id	sid	tid	token	lemma	pos
ajfa-3740	1	1	microsoft	microsoft	PROPN
ajfa-3740	1	2	word	word	NOUN
ajfa-3740	1	3	3740-14051-2-sm-writer2-new.docx	3740-14051-2-sm-writer2-new.docx	NUM
ajfa-3740	1	4	asian	asian	ADJ
ajfa-3740	1	5	journal	journal	NOUN
ajfa-3740	1	6	of	of	ADP
ajfa-3740	1	7	finance	finance	PROPN
ajfa-3740	1	8	&	&	CCONJ
ajfa-3740	1	9	accounting	accounting	PROPN
ajfa-3740	1	10	issn	issn	PROPN
ajfa-3740	1	11	1946	1946	NUM
ajfa-3740	1	12	-	-	PUNCT
ajfa-3740	1	13	052x	052x	NOUN
ajfa-3740	1	14	2013	2013	NUM
ajfa-3740	1	15	,	,	PUNCT
ajfa-3740	1	16	vol	vol	NOUN
ajfa-3740	1	17	.	.	PROPN
ajfa-3740	1	18	5	5	NUM
ajfa-3740	1	19	,	,	PUNCT
ajfa-3740	1	20	no	no	INTJ
ajfa-3740	1	21	.	.	NOUN
ajfa-3740	1	22	2	2	NUM
ajfa-3740	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3740	1	24	1	1	NUM
ajfa-3740	1	25	the	the	DET
ajfa-3740	1	26	determinants	determinant	NOUN
ajfa-3740	1	27	of	of	ADP
ajfa-3740	1	28	capital	capital	NOUN
ajfa-3740	1	29	structure	structure	NOUN
ajfa-3740	1	30	:	:	PUNCT
ajfa-3740	1	31	an	an	DET
ajfa-3740	1	32	empirical	empirical	ADJ
ajfa-3740	1	33	study	study	NOUN
ajfa-3740	1	34	of	of	ADP
ajfa-3740	1	35	new	new	PROPN
ajfa-3740	1	36	zealand	zealand	PROPN
ajfa-3740	1	37	-	-	PUNCT
ajfa-3740	1	38	listed	list	VERB
ajfa-3740	1	39	firms	firm	NOUN
ajfa-3740	1	40	fitriya	fitriya	PROPN
ajfa-3740	1	41	fauzi	fauzi	PROPN
ajfa-3740	1	42	(	(	PUNCT
ajfa-3740	1	43	corresponding	correspond	VERB
ajfa-3740	1	44	author	author	NOUN
ajfa-3740	1	45	)	)	PUNCT
ajfa-3740	1	46	the	the	DET
ajfa-3740	1	47	university	university	PROPN
ajfa-3740	1	48	of	of	ADP
ajfa-3740	1	49	muhammadiyah	muhammadiyah	PROPN
ajfa-3740	1	50	palembang	palembang	PROPN
ajfa-3740	1	51	,	,	PUNCT
ajfa-3740	1	52	indonesia	indonesia	PROPN
ajfa-3740	1	53	jl	jl	PROPN
ajfa-3740	1	54	.	.	PUNCT
ajfa-3740	1	55	a.	a.	PROPN
ajfa-3740	1	56	yani	yani	PROPN
ajfa-3740	1	57	13	13	PROPN
ajfa-3740	2	1	ulu	ulu	PROPN
ajfa-3740	2	2	palembang	palembang	PROPN
ajfa-3740	2	3	30263	30263	NUM
ajfa-3740	2	4	sumatera	sumatera	PROPN
ajfa-3740	2	5	selatan	selatan	PROPN
ajfa-3740	2	6	indonesia	indonesia	PROPN
ajfa-3740	2	7	tel	tel	PROPN
ajfa-3740	2	8	:	:	PUNCT
ajfa-3740	2	9	62	62	NUM
ajfa-3740	2	10	-	-	PUNCT
ajfa-3740	2	11	711	711	NUM
ajfa-3740	2	12	-	-	NUM
ajfa-3740	2	13	513	513	NUM
ajfa-3740	2	14	-	-	PUNCT
ajfa-3740	2	15	022	022	NUM
ajfa-3740	2	16	e	e	NOUN
ajfa-3740	2	17	-	-	NOUN
ajfa-3740	2	18	mail	mail	NOUN
ajfa-3740	2	19	:	:	PUNCT
ajfa-3740	2	20	fitriya@umpalembang.ac.id	fitriya@umpalembang.ac.id	PROPN
ajfa-3740	2	21	abdul	abdul	PROPN
ajfa-3740	2	22	basyith	basyith	ADP
ajfa-3740	2	23	the	the	DET
ajfa-3740	2	24	university	university	PROPN
ajfa-3740	2	25	of	of	ADP
ajfa-3740	2	26	muhammadiyah	muhammadiyah	PROPN
ajfa-3740	2	27	palembang	palembang	PROPN
ajfa-3740	2	28	,	,	PUNCT
ajfa-3740	2	29	indonesia	indonesia	PROPN
ajfa-3740	2	30	jl	jl	PROPN
ajfa-3740	2	31	.	.	PUNCT
ajfa-3740	2	32	a.	a.	PROPN
ajfa-3740	2	33	yani	yani	PROPN
ajfa-3740	2	34	13	13	PROPN
ajfa-3740	3	1	ulu	ulu	PROPN
ajfa-3740	3	2	palembang	palembang	PROPN
ajfa-3740	3	3	30263	30263	NUM
ajfa-3740	3	4	sumatera	sumatera	PROPN
ajfa-3740	3	5	selatan	selatan	PROPN
ajfa-3740	3	6	indonesia	indonesia	PROPN
ajfa-3740	3	7	tel	tel	PROPN
ajfa-3740	3	8	:	:	PUNCT
ajfa-3740	3	9	62	62	NUM
ajfa-3740	3	10	-	-	PUNCT
ajfa-3740	3	11	711	711	NUM
ajfa-3740	3	12	-	-	NUM
ajfa-3740	3	13	513	513	NUM
ajfa-3740	3	14	-	-	PUNCT
ajfa-3740	3	15	022	022	NUM
ajfa-3740	3	16	e	e	NOUN
ajfa-3740	3	17	-	-	NOUN
ajfa-3740	3	18	mail	mail	NOUN
ajfa-3740	3	19	:	:	PUNCT
ajfa-3740	3	20	basyith@umpalembang.ac.id	basyith@umpalembang.ac.id	PROPN
ajfa-3740	3	21	muhammad	muhammad	PROPN
ajfa-3740	3	22	idris	idris	PROPN
ajfa-3740	3	23	the	the	DET
ajfa-3740	3	24	university	university	PROPN
ajfa-3740	3	25	of	of	ADP
ajfa-3740	3	26	muhammadiyah	muhammadiyah	PROPN
ajfa-3740	3	27	palembang	palembang	PROPN
ajfa-3740	3	28	,	,	PUNCT
ajfa-3740	3	29	indonesia	indonesia	PROPN
ajfa-3740	3	30	jl	jl	PROPN
ajfa-3740	3	31	.	.	PUNCT
ajfa-3740	3	32	a.	a.	PROPN
ajfa-3740	3	33	yani	yani	PROPN
ajfa-3740	3	34	13	13	PROPN
ajfa-3740	4	1	ulu	ulu	PROPN
ajfa-3740	4	2	palembang	palembang	PROPN
ajfa-3740	4	3	30263	30263	NUM
ajfa-3740	4	4	sumatera	sumatera	PROPN
ajfa-3740	4	5	selatan	selatan	PROPN
ajfa-3740	4	6	indonesia	indonesia	PROPN
ajfa-3740	4	7	tel	tel	PROPN
ajfa-3740	4	8	:	:	PUNCT
ajfa-3740	4	9	62	62	NUM
ajfa-3740	4	10	-	-	PUNCT
ajfa-3740	4	11	711	711	NUM
ajfa-3740	4	12	-	-	NUM
ajfa-3740	4	13	513	513	NUM
ajfa-3740	4	14	-	-	PUNCT
ajfa-3740	4	15	022	022	NUM
ajfa-3740	4	16	e	e	NOUN
ajfa-3740	4	17	-	-	NOUN
ajfa-3740	4	18	mail	mail	NOUN
ajfa-3740	4	19	:	:	PUNCT
ajfa-3740	4	20	idris@umpalembang.ac.id	idris@umpalembang.ac.id	NOUN
ajfa-3740	4	21	received	receive	VERB
ajfa-3740	4	22	:	:	PUNCT
ajfa-3740	4	23	may	may	AUX
ajfa-3740	4	24	21	21	NUM
ajfa-3740	4	25	,	,	PUNCT
ajfa-3740	4	26	2013	2013	NUM
ajfa-3740	4	27	accepted	accept	VERB
ajfa-3740	4	28	:	:	PUNCT
ajfa-3740	4	29	july	july	PROPN
ajfa-3740	4	30	25	25	NUM
ajfa-3740	4	31	,	,	PUNCT
ajfa-3740	4	32	2013	2013	NUM
ajfa-3740	4	33	published	publish	VERB
ajfa-3740	4	34	:	:	PUNCT
ajfa-3740	4	35	december	december	PROPN
ajfa-3740	4	36	1	1	NUM
ajfa-3740	4	37	,	,	PUNCT
ajfa-3740	4	38	2013	2013	NUM
ajfa-3740	4	39	doi:10.5296	doi:10.5296	NOUN
ajfa-3740	4	40	/	/	SYM
ajfa-3740	4	41	ajfa.v5i2.3740	ajfa.v5i2.3740	DET
ajfa-3740	4	42	url	url	NOUN
ajfa-3740	4	43	:	:	PUNCT
ajfa-3740	4	44	http://dx.doi.org/10.5296/ajfa.v5i2.3740	http://dx.doi.org/10.5296/ajfa.v5i2.3740	X
ajfa-3740	5	1	abstract	abstract	ADV
ajfa-3740	5	2	this	this	DET
ajfa-3740	5	3	paper	paper	NOUN
ajfa-3740	5	4	investigates	investigate	VERB
ajfa-3740	5	5	capital	capital	NOUN
ajfa-3740	5	6	structure	structure	NOUN
ajfa-3740	5	7	determinants	determinant	NOUN
ajfa-3740	5	8	of	of	ADP
ajfa-3740	5	9	new	new	PROPN
ajfa-3740	5	10	zealand	zealand	PROPN
ajfa-3740	5	11	-	-	PUNCT
ajfa-3740	5	12	listed	list	VERB
ajfa-3740	5	13	firms	firm	NOUN
ajfa-3740	5	14	.	.	PUNCT
ajfa-3740	6	1	this	this	DET
ajfa-3740	6	2	study	study	NOUN
ajfa-3740	6	3	is	be	AUX
ajfa-3740	6	4	an	an	DET
ajfa-3740	6	5	extension	extension	NOUN
ajfa-3740	6	6	from	from	ADP
ajfa-3740	6	7	previous	previous	ADJ
ajfa-3740	6	8	studies	study	NOUN
ajfa-3740	6	9	conducted	conduct	VERB
ajfa-3740	6	10	by	by	ADP
ajfa-3740	6	11	boyle	boyle	PROPN
ajfa-3740	6	12	and	and	CCONJ
ajfa-3740	6	13	eckhold	eckhold	PROPN
ajfa-3740	6	14	(	(	PUNCT
ajfa-3740	6	15	1997	1997	NUM
ajfa-3740	6	16	)	)	PUNCT
ajfa-3740	6	17	and	and	CCONJ
ajfa-3740	6	18	,	,	PUNCT
ajfa-3740	6	19	wellalage	wellalage	NOUN
ajfa-3740	6	20	&	&	CCONJ
ajfa-3740	6	21	locke	locke	PROPN
ajfa-3740	6	22	(	(	PUNCT
ajfa-3740	6	23	2012	2012	NUM
ajfa-3740	6	24	)	)	PUNCT
ajfa-3740	6	25	.	.	PUNCT
ajfa-3740	7	1	boyle	boyle	PROPN
ajfa-3740	7	2	and	and	CCONJ
ajfa-3740	7	3	eckhold	eckhold	VERB
ajfa-3740	7	4	and	and	CCONJ
ajfa-3740	7	5	,	,	PUNCT
ajfa-3740	7	6	wellalage	wellalage	NOUN
ajfa-3740	7	7	and	and	CCONJ
ajfa-3740	7	8	locke	locke	PROPN
ajfa-3740	7	9	examine	examine	NOUN
ajfa-3740	7	10	capital	capital	NOUN
ajfa-3740	7	11	structure	structure	NOUN
ajfa-3740	7	12	choices	choice	NOUN
ajfa-3740	7	13	in	in	ADP
ajfa-3740	7	14	new	new	PROPN
ajfa-3740	7	15	zealand	zealand	PROPN
ajfa-3740	7	16	,	,	PUNCT
ajfa-3740	7	17	especially	especially	ADV
ajfa-3740	7	18	the	the	DET
ajfa-3740	7	19	debt	debt	NOUN
ajfa-3740	7	20	choices	choice	NOUN
ajfa-3740	7	21	of	of	ADP
ajfa-3740	7	22	nz	nz	NOUN
ajfa-3740	7	23	’s	’s	PART
ajfa-3740	7	24	corporate	corporate	ADJ
ajfa-3740	7	25	firms	firm	NOUN
ajfa-3740	7	26	.	.	PUNCT
ajfa-3740	8	1	using	use	VERB
ajfa-3740	8	2	a	a	DET
ajfa-3740	8	3	balanced	balanced	ADJ
ajfa-3740	8	4	-	-	PUNCT
ajfa-3740	8	5	panel	panel	NOUN
ajfa-3740	8	6	of	of	ADP
ajfa-3740	8	7	79	79	NUM
ajfa-3740	8	8	new	new	PROPN
ajfa-3740	8	9	zealand	zealand	PROPN
ajfa-3740	8	10	-	-	PUNCT
ajfa-3740	8	11	listed	list	VERB
ajfa-3740	8	12	firms	firm	NOUN
ajfa-3740	8	13	,	,	PUNCT
ajfa-3740	8	14	this	this	DET
ajfa-3740	8	15	study	study	NOUN
ajfa-3740	8	16	employs	employ	VERB
ajfa-3740	8	17	a	a	DET
ajfa-3740	8	18	balanced	balanced	ADJ
ajfa-3740	8	19	panel	panel	NOUN
ajfa-3740	8	20	method	method	NOUN
ajfa-3740	8	21	,	,	PUNCT
ajfa-3740	8	22	using	use	VERB
ajfa-3740	8	23	dynamic	dynamic	ADJ
ajfa-3740	8	24	-	-	PUNCT
ajfa-3740	8	25	panel	panel	NOUN
ajfa-3740	8	26	instrumental	instrumental	ADJ
ajfa-3740	8	27	variable	variable	NOUN
ajfa-3740	8	28	-	-	PUNCT
ajfa-3740	8	29	generalised	generalise	VERB
ajfa-3740	8	30	methods	method	NOUN
ajfa-3740	8	31	of	of	ADP
ajfa-3740	8	32	moments	moment	NOUN
ajfa-3740	8	33	(	(	PUNCT
ajfa-3740	8	34	iv	iv	NUM
ajfa-3740	8	35	-	-	PUNCT
ajfa-3740	8	36	gmm	gmm	NOUN
ajfa-3740	8	37	)	)	PUNCT
ajfa-3740	8	38	as	as	SCONJ
ajfa-3740	8	39	it	it	PRON
ajfa-3740	8	40	corrects	correct	VERB
ajfa-3740	8	41	heteroskedasticity	heteroskedasticity	NOUN
ajfa-3740	8	42	and	and	CCONJ
ajfa-3740	8	43	endogeneity	endogeneity	NOUN
ajfa-3740	8	44	problems	problem	NOUN
ajfa-3740	8	45	which	which	PRON
ajfa-3740	8	46	might	might	AUX
ajfa-3740	8	47	result	result	VERB
ajfa-3740	8	48	in	in	ADP
ajfa-3740	8	49	an	an	DET
ajfa-3740	8	50	unbiased	unbiased	ADJ
ajfa-3740	8	51	and	and	CCONJ
ajfa-3740	8	52	inconsistent	inconsistent	ADJ
ajfa-3740	8	53	estimation	estimation	NOUN
ajfa-3740	8	54	.	.	PUNCT
ajfa-3740	9	1	all	all	DET
ajfa-3740	9	2	variables	variable	NOUN
ajfa-3740	9	3	,	,	PUNCT
ajfa-3740	9	4	apart	apart	ADV
ajfa-3740	9	5	from	from	ADP
ajfa-3740	9	6	non	non	ADJ
ajfa-3740	9	7	-	-	ADJ
ajfa-3740	9	8	debt	debt	ADJ
ajfa-3740	9	9	tax	tax	NOUN
ajfa-3740	9	10	shields	shield	NOUN
ajfa-3740	9	11	and	and	CCONJ
ajfa-3740	9	12	profitability	profitability	NOUN
ajfa-3740	9	13	exhibit	exhibit	VERB
ajfa-3740	9	14	a	a	DET
ajfa-3740	9	15	significant	significant	ADJ
ajfa-3740	9	16	impact	impact	NOUN
ajfa-3740	9	17	on	on	ADP
ajfa-3740	9	18	total	total	ADJ
ajfa-3740	9	19	debt	debt	NOUN
ajfa-3740	9	20	.	.	PUNCT
ajfa-3740	10	1	overall	overall	ADV
ajfa-3740	10	2	,	,	PUNCT
ajfa-3740	10	3	these	these	DET
ajfa-3740	10	4	variables	variable	NOUN
ajfa-3740	10	5	confirm	confirm	VERB
ajfa-3740	10	6	the	the	DET
ajfa-3740	10	7	trade	trade	NOUN
ajfa-3740	10	8	-	-	PUNCT
ajfa-3740	10	9	off	off	ADP
ajfa-3740	10	10	theory	theory	NOUN
ajfa-3740	10	11	,	,	PUNCT
ajfa-3740	10	12	asian	asian	ADJ
ajfa-3740	10	13	journal	journal	NOUN
ajfa-3740	10	14	of	of	ADP
ajfa-3740	10	15	finance	finance	PROPN
ajfa-3740	10	16	&	&	CCONJ
ajfa-3740	10	17	accounting	accounting	PROPN
ajfa-3740	10	18	issn	issn	PROPN
ajfa-3740	10	19	1946	1946	NUM
ajfa-3740	10	20	-	-	PUNCT
ajfa-3740	10	21	052x	052x	NOUN
ajfa-3740	10	22	2013	2013	NUM
ajfa-3740	10	23	,	,	PUNCT
ajfa-3740	10	24	vol	vol	NOUN
ajfa-3740	10	25	.	.	PROPN
ajfa-3740	10	26	5	5	NUM
ajfa-3740	10	27	,	,	PUNCT
ajfa-3740	10	28	no	no	INTJ
ajfa-3740	10	29	.	.	NOUN
ajfa-3740	10	30	2	2	NUM
ajfa-3740	10	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3740	10	32	2	2	NUM
ajfa-3740	10	33	even	even	ADV
ajfa-3740	10	34	though	though	SCONJ
ajfa-3740	10	35	the	the	DET
ajfa-3740	10	36	coefficient	coefficient	NOUN
ajfa-3740	10	37	for	for	ADP
ajfa-3740	10	38	non	non	ADJ
ajfa-3740	10	39	-	-	ADJ
ajfa-3740	10	40	debt	debt	ADJ
ajfa-3740	10	41	tax	tax	NOUN
ajfa-3740	10	42	shield	shield	NOUN
ajfa-3740	10	43	confirms	confirm	VERB
ajfa-3740	10	44	the	the	DET
ajfa-3740	10	45	pecking	pecking	NOUN
ajfa-3740	10	46	-	-	PUNCT
ajfa-3740	10	47	order	order	NOUN
ajfa-3740	10	48	theory	theory	NOUN
ajfa-3740	10	49	.	.	PUNCT
ajfa-3740	11	1	the	the	DET
ajfa-3740	11	2	empirical	empirical	ADJ
ajfa-3740	11	3	evidence	evidence	NOUN
ajfa-3740	11	4	is	be	AUX
ajfa-3740	11	5	less	less	ADV
ajfa-3740	11	6	conclusive	conclusive	ADJ
ajfa-3740	11	7	than	than	ADP
ajfa-3740	11	8	that	that	PRON
ajfa-3740	11	9	of	of	ADP
ajfa-3740	11	10	previous	previous	ADJ
ajfa-3740	11	11	studies	study	NOUN
ajfa-3740	11	12	in	in	ADP
ajfa-3740	11	13	other	other	ADJ
ajfa-3740	11	14	countries	country	NOUN
ajfa-3740	11	15	,	,	PUNCT
ajfa-3740	11	16	particularly	particularly	ADV
ajfa-3740	11	17	australia	australia	NOUN
ajfa-3740	11	18	where	where	SCONJ
ajfa-3740	11	19	capital	capital	NOUN
ajfa-3740	11	20	structure	structure	NOUN
ajfa-3740	11	21	confirms	confirm	VERB
ajfa-3740	11	22	the	the	DET
ajfa-3740	11	23	pecking	pecking	NOUN
ajfa-3740	11	24	-	-	PUNCT
ajfa-3740	11	25	order	order	NOUN
ajfa-3740	11	26	theory	theory	NOUN
ajfa-3740	11	27	.	.	PUNCT
ajfa-3740	12	1	overall	overall	ADV
ajfa-3740	12	2	,	,	PUNCT
ajfa-3740	12	3	the	the	DET
ajfa-3740	12	4	trade	trade	NOUN
ajfa-3740	12	5	-	-	PUNCT
ajfa-3740	12	6	off	off	ADP
ajfa-3740	12	7	theory	theory	NOUN
ajfa-3740	12	8	is	be	AUX
ajfa-3740	12	9	more	more	ADV
ajfa-3740	12	10	appropriate	appropriate	ADJ
ajfa-3740	12	11	in	in	ADP
ajfa-3740	12	12	explaining	explain	VERB
ajfa-3740	12	13	new	new	PROPN
ajfa-3740	12	14	zealand	zealand	PROPN
ajfa-3740	12	15	listed	list	VERB
ajfa-3740	12	16	firms	firm	NOUN
ajfa-3740	12	17	’	’	PART
ajfa-3740	12	18	capital	capital	NOUN
ajfa-3740	12	19	structure	structure	NOUN
ajfa-3740	12	20	.	.	PUNCT
ajfa-3740	13	1	in	in	ADP
ajfa-3740	13	2	addition	addition	NOUN
ajfa-3740	13	3	,	,	PUNCT
ajfa-3740	13	4	it	it	PRON
ajfa-3740	13	5	appears	appear	VERB
ajfa-3740	13	6	that	that	SCONJ
ajfa-3740	13	7	the	the	DET
ajfa-3740	13	8	capital	capital	NOUN
ajfa-3740	13	9	structure	structure	NOUN
ajfa-3740	13	10	theories	theory	NOUN
ajfa-3740	13	11	applied	apply	VERB
ajfa-3740	13	12	to	to	ADP
ajfa-3740	13	13	each	each	DET
ajfa-3740	13	14	study	study	NOUN
ajfa-3740	13	15	are	be	AUX
ajfa-3740	13	16	contradictory	contradictory	ADJ
ajfa-3740	13	17	,	,	PUNCT
ajfa-3740	13	18	even	even	ADV
ajfa-3740	13	19	though	though	SCONJ
ajfa-3740	13	20	the	the	DET
ajfa-3740	13	21	result	result	NOUN
ajfa-3740	13	22	is	be	AUX
ajfa-3740	13	23	in	in	ADP
ajfa-3740	13	24	line	line	NOUN
ajfa-3740	13	25	with	with	ADP
ajfa-3740	13	26	boyle	boyle	NOUN
ajfa-3740	13	27	and	and	CCONJ
ajfa-3740	13	28	eckhold	eckhold	NOUN
ajfa-3740	13	29	and	and	CCONJ
ajfa-3740	13	30	,	,	PUNCT
ajfa-3740	13	31	wellalage	wellalage	NOUN
ajfa-3740	13	32	and	and	CCONJ
ajfa-3740	13	33	locke	locke	PROPN
ajfa-3740	13	34	which	which	PRON
ajfa-3740	13	35	find	find	VERB
ajfa-3740	13	36	that	that	SCONJ
ajfa-3740	13	37	those	those	DET
ajfa-3740	13	38	firms	firm	NOUN
ajfa-3740	13	39	’	’	PART
ajfa-3740	13	40	specific	specific	ADJ
ajfa-3740	13	41	characteristics	characteristic	NOUN
ajfa-3740	13	42	play	play	VERB
ajfa-3740	13	43	a	a	DET
ajfa-3740	13	44	significant	significant	ADJ
ajfa-3740	13	45	role	role	NOUN
ajfa-3740	13	46	in	in	ADP
ajfa-3740	13	47	determining	determine	VERB
ajfa-3740	13	48	the	the	DET
ajfa-3740	13	49	firm	firm	NOUN
ajfa-3740	13	50	’s	’s	PART
ajfa-3740	13	51	debt	debt	NOUN
ajfa-3740	13	52	level	level	NOUN
ajfa-3740	13	53	.	.	PUNCT
ajfa-3740	14	1	however	however	ADV
ajfa-3740	14	2	,	,	PUNCT
ajfa-3740	14	3	the	the	DET
ajfa-3740	14	4	contradictory	contradictory	ADJ
ajfa-3740	14	5	results	result	NOUN
ajfa-3740	14	6	may	may	AUX
ajfa-3740	14	7	be	be	AUX
ajfa-3740	14	8	due	due	ADJ
ajfa-3740	14	9	to	to	ADP
ajfa-3740	14	10	the	the	DET
ajfa-3740	14	11	different	different	ADJ
ajfa-3740	14	12	methods	method	NOUN
ajfa-3740	14	13	,	,	PUNCT
ajfa-3740	14	14	time	time	NOUN
ajfa-3740	14	15	frames	frame	NOUN
ajfa-3740	14	16	and	and	CCONJ
ajfa-3740	14	17	scope	scope	NOUN
ajfa-3740	14	18	of	of	ADP
ajfa-3740	14	19	the	the	DET
ajfa-3740	14	20	samples	sample	NOUN
ajfa-3740	14	21	used	use	VERB
ajfa-3740	14	22	.	.	PUNCT
ajfa-3740	15	1	keywords	keyword	NOUN
ajfa-3740	15	2	:	:	PUNCT
ajfa-3740	15	3	capital	capital	NOUN
ajfa-3740	15	4	structure	structure	NOUN
ajfa-3740	15	5	,	,	PUNCT
ajfa-3740	15	6	dynamic	dynamic	ADJ
ajfa-3740	15	7	-	-	PUNCT
ajfa-3740	15	8	panel	panel	NOUN
ajfa-3740	15	9	iv	iv	NUM
ajfa-3740	15	10	-	-	PUNCT
ajfa-3740	15	11	gmm	gmm	NOUN
ajfa-3740	15	12	,	,	PUNCT
ajfa-3740	15	13	new	new	PROPN
ajfa-3740	15	14	zealand	zealand	PROPN
ajfa-3740	15	15	-	-	PUNCT
ajfa-3740	15	16	listed	list	VERB
ajfa-3740	15	17	firms	firm	NOUN
ajfa-3740	15	18	jel	jel	PROPN
ajfa-3740	15	19	classification	classification	NOUN
ajfa-3740	15	20	:	:	PUNCT
ajfa-3740	15	21	g32	g32	NOUN
ajfa-3740	15	22	asian	asian	ADJ
ajfa-3740	15	23	journal	journal	PROPN
ajfa-3740	15	24	of	of	ADP
ajfa-3740	15	25	finance	finance	PROPN
ajfa-3740	15	26	&	&	CCONJ
ajfa-3740	15	27	accounting	accounting	PROPN
ajfa-3740	15	28	issn	issn	PROPN
ajfa-3740	15	29	1946	1946	NUM
ajfa-3740	15	30	-	-	PUNCT
ajfa-3740	15	31	052x	052x	NOUN
ajfa-3740	15	32	2013	2013	NUM
ajfa-3740	15	33	,	,	PUNCT
ajfa-3740	15	34	vol	vol	NOUN
ajfa-3740	15	35	.	.	PROPN
ajfa-3740	15	36	5	5	NUM
ajfa-3740	15	37	,	,	PUNCT
ajfa-3740	15	38	no	no	INTJ
ajfa-3740	15	39	.	.	NOUN
ajfa-3740	15	40	2	2	NUM
ajfa-3740	15	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3740	15	42	3	3	NUM
ajfa-3740	15	43	1	1	NUM
ajfa-3740	15	44	.	.	PUNCT
ajfa-3740	15	45	introduction	introduction	NOUN
ajfa-3740	15	46	after	after	ADP
ajfa-3740	15	47	the	the	DET
ajfa-3740	15	48	seminal	seminal	ADJ
ajfa-3740	15	49	work	work	NOUN
ajfa-3740	15	50	of	of	ADP
ajfa-3740	15	51	modigliani	modigliani	PROPN
ajfa-3740	15	52	and	and	CCONJ
ajfa-3740	15	53	miller	miller	PROPN
ajfa-3740	15	54	(	(	PUNCT
ajfa-3740	15	55	1963	1963	NUM
ajfa-3740	15	56	)	)	PUNCT
ajfa-3740	15	57	,	,	PUNCT
ajfa-3740	15	58	numerous	numerous	ADJ
ajfa-3740	15	59	studies	study	NOUN
ajfa-3740	15	60	have	have	AUX
ajfa-3740	15	61	been	be	AUX
ajfa-3740	15	62	done	do	VERB
ajfa-3740	15	63	to	to	PART
ajfa-3740	15	64	explore	explore	VERB
ajfa-3740	15	65	to	to	ADP
ajfa-3740	15	66	what	what	DET
ajfa-3740	15	67	extent	extent	NOUN
ajfa-3740	15	68	the	the	DET
ajfa-3740	15	69	capital	capital	NOUN
ajfa-3740	15	70	structure	structure	NOUN
ajfa-3740	15	71	theory	theory	NOUN
ajfa-3740	15	72	can	can	AUX
ajfa-3740	15	73	be	be	AUX
ajfa-3740	15	74	applied	apply	VERB
ajfa-3740	15	75	to	to	ADP
ajfa-3740	15	76	different	different	ADJ
ajfa-3740	15	77	circumstances	circumstance	NOUN
ajfa-3740	15	78	.	.	PUNCT
ajfa-3740	16	1	those	those	DET
ajfa-3740	16	2	studies	study	NOUN
ajfa-3740	16	3	were	be	AUX
ajfa-3740	16	4	conducted	conduct	VERB
ajfa-3740	16	5	under	under	ADP
ajfa-3740	16	6	different	different	ADJ
ajfa-3740	16	7	assumptions	assumption	NOUN
ajfa-3740	16	8	which	which	PRON
ajfa-3740	16	9	fit	fit	VERB
ajfa-3740	16	10	in	in	ADP
ajfa-3740	16	11	to	to	ADP
ajfa-3740	16	12	the	the	DET
ajfa-3740	16	13	particular	particular	ADJ
ajfa-3740	16	14	situation	situation	NOUN
ajfa-3740	16	15	.	.	PUNCT
ajfa-3740	17	1	trade	trade	NOUN
ajfa-3740	17	2	-	-	PUNCT
ajfa-3740	17	3	off	off	ADP
ajfa-3740	17	4	theory	theory	NOUN
ajfa-3740	17	5	,	,	PUNCT
ajfa-3740	17	6	pecking	pecking	NOUN
ajfa-3740	17	7	-	-	PUNCT
ajfa-3740	17	8	order	order	NOUN
ajfa-3740	17	9	theory	theory	NOUN
ajfa-3740	17	10	,	,	PUNCT
ajfa-3740	17	11	agency	agency	NOUN
ajfa-3740	17	12	-	-	PUNCT
ajfa-3740	17	13	theory	theory	NOUN
ajfa-3740	17	14	and	and	CCONJ
ajfa-3740	17	15	some	some	DET
ajfa-3740	17	16	other	other	ADJ
ajfa-3740	17	17	theories	theory	NOUN
ajfa-3740	17	18	are	be	AUX
ajfa-3740	17	19	empirical	empirical	ADJ
ajfa-3740	17	20	evidences	evidence	NOUN
ajfa-3740	17	21	that	that	SCONJ
ajfa-3740	17	22	challenge	challenge	NOUN
ajfa-3740	17	23	modigliani	modigliani	PROPN
ajfa-3740	17	24	and	and	CCONJ
ajfa-3740	17	25	miller	miller	PROPN
ajfa-3740	17	26	’	'	PUNCT
ajfa-3740	17	27	capital	capital	NOUN
ajfa-3740	17	28	structure	structure	NOUN
ajfa-3740	17	29	studies	study	NOUN
ajfa-3740	17	30	(	(	PUNCT
ajfa-3740	17	31	m	m	PROPN
ajfa-3740	17	32	&	&	CCONJ
ajfa-3740	17	33	m	m	PROPN
ajfa-3740	17	34	)	)	PUNCT
ajfa-3740	17	35	.	.	PUNCT
ajfa-3740	18	1	further	far	ADV
ajfa-3740	18	2	,	,	PUNCT
ajfa-3740	18	3	the	the	DET
ajfa-3740	18	4	empirical	empirical	ADJ
ajfa-3740	18	5	relevance	relevance	NOUN
ajfa-3740	18	6	of	of	ADP
ajfa-3740	18	7	the	the	DET
ajfa-3740	18	8	trade	trade	NOUN
ajfa-3740	18	9	-	-	PUNCT
ajfa-3740	18	10	off	off	ADP
ajfa-3740	18	11	theory	theory	NOUN
ajfa-3740	18	12	,	,	PUNCT
ajfa-3740	18	13	pecking	pecking	NOUN
ajfa-3740	18	14	-	-	PUNCT
ajfa-3740	18	15	order	order	NOUN
ajfa-3740	18	16	theory	theory	NOUN
ajfa-3740	18	17	,	,	PUNCT
ajfa-3740	18	18	agency	agency	NOUN
ajfa-3740	18	19	-	-	PUNCT
ajfa-3740	18	20	theory	theory	NOUN
ajfa-3740	18	21	and	and	CCONJ
ajfa-3740	18	22	some	some	DET
ajfa-3740	18	23	other	other	ADJ
ajfa-3740	18	24	theories	theory	NOUN
ajfa-3740	18	25	has	have	AUX
ajfa-3740	18	26	often	often	ADV
ajfa-3740	18	27	been	be	AUX
ajfa-3740	18	28	questioned	question	VERB
ajfa-3740	18	29	.	.	PUNCT
ajfa-3740	19	1	some	some	DET
ajfa-3740	19	2	research	research	NOUN
ajfa-3740	19	3	has	have	AUX
ajfa-3740	19	4	been	be	AUX
ajfa-3740	19	5	conducted	conduct	VERB
ajfa-3740	19	6	to	to	PART
ajfa-3740	19	7	investigate	investigate	VERB
ajfa-3740	19	8	this	this	DET
ajfa-3740	19	9	theory	theory	NOUN
ajfa-3740	19	10	,	,	PUNCT
ajfa-3740	19	11	but	but	CCONJ
ajfa-3740	19	12	the	the	DET
ajfa-3740	19	13	results	result	NOUN
ajfa-3740	19	14	from	from	ADP
ajfa-3740	19	15	various	various	ADJ
ajfa-3740	19	16	contexts	context	NOUN
ajfa-3740	19	17	are	be	AUX
ajfa-3740	19	18	mixed	mixed	ADJ
ajfa-3740	19	19	and	and	CCONJ
ajfa-3740	19	20	inconclusive	inconclusive	ADJ
ajfa-3740	19	21	.	.	PUNCT
ajfa-3740	20	1	the	the	DET
ajfa-3740	20	2	different	different	ADJ
ajfa-3740	20	3	results	result	NOUN
ajfa-3740	20	4	may	may	AUX
ajfa-3740	20	5	be	be	AUX
ajfa-3740	20	6	caused	cause	VERB
ajfa-3740	20	7	by	by	ADP
ajfa-3740	20	8	different	different	ADJ
ajfa-3740	20	9	firm	firm	ADJ
ajfa-3740	20	10	size	size	NOUN
ajfa-3740	20	11	,	,	PUNCT
ajfa-3740	20	12	the	the	DET
ajfa-3740	20	13	maturity	maturity	NOUN
ajfa-3740	20	14	of	of	ADP
ajfa-3740	20	15	the	the	DET
ajfa-3740	20	16	respective	respective	ADJ
ajfa-3740	20	17	capital	capital	NOUN
ajfa-3740	20	18	market	market	NOUN
ajfa-3740	20	19	,	,	PUNCT
ajfa-3740	20	20	and	and	CCONJ
ajfa-3740	20	21	the	the	DET
ajfa-3740	20	22	country	country	NOUN
ajfa-3740	20	23	being	be	AUX
ajfa-3740	20	24	used	use	VERB
ajfa-3740	20	25	as	as	ADP
ajfa-3740	20	26	a	a	DET
ajfa-3740	20	27	sample	sample	NOUN
ajfa-3740	20	28	.	.	PUNCT
ajfa-3740	21	1	the	the	DET
ajfa-3740	21	2	impact	impact	NOUN
ajfa-3740	21	3	of	of	ADP
ajfa-3740	21	4	firm	firm	ADJ
ajfa-3740	21	5	characteristics	characteristic	NOUN
ajfa-3740	21	6	on	on	ADP
ajfa-3740	21	7	a	a	DET
ajfa-3740	21	8	firm	firm	NOUN
ajfa-3740	21	9	’s	’s	PART
ajfa-3740	21	10	financing	financing	NOUN
ajfa-3740	21	11	choices	choice	NOUN
ajfa-3740	21	12	has	have	AUX
ajfa-3740	21	13	been	be	AUX
ajfa-3740	21	14	extensively	extensively	ADV
ajfa-3740	21	15	studied	study	VERB
ajfa-3740	21	16	across	across	ADP
ajfa-3740	21	17	firms	firm	NOUN
ajfa-3740	21	18	and	and	CCONJ
ajfa-3740	21	19	countries	country	NOUN
ajfa-3740	21	20	;	;	PUNCT
ajfa-3740	21	21	for	for	ADP
ajfa-3740	21	22	example	example	NOUN
ajfa-3740	21	23	,	,	PUNCT
ajfa-3740	21	24	rajan	rajan	PROPN
ajfa-3740	21	25	and	and	CCONJ
ajfa-3740	21	26	zingales	zingales	PROPN
ajfa-3740	21	27	(	(	PUNCT
ajfa-3740	21	28	1995	1995	NUM
ajfa-3740	21	29	)	)	PUNCT
ajfa-3740	21	30	,	,	PUNCT
ajfa-3740	21	31	arvin	arvin	PROPN
ajfa-3740	21	32	and	and	CCONJ
ajfa-3740	21	33	francis	francis	PROPN
ajfa-3740	21	34	(	(	PUNCT
ajfa-3740	21	35	1999	1999	NUM
ajfa-3740	21	36	)	)	PUNCT
ajfa-3740	21	37	,	,	PUNCT
ajfa-3740	21	38	goyal	goyal	PROPN
ajfa-3740	21	39	and	and	CCONJ
ajfa-3740	21	40	frank	frank	PROPN
ajfa-3740	21	41	(	(	PUNCT
ajfa-3740	21	42	2003	2003	NUM
ajfa-3740	21	43	)	)	PUNCT
ajfa-3740	21	44	studied	study	VERB
ajfa-3740	21	45	us	us	PROPN
ajfa-3740	21	46	firms	firm	NOUN
ajfa-3740	21	47	,	,	PUNCT
ajfa-3740	21	48	while	while	SCONJ
ajfa-3740	21	49	deesomsak	deesomsak	NOUN
ajfa-3740	21	50	,	,	PUNCT
ajfa-3740	21	51	paudyal	paudyal	NOUN
ajfa-3740	21	52	and	and	CCONJ
ajfa-3740	21	53	pescetto	pescetto	ADJ
ajfa-3740	21	54	(	(	PUNCT
ajfa-3740	21	55	2004	2004	NUM
ajfa-3740	21	56	)	)	PUNCT
ajfa-3740	21	57	,	,	PUNCT
ajfa-3740	21	58	and	and	CCONJ
ajfa-3740	21	59	kabir	kabir	PROPN
ajfa-3740	21	60	and	and	CCONJ
ajfa-3740	21	61	jong	jong	PROPN
ajfa-3740	21	62	(	(	PUNCT
ajfa-3740	21	63	2008	2008	NUM
ajfa-3740	21	64	)	)	PUNCT
ajfa-3740	21	65	studied	study	VERB
ajfa-3740	21	66	asia	asia	PROPN
ajfa-3740	21	67	pacific	pacific	PROPN
ajfa-3740	21	68	firms	firm	NOUN
ajfa-3740	21	69	,	,	PUNCT
ajfa-3740	21	70	and	and	CCONJ
ajfa-3740	21	71	some	some	PRON
ajfa-3740	21	72	from	from	ADP
ajfa-3740	21	73	other	other	ADJ
ajfa-3740	21	74	developed	developed	ADJ
ajfa-3740	21	75	and	and	CCONJ
ajfa-3740	21	76	developing	develop	VERB
ajfa-3740	21	77	countries	country	NOUN
ajfa-3740	21	78	.	.	PUNCT
ajfa-3740	22	1	at	at	ADP
ajfa-3740	22	2	an	an	DET
ajfa-3740	22	3	aggregate	aggregate	ADJ
ajfa-3740	22	4	level	level	NOUN
ajfa-3740	22	5	,	,	PUNCT
ajfa-3740	22	6	firm	firm	ADJ
ajfa-3740	22	7	leverage	leverage	NOUN
ajfa-3740	22	8	is	be	AUX
ajfa-3740	22	9	similar	similar	ADJ
ajfa-3740	22	10	across	across	ADP
ajfa-3740	22	11	the	the	DET
ajfa-3740	22	12	developed	develop	VERB
ajfa-3740	22	13	countries	country	NOUN
ajfa-3740	22	14	,	,	PUNCT
ajfa-3740	22	15	and	and	CCONJ
ajfa-3740	22	16	any	any	DET
ajfa-3740	22	17	differences	difference	NOUN
ajfa-3740	22	18	that	that	PRON
ajfa-3740	22	19	exist	exist	VERB
ajfa-3740	22	20	are	be	AUX
ajfa-3740	22	21	not	not	PART
ajfa-3740	22	22	easily	easily	ADV
ajfa-3740	22	23	explained	explain	VERB
ajfa-3740	22	24	by	by	ADP
ajfa-3740	22	25	institutional	institutional	ADJ
ajfa-3740	22	26	differences	difference	NOUN
ajfa-3740	22	27	(	(	PUNCT
ajfa-3740	22	28	rajan	rajan	PROPN
ajfa-3740	22	29	&	&	CCONJ
ajfa-3740	22	30	zingales	zingales	PROPN
ajfa-3740	22	31	,	,	PUNCT
ajfa-3740	22	32	1995	1995	NUM
ajfa-3740	22	33	)	)	PUNCT
ajfa-3740	22	34	.	.	PUNCT
ajfa-3740	23	1	most	most	ADJ
ajfa-3740	23	2	firms	firm	NOUN
ajfa-3740	23	3	had	have	VERB
ajfa-3740	23	4	a	a	DET
ajfa-3740	23	5	convergence	convergence	NOUN
ajfa-3740	23	6	in	in	ADP
ajfa-3740	23	7	their	their	PRON
ajfa-3740	23	8	capital	capital	NOUN
ajfa-3740	23	9	structure	structure	NOUN
ajfa-3740	23	10	toward	toward	ADP
ajfa-3740	23	11	industry	industry	NOUN
ajfa-3740	23	12	average	average	NOUN
ajfa-3740	23	13	(	(	PUNCT
ajfa-3740	23	14	arvin	arvin	PROPN
ajfa-3740	23	15	&	&	CCONJ
ajfa-3740	23	16	francis	francis	PROPN
ajfa-3740	23	17	,	,	PUNCT
ajfa-3740	23	18	1999	1999	NUM
ajfa-3740	23	19	)	)	PUNCT
ajfa-3740	23	20	,	,	PUNCT
ajfa-3740	23	21	thus	thus	ADV
ajfa-3740	23	22	the	the	DET
ajfa-3740	23	23	factors	factor	NOUN
ajfa-3740	23	24	identified	identify	VERB
ajfa-3740	23	25	by	by	ADP
ajfa-3740	23	26	previous	previous	ADJ
ajfa-3740	23	27	cross	cross	PROPN
ajfa-3740	23	28	sectional	sectional	ADJ
ajfa-3740	23	29	studies	study	NOUN
ajfa-3740	23	30	in	in	ADP
ajfa-3740	23	31	the	the	DET
ajfa-3740	23	32	united	united	PROPN
ajfa-3740	23	33	states	states	PROPN
ajfa-3740	23	34	to	to	PART
ajfa-3740	23	35	be	be	AUX
ajfa-3740	23	36	related	relate	VERB
ajfa-3740	23	37	to	to	ADP
ajfa-3740	23	38	leverage	leverage	NOUN
ajfa-3740	23	39	seem	seem	VERB
ajfa-3740	23	40	similarly	similarly	ADV
ajfa-3740	23	41	related	relate	VERB
ajfa-3740	23	42	in	in	ADP
ajfa-3740	23	43	other	other	ADJ
ajfa-3740	23	44	countries	country	NOUN
ajfa-3740	23	45	as	as	ADV
ajfa-3740	23	46	well	well	ADV
ajfa-3740	23	47	.	.	PUNCT
ajfa-3740	24	1	however	however	ADV
ajfa-3740	24	2	,	,	PUNCT
ajfa-3740	24	3	the	the	DET
ajfa-3740	24	4	findings	finding	NOUN
ajfa-3740	24	5	of	of	ADP
ajfa-3740	24	6	those	those	DET
ajfa-3740	24	7	studies	study	NOUN
ajfa-3740	24	8	seem	seem	VERB
ajfa-3740	24	9	to	to	PART
ajfa-3740	24	10	be	be	AUX
ajfa-3740	24	11	obsolete	obsolete	ADJ
ajfa-3740	24	12	,	,	PUNCT
ajfa-3740	24	13	as	as	SCONJ
ajfa-3740	24	14	now	now	ADV
ajfa-3740	24	15	some	some	DET
ajfa-3740	24	16	studies	study	NOUN
ajfa-3740	24	17	find	find	VERB
ajfa-3740	24	18	that	that	SCONJ
ajfa-3740	24	19	the	the	DET
ajfa-3740	24	20	capital	capital	NOUN
ajfa-3740	24	21	structure	structure	NOUN
ajfa-3740	24	22	decision	decision	NOUN
ajfa-3740	24	23	of	of	ADP
ajfa-3740	24	24	firms	firm	NOUN
ajfa-3740	24	25	is	be	AUX
ajfa-3740	24	26	influenced	influence	VERB
ajfa-3740	24	27	by	by	ADP
ajfa-3740	24	28	the	the	DET
ajfa-3740	24	29	environment	environment	NOUN
ajfa-3740	24	30	in	in	ADP
ajfa-3740	24	31	which	which	PRON
ajfa-3740	24	32	they	they	PRON
ajfa-3740	24	33	operate.as	operate.as	PRON
ajfa-3740	24	34	well	well	ADV
ajfa-3740	24	35	as	as	ADP
ajfa-3740	25	1	firm	firm	ADJ
ajfa-3740	25	2	specific	specific	ADJ
ajfa-3740	25	3	factors	factor	NOUN
ajfa-3740	25	4	identified	identify	VERB
ajfa-3740	25	5	in	in	ADP
ajfa-3740	25	6	the	the	DET
ajfa-3740	25	7	extant	extant	ADJ
ajfa-3740	25	8	literature	literature	NOUN
ajfa-3740	25	9	,	,	PUNCT
ajfa-3740	25	10	the	the	DET
ajfa-3740	25	11	capital	capital	NOUN
ajfa-3740	25	12	structure	structure	NOUN
ajfa-3740	25	13	decisions	decision	NOUN
ajfa-3740	25	14	are	be	AUX
ajfa-3740	25	15	not	not	PART
ajfa-3740	25	16	only	only	ADV
ajfa-3740	25	17	the	the	DET
ajfa-3740	25	18	product	product	NOUN
ajfa-3740	25	19	of	of	ADP
ajfa-3740	25	20	a	a	DET
ajfa-3740	25	21	firm	firm	NOUN
ajfa-3740	25	22	’s	’s	PART
ajfa-3740	25	23	own	own	ADJ
ajfa-3740	25	24	characteristics	characteristic	NOUN
ajfa-3740	25	25	,	,	PUNCT
ajfa-3740	25	26	but	but	CCONJ
ajfa-3740	25	27	also	also	ADV
ajfa-3740	25	28	the	the	DET
ajfa-3740	25	29	result	result	NOUN
ajfa-3740	25	30	of	of	ADP
ajfa-3740	25	31	the	the	DET
ajfa-3740	25	32	corporate	corporate	ADJ
ajfa-3740	25	33	governance	governance	NOUN
ajfa-3740	25	34	,	,	PUNCT
ajfa-3740	25	35	legal	legal	ADJ
ajfa-3740	25	36	framework	framework	NOUN
ajfa-3740	25	37	and	and	CCONJ
ajfa-3740	25	38	institutional	institutional	ADJ
ajfa-3740	25	39	environment	environment	NOUN
ajfa-3740	25	40	of	of	ADP
ajfa-3740	25	41	the	the	DET
ajfa-3740	25	42	countries	country	NOUN
ajfa-3740	25	43	in	in	ADP
ajfa-3740	25	44	which	which	PRON
ajfa-3740	25	45	the	the	DET
ajfa-3740	25	46	firm	firm	NOUN
ajfa-3740	25	47	operates	operate	VERB
ajfa-3740	25	48	(	(	PUNCT
ajfa-3740	25	49	deesomsak	deesomsak	NOUN
ajfa-3740	25	50	,	,	PUNCT
ajfa-3740	25	51	paudyal	paudyal	NOUN
ajfa-3740	25	52	&	&	CCONJ
ajfa-3740	25	53	pescetto	pescetto	PROPN
ajfa-3740	25	54	,	,	PUNCT
ajfa-3740	25	55	2004	2004	NUM
ajfa-3740	25	56	)	)	PUNCT
ajfa-3740	25	57	.	.	PUNCT
ajfa-3740	26	1	firm	firm	ADJ
ajfa-3740	26	2	specific	specific	ADJ
ajfa-3740	26	3	determinants	determinant	NOUN
ajfa-3740	26	4	of	of	ADP
ajfa-3740	26	5	leverage	leverage	NOUN
ajfa-3740	26	6	differ	differ	VERB
ajfa-3740	26	7	across	across	ADP
ajfa-3740	26	8	countries	country	NOUN
ajfa-3740	26	9	and	and	CCONJ
ajfa-3740	26	10	there	there	PRON
ajfa-3740	26	11	is	be	VERB
ajfa-3740	26	12	an	an	DET
ajfa-3740	26	13	indirect	indirect	ADJ
ajfa-3740	26	14	impact	impact	NOUN
ajfa-3740	26	15	,	,	PUNCT
ajfa-3740	26	16	because	because	SCONJ
ajfa-3740	26	17	country	country	NOUN
ajfa-3740	26	18	specific	specific	ADJ
ajfa-3740	26	19	factors	factor	NOUN
ajfa-3740	26	20	also	also	ADV
ajfa-3740	26	21	influence	influence	VERB
ajfa-3740	26	22	the	the	DET
ajfa-3740	26	23	roles	role	NOUN
ajfa-3740	26	24	of	of	ADP
ajfa-3740	26	25	firm	firm	ADJ
ajfa-3740	26	26	specific	specific	ADJ
ajfa-3740	26	27	determinants	determinant	NOUN
ajfa-3740	26	28	of	of	ADP
ajfa-3740	26	29	leverage	leverage	NOUN
ajfa-3740	26	30	(	(	PUNCT
ajfa-3740	26	31	kabir	kabir	PROPN
ajfa-3740	26	32	&	&	CCONJ
ajfa-3740	26	33	jong	jong	PROPN
ajfa-3740	26	34	,	,	PUNCT
ajfa-3740	26	35	2008	2008	NUM
ajfa-3740	26	36	)	)	PUNCT
ajfa-3740	26	37	.	.	PUNCT
ajfa-3740	27	1	the	the	DET
ajfa-3740	27	2	evidence	evidence	NOUN
ajfa-3740	27	3	indicates	indicate	VERB
ajfa-3740	27	4	that	that	SCONJ
ajfa-3740	27	5	different	different	ADJ
ajfa-3740	27	6	theories	theory	NOUN
ajfa-3740	27	7	apply	apply	VERB
ajfa-3740	27	8	for	for	ADP
ajfa-3740	27	9	different	different	ADJ
ajfa-3740	27	10	circumstances	circumstance	NOUN
ajfa-3740	27	11	and	and	CCONJ
ajfa-3740	27	12	periods	period	NOUN
ajfa-3740	27	13	,	,	PUNCT
ajfa-3740	27	14	therefore	therefore	ADV
ajfa-3740	27	15	an	an	DET
ajfa-3740	27	16	investigation	investigation	NOUN
ajfa-3740	27	17	of	of	ADP
ajfa-3740	27	18	capital	capital	NOUN
ajfa-3740	27	19	structure	structure	NOUN
ajfa-3740	27	20	choices	choice	NOUN
ajfa-3740	27	21	and	and	CCONJ
ajfa-3740	27	22	its	its	PRON
ajfa-3740	27	23	determinant	determinant	ADJ
ajfa-3740	27	24	continues	continue	VERB
ajfa-3740	27	25	to	to	PART
ajfa-3740	27	26	be	be	AUX
ajfa-3740	27	27	an	an	DET
ajfa-3740	27	28	important	important	ADJ
ajfa-3740	27	29	subject	subject	NOUN
ajfa-3740	27	30	.	.	PUNCT
ajfa-3740	28	1	apparently	apparently	ADV
ajfa-3740	28	2	,	,	PUNCT
ajfa-3740	28	3	few	few	ADJ
ajfa-3740	28	4	studies	study	NOUN
ajfa-3740	28	5	have	have	AUX
ajfa-3740	28	6	been	be	AUX
ajfa-3740	28	7	conducted	conduct	VERB
ajfa-3740	28	8	to	to	PART
ajfa-3740	28	9	investigate	investigate	VERB
ajfa-3740	28	10	the	the	DET
ajfa-3740	28	11	capital	capital	NOUN
ajfa-3740	28	12	structure	structure	NOUN
ajfa-3740	28	13	choices	choice	NOUN
ajfa-3740	28	14	in	in	ADP
ajfa-3740	28	15	new	new	ADJ
ajfa-3740	28	16	zealand	zealand	PROPN
ajfa-3740	28	17	firms	firm	NOUN
ajfa-3740	28	18	,	,	PUNCT
ajfa-3740	28	19	and	and	CCONJ
ajfa-3740	28	20	therefore	therefore	ADV
ajfa-3740	28	21	it	it	PRON
ajfa-3740	28	22	is	be	AUX
ajfa-3740	28	23	necessary	necessary	ADJ
ajfa-3740	28	24	to	to	PART
ajfa-3740	28	25	conduct	conduct	VERB
ajfa-3740	28	26	ongoing	ongoing	ADJ
ajfa-3740	28	27	investigation	investigation	NOUN
ajfa-3740	28	28	in	in	ADP
ajfa-3740	28	29	the	the	DET
ajfa-3740	28	30	pattern	pattern	NOUN
ajfa-3740	28	31	of	of	ADP
ajfa-3740	28	32	capital	capital	NOUN
ajfa-3740	28	33	structures	structure	NOUN
ajfa-3740	28	34	.	.	PUNCT
ajfa-3740	29	1	at	at	ADP
ajfa-3740	29	2	present	present	NOUN
ajfa-3740	29	3	there	there	PRON
ajfa-3740	29	4	are	be	VERB
ajfa-3740	29	5	two	two	NUM
ajfa-3740	29	6	common	common	ADJ
ajfa-3740	29	7	types	type	NOUN
ajfa-3740	29	8	of	of	ADP
ajfa-3740	29	9	financing	financing	NOUN
ajfa-3740	29	10	that	that	PRON
ajfa-3740	29	11	can	can	AUX
ajfa-3740	29	12	be	be	AUX
ajfa-3740	29	13	utilised	utilise	VERB
ajfa-3740	29	14	by	by	ADP
ajfa-3740	29	15	new	new	ADJ
ajfa-3740	29	16	zealand	zealand	PROPN
ajfa-3740	29	17	firms	firm	NOUN
ajfa-3740	29	18	;	;	PUNCT
ajfa-3740	29	19	first	first	ADV
ajfa-3740	29	20	,	,	PUNCT
ajfa-3740	29	21	equity	equity	NOUN
ajfa-3740	29	22	financing	financing	NOUN
ajfa-3740	29	23	;	;	PUNCT
ajfa-3740	29	24	and	and	CCONJ
ajfa-3740	29	25	second	second	ADJ
ajfa-3740	29	26	,	,	PUNCT
ajfa-3740	29	27	debt	debt	NOUN
ajfa-3740	29	28	financing	financing	NOUN
ajfa-3740	29	29	.	.	PUNCT
ajfa-3740	30	1	these	these	DET
ajfa-3740	30	2	two	two	NUM
ajfa-3740	30	3	financing	financing	NOUN
ajfa-3740	30	4	methods	method	NOUN
ajfa-3740	30	5	have	have	VERB
ajfa-3740	30	6	their	their	PRON
ajfa-3740	30	7	own	own	ADJ
ajfa-3740	30	8	advantages	advantage	NOUN
ajfa-3740	30	9	compared	compare	VERB
ajfa-3740	30	10	to	to	ADP
ajfa-3740	30	11	one	one	NUM
ajfa-3740	30	12	another	another	DET
ajfa-3740	30	13	.	.	PUNCT
ajfa-3740	31	1	firms	firm	NOUN
ajfa-3740	31	2	may	may	AUX
ajfa-3740	31	3	raise	raise	VERB
ajfa-3740	31	4	equity	equity	NOUN
ajfa-3740	31	5	and	and	CCONJ
ajfa-3740	31	6	debt	debt	NOUN
ajfa-3740	31	7	financing	financing	NOUN
ajfa-3740	31	8	through	through	ADP
ajfa-3740	31	9	capital	capital	NOUN
ajfa-3740	31	10	markets	market	NOUN
ajfa-3740	31	11	(	(	PUNCT
ajfa-3740	31	12	the	the	DET
ajfa-3740	31	13	new	new	PROPN
ajfa-3740	31	14	zealand	zealand	PROPN
ajfa-3740	31	15	stock	stock	PROPN
ajfa-3740	31	16	exchange	exchange	PROPN
ajfa-3740	31	17	)	)	PUNCT
ajfa-3740	31	18	,	,	PUNCT
ajfa-3740	31	19	which	which	PRON
ajfa-3740	31	20	was	be	AUX
ajfa-3740	31	21	established	establish	VERB
ajfa-3740	31	22	in	in	ADP
ajfa-3740	31	23	2002	2002	NUM
ajfa-3740	31	24	.	.	PUNCT
ajfa-3740	32	1	the	the	DET
ajfa-3740	32	2	new	new	PROPN
ajfa-3740	32	3	zealand	zealand	PROPN
ajfa-3740	32	4	stock	stock	PROPN
ajfa-3740	32	5	exchange	exchange	PROPN
ajfa-3740	32	6	(	(	PUNCT
ajfa-3740	32	7	nzx	nzx	PROPN
ajfa-3740	32	8	)	)	PUNCT
ajfa-3740	32	9	opens	open	VERB
ajfa-3740	32	10	more	more	ADJ
ajfa-3740	32	11	opportunities	opportunity	NOUN
ajfa-3740	32	12	for	for	SCONJ
ajfa-3740	32	13	new	new	ADJ
ajfa-3740	32	14	zealand	zealand	PROPN
ajfa-3740	32	15	firms	firm	NOUN
ajfa-3740	32	16	to	to	PART
ajfa-3740	32	17	access	access	VERB
ajfa-3740	32	18	funding	funding	NOUN
ajfa-3740	32	19	sources	source	NOUN
ajfa-3740	32	20	.	.	PUNCT
ajfa-3740	33	1	the	the	DET
ajfa-3740	33	2	main	main	ADJ
ajfa-3740	33	3	financial	financial	ADJ
ajfa-3740	33	4	markets	market	NOUN
ajfa-3740	33	5	in	in	ADP
ajfa-3740	33	6	new	new	PROPN
ajfa-3740	33	7	zealand	zealand	PROPN
ajfa-3740	33	8	relate	relate	VERB
ajfa-3740	33	9	to	to	ADP
ajfa-3740	33	10	debt	debt	NOUN
ajfa-3740	33	11	asian	asian	ADJ
ajfa-3740	33	12	journal	journal	NOUN
ajfa-3740	33	13	of	of	ADP
ajfa-3740	33	14	finance	finance	PROPN
ajfa-3740	33	15	&	&	CCONJ
ajfa-3740	33	16	accounting	accounting	PROPN
ajfa-3740	33	17	issn	issn	PROPN
ajfa-3740	33	18	1946	1946	NUM
ajfa-3740	33	19	-	-	PUNCT
ajfa-3740	33	20	052x	052x	NOUN
ajfa-3740	33	21	2013	2013	NUM
ajfa-3740	33	22	,	,	PUNCT
ajfa-3740	33	23	vol	vol	NOUN
ajfa-3740	33	24	.	.	PROPN
ajfa-3740	33	25	5	5	NUM
ajfa-3740	33	26	,	,	PUNCT
ajfa-3740	33	27	no	no	INTJ
ajfa-3740	33	28	.	.	NOUN
ajfa-3740	33	29	2	2	NUM
ajfa-3740	33	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3740	33	31	4	4	NUM
ajfa-3740	33	32	instruments	instrument	NOUN
ajfa-3740	33	33	,	,	PUNCT
ajfa-3740	33	34	equities	equity	NOUN
ajfa-3740	33	35	,	,	PUNCT
ajfa-3740	33	36	and	and	CCONJ
ajfa-3740	33	37	managed	manage	VERB
ajfa-3740	33	38	funds	fund	NOUN
ajfa-3740	33	39	.	.	PUNCT
ajfa-3740	34	1	debt	debt	NOUN
ajfa-3740	34	2	security	security	NOUN
ajfa-3740	34	3	markets	market	NOUN
ajfa-3740	34	4	operate	operate	VERB
ajfa-3740	34	5	at	at	ADP
ajfa-3740	34	6	both	both	CCONJ
ajfa-3740	34	7	wholesale	wholesale	ADJ
ajfa-3740	34	8	and	and	CCONJ
ajfa-3740	34	9	retail	retail	ADJ
ajfa-3740	34	10	levels	level	NOUN
ajfa-3740	34	11	,	,	PUNCT
ajfa-3740	34	12	which	which	PRON
ajfa-3740	34	13	vary	vary	VERB
ajfa-3740	34	14	by	by	ADP
ajfa-3740	34	15	type	type	NOUN
ajfa-3740	34	16	of	of	ADP
ajfa-3740	34	17	instrument	instrument	NOUN
ajfa-3740	34	18	,	,	PUNCT
ajfa-3740	34	19	issuer	issuer	NOUN
ajfa-3740	34	20	,	,	PUNCT
ajfa-3740	34	21	buyer	buyer	NOUN
ajfa-3740	34	22	,	,	PUNCT
ajfa-3740	34	23	maturity	maturity	NOUN
ajfa-3740	34	24	and	and	CCONJ
ajfa-3740	34	25	level	level	NOUN
ajfa-3740	34	26	of	of	ADP
ajfa-3740	34	27	risk	risk	NOUN
ajfa-3740	34	28	.	.	PUNCT
ajfa-3740	35	1	according	accord	VERB
ajfa-3740	35	2	to	to	ADP
ajfa-3740	35	3	statistics	statistics	PROPN
ajfa-3740	35	4	new	new	PROPN
ajfa-3740	35	5	zealand	zealand	PROPN
ajfa-3740	35	6	(	(	PUNCT
ajfa-3740	35	7	2004	2004	NUM
ajfa-3740	35	8	)	)	PUNCT
ajfa-3740	35	9	,	,	PUNCT
ajfa-3740	35	10	the	the	DET
ajfa-3740	35	11	majority	majority	NOUN
ajfa-3740	35	12	of	of	ADP
ajfa-3740	35	13	new	new	PROPN
ajfa-3740	35	14	zealand	zealand	PROPN
ajfa-3740	35	15	firms	firm	NOUN
ajfa-3740	35	16	’	'	PUNCT
ajfa-3740	35	17	financing	financing	NOUN
ajfa-3740	35	18	was	be	AUX
ajfa-3740	35	19	raised	raise	VERB
ajfa-3740	35	20	from	from	ADP
ajfa-3740	35	21	debt	debt	NOUN
ajfa-3740	35	22	financing	financing	NOUN
ajfa-3740	35	23	,	,	PUNCT
ajfa-3740	35	24	particularly	particularly	ADV
ajfa-3740	35	25	short	short	ADJ
ajfa-3740	35	26	-	-	PUNCT
ajfa-3740	35	27	term	term	NOUN
ajfa-3740	35	28	financing	financing	NOUN
ajfa-3740	35	29	.	.	PUNCT
ajfa-3740	36	1	the	the	DET
ajfa-3740	36	2	reasons	reason	NOUN
ajfa-3740	36	3	why	why	SCONJ
ajfa-3740	36	4	short	short	ADJ
ajfa-3740	36	5	-	-	PUNCT
ajfa-3740	36	6	term	term	NOUN
ajfa-3740	36	7	financing	financing	NOUN
ajfa-3740	36	8	was	be	AUX
ajfa-3740	36	9	preferred	prefer	VERB
ajfa-3740	36	10	over	over	ADP
ajfa-3740	36	11	long	long	ADJ
ajfa-3740	36	12	-	-	PUNCT
ajfa-3740	36	13	term	term	NOUN
ajfa-3740	36	14	debt	debt	NOUN
ajfa-3740	36	15	financing	financing	NOUN
ajfa-3740	36	16	are	be	AUX
ajfa-3740	36	17	;	;	PUNCT
ajfa-3740	36	18	first	first	X
ajfa-3740	36	19	,	,	PUNCT
ajfa-3740	36	20	new	new	ADJ
ajfa-3740	36	21	zealand	zealand	PROPN
ajfa-3740	36	22	firms	firm	NOUN
ajfa-3740	36	23	were	be	AUX
ajfa-3740	36	24	dominated	dominate	VERB
ajfa-3740	36	25	by	by	ADP
ajfa-3740	36	26	small	small	ADJ
ajfa-3740	36	27	and	and	CCONJ
ajfa-3740	36	28	medium	medium	ADJ
ajfa-3740	36	29	enterprises	enterprise	NOUN
ajfa-3740	36	30	,	,	PUNCT
ajfa-3740	36	31	and	and	CCONJ
ajfa-3740	36	32	second	second	ADV
ajfa-3740	36	33	,	,	PUNCT
ajfa-3740	36	34	the	the	DET
ajfa-3740	36	35	majority	majority	NOUN
ajfa-3740	36	36	of	of	ADP
ajfa-3740	36	37	new	new	PROPN
ajfa-3740	36	38	zealand	zealand	PROPN
ajfa-3740	36	39	firms	firm	NOUN
ajfa-3740	36	40	were	be	AUX
ajfa-3740	36	41	in	in	ADP
ajfa-3740	36	42	the	the	DET
ajfa-3740	36	43	primary	primary	ADJ
ajfa-3740	36	44	sector	sector	NOUN
ajfa-3740	36	45	,	,	PUNCT
ajfa-3740	36	46	thus	thus	ADV
ajfa-3740	36	47	giving	give	VERB
ajfa-3740	36	48	a	a	DET
ajfa-3740	36	49	different	different	ADJ
ajfa-3740	36	50	characteristic	characteristic	NOUN
ajfa-3740	36	51	in	in	ADP
ajfa-3740	36	52	contributing	contribute	VERB
ajfa-3740	36	53	to	to	ADP
ajfa-3740	36	54	their	their	PRON
ajfa-3740	36	55	economic	economic	ADJ
ajfa-3740	36	56	growth.though	growth.though	PROPN
ajfa-3740	36	57	new	new	ADJ
ajfa-3740	36	58	zealand	zealand	PROPN
ajfa-3740	36	59	is	be	AUX
ajfa-3740	36	60	considered	consider	VERB
ajfa-3740	36	61	a	a	DET
ajfa-3740	36	62	developed	developed	ADJ
ajfa-3740	36	63	market	market	NOUN
ajfa-3740	36	64	,	,	PUNCT
ajfa-3740	36	65	nz	nz	PROPN
ajfa-3740	36	66	’s	’s	PART
ajfa-3740	36	67	businesscharacteristics	businesscharacteristic	NOUN
ajfa-3740	36	68	differ	differ	VERB
ajfa-3740	36	69	from	from	ADP
ajfa-3740	36	70	those	those	DET
ajfa-3740	36	71	developed	develop	VERB
ajfa-3740	36	72	countries	country	NOUN
ajfa-3740	36	73	,	,	PUNCT
ajfa-3740	36	74	and	and	CCONJ
ajfa-3740	36	75	thus	thus	ADV
ajfa-3740	36	76	may	may	AUX
ajfa-3740	36	77	result	result	VERB
ajfa-3740	36	78	in	in	ADP
ajfa-3740	36	79	the	the	DET
ajfa-3740	36	80	different	different	ADJ
ajfa-3740	36	81	financing	financing	NOUN
ajfa-3740	36	82	choices	choice	NOUN
ajfa-3740	36	83	.	.	PUNCT
ajfa-3740	37	1	vos	vos	PROPN
ajfa-3740	37	2	and	and	CCONJ
ajfa-3740	37	3	nyamori	nyamori	PROPN
ajfa-3740	37	4	(	(	PUNCT
ajfa-3740	37	5	1997	1997	NUM
ajfa-3740	37	6	)	)	PUNCT
ajfa-3740	37	7	conducted	conduct	VERB
ajfa-3740	37	8	a	a	DET
ajfa-3740	37	9	survey	survey	NOUN
ajfa-3740	37	10	research	research	NOUN
ajfa-3740	37	11	of	of	ADP
ajfa-3740	37	12	new	new	ADJ
ajfa-3740	37	13	zealand	zealand	PROPN
ajfa-3740	37	14	firms	firm	NOUN
ajfa-3740	37	15	’	’	PART
ajfa-3740	37	16	capital	capital	NOUN
ajfa-3740	37	17	structure	structure	NOUN
ajfa-3740	37	18	,	,	PUNCT
ajfa-3740	37	19	and	and	CCONJ
ajfa-3740	37	20	they	they	PRON
ajfa-3740	37	21	found	find	VERB
ajfa-3740	37	22	that	that	SCONJ
ajfa-3740	37	23	there	there	PRON
ajfa-3740	37	24	were	be	VERB
ajfa-3740	37	25	several	several	ADJ
ajfa-3740	37	26	reasons	reason	NOUN
ajfa-3740	37	27	why	why	SCONJ
ajfa-3740	37	28	firms	firm	NOUN
ajfa-3740	37	29	choose	choose	VERB
ajfa-3740	37	30	debt	debt	NOUN
ajfa-3740	37	31	as	as	ADP
ajfa-3740	37	32	source	source	NOUN
ajfa-3740	37	33	of	of	ADP
ajfa-3740	37	34	financing	financing	NOUN
ajfa-3740	37	35	;	;	PUNCT
ajfa-3740	37	36	a	a	DET
ajfa-3740	37	37	debt	debt	NOUN
ajfa-3740	37	38	carries	carry	VERB
ajfa-3740	37	39	lower	low	ADJ
ajfa-3740	37	40	cost	cost	NOUN
ajfa-3740	37	41	;	;	PUNCT
ajfa-3740	37	42	it	it	PRON
ajfa-3740	37	43	is	be	AUX
ajfa-3740	37	44	more	more	ADV
ajfa-3740	37	45	convenient	convenient	ADJ
ajfa-3740	37	46	and	and	CCONJ
ajfa-3740	37	47	flexible	flexible	ADJ
ajfa-3740	37	48	to	to	PART
ajfa-3740	37	49	deal	deal	VERB
ajfa-3740	37	50	with	with	ADP
ajfa-3740	37	51	;	;	PUNCT
ajfa-3740	37	52	the	the	DET
ajfa-3740	37	53	debt	debt	NOUN
ajfa-3740	37	54	requirement	requirement	NOUN
ajfa-3740	37	55	fits	fit	VERB
ajfa-3740	37	56	with	with	ADP
ajfa-3740	37	57	their	their	PRON
ajfa-3740	37	58	circumstances	circumstance	NOUN
ajfa-3740	37	59	;	;	PUNCT
ajfa-3740	37	60	it	it	PRON
ajfa-3740	37	61	is	be	AUX
ajfa-3740	37	62	a	a	DET
ajfa-3740	37	63	corporate	corporate	ADJ
ajfa-3740	37	64	policy	policy	NOUN
ajfa-3740	37	65	to	to	PART
ajfa-3740	37	66	adjust	adjust	VERB
ajfa-3740	37	67	their	their	PRON
ajfa-3740	37	68	capital	capital	NOUN
ajfa-3740	37	69	structure	structure	NOUN
ajfa-3740	37	70	,	,	PUNCT
ajfa-3740	37	71	and	and	CCONJ
ajfa-3740	37	72	it	it	PRON
ajfa-3740	37	73	is	be	AUX
ajfa-3740	37	74	available	available	ADJ
ajfa-3740	37	75	all	all	DET
ajfa-3740	37	76	the	the	DET
ajfa-3740	37	77	time	time	NOUN
ajfa-3740	37	78	.	.	PUNCT
ajfa-3740	38	1	further	far	ADV
ajfa-3740	38	2	,	,	PUNCT
ajfa-3740	38	3	a	a	DET
ajfa-3740	38	4	recent	recent	ADJ
ajfa-3740	38	5	study	study	NOUN
ajfa-3740	38	6	by	by	ADP
ajfa-3740	38	7	artemesia	artemesia	PROPN
ajfa-3740	38	8	and	and	CCONJ
ajfa-3740	38	9	mcculloch	mcculloch	PROPN
ajfa-3740	38	10	(	(	PUNCT
ajfa-3740	38	11	2007	2007	NUM
ajfa-3740	38	12	)	)	PUNCT
ajfa-3740	38	13	concluded	conclude	VERB
ajfa-3740	38	14	that	that	SCONJ
ajfa-3740	38	15	the	the	DET
ajfa-3740	38	16	cost	cost	NOUN
ajfa-3740	38	17	structure	structure	NOUN
ajfa-3740	38	18	and	and	CCONJ
ajfa-3740	38	19	the	the	DET
ajfa-3740	38	20	net	net	ADJ
ajfa-3740	38	21	interest	interest	NOUN
ajfa-3740	38	22	margins	margin	NOUN
ajfa-3740	38	23	of	of	ADP
ajfa-3740	38	24	new	new	PROPN
ajfa-3740	38	25	zealand	zealand	PROPN
ajfa-3740	38	26	banks	bank	NOUN
ajfa-3740	38	27	are	be	AUX
ajfa-3740	38	28	low	low	ADJ
ajfa-3740	38	29	,	,	PUNCT
ajfa-3740	38	30	therefore	therefore	ADV
ajfa-3740	38	31	enterprises	enterprise	NOUN
ajfa-3740	38	32	prefer	prefer	VERB
ajfa-3740	38	33	short	short	ADJ
ajfa-3740	38	34	-	-	PUNCT
ajfa-3740	38	35	term	term	NOUN
ajfa-3740	38	36	financing	financing	NOUN
ajfa-3740	38	37	.	.	PUNCT
ajfa-3740	39	1	moreover	moreover	ADV
ajfa-3740	39	2	,	,	PUNCT
ajfa-3740	39	3	minimising	minimise	VERB
ajfa-3740	39	4	the	the	DET
ajfa-3740	39	5	cost	cost	NOUN
ajfa-3740	39	6	of	of	ADP
ajfa-3740	39	7	borrowing	borrowing	NOUN
ajfa-3740	39	8	is	be	AUX
ajfa-3740	39	9	consistent	consistent	ADJ
ajfa-3740	39	10	with	with	ADP
ajfa-3740	39	11	the	the	DET
ajfa-3740	39	12	pecking	pecking	NOUN
ajfa-3740	39	13	-	-	PUNCT
ajfa-3740	39	14	order	order	NOUN
ajfa-3740	39	15	theory	theory	NOUN
ajfa-3740	39	16	,	,	PUNCT
ajfa-3740	39	17	as	as	SCONJ
ajfa-3740	39	18	confirmed	confirm	VERB
ajfa-3740	39	19	by	by	ADP
ajfa-3740	39	20	boyle	boyle	PROPN
ajfa-3740	39	21	and	and	CCONJ
ajfa-3740	39	22	eckhold	eckhold	PROPN
ajfa-3740	39	23	(	(	PUNCT
ajfa-3740	39	24	1997	1997	NUM
ajfa-3740	39	25	)	)	PUNCT
ajfa-3740	39	26	and	and	CCONJ
ajfa-3740	39	27	,	,	PUNCT
ajfa-3740	39	28	wellalage	wellalage	NOUN
ajfa-3740	39	29	and	and	CCONJ
ajfa-3740	39	30	locke	locke	PROPN
ajfa-3740	39	31	(	(	PUNCT
ajfa-3740	39	32	2012	2012	NUM
ajfa-3740	39	33	)	)	PUNCT
ajfa-3740	39	34	.	.	PUNCT
ajfa-3740	40	1	2	2	X
ajfa-3740	40	2	.	.	X
ajfa-3740	40	3	literature	literature	NOUN
ajfa-3740	40	4	review	review	VERB
ajfa-3740	40	5	the	the	DET
ajfa-3740	40	6	trade	trade	NOUN
ajfa-3740	40	7	-	-	PUNCT
ajfa-3740	40	8	off	off	ADP
ajfa-3740	40	9	theory	theory	NOUN
ajfa-3740	40	10	is	be	AUX
ajfa-3740	40	11	derived	derive	VERB
ajfa-3740	40	12	from	from	ADP
ajfa-3740	40	13	the	the	DET
ajfa-3740	40	14	models	model	NOUN
ajfa-3740	40	15	based	base	VERB
ajfa-3740	40	16	on	on	ADP
ajfa-3740	40	17	taxes	taxis	NOUN
ajfa-3740	40	18	and	and	CCONJ
ajfa-3740	40	19	agency	agency	NOUN
ajfa-3740	40	20	costs	cost	NOUN
ajfa-3740	40	21	.	.	PUNCT
ajfa-3740	41	1	modigliani	modigliani	PROPN
ajfa-3740	41	2	and	and	CCONJ
ajfa-3740	41	3	miller	miller	PROPN
ajfa-3740	41	4	(	(	PUNCT
ajfa-3740	41	5	1963	1963	NUM
ajfa-3740	41	6	)	)	PUNCT
ajfa-3740	41	7	,	,	PUNCT
ajfa-3740	41	8	deangelo	deangelo	PROPN
ajfa-3740	41	9	and	and	CCONJ
ajfa-3740	41	10	masulis(1980	masulis(1980	NOUN
ajfa-3740	41	11	)	)	PUNCT
ajfa-3740	41	12	and	and	CCONJ
ajfa-3740	41	13	jensen	jensen	PROPN
ajfa-3740	41	14	and	and	CCONJ
ajfa-3740	41	15	meckling	meckling	NOUN
ajfa-3740	41	16	(	(	PUNCT
ajfa-3740	41	17	1976	1976	NUM
ajfa-3740	41	18	)	)	PUNCT
ajfa-3740	41	19	suggest	suggest	VERB
ajfa-3740	41	20	the	the	DET
ajfa-3740	41	21	firm	firm	NOUN
ajfa-3740	41	22	has	have	VERB
ajfa-3740	41	23	an	an	DET
ajfa-3740	41	24	optimal	optimal	ADJ
ajfa-3740	41	25	capital	capital	NOUN
ajfa-3740	41	26	structure	structure	NOUN
ajfa-3740	41	27	by	by	ADP
ajfa-3740	41	28	offsetting	offset	VERB
ajfa-3740	41	29	the	the	DET
ajfa-3740	41	30	advantages	advantage	NOUN
ajfa-3740	41	31	of	of	ADP
ajfa-3740	41	32	debt	debt	NOUN
ajfa-3740	41	33	and	and	CCONJ
ajfa-3740	41	34	the	the	DET
ajfa-3740	41	35	cost	cost	NOUN
ajfa-3740	41	36	of	of	ADP
ajfa-3740	41	37	debt	debt	NOUN
ajfa-3740	41	38	.	.	PUNCT
ajfa-3740	42	1	therefore	therefore	ADV
ajfa-3740	42	2	,	,	PUNCT
ajfa-3740	42	3	trade	trade	VERB
ajfa-3740	42	4	off	off	ADP
ajfa-3740	42	5	theory	theory	NOUN
ajfa-3740	42	6	refers	refer	VERB
ajfa-3740	42	7	to	to	ADP
ajfa-3740	42	8	the	the	DET
ajfa-3740	42	9	idea	idea	NOUN
ajfa-3740	42	10	that	that	SCONJ
ajfa-3740	42	11	a	a	DET
ajfa-3740	42	12	company	company	NOUN
ajfa-3740	42	13	chooses	choose	VERB
ajfa-3740	42	14	how	how	SCONJ
ajfa-3740	42	15	much	much	ADJ
ajfa-3740	42	16	debt	debt	NOUN
ajfa-3740	42	17	finance	finance	NOUN
ajfa-3740	42	18	and	and	CCONJ
ajfa-3740	42	19	how	how	SCONJ
ajfa-3740	42	20	much	much	ADJ
ajfa-3740	42	21	equity	equity	NOUN
ajfa-3740	42	22	finance	finance	NOUN
ajfa-3740	42	23	to	to	PART
ajfa-3740	42	24	use	use	VERB
ajfa-3740	42	25	by	by	ADP
ajfa-3740	42	26	balancing	balance	VERB
ajfa-3740	42	27	the	the	DET
ajfa-3740	42	28	costs	cost	NOUN
ajfa-3740	42	29	and	and	CCONJ
ajfa-3740	42	30	benefits	benefit	NOUN
ajfa-3740	42	31	.	.	PUNCT
ajfa-3740	43	1	it	it	PRON
ajfa-3740	43	2	states	state	VERB
ajfa-3740	43	3	that	that	SCONJ
ajfa-3740	43	4	there	there	PRON
ajfa-3740	43	5	is	be	VERB
ajfa-3740	43	6	an	an	DET
ajfa-3740	43	7	advantage	advantage	NOUN
ajfa-3740	43	8	to	to	ADP
ajfa-3740	43	9	financing	financing	NOUN
ajfa-3740	43	10	with	with	ADP
ajfa-3740	43	11	debt	debt	NOUN
ajfa-3740	43	12	;	;	PUNCT
ajfa-3740	43	13	the	the	DET
ajfa-3740	43	14	tax	tax	NOUN
ajfa-3740	43	15	benefits	benefit	NOUN
ajfa-3740	43	16	of	of	ADP
ajfa-3740	43	17	debt	debt	NOUN
ajfa-3740	43	18	,	,	PUNCT
ajfa-3740	43	19	and	and	CCONJ
ajfa-3740	43	20	tax	tax	NOUN
ajfa-3740	43	21	benefits	benefit	NOUN
ajfa-3740	43	22	to	to	PART
ajfa-3740	43	23	be	be	AUX
ajfa-3740	43	24	had	have	VERB
ajfa-3740	43	25	;	;	PUNCT
ajfa-3740	43	26	but	but	CCONJ
ajfa-3740	43	27	there	there	PRON
ajfa-3740	43	28	is	be	VERB
ajfa-3740	43	29	also	also	ADV
ajfa-3740	43	30	a	a	DET
ajfa-3740	43	31	cost	cost	NOUN
ajfa-3740	43	32	to	to	ADP
ajfa-3740	43	33	financing	financing	NOUN
ajfa-3740	43	34	with	with	ADP
ajfa-3740	43	35	debt	debt	NOUN
ajfa-3740	43	36	;	;	PUNCT
ajfa-3740	43	37	the	the	DET
ajfa-3740	43	38	costs	cost	NOUN
ajfa-3740	43	39	of	of	ADP
ajfa-3740	43	40	financial	financial	ADJ
ajfa-3740	43	41	distress	distress	NOUN
ajfa-3740	43	42	including	include	VERB
ajfa-3740	43	43	bankruptcy	bankruptcy	NOUN
ajfa-3740	43	44	costs	cost	NOUN
ajfa-3740	43	45	,	,	PUNCT
ajfa-3740	43	46	and	and	CCONJ
ajfa-3740	43	47	agency	agency	NOUN
ajfa-3740	43	48	costs	cost	NOUN
ajfa-3740	43	49	.	.	PUNCT
ajfa-3740	44	1	this	this	DET
ajfa-3740	44	2	theory	theory	NOUN
ajfa-3740	44	3	suggests	suggest	VERB
ajfa-3740	44	4	that	that	SCONJ
ajfa-3740	44	5	there	there	PRON
ajfa-3740	44	6	is	be	VERB
ajfa-3740	44	7	a	a	DET
ajfa-3740	44	8	positive	positive	ADJ
ajfa-3740	44	9	relationship	relationship	NOUN
ajfa-3740	44	10	between	between	ADP
ajfa-3740	44	11	debt	debt	NOUN
ajfa-3740	44	12	level	level	NOUN
ajfa-3740	44	13	and	and	CCONJ
ajfa-3740	44	14	firm	firm	ADJ
ajfa-3740	44	15	performance	performance	NOUN
ajfa-3740	44	16	.	.	PUNCT
ajfa-3740	45	1	moreover	moreover	ADV
ajfa-3740	45	2	,	,	PUNCT
ajfa-3740	45	3	the	the	DET
ajfa-3740	45	4	implication	implication	NOUN
ajfa-3740	45	5	of	of	ADP
ajfa-3740	45	6	this	this	DET
ajfa-3740	45	7	trade	trade	NOUN
ajfa-3740	45	8	off	off	ADP
ajfa-3740	45	9	theory	theory	NOUN
ajfa-3740	45	10	is	be	AUX
ajfa-3740	45	11	that	that	SCONJ
ajfa-3740	45	12	firms	firm	NOUN
ajfa-3740	45	13	have	have	VERB
ajfa-3740	45	14	target	target	NOUN
ajfa-3740	45	15	leverage	leverage	NOUN
ajfa-3740	45	16	and	and	CCONJ
ajfa-3740	45	17	they	they	PRON
ajfa-3740	45	18	adjust	adjust	VERB
ajfa-3740	45	19	their	their	PRON
ajfa-3740	45	20	leverage	leverage	NOUN
ajfa-3740	45	21	toward	toward	ADP
ajfa-3740	45	22	the	the	DET
ajfa-3740	45	23	target	target	NOUN
ajfa-3740	45	24	over	over	ADP
ajfa-3740	45	25	time	time	NOUN
ajfa-3740	45	26	.	.	PUNCT
ajfa-3740	46	1	the	the	DET
ajfa-3740	46	2	trade	trade	NOUN
ajfa-3740	46	3	-	-	PUNCT
ajfa-3740	46	4	off	off	ADP
ajfa-3740	46	5	theory	theory	NOUN
ajfa-3740	46	6	has	have	AUX
ajfa-3740	46	7	been	be	AUX
ajfa-3740	46	8	tested	test	VERB
ajfa-3740	46	9	by	by	ADP
ajfa-3740	46	10	researchers	researcher	NOUN
ajfa-3740	46	11	in	in	ADP
ajfa-3740	46	12	developed	develop	VERB
ajfa-3740	46	13	markets	market	NOUN
ajfa-3740	46	14	,	,	PUNCT
ajfa-3740	46	15	most	most	ADV
ajfa-3740	46	16	focusing	focus	VERB
ajfa-3740	46	17	on	on	ADP
ajfa-3740	46	18	how	how	SCONJ
ajfa-3740	46	19	the	the	DET
ajfa-3740	46	20	determinant	determinant	ADJ
ajfa-3740	46	21	factors	factor	NOUN
ajfa-3740	46	22	affect	affect	VERB
ajfa-3740	46	23	capital	capital	NOUN
ajfa-3740	46	24	structure	structure	NOUN
ajfa-3740	46	25	choice	choice	NOUN
ajfa-3740	46	26	.	.	PUNCT
ajfa-3740	47	1	graham	graham	PROPN
ajfa-3740	47	2	and	and	CCONJ
ajfa-3740	47	3	harvey	harvey	PROPN
ajfa-3740	47	4	(	(	PUNCT
ajfa-3740	47	5	2001	2001	NUM
ajfa-3740	47	6	)	)	PUNCT
ajfa-3740	47	7	surveyed	survey	VERB
ajfa-3740	47	8	392	392	NUM
ajfa-3740	47	9	chief	chief	ADJ
ajfa-3740	47	10	financial	financial	ADJ
ajfa-3740	47	11	officers	officer	NOUN
ajfa-3740	47	12	(	(	PUNCT
ajfa-3740	47	13	cfos	cfos	PROPN
ajfa-3740	47	14	)	)	PUNCT
ajfa-3740	47	15	about	about	ADP
ajfa-3740	47	16	the	the	DET
ajfa-3740	47	17	cost	cost	NOUN
ajfa-3740	47	18	of	of	ADP
ajfa-3740	47	19	capital	capital	NOUN
ajfa-3740	47	20	,	,	PUNCT
ajfa-3740	47	21	capital	capital	NOUN
ajfa-3740	47	22	budgeting	budgeting	NOUN
ajfa-3740	47	23	,	,	PUNCT
ajfa-3740	47	24	and	and	CCONJ
ajfa-3740	47	25	capital	capital	NOUN
ajfa-3740	47	26	structure	structure	NOUN
ajfa-3740	47	27	.	.	PUNCT
ajfa-3740	48	1	they	they	PRON
ajfa-3740	48	2	found	find	VERB
ajfa-3740	48	3	moderate	moderate	ADJ
ajfa-3740	48	4	support	support	NOUN
ajfa-3740	48	5	that	that	PRON
ajfa-3740	48	6	firms	firm	NOUN
ajfa-3740	48	7	follow	follow	VERB
ajfa-3740	48	8	the	the	DET
ajfa-3740	48	9	trade	trade	NOUN
ajfa-3740	48	10	-	-	PUNCT
ajfa-3740	48	11	off	off	ADP
ajfa-3740	48	12	theory	theory	NOUN
ajfa-3740	48	13	and	and	CCONJ
ajfa-3740	48	14	pecking	pecking	NOUN
ajfa-3740	48	15	order	order	NOUN
ajfa-3740	48	16	theory	theory	NOUN
ajfa-3740	48	17	;	;	PUNCT
ajfa-3740	48	18	but	but	CCONJ
ajfa-3740	48	19	mixed	mixed	ADJ
ajfa-3740	48	20	or	or	CCONJ
ajfa-3740	48	21	little	little	ADJ
ajfa-3740	48	22	evidence	evidence	NOUN
ajfa-3740	48	23	that	that	SCONJ
ajfa-3740	48	24	signalling	signal	VERB
ajfa-3740	48	25	,	,	PUNCT
ajfa-3740	48	26	transaction	transaction	NOUN
ajfa-3740	48	27	costs	cost	NOUN
ajfa-3740	48	28	,	,	PUNCT
ajfa-3740	48	29	underinvestment	underinvestment	ADJ
ajfa-3740	48	30	costs	cost	NOUN
ajfa-3740	48	31	,	,	PUNCT
ajfa-3740	48	32	asset	asset	NOUN
ajfa-3740	48	33	substitution	substitution	NOUN
ajfa-3740	48	34	,	,	PUNCT
ajfa-3740	48	35	bargaining	bargain	VERB
ajfa-3740	48	36	with	with	ADP
ajfa-3740	48	37	employees	employee	NOUN
ajfa-3740	48	38	,	,	PUNCT
ajfa-3740	48	39	free	free	ADJ
ajfa-3740	48	40	cash	cash	NOUN
ajfa-3740	48	41	flow	flow	NOUN
ajfa-3740	48	42	considerations	consideration	NOUN
ajfa-3740	48	43	and	and	CCONJ
ajfa-3740	48	44	product	product	NOUN
ajfa-3740	48	45	market	market	NOUN
ajfa-3740	48	46	concerns	concern	NOUN
ajfa-3740	48	47	affect	affect	VERB
ajfa-3740	48	48	capital	capital	NOUN
ajfa-3740	48	49	structure	structure	NOUN
ajfa-3740	48	50	choice	choice	NOUN
ajfa-3740	48	51	.	.	PUNCT
ajfa-3740	49	1	in	in	ADP
ajfa-3740	49	2	addition	addition	NOUN
ajfa-3740	49	3	,	,	PUNCT
ajfa-3740	49	4	brounen	brounen	PROPN
ajfa-3740	49	5	,	,	PUNCT
ajfa-3740	49	6	de	de	PROPN
ajfa-3740	49	7	jong	jong	PROPN
ajfa-3740	49	8	,	,	PUNCT
ajfa-3740	49	9	and	and	CCONJ
ajfa-3740	49	10	koedijk	koedijk	X
ajfa-3740	49	11	(	(	PUNCT
ajfa-3740	49	12	2006	2006	NUM
ajfa-3740	49	13	)	)	PUNCT
ajfa-3740	49	14	also	also	ADV
ajfa-3740	49	15	surveyed	survey	VERB
ajfa-3740	49	16	313	313	NUM
ajfa-3740	49	17	cfos	cfos	NOUN
ajfa-3740	49	18	on	on	ADP
ajfa-3740	49	19	capital	capital	NOUN
ajfa-3740	49	20	structure	structure	NOUN
ajfa-3740	49	21	,	,	PUNCT
ajfa-3740	49	22	focusing	focus	VERB
ajfa-3740	49	23	onthe	onthe	ADJ
ajfa-3740	49	24	uk	uk	PROPN
ajfa-3740	49	25	,	,	PUNCT
ajfa-3740	49	26	the	the	DET
ajfa-3740	49	27	netherlands	netherlands	PROPN
ajfa-3740	49	28	,	,	PUNCT
ajfa-3740	49	29	germany	germany	PROPN
ajfa-3740	49	30	and	and	CCONJ
ajfa-3740	49	31	france	france	PROPN
ajfa-3740	49	32	.	.	PUNCT
ajfa-3740	50	1	they	they	PRON
ajfa-3740	50	2	also	also	ADV
ajfa-3740	50	3	found	find	VERB
ajfa-3740	50	4	that	that	SCONJ
ajfa-3740	50	5	the	the	DET
ajfa-3740	50	6	trade	trade	NOUN
ajfa-3740	50	7	-	-	PUNCT
ajfa-3740	50	8	off	off	ADP
ajfa-3740	50	9	theory	theory	NOUN
ajfa-3740	50	10	is	be	AUX
ajfa-3740	50	11	confirmed	confirm	VERB
ajfa-3740	50	12	by	by	ADP
ajfa-3740	50	13	the	the	DET
ajfa-3740	50	14	importance	importance	NOUN
ajfa-3740	50	15	of	of	ADP
ajfa-3740	50	16	target	target	NOUN
ajfa-3740	50	17	debt	debt	NOUN
ajfa-3740	50	18	ratio	ratio	NOUN
ajfa-3740	50	19	in	in	ADP
ajfa-3740	50	20	general	general	ADJ
ajfa-3740	50	21	in	in	ADP
ajfa-3740	50	22	these	these	DET
ajfa-3740	50	23	four	four	NUM
ajfa-3740	50	24	countries	country	NOUN
ajfa-3740	50	25	but	but	CCONJ
ajfa-3740	50	26	also	also	ADV
ajfa-3740	50	27	specifically	specifically	ADV
ajfa-3740	50	28	by	by	ADP
ajfa-3740	50	29	tax	tax	NOUN
ajfa-3740	50	30	effects	effect	NOUN
ajfa-3740	50	31	and	and	CCONJ
ajfa-3740	50	32	bankruptcy	bankruptcy	NOUN
ajfa-3740	50	33	costs	cost	NOUN
ajfa-3740	50	34	;	;	PUNCT
ajfa-3740	50	35	and	and	CCONJ
ajfa-3740	50	36	they	they	PRON
ajfa-3740	50	37	concluded	conclude	VERB
ajfa-3740	50	38	strong	strong	ADJ
ajfa-3740	50	39	similarities	similarity	NOUN
ajfa-3740	50	40	in	in	ADP
ajfa-3740	50	41	the	the	DET
ajfa-3740	50	42	asian	asian	ADJ
ajfa-3740	50	43	journal	journal	NOUN
ajfa-3740	50	44	of	of	ADP
ajfa-3740	50	45	finance	finance	PROPN
ajfa-3740	50	46	&	&	CCONJ
ajfa-3740	50	47	accounting	accounting	PROPN
ajfa-3740	50	48	issn	issn	PROPN
ajfa-3740	50	49	1946	1946	NUM
ajfa-3740	50	50	-	-	PUNCT
ajfa-3740	50	51	052x	052x	NOUN
ajfa-3740	50	52	2013	2013	NUM
ajfa-3740	50	53	,	,	PUNCT
ajfa-3740	50	54	vol	vol	NOUN
ajfa-3740	50	55	.	.	PROPN
ajfa-3740	50	56	5	5	NUM
ajfa-3740	50	57	,	,	PUNCT
ajfa-3740	50	58	no	no	INTJ
ajfa-3740	50	59	.	.	NOUN
ajfa-3740	50	60	2	2	NUM
ajfa-3740	50	61	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3740	50	62	5	5	NUM
ajfa-3740	50	63	capital	capital	NOUN
ajfa-3740	50	64	structure	structure	NOUN
ajfa-3740	50	65	among	among	ADP
ajfa-3740	50	66	the	the	DET
ajfa-3740	50	67	four	four	NUM
ajfa-3740	50	68	european	european	ADJ
ajfa-3740	50	69	countries	country	NOUN
ajfa-3740	50	70	,	,	PUNCT
ajfa-3740	50	71	and	and	CCONJ
ajfa-3740	50	72	also	also	ADV
ajfa-3740	50	73	with	with	ADP
ajfa-3740	50	74	the	the	DET
ajfa-3740	50	75	us	we	PRON
ajfa-3740	50	76	when	when	SCONJ
ajfa-3740	50	77	comparing	compare	VERB
ajfa-3740	50	78	capital	capital	NOUN
ajfa-3740	50	79	structure	structure	NOUN
ajfa-3740	50	80	policies	policy	NOUN
ajfa-3740	50	81	.	.	PUNCT
ajfa-3740	51	1	the	the	DET
ajfa-3740	51	2	pecking	pecking	NOUN
ajfa-3740	51	3	-	-	PUNCT
ajfa-3740	51	4	order	order	NOUN
ajfa-3740	51	5	theory	theory	NOUN
ajfa-3740	51	6	was	be	AUX
ajfa-3740	51	7	developed	develop	VERB
ajfa-3740	51	8	by	by	ADP
ajfa-3740	51	9	myers	myer	NOUN
ajfa-3740	51	10	and	and	CCONJ
ajfa-3740	51	11	majluf	majluf	PROPN
ajfa-3740	51	12	(	(	PUNCT
ajfa-3740	51	13	1984	1984	NUM
ajfa-3740	51	14	)	)	PUNCT
ajfa-3740	51	15	.	.	PUNCT
ajfa-3740	52	1	myers	myers	PROPN
ajfa-3740	52	2	and	and	CCONJ
ajfa-3740	52	3	majluf	majluf	PROPN
ajfa-3740	52	4	(	(	PUNCT
ajfa-3740	52	5	1984	1984	NUM
ajfa-3740	52	6	)	)	PUNCT
ajfa-3740	52	7	considered	consider	VERB
ajfa-3740	52	8	that	that	SCONJ
ajfa-3740	52	9	firms	firm	NOUN
ajfa-3740	52	10	must	must	AUX
ajfa-3740	52	11	issue	issue	VERB
ajfa-3740	52	12	common	common	ADJ
ajfa-3740	52	13	stock	stock	NOUN
ajfa-3740	52	14	to	to	PART
ajfa-3740	52	15	raise	raise	VERB
ajfa-3740	52	16	cash	cash	NOUN
ajfa-3740	52	17	to	to	PART
ajfa-3740	52	18	undertake	undertake	VERB
ajfa-3740	52	19	a	a	DET
ajfa-3740	52	20	valuable	valuable	ADJ
ajfa-3740	52	21	investment	investment	NOUN
ajfa-3740	52	22	opportunity	opportunity	NOUN
ajfa-3740	52	23	.	.	PUNCT
ajfa-3740	53	1	management	management	NOUN
ajfa-3740	53	2	is	be	AUX
ajfa-3740	53	3	assumed	assume	VERB
ajfa-3740	53	4	to	to	PART
ajfa-3740	53	5	know	know	VERB
ajfa-3740	53	6	more	more	ADJ
ajfa-3740	53	7	about	about	ADP
ajfa-3740	53	8	the	the	DET
ajfa-3740	53	9	firm	firm	NOUN
ajfa-3740	53	10	’s	’s	PART
ajfa-3740	53	11	value	value	NOUN
ajfa-3740	53	12	than	than	ADP
ajfa-3740	53	13	potential	potential	ADJ
ajfa-3740	53	14	investors	investor	NOUN
ajfa-3740	53	15	,	,	PUNCT
ajfa-3740	53	16	and	and	CCONJ
ajfa-3740	53	17	investors	investor	NOUN
ajfa-3740	53	18	sometimes	sometimes	ADV
ajfa-3740	53	19	interpret	interpret	VERB
ajfa-3740	53	20	the	the	DET
ajfa-3740	53	21	firm	firm	NOUN
ajfa-3740	53	22	’s	’s	PART
ajfa-3740	53	23	actions	action	NOUN
ajfa-3740	53	24	irrationally	irrationally	ADV
ajfa-3740	53	25	.	.	PUNCT
ajfa-3740	54	1	an	an	DET
ajfa-3740	54	2	equilibrium	equilibrium	NOUN
ajfa-3740	54	3	mode1	mode1	NOUN
ajfa-3740	54	4	of	of	ADP
ajfa-3740	54	5	issue	issue	NOUN
ajfa-3740	54	6	-	-	PUNCT
ajfa-3740	54	7	investment	investment	NOUN
ajfa-3740	54	8	decision	decision	NOUN
ajfa-3740	54	9	has	have	AUX
ajfa-3740	54	10	been	be	AUX
ajfa-3740	54	11	developed	develop	VERB
ajfa-3740	54	12	under	under	ADP
ajfa-3740	54	13	these	these	DET
ajfa-3740	54	14	assumptions	assumption	NOUN
ajfa-3740	54	15	.	.	PUNCT
ajfa-3740	55	1	the	the	DET
ajfa-3740	55	2	model	model	NOUN
ajfa-3740	55	3	shows	show	VERB
ajfa-3740	55	4	that	that	SCONJ
ajfa-3740	55	5	firms	firm	NOUN
ajfa-3740	55	6	may	may	AUX
ajfa-3740	55	7	refuse	refuse	VERB
ajfa-3740	55	8	to	to	PART
ajfa-3740	55	9	issue	issue	VERB
ajfa-3740	55	10	stock	stock	NOUN
ajfa-3740	55	11	,	,	PUNCT
ajfa-3740	55	12	and	and	CCONJ
ajfa-3740	55	13	therefore	therefore	ADV
ajfa-3740	55	14	may	may	AUX
ajfa-3740	55	15	pass	pass	VERB
ajfa-3740	55	16	up	up	ADP
ajfa-3740	55	17	valuable	valuable	ADJ
ajfa-3740	55	18	investment	investment	NOUN
ajfa-3740	55	19	opportunities	opportunity	NOUN
ajfa-3740	55	20	.	.	PUNCT
ajfa-3740	56	1	the	the	DET
ajfa-3740	56	2	model	model	NOUN
ajfa-3740	56	3	suggests	suggest	VERB
ajfa-3740	56	4	explanations	explanation	NOUN
ajfa-3740	56	5	for	for	ADP
ajfa-3740	56	6	several	several	ADJ
ajfa-3740	56	7	aspects	aspect	NOUN
ajfa-3740	56	8	of	of	ADP
ajfa-3740	56	9	corporate	corporate	ADJ
ajfa-3740	56	10	financing	financing	NOUN
ajfa-3740	56	11	behaviour	behaviour	NOUN
ajfa-3740	56	12	,	,	PUNCT
ajfa-3740	56	13	including	include	VERB
ajfa-3740	56	14	the	the	DET
ajfa-3740	56	15	tendency	tendency	NOUN
ajfa-3740	56	16	to	to	PART
ajfa-3740	56	17	rely	rely	VERB
ajfa-3740	56	18	on	on	ADP
ajfa-3740	56	19	internal	internal	ADJ
ajfa-3740	56	20	sources	source	NOUN
ajfa-3740	56	21	of	of	ADP
ajfa-3740	56	22	funds	fund	NOUN
ajfa-3740	56	23	,	,	PUNCT
ajfa-3740	56	24	and	and	CCONJ
ajfa-3740	56	25	to	to	PART
ajfa-3740	56	26	prefer	prefer	VERB
ajfa-3740	56	27	debt	debt	NOUN
ajfa-3740	56	28	to	to	ADP
ajfa-3740	56	29	equity	equity	NOUN
ajfa-3740	56	30	if	if	SCONJ
ajfa-3740	56	31	external	external	ADJ
ajfa-3740	56	32	financing	financing	NOUN
ajfa-3740	56	33	is	be	AUX
ajfa-3740	56	34	required	require	VERB
ajfa-3740	56	35	.	.	PUNCT
ajfa-3740	57	1	titman	titman	NOUN
ajfa-3740	57	2	and	and	CCONJ
ajfa-3740	57	3	wessels	wessels	PROPN
ajfa-3740	57	4	(	(	PUNCT
ajfa-3740	57	5	1988	1988	NUM
ajfa-3740	57	6	)	)	PUNCT
ajfa-3740	57	7	tested	test	VERB
ajfa-3740	57	8	various	various	ADJ
ajfa-3740	57	9	models	model	NOUN
ajfa-3740	57	10	which	which	PRON
ajfa-3740	57	11	explain	explain	VERB
ajfa-3740	57	12	capital	capital	NOUN
ajfa-3740	57	13	structure	structure	NOUN
ajfa-3740	57	14	choices	choice	NOUN
ajfa-3740	57	15	,	,	PUNCT
ajfa-3740	57	16	by	by	ADP
ajfa-3740	57	17	including	include	VERB
ajfa-3740	57	18	all	all	DET
ajfa-3740	57	19	hypotheses	hypothesis	NOUN
ajfa-3740	57	20	jointly	jointly	ADV
ajfa-3740	57	21	in	in	ADP
ajfa-3740	57	22	the	the	DET
ajfa-3740	57	23	empirical	empirical	ADJ
ajfa-3740	57	24	tests	test	NOUN
ajfa-3740	57	25	;	;	PUNCT
ajfa-3740	57	26	and	and	CCONJ
ajfa-3740	57	27	their	their	PRON
ajfa-3740	57	28	results	result	NOUN
ajfa-3740	57	29	suggest	suggest	VERB
ajfa-3740	57	30	greater	great	ADJ
ajfa-3740	57	31	confidence	confidence	NOUN
ajfa-3740	57	32	in	in	ADP
ajfa-3740	57	33	the	the	DET
ajfa-3740	57	34	pecking	pecking	NOUN
ajfa-3740	57	35	order	order	NOUN
ajfa-3740	57	36	than	than	ADP
ajfa-3740	57	37	in	in	ADP
ajfa-3740	57	38	the	the	DET
ajfa-3740	57	39	target	target	NOUN
ajfa-3740	57	40	adjustment	adjustment	NOUN
ajfa-3740	57	41	model	model	NOUN
ajfa-3740	57	42	.	.	PUNCT
ajfa-3740	58	1	likewise	likewise	ADV
ajfa-3740	58	2	,	,	PUNCT
ajfa-3740	58	3	sunder	sunder	NOUN
ajfa-3740	58	4	and	and	CCONJ
ajfa-3740	58	5	myers	myers	PROPN
ajfa-3740	58	6	(	(	PUNCT
ajfa-3740	58	7	1994	1994	NUM
ajfa-3740	58	8	)	)	PUNCT
ajfa-3740	58	9	re	re	VERB
ajfa-3740	58	10	-	-	VERB
ajfa-3740	58	11	examined	examine	VERB
ajfa-3740	58	12	some	some	DET
ajfa-3740	58	13	aspects	aspect	NOUN
ajfa-3740	58	14	of	of	ADP
ajfa-3740	58	15	the	the	DET
ajfa-3740	58	16	empirical	empirical	ADJ
ajfa-3740	58	17	literature	literature	NOUN
ajfa-3740	58	18	on	on	ADP
ajfa-3740	58	19	capital	capital	NOUN
ajfa-3740	58	20	structure	structure	NOUN
ajfa-3740	58	21	and	and	CCONJ
ajfa-3740	58	22	found	find	VERB
ajfa-3740	58	23	a	a	DET
ajfa-3740	58	24	similar	similar	ADJ
ajfa-3740	58	25	result	result	NOUN
ajfa-3740	58	26	.	.	PUNCT
ajfa-3740	59	1	boyle	boyle	PROPN
ajfa-3740	59	2	and	and	CCONJ
ajfa-3740	59	3	eckhold	eckhold	PROPN
ajfa-3740	59	4	(	(	PUNCT
ajfa-3740	59	5	1997	1997	NUM
ajfa-3740	59	6	)	)	PUNCT
ajfa-3740	59	7	examined	examine	VERB
ajfa-3740	59	8	capital	capital	NOUN
ajfa-3740	59	9	structure	structure	NOUN
ajfa-3740	59	10	choice	choice	NOUN
ajfa-3740	59	11	and	and	CCONJ
ajfa-3740	59	12	financial	financial	ADJ
ajfa-3740	59	13	market	market	NOUN
ajfa-3740	59	14	liberalisation	liberalisation	NOUN
ajfa-3740	59	15	in	in	ADP
ajfa-3740	59	16	new	new	PROPN
ajfa-3740	59	17	zealand	zealand	PROPN
ajfa-3740	59	18	,	,	PUNCT
ajfa-3740	59	19	especially	especially	ADV
ajfa-3740	59	20	the	the	DET
ajfa-3740	59	21	debt	debt	NOUN
ajfa-3740	59	22	choices	choice	NOUN
ajfa-3740	59	23	of	of	ADP
ajfa-3740	59	24	nz	nz	NOUN
ajfa-3740	59	25	’s	’s	PART
ajfa-3740	59	26	corporate	corporate	ADJ
ajfa-3740	59	27	firms	firm	NOUN
ajfa-3740	59	28	,	,	PUNCT
ajfa-3740	59	29	but	but	CCONJ
ajfa-3740	59	30	found	find	VERB
ajfa-3740	59	31	that	that	SCONJ
ajfa-3740	59	32	most	most	ADJ
ajfa-3740	59	33	existing	exist	VERB
ajfa-3740	59	34	theories	theory	NOUN
ajfa-3740	59	35	were	be	AUX
ajfa-3740	59	36	of	of	ADP
ajfa-3740	59	37	little	little	ADJ
ajfa-3740	59	38	value	value	NOUN
ajfa-3740	59	39	in	in	ADP
ajfa-3740	59	40	explaining	explain	VERB
ajfa-3740	59	41	the	the	DET
ajfa-3740	59	42	debt	debt	NOUN
ajfa-3740	59	43	choices	choice	NOUN
ajfa-3740	59	44	of	of	ADP
ajfa-3740	59	45	nz	nz	ADJ
ajfa-3740	59	46	corporate	corporate	ADJ
ajfa-3740	59	47	firms	firm	NOUN
ajfa-3740	59	48	.	.	PUNCT
ajfa-3740	60	1	most	most	ADJ
ajfa-3740	60	2	of	of	ADP
ajfa-3740	60	3	the	the	DET
ajfa-3740	60	4	explained	explain	VERB
ajfa-3740	60	5	variation	variation	NOUN
ajfa-3740	60	6	in	in	ADP
ajfa-3740	60	7	long	long	ADJ
ajfa-3740	60	8	term	term	NOUN
ajfa-3740	60	9	debt	debt	NOUN
ajfa-3740	60	10	choices	choice	NOUN
ajfa-3740	60	11	can	can	AUX
ajfa-3740	60	12	be	be	AUX
ajfa-3740	60	13	attributed	attribute	VERB
ajfa-3740	60	14	to	to	ADP
ajfa-3740	60	15	differences	difference	NOUN
ajfa-3740	60	16	in	in	ADP
ajfa-3740	60	17	firms	firm	NOUN
ajfa-3740	60	18	’	'	PUNCT
ajfa-3740	60	19	earning	earn	VERB
ajfa-3740	60	20	power	power	NOUN
ajfa-3740	60	21	.	.	PUNCT
ajfa-3740	61	1	for	for	ADP
ajfa-3740	61	2	short	short	ADJ
ajfa-3740	61	3	term	term	NOUN
ajfa-3740	61	4	debt	debt	NOUN
ajfa-3740	61	5	,	,	PUNCT
ajfa-3740	61	6	the	the	DET
ajfa-3740	61	7	data	datum	NOUN
ajfa-3740	61	8	indicated	indicate	VERB
ajfa-3740	61	9	that	that	SCONJ
ajfa-3740	61	10	dividend	dividend	NOUN
ajfa-3740	61	11	policy	policy	NOUN
ajfa-3740	61	12	and	and	CCONJ
ajfa-3740	61	13	ability	ability	NOUN
ajfa-3740	61	14	to	to	PART
ajfa-3740	61	15	utilise	utilise	VERB
ajfa-3740	61	16	tax	tax	NOUN
ajfa-3740	61	17	shields	shield	NOUN
ajfa-3740	61	18	were	be	AUX
ajfa-3740	61	19	statistically	statistically	ADV
ajfa-3740	61	20	significant	significant	ADJ
ajfa-3740	61	21	,	,	PUNCT
ajfa-3740	61	22	but	but	CCONJ
ajfa-3740	61	23	these	these	DET
ajfa-3740	61	24	variables	variable	NOUN
ajfa-3740	61	25	explain	explain	VERB
ajfa-3740	61	26	little	little	ADJ
ajfa-3740	61	27	of	of	ADP
ajfa-3740	61	28	the	the	DET
ajfa-3740	61	29	observed	observe	VERB
ajfa-3740	61	30	variation	variation	NOUN
ajfa-3740	61	31	in	in	ADP
ajfa-3740	61	32	debt	debt	NOUN
ajfa-3740	61	33	ratios	ratio	NOUN
ajfa-3740	61	34	.	.	PUNCT
ajfa-3740	62	1	this	this	DET
ajfa-3740	62	2	finding	finding	NOUN
ajfa-3740	62	3	is	be	AUX
ajfa-3740	62	4	consistent	consistent	ADJ
ajfa-3740	62	5	with	with	ADP
ajfa-3740	62	6	evidence	evidence	NOUN
ajfa-3740	62	7	from	from	ADP
ajfa-3740	62	8	other	other	ADJ
ajfa-3740	62	9	countries	country	NOUN
ajfa-3740	62	10	across	across	ADP
ajfa-3740	62	11	preand	preand	VERB
ajfa-3740	62	12	post	post	ADJ
ajfa-3740	62	13	-	-	ADJ
ajfa-3740	62	14	reform	reform	ADJ
ajfa-3740	62	15	periods	period	NOUN
ajfa-3740	62	16	.	.	PUNCT
ajfa-3740	63	1	overall	overall	ADV
ajfa-3740	63	2	,	,	PUNCT
ajfa-3740	63	3	the	the	DET
ajfa-3740	63	4	results	result	NOUN
ajfa-3740	63	5	are	be	AUX
ajfa-3740	63	6	remarkably	remarkably	ADV
ajfa-3740	63	7	similar	similar	ADJ
ajfa-3740	63	8	to	to	ADP
ajfa-3740	63	9	those	those	PRON
ajfa-3740	63	10	of	of	ADP
ajfa-3740	63	11	titman	titman	NOUN
ajfa-3740	63	12	and	and	CCONJ
ajfa-3740	63	13	wessels	wessels	PROPN
ajfa-3740	63	14	(	(	PUNCT
ajfa-3740	63	15	1988	1988	NUM
ajfa-3740	63	16	)	)	PUNCT
ajfa-3740	63	17	and	and	CCONJ
ajfa-3740	63	18	bennett	bennett	PROPN
ajfa-3740	63	19	and	and	CCONJ
ajfa-3740	63	20	donnelly	donnelly	PROPN
ajfa-3740	63	21	(	(	PUNCT
ajfa-3740	63	22	1993	1993	NUM
ajfa-3740	63	23	)	)	PUNCT
ajfa-3740	63	24	for	for	ADP
ajfa-3740	63	25	us	we	PRON
ajfa-3740	63	26	and	and	CCONJ
ajfa-3740	63	27	uk	uk	PROPN
ajfa-3740	63	28	data	datum	NOUN
ajfa-3740	63	29	,	,	PUNCT
ajfa-3740	63	30	respectively	respectively	ADV
ajfa-3740	63	31	.	.	PUNCT
ajfa-3740	64	1	wellalage	wellalage	NOUN
ajfa-3740	64	2	and	and	CCONJ
ajfa-3740	64	3	locke	locke	PROPN
ajfa-3740	64	4	(	(	PUNCT
ajfa-3740	64	5	2012	2012	NUM
ajfa-3740	64	6	)	)	PUNCT
ajfa-3740	64	7	investigated	investigate	VERB
ajfa-3740	64	8	the	the	DET
ajfa-3740	64	9	capital	capital	NOUN
ajfa-3740	64	10	structure	structure	NOUN
ajfa-3740	64	11	of	of	ADP
ajfa-3740	64	12	new	new	PROPN
ajfa-3740	64	13	zealand	zealand	PROPN
ajfa-3740	64	14	’s	’s	PART
ajfa-3740	64	15	large	large	ADJ
ajfa-3740	64	16	listed	list	VERB
ajfa-3740	64	17	companies	company	NOUN
ajfa-3740	64	18	for	for	ADP
ajfa-3740	64	19	the	the	DET
ajfa-3740	64	20	period	period	NOUN
ajfa-3740	64	21	2003	2003	NUM
ajfa-3740	64	22	to	to	ADP
ajfa-3740	64	23	2010	2010	NUM
ajfa-3740	64	24	using	use	VERB
ajfa-3740	64	25	quantile	quantile	ADJ
ajfa-3740	64	26	regressions	regression	NOUN
ajfa-3740	64	27	.	.	PUNCT
ajfa-3740	65	1	they	they	PRON
ajfa-3740	65	2	included	include	VERB
ajfa-3740	65	3	corporate	corporate	ADJ
ajfa-3740	65	4	governance	governance	NOUN
ajfa-3740	65	5	variables	variable	NOUN
ajfa-3740	65	6	(	(	PUNCT
ajfa-3740	65	7	e.g.	e.g.	ADV
ajfa-3740	65	8	,	,	PUNCT
ajfa-3740	65	9	foreign	foreign	ADJ
ajfa-3740	65	10	share	share	NOUN
ajfa-3740	65	11	ownership	ownership	NOUN
ajfa-3740	65	12	,	,	PUNCT
ajfa-3740	65	13	managerial	managerial	ADJ
ajfa-3740	65	14	ownership	ownership	NOUN
ajfa-3740	65	15	and	and	CCONJ
ajfa-3740	65	16	non	non	ADJ
ajfa-3740	65	17	-	-	ADJ
ajfa-3740	65	18	executive	executive	ADJ
ajfa-3740	65	19	directors	director	NOUN
ajfa-3740	65	20	on	on	ADP
ajfa-3740	65	21	the	the	DET
ajfa-3740	65	22	board	board	NOUN
ajfa-3740	65	23	)	)	PUNCT
ajfa-3740	65	24	in	in	ADP
ajfa-3740	65	25	determining	determine	VERB
ajfa-3740	65	26	capital	capital	NOUN
ajfa-3740	65	27	structure	structure	NOUN
ajfa-3740	65	28	.	.	PUNCT
ajfa-3740	66	1	wellalage	wellalage	NOUN
ajfa-3740	66	2	and	and	CCONJ
ajfa-3740	66	3	locke	locke	PROPN
ajfa-3740	66	4	found	find	VERB
ajfa-3740	66	5	that	that	SCONJ
ajfa-3740	66	6	firm	firm	ADJ
ajfa-3740	66	7	-	-	PUNCT
ajfa-3740	66	8	specific	specific	ADJ
ajfa-3740	66	9	characteristics	characteristic	NOUN
ajfa-3740	66	10	play	play	VERB
ajfa-3740	66	11	a	a	DET
ajfa-3740	66	12	significant	significant	ADJ
ajfa-3740	66	13	role	role	NOUN
ajfa-3740	66	14	in	in	ADP
ajfa-3740	66	15	determining	determine	VERB
ajfa-3740	66	16	a	a	DET
ajfa-3740	66	17	firm	firm	NOUN
ajfa-3740	66	18	’s	’s	PART
ajfa-3740	66	19	leverage	leverage	NOUN
ajfa-3740	66	20	levels	level	NOUN
ajfa-3740	66	21	rather	rather	ADV
ajfa-3740	66	22	than	than	ADP
ajfa-3740	66	23	corporate	corporate	ADJ
ajfa-3740	66	24	governance	governance	NOUN
ajfa-3740	66	25	variables	variable	NOUN
ajfa-3740	66	26	.	.	PUNCT
ajfa-3740	67	1	in	in	ADP
ajfa-3740	67	2	addition	addition	NOUN
ajfa-3740	67	3	,	,	PUNCT
ajfa-3740	67	4	they	they	PRON
ajfa-3740	67	5	found	find	VERB
ajfa-3740	67	6	that	that	SCONJ
ajfa-3740	67	7	new	new	ADJ
ajfa-3740	67	8	zealand	zealand	PROPN
ajfa-3740	67	9	firms	firm	NOUN
ajfa-3740	67	10	fit	fit	VERB
ajfa-3740	67	11	into	into	ADP
ajfa-3740	67	12	the	the	DET
ajfa-3740	67	13	pecking	pecking	NOUN
ajfa-3740	67	14	-	-	PUNCT
ajfa-3740	67	15	order	order	NOUN
ajfa-3740	67	16	theory	theory	NOUN
ajfa-3740	67	17	.	.	PUNCT
ajfa-3740	68	1	nevertheless	nevertheless	ADV
ajfa-3740	68	2	,	,	PUNCT
ajfa-3740	68	3	this	this	DET
ajfa-3740	68	4	study	study	NOUN
ajfa-3740	68	5	sheds	shed	VERB
ajfa-3740	68	6	some	some	DET
ajfa-3740	68	7	light	light	NOUN
ajfa-3740	68	8	on	on	ADP
ajfa-3740	68	9	new	new	PROPN
ajfa-3740	68	10	zealand	zealand	PROPN
ajfa-3740	68	11	’s	’s	PART
ajfa-3740	68	12	capital	capital	NOUN
ajfa-3740	68	13	structure	structure	NOUN
ajfa-3740	68	14	choices	choice	NOUN
ajfa-3740	68	15	and	and	CCONJ
ajfa-3740	68	16	is	be	AUX
ajfa-3740	68	17	necessary	necessary	ADJ
ajfa-3740	68	18	for	for	ADP
ajfa-3740	68	19	the	the	DET
ajfa-3740	68	20	regulators	regulator	NOUN
ajfa-3740	68	21	in	in	ADP
ajfa-3740	68	22	stimulating	stimulate	VERB
ajfa-3740	68	23	the	the	DET
ajfa-3740	68	24	enterprises	enterprise	NOUN
ajfa-3740	68	25	to	to	PART
ajfa-3740	68	26	be	be	AUX
ajfa-3740	68	27	more	more	ADV
ajfa-3740	68	28	active	active	ADJ
ajfa-3740	68	29	in	in	ADP
ajfa-3740	68	30	the	the	DET
ajfa-3740	68	31	debt	debt	NOUN
ajfa-3740	68	32	market	market	NOUN
ajfa-3740	68	33	activities	activity	NOUN
ajfa-3740	68	34	.	.	PUNCT
ajfa-3740	69	1	though	though	SCONJ
ajfa-3740	69	2	theoretical	theoretical	ADJ
ajfa-3740	69	3	and	and	CCONJ
ajfa-3740	69	4	empirical	empirical	ADJ
ajfa-3740	69	5	studies	study	NOUN
ajfa-3740	69	6	have	have	AUX
ajfa-3740	69	7	shown	show	VERB
ajfa-3740	69	8	that	that	DET
ajfa-3740	69	9	profitability	profitability	NOUN
ajfa-3740	69	10	,	,	PUNCT
ajfa-3740	69	11	tangibility	tangibility	NOUN
ajfa-3740	69	12	,	,	PUNCT
ajfa-3740	69	13	firm	firm	ADJ
ajfa-3740	69	14	size	size	NOUN
ajfa-3740	69	15	,	,	PUNCT
ajfa-3740	69	16	non	non	ADJ
ajfa-3740	69	17	-	-	ADJ
ajfa-3740	69	18	debt	debt	ADJ
ajfa-3740	69	19	tax	tax	NOUN
ajfa-3740	69	20	shields	shield	NOUN
ajfa-3740	69	21	,	,	PUNCT
ajfa-3740	69	22	growth	growth	NOUN
ajfa-3740	69	23	,	,	PUNCT
ajfa-3740	69	24	managerial	managerial	ADJ
ajfa-3740	69	25	ownership	ownership	NOUN
ajfa-3740	69	26	,	,	PUNCT
ajfa-3740	69	27	and	and	CCONJ
ajfa-3740	69	28	some	some	DET
ajfa-3740	69	29	others	other	NOUN
ajfa-3740	69	30	factors	factor	VERB
ajfa-3740	69	31	impact	impact	NOUN
ajfa-3740	69	32	on	on	ADP
ajfa-3740	69	33	capital	capital	NOUN
ajfa-3740	69	34	structure	structure	NOUN
ajfa-3740	69	35	(	(	PUNCT
ajfa-3740	69	36	titman	titman	PROPN
ajfa-3740	69	37	&	&	CCONJ
ajfa-3740	69	38	wessels	wessels	PROPN
ajfa-3740	69	39	,	,	PUNCT
ajfa-3740	69	40	1988	1988	NUM
ajfa-3740	69	41	;	;	PUNCT
ajfa-3740	69	42	harris	harris	PROPN
ajfa-3740	69	43	&	&	CCONJ
ajfa-3740	69	44	raviv	raviv	PROPN
ajfa-3740	69	45	,	,	PUNCT
ajfa-3740	69	46	1992	1992	NUM
ajfa-3740	69	47	;	;	PUNCT
ajfa-3740	69	48	rajan	rajan	PROPN
ajfa-3740	69	49	&	&	CCONJ
ajfa-3740	69	50	zingales	zingales	PROPN
ajfa-3740	69	51	,	,	PUNCT
ajfa-3740	69	52	1995	1995	NUM
ajfa-3740	69	53	;	;	PUNCT
ajfa-3740	69	54	shyam	shyam	PROPN
ajfa-3740	69	55	-	-	PUNCT
ajfa-3740	69	56	sunder	sunder	PROPN
ajfa-3740	69	57	&	&	CCONJ
ajfa-3740	69	58	myers	myers	PROPN
ajfa-3740	69	59	,	,	PUNCT
ajfa-3740	69	60	1999	1999	NUM
ajfa-3740	69	61	;	;	PUNCT
ajfa-3740	69	62	kabir	kabir	PROPN
ajfa-3740	69	63	&	&	CCONJ
ajfa-3740	69	64	jong	jong	PROPN
ajfa-3740	69	65	,	,	PUNCT
ajfa-3740	69	66	2008	2008	NUM
ajfa-3740	69	67	;	;	PUNCT
ajfa-3740	69	68	wellalage	wellalage	NOUN
ajfa-3740	69	69	&	&	CCONJ
ajfa-3740	69	70	locke	locke	PROPN
ajfa-3740	69	71	,	,	PUNCT
ajfa-3740	69	72	2011	2011	NUM
ajfa-3740	69	73	)	)	PUNCT
ajfa-3740	69	74	,	,	PUNCT
ajfa-3740	69	75	this	this	DET
ajfa-3740	69	76	empirical	empirical	ADJ
ajfa-3740	69	77	evidence	evidence	NOUN
ajfa-3740	69	78	of	of	ADP
ajfa-3740	69	79	firms	firm	NOUN
ajfa-3740	69	80	’	'	PUNCT
ajfa-3740	69	81	specific	specific	ADJ
ajfa-3740	69	82	factors	factor	NOUN
ajfa-3740	69	83	are	be	AUX
ajfa-3740	69	84	inconclusive	inconclusive	ADJ
ajfa-3740	69	85	,	,	PUNCT
ajfa-3740	69	86	as	as	SCONJ
ajfa-3740	69	87	different	different	ADJ
ajfa-3740	69	88	countries	country	NOUN
ajfa-3740	69	89	show	show	VERB
ajfa-3740	69	90	a	a	DET
ajfa-3740	69	91	differentresult	differentresult	NOUN
ajfa-3740	69	92	.	.	PUNCT
ajfa-3740	70	1	in	in	ADP
ajfa-3740	70	2	addition	addition	NOUN
ajfa-3740	70	3	,	,	PUNCT
ajfa-3740	70	4	deesomsak	deesomsak	NOUN
ajfa-3740	70	5	,	,	PUNCT
ajfa-3740	70	6	paudyal	paudyal	NOUN
ajfa-3740	70	7	and	and	CCONJ
ajfa-3740	70	8	pescetto	pescetto	ADJ
ajfa-3740	70	9	(	(	PUNCT
ajfa-3740	70	10	2004	2004	NUM
ajfa-3740	70	11	)	)	PUNCT
ajfa-3740	70	12	suggest	suggest	VERB
ajfa-3740	70	13	that	that	SCONJ
ajfa-3740	70	14	capital	capital	NOUN
ajfa-3740	70	15	structure	structure	NOUN
ajfa-3740	70	16	decisions	decision	NOUN
ajfa-3740	70	17	are	be	AUX
ajfa-3740	70	18	not	not	PART
ajfa-3740	70	19	only	only	ADV
ajfa-3740	70	20	the	the	DET
ajfa-3740	70	21	product	product	NOUN
ajfa-3740	70	22	of	of	ADP
ajfa-3740	70	23	a	a	DET
ajfa-3740	70	24	firm	firm	NOUN
ajfa-3740	70	25	’s	’s	PART
ajfa-3740	70	26	own	own	ADJ
ajfa-3740	70	27	characteristics	characteristic	NOUN
ajfa-3740	70	28	,	,	PUNCT
ajfa-3740	70	29	but	but	CCONJ
ajfa-3740	70	30	also	also	ADV
ajfa-3740	70	31	the	the	DET
ajfa-3740	70	32	result	result	NOUN
ajfa-3740	70	33	asian	asian	ADJ
ajfa-3740	70	34	journal	journal	NOUN
ajfa-3740	70	35	of	of	ADP
ajfa-3740	70	36	finance	finance	PROPN
ajfa-3740	70	37	&	&	CCONJ
ajfa-3740	70	38	accounting	accounting	PROPN
ajfa-3740	70	39	issn	issn	PROPN
ajfa-3740	70	40	1946	1946	NUM
ajfa-3740	70	41	-	-	PUNCT
ajfa-3740	70	42	052x	052x	NOUN
ajfa-3740	70	43	2013	2013	NUM
ajfa-3740	70	44	,	,	PUNCT
ajfa-3740	70	45	vol	vol	NOUN
ajfa-3740	70	46	.	.	PROPN
ajfa-3740	71	1	5	5	NUM
ajfa-3740	71	2	,	,	PUNCT
ajfa-3740	71	3	no	no	INTJ
ajfa-3740	71	4	.	.	NOUN
ajfa-3740	71	5	2	2	NUM
ajfa-3740	71	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3740	71	7	6	6	NUM
ajfa-3740	71	8	of	of	ADP
ajfa-3740	71	9	the	the	DET
ajfa-3740	71	10	corporate	corporate	ADJ
ajfa-3740	71	11	governance	governance	NOUN
ajfa-3740	71	12	,	,	PUNCT
ajfa-3740	71	13	legal	legal	ADJ
ajfa-3740	71	14	framework	framework	NOUN
ajfa-3740	71	15	and	and	CCONJ
ajfa-3740	71	16	institutional	institutional	ADJ
ajfa-3740	71	17	environment	environment	NOUN
ajfa-3740	71	18	of	of	ADP
ajfa-3740	71	19	the	the	DET
ajfa-3740	71	20	countries	country	NOUN
ajfa-3740	71	21	in	in	ADP
ajfa-3740	71	22	which	which	PRON
ajfa-3740	71	23	the	the	DET
ajfa-3740	71	24	firm	firm	NOUN
ajfa-3740	71	25	operates	operate	VERB
ajfa-3740	71	26	.	.	PUNCT
ajfa-3740	72	1	profitability	profitability	NOUN
ajfa-3740	72	2	plays	play	VERB
ajfa-3740	72	3	a	a	DET
ajfa-3740	72	4	significant	significant	ADJ
ajfa-3740	72	5	role	role	NOUN
ajfa-3740	72	6	in	in	ADP
ajfa-3740	72	7	determining	determine	VERB
ajfa-3740	72	8	how	how	SCONJ
ajfa-3740	72	9	much	much	ADJ
ajfa-3740	72	10	debt	debt	NOUN
ajfa-3740	72	11	is	be	AUX
ajfa-3740	72	12	utilised	utilise	VERB
ajfa-3740	72	13	by	by	ADP
ajfa-3740	72	14	firms	firm	NOUN
ajfa-3740	72	15	.	.	PUNCT
ajfa-3740	73	1	according	accord	VERB
ajfa-3740	73	2	to	to	ADP
ajfa-3740	73	3	the	the	DET
ajfa-3740	73	4	trade	trade	NOUN
ajfa-3740	73	5	-	-	PUNCT
ajfa-3740	73	6	off	off	ADP
ajfa-3740	73	7	theory	theory	NOUN
ajfa-3740	73	8	,	,	PUNCT
ajfa-3740	73	9	profitable	profitable	ADJ
ajfa-3740	73	10	firms	firm	NOUN
ajfa-3740	73	11	tend	tend	VERB
ajfa-3740	73	12	to	to	PART
ajfa-3740	73	13	utilise	utilise	VERB
ajfa-3740	73	14	more	more	ADJ
ajfa-3740	73	15	debt	debt	NOUN
ajfa-3740	73	16	compared	compare	VERB
ajfa-3740	73	17	to	to	ADP
ajfa-3740	73	18	unprofitable	unprofitable	ADJ
ajfa-3740	73	19	ones	one	NOUN
ajfa-3740	73	20	,	,	PUNCT
ajfa-3740	73	21	to	to	PART
ajfa-3740	73	22	avoid	avoid	VERB
ajfa-3740	73	23	higher	high	ADJ
ajfa-3740	73	24	tax	tax	NOUN
ajfa-3740	73	25	payment	payment	NOUN
ajfa-3740	73	26	,	,	PUNCT
ajfa-3740	73	27	but	but	CCONJ
ajfa-3740	73	28	firms	firm	NOUN
ajfa-3740	73	29	also	also	ADV
ajfa-3740	73	30	have	have	VERB
ajfa-3740	73	31	to	to	PART
ajfa-3740	73	32	offset	offset	VERB
ajfa-3740	73	33	the	the	DET
ajfa-3740	73	34	benefit	benefit	NOUN
ajfa-3740	73	35	of	of	ADP
ajfa-3740	73	36	and	and	CCONJ
ajfa-3740	73	37	the	the	DET
ajfa-3740	73	38	risk	risk	NOUN
ajfa-3740	73	39	of	of	ADP
ajfa-3740	73	40	utilising	utilise	VERB
ajfa-3740	73	41	debt	debt	NOUN
ajfa-3740	73	42	.	.	PUNCT
ajfa-3740	74	1	in	in	ADP
ajfa-3740	74	2	contrast	contrast	NOUN
ajfa-3740	74	3	,	,	PUNCT
ajfa-3740	74	4	the	the	DET
ajfa-3740	74	5	pecking	pecking	NOUN
ajfa-3740	74	6	-	-	PUNCT
ajfa-3740	74	7	order	order	NOUN
ajfa-3740	74	8	theory	theory	NOUN
ajfa-3740	74	9	suggests	suggest	VERB
ajfa-3740	74	10	that	that	SCONJ
ajfa-3740	74	11	profitable	profitable	ADJ
ajfa-3740	74	12	firms	firm	NOUN
ajfa-3740	74	13	tend	tend	VERB
ajfa-3740	74	14	to	to	PART
ajfa-3740	74	15	utilise	utilise	VERB
ajfa-3740	74	16	less	less	ADJ
ajfa-3740	74	17	debt	debt	NOUN
ajfa-3740	74	18	compared	compare	VERB
ajfa-3740	74	19	to	to	ADP
ajfa-3740	74	20	unprofitable	unprofitable	ADJ
ajfa-3740	74	21	ones	one	NOUN
ajfa-3740	74	22	,	,	PUNCT
ajfa-3740	74	23	because	because	SCONJ
ajfa-3740	74	24	profitable	profitable	ADJ
ajfa-3740	74	25	firms	firm	NOUN
ajfa-3740	74	26	have	have	VERB
ajfa-3740	74	27	more	more	ADJ
ajfa-3740	74	28	earnings	earning	NOUN
ajfa-3740	74	29	and	and	CCONJ
ajfa-3740	74	30	they	they	PRON
ajfa-3740	74	31	prefer	prefer	VERB
ajfa-3740	74	32	to	to	PART
ajfa-3740	74	33	utilise	utilise	VERB
ajfa-3740	74	34	internal	internal	ADJ
ajfa-3740	74	35	financing	financing	NOUN
ajfa-3740	74	36	rather	rather	ADV
ajfa-3740	74	37	than	than	ADP
ajfa-3740	74	38	external	external	ADJ
ajfa-3740	74	39	financing	financing	NOUN
ajfa-3740	74	40	.	.	PUNCT
ajfa-3740	75	1	the	the	DET
ajfa-3740	75	2	study	study	NOUN
ajfa-3740	75	3	of	of	ADP
ajfa-3740	75	4	rajan	rajan	PROPN
ajfa-3740	75	5	and	and	CCONJ
ajfa-3740	75	6	zingales	zingales	PROPN
ajfa-3740	75	7	(	(	PUNCT
ajfa-3740	75	8	1995	1995	NUM
ajfa-3740	75	9	)	)	PUNCT
ajfa-3740	75	10	found	find	VERB
ajfa-3740	75	11	that	that	SCONJ
ajfa-3740	75	12	profitability	profitability	NOUN
ajfa-3740	75	13	is	be	AUX
ajfa-3740	75	14	negatively	negatively	ADV
ajfa-3740	75	15	correlated	correlate	VERB
ajfa-3740	75	16	with	with	ADP
ajfa-3740	75	17	leverage	leverage	NOUN
ajfa-3740	75	18	.	.	PUNCT
ajfa-3740	76	1	further	far	ADV
ajfa-3740	76	2	,	,	PUNCT
ajfa-3740	76	3	the	the	DET
ajfa-3740	76	4	negative	negative	ADJ
ajfa-3740	76	5	influence	influence	NOUN
ajfa-3740	76	6	of	of	ADP
ajfa-3740	76	7	profitability	profitability	NOUN
ajfa-3740	76	8	on	on	ADP
ajfa-3740	76	9	leverage	leverage	NOUN
ajfa-3740	76	10	should	should	AUX
ajfa-3740	76	11	become	become	VERB
ajfa-3740	76	12	stronger	strong	ADJ
ajfa-3740	76	13	as	as	ADP
ajfa-3740	76	14	firm	firm	ADJ
ajfa-3740	76	15	size	size	NOUN
ajfa-3740	76	16	increases	increase	NOUN
ajfa-3740	76	17	.	.	PUNCT
ajfa-3740	77	1	similarly	similarly	ADV
ajfa-3740	77	2	,	,	PUNCT
ajfa-3740	77	3	deesomsak	deesomsak	NOUN
ajfa-3740	77	4	,	,	PUNCT
ajfa-3740	77	5	paudyal	paudyal	NOUN
ajfa-3740	77	6	and	and	CCONJ
ajfa-3740	77	7	pescetto	pescetto	ADJ
ajfa-3740	77	8	(	(	PUNCT
ajfa-3740	77	9	2004	2004	NUM
ajfa-3740	77	10	)	)	PUNCT
ajfa-3740	77	11	found	find	VERB
ajfa-3740	77	12	a	a	DET
ajfa-3740	77	13	negative	negative	ADJ
ajfa-3740	77	14	relationship	relationship	NOUN
ajfa-3740	77	15	between	between	ADP
ajfa-3740	77	16	profitability	profitability	NOUN
ajfa-3740	77	17	and	and	CCONJ
ajfa-3740	77	18	leverage	leverage	NOUN
ajfa-3740	77	19	;	;	PUNCT
ajfa-3740	77	20	but	but	CCONJ
ajfa-3740	77	21	this	this	DET
ajfa-3740	77	22	finding	finding	NOUN
ajfa-3740	77	23	is	be	AUX
ajfa-3740	77	24	statistically	statistically	ADV
ajfa-3740	77	25	insignificant	insignificant	ADJ
ajfa-3740	77	26	for	for	ADP
ajfa-3740	77	27	all	all	DET
ajfa-3740	77	28	countries	country	NOUN
ajfa-3740	77	29	.	.	PUNCT
ajfa-3740	78	1	the	the	DET
ajfa-3740	78	2	negative	negative	ADJ
ajfa-3740	78	3	relationship	relationship	NOUN
ajfa-3740	78	4	is	be	AUX
ajfa-3740	78	5	consistent	consistent	ADJ
ajfa-3740	78	6	with	with	ADP
ajfa-3740	78	7	the	the	DET
ajfa-3740	78	8	predictions	prediction	NOUN
ajfa-3740	78	9	of	of	ADP
ajfa-3740	78	10	the	the	DET
ajfa-3740	78	11	pecking	pecking	NOUN
ajfa-3740	78	12	order	order	NOUN
ajfa-3740	78	13	theory	theory	NOUN
ajfa-3740	78	14	,	,	PUNCT
ajfa-3740	78	15	indicating	indicate	VERB
ajfa-3740	78	16	that	that	SCONJ
ajfa-3740	78	17	firms	firm	NOUN
ajfa-3740	78	18	prefer	prefer	VERB
ajfa-3740	78	19	to	to	PART
ajfa-3740	78	20	use	use	VERB
ajfa-3740	78	21	internal	internal	ADJ
ajfa-3740	78	22	sources	source	NOUN
ajfa-3740	78	23	of	of	ADP
ajfa-3740	78	24	funding	funding	NOUN
ajfa-3740	78	25	when	when	SCONJ
ajfa-3740	78	26	profits	profit	NOUN
ajfa-3740	78	27	are	be	AUX
ajfa-3740	78	28	high	high	ADJ
ajfa-3740	78	29	;	;	PUNCT
ajfa-3740	78	30	but	but	CCONJ
ajfa-3740	78	31	this	this	PRON
ajfa-3740	78	32	has	have	AUX
ajfa-3740	78	33	not	not	PART
ajfa-3740	78	34	been	be	AUX
ajfa-3740	78	35	proved	prove	VERB
ajfa-3740	78	36	because	because	SCONJ
ajfa-3740	78	37	the	the	DET
ajfa-3740	78	38	results	result	NOUN
ajfa-3740	78	39	are	be	AUX
ajfa-3740	78	40	statistically	statistically	ADV
ajfa-3740	78	41	insignificant	insignificant	ADJ
ajfa-3740	78	42	.	.	PUNCT
ajfa-3740	79	1	in	in	ADP
ajfa-3740	79	2	addition	addition	NOUN
ajfa-3740	79	3	,	,	PUNCT
ajfa-3740	79	4	kabir	kabir	PROPN
ajfa-3740	79	5	and	and	CCONJ
ajfa-3740	79	6	jong	jong	PROPN
ajfa-3740	79	7	(	(	PUNCT
ajfa-3740	79	8	2008	2008	NUM
ajfa-3740	79	9	)	)	PUNCT
ajfa-3740	79	10	also	also	ADV
ajfa-3740	79	11	found	find	VERB
ajfa-3740	79	12	a	a	DET
ajfa-3740	79	13	negative	negative	ADJ
ajfa-3740	79	14	relationship	relationship	NOUN
ajfa-3740	79	15	between	between	ADP
ajfa-3740	79	16	profitability	profitability	NOUN
ajfa-3740	79	17	and	and	CCONJ
ajfa-3740	79	18	leverage	leverage	NOUN
ajfa-3740	79	19	in	in	ADP
ajfa-3740	79	20	25	25	NUM
ajfa-3740	79	21	countries	country	NOUN
ajfa-3740	79	22	,	,	PUNCT
ajfa-3740	79	23	of	of	ADP
ajfa-3740	79	24	which	which	PRON
ajfa-3740	79	25	more	more	ADJ
ajfa-3740	79	26	than	than	ADP
ajfa-3740	79	27	half	half	NOUN
ajfa-3740	79	28	are	be	AUX
ajfa-3740	79	29	developed	develop	VERB
ajfa-3740	79	30	markets	market	NOUN
ajfa-3740	79	31	.	.	PUNCT
ajfa-3740	80	1	most	most	ADJ
ajfa-3740	80	2	secured	secure	VERB
ajfa-3740	80	3	-	-	PUNCT
ajfa-3740	80	4	debt	debt	NOUN
ajfa-3740	80	5	requires	require	VERB
ajfa-3740	80	6	collateral	collateral	NOUN
ajfa-3740	80	7	,	,	PUNCT
ajfa-3740	80	8	as	as	SCONJ
ajfa-3740	80	9	it	it	PRON
ajfa-3740	80	10	guarantees	guarantee	VERB
ajfa-3740	80	11	the	the	DET
ajfa-3740	80	12	bondholders	bondholder	NOUN
ajfa-3740	80	13	,	,	PUNCT
ajfa-3740	80	14	and	and	CCONJ
ajfa-3740	80	15	tangible	tangible	ADJ
ajfa-3740	80	16	assets	asset	NOUN
ajfa-3740	80	17	are	be	AUX
ajfa-3740	80	18	likely	likely	ADJ
ajfa-3740	80	19	to	to	PART
ajfa-3740	80	20	have	have	VERB
ajfa-3740	80	21	an	an	DET
ajfa-3740	80	22	impact	impact	NOUN
ajfa-3740	80	23	on	on	ADP
ajfa-3740	80	24	the	the	DET
ajfa-3740	80	25	borrowing	borrowing	NOUN
ajfa-3740	80	26	decisions	decision	NOUN
ajfa-3740	80	27	because	because	SCONJ
ajfa-3740	80	28	they	they	PRON
ajfa-3740	80	29	are	be	AUX
ajfa-3740	80	30	less	less	ADV
ajfa-3740	80	31	subject	subject	ADJ
ajfa-3740	80	32	to	to	ADP
ajfa-3740	80	33	informational	informational	ADJ
ajfa-3740	80	34	asymmetries	asymmetry	NOUN
ajfa-3740	80	35	,	,	PUNCT
ajfa-3740	80	36	and	and	CCONJ
ajfa-3740	80	37	have	have	VERB
ajfa-3740	80	38	a	a	DET
ajfa-3740	80	39	greater	great	ADJ
ajfa-3740	80	40	value	value	NOUN
ajfa-3740	80	41	than	than	ADP
ajfa-3740	80	42	intangible	intangible	ADJ
ajfa-3740	80	43	assets	asset	NOUN
ajfa-3740	80	44	,	,	PUNCT
ajfa-3740	80	45	as	as	ADP
ajfa-3740	80	46	in	in	ADP
ajfa-3740	80	47	the	the	DET
ajfa-3740	80	48	case	case	NOUN
ajfa-3740	80	49	of	of	ADP
ajfa-3740	80	50	bankruptcy	bankruptcy	NOUN
ajfa-3740	80	51	(	(	PUNCT
ajfa-3740	80	52	gaud	gaud	PROPN
ajfa-3740	80	53	,	,	PUNCT
ajfa-3740	80	54	jan	jan	PROPN
ajfa-3740	80	55	,	,	PUNCT
ajfa-3740	80	56	hoesli	hoesli	PROPN
ajfa-3740	80	57	&	&	CCONJ
ajfa-3740	80	58	bender	bender	PROPN
ajfa-3740	80	59	,	,	PUNCT
ajfa-3740	80	60	2005	2005	NUM
ajfa-3740	80	61	)	)	PUNCT
ajfa-3740	80	62	.	.	PUNCT
ajfa-3740	81	1	thus	thus	ADV
ajfa-3740	81	2	,	,	PUNCT
ajfa-3740	81	3	the	the	PRON
ajfa-3740	81	4	higher	high	ADJ
ajfa-3740	81	5	the	the	DET
ajfa-3740	81	6	tangible	tangible	ADJ
ajfa-3740	81	7	assets	asset	NOUN
ajfa-3740	81	8	proportion	proportion	NOUN
ajfa-3740	81	9	,	,	PUNCT
ajfa-3740	81	10	the	the	PRON
ajfa-3740	81	11	greater	great	ADJ
ajfa-3740	81	12	the	the	DET
ajfa-3740	81	13	chance	chance	NOUN
ajfa-3740	81	14	of	of	ADP
ajfa-3740	81	15	obtaining	obtain	VERB
ajfa-3740	81	16	debt	debt	NOUN
ajfa-3740	81	17	financing	financing	NOUN
ajfa-3740	81	18	(	(	PUNCT
ajfa-3740	81	19	titman	titman	PROPN
ajfa-3740	81	20	&	&	CCONJ
ajfa-3740	81	21	wessels	wessels	PROPN
ajfa-3740	81	22	,	,	PUNCT
ajfa-3740	81	23	1988	1988	NUM
ajfa-3740	81	24	;	;	PUNCT
ajfa-3740	81	25	harris	harris	PROPN
ajfa-3740	81	26	&	&	CCONJ
ajfa-3740	81	27	raviv	raviv	PROPN
ajfa-3740	81	28	,	,	PUNCT
ajfa-3740	81	29	1992	1992	NUM
ajfa-3740	81	30	;	;	PUNCT
ajfa-3740	81	31	rajan	rajan	PROPN
ajfa-3740	81	32	&	&	CCONJ
ajfa-3740	81	33	zingales	zingales	PROPN
ajfa-3740	81	34	,	,	PUNCT
ajfa-3740	81	35	1995	1995	NUM
ajfa-3740	81	36	;	;	PUNCT
ajfa-3740	81	37	gaud	gaud	PROPN
ajfa-3740	81	38	et	et	PROPN
ajfa-3740	81	39	al	al	PROPN
ajfa-3740	81	40	.	.	PROPN
ajfa-3740	81	41	,	,	PUNCT
ajfa-3740	81	42	2005	2005	NUM
ajfa-3740	81	43	)	)	PUNCT
ajfa-3740	81	44	.	.	PUNCT
ajfa-3740	82	1	according	accord	VERB
ajfa-3740	82	2	to	to	ADP
ajfa-3740	82	3	the	the	DET
ajfa-3740	82	4	trade	trade	NOUN
ajfa-3740	82	5	-	-	PUNCT
ajfa-3740	82	6	off	off	ADP
ajfa-3740	82	7	theory	theory	NOUN
ajfa-3740	82	8	,	,	PUNCT
ajfa-3740	82	9	larger	large	ADJ
ajfa-3740	82	10	firms	firm	NOUN
ajfa-3740	82	11	with	with	ADP
ajfa-3740	82	12	higher	high	ADJ
ajfa-3740	82	13	assets	asset	NOUN
ajfa-3740	82	14	tangibility	tangibility	NOUN
ajfa-3740	82	15	tend	tend	VERB
ajfa-3740	82	16	to	to	PART
ajfa-3740	82	17	have	have	VERB
ajfa-3740	82	18	more	more	ADJ
ajfa-3740	82	19	leverage	leverage	NOUN
ajfa-3740	82	20	and	and	CCONJ
ajfa-3740	82	21	pay	pay	VERB
ajfa-3740	82	22	higher	high	ADJ
ajfa-3740	82	23	dividends	dividend	NOUN
ajfa-3740	82	24	.	.	PUNCT
ajfa-3740	83	1	a	a	DET
ajfa-3740	83	2	dividend	dividend	NOUN
ajfa-3740	83	3	payment	payment	NOUN
ajfa-3740	83	4	is	be	AUX
ajfa-3740	83	5	one	one	NUM
ajfa-3740	83	6	form	form	NOUN
ajfa-3740	83	7	of	of	ADP
ajfa-3740	83	8	tacit	tacit	ADJ
ajfa-3740	83	9	information	information	NOUN
ajfa-3740	83	10	that	that	PRON
ajfa-3740	83	11	managers	manager	NOUN
ajfa-3740	83	12	convey	convey	VERB
ajfa-3740	83	13	to	to	ADP
ajfa-3740	83	14	the	the	DET
ajfa-3740	83	15	market	market	NOUN
ajfa-3740	83	16	,	,	PUNCT
ajfa-3740	83	17	thus	thus	ADV
ajfa-3740	83	18	indicating	indicate	VERB
ajfa-3740	83	19	that	that	SCONJ
ajfa-3740	83	20	firms	firm	NOUN
ajfa-3740	83	21	have	have	VERB
ajfa-3740	83	22	higher	high	ADJ
ajfa-3740	83	23	growth	growth	NOUN
ajfa-3740	83	24	prospects	prospect	NOUN
ajfa-3740	83	25	,	,	PUNCT
ajfa-3740	83	26	and	and	CCONJ
ajfa-3740	83	27	referred	refer	VERB
ajfa-3740	83	28	to	to	ADP
ajfa-3740	83	29	as	as	ADP
ajfa-3740	83	30	a	a	DET
ajfa-3740	83	31	signalling	signalling	NOUN
ajfa-3740	83	32	;	;	PUNCT
ajfa-3740	83	33	and	and	CCONJ
ajfa-3740	83	34	it	it	PRON
ajfa-3740	83	35	is	be	AUX
ajfa-3740	83	36	assumed	assume	VERB
ajfa-3740	83	37	that	that	SCONJ
ajfa-3740	83	38	signalling	signal	VERB
ajfa-3740	83	39	has	have	VERB
ajfa-3740	83	40	a	a	DET
ajfa-3740	83	41	positive	positive	ADJ
ajfa-3740	83	42	relationship	relationship	NOUN
ajfa-3740	83	43	with	with	ADP
ajfa-3740	83	44	leverage	leverage	NOUN
ajfa-3740	83	45	.	.	PUNCT
ajfa-3740	84	1	further	far	ADV
ajfa-3740	84	2	,	,	PUNCT
ajfa-3740	84	3	some	some	DET
ajfa-3740	84	4	empirical	empirical	ADJ
ajfa-3740	84	5	studies	study	NOUN
ajfa-3740	84	6	suggest	suggest	VERB
ajfa-3740	84	7	that	that	SCONJ
ajfa-3740	84	8	the	the	DET
ajfa-3740	84	9	performance	performance	NOUN
ajfa-3740	84	10	of	of	ADP
ajfa-3740	84	11	each	each	DET
ajfa-3740	84	12	firm	firm	NOUN
ajfa-3740	84	13	may	may	AUX
ajfa-3740	84	14	differ	differ	VERB
ajfa-3740	84	15	according	accord	VERB
ajfa-3740	84	16	to	to	ADP
ajfa-3740	84	17	their	their	PRON
ajfa-3740	84	18	size	size	NOUN
ajfa-3740	84	19	,	,	PUNCT
ajfa-3740	84	20	because	because	SCONJ
ajfa-3740	84	21	larger	large	ADJ
ajfa-3740	84	22	firms	firm	NOUN
ajfa-3740	84	23	have	have	VERB
ajfa-3740	84	24	greater	great	ADJ
ajfa-3740	84	25	economies	economy	NOUN
ajfa-3740	84	26	of	of	ADP
ajfa-3740	84	27	scale	scale	NOUN
ajfa-3740	84	28	in	in	ADP
ajfa-3740	84	29	the	the	DET
ajfa-3740	84	30	transaction	transaction	NOUN
ajfa-3740	84	31	costs	cost	NOUN
ajfa-3740	84	32	associated	associate	VERB
ajfa-3740	84	33	with	with	ADP
ajfa-3740	84	34	long	long	ADJ
ajfa-3740	84	35	term	term	NOUN
ajfa-3740	84	36	debt	debt	NOUN
ajfa-3740	84	37	,	,	PUNCT
ajfa-3740	84	38	which	which	PRON
ajfa-3740	84	39	may	may	AUX
ajfa-3740	84	40	influence	influence	VERB
ajfa-3740	84	41	the	the	DET
ajfa-3740	84	42	results	result	NOUN
ajfa-3740	84	43	and	and	CCONJ
ajfa-3740	84	44	inferences	inference	NOUN
ajfa-3740	84	45	(	(	PUNCT
ajfa-3740	84	46	ramaswamy	ramaswamy	ADJ
ajfa-3740	84	47	,	,	PUNCT
ajfa-3740	84	48	2001	2001	NUM
ajfa-3740	84	49	;	;	PUNCT
ajfa-3740	84	50	goyal	goyal	PROPN
ajfa-3740	84	51	&	&	CCONJ
ajfa-3740	84	52	frank	frank	PROPN
ajfa-3740	84	53	,	,	PUNCT
ajfa-3740	84	54	2003	2003	NUM
ajfa-3740	84	55	;	;	PUNCT
ajfa-3740	84	56	coleman	coleman	PROPN
ajfa-3740	84	57	,	,	PUNCT
ajfa-3740	84	58	2007	2007	NUM
ajfa-3740	84	59	;	;	PUNCT
ajfa-3740	84	60	jermias	jermia	NOUN
ajfa-3740	84	61	,	,	PUNCT
ajfa-3740	84	62	2008	2008	NUM
ajfa-3740	84	63	;	;	PUNCT
ajfa-3740	84	64	ebaid	ebaid	PROPN
ajfa-3740	84	65	,	,	PUNCT
ajfa-3740	84	66	2009	2009	NUM
ajfa-3740	84	67	)	)	PUNCT
ajfa-3740	84	68	.	.	PUNCT
ajfa-3740	85	1	in	in	ADP
ajfa-3740	85	2	addition	addition	NOUN
ajfa-3740	85	3	,	,	PUNCT
ajfa-3740	85	4	larger	large	ADJ
ajfa-3740	85	5	firms	firm	NOUN
ajfa-3740	85	6	have	have	VERB
ajfa-3740	85	7	less	less	ADJ
ajfa-3740	85	8	potential	potential	NOUN
ajfa-3740	85	9	for	for	ADP
ajfa-3740	85	10	bankruptcy	bankruptcy	NOUN
ajfa-3740	85	11	costs	cost	NOUN
ajfa-3740	85	12	;	;	PUNCT
ajfa-3740	85	13	therefore	therefore	ADV
ajfa-3740	85	14	,	,	PUNCT
ajfa-3740	85	15	firm	firm	ADJ
ajfa-3740	85	16	size	size	NOUN
ajfa-3740	85	17	should	should	AUX
ajfa-3740	85	18	be	be	AUX
ajfa-3740	85	19	positively	positively	ADV
ajfa-3740	85	20	related	relate	VERB
ajfa-3740	85	21	to	to	ADP
ajfa-3740	85	22	borrowing	borrowing	NOUN
ajfa-3740	85	23	capacity	capacity	NOUN
ajfa-3740	85	24	(	(	PUNCT
ajfa-3740	85	25	rajan	rajan	PROPN
ajfa-3740	85	26	&	&	CCONJ
ajfa-3740	85	27	zingales	zingales	PROPN
ajfa-3740	85	28	,	,	PUNCT
ajfa-3740	85	29	1995	1995	NUM
ajfa-3740	85	30	;	;	PUNCT
ajfa-3740	85	31	krishnan	krishnan	PROPN
ajfa-3740	85	32	&	&	CCONJ
ajfa-3740	85	33	moyer	moyer	PROPN
ajfa-3740	85	34	,	,	PUNCT
ajfa-3740	85	35	1997	1997	NUM
ajfa-3740	85	36	;	;	PUNCT
ajfa-3740	85	37	padron	padron	NOUN
ajfa-3740	85	38	et	et	PROPN
ajfa-3740	85	39	al	al	PROPN
ajfa-3740	85	40	.	.	PROPN
ajfa-3740	85	41	,	,	PUNCT
ajfa-3740	85	42	2005).in	2005).in	X
ajfa-3740	85	43	addition	addition	NOUN
ajfa-3740	85	44	,	,	PUNCT
ajfa-3740	85	45	harris	harris	PROPN
ajfa-3740	85	46	&	&	CCONJ
ajfa-3740	85	47	raviv	raviv	PROPN
ajfa-3740	85	48	(	(	PUNCT
ajfa-3740	85	49	1992	1992	NUM
ajfa-3740	85	50	)	)	PUNCT
ajfa-3740	85	51	and	and	CCONJ
ajfa-3740	85	52	booth	booth	NOUN
ajfa-3740	85	53	et	et	PROPN
ajfa-3740	85	54	al	al	PROPN
ajfa-3740	85	55	.	.	PROPN
ajfa-3740	86	1	(	(	PUNCT
ajfa-3740	86	2	2001	2001	NUM
ajfa-3740	86	3	)	)	PUNCT
ajfa-3740	86	4	imply	imply	VERB
ajfa-3740	86	5	that	that	SCONJ
ajfa-3740	86	6	higher	high	ADJ
ajfa-3740	86	7	leverage	leverage	NOUN
ajfa-3740	86	8	can	can	AUX
ajfa-3740	86	9	be	be	AUX
ajfa-3740	86	10	expected	expect	VERB
ajfa-3740	86	11	to	to	PART
ajfa-3740	86	12	be	be	AUX
ajfa-3740	86	13	associated	associate	VERB
ajfa-3740	86	14	with	with	ADP
ajfa-3740	86	15	larger	large	ADJ
ajfa-3740	86	16	firm	firm	ADJ
ajfa-3740	86	17	value	value	NOUN
ajfa-3740	86	18	;	;	PUNCT
ajfa-3740	86	19	higher	high	ADJ
ajfa-3740	86	20	debt	debt	NOUN
ajfa-3740	86	21	level	level	NOUN
ajfa-3740	86	22	relative	relative	ADJ
ajfa-3740	86	23	to	to	ADP
ajfa-3740	86	24	expected	expect	VERB
ajfa-3740	86	25	income	income	NOUN
ajfa-3740	86	26	;	;	PUNCT
ajfa-3740	86	27	and	and	CCONJ
ajfa-3740	86	28	lower	low	ADJ
ajfa-3740	86	29	probability	probability	NOUN
ajfa-3740	86	30	of	of	ADP
ajfa-3740	86	31	reorganization	reorganization	NOUN
ajfa-3740	86	32	following	follow	VERB
ajfa-3740	86	33	default	default	NOUN
ajfa-3740	86	34	.	.	PUNCT
ajfa-3740	87	1	however	however	ADV
ajfa-3740	87	2	,	,	PUNCT
ajfa-3740	87	3	titman	titman	PROPN
ajfa-3740	87	4	&	&	CCONJ
ajfa-3740	87	5	wessels	wessels	PROPN
ajfa-3740	87	6	(	(	PUNCT
ajfa-3740	87	7	1988	1988	NUM
ajfa-3740	87	8	)	)	PUNCT
ajfa-3740	87	9	and	and	CCONJ
ajfa-3740	87	10	wald	wald	X
ajfa-3740	87	11	(	(	PUNCT
ajfa-3740	87	12	1999	1999	NUM
ajfa-3740	87	13	)	)	PUNCT
ajfa-3740	87	14	assert	assert	VERB
ajfa-3740	87	15	that	that	SCONJ
ajfa-3740	87	16	larger	large	ADJ
ajfa-3740	87	17	firms	firm	NOUN
ajfa-3740	87	18	with	with	ADP
ajfa-3740	87	19	less	less	ADJ
ajfa-3740	87	20	asymmetric	asymmetric	ADJ
ajfa-3740	87	21	information	information	NOUN
ajfa-3740	87	22	prefer	prefer	VERB
ajfa-3740	87	23	to	to	PART
ajfa-3740	87	24	use	use	VERB
ajfa-3740	87	25	less	less	ADJ
ajfa-3740	87	26	debt	debt	NOUN
ajfa-3740	87	27	,	,	PUNCT
ajfa-3740	87	28	suggesting	suggest	VERB
ajfa-3740	87	29	a	a	DET
ajfa-3740	87	30	negative	negative	ADJ
ajfa-3740	87	31	relationship	relationship	NOUN
ajfa-3740	87	32	between	between	ADP
ajfa-3740	87	33	firm	firm	ADJ
ajfa-3740	87	34	size	size	NOUN
ajfa-3740	87	35	and	and	CCONJ
ajfa-3740	87	36	leverage	leverage	NOUN
ajfa-3740	87	37	.	.	PUNCT
ajfa-3740	88	1	because	because	SCONJ
ajfa-3740	88	2	of	of	ADP
ajfa-3740	88	3	asymmetric	asymmetric	ADJ
ajfa-3740	88	4	information	information	NOUN
ajfa-3740	88	5	,	,	PUNCT
ajfa-3740	88	6	smaller	small	ADJ
ajfa-3740	88	7	firms	firm	NOUN
ajfa-3740	88	8	are	be	AUX
ajfa-3740	88	9	likely	likely	ADJ
ajfa-3740	88	10	to	to	PART
ajfa-3740	88	11	bear	bear	VERB
ajfa-3740	88	12	higher	high	ADJ
ajfa-3740	88	13	costs	cost	NOUN
ajfa-3740	88	14	in	in	ADP
ajfa-3740	88	15	debt	debt	NOUN
ajfa-3740	88	16	financing	financing	NOUN
ajfa-3740	88	17	(	(	PUNCT
ajfa-3740	88	18	graham	graham	PROPN
ajfa-3740	88	19	,	,	PUNCT
ajfa-3740	88	20	2000	2000	NUM
ajfa-3740	88	21	;	;	PUNCT
ajfa-3740	88	22	padron	padron	NOUN
ajfa-3740	88	23	et	et	PROPN
ajfa-3740	88	24	al	al	PROPN
ajfa-3740	88	25	,	,	PUNCT
ajfa-3740	88	26	2005	2005	NUM
ajfa-3740	88	27	)	)	PUNCT
ajfa-3740	88	28	.	.	PUNCT
ajfa-3740	89	1	the	the	DET
ajfa-3740	89	2	tax	tax	NOUN
ajfa-3740	89	3	deduction	deduction	NOUN
ajfa-3740	89	4	for	for	ADP
ajfa-3740	89	5	depreciation	depreciation	NOUN
ajfa-3740	89	6	and	and	CCONJ
ajfa-3740	89	7	investment	investment	NOUN
ajfa-3740	89	8	tax	tax	NOUN
ajfa-3740	89	9	credits	credit	NOUN
ajfa-3740	89	10	is	be	AUX
ajfa-3740	89	11	called	call	VERB
ajfa-3740	89	12	non	non	ADJ
ajfa-3740	89	13	-	-	ADJ
ajfa-3740	89	14	debt	debt	ADJ
ajfa-3740	89	15	tax	tax	NOUN
ajfa-3740	89	16	shields	shield	NOUN
ajfa-3740	89	17	(	(	PUNCT
ajfa-3740	89	18	ndts	ndts	PROPN
ajfa-3740	89	19	)	)	PUNCT
ajfa-3740	89	20	.	.	PUNCT
ajfa-3740	90	1	deangelo	deangelo	PROPN
ajfa-3740	90	2	and	and	CCONJ
ajfa-3740	90	3	masulis	masulis	PROPN
ajfa-3740	90	4	(	(	PUNCT
ajfa-3740	90	5	1980	1980	NUM
ajfa-3740	90	6	)	)	PUNCT
ajfa-3740	90	7	argue	argue	VERB
ajfa-3740	90	8	that	that	SCONJ
ajfa-3740	90	9	non	non	ADJ
ajfa-3740	90	10	-	-	ADJ
ajfa-3740	90	11	debt	debt	ADJ
ajfa-3740	90	12	tax	tax	NOUN
ajfa-3740	90	13	shields	shield	NOUN
ajfa-3740	90	14	are	be	AUX
ajfa-3740	90	15	substitutes	substitute	NOUN
ajfa-3740	90	16	for	for	ADP
ajfa-3740	90	17	the	the	DET
ajfa-3740	90	18	asian	asian	ADJ
ajfa-3740	90	19	journal	journal	NOUN
ajfa-3740	90	20	of	of	ADP
ajfa-3740	90	21	finance	finance	PROPN
ajfa-3740	90	22	&	&	CCONJ
ajfa-3740	90	23	accounting	accounting	PROPN
ajfa-3740	90	24	issn	issn	PROPN
ajfa-3740	90	25	1946	1946	NUM
ajfa-3740	90	26	-	-	PUNCT
ajfa-3740	90	27	052x	052x	NOUN
ajfa-3740	90	28	2013	2013	NUM
ajfa-3740	90	29	,	,	PUNCT
ajfa-3740	90	30	vol	vol	NOUN
ajfa-3740	90	31	.	.	PROPN
ajfa-3740	90	32	5	5	NUM
ajfa-3740	90	33	,	,	PUNCT
ajfa-3740	90	34	no	no	INTJ
ajfa-3740	90	35	.	.	NOUN
ajfa-3740	90	36	2	2	NUM
ajfa-3740	90	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3740	90	38	7	7	NUM
ajfa-3740	90	39	tax	tax	NOUN
ajfa-3740	90	40	benefits	benefit	NOUN
ajfa-3740	90	41	of	of	ADP
ajfa-3740	90	42	debt	debt	NOUN
ajfa-3740	90	43	financing	financing	NOUN
ajfa-3740	90	44	;	;	PUNCT
ajfa-3740	90	45	and	and	CCONJ
ajfa-3740	90	46	firms	firm	NOUN
ajfa-3740	90	47	with	with	ADP
ajfa-3740	90	48	larger	large	ADJ
ajfa-3740	90	49	non	non	ADJ
ajfa-3740	90	50	-	-	ADJ
ajfa-3740	90	51	debt	debt	ADJ
ajfa-3740	90	52	tax	tax	NOUN
ajfa-3740	90	53	shields	shield	NOUN
ajfa-3740	90	54	have	have	VERB
ajfa-3740	90	55	low	low	ADJ
ajfa-3740	90	56	debt	debt	NOUN
ajfa-3740	90	57	.	.	PUNCT
ajfa-3740	91	1	however	however	ADV
ajfa-3740	91	2	,	,	PUNCT
ajfa-3740	91	3	many	many	ADJ
ajfa-3740	91	4	studies	study	NOUN
ajfa-3740	91	5	argue	argue	VERB
ajfa-3740	91	6	that	that	SCONJ
ajfa-3740	91	7	larger	large	ADJ
ajfa-3740	91	8	firms	firm	NOUN
ajfa-3740	91	9	tend	tend	VERB
ajfa-3740	91	10	to	to	PART
ajfa-3740	91	11	be	be	AUX
ajfa-3740	91	12	more	more	ADV
ajfa-3740	91	13	diversified	diversified	ADJ
ajfa-3740	91	14	and	and	CCONJ
ajfa-3740	91	15	hence	hence	ADV
ajfa-3740	91	16	are	be	AUX
ajfa-3740	91	17	less	less	ADV
ajfa-3740	91	18	likely	likely	ADJ
ajfa-3740	91	19	to	to	PART
ajfa-3740	91	20	go	go	VERB
ajfa-3740	91	21	bankrupt	bankrupt	ADJ
ajfa-3740	91	22	;	;	PUNCT
ajfa-3740	91	23	so	so	ADV
ajfa-3740	91	24	they	they	PRON
ajfa-3740	91	25	tend	tend	VERB
ajfa-3740	91	26	to	to	PART
ajfa-3740	91	27	utilise	utilise	VERB
ajfa-3740	91	28	debt	debt	NOUN
ajfa-3740	91	29	to	to	PART
ajfa-3740	91	30	have	have	VERB
ajfa-3740	91	31	the	the	DET
ajfa-3740	91	32	benefit	benefit	NOUN
ajfa-3740	91	33	of	of	ADP
ajfa-3740	91	34	tax	tax	NOUN
ajfa-3740	91	35	-	-	PUNCT
ajfa-3740	91	36	shields	shield	NOUN
ajfa-3740	91	37	.	.	PUNCT
ajfa-3740	92	1	debt	debt	NOUN
ajfa-3740	92	2	usage	usage	NOUN
ajfa-3740	92	3	will	will	AUX
ajfa-3740	92	4	reduce	reduce	VERB
ajfa-3740	92	5	the	the	DET
ajfa-3740	92	6	taxable	taxable	ADJ
ajfa-3740	92	7	income	income	NOUN
ajfa-3740	92	8	,	,	PUNCT
ajfa-3740	92	9	and	and	CCONJ
ajfa-3740	92	10	thus	thus	ADV
ajfa-3740	92	11	firms	firm	NOUN
ajfa-3740	92	12	favour	favour	AUX
ajfa-3740	92	13	having	have	VERB
ajfa-3740	92	14	more	more	ADJ
ajfa-3740	92	15	debt	debt	NOUN
ajfa-3740	92	16	,	,	PUNCT
ajfa-3740	92	17	as	as	SCONJ
ajfa-3740	92	18	this	this	DET
ajfa-3740	92	19	increase	increase	NOUN
ajfa-3740	92	20	the	the	DET
ajfa-3740	92	21	amount	amount	NOUN
ajfa-3740	92	22	of	of	ADP
ajfa-3740	92	23	cash	cash	NOUN
ajfa-3740	92	24	obtained	obtain	VERB
ajfa-3740	92	25	(	(	PUNCT
ajfa-3740	92	26	bradley	bradley	PROPN
ajfa-3740	92	27	et	et	PROPN
ajfa-3740	92	28	al	al	PROPN
ajfa-3740	92	29	.	.	PROPN
ajfa-3740	92	30	,	,	PUNCT
ajfa-3740	92	31	1984	1984	NUM
ajfa-3740	92	32	)	)	PUNCT
ajfa-3740	92	33	.	.	PUNCT
ajfa-3740	93	1	on	on	ADP
ajfa-3740	93	2	the	the	DET
ajfa-3740	93	3	other	other	ADJ
ajfa-3740	93	4	hand	hand	NOUN
ajfa-3740	93	5	,	,	PUNCT
ajfa-3740	93	6	the	the	DET
ajfa-3740	93	7	presence	presence	NOUN
ajfa-3740	93	8	of	of	ADP
ajfa-3740	93	9	non	non	ADJ
ajfa-3740	93	10	-	-	ADJ
ajfa-3740	93	11	debt	debt	ADJ
ajfa-3740	93	12	tax	tax	NOUN
ajfa-3740	93	13	shields	shield	NOUN
ajfa-3740	93	14	reduces	reduce	VERB
ajfa-3740	93	15	the	the	DET
ajfa-3740	93	16	optimal	optimal	ADJ
ajfa-3740	93	17	advantage	advantage	NOUN
ajfa-3740	93	18	of	of	ADP
ajfa-3740	93	19	debt	debt	NOUN
ajfa-3740	93	20	,	,	PUNCT
ajfa-3740	93	21	because	because	SCONJ
ajfa-3740	93	22	a	a	DET
ajfa-3740	93	23	higher	high	ADJ
ajfa-3740	93	24	level	level	NOUN
ajfa-3740	93	25	of	of	ADP
ajfa-3740	93	26	non	non	ADJ
ajfa-3740	93	27	-	-	ADJ
ajfa-3740	93	28	debt	debt	ADJ
ajfa-3740	93	29	tax	tax	NOUN
ajfa-3740	93	30	shields	shield	NOUN
ajfa-3740	93	31	results	result	VERB
ajfa-3740	93	32	in	in	ADP
ajfa-3740	93	33	less	less	ADJ
ajfa-3740	93	34	reliance	reliance	NOUN
ajfa-3740	93	35	on	on	ADP
ajfa-3740	93	36	the	the	DET
ajfa-3740	93	37	tax	tax	NOUN
ajfa-3740	93	38	-	-	PUNCT
ajfa-3740	93	39	deductible	deductible	ADJ
ajfa-3740	93	40	aspect	aspect	NOUN
ajfa-3740	93	41	of	of	ADP
ajfa-3740	93	42	debt	debt	NOUN
ajfa-3740	93	43	which	which	PRON
ajfa-3740	93	44	leads	lead	VERB
ajfa-3740	93	45	to	to	ADP
ajfa-3740	93	46	a	a	DET
ajfa-3740	93	47	negative	negative	ADJ
ajfa-3740	93	48	relationship	relationship	NOUN
ajfa-3740	93	49	with	with	ADP
ajfa-3740	93	50	debt	debt	NOUN
ajfa-3740	93	51	.	.	PUNCT
ajfa-3740	94	1	wiwattanakantang	wiwattanakantang	PROPN
ajfa-3740	94	2	(	(	PUNCT
ajfa-3740	94	3	1999	1999	NUM
ajfa-3740	94	4	)	)	PUNCT
ajfa-3740	94	5	and	and	CCONJ
ajfa-3740	94	6	,	,	PUNCT
ajfa-3740	94	7	de	de	PROPN
ajfa-3740	94	8	miguel	miguel	PROPN
ajfa-3740	94	9	and	and	CCONJ
ajfa-3740	94	10	pindado	pindado	PROPN
ajfa-3740	94	11	(	(	PUNCT
ajfa-3740	94	12	2001	2001	NUM
ajfa-3740	94	13	)	)	PUNCT
ajfa-3740	94	14	found	find	VERB
ajfa-3740	94	15	an	an	DET
ajfa-3740	94	16	inverse	inverse	NOUN
ajfa-3740	94	17	relationship	relationship	NOUN
ajfa-3740	94	18	between	between	ADP
ajfa-3740	94	19	non	non	ADJ
ajfa-3740	94	20	-	-	ADJ
ajfa-3740	94	21	debt	debt	ADJ
ajfa-3740	94	22	tax	tax	NOUN
ajfa-3740	94	23	shield	shield	NOUN
ajfa-3740	94	24	and	and	CCONJ
ajfa-3740	94	25	debt	debt	NOUN
ajfa-3740	94	26	.	.	PUNCT
ajfa-3740	95	1	empirical	empirical	ADJ
ajfa-3740	95	2	studies	study	NOUN
ajfa-3740	95	3	find	find	VERB
ajfa-3740	95	4	that	that	SCONJ
ajfa-3740	95	5	firms	firm	NOUN
ajfa-3740	95	6	with	with	ADP
ajfa-3740	95	7	higher	high	ADJ
ajfa-3740	95	8	growth	growth	NOUN
ajfa-3740	95	9	tend	tend	VERB
ajfa-3740	95	10	to	to	PART
ajfa-3740	95	11	have	have	VERB
ajfa-3740	95	12	more	more	ADJ
ajfa-3740	95	13	debt	debt	NOUN
ajfa-3740	95	14	as	as	SCONJ
ajfa-3740	95	15	they	they	PRON
ajfa-3740	95	16	expect	expect	VERB
ajfa-3740	95	17	to	to	PART
ajfa-3740	95	18	expand	expand	VERB
ajfa-3740	95	19	their	their	PRON
ajfa-3740	95	20	business	business	NOUN
ajfa-3740	95	21	scale	scale	NOUN
ajfa-3740	95	22	;	;	PUNCT
ajfa-3740	95	23	and	and	CCONJ
ajfa-3740	95	24	debt	debt	NOUN
ajfa-3740	95	25	financing	financing	NOUN
ajfa-3740	95	26	is	be	AUX
ajfa-3740	95	27	considered	consider	VERB
ajfa-3740	95	28	as	as	ADP
ajfa-3740	95	29	a	a	DET
ajfa-3740	95	30	preferable	preferable	ADJ
ajfa-3740	95	31	option	option	NOUN
ajfa-3740	95	32	as	as	SCONJ
ajfa-3740	95	33	it	it	PRON
ajfa-3740	95	34	carries	carry	VERB
ajfa-3740	95	35	lower	low	ADJ
ajfa-3740	95	36	cost	cost	NOUN
ajfa-3740	95	37	;	;	PUNCT
ajfa-3740	95	38	however	however	ADV
ajfa-3740	95	39	,	,	PUNCT
ajfa-3740	95	40	high	high	ADJ
ajfa-3740	95	41	-	-	PUNCT
ajfa-3740	95	42	growth	growth	NOUN
ajfa-3740	95	43	firms	firm	NOUN
ajfa-3740	95	44	having	have	VERB
ajfa-3740	95	45	an	an	DET
ajfa-3740	95	46	outstanding	outstanding	ADJ
ajfa-3740	95	47	debt	debt	NOUN
ajfa-3740	95	48	with	with	ADP
ajfa-3740	95	49	higher	high	ADJ
ajfa-3740	95	50	opportunities	opportunity	NOUN
ajfa-3740	95	51	on	on	ADP
ajfa-3740	95	52	profitable	profitable	ADJ
ajfa-3740	95	53	investments	investment	NOUN
ajfa-3740	95	54	will	will	AUX
ajfa-3740	95	55	forgo	forgo	VERB
ajfa-3740	95	56	these	these	DET
ajfa-3740	95	57	investments	investment	NOUN
ajfa-3740	95	58	as	as	SCONJ
ajfa-3740	95	59	it	it	PRON
ajfa-3740	95	60	only	only	ADV
ajfa-3740	95	61	affects	affect	VERB
ajfa-3740	95	62	debt	debt	NOUN
ajfa-3740	95	63	holders	holder	NOUN
ajfa-3740	95	64	rather	rather	ADV
ajfa-3740	95	65	than	than	ADP
ajfa-3740	95	66	shareholders	shareholder	NOUN
ajfa-3740	95	67	;	;	PUNCT
ajfa-3740	95	68	therefore	therefore	ADV
ajfa-3740	95	69	,	,	PUNCT
ajfa-3740	95	70	growth	growth	NOUN
ajfa-3740	95	71	is	be	AUX
ajfa-3740	95	72	expected	expect	VERB
ajfa-3740	95	73	to	to	PART
ajfa-3740	95	74	have	have	VERB
ajfa-3740	95	75	negative	negative	ADJ
ajfa-3740	95	76	relationships	relationship	NOUN
ajfa-3740	95	77	with	with	ADP
ajfa-3740	95	78	debt	debt	NOUN
ajfa-3740	95	79	(	(	PUNCT
ajfa-3740	95	80	myers	myer	NOUN
ajfa-3740	95	81	,	,	PUNCT
ajfa-3740	95	82	1977	1977	NUM
ajfa-3740	95	83	)	)	PUNCT
ajfa-3740	95	84	.	.	PUNCT
ajfa-3740	96	1	further	far	ADV
ajfa-3740	96	2	,	,	PUNCT
ajfa-3740	96	3	titman	titman	NOUN
ajfa-3740	96	4	and	and	CCONJ
ajfa-3740	96	5	wessels	wessels	PROPN
ajfa-3740	96	6	(	(	PUNCT
ajfa-3740	96	7	1988	1988	NUM
ajfa-3740	96	8	)	)	PUNCT
ajfa-3740	96	9	,	,	PUNCT
ajfa-3740	96	10	rajan	rajan	PROPN
ajfa-3740	96	11	and	and	CCONJ
ajfa-3740	96	12	zingales	zingales	PROPN
ajfa-3740	96	13	(	(	PUNCT
ajfa-3740	96	14	1995	1995	NUM
ajfa-3740	96	15	)	)	PUNCT
ajfa-3740	96	16	,	,	PUNCT
ajfa-3740	96	17	harris	harris	PROPN
ajfa-3740	96	18	and	and	CCONJ
ajfa-3740	96	19	raviv	raviv	PROPN
ajfa-3740	96	20	(	(	PUNCT
ajfa-3740	96	21	1992	1992	NUM
ajfa-3740	96	22	)	)	PUNCT
ajfa-3740	96	23	,	,	PUNCT
ajfa-3740	96	24	ghosh	ghosh	PROPN
ajfa-3740	96	25	and	and	CCONJ
ajfa-3740	96	26	cai	cai	PROPN
ajfa-3740	96	27	(	(	PUNCT
ajfa-3740	96	28	2000	2000	NUM
ajfa-3740	96	29	)	)	PUNCT
ajfa-3740	96	30	,	,	PUNCT
ajfa-3740	96	31	booth	booth	NOUN
ajfa-3740	96	32	et	et	PROPN
ajfa-3740	96	33	al	al	PROPN
ajfa-3740	96	34	(	(	PUNCT
ajfa-3740	96	35	2001	2001	NUM
ajfa-3740	96	36	)	)	PUNCT
ajfa-3740	96	37	and	and	CCONJ
ajfa-3740	96	38	padron	padron	NOUN
ajfa-3740	96	39	et	et	PROPN
ajfa-3740	96	40	al	al	PROPN
ajfa-3740	96	41	.	.	PROPN
ajfa-3740	97	1	(	(	PUNCT
ajfa-3740	97	2	2005	2005	NUM
ajfa-3740	97	3	)	)	PUNCT
ajfa-3740	97	4	found	find	VERB
ajfa-3740	97	5	that	that	SCONJ
ajfa-3740	97	6	firms	firm	NOUN
ajfa-3740	97	7	with	with	ADP
ajfa-3740	97	8	higher	high	ADJ
ajfa-3740	97	9	growth	growth	NOUN
ajfa-3740	97	10	should	should	AUX
ajfa-3740	97	11	utilise	utilise	VERB
ajfa-3740	97	12	equity	equity	NOUN
ajfa-3740	97	13	financing	financing	NOUN
ajfa-3740	97	14	resulting	result	VERB
ajfa-3740	97	15	in	in	ADP
ajfa-3740	97	16	a	a	DET
ajfa-3740	97	17	negative	negative	ADJ
ajfa-3740	97	18	relationship	relationship	NOUN
ajfa-3740	97	19	with	with	ADP
ajfa-3740	97	20	leverage	leverage	NOUN
ajfa-3740	97	21	.	.	PUNCT
ajfa-3740	98	1	jensen	jensen	PROPN
ajfa-3740	98	2	and	and	CCONJ
ajfa-3740	98	3	meckling	meckle	VERB
ajfa-3740	98	4	(	(	PUNCT
ajfa-3740	98	5	1976	1976	NUM
ajfa-3740	98	6	and	and	CCONJ
ajfa-3740	98	7	1986	1986	NUM
ajfa-3740	98	8	)	)	PUNCT
ajfa-3740	98	9	suggest	suggest	VERB
ajfa-3740	98	10	that	that	SCONJ
ajfa-3740	98	11	leverage	leverage	NOUN
ajfa-3740	98	12	minimises	minimise	NOUN
ajfa-3740	98	13	the	the	DET
ajfa-3740	98	14	total	total	ADJ
ajfa-3740	98	15	agency	agency	NOUN
ajfa-3740	98	16	costs	cost	NOUN
ajfa-3740	98	17	resulting	result	VERB
ajfa-3740	98	18	from	from	ADP
ajfa-3740	98	19	the	the	DET
ajfa-3740	98	20	conflicts	conflict	NOUN
ajfa-3740	98	21	of	of	ADP
ajfa-3740	98	22	interest	interest	NOUN
ajfa-3740	98	23	between	between	ADP
ajfa-3740	98	24	shareholders	shareholder	NOUN
ajfa-3740	98	25	and	and	CCONJ
ajfa-3740	98	26	managers	manager	NOUN
ajfa-3740	98	27	,	,	PUNCT
ajfa-3740	98	28	and	and	CCONJ
ajfa-3740	98	29	conflicts	conflict	NOUN
ajfa-3740	98	30	between	between	ADP
ajfa-3740	98	31	shareholders	shareholder	NOUN
ajfa-3740	98	32	and	and	CCONJ
ajfa-3740	98	33	debt	debt	NOUN
ajfa-3740	98	34	holders	holder	NOUN
ajfa-3740	98	35	,	,	PUNCT
ajfa-3740	98	36	therefore	therefore	ADV
ajfa-3740	98	37	it	it	PRON
ajfa-3740	98	38	is	be	AUX
ajfa-3740	98	39	expected	expect	VERB
ajfa-3740	98	40	that	that	SCONJ
ajfa-3740	98	41	leverage	leverage	NOUN
ajfa-3740	98	42	has	have	VERB
ajfa-3740	98	43	a	a	DET
ajfa-3740	98	44	correlation	correlation	NOUN
ajfa-3740	98	45	with	with	ADP
ajfa-3740	98	46	ownership	ownership	NOUN
ajfa-3740	98	47	(	(	PUNCT
ajfa-3740	98	48	including	include	VERB
ajfa-3740	98	49	managerial	managerial	ADJ
ajfa-3740	98	50	ownership	ownership	NOUN
ajfa-3740	98	51	)	)	PUNCT
ajfa-3740	98	52	.	.	PUNCT
ajfa-3740	99	1	leland	leland	PROPN
ajfa-3740	99	2	and	and	CCONJ
ajfa-3740	99	3	pyle	pyle	PROPN
ajfa-3740	99	4	(	(	PUNCT
ajfa-3740	99	5	1977	1977	NUM
ajfa-3740	99	6	)	)	PUNCT
ajfa-3740	99	7	and	and	CCONJ
ajfa-3740	99	8	berger	berger	PROPN
ajfa-3740	99	9	et	et	PROPN
ajfa-3740	99	10	al	al	PROPN
ajfa-3740	99	11	(	(	PUNCT
ajfa-3740	99	12	1997	1997	NUM
ajfa-3740	99	13	)	)	PUNCT
ajfa-3740	99	14	found	find	VERB
ajfa-3740	99	15	that	that	SCONJ
ajfa-3740	99	16	leverage	leverage	NOUN
ajfa-3740	99	17	is	be	AUX
ajfa-3740	99	18	positively	positively	ADV
ajfa-3740	99	19	correlated	correlate	VERB
ajfa-3740	99	20	with	with	ADP
ajfa-3740	99	21	the	the	DET
ajfa-3740	99	22	extent	extent	NOUN
ajfa-3740	99	23	of	of	ADP
ajfa-3740	99	24	managerial	managerial	ADJ
ajfa-3740	99	25	shareholdings	shareholding	NOUN
ajfa-3740	99	26	.	.	PUNCT
ajfa-3740	100	1	on	on	ADP
ajfa-3740	100	2	the	the	DET
ajfa-3740	100	3	other	other	ADJ
ajfa-3740	100	4	hand	hand	NOUN
ajfa-3740	100	5	,	,	PUNCT
ajfa-3740	100	6	it	it	PRON
ajfa-3740	100	7	is	be	AUX
ajfa-3740	100	8	assumed	assume	VERB
ajfa-3740	100	9	that	that	SCONJ
ajfa-3740	100	10	higher	high	ADJ
ajfa-3740	100	11	inside	inside	ADP
ajfa-3740	100	12	ownership	ownership	NOUN
ajfa-3740	100	13	tends	tend	VERB
ajfa-3740	100	14	to	to	PART
ajfa-3740	100	15	have	have	VERB
ajfa-3740	100	16	less	less	ADJ
ajfa-3740	100	17	debt	debt	NOUN
ajfa-3740	100	18	,	,	PUNCT
ajfa-3740	100	19	because	because	SCONJ
ajfa-3740	100	20	they	they	PRON
ajfa-3740	100	21	prefer	prefer	VERB
ajfa-3740	100	22	to	to	PART
ajfa-3740	100	23	use	use	VERB
ajfa-3740	100	24	internal	internal	ADJ
ajfa-3740	100	25	financing	financing	NOUN
ajfa-3740	100	26	to	to	PART
ajfa-3740	100	27	avoid	avoid	VERB
ajfa-3740	100	28	the	the	DET
ajfa-3740	100	29	agency	agency	NOUN
ajfa-3740	100	30	problem	problem	NOUN
ajfa-3740	100	31	with	with	ADP
ajfa-3740	100	32	debt	debt	NOUN
ajfa-3740	100	33	holders	holder	NOUN
ajfa-3740	100	34	;	;	PUNCT
ajfa-3740	100	35	therefore	therefore	ADV
ajfa-3740	100	36	negative	negative	ADJ
ajfa-3740	100	37	relationships	relationship	NOUN
ajfa-3740	100	38	between	between	ADP
ajfa-3740	100	39	leverage	leverage	NOUN
ajfa-3740	100	40	and	and	CCONJ
ajfa-3740	100	41	managerial	managerial	ADJ
ajfa-3740	100	42	ownership	ownership	NOUN
ajfa-3740	100	43	are	be	AUX
ajfa-3740	100	44	expected	expect	VERB
ajfa-3740	100	45	.	.	PUNCT
ajfa-3740	101	1	friend	friend	NOUN
ajfa-3740	101	2	and	and	CCONJ
ajfa-3740	101	3	hasbrouck	hasbrouck	PROPN
ajfa-3740	101	4	(	(	PUNCT
ajfa-3740	101	5	1988	1988	NUM
ajfa-3740	101	6	)	)	PUNCT
ajfa-3740	101	7	tested	test	VERB
ajfa-3740	101	8	director	director	NOUN
ajfa-3740	101	9	’s	’s	PART
ajfa-3740	101	10	shareholdings	shareholding	NOUN
ajfa-3740	101	11	as	as	ADP
ajfa-3740	101	12	a	a	DET
ajfa-3740	101	13	determinant	determinant	NOUN
ajfa-3740	101	14	of	of	ADP
ajfa-3740	101	15	a	a	DET
ajfa-3740	101	16	firm	firm	NOUN
ajfa-3740	101	17	’s	’s	PART
ajfa-3740	101	18	capital	capital	NOUN
ajfa-3740	101	19	structure	structure	NOUN
ajfa-3740	101	20	,	,	PUNCT
ajfa-3740	101	21	and	and	CCONJ
ajfa-3740	101	22	they	they	PRON
ajfa-3740	101	23	found	find	VERB
ajfa-3740	101	24	significant	significant	ADJ
ajfa-3740	101	25	negative	negative	ADJ
ajfa-3740	101	26	relationship	relationship	NOUN
ajfa-3740	101	27	between	between	ADP
ajfa-3740	101	28	ownership	ownership	NOUN
ajfa-3740	101	29	and	and	CCONJ
ajfa-3740	101	30	debt	debt	NOUN
ajfa-3740	101	31	.	.	PUNCT
ajfa-3740	102	1	likewise	likewise	ADV
ajfa-3740	102	2	,	,	PUNCT
ajfa-3740	102	3	wiwattanakantang	wiwattanakantang	PROPN
ajfa-3740	102	4	(	(	PUNCT
ajfa-3740	102	5	1999	1999	NUM
ajfa-3740	102	6	)	)	PUNCT
ajfa-3740	102	7	found	find	VERB
ajfa-3740	102	8	that	that	SCONJ
ajfa-3740	102	9	ownership	ownership	NOUN
ajfa-3740	102	10	structure	structure	NOUN
ajfa-3740	102	11	affects	affect	VERB
ajfa-3740	102	12	financial	financial	ADJ
ajfa-3740	102	13	structure	structure	NOUN
ajfa-3740	102	14	.	.	PUNCT
ajfa-3740	103	1	further	far	ADV
ajfa-3740	103	2	,	,	PUNCT
ajfa-3740	103	3	seifert	seifert	NOUN
ajfa-3740	103	4	and	and	CCONJ
ajfa-3740	103	5	gonenc	gonenc	PROPN
ajfa-3740	103	6	(	(	PUNCT
ajfa-3740	103	7	2008	2008	NUM
ajfa-3740	103	8	)	)	PUNCT
ajfa-3740	103	9	explain	explain	VERB
ajfa-3740	103	10	that	that	SCONJ
ajfa-3740	103	11	in	in	ADP
ajfa-3740	103	12	the	the	DET
ajfa-3740	103	13	us	us	PROPN
ajfa-3740	103	14	and	and	CCONJ
ajfa-3740	103	15	the	the	DET
ajfa-3740	103	16	uk	uk	PROPN
ajfa-3740	103	17	,	,	PUNCT
ajfa-3740	103	18	ownership	ownership	NOUN
ajfa-3740	103	19	is	be	AUX
ajfa-3740	103	20	dispersed	disperse	VERB
ajfa-3740	103	21	,	,	PUNCT
ajfa-3740	103	22	and	and	CCONJ
ajfa-3740	103	23	managers	manager	NOUN
ajfa-3740	103	24	and	and	CCONJ
ajfa-3740	103	25	insiders	insider	NOUN
ajfa-3740	103	26	have	have	VERB
ajfa-3740	103	27	superior	superior	ADJ
ajfa-3740	103	28	information	information	NOUN
ajfa-3740	103	29	compared	compare	VERB
ajfa-3740	103	30	to	to	ADP
ajfa-3740	103	31	outside	outside	ADJ
ajfa-3740	103	32	shareholders	shareholder	NOUN
ajfa-3740	103	33	.	.	PUNCT
ajfa-3740	104	1	in	in	ADP
ajfa-3740	104	2	japan	japan	PROPN
ajfa-3740	104	3	and	and	CCONJ
ajfa-3740	104	4	germany	germany	PROPN
ajfa-3740	104	5	,	,	PUNCT
ajfa-3740	104	6	the	the	DET
ajfa-3740	104	7	asymmetric	asymmetric	ADJ
ajfa-3740	104	8	information	information	NOUN
ajfa-3740	104	9	issues	issue	NOUN
ajfa-3740	104	10	are	be	AUX
ajfa-3740	104	11	caused	cause	VERB
ajfa-3740	104	12	more	more	ADV
ajfa-3740	104	13	due	due	ADJ
ajfa-3740	104	14	to	to	ADP
ajfa-3740	104	15	the	the	DET
ajfa-3740	104	16	quality	quality	NOUN
ajfa-3740	104	17	of	of	ADP
ajfa-3740	104	18	information	information	NOUN
ajfa-3740	104	19	provided	provide	VERB
ajfa-3740	104	20	to	to	ADP
ajfa-3740	104	21	investors	investor	NOUN
ajfa-3740	104	22	and	and	CCONJ
ajfa-3740	104	23	the	the	DET
ajfa-3740	104	24	legal	legal	ADJ
ajfa-3740	104	25	rights	right	NOUN
ajfa-3740	104	26	afforded	afford	VERB
ajfa-3740	104	27	to	to	ADP
ajfa-3740	104	28	these	these	DET
ajfa-3740	104	29	outside	outside	ADJ
ajfa-3740	104	30	investors	investor	NOUN
ajfa-3740	104	31	.	.	PUNCT
ajfa-3740	105	1	however	however	ADV
ajfa-3740	105	2	,	,	PUNCT
ajfa-3740	105	3	empirical	empirical	ADJ
ajfa-3740	105	4	studies	study	NOUN
ajfa-3740	105	5	provide	provide	VERB
ajfa-3740	105	6	mixed	mixed	ADJ
ajfa-3740	105	7	results	result	NOUN
ajfa-3740	105	8	on	on	ADP
ajfa-3740	105	9	how	how	SCONJ
ajfa-3740	105	10	ownership	ownership	NOUN
ajfa-3740	105	11	structure	structure	NOUN
ajfa-3740	105	12	impacts	impact	NOUN
ajfa-3740	105	13	on	on	ADP
ajfa-3740	105	14	capital	capital	NOUN
ajfa-3740	105	15	structure	structure	NOUN
ajfa-3740	105	16	.	.	PUNCT
ajfa-3740	106	1	a	a	DET
ajfa-3740	106	2	series	series	NOUN
ajfa-3740	106	3	of	of	ADP
ajfa-3740	106	4	specific	specific	ADJ
ajfa-3740	106	5	hypothesis	hypothesis	NOUN
ajfa-3740	106	6	in	in	ADP
ajfa-3740	106	7	determining	determine	VERB
ajfa-3740	106	8	the	the	DET
ajfa-3740	106	9	capital	capital	NOUN
ajfa-3740	106	10	structure	structure	NOUN
ajfa-3740	106	11	choice	choice	NOUN
ajfa-3740	106	12	is	be	AUX
ajfa-3740	106	13	provided	provide	VERB
ajfa-3740	106	14	as	as	SCONJ
ajfa-3740	106	15	follows	follow	VERB
ajfa-3740	106	16	:	:	PUNCT
ajfa-3740	106	17	h1	h1	X
ajfa-3740	106	18	:	:	PUNCT
ajfa-3740	106	19	tangibility	tangibility	NOUN
ajfa-3740	106	20	is	be	AUX
ajfa-3740	106	21	positively	positively	ADV
ajfa-3740	106	22	associated	associate	VERB
ajfa-3740	106	23	with	with	ADP
ajfa-3740	106	24	leverage	leverage	NOUN
ajfa-3740	106	25	h2	h2	NOUN
ajfa-3740	106	26	:	:	PUNCT
ajfa-3740	106	27	non	non	ADJ
ajfa-3740	106	28	-	-	ADJ
ajfa-3740	106	29	debt	debt	ADJ
ajfa-3740	106	30	tax	tax	NOUN
ajfa-3740	106	31	shields	shield	NOUN
ajfa-3740	106	32	are	be	AUX
ajfa-3740	106	33	negatively	negatively	ADV
ajfa-3740	106	34	associated	associate	VERB
ajfa-3740	106	35	with	with	ADP
ajfa-3740	106	36	leverage	leverage	NOUN
ajfa-3740	106	37	h3	h3	NOUN
ajfa-3740	106	38	:	:	PUNCT
ajfa-3740	106	39	profitability	profitability	NOUN
ajfa-3740	106	40	is	be	AUX
ajfa-3740	106	41	negatively	negatively	ADV
ajfa-3740	106	42	associated	associate	VERB
ajfa-3740	106	43	with	with	ADP
ajfa-3740	106	44	leverage	leverage	NOUN
ajfa-3740	106	45	asian	asian	ADJ
ajfa-3740	106	46	journal	journal	NOUN
ajfa-3740	106	47	of	of	ADP
ajfa-3740	106	48	finance	finance	PROPN
ajfa-3740	106	49	&	&	CCONJ
ajfa-3740	106	50	accounting	accounting	PROPN
ajfa-3740	106	51	issn	issn	PROPN
ajfa-3740	106	52	1946	1946	NUM
ajfa-3740	106	53	-	-	PUNCT
ajfa-3740	106	54	052x	052x	NOUN
ajfa-3740	106	55	2013	2013	NUM
ajfa-3740	106	56	,	,	PUNCT
ajfa-3740	106	57	vol	vol	NOUN
ajfa-3740	106	58	.	.	PROPN
ajfa-3740	107	1	5	5	NUM
ajfa-3740	107	2	,	,	PUNCT
ajfa-3740	107	3	no	no	INTJ
ajfa-3740	107	4	.	.	NOUN
ajfa-3740	107	5	2	2	NUM
ajfa-3740	107	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3740	107	7	8	8	NUM
ajfa-3740	107	8	h4	h4	NOUN
ajfa-3740	107	9	:	:	PUNCT
ajfa-3740	107	10	growth	growth	NOUN
ajfa-3740	107	11	is	be	AUX
ajfa-3740	107	12	negatively	negatively	ADV
ajfa-3740	107	13	associated	associate	VERB
ajfa-3740	107	14	with	with	ADP
ajfa-3740	107	15	leverage	leverage	NOUN
ajfa-3740	107	16	h5	h5	NOUN
ajfa-3740	107	17	:	:	PUNCT
ajfa-3740	107	18	signalling	signal	VERB
ajfa-3740	107	19	is	be	AUX
ajfa-3740	107	20	positively	positively	ADV
ajfa-3740	107	21	associated	associate	VERB
ajfa-3740	107	22	with	with	ADP
ajfa-3740	107	23	leverage	leverage	NOUN
ajfa-3740	107	24	h6	h6	PROPN
ajfa-3740	107	25	:	:	PUNCT
ajfa-3740	107	26	firm	firm	ADJ
ajfa-3740	107	27	size	size	NOUN
ajfa-3740	107	28	is	be	AUX
ajfa-3740	107	29	positively	positively	ADV
ajfa-3740	107	30	associated	associate	VERB
ajfa-3740	107	31	with	with	ADP
ajfa-3740	107	32	leverage	leverage	NOUN
ajfa-3740	107	33	h7	h7	PROPN
ajfa-3740	107	34	:	:	PUNCT
ajfa-3740	107	35	managerial	managerial	ADJ
ajfa-3740	107	36	ownership	ownership	NOUN
ajfa-3740	107	37	is	be	AUX
ajfa-3740	107	38	negatively	negatively	ADV
ajfa-3740	107	39	associated	associate	VERB
ajfa-3740	107	40	with	with	ADP
ajfa-3740	107	41	leverage	leverage	NOUN
ajfa-3740	107	42	the	the	DET
ajfa-3740	107	43	empirical	empirical	ADJ
ajfa-3740	107	44	relevance	relevance	NOUN
ajfa-3740	107	45	of	of	ADP
ajfa-3740	107	46	the	the	DET
ajfa-3740	107	47	capital	capital	NOUN
ajfa-3740	107	48	structure	structure	NOUN
ajfa-3740	107	49	theory	theory	NOUN
ajfa-3740	107	50	has	have	AUX
ajfa-3740	107	51	often	often	ADV
ajfa-3740	107	52	been	be	AUX
ajfa-3740	107	53	questioned	question	VERB
ajfa-3740	107	54	.	.	PUNCT
ajfa-3740	108	1	some	some	DET
ajfa-3740	108	2	research	research	NOUN
ajfa-3740	108	3	has	have	AUX
ajfa-3740	108	4	been	be	AUX
ajfa-3740	108	5	conducted	conduct	VERB
ajfa-3740	108	6	to	to	PART
ajfa-3740	108	7	investigate	investigate	VERB
ajfa-3740	108	8	this	this	DET
ajfa-3740	108	9	theory	theory	NOUN
ajfa-3740	108	10	and	and	CCONJ
ajfa-3740	108	11	the	the	DET
ajfa-3740	108	12	results	result	NOUN
ajfa-3740	108	13	from	from	ADP
ajfa-3740	108	14	various	various	ADJ
ajfa-3740	108	15	contexts	context	NOUN
ajfa-3740	108	16	are	be	AUX
ajfa-3740	108	17	mixed	mixed	ADJ
ajfa-3740	108	18	and	and	CCONJ
ajfa-3740	108	19	inconclusive	inconclusive	ADJ
ajfa-3740	108	20	.	.	PUNCT
ajfa-3740	109	1	the	the	DET
ajfa-3740	109	2	evidence	evidence	NOUN
ajfa-3740	109	3	does	do	AUX
ajfa-3740	109	4	indicate	indicate	VERB
ajfa-3740	109	5	there	there	PRON
ajfa-3740	109	6	are	be	VERB
ajfa-3740	109	7	likely	likely	ADJ
ajfa-3740	109	8	to	to	PART
ajfa-3740	109	9	be	be	AUX
ajfa-3740	109	10	differences	difference	NOUN
ajfa-3740	109	11	attributable	attributable	ADJ
ajfa-3740	109	12	to	to	ADP
ajfa-3740	109	13	firm	firm	ADJ
ajfa-3740	109	14	size	size	NOUN
ajfa-3740	109	15	,	,	PUNCT
ajfa-3740	109	16	country	country	NOUN
ajfa-3740	109	17	and	and	CCONJ
ajfa-3740	109	18	the	the	DET
ajfa-3740	109	19	maturity	maturity	NOUN
ajfa-3740	109	20	of	of	ADP
ajfa-3740	109	21	the	the	DET
ajfa-3740	109	22	respective	respective	ADJ
ajfa-3740	109	23	capital	capital	NOUN
ajfa-3740	109	24	market	market	NOUN
ajfa-3740	109	25	.	.	PUNCT
ajfa-3740	110	1	3	3	X
ajfa-3740	110	2	.	.	X
ajfa-3740	110	3	research	research	NOUN
ajfa-3740	110	4	methodology	methodology	NOUN
ajfa-3740	110	5	3.1	3.1	NUM
ajfa-3740	110	6	sample	sample	NOUN
ajfa-3740	110	7	set	set	VERB
ajfa-3740	110	8	this	this	DET
ajfa-3740	110	9	study	study	NOUN
ajfa-3740	110	10	uses	use	VERB
ajfa-3740	110	11	data	datum	NOUN
ajfa-3740	110	12	from	from	ADP
ajfa-3740	110	13	the	the	DET
ajfa-3740	110	14	annual	annual	ADJ
ajfa-3740	110	15	report	report	NOUN
ajfa-3740	110	16	of	of	ADP
ajfa-3740	110	17	new	new	PROPN
ajfa-3740	110	18	zealand	zealand	PROPN
ajfa-3740	110	19	-	-	PUNCT
ajfa-3740	110	20	listed	list	VERB
ajfa-3740	110	21	firms	firm	NOUN
ajfa-3740	110	22	for	for	ADP
ajfa-3740	110	23	the	the	DET
ajfa-3740	110	24	period	period	NOUN
ajfa-3740	110	25	of	of	ADP
ajfa-3740	110	26	2007	2007	NUM
ajfa-3740	110	27	-	-	SYM
ajfa-3740	110	28	2011	2011	NUM
ajfa-3740	110	29	collected	collect	VERB
ajfa-3740	110	30	from	from	ADP
ajfa-3740	110	31	nzx	nzx	NUM
ajfa-3740	110	32	deep	deep	ADJ
ajfa-3740	110	33	archive	archive	NOUN
ajfa-3740	110	34	.	.	PUNCT
ajfa-3740	111	1	those	those	DET
ajfa-3740	111	2	firms	firm	NOUN
ajfa-3740	111	3	with	with	ADP
ajfa-3740	111	4	any	any	DET
ajfa-3740	111	5	missing	missing	ADJ
ajfa-3740	111	6	observations	observation	NOUN
ajfa-3740	111	7	for	for	ADP
ajfa-3740	111	8	any	any	DET
ajfa-3740	111	9	variable	variable	NOUN
ajfa-3740	111	10	in	in	ADP
ajfa-3740	111	11	the	the	DET
ajfa-3740	111	12	model	model	NOUN
ajfa-3740	111	13	during	during	ADP
ajfa-3740	111	14	the	the	DET
ajfa-3740	111	15	research	research	NOUN
ajfa-3740	111	16	period	period	NOUN
ajfa-3740	111	17	are	be	AUX
ajfa-3740	111	18	dropped	drop	VERB
ajfa-3740	111	19	,	,	PUNCT
ajfa-3740	111	20	and	and	CCONJ
ajfa-3740	111	21	thus	thus	ADV
ajfa-3740	111	22	a	a	DET
ajfa-3740	111	23	balanced	balanced	ADJ
ajfa-3740	111	24	panel	panel	NOUN
ajfa-3740	111	25	data	datum	NOUN
ajfa-3740	111	26	of	of	ADP
ajfa-3740	111	27	79	79	NUM
ajfa-3740	111	28	new	new	PROPN
ajfa-3740	111	29	zealand	zealand	PROPN
ajfa-3740	111	30	-	-	PUNCT
ajfa-3740	111	31	listed	list	VERB
ajfa-3740	111	32	firms	firm	NOUN
ajfa-3740	111	33	were	be	AUX
ajfa-3740	111	34	observed	observe	VERB
ajfa-3740	111	35	from	from	ADP
ajfa-3740	111	36	147	147	NUM
ajfa-3740	111	37	.	.	PUNCT
ajfa-3740	112	1	though	though	SCONJ
ajfa-3740	112	2	only	only	ADV
ajfa-3740	112	3	79	79	NUM
ajfa-3740	112	4	firms	firm	NOUN
ajfa-3740	112	5	were	be	AUX
ajfa-3740	112	6	included	include	VERB
ajfa-3740	112	7	,	,	PUNCT
ajfa-3740	112	8	the	the	DET
ajfa-3740	112	9	sample	sample	NOUN
ajfa-3740	112	10	may	may	AUX
ajfa-3740	112	11	do	do	VERB
ajfa-3740	112	12	well	well	ADV
ajfa-3740	112	13	in	in	ADP
ajfa-3740	112	14	capturing	capture	VERB
ajfa-3740	112	15	aggregate	aggregate	ADJ
ajfa-3740	112	16	leverage	leverage	NOUN
ajfa-3740	112	17	in	in	ADP
ajfa-3740	112	18	the	the	DET
ajfa-3740	112	19	country	country	NOUN
ajfa-3740	112	20	because	because	SCONJ
ajfa-3740	112	21	the	the	DET
ajfa-3740	112	22	listed	list	VERB
ajfa-3740	112	23	firms	firm	NOUN
ajfa-3740	112	24	can	can	AUX
ajfa-3740	112	25	represent	represent	VERB
ajfa-3740	112	26	the	the	DET
ajfa-3740	112	27	whole	whole	ADJ
ajfa-3740	112	28	industry	industry	NOUN
ajfa-3740	112	29	in	in	ADP
ajfa-3740	112	30	new	new	PROPN
ajfa-3740	112	31	zealand	zealand	PROPN
ajfa-3740	113	1	.	.	PUNCT
ajfa-3740	113	2	table	table	NOUN
ajfa-3740	113	3	3.1	3.1	NUM
ajfa-3740	113	4	presents	present	NOUN
ajfa-3740	113	5	descriptive	descriptive	ADJ
ajfa-3740	113	6	statistics	statistic	NOUN
ajfa-3740	113	7	for	for	ADP
ajfa-3740	113	8	the	the	DET
ajfa-3740	113	9	sample	sample	NOUN
ajfa-3740	113	10	data	datum	NOUN
ajfa-3740	113	11	.	.	PUNCT
ajfa-3740	114	1	the	the	DET
ajfa-3740	114	2	mean	mean	ADJ
ajfa-3740	114	3	value	value	NOUN
ajfa-3740	114	4	of	of	ADP
ajfa-3740	114	5	leverage	leverage	NOUN
ajfa-3740	114	6	/	/	SYM
ajfa-3740	114	7	total	total	NOUN
ajfa-3740	114	8	debt	debt	NOUN
ajfa-3740	114	9	(	(	PUNCT
ajfa-3740	114	10	td	td	NOUN
ajfa-3740	114	11	)	)	PUNCT
ajfa-3740	114	12	is	be	AUX
ajfa-3740	114	13	0.45	0.45	NUM
ajfa-3740	114	14	,	,	PUNCT
ajfa-3740	114	15	with	with	ADP
ajfa-3740	114	16	a	a	DET
ajfa-3740	114	17	range	range	NOUN
ajfa-3740	114	18	of	of	ADP
ajfa-3740	114	19	0	0	NUM
ajfa-3740	114	20	to	to	ADP
ajfa-3740	114	21	0.99	0.99	NUM
ajfa-3740	114	22	,	,	PUNCT
ajfa-3740	114	23	suggesting	suggest	VERB
ajfa-3740	114	24	that	that	SCONJ
ajfa-3740	114	25	all	all	DET
ajfa-3740	114	26	firms	firm	NOUN
ajfa-3740	114	27	have	have	VERB
ajfa-3740	114	28	leverage	leverage	NOUN
ajfa-3740	114	29	close	close	ADV
ajfa-3740	114	30	to	to	ADP
ajfa-3740	114	31	the	the	DET
ajfa-3740	114	32	average	average	ADJ
ajfa-3740	114	33	leverage	leverage	NOUN
ajfa-3740	114	34	of	of	ADP
ajfa-3740	114	35	industry	industry	NOUN
ajfa-3740	114	36	.	.	PUNCT
ajfa-3740	115	1	further	far	ADV
ajfa-3740	115	2	,	,	PUNCT
ajfa-3740	115	3	the	the	DET
ajfa-3740	115	4	mean	mean	ADJ
ajfa-3740	115	5	value	value	NOUN
ajfa-3740	115	6	for	for	ADP
ajfa-3740	115	7	total	total	ADJ
ajfa-3740	115	8	long	long	ADJ
ajfa-3740	115	9	-	-	PUNCT
ajfa-3740	115	10	term	term	NOUN
ajfa-3740	115	11	debt	debt	NOUN
ajfa-3740	115	12	(	(	PUNCT
ajfa-3740	115	13	tltd	tltd	ADJ
ajfa-3740	115	14	)	)	PUNCT
ajfa-3740	115	15	is	be	AUX
ajfa-3740	115	16	lower	low	ADJ
ajfa-3740	115	17	than	than	ADP
ajfa-3740	115	18	that	that	PRON
ajfa-3740	115	19	for	for	ADP
ajfa-3740	115	20	total	total	ADJ
ajfa-3740	115	21	short	short	ADJ
ajfa-3740	115	22	-	-	PUNCT
ajfa-3740	115	23	term	term	NOUN
ajfa-3740	115	24	debt	debt	NOUN
ajfa-3740	115	25	(	(	PUNCT
ajfa-3740	115	26	tstd	tstd	PROPN
ajfa-3740	115	27	)	)	PUNCT
ajfa-3740	115	28	;	;	PUNCT
ajfa-3740	115	29	indicating	indicate	VERB
ajfa-3740	115	30	firms	firm	NOUN
ajfa-3740	115	31	have	have	VERB
ajfa-3740	115	32	more	more	ADJ
ajfa-3740	115	33	short	short	ADJ
ajfa-3740	115	34	-	-	PUNCT
ajfa-3740	115	35	term	term	NOUN
ajfa-3740	115	36	debt	debt	NOUN
ajfa-3740	115	37	.	.	PUNCT
ajfa-3740	116	1	two	two	NUM
ajfa-3740	116	2	considerable	considerable	ADJ
ajfa-3740	116	3	reasons	reason	NOUN
ajfa-3740	116	4	for	for	ADP
ajfa-3740	116	5	utilising	utilise	VERB
ajfa-3740	116	6	more	more	ADJ
ajfa-3740	116	7	short	short	ADJ
ajfa-3740	116	8	-	-	PUNCT
ajfa-3740	116	9	term	term	NOUN
ajfa-3740	116	10	debt	debt	NOUN
ajfa-3740	116	11	are	be	AUX
ajfa-3740	116	12	the	the	DET
ajfa-3740	116	13	majority	majority	NOUN
ajfa-3740	116	14	of	of	ADP
ajfa-3740	116	15	small	small	ADJ
ajfa-3740	116	16	&	&	CCONJ
ajfa-3740	116	17	medium	medium	ADJ
ajfa-3740	116	18	enterprises	enterprise	NOUN
ajfa-3740	116	19	for	for	ADP
ajfa-3740	116	20	new	new	PROPN
ajfa-3740	116	21	zealand	zealand	PROPN
ajfa-3740	116	22	’s	’s	PART
ajfa-3740	116	23	business	business	NOUN
ajfa-3740	116	24	,	,	PUNCT
ajfa-3740	116	25	and	and	CCONJ
ajfa-3740	116	26	the	the	DET
ajfa-3740	116	27	majority	majority	NOUN
ajfa-3740	116	28	of	of	ADP
ajfa-3740	116	29	agriculture	agriculture	NOUN
ajfa-3740	116	30	industry	industry	NOUN
ajfa-3740	116	31	’s	’s	PART
ajfa-3740	116	32	domination	domination	NOUN
ajfa-3740	116	33	.	.	PUNCT
ajfa-3740	117	1	according	accord	VERB
ajfa-3740	117	2	to	to	ADP
ajfa-3740	117	3	statistics	statistics	PROPN
ajfa-3740	117	4	new	new	PROPN
ajfa-3740	117	5	zealand	zealand	PROPN
ajfa-3740	117	6	(	(	PUNCT
ajfa-3740	117	7	2004	2004	NUM
ajfa-3740	117	8	)	)	PUNCT
ajfa-3740	117	9	,	,	PUNCT
ajfa-3740	117	10	new	new	PROPN
ajfa-3740	117	11	zealand	zealand	PROPN
ajfa-3740	117	12	’s	’s	PART
ajfa-3740	117	13	firms	firm	NOUN
ajfa-3740	117	14	utilised	utilise	VERB
ajfa-3740	117	15	debt	debt	NOUN
ajfa-3740	117	16	rather	rather	ADV
ajfa-3740	117	17	than	than	ADP
ajfa-3740	117	18	equity	equity	NOUN
ajfa-3740	117	19	financing	financing	NOUN
ajfa-3740	117	20	which	which	PRON
ajfa-3740	117	21	account	account	VERB
ajfa-3740	117	22	for	for	ADP
ajfa-3740	117	23	72	72	NUM
ajfa-3740	117	24	%	%	NOUN
ajfa-3740	117	25	total	total	ADJ
ajfa-3740	117	26	debt	debt	NOUN
ajfa-3740	117	27	compared	compare	VERB
ajfa-3740	117	28	to	to	ADP
ajfa-3740	117	29	australian	australian	ADJ
ajfa-3740	117	30	firms	firm	NOUN
ajfa-3740	117	31	which	which	PRON
ajfa-3740	117	32	utilised	utilise	VERB
ajfa-3740	117	33	only	only	ADV
ajfa-3740	117	34	25	25	NUM
ajfa-3740	117	35	%	%	NOUN
ajfa-3740	117	36	of	of	ADP
ajfa-3740	117	37	debt	debt	NOUN
ajfa-3740	117	38	financing	financing	NOUN
ajfa-3740	117	39	in	in	ADP
ajfa-3740	117	40	2003	2003	NUM
ajfa-3740	117	41	(	(	PUNCT
ajfa-3740	117	42	welch	welch	PROPN
ajfa-3740	117	43	,	,	PUNCT
ajfa-3740	117	44	2003	2003	NUM
ajfa-3740	117	45	)	)	PUNCT
ajfa-3740	117	46	.	.	PUNCT
ajfa-3740	118	1	in	in	ADP
ajfa-3740	118	2	addition	addition	NOUN
ajfa-3740	118	3	,	,	PUNCT
ajfa-3740	118	4	the	the	DET
ajfa-3740	118	5	reason	reason	NOUN
ajfa-3740	118	6	that	that	PRON
ajfa-3740	118	7	short	short	ADJ
ajfa-3740	118	8	-	-	PUNCT
ajfa-3740	118	9	term	term	NOUN
ajfa-3740	118	10	debt	debt	NOUN
ajfa-3740	118	11	financing	financing	NOUN
ajfa-3740	118	12	seems	seem	VERB
ajfa-3740	118	13	to	to	PART
ajfa-3740	118	14	dominate	dominate	VERB
ajfa-3740	118	15	the	the	DET
ajfa-3740	118	16	capital	capital	NOUN
ajfa-3740	118	17	structure	structure	NOUN
ajfa-3740	118	18	in	in	ADP
ajfa-3740	118	19	new	new	PROPN
ajfa-3740	118	20	zealand	zealand	PROPN
ajfa-3740	118	21	may	may	AUX
ajfa-3740	118	22	be	be	AUX
ajfa-3740	118	23	due	due	ADJ
ajfa-3740	118	24	to	to	ADP
ajfa-3740	118	25	either	either	CCONJ
ajfa-3740	118	26	the	the	DET
ajfa-3740	118	27	bank	bank	NOUN
ajfa-3740	118	28	interest	interest	NOUN
ajfa-3740	118	29	rate	rate	NOUN
ajfa-3740	118	30	in	in	ADP
ajfa-3740	118	31	new	new	PROPN
ajfa-3740	118	32	zealand	zealand	PROPN
ajfa-3740	118	33	is	be	AUX
ajfa-3740	118	34	quite	quite	ADV
ajfa-3740	118	35	low	low	ADJ
ajfa-3740	118	36	compared	compare	VERB
ajfa-3740	118	37	with	with	ADP
ajfa-3740	118	38	other	other	ADJ
ajfa-3740	118	39	financing	financing	NOUN
ajfa-3740	118	40	choices	choice	NOUN
ajfa-3740	118	41	or	or	CCONJ
ajfa-3740	118	42	the	the	DET
ajfa-3740	118	43	firm	firm	ADJ
ajfa-3740	118	44	specific	specific	ADJ
ajfa-3740	118	45	characteristics	characteristic	NOUN
ajfa-3740	118	46	of	of	ADP
ajfa-3740	118	47	each	each	DET
ajfa-3740	118	48	firm	firm	NOUN
ajfa-3740	118	49	in	in	ADP
ajfa-3740	118	50	determining	determine	VERB
ajfa-3740	118	51	their	their	PRON
ajfa-3740	118	52	capital	capital	NOUN
ajfa-3740	118	53	structure	structure	NOUN
ajfa-3740	118	54	.	.	PUNCT
ajfa-3740	119	1	further	far	ADV
ajfa-3740	119	2	,	,	PUNCT
ajfa-3740	119	3	the	the	DET
ajfa-3740	119	4	average	average	ADJ
ajfa-3740	119	5	total	total	ADJ
ajfa-3740	119	6	debt	debt	NOUN
ajfa-3740	119	7	utilised	utilise	VERB
ajfa-3740	119	8	by	by	ADP
ajfa-3740	119	9	new	new	ADJ
ajfa-3740	119	10	zealand	zealand	PROPN
ajfa-3740	119	11	firms	firm	NOUN
ajfa-3740	119	12	accounts	account	VERB
ajfa-3740	119	13	for	for	ADP
ajfa-3740	119	14	45	45	NUM
ajfa-3740	119	15	%	%	NOUN
ajfa-3740	119	16	which	which	PRON
ajfa-3740	119	17	is	be	AUX
ajfa-3740	119	18	close	close	ADJ
ajfa-3740	119	19	to	to	ADP
ajfa-3740	119	20	the	the	DET
ajfa-3740	119	21	range	range	NOUN
ajfa-3740	119	22	of	of	ADP
ajfa-3740	119	23	the	the	DET
ajfa-3740	119	24	average	average	ADJ
ajfa-3740	119	25	total	total	ADJ
ajfa-3740	119	26	debt	debt	NOUN
ajfa-3740	119	27	for	for	ADP
ajfa-3740	119	28	most	most	ADJ
ajfa-3740	119	29	developed	develop	VERB
ajfa-3740	119	30	countries	country	NOUN
ajfa-3740	119	31	in	in	ADP
ajfa-3740	119	32	the	the	DET
ajfa-3740	119	33	1990s	1990	NOUN
ajfa-3740	119	34	;	;	PUNCT
ajfa-3740	119	35	50	50	NUM
ajfa-3740	119	36	to	to	PART
ajfa-3740	119	37	60	60	NUM
ajfa-3740	119	38	%	%	NOUN
ajfa-3740	119	39	(	(	PUNCT
ajfa-3740	119	40	rajan	rajan	PROPN
ajfa-3740	119	41	&	&	CCONJ
ajfa-3740	119	42	zingales	zingales	PROPN
ajfa-3740	119	43	,	,	PUNCT
ajfa-3740	119	44	1995	1995	NUM
ajfa-3740	119	45	)	)	PUNCT
ajfa-3740	119	46	.	.	PUNCT
ajfa-3740	120	1	comparing	compare	VERB
ajfa-3740	120	2	two	two	NUM
ajfa-3740	120	3	different	different	ADJ
ajfa-3740	120	4	periods	period	NOUN
ajfa-3740	120	5	might	might	AUX
ajfa-3740	120	6	be	be	AUX
ajfa-3740	120	7	absurd	absurd	ADJ
ajfa-3740	120	8	;	;	PUNCT
ajfa-3740	120	9	therefore	therefore	ADV
ajfa-3740	120	10	,	,	PUNCT
ajfa-3740	120	11	based	base	VERB
ajfa-3740	120	12	on	on	ADP
ajfa-3740	120	13	recent	recent	ADJ
ajfa-3740	120	14	studies	study	NOUN
ajfa-3740	120	15	by	by	ADP
ajfa-3740	120	16	bessler	bessler	NOUN
ajfa-3740	120	17	,	,	PUNCT
ajfa-3740	120	18	drobetz	drobetz	ADJ
ajfa-3740	120	19	and	and	CCONJ
ajfa-3740	120	20	gruninger	gruninger	NOUN
ajfa-3740	120	21	(	(	PUNCT
ajfa-3740	120	22	2011	2011	NUM
ajfa-3740	120	23	)	)	PUNCT
ajfa-3740	120	24	,	,	PUNCT
ajfa-3740	120	25	the	the	DET
ajfa-3740	120	26	average	average	ADJ
ajfa-3740	120	27	total	total	ADJ
ajfa-3740	120	28	debt	debt	NOUN
ajfa-3740	120	29	for	for	ADP
ajfa-3740	120	30	all	all	DET
ajfa-3740	120	31	firms	firm	NOUN
ajfa-3740	120	32	over	over	ADP
ajfa-3740	120	33	the	the	DET
ajfa-3740	120	34	world	world	NOUN
ajfa-3740	120	35	is	be	AUX
ajfa-3740	120	36	25	25	NUM
ajfa-3740	120	37	%	%	NOUN
ajfa-3740	120	38	;	;	PUNCT
ajfa-3740	120	39	for	for	ADP
ajfa-3740	120	40	non	non	ADJ
ajfa-3740	120	41	-	-	ADJ
ajfa-3740	120	42	us	us	ADJ
ajfa-3740	120	43	firms	firm	NOUN
ajfa-3740	120	44	it	it	PRON
ajfa-3740	120	45	is	be	AUX
ajfa-3740	120	46	26	26	NUM
ajfa-3740	120	47	%	%	NOUN
ajfa-3740	120	48	;	;	PUNCT
ajfa-3740	120	49	for	for	ADP
ajfa-3740	120	50	us	us	PROPN
ajfa-3740	120	51	firms	firm	NOUN
ajfa-3740	120	52	it	it	PRON
ajfa-3740	120	53	is	be	AUX
ajfa-3740	120	54	23	23	NUM
ajfa-3740	120	55	%	%	NOUN
ajfa-3740	120	56	;	;	PUNCT
ajfa-3740	120	57	for	for	ADP
ajfa-3740	120	58	common	common	ADJ
ajfa-3740	120	59	law	law	NOUN
ajfa-3740	120	60	countries	country	NOUN
ajfa-3740	120	61	it	it	PRON
ajfa-3740	120	62	is	be	AUX
ajfa-3740	120	63	25	25	NUM
ajfa-3740	120	64	%	%	NOUN
ajfa-3740	120	65	;	;	PUNCT
ajfa-3740	120	66	and	and	CCONJ
ajfa-3740	120	67	for	for	ADP
ajfa-3740	120	68	civil	civil	ADJ
ajfa-3740	120	69	law	law	NOUN
ajfa-3740	120	70	countries	country	NOUN
ajfa-3740	120	71	it	it	PRON
ajfa-3740	120	72	is	be	AUX
ajfa-3740	120	73	27	27	NUM
ajfa-3740	120	74	%	%	NOUN
ajfa-3740	120	75	.	.	PUNCT
ajfa-3740	121	1	it	it	PRON
ajfa-3740	121	2	seems	seem	VERB
ajfa-3740	121	3	now	now	ADV
ajfa-3740	121	4	that	that	SCONJ
ajfa-3740	121	5	new	new	PROPN
ajfa-3740	121	6	zealand	zealand	PROPN
ajfa-3740	121	7	’s	’s	PART
ajfa-3740	121	8	firms	firm	NOUN
ajfa-3740	121	9	utilised	utilise	VERB
ajfa-3740	121	10	debt	debt	NOUN
ajfa-3740	121	11	financing	financing	NOUN
ajfa-3740	121	12	above	above	ADP
ajfa-3740	121	13	the	the	DET
ajfa-3740	121	14	average	average	NOUN
ajfa-3740	121	15	.	.	PUNCT
ajfa-3740	122	1	further	far	ADV
ajfa-3740	122	2	,	,	PUNCT
ajfa-3740	122	3	the	the	DET
ajfa-3740	122	4	mean	mean	ADJ
ajfa-3740	122	5	value	value	NOUN
ajfa-3740	122	6	for	for	ADP
ajfa-3740	122	7	tangibility	tangibility	NOUN
ajfa-3740	122	8	is	be	AUX
ajfa-3740	122	9	0.44	0.44	NUM
ajfa-3740	122	10	,	,	PUNCT
ajfa-3740	122	11	suggesting	suggest	VERB
ajfa-3740	122	12	that	that	SCONJ
ajfa-3740	122	13	the	the	DET
ajfa-3740	122	14	majority	majority	NOUN
ajfa-3740	122	15	of	of	ADP
ajfa-3740	122	16	firms	firm	NOUN
ajfa-3740	122	17	have	have	VERB
ajfa-3740	122	18	moderate	moderate	ADJ
ajfa-3740	122	19	fixed	fix	VERB
ajfa-3740	122	20	assets	asset	NOUN
ajfa-3740	122	21	,	,	PUNCT
ajfa-3740	122	22	hence	hence	ADV
ajfa-3740	122	23	they	they	PRON
ajfa-3740	122	24	are	be	AUX
ajfa-3740	122	25	useful	useful	ADJ
ajfa-3740	122	26	for	for	ADP
ajfa-3740	122	27	raising	raise	VERB
ajfa-3740	122	28	debt	debt	NOUN
ajfa-3740	122	29	financing	financing	NOUN
ajfa-3740	122	30	by	by	ADP
ajfa-3740	122	31	using	use	VERB
ajfa-3740	122	32	them	they	PRON
ajfa-3740	122	33	as	as	ADP
ajfa-3740	122	34	collateral	collateral	NOUN
ajfa-3740	122	35	.	.	PUNCT
ajfa-3740	123	1	asian	asian	ADJ
ajfa-3740	123	2	journal	journal	PROPN
ajfa-3740	123	3	of	of	ADP
ajfa-3740	123	4	finance	finance	PROPN
ajfa-3740	123	5	&	&	CCONJ
ajfa-3740	123	6	accounting	accounting	PROPN
ajfa-3740	123	7	issn	issn	PROPN
ajfa-3740	123	8	1946	1946	NUM
ajfa-3740	123	9	-	-	PUNCT
ajfa-3740	123	10	052x	052x	NOUN
ajfa-3740	123	11	2013	2013	NUM
ajfa-3740	123	12	,	,	PUNCT
ajfa-3740	123	13	vol	vol	NOUN
ajfa-3740	123	14	.	.	PROPN
ajfa-3740	123	15	5	5	NUM
ajfa-3740	123	16	,	,	PUNCT
ajfa-3740	123	17	no	no	INTJ
ajfa-3740	123	18	.	.	NOUN
ajfa-3740	123	19	2	2	NUM
ajfa-3740	123	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3740	123	21	9	9	NUM
ajfa-3740	123	22	table	table	NOUN
ajfa-3740	123	23	3.2	3.2	NUM
ajfa-3740	123	24	presents	present	NOUN
ajfa-3740	123	25	correlation	correlation	NOUN
ajfa-3740	123	26	matrix	matrix	NOUN
ajfa-3740	123	27	for	for	ADP
ajfa-3740	123	28	all	all	DET
ajfa-3740	123	29	variables	variable	NOUN
ajfa-3740	123	30	in	in	ADP
ajfa-3740	123	31	the	the	DET
ajfa-3740	123	32	model	model	NOUN
ajfa-3740	123	33	.	.	PUNCT
ajfa-3740	124	1	the	the	DET
ajfa-3740	124	2	highest	high	ADJ
ajfa-3740	124	3	correlation	correlation	NOUN
ajfa-3740	124	4	is	be	AUX
ajfa-3740	124	5	between	between	ADP
ajfa-3740	124	6	non	non	ADJ
ajfa-3740	124	7	-	-	ADJ
ajfa-3740	124	8	debt	debt	ADJ
ajfa-3740	124	9	tax	tax	NOUN
ajfa-3740	124	10	shields	shield	NOUN
ajfa-3740	124	11	and	and	CCONJ
ajfa-3740	124	12	profitability	profitability	NOUN
ajfa-3740	124	13	at	at	ADP
ajfa-3740	124	14	0.79	0.79	NUM
ajfa-3740	124	15	.	.	PUNCT
ajfa-3740	125	1	this	this	PRON
ajfa-3740	125	2	suggests	suggest	VERB
ajfa-3740	125	3	that	that	SCONJ
ajfa-3740	125	4	firms	firm	NOUN
ajfa-3740	125	5	with	with	ADP
ajfa-3740	125	6	higher	high	ADJ
ajfa-3740	125	7	level	level	NOUN
ajfa-3740	125	8	of	of	ADP
ajfa-3740	125	9	debt	debt	NOUN
ajfa-3740	125	10	tend	tend	VERB
ajfa-3740	125	11	to	to	PART
ajfa-3740	125	12	maximise	maximise	VERB
ajfa-3740	125	13	non	non	ADJ
ajfa-3740	125	14	-	-	ADJ
ajfa-3740	125	15	debt	debt	ADJ
ajfa-3740	125	16	tax	tax	NOUN
ajfa-3740	125	17	shields	shield	NOUN
ajfa-3740	125	18	resulted	result	VERB
ajfa-3740	125	19	in	in	ADP
ajfa-3740	125	20	higher	high	ADJ
ajfa-3740	125	21	profitability	profitability	NOUN
ajfa-3740	125	22	tend	tend	VERB
ajfa-3740	125	23	to	to	PART
ajfa-3740	125	24	maximise	maximise	VERB
ajfa-3740	125	25	.	.	PUNCT
ajfa-3740	126	1	none	none	NOUN
ajfa-3740	126	2	of	of	ADP
ajfa-3740	126	3	the	the	DET
ajfa-3740	126	4	correlations	correlation	NOUN
ajfa-3740	126	5	among	among	ADP
ajfa-3740	126	6	explanatory	explanatory	ADJ
ajfa-3740	126	7	variables	variable	NOUN
ajfa-3740	126	8	are	be	AUX
ajfa-3740	126	9	above	above	ADP
ajfa-3740	126	10	0.79	0.79	NUM
ajfa-3740	126	11	,	,	PUNCT
ajfa-3740	126	12	indicating	indicate	VERB
ajfa-3740	126	13	a	a	DET
ajfa-3740	126	14	low	low	ADJ
ajfa-3740	126	15	likelihood	likelihood	NOUN
ajfa-3740	126	16	of	of	ADP
ajfa-3740	126	17	multicollinearity	multicollinearity	NOUN
ajfa-3740	126	18	issues	issue	NOUN
ajfa-3740	126	19	arising	arise	VERB
ajfa-3740	126	20	in	in	ADP
ajfa-3740	126	21	the	the	DET
ajfa-3740	126	22	ols	ol	NOUN
ajfa-3740	126	23	regressions	regression	NOUN
ajfa-3740	126	24	.	.	PUNCT
ajfa-3740	127	1	table	table	NOUN
ajfa-3740	127	2	1	1	NUM
ajfa-3740	127	3	.	.	PUNCT
ajfa-3740	127	4	descriptive	descriptive	ADJ
ajfa-3740	127	5	statistics	statistic	NOUN
ajfa-3740	127	6	variable	variable	ADJ
ajfa-3740	127	7	obs	obs	PROPN
ajfa-3740	127	8	.	.	PUNCT
ajfa-3740	128	1	mean	mean	VERB
ajfa-3740	128	2	std	std	PROPN
ajfa-3740	128	3	.	.	PROPN
ajfa-3740	128	4	dev	dev	PROPN
ajfa-3740	128	5	.	.	PUNCT
ajfa-3740	128	6	leverage	leverage	NOUN
ajfa-3740	128	7	/	/	SYM
ajfa-3740	128	8	total	total	NOUN
ajfa-3740	128	9	debt	debt	NOUN
ajfa-3740	128	10	(	(	PUNCT
ajfa-3740	128	11	td	td	NOUN
ajfa-3740	128	12	)	)	PUNCT
ajfa-3740	128	13	395	395	NUM
ajfa-3740	128	14	0.4537	0.4537	NUM
ajfa-3740	128	15	0.2642	0.2642	NUM
ajfa-3740	128	16	total	total	ADJ
ajfa-3740	128	17	long	long	ADJ
ajfa-3740	128	18	-	-	PUNCT
ajfa-3740	128	19	term	term	NOUN
ajfa-3740	128	20	debt	debt	NOUN
ajfa-3740	128	21	(	(	PUNCT
ajfa-3740	128	22	tltd	tltd	ADJ
ajfa-3740	128	23	)	)	PUNCT
ajfa-3740	128	24	395	395	NUM
ajfa-3740	128	25	0.1986	0.1986	NUM
ajfa-3740	128	26	0.1862	0.1862	NUM
ajfa-3740	128	27	total	total	ADJ
ajfa-3740	128	28	short	short	ADJ
ajfa-3740	128	29	-	-	PUNCT
ajfa-3740	128	30	term	term	NOUN
ajfa-3740	128	31	debt	debt	NOUN
ajfa-3740	128	32	(	(	PUNCT
ajfa-3740	128	33	tstd	tstd	NOUN
ajfa-3740	128	34	)	)	PUNCT
ajfa-3740	128	35	395	395	NUM
ajfa-3740	128	36	0.8014	0.8014	NUM
ajfa-3740	128	37	0.1862	0.1862	NUM
ajfa-3740	128	38	tangibility	tangibility	NOUN
ajfa-3740	128	39	(	(	PUNCT
ajfa-3740	128	40	tang	tang	PROPN
ajfa-3740	128	41	)	)	PUNCT
ajfa-3740	128	42	395	395	NUM
ajfa-3740	128	43	0.4397	0.4397	NUM
ajfa-3740	128	44	0.3259	0.3259	NUM
ajfa-3740	128	45	ndts	ndts	VERB
ajfa-3740	128	46	395	395	NUM
ajfa-3740	128	47	4.6304	4.6304	NUM
ajfa-3740	128	48	22.5214	22.5214	NUM
ajfa-3740	128	49	profitability	profitability	NOUN
ajfa-3740	128	50	395	395	NUM
ajfa-3740	128	51	5.1427	5.1427	NUM
ajfa-3740	128	52	60.5113	60.5113	NUM
ajfa-3740	128	53	growth	growth	NOUN
ajfa-3740	128	54	395	395	NUM
ajfa-3740	128	55	1.1198	1.1198	NUM
ajfa-3740	128	56	1.3446	1.3446	NUM
ajfa-3740	128	57	signalling	signal	VERB
ajfa-3740	128	58	395	395	NUM
ajfa-3740	128	59	1.0028	1.0028	NUM
ajfa-3740	128	60	20.2749	20.2749	NUM
ajfa-3740	128	61	ownership	ownership	NOUN
ajfa-3740	128	62	(	(	PUNCT
ajfa-3740	128	63	iownp	iownp	NOUN
ajfa-3740	128	64	)	)	PUNCT
ajfa-3740	128	65	395	395	NUM
ajfa-3740	128	66	0.1537	0.1537	NUM
ajfa-3740	128	67	0.2455	0.2455	NUM
ajfa-3740	128	68	firm	firm	ADJ
ajfa-3740	128	69	size	size	NOUN
ajfa-3740	128	70	395	395	NUM
ajfa-3740	128	71	5.3363	5.3363	NUM
ajfa-3740	128	72	1.1819	1.1819	NUM
ajfa-3740	128	73	industry_primary	industry_primary	ADJ
ajfa-3740	128	74	395	395	NUM
ajfa-3740	128	75	0.1519	0.1519	NUM
ajfa-3740	128	76	0.3594	0.3594	NUM
ajfa-3740	128	77	industry_energy	industry_energy	NOUN
ajfa-3740	128	78	395	395	NUM
ajfa-3740	128	79	0.0759	0.0759	NUM
ajfa-3740	128	80	0.2653	0.2653	NUM
ajfa-3740	128	81	industry_goods	industry_good	NOUN
ajfa-3740	128	82	395	395	NUM
ajfa-3740	128	83	0.1772	0.1772	NUM
ajfa-3740	128	84	0.3823	0.3823	NUM
ajfa-3740	128	85	industry_property	industry_property	NUM
ajfa-3740	128	86	395	395	NUM
ajfa-3740	128	87	0.0633	0.0633	NUM
ajfa-3740	128	88	0.2438	0.2438	NUM
ajfa-3740	128	89	industry_service	industry_service	ADJ
ajfa-3740	128	90	395	395	NUM
ajfa-3740	128	91	0.4177	0.4177	NUM
ajfa-3740	128	92	0.4938	0.4938	NUM
ajfa-3740	128	93	industry_investment	industry_investment	ADJ
ajfa-3740	128	94	395	395	NUM
ajfa-3740	128	95	0.1013	0.1013	NUM
ajfa-3740	128	96	0.3021	0.3021	NUM
ajfa-3740	128	97	table	table	NOUN
ajfa-3740	128	98	2	2	NUM
ajfa-3740	128	99	.	.	PUNCT
ajfa-3740	128	100	correlation	correlation	NOUN
ajfa-3740	128	101	matrix	matrix	NOUN
ajfa-3740	128	102	td	td	NOUN
ajfa-3740	128	103	tltd	tltd	PROPN
ajfa-3740	128	104	tstd	tstd	NOUN
ajfa-3740	128	105	tangibility	tangibility	PROPN
ajfa-3740	128	106	ndts	ndts	VERB
ajfa-3740	128	107	profitability	profitability	NOUN
ajfa-3740	128	108	growth	growth	NOUN
ajfa-3740	128	109	signalling	signal	VERB
ajfa-3740	128	110	iownp	iownp	NOUN
ajfa-3740	128	111	firm	firm	ADJ
ajfa-3740	128	112	size	size	NOUN
ajfa-3740	128	113	td	td	PROPN
ajfa-3740	128	114	1.0000	1.0000	NUM
ajfa-3740	128	115	tltd	tltd	NOUN
ajfa-3740	128	116	0.4134	0.4134	NUM
ajfa-3740	128	117	1.0000	1.0000	NUM
ajfa-3740	128	118	tstd	tstd	NOUN
ajfa-3740	128	119	-0.4134	-0.4134	PROPN
ajfa-3740	128	120	-1.0000	-1.0000	PROPN
ajfa-3740	129	1	1.0000	1.0000	NUM
ajfa-3740	129	2	tangibility	tangibility	NOUN
ajfa-3740	129	3	-0.1619	-0.1619	NOUN
ajfa-3740	129	4	0.1469	0.1469	NUM
ajfa-3740	129	5	-0.1469	-0.1469	NOUN
ajfa-3740	129	6	1.0000	1.0000	NUM
ajfa-3740	129	7	ndts	ndts	ADJ
ajfa-3740	129	8	-0.1808	-0.1808	PROPN
ajfa-3740	129	9	-0.1983	-0.1983	PROPN
ajfa-3740	129	10	0.1983	0.1983	NUM
ajfa-3740	129	11	-0.0077	-0.0077	PUNCT
ajfa-3740	129	12	1.0000	1.0000	NUM
ajfa-3740	129	13	profitability	profitability	NOUN
ajfa-3740	129	14	-0.1298	-0.1298	NOUN
ajfa-3740	129	15	-0.0530	-0.0530	PUNCT
ajfa-3740	130	1	0.0530	0.0530	NUM
ajfa-3740	130	2	-0.0684	-0.0684	PUNCT
ajfa-3740	131	1	0.7904	0.7904	NUM
ajfa-3740	131	2	1.0000	1.0000	NUM
ajfa-3740	131	3	growth	growth	NOUN
ajfa-3740	131	4	-0.0513	-0.0513	NOUN
ajfa-3740	131	5	-0.0108	-0.0108	VERB
ajfa-3740	131	6	0.0108	0.0108	NUM
ajfa-3740	131	7	0.1139	0.1139	NUM
ajfa-3740	131	8	-0.0227	-0.0227	NOUN
ajfa-3740	131	9	-0.0106	-0.0106	NOUN
ajfa-3740	131	10	1.0000	1.0000	NUM
ajfa-3740	131	11	signalling	signal	VERB
ajfa-3740	131	12	0.0880	0.0880	NUM
ajfa-3740	131	13	0.1184	0.1184	NUM
ajfa-3740	131	14	-0.1184	-0.1184	NOUN
ajfa-3740	131	15	-0.0564	-0.0564	PROPN
ajfa-3740	131	16	-0.0096	-0.0096	NOUN
ajfa-3740	131	17	-0.0017	-0.0017	PUNCT
ajfa-3740	132	1	0.0196	0.0196	NUM
ajfa-3740	132	2	1.0000	1.0000	NUM
ajfa-3740	132	3	iownp	iownp	PROPN
ajfa-3740	132	4	-0.0282	-0.0282	PROPN
ajfa-3740	132	5	-0.1350	-0.1350	VERB
ajfa-3740	132	6	0.1350	0.1350	NUM
ajfa-3740	132	7	-0.1340	-0.1340	NOUN
ajfa-3740	133	1	-0.0583	-0.0583	NOUN
ajfa-3740	133	2	-0.0531	-0.0531	PUNCT
ajfa-3740	134	1	0.1701	0.1701	NUM
ajfa-3740	134	2	0.0191	0.0191	NUM
ajfa-3740	134	3	1.0000	1.0000	NUM
ajfa-3740	134	4	firm	firm	ADJ
ajfa-3740	134	5	size	size	NOUN
ajfa-3740	134	6	-0.0850	-0.0850	X
ajfa-3740	134	7	0.1825	0.1825	NUM
ajfa-3740	134	8	-0.1825	-0.1825	NOUN
ajfa-3740	134	9	0.2974	0.2974	NUM
ajfa-3740	134	10	0.1739	0.1739	NUM
ajfa-3740	134	11	0.1139	0.1139	NUM
ajfa-3740	134	12	0.0139	0.0139	NUM
ajfa-3740	134	13	-0.0258	-0.0258	VERB
ajfa-3740	134	14	-0.1637	-0.1637	NOUN
ajfa-3740	134	15	1.0000	1.0000	NUM
ajfa-3740	134	16	asian	asian	ADJ
ajfa-3740	134	17	journal	journal	NOUN
ajfa-3740	134	18	of	of	ADP
ajfa-3740	134	19	finance	finance	PROPN
ajfa-3740	134	20	&	&	CCONJ
ajfa-3740	134	21	accounting	accounting	PROPN
ajfa-3740	134	22	issn	issn	PROPN
ajfa-3740	134	23	1946	1946	NUM
ajfa-3740	134	24	-	-	PUNCT
ajfa-3740	134	25	052x	052x	NOUN
ajfa-3740	134	26	2013	2013	NUM
ajfa-3740	134	27	,	,	PUNCT
ajfa-3740	134	28	vol	vol	NOUN
ajfa-3740	134	29	.	.	PROPN
ajfa-3740	134	30	5	5	NUM
ajfa-3740	134	31	,	,	PUNCT
ajfa-3740	134	32	no	no	INTJ
ajfa-3740	134	33	.	.	NOUN
ajfa-3740	134	34	2	2	NUM
ajfa-3740	134	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3740	134	36	10	10	NUM
ajfa-3740	134	37	3.2	3.2	NUM
ajfa-3740	134	38	variables	variable	NOUN
ajfa-3740	134	39	variables	variable	NOUN
ajfa-3740	134	40	are	be	AUX
ajfa-3740	134	41	largely	largely	ADV
ajfa-3740	134	42	adopted	adopt	VERB
ajfa-3740	134	43	from	from	ADP
ajfa-3740	134	44	previous	previous	ADJ
ajfa-3740	134	45	study	study	NOUN
ajfa-3740	134	46	,	,	PUNCT
ajfa-3740	134	47	thus	thus	ADV
ajfa-3740	134	48	this	this	DET
ajfa-3740	134	49	study	study	NOUN
ajfa-3740	134	50	uses	use	VERB
ajfa-3740	134	51	three	three	NUM
ajfa-3740	134	52	leverage	leverage	NOUN
ajfa-3740	134	53	proxies	proxy	NOUN
ajfa-3740	134	54	as	as	SCONJ
ajfa-3740	134	55	the	the	DET
ajfa-3740	134	56	dependent	dependent	ADJ
ajfa-3740	134	57	variableswhich	variableswhich	NOUN
ajfa-3740	134	58	are	be	AUX
ajfa-3740	134	59	total	total	ADJ
ajfa-3740	134	60	debt	debt	NOUN
ajfa-3740	134	61	,	,	PUNCT
ajfa-3740	134	62	long	long	ADJ
ajfa-3740	134	63	-	-	PUNCT
ajfa-3740	134	64	term	term	NOUN
ajfa-3740	134	65	debt	debt	NOUN
ajfa-3740	134	66	and	and	CCONJ
ajfa-3740	134	67	short	short	ADJ
ajfa-3740	134	68	term	term	NOUN
ajfa-3740	134	69	debt	debt	NOUN
ajfa-3740	134	70	.	.	PUNCT
ajfa-3740	135	1	the	the	DET
ajfa-3740	135	2	explanatory	explanatory	ADJ
ajfa-3740	135	3	variables	variable	NOUN
ajfa-3740	135	4	include	include	VERB
ajfa-3740	135	5	tangibility	tangibility	NOUN
ajfa-3740	135	6	,	,	PUNCT
ajfa-3740	135	7	non	non	ADJ
ajfa-3740	135	8	-	-	ADJ
ajfa-3740	135	9	debt	debt	ADJ
ajfa-3740	135	10	tax	tax	NOUN
ajfa-3740	135	11	shields	shield	NOUN
ajfa-3740	135	12	(	(	PUNCT
ajfa-3740	135	13	ndts	ndts	PROPN
ajfa-3740	135	14	)	)	PUNCT
ajfa-3740	135	15	,	,	PUNCT
ajfa-3740	135	16	profitability	profitability	NOUN
ajfa-3740	135	17	,	,	PUNCT
ajfa-3740	135	18	growth	growth	NOUN
ajfa-3740	135	19	,	,	PUNCT
ajfa-3740	135	20	signalling	signalling	ADJ
ajfa-3740	135	21	,	,	PUNCT
ajfa-3740	135	22	managerial	managerial	ADJ
ajfa-3740	135	23	ownership	ownership	NOUN
ajfa-3740	135	24	and	and	CCONJ
ajfa-3740	135	25	firm	firm	ADJ
ajfa-3740	135	26	size	size	NOUN
ajfa-3740	135	27	,	,	PUNCT
ajfa-3740	135	28	while	while	SCONJ
ajfa-3740	135	29	industry	industry	NOUN
ajfa-3740	135	30	dummy	dummy	NOUN
ajfa-3740	135	31	serves	serve	VERB
ajfa-3740	135	32	as	as	ADP
ajfa-3740	135	33	a	a	DET
ajfa-3740	135	34	control	control	NOUN
ajfa-3740	135	35	variable	variable	ADJ
ajfa-3740	135	36	variables	variable	NOUN
ajfa-3740	135	37	(	(	PUNCT
ajfa-3740	135	38	titman	titman	PROPN
ajfa-3740	135	39	&	&	CCONJ
ajfa-3740	135	40	wessels	wessels	PROPN
ajfa-3740	135	41	,	,	PUNCT
ajfa-3740	135	42	1988	1988	NUM
ajfa-3740	135	43	;	;	PUNCT
ajfa-3740	135	44	rajan	rajan	PROPN
ajfa-3740	135	45	&	&	CCONJ
ajfa-3740	135	46	zingales	zingales	PROPN
ajfa-3740	135	47	,	,	PUNCT
ajfa-3740	135	48	1995	1995	NUM
ajfa-3740	135	49	;	;	PUNCT
ajfa-3740	135	50	shyam	shyam	PROPN
ajfa-3740	135	51	-	-	PUNCT
ajfa-3740	135	52	sunder	sunder	PROPN
ajfa-3740	135	53	&	&	CCONJ
ajfa-3740	135	54	myers	myers	PROPN
ajfa-3740	135	55	,	,	PUNCT
ajfa-3740	135	56	1999	1999	NUM
ajfa-3740	135	57	)	)	PUNCT
ajfa-3740	135	58	.	.	PUNCT
ajfa-3740	136	1	variables	variable	NOUN
ajfa-3740	136	2	are	be	AUX
ajfa-3740	136	3	defined	define	VERB
ajfa-3740	136	4	as	as	ADP
ajfa-3740	136	5	follow	follow	NOUN
ajfa-3740	136	6	:	:	PUNCT
ajfa-3740	136	7	leverage	leverage	NOUN
ajfa-3740	136	8	is	be	AUX
ajfa-3740	136	9	measured	measure	VERB
ajfa-3740	136	10	as	as	ADP
ajfa-3740	136	11	ratio	ratio	NOUN
ajfa-3740	136	12	of	of	ADP
ajfa-3740	136	13	total	total	ADJ
ajfa-3740	136	14	debt	debt	NOUN
ajfa-3740	136	15	over	over	ADP
ajfa-3740	136	16	total	total	ADJ
ajfa-3740	136	17	assets	asset	NOUN
ajfa-3740	136	18	;	;	PUNCT
ajfa-3740	136	19	tangibility	tangibility	NOUN
ajfa-3740	136	20	is	be	AUX
ajfa-3740	136	21	measured	measure	VERB
ajfa-3740	136	22	as	as	ADP
ajfa-3740	136	23	ratio	ratio	NOUN
ajfa-3740	136	24	of	of	ADP
ajfa-3740	136	25	total	total	ADJ
ajfa-3740	136	26	fixed	fix	VERB
ajfa-3740	136	27	assets	asset	NOUN
ajfa-3740	136	28	over	over	ADP
ajfa-3740	136	29	total	total	ADJ
ajfa-3740	136	30	assets	asset	NOUN
ajfa-3740	136	31	;	;	PUNCT
ajfa-3740	136	32	non	non	ADJ
ajfa-3740	136	33	-	-	ADJ
ajfa-3740	136	34	debt	debt	ADJ
ajfa-3740	136	35	tax	tax	NOUN
ajfa-3740	136	36	shield	shield	NOUN
ajfa-3740	136	37	is	be	AUX
ajfa-3740	136	38	measured	measure	VERB
ajfa-3740	136	39	as	as	ADP
ajfa-3740	136	40	ratio	ratio	NOUN
ajfa-3740	136	41	of	of	ADP
ajfa-3740	136	42	total	total	ADJ
ajfa-3740	136	43	depreciation	depreciation	NOUN
ajfa-3740	136	44	over	over	ADP
ajfa-3740	136	45	total	total	ADJ
ajfa-3740	136	46	assets	asset	NOUN
ajfa-3740	136	47	;	;	PUNCT
ajfa-3740	136	48	profitability	profitability	NOUN
ajfa-3740	136	49	is	be	AUX
ajfa-3740	136	50	measured	measure	VERB
ajfa-3740	136	51	as	as	ADP
ajfa-3740	136	52	ratio	ratio	NOUN
ajfa-3740	136	53	of	of	ADP
ajfa-3740	136	54	earnings	earning	NOUN
ajfa-3740	136	55	before	before	ADP
ajfa-3740	136	56	interest	interest	NOUN
ajfa-3740	136	57	,	,	PUNCT
ajfa-3740	136	58	tax	tax	NOUN
ajfa-3740	136	59	and	and	CCONJ
ajfa-3740	136	60	depreciation	depreciation	NOUN
ajfa-3740	136	61	over	over	ADP
ajfa-3740	136	62	total	total	ADJ
ajfa-3740	136	63	assets	asset	NOUN
ajfa-3740	136	64	;	;	PUNCT
ajfa-3740	136	65	growth	growth	NOUN
ajfa-3740	136	66	is	be	AUX
ajfa-3740	136	67	measured	measure	VERB
ajfa-3740	136	68	as	as	ADP
ajfa-3740	136	69	book	book	NOUN
ajfa-3740	136	70	to	to	ADP
ajfa-3740	136	71	market	market	NOUN
ajfa-3740	136	72	ratio	ratio	NOUN
ajfa-3740	136	73	;	;	PUNCT
ajfa-3740	136	74	signalling	signal	VERB
ajfa-3740	136	75	is	be	AUX
ajfa-3740	136	76	measured	measure	VERB
ajfa-3740	136	77	as	as	ADP
ajfa-3740	136	78	ratio	ratio	NOUN
ajfa-3740	136	79	of	of	ADP
ajfa-3740	136	80	dividend	dividend	NOUN
ajfa-3740	136	81	payment	payment	NOUN
ajfa-3740	136	82	over	over	ADP
ajfa-3740	136	83	total	total	ADJ
ajfa-3740	136	84	assets	asset	NOUN
ajfa-3740	136	85	;	;	PUNCT
ajfa-3740	136	86	managerial	managerial	ADJ
ajfa-3740	136	87	ownership	ownership	NOUN
ajfa-3740	136	88	is	be	AUX
ajfa-3740	136	89	measured	measure	VERB
ajfa-3740	136	90	as	as	ADP
ajfa-3740	136	91	percentage	percentage	NOUN
ajfa-3740	136	92	of	of	ADP
ajfa-3740	136	93	the	the	DET
ajfa-3740	136	94	inside	inside	ADJ
ajfa-3740	136	95	ownership	ownership	NOUN
ajfa-3740	136	96	’s	’s	PART
ajfa-3740	136	97	equity	equity	NOUN
ajfa-3740	136	98	;	;	PUNCT
ajfa-3740	136	99	firm	firm	ADJ
ajfa-3740	136	100	size	size	NOUN
ajfa-3740	136	101	is	be	AUX
ajfa-3740	136	102	measured	measure	VERB
ajfa-3740	136	103	as	as	ADP
ajfa-3740	136	104	the	the	DET
ajfa-3740	136	105	log	log	NOUN
ajfa-3740	136	106	of	of	ADP
ajfa-3740	136	107	total	total	ADJ
ajfa-3740	136	108	assets	asset	NOUN
ajfa-3740	136	109	(	(	PUNCT
ajfa-3740	136	110	titman	titman	PROPN
ajfa-3740	136	111	&	&	CCONJ
ajfa-3740	136	112	wessels	wessels	PROPN
ajfa-3740	136	113	,	,	PUNCT
ajfa-3740	136	114	1988	1988	NUM
ajfa-3740	136	115	;	;	PUNCT
ajfa-3740	136	116	rajan	rajan	PROPN
ajfa-3740	136	117	&	&	CCONJ
ajfa-3740	136	118	zingales	zingales	PROPN
ajfa-3740	136	119	,	,	PUNCT
ajfa-3740	136	120	1995	1995	NUM
ajfa-3740	136	121	;	;	PUNCT
ajfa-3740	136	122	shyam	shyam	PROPN
ajfa-3740	136	123	-	-	PUNCT
ajfa-3740	136	124	sunder	sunder	PROPN
ajfa-3740	136	125	&	&	CCONJ
ajfa-3740	136	126	myers	myers	PROPN
ajfa-3740	136	127	,	,	PUNCT
ajfa-3740	136	128	1999	1999	NUM
ajfa-3740	136	129	;	;	PUNCT
ajfa-3740	136	130	gaud	gaud	PROPN
ajfa-3740	136	131	et	et	PROPN
ajfa-3740	136	132	al	al	PROPN
ajfa-3740	136	133	.	.	PROPN
ajfa-3740	136	134	,	,	PUNCT
ajfa-3740	136	135	2005	2005	NUM
ajfa-3740	136	136	;	;	PUNCT
ajfa-3740	136	137	padron	padron	NOUN
ajfa-3740	136	138	et	et	PROPN
ajfa-3740	136	139	al	al	PROPN
ajfa-3740	136	140	.	.	PROPN
ajfa-3740	136	141	,	,	PUNCT
ajfa-3740	136	142	2005	2005	NUM
ajfa-3740	136	143	)	)	PUNCT
ajfa-3740	136	144	.	.	PUNCT
ajfa-3740	137	1	3.3	3.3	NUM
ajfa-3740	137	2	method	method	NOUN
ajfa-3740	137	3	this	this	DET
ajfa-3740	137	4	study	study	NOUN
ajfa-3740	137	5	uses	use	VERB
ajfa-3740	137	6	panel	panel	NOUN
ajfa-3740	137	7	data	datum	NOUN
ajfa-3740	137	8	which	which	PRON
ajfa-3740	137	9	allows	allow	VERB
ajfa-3740	137	10	the	the	DET
ajfa-3740	137	11	unobservable	unobservable	ADJ
ajfa-3740	137	12	heterogeneity	heterogeneity	NOUN
ajfa-3740	137	13	for	for	ADP
ajfa-3740	137	14	each	each	DET
ajfa-3740	137	15	observation	observation	NOUN
ajfa-3740	137	16	in	in	ADP
ajfa-3740	137	17	the	the	DET
ajfa-3740	137	18	sample	sample	NOUN
ajfa-3740	137	19	to	to	PART
ajfa-3740	137	20	be	be	AUX
ajfa-3740	137	21	eliminated	eliminate	VERB
ajfa-3740	137	22	and	and	CCONJ
ajfa-3740	137	23	multicollinearity	multicollinearity	NOUN
ajfa-3740	137	24	among	among	ADP
ajfa-3740	137	25	variables	variable	NOUN
ajfa-3740	137	26	to	to	PART
ajfa-3740	137	27	be	be	AUX
ajfa-3740	137	28	alleviated	alleviate	VERB
ajfa-3740	137	29	.	.	PUNCT
ajfa-3740	138	1	maddala	maddala	NOUN
ajfa-3740	138	2	and	and	CCONJ
ajfa-3740	138	3	lahiri	lahiri	PROPN
ajfa-3740	138	4	(	(	PUNCT
ajfa-3740	138	5	2009	2009	NUM
ajfa-3740	138	6	)	)	PUNCT
ajfa-3740	138	7	specify	specify	VERB
ajfa-3740	138	8	problems	problem	NOUN
ajfa-3740	138	9	that	that	PRON
ajfa-3740	138	10	might	might	AUX
ajfa-3740	138	11	be	be	AUX
ajfa-3740	138	12	present	present	ADJ
ajfa-3740	138	13	in	in	ADP
ajfa-3740	138	14	the	the	DET
ajfa-3740	138	15	regression	regression	NOUN
ajfa-3740	138	16	model	model	NOUN
ajfa-3740	138	17	,	,	PUNCT
ajfa-3740	138	18	such	such	ADJ
ajfa-3740	138	19	as	as	ADP
ajfa-3740	138	20	heteroskedasticity	heteroskedasticity	NOUN
ajfa-3740	138	21	,	,	PUNCT
ajfa-3740	138	22	multicollinearity	multicollinearity	NOUN
ajfa-3740	138	23	and	and	CCONJ
ajfa-3740	138	24	endogeneity	endogeneity	NOUN
ajfa-3740	138	25	problems	problem	NOUN
ajfa-3740	138	26	.	.	PUNCT
ajfa-3740	139	1	those	those	DET
ajfa-3740	139	2	problems	problem	NOUN
ajfa-3740	139	3	cause	cause	VERB
ajfa-3740	139	4	inconsistency	inconsistency	NOUN
ajfa-3740	139	5	of	of	ADP
ajfa-3740	139	6	the	the	DET
ajfa-3740	139	7	ols	ol	NOUN
ajfa-3740	139	8	estimates	estimate	NOUN
ajfa-3740	139	9	.	.	PUNCT
ajfa-3740	140	1	dang	dang	INTJ
ajfa-3740	140	2	(	(	PUNCT
ajfa-3740	140	3	2005	2005	NUM
ajfa-3740	140	4	)	)	PUNCT
ajfa-3740	140	5	examined	examine	VERB
ajfa-3740	140	6	the	the	DET
ajfa-3740	140	7	performance	performance	NOUN
ajfa-3740	140	8	of	of	ADP
ajfa-3740	140	9	two	two	NUM
ajfa-3740	140	10	influential	influential	ADJ
ajfa-3740	140	11	but	but	CCONJ
ajfa-3740	140	12	contradicting	contradict	VERB
ajfa-3740	140	13	theories	theory	NOUN
ajfa-3740	140	14	of	of	ADP
ajfa-3740	140	15	capital	capital	NOUN
ajfa-3740	140	16	structure	structure	NOUN
ajfa-3740	140	17	,	,	PUNCT
ajfa-3740	140	18	known	know	VERB
ajfa-3740	140	19	as	as	ADP
ajfa-3740	140	20	the	the	DET
ajfa-3740	140	21	trade	trade	NOUN
ajfa-3740	140	22	off	off	ADP
ajfa-3740	140	23	and	and	CCONJ
ajfa-3740	140	24	pecking	pecking	NOUN
ajfa-3740	140	25	order	order	NOUN
ajfa-3740	140	26	theories	theory	NOUN
ajfa-3740	140	27	,	,	PUNCT
ajfa-3740	140	28	using	use	VERB
ajfa-3740	140	29	a	a	DET
ajfa-3740	140	30	partial	partial	ADJ
ajfa-3740	140	31	adjustment	adjustment	NOUN
ajfa-3740	140	32	model	model	NOUN
ajfa-3740	140	33	,	,	PUNCT
ajfa-3740	140	34	and	and	CCONJ
ajfa-3740	140	35	an	an	DET
ajfa-3740	140	36	error	error	NOUN
ajfa-3740	140	37	correction	correction	NOUN
ajfa-3740	140	38	model	model	NOUN
ajfa-3740	140	39	as	as	ADP
ajfa-3740	140	40	a	a	DET
ajfa-3740	140	41	generalised	generalised	ADJ
ajfa-3740	140	42	specification	specification	NOUN
ajfa-3740	140	43	of	of	ADP
ajfa-3740	140	44	the	the	DET
ajfa-3740	140	45	partial	partial	ADJ
ajfa-3740	140	46	adjustment	adjustment	NOUN
ajfa-3740	140	47	process	process	NOUN
ajfa-3740	140	48	.	.	PUNCT
ajfa-3740	141	1	this	this	DET
ajfa-3740	141	2	framework	framework	NOUN
ajfa-3740	141	3	allowed	allow	VERB
ajfa-3740	141	4	him	he	PRON
ajfa-3740	141	5	to	to	PART
ajfa-3740	141	6	nest	nest	VERB
ajfa-3740	141	7	the	the	DET
ajfa-3740	141	8	cash	cash	NOUN
ajfa-3740	141	9	flow	flow	NOUN
ajfa-3740	141	10	deficit	deficit	NOUN
ajfa-3740	141	11	variable	variable	NOUN
ajfa-3740	141	12	necessary	necessary	ADJ
ajfa-3740	141	13	to	to	PART
ajfa-3740	141	14	examine	examine	VERB
ajfa-3740	141	15	the	the	DET
ajfa-3740	141	16	pecking	pecking	NOUN
ajfa-3740	141	17	order	order	NOUN
ajfa-3740	141	18	theory	theory	NOUN
ajfa-3740	141	19	.	.	PUNCT
ajfa-3740	142	1	the	the	DET
ajfa-3740	142	2	empirical	empirical	ADJ
ajfa-3740	142	3	models	model	NOUN
ajfa-3740	142	4	are	be	AUX
ajfa-3740	142	5	estimated	estimate	VERB
ajfa-3740	142	6	by	by	ADP
ajfa-3740	142	7	the	the	DET
ajfa-3740	142	8	anderson	anderson	PROPN
ajfa-3740	142	9	and	and	CCONJ
ajfa-3740	142	10	hsiao	hsiao	PROPN
ajfa-3740	142	11	iv	iv	PROPN
ajfa-3740	142	12	and	and	CCONJ
ajfa-3740	142	13	the	the	DET
ajfa-3740	142	14	arellano	arellano	PROPN
ajfa-3740	142	15	and	and	CCONJ
ajfa-3740	142	16	bond	bond	NOUN
ajfa-3740	142	17	gmm	gmm	PROPN
ajfa-3740	142	18	methods	method	NOUN
ajfa-3740	142	19	,	,	PUNCT
ajfa-3740	142	20	which	which	PRON
ajfa-3740	142	21	are	be	AUX
ajfa-3740	142	22	argued	argue	VERB
ajfa-3740	142	23	to	to	PART
ajfa-3740	142	24	yield	yield	VERB
ajfa-3740	142	25	consistent	consistent	ADJ
ajfa-3740	142	26	estimates	estimate	NOUN
ajfa-3740	142	27	for	for	ADP
ajfa-3740	142	28	dynamic	dynamic	ADJ
ajfa-3740	142	29	panel	panel	NOUN
ajfa-3740	142	30	data	datum	NOUN
ajfa-3740	142	31	.	.	PUNCT
ajfa-3740	143	1	as	as	SCONJ
ajfa-3740	143	2	can	can	AUX
ajfa-3740	143	3	be	be	AUX
ajfa-3740	143	4	seen	see	VERB
ajfa-3740	143	5	in	in	ADP
ajfa-3740	143	6	the	the	DET
ajfa-3740	143	7	table	table	NOUN
ajfa-3740	143	8	3.2	3.2	NUM
ajfa-3740	143	9	most	most	ADV
ajfa-3740	143	10	cross	cross	NOUN
ajfa-3740	143	11	-	-	NOUN
ajfa-3740	143	12	correlation	correlation	NOUN
ajfa-3740	143	13	for	for	ADP
ajfa-3740	143	14	the	the	DET
ajfa-3740	143	15	independent	independent	ADJ
ajfa-3740	143	16	variables	variable	NOUN
ajfa-3740	143	17	are	be	AUX
ajfa-3740	143	18	fairly	fairly	ADV
ajfa-3740	143	19	small	small	ADJ
ajfa-3740	143	20	,	,	PUNCT
ajfa-3740	143	21	thus	thus	ADV
ajfa-3740	143	22	,	,	PUNCT
ajfa-3740	143	23	giving	give	VERB
ajfa-3740	143	24	less	less	ADJ
ajfa-3740	143	25	cause	cause	NOUN
ajfa-3740	143	26	for	for	ADP
ajfa-3740	143	27	concern	concern	NOUN
ajfa-3740	143	28	about	about	ADP
ajfa-3740	143	29	the	the	DET
ajfa-3740	143	30	multicollinearity	multicollinearity	NOUN
ajfa-3740	143	31	problem	problem	NOUN
ajfa-3740	143	32	.	.	PUNCT
ajfa-3740	144	1	further	far	ADV
ajfa-3740	144	2	,	,	PUNCT
ajfa-3740	144	3	the	the	DET
ajfa-3740	144	4	arellano	arellano	PROPN
ajfa-3740	144	5	-	-	PUNCT
ajfa-3740	144	6	bond	bond	NOUN
ajfa-3740	144	7	test	test	NOUN
ajfa-3740	144	8	for	for	ADP
ajfa-3740	144	9	zero	zero	NUM
ajfa-3740	144	10	autocorrelation	autocorrelation	NOUN
ajfa-3740	144	11	in	in	ADP
ajfa-3740	144	12	first	first	ADJ
ajfa-3740	144	13	difference	difference	NOUN
ajfa-3740	144	14	errors	error	NOUN
ajfa-3740	144	15	results	result	VERB
ajfa-3740	144	16	-14.5681	-14.5681	PUNCT
ajfa-3740	144	17	(	(	PUNCT
ajfa-3740	144	18	p	p	NOUN
ajfa-3740	144	19	-	-	PUNCT
ajfa-3740	144	20	value	value	NOUN
ajfa-3740	144	21	0.1169	0.1169	NUM
ajfa-3740	144	22	)	)	PUNCT
ajfa-3740	144	23	confirms	confirm	VERB
ajfa-3740	144	24	no	no	DET
ajfa-3740	144	25	serial	serial	ADJ
ajfa-3740	144	26	correlation	correlation	NOUN
ajfa-3740	144	27	in	in	ADP
ajfa-3740	144	28	the	the	DET
ajfa-3740	144	29	original	original	ADJ
ajfa-3740	144	30	error	error	NOUN
ajfa-3740	144	31	as	as	SCONJ
ajfa-3740	144	32	desired	desire	VERB
ajfa-3740	144	33	.	.	PUNCT
ajfa-3740	145	1	the	the	DET
ajfa-3740	145	2	breusch	breusch	VERB
ajfa-3740	145	3	-	-	PUNCT
ajfa-3740	145	4	pagan	pagan	ADJ
ajfa-3740	145	5	test	test	NOUN
ajfa-3740	145	6	for	for	ADP
ajfa-3740	145	7	heteroskedasticity	heteroskedasticity	NOUN
ajfa-3740	145	8	results	result	VERB
ajfa-3740	145	9	7.43	7.43	NUM
ajfa-3740	145	10	(	(	PUNCT
ajfa-3740	145	11	p	p	NOUN
ajfa-3740	145	12	-	-	PUNCT
ajfa-3740	145	13	value	value	NOUN
ajfa-3740	145	14	0.006	0.006	NUM
ajfa-3740	145	15	)	)	PUNCT
ajfa-3740	145	16	indicates	indicate	VERB
ajfa-3740	145	17	that	that	SCONJ
ajfa-3740	145	18	variances	variance	NOUN
ajfa-3740	145	19	among	among	ADP
ajfa-3740	145	20	the	the	DET
ajfa-3740	145	21	explanatory	explanatory	ADJ
ajfa-3740	145	22	variables	variable	NOUN
ajfa-3740	145	23	are	be	AUX
ajfa-3740	145	24	not	not	PART
ajfa-3740	145	25	constant	constant	ADJ
ajfa-3740	145	26	.	.	PUNCT
ajfa-3740	146	1	to	to	PART
ajfa-3740	146	2	estimate	estimate	VERB
ajfa-3740	146	3	the	the	DET
ajfa-3740	146	4	leverage	leverage	NOUN
ajfa-3740	146	5	,	,	PUNCT
ajfa-3740	146	6	this	this	DET
ajfa-3740	146	7	equation	equation	NOUN
ajfa-3740	146	8	is	be	AUX
ajfa-3740	146	9	the	the	DET
ajfa-3740	146	10	first	first	ADJ
ajfa-3740	146	11	point	point	NOUN
ajfa-3740	146	12	to	to	PART
ajfa-3740	146	13	begin	begin	VERB
ajfa-3740	146	14	,	,	PUNCT
ajfa-3740	146	15	the	the	DET
ajfa-3740	146	16	model	model	NOUN
ajfa-3740	146	17	is	be	AUX
ajfa-3740	146	18	as	as	SCONJ
ajfa-3740	146	19	follows	follow	VERB
ajfa-3740	146	20	:	:	PUNCT
ajfa-3740	147	1	=	=	NOUN
ajfa-3740	148	1	+	+	CCONJ
ajfa-3740	148	2	′	′	NUM
ajfa-3740	149	1	+	+	ADJ
ajfa-3740	149	2	⋯+	⋯+	NOUN
ajfa-3740	149	3	′	′	VERB
ajfa-3740	150	1	+	+	CCONJ
ajfa-3740	150	2	(	(	PUNCT
ajfa-3740	150	3	1	1	X
ajfa-3740	150	4	)	)	PUNCT
ajfa-3740	150	5	=	=	PUNCT
ajfa-3740	151	1	+	+	PUNCT
ajfa-3740	151	2	+	+	CCONJ
ajfa-3740	151	3	(	(	PUNCT
ajfa-3740	151	4	2	2	NUM
ajfa-3740	151	5	)	)	PUNCT
ajfa-3740	151	6	asian	asian	ADJ
ajfa-3740	151	7	journal	journal	NOUN
ajfa-3740	151	8	of	of	ADP
ajfa-3740	151	9	finance	finance	PROPN
ajfa-3740	151	10	&	&	CCONJ
ajfa-3740	151	11	accounting	accounting	PROPN
ajfa-3740	151	12	issn	issn	PROPN
ajfa-3740	151	13	1946	1946	NUM
ajfa-3740	151	14	-	-	PUNCT
ajfa-3740	151	15	052x	052x	NOUN
ajfa-3740	151	16	2013	2013	NUM
ajfa-3740	151	17	,	,	PUNCT
ajfa-3740	151	18	vol	vol	NOUN
ajfa-3740	151	19	.	.	PROPN
ajfa-3740	151	20	5	5	NUM
ajfa-3740	151	21	,	,	PUNCT
ajfa-3740	151	22	no	no	INTJ
ajfa-3740	151	23	.	.	NOUN
ajfa-3740	151	24	2	2	NUM
ajfa-3740	151	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3740	151	26	11	11	NUM
ajfa-3740	151	27	=	=	SYM
ajfa-3740	151	28	1	1	NUM
ajfa-3740	151	29	,	,	PUNCT
ajfa-3740	151	30	…	…	PUNCT
ajfa-3740	151	31	,	,	PUNCT
ajfa-3740	151	32	;	;	PUNCT
ajfa-3740	151	33	=	=	SYM
ajfa-3740	151	34	1	1	NUM
ajfa-3740	151	35	,	,	PUNCT
ajfa-3740	151	36	…	…	PUNCT
ajfa-3740	151	37	,	,	PUNCT
ajfa-3740	151	38	where	where	SCONJ
ajfa-3740	151	39	denotes	denote	VERB
ajfa-3740	151	40	the	the	DET
ajfa-3740	151	41	unobservable	unobservable	ADJ
ajfa-3740	151	42	individual	individual	ADJ
ajfa-3740	151	43	effect	effect	NOUN
ajfa-3740	151	44	,	,	PUNCT
ajfa-3740	151	45	denotes	denote	VERB
ajfa-3740	151	46	the	the	DET
ajfa-3740	151	47	unobservable	unobservable	ADJ
ajfa-3740	151	48	time	time	NOUN
ajfa-3740	151	49	effect	effect	NOUN
ajfa-3740	151	50	,	,	PUNCT
ajfa-3740	151	51	and	and	CCONJ
ajfa-3740	151	52	is	be	AUX
ajfa-3740	151	53	the	the	DET
ajfa-3740	151	54	remainder	remainder	NOUN
ajfa-3740	151	55	stochastic	stochastic	NOUN
ajfa-3740	151	56	disturbance	disturbance	NOUN
ajfa-3740	151	57	term	term	NOUN
ajfa-3740	151	58	.	.	PUNCT
ajfa-3740	152	1	when	when	SCONJ
ajfa-3740	152	2	using	use	VERB
ajfa-3740	152	3	the	the	DET
ajfa-3740	152	4	ordinary	ordinary	ADJ
ajfa-3740	152	5	least	least	ADJ
ajfa-3740	152	6	squares	square	NOUN
ajfa-3740	152	7	(	(	PUNCT
ajfa-3740	152	8	ols	ol	NOUN
ajfa-3740	152	9	)	)	PUNCT
ajfa-3740	152	10	to	to	PART
ajfa-3740	152	11	estimate	estimate	VERB
ajfa-3740	152	12	,	,	PUNCT
ajfa-3740	152	13	one	one	PRON
ajfa-3740	152	14	assumes	assume	VERB
ajfa-3740	152	15	that	that	SCONJ
ajfa-3740	152	16	′	′	NOUN
ajfa-3740	152	17	is	be	AUX
ajfa-3740	152	18	orthogonal	orthogonal	ADJ
ajfa-3740	152	19	with	with	ADP
ajfa-3740	152	20	of	of	ADP
ajfa-3740	152	21	equation	equation	NOUN
ajfa-3740	152	22	(	(	PUNCT
ajfa-3740	152	23	1	1	NUM
ajfa-3740	152	24	)	)	PUNCT
ajfa-3740	152	25	,	,	PUNCT
ajfa-3740	152	26	but	but	CCONJ
ajfa-3740	152	27	this	this	PRON
ajfa-3740	152	28	may	may	AUX
ajfa-3740	152	29	not	not	PART
ajfa-3740	152	30	be	be	AUX
ajfa-3740	152	31	true	true	ADJ
ajfa-3740	152	32	,	,	PUNCT
ajfa-3740	152	33	and	and	CCONJ
ajfa-3740	152	34	thus	thus	ADV
ajfa-3740	152	35	the	the	DET
ajfa-3740	152	36	estimated	estimate	VERB
ajfa-3740	152	37	may	may	AUX
ajfa-3740	152	38	be	be	AUX
ajfa-3740	152	39	biased	bias	VERB
ajfa-3740	152	40	with	with	ADP
ajfa-3740	152	41	endogeneity	endogeneity	NOUN
ajfa-3740	152	42	.	.	PUNCT
ajfa-3740	153	1	therefore	therefore	ADV
ajfa-3740	153	2	,	,	PUNCT
ajfa-3740	153	3	the	the	DET
ajfa-3740	153	4	instrumental	instrumental	ADJ
ajfa-3740	153	5	variable	variable	NOUN
ajfa-3740	153	6	(	(	PUNCT
ajfa-3740	153	7	iv	iv	NUM
ajfa-3740	153	8	)	)	PUNCT
ajfa-3740	153	9	,	,	PUNCT
ajfa-3740	153	10	denoted	denote	VERB
ajfa-3740	153	11	as	as	ADP
ajfa-3740	153	12	,	,	PUNCT
ajfa-3740	153	13	approach	approach	NOUN
ajfa-3740	153	14	may	may	AUX
ajfa-3740	153	15	be	be	AUX
ajfa-3740	153	16	used	use	VERB
ajfa-3740	153	17	to	to	PART
ajfa-3740	153	18	solve	solve	VERB
ajfa-3740	153	19	the	the	DET
ajfa-3740	153	20	endogeneity	endogeneity	NOUN
ajfa-3740	153	21	;	;	PUNCT
ajfa-3740	153	22	while	while	SCONJ
ajfa-3740	153	23	the	the	DET
ajfa-3740	153	24	changes	change	NOUN
ajfa-3740	153	25	in	in	ADP
ajfa-3740	153	26	the	the	DET
ajfa-3740	153	27	new	new	ADJ
ajfa-3740	153	28	iv	iv	NOUN
ajfa-3740	153	29	are	be	AUX
ajfa-3740	153	30	associated	associate	VERB
ajfa-3740	153	31	with	with	ADP
ajfa-3740	153	32	changes	change	NOUN
ajfa-3740	153	33	in	in	ADP
ajfa-3740	153	34	but	but	CCONJ
ajfa-3740	153	35	do	do	AUX
ajfa-3740	153	36	not	not	PART
ajfa-3740	153	37	lead	lead	VERB
ajfa-3740	153	38	to	to	ADP
ajfa-3740	153	39	changes	change	NOUN
ajfa-3740	153	40	in	in	ADP
ajfa-3740	153	41	(	(	PUNCT
ajfa-3740	153	42	except	except	SCONJ
ajfa-3740	153	43	indirectly	indirectly	ADV
ajfa-3740	153	44	via	via	ADP
ajfa-3740	153	45	)	)	PUNCT
ajfa-3740	153	46	.	.	PUNCT
ajfa-3740	154	1	therefore	therefore	ADV
ajfa-3740	154	2	,	,	PUNCT
ajfa-3740	154	3	the	the	DET
ajfa-3740	154	4	equation	equation	NOUN
ajfa-3740	154	5	which	which	PRON
ajfa-3740	154	6	includes	include	VERB
ajfa-3740	154	7	endogeneity	endogeneity	NOUN
ajfa-3740	154	8	is	be	AUX
ajfa-3740	154	9	specified	specify	VERB
ajfa-3740	154	10	as	as	SCONJ
ajfa-3740	154	11	follows	follow	VERB
ajfa-3740	154	12	(	(	PUNCT
ajfa-3740	154	13	cameron	cameron	PROPN
ajfa-3740	154	14	&	&	CCONJ
ajfa-3740	154	15	trivedi	trivedi	PROPN
ajfa-3740	154	16	,	,	PUNCT
ajfa-3740	154	17	2010	2010	NUM
ajfa-3740	154	18	)	)	PUNCT
ajfa-3740	154	19	;	;	PUNCT
ajfa-3740	154	20	=	=	SYM
ajfa-3740	155	1	′	′	NOUN
ajfa-3740	156	1	+	+	CCONJ
ajfa-3740	156	2	′	′	NUM
ajfa-3740	157	1	+	+	ADJ
ajfa-3740	157	2	⋯+	⋯+	NOUN
ajfa-3740	157	3	′	′	VERB
ajfa-3740	158	1	+	+	X
ajfa-3740	158	2	,	,	PUNCT
ajfa-3740	158	3	=	=	NOUN
ajfa-3740	158	4	1	1	NUM
ajfa-3740	158	5	,	,	PUNCT
ajfa-3740	158	6	…	…	PUNCT
ajfa-3740	158	7	,	,	PUNCT
ajfa-3740	158	8	(	(	PUNCT
ajfa-3740	158	9	3	3	X
ajfa-3740	158	10	)	)	PUNCT
ajfa-3740	158	11	the	the	DET
ajfa-3740	158	12	regression	regression	NOUN
ajfa-3740	158	13	errors	error	NOUN
ajfa-3740	158	14	are	be	AUX
ajfa-3740	158	15	assumed	assume	VERB
ajfa-3740	158	16	to	to	PART
ajfa-3740	158	17	be	be	AUX
ajfa-3740	158	18	uncorrelated	uncorrelate	VERB
ajfa-3740	158	19	with	with	ADP
ajfa-3740	158	20	′	′	NUM
ajfa-3740	158	21	and	and	CCONJ
ajfa-3740	158	22	′	′	NUM
ajfa-3740	158	23	but	but	CCONJ
ajfa-3740	158	24	correlated	correlate	VERB
ajfa-3740	158	25	with	with	ADP
ajfa-3740	158	26	′	′	NOUN
ajfa-3740	158	27	,	,	PUNCT
ajfa-3740	158	28	and	and	CCONJ
ajfa-3740	158	29	this	this	DET
ajfa-3740	158	30	correlation	correlation	NOUN
ajfa-3740	158	31	leads	lead	VERB
ajfa-3740	158	32	to	to	ADP
ajfa-3740	158	33	an	an	DET
ajfa-3740	158	34	inconsistent	inconsistent	ADJ
ajfa-3740	158	35	estimation	estimation	NOUN
ajfa-3740	158	36	.	.	PUNCT
ajfa-3740	159	1	to	to	PART
ajfa-3740	159	2	obtain	obtain	VERB
ajfa-3740	159	3	a	a	DET
ajfa-3740	159	4	consistent	consistent	ADJ
ajfa-3740	159	5	estimation	estimation	NOUN
ajfa-3740	159	6	,	,	PUNCT
ajfa-3740	159	7	a	a	DET
ajfa-3740	159	8	reduced	reduce	VERB
ajfa-3740	159	9	-	-	PUNCT
ajfa-3740	159	10	form	form	NOUN
ajfa-3740	159	11	model	model	NOUN
ajfa-3740	159	12	is	be	AUX
ajfa-3740	159	13	appropriate	appropriate	ADJ
ajfa-3740	159	14	;	;	PUNCT
ajfa-3740	159	15	=	=	SYM
ajfa-3740	160	1	′	′	NUM
ajfa-3740	161	1	+	+	NOUN
ajfa-3740	161	2	⋯+	⋯+	NOUN
ajfa-3740	161	3	′	′	VERB
ajfa-3740	162	1	+	+	CCONJ
ajfa-3740	162	2	(	(	PUNCT
ajfa-3740	162	3	4	4	NUM
ajfa-3740	162	4	)	)	PUNCT
ajfa-3740	162	5	=	=	SYM
ajfa-3740	163	1	|	|	NOUN
ajfa-3740	163	2	=	=	SYM
ajfa-3740	163	3	0	0	NUM
ajfa-3740	163	4	(	(	PUNCT
ajfa-3740	163	5	5	5	NUM
ajfa-3740	163	6	)	)	PUNCT
ajfa-3740	163	7	most	most	ADV
ajfa-3740	163	8	previous	previous	ADJ
ajfa-3740	163	9	studies	study	NOUN
ajfa-3740	163	10	on	on	ADP
ajfa-3740	163	11	the	the	DET
ajfa-3740	163	12	capital	capital	NOUN
ajfa-3740	163	13	structure	structure	NOUN
ajfa-3740	163	14	determinants	determinant	NOUN
ajfa-3740	163	15	treat	treat	VERB
ajfa-3740	163	16	tangibility	tangibility	NOUN
ajfa-3740	163	17	,	,	PUNCT
ajfa-3740	163	18	non	non	ADJ
ajfa-3740	163	19	-	-	ADJ
ajfa-3740	163	20	debt	debt	ADJ
ajfa-3740	163	21	tax	tax	NOUN
ajfa-3740	163	22	shields	shield	NOUN
ajfa-3740	163	23	,	,	PUNCT
ajfa-3740	163	24	growth	growth	NOUN
ajfa-3740	163	25	and	and	CCONJ
ajfa-3740	163	26	managerial	managerial	ADJ
ajfa-3740	163	27	ownership	ownership	NOUN
ajfa-3740	163	28	as	as	ADP
ajfa-3740	163	29	endogenous	endogenous	ADJ
ajfa-3740	163	30	variable	variable	ADJ
ajfa-3740	163	31	determinants	determinant	NOUN
ajfa-3740	163	32	(	(	PUNCT
ajfa-3740	163	33	agrawal	agrawal	NOUN
ajfa-3740	163	34	and	and	CCONJ
ajfa-3740	163	35	knoeber	knoeber	NOUN
ajfa-3740	163	36	,	,	PUNCT
ajfa-3740	163	37	1996	1996	NUM
ajfa-3740	163	38	;	;	PUNCT
ajfa-3740	163	39	dessi	dessi	PROPN
ajfa-3740	163	40	&	&	CCONJ
ajfa-3740	163	41	robertson	robertson	PROPN
ajfa-3740	163	42	,	,	PUNCT
ajfa-3740	163	43	2003	2003	NUM
ajfa-3740	163	44	;	;	PUNCT
ajfa-3740	163	45	maghyereh	maghyereh	NOUN
ajfa-3740	163	46	,	,	PUNCT
ajfa-3740	163	47	2005	2005	NUM
ajfa-3740	163	48	;	;	PUNCT
ajfa-3740	163	49	coricelli	coricelli	PROPN
ajfa-3740	163	50	,	,	PUNCT
ajfa-3740	163	51	driffield	driffield	PROPN
ajfa-3740	163	52	,	,	PUNCT
ajfa-3740	163	53	pal	pal	PROPN
ajfa-3740	163	54	&	&	CCONJ
ajfa-3740	163	55	roland	roland	PROPN
ajfa-3740	163	56	,	,	PUNCT
ajfa-3740	163	57	2011	2011	NUM
ajfa-3740	163	58	)	)	PUNCT
ajfa-3740	163	59	,	,	PUNCT
ajfa-3740	163	60	thus	thus	ADV
ajfa-3740	163	61	the	the	DET
ajfa-3740	163	62	durbin	durbin	ADJ
ajfa-3740	163	63	-	-	PUNCT
ajfa-3740	163	64	wu	wu	PROPN
ajfa-3740	163	65	-	-	PUNCT
ajfa-3740	163	66	hausman	hausman	PROPN
ajfa-3740	163	67	test	test	NOUN
ajfa-3740	163	68	for	for	ADP
ajfa-3740	163	69	endogeneity	endogeneity	NOUN
ajfa-3740	163	70	is	be	AUX
ajfa-3740	163	71	necessary	necessary	ADJ
ajfa-3740	163	72	,	,	PUNCT
ajfa-3740	163	73	and	and	CCONJ
ajfa-3740	163	74	the	the	DET
ajfa-3740	163	75	result	result	NOUN
ajfa-3740	163	76	confirms	confirm	VERB
ajfa-3740	163	77	that	that	SCONJ
ajfa-3740	163	78	tangibility	tangibility	NOUN
ajfa-3740	163	79	,	,	PUNCT
ajfa-3740	163	80	non	non	ADJ
ajfa-3740	163	81	-	-	ADJ
ajfa-3740	163	82	debt	debt	ADJ
ajfa-3740	163	83	tax	tax	NOUN
ajfa-3740	163	84	shields	shield	NOUN
ajfa-3740	163	85	,	,	PUNCT
ajfa-3740	163	86	growth	growth	NOUN
ajfa-3740	163	87	and	and	CCONJ
ajfa-3740	163	88	managerial	managerial	ADJ
ajfa-3740	163	89	ownership	ownership	NOUN
ajfa-3740	163	90	are	be	AUX
ajfa-3740	163	91	indeed	indeed	ADV
ajfa-3740	163	92	endogenous	endogenous	ADJ
ajfa-3740	163	93	.	.	PUNCT
ajfa-3740	164	1	therefore	therefore	ADV
ajfa-3740	164	2	,	,	PUNCT
ajfa-3740	164	3	this	this	DET
ajfa-3740	164	4	study	study	NOUN
ajfa-3740	164	5	employs	employ	VERB
ajfa-3740	164	6	dynamic	dynamic	ADJ
ajfa-3740	164	7	-	-	PUNCT
ajfa-3740	164	8	panel	panel	NOUN
ajfa-3740	164	9	iv	iv	NUM
ajfa-3740	164	10	-	-	PUNCT
ajfa-3740	164	11	gmm	gmm	NOUN
ajfa-3740	164	12	(	(	PUNCT
ajfa-3740	164	13	instrumental	instrumental	ADJ
ajfa-3740	164	14	variable	variable	NOUN
ajfa-3740	164	15	-	-	PUNCT
ajfa-3740	164	16	generalised	generalise	VERB
ajfa-3740	164	17	methods	method	NOUN
ajfa-3740	164	18	of	of	ADP
ajfa-3740	164	19	moments	moment	NOUN
ajfa-3740	164	20	)	)	PUNCT
ajfa-3740	164	21	which	which	PRON
ajfa-3740	164	22	provides	provide	VERB
ajfa-3740	164	23	consistent	consistent	ADJ
ajfa-3740	164	24	estimates	estimate	NOUN
ajfa-3740	164	25	by	by	ADP
ajfa-3740	164	26	utilising	utilise	VERB
ajfa-3740	164	27	instruments	instrument	NOUN
ajfa-3740	164	28	that	that	PRON
ajfa-3740	164	29	have	have	AUX
ajfa-3740	164	30	been	be	AUX
ajfa-3740	164	31	obtained	obtain	VERB
ajfa-3740	164	32	from	from	ADP
ajfa-3740	164	33	the	the	DET
ajfa-3740	164	34	orthogonality	orthogonality	NOUN
ajfa-3740	164	35	condition	condition	NOUN
ajfa-3740	164	36	between	between	ADP
ajfa-3740	164	37	the	the	DET
ajfa-3740	164	38	regressors	regressor	NOUN
ajfa-3740	164	39	and	and	CCONJ
ajfa-3740	164	40	the	the	DET
ajfa-3740	164	41	error	error	NOUN
ajfa-3740	164	42	terms	term	NOUN
ajfa-3740	164	43	.	.	PUNCT
ajfa-3740	165	1	the	the	DET
ajfa-3740	165	2	analysis	analysis	NOUN
ajfa-3740	165	3	includes	include	VERB
ajfa-3740	165	4	the	the	DET
ajfa-3740	165	5	sargan	sargan	ADJ
ajfa-3740	165	6	test	test	NOUN
ajfa-3740	165	7	for	for	ADP
ajfa-3740	165	8	over	over	ADP
ajfa-3740	165	9	-	-	PUNCT
ajfa-3740	165	10	identification	identification	NOUN
ajfa-3740	165	11	restrictions	restriction	NOUN
ajfa-3740	165	12	to	to	PART
ajfa-3740	165	13	test	test	VERB
ajfa-3740	165	14	the	the	DET
ajfa-3740	165	15	validity	validity	NOUN
ajfa-3740	165	16	of	of	ADP
ajfa-3740	165	17	instruments	instrument	NOUN
ajfa-3740	165	18	used	use	VERB
ajfa-3740	165	19	in	in	ADP
ajfa-3740	165	20	the	the	DET
ajfa-3740	165	21	model	model	NOUN
ajfa-3740	165	22	,	,	PUNCT
ajfa-3740	165	23	which	which	PRON
ajfa-3740	165	24	will	will	AUX
ajfa-3740	165	25	confirm	confirm	VERB
ajfa-3740	165	26	that	that	SCONJ
ajfa-3740	165	27	the	the	DET
ajfa-3740	165	28	parameters	parameter	NOUN
ajfa-3740	165	29	of	of	ADP
ajfa-3740	165	30	the	the	DET
ajfa-3740	165	31	model	model	NOUN
ajfa-3740	165	32	are	be	AUX
ajfa-3740	165	33	estimated	estimate	VERB
ajfa-3740	165	34	using	use	VERB
ajfa-3740	165	35	optimal	optimal	ADJ
ajfa-3740	165	36	gmm	gmm	NOUN
ajfa-3740	165	37	.	.	PUNCT
ajfa-3740	166	1	it	it	PRON
ajfa-3740	166	2	is	be	AUX
ajfa-3740	166	3	worth	worth	ADJ
ajfa-3740	166	4	mentioning	mention	VERB
ajfa-3740	166	5	the	the	DET
ajfa-3740	166	6	possibility	possibility	NOUN
ajfa-3740	166	7	that	that	SCONJ
ajfa-3740	166	8	some	some	PRON
ajfa-3740	166	9	of	of	ADP
ajfa-3740	166	10	the	the	DET
ajfa-3740	166	11	regressors	regressor	NOUN
ajfa-3740	166	12	may	may	AUX
ajfa-3740	166	13	be	be	AUX
ajfa-3740	166	14	correlated	correlate	VERB
ajfa-3740	166	15	with	with	ADP
ajfa-3740	166	16	the	the	DET
ajfa-3740	166	17	past	past	ADJ
ajfa-3740	166	18	and	and	CCONJ
ajfa-3740	166	19	current	current	ADJ
ajfa-3740	166	20	values	value	NOUN
ajfa-3740	166	21	of	of	ADP
ajfa-3740	166	22	the	the	DET
ajfa-3740	166	23	idiosyncratic	idiosyncratic	ADJ
ajfa-3740	166	24	component	component	NOUN
ajfa-3740	166	25	of	of	ADP
ajfa-3740	166	26	disturbances	disturbance	NOUN
ajfa-3740	166	27	.	.	PUNCT
ajfa-3740	167	1	the	the	DET
ajfa-3740	167	2	model	model	NOUN
ajfa-3740	167	3	for	for	ADP
ajfa-3740	167	4	dynamic	dynamic	ADJ
ajfa-3740	167	5	-	-	PUNCT
ajfa-3740	167	6	panel	panel	NOUN
ajfa-3740	167	7	gmm	gmm	NOUN
ajfa-3740	167	8	is	be	AUX
ajfa-3740	167	9	(	(	PUNCT
ajfa-3740	167	10	cameron	cameron	PROPN
ajfa-3740	167	11	&	&	CCONJ
ajfa-3740	167	12	trivedi	trivedi	PROPN
ajfa-3740	167	13	,	,	PUNCT
ajfa-3740	167	14	2010	2010	NUM
ajfa-3740	167	15	)	)	PUNCT
ajfa-3740	167	16	;	;	PUNCT
ajfa-3740	168	1	=	=	SYM
ajfa-3740	168	2	+	+	CCONJ
ajfa-3740	168	3	,	,	PUNCT
ajfa-3740	168	4	+	+	NUM
ajfa-3740	168	5	⋯+	⋯+	NOUN
ajfa-3740	168	6	,	,	PUNCT
ajfa-3740	168	7	+	+	CCONJ
ajfa-3740	168	8	′	′	NUM
ajfa-3740	169	1	+	+	X
ajfa-3740	169	2	,	,	PUNCT
ajfa-3740	169	3	=	=	PUNCT
ajfa-3740	170	1	+	+	NUM
ajfa-3740	170	2	1	1	NUM
ajfa-3740	170	3	,	,	PUNCT
ajfa-3740	170	4	…	…	PUNCT
ajfa-3740	170	5	.	.	PUNCT
ajfa-3740	170	6	.	.	PUNCT
ajfa-3740	171	1	,	,	PUNCT
ajfa-3740	171	2	(	(	PUNCT
ajfa-3740	171	3	6	6	X
ajfa-3740	171	4	)	)	PUNCT
ajfa-3740	171	5	the	the	DET
ajfa-3740	171	6	assumption	assumption	NOUN
ajfa-3740	171	7	is	be	AUX
ajfa-3740	171	8	that	that	PRON
ajfa-3740	171	9	are	be	AUX
ajfa-3740	171	10	serially	serially	ADV
ajfa-3740	171	11	uncorrelated	uncorrelate	VERB
ajfa-3740	171	12	.	.	PUNCT
ajfa-3740	172	1	an	an	DET
ajfa-3740	172	2	important	important	ADJ
ajfa-3740	172	3	aspect	aspect	NOUN
ajfa-3740	172	4	of	of	ADP
ajfa-3740	172	5	the	the	DET
ajfa-3740	172	6	dynamic	dynamic	ADJ
ajfa-3740	172	7	panel	panel	NOUN
ajfa-3740	172	8	estimator	estimator	NOUN
ajfa-3740	172	9	is	be	AUX
ajfa-3740	172	10	its	its	PRON
ajfa-3740	172	11	using	use	VERB
ajfa-3740	172	12	the	the	DET
ajfa-3740	172	13	firm	firm	NOUN
ajfa-3740	172	14	’s	’s	PART
ajfa-3740	172	15	history	history	NOUN
ajfa-3740	172	16	as	as	ADP
ajfa-3740	172	17	instruments	instrument	NOUN
ajfa-3740	172	18	for	for	ADP
ajfa-3740	172	19	explanatory	explanatory	ADJ
ajfa-3740	172	20	variables	variable	NOUN
ajfa-3740	172	21	.	.	PUNCT
ajfa-3740	173	1	the	the	DET
ajfa-3740	173	2	regression	regression	NOUN
ajfa-3740	173	3	model	model	NOUN
ajfa-3740	173	4	is	be	AUX
ajfa-3740	173	5	specified	specify	VERB
ajfa-3740	173	6	as	as	SCONJ
ajfa-3740	173	7	follows	follow	VERB
ajfa-3740	173	8	(	(	PUNCT
ajfa-3740	173	9	titman	titman	NOUN
ajfa-3740	173	10	&	&	CCONJ
ajfa-3740	173	11	wessels	wessels	PROPN
ajfa-3740	173	12	,	,	PUNCT
ajfa-3740	173	13	1988	1988	NUM
ajfa-3740	173	14	;	;	PUNCT
ajfa-3740	173	15	rajan	rajan	PROPN
ajfa-3740	173	16	&	&	CCONJ
ajfa-3740	173	17	zingales	zingales	PROPN
ajfa-3740	173	18	,	,	PUNCT
ajfa-3740	173	19	1995	1995	NUM
ajfa-3740	173	20	;	;	PUNCT
ajfa-3740	173	21	shyam	shyam	PROPN
ajfa-3740	173	22	-	-	PUNCT
ajfa-3740	173	23	sunder	sunder	PROPN
ajfa-3740	173	24	&	&	CCONJ
ajfa-3740	173	25	myers	myers	PROPN
ajfa-3740	173	26	,	,	PUNCT
ajfa-3740	173	27	1999	1999	NUM
ajfa-3740	173	28	):	):	PUNCT
ajfa-3740	173	29	asian	asian	ADJ
ajfa-3740	173	30	journal	journal	NOUN
ajfa-3740	173	31	of	of	ADP
ajfa-3740	173	32	finance	finance	PROPN
ajfa-3740	173	33	&	&	CCONJ
ajfa-3740	173	34	accounting	accounting	PROPN
ajfa-3740	173	35	issn	issn	PROPN
ajfa-3740	173	36	1946	1946	NUM
ajfa-3740	173	37	-	-	PUNCT
ajfa-3740	173	38	052x	052x	NOUN
ajfa-3740	173	39	2013	2013	NUM
ajfa-3740	173	40	,	,	PUNCT
ajfa-3740	173	41	vol	vol	NOUN
ajfa-3740	173	42	.	.	PROPN
ajfa-3740	173	43	5	5	NUM
ajfa-3740	173	44	,	,	PUNCT
ajfa-3740	173	45	no	no	INTJ
ajfa-3740	173	46	.	.	NOUN
ajfa-3740	173	47	2	2	NUM
ajfa-3740	173	48	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3740	173	49	12	12	NUM
ajfa-3740	173	50	=	=	SYM
ajfa-3740	174	1	+	+	PUNCT
ajfa-3740	174	2	+	+	PUNCT
ajfa-3740	175	1	+	+	PUNCT
ajfa-3740	175	2	+	+	NOUN
ajfa-3740	175	3	ℎ	ℎ	X
ajfa-3740	175	4	+	+	X
ajfa-3740	176	1	+	+	ADJ
ajfa-3740	176	2	ℎ	ℎ	X
ajfa-3740	176	3	+	+	X
ajfa-3740	176	4	+	+	CCONJ
ajfa-3740	176	5	(	(	PUNCT
ajfa-3740	176	6	7	7	NUM
ajfa-3740	176	7	)	)	SYM
ajfa-3740	176	8	4	4	NUM
ajfa-3740	176	9	.	.	PUNCT
ajfa-3740	177	1	findings	finding	NOUN
ajfa-3740	177	2	table	table	VERB
ajfa-3740	177	3	4.1	4.1	NUM
ajfa-3740	177	4	,	,	PUNCT
ajfa-3740	177	5	table	table	NOUN
ajfa-3740	177	6	4.2	4.2	NUM
ajfa-3740	177	7	and	and	CCONJ
ajfa-3740	177	8	table	table	NOUN
ajfa-3740	177	9	4.3	4.3	NUM
ajfa-3740	177	10	present	present	NOUN
ajfa-3740	177	11	the	the	DET
ajfa-3740	177	12	regression	regression	NOUN
ajfa-3740	177	13	results	result	NOUN
ajfa-3740	177	14	for	for	ADP
ajfa-3740	177	15	total	total	ADJ
ajfa-3740	177	16	debt	debt	NOUN
ajfa-3740	177	17	,	,	PUNCT
ajfa-3740	177	18	long	long	ADJ
ajfa-3740	177	19	-	-	PUNCT
ajfa-3740	177	20	term	term	NOUN
ajfa-3740	177	21	debt	debt	NOUN
ajfa-3740	177	22	and	and	CCONJ
ajfa-3740	177	23	short	short	ADJ
ajfa-3740	177	24	-	-	PUNCT
ajfa-3740	177	25	term	term	NOUN
ajfa-3740	177	26	debt	debt	NOUN
ajfa-3740	177	27	,	,	PUNCT
ajfa-3740	177	28	respectively	respectively	ADV
ajfa-3740	177	29	.	.	PUNCT
ajfa-3740	178	1	each	each	DET
ajfa-3740	178	2	table	table	NOUN
ajfa-3740	178	3	provides	provide	VERB
ajfa-3740	178	4	four	four	NUM
ajfa-3740	178	5	different	different	ADJ
ajfa-3740	178	6	methods	method	NOUN
ajfa-3740	178	7	,	,	PUNCT
ajfa-3740	178	8	which	which	PRON
ajfa-3740	178	9	are	be	AUX
ajfa-3740	178	10	ols	ol	NOUN
ajfa-3740	178	11	robust	robust	ADJ
ajfa-3740	178	12	,	,	PUNCT
ajfa-3740	178	13	2sls	2sls	NOUN
ajfa-3740	178	14	,	,	PUNCT
ajfa-3740	178	15	gmm	gmm	NOUN
ajfa-3740	178	16	and	and	CCONJ
ajfa-3740	178	17	dynamic	dynamic	ADJ
ajfa-3740	178	18	-	-	PUNCT
ajfa-3740	178	19	gmm	gmm	NOUN
ajfa-3740	178	20	.	.	PUNCT
ajfa-3740	179	1	in	in	ADP
ajfa-3740	179	2	,	,	PUNCT
ajfa-3740	179	3	addition	addition	NOUN
ajfa-3740	179	4	,	,	PUNCT
ajfa-3740	179	5	instrument	instrument	NOUN
ajfa-3740	179	6	in	in	ADP
ajfa-3740	179	7	the	the	DET
ajfa-3740	179	8	dynamic	dynamic	ADJ
ajfa-3740	179	9	-	-	PUNCT
ajfa-3740	179	10	iv	iv	NUM
ajfa-3740	179	11	gmm	gmm	NOUN
ajfa-3740	179	12	is	be	AUX
ajfa-3740	179	13	significant	significant	ADJ
ajfa-3740	179	14	in	in	ADP
ajfa-3740	179	15	the	the	DET
ajfa-3740	179	16	level	level	NOUN
ajfa-3740	179	17	of	of	ADP
ajfa-3740	179	18	two	two	NUM
ajfa-3740	179	19	-	-	PUNCT
ajfa-3740	179	20	lagged	lag	VERB
ajfa-3740	179	21	for	for	ADP
ajfa-3740	179	22	total	total	ADJ
ajfa-3740	179	23	debt	debt	NOUN
ajfa-3740	179	24	and	and	CCONJ
ajfa-3740	179	25	long	long	ADJ
ajfa-3740	179	26	-	-	PUNCT
ajfa-3740	179	27	term	term	NOUN
ajfa-3740	179	28	debt	debt	NOUN
ajfa-3740	179	29	,	,	PUNCT
ajfa-3740	179	30	while	while	SCONJ
ajfa-3740	179	31	for	for	ADP
ajfa-3740	179	32	short	short	ADJ
ajfa-3740	179	33	-	-	PUNCT
ajfa-3740	179	34	term	term	NOUN
ajfa-3740	179	35	debt	debt	NOUN
ajfa-3740	179	36	the	the	DET
ajfa-3740	179	37	lagged	lag	VERB
ajfa-3740	179	38	instrument	instrument	NOUN
ajfa-3740	179	39	is	be	AUX
ajfa-3740	179	40	significant	significant	ADJ
ajfa-3740	179	41	in	in	ADP
ajfa-3740	179	42	one	one	NUM
ajfa-3740	179	43	-	-	PUNCT
ajfa-3740	179	44	lagged	lag	VERB
ajfa-3740	179	45	.	.	PUNCT
ajfa-3740	180	1	more	more	ADV
ajfa-3740	180	2	specifically	specifically	ADV
ajfa-3740	180	3	,	,	PUNCT
ajfa-3740	180	4	the	the	DET
ajfa-3740	180	5	wald	wald	X
ajfa-3740	180	6	(	(	PUNCT
ajfa-3740	180	7	joint	joint	ADJ
ajfa-3740	180	8	)	)	PUNCT
ajfa-3740	180	9	test	test	NOUN
ajfa-3740	180	10	provides	provide	VERB
ajfa-3740	180	11	evidence	evidence	NOUN
ajfa-3740	180	12	that	that	PRON
ajfa-3740	180	13	supports	support	VERB
ajfa-3740	180	14	the	the	DET
ajfa-3740	180	15	joint	joint	ADJ
ajfa-3740	180	16	significance	significance	NOUN
ajfa-3740	180	17	of	of	ADP
ajfa-3740	180	18	all	all	DET
ajfa-3740	180	19	the	the	DET
ajfa-3740	180	20	regressors	regressor	NOUN
ajfa-3740	180	21	in	in	ADP
ajfa-3740	180	22	the	the	DET
ajfa-3740	180	23	model	model	NOUN
ajfa-3740	180	24	.	.	PUNCT
ajfa-3740	181	1	furthermore	furthermore	ADV
ajfa-3740	181	2	,	,	PUNCT
ajfa-3740	181	3	the	the	DET
ajfa-3740	181	4	sargan	sargan	NOUN
ajfa-3740	181	5	test	test	NOUN
ajfa-3740	181	6	confirms	confirm	VERB
ajfa-3740	181	7	the	the	DET
ajfa-3740	181	8	validity	validity	NOUN
ajfa-3740	181	9	of	of	ADP
ajfa-3740	181	10	the	the	DET
ajfa-3740	181	11	instruments	instrument	NOUN
ajfa-3740	181	12	used	use	VERB
ajfa-3740	181	13	.	.	PUNCT
ajfa-3740	182	1	as	as	SCONJ
ajfa-3740	182	2	mentioned	mention	VERB
ajfa-3740	182	3	in	in	ADP
ajfa-3740	182	4	the	the	DET
ajfa-3740	182	5	method	method	NOUN
ajfa-3740	182	6	section	section	NOUN
ajfa-3740	182	7	,	,	PUNCT
ajfa-3740	182	8	this	this	DET
ajfa-3740	182	9	study	study	NOUN
ajfa-3740	182	10	uses	use	VERB
ajfa-3740	182	11	dynamic	dynamic	ADJ
ajfa-3740	182	12	-	-	PUNCT
ajfa-3740	182	13	gmm	gmm	NOUN
ajfa-3740	182	14	,	,	PUNCT
ajfa-3740	182	15	but	but	CCONJ
ajfa-3740	182	16	there	there	PRON
ajfa-3740	182	17	is	be	VERB
ajfa-3740	182	18	no	no	DET
ajfa-3740	182	19	harm	harm	NOUN
ajfa-3740	182	20	if	if	SCONJ
ajfa-3740	182	21	we	we	PRON
ajfa-3740	182	22	compare	compare	VERB
ajfa-3740	182	23	the	the	DET
ajfa-3740	182	24	regression	regression	NOUN
ajfa-3740	182	25	results	result	NOUN
ajfa-3740	182	26	that	that	PRON
ajfa-3740	182	27	confirmed	confirm	VERB
ajfa-3740	182	28	efficient	efficient	ADJ
ajfa-3740	182	29	and	and	CCONJ
ajfa-3740	182	30	unbiased	unbiased	ADJ
ajfa-3740	182	31	estimators	estimator	NOUN
ajfa-3740	182	32	.	.	PUNCT
ajfa-3740	183	1	the	the	DET
ajfa-3740	183	2	coefficients	coefficient	NOUN
ajfa-3740	183	3	of	of	ADP
ajfa-3740	183	4	tangibility	tangibility	NOUN
ajfa-3740	183	5	,	,	PUNCT
ajfa-3740	183	6	growth	growth	NOUN
ajfa-3740	183	7	,	,	PUNCT
ajfa-3740	183	8	signalling	signalling	ADJ
ajfa-3740	183	9	,	,	PUNCT
ajfa-3740	183	10	managerial	managerial	ADJ
ajfa-3740	183	11	ownership	ownership	NOUN
ajfa-3740	183	12	and	and	CCONJ
ajfa-3740	183	13	firm	firm	ADJ
ajfa-3740	183	14	size	size	NOUN
ajfa-3740	183	15	are	be	AUX
ajfa-3740	183	16	significant	significant	ADJ
ajfa-3740	183	17	for	for	ADP
ajfa-3740	183	18	the	the	DET
ajfa-3740	183	19	total	total	ADJ
ajfa-3740	183	20	debt	debt	NOUN
ajfa-3740	183	21	equation	equation	NOUN
ajfa-3740	183	22	(	(	PUNCT
ajfa-3740	183	23	table	table	NOUN
ajfa-3740	183	24	4.1	4.1	NUM
ajfa-3740	183	25	;	;	PUNCT
ajfa-3740	183	26	dynamic	dynamic	ADJ
ajfa-3740	183	27	-	-	PUNCT
ajfa-3740	183	28	iv	iv	NUM
ajfa-3740	183	29	gmm	gmm	NOUN
ajfa-3740	183	30	,	,	PUNCT
ajfa-3740	183	31	reg.2	reg.2	PROPN
ajfa-3740	183	32	)	)	PUNCT
ajfa-3740	183	33	.	.	PUNCT
ajfa-3740	184	1	it	it	PRON
ajfa-3740	184	2	can	can	AUX
ajfa-3740	184	3	be	be	AUX
ajfa-3740	184	4	concluded	conclude	VERB
ajfa-3740	184	5	that	that	SCONJ
ajfa-3740	184	6	firms	firm	NOUN
ajfa-3740	184	7	’	'	PUNCT
ajfa-3740	184	8	specific	specific	ADJ
ajfa-3740	184	9	factors	factor	NOUN
ajfa-3740	184	10	play	play	VERB
ajfa-3740	184	11	a	a	DET
ajfa-3740	184	12	significant	significant	ADJ
ajfa-3740	184	13	impact	impact	NOUN
ajfa-3740	184	14	in	in	ADP
ajfa-3740	184	15	explaining	explain	VERB
ajfa-3740	184	16	new	new	PROPN
ajfa-3740	184	17	zealand	zealand	PROPN
ajfa-3740	184	18	listed	list	VERB
ajfa-3740	184	19	-	-	PUNCT
ajfa-3740	184	20	firms	firm	NOUN
ajfa-3740	184	21	’	'	PUNCT
ajfa-3740	184	22	capital	capital	NOUN
ajfa-3740	184	23	structure	structure	NOUN
ajfa-3740	184	24	.	.	PUNCT
ajfa-3740	185	1	the	the	DET
ajfa-3740	185	2	different	different	ADJ
ajfa-3740	185	3	results	result	NOUN
ajfa-3740	185	4	were	be	AUX
ajfa-3740	185	5	obtained	obtain	VERB
ajfa-3740	185	6	for	for	ADP
ajfa-3740	185	7	long	long	ADJ
ajfa-3740	185	8	-	-	PUNCT
ajfa-3740	185	9	term	term	NOUN
ajfa-3740	185	10	debt	debt	NOUN
ajfa-3740	185	11	and	and	CCONJ
ajfa-3740	185	12	short	short	ADJ
ajfa-3740	185	13	-	-	PUNCT
ajfa-3740	185	14	term	term	NOUN
ajfa-3740	185	15	debt	debt	NOUN
ajfa-3740	185	16	.	.	PUNCT
ajfa-3740	186	1	for	for	ADP
ajfa-3740	186	2	long	long	ADJ
ajfa-3740	186	3	-	-	PUNCT
ajfa-3740	186	4	term	term	NOUN
ajfa-3740	186	5	debt	debt	NOUN
ajfa-3740	186	6	,	,	PUNCT
ajfa-3740	186	7	only	only	ADV
ajfa-3740	186	8	growth	growth	NOUN
ajfa-3740	186	9	coefficient	coefficient	NOUN
ajfa-3740	186	10	is	be	AUX
ajfa-3740	186	11	significant	significant	ADJ
ajfa-3740	186	12	(	(	PUNCT
ajfa-3740	186	13	table	table	NOUN
ajfa-3740	186	14	4.2	4.2	NUM
ajfa-3740	186	15	;	;	PUNCT
ajfa-3740	186	16	dynamic	dynamic	ADJ
ajfa-3740	186	17	-	-	PUNCT
ajfa-3740	186	18	iv	iv	NUM
ajfa-3740	186	19	gmm	gmm	NOUN
ajfa-3740	186	20	,	,	PUNCT
ajfa-3740	186	21	reg.2	reg.2	PROPN
ajfa-3740	186	22	)	)	PUNCT
ajfa-3740	186	23	,	,	PUNCT
ajfa-3740	186	24	while	while	SCONJ
ajfa-3740	186	25	for	for	ADP
ajfa-3740	186	26	short	short	ADJ
ajfa-3740	186	27	-	-	PUNCT
ajfa-3740	186	28	term	term	NOUN
ajfa-3740	186	29	debt	debt	NOUN
ajfa-3740	186	30	,	,	PUNCT
ajfa-3740	186	31	only	only	ADV
ajfa-3740	186	32	coefficients	coefficient	NOUN
ajfa-3740	186	33	for	for	ADP
ajfa-3740	186	34	tangibility	tangibility	NOUN
ajfa-3740	186	35	,	,	PUNCT
ajfa-3740	186	36	profitability	profitability	NOUN
ajfa-3740	186	37	,	,	PUNCT
ajfa-3740	186	38	managerial	managerial	ADJ
ajfa-3740	186	39	ownership	ownership	NOUN
ajfa-3740	186	40	and	and	CCONJ
ajfa-3740	186	41	firm	firm	ADJ
ajfa-3740	186	42	size	size	NOUN
ajfa-3740	186	43	are	be	AUX
ajfa-3740	186	44	significant	significant	ADJ
ajfa-3740	186	45	(	(	PUNCT
ajfa-3740	186	46	table	table	NOUN
ajfa-3740	186	47	4.3	4.3	NUM
ajfa-3740	186	48	;	;	PUNCT
ajfa-3740	186	49	dynamic	dynamic	ADJ
ajfa-3740	186	50	-	-	PUNCT
ajfa-3740	186	51	iv	iv	NUM
ajfa-3740	186	52	gmm	gmm	NOUN
ajfa-3740	186	53	,	,	PUNCT
ajfa-3740	186	54	reg.1	reg.1	PROPN
ajfa-3740	186	55	)	)	PUNCT
ajfa-3740	186	56	.	.	PUNCT
ajfa-3740	187	1	the	the	DET
ajfa-3740	187	2	tangibility	tangibility	NOUN
ajfa-3740	187	3	coefficients	coefficient	VERB
ajfa-3740	187	4	for	for	ADP
ajfa-3740	187	5	total	total	ADJ
ajfa-3740	187	6	debt	debt	NOUN
ajfa-3740	187	7	and	and	CCONJ
ajfa-3740	187	8	short	short	ADJ
ajfa-3740	187	9	-	-	PUNCT
ajfa-3740	187	10	term	term	NOUN
ajfa-3740	187	11	debt	debt	NOUN
ajfa-3740	187	12	are	be	AUX
ajfa-3740	187	13	positive	positive	ADJ
ajfa-3740	187	14	and	and	CCONJ
ajfa-3740	187	15	significant	significant	ADJ
ajfa-3740	187	16	,	,	PUNCT
ajfa-3740	187	17	which	which	PRON
ajfa-3740	187	18	confirm	confirm	VERB
ajfa-3740	187	19	that	that	SCONJ
ajfa-3740	187	20	higher	high	ADJ
ajfa-3740	187	21	assets	asset	NOUN
ajfa-3740	187	22	’	'	PUNCT
ajfa-3740	187	23	tangibility	tangibility	NOUN
ajfa-3740	187	24	is	be	AUX
ajfa-3740	187	25	associated	associate	VERB
ajfa-3740	187	26	with	with	ADP
ajfa-3740	187	27	higher	high	ADJ
ajfa-3740	187	28	leverage	leverage	NOUN
ajfa-3740	187	29	.	.	PUNCT
ajfa-3740	188	1	this	this	DET
ajfa-3740	188	2	result	result	NOUN
ajfa-3740	188	3	is	be	AUX
ajfa-3740	188	4	supported	support	VERB
ajfa-3740	188	5	also	also	ADV
ajfa-3740	188	6	by	by	ADP
ajfa-3740	188	7	the	the	DET
ajfa-3740	188	8	survey	survey	NOUN
ajfa-3740	188	9	of	of	ADP
ajfa-3740	188	10	statistics	statistics	PROPN
ajfa-3740	188	11	new	new	PROPN
ajfa-3740	188	12	zealand	zealand	PROPN
ajfa-3740	188	13	(	(	PUNCT
ajfa-3740	188	14	2004	2004	NUM
ajfa-3740	188	15	)	)	PUNCT
ajfa-3740	188	16	,	,	PUNCT
ajfa-3740	188	17	that	that	SCONJ
ajfa-3740	188	18	more	more	ADJ
ajfa-3740	188	19	than	than	ADP
ajfa-3740	188	20	70	70	NUM
ajfa-3740	188	21	%	%	NOUN
ajfa-3740	188	22	of	of	ADP
ajfa-3740	188	23	new	new	PROPN
ajfa-3740	188	24	zealand	zealand	PROPN
ajfa-3740	188	25	firms	firm	NOUN
ajfa-3740	188	26	utilise	utilise	VERB
ajfa-3740	188	27	debt	debt	NOUN
ajfa-3740	188	28	financing	financing	NOUN
ajfa-3740	188	29	,	,	PUNCT
ajfa-3740	188	30	particularly	particularly	ADV
ajfa-3740	188	31	short	short	ADJ
ajfa-3740	188	32	-	-	PUNCT
ajfa-3740	188	33	term	term	NOUN
ajfa-3740	188	34	debt	debt	NOUN
ajfa-3740	188	35	,	,	PUNCT
ajfa-3740	188	36	in	in	ADP
ajfa-3740	188	37	which	which	PRON
ajfa-3740	188	38	the	the	DET
ajfa-3740	188	39	majority	majority	NOUN
ajfa-3740	188	40	source	source	NOUN
ajfa-3740	188	41	of	of	ADP
ajfa-3740	188	42	the	the	DET
ajfa-3740	188	43	short	short	ADJ
ajfa-3740	188	44	-	-	PUNCT
ajfa-3740	188	45	term	term	NOUN
ajfa-3740	188	46	debt	debt	NOUN
ajfa-3740	188	47	financing	financing	NOUN
ajfa-3740	188	48	is	be	AUX
ajfa-3740	188	49	banks	bank	NOUN
ajfa-3740	188	50	.	.	PUNCT
ajfa-3740	189	1	the	the	DET
ajfa-3740	189	2	significant	significant	ADJ
ajfa-3740	189	3	result	result	NOUN
ajfa-3740	189	4	for	for	ADP
ajfa-3740	189	5	tangibility	tangibility	NOUN
ajfa-3740	189	6	in	in	ADP
ajfa-3740	189	7	explaining	explain	VERB
ajfa-3740	189	8	short	short	ADJ
ajfa-3740	189	9	-	-	PUNCT
ajfa-3740	189	10	term	term	NOUN
ajfa-3740	189	11	debt	debt	NOUN
ajfa-3740	189	12	confirms	confirm	VERB
ajfa-3740	189	13	that	that	SCONJ
ajfa-3740	189	14	collateral	collateral	NOUN
ajfa-3740	189	15	is	be	AUX
ajfa-3740	189	16	of	of	ADP
ajfa-3740	189	17	importance	importance	NOUN
ajfa-3740	189	18	for	for	SCONJ
ajfa-3740	189	19	banks	bank	NOUN
ajfa-3740	189	20	to	to	PART
ajfa-3740	189	21	secure	secure	VERB
ajfa-3740	189	22	the	the	DET
ajfa-3740	189	23	debt	debt	NOUN
ajfa-3740	189	24	.	.	PUNCT
ajfa-3740	190	1	the	the	DET
ajfa-3740	190	2	growth	growth	NOUN
ajfa-3740	190	3	coefficients	coefficient	VERB
ajfa-3740	190	4	for	for	ADP
ajfa-3740	190	5	total	total	ADJ
ajfa-3740	190	6	debt	debt	NOUN
ajfa-3740	190	7	,	,	PUNCT
ajfa-3740	190	8	long	long	ADJ
ajfa-3740	190	9	-	-	PUNCT
ajfa-3740	190	10	term	term	NOUN
ajfa-3740	190	11	debt	debt	NOUN
ajfa-3740	190	12	and	and	CCONJ
ajfa-3740	190	13	short	short	ADJ
ajfa-3740	190	14	-	-	PUNCT
ajfa-3740	190	15	term	term	NOUN
ajfa-3740	190	16	debt	debt	NOUN
ajfa-3740	190	17	are	be	AUX
ajfa-3740	190	18	positive	positive	ADJ
ajfa-3740	190	19	and	and	CCONJ
ajfa-3740	190	20	significant	significant	ADJ
ajfa-3740	190	21	which	which	PRON
ajfa-3740	190	22	contradict	contradict	VERB
ajfa-3740	190	23	the	the	DET
ajfa-3740	190	24	notion	notion	NOUN
ajfa-3740	190	25	of	of	ADP
ajfa-3740	190	26	negative	negative	ADJ
ajfa-3740	190	27	association	association	NOUN
ajfa-3740	190	28	between	between	ADP
ajfa-3740	190	29	growth	growth	NOUN
ajfa-3740	190	30	and	and	CCONJ
ajfa-3740	190	31	leverage	leverage	NOUN
ajfa-3740	190	32	.	.	PUNCT
ajfa-3740	191	1	this	this	DET
ajfa-3740	191	2	result	result	NOUN
ajfa-3740	191	3	indicates	indicate	VERB
ajfa-3740	191	4	that	that	SCONJ
ajfa-3740	191	5	higher	high	ADJ
ajfa-3740	191	6	growth	growth	NOUN
ajfa-3740	191	7	-	-	PUNCT
ajfa-3740	191	8	firms	firm	NOUN
ajfa-3740	191	9	tend	tend	VERB
ajfa-3740	191	10	to	to	PART
ajfa-3740	191	11	have	have	VERB
ajfa-3740	191	12	more	more	ADJ
ajfa-3740	191	13	debt	debt	NOUN
ajfa-3740	191	14	,	,	PUNCT
ajfa-3740	191	15	as	as	SCONJ
ajfa-3740	191	16	they	they	PRON
ajfa-3740	191	17	expect	expect	VERB
ajfa-3740	191	18	to	to	PART
ajfa-3740	191	19	expand	expand	VERB
ajfa-3740	191	20	their	their	PRON
ajfa-3740	191	21	business	business	NOUN
ajfa-3740	191	22	scale	scale	NOUN
ajfa-3740	191	23	,	,	PUNCT
ajfa-3740	191	24	and	and	CCONJ
ajfa-3740	191	25	a	a	DET
ajfa-3740	191	26	debt	debt	NOUN
ajfa-3740	191	27	financing	financing	NOUN
ajfa-3740	191	28	is	be	AUX
ajfa-3740	191	29	preferable	preferable	ADJ
ajfa-3740	191	30	as	as	SCONJ
ajfa-3740	191	31	it	it	PRON
ajfa-3740	191	32	carries	carry	VERB
ajfa-3740	191	33	lower	low	ADJ
ajfa-3740	191	34	cost	cost	NOUN
ajfa-3740	191	35	.	.	PUNCT
ajfa-3740	192	1	the	the	DET
ajfa-3740	192	2	result	result	NOUN
ajfa-3740	192	3	is	be	AUX
ajfa-3740	192	4	contradictory	contradictory	ADJ
ajfa-3740	192	5	to	to	ADP
ajfa-3740	192	6	titman	titman	NOUN
ajfa-3740	192	7	and	and	CCONJ
ajfa-3740	192	8	wessels	wessels	PROPN
ajfa-3740	192	9	(	(	PUNCT
ajfa-3740	192	10	1988	1988	NUM
ajfa-3740	192	11	)	)	PUNCT
ajfa-3740	192	12	,	,	PUNCT
ajfa-3740	192	13	rajan	rajan	PROPN
ajfa-3740	192	14	and	and	CCONJ
ajfa-3740	192	15	zingales	zingales	PROPN
ajfa-3740	192	16	(	(	PUNCT
ajfa-3740	192	17	1995	1995	NUM
ajfa-3740	192	18	)	)	PUNCT
ajfa-3740	192	19	,	,	PUNCT
ajfa-3740	192	20	harris	harris	PROPN
ajfa-3740	192	21	and	and	CCONJ
ajfa-3740	192	22	raviv	raviv	PROPN
ajfa-3740	192	23	(	(	PUNCT
ajfa-3740	192	24	1992	1992	NUM
ajfa-3740	192	25	)	)	PUNCT
ajfa-3740	192	26	,	,	PUNCT
ajfa-3740	192	27	ghosh	ghosh	PROPN
ajfa-3740	192	28	and	and	CCONJ
ajfa-3740	192	29	cai	cai	PROPN
ajfa-3740	192	30	(	(	PUNCT
ajfa-3740	192	31	2000	2000	NUM
ajfa-3740	192	32	)	)	PUNCT
ajfa-3740	192	33	and	and	CCONJ
ajfa-3740	192	34	booth	booth	NOUN
ajfa-3740	192	35	et	et	PROPN
ajfa-3740	192	36	al	al	PROPN
ajfa-3740	192	37	(	(	PUNCT
ajfa-3740	192	38	2001	2001	NUM
ajfa-3740	192	39	)	)	PUNCT
ajfa-3740	192	40	with	with	ADP
ajfa-3740	192	41	a	a	DET
ajfa-3740	192	42	negative	negative	ADJ
ajfa-3740	192	43	relationship	relationship	NOUN
ajfa-3740	192	44	between	between	ADP
ajfa-3740	192	45	growth	growth	NOUN
ajfa-3740	192	46	and	and	CCONJ
ajfa-3740	192	47	leverage	leverage	NOUN
ajfa-3740	192	48	.	.	PUNCT
ajfa-3740	193	1	the	the	DET
ajfa-3740	193	2	signalling	signal	VERB
ajfa-3740	193	3	coefficient	coefficient	NOUN
ajfa-3740	193	4	is	be	AUX
ajfa-3740	193	5	positive	positive	ADJ
ajfa-3740	193	6	and	and	CCONJ
ajfa-3740	193	7	significant	significant	ADJ
ajfa-3740	193	8	for	for	ADP
ajfa-3740	193	9	total	total	ADJ
ajfa-3740	193	10	debt	debt	NOUN
ajfa-3740	193	11	which	which	PRON
ajfa-3740	193	12	confirms	confirm	VERB
ajfa-3740	193	13	that	that	SCONJ
ajfa-3740	193	14	larger	large	ADJ
ajfa-3740	193	15	firms	firm	NOUN
ajfa-3740	193	16	paying	pay	VERB
ajfa-3740	193	17	higher	high	ADJ
ajfa-3740	193	18	dividends	dividend	NOUN
ajfa-3740	193	19	tend	tend	VERB
ajfa-3740	193	20	to	to	PART
ajfa-3740	193	21	have	have	VERB
ajfa-3740	193	22	more	more	ADJ
ajfa-3740	193	23	debt	debt	NOUN
ajfa-3740	193	24	,	,	PUNCT
ajfa-3740	193	25	as	as	SCONJ
ajfa-3740	193	26	they	they	PRON
ajfa-3740	193	27	want	want	VERB
ajfa-3740	193	28	to	to	PART
ajfa-3740	193	29	convey	convey	VERB
ajfa-3740	193	30	the	the	DET
ajfa-3740	193	31	information	information	NOUN
ajfa-3740	193	32	to	to	ADP
ajfa-3740	193	33	investor	investor	NOUN
ajfa-3740	193	34	about	about	ADP
ajfa-3740	193	35	the	the	DET
ajfa-3740	193	36	future	future	ADJ
ajfa-3740	193	37	prospects	prospect	NOUN
ajfa-3740	193	38	of	of	ADP
ajfa-3740	193	39	the	the	DET
ajfa-3740	193	40	firm	firm	NOUN
ajfa-3740	193	41	.	.	PUNCT
ajfa-3740	194	1	the	the	DET
ajfa-3740	194	2	managerial	managerial	ADJ
ajfa-3740	194	3	ownership	ownership	NOUN
ajfa-3740	194	4	coefficients	coefficient	NOUN
ajfa-3740	194	5	are	be	AUX
ajfa-3740	194	6	positive	positive	ADJ
ajfa-3740	194	7	and	and	CCONJ
ajfa-3740	194	8	significant	significant	ADJ
ajfa-3740	194	9	for	for	ADP
ajfa-3740	194	10	total	total	ADJ
ajfa-3740	194	11	debt	debt	NOUN
ajfa-3740	194	12	and	and	CCONJ
ajfa-3740	194	13	short	short	ADJ
ajfa-3740	194	14	-	-	PUNCT
ajfa-3740	194	15	term	term	NOUN
ajfa-3740	194	16	debt	debt	NOUN
ajfa-3740	194	17	,	,	PUNCT
ajfa-3740	194	18	which	which	PRON
ajfa-3740	194	19	confirms	confirm	VERB
ajfa-3740	194	20	that	that	SCONJ
ajfa-3740	194	21	leverage	leverage	NOUN
ajfa-3740	194	22	minimises	minimise	NOUN
ajfa-3740	194	23	the	the	DET
ajfa-3740	194	24	total	total	ADJ
ajfa-3740	194	25	agency	agency	NOUN
ajfa-3740	194	26	costs	cost	NOUN
ajfa-3740	194	27	resulting	result	VERB
ajfa-3740	194	28	from	from	ADP
ajfa-3740	194	29	the	the	DET
ajfa-3740	194	30	conflicts	conflict	NOUN
ajfa-3740	194	31	of	of	ADP
ajfa-3740	194	32	interest	interest	NOUN
ajfa-3740	194	33	between	between	ADP
ajfa-3740	194	34	shareholders	shareholder	NOUN
ajfa-3740	194	35	and	and	CCONJ
ajfa-3740	194	36	managers	manager	NOUN
ajfa-3740	194	37	;	;	PUNCT
ajfa-3740	194	38	and	and	CCONJ
ajfa-3740	194	39	conflicts	conflict	NOUN
ajfa-3740	194	40	between	between	ADP
ajfa-3740	194	41	asian	asian	ADJ
ajfa-3740	194	42	journal	journal	NOUN
ajfa-3740	194	43	of	of	ADP
ajfa-3740	194	44	finance	finance	PROPN
ajfa-3740	194	45	&	&	CCONJ
ajfa-3740	194	46	accounting	accounting	PROPN
ajfa-3740	194	47	issn	issn	PROPN
ajfa-3740	194	48	1946	1946	NUM
ajfa-3740	194	49	-	-	PUNCT
ajfa-3740	194	50	052x	052x	NOUN
ajfa-3740	194	51	2013	2013	NUM
ajfa-3740	194	52	,	,	PUNCT
ajfa-3740	194	53	vol	vol	NOUN
ajfa-3740	194	54	.	.	PROPN
ajfa-3740	194	55	5	5	NUM
ajfa-3740	194	56	,	,	PUNCT
ajfa-3740	194	57	no	no	INTJ
ajfa-3740	194	58	.	.	NOUN
ajfa-3740	194	59	2	2	NUM
ajfa-3740	194	60	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3740	194	61	13	13	NUM
ajfa-3740	194	62	shareholders	shareholder	NOUN
ajfa-3740	194	63	and	and	CCONJ
ajfa-3740	194	64	debt	debt	NOUN
ajfa-3740	194	65	holders	holder	NOUN
ajfa-3740	194	66	(	(	PUNCT
ajfa-3740	194	67	jensen	jensen	PROPN
ajfa-3740	194	68	&	&	CCONJ
ajfa-3740	194	69	meckling	meckling	PROPN
ajfa-3740	194	70	,	,	PUNCT
ajfa-3740	194	71	1976	1976	NUM
ajfa-3740	194	72	&	&	CCONJ
ajfa-3740	194	73	1986	1986	NUM
ajfa-3740	194	74	)	)	PUNCT
ajfa-3740	194	75	.	.	PUNCT
ajfa-3740	195	1	further	far	ADV
ajfa-3740	195	2	,	,	PUNCT
ajfa-3740	195	3	this	this	DET
ajfa-3740	195	4	result	result	NOUN
ajfa-3740	195	5	supports	support	VERB
ajfa-3740	195	6	the	the	DET
ajfa-3740	195	7	finding	finding	NOUN
ajfa-3740	195	8	of	of	ADP
ajfa-3740	195	9	leland	leland	PROPN
ajfa-3740	195	10	and	and	CCONJ
ajfa-3740	195	11	pyle	pyle	PROPN
ajfa-3740	195	12	(	(	PUNCT
ajfa-3740	195	13	1977	1977	NUM
ajfa-3740	195	14	)	)	PUNCT
ajfa-3740	195	15	and	and	CCONJ
ajfa-3740	195	16	berger	berger	PROPN
ajfa-3740	195	17	et	et	PROPN
ajfa-3740	195	18	al	al	PROPN
ajfa-3740	195	19	(	(	PUNCT
ajfa-3740	195	20	1997	1997	NUM
ajfa-3740	195	21	)	)	PUNCT
ajfa-3740	195	22	studies	study	NOUN
ajfa-3740	195	23	which	which	PRON
ajfa-3740	195	24	found	find	VERB
ajfa-3740	195	25	that	that	SCONJ
ajfa-3740	195	26	leverage	leverage	NOUN
ajfa-3740	195	27	is	be	AUX
ajfa-3740	195	28	positively	positively	ADV
ajfa-3740	195	29	correlated	correlate	VERB
ajfa-3740	195	30	with	with	ADP
ajfa-3740	195	31	the	the	DET
ajfa-3740	195	32	extent	extent	NOUN
ajfa-3740	195	33	of	of	ADP
ajfa-3740	195	34	managerial	managerial	ADJ
ajfa-3740	195	35	shareholdings	shareholding	NOUN
ajfa-3740	195	36	.	.	PUNCT
ajfa-3740	196	1	the	the	DET
ajfa-3740	196	2	firm	firm	ADJ
ajfa-3740	196	3	size	size	NOUN
ajfa-3740	196	4	coefficient	coefficient	NOUN
ajfa-3740	196	5	for	for	ADP
ajfa-3740	196	6	total	total	ADJ
ajfa-3740	196	7	debt	debt	NOUN
ajfa-3740	196	8	is	be	AUX
ajfa-3740	196	9	negative	negative	ADJ
ajfa-3740	196	10	and	and	CCONJ
ajfa-3740	196	11	significant	significant	ADJ
ajfa-3740	196	12	,	,	PUNCT
ajfa-3740	196	13	while	while	SCONJ
ajfa-3740	196	14	positive	positive	ADJ
ajfa-3740	196	15	and	and	CCONJ
ajfa-3740	196	16	significant	significant	ADJ
ajfa-3740	196	17	for	for	ADP
ajfa-3740	196	18	short	short	ADJ
ajfa-3740	196	19	-	-	PUNCT
ajfa-3740	196	20	term	term	NOUN
ajfa-3740	196	21	debt	debt	NOUN
ajfa-3740	196	22	.	.	PUNCT
ajfa-3740	197	1	for	for	ADP
ajfa-3740	197	2	total	total	ADJ
ajfa-3740	197	3	debt	debt	NOUN
ajfa-3740	197	4	,	,	PUNCT
ajfa-3740	197	5	the	the	DET
ajfa-3740	197	6	result	result	NOUN
ajfa-3740	197	7	is	be	AUX
ajfa-3740	197	8	in	in	ADP
ajfa-3740	197	9	line	line	NOUN
ajfa-3740	197	10	with	with	ADP
ajfa-3740	197	11	harris	harris	PROPN
ajfa-3740	197	12	and	and	CCONJ
ajfa-3740	197	13	raviv	raviv	PROPN
ajfa-3740	197	14	(	(	PUNCT
ajfa-3740	197	15	1992	1992	NUM
ajfa-3740	197	16	)	)	PUNCT
ajfa-3740	197	17	and	and	CCONJ
ajfa-3740	197	18	rajan	rajan	PROPN
ajfa-3740	197	19	and	and	CCONJ
ajfa-3740	197	20	zingales	zingales	PROPN
ajfa-3740	197	21	(	(	PUNCT
ajfa-3740	197	22	1995	1995	NUM
ajfa-3740	197	23	)	)	PUNCT
ajfa-3740	197	24	.	.	PUNCT
ajfa-3740	198	1	while	while	SCONJ
ajfa-3740	198	2	,	,	PUNCT
ajfa-3740	198	3	the	the	DET
ajfa-3740	198	4	positive	positive	ADJ
ajfa-3740	198	5	coefficient	coefficient	NOUN
ajfa-3740	198	6	for	for	ADP
ajfa-3740	198	7	short	short	ADJ
ajfa-3740	198	8	-	-	PUNCT
ajfa-3740	198	9	term	term	NOUN
ajfa-3740	198	10	debt	debt	NOUN
ajfa-3740	198	11	suggests	suggest	VERB
ajfa-3740	198	12	that	that	SCONJ
ajfa-3740	198	13	larger	large	ADJ
ajfa-3740	198	14	firms	firm	NOUN
ajfa-3740	198	15	with	with	ADP
ajfa-3740	198	16	higher	high	ADJ
ajfa-3740	198	17	assets	asset	NOUN
ajfa-3740	198	18	’	'	PUNCT
ajfa-3740	198	19	tangibility	tangibility	NOUN
ajfa-3740	198	20	utilise	utilise	VERB
ajfa-3740	198	21	more	more	ADJ
ajfa-3740	198	22	leverage	leverage	NOUN
ajfa-3740	198	23	(	(	PUNCT
ajfa-3740	198	24	short	short	ADJ
ajfa-3740	198	25	-	-	PUNCT
ajfa-3740	198	26	term	term	NOUN
ajfa-3740	198	27	debt	debt	NOUN
ajfa-3740	198	28	)	)	PUNCT
ajfa-3740	198	29	to	to	PART
ajfa-3740	198	30	gain	gain	VERB
ajfa-3740	198	31	the	the	DET
ajfa-3740	198	32	tax	tax	NOUN
ajfa-3740	198	33	benefits	benefit	NOUN
ajfa-3740	198	34	of	of	ADP
ajfa-3740	198	35	debt	debt	NOUN
ajfa-3740	198	36	,	,	PUNCT
ajfa-3740	198	37	as	as	SCONJ
ajfa-3740	198	38	larger	large	ADJ
ajfa-3740	198	39	firms	firm	NOUN
ajfa-3740	198	40	have	have	VERB
ajfa-3740	198	41	less	less	ADJ
ajfa-3740	198	42	risk	risk	NOUN
ajfa-3740	198	43	of	of	ADP
ajfa-3740	198	44	bankruptcy	bankruptcy	NOUN
ajfa-3740	198	45	.	.	PUNCT
ajfa-3740	199	1	finally	finally	ADV
ajfa-3740	199	2	,	,	PUNCT
ajfa-3740	199	3	only	only	ADV
ajfa-3740	199	4	short	short	ADJ
ajfa-3740	199	5	-	-	PUNCT
ajfa-3740	199	6	term	term	NOUN
ajfa-3740	199	7	debt	debt	NOUN
ajfa-3740	199	8	yields	yield	NOUN
ajfa-3740	199	9	negative	negative	ADJ
ajfa-3740	199	10	and	and	CCONJ
ajfa-3740	199	11	significant	significant	ADJ
ajfa-3740	199	12	coefficient	coefficient	NOUN
ajfa-3740	199	13	for	for	ADP
ajfa-3740	199	14	profitability	profitability	NOUN
ajfa-3740	199	15	confirming	confirm	VERB
ajfa-3740	199	16	the	the	DET
ajfa-3740	199	17	pecking	pecking	NOUN
ajfa-3740	199	18	-	-	PUNCT
ajfa-3740	199	19	order	order	NOUN
ajfa-3740	199	20	theory	theory	NOUN
ajfa-3740	199	21	.	.	PUNCT
ajfa-3740	200	1	however	however	ADV
ajfa-3740	200	2	,	,	PUNCT
ajfa-3740	200	3	this	this	DET
ajfa-3740	200	4	study	study	NOUN
ajfa-3740	200	5	is	be	AUX
ajfa-3740	200	6	unable	unable	ADJ
ajfa-3740	200	7	to	to	PART
ajfa-3740	200	8	generate	generate	VERB
ajfa-3740	200	9	that	that	SCONJ
ajfa-3740	200	10	the	the	DET
ajfa-3740	200	11	pecking	pecking	NOUN
ajfa-3740	200	12	-	-	PUNCT
ajfa-3740	200	13	order	order	NOUN
ajfa-3740	200	14	theory	theory	NOUN
ajfa-3740	200	15	fits	fit	VERB
ajfa-3740	200	16	to	to	ADP
ajfa-3740	200	17	new	new	PROPN
ajfa-3740	200	18	zealand	zealand	PROPN
ajfa-3740	200	19	listed	list	VERB
ajfa-3740	200	20	-	-	PUNCT
ajfa-3740	200	21	firms	firm	NOUN
ajfa-3740	200	22	,	,	PUNCT
ajfa-3740	200	23	as	as	SCONJ
ajfa-3740	200	24	the	the	DET
ajfa-3740	200	25	majority	majority	NOUN
ajfa-3740	200	26	of	of	ADP
ajfa-3740	200	27	the	the	DET
ajfa-3740	200	28	firms	firm	NOUN
ajfa-3740	200	29	’	’	PART
ajfa-3740	200	30	specific	specific	ADJ
ajfa-3740	200	31	factors	factor	NOUN
ajfa-3740	200	32	support	support	VERB
ajfa-3740	200	33	the	the	DET
ajfa-3740	200	34	trade	trade	NOUN
ajfa-3740	200	35	-	-	PUNCT
ajfa-3740	200	36	off	off	ADP
ajfa-3740	200	37	theory	theory	NOUN
ajfa-3740	200	38	.	.	PUNCT
ajfa-3740	201	1	in	in	ADP
ajfa-3740	201	2	addition	addition	NOUN
ajfa-3740	201	3	,	,	PUNCT
ajfa-3740	201	4	the	the	DET
ajfa-3740	201	5	bank	bank	NOUN
ajfa-3740	201	6	interest	interest	NOUN
ajfa-3740	201	7	rate	rate	NOUN
ajfa-3740	201	8	in	in	ADP
ajfa-3740	201	9	new	new	PROPN
ajfa-3740	201	10	zealand	zealand	PROPN
ajfa-3740	201	11	is	be	AUX
ajfa-3740	201	12	quite	quite	ADV
ajfa-3740	201	13	low	low	ADJ
ajfa-3740	201	14	compared	compare	VERB
ajfa-3740	201	15	with	with	ADP
ajfa-3740	201	16	other	other	ADJ
ajfa-3740	201	17	financing	financing	NOUN
ajfa-3740	201	18	choices	choice	NOUN
ajfa-3740	201	19	and	and	CCONJ
ajfa-3740	201	20	this	this	PRON
ajfa-3740	201	21	may	may	AUX
ajfa-3740	201	22	explain	explain	VERB
ajfa-3740	201	23	why	why	SCONJ
ajfa-3740	201	24	short	short	ADJ
ajfa-3740	201	25	-	-	PUNCT
ajfa-3740	201	26	term	term	NOUN
ajfa-3740	201	27	financing	financing	NOUN
ajfa-3740	201	28	is	be	AUX
ajfa-3740	201	29	preferred	prefer	VERB
ajfa-3740	201	30	.	.	PUNCT
ajfa-3740	202	1	hence	hence	ADV
ajfa-3740	202	2	,	,	PUNCT
ajfa-3740	202	3	not	not	PART
ajfa-3740	202	4	only	only	ADJ
ajfa-3740	202	5	firms	firm	NOUN
ajfa-3740	202	6	’	'	PUNCT
ajfa-3740	202	7	specific	specific	ADJ
ajfa-3740	202	8	factors	factor	NOUN
ajfa-3740	202	9	are	be	AUX
ajfa-3740	202	10	of	of	ADP
ajfa-3740	202	11	importance	importance	NOUN
ajfa-3740	202	12	but	but	CCONJ
ajfa-3740	202	13	also	also	ADV
ajfa-3740	202	14	the	the	DET
ajfa-3740	202	15	business	business	NOUN
ajfa-3740	202	16	environment	environment	NOUN
ajfa-3740	202	17	characteristic	characteristic	ADJ
ajfa-3740	202	18	in	in	ADP
ajfa-3740	202	19	new	new	PROPN
ajfa-3740	202	20	zealand	zealand	PROPN
ajfa-3740	202	21	are	be	AUX
ajfa-3740	202	22	of	of	ADP
ajfa-3740	202	23	substantialin	substantialin	NOUN
ajfa-3740	202	24	explaining	explain	VERB
ajfa-3740	202	25	new	new	PROPN
ajfa-3740	202	26	zealand	zealand	PROPN
ajfa-3740	202	27	listed	list	VERB
ajfa-3740	202	28	-	-	PUNCT
ajfa-3740	202	29	firms	firm	NOUN
ajfa-3740	202	30	’	'	PUNCT
ajfa-3740	202	31	capital	capital	NOUN
ajfa-3740	202	32	structure	structure	NOUN
ajfa-3740	202	33	.	.	PUNCT
ajfa-3740	203	1	further	further	ADJ
ajfa-3740	203	2	research	research	NOUN
ajfa-3740	203	3	is	be	AUX
ajfa-3740	203	4	necessary	necessary	ADJ
ajfa-3740	203	5	as	as	SCONJ
ajfa-3740	203	6	the	the	DET
ajfa-3740	203	7	firms	firm	NOUN
ajfa-3740	203	8	’	’	PART
ajfa-3740	203	9	behaviour	behaviour	NOUN
ajfa-3740	203	10	changes	change	NOUN
ajfa-3740	203	11	over	over	ADP
ajfa-3740	203	12	time	time	NOUN
ajfa-3740	203	13	,	,	PUNCT
ajfa-3740	203	14	using	use	VERB
ajfa-3740	203	15	wider	wide	ADJ
ajfa-3740	203	16	scope	scope	NOUN
ajfa-3740	203	17	of	of	ADP
ajfa-3740	203	18	sample	sample	NOUN
ajfa-3740	203	19	and	and	CCONJ
ajfa-3740	203	20	periods	period	NOUN
ajfa-3740	203	21	.	.	PUNCT
ajfa-3740	204	1	the	the	DET
ajfa-3740	204	2	estimated	estimate	VERB
ajfa-3740	204	3	coefficients	coefficient	NOUN
ajfa-3740	204	4	for	for	ADP
ajfa-3740	204	5	those	those	DET
ajfa-3740	204	6	four	four	NUM
ajfa-3740	204	7	models	model	NOUN
ajfa-3740	204	8	(	(	PUNCT
ajfa-3740	204	9	ols	ol	NOUN
ajfa-3740	204	10	robust	robust	ADJ
ajfa-3740	204	11	,	,	PUNCT
ajfa-3740	204	12	2sls	2sls	NOUN
ajfa-3740	204	13	,	,	PUNCT
ajfa-3740	204	14	iv	iv	NOUN
ajfa-3740	204	15	-	-	PUNCT
ajfa-3740	204	16	gmm	gmm	NOUN
ajfa-3740	204	17	and	and	CCONJ
ajfa-3740	204	18	dynamic	dynamic	ADJ
ajfa-3740	204	19	-	-	PUNCT
ajfa-3740	204	20	iv	iv	NUM
ajfa-3740	204	21	gmm	gmm	NOUN
ajfa-3740	204	22	)	)	PUNCT
ajfa-3740	204	23	are	be	AUX
ajfa-3740	204	24	considerably	considerably	ADV
ajfa-3740	204	25	different	different	ADJ
ajfa-3740	204	26	.	.	PUNCT
ajfa-3740	205	1	the	the	DET
ajfa-3740	205	2	different	different	ADJ
ajfa-3740	205	3	results	result	NOUN
ajfa-3740	205	4	are	be	AUX
ajfa-3740	205	5	affected	affect	VERB
ajfa-3740	205	6	by	by	ADP
ajfa-3740	205	7	the	the	DET
ajfa-3740	205	8	differencing	differencing	NOUN
ajfa-3740	205	9	used	use	VERB
ajfa-3740	205	10	for	for	ADP
ajfa-3740	205	11	iv	iv	NOUN
ajfa-3740	205	12	,	,	PUNCT
ajfa-3740	205	13	in	in	ADP
ajfa-3740	205	14	which	which	PRON
ajfa-3740	205	15	simple	simple	ADJ
ajfa-3740	205	16	dynamic	dynamic	ADJ
ajfa-3740	205	17	panel	panel	NOUN
ajfa-3740	205	18	models	model	NOUN
ajfa-3740	205	19	suffer	suffer	VERB
ajfa-3740	205	20	from	from	ADP
ajfa-3740	205	21	a	a	DET
ajfa-3740	205	22	weak	weak	ADJ
ajfa-3740	205	23	instrument	instrument	NOUN
ajfa-3740	205	24	problem	problem	NOUN
ajfa-3740	205	25	when	when	SCONJ
ajfa-3740	205	26	the	the	DET
ajfa-3740	205	27	dynamic	dynamic	ADJ
ajfa-3740	205	28	panel	panel	NOUN
ajfa-3740	205	29	autoregressive	autoregressive	ADJ
ajfa-3740	205	30	coefficient	coefficient	NOUN
ajfa-3740	205	31	approaches	approach	VERB
ajfa-3740	205	32	unity	unity	NOUN
ajfa-3740	205	33	,	,	PUNCT
ajfa-3740	205	34	as	as	SCONJ
ajfa-3740	205	35	the	the	DET
ajfa-3740	205	36	estimator	estimator	NOUN
ajfa-3740	205	37	depends	depend	VERB
ajfa-3740	205	38	on	on	ADP
ajfa-3740	205	39	time	time	NOUN
ajfa-3740	205	40	span	span	NOUN
ajfa-3740	205	41	.	.	PUNCT
ajfa-3740	206	1	if	if	SCONJ
ajfa-3740	206	2	the	the	DET
ajfa-3740	206	3	time	time	NOUN
ajfa-3740	206	4	span	span	NOUN
ajfa-3740	206	5	is	be	AUX
ajfa-3740	206	6	small	small	ADJ
ajfa-3740	206	7	;	;	PUNCT
ajfa-3740	206	8	the	the	DET
ajfa-3740	206	9	estimators	estimator	NOUN
ajfa-3740	206	10	are	be	AUX
ajfa-3740	206	11	asymptotically	asymptotically	ADV
ajfa-3740	206	12	random	random	ADJ
ajfa-3740	206	13	,	,	PUNCT
ajfa-3740	206	14	and	and	CCONJ
ajfa-3740	206	15	if	if	SCONJ
ajfa-3740	206	16	time	time	NOUN
ajfa-3740	206	17	span	span	NOUN
ajfa-3740	206	18	is	be	AUX
ajfa-3740	206	19	large	large	ADJ
ajfa-3740	206	20	;	;	PUNCT
ajfa-3740	206	21	the	the	DET
ajfa-3740	206	22	un	un	PROPN
ajfa-3740	206	23	-	-	ADJ
ajfa-3740	206	24	weighted	weighted	ADJ
ajfa-3740	206	25	gmm	gmm	PROPN
ajfa-3740	206	26	estimator	estimator	NOUN
ajfa-3740	206	27	may	may	AUX
ajfa-3740	206	28	be	be	AUX
ajfa-3740	206	29	inconsistent	inconsistent	ADJ
ajfa-3740	206	30	and	and	CCONJ
ajfa-3740	206	31	the	the	DET
ajfa-3740	206	32	efficient	efficient	ADJ
ajfa-3740	206	33	two	two	NUM
ajfa-3740	206	34	step	step	NOUN
ajfa-3740	206	35	estimator	estimator	NOUN
ajfa-3740	206	36	may	may	AUX
ajfa-3740	206	37	be	be	AUX
ajfa-3740	206	38	biased	bias	VERB
ajfa-3740	206	39	.	.	PUNCT
ajfa-3740	207	1	because	because	SCONJ
ajfa-3740	207	2	of	of	ADP
ajfa-3740	207	3	the	the	DET
ajfa-3740	207	4	small	small	ADJ
ajfa-3740	207	5	time	time	NOUN
ajfa-3740	207	6	span	span	NOUN
ajfa-3740	207	7	for	for	ADP
ajfa-3740	207	8	this	this	DET
ajfa-3740	207	9	study	study	NOUN
ajfa-3740	207	10	,	,	PUNCT
ajfa-3740	207	11	the	the	DET
ajfa-3740	207	12	estimated	estimate	VERB
ajfa-3740	207	13	coefficients	coefficient	NOUN
ajfa-3740	207	14	for	for	ADP
ajfa-3740	207	15	dynamic	dynamic	ADJ
ajfa-3740	207	16	-	-	PUNCT
ajfa-3740	207	17	iv	iv	NUM
ajfa-3740	207	18	gmm	gmm	NOUN
ajfa-3740	207	19	yielded	yield	VERB
ajfa-3740	207	20	higher	high	ADJ
ajfa-3740	207	21	estimated	estimate	VERB
ajfa-3740	207	22	coefficients	coefficient	NOUN
ajfa-3740	207	23	and	and	CCONJ
ajfa-3740	207	24	higher	high	ADJ
ajfa-3740	207	25	standard	standard	ADJ
ajfa-3740	207	26	errors	error	NOUN
ajfa-3740	207	27	compared	compare	VERB
ajfa-3740	207	28	to	to	ADP
ajfa-3740	207	29	the	the	DET
ajfa-3740	207	30	rest	rest	NOUN
ajfa-3740	207	31	of	of	ADP
ajfa-3740	207	32	the	the	DET
ajfa-3740	207	33	model	model	NOUN
ajfa-3740	207	34	.	.	PUNCT
ajfa-3740	208	1	the	the	DET
ajfa-3740	208	2	consistent	consistent	ADJ
ajfa-3740	208	3	estimators	estimator	NOUN
ajfa-3740	208	4	yielded	yield	VERB
ajfa-3740	208	5	by	by	ADP
ajfa-3740	208	6	dynamic	dynamic	ADJ
ajfa-3740	208	7	gmm	gmm	PROPN
ajfa-3740	208	8	were	be	AUX
ajfa-3740	208	9	because	because	SCONJ
ajfa-3740	208	10	the	the	DET
ajfa-3740	208	11	gmm	gmm	NOUN
ajfa-3740	208	12	procedure	procedure	NOUN
ajfa-3740	208	13	can	can	AUX
ajfa-3740	208	14	use	use	VERB
ajfa-3740	208	15	moment	moment	NOUN
ajfa-3740	208	16	conditions	condition	NOUN
ajfa-3740	208	17	based	base	VERB
ajfa-3740	208	18	on	on	ADP
ajfa-3740	208	19	the	the	DET
ajfa-3740	208	20	level	level	NOUN
ajfa-3740	208	21	equations	equation	NOUN
ajfa-3740	208	22	together	together	ADV
ajfa-3740	208	23	with	with	ADP
ajfa-3740	208	24	the	the	DET
ajfa-3740	208	25	usual	usual	ADJ
ajfa-3740	208	26	arellano	arellano	PROPN
ajfa-3740	208	27	and	and	CCONJ
ajfa-3740	208	28	bond	bond	NOUN
ajfa-3740	208	29	type	type	NOUN
ajfa-3740	208	30	orthogonality	orthogonality	NOUN
ajfa-3740	208	31	conditions	condition	NOUN
ajfa-3740	208	32	(	(	PUNCT
ajfa-3740	208	33	blundell	blundell	PROPN
ajfa-3740	208	34	&	&	CCONJ
ajfa-3740	208	35	bond	bond	PROPN
ajfa-3740	208	36	,	,	PUNCT
ajfa-3740	208	37	1998	1998	NUM
ajfa-3740	208	38	)	)	PUNCT
ajfa-3740	208	39	,	,	PUNCT
ajfa-3740	208	40	and	and	CCONJ
ajfa-3740	208	41	direct	direct	ADJ
ajfa-3740	208	42	maximum	maximum	ADJ
ajfa-3740	208	43	likelihood	likelihood	NOUN
ajfa-3740	208	44	estimation	estimation	NOUN
ajfa-3740	208	45	based	base	VERB
ajfa-3740	208	46	on	on	ADP
ajfa-3740	208	47	the	the	DET
ajfa-3740	208	48	differenced	difference	VERB
ajfa-3740	208	49	data	datum	NOUN
ajfa-3740	208	50	under	under	ADP
ajfa-3740	208	51	assumed	assume	VERB
ajfa-3740	208	52	normality	normality	NOUN
ajfa-3740	208	53	for	for	ADP
ajfa-3740	208	54	the	the	DET
ajfa-3740	208	55	idiosyncratic	idiosyncratic	ADJ
ajfa-3740	208	56	errors	error	NOUN
ajfa-3740	208	57	(	(	PUNCT
ajfa-3740	208	58	hsiao	hsiao	PROPN
ajfa-3740	208	59	et	et	PROPN
ajfa-3740	208	60	al	al	PROPN
ajfa-3740	208	61	.	.	PROPN
ajfa-3740	208	62	,	,	PUNCT
ajfa-3740	208	63	2002	2002	NUM
ajfa-3740	208	64	)	)	PUNCT
ajfa-3740	208	65	.	.	PUNCT
ajfa-3740	209	1	asian	asian	ADJ
ajfa-3740	209	2	journal	journal	PROPN
ajfa-3740	209	3	of	of	ADP
ajfa-3740	209	4	finance	finance	PROPN
ajfa-3740	209	5	&	&	CCONJ
ajfa-3740	209	6	accounting	accounting	PROPN
ajfa-3740	209	7	issn	issn	PROPN
ajfa-3740	209	8	1946	1946	NUM
ajfa-3740	209	9	-	-	PUNCT
ajfa-3740	209	10	052x	052x	NOUN
ajfa-3740	209	11	2013	2013	NUM
ajfa-3740	209	12	,	,	PUNCT
ajfa-3740	209	13	vol	vol	NOUN
ajfa-3740	209	14	.	.	PROPN
ajfa-3740	209	15	5	5	NUM
ajfa-3740	209	16	,	,	PUNCT
ajfa-3740	209	17	no	no	INTJ
ajfa-3740	209	18	.	.	NOUN
ajfa-3740	209	19	2	2	NUM
ajfa-3740	209	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3740	209	21	14	14	NUM
ajfa-3740	209	22	table	table	NOUN
ajfa-3740	209	23	3	3	NUM
ajfa-3740	209	24	.	.	PUNCT
ajfa-3740	210	1	summary	summary	NOUN
ajfa-3740	210	2	of	of	ADP
ajfa-3740	210	3	four	four	NUM
ajfa-3740	210	4	different	different	ADJ
ajfa-3740	210	5	estimators	estimator	NOUN
ajfa-3740	210	6	of	of	ADP
ajfa-3740	210	7	total	total	ADJ
ajfa-3740	210	8	debt	debt	NOUN
ajfa-3740	210	9	equation	equation	NOUN
ajfa-3740	210	10	variables	variable	VERB
ajfa-3740	210	11	ols	ol	NOUN
ajfa-3740	210	12	robust	robust	ADJ
ajfa-3740	210	13	2sls	2sls	NUM
ajfa-3740	210	14	iv	iv	NUM
ajfa-3740	210	15	-	-	PUNCT
ajfa-3740	210	16	gmm	gmm	NOUN
ajfa-3740	210	17	dynamic	dynamic	ADJ
ajfa-3740	210	18	-	-	PUNCT
ajfa-3740	210	19	iv	iv	NUM
ajfa-3740	210	20	gmm	gmm	NOUN
ajfa-3740	210	21	reg	reg	PROPN
ajfa-3740	210	22	.	.	PROPN
ajfa-3740	211	1	1	1	NUM
ajfa-3740	211	2	reg	reg	NOUN
ajfa-3740	211	3	.	.	NOUN
ajfa-3740	211	4	2	2	NUM
ajfa-3740	211	5	reg	reg	NOUN
ajfa-3740	211	6	.	.	NOUN
ajfa-3740	211	7	1	1	NUM
ajfa-3740	211	8	reg	reg	NOUN
ajfa-3740	211	9	.	.	NOUN
ajfa-3740	211	10	2	2	NUM
ajfa-3740	211	11	reg	reg	NOUN
ajfa-3740	211	12	.	.	NOUN
ajfa-3740	211	13	1	1	NUM
ajfa-3740	211	14	reg	reg	NOUN
ajfa-3740	211	15	.	.	NOUN
ajfa-3740	211	16	2	2	NUM
ajfa-3740	211	17	reg	reg	NOUN
ajfa-3740	211	18	.	.	NOUN
ajfa-3740	211	19	1	1	NUM
ajfa-3740	211	20	reg	reg	NOUN
ajfa-3740	211	21	.	.	NOUN
ajfa-3740	211	22	2	2	NUM
ajfa-3740	211	23	l1	l1	PROPN
ajfa-3740	211	24	.	.	PUNCT
ajfa-3740	212	1	0.0912	0.0912	NUM
ajfa-3740	212	2	0.1065	0.1065	NUM
ajfa-3740	212	3	(	(	PUNCT
ajfa-3740	212	4	0.1300	0.1300	NUM
ajfa-3740	212	5	)	)	PUNCT
ajfa-3740	212	6	(	(	PUNCT
ajfa-3740	212	7	0.1243	0.1243	NUM
ajfa-3740	212	8	)	)	PUNCT
ajfa-3740	212	9	l2	l2	NOUN
ajfa-3740	212	10	.	.	PUNCT
ajfa-3740	213	1	-0.7153	-0.7153	VERB
ajfa-3740	214	1	*	*	PUNCT
ajfa-3740	214	2	*	*	PUNCT
ajfa-3740	214	3	*	*	PUNCT
ajfa-3740	214	4	(	(	PUNCT
ajfa-3740	214	5	0.2346	0.2346	NUM
ajfa-3740	214	6	)	)	PUNCT
ajfa-3740	214	7	constant	constant	ADJ
ajfa-3740	214	8	0.07463	0.07463	NUM
ajfa-3740	214	9	*	*	PUNCT
ajfa-3740	214	10	*	*	PUNCT
ajfa-3740	214	11	*	*	PUNCT
ajfa-3740	215	1	0.7398	0.7398	NUM
ajfa-3740	215	2	*	*	PUNCT
ajfa-3740	215	3	*	*	PUNCT
ajfa-3740	215	4	*	*	PUNCT
ajfa-3740	215	5	0.6877	0.6877	PUNCT
ajfa-3740	215	6	*	*	PUNCT
ajfa-3740	215	7	*	*	PUNCT
ajfa-3740	215	8	*	*	PUNCT
ajfa-3740	215	9	0.6450	0.6450	NUM
ajfa-3740	215	10	*	*	PUNCT
ajfa-3740	215	11	*	*	PUNCT
ajfa-3740	215	12	0.5684	0.5684	NUM
ajfa-3740	215	13	*	*	PUNCT
ajfa-3740	215	14	*	*	PUNCT
ajfa-3740	215	15	*	*	PUNCT
ajfa-3740	215	16	0.4396	0.4396	PUNCT
ajfa-3740	215	17	*	*	PUNCT
ajfa-3740	215	18	*	*	PUNCT
ajfa-3740	215	19	*	*	PUNCT
ajfa-3740	215	20	0.3762	0.3762	NUM
ajfa-3740	215	21	1.4958	1.4958	NUM
ajfa-3740	215	22	*	*	PUNCT
ajfa-3740	215	23	*	*	PUNCT
ajfa-3740	215	24	*	*	PUNCT
ajfa-3740	215	25	(	(	PUNCT
ajfa-3740	215	26	-0.1385	-0.1385	PROPN
ajfa-3740	215	27	)	)	PUNCT
ajfa-3740	215	28	(	(	PUNCT
ajfa-3740	215	29	0.2117	0.2117	NUM
ajfa-3740	215	30	)	)	PUNCT
ajfa-3740	215	31	(	(	PUNCT
ajfa-3740	215	32	0.1097	0.1097	NUM
ajfa-3740	215	33	)	)	PUNCT
ajfa-3740	215	34	(	(	PUNCT
ajfa-3740	215	35	0.2822	0.2822	NUM
ajfa-3740	215	36	)	)	PUNCT
ajfa-3740	215	37	(	(	PUNCT
ajfa-3740	215	38	0.1024	0.1024	NUM
ajfa-3740	215	39	)	)	PUNCT
ajfa-3740	215	40	(	(	PUNCT
ajfa-3740	215	41	0.1360	0.1360	NUM
ajfa-3740	215	42	)	)	PUNCT
ajfa-3740	215	43	(	(	PUNCT
ajfa-3740	215	44	0.4800	0.4800	NUM
ajfa-3740	215	45	)	)	PUNCT
ajfa-3740	215	46	(	(	PUNCT
ajfa-3740	215	47	0.3761	0.3761	NUM
ajfa-3740	215	48	)	)	PUNCT
ajfa-3740	215	49	tangiblity	tangiblity	PROPN
ajfa-3740	215	50	-0.0764	-0.0764	PROPN
ajfa-3740	215	51	-0.1000	-0.1000	PROPN
ajfa-3740	216	1	-0.2108	-0.2108	PROPN
ajfa-3740	216	2	*	*	PUNCT
ajfa-3740	217	1	*	*	PUNCT
ajfa-3740	217	2	-2740	-2740	ADJ
ajfa-3740	217	3	*	*	PUNCT
ajfa-3740	217	4	*	*	PUNCT
ajfa-3740	217	5	*	*	PUNCT
ajfa-3740	217	6	-0.1590	-0.1590	X
ajfa-3740	217	7	-0.2249	-0.2249	X
ajfa-3740	217	8	*	*	PUNCT
ajfa-3740	217	9	-0.6580	-0.6580	PROPN
ajfa-3740	218	1	*	*	PUNCT
ajfa-3740	218	2	*	*	PUNCT
ajfa-3740	218	3	*	*	PUNCT
ajfa-3740	218	4	0.3989	0.3989	NUM
ajfa-3740	218	5	*	*	PUNCT
ajfa-3740	218	6	*	*	PUNCT
ajfa-3740	218	7	(	(	PUNCT
ajfa-3740	218	8	0.0699	0.0699	NUM
ajfa-3740	218	9	)	)	PUNCT
ajfa-3740	218	10	(	(	PUNCT
ajfa-3740	218	11	0.0750	0.0750	NUM
ajfa-3740	218	12	)	)	PUNCT
ajfa-3740	218	13	(	(	PUNCT
ajfa-3740	218	14	0.1001	0.1001	NUM
ajfa-3740	218	15	)	)	PUNCT
ajfa-3740	218	16	(	(	PUNCT
ajfa-3740	218	17	0.1149	0.1149	NUM
ajfa-3740	218	18	)	)	PUNCT
ajfa-3740	218	19	(	(	PUNCT
ajfa-3740	218	20	0.1018	0.1018	NUM
ajfa-3740	218	21	)	)	PUNCT
ajfa-3740	218	22	(	(	PUNCT
ajfa-3740	218	23	0.1183	0.1183	NUM
ajfa-3740	218	24	)	)	PUNCT
ajfa-3740	218	25	(	(	PUNCT
ajfa-3740	218	26	0.2580	0.2580	NUM
ajfa-3740	218	27	)	)	PUNCT
ajfa-3740	218	28	(	(	PUNCT
ajfa-3740	218	29	0.1910	0.1910	NUM
ajfa-3740	218	30	)	)	PUNCT
ajfa-3740	218	31	ndts	ndts	NOUN
ajfa-3740	218	32	-0.0011	-0.0011	PUNCT
ajfa-3740	218	33	-0.0011	-0.0011	PROPN
ajfa-3740	219	1	-0.0016	-0.0016	PROPN
ajfa-3740	219	2	-0.0017	-0.0017	PROPN
ajfa-3740	220	1	-0.0030	-0.0030	PUNCT
ajfa-3740	220	2	-0.0030	-0.0030	PROPN
ajfa-3740	220	3	-0.0020	-0.0020	PROPN
ajfa-3740	221	1	-0.0003	-0.0003	PROPN
ajfa-3740	221	2	(	(	PUNCT
ajfa-3740	221	3	0.0010	0.0010	NUM
ajfa-3740	221	4	)	)	PUNCT
ajfa-3740	221	5	(	(	PUNCT
ajfa-3740	221	6	0.0010	0.0010	NUM
ajfa-3740	221	7	)	)	PUNCT
ajfa-3740	221	8	(	(	PUNCT
ajfa-3740	221	9	0.0016	0.0016	NUM
ajfa-3740	221	10	)	)	PUNCT
ajfa-3740	221	11	(	(	PUNCT
ajfa-3740	221	12	0.0016	0.0016	NUM
ajfa-3740	221	13	)	)	PUNCT
ajfa-3740	221	14	(	(	PUNCT
ajfa-3740	221	15	0.0020	0.0020	NUM
ajfa-3740	221	16	)	)	PUNCT
ajfa-3740	221	17	(	(	PUNCT
ajfa-3740	221	18	0.0020	0.0020	NUM
ajfa-3740	221	19	)	)	PUNCT
ajfa-3740	221	20	(	(	PUNCT
ajfa-3740	221	21	0.0032	0.0032	NUM
ajfa-3740	221	22	)	)	PUNCT
ajfa-3740	221	23	(	(	PUNCT
ajfa-3740	221	24	0.0026	0.0026	NUM
ajfa-3740	221	25	)	)	PUNCT
ajfa-3740	221	26	profitability	profitability	NOUN
ajfa-3740	221	27	-0.0001	-0.0001	NOUN
ajfa-3740	221	28	-0.0002	-0.0002	NOUN
ajfa-3740	221	29	-0.0001	-0.0001	NOUN
ajfa-3740	221	30	-0.0001	-0.0001	NOUN
ajfa-3740	222	1	0.0002	0.0002	NUM
ajfa-3740	222	2	0.0003	0.0003	NUM
ajfa-3740	222	3	-0.0001	-0.0001	NOUN
ajfa-3740	222	4	0.0001	0.0001	NUM
ajfa-3740	222	5	(	(	PUNCT
ajfa-3740	222	6	0.0004	0.0004	NUM
ajfa-3740	222	7	)	)	PUNCT
ajfa-3740	222	8	(	(	PUNCT
ajfa-3740	222	9	0.0004	0.0004	NUM
ajfa-3740	222	10	)	)	PUNCT
ajfa-3740	222	11	(	(	PUNCT
ajfa-3740	222	12	0.0005	0.0005	NUM
ajfa-3740	222	13	)	)	PUNCT
ajfa-3740	222	14	(	(	PUNCT
ajfa-3740	222	15	0.0005	0.0005	NUM
ajfa-3740	222	16	)	)	PUNCT
ajfa-3740	222	17	(	(	PUNCT
ajfa-3740	222	18	0.0006	0.0006	NUM
ajfa-3740	222	19	)	)	PUNCT
ajfa-3740	222	20	(	(	PUNCT
ajfa-3740	222	21	0.0006	0.0006	NUM
ajfa-3740	222	22	)	)	PUNCT
ajfa-3740	222	23	(	(	PUNCT
ajfa-3740	222	24	0.0010	0.0010	NUM
ajfa-3740	222	25	)	)	PUNCT
ajfa-3740	222	26	-0.0007	-0.0007	ADJ
ajfa-3740	222	27	growth	growth	NOUN
ajfa-3740	222	28	0.0020	0.0020	NUM
ajfa-3740	222	29	-0.0018	-0.0018	NOUN
ajfa-3740	222	30	0.0379	0.0379	NUM
ajfa-3740	222	31	0.0312	0.0312	NUM
ajfa-3740	222	32	-0.2182	-0.2182	NOUN
ajfa-3740	222	33	0.0215	0.0215	NUM
ajfa-3740	222	34	-0.0837	-0.0837	NOUN
ajfa-3740	222	35	-0.0386	-0.0386	PUNCT
ajfa-3740	222	36	*	*	PUNCT
ajfa-3740	222	37	(	(	PUNCT
ajfa-3740	222	38	0.0200	0.0200	NUM
ajfa-3740	222	39	)	)	PUNCT
ajfa-3740	222	40	(	(	PUNCT
ajfa-3740	222	41	0.0205	0.0205	NUM
ajfa-3740	222	42	)	)	PUNCT
ajfa-3740	222	43	(	(	PUNCT
ajfa-3740	222	44	0.0245	0.0245	NUM
ajfa-3740	222	45	)	)	PUNCT
ajfa-3740	222	46	(	(	PUNCT
ajfa-3740	222	47	0.0265	0.0265	NUM
ajfa-3740	222	48	)	)	PUNCT
ajfa-3740	222	49	(	(	PUNCT
ajfa-3740	222	50	0.0269	0.0269	NUM
ajfa-3740	222	51	)	)	PUNCT
ajfa-3740	222	52	(	(	PUNCT
ajfa-3740	222	53	0.0284	0.0284	NUM
ajfa-3740	222	54	)	)	PUNCT
ajfa-3740	222	55	(	(	PUNCT
ajfa-3740	222	56	0.0344	0.0344	NUM
ajfa-3740	222	57	)	)	PUNCT
ajfa-3740	222	58	(	(	PUNCT
ajfa-3740	222	59	0.0416	0.0416	NUM
ajfa-3740	222	60	)	)	PUNCT
ajfa-3740	222	61	signalling	signal	VERB
ajfa-3740	222	62	0.0000	0.0000	NUM
ajfa-3740	222	63	0.0001	0.0001	NUM
ajfa-3740	222	64	*	*	PUNCT
ajfa-3740	222	65	*	*	PUNCT
ajfa-3740	222	66	*	*	PUNCT
ajfa-3740	222	67	-0.0005	-0.0005	NOUN
ajfa-3740	222	68	-0.0005	-0.0005	INTJ
ajfa-3740	222	69	-0.0011	-0.0011	PUNCT
ajfa-3740	222	70	*	*	PUNCT
ajfa-3740	222	71	-0.0012	-0.0012	PROPN
ajfa-3740	222	72	*	*	PUNCT
ajfa-3740	222	73	*	*	PUNCT
ajfa-3740	222	74	-0.0001	-0.0001	NOUN
ajfa-3740	222	75	0.0057	0.0057	NUM
ajfa-3740	222	76	*	*	PUNCT
ajfa-3740	222	77	*	*	PUNCT
ajfa-3740	222	78	*	*	PUNCT
ajfa-3740	222	79	(	(	PUNCT
ajfa-3740	222	80	0.000	0.000	NUM
ajfa-3740	222	81	)	)	PUNCT
ajfa-3740	222	82	(	(	PUNCT
ajfa-3740	222	83	0.0000	0.0000	NUM
ajfa-3740	222	84	)	)	PUNCT
ajfa-3740	222	85	(	(	PUNCT
ajfa-3740	222	86	0.0012	0.0012	NUM
ajfa-3740	222	87	)	)	PUNCT
ajfa-3740	222	88	(	(	PUNCT
ajfa-3740	222	89	0.0012	0.0012	NUM
ajfa-3740	222	90	)	)	PUNCT
ajfa-3740	222	91	(	(	PUNCT
ajfa-3740	222	92	0.0006	0.0006	NUM
ajfa-3740	222	93	)	)	PUNCT
ajfa-3740	222	94	(	(	PUNCT
ajfa-3740	222	95	0.0006	0.0006	NUM
ajfa-3740	222	96	)	)	PUNCT
ajfa-3740	222	97	(	(	PUNCT
ajfa-3740	222	98	0.0003	0.0003	NUM
ajfa-3740	222	99	)	)	PUNCT
ajfa-3740	222	100	(	(	PUNCT
ajfa-3740	222	101	0.0019	0.0019	NUM
ajfa-3740	222	102	)	)	PUNCT
ajfa-3740	222	103	iownp	iownp	NOUN
ajfa-3740	222	104	-0.0806	-0.0806	NOUN
ajfa-3740	222	105	-0.0769	-0.0769	NOUN
ajfa-3740	222	106	-0.0999	-0.0999	NOUN
ajfa-3740	222	107	-0.0976	-0.0976	NOUN
ajfa-3740	222	108	-0.0999	-0.0999	NOUN
ajfa-3740	222	109	-0.1050	-0.1050	PROPN
ajfa-3740	223	1	0.1382	0.1382	NUM
ajfa-3740	223	2	-0.9356	-0.9356	NOUN
ajfa-3740	223	3	*	*	PUNCT
ajfa-3740	223	4	*	*	PUNCT
ajfa-3740	223	5	*	*	PUNCT
ajfa-3740	223	6	(	(	PUNCT
ajfa-3740	223	7	0.0939	0.0939	NUM
ajfa-3740	223	8	)	)	PUNCT
ajfa-3740	223	9	(	(	PUNCT
ajfa-3740	223	10	0.0942	0.0942	NUM
ajfa-3740	223	11	)	)	PUNCT
ajfa-3740	223	12	(	(	PUNCT
ajfa-3740	223	13	0.1107	0.1107	NUM
ajfa-3740	223	14	)	)	PUNCT
ajfa-3740	223	15	(	(	PUNCT
ajfa-3740	223	16	0.1119	0.1119	NUM
ajfa-3740	223	17	)	)	PUNCT
ajfa-3740	223	18	(	(	PUNCT
ajfa-3740	223	19	0.0900	0.0900	NUM
ajfa-3740	223	20	)	)	PUNCT
ajfa-3740	223	21	(	(	PUNCT
ajfa-3740	223	22	0.0901	0.0901	NUM
ajfa-3740	223	23	)	)	PUNCT
ajfa-3740	223	24	(	(	PUNCT
ajfa-3740	223	25	0.1487	0.1487	NUM
ajfa-3740	223	26	)	)	PUNCT
ajfa-3740	223	27	(	(	PUNCT
ajfa-3740	223	28	0.3198	0.3198	NUM
ajfa-3740	223	29	)	)	PUNCT
ajfa-3740	223	30	firm	firm	ADJ
ajfa-3740	223	31	size	size	NOUN
ajfa-3740	223	32	-0.0442	-0.0442	NOUN
ajfa-3740	223	33	*	*	PROPN
ajfa-3740	223	34	-0.0463	-0.0463	PROPN
ajfa-3740	223	35	-0.0207	-0.0207	PROPN
ajfa-3740	223	36	-0.0175	-0.0175	PROPN
ajfa-3740	223	37	-0.0019	-0.0019	VERB
ajfa-3740	224	1	0.0027	0.0027	NUM
ajfa-3740	224	2	0.0636	0.0636	NUM
ajfa-3740	224	3	-0.1543	-0.1543	NOUN
ajfa-3740	224	4	*	*	PUNCT
ajfa-3740	224	5	*	*	PUNCT
ajfa-3740	224	6	(	(	PUNCT
ajfa-3740	224	7	0.0264	0.0264	NUM
ajfa-3740	224	8	)	)	PUNCT
ajfa-3740	224	9	(	(	PUNCT
ajfa-3740	224	10	0.0297	0.0297	NUM
ajfa-3740	224	11	)	)	PUNCT
ajfa-3740	224	12	(	(	PUNCT
ajfa-3740	224	13	0.0215	0.0215	NUM
ajfa-3740	224	14	)	)	PUNCT
ajfa-3740	224	15	(	(	PUNCT
ajfa-3740	224	16	0.0232	0.0232	NUM
ajfa-3740	224	17	)	)	PUNCT
ajfa-3740	224	18	(	(	PUNCT
ajfa-3740	224	19	0.0203	0.0203	NUM
ajfa-3740	224	20	)	)	PUNCT
ajfa-3740	224	21	(	(	PUNCT
ajfa-3740	224	22	0.0222	0.0222	NUM
ajfa-3740	224	23	)	)	PUNCT
ajfa-3740	224	24	(	(	PUNCT
ajfa-3740	224	25	0.0950	0.0950	NUM
ajfa-3740	224	26	)	)	PUNCT
ajfa-3740	224	27	(	(	PUNCT
ajfa-3740	224	28	0.0685	0.0685	NUM
ajfa-3740	224	29	)	)	PUNCT
ajfa-3740	224	30	industry_primary	industry_primary	ADJ
ajfa-3740	224	31	0.0436	0.0436	NUM
ajfa-3740	224	32	0.0620	0.0620	NUM
ajfa-3740	224	33	0.1409	0.1409	NUM
ajfa-3740	224	34	(	(	PUNCT
ajfa-3740	224	35	0.1040	0.1040	NUM
ajfa-3740	224	36	)	)	PUNCT
ajfa-3740	224	37	(	(	PUNCT
ajfa-3740	224	38	0.2478	0.2478	NUM
ajfa-3740	224	39	)	)	PUNCT
ajfa-3740	224	40	(	(	PUNCT
ajfa-3740	224	41	0.0980	0.0980	NUM
ajfa-3740	224	42	)	)	PUNCT
ajfa-3740	224	43	industry_energy	industry_energy	NOUN
ajfa-3740	224	44	0.1265	0.1265	NUM
ajfa-3740	224	45	0.1171	0.1171	NUM
ajfa-3740	224	46	(	(	PUNCT
ajfa-3740	224	47	0.1604	0.1604	NUM
ajfa-3740	224	48	)	)	PUNCT
ajfa-3740	224	49	*	*	PUNCT
ajfa-3740	224	50	(	(	PUNCT
ajfa-3740	224	51	0.0835	0.0835	NUM
ajfa-3740	224	52	)	)	PUNCT
ajfa-3740	224	53	(	(	PUNCT
ajfa-3740	224	54	0.2547	0.2547	NUM
ajfa-3740	224	55	)	)	PUNCT
ajfa-3740	224	56	(	(	PUNCT
ajfa-3740	224	57	0.0891	0.0891	NUM
ajfa-3740	224	58	)	)	PUNCT
ajfa-3740	224	59	industry_goods	industry_good	NOUN
ajfa-3740	224	60	0.0562	0.0562	NUM
ajfa-3740	225	1	0.0826	0.0826	NUM
ajfa-3740	225	2	0.1740	0.1740	NUM
ajfa-3740	225	3	*	*	PUNCT
ajfa-3740	225	4	*	*	PUNCT
ajfa-3740	225	5	(	(	PUNCT
ajfa-3740	225	6	0.0924	0.0924	NUM
ajfa-3740	225	7	)	)	PUNCT
ajfa-3740	225	8	(	(	PUNCT
ajfa-3740	225	9	0.2483	0.2483	NUM
ajfa-3740	225	10	)	)	PUNCT
ajfa-3740	225	11	(	(	PUNCT
ajfa-3740	225	12	0.0788	0.0788	NUM
ajfa-3740	225	13	)	)	PUNCT
ajfa-3740	225	14	industry_property	industry_property	NUM
ajfa-3740	225	15	-0.0666	-0.0666	NOUN
ajfa-3740	225	16	-0.0832	-0.0832	NOUN
ajfa-3740	225	17	(	(	PUNCT
ajfa-3740	225	18	omitted	omit	VERB
ajfa-3740	225	19	)	)	PUNCT
ajfa-3740	225	20	(	(	PUNCT
ajfa-3740	225	21	0.1009	0.1009	NUM
ajfa-3740	225	22	)	)	PUNCT
ajfa-3740	225	23	(	(	PUNCT
ajfa-3740	225	24	0.2616	0.2616	NUM
ajfa-3740	225	25	)	)	PUNCT
ajfa-3740	225	26	industry_service	industry_service	VERB
ajfa-3740	225	27	0.0324	0.0324	NUM
ajfa-3740	225	28	0.0800	0.0800	NUM
ajfa-3740	225	29	0.1577	0.1577	NUM
ajfa-3740	225	30	*	*	PUNCT
ajfa-3740	225	31	(	(	PUNCT
ajfa-3740	225	32	0.0842	0.0842	NUM
ajfa-3740	225	33	)	)	PUNCT
ajfa-3740	225	34	(	(	PUNCT
ajfa-3740	225	35	0.2418	0.2418	NUM
ajfa-3740	225	36	)	)	PUNCT
ajfa-3740	225	37	(	(	PUNCT
ajfa-3740	225	38	0.0926	0.0926	NUM
ajfa-3740	225	39	)	)	PUNCT
ajfa-3740	225	40	industry_investment	industry_investment	PROPN
ajfa-3740	225	41	-0.0762	-0.0762	NOUN
ajfa-3740	225	42	-0.0589	-0.0589	NOUN
ajfa-3740	226	1	0.0328	0.0328	NUM
ajfa-3740	226	2	(	(	PUNCT
ajfa-3740	226	3	0.1426	0.1426	NUM
ajfa-3740	226	4	)	)	PUNCT
ajfa-3740	226	5	(	(	PUNCT
ajfa-3740	226	6	0.2587	0.2587	NUM
ajfa-3740	226	7	)	)	PUNCT
ajfa-3740	226	8	(	(	PUNCT
ajfa-3740	226	9	0.1256	0.1256	NUM
ajfa-3740	226	10	)	)	PUNCT
ajfa-3740	226	11	groups	group	NOUN
ajfa-3740	226	12	79	79	NUM
ajfa-3740	226	13	79	79	NUM
ajfa-3740	226	14	78	78	NUM
ajfa-3740	226	15	78	78	NUM
ajfa-3740	226	16	78	78	NUM
ajfa-3740	226	17	78	78	NUM
ajfa-3740	226	18	78	78	NUM
ajfa-3740	226	19	75	75	NUM
ajfa-3740	226	20	r	r	NOUN
ajfa-3740	226	21	-	-	PUNCT
ajfa-3740	226	22	squared	square	VERB
ajfa-3740	226	23	0.0402	0.0402	NUM
ajfa-3740	226	24	0.0662	0.0662	NUM
ajfa-3740	226	25	0.0741	0.0741	NUM
ajfa-3740	226	26	0.1069	0.1069	NUM
ajfa-3740	226	27	0.0766	0.0766	NUM
ajfa-3740	226	28	0.1096	0.1096	NUM
ajfa-3740	226	29	wald	wald	NOUN
ajfa-3740	226	30	-	-	NOUN
ajfa-3740	226	31	chi2	chi2	NOUN
ajfa-3740	226	32	41.54	41.54	NUM
ajfa-3740	226	33	239.50	239.50	NUM
ajfa-3740	226	34	18.33	18.33	NUM
ajfa-3740	226	35	21.09	21.09	NUM
ajfa-3740	226	36	65.74	65.74	NUM
ajfa-3740	226	37	88.79	88.79	NUM
ajfa-3740	226	38	26.57	26.57	NUM
ajfa-3740	226	39	70.82	70.82	NUM
ajfa-3740	226	40	prob.chi2	prob.chi2	NOUN
ajfa-3740	226	41	0.0000	0.0000	NUM
ajfa-3740	226	42	0.000	0.000	NUM
ajfa-3740	226	43	0.0000	0.0000	NUM
ajfa-3740	226	44	0.0712	0.0712	NUM
ajfa-3740	226	45	0.0000	0.0000	NUM
ajfa-3740	226	46	0.0000	0.0000	NUM
ajfa-3740	226	47	0.0008	0.0008	NUM
ajfa-3740	226	48	0.0000	0.0000	NUM
ajfa-3740	226	49	arellano	arellano	PROPN
ajfa-3740	226	50	bond	bond	NOUN
ajfa-3740	226	51	test	test	NOUN
ajfa-3740	226	52	-1.5094	-1.5094	PUNCT
ajfa-3740	226	53	-1.5681	-1.5681	PUNCT
ajfa-3740	227	1	prob.chi2	prob.chi2	NOUN
ajfa-3740	227	2	0.1312	0.1312	NUM
ajfa-3740	227	3	0.1169	0.1169	NUM
ajfa-3740	227	4	sargan	sargan	NOUN
ajfa-3740	227	5	test	test	NOUN
ajfa-3740	227	6	15.3490	15.3490	NUM
ajfa-3740	227	7	13.9363	13.9363	NUM
ajfa-3740	227	8	prob.chi2	prob.chi2	NUM
ajfa-3740	227	9	0.2861	0.2861	NUM
ajfa-3740	227	10	0.3048	0.3048	NUM
ajfa-3740	227	11	standard	standard	ADJ
ajfa-3740	227	12	errors	error	NOUN
ajfa-3740	227	13	in	in	ADP
ajfa-3740	227	14	parentheses	parenthesis	NOUN
ajfa-3740	227	15	are	be	AUX
ajfa-3740	227	16	for	for	ADP
ajfa-3740	227	17	coefficients	coefficient	NOUN
ajfa-3740	227	18	.	.	PUNCT
ajfa-3740	228	1	*	*	PUNCT
ajfa-3740	228	2	sig	sig	NOUN
ajfa-3740	228	3	.	.	PUNCT
ajfa-3740	229	1	at	at	ADP
ajfa-3740	229	2	10%level	10%level	NUM
ajfa-3740	229	3	,	,	PUNCT
ajfa-3740	229	4	*	*	PUNCT
ajfa-3740	229	5	*	*	NOUN
ajfa-3740	229	6	sig	sig	NOUN
ajfa-3740	229	7	.	.	PUNCT
ajfa-3740	230	1	at	at	ADP
ajfa-3740	230	2	5	5	NUM
ajfa-3740	230	3	%	%	NOUN
ajfa-3740	230	4	level	level	NOUN
ajfa-3740	230	5	,	,	PUNCT
ajfa-3740	230	6	and	and	CCONJ
ajfa-3740	230	7	*	*	PUNCT
ajfa-3740	230	8	*	*	PUNCT
ajfa-3740	230	9	*	*	NOUN
ajfa-3740	230	10	sig	sig	NOUN
ajfa-3740	230	11	.	.	PUNCT
ajfa-3740	231	1	at	at	ADP
ajfa-3740	231	2	1	1	NUM
ajfa-3740	231	3	%	%	NOUN
ajfa-3740	231	4	level	level	NOUN
ajfa-3740	231	5	asian	asian	ADJ
ajfa-3740	231	6	journal	journal	NOUN
ajfa-3740	231	7	of	of	ADP
ajfa-3740	231	8	finance	finance	PROPN
ajfa-3740	231	9	&	&	CCONJ
ajfa-3740	231	10	accounting	accounting	PROPN
ajfa-3740	231	11	issn	issn	PROPN
ajfa-3740	231	12	1946	1946	NUM
ajfa-3740	231	13	-	-	PUNCT
ajfa-3740	231	14	052x	052x	NOUN
ajfa-3740	231	15	2013	2013	NUM
ajfa-3740	231	16	,	,	PUNCT
ajfa-3740	231	17	vol	vol	NOUN
ajfa-3740	231	18	.	.	PROPN
ajfa-3740	231	19	5	5	NUM
ajfa-3740	231	20	,	,	PUNCT
ajfa-3740	231	21	no	no	INTJ
ajfa-3740	231	22	.	.	NOUN
ajfa-3740	231	23	2	2	NUM
ajfa-3740	231	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3740	231	25	15	15	NUM
ajfa-3740	231	26	table	table	NOUN
ajfa-3740	231	27	4	4	NUM
ajfa-3740	231	28	.	.	PUNCT
ajfa-3740	231	29	summary	summary	NOUN
ajfa-3740	231	30	of	of	ADP
ajfa-3740	231	31	four	four	NUM
ajfa-3740	231	32	different	different	ADJ
ajfa-3740	231	33	estimators	estimator	NOUN
ajfa-3740	231	34	of	of	ADP
ajfa-3740	231	35	total	total	ADJ
ajfa-3740	231	36	long	long	ADJ
ajfa-3740	231	37	-	-	PUNCT
ajfa-3740	231	38	term	term	NOUN
ajfa-3740	231	39	debt	debt	NOUN
ajfa-3740	231	40	equation	equation	NOUN
ajfa-3740	231	41	variables	variable	VERB
ajfa-3740	231	42	ols	ol	NOUN
ajfa-3740	231	43	robust	robust	ADJ
ajfa-3740	231	44	2sls	2sls	NUM
ajfa-3740	231	45	iv	iv	NUM
ajfa-3740	231	46	-	-	PUNCT
ajfa-3740	231	47	gmm	gmm	NOUN
ajfa-3740	231	48	dynamic	dynamic	ADJ
ajfa-3740	231	49	-	-	PUNCT
ajfa-3740	231	50	iv	iv	NUM
ajfa-3740	231	51	gmm	gmm	NOUN
ajfa-3740	231	52	reg	reg	PROPN
ajfa-3740	231	53	.	.	PROPN
ajfa-3740	232	1	1	1	NUM
ajfa-3740	232	2	reg	reg	NOUN
ajfa-3740	232	3	.	.	NOUN
ajfa-3740	232	4	2	2	NUM
ajfa-3740	232	5	reg	reg	NOUN
ajfa-3740	232	6	.	.	NOUN
ajfa-3740	232	7	1	1	NUM
ajfa-3740	232	8	reg	reg	NOUN
ajfa-3740	232	9	.	.	NOUN
ajfa-3740	232	10	2	2	NUM
ajfa-3740	232	11	reg	reg	NOUN
ajfa-3740	232	12	.	.	NOUN
ajfa-3740	232	13	1	1	NUM
ajfa-3740	232	14	reg	reg	NOUN
ajfa-3740	232	15	.	.	NOUN
ajfa-3740	232	16	2	2	NUM
ajfa-3740	232	17	reg	reg	NOUN
ajfa-3740	232	18	.	.	NOUN
ajfa-3740	232	19	1	1	NUM
ajfa-3740	232	20	reg	reg	NOUN
ajfa-3740	232	21	.	.	NOUN
ajfa-3740	232	22	2	2	NUM
ajfa-3740	232	23	l1	l1	PROPN
ajfa-3740	232	24	.	.	PUNCT
ajfa-3740	233	1	0.0316	0.0316	NUM
ajfa-3740	233	2	-0.0292	-0.0292	NOUN
ajfa-3740	233	3	(	(	PUNCT
ajfa-3740	233	4	0.1048	0.1048	NUM
ajfa-3740	233	5	)	)	PUNCT
ajfa-3740	233	6	(	(	PUNCT
ajfa-3740	233	7	0.1051	0.1051	NUM
ajfa-3740	233	8	)	)	PUNCT
ajfa-3740	233	9	l2	l2	NOUN
ajfa-3740	233	10	.	.	PUNCT
ajfa-3740	234	1	-0.9093	-0.9093	PROPN
ajfa-3740	235	1	*	*	PUNCT
ajfa-3740	235	2	*	*	PUNCT
ajfa-3740	235	3	*	*	PUNCT
ajfa-3740	235	4	(	(	PUNCT
ajfa-3740	235	5	0.2082	0.2082	NUM
ajfa-3740	235	6	)	)	PUNCT
ajfa-3740	235	7	constant	constant	ADJ
ajfa-3740	235	8	0.0767	0.0767	NUM
ajfa-3740	235	9	-0.2233	-0.2233	NOUN
ajfa-3740	235	10	*	*	PUNCT
ajfa-3740	236	1	*	*	PUNCT
ajfa-3740	236	2	*	*	PUNCT
ajfa-3740	236	3	0.0825	0.0825	NUM
ajfa-3740	236	4	-0.2112	-0.2112	NOUN
ajfa-3740	236	5	0.0425	0.0425	NUM
ajfa-3740	236	6	(	(	PUNCT
ajfa-3740	236	7	omitted	omit	VERB
ajfa-3740	236	8	)	)	PUNCT
ajfa-3740	236	9	0.1080	0.1080	NUM
ajfa-3740	236	10	0.3829	0.3829	NUM
ajfa-3740	236	11	*	*	PUNCT
ajfa-3740	236	12	*	*	PUNCT
ajfa-3740	236	13	*	*	PUNCT
ajfa-3740	236	14	(	(	PUNCT
ajfa-3740	236	15	0.0691	0.0691	NUM
ajfa-3740	236	16	)	)	PUNCT
ajfa-3740	236	17	(	(	PUNCT
ajfa-3740	236	18	0.0860	0.0860	NUM
ajfa-3740	236	19	)	)	PUNCT
ajfa-3740	236	20	(	(	PUNCT
ajfa-3740	236	21	0.0718	0.0718	NUM
ajfa-3740	236	22	)	)	PUNCT
ajfa-3740	236	23	(	(	PUNCT
ajfa-3740	236	24	0.1826	0.1826	NUM
ajfa-3740	236	25	)	)	PUNCT
ajfa-3740	236	26	(	(	PUNCT
ajfa-3740	236	27	0.0701	0.0701	NUM
ajfa-3740	236	28	)	)	PUNCT
ajfa-3740	236	29	(	(	PUNCT
ajfa-3740	236	30	0.4208	0.4208	NUM
ajfa-3740	236	31	)	)	PUNCT
ajfa-3740	236	32	(	(	PUNCT
ajfa-3740	236	33	0.1543	0.1543	NUM
ajfa-3740	236	34	)	)	PUNCT
ajfa-3740	236	35	tangiblity	tangiblity	NOUN
ajfa-3740	236	36	0.0479	0.0479	NUM
ajfa-3740	237	1	0.0734	0.0734	NUM
ajfa-3740	237	2	*	*	PUNCT
ajfa-3740	238	1	0.0534	0.0534	NUM
ajfa-3740	238	2	0.1034	0.1034	NUM
ajfa-3740	238	3	0.0751	0.0751	NUM
ajfa-3740	238	4	0.1225	0.1225	NUM
ajfa-3740	238	5	*	*	PUNCT
ajfa-3740	238	6	*	*	X
ajfa-3740	238	7	-0.2113	-0.2113	NOUN
ajfa-3740	238	8	0.1028	0.1028	NUM
ajfa-3740	238	9	(	(	PUNCT
ajfa-3740	238	10	0.0413	0.0413	NUM
ajfa-3740	238	11	)	)	PUNCT
ajfa-3740	238	12	(	(	PUNCT
ajfa-3740	238	13	0.0434	0.0434	NUM
ajfa-3740	238	14	)	)	PUNCT
ajfa-3740	238	15	(	(	PUNCT
ajfa-3740	238	16	0.0609	0.0609	NUM
ajfa-3740	238	17	)	)	PUNCT
ajfa-3740	238	18	(	(	PUNCT
ajfa-3740	238	19	0.0685	0.0685	NUM
ajfa-3740	238	20	)	)	PUNCT
ajfa-3740	238	21	(	(	PUNCT
ajfa-3740	238	22	0.0587	0.0587	NUM
ajfa-3740	238	23	)	)	PUNCT
ajfa-3740	238	24	(	(	PUNCT
ajfa-3740	238	25	0.0556	0.0556	NUM
ajfa-3740	238	26	)	)	PUNCT
ajfa-3740	238	27	(	(	PUNCT
ajfa-3740	238	28	0.2837	0.2837	NUM
ajfa-3740	238	29	)	)	PUNCT
ajfa-3740	238	30	(	(	PUNCT
ajfa-3740	238	31	0.1439	0.1439	NOUN
ajfa-3740	238	32	)	)	PUNCT
ajfa-3740	238	33	ndts	ndts	NOUN
ajfa-3740	238	34	-0.0026	-0.0026	NOUN
ajfa-3740	238	35	*	*	PUNCT
ajfa-3740	239	1	*	*	PUNCT
ajfa-3740	239	2	*	*	NOUN
ajfa-3740	239	3	-0.0025	-0.0025	ADJ
ajfa-3740	239	4	*	*	PUNCT
ajfa-3740	239	5	*	*	PUNCT
ajfa-3740	239	6	*	*	NOUN
ajfa-3740	239	7	-0.0031	-0.0031	NOUN
ajfa-3740	240	1	*	*	PUNCT
ajfa-3740	240	2	*	*	PUNCT
ajfa-3740	240	3	*	*	NOUN
ajfa-3740	241	1	-0.0031	-0.0031	NOUN
ajfa-3740	242	1	*	*	PUNCT
ajfa-3740	242	2	*	*	PUNCT
ajfa-3740	242	3	*	*	NOUN
ajfa-3740	242	4	-0.0042	-0.0042	PUNCT
ajfa-3740	243	1	*	*	PUNCT
ajfa-3740	244	1	*	*	PUNCT
ajfa-3740	244	2	*	*	PUNCT
ajfa-3740	244	3	-0.0041	-0.0041	X
ajfa-3740	244	4	*	*	PUNCT
ajfa-3740	244	5	*	*	X
ajfa-3740	244	6	0.0014	0.0014	NUM
ajfa-3740	244	7	-0.0004	-0.0004	NOUN
ajfa-3740	244	8	(	(	PUNCT
ajfa-3740	244	9	0.0009	0.0009	NUM
ajfa-3740	244	10	)	)	PUNCT
ajfa-3740	244	11	(	(	PUNCT
ajfa-3740	244	12	0.0009	0.0009	NUM
ajfa-3740	244	13	)	)	PUNCT
ajfa-3740	244	14	(	(	PUNCT
ajfa-3740	244	15	0.0010	0.0010	NUM
ajfa-3740	244	16	)	)	PUNCT
ajfa-3740	244	17	(	(	PUNCT
ajfa-3740	244	18	0.0010	0.0010	NUM
ajfa-3740	244	19	)	)	PUNCT
ajfa-3740	244	20	(	(	PUNCT
ajfa-3740	244	21	0.0018	0.0018	NUM
ajfa-3740	244	22	)	)	PUNCT
ajfa-3740	244	23	(	(	PUNCT
ajfa-3740	244	24	0.0020	0.0020	NUM
ajfa-3740	244	25	)	)	PUNCT
ajfa-3740	244	26	(	(	PUNCT
ajfa-3740	244	27	0.0030	0.0030	NUM
ajfa-3740	244	28	)	)	PUNCT
ajfa-3740	244	29	(	(	PUNCT
ajfa-3740	244	30	0.0027	0.0027	NUM
ajfa-3740	244	31	)	)	PUNCT
ajfa-3740	244	32	profitability	profitability	NOUN
ajfa-3740	244	33	0.0008	0.0008	NUM
ajfa-3740	244	34	*	*	NOUN
ajfa-3740	244	35	*	*	PUNCT
ajfa-3740	244	36	*	*	X
ajfa-3740	244	37	0.0009	0.0009	NUM
ajfa-3740	244	38	*	*	PUNCT
ajfa-3740	244	39	*	*	PUNCT
ajfa-3740	244	40	*	*	X
ajfa-3740	244	41	0.0009	0.0009	NUM
ajfa-3740	244	42	*	*	PUNCT
ajfa-3740	244	43	*	*	PUNCT
ajfa-3740	244	44	*	*	PUNCT
ajfa-3740	244	45	0.0010	0.0010	NUM
ajfa-3740	244	46	*	*	PUNCT
ajfa-3740	244	47	*	*	PUNCT
ajfa-3740	244	48	*	*	PUNCT
ajfa-3740	244	49	0.0010	0.0010	NUM
ajfa-3740	244	50	*	*	NOUN
ajfa-3740	244	51	*	*	PROPN
ajfa-3740	244	52	0.0011	0.0011	NUM
ajfa-3740	244	53	*	*	PUNCT
ajfa-3740	244	54	*	*	PUNCT
ajfa-3740	244	55	0.0002	0.0002	NUM
ajfa-3740	244	56	0.0002	0.0002	NUM
ajfa-3740	244	57	(	(	PUNCT
ajfa-3740	244	58	0.0002	0.0002	NUM
ajfa-3740	244	59	)	)	PUNCT
ajfa-3740	244	60	(	(	PUNCT
ajfa-3740	244	61	0.0002	0.0002	NUM
ajfa-3740	244	62	)	)	PUNCT
ajfa-3740	244	63	(	(	PUNCT
ajfa-3740	244	64	0.0003	0.0003	NUM
ajfa-3740	244	65	)	)	PUNCT
ajfa-3740	244	66	(	(	PUNCT
ajfa-3740	244	67	0.0003	0.0003	NUM
ajfa-3740	244	68	)	)	PUNCT
ajfa-3740	244	69	(	(	PUNCT
ajfa-3740	244	70	0.0005	0.0005	NUM
ajfa-3740	244	71	)	)	PUNCT
ajfa-3740	244	72	(	(	PUNCT
ajfa-3740	244	73	0.0006	0.0006	NUM
ajfa-3740	244	74	)	)	PUNCT
ajfa-3740	244	75	(	(	PUNCT
ajfa-3740	244	76	0.0009	0.0009	NUM
ajfa-3740	244	77	)	)	PUNCT
ajfa-3740	244	78	(	(	PUNCT
ajfa-3740	244	79	0.0007	0.0007	NUM
ajfa-3740	244	80	)	)	PUNCT
ajfa-3740	244	81	growth	growth	NOUN
ajfa-3740	244	82	0.0001	0.0001	NUM
ajfa-3740	244	83	0.0039	0.0039	NUM
ajfa-3740	244	84	-0.0081	-0.0081	NOUN
ajfa-3740	244	85	-0.0020	-0.0020	NOUN
ajfa-3740	244	86	-0.0151	-0.0151	NOUN
ajfa-3740	244	87	-0.0067	-0.0067	X
ajfa-3740	245	1	-0.0309	-0.0309	NOUN
ajfa-3740	246	1	*	*	PUNCT
ajfa-3740	247	1	*	*	PUNCT
ajfa-3740	247	2	*	*	PUNCT
ajfa-3740	247	3	-0.0571	-0.0571	PUNCT
ajfa-3740	248	1	*	*	PUNCT
ajfa-3740	249	1	*	*	PUNCT
ajfa-3740	249	2	*	*	PUNCT
ajfa-3740	249	3	(	(	PUNCT
ajfa-3740	249	4	0.0132	0.0132	NUM
ajfa-3740	249	5	)	)	PUNCT
ajfa-3740	249	6	(	(	PUNCT
ajfa-3740	249	7	0.0136	0.0136	NUM
ajfa-3740	249	8	)	)	PUNCT
ajfa-3740	249	9	(	(	PUNCT
ajfa-3740	249	10	0.0165	0.0165	NUM
ajfa-3740	249	11	)	)	PUNCT
ajfa-3740	249	12	(	(	PUNCT
ajfa-3740	249	13	0.0178	0.0178	NUM
ajfa-3740	249	14	)	)	PUNCT
ajfa-3740	249	15	(	(	PUNCT
ajfa-3740	249	16	0.0172	0.0172	NUM
ajfa-3740	249	17	)	)	PUNCT
ajfa-3740	249	18	(	(	PUNCT
ajfa-3740	249	19	0.0185	0.0185	NUM
ajfa-3740	249	20	)	)	PUNCT
ajfa-3740	249	21	(	(	PUNCT
ajfa-3740	249	22	0.0345	0.0345	NUM
ajfa-3740	249	23	)	)	PUNCT
ajfa-3740	249	24	(	(	PUNCT
ajfa-3740	249	25	0.0290	0.0290	NUM
ajfa-3740	249	26	)	)	PUNCT
ajfa-3740	249	27	signalling	signal	VERB
ajfa-3740	249	28	0.0005	0.0005	NUM
ajfa-3740	249	29	*	*	PUNCT
ajfa-3740	249	30	*	*	PUNCT
ajfa-3740	249	31	*	*	PUNCT
ajfa-3740	249	32	0.0005	0.0005	NUM
ajfa-3740	249	33	*	*	PUNCT
ajfa-3740	249	34	*	*	PUNCT
ajfa-3740	249	35	*	*	PUNCT
ajfa-3740	249	36	-0.0007	-0.0007	ADJ
ajfa-3740	249	37	-0.0007	-0.0007	ADJ
ajfa-3740	249	38	-0.0010	-0.0010	PROPN
ajfa-3740	250	1	*	*	PUNCT
ajfa-3740	251	1	*	*	PUNCT
ajfa-3740	251	2	*	*	PUNCT
ajfa-3740	251	3	-0.0010	-0.0010	NOUN
ajfa-3740	251	4	*	*	PUNCT
ajfa-3740	251	5	*	*	PUNCT
ajfa-3740	251	6	*	*	PUNCT
ajfa-3740	251	7	-0.0001	-0.0001	NOUN
ajfa-3740	251	8	0.0017	0.0017	NUM
ajfa-3740	251	9	(	(	PUNCT
ajfa-3740	251	10	0.0000	0.0000	NUM
ajfa-3740	251	11	)	)	PUNCT
ajfa-3740	251	12	(	(	PUNCT
ajfa-3740	251	13	0.0005	0.0005	NUM
ajfa-3740	251	14	)	)	PUNCT
ajfa-3740	251	15	(	(	PUNCT
ajfa-3740	251	16	0.0010	0.0010	NUM
ajfa-3740	251	17	)	)	PUNCT
ajfa-3740	251	18	(	(	PUNCT
ajfa-3740	251	19	0.0009	0.0009	NUM
ajfa-3740	251	20	)	)	PUNCT
ajfa-3740	251	21	(	(	PUNCT
ajfa-3740	251	22	0.0001	0.0001	NUM
ajfa-3740	251	23	)	)	PUNCT
ajfa-3740	251	24	(	(	PUNCT
ajfa-3740	251	25	0.0001	0.0001	NUM
ajfa-3740	251	26	)	)	PUNCT
ajfa-3740	251	27	(	(	PUNCT
ajfa-3740	251	28	0.0002	0.0002	NUM
ajfa-3740	251	29	)	)	PUNCT
ajfa-3740	251	30	(	(	PUNCT
ajfa-3740	251	31	0.0018	0.0018	NUM
ajfa-3740	251	32	)	)	PUNCT
ajfa-3740	251	33	iownp	iownp	NOUN
ajfa-3740	251	34	-0.0806	-0.0806	NOUN
ajfa-3740	251	35	-0.0822	-0.0822	PROPN
ajfa-3740	251	36	-0.0790	-0.0790	NOUN
ajfa-3740	251	37	-0.0746	-0.0746	X
ajfa-3740	252	1	-0.0658	-0.0658	INTJ
ajfa-3740	252	2	-0.0646	-0.0646	PUNCT
ajfa-3740	253	1	0.5537	0.5537	PUNCT
ajfa-3740	253	2	*	*	PUNCT
ajfa-3740	253	3	*	*	PUNCT
ajfa-3740	253	4	*	*	PUNCT
ajfa-3740	253	5	0.0300	0.0300	NUM
ajfa-3740	253	6	(	(	PUNCT
ajfa-3740	253	7	0.0504	0.0504	NUM
ajfa-3740	253	8	)	)	PUNCT
ajfa-3740	253	9	(	(	PUNCT
ajfa-3740	253	10	0.0516	0.0516	NUM
ajfa-3740	253	11	)	)	PUNCT
ajfa-3740	253	12	(	(	PUNCT
ajfa-3740	253	13	0.0673	0.0673	NUM
ajfa-3740	253	14	)	)	PUNCT
ajfa-3740	253	15	(	(	PUNCT
ajfa-3740	253	16	0.0670	0.0670	NUM
ajfa-3740	253	17	)	)	PUNCT
ajfa-3740	253	18	(	(	PUNCT
ajfa-3740	253	19	0.0569	0.0569	NUM
ajfa-3740	253	20	)	)	PUNCT
ajfa-3740	253	21	(	(	PUNCT
ajfa-3740	253	22	0.0536	0.0536	NUM
ajfa-3740	253	23	)	)	PUNCT
ajfa-3740	253	24	(	(	PUNCT
ajfa-3740	253	25	0.1530	0.1530	NUM
ajfa-3740	253	26	)	)	PUNCT
ajfa-3740	253	27	(	(	PUNCT
ajfa-3740	253	28	0.2949	0.2949	NUM
ajfa-3740	253	29	)	)	PUNCT
ajfa-3740	253	30	firm	firm	ADJ
ajfa-3740	253	31	size	size	NOUN
ajfa-3740	253	32	0.0228	0.0228	NUM
ajfa-3740	253	33	*	*	SYM
ajfa-3740	253	34	0.0223	0.0223	NUM
ajfa-3740	253	35	*	*	PROPN
ajfa-3740	253	36	0.0224	0.0224	NUM
ajfa-3740	253	37	0.0185	0.0185	NUM
ajfa-3740	253	38	0.0249	0.0249	NUM
ajfa-3740	253	39	*	*	PUNCT
ajfa-3740	253	40	*	*	PUNCT
ajfa-3740	253	41	0.01417	0.01417	NUM
ajfa-3740	253	42	0.0189	0.0189	NUM
ajfa-3740	253	43	)	)	PUNCT
ajfa-3740	253	44	-0.0122	-0.0122	X
ajfa-3740	253	45	(	(	PUNCT
ajfa-3740	253	46	0.0138	0.0138	NUM
ajfa-3740	253	47	)	)	PUNCT
ajfa-3740	253	48	(	(	PUNCT
ajfa-3740	253	49	0.0135	0.0135	NUM
ajfa-3740	253	50	)	)	PUNCT
ajfa-3740	253	51	(	(	PUNCT
ajfa-3740	253	52	0.0138	0.0138	NUM
ajfa-3740	253	53	)	)	PUNCT
ajfa-3740	253	54	(	(	PUNCT
ajfa-3740	253	55	0.0147	0.0147	NUM
ajfa-3740	253	56	)	)	PUNCT
ajfa-3740	253	57	(	(	PUNCT
ajfa-3740	253	58	0.01480	0.01480	NUM
ajfa-3740	253	59	)	)	PUNCT
ajfa-3740	253	60	(	(	PUNCT
ajfa-3740	253	61	0.0127	0.0127	NUM
ajfa-3740	253	62	)	)	PUNCT
ajfa-3740	253	63	(	(	PUNCT
ajfa-3740	253	64	0.0893	0.0893	NUM
ajfa-3740	253	65	)	)	PUNCT
ajfa-3740	253	66	(	(	PUNCT
ajfa-3740	253	67	0.0370	0.0370	NUM
ajfa-3740	253	68	)	)	PUNCT
ajfa-3740	253	69	industry_primary	industry_primary	ADJ
ajfa-3740	253	70	0.2981	0.2981	NUM
ajfa-3740	253	71	*	*	PUNCT
ajfa-3740	253	72	*	*	PUNCT
ajfa-3740	253	73	*	*	PUNCT
ajfa-3740	253	74	0.2822	0.2822	NUM
ajfa-3740	253	75	*	*	SYM
ajfa-3740	253	76	0.0874	0.0874	NUM
ajfa-3740	253	77	(	(	PUNCT
ajfa-3740	253	78	0.0397	0.0397	NUM
ajfa-3740	253	79	)	)	PUNCT
ajfa-3740	253	80	(	(	PUNCT
ajfa-3740	253	81	0.1591	0.1591	NUM
ajfa-3740	253	82	)	)	PUNCT
ajfa-3740	253	83	(	(	PUNCT
ajfa-3740	253	84	0.0707	0.0707	NUM
ajfa-3740	253	85	)	)	PUNCT
ajfa-3740	253	86	industry_energy	industry_energy	NOUN
ajfa-3740	253	87	0.2672	0.2672	NUM
ajfa-3740	253	88	*	*	PUNCT
ajfa-3740	253	89	*	*	PUNCT
ajfa-3740	253	90	*	*	PUNCT
ajfa-3740	253	91	0.2958	0.2958	NUM
ajfa-3740	253	92	*	*	PUNCT
ajfa-3740	253	93	0.1039	0.1039	NUM
ajfa-3740	253	94	(	(	PUNCT
ajfa-3740	253	95	0.0547	0.0547	NUM
ajfa-3740	253	96	)	)	PUNCT
ajfa-3740	253	97	(	(	PUNCT
ajfa-3740	253	98	0.1628	0.1628	NUM
ajfa-3740	253	99	)	)	PUNCT
ajfa-3740	253	100	(	(	PUNCT
ajfa-3740	253	101	0.0733	0.0733	NUM
ajfa-3740	253	102	)	)	PUNCT
ajfa-3740	253	103	industry_goods	industry_good	NOUN
ajfa-3740	253	104	0.2854	0.2854	NUM
ajfa-3740	253	105	*	*	PUNCT
ajfa-3740	253	106	*	*	PUNCT
ajfa-3740	253	107	*	*	PUNCT
ajfa-3740	253	108	0.2913	0.2913	NUM
ajfa-3740	253	109	*	*	SYM
ajfa-3740	253	110	0.0963	0.0963	NUM
ajfa-3740	253	111	(	(	PUNCT
ajfa-3740	253	112	0.0444	0.0444	NUM
ajfa-3740	253	113	)	)	PUNCT
ajfa-3740	253	114	(	(	PUNCT
ajfa-3740	253	115	0.1595	0.1595	NUM
ajfa-3740	253	116	)	)	PUNCT
ajfa-3740	253	117	(	(	PUNCT
ajfa-3740	253	118	0.07156	0.07156	NUM
ajfa-3740	253	119	)	)	PUNCT
ajfa-3740	253	120	industry_property	industry_property	NOUN
ajfa-3740	253	121	0.4038	0.4038	NUM
ajfa-3740	253	122	*	*	PUNCT
ajfa-3740	253	123	*	*	PUNCT
ajfa-3740	253	124	*	*	PUNCT
ajfa-3740	253	125	0.4255	0.4255	NUM
ajfa-3740	253	126	*	*	PUNCT
ajfa-3740	253	127	*	*	PUNCT
ajfa-3740	253	128	*	*	NOUN
ajfa-3740	253	129	0.2432	0.2432	NUM
ajfa-3740	253	130	*	*	PUNCT
ajfa-3740	253	131	*	*	PUNCT
ajfa-3740	253	132	*	*	PUNCT
ajfa-3740	253	133	(	(	PUNCT
ajfa-3740	253	134	0.0685	0.0685	NUM
ajfa-3740	253	135	)	)	PUNCT
ajfa-3740	253	136	(	(	PUNCT
ajfa-3740	253	137	0.1675	0.1675	NUM
ajfa-3740	253	138	)	)	PUNCT
ajfa-3740	253	139	(	(	PUNCT
ajfa-3740	253	140	0.0981	0.0981	NUM
ajfa-3740	253	141	)	)	PUNCT
ajfa-3740	253	142	industry_service	industry_service	NOUN
ajfa-3740	253	143	0.2820	0.2820	NUM
ajfa-3740	253	144	*	*	PUNCT
ajfa-3740	253	145	*	*	PUNCT
ajfa-3740	253	146	*	*	PUNCT
ajfa-3740	253	147	0.2746	0.2746	NUM
ajfa-3740	253	148	*	*	NUM
ajfa-3740	253	149	0.0802	0.0802	NUM
ajfa-3740	253	150	(	(	PUNCT
ajfa-3740	253	151	0.0358	0.0358	NUM
ajfa-3740	253	152	)	)	PUNCT
ajfa-3740	253	153	(	(	PUNCT
ajfa-3740	253	154	0.1555	0.1555	NUM
ajfa-3740	253	155	)	)	PUNCT
ajfa-3740	253	156	(	(	PUNCT
ajfa-3740	253	157	0.0681	0.0681	NUM
ajfa-3740	253	158	)	)	PUNCT
ajfa-3740	253	159	industry_investment	industry_investment	NOUN
ajfa-3740	253	160	0.3051	0.3051	NUM
ajfa-3740	253	161	*	*	PUNCT
ajfa-3740	253	162	*	*	PUNCT
ajfa-3740	253	163	*	*	PUNCT
ajfa-3740	253	164	0.3137	0.3137	NUM
ajfa-3740	253	165	*	*	PUNCT
ajfa-3740	253	166	*	*	X
ajfa-3740	253	167	0.1022	0.1022	NUM
ajfa-3740	253	168	(	(	PUNCT
ajfa-3740	253	169	0.0830	0.0830	NUM
ajfa-3740	253	170	)	)	PUNCT
ajfa-3740	253	171	(	(	PUNCT
ajfa-3740	253	172	0.1660	0.1660	NUM
ajfa-3740	253	173	)	)	PUNCT
ajfa-3740	253	174	(	(	PUNCT
ajfa-3740	253	175	0.0781	0.0781	NUM
ajfa-3740	253	176	)	)	PUNCT
ajfa-3740	253	177	groups	group	NOUN
ajfa-3740	253	178	79	79	NUM
ajfa-3740	253	179	79	79	NUM
ajfa-3740	253	180	78	78	NUM
ajfa-3740	253	181	78	78	NUM
ajfa-3740	253	182	78	78	NUM
ajfa-3740	253	183	78	78	NUM
ajfa-3740	253	184	78	78	NUM
ajfa-3740	253	185	75	75	NUM
ajfa-3740	253	186	r	r	NOUN
ajfa-3740	253	187	-	-	PUNCT
ajfa-3740	253	188	squared	square	VERB
ajfa-3740	253	189	0.1432	0.1432	NUM
ajfa-3740	253	190	0.1893	0.1893	NUM
ajfa-3740	253	191	0.14130	0.14130	NUM
ajfa-3740	253	192	0.19480	0.19480	NUM
ajfa-3740	253	193	0.14590	0.14590	NUM
ajfa-3740	253	194	0.18410	0.18410	NUM
ajfa-3740	253	195	wald	wald	NOUN
ajfa-3740	253	196	-	-	NOUN
ajfa-3740	253	197	chi2	chi2	PROPN
ajfa-3740	253	198	1945.93	1945.93	NUM
ajfa-3740	253	199	38565.11	38565.11	NUM
ajfa-3740	253	200	17.58	17.58	NUM
ajfa-3740	253	201	25.76	25.76	NUM
ajfa-3740	253	202	172	172	NUM
ajfa-3740	253	203	466.44	466.44	NUM
ajfa-3740	253	204	121.99	121.99	NUM
ajfa-3740	253	205	488.71	488.71	NUM
ajfa-3740	253	206	prob.chi2	prob.chi2	NUM
ajfa-3740	253	207	0.0000	0.0000	NUM
ajfa-3740	253	208	0.0000	0.0000	NUM
ajfa-3740	253	209	0.0140	0.0140	NUM
ajfa-3740	253	210	0.0183	0.0183	NUM
ajfa-3740	253	211	0.000	0.000	NUM
ajfa-3740	254	1	0.0000	0.0000	NUM
ajfa-3740	254	2	0.0000	0.0000	NUM
ajfa-3740	254	3	0.0000	0.0000	NUM
ajfa-3740	254	4	arellano	arellano	PROPN
ajfa-3740	254	5	bond	bond	NOUN
ajfa-3740	254	6	test	test	NOUN
ajfa-3740	254	7	-0.4263	-0.4263	ADV
ajfa-3740	254	8	-0.0208	-0.0208	PUNCT
ajfa-3740	255	1	prob.chi2	prob.chi2	NOUN
ajfa-3740	255	2	0.6699	0.6699	NUM
ajfa-3740	255	3	0.9835	0.9835	NUM
ajfa-3740	255	4	sargan	sargan	NOUN
ajfa-3740	255	5	test	test	NOUN
ajfa-3740	255	6	12.5497	12.5497	NUM
ajfa-3740	255	7	22.5939	22.5939	NUM
ajfa-3740	255	8	*	*	PUNCT
ajfa-3740	255	9	*	*	PUNCT
ajfa-3740	255	10	prob.chi2	prob.chi2	NUM
ajfa-3740	255	11	0.4832	0.4832	NUM
ajfa-3740	255	12	0.0319	0.0319	NUM
ajfa-3740	255	13	standard	standard	ADJ
ajfa-3740	255	14	errors	error	NOUN
ajfa-3740	255	15	in	in	ADP
ajfa-3740	255	16	parentheses	parenthesis	NOUN
ajfa-3740	255	17	are	be	AUX
ajfa-3740	255	18	for	for	ADP
ajfa-3740	255	19	coefficients	coefficient	NOUN
ajfa-3740	255	20	.	.	PUNCT
ajfa-3740	256	1	*	*	PUNCT
ajfa-3740	256	2	sig	sig	NOUN
ajfa-3740	256	3	.	.	PUNCT
ajfa-3740	257	1	at	at	ADP
ajfa-3740	257	2	10%level	10%level	NUM
ajfa-3740	257	3	,	,	PUNCT
ajfa-3740	257	4	*	*	PUNCT
ajfa-3740	257	5	*	*	NOUN
ajfa-3740	257	6	sig	sig	NOUN
ajfa-3740	257	7	.	.	PUNCT
ajfa-3740	258	1	at	at	ADP
ajfa-3740	258	2	5	5	NUM
ajfa-3740	258	3	%	%	NOUN
ajfa-3740	258	4	level	level	NOUN
ajfa-3740	258	5	,	,	PUNCT
ajfa-3740	258	6	and	and	CCONJ
ajfa-3740	258	7	*	*	PUNCT
ajfa-3740	258	8	*	*	PUNCT
ajfa-3740	258	9	*	*	NOUN
ajfa-3740	258	10	sig	sig	NOUN
ajfa-3740	258	11	.	.	PUNCT
ajfa-3740	259	1	at	at	ADP
ajfa-3740	259	2	1	1	NUM
ajfa-3740	259	3	%	%	NOUN
ajfa-3740	259	4	level	level	NOUN
ajfa-3740	259	5	asian	asian	ADJ
ajfa-3740	259	6	journal	journal	NOUN
ajfa-3740	259	7	of	of	ADP
ajfa-3740	259	8	finance	finance	PROPN
ajfa-3740	259	9	&	&	CCONJ
ajfa-3740	259	10	accounting	accounting	PROPN
ajfa-3740	259	11	issn	issn	PROPN
ajfa-3740	259	12	1946	1946	NUM
ajfa-3740	259	13	-	-	PUNCT
ajfa-3740	259	14	052x	052x	NOUN
ajfa-3740	259	15	2013	2013	NUM
ajfa-3740	259	16	,	,	PUNCT
ajfa-3740	259	17	vol	vol	NOUN
ajfa-3740	259	18	.	.	PROPN
ajfa-3740	259	19	5	5	NUM
ajfa-3740	259	20	,	,	PUNCT
ajfa-3740	259	21	no	no	INTJ
ajfa-3740	259	22	.	.	NOUN
ajfa-3740	259	23	2	2	NUM
ajfa-3740	259	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3740	259	25	16	16	NUM
ajfa-3740	259	26	table	table	NOUN
ajfa-3740	259	27	5	5	NUM
ajfa-3740	259	28	.	.	PUNCT
ajfa-3740	259	29	summary	summary	NOUN
ajfa-3740	259	30	of	of	ADP
ajfa-3740	259	31	four	four	NUM
ajfa-3740	259	32	different	different	ADJ
ajfa-3740	259	33	estimators	estimator	NOUN
ajfa-3740	259	34	of	of	ADP
ajfa-3740	259	35	total	total	ADJ
ajfa-3740	259	36	short	short	ADJ
ajfa-3740	259	37	-	-	PUNCT
ajfa-3740	259	38	term	term	NOUN
ajfa-3740	259	39	debt	debt	NOUN
ajfa-3740	259	40	equation	equation	NOUN
ajfa-3740	259	41	variables	variable	VERB
ajfa-3740	259	42	ols	ol	NOUN
ajfa-3740	259	43	robust	robust	ADJ
ajfa-3740	259	44	2sls	2sls	NUM
ajfa-3740	259	45	iv	iv	NUM
ajfa-3740	259	46	-	-	PUNCT
ajfa-3740	259	47	gmm	gmm	NOUN
ajfa-3740	259	48	dynamic	dynamic	ADJ
ajfa-3740	259	49	-	-	PUNCT
ajfa-3740	259	50	iv	iv	NUM
ajfa-3740	259	51	gmm	gmm	NOUN
ajfa-3740	259	52	reg	reg	PROPN
ajfa-3740	259	53	.	.	PROPN
ajfa-3740	260	1	1	1	NUM
ajfa-3740	260	2	reg	reg	NOUN
ajfa-3740	260	3	.	.	NOUN
ajfa-3740	260	4	2	2	NUM
ajfa-3740	260	5	reg	reg	NOUN
ajfa-3740	260	6	.	.	NOUN
ajfa-3740	260	7	1	1	NUM
ajfa-3740	260	8	reg	reg	NOUN
ajfa-3740	260	9	.	.	NOUN
ajfa-3740	260	10	2	2	NUM
ajfa-3740	260	11	reg	reg	NOUN
ajfa-3740	260	12	.	.	NOUN
ajfa-3740	260	13	1	1	NUM
ajfa-3740	260	14	reg	reg	NOUN
ajfa-3740	260	15	.	.	NOUN
ajfa-3740	260	16	2	2	NUM
ajfa-3740	260	17	reg	reg	NOUN
ajfa-3740	260	18	.	.	NOUN
ajfa-3740	260	19	1	1	NUM
ajfa-3740	260	20	reg	reg	NOUN
ajfa-3740	260	21	.	.	NOUN
ajfa-3740	260	22	2	2	NUM
ajfa-3740	260	23	l1	l1	PROPN
ajfa-3740	260	24	.	.	PUNCT
ajfa-3740	261	1	-0.1800	-0.1800	PROPN
ajfa-3740	261	2	0.2450	0.2450	NUM
ajfa-3740	262	1	*	*	PUNCT
ajfa-3740	262	2	(	(	PUNCT
ajfa-3740	262	3	0.1173	0.1173	NUM
ajfa-3740	262	4	)	)	PUNCT
ajfa-3740	262	5	(	(	PUNCT
ajfa-3740	262	6	0.1418	0.1418	NUM
ajfa-3740	262	7	)	)	PUNCT
ajfa-3740	262	8	l2	l2	NOUN
ajfa-3740	262	9	.	.	PUNCT
ajfa-3740	263	1	0.0574	0.0574	NUM
ajfa-3740	263	2	(	(	PUNCT
ajfa-3740	263	3	0.1287	0.1287	NUM
ajfa-3740	263	4	)	)	PUNCT
ajfa-3740	263	5	constant	constant	ADJ
ajfa-3740	263	6	0.9234	0.9234	NUM
ajfa-3740	263	7	*	*	PUNCT
ajfa-3740	263	8	*	*	PUNCT
ajfa-3740	263	9	*	*	PUNCT
ajfa-3740	264	1	1.2233	1.2233	NUM
ajfa-3740	264	2	*	*	PUNCT
ajfa-3740	264	3	*	*	PUNCT
ajfa-3740	264	4	*	*	PUNCT
ajfa-3740	264	5	0.9175	0.9175	NUM
ajfa-3740	264	6	*	*	PUNCT
ajfa-3740	264	7	*	*	PUNCT
ajfa-3740	264	8	*	*	PUNCT
ajfa-3740	265	1	1.2112	1.2112	NUM
ajfa-3740	265	2	*	*	PUNCT
ajfa-3740	265	3	*	*	PUNCT
ajfa-3740	265	4	*	*	PUNCT
ajfa-3740	265	5	0.9575	0.9575	NUM
ajfa-3740	265	6	*	*	PUNCT
ajfa-3740	265	7	*	*	PUNCT
ajfa-3740	265	8	*	*	PUNCT
ajfa-3740	265	9	(	(	PUNCT
ajfa-3740	265	10	omitted	omit	VERB
ajfa-3740	265	11	)	)	PUNCT
ajfa-3740	265	12	0.7309	0.7309	NUM
ajfa-3740	265	13	*	*	PUNCT
ajfa-3740	265	14	*	*	PUNCT
ajfa-3740	265	15	*	*	X
ajfa-3740	265	16	0.3280	0.3280	NUM
ajfa-3740	265	17	(	(	PUNCT
ajfa-3740	265	18	-0.0691	-0.0691	PROPN
ajfa-3740	265	19	)	)	PUNCT
ajfa-3740	265	20	(	(	PUNCT
ajfa-3740	265	21	0.0860	0.0860	NUM
ajfa-3740	265	22	)	)	PUNCT
ajfa-3740	265	23	(	(	PUNCT
ajfa-3740	265	24	0.0718	0.0718	NUM
ajfa-3740	265	25	)	)	PUNCT
ajfa-3740	265	26	(	(	PUNCT
ajfa-3740	265	27	0.1826	0.1826	NUM
ajfa-3740	265	28	)	)	PUNCT
ajfa-3740	265	29	(	(	PUNCT
ajfa-3740	265	30	0.0701	0.0701	NUM
ajfa-3740	265	31	)	)	PUNCT
ajfa-3740	265	32	(	(	PUNCT
ajfa-3740	265	33	0.2390	0.2390	NUM
ajfa-3740	265	34	)	)	PUNCT
ajfa-3740	265	35	(	(	PUNCT
ajfa-3740	265	36	0.3045	0.3045	NUM
ajfa-3740	265	37	)	)	PUNCT
ajfa-3740	265	38	tangiblity	tangiblity	NOUN
ajfa-3740	265	39	-0.0479	-0.0479	X
ajfa-3740	265	40	-0.0734	-0.0734	PROPN
ajfa-3740	266	1	*	*	PUNCT
ajfa-3740	266	2	-0.0534	-0.0534	PROPN
ajfa-3740	266	3	-0.1034	-0.1034	PROPN
ajfa-3740	266	4	-0.0751	-0.0751	PROPN
ajfa-3740	267	1	-0.0933	-0.0933	ADJ
ajfa-3740	267	2	-0.4393	-0.4393	PROPN
ajfa-3740	268	1	*	*	PUNCT
ajfa-3740	269	1	*	*	PUNCT
ajfa-3740	269	2	*	*	PUNCT
ajfa-3740	269	3	-0.2917	-0.2917	X
ajfa-3740	269	4	*	*	PUNCT
ajfa-3740	269	5	*	*	PUNCT
ajfa-3740	269	6	(	(	PUNCT
ajfa-3740	269	7	0.0413	0.0413	NUM
ajfa-3740	269	8	)	)	PUNCT
ajfa-3740	269	9	(	(	PUNCT
ajfa-3740	269	10	0.0434	0.0434	NUM
ajfa-3740	269	11	)	)	PUNCT
ajfa-3740	269	12	(	(	PUNCT
ajfa-3740	269	13	0.0608	0.0608	NUM
ajfa-3740	269	14	)	)	PUNCT
ajfa-3740	269	15	(	(	PUNCT
ajfa-3740	269	16	0.0685	0.0685	NUM
ajfa-3740	269	17	)	)	PUNCT
ajfa-3740	269	18	(	(	PUNCT
ajfa-3740	269	19	0.0587	0.0587	NUM
ajfa-3740	269	20	)	)	PUNCT
ajfa-3740	269	21	(	(	PUNCT
ajfa-3740	269	22	0.0628	0.0628	NUM
ajfa-3740	269	23	)	)	PUNCT
ajfa-3740	269	24	(	(	PUNCT
ajfa-3740	269	25	0.1852	0.1852	NUM
ajfa-3740	269	26	)	)	PUNCT
ajfa-3740	269	27	(	(	PUNCT
ajfa-3740	269	28	0.1435	0.1435	NUM
ajfa-3740	269	29	)	)	PUNCT
ajfa-3740	269	30	ndts	ndts	VERB
ajfa-3740	269	31	0.0026	0.0026	NUM
ajfa-3740	269	32	*	*	PUNCT
ajfa-3740	269	33	*	*	PUNCT
ajfa-3740	269	34	*	*	PUNCT
ajfa-3740	270	1	0.0025	0.0025	NUM
ajfa-3740	270	2	*	*	PUNCT
ajfa-3740	270	3	*	*	PUNCT
ajfa-3740	270	4	*	*	PUNCT
ajfa-3740	270	5	0.0031	0.0031	NUM
ajfa-3740	270	6	*	*	PUNCT
ajfa-3740	270	7	*	*	PUNCT
ajfa-3740	270	8	*	*	PUNCT
ajfa-3740	270	9	0.0031	0.0031	NUM
ajfa-3740	270	10	*	*	PUNCT
ajfa-3740	270	11	*	*	PUNCT
ajfa-3740	270	12	*	*	PUNCT
ajfa-3740	270	13	0.0042	0.0042	NUM
ajfa-3740	270	14	*	*	PUNCT
ajfa-3740	270	15	*	*	PUNCT
ajfa-3740	270	16	*	*	PUNCT
ajfa-3740	270	17	0.0041	0.0041	NUM
ajfa-3740	270	18	*	*	PUNCT
ajfa-3740	270	19	0.0060	0.0060	NUM
ajfa-3740	270	20	0.0055	0.0055	NUM
ajfa-3740	270	21	*	*	NOUN
ajfa-3740	270	22	*	*	PUNCT
ajfa-3740	270	23	(	(	PUNCT
ajfa-3740	270	24	0.0009	0.0009	NUM
ajfa-3740	270	25	)	)	PUNCT
ajfa-3740	270	26	(	(	PUNCT
ajfa-3740	270	27	0.0009	0.0009	NUM
ajfa-3740	270	28	)	)	PUNCT
ajfa-3740	270	29	(	(	PUNCT
ajfa-3740	270	30	0.0010	0.0010	NUM
ajfa-3740	270	31	)	)	PUNCT
ajfa-3740	270	32	(	(	PUNCT
ajfa-3740	270	33	0.0010	0.0010	NUM
ajfa-3740	270	34	)	)	PUNCT
ajfa-3740	270	35	(	(	PUNCT
ajfa-3740	270	36	0.0018	0.0018	NUM
ajfa-3740	270	37	)	)	PUNCT
ajfa-3740	270	38	(	(	PUNCT
ajfa-3740	270	39	0.0022	0.0022	NUM
ajfa-3740	270	40	)	)	PUNCT
ajfa-3740	270	41	(	(	PUNCT
ajfa-3740	270	42	0.0038	0.0038	NUM
ajfa-3740	270	43	)	)	PUNCT
ajfa-3740	270	44	(	(	PUNCT
ajfa-3740	270	45	0.0026	0.0026	NUM
ajfa-3740	270	46	)	)	PUNCT
ajfa-3740	270	47	profitability	profitability	NOUN
ajfa-3740	270	48	-0.0008	-0.0008	NOUN
ajfa-3740	270	49	*	*	PUNCT
ajfa-3740	270	50	*	*	PUNCT
ajfa-3740	270	51	*	*	PUNCT
ajfa-3740	270	52	-0.0009	-0.0009	X
ajfa-3740	270	53	*	*	PUNCT
ajfa-3740	270	54	*	*	PUNCT
ajfa-3740	270	55	*	*	PUNCT
ajfa-3740	270	56	-0.0009	-0.0009	X
ajfa-3740	270	57	*	*	PUNCT
ajfa-3740	270	58	*	*	PUNCT
ajfa-3740	270	59	*	*	PUNCT
ajfa-3740	270	60	-0.0010	-0.0010	NOUN
ajfa-3740	270	61	*	*	PUNCT
ajfa-3740	270	62	*	*	PUNCT
ajfa-3740	270	63	*	*	PUNCT
ajfa-3740	270	64	-0.0010	-0.0010	NOUN
ajfa-3740	270	65	*	*	PUNCT
ajfa-3740	270	66	*	*	PUNCT
ajfa-3740	270	67	-0.0003	-0.0003	ADJ
ajfa-3740	270	68	-0.0020	-0.0020	NOUN
ajfa-3740	270	69	*	*	PUNCT
ajfa-3740	270	70	*	*	PUNCT
ajfa-3740	270	71	-0.0018	-0.0018	NOUN
ajfa-3740	270	72	*	*	PUNCT
ajfa-3740	270	73	*	*	PUNCT
ajfa-3740	270	74	*	*	PUNCT
ajfa-3740	270	75	(	(	PUNCT
ajfa-3740	270	76	0.0002	0.0002	NUM
ajfa-3740	270	77	)	)	PUNCT
ajfa-3740	270	78	(	(	PUNCT
ajfa-3740	270	79	0.0002	0.0002	NUM
ajfa-3740	270	80	)	)	PUNCT
ajfa-3740	270	81	(	(	PUNCT
ajfa-3740	270	82	0.0003	0.0003	NUM
ajfa-3740	270	83	)	)	PUNCT
ajfa-3740	270	84	(	(	PUNCT
ajfa-3740	270	85	0.0003	0.0003	NUM
ajfa-3740	270	86	)	)	PUNCT
ajfa-3740	270	87	(	(	PUNCT
ajfa-3740	270	88	0.0005	0.0005	NUM
ajfa-3740	270	89	)	)	PUNCT
ajfa-3740	270	90	(	(	PUNCT
ajfa-3740	270	91	0.0007	0.0007	NUM
ajfa-3740	270	92	)	)	PUNCT
ajfa-3740	270	93	(	(	PUNCT
ajfa-3740	270	94	0.0010	0.0010	NUM
ajfa-3740	270	95	)	)	PUNCT
ajfa-3740	270	96	(	(	PUNCT
ajfa-3740	270	97	0.0007	0.0007	NUM
ajfa-3740	270	98	)	)	PUNCT
ajfa-3740	270	99	growth	growth	NOUN
ajfa-3740	270	100	-0.0066	-0.0066	NOUN
ajfa-3740	270	101	-0.0039	-0.0039	NOUN
ajfa-3740	271	1	0.0081	0.0081	NUM
ajfa-3740	271	2	0.0020	0.0020	NUM
ajfa-3740	271	3	0.0151	0.0151	NUM
ajfa-3740	271	4	0.0067	0.0067	NUM
ajfa-3740	271	5	-0.0134	-0.0134	NOUN
ajfa-3740	271	6	0.0033	0.0033	NUM
ajfa-3740	271	7	(	(	PUNCT
ajfa-3740	271	8	0.0185	0.0185	NUM
ajfa-3740	271	9	)	)	PUNCT
ajfa-3740	271	10	(	(	PUNCT
ajfa-3740	271	11	0.0135	0.0135	NUM
ajfa-3740	271	12	)	)	PUNCT
ajfa-3740	271	13	(	(	PUNCT
ajfa-3740	271	14	0.0165	0.0165	NUM
ajfa-3740	271	15	)	)	PUNCT
ajfa-3740	271	16	(	(	PUNCT
ajfa-3740	271	17	0.0178	0.0178	NUM
ajfa-3740	271	18	)	)	PUNCT
ajfa-3740	271	19	(	(	PUNCT
ajfa-3740	271	20	0.0172	0.0172	NUM
ajfa-3740	271	21	)	)	PUNCT
ajfa-3740	271	22	(	(	PUNCT
ajfa-3740	271	23	0.0185	0.0185	NUM
ajfa-3740	271	24	)	)	PUNCT
ajfa-3740	271	25	(	(	PUNCT
ajfa-3740	271	26	0.0211	0.0211	NUM
ajfa-3740	271	27	)	)	PUNCT
ajfa-3740	271	28	(	(	PUNCT
ajfa-3740	271	29	0.0246	0.0246	NUM
ajfa-3740	271	30	)	)	PUNCT
ajfa-3740	271	31	signalling	signal	VERB
ajfa-3740	271	32	-0.0005	-0.0005	NOUN
ajfa-3740	271	33	*	*	PUNCT
ajfa-3740	271	34	*	*	PUNCT
ajfa-3740	271	35	*	*	PUNCT
ajfa-3740	271	36	-0.0005	-0.0005	PUNCT
ajfa-3740	272	1	*	*	PUNCT
ajfa-3740	272	2	*	*	PUNCT
ajfa-3740	272	3	*	*	PUNCT
ajfa-3740	272	4	0.0007	0.0007	NUM
ajfa-3740	272	5	0.0007	0.0007	NUM
ajfa-3740	272	6	0.0010	0.0010	NUM
ajfa-3740	272	7	*	*	PUNCT
ajfa-3740	272	8	*	*	PUNCT
ajfa-3740	272	9	*	*	X
ajfa-3740	272	10	0.0009	0.0009	NUM
ajfa-3740	272	11	*	*	PUNCT
ajfa-3740	272	12	*	*	PUNCT
ajfa-3740	272	13	*	*	PUNCT
ajfa-3740	272	14	0.0001	0.0001	NUM
ajfa-3740	272	15	-0.0010	-0.0010	NOUN
ajfa-3740	272	16	(	(	PUNCT
ajfa-3740	272	17	0.0000	0.0000	NUM
ajfa-3740	272	18	)	)	PUNCT
ajfa-3740	272	19	(	(	PUNCT
ajfa-3740	272	20	0.0000	0.0000	NUM
ajfa-3740	272	21	)	)	PUNCT
ajfa-3740	272	22	(	(	PUNCT
ajfa-3740	272	23	0.0010	0.0010	NUM
ajfa-3740	272	24	)	)	PUNCT
ajfa-3740	272	25	(	(	PUNCT
ajfa-3740	272	26	0.0010	0.0010	NUM
ajfa-3740	272	27	)	)	PUNCT
ajfa-3740	272	28	(	(	PUNCT
ajfa-3740	272	29	0.0001	0.0001	NUM
ajfa-3740	272	30	)	)	PUNCT
ajfa-3740	272	31	(	(	PUNCT
ajfa-3740	272	32	0.0001	0.0001	NUM
ajfa-3740	272	33	)	)	PUNCT
ajfa-3740	272	34	(	(	PUNCT
ajfa-3740	272	35	0.0001	0.0001	NUM
ajfa-3740	272	36	)	)	PUNCT
ajfa-3740	272	37	(	(	PUNCT
ajfa-3740	272	38	0.0014	0.0014	NUM
ajfa-3740	272	39	)	)	PUNCT
ajfa-3740	272	40	iownp	iownp	VERB
ajfa-3740	272	41	0.0806	0.0806	NUM
ajfa-3740	272	42	0.0822	0.0822	NUM
ajfa-3740	272	43	0.0790	0.0790	NUM
ajfa-3740	272	44	0.0746	0.0746	NUM
ajfa-3740	272	45	0.0658	0.0658	NUM
ajfa-3740	272	46	0.0847	0.0847	NUM
ajfa-3740	272	47	-0.5138	-0.5138	PUNCT
ajfa-3740	273	1	*	*	PUNCT
ajfa-3740	274	1	*	*	PUNCT
ajfa-3740	274	2	*	*	X
ajfa-3740	274	3	0.0028	0.0028	NUM
ajfa-3740	274	4	(	(	PUNCT
ajfa-3740	274	5	0.0504	0.0504	NUM
ajfa-3740	274	6	)	)	PUNCT
ajfa-3740	274	7	(	(	PUNCT
ajfa-3740	274	8	0.0516	0.0516	NUM
ajfa-3740	274	9	)	)	PUNCT
ajfa-3740	274	10	(	(	PUNCT
ajfa-3740	274	11	0.0673	0.0673	NUM
ajfa-3740	274	12	)	)	PUNCT
ajfa-3740	274	13	(	(	PUNCT
ajfa-3740	274	14	0.0670	0.0670	NUM
ajfa-3740	274	15	)	)	PUNCT
ajfa-3740	274	16	(	(	PUNCT
ajfa-3740	274	17	0.0569	0.0569	NUM
ajfa-3740	274	18	)	)	PUNCT
ajfa-3740	274	19	(	(	PUNCT
ajfa-3740	274	20	0.0604	0.0604	NUM
ajfa-3740	274	21	)	)	PUNCT
ajfa-3740	274	22	(	(	PUNCT
ajfa-3740	274	23	0.1452	0.1452	NUM
ajfa-3740	274	24	)	)	PUNCT
ajfa-3740	274	25	(	(	PUNCT
ajfa-3740	274	26	0.2358	0.2358	NUM
ajfa-3740	274	27	)	)	PUNCT
ajfa-3740	274	28	firm	firm	ADJ
ajfa-3740	274	29	size	size	NOUN
ajfa-3740	274	30	-0.0228	-0.0228	PROPN
ajfa-3740	274	31	*	*	PUNCT
ajfa-3740	274	32	-0.0223	-0.0223	PROPN
ajfa-3740	274	33	*	*	PUNCT
ajfa-3740	274	34	-0.0224	-0.0224	X
ajfa-3740	274	35	-0.0185	-0.0185	VERB
ajfa-3740	274	36	-0.0284	-0.0284	NOUN
ajfa-3740	275	1	*	*	PUNCT
ajfa-3740	276	1	*	*	PUNCT
ajfa-3740	276	2	0.0170	0.0170	NUM
ajfa-3740	276	3	0.0891	0.0891	NUM
ajfa-3740	276	4	*	*	PUNCT
ajfa-3740	276	5	*	*	PUNCT
ajfa-3740	276	6	0.0663	0.0663	NUM
ajfa-3740	276	7	(	(	PUNCT
ajfa-3740	276	8	0.0138	0.0138	NUM
ajfa-3740	276	9	)	)	PUNCT
ajfa-3740	276	10	(	(	PUNCT
ajfa-3740	276	11	0.0135	0.0135	NUM
ajfa-3740	276	12	)	)	PUNCT
ajfa-3740	276	13	(	(	PUNCT
ajfa-3740	276	14	0.0138	0.0138	NUM
ajfa-3740	276	15	)	)	PUNCT
ajfa-3740	276	16	(	(	PUNCT
ajfa-3740	276	17	0.0147	0.0147	NUM
ajfa-3740	276	18	)	)	PUNCT
ajfa-3740	276	19	(	(	PUNCT
ajfa-3740	276	20	0.0148	0.0148	NUM
ajfa-3740	276	21	)	)	PUNCT
ajfa-3740	276	22	(	(	PUNCT
ajfa-3740	276	23	0.0325	0.0325	NUM
ajfa-3740	276	24	)	)	PUNCT
ajfa-3740	276	25	(	(	PUNCT
ajfa-3740	276	26	0.0423	0.0423	NUM
ajfa-3740	276	27	)	)	PUNCT
ajfa-3740	276	28	(	(	PUNCT
ajfa-3740	276	29	0.0442	0.0442	NUM
ajfa-3740	276	30	)	)	PUNCT
ajfa-3740	276	31	industry_primary	industry_primary	ADJ
ajfa-3740	276	32	-0.2981	-0.2981	NOUN
ajfa-3740	276	33	*	*	PUNCT
ajfa-3740	276	34	*	*	PUNCT
ajfa-3740	276	35	*	*	PUNCT
ajfa-3740	276	36	-0.2822	-0.2822	PROPN
ajfa-3740	276	37	*	*	PUNCT
ajfa-3740	277	1	0.7320	0.7320	NUM
ajfa-3740	277	2	*	*	PUNCT
ajfa-3740	277	3	*	*	PUNCT
ajfa-3740	277	4	*	*	PUNCT
ajfa-3740	277	5	(	(	PUNCT
ajfa-3740	277	6	0.0396	0.0396	NUM
ajfa-3740	277	7	)	)	PUNCT
ajfa-3740	277	8	(	(	PUNCT
ajfa-3740	277	9	0.1591	0.1591	NUM
ajfa-3740	277	10	)	)	PUNCT
ajfa-3740	277	11	(	(	PUNCT
ajfa-3740	277	12	0.1871	0.1871	NUM
ajfa-3740	277	13	)	)	PUNCT
ajfa-3740	277	14	industry_energy	industry_energy	NOUN
ajfa-3740	277	15	-0.2672	-0.2672	NOUN
ajfa-3740	277	16	*	*	PUNCT
ajfa-3740	277	17	*	*	PUNCT
ajfa-3740	277	18	*	*	NOUN
ajfa-3740	277	19	-0.2958	-0.2958	NOUN
ajfa-3740	277	20	*	*	PUNCT
ajfa-3740	277	21	0.6567	0.6567	NUM
ajfa-3740	277	22	*	*	PUNCT
ajfa-3740	277	23	*	*	PUNCT
ajfa-3740	277	24	*	*	PUNCT
ajfa-3740	277	25	(	(	PUNCT
ajfa-3740	277	26	0.0546	0.0546	NUM
ajfa-3740	277	27	)	)	PUNCT
ajfa-3740	277	28	(	(	PUNCT
ajfa-3740	277	29	0.1628	0.1628	NUM
ajfa-3740	277	30	)	)	PUNCT
ajfa-3740	277	31	(	(	PUNCT
ajfa-3740	277	32	0.2196	0.2196	NUM
ajfa-3740	277	33	)	)	PUNCT
ajfa-3740	277	34	industry_goods	industry_good	NOUN
ajfa-3740	277	35	-0.2854	-0.2854	NOUN
ajfa-3740	277	36	*	*	PUNCT
ajfa-3740	277	37	*	*	PUNCT
ajfa-3740	277	38	*	*	PUNCT
ajfa-3740	277	39	-0.2913	-0.2913	PROPN
ajfa-3740	277	40	*	*	X
ajfa-3740	277	41	0.7317	0.7317	PUNCT
ajfa-3740	277	42	*	*	PUNCT
ajfa-3740	277	43	*	*	PUNCT
ajfa-3740	277	44	*	*	PUNCT
ajfa-3740	277	45	(	(	PUNCT
ajfa-3740	277	46	0.0444	0.0444	NUM
ajfa-3740	277	47	)	)	PUNCT
ajfa-3740	277	48	(	(	PUNCT
ajfa-3740	277	49	0.1595	0.1595	NUM
ajfa-3740	277	50	)	)	PUNCT
ajfa-3740	277	51	(	(	PUNCT
ajfa-3740	277	52	0.1775	0.1775	NUM
ajfa-3740	277	53	)	)	PUNCT
ajfa-3740	277	54	industry_property	industry_property	NOUN
ajfa-3740	277	55	-0.4037	-0.4037	NOUN
ajfa-3740	277	56	*	*	PUNCT
ajfa-3740	277	57	*	*	PUNCT
ajfa-3740	277	58	*	*	PUNCT
ajfa-3740	277	59	-0.4255	-0.4255	PROPN
ajfa-3740	277	60	*	*	PUNCT
ajfa-3740	277	61	*	*	PUNCT
ajfa-3740	277	62	*	*	PUNCT
ajfa-3740	277	63	0.5630	0.5630	PUNCT
ajfa-3740	277	64	*	*	PUNCT
ajfa-3740	277	65	*	*	PUNCT
ajfa-3740	277	66	*	*	PUNCT
ajfa-3740	277	67	(	(	PUNCT
ajfa-3740	277	68	0.0685	0.0685	NUM
ajfa-3740	277	69	)	)	PUNCT
ajfa-3740	277	70	(	(	PUNCT
ajfa-3740	277	71	0.1675	0.1675	NUM
ajfa-3740	277	72	)	)	PUNCT
ajfa-3740	277	73	(	(	PUNCT
ajfa-3740	277	74	0.2197	0.2197	NUM
ajfa-3740	277	75	)	)	PUNCT
ajfa-3740	277	76	industry_service	industry_service	ADJ
ajfa-3740	277	77	-0.2820	-0.2820	NOUN
ajfa-3740	277	78	*	*	PUNCT
ajfa-3740	277	79	*	*	PUNCT
ajfa-3740	277	80	*	*	PUNCT
ajfa-3740	277	81	-0.2746	-0.2746	NOUN
ajfa-3740	277	82	*	*	NOUN
ajfa-3740	277	83	0.7330	0.7330	NUM
ajfa-3740	277	84	*	*	PUNCT
ajfa-3740	277	85	*	*	PUNCT
ajfa-3740	277	86	*	*	PUNCT
ajfa-3740	277	87	(	(	PUNCT
ajfa-3740	277	88	0.0358	0.0358	NUM
ajfa-3740	277	89	)	)	PUNCT
ajfa-3740	277	90	(	(	PUNCT
ajfa-3740	277	91	0.1555	0.1555	NUM
ajfa-3740	277	92	)	)	PUNCT
ajfa-3740	277	93	(	(	PUNCT
ajfa-3740	277	94	0.1884	0.1884	NUM
ajfa-3740	277	95	)	)	PUNCT
ajfa-3740	277	96	industry_investment	industry_investment	NOUN
ajfa-3740	277	97	-0.3051	-0.3051	NOUN
ajfa-3740	277	98	*	*	PUNCT
ajfa-3740	277	99	*	*	PUNCT
ajfa-3740	277	100	*	*	PUNCT
ajfa-3740	277	101	-0.3137	-0.3137	NOUN
ajfa-3740	277	102	*	*	X
ajfa-3740	277	103	*	*	PUNCT
ajfa-3740	277	104	0.7555	0.7555	NUM
ajfa-3740	277	105	*	*	PUNCT
ajfa-3740	277	106	*	*	PUNCT
ajfa-3740	277	107	*	*	PUNCT
ajfa-3740	277	108	(	(	PUNCT
ajfa-3740	277	109	0.0830	0.0830	NUM
ajfa-3740	277	110	)	)	PUNCT
ajfa-3740	277	111	(	(	PUNCT
ajfa-3740	277	112	0.1660	0.1660	NUM
ajfa-3740	277	113	)	)	PUNCT
ajfa-3740	277	114	(	(	PUNCT
ajfa-3740	277	115	0.1598	0.1598	NUM
ajfa-3740	277	116	)	)	PUNCT
ajfa-3740	277	117	groups	group	NOUN
ajfa-3740	277	118	79	79	NUM
ajfa-3740	277	119	79	79	NUM
ajfa-3740	277	120	78	78	NUM
ajfa-3740	277	121	78	78	NUM
ajfa-3740	277	122	78	78	NUM
ajfa-3740	277	123	78	78	NUM
ajfa-3740	277	124	78	78	NUM
ajfa-3740	277	125	75	75	NUM
ajfa-3740	277	126	r	r	NOUN
ajfa-3740	277	127	-	-	PUNCT
ajfa-3740	277	128	squared	square	VERB
ajfa-3740	277	129	0.1432	0.1432	NUM
ajfa-3740	277	130	0.1893	0.1893	NUM
ajfa-3740	277	131	0.1413	0.1413	NUM
ajfa-3740	277	132	0.1948	0.1948	NUM
ajfa-3740	277	133	0.14590	0.14590	NUM
ajfa-3740	277	134	0.18410	0.18410	NUM
ajfa-3740	277	135	wald	wald	NOUN
ajfa-3740	277	136	-	-	NOUN
ajfa-3740	277	137	chi2	chi2	PROPN
ajfa-3740	277	138	1945.93	1945.93	NUM
ajfa-3740	277	139	38565.11	38565.11	NUM
ajfa-3740	277	140	17.58	17.58	NUM
ajfa-3740	277	141	25.76	25.76	NUM
ajfa-3740	277	142	172	172	NUM
ajfa-3740	277	143	3392.35	3392.35	NUM
ajfa-3740	277	144	208.14	208.14	NUM
ajfa-3740	277	145	1223.57	1223.57	NUM
ajfa-3740	277	146	prob.chi2	prob.chi2	NUM
ajfa-3740	277	147	0.0000	0.0000	NUM
ajfa-3740	277	148	0.000	0.000	NUM
ajfa-3740	277	149	0.0140	0.0140	NUM
ajfa-3740	277	150	0.0183	0.0183	NUM
ajfa-3740	278	1	0.0000	0.0000	NUM
ajfa-3740	278	2	0.000	0.000	NUM
ajfa-3740	278	3	0.0000	0.0000	NUM
ajfa-3740	278	4	0.0000	0.0000	NUM
ajfa-3740	278	5	arellano	arellano	PROPN
ajfa-3740	278	6	bond	bond	NOUN
ajfa-3740	278	7	test	test	NOUN
ajfa-3740	278	8	0.8324	0.8324	NUM
ajfa-3740	278	9	-0.8725	-0.8725	ADJ
ajfa-3740	278	10	prob.chi2	prob.chi2	NUM
ajfa-3740	278	11	0.4052	0.4052	NUM
ajfa-3740	278	12	0.3829	0.3829	NUM
ajfa-3740	278	13	sargan	sargan	PROPN
ajfa-3740	278	14	test	test	NOUN
ajfa-3740	278	15	13.6350	13.6350	NUM
ajfa-3740	278	16	13.2600	13.2600	NUM
ajfa-3740	278	17	prob.chi2	prob.chi2	NUM
ajfa-3740	278	18	0.4000	0.4000	NUM
ajfa-3740	278	19	0.3504	0.3504	NUM
ajfa-3740	278	20	standard	standard	ADJ
ajfa-3740	278	21	errors	error	NOUN
ajfa-3740	278	22	in	in	ADP
ajfa-3740	278	23	parentheses	parenthesis	NOUN
ajfa-3740	278	24	are	be	AUX
ajfa-3740	278	25	for	for	ADP
ajfa-3740	278	26	coefficients	coefficient	NOUN
ajfa-3740	278	27	.	.	PUNCT
ajfa-3740	279	1	*	*	PUNCT
ajfa-3740	279	2	sig	sig	NOUN
ajfa-3740	279	3	.	.	PUNCT
ajfa-3740	280	1	at	at	ADP
ajfa-3740	280	2	10%level	10%level	NUM
ajfa-3740	280	3	,	,	PUNCT
ajfa-3740	280	4	*	*	PUNCT
ajfa-3740	280	5	*	*	NOUN
ajfa-3740	280	6	sig	sig	NOUN
ajfa-3740	280	7	.	.	PUNCT
ajfa-3740	281	1	at	at	ADP
ajfa-3740	281	2	5	5	NUM
ajfa-3740	281	3	%	%	NOUN
ajfa-3740	281	4	level	level	NOUN
ajfa-3740	281	5	,	,	PUNCT
ajfa-3740	281	6	and	and	CCONJ
ajfa-3740	281	7	*	*	PUNCT
ajfa-3740	281	8	*	*	PUNCT
ajfa-3740	281	9	*	*	NOUN
ajfa-3740	281	10	sig	sig	NOUN
ajfa-3740	281	11	.	.	PUNCT
ajfa-3740	282	1	at	at	ADP
ajfa-3740	282	2	1	1	NUM
ajfa-3740	282	3	%	%	NOUN
ajfa-3740	282	4	level	level	NOUN
ajfa-3740	282	5	asian	asian	ADJ
ajfa-3740	282	6	journal	journal	NOUN
ajfa-3740	282	7	of	of	ADP
ajfa-3740	282	8	finance	finance	PROPN
ajfa-3740	282	9	&	&	CCONJ
ajfa-3740	282	10	accounting	accounting	PROPN
ajfa-3740	282	11	issn	issn	PROPN
ajfa-3740	282	12	1946	1946	NUM
ajfa-3740	282	13	-	-	PUNCT
ajfa-3740	282	14	052x	052x	NOUN
ajfa-3740	282	15	2013	2013	NUM
ajfa-3740	282	16	,	,	PUNCT
ajfa-3740	282	17	vol	vol	NOUN
ajfa-3740	282	18	.	.	PROPN
ajfa-3740	282	19	5	5	NUM
ajfa-3740	282	20	,	,	PUNCT
ajfa-3740	282	21	no	no	INTJ
ajfa-3740	282	22	.	.	NOUN
ajfa-3740	282	23	2	2	NUM
ajfa-3740	282	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3740	282	25	17	17	NUM
ajfa-3740	282	26	5	5	NUM
ajfa-3740	282	27	.	.	PUNCT
ajfa-3740	282	28	conclusions	conclusion	NOUN
ajfa-3740	282	29	in	in	ADP
ajfa-3740	282	30	the	the	DET
ajfa-3740	282	31	last	last	ADJ
ajfa-3740	282	32	five	five	NUM
ajfa-3740	282	33	decades	decade	NOUN
ajfa-3740	282	34	,	,	PUNCT
ajfa-3740	282	35	there	there	PRON
ajfa-3740	282	36	has	have	AUX
ajfa-3740	282	37	been	be	AUX
ajfa-3740	282	38	considerable	considerable	ADJ
ajfa-3740	282	39	theoretical	theoretical	ADJ
ajfa-3740	282	40	emphasis	emphasis	NOUN
ajfa-3740	282	41	on	on	ADP
ajfa-3740	282	42	the	the	DET
ajfa-3740	282	43	capital	capital	NOUN
ajfa-3740	282	44	structure	structure	NOUN
ajfa-3740	282	45	determinants	determinant	NOUN
ajfa-3740	282	46	as	as	SCONJ
ajfa-3740	282	47	they	they	PRON
ajfa-3740	282	48	apply	apply	VERB
ajfa-3740	282	49	to	to	ADP
ajfa-3740	282	50	corporate	corporate	ADJ
ajfa-3740	282	51	finance	finance	NOUN
ajfa-3740	282	52	.	.	PUNCT
ajfa-3740	283	1	this	this	DET
ajfa-3740	283	2	paper	paper	NOUN
ajfa-3740	283	3	is	be	AUX
ajfa-3740	283	4	an	an	DET
ajfa-3740	283	5	attempt	attempt	NOUN
ajfa-3740	283	6	to	to	PART
ajfa-3740	283	7	empirically	empirically	ADV
ajfa-3740	283	8	test	test	VERB
ajfa-3740	283	9	for	for	ADP
ajfa-3740	283	10	the	the	DET
ajfa-3740	283	11	capital	capital	NOUN
ajfa-3740	283	12	structure	structure	NOUN
ajfa-3740	283	13	determinants	determinant	NOUN
ajfa-3740	283	14	in	in	ADP
ajfa-3740	283	15	the	the	DET
ajfa-3740	283	16	new	new	PROPN
ajfa-3740	283	17	zealand	zealand	PROPN
ajfa-3740	283	18	context	context	NOUN
ajfa-3740	283	19	in	in	ADP
ajfa-3740	283	20	which	which	PRON
ajfa-3740	283	21	this	this	DET
ajfa-3740	283	22	study	study	NOUN
ajfa-3740	283	23	examines	examine	VERB
ajfa-3740	283	24	a	a	DET
ajfa-3740	283	25	recent	recent	ADJ
ajfa-3740	283	26	dataset	dataset	NOUN
ajfa-3740	283	27	of	of	ADP
ajfa-3740	283	28	new	new	PROPN
ajfa-3740	283	29	zealand	zealand	PROPN
ajfa-3740	283	30	listed	list	VERB
ajfa-3740	283	31	-	-	PUNCT
ajfa-3740	283	32	firms	firm	NOUN
ajfa-3740	283	33	.	.	PUNCT
ajfa-3740	284	1	using	use	VERB
ajfa-3740	284	2	dynamic	dynamic	ADJ
ajfa-3740	284	3	-	-	PUNCT
ajfa-3740	284	4	panel	panel	NOUN
ajfa-3740	284	5	iv	iv	NUM
ajfa-3740	284	6	gmm	gmm	NOUN
ajfa-3740	284	7	,	,	PUNCT
ajfa-3740	284	8	this	this	DET
ajfa-3740	284	9	study	study	NOUN
ajfa-3740	284	10	demonstrates	demonstrate	VERB
ajfa-3740	284	11	that	that	SCONJ
ajfa-3740	284	12	controlling	control	VERB
ajfa-3740	284	13	for	for	ADP
ajfa-3740	284	14	endogeneity	endogeneity	NOUN
ajfa-3740	284	15	and	and	CCONJ
ajfa-3740	284	16	dynamic	dynamic	ADJ
ajfa-3740	284	17	nature	nature	NOUN
ajfa-3740	284	18	in	in	ADP
ajfa-3740	284	19	the	the	DET
ajfa-3740	284	20	capital	capital	NOUN
ajfa-3740	284	21	structure	structure	NOUN
ajfa-3740	284	22	equation	equation	NOUN
ajfa-3740	284	23	slightly	slightly	ADV
ajfa-3740	284	24	increases	increase	VERB
ajfa-3740	284	25	the	the	DET
ajfa-3740	284	26	estimated	estimate	VERB
ajfa-3740	284	27	coefficients	coefficient	NOUN
ajfa-3740	284	28	(	(	PUNCT
ajfa-3740	284	29	table	table	NOUN
ajfa-3740	284	30	4.1	4.1	NUM
ajfa-3740	284	31	,	,	PUNCT
ajfa-3740	284	32	table	table	NOUN
ajfa-3740	284	33	4.2	4.2	NUM
ajfa-3740	284	34	and	and	CCONJ
ajfa-3740	284	35	table	table	NOUN
ajfa-3740	284	36	4.3	4.3	NUM
ajfa-3740	284	37	)	)	PUNCT
ajfa-3740	284	38	.	.	PUNCT
ajfa-3740	285	1	therefore	therefore	ADV
ajfa-3740	285	2	,	,	PUNCT
ajfa-3740	285	3	ols	ol	NOUN
ajfa-3740	285	4	estimates	estimate	NOUN
ajfa-3740	285	5	are	be	AUX
ajfa-3740	285	6	upward	upward	ADV
ajfa-3740	285	7	-	-	PUNCT
ajfa-3740	285	8	biased	biased	ADJ
ajfa-3740	285	9	,	,	PUNCT
ajfa-3740	285	10	but	but	CCONJ
ajfa-3740	285	11	the	the	DET
ajfa-3740	285	12	bias	bias	NOUN
ajfa-3740	285	13	is	be	AUX
ajfa-3740	285	14	not	not	PART
ajfa-3740	285	15	so	so	ADV
ajfa-3740	285	16	large	large	ADJ
ajfa-3740	285	17	as	as	SCONJ
ajfa-3740	285	18	to	to	PART
ajfa-3740	285	19	be	be	AUX
ajfa-3740	285	20	concern	concern	NOUN
ajfa-3740	285	21	.	.	PUNCT
ajfa-3740	286	1	additionally	additionally	ADV
ajfa-3740	286	2	,	,	PUNCT
ajfa-3740	286	3	this	this	DET
ajfa-3740	286	4	study	study	NOUN
ajfa-3740	286	5	demonstrates	demonstrate	VERB
ajfa-3740	286	6	that	that	SCONJ
ajfa-3740	286	7	using	use	VERB
ajfa-3740	286	8	valid	valid	ADJ
ajfa-3740	286	9	or	or	CCONJ
ajfa-3740	286	10	non	non	ADJ
ajfa-3740	286	11	-	-	ADJ
ajfa-3740	286	12	weak	weak	ADJ
ajfa-3740	286	13	instruments	instrument	NOUN
ajfa-3740	286	14	(	(	PUNCT
ajfa-3740	286	15	firms	firm	NOUN
ajfa-3740	286	16	’	’	PART
ajfa-3740	286	17	history	history	NOUN
ajfa-3740	286	18	in	in	ADP
ajfa-3740	286	19	lagged	lag	VERB
ajfa-3740	286	20	-	-	PUNCT
ajfa-3740	286	21	value	value	NOUN
ajfa-3740	286	22	)	)	PUNCT
ajfa-3740	286	23	,	,	PUNCT
ajfa-3740	286	24	leads	lead	VERB
ajfa-3740	286	25	to	to	ADP
ajfa-3740	286	26	precise	precise	ADJ
ajfa-3740	286	27	estimates	estimate	NOUN
ajfa-3740	286	28	of	of	ADP
ajfa-3740	286	29	the	the	DET
ajfa-3740	286	30	capital	capital	NOUN
ajfa-3740	286	31	structure	structure	NOUN
ajfa-3740	286	32	determinants	determinant	NOUN
ajfa-3740	286	33	.	.	PUNCT
ajfa-3740	287	1	further	far	ADV
ajfa-3740	287	2	,	,	PUNCT
ajfa-3740	287	3	the	the	DET
ajfa-3740	287	4	dynamic	dynamic	ADJ
ajfa-3740	287	5	analysis	analysis	NOUN
ajfa-3740	287	6	of	of	ADP
ajfa-3740	287	7	this	this	DET
ajfa-3740	287	8	study	study	NOUN
ajfa-3740	287	9	shows	show	VERB
ajfa-3740	287	10	that	that	SCONJ
ajfa-3740	287	11	capital	capital	NOUN
ajfa-3740	287	12	structure	structure	NOUN
ajfa-3740	287	13	is	be	AUX
ajfa-3740	287	14	persistent	persistent	ADJ
ajfa-3740	287	15	over	over	ADP
ajfa-3740	287	16	time	time	NOUN
ajfa-3740	287	17	.	.	PUNCT
ajfa-3740	288	1	the	the	DET
ajfa-3740	288	2	dynamic	dynamic	ADJ
ajfa-3740	288	3	-	-	PUNCT
ajfa-3740	288	4	iv	iv	NOUN
ajfa-3740	288	5	gmm	gmm	NOUN
ajfa-3740	288	6	regression	regression	NOUN
ajfa-3740	288	7	reveals	reveal	VERB
ajfa-3740	288	8	that	that	SCONJ
ajfa-3740	288	9	tangibility	tangibility	NOUN
ajfa-3740	288	10	,	,	PUNCT
ajfa-3740	288	11	growth	growth	NOUN
ajfa-3740	288	12	,	,	PUNCT
ajfa-3740	288	13	signalling	signalling	ADJ
ajfa-3740	288	14	,	,	PUNCT
ajfa-3740	288	15	managerial	managerial	ADJ
ajfa-3740	288	16	ownership	ownership	NOUN
ajfa-3740	288	17	and	and	CCONJ
ajfa-3740	288	18	firm	firm	ADJ
ajfa-3740	288	19	size	size	NOUN
ajfa-3740	288	20	exhibit	exhibit	VERB
ajfa-3740	288	21	a	a	DET
ajfa-3740	288	22	significant	significant	ADJ
ajfa-3740	288	23	impact	impact	NOUN
ajfa-3740	288	24	on	on	ADP
ajfa-3740	288	25	total	total	ADJ
ajfa-3740	288	26	debt	debt	NOUN
ajfa-3740	288	27	.	.	PUNCT
ajfa-3740	289	1	those	those	DET
ajfa-3740	289	2	variables	variable	NOUN
ajfa-3740	289	3	confirm	confirm	VERB
ajfa-3740	289	4	the	the	DET
ajfa-3740	289	5	trade	trade	NOUN
ajfa-3740	289	6	-	-	PUNCT
ajfa-3740	289	7	off	off	ADP
ajfa-3740	289	8	theory	theory	NOUN
ajfa-3740	289	9	but	but	CCONJ
ajfa-3740	289	10	firm	firm	ADJ
ajfa-3740	289	11	size	size	NOUN
ajfa-3740	289	12	supports	support	VERB
ajfa-3740	289	13	the	the	DET
ajfa-3740	289	14	pecking	pecking	NOUN
ajfa-3740	289	15	-	-	PUNCT
ajfa-3740	289	16	order	order	NOUN
ajfa-3740	289	17	theory	theory	NOUN
ajfa-3740	289	18	.	.	PUNCT
ajfa-3740	290	1	in	in	ADP
ajfa-3740	290	2	addition	addition	NOUN
ajfa-3740	290	3	,	,	PUNCT
ajfa-3740	290	4	non	non	ADJ
ajfa-3740	290	5	-	-	ADJ
ajfa-3740	290	6	debt	debt	ADJ
ajfa-3740	290	7	tax	tax	NOUN
ajfa-3740	290	8	shield	shield	NOUN
ajfa-3740	290	9	and	and	CCONJ
ajfa-3740	290	10	profitability	profitability	NOUN
ajfa-3740	290	11	have	have	VERB
ajfa-3740	290	12	no	no	DET
ajfa-3740	290	13	significant	significant	ADJ
ajfa-3740	290	14	impact	impact	NOUN
ajfa-3740	290	15	on	on	ADP
ajfa-3740	290	16	total	total	ADJ
ajfa-3740	290	17	debt	debt	NOUN
ajfa-3740	290	18	;	;	PUNCT
ajfa-3740	290	19	though	though	SCONJ
ajfa-3740	290	20	the	the	DET
ajfa-3740	290	21	coefficient	coefficient	NOUN
ajfa-3740	290	22	for	for	ADP
ajfa-3740	290	23	non	non	ADJ
ajfa-3740	290	24	-	-	ADJ
ajfa-3740	290	25	debt	debt	ADJ
ajfa-3740	290	26	tax	tax	NOUN
ajfa-3740	290	27	shield	shield	NOUN
ajfa-3740	290	28	confirms	confirm	VERB
ajfa-3740	290	29	the	the	DET
ajfa-3740	290	30	pecking	pecking	NOUN
ajfa-3740	290	31	-	-	PUNCT
ajfa-3740	290	32	order	order	NOUN
ajfa-3740	290	33	theory	theory	NOUN
ajfa-3740	290	34	and	and	CCONJ
ajfa-3740	290	35	the	the	DET
ajfa-3740	290	36	coefficient	coefficient	NOUN
ajfa-3740	290	37	for	for	ADP
ajfa-3740	290	38	profitability	profitability	NOUN
ajfa-3740	290	39	confirms	confirm	VERB
ajfa-3740	290	40	the	the	DET
ajfa-3740	290	41	trade	trade	NOUN
ajfa-3740	290	42	-	-	PUNCT
ajfa-3740	290	43	off	off	ADP
ajfa-3740	290	44	theory	theory	NOUN
ajfa-3740	290	45	.	.	PUNCT
ajfa-3740	291	1	this	this	DET
ajfa-3740	291	2	evidence	evidence	NOUN
ajfa-3740	291	3	is	be	AUX
ajfa-3740	291	4	less	less	ADV
ajfa-3740	291	5	conclusive	conclusive	ADJ
ajfa-3740	291	6	than	than	ADP
ajfa-3740	291	7	studies	study	NOUN
ajfa-3740	291	8	in	in	ADP
ajfa-3740	291	9	other	other	ADJ
ajfa-3740	291	10	countries	country	NOUN
ajfa-3740	291	11	,	,	PUNCT
ajfa-3740	291	12	particularly	particularly	ADV
ajfa-3740	291	13	australia	australia	NOUN
ajfa-3740	291	14	which	which	PRON
ajfa-3740	291	15	confirm	confirm	VERB
ajfa-3740	291	16	the	the	DET
ajfa-3740	291	17	pecking	pecking	NOUN
ajfa-3740	291	18	-	-	PUNCT
ajfa-3740	291	19	order	order	NOUN
ajfa-3740	291	20	theory	theory	NOUN
ajfa-3740	291	21	in	in	ADP
ajfa-3740	291	22	their	their	PRON
ajfa-3740	291	23	capital	capital	NOUN
ajfa-3740	291	24	structure	structure	NOUN
ajfa-3740	291	25	.	.	PUNCT
ajfa-3740	292	1	overall	overall	ADV
ajfa-3740	292	2	,	,	PUNCT
ajfa-3740	292	3	the	the	DET
ajfa-3740	292	4	trade	trade	NOUN
ajfa-3740	292	5	-	-	PUNCT
ajfa-3740	292	6	off	off	ADP
ajfa-3740	292	7	theory	theory	NOUN
ajfa-3740	292	8	is	be	AUX
ajfa-3740	292	9	more	more	ADV
ajfa-3740	292	10	appropriate	appropriate	ADJ
ajfa-3740	292	11	in	in	ADP
ajfa-3740	292	12	explaining	explain	VERB
ajfa-3740	292	13	new	new	PROPN
ajfa-3740	292	14	zealand	zealand	PROPN
ajfa-3740	292	15	listed	list	VERB
ajfa-3740	292	16	firms	firm	NOUN
ajfa-3740	292	17	’	’	PART
ajfa-3740	292	18	capital	capital	NOUN
ajfa-3740	292	19	structure	structure	NOUN
ajfa-3740	292	20	.	.	PUNCT
ajfa-3740	293	1	in	in	ADP
ajfa-3740	293	2	addition	addition	NOUN
ajfa-3740	293	3	,	,	PUNCT
ajfa-3740	293	4	though	though	SCONJ
ajfa-3740	293	5	the	the	DET
ajfa-3740	293	6	result	result	NOUN
ajfa-3740	293	7	is	be	AUX
ajfa-3740	293	8	in	in	ADP
ajfa-3740	293	9	line	line	NOUN
ajfa-3740	293	10	with	with	ADP
ajfa-3740	293	11	boyle	boyle	NOUN
ajfa-3740	293	12	and	and	CCONJ
ajfa-3740	293	13	eckhold	eckhold	NOUN
ajfa-3740	293	14	and	and	CCONJ
ajfa-3740	293	15	wellalage	wellalage	NOUN
ajfa-3740	293	16	and	and	CCONJ
ajfa-3740	293	17	locke	locke	PROPN
ajfa-3740	293	18	which	which	PRON
ajfa-3740	293	19	finds	find	VERB
ajfa-3740	293	20	that	that	SCONJ
ajfa-3740	293	21	those	those	DET
ajfa-3740	293	22	firms	firm	NOUN
ajfa-3740	293	23	’	’	PART
ajfa-3740	293	24	specific	specific	ADJ
ajfa-3740	293	25	characteristics	characteristic	NOUN
ajfa-3740	293	26	play	play	VERB
ajfa-3740	293	27	a	a	DET
ajfa-3740	293	28	significant	significant	ADJ
ajfa-3740	293	29	role	role	NOUN
ajfa-3740	293	30	in	in	ADP
ajfa-3740	293	31	determining	determine	VERB
ajfa-3740	293	32	a	a	DET
ajfa-3740	293	33	firm	firm	NOUN
ajfa-3740	293	34	’s	’s	PART
ajfa-3740	293	35	debt	debt	NOUN
ajfa-3740	293	36	level	level	NOUN
ajfa-3740	293	37	;	;	PUNCT
ajfa-3740	293	38	but	but	CCONJ
ajfa-3740	293	39	the	the	DET
ajfa-3740	293	40	capital	capital	NOUN
ajfa-3740	293	41	structure	structure	NOUN
ajfa-3740	293	42	theory	theory	NOUN
ajfa-3740	293	43	applied	apply	VERB
ajfa-3740	293	44	is	be	AUX
ajfa-3740	293	45	contradictory	contradictory	ADJ
ajfa-3740	293	46	,	,	PUNCT
ajfa-3740	293	47	in	in	ADP
ajfa-3740	293	48	which	which	PRON
ajfa-3740	293	49	the	the	DET
ajfa-3740	293	50	pecking	pecking	NOUN
ajfa-3740	293	51	-	-	PUNCT
ajfa-3740	293	52	order	order	NOUN
ajfa-3740	293	53	style	style	NOUN
ajfa-3740	293	54	is	be	AUX
ajfa-3740	293	55	adopted	adopt	VERB
ajfa-3740	293	56	by	by	ADP
ajfa-3740	293	57	new	new	PROPN
ajfa-3740	293	58	zealand	zealand	PROPN
ajfa-3740	293	59	-	-	PUNCT
ajfa-3740	293	60	listed	list	VERB
ajfa-3740	293	61	firms	firm	NOUN
ajfa-3740	293	62	.	.	PUNCT
ajfa-3740	294	1	however	however	ADV
ajfa-3740	294	2	,	,	PUNCT
ajfa-3740	294	3	the	the	DET
ajfa-3740	294	4	contradictory	contradictory	ADJ
ajfa-3740	294	5	results	result	NOUN
ajfa-3740	294	6	are	be	AUX
ajfa-3740	294	7	restricted	restrict	VERB
ajfa-3740	294	8	to	to	ADP
ajfa-3740	294	9	different	different	ADJ
ajfa-3740	294	10	methods	method	NOUN
ajfa-3740	294	11	,	,	PUNCT
ajfa-3740	294	12	time	time	NOUN
ajfa-3740	294	13	frame	frame	NOUN
ajfa-3740	294	14	and	and	CCONJ
ajfa-3740	294	15	scope	scope	NOUN
ajfa-3740	294	16	of	of	ADP
ajfa-3740	294	17	the	the	DET
ajfa-3740	294	18	sample	sample	NOUN
ajfa-3740	294	19	used	use	VERB
ajfa-3740	294	20	.	.	PUNCT
ajfa-3740	295	1	references	reference	NOUN
ajfa-3740	295	2	agrawal	agrawal	PROPN
ajfa-3740	295	3	,	,	PUNCT
ajfa-3740	295	4	a.	a.	NOUN
ajfa-3740	295	5	,	,	PUNCT
ajfa-3740	295	6	&	&	CCONJ
ajfa-3740	295	7	knoeber	knoeber	PROPN
ajfa-3740	295	8	,	,	PUNCT
ajfa-3740	295	9	c.	c.	PROPN
ajfa-3740	295	10	r.	r.	PROPN
ajfa-3740	295	11	(	(	PUNCT
ajfa-3740	295	12	1996	1996	NUM
ajfa-3740	295	13	)	)	PUNCT
ajfa-3740	295	14	.	.	PUNCT
ajfa-3740	296	1	firm	firm	ADJ
ajfa-3740	296	2	performance	performance	NOUN
ajfa-3740	296	3	and	and	CCONJ
ajfa-3740	296	4	mechanisms	mechanism	NOUN
ajfa-3740	296	5	to	to	PART
ajfa-3740	296	6	control	control	VERB
ajfa-3740	296	7	agency	agency	NOUN
ajfa-3740	296	8	problems	problem	NOUN
ajfa-3740	296	9	between	between	ADP
ajfa-3740	296	10	managers	manager	NOUN
ajfa-3740	296	11	and	and	CCONJ
ajfa-3740	296	12	shareholders	shareholder	NOUN
ajfa-3740	296	13	.	.	PUNCT
ajfa-3740	297	1	journal	journal	PROPN
ajfa-3740	297	2	of	of	ADP
ajfa-3740	297	3	financial	financial	ADJ
ajfa-3740	297	4	and	and	CCONJ
ajfa-3740	297	5	quantitative	quantitative	ADJ
ajfa-3740	297	6	analysis	analysis	NOUN
ajfa-3740	297	7	,	,	PUNCT
ajfa-3740	297	8	31	31	NUM
ajfa-3740	297	9	,	,	PUNCT
ajfa-3740	297	10	377	377	NUM
ajfa-3740	297	11	-	-	SYM
ajfa-3740	297	12	97	97	NUM
ajfa-3740	297	13	.	.	PUNCT
ajfa-3740	298	1	http://dx.doi.org/10.2307/2331397	http://dx.doi.org/10.2307/2331397	PROPN
ajfa-3740	298	2	artemisia	artemisia	PROPN
ajfa-3740	298	3	,	,	PUNCT
ajfa-3740	298	4	k.	k.	PROPN
ajfa-3740	298	5	,	,	PUNCT
ajfa-3740	298	6	&	&	CCONJ
ajfa-3740	298	7	mcculloch	mcculloch	PROPN
ajfa-3740	298	8	,	,	PUNCT
ajfa-3740	298	9	b.	b.	PROPN
ajfa-3740	298	10	(	(	PUNCT
ajfa-3740	298	11	2007	2007	NUM
ajfa-3740	298	12	)	)	PUNCT
ajfa-3740	298	13	.	.	PUNCT
ajfa-3740	299	1	capital	capital	NOUN
ajfa-3740	299	2	market	market	NOUN
ajfa-3740	299	3	development	development	NOUN
ajfa-3740	299	4	-	-	PUNCT
ajfa-3740	299	5	new	new	PROPN
ajfa-3740	299	6	zealand	zealand	PROPN
ajfa-3740	299	7	case	case	NOUN
ajfa-3740	299	8	study	study	NOUN
ajfa-3740	299	9	,	,	PUNCT
ajfa-3740	299	10	prepared	prepare	VERB
ajfa-3740	299	11	for	for	ADP
ajfa-3740	299	12	the	the	DET
ajfa-3740	299	13	apec	apec	PROPN
ajfa-3740	299	14	policy	policy	NOUN
ajfa-3740	299	15	dialogue	dialogue	NOUN
ajfa-3740	299	16	workshop	workshop	NOUN
ajfa-3740	299	17	on	on	ADP
ajfa-3740	299	18	financial	financial	ADJ
ajfa-3740	299	19	sector	sector	NOUN
ajfa-3740	299	20	reform	reform	NOUN
ajfa-3740	299	21	,	,	PUNCT
ajfa-3740	299	22	may	may	AUX
ajfa-3740	299	23	9	9	NUM
ajfa-3740	299	24	,	,	PUNCT
ajfa-3740	299	25	2007	2007	NUM
ajfa-3740	299	26	.	.	PUNCT
ajfa-3740	300	1	treasury	treasury	NOUN
ajfa-3740	300	2	:	:	PUNCT
ajfa-3740	300	3	946867v1	946867v1	NOUN
ajfa-3740	300	4	,	,	PUNCT
ajfa-3740	300	5	taken	take	VERB
ajfa-3740	300	6	from	from	ADP
ajfa-3740	300	7	:	:	PUNCT
ajfa-3740	300	8	http://www.mcculloch.org.nz/documents/capital-market-dev-paper.pdf	http://www.mcculloch.org.nz/documents/capital-market-dev-paper.pdf	PROPN
ajfa-3740	300	9	.	.	PUNCT
ajfa-3740	301	1	berger	berger	PROPN
ajfa-3740	301	2	,	,	PUNCT
ajfa-3740	301	3	p.	p.	PROPN
ajfa-3740	301	4	g.	g.	PROPN
ajfa-3740	301	5	,	,	PUNCT
ajfa-3740	301	6	ofek	ofek	PROPN
ajfa-3740	301	7	,	,	PUNCT
ajfa-3740	301	8	e.	e.	PROPN
ajfa-3740	301	9	,	,	PUNCT
ajfa-3740	301	10	&	&	CCONJ
ajfa-3740	301	11	yermack	yermack	PROPN
ajfa-3740	301	12	,	,	PUNCT
ajfa-3740	301	13	d.	d.	PROPN
ajfa-3740	301	14	l.	l.	PROPN
ajfa-3740	301	15	(	(	PUNCT
ajfa-3740	301	16	1997	1997	NUM
ajfa-3740	301	17	)	)	PUNCT
ajfa-3740	301	18	.	.	PUNCT
ajfa-3740	302	1	managerial	managerial	ADJ
ajfa-3740	302	2	entrenchment	entrenchment	NOUN
ajfa-3740	302	3	and	and	CCONJ
ajfa-3740	302	4	capital	capital	NOUN
ajfa-3740	302	5	structure	structure	NOUN
ajfa-3740	302	6	decisions	decision	NOUN
ajfa-3740	302	7	.	.	PUNCT
ajfa-3740	303	1	journal	journal	NOUN
ajfa-3740	303	2	of	of	ADP
ajfa-3740	303	3	finance	finance	NOUN
ajfa-3740	303	4	,	,	PUNCT
ajfa-3740	303	5	52(4	52(4	NUM
ajfa-3740	303	6	)	)	PUNCT
ajfa-3740	303	7	,	,	PUNCT
ajfa-3740	303	8	1411	1411	NUM
ajfa-3740	303	9	-	-	SYM
ajfa-3740	303	10	1438	1438	NUM
ajfa-3740	303	11	.	.	PUNCT
ajfa-3740	304	1	http://dx.doi.org/10.2307/2329441	http://dx.doi.org/10.2307/2329441	PROPN
ajfa-3740	304	2	bessler	bessler	PROPN
ajfa-3740	304	3	,	,	PUNCT
ajfa-3740	304	4	w.	w.	PROPN
ajfa-3740	304	5	,	,	PUNCT
ajfa-3740	304	6	drobetz	drobetz	VERB
ajfa-3740	304	7	,	,	PUNCT
ajfa-3740	304	8	w.	w.	PROPN
ajfa-3740	304	9	,	,	PUNCT
ajfa-3740	304	10	&	&	CCONJ
ajfa-3740	304	11	gruninger	gruninger	PROPN
ajfa-3740	304	12	,	,	PUNCT
ajfa-3740	304	13	m.	m.	NOUN
ajfa-3740	304	14	c.	c.	PROPN
ajfa-3740	304	15	(	(	PUNCT
ajfa-3740	304	16	2011	2011	NUM
ajfa-3740	304	17	)	)	PUNCT
ajfa-3740	304	18	.	.	PUNCT
ajfa-3740	305	1	information	information	NOUN
ajfa-3740	305	2	asymmetry	asymmetry	NOUN
ajfa-3740	305	3	and	and	CCONJ
ajfa-3740	305	4	financing	financing	NOUN
ajfa-3740	305	5	decisions	decision	NOUN
ajfa-3740	305	6	.	.	PUNCT
ajfa-3740	306	1	international	international	ADJ
ajfa-3740	306	2	review	review	NOUN
ajfa-3740	306	3	of	of	ADP
ajfa-3740	306	4	finance	finance	NOUN
ajfa-3740	306	5	,	,	PUNCT
ajfa-3740	306	6	11(1	11(1	NUM
ajfa-3740	306	7	)	)	PUNCT
ajfa-3740	306	8	,	,	PUNCT
ajfa-3740	306	9	123	123	NUM
ajfa-3740	306	10	-	-	SYM
ajfa-3740	306	11	154	154	NUM
ajfa-3740	306	12	.	.	PUNCT
ajfa-3740	307	1	http://dx.doi.org/10.1111/j.1468-2443.2010.01122.x	http://dx.doi.org/10.1111/j.1468-2443.2010.01122.x	ADJ
ajfa-3740	307	2	asian	asian	ADJ
ajfa-3740	307	3	journal	journal	NOUN
ajfa-3740	307	4	of	of	ADP
ajfa-3740	307	5	finance	finance	PROPN
ajfa-3740	307	6	&	&	CCONJ
ajfa-3740	307	7	accounting	accounting	PROPN
ajfa-3740	307	8	issn	issn	PROPN
ajfa-3740	307	9	1946	1946	NUM
ajfa-3740	307	10	-	-	PUNCT
ajfa-3740	307	11	052x	052x	NOUN
ajfa-3740	307	12	2013	2013	NUM
ajfa-3740	307	13	,	,	PUNCT
ajfa-3740	307	14	vol	vol	NOUN
ajfa-3740	307	15	.	.	PROPN
ajfa-3740	307	16	5	5	NUM
ajfa-3740	307	17	,	,	PUNCT
ajfa-3740	307	18	no	no	INTJ
ajfa-3740	307	19	.	.	NOUN
ajfa-3740	307	20	2	2	NUM
ajfa-3740	307	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3740	307	22	18	18	NUM
ajfa-3740	307	23	blundell	blundell	PROPN
ajfa-3740	307	24	,	,	PUNCT
ajfa-3740	307	25	r.	r.	PROPN
ajfa-3740	307	26	,	,	PUNCT
ajfa-3740	307	27	&	&	CCONJ
ajfa-3740	307	28	bond	bond	PROPN
ajfa-3740	307	29	,	,	PUNCT
ajfa-3740	307	30	s.	s.	PROPN
ajfa-3740	307	31	(	(	PUNCT
ajfa-3740	307	32	1998	1998	NUM
ajfa-3740	307	33	)	)	PUNCT
ajfa-3740	307	34	.	.	PUNCT
ajfa-3740	308	1	initial	initial	ADJ
ajfa-3740	308	2	conditions	condition	NOUN
ajfa-3740	308	3	and	and	CCONJ
ajfa-3740	308	4	moment	moment	VERB
ajfa-3740	308	5	restrictions	restriction	NOUN
ajfa-3740	308	6	in	in	ADP
ajfa-3740	308	7	dynamic	dynamic	ADJ
ajfa-3740	308	8	panel	panel	NOUN
ajfa-3740	308	9	data	datum	NOUN
ajfa-3740	308	10	models	model	NOUN
ajfa-3740	308	11	.	.	PUNCT
ajfa-3740	309	1	journal	journal	NOUN
ajfa-3740	309	2	of	of	ADP
ajfa-3740	309	3	econometrics	econometric	NOUN
ajfa-3740	309	4	,	,	PUNCT
ajfa-3740	309	5	87	87	NUM
ajfa-3740	309	6	,	,	PUNCT
ajfa-3740	309	7	115	115	NUM
ajfa-3740	309	8	-	-	SYM
ajfa-3740	309	9	143	143	NUM
ajfa-3740	309	10	.	.	PUNCT
ajfa-3740	310	1	http://dx.doi.org/10.1016/s0304-4076(98)00009-8	http://dx.doi.org/10.1016/s0304-4076(98)00009-8	PROPN
ajfa-3740	310	2	booth	booth	PROPN
ajfa-3740	310	3	,	,	PUNCT
ajfa-3740	310	4	l.	l.	PROPN
ajfa-3740	310	5	,	,	PUNCT
ajfa-3740	310	6	aivazian	aivazian	PROPN
ajfa-3740	310	7	,	,	PUNCT
ajfa-3740	310	8	v.	v.	PROPN
ajfa-3740	310	9	,	,	PUNCT
ajfa-3740	310	10	demirguc	demirguc	PROPN
ajfa-3740	310	11	-	-	PUNCT
ajfa-3740	310	12	kunt	kunt	PROPN
ajfa-3740	310	13	,	,	PUNCT
ajfa-3740	310	14	a.	a.	NOUN
ajfa-3740	310	15	,	,	PUNCT
ajfa-3740	310	16	&	&	CCONJ
ajfa-3740	310	17	maksimovic	maksimovic	PROPN
ajfa-3740	310	18	,	,	PUNCT
ajfa-3740	310	19	v.	v.	PROPN
ajfa-3740	310	20	(	(	PUNCT
ajfa-3740	310	21	2001	2001	NUM
ajfa-3740	310	22	)	)	PUNCT
ajfa-3740	310	23	.	.	PUNCT
ajfa-3740	311	1	capital	capital	NOUN
ajfa-3740	311	2	structures	structure	NOUN
ajfa-3740	311	3	in	in	ADP
ajfa-3740	311	4	developing	develop	VERB
ajfa-3740	311	5	countries	country	NOUN
ajfa-3740	311	6	.	.	PUNCT
ajfa-3740	312	1	journal	journal	PROPN
ajfa-3740	312	2	of	of	ADP
ajfa-3740	312	3	finance	finance	NOUN
ajfa-3740	312	4	,	,	PUNCT
ajfa-3740	312	5	56(1	56(1	NUM
ajfa-3740	312	6	)	)	PUNCT
ajfa-3740	312	7	,	,	PUNCT
ajfa-3740	312	8	87	87	NUM
ajfa-3740	312	9	-	-	SYM
ajfa-3740	312	10	130	130	NUM
ajfa-3740	312	11	.	.	PUNCT
ajfa-3740	313	1	http://dx.doi.org/10.1111/0022-1082.00320	http://dx.doi.org/10.1111/0022-1082.00320	ADP
ajfa-3740	313	2	boyle	boyle	NOUN
ajfa-3740	313	3	,	,	PUNCT
ajfa-3740	313	4	g.	g.	PROPN
ajfa-3740	313	5	w.	w.	PROPN
ajfa-3740	313	6	,	,	PUNCT
ajfa-3740	313	7	&	&	CCONJ
ajfa-3740	313	8	eckhold	eckhold	PROPN
ajfa-3740	313	9	,	,	PUNCT
ajfa-3740	313	10	k.	k.	PROPN
ajfa-3740	313	11	r.	r.	PROPN
ajfa-3740	313	12	(	(	PUNCT
ajfa-3740	313	13	1997	1997	NUM
ajfa-3740	313	14	)	)	PUNCT
ajfa-3740	313	15	.	.	PUNCT
ajfa-3740	314	1	capital	capital	NOUN
ajfa-3740	314	2	structure	structure	NOUN
ajfa-3740	314	3	choice	choice	NOUN
ajfa-3740	314	4	and	and	CCONJ
ajfa-3740	314	5	financial	financial	ADJ
ajfa-3740	314	6	market	market	NOUN
ajfa-3740	314	7	liberalization	liberalization	NOUN
ajfa-3740	314	8	:	:	PUNCT
ajfa-3740	314	9	evidence	evidence	NOUN
ajfa-3740	314	10	from	from	ADP
ajfa-3740	314	11	new	new	PROPN
ajfa-3740	314	12	zealand	zealand	PROPN
ajfa-3740	314	13	.	.	PROPN
ajfa-3740	314	14	applied	apply	VERB
ajfa-3740	314	15	financial	financial	ADJ
ajfa-3740	314	16	economics	economic	NOUN
ajfa-3740	314	17	,	,	PUNCT
ajfa-3740	314	18	7(4	7(4	NUM
ajfa-3740	314	19	)	)	PUNCT
ajfa-3740	314	20	,	,	PUNCT
ajfa-3740	314	21	427	427	NUM
ajfa-3740	314	22	-	-	SYM
ajfa-3740	314	23	437	437	NUM
ajfa-3740	314	24	.	.	PUNCT
ajfa-3740	315	1	http://dx.doi.org/10.1080/096031097333547	http://dx.doi.org/10.1080/096031097333547	PROPN
ajfa-3740	315	2	bradley	bradley	PROPN
ajfa-3740	315	3	,	,	PUNCT
ajfa-3740	315	4	m.	m.	NOUN
ajfa-3740	315	5	,	,	PUNCT
ajfa-3740	315	6	jarrel	jarrel	NOUN
ajfa-3740	315	7	,	,	PUNCT
ajfa-3740	315	8	g.	g.	PROPN
ajfa-3740	315	9	a.	a.	PROPN
ajfa-3740	315	10	,	,	PUNCT
ajfa-3740	315	11	&	&	CCONJ
ajfa-3740	315	12	kim	kim	PROPN
ajfa-3740	315	13	,	,	PUNCT
ajfa-3740	315	14	e.	e.	PROPN
ajfa-3740	315	15	h.	h.	PROPN
ajfa-3740	315	16	(	(	PUNCT
ajfa-3740	315	17	1984	1984	NUM
ajfa-3740	315	18	)	)	PUNCT
ajfa-3740	315	19	.	.	PUNCT
ajfa-3740	316	1	on	on	ADP
ajfa-3740	316	2	the	the	DET
ajfa-3740	316	3	existence	existence	NOUN
ajfa-3740	316	4	of	of	ADP
ajfa-3740	316	5	an	an	DET
ajfa-3740	316	6	optimal	optimal	ADJ
ajfa-3740	316	7	capital	capital	NOUN
ajfa-3740	316	8	structure	structure	NOUN
ajfa-3740	316	9	.	.	PUNCT
ajfa-3740	317	1	journal	journal	PROPN
ajfa-3740	317	2	of	of	ADP
ajfa-3740	317	3	finance	finance	NOUN
ajfa-3740	317	4	,	,	PUNCT
ajfa-3740	317	5	39(3	39(3	NUM
ajfa-3740	317	6	)	)	PUNCT
ajfa-3740	317	7	,	,	PUNCT
ajfa-3740	317	8	857	857	NUM
ajfa-3740	317	9	-	-	SYM
ajfa-3740	317	10	78	78	NUM
ajfa-3740	317	11	.	.	PUNCT
ajfa-3740	318	1	http://dx.doi.org/10.1111/j.1540-6261.1984.tb03680.x	http://dx.doi.org/10.1111/j.1540-6261.1984.tb03680.x	PROPN
ajfa-3740	318	2	brounen	brounen	PROPN
ajfa-3740	318	3	,	,	PUNCT
ajfa-3740	318	4	d.	d.	PROPN
ajfa-3740	318	5	,	,	PUNCT
ajfa-3740	318	6	de	de	PROPN
ajfa-3740	318	7	jong	jong	PROPN
ajfa-3740	318	8	,	,	PUNCT
ajfa-3740	318	9	a.	a.	PROPN
ajfa-3740	318	10	,	,	PUNCT
ajfa-3740	318	11	&	&	CCONJ
ajfa-3740	318	12	koedijk	koedijk	PROPN
ajfa-3740	318	13	,	,	PUNCT
ajfa-3740	318	14	k.	k.	PROPN
ajfa-3740	318	15	(	(	PUNCT
ajfa-3740	318	16	2006	2006	NUM
ajfa-3740	318	17	)	)	PUNCT
ajfa-3740	318	18	.	.	PUNCT
ajfa-3740	319	1	capital	capital	NOUN
ajfa-3740	319	2	structure	structure	NOUN
ajfa-3740	319	3	policies	policy	NOUN
ajfa-3740	319	4	in	in	ADP
ajfa-3740	319	5	europe	europe	PROPN
ajfa-3740	319	6	:	:	PUNCT
ajfa-3740	319	7	survey	survey	VERB
ajfa-3740	319	8	evidence	evidence	NOUN
ajfa-3740	319	9	.	.	PUNCT
ajfa-3740	320	1	journal	journal	NOUN
ajfa-3740	320	2	of	of	ADP
ajfa-3740	320	3	banking	banking	NOUN
ajfa-3740	320	4	&	&	CCONJ
ajfa-3740	320	5	finance	finance	PROPN
ajfa-3740	320	6	,	,	PUNCT
ajfa-3740	320	7	30	30	NUM
ajfa-3740	320	8	,	,	PUNCT
ajfa-3740	320	9	1409	1409	NUM
ajfa-3740	320	10	-	-	SYM
ajfa-3740	320	11	1442	1442	NUM
ajfa-3740	320	12	.	.	PUNCT
ajfa-3740	321	1	http://dx.doi.org/10.1016/j.jbankfin.2005.02.010	http://dx.doi.org/10.1016/j.jbankfin.2005.02.010	ADJ
ajfa-3740	321	2	business	business	NOUN
ajfa-3740	321	3	finance	finance	NOUN
ajfa-3740	321	4	in	in	ADP
ajfa-3740	321	5	new	new	PROPN
ajfa-3740	321	6	zealand	zealand	PROPN
ajfa-3740	321	7	2004.(2004	2004.(2004	NUM
ajfa-3740	321	8	)	)	PUNCT
ajfa-3740	321	9	.	.	PUNCT
ajfa-3740	322	1	statistics	statistics	PROPN
ajfa-3740	322	2	new	new	PROPN
ajfa-3740	322	3	zealand	zealand	PROPN
ajfa-3740	322	4	.	.	PUNCT
ajfa-3740	323	1	cameron	cameron	PROPN
ajfa-3740	323	2	,	,	PUNCT
ajfa-3740	323	3	a.	a.	PROPN
ajfa-3740	323	4	c.	c.	PROPN
ajfa-3740	323	5	,	,	PUNCT
ajfa-3740	323	6	&	&	CCONJ
ajfa-3740	323	7	trivedi	trivedi	PROPN
ajfa-3740	323	8	,	,	PUNCT
ajfa-3740	323	9	p.	p.	PROPN
ajfa-3740	323	10	k.	k.	PROPN
ajfa-3740	324	1	(	(	PUNCT
ajfa-3740	324	2	2010).microeconometrics	2010).microeconometric	NOUN
ajfa-3740	324	3	using	use	VERB
ajfa-3740	324	4	stata	stata	NOUN
ajfa-3740	324	5	(	(	PUNCT
ajfa-3740	324	6	rev	rev	PROPN
ajfa-3740	324	7	.	.	PROPN
ajfa-3740	325	1	ed	ed	NOUN
ajfa-3740	325	2	.	.	PUNCT
ajfa-3740	325	3	)	)	PUNCT
ajfa-3740	325	4	.	.	PUNCT
ajfa-3740	326	1	college	college	NOUN
ajfa-3740	326	2	station	station	PROPN
ajfa-3740	326	3	,	,	PUNCT
ajfa-3740	326	4	texas	texas	PROPN
ajfa-3740	326	5	:	:	PUNCT
ajfa-3740	326	6	stata	stata	PROPN
ajfa-3740	326	7	press	press	PROPN
ajfa-3740	326	8	.	.	PUNCT
ajfa-3740	327	1	coleman	coleman	PROPN
ajfa-3740	327	2	,	,	PUNCT
ajfa-3740	327	3	a.	a.	PROPN
ajfa-3740	327	4	k.	k.	PROPN
ajfa-3740	327	5	(	(	PUNCT
ajfa-3740	327	6	2007	2007	NUM
ajfa-3740	327	7	)	)	PUNCT
ajfa-3740	327	8	.	.	PUNCT
ajfa-3740	328	1	the	the	DET
ajfa-3740	328	2	impact	impact	NOUN
ajfa-3740	328	3	of	of	ADP
ajfa-3740	328	4	capital	capital	NOUN
ajfa-3740	328	5	structure	structure	NOUN
ajfa-3740	328	6	on	on	ADP
ajfa-3740	328	7	the	the	DET
ajfa-3740	328	8	performance	performance	NOUN
ajfa-3740	328	9	of	of	ADP
ajfa-3740	328	10	microfinance	microfinance	NOUN
ajfa-3740	328	11	institutions	institution	NOUN
ajfa-3740	328	12	.	.	PUNCT
ajfa-3740	329	1	the	the	DET
ajfa-3740	329	2	journal	journal	NOUN
ajfa-3740	329	3	of	of	ADP
ajfa-3740	329	4	risk	risk	NOUN
ajfa-3740	329	5	finance	finance	NOUN
ajfa-3740	329	6	,	,	PUNCT
ajfa-3740	329	7	8(1	8(1	NOUN
ajfa-3740	329	8	)	)	PUNCT
ajfa-3740	329	9	,	,	PUNCT
ajfa-3740	329	10	56	56	NUM
ajfa-3740	329	11	.	.	PUNCT
ajfa-3740	330	1	http://dx.doi.org/10.1108/15265940710721082	http://dx.doi.org/10.1108/15265940710721082	PROPN
ajfa-3740	330	2	coricelli	coricelli	PROPN
ajfa-3740	330	3	,	,	PUNCT
ajfa-3740	330	4	f.	f.	PROPN
ajfa-3740	330	5	,	,	PUNCT
ajfa-3740	330	6	driffield	driffield	PROPN
ajfa-3740	330	7	,	,	PUNCT
ajfa-3740	330	8	n.	n.	PROPN
ajfa-3740	330	9	,	,	PUNCT
ajfa-3740	330	10	pal	pal	NOUN
ajfa-3740	330	11	,	,	PUNCT
ajfa-3740	330	12	s.	s.	PROPN
ajfa-3740	330	13	,	,	PUNCT
ajfa-3740	330	14	&	&	CCONJ
ajfa-3740	330	15	roland	roland	PROPN
ajfa-3740	330	16	,	,	PUNCT
ajfa-3740	330	17	i.	i.	PROPN
ajfa-3740	330	18	(	(	PUNCT
ajfa-3740	330	19	2011	2011	NUM
ajfa-3740	330	20	)	)	PUNCT
ajfa-3740	330	21	.	.	PUNCT
ajfa-3740	331	1	optimal	optimal	ADJ
ajfa-3740	331	2	leverage	leverage	NOUN
ajfa-3740	331	3	and	and	CCONJ
ajfa-3740	331	4	firm	firm	ADJ
ajfa-3740	331	5	performance	performance	NOUN
ajfa-3740	331	6	:	:	PUNCT
ajfa-3740	331	7	an	an	DET
ajfa-3740	331	8	endogenous	endogenous	ADJ
ajfa-3740	331	9	threshold	threshold	NOUN
ajfa-3740	331	10	analysis	analysis	NOUN
ajfa-3740	331	11	.	.	PUNCT
ajfa-3740	332	1	working	work	VERB
ajfa-3740	332	2	paper	paper	NOUN
ajfa-3740	332	3	centre	centre	NOUN
ajfa-3740	332	4	for	for	ADP
ajfa-3740	332	5	economic	economic	ADJ
ajfa-3740	332	6	development	development	PROPN
ajfa-3740	332	7	&	&	CCONJ
ajfa-3740	332	8	institutions	institutions	PROPN
ajfa-3740	332	9	brunel	brunel	PROPN
ajfa-3740	332	10	university	university	PROPN
ajfa-3740	332	11	west	west	PROPN
ajfa-3740	332	12	london	london	PROPN
ajfa-3740	332	13	,	,	PUNCT
ajfa-3740	332	14	11	11	NUM
ajfa-3740	332	15	-	-	SYM
ajfa-3740	332	16	05	05	NUM
ajfa-3740	332	17	.	.	PUNCT
ajfa-3740	333	1	dang	dang	PROPN
ajfa-3740	333	2	,	,	PUNCT
ajfa-3740	333	3	v.	v.	ADP
ajfa-3740	333	4	a.	a.	NOUN
ajfa-3740	333	5	(	(	PUNCT
ajfa-3740	333	6	2005	2005	NUM
ajfa-3740	333	7	)	)	PUNCT
ajfa-3740	333	8	.	.	PUNCT
ajfa-3740	334	1	testing	test	VERB
ajfa-3740	334	2	the	the	DET
ajfa-3740	334	3	trade	trade	NOUN
ajfa-3740	334	4	-	-	PUNCT
ajfa-3740	334	5	off	off	ADP
ajfa-3740	334	6	theory	theory	NOUN
ajfa-3740	334	7	and	and	CCONJ
ajfa-3740	334	8	pecking	pecking	NOUN
ajfa-3740	334	9	order	order	NOUN
ajfa-3740	334	10	theories	theory	NOUN
ajfa-3740	334	11	:	:	PUNCT
ajfa-3740	334	12	some	some	DET
ajfa-3740	334	13	uk	uk	PROPN
ajfa-3740	334	14	evidence	evidence	NOUN
ajfa-3740	334	15	.	.	PUNCT
ajfa-3740	335	1	leeds	leed	NOUN
ajfa-3740	335	2	:	:	PUNCT
ajfa-3740	335	3	leeds	leeds	PROPN
ajfa-3740	335	4	university	university	PROPN
ajfa-3740	335	5	business	business	NOUN
ajfa-3740	335	6	school	school	NOUN
ajfa-3740	335	7	,	,	PUNCT
ajfa-3740	335	8	university	university	NOUN
ajfa-3740	335	9	of	of	ADP
ajfa-3740	335	10	leeds	leed	NOUN
ajfa-3740	335	11	.	.	PUNCT
ajfa-3740	336	1	kabir	kabir	PROPN
ajfa-3740	336	2	,	,	PUNCT
ajfa-3740	336	3	r.	r.	PROPN
ajfa-3740	336	4	,	,	PUNCT
ajfa-3740	336	5	&	&	CCONJ
ajfa-3740	336	6	jong	jong	PROPN
ajfa-3740	336	7	,	,	PUNCT
ajfa-3740	336	8	a.	a.	NOUN
ajfa-3740	336	9	(	(	PUNCT
ajfa-3740	336	10	2008	2008	NUM
ajfa-3740	336	11	)	)	PUNCT
ajfa-3740	336	12	.	.	PUNCT
ajfa-3740	337	1	capital	capital	NOUN
ajfa-3740	337	2	structure	structure	NOUN
ajfa-3740	337	3	around	around	ADP
ajfa-3740	337	4	the	the	DET
ajfa-3740	337	5	world	world	NOUN
ajfa-3740	337	6	:	:	PUNCT
ajfa-3740	337	7	the	the	DET
ajfa-3740	337	8	roles	role	NOUN
ajfa-3740	337	9	of	of	ADP
ajfa-3740	337	10	firmand	firmand	NOUN
ajfa-3740	337	11	country	country	NOUN
ajfa-3740	337	12	-	-	PUNCT
ajfa-3740	337	13	specific	specific	ADJ
ajfa-3740	337	14	determinants	determinant	NOUN
ajfa-3740	337	15	.	.	PUNCT
ajfa-3740	338	1	journal	journal	NOUN
ajfa-3740	338	2	of	of	ADP
ajfa-3740	338	3	banking	banking	NOUN
ajfa-3740	338	4	&	&	CCONJ
ajfa-3740	338	5	finance	finance	NOUN
ajfa-3740	338	6	,	,	PUNCT
ajfa-3740	338	7	32(9	32(9	NUM
ajfa-3740	338	8	)	)	PUNCT
ajfa-3740	338	9	,	,	PUNCT
ajfa-3740	338	10	1954	1954	NUM
ajfa-3740	338	11	-	-	SYM
ajfa-3740	338	12	1969	1969	NUM
ajfa-3740	338	13	.	.	PUNCT
ajfa-3740	339	1	http://dx.doi.org/10.1016/j.jbankfin.2007.12.034	http://dx.doi.org/10.1016/j.jbankfin.2007.12.034	PROPN
ajfa-3740	339	2	de	de	PROPN
ajfa-3740	339	3	miguel	miguel	PROPN
ajfa-3740	339	4	,	,	PUNCT
ajfa-3740	339	5	a.	a.	PROPN
ajfa-3740	339	6	,	,	PUNCT
ajfa-3740	339	7	&	&	CCONJ
ajfa-3740	339	8	pindado	pindado	PROPN
ajfa-3740	339	9	,	,	PUNCT
ajfa-3740	339	10	j.	j.	PROPN
ajfa-3740	339	11	(	(	PUNCT
ajfa-3740	339	12	2001	2001	NUM
ajfa-3740	339	13	)	)	PUNCT
ajfa-3740	339	14	.	.	PUNCT
ajfa-3740	340	1	determinants	determinant	NOUN
ajfa-3740	340	2	of	of	ADP
ajfa-3740	340	3	capital	capital	NOUN
ajfa-3740	340	4	structure	structure	NOUN
ajfa-3740	340	5	:	:	PUNCT
ajfa-3740	340	6	new	new	ADJ
ajfa-3740	340	7	evidence	evidence	NOUN
ajfa-3740	340	8	from	from	ADP
ajfa-3740	340	9	spanish	spanish	ADJ
ajfa-3740	340	10	panel	panel	NOUN
ajfa-3740	340	11	data	datum	NOUN
ajfa-3740	340	12	.	.	PUNCT
ajfa-3740	341	1	journal	journal	NOUN
ajfa-3740	341	2	of	of	ADP
ajfa-3740	341	3	corporate	corporate	ADJ
ajfa-3740	341	4	finance	finance	NOUN
ajfa-3740	341	5	,	,	PUNCT
ajfa-3740	341	6	7	7	NUM
ajfa-3740	341	7	,	,	PUNCT
ajfa-3740	341	8	77	77	NUM
ajfa-3740	341	9	-	-	SYM
ajfa-3740	341	10	99	99	NUM
ajfa-3740	341	11	.	.	PUNCT
ajfa-3740	342	1	http://dx.doi.org/10.1016/s0929-1199(00)00020-1	http://dx.doi.org/10.1016/s0929-1199(00)00020-1	PROPN
ajfa-3740	342	2	de	de	PROPN
ajfa-3740	342	3	angelo	angelo	PROPN
ajfa-3740	342	4	,	,	PUNCT
ajfa-3740	342	5	h.	h.	PROPN
ajfa-3740	342	6	,	,	PUNCT
ajfa-3740	342	7	&	&	CCONJ
ajfa-3740	342	8	masulis	masulis	PROPN
ajfa-3740	342	9	,	,	PUNCT
ajfa-3740	342	10	r.	r.	PROPN
ajfa-3740	342	11	w.	w.	PROPN
ajfa-3740	342	12	(	(	PUNCT
ajfa-3740	342	13	1980	1980	NUM
ajfa-3740	342	14	)	)	PUNCT
ajfa-3740	342	15	.	.	PUNCT
ajfa-3740	343	1	optimal	optimal	ADJ
ajfa-3740	343	2	capital	capital	NOUN
ajfa-3740	343	3	structure	structure	NOUN
ajfa-3740	343	4	under	under	ADP
ajfa-3740	343	5	corporate	corporate	ADJ
ajfa-3740	343	6	and	and	CCONJ
ajfa-3740	343	7	personal	personal	ADJ
ajfa-3740	343	8	taxation	taxation	NOUN
ajfa-3740	343	9	.	.	PUNCT
ajfa-3740	344	1	journal	journal	NOUN
ajfa-3740	344	2	of	of	ADP
ajfa-3740	344	3	financial	financial	ADJ
ajfa-3740	344	4	economics	economic	NOUN
ajfa-3740	344	5	,	,	PUNCT
ajfa-3740	344	6	8(1	8(1	NOUN
ajfa-3740	344	7	)	)	PUNCT
ajfa-3740	344	8	,	,	PUNCT
ajfa-3740	344	9	3	3	NUM
ajfa-3740	344	10	-	-	SYM
ajfa-3740	344	11	29	29	NUM
ajfa-3740	344	12	.	.	PUNCT
ajfa-3740	345	1	http://dx.doi.org/10.1016/0304-405x(80)90019-7	http://dx.doi.org/10.1016/0304-405x(80)90019-7	NOUN
ajfa-3740	345	2	asian	asian	ADJ
ajfa-3740	345	3	journal	journal	NOUN
ajfa-3740	345	4	of	of	ADP
ajfa-3740	345	5	finance	finance	PROPN
ajfa-3740	345	6	&	&	CCONJ
ajfa-3740	345	7	accounting	accounting	PROPN
ajfa-3740	345	8	issn	issn	PROPN
ajfa-3740	345	9	1946	1946	NUM
ajfa-3740	345	10	-	-	PUNCT
ajfa-3740	345	11	052x	052x	NOUN
ajfa-3740	345	12	2013	2013	NUM
ajfa-3740	345	13	,	,	PUNCT
ajfa-3740	345	14	vol	vol	NOUN
ajfa-3740	345	15	.	.	PROPN
ajfa-3740	345	16	5	5	NUM
ajfa-3740	345	17	,	,	PUNCT
ajfa-3740	345	18	no	no	INTJ
ajfa-3740	345	19	.	.	NOUN
ajfa-3740	345	20	2	2	NUM
ajfa-3740	345	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3740	345	22	19	19	NUM
ajfa-3740	345	23	deesomsak	deesomsak	NOUN
ajfa-3740	345	24	,	,	PUNCT
ajfa-3740	345	25	r.	r.	PROPN
ajfa-3740	345	26	,	,	PUNCT
ajfa-3740	345	27	paudyal	paudyal	NOUN
ajfa-3740	345	28	,	,	PUNCT
ajfa-3740	345	29	k.	k.	PROPN
ajfa-3740	345	30	,	,	PUNCT
ajfa-3740	345	31	&	&	CCONJ
ajfa-3740	345	32	pescetto	pescetto	PROPN
ajfa-3740	345	33	,	,	PUNCT
ajfa-3740	345	34	g.	g.	PROPN
ajfa-3740	345	35	(	(	PUNCT
ajfa-3740	345	36	2004	2004	NUM
ajfa-3740	345	37	)	)	PUNCT
ajfa-3740	345	38	.	.	PUNCT
ajfa-3740	346	1	the	the	DET
ajfa-3740	346	2	determinants	determinant	NOUN
ajfa-3740	346	3	of	of	ADP
ajfa-3740	346	4	capital	capital	NOUN
ajfa-3740	346	5	structure	structure	NOUN
ajfa-3740	346	6	:	:	PUNCT
ajfa-3740	346	7	evidence	evidence	NOUN
ajfa-3740	346	8	from	from	ADP
ajfa-3740	346	9	the	the	DET
ajfa-3740	346	10	asia	asia	PROPN
ajfa-3740	346	11	pacific	pacific	PROPN
ajfa-3740	346	12	region	region	PROPN
ajfa-3740	346	13	.	.	PUNCT
ajfa-3740	347	1	journal	journal	PROPN
ajfa-3740	347	2	of	of	ADP
ajfa-3740	347	3	multinational	multinational	ADJ
ajfa-3740	347	4	financial	financial	ADJ
ajfa-3740	347	5	management	management	NOUN
ajfa-3740	347	6	,	,	PUNCT
ajfa-3740	347	7	14(4	14(4	NUM
ajfa-3740	347	8	-	-	SYM
ajfa-3740	347	9	5	5	NUM
ajfa-3740	347	10	)	)	PUNCT
ajfa-3740	347	11	,	,	PUNCT
ajfa-3740	347	12	387	387	NUM
ajfa-3740	347	13	-	-	SYM
ajfa-3740	347	14	405	405	NUM
ajfa-3740	347	15	.	.	PUNCT
ajfa-3740	348	1	http://dx.doi.org/10.1016/j.mulfin.2004.03.001	http://dx.doi.org/10.1016/j.mulfin.2004.03.001	PROPN
ajfa-3740	348	2	dessi	dessi	PROPN
ajfa-3740	348	3	,	,	PUNCT
ajfa-3740	348	4	r.	r.	PROPN
ajfa-3740	348	5	,	,	PUNCT
ajfa-3740	348	6	&	&	CCONJ
ajfa-3740	348	7	robertson	robertson	PROPN
ajfa-3740	348	8	,	,	PUNCT
ajfa-3740	348	9	d.	d.	PROPN
ajfa-3740	348	10	(	(	PUNCT
ajfa-3740	348	11	2003	2003	NUM
ajfa-3740	348	12	)	)	PUNCT
ajfa-3740	348	13	.	.	PUNCT
ajfa-3740	349	1	debt	debt	NOUN
ajfa-3740	349	2	,	,	PUNCT
ajfa-3740	349	3	incentives	incentive	NOUN
ajfa-3740	349	4	and	and	CCONJ
ajfa-3740	349	5	performance	performance	NOUN
ajfa-3740	349	6	:	:	PUNCT
ajfa-3740	349	7	evidence	evidence	NOUN
ajfa-3740	349	8	from	from	ADP
ajfa-3740	349	9	uk	uk	PROPN
ajfa-3740	349	10	panel	panel	NOUN
ajfa-3740	349	11	data	datum	NOUN
ajfa-3740	349	12	.	.	PUNCT
ajfa-3740	350	1	the	the	DET
ajfa-3740	350	2	economic	economic	ADJ
ajfa-3740	350	3	journal	journal	NOUN
ajfa-3740	350	4	,	,	PUNCT
ajfa-3740	350	5	113,(490),903	113,(490),903	NUM
ajfa-3740	350	6	-	-	SYM
ajfa-3740	350	7	919	919	NUM
ajfa-3740	350	8	.	.	PUNCT
ajfa-3740	350	9	http://dx.doi.org/10.1111/1468-0297.t01-1-00159	http://dx.doi.org/10.1111/1468-0297.t01-1-00159	PROPN
ajfa-3740	350	10	ebaid	ebaid	PROPN
ajfa-3740	350	11	,	,	PUNCT
ajfa-3740	350	12	i.	i.	PROPN
ajfa-3740	350	13	e.-s	e.-s	PROPN
ajfa-3740	350	14	.	.	PUNCT
ajfa-3740	351	1	(	(	PUNCT
ajfa-3740	351	2	2009	2009	NUM
ajfa-3740	351	3	)	)	PUNCT
ajfa-3740	351	4	.	.	PUNCT
ajfa-3740	352	1	the	the	DET
ajfa-3740	352	2	impact	impact	NOUN
ajfa-3740	352	3	of	of	ADP
ajfa-3740	352	4	capital	capital	NOUN
ajfa-3740	352	5	-	-	PUNCT
ajfa-3740	352	6	structure	structure	NOUN
ajfa-3740	352	7	choice	choice	NOUN
ajfa-3740	352	8	on	on	ADP
ajfa-3740	352	9	firm	firm	ADJ
ajfa-3740	352	10	performance	performance	NOUN
ajfa-3740	352	11	:	:	PUNCT
ajfa-3740	352	12	empirical	empirical	ADJ
ajfa-3740	352	13	evidence	evidence	NOUN
ajfa-3740	352	14	from	from	ADP
ajfa-3740	352	15	egypt	egypt	PROPN
ajfa-3740	352	16	.	.	PUNCT
ajfa-3740	353	1	the	the	DET
ajfa-3740	353	2	journal	journal	NOUN
ajfa-3740	353	3	of	of	ADP
ajfa-3740	353	4	risk	risk	NOUN
ajfa-3740	353	5	finance	finance	NOUN
ajfa-3740	353	6	,	,	PUNCT
ajfa-3740	353	7	10(5	10(5	NUM
ajfa-3740	353	8	)	)	PUNCT
ajfa-3740	353	9	,	,	PUNCT
ajfa-3740	353	10	477	477	NUM
ajfa-3740	353	11	-	-	SYM
ajfa-3740	353	12	487	487	NUM
ajfa-3740	353	13	.	.	PUNCT
ajfa-3740	354	1	http://dx.doi.org/10.1108/15265940911001385	http://dx.doi.org/10.1108/15265940911001385	PROPN
ajfa-3740	354	2	goyal	goyal	PROPN
ajfa-3740	354	3	,	,	PUNCT
ajfa-3740	354	4	v.	v.	PROPN
ajfa-3740	354	5	k.	k.	PROPN
ajfa-3740	354	6	,	,	PUNCT
ajfa-3740	354	7	&	&	CCONJ
ajfa-3740	354	8	frank	frank	PROPN
ajfa-3740	354	9	,	,	PUNCT
ajfa-3740	354	10	m.z	m.z	PROPN
ajfa-3740	354	11	.	.	PUNCT
ajfa-3740	354	12	(	(	PUNCT
ajfa-3740	354	13	2003	2003	NUM
ajfa-3740	354	14	)	)	PUNCT
ajfa-3740	354	15	.	.	PUNCT
ajfa-3740	355	1	testing	test	VERB
ajfa-3740	355	2	the	the	DET
ajfa-3740	355	3	pecking	pecking	NOUN
ajfa-3740	355	4	-	-	PUNCT
ajfa-3740	355	5	order	order	NOUN
ajfa-3740	355	6	theory	theory	NOUN
ajfa-3740	355	7	of	of	ADP
ajfa-3740	355	8	capital	capital	NOUN
ajfa-3740	355	9	structure	structure	NOUN
ajfa-3740	355	10	.	.	PUNCT
ajfa-3740	356	1	journal	journal	NOUN
ajfa-3740	356	2	of	of	ADP
ajfa-3740	356	3	financial	financial	ADJ
ajfa-3740	356	4	economics	economic	NOUN
ajfa-3740	356	5	,	,	PUNCT
ajfa-3740	356	6	67	67	NUM
ajfa-3740	356	7	,	,	PUNCT
ajfa-3740	356	8	1	1	NUM
ajfa-3740	356	9	-	-	SYM
ajfa-3740	356	10	30	30	NUM
ajfa-3740	356	11	.	.	PUNCT
ajfa-3740	357	1	http://dx.doi.org/10.1016/s0304-405x(02)00252-0	http://dx.doi.org/10.1016/s0304-405x(02)00252-0	PROPN
ajfa-3740	357	2	gaud	gaud	PROPN
ajfa-3740	357	3	,	,	PUNCT
ajfa-3740	357	4	p.	p.	PROPN
ajfa-3740	357	5	,	,	PUNCT
ajfa-3740	357	6	jani	jani	PROPN
ajfa-3740	357	7	,	,	PUNCT
ajfa-3740	357	8	e.	e.	PROPN
ajfa-3740	357	9	,	,	PUNCT
ajfa-3740	357	10	hoesli	hoesli	NOUN
ajfa-3740	357	11	,	,	PUNCT
ajfa-3740	357	12	m.	m.	NOUN
ajfa-3740	357	13	,	,	PUNCT
ajfa-3740	357	14	&	&	CCONJ
ajfa-3740	357	15	bender	bender	PROPN
ajfa-3740	357	16	,	,	PUNCT
ajfa-3740	357	17	a.	a.	NOUN
ajfa-3740	357	18	(	(	PUNCT
ajfa-3740	357	19	2005	2005	NUM
ajfa-3740	357	20	)	)	PUNCT
ajfa-3740	357	21	.	.	PUNCT
ajfa-3740	358	1	the	the	DET
ajfa-3740	358	2	capital	capital	NOUN
ajfa-3740	358	3	structure	structure	NOUN
ajfa-3740	358	4	of	of	ADP
ajfa-3740	358	5	swiss	swiss	ADJ
ajfa-3740	358	6	companies	company	NOUN
ajfa-3740	358	7	:	:	PUNCT
ajfa-3740	358	8	an	an	DET
ajfa-3740	358	9	empirical	empirical	ADJ
ajfa-3740	358	10	analysis	analysis	NOUN
ajfa-3740	358	11	using	use	VERB
ajfa-3740	358	12	dynamic	dynamic	ADJ
ajfa-3740	358	13	panel	panel	NOUN
ajfa-3740	358	14	data	datum	NOUN
ajfa-3740	358	15	.	.	PUNCT
ajfa-3740	359	1	european	european	ADJ
ajfa-3740	359	2	financial	financial	ADJ
ajfa-3740	359	3	management	management	NOUN
ajfa-3740	359	4	,	,	PUNCT
ajfa-3740	359	5	11	11	NUM
ajfa-3740	359	6	,	,	PUNCT
ajfa-3740	359	7	51	51	NUM
ajfa-3740	359	8	-	-	SYM
ajfa-3740	359	9	69	69	NUM
ajfa-3740	359	10	.	.	PUNCT
ajfa-3740	360	1	http://dx.doi.org/10.1111/j.1354-7798.2005.00275.x	http://dx.doi.org/10.1111/j.1354-7798.2005.00275.x	NOUN
ajfa-3740	360	2	gaud	gaud	PROPN
ajfa-3740	360	3	,	,	PUNCT
ajfa-3740	360	4	p.	p.	PROPN
ajfa-3740	360	5	,	,	PUNCT
ajfa-3740	360	6	&	&	CCONJ
ajfa-3740	360	7	hoesli	hoesli	PROPN
ajfa-3740	360	8	,	,	PUNCT
ajfa-3740	360	9	m.	m.	NOUN
ajfa-3740	360	10	(	(	PUNCT
ajfa-3740	360	11	2007	2007	NUM
ajfa-3740	360	12	)	)	PUNCT
ajfa-3740	360	13	.	.	PUNCT
ajfa-3740	361	1	debt	debt	NOUN
ajfa-3740	361	2	-	-	PUNCT
ajfa-3740	361	3	equity	equity	NOUN
ajfa-3740	361	4	choice	choice	NOUN
ajfa-3740	361	5	in	in	ADP
ajfa-3740	361	6	europe	europe	PROPN
ajfa-3740	361	7	.	.	PUNCT
ajfa-3740	362	1	international	international	ADJ
ajfa-3740	362	2	review	review	NOUN
ajfa-3740	362	3	of	of	ADP
ajfa-3740	362	4	financial	financial	ADJ
ajfa-3740	362	5	analysis	analysis	NOUN
ajfa-3740	362	6	,	,	PUNCT
ajfa-3740	362	7	16	16	NUM
ajfa-3740	362	8	,	,	PUNCT
ajfa-3740	362	9	201	201	NUM
ajfa-3740	362	10	-	-	SYM
ajfa-3740	362	11	222	222	NUM
ajfa-3740	362	12	.	.	PUNCT
ajfa-3740	363	1	http://dx.doi.org/10.1016/j.irfa.2006.08.003	http://dx.doi.org/10.1016/j.irfa.2006.08.003	PROPN
ajfa-3740	363	2	ghosh	ghosh	PROPN
ajfa-3740	363	3	,	,	PUNCT
ajfa-3740	363	4	a.	a.	PROPN
ajfa-3740	363	5	,	,	PUNCT
ajfa-3740	363	6	&	&	CCONJ
ajfa-3740	363	7	cai	cai	PROPN
ajfa-3740	363	8	,	,	PUNCT
ajfa-3740	363	9	f.	f.	PROPN
ajfa-3740	363	10	(	(	PUNCT
ajfa-3740	363	11	2000	2000	NUM
ajfa-3740	363	12	)	)	PUNCT
ajfa-3740	363	13	.	.	PUNCT
ajfa-3740	364	1	the	the	DET
ajfa-3740	364	2	determinants	determinant	NOUN
ajfa-3740	364	3	of	of	ADP
ajfa-3740	364	4	capital	capital	NOUN
ajfa-3740	364	5	structure	structure	NOUN
ajfa-3740	364	6	.	.	PUNCT
ajfa-3740	365	1	american	american	PROPN
ajfa-3740	365	2	business	business	PROPN
ajfa-3740	365	3	review	review	PROPN
ajfa-3740	365	4	,	,	PUNCT
ajfa-3740	365	5	18	18	NUM
ajfa-3740	365	6	,	,	PUNCT
ajfa-3740	365	7	129	129	NUM
ajfa-3740	365	8	-	-	SYM
ajfa-3740	365	9	32	32	NUM
ajfa-3740	365	10	.	.	PUNCT
ajfa-3740	366	1	graham	graham	PROPN
ajfa-3740	366	2	,	,	PUNCT
ajfa-3740	366	3	j.	j.	PROPN
ajfa-3740	366	4	r.	r.	PROPN
ajfa-3740	366	5	(	(	PUNCT
ajfa-3740	366	6	2000	2000	NUM
ajfa-3740	366	7	)	)	PUNCT
ajfa-3740	366	8	.	.	PUNCT
ajfa-3740	367	1	how	how	SCONJ
ajfa-3740	367	2	big	big	ADJ
ajfa-3740	367	3	are	be	AUX
ajfa-3740	367	4	the	the	DET
ajfa-3740	367	5	tax	tax	NOUN
ajfa-3740	367	6	benefits	benefit	NOUN
ajfa-3740	367	7	of	of	ADP
ajfa-3740	367	8	debt	debt	NOUN
ajfa-3740	367	9	?	?	PUNCT
ajfa-3740	368	1	the	the	DET
ajfa-3740	368	2	journal	journal	NOUN
ajfa-3740	368	3	of	of	ADP
ajfa-3740	368	4	finance	finance	NOUN
ajfa-3740	368	5	,	,	PUNCT
ajfa-3740	368	6	55(5	55(5	NUM
ajfa-3740	368	7	)	)	PUNCT
ajfa-3740	368	8	,	,	PUNCT
ajfa-3740	368	9	1901	1901	NUM
ajfa-3740	368	10	-	-	SYM
ajfa-3740	368	11	1942	1942	NUM
ajfa-3740	368	12	.	.	PUNCT
ajfa-3740	369	1	http://dx.doi.org/10.1111/0022-1082.00277	http://dx.doi.org/10.1111/0022-1082.00277	PROPN
ajfa-3740	369	2	graham	graham	PROPN
ajfa-3740	369	3	,	,	PUNCT
ajfa-3740	369	4	j.	j.	PROPN
ajfa-3740	369	5	r.	r.	PROPN
ajfa-3740	369	6	,	,	PUNCT
ajfa-3740	369	7	&	&	CCONJ
ajfa-3740	369	8	harvey	harvey	PROPN
ajfa-3740	369	9	,	,	PUNCT
ajfa-3740	369	10	c.	c.	PROPN
ajfa-3740	369	11	r.	r.	PROPN
ajfa-3740	369	12	(	(	PUNCT
ajfa-3740	369	13	2001	2001	NUM
ajfa-3740	369	14	)	)	PUNCT
ajfa-3740	369	15	.	.	PUNCT
ajfa-3740	370	1	the	the	DET
ajfa-3740	370	2	theory	theory	NOUN
ajfa-3740	370	3	and	and	CCONJ
ajfa-3740	370	4	practice	practice	NOUN
ajfa-3740	370	5	of	of	ADP
ajfa-3740	370	6	corporate	corporate	ADJ
ajfa-3740	370	7	finance	finance	NOUN
ajfa-3740	370	8	:	:	PUNCT
ajfa-3740	370	9	evidence	evidence	NOUN
ajfa-3740	370	10	from	from	ADP
ajfa-3740	370	11	the	the	DET
ajfa-3740	370	12	field	field	NOUN
ajfa-3740	370	13	.	.	PUNCT
ajfa-3740	371	1	journal	journal	NOUN
ajfa-3740	371	2	of	of	ADP
ajfa-3740	371	3	financial	financial	ADJ
ajfa-3740	371	4	economics	economic	NOUN
ajfa-3740	371	5	,	,	PUNCT
ajfa-3740	371	6	60(2	60(2	NUM
ajfa-3740	371	7	-	-	SYM
ajfa-3740	371	8	3	3	NUM
ajfa-3740	371	9	)	)	PUNCT
ajfa-3740	371	10	,	,	PUNCT
ajfa-3740	371	11	187	187	NUM
ajfa-3740	371	12	-	-	SYM
ajfa-3740	371	13	243	243	NUM
ajfa-3740	371	14	.	.	PUNCT
ajfa-3740	372	1	http://dx.doi.org/10.1016/s0304-405x(01)00044-7	http://dx.doi.org/10.1016/s0304-405x(01)00044-7	PROPN
ajfa-3740	372	2	harris	harris	PROPN
ajfa-3740	372	3	,	,	PUNCT
ajfa-3740	372	4	m.	m.	NOUN
ajfa-3740	372	5	,	,	PUNCT
ajfa-3740	372	6	&	&	CCONJ
ajfa-3740	372	7	raviv	raviv	PROPN
ajfa-3740	372	8	,	,	PUNCT
ajfa-3740	372	9	a.	a.	NOUN
ajfa-3740	372	10	(	(	PUNCT
ajfa-3740	372	11	1992	1992	NUM
ajfa-3740	372	12	)	)	PUNCT
ajfa-3740	372	13	.	.	PUNCT
ajfa-3740	373	1	the	the	DET
ajfa-3740	373	2	theory	theory	NOUN
ajfa-3740	373	3	of	of	ADP
ajfa-3740	373	4	capital	capital	NOUN
ajfa-3740	373	5	structure	structure	NOUN
ajfa-3740	373	6	.	.	PUNCT
ajfa-3740	374	1	journal	journal	PROPN
ajfa-3740	374	2	of	of	ADP
ajfa-3740	374	3	finance	finance	NOUN
ajfa-3740	374	4	,	,	PUNCT
ajfa-3740	374	5	39	39	NUM
ajfa-3740	374	6	,	,	PUNCT
ajfa-3740	374	7	127	127	NUM
ajfa-3740	374	8	-	-	SYM
ajfa-3740	374	9	145	145	NUM
ajfa-3740	374	10	.	.	PUNCT
ajfa-3740	375	1	hsiao	hsiao	PROPN
ajfa-3740	375	2	,	,	PUNCT
ajfa-3740	375	3	c.	c.	PROPN
ajfa-3740	375	4	,	,	PUNCT
ajfa-3740	375	5	pesaran	pesaran	VERB
ajfa-3740	375	6	,	,	PUNCT
ajfa-3740	375	7	m.	m.	PROPN
ajfa-3740	375	8	h.	h.	PROPN
ajfa-3740	375	9	,	,	PUNCT
ajfa-3740	375	10	&	&	CCONJ
ajfa-3740	375	11	tahmiscioglu	tahmiscioglu	PROPN
ajfa-3740	375	12	,	,	PUNCT
ajfa-3740	375	13	a.	a.	PROPN
ajfa-3740	375	14	k.	k.	PROPN
ajfa-3740	376	1	(	(	PUNCT
ajfa-3740	376	2	2002	2002	NUM
ajfa-3740	376	3	)	)	PUNCT
ajfa-3740	376	4	.	.	PUNCT
ajfa-3740	377	1	maximum	maximum	ADJ
ajfa-3740	377	2	likelihood	likelihood	NOUN
ajfa-3740	377	3	estimation	estimation	NOUN
ajfa-3740	377	4	of	of	ADP
ajfa-3740	377	5	fixed	fix	VERB
ajfa-3740	377	6	effects	effect	NOUN
ajfa-3740	377	7	dynamic	dynamic	ADJ
ajfa-3740	377	8	panel	panel	NOUN
ajfa-3740	377	9	data	datum	NOUN
ajfa-3740	377	10	models	model	NOUN
ajfa-3740	377	11	covering	cover	VERB
ajfa-3740	377	12	short	short	ADJ
ajfa-3740	377	13	time	time	NOUN
ajfa-3740	377	14	periods	period	NOUN
ajfa-3740	377	15	.	.	PUNCT
ajfa-3740	378	1	journal	journal	PROPN
ajfa-3740	378	2	of	of	ADP
ajfa-3740	378	3	econometrics	econometric	NOUN
ajfa-3740	378	4	,	,	PUNCT
ajfa-3740	378	5	109	109	NUM
ajfa-3740	378	6	,	,	PUNCT
ajfa-3740	378	7	107	107	NUM
ajfa-3740	378	8	-	-	SYM
ajfa-3740	378	9	150	150	NUM
ajfa-3740	378	10	.	.	PUNCT
ajfa-3740	379	1	http://dx.doi.org/10.1016/s0304-4076(01)00143-9	http://dx.doi.org/10.1016/s0304-4076(01)00143-9	PROPN
ajfa-3740	379	2	jensen	jensen	PROPN
ajfa-3740	379	3	,	,	PUNCT
ajfa-3740	379	4	m.	m.	PROPN
ajfa-3740	379	5	c.	c.	PROPN
ajfa-3740	379	6	(	(	PUNCT
ajfa-3740	379	7	1986	1986	NUM
ajfa-3740	379	8	)	)	PUNCT
ajfa-3740	379	9	.	.	PUNCT
ajfa-3740	380	1	agency	agency	NOUN
ajfa-3740	380	2	cost	cost	NOUN
ajfa-3740	380	3	of	of	ADP
ajfa-3740	380	4	free	free	ADJ
ajfa-3740	380	5	cash	cash	NOUN
ajfa-3740	380	6	flow	flow	NOUN
ajfa-3740	380	7	,	,	PUNCT
ajfa-3740	380	8	corporate	corporate	ADJ
ajfa-3740	380	9	finance	finance	NOUN
ajfa-3740	380	10	and	and	CCONJ
ajfa-3740	380	11	takeovers	takeover	NOUN
ajfa-3740	380	12	.	.	PUNCT
ajfa-3740	381	1	american	american	PROPN
ajfa-3740	381	2	economic	economic	PROPN
ajfa-3740	381	3	review	review	PROPN
ajfa-3740	381	4	,	,	PUNCT
ajfa-3740	381	5	76(2	76(2	NUM
ajfa-3740	381	6	)	)	PUNCT
ajfa-3740	381	7	,	,	PUNCT
ajfa-3740	381	8	323	323	NUM
ajfa-3740	381	9	-	-	SYM
ajfa-3740	381	10	329	329	NUM
ajfa-3740	381	11	.	.	PUNCT
ajfa-3740	382	1	jensen	jensen	PROPN
ajfa-3740	382	2	,	,	PUNCT
ajfa-3740	382	3	m.	m.	PROPN
ajfa-3740	382	4	c.	c.	PROPN
ajfa-3740	382	5	,	,	PUNCT
ajfa-3740	382	6	&	&	CCONJ
ajfa-3740	382	7	meckling	meckling	PROPN
ajfa-3740	382	8	,	,	PUNCT
ajfa-3740	382	9	w.	w.	PROPN
ajfa-3740	382	10	h.	h.	PROPN
ajfa-3740	382	11	(	(	PUNCT
ajfa-3740	382	12	1976	1976	NUM
ajfa-3740	382	13	)	)	PUNCT
ajfa-3740	382	14	.	.	PUNCT
ajfa-3740	383	1	theory	theory	NOUN
ajfa-3740	383	2	of	of	ADP
ajfa-3740	383	3	the	the	DET
ajfa-3740	383	4	firm	firm	NOUN
ajfa-3740	383	5	:	:	PUNCT
ajfa-3740	383	6	managerial	managerial	ADJ
ajfa-3740	383	7	behavior	behavior	NOUN
ajfa-3740	383	8	,	,	PUNCT
ajfa-3740	383	9	agency	agency	NOUN
ajfa-3740	383	10	costs	cost	NOUN
ajfa-3740	383	11	and	and	CCONJ
ajfa-3740	383	12	ownership	ownership	NOUN
ajfa-3740	383	13	structure	structure	NOUN
ajfa-3740	383	14	.	.	PUNCT
ajfa-3740	384	1	journal	journal	NOUN
ajfa-3740	384	2	of	of	ADP
ajfa-3740	384	3	financial	financial	ADJ
ajfa-3740	384	4	economics	economic	NOUN
ajfa-3740	384	5	,	,	PUNCT
ajfa-3740	384	6	3(4	3(4	NUM
ajfa-3740	384	7	)	)	PUNCT
ajfa-3740	384	8	,	,	PUNCT
ajfa-3740	384	9	305	305	NUM
ajfa-3740	384	10	-	-	SYM
ajfa-3740	384	11	360	360	NUM
ajfa-3740	384	12	.	.	PUNCT
ajfa-3740	385	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-3740	385	2	jermias	jermias	PROPN
ajfa-3740	385	3	,	,	PUNCT
ajfa-3740	385	4	j.	j.	PROPN
ajfa-3740	385	5	(	(	PUNCT
ajfa-3740	385	6	2008	2008	NUM
ajfa-3740	385	7	)	)	PUNCT
ajfa-3740	385	8	.	.	PUNCT
ajfa-3740	386	1	the	the	DET
ajfa-3740	386	2	relative	relative	ADJ
ajfa-3740	386	3	influence	influence	NOUN
ajfa-3740	386	4	of	of	ADP
ajfa-3740	386	5	competitive	competitive	ADJ
ajfa-3740	386	6	intensity	intensity	NOUN
ajfa-3740	386	7	and	and	CCONJ
ajfa-3740	386	8	business	business	NOUN
ajfa-3740	386	9	strategy	strategy	NOUN
ajfa-3740	386	10	on	on	ADP
ajfa-3740	386	11	the	the	DET
ajfa-3740	386	12	relationship	relationship	NOUN
ajfa-3740	386	13	between	between	ADP
ajfa-3740	386	14	financial	financial	ADJ
ajfa-3740	386	15	leverage	leverage	NOUN
ajfa-3740	386	16	and	and	CCONJ
ajfa-3740	386	17	performance	performance	NOUN
ajfa-3740	386	18	.	.	PUNCT
ajfa-3740	387	1	the	the	DET
ajfa-3740	387	2	british	british	PROPN
ajfa-3740	387	3	accounting	accounting	PROPN
ajfa-3740	387	4	review	review	PROPN
ajfa-3740	387	5	,	,	PUNCT
ajfa-3740	387	6	40(1	40(1	PROPN
ajfa-3740	387	7	)	)	PUNCT
ajfa-3740	387	8	,	,	PUNCT
ajfa-3740	387	9	71	71	NUM
ajfa-3740	387	10	-	-	SYM
ajfa-3740	387	11	88	88	NUM
ajfa-3740	387	12	.	.	PUNCT
ajfa-3740	388	1	http://dx.doi.org/10.1016/j.bar.2007.11.001	http://dx.doi.org/10.1016/j.bar.2007.11.001	PROPN
ajfa-3740	388	2	asian	asian	PROPN
ajfa-3740	388	3	journal	journal	PROPN
ajfa-3740	388	4	of	of	ADP
ajfa-3740	388	5	finance	finance	PROPN
ajfa-3740	388	6	&	&	CCONJ
ajfa-3740	388	7	accounting	accounting	PROPN
ajfa-3740	388	8	issn	issn	PROPN
ajfa-3740	388	9	1946	1946	NUM
ajfa-3740	388	10	-	-	PUNCT
ajfa-3740	388	11	052x	052x	NOUN
ajfa-3740	388	12	2013	2013	NUM
ajfa-3740	388	13	,	,	PUNCT
ajfa-3740	388	14	vol	vol	NOUN
ajfa-3740	388	15	.	.	PROPN
ajfa-3740	388	16	5	5	NUM
ajfa-3740	388	17	,	,	PUNCT
ajfa-3740	388	18	no	no	INTJ
ajfa-3740	388	19	.	.	NOUN
ajfa-3740	388	20	2	2	NUM
ajfa-3740	388	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3740	388	22	20	20	NUM
ajfa-3740	388	23	krishnan	krishnan	NOUN
ajfa-3740	388	24	,	,	PUNCT
ajfa-3740	388	25	v.	v.	PROPN
ajfa-3740	388	26	s.	s.	PROPN
ajfa-3740	388	27	,	,	PUNCT
ajfa-3740	388	28	&	&	CCONJ
ajfa-3740	388	29	moyer	moyer	PROPN
ajfa-3740	388	30	,	,	PUNCT
ajfa-3740	388	31	r.	r.	PROPN
ajfa-3740	388	32	c.	c.	PROPN
ajfa-3740	388	33	(	(	PUNCT
ajfa-3740	388	34	1997	1997	NUM
ajfa-3740	388	35	)	)	PUNCT
ajfa-3740	388	36	.	.	PUNCT
ajfa-3740	389	1	performance	performance	NOUN
ajfa-3740	389	2	,	,	PUNCT
ajfa-3740	389	3	capital	capital	NOUN
ajfa-3740	389	4	structure	structure	NOUN
ajfa-3740	389	5	and	and	CCONJ
ajfa-3740	389	6	home	home	NOUN
ajfa-3740	389	7	country	country	NOUN
ajfa-3740	389	8	:	:	PUNCT
ajfa-3740	389	9	an	an	DET
ajfa-3740	389	10	analysis	analysis	NOUN
ajfa-3740	389	11	of	of	ADP
ajfa-3740	389	12	asian	asian	ADJ
ajfa-3740	389	13	corporations	corporation	NOUN
ajfa-3740	389	14	.	.	PUNCT
ajfa-3740	390	1	global	global	ADJ
ajfa-3740	390	2	finance	finance	PROPN
ajfa-3740	390	3	journal	journal	PROPN
ajfa-3740	390	4	,	,	PUNCT
ajfa-3740	390	5	8(1	8(1	NOUN
ajfa-3740	390	6	)	)	PUNCT
ajfa-3740	390	7	,	,	PUNCT
ajfa-3740	390	8	129	129	NUM
ajfa-3740	390	9	-	-	SYM
ajfa-3740	390	10	143	143	NUM
ajfa-3740	390	11	.	.	PUNCT
ajfa-3740	391	1	leland	leland	PROPN
ajfa-3740	391	2	,	,	PUNCT
ajfa-3740	391	3	h.	h.	PROPN
ajfa-3740	391	4	e.	e.	PROPN
ajfa-3740	391	5	,	,	PUNCT
ajfa-3740	391	6	&	&	CCONJ
ajfa-3740	391	7	pyle	pyle	PROPN
ajfa-3740	391	8	,	,	PUNCT
ajfa-3740	391	9	d.	d.	PROPN
ajfa-3740	391	10	h.	h.	PROPN
ajfa-3740	391	11	(	(	PUNCT
ajfa-3740	391	12	1977	1977	NUM
ajfa-3740	391	13	)	)	PUNCT
ajfa-3740	391	14	.	.	PUNCT
ajfa-3740	392	1	informational	informational	ADJ
ajfa-3740	392	2	asymmetries	asymmetry	NOUN
ajfa-3740	392	3	,	,	PUNCT
ajfa-3740	392	4	financial	financial	ADJ
ajfa-3740	392	5	structure	structure	NOUN
ajfa-3740	392	6	,	,	PUNCT
ajfa-3740	392	7	and	and	CCONJ
ajfa-3740	392	8	financial	financial	ADJ
ajfa-3740	392	9	intermediation	intermediation	NOUN
ajfa-3740	392	10	.	.	PUNCT
ajfa-3740	393	1	journal	journal	PROPN
ajfa-3740	393	2	of	of	ADP
ajfa-3740	393	3	finance	finance	NOUN
ajfa-3740	393	4	,	,	PUNCT
ajfa-3740	393	5	32	32	NUM
ajfa-3740	393	6	,	,	PUNCT
ajfa-3740	393	7	371	371	NUM
ajfa-3740	393	8	-	-	SYM
ajfa-3740	393	9	387	387	NUM
ajfa-3740	393	10	.	.	PUNCT
ajfa-3740	393	11	maddala	maddala	PROPN
ajfa-3740	393	12	,	,	PUNCT
ajfa-3740	393	13	g.	g.	PROPN
ajfa-3740	393	14	s.	s.	PROPN
ajfa-3740	393	15	,	,	PUNCT
ajfa-3740	393	16	&	&	CCONJ
ajfa-3740	393	17	lahiri	lahiri	PROPN
ajfa-3740	393	18	,	,	PUNCT
ajfa-3740	393	19	k.	k.	PROPN
ajfa-3740	393	20	(	(	PUNCT
ajfa-3740	393	21	2009	2009	NUM
ajfa-3740	393	22	)	)	PUNCT
ajfa-3740	393	23	.	.	PUNCT
ajfa-3740	394	1	introduction	introduction	NOUN
ajfa-3740	394	2	to	to	ADP
ajfa-3740	394	3	econometrics	econometrics	NOUN
ajfa-3740	394	4	(	(	PUNCT
ajfa-3740	394	5	4th	4th	ADJ
ajfa-3740	394	6	ed	ed	NOUN
ajfa-3740	394	7	.	.	PUNCT
ajfa-3740	394	8	)	)	PUNCT
ajfa-3740	394	9	.	.	PUNCT
ajfa-3740	395	1	west	west	PROPN
ajfa-3740	395	2	sussex	sussex	PROPN
ajfa-3740	395	3	,	,	PUNCT
ajfa-3740	395	4	england	england	PROPN
ajfa-3740	395	5	:	:	PUNCT
ajfa-3740	395	6	john	john	PROPN
ajfa-3740	395	7	wiley	wiley	PROPN
ajfa-3740	395	8	&	&	CCONJ
ajfa-3740	395	9	son	son	PROPN
ajfa-3740	395	10	ltd	ltd	PROPN
ajfa-3740	395	11	.	.	PROPN
ajfa-3740	395	12	maghyereh	maghyereh	PROPN
ajfa-3740	395	13	,	,	PUNCT
ajfa-3740	395	14	a.	a.	NOUN
ajfa-3740	395	15	(	(	PUNCT
ajfa-3740	395	16	2005	2005	NUM
ajfa-3740	395	17	)	)	PUNCT
ajfa-3740	395	18	.	.	PUNCT
ajfa-3740	396	1	dynamic	dynamic	ADJ
ajfa-3740	396	2	capital	capital	NOUN
ajfa-3740	396	3	structure	structure	NOUN
ajfa-3740	396	4	:	:	PUNCT
ajfa-3740	396	5	evidence	evidence	NOUN
ajfa-3740	396	6	from	from	ADP
ajfa-3740	396	7	the	the	DET
ajfa-3740	396	8	small	small	ADJ
ajfa-3740	396	9	developing	develop	VERB
ajfa-3740	396	10	country	country	NOUN
ajfa-3740	396	11	of	of	ADP
ajfa-3740	396	12	jordan	jordan	PROPN
ajfa-3740	396	13	.	.	PUNCT
ajfa-3740	397	1	iium	iium	PROPN
ajfa-3740	397	2	journal	journal	PROPN
ajfa-3740	397	3	of	of	ADP
ajfa-3740	397	4	economics	economic	NOUN
ajfa-3740	397	5	and	and	CCONJ
ajfa-3740	397	6	management	management	NOUN
ajfa-3740	397	7	,	,	PUNCT
ajfa-3740	397	8	13(1	13(1	NUM
ajfa-3740	397	9	)	)	PUNCT
ajfa-3740	397	10	,	,	PUNCT
ajfa-3740	397	11	132	132	NUM
ajfa-3740	397	12	.	.	X
ajfa-3740	398	1	psillaki	psillaki	PROPN
ajfa-3740	398	2	,	,	PUNCT
ajfa-3740	398	3	m.	m.	NOUN
ajfa-3740	398	4	,	,	PUNCT
ajfa-3740	398	5	&	&	CCONJ
ajfa-3740	398	6	margaritis	margaritis	NOUN
ajfa-3740	398	7	,	,	PUNCT
ajfa-3740	398	8	d.	d.	PROPN
ajfa-3740	398	9	(	(	PUNCT
ajfa-3740	398	10	2007	2007	NUM
ajfa-3740	398	11	)	)	PUNCT
ajfa-3740	398	12	.	.	PUNCT
ajfa-3740	399	1	capital	capital	NOUN
ajfa-3740	399	2	structure	structure	NOUN
ajfa-3740	399	3	and	and	CCONJ
ajfa-3740	399	4	firm	firm	ADJ
ajfa-3740	399	5	efficiency	efficiency	NOUN
ajfa-3740	399	6	.	.	PUNCT
ajfa-3740	400	1	journal	journal	NOUN
ajfa-3740	400	2	of	of	ADP
ajfa-3740	400	3	business	business	NOUN
ajfa-3740	400	4	finance	finance	PROPN
ajfa-3740	400	5	&	&	CCONJ
ajfa-3740	400	6	accounting	accounting	PROPN
ajfa-3740	400	7	,	,	PUNCT
ajfa-3740	400	8	34(9	34(9	NUM
ajfa-3740	400	9	-	-	SYM
ajfa-3740	400	10	10	10	NUM
ajfa-3740	400	11	)	)	PUNCT
ajfa-3740	400	12	,	,	PUNCT
ajfa-3740	400	13	1447–1469	1447–1469	NUM
ajfa-3740	400	14	.	.	PUNCT
ajfa-3740	400	15	http://dx.doi.org/10.1111/j.1468-5957.2007.02056.x	http://dx.doi.org/10.1111/j.1468-5957.2007.02056.x	ADJ
ajfa-3740	400	16	modigliani	modigliani	NOUN
ajfa-3740	400	17	,	,	PUNCT
ajfa-3740	400	18	f.	f.	PROPN
ajfa-3740	400	19	,	,	PUNCT
ajfa-3740	400	20	&	&	CCONJ
ajfa-3740	400	21	miller	miller	PROPN
ajfa-3740	400	22	,	,	PUNCT
ajfa-3740	400	23	m.	m.	NOUN
ajfa-3740	400	24	h.	h.	PROPN
ajfa-3740	400	25	(	(	PUNCT
ajfa-3740	400	26	1958	1958	NUM
ajfa-3740	400	27	)	)	PUNCT
ajfa-3740	400	28	.	.	PUNCT
ajfa-3740	401	1	the	the	DET
ajfa-3740	401	2	cost	cost	NOUN
ajfa-3740	401	3	of	of	ADP
ajfa-3740	401	4	capital	capital	NOUN
ajfa-3740	401	5	,	,	PUNCT
ajfa-3740	401	6	corporation	corporation	NOUN
ajfa-3740	401	7	finance	finance	NOUN
ajfa-3740	401	8	and	and	CCONJ
ajfa-3740	401	9	the	the	DET
ajfa-3740	401	10	theory	theory	NOUN
ajfa-3740	401	11	of	of	ADP
ajfa-3740	401	12	investment	investment	NOUN
ajfa-3740	401	13	.	.	PUNCT
ajfa-3740	402	1	american	american	PROPN
ajfa-3740	402	2	economic	economic	PROPN
ajfa-3740	402	3	review	review	PROPN
ajfa-3740	402	4	,	,	PUNCT
ajfa-3740	402	5	48(3	48(3	PROPN
ajfa-3740	402	6	)	)	PUNCT
ajfa-3740	402	7	,	,	PUNCT
ajfa-3740	402	8	261	261	NUM
ajfa-3740	402	9	.	.	PUNCT
ajfa-3740	403	1	modigliani	modigliani	PROPN
ajfa-3740	403	2	,	,	PUNCT
ajfa-3740	403	3	f.	f.	PROPN
ajfa-3740	403	4	,	,	PUNCT
ajfa-3740	403	5	&	&	CCONJ
ajfa-3740	403	6	miller	miller	PROPN
ajfa-3740	403	7	,	,	PUNCT
ajfa-3740	403	8	m.	m.	NOUN
ajfa-3740	403	9	h.	h.	PROPN
ajfa-3740	403	10	(	(	PUNCT
ajfa-3740	403	11	1963	1963	NUM
ajfa-3740	403	12	)	)	PUNCT
ajfa-3740	403	13	.	.	PUNCT
ajfa-3740	404	1	corporate	corporate	ADJ
ajfa-3740	404	2	income	income	NOUN
ajfa-3740	404	3	taxes	taxis	NOUN
ajfa-3740	404	4	and	and	CCONJ
ajfa-3740	404	5	the	the	DET
ajfa-3740	404	6	cost	cost	NOUN
ajfa-3740	404	7	of	of	ADP
ajfa-3740	404	8	capital	capital	NOUN
ajfa-3740	404	9	:	:	PUNCT
ajfa-3740	404	10	a	a	DET
ajfa-3740	404	11	correction	correction	NOUN
ajfa-3740	404	12	.	.	PUNCT
ajfa-3740	405	1	american	american	PROPN
ajfa-3740	405	2	economic	economic	PROPN
ajfa-3740	405	3	review	review	PROPN
ajfa-3740	405	4	,	,	PUNCT
ajfa-3740	405	5	53	53	NUM
ajfa-3740	405	6	,	,	PUNCT
ajfa-3740	405	7	433	433	NUM
ajfa-3740	405	8	-	-	SYM
ajfa-3740	405	9	33	33	NUM
ajfa-3740	405	10	.	.	PUNCT
ajfa-3740	406	1	myers	myers	PROPN
ajfa-3740	406	2	,	,	PUNCT
ajfa-3740	406	3	s.	s.	PROPN
ajfa-3740	406	4	c.	c.	PROPN
ajfa-3740	406	5	(	(	PUNCT
ajfa-3740	406	6	1977	1977	NUM
ajfa-3740	406	7	)	)	PUNCT
ajfa-3740	406	8	.	.	PUNCT
ajfa-3740	407	1	determinants	determinant	NOUN
ajfa-3740	407	2	of	of	ADP
ajfa-3740	407	3	corporate	corporate	ADJ
ajfa-3740	407	4	borrowing	borrowing	NOUN
ajfa-3740	407	5	.	.	PUNCT
ajfa-3740	408	1	journal	journal	NOUN
ajfa-3740	408	2	of	of	ADP
ajfa-3740	408	3	financial	financial	ADJ
ajfa-3740	408	4	economics	economic	NOUN
ajfa-3740	408	5	,	,	PUNCT
ajfa-3740	408	6	5	5	NUM
ajfa-3740	408	7	,	,	PUNCT
ajfa-3740	408	8	147	147	NUM
ajfa-3740	408	9	-	-	SYM
ajfa-3740	408	10	175	175	NUM
ajfa-3740	408	11	.	.	PUNCT
ajfa-3740	409	1	http://dx.doi.org/10.1016/0304-405x(77)90015-0	http://dx.doi.org/10.1016/0304-405x(77)90015-0	PROPN
ajfa-3740	409	2	myers	myers	PROPN
ajfa-3740	409	3	,	,	PUNCT
ajfa-3740	409	4	s.	s.	PROPN
ajfa-3740	409	5	,	,	PUNCT
ajfa-3740	409	6	c.	c.	PROPN
ajfa-3740	409	7	,	,	PUNCT
ajfa-3740	409	8	&	&	CCONJ
ajfa-3740	409	9	majluf	majluf	PROPN
ajfa-3740	409	10	,	,	PUNCT
ajfa-3740	409	11	n.	n.	PROPN
ajfa-3740	409	12	,	,	PUNCT
ajfa-3740	409	13	s.	s.	PROPN
ajfa-3740	409	14	(	(	PUNCT
ajfa-3740	409	15	1984	1984	NUM
ajfa-3740	409	16	)	)	PUNCT
ajfa-3740	409	17	.	.	PUNCT
ajfa-3740	410	1	corporate	corporate	ADJ
ajfa-3740	410	2	financing	financing	NOUN
ajfa-3740	410	3	and	and	CCONJ
ajfa-3740	410	4	investment	investment	NOUN
ajfa-3740	410	5	decisions	decision	NOUN
ajfa-3740	410	6	when	when	SCONJ
ajfa-3740	410	7	firms	firm	NOUN
ajfa-3740	410	8	have	have	VERB
ajfa-3740	410	9	information	information	NOUN
ajfa-3740	410	10	that	that	SCONJ
ajfa-3740	410	11	investors	investor	NOUN
ajfa-3740	410	12	do	do	AUX
ajfa-3740	410	13	not	not	PART
ajfa-3740	410	14	have	have	VERB
ajfa-3740	410	15	.	.	PUNCT
ajfa-3740	411	1	journal	journal	NOUN
ajfa-3740	411	2	of	of	ADP
ajfa-3740	411	3	financial	financial	ADJ
ajfa-3740	411	4	economics	economic	NOUN
ajfa-3740	411	5	,	,	PUNCT
ajfa-3740	411	6	13	13	NUM
ajfa-3740	411	7	,	,	PUNCT
ajfa-3740	411	8	187	187	NUM
ajfa-3740	411	9	-	-	SYM
ajfa-3740	411	10	221	221	NUM
ajfa-3740	411	11	.	.	PUNCT
ajfa-3740	412	1	http://dx.doi.org/10.1016/0304-405x(84)90023-0	http://dx.doi.org/10.1016/0304-405x(84)90023-0	NOUN
ajfa-3740	412	2	padron	padron	NOUN
ajfa-3740	412	3	,	,	PUNCT
ajfa-3740	412	4	y.	y.	PROPN
ajfa-3740	412	5	g.	g.	PROPN
ajfa-3740	412	6	,	,	PUNCT
ajfa-3740	412	7	apolinaro	apolinaro	NOUN
ajfa-3740	412	8	,	,	PUNCT
ajfa-3740	412	9	r.	r.	PROPN
ajfa-3740	412	10	m.	m.	PROPN
ajfa-3740	412	11	c.	c.	PROPN
ajfa-3740	412	12	,	,	PUNCT
ajfa-3740	412	13	santana	santana	PROPN
ajfa-3740	412	14	,	,	PUNCT
ajfa-3740	412	15	o.	o.	PROPN
ajfa-3740	412	16	m.	m.	NOUN
ajfa-3740	412	17	,	,	PUNCT
ajfa-3740	412	18	conception	conception	NOUN
ajfa-3740	412	19	,	,	PUNCT
ajfa-3740	412	20	m.	m.	NOUN
ajfa-3740	412	21	,	,	PUNCT
ajfa-3740	412	22	martel	martel	PROPN
ajfa-3740	412	23	,	,	PUNCT
ajfa-3740	412	24	v.	v.	ADV
ajfa-3740	412	25	,	,	PUNCT
ajfa-3740	412	26	&	&	CCONJ
ajfa-3740	412	27	sales	sale	NOUN
ajfa-3740	412	28	,	,	PUNCT
ajfa-3740	412	29	l.	l.	PROPN
ajfa-3740	412	30	j.	j.	PROPN
ajfa-3740	412	31	(	(	PUNCT
ajfa-3740	412	32	2005	2005	NUM
ajfa-3740	412	33	)	)	PUNCT
ajfa-3740	412	34	.	.	PUNCT
ajfa-3740	413	1	determinant	determinant	ADJ
ajfa-3740	413	2	factors	factor	NOUN
ajfa-3740	413	3	of	of	ADP
ajfa-3740	413	4	leverage	leverage	NOUN
ajfa-3740	413	5	:	:	PUNCT
ajfa-3740	413	6	an	an	DET
ajfa-3740	413	7	empirical	empirical	ADJ
ajfa-3740	413	8	analysis	analysis	NOUN
ajfa-3740	413	9	of	of	ADP
ajfa-3740	413	10	spanish	spanish	ADJ
ajfa-3740	413	11	corporations	corporation	NOUN
ajfa-3740	413	12	.	.	PUNCT
ajfa-3740	414	1	journal	journal	NOUN
ajfa-3740	414	2	of	of	ADP
ajfa-3740	414	3	risk	risk	NOUN
ajfa-3740	414	4	finance	finance	NOUN
ajfa-3740	414	5	,	,	PUNCT
ajfa-3740	414	6	6(1	6(1	NUM
ajfa-3740	414	7	)	)	PUNCT
ajfa-3740	414	8	,	,	PUNCT
ajfa-3740	414	9	60	60	NUM
ajfa-3740	414	10	-	-	SYM
ajfa-3740	414	11	68	68	NUM
ajfa-3740	414	12	.	.	PUNCT
ajfa-3740	415	1	http://dx.doi.org/10.1108/15265940510581279	http://dx.doi.org/10.1108/15265940510581279	PROPN
ajfa-3740	415	2	qiu	qiu	PROPN
ajfa-3740	415	3	,	,	PUNCT
ajfa-3740	415	4	m.	m.	NOUN
ajfa-3740	415	5	,	,	PUNCT
ajfa-3740	415	6	&	&	CCONJ
ajfa-3740	415	7	la	la	PROPN
ajfa-3740	415	8	,	,	PUNCT
ajfa-3740	415	9	b.	b.	PROPN
ajfa-3740	415	10	(	(	PUNCT
ajfa-3740	415	11	2010	2010	NUM
ajfa-3740	415	12	)	)	PUNCT
ajfa-3740	415	13	.	.	PUNCT
ajfa-3740	416	1	firm	firm	ADJ
ajfa-3740	416	2	characteristics	characteristic	NOUN
ajfa-3740	416	3	as	as	ADP
ajfa-3740	416	4	determinants	determinant	NOUN
ajfa-3740	416	5	of	of	ADP
ajfa-3740	416	6	capital	capital	NOUN
ajfa-3740	416	7	structures	structure	NOUN
ajfa-3740	416	8	in	in	ADP
ajfa-3740	416	9	australia	australia	PROPN
ajfa-3740	416	10	.	.	PUNCT
ajfa-3740	417	1	international	international	ADJ
ajfa-3740	417	2	journal	journal	NOUN
ajfa-3740	417	3	of	of	ADP
ajfa-3740	417	4	the	the	DET
ajfa-3740	417	5	economics	economic	NOUN
ajfa-3740	417	6	of	of	ADP
ajfa-3740	417	7	business	business	NOUN
ajfa-3740	417	8	,	,	PUNCT
ajfa-3740	417	9	17(3	17(3	NUM
ajfa-3740	417	10	)	)	PUNCT
ajfa-3740	417	11	,	,	PUNCT
ajfa-3740	417	12	277	277	NUM
ajfa-3740	417	13	-	-	SYM
ajfa-3740	417	14	287	287	NUM
ajfa-3740	417	15	.	.	PUNCT
ajfa-3740	418	1	rajan	rajan	PROPN
ajfa-3740	418	2	,	,	PUNCT
ajfa-3740	418	3	r.	r.	PROPN
ajfa-3740	418	4	g.	g.	PROPN
ajfa-3740	418	5	,	,	PUNCT
ajfa-3740	418	6	&	&	CCONJ
ajfa-3740	418	7	zingales	zingales	PROPN
ajfa-3740	418	8	,	,	PUNCT
ajfa-3740	418	9	l.	l.	PROPN
ajfa-3740	418	10	(	(	PUNCT
ajfa-3740	418	11	1995	1995	NUM
ajfa-3740	418	12	)	)	PUNCT
ajfa-3740	418	13	.	.	PUNCT
ajfa-3740	419	1	what	what	PRON
ajfa-3740	419	2	do	do	AUX
ajfa-3740	419	3	we	we	PRON
ajfa-3740	419	4	know	know	VERB
ajfa-3740	419	5	about	about	ADP
ajfa-3740	419	6	capital	capital	NOUN
ajfa-3740	419	7	structure	structure	NOUN
ajfa-3740	419	8	?	?	PUNCT
ajfa-3740	420	1	some	some	DET
ajfa-3740	420	2	evidence	evidence	NOUN
ajfa-3740	420	3	from	from	ADP
ajfa-3740	420	4	international	international	ADJ
ajfa-3740	420	5	data	datum	NOUN
ajfa-3740	420	6	.	.	PUNCT
ajfa-3740	421	1	the	the	DET
ajfa-3740	421	2	journal	journal	PROPN
ajfa-3740	421	3	of	of	ADP
ajfa-3740	421	4	finance	finance	NOUN
ajfa-3740	421	5	,	,	PUNCT
ajfa-3740	421	6	50(5	50(5	NUM
ajfa-3740	421	7	)	)	PUNCT
ajfa-3740	421	8	,	,	PUNCT
ajfa-3740	421	9	1421	1421	NUM
ajfa-3740	421	10	-	-	SYM
ajfa-3740	421	11	1460	1460	NUM
ajfa-3740	421	12	.	.	PUNCT
ajfa-3740	422	1	ramaswamy	ramaswamy	ADJ
ajfa-3740	422	2	,	,	PUNCT
ajfa-3740	422	3	k.	k.	PROPN
ajfa-3740	422	4	(	(	PUNCT
ajfa-3740	422	5	2001	2001	NUM
ajfa-3740	422	6	)	)	PUNCT
ajfa-3740	422	7	.	.	PUNCT
ajfa-3740	423	1	organisational	organisational	ADJ
ajfa-3740	423	2	ownership	ownership	NOUN
ajfa-3740	423	3	,	,	PUNCT
ajfa-3740	423	4	competitive	competitive	ADJ
ajfa-3740	423	5	intensity	intensity	NOUN
ajfa-3740	423	6	and	and	CCONJ
ajfa-3740	423	7	firm	firm	ADJ
ajfa-3740	423	8	performance	performance	NOUN
ajfa-3740	423	9	:	:	PUNCT
ajfa-3740	423	10	an	an	DET
ajfa-3740	423	11	empirical	empirical	ADJ
ajfa-3740	423	12	study	study	NOUN
ajfa-3740	423	13	of	of	ADP
ajfa-3740	423	14	the	the	DET
ajfa-3740	423	15	indian	indian	ADJ
ajfa-3740	423	16	manufacturing	manufacturing	NOUN
ajfa-3740	423	17	sectors	sector	NOUN
ajfa-3740	423	18	.	.	PUNCT
ajfa-3740	424	1	strategic	strategic	ADJ
ajfa-3740	424	2	management	management	NOUN
ajfa-3740	424	3	journal	journal	NOUN
ajfa-3740	424	4	,	,	PUNCT
ajfa-3740	424	5	22	22	NUM
ajfa-3740	424	6	,	,	PUNCT
ajfa-3740	424	7	989	989	NUM
ajfa-3740	424	8	-	-	SYM
ajfa-3740	424	9	98	98	NUM
ajfa-3740	424	10	.	.	PUNCT
ajfa-3740	425	1	http://dx.doi.org/10.1002/smj.204	http://dx.doi.org/10.1002/smj.204	PROPN
ajfa-3740	425	2	seifert	seifert	PROPN
ajfa-3740	425	3	,	,	PUNCT
ajfa-3740	425	4	b.	b.	PROPN
ajfa-3740	425	5	,	,	PUNCT
ajfa-3740	425	6	&	&	CCONJ
ajfa-3740	425	7	gonenc	gonenc	PROPN
ajfa-3740	425	8	,	,	PUNCT
ajfa-3740	425	9	h.	h.	PROPN
ajfa-3740	425	10	(	(	PUNCT
ajfa-3740	425	11	2008	2008	NUM
ajfa-3740	425	12	)	)	PUNCT
ajfa-3740	425	13	.	.	PUNCT
ajfa-3740	426	1	the	the	DET
ajfa-3740	426	2	international	international	ADJ
ajfa-3740	426	3	evidence	evidence	NOUN
ajfa-3740	426	4	on	on	ADP
ajfa-3740	426	5	the	the	DET
ajfa-3740	426	6	pecking	pecking	NOUN
ajfa-3740	426	7	order	order	NOUN
ajfa-3740	426	8	hypothesis	hypothesis	NOUN
ajfa-3740	426	9	.	.	PUNCT
ajfa-3740	427	1	journal	journal	PROPN
ajfa-3740	427	2	of	of	ADP
ajfa-3740	427	3	multinational	multinational	ADJ
ajfa-3740	427	4	financial	financial	ADJ
ajfa-3740	427	5	management	management	NOUN
ajfa-3740	427	6	,	,	PUNCT
ajfa-3740	427	7	18(3	18(3	NUM
ajfa-3740	427	8	)	)	PUNCT
ajfa-3740	427	9	,	,	PUNCT
ajfa-3740	427	10	244	244	NUM
ajfa-3740	427	11	-	-	SYM
ajfa-3740	427	12	260	260	NUM
ajfa-3740	427	13	.	.	PUNCT
ajfa-3740	428	1	http://dx.doi.org/10.1016/j.mulfin.2007.10.002	http://dx.doi.org/10.1016/j.mulfin.2007.10.002	PROPN
ajfa-3740	428	2	sunder	sunder	NOUN
ajfa-3740	428	3	,	,	PUNCT
ajfa-3740	428	4	l.	l.	PROPN
ajfa-3740	428	5	s.	s.	PROPN
ajfa-3740	428	6	,	,	PUNCT
ajfa-3740	428	7	&	&	CCONJ
ajfa-3740	428	8	myers	myers	PROPN
ajfa-3740	428	9	,	,	PUNCT
ajfa-3740	428	10	s.	s.	PROPN
ajfa-3740	428	11	c.	c.	PROPN
ajfa-3740	428	12	(	(	PUNCT
ajfa-3740	428	13	1999	1999	NUM
ajfa-3740	428	14	)	)	PUNCT
ajfa-3740	428	15	.	.	PUNCT
ajfa-3740	429	1	testing	test	VERB
ajfa-3740	429	2	static	static	ADJ
ajfa-3740	429	3	trade	trade	NOUN
ajfa-3740	429	4	-	-	PUNCT
ajfa-3740	429	5	off	off	NOUN
ajfa-3740	429	6	against	against	ADP
ajfa-3740	429	7	pecking	pecking	NOUN
ajfa-3740	429	8	order	order	NOUN
ajfa-3740	429	9	models	model	NOUN
ajfa-3740	429	10	of	of	ADP
ajfa-3740	429	11	capital	capital	NOUN
ajfa-3740	429	12	structure	structure	NOUN
ajfa-3740	429	13	.	.	PUNCT
ajfa-3740	430	1	journal	journal	NOUN
ajfa-3740	430	2	of	of	ADP
ajfa-3740	430	3	financial	financial	ADJ
ajfa-3740	430	4	economics	economic	NOUN
ajfa-3740	430	5	,	,	PUNCT
ajfa-3740	430	6	51	51	NUM
ajfa-3740	430	7	,	,	PUNCT
ajfa-3740	430	8	219	219	NUM
ajfa-3740	430	9	-	-	SYM
ajfa-3740	430	10	244	244	NUM
ajfa-3740	430	11	.	.	PUNCT
ajfa-3740	431	1	http://dx.doi.org/10.1016/s0304-405x(98)00051-8	http://dx.doi.org/10.1016/s0304-405x(98)00051-8	PROPN
ajfa-3740	431	2	asian	asian	PROPN
ajfa-3740	431	3	journal	journal	PROPN
ajfa-3740	431	4	of	of	ADP
ajfa-3740	431	5	finance	finance	PROPN
ajfa-3740	431	6	&	&	CCONJ
ajfa-3740	431	7	accounting	accounting	PROPN
ajfa-3740	431	8	issn	issn	PROPN
ajfa-3740	431	9	1946	1946	NUM
ajfa-3740	431	10	-	-	PUNCT
ajfa-3740	431	11	052x	052x	NOUN
ajfa-3740	431	12	2013	2013	NUM
ajfa-3740	431	13	,	,	PUNCT
ajfa-3740	431	14	vol	vol	NOUN
ajfa-3740	431	15	.	.	PROPN
ajfa-3740	431	16	5	5	NUM
ajfa-3740	431	17	,	,	PUNCT
ajfa-3740	431	18	no	no	INTJ
ajfa-3740	431	19	.	.	NOUN
ajfa-3740	431	20	2	2	NUM
ajfa-3740	431	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3740	431	22	21	21	NUM
ajfa-3740	431	23	titman	titman	NOUN
ajfa-3740	431	24	,	,	PUNCT
ajfa-3740	431	25	s.	s.	PROPN
ajfa-3740	431	26	,	,	PUNCT
ajfa-3740	431	27	&	&	CCONJ
ajfa-3740	431	28	wessels	wessels	PROPN
ajfa-3740	431	29	,	,	PUNCT
ajfa-3740	431	30	r.	r.	PROPN
ajfa-3740	431	31	(	(	PUNCT
ajfa-3740	431	32	1988	1988	NUM
ajfa-3740	431	33	)	)	PUNCT
ajfa-3740	431	34	.	.	PUNCT
ajfa-3740	432	1	the	the	DET
ajfa-3740	432	2	determinants	determinant	NOUN
ajfa-3740	432	3	of	of	ADP
ajfa-3740	432	4	capital	capital	NOUN
ajfa-3740	432	5	structure	structure	NOUN
ajfa-3740	432	6	choice	choice	NOUN
ajfa-3740	432	7	.	.	PUNCT
ajfa-3740	433	1	journal	journal	PROPN
ajfa-3740	433	2	of	of	ADP
ajfa-3740	433	3	finance	finance	NOUN
ajfa-3740	433	4	,	,	PUNCT
ajfa-3740	433	5	43(1	43(1	NOUN
ajfa-3740	433	6	)	)	PUNCT
ajfa-3740	433	7	,	,	PUNCT
ajfa-3740	433	8	1	1	NUM
ajfa-3740	433	9	-	-	SYM
ajfa-3740	433	10	19	19	NUM
ajfa-3740	433	11	.	.	PUNCT
ajfa-3740	434	1	http://dx.doi.org/10.1111/j.1540-6261.1988.tb02585.x	http://dx.doi.org/10.1111/j.1540-6261.1988.tb02585.x	VERB
ajfa-3740	434	2	tong	tong	PROPN
ajfa-3740	434	3	,	,	PUNCT
ajfa-3740	434	4	g.	g.	PROPN
ajfa-3740	434	5	,	,	PUNCT
ajfa-3740	434	6	&	&	CCONJ
ajfa-3740	434	7	green	green	PROPN
ajfa-3740	434	8	,	,	PUNCT
ajfa-3740	434	9	c.	c.	PROPN
ajfa-3740	434	10	j.	j.	PROPN
ajfa-3740	434	11	(	(	PUNCT
ajfa-3740	434	12	2005	2005	NUM
ajfa-3740	434	13	)	)	PUNCT
ajfa-3740	434	14	.	.	PUNCT
ajfa-3740	435	1	pecking	pecking	NOUN
ajfa-3740	435	2	order	order	NOUN
ajfa-3740	435	3	or	or	CCONJ
ajfa-3740	435	4	trade	trade	VERB
ajfa-3740	435	5	off	off	ADP
ajfa-3740	435	6	hypothesis	hypothesis	NOUN
ajfa-3740	435	7	?	?	PUNCT
ajfa-3740	436	1	evidence	evidence	NOUN
ajfa-3740	436	2	on	on	ADP
ajfa-3740	436	3	the	the	DET
ajfa-3740	436	4	capital	capital	NOUN
ajfa-3740	436	5	structure	structure	NOUN
ajfa-3740	436	6	of	of	ADP
ajfa-3740	436	7	chinese	chinese	ADJ
ajfa-3740	436	8	companies	company	NOUN
ajfa-3740	436	9	.	.	PUNCT
ajfa-3740	437	1	applied	apply	VERB
ajfa-3740	437	2	economics	economic	NOUN
ajfa-3740	437	3	,	,	PUNCT
ajfa-3740	437	4	37	37	NUM
ajfa-3740	437	5	,	,	PUNCT
ajfa-3740	437	6	2179–2189	2179–2189	NUM
ajfa-3740	437	7	.	.	PUNCT
ajfa-3740	438	1	http://dx.doi.org/10.1080/00036840500319873	http://dx.doi.org/10.1080/00036840500319873	PROPN
ajfa-3740	438	2	vos	vos	PROPN
ajfa-3740	438	3	,	,	PUNCT
ajfa-3740	438	4	e.	e.	PROPN
ajfa-3740	438	5	,	,	PUNCT
ajfa-3740	438	6	&	&	CCONJ
ajfa-3740	438	7	nyamori	nyamori	PROPN
ajfa-3740	438	8	,	,	PUNCT
ajfa-3740	438	9	r.	r.	PROPN
ajfa-3740	438	10	(	(	PUNCT
ajfa-3740	438	11	1997	1997	NUM
ajfa-3740	438	12	)	)	PUNCT
ajfa-3740	438	13	.	.	PUNCT
ajfa-3740	439	1	an	an	DET
ajfa-3740	439	2	empirical	empirical	ADJ
ajfa-3740	439	3	analysis	analysis	NOUN
ajfa-3740	439	4	of	of	ADP
ajfa-3740	439	5	the	the	DET
ajfa-3740	439	6	capital	capital	NOUN
ajfa-3740	439	7	structure	structure	NOUN
ajfa-3740	439	8	of	of	ADP
ajfa-3740	439	9	new	new	ADJ
ajfa-3740	439	10	zealand	zealand	PROPN
ajfa-3740	439	11	firms	firm	NOUN
ajfa-3740	439	12	.	.	PUNCT
ajfa-3740	440	1	small	small	ADJ
ajfa-3740	440	2	entreprise	entreprise	PROPN
ajfa-3740	440	3	research	research	NOUN
ajfa-3740	440	4	,	,	PUNCT
ajfa-3740	440	5	5(2	5(2	NUM
ajfa-3740	440	6	)	)	PUNCT
ajfa-3740	440	7	,	,	PUNCT
ajfa-3740	440	8	29	29	NUM
ajfa-3740	440	9	-	-	SYM
ajfa-3740	440	10	38	38	NUM
ajfa-3740	440	11	.	.	PUNCT
ajfa-3740	441	1	wald	wald	PROPN
ajfa-3740	441	2	,	,	PUNCT
ajfa-3740	441	3	j.	j.	PROPN
ajfa-3740	441	4	k.	k.	PROPN
ajfa-3740	441	5	(	(	PUNCT
ajfa-3740	441	6	1999	1999	NUM
ajfa-3740	441	7	)	)	PUNCT
ajfa-3740	441	8	.	.	PUNCT
ajfa-3740	442	1	how	how	SCONJ
ajfa-3740	442	2	firm	firm	ADJ
ajfa-3740	442	3	characteristics	characteristic	NOUN
ajfa-3740	442	4	affect	affect	VERB
ajfa-3740	442	5	capital	capital	NOUN
ajfa-3740	442	6	structure	structure	NOUN
ajfa-3740	442	7	:	:	PUNCT
ajfa-3740	442	8	an	an	DET
ajfa-3740	442	9	international	international	ADJ
ajfa-3740	442	10	comparison	comparison	NOUN
ajfa-3740	442	11	.	.	PUNCT
ajfa-3740	443	1	journal	journal	NOUN
ajfa-3740	443	2	of	of	ADP
ajfa-3740	443	3	financial	financial	ADJ
ajfa-3740	443	4	research	research	NOUN
ajfa-3740	443	5	,	,	PUNCT
ajfa-3740	443	6	22	22	NUM
ajfa-3740	443	7	,	,	PUNCT
ajfa-3740	443	8	161	161	NUM
ajfa-3740	443	9	-	-	SYM
ajfa-3740	443	10	187	187	NUM
ajfa-3740	443	11	.	.	PUNCT
ajfa-3740	444	1	welch	welch	PROPN
ajfa-3740	444	2	,	,	PUNCT
ajfa-3740	444	3	e.	e.	PROPN
ajfa-3740	444	4	(	(	PUNCT
ajfa-3740	444	5	2003	2003	NUM
ajfa-3740	444	6	)	)	PUNCT
ajfa-3740	444	7	.	.	PUNCT
ajfa-3740	445	1	the	the	DET
ajfa-3740	445	2	relationship	relationship	NOUN
ajfa-3740	445	3	between	between	ADP
ajfa-3740	445	4	ownership	ownership	NOUN
ajfa-3740	445	5	structure	structure	NOUN
ajfa-3740	445	6	and	and	CCONJ
ajfa-3740	445	7	performance	performance	NOUN
ajfa-3740	445	8	in	in	ADP
ajfa-3740	445	9	listed	list	VERB
ajfa-3740	445	10	australian	australian	ADJ
ajfa-3740	445	11	companies	company	NOUN
ajfa-3740	445	12	.	.	PUNCT
ajfa-3740	446	1	australian	australian	ADJ
ajfa-3740	446	2	journal	journal	NOUN
ajfa-3740	446	3	of	of	ADP
ajfa-3740	446	4	management	management	NOUN
ajfa-3740	446	5	,	,	PUNCT
ajfa-3740	446	6	28(3	28(3	NUM
ajfa-3740	446	7	)	)	PUNCT
ajfa-3740	446	8	,	,	PUNCT
ajfa-3740	446	9	287	287	NUM
ajfa-3740	446	10	-	-	SYM
ajfa-3740	446	11	305	305	NUM
ajfa-3740	446	12	.	.	PUNCT
ajfa-3740	447	1	http://dx.doi.org/10.1177/031289620302800304	http://dx.doi.org/10.1177/031289620302800304	PROPN
ajfa-3740	447	2	wellalage	wellalage	NOUN
ajfa-3740	447	3	,	,	PUNCT
ajfa-3740	447	4	n.	n.	PROPN
ajfa-3740	447	5	&	&	CCONJ
ajfa-3740	447	6	locke	locke	PROPN
ajfa-3740	447	7	,	,	PUNCT
ajfa-3740	447	8	s.	s.	PROPN
ajfa-3740	447	9	(	(	PUNCT
ajfa-3740	447	10	2012	2012	NUM
ajfa-3740	447	11	)	)	PUNCT
ajfa-3740	447	12	.	.	PUNCT
ajfa-3740	448	1	capital	capital	NOUN
ajfa-3740	448	2	structure	structure	NOUN
ajfa-3740	448	3	and	and	CCONJ
ajfa-3740	448	4	its	its	PRON
ajfa-3740	448	5	determinants	determinant	NOUN
ajfa-3740	448	6	in	in	ADP
ajfa-3740	448	7	new	new	ADJ
ajfa-3740	448	8	zealand	zealand	PROPN
ajfa-3740	448	9	firms	firm	NOUN
ajfa-3740	448	10	.	.	PUNCT
ajfa-3740	449	1	journal	journal	PROPN
ajfa-3740	449	2	of	of	ADP
ajfa-3740	449	3	business	business	NOUN
ajfa-3740	449	4	economics	economic	NOUN
ajfa-3740	449	5	and	and	CCONJ
ajfa-3740	449	6	management	management	NOUN
ajfa-3740	449	7	,	,	PUNCT
ajfa-3740	449	8	forthcoming	forthcoming	ADJ
ajfa-3740	449	9	2013	2013	NUM
ajfa-3740	449	10	.	.	PUNCT
ajfa-3740	450	1	wiwattanakantang	wiwattanakantang	PROPN
ajfa-3740	450	2	,	,	PUNCT
ajfa-3740	450	3	y.	y.	PROPN
ajfa-3740	450	4	(	(	PUNCT
ajfa-3740	450	5	1999	1999	NUM
ajfa-3740	450	6	)	)	PUNCT
ajfa-3740	450	7	.	.	PUNCT
ajfa-3740	451	1	an	an	DET
ajfa-3740	451	2	empirical	empirical	ADJ
ajfa-3740	451	3	study	study	NOUN
ajfa-3740	451	4	on	on	ADP
ajfa-3740	451	5	the	the	DET
ajfa-3740	451	6	determinants	determinant	NOUN
ajfa-3740	451	7	of	of	ADP
ajfa-3740	451	8	the	the	DET
ajfa-3740	451	9	capital	capital	NOUN
ajfa-3740	451	10	structure	structure	NOUN
ajfa-3740	451	11	of	of	ADP
ajfa-3740	451	12	thai	thai	ADJ
ajfa-3740	451	13	firms	firm	NOUN
ajfa-3740	451	14	.	.	PUNCT
ajfa-3740	452	1	pacific	pacific	ADJ
ajfa-3740	452	2	-	-	PUNCT
ajfa-3740	452	3	basin	basin	NOUN
ajfa-3740	452	4	finance	finance	NOUN
ajfa-3740	452	5	journal	journal	NOUN
ajfa-3740	452	6	,	,	PUNCT
ajfa-3740	452	7	7(3	7(3	NUM
ajfa-3740	452	8	-	-	SYM
ajfa-3740	452	9	4	4	NUM
ajfa-3740	452	10	)	)	PUNCT
ajfa-3740	452	11	,	,	PUNCT
ajfa-3740	452	12	371	371	NUM
ajfa-3740	452	13	-	-	SYM
ajfa-3740	452	14	403	403	NUM
ajfa-3740	452	15	.	.	PUNCT
ajfa-3740	453	1	http://dx.doi.org/10.1016/s0927-538x(99)00007-4	http://dx.doi.org/10.1016/s0927-538x(99)00007-4	PROPN