ
ajfa-1783	18	12	development	development	NOUN
ajfa-1783	18	13	(	(	PUNCT
ajfa-1783	18	14	2004	2004	NUM
ajfa-1783	18	15	)	)	PUNCT
ajfa-1783	18	16	states	state	VERB
ajfa-1783	18	17	that	that	SCONJ
ajfa-1783	18	18	corporate	corporate	ADJ
ajfa-1783	18	19	governance	governance	NOUN
ajfa-1783	18	20	involves	involve	VERB
ajfa-1783	18	21	a	a	DET
ajfa-1783	18	22	set	set	NOUN
ajfa-1783	18	23	of	of	ADP
ajfa-1783	18	24	relationships	relationship	NOUN
ajfa-1783	18	25	between	between	ADP
ajfa-1783	18	26	a	a	DET
ajfa-1783	18	27	company	company	NOUN
ajfa-1783	18	28	’s	’s	PART
ajfa-1783	18	29	management	management	NOUN
ajfa-1783	18	30	,	,	PUNCT
ajfa-1783	18	31	its	its	PRON
ajfa-1783	18	32	board	board	NOUN
ajfa-1783	18	33	,	,	PUNCT
ajfa-1783	18	34	its	its	PRON
ajfa-1783	18	35	shareholders	shareholder	NOUN
ajfa-1783	18	36	and	and	CCONJ
ajfa-1783	18	37	other	other	ADJ
ajfa-1783	18	38	stakeholders	stakeholder	NOUN
ajfa-1783	18	39	.	.	PUNCT
ajfa-1783	19	1	the	the	DET
ajfa-1783	19	2	organisation	organisation	NOUN
ajfa-1783	19	3	for	for	ADP
ajfa-1783	19	4	economic	economic	ADJ
ajfa-1783	19	5	co	co	NOUN
ajfa-1783	19	6	-	-	NOUN
ajfa-1783	19	7	operation	operation	NOUN
ajfa-1783	19	8	and	and	CCONJ
ajfa-1783	19	9	development	development	NOUN
ajfa-1783	19	10	(	(	PUNCT
ajfa-1783	19	11	oecd	oecd	PROPN
ajfa-1783	19	12	)	)	PUNCT
ajfa-1783	19	13	also	also	ADV
ajfa-1783	19	14	provides	provide	VERB
ajfa-1783	19	15	the	the	DET
ajfa-1783	19	16	structure	structure	NOUN
ajfa-1783	19	17	through	through	ADP
ajfa-1783	19	18	which	which	PRON
ajfa-1783	19	19	the	the	DET
ajfa-1783	19	20	objectives	objective	NOUN
ajfa-1783	19	21	of	of	ADP
ajfa-1783	19	22	the	the	DET
ajfa-1783	19	23	company	company	NOUN
ajfa-1783	19	24	are	be	AUX
ajfa-1783	19	25	set	set	VERB
ajfa-1783	19	26	,	,	PUNCT
ajfa-1783	19	27	and	and	CCONJ
ajfa-1783	19	28	the	the	DET
ajfa-1783	19	29	means	mean	NOUN
ajfa-1783	19	30	of	of	ADP
ajfa-1783	19	31	attaining	attain	VERB
ajfa-1783	19	32	those	those	DET
ajfa-1783	19	33	objectives	objective	NOUN
ajfa-1783	19	34	and	and	CCONJ
ajfa-1783	19	35	monitoring	monitor	VERB
ajfa-1783	19	36	performance	performance	NOUN
ajfa-1783	19	37	are	be	AUX
ajfa-1783	19	38	determined	determine	VERB
ajfa-1783	19	39	.	.	PUNCT
ajfa-1783	20	1	jensen	jensen	PROPN
ajfa-1783	20	2	and	and	CCONJ
ajfa-1783	20	3	meckling	meckling	NOUN
ajfa-1783	20	4	(	(	PUNCT
ajfa-1783	20	5	1976	1976	NUM
ajfa-1783	20	6	)	)	PUNCT
ajfa-1783	20	7	propose	propose	VERB
ajfa-1783	20	8	two	two	NUM
ajfa-1783	20	9	types	type	NOUN
ajfa-1783	20	10	of	of	ADP
ajfa-1783	20	11	agency	agency	NOUN
ajfa-1783	20	12	costs	cost	NOUN
ajfa-1783	20	13	,	,	PUNCT
ajfa-1783	20	14	which	which	PRON
ajfa-1783	20	15	are	be	AUX
ajfa-1783	20	16	,	,	PUNCT
ajfa-1783	20	17	the	the	DET
ajfa-1783	20	18	agency	agency	NOUN
ajfa-1783	20	19	cost	cost	NOUN
ajfa-1783	20	20	of	of	ADP
ajfa-1783	20	21	equity	equity	NOUN
ajfa-1783	20	22	and	and	CCONJ
ajfa-1783	20	23	the	the	DET
ajfa-1783	20	24	agency	agency	NOUN
ajfa-1783	20	25	cost	cost	NOUN
ajfa-1783	20	26	of	of	ADP
ajfa-1783	20	27	debt	debt	NOUN
ajfa-1783	20	28	.	.	PUNCT
ajfa-1783	21	1	agency	agency	NOUN
ajfa-1783	21	2	cost	cost	NOUN
ajfa-1783	21	3	of	of	ADP
ajfa-1783	21	4	equity	equity	NOUN
ajfa-1783	21	5	occurs	occur	VERB
ajfa-1783	21	6	when	when	SCONJ
ajfa-1783	21	7	firms	firm	NOUN
ajfa-1783	21	8	sell	sell	VERB
ajfa-1783	21	9	shares	share	NOUN
ajfa-1783	21	10	to	to	ADP
ajfa-1783	21	11	outside	outside	ADJ
ajfa-1783	21	12	investors	investor	NOUN
ajfa-1783	21	13	in	in	ADP
ajfa-1783	21	14	which	which	PRON
ajfa-1783	21	15	the	the	DET
ajfa-1783	21	16	investor	investor	NOUN
ajfa-1783	21	17	pays	pay	VERB
ajfa-1783	21	18	less	less	ADJ
ajfa-1783	21	19	for	for	ADP
ajfa-1783	21	20	the	the	DET
ajfa-1783	21	21	shares	share	NOUN
ajfa-1783	21	22	because	because	SCONJ
ajfa-1783	21	23	they	they	PRON
ajfa-1783	21	24	expect	expect	VERB
ajfa-1783	21	25	the	the	DET
ajfa-1783	21	26	firms	firm	NOUN
ajfa-1783	21	27	’	’	PART
ajfa-1783	21	28	performance	performance	NOUN
ajfa-1783	21	29	to	to	PART
ajfa-1783	21	30	change	change	VERB
ajfa-1783	21	31	after	after	SCONJ
ajfa-1783	21	32	they	they	PRON
ajfa-1783	21	33	buy	buy	VERB
ajfa-1783	21	34	the	the	DET
ajfa-1783	21	35	shares	share	NOUN
ajfa-1783	21	36	,	,	PUNCT
ajfa-1783	21	37	and	and	CCONJ
ajfa-1783	21	38	at	at	ADP
ajfa-1783	21	39	the	the	DET
ajfa-1783	21	40	end	end	NOUN
ajfa-1783	21	41	the	the	DET
ajfa-1783	21	42	equity	equity	NOUN
ajfa-1783	21	43	shares	share	NOUN
ajfa-1783	21	44	issue	issue	NOUN
ajfa-1783	21	45	reduces	reduce	VERB
ajfa-1783	21	46	the	the	DET
ajfa-1783	21	47	market	market	NOUN
ajfa-1783	21	48	value	value	NOUN
ajfa-1783	21	49	of	of	ADP
ajfa-1783	21	50	corporate	corporate	ADJ
ajfa-1783	21	51	assets	asset	NOUN
ajfa-1783	21	52	.	.	PUNCT
ajfa-1783	22	1	to	to	PART
ajfa-1783	22	2	overcome	overcome	VERB
ajfa-1783	22	3	this	this	DET
ajfa-1783	22	4	problem	problem	NOUN
ajfa-1783	22	5	,	,	PUNCT
ajfa-1783	22	6	firms	firm	NOUN
ajfa-1783	22	7	may	may	AUX
ajfa-1783	22	8	use	use	VERB
ajfa-1783	22	9	debt	debt	NOUN
ajfa-1783	22	10	,	,	PUNCT
ajfa-1783	22	11	as	as	SCONJ
ajfa-1783	22	12	it	it	PRON
ajfa-1783	22	13	forces	force	VERB
ajfa-1783	22	14	managers	manager	NOUN
ajfa-1783	22	15	to	to	PART
ajfa-1783	22	16	perform	perform	VERB
ajfa-1783	22	17	effectively	effectively	ADV
ajfa-1783	22	18	,	,	PUNCT
ajfa-1783	22	19	but	but	CCONJ
ajfa-1783	22	20	this	this	PRON
ajfa-1783	22	21	also	also	ADV
ajfa-1783	22	22	does	do	AUX
ajfa-1783	22	23	not	not	PART
ajfa-1783	22	24	come	come	VERB
ajfa-1783	22	25	free	free	ADJ
ajfa-1783	22	26	of	of	ADP
ajfa-1783	22	27	charge	charge	NOUN
ajfa-1783	22	28	.	.	PUNCT
ajfa-1783	23	1	using	use	VERB
ajfa-1783	23	2	debt	debt	NOUN
ajfa-1783	23	3	can	can	AUX
ajfa-1783	23	4	create	create	VERB
ajfa-1783	23	5	agency	agency	NOUN
ajfa-1783	23	6	costs	cost	NOUN
ajfa-1783	23	7	of	of	ADP
ajfa-1783	23	8	debt	debt	NOUN
ajfa-1783	23	9	because	because	SCONJ
ajfa-1783	23	10	sophisticated	sophisticated	ADJ
ajfa-1783	23	11	debt	debt	NOUN
ajfa-1783	23	12	-	-	PUNCT
ajfa-1783	23	13	holders	holder	NOUN
ajfa-1783	23	14	will	will	AUX
ajfa-1783	23	15	create	create	VERB
ajfa-1783	23	16	bond	bond	NOUN
ajfa-1783	23	17	agreements	agreement	NOUN
ajfa-1783	23	18	which	which	PRON
ajfa-1783	23	19	are	be	AUX
ajfa-1783	23	20	costly	costly	ADJ
ajfa-1783	23	21	to	to	PART
ajfa-1783	23	22	negotiate	negotiate	VERB
ajfa-1783	23	23	and	and	CCONJ
ajfa-1783	23	24	to	to	PART
ajfa-1783	23	25	enforce	enforce	VERB
ajfa-1783	23	26	.	.	PUNCT
ajfa-1783	24	1	to	to	PART
ajfa-1783	24	2	mitigate	mitigate	VERB
ajfa-1783	24	3	the	the	DET
ajfa-1783	24	4	agency	agency	NOUN
ajfa-1783	24	5	problems	problem	NOUN
ajfa-1783	24	6	,	,	PUNCT
ajfa-1783	24	7	firms	firm	NOUN
ajfa-1783	24	8	can	can	AUX
ajfa-1783	24	9	structure	structure	VERB
ajfa-1783	24	10	the	the	DET
ajfa-1783	24	11	executive	executive	PROPN
ajfa-1783	24	12	compensation	compensation	NOUN
ajfa-1783	24	13	shares	share	NOUN
ajfa-1783	24	14	packages	package	NOUN
ajfa-1783	24	15	to	to	PART
ajfa-1783	24	16	align	align	VERB
ajfa-1783	24	17	managers	manager	NOUN
ajfa-1783	24	18	’	’	PART
ajfa-1783	24	19	interest	interest	NOUN
ajfa-1783	24	20	with	with	ADP
ajfa-1783	24	21	stakeholders	stakeholder	NOUN
ajfa-1783	24	22	’	'	PUNCT
ajfa-1783	24	23	interest	interest	NOUN
ajfa-1783	24	24	.	.	PUNCT
ajfa-1783	25	1	compensation	compensation	NOUN
ajfa-1783	25	2	shares	share	NOUN
ajfa-1783	25	3	contracts	contract	NOUN
ajfa-1783	25	4	give	give	VERB
ajfa-1783	25	5	managers	manager	NOUN
ajfa-1783	25	6	incentives	incentive	NOUN
ajfa-1783	25	7	to	to	PART
ajfa-1783	25	8	act	act	VERB
ajfa-1783	25	9	in	in	ADP
ajfa-1783	25	10	the	the	DET
ajfa-1783	25	11	shareholders	shareholder	NOUN
ajfa-1783	25	12	’	’	PART
ajfa-1783	25	13	best	good	ADJ
ajfa-1783	25	14	interest	interest	NOUN
ajfa-1783	25	15	,	,	PUNCT
ajfa-1783	25	16	as	as	SCONJ
ajfa-1783	25	17	the	the	DET
ajfa-1783	25	18	shares	share	NOUN
ajfa-1783	25	19	tie	tie	VERB
ajfa-1783	25	20	managerial	managerial	ADJ
ajfa-1783	25	21	wealth	wealth	NOUN
ajfa-1783	25	22	directly	directly	ADV
ajfa-1783	25	23	to	to	ADP
ajfa-1783	25	24	the	the	DET
ajfa-1783	25	25	firm	firm	NOUN
ajfa-1783	25	26	’s	’s	PART
ajfa-1783	25	27	share	share	NOUN
ajfa-1783	25	28	price	price	NOUN
ajfa-1783	25	29	.	.	PUNCT
ajfa-1783	26	1	this	this	PRON
ajfa-1783	26	2	encourages	encourage	VERB
ajfa-1783	26	3	managers	manager	NOUN
ajfa-1783	26	4	to	to	PART
ajfa-1783	26	5	maximise	maximise	VERB
ajfa-1783	26	6	the	the	DET
ajfa-1783	26	7	stock	stock	NOUN
ajfa-1783	26	8	price	price	NOUN
ajfa-1783	26	9	,	,	PUNCT
ajfa-1783	26	10	as	as	SCONJ
ajfa-1783	26	11	their	their	PRON
ajfa-1783	26	12	own	own	ADJ
ajfa-1783	26	13	wealth	wealth	NOUN
ajfa-1783	26	14	will	will	AUX
ajfa-1783	26	15	increase	increase	VERB
ajfa-1783	26	16	along	along	ADP
ajfa-1783	26	17	with	with	ADP
ajfa-1783	26	18	that	that	PRON
ajfa-1783	26	19	of	of	ADP
ajfa-1783	26	20	the	the	DET
ajfa-1783	26	21	other	other	ADJ
ajfa-1783	26	22	shareholders	shareholder	NOUN
ajfa-1783	26	23	’	'	PUNCT
ajfa-1783	26	24	.	.	PUNCT
ajfa-1783	27	1	lee	lee	PROPN
ajfa-1783	27	2	,	,	PUNCT
ajfa-1783	27	3	lev	lev	NOUN
ajfa-1783	27	4	and	and	CCONJ
ajfa-1783	27	5	yeo	yeo	PROPN
ajfa-1783	27	6	(	(	PUNCT
ajfa-1783	27	7	2008	2008	NUM
ajfa-1783	27	8	)	)	PUNCT
ajfa-1783	27	9	,	,	PUNCT
ajfa-1783	27	10	in	in	ADP
ajfa-1783	27	11	their	their	PRON
ajfa-1783	27	12	study	study	NOUN
ajfa-1783	27	13	of	of	ADP
ajfa-1783	27	14	agency	agency	NOUN
ajfa-1783	27	15	problems	problem	NOUN
ajfa-1783	27	16	,	,	PUNCT
ajfa-1783	27	17	found	find	VERB
ajfa-1783	27	18	that	that	SCONJ
ajfa-1783	27	19	higher	high	ADJ
ajfa-1783	27	20	pay	pay	NOUN
ajfa-1783	27	21	dispersion	dispersion	NOUN
ajfa-1783	27	22	,	,	PUNCT
ajfa-1783	27	23	including	include	VERB
ajfa-1783	27	24	managerial	managerial	ADJ
ajfa-1783	27	25	equity	equity	NOUN
ajfa-1783	27	26	compensation	compensation	NOUN
ajfa-1783	27	27	shares	share	NOUN
ajfa-1783	27	28	,	,	PUNCT
ajfa-1783	27	29	can	can	AUX
ajfa-1783	27	30	mitigate	mitigate	VERB
ajfa-1783	27	31	agency	agency	NOUN
ajfa-1783	27	32	problems	problem	NOUN
ajfa-1783	27	33	and	and	CCONJ
ajfa-1783	27	34	ultimately	ultimately	ADV
ajfa-1783	27	35	improve	improve	VERB
ajfa-1783	27	36	a	a	DET
ajfa-1783	27	37	firm	firm	NOUN
ajfa-1783	27	38	’s	’s	PART
ajfa-1783	27	39	performance	performance	NOUN
ajfa-1783	27	40	.	.	PUNCT
ajfa-1783	28	1	the	the	DET
ajfa-1783	28	2	compensation	compensation	NOUN
ajfa-1783	28	3	shares	share	NOUN
ajfa-1783	28	4	method	method	NOUN
ajfa-1783	28	5	is	be	AUX
ajfa-1783	28	6	the	the	DET
ajfa-1783	28	7	most	most	ADV
ajfa-1783	28	8	powerful	powerful	ADJ
ajfa-1783	28	9	but	but	CCONJ
ajfa-1783	28	10	most	most	ADV
ajfa-1783	28	11	expensive	expensive	ADJ
ajfa-1783	28	12	method	method	NOUN
ajfa-1783	28	13	of	of	ADP
ajfa-1783	28	14	overcoming	overcome	VERB
ajfa-1783	28	15	agency	agency	NOUN
ajfa-1783	28	16	problems	problem	NOUN
ajfa-1783	28	17	.	.	PUNCT
ajfa-1783	29	1	agency	agency	NOUN
ajfa-1783	29	2	problems	problem	NOUN
ajfa-1783	29	3	also	also	ADV
ajfa-1783	29	4	can	can	AUX
ajfa-1783	29	5	be	be	AUX
ajfa-1783	29	6	reduced	reduce	VERB
ajfa-1783	29	7	by	by	ADP
ajfa-1783	29	8	the	the	DET
ajfa-1783	29	9	existence	existence	NOUN
ajfa-1783	29	10	of	of	ADP
ajfa-1783	29	11	large	large	ADJ
ajfa-1783	29	12	investors	investor	NOUN
ajfa-1783	29	13	(	(	PUNCT
ajfa-1783	29	14	block	block	NOUN
ajfa-1783	29	15	-	-	PUNCT
ajfa-1783	29	16	holders	holder	NOUN
ajfa-1783	29	17	)	)	PUNCT
ajfa-1783	29	18	and	and	CCONJ
ajfa-1783	29	19	dispersed	disperse	VERB
ajfa-1783	29	20	ownership	ownership	NOUN
ajfa-1783	29	21	.	.	PUNCT
ajfa-1783	30	1	block	block	NOUN
ajfa-1783	30	2	-	-	PUNCT
ajfa-1783	30	3	holders	holder	NOUN
ajfa-1783	30	4	play	play	VERB
ajfa-1783	30	5	a	a	DET
ajfa-1783	30	6	significant	significant	ADJ
ajfa-1783	30	7	role	role	NOUN
ajfa-1783	30	8	in	in	ADP
ajfa-1783	30	9	controlling	control	VERB
ajfa-1783	30	10	the	the	DET
ajfa-1783	30	11	management	management	NOUN
ajfa-1783	30	12	by	by	ADP
ajfa-1783	30	13	using	use	VERB
ajfa-1783	30	14	their	their	PRON
ajfa-1783	30	15	influence	influence	NOUN
ajfa-1783	30	16	to	to	PART
ajfa-1783	30	17	suppress	suppress	VERB
ajfa-1783	30	18	underperforming	underperforming	ADJ
ajfa-1783	30	19	management	management	NOUN
ajfa-1783	30	20	teams	team	NOUN
ajfa-1783	30	21	.	.	PUNCT
ajfa-1783	31	1	dispersed	disperse	VERB
ajfa-1783	31	2	ownership	ownership	NOUN
ajfa-1783	31	3	asian	asian	ADJ
ajfa-1783	31	4	journal	journal	NOUN
ajfa-1783	31	5	of	of	ADP
ajfa-1783	31	6	finance	finance	PROPN
ajfa-1783	31	7	&	&	CCONJ
ajfa-1783	31	8	accounting	accounting	PROPN
ajfa-1783	31	9	issn	issn	PROPN
ajfa-1783	31	10	1946	1946	NUM
ajfa-1783	31	11	-	-	PUNCT
ajfa-1783	31	12	052x	052x	NOUN
ajfa-1783	31	13	2012	2012	NUM
ajfa-1783	31	14	,	,	PUNCT
ajfa-1783	31	15	vol	vol	NOUN
ajfa-1783	31	16	.	.	PROPN
ajfa-1783	31	17	4	4	NUM
ajfa-1783	31	18	,	,	PUNCT
ajfa-1783	31	19	no	no	INTJ
ajfa-1783	31	20	.	.	NOUN
ajfa-1783	31	21	1	1	NUM
ajfa-1783	31	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1783	31	23	361	361	NUM
ajfa-1783	31	24	affects	affect	VERB
ajfa-1783	31	25	the	the	DET
ajfa-1783	31	26	controlling	control	VERB
ajfa-1783	31	27	power	power	NOUN
ajfa-1783	31	28	of	of	ADP
ajfa-1783	31	29	the	the	DET
ajfa-1783	31	30	management	management	NOUN
ajfa-1783	31	31	over	over	ADP
ajfa-1783	31	32	the	the	DET
ajfa-1783	31	33	firm	firm	NOUN
ajfa-1783	31	34	;	;	PUNCT
ajfa-1783	31	35	the	the	PRON
ajfa-1783	31	36	more	more	ADV
ajfa-1783	31	37	widely	widely	ADV
ajfa-1783	31	38	dispersed	disperse	VERB
ajfa-1783	31	39	the	the	DET
ajfa-1783	31	40	ownership	ownership	NOUN
ajfa-1783	31	41	,	,	PUNCT
ajfa-1783	31	42	the	the	PRON
ajfa-1783	31	43	less	less	ADJ
ajfa-1783	31	44	the	the	DET
ajfa-1783	31	45	power	power	NOUN
ajfa-1783	31	46	of	of	ADP
ajfa-1783	31	47	the	the	DET
ajfa-1783	31	48	management	management	NOUN
ajfa-1783	31	49	team	team	NOUN
ajfa-1783	31	50	.	.	PUNCT
ajfa-1783	32	1	in	in	ADP
ajfa-1783	32	2	addition	addition	NOUN
ajfa-1783	32	3	,	,	PUNCT
ajfa-1783	32	4	dividend	dividend	NOUN
ajfa-1783	32	5	payment	payment	NOUN
ajfa-1783	32	6	is	be	AUX
ajfa-1783	32	7	considered	consider	VERB
ajfa-1783	32	8	as	as	ADP
ajfa-1783	32	9	one	one	NUM
ajfa-1783	32	10	of	of	ADP
ajfa-1783	32	11	the	the	DET
ajfa-1783	32	12	solutions	solution	NOUN
ajfa-1783	32	13	to	to	PART
ajfa-1783	32	14	mitigate	mitigate	VERB
ajfa-1783	32	15	the	the	DET
ajfa-1783	32	16	agency	agency	NOUN
ajfa-1783	32	17	problems	problem	NOUN
ajfa-1783	32	18	.	.	PUNCT
ajfa-1783	33	1	however	however	ADV
ajfa-1783	33	2	,	,	PUNCT
ajfa-1783	33	3	larger	large	ADJ
ajfa-1783	33	4	firms	firm	NOUN
ajfa-1783	33	5	that	that	PRON
ajfa-1783	33	6	generate	generate	VERB
ajfa-1783	33	7	large	large	ADJ
ajfa-1783	33	8	quantities	quantity	NOUN
ajfa-1783	33	9	of	of	ADP
ajfa-1783	33	10	free	free	ADJ
ajfa-1783	33	11	cash	cash	NOUN
ajfa-1783	33	12	flow	flow	NOUN
ajfa-1783	33	13	tend	tend	VERB
ajfa-1783	33	14	to	to	PART
ajfa-1783	33	15	have	have	VERB
ajfa-1783	33	16	severe	severe	ADJ
ajfa-1783	33	17	agency	agency	NOUN
ajfa-1783	33	18	problems	problem	NOUN
ajfa-1783	33	19	,	,	PUNCT
ajfa-1783	33	20	because	because	SCONJ
ajfa-1783	33	21	managers	manager	NOUN
ajfa-1783	33	22	are	be	AUX
ajfa-1783	33	23	likely	likely	ADJ
ajfa-1783	33	24	to	to	PART
ajfa-1783	33	25	spend	spend	VERB
ajfa-1783	33	26	the	the	DET
ajfa-1783	33	27	free	free	ADJ
ajfa-1783	33	28	cash	cash	NOUN
ajfa-1783	33	29	flow	flow	NOUN
ajfa-1783	33	30	on	on	ADP
ajfa-1783	33	31	investment	investment	NOUN
ajfa-1783	33	32	rather	rather	ADV
ajfa-1783	33	33	than	than	ADP
ajfa-1783	33	34	pay	pay	VERB
ajfa-1783	33	35	it	it	PRON
ajfa-1783	33	36	out	out	ADP
ajfa-1783	33	37	to	to	ADP
ajfa-1783	33	38	shareholders	shareholder	NOUN
ajfa-1783	33	39	.	.	PUNCT
ajfa-1783	34	1	in	in	ADP
ajfa-1783	34	2	addition	addition	NOUN
ajfa-1783	34	3	,	,	PUNCT
ajfa-1783	34	4	there	there	PRON
ajfa-1783	34	5	are	be	VERB
ajfa-1783	34	6	some	some	DET
ajfa-1783	34	7	other	other	ADJ
ajfa-1783	34	8	aspects	aspect	NOUN
ajfa-1783	34	9	in	in	ADP
ajfa-1783	34	10	determining	determine	VERB
ajfa-1783	34	11	agency	agency	NOUN
ajfa-1783	34	12	problems	problem	NOUN
ajfa-1783	34	13	,	,	PUNCT
ajfa-1783	34	14	which	which	PRON
ajfa-1783	34	15	are	be	AUX
ajfa-1783	34	16	firm	firm	ADJ
ajfa-1783	34	17	size	size	NOUN
ajfa-1783	34	18	,	,	PUNCT
ajfa-1783	34	19	firms	firm	NOUN
ajfa-1783	34	20	’	’	PART
ajfa-1783	34	21	specific	specific	ADJ
ajfa-1783	34	22	characteristics	characteristic	NOUN
ajfa-1783	34	23	and	and	CCONJ
ajfa-1783	34	24	industry	industry	NOUN
ajfa-1783	34	25	growth	growth	NOUN
ajfa-1783	34	26	rate	rate	NOUN
ajfa-1783	34	27	.	.	PUNCT
ajfa-1783	35	1	further	far	ADV
ajfa-1783	35	2	,	,	PUNCT
ajfa-1783	35	3	the	the	DET
ajfa-1783	35	4	composition	composition	NOUN
ajfa-1783	35	5	of	of	ADP
ajfa-1783	35	6	board	board	NOUN
ajfa-1783	35	7	directors	director	NOUN
ajfa-1783	35	8	on	on	ADP
ajfa-1783	35	9	the	the	DET
ajfa-1783	35	10	board	board	NOUN
ajfa-1783	35	11	is	be	AUX
ajfa-1783	35	12	a	a	DET
ajfa-1783	35	13	central	central	ADJ
ajfa-1783	35	14	issue	issue	NOUN
ajfa-1783	35	15	,	,	PUNCT
ajfa-1783	35	16	as	as	SCONJ
ajfa-1783	35	17	is	be	AUX
ajfa-1783	35	18	whether	whether	SCONJ
ajfa-1783	35	19	such	such	ADJ
ajfa-1783	35	20	representation	representation	NOUN
ajfa-1783	35	21	on	on	ADP
ajfa-1783	35	22	the	the	DET
ajfa-1783	35	23	board	board	NOUN
ajfa-1783	35	24	is	be	AUX
ajfa-1783	35	25	a	a	DET
ajfa-1783	35	26	factor	factor	NOUN
ajfa-1783	35	27	of	of	ADP
ajfa-1783	35	28	good	good	ADJ
ajfa-1783	35	29	governance	governance	NOUN
ajfa-1783	35	30	,	,	PUNCT
ajfa-1783	35	31	or	or	CCONJ
ajfa-1783	35	32	does	do	AUX
ajfa-1783	35	33	this	this	PRON
ajfa-1783	35	34	create	create	VERB
ajfa-1783	35	35	possible	possible	ADJ
ajfa-1783	35	36	conflicts	conflict	NOUN
ajfa-1783	35	37	that	that	PRON
ajfa-1783	35	38	would	would	AUX
ajfa-1783	35	39	be	be	AUX
ajfa-1783	35	40	bad	bad	ADJ
ajfa-1783	35	41	for	for	ADP
ajfa-1783	35	42	the	the	DET
ajfa-1783	35	43	company	company	NOUN
ajfa-1783	35	44	.	.	PUNCT
ajfa-1783	36	1	similarly	similarly	ADV
ajfa-1783	36	2	there	there	PRON
ajfa-1783	36	3	are	be	VERB
ajfa-1783	36	4	issues	issue	NOUN
ajfa-1783	36	5	of	of	ADP
ajfa-1783	36	6	whether	whether	SCONJ
ajfa-1783	36	7	there	there	PRON
ajfa-1783	36	8	is	be	VERB
ajfa-1783	36	9	a	a	DET
ajfa-1783	36	10	significant	significant	ADJ
ajfa-1783	36	11	impact	impact	NOUN
ajfa-1783	36	12	of	of	ADP
ajfa-1783	36	13	both	both	DET
ajfa-1783	36	14	owner	owner	NOUN
ajfa-1783	36	15	and	and	CCONJ
ajfa-1783	36	16	non	non	ADJ
ajfa-1783	36	17	-	-	ADJ
ajfa-1783	36	18	owner	owner	ADJ
ajfa-1783	36	19	managers	manager	NOUN
ajfa-1783	36	20	’	'	PUNCT
ajfa-1783	36	21	presence	presence	NOUN
ajfa-1783	36	22	in	in	ADP
ajfa-1783	36	23	the	the	DET
ajfa-1783	36	24	board	board	NOUN
ajfa-1783	36	25	on	on	ADP
ajfa-1783	36	26	agency	agency	NOUN
ajfa-1783	36	27	costs	cost	NOUN
ajfa-1783	36	28	.	.	PUNCT
ajfa-1783	37	1	boyle	boyle	PROPN
ajfa-1783	37	2	and	and	CCONJ
ajfa-1783	37	3	ji	ji	PROPN
ajfa-1783	37	4	(	(	PUNCT
ajfa-1783	37	5	2011	2011	NUM
ajfa-1783	37	6	)	)	PUNCT
ajfa-1783	37	7	report	report	NOUN
ajfa-1783	37	8	that	that	SCONJ
ajfa-1783	37	9	the	the	DET
ajfa-1783	37	10	average	average	ADJ
ajfa-1783	37	11	board	board	NOUN
ajfa-1783	37	12	size	size	NOUN
ajfa-1783	37	13	in	in	ADP
ajfa-1783	37	14	new	new	PROPN
ajfa-1783	37	15	zealand	zealand	PROPN
ajfa-1783	37	16	-	-	PUNCT
ajfa-1783	37	17	listed	list	VERB
ajfa-1783	37	18	firms	firm	NOUN
ajfa-1783	37	19	was	be	AUX
ajfa-1783	37	20	about	about	ADV
ajfa-1783	37	21	5.9	5.9	NUM
ajfa-1783	37	22	directors	director	NOUN
ajfa-1783	37	23	in	in	ADP
ajfa-1783	37	24	2010	2010	NUM
ajfa-1783	37	25	.	.	PUNCT
ajfa-1783	38	1	compared	compare	VERB
ajfa-1783	38	2	with	with	ADP
ajfa-1783	38	3	the	the	DET
ajfa-1783	38	4	us	us	PROPN
ajfa-1783	38	5	(	(	PUNCT
ajfa-1783	38	6	ning	ning	NOUN
ajfa-1783	38	7	et	et	PROPN
ajfa-1783	38	8	al	al	PROPN
ajfa-1783	38	9	.	.	PROPN
ajfa-1783	38	10	,	,	PUNCT
ajfa-1783	38	11	2010	2010	NUM
ajfa-1783	38	12	)	)	PUNCT
ajfa-1783	38	13	,	,	PUNCT
ajfa-1783	38	14	the	the	DET
ajfa-1783	38	15	uk	uk	PROPN
ajfa-1783	38	16	(	(	PUNCT
ajfa-1783	38	17	guest	guest	NOUN
ajfa-1783	38	18	,	,	PUNCT
ajfa-1783	38	19	2009	2009	NUM
ajfa-1783	38	20	)	)	PUNCT
ajfa-1783	38	21	,	,	PUNCT
ajfa-1783	38	22	and	and	CCONJ
ajfa-1783	38	23	australia	australia	PROPN
ajfa-1783	38	24	(	(	PUNCT
ajfa-1783	38	25	kang	kang	PROPN
ajfa-1783	38	26	,	,	PUNCT
ajfa-1783	38	27	cheng	cheng	PROPN
ajfa-1783	38	28	&	&	CCONJ
ajfa-1783	38	29	gray	gray	PROPN
ajfa-1783	38	30	.	.	PUNCT
ajfa-1783	38	31	,	,	PUNCT
ajfa-1783	38	32	2007	2007	NUM
ajfa-1783	38	33	)	)	PUNCT
ajfa-1783	38	34	,	,	PUNCT
ajfa-1783	38	35	the	the	DET
ajfa-1783	38	36	board	board	NOUN
ajfa-1783	38	37	size	size	NOUN
ajfa-1783	38	38	in	in	ADP
ajfa-1783	38	39	new	new	PROPN
ajfa-1783	38	40	zealand	zealand	PROPN
ajfa-1783	38	41	firms	firm	NOUN
ajfa-1783	38	42	is	be	AUX
ajfa-1783	38	43	noticeably	noticeably	ADV
ajfa-1783	38	44	smaller	small	ADJ
ajfa-1783	38	45	,	,	PUNCT
ajfa-1783	38	46	but	but	CCONJ
ajfa-1783	38	47	this	this	PRON
ajfa-1783	38	48	reflects	reflect	VERB
ajfa-1783	38	49	the	the	DET
ajfa-1783	38	50	smaller	small	ADJ
ajfa-1783	38	51	size	size	NOUN
ajfa-1783	38	52	of	of	ADP
ajfa-1783	38	53	nz	nz	NOUN
ajfa-1783	38	54	firms	firm	NOUN
ajfa-1783	38	55	.	.	PUNCT
ajfa-1783	39	1	further	far	ADV
ajfa-1783	39	2	,	,	PUNCT
ajfa-1783	39	3	boyle	boyle	PROPN
ajfa-1783	39	4	and	and	CCONJ
ajfa-1783	39	5	ji	ji	PROPN
ajfa-1783	39	6	report	report	NOUN
ajfa-1783	39	7	that	that	SCONJ
ajfa-1783	39	8	the	the	DET
ajfa-1783	39	9	representation	representation	NOUN
ajfa-1783	39	10	of	of	ADP
ajfa-1783	39	11	independent	independent	ADJ
ajfa-1783	39	12	and	and	CCONJ
ajfa-1783	39	13	non	non	ADJ
ajfa-1783	39	14	-	-	ADJ
ajfa-1783	39	15	executive	executive	ADJ
ajfa-1783	39	16	component	component	NOUN
ajfa-1783	39	17	comprised	comprise	VERB
ajfa-1783	39	18	approximately	approximately	ADV
ajfa-1783	39	19	2/3	2/3	NUM
ajfa-1783	39	20	and	and	CCONJ
ajfa-1783	39	21	4/5	4/5	NOUN
ajfa-1783	39	22	respectively	respectively	ADV
ajfa-1783	39	23	of	of	ADP
ajfa-1783	39	24	boards	board	NOUN
ajfa-1783	39	25	in	in	ADP
ajfa-1783	39	26	2010	2010	NUM
ajfa-1783	39	27	.	.	PUNCT
ajfa-1783	40	1	however	however	ADV
ajfa-1783	40	2	,	,	PUNCT
ajfa-1783	40	3	the	the	DET
ajfa-1783	40	4	independent	independent	ADJ
ajfa-1783	40	5	director	director	NOUN
ajfa-1783	40	6	representation	representation	NOUN
ajfa-1783	40	7	in	in	ADP
ajfa-1783	40	8	nz	nz	PROPN
ajfa-1783	40	9	is	be	AUX
ajfa-1783	40	10	lower	low	ADJ
ajfa-1783	40	11	than	than	ADP
ajfa-1783	40	12	elsewhere	elsewhere	ADV
ajfa-1783	40	13	;	;	PUNCT
ajfa-1783	40	14	for	for	ADP
ajfa-1783	40	15	example	example	NOUN
ajfa-1783	40	16	,	,	PUNCT
ajfa-1783	40	17	independent	independent	ADJ
ajfa-1783	40	18	directors	director	NOUN
ajfa-1783	40	19	in	in	ADP
ajfa-1783	40	20	the	the	DET
ajfa-1783	40	21	us	us	PROPN
ajfa-1783	40	22	boards	board	NOUN
ajfa-1783	40	23	were	be	AUX
ajfa-1783	40	24	71.4	71.4	NUM
ajfa-1783	40	25	%	%	NOUN
ajfa-1783	40	26	in	in	ADP
ajfa-1783	40	27	2003	2003	NUM
ajfa-1783	40	28	(	(	PUNCT
ajfa-1783	40	29	chhaochharia	chhaochharia	PROPN
ajfa-1783	40	30	&	&	CCONJ
ajfa-1783	40	31	grinstein	grinstein	PROPN
ajfa-1783	40	32	,	,	PUNCT
ajfa-1783	40	33	2007	2007	NUM
ajfa-1783	40	34	)	)	PUNCT
ajfa-1783	40	35	,	,	PUNCT
ajfa-1783	40	36	and	and	CCONJ
ajfa-1783	40	37	in	in	ADP
ajfa-1783	40	38	australia	australia	PROPN
ajfa-1783	40	39	they	they	PRON
ajfa-1783	40	40	are	be	AUX
ajfa-1783	40	41	83	83	NUM
ajfa-1783	40	42	%	%	NOUN
ajfa-1783	40	43	(	(	PUNCT
ajfa-1783	40	44	kang	kang	PROPN
ajfa-1783	40	45	et	et	PROPN
ajfa-1783	40	46	al	al	PROPN
ajfa-1783	40	47	.	.	PROPN
ajfa-1783	40	48	,	,	PUNCT
ajfa-1783	40	49	2007	2007	NUM
ajfa-1783	40	50	)	)	PUNCT
ajfa-1783	40	51	.	.	PUNCT
ajfa-1783	41	1	not	not	PART
ajfa-1783	41	2	all	all	DET
ajfa-1783	41	3	boards	board	NOUN
ajfa-1783	41	4	are	be	AUX
ajfa-1783	41	5	alike	alike	ADV
ajfa-1783	41	6	.	.	PUNCT
ajfa-1783	42	1	while	while	SCONJ
ajfa-1783	42	2	boards	board	NOUN
ajfa-1783	42	3	are	be	AUX
ajfa-1783	42	4	the	the	DET
ajfa-1783	42	5	main	main	ADJ
ajfa-1783	42	6	tool	tool	NOUN
ajfa-1783	42	7	of	of	ADP
ajfa-1783	42	8	the	the	DET
ajfa-1783	42	9	internal	internal	ADJ
ajfa-1783	42	10	governance	governance	NOUN
ajfa-1783	42	11	mechanism	mechanism	NOUN
ajfa-1783	42	12	,	,	PUNCT
ajfa-1783	42	13	their	their	PRON
ajfa-1783	42	14	efficacy	efficacy	NOUN
ajfa-1783	42	15	may	may	AUX
ajfa-1783	42	16	vary	vary	VERB
ajfa-1783	42	17	depending	depend	VERB
ajfa-1783	42	18	on	on	ADP
ajfa-1783	42	19	the	the	DET
ajfa-1783	42	20	board	board	NOUN
ajfa-1783	42	21	characteristics	characteristic	NOUN
ajfa-1783	42	22	.	.	PUNCT
ajfa-1783	43	1	therefore	therefore	ADV
ajfa-1783	43	2	,	,	PUNCT
ajfa-1783	43	3	it	it	PRON
ajfa-1783	43	4	is	be	AUX
ajfa-1783	43	5	necessary	necessary	ADJ
ajfa-1783	43	6	to	to	PART
ajfa-1783	43	7	examine	examine	VERB
ajfa-1783	43	8	whether	whether	SCONJ
ajfa-1783	43	9	such	such	ADJ
ajfa-1783	43	10	corporate	corporate	ADJ
ajfa-1783	43	11	governance	governance	NOUN
ajfa-1783	43	12	mechanisms	mechanism	NOUN
ajfa-1783	43	13	are	be	AUX
ajfa-1783	43	14	of	of	ADP
ajfa-1783	43	15	importance	importance	NOUN
ajfa-1783	43	16	in	in	ADP
ajfa-1783	43	17	affecting	affect	VERB
ajfa-1783	43	18	agency	agency	NOUN
ajfa-1783	43	19	costs	cost	NOUN
ajfa-1783	43	20	.	.	PUNCT
ajfa-1783	44	1	furthermore	furthermore	ADV
ajfa-1783	44	2	,	,	PUNCT
ajfa-1783	44	3	new	new	PROPN
ajfa-1783	44	4	zealand	zealand	PROPN
ajfa-1783	44	5	’s	’s	PART
ajfa-1783	44	6	unique	unique	ADJ
ajfa-1783	44	7	feature	feature	NOUN
ajfa-1783	44	8	of	of	ADP
ajfa-1783	44	9	small	small	ADJ
ajfa-1783	44	10	and	and	CCONJ
ajfa-1783	44	11	medium	medium	ADJ
ajfa-1783	44	12	enterprises	enterprise	NOUN
ajfa-1783	44	13	and	and	CCONJ
ajfa-1783	44	14	the	the	DET
ajfa-1783	44	15	agricultural	agricultural	ADJ
ajfa-1783	44	16	industry	industry	NOUN
ajfa-1783	44	17	’s	’s	PART
ajfa-1783	44	18	domination	domination	NOUN
ajfa-1783	44	19	,	,	PUNCT
ajfa-1783	44	20	which	which	PRON
ajfa-1783	44	21	is	be	AUX
ajfa-1783	44	22	different	different	ADJ
ajfa-1783	44	23	from	from	ADP
ajfa-1783	44	24	other	other	ADJ
ajfa-1783	44	25	developed	develop	VERB
ajfa-1783	44	26	countries	country	NOUN
ajfa-1783	44	27	,	,	PUNCT
ajfa-1783	44	28	may	may	AUX
ajfa-1783	44	29	result	result	VERB
ajfa-1783	44	30	in	in	ADP
ajfa-1783	44	31	different	different	ADJ
ajfa-1783	44	32	ownership	ownership	NOUN
ajfa-1783	44	33	structures	structure	NOUN
ajfa-1783	44	34	,	,	PUNCT
ajfa-1783	44	35	corporate	corporate	ADJ
ajfa-1783	44	36	governance	governance	NOUN
ajfa-1783	44	37	conduct	conduct	NOUN
ajfa-1783	44	38	and	and	CCONJ
ajfa-1783	44	39	agency	agency	NOUN
ajfa-1783	44	40	costs	cost	NOUN
ajfa-1783	44	41	.	.	PUNCT
ajfa-1783	45	1	thus	thus	ADV
ajfa-1783	45	2	,	,	PUNCT
ajfa-1783	45	3	it	it	PRON
ajfa-1783	45	4	is	be	AUX
ajfa-1783	45	5	important	important	ADJ
ajfa-1783	45	6	to	to	PART
ajfa-1783	45	7	investigate	investigate	VERB
ajfa-1783	45	8	the	the	DET
ajfa-1783	45	9	relationship	relationship	NOUN
ajfa-1783	45	10	between	between	ADP
ajfa-1783	45	11	ownership	ownership	NOUN
ajfa-1783	45	12	structure	structure	NOUN
ajfa-1783	45	13	,	,	PUNCT
ajfa-1783	45	14	corporate	corporate	ADJ
ajfa-1783	45	15	governance	governance	NOUN
ajfa-1783	45	16	mechanisms	mechanism	NOUN
ajfa-1783	45	17	and	and	CCONJ
ajfa-1783	45	18	agency	agency	NOUN
ajfa-1783	45	19	costs	cost	NOUN
ajfa-1783	45	20	in	in	ADP
ajfa-1783	45	21	the	the	DET
ajfa-1783	45	22	new	new	PROPN
ajfa-1783	45	23	zealand	zealand	PROPN
ajfa-1783	45	24	context	context	NOUN
ajfa-1783	45	25	.	.	PUNCT
ajfa-1783	46	1	the	the	DET
ajfa-1783	46	2	results	result	NOUN
ajfa-1783	46	3	from	from	ADP
ajfa-1783	46	4	this	this	DET
ajfa-1783	46	5	study	study	NOUN
ajfa-1783	46	6	show	show	VERB
ajfa-1783	46	7	the	the	DET
ajfa-1783	46	8	importance	importance	NOUN
ajfa-1783	46	9	of	of	ADP
ajfa-1783	46	10	agency	agency	NOUN
ajfa-1783	46	11	costs	cost	NOUN
ajfa-1783	46	12	,	,	PUNCT
ajfa-1783	46	13	ownership	ownership	NOUN
ajfa-1783	46	14	structures	structure	NOUN
ajfa-1783	46	15	and	and	CCONJ
ajfa-1783	46	16	corporate	corporate	ADJ
ajfa-1783	46	17	governance	governance	NOUN
ajfa-1783	46	18	mechanisms	mechanism	NOUN
ajfa-1783	46	19	for	for	ADP
ajfa-1783	46	20	new	new	PROPN
ajfa-1783	46	21	zealand	zealand	PROPN
ajfa-1783	46	22	-	-	PUNCT
ajfa-1783	46	23	listed	list	VERB
ajfa-1783	46	24	firms	firm	NOUN
ajfa-1783	46	25	,	,	PUNCT
ajfa-1783	46	26	which	which	PRON
ajfa-1783	46	27	new	new	PROPN
ajfa-1783	46	28	zealand	zealand	PROPN
ajfa-1783	46	29	are	be	AUX
ajfa-1783	46	30	smaller	small	ADJ
ajfa-1783	46	31	,	,	PUNCT
ajfa-1783	46	32	compared	compare	VERB
ajfa-1783	46	33	to	to	ADP
ajfa-1783	46	34	other	other	ADJ
ajfa-1783	46	35	developed	develop	VERB
ajfa-1783	46	36	countries	country	NOUN
ajfa-1783	46	37	.	.	PUNCT
ajfa-1783	47	1	so	so	ADV
ajfa-1783	47	2	,	,	PUNCT
ajfa-1783	47	3	unquestioning	unquestioning	ADJ
ajfa-1783	47	4	compliance	compliance	NOUN
ajfa-1783	47	5	to	to	ADP
ajfa-1783	47	6	different	different	ADJ
ajfa-1783	47	7	codes	code	NOUN
ajfa-1783	47	8	and	and	CCONJ
ajfa-1783	47	9	principles	principle	NOUN
ajfa-1783	47	10	elsewhere	elsewhere	ADV
ajfa-1783	47	11	is	be	AUX
ajfa-1783	47	12	inappropriate	inappropriate	ADJ
ajfa-1783	47	13	to	to	ADP
ajfa-1783	47	14	new	new	ADJ
ajfa-1783	47	15	zealand	zealand	PROPN
ajfa-1783	47	16	firms	firm	NOUN
ajfa-1783	47	17	.	.	PUNCT
ajfa-1783	48	1	they	they	PRON
ajfa-1783	48	2	may	may	AUX
ajfa-1783	48	3	have	have	VERB
ajfa-1783	48	4	to	to	PART
ajfa-1783	48	5	be	be	AUX
ajfa-1783	48	6	customised	customise	VERB
ajfa-1783	48	7	based	base	VERB
ajfa-1783	48	8	on	on	ADP
ajfa-1783	48	9	specific	specific	ADJ
ajfa-1783	48	10	needs	need	NOUN
ajfa-1783	48	11	of	of	ADP
ajfa-1783	48	12	the	the	DET
ajfa-1783	48	13	new	new	PROPN
ajfa-1783	48	14	zealand	zealand	PROPN
ajfa-1783	48	15	context	context	NOUN
ajfa-1783	48	16	.	.	PUNCT
ajfa-1783	49	1	furthermore	furthermore	ADV
ajfa-1783	49	2	,	,	PUNCT
ajfa-1783	49	3	this	this	DET
ajfa-1783	49	4	study	study	NOUN
ajfa-1783	49	5	provides	provide	VERB
ajfa-1783	49	6	recent	recent	ADJ
ajfa-1783	49	7	evidence	evidence	NOUN
ajfa-1783	49	8	of	of	ADP
ajfa-1783	49	9	which	which	PRON
ajfa-1783	49	10	factors	factor	NOUN
ajfa-1783	49	11	contribute	contribute	VERB
ajfa-1783	49	12	in	in	ADP
ajfa-1783	49	13	lowering	lower	VERB
ajfa-1783	49	14	agency	agency	NOUN
ajfa-1783	49	15	costs	cost	NOUN
ajfa-1783	49	16	for	for	ADP
ajfa-1783	49	17	new	new	PROPN
ajfa-1783	49	18	zealand	zealand	PROPN
ajfa-1783	49	19	listed	list	VERB
ajfa-1783	49	20	firms	firm	NOUN
ajfa-1783	49	21	.	.	PUNCT
ajfa-1783	50	1	2	2	X
ajfa-1783	50	2	.	.	X
ajfa-1783	50	3	literature	literature	NOUN
ajfa-1783	50	4	review	review	VERB
ajfa-1783	50	5	there	there	PRON
ajfa-1783	50	6	are	be	VERB
ajfa-1783	50	7	significant	significant	ADJ
ajfa-1783	50	8	numbers	number	NOUN
ajfa-1783	50	9	of	of	ADP
ajfa-1783	50	10	studies	study	NOUN
ajfa-1783	50	11	focusing	focus	VERB
ajfa-1783	50	12	on	on	ADP
ajfa-1783	50	13	agency	agency	NOUN
ajfa-1783	50	14	costs	cost	NOUN
ajfa-1783	50	15	across	across	ADP
ajfa-1783	50	16	firms	firm	NOUN
ajfa-1783	50	17	and	and	CCONJ
ajfa-1783	50	18	countries	country	NOUN
ajfa-1783	50	19	which	which	PRON
ajfa-1783	50	20	yield	yield	VERB
ajfa-1783	50	21	mixed	mixed	ADJ
ajfa-1783	50	22	results	result	NOUN
ajfa-1783	50	23	.	.	PUNCT
ajfa-1783	51	1	some	some	PRON
ajfa-1783	51	2	of	of	ADP
ajfa-1783	51	3	studies	study	NOUN
ajfa-1783	51	4	provided	provide	VERB
ajfa-1783	51	5	theoretical	theoretical	ADJ
ajfa-1783	51	6	frameworks	framework	NOUN
ajfa-1783	51	7	for	for	ADP
ajfa-1783	51	8	understanding	understand	VERB
ajfa-1783	51	9	why	why	SCONJ
ajfa-1783	51	10	agency	agency	NOUN
ajfa-1783	51	11	problems	problem	NOUN
ajfa-1783	51	12	arise	arise	VERB
ajfa-1783	51	13	,	,	PUNCT
ajfa-1783	51	14	what	what	PRON
ajfa-1783	51	15	the	the	DET
ajfa-1783	51	16	consequences	consequence	NOUN
ajfa-1783	51	17	are	be	AUX
ajfa-1783	51	18	,	,	PUNCT
ajfa-1783	51	19	and	and	CCONJ
ajfa-1783	51	20	how	how	SCONJ
ajfa-1783	51	21	agency	agency	NOUN
ajfa-1783	51	22	problems	problem	NOUN
ajfa-1783	51	23	and	and	CCONJ
ajfa-1783	51	24	their	their	PRON
ajfa-1783	51	25	costs	cost	NOUN
ajfa-1783	51	26	can	can	AUX
ajfa-1783	51	27	be	be	AUX
ajfa-1783	51	28	reduced	reduce	VERB
ajfa-1783	51	29	.	.	PUNCT
ajfa-1783	52	1	furthermore	furthermore	ADV
ajfa-1783	52	2	,	,	PUNCT
ajfa-1783	52	3	other	other	ADJ
ajfa-1783	52	4	studies	study	NOUN
ajfa-1783	52	5	have	have	AUX
ajfa-1783	52	6	examined	examine	VERB
ajfa-1783	52	7	the	the	DET
ajfa-1783	52	8	role	role	NOUN
ajfa-1783	52	9	of	of	ADP
ajfa-1783	52	10	corporate	corporate	ADJ
ajfa-1783	52	11	governance	governance	NOUN
ajfa-1783	52	12	mechanisms	mechanism	NOUN
ajfa-1783	52	13	and	and	CCONJ
ajfa-1783	52	14	ownership	ownership	NOUN
ajfa-1783	52	15	structures	structure	NOUN
ajfa-1783	52	16	in	in	ADP
ajfa-1783	52	17	mitigating	mitigate	VERB
ajfa-1783	52	18	the	the	DET
ajfa-1783	52	19	agency	agency	NOUN
ajfa-1783	52	20	costs	cost	NOUN
ajfa-1783	52	21	.	.	PUNCT
ajfa-1783	53	1	asian	asian	ADJ
ajfa-1783	53	2	journal	journal	PROPN
ajfa-1783	53	3	of	of	ADP
ajfa-1783	53	4	finance	finance	PROPN
ajfa-1783	53	5	&	&	CCONJ
ajfa-1783	53	6	accounting	accounting	PROPN
ajfa-1783	53	7	issn	issn	PROPN
ajfa-1783	53	8	1946	1946	NUM
ajfa-1783	53	9	-	-	PUNCT
ajfa-1783	53	10	052x	052x	NOUN
ajfa-1783	53	11	2012	2012	NUM
ajfa-1783	53	12	,	,	PUNCT
ajfa-1783	53	13	vol	vol	NOUN
ajfa-1783	53	14	.	.	PROPN
ajfa-1783	53	15	4	4	NUM
ajfa-1783	53	16	,	,	PUNCT
ajfa-1783	53	17	no	no	INTJ
ajfa-1783	53	18	.	.	NOUN
ajfa-1783	53	19	1	1	NUM
ajfa-1783	53	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1783	53	21	362	362	NUM
ajfa-1783	53	22	the	the	DET
ajfa-1783	53	23	sources	source	NOUN
ajfa-1783	53	24	of	of	ADP
ajfa-1783	53	25	agency	agency	NOUN
ajfa-1783	53	26	problems	problem	NOUN
ajfa-1783	53	27	differ	differ	VERB
ajfa-1783	53	28	among	among	ADP
ajfa-1783	53	29	firms	firm	NOUN
ajfa-1783	53	30	;	;	PUNCT
ajfa-1783	53	31	for	for	ADP
ajfa-1783	53	32	example	example	NOUN
ajfa-1783	53	33	,	,	PUNCT
ajfa-1783	53	34	one	one	NUM
ajfa-1783	53	35	firm	firm	NOUN
ajfa-1783	53	36	may	may	AUX
ajfa-1783	53	37	have	have	VERB
ajfa-1783	53	38	a	a	DET
ajfa-1783	53	39	problem	problem	NOUN
ajfa-1783	53	40	because	because	SCONJ
ajfa-1783	53	41	of	of	ADP
ajfa-1783	53	42	their	their	PRON
ajfa-1783	53	43	corporate	corporate	ADJ
ajfa-1783	53	44	governance	governance	NOUN
ajfa-1783	53	45	structures	structure	NOUN
ajfa-1783	53	46	and	and	CCONJ
ajfa-1783	53	47	another	another	PRON
ajfa-1783	53	48	because	because	SCONJ
ajfa-1783	53	49	oftheir	oftheir	ADJ
ajfa-1783	53	50	ownership	ownership	NOUN
ajfa-1783	53	51	structures	structure	NOUN
ajfa-1783	53	52	.	.	PUNCT
ajfa-1783	54	1	for	for	ADP
ajfa-1783	54	2	corporate	corporate	ADJ
ajfa-1783	54	3	governance	governance	NOUN
ajfa-1783	54	4	structures	structure	NOUN
ajfa-1783	54	5	,	,	PUNCT
ajfa-1783	54	6	there	there	PRON
ajfa-1783	54	7	are	be	VERB
ajfa-1783	54	8	two	two	NUM
ajfa-1783	54	9	conditions	condition	NOUN
ajfa-1783	54	10	must	must	AUX
ajfa-1783	54	11	be	be	AUX
ajfa-1783	54	12	preserved	preserve	VERB
ajfa-1783	54	13	for	for	ADP
ajfa-1783	54	14	an	an	DET
ajfa-1783	54	15	effective	effective	ADJ
ajfa-1783	54	16	governance	governance	NOUN
ajfa-1783	54	17	mechanism	mechanism	NOUN
ajfa-1783	54	18	;	;	PUNCT
ajfa-1783	54	19	first	first	ADV
ajfa-1783	54	20	,	,	PUNCT
ajfa-1783	54	21	the	the	DET
ajfa-1783	54	22	devices	device	NOUN
ajfa-1783	54	23	used	use	VERB
ajfa-1783	54	24	,	,	PUNCT
ajfa-1783	54	25	and	and	CCONJ
ajfa-1783	54	26	second	second	ADV
ajfa-1783	54	27	,	,	PUNCT
ajfa-1783	54	28	the	the	DET
ajfa-1783	54	29	mechanismsused	mechanismsused	ADJ
ajfa-1783	54	30	to	to	PART
ajfa-1783	54	31	narrow	narrow	VERB
ajfa-1783	54	32	the	the	DET
ajfa-1783	54	33	gap	gap	NOUN
ajfa-1783	54	34	between	between	ADP
ajfa-1783	54	35	managers	manager	NOUN
ajfa-1783	54	36	’	'	PUNCT
ajfa-1783	54	37	and	and	CCONJ
ajfa-1783	54	38	shareholders	shareholder	NOUN
ajfa-1783	54	39	’	'	PUNCT
ajfa-1783	54	40	interests	interest	NOUN
ajfa-1783	54	41	(	(	PUNCT
ajfa-1783	54	42	denis	denis	PROPN
ajfa-1783	54	43	,	,	PUNCT
ajfa-1783	54	44	denis	denis	PROPN
ajfa-1783	54	45	&	&	CCONJ
ajfa-1783	54	46	sarin	sarin	NOUN
ajfa-1783	54	47	,	,	PUNCT
ajfa-1783	54	48	1997	1997	NUM
ajfa-1783	54	49	)	)	PUNCT
ajfa-1783	54	50	.	.	PUNCT
ajfa-1783	55	1	furthermore	furthermore	ADV
ajfa-1783	55	2	,	,	PUNCT
ajfa-1783	55	3	according	accord	VERB
ajfa-1783	55	4	to	to	ADP
ajfa-1783	55	5	the	the	DET
ajfa-1783	55	6	agency	agency	NOUN
ajfa-1783	55	7	model	model	NOUN
ajfa-1783	55	8	,	,	PUNCT
ajfa-1783	55	9	jensen	jensen	PROPN
ajfa-1783	55	10	and	and	CCONJ
ajfa-1783	55	11	meckling	meckling	NOUN
ajfa-1783	55	12	(	(	PUNCT
ajfa-1783	55	13	1976	1976	NUM
ajfa-1783	55	14	)	)	PUNCT
ajfa-1783	55	15	suggested	suggest	VERB
ajfa-1783	55	16	that	that	SCONJ
ajfa-1783	55	17	higher	high	ADJ
ajfa-1783	55	18	managerial	managerial	ADJ
ajfa-1783	55	19	ownership	ownership	NOUN
ajfa-1783	55	20	should	should	AUX
ajfa-1783	55	21	reduce	reduce	VERB
ajfa-1783	55	22	agency	agency	NOUN
ajfa-1783	55	23	costs	cost	NOUN
ajfa-1783	55	24	because	because	SCONJ
ajfa-1783	55	25	there	there	PRON
ajfa-1783	55	26	is	be	VERB
ajfa-1783	55	27	a	a	DET
ajfa-1783	55	28	convergence	convergence	NOUN
ajfa-1783	55	29	of	of	ADP
ajfa-1783	55	30	interests	interest	NOUN
ajfa-1783	55	31	between	between	ADP
ajfa-1783	55	32	shareholders	shareholder	NOUN
ajfa-1783	55	33	and	and	CCONJ
ajfa-1783	55	34	managers	manager	NOUN
ajfa-1783	55	35	as	as	ADP
ajfa-1783	55	36	the	the	DET
ajfa-1783	55	37	managers	manager	NOUN
ajfa-1783	55	38	’	’	PART
ajfa-1783	55	39	ownership	ownership	NOUN
ajfa-1783	55	40	increases	increase	NOUN
ajfa-1783	55	41	.	.	PUNCT
ajfa-1783	56	1	however	however	ADV
ajfa-1783	56	2	,	,	PUNCT
ajfa-1783	56	3	stulz	stulz	ADJ
ajfa-1783	56	4	(	(	PUNCT
ajfa-1783	56	5	1988	1988	NUM
ajfa-1783	56	6	)	)	PUNCT
ajfa-1783	56	7	suggested	suggest	VERB
ajfa-1783	56	8	that	that	SCONJ
ajfa-1783	56	9	high	high	ADJ
ajfa-1783	56	10	levels	level	NOUN
ajfa-1783	56	11	of	of	ADP
ajfa-1783	56	12	insider	insider	NOUN
ajfa-1783	56	13	ownership	ownership	NOUN
ajfa-1783	56	14	resulted	result	VERB
ajfa-1783	56	15	in	in	ADP
ajfa-1783	56	16	management	management	NOUN
ajfa-1783	56	17	entrenchment	entrenchment	NOUN
ajfa-1783	56	18	,	,	PUNCT
ajfa-1783	56	19	thus	thus	ADV
ajfa-1783	56	20	reducing	reduce	VERB
ajfa-1783	56	21	the	the	DET
ajfa-1783	56	22	firm	firm	NOUN
ajfa-1783	56	23	’s	’s	PART
ajfa-1783	56	24	value	value	NOUN
ajfa-1783	56	25	.	.	PUNCT
ajfa-1783	57	1	demsetz	demsetz	VERB
ajfa-1783	57	2	and	and	CCONJ
ajfa-1783	57	3	villalonga	villalonga	ADJ
ajfa-1783	57	4	(	(	PUNCT
ajfa-1783	57	5	2001	2001	NUM
ajfa-1783	57	6	)	)	PUNCT
ajfa-1783	57	7	suggest	suggest	VERB
ajfa-1783	57	8	that	that	SCONJ
ajfa-1783	57	9	the	the	DET
ajfa-1783	57	10	ownership	ownership	NOUN
ajfa-1783	57	11	structures	structure	NOUN
ajfa-1783	57	12	differ	differ	VERB
ajfa-1783	57	13	across	across	ADP
ajfa-1783	57	14	firms	firm	NOUN
ajfa-1783	57	15	because	because	SCONJ
ajfa-1783	57	16	of	of	ADP
ajfa-1783	57	17	differences	difference	NOUN
ajfa-1783	57	18	in	in	ADP
ajfa-1783	57	19	the	the	DET
ajfa-1783	57	20	circumstances	circumstance	NOUN
ajfa-1783	57	21	facing	face	VERB
ajfa-1783	57	22	firms	firm	NOUN
ajfa-1783	57	23	,	,	PUNCT
ajfa-1783	57	24	particularly	particularly	ADV
ajfa-1783	57	25	in	in	ADP
ajfa-1783	57	26	regard	regard	NOUN
ajfa-1783	57	27	to	to	ADP
ajfa-1783	57	28	scale	scale	NOUN
ajfa-1783	57	29	of	of	ADP
ajfa-1783	57	30	economies	economy	NOUN
ajfa-1783	57	31	,	,	PUNCT
ajfa-1783	57	32	regulations	regulation	NOUN
ajfa-1783	57	33	and	and	CCONJ
ajfa-1783	57	34	the	the	DET
ajfa-1783	57	35	environment	environment	NOUN
ajfa-1783	57	36	stability	stability	NOUN
ajfa-1783	57	37	in	in	ADP
ajfa-1783	57	38	which	which	PRON
ajfa-1783	57	39	they	they	PRON
ajfa-1783	57	40	operate	operate	VERB
ajfa-1783	57	41	.	.	PUNCT
ajfa-1783	58	1	holderness	holderness	PROPN
ajfa-1783	58	2	,	,	PUNCT
ajfa-1783	58	3	kroszner	kroszner	NOUN
ajfa-1783	58	4	and	and	CCONJ
ajfa-1783	58	5	sheehan	sheehan	PROPN
ajfa-1783	58	6	(	(	PUNCT
ajfa-1783	58	7	2002	2002	NUM
ajfa-1783	58	8	)	)	PUNCT
ajfa-1783	58	9	show	show	VERB
ajfa-1783	58	10	that	that	SCONJ
ajfa-1783	58	11	management	management	NOUN
ajfa-1783	58	12	ownership	ownership	NOUN
ajfa-1783	58	13	in	in	ADP
ajfa-1783	58	14	the	the	DET
ajfa-1783	58	15	united	united	PROPN
ajfa-1783	58	16	states	states	PROPN
ajfa-1783	58	17	has	have	AUX
ajfa-1783	58	18	grown	grow	VERB
ajfa-1783	58	19	over	over	ADP
ajfa-1783	58	20	the	the	DET
ajfa-1783	58	21	last	last	ADJ
ajfa-1783	58	22	60	60	NUM
ajfa-1783	58	23	years	year	NOUN
ajfa-1783	58	24	,	,	PUNCT
ajfa-1783	58	25	and	and	CCONJ
ajfa-1783	58	26	equity	equity	NOUN
ajfa-1783	58	27	ownership	ownership	NOUN
ajfa-1783	58	28	can	can	AUX
ajfa-1783	58	29	be	be	AUX
ajfa-1783	58	30	used	use	VERB
ajfa-1783	58	31	to	to	PART
ajfa-1783	58	32	align	align	VERB
ajfa-1783	58	33	the	the	DET
ajfa-1783	58	34	interests	interest	NOUN
ajfa-1783	58	35	of	of	ADP
ajfa-1783	58	36	management	management	NOUN
ajfa-1783	58	37	with	with	ADP
ajfa-1783	58	38	those	those	PRON
ajfa-1783	58	39	of	of	ADP
ajfa-1783	58	40	shareholders	shareholder	NOUN
ajfa-1783	58	41	.	.	PUNCT
ajfa-1783	59	1	however	however	ADV
ajfa-1783	59	2	,	,	PUNCT
ajfa-1783	59	3	excessive	excessive	ADJ
ajfa-1783	59	4	insider	insider	NOUN
ajfa-1783	59	5	ownership	ownership	NOUN
ajfa-1783	59	6	can	can	AUX
ajfa-1783	59	7	result	result	VERB
ajfa-1783	59	8	in	in	ADP
ajfa-1783	59	9	entrenchment	entrenchment	NOUN
ajfa-1783	59	10	of	of	ADP
ajfa-1783	59	11	management	management	NOUN
ajfa-1783	59	12	.	.	PUNCT
ajfa-1783	60	1	furthermore	furthermore	ADV
ajfa-1783	60	2	,	,	PUNCT
ajfa-1783	60	3	bhabra	bhabra	PROPN
ajfa-1783	60	4	(	(	PUNCT
ajfa-1783	60	5	2007	2007	NUM
ajfa-1783	60	6	)	)	PUNCT
ajfa-1783	60	7	found	find	VERB
ajfa-1783	60	8	a	a	DET
ajfa-1783	60	9	significant	significant	ADJ
ajfa-1783	60	10	non	non	ADJ
ajfa-1783	60	11	-	-	ADJ
ajfa-1783	60	12	linear	linear	ADJ
ajfa-1783	60	13	relationship	relationship	NOUN
ajfa-1783	60	14	between	between	ADP
ajfa-1783	60	15	ownership	ownership	NOUN
ajfa-1783	60	16	structure	structure	NOUN
ajfa-1783	60	17	and	and	CCONJ
ajfa-1783	60	18	firm	firm	ADJ
ajfa-1783	60	19	performance	performance	NOUN
ajfa-1783	60	20	in	in	ADP
ajfa-1783	60	21	new	new	PROPN
ajfa-1783	60	22	zealand	zealand	PROPN
ajfa-1783	60	23	’s	’s	PART
ajfa-1783	60	24	listed	list	VERB
ajfa-1783	60	25	firms	firm	NOUN
ajfa-1783	60	26	,	,	PUNCT
ajfa-1783	60	27	and	and	CCONJ
ajfa-1783	60	28	suggests	suggest	VERB
ajfa-1783	60	29	that	that	SCONJ
ajfa-1783	60	30	the	the	DET
ajfa-1783	60	31	non	non	ADJ
ajfa-1783	60	32	-	-	ADJ
ajfa-1783	60	33	linear	linear	ADJ
ajfa-1783	60	34	relationship	relationship	NOUN
ajfa-1783	60	35	is	be	AUX
ajfa-1783	60	36	robust	robust	ADJ
ajfa-1783	60	37	to	to	ADP
ajfa-1783	60	38	differences	difference	NOUN
ajfa-1783	60	39	in	in	ADP
ajfa-1783	60	40	governance	governance	NOUN
ajfa-1783	60	41	structures	structure	NOUN
ajfa-1783	60	42	across	across	ADP
ajfa-1783	60	43	market	market	NOUN
ajfa-1783	60	44	.	.	PUNCT
ajfa-1783	61	1	in	in	ADP
ajfa-1783	61	2	2001	2001	NUM
ajfa-1783	61	3	,	,	PUNCT
ajfa-1783	61	4	the	the	DET
ajfa-1783	61	5	mean	mean	ADJ
ajfa-1783	61	6	proportion	proportion	NOUN
ajfa-1783	61	7	of	of	ADP
ajfa-1783	61	8	stock	stock	NOUN
ajfa-1783	61	9	held	hold	VERB
ajfa-1783	61	10	by	by	ADP
ajfa-1783	61	11	the	the	DET
ajfa-1783	61	12	top	top	ADJ
ajfa-1783	61	13	20	20	NUM
ajfa-1783	61	14	shareholders	shareholder	NOUN
ajfa-1783	61	15	in	in	ADP
ajfa-1783	61	16	nz	nz	PROPN
ajfa-1783	61	17	was	be	AUX
ajfa-1783	61	18	73	73	NUM
ajfa-1783	61	19	%	%	NOUN
ajfa-1783	61	20	,	,	PUNCT
ajfa-1783	61	21	which	which	PRON
ajfa-1783	61	22	indicates	indicate	VERB
ajfa-1783	61	23	that	that	SCONJ
ajfa-1783	61	24	nz	nz	PROPN
ajfa-1783	61	25	’s	’s	PART
ajfa-1783	61	26	firms	firm	NOUN
ajfa-1783	61	27	are	be	AUX
ajfa-1783	61	28	highly	highly	ADV
ajfa-1783	61	29	concentrated	concentrated	ADJ
ajfa-1783	61	30	,	,	PUNCT
ajfa-1783	61	31	hence	hence	ADV
ajfa-1783	61	32	inducing	induce	VERB
ajfa-1783	61	33	better	well	ADJ
ajfa-1783	61	34	monitoring	monitoring	NOUN
ajfa-1783	61	35	and	and	CCONJ
ajfa-1783	61	36	reducing	reduce	VERB
ajfa-1783	61	37	the	the	DET
ajfa-1783	61	38	potential	potential	NOUN
ajfa-1783	61	39	for	for	ADP
ajfa-1783	61	40	entrenchment	entrenchment	NOUN
ajfa-1783	61	41	of	of	ADP
ajfa-1783	61	42	managers	manager	NOUN
ajfa-1783	61	43	(	(	PUNCT
ajfa-1783	61	44	hossain	hossain	PROPN
ajfa-1783	61	45	,	,	PUNCT
ajfa-1783	61	46	prevost	prevost	PROPN
ajfa-1783	61	47	&	&	CCONJ
ajfa-1783	61	48	rao	rao	PROPN
ajfa-1783	61	49	,	,	PUNCT
ajfa-1783	61	50	2001	2001	NUM
ajfa-1783	61	51	)	)	PUNCT
ajfa-1783	61	52	.	.	PUNCT
ajfa-1783	62	1	furthermore	furthermore	ADV
ajfa-1783	62	2	,	,	PUNCT
ajfa-1783	62	3	from	from	ADP
ajfa-1783	62	4	2007	2007	NUM
ajfa-1783	62	5	to	to	ADP
ajfa-1783	62	6	2011	2011	NUM
ajfa-1783	62	7	,	,	PUNCT
ajfa-1783	62	8	the	the	DET
ajfa-1783	62	9	average	average	ADJ
ajfa-1783	62	10	mean	mean	NOUN
ajfa-1783	62	11	proportion	proportion	NOUN
ajfa-1783	62	12	of	of	ADP
ajfa-1783	62	13	stock	stock	NOUN
ajfa-1783	62	14	held	hold	VERB
ajfa-1783	62	15	by	by	ADP
ajfa-1783	62	16	the	the	DET
ajfa-1783	62	17	top	top	ADJ
ajfa-1783	62	18	20	20	NUM
ajfa-1783	62	19	shareholders	shareholder	NOUN
ajfa-1783	62	20	in	in	ADP
ajfa-1783	62	21	nz	nz	PROPN
ajfa-1783	62	22	was	be	AUX
ajfa-1783	62	23	50	50	NUM
ajfa-1783	62	24	%	%	NOUN
ajfa-1783	62	25	,	,	PUNCT
ajfa-1783	62	26	and	and	CCONJ
ajfa-1783	62	27	this	this	PRON
ajfa-1783	62	28	indicates	indicate	VERB
ajfa-1783	62	29	that	that	SCONJ
ajfa-1783	62	30	nz	nz	PROPN
ajfa-1783	62	31	’s	’s	PART
ajfa-1783	62	32	firms	firm	NOUN
ajfa-1783	62	33	tend	tend	VERB
ajfa-1783	62	34	to	to	PART
ajfa-1783	62	35	have	have	VERB
ajfa-1783	62	36	moderate	moderate	ADJ
ajfa-1783	62	37	ownership	ownership	NOUN
ajfa-1783	62	38	concentration	concentration	NOUN
ajfa-1783	62	39	.	.	PUNCT
ajfa-1783	63	1	the	the	DET
ajfa-1783	63	2	hypothesis	hypothesis	NOUN
ajfa-1783	63	3	regarding	regard	VERB
ajfa-1783	63	4	managerial	managerial	ADJ
ajfa-1783	63	5	ownership	ownership	NOUN
ajfa-1783	63	6	and	and	CCONJ
ajfa-1783	63	7	agency	agency	NOUN
ajfa-1783	63	8	costs	cost	NOUN
ajfa-1783	63	9	is	be	AUX
ajfa-1783	63	10	:	:	PUNCT
ajfa-1783	63	11	h01	h01	NOUN
ajfa-1783	63	12	:	:	PUNCT
ajfa-1783	63	13	the	the	PRON
ajfa-1783	63	14	higher	high	ADJ
ajfa-1783	63	15	the	the	DET
ajfa-1783	63	16	percentage	percentage	NOUN
ajfa-1783	63	17	of	of	ADP
ajfa-1783	63	18	managerial	managerial	ADJ
ajfa-1783	63	19	ownership	ownership	NOUN
ajfa-1783	63	20	,	,	PUNCT
ajfa-1783	63	21	the	the	PRON
ajfa-1783	63	22	lower	low	ADJ
ajfa-1783	63	23	the	the	DET
ajfa-1783	63	24	agency	agency	NOUN
ajfa-1783	63	25	costs	cost	NOUN
ajfa-1783	63	26	.	.	PUNCT
ajfa-1783	64	1	reduction	reduction	NOUN
ajfa-1783	64	2	of	of	ADP
ajfa-1783	64	3	agency	agency	NOUN
ajfa-1783	64	4	costs	cost	NOUN
ajfa-1783	64	5	can	can	AUX
ajfa-1783	64	6	also	also	ADV
ajfa-1783	64	7	be	be	AUX
ajfa-1783	64	8	achieved	achieve	VERB
ajfa-1783	64	9	through	through	ADP
ajfa-1783	64	10	block	block	NOUN
ajfa-1783	64	11	-	-	PUNCT
ajfa-1783	64	12	holders	holder	NOUN
ajfa-1783	64	13	’	'	PUNCT
ajfa-1783	64	14	ownership	ownership	NOUN
ajfa-1783	64	15	.	.	PUNCT
ajfa-1783	65	1	the	the	DET
ajfa-1783	65	2	role	role	NOUN
ajfa-1783	65	3	of	of	ADP
ajfa-1783	65	4	block	block	NOUN
ajfa-1783	65	5	-	-	PUNCT
ajfa-1783	65	6	holders	holder	NOUN
ajfa-1783	65	7	is	be	AUX
ajfa-1783	65	8	likely	likely	ADJ
ajfa-1783	65	9	to	to	PART
ajfa-1783	65	10	vary	vary	VERB
ajfa-1783	65	11	over	over	ADP
ajfa-1783	65	12	time	time	NOUN
ajfa-1783	65	13	periods	period	NOUN
ajfa-1783	65	14	and	and	CCONJ
ajfa-1783	65	15	countries	country	NOUN
ajfa-1783	65	16	as	as	ADP
ajfa-1783	65	17	a	a	DET
ajfa-1783	65	18	function	function	NOUN
ajfa-1783	65	19	of	of	ADP
ajfa-1783	65	20	the	the	DET
ajfa-1783	65	21	legal	legal	ADJ
ajfa-1783	65	22	system	system	NOUN
ajfa-1783	65	23	and	and	CCONJ
ajfa-1783	65	24	other	other	ADJ
ajfa-1783	65	25	regulations	regulation	NOUN
ajfa-1783	65	26	.	.	PUNCT
ajfa-1783	66	1	block	block	NOUN
ajfa-1783	66	2	-	-	PUNCT
ajfa-1783	66	3	holders	holder	NOUN
ajfa-1783	66	4	may	may	AUX
ajfa-1783	66	5	directly	directly	ADV
ajfa-1783	66	6	influence	influence	VERB
ajfa-1783	66	7	dividend	dividend	NOUN
ajfa-1783	66	8	policy	policy	NOUN
ajfa-1783	66	9	,	,	PUNCT
ajfa-1783	66	10	and	and	CCONJ
ajfa-1783	66	11	managerial	managerial	ADJ
ajfa-1783	66	12	ownership	ownership	NOUN
ajfa-1783	66	13	may	may	AUX
ajfa-1783	66	14	directly	directly	ADV
ajfa-1783	66	15	influence	influence	VERB
ajfa-1783	66	16	capital	capital	NOUN
ajfa-1783	66	17	structure	structure	NOUN
ajfa-1783	66	18	policy	policy	NOUN
ajfa-1783	66	19	.	.	PUNCT
ajfa-1783	67	1	however	however	ADV
ajfa-1783	67	2	,	,	PUNCT
ajfa-1783	67	3	more	more	ADV
ajfa-1783	67	4	complicated	complicated	ADJ
ajfa-1783	67	5	interaction	interaction	NOUN
ajfa-1783	67	6	effects	effect	NOUN
ajfa-1783	67	7	are	be	AUX
ajfa-1783	67	8	possible	possible	ADJ
ajfa-1783	67	9	and	and	CCONJ
ajfa-1783	67	10	perhaps	perhaps	ADV
ajfa-1783	67	11	more	more	ADV
ajfa-1783	67	12	likely	likely	ADJ
ajfa-1783	67	13	;	;	PUNCT
ajfa-1783	67	14	for	for	ADP
ajfa-1783	67	15	example	example	NOUN
ajfa-1783	67	16	,	,	PUNCT
ajfa-1783	67	17	when	when	SCONJ
ajfa-1783	67	18	there	there	PRON
ajfa-1783	67	19	is	be	VERB
ajfa-1783	67	20	a	a	DET
ajfa-1783	67	21	large	large	ADJ
ajfa-1783	67	22	stakeholder	stakeholder	NOUN
ajfa-1783	67	23	,	,	PUNCT
ajfa-1783	67	24	management	management	NOUN
ajfa-1783	67	25	usually	usually	ADV
ajfa-1783	67	26	becomes	become	VERB
ajfa-1783	67	27	less	less	ADV
ajfa-1783	67	28	accountable	accountable	ADJ
ajfa-1783	67	29	to	to	ADP
ajfa-1783	67	30	shareholders	shareholder	NOUN
ajfa-1783	67	31	and	and	CCONJ
ajfa-1783	67	32	more	more	ADV
ajfa-1783	67	33	accountable	accountable	ADJ
ajfa-1783	67	34	to	to	ADP
ajfa-1783	67	35	the	the	DET
ajfa-1783	67	36	large	large	ADJ
ajfa-1783	67	37	controlling	control	VERB
ajfa-1783	67	38	stakeholder	stakeholder	NOUN
ajfa-1783	67	39	who	who	PRON
ajfa-1783	67	40	will	will	AUX
ajfa-1783	67	41	have	have	VERB
ajfa-1783	67	42	considerable	considerable	ADJ
ajfa-1783	67	43	control	control	NOUN
ajfa-1783	67	44	over	over	ADP
ajfa-1783	67	45	the	the	DET
ajfa-1783	67	46	firm	firm	NOUN
ajfa-1783	67	47	in	in	ADP
ajfa-1783	67	48	excess	excess	NOUN
ajfa-1783	67	49	of	of	ADP
ajfa-1783	67	50	the	the	DET
ajfa-1783	67	51	cash	cash	NOUN
ajfa-1783	67	52	flow	flow	NOUN
ajfa-1783	67	53	rights	right	NOUN
ajfa-1783	67	54	.	.	PUNCT
ajfa-1783	68	1	this	this	PRON
ajfa-1783	68	2	may	may	AUX
ajfa-1783	68	3	reduce	reduce	VERB
ajfa-1783	68	4	the	the	DET
ajfa-1783	68	5	incentive	incentive	NOUN
ajfa-1783	68	6	to	to	PART
ajfa-1783	68	7	expropriate	expropriate	VERB
ajfa-1783	68	8	funds	fund	NOUN
ajfa-1783	68	9	but	but	CCONJ
ajfa-1783	68	10	not	not	PART
ajfa-1783	68	11	eliminate	eliminate	VERB
ajfa-1783	68	12	it	it	PRON
ajfa-1783	68	13	.	.	PUNCT
ajfa-1783	69	1	in	in	ADP
ajfa-1783	69	2	2001	2001	NUM
ajfa-1783	69	3	,	,	PUNCT
ajfa-1783	69	4	the	the	DET
ajfa-1783	69	5	mean	mean	ADJ
ajfa-1783	69	6	proportion	proportion	NOUN
ajfa-1783	69	7	of	of	ADP
ajfa-1783	69	8	stock	stock	NOUN
ajfa-1783	69	9	held	hold	VERB
ajfa-1783	69	10	by	by	ADP
ajfa-1783	69	11	the	the	DET
ajfa-1783	69	12	top	top	ADJ
ajfa-1783	69	13	20	20	NUM
ajfa-1783	69	14	shareholders	shareholder	NOUN
ajfa-1783	69	15	in	in	ADP
ajfa-1783	69	16	nz	nz	PROPN
ajfa-1783	69	17	was	be	AUX
ajfa-1783	69	18	73	73	NUM
ajfa-1783	69	19	%	%	NOUN
ajfa-1783	69	20	,	,	PUNCT
ajfa-1783	69	21	which	which	PRON
ajfa-1783	69	22	indicates	indicate	VERB
ajfa-1783	69	23	that	that	SCONJ
ajfa-1783	69	24	nz	nz	PROPN
ajfa-1783	69	25	’s	’s	PART
ajfa-1783	69	26	firms	firm	NOUN
ajfa-1783	69	27	are	be	AUX
ajfa-1783	69	28	highly	highly	ADV
ajfa-1783	69	29	concentrated	concentrate	VERB
ajfa-1783	69	30	,	,	PUNCT
ajfa-1783	69	31	which	which	PRON
ajfa-1783	69	32	consequently	consequently	ADV
ajfa-1783	69	33	induces	induce	VERB
ajfa-1783	69	34	better	well	ADJ
ajfa-1783	69	35	monitoring	monitoring	NOUN
ajfa-1783	69	36	and	and	CCONJ
ajfa-1783	69	37	reduces	reduce	VERB
ajfa-1783	69	38	the	the	DET
ajfa-1783	69	39	potential	potential	NOUN
ajfa-1783	69	40	for	for	ADP
ajfa-1783	69	41	entrenchment	entrenchment	NOUN
ajfa-1783	69	42	of	of	ADP
ajfa-1783	69	43	managers	manager	NOUN
ajfa-1783	69	44	(	(	PUNCT
ajfa-1783	69	45	hossain	hossain	PROPN
ajfa-1783	69	46	et	et	PROPN
ajfa-1783	69	47	al	al	PROPN
ajfa-1783	69	48	.	.	PROPN
ajfa-1783	69	49	,	,	PUNCT
ajfa-1783	69	50	2001	2001	NUM
ajfa-1783	69	51	)	)	PUNCT
ajfa-1783	69	52	.	.	PUNCT
ajfa-1783	70	1	similarly	similarly	ADV
ajfa-1783	70	2	,	,	PUNCT
ajfa-1783	70	3	healy	healy	PROPN
ajfa-1783	70	4	(	(	PUNCT
ajfa-1783	70	5	2001	2001	NUM
ajfa-1783	70	6	)	)	PUNCT
ajfa-1783	70	7	found	find	VERB
ajfa-1783	70	8	that	that	SCONJ
ajfa-1783	70	9	institutional	institutional	ADJ
ajfa-1783	70	10	ownership	ownership	NOUN
ajfa-1783	70	11	and	and	CCONJ
ajfa-1783	70	12	external	external	ADJ
ajfa-1783	70	13	block	block	NOUN
ajfa-1783	70	14	holding	hold	VERB
ajfa-1783	70	15	in	in	ADP
ajfa-1783	70	16	nz	nz	ADJ
ajfa-1783	70	17	asian	asian	ADJ
ajfa-1783	70	18	journal	journal	PROPN
ajfa-1783	70	19	of	of	ADP
ajfa-1783	70	20	finance	finance	PROPN
ajfa-1783	70	21	&	&	CCONJ
ajfa-1783	70	22	accounting	accounting	PROPN
ajfa-1783	70	23	issn	issn	PROPN
ajfa-1783	70	24	1946	1946	NUM
ajfa-1783	70	25	-	-	PUNCT
ajfa-1783	70	26	052x	052x	NOUN
ajfa-1783	70	27	2012	2012	NUM
ajfa-1783	70	28	,	,	PUNCT
ajfa-1783	70	29	vol	vol	NOUN
ajfa-1783	70	30	.	.	PROPN
ajfa-1783	70	31	4	4	NUM
ajfa-1783	70	32	,	,	PUNCT
ajfa-1783	70	33	no	no	INTJ
ajfa-1783	70	34	.	.	NOUN
ajfa-1783	70	35	1	1	NUM
ajfa-1783	70	36	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1783	70	37	363	363	NUM
ajfa-1783	70	38	counts	count	NOUN
ajfa-1783	70	39	for	for	ADP
ajfa-1783	70	40	69	69	NUM
ajfa-1783	70	41	%	%	NOUN
ajfa-1783	70	42	,	,	PUNCT
ajfa-1783	70	43	and	and	CCONJ
ajfa-1783	70	44	suggests	suggest	VERB
ajfa-1783	70	45	that	that	SCONJ
ajfa-1783	70	46	higher	high	ADJ
ajfa-1783	70	47	institutional	institutional	ADJ
ajfa-1783	70	48	ownership	ownership	NOUN
ajfa-1783	70	49	implies	imply	VERB
ajfa-1783	70	50	greater	great	ADJ
ajfa-1783	70	51	monitoring	monitoring	NOUN
ajfa-1783	70	52	.	.	PUNCT
ajfa-1783	71	1	furthermore	furthermore	ADV
ajfa-1783	71	2	,	,	PUNCT
ajfa-1783	71	3	the	the	DET
ajfa-1783	71	4	average	average	ADJ
ajfa-1783	71	5	mean	mean	NOUN
ajfa-1783	71	6	proportion	proportion	NOUN
ajfa-1783	71	7	of	of	ADP
ajfa-1783	71	8	stock	stock	NOUN
ajfa-1783	71	9	held	hold	VERB
ajfa-1783	71	10	by	by	ADP
ajfa-1783	71	11	the	the	DET
ajfa-1783	71	12	block	block	NOUN
ajfa-1783	71	13	-	-	PUNCT
ajfa-1783	71	14	holders	holder	NOUN
ajfa-1783	71	15	in	in	ADP
ajfa-1783	71	16	nz	nz	PROPN
ajfa-1783	71	17	,	,	PUNCT
ajfa-1783	71	18	during	during	ADP
ajfa-1783	71	19	the	the	DET
ajfa-1783	71	20	period	period	NOUN
ajfa-1783	71	21	2007	2007	NUM
ajfa-1783	71	22	to	to	ADP
ajfa-1783	71	23	2011	2011	NUM
ajfa-1783	71	24	,	,	PUNCT
ajfa-1783	71	25	was	be	AUX
ajfa-1783	71	26	50	50	NUM
ajfa-1783	71	27	%	%	NOUN
ajfa-1783	71	28	with	with	ADP
ajfa-1783	71	29	maximum	maximum	ADJ
ajfa-1783	71	30	value	value	NOUN
ajfa-1783	71	31	98.88	98.88	NUM
ajfa-1783	71	32	%	%	NOUN
ajfa-1783	71	33	,	,	PUNCT
ajfa-1783	71	34	which	which	PRON
ajfa-1783	71	35	indicates	indicate	VERB
ajfa-1783	71	36	that	that	SCONJ
ajfa-1783	71	37	the	the	DET
ajfa-1783	71	38	institutional	institutional	ADJ
ajfa-1783	71	39	ownership	ownership	NOUN
ajfa-1783	71	40	is	be	AUX
ajfa-1783	71	41	widely	widely	ADV
ajfa-1783	71	42	dispersed	disperse	VERB
ajfa-1783	71	43	and	and	CCONJ
ajfa-1783	71	44	hence	hence	ADV
ajfa-1783	71	45	better	well	ADV
ajfa-1783	71	46	monitoring	monitoring	NOUN
ajfa-1783	71	47	takes	take	VERB
ajfa-1783	71	48	place	place	NOUN
ajfa-1783	71	49	.	.	PUNCT
ajfa-1783	72	1	some	some	DET
ajfa-1783	72	2	studies	study	NOUN
ajfa-1783	72	3	find	find	VERB
ajfa-1783	72	4	that	that	SCONJ
ajfa-1783	72	5	block	block	NOUN
ajfa-1783	72	6	-	-	PUNCT
ajfa-1783	72	7	holders	holder	NOUN
ajfa-1783	72	8	’	'	PUNCT
ajfa-1783	72	9	ownership	ownership	NOUN
ajfa-1783	72	10	is	be	AUX
ajfa-1783	72	11	likely	likely	ADJ
ajfa-1783	72	12	to	to	PART
ajfa-1783	72	13	reduce	reduce	VERB
ajfa-1783	72	14	agency	agency	NOUN
ajfa-1783	72	15	costs	cost	NOUN
ajfa-1783	72	16	.	.	PUNCT
ajfa-1783	73	1	hartzell	hartzell	VERB
ajfa-1783	73	2	and	and	CCONJ
ajfa-1783	73	3	starks	stark	NOUN
ajfa-1783	73	4	(	(	PUNCT
ajfa-1783	73	5	2003	2003	NUM
ajfa-1783	73	6	)	)	PUNCT
ajfa-1783	73	7	report	report	NOUN
ajfa-1783	73	8	that	that	SCONJ
ajfa-1783	73	9	block	block	NOUN
ajfa-1783	73	10	-	-	PUNCT
ajfa-1783	73	11	holders	holder	NOUN
ajfa-1783	73	12	’	'	PUNCT
ajfa-1783	73	13	ownership	ownership	NOUN
ajfa-1783	73	14	is	be	AUX
ajfa-1783	73	15	positively	positively	ADV
ajfa-1783	73	16	related	relate	VERB
ajfa-1783	73	17	to	to	ADP
ajfa-1783	73	18	the	the	DET
ajfa-1783	73	19	performance	performance	NOUN
ajfa-1783	73	20	sensitivity	sensitivity	NOUN
ajfa-1783	73	21	of	of	ADP
ajfa-1783	73	22	managerial	managerial	ADJ
ajfa-1783	73	23	compensation	compensation	NOUN
ajfa-1783	73	24	;	;	PUNCT
ajfa-1783	73	25	thus	thus	ADV
ajfa-1783	73	26	,	,	PUNCT
ajfa-1783	73	27	block	block	NOUN
ajfa-1783	73	28	-	-	PUNCT
ajfa-1783	73	29	holders	holder	NOUN
ajfa-1783	73	30	’	'	PUNCT
ajfa-1783	73	31	ownership	ownership	NOUN
ajfa-1783	73	32	monitoring	monitoring	NOUN
ajfa-1783	73	33	tends	tend	VERB
ajfa-1783	73	34	to	to	PART
ajfa-1783	73	35	be	be	AUX
ajfa-1783	73	36	complementary	complementary	ADJ
ajfa-1783	73	37	to	to	ADP
ajfa-1783	73	38	incentive	incentive	NOUN
ajfa-1783	73	39	compensation	compensation	NOUN
ajfa-1783	73	40	systems	system	NOUN
ajfa-1783	73	41	,	,	PUNCT
ajfa-1783	73	42	mitigating	mitigate	VERB
ajfa-1783	73	43	agency	agency	NOUN
ajfa-1783	73	44	problems	problem	NOUN
ajfa-1783	73	45	between	between	ADP
ajfa-1783	73	46	both	both	DET
ajfa-1783	73	47	shareholders	shareholder	NOUN
ajfa-1783	73	48	and	and	CCONJ
ajfa-1783	73	49	managers	manager	NOUN
ajfa-1783	73	50	.	.	PUNCT
ajfa-1783	74	1	on	on	ADP
ajfa-1783	74	2	the	the	DET
ajfa-1783	74	3	other	other	ADJ
ajfa-1783	74	4	hand	hand	NOUN
ajfa-1783	74	5	,	,	PUNCT
ajfa-1783	74	6	doukas	douka	NOUN
ajfa-1783	74	7	,	,	PUNCT
ajfa-1783	74	8	kim	kim	PROPN
ajfa-1783	74	9	and	and	CCONJ
ajfa-1783	74	10	pantzalis	pantzalis	PROPN
ajfa-1783	74	11	(	(	PUNCT
ajfa-1783	74	12	2000	2000	NUM
ajfa-1783	74	13	)	)	PUNCT
ajfa-1783	74	14	argue	argue	VERB
ajfa-1783	74	15	that	that	SCONJ
ajfa-1783	74	16	block	block	NOUN
ajfa-1783	74	17	-	-	PUNCT
ajfa-1783	74	18	holders	holder	NOUN
ajfa-1783	74	19	have	have	VERB
ajfa-1783	74	20	neither	neither	CCONJ
ajfa-1783	74	21	the	the	DET
ajfa-1783	74	22	time	time	NOUN
ajfa-1783	74	23	nor	nor	CCONJ
ajfa-1783	74	24	expertise	expertise	NOUN
ajfa-1783	74	25	to	to	PART
ajfa-1783	74	26	act	act	VERB
ajfa-1783	74	27	as	as	ADP
ajfa-1783	74	28	effective	effective	ADJ
ajfa-1783	74	29	monitors	monitor	NOUN
ajfa-1783	74	30	.	.	PUNCT
ajfa-1783	75	1	furthermore	furthermore	ADV
ajfa-1783	75	2	,	,	PUNCT
ajfa-1783	75	3	singh	singh	PROPN
ajfa-1783	75	4	and	and	CCONJ
ajfa-1783	75	5	davison	davison	PROPN
ajfa-1783	75	6	(	(	PUNCT
ajfa-1783	75	7	2003	2003	NUM
ajfa-1783	75	8	)	)	PUNCT
ajfa-1783	75	9	find	find	VERB
ajfa-1783	75	10	no	no	DET
ajfa-1783	75	11	evidence	evidence	NOUN
ajfa-1783	75	12	that	that	SCONJ
ajfa-1783	75	13	block	block	NOUN
ajfa-1783	75	14	-	-	PUNCT
ajfa-1783	75	15	holders	holder	NOUN
ajfa-1783	75	16	’	'	PUNCT
ajfa-1783	75	17	ownership	ownership	NOUN
ajfa-1783	75	18	affects	affect	VERB
ajfa-1783	75	19	agency	agency	NOUN
ajfa-1783	75	20	costs	cost	NOUN
ajfa-1783	75	21	.	.	PUNCT
ajfa-1783	76	1	the	the	DET
ajfa-1783	76	2	hypothesis	hypothesis	NOUN
ajfa-1783	76	3	regarding	regard	VERB
ajfa-1783	76	4	block	block	NOUN
ajfa-1783	76	5	-	-	PUNCT
ajfa-1783	76	6	holders	holder	NOUN
ajfa-1783	76	7	’	'	PUNCT
ajfa-1783	76	8	ownership	ownership	NOUN
ajfa-1783	76	9	and	and	CCONJ
ajfa-1783	76	10	agency	agency	NOUN
ajfa-1783	76	11	costs	cost	NOUN
ajfa-1783	76	12	is	be	AUX
ajfa-1783	76	13	:	:	PUNCT
ajfa-1783	76	14	h02	h02	PROPN
ajfa-1783	76	15	:	:	PUNCT
ajfa-1783	76	16	the	the	PRON
ajfa-1783	76	17	higher	high	ADJ
ajfa-1783	76	18	the	the	DET
ajfa-1783	76	19	percentage	percentage	NOUN
ajfa-1783	76	20	of	of	ADP
ajfa-1783	76	21	block	block	NOUN
ajfa-1783	76	22	-	-	PUNCT
ajfa-1783	76	23	holders	holder	NOUN
ajfa-1783	76	24	’	'	PUNCT
ajfa-1783	76	25	ownership	ownership	NOUN
ajfa-1783	76	26	,	,	PUNCT
ajfa-1783	76	27	the	the	PRON
ajfa-1783	76	28	lower	low	ADJ
ajfa-1783	76	29	the	the	DET
ajfa-1783	76	30	agency	agency	NOUN
ajfa-1783	76	31	costs	cost	NOUN
ajfa-1783	76	32	.	.	PUNCT
ajfa-1783	77	1	agency	agency	NOUN
ajfa-1783	77	2	costs	cost	NOUN
ajfa-1783	77	3	are	be	AUX
ajfa-1783	77	4	also	also	ADV
ajfa-1783	77	5	the	the	DET
ajfa-1783	77	6	product	product	NOUN
ajfa-1783	77	7	of	of	ADP
ajfa-1783	77	8	corporate	corporate	ADJ
ajfa-1783	77	9	governance	governance	NOUN
ajfa-1783	77	10	conduct	conduct	NOUN
ajfa-1783	77	11	and	and	CCONJ
ajfa-1783	77	12	policy	policy	NOUN
ajfa-1783	77	13	.	.	PUNCT
ajfa-1783	78	1	capital	capital	NOUN
ajfa-1783	78	2	structure	structure	NOUN
ajfa-1783	78	3	and	and	CCONJ
ajfa-1783	78	4	dividend	dividend	NOUN
ajfa-1783	78	5	policy	policy	NOUN
ajfa-1783	78	6	are	be	AUX
ajfa-1783	78	7	examples	example	NOUN
ajfa-1783	78	8	of	of	ADP
ajfa-1783	78	9	how	how	SCONJ
ajfa-1783	78	10	conflicts	conflict	NOUN
ajfa-1783	78	11	of	of	ADP
ajfa-1783	78	12	interest	interest	NOUN
ajfa-1783	78	13	between	between	ADP
ajfa-1783	78	14	shareholders	shareholder	NOUN
ajfa-1783	78	15	,	,	PUNCT
ajfa-1783	78	16	managers	manager	NOUN
ajfa-1783	78	17	and	and	CCONJ
ajfa-1783	78	18	debt	debt	NOUN
ajfa-1783	78	19	-	-	PUNCT
ajfa-1783	78	20	holders	holder	NOUN
ajfa-1783	78	21	arise	arise	VERB
ajfa-1783	78	22	.	.	PUNCT
ajfa-1783	79	1	firms	firm	NOUN
ajfa-1783	79	2	with	with	ADP
ajfa-1783	79	3	higher	high	ADJ
ajfa-1783	79	4	levels	level	NOUN
ajfa-1783	79	5	of	of	ADP
ajfa-1783	79	6	debt	debt	NOUN
ajfa-1783	79	7	are	be	AUX
ajfa-1783	79	8	more	more	ADV
ajfa-1783	79	9	closely	closely	ADV
ajfa-1783	79	10	monitored	monitor	VERB
ajfa-1783	79	11	by	by	ADP
ajfa-1783	79	12	debt	debt	NOUN
ajfa-1783	79	13	-	-	PUNCT
ajfa-1783	79	14	holders	holder	NOUN
ajfa-1783	79	15	,	,	PUNCT
ajfa-1783	79	16	and	and	CCONJ
ajfa-1783	79	17	thus	thus	ADV
ajfa-1783	79	18	can	can	AUX
ajfa-1783	79	19	reduce	reduce	VERB
ajfa-1783	79	20	the	the	DET
ajfa-1783	79	21	agency	agency	NOUN
ajfa-1783	79	22	costs	cost	NOUN
ajfa-1783	79	23	(	(	PUNCT
ajfa-1783	79	24	jensen	jensen	PROPN
ajfa-1783	79	25	&	&	CCONJ
ajfa-1783	79	26	meckling	meckling	PROPN
ajfa-1783	79	27	,	,	PUNCT
ajfa-1783	79	28	1976	1976	NUM
ajfa-1783	79	29	)	)	PUNCT
ajfa-1783	79	30	.	.	PUNCT
ajfa-1783	80	1	likewise	likewise	ADV
ajfa-1783	80	2	,	,	PUNCT
ajfa-1783	80	3	crutchley	crutchley	NOUN
ajfa-1783	80	4	and	and	CCONJ
ajfa-1783	80	5	hansen	hansen	PROPN
ajfa-1783	80	6	(	(	PUNCT
ajfa-1783	80	7	1989	1989	NUM
ajfa-1783	80	8	)	)	PUNCT
ajfa-1783	80	9	found	find	VERB
ajfa-1783	80	10	a	a	DET
ajfa-1783	80	11	significant	significant	ADJ
ajfa-1783	80	12	impact	impact	NOUN
ajfa-1783	80	13	of	of	ADP
ajfa-1783	80	14	leverage	leverage	NOUN
ajfa-1783	80	15	in	in	ADP
ajfa-1783	80	16	controlling	control	VERB
ajfa-1783	80	17	agency	agency	NOUN
ajfa-1783	80	18	costs	cost	NOUN
ajfa-1783	80	19	.	.	PUNCT
ajfa-1783	81	1	apparently	apparently	ADV
ajfa-1783	81	2	,	,	PUNCT
ajfa-1783	81	3	debt	debt	NOUN
ajfa-1783	81	4	appears	appear	VERB
ajfa-1783	81	5	to	to	PART
ajfa-1783	81	6	have	have	VERB
ajfa-1783	81	7	two	two	NUM
ajfa-1783	81	8	positive	positive	ADJ
ajfa-1783	81	9	influences	influence	NOUN
ajfa-1783	81	10	on	on	ADP
ajfa-1783	81	11	governance	governance	NOUN
ajfa-1783	81	12	.	.	PUNCT
ajfa-1783	82	1	first	first	ADV
ajfa-1783	82	2	,	,	PUNCT
ajfa-1783	82	3	debt	debt	NOUN
ajfa-1783	82	4	-	-	PUNCT
ajfa-1783	82	5	holders	holder	NOUN
ajfa-1783	82	6	take	take	VERB
ajfa-1783	82	7	on	on	ADP
ajfa-1783	82	8	some	some	DET
ajfa-1783	82	9	function	function	NOUN
ajfa-1783	82	10	of	of	ADP
ajfa-1783	82	11	monitoring	monitoring	NOUN
ajfa-1783	82	12	(	(	PUNCT
ajfa-1783	82	13	see	see	VERB
ajfa-1783	82	14	begley	begley	PROPN
ajfa-1783	82	15	&	&	CCONJ
ajfa-1783	82	16	feltham	feltham	PROPN
ajfa-1783	82	17	,	,	PUNCT
ajfa-1783	82	18	1999	1999	NUM
ajfa-1783	82	19	;	;	PUNCT
ajfa-1783	82	20	jensen	jensen	PROPN
ajfa-1783	82	21	,	,	PUNCT
ajfa-1783	82	22	1986	1986	NUM
ajfa-1783	82	23	)	)	PUNCT
ajfa-1783	82	24	.	.	PUNCT
ajfa-1783	83	1	second	second	ADJ
ajfa-1783	83	2	,	,	PUNCT
ajfa-1783	83	3	because	because	SCONJ
ajfa-1783	83	4	debt	debt	NOUN
ajfa-1783	83	5	financing	financing	NOUN
ajfa-1783	83	6	reduces	reduce	VERB
ajfa-1783	83	7	the	the	DET
ajfa-1783	83	8	need	need	NOUN
ajfa-1783	83	9	for	for	SCONJ
ajfa-1783	83	10	sales	sale	NOUN
ajfa-1783	83	11	of	of	ADP
ajfa-1783	83	12	shares	share	NOUN
ajfa-1783	83	13	to	to	PART
ajfa-1783	83	14	raise	raise	VERB
ajfa-1783	83	15	capital	capital	NOUN
ajfa-1783	83	16	,	,	PUNCT
ajfa-1783	83	17	voting	voting	NOUN
ajfa-1783	83	18	rights	right	NOUN
ajfa-1783	83	19	remain	remain	VERB
ajfa-1783	83	20	concentrated	concentrated	ADJ
ajfa-1783	83	21	in	in	ADP
ajfa-1783	83	22	the	the	DET
ajfa-1783	83	23	hands	hand	NOUN
ajfa-1783	83	24	of	of	ADP
ajfa-1783	83	25	existing	exist	VERB
ajfa-1783	83	26	shareholders	shareholder	NOUN
ajfa-1783	83	27	.	.	PUNCT
ajfa-1783	84	1	as	as	ADP
ajfa-1783	84	2	a	a	DET
ajfa-1783	84	3	result	result	NOUN
ajfa-1783	84	4	,	,	PUNCT
ajfa-1783	84	5	debt	debt	NOUN
ajfa-1783	84	6	makes	make	VERB
ajfa-1783	84	7	managers	manager	NOUN
ajfa-1783	84	8	more	more	ADV
ajfa-1783	84	9	accountable	accountable	ADJ
ajfa-1783	84	10	for	for	ADP
ajfa-1783	84	11	consistent	consistent	ADJ
ajfa-1783	84	12	performance	performance	NOUN
ajfa-1783	84	13	.	.	PUNCT
ajfa-1783	85	1	however	however	ADV
ajfa-1783	85	2	,	,	PUNCT
ajfa-1783	85	3	leverage	leverage	NOUN
ajfa-1783	85	4	also	also	ADV
ajfa-1783	85	5	brings	bring	VERB
ajfa-1783	85	6	higher	high	ADJ
ajfa-1783	85	7	levels	level	NOUN
ajfa-1783	85	8	of	of	ADP
ajfa-1783	85	9	debt	debt	NOUN
ajfa-1783	85	10	-	-	PUNCT
ajfa-1783	85	11	related	relate	VERB
ajfa-1783	85	12	agency	agency	NOUN
ajfa-1783	85	13	costs	cost	NOUN
ajfa-1783	85	14	and	and	CCONJ
ajfa-1783	85	15	bankruptcy	bankruptcy	NOUN
ajfa-1783	85	16	costs	cost	NOUN
ajfa-1783	85	17	.	.	PUNCT
ajfa-1783	86	1	the	the	DET
ajfa-1783	86	2	optimal	optimal	ADJ
ajfa-1783	86	3	capital	capital	NOUN
ajfa-1783	86	4	structure	structure	NOUN
ajfa-1783	86	5	should	should	AUX
ajfa-1783	86	6	be	be	AUX
ajfa-1783	86	7	where	where	SCONJ
ajfa-1783	86	8	the	the	DET
ajfa-1783	86	9	marginal	marginal	ADJ
ajfa-1783	86	10	costs	cost	NOUN
ajfa-1783	86	11	of	of	ADP
ajfa-1783	86	12	debt	debt	NOUN
ajfa-1783	86	13	equal	equal	ADJ
ajfa-1783	86	14	its	its	PRON
ajfa-1783	86	15	marginal	marginal	ADJ
ajfa-1783	86	16	benefits	benefit	NOUN
ajfa-1783	86	17	.	.	PUNCT
ajfa-1783	87	1	this	this	PRON
ajfa-1783	87	2	is	be	AUX
ajfa-1783	87	3	the	the	DET
ajfa-1783	87	4	point	point	NOUN
ajfa-1783	87	5	where	where	SCONJ
ajfa-1783	87	6	the	the	DET
ajfa-1783	87	7	value	value	NOUN
ajfa-1783	87	8	of	of	ADP
ajfa-1783	87	9	the	the	DET
ajfa-1783	87	10	firm	firm	NOUN
ajfa-1783	87	11	is	be	AUX
ajfa-1783	87	12	maximised	maximise	VERB
ajfa-1783	87	13	.	.	PUNCT
ajfa-1783	88	1	nevertheless	nevertheless	ADV
ajfa-1783	88	2	,	,	PUNCT
ajfa-1783	88	3	issuing	issue	VERB
ajfa-1783	88	4	debt	debt	NOUN
ajfa-1783	88	5	beyond	beyond	ADP
ajfa-1783	88	6	optimal	optimal	ADJ
ajfa-1783	88	7	levels	level	NOUN
ajfa-1783	88	8	will	will	AUX
ajfa-1783	88	9	increase	increase	VERB
ajfa-1783	88	10	its	its	PRON
ajfa-1783	88	11	risk	risk	NOUN
ajfa-1783	88	12	and	and	CCONJ
ajfa-1783	88	13	reduce	reduce	VERB
ajfa-1783	88	14	the	the	DET
ajfa-1783	88	15	value	value	NOUN
ajfa-1783	88	16	of	of	ADP
ajfa-1783	88	17	the	the	DET
ajfa-1783	88	18	company	company	NOUN
ajfa-1783	88	19	.	.	PUNCT
ajfa-1783	89	1	berger	berger	PROPN
ajfa-1783	89	2	,	,	PUNCT
ajfa-1783	89	3	ofek	ofek	NOUN
ajfa-1783	89	4	and	and	CCONJ
ajfa-1783	89	5	yermack	yermack	NOUN
ajfa-1783	89	6	(	(	PUNCT
ajfa-1783	89	7	1997	1997	NUM
ajfa-1783	89	8	)	)	PUNCT
ajfa-1783	89	9	found	find	VERB
ajfa-1783	89	10	evidence	evidence	NOUN
ajfa-1783	89	11	that	that	SCONJ
ajfa-1783	89	12	firms	firm	NOUN
ajfa-1783	89	13	with	with	ADP
ajfa-1783	89	14	entrenched	entrenched	ADJ
ajfa-1783	89	15	ceos	ceo	NOUN
ajfa-1783	89	16	tend	tend	VERB
ajfa-1783	89	17	to	to	PART
ajfa-1783	89	18	have	have	VERB
ajfa-1783	89	19	lower	low	ADJ
ajfa-1783	89	20	levels	level	NOUN
ajfa-1783	89	21	of	of	ADP
ajfa-1783	89	22	debt	debt	NOUN
ajfa-1783	89	23	and	and	CCONJ
ajfa-1783	89	24	boards	board	NOUN
ajfa-1783	89	25	with	with	ADP
ajfa-1783	89	26	few	few	ADJ
ajfa-1783	89	27	outside	outside	ADJ
ajfa-1783	89	28	directors	director	NOUN
ajfa-1783	89	29	.	.	PUNCT
ajfa-1783	90	1	excessive	excessive	ADJ
ajfa-1783	90	2	debt	debt	NOUN
ajfa-1783	90	3	can	can	AUX
ajfa-1783	90	4	be	be	AUX
ajfa-1783	90	5	both	both	ADV
ajfa-1783	90	6	positive	positive	ADJ
ajfa-1783	90	7	and	and	CCONJ
ajfa-1783	90	8	negative	negative	ADJ
ajfa-1783	90	9	.	.	PUNCT
ajfa-1783	91	1	it	it	PRON
ajfa-1783	91	2	can	can	AUX
ajfa-1783	91	3	act	act	VERB
ajfa-1783	91	4	as	as	ADP
ajfa-1783	91	5	a	a	DET
ajfa-1783	91	6	defense	defense	NOUN
ajfa-1783	91	7	against	against	ADP
ajfa-1783	91	8	takeovers	takeover	NOUN
ajfa-1783	91	9	(	(	PUNCT
ajfa-1783	91	10	begley	begley	PROPN
ajfa-1783	91	11	&	&	CCONJ
ajfa-1783	91	12	feltham	feltham	PROPN
ajfa-1783	91	13	,	,	PUNCT
ajfa-1783	91	14	1999	1999	NUM
ajfa-1783	91	15	)	)	PUNCT
ajfa-1783	91	16	,	,	PUNCT
ajfa-1783	91	17	while	while	SCONJ
ajfa-1783	91	18	excessive	excessive	ADJ
ajfa-1783	91	19	debt	debt	NOUN
ajfa-1783	91	20	may	may	AUX
ajfa-1783	91	21	lead	lead	VERB
ajfa-1783	91	22	to	to	ADP
ajfa-1783	91	23	larger	large	ADJ
ajfa-1783	91	24	risk	risk	NOUN
ajfa-1783	91	25	-	-	PUNCT
ajfa-1783	91	26	taking	taking	NOUN
ajfa-1783	91	27	in	in	ADP
ajfa-1783	91	28	order	order	NOUN
ajfa-1783	91	29	to	to	PART
ajfa-1783	91	30	fund	fund	VERB
ajfa-1783	91	31	debt	debt	NOUN
ajfa-1783	91	32	servicing	servicing	NOUN
ajfa-1783	91	33	.	.	PUNCT
ajfa-1783	92	1	recent	recent	ADJ
ajfa-1783	92	2	work	work	NOUN
ajfa-1783	92	3	by	by	ADP
ajfa-1783	92	4	gunasekarage	gunasekarage	NOUN
ajfa-1783	92	5	,	,	PUNCT
ajfa-1783	92	6	locke	locke	PROPN
ajfa-1783	92	7	,	,	PUNCT
ajfa-1783	92	8	reddy	reddy	PROPN
ajfa-1783	92	9	and	and	CCONJ
ajfa-1783	92	10	scrimgeour	scrimgeour	NOUN
ajfa-1783	92	11	(	(	PUNCT
ajfa-1783	92	12	2006	2006	NUM
ajfa-1783	92	13	)	)	PUNCT
ajfa-1783	92	14	reports	report	VERB
ajfa-1783	92	15	that	that	SCONJ
ajfa-1783	92	16	new	new	PROPN
ajfa-1783	92	17	zealand	zealand	PROPN
ajfa-1783	92	18	firms	firm	NOUN
ajfa-1783	92	19	generally	generally	ADV
ajfa-1783	92	20	have	have	VERB
ajfa-1783	92	21	a	a	DET
ajfa-1783	92	22	debt	debt	NOUN
ajfa-1783	92	23	to	to	ADP
ajfa-1783	92	24	assets	asset	NOUN
ajfa-1783	92	25	ratio	ratio	NOUN
ajfa-1783	92	26	of	of	ADP
ajfa-1783	92	27	48	48	NUM
ajfa-1783	92	28	%	%	NOUN
ajfa-1783	92	29	,	,	PUNCT
ajfa-1783	92	30	which	which	PRON
ajfa-1783	92	31	suggests	suggest	VERB
ajfa-1783	92	32	that	that	SCONJ
ajfa-1783	92	33	holders	holder	NOUN
ajfa-1783	92	34	are	be	AUX
ajfa-1783	92	35	acting	act	VERB
ajfa-1783	92	36	as	as	ADP
ajfa-1783	92	37	an	an	DET
ajfa-1783	92	38	external	external	ADJ
ajfa-1783	92	39	source	source	NOUN
ajfa-1783	92	40	of	of	ADP
ajfa-1783	92	41	management	management	NOUN
ajfa-1783	92	42	accountability	accountability	NOUN
ajfa-1783	92	43	,	,	PUNCT
ajfa-1783	92	44	which	which	PRON
ajfa-1783	92	45	should	should	AUX
ajfa-1783	92	46	act	act	VERB
ajfa-1783	92	47	as	as	ADP
ajfa-1783	92	48	a	a	DET
ajfa-1783	92	49	positive	positive	ADJ
ajfa-1783	92	50	influence	influence	NOUN
ajfa-1783	92	51	on	on	ADP
ajfa-1783	92	52	firm	firm	ADJ
ajfa-1783	92	53	performance	performance	NOUN
ajfa-1783	92	54	.	.	PUNCT
ajfa-1783	93	1	friend	friend	NOUN
ajfa-1783	93	2	and	and	CCONJ
ajfa-1783	93	3	hasbrouck	hasbrouck	PROPN
ajfa-1783	93	4	(	(	PUNCT
ajfa-1783	93	5	1988	1988	NUM
ajfa-1783	93	6	)	)	PUNCT
ajfa-1783	93	7	suggest	suggest	VERB
ajfa-1783	93	8	that	that	SCONJ
ajfa-1783	93	9	higher	high	ADJ
ajfa-1783	93	10	inside	inside	ADP
ajfa-1783	93	11	ownership	ownership	NOUN
ajfa-1783	93	12	tends	tend	VERB
ajfa-1783	93	13	to	to	PART
ajfa-1783	93	14	have	have	VERB
ajfa-1783	93	15	less	less	ADJ
ajfa-1783	93	16	debt	debt	NOUN
ajfa-1783	93	17	,	,	PUNCT
ajfa-1783	93	18	because	because	SCONJ
ajfa-1783	93	19	they	they	PRON
ajfa-1783	93	20	prefer	prefer	VERB
ajfa-1783	93	21	to	to	PART
ajfa-1783	93	22	use	use	VERB
ajfa-1783	93	23	internal	internal	ADJ
ajfa-1783	93	24	financing	financing	NOUN
ajfa-1783	93	25	to	to	PART
ajfa-1783	93	26	avoid	avoid	VERB
ajfa-1783	93	27	the	the	DET
ajfa-1783	93	28	agency	agency	NOUN
ajfa-1783	93	29	problem	problem	NOUN
ajfa-1783	93	30	with	with	ADP
ajfa-1783	93	31	debt	debt	NOUN
ajfa-1783	93	32	holders	holder	NOUN
ajfa-1783	93	33	.	.	PUNCT
ajfa-1783	94	1	the	the	DET
ajfa-1783	94	2	hypothesis	hypothesis	NOUN
ajfa-1783	94	3	regarding	regard	VERB
ajfa-1783	94	4	the	the	DET
ajfa-1783	94	5	leverage	leverage	NOUN
ajfa-1783	94	6	and	and	CCONJ
ajfa-1783	94	7	agency	agency	NOUN
ajfa-1783	94	8	costs	cost	NOUN
ajfa-1783	94	9	is	be	AUX
ajfa-1783	94	10	:	:	PUNCT
ajfa-1783	94	11	h03	h03	NOUN
ajfa-1783	94	12	:	:	PUNCT
ajfa-1783	94	13	the	the	DET
ajfa-1783	94	14	use	use	NOUN
ajfa-1783	94	15	of	of	ADP
ajfa-1783	94	16	leverage	leverage	NOUN
ajfa-1783	94	17	lowers	lower	VERB
ajfa-1783	94	18	the	the	DET
ajfa-1783	94	19	agency	agency	NOUN
ajfa-1783	94	20	cost	cost	NOUN
ajfa-1783	94	21	.	.	PUNCT
ajfa-1783	95	1	though	though	SCONJ
ajfa-1783	95	2	the	the	DET
ajfa-1783	95	3	agency	agency	NOUN
ajfa-1783	95	4	costs	cost	NOUN
ajfa-1783	95	5	of	of	ADP
ajfa-1783	95	6	dividends	dividend	NOUN
ajfa-1783	95	7	imply	imply	VERB
ajfa-1783	95	8	that	that	SCONJ
ajfa-1783	95	9	dividends	dividend	NOUN
ajfa-1783	95	10	are	be	AUX
ajfa-1783	95	11	worthless	worthless	ADJ
ajfa-1783	95	12	in	in	ADP
ajfa-1783	95	13	themselves	themselves	PRON
ajfa-1783	95	14	,	,	PUNCT
ajfa-1783	95	15	dividend	dividend	NOUN
ajfa-1783	95	16	is	be	AUX
ajfa-1783	95	17	still	still	ADV
ajfa-1783	95	18	considered	consider	VERB
ajfa-1783	95	19	as	as	ADP
ajfa-1783	95	20	one	one	NUM
ajfa-1783	95	21	appropriate	appropriate	ADJ
ajfa-1783	95	22	method	method	NOUN
ajfa-1783	95	23	to	to	PART
ajfa-1783	95	24	alleviate	alleviate	VERB
ajfa-1783	95	25	the	the	DET
ajfa-1783	95	26	agency	agency	NOUN
ajfa-1783	95	27	problems	problem	NOUN
ajfa-1783	95	28	asian	asian	PROPN
ajfa-1783	95	29	journal	journal	PROPN
ajfa-1783	95	30	of	of	ADP
ajfa-1783	95	31	finance	finance	PROPN
ajfa-1783	95	32	&	&	CCONJ
ajfa-1783	95	33	accounting	accounting	PROPN
ajfa-1783	95	34	issn	issn	PROPN
ajfa-1783	95	35	1946	1946	NUM
ajfa-1783	95	36	-	-	PUNCT
ajfa-1783	95	37	052x	052x	NOUN
ajfa-1783	95	38	2012	2012	NUM
ajfa-1783	95	39	,	,	PUNCT
ajfa-1783	95	40	vol	vol	NOUN
ajfa-1783	95	41	.	.	PROPN
ajfa-1783	96	1	4	4	NUM
ajfa-1783	96	2	,	,	PUNCT
ajfa-1783	96	3	no	no	INTJ
ajfa-1783	96	4	.	.	NOUN
ajfa-1783	96	5	1	1	NUM
ajfa-1783	96	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1783	96	7	364	364	NUM
ajfa-1783	96	8	(	(	PUNCT
ajfa-1783	96	9	rozeff	rozeff	NOUN
ajfa-1783	96	10	,	,	PUNCT
ajfa-1783	96	11	1982	1982	NUM
ajfa-1783	96	12	;	;	PUNCT
ajfa-1783	96	13	easterbrook	easterbrook	NOUN
ajfa-1783	96	14	,	,	PUNCT
ajfa-1783	96	15	1984	1984	NUM
ajfa-1783	96	16	)	)	PUNCT
ajfa-1783	96	17	.	.	PUNCT
ajfa-1783	97	1	dividends	dividend	NOUN
ajfa-1783	97	2	reduce	reduce	VERB
ajfa-1783	97	3	the	the	DET
ajfa-1783	97	4	amount	amount	NOUN
ajfa-1783	97	5	of	of	ADP
ajfa-1783	97	6	cash	cash	NOUN
ajfa-1783	97	7	available	available	ADJ
ajfa-1783	97	8	for	for	SCONJ
ajfa-1783	97	9	management	management	NOUN
ajfa-1783	97	10	to	to	PART
ajfa-1783	97	11	use	use	VERB
ajfa-1783	97	12	for	for	ADP
ajfa-1783	97	13	purposes	purpose	NOUN
ajfa-1783	97	14	other	other	ADJ
ajfa-1783	97	15	than	than	ADP
ajfa-1783	97	16	maximizing	maximize	VERB
ajfa-1783	97	17	firm	firm	ADJ
ajfa-1783	97	18	performance	performance	NOUN
ajfa-1783	97	19	(	(	PUNCT
ajfa-1783	97	20	jensen	jensen	PROPN
ajfa-1783	97	21	,	,	PUNCT
ajfa-1783	97	22	1986	1986	NUM
ajfa-1783	97	23	)	)	PUNCT
ajfa-1783	97	24	.	.	PUNCT
ajfa-1783	98	1	as	as	ADP
ajfa-1783	98	2	a	a	DET
ajfa-1783	98	3	result	result	NOUN
ajfa-1783	98	4	,	,	PUNCT
ajfa-1783	98	5	dividends	dividend	NOUN
ajfa-1783	98	6	can	can	AUX
ajfa-1783	98	7	be	be	AUX
ajfa-1783	98	8	interpreted	interpret	VERB
ajfa-1783	98	9	as	as	ADP
ajfa-1783	98	10	acting	act	VERB
ajfa-1783	98	11	as	as	ADP
ajfa-1783	98	12	a	a	DET
ajfa-1783	98	13	tool	tool	NOUN
ajfa-1783	98	14	in	in	ADP
ajfa-1783	98	15	reducing	reduce	VERB
ajfa-1783	98	16	agency	agency	NOUN
ajfa-1783	98	17	problems	problem	NOUN
ajfa-1783	98	18	.	.	PUNCT
ajfa-1783	99	1	corporate	corporate	ADJ
ajfa-1783	99	2	governance	governance	NOUN
ajfa-1783	99	3	policies	policy	NOUN
ajfa-1783	99	4	that	that	PRON
ajfa-1783	99	5	seek	seek	VERB
ajfa-1783	99	6	consistent	consistent	ADJ
ajfa-1783	99	7	dividend	dividend	NOUN
ajfa-1783	99	8	discipline	discipline	NOUN
ajfa-1783	99	9	may	may	AUX
ajfa-1783	99	10	be	be	AUX
ajfa-1783	99	11	developed	develop	VERB
ajfa-1783	99	12	to	to	PART
ajfa-1783	99	13	avoid	avoid	VERB
ajfa-1783	99	14	disciplining	discipline	VERB
ajfa-1783	99	15	action	action	NOUN
ajfa-1783	99	16	by	by	ADP
ajfa-1783	99	17	shareholders	shareholder	NOUN
ajfa-1783	99	18	(	(	PUNCT
ajfa-1783	99	19	myers	myer	NOUN
ajfa-1783	99	20	,	,	PUNCT
ajfa-1783	99	21	2000	2000	NUM
ajfa-1783	99	22	)	)	PUNCT
ajfa-1783	99	23	.	.	PUNCT
ajfa-1783	100	1	setia	setia	PROPN
ajfa-1783	100	2	-	-	PUNCT
ajfa-1783	100	3	atmaja	atmaja	PROPN
ajfa-1783	100	4	(	(	PUNCT
ajfa-1783	100	5	2010	2010	NUM
ajfa-1783	100	6	)	)	PUNCT
ajfa-1783	100	7	found	find	VERB
ajfa-1783	100	8	a	a	DET
ajfa-1783	100	9	relationship	relationship	NOUN
ajfa-1783	100	10	between	between	ADP
ajfa-1783	100	11	board	board	NOUN
ajfa-1783	100	12	independence	independence	NOUN
ajfa-1783	100	13	,	,	PUNCT
ajfa-1783	100	14	dividends	dividend	NOUN
ajfa-1783	100	15	,	,	PUNCT
ajfa-1783	100	16	and	and	CCONJ
ajfa-1783	100	17	countries	country	NOUN
ajfa-1783	100	18	with	with	ADP
ajfa-1783	100	19	strong	strong	ADJ
ajfa-1783	100	20	legal	legal	ADJ
ajfa-1783	100	21	shareholder	shareholder	NOUN
ajfa-1783	100	22	protection	protection	NOUN
ajfa-1783	100	23	;	;	PUNCT
ajfa-1783	100	24	in	in	ADP
ajfa-1783	100	25	particular	particular	ADJ
ajfa-1783	100	26	,	,	PUNCT
ajfa-1783	100	27	setia	setia	PROPN
ajfa-1783	100	28	-	-	PUNCT
ajfa-1783	100	29	atmaja	atmaja	PROPN
ajfa-1783	100	30	found	find	VERB
ajfa-1783	100	31	that	that	SCONJ
ajfa-1783	100	32	a	a	DET
ajfa-1783	100	33	higher	high	ADJ
ajfa-1783	100	34	proportion	proportion	NOUN
ajfa-1783	100	35	of	of	ADP
ajfa-1783	100	36	independent	independent	ADJ
ajfa-1783	100	37	directors	director	NOUN
ajfa-1783	100	38	are	be	AUX
ajfa-1783	100	39	likely	likely	ADJ
ajfa-1783	100	40	to	to	PART
ajfa-1783	100	41	influence	influence	VERB
ajfa-1783	100	42	a	a	DET
ajfa-1783	100	43	firm	firm	NOUN
ajfa-1783	100	44	’s	’s	PART
ajfa-1783	100	45	dividend	dividend	NOUN
ajfa-1783	100	46	policy	policy	NOUN
ajfa-1783	100	47	and	and	CCONJ
ajfa-1783	100	48	as	as	ADP
ajfa-1783	100	49	a	a	DET
ajfa-1783	100	50	result	result	NOUN
ajfa-1783	100	51	complementary	complementary	ADJ
ajfa-1783	100	52	governance	governance	NOUN
ajfa-1783	100	53	mechanisms	mechanism	NOUN
ajfa-1783	100	54	.	.	PUNCT
ajfa-1783	101	1	easterbrook	easterbrook	PROPN
ajfa-1783	101	2	(	(	PUNCT
ajfa-1783	101	3	1984	1984	NUM
ajfa-1783	101	4	)	)	PUNCT
ajfa-1783	101	5	suggests	suggest	VERB
ajfa-1783	101	6	that	that	SCONJ
ajfa-1783	101	7	dividends	dividend	NOUN
ajfa-1783	101	8	may	may	AUX
ajfa-1783	101	9	keep	keep	VERB
ajfa-1783	101	10	firms	firm	NOUN
ajfa-1783	101	11	in	in	ADP
ajfa-1783	101	12	the	the	DET
ajfa-1783	101	13	capital	capital	NOUN
ajfa-1783	101	14	market	market	NOUN
ajfa-1783	101	15	,	,	PUNCT
ajfa-1783	101	16	where	where	SCONJ
ajfa-1783	101	17	monitoring	monitoring	NOUN
ajfa-1783	101	18	of	of	ADP
ajfa-1783	101	19	managers	manager	NOUN
ajfa-1783	101	20	is	be	AUX
ajfa-1783	101	21	available	available	ADJ
ajfa-1783	101	22	at	at	ADP
ajfa-1783	101	23	lower	low	ADJ
ajfa-1783	101	24	costs	cost	NOUN
ajfa-1783	101	25	,	,	PUNCT
ajfa-1783	101	26	and	and	CCONJ
ajfa-1783	101	27	any	any	DET
ajfa-1783	101	28	dividend	dividend	NOUN
ajfa-1783	101	29	policy	policy	NOUN
ajfa-1783	101	30	should	should	AUX
ajfa-1783	101	31	be	be	AUX
ajfa-1783	101	32	designed	design	VERB
ajfa-1783	101	33	to	to	PART
ajfa-1783	101	34	minimise	minimise	VERB
ajfa-1783	101	35	the	the	DET
ajfa-1783	101	36	agency	agency	NOUN
ajfa-1783	101	37	costs	cost	NOUN
ajfa-1783	101	38	.	.	PUNCT
ajfa-1783	102	1	similarly	similarly	ADV
ajfa-1783	102	2	,	,	PUNCT
ajfa-1783	102	3	la	la	PROPN
ajfa-1783	102	4	porta	porta	NOUN
ajfa-1783	102	5	,	,	PUNCT
ajfa-1783	102	6	lopez	lopez	NOUN
ajfa-1783	102	7	-	-	PUNCT
ajfa-1783	102	8	de	de	NOUN
ajfa-1783	102	9	-	-	NOUN
ajfa-1783	102	10	silanes	silane	NOUN
ajfa-1783	102	11	,	,	PUNCT
ajfa-1783	102	12	shleifer	shleifer	NOUN
ajfa-1783	102	13	and	and	CCONJ
ajfa-1783	102	14	vishny	vishny	PROPN
ajfa-1783	102	15	(	(	PUNCT
ajfa-1783	102	16	2000	2000	NUM
ajfa-1783	102	17	)	)	PUNCT
ajfa-1783	102	18	affirm	affirm	NOUN
ajfa-1783	102	19	that	that	PRON
ajfa-1783	102	20	dividend	dividend	NOUN
ajfa-1783	102	21	payments	payment	NOUN
ajfa-1783	102	22	play	play	VERB
ajfa-1783	102	23	a	a	DET
ajfa-1783	102	24	basic	basic	ADJ
ajfa-1783	102	25	role	role	NOUN
ajfa-1783	102	26	in	in	ADP
ajfa-1783	102	27	limiting	limit	VERB
ajfa-1783	102	28	insider	insider	NOUN
ajfa-1783	102	29	expropriation	expropriation	NOUN
ajfa-1783	102	30	because	because	SCONJ
ajfa-1783	102	31	dividends	dividend	NOUN
ajfa-1783	102	32	reduce	reduce	VERB
ajfa-1783	102	33	the	the	DET
ajfa-1783	102	34	free	free	ADJ
ajfa-1783	102	35	cash	cash	NOUN
ajfa-1783	102	36	flow	flow	NOUN
ajfa-1783	102	37	that	that	PRON
ajfa-1783	102	38	might	might	AUX
ajfa-1783	102	39	be	be	AUX
ajfa-1783	102	40	used	use	VERB
ajfa-1783	102	41	for	for	ADP
ajfa-1783	102	42	under	under	ADP
ajfa-1783	102	43	-	-	PUNCT
ajfa-1783	102	44	investment	investment	NOUN
ajfa-1783	102	45	projects	project	NOUN
ajfa-1783	102	46	.	.	PUNCT
ajfa-1783	103	1	however	however	ADV
ajfa-1783	103	2	,	,	PUNCT
ajfa-1783	103	3	the	the	DET
ajfa-1783	103	4	use	use	NOUN
ajfa-1783	103	5	of	of	ADP
ajfa-1783	103	6	dividends	dividend	NOUN
ajfa-1783	103	7	is	be	AUX
ajfa-1783	103	8	not	not	PART
ajfa-1783	103	9	costless	costless	ADJ
ajfa-1783	103	10	,	,	PUNCT
ajfa-1783	103	11	in	in	SCONJ
ajfa-1783	103	12	that	that	SCONJ
ajfa-1783	103	13	the	the	DET
ajfa-1783	103	14	dividend	dividend	NOUN
ajfa-1783	103	15	payment	payment	NOUN
ajfa-1783	103	16	increases	increase	VERB
ajfa-1783	103	17	the	the	DET
ajfa-1783	103	18	chance	chance	NOUN
ajfa-1783	103	19	of	of	ADP
ajfa-1783	103	20	external	external	ADJ
ajfa-1783	103	21	equity	equity	NOUN
ajfa-1783	103	22	financing	financing	NOUN
ajfa-1783	103	23	which	which	PRON
ajfa-1783	103	24	involve	involve	VERB
ajfa-1783	103	25	having	have	VERB
ajfa-1783	103	26	substantial	substantial	ADJ
ajfa-1783	103	27	floatation	floatation	NOUN
ajfa-1783	103	28	costs	cost	NOUN
ajfa-1783	103	29	to	to	PART
ajfa-1783	103	30	be	be	AUX
ajfa-1783	103	31	paid	pay	VERB
ajfa-1783	103	32	(	(	PUNCT
ajfa-1783	103	33	crutchley	crutchley	PROPN
ajfa-1783	103	34	&	&	CCONJ
ajfa-1783	103	35	hansen	hansen	PROPN
ajfa-1783	103	36	,	,	PUNCT
ajfa-1783	103	37	1989).in	1989).in	NUM
ajfa-1783	103	38	addition	addition	NOUN
ajfa-1783	103	39	,	,	PUNCT
ajfa-1783	103	40	dividend	dividend	NOUN
ajfa-1783	103	41	payments	payment	NOUN
ajfa-1783	103	42	do	do	AUX
ajfa-1783	103	43	not	not	PART
ajfa-1783	103	44	carry	carry	VERB
ajfa-1783	103	45	the	the	DET
ajfa-1783	103	46	same	same	ADJ
ajfa-1783	103	47	legally	legally	ADV
ajfa-1783	103	48	binding	bind	VERB
ajfa-1783	103	49	obligation	obligation	NOUN
ajfa-1783	103	50	to	to	PART
ajfa-1783	103	51	make	make	VERB
ajfa-1783	103	52	payments	payment	NOUN
ajfa-1783	103	53	as	as	ADP
ajfa-1783	103	54	debt	debt	NOUN
ajfa-1783	103	55	,	,	PUNCT
ajfa-1783	103	56	making	make	VERB
ajfa-1783	103	57	them	they	PRON
ajfa-1783	103	58	a	a	DET
ajfa-1783	103	59	less	less	ADV
ajfa-1783	103	60	efficient	efficient	ADJ
ajfa-1783	103	61	means	mean	NOUN
ajfa-1783	103	62	of	of	ADP
ajfa-1783	103	63	forcing	force	VERB
ajfa-1783	103	64	managers	manager	NOUN
ajfa-1783	103	65	to	to	PART
ajfa-1783	103	66	pay	pay	VERB
ajfa-1783	103	67	out	out	ADP
ajfa-1783	103	68	cash	cash	NOUN
ajfa-1783	103	69	-	-	PUNCT
ajfa-1783	103	70	flows	flow	NOUN
ajfa-1783	103	71	.	.	PUNCT
ajfa-1783	104	1	in	in	ADP
ajfa-1783	104	2	new	new	PROPN
ajfa-1783	104	3	zealand	zealand	PROPN
ajfa-1783	104	4	,	,	PUNCT
ajfa-1783	104	5	the	the	DET
ajfa-1783	104	6	effect	effect	NOUN
ajfa-1783	104	7	of	of	ADP
ajfa-1783	104	8	dividend	dividend	NOUN
ajfa-1783	104	9	policy	policy	NOUN
ajfa-1783	104	10	can	can	AUX
ajfa-1783	104	11	be	be	AUX
ajfa-1783	104	12	directly	directly	ADV
ajfa-1783	104	13	used	use	VERB
ajfa-1783	104	14	as	as	ADP
ajfa-1783	104	15	a	a	DET
ajfa-1783	104	16	mechanism	mechanism	NOUN
ajfa-1783	104	17	to	to	PART
ajfa-1783	104	18	monitor	monitor	VERB
ajfa-1783	104	19	managers	manager	NOUN
ajfa-1783	104	20	’	'	PUNCT
ajfa-1783	104	21	behaviour	behaviour	NOUN
ajfa-1783	104	22	(	(	PUNCT
ajfa-1783	104	23	gunasekarageet	gunasekarageet	PROPN
ajfa-1783	104	24	al	al	PROPN
ajfa-1783	104	25	,	,	PUNCT
ajfa-1783	104	26	2006	2006	NUM
ajfa-1783	104	27	)	)	PUNCT
ajfa-1783	104	28	.	.	PUNCT
ajfa-1783	105	1	furthermore	furthermore	ADV
ajfa-1783	105	2	,	,	PUNCT
ajfa-1783	105	3	crutchley	crutchley	NOUN
ajfa-1783	105	4	and	and	CCONJ
ajfa-1783	105	5	hansen	hansen	NOUN
ajfa-1783	105	6	find	find	VERB
ajfa-1783	105	7	significant	significant	ADJ
ajfa-1783	105	8	impact	impact	NOUN
ajfa-1783	105	9	of	of	ADP
ajfa-1783	105	10	dividend	dividend	NOUN
ajfa-1783	105	11	in	in	ADP
ajfa-1783	105	12	controlling	control	VERB
ajfa-1783	105	13	agency	agency	NOUN
ajfa-1783	105	14	costs	cost	NOUN
ajfa-1783	105	15	.	.	PUNCT
ajfa-1783	106	1	the	the	DET
ajfa-1783	106	2	hypothesis	hypothesis	NOUN
ajfa-1783	106	3	regarding	regard	VERB
ajfa-1783	106	4	the	the	DET
ajfa-1783	106	5	dividend	dividend	NOUN
ajfa-1783	106	6	and	and	CCONJ
ajfa-1783	106	7	agency	agency	NOUN
ajfa-1783	106	8	costs	cost	NOUN
ajfa-1783	106	9	is	be	AUX
ajfa-1783	106	10	:	:	PUNCT
ajfa-1783	106	11	h04	h04	NOUN
ajfa-1783	106	12	:	:	PUNCT
ajfa-1783	106	13	the	the	DET
ajfa-1783	106	14	dividend	dividend	NOUN
ajfa-1783	106	15	payment	payment	NOUN
ajfa-1783	106	16	lowers	lower	VERB
ajfa-1783	106	17	the	the	DET
ajfa-1783	106	18	agency	agency	NOUN
ajfa-1783	106	19	costs	cost	NOUN
ajfa-1783	106	20	.	.	PUNCT
ajfa-1783	107	1	corporate	corporate	ADJ
ajfa-1783	107	2	governance	governance	NOUN
ajfa-1783	107	3	mechanisms	mechanism	NOUN
ajfa-1783	107	4	,	,	PUNCT
ajfa-1783	107	5	such	such	ADJ
ajfa-1783	107	6	as	as	ADP
ajfa-1783	107	7	the	the	DET
ajfa-1783	107	8	number	number	NOUN
ajfa-1783	107	9	of	of	ADP
ajfa-1783	107	10	directors	director	NOUN
ajfa-1783	107	11	on	on	ADP
ajfa-1783	107	12	the	the	DET
ajfa-1783	107	13	board	board	NOUN
ajfa-1783	107	14	,	,	PUNCT
ajfa-1783	107	15	the	the	DET
ajfa-1783	107	16	number	number	NOUN
ajfa-1783	107	17	of	of	ADP
ajfa-1783	107	18	non	non	NOUN
ajfa-1783	107	19	-	-	NOUN
ajfa-1783	107	20	executives	executive	NOUN
ajfa-1783	107	21	on	on	ADP
ajfa-1783	107	22	the	the	DET
ajfa-1783	107	23	board	board	NOUN
ajfa-1783	107	24	,	,	PUNCT
ajfa-1783	107	25	the	the	DET
ajfa-1783	107	26	presence	presence	NOUN
ajfa-1783	107	27	of	of	ADP
ajfa-1783	107	28	audit	audit	NOUN
ajfa-1783	107	29	,	,	PUNCT
ajfa-1783	107	30	nomination	nomination	NOUN
ajfa-1783	107	31	,	,	PUNCT
ajfa-1783	107	32	and	and	CCONJ
ajfa-1783	107	33	remuneration	remuneration	NOUN
ajfa-1783	107	34	committee	committee	NOUN
ajfa-1783	107	35	on	on	ADP
ajfa-1783	107	36	the	the	DET
ajfa-1783	107	37	board	board	NOUN
ajfa-1783	107	38	,	,	PUNCT
ajfa-1783	107	39	play	play	VERB
ajfa-1783	107	40	significant	significant	ADJ
ajfa-1783	107	41	roles	role	NOUN
ajfa-1783	107	42	in	in	ADP
ajfa-1783	107	43	mitigating	mitigate	VERB
ajfa-1783	107	44	agency	agency	NOUN
ajfa-1783	107	45	costs	cost	NOUN
ajfa-1783	107	46	.	.	PUNCT
ajfa-1783	108	1	according	accord	VERB
ajfa-1783	108	2	to	to	ADP
ajfa-1783	108	3	lipton	lipton	PROPN
ajfa-1783	108	4	and	and	CCONJ
ajfa-1783	108	5	lorsch	lorsch	PROPN
ajfa-1783	108	6	(	(	PUNCT
ajfa-1783	108	7	1992	1992	NUM
ajfa-1783	108	8	)	)	PUNCT
ajfa-1783	108	9	that	that	SCONJ
ajfa-1783	108	10	the	the	DET
ajfa-1783	108	11	board	board	NOUN
ajfa-1783	108	12	size	size	NOUN
ajfa-1783	108	13	,	,	PUNCT
ajfa-1783	108	14	as	as	ADV
ajfa-1783	108	15	well	well	ADV
ajfa-1783	108	16	as	as	ADP
ajfa-1783	108	17	the	the	DET
ajfa-1783	108	18	number	number	NOUN
ajfa-1783	108	19	of	of	ADP
ajfa-1783	108	20	directors	director	NOUN
ajfa-1783	108	21	,	,	PUNCT
ajfa-1783	108	22	is	be	AUX
ajfa-1783	108	23	important	important	ADJ
ajfa-1783	108	24	because	because	SCONJ
ajfa-1783	108	25	the	the	DET
ajfa-1783	108	26	corporate	corporate	ADJ
ajfa-1783	108	27	productivity	productivity	NOUN
ajfa-1783	108	28	will	will	AUX
ajfa-1783	108	29	decline	decline	VERB
ajfa-1783	108	30	with	with	ADP
ajfa-1783	108	31	a	a	DET
ajfa-1783	108	32	large	large	ADJ
ajfa-1783	108	33	number	number	NOUN
ajfa-1783	108	34	of	of	ADP
ajfa-1783	108	35	board	board	NOUN
ajfa-1783	108	36	directors	director	NOUN
ajfa-1783	108	37	.	.	PUNCT
ajfa-1783	109	1	when	when	SCONJ
ajfa-1783	109	2	board	board	NOUN
ajfa-1783	109	3	size	size	NOUN
ajfa-1783	109	4	is	be	AUX
ajfa-1783	109	5	large	large	ADJ
ajfa-1783	109	6	,	,	PUNCT
ajfa-1783	109	7	it	it	PRON
ajfa-1783	109	8	is	be	AUX
ajfa-1783	109	9	difficult	difficult	ADJ
ajfa-1783	109	10	to	to	PART
ajfa-1783	109	11	harmonise	harmonise	VERB
ajfa-1783	109	12	the	the	DET
ajfa-1783	109	13	conflicts	conflict	NOUN
ajfa-1783	109	14	among	among	ADP
ajfa-1783	109	15	directors	director	NOUN
ajfa-1783	109	16	,	,	PUNCT
ajfa-1783	109	17	which	which	PRON
ajfa-1783	109	18	leads	lead	VERB
ajfa-1783	109	19	to	to	ADP
ajfa-1783	109	20	not	not	PART
ajfa-1783	109	21	only	only	ADV
ajfa-1783	109	22	principal	principal	ADJ
ajfa-1783	109	23	-	-	PUNCT
ajfa-1783	109	24	principal	principal	NOUN
ajfa-1783	109	25	costs	cost	NOUN
ajfa-1783	109	26	but	but	CCONJ
ajfa-1783	109	27	also	also	ADV
ajfa-1783	109	28	principal	principal	ADJ
ajfa-1783	109	29	-	-	PUNCT
ajfa-1783	109	30	agent	agent	NOUN
ajfa-1783	109	31	costs	cost	NOUN
ajfa-1783	109	32	.	.	PUNCT
ajfa-1783	110	1	yermack	yermack	NOUN
ajfa-1783	110	2	(	(	PUNCT
ajfa-1783	110	3	1996	1996	NUM
ajfa-1783	110	4	)	)	PUNCT
ajfa-1783	110	5	and	and	CCONJ
ajfa-1783	110	6	eisendberg	eisendberg	PROPN
ajfa-1783	110	7	,	,	PUNCT
ajfa-1783	110	8	sundgren	sundgren	NOUN
ajfa-1783	110	9	,	,	PUNCT
ajfa-1783	110	10	and	and	CCONJ
ajfa-1783	110	11	wells	wells	PROPN
ajfa-1783	110	12	(	(	PUNCT
ajfa-1783	110	13	1998	1998	NUM
ajfa-1783	110	14	)	)	PUNCT
ajfa-1783	110	15	find	find	VERB
ajfa-1783	110	16	a	a	DET
ajfa-1783	110	17	negative	negative	ADJ
ajfa-1783	110	18	relationship	relationship	NOUN
ajfa-1783	110	19	between	between	ADP
ajfa-1783	110	20	board	board	NOUN
ajfa-1783	110	21	size	size	NOUN
ajfa-1783	110	22	and	and	CCONJ
ajfa-1783	110	23	firm	firm	ADJ
ajfa-1783	110	24	performance	performance	NOUN
ajfa-1783	110	25	.	.	PUNCT
ajfa-1783	111	1	larger	large	ADJ
ajfa-1783	111	2	boards	board	NOUN
ajfa-1783	111	3	are	be	AUX
ajfa-1783	111	4	likely	likely	ADJ
ajfa-1783	111	5	to	to	PART
ajfa-1783	111	6	have	have	VERB
ajfa-1783	111	7	higher	high	ADJ
ajfa-1783	111	8	coordination	coordination	NOUN
ajfa-1783	111	9	costs	cost	NOUN
ajfa-1783	111	10	,	,	PUNCT
ajfa-1783	111	11	which	which	PRON
ajfa-1783	111	12	reduce	reduce	VERB
ajfa-1783	111	13	their	their	PRON
ajfa-1783	111	14	ability	ability	NOUN
ajfa-1783	111	15	to	to	PART
ajfa-1783	111	16	effectively	effectively	ADV
ajfa-1783	111	17	monitor	monitor	VERB
ajfa-1783	111	18	management	management	NOUN
ajfa-1783	111	19	,	,	PUNCT
ajfa-1783	111	20	hence	hence	ADV
ajfa-1783	111	21	increase	increase	VERB
ajfa-1783	111	22	agency	agency	NOUN
ajfa-1783	111	23	costs	cost	NOUN
ajfa-1783	111	24	.	.	PUNCT
ajfa-1783	112	1	the	the	DET
ajfa-1783	112	2	hypothesis	hypothesis	NOUN
ajfa-1783	112	3	regarding	regard	VERB
ajfa-1783	112	4	the	the	DET
ajfa-1783	112	5	board	board	NOUN
ajfa-1783	112	6	size	size	NOUN
ajfa-1783	112	7	and	and	CCONJ
ajfa-1783	112	8	agency	agency	NOUN
ajfa-1783	112	9	costs	cost	NOUN
ajfa-1783	112	10	is	be	AUX
ajfa-1783	112	11	:	:	PUNCT
ajfa-1783	112	12	h05	h05	PROPN
ajfa-1783	112	13	:	:	PUNCT
ajfa-1783	112	14	the	the	DET
ajfa-1783	112	15	higher	high	ADJ
ajfa-1783	112	16	board	board	NOUN
ajfa-1783	112	17	of	of	ADP
ajfa-1783	112	18	directors	director	NOUN
ajfa-1783	112	19	,	,	PUNCT
ajfa-1783	112	20	the	the	PRON
ajfa-1783	112	21	lower	low	ADJ
ajfa-1783	112	22	the	the	DET
ajfa-1783	112	23	agency	agency	NOUN
ajfa-1783	112	24	costs	cost	NOUN
ajfa-1783	112	25	.	.	PUNCT
ajfa-1783	113	1	the	the	DET
ajfa-1783	113	2	positive	positive	ADJ
ajfa-1783	113	3	role	role	NOUN
ajfa-1783	113	4	of	of	ADP
ajfa-1783	113	5	outside	outside	ADJ
ajfa-1783	113	6	directors	director	NOUN
ajfa-1783	113	7	on	on	ADP
ajfa-1783	113	8	company	company	NOUN
ajfa-1783	113	9	boards	board	NOUN
ajfa-1783	113	10	with	with	ADP
ajfa-1783	113	11	respect	respect	NOUN
ajfa-1783	113	12	to	to	ADP
ajfa-1783	113	13	particular	particular	ADJ
ajfa-1783	113	14	discrete	discrete	ADJ
ajfa-1783	113	15	tasks	task	NOUN
ajfa-1783	113	16	has	have	AUX
ajfa-1783	113	17	been	be	AUX
ajfa-1783	113	18	explored	explore	VERB
ajfa-1783	113	19	with	with	ADP
ajfa-1783	113	20	respect	respect	NOUN
ajfa-1783	113	21	to	to	ADP
ajfa-1783	113	22	disciplining	discipline	VERB
ajfa-1783	113	23	poorly	poorly	ADV
ajfa-1783	113	24	performing	perform	VERB
ajfa-1783	113	25	top	top	ADJ
ajfa-1783	113	26	management	management	NOUN
ajfa-1783	113	27	.	.	PUNCT
ajfa-1783	114	1	numerous	numerous	ADJ
ajfa-1783	114	2	studies	study	NOUN
ajfa-1783	114	3	suggest	suggest	VERB
ajfa-1783	114	4	that	that	SCONJ
ajfa-1783	114	5	non	non	ADJ
ajfa-1783	114	6	-	-	ADJ
ajfa-1783	114	7	executive	executive	ADJ
ajfa-1783	114	8	directors	director	NOUN
ajfa-1783	114	9	have	have	VERB
ajfa-1783	114	10	a	a	DET
ajfa-1783	114	11	positive	positive	ADJ
ajfa-1783	114	12	effect	effect	NOUN
ajfa-1783	114	13	and	and	CCONJ
ajfa-1783	114	14	find	find	VERB
ajfa-1783	114	15	that	that	SCONJ
ajfa-1783	114	16	boards	board	NOUN
ajfa-1783	114	17	dominated	dominate	VERB
ajfa-1783	114	18	by	by	ADP
ajfa-1783	114	19	non	non	ADJ
ajfa-1783	114	20	-	-	ADJ
ajfa-1783	114	21	executive	executive	ADJ
ajfa-1783	114	22	directors	director	NOUN
ajfa-1783	114	23	are	be	AUX
ajfa-1783	114	24	more	more	ADV
ajfa-1783	114	25	likely	likely	ADJ
ajfa-1783	114	26	to	to	PART
ajfa-1783	114	27	act	act	VERB
ajfa-1783	114	28	in	in	ADP
ajfa-1783	114	29	shareholders	shareholder	NOUN
ajfa-1783	114	30	’	'	PUNCT
ajfa-1783	114	31	best	good	ADJ
ajfa-1783	114	32	interests	interest	NOUN
ajfa-1783	114	33	,	,	PUNCT
ajfa-1783	114	34	and	and	CCONJ
ajfa-1783	114	35	more	more	ADV
ajfa-1783	114	36	independent	independent	ADJ
ajfa-1783	114	37	boards	board	NOUN
ajfa-1783	114	38	improve	improve	VERB
ajfa-1783	114	39	performance	performance	NOUN
ajfa-1783	114	40	through	through	ADP
ajfa-1783	114	41	better	well	ADJ
ajfa-1783	114	42	monitoring	monitoring	NOUN
ajfa-1783	114	43	of	of	ADP
ajfa-1783	114	44	asian	asian	ADJ
ajfa-1783	114	45	journal	journal	NOUN
ajfa-1783	114	46	of	of	ADP
ajfa-1783	114	47	finance	finance	PROPN
ajfa-1783	114	48	&	&	CCONJ
ajfa-1783	114	49	accounting	accounting	PROPN
ajfa-1783	114	50	issn	issn	PROPN
ajfa-1783	114	51	1946	1946	NUM
ajfa-1783	114	52	-	-	PUNCT
ajfa-1783	114	53	052x	052x	NOUN
ajfa-1783	114	54	2012	2012	NUM
ajfa-1783	114	55	,	,	PUNCT
ajfa-1783	114	56	vol	vol	NOUN
ajfa-1783	114	57	.	.	PROPN
ajfa-1783	115	1	4	4	NUM
ajfa-1783	115	2	,	,	PUNCT
ajfa-1783	115	3	no	no	INTJ
ajfa-1783	115	4	.	.	NOUN
ajfa-1783	115	5	1	1	NUM
ajfa-1783	115	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1783	115	7	365	365	NUM
ajfa-1783	115	8	management	management	NOUN
ajfa-1783	115	9	(	(	PUNCT
ajfa-1783	115	10	borokhovich	borokhovich	NOUN
ajfa-1783	115	11	,	,	PUNCT
ajfa-1783	115	12	parrino	parrino	NOUN
ajfa-1783	115	13	,	,	PUNCT
ajfa-1783	115	14	&	&	CCONJ
ajfa-1783	115	15	trapani	trapani	PROPN
ajfa-1783	115	16	1996	1996	NUM
ajfa-1783	115	17	;	;	PUNCT
ajfa-1783	115	18	hermalin	hermalin	NOUN
ajfa-1783	115	19	&	&	CCONJ
ajfa-1783	115	20	weisbach	weisbach	NOUN
ajfa-1783	115	21	,	,	PUNCT
ajfa-1783	115	22	1988	1988	NUM
ajfa-1783	115	23	)	)	PUNCT
ajfa-1783	115	24	.	.	PUNCT
ajfa-1783	116	1	agrawal	agrawal	PROPN
ajfa-1783	116	2	and	and	CCONJ
ajfa-1783	116	3	knoeber	knoeber	NOUN
ajfa-1783	116	4	(	(	PUNCT
ajfa-1783	116	5	1996	1996	NUM
ajfa-1783	116	6	)	)	PUNCT
ajfa-1783	116	7	,	,	PUNCT
ajfa-1783	116	8	klein	klein	PROPN
ajfa-1783	116	9	(	(	PUNCT
ajfa-1783	116	10	1998	1998	NUM
ajfa-1783	116	11	)	)	PUNCT
ajfa-1783	116	12	and	and	CCONJ
ajfa-1783	116	13	bhagat	bhagat	PROPN
ajfa-1783	116	14	and	and	CCONJ
ajfa-1783	116	15	black	black	ADJ
ajfa-1783	116	16	(	(	PUNCT
ajfa-1783	116	17	2002	2002	NUM
ajfa-1783	116	18	)	)	PUNCT
ajfa-1783	116	19	find	find	VERB
ajfa-1783	116	20	a	a	DET
ajfa-1783	116	21	negative	negative	ADJ
ajfa-1783	116	22	relation	relation	NOUN
ajfa-1783	116	23	between	between	ADP
ajfa-1783	116	24	board	board	NOUN
ajfa-1783	116	25	independence	independence	NOUN
ajfa-1783	116	26	and	and	CCONJ
ajfa-1783	116	27	performance	performance	NOUN
ajfa-1783	116	28	.	.	PUNCT
ajfa-1783	117	1	in	in	ADP
ajfa-1783	117	2	contrast	contrast	NOUN
ajfa-1783	117	3	,	,	PUNCT
ajfa-1783	117	4	hermalin	hermalin	NOUN
ajfa-1783	117	5	and	and	CCONJ
ajfa-1783	117	6	weisbach	weisbach	NOUN
ajfa-1783	117	7	(	(	PUNCT
ajfa-1783	117	8	1991	1991	NUM
ajfa-1783	117	9	)	)	PUNCT
ajfa-1783	117	10	and	and	CCONJ
ajfa-1783	117	11	mehran	mehran	PROPN
ajfa-1783	117	12	(	(	PUNCT
ajfa-1783	117	13	1995	1995	NUM
ajfa-1783	117	14	)	)	PUNCT
ajfa-1783	117	15	find	find	VERB
ajfa-1783	117	16	no	no	DET
ajfa-1783	117	17	relation	relation	NOUN
ajfa-1783	117	18	between	between	ADP
ajfa-1783	117	19	board	board	NOUN
ajfa-1783	117	20	independence	independence	NOUN
ajfa-1783	117	21	and	and	CCONJ
ajfa-1783	117	22	performance	performance	NOUN
ajfa-1783	117	23	.	.	PUNCT
ajfa-1783	118	1	the	the	DET
ajfa-1783	118	2	hypothesis	hypothesis	NOUN
ajfa-1783	118	3	regarding	regard	VERB
ajfa-1783	118	4	the	the	DET
ajfa-1783	118	5	number	number	NOUN
ajfa-1783	118	6	of	of	ADP
ajfa-1783	118	7	non	non	ADJ
ajfa-1783	118	8	-	-	ADJ
ajfa-1783	118	9	executive	executive	ADJ
ajfa-1783	118	10	directors	director	NOUN
ajfa-1783	118	11	on	on	ADP
ajfa-1783	118	12	the	the	DET
ajfa-1783	118	13	board	board	NOUN
ajfa-1783	118	14	and	and	CCONJ
ajfa-1783	118	15	agency	agency	NOUN
ajfa-1783	118	16	costs	cost	NOUN
ajfa-1783	118	17	is	be	AUX
ajfa-1783	118	18	:	:	PUNCT
ajfa-1783	118	19	h06	h06	NOUN
ajfa-1783	118	20	:	:	PUNCT
ajfa-1783	118	21	the	the	PRON
ajfa-1783	118	22	higher	high	ADJ
ajfa-1783	118	23	the	the	DET
ajfa-1783	118	24	percentage	percentage	NOUN
ajfa-1783	118	25	of	of	ADP
ajfa-1783	118	26	non	non	ADJ
ajfa-1783	118	27	-	-	ADJ
ajfa-1783	118	28	executive	executive	ADJ
ajfa-1783	118	29	directors	director	NOUN
ajfa-1783	118	30	on	on	ADP
ajfa-1783	118	31	the	the	DET
ajfa-1783	118	32	board	board	NOUN
ajfa-1783	118	33	,	,	PUNCT
ajfa-1783	118	34	the	the	PRON
ajfa-1783	118	35	lower	low	ADJ
ajfa-1783	118	36	the	the	DET
ajfa-1783	118	37	agency	agency	NOUN
ajfa-1783	118	38	costs	cost	NOUN
ajfa-1783	118	39	.	.	PUNCT
ajfa-1783	119	1	board	board	NOUN
ajfa-1783	119	2	members	member	NOUN
ajfa-1783	119	3	are	be	AUX
ajfa-1783	119	4	also	also	ADV
ajfa-1783	119	5	part	part	NOUN
ajfa-1783	119	6	of	of	ADP
ajfa-1783	119	7	committees	committee	NOUN
ajfa-1783	119	8	;	;	PUNCT
ajfa-1783	119	9	therefore	therefore	ADV
ajfa-1783	119	10	,	,	PUNCT
ajfa-1783	119	11	it	it	PRON
ajfa-1783	119	12	is	be	AUX
ajfa-1783	119	13	beneficial	beneficial	ADJ
ajfa-1783	119	14	to	to	PART
ajfa-1783	119	15	examine	examine	VERB
ajfa-1783	119	16	various	various	ADJ
ajfa-1783	119	17	aspects	aspect	NOUN
ajfa-1783	119	18	of	of	ADP
ajfa-1783	119	19	committees	committee	NOUN
ajfa-1783	119	20	.	.	PUNCT
ajfa-1783	120	1	there	there	PRON
ajfa-1783	120	2	are	be	VERB
ajfa-1783	120	3	at	at	ADV
ajfa-1783	120	4	least	least	ADJ
ajfa-1783	120	5	three	three	NUM
ajfa-1783	120	6	committees	committee	NOUN
ajfa-1783	120	7	,	,	PUNCT
ajfa-1783	120	8	such	such	ADJ
ajfa-1783	120	9	as	as	ADP
ajfa-1783	120	10	audit	audit	NOUN
ajfa-1783	120	11	committee	committee	NOUN
ajfa-1783	120	12	,	,	PUNCT
ajfa-1783	120	13	nomination	nomination	NOUN
ajfa-1783	120	14	committee	committee	NOUN
ajfa-1783	120	15	and	and	CCONJ
ajfa-1783	120	16	remuneration	remuneration	NOUN
ajfa-1783	120	17	committee	committee	NOUN
ajfa-1783	120	18	,	,	PUNCT
ajfa-1783	120	19	and	and	CCONJ
ajfa-1783	120	20	mostly	mostly	ADV
ajfa-1783	120	21	,	,	PUNCT
ajfa-1783	120	22	the	the	DET
ajfa-1783	120	23	remuneration	remuneration	NOUN
ajfa-1783	120	24	committees	committee	NOUN
ajfa-1783	120	25	are	be	AUX
ajfa-1783	120	26	comprised	comprise	VERB
ajfa-1783	120	27	only	only	ADV
ajfa-1783	120	28	of	of	ADP
ajfa-1783	120	29	independent	independent	ADJ
ajfa-1783	120	30	directors	director	NOUN
ajfa-1783	120	31	in	in	ADP
ajfa-1783	120	32	order	order	NOUN
ajfa-1783	120	33	to	to	PART
ajfa-1783	120	34	increase	increase	VERB
ajfa-1783	120	35	their	their	PRON
ajfa-1783	120	36	neutrality	neutrality	NOUN
ajfa-1783	120	37	in	in	ADP
ajfa-1783	120	38	decision	decision	NOUN
ajfa-1783	120	39	making	making	NOUN
ajfa-1783	120	40	.	.	PUNCT
ajfa-1783	121	1	findings	finding	NOUN
ajfa-1783	121	2	from	from	ADP
ajfa-1783	121	3	this	this	DET
ajfa-1783	121	4	study	study	NOUN
ajfa-1783	121	5	will	will	AUX
ajfa-1783	121	6	improve	improve	VERB
ajfa-1783	121	7	our	our	PRON
ajfa-1783	121	8	understanding	understanding	NOUN
ajfa-1783	121	9	of	of	ADP
ajfa-1783	121	10	linkage	linkage	NOUN
ajfa-1783	121	11	between	between	ADP
ajfa-1783	121	12	committees	committee	NOUN
ajfa-1783	121	13	and	and	CCONJ
ajfa-1783	121	14	agency	agency	NOUN
ajfa-1783	121	15	problems	problem	NOUN
ajfa-1783	121	16	.	.	PUNCT
ajfa-1783	122	1	hence	hence	ADV
ajfa-1783	122	2	,	,	PUNCT
ajfa-1783	122	3	the	the	DET
ajfa-1783	122	4	audit	audit	NOUN
ajfa-1783	122	5	committee	committee	NOUN
ajfa-1783	122	6	and	and	CCONJ
ajfa-1783	122	7	the	the	DET
ajfa-1783	122	8	remuneration	remuneration	NOUN
ajfa-1783	122	9	committee	committee	NOUN
ajfa-1783	122	10	are	be	AUX
ajfa-1783	122	11	of	of	ADP
ajfa-1783	122	12	importance	importance	NOUN
ajfa-1783	122	13	to	to	PART
ajfa-1783	122	14	ensure	ensure	VERB
ajfa-1783	122	15	that	that	SCONJ
ajfa-1783	122	16	the	the	DET
ajfa-1783	122	17	financial	financial	ADJ
ajfa-1783	122	18	procedure	procedure	NOUN
ajfa-1783	122	19	is	be	AUX
ajfa-1783	122	20	carried	carry	VERB
ajfa-1783	122	21	out	out	ADP
ajfa-1783	122	22	well	well	ADV
ajfa-1783	122	23	and	and	CCONJ
ajfa-1783	122	24	the	the	DET
ajfa-1783	122	25	directors	director	NOUN
ajfa-1783	122	26	’	'	PUNCT
ajfa-1783	122	27	are	be	AUX
ajfa-1783	122	28	well	well	ADV
ajfa-1783	122	29	compensated	compensate	VERB
ajfa-1783	122	30	,	,	PUNCT
ajfa-1783	122	31	hence	hence	ADV
ajfa-1783	122	32	mitigating	mitigate	VERB
ajfa-1783	122	33	the	the	DET
ajfa-1783	122	34	agency	agency	NOUN
ajfa-1783	122	35	problems	problem	NOUN
ajfa-1783	122	36	.	.	PUNCT
ajfa-1783	123	1	felo	felo	ADJ
ajfa-1783	123	2	,	,	PUNCT
ajfa-1783	123	3	krishnamurthy	krishnamurthy	PROPN
ajfa-1783	123	4	and	and	CCONJ
ajfa-1783	123	5	soliery	soliery	NOUN
ajfa-1783	123	6	(	(	PUNCT
ajfa-1783	123	7	2003	2003	NUM
ajfa-1783	123	8	)	)	PUNCT
ajfa-1783	123	9	empirically	empirically	ADV
ajfa-1783	123	10	examine	examine	VERB
ajfa-1783	123	11	the	the	DET
ajfa-1783	123	12	relationship	relationship	NOUN
ajfa-1783	123	13	between	between	ADP
ajfa-1783	123	14	expertise	expertise	NOUN
ajfa-1783	123	15	,	,	PUNCT
ajfa-1783	123	16	independence	independence	NOUN
ajfa-1783	123	17	and	and	CCONJ
ajfa-1783	123	18	size	size	NOUN
ajfa-1783	123	19	of	of	ADP
ajfa-1783	123	20	the	the	DET
ajfa-1783	123	21	audit	audit	NOUN
ajfa-1783	123	22	committees	committee	NOUN
ajfa-1783	123	23	and	and	CCONJ
ajfa-1783	123	24	the	the	DET
ajfa-1783	123	25	quality	quality	NOUN
ajfa-1783	123	26	of	of	ADP
ajfa-1783	123	27	financial	financial	ADJ
ajfa-1783	123	28	reporting	reporting	NOUN
ajfa-1783	123	29	.	.	PUNCT
ajfa-1783	124	1	they	they	PRON
ajfa-1783	124	2	find	find	VERB
ajfa-1783	124	3	that	that	DET
ajfa-1783	124	4	expertise	expertise	NOUN
ajfa-1783	124	5	and	and	CCONJ
ajfa-1783	124	6	size	size	NOUN
ajfa-1783	124	7	are	be	AUX
ajfa-1783	124	8	positively	positively	ADV
ajfa-1783	124	9	related	relate	VERB
ajfa-1783	124	10	to	to	ADP
ajfa-1783	124	11	financial	financial	ADJ
ajfa-1783	124	12	reporting	reporting	NOUN
ajfa-1783	124	13	quality	quality	NOUN
ajfa-1783	124	14	but	but	CCONJ
ajfa-1783	124	15	are	be	AUX
ajfa-1783	124	16	not	not	PART
ajfa-1783	124	17	related	relate	VERB
ajfa-1783	124	18	to	to	ADP
ajfa-1783	124	19	the	the	DET
ajfa-1783	124	20	committee	committee	NOUN
ajfa-1783	124	21	’s	’s	PART
ajfa-1783	124	22	independence	independence	NOUN
ajfa-1783	124	23	.	.	PUNCT
ajfa-1783	125	1	they	they	PRON
ajfa-1783	125	2	state	state	VERB
ajfa-1783	125	3	that	that	SCONJ
ajfa-1783	125	4	given	give	VERB
ajfa-1783	125	5	the	the	DET
ajfa-1783	125	6	prior	prior	ADJ
ajfa-1783	125	7	evidence	evidence	NOUN
ajfa-1783	125	8	of	of	ADP
ajfa-1783	125	9	a	a	DET
ajfa-1783	125	10	negative	negative	ADJ
ajfa-1783	125	11	relationship	relationship	NOUN
ajfa-1783	125	12	between	between	ADP
ajfa-1783	125	13	financial	financial	ADJ
ajfa-1783	125	14	reporting	reporting	NOUN
ajfa-1783	125	15	quality	quality	NOUN
ajfa-1783	125	16	and	and	CCONJ
ajfa-1783	125	17	cost	cost	NOUN
ajfa-1783	125	18	of	of	ADP
ajfa-1783	125	19	capital	capital	NOUN
ajfa-1783	125	20	,	,	PUNCT
ajfa-1783	125	21	firms	firm	NOUN
ajfa-1783	125	22	could	could	AUX
ajfa-1783	125	23	improve	improve	VERB
ajfa-1783	125	24	their	their	PRON
ajfa-1783	125	25	reporting	reporting	NOUN
ajfa-1783	125	26	quality	quality	NOUN
ajfa-1783	125	27	by	by	ADP
ajfa-1783	125	28	appropriately	appropriately	ADV
ajfa-1783	125	29	structuring	structure	VERB
ajfa-1783	125	30	their	their	PRON
ajfa-1783	125	31	audit	audit	NOUN
ajfa-1783	125	32	committees	committee	NOUN
ajfa-1783	125	33	,	,	PUNCT
ajfa-1783	125	34	thus	thus	ADV
ajfa-1783	125	35	reducing	reduce	VERB
ajfa-1783	125	36	their	their	PRON
ajfa-1783	125	37	cost	cost	NOUN
ajfa-1783	125	38	of	of	ADP
ajfa-1783	125	39	capital	capital	NOUN
ajfa-1783	125	40	.	.	PUNCT
ajfa-1783	126	1	the	the	DET
ajfa-1783	126	2	presences	presence	NOUN
ajfa-1783	126	3	of	of	ADP
ajfa-1783	126	4	audit	audit	NOUN
ajfa-1783	126	5	committees	committee	NOUN
ajfa-1783	126	6	in	in	ADP
ajfa-1783	126	7	public	public	ADJ
ajfa-1783	126	8	corporate	corporate	ADJ
ajfa-1783	126	9	entities	entity	NOUN
ajfa-1783	126	10	have	have	VERB
ajfa-1783	126	11	a	a	DET
ajfa-1783	126	12	positive	positive	ADJ
ajfa-1783	126	13	effect	effect	NOUN
ajfa-1783	126	14	on	on	ADP
ajfa-1783	126	15	reducing	reduce	VERB
ajfa-1783	126	16	agency	agency	NOUN
ajfa-1783	126	17	cost	cost	NOUN
ajfa-1783	126	18	when	when	SCONJ
ajfa-1783	126	19	measured	measure	VERB
ajfa-1783	126	20	by	by	ADP
ajfa-1783	126	21	cost	cost	NOUN
ajfa-1783	126	22	to	to	ADP
ajfa-1783	126	23	revenue	revenue	NOUN
ajfa-1783	126	24	(	(	PUNCT
ajfa-1783	126	25	reddy	reddy	PROPN
ajfa-1783	126	26	,	,	PUNCT
ajfa-1783	126	27	locke	locke	PROPN
ajfa-1783	126	28	&	&	CCONJ
ajfa-1783	126	29	scrimgeour	scrimgeour	PROPN
ajfa-1783	126	30	,	,	PUNCT
ajfa-1783	126	31	2010	2010	NUM
ajfa-1783	126	32	)	)	PUNCT
ajfa-1783	126	33	.	.	PUNCT
ajfa-1783	127	1	furthermore	furthermore	ADV
ajfa-1783	127	2	,	,	PUNCT
ajfa-1783	127	3	an	an	DET
ajfa-1783	127	4	effective	effective	ADJ
ajfa-1783	127	5	nomination	nomination	NOUN
ajfa-1783	127	6	committee	committee	NOUN
ajfa-1783	127	7	should	should	AUX
ajfa-1783	127	8	ensure	ensure	VERB
ajfa-1783	127	9	the	the	DET
ajfa-1783	127	10	appointment	appointment	NOUN
ajfa-1783	127	11	of	of	ADP
ajfa-1783	127	12	non	non	ADJ
ajfa-1783	127	13	-	-	ADJ
ajfa-1783	127	14	executive	executive	ADJ
ajfa-1783	127	15	directors	director	NOUN
ajfa-1783	127	16	whose	whose	DET
ajfa-1783	127	17	interests	interest	NOUN
ajfa-1783	127	18	are	be	AUX
ajfa-1783	127	19	aligned	align	VERB
ajfa-1783	127	20	with	with	ADP
ajfa-1783	127	21	those	those	PRON
ajfa-1783	127	22	of	of	ADP
ajfa-1783	127	23	the	the	DET
ajfa-1783	127	24	shareholders	shareholder	NOUN
ajfa-1783	127	25	and	and	CCONJ
ajfa-1783	127	26	reduce	reduce	VERB
ajfa-1783	127	27	the	the	DET
ajfa-1783	127	28	agency	agency	NOUN
ajfa-1783	127	29	problems	problem	NOUN
ajfa-1783	127	30	.	.	PUNCT
ajfa-1783	128	1	the	the	DET
ajfa-1783	128	2	hypotheses	hypothesis	NOUN
ajfa-1783	128	3	regarding	regard	VERB
ajfa-1783	128	4	the	the	DET
ajfa-1783	128	5	audit	audit	NOUN
ajfa-1783	128	6	,	,	PUNCT
ajfa-1783	128	7	nomination	nomination	NOUN
ajfa-1783	128	8	and	and	CCONJ
ajfa-1783	128	9	remuneration	remuneration	NOUN
ajfa-1783	128	10	of	of	ADP
ajfa-1783	128	11	committees	committee	NOUN
ajfa-1783	128	12	and	and	CCONJ
ajfa-1783	128	13	agency	agency	NOUN
ajfa-1783	128	14	costs	cost	NOUN
ajfa-1783	128	15	are	be	AUX
ajfa-1783	128	16	:	:	PUNCT
ajfa-1783	128	17	h07	h07	ADJ
ajfa-1783	128	18	:	:	PUNCT
ajfa-1783	128	19	the	the	DET
ajfa-1783	128	20	presence	presence	NOUN
ajfa-1783	128	21	of	of	ADP
ajfa-1783	128	22	the	the	DET
ajfa-1783	128	23	audit	audit	NOUN
ajfa-1783	128	24	committee	committee	NOUN
ajfa-1783	128	25	on	on	ADP
ajfa-1783	128	26	the	the	DET
ajfa-1783	128	27	board	board	NOUN
ajfa-1783	128	28	lowers	lower	VERB
ajfa-1783	128	29	the	the	DET
ajfa-1783	128	30	agency	agency	NOUN
ajfa-1783	128	31	costs	cost	NOUN
ajfa-1783	128	32	.	.	PUNCT
ajfa-1783	129	1	h08	h08	PROPN
ajfa-1783	129	2	:	:	PUNCT
ajfa-1783	129	3	the	the	DET
ajfa-1783	129	4	presence	presence	NOUN
ajfa-1783	129	5	of	of	ADP
ajfa-1783	129	6	the	the	DET
ajfa-1783	129	7	nomination	nomination	NOUN
ajfa-1783	129	8	committee	committee	NOUN
ajfa-1783	129	9	lowers	lower	VERB
ajfa-1783	129	10	the	the	DET
ajfa-1783	129	11	agency	agency	NOUN
ajfa-1783	129	12	costs	cost	NOUN
ajfa-1783	129	13	.	.	PUNCT
ajfa-1783	130	1	h09	h09	PROPN
ajfa-1783	130	2	:	:	PUNCT
ajfa-1783	130	3	the	the	DET
ajfa-1783	130	4	presence	presence	NOUN
ajfa-1783	130	5	of	of	ADP
ajfa-1783	130	6	the	the	DET
ajfa-1783	130	7	remuneration	remuneration	NOUN
ajfa-1783	130	8	committee	committee	NOUN
ajfa-1783	130	9	lowers	lower	VERB
ajfa-1783	130	10	the	the	DET
ajfa-1783	130	11	agency	agency	NOUN
ajfa-1783	130	12	costs	cost	NOUN
ajfa-1783	130	13	.	.	PUNCT
ajfa-1783	131	1	3	3	X
ajfa-1783	131	2	.	.	X
ajfa-1783	131	3	methodology	methodology	NOUN
ajfa-1783	131	4	3.1	3.1	NUM
ajfa-1783	131	5	data	datum	NOUN
ajfa-1783	131	6	this	this	DET
ajfa-1783	131	7	study	study	NOUN
ajfa-1783	131	8	uses	use	VERB
ajfa-1783	131	9	data	datum	NOUN
ajfa-1783	131	10	from	from	ADP
ajfa-1783	131	11	the	the	DET
ajfa-1783	131	12	annual	annual	ADJ
ajfa-1783	131	13	report	report	NOUN
ajfa-1783	131	14	of	of	ADP
ajfa-1783	131	15	new	new	PROPN
ajfa-1783	131	16	zealand	zealand	PROPN
ajfa-1783	131	17	-	-	PUNCT
ajfa-1783	131	18	listed	list	VERB
ajfa-1783	131	19	firms	firm	NOUN
ajfa-1783	131	20	for	for	ADP
ajfa-1783	131	21	the	the	DET
ajfa-1783	131	22	period	period	NOUN
ajfa-1783	131	23	of	of	ADP
ajfa-1783	131	24	2007	2007	NUM
ajfa-1783	131	25	-	-	SYM
ajfa-1783	131	26	2011	2011	NUM
ajfa-1783	131	27	collected	collect	VERB
ajfa-1783	131	28	from	from	ADP
ajfa-1783	131	29	the	the	DET
ajfa-1783	131	30	nzx	nzx	PROPN
ajfa-1783	131	31	deep	deep	ADJ
ajfa-1783	131	32	archive	archive	NOUN
ajfa-1783	131	33	.	.	PUNCT
ajfa-1783	132	1	those	those	DET
ajfa-1783	132	2	firms	firm	NOUN
ajfa-1783	132	3	with	with	ADP
ajfa-1783	132	4	any	any	DET
ajfa-1783	132	5	missing	missing	ADJ
ajfa-1783	132	6	observations	observation	NOUN
ajfa-1783	132	7	for	for	ADP
ajfa-1783	132	8	any	any	DET
ajfa-1783	132	9	variable	variable	NOUN
ajfa-1783	132	10	in	in	ADP
ajfa-1783	132	11	the	the	DET
ajfa-1783	132	12	model	model	NOUN
ajfa-1783	132	13	during	during	ADP
ajfa-1783	132	14	the	the	DET
ajfa-1783	132	15	research	research	NOUN
ajfa-1783	132	16	period	period	NOUN
ajfa-1783	132	17	are	be	AUX
ajfa-1783	132	18	dropped	drop	VERB
ajfa-1783	132	19	,	,	PUNCT
ajfa-1783	132	20	and	and	CCONJ
ajfa-1783	132	21	thus	thus	ADV
ajfa-1783	132	22	a	a	DET
ajfa-1783	132	23	balanced	balanced	ADJ
ajfa-1783	132	24	panel	panel	NOUN
ajfa-1783	132	25	data	datum	NOUN
ajfa-1783	132	26	of	of	ADP
ajfa-1783	132	27	79	79	NUM
ajfa-1783	132	28	new	new	PROPN
ajfa-1783	132	29	zealand	zealand	PROPN
ajfa-1783	132	30	-	-	PUNCT
ajfa-1783	132	31	listed	list	VERB
ajfa-1783	132	32	firms	firm	NOUN
ajfa-1783	132	33	were	be	AUX
ajfa-1783	132	34	observed	observe	VERB
ajfa-1783	132	35	from	from	ADP
ajfa-1783	132	36	a	a	DET
ajfa-1783	132	37	total	total	NOUN
ajfa-1783	132	38	of	of	ADP
ajfa-1783	132	39	147	147	NUM
ajfa-1783	132	40	.	.	PUNCT
ajfa-1783	133	1	though	though	SCONJ
ajfa-1783	133	2	only	only	ADV
ajfa-1783	133	3	79	79	NUM
ajfa-1783	133	4	asian	asian	ADJ
ajfa-1783	133	5	journal	journal	NOUN
ajfa-1783	133	6	of	of	ADP
ajfa-1783	133	7	finance	finance	PROPN
ajfa-1783	133	8	&	&	CCONJ
ajfa-1783	133	9	accounting	accounting	PROPN
ajfa-1783	133	10	issn	issn	PROPN
ajfa-1783	133	11	1946	1946	NUM
ajfa-1783	133	12	-	-	PUNCT
ajfa-1783	133	13	052x	052x	NOUN
ajfa-1783	133	14	2012	2012	NUM
ajfa-1783	133	15	,	,	PUNCT
ajfa-1783	133	16	vol	vol	NOUN
ajfa-1783	133	17	.	.	PROPN
ajfa-1783	133	18	4	4	NUM
ajfa-1783	133	19	,	,	PUNCT
ajfa-1783	133	20	no	no	INTJ
ajfa-1783	133	21	.	.	NOUN
ajfa-1783	133	22	1	1	NUM
ajfa-1783	133	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1783	133	24	366	366	NUM
ajfa-1783	133	25	firms	firm	NOUN
ajfa-1783	133	26	were	be	AUX
ajfa-1783	133	27	included	include	VERB
ajfa-1783	133	28	,	,	PUNCT
ajfa-1783	133	29	the	the	DET
ajfa-1783	133	30	sample	sample	NOUN
ajfa-1783	133	31	may	may	AUX
ajfa-1783	133	32	do	do	VERB
ajfa-1783	133	33	well	well	ADV
ajfa-1783	133	34	in	in	ADP
ajfa-1783	133	35	capturing	capture	VERB
ajfa-1783	133	36	aggregate	aggregate	ADJ
ajfa-1783	133	37	leverage	leverage	NOUN
ajfa-1783	133	38	in	in	ADP
ajfa-1783	133	39	the	the	DET
ajfa-1783	133	40	country	country	NOUN
ajfa-1783	133	41	,	,	PUNCT
ajfa-1783	133	42	because	because	SCONJ
ajfa-1783	133	43	the	the	DET
ajfa-1783	133	44	listed	list	VERB
ajfa-1783	133	45	firms	firm	NOUN
ajfa-1783	133	46	tend	tend	VERB
ajfa-1783	133	47	to	to	PART
ajfa-1783	133	48	represent	represent	VERB
ajfa-1783	133	49	the	the	DET
ajfa-1783	133	50	whole	whole	ADJ
ajfa-1783	133	51	industry	industry	NOUN
ajfa-1783	133	52	in	in	ADP
ajfa-1783	133	53	new	new	PROPN
ajfa-1783	133	54	zealand	zealand	PROPN
ajfa-1783	133	55	.	.	PROPN
ajfa-1783	134	1	3.2	3.2	NUM
ajfa-1783	134	2	variables	variable	NOUN
ajfa-1783	134	3	variables	variable	NOUN
ajfa-1783	134	4	are	be	AUX
ajfa-1783	134	5	largely	largely	ADV
ajfa-1783	134	6	adopted	adopt	VERB
ajfa-1783	134	7	from	from	ADP
ajfa-1783	134	8	previous	previous	ADJ
ajfa-1783	134	9	studies	study	NOUN
ajfa-1783	134	10	,	,	PUNCT
ajfa-1783	134	11	thus	thus	ADV
ajfa-1783	134	12	this	this	DET
ajfa-1783	134	13	study	study	NOUN
ajfa-1783	134	14	uses	use	VERB
ajfa-1783	134	15	two	two	NUM
ajfa-1783	134	16	proxies	proxy	NOUN
ajfa-1783	134	17	to	to	PART
ajfa-1783	134	18	measure	measure	VERB
ajfa-1783	134	19	agency	agency	NOUN
ajfa-1783	134	20	costs	cost	NOUN
ajfa-1783	134	21	,	,	PUNCT
ajfa-1783	134	22	which	which	PRON
ajfa-1783	134	23	are	be	AUX
ajfa-1783	134	24	assets	asset	NOUN
ajfa-1783	134	25	-	-	PUNCT
ajfa-1783	134	26	to	to	ADP
ajfa-1783	134	27	-	-	PUNCT
ajfa-1783	134	28	sales	sale	NOUN
ajfa-1783	134	29	ratio	ratio	NOUN
ajfa-1783	134	30	,	,	PUNCT
ajfa-1783	134	31	and	and	CCONJ
ajfa-1783	134	32	the	the	DET
ajfa-1783	134	33	interaction	interaction	NOUN
ajfa-1783	134	34	of	of	ADP
ajfa-1783	134	35	free	free	ADJ
ajfa-1783	134	36	cash	cash	NOUN
ajfa-1783	134	37	flow	flow	NOUN
ajfa-1783	134	38	and	and	CCONJ
ajfa-1783	134	39	growth	growth	NOUN
ajfa-1783	134	40	prospects	prospect	NOUN
ajfa-1783	134	41	as	as	ADP
ajfa-1783	134	42	dependent	dependent	ADJ
ajfa-1783	134	43	variables	variable	NOUN
ajfa-1783	134	44	.	.	PUNCT
ajfa-1783	135	1	the	the	DET
ajfa-1783	135	2	assets	asset	NOUN
ajfa-1783	135	3	-	-	PUNCT
ajfa-1783	135	4	to	to	ADP
ajfa-1783	135	5	-	-	PUNCT
ajfa-1783	135	6	sales	sale	NOUN
ajfa-1783	135	7	ratio	ratio	NOUN
ajfa-1783	135	8	measures	measure	VERB
ajfa-1783	135	9	the	the	DET
ajfa-1783	135	10	efficiency	efficiency	NOUN
ajfa-1783	135	11	of	of	ADP
ajfa-1783	135	12	the	the	DET
ajfa-1783	135	13	management	management	NOUN
ajfa-1783	135	14	in	in	ADP
ajfa-1783	135	15	how	how	SCONJ
ajfa-1783	135	16	they	they	PRON
ajfa-1783	135	17	use	use	VERB
ajfa-1783	135	18	the	the	DET
ajfa-1783	135	19	firm	firm	NOUN
ajfa-1783	135	20	’s	’s	PART
ajfa-1783	135	21	assets	asset	NOUN
ajfa-1783	135	22	to	to	PART
ajfa-1783	135	23	generate	generate	VERB
ajfa-1783	135	24	sales	sale	NOUN
ajfa-1783	135	25	.	.	PUNCT
ajfa-1783	136	1	a	a	DET
ajfa-1783	136	2	high	high	ADJ
ajfa-1783	136	3	ratio	ratio	NOUN
ajfa-1783	136	4	shows	show	VERB
ajfa-1783	136	5	that	that	SCONJ
ajfa-1783	136	6	assets	asset	NOUN
ajfa-1783	136	7	are	be	AUX
ajfa-1783	136	8	generating	generate	VERB
ajfa-1783	136	9	significant	significant	ADJ
ajfa-1783	136	10	sales	sale	NOUN
ajfa-1783	136	11	and	and	CCONJ
ajfa-1783	136	12	therefore	therefore	ADV
ajfa-1783	136	13	suggests	suggest	VERB
ajfa-1783	136	14	low	low	ADJ
ajfa-1783	136	15	agency	agency	NOUN
ajfa-1783	136	16	costs	cost	NOUN
ajfa-1783	136	17	.	.	PUNCT
ajfa-1783	137	1	a	a	DET
ajfa-1783	137	2	low	low	ADJ
ajfa-1783	137	3	ratio	ratio	NOUN
ajfa-1783	137	4	suggests	suggest	VERB
ajfa-1783	137	5	that	that	SCONJ
ajfa-1783	137	6	management	management	NOUN
ajfa-1783	137	7	is	be	AUX
ajfa-1783	137	8	implementing	implement	VERB
ajfa-1783	137	9	poor	poor	ADJ
ajfa-1783	137	10	decisions	decision	NOUN
ajfa-1783	137	11	,	,	PUNCT
ajfa-1783	137	12	such	such	ADJ
ajfa-1783	137	13	as	as	ADP
ajfa-1783	137	14	under	under	ADP
ajfa-1783	137	15	-	-	PUNCT
ajfa-1783	137	16	investment	investment	NOUN
ajfa-1783	137	17	decisions	decision	NOUN
ajfa-1783	137	18	,	,	PUNCT
ajfa-1783	137	19	and	and	CCONJ
ajfa-1783	137	20	therefore	therefore	ADV
ajfa-1783	137	21	indicates	indicate	VERB
ajfa-1783	137	22	high	high	ADJ
ajfa-1783	137	23	agency	agency	NOUN
ajfa-1783	137	24	cost	cost	NOUN
ajfa-1783	137	25	.	.	PUNCT
ajfa-1783	138	1	though	though	SCONJ
ajfa-1783	138	2	these	these	DET
ajfa-1783	138	3	measures	measure	NOUN
ajfa-1783	138	4	have	have	VERB
ajfa-1783	138	5	some	some	DET
ajfa-1783	138	6	drawbacks	drawback	NOUN
ajfa-1783	138	7	,	,	PUNCT
ajfa-1783	138	8	they	they	PRON
ajfa-1783	138	9	provide	provide	VERB
ajfa-1783	138	10	a	a	DET
ajfa-1783	138	11	useful	useful	ADJ
ajfa-1783	138	12	indicator	indicator	NOUN
ajfa-1783	138	13	of	of	ADP
ajfa-1783	138	14	agency	agency	NOUN
ajfa-1783	138	15	costs	cost	NOUN
ajfa-1783	138	16	(	(	PUNCT
ajfa-1783	138	17	ang	ang	INTJ
ajfa-1783	138	18	,	,	PUNCT
ajfa-1783	138	19	cole	cole	PROPN
ajfa-1783	138	20	&	&	CCONJ
ajfa-1783	138	21	lin	lin	PROPN
ajfa-1783	138	22	,	,	PUNCT
ajfa-1783	138	23	2000	2000	NUM
ajfa-1783	138	24	;	;	PUNCT
ajfa-1783	138	25	singh	singh	PROPN
ajfa-1783	138	26	&	&	CCONJ
ajfa-1783	138	27	davidson	davidson	PROPN
ajfa-1783	138	28	,	,	PUNCT
ajfa-1783	138	29	2003	2003	NUM
ajfa-1783	138	30	)	)	PUNCT
ajfa-1783	138	31	.	.	PUNCT
ajfa-1783	139	1	furthermore	furthermore	ADV
ajfa-1783	139	2	,	,	PUNCT
ajfa-1783	139	3	the	the	DET
ajfa-1783	139	4	interaction	interaction	NOUN
ajfa-1783	139	5	of	of	ADP
ajfa-1783	139	6	free	free	ADJ
ajfa-1783	139	7	cash	cash	NOUN
ajfa-1783	139	8	flow	flow	NOUN
ajfa-1783	139	9	and	and	CCONJ
ajfa-1783	139	10	growth	growth	NOUN
ajfa-1783	139	11	prospects	prospect	NOUN
ajfa-1783	139	12	are	be	AUX
ajfa-1783	139	13	an	an	DET
ajfa-1783	139	14	indicator	indicator	NOUN
ajfa-1783	139	15	of	of	ADP
ajfa-1783	139	16	how	how	SCONJ
ajfa-1783	139	17	managers	manager	NOUN
ajfa-1783	139	18	in	in	ADP
ajfa-1783	139	19	high	high	ADJ
ajfa-1783	139	20	growth	growth	NOUN
ajfa-1783	139	21	prospects	prospect	NOUN
ajfa-1783	139	22	utilise	utilise	VERB
ajfa-1783	139	23	their	their	PRON
ajfa-1783	139	24	large	large	ADJ
ajfa-1783	139	25	free	free	ADJ
ajfa-1783	139	26	cash	cash	NOUN
ajfa-1783	139	27	flow	flow	NOUN
ajfa-1783	139	28	,	,	PUNCT
ajfa-1783	139	29	and	and	CCONJ
ajfa-1783	139	30	this	this	PRON
ajfa-1783	139	31	is	be	AUX
ajfa-1783	139	32	considered	consider	VERB
ajfa-1783	139	33	as	as	ADP
ajfa-1783	139	34	lowering	lower	VERB
ajfa-1783	139	35	agency	agency	NOUN
ajfa-1783	139	36	costs	cost	NOUN
ajfa-1783	139	37	.	.	PUNCT
ajfa-1783	140	1	in	in	ADP
ajfa-1783	140	2	contrast	contrast	NOUN
ajfa-1783	140	3	,	,	PUNCT
ajfa-1783	140	4	firms	firm	NOUN
ajfa-1783	140	5	having	have	VERB
ajfa-1783	140	6	low	low	ADJ
ajfa-1783	140	7	growth	growth	NOUN
ajfa-1783	140	8	prospects	prospect	NOUN
ajfa-1783	140	9	and	and	CCONJ
ajfa-1783	140	10	large	large	ADJ
ajfa-1783	140	11	free	free	ADJ
ajfa-1783	140	12	cash	cash	NOUN
ajfa-1783	140	13	flow	flow	NOUN
ajfa-1783	140	14	tend	tend	VERB
ajfa-1783	140	15	to	to	PART
ajfa-1783	140	16	suffer	suffer	VERB
ajfa-1783	140	17	high	high	ADJ
ajfa-1783	140	18	agency	agency	NOUN
ajfa-1783	140	19	costs	cost	NOUN
ajfa-1783	140	20	(	(	PUNCT
ajfa-1783	140	21	doukas	douka	NOUN
ajfa-1783	140	22	,	,	PUNCT
ajfa-1783	140	23	et	et	PROPN
ajfa-1783	140	24	al	al	PROPN
ajfa-1783	140	25	.	.	PROPN
ajfa-1783	140	26	,	,	PUNCT
ajfa-1783	140	27	2000	2000	NUM
ajfa-1783	140	28	;	;	PUNCT
ajfa-1783	140	29	jensen	jensen	PROPN
ajfa-1783	140	30	,	,	PUNCT
ajfa-1783	140	31	1986	1986	NUM
ajfa-1783	140	32	;	;	PUNCT
ajfa-1783	140	33	opler	opler	PROPN
ajfa-1783	140	34	&	&	CCONJ
ajfa-1783	140	35	titman	titman	NOUN
ajfa-1783	140	36	,	,	PUNCT
ajfa-1783	140	37	1993	1993	NUM
ajfa-1783	140	38	)	)	PUNCT
ajfa-1783	140	39	.	.	PUNCT
ajfa-1783	141	1	the	the	DET
ajfa-1783	141	2	explanatory	explanatory	ADJ
ajfa-1783	141	3	variables	variable	NOUN
ajfa-1783	141	4	are	be	AUX
ajfa-1783	141	5	managerial	managerial	ADJ
ajfa-1783	141	6	ownership	ownership	NOUN
ajfa-1783	141	7	,	,	PUNCT
ajfa-1783	141	8	block	block	NOUN
ajfa-1783	141	9	-	-	PUNCT
ajfa-1783	141	10	holders	holder	NOUN
ajfa-1783	141	11	’	'	PUNCT
ajfa-1783	141	12	ownership	ownership	NOUN
ajfa-1783	141	13	,	,	PUNCT
ajfa-1783	141	14	dividend	dividend	NOUN
ajfa-1783	141	15	,	,	PUNCT
ajfa-1783	141	16	leverage	leverage	NOUN
ajfa-1783	141	17	,	,	PUNCT
ajfa-1783	141	18	firm	firm	ADJ
ajfa-1783	141	19	size	size	NOUN
ajfa-1783	141	20	,	,	PUNCT
ajfa-1783	141	21	board	board	NOUN
ajfa-1783	141	22	of	of	ADP
ajfa-1783	141	23	directors	director	NOUN
ajfa-1783	141	24	,	,	PUNCT
ajfa-1783	141	25	non	non	ADJ
ajfa-1783	141	26	-	-	ADJ
ajfa-1783	141	27	executive	executive	ADJ
ajfa-1783	141	28	directors	director	NOUN
ajfa-1783	141	29	,	,	PUNCT
ajfa-1783	141	30	audit	audit	NOUN
ajfa-1783	141	31	committee	committee	NOUN
ajfa-1783	141	32	,	,	PUNCT
ajfa-1783	141	33	nomination	nomination	NOUN
ajfa-1783	141	34	committee	committee	NOUN
ajfa-1783	141	35	,	,	PUNCT
ajfa-1783	141	36	and	and	CCONJ
ajfa-1783	141	37	remuneration	remuneration	NOUN
ajfa-1783	141	38	committee	committee	NOUN
ajfa-1783	141	39	.	.	PUNCT
ajfa-1783	142	1	in	in	ADP
ajfa-1783	142	2	addition	addition	NOUN
ajfa-1783	142	3	,	,	PUNCT
ajfa-1783	142	4	the	the	DET
ajfa-1783	142	5	dummy	dummy	NOUN
ajfa-1783	142	6	for	for	ADP
ajfa-1783	142	7	industries	industry	NOUN
ajfa-1783	142	8	serve	serve	VERB
ajfa-1783	142	9	as	as	ADP
ajfa-1783	142	10	control	control	NOUN
ajfa-1783	142	11	variables	variable	NOUN
ajfa-1783	142	12	.	.	PUNCT
ajfa-1783	143	1	explanatory	explanatory	ADJ
ajfa-1783	143	2	variables	variable	NOUN
ajfa-1783	143	3	are	be	AUX
ajfa-1783	143	4	defined	define	VERB
ajfa-1783	143	5	as	as	SCONJ
ajfa-1783	143	6	follows	follow	VERB
ajfa-1783	143	7	:	:	PUNCT
ajfa-1783	143	8	managerial	managerial	ADJ
ajfa-1783	143	9	ownership	ownership	NOUN
ajfa-1783	143	10	is	be	AUX
ajfa-1783	143	11	measured	measure	VERB
ajfa-1783	143	12	as	as	ADP
ajfa-1783	143	13	the	the	DET
ajfa-1783	143	14	portion	portion	NOUN
ajfa-1783	143	15	of	of	ADP
ajfa-1783	143	16	managers	manager	NOUN
ajfa-1783	143	17	holding	hold	VERB
ajfa-1783	143	18	the	the	DET
ajfa-1783	143	19	firm	firm	NOUN
ajfa-1783	143	20	’s	’s	PART
ajfa-1783	143	21	equity	equity	NOUN
ajfa-1783	143	22	shares	share	NOUN
ajfa-1783	143	23	;	;	PUNCT
ajfa-1783	143	24	block	block	NOUN
ajfa-1783	143	25	-	-	PUNCT
ajfa-1783	143	26	holders	holder	NOUN
ajfa-1783	143	27	’	'	PUNCT
ajfa-1783	143	28	ownership	ownership	NOUN
ajfa-1783	143	29	is	be	AUX
ajfa-1783	143	30	measured	measure	VERB
ajfa-1783	143	31	as	as	ADP
ajfa-1783	143	32	the	the	DET
ajfa-1783	143	33	portion	portion	NOUN
ajfa-1783	143	34	of	of	ADP
ajfa-1783	143	35	large	large	ADJ
ajfa-1783	143	36	investors	investor	NOUN
ajfa-1783	143	37	(	(	PUNCT
ajfa-1783	143	38	institutional	institutional	ADJ
ajfa-1783	143	39	investors	investor	NOUN
ajfa-1783	143	40	)	)	PUNCT
ajfa-1783	143	41	holding	hold	VERB
ajfa-1783	143	42	the	the	DET
ajfa-1783	143	43	firm	firm	NOUN
ajfa-1783	143	44	’s	’s	PART
ajfa-1783	143	45	equity	equity	NOUN
ajfa-1783	143	46	shares	share	NOUN
ajfa-1783	143	47	;	;	PUNCT
ajfa-1783	143	48	dividend	dividend	NOUN
ajfa-1783	143	49	is	be	AUX
ajfa-1783	143	50	measured	measure	VERB
ajfa-1783	143	51	as	as	ADP
ajfa-1783	143	52	the	the	DET
ajfa-1783	143	53	proportion	proportion	NOUN
ajfa-1783	143	54	of	of	ADP
ajfa-1783	143	55	dividend	dividend	NOUN
ajfa-1783	143	56	paid	pay	VERB
ajfa-1783	143	57	to	to	ADP
ajfa-1783	143	58	the	the	DET
ajfa-1783	143	59	shareholders	shareholder	NOUN
ajfa-1783	143	60	;	;	PUNCT
ajfa-1783	143	61	leverage	leverage	NOUN
ajfa-1783	143	62	is	be	AUX
ajfa-1783	143	63	measured	measure	VERB
ajfa-1783	143	64	as	as	ADP
ajfa-1783	143	65	ratio	ratio	NOUN
ajfa-1783	143	66	of	of	ADP
ajfa-1783	143	67	total	total	ADJ
ajfa-1783	143	68	debt	debt	NOUN
ajfa-1783	143	69	over	over	ADP
ajfa-1783	143	70	total	total	ADJ
ajfa-1783	143	71	assets	asset	NOUN
ajfa-1783	143	72	;	;	PUNCT
ajfa-1783	143	73	firm	firm	ADJ
ajfa-1783	143	74	size	size	NOUN
ajfa-1783	143	75	is	be	AUX
ajfa-1783	143	76	measured	measure	VERB
ajfa-1783	143	77	as	as	ADP
ajfa-1783	143	78	the	the	DET
ajfa-1783	143	79	log	log	NOUN
ajfa-1783	143	80	of	of	ADP
ajfa-1783	143	81	total	total	ADJ
ajfa-1783	143	82	assets	asset	NOUN
ajfa-1783	143	83	;	;	PUNCT
ajfa-1783	143	84	board	board	NOUN
ajfa-1783	143	85	of	of	ADP
ajfa-1783	143	86	directors	director	NOUN
ajfa-1783	143	87	is	be	AUX
ajfa-1783	143	88	measured	measure	VERB
ajfa-1783	143	89	as	as	ADP
ajfa-1783	143	90	the	the	DET
ajfa-1783	143	91	total	total	ADJ
ajfa-1783	143	92	number	number	NOUN
ajfa-1783	143	93	of	of	ADP
ajfa-1783	143	94	directors	director	NOUN
ajfa-1783	143	95	serving	serve	VERB
ajfa-1783	143	96	on	on	ADP
ajfa-1783	143	97	the	the	DET
ajfa-1783	143	98	board	board	NOUN
ajfa-1783	143	99	;	;	PUNCT
ajfa-1783	143	100	non	non	ADJ
ajfa-1783	143	101	-	-	ADJ
ajfa-1783	143	102	executive	executive	ADJ
ajfa-1783	143	103	directors	director	NOUN
ajfa-1783	143	104	is	be	AUX
ajfa-1783	143	105	measured	measure	VERB
ajfa-1783	143	106	as	as	ADP
ajfa-1783	143	107	the	the	DET
ajfa-1783	143	108	total	total	NOUN
ajfa-1783	143	109	of	of	ADP
ajfa-1783	143	110	non	non	ADJ
ajfa-1783	143	111	-	-	ADJ
ajfa-1783	143	112	executive	executive	ADJ
ajfa-1783	143	113	directors	director	NOUN
ajfa-1783	143	114	out	out	ADP
ajfa-1783	143	115	of	of	ADP
ajfa-1783	143	116	the	the	DET
ajfa-1783	143	117	total	total	NOUN
ajfa-1783	143	118	of	of	ADP
ajfa-1783	143	119	board	board	NOUN
ajfa-1783	143	120	directors	director	NOUN
ajfa-1783	143	121	;	;	PUNCT
ajfa-1783	143	122	audit	audit	NOUN
ajfa-1783	143	123	committee	committee	NOUN
ajfa-1783	143	124	is	be	AUX
ajfa-1783	143	125	a	a	DET
ajfa-1783	143	126	dummy	dummy	ADJ
ajfa-1783	143	127	variable	variable	NOUN
ajfa-1783	143	128	that	that	PRON
ajfa-1783	143	129	takes	take	VERB
ajfa-1783	143	130	the	the	DET
ajfa-1783	143	131	value	value	NOUN
ajfa-1783	143	132	of	of	ADP
ajfa-1783	143	133	1	1	NUM
ajfa-1783	143	134	if	if	SCONJ
ajfa-1783	143	135	a	a	DET
ajfa-1783	143	136	firm	firm	NOUN
ajfa-1783	143	137	has	have	VERB
ajfa-1783	143	138	a	a	DET
ajfa-1783	143	139	formal	formal	ADJ
ajfa-1783	143	140	audit	audit	NOUN
ajfa-1783	143	141	committee	committee	NOUN
ajfa-1783	143	142	and	and	CCONJ
ajfa-1783	143	143	zero	zero	NUM
ajfa-1783	143	144	if	if	SCONJ
ajfa-1783	143	145	otherwise	otherwise	ADV
ajfa-1783	143	146	;	;	PUNCT
ajfa-1783	143	147	nomination	nomination	NOUN
ajfa-1783	143	148	committee	committee	NOUN
ajfa-1783	143	149	is	be	AUX
ajfa-1783	143	150	a	a	DET
ajfa-1783	143	151	dummy	dummy	ADJ
ajfa-1783	143	152	variable	variable	NOUN
ajfa-1783	143	153	that	that	PRON
ajfa-1783	143	154	takes	take	VERB
ajfa-1783	143	155	a	a	DET
ajfa-1783	143	156	value	value	NOUN
ajfa-1783	143	157	of	of	ADP
ajfa-1783	143	158	1	1	NUM
ajfa-1783	143	159	if	if	SCONJ
ajfa-1783	143	160	a	a	DET
ajfa-1783	143	161	firm	firm	NOUN
ajfa-1783	143	162	has	have	VERB
ajfa-1783	143	163	a	a	DET
ajfa-1783	143	164	formal	formal	ADJ
ajfa-1783	143	165	nomination	nomination	NOUN
ajfa-1783	143	166	committee	committee	NOUN
ajfa-1783	143	167	and	and	CCONJ
ajfa-1783	143	168	zero	zero	NUM
ajfa-1783	143	169	if	if	SCONJ
ajfa-1783	143	170	otherwise	otherwise	ADV
ajfa-1783	143	171	;	;	PUNCT
ajfa-1783	143	172	remuneration	remuneration	NOUN
ajfa-1783	143	173	committee	committee	NOUN
ajfa-1783	143	174	is	be	AUX
ajfa-1783	143	175	a	a	DET
ajfa-1783	143	176	dummy	dummy	ADJ
ajfa-1783	143	177	variable	variable	NOUN
ajfa-1783	143	178	that	that	PRON
ajfa-1783	143	179	takes	take	VERB
ajfa-1783	143	180	a	a	DET
ajfa-1783	143	181	value	value	NOUN
ajfa-1783	143	182	of	of	ADP
ajfa-1783	143	183	1	1	NUM
ajfa-1783	143	184	if	if	SCONJ
ajfa-1783	143	185	a	a	DET
ajfa-1783	143	186	firm	firm	NOUN
ajfa-1783	143	187	has	have	VERB
ajfa-1783	143	188	a	a	DET
ajfa-1783	143	189	formal	formal	ADJ
ajfa-1783	143	190	remuneration	remuneration	NOUN
ajfa-1783	143	191	committee	committee	NOUN
ajfa-1783	143	192	and	and	CCONJ
ajfa-1783	143	193	zero	zero	NUM
ajfa-1783	143	194	if	if	SCONJ
ajfa-1783	143	195	otherwise	otherwise	ADV
ajfa-1783	143	196	;	;	PUNCT
ajfa-1783	143	197	and	and	CCONJ
ajfa-1783	143	198	industry	industry	NOUN
ajfa-1783	143	199	dummy	dummy	NOUN
ajfa-1783	143	200	is	be	AUX
ajfa-1783	143	201	set	set	VERB
ajfa-1783	143	202	as	as	ADP
ajfa-1783	143	203	dummy	dummy	ADJ
ajfa-1783	143	204	variables	variable	NOUN
ajfa-1783	143	205	.	.	PUNCT
ajfa-1783	144	1	3.3	3.3	NUM
ajfa-1783	144	2	method	method	NOUN
ajfa-1783	144	3	this	this	DET
ajfa-1783	144	4	study	study	NOUN
ajfa-1783	144	5	uses	use	VERB
ajfa-1783	144	6	panel	panel	NOUN
ajfa-1783	144	7	data	datum	NOUN
ajfa-1783	144	8	which	which	PRON
ajfa-1783	144	9	allows	allow	VERB
ajfa-1783	144	10	the	the	DET
ajfa-1783	144	11	unobservable	unobservable	ADJ
ajfa-1783	144	12	heterogeneity	heterogeneity	NOUN
ajfa-1783	144	13	for	for	ADP
ajfa-1783	144	14	each	each	DET
ajfa-1783	144	15	observation	observation	NOUN
ajfa-1783	144	16	in	in	ADP
ajfa-1783	144	17	the	the	DET
ajfa-1783	144	18	sample	sample	NOUN
ajfa-1783	144	19	to	to	PART
ajfa-1783	144	20	be	be	AUX
ajfa-1783	144	21	eliminated	eliminate	VERB
ajfa-1783	144	22	and	and	CCONJ
ajfa-1783	144	23	multicollinearity	multicollinearity	NOUN
ajfa-1783	144	24	among	among	ADP
ajfa-1783	144	25	variables	variable	NOUN
ajfa-1783	144	26	to	to	PART
ajfa-1783	144	27	be	be	AUX
ajfa-1783	144	28	alleviated	alleviate	VERB
ajfa-1783	144	29	.	.	PUNCT
ajfa-1783	145	1	maddala	maddala	NOUN
ajfa-1783	145	2	and	and	CCONJ
ajfa-1783	145	3	lahiri	lahiri	PROPN
ajfa-1783	145	4	(	(	PUNCT
ajfa-1783	145	5	2008	2008	NUM
ajfa-1783	145	6	)	)	PUNCT
ajfa-1783	145	7	specify	specify	VERB
ajfa-1783	145	8	problems	problem	NOUN
ajfa-1783	145	9	that	that	PRON
ajfa-1783	145	10	might	might	AUX
ajfa-1783	145	11	be	be	AUX
ajfa-1783	145	12	present	present	ADJ
ajfa-1783	145	13	in	in	ADP
ajfa-1783	145	14	the	the	DET
ajfa-1783	145	15	regression	regression	NOUN
ajfa-1783	145	16	model	model	NOUN
ajfa-1783	145	17	,	,	PUNCT
ajfa-1783	145	18	such	such	ADJ
ajfa-1783	145	19	as	as	ADP
ajfa-1783	145	20	heteroskedasticity	heteroskedasticity	NOUN
ajfa-1783	145	21	,	,	PUNCT
ajfa-1783	145	22	multicollinearity	multicollinearity	NOUN
ajfa-1783	145	23	and	and	CCONJ
ajfa-1783	145	24	endogeneity	endogeneity	NOUN
ajfa-1783	145	25	problems	problem	NOUN
ajfa-1783	145	26	.	.	PUNCT
ajfa-1783	146	1	those	those	DET
ajfa-1783	146	2	problems	problem	NOUN
ajfa-1783	146	3	cause	cause	VERB
ajfa-1783	146	4	inconsistency	inconsistency	NOUN
ajfa-1783	146	5	of	of	ADP
ajfa-1783	146	6	the	the	DET
ajfa-1783	146	7	ordinary	ordinary	ADJ
ajfa-1783	146	8	least	least	ADJ
ajfa-1783	146	9	square	square	ADJ
ajfa-1783	146	10	(	(	PUNCT
ajfa-1783	146	11	ols	ol	NOUN
ajfa-1783	146	12	)	)	PUNCT
ajfa-1783	146	13	estimates	estimate	NOUN
ajfa-1783	146	14	.	.	PUNCT
ajfa-1783	147	1	asian	asian	ADJ
ajfa-1783	147	2	journal	journal	PROPN
ajfa-1783	147	3	of	of	ADP
ajfa-1783	147	4	finance	finance	PROPN
ajfa-1783	147	5	&	&	CCONJ
ajfa-1783	147	6	accounting	accounting	PROPN
ajfa-1783	147	7	issn	issn	PROPN
ajfa-1783	147	8	1946	1946	NUM
ajfa-1783	147	9	-	-	PUNCT
ajfa-1783	147	10	052x	052x	NOUN
ajfa-1783	147	11	2012	2012	NUM
ajfa-1783	147	12	,	,	PUNCT
ajfa-1783	147	13	vol	vol	NOUN
ajfa-1783	147	14	.	.	PROPN
ajfa-1783	147	15	4	4	NUM
ajfa-1783	147	16	,	,	PUNCT
ajfa-1783	147	17	no	no	INTJ
ajfa-1783	147	18	.	.	NOUN
ajfa-1783	147	19	1	1	NUM
ajfa-1783	147	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1783	147	21	367	367	NUM
ajfa-1783	147	22	as	as	SCONJ
ajfa-1783	147	23	can	can	AUX
ajfa-1783	147	24	be	be	AUX
ajfa-1783	147	25	seen	see	VERB
ajfa-1783	147	26	in	in	ADP
ajfa-1783	147	27	the	the	DET
ajfa-1783	147	28	table	table	NOUN
ajfa-1783	147	29	2	2	NUM
ajfa-1783	147	30	,	,	PUNCT
ajfa-1783	147	31	most	most	ADJ
ajfa-1783	147	32	cross	cross	NOUN
ajfa-1783	147	33	-	-	NOUN
ajfa-1783	147	34	correlations	correlation	NOUN
ajfa-1783	147	35	for	for	ADP
ajfa-1783	147	36	the	the	DET
ajfa-1783	147	37	independent	independent	ADJ
ajfa-1783	147	38	variables	variable	NOUN
ajfa-1783	147	39	are	be	AUX
ajfa-1783	147	40	fairly	fairly	ADV
ajfa-1783	147	41	small	small	ADJ
ajfa-1783	147	42	,	,	PUNCT
ajfa-1783	147	43	thus	thus	ADV
ajfa-1783	147	44	,	,	PUNCT
ajfa-1783	147	45	giving	give	VERB
ajfa-1783	147	46	less	less	ADJ
ajfa-1783	147	47	cause	cause	NOUN
ajfa-1783	147	48	for	for	ADP
ajfa-1783	147	49	concern	concern	NOUN
ajfa-1783	147	50	about	about	ADP
ajfa-1783	147	51	the	the	DET
ajfa-1783	147	52	multicollinearity	multicollinearity	NOUN
ajfa-1783	147	53	problem	problem	NOUN
ajfa-1783	147	54	.	.	PUNCT
ajfa-1783	148	1	further	far	ADV
ajfa-1783	148	2	,	,	PUNCT
ajfa-1783	148	3	the	the	DET
ajfa-1783	148	4	breusch	breusch	VERB
ajfa-1783	148	5	-	-	PUNCT
ajfa-1783	148	6	pagan	pagan	ADJ
ajfa-1783	148	7	test	test	NOUN
ajfa-1783	148	8	for	for	ADP
ajfa-1783	148	9	heteroskedasticity	heteroskedasticity	NOUN
ajfa-1783	148	10	results	result	NOUN
ajfa-1783	148	11	in	in	ADP
ajfa-1783	148	12	7.43	7.43	NUM
ajfa-1783	148	13	(	(	PUNCT
ajfa-1783	148	14	p	p	NOUN
ajfa-1783	148	15	-	-	PUNCT
ajfa-1783	148	16	value	value	NOUN
ajfa-1783	148	17	0.006	0.006	NUM
ajfa-1783	148	18	)	)	PUNCT
ajfa-1783	148	19	,	,	PUNCT
ajfa-1783	148	20	indicating	indicate	VERB
ajfa-1783	148	21	that	that	SCONJ
ajfa-1783	148	22	variances	variance	NOUN
ajfa-1783	148	23	among	among	ADP
ajfa-1783	148	24	the	the	DET
ajfa-1783	148	25	explanatory	explanatory	ADJ
ajfa-1783	148	26	variables	variable	NOUN
ajfa-1783	148	27	are	be	AUX
ajfa-1783	148	28	not	not	PART
ajfa-1783	148	29	constant	constant	ADJ
ajfa-1783	148	30	.	.	PUNCT
ajfa-1783	149	1	though	though	SCONJ
ajfa-1783	149	2	previous	previous	ADJ
ajfa-1783	149	3	studies	study	NOUN
ajfa-1783	149	4	of	of	ADP
ajfa-1783	149	5	agency	agency	NOUN
ajfa-1783	149	6	problems	problem	NOUN
ajfa-1783	149	7	,	,	PUNCT
ajfa-1783	149	8	corporate	corporate	ADJ
ajfa-1783	149	9	governance	governance	NOUN
ajfa-1783	149	10	mechanisms	mechanism	NOUN
ajfa-1783	149	11	or	or	CCONJ
ajfa-1783	149	12	ownership	ownership	NOUN
ajfa-1783	149	13	variables	variable	NOUN
ajfa-1783	149	14	suffer	suffer	VERB
ajfa-1783	149	15	from	from	ADP
ajfa-1783	149	16	endogeneity	endogeneity	NOUN
ajfa-1783	149	17	,	,	PUNCT
ajfa-1783	149	18	with	with	ADP
ajfa-1783	149	19	respect	respect	NOUN
ajfa-1783	149	20	to	to	ADP
ajfa-1783	149	21	the	the	DET
ajfa-1783	149	22	corporate	corporate	ADJ
ajfa-1783	149	23	governance	governance	NOUN
ajfa-1783	149	24	it	it	PRON
ajfa-1783	149	25	is	be	AUX
ajfa-1783	149	26	unclear	unclear	ADJ
ajfa-1783	149	27	as	as	SCONJ
ajfa-1783	149	28	to	to	PART
ajfa-1783	149	29	which	which	PRON
ajfa-1783	149	30	variables	variable	NOUN
ajfa-1783	149	31	are	be	AUX
ajfa-1783	149	32	endogenous	endogenous	ADJ
ajfa-1783	149	33	and	and	CCONJ
ajfa-1783	149	34	which	which	PRON
ajfa-1783	149	35	are	be	AUX
ajfa-1783	149	36	exogenous	exogenous	ADJ
ajfa-1783	149	37	(	(	PUNCT
ajfa-1783	149	38	whidbee	whidbee	NOUN
ajfa-1783	149	39	,	,	PUNCT
ajfa-1783	149	40	1997	1997	NUM
ajfa-1783	149	41	)	)	PUNCT
ajfa-1783	149	42	.	.	PUNCT
ajfa-1783	150	1	this	this	DET
ajfa-1783	150	2	study	study	NOUN
ajfa-1783	150	3	,	,	PUNCT
ajfa-1783	150	4	using	use	VERB
ajfa-1783	150	5	the	the	DET
ajfa-1783	150	6	durbin	durbin	ADJ
ajfa-1783	150	7	-	-	PUNCT
ajfa-1783	150	8	wu	wu	PROPN
ajfa-1783	150	9	-	-	PUNCT
ajfa-1783	150	10	hausman	hausman	PROPN
ajfa-1783	150	11	test	test	NOUN
ajfa-1783	150	12	for	for	ADP
ajfa-1783	150	13	endogeneity	endogeneity	NOUN
ajfa-1783	150	14	,	,	PUNCT
ajfa-1783	150	15	confirms	confirm	VERB
ajfa-1783	150	16	noendogeneity	noendogeneity	NOUN
ajfa-1783	150	17	issues	issue	NOUN
ajfa-1783	150	18	should	should	AUX
ajfa-1783	150	19	be	be	AUX
ajfa-1783	150	20	addressed	address	VERB
ajfa-1783	150	21	.	.	PUNCT
ajfa-1783	151	1	however	however	ADV
ajfa-1783	151	2	,	,	PUNCT
ajfa-1783	151	3	most	most	ADJ
ajfa-1783	151	4	of	of	ADP
ajfa-1783	151	5	those	those	DET
ajfa-1783	151	6	previous	previous	ADJ
ajfa-1783	151	7	studies	study	NOUN
ajfa-1783	151	8	were	be	AUX
ajfa-1783	151	9	based	base	VERB
ajfa-1783	151	10	in	in	ADP
ajfa-1783	151	11	the	the	DET
ajfa-1783	151	12	us	us	PROPN
ajfa-1783	151	13	,	,	PUNCT
ajfa-1783	151	14	which	which	PRON
ajfa-1783	151	15	has	have	VERB
ajfa-1783	151	16	different	different	ADJ
ajfa-1783	151	17	characteristics	characteristic	NOUN
ajfa-1783	151	18	,	,	PUNCT
ajfa-1783	151	19	different	different	ADJ
ajfa-1783	151	20	corporate	corporate	ADJ
ajfa-1783	151	21	governance	governance	NOUN
ajfa-1783	151	22	practices	practice	NOUN
ajfa-1783	151	23	and	and	CCONJ
ajfa-1783	151	24	different	different	ADJ
ajfa-1783	151	25	institutional	institutional	ADJ
ajfa-1783	151	26	characteristics	characteristic	NOUN
ajfa-1783	151	27	from	from	ADP
ajfa-1783	151	28	new	new	PROPN
ajfa-1783	151	29	zealand	zealand	PROPN
ajfa-1783	151	30	.	.	PUNCT
ajfa-1783	152	1	furthermore	furthermore	ADV
ajfa-1783	152	2	,	,	PUNCT
ajfa-1783	152	3	a	a	DET
ajfa-1783	152	4	number	number	NOUN
ajfa-1783	152	5	of	of	ADP
ajfa-1783	152	6	studies	study	NOUN
ajfa-1783	152	7	have	have	AUX
ajfa-1783	152	8	found	find	VERB
ajfa-1783	152	9	a	a	DET
ajfa-1783	152	10	non	non	ADJ
ajfa-1783	152	11	-	-	ADJ
ajfa-1783	152	12	linear	linear	ADJ
ajfa-1783	152	13	relationship	relationship	NOUN
ajfa-1783	152	14	between	between	ADP
ajfa-1783	152	15	managerial	managerial	ADJ
ajfa-1783	152	16	ownership	ownership	NOUN
ajfa-1783	152	17	and	and	CCONJ
ajfa-1783	152	18	performance	performance	NOUN
ajfa-1783	152	19	,	,	PUNCT
ajfa-1783	152	20	which	which	PRON
ajfa-1783	152	21	under	under	ADP
ajfa-1783	152	22	the	the	DET
ajfa-1783	152	23	agency	agency	NOUN
ajfa-1783	152	24	model	model	NOUN
ajfa-1783	152	25	,	,	PUNCT
ajfa-1783	152	26	indicates	indicate	VERB
ajfa-1783	152	27	managerial	managerial	ADJ
ajfa-1783	152	28	entrenchment	entrenchment	NOUN
ajfa-1783	152	29	(	(	PUNCT
ajfa-1783	152	30	mcconnell	mcconnell	PROPN
ajfa-1783	152	31	&	&	CCONJ
ajfa-1783	152	32	servaes	servaes	PROPN
ajfa-1783	152	33	,	,	PUNCT
ajfa-1783	152	34	1990	1990	NUM
ajfa-1783	152	35	;	;	PUNCT
ajfa-1783	152	36	morck	morck	NOUN
ajfa-1783	152	37	,	,	PUNCT
ajfa-1783	152	38	shleifer	shleifer	NOUN
ajfa-1783	152	39	,	,	PUNCT
ajfa-1783	152	40	&	&	CCONJ
ajfa-1783	152	41	vishny	vishny	PROPN
ajfa-1783	152	42	,	,	PUNCT
ajfa-1783	152	43	1986	1986	NUM
ajfa-1783	152	44	;	;	PUNCT
ajfa-1783	152	45	short	short	ADJ
ajfa-1783	152	46	&	&	CCONJ
ajfa-1783	152	47	keasey	keasey	ADJ
ajfa-1783	152	48	,	,	PUNCT
ajfa-1783	152	49	1999	1999	NUM
ajfa-1783	152	50	)	)	PUNCT
ajfa-1783	152	51	.	.	PUNCT
ajfa-1783	153	1	addressing	address	VERB
ajfa-1783	153	2	the	the	DET
ajfa-1783	153	3	issue	issue	NOUN
ajfa-1783	153	4	of	of	ADP
ajfa-1783	153	5	non	non	ADJ
ajfa-1783	153	6	-	-	ADJ
ajfa-1783	153	7	linearity	linearity	ADJ
ajfa-1783	153	8	,	,	PUNCT
ajfa-1783	153	9	this	this	DET
ajfa-1783	153	10	study	study	NOUN
ajfa-1783	153	11	confirms	confirm	VERB
ajfa-1783	153	12	that	that	SCONJ
ajfa-1783	153	13	the	the	DET
ajfa-1783	153	14	relationship	relationship	NOUN
ajfa-1783	153	15	between	between	ADP
ajfa-1783	153	16	agency	agency	NOUN
ajfa-1783	153	17	costs	cost	NOUN
ajfa-1783	153	18	,	,	PUNCT
ajfa-1783	153	19	ownership	ownership	NOUN
ajfa-1783	153	20	structures	structure	NOUN
ajfa-1783	153	21	and	and	CCONJ
ajfa-1783	153	22	corporate	corporate	ADJ
ajfa-1783	153	23	governance	governance	NOUN
ajfa-1783	153	24	mechanisms	mechanism	NOUN
ajfa-1783	153	25	are	be	AUX
ajfa-1783	153	26	non	non	ADJ
ajfa-1783	153	27	-	-	ADJ
ajfa-1783	153	28	linear	linear	ADJ
ajfa-1783	153	29	.	.	PUNCT
ajfa-1783	154	1	results	result	NOUN
ajfa-1783	154	2	for	for	ADP
ajfa-1783	154	3	linear	linear	NOUN
ajfa-1783	154	4	models	model	NOUN
ajfa-1783	154	5	do	do	AUX
ajfa-1783	154	6	not	not	PART
ajfa-1783	154	7	always	always	ADV
ajfa-1783	154	8	carry	carry	VERB
ajfa-1783	154	9	over	over	ADP
ajfa-1783	154	10	to	to	ADP
ajfa-1783	154	11	non	non	ADJ
ajfa-1783	154	12	-	-	ADJ
ajfa-1783	154	13	linear	linear	ADJ
ajfa-1783	154	14	models	model	NOUN
ajfa-1783	154	15	,	,	PUNCT
ajfa-1783	154	16	and	and	CCONJ
ajfa-1783	154	17	methods	method	NOUN
ajfa-1783	154	18	used	use	VERB
ajfa-1783	154	19	for	for	ADP
ajfa-1783	154	20	one	one	NUM
ajfa-1783	154	21	type	type	NOUN
ajfa-1783	154	22	of	of	ADP
ajfa-1783	154	23	non	non	ADJ
ajfa-1783	154	24	-	-	ADJ
ajfa-1783	154	25	linear	linear	ADJ
ajfa-1783	154	26	model	model	NOUN
ajfa-1783	154	27	may	may	AUX
ajfa-1783	154	28	not	not	PART
ajfa-1783	154	29	be	be	AUX
ajfa-1783	154	30	applicable	applicable	ADJ
ajfa-1783	154	31	to	to	ADP
ajfa-1783	154	32	another	another	DET
ajfa-1783	154	33	type	type	NOUN
ajfa-1783	154	34	.	.	PUNCT
ajfa-1783	155	1	the	the	DET
ajfa-1783	155	2	general	general	ADJ
ajfa-1783	155	3	approaches	approach	NOUN
ajfa-1783	155	4	to	to	ADP
ajfa-1783	155	5	non	non	ADJ
ajfa-1783	155	6	-	-	ADJ
ajfa-1783	155	7	linear	linear	ADJ
ajfa-1783	155	8	panel	panel	NOUN
ajfa-1783	155	9	models	model	NOUN
ajfa-1783	155	10	are	be	AUX
ajfa-1783	155	11	similar	similar	ADJ
ajfa-1783	155	12	to	to	ADP
ajfa-1783	155	13	those	those	PRON
ajfa-1783	155	14	for	for	ADP
ajfa-1783	155	15	linear	linear	NOUN
ajfa-1783	155	16	models	model	NOUN
ajfa-1783	155	17	,	,	PUNCT
ajfa-1783	155	18	such	such	ADJ
ajfa-1783	155	19	as	as	SCONJ
ajfa-1783	155	20	pooled	pool	VERB
ajfa-1783	155	21	,	,	PUNCT
ajfa-1783	155	22	population	population	NOUN
ajfa-1783	155	23	-	-	PUNCT
ajfa-1783	155	24	averaged	average	VERB
ajfa-1783	155	25	(	(	PUNCT
ajfa-1783	155	26	pa	pa	PROPN
ajfa-1783	155	27	)	)	PUNCT
ajfa-1783	155	28	,	,	PUNCT
ajfa-1783	155	29	random	random	ADJ
ajfa-1783	155	30	effects	effect	NOUN
ajfa-1783	155	31	(	(	PUNCT
ajfa-1783	155	32	re	re	NOUN
ajfa-1783	155	33	)	)	PUNCT
ajfa-1783	155	34	and	and	CCONJ
ajfa-1783	155	35	fixed	fix	VERB
ajfa-1783	155	36	effects	effect	NOUN
ajfa-1783	155	37	models	model	NOUN
ajfa-1783	155	38	(	(	PUNCT
ajfa-1783	155	39	fe	fe	NOUN
ajfa-1783	155	40	)	)	PUNCT
ajfa-1783	155	41	.	.	PUNCT
ajfa-1783	156	1	unlike	unlike	ADP
ajfa-1783	156	2	the	the	DET
ajfa-1783	156	3	linear	linear	ADJ
ajfa-1783	156	4	case	case	NOUN
ajfa-1783	156	5	,	,	PUNCT
ajfa-1783	156	6	pooled	pool	VERB
ajfa-1783	156	7	estimation	estimation	NOUN
ajfa-1783	156	8	in	in	ADP
ajfa-1783	156	9	non	non	ADJ
ajfa-1783	156	10	-	-	ADJ
ajfa-1783	156	11	linear	linear	ADJ
ajfa-1783	156	12	models	model	NOUN
ajfa-1783	156	13	leads	lead	VERB
ajfa-1783	156	14	to	to	ADP
ajfa-1783	156	15	inconsistent	inconsistent	ADJ
ajfa-1783	156	16	parameter	parameter	PROPN
ajfa-1783	156	17	estimates	estimate	NOUN
ajfa-1783	156	18	.	.	PUNCT
ajfa-1783	157	1	the	the	DET
ajfa-1783	157	2	re	re	PROPN
ajfa-1783	157	3	model	model	NOUN
ajfa-1783	157	4	has	have	VERB
ajfa-1783	157	5	a	a	DET
ajfa-1783	157	6	different	different	ADJ
ajfa-1783	157	7	conditional	conditional	ADJ
ajfa-1783	157	8	mean	mean	NOUN
ajfa-1783	157	9	than	than	ADP
ajfa-1783	157	10	that	that	PRON
ajfa-1783	157	11	for	for	ADP
ajfa-1783	157	12	pooled	pooled	ADJ
ajfa-1783	157	13	and	and	CCONJ
ajfa-1783	157	14	pa	pa	PROPN
ajfa-1783	157	15	models	model	NOUN
ajfa-1783	157	16	in	in	ADP
ajfa-1783	157	17	which	which	PRON
ajfa-1783	157	18	re	re	ADP
ajfa-1783	157	19	is	be	AUX
ajfa-1783	157	20	multiplicative	multiplicative	ADJ
ajfa-1783	157	21	.	.	PUNCT
ajfa-1783	158	1	furthermore	furthermore	ADV
ajfa-1783	158	2	,	,	PUNCT
ajfa-1783	158	3	if	if	SCONJ
ajfa-1783	158	4	the	the	DET
ajfa-1783	158	5	fe	fe	NOUN
ajfa-1783	158	6	model	model	NOUN
ajfa-1783	158	7	is	be	AUX
ajfa-1783	158	8	appropriate	appropriate	ADJ
ajfa-1783	158	9	compared	compare	VERB
ajfa-1783	158	10	to	to	PART
ajfa-1783	158	11	re	re	VERB
ajfa-1783	158	12	,	,	PUNCT
ajfa-1783	158	13	then	then	ADV
ajfa-1783	158	14	an	an	DET
ajfa-1783	158	15	fe	fe	NOUN
ajfa-1783	158	16	estimator	estimator	NOUN
ajfa-1783	158	17	must	must	AUX
ajfa-1783	158	18	be	be	AUX
ajfa-1783	158	19	used	use	VERB
ajfa-1783	158	20	,	,	PUNCT
ajfa-1783	158	21	but	but	CCONJ
ajfa-1783	158	22	it	it	PRON
ajfa-1783	158	23	only	only	ADV
ajfa-1783	158	24	works	work	VERB
ajfa-1783	158	25	for	for	ADP
ajfa-1783	158	26	long	long	ADJ
ajfa-1783	158	27	panels	panel	NOUN
ajfa-1783	158	28	(	(	PUNCT
ajfa-1783	158	29	cameron	cameron	PROPN
ajfa-1783	158	30	&	&	CCONJ
ajfa-1783	158	31	trivedi	trivedi	PROPN
ajfa-1783	158	32	,	,	PUNCT
ajfa-1783	158	33	2010	2010	NUM
ajfa-1783	158	34	)	)	PUNCT
ajfa-1783	158	35	.	.	PUNCT
ajfa-1783	159	1	for	for	ADP
ajfa-1783	159	2	short	short	ADJ
ajfa-1783	159	3	panels	panel	NOUN
ajfa-1783	159	4	,	,	PUNCT
ajfa-1783	159	5	a	a	DET
ajfa-1783	159	6	non	non	ADJ
ajfa-1783	159	7	-	-	ADJ
ajfa-1783	159	8	linear	linear	ADJ
ajfa-1783	159	9	model	model	NOUN
ajfa-1783	159	10	,	,	PUNCT
ajfa-1783	159	11	binary	binary	ADJ
ajfa-1783	159	12	probit	probit	NOUN
ajfa-1783	159	13	and	and	CCONJ
ajfa-1783	159	14	tobit	tobit	NOUN
ajfa-1783	159	15	are	be	AUX
ajfa-1783	159	16	more	more	ADV
ajfa-1783	159	17	appropriate	appropriate	ADJ
ajfa-1783	159	18	.	.	PUNCT
ajfa-1783	160	1	this	this	DET
ajfa-1783	160	2	study	study	NOUN
ajfa-1783	160	3	employs	employ	VERB
ajfa-1783	160	4	non	non	ADJ
ajfa-1783	160	5	-	-	ADJ
ajfa-1783	160	6	linear	linear	ADJ
ajfa-1783	160	7	panel	panel	NOUN
ajfa-1783	160	8	data	datum	NOUN
ajfa-1783	160	9	method	method	NOUN
ajfa-1783	160	10	using	use	VERB
ajfa-1783	160	11	re	re	VERB
ajfa-1783	160	12	tobit	tobit	NOUN
ajfa-1783	160	13	where	where	SCONJ
ajfa-1783	160	14	the	the	DET
ajfa-1783	160	15	dependent	dependent	ADJ
ajfa-1783	160	16	variable	variable	NOUN
ajfa-1783	160	17	is	be	AUX
ajfa-1783	160	18	a	a	DET
ajfa-1783	160	19	mixture	mixture	NOUN
ajfa-1783	160	20	with	with	ADP
ajfa-1783	160	21	zero	zero	NUM
ajfa-1783	160	22	and	and	CCONJ
ajfa-1783	160	23	positive	positive	ADJ
ajfa-1783	160	24	values	value	NOUN
ajfa-1783	160	25	.	.	PUNCT
ajfa-1783	161	1	cameron	cameron	PROPN
ajfa-1783	161	2	and	and	CCONJ
ajfa-1783	161	3	trivedi	trivedi	PROPN
ajfa-1783	161	4	(	(	PUNCT
ajfa-1783	161	5	2010	2010	NUM
ajfa-1783	161	6	)	)	PUNCT
ajfa-1783	161	7	suggest	suggest	VERB
ajfa-1783	161	8	that	that	SCONJ
ajfa-1783	161	9	the	the	DET
ajfa-1783	161	10	re	re	PROPN
ajfa-1783	161	11	panel	panel	PROPN
ajfa-1783	161	12	tobit	tobit	PROPN
ajfa-1783	161	13	model	model	NOUN
ajfa-1783	161	14	specifies	specifie	NOUN
ajfa-1783	161	15	that	that	PRON
ajfa-1783	161	16	latent	latent	ADJ
ajfa-1783	161	17	variable	variable	ADJ
ajfa-1783	161	18	∗	∗	NOUN
ajfa-1783	161	19	to	to	PART
ajfa-1783	161	20	depend	depend	VERB
ajfa-1783	161	21	on	on	ADP
ajfa-1783	161	22	regressors	regressor	NOUN
ajfa-1783	161	23	,	,	PUNCT
ajfa-1783	161	24	an	an	DET
ajfa-1783	161	25	idiosyncratic	idiosyncratic	ADJ
ajfa-1783	161	26	error	error	NOUN
ajfa-1783	161	27	,	,	PUNCT
ajfa-1783	161	28	and	and	CCONJ
ajfa-1783	161	29	individual	individual	ADJ
ajfa-1783	161	30	-	-	PUNCT
ajfa-1783	161	31	specific	specific	ADJ
ajfa-1783	161	32	error	error	NOUN
ajfa-1783	161	33	,	,	PUNCT
ajfa-1783	161	34	and	and	CCONJ
ajfa-1783	161	35	individual	individual	ADJ
ajfa-1783	161	36	-	-	PUNCT
ajfa-1783	161	37	specific	specific	ADJ
ajfa-1783	161	38	error	error	NOUN
ajfa-1783	161	39	,	,	PUNCT
ajfa-1783	161	40	so	so	SCONJ
ajfa-1783	161	41	∗	∗	NOUN
ajfa-1783	161	42	(	(	PUNCT
ajfa-1783	161	43	1	1	NUM
ajfa-1783	161	44	)	)	PUNCT
ajfa-1783	161	45	where	where	SCONJ
ajfa-1783	161	46	∼	∼	NOUN
ajfa-1783	161	47	0	0	NUM
ajfa-1783	161	48	,	,	PUNCT
ajfa-1783	161	49	and	and	CCONJ
ajfa-1783	161	50	∼	∼	NOUN
ajfa-1783	161	51	0	0	NUM
ajfa-1783	161	52	,	,	PUNCT
ajfa-1783	161	53	and	and	CCONJ
ajfa-1783	161	54	the	the	DET
ajfa-1783	161	55	regressor	regressor	NOUN
ajfa-1783	161	56	vector	vector	NOUN
ajfa-1783	161	57	includes	include	VERB
ajfa-1783	161	58	an	an	DET
ajfa-1783	161	59	intercept	intercept	NOUN
ajfa-1783	161	60	.	.	PUNCT
ajfa-1783	162	1	for	for	ADP
ajfa-1783	162	2	left	left	ADV
ajfa-1783	162	3	censoring	censor	VERB
ajfa-1783	162	4	at	at	ADP
ajfa-1783	162	5	l	l	NOUN
ajfa-1783	162	6	,	,	PUNCT
ajfa-1783	162	7	and	and	CCONJ
ajfa-1783	162	8	observe	observe	VERB
ajfa-1783	162	9	the	the	DET
ajfa-1783	162	10	variable	variable	NOUN
ajfa-1783	162	11	,	,	PUNCT
ajfa-1783	162	12	where	where	SCONJ
ajfa-1783	162	13	∗	∗	NOUN
ajfa-1783	162	14	∗	∗	NOUN
ajfa-1783	162	15	∗	∗	NOUN
ajfa-1783	162	16	(	(	PUNCT
ajfa-1783	162	17	2	2	NUM
ajfa-1783	162	18	)	)	PUNCT
ajfa-1783	162	19	then	then	ADV
ajfa-1783	162	20	the	the	DET
ajfa-1783	162	21	regression	regression	NOUN
ajfa-1783	162	22	model	model	NOUN
ajfa-1783	162	23	is	be	AUX
ajfa-1783	162	24	specified	specify	VERB
ajfa-1783	162	25	as	as	ADP
ajfa-1783	162	26	:	:	PUNCT
ajfa-1783	162	27	asian	asian	ADJ
ajfa-1783	162	28	journal	journal	NOUN
ajfa-1783	162	29	of	of	ADP
ajfa-1783	162	30	finance	finance	PROPN
ajfa-1783	162	31	&	&	CCONJ
ajfa-1783	162	32	accounting	accounting	PROPN
ajfa-1783	162	33	issn	issn	PROPN
ajfa-1783	162	34	1946	1946	NUM
ajfa-1783	162	35	-	-	PUNCT
ajfa-1783	162	36	052x	052x	NOUN
ajfa-1783	162	37	2012	2012	NUM
ajfa-1783	162	38	,	,	PUNCT
ajfa-1783	162	39	vol	vol	NOUN
ajfa-1783	162	40	.	.	PROPN
ajfa-1783	162	41	4	4	NUM
ajfa-1783	162	42	,	,	PUNCT
ajfa-1783	162	43	no	no	INTJ
ajfa-1783	162	44	.	.	NOUN
ajfa-1783	162	45	1	1	NUM
ajfa-1783	162	46	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1783	162	47	368	368	NUM
ajfa-1783	162	48	where	where	SCONJ
ajfa-1783	162	49	:	:	PUNCT
ajfa-1783	162	50	ac	ac	PROPN
ajfa-1783	162	51	:	:	PUNCT
ajfa-1783	162	52	agency	agency	NOUN
ajfa-1783	162	53	costs	cost	VERB
ajfa-1783	162	54	iownps	iownps	ADV
ajfa-1783	162	55	:	:	PUNCT
ajfa-1783	162	56	managerial	managerial	ADJ
ajfa-1783	162	57	ownership	ownership	NOUN
ajfa-1783	162	58	bownps	bownps	NOUN
ajfa-1783	162	59	:	:	PUNCT
ajfa-1783	162	60	block	block	NOUN
ajfa-1783	162	61	-	-	PUNCT
ajfa-1783	162	62	holders	holder	NOUN
ajfa-1783	162	63	’	'	PUNCT
ajfa-1783	162	64	ownership	ownership	NOUN
ajfa-1783	162	65	div	div	NOUN
ajfa-1783	162	66	:	:	PUNCT
ajfa-1783	162	67	dividend	dividend	NOUN
ajfa-1783	162	68	paid	pay	VERB
ajfa-1783	162	69	lev	lev	NOUN
ajfa-1783	162	70	:	:	PUNCT
ajfa-1783	162	71	leverage	leverage	NOUN
ajfa-1783	162	72	utilise	utilise	VERB
ajfa-1783	162	73	fs	fs	X
ajfa-1783	162	74	:	:	PUNCT
ajfa-1783	162	75	firm	firm	ADJ
ajfa-1783	162	76	size	size	NOUN
ajfa-1783	162	77	bs	bs	NOUN
ajfa-1783	162	78	:	:	PUNCT
ajfa-1783	162	79	board	board	NOUN
ajfa-1783	162	80	of	of	ADP
ajfa-1783	162	81	directors	director	NOUN
ajfa-1783	162	82	on	on	ADP
ajfa-1783	162	83	the	the	DET
ajfa-1783	162	84	board	board	NOUN
ajfa-1783	162	85	ned	ned	NOUN
ajfa-1783	162	86	:	:	PUNCT
ajfa-1783	162	87	non	non	ADJ
ajfa-1783	162	88	-	-	ADJ
ajfa-1783	162	89	executive	executive	ADJ
ajfa-1783	162	90	directors	director	NOUN
ajfa-1783	162	91	on	on	ADP
ajfa-1783	162	92	the	the	DET
ajfa-1783	162	93	board	board	NOUN
ajfa-1783	162	94	audc	audc	NOUN
ajfa-1783	162	95	:	:	PUNCT
ajfa-1783	162	96	audit	audit	PROPN
ajfa-1783	162	97	committee	committee	NOUN
ajfa-1783	162	98	on	on	ADP
ajfa-1783	162	99	the	the	DET
ajfa-1783	162	100	board	board	NOUN
ajfa-1783	162	101	nomc	nomc	NOUN
ajfa-1783	162	102	:	:	PUNCT
ajfa-1783	162	103	nomination	nomination	NOUN
ajfa-1783	162	104	committee	committee	NOUN
ajfa-1783	162	105	on	on	ADP
ajfa-1783	162	106	the	the	DET
ajfa-1783	162	107	board	board	NOUN
ajfa-1783	162	108	remc	remc	VERB
ajfa-1783	162	109	:	:	PUNCT
ajfa-1783	162	110	remuneration	remuneration	NOUN
ajfa-1783	162	111	committee	committee	NOUN
ajfa-1783	162	112	on	on	ADP
ajfa-1783	162	113	the	the	DET
ajfa-1783	162	114	board	board	NOUN
ajfa-1783	162	115	cv	cv	PROPN
ajfa-1783	162	116	:	:	PUNCT
ajfa-1783	162	117	control	control	NOUN
ajfa-1783	162	118	variables	variable	NOUN
ajfa-1783	162	119	that	that	PRON
ajfa-1783	162	120	are	be	AUX
ajfa-1783	162	121	industry	industry	NOUN
ajfa-1783	162	122	dummy	dummy	ADJ
ajfa-1783	162	123	4	4	NUM
ajfa-1783	162	124	.	.	PUNCT
ajfa-1783	163	1	findings	finding	NOUN
ajfa-1783	163	2	table	table	NOUN
ajfa-1783	163	3	1	1	NUM
ajfa-1783	163	4	presents	present	VERB
ajfa-1783	163	5	the	the	DET
ajfa-1783	163	6	descriptive	descriptive	ADJ
ajfa-1783	163	7	statistics	statistic	NOUN
ajfa-1783	163	8	,	,	PUNCT
ajfa-1783	163	9	and	and	CCONJ
ajfa-1783	163	10	the	the	DET
ajfa-1783	163	11	mean	mean	ADJ
ajfa-1783	163	12	value	value	NOUN
ajfa-1783	163	13	of	of	ADP
ajfa-1783	163	14	block	block	NOUN
ajfa-1783	163	15	-	-	PUNCT
ajfa-1783	163	16	holders	holder	NOUN
ajfa-1783	163	17	’	'	PUNCT
ajfa-1783	163	18	ownership	ownership	NOUN
ajfa-1783	163	19	is	be	AUX
ajfa-1783	163	20	50.04	50.04	NUM
ajfa-1783	163	21	%	%	NOUN
ajfa-1783	163	22	,	,	PUNCT
ajfa-1783	163	23	suggesting	suggest	VERB
ajfa-1783	163	24	that	that	SCONJ
ajfa-1783	163	25	the	the	DET
ajfa-1783	163	26	ownership	ownership	NOUN
ajfa-1783	163	27	concentration	concentration	NOUN
ajfa-1783	163	28	is	be	AUX
ajfa-1783	163	29	moderately	moderately	ADV
ajfa-1783	163	30	dispersed	disperse	VERB
ajfa-1783	163	31	in	in	ADP
ajfa-1783	163	32	new	new	PROPN
ajfa-1783	163	33	zealand	zealand	PROPN
ajfa-1783	163	34	-	-	PUNCT
ajfa-1783	163	35	listed	list	VERB
ajfa-1783	163	36	firms	firm	NOUN
ajfa-1783	163	37	.	.	PUNCT
ajfa-1783	164	1	the	the	DET
ajfa-1783	164	2	mean	mean	ADJ
ajfa-1783	164	3	value	value	NOUN
ajfa-1783	164	4	for	for	ADP
ajfa-1783	164	5	managerial	managerial	ADJ
ajfa-1783	164	6	ownership	ownership	NOUN
ajfa-1783	164	7	is	be	AUX
ajfa-1783	164	8	17.86	17.86	NUM
ajfa-1783	164	9	%	%	NOUN
ajfa-1783	164	10	,	,	PUNCT
ajfa-1783	164	11	suggesting	suggest	VERB
ajfa-1783	164	12	that	that	SCONJ
ajfa-1783	164	13	the	the	DET
ajfa-1783	164	14	managerial	managerial	ADJ
ajfa-1783	164	15	ownership	ownership	NOUN
ajfa-1783	164	16	in	in	ADP
ajfa-1783	164	17	new	new	PROPN
ajfa-1783	164	18	zealand	zealand	PROPN
ajfa-1783	164	19	is	be	AUX
ajfa-1783	164	20	quite	quite	ADV
ajfa-1783	164	21	high	high	ADJ
ajfa-1783	164	22	,	,	PUNCT
ajfa-1783	164	23	as	as	SCONJ
ajfa-1783	164	24	other	other	ADJ
ajfa-1783	164	25	studies	study	NOUN
ajfa-1783	164	26	classify	classify	VERB
ajfa-1783	164	27	the	the	DET
ajfa-1783	164	28	managerial	managerial	ADJ
ajfa-1783	164	29	ownership	ownership	NOUN
ajfa-1783	164	30	5	5	NUM
ajfa-1783	164	31	%	%	NOUN
ajfa-1783	164	32	to	to	PART
ajfa-1783	164	33	20	20	NUM
ajfa-1783	164	34	%	%	NOUN
ajfa-1783	164	35	as	as	ADP
ajfa-1783	164	36	moderate	moderate	ADJ
ajfa-1783	164	37	,	,	PUNCT
ajfa-1783	164	38	while	while	SCONJ
ajfa-1783	164	39	below	below	ADP
ajfa-1783	164	40	5	5	NUM
ajfa-1783	164	41	%	%	NOUN
ajfa-1783	164	42	as	as	ADV
ajfa-1783	164	43	low	low	ADJ
ajfa-1783	164	44	and	and	CCONJ
ajfa-1783	164	45	above	above	ADP
ajfa-1783	164	46	20	20	NUM
ajfa-1783	164	47	%	%	NOUN
ajfa-1783	164	48	as	as	ADP
ajfa-1783	164	49	high	high	ADJ
ajfa-1783	164	50	managerial	managerial	ADJ
ajfa-1783	164	51	ownership	ownership	NOUN
ajfa-1783	164	52	.	.	PUNCT
ajfa-1783	165	1	the	the	DET
ajfa-1783	165	2	mean	mean	ADJ
ajfa-1783	165	3	value	value	NOUN
ajfa-1783	165	4	of	of	ADP
ajfa-1783	165	5	leverage	leverage	NOUN
ajfa-1783	165	6	is	be	AUX
ajfa-1783	165	7	47.78	47.78	NUM
ajfa-1783	165	8	%	%	NOUN
ajfa-1783	165	9	,	,	PUNCT
ajfa-1783	165	10	suggesting	suggest	VERB
ajfa-1783	165	11	that	that	SCONJ
ajfa-1783	165	12	new	new	PROPN
ajfa-1783	165	13	zealand	zealand	PROPN
ajfa-1783	165	14	-	-	PUNCT
ajfa-1783	165	15	listed	list	VERB
ajfa-1783	165	16	firms	firm	NOUN
ajfa-1783	165	17	have	have	VERB
ajfa-1783	165	18	considerably	considerably	ADV
ajfa-1783	165	19	moderate	moderate	ADJ
ajfa-1783	165	20	debt	debt	NOUN
ajfa-1783	165	21	levels	level	NOUN
ajfa-1783	165	22	compared	compare	VERB
ajfa-1783	165	23	to	to	ADP
ajfa-1783	165	24	us	us	PROPN
ajfa-1783	165	25	firms	firm	NOUN
ajfa-1783	165	26	’	’	PART
ajfa-1783	165	27	debt	debt	NOUN
ajfa-1783	165	28	levels	level	NOUN
ajfa-1783	165	29	.	.	PUNCT
ajfa-1783	166	1	the	the	DET
ajfa-1783	166	2	mean	mean	ADJ
ajfa-1783	166	3	average	average	NOUN
ajfa-1783	166	4	of	of	ADP
ajfa-1783	166	5	non	non	ADJ
ajfa-1783	166	6	-	-	ADJ
ajfa-1783	166	7	executive	executive	ADJ
ajfa-1783	166	8	directors	director	NOUN
ajfa-1783	166	9	is	be	AUX
ajfa-1783	166	10	69.14	69.14	NUM
ajfa-1783	166	11	%	%	NOUN
ajfa-1783	166	12	or	or	CCONJ
ajfa-1783	166	13	just	just	ADV
ajfa-1783	166	14	over	over	ADP
ajfa-1783	166	15	two	two	NUM
ajfa-1783	166	16	-	-	PUNCT
ajfa-1783	166	17	thirds	third	NOUN
ajfa-1783	166	18	,	,	PUNCT
ajfa-1783	166	19	suggesting	suggest	VERB
ajfa-1783	166	20	that	that	SCONJ
ajfa-1783	166	21	the	the	DET
ajfa-1783	166	22	majority	majority	NOUN
ajfa-1783	166	23	directors	director	NOUN
ajfa-1783	166	24	on	on	ADP
ajfa-1783	166	25	boards	board	NOUN
ajfa-1783	166	26	are	be	AUX
ajfa-1783	166	27	non	non	ADJ
ajfa-1783	166	28	-	-	ADJ
ajfa-1783	166	29	executive	executive	ADJ
ajfa-1783	166	30	directors	director	NOUN
ajfa-1783	166	31	.	.	PUNCT
ajfa-1783	167	1	asian	asian	ADJ
ajfa-1783	167	2	journal	journal	PROPN
ajfa-1783	167	3	of	of	ADP
ajfa-1783	167	4	finance	finance	PROPN
ajfa-1783	167	5	&	&	CCONJ
ajfa-1783	167	6	accounting	accounting	PROPN
ajfa-1783	167	7	issn	issn	PROPN
ajfa-1783	167	8	1946	1946	NUM
ajfa-1783	167	9	-	-	PUNCT
ajfa-1783	167	10	052x	052x	NOUN
ajfa-1783	167	11	2012	2012	NUM
ajfa-1783	167	12	,	,	PUNCT
ajfa-1783	167	13	vol	vol	NOUN
ajfa-1783	167	14	.	.	PROPN
ajfa-1783	167	15	4	4	NUM
ajfa-1783	167	16	,	,	PUNCT
ajfa-1783	167	17	no	no	INTJ
ajfa-1783	167	18	.	.	NOUN
ajfa-1783	167	19	1	1	NUM
ajfa-1783	167	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1783	167	21	369	369	NUM
ajfa-1783	167	22	table	table	NOUN
ajfa-1783	167	23	1	1	NUM
ajfa-1783	167	24	.	.	PUNCT
ajfa-1783	167	25	descriptive	descriptive	ADJ
ajfa-1783	167	26	statistics	statistic	NOUN
ajfa-1783	167	27	variable	variable	ADJ
ajfa-1783	167	28	obs	obs	PROPN
ajfa-1783	167	29	.	.	PUNCT
ajfa-1783	168	1	mean	mean	VERB
ajfa-1783	168	2	std	std	PROPN
ajfa-1783	168	3	.	.	PROPN
ajfa-1783	168	4	dev	dev	PROPN
ajfa-1783	168	5	.	.	PUNCT
ajfa-1783	169	1	min	min	PROPN
ajfa-1783	169	2	max	max	PROPN
ajfa-1783	169	3	agency	agency	PROPN
ajfa-1783	169	4	cost	cost	VERB
ajfa-1783	169	5	395	395	NUM
ajfa-1783	169	6	0.1241	0.1241	NUM
ajfa-1783	169	7	0.5985	0.5985	NUM
ajfa-1783	169	8	-0.0033	-0.0033	NUM
ajfa-1783	169	9	4.5963	4.5963	NUM
ajfa-1783	169	10	bownps	bownps	NOUN
ajfa-1783	169	11	395	395	NUM
ajfa-1783	169	12	0.5004	0.5004	NUM
ajfa-1783	169	13	0.3254	0.3254	NUM
ajfa-1783	169	14	0.0001	0.0001	NUM
ajfa-1783	169	15	0.9886	0.9886	NUM
ajfa-1783	169	16	iownps	iownps	ADV
ajfa-1783	169	17	395	395	NUM
ajfa-1783	169	18	0.1786	0.1786	NUM
ajfa-1783	169	19	0.2362	0.2362	NUM
ajfa-1783	169	20	0.0001	0.0001	NUM
ajfa-1783	169	21	0.9777	0.9777	NUM
ajfa-1783	169	22	leverage	leverage	NOUN
ajfa-1783	169	23	395	395	NUM
ajfa-1783	169	24	0.4778	0.4778	NUM
ajfa-1783	169	25	0.2414	0.2414	NUM
ajfa-1783	169	26	0.0100	0.0100	NUM
ajfa-1783	169	27	0.9900	0.9900	NUM
ajfa-1783	169	28	dividend	dividend	NOUN
ajfa-1783	169	29	395	395	NUM
ajfa-1783	169	30	1.6934	1.6934	NUM
ajfa-1783	169	31	20.2460	20.2460	NUM
ajfa-1783	169	32	-100.75	-100.75	PROPN
ajfa-1783	169	33	381.11	381.11	NUM
ajfa-1783	169	34	board	board	NOUN
ajfa-1783	169	35	size	size	NOUN
ajfa-1783	169	36	395	395	NUM
ajfa-1783	169	37	0.7772	0.7772	NUM
ajfa-1783	169	38	0.1187	0.1187	NUM
ajfa-1783	169	39	0.3010	0.3010	NUM
ajfa-1783	169	40	1.1139	1.1139	NUM
ajfa-1783	169	41	ned	ned	NOUN
ajfa-1783	169	42	395	395	NUM
ajfa-1783	169	43	0.6914	0.6914	NUM
ajfa-1783	169	44	0.1996	0.1996	NUM
ajfa-1783	169	45	0.1667	0.1667	NUM
ajfa-1783	169	46	1.0000	1.0000	NUM
ajfa-1783	169	47	audit_comm	audit_comm	NOUN
ajfa-1783	169	48	395	395	NUM
ajfa-1783	169	49	0.9114	0.9114	NUM
ajfa-1783	169	50	0.2845	0.2845	NUM
ajfa-1783	169	51	0.0000	0.0000	NUM
ajfa-1783	169	52	1.0000	1.0000	NUM
ajfa-1783	169	53	nom_comm	nom_comm	NOUN
ajfa-1783	169	54	395	395	NUM
ajfa-1783	169	55	0.5266	0.5266	NUM
ajfa-1783	169	56	0.4999	0.4999	NUM
ajfa-1783	169	57	0.0000	0.0000	NUM
ajfa-1783	169	58	1.0000	1.0000	NUM
ajfa-1783	169	59	rem_comm	rem_comm	NOUN
ajfa-1783	169	60	395	395	NUM
ajfa-1783	169	61	0.7646	0.7646	NUM
ajfa-1783	169	62	0.4248	0.4248	NUM
ajfa-1783	169	63	0.0000	0.0000	NUM
ajfa-1783	169	64	1.0000	1.0000	NUM
ajfa-1783	169	65	firm	firm	NOUN
ajfa-1783	169	66	size	size	NOUN
ajfa-1783	169	67	395	395	NUM
ajfa-1783	169	68	5.5184	5.5184	NUM
ajfa-1783	169	69	1.2742	1.2742	NUM
ajfa-1783	169	70	2.7945	2.7945	NUM
ajfa-1783	169	71	9.7017	9.7017	NUM
ajfa-1783	169	72	ind_primary	ind_primary	NOUN
ajfa-1783	169	73	395	395	NUM
ajfa-1783	169	74	0.1519	0.1519	NUM
ajfa-1783	169	75	0.3594	0.3594	NUM
ajfa-1783	169	76	0.0000	0.0000	NUM
ajfa-1783	169	77	1.0000	1.0000	NUM
ajfa-1783	169	78	ind_energy	ind_energy	NOUN
ajfa-1783	169	79	395	395	NUM
ajfa-1783	169	80	0.0759	0.0759	NUM
ajfa-1783	169	81	0.2653	0.2653	NUM
ajfa-1783	169	82	0.0000	0.0000	NUM
ajfa-1783	169	83	1.0000	1.0000	NUM
ajfa-1783	169	84	ind_goods	ind_good	VERB
ajfa-1783	169	85	395	395	NUM
ajfa-1783	169	86	0.1772	0.1772	NUM
ajfa-1783	169	87	0.3823	0.3823	NUM
ajfa-1783	169	88	0.0000	0.0000	NUM
ajfa-1783	169	89	1.0000	1.0000	NUM
ajfa-1783	169	90	ind_property	ind_property	NUM
ajfa-1783	169	91	395	395	NUM
ajfa-1783	169	92	0.0633	0.0633	NUM
ajfa-1783	169	93	0.2438	0.2438	NUM
ajfa-1783	169	94	0.0000	0.0000	NUM
ajfa-1783	169	95	1.0000	1.0000	NUM
ajfa-1783	169	96	ind_service	ind_service	NOUN
ajfa-1783	169	97	395	395	NUM
ajfa-1783	169	98	0.4177	0.4177	NUM
ajfa-1783	169	99	0.4938	0.4938	NUM
ajfa-1783	169	100	0.0000	0.0000	NUM
ajfa-1783	169	101	1.0000	1.0000	NUM
ajfa-1783	169	102	ind_investment	ind_investment	NUM
ajfa-1783	169	103	395	395	NUM
ajfa-1783	169	104	0.1013	0.1013	NUM
ajfa-1783	169	105	0.3021	0.3021	NUM
ajfa-1783	169	106	0.0000	0.0000	NUM
ajfa-1783	169	107	1.0000	1.0000	NUM
ajfa-1783	169	108	asian	asian	ADJ
ajfa-1783	169	109	journal	journal	NOUN
ajfa-1783	169	110	of	of	ADP
ajfa-1783	169	111	finance	finance	PROPN
ajfa-1783	169	112	&	&	CCONJ
ajfa-1783	169	113	accounting	accounting	PROPN
ajfa-1783	169	114	issn	issn	PROPN
ajfa-1783	169	115	1946	1946	NUM
ajfa-1783	169	116	-	-	PUNCT
ajfa-1783	169	117	052x	052x	NOUN
ajfa-1783	169	118	2012	2012	NUM
ajfa-1783	169	119	,	,	PUNCT
ajfa-1783	169	120	vol	vol	NOUN
ajfa-1783	169	121	.	.	PROPN
ajfa-1783	169	122	4	4	NUM
ajfa-1783	169	123	,	,	PUNCT
ajfa-1783	169	124	no	no	INTJ
ajfa-1783	169	125	.	.	NOUN
ajfa-1783	169	126	1	1	NUM
ajfa-1783	169	127	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1783	169	128	370	370	NUM
ajfa-1783	169	129	table	table	NOUN
ajfa-1783	169	130	2	2	NUM
ajfa-1783	169	131	.	.	PUNCT
ajfa-1783	169	132	correlation	correlation	NOUN
ajfa-1783	169	133	matrix	matrix	NOUN
ajfa-1783	169	134	agenc	agenc	PROPN
ajfa-1783	169	135	y	y	PROPN
ajfa-1783	169	136	cost	cost	VERB
ajfa-1783	169	137	bownp	bownp	PROPN
ajfa-1783	169	138	s	s	PART
ajfa-1783	169	139	iownp	iownp	PROPN
ajfa-1783	169	140	s	s	PART
ajfa-1783	169	141	leverag	leverag	PROPN
ajfa-1783	169	142	e	e	NOUN
ajfa-1783	169	143	dividen	dividen	NOUN
ajfa-1783	169	144	d	d	NOUN
ajfa-1783	169	145	boar	boar	NOUN
ajfa-1783	169	146	d	d	NOUN
ajfa-1783	169	147	size	size	NOUN
ajfa-1783	169	148	ned	ned	NOUN
ajfa-1783	169	149	audit_com	audit_com	PROPN
ajfa-1783	170	1	m	m	PROPN
ajfa-1783	170	2	nom_com	nom_com	PROPN
ajfa-1783	171	1	m	m	PROPN
ajfa-1783	171	2	rem_com	rem_com	X
ajfa-1783	172	1	m	m	VERB
ajfa-1783	172	2	firm	firm	ADJ
ajfa-1783	172	3	size	size	NOUN
ajfa-1783	172	4	agency	agency	NOUN
ajfa-1783	172	5	cost	cost	VERB
ajfa-1783	172	6	1.000	1.000	NUM
ajfa-1783	172	7	0	0	NUM
ajfa-1783	172	8	bownps	bownps	NOUN
ajfa-1783	172	9	-0.139	-0.139	PUNCT
ajfa-1783	172	10	0	0	NUM
ajfa-1783	172	11	1.0000	1.0000	NUM
ajfa-1783	172	12	iownps	iownps	ADJ
ajfa-1783	172	13	-0.011	-0.011	PUNCT
ajfa-1783	172	14	9	9	NUM
ajfa-1783	172	15	0.1902	0.1902	NUM
ajfa-1783	172	16	1.0000	1.0000	NUM
ajfa-1783	172	17	leverage	leverage	NOUN
ajfa-1783	172	18	0.028	0.028	NUM
ajfa-1783	172	19	3	3	NUM
ajfa-1783	172	20	0.0751	0.0751	NUM
ajfa-1783	172	21	-0.0805	-0.0805	NOUN
ajfa-1783	172	22	1.0000	1.0000	NUM
ajfa-1783	172	23	dividend	dividend	NOUN
ajfa-1783	172	24	-0.000	-0.000	NUM
ajfa-1783	172	25	1	1	NUM
ajfa-1783	172	26	-0.0081	-0.0081	NOUN
ajfa-1783	172	27	0.0127	0.0127	NUM
ajfa-1783	172	28	0.0930	0.0930	NUM
ajfa-1783	172	29	1.0000	1.0000	NUM
ajfa-1783	172	30	board	board	NOUN
ajfa-1783	172	31	size	size	NOUN
ajfa-1783	172	32	-0.026	-0.026	PUNCT
ajfa-1783	172	33	4	4	NUM
ajfa-1783	172	34	-0.0006	-0.0006	NOUN
ajfa-1783	172	35	-0.0256	-0.0256	PUNCT
ajfa-1783	173	1	0.0938	0.0938	NUM
ajfa-1783	173	2	0.0251	0.0251	NUM
ajfa-1783	173	3	1.000	1.000	NUM
ajfa-1783	173	4	0	0	NUM
ajfa-1783	173	5	ned	ned	ADJ
ajfa-1783	173	6	-0.007	-0.007	NOUN
ajfa-1783	173	7	9	9	NUM
ajfa-1783	173	8	-0.1201	-0.1201	NOUN
ajfa-1783	173	9	-0.1821	-0.1821	VERB
ajfa-1783	173	10	0.0654	0.0654	NUM
ajfa-1783	173	11	-0.0198	-0.0198	NOUN
ajfa-1783	173	12	0.135	0.135	NUM
ajfa-1783	173	13	5	5	NUM
ajfa-1783	173	14	1.000	1.000	NUM
ajfa-1783	173	15	0	0	NUM
ajfa-1783	173	16	audit_com	audit_com	X
ajfa-1783	173	17	m	m	NOUN
ajfa-1783	173	18	0.035	0.035	NUM
ajfa-1783	173	19	7	7	NUM
ajfa-1783	173	20	-0.0162	-0.0162	NOUN
ajfa-1783	173	21	0.0803	0.0803	NUM
ajfa-1783	173	22	-0.0083	-0.0083	NOUN
ajfa-1783	173	23	0.0143	0.0143	NUM
ajfa-1783	173	24	0.080	0.080	NUM
ajfa-1783	173	25	6	6	NUM
ajfa-1783	173	26	-0.014	-0.014	NOUN
ajfa-1783	173	27	2	2	NUM
ajfa-1783	173	28	1.0000	1.0000	NUM
ajfa-1783	173	29	nom_com	nom_com	NOUN
ajfa-1783	173	30	m	m	VERB
ajfa-1783	173	31	-0.142	-0.142	NUM
ajfa-1783	173	32	2	2	NUM
ajfa-1783	173	33	0.0799	0.0799	NUM
ajfa-1783	173	34	-0.0559	-0.0559	NOUN
ajfa-1783	174	1	0.0127	0.0127	NUM
ajfa-1783	174	2	0.0455	0.0455	NUM
ajfa-1783	175	1	0.232	0.232	NUM
ajfa-1783	175	2	6	6	NUM
ajfa-1783	175	3	0.075	0.075	NUM
ajfa-1783	175	4	7	7	NUM
ajfa-1783	175	5	0.3288	0.3288	NUM
ajfa-1783	175	6	1.0000	1.0000	NUM
ajfa-1783	175	7	rem_com	rem_com	X
ajfa-1783	175	8	m	m	VERB
ajfa-1783	175	9	-0.026	-0.026	PUNCT
ajfa-1783	175	10	6	6	NUM
ajfa-1783	175	11	0.0163	0.0163	NUM
ajfa-1783	175	12	-0.0835	-0.0835	NOUN
ajfa-1783	175	13	0.0569	0.0569	NUM
ajfa-1783	175	14	0.0289	0.0289	NUM
ajfa-1783	175	15	0.198	0.198	NUM
ajfa-1783	175	16	6	6	NUM
ajfa-1783	175	17	0.056	0.056	NUM
ajfa-1783	175	18	1	1	NUM
ajfa-1783	175	19	0.5619	0.5619	NUM
ajfa-1783	175	20	0.5853	0.5853	NUM
ajfa-1783	175	21	1.0000	1.0000	NUM
ajfa-1783	175	22	firm	firm	ADJ
ajfa-1783	175	23	size	size	NOUN
ajfa-1783	175	24	0.439	0.439	NUM
ajfa-1783	175	25	3	3	NUM
ajfa-1783	175	26	-0.1379	-0.1379	PROPN
ajfa-1783	175	27	-0.1308	-0.1308	PROPN
ajfa-1783	175	28	-0.0282	-0.0282	PROPN
ajfa-1783	175	29	-0.0109	-0.0109	VERB
ajfa-1783	175	30	0.380	0.380	NUM
ajfa-1783	175	31	1	1	NUM
ajfa-1783	175	32	-0.038	-0.038	SYM
ajfa-1783	175	33	5	5	NUM
ajfa-1783	175	34	0.1338	0.1338	NUM
ajfa-1783	175	35	0.0846	0.0846	NUM
ajfa-1783	175	36	0.0449	0.0449	NUM
ajfa-1783	175	37	1.000	1.000	NUM
ajfa-1783	175	38	0	0	NUM
ajfa-1783	175	39	table	table	NOUN
ajfa-1783	175	40	2	2	NUM
ajfa-1783	175	41	presents	present	VERB
ajfa-1783	175	42	the	the	DET
ajfa-1783	175	43	correlation	correlation	NOUN
ajfa-1783	175	44	matrix	matrix	NOUN
ajfa-1783	175	45	of	of	ADP
ajfa-1783	175	46	all	all	DET
ajfa-1783	175	47	variables	variable	NOUN
ajfa-1783	175	48	in	in	ADP
ajfa-1783	175	49	the	the	DET
ajfa-1783	175	50	model	model	NOUN
ajfa-1783	175	51	.	.	PUNCT
ajfa-1783	176	1	the	the	DET
ajfa-1783	176	2	highest	high	ADJ
ajfa-1783	176	3	correlation	correlation	NOUN
ajfa-1783	176	4	is	be	AUX
ajfa-1783	176	5	between	between	ADP
ajfa-1783	176	6	agency	agency	NOUN
ajfa-1783	176	7	costs	cost	NOUN
ajfa-1783	176	8	and	and	CCONJ
ajfa-1783	176	9	firm	firm	ADJ
ajfa-1783	176	10	size	size	NOUN
ajfa-1783	176	11	at	at	ADP
ajfa-1783	176	12	0.43	0.43	NUM
ajfa-1783	176	13	,	,	PUNCT
ajfa-1783	176	14	suggesting	suggest	VERB
ajfa-1783	176	15	larger	large	ADJ
ajfa-1783	176	16	firms	firm	NOUN
ajfa-1783	176	17	tend	tend	VERB
ajfa-1783	176	18	to	to	PART
ajfa-1783	176	19	have	have	VERB
ajfa-1783	176	20	larger	large	ADJ
ajfa-1783	176	21	agency	agency	NOUN
ajfa-1783	176	22	costs	cost	NOUN
ajfa-1783	176	23	.	.	PUNCT
ajfa-1783	177	1	other	other	ADJ
ajfa-1783	177	2	variables	variable	NOUN
ajfa-1783	177	3	having	have	VERB
ajfa-1783	177	4	the	the	DET
ajfa-1783	177	5	highest	high	ADJ
ajfa-1783	177	6	correlation	correlation	NOUN
ajfa-1783	177	7	are	be	AUX
ajfa-1783	177	8	the	the	DET
ajfa-1783	177	9	audit	audit	NOUN
ajfa-1783	177	10	committee	committee	NOUN
ajfa-1783	177	11	and	and	CCONJ
ajfa-1783	177	12	remuneration	remuneration	NOUN
ajfa-1783	177	13	committee	committee	NOUN
ajfa-1783	177	14	at	at	ADP
ajfa-1783	177	15	0.56	0.56	NUM
ajfa-1783	177	16	,	,	PUNCT
ajfa-1783	177	17	while	while	SCONJ
ajfa-1783	177	18	the	the	DET
ajfa-1783	177	19	nomination	nomination	NOUN
ajfa-1783	177	20	committee	committee	PROPN
ajfa-1783	177	21	and	and	CCONJ
ajfa-1783	177	22	remuneration	remuneration	NOUN
ajfa-1783	177	23	committee	committee	NOUN
ajfa-1783	177	24	are	be	AUX
ajfa-1783	177	25	at	at	ADP
ajfa-1783	177	26	0.58	0.58	NUM
ajfa-1783	177	27	,	,	PUNCT
ajfa-1783	177	28	suggesting	suggest	VERB
ajfa-1783	177	29	that	that	SCONJ
ajfa-1783	177	30	firms	firm	NOUN
ajfa-1783	177	31	having	have	VERB
ajfa-1783	177	32	an	an	DET
ajfa-1783	177	33	audit	audit	NOUN
ajfa-1783	177	34	committee	committee	NOUN
ajfa-1783	177	35	are	be	AUX
ajfa-1783	177	36	also	also	ADV
ajfa-1783	177	37	having	have	VERB
ajfa-1783	177	38	a	a	DET
ajfa-1783	177	39	remuneration	remuneration	NOUN
ajfa-1783	177	40	committee	committee	NOUN
ajfa-1783	177	41	,	,	PUNCT
ajfa-1783	177	42	and	and	CCONJ
ajfa-1783	177	43	firms	firm	NOUN
ajfa-1783	177	44	having	have	VERB
ajfa-1783	177	45	a	a	DET
ajfa-1783	177	46	nomination	nomination	NOUN
ajfa-1783	177	47	committee	committee	NOUN
ajfa-1783	177	48	are	be	AUX
ajfa-1783	177	49	also	also	ADV
ajfa-1783	177	50	having	have	VERB
ajfa-1783	177	51	a	a	DET
ajfa-1783	177	52	remuneration	remuneration	NOUN
ajfa-1783	177	53	committee	committee	NOUN
ajfa-1783	177	54	.	.	PUNCT
ajfa-1783	178	1	none	none	NOUN
ajfa-1783	178	2	of	of	ADP
ajfa-1783	178	3	the	the	DET
ajfa-1783	178	4	correlations	correlation	NOUN
ajfa-1783	178	5	among	among	ADP
ajfa-1783	178	6	explanatory	explanatory	ADJ
ajfa-1783	178	7	variables	variable	NOUN
ajfa-1783	178	8	are	be	AUX
ajfa-1783	178	9	above	above	ADP
ajfa-1783	178	10	0.58	0.58	NUM
ajfa-1783	178	11	,	,	PUNCT
ajfa-1783	178	12	indicating	indicate	VERB
ajfa-1783	178	13	a	a	DET
ajfa-1783	178	14	low	low	ADJ
ajfa-1783	178	15	likelihood	likelihood	NOUN
ajfa-1783	178	16	of	of	ADP
ajfa-1783	178	17	multicollinearity	multicollinearity	NOUN
ajfa-1783	178	18	issues	issue	NOUN
ajfa-1783	178	19	arising	arise	VERB
ajfa-1783	178	20	in	in	ADP
ajfa-1783	178	21	the	the	DET
ajfa-1783	178	22	ols	ol	NOUN
ajfa-1783	178	23	regressions	regression	NOUN
ajfa-1783	178	24	.	.	PUNCT
ajfa-1783	179	1	table	table	NOUN
ajfa-1783	179	2	3	3	NUM
ajfa-1783	179	3	presents	present	VERB
ajfa-1783	179	4	the	the	DET
ajfa-1783	179	5	regression	regression	NOUN
ajfa-1783	179	6	results	result	NOUN
ajfa-1783	179	7	.	.	PUNCT
ajfa-1783	180	1	the	the	DET
ajfa-1783	180	2	regression	regression	NOUN
ajfa-1783	180	3	results	result	VERB
ajfa-1783	180	4	for	for	ADP
ajfa-1783	180	5	linear	linear	ADJ
ajfa-1783	180	6	and	and	CCONJ
ajfa-1783	180	7	non	non	ADJ
ajfa-1783	180	8	-	-	ADJ
ajfa-1783	180	9	linear	linear	ADJ
ajfa-1783	180	10	method	method	NOUN
ajfa-1783	180	11	are	be	AUX
ajfa-1783	180	12	considerably	considerably	ADV
ajfa-1783	180	13	different	different	ADJ
ajfa-1783	180	14	.	.	PUNCT
ajfa-1783	181	1	the	the	DET
ajfa-1783	181	2	difference	difference	NOUN
ajfa-1783	181	3	is	be	AUX
ajfa-1783	181	4	caused	cause	VERB
ajfa-1783	181	5	by	by	ADP
ajfa-1783	181	6	the	the	DET
ajfa-1783	181	7	nature	nature	NOUN
ajfa-1783	181	8	of	of	ADP
ajfa-1783	181	9	the	the	DET
ajfa-1783	181	10	data	datum	NOUN
ajfa-1783	181	11	itself	itself	PRON
ajfa-1783	181	12	.	.	PUNCT
ajfa-1783	182	1	if	if	SCONJ
ajfa-1783	182	2	the	the	DET
ajfa-1783	182	3	data	data	NOUN
ajfa-1783	182	4	is	be	AUX
ajfa-1783	182	5	non	non	ADJ
ajfa-1783	182	6	-	-	ADJ
ajfa-1783	182	7	linear	linear	ADJ
ajfa-1783	182	8	,	,	PUNCT
ajfa-1783	182	9	and	and	CCONJ
ajfa-1783	182	10	is	be	AUX
ajfa-1783	182	11	estimated	estimate	VERB
ajfa-1783	182	12	as	as	ADP
ajfa-1783	182	13	linear	linear	PROPN
ajfa-1783	182	14	,	,	PUNCT
ajfa-1783	182	15	thus	thus	ADV
ajfa-1783	182	16	possibly	possibly	ADV
ajfa-1783	182	17	leading	lead	VERB
ajfa-1783	182	18	to	to	ADP
ajfa-1783	182	19	inefficient	inefficient	ADJ
ajfa-1783	182	20	estimators	estimator	NOUN
ajfa-1783	182	21	and	and	CCONJ
ajfa-1783	182	22	biased	biased	ADJ
ajfa-1783	182	23	standard	standard	ADJ
ajfa-1783	182	24	error	error	NOUN
ajfa-1783	182	25	,	,	PUNCT
ajfa-1783	182	26	and	and	CCONJ
ajfa-1783	182	27	vice	vice	ADV
ajfa-1783	182	28	versa	versa	ADV
ajfa-1783	182	29	.	.	PUNCT
ajfa-1783	183	1	this	this	DET
ajfa-1783	183	2	data	datum	NOUN
ajfa-1783	183	3	in	in	ADP
ajfa-1783	183	4	this	this	DET
ajfa-1783	183	5	study	study	NOUN
ajfa-1783	183	6	is	be	AUX
ajfa-1783	183	7	characterised	characterise	VERB
ajfa-1783	183	8	as	as	ADP
ajfa-1783	183	9	non	non	ADJ
ajfa-1783	183	10	-	-	ADJ
ajfa-1783	183	11	linear	linear	ADJ
ajfa-1783	183	12	data	datum	NOUN
ajfa-1783	183	13	,	,	PUNCT
ajfa-1783	183	14	though	though	SCONJ
ajfa-1783	183	15	all	all	DET
ajfa-1783	183	16	the	the	DET
ajfa-1783	183	17	estimated	estimate	VERB
ajfa-1783	183	18	coefficients	coefficient	NOUN
ajfa-1783	183	19	in	in	ADP
ajfa-1783	183	20	the	the	DET
ajfa-1783	183	21	linear	linear	ADJ
ajfa-1783	183	22	method	method	NOUN
ajfa-1783	183	23	exhibit	exhibit	VERB
ajfa-1783	183	24	a	a	DET
ajfa-1783	183	25	significant	significant	ADJ
ajfa-1783	183	26	result	result	NOUN
ajfa-1783	183	27	,	,	PUNCT
ajfa-1783	183	28	but	but	CCONJ
ajfa-1783	183	29	they	they	PRON
ajfa-1783	183	30	present	present	VERB
ajfa-1783	183	31	biased	biased	ADJ
ajfa-1783	183	32	estimated	estimate	VERB
ajfa-1783	183	33	.	.	PUNCT
ajfa-1783	184	1	the	the	DET
ajfa-1783	184	2	result	result	NOUN
ajfa-1783	184	3	for	for	SCONJ
ajfa-1783	184	4	the	the	DET
ajfa-1783	184	5	non	non	ADJ
ajfa-1783	184	6	-	-	ADJ
ajfa-1783	184	7	linear	linear	ADJ
ajfa-1783	184	8	method	method	NOUN
ajfa-1783	184	9	yields	yield	VERB
ajfa-1783	184	10	less	less	ADV
ajfa-1783	184	11	significant	significant	ADJ
ajfa-1783	184	12	estimated	estimate	VERB
ajfa-1783	184	13	coefficients	coefficient	NOUN
ajfa-1783	184	14	,	,	PUNCT
ajfa-1783	184	15	but	but	CCONJ
ajfa-1783	184	16	they	they	PRON
ajfa-1783	184	17	present	present	VERB
ajfa-1783	184	18	true	true	ADJ
ajfa-1783	184	19	values	value	NOUN
ajfa-1783	184	20	to	to	PART
ajfa-1783	184	21	represent	represent	VERB
ajfa-1783	184	22	the	the	DET
ajfa-1783	184	23	data	datum	NOUN
ajfa-1783	184	24	in	in	ADP
ajfa-1783	184	25	this	this	DET
ajfa-1783	184	26	study	study	NOUN
ajfa-1783	184	27	.	.	PUNCT
ajfa-1783	185	1	asian	asian	ADJ
ajfa-1783	185	2	journal	journal	PROPN
ajfa-1783	185	3	of	of	ADP
ajfa-1783	185	4	finance	finance	PROPN
ajfa-1783	185	5	&	&	CCONJ
ajfa-1783	185	6	accounting	accounting	PROPN
ajfa-1783	185	7	issn	issn	PROPN
ajfa-1783	185	8	1946	1946	NUM
ajfa-1783	185	9	-	-	PUNCT
ajfa-1783	185	10	052x	052x	NOUN
ajfa-1783	185	11	2012	2012	NUM
ajfa-1783	185	12	,	,	PUNCT
ajfa-1783	185	13	vol	vol	NOUN
ajfa-1783	185	14	.	.	PROPN
ajfa-1783	185	15	4	4	NUM
ajfa-1783	185	16	,	,	PUNCT
ajfa-1783	185	17	no	no	INTJ
ajfa-1783	185	18	.	.	NOUN
ajfa-1783	185	19	1	1	NUM
ajfa-1783	185	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1783	185	21	371	371	NUM
ajfa-1783	185	22	table	table	NOUN
ajfa-1783	185	23	3	3	NUM
ajfa-1783	185	24	.	.	PUNCT
ajfa-1783	186	1	regression	regression	NOUN
ajfa-1783	186	2	results	result	NOUN
ajfa-1783	186	3	variables	variable	VERB
ajfa-1783	186	4	reg	reg	NOUN
ajfa-1783	186	5	.	.	PUNCT
ajfa-1783	187	1	1_linear	1_linear	NUM
ajfa-1783	187	2	-	-	PUNCT
ajfa-1783	187	3	gls	gl	VERB
ajfa-1783	187	4	reg	reg	NOUN
ajfa-1783	187	5	.	.	PUNCT
ajfa-1783	188	1	2_non	2_non	NUM
ajfa-1783	188	2	-	-	PUNCT
ajfa-1783	188	3	linear	linear	PROPN
ajfa-1783	188	4	tobit	tobit	NOUN
ajfa-1783	188	5	constant	constant	ADJ
ajfa-1783	188	6	1.7401	1.7401	NUM
ajfa-1783	188	7	*	*	PUNCT
ajfa-1783	188	8	*	*	PUNCT
ajfa-1783	188	9	*	*	PUNCT
ajfa-1783	188	10	0.1846	0.1846	NUM
ajfa-1783	188	11	(	(	PUNCT
ajfa-1783	188	12	0.1822	0.1822	NUM
ajfa-1783	188	13	)	)	PUNCT
ajfa-1783	188	14	(	(	PUNCT
ajfa-1783	188	15	0.1497	0.1497	NUM
ajfa-1783	188	16	)	)	PUNCT
ajfa-1783	188	17	managerial	managerial	ADJ
ajfa-1783	188	18	ownership	ownership	NOUN
ajfa-1783	188	19	-0.9780	-0.9780	NOUN
ajfa-1783	188	20	*	*	PUNCT
ajfa-1783	189	1	*	*	PUNCT
ajfa-1783	189	2	*	*	PUNCT
ajfa-1783	189	3	-0.1656	-0.1656	PROPN
ajfa-1783	189	4	*	*	PUNCT
ajfa-1783	189	5	*	*	PUNCT
ajfa-1783	189	6	(	(	PUNCT
ajfa-1783	189	7	0.1056	0.1056	NUM
ajfa-1783	189	8	)	)	PUNCT
ajfa-1783	189	9	(	(	PUNCT
ajfa-1783	189	10	0.0772	0.0772	NUM
ajfa-1783	189	11	)	)	PUNCT
ajfa-1783	189	12	block	block	NOUN
ajfa-1783	189	13	-	-	PUNCT
ajfa-1783	189	14	holders	holder	NOUN
ajfa-1783	189	15	ownership	ownership	NOUN
ajfa-1783	189	16	0.1610	0.1610	NUM
ajfa-1783	189	17	*	*	PUNCT
ajfa-1783	189	18	*	*	PUNCT
ajfa-1783	189	19	*	*	PUNCT
ajfa-1783	189	20	-0.0622	-0.0622	NOUN
ajfa-1783	189	21	(	(	PUNCT
ajfa-1783	189	22	0.0531	0.0531	NUM
ajfa-1783	189	23	)	)	PUNCT
ajfa-1783	189	24	(	(	PUNCT
ajfa-1783	189	25	0.0400	0.0400	NUM
ajfa-1783	189	26	)	)	PUNCT
ajfa-1783	189	27	leverage	leverage	NOUN
ajfa-1783	189	28	-0.313	-0.313	PUNCT
ajfa-1783	189	29	*	*	PUNCT
ajfa-1783	189	30	*	*	PUNCT
ajfa-1783	189	31	*	*	PUNCT
ajfa-1783	189	32	-0.0099	-0.0099	NOUN
ajfa-1783	189	33	(	(	PUNCT
ajfa-1783	189	34	0.0660	0.0660	NUM
ajfa-1783	189	35	)	)	PUNCT
ajfa-1783	189	36	(	(	PUNCT
ajfa-1783	189	37	0.0578	0.0578	NUM
ajfa-1783	189	38	)	)	PUNCT
ajfa-1783	189	39	dividend	dividend	NOUN
ajfa-1783	189	40	0.0005	0.0005	NUM
ajfa-1783	189	41	-0.0001	-0.0001	NOUN
ajfa-1783	189	42	(	(	PUNCT
ajfa-1783	189	43	0.0023	0.0023	NUM
ajfa-1783	189	44	)	)	PUNCT
ajfa-1783	189	45	(	(	PUNCT
ajfa-1783	189	46	0.0005	0.0005	NUM
ajfa-1783	189	47	)	)	PUNCT
ajfa-1783	189	48	board	board	NOUN
ajfa-1783	189	49	size	size	NOUN
ajfa-1783	189	50	-2.3260	-2.3260	PUNCT
ajfa-1783	189	51	*	*	PUNCT
ajfa-1783	190	1	*	*	PUNCT
ajfa-1783	190	2	*	*	PUNCT
ajfa-1783	190	3	-0.5501	-0.5501	VERB
ajfa-1783	190	4	*	*	PUNCT
ajfa-1783	190	5	*	*	PUNCT
ajfa-1783	190	6	*	*	PUNCT
ajfa-1783	190	7	(	(	PUNCT
ajfa-1783	190	8	0.2198	0.2198	NUM
ajfa-1783	190	9	)	)	PUNCT
ajfa-1783	190	10	(	(	PUNCT
ajfa-1783	190	11	0.1360	0.1360	NUM
ajfa-1783	190	12	)	)	PUNCT
ajfa-1783	190	13	non	non	ADJ
ajfa-1783	190	14	-	-	ADJ
ajfa-1783	190	15	executive	executive	ADJ
ajfa-1783	190	16	directors	director	NOUN
ajfa-1783	190	17	-0.4076	-0.4076	VERB
ajfa-1783	190	18	*	*	PUNCT
ajfa-1783	191	1	*	*	PUNCT
ajfa-1783	191	2	*	*	PUNCT
ajfa-1783	191	3	0.0971	0.0971	NUM
ajfa-1783	191	4	(	(	PUNCT
ajfa-1783	191	5	0.0945	0.0945	NUM
ajfa-1783	191	6	)	)	PUNCT
ajfa-1783	191	7	(	(	PUNCT
ajfa-1783	191	8	0.0720	0.0720	NUM
ajfa-1783	191	9	)	)	PUNCT
ajfa-1783	191	10	audit	audit	NOUN
ajfa-1783	191	11	committee	committee	NOUN
ajfa-1783	191	12	-0.0931	-0.0931	NOUN
ajfa-1783	191	13	*	*	PUNCT
ajfa-1783	191	14	-0.0426	-0.0426	NOUN
ajfa-1783	191	15	(	(	PUNCT
ajfa-1783	191	16	0.0560	0.0560	NUM
ajfa-1783	191	17	)	)	PUNCT
ajfa-1783	191	18	(	(	PUNCT
ajfa-1783	191	19	0.0620	0.0620	NUM
ajfa-1783	191	20	)	)	PUNCT
ajfa-1783	191	21	nomination	nomination	NOUN
ajfa-1783	191	22	committee	committee	NOUN
ajfa-1783	191	23	0.0194	0.0194	NUM
ajfa-1783	191	24	-0.1570	-0.1570	NOUN
ajfa-1783	191	25	*	*	PUNCT
ajfa-1783	192	1	*	*	PUNCT
ajfa-1783	192	2	*	*	PUNCT
ajfa-1783	192	3	(	(	PUNCT
ajfa-1783	192	4	0.0400	0.0400	NUM
ajfa-1783	192	5	)	)	PUNCT
ajfa-1783	192	6	(	(	PUNCT
ajfa-1783	192	7	0.0363	0.0363	NUM
ajfa-1783	192	8	)	)	PUNCT
ajfa-1783	192	9	remuneration	remuneration	NOUN
ajfa-1783	192	10	committee	committee	NOUN
ajfa-1783	192	11	0.3122	0.3122	NUM
ajfa-1783	192	12	*	*	PUNCT
ajfa-1783	192	13	*	*	PUNCT
ajfa-1783	192	14	*	*	PUNCT
ajfa-1783	192	15	0.2269	0.2269	NUM
ajfa-1783	192	16	*	*	PUNCT
ajfa-1783	192	17	*	*	PUNCT
ajfa-1783	192	18	*	*	PUNCT
ajfa-1783	192	19	(	(	PUNCT
ajfa-1783	192	20	0.0461	0.0461	NUM
ajfa-1783	192	21	)	)	PUNCT
ajfa-1783	192	22	(	(	PUNCT
ajfa-1783	192	23	0.0436	0.0436	NUM
ajfa-1783	192	24	)	)	PUNCT
ajfa-1783	192	25	firm	firm	ADJ
ajfa-1783	192	26	size	size	NOUN
ajfa-1783	192	27	0.0951	0.0951	NUM
ajfa-1783	192	28	*	*	PUNCT
ajfa-1783	192	29	*	*	PUNCT
ajfa-1783	192	30	*	*	PUNCT
ajfa-1783	192	31	0.0627	0.0627	PUNCT
ajfa-1783	192	32	*	*	PUNCT
ajfa-1783	192	33	*	*	PUNCT
ajfa-1783	192	34	*	*	PUNCT
ajfa-1783	192	35	(	(	PUNCT
ajfa-1783	192	36	0.0130	0.0130	NUM
ajfa-1783	192	37	)	)	PUNCT
ajfa-1783	192	38	(	(	PUNCT
ajfa-1783	192	39	0.0117	0.0117	NUM
ajfa-1783	192	40	)	)	PUNCT
ajfa-1783	192	41	groups	group	NOUN
ajfa-1783	192	42	79	79	NUM
ajfa-1783	192	43	79	79	NUM
ajfa-1783	192	44	wald	wald	NOUN
ajfa-1783	192	45	-	-	NOUN
ajfa-1783	192	46	chi2	chi2	NOUN
ajfa-1783	192	47	254.60	254.60	NUM
ajfa-1783	192	48	86.50	86.50	NUM
ajfa-1783	192	49	prob.chi2	prob.chi2	NUM
ajfa-1783	192	50	0.0000	0.0000	NUM
ajfa-1783	192	51	0.0000	0.0000	NUM
ajfa-1783	192	52	standard	standard	ADJ
ajfa-1783	192	53	errors	error	NOUN
ajfa-1783	192	54	in	in	ADP
ajfa-1783	192	55	parentheses	parenthesis	NOUN
ajfa-1783	192	56	are	be	AUX
ajfa-1783	192	57	for	for	ADP
ajfa-1783	192	58	coefficients	coefficient	NOUN
ajfa-1783	192	59	.	.	PUNCT
ajfa-1783	193	1	*	*	PUNCT
ajfa-1783	193	2	sig	sig	NOUN
ajfa-1783	193	3	.	.	PUNCT
ajfa-1783	194	1	at	at	ADP
ajfa-1783	194	2	10%level	10%level	NUM
ajfa-1783	194	3	,	,	PUNCT
ajfa-1783	194	4	*	*	PUNCT
ajfa-1783	194	5	*	*	NOUN
ajfa-1783	194	6	sig	sig	NOUN
ajfa-1783	194	7	.	.	PUNCT
ajfa-1783	195	1	at	at	ADP
ajfa-1783	195	2	5	5	NUM
ajfa-1783	195	3	%	%	NOUN
ajfa-1783	195	4	level	level	NOUN
ajfa-1783	195	5	,	,	PUNCT
ajfa-1783	195	6	and	and	CCONJ
ajfa-1783	195	7	*	*	PUNCT
ajfa-1783	195	8	*	*	PUNCT
ajfa-1783	195	9	*	*	NOUN
ajfa-1783	195	10	sig	sig	NOUN
ajfa-1783	195	11	.	.	PUNCT
ajfa-1783	196	1	at	at	ADP
ajfa-1783	196	2	1	1	NUM
ajfa-1783	196	3	%	%	NOUN
ajfa-1783	196	4	level	level	NOUN
ajfa-1783	196	5	from	from	ADP
ajfa-1783	196	6	non	non	ADJ
ajfa-1783	196	7	-	-	ADJ
ajfa-1783	196	8	linear	linear	ADJ
ajfa-1783	196	9	tobit	tobit	NOUN
ajfa-1783	196	10	,	,	PUNCT
ajfa-1783	196	11	the	the	DET
ajfa-1783	196	12	coefficient	coefficient	NOUN
ajfa-1783	196	13	for	for	ADP
ajfa-1783	196	14	managerial	managerial	ADJ
ajfa-1783	196	15	ownership	ownership	NOUN
ajfa-1783	196	16	is	be	AUX
ajfa-1783	196	17	a	a	DET
ajfa-1783	196	18	negative	negative	ADJ
ajfa-1783	196	19	and	and	CCONJ
ajfa-1783	196	20	is	be	AUX
ajfa-1783	196	21	significant	significant	ADJ
ajfa-1783	196	22	at	at	ADP
ajfa-1783	196	23	5	5	NUM
ajfa-1783	196	24	%	%	NOUN
ajfa-1783	196	25	significance	significance	NOUN
ajfa-1783	196	26	level	level	NOUN
ajfa-1783	196	27	,	,	PUNCT
ajfa-1783	196	28	suggesting	suggest	VERB
ajfa-1783	196	29	higher	high	ADJ
ajfa-1783	196	30	managerial	managerial	ADJ
ajfa-1783	196	31	ownership	ownership	NOUN
ajfa-1783	196	32	can	can	AUX
ajfa-1783	196	33	reduce	reduce	VERB
ajfa-1783	196	34	the	the	DET
ajfa-1783	196	35	agency	agency	NOUN
ajfa-1783	196	36	costs	cost	NOUN
ajfa-1783	196	37	.	.	PUNCT
ajfa-1783	197	1	de	de	X
ajfa-1783	197	2	angelo	angelo	PROPN
ajfa-1783	197	3	and	and	CCONJ
ajfa-1783	197	4	de	de	X
ajfa-1783	197	5	angelo	angelo	PROPN
ajfa-1783	197	6	(	(	PUNCT
ajfa-1783	197	7	1985	1985	NUM
ajfa-1783	197	8	)	)	PUNCT
ajfa-1783	197	9	argue	argue	VERB
ajfa-1783	197	10	that	that	SCONJ
ajfa-1783	197	11	high	high	ADJ
ajfa-1783	197	12	levels	level	NOUN
ajfa-1783	197	13	of	of	ADP
ajfa-1783	197	14	managerial	managerial	ADJ
ajfa-1783	197	15	ownership	ownership	NOUN
ajfa-1783	197	16	will	will	AUX
ajfa-1783	197	17	entrench	entrench	VERB
ajfa-1783	197	18	management	management	NOUN
ajfa-1783	197	19	and	and	CCONJ
ajfa-1783	197	20	create	create	VERB
ajfa-1783	197	21	agency	agency	NOUN
ajfa-1783	197	22	problems	problem	NOUN
ajfa-1783	197	23	;	;	PUNCT
ajfa-1783	197	24	however	however	ADV
ajfa-1783	197	25	,	,	PUNCT
ajfa-1783	197	26	the	the	DET
ajfa-1783	197	27	result	result	NOUN
ajfa-1783	197	28	of	of	ADP
ajfa-1783	197	29	this	this	DET
ajfa-1783	197	30	study	study	NOUN
ajfa-1783	197	31	indicates	indicate	VERB
ajfa-1783	197	32	that	that	SCONJ
ajfa-1783	197	33	managerial	managerial	ADJ
ajfa-1783	197	34	ownership	ownership	NOUN
ajfa-1783	197	35	in	in	ADP
ajfa-1783	197	36	new	new	PROPN
ajfa-1783	197	37	zealand	zealand	PROPN
ajfa-1783	197	38	firms	firm	NOUN
ajfa-1783	197	39	lowers	lower	VERB
ajfa-1783	197	40	the	the	DET
ajfa-1783	197	41	agency	agency	NOUN
ajfa-1783	197	42	costs	cost	NOUN
ajfa-1783	197	43	;	;	PUNCT
ajfa-1783	197	44	this	this	PRON
ajfa-1783	197	45	may	may	AUX
ajfa-1783	197	46	be	be	AUX
ajfa-1783	197	47	due	due	ADJ
ajfa-1783	197	48	to	to	ADP
ajfa-1783	197	49	those	those	DET
ajfa-1783	197	50	managers	manager	NOUN
ajfa-1783	197	51	who	who	PRON
ajfa-1783	197	52	are	be	AUX
ajfa-1783	197	53	also	also	ADV
ajfa-1783	197	54	owners	owner	NOUN
ajfa-1783	197	55	trying	try	VERB
ajfa-1783	197	56	to	to	PART
ajfa-1783	197	57	maintain	maintain	VERB
ajfa-1783	197	58	good	good	ADJ
ajfa-1783	197	59	reputation	reputation	NOUN
ajfa-1783	197	60	of	of	ADP
ajfa-1783	197	61	their	their	PRON
ajfa-1783	197	62	firms	firm	NOUN
ajfa-1783	197	63	by	by	ADP
ajfa-1783	197	64	minimising	minimise	VERB
ajfa-1783	197	65	conflicts	conflict	NOUN
ajfa-1783	197	66	within	within	ADP
ajfa-1783	197	67	the	the	DET
ajfa-1783	197	68	company	company	NOUN
ajfa-1783	197	69	,	,	PUNCT
ajfa-1783	197	70	hence	hence	ADV
ajfa-1783	197	71	improving	improve	VERB
ajfa-1783	197	72	firm	firm	ADJ
ajfa-1783	197	73	performance	performance	NOUN
ajfa-1783	197	74	.	.	PUNCT
ajfa-1783	198	1	this	this	DET
ajfa-1783	198	2	result	result	NOUN
ajfa-1783	198	3	is	be	AUX
ajfa-1783	198	4	similar	similar	ADJ
ajfa-1783	198	5	to	to	ADP
ajfa-1783	198	6	what	what	PRON
ajfa-1783	198	7	booth	booth	NOUN
ajfa-1783	198	8	,	,	PUNCT
ajfa-1783	198	9	cornett	cornett	NOUN
ajfa-1783	198	10	and	and	CCONJ
ajfa-1783	198	11	tehranian	tehranian	ADJ
ajfa-1783	198	12	(	(	PUNCT
ajfa-1783	198	13	2002	2002	NUM
ajfa-1783	198	14	)	)	PUNCT
ajfa-1783	198	15	posit	posit	NOUN
ajfa-1783	198	16	,	,	PUNCT
ajfa-1783	198	17	that	that	SCONJ
ajfa-1783	198	18	managerial	managerial	ADJ
ajfa-1783	198	19	ownership	ownership	NOUN
ajfa-1783	198	20	is	be	AUX
ajfa-1783	198	21	of	of	ADP
ajfa-1783	198	22	importance	importance	NOUN
ajfa-1783	198	23	in	in	ADP
ajfa-1783	198	24	monitoring	monitor	VERB
ajfa-1783	198	25	the	the	DET
ajfa-1783	198	26	divergence	divergence	NOUN
ajfa-1783	198	27	between	between	ADP
ajfa-1783	198	28	managers	manager	NOUN
ajfa-1783	198	29	and	and	CCONJ
ajfa-1783	198	30	stockholders	stockholder	NOUN
ajfa-1783	198	31	.	.	PUNCT
ajfa-1783	199	1	the	the	DET
ajfa-1783	199	2	coefficient	coefficient	NOUN
ajfa-1783	199	3	for	for	ADP
ajfa-1783	199	4	board	board	NOUN
ajfa-1783	199	5	size	size	NOUN
ajfa-1783	199	6	is	be	AUX
ajfa-1783	199	7	a	a	DET
ajfa-1783	199	8	negative	negative	ADJ
ajfa-1783	199	9	and	and	CCONJ
ajfa-1783	199	10	significant	significant	ADJ
ajfa-1783	199	11	at	at	ADP
ajfa-1783	199	12	1	1	NUM
ajfa-1783	199	13	%	%	NOUN
ajfa-1783	199	14	significance	significance	NOUN
ajfa-1783	199	15	level	level	NOUN
ajfa-1783	199	16	,	,	PUNCT
ajfa-1783	199	17	suggesting	suggest	VERB
ajfa-1783	199	18	higher	high	ADJ
ajfa-1783	199	19	board	board	NOUN
ajfa-1783	199	20	size	size	NOUN
ajfa-1783	199	21	can	can	AUX
ajfa-1783	199	22	reduce	reduce	VERB
ajfa-1783	199	23	agency	agency	NOUN
ajfa-1783	199	24	costs	cost	NOUN
ajfa-1783	199	25	.	.	PUNCT
ajfa-1783	200	1	the	the	DET
ajfa-1783	200	2	evidence	evidence	NOUN
ajfa-1783	200	3	suggests	suggest	VERB
ajfa-1783	200	4	that	that	SCONJ
ajfa-1783	200	5	the	the	DET
ajfa-1783	200	6	higher	high	ADJ
ajfa-1783	200	7	asian	asian	ADJ
ajfa-1783	200	8	journal	journal	NOUN
ajfa-1783	200	9	of	of	ADP
ajfa-1783	200	10	finance	finance	PROPN
ajfa-1783	200	11	&	&	CCONJ
ajfa-1783	200	12	accounting	accounting	PROPN
ajfa-1783	200	13	issn	issn	PROPN
ajfa-1783	200	14	1946	1946	NUM
ajfa-1783	200	15	-	-	PUNCT
ajfa-1783	200	16	052x	052x	NOUN
ajfa-1783	200	17	2012	2012	NUM
ajfa-1783	200	18	,	,	PUNCT
ajfa-1783	200	19	vol	vol	NOUN
ajfa-1783	200	20	.	.	PROPN
ajfa-1783	200	21	4	4	NUM
ajfa-1783	200	22	,	,	PUNCT
ajfa-1783	200	23	no	no	INTJ
ajfa-1783	200	24	.	.	NOUN
ajfa-1783	200	25	1	1	NUM
ajfa-1783	200	26	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1783	200	27	372	372	NUM
ajfa-1783	200	28	the	the	DET
ajfa-1783	200	29	number	number	NOUN
ajfa-1783	200	30	of	of	ADP
ajfa-1783	200	31	board	board	NOUN
ajfa-1783	200	32	members	member	NOUN
ajfa-1783	200	33	,	,	PUNCT
ajfa-1783	200	34	the	the	PRON
ajfa-1783	200	35	broader	broad	ADJ
ajfa-1783	200	36	the	the	DET
ajfa-1783	200	37	diversity	diversity	NOUN
ajfa-1783	200	38	of	of	ADP
ajfa-1783	200	39	board	board	NOUN
ajfa-1783	200	40	members	member	NOUN
ajfa-1783	200	41	,	,	PUNCT
ajfa-1783	200	42	hence	hence	ADV
ajfa-1783	200	43	reducing	reduce	VERB
ajfa-1783	200	44	agency	agency	NOUN
ajfa-1783	200	45	costs	cost	NOUN
ajfa-1783	200	46	.	.	PUNCT
ajfa-1783	201	1	in	in	ADP
ajfa-1783	201	2	addition	addition	NOUN
ajfa-1783	201	3	,	,	PUNCT
ajfa-1783	201	4	larger	large	ADJ
ajfa-1783	201	5	boards	board	NOUN
ajfa-1783	201	6	provide	provide	VERB
ajfa-1783	201	7	greater	great	ADJ
ajfa-1783	201	8	monitoring	monitoring	NOUN
ajfa-1783	201	9	and	and	CCONJ
ajfa-1783	201	10	advice	advice	NOUN
ajfa-1783	201	11	(	(	PUNCT
ajfa-1783	201	12	adam	adam	PROPN
ajfa-1783	201	13	&	&	CCONJ
ajfa-1783	201	14	mehran	mehran	PROPN
ajfa-1783	201	15	,	,	PUNCT
ajfa-1783	201	16	2003	2003	NUM
ajfa-1783	201	17	;	;	PUNCT
ajfa-1783	201	18	anderson	anderson	PROPN
ajfa-1783	201	19	,	,	PUNCT
ajfa-1783	201	20	mansi	mansi	PROPN
ajfa-1783	201	21	&	&	CCONJ
ajfa-1783	201	22	reeb	reeb	PROPN
ajfa-1783	201	23	,	,	PUNCT
ajfa-1783	201	24	2004	2004	NUM
ajfa-1783	201	25	;	;	PUNCT
ajfa-1783	201	26	coles	coles	PROPN
ajfa-1783	201	27	,	,	PUNCT
ajfa-1783	201	28	daniel	daniel	PROPN
ajfa-1783	201	29	&	&	CCONJ
ajfa-1783	201	30	naveen	naveen	PROPN
ajfa-1783	201	31	,	,	PUNCT
ajfa-1783	201	32	2008	2008	NUM
ajfa-1783	201	33	)	)	PUNCT
ajfa-1783	201	34	.	.	PUNCT
ajfa-1783	202	1	further	far	ADV
ajfa-1783	202	2	,	,	PUNCT
ajfa-1783	202	3	boyle	boyle	PROPN
ajfa-1783	202	4	and	and	CCONJ
ajfa-1783	202	5	ji	ji	PROPN
ajfa-1783	202	6	(	(	PUNCT
ajfa-1783	202	7	2011	2011	NUM
ajfa-1783	202	8	)	)	PUNCT
ajfa-1783	202	9	reported	report	VERB
ajfa-1783	202	10	that	that	SCONJ
ajfa-1783	202	11	the	the	DET
ajfa-1783	202	12	average	average	ADJ
ajfa-1783	202	13	board	board	NOUN
ajfa-1783	202	14	size	size	NOUN
ajfa-1783	202	15	fell	fall	VERB
ajfa-1783	202	16	from	from	ADP
ajfa-1783	202	17	about	about	ADP
ajfa-1783	202	18	6.6	6.6	NUM
ajfa-1783	202	19	%	%	NOUN
ajfa-1783	202	20	directors	director	NOUN
ajfa-1783	202	21	in	in	ADP
ajfa-1783	202	22	1995	1995	NUM
ajfa-1783	202	23	to	to	ADP
ajfa-1783	202	24	5.9	5.9	NUM
ajfa-1783	202	25	%	%	NOUN
ajfa-1783	202	26	in	in	ADP
ajfa-1783	202	27	2010	2010	NUM
ajfa-1783	202	28	,	,	PUNCT
ajfa-1783	202	29	and	and	CCONJ
ajfa-1783	202	30	that	that	SCONJ
ajfa-1783	202	31	this	this	DET
ajfa-1783	202	32	decline	decline	NOUN
ajfa-1783	202	33	is	be	AUX
ajfa-1783	202	34	significant	significant	ADJ
ajfa-1783	202	35	at	at	ADP
ajfa-1783	202	36	the	the	DET
ajfa-1783	202	37	1	1	NUM
ajfa-1783	202	38	%	%	NOUN
ajfa-1783	202	39	level	level	NOUN
ajfa-1783	202	40	.	.	PUNCT
ajfa-1783	203	1	therefore	therefore	ADV
ajfa-1783	203	2	,	,	PUNCT
ajfa-1783	203	3	increasing	increase	VERB
ajfa-1783	203	4	the	the	DET
ajfa-1783	203	5	board	board	NOUN
ajfa-1783	203	6	size	size	NOUN
ajfa-1783	203	7	is	be	AUX
ajfa-1783	203	8	able	able	ADJ
ajfa-1783	203	9	to	to	PART
ajfa-1783	203	10	deal	deal	VERB
ajfa-1783	203	11	with	with	ADP
ajfa-1783	203	12	the	the	DET
ajfa-1783	203	13	agency	agency	NOUN
ajfa-1783	203	14	problem	problem	NOUN
ajfa-1783	203	15	by	by	ADP
ajfa-1783	203	16	alignment	alignment	NOUN
ajfa-1783	203	17	of	of	ADP
ajfa-1783	203	18	interests	interest	NOUN
ajfa-1783	203	19	of	of	ADP
ajfa-1783	203	20	shareholders	shareholder	NOUN
ajfa-1783	203	21	and	and	CCONJ
ajfa-1783	203	22	directors	director	NOUN
ajfa-1783	203	23	and	and	CCONJ
ajfa-1783	203	24	improve	improve	VERB
ajfa-1783	203	25	firm	firm	ADJ
ajfa-1783	203	26	performance	performance	NOUN
ajfa-1783	203	27	.	.	PUNCT
ajfa-1783	204	1	the	the	DET
ajfa-1783	204	2	coefficient	coefficient	NOUN
ajfa-1783	204	3	for	for	ADP
ajfa-1783	204	4	the	the	DET
ajfa-1783	204	5	nomination	nomination	NOUN
ajfa-1783	204	6	committee	committee	NOUN
ajfa-1783	204	7	is	be	AUX
ajfa-1783	204	8	a	a	DET
ajfa-1783	204	9	negative	negative	ADJ
ajfa-1783	204	10	and	and	CCONJ
ajfa-1783	204	11	significant	significant	ADJ
ajfa-1783	204	12	at	at	ADP
ajfa-1783	204	13	1	1	NUM
ajfa-1783	204	14	%	%	NOUN
ajfa-1783	204	15	significance	significance	NOUN
ajfa-1783	204	16	level	level	NOUN
ajfa-1783	204	17	,	,	PUNCT
ajfa-1783	204	18	suggesting	suggest	VERB
ajfa-1783	204	19	the	the	DET
ajfa-1783	204	20	presence	presence	NOUN
ajfa-1783	204	21	of	of	ADP
ajfa-1783	204	22	a	a	DET
ajfa-1783	204	23	nomination	nomination	NOUN
ajfa-1783	204	24	committee	committee	NOUN
ajfa-1783	204	25	as	as	ADP
ajfa-1783	204	26	lowering	lower	VERB
ajfa-1783	204	27	the	the	DET
ajfa-1783	204	28	agency	agency	NOUN
ajfa-1783	204	29	costs	cost	NOUN
ajfa-1783	204	30	.	.	PUNCT
ajfa-1783	205	1	in	in	ADP
ajfa-1783	205	2	contrast	contrast	NOUN
ajfa-1783	205	3	,	,	PUNCT
ajfa-1783	205	4	the	the	DET
ajfa-1783	205	5	coefficient	coefficient	NOUN
ajfa-1783	205	6	for	for	ADP
ajfa-1783	205	7	the	the	DET
ajfa-1783	205	8	remuneration	remuneration	NOUN
ajfa-1783	205	9	committee	committee	NOUN
ajfa-1783	205	10	is	be	AUX
ajfa-1783	205	11	a	a	DET
ajfa-1783	205	12	positive	positive	ADJ
ajfa-1783	205	13	and	and	CCONJ
ajfa-1783	205	14	significant	significant	ADJ
ajfa-1783	205	15	at	at	ADP
ajfa-1783	205	16	1	1	NUM
ajfa-1783	205	17	%	%	NOUN
ajfa-1783	205	18	significance	significance	NOUN
ajfa-1783	205	19	level	level	NOUN
ajfa-1783	205	20	,	,	PUNCT
ajfa-1783	205	21	suggesting	suggest	VERB
ajfa-1783	205	22	the	the	DET
ajfa-1783	205	23	presence	presence	NOUN
ajfa-1783	205	24	of	of	ADP
ajfa-1783	205	25	a	a	DET
ajfa-1783	205	26	remuneration	remuneration	NOUN
ajfa-1783	205	27	committee	committee	NOUN
ajfa-1783	205	28	as	as	ADP
ajfa-1783	205	29	increasing	increase	VERB
ajfa-1783	205	30	the	the	DET
ajfa-1783	205	31	agency	agency	NOUN
ajfa-1783	205	32	costs	cost	NOUN
ajfa-1783	205	33	.	.	PUNCT
ajfa-1783	206	1	the	the	DET
ajfa-1783	206	2	positive	positive	ADJ
ajfa-1783	206	3	relationship	relationship	NOUN
ajfa-1783	206	4	between	between	ADP
ajfa-1783	206	5	remuneration	remuneration	NOUN
ajfa-1783	206	6	committee	committee	NOUN
ajfa-1783	206	7	and	and	CCONJ
ajfa-1783	206	8	agency	agency	NOUN
ajfa-1783	206	9	costs	cost	NOUN
ajfa-1783	206	10	is	be	AUX
ajfa-1783	206	11	reasonable	reasonable	ADJ
ajfa-1783	206	12	because	because	SCONJ
ajfa-1783	206	13	of	of	ADP
ajfa-1783	206	14	two	two	NUM
ajfa-1783	206	15	reasons	reason	NOUN
ajfa-1783	206	16	;	;	PUNCT
ajfa-1783	206	17	first	first	ADV
ajfa-1783	206	18	,	,	PUNCT
ajfa-1783	206	19	the	the	DET
ajfa-1783	206	20	majority	majority	NOUN
ajfa-1783	206	21	of	of	ADP
ajfa-1783	206	22	the	the	DET
ajfa-1783	206	23	remuneration	remuneration	NOUN
ajfa-1783	206	24	committee	committee	NOUN
ajfa-1783	206	25	are	be	AUX
ajfa-1783	206	26	non	non	ADJ
ajfa-1783	206	27	-	-	ADJ
ajfa-1783	206	28	executive	executive	ADJ
ajfa-1783	206	29	directors	director	NOUN
ajfa-1783	206	30	;	;	PUNCT
ajfa-1783	206	31	second	second	X
ajfa-1783	206	32	,	,	PUNCT
ajfa-1783	206	33	the	the	DET
ajfa-1783	206	34	remuneration	remuneration	NOUN
ajfa-1783	206	35	committee	committee	NOUN
ajfa-1783	206	36	probably	probably	ADV
ajfa-1783	206	37	wants	want	VERB
ajfa-1783	206	38	to	to	PART
ajfa-1783	206	39	increase	increase	VERB
ajfa-1783	206	40	the	the	DET
ajfa-1783	206	41	remuneration	remuneration	NOUN
ajfa-1783	206	42	packages	package	NOUN
ajfa-1783	206	43	.	.	PUNCT
ajfa-1783	207	1	using	use	VERB
ajfa-1783	207	2	a	a	DET
ajfa-1783	207	3	linear	linear	ADJ
ajfa-1783	207	4	model	model	NOUN
ajfa-1783	207	5	for	for	ADP
ajfa-1783	207	6	non	non	ADJ
ajfa-1783	207	7	-	-	ADJ
ajfa-1783	207	8	linear	linear	ADJ
ajfa-1783	207	9	data	datum	NOUN
ajfa-1783	207	10	characteristics	characteristic	NOUN
ajfa-1783	207	11	will	will	AUX
ajfa-1783	207	12	yield	yield	VERB
ajfa-1783	207	13	inefficient	inefficient	ADJ
ajfa-1783	207	14	and	and	CCONJ
ajfa-1783	207	15	biased	biased	ADJ
ajfa-1783	207	16	estimators	estimator	NOUN
ajfa-1783	207	17	.	.	PUNCT
ajfa-1783	208	1	though	though	SCONJ
ajfa-1783	208	2	the	the	DET
ajfa-1783	208	3	linear	linear	ADJ
ajfa-1783	208	4	generalised	generalise	VERB
ajfa-1783	208	5	least	least	ADJ
ajfa-1783	208	6	square	square	ADJ
ajfa-1783	208	7	(	(	PUNCT
ajfa-1783	208	8	gls	gls	PROPN
ajfa-1783	208	9	)	)	PUNCT
ajfa-1783	208	10	regression	regression	NOUN
ajfa-1783	208	11	yields	yield	VERB
ajfa-1783	208	12	a	a	DET
ajfa-1783	208	13	more	more	ADV
ajfa-1783	208	14	significant	significant	ADJ
ajfa-1783	208	15	coefficient	coefficient	NOUN
ajfa-1783	208	16	compared	compare	VERB
ajfa-1783	208	17	with	with	ADP
ajfa-1783	208	18	non	non	ADJ
ajfa-1783	208	19	-	-	ADJ
ajfa-1783	208	20	linear	linear	ADJ
ajfa-1783	208	21	tobit	tobit	NOUN
ajfa-1783	208	22	,	,	PUNCT
ajfa-1783	208	23	the	the	DET
ajfa-1783	208	24	result	result	NOUN
ajfa-1783	208	25	for	for	ADP
ajfa-1783	208	26	non	non	ADJ
ajfa-1783	208	27	-	-	ADJ
ajfa-1783	208	28	linear	linear	ADJ
ajfa-1783	208	29	tobit	tobit	NOUN
ajfa-1783	208	30	is	be	AUX
ajfa-1783	208	31	efficient	efficient	ADJ
ajfa-1783	208	32	and	and	CCONJ
ajfa-1783	208	33	unbiased	unbiased	ADJ
ajfa-1783	208	34	.	.	PUNCT
ajfa-1783	209	1	as	as	SCONJ
ajfa-1783	209	2	can	can	AUX
ajfa-1783	209	3	be	be	AUX
ajfa-1783	209	4	seen	see	VERB
ajfa-1783	209	5	in	in	ADP
ajfa-1783	209	6	table	table	NOUN
ajfa-1783	209	7	3	3	NUM
ajfa-1783	209	8	,	,	PUNCT
ajfa-1783	209	9	the	the	DET
ajfa-1783	209	10	coefficient	coefficient	NOUN
ajfa-1783	209	11	for	for	ADP
ajfa-1783	209	12	block	block	NOUN
ajfa-1783	209	13	-	-	PUNCT
ajfa-1783	209	14	holders	holder	NOUN
ajfa-1783	209	15	’	'	PUNCT
ajfa-1783	209	16	ownership	ownership	NOUN
ajfa-1783	209	17	,	,	PUNCT
ajfa-1783	209	18	leverage	leverage	NOUN
ajfa-1783	209	19	,	,	PUNCT
ajfa-1783	209	20	dividend	dividend	NOUN
ajfa-1783	209	21	,	,	PUNCT
ajfa-1783	209	22	non	non	ADJ
ajfa-1783	209	23	-	-	ADJ
ajfa-1783	209	24	executive	executive	ADJ
ajfa-1783	209	25	directors	director	NOUN
ajfa-1783	209	26	and	and	CCONJ
ajfa-1783	209	27	audit	audit	NOUN
ajfa-1783	209	28	committee	committee	NOUN
ajfa-1783	209	29	are	be	AUX
ajfa-1783	209	30	insignificant	insignificant	ADJ
ajfa-1783	209	31	in	in	ADP
ajfa-1783	209	32	affecting	affect	VERB
ajfa-1783	209	33	agency	agency	NOUN
ajfa-1783	209	34	costs	cost	NOUN
ajfa-1783	209	35	for	for	ADP
ajfa-1783	209	36	this	this	DET
ajfa-1783	209	37	study	study	NOUN
ajfa-1783	209	38	using	use	VERB
ajfa-1783	209	39	non	non	ADJ
ajfa-1783	209	40	-	-	ADJ
ajfa-1783	209	41	linear	linear	ADJ
ajfa-1783	209	42	tobit	tobit	NOUN
ajfa-1783	209	43	.	.	PUNCT
ajfa-1783	210	1	overall	overall	ADJ
ajfa-1783	210	2	,	,	PUNCT
ajfa-1783	210	3	apart	apart	ADV
ajfa-1783	210	4	from	from	ADP
ajfa-1783	210	5	block	block	NOUN
ajfa-1783	210	6	-	-	PUNCT
ajfa-1783	210	7	holders	holder	NOUN
ajfa-1783	210	8	’	'	PUNCT
ajfa-1783	210	9	ownership	ownership	NOUN
ajfa-1783	210	10	,	,	PUNCT
ajfa-1783	210	11	leverage	leverage	NOUN
ajfa-1783	210	12	,	,	PUNCT
ajfa-1783	210	13	dividend	dividend	NOUN
ajfa-1783	210	14	,	,	PUNCT
ajfa-1783	210	15	non	non	ADJ
ajfa-1783	210	16	-	-	ADJ
ajfa-1783	210	17	executive	executive	ADJ
ajfa-1783	210	18	directors	director	NOUN
ajfa-1783	210	19	and	and	CCONJ
ajfa-1783	210	20	audit	audit	NOUN
ajfa-1783	210	21	committees	committee	NOUN
ajfa-1783	210	22	;	;	PUNCT
ajfa-1783	210	23	managerial	managerial	ADJ
ajfa-1783	210	24	ownership	ownership	NOUN
ajfa-1783	210	25	,	,	PUNCT
ajfa-1783	210	26	the	the	DET
ajfa-1783	210	27	number	number	NOUN
ajfa-1783	210	28	of	of	ADP
ajfa-1783	210	29	the	the	DET
ajfa-1783	210	30	board	board	NOUN
ajfa-1783	210	31	size	size	NOUN
ajfa-1783	210	32	,	,	PUNCT
ajfa-1783	210	33	the	the	DET
ajfa-1783	210	34	nomination	nomination	NOUN
ajfa-1783	210	35	and	and	CCONJ
ajfa-1783	210	36	remuneration	remuneration	NOUN
ajfa-1783	210	37	committee	committee	NOUN
ajfa-1783	210	38	have	have	VERB
ajfa-1783	210	39	significant	significant	ADJ
ajfa-1783	210	40	impact	impact	NOUN
ajfa-1783	210	41	in	in	ADP
ajfa-1783	210	42	reducing	reduce	VERB
ajfa-1783	210	43	the	the	DET
ajfa-1783	210	44	agency	agency	NOUN
ajfa-1783	210	45	costs	cost	NOUN
ajfa-1783	210	46	in	in	ADP
ajfa-1783	210	47	the	the	DET
ajfa-1783	210	48	context	context	NOUN
ajfa-1783	210	49	of	of	ADP
ajfa-1783	210	50	new	new	PROPN
ajfa-1783	210	51	zealand	zealand	PROPN
ajfa-1783	210	52	-	-	PUNCT
ajfa-1783	210	53	listed	list	VERB
ajfa-1783	210	54	firms	firm	NOUN
ajfa-1783	210	55	.	.	PUNCT
ajfa-1783	211	1	hence	hence	ADV
ajfa-1783	211	2	,	,	PUNCT
ajfa-1783	211	3	it	it	PRON
ajfa-1783	211	4	can	can	AUX
ajfa-1783	211	5	be	be	AUX
ajfa-1783	211	6	concluded	conclude	VERB
ajfa-1783	211	7	that	that	SCONJ
ajfa-1783	211	8	corporate	corporate	ADJ
ajfa-1783	211	9	governance	governance	NOUN
ajfa-1783	211	10	mechanisms	mechanism	NOUN
ajfa-1783	211	11	and	and	CCONJ
ajfa-1783	211	12	ownership	ownership	NOUN
ajfa-1783	211	13	structures	structure	NOUN
ajfa-1783	211	14	are	be	AUX
ajfa-1783	211	15	vital	vital	ADJ
ajfa-1783	211	16	in	in	ADP
ajfa-1783	211	17	mitigating	mitigate	VERB
ajfa-1783	211	18	agency	agency	NOUN
ajfa-1783	211	19	costs	cost	NOUN
ajfa-1783	211	20	in	in	ADP
ajfa-1783	211	21	new	new	PROPN
ajfa-1783	211	22	zealand	zealand	PROPN
ajfa-1783	211	23	context	context	NOUN
ajfa-1783	211	24	.	.	PUNCT
ajfa-1783	212	1	5	5	X
ajfa-1783	212	2	.	.	X
ajfa-1783	212	3	conclusions	conclusion	NOUN
ajfa-1783	212	4	as	as	ADP
ajfa-1783	212	5	an	an	DET
ajfa-1783	212	6	internal	internal	ADJ
ajfa-1783	212	7	mechanism	mechanism	NOUN
ajfa-1783	212	8	,	,	PUNCT
ajfa-1783	212	9	corporate	corporate	ADJ
ajfa-1783	212	10	boards	board	NOUN
ajfa-1783	212	11	are	be	AUX
ajfa-1783	212	12	expected	expect	VERB
ajfa-1783	212	13	to	to	PART
ajfa-1783	212	14	play	play	VERB
ajfa-1783	212	15	a	a	DET
ajfa-1783	212	16	more	more	ADV
ajfa-1783	212	17	proactive	proactive	ADJ
ajfa-1783	212	18	role	role	NOUN
ajfa-1783	212	19	in	in	ADP
ajfa-1783	212	20	discharging	discharge	VERB
ajfa-1783	212	21	their	their	PRON
ajfa-1783	212	22	fiduciary	fiduciary	ADJ
ajfa-1783	212	23	role	role	NOUN
ajfa-1783	212	24	for	for	ADP
ajfa-1783	212	25	minimising	minimise	VERB
ajfa-1783	212	26	agency	agency	NOUN
ajfa-1783	212	27	problems	problem	NOUN
ajfa-1783	212	28	and	and	CCONJ
ajfa-1783	212	29	improving	improve	VERB
ajfa-1783	212	30	firm	firm	ADJ
ajfa-1783	212	31	performance	performance	NOUN
ajfa-1783	212	32	.	.	PUNCT
ajfa-1783	213	1	this	this	DET
ajfa-1783	213	2	study	study	NOUN
ajfa-1783	213	3	examines	examine	VERB
ajfa-1783	213	4	the	the	DET
ajfa-1783	213	5	relationship	relationship	NOUN
ajfa-1783	213	6	between	between	ADP
ajfa-1783	213	7	agency	agency	NOUN
ajfa-1783	213	8	costs	cost	NOUN
ajfa-1783	213	9	,	,	PUNCT
ajfa-1783	213	10	ownership	ownership	NOUN
ajfa-1783	213	11	structure	structure	NOUN
ajfa-1783	213	12	and	and	CCONJ
ajfa-1783	213	13	corporate	corporate	ADJ
ajfa-1783	213	14	governance	governance	NOUN
ajfa-1783	213	15	mechanisms	mechanism	NOUN
ajfa-1783	213	16	.	.	PUNCT
ajfa-1783	214	1	using	use	VERB
ajfa-1783	214	2	a	a	DET
ajfa-1783	214	3	balanced	balanced	ADJ
ajfa-1783	214	4	panel	panel	NOUN
ajfa-1783	214	5	of	of	ADP
ajfa-1783	214	6	79	79	NUM
ajfa-1783	214	7	new	new	PROPN
ajfa-1783	214	8	zealand	zealand	PROPN
ajfa-1783	214	9	-	-	PUNCT
ajfa-1783	214	10	listed	list	VERB
ajfa-1783	214	11	firms	firm	NOUN
ajfa-1783	214	12	,	,	PUNCT
ajfa-1783	214	13	this	this	DET
ajfa-1783	214	14	study	study	NOUN
ajfa-1783	214	15	employs	employ	VERB
ajfa-1783	214	16	a	a	DET
ajfa-1783	214	17	non	non	ADJ
ajfa-1783	214	18	-	-	ADJ
ajfa-1783	214	19	linear	linear	ADJ
ajfa-1783	214	20	panel	panel	NOUN
ajfa-1783	214	21	data	datum	NOUN
ajfa-1783	214	22	method	method	NOUN
ajfa-1783	214	23	using	use	VERB
ajfa-1783	214	24	tobit	tobit	NOUN
ajfa-1783	214	25	.	.	PUNCT
ajfa-1783	215	1	though	though	SCONJ
ajfa-1783	215	2	block	block	NOUN
ajfa-1783	215	3	-	-	PUNCT
ajfa-1783	215	4	holders	holder	NOUN
ajfa-1783	215	5	’	'	PUNCT
ajfa-1783	215	6	ownership	ownership	NOUN
ajfa-1783	215	7	,	,	PUNCT
ajfa-1783	215	8	leverage	leverage	NOUN
ajfa-1783	215	9	,	,	PUNCT
ajfa-1783	215	10	dividend	dividend	NOUN
ajfa-1783	215	11	,	,	PUNCT
ajfa-1783	215	12	non	non	ADJ
ajfa-1783	215	13	-	-	ADJ
ajfa-1783	215	14	executive	executive	ADJ
ajfa-1783	215	15	directors	director	NOUN
ajfa-1783	215	16	and	and	CCONJ
ajfa-1783	215	17	audit	audit	NOUN
ajfa-1783	215	18	committee	committee	NOUN
ajfa-1783	215	19	have	have	VERB
ajfa-1783	215	20	no	no	DET
ajfa-1783	215	21	impact	impact	NOUN
ajfa-1783	215	22	in	in	ADP
ajfa-1783	215	23	mitigating	mitigate	VERB
ajfa-1783	215	24	agency	agency	NOUN
ajfa-1783	215	25	costs	cost	NOUN
ajfa-1783	215	26	,	,	PUNCT
ajfa-1783	215	27	managerial	managerial	ADJ
ajfa-1783	215	28	ownership	ownership	NOUN
ajfa-1783	215	29	,	,	PUNCT
ajfa-1783	215	30	the	the	DET
ajfa-1783	215	31	number	number	NOUN
ajfa-1783	215	32	of	of	ADP
ajfa-1783	215	33	the	the	DET
ajfa-1783	215	34	board	board	NOUN
ajfa-1783	215	35	members	member	NOUN
ajfa-1783	215	36	,	,	PUNCT
ajfa-1783	215	37	nomination	nomination	NOUN
ajfa-1783	215	38	and	and	CCONJ
ajfa-1783	215	39	remuneration	remuneration	NOUN
ajfa-1783	215	40	committees	committee	NOUN
ajfa-1783	215	41	are	be	AUX
ajfa-1783	215	42	significant	significant	ADJ
ajfa-1783	215	43	in	in	ADP
ajfa-1783	215	44	reducing	reduce	VERB
ajfa-1783	215	45	the	the	DET
ajfa-1783	215	46	agency	agency	NOUN
ajfa-1783	215	47	costs	cost	NOUN
ajfa-1783	215	48	in	in	ADP
ajfa-1783	215	49	new	new	PROPN
ajfa-1783	215	50	zealand	zealand	PROPN
ajfa-1783	215	51	-	-	PUNCT
ajfa-1783	215	52	listed	list	VERB
ajfa-1783	215	53	firms	firm	NOUN
ajfa-1783	215	54	’	’	PART
ajfa-1783	215	55	context	context	NOUN
ajfa-1783	215	56	.	.	PUNCT
ajfa-1783	216	1	overall	overall	ADV
ajfa-1783	216	2	,	,	PUNCT
ajfa-1783	216	3	the	the	DET
ajfa-1783	216	4	findings	finding	NOUN
ajfa-1783	216	5	from	from	ADP
ajfa-1783	216	6	this	this	DET
ajfa-1783	216	7	study	study	NOUN
ajfa-1783	216	8	indicate	indicate	VERB
ajfa-1783	216	9	that	that	SCONJ
ajfa-1783	216	10	while	while	SCONJ
ajfa-1783	216	11	corporate	corporate	ADJ
ajfa-1783	216	12	governance	governance	NOUN
ajfa-1783	216	13	mechanisms	mechanism	NOUN
ajfa-1783	216	14	and	and	CCONJ
ajfa-1783	216	15	ownership	ownership	NOUN
ajfa-1783	216	16	structures	structure	NOUN
ajfa-1783	216	17	have	have	VERB
ajfa-1783	216	18	an	an	DET
ajfa-1783	216	19	important	important	ADJ
ajfa-1783	216	20	implication	implication	NOUN
ajfa-1783	216	21	for	for	ADP
ajfa-1783	216	22	agency	agency	NOUN
ajfa-1783	216	23	costs	cost	NOUN
ajfa-1783	216	24	,	,	PUNCT
ajfa-1783	216	25	one	one	PRON
ajfa-1783	216	26	can	can	AUX
ajfa-1783	216	27	gain	gain	VERB
ajfa-1783	216	28	a	a	DET
ajfa-1783	216	29	deeper	deep	ADJ
ajfa-1783	216	30	understanding	understanding	NOUN
ajfa-1783	216	31	of	of	ADP
ajfa-1783	216	32	such	such	ADJ
ajfa-1783	216	33	relationships	relationship	NOUN
ajfa-1783	216	34	by	by	ADP
ajfa-1783	216	35	identifying	identify	VERB
ajfa-1783	216	36	the	the	DET
ajfa-1783	216	37	contingency	contingency	NOUN
ajfa-1783	216	38	conditions	condition	NOUN
ajfa-1783	216	39	in	in	ADP
ajfa-1783	216	40	which	which	PRON
ajfa-1783	216	41	the	the	DET
ajfa-1783	216	42	relationship	relationship	NOUN
ajfa-1783	216	43	between	between	ADP
ajfa-1783	216	44	corporate	corporate	ADJ
ajfa-1783	216	45	governance	governance	NOUN
ajfa-1783	216	46	mechanisms	mechanism	NOUN
ajfa-1783	216	47	,	,	PUNCT
ajfa-1783	216	48	ownership	ownership	NOUN
ajfa-1783	216	49	structures	structure	NOUN
ajfa-1783	216	50	and	and	CCONJ
ajfa-1783	216	51	agency	agency	NOUN
ajfa-1783	216	52	costs	cost	NOUN
ajfa-1783	216	53	may	may	AUX
ajfa-1783	216	54	be	be	AUX
ajfa-1783	216	55	dependent	dependent	ADJ
ajfa-1783	216	56	on	on	ADP
ajfa-1783	216	57	each	each	DET
ajfa-1783	216	58	other	other	ADJ
ajfa-1783	216	59	.	.	PUNCT
ajfa-1783	217	1	asian	asian	ADJ
ajfa-1783	217	2	journal	journal	PROPN
ajfa-1783	217	3	of	of	ADP
ajfa-1783	217	4	finance	finance	PROPN
ajfa-1783	217	5	&	&	CCONJ
ajfa-1783	217	6	accounting	accounting	PROPN
ajfa-1783	217	7	issn	issn	PROPN
ajfa-1783	217	8	1946	1946	NUM
ajfa-1783	217	9	-	-	PUNCT
ajfa-1783	217	10	052x	052x	NOUN
ajfa-1783	217	11	2012	2012	NUM
ajfa-1783	217	12	,	,	PUNCT
ajfa-1783	217	13	vol	vol	NOUN
ajfa-1783	217	14	.	.	PROPN
ajfa-1783	217	15	4	4	NUM
ajfa-1783	217	16	,	,	PUNCT
ajfa-1783	217	17	no	no	INTJ
ajfa-1783	217	18	.	.	NOUN
ajfa-1783	217	19	1	1	NUM
ajfa-1783	217	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1783	217	21	373	373	NUM
ajfa-1783	217	22	6	6	NUM
ajfa-1783	217	23	.	.	PUNCT
ajfa-1783	217	24	limitations	limitation	NOUN
ajfa-1783	217	25	the	the	DET
ajfa-1783	217	26	findings	finding	NOUN
ajfa-1783	217	27	of	of	ADP
ajfa-1783	217	28	this	this	DET
ajfa-1783	217	29	study	study	NOUN
ajfa-1783	217	30	are	be	AUX
ajfa-1783	217	31	restricted	restrict	VERB
ajfa-1783	217	32	to	to	ADP
ajfa-1783	217	33	the	the	DET
ajfa-1783	217	34	limitation	limitation	NOUN
ajfa-1783	217	35	of	of	ADP
ajfa-1783	217	36	the	the	DET
ajfa-1783	217	37	data	datum	NOUN
ajfa-1783	217	38	,	,	PUNCT
ajfa-1783	217	39	which	which	PRON
ajfa-1783	217	40	was	be	AUX
ajfa-1783	217	41	collected	collect	VERB
ajfa-1783	217	42	through	through	ADP
ajfa-1783	217	43	publicly	publicly	ADV
ajfa-1783	217	44	available	available	ADJ
ajfa-1783	217	45	data	data	NOUN
ajfa-1783	217	46	sources	source	NOUN
ajfa-1783	217	47	such	such	ADJ
ajfa-1783	217	48	as	as	ADP
ajfa-1783	217	49	annual	annual	ADJ
ajfa-1783	217	50	reports	report	NOUN
ajfa-1783	217	51	and	and	CCONJ
ajfa-1783	217	52	other	other	ADJ
ajfa-1783	217	53	databases	database	NOUN
ajfa-1783	217	54	.	.	PUNCT
ajfa-1783	218	1	if	if	SCONJ
ajfa-1783	218	2	there	there	PRON
ajfa-1783	218	3	are	be	VERB
ajfa-1783	218	4	any	any	DET
ajfa-1783	218	5	problems	problem	NOUN
ajfa-1783	218	6	relating	relate	VERB
ajfa-1783	218	7	to	to	ADP
ajfa-1783	218	8	data	datum	NOUN
ajfa-1783	218	9	disclosures	disclosure	NOUN
ajfa-1783	218	10	or	or	CCONJ
ajfa-1783	218	11	professional	professional	ADJ
ajfa-1783	218	12	accounting	accounting	NOUN
ajfa-1783	218	13	practices	practice	NOUN
ajfa-1783	218	14	,	,	PUNCT
ajfa-1783	218	15	then	then	ADV
ajfa-1783	218	16	that	that	PRON
ajfa-1783	218	17	would	would	AUX
ajfa-1783	218	18	limit	limit	VERB
ajfa-1783	218	19	the	the	DET
ajfa-1783	218	20	validity	validity	NOUN
ajfa-1783	218	21	of	of	ADP
ajfa-1783	218	22	the	the	DET
ajfa-1783	218	23	findings	finding	NOUN
ajfa-1783	218	24	.	.	PUNCT
ajfa-1783	219	1	in	in	ADP
ajfa-1783	219	2	addition	addition	NOUN
ajfa-1783	219	3	,	,	PUNCT
ajfa-1783	219	4	the	the	DET
ajfa-1783	219	5	entire	entire	ADJ
ajfa-1783	219	6	population	population	NOUN
ajfa-1783	219	7	comprises	comprise	VERB
ajfa-1783	219	8	only	only	ADV
ajfa-1783	219	9	147	147	NUM
ajfa-1783	219	10	firms	firm	NOUN
ajfa-1783	219	11	,	,	PUNCT
ajfa-1783	219	12	which	which	PRON
ajfa-1783	219	13	is	be	AUX
ajfa-1783	219	14	relatively	relatively	ADV
ajfa-1783	219	15	small	small	ADJ
ajfa-1783	219	16	.	.	PUNCT
ajfa-1783	220	1	due	due	ADP
ajfa-1783	220	2	to	to	ADP
ajfa-1783	220	3	data	datum	NOUN
ajfa-1783	220	4	problems	problem	NOUN
ajfa-1783	220	5	,	,	PUNCT
ajfa-1783	220	6	the	the	DET
ajfa-1783	220	7	final	final	ADJ
ajfa-1783	220	8	set	set	NOUN
ajfa-1783	220	9	comprised	comprise	VERB
ajfa-1783	220	10	of	of	ADP
ajfa-1783	220	11	5	5	NUM
ajfa-1783	220	12	years	year	NOUN
ajfa-1783	220	13	’	'	PUNCT
ajfa-1783	220	14	observations	observation	NOUN
ajfa-1783	220	15	for	for	ADP
ajfa-1783	220	16	79	79	NUM
ajfa-1783	220	17	firms	firm	NOUN
ajfa-1783	220	18	.	.	PUNCT
ajfa-1783	221	1	nonetheless	nonetheless	ADV
ajfa-1783	221	2	,	,	PUNCT
ajfa-1783	221	3	the	the	DET
ajfa-1783	221	4	size	size	NOUN
ajfa-1783	221	5	of	of	ADP
ajfa-1783	221	6	the	the	DET
ajfa-1783	221	7	sample	sample	NOUN
ajfa-1783	221	8	is	be	AUX
ajfa-1783	221	9	limited	limit	VERB
ajfa-1783	221	10	by	by	ADP
ajfa-1783	221	11	the	the	DET
ajfa-1783	221	12	number	number	NOUN
ajfa-1783	221	13	of	of	ADP
ajfa-1783	221	14	firms	firm	NOUN
ajfa-1783	221	15	listed	list	VERB
ajfa-1783	221	16	on	on	ADP
ajfa-1783	221	17	the	the	DET
ajfa-1783	221	18	new	new	PROPN
ajfa-1783	221	19	zealand	zealand	PROPN
ajfa-1783	221	20	stock	stock	PROPN
ajfa-1783	221	21	exchange	exchange	NOUN
ajfa-1783	221	22	from	from	ADP
ajfa-1783	221	23	2007	2007	NUM
ajfa-1783	221	24	to	to	ADP
ajfa-1783	221	25	2011	2011	NUM
ajfa-1783	221	26	.	.	PUNCT
ajfa-1783	222	1	references	reference	NOUN
ajfa-1783	222	2	adam	adam	PROPN
ajfa-1783	222	3	,	,	PUNCT
ajfa-1783	222	4	r.	r.	PROPN
ajfa-1783	222	5	b.	b.	PROPN
ajfa-1783	222	6	,	,	PUNCT
ajfa-1783	222	7	&	&	CCONJ
ajfa-1783	222	8	mehran	mehran	PROPN
ajfa-1783	222	9	,	,	PUNCT
ajfa-1783	222	10	h.	h.	PROPN
ajfa-1783	223	1	(	(	PUNCT
ajfa-1783	223	2	2003).is	2003).is	NUM
ajfa-1783	223	3	corporate	corporate	ADJ
ajfa-1783	223	4	governance	governance	NOUN
ajfa-1783	223	5	different	different	ADJ
ajfa-1783	223	6	for	for	ADP
ajfa-1783	223	7	bank	bank	NOUN
ajfa-1783	223	8	holding	hold	VERB
ajfa-1783	223	9	companies	company	NOUN
ajfa-1783	223	10	?	?	PUNCT
ajfa-1783	224	1	economic	economic	ADJ
ajfa-1783	224	2	policy	policy	NOUN
ajfa-1783	224	3	review	review	NOUN
ajfa-1783	224	4	–	–	PUNCT
ajfa-1783	224	5	federal	federal	PROPN
ajfa-1783	224	6	reserve	reserve	PROPN
ajfa-1783	224	7	bank	bank	PROPN
ajfa-1783	224	8	of	of	ADP
ajfa-1783	224	9	new	new	PROPN
ajfa-1783	224	10	york	york	PROPN
ajfa-1783	224	11	,	,	PUNCT
ajfa-1783	224	12	9(1	9(1	NUM
ajfa-1783	224	13	)	)	PUNCT
ajfa-1783	224	14	,	,	PUNCT
ajfa-1783	224	15	123–142	123–142	NUM
ajfa-1783	224	16	.	.	PUNCT
ajfa-1783	225	1	agrawal	agrawal	PROPN
ajfa-1783	225	2	,	,	PUNCT
ajfa-1783	225	3	a.	a.	PROPN
ajfa-1783	225	4	,	,	PUNCT
ajfa-1783	225	5	&	&	CCONJ
ajfa-1783	225	6	knoeber	knoeber	PROPN
ajfa-1783	225	7	,	,	PUNCT
ajfa-1783	225	8	c.	c.	PROPN
ajfa-1783	225	9	r.	r.	PROPN
ajfa-1783	225	10	(	(	PUNCT
ajfa-1783	225	11	1996).firm	1996).firm	NUM
ajfa-1783	225	12	performance	performance	NOUN
ajfa-1783	225	13	and	and	CCONJ
ajfa-1783	225	14	mechanisms	mechanism	NOUN
ajfa-1783	225	15	to	to	PART
ajfa-1783	225	16	control	control	VERB
ajfa-1783	225	17	agency	agency	NOUN
ajfa-1783	225	18	problems	problem	NOUN
ajfa-1783	225	19	between	between	ADP
ajfa-1783	225	20	managers	manager	NOUN
ajfa-1783	225	21	and	and	CCONJ
ajfa-1783	225	22	shareholders.journal	shareholders.journal	PROPN
ajfa-1783	225	23	of	of	ADP
ajfa-1783	225	24	financial	financial	ADJ
ajfa-1783	225	25	and	and	CCONJ
ajfa-1783	225	26	quantitative	quantitative	ADJ
ajfa-1783	225	27	analysis	analysis	NOUN
ajfa-1783	225	28	,	,	PUNCT
ajfa-1783	225	29	31	31	NUM
ajfa-1783	225	30	,	,	PUNCT
ajfa-1783	225	31	377-97.http://dx.doi.org/10.2307/2331397	377-97.http://dx.doi.org/10.2307/2331397	NUM
ajfa-1783	225	32	anderson	anderson	PROPN
ajfa-1783	225	33	,	,	PUNCT
ajfa-1783	225	34	r.	r.	PROPN
ajfa-1783	225	35	c.	c.	PROPN
ajfa-1783	225	36	,	,	PUNCT
ajfa-1783	225	37	mansi	mansi	PROPN
ajfa-1783	225	38	,	,	PUNCT
ajfa-1783	225	39	s.	s.	PROPN
ajfa-1783	225	40	a.	a.	PROPN
ajfa-1783	225	41	,	,	PUNCT
ajfa-1783	225	42	&	&	CCONJ
ajfa-1783	225	43	reeb	reeb	PROPN
ajfa-1783	225	44	,	,	PUNCT
ajfa-1783	225	45	d.	d.	PROPN
ajfa-1783	225	46	m.	m.	PROPN
ajfa-1783	225	47	(	(	PUNCT
ajfa-1783	225	48	2004).board	2004).board	NUM
ajfa-1783	225	49	characteristics	characteristic	NOUN
ajfa-1783	225	50	,	,	PUNCT
ajfa-1783	225	51	accounting	accounting	NOUN
ajfa-1783	225	52	report	report	NOUN
ajfa-1783	225	53	integrity	integrity	NOUN
ajfa-1783	225	54	,	,	PUNCT
ajfa-1783	225	55	and	and	CCONJ
ajfa-1783	225	56	cost	cost	NOUN
ajfa-1783	225	57	of	of	ADP
ajfa-1783	225	58	debt.journal	debt.journal	PROPN
ajfa-1783	225	59	of	of	ADP
ajfa-1783	225	60	accounting	accounting	NOUN
ajfa-1783	225	61	and	and	CCONJ
ajfa-1783	225	62	economics	economic	NOUN
ajfa-1783	225	63	,	,	PUNCT
ajfa-1783	225	64	37(3	37(3	NUM
ajfa-1783	225	65	)	)	PUNCT
ajfa-1783	225	66	,	,	PUNCT
ajfa-1783	225	67	315–342.http.//dx.doi.org/10.1016	315–342.http.//dx.doi.org/10.1016	NUM
ajfa-1783	225	68	/	/	SYM
ajfa-1783	225	69	j.jacceco.2004.01.004	j.jacceco.2004.01.004	PROPN
ajfa-1783	225	70	ang	ang	PROPN
ajfa-1783	225	71	,	,	PUNCT
ajfa-1783	225	72	j.	j.	PROPN
ajfa-1783	225	73	,	,	PUNCT
ajfa-1783	225	74	cole	cole	PROPN
ajfa-1783	225	75	,	,	PUNCT
ajfa-1783	225	76	r.	r.	PROPN
ajfa-1783	225	77	,	,	PUNCT
ajfa-1783	225	78	&	&	CCONJ
ajfa-1783	225	79	lin	lin	PROPN
ajfa-1783	225	80	,	,	PUNCT
ajfa-1783	225	81	j.	j.	PROPN
ajfa-1783	225	82	(	(	PUNCT
ajfa-1783	225	83	2000).agency	2000).agency	NUM
ajfa-1783	225	84	costs	cost	NOUN
ajfa-1783	225	85	and	and	CCONJ
ajfa-1783	225	86	ownership	ownership	NOUN
ajfa-1783	225	87	structure.the	structure.the	DET
ajfa-1783	225	88	journal	journal	NOUN
ajfa-1783	225	89	of	of	ADP
ajfa-1783	225	90	finance	finance	NOUN
ajfa-1783	225	91	,	,	PUNCT
ajfa-1783	225	92	55(1	55(1	NOUN
ajfa-1783	225	93	)	)	PUNCT
ajfa-1783	225	94	,	,	PUNCT
ajfa-1783	225	95	81–106	81–106	PROPN
ajfa-1783	225	96	.	.	PUNCT
ajfa-1783	225	97	http.//dx.doi.org/10.1111/0022	http.//dx.doi.org/10.1111/0022	NOUN
ajfa-1783	225	98	-	-	PUNCT
ajfa-1783	225	99	1082.00201	1082.00201	NUM
ajfa-1783	225	100	begley	begley	NOUN
ajfa-1783	225	101	,	,	PUNCT
ajfa-1783	225	102	j.	j.	PROPN
ajfa-1783	225	103	,	,	PUNCT
ajfa-1783	225	104	&	&	CCONJ
ajfa-1783	225	105	feltham	feltham	PROPN
ajfa-1783	225	106	,	,	PUNCT
ajfa-1783	225	107	g.	g.	PROPN
ajfa-1783	225	108	(	(	PUNCT
ajfa-1783	225	109	1999	1999	NUM
ajfa-1783	225	110	)	)	PUNCT
ajfa-1783	225	111	.	.	PUNCT
ajfa-1783	226	1	an	an	DET
ajfa-1783	226	2	empirical	empirical	ADJ
ajfa-1783	226	3	examination	examination	NOUN
ajfa-1783	226	4	of	of	ADP
ajfa-1783	226	5	the	the	DET
ajfa-1783	226	6	relation	relation	NOUN
ajfa-1783	226	7	between	between	ADP
ajfa-1783	226	8	debt	debt	NOUN
ajfa-1783	226	9	contracts	contract	NOUN
ajfa-1783	226	10	and	and	CCONJ
ajfa-1783	226	11	management	management	NOUN
ajfa-1783	226	12	incentives	incentive	NOUN
ajfa-1783	226	13	.	.	PUNCT
ajfa-1783	227	1	journal	journal	NOUN
ajfa-1783	227	2	of	of	ADP
ajfa-1783	227	3	accounting	accounting	NOUN
ajfa-1783	227	4	and	and	CCONJ
ajfa-1783	227	5	economics	economic	NOUN
ajfa-1783	227	6	,	,	PUNCT
ajfa-1783	227	7	1(27	1(27	NUM
ajfa-1783	227	8	)	)	PUNCT
ajfa-1783	227	9	,	,	PUNCT
ajfa-1783	227	10	229	229	NUM
ajfa-1783	227	11	-	-	SYM
ajfa-1783	227	12	259	259	NUM
ajfa-1783	227	13	.	.	PUNCT
ajfa-1783	228	1	berger	berger	PROPN
ajfa-1783	228	2	,	,	PUNCT
ajfa-1783	228	3	p.	p.	PROPN
ajfa-1783	228	4	g.	g.	PROPN
ajfa-1783	228	5	,	,	PUNCT
ajfa-1783	228	6	ofek	ofek	PROPN
ajfa-1783	228	7	,	,	PUNCT
ajfa-1783	228	8	e.	e.	PROPN
ajfa-1783	228	9	,	,	PUNCT
ajfa-1783	228	10	&	&	CCONJ
ajfa-1783	228	11	yermack	yermack	PROPN
ajfa-1783	228	12	,	,	PUNCT
ajfa-1783	228	13	d.	d.	PROPN
ajfa-1783	228	14	l.	l.	PROPN
ajfa-1783	228	15	(	(	PUNCT
ajfa-1783	228	16	1997).managerial	1997).managerial	NUM
ajfa-1783	228	17	entrenchment	entrenchment	NOUN
ajfa-1783	228	18	and	and	CCONJ
ajfa-1783	228	19	capital	capital	NOUN
ajfa-1783	228	20	structure	structure	NOUN
ajfa-1783	228	21	decisions	decision	NOUN
ajfa-1783	228	22	.	.	PUNCT
ajfa-1783	229	1	journal	journal	NOUN
ajfa-1783	229	2	of	of	ADP
ajfa-1783	229	3	finance	finance	NOUN
ajfa-1783	229	4	,	,	PUNCT
ajfa-1783	229	5	52(4	52(4	NUM
ajfa-1783	229	6	)	)	PUNCT
ajfa-1783	229	7	,	,	PUNCT
ajfa-1783	229	8	1411	1411	NUM
ajfa-1783	229	9	-	-	SYM
ajfa-1783	229	10	1438	1438	NUM
ajfa-1783	229	11	.	.	PUNCT
ajfa-1783	230	1	http://dx.doi.org/10.2307/2329441	http://dx.doi.org/10.2307/2329441	PROPN
ajfa-1783	230	2	bhabra	bhabra	PROPN
ajfa-1783	230	3	,	,	PUNCT
ajfa-1783	230	4	g.	g.	PROPN
ajfa-1783	230	5	s.	s.	PROPN
ajfa-1783	230	6	(	(	PUNCT
ajfa-1783	230	7	2007	2007	NUM
ajfa-1783	230	8	)	)	PUNCT
ajfa-1783	230	9	.	.	PUNCT
ajfa-1783	231	1	insider	insider	NOUN
ajfa-1783	231	2	ownership	ownership	NOUN
ajfa-1783	231	3	and	and	CCONJ
ajfa-1783	231	4	firm	firm	ADJ
ajfa-1783	231	5	-	-	PUNCT
ajfa-1783	231	6	value	value	NOUN
ajfa-1783	231	7	in	in	ADP
ajfa-1783	231	8	new	new	ADJ
ajfa-1783	231	9	zealand.journal	zealand.journal	PROPN
ajfa-1783	231	10	of	of	ADP
ajfa-1783	231	11	multinational	multinational	ADJ
ajfa-1783	231	12	financial	financial	ADJ
ajfa-1783	231	13	management	management	NOUN
ajfa-1783	231	14	,	,	PUNCT
ajfa-1783	231	15	17	17	NUM
ajfa-1783	231	16	,	,	PUNCT
ajfa-1783	231	17	142	142	NUM
ajfa-1783	231	18	-	-	SYM
ajfa-1783	231	19	154	154	NUM
ajfa-1783	231	20	.	.	PUNCT
ajfa-1783	232	1	http://dx.doi.org/10.1016/j.mulfin.2006.08.001	http://dx.doi.org/10.1016/j.mulfin.2006.08.001	PROPN
ajfa-1783	232	2	bhagat	bhagat	PROPN
ajfa-1783	232	3	,	,	PUNCT
ajfa-1783	232	4	s.	s.	PROPN
ajfa-1783	232	5	,	,	PUNCT
ajfa-1783	232	6	&	&	CCONJ
ajfa-1783	232	7	black	black	PROPN
ajfa-1783	232	8	,	,	PUNCT
ajfa-1783	232	9	b.	b.	PROPN
ajfa-1783	232	10	(	(	PUNCT
ajfa-1783	232	11	2002).the	2002).the	DET
ajfa-1783	232	12	non	non	NOUN
ajfa-1783	232	13	-	-	NOUN
ajfa-1783	232	14	correlation	correlation	NOUN
ajfa-1783	232	15	between	between	ADP
ajfa-1783	232	16	board	board	NOUN
ajfa-1783	232	17	independence	independence	NOUN
ajfa-1783	232	18	and	and	CCONJ
ajfa-1783	232	19	long	long	ADJ
ajfa-1783	232	20	-	-	PUNCT
ajfa-1783	232	21	term	term	NOUN
ajfa-1783	232	22	firm	firm	NOUN
ajfa-1783	232	23	performance.journal	performance.journal	NOUN
ajfa-1783	232	24	of	of	ADP
ajfa-1783	232	25	corporation	corporation	NOUN
ajfa-1783	232	26	law	law	NOUN
ajfa-1783	232	27	,	,	PUNCT
ajfa-1783	232	28	27(2	27(2	NUM
ajfa-1783	232	29	)	)	PUNCT
ajfa-1783	232	30	,	,	PUNCT
ajfa-1783	232	31	231	231	NUM
ajfa-1783	232	32	-	-	SYM
ajfa-1783	232	33	273	273	NUM
ajfa-1783	232	34	.	.	PUNCT
ajfa-1783	232	35	booth	booth	PROPN
ajfa-1783	232	36	,	,	PUNCT
ajfa-1783	232	37	j.	j.	PROPN
ajfa-1783	232	38	r.	r.	PROPN
ajfa-1783	232	39	,	,	PUNCT
ajfa-1783	232	40	cornett	cornett	NOUN
ajfa-1783	232	41	,	,	PUNCT
ajfa-1783	232	42	m.	m.	NOUN
ajfa-1783	232	43	m.	m.	NOUN
ajfa-1783	232	44	,	,	PUNCT
ajfa-1783	232	45	&	&	CCONJ
ajfa-1783	232	46	tehranian	tehranian	NOUN
ajfa-1783	232	47	,	,	PUNCT
ajfa-1783	232	48	h.	h.	PROPN
ajfa-1783	232	49	(	(	PUNCT
ajfa-1783	232	50	2002).board	2002).board	NUM
ajfa-1783	232	51	of	of	ADP
ajfa-1783	232	52	directors	director	NOUN
ajfa-1783	232	53	,	,	PUNCT
ajfa-1783	232	54	ownership	ownership	NOUN
ajfa-1783	232	55	,	,	PUNCT
ajfa-1783	232	56	and	and	CCONJ
ajfa-1783	232	57	regulation.journal	regulation.journal	ADJ
ajfa-1783	232	58	of	of	ADP
ajfa-1783	232	59	banking	banking	NOUN
ajfa-1783	232	60	&	&	CCONJ
ajfa-1783	232	61	finance	finance	NOUN
ajfa-1783	232	62	,	,	PUNCT
ajfa-1783	232	63	26(1	26(1	NUM
ajfa-1783	232	64	)	)	PUNCT
ajfa-1783	232	65	,	,	PUNCT
ajfa-1783	232	66	1973–1995	1973–1995	NUM
ajfa-1783	232	67	.	.	PUNCT
ajfa-1783	232	68	borokhovich	borokhovich	PROPN
ajfa-1783	232	69	,	,	PUNCT
ajfa-1783	232	70	k.	k.	PROPN
ajfa-1783	232	71	a.	a.	PROPN
ajfa-1783	232	72	,	,	PUNCT
ajfa-1783	232	73	parrino	parrino	PROPN
ajfa-1783	232	74	,	,	PUNCT
ajfa-1783	232	75	r.	r.	PROPN
ajfa-1783	232	76	,	,	PUNCT
ajfa-1783	232	77	&	&	CCONJ
ajfa-1783	232	78	trapani	trapani	PROPN
ajfa-1783	232	79	,	,	PUNCT
ajfa-1783	232	80	t.	t.	PROPN
ajfa-1783	232	81	(	(	PUNCT
ajfa-1783	232	82	1996).outside	1996).outside	NUM
ajfa-1783	232	83	directors	director	NOUN
ajfa-1783	232	84	and	and	CCONJ
ajfa-1783	232	85	ceo	ceo	NOUN
ajfa-1783	232	86	selection.journal	selection.journal	PROPN
ajfa-1783	232	87	of	of	ADP
ajfa-1783	232	88	financial	financial	ADJ
ajfa-1783	232	89	and	and	CCONJ
ajfa-1783	232	90	quantitative	quantitative	ADJ
ajfa-1783	232	91	analysis	analysis	NOUN
ajfa-1783	232	92	,	,	PUNCT
ajfa-1783	232	93	31(3	31(3	NUM
ajfa-1783	232	94	)	)	PUNCT
ajfa-1783	232	95	,	,	PUNCT
ajfa-1783	232	96	337–355	337–355	NUM
ajfa-1783	232	97	.	.	PUNCT
ajfa-1783	233	1	http://dx.doi.org/10.2307/2331395	http://dx.doi.org/10.2307/2331395	PROPN
ajfa-1783	233	2	boyle	boyle	PROPN
ajfa-1783	233	3	,	,	PUNCT
ajfa-1783	233	4	g.	g.	PROPN
ajfa-1783	233	5	,	,	PUNCT
ajfa-1783	233	6	&	&	CCONJ
ajfa-1783	233	7	ji	ji	PROPN
ajfa-1783	233	8	,	,	PUNCT
ajfa-1783	233	9	x.	x.	PROPN
ajfa-1783	233	10	(	(	PUNCT
ajfa-1783	233	11	2011	2011	NUM
ajfa-1783	233	12	)	)	PUNCT
ajfa-1783	233	13	.	.	PUNCT
ajfa-1783	234	1	new	new	PROPN
ajfa-1783	234	2	zealand	zealand	PROPN
ajfa-1783	234	3	corporate	corporate	ADJ
ajfa-1783	234	4	boards	board	NOUN
ajfa-1783	234	5	in	in	ADP
ajfa-1783	234	6	transition	transition	NOUN
ajfa-1783	234	7	:	:	PUNCT
ajfa-1783	234	8	composition	composition	NOUN
ajfa-1783	234	9	,	,	PUNCT
ajfa-1783	234	10	activity	activity	NOUN
ajfa-1783	234	11	and	and	CCONJ
ajfa-1783	234	12	incentives	incentive	NOUN
ajfa-1783	234	13	between	between	ADP
ajfa-1783	234	14	1995	1995	NUM
ajfa-1783	234	15	and	and	CCONJ
ajfa-1783	234	16	2010	2010	NUM
ajfa-1783	234	17	.	.	PUNCT
ajfa-1783	235	1	[	[	X
ajfa-1783	235	2	online	online	X
ajfa-1783	235	3	]	]	X
ajfa-1783	235	4	available	available	ADJ
ajfa-1783	235	5	:	:	PUNCT
ajfa-1783	235	6	http://www.nzfc.ac.nz/archives/2012/papers/updated/14.pdf	http://www.nzfc.ac.nz/archives/2012/papers/updated/14.pdf	PROPN
ajfa-1783	235	7	asian	asian	PROPN
ajfa-1783	235	8	journal	journal	PROPN
ajfa-1783	235	9	of	of	ADP
ajfa-1783	235	10	finance	finance	PROPN
ajfa-1783	235	11	&	&	CCONJ
ajfa-1783	235	12	accounting	accounting	PROPN
ajfa-1783	235	13	issn	issn	PROPN
ajfa-1783	235	14	1946	1946	NUM
ajfa-1783	235	15	-	-	PUNCT
ajfa-1783	235	16	052x	052x	NOUN
ajfa-1783	235	17	2012	2012	NUM
ajfa-1783	235	18	,	,	PUNCT
ajfa-1783	235	19	vol	vol	NOUN
ajfa-1783	235	20	.	.	PROPN
ajfa-1783	235	21	4	4	NUM
ajfa-1783	235	22	,	,	PUNCT
ajfa-1783	235	23	no	no	INTJ
ajfa-1783	235	24	.	.	NOUN
ajfa-1783	235	25	1	1	NUM
ajfa-1783	235	26	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1783	235	27	374	374	NUM
ajfa-1783	235	28	cameron	cameron	PROPN
ajfa-1783	235	29	,	,	PUNCT
ajfa-1783	235	30	a.	a.	PROPN
ajfa-1783	235	31	c.	c.	PROPN
ajfa-1783	235	32	,	,	PUNCT
ajfa-1783	235	33	&	&	CCONJ
ajfa-1783	235	34	trivedi	trivedi	PROPN
ajfa-1783	235	35	,	,	PUNCT
ajfa-1783	235	36	p.	p.	PROPN
ajfa-1783	235	37	k.	k.	PROPN
ajfa-1783	236	1	(	(	PUNCT
ajfa-1783	236	2	2010	2010	NUM
ajfa-1783	236	3	)	)	PUNCT
ajfa-1783	236	4	.	.	PUNCT
ajfa-1783	237	1	microeconometrics	microeconometric	NOUN
ajfa-1783	237	2	using	use	VERB
ajfa-1783	237	3	stata	stata	NOUN
ajfa-1783	237	4	(	(	PUNCT
ajfa-1783	237	5	rev	rev	PROPN
ajfa-1783	237	6	.	.	PROPN
ajfa-1783	238	1	ed	ed	NOUN
ajfa-1783	238	2	.	.	PUNCT
ajfa-1783	238	3	)	)	PUNCT
ajfa-1783	238	4	.	.	PUNCT
ajfa-1783	239	1	college	college	NOUN
ajfa-1783	239	2	station	station	PROPN
ajfa-1783	239	3	,	,	PUNCT
ajfa-1783	239	4	texas	texas	PROPN
ajfa-1783	239	5	:	:	PUNCT
ajfa-1783	239	6	stata	stata	PROPN
ajfa-1783	239	7	press	press	PROPN
ajfa-1783	239	8	.	.	PUNCT
ajfa-1783	240	1	chhaochharia	chhaochharia	PROPN
ajfa-1783	240	2	,	,	PUNCT
ajfa-1783	240	3	v.	v.	PROPN
ajfa-1783	240	4	,	,	PUNCT
ajfa-1783	240	5	&	&	CCONJ
ajfa-1783	240	6	grinstein	grinstein	PROPN
ajfa-1783	240	7	,	,	PUNCT
ajfa-1783	240	8	y.	y.	PROPN
ajfa-1783	240	9	(	(	PUNCT
ajfa-1783	240	10	2007	2007	NUM
ajfa-1783	240	11	)	)	PUNCT
ajfa-1783	240	12	.	.	PUNCT
ajfa-1783	241	1	the	the	DET
ajfa-1783	241	2	changing	change	VERB
ajfa-1783	241	3	structure	structure	NOUN
ajfa-1783	241	4	of	of	ADP
ajfa-1783	241	5	us	we	PRON
ajfa-1783	241	6	corporate	corporate	ADJ
ajfa-1783	241	7	boards	board	NOUN
ajfa-1783	241	8	:	:	PUNCT
ajfa-1783	241	9	1997	1997	NUM
ajfa-1783	241	10	-	-	SYM
ajfa-1783	241	11	2003	2003	NUM
ajfa-1783	241	12	.	.	PUNCT
ajfa-1783	242	1	corporate	corporate	ADJ
ajfa-1783	242	2	governance	governance	NOUN
ajfa-1783	242	3	:	:	PUNCT
ajfa-1783	242	4	an	an	DET
ajfa-1783	242	5	international	international	ADJ
ajfa-1783	242	6	review	review	NOUN
ajfa-1783	242	7	,	,	PUNCT
ajfa-1783	242	8	15	15	NUM
ajfa-1783	242	9	,	,	PUNCT
ajfa-1783	242	10	1215	1215	NUM
ajfa-1783	242	11	-	-	SYM
ajfa-1783	242	12	1223	1223	NUM
ajfa-1783	242	13	.	.	PUNCT
ajfa-1783	243	1	http.//dx.doi.org/10.1111	http.//dx.doi.org/10.1111	NOUN
ajfa-1783	243	2	/	/	SYM
ajfa-1783	243	3	j.1467	j.1467	ADV
ajfa-1783	243	4	-	-	PUNCT
ajfa-1783	243	5	8683.2007.00642.x	8683.2007.00642.x	NUM
ajfa-1783	243	6	coles	cole	NOUN
ajfa-1783	243	7	,	,	PUNCT
ajfa-1783	243	8	j.	j.	PROPN
ajfa-1783	243	9	l.	l.	PROPN
ajfa-1783	243	10	,	,	PUNCT
ajfa-1783	243	11	daniel	daniel	PROPN
ajfa-1783	243	12	,	,	PUNCT
ajfa-1783	243	13	n.	n.	PROPN
ajfa-1783	243	14	d.	d.	PROPN
ajfa-1783	243	15	,	,	PUNCT
ajfa-1783	243	16	&	&	CCONJ
ajfa-1783	243	17	naveen	naveen	PROPN
ajfa-1783	243	18	,	,	PUNCT
ajfa-1783	243	19	l.	l.	PROPN
ajfa-1783	243	20	(	(	PUNCT
ajfa-1783	243	21	2008	2008	NUM
ajfa-1783	243	22	)	)	PUNCT
ajfa-1783	243	23	.	.	PUNCT
ajfa-1783	244	1	boards	board	NOUN
ajfa-1783	244	2	:	:	PUNCT
ajfa-1783	244	3	does	do	AUX
ajfa-1783	244	4	one	one	NUM
ajfa-1783	244	5	size	size	NOUN
ajfa-1783	244	6	fit	fit	VERB
ajfa-1783	244	7	all	all	PRON
ajfa-1783	244	8	?	?	PUNCT
ajfa-1783	245	1	journal	journal	NOUN
ajfa-1783	245	2	of	of	ADP
ajfa-1783	245	3	financial	financial	ADJ
ajfa-1783	245	4	economics	economic	NOUN
ajfa-1783	245	5	,	,	PUNCT
ajfa-1783	245	6	87(2	87(2	NUM
ajfa-1783	245	7	)	)	PUNCT
ajfa-1783	245	8	,	,	PUNCT
ajfa-1783	245	9	329	329	NUM
ajfa-1783	245	10	-	-	SYM
ajfa-1783	245	11	356	356	NUM
ajfa-1783	245	12	.	.	PUNCT
ajfa-1783	246	1	crutchley	crutchley	NOUN
ajfa-1783	246	2	,	,	PUNCT
ajfa-1783	246	3	c	c	NOUN
ajfa-1783	246	4	,	,	PUNCT
ajfa-1783	246	5	and	and	CCONJ
ajfa-1783	246	6	r.	r.	PROPN
ajfa-1783	246	7	hansen.(1989	hansen.(1989	PROPN
ajfa-1783	246	8	)	)	PUNCT
ajfa-1783	246	9	.	.	PUNCT
ajfa-1783	247	1	a	a	DET
ajfa-1783	247	2	test	test	NOUN
ajfa-1783	247	3	of	of	ADP
ajfa-1783	247	4	the	the	DET
ajfa-1783	247	5	agency	agency	NOUN
ajfa-1783	247	6	theory	theory	NOUN
ajfa-1783	247	7	of	of	ADP
ajfa-1783	247	8	managerial	managerial	ADJ
ajfa-1783	247	9	ownership	ownership	NOUN
ajfa-1783	247	10	,	,	PUNCT
ajfa-1783	247	11	corporate	corporate	ADJ
ajfa-1783	247	12	leverage	leverage	NOUN
ajfa-1783	247	13	and	and	CCONJ
ajfa-1783	247	14	corporate	corporate	ADJ
ajfa-1783	247	15	dividends.financial	dividends.financial	ADJ
ajfa-1783	247	16	management	management	NOUN
ajfa-1783	247	17	,	,	PUNCT
ajfa-1783	247	18	18	18	NUM
ajfa-1783	247	19	,	,	PUNCT
ajfa-1783	247	20	36	36	NUM
ajfa-1783	247	21	-	-	SYM
ajfa-1783	247	22	6	6	NUM
ajfa-1783	247	23	.	.	PUNCT
ajfa-1783	247	24	de	de	X
ajfa-1783	247	25	angelo	angelo	PROPN
ajfa-1783	247	26	,	,	PUNCT
ajfa-1783	247	27	h.	h.	PROPN
ajfa-1783	247	28	,	,	PUNCT
ajfa-1783	247	29	&	&	CCONJ
ajfa-1783	247	30	de	de	PROPN
ajfa-1783	247	31	angelo	angelo	PROPN
ajfa-1783	247	32	,	,	PUNCT
ajfa-1783	247	33	l.	l.	PROPN
ajfa-1783	247	34	(	(	PUNCT
ajfa-1783	247	35	1985	1985	NUM
ajfa-1783	247	36	)	)	PUNCT
ajfa-1783	247	37	.	.	PUNCT
ajfa-1783	248	1	managerial	managerial	ADJ
ajfa-1783	248	2	ownership	ownership	NOUN
ajfa-1783	248	3	of	of	ADP
ajfa-1783	248	4	voting	voting	NOUN
ajfa-1783	248	5	rights	right	NOUN
ajfa-1783	248	6	:	:	PUNCT
ajfa-1783	248	7	a	a	DET
ajfa-1783	248	8	study	study	NOUN
ajfa-1783	248	9	of	of	ADP
ajfa-1783	248	10	public	public	ADJ
ajfa-1783	248	11	corporations	corporation	NOUN
ajfa-1783	248	12	with	with	ADP
ajfa-1783	248	13	dual	dual	ADJ
ajfa-1783	248	14	classes	class	NOUN
ajfa-1783	248	15	of	of	ADP
ajfa-1783	248	16	common	common	ADJ
ajfa-1783	248	17	stock	stock	NOUN
ajfa-1783	248	18	.	.	PUNCT
ajfa-1783	249	1	journal	journal	PROPN
ajfa-1783	249	2	of	of	ADP
ajfa-1783	249	3	financial	financial	ADJ
ajfa-1783	249	4	economics	economic	NOUN
ajfa-1783	249	5	,	,	PUNCT
ajfa-1783	249	6	14(1	14(1	NUM
ajfa-1783	249	7	)	)	PUNCT
ajfa-1783	249	8	,	,	PUNCT
ajfa-1783	249	9	33–69	33–69	NUM
ajfa-1783	249	10	.	.	PUNCT
ajfa-1783	250	1	demsetz	demsetz	VERB
ajfa-1783	250	2	,	,	PUNCT
ajfa-1783	250	3	h.	h.	PROPN
ajfa-1783	250	4	,	,	PUNCT
ajfa-1783	250	5	&	&	CCONJ
ajfa-1783	250	6	villalonga	villalonga	PROPN
ajfa-1783	250	7	,	,	PUNCT
ajfa-1783	250	8	b.	b.	PROPN
ajfa-1783	251	1	(	(	PUNCT
ajfa-1783	251	2	2001).ownership	2001).ownership	NOUN
ajfa-1783	251	3	structure	structure	NOUN
ajfa-1783	251	4	and	and	CCONJ
ajfa-1783	251	5	corporate	corporate	ADJ
ajfa-1783	251	6	performance.journal	performance.journal	NOUN
ajfa-1783	251	7	of	of	ADP
ajfa-1783	251	8	corporate	corporate	ADJ
ajfa-1783	251	9	finance	finance	NOUN
ajfa-1783	251	10	,	,	PUNCT
ajfa-1783	251	11	7	7	NUM
ajfa-1783	251	12	,	,	PUNCT
ajfa-1783	251	13	209	209	NUM
ajfa-1783	251	14	-	-	SYM
ajfa-1783	251	15	33	33	NUM
ajfa-1783	251	16	.	.	PUNCT
ajfa-1783	252	1	denis	denis	PROPN
ajfa-1783	252	2	,	,	PUNCT
ajfa-1783	252	3	d.j	d.j	PROPN
ajfa-1783	252	4	.	.	PROPN
ajfa-1783	252	5	,	,	PUNCT
ajfa-1783	252	6	denis	denis	PROPN
ajfa-1783	252	7	,	,	PUNCT
ajfa-1783	252	8	d.k	d.k	PROPN
ajfa-1783	252	9	.	.	PROPN
ajfa-1783	252	10	,	,	PUNCT
ajfa-1783	252	11	&	&	CCONJ
ajfa-1783	252	12	sarin	sarin	NOUN
ajfa-1783	252	13	,	,	PUNCT
ajfa-1783	252	14	a.	a.	NOUN
ajfa-1783	252	15	(	(	PUNCT
ajfa-1783	252	16	1997).agency	1997).agency	NUM
ajfa-1783	252	17	problems	problem	NOUN
ajfa-1783	252	18	,	,	PUNCT
ajfa-1783	252	19	equity	equity	NOUN
ajfa-1783	252	20	ownership	ownership	NOUN
ajfa-1783	252	21	,	,	PUNCT
ajfa-1783	252	22	and	and	CCONJ
ajfa-1783	252	23	corporate	corporate	ADJ
ajfa-1783	252	24	diversification.journal	diversification.journal	PROPN
ajfa-1783	252	25	of	of	ADP
ajfa-1783	252	26	finance	finance	NOUN
ajfa-1783	252	27	,	,	PUNCT
ajfa-1783	252	28	52	52	NUM
ajfa-1783	252	29	,	,	PUNCT
ajfa-1783	252	30	135	135	NUM
ajfa-1783	252	31	-	-	SYM
ajfa-1783	252	32	160	160	NUM
ajfa-1783	252	33	.	.	PUNCT
ajfa-1783	252	34	doukas	doukas	PROPN
ajfa-1783	252	35	,	,	PUNCT
ajfa-1783	252	36	j.	j.	PROPN
ajfa-1783	252	37	,	,	PUNCT
ajfa-1783	252	38	kim	kim	PROPN
ajfa-1783	252	39	,	,	PUNCT
ajfa-1783	252	40	c.	c.	PROPN
ajfa-1783	252	41	,	,	PUNCT
ajfa-1783	252	42	&	&	CCONJ
ajfa-1783	252	43	pantzalis	pantzalis	PROPN
ajfa-1783	252	44	,	,	PUNCT
ajfa-1783	252	45	c.	c.	PROPN
ajfa-1783	252	46	(	(	PUNCT
ajfa-1783	252	47	2000).security	2000).security	NUM
ajfa-1783	252	48	analysts	analyst	NOUN
ajfa-1783	252	49	,	,	PUNCT
ajfa-1783	252	50	agency	agency	NOUN
ajfa-1783	252	51	costs	cost	NOUN
ajfa-1783	252	52	,	,	PUNCT
ajfa-1783	252	53	and	and	CCONJ
ajfa-1783	252	54	company	company	NOUN
ajfa-1783	252	55	characteristics.financial	characteristics.financial	ADJ
ajfa-1783	252	56	analysts	analyst	NOUN
ajfa-1783	252	57	journal	journal	NOUN
ajfa-1783	252	58	,	,	PUNCT
ajfa-1783	252	59	56(6	56(6	NUM
ajfa-1783	252	60	)	)	PUNCT
ajfa-1783	252	61	,	,	PUNCT
ajfa-1783	252	62	54–63	54–63	NUM
ajfa-1783	252	63	.	.	PUNCT
ajfa-1783	253	1	easterbrook	easterbrook	PROPN
ajfa-1783	253	2	,	,	PUNCT
ajfa-1783	253	3	f.	f.	PROPN
ajfa-1783	253	4	(	(	PUNCT
ajfa-1783	253	5	1984	1984	NUM
ajfa-1783	253	6	)	)	PUNCT
ajfa-1783	253	7	.	.	PUNCT
ajfa-1783	254	1	two	two	NUM
ajfa-1783	254	2	agency	agency	NOUN
ajfa-1783	254	3	cost	cost	NOUN
ajfa-1783	254	4	explanations	explanation	NOUN
ajfa-1783	254	5	of	of	ADP
ajfa-1783	254	6	dividends	dividend	NOUN
ajfa-1783	254	7	.	.	PUNCT
ajfa-1783	255	1	american	american	PROPN
ajfa-1783	255	2	economic	economic	PROPN
ajfa-1783	255	3	re	re	PROPN
ajfa-1783	255	4	-	-	NOUN
ajfa-1783	255	5	view	view	NOUN
ajfa-1783	255	6	,	,	PUNCT
ajfa-1783	255	7	74	74	NUM
ajfa-1783	255	8	,	,	PUNCT
ajfa-1783	255	9	650	650	NUM
ajfa-1783	255	10	-	-	SYM
ajfa-1783	255	11	659	659	NUM
ajfa-1783	255	12	.	.	PUNCT
ajfa-1783	256	1	eisenberg	eisenberg	PROPN
ajfa-1783	256	2	,	,	PUNCT
ajfa-1783	256	3	t.	t.	PROPN
ajfa-1783	256	4	,	,	PUNCT
ajfa-1783	256	5	sundgren	sundgren	PROPN
ajfa-1783	256	6	,	,	PUNCT
ajfa-1783	256	7	s.	s.	PROPN
ajfa-1783	256	8	,	,	PUNCT
ajfa-1783	256	9	&	&	CCONJ
ajfa-1783	256	10	wells	wells	PROPN
ajfa-1783	256	11	,	,	PUNCT
ajfa-1783	256	12	m.	m.	NOUN
ajfa-1783	256	13	t.	t.	PROPN
ajfa-1783	256	14	(	(	PUNCT
ajfa-1783	256	15	1998).large	1998).large	NUM
ajfa-1783	256	16	board	board	NOUN
ajfa-1783	256	17	size	size	NOUN
ajfa-1783	256	18	and	and	CCONJ
ajfa-1783	256	19	decreasing	decrease	VERB
ajfa-1783	256	20	firm	firm	ADJ
ajfa-1783	256	21	value	value	NOUN
ajfa-1783	256	22	in	in	ADP
ajfa-1783	256	23	small	small	ADJ
ajfa-1783	256	24	firms	firm	NOUN
ajfa-1783	256	25	.	.	PUNCT
ajfa-1783	257	1	journal	journal	NOUN
ajfa-1783	257	2	of	of	ADP
ajfa-1783	257	3	financial	financial	ADJ
ajfa-1783	257	4	economics	economic	NOUN
ajfa-1783	257	5	,	,	PUNCT
ajfa-1783	257	6	48(1	48(1	NOUN
ajfa-1783	257	7	)	)	PUNCT
ajfa-1783	257	8	,	,	PUNCT
ajfa-1783	257	9	35–54	35–54	NUM
ajfa-1783	257	10	.	.	PUNCT
ajfa-1783	258	1	http://dx.doi.org/10.1016/s0304-405x(98)00003-8	http://dx.doi.org/10.1016/s0304-405x(98)00003-8	NOUN
ajfa-1783	258	2	felo	felo	NOUN
ajfa-1783	258	3	,	,	PUNCT
ajfa-1783	258	4	a.	a.	NOUN
ajfa-1783	258	5	,	,	PUNCT
ajfa-1783	258	6	krishnamurthy	krishnamurthy	PROPN
ajfa-1783	258	7	,	,	PUNCT
ajfa-1783	258	8	s.	s.	PROPN
ajfa-1783	258	9	&	&	CCONJ
ajfa-1783	258	10	solieri	solieri	PROPN
ajfa-1783	258	11	,	,	PUNCT
ajfa-1783	258	12	s.	s.	PROPN
ajfa-1783	258	13	(	(	PUNCT
ajfa-1783	258	14	2003	2003	NUM
ajfa-1783	258	15	)	)	PUNCT
ajfa-1783	258	16	.	.	PUNCT
ajfa-1783	259	1	audit	audit	NOUN
ajfa-1783	259	2	committee	committee	NOUN
ajfa-1783	259	3	characteristics	characteristic	NOUN
ajfa-1783	259	4	and	and	CCONJ
ajfa-1783	259	5	the	the	DET
ajfa-1783	259	6	perceived	perceive	VERB
ajfa-1783	259	7	quality	quality	NOUN
ajfa-1783	259	8	of	of	ADP
ajfa-1783	259	9	financial	financial	ADJ
ajfa-1783	259	10	reporting	reporting	NOUN
ajfa-1783	259	11	:	:	PUNCT
ajfa-1783	259	12	an	an	DET
ajfa-1783	259	13	empirical	empirical	ADJ
ajfa-1783	259	14	analysis.social	analysis.social	PROPN
ajfa-1783	259	15	science	science	NOUN
ajfa-1783	259	16	electronic	electronic	ADJ
ajfa-1783	259	17	publishing	publishing	NOUN
ajfa-1783	259	18	.	.	PUNCT
ajfa-1783	260	1	retrieved	retrieve	VERB
ajfa-1783	260	2	from	from	ADP
ajfa-1783	260	3	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=401240	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=401240	PROPN
ajfa-1783	260	4	friend	friend	NOUN
ajfa-1783	260	5	and	and	CCONJ
ajfa-1783	260	6	hasbrouck	hasbrouck	PROPN
ajfa-1783	260	7	,	,	PUNCT
ajfa-1783	260	8	j.	j.	PROPN
ajfa-1783	260	9	(	(	PUNCT
ajfa-1783	260	10	1988).determinants	1988).determinant	NOUN
ajfa-1783	260	11	of	of	ADP
ajfa-1783	260	12	capital	capital	NOUN
ajfa-1783	260	13	structure	structure	NOUN
ajfa-1783	260	14	.	.	PUNCT
ajfa-1783	261	1	in	in	ADP
ajfa-1783	261	2	research	research	NOUN
ajfa-1783	261	3	in	in	ADP
ajfa-1783	261	4	finance	finance	NOUN
ajfa-1783	261	5	(	(	PUNCT
ajfa-1783	261	6	edited	edit	VERB
ajfa-1783	261	7	by	by	ADP
ajfa-1783	261	8	a.h	a.h	PROPN
ajfa-1783	261	9	.	.	PROPN
ajfa-1783	261	10	chen	chen	PROPN
ajfa-1783	261	11	)	)	PUNCT
ajfa-1783	261	12	,	,	PUNCT
ajfa-1783	261	13	greenwich	greenwich	PROPN
ajfa-1783	261	14	,	,	PUNCT
ajfa-1783	261	15	ct	ct	PROPN
ajfa-1783	261	16	:	:	PUNCT
ajfa-1783	261	17	jai	jai	PROPN
ajfa-1783	261	18	press	press	PROPN
ajfa-1783	261	19	,	,	PUNCT
ajfa-1783	261	20	1	1	NUM
ajfa-1783	261	21	-	-	SYM
ajfa-1783	261	22	19	19	NUM
ajfa-1783	261	23	.	.	PUNCT
ajfa-1783	261	24	guest	guest	NOUN
ajfa-1783	261	25	,	,	PUNCT
ajfa-1783	261	26	p.	p.	NOUN
ajfa-1783	261	27	(	(	PUNCT
ajfa-1783	261	28	2009	2009	NUM
ajfa-1783	261	29	)	)	PUNCT
ajfa-1783	261	30	.	.	PUNCT
ajfa-1783	262	1	the	the	DET
ajfa-1783	262	2	impact	impact	NOUN
ajfa-1783	262	3	of	of	ADP
ajfa-1783	262	4	board	board	NOUN
ajfa-1783	262	5	size	size	NOUN
ajfa-1783	262	6	on	on	ADP
ajfa-1783	262	7	firm	firm	ADJ
ajfa-1783	262	8	performance	performance	NOUN
ajfa-1783	262	9	:	:	PUNCT
ajfa-1783	262	10	evidence	evidence	NOUN
ajfa-1783	262	11	from	from	ADP
ajfa-1783	262	12	the	the	DET
ajfa-1783	262	13	uk	uk	PROPN
ajfa-1783	262	14	.	.	PROPN
ajfa-1783	262	15	european	european	PROPN
ajfa-1783	262	16	journal	journal	PROPN
ajfa-1783	262	17	of	of	ADP
ajfa-1783	262	18	finance	finance	NOUN
ajfa-1783	262	19	,	,	PUNCT
ajfa-1783	262	20	15	15	NUM
ajfa-1783	262	21	,	,	PUNCT
ajfa-1783	262	22	385	385	NUM
ajfa-1783	262	23	-	-	SYM
ajfa-1783	262	24	404	404	NUM
ajfa-1783	262	25	.	.	PUNCT
ajfa-1783	263	1	http://dx.doi.org/10.1080/13518470802466121	http://dx.doi.org/10.1080/13518470802466121	NOUN
ajfa-1783	263	2	gunasekarage	gunasekarage	NOUN
ajfa-1783	263	3	,	,	PUNCT
ajfa-1783	263	4	a.	a.	PROPN
ajfa-1783	263	5	,	,	PUNCT
ajfa-1783	263	6	locke	locke	PROPN
ajfa-1783	263	7	,	,	PUNCT
ajfa-1783	263	8	s.m	s.m	PROPN
ajfa-1783	263	9	.	.	PROPN
ajfa-1783	263	10	,	,	PUNCT
ajfa-1783	263	11	reddy	reddy	PROPN
ajfa-1783	263	12	,	,	PUNCT
ajfa-1783	263	13	k.	k.	PROPN
ajfa-1783	263	14	&	&	CCONJ
ajfa-1783	263	15	scrimgeour	scrimgeour	PROPN
ajfa-1783	263	16	,	,	PUNCT
ajfa-1783	263	17	f.	f.	PROPN
ajfa-1783	263	18	(	(	PUNCT
ajfa-1783	263	19	2006	2006	NUM
ajfa-1783	263	20	)	)	PUNCT
ajfa-1783	263	21	.	.	PUNCT
ajfa-1783	264	1	corporate	corporate	ADJ
ajfa-1783	264	2	governance	governance	NOUN
ajfa-1783	264	3	practices	practice	NOUN
ajfa-1783	264	4	of	of	ADP
ajfa-1783	264	5	large	large	ADJ
ajfa-1783	264	6	firms	firm	NOUN
ajfa-1783	264	7	in	in	ADP
ajfa-1783	264	8	new	new	PROPN
ajfa-1783	264	9	zealand	zealand	PROPN
ajfa-1783	264	10	and	and	CCONJ
ajfa-1783	264	11	firm	firm	ADJ
ajfa-1783	264	12	performances	performance	NOUN
ajfa-1783	264	13	:	:	PUNCT
ajfa-1783	264	14	an	an	DET
ajfa-1783	264	15	empirical	empirical	ADJ
ajfa-1783	264	16	investigation	investigation	NOUN
ajfa-1783	264	17	.	.	PUNCT
ajfa-1783	265	1	paper	paper	NOUN
ajfa-1783	265	2	presented	present	VERB
ajfa-1783	265	3	at	at	ADP
ajfa-1783	265	4	the	the	DET
ajfa-1783	265	5	19th	19th	ADJ
ajfa-1783	265	6	annual	annual	ADJ
ajfa-1783	265	7	australasian	australasian	ADJ
ajfa-1783	265	8	finance	finance	NOUN
ajfa-1783	265	9	and	and	CCONJ
ajfa-1783	265	10	banking	banking	NOUN
ajfa-1783	265	11	conference	conference	NOUN
ajfa-1783	265	12	,	,	PUNCT
ajfa-1783	265	13	15–19	15–19	PROPN
ajfa-1783	265	14	december	december	PROPN
ajfa-1783	265	15	,	,	PUNCT
ajfa-1783	265	16	sydney	sydney	PROPN
ajfa-1783	265	17	.	.	PUNCT
ajfa-1783	266	1	hartzellj	hartzellj	PROPN
ajfa-1783	266	2	.	.	PROPN
ajfa-1783	266	3	,	,	PUNCT
ajfa-1783	266	4	&	&	CCONJ
ajfa-1783	266	5	starks	starks	PROPN
ajfa-1783	266	6	l.	l.	PROPN
ajfa-1783	266	7	(	(	PUNCT
ajfa-1783	266	8	2003	2003	NUM
ajfa-1783	266	9	)	)	PUNCT
ajfa-1783	266	10	.	.	PUNCT
ajfa-1783	267	1	institutional	institutional	ADJ
ajfa-1783	267	2	investors	investor	NOUN
ajfa-1783	267	3	and	and	CCONJ
ajfa-1783	267	4	executive	executive	ADJ
ajfa-1783	267	5	compensation.j	compensation.j	NOUN
ajfa-1783	267	6	finance	finance	NOUN
ajfa-1783	267	7	,	,	PUNCT
ajfa-1783	267	8	58(6	58(6	NOUN
ajfa-1783	267	9	)	)	PUNCT
ajfa-1783	267	10	,	,	PUNCT
ajfa-1783	267	11	2351	2351	NUM
ajfa-1783	267	12	-	-	SYM
ajfa-1783	267	13	2374	2374	NUM
ajfa-1783	267	14	.	.	PUNCT
ajfa-1783	268	1	http://dx.doi.org/10.1046/j.1540-6261.2003.00608.x	http://dx.doi.org/10.1046/j.1540-6261.2003.00608.x	ADJ
ajfa-1783	268	2	asian	asian	ADJ
ajfa-1783	268	3	journal	journal	NOUN
ajfa-1783	268	4	of	of	ADP
ajfa-1783	268	5	finance	finance	PROPN
ajfa-1783	268	6	&	&	CCONJ
ajfa-1783	268	7	accounting	accounting	PROPN
ajfa-1783	268	8	issn	issn	PROPN
ajfa-1783	268	9	1946	1946	NUM
ajfa-1783	268	10	-	-	PUNCT
ajfa-1783	268	11	052x	052x	NOUN
ajfa-1783	268	12	2012	2012	NUM
ajfa-1783	268	13	,	,	PUNCT
ajfa-1783	268	14	vol	vol	NOUN
ajfa-1783	268	15	.	.	PROPN
ajfa-1783	268	16	4	4	NUM
ajfa-1783	268	17	,	,	PUNCT
ajfa-1783	268	18	no	no	INTJ
ajfa-1783	268	19	.	.	NOUN
ajfa-1783	268	20	1	1	NUM
ajfa-1783	268	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1783	268	22	375	375	NUM
ajfa-1783	268	23	healy	healy	PROPN
ajfa-1783	268	24	,	,	PUNCT
ajfa-1783	268	25	j.	j.	PROPN
ajfa-1783	268	26	(	(	PUNCT
ajfa-1783	268	27	2003	2003	NUM
ajfa-1783	268	28	)	)	PUNCT
ajfa-1783	268	29	.	.	PUNCT
ajfa-1783	269	1	corporate	corporate	ADJ
ajfa-1783	269	2	governance	governance	NOUN
ajfa-1783	269	3	&	&	CCONJ
ajfa-1783	269	4	shareholder	shareholder	NOUN
ajfa-1783	269	5	value	value	NOUN
ajfa-1783	269	6	:	:	PUNCT
ajfa-1783	269	7	challenges	challenge	NOUN
ajfa-1783	269	8	facing	face	VERB
ajfa-1783	269	9	new	new	ADJ
ajfa-1783	269	10	zealand	zealand	PROPN
ajfa-1783	269	11	.	.	PUNCT
ajfa-1783	270	1	palmerton	palmerton	PROPN
ajfa-1783	270	2	north	north	PROPN
ajfa-1783	270	3	:	:	PUNCT
ajfa-1783	270	4	dunmore	dunmore	PROPN
ajfa-1783	270	5	.	.	PUNCT
ajfa-1783	271	1	hermalin	hermalin	PROPN
ajfa-1783	271	2	,	,	PUNCT
ajfa-1783	271	3	b.	b.	PROPN
ajfa-1783	271	4	e.	e.	PROPN
ajfa-1783	271	5	,	,	PUNCT
ajfa-1783	271	6	&	&	CCONJ
ajfa-1783	271	7	weisbach	weisbach	NOUN
ajfa-1783	271	8	,	,	PUNCT
ajfa-1783	271	9	m.	m.	NOUN
ajfa-1783	271	10	s.	s.	PROPN
ajfa-1783	271	11	(	(	PUNCT
ajfa-1783	271	12	1988	1988	NUM
ajfa-1783	271	13	)	)	PUNCT
ajfa-1783	271	14	.	.	PUNCT
ajfa-1783	272	1	the	the	DET
ajfa-1783	272	2	determinants	determinant	NOUN
ajfa-1783	272	3	of	of	ADP
ajfa-1783	272	4	board	board	PROPN
ajfa-1783	272	5	composition.rand	composition.rand	PROPN
ajfa-1783	272	6	journal	journal	PROPN
ajfa-1783	272	7	of	of	ADP
ajfa-1783	272	8	economics	economic	NOUN
ajfa-1783	272	9	,	,	PUNCT
ajfa-1783	272	10	19(4	19(4	NOUN
ajfa-1783	272	11	)	)	PUNCT
ajfa-1783	272	12	,	,	PUNCT
ajfa-1783	272	13	589	589	NUM
ajfa-1783	272	14	-	-	SYM
ajfa-1783	272	15	606	606	NUM
ajfa-1783	272	16	.	.	PUNCT
ajfa-1783	273	1	hermalin	hermalin	PROPN
ajfa-1783	273	2	,	,	PUNCT
ajfa-1783	273	3	b.	b.	PROPN
ajfa-1783	273	4	,	,	PUNCT
ajfa-1783	273	5	&	&	CCONJ
ajfa-1783	273	6	weisbach	weisbach	NOUN
ajfa-1783	273	7	,	,	PUNCT
ajfa-1783	273	8	m.	m.	NOUN
ajfa-1783	273	9	(	(	PUNCT
ajfa-1783	273	10	1991).the	1991).the	DET
ajfa-1783	273	11	effects	effect	NOUN
ajfa-1783	273	12	of	of	ADP
ajfa-1783	273	13	board	board	NOUN
ajfa-1783	273	14	composition	composition	NOUN
ajfa-1783	273	15	and	and	CCONJ
ajfa-1783	273	16	direct	direct	ADJ
ajfa-1783	273	17	incentives	incentive	NOUN
ajfa-1783	273	18	on	on	ADP
ajfa-1783	273	19	firm	firm	ADJ
ajfa-1783	273	20	performance.financial	performance.financial	ADJ
ajfa-1783	273	21	management	management	NOUN
ajfa-1783	273	22	,	,	PUNCT
ajfa-1783	273	23	20	20	NUM
ajfa-1783	273	24	,	,	PUNCT
ajfa-1783	273	25	101	101	NUM
ajfa-1783	273	26	-	-	SYM
ajfa-1783	273	27	12	12	NUM
ajfa-1783	273	28	.	.	PUNCT
ajfa-1783	274	1	holderness	holderness	PROPN
ajfa-1783	274	2	,	,	PUNCT
ajfa-1783	274	3	c.	c.	PROPN
ajfa-1783	274	4	g.	g.	PROPN
ajfa-1783	274	5	,	,	PUNCT
ajfa-1783	274	6	kroszner	kroszner	PROPN
ajfa-1783	274	7	,	,	PUNCT
ajfa-1783	274	8	r.	r.	PROPN
ajfa-1783	274	9	s.	s.	PROPN
ajfa-1783	274	10	,	,	PUNCT
ajfa-1783	274	11	&	&	CCONJ
ajfa-1783	274	12	sheehan	sheehan	PROPN
ajfa-1783	274	13	,	,	PUNCT
ajfa-1783	274	14	d.	d.	PROPN
ajfa-1783	274	15	p.	p.	PROPN
ajfa-1783	274	16	(	(	PUNCT
ajfa-1783	274	17	2002	2002	NUM
ajfa-1783	274	18	)	)	PUNCT
ajfa-1783	274	19	.	.	PUNCT
ajfa-1783	274	20	were	be	AUX
ajfa-1783	274	21	the	the	DET
ajfa-1783	274	22	good	good	ADJ
ajfa-1783	274	23	old	old	ADJ
ajfa-1783	274	24	days	day	NOUN
ajfa-1783	274	25	that	that	PRON
ajfa-1783	274	26	good	good	ADJ
ajfa-1783	274	27	?	?	PUNCT
ajfa-1783	275	1	changes	change	NOUN
ajfa-1783	275	2	in	in	ADP
ajfa-1783	275	3	managerial	managerial	ADJ
ajfa-1783	275	4	stock	stock	NOUN
ajfa-1783	275	5	ownership	ownership	NOUN
ajfa-1783	275	6	since	since	SCONJ
ajfa-1783	275	7	the	the	DET
ajfa-1783	275	8	great	great	ADJ
ajfa-1783	275	9	depression.the	depression.the	DET
ajfa-1783	275	10	journal	journal	NOUN
ajfa-1783	275	11	of	of	ADP
ajfa-1783	275	12	finance	finance	NOUN
ajfa-1783	275	13	,	,	PUNCT
ajfa-1783	275	14	54(2	54(2	NUM
ajfa-1783	275	15	)	)	PUNCT
ajfa-1783	275	16	,	,	PUNCT
ajfa-1783	275	17	435	435	NUM
ajfa-1783	275	18	–	–	SYM
ajfa-1783	275	19	469	469	NUM
ajfa-1783	275	20	.	.	PUNCT
ajfa-1783	276	1	hossain	hossain	PROPN
ajfa-1783	276	2	,	,	PUNCT
ajfa-1783	276	3	m.	m.	NOUN
ajfa-1783	276	4	,	,	PUNCT
ajfa-1783	276	5	prevost	prevost	PROPN
ajfa-1783	276	6	,	,	PUNCT
ajfa-1783	276	7	a.k	a.k	PROPN
ajfa-1783	276	8	.	.	PROPN
ajfa-1783	276	9	,	,	PUNCT
ajfa-1783	276	10	&	&	CCONJ
ajfa-1783	276	11	rao	rao	PROPN
ajfa-1783	276	12	,	,	PUNCT
ajfa-1783	276	13	r.p	r.p	PROPN
ajfa-1783	276	14	.	.	PROPN
ajfa-1783	276	15	(	(	PUNCT
ajfa-1783	276	16	2001	2001	NUM
ajfa-1783	276	17	)	)	PUNCT
ajfa-1783	276	18	.	.	PUNCT
ajfa-1783	277	1	corporate	corporate	ADJ
ajfa-1783	277	2	governance	governance	NOUN
ajfa-1783	277	3	in	in	ADP
ajfa-1783	277	4	new	new	PROPN
ajfa-1783	277	5	zealand	zealand	PROPN
ajfa-1783	277	6	:	:	PUNCT
ajfa-1783	277	7	the	the	DET
ajfa-1783	277	8	effect	effect	NOUN
ajfa-1783	277	9	of	of	ADP
ajfa-1783	277	10	the	the	DET
ajfa-1783	277	11	1993	1993	NUM
ajfa-1783	277	12	companies	company	NOUN
ajfa-1783	277	13	act	act	VERB
ajfa-1783	277	14	on	on	ADP
ajfa-1783	277	15	the	the	DET
ajfa-1783	277	16	relations	relation	NOUN
ajfa-1783	277	17	between	between	ADP
ajfa-1783	277	18	board	board	NOUN
ajfa-1783	277	19	composition	composition	NOUN
ajfa-1783	277	20	and	and	CCONJ
ajfa-1783	277	21	firm	firm	ADJ
ajfa-1783	277	22	performance	performance	NOUN
ajfa-1783	277	23	.	.	PUNCT
ajfa-1783	278	1	pacific	pacific	ADJ
ajfa-1783	278	2	-	-	PUNCT
ajfa-1783	278	3	basin	basin	NOUN
ajfa-1783	278	4	finance	finance	NOUN
ajfa-1783	278	5	journal	journal	NOUN
ajfa-1783	278	6	,	,	PUNCT
ajfa-1783	278	7	9	9	NUM
ajfa-1783	278	8	,	,	PUNCT
ajfa-1783	278	9	19–145	19–145	NOUN
ajfa-1783	278	10	.	.	PUNCT
ajfa-1783	279	1	retrieved	retrieve	VERB
ajfa-1783	279	2	from	from	ADP
ajfa-1783	279	3	:	:	PUNCT
ajfa-1783	279	4	http://web.ebscohost.com.ezproxy.waikato.ac.nz/ehost/pdfviewer/pdfviewer?vid=3&hid=12	http://web.ebscohost.com.ezproxy.waikato.ac.nz/ehost/pdfviewer/pdfviewer?vid=3&hid=12	PROPN
ajfa-1783	279	5	&	&	CCONJ
ajfa-1783	279	6	sid=5c5cde58	sid=5c5cde58	ADV
ajfa-1783	279	7	-	-	PUNCT
ajfa-1783	279	8	5f33	5f33	NUM
ajfa-1783	279	9	-	-	PUNCT
ajfa-1783	279	10	420e	420e	NOUN
ajfa-1783	279	11	-	-	PUNCT
ajfa-1783	279	12	b89c-5e478b27baa0%40sessionmgr10	b89c-5e478b27baa0%40sessionmgr10	NOUN
ajfa-1783	279	13	jensen	jensen	PROPN
ajfa-1783	279	14	,	,	PUNCT
ajfa-1783	279	15	m.	m.	PROPN
ajfa-1783	279	16	c.	c.	PROPN
ajfa-1783	279	17	(	(	PUNCT
ajfa-1783	279	18	1986	1986	NUM
ajfa-1783	279	19	)	)	PUNCT
ajfa-1783	279	20	.	.	PUNCT
ajfa-1783	280	1	agency	agency	NOUN
ajfa-1783	280	2	costs	cost	NOUN
ajfa-1783	280	3	of	of	ADP
ajfa-1783	280	4	free	free	ADJ
ajfa-1783	280	5	cash	cash	NOUN
ajfa-1783	280	6	flow	flow	NOUN
ajfa-1783	280	7	,	,	PUNCT
ajfa-1783	280	8	corporate	corporate	ADJ
ajfa-1783	280	9	finance	finance	NOUN
ajfa-1783	280	10	,	,	PUNCT
ajfa-1783	280	11	and	and	CCONJ
ajfa-1783	280	12	takeovers	takeover	NOUN
ajfa-1783	280	13	.	.	PUNCT
ajfa-1783	281	1	american	american	PROPN
ajfa-1783	281	2	economic	economic	PROPN
ajfa-1783	281	3	review	review	PROPN
ajfa-1783	281	4	,	,	PUNCT
ajfa-1783	281	5	76	76	NUM
ajfa-1783	281	6	,	,	PUNCT
ajfa-1783	281	7	323	323	NUM
ajfa-1783	281	8	-	-	SYM
ajfa-1783	281	9	329	329	NUM
ajfa-1783	281	10	.	.	PUNCT
ajfa-1783	282	1	jensen	jensen	PROPN
ajfa-1783	282	2	,	,	PUNCT
ajfa-1783	282	3	m.	m.	PROPN
ajfa-1783	282	4	c.	c.	PROPN
ajfa-1783	282	5	,	,	PUNCT
ajfa-1783	282	6	&	&	CCONJ
ajfa-1783	282	7	meckling	meckling	PROPN
ajfa-1783	282	8	,	,	PUNCT
ajfa-1783	282	9	w.	w.	PROPN
ajfa-1783	282	10	h.	h.	PROPN
ajfa-1783	283	1	(	(	PUNCT
ajfa-1783	283	2	1976).theory	1976).theory	NUM
ajfa-1783	283	3	of	of	ADP
ajfa-1783	283	4	the	the	DET
ajfa-1783	283	5	firm	firm	NOUN
ajfa-1783	283	6	:	:	PUNCT
ajfa-1783	283	7	managerial	managerial	ADJ
ajfa-1783	283	8	behavior	behavior	NOUN
ajfa-1783	283	9	,	,	PUNCT
ajfa-1783	283	10	agency	agency	NOUN
ajfa-1783	283	11	costs	cost	NOUN
ajfa-1783	283	12	and	and	CCONJ
ajfa-1783	283	13	ownership	ownership	NOUN
ajfa-1783	283	14	structure	structure	NOUN
ajfa-1783	283	15	.	.	PUNCT
ajfa-1783	284	1	journal	journal	NOUN
ajfa-1783	284	2	of	of	ADP
ajfa-1783	284	3	financial	financial	ADJ
ajfa-1783	284	4	economics	economic	NOUN
ajfa-1783	284	5	,	,	PUNCT
ajfa-1783	284	6	3(4	3(4	NUM
ajfa-1783	284	7	)	)	PUNCT
ajfa-1783	284	8	,	,	PUNCT
ajfa-1783	284	9	305	305	NUM
ajfa-1783	284	10	-	-	SYM
ajfa-1783	284	11	360	360	NUM
ajfa-1783	284	12	.	.	PUNCT
ajfa-1783	285	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-1783	285	2	kang	kang	PROPN
ajfa-1783	285	3	,	,	PUNCT
ajfa-1783	285	4	h.	h.	PROPN
ajfa-1783	285	5	,	,	PUNCT
ajfa-1783	285	6	cheng	cheng	PROPN
ajfa-1783	285	7	,	,	PUNCT
ajfa-1783	285	8	m.	m.	NOUN
ajfa-1783	285	9	,	,	PUNCT
ajfa-1783	285	10	&	&	CCONJ
ajfa-1783	285	11	gray	gray	PROPN
ajfa-1783	285	12	,	,	PUNCT
ajfa-1783	285	13	s.	s.	PROPN
ajfa-1783	285	14	j.	j.	PROPN
ajfa-1783	285	15	(	(	PUNCT
ajfa-1783	285	16	2007	2007	NUM
ajfa-1783	285	17	)	)	PUNCT
ajfa-1783	285	18	.	.	PUNCT
ajfa-1783	286	1	corporate	corporate	ADJ
ajfa-1783	286	2	governance	governance	NOUN
ajfa-1783	286	3	and	and	CCONJ
ajfa-1783	286	4	board	board	NOUN
ajfa-1783	286	5	composition	composition	NOUN
ajfa-1783	286	6	:	:	PUNCT
ajfa-1783	286	7	diversity	diversity	NOUN
ajfa-1783	286	8	and	and	CCONJ
ajfa-1783	286	9	independence	independence	NOUN
ajfa-1783	286	10	of	of	ADP
ajfa-1783	286	11	australian	australian	ADJ
ajfa-1783	286	12	boards	board	NOUN
ajfa-1783	286	13	.	.	PUNCT
ajfa-1783	287	1	corporate	corporate	ADJ
ajfa-1783	287	2	governance	governance	NOUN
ajfa-1783	287	3	,	,	PUNCT
ajfa-1783	287	4	15(2	15(2	NUM
ajfa-1783	287	5	)	)	PUNCT
ajfa-1783	287	6	,	,	PUNCT
ajfa-1783	287	7	194	194	NUM
ajfa-1783	287	8	-	-	SYM
ajfa-1783	287	9	207	207	NUM
ajfa-1783	287	10	.	.	PUNCT
ajfa-1783	288	1	http://dx.doi.org/10.1111/j.1467-8683.2007.00554.x	http://dx.doi.org/10.1111/j.1467-8683.2007.00554.x	PROPN
ajfa-1783	288	2	klein	klein	PROPN
ajfa-1783	288	3	,	,	PUNCT
ajfa-1783	288	4	a.	a.	PROPN
ajfa-1783	288	5	(	(	PUNCT
ajfa-1783	288	6	1998	1998	NUM
ajfa-1783	288	7	)	)	PUNCT
ajfa-1783	288	8	.	.	PUNCT
ajfa-1783	289	1	firm	firm	ADJ
ajfa-1783	289	2	performance	performance	NOUN
ajfa-1783	289	3	and	and	CCONJ
ajfa-1783	289	4	board	board	PROPN
ajfa-1783	289	5	committee	committee	PROPN
ajfa-1783	289	6	structure.journal	structure.journal	PROPN
ajfa-1783	289	7	of	of	ADP
ajfa-1783	289	8	law	law	NOUN
ajfa-1783	289	9	and	and	CCONJ
ajfa-1783	289	10	economics	economic	NOUN
ajfa-1783	289	11	,	,	PUNCT
ajfa-1783	289	12	41(1	41(1	NUM
ajfa-1783	289	13	)	)	PUNCT
ajfa-1783	289	14	,	,	PUNCT
ajfa-1783	289	15	275–303	275–303	NUM
ajfa-1783	289	16	.	.	PUNCT
ajfa-1783	290	1	la	la	PROPN
ajfa-1783	290	2	porta	porta	PROPN
ajfa-1783	290	3	,	,	PUNCT
ajfa-1783	290	4	r.	r.	PROPN
ajfa-1783	290	5	,	,	PUNCT
ajfa-1783	290	6	lopez	lopez	NOUN
ajfa-1783	290	7	-	-	PUNCT
ajfa-1783	290	8	de	de	NOUN
ajfa-1783	290	9	-	-	NOUN
ajfa-1783	290	10	silanes	silanes	PROPN
ajfa-1783	290	11	,	,	PUNCT
ajfa-1783	290	12	f.	f.	PROPN
ajfa-1783	290	13	,	,	PUNCT
ajfa-1783	290	14	shleifer	shleifer	PROPN
ajfa-1783	290	15	,	,	PUNCT
ajfa-1783	290	16	a.	a.	PROPN
ajfa-1783	290	17	,	,	PUNCT
ajfa-1783	290	18	&	&	CCONJ
ajfa-1783	290	19	vishny	vishny	PROPN
ajfa-1783	290	20	,	,	PUNCT
ajfa-1783	290	21	r.	r.	PROPN
ajfa-1783	290	22	(	(	PUNCT
ajfa-1783	290	23	2000	2000	NUM
ajfa-1783	290	24	)	)	PUNCT
ajfa-1783	290	25	.	.	PUNCT
ajfa-1783	291	1	agency	agency	NOUN
ajfa-1783	291	2	problems	problem	NOUN
ajfa-1783	291	3	and	and	CCONJ
ajfa-1783	291	4	dividend	dividend	NOUN
ajfa-1783	291	5	policies	policy	NOUN
ajfa-1783	291	6	around	around	ADP
ajfa-1783	291	7	the	the	DET
ajfa-1783	291	8	world.journal	world.journal	NOUN
ajfa-1783	291	9	of	of	ADP
ajfa-1783	291	10	finance	finance	NOUN
ajfa-1783	291	11	,	,	PUNCT
ajfa-1783	291	12	55(1	55(1	NOUN
ajfa-1783	291	13	)	)	PUNCT
ajfa-1783	291	14	,	,	PUNCT
ajfa-1783	291	15	1	1	NUM
ajfa-1783	291	16	-	-	SYM
ajfa-1783	291	17	33	33	NUM
ajfa-1783	291	18	.	.	PUNCT
ajfa-1783	292	1	lee	lee	PROPN
ajfa-1783	292	2	,	,	PUNCT
ajfa-1783	292	3	k.	k.	PROPN
ajfa-1783	292	4	w.	w.	PROPN
ajfa-1783	292	5	,	,	PUNCT
ajfa-1783	292	6	lev	lev	PROPN
ajfa-1783	292	7	,	,	PUNCT
ajfa-1783	292	8	b.	b.	PROPN
ajfa-1783	292	9	,	,	PUNCT
ajfa-1783	292	10	&	&	CCONJ
ajfa-1783	292	11	yeo	yeo	PROPN
ajfa-1783	292	12	,	,	PUNCT
ajfa-1783	292	13	g.	g.	PROPN
ajfa-1783	292	14	h.	h.	PROPN
ajfa-1783	292	15	h.	h.	PROPN
ajfa-1783	293	1	(	(	PUNCT
ajfa-1783	293	2	2008).executive	2008).executive	NUM
ajfa-1783	293	3	pay	pay	NOUN
ajfa-1783	293	4	dispersion	dispersion	NOUN
ajfa-1783	293	5	,	,	PUNCT
ajfa-1783	293	6	corporate	corporate	ADJ
ajfa-1783	293	7	governance	governance	NOUN
ajfa-1783	293	8	and	and	CCONJ
ajfa-1783	293	9	firm	firm	ADJ
ajfa-1783	293	10	performance.review	performance.review	NOUN
ajfa-1783	293	11	of	of	ADP
ajfa-1783	293	12	quantitative	quantitative	ADJ
ajfa-1783	293	13	finance	finance	NOUN
ajfa-1783	293	14	and	and	CCONJ
ajfa-1783	293	15	accounting	accounting	NOUN
ajfa-1783	293	16	,	,	PUNCT
ajfa-1783	293	17	30	30	NUM
ajfa-1783	293	18	,	,	PUNCT
ajfa-1783	293	19	315	315	NUM
ajfa-1783	293	20	-	-	SYM
ajfa-1783	293	21	338	338	NUM
ajfa-1783	293	22	.	.	PUNCT
ajfa-1783	293	23	http://dx.doi.org/10.1007/s11156-007-0053-8	http://dx.doi.org/10.1007/s11156-007-0053-8	PUNCT
ajfa-1783	294	1	lipton	lipton	PROPN
ajfa-1783	294	2	,	,	PUNCT
ajfa-1783	294	3	m.	m.	NOUN
ajfa-1783	294	4	,	,	PUNCT
ajfa-1783	294	5	&	&	CCONJ
ajfa-1783	294	6	lorsch	lorsch	PROPN
ajfa-1783	294	7	,	,	PUNCT
ajfa-1783	294	8	j.	j.	PROPN
ajfa-1783	294	9	(	(	PUNCT
ajfa-1783	294	10	1992).a	1992).a	NUM
ajfa-1783	294	11	modest	modest	ADJ
ajfa-1783	294	12	proposal	proposal	NOUN
ajfa-1783	294	13	for	for	ADP
ajfa-1783	294	14	improved	improve	VERB
ajfa-1783	294	15	corporate	corporate	ADJ
ajfa-1783	294	16	board	board	NOUN
ajfa-1783	294	17	effectiveness.business	effectiveness.business	PROPN
ajfa-1783	294	18	lawyer	lawyer	NOUN
ajfa-1783	294	19	,	,	PUNCT
ajfa-1783	294	20	48	48	NUM
ajfa-1783	294	21	,	,	PUNCT
ajfa-1783	294	22	59	59	NUM
ajfa-1783	294	23	-	-	SYM
ajfa-1783	294	24	77	77	NUM
ajfa-1783	294	25	.	.	PUNCT
ajfa-1783	294	26	maddala	maddala	PROPN
ajfa-1783	294	27	,	,	PUNCT
ajfa-1783	294	28	g.	g.	PROPN
ajfa-1783	294	29	s.	s.	PROPN
ajfa-1783	294	30	,	,	PUNCT
ajfa-1783	294	31	&	&	CCONJ
ajfa-1783	294	32	lahiri	lahiri	PROPN
ajfa-1783	294	33	,	,	PUNCT
ajfa-1783	294	34	k.	k.	PROPN
ajfa-1783	294	35	(	(	PUNCT
ajfa-1783	294	36	2009).introduction	2009).introduction	NUM
ajfa-1783	294	37	to	to	ADP
ajfa-1783	294	38	econometrics	econometrics	NOUN
ajfa-1783	294	39	(	(	PUNCT
ajfa-1783	294	40	4th	4th	ADJ
ajfa-1783	294	41	ed	ed	NOUN
ajfa-1783	294	42	.	.	PUNCT
ajfa-1783	294	43	)	)	PUNCT
ajfa-1783	294	44	.	.	PUNCT
ajfa-1783	295	1	west	west	PROPN
ajfa-1783	295	2	sussex	sussex	PROPN
ajfa-1783	295	3	,	,	PUNCT
ajfa-1783	295	4	england	england	PROPN
ajfa-1783	295	5	:	:	PUNCT
ajfa-1783	295	6	john	john	PROPN
ajfa-1783	295	7	wiley	wiley	PROPN
ajfa-1783	295	8	&	&	CCONJ
ajfa-1783	295	9	son	son	PROPN
ajfa-1783	295	10	ltd	ltd	PROPN
ajfa-1783	295	11	.	.	PROPN
ajfa-1783	295	12	mcconnell	mcconnell	PROPN
ajfa-1783	295	13	,	,	PUNCT
ajfa-1783	295	14	j.	j.	PROPN
ajfa-1783	295	15	j.	j.	PROPN
ajfa-1783	295	16	,	,	PUNCT
ajfa-1783	295	17	&	&	CCONJ
ajfa-1783	295	18	servaes	servaes	PROPN
ajfa-1783	295	19	,	,	PUNCT
ajfa-1783	295	20	h.	h.	PROPN
ajfa-1783	295	21	(	(	PUNCT
ajfa-1783	295	22	1990).additional	1990).additional	NUM
ajfa-1783	295	23	evidence	evidence	NOUN
ajfa-1783	295	24	on	on	ADP
ajfa-1783	295	25	equity	equity	NOUN
ajfa-1783	295	26	ownership	ownership	NOUN
ajfa-1783	295	27	and	and	CCONJ
ajfa-1783	295	28	corporate	corporate	ADJ
ajfa-1783	295	29	value.journal	value.journal	PROPN
ajfa-1783	295	30	of	of	ADP
ajfa-1783	295	31	financial	financial	ADJ
ajfa-1783	295	32	economics	economic	NOUN
ajfa-1783	295	33	,	,	PUNCT
ajfa-1783	295	34	27	27	NUM
ajfa-1783	295	35	,	,	PUNCT
ajfa-1783	295	36	595	595	NUM
ajfa-1783	295	37	-	-	PUNCT
ajfa-1783	295	38	612	612	NUM
ajfa-1783	295	39	.	.	PUNCT
ajfa-1783	296	1	asian	asian	ADJ
ajfa-1783	296	2	journal	journal	PROPN
ajfa-1783	296	3	of	of	ADP
ajfa-1783	296	4	finance	finance	PROPN
ajfa-1783	296	5	&	&	CCONJ
ajfa-1783	296	6	accounting	accounting	PROPN
ajfa-1783	296	7	issn	issn	PROPN
ajfa-1783	296	8	1946	1946	NUM
ajfa-1783	296	9	-	-	PUNCT
ajfa-1783	296	10	052x	052x	NOUN
ajfa-1783	296	11	2012	2012	NUM
ajfa-1783	296	12	,	,	PUNCT
ajfa-1783	296	13	vol	vol	NOUN
ajfa-1783	296	14	.	.	PROPN
ajfa-1783	296	15	4	4	NUM
ajfa-1783	296	16	,	,	PUNCT
ajfa-1783	296	17	no	no	INTJ
ajfa-1783	296	18	.	.	NOUN
ajfa-1783	296	19	1	1	NUM
ajfa-1783	296	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1783	296	21	376	376	NUM
ajfa-1783	296	22	mehran	mehran	PROPN
ajfa-1783	296	23	,	,	PUNCT
ajfa-1783	296	24	h.	h.	PROPN
ajfa-1783	296	25	(	(	PUNCT
ajfa-1783	296	26	1995	1995	NUM
ajfa-1783	296	27	)	)	PUNCT
ajfa-1783	296	28	.	.	PUNCT
ajfa-1783	297	1	executive	executive	PROPN
ajfa-1783	297	2	compensation	compensation	NOUN
ajfa-1783	297	3	structure	structure	NOUN
ajfa-1783	297	4	,	,	PUNCT
ajfa-1783	297	5	ownership	ownership	NOUN
ajfa-1783	297	6	,	,	PUNCT
ajfa-1783	297	7	and	and	CCONJ
ajfa-1783	297	8	firm	firm	ADJ
ajfa-1783	297	9	performance.journal	performance.journal	NOUN
ajfa-1783	297	10	of	of	ADP
ajfa-1783	297	11	financial	financial	ADJ
ajfa-1783	297	12	economics	economic	NOUN
ajfa-1783	297	13	,	,	PUNCT
ajfa-1783	297	14	38(2	38(2	NOUN
ajfa-1783	297	15	)	)	PUNCT
ajfa-1783	297	16	,	,	PUNCT
ajfa-1783	297	17	163	163	NUM
ajfa-1783	297	18	-	-	SYM
ajfa-1783	297	19	84	84	NUM
ajfa-1783	297	20	.	.	PUNCT
ajfa-1783	298	1	morck	morck	PROPN
ajfa-1783	298	2	,	,	PUNCT
ajfa-1783	298	3	r.	r.	PROPN
ajfa-1783	298	4	,	,	PUNCT
ajfa-1783	298	5	shleifer	shleifer	PROPN
ajfa-1783	298	6	,	,	PUNCT
ajfa-1783	298	7	a.	a.	PROPN
ajfa-1783	298	8	,	,	PUNCT
ajfa-1783	298	9	&	&	CCONJ
ajfa-1783	298	10	vishny	vishny	PROPN
ajfa-1783	298	11	,	,	PUNCT
ajfa-1783	298	12	r.	r.	PROPN
ajfa-1783	298	13	w.	w.	PROPN
ajfa-1783	298	14	(	(	PUNCT
ajfa-1783	298	15	1988).management	1988).management	NUM
ajfa-1783	298	16	ownership	ownership	NOUN
ajfa-1783	298	17	and	and	CCONJ
ajfa-1783	298	18	market	market	NOUN
ajfa-1783	298	19	valuation	valuation	NOUN
ajfa-1783	298	20	:	:	PUNCT
ajfa-1783	298	21	an	an	DET
ajfa-1783	298	22	empirical	empirical	ADJ
ajfa-1783	298	23	analysis	analysis	NOUN
ajfa-1783	298	24	.	.	PUNCT
ajfa-1783	299	1	journal	journal	NOUN
ajfa-1783	299	2	of	of	ADP
ajfa-1783	299	3	financial	financial	ADJ
ajfa-1783	299	4	economics	economic	NOUN
ajfa-1783	299	5	,	,	PUNCT
ajfa-1783	299	6	20	20	NUM
ajfa-1783	299	7	,	,	PUNCT
ajfa-1783	299	8	293	293	NUM
ajfa-1783	299	9	-	-	SYM
ajfa-1783	299	10	315	315	NUM
ajfa-1783	299	11	.	.	PUNCT
ajfa-1783	300	1	myers	myers	PROPN
ajfa-1783	300	2	,	,	PUNCT
ajfa-1783	300	3	s.	s.	PROPN
ajfa-1783	300	4	,	,	PUNCT
ajfa-1783	300	5	(	(	PUNCT
ajfa-1783	300	6	2000).outside	2000).outside	NUM
ajfa-1783	300	7	equity	equity	NOUN
ajfa-1783	300	8	.	.	PUNCT
ajfa-1783	301	1	journal	journal	PROPN
ajfa-1783	301	2	of	of	ADP
ajfa-1783	301	3	finance	finance	NOUN
ajfa-1783	301	4	,	,	PUNCT
ajfa-1783	301	5	55	55	NUM
ajfa-1783	301	6	,	,	PUNCT
ajfa-1783	301	7	1005–1037	1005–1037	NUM
ajfa-1783	301	8	.	.	PUNCT
ajfa-1783	302	1	http://dx.doi.org/10.1111/0022-1082.00239	http://dx.doi.org/10.1111/0022-1082.00239	PROPN
ajfa-1783	302	2	ning	ning	PROPN
ajfa-1783	302	3	,	,	PUNCT
ajfa-1783	302	4	y.	y.	PROPN
ajfa-1783	302	5	,	,	PUNCT
ajfa-1783	302	6	davidson	davidson	PROPN
ajfa-1783	302	7	,	,	PUNCT
ajfa-1783	302	8	w.	w.	PROPN
ajfa-1783	302	9	,	,	PUNCT
ajfa-1783	302	10	&	&	CCONJ
ajfa-1783	302	11	wang	wang	PROPN
ajfa-1783	302	12	,	,	PUNCT
ajfa-1783	302	13	j.	j.	PROPN
ajfa-1783	302	14	(	(	PUNCT
ajfa-1783	302	15	2010	2010	NUM
ajfa-1783	302	16	)	)	PUNCT
ajfa-1783	302	17	.	.	PUNCT
ajfa-1783	303	1	does	do	AUX
ajfa-1783	303	2	optimal	optimal	ADJ
ajfa-1783	303	3	corporate	corporate	ADJ
ajfa-1783	303	4	board	board	NOUN
ajfa-1783	303	5	size	size	NOUN
ajfa-1783	303	6	exist	exist	VERB
ajfa-1783	303	7	?	?	PUNCT
ajfa-1783	304	1	an	an	DET
ajfa-1783	304	2	empirical	empirical	ADJ
ajfa-1783	304	3	analysis.journal	analysis.journal	NOUN
ajfa-1783	304	4	of	of	ADP
ajfa-1783	304	5	applied	applied	ADJ
ajfa-1783	304	6	finance	finance	NOUN
ajfa-1783	304	7	,	,	PUNCT
ajfa-1783	304	8	20	20	NUM
ajfa-1783	304	9	,	,	PUNCT
ajfa-1783	304	10	57	57	NUM
ajfa-1783	304	11	-	-	SYM
ajfa-1783	304	12	69	69	NUM
ajfa-1783	304	13	.	.	PUNCT
ajfa-1783	305	1	opler	opler	ADJ
ajfa-1783	305	2	,	,	PUNCT
ajfa-1783	305	3	t.	t.	PROPN
ajfa-1783	305	4	,	,	PUNCT
ajfa-1783	305	5	&	&	CCONJ
ajfa-1783	305	6	titman	titman	PROPN
ajfa-1783	305	7	,	,	PUNCT
ajfa-1783	305	8	s.	s.	PROPN
ajfa-1783	305	9	(	(	PUNCT
ajfa-1783	305	10	1993	1993	NUM
ajfa-1783	305	11	)	)	PUNCT
ajfa-1783	305	12	.	.	PUNCT
ajfa-1783	306	1	the	the	DET
ajfa-1783	306	2	determinants	determinant	NOUN
ajfa-1783	306	3	of	of	ADP
ajfa-1783	306	4	leveraged	leveraged	ADJ
ajfa-1783	306	5	buyout	buyout	NOUN
ajfa-1783	306	6	activity	activity	NOUN
ajfa-1783	306	7	:	:	PUNCT
ajfa-1783	306	8	free	free	ADJ
ajfa-1783	306	9	cash	cash	NOUN
ajfa-1783	306	10	flow	flow	NOUN
ajfa-1783	306	11	vs	vs	ADP
ajfa-1783	306	12	financial	financial	ADJ
ajfa-1783	306	13	distress	distress	NOUN
ajfa-1783	306	14	costs	cost	NOUN
ajfa-1783	306	15	.	.	PUNCT
ajfa-1783	307	1	journal	journal	NOUN
ajfa-1783	307	2	of	of	ADP
ajfa-1783	307	3	finance	finance	PROPN
ajfa-1783	307	4	,	,	PUNCT
ajfa-1783	307	5	xlviii	xlviii	PROPN
ajfa-1783	307	6	,	,	PUNCT
ajfa-1783	307	7	1985–1999	1985–1999	NUM
ajfa-1783	307	8	.	.	PUNCT
ajfa-1783	308	1	organisation	organisation	NOUN
ajfa-1783	308	2	for	for	ADP
ajfa-1783	308	3	economic	economic	ADJ
ajfa-1783	308	4	co	co	NOUN
ajfa-1783	308	5	-	-	NOUN
ajfa-1783	308	6	operation	operation	NOUN
ajfa-1783	308	7	and	and	CCONJ
ajfa-1783	308	8	development.(2004	development.(2004	NOUN
ajfa-1783	308	9	)	)	PUNCT
ajfa-1783	308	10	.	.	PUNCT
ajfa-1783	309	1	principles	principle	NOUN
ajfa-1783	309	2	of	of	ADP
ajfa-1783	309	3	corporate	corporate	ADJ
ajfa-1783	309	4	governance	governance	NOUN
ajfa-1783	309	5	.	.	PUNCT
ajfa-1783	310	1	retrieved	retrieve	VERB
ajfa-1783	310	2	from	from	ADP
ajfa-1783	310	3	http://www.ifc.org/ifcext/corporategovernance.nsf/attachmentsbytitle/oecd_principles_e	http://www.ifc.org/ifcext/corporategovernance.nsf/attachmentsbytitle/oecd_principles_e	PROPN
ajfa-1783	310	4	nglish_2004/$file	nglish_2004/$file	PROPN
ajfa-1783	310	5	/	/	SYM
ajfa-1783	310	6	oecd+cg+principles+revised+%282004%29.pdf	oecd+cg+principles+revised+%282004%29.pdf	PROPN
ajfa-1783	310	7	reddy	reddy	NOUN
ajfa-1783	310	8	,	,	PUNCT
ajfa-1783	310	9	k.	k.	PROPN
ajfa-1783	310	10	,	,	PUNCT
ajfa-1783	310	11	locke	locke	PROPN
ajfa-1783	310	12	,	,	PUNCT
ajfa-1783	310	13	s.	s.	PROPN
ajfa-1783	310	14	,	,	PUNCT
ajfa-1783	310	15	&	&	CCONJ
ajfa-1783	310	16	scrimgeour	scrimgeour	PROPN
ajfa-1783	310	17	,	,	PUNCT
ajfa-1783	310	18	f.	f.	PROPN
ajfa-1783	310	19	(	(	PUNCT
ajfa-1783	310	20	2010	2010	NUM
ajfa-1783	310	21	)	)	PUNCT
ajfa-1783	310	22	.	.	PUNCT
ajfa-1783	311	1	the	the	DET
ajfa-1783	311	2	efficacy	efficacy	NOUN
ajfa-1783	311	3	of	of	ADP
ajfa-1783	311	4	principle	principle	NOUN
ajfa-1783	311	5	-	-	PUNCT
ajfa-1783	311	6	based	base	VERB
ajfa-1783	311	7	corporate	corporate	ADJ
ajfa-1783	311	8	governance	governance	NOUN
ajfa-1783	311	9	practices	practice	NOUN
ajfa-1783	311	10	and	and	CCONJ
ajfa-1783	311	11	firm	firm	ADJ
ajfa-1783	311	12	financial	financial	ADJ
ajfa-1783	311	13	performance.international	performance.international	PROPN
ajfa-1783	311	14	journal	journal	NOUN
ajfa-1783	311	15	of	of	ADP
ajfa-1783	311	16	managerial	managerial	ADJ
ajfa-1783	311	17	finance	finance	NOUN
ajfa-1783	311	18	,	,	PUNCT
ajfa-1783	311	19	6	6	NUM
ajfa-1783	311	20	,	,	PUNCT
ajfa-1783	311	21	190	190	NUM
ajfa-1783	311	22	-	-	SYM
ajfa-1783	311	23	216	216	NUM
ajfa-1783	311	24	.	.	PUNCT
ajfa-1783	312	1	http://dx.doi.org/10.1108/17439131011056224	http://dx.doi.org/10.1108/17439131011056224	NOUN
ajfa-1783	312	2	rozeff	rozeff	NOUN
ajfa-1783	312	3	,	,	PUNCT
ajfa-1783	312	4	m.	m.	NOUN
ajfa-1783	312	5	(	(	PUNCT
ajfa-1783	312	6	1982).growth	1982).growth	NUM
ajfa-1783	312	7	,	,	PUNCT
ajfa-1783	312	8	beta	beta	NOUN
ajfa-1783	312	9	and	and	CCONJ
ajfa-1783	312	10	agency	agency	NOUN
ajfa-1783	312	11	costs	cost	NOUN
ajfa-1783	312	12	as	as	ADP
ajfa-1783	312	13	determinants	determinant	NOUN
ajfa-1783	312	14	of	of	ADP
ajfa-1783	312	15	dividend	dividend	NOUN
ajfa-1783	312	16	payout	payout	NOUN
ajfa-1783	312	17	ratios.journal	ratios.journal	ADJ
ajfa-1783	312	18	of	of	ADP
ajfa-1783	312	19	financial	financial	ADJ
ajfa-1783	312	20	research	research	NOUN
ajfa-1783	312	21	,	,	PUNCT
ajfa-1783	312	22	3	3	NUM
ajfa-1783	312	23	,	,	PUNCT
ajfa-1783	312	24	249	249	NUM
ajfa-1783	312	25	-	-	SYM
ajfa-1783	312	26	259	259	NUM
ajfa-1783	312	27	.	.	PUNCT
ajfa-1783	313	1	setia	setia	PROPN
ajfa-1783	313	2	-	-	PUNCT
ajfa-1783	313	3	atmaja	atmaja	PROPN
ajfa-1783	313	4	,	,	PUNCT
ajfa-1783	313	5	l.	l.	PROPN
ajfa-1783	313	6	(	(	PUNCT
ajfa-1783	313	7	2010	2010	NUM
ajfa-1783	313	8	)	)	PUNCT
ajfa-1783	313	9	.	.	PUNCT
ajfa-1783	314	1	dividend	dividend	NOUN
ajfa-1783	314	2	and	and	CCONJ
ajfa-1783	314	3	debt	debt	NOUN
ajfa-1783	314	4	policies	policy	NOUN
ajfa-1783	314	5	of	of	ADP
ajfa-1783	314	6	family	family	NOUN
ajfa-1783	314	7	controlled	control	VERB
ajfa-1783	314	8	firms	firm	NOUN
ajfa-1783	314	9	:	:	PUNCT
ajfa-1783	314	10	the	the	DET
ajfa-1783	314	11	impact	impact	NOUN
ajfa-1783	314	12	of	of	ADP
ajfa-1783	314	13	board	board	NOUN
ajfa-1783	314	14	independence	independence	NOUN
ajfa-1783	314	15	.	.	PUNCT
ajfa-1783	315	1	international	international	ADJ
ajfa-1783	315	2	journal	journal	PROPN
ajfa-1783	315	3	of	of	ADP
ajfa-1783	315	4	managerial	managerial	ADJ
ajfa-1783	315	5	finance	finance	NOUN
ajfa-1783	315	6	,	,	PUNCT
ajfa-1783	315	7	6	6	NUM
ajfa-1783	315	8	(	(	PUNCT
ajfa-1783	315	9	2	2	NUM
ajfa-1783	315	10	)	)	PUNCT
ajfa-1783	315	11	,	,	PUNCT
ajfa-1783	315	12	128	128	NUM
ajfa-1783	315	13	-	-	SYM
ajfa-1783	315	14	142	142	NUM
ajfa-1783	315	15	.	.	PUNCT
ajfa-1783	316	1	http://dx.doi.org/10.1108/17439131011032059	http://dx.doi.org/10.1108/17439131011032059	PROPN
ajfa-1783	316	2	shleifer	shleifer	PROPN
ajfa-1783	316	3	,	,	PUNCT
ajfa-1783	316	4	a.	a.	PROPN
ajfa-1783	316	5	,	,	PUNCT
ajfa-1783	316	6	&	&	CCONJ
ajfa-1783	316	7	vishny	vishny	PROPN
ajfa-1783	316	8	,	,	PUNCT
ajfa-1783	316	9	r.	r.	PROPN
ajfa-1783	316	10	(	(	PUNCT
ajfa-1783	316	11	1986).large	1986).large	NUM
ajfa-1783	316	12	shareholders	shareholder	NOUN
ajfa-1783	316	13	and	and	CCONJ
ajfa-1783	316	14	corporate	corporate	ADJ
ajfa-1783	316	15	control.journal	control.journal	NOUN
ajfa-1783	316	16	of	of	ADP
ajfa-1783	316	17	political	political	ADJ
ajfa-1783	316	18	economy	economy	NOUN
ajfa-1783	316	19	,	,	PUNCT
ajfa-1783	316	20	94	94	NUM
ajfa-1783	316	21	,	,	PUNCT
ajfa-1783	316	22	461	461	NUM
ajfa-1783	316	23	-	-	SYM
ajfa-1783	316	24	488	488	NUM
ajfa-1783	316	25	.	.	PUNCT
ajfa-1783	317	1	short	short	ADJ
ajfa-1783	317	2	,	,	PUNCT
ajfa-1783	317	3	h.	h.	PROPN
ajfa-1783	317	4	,	,	PUNCT
ajfa-1783	317	5	&	&	CCONJ
ajfa-1783	317	6	keasey	keasey	NOUN
ajfa-1783	317	7	,	,	PUNCT
ajfa-1783	317	8	k.	k.	PROPN
ajfa-1783	317	9	(	(	PUNCT
ajfa-1783	317	10	1999	1999	NUM
ajfa-1783	317	11	)	)	PUNCT
ajfa-1783	317	12	.	.	PUNCT
ajfa-1783	318	1	managerial	managerial	ADJ
ajfa-1783	318	2	ownership	ownership	NOUN
ajfa-1783	318	3	and	and	CCONJ
ajfa-1783	318	4	the	the	DET
ajfa-1783	318	5	performance	performance	NOUN
ajfa-1783	318	6	of	of	ADP
ajfa-1783	318	7	firms	firm	NOUN
ajfa-1783	318	8	:	:	PUNCT
ajfa-1783	318	9	evidence	evidence	NOUN
ajfa-1783	318	10	from	from	ADP
ajfa-1783	318	11	the	the	DET
ajfa-1783	318	12	uk	uk	PROPN
ajfa-1783	318	13	.	.	PROPN
ajfa-1783	318	14	journal	journal	PROPN
ajfa-1783	318	15	of	of	ADP
ajfa-1783	318	16	corporate	corporate	ADJ
ajfa-1783	318	17	finance	finance	NOUN
ajfa-1783	318	18	,	,	PUNCT
ajfa-1783	318	19	5	5	NUM
ajfa-1783	318	20	,	,	PUNCT
ajfa-1783	318	21	79–101	79–101	PROPN
ajfa-1783	318	22	.	.	PUNCT
ajfa-1783	318	23	singh	singh	PROPN
ajfa-1783	318	24	,	,	PUNCT
ajfa-1783	318	25	m.	m.	NOUN
ajfa-1783	318	26	,	,	PUNCT
ajfa-1783	318	27	&	&	CCONJ
ajfa-1783	318	28	davidson	davidson	PROPN
ajfa-1783	318	29	,	,	PUNCT
ajfa-1783	318	30	w.	w.	PROPN
ajfa-1783	318	31	a.	a.	PROPN
ajfa-1783	318	32	(	(	PUNCT
ajfa-1783	318	33	2003	2003	NUM
ajfa-1783	318	34	)	)	PUNCT
ajfa-1783	318	35	.	.	PUNCT
ajfa-1783	319	1	agency	agency	NOUN
ajfa-1783	319	2	costs	cost	NOUN
ajfa-1783	319	3	,	,	PUNCT
ajfa-1783	319	4	ownership	ownership	NOUN
ajfa-1783	319	5	structures	structure	NOUN
ajfa-1783	319	6	and	and	CCONJ
ajfa-1783	319	7	corporate	corporate	ADJ
ajfa-1783	319	8	governance	governance	NOUN
ajfa-1783	319	9	mechanisms	mechanism	NOUN
ajfa-1783	319	10	.	.	PUNCT
ajfa-1783	320	1	journal	journal	NOUN
ajfa-1783	320	2	of	of	ADP
ajfa-1783	320	3	banking	banking	NOUN
ajfa-1783	320	4	and	and	CCONJ
ajfa-1783	320	5	finance	finance	NOUN
ajfa-1783	320	6	,	,	PUNCT
ajfa-1783	320	7	27	27	NUM
ajfa-1783	320	8	,	,	PUNCT
ajfa-1783	320	9	793–816	793–816	NUM
ajfa-1783	320	10	.	.	PUNCT
ajfa-1783	321	1	http://dx.doi.org/10.1016/s0378-4266(01)00260-6	http://dx.doi.org/10.1016/s0378-4266(01)00260-6	PROPN
ajfa-1783	321	2	stulz	stulz	ADJ
ajfa-1783	321	3	,	,	PUNCT
ajfa-1783	321	4	r.	r.	PROPN
ajfa-1783	321	5	m.	m.	PROPN
ajfa-1783	321	6	(	(	PUNCT
ajfa-1783	321	7	1988	1988	NUM
ajfa-1783	321	8	)	)	PUNCT
ajfa-1783	321	9	.	.	PUNCT
ajfa-1783	322	1	managerial	managerial	ADJ
ajfa-1783	322	2	control	control	NOUN
ajfa-1783	322	3	of	of	ADP
ajfa-1783	322	4	voting	voting	NOUN
ajfa-1783	322	5	rights	right	NOUN
ajfa-1783	322	6	:	:	PUNCT
ajfa-1783	322	7	financing	financing	NOUN
ajfa-1783	322	8	policies	policy	NOUN
ajfa-1783	322	9	and	and	CCONJ
ajfa-1783	322	10	the	the	DET
ajfa-1783	322	11	market	market	NOUN
ajfa-1783	322	12	for	for	ADP
ajfa-1783	322	13	corporate	corporate	ADJ
ajfa-1783	322	14	control	control	NOUN
ajfa-1783	322	15	.	.	PUNCT
ajfa-1783	323	1	journal	journal	PROPN
ajfa-1783	323	2	of	of	ADP
ajfa-1783	323	3	financial	financial	ADJ
ajfa-1783	323	4	economics,20	economics,20	NOUN
ajfa-1783	323	5	,	,	PUNCT
ajfa-1783	323	6	25-54.http://dx.doi.org/10.1016/0304-405x(88)90039-6	25-54.http://dx.doi.org/10.1016/0304-405x(88)90039-6	NUM
ajfa-1783	323	7	whidbee	whidbee	NOUN
ajfa-1783	323	8	,	,	PUNCT
ajfa-1783	323	9	d.a	d.a	PROPN
ajfa-1783	323	10	.	.	PROPN
ajfa-1783	323	11	(	(	PUNCT
ajfa-1783	323	12	1997	1997	NUM
ajfa-1783	323	13	)	)	PUNCT
ajfa-1783	323	14	.	.	PUNCT
ajfa-1783	324	1	board	board	NOUN
ajfa-1783	324	2	composition	composition	NOUN
ajfa-1783	324	3	and	and	CCONJ
ajfa-1783	324	4	control	control	NOUN
ajfa-1783	324	5	of	of	ADP
ajfa-1783	324	6	shareholder	shareholder	NOUN
ajfa-1783	324	7	voting	voting	NOUN
ajfa-1783	324	8	rights	right	NOUN
ajfa-1783	324	9	in	in	ADP
ajfa-1783	324	10	the	the	DET
ajfa-1783	324	11	banking	banking	NOUN
ajfa-1783	324	12	industry.financial	industry.financial	ADJ
ajfa-1783	324	13	management	management	NOUN
ajfa-1783	324	14	,	,	PUNCT
ajfa-1783	324	15	26(4	26(4	NUM
ajfa-1783	324	16	)	)	PUNCT
ajfa-1783	324	17	,	,	PUNCT
ajfa-1783	324	18	27	27	NUM
ajfa-1783	324	19	-	-	SYM
ajfa-1783	324	20	42	42	NUM
ajfa-1783	324	21	.	.	PUNCT
ajfa-1783	325	1	yermack	yermack	PROPN
ajfa-1783	325	2	,	,	PUNCT
ajfa-1783	325	3	d.	d.	PROPN
ajfa-1783	325	4	(	(	PUNCT
ajfa-1783	325	5	1996	1996	NUM
ajfa-1783	325	6	)	)	PUNCT
ajfa-1783	325	7	.	.	PUNCT
ajfa-1783	326	1	higher	high	ADJ
ajfa-1783	326	2	market	market	NOUN
ajfa-1783	326	3	valuation	valuation	NOUN
ajfa-1783	326	4	of	of	ADP
ajfa-1783	326	5	companies	company	NOUN
ajfa-1783	326	6	with	with	ADP
ajfa-1783	326	7	a	a	DET
ajfa-1783	326	8	small	small	ADJ
ajfa-1783	326	9	board	board	NOUN
ajfa-1783	326	10	of	of	ADP
ajfa-1783	326	11	directors	director	NOUN
ajfa-1783	326	12	.	.	PUNCT
ajfa-1783	327	1	journal	journal	NOUN
ajfa-1783	327	2	of	of	ADP
ajfa-1783	327	3	financial	financial	ADJ
ajfa-1783	327	4	economics	economic	NOUN
ajfa-1783	327	5	,	,	PUNCT
ajfa-1783	327	6	40	40	NUM
ajfa-1783	327	7	,	,	PUNCT
ajfa-1783	327	8	185	185	NUM
ajfa-1783	327	9	-	-	SYM
ajfa-1783	327	10	211	211	NUM
ajfa-1783	327	11	.	.	PUNCT