id	sid	tid	token	lemma	pos
ajfa-4133	1	1	microsoft	microsoft	PROPN
ajfa-4133	1	2	word	word	NOUN
ajfa-4133	1	3	4133-15394-1-rv-writer2-new.docx	4133-15394-1-rv-writer2-new.docx	NUM
ajfa-4133	1	4	asian	asian	ADJ
ajfa-4133	1	5	journal	journal	NOUN
ajfa-4133	1	6	of	of	ADP
ajfa-4133	1	7	finance	finance	PROPN
ajfa-4133	1	8	&	&	CCONJ
ajfa-4133	1	9	accounting	accounting	PROPN
ajfa-4133	1	10	issn	issn	PROPN
ajfa-4133	1	11	1946	1946	NUM
ajfa-4133	1	12	-	-	PUNCT
ajfa-4133	1	13	052x	052x	NOUN
ajfa-4133	1	14	2013	2013	NUM
ajfa-4133	1	15	,	,	PUNCT
ajfa-4133	1	16	vol	vol	NOUN
ajfa-4133	1	17	.	.	PROPN
ajfa-4133	1	18	5	5	NUM
ajfa-4133	1	19	,	,	PUNCT
ajfa-4133	1	20	no	no	INTJ
ajfa-4133	1	21	.	.	NOUN
ajfa-4133	1	22	2	2	NUM
ajfa-4133	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4133	1	24	268	268	NUM
ajfa-4133	1	25	ownership	ownership	NOUN
ajfa-4133	1	26	structure	structure	NOUN
ajfa-4133	1	27	and	and	CCONJ
ajfa-4133	1	28	non	non	ADJ
ajfa-4133	1	29	-	-	ADJ
ajfa-4133	1	30	performing	performing	ADJ
ajfa-4133	1	31	loans	loan	NOUN
ajfa-4133	1	32	:	:	PUNCT
ajfa-4133	1	33	evidence	evidence	NOUN
ajfa-4133	1	34	from	from	ADP
ajfa-4133	1	35	pakistan	pakistan	PROPN
ajfa-4133	1	36	fawad	fawad	PROPN
ajfa-4133	1	37	ahmad	ahmad	PROPN
ajfa-4133	1	38	fast	fast	PROPN
ajfa-4133	1	39	school	school	NOUN
ajfa-4133	1	40	of	of	ADP
ajfa-4133	1	41	management	management	PROPN
ajfa-4133	1	42	national	national	PROPN
ajfa-4133	1	43	university	university	PROPN
ajfa-4133	1	44	of	of	ADP
ajfa-4133	1	45	computer	computer	NOUN
ajfa-4133	1	46	and	and	CCONJ
ajfa-4133	1	47	emerging	emerge	VERB
ajfa-4133	1	48	sciences	science	NOUN
ajfa-4133	1	49	(	(	PUNCT
ajfa-4133	1	50	fast	fast	ADJ
ajfa-4133	1	51	-	-	PUNCT
ajfa-4133	1	52	nuces	nuce	NOUN
ajfa-4133	1	53	)	)	PUNCT
ajfa-4133	1	54	peshawar	peshawar	NOUN
ajfa-4133	1	55	campus	campus	NOUN
ajfa-4133	1	56	,	,	PUNCT
ajfa-4133	1	57	pakistan	pakistan	PROPN
ajfa-4133	1	58	e	e	NOUN
ajfa-4133	1	59	-	-	NOUN
ajfa-4133	1	60	mail	mail	NOUN
ajfa-4133	1	61	:	:	PUNCT
ajfa-4133	1	62	fawad.ahmad@nu.edu.pk	fawad.ahmad@nu.edu.pk	NOUN
ajfa-4133	1	63	received	receive	VERB
ajfa-4133	1	64	:	:	PUNCT
ajfa-4133	1	65	august	august	PROPN
ajfa-4133	1	66	16	16	NUM
ajfa-4133	1	67	,	,	PUNCT
ajfa-4133	1	68	2013	2013	NUM
ajfa-4133	1	69	accepted	accept	VERB
ajfa-4133	1	70	:	:	PUNCT
ajfa-4133	1	71	november	november	PROPN
ajfa-4133	1	72	28	28	NUM
ajfa-4133	1	73	,	,	PUNCT
ajfa-4133	1	74	2013	2013	NUM
ajfa-4133	1	75	published	publish	VERB
ajfa-4133	1	76	:	:	PUNCT
ajfa-4133	1	77	december	december	PROPN
ajfa-4133	1	78	1	1	NUM
ajfa-4133	1	79	,	,	PUNCT
ajfa-4133	1	80	2013	2013	NUM
ajfa-4133	1	81	doi:10.5296	doi:10.5296	NOUN
ajfa-4133	1	82	/	/	SYM
ajfa-4133	1	83	ajfa.v5i2.4133	ajfa.v5i2.4133	NUM
ajfa-4133	1	84	url	url	PROPN
ajfa-4133	1	85	:	:	PUNCT
ajfa-4133	1	86	http://dx.doi.org/10.5296/ajfa.v5i2.4133	http://dx.doi.org/10.5296/ajfa.v5i2.4133	NOUN
ajfa-4133	1	87	abstract	abstract	VERB
ajfa-4133	1	88	the	the	DET
ajfa-4133	1	89	main	main	ADJ
ajfa-4133	1	90	aim	aim	NOUN
ajfa-4133	1	91	of	of	ADP
ajfa-4133	1	92	this	this	DET
ajfa-4133	1	93	paper	paper	NOUN
ajfa-4133	1	94	is	be	AUX
ajfa-4133	1	95	to	to	PART
ajfa-4133	1	96	investigate	investigate	VERB
ajfa-4133	1	97	the	the	DET
ajfa-4133	1	98	impact	impact	NOUN
ajfa-4133	1	99	of	of	ADP
ajfa-4133	1	100	ownership	ownership	NOUN
ajfa-4133	1	101	structure	structure	NOUN
ajfa-4133	1	102	on	on	ADP
ajfa-4133	1	103	the	the	DET
ajfa-4133	1	104	bank	bank	NOUN
ajfa-4133	1	105	riskiness	riskiness	NOUN
ajfa-4133	1	106	as	as	SCONJ
ajfa-4133	1	107	measured	measure	VERB
ajfa-4133	1	108	by	by	ADP
ajfa-4133	1	109	npls	npls	NOUN
ajfa-4133	1	110	,	,	PUNCT
ajfa-4133	1	111	by	by	ADP
ajfa-4133	1	112	using	use	VERB
ajfa-4133	1	113	traditional	traditional	ADJ
ajfa-4133	1	114	view	view	NOUN
ajfa-4133	1	115	that	that	SCONJ
ajfa-4133	1	116	that	that	SCONJ
ajfa-4133	1	117	concentrated	concentrate	VERB
ajfa-4133	1	118	ownership	ownership	NOUN
ajfa-4133	1	119	results	result	NOUN
ajfa-4133	1	120	in	in	ADP
ajfa-4133	1	121	enhanced	enhanced	ADJ
ajfa-4133	1	122	banking	banking	NOUN
ajfa-4133	1	123	performance	performance	NOUN
ajfa-4133	1	124	by	by	ADP
ajfa-4133	1	125	reducing	reduce	VERB
ajfa-4133	1	126	the	the	DET
ajfa-4133	1	127	bank	bank	NOUN
ajfa-4133	1	128	riskiness	riskiness	NOUN
ajfa-4133	1	129	,	,	PUNCT
ajfa-4133	1	130	whereas	whereas	SCONJ
ajfa-4133	1	131	dispersed	disperse	VERB
ajfa-4133	1	132	ownership	ownership	NOUN
ajfa-4133	1	133	results	result	NOUN
ajfa-4133	1	134	in	in	ADP
ajfa-4133	1	135	the	the	DET
ajfa-4133	1	136	reduced	reduce	VERB
ajfa-4133	1	137	banking	banking	NOUN
ajfa-4133	1	138	performance	performance	NOUN
ajfa-4133	1	139	and	and	CCONJ
ajfa-4133	1	140	increased	increase	VERB
ajfa-4133	1	141	bank	bank	NOUN
ajfa-4133	1	142	riskiness	riskiness	NOUN
ajfa-4133	1	143	against	against	ADP
ajfa-4133	1	144	the	the	DET
ajfa-4133	1	145	opposite	opposite	ADJ
ajfa-4133	1	146	view	view	NOUN
ajfa-4133	1	147	that	that	SCONJ
ajfa-4133	1	148	ownership	ownership	NOUN
ajfa-4133	1	149	concentration	concentration	NOUN
ajfa-4133	1	150	does	do	AUX
ajfa-4133	1	151	not	not	PART
ajfa-4133	1	152	have	have	AUX
ajfa-4133	1	153	impact	impact	NOUN
ajfa-4133	1	154	on	on	ADP
ajfa-4133	1	155	the	the	DET
ajfa-4133	1	156	bank	bank	NOUN
ajfa-4133	1	157	riskiness	riskiness	NOUN
ajfa-4133	1	158	.	.	PUNCT
ajfa-4133	2	1	by	by	ADP
ajfa-4133	2	2	using	use	VERB
ajfa-4133	2	3	the	the	DET
ajfa-4133	2	4	data	datum	NOUN
ajfa-4133	2	5	from	from	ADP
ajfa-4133	2	6	pakistani	pakistani	ADJ
ajfa-4133	2	7	banking	banking	NOUN
ajfa-4133	2	8	sector	sector	NOUN
ajfa-4133	2	9	results	result	NOUN
ajfa-4133	2	10	suggested	suggest	VERB
ajfa-4133	2	11	the	the	DET
ajfa-4133	2	12	validity	validity	NOUN
ajfa-4133	2	13	of	of	ADP
ajfa-4133	2	14	traditional	traditional	ADJ
ajfa-4133	2	15	view	view	NOUN
ajfa-4133	2	16	that	that	PRON
ajfa-4133	2	17	publically	publically	ADV
ajfa-4133	2	18	owned	own	VERB
ajfa-4133	2	19	banks	bank	NOUN
ajfa-4133	2	20	(	(	PUNCT
ajfa-4133	2	21	dispersed	disperse	VERB
ajfa-4133	2	22	ownership	ownership	NOUN
ajfa-4133	2	23	)	)	PUNCT
ajfa-4133	2	24	reduces	reduce	VERB
ajfa-4133	2	25	the	the	DET
ajfa-4133	2	26	banks	bank	NOUN
ajfa-4133	2	27	performance	performance	NOUN
ajfa-4133	2	28	and	and	CCONJ
ajfa-4133	2	29	enhance	enhance	VERB
ajfa-4133	2	30	the	the	DET
ajfa-4133	2	31	banks	bank	NOUN
ajfa-4133	2	32	riskiness	riskiness	NOUN
ajfa-4133	2	33	(	(	PUNCT
ajfa-4133	2	34	npls	npls	NOUN
ajfa-4133	2	35	)	)	PUNCT
ajfa-4133	2	36	,	,	PUNCT
ajfa-4133	2	37	whereas	whereas	SCONJ
ajfa-4133	2	38	rejected	reject	VERB
ajfa-4133	2	39	the	the	DET
ajfa-4133	2	40	view	view	NOUN
ajfa-4133	2	41	that	that	SCONJ
ajfa-4133	2	42	concentrated	concentrated	ADJ
ajfa-4133	2	43	ownership	ownership	NOUN
ajfa-4133	2	44	(	(	PUNCT
ajfa-4133	2	45	privately	privately	ADV
ajfa-4133	2	46	owned	own	VERB
ajfa-4133	2	47	banks	bank	NOUN
ajfa-4133	2	48	and	and	CCONJ
ajfa-4133	2	49	foreign	foreign	ADJ
ajfa-4133	2	50	banks	bank	NOUN
ajfa-4133	2	51	)	)	PUNCT
ajfa-4133	2	52	enhances	enhance	VERB
ajfa-4133	2	53	bank	bank	NOUN
ajfa-4133	2	54	performance	performance	NOUN
ajfa-4133	2	55	and	and	CCONJ
ajfa-4133	2	56	erodes	erode	VERB
ajfa-4133	2	57	the	the	DET
ajfa-4133	2	58	bank	bank	NOUN
ajfa-4133	2	59	riskiness	riskiness	NOUN
ajfa-4133	2	60	.	.	PUNCT
ajfa-4133	3	1	keywords	keyword	NOUN
ajfa-4133	3	2	:	:	PUNCT
ajfa-4133	3	3	npls	npls	NOUN
ajfa-4133	3	4	,	,	PUNCT
ajfa-4133	3	5	ownership	ownership	NOUN
ajfa-4133	3	6	structure	structure	NOUN
ajfa-4133	3	7	,	,	PUNCT
ajfa-4133	3	8	bank	bank	NOUN
ajfa-4133	3	9	riskiness	riskiness	NOUN
ajfa-4133	3	10	,	,	PUNCT
ajfa-4133	3	11	efficiency	efficiency	NOUN
ajfa-4133	3	12	,	,	PUNCT
ajfa-4133	3	13	performance	performance	NOUN
ajfa-4133	3	14	,	,	PUNCT
ajfa-4133	3	15	concentrated	concentrate	VERB
ajfa-4133	3	16	and	and	CCONJ
ajfa-4133	3	17	dispersed	disperse	VERB
ajfa-4133	3	18	ownership	ownership	NOUN
ajfa-4133	3	19	asian	asian	ADJ
ajfa-4133	3	20	journal	journal	NOUN
ajfa-4133	3	21	of	of	ADP
ajfa-4133	3	22	finance	finance	PROPN
ajfa-4133	3	23	&	&	CCONJ
ajfa-4133	3	24	accounting	accounting	PROPN
ajfa-4133	3	25	issn	issn	PROPN
ajfa-4133	3	26	1946	1946	NUM
ajfa-4133	3	27	-	-	PUNCT
ajfa-4133	3	28	052x	052x	NOUN
ajfa-4133	3	29	2013	2013	NUM
ajfa-4133	3	30	,	,	PUNCT
ajfa-4133	3	31	vol	vol	NOUN
ajfa-4133	3	32	.	.	PROPN
ajfa-4133	3	33	5	5	NUM
ajfa-4133	3	34	,	,	PUNCT
ajfa-4133	3	35	no	no	INTJ
ajfa-4133	3	36	.	.	NOUN
ajfa-4133	3	37	2	2	NUM
ajfa-4133	3	38	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4133	3	39	269	269	NUM
ajfa-4133	3	40	1	1	NUM
ajfa-4133	3	41	.	.	PUNCT
ajfa-4133	4	1	introduction	introduction	NOUN
ajfa-4133	4	2	the	the	DET
ajfa-4133	4	3	asian	asian	ADJ
ajfa-4133	4	4	financial	financial	ADJ
ajfa-4133	4	5	crisis	crisis	NOUN
ajfa-4133	4	6	of	of	ADP
ajfa-4133	4	7	1997	1997	NUM
ajfa-4133	4	8	raised	raise	VERB
ajfa-4133	4	9	various	various	ADJ
ajfa-4133	4	10	questions	question	NOUN
ajfa-4133	4	11	relating	relate	VERB
ajfa-4133	4	12	the	the	DET
ajfa-4133	4	13	unstable	unstable	ADJ
ajfa-4133	4	14	nature	nature	NOUN
ajfa-4133	4	15	and	and	CCONJ
ajfa-4133	4	16	risk	risk	NOUN
ajfa-4133	4	17	taking	take	VERB
ajfa-4133	4	18	tendency	tendency	NOUN
ajfa-4133	4	19	of	of	ADP
ajfa-4133	4	20	asian	asian	ADJ
ajfa-4133	4	21	banks	bank	NOUN
ajfa-4133	4	22	.	.	PUNCT
ajfa-4133	5	1	in	in	ADP
ajfa-4133	5	2	order	order	NOUN
ajfa-4133	5	3	to	to	PART
ajfa-4133	5	4	reform	reform	VERB
ajfa-4133	5	5	banking	banking	NOUN
ajfa-4133	5	6	sector	sector	NOUN
ajfa-4133	5	7	,	,	PUNCT
ajfa-4133	5	8	asian	asian	ADJ
ajfa-4133	5	9	banks	bank	NOUN
ajfa-4133	5	10	regulators	regulator	NOUN
ajfa-4133	5	11	proposed	propose	VERB
ajfa-4133	5	12	and	and	CCONJ
ajfa-4133	5	13	implemented	implement	VERB
ajfa-4133	5	14	reform	reform	NOUN
ajfa-4133	5	15	measures	measure	NOUN
ajfa-4133	5	16	to	to	PART
ajfa-4133	5	17	ensure	ensure	VERB
ajfa-4133	5	18	the	the	DET
ajfa-4133	5	19	stability	stability	NOUN
ajfa-4133	5	20	of	of	ADP
ajfa-4133	5	21	the	the	DET
ajfa-4133	5	22	banking	banking	NOUN
ajfa-4133	5	23	sector	sector	NOUN
ajfa-4133	5	24	.	.	PUNCT
ajfa-4133	6	1	first	first	ADV
ajfa-4133	6	2	,	,	PUNCT
ajfa-4133	6	3	asian	asian	ADJ
ajfa-4133	6	4	governments	government	NOUN
ajfa-4133	6	5	discouraged	discourage	VERB
ajfa-4133	6	6	the	the	DET
ajfa-4133	6	7	shutting	shutting	NOUN
ajfa-4133	6	8	down	down	ADP
ajfa-4133	6	9	of	of	ADP
ajfa-4133	6	10	banks	bank	NOUN
ajfa-4133	6	11	by	by	ADP
ajfa-4133	6	12	encouraging	encourage	VERB
ajfa-4133	6	13	and	and	CCONJ
ajfa-4133	6	14	in	in	ADP
ajfa-4133	6	15	many	many	ADJ
ajfa-4133	6	16	cases	case	NOUN
ajfa-4133	6	17	forcing	force	VERB
ajfa-4133	6	18	the	the	DET
ajfa-4133	6	19	distressed	distressed	ADJ
ajfa-4133	6	20	banks	bank	NOUN
ajfa-4133	6	21	to	to	PART
ajfa-4133	6	22	merge	merge	VERB
ajfa-4133	6	23	with	with	ADP
ajfa-4133	6	24	the	the	DET
ajfa-4133	6	25	safe	safe	ADJ
ajfa-4133	6	26	banks	bank	NOUN
ajfa-4133	6	27	(	(	PUNCT
ajfa-4133	6	28	hawkins	hawkin	NOUN
ajfa-4133	6	29	and	and	CCONJ
ajfa-4133	6	30	turner	turner	NOUN
ajfa-4133	6	31	,	,	PUNCT
ajfa-4133	6	32	1999	1999	NUM
ajfa-4133	6	33	;	;	PUNCT
ajfa-4133	6	34	and	and	CCONJ
ajfa-4133	6	35	gelos	gelos	NOUN
ajfa-4133	6	36	and	and	CCONJ
ajfa-4133	6	37	roldos	roldo	NOUN
ajfa-4133	6	38	,	,	PUNCT
ajfa-4133	6	39	2004	2004	NUM
ajfa-4133	6	40	)	)	PUNCT
ajfa-4133	6	41	,	,	PUNCT
ajfa-4133	6	42	at	at	ADP
ajfa-4133	6	43	that	that	DET
ajfa-4133	6	44	time	time	NOUN
ajfa-4133	6	45	it	it	PRON
ajfa-4133	6	46	was	be	AUX
ajfa-4133	6	47	not	not	PART
ajfa-4133	6	48	confirmed	confirm	VERB
ajfa-4133	6	49	that	that	SCONJ
ajfa-4133	6	50	the	the	DET
ajfa-4133	6	51	mergers	merger	NOUN
ajfa-4133	6	52	will	will	AUX
ajfa-4133	6	53	result	result	VERB
ajfa-4133	6	54	in	in	ADP
ajfa-4133	6	55	the	the	DET
ajfa-4133	6	56	strong	strong	ADJ
ajfa-4133	6	57	or	or	CCONJ
ajfa-4133	6	58	weak	weak	ADJ
ajfa-4133	6	59	intermediary	intermediary	NOUN
ajfa-4133	6	60	,	,	PUNCT
ajfa-4133	6	61	but	but	CCONJ
ajfa-4133	6	62	it	it	PRON
ajfa-4133	6	63	helped	help	VERB
ajfa-4133	6	64	in	in	ADP
ajfa-4133	6	65	improving	improve	VERB
ajfa-4133	6	66	the	the	DET
ajfa-4133	6	67	financial	financial	ADJ
ajfa-4133	6	68	viability	viability	NOUN
ajfa-4133	6	69	of	of	ADP
ajfa-4133	6	70	the	the	DET
ajfa-4133	6	71	distressed	distressed	ADJ
ajfa-4133	6	72	banks	bank	NOUN
ajfa-4133	6	73	(	(	PUNCT
ajfa-4133	6	74	hawkins	hawkin	NOUN
ajfa-4133	6	75	and	and	CCONJ
ajfa-4133	6	76	turner	turner	NOUN
ajfa-4133	6	77	,	,	PUNCT
ajfa-4133	6	78	1999	1999	NUM
ajfa-4133	6	79	)	)	PUNCT
ajfa-4133	6	80	.	.	PUNCT
ajfa-4133	7	1	second	second	ADJ
ajfa-4133	7	2	,	,	PUNCT
ajfa-4133	7	3	few	few	ADJ
ajfa-4133	7	4	asian	asian	ADJ
ajfa-4133	7	5	governments	government	NOUN
ajfa-4133	7	6	announced	announce	VERB
ajfa-4133	7	7	bailout	bailout	NOUN
ajfa-4133	7	8	packages	package	NOUN
ajfa-4133	7	9	for	for	ADP
ajfa-4133	7	10	distressed	distressed	ADJ
ajfa-4133	7	11	banks	bank	NOUN
ajfa-4133	7	12	.	.	PUNCT
ajfa-4133	8	1	these	these	DET
ajfa-4133	8	2	packages	package	NOUN
ajfa-4133	8	3	also	also	ADV
ajfa-4133	8	4	enforced	enforce	VERB
ajfa-4133	8	5	the	the	DET
ajfa-4133	8	6	banks	bank	NOUN
ajfa-4133	8	7	to	to	PART
ajfa-4133	8	8	change	change	VERB
ajfa-4133	8	9	their	their	PRON
ajfa-4133	8	10	ownership	ownership	NOUN
ajfa-4133	8	11	structures	structure	NOUN
ajfa-4133	8	12	(	(	PUNCT
ajfa-4133	8	13	hawkins	hawkin	NOUN
ajfa-4133	8	14	and	and	CCONJ
ajfa-4133	8	15	turner	turner	NOUN
ajfa-4133	8	16	,	,	PUNCT
ajfa-4133	8	17	1999	1999	NUM
ajfa-4133	8	18	)	)	PUNCT
ajfa-4133	8	19	.	.	PUNCT
ajfa-4133	9	1	however	however	ADV
ajfa-4133	9	2	,	,	PUNCT
ajfa-4133	9	3	the	the	DET
ajfa-4133	9	4	government	government	NOUN
ajfa-4133	9	5	interventions	intervention	VERB
ajfa-4133	9	6	to	to	PART
ajfa-4133	9	7	encourage	encourage	VERB
ajfa-4133	9	8	mergers	merger	NOUN
ajfa-4133	9	9	are	be	AUX
ajfa-4133	9	10	much	much	ADV
ajfa-4133	9	11	more	more	ADJ
ajfa-4133	9	12	cost	cost	NOUN
ajfa-4133	9	13	-	-	PUNCT
ajfa-4133	9	14	effective	effective	ADJ
ajfa-4133	9	15	than	than	ADP
ajfa-4133	9	16	bailout	bailout	NOUN
ajfa-4133	9	17	packages	package	NOUN
ajfa-4133	9	18	.	.	PUNCT
ajfa-4133	10	1	third	third	ADJ
ajfa-4133	10	2	,	,	PUNCT
ajfa-4133	10	3	asian	asian	ADJ
ajfa-4133	10	4	governments	government	NOUN
ajfa-4133	10	5	allowed	allow	VERB
ajfa-4133	10	6	the	the	DET
ajfa-4133	10	7	foreign	foreign	ADJ
ajfa-4133	10	8	investors	investor	NOUN
ajfa-4133	10	9	to	to	PART
ajfa-4133	10	10	own	own	VERB
ajfa-4133	10	11	the	the	DET
ajfa-4133	10	12	banks	bank	NOUN
ajfa-4133	10	13	in	in	ADP
ajfa-4133	10	14	the	the	DET
ajfa-4133	10	15	countries	country	NOUN
ajfa-4133	10	16	in	in	ADP
ajfa-4133	10	17	order	order	NOUN
ajfa-4133	10	18	to	to	PART
ajfa-4133	10	19	import	import	VERB
ajfa-4133	10	20	best	good	ADJ
ajfa-4133	10	21	foreign	foreign	ADJ
ajfa-4133	10	22	banking	banking	NOUN
ajfa-4133	10	23	practices	practice	NOUN
ajfa-4133	10	24	,	,	PUNCT
ajfa-4133	10	25	corporate	corporate	ADJ
ajfa-4133	10	26	governance	governance	NOUN
ajfa-4133	10	27	and	and	CCONJ
ajfa-4133	10	28	latest	late	ADJ
ajfa-4133	10	29	technology	technology	NOUN
ajfa-4133	10	30	in	in	ADP
ajfa-4133	10	31	the	the	DET
ajfa-4133	10	32	country	country	NOUN
ajfa-4133	10	33	(	(	PUNCT
ajfa-4133	10	34	choi	choi	NOUN
ajfa-4133	10	35	and	and	CCONJ
ajfa-4133	10	36	dovutivate	dovutivate	ADJ
ajfa-4133	10	37	,	,	PUNCT
ajfa-4133	10	38	2004	2004	NUM
ajfa-4133	10	39	)	)	PUNCT
ajfa-4133	10	40	.	.	PUNCT
ajfa-4133	11	1	fourth	fourth	ADJ
ajfa-4133	11	2	,	,	PUNCT
ajfa-4133	11	3	many	many	ADJ
ajfa-4133	11	4	asian	asian	ADJ
ajfa-4133	11	5	governments	government	NOUN
ajfa-4133	11	6	implemented	implement	VERB
ajfa-4133	11	7	the	the	DET
ajfa-4133	11	8	restructuring	restructuring	NOUN
ajfa-4133	11	9	measures	measure	NOUN
ajfa-4133	11	10	such	such	ADJ
ajfa-4133	11	11	as	as	ADP
ajfa-4133	11	12	changes	change	NOUN
ajfa-4133	11	13	in	in	ADP
ajfa-4133	11	14	corporate	corporate	ADJ
ajfa-4133	11	15	structure	structure	NOUN
ajfa-4133	11	16	,	,	PUNCT
ajfa-4133	11	17	polices	police	NOUN
ajfa-4133	11	18	,	,	PUNCT
ajfa-4133	11	19	bank	bank	NOUN
ajfa-4133	11	20	mangers	manger	NOUN
ajfa-4133	11	21	or	or	CCONJ
ajfa-4133	11	22	management	management	NOUN
ajfa-4133	11	23	.	.	PUNCT
ajfa-4133	12	1	all	all	DET
ajfa-4133	12	2	these	these	DET
ajfa-4133	12	3	measures	measure	NOUN
ajfa-4133	12	4	are	be	AUX
ajfa-4133	12	5	closely	closely	ADV
ajfa-4133	12	6	related	relate	VERB
ajfa-4133	12	7	to	to	ADP
ajfa-4133	12	8	the	the	DET
ajfa-4133	12	9	changing	change	VERB
ajfa-4133	12	10	ownership	ownership	NOUN
ajfa-4133	12	11	structure	structure	NOUN
ajfa-4133	12	12	and	and	CCONJ
ajfa-4133	12	13	risk	risk	NOUN
ajfa-4133	12	14	bearing	bear	VERB
ajfa-4133	12	15	tendency	tendency	NOUN
ajfa-4133	12	16	of	of	ADP
ajfa-4133	12	17	banks	bank	NOUN
ajfa-4133	12	18	,	,	PUNCT
ajfa-4133	12	19	thus	thus	ADV
ajfa-4133	12	20	question	question	NOUN
ajfa-4133	12	21	arises	arise	VERB
ajfa-4133	12	22	here	here	ADV
ajfa-4133	12	23	“	"	PUNCT
ajfa-4133	12	24	ownership	ownership	NOUN
ajfa-4133	12	25	structure	structure	NOUN
ajfa-4133	12	26	has	have	VERB
ajfa-4133	12	27	effect	effect	NOUN
ajfa-4133	12	28	on	on	ADP
ajfa-4133	12	29	bank	bank	NOUN
ajfa-4133	12	30	riskiness	riskiness	NOUN
ajfa-4133	12	31	or	or	CCONJ
ajfa-4133	12	32	not	not	PART
ajfa-4133	12	33	?	?	PUNCT
ajfa-4133	12	34	”	"	PUNCT
ajfa-4133	13	1	the	the	DET
ajfa-4133	13	2	banking	banking	NOUN
ajfa-4133	13	3	reforms	reform	NOUN
ajfa-4133	13	4	program	program	NOUN
ajfa-4133	13	5	begins	begin	VERB
ajfa-4133	13	6	immediately	immediately	ADV
ajfa-4133	13	7	after	after	ADP
ajfa-4133	13	8	1997	1997	NUM
ajfa-4133	13	9	and	and	CCONJ
ajfa-4133	13	10	lasted	last	VERB
ajfa-4133	13	11	till	till	SCONJ
ajfa-4133	13	12	2000	2000	NUM
ajfa-4133	13	13	.	.	PUNCT
ajfa-4133	14	1	these	these	DET
ajfa-4133	14	2	reforms	reform	NOUN
ajfa-4133	14	3	were	be	AUX
ajfa-4133	14	4	aimed	aim	VERB
ajfa-4133	14	5	to	to	PART
ajfa-4133	14	6	change	change	VERB
ajfa-4133	14	7	the	the	DET
ajfa-4133	14	8	ownership	ownership	NOUN
ajfa-4133	14	9	structure	structure	NOUN
ajfa-4133	14	10	and	and	CCONJ
ajfa-4133	14	11	governance	governance	NOUN
ajfa-4133	14	12	of	of	ADP
ajfa-4133	14	13	banks	bank	NOUN
ajfa-4133	14	14	.	.	PUNCT
ajfa-4133	15	1	the	the	DET
ajfa-4133	15	2	aim	aim	NOUN
ajfa-4133	15	3	of	of	ADP
ajfa-4133	15	4	this	this	DET
ajfa-4133	15	5	study	study	NOUN
ajfa-4133	15	6	is	be	AUX
ajfa-4133	15	7	to	to	PART
ajfa-4133	15	8	check	check	VERB
ajfa-4133	15	9	whether	whether	SCONJ
ajfa-4133	15	10	ownership	ownership	NOUN
ajfa-4133	15	11	concentration	concentration	NOUN
ajfa-4133	15	12	improves	improve	VERB
ajfa-4133	15	13	or	or	CCONJ
ajfa-4133	15	14	do	do	AUX
ajfa-4133	15	15	not	not	PART
ajfa-4133	15	16	affect	affect	VERB
ajfa-4133	15	17	the	the	DET
ajfa-4133	15	18	banks	bank	NOUN
ajfa-4133	15	19	riskiness	riskiness	NOUN
ajfa-4133	15	20	by	by	ADP
ajfa-4133	15	21	using	use	VERB
ajfa-4133	15	22	npls	npls	NOUN
ajfa-4133	15	23	loans	loan	NOUN
ajfa-4133	15	24	as	as	ADP
ajfa-4133	15	25	measures	measure	NOUN
ajfa-4133	15	26	of	of	ADP
ajfa-4133	15	27	riskiness	riskiness	NOUN
ajfa-4133	15	28	.	.	PUNCT
ajfa-4133	16	1	how	how	SCONJ
ajfa-4133	16	2	does	do	AUX
ajfa-4133	16	3	bank	bank	NOUN
ajfa-4133	16	4	riskiness	riskiness	NOUN
ajfa-4133	16	5	is	be	AUX
ajfa-4133	16	6	affected	affect	VERB
ajfa-4133	16	7	by	by	ADP
ajfa-4133	16	8	ownership	ownership	NOUN
ajfa-4133	16	9	structure	structure	NOUN
ajfa-4133	16	10	?	?	PUNCT
ajfa-4133	17	1	in	in	ADP
ajfa-4133	17	2	corporate	corporate	ADJ
ajfa-4133	17	3	finance	finance	NOUN
ajfa-4133	17	4	literature	literature	NOUN
ajfa-4133	17	5	,	,	PUNCT
ajfa-4133	17	6	no	no	DET
ajfa-4133	17	7	concise	concise	ADJ
ajfa-4133	17	8	result	result	NOUN
ajfa-4133	17	9	is	be	AUX
ajfa-4133	17	10	given	give	VERB
ajfa-4133	17	11	for	for	ADP
ajfa-4133	17	12	this	this	DET
ajfa-4133	17	13	question	question	NOUN
ajfa-4133	17	14	.	.	PUNCT
ajfa-4133	18	1	some	some	DET
ajfa-4133	18	2	studies	study	NOUN
ajfa-4133	18	3	have	have	AUX
ajfa-4133	18	4	suggested	suggest	VERB
ajfa-4133	18	5	that	that	SCONJ
ajfa-4133	18	6	ownership	ownership	NOUN
ajfa-4133	18	7	structure	structure	NOUN
ajfa-4133	18	8	increases	increase	VERB
ajfa-4133	18	9	firm	firm	ADJ
ajfa-4133	18	10	riskiness	riskiness	NOUN
ajfa-4133	18	11	while	while	SCONJ
ajfa-4133	18	12	other	other	ADJ
ajfa-4133	18	13	suggests	suggest	VERB
ajfa-4133	18	14	that	that	SCONJ
ajfa-4133	18	15	ownership	ownership	NOUN
ajfa-4133	18	16	has	have	VERB
ajfa-4133	18	17	no	no	DET
ajfa-4133	18	18	role	role	NOUN
ajfa-4133	18	19	in	in	ADP
ajfa-4133	18	20	reducing	reduce	VERB
ajfa-4133	18	21	firm	firm	ADJ
ajfa-4133	18	22	riskiness	riskiness	NOUN
ajfa-4133	18	23	.	.	PUNCT
ajfa-4133	19	1	for	for	ADP
ajfa-4133	19	2	instance	instance	NOUN
ajfa-4133	19	3	,	,	PUNCT
ajfa-4133	19	4	berle	berle	PROPN
ajfa-4133	19	5	and	and	CCONJ
ajfa-4133	19	6	means	mean	NOUN
ajfa-4133	19	7	(	(	PUNCT
ajfa-4133	19	8	1933	1933	NUM
ajfa-4133	19	9	)	)	PUNCT
ajfa-4133	19	10	concluded	conclude	VERB
ajfa-4133	19	11	that	that	SCONJ
ajfa-4133	19	12	dispersed	disperse	VERB
ajfa-4133	19	13	ownership	ownership	NOUN
ajfa-4133	19	14	reduces	reduce	VERB
ajfa-4133	19	15	the	the	DET
ajfa-4133	19	16	decision	decision	NOUN
ajfa-4133	19	17	influencing	influence	VERB
ajfa-4133	19	18	power	power	NOUN
ajfa-4133	19	19	of	of	ADP
ajfa-4133	19	20	shareholders	shareholder	NOUN
ajfa-4133	19	21	and	and	CCONJ
ajfa-4133	19	22	control	control	NOUN
ajfa-4133	19	23	over	over	ADP
ajfa-4133	19	24	firm	firm	ADJ
ajfa-4133	19	25	management	management	NOUN
ajfa-4133	19	26	.	.	PUNCT
ajfa-4133	20	1	thus	thus	ADV
ajfa-4133	20	2	risk	risk	VERB
ajfa-4133	20	3	in	in	ADP
ajfa-4133	20	4	the	the	DET
ajfa-4133	20	5	firm	firm	ADJ
ajfa-4133	20	6	increases	increase	NOUN
ajfa-4133	20	7	because	because	SCONJ
ajfa-4133	20	8	shareholders	shareholder	NOUN
ajfa-4133	20	9	have	have	VERB
ajfa-4133	20	10	no	no	DET
ajfa-4133	20	11	power	power	NOUN
ajfa-4133	20	12	to	to	PART
ajfa-4133	20	13	influence	influence	VERB
ajfa-4133	20	14	the	the	DET
ajfa-4133	20	15	firms	firm	NOUN
ajfa-4133	20	16	decision	decision	NOUN
ajfa-4133	20	17	making	making	NOUN
ajfa-4133	20	18	,	,	PUNCT
ajfa-4133	20	19	thus	thus	ADV
ajfa-4133	20	20	management	management	NOUN
ajfa-4133	20	21	will	will	AUX
ajfa-4133	20	22	make	make	VERB
ajfa-4133	20	23	only	only	ADV
ajfa-4133	20	24	those	those	DET
ajfa-4133	20	25	decisions	decision	NOUN
ajfa-4133	20	26	which	which	PRON
ajfa-4133	20	27	are	be	AUX
ajfa-4133	20	28	in	in	ADP
ajfa-4133	20	29	their	their	PRON
ajfa-4133	20	30	own	own	ADJ
ajfa-4133	20	31	benefits	benefit	NOUN
ajfa-4133	20	32	,	,	PUNCT
ajfa-4133	20	33	whereas	whereas	SCONJ
ajfa-4133	20	34	concentrated	concentrated	ADJ
ajfa-4133	20	35	ownership	ownership	NOUN
ajfa-4133	20	36	results	result	NOUN
ajfa-4133	20	37	in	in	ADP
ajfa-4133	20	38	more	more	ADJ
ajfa-4133	20	39	corporate	corporate	ADJ
ajfa-4133	20	40	control	control	NOUN
ajfa-4133	20	41	because	because	SCONJ
ajfa-4133	20	42	of	of	ADP
ajfa-4133	20	43	increase	increase	NOUN
ajfa-4133	20	44	in	in	ADP
ajfa-4133	20	45	firm	firm	ADJ
ajfa-4133	20	46	monitoring	monitoring	NOUN
ajfa-4133	20	47	.	.	PUNCT
ajfa-4133	21	1	this	this	DET
ajfa-4133	21	2	paper	paper	NOUN
ajfa-4133	21	3	aims	aim	VERB
ajfa-4133	21	4	at	at	ADP
ajfa-4133	21	5	investigating	investigate	VERB
ajfa-4133	21	6	the	the	DET
ajfa-4133	21	7	berle	berle	NOUN
ajfa-4133	21	8	and	and	CCONJ
ajfa-4133	21	9	means	mean	NOUN
ajfa-4133	21	10	(	(	PUNCT
ajfa-4133	21	11	1933	1933	NUM
ajfa-4133	21	12	)	)	PUNCT
ajfa-4133	21	13	traditional	traditional	ADJ
ajfa-4133	21	14	view	view	NOUN
ajfa-4133	21	15	that	that	SCONJ
ajfa-4133	21	16	concentrated	concentrated	ADJ
ajfa-4133	21	17	ownership	ownership	NOUN
ajfa-4133	21	18	results	result	NOUN
ajfa-4133	21	19	in	in	ADP
ajfa-4133	21	20	enhanced	enhanced	ADJ
ajfa-4133	21	21	banking	banking	NOUN
ajfa-4133	21	22	performance	performance	NOUN
ajfa-4133	21	23	by	by	ADP
ajfa-4133	21	24	reducing	reduce	VERB
ajfa-4133	21	25	the	the	DET
ajfa-4133	21	26	bank	bank	NOUN
ajfa-4133	21	27	riskiness	riskiness	NOUN
ajfa-4133	21	28	against	against	ADP
ajfa-4133	21	29	the	the	DET
ajfa-4133	21	30	opposite	opposite	ADJ
ajfa-4133	21	31	view	view	NOUN
ajfa-4133	21	32	that	that	SCONJ
ajfa-4133	21	33	ownership	ownership	NOUN
ajfa-4133	21	34	concentration	concentration	NOUN
ajfa-4133	21	35	does	do	AUX
ajfa-4133	21	36	not	not	PART
ajfa-4133	21	37	have	have	AUX
ajfa-4133	21	38	impact	impact	NOUN
ajfa-4133	21	39	on	on	ADP
ajfa-4133	21	40	the	the	DET
ajfa-4133	21	41	bank	bank	NOUN
ajfa-4133	21	42	riskiness	riskiness	NOUN
ajfa-4133	21	43	.	.	PUNCT
ajfa-4133	22	1	in	in	ADP
ajfa-4133	22	2	this	this	DET
ajfa-4133	22	3	paper	paper	NOUN
ajfa-4133	22	4	bank	bank	NOUN
ajfa-4133	22	5	riskiness	riskiness	NOUN
ajfa-4133	22	6	is	be	AUX
ajfa-4133	22	7	measured	measure	VERB
ajfa-4133	22	8	by	by	ADP
ajfa-4133	22	9	the	the	DET
ajfa-4133	22	10	npls	npls	NOUN
ajfa-4133	22	11	.	.	PUNCT
ajfa-4133	23	1	this	this	DET
ajfa-4133	23	2	paper	paper	NOUN
ajfa-4133	23	3	used	use	VERB
ajfa-4133	23	4	three	three	NUM
ajfa-4133	23	5	measures	measure	NOUN
ajfa-4133	23	6	of	of	ADP
ajfa-4133	23	7	ownership	ownership	NOUN
ajfa-4133	23	8	structure	structure	NOUN
ajfa-4133	23	9	i.e.	i.e.	X
ajfa-4133	23	10	publicly	publicly	ADV
ajfa-4133	23	11	,	,	PUNCT
ajfa-4133	23	12	privately	privately	ADV
ajfa-4133	23	13	and	and	CCONJ
ajfa-4133	23	14	foreign	foreign	ADJ
ajfa-4133	23	15	owned	own	VERB
ajfa-4133	23	16	banks	bank	NOUN
ajfa-4133	23	17	.	.	PUNCT
ajfa-4133	24	1	2	2	X
ajfa-4133	24	2	.	.	X
ajfa-4133	24	3	literature	literature	PROPN
ajfa-4133	24	4	review	review	VERB
ajfa-4133	24	5	banks	bank	NOUN
ajfa-4133	24	6	that	that	PRON
ajfa-4133	24	7	are	be	AUX
ajfa-4133	24	8	publicly	publicly	ADV
ajfa-4133	24	9	owned	own	VERB
ajfa-4133	24	10	have	have	VERB
ajfa-4133	24	11	different	different	ADJ
ajfa-4133	24	12	agency	agency	NOUN
ajfa-4133	24	13	problems	problem	NOUN
ajfa-4133	24	14	and	and	CCONJ
ajfa-4133	24	15	challenges	challenge	NOUN
ajfa-4133	24	16	than	than	ADP
ajfa-4133	24	17	those	those	PRON
ajfa-4133	24	18	of	of	ADP
ajfa-4133	24	19	the	the	DET
ajfa-4133	24	20	privately	privately	ADV
ajfa-4133	24	21	owned	own	VERB
ajfa-4133	24	22	because	because	SCONJ
ajfa-4133	24	23	of	of	ADP
ajfa-4133	24	24	the	the	DET
ajfa-4133	24	25	wide	wide	ADJ
ajfa-4133	24	26	separation	separation	NOUN
ajfa-4133	24	27	of	of	ADP
ajfa-4133	24	28	control	control	NOUN
ajfa-4133	24	29	and	and	CCONJ
ajfa-4133	24	30	ownership	ownership	NOUN
ajfa-4133	24	31	.	.	PUNCT
ajfa-4133	25	1	in	in	ADP
ajfa-4133	25	2	publicly	publicly	ADV
ajfa-4133	25	3	owned	own	VERB
ajfa-4133	25	4	banks	bank	NOUN
ajfa-4133	25	5	ownership	ownership	NOUN
ajfa-4133	25	6	is	be	AUX
ajfa-4133	25	7	widely	widely	ADV
ajfa-4133	25	8	dispersed	disperse	VERB
ajfa-4133	25	9	because	because	SCONJ
ajfa-4133	25	10	of	of	ADP
ajfa-4133	25	11	which	which	PRON
ajfa-4133	25	12	the	the	DET
ajfa-4133	25	13	control	control	NOUN
ajfa-4133	25	14	of	of	ADP
ajfa-4133	25	15	owners	owner	NOUN
ajfa-4133	25	16	on	on	ADP
ajfa-4133	25	17	the	the	DET
ajfa-4133	25	18	mangers	manger	NOUN
ajfa-4133	25	19	is	be	AUX
ajfa-4133	25	20	relatively	relatively	ADV
ajfa-4133	25	21	weak	weak	ADJ
ajfa-4133	25	22	resulting	result	VERB
ajfa-4133	25	23	in	in	ADP
ajfa-4133	25	24	the	the	DET
ajfa-4133	25	25	asymmetric	asymmetric	NOUN
ajfa-4133	25	26	of	of	ADP
ajfa-4133	25	27	information	information	NOUN
ajfa-4133	25	28	and	and	CCONJ
ajfa-4133	25	29	divergence	divergence	NOUN
ajfa-4133	25	30	of	of	ADP
ajfa-4133	25	31	asian	asian	ADJ
ajfa-4133	25	32	journal	journal	NOUN
ajfa-4133	25	33	of	of	ADP
ajfa-4133	25	34	finance	finance	PROPN
ajfa-4133	25	35	&	&	CCONJ
ajfa-4133	25	36	accounting	accounting	PROPN
ajfa-4133	25	37	issn	issn	PROPN
ajfa-4133	25	38	1946	1946	NUM
ajfa-4133	25	39	-	-	PUNCT
ajfa-4133	25	40	052x	052x	NOUN
ajfa-4133	25	41	2013	2013	NUM
ajfa-4133	25	42	,	,	PUNCT
ajfa-4133	25	43	vol	vol	NOUN
ajfa-4133	25	44	.	.	PROPN
ajfa-4133	25	45	5	5	NUM
ajfa-4133	25	46	,	,	PUNCT
ajfa-4133	25	47	no	no	INTJ
ajfa-4133	25	48	.	.	NOUN
ajfa-4133	25	49	2	2	NUM
ajfa-4133	25	50	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4133	25	51	270	270	NUM
ajfa-4133	25	52	incentives	incentive	NOUN
ajfa-4133	25	53	between	between	ADP
ajfa-4133	25	54	managers	manager	NOUN
ajfa-4133	25	55	and	and	CCONJ
ajfa-4133	25	56	owners	owner	NOUN
ajfa-4133	25	57	(	(	PUNCT
ajfa-4133	25	58	jensen	jensen	PROPN
ajfa-4133	25	59	and	and	CCONJ
ajfa-4133	25	60	meckling	meckling	NOUN
ajfa-4133	25	61	,	,	PUNCT
ajfa-4133	25	62	1976	1976	NUM
ajfa-4133	25	63	)	)	PUNCT
ajfa-4133	25	64	.	.	PUNCT
ajfa-4133	26	1	on	on	ADP
ajfa-4133	26	2	the	the	DET
ajfa-4133	26	3	other	other	ADJ
ajfa-4133	26	4	hand	hand	NOUN
ajfa-4133	26	5	private	private	ADJ
ajfa-4133	26	6	banks	bank	NOUN
ajfa-4133	26	7	are	be	AUX
ajfa-4133	26	8	mainly	mainly	ADV
ajfa-4133	26	9	characterized	characterize	VERB
ajfa-4133	26	10	with	with	ADP
ajfa-4133	26	11	centralized	centralized	ADJ
ajfa-4133	26	12	ownership	ownership	NOUN
ajfa-4133	26	13	because	because	SCONJ
ajfa-4133	26	14	ownership	ownership	NOUN
ajfa-4133	26	15	is	be	AUX
ajfa-4133	26	16	less	less	ADV
ajfa-4133	26	17	dispersed	disperse	VERB
ajfa-4133	26	18	and	and	CCONJ
ajfa-4133	26	19	owners	owner	NOUN
ajfa-4133	26	20	are	be	AUX
ajfa-4133	26	21	having	have	VERB
ajfa-4133	26	22	larger	large	ADJ
ajfa-4133	26	23	shares	share	NOUN
ajfa-4133	26	24	and	and	CCONJ
ajfa-4133	26	25	interest	interest	NOUN
ajfa-4133	26	26	in	in	ADP
ajfa-4133	26	27	the	the	DET
ajfa-4133	26	28	performance	performance	NOUN
ajfa-4133	26	29	of	of	ADP
ajfa-4133	26	30	banks	bank	NOUN
ajfa-4133	26	31	.	.	PUNCT
ajfa-4133	27	1	furthermore	furthermore	ADV
ajfa-4133	27	2	in	in	ADP
ajfa-4133	27	3	centralized	centralized	ADJ
ajfa-4133	27	4	ownership	ownership	NOUN
ajfa-4133	27	5	owners	owner	NOUN
ajfa-4133	27	6	can	can	AUX
ajfa-4133	27	7	control	control	VERB
ajfa-4133	27	8	the	the	DET
ajfa-4133	27	9	working	working	NOUN
ajfa-4133	27	10	of	of	ADP
ajfa-4133	27	11	the	the	DET
ajfa-4133	27	12	mangers	manger	NOUN
ajfa-4133	27	13	because	because	SCONJ
ajfa-4133	27	14	of	of	ADP
ajfa-4133	27	15	the	the	DET
ajfa-4133	27	16	access	access	NOUN
ajfa-4133	27	17	to	to	ADP
ajfa-4133	27	18	the	the	DET
ajfa-4133	27	19	internal	internal	ADJ
ajfa-4133	27	20	information	information	NOUN
ajfa-4133	27	21	and	and	CCONJ
ajfa-4133	27	22	influence	influence	NOUN
ajfa-4133	27	23	on	on	ADP
ajfa-4133	27	24	the	the	DET
ajfa-4133	27	25	decision	decision	NOUN
ajfa-4133	27	26	making	making	NOUN
ajfa-4133	27	27	.	.	PUNCT
ajfa-4133	28	1	the	the	DET
ajfa-4133	28	2	difference	difference	NOUN
ajfa-4133	28	3	between	between	ADP
ajfa-4133	28	4	the	the	DET
ajfa-4133	28	5	publicly	publicly	ADV
ajfa-4133	28	6	owned	own	VERB
ajfa-4133	28	7	and	and	CCONJ
ajfa-4133	28	8	privately	privately	ADV
ajfa-4133	28	9	owned	own	VERB
ajfa-4133	28	10	banks	bank	NOUN
ajfa-4133	28	11	are	be	AUX
ajfa-4133	28	12	not	not	PART
ajfa-4133	28	13	only	only	ADV
ajfa-4133	28	14	limited	limit	VERB
ajfa-4133	28	15	to	to	ADP
ajfa-4133	28	16	the	the	DET
ajfa-4133	28	17	control	control	NOUN
ajfa-4133	28	18	and	and	CCONJ
ajfa-4133	28	19	management	management	NOUN
ajfa-4133	28	20	but	but	CCONJ
ajfa-4133	28	21	they	they	PRON
ajfa-4133	28	22	also	also	ADV
ajfa-4133	28	23	differs	differ	VERB
ajfa-4133	28	24	in	in	ADP
ajfa-4133	28	25	terms	term	NOUN
ajfa-4133	28	26	of	of	ADP
ajfa-4133	28	27	capital	capital	NOUN
ajfa-4133	28	28	market	market	NOUN
ajfa-4133	28	29	access	access	NOUN
ajfa-4133	28	30	and	and	CCONJ
ajfa-4133	28	31	market	market	NOUN
ajfa-4133	28	32	discipline	discipline	NOUN
ajfa-4133	28	33	.	.	PUNCT
ajfa-4133	29	1	in	in	SCONJ
ajfa-4133	29	2	case	case	NOUN
ajfa-4133	29	3	of	of	ADP
ajfa-4133	29	4	publically	publically	ADV
ajfa-4133	29	5	owned	own	VERB
ajfa-4133	29	6	banks	bank	NOUN
ajfa-4133	29	7	risk	risk	NOUN
ajfa-4133	29	8	taking	take	VERB
ajfa-4133	29	9	ability	ability	NOUN
ajfa-4133	29	10	is	be	AUX
ajfa-4133	29	11	affected	affect	VERB
ajfa-4133	29	12	by	by	ADP
ajfa-4133	29	13	the	the	DET
ajfa-4133	29	14	market	market	NOUN
ajfa-4133	29	15	discipline	discipline	NOUN
ajfa-4133	29	16	because	because	SCONJ
ajfa-4133	29	17	it	it	PRON
ajfa-4133	29	18	controls	control	VERB
ajfa-4133	29	19	the	the	DET
ajfa-4133	29	20	risk	risk	NOUN
ajfa-4133	29	21	taking	take	VERB
ajfa-4133	29	22	behavior	behavior	NOUN
ajfa-4133	29	23	of	of	ADP
ajfa-4133	29	24	banks	bank	NOUN
ajfa-4133	29	25	thus	thus	ADV
ajfa-4133	29	26	when	when	SCONJ
ajfa-4133	29	27	considering	consider	VERB
ajfa-4133	29	28	risk	risk	NOUN
ajfa-4133	29	29	taking	take	VERB
ajfa-4133	29	30	incentives	incentive	NOUN
ajfa-4133	29	31	of	of	ADP
ajfa-4133	29	32	banks	bank	NOUN
ajfa-4133	29	33	market	market	NOUN
ajfa-4133	29	34	discipline	discipline	NOUN
ajfa-4133	29	35	should	should	AUX
ajfa-4133	29	36	also	also	ADV
ajfa-4133	29	37	be	be	AUX
ajfa-4133	29	38	considered	consider	VERB
ajfa-4133	29	39	(	(	PUNCT
ajfa-4133	29	40	flannery	flannery	PROPN
ajfa-4133	29	41	,	,	PUNCT
ajfa-4133	29	42	2001	2001	NUM
ajfa-4133	29	43	;	;	PUNCT
ajfa-4133	29	44	and	and	CCONJ
ajfa-4133	29	45	bliss	bliss	NOUN
ajfa-4133	29	46	and	and	CCONJ
ajfa-4133	29	47	flannery	flannery	PROPN
ajfa-4133	29	48	,	,	PUNCT
ajfa-4133	29	49	2002	2002	NUM
ajfa-4133	29	50	)	)	PUNCT
ajfa-4133	29	51	.	.	PUNCT
ajfa-4133	30	1	market	market	NOUN
ajfa-4133	30	2	discipline	discipline	NOUN
ajfa-4133	30	3	is	be	AUX
ajfa-4133	30	4	one	one	NUM
ajfa-4133	30	5	of	of	ADP
ajfa-4133	30	6	the	the	DET
ajfa-4133	30	7	main	main	ADJ
ajfa-4133	30	8	pillars	pillar	NOUN
ajfa-4133	30	9	of	of	ADP
ajfa-4133	30	10	basel	basel	PROPN
ajfa-4133	30	11	ii	ii	PROPN
ajfa-4133	30	12	capital	capital	NOUN
ajfa-4133	30	13	accord	accord	NOUN
ajfa-4133	30	14	.	.	PUNCT
ajfa-4133	31	1	the	the	DET
ajfa-4133	31	2	main	main	ADJ
ajfa-4133	31	3	idea	idea	NOUN
ajfa-4133	31	4	behind	behind	ADP
ajfa-4133	31	5	market	market	NOUN
ajfa-4133	31	6	discipline	discipline	NOUN
ajfa-4133	31	7	is	be	AUX
ajfa-4133	31	8	to	to	PART
ajfa-4133	31	9	enhance	enhance	VERB
ajfa-4133	31	10	the	the	DET
ajfa-4133	31	11	bank	bank	NOUN
ajfa-4133	31	12	supervision	supervision	NOUN
ajfa-4133	31	13	in	in	ADP
ajfa-4133	31	14	order	order	NOUN
ajfa-4133	31	15	to	to	PART
ajfa-4133	31	16	reduce	reduce	VERB
ajfa-4133	31	17	the	the	DET
ajfa-4133	31	18	risk	risk	NOUN
ajfa-4133	31	19	taking	take	VERB
ajfa-4133	31	20	incentives	incentive	NOUN
ajfa-4133	31	21	of	of	ADP
ajfa-4133	31	22	publicly	publicly	ADV
ajfa-4133	31	23	owned	own	VERB
ajfa-4133	31	24	banks	bank	NOUN
ajfa-4133	31	25	and	and	CCONJ
ajfa-4133	31	26	privately	privately	ADV
ajfa-4133	31	27	owned	own	VERB
ajfa-4133	31	28	banks	bank	NOUN
ajfa-4133	31	29	that	that	PRON
ajfa-4133	31	30	mainly	mainly	ADV
ajfa-4133	31	31	dependent	dependent	ADJ
ajfa-4133	31	32	on	on	ADP
ajfa-4133	31	33	the	the	DET
ajfa-4133	31	34	debts	debt	NOUN
ajfa-4133	31	35	as	as	ADP
ajfa-4133	31	36	the	the	DET
ajfa-4133	31	37	primary	primary	ADJ
ajfa-4133	31	38	source	source	NOUN
ajfa-4133	31	39	of	of	ADP
ajfa-4133	31	40	funding	funding	NOUN
ajfa-4133	31	41	.	.	PUNCT
ajfa-4133	32	1	public	public	ADJ
ajfa-4133	32	2	equity	equity	NOUN
ajfa-4133	32	3	can	can	AUX
ajfa-4133	32	4	be	be	AUX
ajfa-4133	32	5	raised	raise	VERB
ajfa-4133	32	6	quickly	quickly	ADV
ajfa-4133	32	7	and	and	CCONJ
ajfa-4133	32	8	at	at	ADP
ajfa-4133	32	9	lower	low	ADJ
ajfa-4133	32	10	costs	cost	NOUN
ajfa-4133	32	11	as	as	SCONJ
ajfa-4133	32	12	compared	compare	VERB
ajfa-4133	32	13	to	to	ADP
ajfa-4133	32	14	the	the	DET
ajfa-4133	32	15	private	private	ADJ
ajfa-4133	32	16	equity	equity	NOUN
ajfa-4133	32	17	.	.	PUNCT
ajfa-4133	33	1	when	when	SCONJ
ajfa-4133	33	2	publicly	publicly	ADV
ajfa-4133	33	3	owned	own	VERB
ajfa-4133	33	4	banks	bank	NOUN
ajfa-4133	33	5	enter	enter	VERB
ajfa-4133	33	6	the	the	DET
ajfa-4133	33	7	market	market	NOUN
ajfa-4133	33	8	with	with	ADP
ajfa-4133	33	9	high	high	ADJ
ajfa-4133	33	10	risk	risk	NOUN
ajfa-4133	33	11	strategies	strategy	NOUN
ajfa-4133	33	12	,	,	PUNCT
ajfa-4133	33	13	they	they	PRON
ajfa-4133	33	14	have	have	VERB
ajfa-4133	33	15	greater	great	ADJ
ajfa-4133	33	16	chance	chance	NOUN
ajfa-4133	33	17	of	of	ADP
ajfa-4133	33	18	raising	raise	VERB
ajfa-4133	33	19	funds	fund	NOUN
ajfa-4133	33	20	as	as	ADP
ajfa-4133	33	21	compared	compare	VERB
ajfa-4133	33	22	to	to	ADP
ajfa-4133	33	23	their	their	PRON
ajfa-4133	33	24	counterparts	counterpart	NOUN
ajfa-4133	33	25	with	with	ADP
ajfa-4133	33	26	same	same	ADJ
ajfa-4133	33	27	strategies	strategy	NOUN
ajfa-4133	33	28	.	.	PUNCT
ajfa-4133	34	1	according	accord	VERB
ajfa-4133	34	2	to	to	ADP
ajfa-4133	34	3	shleifer	shleifer	PROPN
ajfa-4133	34	4	and	and	CCONJ
ajfa-4133	34	5	vishny	vishny	PROPN
ajfa-4133	34	6	(	(	PUNCT
ajfa-4133	34	7	1986	1986	NUM
ajfa-4133	34	8	)	)	PUNCT
ajfa-4133	34	9	the	the	DET
ajfa-4133	34	10	extent	extent	NOUN
ajfa-4133	34	11	to	to	PART
ajfa-4133	34	12	which	which	PRON
ajfa-4133	34	13	ownership	ownership	NOUN
ajfa-4133	34	14	is	be	AUX
ajfa-4133	34	15	concentrated	concentrate	VERB
ajfa-4133	34	16	,	,	PUNCT
ajfa-4133	34	17	improves	improve	VERB
ajfa-4133	34	18	the	the	DET
ajfa-4133	34	19	corporate	corporate	ADJ
ajfa-4133	34	20	control	control	NOUN
ajfa-4133	34	21	by	by	ADP
ajfa-4133	34	22	enhancing	enhance	VERB
ajfa-4133	34	23	the	the	DET
ajfa-4133	34	24	control	control	NOUN
ajfa-4133	34	25	and	and	CCONJ
ajfa-4133	34	26	monitoring	monitoring	NOUN
ajfa-4133	34	27	of	of	ADP
ajfa-4133	34	28	management	management	NOUN
ajfa-4133	34	29	.	.	PUNCT
ajfa-4133	35	1	in	in	ADP
ajfa-4133	35	2	dispersed	disperse	VERB
ajfa-4133	35	3	ownership	ownership	NOUN
ajfa-4133	35	4	no	no	DET
ajfa-4133	35	5	individual	individual	ADJ
ajfa-4133	35	6	investor	investor	NOUN
ajfa-4133	35	7	has	have	VERB
ajfa-4133	35	8	greater	great	ADJ
ajfa-4133	35	9	stake	stake	NOUN
ajfa-4133	35	10	involve	involve	NOUN
ajfa-4133	35	11	in	in	ADP
ajfa-4133	35	12	firm	firm	NOUN
ajfa-4133	35	13	therefore	therefore	ADV
ajfa-4133	35	14	they	they	PRON
ajfa-4133	35	15	are	be	AUX
ajfa-4133	35	16	not	not	PART
ajfa-4133	35	17	much	much	ADV
ajfa-4133	35	18	concerned	concerned	ADJ
ajfa-4133	35	19	with	with	ADP
ajfa-4133	35	20	the	the	DET
ajfa-4133	35	21	control	control	NOUN
ajfa-4133	35	22	and	and	CCONJ
ajfa-4133	35	23	monitoring	monitor	VERB
ajfa-4133	35	24	the	the	DET
ajfa-4133	35	25	performance	performance	NOUN
ajfa-4133	35	26	of	of	ADP
ajfa-4133	35	27	firm	firm	NOUN
ajfa-4133	35	28	,	,	PUNCT
ajfa-4133	35	29	whereas	whereas	SCONJ
ajfa-4133	35	30	in	in	SCONJ
ajfa-4133	35	31	concentrated	concentrated	ADJ
ajfa-4133	35	32	firms	firm	NOUN
ajfa-4133	35	33	stake	stake	NOUN
ajfa-4133	35	34	of	of	ADP
ajfa-4133	35	35	individuals	individual	NOUN
ajfa-4133	35	36	or	or	CCONJ
ajfa-4133	35	37	closely	closely	ADV
ajfa-4133	35	38	related	relate	VERB
ajfa-4133	35	39	group	group	NOUN
ajfa-4133	35	40	of	of	ADP
ajfa-4133	35	41	investors	investor	NOUN
ajfa-4133	35	42	are	be	AUX
ajfa-4133	35	43	involved	involve	VERB
ajfa-4133	35	44	,	,	PUNCT
ajfa-4133	35	45	the	the	DET
ajfa-4133	35	46	loss	loss	NOUN
ajfa-4133	35	47	in	in	ADP
ajfa-4133	35	48	value	value	NOUN
ajfa-4133	35	49	of	of	ADP
ajfa-4133	35	50	firm	firm	NOUN
ajfa-4133	35	51	will	will	AUX
ajfa-4133	35	52	have	have	VERB
ajfa-4133	35	53	bad	bad	ADJ
ajfa-4133	35	54	effect	effect	NOUN
ajfa-4133	35	55	on	on	ADP
ajfa-4133	35	56	these	these	DET
ajfa-4133	35	57	investors	investor	NOUN
ajfa-4133	35	58	therefore	therefore	ADV
ajfa-4133	35	59	they	they	PRON
ajfa-4133	35	60	are	be	AUX
ajfa-4133	35	61	more	more	ADV
ajfa-4133	35	62	concerned	concerned	ADJ
ajfa-4133	35	63	with	with	ADP
ajfa-4133	35	64	the	the	DET
ajfa-4133	35	65	control	control	NOUN
ajfa-4133	35	66	and	and	CCONJ
ajfa-4133	35	67	performance	performance	NOUN
ajfa-4133	35	68	of	of	ADP
ajfa-4133	35	69	firms	firm	NOUN
ajfa-4133	35	70	.	.	PUNCT
ajfa-4133	36	1	burket	burket	PROPN
ajfa-4133	36	2	,	,	PUNCT
ajfa-4133	36	3	gromb	gromb	NOUN
ajfa-4133	36	4	,	,	PUNCT
ajfa-4133	36	5	and	and	CCONJ
ajfa-4133	36	6	panunzi	panunzi	PROPN
ajfa-4133	36	7	(	(	PUNCT
ajfa-4133	36	8	1997	1997	NUM
ajfa-4133	36	9	)	)	PUNCT
ajfa-4133	36	10	challenged	challenge	VERB
ajfa-4133	36	11	the	the	DET
ajfa-4133	36	12	view	view	NOUN
ajfa-4133	36	13	that	that	SCONJ
ajfa-4133	36	14	reduction	reduction	NOUN
ajfa-4133	36	15	in	in	ADP
ajfa-4133	36	16	managerial	managerial	ADJ
ajfa-4133	36	17	discretion	discretion	NOUN
ajfa-4133	36	18	by	by	ADP
ajfa-4133	36	19	dispersed	disperse	VERB
ajfa-4133	36	20	outside	outside	ADJ
ajfa-4133	36	21	ownership	ownership	NOUN
ajfa-4133	36	22	is	be	AUX
ajfa-4133	36	23	always	always	ADV
ajfa-4133	36	24	beneficial	beneficial	ADJ
ajfa-4133	36	25	.	.	PUNCT
ajfa-4133	37	1	burket	burket	NOUN
ajfa-4133	37	2	et	et	PROPN
ajfa-4133	37	3	al	al	PROPN
ajfa-4133	37	4	.	.	PROPN
ajfa-4133	37	5	,	,	PUNCT
ajfa-4133	37	6	(	(	PUNCT
ajfa-4133	37	7	1997	1997	NUM
ajfa-4133	37	8	)	)	PUNCT
ajfa-4133	37	9	suggested	suggest	VERB
ajfa-4133	37	10	that	that	SCONJ
ajfa-4133	37	11	the	the	DET
ajfa-4133	37	12	reduction	reduction	NOUN
ajfa-4133	37	13	in	in	ADP
ajfa-4133	37	14	managerial	managerial	ADJ
ajfa-4133	37	15	discretion	discretion	NOUN
ajfa-4133	37	16	by	by	ADP
ajfa-4133	37	17	dispersed	disperse	VERB
ajfa-4133	37	18	outside	outside	ADJ
ajfa-4133	37	19	ownership	ownership	NOUN
ajfa-4133	37	20	is	be	AUX
ajfa-4133	37	21	not	not	PART
ajfa-4133	37	22	always	always	ADV
ajfa-4133	37	23	beneficial	beneficial	ADJ
ajfa-4133	37	24	,	,	PUNCT
ajfa-4133	37	25	it	it	PRON
ajfa-4133	37	26	comes	come	VERB
ajfa-4133	37	27	with	with	ADP
ajfa-4133	37	28	costs	cost	NOUN
ajfa-4133	37	29	such	such	ADJ
ajfa-4133	37	30	as	as	ADP
ajfa-4133	37	31	expropriation	expropriation	NOUN
ajfa-4133	37	32	threat	threat	NOUN
ajfa-4133	37	33	.	.	PUNCT
ajfa-4133	38	1	they	they	PRON
ajfa-4133	38	2	also	also	ADV
ajfa-4133	38	3	argued	argue	VERB
ajfa-4133	38	4	that	that	SCONJ
ajfa-4133	38	5	even	even	ADV
ajfa-4133	38	6	in	in	ADP
ajfa-4133	38	7	case	case	NOUN
ajfa-4133	38	8	of	of	ADP
ajfa-4133	38	9	tight	tight	ADJ
ajfa-4133	38	10	or	or	CCONJ
ajfa-4133	38	11	concentrated	concentrate	VERB
ajfa-4133	38	12	outside	outside	ADJ
ajfa-4133	38	13	ownership	ownership	NOUN
ajfa-4133	38	14	,	,	PUNCT
ajfa-4133	38	15	it	it	PRON
ajfa-4133	38	16	constitutes	constitute	VERB
ajfa-4133	38	17	threat	threat	NOUN
ajfa-4133	38	18	of	of	ADP
ajfa-4133	38	19	expropriation	expropriation	NOUN
ajfa-4133	38	20	that	that	PRON
ajfa-4133	38	21	results	result	VERB
ajfa-4133	38	22	in	in	ADP
ajfa-4133	38	23	the	the	DET
ajfa-4133	38	24	reduction	reduction	NOUN
ajfa-4133	38	25	of	of	ADP
ajfa-4133	38	26	the	the	DET
ajfa-4133	38	27	managerial	managerial	ADJ
ajfa-4133	38	28	incentives	incentive	NOUN
ajfa-4133	38	29	.	.	PUNCT
ajfa-4133	39	1	with	with	ADP
ajfa-4133	39	2	the	the	DET
ajfa-4133	39	3	reduction	reduction	NOUN
ajfa-4133	39	4	of	of	ADP
ajfa-4133	39	5	managerial	managerial	ADJ
ajfa-4133	39	6	incentives	incentive	NOUN
ajfa-4133	39	7	the	the	DET
ajfa-4133	39	8	non	non	ADJ
ajfa-4133	39	9	-	-	ADJ
ajfa-4133	39	10	contractible	contractible	ADJ
ajfa-4133	39	11	investments	investment	NOUN
ajfa-4133	39	12	(	(	PUNCT
ajfa-4133	39	13	off	off	ADP
ajfa-4133	39	14	-	-	PUNCT
ajfa-4133	39	15	balance	balance	NOUN
ajfa-4133	39	16	sheet	sheet	NOUN
ajfa-4133	39	17	)	)	PUNCT
ajfa-4133	39	18	that	that	SCONJ
ajfa-4133	39	19	mangers	manger	NOUN
ajfa-4133	39	20	do	do	VERB
ajfa-4133	39	21	for	for	ADP
ajfa-4133	39	22	the	the	DET
ajfa-4133	39	23	benefits	benefit	NOUN
ajfa-4133	39	24	of	of	ADP
ajfa-4133	39	25	shareholders	shareholder	NOUN
ajfa-4133	39	26	also	also	ADV
ajfa-4133	39	27	reduces	reduce	VERB
ajfa-4133	39	28	,	,	PUNCT
ajfa-4133	39	29	thus	thus	ADV
ajfa-4133	39	30	the	the	DET
ajfa-4133	39	31	threat	threat	NOUN
ajfa-4133	39	32	of	of	ADP
ajfa-4133	39	33	expropriation	expropriation	NOUN
ajfa-4133	39	34	results	result	VERB
ajfa-4133	39	35	in	in	ADP
ajfa-4133	39	36	the	the	DET
ajfa-4133	39	37	reduction	reduction	NOUN
ajfa-4133	39	38	of	of	ADP
ajfa-4133	39	39	firm	firm	ADJ
ajfa-4133	39	40	value	value	NOUN
ajfa-4133	39	41	.	.	PUNCT
ajfa-4133	40	1	large	large	ADJ
ajfa-4133	40	2	shareholders	shareholder	NOUN
ajfa-4133	40	3	with	with	ADP
ajfa-4133	40	4	concentrated	concentrated	ADJ
ajfa-4133	40	5	majority	majority	NOUN
ajfa-4133	40	6	groups	group	NOUN
ajfa-4133	40	7	are	be	AUX
ajfa-4133	40	8	mostly	mostly	ADV
ajfa-4133	40	9	the	the	DET
ajfa-4133	40	10	main	main	ADJ
ajfa-4133	40	11	drivers	driver	NOUN
ajfa-4133	40	12	of	of	ADP
ajfa-4133	40	13	the	the	DET
ajfa-4133	40	14	firms	firm	NOUN
ajfa-4133	40	15	,	,	PUNCT
ajfa-4133	40	16	and	and	CCONJ
ajfa-4133	40	17	have	have	VERB
ajfa-4133	40	18	different	different	ADJ
ajfa-4133	40	19	interest	interest	NOUN
ajfa-4133	40	20	from	from	ADP
ajfa-4133	40	21	minority	minority	NOUN
ajfa-4133	40	22	shareholders	shareholder	NOUN
ajfa-4133	40	23	.	.	PUNCT
ajfa-4133	41	1	gomes	gome	NOUN
ajfa-4133	41	2	and	and	CCONJ
ajfa-4133	41	3	novaes	novaes	PROPN
ajfa-4133	41	4	(	(	PUNCT
ajfa-4133	41	5	1999	1999	NUM
ajfa-4133	41	6	,	,	PUNCT
ajfa-4133	41	7	2005	2005	NUM
ajfa-4133	41	8	)	)	PUNCT
ajfa-4133	41	9	concluded	conclude	VERB
ajfa-4133	41	10	that	that	SCONJ
ajfa-4133	41	11	conflicting	conflict	VERB
ajfa-4133	41	12	groups	group	NOUN
ajfa-4133	41	13	of	of	ADP
ajfa-4133	41	14	majority	majority	NOUN
ajfa-4133	41	15	shareholders	shareholder	NOUN
ajfa-4133	41	16	protects	protect	VERB
ajfa-4133	41	17	the	the	DET
ajfa-4133	41	18	interest	interest	NOUN
ajfa-4133	41	19	of	of	ADP
ajfa-4133	41	20	minority	minority	NOUN
ajfa-4133	41	21	shareholders	shareholder	NOUN
ajfa-4133	41	22	and	and	CCONJ
ajfa-4133	41	23	also	also	ADV
ajfa-4133	41	24	prevent	prevent	VERB
ajfa-4133	41	25	the	the	DET
ajfa-4133	41	26	firms	firm	NOUN
ajfa-4133	41	27	from	from	ADP
ajfa-4133	41	28	taking	take	VERB
ajfa-4133	41	29	efficient	efficient	ADJ
ajfa-4133	41	30	decisions	decision	NOUN
ajfa-4133	41	31	.	.	PUNCT
ajfa-4133	42	1	regulation	regulation	NOUN
ajfa-4133	42	2	of	of	ADP
ajfa-4133	42	3	governments	government	NOUN
ajfa-4133	42	4	regarding	regard	VERB
ajfa-4133	42	5	the	the	DET
ajfa-4133	42	6	specific	specific	ADJ
ajfa-4133	42	7	industry	industry	NOUN
ajfa-4133	42	8	or	or	CCONJ
ajfa-4133	42	9	sector	sector	NOUN
ajfa-4133	42	10	also	also	ADV
ajfa-4133	42	11	play	play	VERB
ajfa-4133	42	12	important	important	ADJ
ajfa-4133	42	13	role	role	NOUN
ajfa-4133	42	14	in	in	ADP
ajfa-4133	42	15	the	the	DET
ajfa-4133	42	16	working	working	NOUN
ajfa-4133	42	17	of	of	ADP
ajfa-4133	42	18	mangers	manger	NOUN
ajfa-4133	42	19	,	,	PUNCT
ajfa-4133	42	20	which	which	PRON
ajfa-4133	42	21	was	be	AUX
ajfa-4133	42	22	studied	study	VERB
ajfa-4133	42	23	by	by	ADP
ajfa-4133	42	24	demsetz	demsetz	ADJ
ajfa-4133	42	25	and	and	CCONJ
ajfa-4133	42	26	lehan	lehan	PROPN
ajfa-4133	42	27	(	(	PUNCT
ajfa-4133	42	28	1985	1985	NUM
ajfa-4133	42	29	)	)	PUNCT
ajfa-4133	42	30	,	,	PUNCT
ajfa-4133	42	31	they	they	PRON
ajfa-4133	42	32	argued	argue	VERB
ajfa-4133	42	33	that	that	SCONJ
ajfa-4133	42	34	the	the	DET
ajfa-4133	42	35	strong	strong	ADJ
ajfa-4133	42	36	regulation	regulation	NOUN
ajfa-4133	42	37	regarding	regard	VERB
ajfa-4133	42	38	specific	specific	ADJ
ajfa-4133	42	39	industries	industry	NOUN
ajfa-4133	42	40	such	such	ADJ
ajfa-4133	42	41	as	as	ADP
ajfa-4133	42	42	financial	financial	ADJ
ajfa-4133	42	43	sector	sector	NOUN
ajfa-4133	42	44	,	,	PUNCT
ajfa-4133	42	45	play	play	VERB
ajfa-4133	42	46	important	important	ADJ
ajfa-4133	42	47	role	role	NOUN
ajfa-4133	42	48	in	in	ADP
ajfa-4133	42	49	regulating	regulate	VERB
ajfa-4133	42	50	the	the	DET
ajfa-4133	42	51	discipline	discipline	NOUN
ajfa-4133	42	52	and	and	CCONJ
ajfa-4133	42	53	decisions	decision	NOUN
ajfa-4133	42	54	of	of	ADP
ajfa-4133	42	55	mangers	manger	NOUN
ajfa-4133	42	56	,	,	PUNCT
ajfa-4133	42	57	resulting	result	VERB
ajfa-4133	42	58	in	in	ADP
ajfa-4133	42	59	the	the	DET
ajfa-4133	42	60	reduced	reduce	VERB
ajfa-4133	42	61	benefits	benefit	NOUN
ajfa-4133	42	62	of	of	ADP
ajfa-4133	42	63	asian	asian	ADJ
ajfa-4133	42	64	journal	journal	NOUN
ajfa-4133	42	65	of	of	ADP
ajfa-4133	42	66	finance	finance	PROPN
ajfa-4133	42	67	&	&	CCONJ
ajfa-4133	42	68	accounting	accounting	PROPN
ajfa-4133	42	69	issn	issn	PROPN
ajfa-4133	42	70	1946	1946	NUM
ajfa-4133	42	71	-	-	PUNCT
ajfa-4133	42	72	052x	052x	NOUN
ajfa-4133	42	73	2013	2013	NUM
ajfa-4133	42	74	,	,	PUNCT
ajfa-4133	42	75	vol	vol	NOUN
ajfa-4133	42	76	.	.	PROPN
ajfa-4133	42	77	5	5	NUM
ajfa-4133	42	78	,	,	PUNCT
ajfa-4133	42	79	no	no	INTJ
ajfa-4133	42	80	.	.	NOUN
ajfa-4133	42	81	2	2	NUM
ajfa-4133	42	82	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4133	42	83	271	271	NUM
ajfa-4133	42	84	ownership	ownership	NOUN
ajfa-4133	42	85	structure	structure	NOUN
ajfa-4133	42	86	.	.	PUNCT
ajfa-4133	43	1	elyasiani	elyasiani	PROPN
ajfa-4133	43	2	and	and	CCONJ
ajfa-4133	43	3	jia	jia	PROPN
ajfa-4133	43	4	(	(	PUNCT
ajfa-4133	43	5	2008	2008	NUM
ajfa-4133	43	6	)	)	PUNCT
ajfa-4133	43	7	supported	support	VERB
ajfa-4133	43	8	the	the	DET
ajfa-4133	43	9	findings	finding	NOUN
ajfa-4133	43	10	of	of	ADP
ajfa-4133	43	11	demsetz	demsetz	ADJ
ajfa-4133	43	12	and	and	CCONJ
ajfa-4133	43	13	lehan	lehan	PROPN
ajfa-4133	43	14	(	(	PUNCT
ajfa-4133	43	15	1985	1985	NUM
ajfa-4133	43	16	)	)	PUNCT
ajfa-4133	43	17	and	and	CCONJ
ajfa-4133	43	18	further	far	ADV
ajfa-4133	43	19	concluded	conclude	VERB
ajfa-4133	43	20	that	that	SCONJ
ajfa-4133	43	21	institutional	institutional	ADJ
ajfa-4133	43	22	supervision	supervision	NOUN
ajfa-4133	43	23	can	can	AUX
ajfa-4133	43	24	replace	replace	VERB
ajfa-4133	43	25	the	the	DET
ajfa-4133	43	26	owners	owner	NOUN
ajfa-4133	43	27	monitoring	monitoring	NOUN
ajfa-4133	43	28	of	of	ADP
ajfa-4133	43	29	firms	firm	NOUN
ajfa-4133	43	30	.	.	PUNCT
ajfa-4133	44	1	the	the	DET
ajfa-4133	44	2	existing	exist	VERB
ajfa-4133	44	3	literature	literature	NOUN
ajfa-4133	44	4	has	have	AUX
ajfa-4133	44	5	also	also	ADV
ajfa-4133	44	6	focused	focus	VERB
ajfa-4133	44	7	the	the	DET
ajfa-4133	44	8	risk	risk	NOUN
ajfa-4133	44	9	taking	take	VERB
ajfa-4133	44	10	ability	ability	NOUN
ajfa-4133	44	11	of	of	ADP
ajfa-4133	44	12	the	the	DET
ajfa-4133	44	13	publicly	publicly	ADV
ajfa-4133	44	14	and	and	CCONJ
ajfa-4133	44	15	privately	privately	ADV
ajfa-4133	44	16	owned	own	VERB
ajfa-4133	44	17	banks	bank	NOUN
ajfa-4133	44	18	.	.	PUNCT
ajfa-4133	45	1	for	for	ADP
ajfa-4133	45	2	instance	instance	NOUN
ajfa-4133	45	3	,	,	PUNCT
ajfa-4133	45	4	nichols	nichols	PROPN
ajfa-4133	45	5	,	,	PUNCT
ajfa-4133	45	6	wahlen	wahlen	NOUN
ajfa-4133	45	7	,	,	PUNCT
ajfa-4133	45	8	and	and	CCONJ
ajfa-4133	45	9	wieland	wieland	PROPN
ajfa-4133	45	10	(	(	PUNCT
ajfa-4133	45	11	2009	2009	NUM
ajfa-4133	45	12	)	)	PUNCT
ajfa-4133	45	13	suggested	suggest	VERB
ajfa-4133	45	14	that	that	SCONJ
ajfa-4133	45	15	publicly	publicly	ADV
ajfa-4133	45	16	owned	own	VERB
ajfa-4133	45	17	banks	bank	NOUN
ajfa-4133	45	18	generally	generally	ADV
ajfa-4133	45	19	has	have	VERB
ajfa-4133	45	20	more	more	ADJ
ajfa-4133	45	21	loan	loan	NOUN
ajfa-4133	45	22	losses	loss	NOUN
ajfa-4133	45	23	and	and	CCONJ
ajfa-4133	45	24	loan	loan	NOUN
ajfa-4133	45	25	losses	loss	NOUN
ajfa-4133	45	26	provisions	provision	NOUN
ajfa-4133	45	27	than	than	ADP
ajfa-4133	45	28	privately	privately	ADV
ajfa-4133	45	29	owned	own	VERB
ajfa-4133	45	30	banks	bank	NOUN
ajfa-4133	45	31	.	.	PUNCT
ajfa-4133	46	1	the	the	DET
ajfa-4133	46	2	existing	exist	VERB
ajfa-4133	46	3	literature	literature	NOUN
ajfa-4133	46	4	has	have	AUX
ajfa-4133	46	5	suggested	suggest	VERB
ajfa-4133	46	6	that	that	SCONJ
ajfa-4133	46	7	the	the	DET
ajfa-4133	46	8	risk	risk	NOUN
ajfa-4133	46	9	taking	take	VERB
ajfa-4133	46	10	ability	ability	NOUN
ajfa-4133	46	11	and	and	CCONJ
ajfa-4133	46	12	agency	agency	NOUN
ajfa-4133	46	13	problems	problem	NOUN
ajfa-4133	46	14	varies	vary	VERB
ajfa-4133	46	15	in	in	ADP
ajfa-4133	46	16	firms	firm	NOUN
ajfa-4133	46	17	with	with	ADP
ajfa-4133	46	18	the	the	DET
ajfa-4133	46	19	nature	nature	NOUN
ajfa-4133	46	20	of	of	ADP
ajfa-4133	46	21	ownership	ownership	NOUN
ajfa-4133	46	22	.	.	PUNCT
ajfa-4133	47	1	among	among	ADP
ajfa-4133	47	2	agency	agency	NOUN
ajfa-4133	47	3	problems	problem	NOUN
ajfa-4133	47	4	first	first	ADJ
ajfa-4133	47	5	issue	issue	NOUN
ajfa-4133	47	6	was	be	AUX
ajfa-4133	47	7	identified	identify	VERB
ajfa-4133	47	8	by	by	ADP
ajfa-4133	47	9	jensen	jensen	PROPN
ajfa-4133	47	10	and	and	CCONJ
ajfa-4133	47	11	meckling	meckling	NOUN
ajfa-4133	47	12	(	(	PUNCT
ajfa-4133	47	13	1976	1976	NUM
ajfa-4133	47	14	)	)	PUNCT
ajfa-4133	47	15	known	know	VERB
ajfa-4133	47	16	as	as	ADP
ajfa-4133	47	17	conflict	conflict	NOUN
ajfa-4133	47	18	of	of	ADP
ajfa-4133	47	19	interest	interest	NOUN
ajfa-4133	47	20	,	,	PUNCT
ajfa-4133	47	21	which	which	PRON
ajfa-4133	47	22	suggests	suggest	VERB
ajfa-4133	47	23	the	the	DET
ajfa-4133	47	24	diversified	diversified	ADJ
ajfa-4133	47	25	shareholders	shareholder	NOUN
ajfa-4133	47	26	are	be	AUX
ajfa-4133	47	27	willing	willing	ADJ
ajfa-4133	47	28	to	to	PART
ajfa-4133	47	29	take	take	VERB
ajfa-4133	47	30	higher	high	ADJ
ajfa-4133	47	31	risks	risk	NOUN
ajfa-4133	47	32	to	to	PART
ajfa-4133	47	33	increase	increase	VERB
ajfa-4133	47	34	their	their	PRON
ajfa-4133	47	35	earnings	earning	NOUN
ajfa-4133	47	36	whereas	whereas	SCONJ
ajfa-4133	47	37	mangers	manger	NOUN
ajfa-4133	47	38	tries	try	VERB
ajfa-4133	47	39	to	to	PART
ajfa-4133	47	40	reduce	reduce	VERB
ajfa-4133	47	41	risk	risk	NOUN
ajfa-4133	47	42	exposures	exposure	NOUN
ajfa-4133	47	43	and	and	CCONJ
ajfa-4133	47	44	losses	loss	NOUN
ajfa-4133	47	45	,	,	PUNCT
ajfa-4133	47	46	in	in	ADP
ajfa-4133	47	47	order	order	NOUN
ajfa-4133	47	48	to	to	PART
ajfa-4133	47	49	save	save	VERB
ajfa-4133	47	50	their	their	PRON
ajfa-4133	47	51	positions	position	NOUN
ajfa-4133	47	52	and	and	CCONJ
ajfa-4133	47	53	to	to	PART
ajfa-4133	47	54	serve	serve	VERB
ajfa-4133	47	55	their	their	PRON
ajfa-4133	47	56	personal	personal	ADJ
ajfa-4133	47	57	benefits	benefit	NOUN
ajfa-4133	47	58	(	(	PUNCT
ajfa-4133	47	59	jensen	jensen	PROPN
ajfa-4133	47	60	and	and	CCONJ
ajfa-4133	47	61	meckling	meckling	NOUN
ajfa-4133	47	62	,	,	PUNCT
ajfa-4133	47	63	1976	1976	NUM
ajfa-4133	47	64	;	;	PUNCT
ajfa-4133	47	65	and	and	CCONJ
ajfa-4133	47	66	esty	esty	NOUN
ajfa-4133	47	67	,	,	PUNCT
ajfa-4133	47	68	1998	1998	NUM
ajfa-4133	47	69	)	)	PUNCT
ajfa-4133	47	70	.	.	PUNCT
ajfa-4133	48	1	one	one	NUM
ajfa-4133	48	2	of	of	ADP
ajfa-4133	48	3	the	the	DET
ajfa-4133	48	4	early	early	ADJ
ajfa-4133	48	5	empirical	empirical	ADJ
ajfa-4133	48	6	studies	study	NOUN
ajfa-4133	48	7	relating	relate	VERB
ajfa-4133	48	8	impact	impact	NOUN
ajfa-4133	48	9	of	of	ADP
ajfa-4133	48	10	ownership	ownership	NOUN
ajfa-4133	48	11	structure	structure	NOUN
ajfa-4133	48	12	on	on	ADP
ajfa-4133	48	13	bank	bank	NOUN
ajfa-4133	48	14	risk	risk	NOUN
ajfa-4133	48	15	taking	take	VERB
ajfa-4133	48	16	incentives	incentive	NOUN
ajfa-4133	48	17	was	be	AUX
ajfa-4133	48	18	conducted	conduct	VERB
ajfa-4133	48	19	by	by	ADP
ajfa-4133	48	20	saunders	saunder	NOUN
ajfa-4133	48	21	,	,	PUNCT
ajfa-4133	48	22	strock	strock	NOUN
ajfa-4133	48	23	,	,	PUNCT
ajfa-4133	48	24	and	and	CCONJ
ajfa-4133	48	25	travlos	travlo	NOUN
ajfa-4133	48	26	(	(	PUNCT
ajfa-4133	48	27	1990	1990	NUM
ajfa-4133	48	28	)	)	PUNCT
ajfa-4133	48	29	.	.	PUNCT
ajfa-4133	49	1	they	they	PRON
ajfa-4133	49	2	hypothesized	hypothesize	VERB
ajfa-4133	49	3	that	that	SCONJ
ajfa-4133	49	4	stock	stock	NOUN
ajfa-4133	49	5	holder	holder	NOUN
ajfa-4133	49	6	controlled	control	VERB
ajfa-4133	49	7	banks	bank	NOUN
ajfa-4133	49	8	have	have	VERB
ajfa-4133	49	9	greater	great	ADJ
ajfa-4133	49	10	incentives	incentive	NOUN
ajfa-4133	49	11	to	to	PART
ajfa-4133	49	12	take	take	VERB
ajfa-4133	49	13	risks	risk	NOUN
ajfa-4133	49	14	as	as	ADP
ajfa-4133	49	15	compared	compare	VERB
ajfa-4133	49	16	to	to	ADP
ajfa-4133	49	17	the	the	DET
ajfa-4133	49	18	privately	privately	ADV
ajfa-4133	49	19	owned	own	VERB
ajfa-4133	49	20	banks	bank	NOUN
ajfa-4133	49	21	,	,	PUNCT
ajfa-4133	49	22	there	there	PRON
ajfa-4133	49	23	results	result	NOUN
ajfa-4133	49	24	supported	support	VERB
ajfa-4133	49	25	the	the	DET
ajfa-4133	49	26	hypothesis	hypothesis	NOUN
ajfa-4133	49	27	and	and	CCONJ
ajfa-4133	49	28	suggested	suggest	VERB
ajfa-4133	49	29	positive	positive	ADJ
ajfa-4133	49	30	relation	relation	NOUN
ajfa-4133	49	31	between	between	ADP
ajfa-4133	49	32	stockholder	stockholder	NOUN
ajfa-4133	49	33	control	control	NOUN
ajfa-4133	49	34	and	and	CCONJ
ajfa-4133	49	35	risk	risk	NOUN
ajfa-4133	49	36	taking	take	VERB
ajfa-4133	49	37	incentives	incentive	NOUN
ajfa-4133	49	38	.	.	PUNCT
ajfa-4133	50	1	they	they	PRON
ajfa-4133	50	2	also	also	ADV
ajfa-4133	50	3	concluded	conclude	VERB
ajfa-4133	50	4	that	that	SCONJ
ajfa-4133	50	5	risk	risk	NOUN
ajfa-4133	50	6	taking	take	VERB
ajfa-4133	50	7	incentives	incentive	NOUN
ajfa-4133	50	8	and	and	CCONJ
ajfa-4133	50	9	managerial	managerial	ADJ
ajfa-4133	50	10	control	control	NOUN
ajfa-4133	50	11	are	be	AUX
ajfa-4133	50	12	negatively	negatively	ADV
ajfa-4133	50	13	associated	associate	VERB
ajfa-4133	50	14	with	with	ADP
ajfa-4133	50	15	each	each	DET
ajfa-4133	50	16	other	other	ADJ
ajfa-4133	50	17	.	.	PUNCT
ajfa-4133	51	1	like	like	ADP
ajfa-4133	51	2	saunders	saunder	NOUN
ajfa-4133	51	3	et	et	PROPN
ajfa-4133	51	4	al	al	PROPN
ajfa-4133	51	5	.	.	PROPN
ajfa-4133	51	6	,	,	PUNCT
ajfa-4133	51	7	(	(	PUNCT
ajfa-4133	51	8	1990	1990	NUM
ajfa-4133	51	9	)	)	PUNCT
ajfa-4133	51	10	other	other	ADJ
ajfa-4133	51	11	studies	study	NOUN
ajfa-4133	51	12	also	also	ADV
ajfa-4133	51	13	found	find	VERB
ajfa-4133	51	14	significant	significant	ADJ
ajfa-4133	51	15	association	association	NOUN
ajfa-4133	51	16	between	between	ADP
ajfa-4133	51	17	ownership	ownership	NOUN
ajfa-4133	51	18	and	and	CCONJ
ajfa-4133	51	19	risk	risk	NOUN
ajfa-4133	51	20	taking	take	VERB
ajfa-4133	51	21	incentives	incentive	NOUN
ajfa-4133	51	22	but	but	CCONJ
ajfa-4133	51	23	without	without	ADP
ajfa-4133	51	24	any	any	DET
ajfa-4133	51	25	consistent	consistent	ADJ
ajfa-4133	51	26	agreement	agreement	NOUN
ajfa-4133	51	27	on	on	ADP
ajfa-4133	51	28	the	the	DET
ajfa-4133	51	29	sign	sign	NOUN
ajfa-4133	51	30	of	of	ADP
ajfa-4133	51	31	relationship	relationship	NOUN
ajfa-4133	51	32	.	.	PUNCT
ajfa-4133	52	1	some	some	DET
ajfa-4133	52	2	studies	study	NOUN
ajfa-4133	52	3	found	find	VERB
ajfa-4133	52	4	positive	positive	ADJ
ajfa-4133	52	5	relationship	relationship	NOUN
ajfa-4133	52	6	,	,	PUNCT
ajfa-4133	52	7	some	some	PRON
ajfa-4133	52	8	suggested	suggest	VERB
ajfa-4133	52	9	negative	negative	ADJ
ajfa-4133	52	10	and	and	CCONJ
ajfa-4133	52	11	few	few	ADJ
ajfa-4133	52	12	proved	prove	VERB
ajfa-4133	52	13	u	u	ADJ
ajfa-4133	52	14	-	-	VERB
ajfa-4133	52	15	shaped	shaped	ADJ
ajfa-4133	52	16	or	or	CCONJ
ajfa-4133	52	17	inverse	inverse	NOUN
ajfa-4133	52	18	u	u	ADJ
ajfa-4133	52	19	-	-	ADJ
ajfa-4133	52	20	shaped	shape	VERB
ajfa-4133	52	21	relationship	relationship	NOUN
ajfa-4133	52	22	.	.	PUNCT
ajfa-4133	53	1	for	for	ADP
ajfa-4133	53	2	instance	instance	NOUN
ajfa-4133	53	3	,	,	PUNCT
ajfa-4133	53	4	sullivan	sullivan	PROPN
ajfa-4133	53	5	and	and	CCONJ
ajfa-4133	53	6	spong	spong	PROPN
ajfa-4133	53	7	(	(	PUNCT
ajfa-4133	53	8	2007	2007	NUM
ajfa-4133	53	9	)	)	PUNCT
ajfa-4133	53	10	concluded	conclude	VERB
ajfa-4133	53	11	that	that	SCONJ
ajfa-4133	53	12	the	the	DET
ajfa-4133	53	13	banks	bank	NOUN
ajfa-4133	53	14	having	have	VERB
ajfa-4133	53	15	mangers	manger	NOUN
ajfa-4133	53	16	as	as	ADP
ajfa-4133	53	17	their	their	PRON
ajfa-4133	53	18	shareholders	shareholder	NOUN
ajfa-4133	53	19	,	,	PUNCT
ajfa-4133	53	20	the	the	DET
ajfa-4133	53	21	stock	stock	NOUN
ajfa-4133	53	22	ownership	ownership	NOUN
ajfa-4133	53	23	of	of	ADP
ajfa-4133	53	24	such	such	ADJ
ajfa-4133	53	25	banks	bank	NOUN
ajfa-4133	53	26	are	be	AUX
ajfa-4133	53	27	positively	positively	ADV
ajfa-4133	53	28	associated	associate	VERB
ajfa-4133	53	29	with	with	ADP
ajfa-4133	53	30	the	the	DET
ajfa-4133	53	31	bank	bank	NOUN
ajfa-4133	53	32	risk	risk	NOUN
ajfa-4133	53	33	,	,	PUNCT
ajfa-4133	53	34	which	which	PRON
ajfa-4133	53	35	shows	show	VERB
ajfa-4133	53	36	that	that	SCONJ
ajfa-4133	53	37	under	under	ADP
ajfa-4133	53	38	certain	certain	ADJ
ajfa-4133	53	39	situations	situation	NOUN
ajfa-4133	53	40	banks	bank	NOUN
ajfa-4133	53	41	manger	manger	NOUN
ajfa-4133	53	42	operates	operate	VERB
ajfa-4133	53	43	the	the	DET
ajfa-4133	53	44	banks	bank	NOUN
ajfa-4133	53	45	for	for	ADP
ajfa-4133	53	46	the	the	DET
ajfa-4133	53	47	benefits	benefit	NOUN
ajfa-4133	53	48	of	of	ADP
ajfa-4133	53	49	their	their	PRON
ajfa-4133	53	50	owners	owner	NOUN
ajfa-4133	53	51	.	.	PUNCT
ajfa-4133	54	1	furthermore	furthermore	ADV
ajfa-4133	54	2	,	,	PUNCT
ajfa-4133	54	3	westman	westman	NOUN
ajfa-4133	54	4	(	(	PUNCT
ajfa-4133	54	5	2011	2011	NUM
ajfa-4133	54	6	)	)	PUNCT
ajfa-4133	54	7	found	find	VERB
ajfa-4133	54	8	that	that	SCONJ
ajfa-4133	54	9	in	in	ADP
ajfa-4133	54	10	non	non	ADJ
ajfa-4133	54	11	-	-	ADJ
ajfa-4133	54	12	traditional	traditional	ADJ
ajfa-4133	54	13	banks	bank	NOUN
ajfa-4133	54	14	management	management	NOUN
ajfa-4133	54	15	ownership	ownership	NOUN
ajfa-4133	54	16	is	be	AUX
ajfa-4133	54	17	positively	positively	ADV
ajfa-4133	54	18	associated	associate	VERB
ajfa-4133	54	19	with	with	ADP
ajfa-4133	54	20	the	the	DET
ajfa-4133	54	21	profitability	profitability	NOUN
ajfa-4133	54	22	,	,	PUNCT
ajfa-4133	54	23	whereas	whereas	SCONJ
ajfa-4133	54	24	in	in	ADP
ajfa-4133	54	25	traditional	traditional	ADJ
ajfa-4133	54	26	banks	bank	NOUN
ajfa-4133	54	27	board	board	NOUN
ajfa-4133	54	28	ownership	ownership	NOUN
ajfa-4133	54	29	is	be	AUX
ajfa-4133	54	30	positively	positively	ADV
ajfa-4133	54	31	associated	associate	VERB
ajfa-4133	54	32	with	with	ADP
ajfa-4133	54	33	the	the	DET
ajfa-4133	54	34	profitability	profitability	NOUN
ajfa-4133	54	35	.	.	PUNCT
ajfa-4133	55	1	existing	exist	VERB
ajfa-4133	55	2	literature	literature	NOUN
ajfa-4133	55	3	has	have	AUX
ajfa-4133	55	4	analyzed	analyze	VERB
ajfa-4133	55	5	the	the	DET
ajfa-4133	55	6	association	association	NOUN
ajfa-4133	55	7	between	between	ADP
ajfa-4133	55	8	ownership	ownership	NOUN
ajfa-4133	55	9	structure	structure	NOUN
ajfa-4133	55	10	and	and	CCONJ
ajfa-4133	55	11	banks	bank	NOUN
ajfa-4133	55	12	performance	performance	NOUN
ajfa-4133	55	13	with	with	ADP
ajfa-4133	55	14	no	no	DET
ajfa-4133	55	15	concise	concise	ADJ
ajfa-4133	55	16	empirical	empirical	ADJ
ajfa-4133	55	17	evidences	evidence	NOUN
ajfa-4133	55	18	on	on	ADP
ajfa-4133	55	19	relation	relation	NOUN
ajfa-4133	55	20	,	,	PUNCT
ajfa-4133	55	21	furthermore	furthermore	ADV
ajfa-4133	55	22	theoretical	theoretical	ADJ
ajfa-4133	55	23	explanation	explanation	NOUN
ajfa-4133	55	24	of	of	ADP
ajfa-4133	55	25	the	the	DET
ajfa-4133	55	26	relation	relation	NOUN
ajfa-4133	55	27	is	be	AUX
ajfa-4133	55	28	also	also	ADV
ajfa-4133	55	29	not	not	PART
ajfa-4133	55	30	clear	clear	ADJ
ajfa-4133	55	31	.	.	PUNCT
ajfa-4133	56	1	for	for	ADP
ajfa-4133	56	2	instance	instance	NOUN
ajfa-4133	56	3	aghion	aghion	NOUN
ajfa-4133	56	4	and	and	CCONJ
ajfa-4133	56	5	tirole	tirole	PROPN
ajfa-4133	56	6	(	(	PUNCT
ajfa-4133	56	7	1997	1997	NUM
ajfa-4133	56	8	)	)	PUNCT
ajfa-4133	56	9	concluded	conclude	VERB
ajfa-4133	56	10	that	that	SCONJ
ajfa-4133	56	11	firm	firm	ADJ
ajfa-4133	56	12	performance	performance	NOUN
ajfa-4133	56	13	can	can	AUX
ajfa-4133	56	14	be	be	AUX
ajfa-4133	56	15	improved	improve	VERB
ajfa-4133	56	16	through	through	ADP
ajfa-4133	56	17	concentrated	concentrate	VERB
ajfa-4133	56	18	ownership	ownership	NOUN
ajfa-4133	56	19	because	because	SCONJ
ajfa-4133	56	20	of	of	ADP
ajfa-4133	56	21	the	the	DET
ajfa-4133	56	22	increase	increase	NOUN
ajfa-4133	56	23	in	in	ADP
ajfa-4133	56	24	supervision	supervision	NOUN
ajfa-4133	56	25	and	and	CCONJ
ajfa-4133	56	26	prevention	prevention	NOUN
ajfa-4133	56	27	of	of	ADP
ajfa-4133	56	28	managerial	managerial	ADJ
ajfa-4133	56	29	takeovers	takeover	NOUN
ajfa-4133	56	30	,	,	PUNCT
ajfa-4133	56	31	whereas	whereas	ADV
ajfa-4133	56	32	,	,	PUNCT
ajfa-4133	56	33	shleifer	shleifer	NOUN
ajfa-4133	56	34	and	and	CCONJ
ajfa-4133	56	35	vishny	vishny	PROPN
ajfa-4133	56	36	(	(	PUNCT
ajfa-4133	56	37	1997	1997	NUM
ajfa-4133	56	38	)	)	PUNCT
ajfa-4133	56	39	in	in	ADP
ajfa-4133	56	40	there	there	PRON
ajfa-4133	56	41	theoretical	theoretical	ADJ
ajfa-4133	56	42	study	study	NOUN
ajfa-4133	56	43	argued	argue	VERB
ajfa-4133	56	44	that	that	SCONJ
ajfa-4133	56	45	large	large	ADJ
ajfa-4133	56	46	shareholders	shareholder	NOUN
ajfa-4133	56	47	can	can	AUX
ajfa-4133	56	48	use	use	VERB
ajfa-4133	56	49	their	their	PRON
ajfa-4133	56	50	power	power	NOUN
ajfa-4133	56	51	to	to	PART
ajfa-4133	56	52	influence	influence	VERB
ajfa-4133	56	53	strategies	strategy	NOUN
ajfa-4133	56	54	in	in	ADP
ajfa-4133	56	55	favor	favor	NOUN
ajfa-4133	56	56	of	of	ADP
ajfa-4133	56	57	their	their	PRON
ajfa-4133	56	58	own	own	ADJ
ajfa-4133	56	59	benefits	benefit	NOUN
ajfa-4133	56	60	and	and	CCONJ
ajfa-4133	56	61	can	can	AUX
ajfa-4133	56	62	exploit	exploit	VERB
ajfa-4133	56	63	the	the	DET
ajfa-4133	56	64	minority	minority	NOUN
ajfa-4133	56	65	share	share	NOUN
ajfa-4133	56	66	holders	holder	NOUN
ajfa-4133	56	67	.	.	PUNCT
ajfa-4133	57	1	boubakri	boubakri	NOUN
ajfa-4133	57	2	and	and	CCONJ
ajfa-4133	57	3	ghouma	ghouma	PROPN
ajfa-4133	57	4	(	(	PUNCT
ajfa-4133	57	5	2010	2010	NUM
ajfa-4133	57	6	)	)	PUNCT
ajfa-4133	57	7	found	find	VERB
ajfa-4133	57	8	that	that	SCONJ
ajfa-4133	57	9	expropriation	expropriation	NOUN
ajfa-4133	57	10	by	by	ADP
ajfa-4133	57	11	the	the	DET
ajfa-4133	57	12	ultimate	ultimate	ADJ
ajfa-4133	57	13	owners	owner	NOUN
ajfa-4133	57	14	affects	affect	VERB
ajfa-4133	57	15	the	the	DET
ajfa-4133	57	16	performance	performance	NOUN
ajfa-4133	57	17	of	of	ADP
ajfa-4133	57	18	firms	firm	NOUN
ajfa-4133	57	19	bonds	bond	NOUN
ajfa-4133	57	20	and	and	CCONJ
ajfa-4133	57	21	ratings	rating	NOUN
ajfa-4133	57	22	.	.	PUNCT
ajfa-4133	58	1	laeven	laeven	ADJ
ajfa-4133	58	2	and	and	CCONJ
ajfa-4133	58	3	levine	levine	PROPN
ajfa-4133	58	4	(	(	PUNCT
ajfa-4133	58	5	2009	2009	NUM
ajfa-4133	58	6	)	)	PUNCT
ajfa-4133	58	7	found	find	VERB
ajfa-4133	58	8	that	that	SCONJ
ajfa-4133	58	9	the	the	DET
ajfa-4133	58	10	risk	risk	NOUN
ajfa-4133	58	11	taking	take	VERB
ajfa-4133	58	12	ability	ability	NOUN
ajfa-4133	58	13	of	of	ADP
ajfa-4133	58	14	the	the	DET
ajfa-4133	58	15	banks	bank	NOUN
ajfa-4133	58	16	increases	increase	VERB
ajfa-4133	58	17	with	with	ADP
ajfa-4133	58	18	powerful	powerful	ADJ
ajfa-4133	58	19	owners	owner	NOUN
ajfa-4133	58	20	.	.	PUNCT
ajfa-4133	59	1	later	later	ADV
ajfa-4133	59	2	on	on	ADP
ajfa-4133	59	3	haw	haw	PROPN
ajfa-4133	59	4	,	,	PUNCT
ajfa-4133	59	5	ho	ho	PROPN
ajfa-4133	59	6	,	,	PUNCT
ajfa-4133	59	7	hu	hu	PROPN
ajfa-4133	59	8	,	,	PUNCT
ajfa-4133	59	9	and	and	CCONJ
ajfa-4133	59	10	wu	wu	PROPN
ajfa-4133	59	11	(	(	PUNCT
ajfa-4133	59	12	2010	2010	NUM
ajfa-4133	59	13	)	)	PUNCT
ajfa-4133	59	14	confirmed	confirm	VERB
ajfa-4133	59	15	the	the	DET
ajfa-4133	59	16	findings	finding	NOUN
ajfa-4133	59	17	of	of	ADP
ajfa-4133	59	18	laeven	laeven	ADJ
ajfa-4133	59	19	and	and	CCONJ
ajfa-4133	59	20	levine	levine	PROPN
ajfa-4133	59	21	(	(	PUNCT
ajfa-4133	59	22	2009	2009	NUM
ajfa-4133	59	23	)	)	PUNCT
ajfa-4133	59	24	by	by	ADP
ajfa-4133	59	25	suggesting	suggest	VERB
ajfa-4133	59	26	that	that	SCONJ
ajfa-4133	59	27	the	the	DET
ajfa-4133	59	28	concentrated	concentrated	ADJ
ajfa-4133	59	29	ownership	ownership	NOUN
ajfa-4133	59	30	exhibits	exhibit	VERB
ajfa-4133	59	31	higher	high	ADJ
ajfa-4133	59	32	insolvency	insolvency	NOUN
ajfa-4133	59	33	risk	risk	NOUN
ajfa-4133	59	34	,	,	PUNCT
ajfa-4133	59	35	poor	poor	ADJ
ajfa-4133	59	36	performance	performance	NOUN
ajfa-4133	59	37	and	and	CCONJ
ajfa-4133	59	38	greater	great	ADJ
ajfa-4133	59	39	earnings	earning	NOUN
ajfa-4133	59	40	volatility	volatility	NOUN
ajfa-4133	59	41	.	.	PUNCT
ajfa-4133	60	1	whereas	whereas	SCONJ
ajfa-4133	60	2	shehzad	shehzad	PROPN
ajfa-4133	60	3	et	et	PROPN
ajfa-4133	60	4	al	al	PROPN
ajfa-4133	60	5	.	.	PROPN
ajfa-4133	60	6	,	,	PUNCT
ajfa-4133	60	7	(	(	PUNCT
ajfa-4133	60	8	2010	2010	NUM
ajfa-4133	60	9	)	)	PUNCT
ajfa-4133	60	10	found	find	VERB
ajfa-4133	60	11	that	that	SCONJ
ajfa-4133	60	12	when	when	SCONJ
ajfa-4133	60	13	the	the	DET
ajfa-4133	60	14	ownership	ownership	NOUN
ajfa-4133	60	15	concentration	concentration	NOUN
ajfa-4133	60	16	is	be	AUX
ajfa-4133	60	17	50	50	NUM
ajfa-4133	60	18	percent	percent	NOUN
ajfa-4133	60	19	or	or	CCONJ
ajfa-4133	60	20	more	more	ADJ
ajfa-4133	60	21	than	than	ADP
ajfa-4133	60	22	npls	npls	NOUN
ajfa-4133	60	23	decreases	decrease	VERB
ajfa-4133	60	24	,	,	PUNCT
ajfa-4133	60	25	they	they	PRON
ajfa-4133	60	26	also	also	ADV
ajfa-4133	60	27	suggested	suggest	VERB
ajfa-4133	60	28	that	that	SCONJ
ajfa-4133	60	29	weak	weak	ADJ
ajfa-4133	60	30	shareholder	shareholder	NOUN
ajfa-4133	60	31	protection	protection	NOUN
ajfa-4133	60	32	rights	right	NOUN
ajfa-4133	60	33	are	be	AUX
ajfa-4133	60	34	beneficial	beneficial	ADJ
ajfa-4133	60	35	for	for	ADP
ajfa-4133	60	36	the	the	DET
ajfa-4133	60	37	ownership	ownership	NOUN
ajfa-4133	60	38	concentration	concentration	NOUN
ajfa-4133	60	39	for	for	ADP
ajfa-4133	60	40	banks	bank	NOUN
ajfa-4133	60	41	.	.	PUNCT
ajfa-4133	61	1	asian	asian	ADJ
ajfa-4133	61	2	journal	journal	PROPN
ajfa-4133	61	3	of	of	ADP
ajfa-4133	61	4	finance	finance	PROPN
ajfa-4133	61	5	&	&	CCONJ
ajfa-4133	61	6	accounting	accounting	PROPN
ajfa-4133	61	7	issn	issn	PROPN
ajfa-4133	61	8	1946	1946	NUM
ajfa-4133	61	9	-	-	PUNCT
ajfa-4133	61	10	052x	052x	NOUN
ajfa-4133	61	11	2013	2013	NUM
ajfa-4133	61	12	,	,	PUNCT
ajfa-4133	61	13	vol	vol	NOUN
ajfa-4133	61	14	.	.	PROPN
ajfa-4133	61	15	5	5	NUM
ajfa-4133	61	16	,	,	PUNCT
ajfa-4133	61	17	no	no	INTJ
ajfa-4133	61	18	.	.	NOUN
ajfa-4133	61	19	2	2	NUM
ajfa-4133	61	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4133	61	21	272	272	NUM
ajfa-4133	61	22	the	the	DET
ajfa-4133	61	23	existing	exist	VERB
ajfa-4133	61	24	literature	literature	NOUN
ajfa-4133	61	25	has	have	AUX
ajfa-4133	61	26	provided	provide	VERB
ajfa-4133	61	27	evidence	evidence	NOUN
ajfa-4133	61	28	relating	relate	VERB
ajfa-4133	61	29	the	the	DET
ajfa-4133	61	30	performance	performance	NOUN
ajfa-4133	61	31	comparison	comparison	NOUN
ajfa-4133	61	32	between	between	ADP
ajfa-4133	61	33	publicly	publicly	ADV
ajfa-4133	61	34	and	and	CCONJ
ajfa-4133	61	35	privately	privately	ADV
ajfa-4133	61	36	owned	own	VERB
ajfa-4133	61	37	banks	bank	NOUN
ajfa-4133	61	38	.	.	PUNCT
ajfa-4133	62	1	agency	agency	NOUN
ajfa-4133	62	2	costs	cost	NOUN
ajfa-4133	62	3	in	in	ADP
ajfa-4133	62	4	the	the	DET
ajfa-4133	62	5	government	government	NOUN
ajfa-4133	62	6	owned	own	VERB
ajfa-4133	62	7	firms	firm	NOUN
ajfa-4133	62	8	can	can	AUX
ajfa-4133	62	9	results	result	VERB
ajfa-4133	62	10	in	in	ADP
ajfa-4133	62	11	the	the	DET
ajfa-4133	62	12	weak	weak	ADJ
ajfa-4133	62	13	managerial	managerial	ADJ
ajfa-4133	62	14	rewards	reward	NOUN
ajfa-4133	62	15	,	,	PUNCT
ajfa-4133	62	16	under	under	NOUN
ajfa-4133	62	17	-	-	PUNCT
ajfa-4133	62	18	utilization	utilization	NOUN
ajfa-4133	62	19	and	and	CCONJ
ajfa-4133	62	20	misallocation	misallocation	NOUN
ajfa-4133	62	21	of	of	ADP
ajfa-4133	62	22	resources	resource	NOUN
ajfa-4133	62	23	.	.	PUNCT
ajfa-4133	63	1	agency	agency	NOUN
ajfa-4133	63	2	cost	cost	NOUN
ajfa-4133	63	3	view	view	NOUN
ajfa-4133	63	4	illustrates	illustrate	VERB
ajfa-4133	63	5	that	that	SCONJ
ajfa-4133	63	6	private	private	ADJ
ajfa-4133	63	7	firm	firm	NOUN
ajfa-4133	63	8	’s	’s	PART
ajfa-4133	63	9	mangers	manger	NOUN
ajfa-4133	63	10	do	do	AUX
ajfa-4133	63	11	not	not	PART
ajfa-4133	63	12	work	work	VERB
ajfa-4133	63	13	at	at	ADP
ajfa-4133	63	14	their	their	PRON
ajfa-4133	63	15	full	full	ADJ
ajfa-4133	63	16	potential	potential	NOUN
ajfa-4133	63	17	as	as	SCONJ
ajfa-4133	63	18	compared	compare	VERB
ajfa-4133	63	19	to	to	ADP
ajfa-4133	63	20	private	private	ADJ
ajfa-4133	63	21	firm	firm	NOUN
ajfa-4133	63	22	’s	’s	PART
ajfa-4133	63	23	counterpart	counterpart	NOUN
ajfa-4133	63	24	and	and	CCONJ
ajfa-4133	63	25	usually	usually	ADV
ajfa-4133	63	26	use	use	VERB
ajfa-4133	63	27	most	most	ADJ
ajfa-4133	63	28	of	of	ADP
ajfa-4133	63	29	the	the	DET
ajfa-4133	63	30	resources	resource	NOUN
ajfa-4133	63	31	for	for	ADP
ajfa-4133	63	32	their	their	PRON
ajfa-4133	63	33	personal	personal	ADJ
ajfa-4133	63	34	benefits	benefit	NOUN
ajfa-4133	63	35	.	.	PUNCT
ajfa-4133	64	1	from	from	ADP
ajfa-4133	64	2	political	political	ADJ
ajfa-4133	64	3	corruption	corruption	NOUN
ajfa-4133	64	4	aspects	aspect	NOUN
ajfa-4133	64	5	state	state	NOUN
ajfa-4133	64	6	owned	own	VERB
ajfa-4133	64	7	banks	bank	NOUN
ajfa-4133	64	8	works	work	VERB
ajfa-4133	64	9	to	to	PART
ajfa-4133	64	10	serve	serve	VERB
ajfa-4133	64	11	the	the	DET
ajfa-4133	64	12	supporters	supporter	NOUN
ajfa-4133	64	13	of	of	ADP
ajfa-4133	64	14	government	government	NOUN
ajfa-4133	64	15	,	,	PUNCT
ajfa-4133	64	16	political	political	ADJ
ajfa-4133	64	17	influence	influence	NOUN
ajfa-4133	64	18	in	in	ADP
ajfa-4133	64	19	banks	bank	NOUN
ajfa-4133	64	20	decreases	decrease	VERB
ajfa-4133	64	21	efficiency	efficiency	NOUN
ajfa-4133	64	22	and	and	CCONJ
ajfa-4133	64	23	loan	loan	NOUN
ajfa-4133	64	24	quality	quality	NOUN
ajfa-4133	64	25	by	by	ADP
ajfa-4133	64	26	allocating	allocate	VERB
ajfa-4133	64	27	the	the	DET
ajfa-4133	64	28	funds	fund	NOUN
ajfa-4133	64	29	on	on	ADP
ajfa-4133	64	30	political	political	ADJ
ajfa-4133	64	31	basis	basis	NOUN
ajfa-4133	64	32	(	(	PUNCT
ajfa-4133	64	33	khwaja	khwaja	PROPN
ajfa-4133	64	34	and	and	CCONJ
ajfa-4133	64	35	mian	mian	PROPN
ajfa-4133	64	36	,	,	PUNCT
ajfa-4133	64	37	2005	2005	NUM
ajfa-4133	64	38	)	)	PUNCT
ajfa-4133	64	39	.	.	PUNCT
ajfa-4133	65	1	the	the	DET
ajfa-4133	65	2	existing	exist	VERB
ajfa-4133	65	3	studies	study	NOUN
ajfa-4133	65	4	have	have	AUX
ajfa-4133	65	5	proved	prove	VERB
ajfa-4133	65	6	that	that	SCONJ
ajfa-4133	65	7	poorer	poor	ADJ
ajfa-4133	65	8	loan	loan	NOUN
ajfa-4133	65	9	quality	quality	NOUN
ajfa-4133	65	10	and	and	CCONJ
ajfa-4133	65	11	high	high	ADJ
ajfa-4133	65	12	npls	npls	NOUN
ajfa-4133	65	13	are	be	AUX
ajfa-4133	65	14	mainly	mainly	ADV
ajfa-4133	65	15	associated	associate	VERB
ajfa-4133	65	16	with	with	ADP
ajfa-4133	65	17	government	government	NOUN
ajfa-4133	65	18	owned	own	VERB
ajfa-4133	65	19	banks	bank	NOUN
ajfa-4133	65	20	(	(	PUNCT
ajfa-4133	65	21	berger	berger	PROPN
ajfa-4133	65	22	,	,	PUNCT
ajfa-4133	65	23	clarke	clarke	PROPN
ajfa-4133	65	24	,	,	PUNCT
ajfa-4133	65	25	cill	cill	PROPN
ajfa-4133	65	26	,	,	PUNCT
ajfa-4133	65	27	klapper	klapper	NOUN
ajfa-4133	65	28	,	,	PUNCT
ajfa-4133	65	29	and	and	CCONJ
ajfa-4133	65	30	udell	udell	PROPN
ajfa-4133	65	31	,	,	PUNCT
ajfa-4133	65	32	2005	2005	NUM
ajfa-4133	65	33	;	;	PUNCT
ajfa-4133	65	34	and	and	CCONJ
ajfa-4133	65	35	iannota	iannota	NOUN
ajfa-4133	65	36	,	,	PUNCT
ajfa-4133	65	37	giacomo	giacomo	PROPN
ajfa-4133	65	38	,	,	PUNCT
ajfa-4133	65	39	and	and	CCONJ
ajfa-4133	65	40	sironi	sironi	NOUN
ajfa-4133	65	41	,	,	PUNCT
ajfa-4133	65	42	2007	2007	NUM
ajfa-4133	65	43	)	)	PUNCT
ajfa-4133	65	44	.	.	PUNCT
ajfa-4133	66	1	iannota	iannota	PROPN
ajfa-4133	66	2	et	et	PROPN
ajfa-4133	66	3	al	al	PROPN
ajfa-4133	66	4	.	.	PROPN
ajfa-4133	66	5	,	,	PUNCT
ajfa-4133	66	6	(	(	PUNCT
ajfa-4133	66	7	2007	2007	NUM
ajfa-4133	66	8	)	)	PUNCT
ajfa-4133	66	9	also	also	ADV
ajfa-4133	66	10	concluded	conclude	VERB
ajfa-4133	66	11	that	that	SCONJ
ajfa-4133	66	12	privately	privately	ADV
ajfa-4133	66	13	owned	own	VERB
ajfa-4133	66	14	banks	bank	NOUN
ajfa-4133	66	15	are	be	AUX
ajfa-4133	66	16	more	more	ADV
ajfa-4133	66	17	profitable	profitable	ADJ
ajfa-4133	66	18	than	than	SCONJ
ajfa-4133	66	19	government	government	NOUN
ajfa-4133	66	20	owned	own	VERB
ajfa-4133	66	21	and	and	CCONJ
ajfa-4133	66	22	mutual	mutual	ADJ
ajfa-4133	66	23	banks	bank	NOUN
ajfa-4133	66	24	.	.	PUNCT
ajfa-4133	67	1	they	they	PRON
ajfa-4133	67	2	also	also	ADV
ajfa-4133	67	3	found	find	VERB
ajfa-4133	67	4	that	that	SCONJ
ajfa-4133	67	5	among	among	ADP
ajfa-4133	67	6	mutual	mutual	ADJ
ajfa-4133	67	7	,	,	PUNCT
ajfa-4133	67	8	private	private	ADJ
ajfa-4133	67	9	and	and	CCONJ
ajfa-4133	67	10	public	public	ADJ
ajfa-4133	67	11	banks	bank	NOUN
ajfa-4133	67	12	,	,	PUNCT
ajfa-4133	67	13	publicly	publicly	ADV
ajfa-4133	67	14	owned	own	VERB
ajfa-4133	67	15	banks	bank	NOUN
ajfa-4133	67	16	has	have	VERB
ajfa-4133	67	17	the	the	DET
ajfa-4133	67	18	highest	high	ADJ
ajfa-4133	67	19	npls	npls	NOUN
ajfa-4133	67	20	and	and	CCONJ
ajfa-4133	67	21	bad	bad	ADJ
ajfa-4133	67	22	loan	loan	NOUN
ajfa-4133	67	23	quality	quality	NOUN
ajfa-4133	67	24	whereas	whereas	SCONJ
ajfa-4133	67	25	mutual	mutual	ADJ
ajfa-4133	67	26	banks	bank	NOUN
ajfa-4133	67	27	has	have	VERB
ajfa-4133	67	28	lowest	low	ADJ
ajfa-4133	67	29	npls	npls	NOUN
ajfa-4133	67	30	and	and	CCONJ
ajfa-4133	67	31	high	high	ADJ
ajfa-4133	67	32	quality	quality	NOUN
ajfa-4133	67	33	loans	loan	NOUN
ajfa-4133	67	34	.	.	PUNCT
ajfa-4133	68	1	furthermore	furthermore	ADV
ajfa-4133	68	2	,	,	PUNCT
ajfa-4133	68	3	micco	micco	PROPN
ajfa-4133	68	4	,	,	PUNCT
ajfa-4133	68	5	ugo	ugo	PROPN
ajfa-4133	68	6	,	,	PUNCT
ajfa-4133	68	7	and	and	CCONJ
ajfa-4133	68	8	monica	monica	PROPN
ajfa-4133	68	9	(	(	PUNCT
ajfa-4133	68	10	2007	2007	NUM
ajfa-4133	68	11	)	)	PUNCT
ajfa-4133	68	12	have	have	AUX
ajfa-4133	68	13	found	find	VERB
ajfa-4133	68	14	that	that	SCONJ
ajfa-4133	68	15	privately	privately	ADV
ajfa-4133	68	16	owned	own	VERB
ajfa-4133	68	17	banks	bank	NOUN
ajfa-4133	68	18	has	have	VERB
ajfa-4133	68	19	the	the	DET
ajfa-4133	68	20	better	well	ADJ
ajfa-4133	68	21	performance	performance	NOUN
ajfa-4133	68	22	than	than	ADP
ajfa-4133	68	23	all	all	DET
ajfa-4133	68	24	other	other	ADJ
ajfa-4133	68	25	banks	bank	NOUN
ajfa-4133	68	26	in	in	ADP
ajfa-4133	68	27	developing	develop	VERB
ajfa-4133	68	28	countries	country	NOUN
ajfa-4133	68	29	.	.	PUNCT
ajfa-4133	69	1	they	they	PRON
ajfa-4133	69	2	also	also	ADV
ajfa-4133	69	3	find	find	VERB
ajfa-4133	69	4	that	that	SCONJ
ajfa-4133	69	5	the	the	DET
ajfa-4133	69	6	state	state	NOUN
ajfa-4133	69	7	owned	own	VERB
ajfa-4133	69	8	banks	bank	NOUN
ajfa-4133	69	9	have	have	VERB
ajfa-4133	69	10	higher	high	ADJ
ajfa-4133	69	11	costs	cost	NOUN
ajfa-4133	69	12	and	and	CCONJ
ajfa-4133	69	13	lower	low	ADJ
ajfa-4133	69	14	profitability	profitability	NOUN
ajfa-4133	69	15	as	as	SCONJ
ajfa-4133	69	16	compared	compare	VERB
ajfa-4133	69	17	to	to	ADP
ajfa-4133	69	18	the	the	DET
ajfa-4133	69	19	private	private	ADJ
ajfa-4133	69	20	banks	bank	NOUN
ajfa-4133	69	21	,	,	PUNCT
ajfa-4133	69	22	whereas	whereas	SCONJ
ajfa-4133	69	23	opposite	opposite	ADJ
ajfa-4133	69	24	is	be	AUX
ajfa-4133	69	25	the	the	DET
ajfa-4133	69	26	case	case	NOUN
ajfa-4133	69	27	for	for	ADP
ajfa-4133	69	28	foreign	foreign	ADJ
ajfa-4133	69	29	owned	own	VERB
ajfa-4133	69	30	banks	bank	NOUN
ajfa-4133	69	31	.	.	PUNCT
ajfa-4133	70	1	two	two	NUM
ajfa-4133	70	2	important	important	ADJ
ajfa-4133	70	3	things	thing	NOUN
ajfa-4133	70	4	must	must	AUX
ajfa-4133	70	5	be	be	AUX
ajfa-4133	70	6	considered	consider	VERB
ajfa-4133	70	7	while	while	SCONJ
ajfa-4133	70	8	testing	testing	NOUN
ajfa-4133	70	9	berle	berle	NOUN
ajfa-4133	70	10	and	and	CCONJ
ajfa-4133	70	11	means	mean	NOUN
ajfa-4133	70	12	(	(	PUNCT
ajfa-4133	70	13	1933	1933	NUM
ajfa-4133	70	14	)	)	PUNCT
ajfa-4133	70	15	theory	theory	NOUN
ajfa-4133	70	16	in	in	ADP
ajfa-4133	70	17	the	the	DET
ajfa-4133	70	18	context	context	NOUN
ajfa-4133	70	19	of	of	ADP
ajfa-4133	70	20	banking	banking	NOUN
ajfa-4133	70	21	sector	sector	NOUN
ajfa-4133	70	22	,	,	PUNCT
ajfa-4133	70	23	first	first	ADV
ajfa-4133	70	24	the	the	DET
ajfa-4133	70	25	minority	minority	NOUN
ajfa-4133	70	26	shareholders	shareholder	VERB
ajfa-4133	70	27	protection	protection	NOUN
ajfa-4133	70	28	,	,	PUNCT
ajfa-4133	70	29	and	and	CCONJ
ajfa-4133	70	30	second	second	ADJ
ajfa-4133	70	31	deposit	deposit	NOUN
ajfa-4133	70	32	holders	holder	NOUN
ajfa-4133	70	33	protection	protection	NOUN
ajfa-4133	70	34	.	.	PUNCT
ajfa-4133	71	1	the	the	DET
ajfa-4133	71	2	existing	exist	VERB
ajfa-4133	71	3	studies	study	NOUN
ajfa-4133	71	4	showed	show	VERB
ajfa-4133	71	5	that	that	SCONJ
ajfa-4133	71	6	minority	minority	NOUN
ajfa-4133	71	7	shareholder	shareholder	NOUN
ajfa-4133	71	8	have	have	VERB
ajfa-4133	71	9	no	no	DET
ajfa-4133	71	10	control	control	NOUN
ajfa-4133	71	11	over	over	ADP
ajfa-4133	71	12	the	the	DET
ajfa-4133	71	13	firm	firm	ADJ
ajfa-4133	71	14	management	management	NOUN
ajfa-4133	71	15	unless	unless	SCONJ
ajfa-4133	71	16	they	they	PRON
ajfa-4133	71	17	are	be	AUX
ajfa-4133	71	18	provided	provide	VERB
ajfa-4133	71	19	with	with	ADP
ajfa-4133	71	20	proper	proper	ADJ
ajfa-4133	71	21	legal	legal	ADJ
ajfa-4133	71	22	protection	protection	NOUN
ajfa-4133	71	23	(	(	PUNCT
ajfa-4133	71	24	shleifer	shleifer	NOUN
ajfa-4133	71	25	and	and	CCONJ
ajfa-4133	71	26	vishny	vishny	PROPN
ajfa-4133	71	27	,	,	PUNCT
ajfa-4133	71	28	1997	1997	NUM
ajfa-4133	71	29	)	)	PUNCT
ajfa-4133	71	30	.	.	PUNCT
ajfa-4133	72	1	similarly	similarly	ADV
ajfa-4133	72	2	la	la	PRON
ajfa-4133	72	3	porta	porta	PROPN
ajfa-4133	72	4	,	,	PUNCT
ajfa-4133	72	5	lópez	lópez	PROPN
ajfa-4133	72	6	,	,	PUNCT
ajfa-4133	72	7	shleifer	shleifer	VERB
ajfa-4133	72	8	,	,	PUNCT
ajfa-4133	72	9	and	and	CCONJ
ajfa-4133	72	10	vishny	vishny	PROPN
ajfa-4133	72	11	(	(	PUNCT
ajfa-4133	72	12	1998	1998	NUM
ajfa-4133	72	13	)	)	PUNCT
ajfa-4133	72	14	found	find	VERB
ajfa-4133	72	15	that	that	SCONJ
ajfa-4133	72	16	ownership	ownership	NOUN
ajfa-4133	72	17	concentration	concentration	NOUN
ajfa-4133	72	18	is	be	AUX
ajfa-4133	72	19	negatively	negatively	ADV
ajfa-4133	72	20	associated	associate	VERB
ajfa-4133	72	21	with	with	ADP
ajfa-4133	72	22	shareholder	shareholder	NOUN
ajfa-4133	72	23	protection	protection	NOUN
ajfa-4133	72	24	.	.	PUNCT
ajfa-4133	73	1	their	their	PRON
ajfa-4133	73	2	findings	finding	NOUN
ajfa-4133	73	3	are	be	AUX
ajfa-4133	73	4	consistent	consistent	ADJ
ajfa-4133	73	5	with	with	ADP
ajfa-4133	73	6	the	the	DET
ajfa-4133	73	7	hypothesis	hypothesis	NOUN
ajfa-4133	73	8	that	that	PRON
ajfa-4133	73	9	small	small	ADJ
ajfa-4133	73	10	dispersed	disperse	VERB
ajfa-4133	73	11	shareholders	shareholder	NOUN
ajfa-4133	73	12	are	be	AUX
ajfa-4133	73	13	not	not	PART
ajfa-4133	73	14	important	important	ADJ
ajfa-4133	73	15	in	in	ADP
ajfa-4133	73	16	those	those	DET
ajfa-4133	73	17	countries	country	NOUN
ajfa-4133	73	18	where	where	SCONJ
ajfa-4133	73	19	their	their	PRON
ajfa-4133	73	20	rights	right	NOUN
ajfa-4133	73	21	are	be	AUX
ajfa-4133	73	22	not	not	PART
ajfa-4133	73	23	protected	protect	VERB
ajfa-4133	73	24	.	.	PUNCT
ajfa-4133	74	1	because	because	SCONJ
ajfa-4133	74	2	of	of	ADP
ajfa-4133	74	3	these	these	DET
ajfa-4133	74	4	two	two	NUM
ajfa-4133	74	5	reasons	reason	NOUN
ajfa-4133	74	6	protection	protection	NOUN
ajfa-4133	74	7	of	of	ADP
ajfa-4133	74	8	minority	minority	NOUN
ajfa-4133	74	9	share	share	NOUN
ajfa-4133	74	10	holders	holder	NOUN
ajfa-4133	74	11	is	be	AUX
ajfa-4133	74	12	considered	consider	VERB
ajfa-4133	74	13	in	in	ADP
ajfa-4133	74	14	empirical	empirical	ADJ
ajfa-4133	74	15	model	model	NOUN
ajfa-4133	74	16	of	of	ADP
ajfa-4133	74	17	this	this	DET
ajfa-4133	74	18	study	study	NOUN
ajfa-4133	74	19	.	.	PUNCT
ajfa-4133	75	1	pathan	pathan	PROPN
ajfa-4133	75	2	(	(	PUNCT
ajfa-4133	75	3	2008	2008	NUM
ajfa-4133	75	4	)	)	PUNCT
ajfa-4133	75	5	investigated	investigate	VERB
ajfa-4133	75	6	the	the	DET
ajfa-4133	75	7	importance	importance	NOUN
ajfa-4133	75	8	of	of	ADP
ajfa-4133	75	9	board	board	NOUN
ajfa-4133	75	10	structure	structure	NOUN
ajfa-4133	75	11	of	of	ADP
ajfa-4133	75	12	banks	bank	NOUN
ajfa-4133	75	13	on	on	ADP
ajfa-4133	75	14	their	their	PRON
ajfa-4133	75	15	risk	risk	NOUN
ajfa-4133	75	16	taking	take	VERB
ajfa-4133	75	17	ability	ability	NOUN
ajfa-4133	75	18	and	and	CCONJ
ajfa-4133	75	19	used	use	VERB
ajfa-4133	75	20	the	the	DET
ajfa-4133	75	21	data	datum	NOUN
ajfa-4133	75	22	of	of	ADP
ajfa-4133	75	23	usa	usa	PROPN
ajfa-4133	75	24	banks	bank	NOUN
ajfa-4133	75	25	and	and	CCONJ
ajfa-4133	75	26	found	find	VERB
ajfa-4133	75	27	that	that	SCONJ
ajfa-4133	75	28	strong	strong	ADJ
ajfa-4133	75	29	boards	board	NOUN
ajfa-4133	75	30	represented	represent	VERB
ajfa-4133	75	31	by	by	ADP
ajfa-4133	75	32	most	most	ADJ
ajfa-4133	75	33	of	of	ADP
ajfa-4133	75	34	share	share	NOUN
ajfa-4133	75	35	holders	holder	NOUN
ajfa-4133	75	36	increases	increase	VERB
ajfa-4133	75	37	the	the	DET
ajfa-4133	75	38	risk	risk	NOUN
ajfa-4133	75	39	appetite	appetite	NOUN
ajfa-4133	75	40	of	of	ADP
ajfa-4133	75	41	banks	bank	NOUN
ajfa-4133	75	42	.	.	PUNCT
ajfa-4133	76	1	whereas	whereas	ADV
ajfa-4133	76	2	,	,	PUNCT
ajfa-4133	76	3	ceo	ceo	NOUN
ajfa-4133	76	4	powered	power	VERB
ajfa-4133	76	5	banks	bank	NOUN
ajfa-4133	76	6	have	have	VERB
ajfa-4133	76	7	little	little	ADJ
ajfa-4133	76	8	or	or	CCONJ
ajfa-4133	76	9	no	no	PRON
ajfa-4133	76	10	risk	risk	NOUN
ajfa-4133	76	11	appetite	appetite	NOUN
ajfa-4133	76	12	.	.	PUNCT
ajfa-4133	77	1	supervisory	supervisory	ADJ
ajfa-4133	77	2	authorities	authority	NOUN
ajfa-4133	77	3	implement	implement	VERB
ajfa-4133	77	4	depositor	depositor	NOUN
ajfa-4133	77	5	protection	protection	NOUN
ajfa-4133	77	6	rights	right	NOUN
ajfa-4133	77	7	,	,	PUNCT
ajfa-4133	77	8	act	act	VERB
ajfa-4133	77	9	in	in	ADP
ajfa-4133	77	10	favor	favor	NOUN
ajfa-4133	77	11	of	of	ADP
ajfa-4133	77	12	depositors	depositor	NOUN
ajfa-4133	77	13	and	and	CCONJ
ajfa-4133	77	14	protect	protect	VERB
ajfa-4133	77	15	their	their	PRON
ajfa-4133	77	16	interests	interest	NOUN
ajfa-4133	77	17	,	,	PUNCT
ajfa-4133	77	18	whereas	whereas	SCONJ
ajfa-4133	77	19	deposit	deposit	NOUN
ajfa-4133	77	20	insurance	insurance	NOUN
ajfa-4133	77	21	safeguards	safeguard	VERB
ajfa-4133	77	22	the	the	DET
ajfa-4133	77	23	wealth	wealth	NOUN
ajfa-4133	77	24	of	of	ADP
ajfa-4133	77	25	the	the	DET
ajfa-4133	77	26	depositors	depositor	NOUN
ajfa-4133	77	27	.	.	PUNCT
ajfa-4133	78	1	as	as	ADP
ajfa-4133	78	2	a	a	DET
ajfa-4133	78	3	result	result	NOUN
ajfa-4133	78	4	depositors	depositor	NOUN
ajfa-4133	78	5	demand	demand	VERB
ajfa-4133	78	6	for	for	ADP
ajfa-4133	78	7	lower	low	ADJ
ajfa-4133	78	8	interest	interest	NOUN
ajfa-4133	78	9	rates	rate	NOUN
ajfa-4133	78	10	,	,	PUNCT
ajfa-4133	78	11	resulting	result	VERB
ajfa-4133	78	12	in	in	ADP
ajfa-4133	78	13	lower	low	ADJ
ajfa-4133	78	14	risk	risk	NOUN
ajfa-4133	78	15	taking	take	VERB
ajfa-4133	78	16	opportunity	opportunity	NOUN
ajfa-4133	78	17	for	for	ADP
ajfa-4133	78	18	banks	bank	NOUN
ajfa-4133	78	19	(	(	PUNCT
ajfa-4133	78	20	demirgϋç	demirgϋç	PROPN
ajfa-4133	78	21	-	-	NOUN
ajfa-4133	78	22	kunt	kunt	NOUN
ajfa-4133	78	23	and	and	CCONJ
ajfa-4133	78	24	huizinga	huizinga	NOUN
ajfa-4133	78	25	,	,	PUNCT
ajfa-4133	78	26	2004	2004	NUM
ajfa-4133	78	27	)	)	PUNCT
ajfa-4133	78	28	.	.	PUNCT
ajfa-4133	79	1	here	here	ADV
ajfa-4133	79	2	the	the	DET
ajfa-4133	79	3	differences	difference	NOUN
ajfa-4133	79	4	between	between	ADP
ajfa-4133	79	5	the	the	DET
ajfa-4133	79	6	banking	banking	NOUN
ajfa-4133	79	7	firm	firm	NOUN
ajfa-4133	79	8	and	and	CCONJ
ajfa-4133	79	9	non	non	ADJ
ajfa-4133	79	10	-	-	ADJ
ajfa-4133	79	11	financial	financial	ADJ
ajfa-4133	79	12	institution	institution	NOUN
ajfa-4133	79	13	must	must	AUX
ajfa-4133	79	14	be	be	AUX
ajfa-4133	79	15	considered	consider	VERB
ajfa-4133	79	16	.	.	PUNCT
ajfa-4133	80	1	the	the	DET
ajfa-4133	80	2	main	main	ADJ
ajfa-4133	80	3	difference	difference	NOUN
ajfa-4133	80	4	is	be	AUX
ajfa-4133	80	5	that	that	SCONJ
ajfa-4133	80	6	banks	bank	NOUN
ajfa-4133	80	7	have	have	VERB
ajfa-4133	80	8	both	both	DET
ajfa-4133	80	9	account	account	NOUN
ajfa-4133	80	10	holders	holder	NOUN
ajfa-4133	80	11	and	and	CCONJ
ajfa-4133	80	12	share	share	NOUN
ajfa-4133	80	13	holders	holder	NOUN
ajfa-4133	80	14	,	,	PUNCT
ajfa-4133	80	15	whereas	whereas	SCONJ
ajfa-4133	80	16	non	non	ADJ
ajfa-4133	80	17	-	-	ADJ
ajfa-4133	80	18	financial	financial	ADJ
ajfa-4133	80	19	institutions	institution	NOUN
ajfa-4133	80	20	only	only	ADV
ajfa-4133	80	21	have	have	VERB
ajfa-4133	80	22	shareholders	shareholder	NOUN
ajfa-4133	80	23	.	.	PUNCT
ajfa-4133	81	1	banks	bank	NOUN
ajfa-4133	81	2	have	have	VERB
ajfa-4133	81	3	to	to	PART
ajfa-4133	81	4	look	look	VERB
ajfa-4133	81	5	for	for	ADP
ajfa-4133	81	6	the	the	DET
ajfa-4133	81	7	benefits	benefit	NOUN
ajfa-4133	81	8	of	of	ADP
ajfa-4133	81	9	both	both	CCONJ
ajfa-4133	81	10	the	the	DET
ajfa-4133	81	11	depositors	depositor	NOUN
ajfa-4133	81	12	and	and	CCONJ
ajfa-4133	81	13	shareholders	shareholder	NOUN
ajfa-4133	81	14	.	.	PUNCT
ajfa-4133	82	1	but	but	CCONJ
ajfa-4133	82	2	in	in	ADP
ajfa-4133	82	3	order	order	NOUN
ajfa-4133	82	4	to	to	PART
ajfa-4133	82	5	increase	increase	VERB
ajfa-4133	82	6	the	the	DET
ajfa-4133	82	7	profits	profit	NOUN
ajfa-4133	82	8	shareholders	shareholder	NOUN
ajfa-4133	82	9	together	together	ADV
ajfa-4133	82	10	with	with	ADP
ajfa-4133	82	11	banks	bank	NOUN
ajfa-4133	82	12	mangers	manger	NOUN
ajfa-4133	82	13	enter	enter	VERB
ajfa-4133	82	14	into	into	ADP
ajfa-4133	82	15	illegal	illegal	ADJ
ajfa-4133	82	16	acts	act	NOUN
ajfa-4133	82	17	against	against	ADP
ajfa-4133	82	18	the	the	DET
ajfa-4133	82	19	depositors	depositor	NOUN
ajfa-4133	82	20	by	by	ADP
ajfa-4133	82	21	increasing	increase	VERB
ajfa-4133	82	22	the	the	DET
ajfa-4133	82	23	lending	lending	NOUN
ajfa-4133	82	24	to	to	ADP
ajfa-4133	82	25	the	the	DET
ajfa-4133	82	26	risky	risky	ADJ
ajfa-4133	82	27	borrowers	borrower	NOUN
ajfa-4133	82	28	at	at	ADP
ajfa-4133	82	29	higher	high	ADJ
ajfa-4133	82	30	rates	rate	NOUN
ajfa-4133	82	31	.	.	PUNCT
ajfa-4133	83	1	this	this	PRON
ajfa-4133	83	2	may	may	AUX
ajfa-4133	83	3	results	result	VERB
ajfa-4133	83	4	in	in	ADP
ajfa-4133	83	5	growth	growth	NOUN
ajfa-4133	83	6	of	of	ADP
ajfa-4133	83	7	npls	npls	NOUN
ajfa-4133	83	8	and	and	CCONJ
ajfa-4133	83	9	capital	capital	NOUN
ajfa-4133	83	10	inadequacy	inadequacy	NOUN
ajfa-4133	83	11	(	(	PUNCT
ajfa-4133	83	12	boyd	boyd	PROPN
ajfa-4133	83	13	,	,	PUNCT
ajfa-4133	83	14	chang	chang	PROPN
ajfa-4133	83	15	,	,	PUNCT
ajfa-4133	83	16	and	and	CCONJ
ajfa-4133	83	17	smith	smith	PROPN
ajfa-4133	83	18	,	,	PUNCT
ajfa-4133	83	19	1998	1998	NUM
ajfa-4133	83	20	)	)	PUNCT
ajfa-4133	83	21	.	.	PUNCT
ajfa-4133	84	1	further	far	ADV
ajfa-4133	84	2	it	it	PRON
ajfa-4133	84	3	increases	increase	VERB
ajfa-4133	84	4	moral	moral	ADJ
ajfa-4133	84	5	hazards	hazard	NOUN
ajfa-4133	84	6	problems	problem	NOUN
ajfa-4133	84	7	because	because	SCONJ
ajfa-4133	84	8	neither	neither	CCONJ
ajfa-4133	84	9	bank	bank	NOUN
ajfa-4133	84	10	nor	nor	CCONJ
ajfa-4133	84	11	shareholders	shareholder	NOUN
ajfa-4133	84	12	takes	take	VERB
ajfa-4133	84	13	the	the	DET
ajfa-4133	84	14	responsibility	responsibility	NOUN
ajfa-4133	84	15	of	of	ADP
ajfa-4133	84	16	their	their	PRON
ajfa-4133	84	17	illegal	illegal	ADJ
ajfa-4133	84	18	acts	act	NOUN
ajfa-4133	84	19	.	.	PUNCT
ajfa-4133	85	1	to	to	PART
ajfa-4133	85	2	secure	secure	VERB
ajfa-4133	85	3	asian	asian	ADJ
ajfa-4133	85	4	journal	journal	NOUN
ajfa-4133	85	5	of	of	ADP
ajfa-4133	85	6	finance	finance	PROPN
ajfa-4133	85	7	&	&	CCONJ
ajfa-4133	85	8	accounting	accounting	PROPN
ajfa-4133	85	9	issn	issn	PROPN
ajfa-4133	85	10	1946	1946	NUM
ajfa-4133	85	11	-	-	PUNCT
ajfa-4133	85	12	052x	052x	NOUN
ajfa-4133	85	13	2013	2013	NUM
ajfa-4133	85	14	,	,	PUNCT
ajfa-4133	85	15	vol	vol	NOUN
ajfa-4133	85	16	.	.	PROPN
ajfa-4133	85	17	5	5	NUM
ajfa-4133	85	18	,	,	PUNCT
ajfa-4133	85	19	no	no	INTJ
ajfa-4133	85	20	.	.	NOUN
ajfa-4133	85	21	2	2	NUM
ajfa-4133	85	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4133	85	23	273	273	NUM
ajfa-4133	85	24	the	the	DET
ajfa-4133	85	25	interest	interest	NOUN
ajfa-4133	85	26	of	of	ADP
ajfa-4133	85	27	banks	bank	NOUN
ajfa-4133	85	28	supervisory	supervisory	ADJ
ajfa-4133	85	29	authorities	authority	NOUN
ajfa-4133	85	30	keep	keep	VERB
ajfa-4133	85	31	close	close	ADJ
ajfa-4133	85	32	look	look	NOUN
ajfa-4133	85	33	on	on	ADP
ajfa-4133	85	34	the	the	DET
ajfa-4133	85	35	policies	policy	NOUN
ajfa-4133	85	36	of	of	ADP
ajfa-4133	85	37	banks	bank	NOUN
ajfa-4133	85	38	.	.	PUNCT
ajfa-4133	86	1	park	park	NOUN
ajfa-4133	86	2	and	and	CCONJ
ajfa-4133	86	3	peristiani	peristiani	PROPN
ajfa-4133	86	4	(	(	PUNCT
ajfa-4133	86	5	2007	2007	NUM
ajfa-4133	86	6	)	)	PUNCT
ajfa-4133	86	7	used	use	VERB
ajfa-4133	86	8	the	the	DET
ajfa-4133	86	9	banking	banking	NOUN
ajfa-4133	86	10	data	datum	NOUN
ajfa-4133	86	11	to	to	PART
ajfa-4133	86	12	examine	examine	VERB
ajfa-4133	86	13	the	the	DET
ajfa-4133	86	14	moral	moral	ADJ
ajfa-4133	86	15	hazard	hazard	NOUN
ajfa-4133	86	16	problem	problem	NOUN
ajfa-4133	86	17	and	and	CCONJ
ajfa-4133	86	18	investigated	investigate	VERB
ajfa-4133	86	19	that	that	SCONJ
ajfa-4133	86	20	bank	bank	NOUN
ajfa-4133	86	21	shareholders	shareholder	NOUN
ajfa-4133	86	22	can	can	AUX
ajfa-4133	86	23	pursue	pursue	VERB
ajfa-4133	86	24	risky	risky	ADJ
ajfa-4133	86	25	strategies	strategy	NOUN
ajfa-4133	86	26	by	by	ADP
ajfa-4133	86	27	using	use	VERB
ajfa-4133	86	28	the	the	DET
ajfa-4133	86	29	insured	insure	VERB
ajfa-4133	86	30	deposits	deposit	NOUN
ajfa-4133	86	31	or	or	CCONJ
ajfa-4133	86	32	not	not	PART
ajfa-4133	86	33	.	.	PUNCT
ajfa-4133	87	1	their	their	PRON
ajfa-4133	87	2	results	result	NOUN
ajfa-4133	87	3	showed	show	VERB
ajfa-4133	87	4	that	that	SCONJ
ajfa-4133	87	5	strong	strong	ADJ
ajfa-4133	87	6	protection	protection	NOUN
ajfa-4133	87	7	rules	rule	NOUN
ajfa-4133	87	8	and	and	CCONJ
ajfa-4133	87	9	supervision	supervision	NOUN
ajfa-4133	87	10	can	can	AUX
ajfa-4133	87	11	reduce	reduce	VERB
ajfa-4133	87	12	the	the	DET
ajfa-4133	87	13	moral	moral	ADJ
ajfa-4133	87	14	hazard	hazard	NOUN
ajfa-4133	87	15	problem	problem	NOUN
ajfa-4133	87	16	.	.	PUNCT
ajfa-4133	88	1	therefore	therefore	ADV
ajfa-4133	88	2	,	,	PUNCT
ajfa-4133	88	3	role	role	NOUN
ajfa-4133	88	4	of	of	ADP
ajfa-4133	88	5	supervisory	supervisory	ADJ
ajfa-4133	88	6	institutions	institution	NOUN
ajfa-4133	88	7	and	and	CCONJ
ajfa-4133	88	8	deposits	deposit	NOUN
ajfa-4133	88	9	insurance	insurance	NOUN
ajfa-4133	88	10	are	be	AUX
ajfa-4133	88	11	incorporated	incorporate	VERB
ajfa-4133	88	12	in	in	ADP
ajfa-4133	88	13	the	the	DET
ajfa-4133	88	14	empirical	empirical	ADJ
ajfa-4133	88	15	model	model	NOUN
ajfa-4133	88	16	.	.	PUNCT
ajfa-4133	89	1	four	four	NUM
ajfa-4133	89	2	existing	exist	VERB
ajfa-4133	89	3	studies	study	NOUN
ajfa-4133	89	4	are	be	AUX
ajfa-4133	89	5	closely	closely	ADV
ajfa-4133	89	6	related	relate	VERB
ajfa-4133	89	7	to	to	ADP
ajfa-4133	89	8	the	the	DET
ajfa-4133	89	9	relationship	relationship	NOUN
ajfa-4133	89	10	between	between	ADP
ajfa-4133	89	11	ownership	ownership	NOUN
ajfa-4133	89	12	structure	structure	NOUN
ajfa-4133	89	13	and	and	CCONJ
ajfa-4133	89	14	npls	npls	NOUN
ajfa-4133	89	15	.	.	PUNCT
ajfa-4133	90	1	caprio	caprio	PROPN
ajfa-4133	90	2	et	et	PROPN
ajfa-4133	90	3	al	al	PROPN
ajfa-4133	90	4	.	.	PROPN
ajfa-4133	90	5	,	,	PUNCT
ajfa-4133	90	6	(	(	PUNCT
ajfa-4133	90	7	2007	2007	NUM
ajfa-4133	90	8	)	)	PUNCT
ajfa-4133	90	9	investigated	investigate	VERB
ajfa-4133	90	10	the	the	DET
ajfa-4133	90	11	impact	impact	NOUN
ajfa-4133	90	12	of	of	ADP
ajfa-4133	90	13	both	both	DET
ajfa-4133	90	14	share	share	NOUN
ajfa-4133	90	15	holder	holder	NOUN
ajfa-4133	90	16	protection	protection	NOUN
ajfa-4133	90	17	laws	law	NOUN
ajfa-4133	90	18	and	and	CCONJ
ajfa-4133	90	19	ownership	ownership	NOUN
ajfa-4133	90	20	structure	structure	NOUN
ajfa-4133	90	21	on	on	ADP
ajfa-4133	90	22	the	the	DET
ajfa-4133	90	23	bank	bank	NOUN
ajfa-4133	90	24	valuation	valuation	NOUN
ajfa-4133	90	25	.	.	PUNCT
ajfa-4133	91	1	they	they	PRON
ajfa-4133	91	2	used	use	VERB
ajfa-4133	91	3	the	the	DET
ajfa-4133	91	4	data	datum	NOUN
ajfa-4133	91	5	of	of	ADP
ajfa-4133	91	6	244	244	NUM
ajfa-4133	91	7	banks	bank	NOUN
ajfa-4133	91	8	of	of	ADP
ajfa-4133	91	9	44	44	NUM
ajfa-4133	91	10	countries	country	NOUN
ajfa-4133	91	11	.	.	PUNCT
ajfa-4133	92	1	they	they	PRON
ajfa-4133	92	2	find	find	VERB
ajfa-4133	92	3	that	that	SCONJ
ajfa-4133	92	4	in	in	ADP
ajfa-4133	92	5	few	few	ADJ
ajfa-4133	92	6	countries	country	NOUN
ajfa-4133	92	7	where	where	SCONJ
ajfa-4133	92	8	protection	protection	NOUN
ajfa-4133	92	9	laws	law	NOUN
ajfa-4133	92	10	are	be	AUX
ajfa-4133	92	11	strong	strong	ADJ
ajfa-4133	92	12	banks	bank	NOUN
ajfa-4133	92	13	have	have	AUX
ajfa-4133	92	14	dispersed	disperse	VERB
ajfa-4133	92	15	ownership	ownership	NOUN
ajfa-4133	92	16	,	,	PUNCT
ajfa-4133	92	17	whereas	whereas	SCONJ
ajfa-4133	92	18	in	in	ADP
ajfa-4133	92	19	countries	country	NOUN
ajfa-4133	92	20	where	where	SCONJ
ajfa-4133	92	21	protection	protection	NOUN
ajfa-4133	92	22	laws	law	NOUN
ajfa-4133	92	23	are	be	AUX
ajfa-4133	92	24	weak	weak	ADJ
ajfa-4133	92	25	banks	bank	NOUN
ajfa-4133	92	26	are	be	AUX
ajfa-4133	92	27	family	family	NOUN
ajfa-4133	92	28	or	or	CCONJ
ajfa-4133	92	29	government	government	NOUN
ajfa-4133	92	30	owned	own	VERB
ajfa-4133	92	31	.	.	PUNCT
ajfa-4133	93	1	their	their	PRON
ajfa-4133	93	2	results	result	NOUN
ajfa-4133	93	3	showed	show	VERB
ajfa-4133	93	4	that	that	SCONJ
ajfa-4133	93	5	ownership	ownership	NOUN
ajfa-4133	93	6	structure	structure	NOUN
ajfa-4133	93	7	play	play	VERB
ajfa-4133	93	8	vital	vital	ADJ
ajfa-4133	93	9	role	role	NOUN
ajfa-4133	93	10	in	in	ADP
ajfa-4133	93	11	governing	governing	NOUN
ajfa-4133	93	12	of	of	ADP
ajfa-4133	93	13	banks	bank	NOUN
ajfa-4133	93	14	.	.	PUNCT
ajfa-4133	94	1	furthermore	furthermore	ADV
ajfa-4133	94	2	they	they	PRON
ajfa-4133	94	3	find	find	VERB
ajfa-4133	94	4	that	that	SCONJ
ajfa-4133	94	5	owner	owner	NOUN
ajfa-4133	94	6	value	value	NOUN
ajfa-4133	94	7	is	be	AUX
ajfa-4133	94	8	boosted	boost	VERB
ajfa-4133	94	9	by	by	ADP
ajfa-4133	94	10	controlling	control	VERB
ajfa-4133	94	11	large	large	ADJ
ajfa-4133	94	12	cash	cash	NOUN
ajfa-4133	94	13	flows	flow	NOUN
ajfa-4133	94	14	of	of	ADP
ajfa-4133	94	15	banks	bank	NOUN
ajfa-4133	94	16	,	,	PUNCT
ajfa-4133	94	17	share	share	NOUN
ajfa-4133	94	18	holder	holder	NOUN
ajfa-4133	94	19	value	value	NOUN
ajfa-4133	94	20	increases	increase	NOUN
ajfa-4133	94	21	because	because	SCONJ
ajfa-4133	94	22	of	of	ADP
ajfa-4133	94	23	the	the	DET
ajfa-4133	94	24	strong	strong	ADJ
ajfa-4133	94	25	protection	protection	NOUN
ajfa-4133	94	26	laws	law	NOUN
ajfa-4133	94	27	and	and	CCONJ
ajfa-4133	94	28	right	right	ADV
ajfa-4133	94	29	on	on	ADP
ajfa-4133	94	30	the	the	DET
ajfa-4133	94	31	cash	cash	NOUN
ajfa-4133	94	32	flow	flow	NOUN
ajfa-4133	94	33	decreases	decrease	VERB
ajfa-4133	94	34	the	the	DET
ajfa-4133	94	35	adverse	adverse	ADJ
ajfa-4133	94	36	affect	affect	NOUN
ajfa-4133	94	37	of	of	ADP
ajfa-4133	94	38	minority	minority	NOUN
ajfa-4133	94	39	shareholders	shareholder	NOUN
ajfa-4133	94	40	.	.	PUNCT
ajfa-4133	95	1	this	this	DET
ajfa-4133	95	2	study	study	NOUN
ajfa-4133	95	3	distinguishes	distinguish	VERB
ajfa-4133	95	4	from	from	ADP
ajfa-4133	95	5	caprio	caprio	PROPN
ajfa-4133	95	6	et	et	PROPN
ajfa-4133	95	7	al	al	PROPN
ajfa-4133	95	8	.	.	PROPN
ajfa-4133	95	9	,	,	PUNCT
ajfa-4133	95	10	(	(	PUNCT
ajfa-4133	95	11	2007	2007	NUM
ajfa-4133	95	12	)	)	PUNCT
ajfa-4133	95	13	by	by	ADP
ajfa-4133	95	14	using	use	VERB
ajfa-4133	95	15	npls	npls	NOUN
ajfa-4133	95	16	in	in	ADP
ajfa-4133	95	17	place	place	NOUN
ajfa-4133	95	18	of	of	ADP
ajfa-4133	95	19	the	the	DET
ajfa-4133	95	20	bank	bank	NOUN
ajfa-4133	95	21	value	value	NOUN
ajfa-4133	95	22	.	.	PUNCT
ajfa-4133	96	1	laeven	laeven	ADJ
ajfa-4133	96	2	and	and	CCONJ
ajfa-4133	96	3	levine	levine	PROPN
ajfa-4133	96	4	(	(	PUNCT
ajfa-4133	96	5	2009	2009	NUM
ajfa-4133	96	6	)	)	PUNCT
ajfa-4133	96	7	conducted	conduct	VERB
ajfa-4133	96	8	the	the	DET
ajfa-4133	96	9	first	first	ADJ
ajfa-4133	96	10	empirical	empirical	ADJ
ajfa-4133	96	11	study	study	NOUN
ajfa-4133	96	12	on	on	ADP
ajfa-4133	96	13	theories	theory	NOUN
ajfa-4133	96	14	relating	relate	VERB
ajfa-4133	96	15	the	the	DET
ajfa-4133	96	16	banks	bank	NOUN
ajfa-4133	96	17	risk	risk	NOUN
ajfa-4133	96	18	appetite	appetite	NOUN
ajfa-4133	96	19	,	,	PUNCT
ajfa-4133	96	20	national	national	PROPN
ajfa-4133	96	21	bank	bank	PROPN
ajfa-4133	96	22	regulations	regulation	NOUN
ajfa-4133	96	23	and	and	CCONJ
ajfa-4133	96	24	ownership	ownership	NOUN
ajfa-4133	96	25	structures	structure	NOUN
ajfa-4133	96	26	.	.	PUNCT
ajfa-4133	97	1	their	their	PRON
ajfa-4133	97	2	study	study	NOUN
ajfa-4133	97	3	was	be	AUX
ajfa-4133	97	4	based	base	VERB
ajfa-4133	97	5	on	on	ADP
ajfa-4133	97	6	investigating	investigate	VERB
ajfa-4133	97	7	the	the	DET
ajfa-4133	97	8	impact	impact	NOUN
ajfa-4133	97	9	of	of	ADP
ajfa-4133	97	10	conflict	conflict	NOUN
ajfa-4133	97	11	between	between	ADP
ajfa-4133	97	12	owners	owner	NOUN
ajfa-4133	97	13	and	and	CCONJ
ajfa-4133	97	14	managers	manager	NOUN
ajfa-4133	97	15	over	over	ADP
ajfa-4133	97	16	bank	bank	NOUN
ajfa-4133	97	17	risk	risk	NOUN
ajfa-4133	97	18	appetite	appetite	NOUN
ajfa-4133	97	19	.	.	PUNCT
ajfa-4133	98	1	they	they	PRON
ajfa-4133	98	2	find	find	VERB
ajfa-4133	98	3	that	that	SCONJ
ajfa-4133	98	4	comparative	comparative	ADJ
ajfa-4133	98	5	power	power	NOUN
ajfa-4133	98	6	of	of	ADP
ajfa-4133	98	7	shareholders	shareholder	NOUN
ajfa-4133	98	8	has	have	VERB
ajfa-4133	98	9	positive	positive	ADJ
ajfa-4133	98	10	impact	impact	NOUN
ajfa-4133	98	11	on	on	ADP
ajfa-4133	98	12	the	the	DET
ajfa-4133	98	13	risk	risk	NOUN
ajfa-4133	98	14	taking	take	VERB
ajfa-4133	98	15	ability	ability	NOUN
ajfa-4133	98	16	of	of	ADP
ajfa-4133	98	17	banks	bank	NOUN
ajfa-4133	98	18	.	.	PUNCT
ajfa-4133	99	1	they	they	PRON
ajfa-4133	99	2	further	far	ADV
ajfa-4133	99	3	proved	prove	VERB
ajfa-4133	99	4	that	that	SCONJ
ajfa-4133	99	5	capital	capital	NOUN
ajfa-4133	99	6	regulation	regulation	NOUN
ajfa-4133	99	7	,	,	PUNCT
ajfa-4133	99	8	bank	bank	NOUN
ajfa-4133	99	9	risk	risk	NOUN
ajfa-4133	99	10	,	,	PUNCT
ajfa-4133	99	11	restriction	restriction	NOUN
ajfa-4133	99	12	on	on	ADP
ajfa-4133	99	13	bank	bank	NOUN
ajfa-4133	99	14	activities	activity	NOUN
ajfa-4133	99	15	and	and	CCONJ
ajfa-4133	99	16	deposit	deposit	NOUN
ajfa-4133	99	17	insurance	insurance	NOUN
ajfa-4133	99	18	policies	policy	NOUN
ajfa-4133	99	19	depends	depend	VERB
ajfa-4133	99	20	on	on	ADP
ajfa-4133	99	21	the	the	DET
ajfa-4133	99	22	banks	bank	NOUN
ajfa-4133	99	23	ownership	ownership	NOUN
ajfa-4133	99	24	structure	structure	NOUN
ajfa-4133	99	25	.	.	PUNCT
ajfa-4133	100	1	there	there	PRON
ajfa-4133	100	2	are	be	VERB
ajfa-4133	100	3	few	few	ADJ
ajfa-4133	100	4	differences	difference	NOUN
ajfa-4133	100	5	between	between	ADP
ajfa-4133	100	6	laeven	laeven	ADJ
ajfa-4133	100	7	and	and	CCONJ
ajfa-4133	100	8	levine	levine	PROPN
ajfa-4133	100	9	(	(	PUNCT
ajfa-4133	100	10	2009	2009	NUM
ajfa-4133	100	11	)	)	PUNCT
ajfa-4133	100	12	and	and	CCONJ
ajfa-4133	100	13	current	current	ADJ
ajfa-4133	100	14	study	study	NOUN
ajfa-4133	100	15	.	.	PUNCT
ajfa-4133	101	1	first	first	ADV
ajfa-4133	101	2	,	,	PUNCT
ajfa-4133	101	3	they	they	PRON
ajfa-4133	101	4	used	use	VERB
ajfa-4133	101	5	the	the	DET
ajfa-4133	101	6	ownership	ownership	NOUN
ajfa-4133	101	7	structure	structure	NOUN
ajfa-4133	101	8	of	of	ADP
ajfa-4133	101	9	10	10	NUM
ajfa-4133	101	10	%	%	NOUN
ajfa-4133	101	11	to	to	PART
ajfa-4133	101	12	20	20	NUM
ajfa-4133	101	13	%	%	NOUN
ajfa-4133	101	14	whereas	whereas	SCONJ
ajfa-4133	101	15	this	this	DET
ajfa-4133	101	16	study	study	NOUN
ajfa-4133	101	17	uses	use	VERB
ajfa-4133	101	18	dummy	dummy	ADJ
ajfa-4133	101	19	variable	variable	NOUN
ajfa-4133	101	20	of	of	ADP
ajfa-4133	101	21	publicly	publicly	ADV
ajfa-4133	101	22	,	,	PUNCT
ajfa-4133	101	23	privately	privately	ADV
ajfa-4133	101	24	and	and	CCONJ
ajfa-4133	101	25	foreign	foreign	ADJ
ajfa-4133	101	26	owned	own	VERB
ajfa-4133	101	27	banks	bank	NOUN
ajfa-4133	101	28	as	as	ADP
ajfa-4133	101	29	measures	measure	NOUN
ajfa-4133	101	30	of	of	ADP
ajfa-4133	101	31	ownership	ownership	NOUN
ajfa-4133	101	32	structure	structure	NOUN
ajfa-4133	101	33	.	.	PUNCT
ajfa-4133	102	1	second	second	ADJ
ajfa-4133	102	2	,	,	PUNCT
ajfa-4133	102	3	they	they	PRON
ajfa-4133	102	4	used	use	VERB
ajfa-4133	102	5	z	z	NOUN
ajfa-4133	102	6	-	-	PUNCT
ajfa-4133	102	7	score	score	NOUN
ajfa-4133	102	8	as	as	ADP
ajfa-4133	102	9	a	a	DET
ajfa-4133	102	10	proxy	proxy	NOUN
ajfa-4133	102	11	for	for	ADP
ajfa-4133	102	12	risk	risk	NOUN
ajfa-4133	102	13	whereas	whereas	SCONJ
ajfa-4133	102	14	this	this	DET
ajfa-4133	102	15	study	study	NOUN
ajfa-4133	102	16	uses	use	VERB
ajfa-4133	102	17	npls	npls	NOUN
ajfa-4133	102	18	as	as	ADP
ajfa-4133	102	19	proxy	proxy	NOUN
ajfa-4133	102	20	of	of	ADP
ajfa-4133	102	21	bank	bank	NOUN
ajfa-4133	102	22	riskiness	riskiness	NOUN
ajfa-4133	102	23	.	.	PUNCT
ajfa-4133	103	1	third	third	ADJ
ajfa-4133	103	2	,	,	PUNCT
ajfa-4133	103	3	they	they	PRON
ajfa-4133	103	4	used	use	VERB
ajfa-4133	103	5	data	datum	NOUN
ajfa-4133	103	6	of	of	ADP
ajfa-4133	103	7	44	44	NUM
ajfa-4133	103	8	countries	country	NOUN
ajfa-4133	103	9	,	,	PUNCT
ajfa-4133	103	10	but	but	CCONJ
ajfa-4133	103	11	this	this	DET
ajfa-4133	103	12	study	study	NOUN
ajfa-4133	103	13	uses	use	VERB
ajfa-4133	103	14	only	only	ADV
ajfa-4133	103	15	the	the	DET
ajfa-4133	103	16	commercial	commercial	ADJ
ajfa-4133	103	17	banks	bank	NOUN
ajfa-4133	103	18	data	datum	NOUN
ajfa-4133	103	19	of	of	ADP
ajfa-4133	103	20	pakistan	pakistan	PROPN
ajfa-4133	103	21	.	.	PUNCT
ajfa-4133	104	1	this	this	DET
ajfa-4133	104	2	study	study	NOUN
ajfa-4133	104	3	is	be	AUX
ajfa-4133	104	4	similar	similar	ADJ
ajfa-4133	104	5	to	to	ADP
ajfa-4133	104	6	the	the	DET
ajfa-4133	104	7	study	study	NOUN
ajfa-4133	104	8	of	of	ADP
ajfa-4133	104	9	shehzad	shehzad	PROPN
ajfa-4133	104	10	et	et	PROPN
ajfa-4133	104	11	al	al	PROPN
ajfa-4133	104	12	.	.	PROPN
ajfa-4133	104	13	,	,	PUNCT
ajfa-4133	104	14	(	(	PUNCT
ajfa-4133	104	15	2010	2010	NUM
ajfa-4133	104	16	)	)	PUNCT
ajfa-4133	104	17	,	,	PUNCT
ajfa-4133	104	18	who	who	PRON
ajfa-4133	104	19	investigated	investigate	VERB
ajfa-4133	104	20	the	the	DET
ajfa-4133	104	21	impact	impact	NOUN
ajfa-4133	104	22	of	of	ADP
ajfa-4133	104	23	ownership	ownership	NOUN
ajfa-4133	104	24	on	on	ADP
ajfa-4133	104	25	bank	bank	NOUN
ajfa-4133	104	26	riskiness	riskiness	NOUN
ajfa-4133	104	27	(	(	PUNCT
ajfa-4133	104	28	measured	measure	VERB
ajfa-4133	104	29	by	by	ADP
ajfa-4133	104	30	npls	npls	NOUN
ajfa-4133	104	31	and	and	CCONJ
ajfa-4133	104	32	capital	capital	NOUN
ajfa-4133	104	33	adequacy	adequacy	NOUN
ajfa-4133	104	34	)	)	PUNCT
ajfa-4133	104	35	.	.	PUNCT
ajfa-4133	105	1	they	they	PRON
ajfa-4133	105	2	used	use	VERB
ajfa-4133	105	3	500	500	NUM
ajfa-4133	105	4	banks	bank	NOUN
ajfa-4133	105	5	data	datum	NOUN
ajfa-4133	105	6	from	from	ADP
ajfa-4133	105	7	50	50	NUM
ajfa-4133	105	8	countries	country	NOUN
ajfa-4133	105	9	over	over	ADP
ajfa-4133	105	10	the	the	DET
ajfa-4133	105	11	period	period	NOUN
ajfa-4133	105	12	of	of	ADP
ajfa-4133	105	13	2005	2005	NUM
ajfa-4133	105	14	-	-	SYM
ajfa-4133	105	15	2007	2007	NUM
ajfa-4133	105	16	.	.	PUNCT
ajfa-4133	106	1	they	they	PRON
ajfa-4133	106	2	find	find	VERB
ajfa-4133	106	3	that	that	SCONJ
ajfa-4133	106	4	concentration	concentration	NOUN
ajfa-4133	106	5	of	of	ADP
ajfa-4133	106	6	ownership	ownership	NOUN
ajfa-4133	106	7	has	have	VERB
ajfa-4133	106	8	negative	negative	ADJ
ajfa-4133	106	9	impact	impact	NOUN
ajfa-4133	106	10	on	on	ADP
ajfa-4133	106	11	the	the	DET
ajfa-4133	106	12	npls	npls	NOUN
ajfa-4133	106	13	and	and	CCONJ
ajfa-4133	106	14	helps	help	VERB
ajfa-4133	106	15	in	in	ADP
ajfa-4133	106	16	reducing	reduce	VERB
ajfa-4133	106	17	npls	npls	NOUN
ajfa-4133	106	18	,	,	PUNCT
ajfa-4133	106	19	whereas	whereas	SCONJ
ajfa-4133	106	20	concentration	concentration	NOUN
ajfa-4133	106	21	of	of	ADP
ajfa-4133	106	22	ownership	ownership	NOUN
ajfa-4133	106	23	has	have	VERB
ajfa-4133	106	24	positive	positive	ADJ
ajfa-4133	106	25	impact	impact	NOUN
ajfa-4133	106	26	on	on	ADP
ajfa-4133	106	27	the	the	DET
ajfa-4133	106	28	capital	capital	NOUN
ajfa-4133	106	29	adequacy	adequacy	NOUN
ajfa-4133	106	30	ratio	ratio	NOUN
ajfa-4133	106	31	.	.	PUNCT
ajfa-4133	107	1	they	they	PRON
ajfa-4133	107	2	further	far	ADV
ajfa-4133	107	3	argued	argue	VERB
ajfa-4133	107	4	that	that	SCONJ
ajfa-4133	107	5	at	at	ADP
ajfa-4133	107	6	low	low	ADJ
ajfa-4133	107	7	level	level	NOUN
ajfa-4133	107	8	of	of	ADP
ajfa-4133	107	9	supervisory	supervisory	ADJ
ajfa-4133	107	10	control	control	NOUN
ajfa-4133	107	11	and	and	CCONJ
ajfa-4133	107	12	protection	protection	NOUN
ajfa-4133	107	13	rights	right	NOUN
ajfa-4133	107	14	,	,	PUNCT
ajfa-4133	107	15	ownership	ownership	NOUN
ajfa-4133	107	16	structure	structure	NOUN
ajfa-4133	107	17	has	have	VERB
ajfa-4133	107	18	negative	negative	ADJ
ajfa-4133	107	19	impact	impact	NOUN
ajfa-4133	107	20	of	of	ADP
ajfa-4133	107	21	riskiness	riskiness	NOUN
ajfa-4133	107	22	.	.	PUNCT
ajfa-4133	108	1	the	the	DET
ajfa-4133	108	2	current	current	ADJ
ajfa-4133	108	3	study	study	NOUN
ajfa-4133	108	4	differs	differ	VERB
ajfa-4133	108	5	from	from	ADP
ajfa-4133	108	6	shehzad	shehzad	PROPN
ajfa-4133	108	7	et	et	PROPN
ajfa-4133	108	8	al	al	PROPN
ajfa-4133	108	9	.	.	PROPN
ajfa-4133	108	10	,	,	PUNCT
ajfa-4133	108	11	(	(	PUNCT
ajfa-4133	108	12	2010	2010	NUM
ajfa-4133	108	13	)	)	PUNCT
ajfa-4133	108	14	in	in	ADP
ajfa-4133	108	15	three	three	NUM
ajfa-4133	108	16	aspects	aspect	NOUN
ajfa-4133	108	17	,	,	PUNCT
ajfa-4133	108	18	first	first	ADV
ajfa-4133	108	19	,	,	PUNCT
ajfa-4133	108	20	they	they	PRON
ajfa-4133	108	21	have	have	AUX
ajfa-4133	108	22	used	use	VERB
ajfa-4133	108	23	the	the	DET
ajfa-4133	108	24	banks	bank	NOUN
ajfa-4133	108	25	data	datum	NOUN
ajfa-4133	108	26	from	from	ADP
ajfa-4133	108	27	50	50	NUM
ajfa-4133	108	28	countries	country	NOUN
ajfa-4133	108	29	but	but	CCONJ
ajfa-4133	108	30	this	this	DET
ajfa-4133	108	31	study	study	NOUN
ajfa-4133	108	32	uses	use	VERB
ajfa-4133	108	33	the	the	DET
ajfa-4133	108	34	data	datum	NOUN
ajfa-4133	108	35	of	of	ADP
ajfa-4133	108	36	pakistani	pakistani	ADJ
ajfa-4133	108	37	banks	bank	NOUN
ajfa-4133	108	38	.	.	PUNCT
ajfa-4133	109	1	second	second	ADJ
ajfa-4133	109	2	,	,	PUNCT
ajfa-4133	109	3	they	they	PRON
ajfa-4133	109	4	have	have	AUX
ajfa-4133	109	5	used	use	VERB
ajfa-4133	109	6	npls	npls	NOUN
ajfa-4133	109	7	and	and	CCONJ
ajfa-4133	109	8	capital	capital	NOUN
ajfa-4133	109	9	adequacy	adequacy	NOUN
ajfa-4133	109	10	as	as	ADP
ajfa-4133	109	11	measures	measure	NOUN
ajfa-4133	109	12	of	of	ADP
ajfa-4133	109	13	riskiness	riskiness	NOUN
ajfa-4133	109	14	whereas	whereas	SCONJ
ajfa-4133	109	15	this	this	DET
ajfa-4133	109	16	study	study	NOUN
ajfa-4133	109	17	uses	use	VERB
ajfa-4133	109	18	only	only	ADJ
ajfa-4133	109	19	npls	npls	NOUN
ajfa-4133	109	20	as	as	ADP
ajfa-4133	109	21	riskiness	riskiness	ADJ
ajfa-4133	109	22	measure	measure	NOUN
ajfa-4133	109	23	.	.	PUNCT
ajfa-4133	110	1	third	third	ADV
ajfa-4133	110	2	,	,	PUNCT
ajfa-4133	110	3	their	their	PRON
ajfa-4133	110	4	study	study	NOUN
ajfa-4133	110	5	used	use	VERB
ajfa-4133	110	6	three	three	NUM
ajfa-4133	110	7	measures	measure	NOUN
ajfa-4133	110	8	of	of	ADP
ajfa-4133	110	9	ownership	ownership	NOUN
ajfa-4133	110	10	concentration	concentration	NOUN
ajfa-4133	110	11	i.e.	i.e.	X
ajfa-4133	110	12	10	10	NUM
ajfa-4133	110	13	%	%	NOUN
ajfa-4133	110	14	or	or	CCONJ
ajfa-4133	110	15	more	more	ADJ
ajfa-4133	110	16	,	,	PUNCT
ajfa-4133	110	17	25	25	NUM
ajfa-4133	110	18	%	%	NOUN
ajfa-4133	110	19	or	or	CCONJ
ajfa-4133	110	20	more	more	ADJ
ajfa-4133	110	21	and	and	CCONJ
ajfa-4133	110	22	50	50	NUM
ajfa-4133	110	23	%	%	NOUN
ajfa-4133	110	24	or	or	CCONJ
ajfa-4133	110	25	more	more	ADJ
ajfa-4133	110	26	,	,	PUNCT
ajfa-4133	110	27	whereas	whereas	SCONJ
ajfa-4133	110	28	this	this	DET
ajfa-4133	110	29	study	study	NOUN
ajfa-4133	110	30	uses	use	VERB
ajfa-4133	110	31	dummy	dummy	ADJ
ajfa-4133	110	32	variables	variable	NOUN
ajfa-4133	110	33	of	of	ADP
ajfa-4133	110	34	publicly	publicly	ADV
ajfa-4133	110	35	,	,	PUNCT
ajfa-4133	110	36	privately	privately	ADV
ajfa-4133	110	37	and	and	CCONJ
ajfa-4133	110	38	foreign	foreign	ADJ
ajfa-4133	110	39	owned	own	VERB
ajfa-4133	110	40	banks	bank	NOUN
ajfa-4133	110	41	as	as	ADP
ajfa-4133	110	42	the	the	DET
ajfa-4133	110	43	measure	measure	NOUN
ajfa-4133	110	44	of	of	ADP
ajfa-4133	110	45	ownership	ownership	NOUN
ajfa-4133	110	46	concentration	concentration	NOUN
ajfa-4133	110	47	.	.	PUNCT
ajfa-4133	111	1	asian	asian	ADJ
ajfa-4133	111	2	journal	journal	PROPN
ajfa-4133	111	3	of	of	ADP
ajfa-4133	111	4	finance	finance	PROPN
ajfa-4133	111	5	&	&	CCONJ
ajfa-4133	111	6	accounting	accounting	PROPN
ajfa-4133	111	7	issn	issn	PROPN
ajfa-4133	111	8	1946	1946	NUM
ajfa-4133	111	9	-	-	PUNCT
ajfa-4133	111	10	052x	052x	NOUN
ajfa-4133	111	11	2013	2013	NUM
ajfa-4133	111	12	,	,	PUNCT
ajfa-4133	111	13	vol	vol	NOUN
ajfa-4133	111	14	.	.	PROPN
ajfa-4133	111	15	5	5	NUM
ajfa-4133	111	16	,	,	PUNCT
ajfa-4133	111	17	no	no	INTJ
ajfa-4133	111	18	.	.	NOUN
ajfa-4133	111	19	2	2	NUM
ajfa-4133	111	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4133	111	21	274	274	NUM
ajfa-4133	111	22	barry	barry	NOUN
ajfa-4133	111	23	et	et	PROPN
ajfa-4133	111	24	al	al	PROPN
ajfa-4133	111	25	.	.	PROPN
ajfa-4133	111	26	,	,	PUNCT
ajfa-4133	111	27	(	(	PUNCT
ajfa-4133	111	28	2011	2011	NUM
ajfa-4133	111	29	)	)	PUNCT
ajfa-4133	111	30	used	use	VERB
ajfa-4133	111	31	detailed	detailed	ADJ
ajfa-4133	111	32	european	european	ADJ
ajfa-4133	111	33	commercial	commercial	ADJ
ajfa-4133	111	34	banks	bank	NOUN
ajfa-4133	111	35	ownership	ownership	NOUN
ajfa-4133	111	36	data	datum	NOUN
ajfa-4133	111	37	to	to	PART
ajfa-4133	111	38	analyze	analyze	VERB
ajfa-4133	111	39	the	the	DET
ajfa-4133	111	40	relationship	relationship	NOUN
ajfa-4133	111	41	between	between	ADP
ajfa-4133	111	42	different	different	ADJ
ajfa-4133	111	43	ownership	ownership	NOUN
ajfa-4133	111	44	structures	structure	NOUN
ajfa-4133	111	45	of	of	ADP
ajfa-4133	111	46	privately	privately	ADV
ajfa-4133	111	47	and	and	CCONJ
ajfa-4133	111	48	publicly	publicly	ADV
ajfa-4133	111	49	owned	own	VERB
ajfa-4133	111	50	banks	bank	NOUN
ajfa-4133	111	51	and	and	CCONJ
ajfa-4133	111	52	level	level	NOUN
ajfa-4133	111	53	of	of	ADP
ajfa-4133	111	54	risk	risk	NOUN
ajfa-4133	111	55	and	and	CCONJ
ajfa-4133	111	56	profitability	profitability	NOUN
ajfa-4133	111	57	.	.	PUNCT
ajfa-4133	112	1	they	they	PRON
ajfa-4133	112	2	divided	divide	VERB
ajfa-4133	112	3	the	the	DET
ajfa-4133	112	4	ownership	ownership	NOUN
ajfa-4133	112	5	structure	structure	NOUN
ajfa-4133	112	6	into	into	ADP
ajfa-4133	112	7	five	five	NUM
ajfa-4133	112	8	categories	category	NOUN
ajfa-4133	112	9	.	.	PUNCT
ajfa-4133	113	1	they	they	PRON
ajfa-4133	113	2	proved	prove	VERB
ajfa-4133	113	3	that	that	SCONJ
ajfa-4133	113	4	ownership	ownership	NOUN
ajfa-4133	113	5	structure	structure	NOUN
ajfa-4133	113	6	significantly	significantly	ADV
ajfa-4133	113	7	explains	explain	VERB
ajfa-4133	113	8	the	the	DET
ajfa-4133	113	9	risk	risk	NOUN
ajfa-4133	113	10	differences	difference	NOUN
ajfa-4133	113	11	in	in	ADP
ajfa-4133	113	12	different	different	ADJ
ajfa-4133	113	13	categories	category	NOUN
ajfa-4133	113	14	especially	especially	ADV
ajfa-4133	113	15	in	in	ADP
ajfa-4133	113	16	private	private	ADJ
ajfa-4133	113	17	banks	bank	NOUN
ajfa-4133	113	18	.	.	PUNCT
ajfa-4133	114	1	they	they	PRON
ajfa-4133	114	2	find	find	VERB
ajfa-4133	114	3	that	that	SCONJ
ajfa-4133	114	4	as	as	SCONJ
ajfa-4133	114	5	the	the	DET
ajfa-4133	114	6	equity	equity	NOUN
ajfa-4133	114	7	stake	stake	NOUN
ajfa-4133	114	8	of	of	ADP
ajfa-4133	114	9	individual	individual	ADJ
ajfa-4133	114	10	or	or	CCONJ
ajfa-4133	114	11	banking	banking	NOUN
ajfa-4133	114	12	institution	institution	NOUN
ajfa-4133	114	13	increases	increase	VERB
ajfa-4133	114	14	the	the	DET
ajfa-4133	114	15	assets	asset	NOUN
ajfa-4133	114	16	riskiness	riskiness	NOUN
ajfa-4133	114	17	and	and	CCONJ
ajfa-4133	114	18	decreases	decrease	VERB
ajfa-4133	114	19	default	default	NOUN
ajfa-4133	114	20	risk	risk	NOUN
ajfa-4133	114	21	.	.	PUNCT
ajfa-4133	115	1	when	when	SCONJ
ajfa-4133	115	2	non	non	ADJ
ajfa-4133	115	3	-	-	ADJ
ajfa-4133	115	4	financial	financial	ADJ
ajfa-4133	115	5	institutions	institution	NOUN
ajfa-4133	115	6	or	or	CCONJ
ajfa-4133	115	7	institutional	institutional	ADJ
ajfa-4133	115	8	investors	investor	NOUN
ajfa-4133	115	9	are	be	AUX
ajfa-4133	115	10	holding	hold	VERB
ajfa-4133	115	11	the	the	DET
ajfa-4133	115	12	highest	high	ADJ
ajfa-4133	115	13	shares	share	NOUN
ajfa-4133	115	14	then	then	ADV
ajfa-4133	115	15	they	they	PRON
ajfa-4133	115	16	go	go	VERB
ajfa-4133	115	17	for	for	ADP
ajfa-4133	115	18	the	the	DET
ajfa-4133	115	19	riskiest	risky	ADJ
ajfa-4133	115	20	strategies	strategy	NOUN
ajfa-4133	115	21	.	.	PUNCT
ajfa-4133	116	1	the	the	DET
ajfa-4133	116	2	results	result	NOUN
ajfa-4133	116	3	showed	show	VERB
ajfa-4133	116	4	that	that	SCONJ
ajfa-4133	116	5	change	change	NOUN
ajfa-4133	116	6	in	in	ADP
ajfa-4133	116	7	ownership	ownership	NOUN
ajfa-4133	116	8	for	for	ADP
ajfa-4133	116	9	the	the	DET
ajfa-4133	116	10	private	private	ADJ
ajfa-4133	116	11	banks	bank	NOUN
ajfa-4133	116	12	have	have	VERB
ajfa-4133	116	13	no	no	DET
ajfa-4133	116	14	affect	affect	NOUN
ajfa-4133	116	15	on	on	ADP
ajfa-4133	116	16	bank	bank	NOUN
ajfa-4133	116	17	risk	risk	NOUN
ajfa-4133	116	18	appetite	appetite	NOUN
ajfa-4133	116	19	.	.	PUNCT
ajfa-4133	117	1	they	they	PRON
ajfa-4133	117	2	also	also	ADV
ajfa-4133	117	3	find	find	VERB
ajfa-4133	117	4	that	that	SCONJ
ajfa-4133	117	5	the	the	DET
ajfa-4133	117	6	regulation	regulation	NOUN
ajfa-4133	117	7	of	of	ADP
ajfa-4133	117	8	banking	banking	NOUN
ajfa-4133	117	9	supervision	supervision	NOUN
ajfa-4133	117	10	authorities	authority	NOUN
ajfa-4133	117	11	increases	increase	VERB
ajfa-4133	117	12	the	the	DET
ajfa-4133	117	13	efficiency	efficiency	NOUN
ajfa-4133	117	14	,	,	PUNCT
ajfa-4133	117	15	lowers	lower	VERB
ajfa-4133	117	16	the	the	DET
ajfa-4133	117	17	npls	npls	NOUN
ajfa-4133	117	18	and	and	CCONJ
ajfa-4133	117	19	improves	improve	VERB
ajfa-4133	117	20	the	the	DET
ajfa-4133	117	21	quality	quality	NOUN
ajfa-4133	117	22	of	of	ADP
ajfa-4133	117	23	publicly	publicly	ADV
ajfa-4133	117	24	held	hold	VERB
ajfa-4133	117	25	banks	bank	NOUN
ajfa-4133	117	26	.	.	PUNCT
ajfa-4133	118	1	the	the	DET
ajfa-4133	118	2	current	current	ADJ
ajfa-4133	118	3	study	study	NOUN
ajfa-4133	118	4	relates	relate	VERB
ajfa-4133	118	5	to	to	PART
ajfa-4133	118	6	barry	barry	VERB
ajfa-4133	118	7	et	et	PROPN
ajfa-4133	118	8	al	al	PROPN
ajfa-4133	118	9	.	.	PROPN
ajfa-4133	118	10	,	,	PUNCT
ajfa-4133	118	11	(	(	PUNCT
ajfa-4133	118	12	2011	2011	NUM
ajfa-4133	118	13	)	)	PUNCT
ajfa-4133	118	14	in	in	ADP
ajfa-4133	118	15	two	two	NUM
ajfa-4133	118	16	aspects	aspect	NOUN
ajfa-4133	118	17	,	,	PUNCT
ajfa-4133	118	18	first	first	ADV
ajfa-4133	118	19	,	,	PUNCT
ajfa-4133	118	20	barry	barry	PROPN
ajfa-4133	118	21	et	et	PROPN
ajfa-4133	118	22	al	al	PROPN
ajfa-4133	118	23	.	.	PROPN
ajfa-4133	118	24	,	,	PUNCT
ajfa-4133	118	25	(	(	PUNCT
ajfa-4133	118	26	2011	2011	NUM
ajfa-4133	118	27	)	)	PUNCT
ajfa-4133	118	28	have	have	AUX
ajfa-4133	118	29	used	use	VERB
ajfa-4133	118	30	five	five	NUM
ajfa-4133	118	31	categories	category	NOUN
ajfa-4133	118	32	of	of	ADP
ajfa-4133	118	33	ownership	ownership	NOUN
ajfa-4133	118	34	structure	structure	NOUN
ajfa-4133	118	35	whereas	whereas	SCONJ
ajfa-4133	118	36	this	this	DET
ajfa-4133	118	37	study	study	NOUN
ajfa-4133	118	38	uses	use	VERB
ajfa-4133	118	39	three	three	NUM
ajfa-4133	118	40	categories	category	NOUN
ajfa-4133	118	41	(	(	PUNCT
ajfa-4133	118	42	public	public	ADJ
ajfa-4133	118	43	,	,	PUNCT
ajfa-4133	118	44	private	private	ADJ
ajfa-4133	118	45	and	and	CCONJ
ajfa-4133	118	46	foreign	foreign	ADJ
ajfa-4133	118	47	owned	own	VERB
ajfa-4133	118	48	banks	bank	NOUN
ajfa-4133	118	49	)	)	PUNCT
ajfa-4133	118	50	because	because	SCONJ
ajfa-4133	118	51	data	datum	NOUN
ajfa-4133	118	52	is	be	AUX
ajfa-4133	118	53	only	only	ADV
ajfa-4133	118	54	available	available	ADJ
ajfa-4133	118	55	relating	relate	VERB
ajfa-4133	118	56	three	three	NUM
ajfa-4133	118	57	categories	category	NOUN
ajfa-4133	118	58	.	.	PUNCT
ajfa-4133	119	1	second	second	ADJ
ajfa-4133	119	2	,	,	PUNCT
ajfa-4133	119	3	like	like	INTJ
ajfa-4133	119	4	barry	barry	PROPN
ajfa-4133	119	5	et	et	PROPN
ajfa-4133	119	6	al	al	PROPN
ajfa-4133	119	7	.	.	PROPN
ajfa-4133	119	8	,	,	PUNCT
ajfa-4133	119	9	(	(	PUNCT
ajfa-4133	119	10	2011	2011	NUM
ajfa-4133	119	11	)	)	PUNCT
ajfa-4133	119	12	the	the	DET
ajfa-4133	119	13	current	current	ADJ
ajfa-4133	119	14	study	study	NOUN
ajfa-4133	119	15	also	also	ADV
ajfa-4133	119	16	investigated	investigate	VERB
ajfa-4133	119	17	the	the	DET
ajfa-4133	119	18	association	association	NOUN
ajfa-4133	119	19	between	between	ADP
ajfa-4133	119	20	risk	risk	NOUN
ajfa-4133	119	21	and	and	CCONJ
ajfa-4133	119	22	ownership	ownership	NOUN
ajfa-4133	119	23	structure	structure	NOUN
ajfa-4133	119	24	.	.	PUNCT
ajfa-4133	120	1	based	base	VERB
ajfa-4133	120	2	on	on	ADP
ajfa-4133	120	3	existing	exist	VERB
ajfa-4133	120	4	literature	literature	NOUN
ajfa-4133	120	5	current	current	ADJ
ajfa-4133	120	6	study	study	NOUN
ajfa-4133	120	7	formulated	formulate	VERB
ajfa-4133	120	8	eight	eight	NUM
ajfa-4133	120	9	hypotheses	hypothesis	NOUN
ajfa-4133	120	10	relating	relate	VERB
ajfa-4133	120	11	association	association	NOUN
ajfa-4133	120	12	between	between	ADP
ajfa-4133	120	13	npls	npls	NOUN
ajfa-4133	120	14	and	and	CCONJ
ajfa-4133	120	15	ownership	ownership	NOUN
ajfa-4133	120	16	structure	structure	NOUN
ajfa-4133	120	17	and	and	CCONJ
ajfa-4133	120	18	other	other	ADJ
ajfa-4133	120	19	related	related	ADJ
ajfa-4133	120	20	variables	variable	NOUN
ajfa-4133	120	21	.	.	PUNCT
ajfa-4133	121	1	the	the	DET
ajfa-4133	121	2	hypotheses	hypothesis	NOUN
ajfa-4133	121	3	are	be	AUX
ajfa-4133	121	4	given	give	VERB
ajfa-4133	121	5	below	below	ADP
ajfa-4133	121	6	h1	h1	PROPN
ajfa-4133	121	7	:	:	PUNCT
ajfa-4133	121	8	public	public	ADJ
ajfa-4133	121	9	ownership	ownership	NOUN
ajfa-4133	121	10	results	result	NOUN
ajfa-4133	121	11	in	in	ADP
ajfa-4133	121	12	the	the	DET
ajfa-4133	121	13	declined	decline	VERB
ajfa-4133	121	14	banking	banking	NOUN
ajfa-4133	121	15	performance	performance	NOUN
ajfa-4133	121	16	and	and	CCONJ
ajfa-4133	121	17	increased	increase	VERB
ajfa-4133	121	18	npls	npls	NOUN
ajfa-4133	121	19	.	.	PUNCT
ajfa-4133	122	1	h2	h2	NOUN
ajfa-4133	122	2	:	:	PUNCT
ajfa-4133	122	3	private	private	ADJ
ajfa-4133	122	4	ownership	ownership	NOUN
ajfa-4133	122	5	results	result	NOUN
ajfa-4133	122	6	in	in	ADP
ajfa-4133	122	7	the	the	DET
ajfa-4133	122	8	enhanced	enhance	VERB
ajfa-4133	122	9	banking	banking	NOUN
ajfa-4133	122	10	performance	performance	NOUN
ajfa-4133	122	11	and	and	CCONJ
ajfa-4133	122	12	decreased	decrease	VERB
ajfa-4133	122	13	npls	npls	NOUN
ajfa-4133	122	14	.	.	PUNCT
ajfa-4133	123	1	h3	h3	NOUN
ajfa-4133	123	2	:	:	PUNCT
ajfa-4133	123	3	foreign	foreign	ADJ
ajfa-4133	123	4	ownership	ownership	NOUN
ajfa-4133	123	5	results	result	NOUN
ajfa-4133	123	6	in	in	ADP
ajfa-4133	123	7	the	the	DET
ajfa-4133	123	8	enhanced	enhance	VERB
ajfa-4133	123	9	banking	banking	NOUN
ajfa-4133	123	10	performance	performance	NOUN
ajfa-4133	123	11	and	and	CCONJ
ajfa-4133	123	12	decreased	decrease	VERB
ajfa-4133	123	13	npls	npls	NOUN
ajfa-4133	123	14	.	.	PUNCT
ajfa-4133	124	1	h4	h4	NOUN
ajfa-4133	124	2	:	:	PUNCT
ajfa-4133	124	3	high	high	ADJ
ajfa-4133	124	4	investor	investor	NOUN
ajfa-4133	124	5	protection	protection	NOUN
ajfa-4133	124	6	(	(	PUNCT
ajfa-4133	124	7	deposit	deposit	NOUN
ajfa-4133	124	8	holder	holder	NOUN
ajfa-4133	124	9	protection	protection	NOUN
ajfa-4133	124	10	)	)	PUNCT
ajfa-4133	124	11	results	result	NOUN
ajfa-4133	124	12	in	in	ADP
ajfa-4133	124	13	the	the	DET
ajfa-4133	124	14	decline	decline	NOUN
ajfa-4133	124	15	in	in	ADP
ajfa-4133	124	16	npls	npls	NOUN
ajfa-4133	124	17	.	.	PUNCT
ajfa-4133	125	1	h5	h5	PROPN
ajfa-4133	125	2	:	:	PUNCT
ajfa-4133	125	3	high	high	ADJ
ajfa-4133	125	4	supervisory	supervisory	ADJ
ajfa-4133	125	5	control	control	NOUN
ajfa-4133	125	6	results	result	NOUN
ajfa-4133	125	7	in	in	ADP
ajfa-4133	125	8	the	the	DET
ajfa-4133	125	9	decline	decline	NOUN
ajfa-4133	125	10	in	in	ADP
ajfa-4133	125	11	npls	npls	NOUN
ajfa-4133	125	12	.	.	PUNCT
ajfa-4133	126	1	h6	h6	NOUN
ajfa-4133	126	2	:	:	PUNCT
ajfa-4133	126	3	high	high	ADJ
ajfa-4133	126	4	restrictions	restriction	NOUN
ajfa-4133	126	5	on	on	ADP
ajfa-4133	126	6	activities	activity	NOUN
ajfa-4133	126	7	results	result	VERB
ajfa-4133	126	8	in	in	ADP
ajfa-4133	126	9	the	the	DET
ajfa-4133	126	10	decline	decline	NOUN
ajfa-4133	126	11	in	in	ADP
ajfa-4133	126	12	npls	npls	NOUN
ajfa-4133	126	13	.	.	PUNCT
ajfa-4133	127	1	h7	h7	PROPN
ajfa-4133	127	2	:	:	PUNCT
ajfa-4133	127	3	high	high	ADJ
ajfa-4133	127	4	bank	bank	NOUN
ajfa-4133	127	5	concentration	concentration	NOUN
ajfa-4133	127	6	results	result	NOUN
ajfa-4133	127	7	in	in	ADP
ajfa-4133	127	8	the	the	DET
ajfa-4133	127	9	growth	growth	NOUN
ajfa-4133	127	10	of	of	ADP
ajfa-4133	127	11	npls	npls	NOUN
ajfa-4133	127	12	.	.	PUNCT
ajfa-4133	128	1	h8	h8	PROPN
ajfa-4133	128	2	:	:	PUNCT
ajfa-4133	128	3	listed	list	VERB
ajfa-4133	128	4	or	or	CCONJ
ajfa-4133	128	5	not	not	PART
ajfa-4133	128	6	listed	list	VERB
ajfa-4133	128	7	bank	bank	NOUN
ajfa-4133	128	8	may	may	AUX
ajfa-4133	128	9	have	have	VERB
ajfa-4133	128	10	positive	positive	ADJ
ajfa-4133	128	11	or	or	CCONJ
ajfa-4133	128	12	negative	negative	ADJ
ajfa-4133	128	13	impact	impact	NOUN
ajfa-4133	128	14	on	on	ADP
ajfa-4133	128	15	the	the	DET
ajfa-4133	128	16	npls	npls	NOUN
ajfa-4133	128	17	.	.	PUNCT
ajfa-4133	129	1	the	the	DET
ajfa-4133	129	2	research	research	NOUN
ajfa-4133	129	3	frame	frame	NOUN
ajfa-4133	129	4	work	work	NOUN
ajfa-4133	129	5	of	of	ADP
ajfa-4133	129	6	ownership	ownership	NOUN
ajfa-4133	129	7	structure	structure	NOUN
ajfa-4133	129	8	and	and	CCONJ
ajfa-4133	129	9	other	other	ADJ
ajfa-4133	129	10	literature	literature	NOUN
ajfa-4133	129	11	supported	support	VERB
ajfa-4133	129	12	variables	variable	NOUN
ajfa-4133	129	13	is	be	AUX
ajfa-4133	129	14	given	give	VERB
ajfa-4133	129	15	below	below	ADP
ajfa-4133	129	16	asian	asian	ADJ
ajfa-4133	129	17	journal	journal	NOUN
ajfa-4133	129	18	of	of	ADP
ajfa-4133	129	19	finance	finance	PROPN
ajfa-4133	129	20	&	&	CCONJ
ajfa-4133	129	21	accounting	accounting	PROPN
ajfa-4133	129	22	issn	issn	PROPN
ajfa-4133	129	23	1946	1946	NUM
ajfa-4133	129	24	-	-	PUNCT
ajfa-4133	129	25	052x	052x	NOUN
ajfa-4133	129	26	2013	2013	NUM
ajfa-4133	129	27	,	,	PUNCT
ajfa-4133	129	28	vol	vol	NOUN
ajfa-4133	129	29	.	.	PROPN
ajfa-4133	129	30	5	5	NUM
ajfa-4133	129	31	,	,	PUNCT
ajfa-4133	129	32	no	no	INTJ
ajfa-4133	129	33	.	.	NOUN
ajfa-4133	129	34	2	2	NUM
ajfa-4133	129	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4133	129	36	275	275	NUM
ajfa-4133	129	37	figure	figure	NOUN
ajfa-4133	129	38	1	1	NUM
ajfa-4133	129	39	.	.	PUNCT
ajfa-4133	129	40	ownership	ownership	NOUN
ajfa-4133	129	41	structure	structure	NOUN
ajfa-4133	129	42	and	and	CCONJ
ajfa-4133	129	43	other	other	ADJ
ajfa-4133	129	44	related	related	ADJ
ajfa-4133	129	45	variables	variable	NOUN
ajfa-4133	129	46	research	research	NOUN
ajfa-4133	129	47	framework	framework	NOUN
ajfa-4133	129	48	3	3	NUM
ajfa-4133	129	49	.	.	PUNCT
ajfa-4133	130	1	explanatory	explanatory	ADJ
ajfa-4133	130	2	variables	variable	NOUN
ajfa-4133	130	3	this	this	DET
ajfa-4133	130	4	study	study	NOUN
ajfa-4133	130	5	investigates	investigate	VERB
ajfa-4133	130	6	the	the	DET
ajfa-4133	130	7	berle	berle	NOUN
ajfa-4133	130	8	and	and	CCONJ
ajfa-4133	130	9	means	mean	NOUN
ajfa-4133	130	10	(	(	PUNCT
ajfa-4133	130	11	1933	1933	NUM
ajfa-4133	130	12	)	)	PUNCT
ajfa-4133	130	13	traditional	traditional	ADJ
ajfa-4133	130	14	view	view	NOUN
ajfa-4133	130	15	that	that	SCONJ
ajfa-4133	130	16	concentrated	concentrated	ADJ
ajfa-4133	130	17	ownership	ownership	NOUN
ajfa-4133	130	18	results	result	NOUN
ajfa-4133	130	19	in	in	ADP
ajfa-4133	130	20	enhanced	enhanced	ADJ
ajfa-4133	130	21	banking	banking	NOUN
ajfa-4133	130	22	performance	performance	NOUN
ajfa-4133	130	23	by	by	ADP
ajfa-4133	130	24	reducing	reduce	VERB
ajfa-4133	130	25	the	the	DET
ajfa-4133	130	26	bank	bank	NOUN
ajfa-4133	130	27	riskiness	riskiness	NOUN
ajfa-4133	130	28	against	against	ADP
ajfa-4133	130	29	the	the	DET
ajfa-4133	130	30	opposite	opposite	ADJ
ajfa-4133	130	31	view	view	NOUN
ajfa-4133	130	32	that	that	SCONJ
ajfa-4133	130	33	ownership	ownership	NOUN
ajfa-4133	130	34	concentration	concentration	NOUN
ajfa-4133	130	35	does	do	AUX
ajfa-4133	130	36	not	not	PART
ajfa-4133	130	37	have	have	AUX
ajfa-4133	130	38	impact	impact	NOUN
ajfa-4133	130	39	on	on	ADP
ajfa-4133	130	40	the	the	DET
ajfa-4133	130	41	bank	bank	NOUN
ajfa-4133	130	42	riskiness	riskiness	NOUN
ajfa-4133	130	43	.	.	PUNCT
ajfa-4133	131	1	this	this	DET
ajfa-4133	131	2	study	study	NOUN
ajfa-4133	131	3	used	use	VERB
ajfa-4133	131	4	three	three	NUM
ajfa-4133	131	5	measures	measure	NOUN
ajfa-4133	131	6	of	of	ADP
ajfa-4133	131	7	ownership	ownership	NOUN
ajfa-4133	131	8	structure	structure	NOUN
ajfa-4133	131	9	i.e.	i.e.	X
ajfa-4133	131	10	publicly	publicly	ADV
ajfa-4133	131	11	,	,	PUNCT
ajfa-4133	131	12	privately	privately	ADV
ajfa-4133	131	13	and	and	CCONJ
ajfa-4133	131	14	foreign	foreign	ADJ
ajfa-4133	131	15	owned	own	VERB
ajfa-4133	131	16	banks	bank	NOUN
ajfa-4133	131	17	.	.	PUNCT
ajfa-4133	132	1	djankov	djankov	PROPN
ajfa-4133	132	2	,	,	PUNCT
ajfa-4133	132	3	la	la	PROPN
ajfa-4133	132	4	porta	porta	PROPN
ajfa-4133	132	5	,	,	PUNCT
ajfa-4133	132	6	lopez	lopez	NOUN
ajfa-4133	132	7	-	-	PUNCT
ajfa-4133	132	8	de	de	NOUN
ajfa-4133	132	9	-	-	NOUN
ajfa-4133	132	10	silanes	silane	NOUN
ajfa-4133	132	11	and	and	CCONJ
ajfa-4133	132	12	shleifer	shleifer	NOUN
ajfa-4133	132	13	(	(	PUNCT
ajfa-4133	132	14	2008	2008	NUM
ajfa-4133	132	15	)	)	PUNCT
ajfa-4133	132	16	used	use	VERB
ajfa-4133	132	17	investor	investor	NOUN
ajfa-4133	132	18	protection	protection	NOUN
ajfa-4133	132	19	index	index	NOUN
ajfa-4133	132	20	(	(	PUNCT
ajfa-4133	132	21	ipi	ipi	PROPN
ajfa-4133	132	22	)	)	PUNCT
ajfa-4133	132	23	to	to	PART
ajfa-4133	132	24	account	account	VERB
ajfa-4133	132	25	for	for	ADP
ajfa-4133	132	26	the	the	DET
ajfa-4133	132	27	shareholder	shareholder	NOUN
ajfa-4133	132	28	protection	protection	NOUN
ajfa-4133	132	29	rights	right	NOUN
ajfa-4133	132	30	in	in	ADP
ajfa-4133	132	31	their	their	PRON
ajfa-4133	132	32	model	model	NOUN
ajfa-4133	132	33	.	.	PUNCT
ajfa-4133	133	1	following	follow	VERB
ajfa-4133	133	2	djankov	djankov	PROPN
ajfa-4133	133	3	et	et	PROPN
ajfa-4133	133	4	al	al	PROPN
ajfa-4133	133	5	.	.	PROPN
ajfa-4133	133	6	,	,	PUNCT
ajfa-4133	133	7	(	(	PUNCT
ajfa-4133	133	8	2008	2008	NUM
ajfa-4133	133	9	)	)	PUNCT
ajfa-4133	133	10	here	here	ADV
ajfa-4133	133	11	ipi	ipi	PROPN
ajfa-4133	133	12	is	be	AUX
ajfa-4133	133	13	used	use	VERB
ajfa-4133	133	14	as	as	ADP
ajfa-4133	133	15	a	a	DET
ajfa-4133	133	16	measure	measure	NOUN
ajfa-4133	133	17	of	of	ADP
ajfa-4133	133	18	shareholder	shareholder	NOUN
ajfa-4133	133	19	protection	protection	NOUN
ajfa-4133	133	20	rights	right	NOUN
ajfa-4133	133	21	.	.	PUNCT
ajfa-4133	134	1	the	the	DET
ajfa-4133	134	2	ipi	ipi	PROPN
ajfa-4133	134	3	is	be	AUX
ajfa-4133	134	4	based	base	VERB
ajfa-4133	134	5	on	on	ADP
ajfa-4133	134	6	legal	legal	ADJ
ajfa-4133	134	7	protection	protection	NOUN
ajfa-4133	134	8	to	to	ADP
ajfa-4133	134	9	the	the	DET
ajfa-4133	134	10	minority	minority	NOUN
ajfa-4133	134	11	shareholder	shareholder	NOUN
ajfa-4133	134	12	.	.	PUNCT
ajfa-4133	135	1	the	the	DET
ajfa-4133	135	2	ipi	ipi	PROPN
ajfa-4133	135	3	consist	consist	NOUN
ajfa-4133	135	4	of	of	ADP
ajfa-4133	135	5	the	the	DET
ajfa-4133	135	6	three	three	NUM
ajfa-4133	135	7	main	main	ADJ
ajfa-4133	135	8	dimensions	dimension	NOUN
ajfa-4133	135	9	:	:	PUNCT
ajfa-4133	135	10	ability	ability	NOUN
ajfa-4133	135	11	of	of	ADP
ajfa-4133	135	12	shareholder	shareholder	NOUN
ajfa-4133	135	13	to	to	PART
ajfa-4133	135	14	sue	sue	VERB
ajfa-4133	135	15	directors	director	NOUN
ajfa-4133	135	16	and	and	CCONJ
ajfa-4133	135	17	offices	office	NOUN
ajfa-4133	135	18	,	,	PUNCT
ajfa-4133	135	19	transparency	transparency	NOUN
ajfa-4133	135	20	maintained	maintain	VERB
ajfa-4133	135	21	by	by	ADP
ajfa-4133	135	22	the	the	DET
ajfa-4133	135	23	firms	firm	NOUN
ajfa-4133	135	24	in	in	ADP
ajfa-4133	135	25	transactions	transaction	NOUN
ajfa-4133	135	26	and	and	CCONJ
ajfa-4133	135	27	self	self	NOUN
ajfa-4133	135	28	-	-	PUNCT
ajfa-4133	135	29	dealing	deal	VERB
ajfa-4133	135	30	liability	liability	NOUN
ajfa-4133	135	31	.	.	PUNCT
ajfa-4133	136	1	the	the	DET
ajfa-4133	136	2	value	value	NOUN
ajfa-4133	136	3	of	of	ADP
ajfa-4133	136	4	ipi	ipi	PROPN
ajfa-4133	136	5	ranges	range	VERB
ajfa-4133	136	6	from	from	ADP
ajfa-4133	136	7	0	0	NUM
ajfa-4133	136	8	to	to	ADP
ajfa-4133	136	9	10	10	NUM
ajfa-4133	136	10	,	,	PUNCT
ajfa-4133	136	11	representing	represent	VERB
ajfa-4133	136	12	low	low	ADJ
ajfa-4133	136	13	protection	protection	NOUN
ajfa-4133	136	14	and	and	CCONJ
ajfa-4133	136	15	high	high	ADJ
ajfa-4133	136	16	protection	protection	NOUN
ajfa-4133	136	17	respectively	respectively	ADV
ajfa-4133	136	18	.	.	PUNCT
ajfa-4133	137	1	the	the	DET
ajfa-4133	137	2	data	datum	NOUN
ajfa-4133	137	3	relating	relate	VERB
ajfa-4133	137	4	the	the	DET
ajfa-4133	137	5	supervisory	supervisory	ADJ
ajfa-4133	137	6	control	control	NOUN
ajfa-4133	137	7	is	be	AUX
ajfa-4133	137	8	available	available	ADJ
ajfa-4133	137	9	on	on	ADP
ajfa-4133	137	10	the	the	DET
ajfa-4133	137	11	imf	imf	PROPN
ajfa-4133	137	12	database	database	NOUN
ajfa-4133	137	13	which	which	PRON
ajfa-4133	137	14	uses	use	VERB
ajfa-4133	137	15	barth	barth	NOUN
ajfa-4133	137	16	et	et	PROPN
ajfa-4133	137	17	al	al	PROPN
ajfa-4133	137	18	.	.	PROPN
ajfa-4133	137	19	,	,	PUNCT
ajfa-4133	137	20	(	(	PUNCT
ajfa-4133	137	21	2001	2001	NUM
ajfa-4133	137	22	)	)	PUNCT
ajfa-4133	137	23	methodology	methodology	NOUN
ajfa-4133	137	24	to	to	PART
ajfa-4133	137	25	measure	measure	VERB
ajfa-4133	137	26	supervisory	supervisory	ADJ
ajfa-4133	137	27	control	control	NOUN
ajfa-4133	137	28	.	.	PUNCT
ajfa-4133	138	1	the	the	DET
ajfa-4133	138	2	barth	barth	NOUN
ajfa-4133	138	3	et	et	PROPN
ajfa-4133	138	4	al	al	PROPN
ajfa-4133	138	5	.	.	PROPN
ajfa-4133	138	6	,	,	PUNCT
ajfa-4133	138	7	(	(	PUNCT
ajfa-4133	138	8	2001	2001	NUM
ajfa-4133	138	9	)	)	PUNCT
ajfa-4133	138	10	methodology	methodology	NOUN
ajfa-4133	138	11	consists	consist	VERB
ajfa-4133	138	12	on	on	ADP
ajfa-4133	138	13	a	a	DET
ajfa-4133	138	14	set	set	NOUN
ajfa-4133	138	15	of	of	ADP
ajfa-4133	138	16	questions	question	NOUN
ajfa-4133	138	17	and	and	CCONJ
ajfa-4133	138	18	total	total	ADJ
ajfa-4133	138	19	affirmative	affirmative	ADJ
ajfa-4133	138	20	answers	answer	NOUN
ajfa-4133	138	21	to	to	ADP
ajfa-4133	138	22	these	these	DET
ajfa-4133	138	23	questions	question	NOUN
ajfa-4133	138	24	are	be	AUX
ajfa-4133	138	25	averaged	average	VERB
ajfa-4133	138	26	to	to	PART
ajfa-4133	138	27	obtain	obtain	VERB
ajfa-4133	138	28	supervisory	supervisory	ADJ
ajfa-4133	138	29	control	control	NOUN
ajfa-4133	138	30	.	.	PUNCT
ajfa-4133	139	1	detailed	detailed	ADJ
ajfa-4133	139	2	information	information	NOUN
ajfa-4133	139	3	relating	relate	VERB
ajfa-4133	139	4	methodology	methodology	NOUN
ajfa-4133	139	5	of	of	ADP
ajfa-4133	139	6	supervisory	supervisory	ADJ
ajfa-4133	139	7	control	control	NOUN
ajfa-4133	139	8	is	be	AUX
ajfa-4133	139	9	available	available	ADJ
ajfa-4133	139	10	in	in	ADP
ajfa-4133	139	11	imf	imf	PROPN
ajfa-4133	139	12	database	database	NOUN
ajfa-4133	139	13	and	and	CCONJ
ajfa-4133	139	14	in	in	ADP
ajfa-4133	139	15	barth	barth	NOUN
ajfa-4133	139	16	et	et	PROPN
ajfa-4133	139	17	al	al	PROPN
ajfa-4133	139	18	.	.	PROPN
ajfa-4133	139	19	,	,	PUNCT
ajfa-4133	139	20	(	(	PUNCT
ajfa-4133	139	21	2001	2001	NUM
ajfa-4133	139	22	)	)	PUNCT
ajfa-4133	139	23	.	.	PUNCT
ajfa-4133	140	1	npls	npls	PROPN
ajfa-4133	140	2	privetly	privetly	ADV
ajfa-4133	140	3	owned	own	VERB
ajfa-4133	140	4	banks	bank	NOUN
ajfa-4133	140	5	publically	publically	ADV
ajfa-4133	140	6	owned	own	VERB
ajfa-4133	140	7	banks	bank	NOUN
ajfa-4133	140	8	listed	list	VERB
ajfa-4133	140	9	banks	bank	NOUN
ajfa-4133	140	10	bank	bank	PROPN
ajfa-4133	140	11	concentrat	concentrat	NOUN
ajfa-4133	140	12	ion	ion	NOUN
ajfa-4133	140	13	activities	activity	NOUN
ajfa-4133	140	14	restrictions	restriction	NOUN
ajfa-4133	140	15	supervisor	supervisor	VERB
ajfa-4133	140	16	y	y	PROPN
ajfa-4133	140	17	control	control	PROPN
ajfa-4133	140	18	investor	investor	NOUN
ajfa-4133	140	19	protection	protection	NOUN
ajfa-4133	140	20	rights	right	NOUN
ajfa-4133	140	21	foregin	foregin	NOUN
ajfa-4133	140	22	owned	own	VERB
ajfa-4133	140	23	banks	bank	NOUN
ajfa-4133	140	24	asian	asian	ADJ
ajfa-4133	140	25	journal	journal	NOUN
ajfa-4133	140	26	of	of	ADP
ajfa-4133	140	27	finance	finance	PROPN
ajfa-4133	140	28	&	&	CCONJ
ajfa-4133	140	29	accounting	accounting	PROPN
ajfa-4133	140	30	issn	issn	PROPN
ajfa-4133	140	31	1946	1946	NUM
ajfa-4133	140	32	-	-	PUNCT
ajfa-4133	140	33	052x	052x	NOUN
ajfa-4133	140	34	2013	2013	NUM
ajfa-4133	140	35	,	,	PUNCT
ajfa-4133	140	36	vol	vol	NOUN
ajfa-4133	140	37	.	.	PROPN
ajfa-4133	140	38	5	5	NUM
ajfa-4133	140	39	,	,	PUNCT
ajfa-4133	140	40	no	no	INTJ
ajfa-4133	140	41	.	.	NOUN
ajfa-4133	140	42	2	2	NUM
ajfa-4133	140	43	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4133	140	44	276	276	NUM
ajfa-4133	140	45	for	for	ADP
ajfa-4133	140	46	activities	activity	NOUN
ajfa-4133	140	47	restriction	restriction	NOUN
ajfa-4133	140	48	,	,	PUNCT
ajfa-4133	140	49	barth	barth	NOUN
ajfa-4133	140	50	,	,	PUNCT
ajfa-4133	140	51	caprio	caprio	PROPN
ajfa-4133	140	52	and	and	CCONJ
ajfa-4133	140	53	levine	levine	PROPN
ajfa-4133	140	54	(	(	PUNCT
ajfa-4133	140	55	2001	2001	NUM
ajfa-4133	140	56	)	)	PUNCT
ajfa-4133	140	57	measure	measure	NOUN
ajfa-4133	140	58	of	of	ADP
ajfa-4133	140	59	activities	activity	NOUN
ajfa-4133	140	60	restriction	restriction	NOUN
ajfa-4133	140	61	is	be	AUX
ajfa-4133	140	62	used	use	VERB
ajfa-4133	140	63	.	.	PUNCT
ajfa-4133	141	1	this	this	DET
ajfa-4133	141	2	measure	measure	NOUN
ajfa-4133	141	3	consists	consist	VERB
ajfa-4133	141	4	of	of	ADP
ajfa-4133	141	5	a	a	DET
ajfa-4133	141	6	set	set	NOUN
ajfa-4133	141	7	of	of	ADP
ajfa-4133	141	8	questions	question	NOUN
ajfa-4133	141	9	developed	develop	VERB
ajfa-4133	141	10	by	by	ADP
ajfa-4133	141	11	barth	barth	NOUN
ajfa-4133	141	12	et	et	PROPN
ajfa-4133	141	13	al	al	PROPN
ajfa-4133	141	14	.	.	PROPN
ajfa-4133	141	15	,	,	PUNCT
ajfa-4133	141	16	(	(	PUNCT
ajfa-4133	141	17	2001	2001	NUM
ajfa-4133	141	18	)	)	PUNCT
ajfa-4133	141	19	.	.	PUNCT
ajfa-4133	142	1	the	the	DET
ajfa-4133	142	2	data	datum	NOUN
ajfa-4133	142	3	relating	relate	VERB
ajfa-4133	142	4	this	this	DET
ajfa-4133	142	5	measure	measure	NOUN
ajfa-4133	142	6	is	be	AUX
ajfa-4133	142	7	available	available	ADJ
ajfa-4133	142	8	on	on	ADP
ajfa-4133	142	9	the	the	DET
ajfa-4133	142	10	world	world	PROPN
ajfa-4133	142	11	bank	bank	PROPN
ajfa-4133	142	12	database	database	NOUN
ajfa-4133	142	13	.	.	PUNCT
ajfa-4133	143	1	it	it	PRON
ajfa-4133	143	2	considers	consider	VERB
ajfa-4133	143	3	the	the	DET
ajfa-4133	143	4	restriction	restriction	NOUN
ajfa-4133	143	5	under	under	ADP
ajfa-4133	143	6	which	which	PRON
ajfa-4133	143	7	banks	bank	NOUN
ajfa-4133	143	8	are	be	AUX
ajfa-4133	143	9	engage	engage	NOUN
ajfa-4133	143	10	in	in	ADP
ajfa-4133	143	11	insurance	insurance	NOUN
ajfa-4133	143	12	,	,	PUNCT
ajfa-4133	143	13	real	real	ADJ
ajfa-4133	143	14	estate	estate	NOUN
ajfa-4133	143	15	and	and	CCONJ
ajfa-4133	143	16	securities	security	NOUN
ajfa-4133	143	17	activities	activity	NOUN
ajfa-4133	143	18	.	.	PUNCT
ajfa-4133	144	1	its	its	PRON
ajfa-4133	144	2	value	value	NOUN
ajfa-4133	144	3	is	be	AUX
ajfa-4133	144	4	in	in	ADP
ajfa-4133	144	5	range	range	NOUN
ajfa-4133	144	6	of	of	ADP
ajfa-4133	144	7	0	0	NUM
ajfa-4133	144	8	(	(	PUNCT
ajfa-4133	144	9	low	low	ADJ
ajfa-4133	144	10	restriction	restriction	NOUN
ajfa-4133	144	11	)	)	PUNCT
ajfa-4133	144	12	to	to	ADP
ajfa-4133	144	13	4	4	NUM
ajfa-4133	144	14	(	(	PUNCT
ajfa-4133	144	15	high	high	ADJ
ajfa-4133	144	16	restriction	restriction	NOUN
ajfa-4133	144	17	)	)	PUNCT
ajfa-4133	144	18	.	.	PUNCT
ajfa-4133	145	1	this	this	DET
ajfa-4133	145	2	study	study	NOUN
ajfa-4133	145	3	uses	use	VERB
ajfa-4133	145	4	beck	beck	PROPN
ajfa-4133	145	5	,	,	PUNCT
ajfa-4133	145	6	demirgüç	demirgüç	PROPN
ajfa-4133	145	7	-	-	PUNCT
ajfa-4133	145	8	kunt	kunt	PROPN
ajfa-4133	145	9	and	and	CCONJ
ajfa-4133	145	10	levine	levine	PROPN
ajfa-4133	145	11	(	(	PUNCT
ajfa-4133	145	12	2000	2000	NUM
ajfa-4133	145	13	)	)	PUNCT
ajfa-4133	145	14	measure	measure	NOUN
ajfa-4133	145	15	of	of	ADP
ajfa-4133	145	16	bank	bank	NOUN
ajfa-4133	145	17	concentration	concentration	NOUN
ajfa-4133	145	18	,	,	PUNCT
ajfa-4133	145	19	its	its	PRON
ajfa-4133	145	20	data	datum	NOUN
ajfa-4133	145	21	in	in	ADP
ajfa-4133	145	22	available	available	ADJ
ajfa-4133	145	23	on	on	ADP
ajfa-4133	145	24	the	the	DET
ajfa-4133	145	25	world	world	PROPN
ajfa-4133	145	26	bank	bank	PROPN
ajfa-4133	145	27	database	database	NOUN
ajfa-4133	145	28	.	.	PUNCT
ajfa-4133	146	1	bank	bank	NOUN
ajfa-4133	146	2	concentration	concentration	NOUN
ajfa-4133	146	3	is	be	AUX
ajfa-4133	146	4	measure	measure	NOUN
ajfa-4133	146	5	of	of	ADP
ajfa-4133	146	6	the	the	DET
ajfa-4133	146	7	three	three	NUM
ajfa-4133	146	8	largest	large	ADJ
ajfa-4133	146	9	bank	bank	NOUN
ajfa-4133	146	10	assets	asset	NOUN
ajfa-4133	146	11	as	as	ADP
ajfa-4133	146	12	a	a	DET
ajfa-4133	146	13	percentage	percentage	NOUN
ajfa-4133	146	14	of	of	ADP
ajfa-4133	146	15	all	all	DET
ajfa-4133	146	16	banks	bank	NOUN
ajfa-4133	146	17	assets	asset	NOUN
ajfa-4133	146	18	in	in	ADP
ajfa-4133	146	19	a	a	DET
ajfa-4133	146	20	country	country	NOUN
ajfa-4133	146	21	.	.	PUNCT
ajfa-4133	147	1	this	this	DET
ajfa-4133	147	2	measure	measure	NOUN
ajfa-4133	147	3	is	be	AUX
ajfa-4133	147	4	also	also	ADV
ajfa-4133	147	5	available	available	ADJ
ajfa-4133	147	6	on	on	ADP
ajfa-4133	147	7	sbp	sbp	NOUN
ajfa-4133	147	8	website	website	NOUN
ajfa-4133	147	9	.	.	PUNCT
ajfa-4133	148	1	the	the	DET
ajfa-4133	148	2	ownership	ownership	NOUN
ajfa-4133	148	3	concentration	concentration	NOUN
ajfa-4133	148	4	and	and	CCONJ
ajfa-4133	148	5	other	other	ADJ
ajfa-4133	148	6	literature	literature	NOUN
ajfa-4133	148	7	supported	support	VERB
ajfa-4133	148	8	variables	variable	NOUN
ajfa-4133	148	9	,	,	PUNCT
ajfa-4133	148	10	there	there	PRON
ajfa-4133	148	11	literature	literature	NOUN
ajfa-4133	148	12	supported	support	VERB
ajfa-4133	148	13	relation	relation	NOUN
ajfa-4133	148	14	with	with	ADP
ajfa-4133	148	15	npls	npls	NOUN
ajfa-4133	148	16	and	and	CCONJ
ajfa-4133	148	17	references	reference	NOUN
ajfa-4133	148	18	are	be	AUX
ajfa-4133	148	19	given	give	VERB
ajfa-4133	148	20	in	in	ADP
ajfa-4133	148	21	table	table	NOUN
ajfa-4133	148	22	1	1	NUM
ajfa-4133	148	23	.	.	PUNCT
ajfa-4133	148	24	table	table	NOUN
ajfa-4133	148	25	1	1	NUM
ajfa-4133	148	26	.	.	PUNCT
ajfa-4133	148	27	explanatory	explanatory	ADJ
ajfa-4133	148	28	variables	variable	NOUN
ajfa-4133	148	29	,	,	PUNCT
ajfa-4133	148	30	literature	literature	NOUN
ajfa-4133	148	31	supported	support	VERB
ajfa-4133	148	32	relations	relation	NOUN
ajfa-4133	148	33	,	,	PUNCT
ajfa-4133	148	34	data	datum	NOUN
ajfa-4133	148	35	source	source	NOUN
ajfa-4133	148	36	and	and	CCONJ
ajfa-4133	148	37	references	reference	NOUN
ajfa-4133	148	38	variables	variable	VERB
ajfa-4133	148	39	relation	relation	NOUN
ajfa-4133	148	40	with	with	ADP
ajfa-4133	148	41	npls	npls	NOUN
ajfa-4133	148	42	data	datum	NOUN
ajfa-4133	148	43	source	source	NOUN
ajfa-4133	148	44	references	reference	VERB
ajfa-4133	148	45	ownership	ownership	NOUN
ajfa-4133	148	46	concentration	concentration	NOUN
ajfa-4133	149	1	+	+	PROPN
ajfa-4133	149	2	/sbp	/sbp	PROPN
ajfa-4133	149	3	caprio	caprio	PROPN
ajfa-4133	149	4	et	et	PROPN
ajfa-4133	149	5	al	al	PROPN
ajfa-4133	149	6	.	.	PROPN
ajfa-4133	149	7	,	,	PUNCT
ajfa-4133	149	8	2007	2007	NUM
ajfa-4133	149	9	;	;	PUNCT
ajfa-4133	149	10	and	and	CCONJ
ajfa-4133	149	11	barry	barry	PROPN
ajfa-4133	149	12	et	et	PROPN
ajfa-4133	149	13	al	al	PROPN
ajfa-4133	149	14	.	.	PROPN
ajfa-4133	149	15	,	,	PUNCT
ajfa-4133	149	16	2011	2011	NUM
ajfa-4133	149	17	investor	investor	NOUN
ajfa-4133	149	18	protection	protection	NOUN
ajfa-4133	149	19	index	index	PROPN
ajfa-4133	149	20	www.doingbusiness.org	www.doingbusiness.org	PROPN
ajfa-4133	149	21	caprio	caprio	PROPN
ajfa-4133	149	22	et	et	PROPN
ajfa-4133	149	23	al	al	PROPN
ajfa-4133	149	24	.	.	PROPN
ajfa-4133	149	25	,	,	PUNCT
ajfa-4133	149	26	2007	2007	NUM
ajfa-4133	149	27	;	;	PUNCT
ajfa-4133	149	28	and	and	CCONJ
ajfa-4133	149	29	shehzad	shehzad	PROPN
ajfa-4133	149	30	et	et	PROPN
ajfa-4133	149	31	al	al	PROPN
ajfa-4133	149	32	.	.	PROPN
ajfa-4133	149	33	,	,	PUNCT
ajfa-4133	149	34	2010	2010	NUM
ajfa-4133	149	35	supervisory	supervisory	ADJ
ajfa-4133	149	36	control	control	PROPN
ajfa-4133	149	37	imf	imf	PROPN
ajfa-4133	149	38	barth	barth	PROPN
ajfa-4133	149	39	et	et	PROPN
ajfa-4133	149	40	al	al	PROPN
ajfa-4133	149	41	.	.	PROPN
ajfa-4133	149	42	,	,	PUNCT
ajfa-4133	149	43	2001	2001	NUM
ajfa-4133	149	44	;	;	PUNCT
ajfa-4133	149	45	laeven	laeven	ADJ
ajfa-4133	149	46	and	and	CCONJ
ajfa-4133	149	47	levine	levine	PROPN
ajfa-4133	149	48	2009	2009	NUM
ajfa-4133	149	49	;	;	PUNCT
ajfa-4133	149	50	and	and	CCONJ
ajfa-4133	149	51	shehzad	shehzad	PROPN
ajfa-4133	149	52	et	et	PROPN
ajfa-4133	149	53	al	al	PROPN
ajfa-4133	149	54	.	.	PROPN
ajfa-4133	149	55	,	,	PUNCT
ajfa-4133	149	56	2010	2010	NUM
ajfa-4133	149	57	activities	activitie	VERB
ajfa-4133	149	58	restrictions	restriction	NOUN
ajfa-4133	149	59	+	+	CCONJ
ajfa-4133	149	60	world	world	PROPN
ajfa-4133	149	61	bank	bank	PROPN
ajfa-4133	149	62	barth	barth	PROPN
ajfa-4133	149	63	et	et	PROPN
ajfa-4133	149	64	al	al	PROPN
ajfa-4133	149	65	.	.	PROPN
ajfa-4133	149	66	,	,	PUNCT
ajfa-4133	149	67	2001	2001	NUM
ajfa-4133	149	68	;	;	PUNCT
ajfa-4133	149	69	laeven	laeven	ADJ
ajfa-4133	149	70	and	and	CCONJ
ajfa-4133	149	71	levine	levine	PROPN
ajfa-4133	149	72	2009	2009	NUM
ajfa-4133	149	73	;	;	PUNCT
ajfa-4133	149	74	and	and	CCONJ
ajfa-4133	149	75	shehzad	shehzad	PROPN
ajfa-4133	149	76	et	et	PROPN
ajfa-4133	149	77	al	al	PROPN
ajfa-4133	149	78	.	.	PROPN
ajfa-4133	149	79	,	,	PUNCT
ajfa-4133	149	80	2010	2010	NUM
ajfa-4133	149	81	bank	bank	NOUN
ajfa-4133	149	82	concentration	concentration	NOUN
ajfa-4133	149	83	+	+	CCONJ
ajfa-4133	149	84	sbp	sbp	NOUN
ajfa-4133	149	85	beck	beck	NOUN
ajfa-4133	149	86	et	et	PROPN
ajfa-4133	149	87	al	al	PROPN
ajfa-4133	149	88	.	.	PROPN
ajfa-4133	149	89	,	,	PUNCT
ajfa-4133	149	90	2000	2000	NUM
ajfa-4133	149	91	;	;	PUNCT
ajfa-4133	149	92	laeven	laeven	ADJ
ajfa-4133	149	93	and	and	CCONJ
ajfa-4133	149	94	levine	levine	PROPN
ajfa-4133	149	95	,	,	PUNCT
ajfa-4133	149	96	2009	2009	NUM
ajfa-4133	149	97	)	)	PUNCT
ajfa-4133	149	98	;	;	PUNCT
ajfa-4133	149	99	and	and	CCONJ
ajfa-4133	149	100	shehzad	shehzad	PROPN
ajfa-4133	149	101	et	et	PROPN
ajfa-4133	149	102	al	al	PROPN
ajfa-4133	149	103	.	.	PROPN
ajfa-4133	149	104	,	,	PUNCT
ajfa-4133	149	105	2010	2010	NUM
ajfa-4133	149	106	listed	list	VERB
ajfa-4133	149	107	banks	bank	NOUN
ajfa-4133	149	108	+	+	PROPN
ajfa-4133	149	109	/karachi	/karachi	PROPN
ajfa-4133	149	110	stock	stock	PROPN
ajfa-4133	149	111	exchange	exchange	PROPN
ajfa-4133	149	112	shehzad	shehzad	PROPN
ajfa-4133	149	113	et	et	PROPN
ajfa-4133	149	114	al	al	PROPN
ajfa-4133	149	115	.	.	PROPN
ajfa-4133	149	116	,	,	PUNCT
ajfa-4133	149	117	(	(	PUNCT
ajfa-4133	149	118	2010	2010	NUM
ajfa-4133	149	119	)	)	PUNCT
ajfa-4133	149	120	asian	asian	ADJ
ajfa-4133	149	121	journal	journal	NOUN
ajfa-4133	149	122	of	of	ADP
ajfa-4133	149	123	finance	finance	PROPN
ajfa-4133	149	124	&	&	CCONJ
ajfa-4133	149	125	accounting	accounting	PROPN
ajfa-4133	149	126	issn	issn	PROPN
ajfa-4133	149	127	1946	1946	NUM
ajfa-4133	149	128	-	-	PUNCT
ajfa-4133	149	129	052x	052x	NOUN
ajfa-4133	149	130	2013	2013	NUM
ajfa-4133	149	131	,	,	PUNCT
ajfa-4133	149	132	vol	vol	NOUN
ajfa-4133	149	133	.	.	PROPN
ajfa-4133	149	134	5	5	NUM
ajfa-4133	149	135	,	,	PUNCT
ajfa-4133	149	136	no	no	INTJ
ajfa-4133	149	137	.	.	NOUN
ajfa-4133	149	138	2	2	NUM
ajfa-4133	149	139	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4133	149	140	277	277	NUM
ajfa-4133	149	141	4	4	NUM
ajfa-4133	149	142	.	.	PUNCT
ajfa-4133	149	143	data	datum	NOUN
ajfa-4133	149	144	and	and	CCONJ
ajfa-4133	149	145	procedures	procedure	NOUN
ajfa-4133	149	146	this	this	DET
ajfa-4133	149	147	section	section	NOUN
ajfa-4133	149	148	used	use	VERB
ajfa-4133	149	149	panel	panel	NOUN
ajfa-4133	149	150	data	datum	NOUN
ajfa-4133	149	151	of	of	ADP
ajfa-4133	149	152	commercial	commercial	ADJ
ajfa-4133	149	153	banks	bank	NOUN
ajfa-4133	149	154	currently	currently	ADV
ajfa-4133	149	155	operating	operate	VERB
ajfa-4133	149	156	in	in	ADP
ajfa-4133	149	157	pakistan	pakistan	PROPN
ajfa-4133	149	158	.	.	PUNCT
ajfa-4133	150	1	for	for	ADP
ajfa-4133	150	2	each	each	DET
ajfa-4133	150	3	bank	bank	NOUN
ajfa-4133	150	4	5	5	NUM
ajfa-4133	150	5	years	year	NOUN
ajfa-4133	150	6	data	datum	NOUN
ajfa-4133	150	7	is	be	AUX
ajfa-4133	150	8	collected	collect	VERB
ajfa-4133	150	9	.	.	PUNCT
ajfa-4133	151	1	currently	currently	ADV
ajfa-4133	151	2	there	there	PRON
ajfa-4133	151	3	are	be	VERB
ajfa-4133	151	4	34	34	NUM
ajfa-4133	151	5	commercial	commercial	ADJ
ajfa-4133	151	6	banks	bank	NOUN
ajfa-4133	151	7	operating	operate	VERB
ajfa-4133	151	8	in	in	ADP
ajfa-4133	151	9	pakistan	pakistan	PROPN
ajfa-4133	151	10	which	which	PRON
ajfa-4133	151	11	can	can	AUX
ajfa-4133	151	12	be	be	AUX
ajfa-4133	151	13	divided	divide	VERB
ajfa-4133	151	14	into	into	ADP
ajfa-4133	151	15	three	three	NUM
ajfa-4133	151	16	broad	broad	ADJ
ajfa-4133	151	17	categories	category	NOUN
ajfa-4133	151	18	i.e.	i.e.	X
ajfa-4133	151	19	,	,	PUNCT
ajfa-4133	151	20	public	public	ADJ
ajfa-4133	151	21	sector	sector	NOUN
ajfa-4133	151	22	,	,	PUNCT
ajfa-4133	151	23	private	private	ADJ
ajfa-4133	151	24	sector	sector	NOUN
ajfa-4133	151	25	and	and	CCONJ
ajfa-4133	151	26	foreign	foreign	ADJ
ajfa-4133	151	27	banks	bank	NOUN
ajfa-4133	151	28	.	.	PUNCT
ajfa-4133	152	1	out	out	ADP
ajfa-4133	152	2	of	of	ADP
ajfa-4133	152	3	34	34	NUM
ajfa-4133	152	4	banks	bank	NOUN
ajfa-4133	152	5	30	30	NUM
ajfa-4133	152	6	banks	bank	NOUN
ajfa-4133	152	7	fulfilled	fulfil	VERB
ajfa-4133	152	8	the	the	DET
ajfa-4133	152	9	data	datum	NOUN
ajfa-4133	152	10	requirement	requirement	NOUN
ajfa-4133	152	11	.	.	PUNCT
ajfa-4133	153	1	the	the	DET
ajfa-4133	153	2	data	datum	NOUN
ajfa-4133	153	3	relating	relate	VERB
ajfa-4133	153	4	the	the	DET
ajfa-4133	153	5	bank	bank	NOUN
ajfa-4133	153	6	concentration	concentration	NOUN
ajfa-4133	153	7	and	and	CCONJ
ajfa-4133	153	8	dependent	dependent	ADJ
ajfa-4133	153	9	variable	variable	NOUN
ajfa-4133	153	10	was	be	AUX
ajfa-4133	153	11	collected	collect	VERB
ajfa-4133	153	12	from	from	ADP
ajfa-4133	153	13	the	the	DET
ajfa-4133	153	14	sbp	sbp	NOUN
ajfa-4133	153	15	publication	publication	NOUN
ajfa-4133	153	16	“	"	PUNCT
ajfa-4133	153	17	financial	financial	ADJ
ajfa-4133	153	18	statement	statement	NOUN
ajfa-4133	153	19	analysis	analysis	NOUN
ajfa-4133	153	20	of	of	ADP
ajfa-4133	153	21	the	the	DET
ajfa-4133	153	22	financial	financial	ADJ
ajfa-4133	153	23	sector	sector	NOUN
ajfa-4133	153	24	2006	2006	NUM
ajfa-4133	153	25	-	-	SYM
ajfa-4133	153	26	2009	2009	NUM
ajfa-4133	153	27	”	"	PUNCT
ajfa-4133	153	28	and	and	CCONJ
ajfa-4133	153	29	annual	annual	ADJ
ajfa-4133	153	30	reports	report	NOUN
ajfa-4133	153	31	of	of	ADP
ajfa-4133	153	32	commercial	commercial	ADJ
ajfa-4133	153	33	banks	bank	NOUN
ajfa-4133	153	34	for	for	ADP
ajfa-4133	153	35	the	the	DET
ajfa-4133	153	36	year	year	NOUN
ajfa-4133	153	37	2010	2010	NUM
ajfa-4133	153	38	given	give	VERB
ajfa-4133	153	39	on	on	ADP
ajfa-4133	153	40	sbp	sbp	NOUN
ajfa-4133	153	41	website	website	NOUN
ajfa-4133	153	42	.	.	PUNCT
ajfa-4133	154	1	the	the	DET
ajfa-4133	154	2	variables	variable	NOUN
ajfa-4133	154	3	such	such	ADJ
ajfa-4133	154	4	as	as	ADP
ajfa-4133	154	5	ownership	ownership	NOUN
ajfa-4133	154	6	concentration	concentration	NOUN
ajfa-4133	154	7	data	datum	NOUN
ajfa-4133	154	8	is	be	AUX
ajfa-4133	154	9	collected	collect	VERB
ajfa-4133	154	10	from	from	ADP
ajfa-4133	154	11	publication	publication	NOUN
ajfa-4133	154	12	“	"	PUNCT
ajfa-4133	154	13	financial	financial	ADJ
ajfa-4133	154	14	statement	statement	NOUN
ajfa-4133	154	15	analysis	analysis	NOUN
ajfa-4133	154	16	of	of	ADP
ajfa-4133	154	17	the	the	DET
ajfa-4133	154	18	financial	financial	ADJ
ajfa-4133	154	19	sector	sector	NOUN
ajfa-4133	154	20	2006	2006	NUM
ajfa-4133	154	21	-	-	SYM
ajfa-4133	154	22	2009	2009	NUM
ajfa-4133	154	23	”	"	PUNCT
ajfa-4133	154	24	,	,	PUNCT
ajfa-4133	154	25	there	there	ADV
ajfa-4133	154	26	the	the	DET
ajfa-4133	154	27	names	name	NOUN
ajfa-4133	154	28	of	of	ADP
ajfa-4133	154	29	publicly	publicly	ADV
ajfa-4133	154	30	,	,	PUNCT
ajfa-4133	154	31	privately	privately	ADV
ajfa-4133	154	32	and	and	CCONJ
ajfa-4133	154	33	foreign	foreign	ADJ
ajfa-4133	154	34	owned	own	VERB
ajfa-4133	154	35	commercial	commercial	ADJ
ajfa-4133	154	36	banks	bank	NOUN
ajfa-4133	154	37	are	be	AUX
ajfa-4133	154	38	given	give	VERB
ajfa-4133	154	39	.	.	PUNCT
ajfa-4133	155	1	the	the	DET
ajfa-4133	155	2	data	datum	NOUN
ajfa-4133	155	3	on	on	ADP
ajfa-4133	155	4	ipi	ipi	PROPN
ajfa-4133	155	5	is	be	AUX
ajfa-4133	155	6	collected	collect	VERB
ajfa-4133	155	7	form	form	NOUN
ajfa-4133	155	8	“	"	PUNCT
ajfa-4133	155	9	www.doingbusiness.org	www.doingbusiness.org	NOUN
ajfa-4133	155	10	”	"	PUNCT
ajfa-4133	155	11	,	,	PUNCT
ajfa-4133	155	12	data	datum	NOUN
ajfa-4133	155	13	on	on	ADP
ajfa-4133	155	14	activities	activity	NOUN
ajfa-4133	155	15	restriction	restriction	NOUN
ajfa-4133	155	16	is	be	AUX
ajfa-4133	155	17	collected	collect	VERB
ajfa-4133	155	18	form	form	NOUN
ajfa-4133	155	19	world	world	PROPN
ajfa-4133	155	20	bank	bank	PROPN
ajfa-4133	155	21	data	datum	NOUN
ajfa-4133	155	22	base	base	NOUN
ajfa-4133	155	23	and	and	CCONJ
ajfa-4133	155	24	supervisory	supervisory	ADJ
ajfa-4133	155	25	control	control	NOUN
ajfa-4133	155	26	data	datum	NOUN
ajfa-4133	155	27	is	be	AUX
ajfa-4133	155	28	collected	collect	VERB
ajfa-4133	155	29	form	form	NOUN
ajfa-4133	155	30	imf	imf	PROPN
ajfa-4133	155	31	data	data	PROPN
ajfa-4133	155	32	base	base	NOUN
ajfa-4133	155	33	.	.	PUNCT
ajfa-4133	156	1	at	at	ADP
ajfa-4133	156	2	first	first	ADJ
ajfa-4133	156	3	random	random	ADJ
ajfa-4133	156	4	effect	effect	NOUN
ajfa-4133	156	5	model	model	NOUN
ajfa-4133	156	6	is	be	AUX
ajfa-4133	156	7	applied	apply	VERB
ajfa-4133	156	8	,	,	PUNCT
ajfa-4133	156	9	after	after	SCONJ
ajfa-4133	156	10	that	that	DET
ajfa-4133	156	11	hausman	hausman	ADJ
ajfa-4133	156	12	random	random	ADJ
ajfa-4133	156	13	effect	effect	NOUN
ajfa-4133	156	14	test	test	NOUN
ajfa-4133	156	15	is	be	AUX
ajfa-4133	156	16	run	run	VERB
ajfa-4133	156	17	to	to	PART
ajfa-4133	156	18	check	check	VERB
ajfa-4133	156	19	the	the	DET
ajfa-4133	156	20	validity	validity	NOUN
ajfa-4133	156	21	of	of	ADP
ajfa-4133	156	22	random	random	ADJ
ajfa-4133	156	23	effect	effect	NOUN
ajfa-4133	156	24	model	model	NOUN
ajfa-4133	156	25	,	,	PUNCT
ajfa-4133	156	26	in	in	ADP
ajfa-4133	156	27	results	result	NOUN
ajfa-4133	156	28	chi	chi	ADJ
ajfa-4133	156	29	-	-	PUNCT
ajfa-4133	156	30	square	square	ADJ
ajfa-4133	156	31	statistics	statistic	NOUN
ajfa-4133	156	32	and	and	CCONJ
ajfa-4133	156	33	its	its	PRON
ajfa-4133	156	34	corresponding	corresponding	ADJ
ajfa-4133	156	35	p	p	NOUN
ajfa-4133	156	36	-	-	PUNCT
ajfa-4133	156	37	value	value	NOUN
ajfa-4133	156	38	is	be	AUX
ajfa-4133	156	39	used	use	VERB
ajfa-4133	156	40	to	to	PART
ajfa-4133	156	41	predict	predict	VERB
ajfa-4133	156	42	whether	whether	SCONJ
ajfa-4133	156	43	random	random	ADJ
ajfa-4133	156	44	effect	effect	NOUN
ajfa-4133	156	45	model	model	NOUN
ajfa-4133	156	46	is	be	AUX
ajfa-4133	156	47	valid	valid	ADJ
ajfa-4133	156	48	or	or	CCONJ
ajfa-4133	156	49	not	not	PART
ajfa-4133	156	50	.	.	PUNCT
ajfa-4133	157	1	after	after	ADP
ajfa-4133	157	2	getting	get	VERB
ajfa-4133	157	3	the	the	DET
ajfa-4133	157	4	results	result	NOUN
ajfa-4133	157	5	of	of	ADP
ajfa-4133	157	6	random	random	ADJ
ajfa-4133	157	7	or	or	CCONJ
ajfa-4133	157	8	fixed	fix	VERB
ajfa-4133	157	9	effect	effect	NOUN
ajfa-4133	157	10	,	,	PUNCT
ajfa-4133	157	11	model	model	NOUN
ajfa-4133	157	12	is	be	AUX
ajfa-4133	157	13	checked	check	VERB
ajfa-4133	157	14	for	for	ADP
ajfa-4133	157	15	its	its	PRON
ajfa-4133	157	16	prediction	prediction	NOUN
ajfa-4133	157	17	ability	ability	NOUN
ajfa-4133	157	18	by	by	ADP
ajfa-4133	157	19	using	use	VERB
ajfa-4133	157	20	certain	certain	ADJ
ajfa-4133	157	21	features	feature	NOUN
ajfa-4133	157	22	and	and	CCONJ
ajfa-4133	157	23	characteristics	characteristic	NOUN
ajfa-4133	157	24	.	.	PUNCT
ajfa-4133	158	1	first	first	ADJ
ajfa-4133	158	2	model	model	NOUN
ajfa-4133	158	3	r	r	NOUN
ajfa-4133	158	4	-	-	PUNCT
ajfa-4133	158	5	squared	square	VERB
ajfa-4133	158	6	value	value	NOUN
ajfa-4133	158	7	with	with	ADP
ajfa-4133	158	8	number	number	NOUN
ajfa-4133	158	9	of	of	ADP
ajfa-4133	158	10	significant	significant	ADJ
ajfa-4133	158	11	relation	relation	NOUN
ajfa-4133	158	12	and	and	CCONJ
ajfa-4133	158	13	f	f	X
ajfa-4133	158	14	-	-	PUNCT
ajfa-4133	158	15	statistics	statistic	NOUN
ajfa-4133	158	16	value	value	NOUN
ajfa-4133	158	17	is	be	AUX
ajfa-4133	158	18	checked	check	VERB
ajfa-4133	158	19	;	;	PUNCT
ajfa-4133	158	20	commonly	commonly	ADV
ajfa-4133	158	21	high	high	ADJ
ajfa-4133	158	22	r	r	NOUN
ajfa-4133	158	23	-	-	PUNCT
ajfa-4133	158	24	squared	square	VERB
ajfa-4133	158	25	value	value	NOUN
ajfa-4133	158	26	with	with	ADP
ajfa-4133	158	27	maximum	maximum	ADJ
ajfa-4133	158	28	number	number	NOUN
ajfa-4133	158	29	of	of	ADP
ajfa-4133	158	30	significant	significant	ADJ
ajfa-4133	158	31	relations	relation	NOUN
ajfa-4133	158	32	and	and	CCONJ
ajfa-4133	158	33	f	f	X
ajfa-4133	158	34	-	-	PUNCT
ajfa-4133	158	35	statistics	statistic	NOUN
ajfa-4133	158	36	value	value	NOUN
ajfa-4133	158	37	with	with	ADP
ajfa-4133	158	38	p	p	NOUN
ajfa-4133	158	39	-	-	PUNCT
ajfa-4133	158	40	value	value	NOUN
ajfa-4133	158	41	less	less	ADJ
ajfa-4133	158	42	than	than	ADP
ajfa-4133	158	43	5	5	NUM
ajfa-4133	158	44	%	%	NOUN
ajfa-4133	158	45	are	be	AUX
ajfa-4133	158	46	considered	consider	VERB
ajfa-4133	158	47	best	good	ADJ
ajfa-4133	158	48	.	.	PUNCT
ajfa-4133	159	1	second	second	ADJ
ajfa-4133	159	2	,	,	PUNCT
ajfa-4133	159	3	residual	residual	ADJ
ajfa-4133	159	4	correlation	correlation	NOUN
ajfa-4133	159	5	is	be	AUX
ajfa-4133	159	6	checked	check	VERB
ajfa-4133	159	7	by	by	ADP
ajfa-4133	159	8	using	use	VERB
ajfa-4133	159	9	durbin	durbin	ADJ
ajfa-4133	159	10	-	-	PUNCT
ajfa-4133	159	11	watson	watson	NOUN
ajfa-4133	159	12	statistics	statistic	NOUN
ajfa-4133	159	13	,	,	PUNCT
ajfa-4133	159	14	commonly	commonly	ADV
ajfa-4133	159	15	when	when	SCONJ
ajfa-4133	159	16	its	its	PRON
ajfa-4133	159	17	value	value	NOUN
ajfa-4133	159	18	is	be	AUX
ajfa-4133	159	19	2	2	NUM
ajfa-4133	159	20	or	or	CCONJ
ajfa-4133	159	21	around	around	ADV
ajfa-4133	159	22	2	2	NUM
ajfa-4133	159	23	then	then	ADV
ajfa-4133	159	24	there	there	PRON
ajfa-4133	159	25	is	be	VERB
ajfa-4133	159	26	no	no	DET
ajfa-4133	159	27	correlation	correlation	NOUN
ajfa-4133	159	28	.	.	PUNCT
ajfa-4133	160	1	the	the	DET
ajfa-4133	160	2	model	model	NOUN
ajfa-4133	160	3	of	of	ADP
ajfa-4133	160	4	the	the	DET
ajfa-4133	160	5	ownership	ownership	NOUN
ajfa-4133	160	6	structure	structure	NOUN
ajfa-4133	160	7	and	and	CCONJ
ajfa-4133	160	8	other	other	ADJ
ajfa-4133	160	9	related	related	ADJ
ajfa-4133	160	10	variables	variable	NOUN
ajfa-4133	160	11	is	be	AUX
ajfa-4133	160	12	given	give	VERB
ajfa-4133	160	13	as	as	SCONJ
ajfa-4133	160	14	follows	follow	VERB
ajfa-4133	160	15	=	=	PUNCT
ajfa-4133	161	1	+	+	PUNCT
ajfa-4133	162	1	+	+	PUNCT
ajfa-4133	162	2	+	+	PUNCT
ajfa-4133	162	3	+	+	PUNCT
ajfa-4133	162	4	+	+	PUNCT
ajfa-4133	162	5	+	+	PUNCT
ajfa-4133	162	6	+	+	CCONJ
ajfa-4133	162	7	(	(	PUNCT
ajfa-4133	162	8	1	1	X
ajfa-4133	162	9	)	)	PUNCT
ajfa-4133	162	10	where	where	SCONJ
ajfa-4133	162	11	is	be	AUX
ajfa-4133	162	12	the	the	DET
ajfa-4133	162	13	dependent	dependent	ADJ
ajfa-4133	162	14	variable	variable	NOUN
ajfa-4133	162	15	,	,	PUNCT
ajfa-4133	162	16	banks	bank	NOUN
ajfa-4133	162	17	riskiness	riskiness	VERB
ajfa-4133	162	18	(	(	PUNCT
ajfa-4133	162	19	impaired	impaired	ADJ
ajfa-4133	162	20	loans	loan	NOUN
ajfa-4133	162	21	to	to	ADP
ajfa-4133	162	22	gross	gross	ADJ
ajfa-4133	162	23	loans	loan	NOUN
ajfa-4133	162	24	ratio	ratio	NOUN
ajfa-4133	162	25	)	)	PUNCT
ajfa-4133	162	26	in	in	ADP
ajfa-4133	162	27	time	time	NOUN
ajfa-4133	162	28	period	period	NOUN
ajfa-4133	162	29	“	"	PUNCT
ajfa-4133	162	30	t	t	PROPN
ajfa-4133	162	31	”	"	PUNCT
ajfa-4133	162	32	for	for	ADP
ajfa-4133	162	33	cross	cross	ADJ
ajfa-4133	162	34	-	-	ADJ
ajfa-4133	162	35	recessional	recessional	ADJ
ajfa-4133	162	36	unit	unit	NOUN
ajfa-4133	162	37	“	"	PUNCT
ajfa-4133	162	38	i	i	PRON
ajfa-4133	162	39	”	"	PUNCT
ajfa-4133	162	40	is	be	AUX
ajfa-4133	162	41	the	the	DET
ajfa-4133	162	42	ownership	ownership	NOUN
ajfa-4133	162	43	concentration	concentration	NOUN
ajfa-4133	162	44	(	(	PUNCT
ajfa-4133	162	45	publically	publically	ADV
ajfa-4133	162	46	,	,	PUNCT
ajfa-4133	162	47	privately	privately	ADV
ajfa-4133	162	48	and	and	CCONJ
ajfa-4133	162	49	foreign	foreign	ADJ
ajfa-4133	162	50	owned	own	VERB
ajfa-4133	162	51	banks	bank	NOUN
ajfa-4133	162	52	)	)	PUNCT
ajfa-4133	162	53	in	in	ADP
ajfa-4133	162	54	time	time	NOUN
ajfa-4133	162	55	period	period	NOUN
ajfa-4133	162	56	“	"	PUNCT
ajfa-4133	162	57	t	t	PROPN
ajfa-4133	162	58	”	"	PUNCT
ajfa-4133	162	59	for	for	ADP
ajfa-4133	162	60	cross	cross	ADJ
ajfa-4133	162	61	-	-	ADJ
ajfa-4133	162	62	recessional	recessional	ADJ
ajfa-4133	162	63	unit	unit	NOUN
ajfa-4133	162	64	“	"	PUNCT
ajfa-4133	162	65	i	i	PRON
ajfa-4133	162	66	”	"	PUNCT
ajfa-4133	162	67	is	be	AUX
ajfa-4133	162	68	the	the	DET
ajfa-4133	162	69	investor	investor	NOUN
ajfa-4133	162	70	protection	protection	NOUN
ajfa-4133	162	71	index	index	NOUN
ajfa-4133	162	72	for	for	ADP
ajfa-4133	162	73	cross	cross	ADJ
ajfa-4133	162	74	-	-	ADJ
ajfa-4133	162	75	recessional	recessional	ADJ
ajfa-4133	162	76	unit	unit	NOUN
ajfa-4133	162	77	“	"	PUNCT
ajfa-4133	162	78	i	i	PRON
ajfa-4133	162	79	”	"	PUNCT
ajfa-4133	162	80	is	be	AUX
ajfa-4133	162	81	the	the	DET
ajfa-4133	162	82	supervisory	supervisory	ADJ
ajfa-4133	162	83	control	control	NOUN
ajfa-4133	162	84	for	for	ADP
ajfa-4133	162	85	cross	cross	ADJ
ajfa-4133	162	86	-	-	ADJ
ajfa-4133	162	87	recessional	recessional	ADJ
ajfa-4133	162	88	unit	unit	NOUN
ajfa-4133	162	89	“	"	PUNCT
ajfa-4133	162	90	i	i	PRON
ajfa-4133	162	91	”	"	PUNCT
ajfa-4133	162	92	is	be	AUX
ajfa-4133	162	93	activities	activity	NOUN
ajfa-4133	162	94	restriction	restriction	NOUN
ajfa-4133	162	95	for	for	ADP
ajfa-4133	162	96	cross	cross	ADJ
ajfa-4133	162	97	-	-	ADJ
ajfa-4133	162	98	recessional	recessional	ADJ
ajfa-4133	162	99	unit	unit	NOUN
ajfa-4133	162	100	“	"	PUNCT
ajfa-4133	162	101	i	i	PRON
ajfa-4133	162	102	”	"	PUNCT
ajfa-4133	162	103	is	be	AUX
ajfa-4133	162	104	the	the	DET
ajfa-4133	162	105	bank	bank	NOUN
ajfa-4133	162	106	concentration	concentration	NOUN
ajfa-4133	162	107	for	for	ADP
ajfa-4133	162	108	cross	cross	ADJ
ajfa-4133	162	109	-	-	ADJ
ajfa-4133	162	110	recessional	recessional	ADJ
ajfa-4133	162	111	unit	unit	NOUN
ajfa-4133	162	112	“	"	PUNCT
ajfa-4133	162	113	i	i	PRON
ajfa-4133	162	114	”	"	PUNCT
ajfa-4133	162	115	indicates	indicate	VERB
ajfa-4133	162	116	whether	whether	SCONJ
ajfa-4133	162	117	bank	bank	NOUN
ajfa-4133	162	118	is	be	AUX
ajfa-4133	162	119	listed	list	VERB
ajfa-4133	162	120	or	or	CCONJ
ajfa-4133	162	121	not	not	PART
ajfa-4133	162	122	is	be	AUX
ajfa-4133	162	123	the	the	DET
ajfa-4133	162	124	intercept	intercept	NOUN
ajfa-4133	162	125	mean	mean	NOUN
ajfa-4133	162	126	value	value	NOUN
ajfa-4133	162	127	with	with	ADP
ajfa-4133	162	128	individual	individual	ADJ
ajfa-4133	162	129	intercept	intercept	NOUN
ajfa-4133	162	130	deviations	deviation	NOUN
ajfa-4133	162	131	from	from	ADP
ajfa-4133	162	132	mean	mean	ADJ
ajfa-4133	162	133	value	value	NOUN
ajfa-4133	162	134	asian	asian	ADJ
ajfa-4133	162	135	journal	journal	NOUN
ajfa-4133	162	136	of	of	ADP
ajfa-4133	162	137	finance	finance	PROPN
ajfa-4133	162	138	&	&	CCONJ
ajfa-4133	162	139	accounting	accounting	PROPN
ajfa-4133	162	140	issn	issn	PROPN
ajfa-4133	162	141	1946	1946	NUM
ajfa-4133	162	142	-	-	PUNCT
ajfa-4133	162	143	052x	052x	NOUN
ajfa-4133	162	144	2013	2013	NUM
ajfa-4133	162	145	,	,	PUNCT
ajfa-4133	162	146	vol	vol	NOUN
ajfa-4133	162	147	.	.	PROPN
ajfa-4133	162	148	5	5	NUM
ajfa-4133	162	149	,	,	PUNCT
ajfa-4133	162	150	no	no	INTJ
ajfa-4133	162	151	.	.	NOUN
ajfa-4133	162	152	2	2	NUM
ajfa-4133	162	153	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4133	162	154	278	278	NUM
ajfa-4133	162	155	,	,	PUNCT
ajfa-4133	162	156	,	,	PUNCT
ajfa-4133	162	157	,	,	PUNCT
ajfa-4133	162	158	,	,	PUNCT
ajfa-4133	162	159	and	and	CCONJ
ajfa-4133	162	160	are	be	AUX
ajfa-4133	162	161	the	the	DET
ajfa-4133	162	162	respective	respective	ADJ
ajfa-4133	162	163	co	co	ADJ
ajfa-4133	162	164	-	-	ADJ
ajfa-4133	162	165	effcient	effcient	ADJ
ajfa-4133	162	166	terms	term	NOUN
ajfa-4133	162	167	“	"	PUNCT
ajfa-4133	162	168	”	"	PUNCT
ajfa-4133	162	169	is	be	AUX
ajfa-4133	162	170	the	the	DET
ajfa-4133	162	171	composite	composite	ADJ
ajfa-4133	162	172	error	error	NOUN
ajfa-4133	162	173	term	term	NOUN
ajfa-4133	162	174	including	include	VERB
ajfa-4133	162	175	is	be	AUX
ajfa-4133	162	176	individual	individual	ADJ
ajfa-4133	162	177	unit	unit	NOUN
ajfa-4133	162	178	error	error	NOUN
ajfa-4133	162	179	component	component	NOUN
ajfa-4133	162	180	and	and	CCONJ
ajfa-4133	162	181	is	be	AUX
ajfa-4133	162	182	combined	combine	VERB
ajfa-4133	162	183	time	time	NOUN
ajfa-4133	162	184	and	and	CCONJ
ajfa-4133	162	185	units	unit	NOUN
ajfa-4133	162	186	error	error	NOUN
ajfa-4133	162	187	component	component	NOUN
ajfa-4133	162	188	.	.	PUNCT
ajfa-4133	163	1	“	"	PUNCT
ajfa-4133	163	2	i	i	PRON
ajfa-4133	163	3	”	"	PUNCT
ajfa-4133	163	4	is	be	AUX
ajfa-4133	163	5	the	the	DET
ajfa-4133	163	6	cross	cross	NOUN
ajfa-4133	163	7	section	section	NOUN
ajfa-4133	163	8	units	unit	NOUN
ajfa-4133	163	9	(	(	PUNCT
ajfa-4133	163	10	30	30	NUM
ajfa-4133	163	11	banks	bank	NOUN
ajfa-4133	163	12	)	)	PUNCT
ajfa-4133	163	13	“	"	PUNCT
ajfa-4133	163	14	t	t	PROPN
ajfa-4133	163	15	”	"	PUNCT
ajfa-4133	163	16	is	be	AUX
ajfa-4133	163	17	the	the	DET
ajfa-4133	163	18	time	time	NOUN
ajfa-4133	163	19	period	period	NOUN
ajfa-4133	163	20	(	(	PUNCT
ajfa-4133	163	21	2006	2006	NUM
ajfa-4133	163	22	to	to	ADP
ajfa-4133	163	23	2010	2010	NUM
ajfa-4133	163	24	)	)	PUNCT
ajfa-4133	164	1	5	5	NUM
ajfa-4133	164	2	.	.	NOUN
ajfa-4133	164	3	results	result	NOUN
ajfa-4133	164	4	and	and	CCONJ
ajfa-4133	164	5	analysis	analysis	VERB
ajfa-4133	164	6	the	the	DET
ajfa-4133	164	7	analysis	analysis	NOUN
ajfa-4133	164	8	of	of	ADP
ajfa-4133	164	9	ownership	ownership	NOUN
ajfa-4133	164	10	structure	structure	NOUN
ajfa-4133	164	11	and	and	CCONJ
ajfa-4133	164	12	other	other	ADJ
ajfa-4133	164	13	related	related	ADJ
ajfa-4133	164	14	variables	variable	NOUN
ajfa-4133	164	15	starts	start	VERB
ajfa-4133	164	16	with	with	ADP
ajfa-4133	164	17	the	the	DET
ajfa-4133	164	18	selection	selection	NOUN
ajfa-4133	164	19	of	of	ADP
ajfa-4133	164	20	ownership	ownership	NOUN
ajfa-4133	164	21	structure	structure	NOUN
ajfa-4133	164	22	and	and	CCONJ
ajfa-4133	164	23	other	other	ADJ
ajfa-4133	164	24	related	related	ADJ
ajfa-4133	164	25	variables	variable	NOUN
ajfa-4133	164	26	.	.	PUNCT
ajfa-4133	165	1	eight	eight	NUM
ajfa-4133	165	2	hypotheses	hypothesis	NOUN
ajfa-4133	165	3	are	be	AUX
ajfa-4133	165	4	formulated	formulate	VERB
ajfa-4133	165	5	for	for	ADP
ajfa-4133	165	6	ownership	ownership	NOUN
ajfa-4133	165	7	structure	structure	NOUN
ajfa-4133	165	8	and	and	CCONJ
ajfa-4133	165	9	other	other	ADJ
ajfa-4133	165	10	related	related	ADJ
ajfa-4133	165	11	variables	variable	NOUN
ajfa-4133	165	12	.	.	PUNCT
ajfa-4133	166	1	the	the	DET
ajfa-4133	166	2	random	random	ADJ
ajfa-4133	166	3	effect	effect	NOUN
ajfa-4133	166	4	model	model	NOUN
ajfa-4133	166	5	is	be	AUX
ajfa-4133	166	6	applied	apply	VERB
ajfa-4133	166	7	by	by	ADP
ajfa-4133	166	8	using	use	VERB
ajfa-4133	166	9	eight	eight	NUM
ajfa-4133	166	10	explanatory	explanatory	ADJ
ajfa-4133	166	11	variables	variable	NOUN
ajfa-4133	166	12	;	;	PUNCT
ajfa-4133	166	13	the	the	DET
ajfa-4133	166	14	results	result	NOUN
ajfa-4133	166	15	of	of	ADP
ajfa-4133	166	16	random	random	ADJ
ajfa-4133	166	17	effect	effect	NOUN
ajfa-4133	166	18	model	model	NOUN
ajfa-4133	166	19	are	be	AUX
ajfa-4133	166	20	given	give	VERB
ajfa-4133	166	21	in	in	ADP
ajfa-4133	166	22	table	table	NOUN
ajfa-4133	166	23	15	15	NUM
ajfa-4133	166	24	.	.	PUNCT
ajfa-4133	167	1	the	the	DET
ajfa-4133	167	2	fitness	fitness	NOUN
ajfa-4133	167	3	of	of	ADP
ajfa-4133	167	4	the	the	DET
ajfa-4133	167	5	model	model	NOUN
ajfa-4133	167	6	is	be	AUX
ajfa-4133	167	7	predicted	predict	VERB
ajfa-4133	167	8	with	with	ADP
ajfa-4133	167	9	the	the	DET
ajfa-4133	167	10	help	help	NOUN
ajfa-4133	167	11	of	of	ADP
ajfa-4133	167	12	r	r	NOUN
ajfa-4133	167	13	-	-	PUNCT
ajfa-4133	167	14	squared	square	VERB
ajfa-4133	167	15	,	,	PUNCT
ajfa-4133	167	16	f	f	X
ajfa-4133	167	17	-	-	PUNCT
ajfa-4133	167	18	statistics	statistic	NOUN
ajfa-4133	167	19	and	and	CCONJ
ajfa-4133	167	20	number	number	NOUN
ajfa-4133	167	21	of	of	ADP
ajfa-4133	167	22	significant	significant	ADJ
ajfa-4133	167	23	relationship	relationship	NOUN
ajfa-4133	167	24	between	between	ADP
ajfa-4133	167	25	npls	npls	NOUN
ajfa-4133	167	26	and	and	CCONJ
ajfa-4133	167	27	explanatory	explanatory	ADJ
ajfa-4133	167	28	variables	variable	NOUN
ajfa-4133	167	29	.	.	PUNCT
ajfa-4133	168	1	the	the	DET
ajfa-4133	168	2	r	r	NOUN
ajfa-4133	168	3	-	-	PUNCT
ajfa-4133	168	4	squared	square	VERB
ajfa-4133	168	5	value	value	NOUN
ajfa-4133	168	6	for	for	ADP
ajfa-4133	168	7	the	the	DET
ajfa-4133	168	8	model	model	NOUN
ajfa-4133	168	9	is	be	AUX
ajfa-4133	168	10	0.608551	0.608551	NUM
ajfa-4133	168	11	,	,	PUNCT
ajfa-4133	168	12	suggesting	suggest	VERB
ajfa-4133	168	13	that	that	SCONJ
ajfa-4133	168	14	almost	almost	ADV
ajfa-4133	168	15	60	60	NUM
ajfa-4133	168	16	%	%	NOUN
ajfa-4133	168	17	variance	variance	NOUN
ajfa-4133	168	18	in	in	ADP
ajfa-4133	168	19	npls	npls	NOUN
ajfa-4133	168	20	are	be	AUX
ajfa-4133	168	21	explained	explain	VERB
ajfa-4133	168	22	by	by	ADP
ajfa-4133	168	23	eight	eight	NUM
ajfa-4133	168	24	ownership	ownership	NOUN
ajfa-4133	168	25	structure	structure	NOUN
ajfa-4133	168	26	and	and	CCONJ
ajfa-4133	168	27	other	other	ADJ
ajfa-4133	168	28	related	related	ADJ
ajfa-4133	168	29	variables	variable	NOUN
ajfa-4133	168	30	.	.	PUNCT
ajfa-4133	169	1	the	the	DET
ajfa-4133	169	2	f	f	PROPN
ajfa-4133	169	3	-	-	PUNCT
ajfa-4133	169	4	statistics	statistic	NOUN
ajfa-4133	169	5	of	of	ADP
ajfa-4133	169	6	the	the	DET
ajfa-4133	169	7	model	model	NOUN
ajfa-4133	169	8	has	have	VERB
ajfa-4133	169	9	a	a	DET
ajfa-4133	169	10	p	p	NOUN
ajfa-4133	169	11	-	-	PUNCT
ajfa-4133	169	12	value	value	NOUN
ajfa-4133	169	13	of	of	ADP
ajfa-4133	169	14	0.08542	0.08542	NUM
ajfa-4133	169	15	,	,	PUNCT
ajfa-4133	169	16	suggesting	suggest	VERB
ajfa-4133	169	17	that	that	SCONJ
ajfa-4133	169	18	eight	eight	NUM
ajfa-4133	169	19	variables	variable	NOUN
ajfa-4133	169	20	can	can	AUX
ajfa-4133	169	21	not	not	PART
ajfa-4133	169	22	influence	influence	VERB
ajfa-4133	169	23	the	the	DET
ajfa-4133	169	24	npls	npls	NOUN
ajfa-4133	169	25	jointly	jointly	ADV
ajfa-4133	169	26	.	.	PUNCT
ajfa-4133	170	1	asian	asian	ADJ
ajfa-4133	170	2	journal	journal	PROPN
ajfa-4133	170	3	of	of	ADP
ajfa-4133	170	4	finance	finance	PROPN
ajfa-4133	170	5	&	&	CCONJ
ajfa-4133	170	6	accounting	accounting	PROPN
ajfa-4133	170	7	issn	issn	PROPN
ajfa-4133	170	8	1946	1946	NUM
ajfa-4133	170	9	-	-	PUNCT
ajfa-4133	170	10	052x	052x	NOUN
ajfa-4133	170	11	2013	2013	NUM
ajfa-4133	170	12	,	,	PUNCT
ajfa-4133	170	13	vol	vol	NOUN
ajfa-4133	170	14	.	.	PROPN
ajfa-4133	170	15	5	5	NUM
ajfa-4133	170	16	,	,	PUNCT
ajfa-4133	170	17	no	no	INTJ
ajfa-4133	170	18	.	.	NOUN
ajfa-4133	170	19	2	2	NUM
ajfa-4133	170	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4133	170	21	279	279	NUM
ajfa-4133	170	22	table	table	NOUN
ajfa-4133	170	23	2	2	NUM
ajfa-4133	170	24	.	.	PUNCT
ajfa-4133	170	25	random	random	ADJ
ajfa-4133	170	26	effect	effect	NOUN
ajfa-4133	170	27	model	model	NOUN
ajfa-4133	170	28	results	result	NOUN
ajfa-4133	170	29	of	of	ADP
ajfa-4133	170	30	ownership	ownership	NOUN
ajfa-4133	170	31	structure	structure	NOUN
ajfa-4133	170	32	and	and	CCONJ
ajfa-4133	170	33	other	other	ADJ
ajfa-4133	170	34	related	related	ADJ
ajfa-4133	170	35	variables	variable	NOUN
ajfa-4133	170	36	variable	variable	ADJ
ajfa-4133	170	37	coefficient	coefficient	NOUN
ajfa-4133	170	38	standard	standard	ADJ
ajfa-4133	170	39	error	error	NOUN
ajfa-4133	170	40	t	t	NOUN
ajfa-4133	170	41	-	-	PUNCT
ajfa-4133	170	42	statistic	statistic	NOUN
ajfa-4133	170	43	probability	probability	NOUN
ajfa-4133	170	44	publically	publically	ADV
ajfa-4133	170	45	owned	own	VERB
ajfa-4133	170	46	banks	bank	NOUN
ajfa-4133	170	47	0.0328941	0.0328941	NUM
ajfa-4133	170	48	0.0355429	0.0355429	NUM
ajfa-4133	170	49	0.9255	0.9255	NUM
ajfa-4133	170	50	0.35633	0.35633	NUM
ajfa-4133	170	51	privately	privately	ADV
ajfa-4133	170	52	owned	own	VERB
ajfa-4133	170	53	banks	bank	NOUN
ajfa-4133	170	54	0.0078972	0.0078972	NUM
ajfa-4133	170	55	0.0320113	0.0320113	NUM
ajfa-4133	170	56	0.2467	0.2467	NUM
ajfa-4133	170	57	0.80551	0.80551	NUM
ajfa-4133	170	58	foreign	foreign	ADJ
ajfa-4133	170	59	owned	own	VERB
ajfa-4133	170	60	banks	bank	NOUN
ajfa-4133	170	61	-0.03762	-0.03762	VERB
ajfa-4133	170	62	0.026471	0.026471	NUM
ajfa-4133	170	63	-1.421191	-1.421191	NOUN
ajfa-4133	170	64	0.1788	0.1788	NUM
ajfa-4133	170	65	investor	investor	NOUN
ajfa-4133	170	66	protection	protection	NOUN
ajfa-4133	170	67	rights	right	NOUN
ajfa-4133	170	68	-0.0535625	-0.0535625	NOUN
ajfa-4133	170	69	0.0409358	0.0409358	NUM
ajfa-4133	170	70	-1.3085	-1.3085	NOUN
ajfa-4133	170	71	0.19290	0.19290	NUM
ajfa-4133	170	72	supervisory	supervisory	ADJ
ajfa-4133	170	73	control	control	NOUN
ajfa-4133	170	74	0.00962676	0.00962676	NUM
ajfa-4133	170	75	0.0111343	0.0111343	NUM
ajfa-4133	170	76	0.8646	0.8646	NUM
ajfa-4133	170	77	0.38876	0.38876	NUM
ajfa-4133	170	78	activities	activity	NOUN
ajfa-4133	170	79	restrictions	restriction	NOUN
ajfa-4133	170	80	-0.65926	-0.65926	NOUN
ajfa-4133	170	81	1.27521	1.27521	NUM
ajfa-4133	170	82	-0.5170	-0.5170	NOUN
ajfa-4133	170	83	0.60600	0.60600	NUM
ajfa-4133	170	84	bank	bank	NOUN
ajfa-4133	170	85	concentration	concentration	NOUN
ajfa-4133	170	86	0.71676	0.71676	NUM
ajfa-4133	170	87	0.645235	0.645235	NUM
ajfa-4133	170	88	0.867675	0.867675	NUM
ajfa-4133	170	89	0.0186	0.0186	NUM
ajfa-4133	170	90	listed	list	VERB
ajfa-4133	170	91	banks	bank	NOUN
ajfa-4133	170	92	0.0169231	0.0169231	NUM
ajfa-4133	170	93	0.0267529	0.0267529	NUM
ajfa-4133	170	94	0.6326	0.6326	NUM
ajfa-4133	170	95	0.52806	0.52806	NUM
ajfa-4133	170	96	c	c	NOUN
ajfa-4133	170	97	0.548537	0.548537	NUM
ajfa-4133	170	98	0.46921	0.46921	NUM
ajfa-4133	170	99	1.1691	1.1691	NUM
ajfa-4133	170	100	0.24439	0.24439	NUM
ajfa-4133	170	101	r	r	NOUN
ajfa-4133	170	102	-	-	PUNCT
ajfa-4133	170	103	squared	square	VERB
ajfa-4133	170	104	0.608551	0.608551	NUM
ajfa-4133	170	105	adjusted	adjust	VERB
ajfa-4133	170	106	r	r	NOUN
ajfa-4133	170	107	-	-	PUNCT
ajfa-4133	170	108	squared	square	VERB
ajfa-4133	170	109	0.391080	0.391080	NUM
ajfa-4133	170	110	f	f	X
ajfa-4133	170	111	-	-	PUNCT
ajfa-4133	170	112	statistic	statistic	VERB
ajfa-4133	170	113	2.79830	2.79830	NUM
ajfa-4133	170	114	p	p	NOUN
ajfa-4133	170	115	-	-	PUNCT
ajfa-4133	170	116	value	value	NOUN
ajfa-4133	170	117	0.08542	0.08542	NUM
ajfa-4133	170	118	after	after	ADP
ajfa-4133	170	119	applying	apply	VERB
ajfa-4133	170	120	random	random	ADJ
ajfa-4133	170	121	effect	effect	NOUN
ajfa-4133	170	122	model	model	NOUN
ajfa-4133	170	123	,	,	PUNCT
ajfa-4133	170	124	hausman	hausman	ADJ
ajfa-4133	170	125	random	random	ADJ
ajfa-4133	170	126	effect	effect	NOUN
ajfa-4133	170	127	test	test	NOUN
ajfa-4133	170	128	is	be	AUX
ajfa-4133	170	129	run	run	VERB
ajfa-4133	170	130	to	to	PART
ajfa-4133	170	131	check	check	VERB
ajfa-4133	170	132	the	the	DET
ajfa-4133	170	133	validity	validity	NOUN
ajfa-4133	170	134	of	of	ADP
ajfa-4133	170	135	random	random	ADJ
ajfa-4133	170	136	effect	effect	NOUN
ajfa-4133	170	137	model	model	NOUN
ajfa-4133	170	138	,	,	PUNCT
ajfa-4133	170	139	in	in	ADP
ajfa-4133	170	140	results	result	NOUN
ajfa-4133	170	141	chi	chi	ADJ
ajfa-4133	170	142	-	-	PUNCT
ajfa-4133	170	143	square	square	ADJ
ajfa-4133	170	144	statistics	statistic	NOUN
ajfa-4133	170	145	and	and	CCONJ
ajfa-4133	170	146	its	its	PRON
ajfa-4133	170	147	corresponding	corresponding	ADJ
ajfa-4133	170	148	p	p	NOUN
ajfa-4133	170	149	-	-	PUNCT
ajfa-4133	170	150	value	value	NOUN
ajfa-4133	170	151	is	be	AUX
ajfa-4133	170	152	used	use	VERB
ajfa-4133	170	153	to	to	PART
ajfa-4133	170	154	predict	predict	VERB
ajfa-4133	170	155	whether	whether	SCONJ
ajfa-4133	170	156	random	random	ADJ
ajfa-4133	170	157	effect	effect	NOUN
ajfa-4133	170	158	model	model	NOUN
ajfa-4133	170	159	is	be	AUX
ajfa-4133	170	160	valid	valid	ADJ
ajfa-4133	170	161	or	or	CCONJ
ajfa-4133	170	162	not	not	PART
ajfa-4133	170	163	.	.	PUNCT
ajfa-4133	171	1	when	when	SCONJ
ajfa-4133	171	2	p	p	NOUN
ajfa-4133	171	3	-	-	PUNCT
ajfa-4133	171	4	value	value	NOUN
ajfa-4133	171	5	of	of	ADP
ajfa-4133	171	6	chi	chi	ADJ
ajfa-4133	171	7	-	-	PUNCT
ajfa-4133	171	8	square	square	ADJ
ajfa-4133	171	9	statistics	statistic	NOUN
ajfa-4133	171	10	is	be	AUX
ajfa-4133	171	11	less	less	ADJ
ajfa-4133	171	12	than	than	ADP
ajfa-4133	171	13	1	1	NUM
ajfa-4133	171	14	then	then	ADV
ajfa-4133	171	15	it	it	PRON
ajfa-4133	171	16	shows	show	VERB
ajfa-4133	171	17	that	that	SCONJ
ajfa-4133	171	18	random	random	ADJ
ajfa-4133	171	19	effect	effect	NOUN
ajfa-4133	171	20	model	model	NOUN
ajfa-4133	171	21	is	be	AUX
ajfa-4133	171	22	not	not	PART
ajfa-4133	171	23	appropriate	appropriate	ADJ
ajfa-4133	171	24	and	and	CCONJ
ajfa-4133	171	25	fixed	fix	VERB
ajfa-4133	171	26	effect	effect	NOUN
ajfa-4133	171	27	model	model	NOUN
ajfa-4133	171	28	is	be	AUX
ajfa-4133	171	29	preferred	prefer	VERB
ajfa-4133	171	30	.	.	PUNCT
ajfa-4133	172	1	if	if	SCONJ
ajfa-4133	172	2	the	the	DET
ajfa-4133	172	3	p	p	NOUN
ajfa-4133	172	4	-	-	PUNCT
ajfa-4133	172	5	value	value	NOUN
ajfa-4133	172	6	is	be	AUX
ajfa-4133	172	7	less	less	ADJ
ajfa-4133	172	8	than	than	ADP
ajfa-4133	172	9	1	1	NUM
ajfa-4133	172	10	then	then	ADV
ajfa-4133	172	11	fixed	fix	VERB
ajfa-4133	172	12	effect	effect	NOUN
ajfa-4133	172	13	model	model	NOUN
ajfa-4133	172	14	will	will	AUX
ajfa-4133	172	15	be	be	AUX
ajfa-4133	172	16	used	use	VERB
ajfa-4133	172	17	.	.	PUNCT
ajfa-4133	173	1	the	the	DET
ajfa-4133	173	2	results	result	NOUN
ajfa-4133	173	3	of	of	ADP
ajfa-4133	173	4	the	the	DET
ajfa-4133	173	5	hausman	hausman	ADJ
ajfa-4133	173	6	random	random	ADJ
ajfa-4133	173	7	effect	effect	NOUN
ajfa-4133	173	8	test	test	NOUN
ajfa-4133	173	9	are	be	AUX
ajfa-4133	173	10	given	give	VERB
ajfa-4133	173	11	in	in	ADP
ajfa-4133	173	12	table	table	NOUN
ajfa-4133	173	13	3	3	NUM
ajfa-4133	173	14	.	.	PUNCT
ajfa-4133	173	15	asian	asian	ADJ
ajfa-4133	173	16	journal	journal	PROPN
ajfa-4133	173	17	of	of	ADP
ajfa-4133	173	18	finance	finance	PROPN
ajfa-4133	173	19	&	&	CCONJ
ajfa-4133	173	20	accounting	accounting	PROPN
ajfa-4133	173	21	issn	issn	PROPN
ajfa-4133	173	22	1946	1946	NUM
ajfa-4133	173	23	-	-	PUNCT
ajfa-4133	173	24	052x	052x	NOUN
ajfa-4133	173	25	2013	2013	NUM
ajfa-4133	173	26	,	,	PUNCT
ajfa-4133	173	27	vol	vol	NOUN
ajfa-4133	173	28	.	.	PROPN
ajfa-4133	173	29	5	5	NUM
ajfa-4133	173	30	,	,	PUNCT
ajfa-4133	173	31	no	no	INTJ
ajfa-4133	173	32	.	.	NOUN
ajfa-4133	173	33	2	2	NUM
ajfa-4133	173	34	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4133	173	35	280	280	NUM
ajfa-4133	173	36	table	table	NOUN
ajfa-4133	173	37	3	3	NUM
ajfa-4133	173	38	.	.	PUNCT
ajfa-4133	173	39	hausman	hausman	ADJ
ajfa-4133	173	40	random	random	ADJ
ajfa-4133	173	41	effect	effect	NOUN
ajfa-4133	173	42	test	test	NOUN
ajfa-4133	173	43	test	test	NOUN
ajfa-4133	173	44	summary	summary	NOUN
ajfa-4133	173	45	chi	chi	ADJ
ajfa-4133	173	46	-	-	PUNCT
ajfa-4133	173	47	square	square	ADJ
ajfa-4133	173	48	statistic	statistic	NOUN
ajfa-4133	173	49	probability	probability	NOUN
ajfa-4133	173	50	cross	cross	NOUN
ajfa-4133	173	51	-	-	ADJ
ajfa-4133	173	52	section	section	ADJ
ajfa-4133	173	53	random	random	ADJ
ajfa-4133	173	54	3.30351	3.30351	NUM
ajfa-4133	173	55	0.769901	0.769901	NUM
ajfa-4133	173	56	the	the	DET
ajfa-4133	173	57	results	result	NOUN
ajfa-4133	173	58	suggest	suggest	VERB
ajfa-4133	173	59	that	that	SCONJ
ajfa-4133	173	60	the	the	DET
ajfa-4133	173	61	p	p	NOUN
ajfa-4133	173	62	-	-	PUNCT
ajfa-4133	173	63	value	value	NOUN
ajfa-4133	173	64	for	for	ADP
ajfa-4133	173	65	the	the	DET
ajfa-4133	173	66	chi	chi	ADJ
ajfa-4133	173	67	-	-	PUNCT
ajfa-4133	173	68	square	square	ADJ
ajfa-4133	173	69	statistics	statistic	NOUN
ajfa-4133	173	70	is	be	AUX
ajfa-4133	173	71	0.769901	0.769901	NUM
ajfa-4133	173	72	,	,	PUNCT
ajfa-4133	173	73	which	which	PRON
ajfa-4133	173	74	is	be	AUX
ajfa-4133	173	75	less	less	ADJ
ajfa-4133	173	76	than	than	ADP
ajfa-4133	173	77	1	1	NUM
ajfa-4133	173	78	.	.	PUNCT
ajfa-4133	174	1	this	this	PRON
ajfa-4133	174	2	shows	show	VERB
ajfa-4133	174	3	that	that	SCONJ
ajfa-4133	174	4	random	random	ADJ
ajfa-4133	174	5	effect	effect	NOUN
ajfa-4133	174	6	model	model	NOUN
ajfa-4133	174	7	is	be	AUX
ajfa-4133	174	8	not	not	PART
ajfa-4133	174	9	valid	valid	ADJ
ajfa-4133	174	10	and	and	CCONJ
ajfa-4133	174	11	does	do	AUX
ajfa-4133	174	12	not	not	PART
ajfa-4133	174	13	provide	provide	VERB
ajfa-4133	174	14	the	the	DET
ajfa-4133	174	15	preferred	preferred	ADJ
ajfa-4133	174	16	specification	specification	NOUN
ajfa-4133	174	17	of	of	ADP
ajfa-4133	174	18	the	the	DET
ajfa-4133	174	19	variables	variable	NOUN
ajfa-4133	174	20	used	use	VERB
ajfa-4133	174	21	in	in	ADP
ajfa-4133	174	22	the	the	DET
ajfa-4133	174	23	analysis	analysis	NOUN
ajfa-4133	174	24	;	;	PUNCT
ajfa-4133	174	25	therefore	therefore	ADV
ajfa-4133	174	26	variables	variable	NOUN
ajfa-4133	174	27	are	be	AUX
ajfa-4133	174	28	regressed	regress	VERB
ajfa-4133	174	29	again	again	ADV
ajfa-4133	174	30	by	by	ADP
ajfa-4133	174	31	using	use	VERB
ajfa-4133	174	32	fixed	fix	VERB
ajfa-4133	174	33	effect	effect	NOUN
ajfa-4133	174	34	model	model	NOUN
ajfa-4133	174	35	.	.	PUNCT
ajfa-4133	175	1	the	the	DET
ajfa-4133	175	2	result	result	NOUN
ajfa-4133	175	3	of	of	ADP
ajfa-4133	175	4	fixed	fix	VERB
ajfa-4133	175	5	effect	effect	NOUN
ajfa-4133	175	6	model	model	NOUN
ajfa-4133	175	7	is	be	AUX
ajfa-4133	175	8	given	give	VERB
ajfa-4133	175	9	in	in	ADP
ajfa-4133	175	10	table	table	NOUN
ajfa-4133	175	11	4	4	NUM
ajfa-4133	175	12	.	.	PUNCT
ajfa-4133	176	1	the	the	DET
ajfa-4133	176	2	fixed	fix	VERB
ajfa-4133	176	3	effect	effect	NOUN
ajfa-4133	176	4	model	model	NOUN
ajfa-4133	176	5	is	be	AUX
ajfa-4133	176	6	applied	apply	VERB
ajfa-4133	176	7	by	by	ADP
ajfa-4133	176	8	using	use	VERB
ajfa-4133	176	9	eight	eight	NUM
ajfa-4133	176	10	explanatory	explanatory	ADJ
ajfa-4133	176	11	variables	variable	NOUN
ajfa-4133	176	12	;	;	PUNCT
ajfa-4133	176	13	the	the	DET
ajfa-4133	176	14	results	result	NOUN
ajfa-4133	176	15	of	of	ADP
ajfa-4133	176	16	random	random	ADJ
ajfa-4133	176	17	effect	effect	NOUN
ajfa-4133	176	18	model	model	NOUN
ajfa-4133	176	19	are	be	AUX
ajfa-4133	176	20	given	give	VERB
ajfa-4133	176	21	in	in	ADP
ajfa-4133	176	22	table	table	NOUN
ajfa-4133	176	23	4	4	NUM
ajfa-4133	176	24	.	.	PUNCT
ajfa-4133	177	1	the	the	DET
ajfa-4133	177	2	fitness	fitness	NOUN
ajfa-4133	177	3	of	of	ADP
ajfa-4133	177	4	the	the	DET
ajfa-4133	177	5	model	model	NOUN
ajfa-4133	177	6	is	be	AUX
ajfa-4133	177	7	predicted	predict	VERB
ajfa-4133	177	8	with	with	ADP
ajfa-4133	177	9	the	the	DET
ajfa-4133	177	10	help	help	NOUN
ajfa-4133	177	11	of	of	ADP
ajfa-4133	177	12	r	r	NOUN
ajfa-4133	177	13	-	-	PUNCT
ajfa-4133	177	14	squared	square	VERB
ajfa-4133	177	15	,	,	PUNCT
ajfa-4133	177	16	f	f	X
ajfa-4133	177	17	-	-	PUNCT
ajfa-4133	177	18	statistics	statistic	NOUN
ajfa-4133	177	19	and	and	CCONJ
ajfa-4133	177	20	number	number	NOUN
ajfa-4133	177	21	of	of	ADP
ajfa-4133	177	22	significant	significant	ADJ
ajfa-4133	177	23	relationship	relationship	NOUN
ajfa-4133	177	24	between	between	ADP
ajfa-4133	177	25	npls	npls	NOUN
ajfa-4133	177	26	and	and	CCONJ
ajfa-4133	177	27	explanatory	explanatory	ADJ
ajfa-4133	177	28	variables	variable	NOUN
ajfa-4133	177	29	.	.	PUNCT
ajfa-4133	178	1	the	the	DET
ajfa-4133	178	2	r	r	NOUN
ajfa-4133	178	3	-	-	PUNCT
ajfa-4133	178	4	squared	square	VERB
ajfa-4133	178	5	value	value	NOUN
ajfa-4133	178	6	for	for	ADP
ajfa-4133	178	7	the	the	DET
ajfa-4133	178	8	model	model	NOUN
ajfa-4133	178	9	is	be	AUX
ajfa-4133	178	10	0.568181	0.568181	NUM
ajfa-4133	178	11	,	,	PUNCT
ajfa-4133	178	12	suggesting	suggest	VERB
ajfa-4133	178	13	that	that	SCONJ
ajfa-4133	178	14	almost	almost	ADV
ajfa-4133	178	15	57	57	NUM
ajfa-4133	178	16	%	%	NOUN
ajfa-4133	178	17	variance	variance	NOUN
ajfa-4133	178	18	in	in	ADP
ajfa-4133	178	19	npls	npls	NOUN
ajfa-4133	178	20	are	be	AUX
ajfa-4133	178	21	explained	explain	VERB
ajfa-4133	178	22	by	by	ADP
ajfa-4133	178	23	eight	eight	NUM
ajfa-4133	178	24	ownership	ownership	NOUN
ajfa-4133	178	25	structure	structure	NOUN
ajfa-4133	178	26	and	and	CCONJ
ajfa-4133	178	27	other	other	ADJ
ajfa-4133	178	28	related	related	ADJ
ajfa-4133	178	29	variables	variable	NOUN
ajfa-4133	178	30	.	.	PUNCT
ajfa-4133	179	1	the	the	DET
ajfa-4133	179	2	f	f	PROPN
ajfa-4133	179	3	-	-	PUNCT
ajfa-4133	179	4	statistics	statistic	NOUN
ajfa-4133	179	5	of	of	ADP
ajfa-4133	179	6	the	the	DET
ajfa-4133	179	7	model	model	NOUN
ajfa-4133	179	8	has	have	VERB
ajfa-4133	179	9	a	a	DET
ajfa-4133	179	10	p	p	NOUN
ajfa-4133	179	11	-	-	PUNCT
ajfa-4133	179	12	value	value	NOUN
ajfa-4133	179	13	of	of	ADP
ajfa-4133	179	14	0.363237	0.363237	NUM
ajfa-4133	179	15	,	,	PUNCT
ajfa-4133	179	16	suggesting	suggest	VERB
ajfa-4133	179	17	that	that	SCONJ
ajfa-4133	179	18	eight	eight	NUM
ajfa-4133	179	19	variables	variable	NOUN
ajfa-4133	179	20	can	can	AUX
ajfa-4133	179	21	not	not	PART
ajfa-4133	179	22	influence	influence	VERB
ajfa-4133	179	23	the	the	DET
ajfa-4133	179	24	npls	npls	NOUN
ajfa-4133	179	25	jointly	jointly	ADV
ajfa-4133	179	26	.	.	PUNCT
ajfa-4133	180	1	asian	asian	ADJ
ajfa-4133	180	2	journal	journal	PROPN
ajfa-4133	180	3	of	of	ADP
ajfa-4133	180	4	finance	finance	PROPN
ajfa-4133	180	5	&	&	CCONJ
ajfa-4133	180	6	accounting	accounting	PROPN
ajfa-4133	180	7	issn	issn	PROPN
ajfa-4133	180	8	1946	1946	NUM
ajfa-4133	180	9	-	-	PUNCT
ajfa-4133	180	10	052x	052x	NOUN
ajfa-4133	180	11	2013	2013	NUM
ajfa-4133	180	12	,	,	PUNCT
ajfa-4133	180	13	vol	vol	NOUN
ajfa-4133	180	14	.	.	PROPN
ajfa-4133	180	15	5	5	NUM
ajfa-4133	180	16	,	,	PUNCT
ajfa-4133	180	17	no	no	INTJ
ajfa-4133	180	18	.	.	NOUN
ajfa-4133	180	19	2	2	NUM
ajfa-4133	180	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4133	180	21	281	281	NUM
ajfa-4133	180	22	table	table	NOUN
ajfa-4133	180	23	4	4	NUM
ajfa-4133	180	24	.	.	PUNCT
ajfa-4133	180	25	fixed	fix	VERB
ajfa-4133	180	26	effect	effect	NOUN
ajfa-4133	180	27	model	model	NOUN
ajfa-4133	180	28	results	result	NOUN
ajfa-4133	180	29	of	of	ADP
ajfa-4133	180	30	ownership	ownership	NOUN
ajfa-4133	180	31	structure	structure	NOUN
ajfa-4133	180	32	and	and	CCONJ
ajfa-4133	180	33	other	other	ADJ
ajfa-4133	180	34	related	related	ADJ
ajfa-4133	180	35	variables	variable	NOUN
ajfa-4133	180	36	variable	variable	ADJ
ajfa-4133	180	37	coefficient	coefficient	NOUN
ajfa-4133	180	38	standard	standard	ADJ
ajfa-4133	180	39	error	error	NOUN
ajfa-4133	180	40	t	t	NOUN
ajfa-4133	180	41	-	-	PUNCT
ajfa-4133	180	42	statistic	statistic	NOUN
ajfa-4133	180	43	probability	probability	NOUN
ajfa-4133	180	44	publically	publically	ADV
ajfa-4133	180	45	owned	own	VERB
ajfa-4133	180	46	banks	bank	NOUN
ajfa-4133	180	47	0.05124	0.05124	NUM
ajfa-4133	180	48	0.024705	0.024705	NUM
ajfa-4133	180	49	2.074100	2.074100	NUM
ajfa-4133	180	50	0.06791	0.06791	NUM
ajfa-4133	180	51	privately	privately	ADV
ajfa-4133	180	52	owned	own	VERB
ajfa-4133	180	53	banks	bank	NOUN
ajfa-4133	180	54	0.0230583	0.0230583	NUM
ajfa-4133	180	55	0.0379835	0.0379835	NUM
ajfa-4133	180	56	0.6071	0.6071	NUM
ajfa-4133	180	57	0.56297	0.56297	NUM
ajfa-4133	180	58	foreign	foreign	ADJ
ajfa-4133	180	59	owned	own	VERB
ajfa-4133	180	60	banks	bank	NOUN
ajfa-4133	180	61	-0.03362	-0.03362	VERB
ajfa-4133	180	62	0.025475	0.025475	NUM
ajfa-4133	180	63	-1.191191	-1.191191	NOUN
ajfa-4133	180	64	0.2388	0.2388	NUM
ajfa-4133	180	65	investor	investor	NOUN
ajfa-4133	180	66	protection	protection	NOUN
ajfa-4133	180	67	rights	right	VERB
ajfa-4133	180	68	0.0164891	0.0164891	NUM
ajfa-4133	180	69	0.0481341	0.0481341	NUM
ajfa-4133	180	70	0.3426	0.3426	NUM
ajfa-4133	180	71	0.74198	0.74198	NUM
ajfa-4133	180	72	supervisory	supervisory	ADJ
ajfa-4133	180	73	control	control	NOUN
ajfa-4133	180	74	0.00962676	0.00962676	NUM
ajfa-4133	181	1	0.0111343	0.0111343	NUM
ajfa-4133	181	2	0.8646	0.8646	NUM
ajfa-4133	181	3	0.38876	0.38876	NUM
ajfa-4133	181	4	activities	activity	NOUN
ajfa-4133	181	5	restrictions	restriction	NOUN
ajfa-4133	181	6	0.60026	0.60026	NUM
ajfa-4133	181	7	1.27821	1.27821	NUM
ajfa-4133	181	8	0.4670	0.4670	NUM
ajfa-4133	181	9	0.50600	0.50600	NUM
ajfa-4133	181	10	bank	bank	NOUN
ajfa-4133	181	11	concentration	concentration	NOUN
ajfa-4133	181	12	-3.1848	-3.1848	PROPN
ajfa-4133	181	13	1.46809	1.46809	NUM
ajfa-4133	181	14	-2.1693	-2.1693	NOUN
ajfa-4133	181	15	0.06668	0.06668	NUM
ajfa-4133	181	16	listed	list	VERB
ajfa-4133	181	17	banks	bank	NOUN
ajfa-4133	181	18	0.011575	0.011575	NUM
ajfa-4133	181	19	0.0465201	0.0465201	NUM
ajfa-4133	181	20	0.2488	0.2488	NUM
ajfa-4133	181	21	0.81064	0.81064	NUM
ajfa-4133	181	22	c	c	NOUN
ajfa-4133	181	23	1.02908	1.02908	NUM
ajfa-4133	181	24	0.64114	0.64114	NUM
ajfa-4133	181	25	1.6051	1.6051	NUM
ajfa-4133	181	26	0.15251	0.15251	NUM
ajfa-4133	181	27	r	r	NOUN
ajfa-4133	181	28	-	-	PUNCT
ajfa-4133	181	29	squared	square	VERB
ajfa-4133	181	30	0.568181	0.568181	NUM
ajfa-4133	181	31	f	f	X
ajfa-4133	181	32	-	-	PUNCT
ajfa-4133	181	33	statistic	statistic	ADJ
ajfa-4133	181	34	1.315786	1.315786	NUM
ajfa-4133	181	35	adjusted	adjust	VERB
ajfa-4133	181	36	r	r	NOUN
ajfa-4133	181	37	-	-	PUNCT
ajfa-4133	181	38	squared	square	VERB
ajfa-4133	181	39	0.136362	0.136362	NUM
ajfa-4133	181	40	p	p	NOUN
ajfa-4133	181	41	-	-	PUNCT
ajfa-4133	181	42	value	value	NOUN
ajfa-4133	181	43	0.363237	0.363237	NUM
ajfa-4133	181	44	durbin	durbin	ADJ
ajfa-4133	181	45	-	-	PUNCT
ajfa-4133	181	46	watson	watson	NOUN
ajfa-4133	181	47	statistics	statistic	NOUN
ajfa-4133	181	48	2.224787	2.224787	NUM
ajfa-4133	181	49	the	the	DET
ajfa-4133	181	50	results	result	NOUN
ajfa-4133	181	51	provide	provide	VERB
ajfa-4133	181	52	only	only	ADV
ajfa-4133	181	53	two	two	NUM
ajfa-4133	181	54	significant	significant	ADJ
ajfa-4133	181	55	relations	relation	NOUN
ajfa-4133	181	56	whereas	whereas	SCONJ
ajfa-4133	181	57	remaining	remain	VERB
ajfa-4133	181	58	six	six	NUM
ajfa-4133	181	59	variables	variable	NOUN
ajfa-4133	181	60	have	have	VERB
ajfa-4133	181	61	insignificant	insignificant	ADJ
ajfa-4133	181	62	association	association	NOUN
ajfa-4133	181	63	with	with	ADP
ajfa-4133	181	64	npls	npls	NOUN
ajfa-4133	181	65	.	.	PUNCT
ajfa-4133	182	1	the	the	DET
ajfa-4133	182	2	results	result	NOUN
ajfa-4133	182	3	suggest	suggest	VERB
ajfa-4133	182	4	significant	significant	ADJ
ajfa-4133	182	5	positive	positive	ADJ
ajfa-4133	182	6	association	association	NOUN
ajfa-4133	182	7	between	between	ADP
ajfa-4133	182	8	the	the	DET
ajfa-4133	182	9	npls	npls	NOUN
ajfa-4133	182	10	and	and	CCONJ
ajfa-4133	182	11	public	public	ADJ
ajfa-4133	182	12	(	(	PUNCT
ajfa-4133	182	13	dispersed	disperse	VERB
ajfa-4133	182	14	)	)	PUNCT
ajfa-4133	182	15	ownership	ownership	NOUN
ajfa-4133	182	16	.	.	PUNCT
ajfa-4133	183	1	the	the	DET
ajfa-4133	183	2	existing	exist	VERB
ajfa-4133	183	3	studies	study	NOUN
ajfa-4133	183	4	have	have	AUX
ajfa-4133	183	5	also	also	ADV
ajfa-4133	183	6	found	find	VERB
ajfa-4133	183	7	the	the	DET
ajfa-4133	183	8	positive	positive	ADJ
ajfa-4133	183	9	association	association	NOUN
ajfa-4133	183	10	between	between	ADP
ajfa-4133	183	11	npls	npls	NOUN
ajfa-4133	183	12	and	and	CCONJ
ajfa-4133	183	13	publically	publically	ADV
ajfa-4133	183	14	owned	own	VERB
ajfa-4133	183	15	or	or	CCONJ
ajfa-4133	183	16	dispersed	disperse	VERB
ajfa-4133	183	17	ownership	ownership	NOUN
ajfa-4133	183	18	(	(	PUNCT
ajfa-4133	183	19	shleifer	shleifer	NOUN
ajfa-4133	183	20	and	and	CCONJ
ajfa-4133	183	21	vishny	vishny	PROPN
ajfa-4133	183	22	,	,	PUNCT
ajfa-4133	183	23	1986	1986	NUM
ajfa-4133	183	24	;	;	PUNCT
ajfa-4133	183	25	berger	berger	PROPN
ajfa-4133	183	26	et	et	PROPN
ajfa-4133	183	27	al	al	PROPN
ajfa-4133	183	28	.	.	PROPN
ajfa-4133	183	29	,	,	PUNCT
ajfa-4133	183	30	2005	2005	NUM
ajfa-4133	183	31	;	;	PUNCT
ajfa-4133	183	32	iannota	iannota	PROPN
ajfa-4133	183	33	et	et	PROPN
ajfa-4133	183	34	al	al	PROPN
ajfa-4133	183	35	.	.	PROPN
ajfa-4133	183	36	,	,	PUNCT
ajfa-4133	183	37	2007	2007	NUM
ajfa-4133	183	38	;	;	PUNCT
ajfa-4133	183	39	and	and	CCONJ
ajfa-4133	183	40	nichols	nichols	PROPN
ajfa-4133	183	41	et	et	PROPN
ajfa-4133	183	42	al	al	PROPN
ajfa-4133	183	43	.	.	PROPN
ajfa-4133	183	44	,	,	PUNCT
ajfa-4133	183	45	2009	2009	NUM
ajfa-4133	183	46	)	)	PUNCT
ajfa-4133	183	47	.	.	PUNCT
ajfa-4133	184	1	the	the	DET
ajfa-4133	184	2	results	result	NOUN
ajfa-4133	184	3	of	of	ADP
ajfa-4133	184	4	current	current	ADJ
ajfa-4133	184	5	study	study	NOUN
ajfa-4133	184	6	confirms	confirm	VERB
ajfa-4133	184	7	the	the	DET
ajfa-4133	184	8	validity	validity	NOUN
ajfa-4133	184	9	of	of	ADP
ajfa-4133	184	10	traditional	traditional	ADJ
ajfa-4133	184	11	view	view	NOUN
ajfa-4133	184	12	of	of	ADP
ajfa-4133	184	13	berle	berle	NOUN
ajfa-4133	184	14	and	and	CCONJ
ajfa-4133	184	15	means	mean	NOUN
ajfa-4133	184	16	(	(	PUNCT
ajfa-4133	184	17	1933	1933	NUM
ajfa-4133	184	18	)	)	PUNCT
ajfa-4133	184	19	that	that	PRON
ajfa-4133	184	20	dispersed	disperse	VERB
ajfa-4133	184	21	ownership	ownership	NOUN
ajfa-4133	184	22	has	have	VERB
ajfa-4133	184	23	negative	negative	ADJ
ajfa-4133	184	24	impact	impact	NOUN
ajfa-4133	184	25	on	on	ADP
ajfa-4133	184	26	the	the	DET
ajfa-4133	184	27	efficiency	efficiency	NOUN
ajfa-4133	184	28	and	and	CCONJ
ajfa-4133	184	29	performance	performance	NOUN
ajfa-4133	184	30	of	of	ADP
ajfa-4133	184	31	the	the	DET
ajfa-4133	184	32	banks	bank	NOUN
ajfa-4133	184	33	and	and	CCONJ
ajfa-4133	184	34	with	with	ADP
ajfa-4133	184	35	dispersed	disperse	VERB
ajfa-4133	184	36	ownership	ownership	NOUN
ajfa-4133	184	37	control	control	NOUN
ajfa-4133	184	38	and	and	CCONJ
ajfa-4133	184	39	supervision	supervision	NOUN
ajfa-4133	184	40	on	on	ADP
ajfa-4133	184	41	the	the	DET
ajfa-4133	184	42	firm	firm	NOUN
ajfa-4133	184	43	declines	decline	VERB
ajfa-4133	184	44	results	result	NOUN
ajfa-4133	184	45	in	in	ADP
ajfa-4133	184	46	the	the	DET
ajfa-4133	184	47	growth	growth	NOUN
ajfa-4133	184	48	of	of	ADP
ajfa-4133	184	49	firm	firm	ADJ
ajfa-4133	184	50	riskiness	riskiness	NOUN
ajfa-4133	184	51	.	.	PUNCT
ajfa-4133	185	1	the	the	DET
ajfa-4133	185	2	positive	positive	ADJ
ajfa-4133	185	3	relation	relation	NOUN
ajfa-4133	185	4	confirms	confirm	VERB
ajfa-4133	185	5	that	that	SCONJ
ajfa-4133	185	6	in	in	ADP
ajfa-4133	185	7	publicly	publicly	ADV
ajfa-4133	185	8	owned	own	VERB
ajfa-4133	185	9	banks	bank	NOUN
ajfa-4133	185	10	(	(	PUNCT
ajfa-4133	185	11	dispersed	disperse	VERB
ajfa-4133	185	12	ownership	ownership	NOUN
ajfa-4133	185	13	)	)	PUNCT
ajfa-4133	185	14	the	the	DET
ajfa-4133	185	15	control	control	NOUN
ajfa-4133	185	16	of	of	ADP
ajfa-4133	185	17	the	the	DET
ajfa-4133	185	18	owners	owner	NOUN
ajfa-4133	185	19	on	on	ADP
ajfa-4133	185	20	the	the	DET
ajfa-4133	185	21	mangers	manger	NOUN
ajfa-4133	185	22	is	be	AUX
ajfa-4133	185	23	weak	weak	ADJ
ajfa-4133	185	24	,	,	PUNCT
ajfa-4133	185	25	resulting	result	VERB
ajfa-4133	185	26	in	in	ADP
ajfa-4133	185	27	the	the	DET
ajfa-4133	185	28	asymmetry	asymmetry	NOUN
ajfa-4133	185	29	of	of	ADP
ajfa-4133	185	30	information	information	NOUN
ajfa-4133	185	31	and	and	CCONJ
ajfa-4133	185	32	conflict	conflict	NOUN
ajfa-4133	185	33	asian	asian	ADJ
ajfa-4133	185	34	journal	journal	NOUN
ajfa-4133	185	35	of	of	ADP
ajfa-4133	185	36	finance	finance	PROPN
ajfa-4133	185	37	&	&	CCONJ
ajfa-4133	185	38	accounting	accounting	PROPN
ajfa-4133	185	39	issn	issn	PROPN
ajfa-4133	185	40	1946	1946	NUM
ajfa-4133	185	41	-	-	PUNCT
ajfa-4133	185	42	052x	052x	NOUN
ajfa-4133	185	43	2013	2013	NUM
ajfa-4133	185	44	,	,	PUNCT
ajfa-4133	185	45	vol	vol	NOUN
ajfa-4133	185	46	.	.	PROPN
ajfa-4133	186	1	5	5	NUM
ajfa-4133	186	2	,	,	PUNCT
ajfa-4133	186	3	no	no	INTJ
ajfa-4133	186	4	.	.	NOUN
ajfa-4133	186	5	2	2	NUM
ajfa-4133	186	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4133	186	7	282	282	NUM
ajfa-4133	186	8	of	of	ADP
ajfa-4133	186	9	interest	interest	NOUN
ajfa-4133	186	10	between	between	ADP
ajfa-4133	186	11	owners	owner	NOUN
ajfa-4133	186	12	and	and	CCONJ
ajfa-4133	186	13	managers	manager	NOUN
ajfa-4133	186	14	(	(	PUNCT
ajfa-4133	186	15	jensen	jensen	PROPN
ajfa-4133	186	16	and	and	CCONJ
ajfa-4133	186	17	meckling	meckling	NOUN
ajfa-4133	186	18	,	,	PUNCT
ajfa-4133	186	19	1976	1976	NUM
ajfa-4133	186	20	)	)	PUNCT
ajfa-4133	186	21	,	,	PUNCT
ajfa-4133	186	22	leading	lead	VERB
ajfa-4133	186	23	to	to	ADP
ajfa-4133	186	24	the	the	DET
ajfa-4133	186	25	decisions	decision	NOUN
ajfa-4133	186	26	that	that	PRON
ajfa-4133	186	27	are	be	AUX
ajfa-4133	186	28	in	in	ADP
ajfa-4133	186	29	benefit	benefit	NOUN
ajfa-4133	186	30	to	to	ADP
ajfa-4133	186	31	managers	manager	NOUN
ajfa-4133	186	32	.	.	PUNCT
ajfa-4133	187	1	due	due	ADP
ajfa-4133	187	2	to	to	ADP
ajfa-4133	187	3	less	less	ADJ
ajfa-4133	187	4	supervision	supervision	NOUN
ajfa-4133	187	5	and	and	CCONJ
ajfa-4133	187	6	control	control	NOUN
ajfa-4133	187	7	,	,	PUNCT
ajfa-4133	187	8	mangers	manger	NOUN
ajfa-4133	187	9	increase	increase	VERB
ajfa-4133	187	10	the	the	DET
ajfa-4133	187	11	riskiness	riskiness	NOUN
ajfa-4133	187	12	of	of	ADP
ajfa-4133	187	13	the	the	DET
ajfa-4133	187	14	loan	loan	NOUN
ajfa-4133	187	15	portfolio	portfolio	NOUN
ajfa-4133	187	16	in	in	ADP
ajfa-4133	187	17	order	order	NOUN
ajfa-4133	187	18	to	to	PART
ajfa-4133	187	19	improve	improve	VERB
ajfa-4133	187	20	the	the	DET
ajfa-4133	187	21	short	short	ADJ
ajfa-4133	187	22	term	term	NOUN
ajfa-4133	187	23	cost	cost	NOUN
ajfa-4133	187	24	efficiency	efficiency	NOUN
ajfa-4133	187	25	.	.	PUNCT
ajfa-4133	188	1	they	they	PRON
ajfa-4133	188	2	lend	lend	VERB
ajfa-4133	188	3	money	money	NOUN
ajfa-4133	188	4	to	to	ADP
ajfa-4133	188	5	the	the	DET
ajfa-4133	188	6	low	low	ADJ
ajfa-4133	188	7	quality	quality	NOUN
ajfa-4133	188	8	borrowers	borrower	NOUN
ajfa-4133	188	9	,	,	PUNCT
ajfa-4133	188	10	resulting	result	VERB
ajfa-4133	188	11	in	in	ADP
ajfa-4133	188	12	the	the	DET
ajfa-4133	188	13	growth	growth	NOUN
ajfa-4133	188	14	of	of	ADP
ajfa-4133	188	15	future	future	ADJ
ajfa-4133	188	16	npls	npls	NOUN
ajfa-4133	188	17	.	.	PUNCT
ajfa-4133	189	1	in	in	ADP
ajfa-4133	189	2	publically	publically	ADV
ajfa-4133	189	3	owned	own	VERB
ajfa-4133	189	4	banks	bank	NOUN
ajfa-4133	189	5	level	level	NOUN
ajfa-4133	189	6	of	of	ADP
ajfa-4133	189	7	supervision	supervision	NOUN
ajfa-4133	189	8	and	and	CCONJ
ajfa-4133	189	9	monitoring	monitoring	NOUN
ajfa-4133	189	10	is	be	AUX
ajfa-4133	189	11	very	very	ADV
ajfa-4133	189	12	weak	weak	ADJ
ajfa-4133	189	13	(	(	PUNCT
ajfa-4133	189	14	shleifer	shleifer	NOUN
ajfa-4133	189	15	and	and	CCONJ
ajfa-4133	189	16	vishny	vishny	PROPN
ajfa-4133	189	17	,	,	PUNCT
ajfa-4133	189	18	1986	1986	NUM
ajfa-4133	189	19	)	)	PUNCT
ajfa-4133	189	20	,	,	PUNCT
ajfa-4133	189	21	because	because	SCONJ
ajfa-4133	189	22	stake	stake	NOUN
ajfa-4133	189	23	of	of	ADP
ajfa-4133	189	24	large	large	ADJ
ajfa-4133	189	25	number	number	NOUN
ajfa-4133	189	26	of	of	ADP
ajfa-4133	189	27	dispersed	disperse	VERB
ajfa-4133	189	28	investor	investor	NOUN
ajfa-4133	189	29	is	be	AUX
ajfa-4133	189	30	involved	involve	VERB
ajfa-4133	189	31	.	.	PUNCT
ajfa-4133	190	1	as	as	SCONJ
ajfa-4133	190	2	the	the	DET
ajfa-4133	190	3	stake	stake	NOUN
ajfa-4133	190	4	of	of	ADP
ajfa-4133	190	5	individual	individual	ADJ
ajfa-4133	190	6	investor	investor	NOUN
ajfa-4133	190	7	is	be	AUX
ajfa-4133	190	8	small	small	ADJ
ajfa-4133	190	9	therefore	therefore	ADV
ajfa-4133	190	10	they	they	PRON
ajfa-4133	190	11	pay	pay	VERB
ajfa-4133	190	12	less	less	ADJ
ajfa-4133	190	13	attention	attention	NOUN
ajfa-4133	190	14	on	on	ADP
ajfa-4133	190	15	the	the	DET
ajfa-4133	190	16	working	working	NOUN
ajfa-4133	190	17	and	and	CCONJ
ajfa-4133	190	18	risk	risk	NOUN
ajfa-4133	190	19	exposure	exposure	NOUN
ajfa-4133	190	20	of	of	ADP
ajfa-4133	190	21	the	the	DET
ajfa-4133	190	22	banks	bank	NOUN
ajfa-4133	190	23	.	.	PUNCT
ajfa-4133	191	1	corruption	corruption	NOUN
ajfa-4133	191	2	also	also	ADV
ajfa-4133	191	3	play	play	VERB
ajfa-4133	191	4	important	important	ADJ
ajfa-4133	191	5	role	role	NOUN
ajfa-4133	191	6	in	in	ADP
ajfa-4133	191	7	the	the	DET
ajfa-4133	191	8	growth	growth	NOUN
ajfa-4133	191	9	of	of	ADP
ajfa-4133	191	10	npls	npls	NOUN
ajfa-4133	191	11	in	in	ADP
ajfa-4133	191	12	the	the	DET
ajfa-4133	191	13	publically	publically	ADV
ajfa-4133	191	14	owned	own	VERB
ajfa-4133	191	15	banks	bank	NOUN
ajfa-4133	191	16	.	.	PUNCT
ajfa-4133	192	1	in	in	ADP
ajfa-4133	192	2	country	country	NOUN
ajfa-4133	192	3	like	like	ADP
ajfa-4133	192	4	pakistan	pakistan	PROPN
ajfa-4133	192	5	regulatory	regulatory	ADJ
ajfa-4133	192	6	and	and	CCONJ
ajfa-4133	192	7	supervisory	supervisory	ADJ
ajfa-4133	192	8	authorities	authority	NOUN
ajfa-4133	192	9	are	be	AUX
ajfa-4133	192	10	very	very	ADV
ajfa-4133	192	11	weak	weak	ADJ
ajfa-4133	192	12	in	in	ADP
ajfa-4133	192	13	regulating	regulate	VERB
ajfa-4133	192	14	and	and	CCONJ
ajfa-4133	192	15	implementing	implement	VERB
ajfa-4133	192	16	laws	law	NOUN
ajfa-4133	192	17	,	,	PUNCT
ajfa-4133	192	18	due	due	ADP
ajfa-4133	192	19	to	to	ADP
ajfa-4133	192	20	which	which	PRON
ajfa-4133	192	21	lenders	lender	NOUN
ajfa-4133	192	22	take	take	VERB
ajfa-4133	192	23	advantage	advantage	NOUN
ajfa-4133	192	24	and	and	CCONJ
ajfa-4133	192	25	do	do	AUX
ajfa-4133	192	26	not	not	PART
ajfa-4133	192	27	repay	repay	VERB
ajfa-4133	192	28	loans	loan	NOUN
ajfa-4133	192	29	because	because	SCONJ
ajfa-4133	192	30	they	they	PRON
ajfa-4133	192	31	know	know	VERB
ajfa-4133	192	32	that	that	SCONJ
ajfa-4133	192	33	no	no	DET
ajfa-4133	192	34	strong	strong	ADJ
ajfa-4133	192	35	legal	legal	ADJ
ajfa-4133	192	36	action	action	NOUN
ajfa-4133	192	37	will	will	AUX
ajfa-4133	192	38	be	be	AUX
ajfa-4133	192	39	taken	take	VERB
ajfa-4133	192	40	against	against	ADP
ajfa-4133	192	41	them	they	PRON
ajfa-4133	192	42	because	because	SCONJ
ajfa-4133	192	43	of	of	ADP
ajfa-4133	192	44	this	this	PRON
ajfa-4133	192	45	the	the	DET
ajfa-4133	192	46	rate	rate	NOUN
ajfa-4133	192	47	of	of	ADP
ajfa-4133	192	48	npls	npls	NOUN
ajfa-4133	192	49	in	in	ADP
ajfa-4133	192	50	public	public	ADJ
ajfa-4133	192	51	banks	bank	NOUN
ajfa-4133	192	52	are	be	AUX
ajfa-4133	192	53	on	on	ADP
ajfa-4133	192	54	the	the	DET
ajfa-4133	192	55	higher	high	ADJ
ajfa-4133	192	56	side	side	NOUN
ajfa-4133	192	57	.	.	PUNCT
ajfa-4133	193	1	the	the	DET
ajfa-4133	193	2	other	other	ADJ
ajfa-4133	193	3	reason	reason	NOUN
ajfa-4133	193	4	for	for	ADP
ajfa-4133	193	5	the	the	DET
ajfa-4133	193	6	increase	increase	NOUN
ajfa-4133	193	7	in	in	ADP
ajfa-4133	193	8	npls	npls	NOUN
ajfa-4133	193	9	is	be	AUX
ajfa-4133	193	10	the	the	DET
ajfa-4133	193	11	corruption	corruption	NOUN
ajfa-4133	193	12	in	in	ADP
ajfa-4133	193	13	the	the	DET
ajfa-4133	193	14	political	political	ADJ
ajfa-4133	193	15	system	system	NOUN
ajfa-4133	193	16	of	of	ADP
ajfa-4133	193	17	the	the	DET
ajfa-4133	193	18	country	country	NOUN
ajfa-4133	193	19	.	.	PUNCT
ajfa-4133	194	1	most	most	ADJ
ajfa-4133	194	2	of	of	ADP
ajfa-4133	194	3	the	the	DET
ajfa-4133	194	4	time	time	NOUN
ajfa-4133	194	5	political	political	ADJ
ajfa-4133	194	6	owned	own	VERB
ajfa-4133	194	7	firms	firm	NOUN
ajfa-4133	194	8	lend	lend	VERB
ajfa-4133	194	9	funds	fund	NOUN
ajfa-4133	194	10	from	from	ADP
ajfa-4133	194	11	the	the	DET
ajfa-4133	194	12	banks	bank	NOUN
ajfa-4133	194	13	and	and	CCONJ
ajfa-4133	194	14	by	by	ADP
ajfa-4133	194	15	using	use	VERB
ajfa-4133	194	16	the	the	DET
ajfa-4133	194	17	political	political	ADJ
ajfa-4133	194	18	power	power	NOUN
ajfa-4133	194	19	and	and	CCONJ
ajfa-4133	194	20	corrupt	corrupt	ADJ
ajfa-4133	194	21	practices	practice	NOUN
ajfa-4133	194	22	do	do	AUX
ajfa-4133	194	23	not	not	PART
ajfa-4133	194	24	repay	repay	VERB
ajfa-4133	194	25	loan	loan	NOUN
ajfa-4133	194	26	(	(	PUNCT
ajfa-4133	194	27	khwaja	khwaja	PROPN
ajfa-4133	194	28	and	and	CCONJ
ajfa-4133	194	29	mian	mian	PROPN
ajfa-4133	194	30	,	,	PUNCT
ajfa-4133	194	31	2005	2005	NUM
ajfa-4133	194	32	)	)	PUNCT
ajfa-4133	194	33	.	.	PUNCT
ajfa-4133	195	1	furthermore	furthermore	ADV
ajfa-4133	195	2	the	the	DET
ajfa-4133	195	3	management	management	NOUN
ajfa-4133	195	4	of	of	ADP
ajfa-4133	195	5	the	the	DET
ajfa-4133	195	6	banks	bank	NOUN
ajfa-4133	195	7	also	also	ADV
ajfa-4133	195	8	by	by	ADP
ajfa-4133	195	9	using	use	VERB
ajfa-4133	195	10	corrupt	corrupt	ADJ
ajfa-4133	195	11	practices	practice	NOUN
ajfa-4133	195	12	lends	lend	VERB
ajfa-4133	195	13	money	money	NOUN
ajfa-4133	195	14	to	to	ADP
ajfa-4133	195	15	low	low	ADJ
ajfa-4133	195	16	quality	quality	NOUN
ajfa-4133	195	17	borrowers	borrower	NOUN
ajfa-4133	195	18	(	(	PUNCT
ajfa-4133	195	19	barth	barth	PROPN
ajfa-4133	195	20	,	,	PUNCT
ajfa-4133	195	21	lin	lin	PROPN
ajfa-4133	195	22	,	,	PUNCT
ajfa-4133	195	23	lin	lin	PROPN
ajfa-4133	195	24	and	and	CCONJ
ajfa-4133	195	25	song	song	NOUN
ajfa-4133	195	26	,	,	PUNCT
ajfa-4133	195	27	2009	2009	NUM
ajfa-4133	195	28	)	)	PUNCT
ajfa-4133	195	29	,	,	PUNCT
ajfa-4133	195	30	which	which	PRON
ajfa-4133	195	31	results	result	VERB
ajfa-4133	195	32	in	in	ADP
ajfa-4133	195	33	the	the	DET
ajfa-4133	195	34	increase	increase	NOUN
ajfa-4133	195	35	in	in	ADP
ajfa-4133	195	36	npls	npls	NOUN
ajfa-4133	195	37	.	.	PUNCT
ajfa-4133	196	1	the	the	DET
ajfa-4133	196	2	other	other	ADJ
ajfa-4133	196	3	main	main	ADJ
ajfa-4133	196	4	reason	reason	NOUN
ajfa-4133	196	5	for	for	ADP
ajfa-4133	196	6	the	the	DET
ajfa-4133	196	7	positive	positive	ADJ
ajfa-4133	196	8	relation	relation	NOUN
ajfa-4133	196	9	between	between	ADP
ajfa-4133	196	10	npls	npls	NOUN
ajfa-4133	196	11	and	and	CCONJ
ajfa-4133	196	12	publically	publically	ADV
ajfa-4133	196	13	owned	own	VERB
ajfa-4133	196	14	banks	bank	NOUN
ajfa-4133	196	15	is	be	AUX
ajfa-4133	196	16	the	the	DET
ajfa-4133	196	17	lenient	lenient	ADJ
ajfa-4133	196	18	credit	credit	NOUN
ajfa-4133	196	19	policies	policy	NOUN
ajfa-4133	196	20	and	and	CCONJ
ajfa-4133	196	21	inefficiency	inefficiency	NOUN
ajfa-4133	196	22	of	of	ADP
ajfa-4133	196	23	the	the	DET
ajfa-4133	196	24	credit	credit	NOUN
ajfa-4133	196	25	evolution	evolution	NOUN
ajfa-4133	196	26	departments	department	NOUN
ajfa-4133	196	27	of	of	ADP
ajfa-4133	196	28	the	the	DET
ajfa-4133	196	29	banks	bank	NOUN
ajfa-4133	196	30	;	;	PUNCT
ajfa-4133	196	31	because	because	SCONJ
ajfa-4133	196	32	public	public	ADJ
ajfa-4133	196	33	banks	bank	NOUN
ajfa-4133	196	34	lend	lend	VERB
ajfa-4133	196	35	money	money	NOUN
ajfa-4133	196	36	to	to	ADP
ajfa-4133	196	37	those	those	PRON
ajfa-4133	196	38	who	who	PRON
ajfa-4133	196	39	are	be	AUX
ajfa-4133	196	40	ready	ready	ADJ
ajfa-4133	196	41	to	to	PART
ajfa-4133	196	42	pay	pay	VERB
ajfa-4133	196	43	more	more	ADJ
ajfa-4133	196	44	than	than	ADP
ajfa-4133	196	45	others	other	NOUN
ajfa-4133	196	46	and	and	CCONJ
ajfa-4133	196	47	do	do	AUX
ajfa-4133	196	48	not	not	PART
ajfa-4133	196	49	take	take	VERB
ajfa-4133	196	50	collaterals	collateral	NOUN
ajfa-4133	196	51	rather	rather	ADV
ajfa-4133	196	52	lend	lend	VERB
ajfa-4133	196	53	funds	fund	NOUN
ajfa-4133	196	54	on	on	ADP
ajfa-4133	196	55	the	the	DET
ajfa-4133	196	56	warranties	warranty	NOUN
ajfa-4133	196	57	and	and	CCONJ
ajfa-4133	196	58	political	political	ADJ
ajfa-4133	196	59	status	status	NOUN
ajfa-4133	196	60	.	.	PUNCT
ajfa-4133	197	1	due	due	ADP
ajfa-4133	197	2	to	to	ADP
ajfa-4133	197	3	all	all	DET
ajfa-4133	197	4	these	these	DET
ajfa-4133	197	5	reason	reason	NOUN
ajfa-4133	197	6	publically	publically	ADV
ajfa-4133	197	7	owned	own	VERB
ajfa-4133	197	8	banks	bank	NOUN
ajfa-4133	197	9	has	have	VERB
ajfa-4133	197	10	high	high	ADJ
ajfa-4133	197	11	rate	rate	NOUN
ajfa-4133	197	12	of	of	ADP
ajfa-4133	197	13	npls	npls	NOUN
ajfa-4133	197	14	than	than	ADP
ajfa-4133	197	15	other	other	ADJ
ajfa-4133	197	16	banks	bank	NOUN
ajfa-4133	197	17	(	(	PUNCT
ajfa-4133	197	18	micco	micco	PROPN
ajfa-4133	197	19	et	et	PROPN
ajfa-4133	197	20	al	al	PROPN
ajfa-4133	197	21	.	.	PROPN
ajfa-4133	197	22	,	,	PUNCT
ajfa-4133	197	23	2007).the	2007).the	PRON
ajfa-4133	197	24	positive	positive	ADJ
ajfa-4133	197	25	relation	relation	NOUN
ajfa-4133	197	26	also	also	ADV
ajfa-4133	197	27	confirms	confirm	VERB
ajfa-4133	197	28	the	the	DET
ajfa-4133	197	29	findings	finding	NOUN
ajfa-4133	197	30	of	of	ADP
ajfa-4133	197	31	saunders	saunders	PROPN
ajfa-4133	197	32	et	et	PROPN
ajfa-4133	197	33	al	al	PROPN
ajfa-4133	197	34	.	.	PROPN
ajfa-4133	197	35	,	,	PUNCT
ajfa-4133	197	36	(	(	PUNCT
ajfa-4133	197	37	1990	1990	NUM
ajfa-4133	197	38	)	)	PUNCT
ajfa-4133	197	39	that	that	SCONJ
ajfa-4133	197	40	in	in	ADP
ajfa-4133	197	41	publically	publically	ADV
ajfa-4133	197	42	owned	own	VERB
ajfa-4133	197	43	banks	bank	NOUN
ajfa-4133	197	44	managers	manager	NOUN
ajfa-4133	197	45	can	can	AUX
ajfa-4133	197	46	take	take	VERB
ajfa-4133	197	47	higher	high	ADJ
ajfa-4133	197	48	risks	risk	NOUN
ajfa-4133	197	49	due	due	ADP
ajfa-4133	197	50	to	to	ADP
ajfa-4133	197	51	the	the	DET
ajfa-4133	197	52	weak	weak	ADJ
ajfa-4133	197	53	supervision	supervision	NOUN
ajfa-4133	197	54	and	and	CCONJ
ajfa-4133	197	55	monitoring	monitoring	NOUN
ajfa-4133	197	56	.	.	PUNCT
ajfa-4133	198	1	this	this	DET
ajfa-4133	198	2	results	result	VERB
ajfa-4133	198	3	in	in	ADP
ajfa-4133	198	4	the	the	DET
ajfa-4133	198	5	increase	increase	NOUN
ajfa-4133	198	6	in	in	ADP
ajfa-4133	198	7	loan	loan	NOUN
ajfa-4133	198	8	portfolio	portfolio	NOUN
ajfa-4133	198	9	riskiness	riskiness	NOUN
ajfa-4133	198	10	and	and	CCONJ
ajfa-4133	198	11	thus	thus	ADV
ajfa-4133	198	12	results	result	NOUN
ajfa-4133	198	13	in	in	ADP
ajfa-4133	198	14	the	the	DET
ajfa-4133	198	15	growth	growth	NOUN
ajfa-4133	198	16	of	of	ADP
ajfa-4133	198	17	future	future	ADJ
ajfa-4133	198	18	npls	npls	NOUN
ajfa-4133	198	19	.	.	PUNCT
ajfa-4133	199	1	the	the	DET
ajfa-4133	199	2	results	result	NOUN
ajfa-4133	199	3	of	of	ADP
ajfa-4133	199	4	current	current	ADJ
ajfa-4133	199	5	study	study	NOUN
ajfa-4133	199	6	reject	reject	VERB
ajfa-4133	199	7	the	the	DET
ajfa-4133	199	8	traditional	traditional	ADJ
ajfa-4133	199	9	view	view	NOUN
ajfa-4133	199	10	of	of	ADP
ajfa-4133	199	11	berle	berle	NOUN
ajfa-4133	199	12	and	and	CCONJ
ajfa-4133	199	13	means	mean	NOUN
ajfa-4133	199	14	(	(	PUNCT
ajfa-4133	199	15	1933	1933	NUM
ajfa-4133	199	16	)	)	PUNCT
ajfa-4133	199	17	that	that	PRON
ajfa-4133	199	18	concentrated	concentrate	VERB
ajfa-4133	199	19	ownership	ownership	NOUN
ajfa-4133	199	20	(	(	PUNCT
ajfa-4133	199	21	private	private	ADJ
ajfa-4133	199	22	ownership	ownership	NOUN
ajfa-4133	199	23	)	)	PUNCT
ajfa-4133	199	24	has	have	VERB
ajfa-4133	199	25	positive	positive	ADJ
ajfa-4133	199	26	impact	impact	NOUN
ajfa-4133	199	27	on	on	ADP
ajfa-4133	199	28	the	the	DET
ajfa-4133	199	29	efficiency	efficiency	NOUN
ajfa-4133	199	30	and	and	CCONJ
ajfa-4133	199	31	performance	performance	NOUN
ajfa-4133	199	32	of	of	ADP
ajfa-4133	199	33	the	the	DET
ajfa-4133	199	34	banks	bank	NOUN
ajfa-4133	199	35	and	and	CCONJ
ajfa-4133	199	36	with	with	ADP
ajfa-4133	199	37	concentrated	concentrated	ADJ
ajfa-4133	199	38	ownership	ownership	NOUN
ajfa-4133	199	39	control	control	NOUN
ajfa-4133	199	40	and	and	CCONJ
ajfa-4133	199	41	supervision	supervision	NOUN
ajfa-4133	199	42	on	on	ADP
ajfa-4133	199	43	the	the	DET
ajfa-4133	199	44	firm	firm	ADJ
ajfa-4133	199	45	increases	increase	NOUN
ajfa-4133	199	46	,	,	PUNCT
ajfa-4133	199	47	resulting	result	VERB
ajfa-4133	199	48	in	in	ADP
ajfa-4133	199	49	the	the	DET
ajfa-4133	199	50	achievement	achievement	NOUN
ajfa-4133	199	51	of	of	ADP
ajfa-4133	199	52	owner	owner	NOUN
ajfa-4133	199	53	’s	’s	PART
ajfa-4133	199	54	goal	goal	NOUN
ajfa-4133	199	55	.	.	PUNCT
ajfa-4133	200	1	the	the	DET
ajfa-4133	200	2	justification	justification	NOUN
ajfa-4133	200	3	for	for	ADP
ajfa-4133	200	4	the	the	DET
ajfa-4133	200	5	positive	positive	ADJ
ajfa-4133	200	6	relation	relation	NOUN
ajfa-4133	200	7	can	can	AUX
ajfa-4133	200	8	be	be	AUX
ajfa-4133	200	9	that	that	SCONJ
ajfa-4133	200	10	in	in	ADP
ajfa-4133	200	11	private	private	ADJ
ajfa-4133	200	12	owned	own	VERB
ajfa-4133	200	13	banks	bank	NOUN
ajfa-4133	200	14	control	control	NOUN
ajfa-4133	200	15	of	of	ADP
ajfa-4133	200	16	the	the	DET
ajfa-4133	200	17	owners	owner	NOUN
ajfa-4133	200	18	on	on	ADP
ajfa-4133	200	19	the	the	DET
ajfa-4133	200	20	management	management	NOUN
ajfa-4133	200	21	is	be	AUX
ajfa-4133	200	22	strong	strong	ADJ
ajfa-4133	200	23	,	,	PUNCT
ajfa-4133	200	24	thus	thus	ADV
ajfa-4133	200	25	owners	owner	NOUN
ajfa-4133	200	26	can	can	AUX
ajfa-4133	200	27	influence	influence	VERB
ajfa-4133	200	28	the	the	DET
ajfa-4133	200	29	risk	risk	NOUN
ajfa-4133	200	30	taking	take	VERB
ajfa-4133	200	31	decision	decision	NOUN
ajfa-4133	200	32	of	of	ADP
ajfa-4133	200	33	the	the	DET
ajfa-4133	200	34	management	management	NOUN
ajfa-4133	200	35	and	and	CCONJ
ajfa-4133	200	36	can	can	AUX
ajfa-4133	200	37	force	force	VERB
ajfa-4133	200	38	the	the	DET
ajfa-4133	200	39	management	management	NOUN
ajfa-4133	200	40	to	to	PART
ajfa-4133	200	41	increase	increase	VERB
ajfa-4133	200	42	the	the	DET
ajfa-4133	200	43	riskiness	riskiness	NOUN
ajfa-4133	200	44	of	of	ADP
ajfa-4133	200	45	the	the	DET
ajfa-4133	200	46	loan	loan	NOUN
ajfa-4133	200	47	portfolio	portfolio	NOUN
ajfa-4133	200	48	by	by	ADP
ajfa-4133	200	49	lending	lend	VERB
ajfa-4133	200	50	funds	fund	NOUN
ajfa-4133	200	51	to	to	ADP
ajfa-4133	200	52	the	the	DET
ajfa-4133	200	53	low	low	ADJ
ajfa-4133	200	54	quality	quality	NOUN
ajfa-4133	200	55	borrowers	borrower	NOUN
ajfa-4133	200	56	(	(	PUNCT
ajfa-4133	200	57	saunders	saunder	NOUN
ajfa-4133	200	58	et	et	PROPN
ajfa-4133	200	59	al	al	PROPN
ajfa-4133	200	60	.	.	PROPN
ajfa-4133	200	61	,	,	PUNCT
ajfa-4133	200	62	1990	1990	NUM
ajfa-4133	200	63	;	;	PUNCT
ajfa-4133	200	64	laeven	laeven	ADJ
ajfa-4133	200	65	and	and	CCONJ
ajfa-4133	200	66	levine	levine	PROPN
ajfa-4133	200	67	,	,	PUNCT
ajfa-4133	200	68	2009	2009	NUM
ajfa-4133	200	69	)	)	PUNCT
ajfa-4133	200	70	,	,	PUNCT
ajfa-4133	200	71	resulting	result	VERB
ajfa-4133	200	72	in	in	ADP
ajfa-4133	200	73	the	the	DET
ajfa-4133	200	74	future	future	ADJ
ajfa-4133	200	75	growth	growth	NOUN
ajfa-4133	200	76	of	of	ADP
ajfa-4133	200	77	npls	npls	NOUN
ajfa-4133	200	78	.	.	PUNCT
ajfa-4133	201	1	the	the	DET
ajfa-4133	201	2	results	result	NOUN
ajfa-4133	201	3	of	of	ADP
ajfa-4133	201	4	current	current	ADJ
ajfa-4133	201	5	study	study	NOUN
ajfa-4133	201	6	confirm	confirm	VERB
ajfa-4133	201	7	the	the	DET
ajfa-4133	201	8	traditional	traditional	ADJ
ajfa-4133	201	9	view	view	NOUN
ajfa-4133	201	10	of	of	ADP
ajfa-4133	201	11	berle	berle	NOUN
ajfa-4133	201	12	and	and	CCONJ
ajfa-4133	201	13	means	mean	NOUN
ajfa-4133	201	14	(	(	PUNCT
ajfa-4133	201	15	1933	1933	NUM
ajfa-4133	201	16	)	)	PUNCT
ajfa-4133	201	17	in	in	ADP
ajfa-4133	201	18	case	case	NOUN
ajfa-4133	201	19	of	of	ADP
ajfa-4133	201	20	foreign	foreign	ADJ
ajfa-4133	201	21	ownership	ownership	NOUN
ajfa-4133	201	22	that	that	PRON
ajfa-4133	201	23	concentrated	concentrated	ADJ
ajfa-4133	201	24	ownership	ownership	NOUN
ajfa-4133	201	25	has	have	VERB
ajfa-4133	201	26	positive	positive	ADJ
ajfa-4133	201	27	impact	impact	NOUN
ajfa-4133	201	28	on	on	ADP
ajfa-4133	201	29	the	the	DET
ajfa-4133	201	30	efficiency	efficiency	NOUN
ajfa-4133	201	31	and	and	CCONJ
ajfa-4133	201	32	performance	performance	NOUN
ajfa-4133	201	33	of	of	ADP
ajfa-4133	201	34	the	the	DET
ajfa-4133	201	35	banks	bank	NOUN
ajfa-4133	201	36	.	.	PUNCT
ajfa-4133	202	1	they	they	PRON
ajfa-4133	202	2	further	far	ADV
ajfa-4133	202	3	suggested	suggest	VERB
ajfa-4133	202	4	that	that	SCONJ
ajfa-4133	202	5	with	with	ADP
ajfa-4133	202	6	concentrated	concentrated	ADJ
ajfa-4133	202	7	ownership	ownership	NOUN
ajfa-4133	202	8	control	control	NOUN
ajfa-4133	202	9	and	and	CCONJ
ajfa-4133	202	10	supervision	supervision	NOUN
ajfa-4133	202	11	on	on	ADP
ajfa-4133	202	12	the	the	DET
ajfa-4133	202	13	firm	firm	ADJ
ajfa-4133	202	14	increases	increase	NOUN
ajfa-4133	202	15	resulting	result	VERB
ajfa-4133	202	16	in	in	ADP
ajfa-4133	202	17	the	the	DET
ajfa-4133	202	18	decline	decline	NOUN
ajfa-4133	202	19	of	of	ADP
ajfa-4133	202	20	firm	firm	ADJ
ajfa-4133	202	21	riskiness	riskiness	NOUN
ajfa-4133	202	22	(	(	PUNCT
ajfa-4133	202	23	shleifer	shleifer	NOUN
ajfa-4133	202	24	and	and	CCONJ
ajfa-4133	202	25	vishny	vishny	PROPN
ajfa-4133	202	26	,	,	PUNCT
ajfa-4133	202	27	1986	1986	NUM
ajfa-4133	202	28	)	)	PUNCT
ajfa-4133	202	29	.	.	PUNCT
ajfa-4133	203	1	asian	asian	ADJ
ajfa-4133	203	2	journal	journal	PROPN
ajfa-4133	203	3	of	of	ADP
ajfa-4133	203	4	finance	finance	PROPN
ajfa-4133	203	5	&	&	CCONJ
ajfa-4133	203	6	accounting	accounting	PROPN
ajfa-4133	203	7	issn	issn	PROPN
ajfa-4133	203	8	1946	1946	NUM
ajfa-4133	203	9	-	-	PUNCT
ajfa-4133	203	10	052x	052x	NOUN
ajfa-4133	203	11	2013	2013	NUM
ajfa-4133	203	12	,	,	PUNCT
ajfa-4133	203	13	vol	vol	NOUN
ajfa-4133	203	14	.	.	PROPN
ajfa-4133	203	15	5	5	NUM
ajfa-4133	203	16	,	,	PUNCT
ajfa-4133	203	17	no	no	INTJ
ajfa-4133	203	18	.	.	NOUN
ajfa-4133	203	19	2	2	NUM
ajfa-4133	203	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4133	203	21	283	283	NUM
ajfa-4133	203	22	the	the	DET
ajfa-4133	203	23	current	current	ADJ
ajfa-4133	203	24	study	study	NOUN
ajfa-4133	203	25	suggests	suggest	VERB
ajfa-4133	203	26	that	that	SCONJ
ajfa-4133	203	27	with	with	ADP
ajfa-4133	203	28	the	the	DET
ajfa-4133	203	29	increase	increase	NOUN
ajfa-4133	203	30	in	in	ADP
ajfa-4133	203	31	protection	protection	NOUN
ajfa-4133	203	32	to	to	ADP
ajfa-4133	203	33	the	the	DET
ajfa-4133	203	34	investors	investor	NOUN
ajfa-4133	203	35	the	the	DET
ajfa-4133	203	36	npls	npls	NOUN
ajfa-4133	203	37	increases	increase	VERB
ajfa-4133	203	38	.	.	PUNCT
ajfa-4133	204	1	this	this	DET
ajfa-4133	204	2	result	result	NOUN
ajfa-4133	204	3	is	be	AUX
ajfa-4133	204	4	opposite	opposite	ADJ
ajfa-4133	204	5	to	to	ADP
ajfa-4133	204	6	the	the	DET
ajfa-4133	204	7	findings	finding	NOUN
ajfa-4133	204	8	of	of	ADP
ajfa-4133	204	9	existing	exist	VERB
ajfa-4133	204	10	study	study	NOUN
ajfa-4133	204	11	that	that	SCONJ
ajfa-4133	204	12	with	with	ADP
ajfa-4133	204	13	the	the	DET
ajfa-4133	204	14	increases	increase	NOUN
ajfa-4133	204	15	in	in	ADP
ajfa-4133	204	16	investor	investor	NOUN
ajfa-4133	204	17	protection	protection	NOUN
ajfa-4133	204	18	rights	right	NOUN
ajfa-4133	204	19	bad	bad	ADJ
ajfa-4133	204	20	loans	loan	NOUN
ajfa-4133	204	21	declines	decline	VERB
ajfa-4133	204	22	.	.	PUNCT
ajfa-4133	205	1	the	the	DET
ajfa-4133	205	2	justification	justification	NOUN
ajfa-4133	205	3	of	of	ADP
ajfa-4133	205	4	the	the	DET
ajfa-4133	205	5	negative	negative	ADJ
ajfa-4133	205	6	relation	relation	NOUN
ajfa-4133	205	7	is	be	AUX
ajfa-4133	205	8	the	the	DET
ajfa-4133	205	9	weak	weak	ADJ
ajfa-4133	205	10	and	and	CCONJ
ajfa-4133	205	11	corrupt	corrupt	ADJ
ajfa-4133	205	12	legal	legal	ADJ
ajfa-4133	205	13	institution	institution	NOUN
ajfa-4133	205	14	of	of	ADP
ajfa-4133	205	15	pakistan	pakistan	PROPN
ajfa-4133	205	16	that	that	PRON
ajfa-4133	205	17	fails	fail	VERB
ajfa-4133	205	18	to	to	PART
ajfa-4133	205	19	implement	implement	VERB
ajfa-4133	205	20	the	the	DET
ajfa-4133	205	21	laws	law	NOUN
ajfa-4133	205	22	and	and	CCONJ
ajfa-4133	205	23	regulations	regulation	NOUN
ajfa-4133	205	24	,	,	PUNCT
ajfa-4133	205	25	because	because	SCONJ
ajfa-4133	205	26	of	of	ADP
ajfa-4133	205	27	which	which	PRON
ajfa-4133	205	28	low	low	ADJ
ajfa-4133	205	29	quality	quality	NOUN
ajfa-4133	205	30	borrowers	borrower	NOUN
ajfa-4133	205	31	defaults	default	VERB
ajfa-4133	205	32	the	the	DET
ajfa-4133	205	33	loans	loan	NOUN
ajfa-4133	205	34	with	with	ADP
ajfa-4133	205	35	out	out	ADP
ajfa-4133	205	36	any	any	DET
ajfa-4133	205	37	fear	fear	ADJ
ajfa-4133	205	38	legal	legal	ADJ
ajfa-4133	205	39	actions	action	NOUN
ajfa-4133	205	40	.	.	PUNCT
ajfa-4133	206	1	the	the	DET
ajfa-4133	206	2	current	current	ADJ
ajfa-4133	206	3	study	study	NOUN
ajfa-4133	206	4	provides	provide	VERB
ajfa-4133	206	5	the	the	DET
ajfa-4133	206	6	expected	expect	VERB
ajfa-4133	206	7	sign	sign	NOUN
ajfa-4133	206	8	between	between	ADP
ajfa-4133	206	9	the	the	DET
ajfa-4133	206	10	npls	npls	NOUN
ajfa-4133	206	11	and	and	CCONJ
ajfa-4133	206	12	supervisory	supervisory	ADJ
ajfa-4133	206	13	control	control	NOUN
ajfa-4133	206	14	.	.	PUNCT
ajfa-4133	207	1	the	the	DET
ajfa-4133	207	2	association	association	NOUN
ajfa-4133	207	3	between	between	ADP
ajfa-4133	207	4	npls	npls	NOUN
ajfa-4133	207	5	and	and	CCONJ
ajfa-4133	207	6	supervisory	supervisory	ADJ
ajfa-4133	207	7	control	control	NOUN
ajfa-4133	207	8	as	as	SCONJ
ajfa-4133	207	9	given	give	VERB
ajfa-4133	207	10	by	by	ADP
ajfa-4133	207	11	table	table	NOUN
ajfa-4133	207	12	4	4	NUM
ajfa-4133	207	13	is	be	AUX
ajfa-4133	207	14	insignificant	insignificant	ADJ
ajfa-4133	207	15	,	,	PUNCT
ajfa-4133	207	16	suggesting	suggest	VERB
ajfa-4133	207	17	that	that	SCONJ
ajfa-4133	207	18	supervisory	supervisory	ADJ
ajfa-4133	207	19	control	control	NOUN
ajfa-4133	207	20	does	do	AUX
ajfa-4133	207	21	not	not	PART
ajfa-4133	207	22	have	have	VERB
ajfa-4133	207	23	significant	significant	ADJ
ajfa-4133	207	24	influence	influence	NOUN
ajfa-4133	207	25	in	in	ADP
ajfa-4133	207	26	decreasing	decrease	VERB
ajfa-4133	207	27	the	the	DET
ajfa-4133	207	28	level	level	NOUN
ajfa-4133	207	29	of	of	ADP
ajfa-4133	207	30	npls	npls	NOUN
ajfa-4133	207	31	.	.	PUNCT
ajfa-4133	208	1	the	the	DET
ajfa-4133	208	2	result	result	NOUN
ajfa-4133	208	3	suggests	suggest	VERB
ajfa-4133	208	4	that	that	SCONJ
ajfa-4133	208	5	as	as	SCONJ
ajfa-4133	208	6	the	the	DET
ajfa-4133	208	7	supervisory	supervisory	ADJ
ajfa-4133	208	8	control	control	NOUN
ajfa-4133	208	9	over	over	ADP
ajfa-4133	208	10	the	the	DET
ajfa-4133	208	11	banks	bank	NOUN
ajfa-4133	208	12	in	in	ADP
ajfa-4133	208	13	the	the	DET
ajfa-4133	208	14	from	from	ADP
ajfa-4133	208	15	of	of	ADP
ajfa-4133	208	16	supervision	supervision	NOUN
ajfa-4133	208	17	by	by	ADP
ajfa-4133	208	18	the	the	DET
ajfa-4133	208	19	regulatory	regulatory	ADJ
ajfa-4133	208	20	authorities	authority	NOUN
ajfa-4133	208	21	increases	increase	VERB
ajfa-4133	208	22	then	then	ADV
ajfa-4133	208	23	banks	bank	NOUN
ajfa-4133	208	24	follow	follow	VERB
ajfa-4133	208	25	the	the	DET
ajfa-4133	208	26	standard	standard	ADJ
ajfa-4133	208	27	procedures	procedure	NOUN
ajfa-4133	208	28	for	for	ADP
ajfa-4133	208	29	the	the	DET
ajfa-4133	208	30	allocations	allocation	NOUN
ajfa-4133	208	31	of	of	ADP
ajfa-4133	208	32	loan	loan	NOUN
ajfa-4133	208	33	and	and	CCONJ
ajfa-4133	208	34	thus	thus	ADV
ajfa-4133	208	35	the	the	DET
ajfa-4133	208	36	possibility	possibility	NOUN
ajfa-4133	208	37	of	of	ADP
ajfa-4133	208	38	lending	lend	VERB
ajfa-4133	208	39	to	to	ADP
ajfa-4133	208	40	the	the	DET
ajfa-4133	208	41	low	low	ADJ
ajfa-4133	208	42	quality	quality	NOUN
ajfa-4133	208	43	borrowers	borrower	NOUN
ajfa-4133	208	44	decreases	decrease	VERB
ajfa-4133	208	45	,	,	PUNCT
ajfa-4133	208	46	resulting	result	VERB
ajfa-4133	208	47	in	in	ADP
ajfa-4133	208	48	the	the	DET
ajfa-4133	208	49	decline	decline	NOUN
ajfa-4133	208	50	of	of	ADP
ajfa-4133	208	51	npls	npls	NOUN
ajfa-4133	208	52	.	.	PUNCT
ajfa-4133	209	1	the	the	DET
ajfa-4133	209	2	results	result	NOUN
ajfa-4133	209	3	in	in	ADP
ajfa-4133	209	4	table	table	NOUN
ajfa-4133	209	5	4	4	NUM
ajfa-4133	209	6	provide	provide	VERB
ajfa-4133	209	7	insignificant	insignificant	ADJ
ajfa-4133	209	8	positive	positive	ADJ
ajfa-4133	209	9	association	association	NOUN
ajfa-4133	209	10	between	between	ADP
ajfa-4133	209	11	npls	npls	NOUN
ajfa-4133	209	12	and	and	CCONJ
ajfa-4133	209	13	activities	activity	NOUN
ajfa-4133	209	14	restrictions	restriction	NOUN
ajfa-4133	209	15	.	.	PUNCT
ajfa-4133	210	1	the	the	DET
ajfa-4133	210	2	results	result	NOUN
ajfa-4133	210	3	reject	reject	VERB
ajfa-4133	210	4	the	the	DET
ajfa-4133	210	5	h6	h6	PROPN
ajfa-4133	210	6	of	of	ADP
ajfa-4133	210	7	the	the	DET
ajfa-4133	210	8	current	current	ADJ
ajfa-4133	210	9	study	study	NOUN
ajfa-4133	210	10	that	that	PRON
ajfa-4133	210	11	activities	activitie	VERB
ajfa-4133	210	12	restriction	restriction	NOUN
ajfa-4133	210	13	results	result	VERB
ajfa-4133	210	14	in	in	ADP
ajfa-4133	210	15	the	the	DET
ajfa-4133	210	16	decline	decline	NOUN
ajfa-4133	210	17	of	of	ADP
ajfa-4133	210	18	npls	npls	NOUN
ajfa-4133	210	19	.	.	PUNCT
ajfa-4133	211	1	the	the	DET
ajfa-4133	211	2	justification	justification	NOUN
ajfa-4133	211	3	for	for	ADP
ajfa-4133	211	4	the	the	DET
ajfa-4133	211	5	positive	positive	ADJ
ajfa-4133	211	6	sign	sign	NOUN
ajfa-4133	211	7	is	be	AUX
ajfa-4133	211	8	that	that	SCONJ
ajfa-4133	211	9	the	the	DET
ajfa-4133	211	10	laws	law	NOUN
ajfa-4133	211	11	and	and	CCONJ
ajfa-4133	211	12	rules	rule	NOUN
ajfa-4133	211	13	are	be	AUX
ajfa-4133	211	14	improving	improve	VERB
ajfa-4133	211	15	every	every	DET
ajfa-4133	211	16	day	day	NOUN
ajfa-4133	211	17	in	in	ADP
ajfa-4133	211	18	pakistan	pakistan	PROPN
ajfa-4133	211	19	,	,	PUNCT
ajfa-4133	211	20	but	but	CCONJ
ajfa-4133	211	21	the	the	DET
ajfa-4133	211	22	main	main	ADJ
ajfa-4133	211	23	problem	problem	NOUN
ajfa-4133	211	24	is	be	AUX
ajfa-4133	211	25	the	the	DET
ajfa-4133	211	26	implementation	implementation	NOUN
ajfa-4133	211	27	of	of	ADP
ajfa-4133	211	28	the	the	DET
ajfa-4133	211	29	rules	rule	NOUN
ajfa-4133	211	30	and	and	CCONJ
ajfa-4133	211	31	laws	law	NOUN
ajfa-4133	211	32	.	.	PUNCT
ajfa-4133	212	1	countries	country	NOUN
ajfa-4133	212	2	like	like	ADP
ajfa-4133	212	3	pakistan	pakistan	PROPN
ajfa-4133	212	4	has	have	VERB
ajfa-4133	212	5	several	several	ADJ
ajfa-4133	212	6	laws	law	NOUN
ajfa-4133	212	7	for	for	ADP
ajfa-4133	212	8	each	each	DET
ajfa-4133	212	9	and	and	CCONJ
ajfa-4133	212	10	every	every	PRON
ajfa-4133	212	11	department	department	NOUN
ajfa-4133	212	12	of	of	ADP
ajfa-4133	212	13	the	the	DET
ajfa-4133	212	14	banks	bank	NOUN
ajfa-4133	212	15	,	,	PUNCT
ajfa-4133	212	16	but	but	CCONJ
ajfa-4133	212	17	regulatory	regulatory	ADJ
ajfa-4133	212	18	and	and	CCONJ
ajfa-4133	212	19	supervisory	supervisory	ADJ
ajfa-4133	212	20	authorities	authority	NOUN
ajfa-4133	212	21	are	be	AUX
ajfa-4133	212	22	very	very	ADV
ajfa-4133	212	23	weak	weak	ADJ
ajfa-4133	212	24	because	because	SCONJ
ajfa-4133	212	25	of	of	ADP
ajfa-4133	212	26	which	which	PRON
ajfa-4133	212	27	they	they	PRON
ajfa-4133	212	28	do	do	AUX
ajfa-4133	212	29	not	not	PART
ajfa-4133	212	30	implement	implement	VERB
ajfa-4133	212	31	the	the	DET
ajfa-4133	212	32	laws	law	NOUN
ajfa-4133	212	33	and	and	CCONJ
ajfa-4133	212	34	regulation	regulation	NOUN
ajfa-4133	212	35	in	in	ADP
ajfa-4133	212	36	there	there	ADV
ajfa-4133	212	37	complete	complete	ADJ
ajfa-4133	212	38	form	form	NOUN
ajfa-4133	212	39	.	.	PUNCT
ajfa-4133	213	1	they	they	PRON
ajfa-4133	213	2	failed	fail	VERB
ajfa-4133	213	3	to	to	PART
ajfa-4133	213	4	implement	implement	VERB
ajfa-4133	213	5	all	all	DET
ajfa-4133	213	6	the	the	DET
ajfa-4133	213	7	rules	rule	NOUN
ajfa-4133	213	8	and	and	CCONJ
ajfa-4133	213	9	laws	law	NOUN
ajfa-4133	213	10	because	because	SCONJ
ajfa-4133	213	11	of	of	ADP
ajfa-4133	213	12	the	the	DET
ajfa-4133	213	13	corruption	corruption	NOUN
ajfa-4133	213	14	,	,	PUNCT
ajfa-4133	213	15	both	both	CCONJ
ajfa-4133	213	16	at	at	ADP
ajfa-4133	213	17	the	the	DET
ajfa-4133	213	18	macro	macro	ADJ
ajfa-4133	213	19	level	level	NOUN
ajfa-4133	213	20	and	and	CCONJ
ajfa-4133	213	21	inside	inside	ADJ
ajfa-4133	213	22	banks	bank	NOUN
ajfa-4133	213	23	and	and	CCONJ
ajfa-4133	213	24	supervisory	supervisory	ADJ
ajfa-4133	213	25	authorizes	authorize	VERB
ajfa-4133	213	26	.	.	PUNCT
ajfa-4133	214	1	this	this	PRON
ajfa-4133	214	2	is	be	AUX
ajfa-4133	214	3	the	the	DET
ajfa-4133	214	4	reason	reason	NOUN
ajfa-4133	214	5	because	because	SCONJ
ajfa-4133	214	6	of	of	ADP
ajfa-4133	214	7	which	which	PRON
ajfa-4133	214	8	with	with	ADP
ajfa-4133	214	9	the	the	DET
ajfa-4133	214	10	increase	increase	NOUN
ajfa-4133	214	11	in	in	ADP
ajfa-4133	214	12	the	the	DET
ajfa-4133	214	13	strength	strength	NOUN
ajfa-4133	214	14	of	of	ADP
ajfa-4133	214	15	legal	legal	ADJ
ajfa-4133	214	16	rights	right	NOUN
ajfa-4133	214	17	npls	npls	NOUN
ajfa-4133	214	18	also	also	ADV
ajfa-4133	214	19	increases	increase	VERB
ajfa-4133	214	20	.	.	PUNCT
ajfa-4133	215	1	the	the	DET
ajfa-4133	215	2	results	result	NOUN
ajfa-4133	215	3	reject	reject	VERB
ajfa-4133	215	4	the	the	DET
ajfa-4133	215	5	h7	h7	PROPN
ajfa-4133	215	6	by	by	ADP
ajfa-4133	215	7	providing	provide	VERB
ajfa-4133	215	8	significant	significant	ADJ
ajfa-4133	215	9	negative	negative	ADJ
ajfa-4133	215	10	association	association	NOUN
ajfa-4133	215	11	between	between	ADP
ajfa-4133	215	12	npls	npls	NOUN
ajfa-4133	215	13	and	and	CCONJ
ajfa-4133	215	14	bank	bank	NOUN
ajfa-4133	215	15	concentration	concentration	NOUN
ajfa-4133	215	16	.	.	PUNCT
ajfa-4133	216	1	this	this	PRON
ajfa-4133	216	2	suggests	suggest	VERB
ajfa-4133	216	3	that	that	SCONJ
ajfa-4133	216	4	with	with	ADP
ajfa-4133	216	5	the	the	DET
ajfa-4133	216	6	increase	increase	NOUN
ajfa-4133	216	7	in	in	ADP
ajfa-4133	216	8	the	the	DET
ajfa-4133	216	9	bank	bank	NOUN
ajfa-4133	216	10	concentration	concentration	NOUN
ajfa-4133	216	11	results	result	NOUN
ajfa-4133	216	12	in	in	ADP
ajfa-4133	216	13	the	the	DET
ajfa-4133	216	14	decline	decline	NOUN
ajfa-4133	216	15	of	of	ADP
ajfa-4133	216	16	npls	npls	NOUN
ajfa-4133	216	17	.	.	PUNCT
ajfa-4133	217	1	the	the	DET
ajfa-4133	217	2	bank	bank	NOUN
ajfa-4133	217	3	concentration	concentration	NOUN
ajfa-4133	217	4	increases	increase	VERB
ajfa-4133	217	5	when	when	SCONJ
ajfa-4133	217	6	the	the	DET
ajfa-4133	217	7	assets	asset	NOUN
ajfa-4133	217	8	of	of	ADP
ajfa-4133	217	9	3	3	NUM
ajfa-4133	217	10	largest	large	ADJ
ajfa-4133	217	11	banks	bank	NOUN
ajfa-4133	217	12	of	of	ADP
ajfa-4133	217	13	the	the	DET
ajfa-4133	217	14	country	country	NOUN
ajfa-4133	217	15	increase	increase	NOUN
ajfa-4133	217	16	.	.	PUNCT
ajfa-4133	218	1	with	with	ADP
ajfa-4133	218	2	the	the	DET
ajfa-4133	218	3	increase	increase	NOUN
ajfa-4133	218	4	in	in	ADP
ajfa-4133	218	5	assets	asset	NOUN
ajfa-4133	218	6	the	the	DET
ajfa-4133	218	7	operations	operation	NOUN
ajfa-4133	218	8	of	of	ADP
ajfa-4133	218	9	3	3	NUM
ajfa-4133	218	10	banks	bank	NOUN
ajfa-4133	218	11	are	be	AUX
ajfa-4133	218	12	diversified	diversify	VERB
ajfa-4133	218	13	to	to	ADP
ajfa-4133	218	14	different	different	ADJ
ajfa-4133	218	15	other	other	ADJ
ajfa-4133	218	16	sectors	sector	NOUN
ajfa-4133	218	17	,	,	PUNCT
ajfa-4133	218	18	this	this	PRON
ajfa-4133	218	19	results	result	NOUN
ajfa-4133	218	20	in	in	ADP
ajfa-4133	218	21	the	the	DET
ajfa-4133	218	22	reduction	reduction	NOUN
ajfa-4133	218	23	of	of	ADP
ajfa-4133	218	24	bank	bank	NOUN
ajfa-4133	218	25	risk	risk	NOUN
ajfa-4133	218	26	and	and	CCONJ
ajfa-4133	218	27	lending	lending	NOUN
ajfa-4133	218	28	to	to	ADP
ajfa-4133	218	29	the	the	DET
ajfa-4133	218	30	quality	quality	NOUN
ajfa-4133	218	31	borrowers	borrower	NOUN
ajfa-4133	218	32	of	of	ADP
ajfa-4133	218	33	other	other	ADJ
ajfa-4133	218	34	sectors	sector	NOUN
ajfa-4133	218	35	.	.	PUNCT
ajfa-4133	219	1	the	the	DET
ajfa-4133	219	2	risk	risk	NOUN
ajfa-4133	219	3	of	of	ADP
ajfa-4133	219	4	the	the	DET
ajfa-4133	219	5	banks	bank	NOUN
ajfa-4133	219	6	reduces	reduce	VERB
ajfa-4133	219	7	because	because	SCONJ
ajfa-4133	219	8	the	the	DET
ajfa-4133	219	9	bad	bad	ADJ
ajfa-4133	219	10	performance	performance	NOUN
ajfa-4133	219	11	in	in	ADP
ajfa-4133	219	12	one	one	NUM
ajfa-4133	219	13	sector	sector	NOUN
ajfa-4133	219	14	can	can	AUX
ajfa-4133	219	15	be	be	AUX
ajfa-4133	219	16	compensated	compensate	VERB
ajfa-4133	219	17	by	by	ADP
ajfa-4133	219	18	good	good	ADJ
ajfa-4133	219	19	performance	performance	NOUN
ajfa-4133	219	20	of	of	ADP
ajfa-4133	219	21	other	other	ADJ
ajfa-4133	219	22	sectors	sector	NOUN
ajfa-4133	219	23	,	,	PUNCT
ajfa-4133	219	24	resulting	result	VERB
ajfa-4133	219	25	in	in	ADP
ajfa-4133	219	26	the	the	DET
ajfa-4133	219	27	decline	decline	NOUN
ajfa-4133	219	28	of	of	ADP
ajfa-4133	219	29	the	the	DET
ajfa-4133	219	30	npls	npls	NOUN
ajfa-4133	219	31	through	through	ADP
ajfa-4133	219	32	diversification	diversification	NOUN
ajfa-4133	219	33	.	.	PUNCT
ajfa-4133	220	1	the	the	DET
ajfa-4133	220	2	results	result	NOUN
ajfa-4133	220	3	in	in	ADP
ajfa-4133	220	4	table	table	NOUN
ajfa-4133	220	5	4	4	NUM
ajfa-4133	220	6	suggest	suggest	VERB
ajfa-4133	220	7	positive	positive	ADJ
ajfa-4133	220	8	association	association	NOUN
ajfa-4133	220	9	between	between	ADP
ajfa-4133	220	10	listed	list	VERB
ajfa-4133	220	11	or	or	CCONJ
ajfa-4133	220	12	not	not	PART
ajfa-4133	220	13	listed	list	VERB
ajfa-4133	220	14	banks	bank	NOUN
ajfa-4133	220	15	.	.	PUNCT
ajfa-4133	221	1	the	the	DET
ajfa-4133	221	2	association	association	NOUN
ajfa-4133	221	3	between	between	ADP
ajfa-4133	221	4	both	both	PRON
ajfa-4133	221	5	is	be	AUX
ajfa-4133	221	6	insignificant	insignificant	ADJ
ajfa-4133	221	7	therefore	therefore	ADV
ajfa-4133	221	8	the	the	DET
ajfa-4133	221	9	bank	bank	NOUN
ajfa-4133	221	10	is	be	AUX
ajfa-4133	221	11	listed	list	VERB
ajfa-4133	221	12	or	or	CCONJ
ajfa-4133	221	13	not	not	PART
ajfa-4133	221	14	has	have	VERB
ajfa-4133	221	15	no	no	DET
ajfa-4133	221	16	significant	significant	ADJ
ajfa-4133	221	17	impact	impact	NOUN
ajfa-4133	221	18	on	on	ADP
ajfa-4133	221	19	the	the	DET
ajfa-4133	221	20	npls	npls	NOUN
ajfa-4133	221	21	.	.	PUNCT
ajfa-4133	222	1	this	this	DET
ajfa-4133	222	2	result	result	NOUN
ajfa-4133	222	3	suggests	suggest	VERB
ajfa-4133	222	4	that	that	SCONJ
ajfa-4133	222	5	listed	list	VERB
ajfa-4133	222	6	banks	bank	NOUN
ajfa-4133	222	7	management	management	NOUN
ajfa-4133	222	8	in	in	ADP
ajfa-4133	222	9	order	order	NOUN
ajfa-4133	222	10	to	to	PART
ajfa-4133	222	11	show	show	VERB
ajfa-4133	222	12	short	short	ADJ
ajfa-4133	222	13	term	term	NOUN
ajfa-4133	222	14	cost	cost	NOUN
ajfa-4133	222	15	efficiency	efficiency	NOUN
ajfa-4133	222	16	,	,	PUNCT
ajfa-4133	222	17	invest	invest	VERB
ajfa-4133	222	18	less	less	ADJ
ajfa-4133	222	19	on	on	ADP
ajfa-4133	222	20	the	the	DET
ajfa-4133	222	21	allocation	allocation	NOUN
ajfa-4133	222	22	,	,	PUNCT
ajfa-4133	222	23	supervision	supervision	NOUN
ajfa-4133	222	24	and	and	CCONJ
ajfa-4133	222	25	monitoring	monitoring	NOUN
ajfa-4133	222	26	activities	activity	NOUN
ajfa-4133	222	27	of	of	ADP
ajfa-4133	222	28	loans	loan	NOUN
ajfa-4133	222	29	which	which	PRON
ajfa-4133	222	30	results	result	VERB
ajfa-4133	222	31	in	in	ADP
ajfa-4133	222	32	the	the	DET
ajfa-4133	222	33	allocation	allocation	NOUN
ajfa-4133	222	34	of	of	ADP
ajfa-4133	222	35	loans	loan	NOUN
ajfa-4133	222	36	to	to	ADP
ajfa-4133	222	37	the	the	DET
ajfa-4133	222	38	low	low	ADJ
ajfa-4133	222	39	quality	quality	NOUN
ajfa-4133	222	40	borrowers	borrower	NOUN
ajfa-4133	222	41	,	,	PUNCT
ajfa-4133	222	42	which	which	PRON
ajfa-4133	222	43	results	result	VERB
ajfa-4133	222	44	in	in	ADP
ajfa-4133	222	45	the	the	DET
ajfa-4133	222	46	growth	growth	NOUN
ajfa-4133	222	47	of	of	ADP
ajfa-4133	222	48	npls	npls	NOUN
ajfa-4133	222	49	.	.	PUNCT
ajfa-4133	223	1	the	the	DET
ajfa-4133	223	2	correlation	correlation	NOUN
ajfa-4133	223	3	of	of	ADP
ajfa-4133	223	4	the	the	DET
ajfa-4133	223	5	residual	residual	NOUN
ajfa-4133	223	6	of	of	ADP
ajfa-4133	223	7	the	the	DET
ajfa-4133	223	8	model	model	NOUN
ajfa-4133	223	9	is	be	AUX
ajfa-4133	223	10	checked	check	VERB
ajfa-4133	223	11	by	by	ADP
ajfa-4133	223	12	using	use	VERB
ajfa-4133	223	13	durbin	durbin	ADJ
ajfa-4133	223	14	-	-	PUNCT
ajfa-4133	223	15	watson	watson	PROPN
ajfa-4133	223	16	statistics	statistic	NOUN
ajfa-4133	223	17	.	.	PUNCT
ajfa-4133	224	1	the	the	DET
ajfa-4133	224	2	general	general	ADJ
ajfa-4133	224	3	rule	rule	NOUN
ajfa-4133	224	4	for	for	ADP
ajfa-4133	224	5	the	the	DET
ajfa-4133	224	6	durbin	durbin	ADJ
ajfa-4133	224	7	-	-	PUNCT
ajfa-4133	224	8	watson	watson	NOUN
ajfa-4133	224	9	statistics	statistic	NOUN
ajfa-4133	224	10	is	be	AUX
ajfa-4133	224	11	that	that	SCONJ
ajfa-4133	224	12	if	if	SCONJ
ajfa-4133	224	13	its	its	PRON
ajfa-4133	224	14	value	value	NOUN
ajfa-4133	224	15	is	be	AUX
ajfa-4133	224	16	2	2	NUM
ajfa-4133	224	17	or	or	CCONJ
ajfa-4133	224	18	around	around	ADV
ajfa-4133	224	19	2	2	NUM
ajfa-4133	224	20	than	than	ADP
ajfa-4133	224	21	the	the	DET
ajfa-4133	224	22	residual	residual	ADJ
ajfa-4133	224	23	is	be	AUX
ajfa-4133	224	24	not	not	PART
ajfa-4133	224	25	serially	serially	ADV
ajfa-4133	224	26	correlated	correlate	VERB
ajfa-4133	224	27	whereas	whereas	SCONJ
ajfa-4133	224	28	if	if	SCONJ
ajfa-4133	224	29	its	its	PRON
ajfa-4133	224	30	statistics	statistic	NOUN
ajfa-4133	224	31	is	be	AUX
ajfa-4133	224	32	less	less	ADJ
ajfa-4133	224	33	than	than	ADP
ajfa-4133	224	34	2	2	NUM
ajfa-4133	224	35	than	than	SCONJ
ajfa-4133	224	36	the	the	DET
ajfa-4133	224	37	residual	residual	ADJ
ajfa-4133	224	38	is	be	AUX
ajfa-4133	224	39	positively	positively	ADV
ajfa-4133	224	40	correlated	correlate	VERB
ajfa-4133	224	41	and	and	CCONJ
ajfa-4133	224	42	less	less	ADJ
ajfa-4133	224	43	than	than	ADP
ajfa-4133	224	44	4	4	NUM
ajfa-4133	224	45	represents	represent	VERB
ajfa-4133	224	46	the	the	DET
ajfa-4133	224	47	negative	negative	ADJ
ajfa-4133	224	48	correlation	correlation	NOUN
ajfa-4133	224	49	.	.	PUNCT
ajfa-4133	225	1	the	the	DET
ajfa-4133	225	2	durbin	durbin	PROPN
ajfa-4133	225	3	-	-	PUNCT
ajfa-4133	225	4	watson	watson	PROPN
ajfa-4133	225	5	asian	asian	ADJ
ajfa-4133	225	6	journal	journal	PROPN
ajfa-4133	225	7	of	of	ADP
ajfa-4133	225	8	finance	finance	PROPN
ajfa-4133	225	9	&	&	CCONJ
ajfa-4133	225	10	accounting	accounting	PROPN
ajfa-4133	225	11	issn	issn	PROPN
ajfa-4133	225	12	1946	1946	NUM
ajfa-4133	225	13	-	-	PUNCT
ajfa-4133	225	14	052x	052x	NOUN
ajfa-4133	225	15	2013	2013	NUM
ajfa-4133	225	16	,	,	PUNCT
ajfa-4133	225	17	vol	vol	NOUN
ajfa-4133	225	18	.	.	PROPN
ajfa-4133	225	19	5	5	NUM
ajfa-4133	225	20	,	,	PUNCT
ajfa-4133	225	21	no	no	INTJ
ajfa-4133	225	22	.	.	NOUN
ajfa-4133	225	23	2	2	NUM
ajfa-4133	225	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4133	225	25	284	284	NUM
ajfa-4133	225	26	statistics	statistic	NOUN
ajfa-4133	225	27	for	for	ADP
ajfa-4133	225	28	the	the	DET
ajfa-4133	225	29	model	model	NOUN
ajfa-4133	225	30	is	be	AUX
ajfa-4133	225	31	given	give	VERB
ajfa-4133	225	32	in	in	ADP
ajfa-4133	225	33	table	table	NOUN
ajfa-4133	225	34	4	4	NUM
ajfa-4133	225	35	;	;	PUNCT
ajfa-4133	225	36	the	the	DET
ajfa-4133	225	37	statistics	statistic	NOUN
ajfa-4133	225	38	is	be	AUX
ajfa-4133	225	39	2.224787	2.224787	NUM
ajfa-4133	225	40	suggesting	suggest	VERB
ajfa-4133	225	41	that	that	SCONJ
ajfa-4133	225	42	residual	residual	ADJ
ajfa-4133	225	43	is	be	AUX
ajfa-4133	225	44	not	not	PART
ajfa-4133	225	45	serially	serially	ADV
ajfa-4133	225	46	correlated	correlate	VERB
ajfa-4133	225	47	because	because	SCONJ
ajfa-4133	225	48	statistics	statistic	NOUN
ajfa-4133	225	49	is	be	AUX
ajfa-4133	225	50	around	around	ADP
ajfa-4133	225	51	the	the	DET
ajfa-4133	225	52	2	2	NUM
ajfa-4133	225	53	.	.	NOUN
ajfa-4133	225	54	6	6	NUM
ajfa-4133	225	55	.	.	PUNCT
ajfa-4133	226	1	conclusions	conclusion	NOUN
ajfa-4133	226	2	,	,	PUNCT
ajfa-4133	226	3	policy	policy	NOUN
ajfa-4133	226	4	related	relate	VERB
ajfa-4133	226	5	implications	implication	NOUN
ajfa-4133	226	6	and	and	CCONJ
ajfa-4133	226	7	future	future	ADJ
ajfa-4133	226	8	research	research	NOUN
ajfa-4133	226	9	the	the	DET
ajfa-4133	226	10	analysis	analysis	NOUN
ajfa-4133	226	11	of	of	ADP
ajfa-4133	226	12	ownership	ownership	NOUN
ajfa-4133	226	13	structure	structure	NOUN
ajfa-4133	226	14	and	and	CCONJ
ajfa-4133	226	15	other	other	ADJ
ajfa-4133	226	16	related	related	ADJ
ajfa-4133	226	17	variables	variable	NOUN
ajfa-4133	226	18	starts	start	VERB
ajfa-4133	226	19	with	with	ADP
ajfa-4133	226	20	the	the	DET
ajfa-4133	226	21	selection	selection	NOUN
ajfa-4133	226	22	of	of	ADP
ajfa-4133	226	23	ownership	ownership	NOUN
ajfa-4133	226	24	structure	structure	NOUN
ajfa-4133	226	25	and	and	CCONJ
ajfa-4133	226	26	other	other	ADJ
ajfa-4133	226	27	related	related	ADJ
ajfa-4133	226	28	variables	variable	NOUN
ajfa-4133	226	29	.	.	PUNCT
ajfa-4133	227	1	eight	eight	NUM
ajfa-4133	227	2	hypotheses	hypothesis	NOUN
ajfa-4133	227	3	was	be	AUX
ajfa-4133	227	4	formulated	formulate	VERB
ajfa-4133	227	5	for	for	ADP
ajfa-4133	227	6	ownership	ownership	NOUN
ajfa-4133	227	7	structure	structure	NOUN
ajfa-4133	227	8	and	and	CCONJ
ajfa-4133	227	9	other	other	ADJ
ajfa-4133	227	10	related	related	ADJ
ajfa-4133	227	11	variables	variable	NOUN
ajfa-4133	227	12	.	.	PUNCT
ajfa-4133	228	1	the	the	DET
ajfa-4133	228	2	current	current	ADJ
ajfa-4133	228	3	study	study	NOUN
ajfa-4133	228	4	used	use	VERB
ajfa-4133	228	5	eight	eight	NUM
ajfa-4133	228	6	variables	variable	NOUN
ajfa-4133	228	7	relating	relate	VERB
ajfa-4133	228	8	ownership	ownership	NOUN
ajfa-4133	228	9	structure	structure	NOUN
ajfa-4133	228	10	and	and	CCONJ
ajfa-4133	228	11	related	related	ADJ
ajfa-4133	228	12	variables	variable	NOUN
ajfa-4133	228	13	and	and	CCONJ
ajfa-4133	228	14	applied	apply	VERB
ajfa-4133	228	15	fixed	fix	VERB
ajfa-4133	228	16	effect	effect	NOUN
ajfa-4133	228	17	model	model	NOUN
ajfa-4133	228	18	.	.	PUNCT
ajfa-4133	229	1	the	the	DET
ajfa-4133	229	2	results	result	NOUN
ajfa-4133	229	3	provided	provide	VERB
ajfa-4133	229	4	only	only	ADV
ajfa-4133	229	5	two	two	NUM
ajfa-4133	229	6	significant	significant	ADJ
ajfa-4133	229	7	associations	association	NOUN
ajfa-4133	229	8	of	of	ADP
ajfa-4133	229	9	publically	publically	ADV
ajfa-4133	229	10	owned	own	VERB
ajfa-4133	229	11	banks	bank	NOUN
ajfa-4133	229	12	and	and	CCONJ
ajfa-4133	229	13	bank	bank	NOUN
ajfa-4133	229	14	concentration	concentration	NOUN
ajfa-4133	229	15	with	with	ADP
ajfa-4133	229	16	npls	npls	NOUN
ajfa-4133	229	17	,	,	PUNCT
ajfa-4133	229	18	whereas	whereas	SCONJ
ajfa-4133	229	19	remaining	remain	VERB
ajfa-4133	229	20	six	six	NUM
ajfa-4133	229	21	variables	variable	NOUN
ajfa-4133	229	22	were	be	AUX
ajfa-4133	229	23	insignificantly	insignificantly	ADV
ajfa-4133	229	24	associated	associate	VERB
ajfa-4133	229	25	with	with	ADP
ajfa-4133	229	26	npls	npls	NOUN
ajfa-4133	229	27	.	.	PUNCT
ajfa-4133	230	1	the	the	DET
ajfa-4133	230	2	current	current	ADJ
ajfa-4133	230	3	study	study	NOUN
ajfa-4133	230	4	investigated	investigate	VERB
ajfa-4133	230	5	the	the	DET
ajfa-4133	230	6	berle	berle	NOUN
ajfa-4133	230	7	and	and	CCONJ
ajfa-4133	230	8	means	mean	NOUN
ajfa-4133	230	9	(	(	PUNCT
ajfa-4133	230	10	1933	1933	NUM
ajfa-4133	230	11	)	)	PUNCT
ajfa-4133	230	12	traditional	traditional	ADJ
ajfa-4133	230	13	view	view	NOUN
ajfa-4133	230	14	that	that	SCONJ
ajfa-4133	230	15	concentrated	concentrated	ADJ
ajfa-4133	230	16	ownership	ownership	NOUN
ajfa-4133	230	17	results	result	NOUN
ajfa-4133	230	18	in	in	ADP
ajfa-4133	230	19	enhanced	enhanced	ADJ
ajfa-4133	230	20	banking	banking	NOUN
ajfa-4133	230	21	performance	performance	NOUN
ajfa-4133	230	22	by	by	ADP
ajfa-4133	230	23	reducing	reduce	VERB
ajfa-4133	230	24	the	the	DET
ajfa-4133	230	25	bank	bank	NOUN
ajfa-4133	230	26	riskiness	riskiness	NOUN
ajfa-4133	230	27	against	against	ADP
ajfa-4133	230	28	the	the	DET
ajfa-4133	230	29	opposite	opposite	ADJ
ajfa-4133	230	30	view	view	NOUN
ajfa-4133	230	31	that	that	SCONJ
ajfa-4133	230	32	ownership	ownership	NOUN
ajfa-4133	230	33	concentration	concentration	NOUN
ajfa-4133	230	34	does	do	AUX
ajfa-4133	230	35	not	not	PART
ajfa-4133	230	36	have	have	AUX
ajfa-4133	230	37	impact	impact	NOUN
ajfa-4133	230	38	on	on	ADP
ajfa-4133	230	39	the	the	DET
ajfa-4133	230	40	bank	bank	NOUN
ajfa-4133	230	41	riskiness	riskiness	NOUN
ajfa-4133	230	42	.	.	PUNCT
ajfa-4133	231	1	the	the	DET
ajfa-4133	231	2	results	result	NOUN
ajfa-4133	231	3	provided	provide	VERB
ajfa-4133	231	4	the	the	DET
ajfa-4133	231	5	validity	validity	NOUN
ajfa-4133	231	6	of	of	ADP
ajfa-4133	231	7	berle	berle	PROPN
ajfa-4133	231	8	and	and	CCONJ
ajfa-4133	231	9	means	mean	NOUN
ajfa-4133	231	10	(	(	PUNCT
ajfa-4133	231	11	1933	1933	NUM
ajfa-4133	231	12	)	)	PUNCT
ajfa-4133	231	13	traditional	traditional	ADJ
ajfa-4133	231	14	view	view	NOUN
ajfa-4133	231	15	in	in	ADP
ajfa-4133	231	16	terms	term	NOUN
ajfa-4133	231	17	of	of	ADP
ajfa-4133	231	18	publically	publically	ADV
ajfa-4133	231	19	owned	own	VERB
ajfa-4133	231	20	banks	bank	NOUN
ajfa-4133	231	21	(	(	PUNCT
ajfa-4133	231	22	dispersed	disperse	VERB
ajfa-4133	231	23	ownership	ownership	NOUN
ajfa-4133	231	24	)	)	PUNCT
ajfa-4133	231	25	,	,	PUNCT
ajfa-4133	231	26	that	that	SCONJ
ajfa-4133	231	27	it	it	PRON
ajfa-4133	231	28	reduces	reduce	VERB
ajfa-4133	231	29	the	the	DET
ajfa-4133	231	30	bank	bank	NOUN
ajfa-4133	231	31	performance	performance	NOUN
ajfa-4133	231	32	and	and	CCONJ
ajfa-4133	231	33	enhance	enhance	VERB
ajfa-4133	231	34	the	the	DET
ajfa-4133	231	35	bank	bank	NOUN
ajfa-4133	231	36	riskiness	riskiness	NOUN
ajfa-4133	231	37	(	(	PUNCT
ajfa-4133	231	38	npls	npls	NOUN
ajfa-4133	231	39	)	)	PUNCT
ajfa-4133	231	40	.	.	PUNCT
ajfa-4133	232	1	whereas	whereas	SCONJ
ajfa-4133	232	2	in	in	ADP
ajfa-4133	232	3	case	case	NOUN
ajfa-4133	232	4	of	of	ADP
ajfa-4133	232	5	privately	privately	ADV
ajfa-4133	232	6	owned	own	VERB
ajfa-4133	232	7	banks	bank	NOUN
ajfa-4133	232	8	and	and	CCONJ
ajfa-4133	232	9	foreign	foreign	ADJ
ajfa-4133	232	10	banks	bank	NOUN
ajfa-4133	232	11	rejects	reject	VERB
ajfa-4133	232	12	the	the	DET
ajfa-4133	232	13	berle	berle	NOUN
ajfa-4133	232	14	and	and	CCONJ
ajfa-4133	232	15	means	mean	NOUN
ajfa-4133	232	16	(	(	PUNCT
ajfa-4133	232	17	1933	1933	NUM
ajfa-4133	232	18	)	)	PUNCT
ajfa-4133	232	19	view	view	NOUN
ajfa-4133	232	20	that	that	SCONJ
ajfa-4133	232	21	concentrated	concentrated	ADJ
ajfa-4133	232	22	ownership	ownership	NOUN
ajfa-4133	232	23	enhances	enhance	VERB
ajfa-4133	232	24	bank	bank	NOUN
ajfa-4133	232	25	performance	performance	NOUN
ajfa-4133	232	26	and	and	CCONJ
ajfa-4133	232	27	erodes	erode	VERB
ajfa-4133	232	28	the	the	DET
ajfa-4133	232	29	bank	bank	NOUN
ajfa-4133	232	30	riskiness	riskiness	NOUN
ajfa-4133	232	31	.	.	PUNCT
ajfa-4133	233	1	the	the	DET
ajfa-4133	233	2	positive	positive	ADJ
ajfa-4133	233	3	association	association	NOUN
ajfa-4133	233	4	between	between	ADP
ajfa-4133	233	5	npls	npls	NOUN
ajfa-4133	233	6	and	and	CCONJ
ajfa-4133	233	7	publically	publically	ADV
ajfa-4133	233	8	owned	own	VERB
ajfa-4133	233	9	banks	bank	NOUN
ajfa-4133	233	10	suggests	suggest	VERB
ajfa-4133	233	11	that	that	SCONJ
ajfa-4133	233	12	in	in	ADP
ajfa-4133	233	13	publically	publically	ADV
ajfa-4133	233	14	owned	own	VERB
ajfa-4133	233	15	banks	bank	NOUN
ajfa-4133	233	16	supervision	supervision	NOUN
ajfa-4133	233	17	and	and	CCONJ
ajfa-4133	233	18	monitoring	monitoring	NOUN
ajfa-4133	233	19	of	of	ADP
ajfa-4133	233	20	the	the	DET
ajfa-4133	233	21	owners	owner	NOUN
ajfa-4133	233	22	over	over	ADP
ajfa-4133	233	23	the	the	DET
ajfa-4133	233	24	management	management	NOUN
ajfa-4133	233	25	is	be	AUX
ajfa-4133	233	26	very	very	ADV
ajfa-4133	233	27	low	low	ADJ
ajfa-4133	233	28	,	,	PUNCT
ajfa-4133	233	29	furthermore	furthermore	ADV
ajfa-4133	233	30	management	management	NOUN
ajfa-4133	233	31	show	show	VERB
ajfa-4133	233	32	short	short	ADJ
ajfa-4133	233	33	term	term	NOUN
ajfa-4133	233	34	cost	cost	NOUN
ajfa-4133	233	35	efficiency	efficiency	NOUN
ajfa-4133	233	36	by	by	ADP
ajfa-4133	233	37	sacrificing	sacrifice	VERB
ajfa-4133	233	38	cost	cost	NOUN
ajfa-4133	233	39	incurred	incur	VERB
ajfa-4133	233	40	on	on	ADP
ajfa-4133	233	41	loan	loan	NOUN
ajfa-4133	233	42	allocation	allocation	NOUN
ajfa-4133	233	43	process	process	NOUN
ajfa-4133	233	44	and	and	CCONJ
ajfa-4133	233	45	corrupt	corrupt	ADJ
ajfa-4133	233	46	practices	practice	NOUN
ajfa-4133	233	47	of	of	ADP
ajfa-4133	233	48	the	the	DET
ajfa-4133	233	49	management	management	NOUN
ajfa-4133	233	50	,	,	PUNCT
ajfa-4133	233	51	lenient	lenient	ADJ
ajfa-4133	233	52	credit	credit	NOUN
ajfa-4133	233	53	process	process	NOUN
ajfa-4133	233	54	and	and	CCONJ
ajfa-4133	233	55	political	political	ADJ
ajfa-4133	233	56	pressures	pressure	NOUN
ajfa-4133	233	57	leads	lead	VERB
ajfa-4133	233	58	to	to	ADP
ajfa-4133	233	59	the	the	DET
ajfa-4133	233	60	declined	decline	VERB
ajfa-4133	233	61	efficiency	efficiency	NOUN
ajfa-4133	233	62	and	and	CCONJ
ajfa-4133	233	63	performance	performance	NOUN
ajfa-4133	233	64	of	of	ADP
ajfa-4133	233	65	banks	bank	NOUN
ajfa-4133	233	66	,	,	PUNCT
ajfa-4133	233	67	which	which	PRON
ajfa-4133	233	68	results	result	VERB
ajfa-4133	233	69	in	in	ADP
ajfa-4133	233	70	the	the	DET
ajfa-4133	233	71	growth	growth	NOUN
ajfa-4133	233	72	of	of	ADP
ajfa-4133	233	73	npls	npls	NOUN
ajfa-4133	233	74	.	.	PUNCT
ajfa-4133	234	1	the	the	DET
ajfa-4133	234	2	current	current	ADJ
ajfa-4133	234	3	study	study	NOUN
ajfa-4133	234	4	provides	provide	VERB
ajfa-4133	234	5	statistically	statistically	ADV
ajfa-4133	234	6	significant	significant	ADJ
ajfa-4133	234	7	positive	positive	ADJ
ajfa-4133	234	8	relationship	relationship	NOUN
ajfa-4133	234	9	between	between	ADP
ajfa-4133	234	10	bank	bank	NOUN
ajfa-4133	234	11	concentration	concentration	NOUN
ajfa-4133	234	12	and	and	CCONJ
ajfa-4133	234	13	npls	npls	NOUN
ajfa-4133	234	14	.	.	PUNCT
ajfa-4133	235	1	this	this	DET
ajfa-4133	235	2	result	result	NOUN
ajfa-4133	235	3	suggests	suggest	VERB
ajfa-4133	235	4	that	that	SCONJ
ajfa-4133	235	5	with	with	ADP
ajfa-4133	235	6	the	the	DET
ajfa-4133	235	7	increase	increase	NOUN
ajfa-4133	235	8	in	in	ADP
ajfa-4133	235	9	bank	bank	NOUN
ajfa-4133	235	10	concentration	concentration	NOUN
ajfa-4133	235	11	the	the	DET
ajfa-4133	235	12	operation	operation	NOUN
ajfa-4133	235	13	of	of	ADP
ajfa-4133	235	14	large	large	ADJ
ajfa-4133	235	15	banks	bank	NOUN
ajfa-4133	235	16	are	be	AUX
ajfa-4133	235	17	diversified	diversify	VERB
ajfa-4133	235	18	;	;	PUNCT
ajfa-4133	235	19	this	this	PRON
ajfa-4133	235	20	leads	lead	VERB
ajfa-4133	235	21	to	to	ADP
ajfa-4133	235	22	the	the	DET
ajfa-4133	235	23	distribution	distribution	NOUN
ajfa-4133	235	24	of	of	ADP
ajfa-4133	235	25	funds	fund	NOUN
ajfa-4133	235	26	among	among	ADP
ajfa-4133	235	27	different	different	ADJ
ajfa-4133	235	28	sectors	sector	NOUN
ajfa-4133	235	29	.	.	PUNCT
ajfa-4133	236	1	in	in	ADP
ajfa-4133	236	2	this	this	DET
ajfa-4133	236	3	way	way	NOUN
ajfa-4133	236	4	risk	risk	NOUN
ajfa-4133	236	5	of	of	ADP
ajfa-4133	236	6	the	the	DET
ajfa-4133	236	7	banks	bank	NOUN
ajfa-4133	236	8	associated	associate	VERB
ajfa-4133	236	9	with	with	ADP
ajfa-4133	236	10	one	one	NUM
ajfa-4133	236	11	specific	specific	ADJ
ajfa-4133	236	12	sector	sector	NOUN
ajfa-4133	236	13	declines	decline	NOUN
ajfa-4133	236	14	and	and	CCONJ
ajfa-4133	236	15	loss	loss	NOUN
ajfa-4133	236	16	of	of	ADP
ajfa-4133	236	17	any	any	DET
ajfa-4133	236	18	sector	sector	NOUN
ajfa-4133	236	19	is	be	AUX
ajfa-4133	236	20	compensated	compensate	VERB
ajfa-4133	236	21	by	by	ADP
ajfa-4133	236	22	the	the	DET
ajfa-4133	236	23	good	good	ADJ
ajfa-4133	236	24	performance	performance	NOUN
ajfa-4133	236	25	of	of	ADP
ajfa-4133	236	26	other	other	ADJ
ajfa-4133	236	27	sector	sector	NOUN
ajfa-4133	236	28	.	.	PUNCT
ajfa-4133	237	1	the	the	DET
ajfa-4133	237	2	finding	finding	NOUN
ajfa-4133	237	3	of	of	ADP
ajfa-4133	237	4	the	the	DET
ajfa-4133	237	5	ownership	ownership	NOUN
ajfa-4133	237	6	structure	structure	NOUN
ajfa-4133	237	7	and	and	CCONJ
ajfa-4133	237	8	other	other	ADJ
ajfa-4133	237	9	related	related	ADJ
ajfa-4133	237	10	variables	variable	NOUN
ajfa-4133	237	11	models	model	NOUN
ajfa-4133	237	12	also	also	ADV
ajfa-4133	237	13	have	have	VERB
ajfa-4133	237	14	implications	implication	NOUN
ajfa-4133	237	15	of	of	ADP
ajfa-4133	237	16	the	the	DET
ajfa-4133	237	17	policy	policy	NOUN
ajfa-4133	237	18	makers	maker	NOUN
ajfa-4133	237	19	.	.	PUNCT
ajfa-4133	238	1	first	first	ADV
ajfa-4133	238	2	,	,	PUNCT
ajfa-4133	238	3	sbp	sbp	PROPN
ajfa-4133	238	4	should	should	AUX
ajfa-4133	238	5	consider	consider	VERB
ajfa-4133	238	6	that	that	SCONJ
ajfa-4133	238	7	their	their	PRON
ajfa-4133	238	8	supervision	supervision	NOUN
ajfa-4133	238	9	policies	policy	NOUN
ajfa-4133	238	10	have	have	VERB
ajfa-4133	238	11	different	different	ADJ
ajfa-4133	238	12	impact	impact	NOUN
ajfa-4133	238	13	on	on	ADP
ajfa-4133	238	14	the	the	DET
ajfa-4133	238	15	banks	bank	NOUN
ajfa-4133	238	16	according	accord	VERB
ajfa-4133	238	17	to	to	ADP
ajfa-4133	238	18	their	their	PRON
ajfa-4133	238	19	nature	nature	NOUN
ajfa-4133	238	20	of	of	ADP
ajfa-4133	238	21	ownership	ownership	NOUN
ajfa-4133	238	22	,	,	PUNCT
ajfa-4133	238	23	for	for	ADP
ajfa-4133	238	24	instance	instance	NOUN
ajfa-4133	238	25	publically	publically	ADV
ajfa-4133	238	26	owned	own	VERB
ajfa-4133	238	27	banks	bank	NOUN
ajfa-4133	238	28	are	be	AUX
ajfa-4133	238	29	less	less	ADJ
ajfa-4133	238	30	in	in	ADP
ajfa-4133	238	31	control	control	NOUN
ajfa-4133	238	32	of	of	ADP
ajfa-4133	238	33	their	their	PRON
ajfa-4133	238	34	owners	owner	NOUN
ajfa-4133	238	35	as	as	SCONJ
ajfa-4133	238	36	compared	compare	VERB
ajfa-4133	238	37	to	to	ADP
ajfa-4133	238	38	the	the	DET
ajfa-4133	238	39	private	private	ADJ
ajfa-4133	238	40	owned	own	VERB
ajfa-4133	238	41	banks	bank	NOUN
ajfa-4133	238	42	,	,	PUNCT
ajfa-4133	238	43	and	and	CCONJ
ajfa-4133	238	44	therefore	therefore	ADV
ajfa-4133	238	45	sbp	sbp	PROPN
ajfa-4133	238	46	can	can	AUX
ajfa-4133	238	47	develop	develop	VERB
ajfa-4133	238	48	supervision	supervision	NOUN
ajfa-4133	238	49	policies	policy	NOUN
ajfa-4133	238	50	according	accord	VERB
ajfa-4133	238	51	to	to	ADP
ajfa-4133	238	52	ownership	ownership	NOUN
ajfa-4133	238	53	structure	structure	NOUN
ajfa-4133	238	54	.	.	PUNCT
ajfa-4133	239	1	second	second	ADJ
ajfa-4133	239	2	,	,	PUNCT
ajfa-4133	239	3	the	the	DET
ajfa-4133	239	4	current	current	ADJ
ajfa-4133	239	5	study	study	NOUN
ajfa-4133	239	6	provide	provide	VERB
ajfa-4133	239	7	the	the	DET
ajfa-4133	239	8	validity	validity	NOUN
ajfa-4133	239	9	of	of	ADP
ajfa-4133	239	10	berle	berle	PROPN
ajfa-4133	239	11	and	and	CCONJ
ajfa-4133	239	12	means	mean	NOUN
ajfa-4133	239	13	(	(	PUNCT
ajfa-4133	239	14	1933	1933	NUM
ajfa-4133	239	15	)	)	PUNCT
ajfa-4133	239	16	in	in	ADP
ajfa-4133	239	17	terms	term	NOUN
ajfa-4133	239	18	of	of	ADP
ajfa-4133	239	19	dispersed	disperse	VERB
ajfa-4133	239	20	ownership	ownership	NOUN
ajfa-4133	239	21	thus	thus	ADV
ajfa-4133	239	22	public	public	ADJ
ajfa-4133	239	23	banks	bank	NOUN
ajfa-4133	239	24	performance	performance	NOUN
ajfa-4133	239	25	can	can	AUX
ajfa-4133	239	26	be	be	AUX
ajfa-4133	239	27	improved	improve	VERB
ajfa-4133	239	28	by	by	ADP
ajfa-4133	239	29	the	the	DET
ajfa-4133	239	30	constant	constant	ADJ
ajfa-4133	239	31	supervision	supervision	NOUN
ajfa-4133	239	32	of	of	ADP
ajfa-4133	239	33	the	the	DET
ajfa-4133	239	34	owners	owner	NOUN
ajfa-4133	239	35	and	and	CCONJ
ajfa-4133	239	36	sbp	sbp	PROPN
ajfa-4133	239	37	.	.	PUNCT
ajfa-4133	240	1	third	third	ADJ
ajfa-4133	240	2	,	,	PUNCT
ajfa-4133	240	3	sbp	sbp	PROPN
ajfa-4133	240	4	should	should	AUX
ajfa-4133	240	5	take	take	VERB
ajfa-4133	240	6	measure	measure	NOUN
ajfa-4133	240	7	to	to	PART
ajfa-4133	240	8	strictly	strictly	ADV
ajfa-4133	240	9	supervise	supervise	VERB
ajfa-4133	240	10	the	the	DET
ajfa-4133	240	11	credit	credit	NOUN
ajfa-4133	240	12	allocation	allocation	NOUN
ajfa-4133	240	13	process	process	NOUN
ajfa-4133	240	14	and	and	CCONJ
ajfa-4133	240	15	make	make	VERB
ajfa-4133	240	16	sure	sure	ADJ
ajfa-4133	240	17	its	its	PRON
ajfa-4133	240	18	proper	proper	ADJ
ajfa-4133	240	19	implementation	implementation	NOUN
ajfa-4133	240	20	in	in	ADP
ajfa-4133	240	21	the	the	DET
ajfa-4133	240	22	public	public	ADJ
ajfa-4133	240	23	owned	own	VERB
ajfa-4133	240	24	banks	bank	NOUN
ajfa-4133	240	25	.	.	PUNCT
ajfa-4133	241	1	the	the	DET
ajfa-4133	241	2	ownership	ownership	NOUN
ajfa-4133	241	3	structure	structure	NOUN
ajfa-4133	241	4	and	and	CCONJ
ajfa-4133	241	5	other	other	ADJ
ajfa-4133	241	6	related	related	ADJ
ajfa-4133	241	7	model	model	NOUN
ajfa-4133	241	8	used	use	VERB
ajfa-4133	241	9	only	only	ADV
ajfa-4133	241	10	one	one	NUM
ajfa-4133	241	11	measure	measure	NOUN
ajfa-4133	241	12	of	of	ADP
ajfa-4133	241	13	bank	bank	NOUN
ajfa-4133	241	14	riskiness	riskiness	NOUN
ajfa-4133	241	15	i.e.	i.e.	X
ajfa-4133	241	16	npls	npls	NOUN
ajfa-4133	241	17	,	,	PUNCT
ajfa-4133	241	18	shehzad	shehzad	PROPN
ajfa-4133	241	19	et	et	PROPN
ajfa-4133	241	20	al	al	PROPN
ajfa-4133	241	21	.	.	PROPN
ajfa-4133	241	22	,	,	PUNCT
ajfa-4133	241	23	2010	2010	NUM
ajfa-4133	241	24	used	use	VERB
ajfa-4133	241	25	two	two	NUM
ajfa-4133	241	26	variables	variable	NOUN
ajfa-4133	241	27	as	as	ADP
ajfa-4133	241	28	measure	measure	NOUN
ajfa-4133	241	29	of	of	ADP
ajfa-4133	241	30	bank	bank	NOUN
ajfa-4133	241	31	riskiness	riskiness	NOUN
ajfa-4133	241	32	(	(	PUNCT
ajfa-4133	241	33	i.e.	i.e.	X
ajfa-4133	241	34	npls	npls	NOUN
ajfa-4133	241	35	and	and	CCONJ
ajfa-4133	241	36	asian	asian	ADJ
ajfa-4133	241	37	journal	journal	NOUN
ajfa-4133	241	38	of	of	ADP
ajfa-4133	241	39	finance	finance	PROPN
ajfa-4133	241	40	&	&	CCONJ
ajfa-4133	241	41	accounting	accounting	PROPN
ajfa-4133	241	42	issn	issn	PROPN
ajfa-4133	241	43	1946	1946	NUM
ajfa-4133	241	44	-	-	PUNCT
ajfa-4133	241	45	052x	052x	NOUN
ajfa-4133	241	46	2013	2013	NUM
ajfa-4133	241	47	,	,	PUNCT
ajfa-4133	241	48	vol	vol	NOUN
ajfa-4133	241	49	.	.	PROPN
ajfa-4133	241	50	5	5	NUM
ajfa-4133	241	51	,	,	PUNCT
ajfa-4133	241	52	no	no	INTJ
ajfa-4133	241	53	.	.	NOUN
ajfa-4133	241	54	2	2	NUM
ajfa-4133	241	55	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4133	241	56	285	285	NUM
ajfa-4133	241	57	capital	capital	NOUN
ajfa-4133	241	58	adequacy	adequacy	NOUN
ajfa-4133	241	59	)	)	PUNCT
ajfa-4133	241	60	.	.	PUNCT
ajfa-4133	242	1	the	the	DET
ajfa-4133	242	2	future	future	ADJ
ajfa-4133	242	3	study	study	NOUN
ajfa-4133	242	4	in	in	ADP
ajfa-4133	242	5	pakistan	pakistan	PROPN
ajfa-4133	242	6	and	and	CCONJ
ajfa-4133	242	7	other	other	ADJ
ajfa-4133	242	8	developing	develop	VERB
ajfa-4133	242	9	countries	country	NOUN
ajfa-4133	242	10	can	can	AUX
ajfa-4133	242	11	be	be	AUX
ajfa-4133	242	12	conducted	conduct	VERB
ajfa-4133	242	13	by	by	ADP
ajfa-4133	242	14	using	use	VERB
ajfa-4133	242	15	two	two	NUM
ajfa-4133	242	16	or	or	CCONJ
ajfa-4133	242	17	more	more	ADJ
ajfa-4133	242	18	measures	measure	NOUN
ajfa-4133	242	19	of	of	ADP
ajfa-4133	242	20	bank	bank	NOUN
ajfa-4133	242	21	riskiness	riskiness	NOUN
ajfa-4133	242	22	.	.	PUNCT
ajfa-4133	243	1	shehzad	shehzad	PROPN
ajfa-4133	243	2	et	et	PROPN
ajfa-4133	243	3	al	al	PROPN
ajfa-4133	243	4	.	.	PROPN
ajfa-4133	243	5	,	,	PUNCT
ajfa-4133	243	6	2010	2010	NUM
ajfa-4133	243	7	in	in	ADP
ajfa-4133	243	8	their	their	PRON
ajfa-4133	243	9	study	study	NOUN
ajfa-4133	243	10	has	have	AUX
ajfa-4133	243	11	used	use	VERB
ajfa-4133	243	12	the	the	DET
ajfa-4133	243	13	percentage	percentage	NOUN
ajfa-4133	243	14	of	of	ADP
ajfa-4133	243	15	ownership	ownership	NOUN
ajfa-4133	243	16	as	as	ADP
ajfa-4133	243	17	measure	measure	NOUN
ajfa-4133	243	18	for	for	ADP
ajfa-4133	243	19	ownership	ownership	NOUN
ajfa-4133	243	20	structure	structure	NOUN
ajfa-4133	243	21	i.e.	i.e.	X
ajfa-4133	243	22	10	10	NUM
ajfa-4133	243	23	%	%	NOUN
ajfa-4133	243	24	or	or	CCONJ
ajfa-4133	243	25	more	more	ADJ
ajfa-4133	243	26	,	,	PUNCT
ajfa-4133	243	27	25	25	NUM
ajfa-4133	243	28	%	%	NOUN
ajfa-4133	243	29	or	or	CCONJ
ajfa-4133	243	30	more	more	ADJ
ajfa-4133	243	31	and	and	CCONJ
ajfa-4133	243	32	50	50	NUM
ajfa-4133	243	33	%	%	NOUN
ajfa-4133	243	34	or	or	CCONJ
ajfa-4133	243	35	more	more	ADJ
ajfa-4133	243	36	,	,	PUNCT
ajfa-4133	243	37	whereas	whereas	SCONJ
ajfa-4133	243	38	current	current	ADJ
ajfa-4133	243	39	study	study	NOUN
ajfa-4133	243	40	used	use	VERB
ajfa-4133	243	41	dummy	dummy	ADJ
ajfa-4133	243	42	variables	variable	NOUN
ajfa-4133	243	43	for	for	ADP
ajfa-4133	243	44	the	the	DET
ajfa-4133	243	45	publically	publically	ADV
ajfa-4133	243	46	,	,	PUNCT
ajfa-4133	243	47	privately	privately	ADV
ajfa-4133	243	48	and	and	CCONJ
ajfa-4133	243	49	foreign	foreign	ADJ
ajfa-4133	243	50	owned	own	VERB
ajfa-4133	243	51	banks	bank	NOUN
ajfa-4133	243	52	.	.	PUNCT
ajfa-4133	244	1	thus	thus	ADV
ajfa-4133	244	2	future	future	ADJ
ajfa-4133	244	3	study	study	NOUN
ajfa-4133	244	4	can	can	AUX
ajfa-4133	244	5	used	use	VERB
ajfa-4133	244	6	more	more	ADV
ajfa-4133	244	7	accurate	accurate	ADJ
ajfa-4133	244	8	data	datum	NOUN
ajfa-4133	244	9	on	on	ADP
ajfa-4133	244	10	the	the	DET
ajfa-4133	244	11	ownership	ownership	NOUN
ajfa-4133	244	12	structure	structure	NOUN
ajfa-4133	244	13	or	or	CCONJ
ajfa-4133	244	14	can	can	AUX
ajfa-4133	244	15	further	far	ADV
ajfa-4133	244	16	divide	divide	VERB
ajfa-4133	244	17	the	the	DET
ajfa-4133	244	18	ownership	ownership	NOUN
ajfa-4133	244	19	into	into	ADP
ajfa-4133	244	20	more	more	ADJ
ajfa-4133	244	21	categories	category	NOUN
ajfa-4133	244	22	as	as	SCONJ
ajfa-4133	244	23	done	do	VERB
ajfa-4133	244	24	by	by	ADP
ajfa-4133	244	25	the	the	DET
ajfa-4133	244	26	barry	barry	PROPN
ajfa-4133	244	27	et	et	PROPN
ajfa-4133	244	28	al	al	PROPN
ajfa-4133	244	29	.	.	PROPN
ajfa-4133	244	30	,	,	PUNCT
ajfa-4133	244	31	(	(	PUNCT
ajfa-4133	244	32	2011	2011	NUM
ajfa-4133	244	33	)	)	PUNCT
ajfa-4133	244	34	.	.	PUNCT
ajfa-4133	245	1	the	the	DET
ajfa-4133	245	2	ownership	ownership	NOUN
ajfa-4133	245	3	structure	structure	NOUN
ajfa-4133	245	4	and	and	CCONJ
ajfa-4133	245	5	other	other	ADJ
ajfa-4133	245	6	related	related	ADJ
ajfa-4133	245	7	model	model	NOUN
ajfa-4133	245	8	can	can	AUX
ajfa-4133	245	9	also	also	ADV
ajfa-4133	245	10	be	be	AUX
ajfa-4133	245	11	applied	apply	VERB
ajfa-4133	245	12	by	by	ADP
ajfa-4133	245	13	using	use	VERB
ajfa-4133	245	14	the	the	DET
ajfa-4133	245	15	panel	panel	NOUN
ajfa-4133	245	16	data	datum	NOUN
ajfa-4133	245	17	of	of	ADP
ajfa-4133	245	18	banks	bank	NOUN
ajfa-4133	245	19	from	from	ADP
ajfa-4133	245	20	the	the	DET
ajfa-4133	245	21	sample	sample	NOUN
ajfa-4133	245	22	of	of	ADP
ajfa-4133	245	23	developing	develop	VERB
ajfa-4133	245	24	and	and	CCONJ
ajfa-4133	245	25	developed	developed	ADJ
ajfa-4133	245	26	countries	country	NOUN
ajfa-4133	245	27	(	(	PUNCT
ajfa-4133	245	28	shehzad	shehzad	PROPN
ajfa-4133	245	29	et	et	PROPN
ajfa-4133	245	30	al	al	PROPN
ajfa-4133	245	31	.	.	PROPN
ajfa-4133	245	32	,	,	PUNCT
ajfa-4133	245	33	2011	2011	NUM
ajfa-4133	245	34	;	;	PUNCT
ajfa-4133	245	35	and	and	CCONJ
ajfa-4133	245	36	barry	barry	PROPN
ajfa-4133	245	37	et	et	PROPN
ajfa-4133	245	38	al	al	PROPN
ajfa-4133	245	39	.	.	PROPN
ajfa-4133	245	40	,	,	PUNCT
ajfa-4133	245	41	2011	2011	NUM
ajfa-4133	245	42	)	)	PUNCT
ajfa-4133	245	43	.	.	PUNCT
ajfa-4133	246	1	references	reference	NOUN
ajfa-4133	246	2	aghion	aghion	NOUN
ajfa-4133	246	3	,	,	PUNCT
ajfa-4133	246	4	p.	p.	NOUN
ajfa-4133	246	5	,	,	PUNCT
ajfa-4133	246	6	&	&	CCONJ
ajfa-4133	246	7	tirole	tirole	PROPN
ajfa-4133	246	8	,	,	PUNCT
ajfa-4133	246	9	j.	j.	PROPN
ajfa-4133	246	10	(	(	PUNCT
ajfa-4133	246	11	1997	1997	NUM
ajfa-4133	246	12	)	)	PUNCT
ajfa-4133	246	13	.	.	PUNCT
ajfa-4133	247	1	formal	formal	ADJ
ajfa-4133	247	2	and	and	CCONJ
ajfa-4133	247	3	real	real	ADJ
ajfa-4133	247	4	authority	authority	NOUN
ajfa-4133	247	5	in	in	ADP
ajfa-4133	247	6	organizations	organization	NOUN
ajfa-4133	247	7	.	.	PUNCT
ajfa-4133	248	1	journal	journal	NOUN
ajfa-4133	248	2	of	of	ADP
ajfa-4133	248	3	political	political	ADJ
ajfa-4133	248	4	economy	economy	NOUN
ajfa-4133	248	5	,	,	PUNCT
ajfa-4133	248	6	55	55	NUM
ajfa-4133	248	7	,	,	PUNCT
ajfa-4133	248	8	1–27	1–27	PROPN
ajfa-4133	248	9	.	.	PUNCT
ajfa-4133	249	1	http://dx.doi.org/10.1086/262063	http://dx.doi.org/10.1086/262063	PROPN
ajfa-4133	249	2	barry	barry	PROPN
ajfa-4133	249	3	,	,	PUNCT
ajfa-4133	249	4	t	t	PROPN
ajfa-4133	249	5	a.	a.	PROPN
ajfa-4133	249	6	,	,	PUNCT
ajfa-4133	249	7	lepetit	lepetit	PROPN
ajfa-4133	249	8	,	,	PUNCT
ajfa-4133	249	9	laetitia	laetitia	PROPN
ajfa-4133	249	10	.	.	PUNCT
ajfa-4133	249	11	,	,	PUNCT
ajfa-4133	249	12	&	&	CCONJ
ajfa-4133	249	13	tarazi	tarazi	NOUN
ajfa-4133	249	14	,	,	PUNCT
ajfa-4133	249	15	amine	amine	NOUN
ajfa-4133	249	16	.	.	PUNCT
ajfa-4133	250	1	(	(	PUNCT
ajfa-4133	250	2	2011	2011	NUM
ajfa-4133	250	3	)	)	PUNCT
ajfa-4133	250	4	.	.	PUNCT
ajfa-4133	251	1	ownership	ownership	NOUN
ajfa-4133	251	2	structure	structure	NOUN
ajfa-4133	251	3	and	and	CCONJ
ajfa-4133	251	4	risk	risk	NOUN
ajfa-4133	251	5	in	in	ADP
ajfa-4133	251	6	publicly	publicly	ADV
ajfa-4133	251	7	held	hold	VERB
ajfa-4133	251	8	and	and	CCONJ
ajfa-4133	251	9	privately	privately	ADV
ajfa-4133	251	10	owned	own	VERB
ajfa-4133	251	11	banks	bank	NOUN
ajfa-4133	251	12	.	.	PUNCT
ajfa-4133	252	1	journal	journal	NOUN
ajfa-4133	252	2	of	of	ADP
ajfa-4133	252	3	banking	banking	NOUN
ajfa-4133	252	4	and	and	CCONJ
ajfa-4133	252	5	finance	finance	NOUN
ajfa-4133	252	6	,	,	PUNCT
ajfa-4133	252	7	35	35	NUM
ajfa-4133	252	8	,	,	PUNCT
ajfa-4133	252	9	1327–1340	1327–1340	NUM
ajfa-4133	252	10	.	.	PUNCT
ajfa-4133	253	1	http://dx.doi.org/10.1016/j.jbankfin.2010.10.004	http://dx.doi.org/10.1016/j.jbankfin.2010.10.004	PROPN
ajfa-4133	253	2	barth	barth	PROPN
ajfa-4133	253	3	,	,	PUNCT
ajfa-4133	253	4	j.r	j.r	PROPN
ajfa-4133	253	5	.	.	PROPN
ajfa-4133	253	6	,	,	PUNCT
ajfa-4133	253	7	caprio	caprio	PROPN
ajfa-4133	253	8	g.	g.	PROPN
ajfa-4133	253	9	,	,	PUNCT
ajfa-4133	253	10	&	&	CCONJ
ajfa-4133	253	11	levine	levine	PROPN
ajfa-4133	253	12	r.	r.	PROPN
ajfa-4133	253	13	(	(	PUNCT
ajfa-4133	253	14	2001	2001	NUM
ajfa-4133	253	15	)	)	PUNCT
ajfa-4133	253	16	.	.	PUNCT
ajfa-4133	254	1	the	the	DET
ajfa-4133	254	2	regulation	regulation	NOUN
ajfa-4133	254	3	and	and	CCONJ
ajfa-4133	254	4	supervision	supervision	NOUN
ajfa-4133	254	5	of	of	ADP
ajfa-4133	254	6	banks	bank	NOUN
ajfa-4133	254	7	around	around	ADP
ajfa-4133	254	8	the	the	DET
ajfa-4133	254	9	world	world	NOUN
ajfa-4133	254	10	.	.	PUNCT
ajfa-4133	255	1	a	a	DET
ajfa-4133	255	2	new	new	ADJ
ajfa-4133	255	3	database	database	NOUN
ajfa-4133	255	4	.	.	PUNCT
ajfa-4133	256	1	world	world	PROPN
ajfa-4133	256	2	bank	bank	PROPN
ajfa-4133	256	3	policy	policy	NOUN
ajfa-4133	256	4	research	research	NOUN
ajfa-4133	256	5	working	working	NOUN
ajfa-4133	256	6	paper	paper	NOUN
ajfa-4133	256	7	no	no	NOUN
ajfa-4133	256	8	.	.	PROPN
ajfa-4133	256	9	2588	2588	NUM
ajfa-4133	256	10	.	.	PUNCT
ajfa-4133	257	1	beck	beck	PROPN
ajfa-4133	257	2	,	,	PUNCT
ajfa-4133	257	3	t.	t.	PROPN
ajfa-4133	257	4	,	,	PUNCT
ajfa-4133	257	5	demirgüç	demirgüç	PROPN
ajfa-4133	257	6	-	-	PUNCT
ajfa-4133	257	7	kunt	kunt	PROPN
ajfa-4133	257	8	,	,	PUNCT
ajfa-4133	257	9	a.	a.	PROPN
ajfa-4133	257	10	,	,	PUNCT
ajfa-4133	257	11	&	&	CCONJ
ajfa-4133	257	12	levine	levine	PROPN
ajfa-4133	257	13	,	,	PUNCT
ajfa-4133	257	14	r.	r.	PROPN
ajfa-4133	257	15	(	(	PUNCT
ajfa-4133	257	16	2000	2000	NUM
ajfa-4133	257	17	)	)	PUNCT
ajfa-4133	257	18	.	.	PUNCT
ajfa-4133	258	1	a	a	DET
ajfa-4133	258	2	new	new	ADJ
ajfa-4133	258	3	database	database	NOUN
ajfa-4133	258	4	on	on	ADP
ajfa-4133	258	5	financial	financial	ADJ
ajfa-4133	258	6	development	development	NOUN
ajfa-4133	258	7	and	and	CCONJ
ajfa-4133	258	8	structure	structure	NOUN
ajfa-4133	258	9	.	.	PUNCT
ajfa-4133	259	1	world	world	PROPN
ajfa-4133	259	2	bank	bank	PROPN
ajfa-4133	259	3	economic	economic	PROPN
ajfa-4133	259	4	review	review	PROPN
ajfa-4133	259	5	,	,	PUNCT
ajfa-4133	259	6	14	14	NUM
ajfa-4133	259	7	,	,	PUNCT
ajfa-4133	259	8	597–605	597–605	NUM
ajfa-4133	259	9	.	.	PUNCT
ajfa-4133	260	1	http://dx.doi.org/10.1093/wber/14.3.597	http://dx.doi.org/10.1093/wber/14.3.597	PROPN
ajfa-4133	260	2	berger	berger	PROPN
ajfa-4133	260	3	,	,	PUNCT
ajfa-4133	260	4	a.	a.	PROPN
ajfa-4133	260	5	,	,	PUNCT
ajfa-4133	260	6	clarke	clarke	PROPN
ajfa-4133	260	7	,	,	PUNCT
ajfa-4133	260	8	g.	g.	PROPN
ajfa-4133	260	9	,	,	PUNCT
ajfa-4133	260	10	cill	cill	PROPN
ajfa-4133	260	11	,	,	PUNCT
ajfa-4133	260	12	r.	r.	PROPN
ajfa-4133	260	13	,	,	PUNCT
ajfa-4133	260	14	klapper	klapper	PROPN
ajfa-4133	260	15	,	,	PUNCT
ajfa-4133	260	16	l.	l.	PROPN
ajfa-4133	260	17	,	,	PUNCT
ajfa-4133	260	18	&	&	CCONJ
ajfa-4133	260	19	udell	udell	PROPN
ajfa-4133	260	20	,	,	PUNCT
ajfa-4133	260	21	g.	g.	PROPN
ajfa-4133	260	22	(	(	PUNCT
ajfa-4133	260	23	2005	2005	NUM
ajfa-4133	260	24	)	)	PUNCT
ajfa-4133	260	25	.	.	PUNCT
ajfa-4133	261	1	corporate	corporate	ADJ
ajfa-4133	261	2	governance	governance	NOUN
ajfa-4133	261	3	and	and	CCONJ
ajfa-4133	261	4	bank	bank	NOUN
ajfa-4133	261	5	performance	performance	NOUN
ajfa-4133	261	6	:	:	PUNCT
ajfa-4133	261	7	a	a	DET
ajfa-4133	261	8	joint	joint	ADJ
ajfa-4133	261	9	analysis	analysis	NOUN
ajfa-4133	261	10	of	of	ADP
ajfa-4133	261	11	the	the	DET
ajfa-4133	261	12	static	static	ADJ
ajfa-4133	261	13	,	,	PUNCT
ajfa-4133	261	14	selection	selection	NOUN
ajfa-4133	261	15	,	,	PUNCT
ajfa-4133	261	16	and	and	CCONJ
ajfa-4133	261	17	dynamic	dynamic	ADJ
ajfa-4133	261	18	effects	effect	NOUN
ajfa-4133	261	19	of	of	ADP
ajfa-4133	261	20	domestic	domestic	ADJ
ajfa-4133	261	21	,	,	PUNCT
ajfa-4133	261	22	foreign	foreign	ADJ
ajfa-4133	261	23	,	,	PUNCT
ajfa-4133	261	24	and	and	CCONJ
ajfa-4133	261	25	state	state	NOUN
ajfa-4133	261	26	ownership	ownership	NOUN
ajfa-4133	261	27	.	.	PUNCT
ajfa-4133	262	1	journal	journal	NOUN
ajfa-4133	262	2	of	of	ADP
ajfa-4133	262	3	banking	banking	NOUN
ajfa-4133	262	4	and	and	CCONJ
ajfa-4133	262	5	finance	finance	NOUN
ajfa-4133	262	6	,	,	PUNCT
ajfa-4133	262	7	29	29	NUM
ajfa-4133	262	8	,	,	PUNCT
ajfa-4133	262	9	2179–2221	2179–2221	NUM
ajfa-4133	262	10	.	.	PUNCT
ajfa-4133	263	1	http://dx.doi.org/10.1016/j.jbankfin.2005.03.013	http://dx.doi.org/10.1016/j.jbankfin.2005.03.013	NOUN
ajfa-4133	263	2	berle	berle	NOUN
ajfa-4133	263	3	,	,	PUNCT
ajfa-4133	263	4	a.	a.	NOUN
ajfa-4133	263	5	,	,	PUNCT
ajfa-4133	263	6	&	&	CCONJ
ajfa-4133	263	7	means	means	PROPN
ajfa-4133	263	8	,	,	PUNCT
ajfa-4133	263	9	g.	g.	PROPN
ajfa-4133	263	10	(	(	PUNCT
ajfa-4133	263	11	1933	1933	NUM
ajfa-4133	263	12	)	)	PUNCT
ajfa-4133	263	13	.	.	PUNCT
ajfa-4133	264	1	the	the	DET
ajfa-4133	264	2	modern	modern	ADJ
ajfa-4133	264	3	corporation	corporation	NOUN
ajfa-4133	264	4	and	and	CCONJ
ajfa-4133	264	5	private	private	ADJ
ajfa-4133	264	6	property	property	NOUN
ajfa-4133	264	7	.	.	PUNCT
ajfa-4133	265	1	macmillan	macmillan	PROPN
ajfa-4133	265	2	,	,	PUNCT
ajfa-4133	265	3	new	new	PROPN
ajfa-4133	265	4	york	york	PROPN
ajfa-4133	265	5	.	.	PROPN
ajfa-4133	266	1	bliss	bliss	PROPN
ajfa-4133	266	2	,	,	PUNCT
ajfa-4133	266	3	r.	r.	PROPN
ajfa-4133	266	4	,	,	PUNCT
ajfa-4133	266	5	&	&	CCONJ
ajfa-4133	266	6	flannery	flannery	PROPN
ajfa-4133	266	7	,	,	PUNCT
ajfa-4133	266	8	m.	m.	NOUN
ajfa-4133	266	9	(	(	PUNCT
ajfa-4133	266	10	2002	2002	NUM
ajfa-4133	266	11	)	)	PUNCT
ajfa-4133	266	12	.	.	PUNCT
ajfa-4133	267	1	market	market	NOUN
ajfa-4133	267	2	discipline	discipline	NOUN
ajfa-4133	267	3	in	in	ADP
ajfa-4133	267	4	the	the	DET
ajfa-4133	267	5	governance	governance	NOUN
ajfa-4133	267	6	of	of	ADP
ajfa-4133	267	7	us	us	PROPN
ajfa-4133	267	8	bank	bank	NOUN
ajfa-4133	267	9	holding	hold	VERB
ajfa-4133	267	10	companies	company	NOUN
ajfa-4133	267	11	:	:	PUNCT
ajfa-4133	267	12	monitoring	monitor	VERB
ajfa-4133	267	13	vs.	vs.	ADP
ajfa-4133	267	14	influencing	influence	VERB
ajfa-4133	267	15	.	.	PUNCT
ajfa-4133	268	1	european	european	PROPN
ajfa-4133	268	2	finance	finance	PROPN
ajfa-4133	268	3	review	review	PROPN
ajfa-4133	268	4	,	,	PUNCT
ajfa-4133	268	5	6(3	6(3	NUM
ajfa-4133	268	6	)	)	PUNCT
ajfa-4133	268	7	,	,	PUNCT
ajfa-4133	268	8	361–395	361–395	NUM
ajfa-4133	268	9	.	.	PUNCT
ajfa-4133	269	1	http://dx.doi.org/10.1023/a:1022021430852	http://dx.doi.org/10.1023/a:1022021430852	PROPN
ajfa-4133	269	2	boubakri	boubakri	NOUN
ajfa-4133	269	3	,	,	PUNCT
ajfa-4133	269	4	n.	n.	NOUN
ajfa-4133	269	5	,	,	PUNCT
ajfa-4133	269	6	&	&	CCONJ
ajfa-4133	269	7	ghouma	ghouma	PROPN
ajfa-4133	269	8	,	,	PUNCT
ajfa-4133	269	9	h.	h.	PROPN
ajfa-4133	269	10	(	(	PUNCT
ajfa-4133	269	11	2010	2010	NUM
ajfa-4133	269	12	)	)	PUNCT
ajfa-4133	269	13	.	.	PUNCT
ajfa-4133	270	1	control	control	NOUN
ajfa-4133	270	2	/	/	SYM
ajfa-4133	270	3	ownership	ownership	NOUN
ajfa-4133	270	4	structure	structure	NOUN
ajfa-4133	270	5	,	,	PUNCT
ajfa-4133	270	6	creditor	creditor	NOUN
ajfa-4133	270	7	rights	right	NOUN
ajfa-4133	270	8	protection	protection	NOUN
ajfa-4133	270	9	,	,	PUNCT
ajfa-4133	270	10	and	and	CCONJ
ajfa-4133	270	11	cost	cost	VERB
ajfa-4133	270	12	debt	debt	NOUN
ajfa-4133	270	13	financing	financing	NOUN
ajfa-4133	270	14	:	:	PUNCT
ajfa-4133	270	15	international	international	ADJ
ajfa-4133	270	16	evidence	evidence	NOUN
ajfa-4133	270	17	.	.	PUNCT
ajfa-4133	271	1	journal	journal	NOUN
ajfa-4133	271	2	of	of	ADP
ajfa-4133	271	3	banking	banking	NOUN
ajfa-4133	271	4	and	and	CCONJ
ajfa-4133	271	5	finance	finance	NOUN
ajfa-4133	271	6	,	,	PUNCT
ajfa-4133	271	7	34	34	NUM
ajfa-4133	271	8	,	,	PUNCT
ajfa-4133	271	9	2481–2499	2481–2499	NUM
ajfa-4133	271	10	.	.	PUNCT
ajfa-4133	271	11	http://dx.doi.org/10.1016/j.jbankfin.2010.04.006	http://dx.doi.org/10.1016/j.jbankfin.2010.04.006	PROPN
ajfa-4133	271	12	boyd	boyd	PROPN
ajfa-4133	271	13	,	,	PUNCT
ajfa-4133	271	14	j.h	j.h	PROPN
ajfa-4133	271	15	.	.	PROPN
ajfa-4133	271	16	,	,	PUNCT
ajfa-4133	271	17	chang	chang	PROPN
ajfa-4133	271	18	,	,	PUNCT
ajfa-4133	271	19	c.	c.	PROPN
ajfa-4133	271	20	,	,	PUNCT
ajfa-4133	271	21	&	&	CCONJ
ajfa-4133	271	22	smith	smith	PROPN
ajfa-4133	271	23	,	,	PUNCT
ajfa-4133	271	24	b.d	b.d	PROPN
ajfa-4133	271	25	.	.	PROPN
ajfa-4133	272	1	(	(	PUNCT
ajfa-4133	272	2	1998	1998	NUM
ajfa-4133	272	3	)	)	PUNCT
ajfa-4133	272	4	.	.	PUNCT
ajfa-4133	273	1	moral	moral	ADJ
ajfa-4133	273	2	hazard	hazard	NOUN
ajfa-4133	273	3	under	under	ADP
ajfa-4133	273	4	commercial	commercial	ADJ
ajfa-4133	273	5	and	and	CCONJ
ajfa-4133	273	6	universal	universal	ADJ
ajfa-4133	273	7	banking	banking	NOUN
ajfa-4133	273	8	.	.	PUNCT
ajfa-4133	274	1	journal	journal	PROPN
ajfa-4133	274	2	of	of	ADP
ajfa-4133	274	3	money	money	NOUN
ajfa-4133	274	4	,	,	PUNCT
ajfa-4133	274	5	credit	credit	NOUN
ajfa-4133	274	6	and	and	CCONJ
ajfa-4133	274	7	banking	banking	NOUN
ajfa-4133	274	8	,	,	PUNCT
ajfa-4133	274	9	30	30	NUM
ajfa-4133	274	10	,	,	PUNCT
ajfa-4133	274	11	426–468	426–468	NUM
ajfa-4133	274	12	.	.	PUNCT
ajfa-4133	275	1	http://dx.doi.org/10.2307/2601249	http://dx.doi.org/10.2307/2601249	PROPN
ajfa-4133	275	2	burkart	burkart	PROPN
ajfa-4133	275	3	,	,	PUNCT
ajfa-4133	275	4	m.	m.	NOUN
ajfa-4133	275	5	,	,	PUNCT
ajfa-4133	275	6	gromb	gromb	PROPN
ajfa-4133	275	7	,	,	PUNCT
ajfa-4133	275	8	d.	d.	PROPN
ajfa-4133	275	9	,	,	PUNCT
ajfa-4133	275	10	&	&	CCONJ
ajfa-4133	275	11	panunzi	panunzi	PROPN
ajfa-4133	275	12	,	,	PUNCT
ajfa-4133	275	13	f.	f.	PROPN
ajfa-4133	275	14	(	(	PUNCT
ajfa-4133	275	15	1997	1997	NUM
ajfa-4133	275	16	)	)	PUNCT
ajfa-4133	275	17	.	.	PUNCT
ajfa-4133	276	1	large	large	ADJ
ajfa-4133	276	2	shareholders	shareholder	NOUN
ajfa-4133	276	3	,	,	PUNCT
ajfa-4133	276	4	monitoring	monitoring	NOUN
ajfa-4133	276	5	and	and	CCONJ
ajfa-4133	276	6	the	the	DET
ajfa-4133	276	7	value	value	NOUN
ajfa-4133	276	8	of	of	ADP
ajfa-4133	276	9	the	the	DET
ajfa-4133	276	10	firm	firm	NOUN
ajfa-4133	276	11	.	.	PUNCT
ajfa-4133	277	1	quarterly	quarterly	ADJ
ajfa-4133	277	2	journal	journal	NOUN
ajfa-4133	277	3	of	of	ADP
ajfa-4133	277	4	economics	economic	NOUN
ajfa-4133	277	5	,	,	PUNCT
ajfa-4133	277	6	112	112	NUM
ajfa-4133	277	7	,	,	PUNCT
ajfa-4133	277	8	693–728	693–728	NUM
ajfa-4133	277	9	.	.	PUNCT
ajfa-4133	278	1	http://dx.doi.org/10.1162/003355397555325	http://dx.doi.org/10.1162/003355397555325	PROPN
ajfa-4133	278	2	asian	asian	PROPN
ajfa-4133	278	3	journal	journal	PROPN
ajfa-4133	278	4	of	of	ADP
ajfa-4133	278	5	finance	finance	PROPN
ajfa-4133	278	6	&	&	CCONJ
ajfa-4133	278	7	accounting	accounting	PROPN
ajfa-4133	278	8	issn	issn	PROPN
ajfa-4133	278	9	1946	1946	NUM
ajfa-4133	278	10	-	-	PUNCT
ajfa-4133	278	11	052x	052x	NOUN
ajfa-4133	278	12	2013	2013	NUM
ajfa-4133	278	13	,	,	PUNCT
ajfa-4133	278	14	vol	vol	NOUN
ajfa-4133	278	15	.	.	PROPN
ajfa-4133	278	16	5	5	NUM
ajfa-4133	278	17	,	,	PUNCT
ajfa-4133	278	18	no	no	INTJ
ajfa-4133	278	19	.	.	NOUN
ajfa-4133	278	20	2	2	NUM
ajfa-4133	278	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4133	278	22	286	286	NUM
ajfa-4133	278	23	caprio	caprio	PROPN
ajfa-4133	278	24	,	,	PUNCT
ajfa-4133	278	25	g.	g.	PROPN
ajfa-4133	278	26	,	,	PUNCT
ajfa-4133	278	27	laeven	laeven	ADJ
ajfa-4133	278	28	,	,	PUNCT
ajfa-4133	278	29	l.	l.	PROPN
ajfa-4133	278	30	,	,	PUNCT
ajfa-4133	278	31	&	&	CCONJ
ajfa-4133	278	32	levine	levine	PROPN
ajfa-4133	278	33	,	,	PUNCT
ajfa-4133	278	34	r.	r.	PROPN
ajfa-4133	278	35	(	(	PUNCT
ajfa-4133	278	36	2007	2007	NUM
ajfa-4133	278	37	)	)	PUNCT
ajfa-4133	278	38	.	.	PUNCT
ajfa-4133	279	1	governance	governance	NOUN
ajfa-4133	279	2	and	and	CCONJ
ajfa-4133	279	3	bank	bank	NOUN
ajfa-4133	279	4	valuation	valuation	NOUN
ajfa-4133	279	5	.	.	PUNCT
ajfa-4133	280	1	journal	journal	PROPN
ajfa-4133	280	2	of	of	ADP
ajfa-4133	280	3	financial	financial	ADJ
ajfa-4133	280	4	intermediation	intermediation	NOUN
ajfa-4133	280	5	,	,	PUNCT
ajfa-4133	280	6	16	16	NUM
ajfa-4133	280	7	,	,	PUNCT
ajfa-4133	280	8	584–617	584–617	NUM
ajfa-4133	280	9	.	.	PUNCT
ajfa-4133	281	1	http://dx.doi.org/10.1016/j.jfi.2006.10.003	http://dx.doi.org/10.1016/j.jfi.2006.10.003	NOUN
ajfa-4133	281	2	choi	choi	NOUN
ajfa-4133	281	3	,	,	PUNCT
ajfa-4133	281	4	d.f	d.f	PROPN
ajfa-4133	281	5	.	.	PROPN
ajfa-4133	281	6	,	,	PUNCT
ajfa-4133	281	7	&	&	CCONJ
ajfa-4133	281	8	clovutivat	clovutivat	PROPN
ajfa-4133	281	9	,	,	PUNCT
ajfa-4133	281	10	w.	w.	NOUN
ajfa-4133	281	11	(	(	PUNCT
ajfa-4133	281	12	2004	2004	NUM
ajfa-4133	281	13	)	)	PUNCT
ajfa-4133	281	14	.	.	PUNCT
ajfa-4133	282	1	the	the	DET
ajfa-4133	282	2	relaxation	relaxation	NOUN
ajfa-4133	282	3	of	of	ADP
ajfa-4133	282	4	foreign	foreign	ADJ
ajfa-4133	282	5	ownership	ownership	NOUN
ajfa-4133	282	6	limits	limit	NOUN
ajfa-4133	282	7	and	and	CCONJ
ajfa-4133	282	8	market	market	NOUN
ajfa-4133	282	9	integration	integration	NOUN
ajfa-4133	282	10	:	:	PUNCT
ajfa-4133	282	11	the	the	DET
ajfa-4133	282	12	case	case	NOUN
ajfa-4133	282	13	of	of	ADP
ajfa-4133	282	14	thailand	thailand	PROPN
ajfa-4133	282	15	.	.	PUNCT
ajfa-4133	283	1	managerial	managerial	ADJ
ajfa-4133	283	2	finance	finance	NOUN
ajfa-4133	283	3	,	,	PUNCT
ajfa-4133	283	4	30	30	NUM
ajfa-4133	283	5	,	,	PUNCT
ajfa-4133	283	6	78‐89	78‐89	NUM
ajfa-4133	283	7	.	.	PUNCT
ajfa-4133	284	1	http://dx.doi.org/10.1108/03074350410769182	http://dx.doi.org/10.1108/03074350410769182	PROPN
ajfa-4133	284	2	demirgüç	demirgüç	PROPN
ajfa-4133	284	3	-	-	PUNCT
ajfa-4133	284	4	kunt	kunt	PROPN
ajfa-4133	284	5	,	,	PUNCT
ajfa-4133	284	6	a.	a.	NOUN
ajfa-4133	284	7	,	,	PUNCT
ajfa-4133	284	8	&	&	CCONJ
ajfa-4133	284	9	huizinga	huizinga	PROPN
ajfa-4133	284	10	,	,	PUNCT
ajfa-4133	284	11	h.	h.	PROPN
ajfa-4133	284	12	(	(	PUNCT
ajfa-4133	284	13	2004	2004	NUM
ajfa-4133	284	14	)	)	PUNCT
ajfa-4133	284	15	.	.	PUNCT
ajfa-4133	285	1	market	market	NOUN
ajfa-4133	285	2	discipline	discipline	NOUN
ajfa-4133	285	3	and	and	CCONJ
ajfa-4133	285	4	deposit	deposit	NOUN
ajfa-4133	285	5	insurance	insurance	NOUN
ajfa-4133	285	6	.	.	PUNCT
ajfa-4133	286	1	journal	journal	NOUN
ajfa-4133	286	2	of	of	ADP
ajfa-4133	286	3	monetary	monetary	ADJ
ajfa-4133	286	4	economics	economic	NOUN
ajfa-4133	286	5	,	,	PUNCT
ajfa-4133	286	6	51	51	NUM
ajfa-4133	286	7	,	,	PUNCT
ajfa-4133	286	8	375–399	375–399	NUM
ajfa-4133	286	9	.	.	PUNCT
ajfa-4133	287	1	http://dx.doi.org/10.1016/j.jmoneco.2003.04.001	http://dx.doi.org/10.1016/j.jmoneco.2003.04.001	PROPN
ajfa-4133	287	2	demsetz	demsetz	PROPN
ajfa-4133	287	3	,	,	PUNCT
ajfa-4133	287	4	h.	h.	PROPN
ajfa-4133	287	5	,	,	PUNCT
ajfa-4133	287	6	&	&	CCONJ
ajfa-4133	287	7	lehen	lehen	PROPN
ajfa-4133	287	8	,	,	PUNCT
ajfa-4133	287	9	k.	k.	PROPN
ajfa-4133	287	10	(	(	PUNCT
ajfa-4133	287	11	1985	1985	NUM
ajfa-4133	287	12	)	)	PUNCT
ajfa-4133	287	13	.	.	PUNCT
ajfa-4133	288	1	the	the	DET
ajfa-4133	288	2	structure	structure	NOUN
ajfa-4133	288	3	of	of	ADP
ajfa-4133	288	4	corporate	corporate	ADJ
ajfa-4133	288	5	ownership	ownership	NOUN
ajfa-4133	288	6	:	:	PUNCT
ajfa-4133	288	7	causes	cause	NOUN
ajfa-4133	288	8	and	and	CCONJ
ajfa-4133	288	9	consequences	consequence	NOUN
ajfa-4133	288	10	.	.	PUNCT
ajfa-4133	289	1	journal	journal	NOUN
ajfa-4133	289	2	of	of	ADP
ajfa-4133	289	3	political	political	ADJ
ajfa-4133	289	4	economy	economy	NOUN
ajfa-4133	289	5	,	,	PUNCT
ajfa-4133	289	6	93	93	NUM
ajfa-4133	289	7	,	,	PUNCT
ajfa-4133	289	8	1155–1177	1155–1177	NUM
ajfa-4133	289	9	.	.	PUNCT
ajfa-4133	290	1	http://dx.doi.org/10.1086/261354	http://dx.doi.org/10.1086/261354	PROPN
ajfa-4133	290	2	djankov	djankov	PROPN
ajfa-4133	290	3	,	,	PUNCT
ajfa-4133	290	4	s.	s.	PROPN
ajfa-4133	290	5	,	,	PUNCT
ajfa-4133	290	6	la	la	PROPN
ajfa-4133	290	7	porta	porta	PROPN
ajfa-4133	290	8	,	,	PUNCT
ajfa-4133	290	9	r.	r.	PROPN
ajfa-4133	290	10	,	,	PUNCT
ajfa-4133	290	11	lopez	lopez	NOUN
ajfa-4133	290	12	-	-	PUNCT
ajfa-4133	290	13	de	de	NOUN
ajfa-4133	290	14	-	-	NOUN
ajfa-4133	290	15	silanes	silanes	PROPN
ajfa-4133	290	16	,	,	PUNCT
ajfa-4133	290	17	f.	f.	PROPN
ajfa-4133	290	18	,	,	PUNCT
ajfa-4133	290	19	&	&	CCONJ
ajfa-4133	290	20	shleifer	shleifer	PROPN
ajfa-4133	290	21	,	,	PUNCT
ajfa-4133	290	22	a.	a.	NOUN
ajfa-4133	290	23	(	(	PUNCT
ajfa-4133	290	24	2008	2008	NUM
ajfa-4133	290	25	)	)	PUNCT
ajfa-4133	290	26	.	.	PUNCT
ajfa-4133	291	1	the	the	DET
ajfa-4133	291	2	law	law	NOUN
ajfa-4133	291	3	and	and	CCONJ
ajfa-4133	291	4	economics	economic	NOUN
ajfa-4133	291	5	of	of	ADP
ajfa-4133	291	6	self	self	NOUN
ajfa-4133	291	7	-	-	PUNCT
ajfa-4133	291	8	dealing	dealing	NOUN
ajfa-4133	291	9	.	.	PUNCT
ajfa-4133	292	1	journal	journal	NOUN
ajfa-4133	292	2	of	of	ADP
ajfa-4133	292	3	financial	financial	ADJ
ajfa-4133	292	4	economics	economic	NOUN
ajfa-4133	292	5	,	,	PUNCT
ajfa-4133	292	6	88	88	NUM
ajfa-4133	292	7	,	,	PUNCT
ajfa-4133	292	8	430–465	430–465	NUM
ajfa-4133	292	9	.	.	PUNCT
ajfa-4133	293	1	http://dx.doi.org/10.1016/j.jfineco.2007.02.007	http://dx.doi.org/10.1016/j.jfineco.2007.02.007	PROPN
ajfa-4133	293	2	djankov	djankov	PROPN
ajfa-4133	293	3	,	,	PUNCT
ajfa-4133	293	4	s.	s.	PROPN
ajfa-4133	293	5	,	,	PUNCT
ajfa-4133	293	6	mcliesh	mcliesh	PROPN
ajfa-4133	293	7	,	,	PUNCT
ajfa-4133	293	8	c.	c.	PROPN
ajfa-4133	293	9	,	,	PUNCT
ajfa-4133	293	10	&	&	CCONJ
ajfa-4133	293	11	shleifer	shleifer	PROPN
ajfa-4133	293	12	,	,	PUNCT
ajfa-4133	293	13	a.	a.	NOUN
ajfa-4133	293	14	(	(	PUNCT
ajfa-4133	293	15	2007	2007	NUM
ajfa-4133	293	16	)	)	PUNCT
ajfa-4133	293	17	.	.	PUNCT
ajfa-4133	294	1	private	private	ADJ
ajfa-4133	294	2	credit	credit	NOUN
ajfa-4133	294	3	in	in	ADP
ajfa-4133	294	4	129	129	NUM
ajfa-4133	294	5	countries	country	NOUN
ajfa-4133	294	6	.	.	PUNCT
ajfa-4133	295	1	journal	journal	NOUN
ajfa-4133	295	2	of	of	ADP
ajfa-4133	295	3	financial	financial	ADJ
ajfa-4133	295	4	economics	economic	NOUN
ajfa-4133	295	5	,	,	PUNCT
ajfa-4133	295	6	84	84	NUM
ajfa-4133	295	7	,	,	PUNCT
ajfa-4133	295	8	299–329	299–329	NUM
ajfa-4133	295	9	.	.	PUNCT
ajfa-4133	296	1	http://dx.doi.org/10.1016/j.jfineco.2006.03.004	http://dx.doi.org/10.1016/j.jfineco.2006.03.004	PROPN
ajfa-4133	296	2	elyasiani	elyasiani	NOUN
ajfa-4133	296	3	,	,	PUNCT
ajfa-4133	296	4	e.	e.	PROPN
ajfa-4133	296	5	,	,	PUNCT
ajfa-4133	296	6	&	&	CCONJ
ajfa-4133	296	7	jia	jia	PROPN
ajfa-4133	296	8	,	,	PUNCT
ajfa-4133	296	9	j.j	j.j	PROPN
ajfa-4133	296	10	.	.	PROPN
ajfa-4133	296	11	(	(	PUNCT
ajfa-4133	296	12	2008	2008	NUM
ajfa-4133	296	13	)	)	PUNCT
ajfa-4133	296	14	.	.	PUNCT
ajfa-4133	297	1	institutional	institutional	ADJ
ajfa-4133	297	2	ownership	ownership	NOUN
ajfa-4133	297	3	stability	stability	NOUN
ajfa-4133	297	4	and	and	CCONJ
ajfa-4133	297	5	bhc	bhc	NOUN
ajfa-4133	297	6	performance	performance	NOUN
ajfa-4133	297	7	.	.	PUNCT
ajfa-4133	298	1	journal	journal	NOUN
ajfa-4133	298	2	of	of	ADP
ajfa-4133	298	3	banking	banking	NOUN
ajfa-4133	298	4	and	and	CCONJ
ajfa-4133	298	5	finance	finance	NOUN
ajfa-4133	298	6	,	,	PUNCT
ajfa-4133	298	7	32	32	NUM
ajfa-4133	298	8	,	,	PUNCT
ajfa-4133	298	9	1767–1781	1767–1781	NUM
ajfa-4133	298	10	.	.	PUNCT
ajfa-4133	299	1	http://dx.doi.org/10.1016/j.jbankfin.2007.12.010	http://dx.doi.org/10.1016/j.jbankfin.2007.12.010	PROPN
ajfa-4133	299	2	esty	esty	PROPN
ajfa-4133	299	3	,	,	PUNCT
ajfa-4133	299	4	b.	b.	PROPN
ajfa-4133	299	5	(	(	PUNCT
ajfa-4133	299	6	1998	1998	NUM
ajfa-4133	299	7	)	)	PUNCT
ajfa-4133	299	8	.	.	PUNCT
ajfa-4133	300	1	the	the	DET
ajfa-4133	300	2	impact	impact	NOUN
ajfa-4133	300	3	of	of	ADP
ajfa-4133	300	4	contingent	contingent	ADJ
ajfa-4133	300	5	liability	liability	NOUN
ajfa-4133	300	6	on	on	ADP
ajfa-4133	300	7	commercial	commercial	ADJ
ajfa-4133	300	8	bank	bank	NOUN
ajfa-4133	300	9	risk	risk	NOUN
ajfa-4133	300	10	taking	taking	NOUN
ajfa-4133	300	11	.	.	PUNCT
ajfa-4133	301	1	journal	journal	PROPN
ajfa-4133	301	2	of	of	ADP
ajfa-4133	301	3	financial	financial	ADJ
ajfa-4133	301	4	economics	economic	NOUN
ajfa-4133	301	5	,	,	PUNCT
ajfa-4133	301	6	47	47	NUM
ajfa-4133	301	7	,	,	PUNCT
ajfa-4133	301	8	189–218	189–218	NUM
ajfa-4133	301	9	.	.	PUNCT
ajfa-4133	302	1	http://dx.doi.org/10.1016/s0304-405x(97)00043-3	http://dx.doi.org/10.1016/s0304-405x(97)00043-3	PROPN
ajfa-4133	302	2	flannery	flannery	PROPN
ajfa-4133	302	3	,	,	PUNCT
ajfa-4133	302	4	m.j	m.j	PROPN
ajfa-4133	302	5	.	.	PROPN
ajfa-4133	302	6	(	(	PUNCT
ajfa-4133	302	7	2001	2001	NUM
ajfa-4133	302	8	)	)	PUNCT
ajfa-4133	302	9	.	.	PUNCT
ajfa-4133	303	1	the	the	DET
ajfa-4133	303	2	faces	face	NOUN
ajfa-4133	303	3	of	of	ADP
ajfa-4133	303	4	market	market	NOUN
ajfa-4133	303	5	discipline	discipline	NOUN
ajfa-4133	303	6	.	.	PUNCT
ajfa-4133	304	1	journal	journal	NOUN
ajfa-4133	304	2	of	of	ADP
ajfa-4133	304	3	financial	financial	ADJ
ajfa-4133	304	4	services	service	NOUN
ajfa-4133	304	5	research	research	NOUN
ajfa-4133	304	6	,	,	PUNCT
ajfa-4133	304	7	20	20	NUM
ajfa-4133	304	8	(	(	PUNCT
ajfa-4133	304	9	2	2	NUM
ajfa-4133	304	10	-	-	SYM
ajfa-4133	304	11	3	3	NUM
ajfa-4133	304	12	)	)	PUNCT
ajfa-4133	304	13	,	,	PUNCT
ajfa-4133	304	14	107–119	107–119	NUM
ajfa-4133	304	15	.	.	PUNCT
ajfa-4133	305	1	http://dx.doi.org/10.1023/a:1012455806431	http://dx.doi.org/10.1023/a:1012455806431	NOUN
ajfa-4133	305	2	gelos	gelos	PROPN
ajfa-4133	305	3	,	,	PUNCT
ajfa-4133	305	4	g.	g.	PROPN
ajfa-4133	305	5	,	,	PUNCT
ajfa-4133	305	6	&	&	CCONJ
ajfa-4133	305	7	roldós	roldós	PROPN
ajfa-4133	305	8	,	,	PUNCT
ajfa-4133	305	9	j.	j.	PROPN
ajfa-4133	305	10	(	(	PUNCT
ajfa-4133	305	11	2004	2004	NUM
ajfa-4133	305	12	)	)	PUNCT
ajfa-4133	305	13	.	.	PUNCT
ajfa-4133	306	1	consolidation	consolidation	NOUN
ajfa-4133	306	2	and	and	CCONJ
ajfa-4133	306	3	market	market	NOUN
ajfa-4133	306	4	structure	structure	NOUN
ajfa-4133	306	5	in	in	ADP
ajfa-4133	306	6	emerging	emerge	VERB
ajfa-4133	306	7	market	market	NOUN
ajfa-4133	306	8	banking	banking	NOUN
ajfa-4133	306	9	systems	system	NOUN
ajfa-4133	306	10	.	.	PUNCT
ajfa-4133	307	1	emerging	emerge	VERB
ajfa-4133	307	2	market	market	NOUN
ajfa-4133	307	3	review	review	NOUN
ajfa-4133	307	4	,	,	PUNCT
ajfa-4133	307	5	5	5	NUM
ajfa-4133	307	6	,	,	PUNCT
ajfa-4133	307	7	39‐59	39‐59	NUM
ajfa-4133	307	8	.	.	PUNCT
ajfa-4133	308	1	http://dx.doi.org/10.1016/j.ememar.2003.12.002	http://dx.doi.org/10.1016/j.ememar.2003.12.002	NUM
ajfa-4133	308	2	gomes	gome	NOUN
ajfa-4133	308	3	,	,	PUNCT
ajfa-4133	308	4	a.r	a.r	PROPN
ajfa-4133	308	5	.	.	PROPN
ajfa-4133	308	6	,	,	PUNCT
ajfa-4133	308	7	&	&	CCONJ
ajfa-4133	308	8	novaes	novaes	PROPN
ajfa-4133	308	9	,	,	PUNCT
ajfa-4133	308	10	w.	w.	PROPN
ajfa-4133	308	11	(	(	PUNCT
ajfa-4133	308	12	1999	1999	NUM
ajfa-4133	308	13	)	)	PUNCT
ajfa-4133	308	14	.	.	PUNCT
ajfa-4133	309	1	multiple	multiple	ADJ
ajfa-4133	309	2	large	large	ADJ
ajfa-4133	309	3	shareholders	shareholder	NOUN
ajfa-4133	309	4	in	in	ADP
ajfa-4133	309	5	corporate	corporate	ADJ
ajfa-4133	309	6	governance	governance	NOUN
ajfa-4133	309	7	.	.	PUNCT
ajfa-4133	310	1	working	work	VERB
ajfa-4133	310	2	paper	paper	NOUN
ajfa-4133	310	3	.	.	PUNCT
ajfa-4133	311	1	the	the	DET
ajfa-4133	311	2	wharton	wharton	PROPN
ajfa-4133	311	3	school	school	PROPN
ajfa-4133	311	4	,	,	PUNCT
ajfa-4133	311	5	philadelphia	philadelphia	PROPN
ajfa-4133	311	6	,	,	PUNCT
ajfa-4133	311	7	pa	pa	PROPN
ajfa-4133	311	8	.	.	PROPN
ajfa-4133	311	9	gomes	gomes	PROPN
ajfa-4133	311	10	,	,	PUNCT
ajfa-4133	311	11	a.r	a.r	PROPN
ajfa-4133	311	12	.	.	PROPN
ajfa-4133	311	13	,	,	PUNCT
ajfa-4133	311	14	&	&	CCONJ
ajfa-4133	311	15	novaes	novaes	PROPN
ajfa-4133	311	16	,	,	PUNCT
ajfa-4133	311	17	w.	w.	PROPN
ajfa-4133	311	18	(	(	PUNCT
ajfa-4133	311	19	2005	2005	NUM
ajfa-4133	311	20	)	)	PUNCT
ajfa-4133	311	21	.	.	PUNCT
ajfa-4133	312	1	sharing	share	VERB
ajfa-4133	312	2	of	of	ADP
ajfa-4133	312	3	control	control	NOUN
ajfa-4133	312	4	as	as	ADP
ajfa-4133	312	5	a	a	DET
ajfa-4133	312	6	corporate	corporate	ADJ
ajfa-4133	312	7	governance	governance	NOUN
ajfa-4133	312	8	mechanism	mechanism	NOUN
ajfa-4133	312	9	.	.	PUNCT
ajfa-4133	313	1	pier	pier	NOUN
ajfa-4133	313	2	working	working	PROPN
ajfa-4133	313	3	paper	paper	PROPN
ajfa-4133	313	4	no	no	INTJ
ajfa-4133	313	5	.	.	PROPN
ajfa-4133	313	6	01	01	NUM
ajfa-4133	313	7	-	-	PUNCT
ajfa-4133	313	8	029	029	NUM
ajfa-4133	313	9	.	.	PUNCT
ajfa-4133	314	1	haw	haw	PROPN
ajfa-4133	314	2	,	,	PUNCT
ajfa-4133	314	3	i.-m	i.-m	PROPN
ajfa-4133	314	4	.	.	PROPN
ajfa-4133	314	5	,	,	PUNCT
ajfa-4133	314	6	ho	ho	PROPN
ajfa-4133	314	7	,	,	PUNCT
ajfa-4133	314	8	s.	s.	PROPN
ajfa-4133	314	9	,	,	PUNCT
ajfa-4133	314	10	hu	hu	PROPN
ajfa-4133	314	11	,	,	PUNCT
ajfa-4133	314	12	b.	b.	PROPN
ajfa-4133	314	13	,	,	PUNCT
ajfa-4133	314	14	&	&	CCONJ
ajfa-4133	314	15	wu	wu	PROPN
ajfa-4133	314	16	,	,	PUNCT
ajfa-4133	314	17	d.	d.	PROPN
ajfa-4133	314	18	(	(	PUNCT
ajfa-4133	314	19	2010	2010	NUM
ajfa-4133	314	20	)	)	PUNCT
ajfa-4133	314	21	.	.	PUNCT
ajfa-4133	315	1	concentrated	concentrated	ADJ
ajfa-4133	315	2	control	control	NOUN
ajfa-4133	315	3	,	,	PUNCT
ajfa-4133	315	4	institutions	institution	NOUN
ajfa-4133	315	5	,	,	PUNCT
ajfa-4133	315	6	and	and	CCONJ
ajfa-4133	315	7	banking	banking	NOUN
ajfa-4133	315	8	sector	sector	NOUN
ajfa-4133	315	9	:	:	PUNCT
ajfa-4133	315	10	an	an	DET
ajfa-4133	315	11	international	international	ADJ
ajfa-4133	315	12	study	study	NOUN
ajfa-4133	315	13	.	.	PUNCT
ajfa-4133	316	1	journal	journal	NOUN
ajfa-4133	316	2	of	of	ADP
ajfa-4133	316	3	banking	banking	NOUN
ajfa-4133	316	4	and	and	CCONJ
ajfa-4133	316	5	finance	finance	NOUN
ajfa-4133	316	6	,	,	PUNCT
ajfa-4133	316	7	34	34	NUM
ajfa-4133	316	8	,	,	PUNCT
ajfa-4133	316	9	485–497	485–497	NUM
ajfa-4133	316	10	.	.	PUNCT
ajfa-4133	317	1	http://dx.doi.org/10.1016/j.jbankfin.2009.08.013	http://dx.doi.org/10.1016/j.jbankfin.2009.08.013	PROPN
ajfa-4133	317	2	hawkins	hawkins	PROPN
ajfa-4133	317	3	,	,	PUNCT
ajfa-4133	317	4	j.	j.	PROPN
ajfa-4133	317	5	,	,	PUNCT
ajfa-4133	317	6	&	&	CCONJ
ajfa-4133	317	7	turner	turner	PROPN
ajfa-4133	317	8	,	,	PUNCT
ajfa-4133	317	9	p.	p.	NOUN
ajfa-4133	317	10	(	(	PUNCT
ajfa-4133	317	11	1999	1999	NUM
ajfa-4133	317	12	)	)	PUNCT
ajfa-4133	317	13	.	.	PUNCT
ajfa-4133	318	1	bank	bank	NOUN
ajfa-4133	318	2	restructuring	restructuring	NOUN
ajfa-4133	318	3	in	in	ADP
ajfa-4133	318	4	practice	practice	NOUN
ajfa-4133	318	5	:	:	PUNCT
ajfa-4133	318	6	an	an	DET
ajfa-4133	318	7	overview	overview	NOUN
ajfa-4133	318	8	,	,	PUNCT
ajfa-4133	318	9	bis	bis	ADJ
ajfa-4133	318	10	policy	policy	NOUN
ajfa-4133	318	11	paper	paper	NOUN
ajfa-4133	318	12	,	,	PUNCT
ajfa-4133	318	13	6	6	NUM
ajfa-4133	318	14	.	.	PUNCT
ajfa-4133	318	15	asian	asian	ADJ
ajfa-4133	318	16	journal	journal	PROPN
ajfa-4133	318	17	of	of	ADP
ajfa-4133	318	18	finance	finance	PROPN
ajfa-4133	318	19	&	&	CCONJ
ajfa-4133	318	20	accounting	accounting	PROPN
ajfa-4133	318	21	issn	issn	PROPN
ajfa-4133	318	22	1946	1946	NUM
ajfa-4133	318	23	-	-	PUNCT
ajfa-4133	318	24	052x	052x	NOUN
ajfa-4133	318	25	2013	2013	NUM
ajfa-4133	318	26	,	,	PUNCT
ajfa-4133	318	27	vol	vol	NOUN
ajfa-4133	318	28	.	.	PROPN
ajfa-4133	318	29	5	5	NUM
ajfa-4133	318	30	,	,	PUNCT
ajfa-4133	318	31	no	no	INTJ
ajfa-4133	318	32	.	.	NOUN
ajfa-4133	318	33	2	2	NUM
ajfa-4133	318	34	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4133	318	35	287	287	NUM
ajfa-4133	318	36	iannotta	iannotta	NOUN
ajfa-4133	318	37	,	,	PUNCT
ajfa-4133	318	38	g.	g.	PROPN
ajfa-4133	318	39	,	,	PUNCT
ajfa-4133	318	40	giacomo	giacomo	PROPN
ajfa-4133	318	41	,	,	PUNCT
ajfa-4133	318	42	n.	n.	NOUN
ajfa-4133	318	43	,	,	PUNCT
ajfa-4133	318	44	&	&	CCONJ
ajfa-4133	318	45	sironi	sironi	PROPN
ajfa-4133	318	46	,	,	PUNCT
ajfa-4133	318	47	a.	a.	NOUN
ajfa-4133	318	48	(	(	PUNCT
ajfa-4133	318	49	2007	2007	NUM
ajfa-4133	318	50	)	)	PUNCT
ajfa-4133	318	51	.	.	PUNCT
ajfa-4133	319	1	ownership	ownership	NOUN
ajfa-4133	319	2	structure	structure	NOUN
ajfa-4133	319	3	,	,	PUNCT
ajfa-4133	319	4	risk	risk	NOUN
ajfa-4133	319	5	and	and	CCONJ
ajfa-4133	319	6	performance	performance	NOUN
ajfa-4133	319	7	in	in	ADP
ajfa-4133	319	8	the	the	DET
ajfa-4133	319	9	european	european	ADJ
ajfa-4133	319	10	banking	banking	NOUN
ajfa-4133	319	11	industry	industry	NOUN
ajfa-4133	319	12	.	.	PUNCT
ajfa-4133	320	1	journal	journal	PROPN
ajfa-4133	320	2	of	of	ADP
ajfa-4133	320	3	banking	banking	NOUN
ajfa-4133	320	4	and	and	CCONJ
ajfa-4133	320	5	finance	finance	NOUN
ajfa-4133	320	6	,	,	PUNCT
ajfa-4133	320	7	31	31	NUM
ajfa-4133	320	8	,	,	PUNCT
ajfa-4133	320	9	2127–2149	2127–2149	NUM
ajfa-4133	320	10	.	.	PUNCT
ajfa-4133	321	1	http://dx.doi.org/10.1016/j.jbankfin.2006.07.013	http://dx.doi.org/10.1016/j.jbankfin.2006.07.013	PROPN
ajfa-4133	321	2	jensen	jensen	PROPN
ajfa-4133	321	3	,	,	PUNCT
ajfa-4133	321	4	m.c	m.c	PROPN
ajfa-4133	321	5	.	.	PROPN
ajfa-4133	321	6	,	,	PUNCT
ajfa-4133	321	7	&	&	CCONJ
ajfa-4133	321	8	meckling	meckling	PROPN
ajfa-4133	321	9	,	,	PUNCT
ajfa-4133	321	10	w.h	w.h	PROPN
ajfa-4133	321	11	.	.	PROPN
ajfa-4133	321	12	(	(	PUNCT
ajfa-4133	321	13	1976	1976	NUM
ajfa-4133	321	14	)	)	PUNCT
ajfa-4133	321	15	.	.	PUNCT
ajfa-4133	322	1	theory	theory	NOUN
ajfa-4133	322	2	of	of	ADP
ajfa-4133	322	3	the	the	DET
ajfa-4133	322	4	firm	firm	NOUN
ajfa-4133	322	5	:	:	PUNCT
ajfa-4133	322	6	managerial	managerial	ADJ
ajfa-4133	322	7	behavior	behavior	NOUN
ajfa-4133	322	8	,	,	PUNCT
ajfa-4133	322	9	agency	agency	NOUN
ajfa-4133	322	10	cost	cost	NOUN
ajfa-4133	322	11	and	and	CCONJ
ajfa-4133	322	12	ownership	ownership	NOUN
ajfa-4133	322	13	structure	structure	NOUN
ajfa-4133	322	14	.	.	PUNCT
ajfa-4133	323	1	journal	journal	NOUN
ajfa-4133	323	2	of	of	ADP
ajfa-4133	323	3	financial	financial	ADJ
ajfa-4133	323	4	economics	economic	NOUN
ajfa-4133	323	5	,	,	PUNCT
ajfa-4133	323	6	3	3	NUM
ajfa-4133	323	7	,	,	PUNCT
ajfa-4133	323	8	305–360	305–360	NUM
ajfa-4133	323	9	.	.	PUNCT
ajfa-4133	324	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-4133	324	2	khwaja	khwaja	PROPN
ajfa-4133	324	3	,	,	PUNCT
ajfa-4133	324	4	a	a	DET
ajfa-4133	324	5	i.	i.	NOUN
ajfa-4133	324	6	,	,	PUNCT
ajfa-4133	324	7	&	&	CCONJ
ajfa-4133	324	8	mian	mian	PROPN
ajfa-4133	324	9	,	,	PUNCT
ajfa-4133	324	10	atif	atif	PROPN
ajfa-4133	324	11	.	.	PROPN
ajfa-4133	324	12	,	,	PUNCT
ajfa-4133	324	13	(	(	PUNCT
ajfa-4133	324	14	2005	2005	NUM
ajfa-4133	324	15	)	)	PUNCT
ajfa-4133	324	16	.	.	PUNCT
ajfa-4133	325	1	lenders	lender	NOUN
ajfa-4133	325	2	favor	favor	VERB
ajfa-4133	325	3	politically	politically	ADV
ajfa-4133	325	4	connected	connect	VERB
ajfa-4133	325	5	firms	firm	NOUN
ajfa-4133	325	6	?	?	PUNCT
ajfa-4133	326	1	rent	rent	NOUN
ajfa-4133	326	2	provision	provision	NOUN
ajfa-4133	326	3	in	in	ADP
ajfa-4133	326	4	an	an	DET
ajfa-4133	326	5	emerging	emerge	VERB
ajfa-4133	326	6	financial	financial	ADJ
ajfa-4133	326	7	market	market	NOUN
ajfa-4133	326	8	.	.	PUNCT
ajfa-4133	327	1	the	the	DET
ajfa-4133	327	2	quarterly	quarterly	ADJ
ajfa-4133	327	3	journal	journal	NOUN
ajfa-4133	327	4	of	of	ADP
ajfa-4133	327	5	economics	economic	NOUN
ajfa-4133	327	6	,	,	PUNCT
ajfa-4133	327	7	120(4	120(4	NUM
ajfa-4133	327	8	)	)	PUNCT
ajfa-4133	327	9	,	,	PUNCT
ajfa-4133	327	10	1371	1371	NUM
ajfa-4133	327	11	-	-	SYM
ajfa-4133	327	12	1411	1411	NUM
ajfa-4133	327	13	.	.	PUNCT
ajfa-4133	328	1	http://dx.doi.org/10.1162/003355305775097524	http://dx.doi.org/10.1162/003355305775097524	PROPN
ajfa-4133	328	2	la	la	PROPN
ajfa-4133	328	3	porta	porta	PROPN
ajfa-4133	328	4	,	,	PUNCT
ajfa-4133	328	5	r.	r.	PROPN
ajfa-4133	328	6	,	,	PUNCT
ajfa-4133	328	7	lópez	lópez	NOUN
ajfa-4133	328	8	-	-	PUNCT
ajfa-4133	328	9	de	de	NOUN
ajfa-4133	328	10	-	-	NOUN
ajfa-4133	328	11	silanes	silanes	PROPN
ajfa-4133	328	12	,	,	PUNCT
ajfa-4133	328	13	f.	f.	PROPN
ajfa-4133	328	14	,	,	PUNCT
ajfa-4133	328	15	shleifer	shleifer	PROPN
ajfa-4133	328	16	,	,	PUNCT
ajfa-4133	328	17	a.	a.	PROPN
ajfa-4133	328	18	,	,	PUNCT
ajfa-4133	328	19	&	&	CCONJ
ajfa-4133	328	20	vishny	vishny	PROPN
ajfa-4133	328	21	,	,	PUNCT
ajfa-4133	328	22	r.w	r.w	PROPN
ajfa-4133	328	23	.	.	PROPN
ajfa-4133	328	24	(	(	PUNCT
ajfa-4133	328	25	1998	1998	NUM
ajfa-4133	328	26	)	)	PUNCT
ajfa-4133	328	27	.	.	PUNCT
ajfa-4133	329	1	law	law	NOUN
ajfa-4133	329	2	and	and	CCONJ
ajfa-4133	329	3	finance	finance	NOUN
ajfa-4133	329	4	.	.	PUNCT
ajfa-4133	330	1	journal	journal	NOUN
ajfa-4133	330	2	of	of	ADP
ajfa-4133	330	3	political	political	ADJ
ajfa-4133	330	4	economy	economy	NOUN
ajfa-4133	330	5	,	,	PUNCT
ajfa-4133	330	6	106	106	NUM
ajfa-4133	330	7	,	,	PUNCT
ajfa-4133	330	8	1113–1155	1113–1155	NUM
ajfa-4133	330	9	.	.	PUNCT
ajfa-4133	331	1	http://dx.doi.org/10.1086/250042	http://dx.doi.org/10.1086/250042	NOUN
ajfa-4133	331	2	laeven	laeven	PROPN
ajfa-4133	331	3	,	,	PUNCT
ajfa-4133	331	4	l.	l.	PROPN
ajfa-4133	331	5	,	,	PUNCT
ajfa-4133	331	6	&	&	CCONJ
ajfa-4133	331	7	levine	levine	PROPN
ajfa-4133	331	8	,	,	PUNCT
ajfa-4133	331	9	r.	r.	PROPN
ajfa-4133	331	10	(	(	PUNCT
ajfa-4133	331	11	2009	2009	NUM
ajfa-4133	331	12	)	)	PUNCT
ajfa-4133	331	13	.	.	PUNCT
ajfa-4133	332	1	bank	bank	NOUN
ajfa-4133	332	2	governance	governance	NOUN
ajfa-4133	332	3	,	,	PUNCT
ajfa-4133	332	4	regulation	regulation	NOUN
ajfa-4133	332	5	and	and	CCONJ
ajfa-4133	332	6	risk	risk	NOUN
ajfa-4133	332	7	taking	taking	NOUN
ajfa-4133	332	8	.	.	PUNCT
ajfa-4133	333	1	journal	journal	PROPN
ajfa-4133	333	2	of	of	ADP
ajfa-4133	333	3	financial	financial	ADJ
ajfa-4133	333	4	economics	economic	NOUN
ajfa-4133	333	5	,	,	PUNCT
ajfa-4133	333	6	93	93	NUM
ajfa-4133	333	7	,	,	PUNCT
ajfa-4133	333	8	259–275	259–275	NUM
ajfa-4133	333	9	.	.	PUNCT
ajfa-4133	334	1	http://dx.doi.org/10.1016/j.jfineco.2008.09.003	http://dx.doi.org/10.1016/j.jfineco.2008.09.003	ADJ
ajfa-4133	334	2	micco	micco	PROPN
ajfa-4133	334	3	,	,	PUNCT
ajfa-4133	334	4	a.	a.	PROPN
ajfa-4133	334	5	,	,	PUNCT
ajfa-4133	334	6	ugo	ugo	PROPN
ajfa-4133	334	7	,	,	PUNCT
ajfa-4133	334	8	p.	p.	PROPN
ajfa-4133	334	9	,	,	PUNCT
ajfa-4133	334	10	&	&	CCONJ
ajfa-4133	334	11	monica	monica	PROPN
ajfa-4133	334	12	,	,	PUNCT
ajfa-4133	334	13	y.	y.	PROPN
ajfa-4133	334	14	(	(	PUNCT
ajfa-4133	334	15	2007	2007	NUM
ajfa-4133	334	16	)	)	PUNCT
ajfa-4133	334	17	.	.	PUNCT
ajfa-4133	335	1	bank	bank	NOUN
ajfa-4133	335	2	ownership	ownership	NOUN
ajfa-4133	335	3	and	and	CCONJ
ajfa-4133	335	4	performance	performance	NOUN
ajfa-4133	335	5	:	:	PUNCT
ajfa-4133	335	6	does	do	AUX
ajfa-4133	335	7	politics	politics	NOUN
ajfa-4133	335	8	matter	matter	NOUN
ajfa-4133	335	9	?	?	PUNCT
ajfa-4133	336	1	journal	journal	NOUN
ajfa-4133	336	2	of	of	ADP
ajfa-4133	336	3	banking	banking	NOUN
ajfa-4133	336	4	and	and	CCONJ
ajfa-4133	336	5	finance	finance	NOUN
ajfa-4133	336	6	,	,	PUNCT
ajfa-4133	336	7	31	31	NUM
ajfa-4133	336	8	,	,	PUNCT
ajfa-4133	336	9	219–241	219–241	NUM
ajfa-4133	336	10	.	.	PUNCT
ajfa-4133	337	1	http://dx.doi.org/10.1016/j.jbankfin.2006.02.007	http://dx.doi.org/10.1016/j.jbankfin.2006.02.007	PROPN
ajfa-4133	337	2	nichols	nichols	PROPN
ajfa-4133	337	3	,	,	PUNCT
ajfa-4133	337	4	d.	d.	PROPN
ajfa-4133	337	5	,	,	PUNCT
ajfa-4133	337	6	wahlen	wahlen	PROPN
ajfa-4133	337	7	,	,	PUNCT
ajfa-4133	337	8	j.	j.	PROPN
ajfa-4133	337	9	,	,	PUNCT
ajfa-4133	337	10	&	&	CCONJ
ajfa-4133	337	11	wieland	wieland	PROPN
ajfa-4133	337	12	,	,	PUNCT
ajfa-4133	337	13	m.	m.	NOUN
ajfa-4133	337	14	(	(	PUNCT
ajfa-4133	337	15	2009	2009	NUM
ajfa-4133	337	16	)	)	PUNCT
ajfa-4133	337	17	.	.	PUNCT
ajfa-4133	338	1	publicly	publicly	ADV
ajfa-4133	338	2	-	-	PUNCT
ajfa-4133	338	3	traded	trade	VERB
ajfa-4133	338	4	versus	versus	ADP
ajfa-4133	338	5	privately	privately	ADV
ajfa-4133	338	6	-	-	PUNCT
ajfa-4133	338	7	held	hold	VERB
ajfa-4133	338	8	:	:	PUNCT
ajfa-4133	338	9	implications	implication	NOUN
ajfa-4133	338	10	for	for	ADP
ajfa-4133	338	11	conditional	conditional	ADJ
ajfa-4133	338	12	conservatism	conservatism	NOUN
ajfa-4133	338	13	in	in	ADP
ajfa-4133	338	14	bank	bank	NOUN
ajfa-4133	338	15	accounting	accounting	NOUN
ajfa-4133	338	16	.	.	PUNCT
ajfa-4133	339	1	review	review	NOUN
ajfa-4133	339	2	of	of	ADP
ajfa-4133	339	3	accounting	accounting	NOUN
ajfa-4133	339	4	studies	study	NOUN
ajfa-4133	339	5	,	,	PUNCT
ajfa-4133	339	6	14	14	NUM
ajfa-4133	339	7	,	,	PUNCT
ajfa-4133	339	8	88–122	88–122	PROPN
ajfa-4133	339	9	.	.	PUNCT
ajfa-4133	339	10	http://dx.doi.org/10.1007/s11142-008-9082-3	http://dx.doi.org/10.1007/s11142-008-9082-3	X
ajfa-4133	340	1	park	park	PROPN
ajfa-4133	340	2	,	,	PUNCT
ajfa-4133	340	3	s.	s.	PROPN
ajfa-4133	340	4	,	,	PUNCT
ajfa-4133	340	5	&	&	CCONJ
ajfa-4133	340	6	peristiani	peristiani	PROPN
ajfa-4133	340	7	,	,	PUNCT
ajfa-4133	340	8	s.	s.	PROPN
ajfa-4133	340	9	(	(	PUNCT
ajfa-4133	340	10	2007).are	2007).are	NUM
ajfa-4133	340	11	bank	bank	NOUN
ajfa-4133	340	12	shareholders	shareholder	VERB
ajfa-4133	340	13	enemies	enemy	NOUN
ajfa-4133	340	14	of	of	ADP
ajfa-4133	340	15	regulators	regulator	NOUN
ajfa-4133	340	16	or	or	CCONJ
ajfa-4133	340	17	a	a	DET
ajfa-4133	340	18	potential	potential	ADJ
ajfa-4133	340	19	source	source	NOUN
ajfa-4133	340	20	of	of	ADP
ajfa-4133	340	21	market	market	NOUN
ajfa-4133	340	22	discipline	discipline	NOUN
ajfa-4133	340	23	?	?	PUNCT
ajfa-4133	340	24	.	.	PUNCT
ajfa-4133	341	1	journal	journal	PROPN
ajfa-4133	341	2	of	of	ADP
ajfa-4133	341	3	banking	banking	NOUN
ajfa-4133	341	4	and	and	CCONJ
ajfa-4133	341	5	finance	finance	NOUN
ajfa-4133	341	6	,	,	PUNCT
ajfa-4133	341	7	31	31	NUM
ajfa-4133	341	8	,	,	PUNCT
ajfa-4133	341	9	2493–2515	2493–2515	NUM
ajfa-4133	341	10	.	.	PUNCT
ajfa-4133	341	11	http://dx.doi.org/10.1016/j.jbankfin.2006.10.025	http://dx.doi.org/10.1016/j.jbankfin.2006.10.025	PROPN
ajfa-4133	341	12	pathan	pathan	PROPN
ajfa-4133	341	13	,	,	PUNCT
ajfa-4133	341	14	s.	s.	PROPN
ajfa-4133	341	15	(	(	PUNCT
ajfa-4133	341	16	2009	2009	NUM
ajfa-4133	341	17	)	)	PUNCT
ajfa-4133	341	18	.	.	PUNCT
ajfa-4133	342	1	strong	strong	ADJ
ajfa-4133	342	2	boards	board	NOUN
ajfa-4133	342	3	,	,	PUNCT
ajfa-4133	342	4	ceo	ceo	NOUN
ajfa-4133	342	5	power	power	NOUN
ajfa-4133	342	6	and	and	CCONJ
ajfa-4133	342	7	bank	bank	NOUN
ajfa-4133	342	8	risk	risk	NOUN
ajfa-4133	342	9	-	-	PUNCT
ajfa-4133	342	10	taking	taking	NOUN
ajfa-4133	342	11	.	.	PUNCT
ajfa-4133	343	1	journal	journal	NOUN
ajfa-4133	343	2	of	of	ADP
ajfa-4133	343	3	banking	banking	NOUN
ajfa-4133	343	4	and	and	CCONJ
ajfa-4133	343	5	finance	finance	NOUN
ajfa-4133	343	6	,	,	PUNCT
ajfa-4133	343	7	33	33	NUM
ajfa-4133	343	8	,	,	PUNCT
ajfa-4133	343	9	1340–1350	1340–1350	NUM
ajfa-4133	343	10	.	.	PUNCT
ajfa-4133	344	1	http://dx.doi.org/10.1016/j.jbankfin.2009.02.001	http://dx.doi.org/10.1016/j.jbankfin.2009.02.001	PROPN
ajfa-4133	344	2	saunders	saunder	NOUN
ajfa-4133	344	3	,	,	PUNCT
ajfa-4133	344	4	a.	a.	NOUN
ajfa-4133	344	5	,	,	PUNCT
ajfa-4133	344	6	strock	strock	NOUN
ajfa-4133	344	7	,	,	PUNCT
ajfa-4133	344	8	e.	e.	PROPN
ajfa-4133	344	9	,	,	PUNCT
ajfa-4133	344	10	&	&	CCONJ
ajfa-4133	344	11	travlos	travlos	PROPN
ajfa-4133	344	12	,	,	PUNCT
ajfa-4133	344	13	n.	n.	NOUN
ajfa-4133	344	14	(	(	PUNCT
ajfa-4133	344	15	1990	1990	NUM
ajfa-4133	344	16	)	)	PUNCT
ajfa-4133	344	17	.	.	PUNCT
ajfa-4133	345	1	ownership	ownership	NOUN
ajfa-4133	345	2	structure	structure	NOUN
ajfa-4133	345	3	,	,	PUNCT
ajfa-4133	345	4	deregulation	deregulation	NOUN
ajfa-4133	345	5	,	,	PUNCT
ajfa-4133	345	6	and	and	CCONJ
ajfa-4133	345	7	bank	bank	NOUN
ajfa-4133	345	8	risk	risk	NOUN
ajfa-4133	345	9	taking	taking	NOUN
ajfa-4133	345	10	.	.	PUNCT
ajfa-4133	346	1	journal	journal	PROPN
ajfa-4133	346	2	of	of	ADP
ajfa-4133	346	3	finance	finance	NOUN
ajfa-4133	346	4	,	,	PUNCT
ajfa-4133	346	5	45(2	45(2	NOUN
ajfa-4133	346	6	)	)	PUNCT
ajfa-4133	346	7	,	,	PUNCT
ajfa-4133	346	8	643–654	643–654	NUM
ajfa-4133	346	9	.	.	PUNCT
ajfa-4133	347	1	http://dx.doi.org/10.1111/j.1540-6261.1990.tb03709.x	http://dx.doi.org/10.1111/j.1540-6261.1990.tb03709.x	PROPN
ajfa-4133	347	2	shehzad	shehzad	PROPN
ajfa-4133	347	3	,	,	PUNCT
ajfa-4133	347	4	c.t	c.t	PROPN
ajfa-4133	347	5	.	.	PROPN
ajfa-4133	347	6	,	,	PUNCT
ajfa-4133	347	7	de	de	PROPN
ajfa-4133	347	8	haan	haan	PROPN
ajfa-4133	347	9	,	,	PUNCT
ajfa-4133	347	10	j.	j.	PROPN
ajfa-4133	347	11	,	,	PUNCT
ajfa-4133	347	12	&	&	CCONJ
ajfa-4133	347	13	scholtens	scholtens	PROPN
ajfa-4133	347	14	,	,	PUNCT
ajfa-4133	347	15	b.	b.	PROPN
ajfa-4133	347	16	(	(	PUNCT
ajfa-4133	347	17	2010	2010	NUM
ajfa-4133	347	18	)	)	PUNCT
ajfa-4133	347	19	.	.	PUNCT
ajfa-4133	348	1	the	the	DET
ajfa-4133	348	2	impact	impact	NOUN
ajfa-4133	348	3	of	of	ADP
ajfa-4133	348	4	ownership	ownership	NOUN
ajfa-4133	348	5	concentration	concentration	NOUN
ajfa-4133	348	6	on	on	ADP
ajfa-4133	348	7	impaired	impaired	ADJ
ajfa-4133	348	8	loans	loan	NOUN
ajfa-4133	348	9	and	and	CCONJ
ajfa-4133	348	10	capital	capital	NOUN
ajfa-4133	348	11	adequacy	adequacy	NOUN
ajfa-4133	348	12	.	.	PUNCT
ajfa-4133	349	1	journal	journal	NOUN
ajfa-4133	349	2	of	of	ADP
ajfa-4133	349	3	banking	banking	NOUN
ajfa-4133	349	4	and	and	CCONJ
ajfa-4133	349	5	finance	finance	NOUN
ajfa-4133	349	6	,	,	PUNCT
ajfa-4133	349	7	34	34	NUM
ajfa-4133	349	8	,	,	PUNCT
ajfa-4133	349	9	399–408	399–408	NUM
ajfa-4133	349	10	.	.	PUNCT
ajfa-4133	350	1	http://dx.doi.org/10.1016/j.jbankfin.2009.08.007	http://dx.doi.org/10.1016/j.jbankfin.2009.08.007	PROPN
ajfa-4133	350	2	shleifer	shleifer	PROPN
ajfa-4133	350	3	,	,	PUNCT
ajfa-4133	350	4	a.	a.	PROPN
ajfa-4133	350	5	,	,	PUNCT
ajfa-4133	350	6	&	&	CCONJ
ajfa-4133	350	7	vishny	vishny	PROPN
ajfa-4133	350	8	,	,	PUNCT
ajfa-4133	350	9	r.w	r.w	PROPN
ajfa-4133	350	10	.	.	PROPN
ajfa-4133	350	11	(	(	PUNCT
ajfa-4133	350	12	1986	1986	NUM
ajfa-4133	350	13	)	)	PUNCT
ajfa-4133	350	14	.	.	PUNCT
ajfa-4133	351	1	large	large	ADJ
ajfa-4133	351	2	shareholders	shareholder	NOUN
ajfa-4133	351	3	and	and	CCONJ
ajfa-4133	351	4	corporate	corporate	ADJ
ajfa-4133	351	5	control	control	NOUN
ajfa-4133	351	6	.	.	PUNCT
ajfa-4133	352	1	journal	journal	NOUN
ajfa-4133	352	2	of	of	ADP
ajfa-4133	352	3	political	political	ADJ
ajfa-4133	352	4	economy	economy	NOUN
ajfa-4133	352	5	,	,	PUNCT
ajfa-4133	352	6	94	94	NUM
ajfa-4133	352	7	,	,	PUNCT
ajfa-4133	352	8	461–488	461–488	NUM
ajfa-4133	352	9	.	.	PUNCT
ajfa-4133	353	1	http://dx.doi.org/10.1086/261385	http://dx.doi.org/10.1086/261385	PROPN
ajfa-4133	353	2	shleifer	shleifer	PROPN
ajfa-4133	353	3	,	,	PUNCT
ajfa-4133	353	4	a.	a.	PROPN
ajfa-4133	353	5	,	,	PUNCT
ajfa-4133	353	6	&	&	CCONJ
ajfa-4133	353	7	vishny	vishny	PROPN
ajfa-4133	353	8	,	,	PUNCT
ajfa-4133	353	9	r.w	r.w	PROPN
ajfa-4133	353	10	.	.	PROPN
ajfa-4133	353	11	(	(	PUNCT
ajfa-4133	353	12	1997	1997	NUM
ajfa-4133	353	13	)	)	PUNCT
ajfa-4133	353	14	.	.	PUNCT
ajfa-4133	354	1	a	a	DET
ajfa-4133	354	2	survey	survey	NOUN
ajfa-4133	354	3	of	of	ADP
ajfa-4133	354	4	corporate	corporate	ADJ
ajfa-4133	354	5	governance	governance	NOUN
ajfa-4133	354	6	.	.	PUNCT
ajfa-4133	355	1	journal	journal	NOUN
ajfa-4133	355	2	of	of	ADP
ajfa-4133	355	3	finance	finance	NOUN
ajfa-4133	355	4	,	,	PUNCT
ajfa-4133	355	5	52	52	NUM
ajfa-4133	355	6	,	,	PUNCT
ajfa-4133	355	7	737–783	737–783	NUM
ajfa-4133	355	8	.	.	PUNCT
ajfa-4133	356	1	http://dx.doi.org/10.1111/j.1540-6261.1997.tb04820.x	http://dx.doi.org/10.1111/j.1540-6261.1997.tb04820.x	PROPN
ajfa-4133	356	2	westman	westman	NOUN
ajfa-4133	356	3	,	,	PUNCT
ajfa-4133	356	4	h.	h.	PROPN
ajfa-4133	356	5	(	(	PUNCT
ajfa-4133	356	6	2011	2011	NUM
ajfa-4133	356	7	)	)	PUNCT
ajfa-4133	356	8	.	.	PUNCT
ajfa-4133	357	1	the	the	DET
ajfa-4133	357	2	impact	impact	NOUN
ajfa-4133	357	3	of	of	ADP
ajfa-4133	357	4	management	management	NOUN
ajfa-4133	357	5	and	and	CCONJ
ajfa-4133	357	6	board	board	NOUN
ajfa-4133	357	7	ownership	ownership	NOUN
ajfa-4133	357	8	on	on	ADP
ajfa-4133	357	9	profitability	profitability	NOUN
ajfa-4133	357	10	in	in	ADP
ajfa-4133	357	11	banks	bank	NOUN
ajfa-4133	357	12	with	with	ADP
ajfa-4133	357	13	different	different	ADJ
ajfa-4133	357	14	strategies	strategy	NOUN
ajfa-4133	357	15	.	.	PUNCT
ajfa-4133	358	1	journal	journal	NOUN
ajfa-4133	358	2	of	of	ADP
ajfa-4133	358	3	banking	banking	NOUN
ajfa-4133	358	4	and	and	CCONJ
ajfa-4133	358	5	finance	finance	NOUN
ajfa-4133	358	6	,	,	PUNCT
ajfa-4133	358	7	http://dx.doi.org/10.1016/j.jbankfin.2011.05.013	http://dx.doi.org/10.1016/j.jbankfin.2011.05.013	PROPN
ajfa-4133	358	8	asian	asian	ADJ
ajfa-4133	358	9	journal	journal	NOUN
ajfa-4133	358	10	of	of	ADP
ajfa-4133	358	11	finance	finance	PROPN
ajfa-4133	358	12	&	&	CCONJ
ajfa-4133	358	13	accounting	accounting	PROPN
ajfa-4133	358	14	issn	issn	PROPN
ajfa-4133	358	15	1946	1946	NUM
ajfa-4133	358	16	-	-	PUNCT
ajfa-4133	358	17	052x	052x	NOUN
ajfa-4133	358	18	2013	2013	NUM
ajfa-4133	358	19	,	,	PUNCT
ajfa-4133	358	20	vol	vol	NOUN
ajfa-4133	358	21	.	.	PROPN
ajfa-4133	358	22	5	5	NUM
ajfa-4133	358	23	,	,	PUNCT
ajfa-4133	358	24	no	no	INTJ
ajfa-4133	358	25	.	.	NOUN
ajfa-4133	358	26	2	2	NUM
ajfa-4133	358	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4133	358	28	288	288	NUM
ajfa-4133	358	29	sullivan	sullivan	NOUN
ajfa-4133	358	30	,	,	PUNCT
ajfa-4133	358	31	r.	r.	PROPN
ajfa-4133	358	32	,	,	PUNCT
ajfa-4133	358	33	&	&	CCONJ
ajfa-4133	358	34	spong	spong	PROPN
ajfa-4133	358	35	,	,	PUNCT
ajfa-4133	358	36	k.r	k.r	PROPN
ajfa-4133	358	37	.	.	PROPN
ajfa-4133	358	38	(	(	PUNCT
ajfa-4133	358	39	2007	2007	NUM
ajfa-4133	358	40	)	)	PUNCT
ajfa-4133	358	41	.	.	PUNCT
ajfa-4133	359	1	managerial	managerial	ADJ
ajfa-4133	359	2	wealth	wealth	NOUN
ajfa-4133	359	3	,	,	PUNCT
ajfa-4133	359	4	ownership	ownership	NOUN
ajfa-4133	359	5	structure	structure	NOUN
ajfa-4133	359	6	,	,	PUNCT
ajfa-4133	359	7	and	and	CCONJ
ajfa-4133	359	8	risk	risk	NOUN
ajfa-4133	359	9	in	in	ADP
ajfa-4133	359	10	commercial	commercial	ADJ
ajfa-4133	359	11	banks	bank	NOUN
ajfa-4133	359	12	.	.	PUNCT
ajfa-4133	360	1	journal	journal	PROPN
ajfa-4133	360	2	of	of	ADP
ajfa-4133	360	3	financial	financial	ADJ
ajfa-4133	360	4	intermediation	intermediation	NOUN
ajfa-4133	360	5	,	,	PUNCT
ajfa-4133	360	6	16	16	NUM
ajfa-4133	360	7	,	,	PUNCT
ajfa-4133	360	8	229–248	229–248	NUM
ajfa-4133	360	9	.	.	PUNCT
ajfa-4133	361	1	http://dx.doi.org/10.1016/j.jfi.2006.12.001	http://dx.doi.org/10.1016/j.jfi.2006.12.001	NOUN