id	sid	tid	token	lemma	pos
ajfa-4533	1	1	microsoft	microsoft	PROPN
ajfa-4533	1	2	word	word	NOUN
ajfa-4533	1	3	4533-16740-1-sm-writer2-new.doc	4533-16740-1-sm-writer2-new.doc	NUM
ajfa-4533	1	4	asian	asian	PROPN
ajfa-4533	1	5	journal	journal	NOUN
ajfa-4533	1	6	of	of	ADP
ajfa-4533	1	7	finance	finance	PROPN
ajfa-4533	1	8	&	&	CCONJ
ajfa-4533	1	9	accounting	accounting	PROPN
ajfa-4533	1	10	issn	issn	PROPN
ajfa-4533	1	11	1946	1946	NUM
ajfa-4533	1	12	-	-	PUNCT
ajfa-4533	1	13	052x	052x	NOUN
ajfa-4533	1	14	2013	2013	NUM
ajfa-4533	1	15	,	,	PUNCT
ajfa-4533	1	16	vol	vol	NOUN
ajfa-4533	1	17	.	.	PROPN
ajfa-4533	1	18	5	5	NUM
ajfa-4533	1	19	,	,	PUNCT
ajfa-4533	1	20	no	no	INTJ
ajfa-4533	1	21	.	.	NOUN
ajfa-4533	1	22	2	2	NUM
ajfa-4533	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4533	1	24	329	329	NUM
ajfa-4533	1	25	internationalization	internationalization	NOUN
ajfa-4533	1	26	and	and	CCONJ
ajfa-4533	1	27	capital	capital	NOUN
ajfa-4533	1	28	structure	structure	NOUN
ajfa-4533	1	29	:	:	PUNCT
ajfa-4533	1	30	evidence	evidence	NOUN
ajfa-4533	1	31	from	from	ADP
ajfa-4533	1	32	malaysian	malaysian	ADJ
ajfa-4533	1	33	manufacturing	manufacturing	NOUN
ajfa-4533	1	34	firms	firm	NOUN
ajfa-4533	1	35	mohamed	mohamed	PROPN
ajfa-4533	1	36	albaity	albaity	PROPN
ajfa-4533	1	37	,	,	PUNCT
ajfa-4533	1	38	phd	phd	NOUN
ajfa-4533	1	39	(	(	PUNCT
ajfa-4533	1	40	corresponding	correspond	VERB
ajfa-4533	1	41	author	author	NOUN
ajfa-4533	1	42	)	)	PUNCT
ajfa-4533	1	43	department	department	NOUN
ajfa-4533	1	44	of	of	ADP
ajfa-4533	1	45	banking	banking	NOUN
ajfa-4533	1	46	and	and	CCONJ
ajfa-4533	1	47	finance	finance	NOUN
ajfa-4533	1	48	faculty	faculty	NOUN
ajfa-4533	1	49	of	of	ADP
ajfa-4533	1	50	business	business	NOUN
ajfa-4533	1	51	and	and	CCONJ
ajfa-4533	1	52	accountancy	accountancy	NOUN
ajfa-4533	1	53	university	university	PROPN
ajfa-4533	1	54	of	of	ADP
ajfa-4533	1	55	malaya	malaya	PROPN
ajfa-4533	1	56	malaysia	malaysia	PROPN
ajfa-4533	1	57	email	email	NOUN
ajfa-4533	1	58	:	:	PUNCT
ajfa-4533	1	59	m_baity@um.edu.my	m_baity@um.edu.my	PROPN
ajfa-4533	1	60	arison	arison	PROPN
ajfa-4533	1	61	ho	ho	PROPN
ajfa-4533	1	62	sel	sel	PROPN
ajfa-4533	1	63	chuan	chuan	PROPN
ajfa-4533	1	64	faculty	faculty	NOUN
ajfa-4533	1	65	of	of	ADP
ajfa-4533	1	66	business	business	NOUN
ajfa-4533	1	67	and	and	CCONJ
ajfa-4533	1	68	accountancy	accountancy	NOUN
ajfa-4533	1	69	university	university	PROPN
ajfa-4533	1	70	of	of	ADP
ajfa-4533	1	71	malaya	malaya	PROPN
ajfa-4533	1	72	malaysia	malaysia	PROPN
ajfa-4533	1	73	received	receive	VERB
ajfa-4533	1	74	:	:	PUNCT
ajfa-4533	1	75	nov	nov	PROPN
ajfa-4533	1	76	.	.	PROPN
ajfa-4533	1	77	10	10	NUM
ajfa-4533	1	78	,	,	PUNCT
ajfa-4533	1	79	2013	2013	NUM
ajfa-4533	1	80	accepted	accept	VERB
ajfa-4533	1	81	:	:	PUNCT
ajfa-4533	1	82	december	december	PROPN
ajfa-4533	1	83	16	16	NUM
ajfa-4533	1	84	,	,	PUNCT
ajfa-4533	1	85	2013	2013	NUM
ajfa-4533	1	86	published	publish	VERB
ajfa-4533	1	87	:	:	PUNCT
ajfa-4533	1	88	december	december	PROPN
ajfa-4533	1	89	16	16	NUM
ajfa-4533	1	90	,	,	PUNCT
ajfa-4533	1	91	2013	2013	NUM
ajfa-4533	1	92	doi:10.5296	doi:10.5296	NOUN
ajfa-4533	1	93	/	/	SYM
ajfa-4533	1	94	ajfa.v5i2.4533	ajfa.v5i2.4533	NUM
ajfa-4533	1	95	url	url	PROPN
ajfa-4533	1	96	:	:	PUNCT
ajfa-4533	1	97	http://dx.doi.org/10.5296/ajfa.v5i2.4533	http://dx.doi.org/10.5296/ajfa.v5i2.4533	X
ajfa-4533	2	1	abstract	abstract	ADJ
ajfa-4533	2	2	this	this	DET
ajfa-4533	2	3	paper	paper	NOUN
ajfa-4533	2	4	attempts	attempt	VERB
ajfa-4533	2	5	to	to	PART
ajfa-4533	2	6	examine	examine	VERB
ajfa-4533	2	7	the	the	DET
ajfa-4533	2	8	determinants	determinant	NOUN
ajfa-4533	2	9	of	of	ADP
ajfa-4533	2	10	capital	capital	NOUN
ajfa-4533	2	11	structure	structure	NOUN
ajfa-4533	2	12	for	for	ADP
ajfa-4533	2	13	internationalized	internationalized	ADJ
ajfa-4533	2	14	manufacturing	manufacturing	NOUN
ajfa-4533	2	15	firms	firm	NOUN
ajfa-4533	2	16	that	that	PRON
ajfa-4533	2	17	are	be	AUX
ajfa-4533	2	18	listed	list	VERB
ajfa-4533	2	19	on	on	ADP
ajfa-4533	2	20	bursa	bursa	PROPN
ajfa-4533	2	21	malaysia	malaysia	PROPN
ajfa-4533	2	22	.	.	PUNCT
ajfa-4533	3	1	firm	firm	ADJ
ajfa-4533	3	2	-	-	PUNCT
ajfa-4533	3	3	related	relate	VERB
ajfa-4533	3	4	characteristic	characteristic	ADJ
ajfa-4533	3	5	variables	variable	NOUN
ajfa-4533	3	6	namely	namely	ADV
ajfa-4533	3	7	internationalization	internationalization	NOUN
ajfa-4533	3	8	,	,	PUNCT
ajfa-4533	3	9	firm	firm	ADJ
ajfa-4533	3	10	size	size	NOUN
ajfa-4533	3	11	,	,	PUNCT
ajfa-4533	3	12	profitability	profitability	NOUN
ajfa-4533	3	13	,	,	PUNCT
ajfa-4533	3	14	company	company	NOUN
ajfa-4533	3	15	growth	growth	NOUN
ajfa-4533	3	16	and	and	CCONJ
ajfa-4533	3	17	tangibility	tangibility	NOUN
ajfa-4533	3	18	over	over	ADP
ajfa-4533	3	19	period	period	NOUN
ajfa-4533	3	20	2007	2007	NUM
ajfa-4533	3	21	-	-	SYM
ajfa-4533	3	22	2011	2011	NUM
ajfa-4533	3	23	are	be	AUX
ajfa-4533	3	24	tested	test	VERB
ajfa-4533	3	25	their	their	PRON
ajfa-4533	3	26	relationship	relationship	NOUN
ajfa-4533	3	27	with	with	ADP
ajfa-4533	3	28	debt	debt	NOUN
ajfa-4533	3	29	ratio	ratio	NOUN
ajfa-4533	3	30	of	of	ADP
ajfa-4533	3	31	firms	firm	NOUN
ajfa-4533	3	32	by	by	ADP
ajfa-4533	3	33	using	use	VERB
ajfa-4533	3	34	panel	panel	NOUN
ajfa-4533	3	35	data	datum	NOUN
ajfa-4533	3	36	fixed	fix	VERB
ajfa-4533	3	37	effects	effect	NOUN
ajfa-4533	3	38	model	model	NOUN
ajfa-4533	3	39	.	.	PUNCT
ajfa-4533	4	1	the	the	DET
ajfa-4533	4	2	results	result	NOUN
ajfa-4533	4	3	showed	show	VERB
ajfa-4533	4	4	that	that	DET
ajfa-4533	4	5	firm	firm	ADJ
ajfa-4533	4	6	size	size	NOUN
ajfa-4533	4	7	and	and	CCONJ
ajfa-4533	4	8	tangibility	tangibility	NOUN
ajfa-4533	4	9	are	be	AUX
ajfa-4533	4	10	significantly	significantly	ADV
ajfa-4533	4	11	positively	positively	ADV
ajfa-4533	4	12	related	relate	VERB
ajfa-4533	4	13	with	with	ADP
ajfa-4533	4	14	debt	debt	NOUN
ajfa-4533	4	15	ratio	ratio	NOUN
ajfa-4533	4	16	while	while	SCONJ
ajfa-4533	4	17	internationalization	internationalization	NOUN
ajfa-4533	4	18	,	,	PUNCT
ajfa-4533	4	19	profitability	profitability	NOUN
ajfa-4533	4	20	and	and	CCONJ
ajfa-4533	4	21	company	company	NOUN
ajfa-4533	4	22	growth	growth	NOUN
ajfa-4533	4	23	are	be	AUX
ajfa-4533	4	24	significantly	significantly	ADV
ajfa-4533	4	25	inversely	inversely	ADV
ajfa-4533	4	26	related	relate	VERB
ajfa-4533	4	27	with	with	ADP
ajfa-4533	4	28	debt	debt	NOUN
ajfa-4533	4	29	ratio	ratio	NOUN
ajfa-4533	4	30	.	.	PUNCT
ajfa-4533	5	1	the	the	DET
ajfa-4533	5	2	findings	finding	NOUN
ajfa-4533	5	3	indicate	indicate	VERB
ajfa-4533	5	4	that	that	SCONJ
ajfa-4533	5	5	the	the	DET
ajfa-4533	5	6	static	static	ADJ
ajfa-4533	5	7	trade	trade	NOUN
ajfa-4533	5	8	-	-	PUNCT
ajfa-4533	5	9	off	off	ADP
ajfa-4533	5	10	theory	theory	NOUN
ajfa-4533	5	11	,	,	PUNCT
ajfa-4533	5	12	pecking	pecking	NOUN
ajfa-4533	5	13	-	-	PUNCT
ajfa-4533	5	14	order	order	NOUN
ajfa-4533	5	15	theory	theory	NOUN
ajfa-4533	5	16	and	and	CCONJ
ajfa-4533	5	17	agency	agency	NOUN
ajfa-4533	5	18	theory	theory	NOUN
ajfa-4533	5	19	are	be	AUX
ajfa-4533	5	20	pertinent	pertinent	ADJ
ajfa-4533	5	21	in	in	ADP
ajfa-4533	5	22	malaysia	malaysia	PROPN
ajfa-4533	5	23	situation	situation	NOUN
ajfa-4533	5	24	.	.	PUNCT
ajfa-4533	6	1	keywords	keyword	NOUN
ajfa-4533	6	2	:	:	PUNCT
ajfa-4533	6	3	internationalization	internationalization	NOUN
ajfa-4533	6	4	,	,	PUNCT
ajfa-4533	6	5	capital	capital	NOUN
ajfa-4533	6	6	structure	structure	NOUN
ajfa-4533	6	7	,	,	PUNCT
ajfa-4533	6	8	panel	panel	NOUN
ajfa-4533	6	9	data	datum	NOUN
ajfa-4533	6	10	,	,	PUNCT
ajfa-4533	6	11	profitability	profitability	NOUN
ajfa-4533	6	12	,	,	PUNCT
ajfa-4533	6	13	malaysia	malaysia	NOUN
ajfa-4533	6	14	,	,	PUNCT
ajfa-4533	6	15	manufacturing	manufacturing	NOUN
ajfa-4533	6	16	firms	firm	NOUN
ajfa-4533	6	17	asian	asian	ADJ
ajfa-4533	6	18	journal	journal	NOUN
ajfa-4533	6	19	of	of	ADP
ajfa-4533	6	20	finance	finance	PROPN
ajfa-4533	6	21	&	&	CCONJ
ajfa-4533	6	22	accounting	accounting	PROPN
ajfa-4533	6	23	issn	issn	PROPN
ajfa-4533	6	24	1946	1946	NUM
ajfa-4533	6	25	-	-	PUNCT
ajfa-4533	6	26	052x	052x	NOUN
ajfa-4533	6	27	2013	2013	NUM
ajfa-4533	6	28	,	,	PUNCT
ajfa-4533	6	29	vol	vol	NOUN
ajfa-4533	6	30	.	.	PROPN
ajfa-4533	6	31	5	5	NUM
ajfa-4533	6	32	,	,	PUNCT
ajfa-4533	6	33	no	no	INTJ
ajfa-4533	6	34	.	.	NOUN
ajfa-4533	6	35	2	2	NUM
ajfa-4533	6	36	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4533	6	37	330	330	NUM
ajfa-4533	6	38	introduction	introduction	NOUN
ajfa-4533	6	39	in	in	ADP
ajfa-4533	6	40	view	view	NOUN
ajfa-4533	6	41	of	of	ADP
ajfa-4533	6	42	the	the	DET
ajfa-4533	6	43	cost	cost	NOUN
ajfa-4533	6	44	and	and	CCONJ
ajfa-4533	6	45	risk	risk	NOUN
ajfa-4533	6	46	involved	involve	VERB
ajfa-4533	6	47	in	in	ADP
ajfa-4533	6	48	debt	debt	NOUN
ajfa-4533	6	49	and	and	CCONJ
ajfa-4533	6	50	equity	equity	NOUN
ajfa-4533	6	51	financing	financing	NOUN
ajfa-4533	6	52	respectively	respectively	ADV
ajfa-4533	6	53	,	,	PUNCT
ajfa-4533	6	54	it	it	PRON
ajfa-4533	6	55	is	be	AUX
ajfa-4533	6	56	crucial	crucial	ADJ
ajfa-4533	6	57	for	for	SCONJ
ajfa-4533	6	58	the	the	DET
ajfa-4533	6	59	managers	manager	NOUN
ajfa-4533	6	60	to	to	PART
ajfa-4533	6	61	choose	choose	VERB
ajfa-4533	6	62	a	a	DET
ajfa-4533	6	63	suitable	suitable	ADJ
ajfa-4533	6	64	capital	capital	NOUN
ajfa-4533	6	65	structure	structure	NOUN
ajfa-4533	6	66	policy	policy	NOUN
ajfa-4533	6	67	for	for	ADP
ajfa-4533	6	68	their	their	PRON
ajfa-4533	6	69	company	company	NOUN
ajfa-4533	6	70	,	,	PUNCT
ajfa-4533	6	71	as	as	SCONJ
ajfa-4533	6	72	the	the	DET
ajfa-4533	6	73	financial	financial	ADJ
ajfa-4533	6	74	leverage	leverage	NOUN
ajfa-4533	6	75	is	be	AUX
ajfa-4533	6	76	one	one	NUM
ajfa-4533	6	77	of	of	ADP
ajfa-4533	6	78	important	important	ADJ
ajfa-4533	6	79	factors	factor	NOUN
ajfa-4533	6	80	that	that	PRON
ajfa-4533	6	81	will	will	AUX
ajfa-4533	6	82	impact	impact	VERB
ajfa-4533	6	83	the	the	DET
ajfa-4533	6	84	performance	performance	NOUN
ajfa-4533	6	85	of	of	ADP
ajfa-4533	6	86	the	the	DET
ajfa-4533	6	87	company	company	NOUN
ajfa-4533	6	88	.	.	PUNCT
ajfa-4533	7	1	some	some	DET
ajfa-4533	7	2	empirical	empirical	ADJ
ajfa-4533	7	3	studies	study	NOUN
ajfa-4533	7	4	in	in	ADP
ajfa-4533	7	5	malaysia	malaysia	PROPN
ajfa-4533	7	6	(	(	PUNCT
ajfa-4533	7	7	suto	suto	PROPN
ajfa-4533	7	8	,	,	PUNCT
ajfa-4533	7	9	2003	2003	NUM
ajfa-4533	7	10	)	)	PUNCT
ajfa-4533	7	11	showed	show	VERB
ajfa-4533	7	12	that	that	SCONJ
ajfa-4533	7	13	the	the	DET
ajfa-4533	7	14	capital	capital	NOUN
ajfa-4533	7	15	structure	structure	NOUN
ajfa-4533	7	16	of	of	ADP
ajfa-4533	7	17	the	the	DET
ajfa-4533	7	18	firm	firm	NOUN
ajfa-4533	7	19	is	be	AUX
ajfa-4533	7	20	negatively	negatively	ADV
ajfa-4533	7	21	related	relate	VERB
ajfa-4533	7	22	to	to	ADP
ajfa-4533	7	23	the	the	DET
ajfa-4533	7	24	performance	performance	NOUN
ajfa-4533	7	25	of	of	ADP
ajfa-4533	7	26	companies	company	NOUN
ajfa-4533	7	27	in	in	ADP
ajfa-4533	7	28	different	different	ADJ
ajfa-4533	7	29	industries	industry	NOUN
ajfa-4533	7	30	in	in	ADP
ajfa-4533	7	31	malaysia	malaysia	PROPN
ajfa-4533	7	32	.	.	PUNCT
ajfa-4533	8	1	these	these	DET
ajfa-4533	8	2	results	result	NOUN
ajfa-4533	8	3	imply	imply	VERB
ajfa-4533	8	4	to	to	ADP
ajfa-4533	8	5	us	we	PRON
ajfa-4533	8	6	that	that	SCONJ
ajfa-4533	8	7	proper	proper	ADJ
ajfa-4533	8	8	management	management	NOUN
ajfa-4533	8	9	of	of	ADP
ajfa-4533	8	10	the	the	DET
ajfa-4533	8	11	capital	capital	NOUN
ajfa-4533	8	12	structure	structure	NOUN
ajfa-4533	8	13	will	will	AUX
ajfa-4533	8	14	generate	generate	VERB
ajfa-4533	8	15	better	well	ADJ
ajfa-4533	8	16	returns	return	NOUN
ajfa-4533	8	17	to	to	ADP
ajfa-4533	8	18	the	the	DET
ajfa-4533	8	19	company	company	NOUN
ajfa-4533	8	20	.	.	PUNCT
ajfa-4533	9	1	therefore	therefore	ADV
ajfa-4533	9	2	,	,	PUNCT
ajfa-4533	9	3	it	it	PRON
ajfa-4533	9	4	will	will	AUX
ajfa-4533	9	5	be	be	AUX
ajfa-4533	9	6	valuable	valuable	ADJ
ajfa-4533	9	7	to	to	ADP
ajfa-4533	9	8	managers	manager	NOUN
ajfa-4533	9	9	to	to	PART
ajfa-4533	9	10	know	know	VERB
ajfa-4533	9	11	the	the	DET
ajfa-4533	9	12	factors	factor	NOUN
ajfa-4533	9	13	that	that	PRON
ajfa-4533	9	14	may	may	AUX
ajfa-4533	9	15	impact	impact	VERB
ajfa-4533	9	16	the	the	DET
ajfa-4533	9	17	capital	capital	NOUN
ajfa-4533	9	18	structure	structure	NOUN
ajfa-4533	9	19	of	of	ADP
ajfa-4533	9	20	a	a	DET
ajfa-4533	9	21	firm	firm	NOUN
ajfa-4533	9	22	so	so	SCONJ
ajfa-4533	9	23	that	that	SCONJ
ajfa-4533	9	24	they	they	PRON
ajfa-4533	9	25	can	can	AUX
ajfa-4533	9	26	control	control	VERB
ajfa-4533	9	27	the	the	DET
ajfa-4533	9	28	determinants	determinant	NOUN
ajfa-4533	9	29	of	of	ADP
ajfa-4533	9	30	the	the	DET
ajfa-4533	9	31	capital	capital	NOUN
ajfa-4533	9	32	structure	structure	NOUN
ajfa-4533	9	33	to	to	PART
ajfa-4533	9	34	maximize	maximize	VERB
ajfa-4533	9	35	firm	firm	NOUN
ajfa-4533	9	36	’s	’s	PART
ajfa-4533	9	37	profit	profit	NOUN
ajfa-4533	9	38	.	.	PUNCT
ajfa-4533	10	1	however	however	ADV
ajfa-4533	10	2	,	,	PUNCT
ajfa-4533	10	3	the	the	DET
ajfa-4533	10	4	previous	previous	ADJ
ajfa-4533	10	5	studies	study	NOUN
ajfa-4533	10	6	about	about	ADP
ajfa-4533	10	7	capital	capital	NOUN
ajfa-4533	10	8	structure	structure	NOUN
ajfa-4533	10	9	still	still	ADV
ajfa-4533	10	10	focus	focus	VERB
ajfa-4533	10	11	on	on	ADP
ajfa-4533	10	12	the	the	DET
ajfa-4533	10	13	relationship	relationship	NOUN
ajfa-4533	10	14	of	of	ADP
ajfa-4533	10	15	firm	firm	NOUN
ajfa-4533	10	16	-	-	PUNCT
ajfa-4533	10	17	related	relate	VERB
ajfa-4533	10	18	characteristics	characteristic	NOUN
ajfa-4533	10	19	on	on	ADP
ajfa-4533	10	20	capital	capital	NOUN
ajfa-4533	10	21	structure	structure	NOUN
ajfa-4533	10	22	.	.	PUNCT
ajfa-4533	11	1	many	many	ADJ
ajfa-4533	11	2	studies	study	NOUN
ajfa-4533	11	3	have	have	AUX
ajfa-4533	11	4	provided	provide	VERB
ajfa-4533	11	5	empirical	empirical	ADJ
ajfa-4533	11	6	evidence	evidence	NOUN
ajfa-4533	11	7	that	that	SCONJ
ajfa-4533	11	8	firm	firm	NOUN
ajfa-4533	11	9	-	-	PUNCT
ajfa-4533	11	10	related	relate	VERB
ajfa-4533	11	11	characteristics	characteristic	NOUN
ajfa-4533	11	12	such	such	ADJ
ajfa-4533	11	13	as	as	ADP
ajfa-4533	11	14	profitability	profitability	NOUN
ajfa-4533	11	15	,	,	PUNCT
ajfa-4533	11	16	tangibility	tangibility	NOUN
ajfa-4533	11	17	,	,	PUNCT
ajfa-4533	11	18	firm	firm	ADJ
ajfa-4533	11	19	growth	growth	NOUN
ajfa-4533	11	20	,	,	PUNCT
ajfa-4533	11	21	firm	firm	ADJ
ajfa-4533	11	22	size	size	NOUN
ajfa-4533	11	23	and	and	CCONJ
ajfa-4533	11	24	etc	etc	X
ajfa-4533	11	25	.	.	X
ajfa-4533	11	26	are	be	AUX
ajfa-4533	11	27	important	important	ADJ
ajfa-4533	11	28	determinants	determinant	NOUN
ajfa-4533	11	29	on	on	ADP
ajfa-4533	11	30	capital	capital	NOUN
ajfa-4533	11	31	structure	structure	NOUN
ajfa-4533	11	32	(	(	PUNCT
ajfa-4533	11	33	booth	booth	NOUN
ajfa-4533	11	34	et	et	PROPN
ajfa-4533	11	35	al	al	PROPN
ajfa-4533	11	36	,	,	PUNCT
ajfa-4533	11	37	2001	2001	NUM
ajfa-4533	11	38	and	and	CCONJ
ajfa-4533	11	39	ooi	ooi	PROPN
ajfa-4533	11	40	,	,	PUNCT
ajfa-4533	11	41	1999	1999	NUM
ajfa-4533	11	42	)	)	PUNCT
ajfa-4533	11	43	.	.	PUNCT
ajfa-4533	12	1	even	even	ADV
ajfa-4533	12	2	though	though	SCONJ
ajfa-4533	12	3	studies	study	NOUN
ajfa-4533	12	4	have	have	AUX
ajfa-4533	12	5	found	find	VERB
ajfa-4533	12	6	these	these	DET
ajfa-4533	12	7	characteristics	characteristic	NOUN
ajfa-4533	12	8	to	to	PART
ajfa-4533	12	9	have	have	VERB
ajfa-4533	12	10	significant	significant	ADJ
ajfa-4533	12	11	effects	effect	NOUN
ajfa-4533	12	12	on	on	ADP
ajfa-4533	12	13	a	a	DET
ajfa-4533	12	14	firm	firm	NOUN
ajfa-4533	12	15	’s	’s	PART
ajfa-4533	12	16	capital	capital	NOUN
ajfa-4533	12	17	structure	structure	NOUN
ajfa-4533	12	18	,	,	PUNCT
ajfa-4533	12	19	they	they	PRON
ajfa-4533	12	20	explain	explain	VERB
ajfa-4533	12	21	only	only	ADV
ajfa-4533	12	22	a	a	DET
ajfa-4533	12	23	small	small	ADJ
ajfa-4533	12	24	portion	portion	NOUN
ajfa-4533	12	25	of	of	ADP
ajfa-4533	12	26	across	across	ADP
ajfa-4533	12	27	-	-	PUNCT
ajfa-4533	12	28	firm	firm	NOUN
ajfa-4533	12	29	variations	variation	NOUN
ajfa-4533	12	30	.	.	PUNCT
ajfa-4533	13	1	other	other	ADJ
ajfa-4533	13	2	,	,	PUNCT
ajfa-4533	13	3	yet	yet	ADV
ajfa-4533	13	4	unidentified	unidentified	ADJ
ajfa-4533	13	5	,	,	PUNCT
ajfa-4533	13	6	factors	factor	NOUN
ajfa-4533	13	7	apparently	apparently	ADV
ajfa-4533	13	8	are	be	AUX
ajfa-4533	13	9	at	at	ADP
ajfa-4533	13	10	play	play	NOUN
ajfa-4533	13	11	.	.	PUNCT
ajfa-4533	14	1	one	one	NUM
ajfa-4533	14	2	area	area	NOUN
ajfa-4533	14	3	that	that	PRON
ajfa-4533	14	4	remains	remain	VERB
ajfa-4533	14	5	unexplored	unexplored	ADJ
ajfa-4533	14	6	is	be	AUX
ajfa-4533	14	7	the	the	DET
ajfa-4533	14	8	effect	effect	NOUN
ajfa-4533	14	9	of	of	ADP
ajfa-4533	14	10	strategic	strategic	ADJ
ajfa-4533	14	11	variables	variable	NOUN
ajfa-4533	14	12	on	on	ADP
ajfa-4533	14	13	capital	capital	NOUN
ajfa-4533	14	14	structure	structure	NOUN
ajfa-4533	14	15	(	(	PUNCT
ajfa-4533	14	16	harris	harris	PROPN
ajfa-4533	14	17	and	and	CCONJ
ajfa-4533	14	18	raviv	raviv	PROPN
ajfa-4533	14	19	,	,	PUNCT
ajfa-4533	14	20	1991	1991	NUM
ajfa-4533	14	21	)	)	PUNCT
ajfa-4533	14	22	.	.	PUNCT
ajfa-4533	15	1	international	international	ADJ
ajfa-4533	15	2	diversification	diversification	NOUN
ajfa-4533	15	3	plays	play	VERB
ajfa-4533	15	4	a	a	DET
ajfa-4533	15	5	key	key	ADJ
ajfa-4533	15	6	role	role	NOUN
ajfa-4533	15	7	in	in	ADP
ajfa-4533	15	8	the	the	DET
ajfa-4533	15	9	strategic	strategic	ADJ
ajfa-4533	15	10	behavior	behavior	NOUN
ajfa-4533	15	11	of	of	ADP
ajfa-4533	15	12	large	large	ADJ
ajfa-4533	15	13	firms	firm	NOUN
ajfa-4533	15	14	(	(	PUNCT
ajfa-4533	15	15	hitt	hitt	X
ajfa-4533	15	16	et	et	PROPN
ajfa-4533	15	17	al	al	PROPN
ajfa-4533	15	18	1994	1994	NUM
ajfa-4533	15	19	)	)	PUNCT
ajfa-4533	15	20	and	and	CCONJ
ajfa-4533	15	21	is	be	AUX
ajfa-4533	15	22	important	important	ADJ
ajfa-4533	15	23	in	in	ADP
ajfa-4533	15	24	improving	improve	VERB
ajfa-4533	15	25	the	the	DET
ajfa-4533	15	26	financial	financial	ADJ
ajfa-4533	15	27	performance	performance	NOUN
ajfa-4533	15	28	of	of	ADP
ajfa-4533	15	29	multinational	multinational	ADJ
ajfa-4533	15	30	firms	firm	NOUN
ajfa-4533	15	31	(	(	PUNCT
ajfa-4533	15	32	hull	hull	NOUN
ajfa-4533	15	33	and	and	CCONJ
ajfa-4533	15	34	lee	lee	PROPN
ajfa-4533	15	35	,	,	PUNCT
ajfa-4533	15	36	1999	1999	NUM
ajfa-4533	15	37	)	)	PUNCT
ajfa-4533	15	38	.	.	PUNCT
ajfa-4533	16	1	internationalization	internationalization	NOUN
ajfa-4533	16	2	has	have	AUX
ajfa-4533	16	3	also	also	ADV
ajfa-4533	16	4	been	be	AUX
ajfa-4533	16	5	shown	show	VERB
ajfa-4533	16	6	to	to	PART
ajfa-4533	16	7	be	be	AUX
ajfa-4533	16	8	an	an	DET
ajfa-4533	16	9	important	important	ADJ
ajfa-4533	16	10	determinant	determinant	NOUN
ajfa-4533	16	11	of	of	ADP
ajfa-4533	16	12	capital	capital	NOUN
ajfa-4533	16	13	structure	structure	NOUN
ajfa-4533	16	14	(	(	PUNCT
ajfa-4533	16	15	burgman	burgman	NOUN
ajfa-4533	16	16	,	,	PUNCT
ajfa-4533	16	17	1996	1996	NUM
ajfa-4533	16	18	)	)	PUNCT
ajfa-4533	16	19	.	.	PUNCT
ajfa-4533	17	1	with	with	ADP
ajfa-4533	17	2	the	the	DET
ajfa-4533	17	3	globalization	globalization	NOUN
ajfa-4533	17	4	and	and	CCONJ
ajfa-4533	17	5	liberalization	liberalization	NOUN
ajfa-4533	17	6	of	of	ADP
ajfa-4533	17	7	economy	economy	NOUN
ajfa-4533	17	8	,	,	PUNCT
ajfa-4533	17	9	many	many	ADJ
ajfa-4533	17	10	firms	firm	NOUN
ajfa-4533	17	11	choose	choose	VERB
ajfa-4533	17	12	to	to	PART
ajfa-4533	17	13	invest	invest	VERB
ajfa-4533	17	14	oversea	oversea	NOUN
ajfa-4533	17	15	.	.	PUNCT
ajfa-4533	18	1	the	the	DET
ajfa-4533	18	2	purposes	purpose	NOUN
ajfa-4533	18	3	of	of	ADP
ajfa-4533	18	4	going	go	VERB
ajfa-4533	18	5	abroad	abroad	ADV
ajfa-4533	18	6	are	be	AUX
ajfa-4533	18	7	to	to	PART
ajfa-4533	18	8	capture	capture	VERB
ajfa-4533	18	9	new	new	ADJ
ajfa-4533	18	10	markets	market	NOUN
ajfa-4533	18	11	,	,	PUNCT
ajfa-4533	18	12	achieve	achieve	VERB
ajfa-4533	18	13	economy	economy	NOUN
ajfa-4533	18	14	of	of	ADP
ajfa-4533	18	15	scales	scale	NOUN
ajfa-4533	18	16	by	by	ADP
ajfa-4533	18	17	selling	sell	VERB
ajfa-4533	18	18	existing	exist	VERB
ajfa-4533	18	19	products	product	NOUN
ajfa-4533	18	20	to	to	ADP
ajfa-4533	18	21	new	new	ADJ
ajfa-4533	18	22	customers	customer	NOUN
ajfa-4533	18	23	,	,	PUNCT
ajfa-4533	18	24	spreading	spread	VERB
ajfa-4533	18	25	the	the	DET
ajfa-4533	18	26	business	business	NOUN
ajfa-4533	18	27	risk	risk	NOUN
ajfa-4533	18	28	or	or	CCONJ
ajfa-4533	18	29	political	political	ADJ
ajfa-4533	18	30	risk	risk	NOUN
ajfa-4533	18	31	from	from	ADP
ajfa-4533	18	32	one	one	NUM
ajfa-4533	18	33	sole	sole	ADJ
ajfa-4533	18	34	country	country	NOUN
ajfa-4533	18	35	to	to	ADP
ajfa-4533	18	36	other	other	ADJ
ajfa-4533	18	37	safer	safe	ADJ
ajfa-4533	18	38	countries	country	NOUN
ajfa-4533	18	39	and	and	CCONJ
ajfa-4533	18	40	gaining	gain	VERB
ajfa-4533	18	41	new	new	ADJ
ajfa-4533	18	42	technological	technological	ADJ
ajfa-4533	18	43	know	know	NOUN
ajfa-4533	18	44	-	-	PUNCT
ajfa-4533	18	45	how	how	NOUN
ajfa-4533	18	46	and	and	CCONJ
ajfa-4533	18	47	management	management	NOUN
ajfa-4533	18	48	skills	skill	NOUN
ajfa-4533	18	49	if	if	SCONJ
ajfa-4533	18	50	firms	firm	NOUN
ajfa-4533	18	51	from	from	ADP
ajfa-4533	18	52	emerging	emerge	VERB
ajfa-4533	18	53	countries	country	NOUN
ajfa-4533	18	54	invest	invest	VERB
ajfa-4533	18	55	in	in	ADP
ajfa-4533	18	56	developed	develop	VERB
ajfa-4533	18	57	countries	country	NOUN
ajfa-4533	18	58	.	.	PUNCT
ajfa-4533	19	1	therefore	therefore	ADV
ajfa-4533	19	2	,	,	PUNCT
ajfa-4533	19	3	internationalization	internationalization	NOUN
ajfa-4533	19	4	seems	seem	VERB
ajfa-4533	19	5	to	to	PART
ajfa-4533	19	6	be	be	AUX
ajfa-4533	19	7	one	one	NUM
ajfa-4533	19	8	strategic	strategic	ADJ
ajfa-4533	19	9	movement	movement	NOUN
ajfa-4533	19	10	for	for	SCONJ
ajfa-4533	19	11	the	the	DET
ajfa-4533	19	12	firms	firm	NOUN
ajfa-4533	19	13	to	to	PART
ajfa-4533	19	14	maximize	maximize	VERB
ajfa-4533	19	15	its	its	PRON
ajfa-4533	19	16	value	value	NOUN
ajfa-4533	19	17	.	.	PUNCT
ajfa-4533	20	1	furthermore	furthermore	ADV
ajfa-4533	20	2	,	,	PUNCT
ajfa-4533	20	3	many	many	ADJ
ajfa-4533	20	4	studies	study	NOUN
ajfa-4533	20	5	regarding	regard	VERB
ajfa-4533	20	6	capital	capital	NOUN
ajfa-4533	20	7	structure	structure	NOUN
ajfa-4533	20	8	of	of	ADP
ajfa-4533	20	9	internationalized	internationalized	ADJ
ajfa-4533	20	10	firms	firm	NOUN
ajfa-4533	20	11	are	be	AUX
ajfa-4533	20	12	mainly	mainly	ADV
ajfa-4533	20	13	focused	focus	VERB
ajfa-4533	20	14	on	on	ADP
ajfa-4533	20	15	developed	develop	VERB
ajfa-4533	20	16	countries	country	NOUN
ajfa-4533	20	17	like	like	ADP
ajfa-4533	20	18	united	united	PROPN
ajfa-4533	20	19	kingdom	kingdom	PROPN
ajfa-4533	20	20	and	and	CCONJ
ajfa-4533	20	21	united	united	PROPN
ajfa-4533	20	22	states	state	NOUN
ajfa-4533	20	23	,	,	PUNCT
ajfa-4533	20	24	while	while	SCONJ
ajfa-4533	20	25	evidence	evidence	NOUN
ajfa-4533	20	26	in	in	ADP
ajfa-4533	20	27	developing	develop	VERB
ajfa-4533	20	28	countries	country	NOUN
ajfa-4533	20	29	like	like	ADP
ajfa-4533	20	30	malaysia	malaysia	PROPN
ajfa-4533	20	31	is	be	AUX
ajfa-4533	20	32	very	very	ADV
ajfa-4533	20	33	little	little	ADJ
ajfa-4533	20	34	(	(	PUNCT
ajfa-4533	20	35	hitt	hitt	X
ajfa-4533	20	36	et	et	PROPN
ajfa-4533	20	37	al	al	PROPN
ajfa-4533	20	38	.	.	PROPN
ajfa-4533	20	39	1997	1997	NUM
ajfa-4533	20	40	and	and	CCONJ
ajfa-4533	20	41	thomas	thomas	PROPN
ajfa-4533	20	42	and	and	CCONJ
ajfa-4533	20	43	eden	eden	PROPN
ajfa-4533	20	44	,	,	PUNCT
ajfa-4533	20	45	2004	2004	NUM
ajfa-4533	20	46	)	)	PUNCT
ajfa-4533	20	47	.	.	PUNCT
ajfa-4533	21	1	the	the	DET
ajfa-4533	21	2	recent	recent	ADJ
ajfa-4533	21	3	financial	financial	ADJ
ajfa-4533	21	4	crisis	crisis	NOUN
ajfa-4533	21	5	had	have	VERB
ajfa-4533	21	6	a	a	DET
ajfa-4533	21	7	very	very	ADV
ajfa-4533	21	8	big	big	ADJ
ajfa-4533	21	9	impact	impact	NOUN
ajfa-4533	21	10	on	on	ADP
ajfa-4533	21	11	the	the	DET
ajfa-4533	21	12	firms	firm	NOUN
ajfa-4533	21	13	in	in	ADP
ajfa-4533	21	14	malaysia	malaysia	PROPN
ajfa-4533	21	15	.	.	PUNCT
ajfa-4533	22	1	manufacturing	manufacturing	NOUN
ajfa-4533	22	2	sector	sector	NOUN
ajfa-4533	22	3	suffers	suffer	VERB
ajfa-4533	22	4	the	the	DET
ajfa-4533	22	5	most	most	ADJ
ajfa-4533	22	6	in	in	ADP
ajfa-4533	22	7	the	the	DET
ajfa-4533	22	8	financial	financial	ADJ
ajfa-4533	22	9	crisis	crisis	NOUN
ajfa-4533	22	10	.	.	PUNCT
ajfa-4533	23	1	during	during	ADP
ajfa-4533	23	2	the	the	DET
ajfa-4533	23	3	peak	peak	NOUN
ajfa-4533	23	4	of	of	ADP
ajfa-4533	23	5	the	the	DET
ajfa-4533	23	6	financial	financial	ADJ
ajfa-4533	23	7	crisis	crisis	NOUN
ajfa-4533	23	8	,	,	PUNCT
ajfa-4533	23	9	malaysia	malaysia	PROPN
ajfa-4533	23	10	’s	’s	PART
ajfa-4533	23	11	export	export	NOUN
ajfa-4533	23	12	decreased	decrease	VERB
ajfa-4533	23	13	by	by	ADP
ajfa-4533	23	14	27.7	27.7	NUM
ajfa-4533	23	15	%	%	NOUN
ajfa-4533	23	16	in	in	ADP
ajfa-4533	23	17	january	january	PROPN
ajfa-4533	23	18	2009	2009	NUM
ajfa-4533	23	19	and	and	CCONJ
ajfa-4533	23	20	it	it	PRON
ajfa-4533	23	21	was	be	AUX
ajfa-4533	23	22	the	the	DET
ajfa-4533	23	23	biggest	big	ADJ
ajfa-4533	23	24	reduction	reduction	NOUN
ajfa-4533	23	25	in	in	ADP
ajfa-4533	23	26	the	the	DET
ajfa-4533	23	27	country	country	NOUN
ajfa-4533	23	28	history	history	NOUN
ajfa-4533	23	29	since	since	SCONJ
ajfa-4533	23	30	year	year	NOUN
ajfa-4533	23	31	1982	1982	NUM
ajfa-4533	23	32	(	(	PUNCT
ajfa-4533	23	33	malaysia	malaysia	PROPN
ajfa-4533	23	34	’s	’s	PART
ajfa-4533	23	35	external	external	ADJ
ajfa-4533	23	36	trade	trade	NOUN
ajfa-4533	23	37	statistics	statistic	NOUN
ajfa-4533	23	38	,	,	PUNCT
ajfa-4533	23	39	january	january	PROPN
ajfa-4533	23	40	2009	2009	NUM
ajfa-4533	23	41	)	)	PUNCT
ajfa-4533	23	42	.	.	PUNCT
ajfa-4533	24	1	malaysia	malaysia	PROPN
ajfa-4533	24	2	is	be	AUX
ajfa-4533	24	3	an	an	DET
ajfa-4533	24	4	export	export	NOUN
ajfa-4533	24	5	-	-	PUNCT
ajfa-4533	24	6	based	base	VERB
ajfa-4533	24	7	country	country	NOUN
ajfa-4533	24	8	.	.	PUNCT
ajfa-4533	25	1	most	most	ADJ
ajfa-4533	25	2	of	of	ADP
ajfa-4533	25	3	the	the	DET
ajfa-4533	25	4	manufactured	manufacture	VERB
ajfa-4533	25	5	products	product	NOUN
ajfa-4533	25	6	are	be	AUX
ajfa-4533	25	7	exported	export	VERB
ajfa-4533	25	8	oversea	oversea	NOUN
ajfa-4533	25	9	.	.	PUNCT
ajfa-4533	26	1	therefore	therefore	ADV
ajfa-4533	26	2	,	,	PUNCT
ajfa-4533	26	3	manufacturing	manufacturing	NOUN
ajfa-4533	26	4	sector	sector	NOUN
ajfa-4533	26	5	plays	play	VERB
ajfa-4533	26	6	an	an	DET
ajfa-4533	26	7	important	important	ADJ
ajfa-4533	26	8	role	role	NOUN
ajfa-4533	26	9	in	in	ADP
ajfa-4533	26	10	malaysia	malaysia	PROPN
ajfa-4533	26	11	’s	’s	PART
ajfa-4533	26	12	economy	economy	NOUN
ajfa-4533	26	13	.	.	PUNCT
ajfa-4533	27	1	during	during	ADP
ajfa-4533	27	2	this	this	DET
ajfa-4533	27	3	financial	financial	ADJ
ajfa-4533	27	4	crisis	crisis	NOUN
ajfa-4533	27	5	,	,	PUNCT
ajfa-4533	27	6	many	many	ADJ
ajfa-4533	27	7	manufacturing	manufacturing	NOUN
ajfa-4533	27	8	companies	company	NOUN
ajfa-4533	27	9	lost	lose	VERB
ajfa-4533	27	10	their	their	PRON
ajfa-4533	27	11	assets	asset	NOUN
ajfa-4533	27	12	and	and	CCONJ
ajfa-4533	27	13	their	their	PRON
ajfa-4533	27	14	share	share	NOUN
ajfa-4533	27	15	value	value	NOUN
ajfa-4533	27	16	depreciated	depreciate	VERB
ajfa-4533	27	17	.	.	PUNCT
ajfa-4533	28	1	some	some	DET
ajfa-4533	28	2	companies	company	NOUN
ajfa-4533	28	3	have	have	AUX
ajfa-4533	28	4	undergone	undergo	VERB
ajfa-4533	28	5	capital	capital	NOUN
ajfa-4533	28	6	restructuring	restructuring	NOUN
ajfa-4533	28	7	.	.	PUNCT
ajfa-4533	29	1	and	and	CCONJ
ajfa-4533	29	2	unlucky	unlucky	ADJ
ajfa-4533	29	3	ones	one	NOUN
ajfa-4533	29	4	even	even	ADV
ajfa-4533	29	5	ran	run	VERB
ajfa-4533	29	6	into	into	ADP
ajfa-4533	29	7	bankruptcy	bankruptcy	NOUN
ajfa-4533	29	8	.	.	PUNCT
ajfa-4533	30	1	rationale	rationale	NOUN
ajfa-4533	30	2	of	of	ADP
ajfa-4533	30	3	the	the	DET
ajfa-4533	30	4	study	study	NOUN
ajfa-4533	30	5	malaysia	malaysia	PROPN
ajfa-4533	30	6	has	have	AUX
ajfa-4533	30	7	introduced	introduce	VERB
ajfa-4533	30	8	the	the	DET
ajfa-4533	30	9	third	third	ADJ
ajfa-4533	30	10	industrial	industrial	ADJ
ajfa-4533	30	11	plan	plan	NOUN
ajfa-4533	30	12	(	(	PUNCT
ajfa-4533	30	13	imp3	imp3	PROPN
ajfa-4533	30	14	)	)	PUNCT
ajfa-4533	30	15	in	in	ADP
ajfa-4533	30	16	2006	2006	NUM
ajfa-4533	30	17	.	.	PUNCT
ajfa-4533	31	1	imp3	imp3	PROPN
ajfa-4533	31	2	starting	start	VERB
ajfa-4533	31	3	from	from	ADP
ajfa-4533	31	4	2006	2006	NUM
ajfa-4533	31	5	asian	asian	ADJ
ajfa-4533	31	6	journal	journal	NOUN
ajfa-4533	31	7	of	of	ADP
ajfa-4533	31	8	finance	finance	PROPN
ajfa-4533	31	9	&	&	CCONJ
ajfa-4533	31	10	accounting	accounting	PROPN
ajfa-4533	31	11	issn	issn	PROPN
ajfa-4533	31	12	1946	1946	NUM
ajfa-4533	31	13	-	-	PUNCT
ajfa-4533	31	14	052x	052x	NOUN
ajfa-4533	31	15	2013	2013	NUM
ajfa-4533	31	16	,	,	PUNCT
ajfa-4533	31	17	vol	vol	NOUN
ajfa-4533	31	18	.	.	PROPN
ajfa-4533	31	19	5	5	NUM
ajfa-4533	31	20	,	,	PUNCT
ajfa-4533	31	21	no	no	INTJ
ajfa-4533	31	22	.	.	NOUN
ajfa-4533	31	23	2	2	NUM
ajfa-4533	31	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4533	31	25	331	331	NUM
ajfa-4533	31	26	to	to	ADP
ajfa-4533	31	27	2020	2020	NUM
ajfa-4533	31	28	focuses	focus	VERB
ajfa-4533	31	29	on	on	ADP
ajfa-4533	31	30	policies	policy	NOUN
ajfa-4533	31	31	and	and	CCONJ
ajfa-4533	31	32	strategies	strategy	NOUN
ajfa-4533	31	33	that	that	PRON
ajfa-4533	31	34	help	help	VERB
ajfa-4533	31	35	realizes	realize	VERB
ajfa-4533	31	36	the	the	DET
ajfa-4533	31	37	vision	vision	NOUN
ajfa-4533	31	38	2020	2020	NUM
ajfa-4533	31	39	which	which	PRON
ajfa-4533	31	40	is	be	AUX
ajfa-4533	31	41	for	for	SCONJ
ajfa-4533	31	42	malaysia	malaysia	PROPN
ajfa-4533	31	43	to	to	PART
ajfa-4533	31	44	become	become	VERB
ajfa-4533	31	45	a	a	DET
ajfa-4533	31	46	developed	develop	VERB
ajfa-4533	31	47	country	country	NOUN
ajfa-4533	31	48	.	.	PUNCT
ajfa-4533	32	1	the	the	DET
ajfa-4533	32	2	plan	plan	NOUN
ajfa-4533	32	3	leverages	leverage	VERB
ajfa-4533	32	4	upon	upon	SCONJ
ajfa-4533	32	5	the	the	DET
ajfa-4533	32	6	strengths	strength	NOUN
ajfa-4533	32	7	and	and	CCONJ
ajfa-4533	32	8	capabilities	capability	NOUN
ajfa-4533	32	9	of	of	ADP
ajfa-4533	32	10	manufacturing	manufacture	VERB
ajfa-4533	32	11	sector	sector	NOUN
ajfa-4533	32	12	to	to	PART
ajfa-4533	32	13	enhance	enhance	VERB
ajfa-4533	32	14	its	its	PRON
ajfa-4533	32	15	competitiveness	competitiveness	NOUN
ajfa-4533	32	16	and	and	CCONJ
ajfa-4533	32	17	resilience	resilience	NOUN
ajfa-4533	32	18	in	in	ADP
ajfa-4533	32	19	the	the	DET
ajfa-4533	32	20	global	global	ADJ
ajfa-4533	32	21	platform	platform	NOUN
ajfa-4533	32	22	.	.	PUNCT
ajfa-4533	33	1	with	with	ADP
ajfa-4533	33	2	exercise	exercise	NOUN
ajfa-4533	33	3	of	of	ADP
ajfa-4533	33	4	several	several	ADJ
ajfa-4533	33	5	free	free	ADJ
ajfa-4533	33	6	trade	trade	NOUN
ajfa-4533	33	7	agreements	agreement	NOUN
ajfa-4533	33	8	(	(	PUNCT
ajfa-4533	33	9	ftas	fta	NOUN
ajfa-4533	33	10	)	)	PUNCT
ajfa-4533	33	11	with	with	ADP
ajfa-4533	33	12	asean	asean	PROPN
ajfa-4533	33	13	,	,	PUNCT
ajfa-4533	33	14	china	china	PROPN
ajfa-4533	33	15	and	and	CCONJ
ajfa-4533	33	16	japan	japan	PROPN
ajfa-4533	33	17	,	,	PUNCT
ajfa-4533	33	18	reduction	reduction	NOUN
ajfa-4533	33	19	of	of	ADP
ajfa-4533	33	20	tariff	tariff	NOUN
ajfa-4533	33	21	will	will	AUX
ajfa-4533	33	22	potentially	potentially	ADV
ajfa-4533	33	23	create	create	VERB
ajfa-4533	33	24	better	well	ADJ
ajfa-4533	33	25	and	and	CCONJ
ajfa-4533	33	26	bigger	big	ADJ
ajfa-4533	33	27	regional	regional	ADJ
ajfa-4533	33	28	markets	market	NOUN
ajfa-4533	33	29	that	that	PRON
ajfa-4533	33	30	favor	favor	VERB
ajfa-4533	33	31	and	and	CCONJ
ajfa-4533	33	32	attract	attract	VERB
ajfa-4533	33	33	the	the	DET
ajfa-4533	33	34	malaysian	malaysian	ADJ
ajfa-4533	33	35	manufacturing	manufacturing	NOUN
ajfa-4533	33	36	firms	firm	NOUN
ajfa-4533	33	37	to	to	PART
ajfa-4533	33	38	penetrate	penetrate	VERB
ajfa-4533	33	39	into	into	ADP
ajfa-4533	33	40	that	that	DET
ajfa-4533	33	41	new	new	ADJ
ajfa-4533	33	42	markets	market	NOUN
ajfa-4533	33	43	.	.	PUNCT
ajfa-4533	34	1	firms	firm	NOUN
ajfa-4533	34	2	may	may	AUX
ajfa-4533	34	3	need	need	VERB
ajfa-4533	34	4	to	to	PART
ajfa-4533	34	5	extra	extra	ADJ
ajfa-4533	34	6	fund	fund	NOUN
ajfa-4533	34	7	to	to	PART
ajfa-4533	34	8	run	run	VERB
ajfa-4533	34	9	their	their	PRON
ajfa-4533	34	10	international	international	ADJ
ajfa-4533	34	11	diversification	diversification	NOUN
ajfa-4533	34	12	.	.	PUNCT
ajfa-4533	35	1	however	however	ADV
ajfa-4533	35	2	,	,	PUNCT
ajfa-4533	35	3	the	the	DET
ajfa-4533	35	4	potential	potential	ADJ
ajfa-4533	35	5	benefits	benefit	NOUN
ajfa-4533	35	6	come	come	VERB
ajfa-4533	35	7	along	along	ADP
ajfa-4533	35	8	with	with	ADP
ajfa-4533	35	9	the	the	DET
ajfa-4533	35	10	challenges	challenge	NOUN
ajfa-4533	35	11	from	from	ADP
ajfa-4533	35	12	the	the	DET
ajfa-4533	35	13	competitiveness	competitiveness	NOUN
ajfa-4533	35	14	of	of	ADP
ajfa-4533	35	15	other	other	ADJ
ajfa-4533	35	16	ftas	ftas	ADJ
ajfa-4533	35	17	member	member	NOUN
ajfa-4533	35	18	countries	country	NOUN
ajfa-4533	35	19	.	.	PUNCT
ajfa-4533	36	1	firms	firm	NOUN
ajfa-4533	36	2	with	with	ADP
ajfa-4533	36	3	weak	weak	ADJ
ajfa-4533	36	4	management	management	NOUN
ajfa-4533	36	5	in	in	ADP
ajfa-4533	36	6	international	international	ADJ
ajfa-4533	36	7	investment	investment	NOUN
ajfa-4533	36	8	may	may	AUX
ajfa-4533	36	9	encounter	encounter	VERB
ajfa-4533	36	10	failure	failure	NOUN
ajfa-4533	36	11	and	and	CCONJ
ajfa-4533	36	12	result	result	VERB
ajfa-4533	36	13	in	in	ADP
ajfa-4533	36	14	difficulties	difficulty	NOUN
ajfa-4533	36	15	in	in	ADP
ajfa-4533	36	16	debt	debt	NOUN
ajfa-4533	36	17	repayment	repayment	NOUN
ajfa-4533	36	18	.	.	PUNCT
ajfa-4533	37	1	thus	thus	ADV
ajfa-4533	37	2	,	,	PUNCT
ajfa-4533	37	3	this	this	DET
ajfa-4533	37	4	study	study	NOUN
ajfa-4533	37	5	with	with	ADP
ajfa-4533	37	6	the	the	DET
ajfa-4533	37	7	most	most	ADV
ajfa-4533	37	8	recent	recent	ADJ
ajfa-4533	37	9	data	datum	NOUN
ajfa-4533	37	10	of	of	ADP
ajfa-4533	37	11	the	the	DET
ajfa-4533	37	12	internationalized	internationalized	ADJ
ajfa-4533	37	13	firms	firm	NOUN
ajfa-4533	37	14	in	in	ADP
ajfa-4533	37	15	manufacturing	manufacturing	NOUN
ajfa-4533	37	16	sector	sector	NOUN
ajfa-4533	37	17	will	will	AUX
ajfa-4533	37	18	be	be	AUX
ajfa-4533	37	19	able	able	ADJ
ajfa-4533	37	20	to	to	PART
ajfa-4533	37	21	test	test	VERB
ajfa-4533	37	22	and	and	CCONJ
ajfa-4533	37	23	confirm	confirm	VERB
ajfa-4533	37	24	the	the	DET
ajfa-4533	37	25	determinants	determinant	NOUN
ajfa-4533	37	26	of	of	ADP
ajfa-4533	37	27	these	these	DET
ajfa-4533	37	28	firms	firm	NOUN
ajfa-4533	37	29	’	’	PART
ajfa-4533	37	30	capital	capital	NOUN
ajfa-4533	37	31	structure	structure	NOUN
ajfa-4533	37	32	and	and	CCONJ
ajfa-4533	37	33	the	the	DET
ajfa-4533	37	34	findings	finding	NOUN
ajfa-4533	37	35	might	might	AUX
ajfa-4533	37	36	provide	provide	VERB
ajfa-4533	37	37	the	the	DET
ajfa-4533	37	38	managers	manager	NOUN
ajfa-4533	37	39	in	in	ADP
ajfa-4533	37	40	the	the	DET
ajfa-4533	37	41	relevant	relevant	ADJ
ajfa-4533	37	42	sectors	sector	NOUN
ajfa-4533	37	43	who	who	PRON
ajfa-4533	37	44	wish	wish	VERB
ajfa-4533	37	45	to	to	PART
ajfa-4533	37	46	employ	employ	VERB
ajfa-4533	37	47	international	international	ADJ
ajfa-4533	37	48	diversification	diversification	NOUN
ajfa-4533	37	49	strategies	strategy	NOUN
ajfa-4533	37	50	with	with	ADP
ajfa-4533	37	51	valuable	valuable	ADJ
ajfa-4533	37	52	insights	insight	NOUN
ajfa-4533	37	53	in	in	ADP
ajfa-4533	37	54	capital	capital	NOUN
ajfa-4533	37	55	structure	structure	NOUN
ajfa-4533	37	56	decisions	decision	NOUN
ajfa-4533	37	57	making	make	VERB
ajfa-4533	37	58	process	process	NOUN
ajfa-4533	37	59	.	.	PUNCT
ajfa-4533	38	1	therefore	therefore	ADV
ajfa-4533	38	2	this	this	DET
ajfa-4533	38	3	study	study	NOUN
ajfa-4533	38	4	is	be	AUX
ajfa-4533	38	5	focused	focus	VERB
ajfa-4533	38	6	on	on	ADP
ajfa-4533	38	7	examining	examine	VERB
ajfa-4533	38	8	the	the	DET
ajfa-4533	38	9	determinants	determinant	NOUN
ajfa-4533	38	10	influencing	influence	VERB
ajfa-4533	38	11	the	the	DET
ajfa-4533	38	12	capital	capital	NOUN
ajfa-4533	38	13	structure	structure	NOUN
ajfa-4533	38	14	of	of	ADP
ajfa-4533	38	15	public	public	ADJ
ajfa-4533	38	16	listed	list	VERB
ajfa-4533	38	17	manufacturing	manufacturing	NOUN
ajfa-4533	38	18	firms	firm	NOUN
ajfa-4533	38	19	in	in	ADP
ajfa-4533	38	20	malaysia	malaysia	PROPN
ajfa-4533	38	21	as	as	ADV
ajfa-4533	38	22	well	well	ADV
ajfa-4533	38	23	as	as	ADP
ajfa-4533	38	24	to	to	PART
ajfa-4533	38	25	investigate	investigate	VERB
ajfa-4533	38	26	the	the	DET
ajfa-4533	38	27	influence	influence	NOUN
ajfa-4533	38	28	of	of	ADP
ajfa-4533	38	29	internationalization	internationalization	NOUN
ajfa-4533	38	30	on	on	ADP
ajfa-4533	38	31	the	the	DET
ajfa-4533	38	32	leverage	leverage	NOUN
ajfa-4533	38	33	of	of	ADP
ajfa-4533	38	34	public	public	ADJ
ajfa-4533	38	35	listed	list	VERB
ajfa-4533	38	36	manufacturing	manufacturing	NOUN
ajfa-4533	38	37	firms	firm	NOUN
ajfa-4533	38	38	in	in	ADP
ajfa-4533	38	39	malaysia	malaysia	PROPN
ajfa-4533	38	40	.	.	PUNCT
ajfa-4533	39	1	the	the	DET
ajfa-4533	39	2	rest	rest	NOUN
ajfa-4533	39	3	of	of	ADP
ajfa-4533	39	4	this	this	DET
ajfa-4533	39	5	paper	paper	NOUN
ajfa-4533	39	6	is	be	AUX
ajfa-4533	39	7	organized	organize	VERB
ajfa-4533	39	8	as	as	SCONJ
ajfa-4533	39	9	follows	follow	VERB
ajfa-4533	39	10	:	:	PUNCT
ajfa-4533	39	11	next	next	ADJ
ajfa-4533	39	12	section	section	NOUN
ajfa-4533	39	13	is	be	AUX
ajfa-4533	39	14	literature	literature	NOUN
ajfa-4533	39	15	review	review	NOUN
ajfa-4533	39	16	which	which	PRON
ajfa-4533	39	17	summarizes	summarize	VERB
ajfa-4533	39	18	the	the	DET
ajfa-4533	39	19	determinants	determinant	NOUN
ajfa-4533	39	20	of	of	ADP
ajfa-4533	39	21	capital	capital	NOUN
ajfa-4533	39	22	structure	structure	NOUN
ajfa-4533	39	23	and	and	CCONJ
ajfa-4533	39	24	internationalization	internationalization	NOUN
ajfa-4533	39	25	strategy	strategy	NOUN
ajfa-4533	39	26	empirical	empirical	ADJ
ajfa-4533	39	27	studies	study	NOUN
ajfa-4533	39	28	.	.	PUNCT
ajfa-4533	40	1	section	section	NOUN
ajfa-4533	40	2	three	three	NUM
ajfa-4533	40	3	focuses	focus	VERB
ajfa-4533	40	4	on	on	ADP
ajfa-4533	40	5	the	the	DET
ajfa-4533	40	6	methodology	methodology	NOUN
ajfa-4533	40	7	used	use	VERB
ajfa-4533	40	8	,	,	PUNCT
ajfa-4533	40	9	hypotheses	hypothesis	NOUN
ajfa-4533	40	10	and	and	CCONJ
ajfa-4533	40	11	variables	variable	NOUN
ajfa-4533	40	12	of	of	ADP
ajfa-4533	40	13	the	the	DET
ajfa-4533	40	14	study	study	NOUN
ajfa-4533	40	15	.	.	PUNCT
ajfa-4533	41	1	the	the	DET
ajfa-4533	41	2	results	result	NOUN
ajfa-4533	41	3	and	and	CCONJ
ajfa-4533	41	4	analysis	analysis	NOUN
ajfa-4533	41	5	of	of	ADP
ajfa-4533	41	6	this	this	DET
ajfa-4533	41	7	study	study	NOUN
ajfa-4533	41	8	is	be	AUX
ajfa-4533	41	9	discussed	discuss	VERB
ajfa-4533	41	10	in	in	ADP
ajfa-4533	41	11	section	section	NOUN
ajfa-4533	41	12	four	four	NUM
ajfa-4533	41	13	.	.	PUNCT
ajfa-4533	42	1	lastly	lastly	ADV
ajfa-4533	42	2	,	,	PUNCT
ajfa-4533	42	3	part	part	NOUN
ajfa-4533	42	4	five	five	NUM
ajfa-4533	42	5	concludes	conclude	VERB
ajfa-4533	42	6	the	the	DET
ajfa-4533	42	7	study	study	NOUN
ajfa-4533	42	8	also	also	ADV
ajfa-4533	42	9	highlight	highlight	VERB
ajfa-4533	42	10	areas	area	NOUN
ajfa-4533	42	11	for	for	ADP
ajfa-4533	42	12	future	future	ADJ
ajfa-4533	42	13	study	study	NOUN
ajfa-4533	42	14	.	.	PUNCT
ajfa-4533	43	1	literature	literature	NOUN
ajfa-4533	43	2	review	review	PROPN
ajfa-4533	43	3	despite	despite	SCONJ
ajfa-4533	43	4	the	the	DET
ajfa-4533	43	5	many	many	ADJ
ajfa-4533	43	6	researches	research	NOUN
ajfa-4533	43	7	done	do	VERB
ajfa-4533	43	8	,	,	PUNCT
ajfa-4533	43	9	there	there	PRON
ajfa-4533	43	10	is	be	VERB
ajfa-4533	43	11	a	a	DET
ajfa-4533	43	12	surprising	surprising	ADJ
ajfa-4533	43	13	lack	lack	NOUN
ajfa-4533	43	14	of	of	ADP
ajfa-4533	43	15	consensus	consensus	NOUN
ajfa-4533	43	16	even	even	ADV
ajfa-4533	43	17	about	about	ADV
ajfa-4533	43	18	many	many	ADJ
ajfa-4533	43	19	basic	basic	ADJ
ajfa-4533	43	20	empirical	empirical	ADJ
ajfa-4533	43	21	facts	fact	NOUN
ajfa-4533	43	22	,	,	PUNCT
ajfa-4533	43	23	such	such	ADJ
ajfa-4533	43	24	as	as	ADP
ajfa-4533	43	25	the	the	DET
ajfa-4533	43	26	determinants	determinant	NOUN
ajfa-4533	43	27	of	of	ADP
ajfa-4533	43	28	capital	capital	NOUN
ajfa-4533	43	29	structure	structure	NOUN
ajfa-4533	43	30	.	.	PUNCT
ajfa-4533	44	1	thus	thus	ADV
ajfa-4533	44	2	,	,	PUNCT
ajfa-4533	44	3	as	as	SCONJ
ajfa-4533	44	4	was	be	AUX
ajfa-4533	44	5	the	the	DET
ajfa-4533	44	6	case	case	NOUN
ajfa-4533	44	7	with	with	ADP
ajfa-4533	44	8	leverage	leverage	NOUN
ajfa-4533	44	9	measures	measure	NOUN
ajfa-4533	44	10	,	,	PUNCT
ajfa-4533	44	11	there	there	PRON
ajfa-4533	44	12	also	also	ADV
ajfa-4533	44	13	exist	exist	VERB
ajfa-4533	44	14	problems	problem	NOUN
ajfa-4533	44	15	of	of	ADP
ajfa-4533	44	16	finding	finding	NOUN
ajfa-4533	44	17	,	,	PUNCT
ajfa-4533	44	18	defining	define	VERB
ajfa-4533	44	19	and	and	CCONJ
ajfa-4533	44	20	measuring	measure	VERB
ajfa-4533	44	21	the	the	DET
ajfa-4533	44	22	determinants	determinant	NOUN
ajfa-4533	44	23	of	of	ADP
ajfa-4533	44	24	capital	capital	NOUN
ajfa-4533	44	25	structure	structure	NOUN
ajfa-4533	44	26	.	.	PUNCT
ajfa-4533	45	1	as	as	SCONJ
ajfa-4533	45	2	harris	harris	PROPN
ajfa-4533	45	3	and	and	CCONJ
ajfa-4533	45	4	raviv	raviv	PROPN
ajfa-4533	45	5	(	(	PUNCT
ajfa-4533	45	6	1991	1991	NUM
ajfa-4533	45	7	)	)	PUNCT
ajfa-4533	45	8	showed	show	VERB
ajfa-4533	45	9	in	in	ADP
ajfa-4533	45	10	their	their	PRON
ajfa-4533	45	11	review	review	NOUN
ajfa-4533	45	12	article	article	NOUN
ajfa-4533	45	13	,	,	PUNCT
ajfa-4533	45	14	the	the	DET
ajfa-4533	45	15	motives	motive	NOUN
ajfa-4533	45	16	and	and	CCONJ
ajfa-4533	45	17	circumstances	circumstance	NOUN
ajfa-4533	45	18	that	that	PRON
ajfa-4533	45	19	could	could	AUX
ajfa-4533	45	20	determine	determine	VERB
ajfa-4533	45	21	capital	capital	NOUN
ajfa-4533	45	22	structure	structure	NOUN
ajfa-4533	45	23	choices	choice	NOUN
ajfa-4533	45	24	seem	seem	VERB
ajfa-4533	45	25	nearly	nearly	ADV
ajfa-4533	45	26	uncountable	uncountable	ADJ
ajfa-4533	45	27	.	.	PUNCT
ajfa-4533	46	1	generally	generally	ADV
ajfa-4533	46	2	,	,	PUNCT
ajfa-4533	46	3	the	the	DET
ajfa-4533	46	4	factors	factor	NOUN
ajfa-4533	46	5	that	that	PRON
ajfa-4533	46	6	determine	determine	VERB
ajfa-4533	46	7	capital	capital	NOUN
ajfa-4533	46	8	structure	structure	NOUN
ajfa-4533	46	9	choices	choice	NOUN
ajfa-4533	46	10	observed	observe	VERB
ajfa-4533	46	11	in	in	ADP
ajfa-4533	46	12	the	the	DET
ajfa-4533	46	13	previous	previous	ADJ
ajfa-4533	46	14	study	study	NOUN
ajfa-4533	46	15	can	can	AUX
ajfa-4533	46	16	be	be	AUX
ajfa-4533	46	17	categorized	categorize	VERB
ajfa-4533	46	18	into	into	ADP
ajfa-4533	46	19	macroeconomic	macroeconomic	ADJ
ajfa-4533	46	20	factors	factor	NOUN
ajfa-4533	46	21	such	such	ADJ
ajfa-4533	46	22	as	as	ADP
ajfa-4533	46	23	profitability	profitability	NOUN
ajfa-4533	46	24	and	and	CCONJ
ajfa-4533	46	25	firm	firm	ADJ
ajfa-4533	46	26	size	size	NOUN
ajfa-4533	46	27	,	,	PUNCT
ajfa-4533	46	28	industry	industry	NOUN
ajfa-4533	46	29	specific	specific	ADJ
ajfa-4533	46	30	factors	factor	NOUN
ajfa-4533	46	31	,	,	PUNCT
ajfa-4533	46	32	management	management	NOUN
ajfa-4533	46	33	control	control	NOUN
ajfa-4533	46	34	factors	factor	NOUN
ajfa-4533	46	35	and	and	CCONJ
ajfa-4533	46	36	legal	legal	ADJ
ajfa-4533	46	37	factors	factor	NOUN
ajfa-4533	46	38	.	.	PUNCT
ajfa-4533	47	1	booth	booth	NOUN
ajfa-4533	47	2	et	et	PROPN
ajfa-4533	47	3	al	al	PROPN
ajfa-4533	47	4	(	(	PUNCT
ajfa-4533	47	5	2001	2001	NUM
ajfa-4533	47	6	)	)	PUNCT
ajfa-4533	47	7	investigated	investigate	VERB
ajfa-4533	47	8	the	the	DET
ajfa-4533	47	9	relationship	relationship	NOUN
ajfa-4533	47	10	between	between	ADP
ajfa-4533	47	11	debt	debt	NOUN
ajfa-4533	47	12	measures	measure	NOUN
ajfa-4533	47	13	and	and	CCONJ
ajfa-4533	47	14	a	a	DET
ajfa-4533	47	15	set	set	NOUN
ajfa-4533	47	16	of	of	ADP
ajfa-4533	47	17	independent	independent	ADJ
ajfa-4533	47	18	macroeconomic	macroeconomic	ADJ
ajfa-4533	47	19	variables	variable	NOUN
ajfa-4533	47	20	,	,	PUNCT
ajfa-4533	47	21	firm	firm	ADJ
ajfa-4533	47	22	specific	specific	ADJ
ajfa-4533	47	23	and	and	CCONJ
ajfa-4533	47	24	institutional	institutional	ADJ
ajfa-4533	47	25	variables	variable	NOUN
ajfa-4533	47	26	.	.	PUNCT
ajfa-4533	48	1	some	some	DET
ajfa-4533	48	2	interesting	interesting	ADJ
ajfa-4533	48	3	generalizations	generalization	NOUN
ajfa-4533	48	4	emerge	emerge	VERB
ajfa-4533	48	5	from	from	ADP
ajfa-4533	48	6	the	the	DET
ajfa-4533	48	7	regression	regression	NOUN
ajfa-4533	48	8	results	result	NOUN
ajfa-4533	48	9	.	.	PUNCT
ajfa-4533	49	1	the	the	DET
ajfa-4533	49	2	findings	finding	NOUN
ajfa-4533	49	3	indicate	indicate	VERB
ajfa-4533	49	4	that	that	SCONJ
ajfa-4533	49	5	the	the	DET
ajfa-4533	49	6	three	three	NUM
ajfa-4533	49	7	proxies	proxy	NOUN
ajfa-4533	49	8	used	use	VERB
ajfa-4533	49	9	for	for	ADP
ajfa-4533	49	10	debt	debt	NOUN
ajfa-4533	49	11	were	be	AUX
ajfa-4533	49	12	negatively	negatively	ADV
ajfa-4533	49	13	related	relate	VERB
ajfa-4533	49	14	to	to	ADP
ajfa-4533	49	15	market	market	NOUN
ajfa-4533	49	16	capitalization	capitalization	NOUN
ajfa-4533	49	17	and	and	CCONJ
ajfa-4533	49	18	long	long	ADJ
ajfa-4533	49	19	-	-	PUNCT
ajfa-4533	49	20	term	term	NOUN
ajfa-4533	49	21	market	market	NOUN
ajfa-4533	49	22	while	while	SCONJ
ajfa-4533	49	23	gdp	gdp	NOUN
ajfa-4533	49	24	and	and	CCONJ
ajfa-4533	49	25	liabilities	liability	NOUN
ajfa-4533	49	26	were	be	AUX
ajfa-4533	49	27	positively	positively	ADV
ajfa-4533	49	28	related	relate	VERB
ajfa-4533	49	29	to	to	ADP
ajfa-4533	49	30	debt	debt	NOUN
ajfa-4533	49	31	.	.	PUNCT
ajfa-4533	50	1	the	the	DET
ajfa-4533	50	2	high	high	ADJ
ajfa-4533	50	3	growth	growth	NOUN
ajfa-4533	50	4	rate	rate	NOUN
ajfa-4533	50	5	and	and	CCONJ
ajfa-4533	50	6	high	high	ADJ
ajfa-4533	50	7	inflation	inflation	NOUN
ajfa-4533	50	8	have	have	VERB
ajfa-4533	50	9	opposite	opposite	ADJ
ajfa-4533	50	10	effect	effect	NOUN
ajfa-4533	50	11	on	on	ADP
ajfa-4533	50	12	book	book	NOUN
ajfa-4533	50	13	to	to	ADP
ajfa-4533	50	14	market	market	NOUN
ajfa-4533	50	15	ratio	ratio	NOUN
ajfa-4533	50	16	.	.	PUNCT
ajfa-4533	51	1	in	in	ADP
ajfa-4533	51	2	addition	addition	NOUN
ajfa-4533	51	3	,	,	PUNCT
ajfa-4533	51	4	the	the	PRON
ajfa-4533	51	5	more	more	ADV
ajfa-4533	51	6	developed	develop	VERB
ajfa-4533	51	7	the	the	DET
ajfa-4533	51	8	equity	equity	NOUN
ajfa-4533	51	9	market	market	NOUN
ajfa-4533	51	10	is	be	AUX
ajfa-4533	51	11	the	the	DET
ajfa-4533	51	12	lower	low	ADJ
ajfa-4533	51	13	the	the	DET
ajfa-4533	51	14	appetite	appetite	NOUN
ajfa-4533	51	15	of	of	ADP
ajfa-4533	51	16	firms	firm	NOUN
ajfa-4533	51	17	for	for	ADP
ajfa-4533	51	18	debt	debt	NOUN
ajfa-4533	51	19	financing	financing	NOUN
ajfa-4533	51	20	.	.	PUNCT
ajfa-4533	52	1	similarly	similarly	ADV
ajfa-4533	52	2	,	,	PUNCT
ajfa-4533	52	3	the	the	DET
ajfa-4533	52	4	highly	highly	ADV
ajfa-4533	52	5	developed	develop	VERB
ajfa-4533	52	6	the	the	DET
ajfa-4533	52	7	debt	debt	NOUN
ajfa-4533	52	8	market	market	NOUN
ajfa-4533	52	9	the	the	PRON
ajfa-4533	52	10	higher	high	ADJ
ajfa-4533	52	11	the	the	DET
ajfa-4533	52	12	level	level	NOUN
ajfa-4533	52	13	of	of	ADP
ajfa-4533	52	14	debts	debt	NOUN
ajfa-4533	52	15	.	.	PUNCT
ajfa-4533	53	1	furthermore	furthermore	ADV
ajfa-4533	53	2	,	,	PUNCT
ajfa-4533	53	3	higher	high	ADJ
ajfa-4533	53	4	taxes	taxis	NOUN
ajfa-4533	53	5	lead	lead	VERB
ajfa-4533	53	6	to	to	ADP
ajfa-4533	53	7	higher	high	ADJ
ajfa-4533	53	8	debt	debt	NOUN
ajfa-4533	53	9	ratio	ratio	NOUN
ajfa-4533	53	10	in	in	ADP
ajfa-4533	53	11	the	the	DET
ajfa-4533	53	12	countries	country	NOUN
ajfa-4533	53	13	under	under	ADP
ajfa-4533	53	14	study	study	NOUN
ajfa-4533	53	15	.	.	PUNCT
ajfa-4533	54	1	ooi	ooi	PROPN
ajfa-4533	54	2	(	(	PUNCT
ajfa-4533	54	3	1999	1999	NUM
ajfa-4533	54	4	)	)	PUNCT
ajfa-4533	54	5	examined	examine	VERB
ajfa-4533	54	6	the	the	DET
ajfa-4533	54	7	capital	capital	NOUN
ajfa-4533	54	8	structure	structure	NOUN
ajfa-4533	54	9	determinants	determinant	NOUN
ajfa-4533	54	10	of	of	ADP
ajfa-4533	54	11	83	83	NUM
ajfa-4533	54	12	property	property	NOUN
ajfa-4533	54	13	companies	company	NOUN
ajfa-4533	54	14	in	in	ADP
ajfa-4533	54	15	uk	uk	PROPN
ajfa-4533	54	16	asian	asian	ADJ
ajfa-4533	54	17	journal	journal	PROPN
ajfa-4533	54	18	of	of	ADP
ajfa-4533	54	19	finance	finance	PROPN
ajfa-4533	54	20	&	&	CCONJ
ajfa-4533	54	21	accounting	accounting	PROPN
ajfa-4533	54	22	issn	issn	PROPN
ajfa-4533	54	23	1946	1946	NUM
ajfa-4533	54	24	-	-	PUNCT
ajfa-4533	54	25	052x	052x	NOUN
ajfa-4533	54	26	2013	2013	NUM
ajfa-4533	54	27	,	,	PUNCT
ajfa-4533	54	28	vol	vol	NOUN
ajfa-4533	54	29	.	.	PROPN
ajfa-4533	54	30	5	5	NUM
ajfa-4533	54	31	,	,	PUNCT
ajfa-4533	54	32	no	no	INTJ
ajfa-4533	54	33	.	.	NOUN
ajfa-4533	54	34	2	2	NUM
ajfa-4533	54	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4533	54	36	332	332	NUM
ajfa-4533	54	37	growth	growth	NOUN
ajfa-4533	54	38	rate	rate	NOUN
ajfa-4533	54	39	,	,	PUNCT
ajfa-4533	54	40	profitability	profitability	NOUN
ajfa-4533	54	41	,	,	PUNCT
ajfa-4533	54	42	and	and	CCONJ
ajfa-4533	54	43	tax	tax	NOUN
ajfa-4533	54	44	rate	rate	NOUN
ajfa-4533	54	45	were	be	AUX
ajfa-4533	54	46	statistically	statistically	ADV
ajfa-4533	54	47	insignificant	insignificant	ADJ
ajfa-4533	54	48	.	.	PUNCT
ajfa-4533	55	1	the	the	DET
ajfa-4533	55	2	result	result	NOUN
ajfa-4533	55	3	indicates	indicate	VERB
ajfa-4533	55	4	that	that	SCONJ
ajfa-4533	55	5	firms	firm	NOUN
ajfa-4533	55	6	with	with	ADP
ajfa-4533	55	7	higher	high	ADJ
ajfa-4533	55	8	tangible	tangible	ADJ
ajfa-4533	55	9	assets	asset	NOUN
ajfa-4533	55	10	employ	employ	VERB
ajfa-4533	55	11	higher	high	ADJ
ajfa-4533	55	12	debt	debt	NOUN
ajfa-4533	55	13	.	.	PUNCT
ajfa-4533	56	1	in	in	ADP
ajfa-4533	56	2	addition	addition	NOUN
ajfa-4533	56	3	,	,	PUNCT
ajfa-4533	56	4	property	property	NOUN
ajfa-4533	56	5	companies	company	NOUN
ajfa-4533	56	6	with	with	ADP
ajfa-4533	56	7	high	high	ADJ
ajfa-4533	56	8	property	property	NOUN
ajfa-4533	56	9	developments	development	NOUN
ajfa-4533	56	10	tend	tend	VERB
ajfa-4533	56	11	to	to	PART
ajfa-4533	56	12	be	be	AUX
ajfa-4533	56	13	highly	highly	ADV
ajfa-4533	56	14	leveraged	leveraged	ADJ
ajfa-4533	56	15	.	.	PUNCT
ajfa-4533	57	1	firm	firm	ADJ
ajfa-4533	57	2	size	size	NOUN
ajfa-4533	57	3	was	be	AUX
ajfa-4533	57	4	found	find	VERB
ajfa-4533	57	5	to	to	PART
ajfa-4533	57	6	be	be	AUX
ajfa-4533	57	7	negatively	negatively	ADV
ajfa-4533	57	8	related	relate	VERB
ajfa-4533	57	9	to	to	ADP
ajfa-4533	57	10	debt	debt	NOUN
ajfa-4533	57	11	.	.	PUNCT
ajfa-4533	58	1	property	property	NOUN
ajfa-4533	58	2	firms	firm	NOUN
ajfa-4533	58	3	substitute	substitute	VERB
ajfa-4533	58	4	debt	debt	NOUN
ajfa-4533	58	5	financing	financing	NOUN
ajfa-4533	58	6	with	with	ADP
ajfa-4533	58	7	equity	equity	NOUN
ajfa-4533	58	8	financing	financing	NOUN
ajfa-4533	58	9	when	when	SCONJ
ajfa-4533	58	10	stock	stock	NOUN
ajfa-4533	58	11	market	market	NOUN
ajfa-4533	58	12	is	be	AUX
ajfa-4533	58	13	performing	perform	VERB
ajfa-4533	58	14	well	well	ADV
ajfa-4533	58	15	and	and	CCONJ
ajfa-4533	58	16	the	the	DET
ajfa-4533	58	17	opposite	opposite	NOUN
ajfa-4533	58	18	is	be	AUX
ajfa-4533	58	19	true	true	ADJ
ajfa-4533	58	20	.	.	PUNCT
ajfa-4533	59	1	on	on	ADP
ajfa-4533	59	2	the	the	DET
ajfa-4533	59	3	other	other	ADJ
ajfa-4533	59	4	hand	hand	NOUN
ajfa-4533	59	5	,	,	PUNCT
ajfa-4533	59	6	panno	panno	NOUN
ajfa-4533	59	7	(	(	PUNCT
ajfa-4533	59	8	2003	2003	NUM
ajfa-4533	59	9	)	)	PUNCT
ajfa-4533	59	10	examined	examine	VERB
ajfa-4533	59	11	whether	whether	SCONJ
ajfa-4533	59	12	capital	capital	NOUN
ajfa-4533	59	13	structure	structure	NOUN
ajfa-4533	59	14	theories	theory	NOUN
ajfa-4533	59	15	from	from	ADP
ajfa-4533	59	16	the	the	DET
ajfa-4533	59	17	developed	develop	VERB
ajfa-4533	59	18	market	market	NOUN
ajfa-4533	59	19	are	be	AUX
ajfa-4533	59	20	applicable	applicable	ADJ
ajfa-4533	59	21	to	to	ADP
ajfa-4533	59	22	kenyan	kenyan	ADJ
ajfa-4533	59	23	firms	firm	NOUN
ajfa-4533	59	24	.	.	PUNCT
ajfa-4533	60	1	using	use	VERB
ajfa-4533	60	2	several	several	ADJ
ajfa-4533	60	3	variables	variable	NOUN
ajfa-4533	60	4	to	to	PART
ajfa-4533	60	5	study	study	VERB
ajfa-4533	60	6	these	these	DET
ajfa-4533	60	7	firms	firm	NOUN
ajfa-4533	60	8	found	find	VERB
ajfa-4533	60	9	the	the	DET
ajfa-4533	60	10	following	following	NOUN
ajfa-4533	60	11	.	.	PUNCT
ajfa-4533	61	1	debt	debt	NOUN
ajfa-4533	61	2	ratio	ratio	NOUN
ajfa-4533	61	3	was	be	AUX
ajfa-4533	61	4	negatively	negatively	ADV
ajfa-4533	61	5	related	relate	VERB
ajfa-4533	61	6	to	to	ADP
ajfa-4533	61	7	size	size	NOUN
ajfa-4533	61	8	and	and	CCONJ
ajfa-4533	61	9	profitability	profitability	NOUN
ajfa-4533	61	10	but	but	CCONJ
ajfa-4533	61	11	was	be	AUX
ajfa-4533	61	12	positively	positively	ADV
ajfa-4533	61	13	related	relate	VERB
ajfa-4533	61	14	to	to	ADP
ajfa-4533	61	15	tangible	tangible	ADJ
ajfa-4533	61	16	asset	asset	NOUN
ajfa-4533	61	17	.	.	PUNCT
ajfa-4533	62	1	debt	debt	NOUN
ajfa-4533	62	2	ratio	ratio	NOUN
ajfa-4533	62	3	relationship	relationship	NOUN
ajfa-4533	62	4	with	with	ADP
ajfa-4533	62	5	age	age	NOUN
ajfa-4533	62	6	depends	depend	VERB
ajfa-4533	62	7	on	on	ADP
ajfa-4533	62	8	the	the	DET
ajfa-4533	62	9	proxy	proxy	NOUN
ajfa-4533	62	10	used	use	VERB
ajfa-4533	62	11	for	for	ADP
ajfa-4533	62	12	age	age	NOUN
ajfa-4533	62	13	however	however	ADV
ajfa-4533	62	14	the	the	DET
ajfa-4533	62	15	result	result	NOUN
ajfa-4533	62	16	were	be	AUX
ajfa-4533	62	17	not	not	PART
ajfa-4533	62	18	statistically	statistically	ADV
ajfa-4533	62	19	significant	significant	ADJ
ajfa-4533	62	20	.	.	PUNCT
ajfa-4533	63	1	the	the	DET
ajfa-4533	63	2	most	most	ADV
ajfa-4533	63	3	important	important	ADJ
ajfa-4533	63	4	variable	variable	NOUN
ajfa-4533	63	5	in	in	ADP
ajfa-4533	63	6	explaining	explain	VERB
ajfa-4533	63	7	debt	debt	NOUN
ajfa-4533	63	8	levels	level	NOUN
ajfa-4533	63	9	were	be	AUX
ajfa-4533	63	10	profitability	profitability	NOUN
ajfa-4533	63	11	,	,	PUNCT
ajfa-4533	63	12	asset	asset	NOUN
ajfa-4533	63	13	structure	structure	NOUN
ajfa-4533	63	14	and	and	CCONJ
ajfa-4533	63	15	size	size	NOUN
ajfa-4533	63	16	.	.	PUNCT
ajfa-4533	64	1	mohd	mohd	PROPN
ajfa-4533	64	2	,	,	PUNCT
ajfa-4533	64	3	perry	perry	NOUN
ajfa-4533	64	4	and	and	CCONJ
ajfa-4533	64	5	rimbey	rimbey	NOUN
ajfa-4533	64	6	(	(	PUNCT
ajfa-4533	64	7	1998	1998	NUM
ajfa-4533	64	8	)	)	PUNCT
ajfa-4533	64	9	examine	examine	VERB
ajfa-4533	64	10	the	the	DET
ajfa-4533	64	11	effect	effect	NOUN
ajfa-4533	64	12	of	of	ADP
ajfa-4533	64	13	the	the	DET
ajfa-4533	64	14	agency	agency	NOUN
ajfa-4533	64	15	costs	cost	NOUN
ajfa-4533	64	16	and	and	CCONJ
ajfa-4533	64	17	ownership	ownership	NOUN
ajfa-4533	64	18	concentration	concentration	NOUN
ajfa-4533	64	19	on	on	ADP
ajfa-4533	64	20	the	the	DET
ajfa-4533	64	21	capital	capital	NOUN
ajfa-4533	64	22	structure	structure	NOUN
ajfa-4533	64	23	of	of	ADP
ajfa-4533	64	24	the	the	DET
ajfa-4533	64	25	firm	firm	NOUN
ajfa-4533	64	26	.	.	PUNCT
ajfa-4533	65	1	using	use	VERB
ajfa-4533	65	2	several	several	ADJ
ajfa-4533	65	3	variables	variable	NOUN
ajfa-4533	65	4	for	for	ADP
ajfa-4533	65	5	the	the	DET
ajfa-4533	65	6	period	period	NOUN
ajfa-4533	65	7	from	from	ADP
ajfa-4533	65	8	1972	1972	NUM
ajfa-4533	65	9	to	to	ADP
ajfa-4533	65	10	1989	1989	NUM
ajfa-4533	65	11	the	the	DET
ajfa-4533	65	12	findings	finding	NOUN
ajfa-4533	65	13	are	be	AUX
ajfa-4533	65	14	as	as	ADV
ajfa-4533	65	15	follow	follow	VERB
ajfa-4533	65	16	.	.	PUNCT
ajfa-4533	66	1	they	they	PRON
ajfa-4533	66	2	found	find	VERB
ajfa-4533	66	3	negative	negative	ADJ
ajfa-4533	66	4	relationship	relationship	NOUN
ajfa-4533	66	5	between	between	ADP
ajfa-4533	66	6	institutional	institutional	ADJ
ajfa-4533	66	7	and	and	CCONJ
ajfa-4533	66	8	the	the	DET
ajfa-4533	66	9	level	level	NOUN
ajfa-4533	66	10	of	of	ADP
ajfa-4533	66	11	debt	debt	NOUN
ajfa-4533	66	12	.	.	PUNCT
ajfa-4533	67	1	this	this	DET
ajfa-4533	67	2	result	result	NOUN
ajfa-4533	67	3	accompanied	accompany	VERB
ajfa-4533	67	4	with	with	ADP
ajfa-4533	67	5	no	no	DET
ajfa-4533	67	6	significant	significant	ADJ
ajfa-4533	67	7	effect	effect	NOUN
ajfa-4533	67	8	from	from	ADP
ajfa-4533	67	9	outside	outside	ADJ
ajfa-4533	67	10	shareholders	shareholder	NOUN
ajfa-4533	67	11	on	on	ADP
ajfa-4533	67	12	the	the	DET
ajfa-4533	67	13	level	level	NOUN
ajfa-4533	67	14	of	of	ADP
ajfa-4533	67	15	debt	debt	NOUN
ajfa-4533	67	16	lead	lead	NOUN
ajfa-4533	67	17	to	to	ADP
ajfa-4533	67	18	the	the	DET
ajfa-4533	67	19	conclusion	conclusion	NOUN
ajfa-4533	67	20	that	that	SCONJ
ajfa-4533	67	21	institutional	institutional	ADJ
ajfa-4533	67	22	investor	investor	NOUN
ajfa-4533	67	23	act	act	NOUN
ajfa-4533	67	24	as	as	ADP
ajfa-4533	67	25	a	a	DET
ajfa-4533	67	26	monitoring	monitoring	NOUN
ajfa-4533	67	27	authority	authority	NOUN
ajfa-4533	67	28	on	on	ADP
ajfa-4533	67	29	the	the	DET
ajfa-4533	67	30	firm	firm	NOUN
ajfa-4533	67	31	.	.	PUNCT
ajfa-4533	68	1	some	some	PRON
ajfa-4533	68	2	of	of	ADP
ajfa-4533	68	3	the	the	DET
ajfa-4533	68	4	studies	study	NOUN
ajfa-4533	68	5	that	that	PRON
ajfa-4533	68	6	have	have	AUX
ajfa-4533	68	7	been	be	AUX
ajfa-4533	68	8	conducted	conduct	VERB
ajfa-4533	68	9	in	in	ADP
ajfa-4533	68	10	malaysia	malaysia	PROPN
ajfa-4533	68	11	on	on	ADP
ajfa-4533	68	12	the	the	DET
ajfa-4533	68	13	subject	subject	NOUN
ajfa-4533	68	14	of	of	ADP
ajfa-4533	68	15	capital	capital	NOUN
ajfa-4533	68	16	structure	structure	NOUN
ajfa-4533	68	17	are	be	AUX
ajfa-4533	68	18	studies	study	NOUN
ajfa-4533	68	19	by	by	ADP
ajfa-4533	68	20	mohamad	mohamad	PROPN
ajfa-4533	68	21	(	(	PUNCT
ajfa-4533	68	22	1995	1995	NUM
ajfa-4533	68	23	)	)	PUNCT
ajfa-4533	68	24	and	and	CCONJ
ajfa-4533	68	25	kester	kester	PROPN
ajfa-4533	68	26	and	and	CCONJ
ajfa-4533	68	27	mansor	mansor	PROPN
ajfa-4533	68	28	(	(	PUNCT
ajfa-4533	68	29	1994	1994	NUM
ajfa-4533	68	30	)	)	PUNCT
ajfa-4533	68	31	.	.	PUNCT
ajfa-4533	69	1	kester	kester	PROPN
ajfa-4533	69	2	and	and	CCONJ
ajfa-4533	69	3	mansor	mansor	PROPN
ajfa-4533	69	4	(	(	PUNCT
ajfa-4533	69	5	1994	1994	NUM
ajfa-4533	69	6	)	)	PUNCT
ajfa-4533	69	7	conducted	conduct	VERB
ajfa-4533	69	8	a	a	DET
ajfa-4533	69	9	survey	survey	NOUN
ajfa-4533	69	10	among	among	ADP
ajfa-4533	69	11	the	the	DET
ajfa-4533	69	12	chief	chief	ADJ
ajfa-4533	69	13	executive	executive	ADJ
ajfa-4533	69	14	officers	officer	NOUN
ajfa-4533	69	15	of	of	ADP
ajfa-4533	69	16	companies	company	NOUN
ajfa-4533	69	17	that	that	PRON
ajfa-4533	69	18	are	be	AUX
ajfa-4533	69	19	listed	list	VERB
ajfa-4533	69	20	on	on	ADP
ajfa-4533	69	21	bursa	bursa	PROPN
ajfa-4533	69	22	malaysia	malaysia	PROPN
ajfa-4533	69	23	in	in	ADP
ajfa-4533	69	24	order	order	NOUN
ajfa-4533	69	25	to	to	PART
ajfa-4533	69	26	find	find	VERB
ajfa-4533	69	27	out	out	ADP
ajfa-4533	69	28	their	their	PRON
ajfa-4533	69	29	view	view	NOUN
ajfa-4533	69	30	on	on	ADP
ajfa-4533	69	31	capital	capital	NOUN
ajfa-4533	69	32	structure	structure	NOUN
ajfa-4533	69	33	policy	policy	NOUN
ajfa-4533	69	34	.	.	PUNCT
ajfa-4533	70	1	though	though	SCONJ
ajfa-4533	70	2	the	the	DET
ajfa-4533	70	3	majority	majority	NOUN
ajfa-4533	70	4	of	of	ADP
ajfa-4533	70	5	executives	executive	NOUN
ajfa-4533	70	6	in	in	ADP
ajfa-4533	70	7	malaysia	malaysia	PROPN
ajfa-4533	70	8	expressed	express	VERB
ajfa-4533	70	9	a	a	DET
ajfa-4533	70	10	preference	preference	NOUN
ajfa-4533	70	11	for	for	ADP
ajfa-4533	70	12	similar	similar	ADJ
ajfa-4533	70	13	financing	financing	NOUN
ajfa-4533	70	14	hierarchy	hierarchy	NOUN
ajfa-4533	70	15	as	as	ADP
ajfa-4533	70	16	us	us	PROPN
ajfa-4533	70	17	companies	company	NOUN
ajfa-4533	70	18	,	,	PUNCT
ajfa-4533	70	19	the	the	DET
ajfa-4533	70	20	results	result	NOUN
ajfa-4533	70	21	of	of	ADP
ajfa-4533	70	22	the	the	DET
ajfa-4533	70	23	survey	survey	NOUN
ajfa-4533	70	24	reveal	reveal	VERB
ajfa-4533	70	25	that	that	SCONJ
ajfa-4533	70	26	they	they	PRON
ajfa-4533	70	27	ranked	rank	VERB
ajfa-4533	70	28	new	new	ADJ
ajfa-4533	70	29	ordinary	ordinary	ADJ
ajfa-4533	70	30	shares	share	NOUN
ajfa-4533	70	31	through	through	ADP
ajfa-4533	70	32	right	right	ADJ
ajfa-4533	70	33	issues	issue	NOUN
ajfa-4533	70	34	ahead	ahead	ADV
ajfa-4533	70	35	of	of	ADP
ajfa-4533	70	36	debt	debt	NOUN
ajfa-4533	70	37	.	.	PUNCT
ajfa-4533	71	1	in	in	ADP
ajfa-4533	71	2	view	view	NOUN
ajfa-4533	71	3	of	of	ADP
ajfa-4533	71	4	the	the	DET
ajfa-4533	71	5	debt	debt	NOUN
ajfa-4533	71	6	market	market	NOUN
ajfa-4533	71	7	development	development	NOUN
ajfa-4533	71	8	in	in	ADP
ajfa-4533	71	9	malaysia	malaysia	PROPN
ajfa-4533	71	10	,	,	PUNCT
ajfa-4533	71	11	the	the	DET
ajfa-4533	71	12	result	result	NOUN
ajfa-4533	71	13	may	may	AUX
ajfa-4533	71	14	not	not	PART
ajfa-4533	71	15	be	be	AUX
ajfa-4533	71	16	as	as	ADV
ajfa-4533	71	17	surprising	surprising	ADJ
ajfa-4533	71	18	as	as	SCONJ
ajfa-4533	71	19	the	the	DET
ajfa-4533	71	20	debt	debt	NOUN
ajfa-4533	71	21	market	market	NOUN
ajfa-4533	71	22	in	in	ADP
ajfa-4533	71	23	malaysia	malaysia	PROPN
ajfa-4533	71	24	is	be	AUX
ajfa-4533	71	25	still	still	ADV
ajfa-4533	71	26	undeveloped	undeveloped	ADJ
ajfa-4533	71	27	internationalization	internationalization	NOUN
ajfa-4533	71	28	chkir	chkir	PROPN
ajfa-4533	71	29	and	and	CCONJ
ajfa-4533	71	30	cosset	cosset	VERB
ajfa-4533	71	31	(	(	PUNCT
ajfa-4533	71	32	2001	2001	NUM
ajfa-4533	71	33	)	)	PUNCT
ajfa-4533	71	34	using	use	VERB
ajfa-4533	71	35	us	we	PRON
ajfa-4533	71	36	companies	company	NOUN
ajfa-4533	71	37	examined	examine	VERB
ajfa-4533	71	38	the	the	DET
ajfa-4533	71	39	relationship	relationship	NOUN
ajfa-4533	71	40	between	between	ADP
ajfa-4533	71	41	multinational	multinational	ADJ
ajfa-4533	71	42	companies	company	NOUN
ajfa-4533	71	43	capital	capital	NOUN
ajfa-4533	71	44	structure	structure	NOUN
ajfa-4533	71	45	.	.	PUNCT
ajfa-4533	72	1	they	they	PRON
ajfa-4533	72	2	found	find	VERB
ajfa-4533	72	3	that	that	SCONJ
ajfa-4533	72	4	the	the	DET
ajfa-4533	72	5	level	level	NOUN
ajfa-4533	72	6	of	of	ADP
ajfa-4533	72	7	debt	debt	NOUN
ajfa-4533	72	8	acquired	acquire	VERB
ajfa-4533	72	9	by	by	ADP
ajfa-4533	72	10	these	these	DET
ajfa-4533	72	11	firms	firm	NOUN
ajfa-4533	72	12	increase	increase	VERB
ajfa-4533	72	13	as	as	ADP
ajfa-4533	72	14	diversification	diversification	NOUN
ajfa-4533	72	15	of	of	ADP
ajfa-4533	72	16	risk	risk	NOUN
ajfa-4533	72	17	increases	increase	NOUN
ajfa-4533	72	18	.	.	PUNCT
ajfa-4533	73	1	similarly	similarly	ADV
ajfa-4533	73	2	,	,	PUNCT
ajfa-4533	73	3	kwok	kwok	NOUN
ajfa-4533	73	4	and	and	CCONJ
ajfa-4533	73	5	reeb	reeb	PROPN
ajfa-4533	73	6	(	(	PUNCT
ajfa-4533	73	7	2000	2000	NUM
ajfa-4533	73	8	)	)	PUNCT
ajfa-4533	73	9	using	use	VERB
ajfa-4533	73	10	“	"	PUNCT
ajfa-4533	73	11	upstream	upstream	ADJ
ajfa-4533	73	12	-	-	PUNCT
ajfa-4533	73	13	downstream	downstream	NOUN
ajfa-4533	73	14	”	"	PUNCT
ajfa-4533	73	15	hypothesis	hypothesis	NOUN
ajfa-4533	73	16	,	,	PUNCT
ajfa-4533	73	17	which	which	PRON
ajfa-4533	73	18	indicate	indicate	VERB
ajfa-4533	73	19	the	the	DET
ajfa-4533	73	20	level	level	NOUN
ajfa-4533	73	21	of	of	ADP
ajfa-4533	73	22	risk	risk	NOUN
ajfa-4533	73	23	exposure	exposure	NOUN
ajfa-4533	73	24	by	by	ADP
ajfa-4533	73	25	going	go	VERB
ajfa-4533	73	26	international	international	ADJ
ajfa-4533	73	27	,	,	PUNCT
ajfa-4533	73	28	studied	study	VERB
ajfa-4533	73	29	the	the	DET
ajfa-4533	73	30	relationship	relationship	NOUN
ajfa-4533	73	31	between	between	ADP
ajfa-4533	73	32	level	level	NOUN
ajfa-4533	73	33	of	of	ADP
ajfa-4533	73	34	diversification	diversification	NOUN
ajfa-4533	73	35	and	and	CCONJ
ajfa-4533	73	36	the	the	DET
ajfa-4533	73	37	level	level	NOUN
ajfa-4533	73	38	of	of	ADP
ajfa-4533	73	39	debt	debt	NOUN
ajfa-4533	73	40	.	.	PUNCT
ajfa-4533	74	1	using	use	VERB
ajfa-4533	74	2	data	datum	NOUN
ajfa-4533	74	3	from	from	ADP
ajfa-4533	74	4	32	32	NUM
ajfa-4533	74	5	countries	country	NOUN
ajfa-4533	74	6	they	they	PRON
ajfa-4533	74	7	found	find	VERB
ajfa-4533	74	8	that	that	SCONJ
ajfa-4533	74	9	diversification	diversification	NOUN
ajfa-4533	74	10	is	be	AUX
ajfa-4533	74	11	negatively	negatively	ADV
ajfa-4533	74	12	related	relate	VERB
ajfa-4533	74	13	to	to	ADP
ajfa-4533	74	14	the	the	DET
ajfa-4533	74	15	level	level	NOUN
ajfa-4533	74	16	of	of	ADP
ajfa-4533	74	17	debt	debt	NOUN
ajfa-4533	74	18	in	in	ADP
ajfa-4533	74	19	developed	develop	VERB
ajfa-4533	74	20	markets	market	NOUN
ajfa-4533	74	21	.	.	PUNCT
ajfa-4533	75	1	however	however	ADV
ajfa-4533	75	2	they	they	PRON
ajfa-4533	75	3	found	find	VERB
ajfa-4533	75	4	that	that	SCONJ
ajfa-4533	75	5	international	international	ADJ
ajfa-4533	75	6	diversification	diversification	NOUN
ajfa-4533	75	7	is	be	AUX
ajfa-4533	75	8	positively	positively	ADV
ajfa-4533	75	9	related	relate	VERB
ajfa-4533	75	10	to	to	ADP
ajfa-4533	75	11	leverage	leverage	NOUN
ajfa-4533	75	12	financing	financing	NOUN
ajfa-4533	75	13	in	in	ADP
ajfa-4533	75	14	emerging	emerge	VERB
ajfa-4533	75	15	markets	market	NOUN
ajfa-4533	75	16	.	.	PUNCT
ajfa-4533	76	1	in	in	ADP
ajfa-4533	76	2	concluding	conclude	VERB
ajfa-4533	76	3	they	they	PRON
ajfa-4533	76	4	indicate	indicate	VERB
ajfa-4533	76	5	that	that	SCONJ
ajfa-4533	76	6	firms	firm	NOUN
ajfa-4533	76	7	in	in	ADP
ajfa-4533	76	8	emerging	emerge	VERB
ajfa-4533	76	9	markets	market	NOUN
ajfa-4533	76	10	reduce	reduce	VERB
ajfa-4533	76	11	risk	risk	NOUN
ajfa-4533	76	12	by	by	ADP
ajfa-4533	76	13	going	go	VERB
ajfa-4533	76	14	overseas	overseas	ADV
ajfa-4533	76	15	(	(	PUNCT
ajfa-4533	76	16	upstream	upstream	NOUN
ajfa-4533	76	17	)	)	PUNCT
ajfa-4533	76	18	,	,	PUNCT
ajfa-4533	76	19	while	while	SCONJ
ajfa-4533	76	20	in	in	SCONJ
ajfa-4533	76	21	developed	develop	VERB
ajfa-4533	76	22	markets	market	NOUN
ajfa-4533	76	23	firms	firm	NOUN
ajfa-4533	76	24	increase	increase	VERB
ajfa-4533	76	25	risk	risk	NOUN
ajfa-4533	76	26	by	by	ADP
ajfa-4533	76	27	going	go	VERB
ajfa-4533	76	28	international	international	ADJ
ajfa-4533	76	29	(	(	PUNCT
ajfa-4533	76	30	downstream	downstream	ADJ
ajfa-4533	76	31	)	)	PUNCT
ajfa-4533	76	32	.	.	PUNCT
ajfa-4533	77	1	on	on	ADP
ajfa-4533	77	2	other	other	ADJ
ajfa-4533	77	3	hand	hand	NOUN
ajfa-4533	77	4	,	,	PUNCT
ajfa-4533	77	5	low	low	ADJ
ajfa-4533	77	6	and	and	CCONJ
ajfa-4533	77	7	chen	chen	PROPN
ajfa-4533	77	8	(	(	PUNCT
ajfa-4533	77	9	2004	2004	NUM
ajfa-4533	77	10	)	)	PUNCT
ajfa-4533	77	11	using	use	VERB
ajfa-4533	77	12	the	the	DET
ajfa-4533	77	13	same	same	ADJ
ajfa-4533	77	14	“	"	PUNCT
ajfa-4533	77	15	upstream	upstream	ADJ
ajfa-4533	77	16	-	-	PUNCT
ajfa-4533	77	17	downstream	downstream	NOUN
ajfa-4533	77	18	”	"	PUNCT
ajfa-4533	77	19	hypothesis	hypothesis	NOUN
ajfa-4533	77	20	on	on	ADP
ajfa-4533	77	21	asian	asian	ADJ
ajfa-4533	77	22	journal	journal	NOUN
ajfa-4533	77	23	of	of	ADP
ajfa-4533	77	24	finance	finance	PROPN
ajfa-4533	77	25	&	&	CCONJ
ajfa-4533	77	26	accounting	accounting	PROPN
ajfa-4533	78	1	issn	issn	PROPN
ajfa-4533	78	2	1946	1946	NUM
ajfa-4533	78	3	-	-	PUNCT
ajfa-4533	78	4	052x	052x	NOUN
ajfa-4533	78	5	2013	2013	NUM
ajfa-4533	78	6	,	,	PUNCT
ajfa-4533	78	7	vol	vol	NOUN
ajfa-4533	78	8	.	.	PROPN
ajfa-4533	78	9	5	5	NUM
ajfa-4533	78	10	,	,	PUNCT
ajfa-4533	78	11	no	no	INTJ
ajfa-4533	78	12	.	.	NOUN
ajfa-4533	78	13	2	2	NUM
ajfa-4533	78	14	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4533	78	15	333	333	NUM
ajfa-4533	78	16	232	232	NUM
ajfa-4533	78	17	firms	firm	NOUN
ajfa-4533	78	18	in	in	ADP
ajfa-4533	78	19	30	30	NUM
ajfa-4533	78	20	countries	country	NOUN
ajfa-4533	78	21	confirm	confirm	VERB
ajfa-4533	78	22	the	the	DET
ajfa-4533	78	23	results	result	NOUN
ajfa-4533	78	24	by	by	ADP
ajfa-4533	78	25	kwok	kwok	PROPN
ajfa-4533	78	26	and	and	CCONJ
ajfa-4533	78	27	reeb	reeb	PROPN
ajfa-4533	78	28	(	(	PUNCT
ajfa-4533	78	29	2000	2000	NUM
ajfa-4533	78	30	)	)	PUNCT
ajfa-4533	78	31	for	for	ADP
ajfa-4533	78	32	the	the	DET
ajfa-4533	78	33	us	us	PROPN
ajfa-4533	78	34	firms	firm	NOUN
ajfa-4533	78	35	.	.	PUNCT
ajfa-4533	79	1	however	however	ADV
ajfa-4533	79	2	,	,	PUNCT
ajfa-4533	79	3	they	they	PRON
ajfa-4533	79	4	obtained	obtain	VERB
ajfa-4533	79	5	insignificant	insignificant	ADJ
ajfa-4533	79	6	results	result	NOUN
ajfa-4533	79	7	between	between	ADP
ajfa-4533	79	8	diversification	diversification	NOUN
ajfa-4533	79	9	and	and	CCONJ
ajfa-4533	79	10	leverage	leverage	NOUN
ajfa-4533	79	11	for	for	ADP
ajfa-4533	79	12	the	the	DET
ajfa-4533	79	13	other	other	ADJ
ajfa-4533	79	14	markets	market	NOUN
ajfa-4533	79	15	.	.	PUNCT
ajfa-4533	80	1	thomas	thomas	PROPN
ajfa-4533	80	2	(	(	PUNCT
ajfa-4533	80	3	2006	2006	NUM
ajfa-4533	80	4	)	)	PUNCT
ajfa-4533	80	5	using	use	VERB
ajfa-4533	80	6	mexican	mexican	ADJ
ajfa-4533	80	7	data	datum	NOUN
ajfa-4533	80	8	studied	study	VERB
ajfa-4533	80	9	the	the	DET
ajfa-4533	80	10	relationship	relationship	NOUN
ajfa-4533	80	11	between	between	ADP
ajfa-4533	80	12	company	company	NOUN
ajfa-4533	80	13	performance	performance	NOUN
ajfa-4533	80	14	and	and	CCONJ
ajfa-4533	80	15	international	international	ADJ
ajfa-4533	80	16	diversification	diversification	NOUN
ajfa-4533	80	17	.	.	PUNCT
ajfa-4533	81	1	he	he	PRON
ajfa-4533	81	2	found	find	VERB
ajfa-4533	81	3	that	that	SCONJ
ajfa-4533	81	4	firms	firm	NOUN
ajfa-4533	81	5	experienced	experience	VERB
ajfa-4533	81	6	negative	negative	ADJ
ajfa-4533	81	7	relationship	relationship	NOUN
ajfa-4533	81	8	due	due	ADP
ajfa-4533	81	9	to	to	ADP
ajfa-4533	81	10	their	their	PRON
ajfa-4533	81	11	newness	newness	NOUN
ajfa-4533	81	12	in	in	ADP
ajfa-4533	81	13	the	the	DET
ajfa-4533	81	14	international	international	ADJ
ajfa-4533	81	15	market	market	NOUN
ajfa-4533	81	16	however	however	ADV
ajfa-4533	81	17	,	,	PUNCT
ajfa-4533	81	18	with	with	ADP
ajfa-4533	81	19	time	time	NOUN
ajfa-4533	81	20	the	the	DET
ajfa-4533	81	21	relationship	relationship	NOUN
ajfa-4533	81	22	was	be	AUX
ajfa-4533	81	23	reversed	reverse	VERB
ajfa-4533	81	24	.	.	PUNCT
ajfa-4533	82	1	these	these	DET
ajfa-4533	82	2	firms	firm	NOUN
ajfa-4533	82	3	managed	manage	VERB
ajfa-4533	82	4	to	to	PART
ajfa-4533	82	5	exploit	exploit	VERB
ajfa-4533	82	6	the	the	DET
ajfa-4533	82	7	international	international	ADJ
ajfa-4533	82	8	diversification	diversification	NOUN
ajfa-4533	82	9	and	and	CCONJ
ajfa-4533	82	10	earned	earn	VERB
ajfa-4533	82	11	higher	high	ADJ
ajfa-4533	82	12	returns	return	NOUN
ajfa-4533	82	13	.	.	PUNCT
ajfa-4533	83	1	this	this	PRON
ajfa-4533	83	2	is	be	AUX
ajfa-4533	83	3	relevant	relevant	ADJ
ajfa-4533	83	4	to	to	ADP
ajfa-4533	83	5	emerging	emerge	VERB
ajfa-4533	83	6	market	market	NOUN
ajfa-4533	83	7	since	since	SCONJ
ajfa-4533	83	8	most	most	ADJ
ajfa-4533	83	9	of	of	ADP
ajfa-4533	83	10	them	they	PRON
ajfa-4533	83	11	are	be	AUX
ajfa-4533	83	12	inexperienced	inexperienced	ADJ
ajfa-4533	83	13	in	in	ADP
ajfa-4533	83	14	the	the	DET
ajfa-4533	83	15	global	global	ADJ
ajfa-4533	83	16	market	market	NOUN
ajfa-4533	83	17	and	and	CCONJ
ajfa-4533	83	18	going	go	VERB
ajfa-4533	83	19	to	to	PART
ajfa-4533	83	20	be	be	AUX
ajfa-4533	83	21	exposed	expose	VERB
ajfa-4533	83	22	to	to	ADP
ajfa-4533	83	23	new	new	ADJ
ajfa-4533	83	24	environment	environment	NOUN
ajfa-4533	83	25	.	.	PUNCT
ajfa-4533	84	1	therefore	therefore	ADV
ajfa-4533	84	2	firms	firm	NOUN
ajfa-4533	84	3	from	from	ADP
ajfa-4533	84	4	the	the	DET
ajfa-4533	84	5	emerging	emerge	VERB
ajfa-4533	84	6	markets	market	NOUN
ajfa-4533	84	7	will	will	AUX
ajfa-4533	84	8	be	be	AUX
ajfa-4533	84	9	able	able	ADJ
ajfa-4533	84	10	to	to	PART
ajfa-4533	84	11	increase	increase	VERB
ajfa-4533	84	12	their	their	PRON
ajfa-4533	84	13	performance	performance	NOUN
ajfa-4533	84	14	with	with	ADP
ajfa-4533	84	15	time	time	NOUN
ajfa-4533	84	16	.	.	PUNCT
ajfa-4533	85	1	aggarwal	aggarwal	NOUN
ajfa-4533	85	2	and	and	CCONJ
ajfa-4533	85	3	kyaw	kyaw	PROPN
ajfa-4533	85	4	(	(	PUNCT
ajfa-4533	85	5	2010	2010	NUM
ajfa-4533	85	6	)	)	PUNCT
ajfa-4533	85	7	used	use	VERB
ajfa-4533	85	8	data	datum	NOUN
ajfa-4533	85	9	from	from	ADP
ajfa-4533	85	10	almost	almost	ADV
ajfa-4533	85	11	4000	4000	NUM
ajfa-4533	85	12	firms	firm	NOUN
ajfa-4533	85	13	for	for	ADP
ajfa-4533	85	14	10	10	NUM
ajfa-4533	85	15	years	year	NOUN
ajfa-4533	85	16	to	to	PART
ajfa-4533	85	17	study	study	VERB
ajfa-4533	85	18	the	the	DET
ajfa-4533	85	19	relationship	relationship	NOUN
ajfa-4533	85	20	between	between	ADP
ajfa-4533	85	21	international	international	ADJ
ajfa-4533	85	22	diversification	diversification	NOUN
ajfa-4533	85	23	and	and	CCONJ
ajfa-4533	85	24	firm	firm	ADJ
ajfa-4533	85	25	performance	performance	NOUN
ajfa-4533	85	26	measured	measure	VERB
ajfa-4533	85	27	by	by	ADP
ajfa-4533	85	28	dividend	dividend	NOUN
ajfa-4533	85	29	payout	payout	NOUN
ajfa-4533	85	30	ratio	ratio	NOUN
ajfa-4533	85	31	.	.	PUNCT
ajfa-4533	86	1	the	the	DET
ajfa-4533	86	2	findings	finding	NOUN
ajfa-4533	86	3	indicate	indicate	VERB
ajfa-4533	86	4	that	that	SCONJ
ajfa-4533	86	5	firms	firm	NOUN
ajfa-4533	86	6	exposed	expose	VERB
ajfa-4533	86	7	to	to	ADP
ajfa-4533	86	8	international	international	ADJ
ajfa-4533	86	9	markets	market	NOUN
ajfa-4533	86	10	have	have	VERB
ajfa-4533	86	11	lower	low	ADJ
ajfa-4533	86	12	level	level	NOUN
ajfa-4533	86	13	of	of	ADP
ajfa-4533	86	14	debt	debt	NOUN
ajfa-4533	86	15	than	than	ADP
ajfa-4533	86	16	domestic	domestic	ADJ
ajfa-4533	86	17	firms	firm	NOUN
ajfa-4533	86	18	while	while	SCONJ
ajfa-4533	86	19	the	the	DET
ajfa-4533	86	20	international	international	ADJ
ajfa-4533	86	21	firm	firm	NOUN
ajfa-4533	86	22	’s	’s	PART
ajfa-4533	86	23	payout	payout	NOUN
ajfa-4533	86	24	is	be	AUX
ajfa-4533	86	25	higher	high	ADJ
ajfa-4533	86	26	than	than	ADP
ajfa-4533	86	27	domestic	domestic	ADJ
ajfa-4533	86	28	firms	firm	NOUN
ajfa-4533	86	29	.	.	PUNCT
ajfa-4533	87	1	they	they	PRON
ajfa-4533	87	2	indicate	indicate	VERB
ajfa-4533	87	3	that	that	SCONJ
ajfa-4533	87	4	international	international	ADJ
ajfa-4533	87	5	diversification	diversification	NOUN
ajfa-4533	87	6	helps	help	VERB
ajfa-4533	87	7	firms	firm	NOUN
ajfa-4533	87	8	reduce	reduce	VERB
ajfa-4533	87	9	their	their	PRON
ajfa-4533	87	10	risk	risk	NOUN
ajfa-4533	87	11	and	and	CCONJ
ajfa-4533	87	12	level	level	NOUN
ajfa-4533	87	13	of	of	ADP
ajfa-4533	87	14	debt	debt	NOUN
ajfa-4533	87	15	and	and	CCONJ
ajfa-4533	87	16	increase	increase	VERB
ajfa-4533	87	17	their	their	PRON
ajfa-4533	87	18	payout	payout	NOUN
ajfa-4533	87	19	.	.	PUNCT
ajfa-4533	88	1	similarly	similarly	ADV
ajfa-4533	88	2	,	,	PUNCT
ajfa-4533	88	3	in	in	ADP
ajfa-4533	88	4	confirming	confirm	VERB
ajfa-4533	88	5	aggarwal	aggarwal	NOUN
ajfa-4533	88	6	and	and	CCONJ
ajfa-4533	88	7	kyaw	kyaw	PROPN
ajfa-4533	88	8	(	(	PUNCT
ajfa-4533	88	9	2010	2010	NUM
ajfa-4533	88	10	)	)	PUNCT
ajfa-4533	88	11	lin	lin	PROPN
ajfa-4533	88	12	and	and	CCONJ
ajfa-4533	88	13	hung	hung	PROPN
ajfa-4533	88	14	(	(	PUNCT
ajfa-4533	88	15	2012	2012	NUM
ajfa-4533	88	16	)	)	PUNCT
ajfa-4533	88	17	compared	compare	VERB
ajfa-4533	88	18	the	the	DET
ajfa-4533	88	19	capital	capital	NOUN
ajfa-4533	88	20	structure	structure	NOUN
ajfa-4533	88	21	of	of	ADP
ajfa-4533	88	22	electronic	electronic	ADJ
ajfa-4533	88	23	firms	firm	NOUN
ajfa-4533	88	24	for	for	ADP
ajfa-4533	88	25	domestic	domestic	ADJ
ajfa-4533	88	26	as	as	ADV
ajfa-4533	88	27	well	well	ADV
ajfa-4533	88	28	as	as	ADP
ajfa-4533	88	29	international	international	ADJ
ajfa-4533	88	30	firms	firm	NOUN
ajfa-4533	88	31	in	in	ADP
ajfa-4533	88	32	taiwan	taiwan	PROPN
ajfa-4533	88	33	for	for	ADP
ajfa-4533	88	34	10	10	NUM
ajfa-4533	88	35	years	year	NOUN
ajfa-4533	88	36	.	.	PUNCT
ajfa-4533	89	1	they	they	PRON
ajfa-4533	89	2	found	find	VERB
ajfa-4533	89	3	those	those	DET
ajfa-4533	89	4	leverage	leverage	NOUN
ajfa-4533	89	5	and	and	CCONJ
ajfa-4533	89	6	dividend	dividend	NOUN
ajfa-4533	89	7	payouts	payout	NOUN
ajfa-4533	89	8	are	be	AUX
ajfa-4533	89	9	negatively	negatively	ADV
ajfa-4533	89	10	related	relate	VERB
ajfa-4533	89	11	for	for	ADP
ajfa-4533	89	12	international	international	ADJ
ajfa-4533	89	13	firms	firm	NOUN
ajfa-4533	89	14	while	while	SCONJ
ajfa-4533	89	15	the	the	DET
ajfa-4533	89	16	opposite	opposite	NOUN
ajfa-4533	89	17	is	be	AUX
ajfa-4533	89	18	true	true	ADJ
ajfa-4533	89	19	for	for	ADP
ajfa-4533	89	20	domestic	domestic	ADJ
ajfa-4533	89	21	firms	firm	NOUN
ajfa-4533	89	22	.	.	PUNCT
ajfa-4533	90	1	following	follow	VERB
ajfa-4533	90	2	the	the	DET
ajfa-4533	90	3	study	study	NOUN
ajfa-4533	90	4	of	of	ADP
ajfa-4533	90	5	singh	singh	PROPN
ajfa-4533	90	6	et	et	PROPN
ajfa-4533	90	7	al	al	PROPN
ajfa-4533	90	8	(	(	PUNCT
ajfa-4533	90	9	2003	2003	NUM
ajfa-4533	90	10	)	)	PUNCT
ajfa-4533	90	11	,	,	PUNCT
ajfa-4533	90	12	thomas	thomas	PROPN
ajfa-4533	90	13	(	(	PUNCT
ajfa-4533	90	14	2006	2006	NUM
ajfa-4533	90	15	)	)	PUNCT
ajfa-4533	90	16	,	,	PUNCT
ajfa-4533	90	17	kwok	kwok	PROPN
ajfa-4533	90	18	and	and	CCONJ
ajfa-4533	90	19	ramirez	ramirez	PROPN
ajfa-4533	90	20	(	(	PUNCT
ajfa-4533	90	21	2010	2010	NUM
ajfa-4533	90	22	)	)	PUNCT
ajfa-4533	90	23	and	and	CCONJ
ajfa-4533	90	24	aggarwal	aggarwal	PROPN
ajfa-4533	90	25	and	and	CCONJ
ajfa-4533	90	26	kyaw	kyaw	PROPN
ajfa-4533	90	27	(	(	PUNCT
ajfa-4533	90	28	2010	2010	NUM
ajfa-4533	90	29	)	)	PUNCT
ajfa-4533	90	30	,	,	PUNCT
ajfa-4533	90	31	the	the	DET
ajfa-4533	90	32	proxy	proxy	NOUN
ajfa-4533	90	33	used	use	VERB
ajfa-4533	90	34	for	for	ADP
ajfa-4533	90	35	internationalization	internationalization	NOUN
ajfa-4533	90	36	here	here	ADV
ajfa-4533	90	37	is	be	AUX
ajfa-4533	90	38	the	the	DET
ajfa-4533	90	39	foreign	foreign	ADJ
ajfa-4533	90	40	sales	sale	NOUN
ajfa-4533	90	41	over	over	ADP
ajfa-4533	90	42	total	total	ADJ
ajfa-4533	90	43	sales	sale	NOUN
ajfa-4533	90	44	ratio	ratio	NOUN
ajfa-4533	90	45	in	in	ADP
ajfa-4533	90	46	all	all	DET
ajfa-4533	90	47	malaysian	malaysian	ADJ
ajfa-4533	90	48	manufacturing	manufacturing	NOUN
ajfa-4533	90	49	firms	firm	NOUN
ajfa-4533	90	50	.	.	PUNCT
ajfa-4533	91	1	data	datum	NOUN
ajfa-4533	91	2	and	and	CCONJ
ajfa-4533	91	3	methodology	methodology	NOUN
ajfa-4533	91	4	secondary	secondary	ADJ
ajfa-4533	91	5	data	datum	NOUN
ajfa-4533	91	6	will	will	AUX
ajfa-4533	91	7	be	be	AUX
ajfa-4533	91	8	used	use	VERB
ajfa-4533	91	9	to	to	PART
ajfa-4533	91	10	measure	measure	VERB
ajfa-4533	91	11	the	the	DET
ajfa-4533	91	12	debt	debt	NOUN
ajfa-4533	91	13	ratio	ratio	NOUN
ajfa-4533	91	14	and	and	CCONJ
ajfa-4533	91	15	the	the	DET
ajfa-4533	91	16	determinants	determinant	NOUN
ajfa-4533	91	17	of	of	ADP
ajfa-4533	91	18	capital	capital	NOUN
ajfa-4533	91	19	structure	structure	NOUN
ajfa-4533	91	20	.	.	PUNCT
ajfa-4533	92	1	all	all	DET
ajfa-4533	92	2	the	the	DET
ajfa-4533	92	3	data	datum	NOUN
ajfa-4533	92	4	are	be	AUX
ajfa-4533	92	5	collected	collect	VERB
ajfa-4533	92	6	from	from	ADP
ajfa-4533	92	7	database	database	NOUN
ajfa-4533	92	8	datastream5	datastream5	NOUN
ajfa-4533	92	9	and	and	CCONJ
ajfa-4533	92	10	bloomberg	bloomberg	PROPN
ajfa-4533	92	11	for	for	ADP
ajfa-4533	92	12	the	the	DET
ajfa-4533	92	13	companies	company	NOUN
ajfa-4533	92	14	listed	list	VERB
ajfa-4533	92	15	in	in	ADP
ajfa-4533	92	16	bursa	bursa	PROPN
ajfa-4533	92	17	malaysia	malaysia	PROPN
ajfa-4533	92	18	under	under	ADP
ajfa-4533	92	19	manufacturing	manufacture	VERB
ajfa-4533	92	20	sectors	sector	NOUN
ajfa-4533	92	21	.	.	PUNCT
ajfa-4533	93	1	the	the	DET
ajfa-4533	93	2	criteria	criterion	NOUN
ajfa-4533	93	3	for	for	ADP
ajfa-4533	93	4	the	the	DET
ajfa-4533	93	5	companies	company	NOUN
ajfa-4533	93	6	are	be	AUX
ajfa-4533	93	7	as	as	ADV
ajfa-4533	93	8	follow	follow	NOUN
ajfa-4533	93	9	.	.	PUNCT
ajfa-4533	94	1	first	first	ADV
ajfa-4533	94	2	,	,	PUNCT
ajfa-4533	94	3	the	the	DET
ajfa-4533	94	4	companies	company	NOUN
ajfa-4533	94	5	must	must	AUX
ajfa-4533	94	6	contain	contain	VERB
ajfa-4533	94	7	complete	complete	ADJ
ajfa-4533	94	8	financial	financial	ADJ
ajfa-4533	94	9	information	information	NOUN
ajfa-4533	94	10	for	for	ADP
ajfa-4533	94	11	the	the	DET
ajfa-4533	94	12	period	period	NOUN
ajfa-4533	94	13	5	5	NUM
ajfa-4533	94	14	years	year	NOUN
ajfa-4533	94	15	(	(	PUNCT
ajfa-4533	94	16	2007	2007	NUM
ajfa-4533	94	17	-	-	SYM
ajfa-4533	94	18	2011	2011	NUM
ajfa-4533	94	19	)	)	PUNCT
ajfa-4533	94	20	.	.	PUNCT
ajfa-4533	95	1	second	second	ADV
ajfa-4533	95	2	,	,	PUNCT
ajfa-4533	95	3	the	the	DET
ajfa-4533	95	4	companies	company	NOUN
ajfa-4533	95	5	must	must	AUX
ajfa-4533	95	6	have	have	VERB
ajfa-4533	95	7	debt	debt	NOUN
ajfa-4533	95	8	financing	financing	NOUN
ajfa-4533	95	9	in	in	ADP
ajfa-4533	95	10	their	their	PRON
ajfa-4533	95	11	capital	capital	NOUN
ajfa-4533	95	12	structure	structure	NOUN
ajfa-4533	95	13	.	.	PUNCT
ajfa-4533	96	1	third	third	ADV
ajfa-4533	96	2	,	,	PUNCT
ajfa-4533	96	3	the	the	DET
ajfa-4533	96	4	companies	company	NOUN
ajfa-4533	96	5	must	must	AUX
ajfa-4533	96	6	have	have	VERB
ajfa-4533	96	7	positive	positive	ADJ
ajfa-4533	96	8	equity	equity	NOUN
ajfa-4533	96	9	because	because	SCONJ
ajfa-4533	96	10	a	a	DET
ajfa-4533	96	11	negative	negative	ADJ
ajfa-4533	96	12	market	market	NOUN
ajfa-4533	96	13	-	-	PUNCT
ajfa-4533	96	14	to	to	ADP
ajfa-4533	96	15	-	-	PUNCT
ajfa-4533	96	16	book	book	NOUN
ajfa-4533	96	17	equity	equity	NOUN
ajfa-4533	96	18	ratio	ratio	NOUN
ajfa-4533	96	19	would	would	AUX
ajfa-4533	96	20	not	not	PART
ajfa-4533	96	21	be	be	AUX
ajfa-4533	96	22	meaningful	meaningful	ADJ
ajfa-4533	96	23	to	to	PART
ajfa-4533	96	24	indicate	indicate	VERB
ajfa-4533	96	25	a	a	DET
ajfa-4533	96	26	company	company	NOUN
ajfa-4533	96	27	’s	’s	PART
ajfa-4533	96	28	growth	growth	NOUN
ajfa-4533	96	29	opportunity	opportunity	NOUN
ajfa-4533	96	30	.	.	PUNCT
ajfa-4533	97	1	after	after	ADP
ajfa-4533	97	2	eliminating	eliminate	VERB
ajfa-4533	97	3	the	the	DET
ajfa-4533	97	4	outliers	outlier	NOUN
ajfa-4533	97	5	,	,	PUNCT
ajfa-4533	97	6	the	the	DET
ajfa-4533	97	7	final	final	ADJ
ajfa-4533	97	8	sample	sample	NOUN
ajfa-4533	97	9	size	size	NOUN
ajfa-4533	97	10	is	be	AUX
ajfa-4533	97	11	311	311	NUM
ajfa-4533	97	12	companies	company	NOUN
ajfa-4533	97	13	with	with	ADP
ajfa-4533	97	14	a	a	DET
ajfa-4533	97	15	total	total	NOUN
ajfa-4533	97	16	of	of	ADP
ajfa-4533	97	17	1486	1486	NUM
ajfa-4533	97	18	observations	observation	NOUN
ajfa-4533	97	19	.	.	PUNCT
ajfa-4533	98	1	hypothesis	hypothesis	NOUN
ajfa-4533	98	2	development	development	NOUN
ajfa-4533	98	3	capital	capital	NOUN
ajfa-4533	98	4	structure	structure	NOUN
ajfa-4533	98	5	,	,	PUNCT
ajfa-4533	98	6	which	which	PRON
ajfa-4533	98	7	is	be	AUX
ajfa-4533	98	8	defined	define	VERB
ajfa-4533	98	9	as	as	ADP
ajfa-4533	98	10	total	total	ADJ
ajfa-4533	98	11	debt	debt	NOUN
ajfa-4533	98	12	to	to	ADP
ajfa-4533	98	13	total	total	ADJ
ajfa-4533	98	14	assets	asset	NOUN
ajfa-4533	98	15	at	at	ADP
ajfa-4533	98	16	book	book	NOUN
ajfa-4533	98	17	value	value	NOUN
ajfa-4533	98	18	.	.	PUNCT
ajfa-4533	99	1	in	in	ADP
ajfa-4533	99	2	this	this	DET
ajfa-4533	99	3	study	study	NOUN
ajfa-4533	99	4	,	,	PUNCT
ajfa-4533	99	5	our	our	PRON
ajfa-4533	99	6	dependent	dependent	ADJ
ajfa-4533	99	7	variable	variable	ADJ
ajfa-4533	99	8	capital	capital	NOUN
ajfa-4533	99	9	structure	structure	NOUN
ajfa-4533	99	10	will	will	AUX
ajfa-4533	99	11	be	be	AUX
ajfa-4533	99	12	measured	measure	VERB
ajfa-4533	99	13	by	by	ADP
ajfa-4533	99	14	total	total	ADJ
ajfa-4533	99	15	debt	debt	NOUN
ajfa-4533	99	16	over	over	ADP
ajfa-4533	99	17	total	total	ADJ
ajfa-4533	99	18	assets	asset	NOUN
ajfa-4533	99	19	ratio	ratio	NOUN
ajfa-4533	99	20	.	.	PUNCT
ajfa-4533	100	1	we	we	PRON
ajfa-4533	100	2	use	use	VERB
ajfa-4533	100	3	this	this	DET
ajfa-4533	100	4	measure	measure	NOUN
ajfa-4533	100	5	because	because	SCONJ
ajfa-4533	100	6	it	it	PRON
ajfa-4533	100	7	provides	provide	VERB
ajfa-4533	100	8	information	information	NOUN
ajfa-4533	100	9	to	to	ADP
ajfa-4533	100	10	a	a	DET
ajfa-4533	100	11	firm	firm	NOUN
ajfa-4533	100	12	’s	’s	PART
ajfa-4533	100	13	policy	policy	NOUN
ajfa-4533	100	14	for	for	ADP
ajfa-4533	100	15	both	both	CCONJ
ajfa-4533	100	16	short	short	ADJ
ajfa-4533	100	17	-	-	PUNCT
ajfa-4533	100	18	term	term	NOUN
ajfa-4533	100	19	and	and	CCONJ
ajfa-4533	100	20	long	long	ADJ
ajfa-4533	100	21	term	term	NOUN
ajfa-4533	100	22	debt	debt	NOUN
ajfa-4533	100	23	.	.	PUNCT
ajfa-4533	101	1	international	international	ADJ
ajfa-4533	101	2	diversification	diversification	NOUN
ajfa-4533	101	3	leads	lead	VERB
ajfa-4533	101	4	to	to	ADP
ajfa-4533	101	5	a	a	DET
ajfa-4533	101	6	lower	low	ADJ
ajfa-4533	101	7	volatility	volatility	NOUN
ajfa-4533	101	8	of	of	ADP
ajfa-4533	101	9	earnings	earning	NOUN
ajfa-4533	101	10	as	as	SCONJ
ajfa-4533	101	11	the	the	DET
ajfa-4533	101	12	mnc	mnc	PROPN
ajfa-4533	101	13	has	have	VERB
ajfa-4533	101	14	cash	cash	NOUN
ajfa-4533	101	15	flows	flow	VERB
ajfa-4533	101	16	asian	asian	ADJ
ajfa-4533	101	17	journal	journal	NOUN
ajfa-4533	101	18	of	of	ADP
ajfa-4533	101	19	finance	finance	PROPN
ajfa-4533	101	20	&	&	CCONJ
ajfa-4533	101	21	accounting	accounting	PROPN
ajfa-4533	101	22	issn	issn	PROPN
ajfa-4533	101	23	1946	1946	NUM
ajfa-4533	101	24	-	-	PUNCT
ajfa-4533	101	25	052x	052x	NOUN
ajfa-4533	101	26	2013	2013	NUM
ajfa-4533	101	27	,	,	PUNCT
ajfa-4533	101	28	vol	vol	NOUN
ajfa-4533	101	29	.	.	PROPN
ajfa-4533	101	30	5	5	NUM
ajfa-4533	101	31	,	,	PUNCT
ajfa-4533	101	32	no	no	INTJ
ajfa-4533	101	33	.	.	NOUN
ajfa-4533	101	34	2	2	NUM
ajfa-4533	101	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4533	101	36	334	334	NUM
ajfa-4533	101	37	in	in	ADP
ajfa-4533	101	38	imperfectly	imperfectly	ADV
ajfa-4533	101	39	correlated	correlate	VERB
ajfa-4533	101	40	markets	market	NOUN
ajfa-4533	101	41	.	.	PUNCT
ajfa-4533	102	1	this	this	PRON
ajfa-4533	102	2	leads	lead	VERB
ajfa-4533	102	3	to	to	ADP
ajfa-4533	102	4	a	a	DET
ajfa-4533	102	5	reduction	reduction	NOUN
ajfa-4533	102	6	in	in	ADP
ajfa-4533	102	7	bankruptcy	bankruptcy	NOUN
ajfa-4533	102	8	risk	risk	NOUN
ajfa-4533	102	9	and	and	CCONJ
ajfa-4533	102	10	enables	enable	VERB
ajfa-4533	102	11	the	the	DET
ajfa-4533	102	12	mnc	mnc	PROPN
ajfa-4533	102	13	to	to	PART
ajfa-4533	102	14	utilize	utilize	VERB
ajfa-4533	102	15	more	more	ADJ
ajfa-4533	102	16	leverage	leverage	NOUN
ajfa-4533	102	17	in	in	ADP
ajfa-4533	102	18	its	its	PRON
ajfa-4533	102	19	capital	capital	NOUN
ajfa-4533	102	20	structure	structure	NOUN
ajfa-4533	102	21	(	(	PUNCT
ajfa-4533	102	22	shapiro	shapiro	PROPN
ajfa-4533	102	23	,	,	PUNCT
ajfa-4533	102	24	1992	1992	NUM
ajfa-4533	102	25	)	)	PUNCT
ajfa-4533	102	26	.	.	PUNCT
ajfa-4533	103	1	thus	thus	ADV
ajfa-4533	103	2	,	,	PUNCT
ajfa-4533	103	3	the	the	DET
ajfa-4533	103	4	diversification	diversification	NOUN
ajfa-4533	103	5	hypothesis	hypothesis	NOUN
ajfa-4533	103	6	predicts	predict	VERB
ajfa-4533	103	7	a	a	DET
ajfa-4533	103	8	positive	positive	ADJ
ajfa-4533	103	9	relationship	relationship	NOUN
ajfa-4533	103	10	between	between	ADP
ajfa-4533	103	11	international	international	ADJ
ajfa-4533	103	12	diversification	diversification	NOUN
ajfa-4533	103	13	and	and	CCONJ
ajfa-4533	103	14	financial	financial	ADJ
ajfa-4533	103	15	leverage	leverage	NOUN
ajfa-4533	103	16	.	.	PUNCT
ajfa-4533	104	1	empirical	empirical	ADJ
ajfa-4533	104	2	evidence	evidence	NOUN
ajfa-4533	104	3	,	,	PUNCT
ajfa-4533	104	4	however	however	ADV
ajfa-4533	104	5	,	,	PUNCT
ajfa-4533	104	6	is	be	AUX
ajfa-4533	104	7	inconsistent	inconsistent	ADJ
ajfa-4533	104	8	with	with	ADP
ajfa-4533	104	9	this	this	DET
ajfa-4533	104	10	assumption	assumption	NOUN
ajfa-4533	104	11	.	.	PUNCT
ajfa-4533	105	1	burgman	burgman	NOUN
ajfa-4533	105	2	(	(	PUNCT
ajfa-4533	105	3	1996	1996	NUM
ajfa-4533	105	4	)	)	PUNCT
ajfa-4533	105	5	and	and	CCONJ
ajfa-4533	105	6	chen	chen	PROPN
ajfa-4533	105	7	et	et	PROPN
ajfa-4533	105	8	al	al	PROPN
ajfa-4533	105	9	.	.	PROPN
ajfa-4533	105	10	(	(	PUNCT
ajfa-4533	105	11	1997	1997	NUM
ajfa-4533	105	12	)	)	PUNCT
ajfa-4533	105	13	find	find	VERB
ajfa-4533	105	14	a	a	DET
ajfa-4533	105	15	negative	negative	ADJ
ajfa-4533	105	16	relationship	relationship	NOUN
ajfa-4533	105	17	between	between	ADP
ajfa-4533	105	18	international	international	ADJ
ajfa-4533	105	19	diversification	diversification	NOUN
ajfa-4533	105	20	and	and	CCONJ
ajfa-4533	105	21	leverage	leverage	NOUN
ajfa-4533	105	22	.	.	PUNCT
ajfa-4533	106	1	one	one	NUM
ajfa-4533	106	2	possible	possible	ADJ
ajfa-4533	106	3	explanation	explanation	NOUN
ajfa-4533	106	4	for	for	ADP
ajfa-4533	106	5	this	this	PRON
ajfa-4533	106	6	is	be	AUX
ajfa-4533	106	7	that	that	SCONJ
ajfa-4533	106	8	“	"	PUNCT
ajfa-4533	106	9	the	the	DET
ajfa-4533	106	10	effect	effect	NOUN
ajfa-4533	106	11	of	of	ADP
ajfa-4533	106	12	higher	high	ADJ
ajfa-4533	106	13	agency	agency	NOUN
ajfa-4533	106	14	costs	cost	NOUN
ajfa-4533	106	15	of	of	ADP
ajfa-4533	106	16	debt	debt	NOUN
ajfa-4533	106	17	for	for	ADP
ajfa-4533	106	18	mncs	mnc	NOUN
ajfa-4533	106	19	,	,	PUNCT
ajfa-4533	106	20	as	as	ADP
ajfa-4533	106	21	a	a	DET
ajfa-4533	106	22	result	result	NOUN
ajfa-4533	106	23	of	of	ADP
ajfa-4533	106	24	international	international	ADJ
ajfa-4533	106	25	capital	capital	NOUN
ajfa-4533	106	26	and	and	CCONJ
ajfa-4533	106	27	labor	labor	NOUN
ajfa-4533	106	28	market	market	NOUN
ajfa-4533	106	29	imperfections	imperfection	NOUN
ajfa-4533	106	30	and	and	CCONJ
ajfa-4533	106	31	complexity	complexity	NOUN
ajfa-4533	106	32	of	of	ADP
ajfa-4533	106	33	international	international	ADJ
ajfa-4533	106	34	operations	operation	NOUN
ajfa-4533	106	35	exceeds	exceed	VERB
ajfa-4533	106	36	the	the	DET
ajfa-4533	106	37	possible	possible	ADJ
ajfa-4533	106	38	benefits	benefit	NOUN
ajfa-4533	106	39	of	of	ADP
ajfa-4533	106	40	international	international	ADJ
ajfa-4533	106	41	diversification	diversification	NOUN
ajfa-4533	106	42	and	and	CCONJ
ajfa-4533	106	43	leads	lead	VERB
ajfa-4533	106	44	to	to	ADP
ajfa-4533	106	45	lower	low	ADJ
ajfa-4533	106	46	debt	debt	NOUN
ajfa-4533	106	47	ratios	ratio	NOUN
ajfa-4533	106	48	for	for	ADP
ajfa-4533	106	49	mncs	mncs	PROPN
ajfa-4533	106	50	”	"	PUNCT
ajfa-4533	106	51	(	(	PUNCT
ajfa-4533	106	52	chkir	chkir	PROPN
ajfa-4533	106	53	and	and	CCONJ
ajfa-4533	106	54	cosset	cosset	VERB
ajfa-4533	106	55	,	,	PUNCT
ajfa-4533	106	56	2001	2001	NUM
ajfa-4533	106	57	)	)	PUNCT
ajfa-4533	106	58	.	.	PUNCT
ajfa-4533	107	1	kwok	kwok	PROPN
ajfa-4533	107	2	and	and	CCONJ
ajfa-4533	107	3	reeb	reeb	PROPN
ajfa-4533	107	4	(	(	PUNCT
ajfa-4533	107	5	2000	2000	NUM
ajfa-4533	107	6	)	)	PUNCT
ajfa-4533	107	7	propose	propose	VERB
ajfa-4533	107	8	that	that	SCONJ
ajfa-4533	107	9	the	the	DET
ajfa-4533	107	10	relationship	relationship	NOUN
ajfa-4533	107	11	between	between	ADP
ajfa-4533	107	12	international	international	ADJ
ajfa-4533	107	13	diversification	diversification	NOUN
ajfa-4533	107	14	and	and	CCONJ
ajfa-4533	107	15	capital	capital	NOUN
ajfa-4533	107	16	structure	structure	NOUN
ajfa-4533	107	17	is	be	AUX
ajfa-4533	107	18	dependent	dependent	ADJ
ajfa-4533	107	19	on	on	ADP
ajfa-4533	107	20	the	the	DET
ajfa-4533	107	21	relative	relative	ADJ
ajfa-4533	107	22	risk	risk	NOUN
ajfa-4533	107	23	of	of	ADP
ajfa-4533	107	24	the	the	DET
ajfa-4533	107	25	mnc	mnc	PROPN
ajfa-4533	107	26	home	home	NOUN
ajfa-4533	107	27	country	country	NOUN
ajfa-4533	107	28	and	and	CCONJ
ajfa-4533	107	29	target	target	NOUN
ajfa-4533	107	30	country	country	NOUN
ajfa-4533	107	31	.	.	PUNCT
ajfa-4533	108	1	according	accord	VERB
ajfa-4533	108	2	to	to	ADP
ajfa-4533	108	3	this	this	DET
ajfa-4533	108	4	hypothesis	hypothesis	NOUN
ajfa-4533	108	5	,	,	PUNCT
ajfa-4533	108	6	the	the	DET
ajfa-4533	108	7	capital	capital	NOUN
ajfa-4533	108	8	structure	structure	NOUN
ajfa-4533	108	9	of	of	ADP
ajfa-4533	108	10	mncs	mncs	PROPN
ajfa-4533	108	11	can	can	AUX
ajfa-4533	108	12	differ	differ	VERB
ajfa-4533	108	13	between	between	ADP
ajfa-4533	108	14	developed	develop	VERB
ajfa-4533	108	15	countries	country	NOUN
ajfa-4533	108	16	based	base	VERB
ajfa-4533	108	17	and	and	CCONJ
ajfa-4533	108	18	emerging	emerge	VERB
ajfa-4533	108	19	countries	country	NOUN
ajfa-4533	108	20	based	base	VERB
ajfa-4533	108	21	firms	firm	NOUN
ajfa-4533	108	22	.	.	PUNCT
ajfa-4533	109	1	they	they	PRON
ajfa-4533	109	2	provide	provide	VERB
ajfa-4533	109	3	empirical	empirical	ADJ
ajfa-4533	109	4	evidence	evidence	NOUN
ajfa-4533	109	5	that	that	SCONJ
ajfa-4533	109	6	international	international	ADJ
ajfa-4533	109	7	diversification	diversification	NOUN
ajfa-4533	109	8	is	be	AUX
ajfa-4533	109	9	negatively	negatively	ADV
ajfa-4533	109	10	related	relate	VERB
ajfa-4533	109	11	to	to	ADP
ajfa-4533	109	12	leverage	leverage	NOUN
ajfa-4533	109	13	for	for	ADP
ajfa-4533	109	14	us	we	PRON
ajfa-4533	109	15	based	base	VERB
ajfa-4533	109	16	firms	firm	NOUN
ajfa-4533	109	17	and	and	CCONJ
ajfa-4533	109	18	positively	positively	ADV
ajfa-4533	109	19	related	relate	VERB
ajfa-4533	109	20	to	to	ADP
ajfa-4533	109	21	leverage	leverage	NOUN
ajfa-4533	109	22	for	for	ADP
ajfa-4533	109	23	emerging	emerge	VERB
ajfa-4533	109	24	market	market	NOUN
ajfa-4533	109	25	-	-	PUNCT
ajfa-4533	109	26	based	base	VERB
ajfa-4533	109	27	firms	firm	NOUN
ajfa-4533	109	28	.	.	PUNCT
ajfa-4533	110	1	based	base	VERB
ajfa-4533	110	2	on	on	ADP
ajfa-4533	110	3	isa	isa	PROPN
ajfa-4533	110	4	(	(	PUNCT
ajfa-4533	110	5	international	international	ADJ
ajfa-4533	110	6	standard	standard	NOUN
ajfa-4533	110	7	of	of	ADP
ajfa-4533	110	8	accounting	accounting	NOUN
ajfa-4533	110	9	)	)	PUNCT
ajfa-4533	110	10	and	and	CCONJ
ajfa-4533	110	11	gaap	gaap	PROPN
ajfa-4533	110	12	(	(	PUNCT
ajfa-4533	110	13	generally	generally	ADV
ajfa-4533	110	14	accepted	accept	VERB
ajfa-4533	110	15	accounting	accounting	NOUN
ajfa-4533	110	16	principles	principle	NOUN
ajfa-4533	110	17	)	)	PUNCT
ajfa-4533	110	18	,	,	PUNCT
ajfa-4533	110	19	frequently	frequently	ADV
ajfa-4533	110	20	the	the	DET
ajfa-4533	110	21	amount	amount	NOUN
ajfa-4533	110	22	of	of	ADP
ajfa-4533	110	23	at	at	ADV
ajfa-4533	110	24	least	least	ADV
ajfa-4533	110	25	10	10	NUM
ajfa-4533	110	26	percent	percent	NOUN
ajfa-4533	110	27	foreign	foreign	ADJ
ajfa-4533	110	28	sales	sale	NOUN
ajfa-4533	110	29	mentioned	mention	VERB
ajfa-4533	110	30	as	as	ADP
ajfa-4533	110	31	a	a	DET
ajfa-4533	110	32	base	base	NOUN
ajfa-4533	110	33	for	for	ADP
ajfa-4533	110	34	effective	effective	ADJ
ajfa-4533	110	35	internationalization	internationalization	NOUN
ajfa-4533	110	36	.	.	PUNCT
ajfa-4533	111	1	hence	hence	ADV
ajfa-4533	111	2	,	,	PUNCT
ajfa-4533	111	3	all	all	DET
ajfa-4533	111	4	the	the	DET
ajfa-4533	111	5	malaysian	malaysian	ADJ
ajfa-4533	111	6	manufacturing	manufacturing	NOUN
ajfa-4533	111	7	firms	firm	NOUN
ajfa-4533	111	8	that	that	PRON
ajfa-4533	111	9	have	have	VERB
ajfa-4533	111	10	equal	equal	ADJ
ajfa-4533	111	11	or	or	CCONJ
ajfa-4533	111	12	more	more	ADJ
ajfa-4533	111	13	than	than	ADP
ajfa-4533	111	14	10	10	NUM
ajfa-4533	111	15	percent	percent	NOUN
ajfa-4533	111	16	foreign	foreign	ADJ
ajfa-4533	111	17	sales	sale	NOUN
ajfa-4533	111	18	are	be	AUX
ajfa-4533	111	19	considered	consider	VERB
ajfa-4533	111	20	as	as	ADP
ajfa-4533	111	21	internationalized	internationalized	ADJ
ajfa-4533	111	22	firms	firm	NOUN
ajfa-4533	111	23	(	(	PUNCT
ajfa-4533	111	24	dummy	dummy	NOUN
ajfa-4533	111	25	=	=	NOUN
ajfa-4533	111	26	1	1	NUM
ajfa-4533	111	27	)	)	PUNCT
ajfa-4533	111	28	,	,	PUNCT
ajfa-4533	111	29	while	while	SCONJ
ajfa-4533	111	30	the	the	DET
ajfa-4533	111	31	malaysian	malaysian	ADJ
ajfa-4533	111	32	manufacturing	manufacturing	NOUN
ajfa-4533	111	33	firms	firm	NOUN
ajfa-4533	111	34	with	with	ADP
ajfa-4533	111	35	less	less	ADJ
ajfa-4533	111	36	than	than	ADP
ajfa-4533	111	37	10	10	NUM
ajfa-4533	111	38	percent	percent	NOUN
ajfa-4533	111	39	foreign	foreign	ADJ
ajfa-4533	111	40	sales	sale	NOUN
ajfa-4533	111	41	are	be	AUX
ajfa-4533	111	42	domestic	domestic	ADJ
ajfa-4533	111	43	firms	firm	NOUN
ajfa-4533	111	44	(	(	PUNCT
ajfa-4533	111	45	dummy	dummy	NOUN
ajfa-4533	111	46	=	=	SYM
ajfa-4533	111	47	0	0	NUM
ajfa-4533	111	48	)	)	PUNCT
ajfa-4533	111	49	.	.	PUNCT
ajfa-4533	112	1	h1	h1	PROPN
ajfa-4533	112	2	:	:	PUNCT
ajfa-4533	112	3	internationalization	internationalization	NOUN
ajfa-4533	112	4	is	be	AUX
ajfa-4533	112	5	negatively	negatively	ADV
ajfa-4533	112	6	related	relate	VERB
ajfa-4533	112	7	to	to	ADP
ajfa-4533	112	8	debt	debt	NOUN
ajfa-4533	112	9	ratio	ratio	NOUN
ajfa-4533	112	10	size	size	NOUN
ajfa-4533	112	11	is	be	AUX
ajfa-4533	112	12	considered	consider	VERB
ajfa-4533	112	13	to	to	PART
ajfa-4533	112	14	be	be	AUX
ajfa-4533	112	15	the	the	DET
ajfa-4533	112	16	first	first	ADJ
ajfa-4533	112	17	important	important	ADJ
ajfa-4533	112	18	characteristic	characteristic	NOUN
ajfa-4533	112	19	of	of	ADP
ajfa-4533	112	20	firm	firm	NOUN
ajfa-4533	112	21	.	.	PUNCT
ajfa-4533	113	1	the	the	DET
ajfa-4533	113	2	trade	trade	NOUN
ajfa-4533	113	3	-	-	PUNCT
ajfa-4533	113	4	off	off	ADP
ajfa-4533	113	5	theory	theory	NOUN
ajfa-4533	113	6	proposes	propose	VERB
ajfa-4533	113	7	that	that	SCONJ
ajfa-4533	113	8	the	the	PRON
ajfa-4533	113	9	larger	large	ADJ
ajfa-4533	113	10	a	a	DET
ajfa-4533	113	11	firm	firm	NOUN
ajfa-4533	113	12	is	be	AUX
ajfa-4533	113	13	,	,	PUNCT
ajfa-4533	113	14	more	more	ADJ
ajfa-4533	113	15	needs	need	NOUN
ajfa-4533	113	16	have	have	VERB
ajfa-4533	113	17	to	to	PART
ajfa-4533	113	18	be	be	AUX
ajfa-4533	113	19	diversified	diversify	VERB
ajfa-4533	113	20	and	and	CCONJ
ajfa-4533	113	21	this	this	PRON
ajfa-4533	113	22	is	be	AUX
ajfa-4533	113	23	the	the	DET
ajfa-4533	113	24	reason	reason	NOUN
ajfa-4533	113	25	for	for	SCONJ
ajfa-4533	113	26	it	it	PRON
ajfa-4533	113	27	to	to	PART
ajfa-4533	113	28	apply	apply	VERB
ajfa-4533	113	29	more	more	ADJ
ajfa-4533	113	30	leverage	leverage	NOUN
ajfa-4533	113	31	in	in	ADP
ajfa-4533	113	32	its	its	PRON
ajfa-4533	113	33	capital	capital	NOUN
ajfa-4533	113	34	structure	structure	NOUN
ajfa-4533	113	35	.	.	PUNCT
ajfa-4533	114	1	this	this	DET
ajfa-4533	114	2	theory	theory	NOUN
ajfa-4533	114	3	also	also	ADV
ajfa-4533	114	4	proposes	propose	VERB
ajfa-4533	114	5	that	that	SCONJ
ajfa-4533	114	6	larger	large	ADJ
ajfa-4533	114	7	firms	firm	NOUN
ajfa-4533	114	8	can	can	AUX
ajfa-4533	114	9	reduce	reduce	VERB
ajfa-4533	114	10	bankruptcy	bankruptcy	NOUN
ajfa-4533	114	11	costs	cost	NOUN
ajfa-4533	114	12	by	by	ADP
ajfa-4533	114	13	diversifying	diversify	VERB
ajfa-4533	114	14	their	their	PRON
ajfa-4533	114	15	businesses	business	NOUN
ajfa-4533	114	16	.	.	PUNCT
ajfa-4533	115	1	therefore	therefore	ADV
ajfa-4533	115	2	,	,	PUNCT
ajfa-4533	115	3	it	it	PRON
ajfa-4533	115	4	can	can	AUX
ajfa-4533	115	5	be	be	AUX
ajfa-4533	115	6	said	say	VERB
ajfa-4533	115	7	that	that	SCONJ
ajfa-4533	115	8	there	there	PRON
ajfa-4533	115	9	is	be	VERB
ajfa-4533	115	10	a	a	DET
ajfa-4533	115	11	positive	positive	ADJ
ajfa-4533	115	12	relationship	relationship	NOUN
ajfa-4533	115	13	between	between	ADP
ajfa-4533	115	14	the	the	DET
ajfa-4533	115	15	size	size	NOUN
ajfa-4533	115	16	of	of	ADP
ajfa-4533	115	17	firm	firm	NOUN
ajfa-4533	115	18	and	and	CCONJ
ajfa-4533	115	19	leverage	leverage	NOUN
ajfa-4533	115	20	.	.	PUNCT
ajfa-4533	116	1	many	many	ADJ
ajfa-4533	116	2	empirical	empirical	ADJ
ajfa-4533	116	3	studies	study	NOUN
ajfa-4533	116	4	have	have	AUX
ajfa-4533	116	5	shown	show	VERB
ajfa-4533	116	6	a	a	DET
ajfa-4533	116	7	mixed	mixed	ADJ
ajfa-4533	116	8	result	result	NOUN
ajfa-4533	116	9	.	.	PUNCT
ajfa-4533	117	1	for	for	ADP
ajfa-4533	117	2	example	example	NOUN
ajfa-4533	117	3	,	,	PUNCT
ajfa-4533	117	4	rajan	rajan	PROPN
ajfa-4533	117	5	and	and	CCONJ
ajfa-4533	117	6	zingales	zingales	PROPN
ajfa-4533	117	7	(	(	PUNCT
ajfa-4533	117	8	1995	1995	NUM
ajfa-4533	117	9	)	)	PUNCT
ajfa-4533	117	10	reported	report	VERB
ajfa-4533	117	11	a	a	DET
ajfa-4533	117	12	positive	positive	ADJ
ajfa-4533	117	13	relationship	relationship	NOUN
ajfa-4533	117	14	between	between	ADP
ajfa-4533	117	15	firm	firm	NOUN
ajfa-4533	117	16	’s	’s	PART
ajfa-4533	117	17	size	size	NOUN
ajfa-4533	117	18	and	and	CCONJ
ajfa-4533	117	19	leverage	leverage	NOUN
ajfa-4533	117	20	in	in	ADP
ajfa-4533	117	21	the	the	DET
ajfa-4533	117	22	us	us	PROPN
ajfa-4533	117	23	,	,	PUNCT
ajfa-4533	117	24	uk	uk	PROPN
ajfa-4533	117	25	,	,	PUNCT
ajfa-4533	117	26	japan	japan	PROPN
ajfa-4533	117	27	and	and	CCONJ
ajfa-4533	117	28	canada	canada	PROPN
ajfa-4533	117	29	,	,	PUNCT
ajfa-4533	117	30	while	while	SCONJ
ajfa-4533	117	31	the	the	DET
ajfa-4533	117	32	result	result	NOUN
ajfa-4533	117	33	of	of	ADP
ajfa-4533	117	34	their	their	PRON
ajfa-4533	117	35	study	study	NOUN
ajfa-4533	117	36	in	in	ADP
ajfa-4533	117	37	france	france	PROPN
ajfa-4533	117	38	show	show	VERB
ajfa-4533	117	39	a	a	DET
ajfa-4533	117	40	negative	negative	ADJ
ajfa-4533	117	41	relationship	relationship	NOUN
ajfa-4533	117	42	.	.	PUNCT
ajfa-4533	118	1	thus	thus	ADV
ajfa-4533	118	2	,	,	PUNCT
ajfa-4533	118	3	we	we	PRON
ajfa-4533	118	4	hypothesize	hypothesize	VERB
ajfa-4533	118	5	that	that	SCONJ
ajfa-4533	118	6	:	:	PUNCT
ajfa-4533	118	7	h2	h2	NOUN
ajfa-4533	118	8	:	:	PUNCT
ajfa-4533	118	9	firm	firm	ADJ
ajfa-4533	118	10	size	size	NOUN
ajfa-4533	118	11	is	be	AUX
ajfa-4533	118	12	positively	positively	ADV
ajfa-4533	118	13	related	relate	VERB
ajfa-4533	118	14	to	to	ADP
ajfa-4533	118	15	debt	debt	NOUN
ajfa-4533	118	16	ratio	ratio	NOUN
ajfa-4533	118	17	.	.	PUNCT
ajfa-4533	119	1	profitability	profitability	NOUN
ajfa-4533	119	2	is	be	AUX
ajfa-4533	119	3	considered	consider	VERB
ajfa-4533	119	4	as	as	ADP
ajfa-4533	119	5	another	another	DET
ajfa-4533	119	6	important	important	ADJ
ajfa-4533	119	7	characteristic	characteristic	NOUN
ajfa-4533	119	8	of	of	ADP
ajfa-4533	119	9	firms	firm	NOUN
ajfa-4533	119	10	that	that	PRON
ajfa-4533	119	11	can	can	AUX
ajfa-4533	119	12	affect	affect	VERB
ajfa-4533	119	13	capital	capital	NOUN
ajfa-4533	119	14	structure	structure	NOUN
ajfa-4533	119	15	.	.	PUNCT
ajfa-4533	120	1	based	base	VERB
ajfa-4533	120	2	on	on	ADP
ajfa-4533	120	3	the	the	DET
ajfa-4533	120	4	pecking	pecking	NOUN
ajfa-4533	120	5	order	order	NOUN
ajfa-4533	120	6	theory	theory	NOUN
ajfa-4533	120	7	,	,	PUNCT
ajfa-4533	120	8	companies	company	NOUN
ajfa-4533	120	9	prefer	prefer	VERB
ajfa-4533	120	10	to	to	PART
ajfa-4533	120	11	be	be	AUX
ajfa-4533	120	12	financed	finance	VERB
ajfa-4533	120	13	by	by	ADP
ajfa-4533	120	14	their	their	PRON
ajfa-4533	120	15	internal	internal	ADJ
ajfa-4533	120	16	resources	resource	NOUN
ajfa-4533	120	17	.	.	PUNCT
ajfa-4533	121	1	retained	retain	VERB
ajfa-4533	121	2	earnings	earning	NOUN
ajfa-4533	121	3	are	be	AUX
ajfa-4533	121	4	the	the	DET
ajfa-4533	121	5	first	first	ADJ
ajfa-4533	121	6	option	option	NOUN
ajfa-4533	121	7	,	,	PUNCT
ajfa-4533	121	8	then	then	ADV
ajfa-4533	121	9	debt	debt	NOUN
ajfa-4533	121	10	is	be	AUX
ajfa-4533	121	11	considered	consider	VERB
ajfa-4533	121	12	as	as	ADP
ajfa-4533	121	13	the	the	DET
ajfa-4533	121	14	next	next	ADJ
ajfa-4533	121	15	option	option	NOUN
ajfa-4533	121	16	and	and	CCONJ
ajfa-4533	121	17	finally	finally	ADV
ajfa-4533	121	18	the	the	DET
ajfa-4533	121	19	new	new	ADJ
ajfa-4533	121	20	equity	equity	NOUN
ajfa-4533	121	21	will	will	AUX
ajfa-4533	121	22	be	be	AUX
ajfa-4533	121	23	the	the	DET
ajfa-4533	121	24	last	last	ADJ
ajfa-4533	121	25	resort	resort	NOUN
ajfa-4533	121	26	.	.	PUNCT
ajfa-4533	122	1	as	as	ADP
ajfa-4533	122	2	a	a	DET
ajfa-4533	122	3	result	result	NOUN
ajfa-4533	122	4	,	,	PUNCT
ajfa-4533	122	5	firms	firm	NOUN
ajfa-4533	122	6	with	with	ADP
ajfa-4533	122	7	high	high	ADJ
ajfa-4533	122	8	level	level	NOUN
ajfa-4533	122	9	of	of	ADP
ajfa-4533	122	10	profitability	profitability	NOUN
ajfa-4533	122	11	should	should	AUX
ajfa-4533	122	12	have	have	VERB
ajfa-4533	122	13	the	the	DET
ajfa-4533	122	14	low	low	ADJ
ajfa-4533	122	15	level	level	NOUN
ajfa-4533	122	16	of	of	ADP
ajfa-4533	122	17	debt	debt	NOUN
ajfa-4533	122	18	.	.	PUNCT
ajfa-4533	123	1	therefore	therefore	ADV
ajfa-4533	123	2	,	,	PUNCT
ajfa-4533	123	3	according	accord	VERB
ajfa-4533	123	4	to	to	ADP
ajfa-4533	123	5	the	the	DET
ajfa-4533	123	6	pecking	pecking	NOUN
ajfa-4533	123	7	order	order	NOUN
ajfa-4533	123	8	theory	theory	NOUN
ajfa-4533	123	9	,	,	PUNCT
ajfa-4533	123	10	there	there	PRON
ajfa-4533	123	11	is	be	VERB
ajfa-4533	123	12	a	a	DET
ajfa-4533	123	13	negative	negative	ADJ
ajfa-4533	123	14	relationship	relationship	NOUN
ajfa-4533	123	15	between	between	ADP
ajfa-4533	123	16	profitability	profitability	NOUN
ajfa-4533	123	17	and	and	CCONJ
ajfa-4533	123	18	leverage	leverage	NOUN
ajfa-4533	123	19	.	.	PUNCT
ajfa-4533	124	1	in	in	ADP
ajfa-4533	124	2	contrast	contrast	NOUN
ajfa-4533	124	3	,	,	PUNCT
ajfa-4533	124	4	the	the	DET
ajfa-4533	124	5	trade	trade	NOUN
ajfa-4533	124	6	-	-	PUNCT
ajfa-4533	124	7	off	off	ADP
ajfa-4533	124	8	theory	theory	NOUN
ajfa-4533	124	9	depicts	depict	VERB
ajfa-4533	124	10	a	a	DET
ajfa-4533	124	11	positive	positive	ADJ
ajfa-4533	124	12	relationship	relationship	NOUN
ajfa-4533	124	13	between	between	ADP
ajfa-4533	124	14	profitability	profitability	NOUN
ajfa-4533	124	15	and	and	CCONJ
ajfa-4533	124	16	leverage	leverage	NOUN
ajfa-4533	124	17	because	because	SCONJ
ajfa-4533	124	18	the	the	DET
ajfa-4533	124	19	theory	theory	NOUN
ajfa-4533	124	20	states	state	VERB
ajfa-4533	124	21	that	that	SCONJ
ajfa-4533	124	22	profitable	profitable	ADJ
ajfa-4533	124	23	companies	company	NOUN
ajfa-4533	124	24	can	can	AUX
ajfa-4533	124	25	use	use	VERB
ajfa-4533	124	26	more	more	ADJ
ajfa-4533	124	27	debt	debt	NOUN
ajfa-4533	124	28	to	to	PART
ajfa-4533	124	29	take	take	VERB
ajfa-4533	124	30	advantages	advantage	NOUN
ajfa-4533	124	31	of	of	ADP
ajfa-4533	124	32	the	the	DET
ajfa-4533	124	33	tax	tax	NOUN
ajfa-4533	124	34	-	-	PUNCT
ajfa-4533	124	35	shield	shield	NOUN
ajfa-4533	124	36	.	.	PUNCT
ajfa-4533	125	1	empirical	empirical	ADJ
ajfa-4533	125	2	evidences	evidence	NOUN
ajfa-4533	125	3	from	from	ADP
ajfa-4533	125	4	previous	previous	ADJ
ajfa-4533	125	5	studies	study	NOUN
ajfa-4533	125	6	seem	seem	VERB
ajfa-4533	125	7	to	to	PART
ajfa-4533	125	8	be	be	AUX
ajfa-4533	125	9	in	in	ADP
ajfa-4533	125	10	line	line	NOUN
ajfa-4533	125	11	with	with	ADP
ajfa-4533	125	12	the	the	DET
ajfa-4533	125	13	pecking	pecking	NOUN
ajfa-4533	125	14	order	order	NOUN
ajfa-4533	125	15	theory	theory	NOUN
ajfa-4533	125	16	.	.	PUNCT
ajfa-4533	126	1	the	the	DET
ajfa-4533	126	2	results	result	NOUN
ajfa-4533	126	3	of	of	ADP
ajfa-4533	126	4	most	most	ADJ
ajfa-4533	126	5	studies	study	NOUN
ajfa-4533	126	6	show	show	VERB
ajfa-4533	126	7	negative	negative	ADJ
ajfa-4533	126	8	relationship	relationship	NOUN
ajfa-4533	126	9	between	between	ADP
ajfa-4533	126	10	profitability	profitability	NOUN
ajfa-4533	126	11	and	and	CCONJ
ajfa-4533	126	12	asian	asian	ADJ
ajfa-4533	126	13	journal	journal	NOUN
ajfa-4533	126	14	of	of	ADP
ajfa-4533	126	15	finance	finance	PROPN
ajfa-4533	126	16	&	&	CCONJ
ajfa-4533	126	17	accounting	accounting	PROPN
ajfa-4533	126	18	issn	issn	PROPN
ajfa-4533	126	19	1946	1946	NUM
ajfa-4533	126	20	-	-	PUNCT
ajfa-4533	126	21	052x	052x	NOUN
ajfa-4533	126	22	2013	2013	NUM
ajfa-4533	126	23	,	,	PUNCT
ajfa-4533	126	24	vol	vol	NOUN
ajfa-4533	126	25	.	.	PROPN
ajfa-4533	126	26	5	5	NUM
ajfa-4533	126	27	,	,	PUNCT
ajfa-4533	126	28	no	no	INTJ
ajfa-4533	126	29	.	.	NOUN
ajfa-4533	126	30	2	2	NUM
ajfa-4533	126	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4533	126	32	335	335	NUM
ajfa-4533	126	33	leverage	leverage	NOUN
ajfa-4533	126	34	.	.	PUNCT
ajfa-4533	127	1	for	for	ADP
ajfa-4533	127	2	instance	instance	NOUN
ajfa-4533	127	3	,	,	PUNCT
ajfa-4533	127	4	the	the	DET
ajfa-4533	127	5	results	result	NOUN
ajfa-4533	127	6	of	of	ADP
ajfa-4533	127	7	studies	study	NOUN
ajfa-4533	127	8	by	by	ADP
ajfa-4533	127	9	cassar	cassar	PROPN
ajfa-4533	127	10	and	and	CCONJ
ajfa-4533	127	11	holmes	holmes	PROPN
ajfa-4533	127	12	(	(	PUNCT
ajfa-4533	127	13	2003	2003	NUM
ajfa-4533	127	14	)	)	PUNCT
ajfa-4533	127	15	affirm	affirm	NOUN
ajfa-4533	127	16	a	a	DET
ajfa-4533	127	17	negative	negative	ADJ
ajfa-4533	127	18	relationship	relationship	NOUN
ajfa-4533	127	19	between	between	ADP
ajfa-4533	127	20	profitability	profitability	NOUN
ajfa-4533	127	21	and	and	CCONJ
ajfa-4533	127	22	leverage	leverage	NOUN
ajfa-4533	127	23	.	.	PUNCT
ajfa-4533	128	1	however	however	ADV
ajfa-4533	128	2	,	,	PUNCT
ajfa-4533	128	3	the	the	DET
ajfa-4533	128	4	finding	finding	NOUN
ajfa-4533	128	5	of	of	ADP
ajfa-4533	128	6	petersen	petersen	PROPN
ajfa-4533	128	7	and	and	CCONJ
ajfa-4533	128	8	rajan	rajan	PROPN
ajfa-4533	128	9	(	(	PUNCT
ajfa-4533	128	10	1994	1994	NUM
ajfa-4533	128	11	)	)	PUNCT
ajfa-4533	128	12	is	be	AUX
ajfa-4533	128	13	inconsistent	inconsistent	ADJ
ajfa-4533	128	14	with	with	ADP
ajfa-4533	128	15	pecking	pecking	NOUN
ajfa-4533	128	16	-	-	PUNCT
ajfa-4533	128	17	order	order	NOUN
ajfa-4533	128	18	theory	theory	NOUN
ajfa-4533	128	19	because	because	SCONJ
ajfa-4533	128	20	they	they	PRON
ajfa-4533	128	21	reported	report	VERB
ajfa-4533	128	22	a	a	DET
ajfa-4533	128	23	positive	positive	ADJ
ajfa-4533	128	24	relationship	relationship	NOUN
ajfa-4533	128	25	between	between	ADP
ajfa-4533	128	26	profitability	profitability	NOUN
ajfa-4533	128	27	and	and	CCONJ
ajfa-4533	128	28	leverage	leverage	NOUN
ajfa-4533	128	29	.	.	PUNCT
ajfa-4533	129	1	from	from	ADP
ajfa-4533	129	2	the	the	DET
ajfa-4533	129	3	perspective	perspective	NOUN
ajfa-4533	129	4	of	of	ADP
ajfa-4533	129	5	pecking	pecking	NOUN
ajfa-4533	129	6	-	-	PUNCT
ajfa-4533	129	7	order	order	NOUN
ajfa-4533	129	8	theory	theory	NOUN
ajfa-4533	129	9	,	,	PUNCT
ajfa-4533	129	10	larger	large	ADJ
ajfa-4533	129	11	firms	firm	NOUN
ajfa-4533	129	12	tend	tend	VERB
ajfa-4533	129	13	to	to	PART
ajfa-4533	129	14	internalize	internalize	VERB
ajfa-4533	129	15	their	their	PRON
ajfa-4533	129	16	retained	retain	VERB
ajfa-4533	129	17	earnings	earning	NOUN
ajfa-4533	129	18	first	first	ADV
ajfa-4533	129	19	for	for	ADP
ajfa-4533	129	20	further	further	ADJ
ajfa-4533	129	21	investment	investment	NOUN
ajfa-4533	129	22	rather	rather	ADV
ajfa-4533	129	23	than	than	ADP
ajfa-4533	129	24	borrowing	borrow	VERB
ajfa-4533	129	25	.	.	PUNCT
ajfa-4533	130	1	thus	thus	ADV
ajfa-4533	130	2	,	,	PUNCT
ajfa-4533	130	3	we	we	PRON
ajfa-4533	130	4	hypothesize	hypothesize	VERB
ajfa-4533	130	5	that	that	SCONJ
ajfa-4533	130	6	:	:	PUNCT
ajfa-4533	130	7	h3	h3	NOUN
ajfa-4533	130	8	:	:	PUNCT
ajfa-4533	130	9	profitability	profitability	NOUN
ajfa-4533	130	10	is	be	AUX
ajfa-4533	130	11	negatively	negatively	ADV
ajfa-4533	130	12	related	relate	VERB
ajfa-4533	130	13	to	to	ADP
ajfa-4533	130	14	debt	debt	NOUN
ajfa-4533	130	15	ratio	ratio	NOUN
ajfa-4533	130	16	higher	high	ADJ
ajfa-4533	130	17	growth	growth	NOUN
ajfa-4533	130	18	leads	lead	VERB
ajfa-4533	130	19	to	to	ADP
ajfa-4533	130	20	more	more	ADJ
ajfa-4533	130	21	investments	investment	NOUN
ajfa-4533	130	22	opportunities	opportunity	NOUN
ajfa-4533	130	23	which	which	PRON
ajfa-4533	130	24	increase	increase	VERB
ajfa-4533	130	25	the	the	DET
ajfa-4533	130	26	cost	cost	NOUN
ajfa-4533	130	27	of	of	ADP
ajfa-4533	130	28	borrowing	borrowing	NOUN
ajfa-4533	130	29	which	which	PRON
ajfa-4533	130	30	leads	lead	VERB
ajfa-4533	130	31	to	to	ADP
ajfa-4533	130	32	internalized	internalized	ADJ
ajfa-4533	130	33	funds	fund	NOUN
ajfa-4533	130	34	rather	rather	ADV
ajfa-4533	130	35	than	than	ADP
ajfa-4533	130	36	debt	debt	NOUN
ajfa-4533	130	37	.	.	PUNCT
ajfa-4533	131	1	moreover	moreover	ADV
ajfa-4533	131	2	,	,	PUNCT
ajfa-4533	131	3	firms	firm	NOUN
ajfa-4533	131	4	experiencing	experience	VERB
ajfa-4533	131	5	high	high	ADJ
ajfa-4533	131	6	growth	growth	NOUN
ajfa-4533	131	7	rates	rate	NOUN
ajfa-4533	131	8	prefer	prefer	VERB
ajfa-4533	131	9	not	not	PART
ajfa-4533	131	10	to	to	PART
ajfa-4533	131	11	increase	increase	VERB
ajfa-4533	131	12	its	its	PRON
ajfa-4533	131	13	level	level	NOUN
ajfa-4533	131	14	of	of	ADP
ajfa-4533	131	15	debt	debt	NOUN
ajfa-4533	131	16	because	because	SCONJ
ajfa-4533	131	17	their	their	PRON
ajfa-4533	131	18	cash	cash	NOUN
ajfa-4533	131	19	flow	flow	NOUN
ajfa-4533	131	20	might	might	AUX
ajfa-4533	131	21	not	not	PART
ajfa-4533	131	22	sustain	sustain	VERB
ajfa-4533	131	23	servicing	service	VERB
ajfa-4533	131	24	the	the	DET
ajfa-4533	131	25	debt	debt	NOUN
ajfa-4533	131	26	when	when	SCONJ
ajfa-4533	131	27	needed	need	VERB
ajfa-4533	131	28	.	.	PUNCT
ajfa-4533	132	1	for	for	ADP
ajfa-4533	132	2	this	this	DET
ajfa-4533	132	3	reason	reason	NOUN
ajfa-4533	132	4	,	,	PUNCT
ajfa-4533	132	5	the	the	DET
ajfa-4533	132	6	relationship	relationship	NOUN
ajfa-4533	132	7	between	between	ADP
ajfa-4533	132	8	company	company	NOUN
ajfa-4533	132	9	growth	growth	NOUN
ajfa-4533	132	10	rate	rate	NOUN
ajfa-4533	132	11	and	and	CCONJ
ajfa-4533	132	12	borrowing	borrowing	NOUN
ajfa-4533	132	13	should	should	AUX
ajfa-4533	132	14	be	be	AUX
ajfa-4533	132	15	negative	negative	ADJ
ajfa-4533	132	16	.	.	PUNCT
ajfa-4533	133	1	growth	growth	NOUN
ajfa-4533	133	2	is	be	AUX
ajfa-4533	133	3	defined	define	VERB
ajfa-4533	133	4	as	as	ADP
ajfa-4533	133	5	the	the	DET
ajfa-4533	133	6	market	market	NOUN
ajfa-4533	133	7	-	-	PUNCT
ajfa-4533	133	8	to	to	ADP
ajfa-4533	133	9	-	-	PUNCT
ajfa-4533	133	10	book	book	NOUN
ajfa-4533	133	11	ratio	ratio	NOUN
ajfa-4533	133	12	.	.	PUNCT
ajfa-4533	134	1	thus	thus	ADV
ajfa-4533	134	2	,	,	PUNCT
ajfa-4533	134	3	we	we	PRON
ajfa-4533	134	4	hypothesize	hypothesize	VERB
ajfa-4533	134	5	that	that	SCONJ
ajfa-4533	134	6	:	:	PUNCT
ajfa-4533	134	7	h4	h4	NOUN
ajfa-4533	134	8	:	:	PUNCT
ajfa-4533	134	9	company	company	NOUN
ajfa-4533	134	10	growth	growth	NOUN
ajfa-4533	134	11	is	be	AUX
ajfa-4533	134	12	negatively	negatively	ADV
ajfa-4533	134	13	related	relate	VERB
ajfa-4533	134	14	to	to	ADP
ajfa-4533	134	15	debt	debt	NOUN
ajfa-4533	134	16	ratio	ratio	NOUN
ajfa-4533	134	17	bevean	bevean	NOUN
ajfa-4533	134	18	and	and	CCONJ
ajfa-4533	134	19	danbolt	danbolt	NOUN
ajfa-4533	134	20	(	(	PUNCT
ajfa-4533	134	21	2001	2001	NUM
ajfa-4533	134	22	)	)	PUNCT
ajfa-4533	134	23	showed	show	VERB
ajfa-4533	134	24	that	that	SCONJ
ajfa-4533	134	25	tangibility	tangibility	NOUN
ajfa-4533	134	26	is	be	AUX
ajfa-4533	134	27	positively	positively	ADV
ajfa-4533	134	28	correlated	correlate	VERB
ajfa-4533	134	29	to	to	PART
ajfa-4533	134	30	total	total	VERB
ajfa-4533	134	31	and	and	CCONJ
ajfa-4533	134	32	long	long	ADJ
ajfa-4533	134	33	-	-	PUNCT
ajfa-4533	134	34	term	term	NOUN
ajfa-4533	134	35	debt	debt	NOUN
ajfa-4533	134	36	ratios	ratio	NOUN
ajfa-4533	134	37	respectively	respectively	ADV
ajfa-4533	134	38	but	but	CCONJ
ajfa-4533	134	39	inversely	inversely	ADV
ajfa-4533	134	40	related	relate	VERB
ajfa-4533	134	41	to	to	ADP
ajfa-4533	134	42	short	short	ADJ
ajfa-4533	134	43	-	-	PUNCT
ajfa-4533	134	44	term	term	NOUN
ajfa-4533	134	45	debt	debt	NOUN
ajfa-4533	134	46	ratio	ratio	NOUN
ajfa-4533	134	47	.	.	PUNCT
ajfa-4533	135	1	from	from	ADP
ajfa-4533	135	2	a	a	DET
ajfa-4533	135	3	trade	trade	NOUN
ajfa-4533	135	4	-	-	PUNCT
ajfa-4533	135	5	off	off	ADP
ajfa-4533	135	6	perspective	perspective	NOUN
ajfa-4533	135	7	,	,	PUNCT
ajfa-4533	135	8	firms	firm	NOUN
ajfa-4533	135	9	with	with	ADP
ajfa-4533	135	10	a	a	DET
ajfa-4533	135	11	lot	lot	NOUN
ajfa-4533	135	12	of	of	ADP
ajfa-4533	135	13	fixed	fix	VERB
ajfa-4533	135	14	assets	asset	NOUN
ajfa-4533	135	15	find	find	VERB
ajfa-4533	135	16	it	it	PRON
ajfa-4533	135	17	easier	easy	ADJ
ajfa-4533	135	18	to	to	PART
ajfa-4533	135	19	issue	issue	VERB
ajfa-4533	135	20	bonds	bond	NOUN
ajfa-4533	135	21	or	or	CCONJ
ajfa-4533	135	22	get	get	VERB
ajfa-4533	135	23	loan	loan	NOUN
ajfa-4533	135	24	from	from	ADP
ajfa-4533	135	25	banks	bank	NOUN
ajfa-4533	135	26	because	because	SCONJ
ajfa-4533	135	27	the	the	DET
ajfa-4533	135	28	fixed	fix	VERB
ajfa-4533	135	29	assets	asset	NOUN
ajfa-4533	135	30	of	of	ADP
ajfa-4533	135	31	the	the	DET
ajfa-4533	135	32	company	company	NOUN
ajfa-4533	135	33	will	will	AUX
ajfa-4533	135	34	be	be	AUX
ajfa-4533	135	35	able	able	ADJ
ajfa-4533	135	36	to	to	PART
ajfa-4533	135	37	serve	serve	VERB
ajfa-4533	135	38	as	as	ADP
ajfa-4533	135	39	collateral	collateral	NOUN
ajfa-4533	135	40	for	for	ADP
ajfa-4533	135	41	the	the	DET
ajfa-4533	135	42	borrowing	borrowing	NOUN
ajfa-4533	135	43	and	and	CCONJ
ajfa-4533	135	44	reduces	reduce	VERB
ajfa-4533	135	45	the	the	DET
ajfa-4533	135	46	default	default	NOUN
ajfa-4533	135	47	risk	risk	NOUN
ajfa-4533	135	48	for	for	ADP
ajfa-4533	135	49	the	the	DET
ajfa-4533	135	50	lenders	lender	NOUN
ajfa-4533	135	51	.	.	PUNCT
ajfa-4533	136	1	under	under	ADP
ajfa-4533	136	2	the	the	DET
ajfa-4533	136	3	pecking	pecking	NOUN
ajfa-4533	136	4	-	-	PUNCT
ajfa-4533	136	5	order	order	NOUN
ajfa-4533	136	6	theory	theory	NOUN
ajfa-4533	136	7	,	,	PUNCT
ajfa-4533	136	8	the	the	PRON
ajfa-4533	136	9	greater	great	ADJ
ajfa-4533	136	10	the	the	DET
ajfa-4533	136	11	value	value	NOUN
ajfa-4533	136	12	of	of	ADP
ajfa-4533	136	13	the	the	DET
ajfa-4533	136	14	tangible	tangible	ADJ
ajfa-4533	136	15	assets	asset	NOUN
ajfa-4533	136	16	,	,	PUNCT
ajfa-4533	136	17	the	the	PRON
ajfa-4533	136	18	smaller	small	ADJ
ajfa-4533	136	19	the	the	DET
ajfa-4533	136	20	asymmetric	asymmetric	ADJ
ajfa-4533	136	21	information	information	NOUN
ajfa-4533	136	22	,	,	PUNCT
ajfa-4533	136	23	therefore	therefore	ADV
ajfa-4533	136	24	,	,	PUNCT
ajfa-4533	136	25	it	it	PRON
ajfa-4533	136	26	is	be	AUX
ajfa-4533	136	27	expected	expect	VERB
ajfa-4533	136	28	that	that	SCONJ
ajfa-4533	136	29	the	the	DET
ajfa-4533	136	30	collateral	collateral	ADJ
ajfa-4533	136	31	value	value	NOUN
ajfa-4533	136	32	might	might	AUX
ajfa-4533	136	33	be	be	AUX
ajfa-4533	136	34	positively	positively	ADV
ajfa-4533	136	35	related	relate	VERB
ajfa-4533	136	36	to	to	ADP
ajfa-4533	136	37	the	the	DET
ajfa-4533	136	38	debt	debt	NOUN
ajfa-4533	136	39	ratio	ratio	NOUN
ajfa-4533	136	40	.	.	PUNCT
ajfa-4533	137	1	many	many	ADJ
ajfa-4533	137	2	previous	previous	ADJ
ajfa-4533	137	3	empirical	empirical	ADJ
ajfa-4533	137	4	studies	study	NOUN
ajfa-4533	137	5	supported	support	VERB
ajfa-4533	137	6	this	this	DET
ajfa-4533	137	7	hypothesis	hypothesis	NOUN
ajfa-4533	137	8	.	.	PUNCT
ajfa-4533	138	1	for	for	ADP
ajfa-4533	138	2	instance	instance	NOUN
ajfa-4533	138	3	,	,	PUNCT
ajfa-4533	138	4	rajan	rajan	PROPN
ajfa-4533	138	5	and	and	CCONJ
ajfa-4533	138	6	zingales	zingales	PROPN
ajfa-4533	138	7	(	(	PUNCT
ajfa-4533	138	8	1995	1995	NUM
ajfa-4533	138	9	)	)	PUNCT
ajfa-4533	138	10	supported	support	VERB
ajfa-4533	138	11	this	this	DET
ajfa-4533	138	12	hypothesis	hypothesis	NOUN
ajfa-4533	138	13	in	in	ADP
ajfa-4533	138	14	industrialized	industrialize	VERB
ajfa-4533	138	15	countries	country	NOUN
ajfa-4533	138	16	.	.	PUNCT
ajfa-4533	139	1	suto	suto	PROPN
ajfa-4533	139	2	(	(	PUNCT
ajfa-4533	139	3	2003	2003	NUM
ajfa-4533	139	4	)	)	PUNCT
ajfa-4533	139	5	also	also	ADV
ajfa-4533	139	6	supported	support	VERB
ajfa-4533	139	7	this	this	DET
ajfa-4533	139	8	hypothesis	hypothesis	NOUN
ajfa-4533	139	9	in	in	ADP
ajfa-4533	139	10	malaysia	malaysia	PROPN
ajfa-4533	139	11	.	.	PUNCT
ajfa-4533	140	1	thus	thus	ADV
ajfa-4533	140	2	,	,	PUNCT
ajfa-4533	140	3	we	we	PRON
ajfa-4533	140	4	hypothesize	hypothesize	VERB
ajfa-4533	140	5	that	that	SCONJ
ajfa-4533	140	6	:	:	PUNCT
ajfa-4533	140	7	h5	h5	NOUN
ajfa-4533	140	8	:	:	PUNCT
ajfa-4533	140	9	tangibility	tangibility	NOUN
ajfa-4533	140	10	is	be	AUX
ajfa-4533	140	11	positively	positively	ADV
ajfa-4533	140	12	related	relate	VERB
ajfa-4533	140	13	to	to	ADP
ajfa-4533	140	14	debt	debt	NOUN
ajfa-4533	140	15	ratio	ratio	NOUN
ajfa-4533	140	16	.	.	PUNCT
ajfa-4533	141	1	testing	test	VERB
ajfa-4533	141	2	the	the	DET
ajfa-4533	141	3	earlier	early	ADJ
ajfa-4533	141	4	hypothesis	hypothesis	NOUN
ajfa-4533	141	5	is	be	AUX
ajfa-4533	141	6	done	do	VERB
ajfa-4533	141	7	using	use	VERB
ajfa-4533	141	8	the	the	DET
ajfa-4533	141	9	following	follow	VERB
ajfa-4533	141	10	model	model	NOUN
ajfa-4533	141	11	dratioi	dratioi	PROPN
ajfa-4533	141	12	,	,	PUNCT
ajfa-4533	141	13	t	t	PROPN
ajfa-4533	141	14	=	=	SYM
ajfa-4533	141	15	β0	β0	PROPN
ajfa-4533	141	16	+	+	CCONJ
ajfa-4533	141	17	β1	β1	PROPN
ajfa-4533	141	18	intli	intli	PROPN
ajfa-4533	141	19	,	,	PUNCT
ajfa-4533	141	20	t	t	PROPN
ajfa-4533	141	21	+	+	CCONJ
ajfa-4533	141	22	β2	β2	NOUN
ajfa-4533	141	23	sizei	sizei	NOUN
ajfa-4533	141	24	,	,	PUNCT
ajfa-4533	141	25	t	t	PROPN
ajfa-4533	141	26	+	+	CCONJ
ajfa-4533	141	27	β3	β3	PROPN
ajfa-4533	141	28	profiti	profiti	PROPN
ajfa-4533	141	29	,	,	PUNCT
ajfa-4533	141	30	t	t	PROPN
ajfa-4533	141	31	+	+	CCONJ
ajfa-4533	141	32	β4	β4	PROPN
ajfa-4533	141	33	growthi	growthi	PROPN
ajfa-4533	141	34	,	,	PUNCT
ajfa-4533	141	35	t	t	PROPN
ajfa-4533	141	36	+	+	CCONJ
ajfa-4533	141	37	β5	β5	PROPN
ajfa-4533	141	38	tangi	tangi	NOUN
ajfa-4533	141	39	,	,	PUNCT
ajfa-4533	141	40	t	t	PROPN
ajfa-4533	141	41	+	+	CCONJ
ajfa-4533	141	42	εi	εi	VERB
ajfa-4533	141	43	,	,	PUNCT
ajfa-4533	141	44	t	t	PROPN
ajfa-4533	141	45	where	where	SCONJ
ajfa-4533	141	46	dratio	dratio	NOUN
ajfa-4533	141	47	represents	represent	VERB
ajfa-4533	141	48	debt	debt	NOUN
ajfa-4533	141	49	ratio	ratio	NOUN
ajfa-4533	141	50	,	,	PUNCT
ajfa-4533	141	51	intl	intl	PROPN
ajfa-4533	141	52	represents	represent	VERB
ajfa-4533	141	53	internationalization	internationalization	NOUN
ajfa-4533	141	54	,	,	PUNCT
ajfa-4533	141	55	size	size	NOUN
ajfa-4533	141	56	represents	represent	VERB
ajfa-4533	141	57	firm	firm	ADJ
ajfa-4533	141	58	size	size	NOUN
ajfa-4533	141	59	,	,	PUNCT
ajfa-4533	141	60	profit	profit	NOUN
ajfa-4533	141	61	represents	represent	VERB
ajfa-4533	141	62	profitability	profitability	NOUN
ajfa-4533	141	63	,	,	PUNCT
ajfa-4533	141	64	growth	growth	NOUN
ajfa-4533	141	65	represents	represent	VERB
ajfa-4533	141	66	company	company	NOUN
ajfa-4533	141	67	growth	growth	NOUN
ajfa-4533	141	68	and	and	CCONJ
ajfa-4533	141	69	tang	tang	NOUN
ajfa-4533	141	70	represents	represent	VERB
ajfa-4533	141	71	tangibility	tangibility	NOUN
ajfa-4533	141	72	.	.	PUNCT
ajfa-4533	142	1	β0	β0	PROPN
ajfa-4533	142	2	is	be	AUX
ajfa-4533	142	3	constant	constant	ADJ
ajfa-4533	142	4	,	,	PUNCT
ajfa-4533	142	5	β1	β1	PROPN
ajfa-4533	142	6	,	,	PUNCT
ajfa-4533	142	7	β2	β2	NOUN
ajfa-4533	142	8	,	,	PUNCT
ajfa-4533	142	9	β3	β3	PROPN
ajfa-4533	142	10	,	,	PUNCT
ajfa-4533	142	11	β4	β4	PROPN
ajfa-4533	142	12	,	,	PUNCT
ajfa-4533	142	13	and	and	CCONJ
ajfa-4533	142	14	β5	β5	NOUN
ajfa-4533	142	15	are	be	AUX
ajfa-4533	142	16	coefficients	coefficient	NOUN
ajfa-4533	142	17	of	of	ADP
ajfa-4533	142	18	the	the	DET
ajfa-4533	142	19	independent	independent	ADJ
ajfa-4533	142	20	variables	variable	NOUN
ajfa-4533	142	21	,	,	PUNCT
ajfa-4533	142	22	i	i	PRON
ajfa-4533	142	23	is	be	AUX
ajfa-4533	142	24	the	the	DET
ajfa-4533	142	25	cross	cross	PROPN
ajfa-4533	142	26	section	section	NOUN
ajfa-4533	142	27	identifier	identifier	NOUN
ajfa-4533	142	28	,	,	PUNCT
ajfa-4533	142	29	t	t	PROPN
ajfa-4533	142	30	is	be	AUX
ajfa-4533	142	31	the	the	DET
ajfa-4533	142	32	time	time	NOUN
ajfa-4533	142	33	identifier	identifier	NOUN
ajfa-4533	142	34	and	and	CCONJ
ajfa-4533	142	35	ε	ε	PROPN
ajfa-4533	142	36	represents	represent	VERB
ajfa-4533	142	37	error	error	NOUN
ajfa-4533	142	38	term	term	NOUN
ajfa-4533	142	39	.	.	PUNCT
ajfa-4533	143	1	results	result	NOUN
ajfa-4533	143	2	and	and	CCONJ
ajfa-4533	143	3	findings	finding	VERB
ajfa-4533	143	4	this	this	DET
ajfa-4533	143	5	section	section	NOUN
ajfa-4533	143	6	presents	present	VERB
ajfa-4533	143	7	the	the	DET
ajfa-4533	143	8	results	result	NOUN
ajfa-4533	143	9	and	and	CCONJ
ajfa-4533	143	10	finding	finding	NOUN
ajfa-4533	143	11	of	of	ADP
ajfa-4533	143	12	the	the	DET
ajfa-4533	143	13	research	research	NOUN
ajfa-4533	143	14	.	.	PUNCT
ajfa-4533	144	1	the	the	DET
ajfa-4533	144	2	research	research	NOUN
ajfa-4533	144	3	attempts	attempt	VERB
ajfa-4533	144	4	to	to	PART
ajfa-4533	144	5	explain	explain	VERB
ajfa-4533	144	6	the	the	DET
ajfa-4533	144	7	determinants	determinant	NOUN
ajfa-4533	144	8	of	of	ADP
ajfa-4533	144	9	capital	capital	NOUN
ajfa-4533	144	10	structure	structure	NOUN
ajfa-4533	144	11	of	of	ADP
ajfa-4533	144	12	internationalized	internationalized	ADJ
ajfa-4533	144	13	firms	firm	NOUN
ajfa-4533	144	14	in	in	ADP
ajfa-4533	144	15	manufacturing	manufacturing	NOUN
ajfa-4533	144	16	sector	sector	NOUN
ajfa-4533	144	17	that	that	PRON
ajfa-4533	144	18	are	be	AUX
ajfa-4533	144	19	listed	list	VERB
ajfa-4533	144	20	in	in	ADP
ajfa-4533	144	21	bursa	bursa	NOUN
ajfa-4533	144	22	malaysia	malaysia	PROPN
ajfa-4533	144	23	over	over	ADP
ajfa-4533	144	24	the	the	DET
ajfa-4533	144	25	2007	2007	NUM
ajfa-4533	144	26	-	-	SYM
ajfa-4533	144	27	2011	2011	NUM
ajfa-4533	144	28	period	period	NOUN
ajfa-4533	144	29	.	.	PUNCT
ajfa-4533	145	1	this	this	DET
ajfa-4533	145	2	study	study	NOUN
ajfa-4533	145	3	employed	employ	VERB
ajfa-4533	145	4	cross	cross	PROPN
ajfa-4533	145	5	sectional	sectional	PROPN
ajfa-4533	145	6	panel	panel	NOUN
ajfa-4533	145	7	data	datum	NOUN
ajfa-4533	145	8	.	.	PUNCT
ajfa-4533	146	1	we	we	PRON
ajfa-4533	146	2	used	use	VERB
ajfa-4533	146	3	pooled	pool	VERB
ajfa-4533	146	4	ordinary	ordinary	ADJ
ajfa-4533	146	5	least	least	ADJ
ajfa-4533	146	6	squares	square	NOUN
ajfa-4533	146	7	(	(	PUNCT
ajfa-4533	146	8	ols	ol	NOUN
ajfa-4533	146	9	)	)	PUNCT
ajfa-4533	146	10	regression	regression	NOUN
ajfa-4533	146	11	to	to	PART
ajfa-4533	146	12	estimate	estimate	VERB
ajfa-4533	146	13	the	the	DET
ajfa-4533	146	14	coefficient	coefficient	NOUN
ajfa-4533	146	15	of	of	ADP
ajfa-4533	146	16	the	the	DET
ajfa-4533	146	17	independent	independent	ADJ
ajfa-4533	146	18	variables	variable	NOUN
ajfa-4533	146	19	and	and	CCONJ
ajfa-4533	146	20	the	the	DET
ajfa-4533	146	21	fixed	fixed	ADJ
ajfa-4533	146	22	effect	effect	NOUN
ajfa-4533	146	23	model	model	NOUN
ajfa-4533	146	24	approach	approach	NOUN
ajfa-4533	146	25	to	to	PART
ajfa-4533	146	26	examine	examine	VERB
ajfa-4533	146	27	the	the	DET
ajfa-4533	146	28	effect	effect	NOUN
ajfa-4533	146	29	of	of	ADP
ajfa-4533	146	30	independent	independent	ADJ
ajfa-4533	146	31	variables	variable	NOUN
ajfa-4533	146	32	on	on	ADP
ajfa-4533	146	33	debt	debt	NOUN
ajfa-4533	146	34	ratio	ratio	NOUN
ajfa-4533	146	35	on	on	ADP
ajfa-4533	146	36	the	the	DET
ajfa-4533	146	37	basis	basis	NOUN
ajfa-4533	146	38	of	of	ADP
ajfa-4533	146	39	cross	cross	ADJ
ajfa-4533	146	40	sectional	sectional	ADJ
ajfa-4533	146	41	variation	variation	NOUN
ajfa-4533	146	42	.	.	PUNCT
ajfa-4533	147	1	the	the	DET
ajfa-4533	147	2	asian	asian	ADJ
ajfa-4533	147	3	journal	journal	PROPN
ajfa-4533	147	4	of	of	ADP
ajfa-4533	147	5	finance	finance	PROPN
ajfa-4533	147	6	&	&	CCONJ
ajfa-4533	147	7	accounting	accounting	PROPN
ajfa-4533	147	8	issn	issn	PROPN
ajfa-4533	147	9	1946	1946	NUM
ajfa-4533	147	10	-	-	PUNCT
ajfa-4533	147	11	052x	052x	NOUN
ajfa-4533	147	12	2013	2013	NUM
ajfa-4533	147	13	,	,	PUNCT
ajfa-4533	147	14	vol	vol	NOUN
ajfa-4533	147	15	.	.	PROPN
ajfa-4533	147	16	5	5	NUM
ajfa-4533	147	17	,	,	PUNCT
ajfa-4533	147	18	no	no	INTJ
ajfa-4533	147	19	.	.	NOUN
ajfa-4533	147	20	2	2	NUM
ajfa-4533	147	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4533	147	22	336	336	NUM
ajfa-4533	147	23	results	result	NOUN
ajfa-4533	147	24	of	of	ADP
ajfa-4533	147	25	the	the	DET
ajfa-4533	147	26	relationship	relationship	NOUN
ajfa-4533	147	27	between	between	ADP
ajfa-4533	147	28	debt	debt	NOUN
ajfa-4533	147	29	ratios	ratio	NOUN
ajfa-4533	147	30	with	with	ADP
ajfa-4533	147	31	the	the	DET
ajfa-4533	147	32	independent	independent	ADJ
ajfa-4533	147	33	variables	variable	NOUN
ajfa-4533	147	34	namely	namely	ADV
ajfa-4533	147	35	internationalization	internationalization	NOUN
ajfa-4533	147	36	,	,	PUNCT
ajfa-4533	147	37	firm	firm	ADJ
ajfa-4533	147	38	size	size	NOUN
ajfa-4533	147	39	,	,	PUNCT
ajfa-4533	147	40	profitability	profitability	NOUN
ajfa-4533	147	41	,	,	PUNCT
ajfa-4533	147	42	company	company	NOUN
ajfa-4533	147	43	growth	growth	NOUN
ajfa-4533	147	44	and	and	CCONJ
ajfa-4533	147	45	tangibility	tangibility	NOUN
ajfa-4533	147	46	are	be	AUX
ajfa-4533	147	47	as	as	SCONJ
ajfa-4533	147	48	follows	follow	NOUN
ajfa-4533	147	49	.	.	PUNCT
ajfa-4533	148	1	table	table	NOUN
ajfa-4533	148	2	1.1	1.1	NUM
ajfa-4533	148	3	summary	summary	NOUN
ajfa-4533	148	4	of	of	ADP
ajfa-4533	148	5	descriptive	descriptive	ADJ
ajfa-4533	148	6	statistics	statistic	NOUN
ajfa-4533	148	7	dratio	dratio	PROPN
ajfa-4533	148	8	growth	growth	PROPN
ajfa-4533	148	9	intl	intl	PROPN
ajfa-4533	148	10	profit	profit	NOUN
ajfa-4533	148	11	size	size	NOUN
ajfa-4533	148	12	tang	tang	PROPN
ajfa-4533	148	13	mean	mean	VERB
ajfa-4533	148	14	0.228	0.228	NUM
ajfa-4533	148	15	1.087	1.087	NUM
ajfa-4533	148	16	0.254	0.254	NUM
ajfa-4533	148	17	0.0472	0.0472	NUM
ajfa-4533	148	18	12.23	12.23	NUM
ajfa-4533	148	19	0.354	0.354	NUM
ajfa-4533	148	20	median	median	NOUN
ajfa-4533	148	21	0.202	0.202	NUM
ajfa-4533	148	22	0.78	0.78	NUM
ajfa-4533	148	23	0.134	0.134	NUM
ajfa-4533	148	24	0.058	0.058	NUM
ajfa-4533	148	25	12.099	12.099	NUM
ajfa-4533	148	26	0.344	0.344	NUM
ajfa-4533	148	27	std	std	NOUN
ajfa-4533	148	28	.	.	PUNCT
ajfa-4533	149	1	dev	dev	PROPN
ajfa-4533	149	2	.	.	PUNCT
ajfa-4533	150	1	0.185	0.185	NUM
ajfa-4533	150	2	1.358	1.358	NUM
ajfa-4533	150	3	0.298	0.298	NUM
ajfa-4533	150	4	0.134	0.134	NUM
ajfa-4533	150	5	1.270	1.270	NUM
ajfa-4533	150	6	0.180	0.180	NUM
ajfa-4533	150	7	skewness	skewness	NOUN
ajfa-4533	150	8	1.710	1.710	NUM
ajfa-4533	150	9	7.527	7.527	NUM
ajfa-4533	150	10	0.995	0.995	NUM
ajfa-4533	150	11	-5.463	-5.463	NUM
ajfa-4533	150	12	0.626	0.626	NUM
ajfa-4533	150	13	0.290	0.290	NUM
ajfa-4533	150	14	kurtosis	kurtosis	NOUN
ajfa-4533	150	15	13.69	13.69	NUM
ajfa-4533	150	16	88.57	88.57	NUM
ajfa-4533	150	17	2.815	2.815	NUM
ajfa-4533	150	18	79.24	79.24	NUM
ajfa-4533	150	19	3.829	3.829	NUM
ajfa-4533	150	20	2.825	2.825	NUM
ajfa-4533	150	21	table	table	NOUN
ajfa-4533	150	22	1.1	1.1	NUM
ajfa-4533	150	23	demonstrates	demonstrate	VERB
ajfa-4533	150	24	the	the	DET
ajfa-4533	150	25	descriptive	descriptive	ADJ
ajfa-4533	150	26	findings	finding	NOUN
ajfa-4533	150	27	for	for	ADP
ajfa-4533	150	28	both	both	CCONJ
ajfa-4533	150	29	dependent	dependent	ADJ
ajfa-4533	150	30	and	and	CCONJ
ajfa-4533	150	31	independent	independent	ADJ
ajfa-4533	150	32	variables	variable	NOUN
ajfa-4533	150	33	.	.	PUNCT
ajfa-4533	151	1	it	it	PRON
ajfa-4533	151	2	can	can	AUX
ajfa-4533	151	3	be	be	AUX
ajfa-4533	151	4	seen	see	VERB
ajfa-4533	151	5	that	that	SCONJ
ajfa-4533	151	6	on	on	ADP
ajfa-4533	151	7	average	average	ADJ
ajfa-4533	151	8	the	the	DET
ajfa-4533	151	9	manufacturing	manufacturing	NOUN
ajfa-4533	151	10	firms	firm	NOUN
ajfa-4533	151	11	in	in	ADP
ajfa-4533	151	12	malaysia	malaysia	PROPN
ajfa-4533	151	13	have	have	VERB
ajfa-4533	151	14	22.8	22.8	NUM
ajfa-4533	151	15	percent	percent	NOUN
ajfa-4533	151	16	of	of	ADP
ajfa-4533	151	17	debt	debt	NOUN
ajfa-4533	151	18	in	in	ADP
ajfa-4533	151	19	their	their	PRON
ajfa-4533	151	20	capital	capital	NOUN
ajfa-4533	151	21	structure	structure	NOUN
ajfa-4533	151	22	.	.	PUNCT
ajfa-4533	152	1	this	this	PRON
ajfa-4533	152	2	indicates	indicate	VERB
ajfa-4533	152	3	that	that	SCONJ
ajfa-4533	152	4	malaysian	malaysian	ADJ
ajfa-4533	152	5	manufacturing	manufacturing	NOUN
ajfa-4533	152	6	firms	firm	NOUN
ajfa-4533	152	7	employ	employ	VERB
ajfa-4533	152	8	very	very	ADV
ajfa-4533	152	9	low	low	ADJ
ajfa-4533	152	10	level	level	NOUN
ajfa-4533	152	11	of	of	ADP
ajfa-4533	152	12	debt	debt	NOUN
ajfa-4533	152	13	in	in	ADP
ajfa-4533	152	14	their	their	PRON
ajfa-4533	152	15	capital	capital	NOUN
ajfa-4533	152	16	structure	structure	NOUN
ajfa-4533	152	17	.	.	PUNCT
ajfa-4533	153	1	besides	besides	SCONJ
ajfa-4533	153	2	,	,	PUNCT
ajfa-4533	153	3	tangible	tangible	ADJ
ajfa-4533	153	4	or	or	CCONJ
ajfa-4533	153	5	fixed	fix	VERB
ajfa-4533	153	6	assets	asset	NOUN
ajfa-4533	153	7	account	account	VERB
ajfa-4533	153	8	35.4	35.4	NUM
ajfa-4533	153	9	percent	percent	NOUN
ajfa-4533	153	10	on	on	ADP
ajfa-4533	153	11	average	average	NOUN
ajfa-4533	153	12	in	in	ADP
ajfa-4533	153	13	the	the	DET
ajfa-4533	153	14	firms	firm	NOUN
ajfa-4533	153	15	’	’	PART
ajfa-4533	153	16	total	total	ADJ
ajfa-4533	153	17	assets	asset	NOUN
ajfa-4533	153	18	.	.	PUNCT
ajfa-4533	154	1	in	in	ADP
ajfa-4533	154	2	term	term	NOUN
ajfa-4533	154	3	of	of	ADP
ajfa-4533	154	4	internationalization	internationalization	NOUN
ajfa-4533	154	5	,	,	PUNCT
ajfa-4533	154	6	on	on	ADP
ajfa-4533	154	7	average	average	ADJ
ajfa-4533	154	8	the	the	DET
ajfa-4533	154	9	manufacturing	manufacturing	NOUN
ajfa-4533	154	10	firms	firm	NOUN
ajfa-4533	154	11	in	in	ADP
ajfa-4533	154	12	malaysia	malaysia	PROPN
ajfa-4533	154	13	establish	establish	VERB
ajfa-4533	154	14	stable	stable	ADJ
ajfa-4533	154	15	international	international	ADJ
ajfa-4533	154	16	diversification	diversification	NOUN
ajfa-4533	154	17	by	by	ADP
ajfa-4533	154	18	achieving	achieve	VERB
ajfa-4533	154	19	25.4	25.4	NUM
ajfa-4533	154	20	percent	percent	NOUN
ajfa-4533	154	21	of	of	ADP
ajfa-4533	154	22	foreign	foreign	ADJ
ajfa-4533	154	23	sale	sale	NOUN
ajfa-4533	154	24	over	over	ADP
ajfa-4533	154	25	their	their	PRON
ajfa-4533	154	26	total	total	ADJ
ajfa-4533	154	27	sale	sale	NOUN
ajfa-4533	154	28	.	.	PUNCT
ajfa-4533	155	1	this	this	PRON
ajfa-4533	155	2	confirms	confirm	VERB
ajfa-4533	155	3	that	that	SCONJ
ajfa-4533	155	4	malaysia	malaysia	PROPN
ajfa-4533	155	5	is	be	AUX
ajfa-4533	155	6	an	an	DET
ajfa-4533	155	7	export	export	NOUN
ajfa-4533	155	8	-	-	PUNCT
ajfa-4533	155	9	based	base	VERB
ajfa-4533	155	10	nation	nation	NOUN
ajfa-4533	155	11	and	and	CCONJ
ajfa-4533	155	12	manufacturing	manufacturing	NOUN
ajfa-4533	155	13	firms	firm	NOUN
ajfa-4533	155	14	contributed	contribute	VERB
ajfa-4533	155	15	most	most	ADJ
ajfa-4533	155	16	major	major	ADJ
ajfa-4533	155	17	role	role	NOUN
ajfa-4533	155	18	in	in	ADP
ajfa-4533	155	19	malaysia	malaysia	PROPN
ajfa-4533	155	20	’s	’s	PART
ajfa-4533	155	21	export	export	NOUN
ajfa-4533	155	22	.	.	PUNCT
ajfa-4533	156	1	table	table	NOUN
ajfa-4533	156	2	1.2	1.2	NUM
ajfa-4533	156	3	correlation	correlation	NOUN
ajfa-4533	156	4	matrix	matrix	NOUN
ajfa-4533	156	5	dratio	dratio	NOUN
ajfa-4533	156	6	growth	growth	PROPN
ajfa-4533	156	7	intl	intl	PROPN
ajfa-4533	156	8	profit	profit	NOUN
ajfa-4533	156	9	size	size	NOUN
ajfa-4533	156	10	tang	tang	PROPN
ajfa-4533	156	11	dratio	dratio	PROPN
ajfa-4533	156	12	1	1	NUM
ajfa-4533	156	13	growth	growth	NOUN
ajfa-4533	156	14	-0.10365	-0.10365	X
ajfa-4533	156	15	1	1	NUM
ajfa-4533	156	16	intl	intl	PROPN
ajfa-4533	156	17	-0.06997	-0.06997	PROPN
ajfa-4533	156	18	-0.00203	-0.00203	PROPN
ajfa-4533	157	1	1	1	NUM
ajfa-4533	157	2	profit	profit	NOUN
ajfa-4533	157	3	-0.16267	-0.16267	NOUN
ajfa-4533	157	4	0.22334	0.22334	NUM
ajfa-4533	157	5	-0.06191	-0.06191	NOUN
ajfa-4533	157	6	1	1	NUM
ajfa-4533	157	7	size	size	NOUN
ajfa-4533	157	8	0.146603	0.146603	NUM
ajfa-4533	157	9	0.153085	0.153085	NUM
ajfa-4533	157	10	-0.05992	-0.05992	NOUN
ajfa-4533	157	11	0.294231	0.294231	NUM
ajfa-4533	157	12	1	1	NUM
ajfa-4533	157	13	tang	tang	NOUN
ajfa-4533	157	14	0.22406	0.22406	NUM
ajfa-4533	157	15	-0.06053	-0.06053	NOUN
ajfa-4533	157	16	-0.04501	-0.04501	PUNCT
ajfa-4533	158	1	-0.04459	-0.04459	NOUN
ajfa-4533	158	2	0.02162	0.02162	NUM
ajfa-4533	158	3	1	1	NUM
ajfa-4533	158	4	table	table	NOUN
ajfa-4533	158	5	1.2	1.2	NUM
ajfa-4533	158	6	presents	present	VERB
ajfa-4533	158	7	the	the	DET
ajfa-4533	158	8	correlation	correlation	NOUN
ajfa-4533	158	9	matrix	matrix	NOUN
ajfa-4533	158	10	for	for	ADP
ajfa-4533	158	11	the	the	DET
ajfa-4533	158	12	sample	sample	NOUN
ajfa-4533	158	13	companies	company	NOUN
ajfa-4533	158	14	.	.	PUNCT
ajfa-4533	159	1	it	it	PRON
ajfa-4533	159	2	shows	show	VERB
ajfa-4533	159	3	that	that	SCONJ
ajfa-4533	159	4	company	company	NOUN
ajfa-4533	159	5	growth	growth	NOUN
ajfa-4533	159	6	and	and	CCONJ
ajfa-4533	159	7	profitability	profitability	NOUN
ajfa-4533	159	8	have	have	VERB
ajfa-4533	159	9	negative	negative	ADJ
ajfa-4533	159	10	correlation	correlation	NOUN
ajfa-4533	159	11	with	with	ADP
ajfa-4533	159	12	debt	debt	NOUN
ajfa-4533	159	13	ratio	ratio	NOUN
ajfa-4533	159	14	.	.	PUNCT
ajfa-4533	160	1	the	the	DET
ajfa-4533	160	2	negative	negative	ADJ
ajfa-4533	160	3	correlation	correlation	NOUN
ajfa-4533	160	4	between	between	ADP
ajfa-4533	160	5	debt	debt	NOUN
ajfa-4533	160	6	ratio	ratio	NOUN
ajfa-4533	160	7	and	and	CCONJ
ajfa-4533	160	8	profitability	profitability	NOUN
ajfa-4533	160	9	affirms	affirm	VERB
ajfa-4533	160	10	the	the	DET
ajfa-4533	160	11	pecking	pecking	NOUN
ajfa-4533	160	12	-	-	PUNCT
ajfa-4533	160	13	order	order	NOUN
ajfa-4533	160	14	theory	theory	NOUN
ajfa-4533	160	15	that	that	SCONJ
ajfa-4533	160	16	firms	firm	NOUN
ajfa-4533	160	17	tend	tend	VERB
ajfa-4533	160	18	to	to	PART
ajfa-4533	160	19	internalize	internalize	VERB
ajfa-4533	160	20	retained	retain	VERB
ajfa-4533	160	21	earnings	earning	NOUN
ajfa-4533	160	22	first	first	ADV
ajfa-4533	160	23	for	for	ADP
ajfa-4533	160	24	further	further	ADJ
ajfa-4533	160	25	investment	investment	NOUN
ajfa-4533	160	26	and	and	CCONJ
ajfa-4533	160	27	debt	debt	NOUN
ajfa-4533	160	28	financing	financing	NOUN
ajfa-4533	160	29	would	would	AUX
ajfa-4533	160	30	serve	serve	VERB
ajfa-4533	160	31	as	as	ADP
ajfa-4533	160	32	second	second	ADJ
ajfa-4533	160	33	option	option	NOUN
ajfa-4533	160	34	.	.	PUNCT
ajfa-4533	161	1	company	company	NOUN
ajfa-4533	161	2	growth	growth	NOUN
ajfa-4533	161	3	has	have	VERB
ajfa-4533	161	4	negative	negative	ADJ
ajfa-4533	161	5	correlation	correlation	NOUN
ajfa-4533	161	6	with	with	ADP
ajfa-4533	161	7	tangible	tangible	ADJ
ajfa-4533	161	8	assets	asset	NOUN
ajfa-4533	161	9	and	and	CCONJ
ajfa-4533	161	10	debt	debt	NOUN
ajfa-4533	161	11	ratio	ratio	NOUN
ajfa-4533	161	12	.	.	PUNCT
ajfa-4533	162	1	this	this	PRON
ajfa-4533	162	2	implies	imply	VERB
ajfa-4533	162	3	that	that	SCONJ
ajfa-4533	162	4	when	when	SCONJ
ajfa-4533	162	5	the	the	DET
ajfa-4533	162	6	firms	firm	NOUN
ajfa-4533	162	7	’	’	PART
ajfa-4533	162	8	growth	growth	NOUN
ajfa-4533	162	9	increases	increase	NOUN
ajfa-4533	162	10	,	,	PUNCT
ajfa-4533	162	11	they	they	PRON
ajfa-4533	162	12	do	do	AUX
ajfa-4533	162	13	not	not	PART
ajfa-4533	162	14	favor	favor	VERB
ajfa-4533	162	15	in	in	ADP
ajfa-4533	162	16	investing	invest	VERB
ajfa-4533	162	17	in	in	ADP
ajfa-4533	162	18	tangible	tangible	ADJ
ajfa-4533	162	19	assets	asset	NOUN
ajfa-4533	162	20	but	but	CCONJ
ajfa-4533	162	21	tend	tend	VERB
ajfa-4533	162	22	to	to	PART
ajfa-4533	162	23	invest	invest	VERB
ajfa-4533	162	24	in	in	ADP
ajfa-4533	162	25	riskier	risky	ADJ
ajfa-4533	162	26	intangible	intangible	ADJ
ajfa-4533	162	27	projects	project	NOUN
ajfa-4533	162	28	.	.	PUNCT
ajfa-4533	163	1	this	this	PRON
ajfa-4533	163	2	increases	increase	VERB
ajfa-4533	163	3	the	the	DET
ajfa-4533	163	4	cost	cost	NOUN
ajfa-4533	163	5	of	of	ADP
ajfa-4533	163	6	borrowing	borrowing	NOUN
ajfa-4533	163	7	and	and	CCONJ
ajfa-4533	163	8	default	default	NOUN
ajfa-4533	163	9	risk	risk	NOUN
ajfa-4533	163	10	for	for	ADP
ajfa-4533	163	11	the	the	DET
ajfa-4533	163	12	debtors	debtor	NOUN
ajfa-4533	163	13	,	,	PUNCT
ajfa-4533	163	14	thus	thus	ADV
ajfa-4533	163	15	results	result	VERB
ajfa-4533	163	16	in	in	ADP
ajfa-4533	163	17	lower	low	ADJ
ajfa-4533	163	18	level	level	NOUN
ajfa-4533	163	19	of	of	ADP
ajfa-4533	163	20	debt	debt	NOUN
ajfa-4533	163	21	ratio	ratio	NOUN
ajfa-4533	163	22	.	.	PUNCT
ajfa-4533	164	1	the	the	DET
ajfa-4533	164	2	most	most	ADV
ajfa-4533	164	3	striking	striking	ADJ
ajfa-4533	164	4	finding	finding	NOUN
ajfa-4533	164	5	in	in	ADP
ajfa-4533	164	6	this	this	DET
ajfa-4533	164	7	correlation	correlation	NOUN
ajfa-4533	164	8	matrix	matrix	NOUN
ajfa-4533	164	9	is	be	AUX
ajfa-4533	164	10	that	that	SCONJ
ajfa-4533	164	11	internationalization	internationalization	NOUN
ajfa-4533	164	12	has	have	VERB
ajfa-4533	164	13	negative	negative	ADJ
ajfa-4533	164	14	correlation	correlation	NOUN
ajfa-4533	164	15	with	with	ADP
ajfa-4533	164	16	the	the	DET
ajfa-4533	164	17	major	major	ADJ
ajfa-4533	164	18	firm	firm	ADJ
ajfa-4533	164	19	characteristics	characteristic	NOUN
ajfa-4533	164	20	namely	namely	ADV
ajfa-4533	164	21	company	company	NOUN
ajfa-4533	164	22	growth	growth	NOUN
ajfa-4533	164	23	,	,	PUNCT
ajfa-4533	164	24	profitability	profitability	NOUN
ajfa-4533	164	25	,	,	PUNCT
ajfa-4533	164	26	firm	firm	ADJ
ajfa-4533	164	27	size	size	NOUN
ajfa-4533	164	28	,	,	PUNCT
ajfa-4533	164	29	tangibility	tangibility	NOUN
ajfa-4533	164	30	and	and	CCONJ
ajfa-4533	164	31	debt	debt	NOUN
ajfa-4533	164	32	ratio	ratio	NOUN
ajfa-4533	164	33	.	.	PUNCT
ajfa-4533	165	1	although	although	SCONJ
ajfa-4533	165	2	malaysia	malaysia	PROPN
ajfa-4533	165	3	is	be	AUX
ajfa-4533	165	4	an	an	DET
ajfa-4533	165	5	export	export	NOUN
ajfa-4533	165	6	-	-	PUNCT
ajfa-4533	165	7	based	base	VERB
ajfa-4533	165	8	country	country	NOUN
ajfa-4533	165	9	but	but	CCONJ
ajfa-4533	165	10	the	the	DET
ajfa-4533	165	11	recent	recent	ADJ
ajfa-4533	165	12	financial	financial	ADJ
ajfa-4533	165	13	crisis	crisis	NOUN
ajfa-4533	165	14	has	have	AUX
ajfa-4533	165	15	damaged	damage	VERB
ajfa-4533	165	16	the	the	DET
ajfa-4533	165	17	manufacturing	manufacturing	NOUN
ajfa-4533	165	18	sector	sector	NOUN
ajfa-4533	165	19	harshly	harshly	ADV
ajfa-4533	165	20	.	.	PUNCT
ajfa-4533	166	1	firms	firm	NOUN
ajfa-4533	166	2	that	that	PRON
ajfa-4533	166	3	have	have	VERB
ajfa-4533	166	4	foreign	foreign	ADJ
ajfa-4533	166	5	operation	operation	NOUN
ajfa-4533	166	6	or	or	CCONJ
ajfa-4533	166	7	business	business	NOUN
ajfa-4533	166	8	suffer	suffer	VERB
ajfa-4533	166	9	shrink	shrink	NOUN
ajfa-4533	166	10	in	in	ADP
ajfa-4533	166	11	term	term	NOUN
ajfa-4533	166	12	of	of	ADP
ajfa-4533	166	13	profitability	profitability	NOUN
ajfa-4533	166	14	,	,	PUNCT
ajfa-4533	166	15	growth	growth	NOUN
ajfa-4533	166	16	and	and	CCONJ
ajfa-4533	166	17	firm	firm	ADJ
ajfa-4533	166	18	size	size	NOUN
ajfa-4533	166	19	from	from	ADP
ajfa-4533	166	20	this	this	DET
ajfa-4533	166	21	financial	financial	ADJ
ajfa-4533	166	22	crisis	crisis	NOUN
ajfa-4533	166	23	.	.	PUNCT
ajfa-4533	167	1	from	from	ADP
ajfa-4533	167	2	asian	asian	ADJ
ajfa-4533	167	3	journal	journal	PROPN
ajfa-4533	167	4	of	of	ADP
ajfa-4533	167	5	finance	finance	PROPN
ajfa-4533	167	6	&	&	CCONJ
ajfa-4533	167	7	accounting	accounting	PROPN
ajfa-4533	167	8	issn	issn	PROPN
ajfa-4533	167	9	1946	1946	NUM
ajfa-4533	167	10	-	-	PUNCT
ajfa-4533	167	11	052x	052x	NOUN
ajfa-4533	167	12	2013	2013	NUM
ajfa-4533	167	13	,	,	PUNCT
ajfa-4533	167	14	vol	vol	NOUN
ajfa-4533	167	15	.	.	PROPN
ajfa-4533	167	16	5	5	NUM
ajfa-4533	167	17	,	,	PUNCT
ajfa-4533	167	18	no	no	INTJ
ajfa-4533	167	19	.	.	NOUN
ajfa-4533	167	20	2	2	NUM
ajfa-4533	167	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4533	167	22	337	337	NUM
ajfa-4533	167	23	another	another	DET
ajfa-4533	167	24	perspective	perspective	NOUN
ajfa-4533	167	25	,	,	PUNCT
ajfa-4533	167	26	this	this	PRON
ajfa-4533	167	27	also	also	ADV
ajfa-4533	167	28	indicates	indicate	VERB
ajfa-4533	167	29	that	that	SCONJ
ajfa-4533	167	30	malaysian	malaysian	ADJ
ajfa-4533	167	31	manufacturing	manufacturing	NOUN
ajfa-4533	167	32	firms	firm	NOUN
ajfa-4533	167	33	encounter	encounter	VERB
ajfa-4533	167	34	huge	huge	ADJ
ajfa-4533	167	35	competitiveness	competitiveness	NOUN
ajfa-4533	167	36	from	from	ADP
ajfa-4533	167	37	other	other	ADJ
ajfa-4533	167	38	rivalry	rivalry	NOUN
ajfa-4533	167	39	countries	country	NOUN
ajfa-4533	167	40	in	in	ADP
ajfa-4533	167	41	the	the	DET
ajfa-4533	167	42	global	global	ADJ
ajfa-4533	167	43	platform	platform	NOUN
ajfa-4533	167	44	.	.	PUNCT
ajfa-4533	168	1	the	the	DET
ajfa-4533	168	2	competition	competition	NOUN
ajfa-4533	168	3	is	be	AUX
ajfa-4533	168	4	predicted	predict	VERB
ajfa-4533	168	5	to	to	PART
ajfa-4533	168	6	be	be	AUX
ajfa-4533	168	7	more	more	ADV
ajfa-4533	168	8	aggressive	aggressive	ADJ
ajfa-4533	168	9	when	when	SCONJ
ajfa-4533	168	10	the	the	DET
ajfa-4533	168	11	ftas	fta	NOUN
ajfa-4533	168	12	are	be	AUX
ajfa-4533	168	13	implemented	implement	VERB
ajfa-4533	168	14	fully	fully	ADV
ajfa-4533	168	15	in	in	ADP
ajfa-4533	168	16	future	future	NOUN
ajfa-4533	168	17	.	.	PUNCT
ajfa-4533	169	1	table	table	NOUN
ajfa-4533	169	2	1.3	1.3	NUM
ajfa-4533	169	3	multiple	multiple	ADJ
ajfa-4533	169	4	regression	regression	NOUN
ajfa-4533	169	5	results	result	NOUN
ajfa-4533	169	6	pooled	pool	VERB
ajfa-4533	169	7	regression	regression	NOUN
ajfa-4533	169	8	fixed	fix	VERB
ajfa-4533	169	9	effect	effect	NOUN
ajfa-4533	169	10	regression	regression	NOUN
ajfa-4533	169	11	variables	variable	NOUN
ajfa-4533	169	12	coefficient	coefficient	VERB
ajfa-4533	169	13	tstatistic	tstatistic	ADJ
ajfa-4533	169	14	prob	prob	PROPN
ajfa-4533	169	15	coefficient	coefficient	PROPN
ajfa-4533	169	16	tstatistic	tstatistic	ADJ
ajfa-4533	169	17	prob	prob	PROPN
ajfa-4533	169	18	intl	intl	PROPN
ajfa-4533	169	19	-0.013	-0.013	PUNCT
ajfa-4533	169	20	-3.28	-3.28	NUM
ajfa-4533	169	21	0.00	0.00	NUM
ajfa-4533	169	22	-0.025	-0.025	PROPN
ajfa-4533	169	23	-2.42	-2.42	NUM
ajfa-4533	169	24	0.01	0.01	NUM
ajfa-4533	169	25	growth	growth	NOUN
ajfa-4533	169	26	-0.011	-0.011	PUNCT
ajfa-4533	169	27	-3.21	-3.21	NOUN
ajfa-4533	169	28	0.00	0.00	NUM
ajfa-4533	169	29	-0.012	-0.012	NUM
ajfa-4533	169	30	-2.29	-2.29	NUM
ajfa-4533	169	31	0.02	0.02	NUM
ajfa-4533	169	32	profit	profit	NOUN
ajfa-4533	169	33	-0.273	-0.273	PUNCT
ajfa-4533	169	34	-4.05	-4.05	NOUN
ajfa-4533	169	35	0.00	0.00	NUM
ajfa-4533	169	36	-0.086	-0.086	NUM
ajfa-4533	169	37	-2.91	-2.91	NUM
ajfa-4533	169	38	0.00	0.00	NUM
ajfa-4533	169	39	size	size	NOUN
ajfa-4533	169	40	0.031	0.031	NUM
ajfa-4533	169	41	26.02	26.02	NUM
ajfa-4533	169	42	0.00	0.00	NUM
ajfa-4533	169	43	0.031	0.031	NUM
ajfa-4533	169	44	2.28	2.28	NUM
ajfa-4533	169	45	0.02	0.02	NUM
ajfa-4533	169	46	tang	tang	NOUN
ajfa-4533	169	47	0.209	0.209	NUM
ajfa-4533	169	48	11.42	11.42	NUM
ajfa-4533	169	49	0.00	0.00	NUM
ajfa-4533	169	50	0.137	0.137	NUM
ajfa-4533	169	51	2.54	2.54	NUM
ajfa-4533	169	52	0.01	0.01	NUM
ajfa-4533	169	53	c	c	NOUN
ajfa-4533	169	54	-0.195	-0.195	PUNCT
ajfa-4533	169	55	-8.61	-8.61	NOUN
ajfa-4533	169	56	0.00	0.00	NUM
ajfa-4533	169	57	-0.167	-0.167	NUM
ajfa-4533	169	58	-0.93	-0.93	NUM
ajfa-4533	169	59	0.35	0.35	NUM
ajfa-4533	169	60	r2	r2	PROPN
ajfa-4533	169	61	0.12	0.12	NUM
ajfa-4533	169	62	0.79	0.79	NUM
ajfa-4533	169	63	hausman	hausman	ADJ
ajfa-4533	169	64	test	test	NOUN
ajfa-4533	169	65	(	(	PUNCT
ajfa-4533	169	66	χ2	χ2	PROPN
ajfa-4533	169	67	)	)	PUNCT
ajfa-4533	169	68	20.57	20.57	NUM
ajfa-4533	169	69	*	*	SYM
ajfa-4533	169	70	adj	adj	PROPN
ajfa-4533	169	71	r2	r2	PROPN
ajfa-4533	169	72	0.12	0.12	NUM
ajfa-4533	169	73	0.75	0.75	NUM
ajfa-4533	169	74	f	f	X
ajfa-4533	169	75	-	-	PUNCT
ajfa-4533	169	76	statistic	statistic	NOUN
ajfa-4533	169	77	39.95	39.95	NUM
ajfa-4533	169	78	14.80	14.80	NUM
ajfa-4533	169	79	*	*	PUNCT
ajfa-4533	169	80	*	*	PUNCT
ajfa-4533	169	81	significant	significant	ADJ
ajfa-4533	169	82	at	at	ADP
ajfa-4533	169	83	1	1	NUM
ajfa-4533	169	84	%	%	NOUN
ajfa-4533	169	85	.	.	PUNCT
ajfa-4533	170	1	white	white	PROPN
ajfa-4533	170	2	cross	cross	ADJ
ajfa-4533	170	3	-	-	ADJ
ajfa-4533	170	4	section	section	ADJ
ajfa-4533	170	5	standard	standard	ADJ
ajfa-4533	170	6	errors	error	NOUN
ajfa-4533	170	7	&	&	CCONJ
ajfa-4533	170	8	covariance	covariance	NOUN
ajfa-4533	170	9	was	be	AUX
ajfa-4533	170	10	used	use	VERB
ajfa-4533	170	11	table	table	NOUN
ajfa-4533	170	12	1.3	1.3	NUM
ajfa-4533	170	13	summarizes	summarize	NOUN
ajfa-4533	170	14	the	the	DET
ajfa-4533	170	15	comparison	comparison	NOUN
ajfa-4533	170	16	of	of	ADP
ajfa-4533	170	17	multiple	multiple	ADJ
ajfa-4533	170	18	regression	regression	NOUN
ajfa-4533	170	19	results	result	NOUN
ajfa-4533	170	20	between	between	ADP
ajfa-4533	170	21	pooled	pool	VERB
ajfa-4533	170	22	ols	ol	NOUN
ajfa-4533	170	23	model	model	NOUN
ajfa-4533	170	24	and	and	CCONJ
ajfa-4533	170	25	fixed	fix	VERB
ajfa-4533	170	26	effects	effect	NOUN
ajfa-4533	170	27	model	model	NOUN
ajfa-4533	170	28	.	.	PUNCT
ajfa-4533	171	1	both	both	DET
ajfa-4533	171	2	models	model	NOUN
ajfa-4533	171	3	confirm	confirm	VERB
ajfa-4533	171	4	and	and	CCONJ
ajfa-4533	171	5	support	support	VERB
ajfa-4533	171	6	all	all	DET
ajfa-4533	171	7	the	the	DET
ajfa-4533	171	8	research	research	NOUN
ajfa-4533	171	9	hypotheses	hypothesis	NOUN
ajfa-4533	171	10	significantly	significantly	ADV
ajfa-4533	171	11	at	at	ADP
ajfa-4533	171	12	0.05	0.05	NUM
ajfa-4533	171	13	level	level	NOUN
ajfa-4533	171	14	.	.	PUNCT
ajfa-4533	172	1	however	however	ADV
ajfa-4533	172	2	,	,	PUNCT
ajfa-4533	172	3	the	the	DET
ajfa-4533	172	4	r	r	NOUN
ajfa-4533	172	5	-	-	PUNCT
ajfa-4533	172	6	squared	square	VERB
ajfa-4533	172	7	value	value	NOUN
ajfa-4533	172	8	(	(	PUNCT
ajfa-4533	172	9	r2	r2	PROPN
ajfa-4533	172	10	=	=	SYM
ajfa-4533	172	11	0.79	0.79	NUM
ajfa-4533	172	12	)	)	PUNCT
ajfa-4533	172	13	under	under	ADP
ajfa-4533	172	14	fixed	fix	VERB
ajfa-4533	172	15	effects	effect	NOUN
ajfa-4533	172	16	model	model	NOUN
ajfa-4533	172	17	is	be	AUX
ajfa-4533	172	18	much	much	ADV
ajfa-4533	172	19	higher	high	ADJ
ajfa-4533	172	20	than	than	ADP
ajfa-4533	172	21	the	the	DET
ajfa-4533	172	22	value	value	NOUN
ajfa-4533	172	23	of	of	ADP
ajfa-4533	172	24	r	r	NOUN
ajfa-4533	172	25	-	-	PUNCT
ajfa-4533	172	26	squared	square	VERB
ajfa-4533	172	27	(	(	PUNCT
ajfa-4533	172	28	r2=0.12	r2=0.12	NOUN
ajfa-4533	172	29	)	)	PUNCT
ajfa-4533	172	30	under	under	ADP
ajfa-4533	172	31	pooled	pool	VERB
ajfa-4533	172	32	ols	ol	NOUN
ajfa-4533	172	33	.	.	PUNCT
ajfa-4533	173	1	the	the	DET
ajfa-4533	173	2	hausman	hausman	PROPN
ajfa-4533	173	3	test	test	NOUN
ajfa-4533	173	4	with	with	ADP
ajfa-4533	173	5	its	its	PRON
ajfa-4533	173	6	associated	associated	ADJ
ajfa-4533	173	7	probability	probability	NOUN
ajfa-4533	173	8	(	(	PUNCT
ajfa-4533	173	9	p=0.001	p=0.001	X
ajfa-4533	173	10	)	)	PUNCT
ajfa-4533	173	11	also	also	ADV
ajfa-4533	173	12	reveals	reveal	VERB
ajfa-4533	173	13	that	that	SCONJ
ajfa-4533	173	14	the	the	DET
ajfa-4533	173	15	results	result	NOUN
ajfa-4533	173	16	under	under	ADP
ajfa-4533	173	17	fixed	fix	VERB
ajfa-4533	173	18	effects	effect	NOUN
ajfa-4533	173	19	model	model	NOUN
ajfa-4533	173	20	have	have	VERB
ajfa-4533	173	21	better	well	ADJ
ajfa-4533	173	22	explanatory	explanatory	ADJ
ajfa-4533	173	23	power	power	NOUN
ajfa-4533	173	24	compared	compare	VERB
ajfa-4533	173	25	to	to	ADP
ajfa-4533	173	26	results	result	NOUN
ajfa-4533	173	27	under	under	ADP
ajfa-4533	173	28	pooled	pool	VERB
ajfa-4533	173	29	ols	ol	NOUN
ajfa-4533	173	30	.	.	PUNCT
ajfa-4533	174	1	discussion	discussion	NOUN
ajfa-4533	174	2	and	and	CCONJ
ajfa-4533	174	3	conclusion	conclusion	NOUN
ajfa-4533	174	4	internationalization	internationalization	NOUN
ajfa-4533	174	5	empirical	empirical	ADJ
ajfa-4533	174	6	results	result	NOUN
ajfa-4533	174	7	show	show	VERB
ajfa-4533	174	8	that	that	SCONJ
ajfa-4533	174	9	research	research	NOUN
ajfa-4533	174	10	hypothesis	hypothesis	NOUN
ajfa-4533	174	11	1	1	NUM
ajfa-4533	174	12	is	be	AUX
ajfa-4533	174	13	supported	support	VERB
ajfa-4533	174	14	,	,	PUNCT
ajfa-4533	174	15	thus	thus	ADV
ajfa-4533	174	16	,	,	PUNCT
ajfa-4533	174	17	internationalization	internationalization	NOUN
ajfa-4533	174	18	is	be	AUX
ajfa-4533	174	19	negatively	negatively	ADV
ajfa-4533	174	20	related	relate	VERB
ajfa-4533	174	21	to	to	ADP
ajfa-4533	174	22	the	the	DET
ajfa-4533	174	23	debt	debt	NOUN
ajfa-4533	174	24	ratio	ratio	NOUN
ajfa-4533	174	25	.	.	PUNCT
ajfa-4533	175	1	the	the	DET
ajfa-4533	175	2	findings	finding	NOUN
ajfa-4533	175	3	are	be	AUX
ajfa-4533	175	4	consistent	consistent	ADJ
ajfa-4533	175	5	with	with	ADP
ajfa-4533	175	6	the	the	DET
ajfa-4533	175	7	studies	study	NOUN
ajfa-4533	175	8	done	do	VERB
ajfa-4533	175	9	by	by	ADP
ajfa-4533	175	10	burgman	burgman	PROPN
ajfa-4533	175	11	(	(	PUNCT
ajfa-4533	175	12	1996	1996	NUM
ajfa-4533	175	13	)	)	PUNCT
ajfa-4533	175	14	,	,	PUNCT
ajfa-4533	175	15	low	low	ADJ
ajfa-4533	175	16	and	and	CCONJ
ajfa-4533	175	17	chen	chen	PROPN
ajfa-4533	175	18	(	(	PUNCT
ajfa-4533	175	19	2004	2004	NUM
ajfa-4533	175	20	)	)	PUNCT
ajfa-4533	175	21	,	,	PUNCT
ajfa-4533	175	22	aggarwal	aggarwal	NOUN
ajfa-4533	175	23	and	and	CCONJ
ajfa-4533	175	24	kyaw	kyaw	PROPN
ajfa-4533	175	25	(	(	PUNCT
ajfa-4533	175	26	2010	2010	NUM
ajfa-4533	175	27	)	)	PUNCT
ajfa-4533	175	28	and	and	CCONJ
ajfa-4533	175	29	lin	lin	PROPN
ajfa-4533	175	30	and	and	CCONJ
ajfa-4533	175	31	hung	hung	PROPN
ajfa-4533	175	32	(	(	PUNCT
ajfa-4533	175	33	2012	2012	NUM
ajfa-4533	175	34	)	)	PUNCT
ajfa-4533	175	35	.	.	PUNCT
ajfa-4533	176	1	burgman	burgman	NOUN
ajfa-4533	176	2	(	(	PUNCT
ajfa-4533	176	3	1996	1996	NUM
ajfa-4533	176	4	)	)	PUNCT
ajfa-4533	176	5	and	and	CCONJ
ajfa-4533	176	6	low	low	ADJ
ajfa-4533	176	7	and	and	CCONJ
ajfa-4533	176	8	chen	chen	PROPN
ajfa-4533	176	9	(	(	PUNCT
ajfa-4533	176	10	2004	2004	NUM
ajfa-4533	176	11	)	)	PUNCT
ajfa-4533	176	12	investigated	investigate	VERB
ajfa-4533	176	13	and	and	CCONJ
ajfa-4533	176	14	revealed	reveal	VERB
ajfa-4533	176	15	that	that	SCONJ
ajfa-4533	176	16	the	the	DET
ajfa-4533	176	17	negative	negative	ADJ
ajfa-4533	176	18	relationship	relationship	NOUN
ajfa-4533	176	19	between	between	ADP
ajfa-4533	176	20	internationalization	internationalization	NOUN
ajfa-4533	176	21	and	and	CCONJ
ajfa-4533	176	22	debt	debt	NOUN
ajfa-4533	176	23	ratio	ratio	NOUN
ajfa-4533	176	24	is	be	AUX
ajfa-4533	176	25	mainly	mainly	ADV
ajfa-4533	176	26	attributed	attribute	VERB
ajfa-4533	176	27	to	to	ADP
ajfa-4533	176	28	us	us	PROPN
ajfa-4533	176	29	firms	firm	NOUN
ajfa-4533	176	30	.	.	PUNCT
ajfa-4533	177	1	according	accord	VERB
ajfa-4533	177	2	to	to	ADP
ajfa-4533	177	3	“	"	PUNCT
ajfa-4533	177	4	upstream	upstream	ADJ
ajfa-4533	177	5	-	-	PUNCT
ajfa-4533	177	6	downstream	downstream	NOUN
ajfa-4533	177	7	”	"	PUNCT
ajfa-4533	177	8	hypothesis	hypothesis	NOUN
ajfa-4533	177	9	(	(	PUNCT
ajfa-4533	177	10	kwok	kwok	NOUN
ajfa-4533	177	11	and	and	CCONJ
ajfa-4533	177	12	reeb	reeb	PROPN
ajfa-4533	177	13	,	,	PUNCT
ajfa-4533	177	14	2000	2000	NUM
ajfa-4533	177	15	)	)	PUNCT
ajfa-4533	177	16	,	,	PUNCT
ajfa-4533	177	17	firms	firm	NOUN
ajfa-4533	177	18	from	from	ADP
ajfa-4533	177	19	developed	develop	VERB
ajfa-4533	177	20	countries	country	NOUN
ajfa-4533	177	21	increase	increase	VERB
ajfa-4533	177	22	their	their	PRON
ajfa-4533	177	23	risk	risk	NOUN
ajfa-4533	177	24	when	when	SCONJ
ajfa-4533	177	25	they	they	PRON
ajfa-4533	177	26	go	go	VERB
ajfa-4533	177	27	abroad	abroad	ADV
ajfa-4533	177	28	(	(	PUNCT
ajfa-4533	177	29	downstreamthey	downstreamthey	PRON
ajfa-4533	177	30	go	go	VERB
ajfa-4533	177	31	to	to	ADP
ajfa-4533	177	32	riskier	risky	ADJ
ajfa-4533	177	33	markets	market	NOUN
ajfa-4533	177	34	)	)	PUNCT
ajfa-4533	177	35	and	and	CCONJ
ajfa-4533	177	36	this	this	PRON
ajfa-4533	177	37	leads	lead	VERB
ajfa-4533	177	38	to	to	ADP
ajfa-4533	177	39	a	a	DET
ajfa-4533	177	40	lower	low	ADJ
ajfa-4533	177	41	debt	debt	NOUN
ajfa-4533	177	42	capacity	capacity	NOUN
ajfa-4533	177	43	.	.	PUNCT
ajfa-4533	178	1	meanwhile	meanwhile	ADV
ajfa-4533	178	2	,	,	PUNCT
ajfa-4533	178	3	the	the	DET
ajfa-4533	178	4	leverage	leverage	NOUN
ajfa-4533	178	5	of	of	ADP
ajfa-4533	178	6	firms	firm	NOUN
ajfa-4533	178	7	from	from	ADP
ajfa-4533	178	8	emerging	emerge	VERB
ajfa-4533	178	9	markets	market	NOUN
ajfa-4533	178	10	increases	increase	NOUN
ajfa-4533	178	11	when	when	SCONJ
ajfa-4533	178	12	they	they	PRON
ajfa-4533	178	13	could	could	AUX
ajfa-4533	178	14	spread	spread	VERB
ajfa-4533	178	15	the	the	DET
ajfa-4533	178	16	risk	risk	NOUN
ajfa-4533	178	17	by	by	ADP
ajfa-4533	178	18	going	go	VERB
ajfa-4533	178	19	international	international	ADJ
ajfa-4533	178	20	(	(	PUNCT
ajfa-4533	178	21	upstreamthey	upstreamthey	PRON
ajfa-4533	178	22	go	go	VERB
ajfa-4533	178	23	to	to	ADP
ajfa-4533	178	24	safer	safe	ADJ
ajfa-4533	178	25	markets	market	NOUN
ajfa-4533	178	26	)	)	PUNCT
ajfa-4533	178	27	.	.	PUNCT
ajfa-4533	179	1	however	however	ADV
ajfa-4533	179	2	,	,	PUNCT
ajfa-4533	179	3	the	the	DET
ajfa-4533	179	4	“	"	PUNCT
ajfa-4533	179	5	upstream	upstream	ADJ
ajfa-4533	179	6	-	-	PUNCT
ajfa-4533	179	7	downstream	downstream	NOUN
ajfa-4533	179	8	”	"	PUNCT
ajfa-4533	179	9	hypothesis	hypothesis	NOUN
ajfa-4533	179	10	can	can	AUX
ajfa-4533	179	11	not	not	PART
ajfa-4533	179	12	fit	fit	VERB
ajfa-4533	179	13	well	well	ADV
ajfa-4533	179	14	in	in	ADP
ajfa-4533	179	15	malaysia	malaysia	PROPN
ajfa-4533	179	16	situation	situation	NOUN
ajfa-4533	179	17	since	since	SCONJ
ajfa-4533	179	18	malaysia	malaysia	PROPN
ajfa-4533	179	19	is	be	AUX
ajfa-4533	179	20	an	an	DET
ajfa-4533	179	21	emerging	emerge	VERB
ajfa-4533	179	22	country	country	NOUN
ajfa-4533	179	23	.	.	PUNCT
ajfa-4533	180	1	the	the	DET
ajfa-4533	180	2	negative	negative	ADJ
ajfa-4533	180	3	relationship	relationship	NOUN
ajfa-4533	180	4	in	in	ADP
ajfa-4533	180	5	this	this	DET
ajfa-4533	180	6	study	study	NOUN
ajfa-4533	180	7	can	can	AUX
ajfa-4533	180	8	be	be	AUX
ajfa-4533	180	9	explained	explain	VERB
ajfa-4533	180	10	through	through	ADP
ajfa-4533	180	11	pecking	pecking	NOUN
ajfa-4533	180	12	-	-	PUNCT
ajfa-4533	180	13	order	order	NOUN
ajfa-4533	180	14	theory	theory	NOUN
ajfa-4533	180	15	.	.	PUNCT
ajfa-4533	181	1	firms	firm	NOUN
ajfa-4533	181	2	from	from	ADP
ajfa-4533	181	3	emerging	emerge	VERB
ajfa-4533	181	4	countries	country	NOUN
ajfa-4533	181	5	can	can	AUX
ajfa-4533	181	6	achieve	achieve	VERB
ajfa-4533	181	7	economies	economy	NOUN
ajfa-4533	181	8	of	of	ADP
ajfa-4533	181	9	scale	scale	NOUN
ajfa-4533	181	10	,	,	PUNCT
ajfa-4533	181	11	access	access	NOUN
ajfa-4533	181	12	to	to	ADP
ajfa-4533	181	13	new	new	ADJ
ajfa-4533	181	14	market	market	NOUN
ajfa-4533	181	15	and	and	CCONJ
ajfa-4533	181	16	spread	spread	VERB
ajfa-4533	181	17	the	the	DET
ajfa-4533	181	18	asian	asian	ADJ
ajfa-4533	181	19	journal	journal	NOUN
ajfa-4533	181	20	of	of	ADP
ajfa-4533	181	21	finance	finance	PROPN
ajfa-4533	181	22	&	&	CCONJ
ajfa-4533	181	23	accounting	accounting	PROPN
ajfa-4533	181	24	issn	issn	PROPN
ajfa-4533	181	25	1946	1946	NUM
ajfa-4533	181	26	-	-	PUNCT
ajfa-4533	181	27	052x	052x	NOUN
ajfa-4533	181	28	2013	2013	NUM
ajfa-4533	181	29	,	,	PUNCT
ajfa-4533	181	30	vol	vol	NOUN
ajfa-4533	181	31	.	.	PROPN
ajfa-4533	181	32	5	5	NUM
ajfa-4533	181	33	,	,	PUNCT
ajfa-4533	181	34	no	no	INTJ
ajfa-4533	181	35	.	.	NOUN
ajfa-4533	181	36	2	2	NUM
ajfa-4533	181	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4533	181	38	338	338	NUM
ajfa-4533	181	39	business	business	NOUN
ajfa-4533	181	40	risk	risk	NOUN
ajfa-4533	181	41	when	when	SCONJ
ajfa-4533	181	42	they	they	PRON
ajfa-4533	181	43	pursue	pursue	VERB
ajfa-4533	181	44	strategy	strategy	NOUN
ajfa-4533	181	45	of	of	ADP
ajfa-4533	181	46	international	international	ADJ
ajfa-4533	181	47	diversification	diversification	NOUN
ajfa-4533	181	48	.	.	PUNCT
ajfa-4533	182	1	given	give	VERB
ajfa-4533	182	2	these	these	DET
ajfa-4533	182	3	advantages	advantage	NOUN
ajfa-4533	182	4	,	,	PUNCT
ajfa-4533	182	5	internationalized	internationalized	ADJ
ajfa-4533	182	6	firms	firm	NOUN
ajfa-4533	182	7	have	have	AUX
ajfa-4533	182	8	greatly	greatly	ADV
ajfa-4533	182	9	increased	increase	VERB
ajfa-4533	182	10	their	their	PRON
ajfa-4533	182	11	foreign	foreign	ADJ
ajfa-4533	182	12	sales	sale	NOUN
ajfa-4533	182	13	and	and	CCONJ
ajfa-4533	182	14	profitability	profitability	NOUN
ajfa-4533	182	15	.	.	PUNCT
ajfa-4533	183	1	as	as	ADP
ajfa-4533	183	2	pecking	pecking	NOUN
ajfa-4533	183	3	-	-	PUNCT
ajfa-4533	183	4	order	order	NOUN
ajfa-4533	183	5	theory	theory	NOUN
ajfa-4533	183	6	predicts	predict	NOUN
ajfa-4533	183	7	,	,	PUNCT
ajfa-4533	183	8	profitable	profitable	ADJ
ajfa-4533	183	9	firms	firm	NOUN
ajfa-4533	183	10	would	would	AUX
ajfa-4533	183	11	first	first	ADV
ajfa-4533	183	12	internalize	internalize	VERB
ajfa-4533	183	13	the	the	DET
ajfa-4533	183	14	retained	retain	VERB
ajfa-4533	183	15	earnings	earning	NOUN
ajfa-4533	183	16	for	for	ADP
ajfa-4533	183	17	future	future	ADJ
ajfa-4533	183	18	investment	investment	NOUN
ajfa-4533	183	19	rather	rather	ADV
ajfa-4533	183	20	than	than	ADP
ajfa-4533	183	21	borrowing	borrow	VERB
ajfa-4533	183	22	debt	debt	NOUN
ajfa-4533	183	23	.	.	PUNCT
ajfa-4533	184	1	thus	thus	ADV
ajfa-4533	184	2	,	,	PUNCT
ajfa-4533	184	3	leverage	leverage	NOUN
ajfa-4533	184	4	of	of	ADP
ajfa-4533	184	5	these	these	DET
ajfa-4533	184	6	firms	firm	NOUN
ajfa-4533	184	7	would	would	AUX
ajfa-4533	184	8	decrease	decrease	VERB
ajfa-4533	184	9	.	.	PUNCT
ajfa-4533	185	1	it	it	PRON
ajfa-4533	185	2	is	be	AUX
ajfa-4533	185	3	supported	support	VERB
ajfa-4533	185	4	by	by	ADP
ajfa-4533	185	5	the	the	DET
ajfa-4533	185	6	studies	study	NOUN
ajfa-4533	185	7	by	by	ADP
ajfa-4533	185	8	aggarwal	aggarwal	PROPN
ajfa-4533	185	9	and	and	CCONJ
ajfa-4533	185	10	kyaw	kyaw	PROPN
ajfa-4533	185	11	(	(	PUNCT
ajfa-4533	185	12	2010	2010	NUM
ajfa-4533	185	13	)	)	PUNCT
ajfa-4533	185	14	and	and	CCONJ
ajfa-4533	185	15	lin	lin	PROPN
ajfa-4533	185	16	and	and	CCONJ
ajfa-4533	185	17	hung	hung	PROPN
ajfa-4533	185	18	(	(	PUNCT
ajfa-4533	185	19	2012	2012	NUM
ajfa-4533	185	20	)	)	PUNCT
ajfa-4533	185	21	as	as	SCONJ
ajfa-4533	185	22	their	their	PRON
ajfa-4533	185	23	research	research	NOUN
ajfa-4533	185	24	results	result	NOUN
ajfa-4533	185	25	indicated	indicate	VERB
ajfa-4533	185	26	that	that	SCONJ
ajfa-4533	185	27	internationalized	internationalized	ADJ
ajfa-4533	185	28	firms	firm	NOUN
ajfa-4533	185	29	generate	generate	VERB
ajfa-4533	185	30	greater	great	ADJ
ajfa-4533	185	31	profitability	profitability	NOUN
ajfa-4533	185	32	and	and	CCONJ
ajfa-4533	185	33	have	have	VERB
ajfa-4533	185	34	lower	low	ADJ
ajfa-4533	185	35	debt	debt	NOUN
ajfa-4533	185	36	ratio	ratio	NOUN
ajfa-4533	185	37	compared	compare	VERB
ajfa-4533	185	38	to	to	ADP
ajfa-4533	185	39	domestic	domestic	ADJ
ajfa-4533	185	40	firms	firm	NOUN
ajfa-4533	185	41	.	.	PUNCT
ajfa-4533	186	1	the	the	DET
ajfa-4533	186	2	inverse	inverse	NOUN
ajfa-4533	186	3	relationship	relationship	NOUN
ajfa-4533	186	4	between	between	ADP
ajfa-4533	186	5	internationalization	internationalization	NOUN
ajfa-4533	186	6	and	and	CCONJ
ajfa-4533	186	7	debt	debt	NOUN
ajfa-4533	186	8	ratio	ratio	NOUN
ajfa-4533	186	9	is	be	AUX
ajfa-4533	186	10	also	also	ADV
ajfa-4533	186	11	consistent	consistent	ADJ
ajfa-4533	186	12	with	with	ADP
ajfa-4533	186	13	the	the	DET
ajfa-4533	186	14	implications	implication	NOUN
ajfa-4533	186	15	of	of	ADP
ajfa-4533	186	16	agency	agency	NOUN
ajfa-4533	186	17	theory	theory	NOUN
ajfa-4533	186	18	.	.	PUNCT
ajfa-4533	187	1	malaysia	malaysia	PROPN
ajfa-4533	187	2	is	be	AUX
ajfa-4533	187	3	an	an	DET
ajfa-4533	187	4	export	export	NOUN
ajfa-4533	187	5	-	-	PUNCT
ajfa-4533	187	6	based	base	VERB
ajfa-4533	187	7	country	country	NOUN
ajfa-4533	187	8	.	.	PUNCT
ajfa-4533	188	1	most	most	ADJ
ajfa-4533	188	2	of	of	ADP
ajfa-4533	188	3	the	the	DET
ajfa-4533	188	4	listed	list	VERB
ajfa-4533	188	5	manufacturing	manufacturing	NOUN
ajfa-4533	188	6	firms	firm	NOUN
ajfa-4533	188	7	enter	enter	VERB
ajfa-4533	188	8	foreign	foreign	ADJ
ajfa-4533	188	9	markets	market	NOUN
ajfa-4533	188	10	through	through	ADP
ajfa-4533	188	11	exporting	export	VERB
ajfa-4533	188	12	goods	good	NOUN
ajfa-4533	188	13	abroad	abroad	ADV
ajfa-4533	188	14	.	.	PUNCT
ajfa-4533	189	1	agency	agency	NOUN
ajfa-4533	189	2	cost	cost	NOUN
ajfa-4533	189	3	of	of	ADP
ajfa-4533	189	4	debt	debt	NOUN
ajfa-4533	189	5	increases	increase	NOUN
ajfa-4533	189	6	when	when	SCONJ
ajfa-4533	189	7	creditors	creditor	NOUN
ajfa-4533	189	8	often	often	ADV
ajfa-4533	189	9	find	find	VERB
ajfa-4533	189	10	themselves	themselves	PRON
ajfa-4533	189	11	difficult	difficult	ADJ
ajfa-4533	189	12	to	to	PART
ajfa-4533	189	13	monitor	monitor	VERB
ajfa-4533	189	14	the	the	DET
ajfa-4533	189	15	selling	selling	NOUN
ajfa-4533	189	16	activities	activity	NOUN
ajfa-4533	189	17	oversea	oversea	ADJ
ajfa-4533	189	18	due	due	ADP
ajfa-4533	189	19	to	to	ADP
ajfa-4533	189	20	the	the	DET
ajfa-4533	189	21	complexity	complexity	NOUN
ajfa-4533	189	22	of	of	ADP
ajfa-4533	189	23	foreign	foreign	ADJ
ajfa-4533	189	24	operation	operation	NOUN
ajfa-4533	189	25	.	.	PUNCT
ajfa-4533	190	1	therefore	therefore	ADV
ajfa-4533	190	2	,	,	PUNCT
ajfa-4533	190	3	creditors	creditor	NOUN
ajfa-4533	190	4	become	become	VERB
ajfa-4533	190	5	less	less	ADV
ajfa-4533	190	6	willing	willing	ADJ
ajfa-4533	190	7	to	to	PART
ajfa-4533	190	8	lend	lend	VERB
ajfa-4533	190	9	funds	fund	NOUN
ajfa-4533	190	10	to	to	ADP
ajfa-4533	190	11	the	the	DET
ajfa-4533	190	12	exporting	export	VERB
ajfa-4533	190	13	firms	firm	NOUN
ajfa-4533	190	14	.	.	PUNCT
ajfa-4533	191	1	chen	chen	PROPN
ajfa-4533	191	2	and	and	CCONJ
ajfa-4533	191	3	yu	yu	PROPN
ajfa-4533	191	4	(	(	PUNCT
ajfa-4533	191	5	2011	2011	NUM
ajfa-4533	191	6	)	)	PUNCT
ajfa-4533	191	7	presented	present	VERB
ajfa-4533	191	8	findings	finding	NOUN
ajfa-4533	191	9	that	that	PRON
ajfa-4533	191	10	are	be	AUX
ajfa-4533	191	11	consistent	consistent	ADJ
ajfa-4533	191	12	with	with	ADP
ajfa-4533	191	13	this	this	DET
ajfa-4533	191	14	agency	agency	NOUN
ajfa-4533	191	15	theory	theory	NOUN
ajfa-4533	191	16	when	when	SCONJ
ajfa-4533	191	17	their	their	PRON
ajfa-4533	191	18	investigation	investigation	NOUN
ajfa-4533	191	19	showed	show	VERB
ajfa-4533	191	20	that	that	SCONJ
ajfa-4533	191	21	exporting	export	VERB
ajfa-4533	191	22	firms	firm	NOUN
ajfa-4533	191	23	have	have	VERB
ajfa-4533	191	24	lower	low	ADJ
ajfa-4533	191	25	debt	debt	NOUN
ajfa-4533	191	26	ratio	ratio	NOUN
ajfa-4533	191	27	meanwhile	meanwhile	ADV
ajfa-4533	191	28	firms	firm	NOUN
ajfa-4533	191	29	with	with	ADP
ajfa-4533	191	30	fdi	fdi	PROPN
ajfa-4533	191	31	abroad	abroad	ADV
ajfa-4533	191	32	have	have	VERB
ajfa-4533	191	33	higher	high	ADJ
ajfa-4533	191	34	leverage	leverage	NOUN
ajfa-4533	191	35	.	.	PUNCT
ajfa-4533	192	1	firm	firm	ADJ
ajfa-4533	192	2	size	size	NOUN
ajfa-4533	192	3	the	the	DET
ajfa-4533	192	4	empirical	empirical	ADJ
ajfa-4533	192	5	findings	finding	NOUN
ajfa-4533	192	6	supported	support	VERB
ajfa-4533	192	7	research	research	NOUN
ajfa-4533	192	8	hypothesis	hypothesis	NOUN
ajfa-4533	192	9	2	2	NUM
ajfa-4533	192	10	,	,	PUNCT
ajfa-4533	192	11	thus	thus	ADV
ajfa-4533	192	12	,	,	PUNCT
ajfa-4533	192	13	firm	firm	ADJ
ajfa-4533	192	14	size	size	NOUN
ajfa-4533	192	15	is	be	AUX
ajfa-4533	192	16	positively	positively	ADV
ajfa-4533	192	17	related	relate	VERB
ajfa-4533	192	18	to	to	ADP
ajfa-4533	192	19	the	the	DET
ajfa-4533	192	20	debt	debt	NOUN
ajfa-4533	192	21	ratio	ratio	NOUN
ajfa-4533	192	22	.	.	PUNCT
ajfa-4533	193	1	the	the	DET
ajfa-4533	193	2	findings	finding	NOUN
ajfa-4533	193	3	are	be	AUX
ajfa-4533	193	4	consistent	consistent	ADJ
ajfa-4533	193	5	with	with	ADP
ajfa-4533	193	6	the	the	DET
ajfa-4533	193	7	studies	study	NOUN
ajfa-4533	193	8	of	of	ADP
ajfa-4533	193	9	krishnan	krishnan	PROPN
ajfa-4533	193	10	and	and	CCONJ
ajfa-4533	193	11	moyer	moyer	PROPN
ajfa-4533	193	12	(	(	PUNCT
ajfa-4533	193	13	1997	1997	NUM
ajfa-4533	193	14	)	)	PUNCT
ajfa-4533	193	15	,	,	PUNCT
ajfa-4533	193	16	titman	titman	NOUN
ajfa-4533	193	17	and	and	CCONJ
ajfa-4533	193	18	wessels	wessels	PROPN
ajfa-4533	193	19	(	(	PUNCT
ajfa-4533	193	20	1998	1998	NUM
ajfa-4533	193	21	)	)	PUNCT
ajfa-4533	193	22	,	,	PUNCT
ajfa-4533	193	23	hall	hall	NOUN
ajfa-4533	193	24	et	et	PROPN
ajfa-4533	193	25	al	al	PROPN
ajfa-4533	193	26	(	(	PUNCT
ajfa-4533	193	27	2000	2000	NUM
ajfa-4533	193	28	)	)	PUNCT
ajfa-4533	193	29	,	,	PUNCT
ajfa-4533	193	30	suto	suto	NOUN
ajfa-4533	193	31	(	(	PUNCT
ajfa-4533	193	32	2003	2003	NUM
ajfa-4533	193	33	)	)	PUNCT
ajfa-4533	193	34	and	and	CCONJ
ajfa-4533	193	35	sheikh	sheikh	NOUN
ajfa-4533	193	36	and	and	CCONJ
ajfa-4533	193	37	wang	wang	PROPN
ajfa-4533	193	38	(	(	PUNCT
ajfa-4533	193	39	2011	2011	NUM
ajfa-4533	193	40	)	)	PUNCT
ajfa-4533	193	41	.	.	PUNCT
ajfa-4533	194	1	the	the	DET
ajfa-4533	194	2	result	result	NOUN
ajfa-4533	194	3	confirms	confirm	VERB
ajfa-4533	194	4	the	the	DET
ajfa-4533	194	5	static	static	ADJ
ajfa-4533	194	6	trade	trade	NOUN
ajfa-4533	194	7	-	-	PUNCT
ajfa-4533	194	8	off	off	ADP
ajfa-4533	194	9	theory	theory	NOUN
ajfa-4533	194	10	that	that	PRON
ajfa-4533	194	11	postulates	postulate	VERB
ajfa-4533	194	12	larger	large	ADJ
ajfa-4533	194	13	firms	firm	NOUN
ajfa-4533	194	14	should	should	AUX
ajfa-4533	194	15	operate	operate	VERB
ajfa-4533	194	16	at	at	ADP
ajfa-4533	194	17	higher	high	ADJ
ajfa-4533	194	18	leverage	leverage	NOUN
ajfa-4533	194	19	level	level	NOUN
ajfa-4533	194	20	in	in	ADP
ajfa-4533	194	21	order	order	NOUN
ajfa-4533	194	22	to	to	PART
ajfa-4533	194	23	take	take	VERB
ajfa-4533	194	24	the	the	DET
ajfa-4533	194	25	benefits	benefit	NOUN
ajfa-4533	194	26	of	of	ADP
ajfa-4533	194	27	tax	tax	NOUN
ajfa-4533	194	28	shield	shield	NOUN
ajfa-4533	194	29	on	on	ADP
ajfa-4533	194	30	debt	debt	NOUN
ajfa-4533	194	31	interest	interest	NOUN
ajfa-4533	194	32	payment	payment	NOUN
ajfa-4533	194	33	.	.	PUNCT
ajfa-4533	195	1	besides	besides	SCONJ
ajfa-4533	195	2	,	,	PUNCT
ajfa-4533	195	3	a	a	DET
ajfa-4533	195	4	large	large	ADJ
ajfa-4533	195	5	and	and	CCONJ
ajfa-4533	195	6	multi	multi	ADJ
ajfa-4533	195	7	product	product	NOUN
ajfa-4533	195	8	company	company	NOUN
ajfa-4533	195	9	is	be	AUX
ajfa-4533	195	10	more	more	ADV
ajfa-4533	195	11	stable	stable	ADJ
ajfa-4533	195	12	therefore	therefore	ADV
ajfa-4533	195	13	the	the	DET
ajfa-4533	195	14	business	business	NOUN
ajfa-4533	195	15	risk	risk	NOUN
ajfa-4533	195	16	is	be	AUX
ajfa-4533	195	17	low	low	ADJ
ajfa-4533	195	18	compare	compare	ADJ
ajfa-4533	195	19	to	to	ADP
ajfa-4533	195	20	a	a	DET
ajfa-4533	195	21	small	small	ADJ
ajfa-4533	195	22	and	and	CCONJ
ajfa-4533	195	23	single	single	ADJ
ajfa-4533	195	24	product	product	NOUN
ajfa-4533	195	25	company	company	NOUN
ajfa-4533	195	26	.	.	PUNCT
ajfa-4533	196	1	as	as	ADP
ajfa-4533	196	2	a	a	DET
ajfa-4533	196	3	result	result	NOUN
ajfa-4533	196	4	,	,	PUNCT
ajfa-4533	196	5	the	the	DET
ajfa-4533	196	6	possibility	possibility	NOUN
ajfa-4533	196	7	to	to	PART
ajfa-4533	196	8	bankrupt	bankrupt	VERB
ajfa-4533	196	9	for	for	ADP
ajfa-4533	196	10	larger	large	ADJ
ajfa-4533	196	11	companies	company	NOUN
ajfa-4533	196	12	are	be	AUX
ajfa-4533	196	13	low	low	ADJ
ajfa-4533	196	14	and	and	CCONJ
ajfa-4533	196	15	they	they	PRON
ajfa-4533	196	16	can	can	AUX
ajfa-4533	196	17	sustain	sustain	VERB
ajfa-4533	196	18	a	a	DET
ajfa-4533	196	19	higher	high	ADJ
ajfa-4533	196	20	level	level	NOUN
ajfa-4533	196	21	of	of	ADP
ajfa-4533	196	22	debt	debt	NOUN
ajfa-4533	196	23	.	.	PUNCT
ajfa-4533	197	1	incidentally	incidentally	ADV
ajfa-4533	197	2	,	,	PUNCT
ajfa-4533	197	3	large	large	ADJ
ajfa-4533	197	4	companies	company	NOUN
ajfa-4533	197	5	will	will	AUX
ajfa-4533	197	6	be	be	AUX
ajfa-4533	197	7	able	able	ADJ
ajfa-4533	197	8	to	to	PART
ajfa-4533	197	9	enjoy	enjoy	VERB
ajfa-4533	197	10	economies	economy	NOUN
ajfa-4533	197	11	of	of	ADP
ajfa-4533	197	12	scales	scale	NOUN
ajfa-4533	197	13	in	in	ADP
ajfa-4533	197	14	issuing	issue	VERB
ajfa-4533	197	15	long	long	ADJ
ajfa-4533	197	16	-	-	PUNCT
ajfa-4533	197	17	term	term	NOUN
ajfa-4533	197	18	debt	debt	NOUN
ajfa-4533	197	19	,	,	PUNCT
ajfa-4533	197	20	and	and	CCONJ
ajfa-4533	197	21	have	have	VERB
ajfa-4533	197	22	a	a	DET
ajfa-4533	197	23	strong	strong	ADJ
ajfa-4533	197	24	negotiating	negotiating	NOUN
ajfa-4533	197	25	power	power	NOUN
ajfa-4533	197	26	with	with	ADP
ajfa-4533	197	27	lenders	lender	NOUN
ajfa-4533	197	28	.	.	PUNCT
ajfa-4533	198	1	thus	thus	ADV
ajfa-4533	198	2	,	,	PUNCT
ajfa-4533	198	3	larger	large	ADJ
ajfa-4533	198	4	firms	firm	NOUN
ajfa-4533	198	5	tend	tend	VERB
ajfa-4533	198	6	to	to	PART
ajfa-4533	198	7	have	have	VERB
ajfa-4533	198	8	higher	high	ADJ
ajfa-4533	198	9	debt	debt	NOUN
ajfa-4533	198	10	ratio	ratio	NOUN
ajfa-4533	198	11	.	.	PUNCT
ajfa-4533	199	1	profitability	profitability	NOUN
ajfa-4533	199	2	the	the	DET
ajfa-4533	199	3	empirical	empirical	ADJ
ajfa-4533	199	4	results	result	NOUN
ajfa-4533	199	5	supported	support	VERB
ajfa-4533	199	6	the	the	DET
ajfa-4533	199	7	research	research	NOUN
ajfa-4533	199	8	hypothesis	hypothesis	NOUN
ajfa-4533	199	9	3	3	NUM
ajfa-4533	199	10	,	,	PUNCT
ajfa-4533	199	11	thus	thus	ADV
ajfa-4533	199	12	,	,	PUNCT
ajfa-4533	199	13	profitability	profitability	NOUN
ajfa-4533	199	14	is	be	AUX
ajfa-4533	199	15	negatively	negatively	ADV
ajfa-4533	199	16	related	relate	VERB
ajfa-4533	199	17	to	to	ADP
ajfa-4533	199	18	the	the	DET
ajfa-4533	199	19	debt	debt	NOUN
ajfa-4533	199	20	ratio	ratio	NOUN
ajfa-4533	199	21	.	.	PUNCT
ajfa-4533	200	1	the	the	DET
ajfa-4533	200	2	findings	finding	NOUN
ajfa-4533	200	3	are	be	AUX
ajfa-4533	200	4	in	in	ADP
ajfa-4533	200	5	line	line	NOUN
ajfa-4533	200	6	with	with	ADP
ajfa-4533	200	7	studies	study	NOUN
ajfa-4533	200	8	by	by	ADP
ajfa-4533	200	9	ross	ross	PROPN
ajfa-4533	200	10	(	(	PUNCT
ajfa-4533	200	11	1977	1977	NUM
ajfa-4533	200	12	)	)	PUNCT
ajfa-4533	200	13	,	,	PUNCT
ajfa-4533	200	14	rajan	rajan	PROPN
ajfa-4533	200	15	and	and	CCONJ
ajfa-4533	200	16	zingales	zingales	PROPN
ajfa-4533	200	17	(	(	PUNCT
ajfa-4533	200	18	1998	1998	NUM
ajfa-4533	200	19	)	)	PUNCT
ajfa-4533	200	20	,	,	PUNCT
ajfa-4533	200	21	suto	suto	NOUN
ajfa-4533	200	22	(	(	PUNCT
ajfa-4533	200	23	2003	2003	NUM
ajfa-4533	200	24	)	)	PUNCT
ajfa-4533	200	25	,	,	PUNCT
ajfa-4533	200	26	panno	panno	NOUN
ajfa-4533	200	27	(	(	PUNCT
ajfa-4533	200	28	2003	2003	NUM
ajfa-4533	200	29	)	)	PUNCT
ajfa-4533	200	30	,	,	PUNCT
ajfa-4533	200	31	chen	chen	PROPN
ajfa-4533	200	32	(	(	PUNCT
ajfa-4533	200	33	2004	2004	NUM
ajfa-4533	200	34	)	)	PUNCT
ajfa-4533	200	35	,	,	PUNCT
ajfa-4533	200	36	chakraborty	chakraborty	PROPN
ajfa-4533	200	37	(	(	PUNCT
ajfa-4533	200	38	2010	2010	NUM
ajfa-4533	200	39	)	)	PUNCT
ajfa-4533	200	40	,	,	PUNCT
ajfa-4533	200	41	chen	chen	PROPN
ajfa-4533	200	42	and	and	CCONJ
ajfa-4533	200	43	yu	yu	PROPN
ajfa-4533	200	44	(	(	PUNCT
ajfa-4533	200	45	2011	2011	NUM
ajfa-4533	200	46	)	)	PUNCT
ajfa-4533	200	47	and	and	CCONJ
ajfa-4533	200	48	sheikh	sheikh	NOUN
ajfa-4533	200	49	and	and	CCONJ
ajfa-4533	200	50	wang	wang	PROPN
ajfa-4533	200	51	(	(	PUNCT
ajfa-4533	200	52	2011	2011	NUM
ajfa-4533	200	53	)	)	PUNCT
ajfa-4533	200	54	.	.	PUNCT
ajfa-4533	201	1	the	the	DET
ajfa-4533	201	2	results	result	NOUN
ajfa-4533	201	3	are	be	AUX
ajfa-4533	201	4	as	as	SCONJ
ajfa-4533	201	5	expected	expect	VERB
ajfa-4533	201	6	by	by	ADP
ajfa-4533	201	7	the	the	DET
ajfa-4533	201	8	pecking	pecking	NOUN
ajfa-4533	201	9	-	-	PUNCT
ajfa-4533	201	10	order	order	NOUN
ajfa-4533	201	11	theory	theory	NOUN
ajfa-4533	201	12	.	.	PUNCT
ajfa-4533	202	1	according	accord	VERB
ajfa-4533	202	2	to	to	ADP
ajfa-4533	202	3	pecking	pecking	NOUN
ajfa-4533	202	4	-	-	PUNCT
ajfa-4533	202	5	order	order	NOUN
ajfa-4533	202	6	theory	theory	NOUN
ajfa-4533	202	7	,	,	PUNCT
ajfa-4533	202	8	managers	manager	NOUN
ajfa-4533	202	9	will	will	AUX
ajfa-4533	202	10	prefer	prefer	VERB
ajfa-4533	202	11	internally	internally	ADV
ajfa-4533	202	12	generated	generate	VERB
ajfa-4533	202	13	funds	fund	NOUN
ajfa-4533	202	14	to	to	ADP
ajfa-4533	202	15	external	external	ADJ
ajfa-4533	202	16	financing	financing	NOUN
ajfa-4533	202	17	when	when	SCONJ
ajfa-4533	202	18	they	they	PRON
ajfa-4533	202	19	can	can	AUX
ajfa-4533	202	20	not	not	PART
ajfa-4533	202	21	credibly	credibly	ADV
ajfa-4533	202	22	convey	convey	VERB
ajfa-4533	202	23	inside	inside	ADJ
ajfa-4533	202	24	information	information	NOUN
ajfa-4533	202	25	to	to	ADP
ajfa-4533	202	26	outsiders	outsider	NOUN
ajfa-4533	202	27	.	.	PUNCT
ajfa-4533	203	1	first	first	ADV
ajfa-4533	203	2	,	,	PUNCT
ajfa-4533	203	3	managers	manager	NOUN
ajfa-4533	203	4	will	will	AUX
ajfa-4533	203	5	choose	choose	VERB
ajfa-4533	203	6	internal	internal	ADJ
ajfa-4533	203	7	finance	finance	NOUN
ajfa-4533	203	8	.	.	PUNCT
ajfa-4533	204	1	secondly	secondly	ADV
ajfa-4533	204	2	,	,	PUNCT
ajfa-4533	204	3	managers	manager	NOUN
ajfa-4533	204	4	will	will	AUX
ajfa-4533	204	5	choose	choose	VERB
ajfa-4533	204	6	to	to	PART
ajfa-4533	204	7	borrow	borrow	VERB
ajfa-4533	204	8	when	when	SCONJ
ajfa-4533	204	9	their	their	PRON
ajfa-4533	204	10	investment	investment	NOUN
ajfa-4533	204	11	can	can	AUX
ajfa-4533	204	12	not	not	PART
ajfa-4533	204	13	be	be	AUX
ajfa-4533	204	14	met	meet	VERB
ajfa-4533	204	15	by	by	ADP
ajfa-4533	204	16	internal	internal	ADJ
ajfa-4533	204	17	finance	finance	NOUN
ajfa-4533	204	18	.	.	PUNCT
ajfa-4533	205	1	the	the	DET
ajfa-4533	205	2	managers	manager	NOUN
ajfa-4533	205	3	will	will	AUX
ajfa-4533	205	4	only	only	ADV
ajfa-4533	205	5	issue	issue	VERB
ajfa-4533	205	6	the	the	DET
ajfa-4533	205	7	equity	equity	NOUN
ajfa-4533	205	8	as	as	ADP
ajfa-4533	205	9	the	the	DET
ajfa-4533	205	10	least	least	ADV
ajfa-4533	205	11	preferred	preferred	ADJ
ajfa-4533	205	12	choice	choice	NOUN
ajfa-4533	205	13	when	when	SCONJ
ajfa-4533	205	14	the	the	DET
ajfa-4533	205	15	options	option	NOUN
ajfa-4533	205	16	of	of	ADP
ajfa-4533	205	17	borrowing	borrowing	NOUN
ajfa-4533	205	18	were	be	AUX
ajfa-4533	205	19	exhausted	exhaust	VERB
ajfa-4533	205	20	.	.	PUNCT
ajfa-4533	206	1	furthermore	furthermore	ADV
ajfa-4533	206	2	,	,	PUNCT
ajfa-4533	206	3	as	as	SCONJ
ajfa-4533	206	4	mentioned	mention	VERB
ajfa-4533	206	5	earlier	early	ADV
ajfa-4533	206	6	,	,	PUNCT
ajfa-4533	206	7	debt	debt	NOUN
ajfa-4533	206	8	financing	financing	NOUN
ajfa-4533	206	9	is	be	AUX
ajfa-4533	206	10	obligated	obligate	VERB
ajfa-4533	206	11	to	to	ADP
ajfa-4533	206	12	a	a	DET
ajfa-4533	206	13	fixed	fix	VERB
ajfa-4533	206	14	interest	interest	NOUN
ajfa-4533	206	15	payment	payment	NOUN
ajfa-4533	206	16	regardless	regardless	ADV
ajfa-4533	206	17	of	of	ADP
ajfa-4533	206	18	the	the	DET
ajfa-4533	206	19	company	company	NOUN
ajfa-4533	206	20	’s	’s	PART
ajfa-4533	206	21	performance	performance	NOUN
ajfa-4533	206	22	.	.	PUNCT
ajfa-4533	207	1	thus	thus	ADV
ajfa-4533	207	2	,	,	PUNCT
ajfa-4533	207	3	in	in	ADP
ajfa-4533	207	4	the	the	DET
ajfa-4533	207	5	short	short	ADJ
ajfa-4533	207	6	run	run	NOUN
ajfa-4533	207	7	,	,	PUNCT
ajfa-4533	207	8	profitability	profitability	NOUN
ajfa-4533	207	9	is	be	AUX
ajfa-4533	207	10	negatively	negatively	ADV
ajfa-4533	207	11	correlated	correlate	VERB
ajfa-4533	207	12	with	with	ADP
ajfa-4533	207	13	leverage	leverage	NOUN
ajfa-4533	207	14	.	.	PUNCT
ajfa-4533	208	1	company	company	NOUN
ajfa-4533	208	2	growth	growth	VERB
ajfa-4533	208	3	the	the	DET
ajfa-4533	208	4	empirical	empirical	ADJ
ajfa-4533	208	5	results	result	NOUN
ajfa-4533	208	6	supported	support	VERB
ajfa-4533	208	7	the	the	DET
ajfa-4533	208	8	research	research	NOUN
ajfa-4533	208	9	hypothesis	hypothesis	NOUN
ajfa-4533	208	10	4	4	NUM
ajfa-4533	208	11	,	,	PUNCT
ajfa-4533	208	12	thus	thus	ADV
ajfa-4533	208	13	,	,	PUNCT
ajfa-4533	208	14	company	company	NOUN
ajfa-4533	208	15	growth	growth	NOUN
ajfa-4533	208	16	is	be	AUX
ajfa-4533	208	17	negatively	negatively	ADV
ajfa-4533	208	18	related	relate	VERB
ajfa-4533	208	19	to	to	ADP
ajfa-4533	208	20	the	the	DET
ajfa-4533	208	21	debt	debt	NOUN
ajfa-4533	208	22	ratio	ratio	NOUN
ajfa-4533	208	23	.	.	PUNCT
ajfa-4533	209	1	the	the	DET
ajfa-4533	209	2	findings	finding	NOUN
ajfa-4533	209	3	are	be	AUX
ajfa-4533	209	4	consistent	consistent	ADJ
ajfa-4533	209	5	with	with	ADP
ajfa-4533	209	6	studies	study	NOUN
ajfa-4533	209	7	of	of	ADP
ajfa-4533	209	8	titman	titman	NOUN
ajfa-4533	209	9	and	and	CCONJ
ajfa-4533	209	10	asian	asian	ADJ
ajfa-4533	209	11	journal	journal	NOUN
ajfa-4533	209	12	of	of	ADP
ajfa-4533	209	13	finance	finance	PROPN
ajfa-4533	209	14	&	&	CCONJ
ajfa-4533	209	15	accounting	accounting	PROPN
ajfa-4533	209	16	issn	issn	PROPN
ajfa-4533	209	17	1946	1946	NUM
ajfa-4533	209	18	-	-	PUNCT
ajfa-4533	209	19	052x	052x	NOUN
ajfa-4533	209	20	2013	2013	NUM
ajfa-4533	209	21	,	,	PUNCT
ajfa-4533	209	22	vol	vol	NOUN
ajfa-4533	209	23	.	.	PROPN
ajfa-4533	209	24	5	5	NUM
ajfa-4533	209	25	,	,	PUNCT
ajfa-4533	209	26	no	no	INTJ
ajfa-4533	209	27	.	.	NOUN
ajfa-4533	209	28	2	2	NUM
ajfa-4533	209	29	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4533	209	30	339	339	NUM
ajfa-4533	209	31	wessels	wessel	NOUN
ajfa-4533	209	32	(	(	PUNCT
ajfa-4533	209	33	1998	1998	NUM
ajfa-4533	209	34	)	)	PUNCT
ajfa-4533	209	35	and	and	CCONJ
ajfa-4533	209	36	eldomiaty	eldomiaty	NOUN
ajfa-4533	209	37	(	(	PUNCT
ajfa-4533	209	38	2008	2008	NUM
ajfa-4533	209	39	)	)	PUNCT
ajfa-4533	209	40	.	.	PUNCT
ajfa-4533	210	1	the	the	DET
ajfa-4533	210	2	inverse	inverse	NOUN
ajfa-4533	210	3	relationship	relationship	NOUN
ajfa-4533	210	4	between	between	ADP
ajfa-4533	210	5	company	company	NOUN
ajfa-4533	210	6	growth	growth	NOUN
ajfa-4533	210	7	and	and	CCONJ
ajfa-4533	210	8	debt	debt	NOUN
ajfa-4533	210	9	ratio	ratio	NOUN
ajfa-4533	210	10	is	be	AUX
ajfa-4533	210	11	in	in	ADP
ajfa-4533	210	12	line	line	NOUN
ajfa-4533	210	13	with	with	ADP
ajfa-4533	210	14	assumptions	assumption	NOUN
ajfa-4533	210	15	of	of	ADP
ajfa-4533	210	16	agency	agency	NOUN
ajfa-4533	210	17	theory	theory	NOUN
ajfa-4533	210	18	.	.	PUNCT
ajfa-4533	211	1	most	most	ADV
ajfa-4533	211	2	often	often	ADV
ajfa-4533	211	3	,	,	PUNCT
ajfa-4533	211	4	higher	high	ADJ
ajfa-4533	211	5	growth	growth	NOUN
ajfa-4533	211	6	opportunities	opportunity	NOUN
ajfa-4533	211	7	provide	provide	VERB
ajfa-4533	211	8	incentives	incentive	NOUN
ajfa-4533	211	9	to	to	PART
ajfa-4533	211	10	invest	invest	VERB
ajfa-4533	211	11	.	.	PUNCT
ajfa-4533	212	1	the	the	DET
ajfa-4533	212	2	high	high	ADJ
ajfa-4533	212	3	investment	investment	NOUN
ajfa-4533	212	4	increases	increase	VERB
ajfa-4533	212	5	the	the	DET
ajfa-4533	212	6	cost	cost	NOUN
ajfa-4533	212	7	of	of	ADP
ajfa-4533	212	8	borrowing	borrowing	NOUN
ajfa-4533	212	9	and	and	CCONJ
ajfa-4533	212	10	lead	lead	VERB
ajfa-4533	212	11	to	to	ADP
ajfa-4533	212	12	smaller	small	ADJ
ajfa-4533	212	13	pool	pool	NOUN
ajfa-4533	212	14	of	of	ADP
ajfa-4533	212	15	debt	debt	NOUN
ajfa-4533	212	16	funds	fund	NOUN
ajfa-4533	212	17	.	.	PUNCT
ajfa-4533	213	1	thus	thus	ADV
ajfa-4533	213	2	,	,	PUNCT
ajfa-4533	213	3	growth	growth	NOUN
ajfa-4533	213	4	firms	firm	NOUN
ajfa-4533	213	5	tend	tend	VERB
ajfa-4533	213	6	to	to	PART
ajfa-4533	213	7	use	use	VERB
ajfa-4533	213	8	internalized	internalized	ADJ
ajfa-4533	213	9	funds	fund	NOUN
ajfa-4533	213	10	or	or	CCONJ
ajfa-4533	213	11	equity	equity	NOUN
ajfa-4533	213	12	rather	rather	ADV
ajfa-4533	213	13	than	than	ADP
ajfa-4533	213	14	debt	debt	NOUN
ajfa-4533	213	15	.	.	PUNCT
ajfa-4533	214	1	moreover	moreover	ADV
ajfa-4533	214	2	,	,	PUNCT
ajfa-4533	214	3	firms	firm	NOUN
ajfa-4533	214	4	experiencing	experience	VERB
ajfa-4533	214	5	high	high	ADJ
ajfa-4533	214	6	growth	growth	NOUN
ajfa-4533	214	7	rates	rate	NOUN
ajfa-4533	214	8	prefer	prefer	VERB
ajfa-4533	214	9	not	not	PART
ajfa-4533	214	10	to	to	PART
ajfa-4533	214	11	increase	increase	VERB
ajfa-4533	214	12	its	its	PRON
ajfa-4533	214	13	level	level	NOUN
ajfa-4533	214	14	of	of	ADP
ajfa-4533	214	15	debt	debt	NOUN
ajfa-4533	214	16	because	because	SCONJ
ajfa-4533	214	17	their	their	PRON
ajfa-4533	214	18	cash	cash	NOUN
ajfa-4533	214	19	flow	flow	NOUN
ajfa-4533	214	20	might	might	AUX
ajfa-4533	214	21	not	not	PART
ajfa-4533	214	22	sustain	sustain	VERB
ajfa-4533	214	23	servicing	service	VERB
ajfa-4533	214	24	the	the	DET
ajfa-4533	214	25	debt	debt	NOUN
ajfa-4533	214	26	when	when	SCONJ
ajfa-4533	214	27	needed	need	VERB
ajfa-4533	214	28	.	.	PUNCT
ajfa-4533	215	1	tangibility	tangibility	NOUN
ajfa-4533	215	2	the	the	DET
ajfa-4533	215	3	empirical	empirical	ADJ
ajfa-4533	215	4	results	result	NOUN
ajfa-4533	215	5	supported	support	VERB
ajfa-4533	215	6	the	the	DET
ajfa-4533	215	7	research	research	NOUN
ajfa-4533	215	8	hypothesis	hypothesis	NOUN
ajfa-4533	215	9	5	5	NUM
ajfa-4533	215	10	,	,	PUNCT
ajfa-4533	215	11	thus	thus	ADV
ajfa-4533	215	12	,	,	PUNCT
ajfa-4533	215	13	tangibility	tangibility	NOUN
ajfa-4533	215	14	is	be	AUX
ajfa-4533	215	15	positively	positively	ADV
ajfa-4533	215	16	related	relate	VERB
ajfa-4533	215	17	to	to	ADP
ajfa-4533	215	18	the	the	DET
ajfa-4533	215	19	debt	debt	NOUN
ajfa-4533	215	20	ratio	ratio	NOUN
ajfa-4533	215	21	.	.	PUNCT
ajfa-4533	216	1	the	the	DET
ajfa-4533	216	2	findings	finding	NOUN
ajfa-4533	216	3	are	be	AUX
ajfa-4533	216	4	in	in	ADP
ajfa-4533	216	5	line	line	NOUN
ajfa-4533	216	6	with	with	ADP
ajfa-4533	216	7	many	many	ADJ
ajfa-4533	216	8	previous	previous	ADJ
ajfa-4533	216	9	studies	study	NOUN
ajfa-4533	216	10	such	such	ADJ
ajfa-4533	216	11	as	as	ADP
ajfa-4533	216	12	rajan	rajan	PROPN
ajfa-4533	216	13	and	and	CCONJ
ajfa-4533	216	14	zingales	zingales	PROPN
ajfa-4533	216	15	(	(	PUNCT
ajfa-4533	216	16	1995	1995	NUM
ajfa-4533	216	17	)	)	PUNCT
ajfa-4533	216	18	,	,	PUNCT
ajfa-4533	216	19	bevean	bevean	NOUN
ajfa-4533	216	20	and	and	CCONJ
ajfa-4533	216	21	danbolt	danbolt	NOUN
ajfa-4533	216	22	(	(	PUNCT
ajfa-4533	216	23	2001	2001	NUM
ajfa-4533	216	24	)	)	PUNCT
ajfa-4533	216	25	,	,	PUNCT
ajfa-4533	216	26	suto	suto	NOUN
ajfa-4533	216	27	(	(	PUNCT
ajfa-4533	216	28	2003	2003	NUM
ajfa-4533	216	29	)	)	PUNCT
ajfa-4533	216	30	,	,	PUNCT
ajfa-4533	216	31	pandey	pandey	PROPN
ajfa-4533	216	32	(	(	PUNCT
ajfa-4533	216	33	2007	2007	NUM
ajfa-4533	216	34	)	)	PUNCT
ajfa-4533	216	35	and	and	CCONJ
ajfa-4533	216	36	chakraborty	chakraborty	PROPN
ajfa-4533	216	37	(	(	PUNCT
ajfa-4533	216	38	2010	2010	NUM
ajfa-4533	216	39	)	)	PUNCT
ajfa-4533	216	40	.	.	PUNCT
ajfa-4533	217	1	the	the	DET
ajfa-4533	217	2	positive	positive	ADJ
ajfa-4533	217	3	relationship	relationship	NOUN
ajfa-4533	217	4	between	between	ADP
ajfa-4533	217	5	tangibility	tangibility	NOUN
ajfa-4533	217	6	and	and	CCONJ
ajfa-4533	217	7	debt	debt	NOUN
ajfa-4533	217	8	ratio	ratio	NOUN
ajfa-4533	217	9	can	can	AUX
ajfa-4533	217	10	be	be	AUX
ajfa-4533	217	11	explained	explain	VERB
ajfa-4533	217	12	by	by	ADP
ajfa-4533	217	13	the	the	DET
ajfa-4533	217	14	static	static	ADJ
ajfa-4533	217	15	trade	trade	NOUN
ajfa-4533	217	16	-	-	PUNCT
ajfa-4533	217	17	off	off	ADP
ajfa-4533	217	18	theory	theory	NOUN
ajfa-4533	217	19	and	and	CCONJ
ajfa-4533	217	20	pecking	pecking	NOUN
ajfa-4533	217	21	-	-	PUNCT
ajfa-4533	217	22	order	order	NOUN
ajfa-4533	217	23	theory	theory	NOUN
ajfa-4533	217	24	.	.	PUNCT
ajfa-4533	218	1	from	from	ADP
ajfa-4533	218	2	a	a	DET
ajfa-4533	218	3	static	static	ADJ
ajfa-4533	218	4	trade	trade	NOUN
ajfa-4533	218	5	-	-	PUNCT
ajfa-4533	218	6	off	off	ADP
ajfa-4533	218	7	perspective	perspective	NOUN
ajfa-4533	218	8	,	,	PUNCT
ajfa-4533	218	9	firms	firm	NOUN
ajfa-4533	218	10	with	with	ADP
ajfa-4533	218	11	a	a	DET
ajfa-4533	218	12	lot	lot	NOUN
ajfa-4533	218	13	of	of	ADP
ajfa-4533	218	14	fixed	fix	VERB
ajfa-4533	218	15	assets	asset	NOUN
ajfa-4533	218	16	find	find	VERB
ajfa-4533	218	17	it	it	PRON
ajfa-4533	218	18	easier	easy	ADJ
ajfa-4533	218	19	to	to	PART
ajfa-4533	218	20	issue	issue	VERB
ajfa-4533	218	21	bonds	bond	NOUN
ajfa-4533	218	22	or	or	CCONJ
ajfa-4533	218	23	get	get	VERB
ajfa-4533	218	24	loan	loan	NOUN
ajfa-4533	218	25	from	from	ADP
ajfa-4533	218	26	banks	bank	NOUN
ajfa-4533	218	27	because	because	SCONJ
ajfa-4533	218	28	the	the	DET
ajfa-4533	218	29	fixed	fix	VERB
ajfa-4533	218	30	assets	asset	NOUN
ajfa-4533	218	31	of	of	ADP
ajfa-4533	218	32	the	the	DET
ajfa-4533	218	33	company	company	NOUN
ajfa-4533	218	34	will	will	AUX
ajfa-4533	218	35	be	be	AUX
ajfa-4533	218	36	able	able	ADJ
ajfa-4533	218	37	to	to	PART
ajfa-4533	218	38	serve	serve	VERB
ajfa-4533	218	39	as	as	ADP
ajfa-4533	218	40	collateral	collateral	NOUN
ajfa-4533	218	41	for	for	ADP
ajfa-4533	218	42	the	the	DET
ajfa-4533	218	43	borrowing	borrowing	NOUN
ajfa-4533	218	44	and	and	CCONJ
ajfa-4533	218	45	reduces	reduce	VERB
ajfa-4533	218	46	the	the	DET
ajfa-4533	218	47	default	default	NOUN
ajfa-4533	218	48	risk	risk	NOUN
ajfa-4533	218	49	for	for	ADP
ajfa-4533	218	50	the	the	DET
ajfa-4533	218	51	lenders	lender	NOUN
ajfa-4533	218	52	.	.	PUNCT
ajfa-4533	219	1	under	under	ADP
ajfa-4533	219	2	the	the	DET
ajfa-4533	219	3	pecking	pecking	NOUN
ajfa-4533	219	4	-	-	PUNCT
ajfa-4533	219	5	order	order	NOUN
ajfa-4533	219	6	theory	theory	NOUN
ajfa-4533	219	7	,	,	PUNCT
ajfa-4533	219	8	the	the	PRON
ajfa-4533	219	9	greater	great	ADJ
ajfa-4533	219	10	the	the	DET
ajfa-4533	219	11	value	value	NOUN
ajfa-4533	219	12	of	of	ADP
ajfa-4533	219	13	the	the	DET
ajfa-4533	219	14	tangible	tangible	ADJ
ajfa-4533	219	15	assets	asset	NOUN
ajfa-4533	219	16	,	,	PUNCT
ajfa-4533	219	17	the	the	PRON
ajfa-4533	219	18	smaller	small	ADJ
ajfa-4533	219	19	the	the	DET
ajfa-4533	219	20	asymmetric	asymmetric	ADJ
ajfa-4533	219	21	information	information	NOUN
ajfa-4533	219	22	,	,	PUNCT
ajfa-4533	219	23	therefore	therefore	ADV
ajfa-4533	219	24	,	,	PUNCT
ajfa-4533	219	25	it	it	PRON
ajfa-4533	219	26	is	be	AUX
ajfa-4533	219	27	expected	expect	VERB
ajfa-4533	219	28	that	that	SCONJ
ajfa-4533	219	29	the	the	DET
ajfa-4533	219	30	collateral	collateral	ADJ
ajfa-4533	219	31	value	value	NOUN
ajfa-4533	219	32	might	might	AUX
ajfa-4533	219	33	be	be	AUX
ajfa-4533	219	34	positively	positively	ADV
ajfa-4533	219	35	related	relate	VERB
ajfa-4533	219	36	to	to	ADP
ajfa-4533	219	37	the	the	DET
ajfa-4533	219	38	debt	debt	NOUN
ajfa-4533	219	39	ratio	ratio	NOUN
ajfa-4533	219	40	.	.	PUNCT
ajfa-4533	220	1	conclusion	conclusion	NOUN
ajfa-4533	220	2	and	and	CCONJ
ajfa-4533	220	3	implications	implication	NOUN
ajfa-4533	220	4	the	the	DET
ajfa-4533	220	5	empirical	empirical	ADJ
ajfa-4533	220	6	evidence	evidence	NOUN
ajfa-4533	220	7	from	from	ADP
ajfa-4533	220	8	this	this	DET
ajfa-4533	220	9	study	study	NOUN
ajfa-4533	220	10	showed	show	VERB
ajfa-4533	220	11	that	that	SCONJ
ajfa-4533	220	12	internationalized	internationalized	ADJ
ajfa-4533	220	13	manufacturing	manufacturing	NOUN
ajfa-4533	220	14	firms	firm	NOUN
ajfa-4533	220	15	have	have	VERB
ajfa-4533	220	16	lower	low	ADJ
ajfa-4533	220	17	debt	debt	NOUN
ajfa-4533	220	18	ratio	ratio	NOUN
ajfa-4533	220	19	than	than	ADP
ajfa-4533	220	20	the	the	DET
ajfa-4533	220	21	domestic	domestic	ADJ
ajfa-4533	220	22	manufacturing	manufacturing	NOUN
ajfa-4533	220	23	firms	firm	NOUN
ajfa-4533	220	24	.	.	PUNCT
ajfa-4533	221	1	this	this	PRON
ajfa-4533	221	2	documented	document	VERB
ajfa-4533	221	3	important	important	ADJ
ajfa-4533	221	4	implications	implication	NOUN
ajfa-4533	221	5	to	to	ADP
ajfa-4533	221	6	the	the	DET
ajfa-4533	221	7	internationalized	internationalized	ADJ
ajfa-4533	221	8	firm	firm	ADJ
ajfa-4533	221	9	managers	manager	NOUN
ajfa-4533	221	10	,	,	PUNCT
ajfa-4533	221	11	policy	policy	NOUN
ajfa-4533	221	12	makers	maker	NOUN
ajfa-4533	221	13	,	,	PUNCT
ajfa-4533	221	14	investors	investor	NOUN
ajfa-4533	221	15	and	and	CCONJ
ajfa-4533	221	16	academic	academic	ADJ
ajfa-4533	221	17	researchers	researcher	NOUN
ajfa-4533	221	18	who	who	PRON
ajfa-4533	221	19	are	be	AUX
ajfa-4533	221	20	interested	interested	ADJ
ajfa-4533	221	21	in	in	ADP
ajfa-4533	221	22	international	international	ADJ
ajfa-4533	221	23	finance	finance	NOUN
ajfa-4533	221	24	.	.	PUNCT
ajfa-4533	222	1	for	for	ADP
ajfa-4533	222	2	example	example	NOUN
ajfa-4533	222	3	,	,	PUNCT
ajfa-4533	222	4	the	the	DET
ajfa-4533	222	5	internationalized	internationalized	ADJ
ajfa-4533	222	6	firm	firm	ADJ
ajfa-4533	222	7	managers	manager	NOUN
ajfa-4533	222	8	and	and	CCONJ
ajfa-4533	222	9	policy	policy	NOUN
ajfa-4533	222	10	makers	maker	NOUN
ajfa-4533	222	11	should	should	AUX
ajfa-4533	222	12	encourage	encourage	VERB
ajfa-4533	222	13	the	the	DET
ajfa-4533	222	14	company	company	NOUN
ajfa-4533	222	15	to	to	PART
ajfa-4533	222	16	engage	engage	VERB
ajfa-4533	222	17	on	on	ADP
ajfa-4533	222	18	international	international	ADJ
ajfa-4533	222	19	diversification	diversification	NOUN
ajfa-4533	222	20	.	.	PUNCT
ajfa-4533	223	1	according	accord	VERB
ajfa-4533	223	2	to	to	ADP
ajfa-4533	223	3	pecking	pecking	NOUN
ajfa-4533	223	4	-	-	PUNCT
ajfa-4533	223	5	order	order	NOUN
ajfa-4533	223	6	theory	theory	NOUN
ajfa-4533	223	7	,	,	PUNCT
ajfa-4533	223	8	companies	company	NOUN
ajfa-4533	223	9	that	that	PRON
ajfa-4533	223	10	pursue	pursue	VERB
ajfa-4533	223	11	international	international	ADJ
ajfa-4533	223	12	diversification	diversification	NOUN
ajfa-4533	223	13	can	can	AUX
ajfa-4533	223	14	spread	spread	VERB
ajfa-4533	223	15	the	the	DET
ajfa-4533	223	16	business	business	NOUN
ajfa-4533	223	17	risk	risk	NOUN
ajfa-4533	223	18	from	from	ADP
ajfa-4533	223	19	one	one	NUM
ajfa-4533	223	20	solely	solely	ADV
ajfa-4533	223	21	market	market	NOUN
ajfa-4533	223	22	to	to	ADP
ajfa-4533	223	23	other	other	ADJ
ajfa-4533	223	24	regional	regional	ADJ
ajfa-4533	223	25	markets	market	NOUN
ajfa-4533	223	26	.	.	PUNCT
ajfa-4533	224	1	besides	besides	SCONJ
ajfa-4533	224	2	,	,	PUNCT
ajfa-4533	224	3	the	the	DET
ajfa-4533	224	4	results	result	NOUN
ajfa-4533	224	5	of	of	ADP
ajfa-4533	224	6	this	this	DET
ajfa-4533	224	7	study	study	NOUN
ajfa-4533	224	8	showed	show	VERB
ajfa-4533	224	9	that	that	SCONJ
ajfa-4533	224	10	internationalized	internationalized	ADJ
ajfa-4533	224	11	firms	firm	NOUN
ajfa-4533	224	12	are	be	AUX
ajfa-4533	224	13	likely	likely	ADJ
ajfa-4533	224	14	to	to	PART
ajfa-4533	224	15	have	have	VERB
ajfa-4533	224	16	lower	low	ADJ
ajfa-4533	224	17	leverage	leverage	NOUN
ajfa-4533	224	18	.	.	PUNCT
ajfa-4533	225	1	thus	thus	ADV
ajfa-4533	225	2	,	,	PUNCT
ajfa-4533	225	3	the	the	DET
ajfa-4533	225	4	firms	firm	NOUN
ajfa-4533	225	5	are	be	AUX
ajfa-4533	225	6	considered	consider	VERB
ajfa-4533	225	7	less	less	ADV
ajfa-4533	225	8	risky	risky	ADJ
ajfa-4533	225	9	as	as	SCONJ
ajfa-4533	225	10	the	the	DET
ajfa-4533	225	11	firms	firm	NOUN
ajfa-4533	225	12	do	do	VERB
ajfa-4533	225	13	not	not	PART
ajfa-4533	225	14	much	much	ADJ
ajfa-4533	225	15	obligation	obligation	NOUN
ajfa-4533	225	16	in	in	ADP
ajfa-4533	225	17	paying	pay	VERB
ajfa-4533	225	18	the	the	DET
ajfa-4533	225	19	debt	debt	NOUN
ajfa-4533	225	20	interest	interest	NOUN
ajfa-4533	225	21	payment	payment	NOUN
ajfa-4533	225	22	.	.	PUNCT
ajfa-4533	226	1	this	this	PRON
ajfa-4533	226	2	is	be	AUX
ajfa-4533	226	3	even	even	ADV
ajfa-4533	226	4	risk	risk	NOUN
ajfa-4533	226	5	-	-	PUNCT
ajfa-4533	226	6	reducing	reducing	NOUN
ajfa-4533	226	7	as	as	SCONJ
ajfa-4533	226	8	the	the	DET
ajfa-4533	226	9	firms	firm	NOUN
ajfa-4533	226	10	are	be	AUX
ajfa-4533	226	11	less	less	ADV
ajfa-4533	226	12	borne	bear	VERB
ajfa-4533	226	13	to	to	ADP
ajfa-4533	226	14	the	the	DET
ajfa-4533	226	15	bankruptcy	bankruptcy	NOUN
ajfa-4533	226	16	costs	cost	NOUN
ajfa-4533	226	17	when	when	SCONJ
ajfa-4533	226	18	facing	face	VERB
ajfa-4533	226	19	financial	financial	ADJ
ajfa-4533	226	20	crisis	crisis	NOUN
ajfa-4533	226	21	.	.	PUNCT
ajfa-4533	227	1	in	in	ADP
ajfa-4533	227	2	the	the	DET
ajfa-4533	227	3	view	view	NOUN
ajfa-4533	227	4	of	of	ADP
ajfa-4533	227	5	equity	equity	NOUN
ajfa-4533	227	6	investors	investor	NOUN
ajfa-4533	227	7	,	,	PUNCT
ajfa-4533	227	8	the	the	DET
ajfa-4533	227	9	stock	stock	NOUN
ajfa-4533	227	10	of	of	ADP
ajfa-4533	227	11	internationalized	internationalized	ADJ
ajfa-4533	227	12	firms	firm	NOUN
ajfa-4533	227	13	is	be	AUX
ajfa-4533	227	14	preferred	prefer	VERB
ajfa-4533	227	15	than	than	ADP
ajfa-4533	227	16	the	the	DET
ajfa-4533	227	17	stock	stock	NOUN
ajfa-4533	227	18	of	of	ADP
ajfa-4533	227	19	domestic	domestic	ADJ
ajfa-4533	227	20	firms	firm	NOUN
ajfa-4533	227	21	.	.	PUNCT
ajfa-4533	228	1	as	as	SCONJ
ajfa-4533	228	2	explained	explain	VERB
ajfa-4533	228	3	above	above	ADV
ajfa-4533	228	4	,	,	PUNCT
ajfa-4533	228	5	internationalized	internationalized	ADJ
ajfa-4533	228	6	firms	firm	NOUN
ajfa-4533	228	7	have	have	VERB
ajfa-4533	228	8	lower	low	ADJ
ajfa-4533	228	9	debt	debt	NOUN
ajfa-4533	228	10	;	;	PUNCT
ajfa-4533	228	11	the	the	DET
ajfa-4533	228	12	reduced	reduced	ADJ
ajfa-4533	228	13	bankruptcy	bankruptcy	NOUN
ajfa-4533	228	14	costs	cost	NOUN
ajfa-4533	228	15	and	and	CCONJ
ajfa-4533	228	16	less	less	ADJ
ajfa-4533	228	17	debt	debt	NOUN
ajfa-4533	228	18	interest	interest	NOUN
ajfa-4533	228	19	payment	payment	NOUN
ajfa-4533	228	20	obligation	obligation	NOUN
ajfa-4533	228	21	make	make	VERB
ajfa-4533	228	22	the	the	DET
ajfa-4533	228	23	firms	firm	NOUN
ajfa-4533	228	24	less	less	ADV
ajfa-4533	228	25	risky	risky	ADJ
ajfa-4533	228	26	and	and	CCONJ
ajfa-4533	228	27	more	more	ADV
ajfa-4533	228	28	financially	financially	ADV
ajfa-4533	228	29	stable	stable	ADJ
ajfa-4533	228	30	.	.	PUNCT
ajfa-4533	229	1	vice	vice	PROPN
ajfa-4533	229	2	versa	versa	ADV
ajfa-4533	229	3	,	,	PUNCT
ajfa-4533	229	4	the	the	DET
ajfa-4533	229	5	debt	debt	NOUN
ajfa-4533	229	6	investors	investor	NOUN
ajfa-4533	229	7	should	should	AUX
ajfa-4533	229	8	invest	invest	VERB
ajfa-4533	229	9	by	by	ADP
ajfa-4533	229	10	lending	lend	VERB
ajfa-4533	229	11	the	the	DET
ajfa-4533	229	12	fund	fund	NOUN
ajfa-4533	229	13	in	in	ADP
ajfa-4533	229	14	the	the	DET
ajfa-4533	229	15	domestic	domestic	ADJ
ajfa-4533	229	16	firms	firm	NOUN
ajfa-4533	229	17	.	.	PUNCT
ajfa-4533	230	1	the	the	DET
ajfa-4533	230	2	agency	agency	NOUN
ajfa-4533	230	3	problem	problem	NOUN
ajfa-4533	230	4	such	such	ADJ
ajfa-4533	230	5	as	as	ADP
ajfa-4533	230	6	monitoring	monitor	VERB
ajfa-4533	230	7	costs	cost	NOUN
ajfa-4533	230	8	can	can	AUX
ajfa-4533	230	9	be	be	AUX
ajfa-4533	230	10	mitigated	mitigate	VERB
ajfa-4533	230	11	as	as	SCONJ
ajfa-4533	230	12	the	the	DET
ajfa-4533	230	13	debt	debt	NOUN
ajfa-4533	230	14	investors	investor	NOUN
ajfa-4533	230	15	can	can	AUX
ajfa-4533	230	16	assess	assess	VERB
ajfa-4533	230	17	these	these	DET
ajfa-4533	230	18	domestic	domestic	ADJ
ajfa-4533	230	19	firms	firm	NOUN
ajfa-4533	230	20	without	without	ADP
ajfa-4533	230	21	extra	extra	ADJ
ajfa-4533	230	22	monitoring	monitoring	NOUN
ajfa-4533	230	23	costs	cost	NOUN
ajfa-4533	230	24	compared	compare	VERB
ajfa-4533	230	25	to	to	ADP
ajfa-4533	230	26	internationalized	internationalized	ADJ
ajfa-4533	230	27	firms	firm	NOUN
ajfa-4533	230	28	.	.	PUNCT
ajfa-4533	231	1	therefore	therefore	ADV
ajfa-4533	231	2	,	,	PUNCT
ajfa-4533	231	3	this	this	DET
ajfa-4533	231	4	study	study	NOUN
ajfa-4533	231	5	portrayed	portray	VERB
ajfa-4533	231	6	the	the	DET
ajfa-4533	231	7	consistent	consistent	ADJ
ajfa-4533	231	8	results	result	NOUN
ajfa-4533	231	9	that	that	SCONJ
ajfa-4533	231	10	domestic	domestic	ADJ
ajfa-4533	231	11	firms	firm	NOUN
ajfa-4533	231	12	have	have	VERB
ajfa-4533	231	13	higher	high	ADJ
ajfa-4533	231	14	debt	debt	NOUN
ajfa-4533	231	15	ratio	ratio	NOUN
ajfa-4533	231	16	.	.	PUNCT
ajfa-4533	232	1	future	future	ADJ
ajfa-4533	232	2	research	research	NOUN
ajfa-4533	232	3	may	may	AUX
ajfa-4533	232	4	extend	extend	VERB
ajfa-4533	232	5	this	this	DET
ajfa-4533	232	6	study	study	NOUN
ajfa-4533	232	7	in	in	ADP
ajfa-4533	232	8	more	more	ADJ
ajfa-4533	232	9	details	detail	NOUN
ajfa-4533	232	10	by	by	ADP
ajfa-4533	232	11	adopting	adopt	VERB
ajfa-4533	232	12	more	more	ADV
ajfa-4533	232	13	independent	independent	ADJ
ajfa-4533	232	14	variables	variable	NOUN
ajfa-4533	232	15	.	.	PUNCT
ajfa-4533	233	1	it	it	PRON
ajfa-4533	233	2	is	be	AUX
ajfa-4533	233	3	suggested	suggest	VERB
ajfa-4533	233	4	to	to	PART
ajfa-4533	233	5	include	include	VERB
ajfa-4533	233	6	other	other	ADJ
ajfa-4533	233	7	definitions	definition	NOUN
ajfa-4533	233	8	of	of	ADP
ajfa-4533	233	9	capital	capital	NOUN
ajfa-4533	233	10	structure	structure	NOUN
ajfa-4533	233	11	such	such	ADJ
ajfa-4533	233	12	as	as	ADP
ajfa-4533	233	13	short	short	ADJ
ajfa-4533	233	14	-	-	PUNCT
ajfa-4533	233	15	term	term	NOUN
ajfa-4533	233	16	debt	debt	NOUN
ajfa-4533	233	17	ratio	ratio	NOUN
ajfa-4533	233	18	and	and	CCONJ
ajfa-4533	233	19	long	long	ADJ
ajfa-4533	233	20	-	-	PUNCT
ajfa-4533	233	21	term	term	NOUN
ajfa-4533	233	22	debt	debt	NOUN
ajfa-4533	233	23	ratio	ratio	NOUN
ajfa-4533	233	24	.	.	PUNCT
ajfa-4533	234	1	the	the	DET
ajfa-4533	234	2	decomposition	decomposition	NOUN
ajfa-4533	234	3	of	of	ADP
ajfa-4533	234	4	capital	capital	NOUN
ajfa-4533	234	5	structure	structure	NOUN
ajfa-4533	234	6	can	can	AUX
ajfa-4533	234	7	give	give	VERB
ajfa-4533	234	8	clearer	clear	ADJ
ajfa-4533	234	9	insights	insight	NOUN
ajfa-4533	234	10	in	in	ADP
ajfa-4533	234	11	the	the	DET
ajfa-4533	234	12	relationships	relationship	NOUN
ajfa-4533	234	13	of	of	ADP
ajfa-4533	234	14	the	the	DET
ajfa-4533	234	15	determinants	determinant	NOUN
ajfa-4533	234	16	with	with	ADP
ajfa-4533	234	17	the	the	DET
ajfa-4533	234	18	capital	capital	NOUN
ajfa-4533	234	19	structure	structure	NOUN
ajfa-4533	234	20	.	.	PUNCT
ajfa-4533	235	1	besides	besides	SCONJ
ajfa-4533	235	2	,	,	PUNCT
ajfa-4533	235	3	financial	financial	ADJ
ajfa-4533	235	4	data	datum	NOUN
ajfa-4533	235	5	should	should	AUX
ajfa-4533	235	6	asian	asian	ADJ
ajfa-4533	235	7	journal	journal	NOUN
ajfa-4533	235	8	of	of	ADP
ajfa-4533	235	9	finance	finance	PROPN
ajfa-4533	235	10	&	&	CCONJ
ajfa-4533	235	11	accounting	accounting	PROPN
ajfa-4533	235	12	issn	issn	PROPN
ajfa-4533	235	13	1946	1946	NUM
ajfa-4533	235	14	-	-	PUNCT
ajfa-4533	235	15	052x	052x	NOUN
ajfa-4533	235	16	2013	2013	NUM
ajfa-4533	235	17	,	,	PUNCT
ajfa-4533	235	18	vol	vol	NOUN
ajfa-4533	235	19	.	.	PROPN
ajfa-4533	235	20	5	5	NUM
ajfa-4533	235	21	,	,	PUNCT
ajfa-4533	235	22	no	no	INTJ
ajfa-4533	235	23	.	.	NOUN
ajfa-4533	235	24	2	2	NUM
ajfa-4533	235	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4533	235	26	340	340	NUM
ajfa-4533	235	27	cover	cover	VERB
ajfa-4533	235	28	longer	long	ADJ
ajfa-4533	235	29	period	period	NOUN
ajfa-4533	235	30	such	such	ADJ
ajfa-4533	235	31	as	as	ADP
ajfa-4533	235	32	10	10	NUM
ajfa-4533	235	33	-	-	PUNCT
ajfa-4533	235	34	years	year	NOUN
ajfa-4533	235	35	period	period	NOUN
ajfa-4533	235	36	in	in	ADP
ajfa-4533	235	37	order	order	NOUN
ajfa-4533	235	38	to	to	PART
ajfa-4533	235	39	give	give	VERB
ajfa-4533	235	40	more	more	ADV
ajfa-4533	235	41	consistent	consistent	ADJ
ajfa-4533	235	42	insight	insight	NOUN
ajfa-4533	235	43	for	for	ADP
ajfa-4533	235	44	the	the	DET
ajfa-4533	235	45	complete	complete	ADJ
ajfa-4533	235	46	business	business	NOUN
ajfa-4533	235	47	cycle	cycle	NOUN
ajfa-4533	235	48	.	.	PUNCT
ajfa-4533	236	1	references	reference	NOUN
ajfa-4533	236	2	aggarwal	aggarwal	PROPN
ajfa-4533	236	3	,	,	PUNCT
ajfa-4533	236	4	r.	r.	PROPN
ajfa-4533	236	5	and	and	CCONJ
ajfa-4533	236	6	kyaw	kyaw	PROPN
ajfa-4533	236	7	,	,	PUNCT
ajfa-4533	236	8	n.	n.	PROPN
ajfa-4533	236	9	a.	a.	PROPN
ajfa-4533	236	10	(	(	PUNCT
ajfa-4533	236	11	2010	2010	NUM
ajfa-4533	236	12	)	)	PUNCT
ajfa-4533	236	13	.	.	PUNCT
ajfa-4533	237	1	capital	capital	NOUN
ajfa-4533	237	2	structure	structure	NOUN
ajfa-4533	237	3	,	,	PUNCT
ajfa-4533	237	4	dividend	dividend	NOUN
ajfa-4533	237	5	policy	policy	NOUN
ajfa-4533	237	6	,	,	PUNCT
ajfa-4533	237	7	and	and	CCONJ
ajfa-4533	237	8	multinationality	multinationality	NOUN
ajfa-4533	237	9	:	:	PUNCT
ajfa-4533	237	10	theory	theory	NOUN
ajfa-4533	237	11	versus	versus	ADP
ajfa-4533	237	12	empirical	empirical	ADJ
ajfa-4533	237	13	evidence	evidence	NOUN
ajfa-4533	237	14	.	.	PUNCT
ajfa-4533	238	1	international	international	ADJ
ajfa-4533	238	2	review	review	NOUN
ajfa-4533	238	3	of	of	ADP
ajfa-4533	238	4	financial	financial	ADJ
ajfa-4533	238	5	analysis	analysis	NOUN
ajfa-4533	238	6	19(2	19(2	NUM
ajfa-4533	238	7	)	)	PUNCT
ajfa-4533	238	8	,	,	PUNCT
ajfa-4533	238	9	140–150	140–150	NUM
ajfa-4533	238	10	.	.	PUNCT
ajfa-4533	239	1	http://dx.doi.org/10.1016/j.irfa.2010.01.001	http://dx.doi.org/10.1016/j.irfa.2010.01.001	PROPN
ajfa-4533	239	2	booth	booth	PROPN
ajfa-4533	239	3	,	,	PUNCT
ajfa-4533	239	4	a.	a.	NOUN
ajfa-4533	239	5	a.	a.	PROPN
ajfa-4533	239	6	,	,	PUNCT
ajfa-4533	239	7	aivazian	aivazian	PROPN
ajfa-4533	239	8	,	,	PUNCT
ajfa-4533	239	9	v.	v.	PROPN
ajfa-4533	239	10	,	,	PUNCT
ajfa-4533	239	11	demirguc	demirguc	PROPN
ajfa-4533	239	12	-	-	PUNCT
ajfa-4533	239	13	kunt	kunt	PROPN
ajfa-4533	239	14	,	,	PUNCT
ajfa-4533	239	15	a.	a.	NOUN
ajfa-4533	239	16	,	,	PUNCT
ajfa-4533	239	17	&	&	CCONJ
ajfa-4533	239	18	maksimovic	maksimovic	PROPN
ajfa-4533	239	19	,	,	PUNCT
ajfa-4533	239	20	v.	v.	PROPN
ajfa-4533	239	21	(	(	PUNCT
ajfa-4533	239	22	2001	2001	NUM
ajfa-4533	239	23	)	)	PUNCT
ajfa-4533	239	24	.	.	PUNCT
ajfa-4533	240	1	capital	capital	NOUN
ajfa-4533	240	2	structure	structure	NOUN
ajfa-4533	240	3	in	in	ADP
ajfa-4533	240	4	developing	develop	VERB
ajfa-4533	240	5	countries	country	NOUN
ajfa-4533	240	6	.	.	PUNCT
ajfa-4533	241	1	journal	journal	PROPN
ajfa-4533	241	2	of	of	ADP
ajfa-4533	241	3	finance	finance	NOUN
ajfa-4533	241	4	,	,	PUNCT
ajfa-4533	241	5	56	56	NUM
ajfa-4533	241	6	(	(	PUNCT
ajfa-4533	241	7	1	1	NUM
ajfa-4533	241	8	)	)	PUNCT
ajfa-4533	241	9	,	,	PUNCT
ajfa-4533	241	10	87	87	NUM
ajfa-4533	241	11	-	-	SYM
ajfa-4533	241	12	130	130	NUM
ajfa-4533	241	13	.	.	PUNCT
ajfa-4533	242	1	http://dx.doi.org/10.1111/0022-1082.00320	http://dx.doi.org/10.1111/0022-1082.00320	ADP
ajfa-4533	242	2	braitsford	braitsford	NOUN
ajfa-4533	242	3	,	,	PUNCT
ajfa-4533	242	4	t.	t.	PROPN
ajfa-4533	242	5	,	,	PUNCT
ajfa-4533	242	6	oliver	oliver	PROPN
ajfa-4533	242	7	,	,	PUNCT
ajfa-4533	242	8	b.	b.	PROPN
ajfa-4533	242	9	,	,	PUNCT
ajfa-4533	242	10	&	&	CCONJ
ajfa-4533	242	11	pua	pua	PROPN
ajfa-4533	242	12	,	,	PUNCT
ajfa-4533	242	13	s.	s.	PROPN
ajfa-4533	242	14	(	(	PUNCT
ajfa-4533	242	15	2002	2002	NUM
ajfa-4533	242	16	)	)	PUNCT
ajfa-4533	242	17	.	.	PUNCT
ajfa-4533	243	1	on	on	ADP
ajfa-4533	243	2	the	the	DET
ajfa-4533	243	3	relation	relation	NOUN
ajfa-4533	243	4	between	between	ADP
ajfa-4533	243	5	ownership	ownership	NOUN
ajfa-4533	243	6	structure	structure	NOUN
ajfa-4533	243	7	and	and	CCONJ
ajfa-4533	243	8	capital	capital	NOUN
ajfa-4533	243	9	structure	structure	NOUN
ajfa-4533	243	10	.	.	PUNCT
ajfa-4533	244	1	accounting	accounting	NOUN
ajfa-4533	244	2	and	and	CCONJ
ajfa-4533	244	3	finance	finance	NOUN
ajfa-4533	244	4	,	,	PUNCT
ajfa-4533	244	5	42	42	NUM
ajfa-4533	244	6	,	,	PUNCT
ajfa-4533	244	7	1	1	NUM
ajfa-4533	244	8	-	-	SYM
ajfa-4533	244	9	26	26	NUM
ajfa-4533	244	10	.	.	PUNCT
ajfa-4533	245	1	http://dx.doi.org/10.1111/1467-629x.00001	http://dx.doi.org/10.1111/1467-629x.00001	PROPN
ajfa-4533	245	2	burgman	burgman	NOUN
ajfa-4533	245	3	,	,	PUNCT
ajfa-4533	245	4	t.	t.	PROPN
ajfa-4533	245	5	a.	a.	NOUN
ajfa-4533	245	6	(	(	PUNCT
ajfa-4533	245	7	1996	1996	NUM
ajfa-4533	245	8	)	)	PUNCT
ajfa-4533	245	9	.	.	PUNCT
ajfa-4533	246	1	an	an	DET
ajfa-4533	246	2	empirical	empirical	ADJ
ajfa-4533	246	3	examination	examination	NOUN
ajfa-4533	246	4	of	of	ADP
ajfa-4533	246	5	multinational	multinational	ADJ
ajfa-4533	246	6	corporate	corporate	ADJ
ajfa-4533	246	7	capital	capital	NOUN
ajfa-4533	246	8	structure	structure	NOUN
ajfa-4533	246	9	.	.	PUNCT
ajfa-4533	247	1	journal	journal	PROPN
ajfa-4533	247	2	of	of	ADP
ajfa-4533	247	3	international	international	ADJ
ajfa-4533	247	4	business	business	NOUN
ajfa-4533	247	5	studies	study	NOUN
ajfa-4533	247	6	,	,	PUNCT
ajfa-4533	247	7	27(3	27(3	NUM
ajfa-4533	247	8	)	)	PUNCT
ajfa-4533	247	9	,	,	PUNCT
ajfa-4533	247	10	553−570	553−570	PROPN
ajfa-4533	247	11	.	.	PUNCT
ajfa-4533	247	12	http://dx.doi.org/10.1057/palgrave.jibs.8490143	http://dx.doi.org/10.1057/palgrave.jibs.8490143	PROPN
ajfa-4533	247	13	cassar	cassar	PROPN
ajfa-4533	247	14	,	,	PUNCT
ajfa-4533	247	15	g.	g.	PROPN
ajfa-4533	247	16	,	,	PUNCT
ajfa-4533	247	17	&	&	CCONJ
ajfa-4533	247	18	s.	s.	PROPN
ajfa-4533	247	19	holmes	holmes	PROPN
ajfa-4533	247	20	,	,	PUNCT
ajfa-4533	247	21	(	(	PUNCT
ajfa-4533	247	22	2003	2003	NUM
ajfa-4533	247	23	)	)	PUNCT
ajfa-4533	247	24	.	.	PUNCT
ajfa-4533	248	1	capital	capital	NOUN
ajfa-4533	248	2	structure	structure	NOUN
ajfa-4533	248	3	and	and	CCONJ
ajfa-4533	248	4	financing	financing	NOUN
ajfa-4533	248	5	of	of	ADP
ajfa-4533	248	6	smes	sme	NOUN
ajfa-4533	248	7	:	:	PUNCT
ajfa-4533	248	8	australian	australian	ADJ
ajfa-4533	248	9	evidence	evidence	NOUN
ajfa-4533	248	10	.	.	PUNCT
ajfa-4533	249	1	accounting	accounting	NOUN
ajfa-4533	249	2	&	&	CCONJ
ajfa-4533	249	3	finance	finance	PROPN
ajfa-4533	249	4	,	,	PUNCT
ajfa-4533	249	5	43(2	43(2	PROPN
ajfa-4533	249	6	)	)	PUNCT
ajfa-4533	249	7	,	,	PUNCT
ajfa-4533	249	8	123	123	NUM
ajfa-4533	249	9	-	-	SYM
ajfa-4533	249	10	147	147	NUM
ajfa-4533	249	11	.	.	PUNCT
ajfa-4533	250	1	http://dx.doi.org/10.1111/1467-629x.t01-1-00085	http://dx.doi.org/10.1111/1467-629x.t01-1-00085	PROPN
ajfa-4533	250	2	chakraborty	chakraborty	PROPN
ajfa-4533	250	3	,	,	PUNCT
ajfa-4533	250	4	i.	i.	PROPN
ajfa-4533	250	5	(	(	PUNCT
ajfa-4533	250	6	2010	2010	NUM
ajfa-4533	250	7	)	)	PUNCT
ajfa-4533	250	8	.	.	PUNCT
ajfa-4533	251	1	capital	capital	NOUN
ajfa-4533	251	2	structure	structure	NOUN
ajfa-4533	251	3	in	in	ADP
ajfa-4533	251	4	an	an	DET
ajfa-4533	251	5	emerging	emerge	VERB
ajfa-4533	251	6	stock	stock	NOUN
ajfa-4533	251	7	market	market	NOUN
ajfa-4533	251	8	:	:	PUNCT
ajfa-4533	251	9	the	the	DET
ajfa-4533	251	10	case	case	NOUN
ajfa-4533	251	11	of	of	ADP
ajfa-4533	251	12	india	india	PROPN
ajfa-4533	251	13	.	.	PUNCT
ajfa-4533	252	1	research	research	NOUN
ajfa-4533	252	2	in	in	ADP
ajfa-4533	252	3	international	international	ADJ
ajfa-4533	252	4	business	business	NOUN
ajfa-4533	252	5	and	and	CCONJ
ajfa-4533	252	6	finance	finance	NOUN
ajfa-4533	252	7	24(3	24(3	NOUN
ajfa-4533	252	8	)	)	PUNCT
ajfa-4533	252	9	,	,	PUNCT
ajfa-4533	252	10	295–314	295–314	NUM
ajfa-4533	252	11	.	.	PUNCT
ajfa-4533	253	1	http://dx.doi.org/10.1016/j.ribaf.2010.02.001	http://dx.doi.org/10.1016/j.ribaf.2010.02.001	PROPN
ajfa-4533	253	2	chen	chen	PROPN
ajfa-4533	253	3	,	,	PUNCT
ajfa-4533	253	4	c.	c.	PROPN
ajfa-4533	253	5	j.	j.	PROPN
ajfa-4533	253	6	p.	p.	PROPN
ajfa-4533	253	7	,	,	PUNCT
ajfa-4533	253	8	cheng	cheng	PROPN
ajfa-4533	253	9	,	,	PUNCT
ajfa-4533	253	10	c.	c.	PROPN
ajfa-4533	253	11	s.	s.	PROPN
ajfa-4533	253	12	a.	a.	PROPN
ajfa-4533	253	13	,	,	PUNCT
ajfa-4533	253	14	he	he	PRON
ajfa-4533	253	15	,	,	PUNCT
ajfa-4533	253	16	j.	j.	PROPN
ajfa-4533	253	17	,	,	PUNCT
ajfa-4533	253	18	&	&	CCONJ
ajfa-4533	253	19	kim	kim	PROPN
ajfa-4533	253	20	,	,	PUNCT
ajfa-4533	253	21	j.	j.	PROPN
ajfa-4533	253	22	(	(	PUNCT
ajfa-4533	253	23	1997	1997	NUM
ajfa-4533	253	24	)	)	PUNCT
ajfa-4533	253	25	.	.	PUNCT
ajfa-4533	254	1	an	an	DET
ajfa-4533	254	2	investigation	investigation	NOUN
ajfa-4533	254	3	of	of	ADP
ajfa-4533	254	4	the	the	DET
ajfa-4533	254	5	relationship	relationship	NOUN
ajfa-4533	254	6	between	between	ADP
ajfa-4533	254	7	international	international	ADJ
ajfa-4533	254	8	activities	activity	NOUN
ajfa-4533	254	9	and	and	CCONJ
ajfa-4533	254	10	capital	capital	NOUN
ajfa-4533	254	11	structure	structure	NOUN
ajfa-4533	254	12	.	.	PUNCT
ajfa-4533	255	1	journal	journal	PROPN
ajfa-4533	255	2	of	of	ADP
ajfa-4533	255	3	international	international	ADJ
ajfa-4533	255	4	business	business	NOUN
ajfa-4533	255	5	studies	study	NOUN
ajfa-4533	255	6	,	,	PUNCT
ajfa-4533	255	7	28(3	28(3	NUM
ajfa-4533	255	8	)	)	PUNCT
ajfa-4533	255	9	,	,	PUNCT
ajfa-4533	255	10	563–577	563–577	NUM
ajfa-4533	255	11	.	.	PUNCT
ajfa-4533	256	1	http://dx.doi.org/10.1057/palgrave.jibs.8490111	http://dx.doi.org/10.1057/palgrave.jibs.8490111	PROPN
ajfa-4533	256	2	chen	chen	PROPN
ajfa-4533	256	3	,	,	PUNCT
ajfa-4533	256	4	c.	c.	PROPN
ajfa-4533	256	5	j.	j.	PROPN
ajfa-4533	256	6	,	,	PUNCT
ajfa-4533	256	7	&	&	CCONJ
ajfa-4533	256	8	yu	yu	PROPN
ajfa-4533	256	9	,	,	PUNCT
ajfa-4533	256	10	c.	c.	PROPN
ajfa-4533	256	11	m.	m.	NOUN
ajfa-4533	256	12	(	(	PUNCT
ajfa-4533	256	13	2011	2011	NUM
ajfa-4533	256	14	)	)	PUNCT
ajfa-4533	256	15	.	.	PUNCT
ajfa-4533	257	1	fdi	fdi	NOUN
ajfa-4533	257	2	,	,	PUNCT
ajfa-4533	257	3	export	export	NOUN
ajfa-4533	257	4	,	,	PUNCT
ajfa-4533	257	5	and	and	CCONJ
ajfa-4533	257	6	capital	capital	NOUN
ajfa-4533	257	7	structure	structure	NOUN
ajfa-4533	257	8	.	.	PUNCT
ajfa-4533	258	1	an	an	DET
ajfa-4533	258	2	agency	agency	NOUN
ajfa-4533	258	3	theory	theory	NOUN
ajfa-4533	258	4	perspective	perspective	NOUN
ajfa-4533	258	5	.	.	PUNCT
ajfa-4533	259	1	management	management	PROPN
ajfa-4533	259	2	international	international	PROPN
ajfa-4533	259	3	review	review	PROPN
ajfa-4533	259	4	,	,	PUNCT
ajfa-4533	259	5	51(3	51(3	NUM
ajfa-4533	259	6	)	)	PUNCT
ajfa-4533	259	7	,	,	PUNCT
ajfa-4533	259	8	295–320	295–320	NUM
ajfa-4533	259	9	.	.	PUNCT
ajfa-4533	259	10	http://dx.doi.org/10.1007/s11575-011-0077-0	http://dx.doi.org/10.1007/s11575-011-0077-0	PUNCT
ajfa-4533	260	1	chen	chen	PROPN
ajfa-4533	260	2	,	,	PUNCT
ajfa-4533	260	3	j.	j.	PROPN
ajfa-4533	260	4	j.	j.	PROPN
ajfa-4533	260	5	(	(	PUNCT
ajfa-4533	260	6	2004	2004	NUM
ajfa-4533	260	7	)	)	PUNCT
ajfa-4533	260	8	.	.	PUNCT
ajfa-4533	261	1	determinants	determinant	NOUN
ajfa-4533	261	2	of	of	ADP
ajfa-4533	261	3	capital	capital	NOUN
ajfa-4533	261	4	structure	structure	NOUN
ajfa-4533	261	5	of	of	ADP
ajfa-4533	261	6	chinese	chinese	ADJ
ajfa-4533	261	7	-	-	PUNCT
ajfa-4533	261	8	listed	list	VERB
ajfa-4533	261	9	companies	company	NOUN
ajfa-4533	261	10	.	.	PUNCT
ajfa-4533	262	1	journal	journal	PROPN
ajfa-4533	262	2	of	of	ADP
ajfa-4533	262	3	business	business	NOUN
ajfa-4533	262	4	research	research	NOUN
ajfa-4533	262	5	,	,	PUNCT
ajfa-4533	262	6	57(12	57(12	NUM
ajfa-4533	262	7	)	)	PUNCT
ajfa-4533	262	8	,	,	PUNCT
ajfa-4533	262	9	1341	1341	NUM
ajfa-4533	262	10	–	–	PUNCT
ajfa-4533	262	11	1351	1351	NUM
ajfa-4533	262	12	.	.	PUNCT
ajfa-4533	263	1	http://dx.doi.org/10.1016/s0148-2963(03)00070-5	http://dx.doi.org/10.1016/s0148-2963(03)00070-5	PROPN
ajfa-4533	263	2	chkir	chkir	PROPN
ajfa-4533	263	3	,	,	PUNCT
ajfa-4533	263	4	i.	i.	PROPN
ajfa-4533	263	5	e.	e.	PROPN
ajfa-4533	263	6	,	,	PUNCT
ajfa-4533	263	7	&	&	CCONJ
ajfa-4533	263	8	j.	j.	PROPN
ajfa-4533	263	9	cosset	cosset	PROPN
ajfa-4533	263	10	,	,	PUNCT
ajfa-4533	263	11	(	(	PUNCT
ajfa-4533	263	12	2001	2001	NUM
ajfa-4533	263	13	)	)	PUNCT
ajfa-4533	263	14	.	.	PUNCT
ajfa-4533	264	1	diversification	diversification	NOUN
ajfa-4533	264	2	strategy	strategy	NOUN
ajfa-4533	264	3	and	and	CCONJ
ajfa-4533	264	4	capital	capital	NOUN
ajfa-4533	264	5	structure	structure	NOUN
ajfa-4533	264	6	of	of	ADP
ajfa-4533	264	7	multinational	multinational	ADJ
ajfa-4533	264	8	corporations	corporation	NOUN
ajfa-4533	264	9	.	.	PUNCT
ajfa-4533	265	1	journal	journal	PROPN
ajfa-4533	265	2	of	of	ADP
ajfa-4533	265	3	multinational	multinational	ADJ
ajfa-4533	265	4	financial	financial	ADJ
ajfa-4533	265	5	management	management	NOUN
ajfa-4533	265	6	,	,	PUNCT
ajfa-4533	265	7	11(1	11(1	NUM
ajfa-4533	265	8	)	)	PUNCT
ajfa-4533	265	9	,	,	PUNCT
ajfa-4533	265	10	17–37	17–37	NUM
ajfa-4533	265	11	.	.	PUNCT
ajfa-4533	265	12	http://dx.doi.org/10.1016/s1042-444x(00)00040-2	http://dx.doi.org/10.1016/s1042-444x(00)00040-2	PROPN
ajfa-4533	265	13	eldomiaty	eldomiaty	NOUN
ajfa-4533	265	14	,	,	PUNCT
ajfa-4533	265	15	t.	t.	PROPN
ajfa-4533	265	16	i.	i.	PROPN
ajfa-4533	265	17	(	(	PUNCT
ajfa-4533	265	18	2008	2008	NUM
ajfa-4533	265	19	)	)	PUNCT
ajfa-4533	265	20	.	.	PUNCT
ajfa-4533	266	1	determinants	determinant	NOUN
ajfa-4533	266	2	of	of	ADP
ajfa-4533	266	3	corporate	corporate	ADJ
ajfa-4533	266	4	capital	capital	NOUN
ajfa-4533	266	5	structure	structure	NOUN
ajfa-4533	266	6	:	:	PUNCT
ajfa-4533	266	7	evidence	evidence	NOUN
ajfa-4533	266	8	from	from	ADP
ajfa-4533	266	9	an	an	DET
ajfa-4533	266	10	emerging	emerge	VERB
ajfa-4533	266	11	economy	economy	NOUN
ajfa-4533	266	12	.	.	PUNCT
ajfa-4533	267	1	international	international	ADJ
ajfa-4533	267	2	journal	journal	PROPN
ajfa-4533	267	3	of	of	ADP
ajfa-4533	267	4	commerce	commerce	PROPN
ajfa-4533	267	5	and	and	CCONJ
ajfa-4533	267	6	management	management	NOUN
ajfa-4533	267	7	,	,	PUNCT
ajfa-4533	267	8	17(1	17(1	NUM
ajfa-4533	267	9	)	)	PUNCT
ajfa-4533	267	10	,	,	PUNCT
ajfa-4533	267	11	25	25	NUM
ajfa-4533	267	12	–	–	SYM
ajfa-4533	267	13	43	43	NUM
ajfa-4533	267	14	.	.	PUNCT
ajfa-4533	268	1	hall	hall	PROPN
ajfa-4533	268	2	,	,	PUNCT
ajfa-4533	268	3	g.	g.	PROPN
ajfa-4533	268	4	,	,	PUNCT
ajfa-4533	268	5	hutchinson	hutchinson	PROPN
ajfa-4533	268	6	,	,	PUNCT
ajfa-4533	268	7	p.	p.	PROPN
ajfa-4533	268	8	,	,	PUNCT
ajfa-4533	268	9	&	&	CCONJ
ajfa-4533	268	10	nicos	nicos	PROPN
ajfa-4533	268	11	,	,	PUNCT
ajfa-4533	268	12	m.	m.	NOUN
ajfa-4533	268	13	(	(	PUNCT
ajfa-4533	268	14	2000	2000	NUM
ajfa-4533	268	15	)	)	PUNCT
ajfa-4533	268	16	.	.	PUNCT
ajfa-4533	269	1	industry	industry	NOUN
ajfa-4533	269	2	effect	effect	NOUN
ajfa-4533	269	3	on	on	ADP
ajfa-4533	269	4	the	the	DET
ajfa-4533	269	5	determinants	determinant	NOUN
ajfa-4533	269	6	of	of	ADP
ajfa-4533	269	7	unquoted	unquoted	ADJ
ajfa-4533	269	8	sme	sme	PROPN
ajfa-4533	269	9	's	's	PART
ajfa-4533	269	10	capital	capital	NOUN
ajfa-4533	269	11	structure	structure	NOUN
ajfa-4533	269	12	.	.	PUNCT
ajfa-4533	270	1	international	international	ADJ
ajfa-4533	270	2	journal	journal	PROPN
ajfa-4533	270	3	of	of	ADP
ajfa-4533	270	4	economic	economic	ADJ
ajfa-4533	270	5	business	business	NOUN
ajfa-4533	270	6	,	,	PUNCT
ajfa-4533	270	7	7(3	7(3	NUM
ajfa-4533	270	8	)	)	PUNCT
ajfa-4533	270	9	,	,	PUNCT
ajfa-4533	270	10	297	297	NUM
ajfa-4533	270	11	-	-	SYM
ajfa-4533	270	12	312	312	NUM
ajfa-4533	270	13	.	.	PUNCT
ajfa-4533	271	1	http://dx.doi.org/10.1080/13571510050197203	http://dx.doi.org/10.1080/13571510050197203	PROPN
ajfa-4533	271	2	asian	asian	PROPN
ajfa-4533	271	3	journal	journal	PROPN
ajfa-4533	271	4	of	of	ADP
ajfa-4533	271	5	finance	finance	PROPN
ajfa-4533	271	6	&	&	CCONJ
ajfa-4533	271	7	accounting	accounting	PROPN
ajfa-4533	271	8	issn	issn	PROPN
ajfa-4533	271	9	1946	1946	NUM
ajfa-4533	271	10	-	-	PUNCT
ajfa-4533	271	11	052x	052x	NOUN
ajfa-4533	271	12	2013	2013	NUM
ajfa-4533	271	13	,	,	PUNCT
ajfa-4533	271	14	vol	vol	NOUN
ajfa-4533	271	15	.	.	PROPN
ajfa-4533	271	16	5	5	NUM
ajfa-4533	271	17	,	,	PUNCT
ajfa-4533	271	18	no	no	INTJ
ajfa-4533	271	19	.	.	NOUN
ajfa-4533	271	20	2	2	NUM
ajfa-4533	271	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4533	271	22	341	341	NUM
ajfa-4533	271	23	harris	harris	NOUN
ajfa-4533	271	24	,	,	PUNCT
ajfa-4533	271	25	m.	m.	NOUN
ajfa-4533	271	26	,	,	PUNCT
ajfa-4533	271	27	&	&	CCONJ
ajfa-4533	271	28	raviv	raviv	PROPN
ajfa-4533	271	29	,	,	PUNCT
ajfa-4533	271	30	a.	a.	NOUN
ajfa-4533	271	31	(	(	PUNCT
ajfa-4533	271	32	1991	1991	NUM
ajfa-4533	271	33	)	)	PUNCT
ajfa-4533	271	34	.	.	PUNCT
ajfa-4533	272	1	the	the	DET
ajfa-4533	272	2	theory	theory	NOUN
ajfa-4533	272	3	of	of	ADP
ajfa-4533	272	4	capital	capital	NOUN
ajfa-4533	272	5	structure	structure	NOUN
ajfa-4533	272	6	.	.	PUNCT
ajfa-4533	273	1	journal	journal	PROPN
ajfa-4533	273	2	of	of	ADP
ajfa-4533	273	3	finance	finance	NOUN
ajfa-4533	273	4	,	,	PUNCT
ajfa-4533	273	5	46(1	46(1	PROPN
ajfa-4533	273	6	)	)	PUNCT
ajfa-4533	273	7	,	,	PUNCT
ajfa-4533	273	8	297–355	297–355	NUM
ajfa-4533	273	9	.	.	PUNCT
ajfa-4533	274	1	http://dx.doi.org/10.1111/j.1540-6261.1991.tb03753.x	http://dx.doi.org/10.1111/j.1540-6261.1991.tb03753.x	PROPN
ajfa-4533	274	2	hitt	hitt	PROPN
ajfa-4533	274	3	m.	m.	PROPN
ajfa-4533	274	4	a.	a.	PROPN
ajfa-4533	274	5	,	,	PUNCT
ajfa-4533	274	6	hoskisson	hoskisson	PROPN
ajfa-4533	274	7	r.	r.	PROPN
ajfa-4533	274	8	e.	e.	PROPN
ajfa-4533	274	9	,	,	PUNCT
ajfa-4533	274	10	&	&	CCONJ
ajfa-4533	274	11	kim	kim	PROPN
ajfa-4533	274	12	h.	h.	PROPN
ajfa-4533	274	13	(	(	PUNCT
ajfa-4533	274	14	1997	1997	NUM
ajfa-4533	274	15	)	)	PUNCT
ajfa-4533	274	16	.	.	PUNCT
ajfa-4533	275	1	international	international	ADJ
ajfa-4533	275	2	diversification	diversification	NOUN
ajfa-4533	275	3	:	:	PUNCT
ajfa-4533	275	4	effects	effect	NOUN
ajfa-4533	275	5	on	on	ADP
ajfa-4533	275	6	innovation	innovation	NOUN
ajfa-4533	275	7	and	and	CCONJ
ajfa-4533	275	8	firm	firm	ADJ
ajfa-4533	275	9	performance	performance	NOUN
ajfa-4533	275	10	in	in	ADP
ajfa-4533	275	11	product	product	NOUN
ajfa-4533	275	12	-	-	PUNCT
ajfa-4533	275	13	diversified	diversify	VERB
ajfa-4533	275	14	firms	firm	NOUN
ajfa-4533	275	15	.	.	PUNCT
ajfa-4533	276	1	the	the	DET
ajfa-4533	276	2	academy	academy	PROPN
ajfa-4533	276	3	of	of	ADP
ajfa-4533	276	4	management	management	PROPN
ajfa-4533	276	5	journal	journal	NOUN
ajfa-4533	276	6	,	,	PUNCT
ajfa-4533	276	7	40(4	40(4	NUM
ajfa-4533	276	8	)	)	PUNCT
ajfa-4533	276	9	,	,	PUNCT
ajfa-4533	276	10	767	767	NUM
ajfa-4533	276	11	–	–	PUNCT
ajfa-4533	276	12	98	98	NUM
ajfa-4533	276	13	.	.	PUNCT
ajfa-4533	277	1	http://dx.doi.org/10.2307/256948	http://dx.doi.org/10.2307/256948	PROPN
ajfa-4533	277	2	hitt	hitt	PROPN
ajfa-4533	277	3	,	,	PUNCT
ajfa-4533	277	4	m.	m.	NOUN
ajfa-4533	277	5	a.	a.	PROPN
ajfa-4533	277	6	,	,	PUNCT
ajfa-4533	277	7	hoskisson	hoskisson	PROPN
ajfa-4533	277	8	,	,	PUNCT
ajfa-4533	277	9	r.	r.	PROPN
ajfa-4533	277	10	e.	e.	PROPN
ajfa-4533	277	11	,	,	PUNCT
ajfa-4533	277	12	&	&	CCONJ
ajfa-4533	277	13	ireland	ireland	PROPN
ajfa-4533	277	14	,	,	PUNCT
ajfa-4533	277	15	r.	r.	PROPN
ajfa-4533	277	16	d.	d.	PROPN
ajfa-4533	277	17	(	(	PUNCT
ajfa-4533	277	18	1994	1994	NUM
ajfa-4533	277	19	)	)	PUNCT
ajfa-4533	277	20	.	.	PUNCT
ajfa-4533	278	1	a	a	DET
ajfa-4533	278	2	mid	mid	ADJ
ajfa-4533	278	3	-	-	ADJ
ajfa-4533	278	4	range	range	ADJ
ajfa-4533	278	5	theory	theory	NOUN
ajfa-4533	278	6	of	of	ADP
ajfa-4533	278	7	the	the	DET
ajfa-4533	278	8	effects	effect	NOUN
ajfa-4533	278	9	of	of	ADP
ajfa-4533	278	10	international	international	ADJ
ajfa-4533	278	11	and	and	CCONJ
ajfa-4533	278	12	product	product	NOUN
ajfa-4533	278	13	diversification	diversification	NOUN
ajfa-4533	278	14	on	on	ADP
ajfa-4533	278	15	innovation	innovation	NOUN
ajfa-4533	278	16	and	and	CCONJ
ajfa-4533	278	17	performance	performance	NOUN
ajfa-4533	278	18	.	.	PUNCT
ajfa-4533	279	1	journal	journal	NOUN
ajfa-4533	279	2	of	of	ADP
ajfa-4533	279	3	management	management	NOUN
ajfa-4533	279	4	20(2	20(2	NUM
ajfa-4533	279	5	)	)	PUNCT
ajfa-4533	279	6	,	,	PUNCT
ajfa-4533	279	7	297–326	297–326	NUM
ajfa-4533	279	8	.	.	PUNCT
ajfa-4533	280	1	http://dx.doi.org/10.1016/0149-2063(94)90018-3	http://dx.doi.org/10.1016/0149-2063(94)90018-3	PROPN
ajfa-4533	280	2	hull	hull	NOUN
ajfa-4533	280	3	,	,	PUNCT
ajfa-4533	280	4	e.	e.	PROPN
ajfa-4533	280	5	h.	h.	PROPN
ajfa-4533	280	6	,	,	PUNCT
ajfa-4533	280	7	&	&	CCONJ
ajfa-4533	280	8	lee	lee	PROPN
ajfa-4533	280	9	,	,	PUNCT
ajfa-4533	280	10	j.	j.	PROPN
ajfa-4533	280	11	(	(	PUNCT
ajfa-4533	280	12	1999	1999	NUM
ajfa-4533	280	13	)	)	PUNCT
ajfa-4533	280	14	.	.	PUNCT
ajfa-4533	281	1	broadening	broaden	VERB
ajfa-4533	281	2	the	the	DET
ajfa-4533	281	3	view	view	NOUN
ajfa-4533	281	4	of	of	ADP
ajfa-4533	281	5	corporate	corporate	ADJ
ajfa-4533	281	6	diversification	diversification	NOUN
ajfa-4533	281	7	:	:	PUNCT
ajfa-4533	281	8	an	an	DET
ajfa-4533	281	9	international	international	ADJ
ajfa-4533	281	10	perspective	perspective	NOUN
ajfa-4533	281	11	.	.	PUNCT
ajfa-4533	282	1	the	the	DET
ajfa-4533	282	2	international	international	ADJ
ajfa-4533	282	3	journal	journal	NOUN
ajfa-4533	282	4	of	of	ADP
ajfa-4533	282	5	organizational	organizational	ADJ
ajfa-4533	282	6	analysis	analysis	NOUN
ajfa-4533	282	7	,	,	PUNCT
ajfa-4533	282	8	7(1	7(1	NUM
ajfa-4533	282	9	)	)	PUNCT
ajfa-4533	282	10	,	,	PUNCT
ajfa-4533	282	11	25–53	25–53	NUM
ajfa-4533	282	12	.	.	PUNCT
ajfa-4533	283	1	kester	kester	PROPN
ajfa-4533	283	2	,	,	PUNCT
ajfa-4533	283	3	g.	g.	PROPN
ajfa-4533	283	4	,	,	PUNCT
ajfa-4533	283	5	&	&	CCONJ
ajfa-4533	283	6	mansor	mansor	PROPN
ajfa-4533	283	7	,	,	PUNCT
ajfa-4533	283	8	m.	m.	NOUN
ajfa-4533	283	9	(	(	PUNCT
ajfa-4533	283	10	1994	1994	NUM
ajfa-4533	283	11	)	)	PUNCT
ajfa-4533	283	12	.	.	PUNCT
ajfa-4533	284	1	capital	capital	NOUN
ajfa-4533	284	2	structure	structure	NOUN
ajfa-4533	284	3	policy	policy	NOUN
ajfa-4533	284	4	in	in	ADP
ajfa-4533	284	5	malaysia	malaysia	PROPN
ajfa-4533	284	6	:	:	PUNCT
ajfa-4533	284	7	a	a	DET
ajfa-4533	284	8	comparative	comparative	ADJ
ajfa-4533	284	9	analysis	analysis	NOUN
ajfa-4533	284	10	.	.	PUNCT
ajfa-4533	285	1	asian	asian	ADJ
ajfa-4533	285	2	journal	journal	PROPN
ajfa-4533	285	3	of	of	ADP
ajfa-4533	285	4	business	business	NOUN
ajfa-4533	285	5	and	and	CCONJ
ajfa-4533	285	6	accounting	accounting	NOUN
ajfa-4533	285	7	,	,	PUNCT
ajfa-4533	285	8	1(2	1(2	NUM
ajfa-4533	285	9	)	)	PUNCT
ajfa-4533	285	10	,	,	PUNCT
ajfa-4533	285	11	175	175	NUM
ajfa-4533	285	12	-	-	SYM
ajfa-4533	285	13	192	192	NUM
ajfa-4533	285	14	.	.	PUNCT
ajfa-4533	286	1	kobrin	kobrin	PROPN
ajfa-4533	286	2	s.	s.	PROPN
ajfa-4533	286	3	j.	j.	PROPN
ajfa-4533	286	4	(	(	PUNCT
ajfa-4533	286	5	1991	1991	NUM
ajfa-4533	286	6	)	)	PUNCT
ajfa-4533	286	7	.	.	PUNCT
ajfa-4533	287	1	an	an	DET
ajfa-4533	287	2	empirical	empirical	ADJ
ajfa-4533	287	3	analysis	analysis	NOUN
ajfa-4533	287	4	of	of	ADP
ajfa-4533	287	5	the	the	DET
ajfa-4533	287	6	determinants	determinant	NOUN
ajfa-4533	287	7	of	of	ADP
ajfa-4533	287	8	global	global	ADJ
ajfa-4533	287	9	integration	integration	NOUN
ajfa-4533	287	10	.	.	PUNCT
ajfa-4533	288	1	strategic	strategic	ADJ
ajfa-4533	288	2	management	management	NOUN
ajfa-4533	288	3	journal	journal	NOUN
ajfa-4533	288	4	,	,	PUNCT
ajfa-4533	288	5	10	10	NUM
ajfa-4533	288	6	(	(	PUNCT
ajfa-4533	288	7	1	1	NUM
ajfa-4533	288	8	)	)	PUNCT
ajfa-4533	288	9	,	,	PUNCT
ajfa-4533	288	10	17-31.http://dx.doi.org/10.1002/smj.4250120904	17-31.http://dx.doi.org/10.1002/smj.4250120904	PROPN
ajfa-4533	288	11	krishnan	krishnan	PROPN
ajfa-4533	288	12	,	,	PUNCT
ajfa-4533	288	13	v.	v.	PROPN
ajfa-4533	288	14	s.	s.	PROPN
ajfa-4533	288	15	,	,	PUNCT
ajfa-4533	288	16	&	&	CCONJ
ajfa-4533	288	17	moyer	moyer	PROPN
ajfa-4533	288	18	,	,	PUNCT
ajfa-4533	288	19	r.	r.	PROPN
ajfa-4533	288	20	c.	c.	PROPN
ajfa-4533	288	21	(	(	PUNCT
ajfa-4533	288	22	1997	1997	NUM
ajfa-4533	288	23	)	)	PUNCT
ajfa-4533	288	24	.	.	PUNCT
ajfa-4533	289	1	performance	performance	NOUN
ajfa-4533	289	2	,	,	PUNCT
ajfa-4533	289	3	capital	capital	NOUN
ajfa-4533	289	4	structure	structure	NOUN
ajfa-4533	289	5	and	and	CCONJ
ajfa-4533	289	6	home	home	NOUN
ajfa-4533	289	7	country	country	NOUN
ajfa-4533	289	8	:	:	PUNCT
ajfa-4533	289	9	an	an	DET
ajfa-4533	289	10	analysis	analysis	NOUN
ajfa-4533	289	11	of	of	ADP
ajfa-4533	289	12	asian	asian	ADJ
ajfa-4533	289	13	corporations	corporation	NOUN
ajfa-4533	289	14	.	.	PUNCT
ajfa-4533	290	1	global	global	ADJ
ajfa-4533	290	2	finance	finance	PROPN
ajfa-4533	290	3	journal	journal	PROPN
ajfa-4533	290	4	,	,	PUNCT
ajfa-4533	290	5	8(1	8(1	NOUN
ajfa-4533	290	6	)	)	PUNCT
ajfa-4533	290	7	,	,	PUNCT
ajfa-4533	290	8	129	129	NUM
ajfa-4533	290	9	-	-	SYM
ajfa-4533	290	10	143	143	NUM
ajfa-4533	290	11	http://dx.doi.org/10.1016/s1044-0283(97)90010-7	http://dx.doi.org/10.1016/s1044-0283(97)90010-7	PROPN
ajfa-4533	290	12	kwok	kwok	PROPN
ajfa-4533	290	13	,	,	PUNCT
ajfa-4533	290	14	c.	c.	PROPN
ajfa-4533	290	15	c.	c.	PROPN
ajfa-4533	290	16	y.	y.	PROPN
ajfa-4533	290	17	,	,	PUNCT
ajfa-4533	290	18	&	&	CCONJ
ajfa-4533	290	19	ramirez	ramirez	PROPN
ajfa-4533	290	20	,	,	PUNCT
ajfa-4533	290	21	a.	a.	NOUN
ajfa-4533	290	22	(	(	PUNCT
ajfa-4533	290	23	2010	2010	NUM
ajfa-4533	290	24	)	)	PUNCT
ajfa-4533	290	25	.	.	PUNCT
ajfa-4533	291	1	settling	settle	VERB
ajfa-4533	291	2	the	the	DET
ajfa-4533	291	3	debate	debate	NOUN
ajfa-4533	291	4	on	on	ADP
ajfa-4533	291	5	multinational	multinational	ADJ
ajfa-4533	291	6	capital	capital	NOUN
ajfa-4533	291	7	structure	structure	NOUN
ajfa-4533	291	8	using	use	VERB
ajfa-4533	291	9	the	the	DET
ajfa-4533	291	10	cepr	cepr	ADJ
ajfa-4533	291	11	measure	measure	NOUN
ajfa-4533	291	12	.	.	PUNCT
ajfa-4533	292	1	journal	journal	NOUN
ajfa-4533	292	2	of	of	ADP
ajfa-4533	292	3	multinational	multinational	ADJ
ajfa-4533	292	4	financial	financial	ADJ
ajfa-4533	292	5	management	management	NOUN
ajfa-4533	292	6	,	,	PUNCT
ajfa-4533	292	7	20(4	20(4	NOUN
ajfa-4533	292	8	-	-	SYM
ajfa-4533	292	9	5	5	NUM
ajfa-4533	292	10	)	)	PUNCT
ajfa-4533	292	11	,	,	PUNCT
ajfa-4533	292	12	251–271	251–271	NUM
ajfa-4533	292	13	.	.	PUNCT
ajfa-4533	293	1	http://dx.doi.org/10.1016/j.mulfin.2010.07.004	http://dx.doi.org/10.1016/j.mulfin.2010.07.004	ADJ
ajfa-4533	293	2	kwok	kwok	NOUN
ajfa-4533	293	3	,	,	PUNCT
ajfa-4533	293	4	c.	c.	PROPN
ajfa-4533	293	5	c.	c.	PROPN
ajfa-4533	293	6	y.	y.	PROPN
ajfa-4533	293	7	,	,	PUNCT
ajfa-4533	293	8	&	&	CCONJ
ajfa-4533	293	9	reeb	reeb	PROPN
ajfa-4533	293	10	,	,	PUNCT
ajfa-4533	293	11	d.	d.	PROPN
ajfa-4533	293	12	m.	m.	PROPN
ajfa-4533	293	13	(	(	PUNCT
ajfa-4533	293	14	2000	2000	NUM
ajfa-4533	293	15	)	)	PUNCT
ajfa-4533	293	16	.	.	PUNCT
ajfa-4533	294	1	internationalization	internationalization	NOUN
ajfa-4533	294	2	and	and	CCONJ
ajfa-4533	294	3	firm	firm	ADJ
ajfa-4533	294	4	risk	risk	NOUN
ajfa-4533	294	5	:	:	PUNCT
ajfa-4533	294	6	an	an	DET
ajfa-4533	294	7	upstream	upstream	ADJ
ajfa-4533	294	8	-	-	PUNCT
ajfa-4533	294	9	downstream	downstream	NOUN
ajfa-4533	294	10	hypothesis	hypothesis	NOUN
ajfa-4533	294	11	.	.	PUNCT
ajfa-4533	295	1	journal	journal	PROPN
ajfa-4533	295	2	of	of	ADP
ajfa-4533	295	3	international	international	ADJ
ajfa-4533	295	4	business	business	NOUN
ajfa-4533	295	5	studies	study	NOUN
ajfa-4533	295	6	,	,	PUNCT
ajfa-4533	295	7	31(4	31(4	NUM
ajfa-4533	295	8	)	)	PUNCT
ajfa-4533	295	9	,	,	PUNCT
ajfa-4533	295	10	611–629	611–629	NUM
ajfa-4533	295	11	.	.	PUNCT
ajfa-4533	296	1	http://dx.doi.org/10.1057/palgrave.jibs.8490925	http://dx.doi.org/10.1057/palgrave.jibs.8490925	PROPN
ajfa-4533	296	2	lin	lin	PROPN
ajfa-4533	296	3	,	,	PUNCT
ajfa-4533	296	4	f.	f.	PROPN
ajfa-4533	296	5	l.	l.	PROPN
ajfa-4533	296	6	,	,	PUNCT
ajfa-4533	296	7	&	&	CCONJ
ajfa-4533	296	8	hung	hung	PROPN
ajfa-4533	296	9	,	,	PUNCT
ajfa-4533	296	10	j.	j.	PROPN
ajfa-4533	296	11	y.	y.	PROPN
ajfa-4533	296	12	(	(	PUNCT
ajfa-4533	296	13	2012	2012	NUM
ajfa-4533	296	14	)	)	PUNCT
ajfa-4533	296	15	.	.	PUNCT
ajfa-4533	297	1	internationalization	internationalization	NOUN
ajfa-4533	297	2	and	and	CCONJ
ajfa-4533	297	3	capital	capital	NOUN
ajfa-4533	297	4	structure	structure	NOUN
ajfa-4533	297	5	of	of	ADP
ajfa-4533	297	6	taiwan	taiwan	PROPN
ajfa-4533	297	7	electronic	electronic	ADJ
ajfa-4533	297	8	corporation	corporation	NOUN
ajfa-4533	297	9	.	.	PUNCT
ajfa-4533	298	1	international	international	ADJ
ajfa-4533	298	2	business	business	NOUN
ajfa-4533	298	3	research	research	NOUN
ajfa-4533	298	4	,	,	PUNCT
ajfa-4533	298	5	5(1	5(1	NUM
ajfa-4533	298	6	)	)	PUNCT
ajfa-4533	298	7	,	,	PUNCT
ajfa-4533	298	8	164	164	NUM
ajfa-4533	298	9	-	-	SYM
ajfa-4533	298	10	171	171	NUM
ajfa-4533	298	11	.	.	PUNCT
ajfa-4533	299	1	low	low	ADJ
ajfa-4533	299	2	,	,	PUNCT
ajfa-4533	299	3	p.	p.	NOUN
ajfa-4533	299	4	y.	y.	PROPN
ajfa-4533	299	5	,	,	PUNCT
ajfa-4533	299	6	&	&	CCONJ
ajfa-4533	299	7	chen	chen	PROPN
ajfa-4533	299	8	,	,	PUNCT
ajfa-4533	300	1	k.	k.	PROPN
ajfa-4533	300	2	h.	h.	PROPN
ajfa-4533	300	3	(	(	PUNCT
ajfa-4533	300	4	2004	2004	NUM
ajfa-4533	300	5	)	)	PUNCT
ajfa-4533	300	6	.	.	PUNCT
ajfa-4533	301	1	diversification	diversification	NOUN
ajfa-4533	301	2	and	and	CCONJ
ajfa-4533	301	3	capital	capital	NOUN
ajfa-4533	301	4	structure	structure	NOUN
ajfa-4533	301	5	:	:	PUNCT
ajfa-4533	301	6	some	some	DET
ajfa-4533	301	7	international	international	ADJ
ajfa-4533	301	8	evidence	evidence	NOUN
ajfa-4533	301	9	.	.	PUNCT
ajfa-4533	302	1	review	review	NOUN
ajfa-4533	302	2	of	of	ADP
ajfa-4533	302	3	quantitative	quantitative	ADJ
ajfa-4533	302	4	finance	finance	NOUN
ajfa-4533	302	5	and	and	CCONJ
ajfa-4533	302	6	accounting	accounting	NOUN
ajfa-4533	302	7	,	,	PUNCT
ajfa-4533	302	8	23(1	23(1	NOUN
ajfa-4533	302	9	)	)	PUNCT
ajfa-4533	302	10	,	,	PUNCT
ajfa-4533	302	11	55–71	55–71	NOUN
ajfa-4533	302	12	.	.	PUNCT
ajfa-4533	303	1	http://dx.doi.org/10.1023/b:requ.0000037064.15144.04	http://dx.doi.org/10.1023/b:requ.0000037064.15144.04	PROPN
ajfa-4533	303	2	malaysia	malaysia	PROPN
ajfa-4533	303	3	external	external	PROPN
ajfa-4533	303	4	trade	trade	PROPN
ajfa-4533	303	5	development	development	NOUN
ajfa-4533	303	6	corporation	corporation	PROPN
ajfa-4533	303	7	.	.	PUNCT
ajfa-4533	304	1	http://www.matrade.gov.my/en/malaysia-exporters-section/123-trade-performance-2009/129trade-performance-january-2009	http://www.matrade.gov.my/en/malaysia-exporters-section/123-trade-performance-2009/129trade-performance-january-2009	PROPN
ajfa-4533	304	2	mohd	mohd	PROPN
ajfa-4533	304	3	,	,	PUNCT
ajfa-4533	304	4	m.	m.	NOUN
ajfa-4533	304	5	,	,	PUNCT
ajfa-4533	304	6	perry	perry	PROPN
ajfa-4533	304	7	,	,	PUNCT
ajfa-4533	304	8	l.	l.	PROPN
ajfa-4533	304	9	,	,	PUNCT
ajfa-4533	304	10	&	&	CCONJ
ajfa-4533	304	11	rimbey	rimbey	PROPN
ajfa-4533	304	12	,	,	PUNCT
ajfa-4533	304	13	j.	j.	PROPN
ajfa-4533	304	14	(	(	PUNCT
ajfa-4533	304	15	1998	1998	NUM
ajfa-4533	304	16	)	)	PUNCT
ajfa-4533	304	17	.	.	PUNCT
ajfa-4533	305	1	the	the	DET
ajfa-4533	305	2	impact	impact	NOUN
ajfa-4533	305	3	of	of	ADP
ajfa-4533	305	4	ownership	ownership	NOUN
ajfa-4533	305	5	structure	structure	NOUN
ajfa-4533	305	6	on	on	ADP
ajfa-4533	305	7	corporate	corporate	ADJ
ajfa-4533	305	8	debt	debt	NOUN
ajfa-4533	305	9	policy	policy	NOUN
ajfa-4533	305	10	:	:	PUNCT
ajfa-4533	305	11	a	a	DET
ajfa-4533	305	12	time	time	NOUN
ajfa-4533	305	13	-	-	PUNCT
ajfa-4533	305	14	series	series	NOUN
ajfa-4533	305	15	cross	cross	ADJ
ajfa-4533	305	16	-	-	ADJ
ajfa-4533	305	17	sectional	sectional	ADJ
ajfa-4533	305	18	analysis	analysis	NOUN
ajfa-4533	305	19	.	.	PUNCT
ajfa-4533	306	1	the	the	DET
ajfa-4533	306	2	financial	financial	PROPN
ajfa-4533	306	3	review	review	NOUN
ajfa-4533	306	4	,	,	PUNCT
ajfa-4533	306	5	33(3	33(3	NOUN
ajfa-4533	306	6	)	)	PUNCT
ajfa-4533	306	7	,	,	PUNCT
ajfa-4533	306	8	85	85	NUM
ajfa-4533	306	9	-	-	SYM
ajfa-4533	306	10	98	98	NUM
ajfa-4533	306	11	.	.	PUNCT
ajfa-4533	307	1	http://dx.doi.org/10.1111/j.1540-6288.1998.tb01384.x	http://dx.doi.org/10.1111/j.1540-6288.1998.tb01384.x	PROPN
ajfa-4533	307	2	myers	myers	PROPN
ajfa-4533	307	3	,	,	PUNCT
ajfa-4533	307	4	c.	c.	PROPN
ajfa-4533	307	5	(	(	PUNCT
ajfa-4533	307	6	1984	1984	NUM
ajfa-4533	307	7	)	)	PUNCT
ajfa-4533	307	8	.	.	PUNCT
ajfa-4533	308	1	the	the	DET
ajfa-4533	308	2	capital	capital	NOUN
ajfa-4533	308	3	structure	structure	NOUN
ajfa-4533	308	4	puzzle	puzzle	NOUN
ajfa-4533	308	5	.	.	PUNCT
ajfa-4533	309	1	the	the	DET
ajfa-4533	309	2	journal	journal	NOUN
ajfa-4533	309	3	of	of	ADP
ajfa-4533	309	4	finance	finance	NOUN
ajfa-4533	309	5	39(3	39(3	NUM
ajfa-4533	309	6	)	)	PUNCT
ajfa-4533	309	7	,	,	PUNCT
ajfa-4533	309	8	575	575	NUM
ajfa-4533	309	9	-	-	SYM
ajfa-4533	309	10	592	592	NUM
ajfa-4533	309	11	.	.	PUNCT
ajfa-4533	310	1	ooi	ooi	PROPN
ajfa-4533	310	2	,	,	PUNCT
ajfa-4533	310	3	j.	j.	PROPN
ajfa-4533	310	4	(	(	PUNCT
ajfa-4533	310	5	1999	1999	NUM
ajfa-4533	310	6	)	)	PUNCT
ajfa-4533	310	7	.	.	PUNCT
ajfa-4533	311	1	the	the	DET
ajfa-4533	311	2	determinants	determinant	NOUN
ajfa-4533	311	3	of	of	ADP
ajfa-4533	311	4	capital	capital	NOUN
ajfa-4533	311	5	structure	structure	NOUN
ajfa-4533	311	6	–	–	PUNCT
ajfa-4533	311	7	evidence	evidence	NOUN
ajfa-4533	311	8	on	on	ADP
ajfa-4533	311	9	uk	uk	PROPN
ajfa-4533	311	10	property	property	NOUN
ajfa-4533	311	11	companies	company	NOUN
ajfa-4533	311	12	.	.	PUNCT
ajfa-4533	312	1	asian	asian	ADJ
ajfa-4533	312	2	journal	journal	PROPN
ajfa-4533	312	3	of	of	ADP
ajfa-4533	312	4	finance	finance	PROPN
ajfa-4533	312	5	&	&	CCONJ
ajfa-4533	312	6	accounting	accounting	PROPN
ajfa-4533	312	7	issn	issn	PROPN
ajfa-4533	312	8	1946	1946	NUM
ajfa-4533	312	9	-	-	PUNCT
ajfa-4533	312	10	052x	052x	NOUN
ajfa-4533	312	11	2013	2013	NUM
ajfa-4533	312	12	,	,	PUNCT
ajfa-4533	312	13	vol	vol	NOUN
ajfa-4533	312	14	.	.	PROPN
ajfa-4533	312	15	5	5	NUM
ajfa-4533	312	16	,	,	PUNCT
ajfa-4533	312	17	no	no	INTJ
ajfa-4533	312	18	.	.	NOUN
ajfa-4533	312	19	2	2	NUM
ajfa-4533	312	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4533	312	21	342	342	NUM
ajfa-4533	312	22	journal	journal	NOUN
ajfa-4533	312	23	of	of	ADP
ajfa-4533	312	24	property	property	NOUN
ajfa-4533	312	25	investment	investment	NOUN
ajfa-4533	312	26	&	&	CCONJ
ajfa-4533	312	27	finance	finance	PROPN
ajfa-4533	312	28	,	,	PUNCT
ajfa-4533	312	29	17(5	17(5	NUM
ajfa-4533	312	30	)	)	PUNCT
ajfa-4533	312	31	,	,	PUNCT
ajfa-4533	312	32	464	464	NUM
ajfa-4533	312	33	-	-	SYM
ajfa-4533	312	34	480	480	NUM
ajfa-4533	312	35	.	.	PUNCT
ajfa-4533	313	1	http://dx.doi.org/10.1108/14635789910294886	http://dx.doi.org/10.1108/14635789910294886	PROPN
ajfa-4533	313	2	pandey	pandey	PROPN
ajfa-4533	313	3	i.m	i.m	PROPN
ajfa-4533	313	4	.	.	PUNCT
ajfa-4533	314	1	(	(	PUNCT
ajfa-4533	314	2	2007	2007	NUM
ajfa-4533	314	3	)	)	PUNCT
ajfa-4533	314	4	.	.	PUNCT
ajfa-4533	315	1	capital	capital	NOUN
ajfa-4533	315	2	structure	structure	NOUN
ajfa-4533	315	3	,	,	PUNCT
ajfa-4533	315	4	profitability	profitability	NOUN
ajfa-4533	315	5	and	and	CCONJ
ajfa-4533	315	6	market	market	NOUN
ajfa-4533	315	7	structure	structure	NOUN
ajfa-4533	315	8	:	:	PUNCT
ajfa-4533	315	9	evidence	evidence	NOUN
ajfa-4533	315	10	malaysia	malaysia	PROPN
ajfa-4533	315	11	.	.	PUNCT
ajfa-4533	316	1	asia	asia	PROPN
ajfa-4533	316	2	pacific	pacific	PROPN
ajfa-4533	316	3	journal	journal	PROPN
ajfa-4533	316	4	of	of	ADP
ajfa-4533	316	5	economics	economics	PROPN
ajfa-4533	316	6	&	&	CCONJ
ajfa-4533	316	7	business	business	NOUN
ajfa-4533	316	8	,	,	PUNCT
ajfa-4533	316	9	8(2	8(2	NUM
ajfa-4533	316	10	)	)	PUNCT
ajfa-4533	316	11	,	,	PUNCT
ajfa-4533	316	12	78	78	NUM
ajfa-4533	316	13	-	-	SYM
ajfa-4533	316	14	91	91	NUM
ajfa-4533	316	15	panno	panno	NOUN
ajfa-4533	316	16	,	,	PUNCT
ajfa-4533	316	17	a.	a.	NOUN
ajfa-4533	316	18	(	(	PUNCT
ajfa-4533	316	19	2003	2003	NUM
ajfa-4533	316	20	)	)	PUNCT
ajfa-4533	316	21	.	.	PUNCT
ajfa-4533	317	1	an	an	DET
ajfa-4533	317	2	empirical	empirical	ADJ
ajfa-4533	317	3	investigation	investigation	NOUN
ajfa-4533	317	4	on	on	ADP
ajfa-4533	317	5	the	the	DET
ajfa-4533	317	6	determinants	determinant	NOUN
ajfa-4533	317	7	of	of	ADP
ajfa-4533	317	8	capital	capital	NOUN
ajfa-4533	317	9	structure	structure	NOUN
ajfa-4533	317	10	.	.	PUNCT
ajfa-4533	318	1	applied	apply	VERB
ajfa-4533	318	2	financial	financial	ADJ
ajfa-4533	318	3	economics	economic	NOUN
ajfa-4533	318	4	,	,	PUNCT
ajfa-4533	318	5	13(2	13(2	PROPN
ajfa-4533	318	6	)	)	PUNCT
ajfa-4533	318	7	,	,	PUNCT
ajfa-4533	318	8	97	97	NUM
ajfa-4533	318	9	-	-	SYM
ajfa-4533	318	10	112	112	NUM
ajfa-4533	318	11	.	.	PUNCT
ajfa-4533	319	1	http://dx.doi.org/10.1080/09603100210100882	http://dx.doi.org/10.1080/09603100210100882	PROPN
ajfa-4533	319	2	petersen	petersen	PROPN
ajfa-4533	319	3	,	,	PUNCT
ajfa-4533	319	4	m.a	m.a	PROPN
ajfa-4533	319	5	.	.	PROPN
ajfa-4533	319	6	,	,	PUNCT
ajfa-4533	319	7	&	&	CCONJ
ajfa-4533	319	8	rajan	rajan	PROPN
ajfa-4533	319	9	,	,	PUNCT
ajfa-4533	319	10	r.g	r.g	PROPN
ajfa-4533	319	11	.	.	PROPN
ajfa-4533	319	12	(	(	PUNCT
ajfa-4533	319	13	1994	1994	NUM
ajfa-4533	319	14	)	)	PUNCT
ajfa-4533	319	15	.	.	PUNCT
ajfa-4533	320	1	the	the	DET
ajfa-4533	320	2	benefits	benefit	NOUN
ajfa-4533	320	3	of	of	ADP
ajfa-4533	320	4	lending	lend	VERB
ajfa-4533	320	5	relationships	relationship	NOUN
ajfa-4533	320	6	:	:	PUNCT
ajfa-4533	320	7	evidence	evidence	NOUN
ajfa-4533	320	8	from	from	ADP
ajfa-4533	320	9	small	small	ADJ
ajfa-4533	320	10	business	business	NOUN
ajfa-4533	320	11	data	datum	NOUN
ajfa-4533	320	12	.	.	PUNCT
ajfa-4533	321	1	journal	journal	PROPN
ajfa-4533	321	2	of	of	ADP
ajfa-4533	321	3	finance	finance	NOUN
ajfa-4533	321	4	,	,	PUNCT
ajfa-4533	321	5	49(1	49(1	NOUN
ajfa-4533	321	6	)	)	PUNCT
ajfa-4533	321	7	,	,	PUNCT
ajfa-4533	321	8	3	3	NUM
ajfa-4533	321	9	-	-	SYM
ajfa-4533	321	10	37	37	NUM
ajfa-4533	321	11	.	.	PUNCT
ajfa-4533	322	1	http://dx.doi.org/10.1111/j.1540-6261.1994.tb04418.x	http://dx.doi.org/10.1111/j.1540-6261.1994.tb04418.x	PROPN
ajfa-4533	322	2	rajan	rajan	PROPN
ajfa-4533	322	3	,	,	PUNCT
ajfa-4533	322	4	r.	r.	PROPN
ajfa-4533	322	5	g.	g.	PROPN
ajfa-4533	322	6	,	,	PUNCT
ajfa-4533	322	7	&	&	CCONJ
ajfa-4533	322	8	l.	l.	PROPN
ajfa-4533	322	9	zingales	zingales	PROPN
ajfa-4533	322	10	,	,	PUNCT
ajfa-4533	322	11	(	(	PUNCT
ajfa-4533	322	12	1995	1995	NUM
ajfa-4533	322	13	)	)	PUNCT
ajfa-4533	322	14	.	.	PUNCT
ajfa-4533	323	1	what	what	PRON
ajfa-4533	323	2	do	do	AUX
ajfa-4533	323	3	we	we	PRON
ajfa-4533	323	4	know	know	VERB
ajfa-4533	323	5	about	about	ADP
ajfa-4533	323	6	capital	capital	NOUN
ajfa-4533	323	7	structure	structure	NOUN
ajfa-4533	323	8	?	?	PUNCT
ajfa-4533	324	1	some	some	DET
ajfa-4533	324	2	evidence	evidence	NOUN
ajfa-4533	324	3	from	from	ADP
ajfa-4533	324	4	international	international	ADJ
ajfa-4533	324	5	data	datum	NOUN
ajfa-4533	324	6	.	.	PUNCT
ajfa-4533	325	1	journal	journal	PROPN
ajfa-4533	325	2	of	of	ADP
ajfa-4533	325	3	finance	finance	NOUN
ajfa-4533	325	4	,	,	PUNCT
ajfa-4533	325	5	50(5	50(5	NUM
ajfa-4533	325	6	)	)	PUNCT
ajfa-4533	325	7	,	,	PUNCT
ajfa-4533	325	8	1421–1460	1421–1460	NUM
ajfa-4533	325	9	.	.	PUNCT
ajfa-4533	326	1	http://dx.doi.org/10.1111/j.1540-6261.1995.tb05184.x	http://dx.doi.org/10.1111/j.1540-6261.1995.tb05184.x	PROPN
ajfa-4533	326	2	ross	ross	PROPN
ajfa-4533	326	3	,	,	PUNCT
ajfa-4533	326	4	s.	s.	PROPN
ajfa-4533	326	5	(	(	PUNCT
ajfa-4533	326	6	1977	1977	NUM
ajfa-4533	326	7	)	)	PUNCT
ajfa-4533	326	8	.	.	PUNCT
ajfa-4533	327	1	the	the	DET
ajfa-4533	327	2	determination	determination	NOUN
ajfa-4533	327	3	of	of	ADP
ajfa-4533	327	4	capital	capital	NOUN
ajfa-4533	327	5	structure	structure	NOUN
ajfa-4533	327	6	:	:	PUNCT
ajfa-4533	327	7	the	the	DET
ajfa-4533	327	8	incentive	incentive	NOUN
ajfa-4533	327	9	signaling	signal	VERB
ajfa-4533	327	10	approach	approach	NOUN
ajfa-4533	327	11	.	.	PUNCT
ajfa-4533	328	1	bell	bell	PROPN
ajfa-4533	328	2	journal	journal	PROPN
ajfa-4533	328	3	of	of	ADP
ajfa-4533	328	4	economics	economic	NOUN
ajfa-4533	328	5	,	,	PUNCT
ajfa-4533	328	6	8(1	8(1	NOUN
ajfa-4533	328	7	)	)	PUNCT
ajfa-4533	328	8	,	,	PUNCT
ajfa-4533	328	9	23	23	NUM
ajfa-4533	328	10	-	-	SYM
ajfa-4533	328	11	40	40	NUM
ajfa-4533	328	12	.	.	PUNCT
ajfa-4533	329	1	http://dx.doi.org/10.2307/3003485	http://dx.doi.org/10.2307/3003485	NOUN
ajfa-4533	329	2	schmukler	schmukler	NOUN
ajfa-4533	329	3	,	,	PUNCT
ajfa-4533	329	4	s.	s.	PROPN
ajfa-4533	329	5	,	,	PUNCT
ajfa-4533	329	6	&	&	CCONJ
ajfa-4533	329	7	vesperoni	vesperoni	PROPN
ajfa-4533	329	8	,	,	PUNCT
ajfa-4533	329	9	e.	e.	PROPN
ajfa-4533	329	10	(	(	PUNCT
ajfa-4533	329	11	2000	2000	NUM
ajfa-4533	329	12	)	)	PUNCT
ajfa-4533	329	13	.	.	PUNCT
ajfa-4533	330	1	globalization	globalization	NOUN
ajfa-4533	330	2	and	and	CCONJ
ajfa-4533	330	3	firms	firm	NOUN
ajfa-4533	330	4	'	'	PART
ajfa-4533	330	5	financing	financing	NOUN
ajfa-4533	330	6	choices	choice	NOUN
ajfa-4533	330	7	:	:	PUNCT
ajfa-4533	330	8	evidence	evidence	NOUN
ajfa-4533	330	9	from	from	ADP
ajfa-4533	330	10	emerging	emerge	VERB
ajfa-4533	330	11	economies	economy	NOUN
ajfa-4533	330	12	.	.	PUNCT
ajfa-4533	331	1	policy	policy	NOUN
ajfa-4533	331	2	research	research	NOUN
ajfa-4533	331	3	working	working	NOUN
ajfa-4533	331	4	paper	paper	NOUN
ajfa-4533	331	5	,	,	PUNCT
ajfa-4533	331	6	no	no	INTJ
ajfa-4533	331	7	.	.	PUNCT
ajfa-4533	332	1	wps	wps	PROPN
ajfa-4533	332	2	2323	2323	NUM
ajfa-4533	332	3	,	,	PUNCT
ajfa-4533	332	4	the	the	DET
ajfa-4533	332	5	world	world	PROPN
ajfa-4533	332	6	bank	bank	PROPN
ajfa-4533	332	7	.	.	PUNCT
ajfa-4533	333	1	shapiro	shapiro	PROPN
ajfa-4533	333	2	,	,	PUNCT
ajfa-4533	333	3	a.	a.	PROPN
ajfa-4533	333	4	c.	c.	PROPN
ajfa-4533	333	5	,	,	PUNCT
ajfa-4533	333	6	(	(	PUNCT
ajfa-4533	333	7	1992	1992	NUM
ajfa-4533	333	8	)	)	PUNCT
ajfa-4533	333	9	.	.	PUNCT
ajfa-4533	334	1	multinational	multinational	ADJ
ajfa-4533	334	2	financial	financial	ADJ
ajfa-4533	334	3	management	management	NOUN
ajfa-4533	334	4	(	(	PUNCT
ajfa-4533	334	5	4th	4th	ADJ
ajfa-4533	334	6	ed	ed	NOUN
ajfa-4533	334	7	)	)	PUNCT
ajfa-4533	334	8	.	.	PUNCT
ajfa-4533	335	1	boston	boston	PROPN
ajfa-4533	335	2	:	:	PUNCT
ajfa-4533	335	3	allyn	allyn	PROPN
ajfa-4533	335	4	and	and	CCONJ
ajfa-4533	335	5	bacon	bacon	NOUN
ajfa-4533	335	6	.	.	PUNCT
ajfa-4533	336	1	sheikh	sheikh	NOUN
ajfa-4533	336	2	,	,	PUNCT
ajfa-4533	336	3	n.	n.	PROPN
ajfa-4533	336	4	a.	a.	PROPN
ajfa-4533	336	5	and	and	CCONJ
ajfa-4533	336	6	wang	wang	PROPN
ajfa-4533	336	7	,	,	PUNCT
ajfa-4533	336	8	z.	z.	PROPN
ajfa-4533	336	9	j.	j.	PROPN
ajfa-4533	336	10	(	(	PUNCT
ajfa-4533	336	11	2011	2011	NUM
ajfa-4533	336	12	)	)	PUNCT
ajfa-4533	336	13	.	.	PUNCT
ajfa-4533	337	1	determinants	determinant	NOUN
ajfa-4533	337	2	of	of	ADP
ajfa-4533	337	3	capital	capital	NOUN
ajfa-4533	337	4	structure	structure	NOUN
ajfa-4533	337	5	:	:	PUNCT
ajfa-4533	337	6	an	an	DET
ajfa-4533	337	7	empirical	empirical	ADJ
ajfa-4533	337	8	study	study	NOUN
ajfa-4533	337	9	of	of	ADP
ajfa-4533	337	10	firms	firm	NOUN
ajfa-4533	337	11	in	in	ADP
ajfa-4533	337	12	manufacturing	manufacture	VERB
ajfa-4533	337	13	industry	industry	NOUN
ajfa-4533	337	14	of	of	ADP
ajfa-4533	337	15	pakistan	pakistan	PROPN
ajfa-4533	337	16	.	.	PUNCT
ajfa-4533	338	1	managerial	managerial	ADJ
ajfa-4533	338	2	finance	finance	NOUN
ajfa-4533	338	3	,	,	PUNCT
ajfa-4533	338	4	37(2	37(2	PROPN
ajfa-4533	338	5	)	)	PUNCT
ajfa-4533	338	6	,	,	PUNCT
ajfa-4533	338	7	117	117	NUM
ajfa-4533	338	8	–	–	SYM
ajfa-4533	338	9	133	133	NUM
ajfa-4533	338	10	.	.	PUNCT
ajfa-4533	339	1	http://dx.doi.org/10.1108/03074351111103668	http://dx.doi.org/10.1108/03074351111103668	NOUN
ajfa-4533	339	2	singh	singh	PROPN
ajfa-4533	339	3	,	,	PUNCT
ajfa-4533	339	4	m.	m.	NOUN
ajfa-4533	339	5	,	,	PUNCT
ajfa-4533	339	6	davidson	davidson	PROPN
ajfa-4533	339	7	,	,	PUNCT
ajfa-4533	339	8	w.	w.	PROPN
ajfa-4533	339	9	n.	n.	PROPN
ajfa-4533	339	10	,	,	PUNCT
ajfa-4533	339	11	&	&	CCONJ
ajfa-4533	339	12	suchard	suchard	PROPN
ajfa-4533	339	13	,	,	PUNCT
ajfa-4533	339	14	j.a	j.a	PROPN
ajfa-4533	339	15	.	.	PROPN
ajfa-4533	339	16	(	(	PUNCT
ajfa-4533	339	17	2003	2003	NUM
ajfa-4533	339	18	)	)	PUNCT
ajfa-4533	339	19	.	.	PUNCT
ajfa-4533	340	1	corporate	corporate	ADJ
ajfa-4533	340	2	diversification	diversification	NOUN
ajfa-4533	340	3	strategies	strategy	NOUN
ajfa-4533	340	4	and	and	CCONJ
ajfa-4533	340	5	capital	capital	NOUN
ajfa-4533	340	6	structure	structure	NOUN
ajfa-4533	340	7	.	.	PUNCT
ajfa-4533	341	1	the	the	DET
ajfa-4533	341	2	quarterly	quarterly	ADJ
ajfa-4533	341	3	review	review	NOUN
ajfa-4533	341	4	of	of	ADP
ajfa-4533	341	5	economics	economic	NOUN
ajfa-4533	341	6	and	and	CCONJ
ajfa-4533	341	7	finance	finance	NOUN
ajfa-4533	341	8	,	,	PUNCT
ajfa-4533	341	9	43(1	43(1	NOUN
ajfa-4533	341	10	)	)	PUNCT
ajfa-4533	341	11	,	,	PUNCT
ajfa-4533	341	12	147–167	147–167	NUM
ajfa-4533	341	13	.	.	PUNCT
ajfa-4533	342	1	http://dx.doi.org/10.1016/s1062-9769(02)00124-2	http://dx.doi.org/10.1016/s1062-9769(02)00124-2	PROPN
ajfa-4533	342	2	suto	suto	NOUN
ajfa-4533	342	3	,	,	PUNCT
ajfa-4533	342	4	m.	m.	NOUN
ajfa-4533	342	5	(	(	PUNCT
ajfa-4533	342	6	2003	2003	NUM
ajfa-4533	342	7	)	)	PUNCT
ajfa-4533	342	8	.	.	PUNCT
ajfa-4533	343	1	capital	capital	NOUN
ajfa-4533	343	2	structure	structure	NOUN
ajfa-4533	343	3	and	and	CCONJ
ajfa-4533	343	4	investment	investment	NOUN
ajfa-4533	343	5	behavior	behavior	NOUN
ajfa-4533	343	6	of	of	ADP
ajfa-4533	343	7	malaysian	malaysian	ADJ
ajfa-4533	343	8	firms	firm	NOUN
ajfa-4533	343	9	in	in	ADP
ajfa-4533	343	10	the	the	DET
ajfa-4533	343	11	1990s	1990s	NUM
ajfa-4533	343	12	:	:	PUNCT
ajfa-4533	343	13	a	a	DET
ajfa-4533	343	14	study	study	NOUN
ajfa-4533	343	15	of	of	ADP
ajfa-4533	343	16	corporate	corporate	ADJ
ajfa-4533	343	17	governance	governance	NOUN
ajfa-4533	343	18	before	before	ADP
ajfa-4533	343	19	the	the	DET
ajfa-4533	343	20	crisis	crisis	NOUN
ajfa-4533	343	21	.	.	PUNCT
ajfa-4533	344	1	international	international	ADJ
ajfa-4533	344	2	corporate	corporate	ADJ
ajfa-4533	344	3	governance	governance	NOUN
ajfa-4533	344	4	review	review	NOUN
ajfa-4533	344	5	,	,	PUNCT
ajfa-4533	344	6	11(1	11(1	NUM
ajfa-4533	344	7	)	)	PUNCT
ajfa-4533	344	8	,	,	PUNCT
ajfa-4533	344	9	25	25	NUM
ajfa-4533	344	10	-	-	SYM
ajfa-4533	344	11	39	39	NUM
ajfa-4533	344	12	.	.	PUNCT
ajfa-4533	345	1	http://dx.doi.org/10.1111/1467-8683.00299	http://dx.doi.org/10.1111/1467-8683.00299	PROPN
ajfa-4533	345	2	thomas	thomas	PROPN
ajfa-4533	345	3	,	,	PUNCT
ajfa-4533	345	4	d.	d.	PROPN
ajfa-4533	345	5	e.	e.	PROPN
ajfa-4533	345	6	,	,	PUNCT
ajfa-4533	345	7	&	&	CCONJ
ajfa-4533	345	8	eden	eden	PROPN
ajfa-4533	345	9	l.	l.	PROPN
ajfa-4533	345	10	(	(	PUNCT
ajfa-4533	345	11	2004	2004	NUM
ajfa-4533	345	12	)	)	PUNCT
ajfa-4533	345	13	.	.	PUNCT
ajfa-4533	346	1	what	what	PRON
ajfa-4533	346	2	is	be	AUX
ajfa-4533	346	3	the	the	DET
ajfa-4533	346	4	shape	shape	NOUN
ajfa-4533	346	5	of	of	ADP
ajfa-4533	346	6	the	the	DET
ajfa-4533	346	7	multi	multi	ADJ
ajfa-4533	346	8	-	-	ADJ
ajfa-4533	346	9	nationality	nationality	ADJ
ajfa-4533	346	10	performance	performance	NOUN
ajfa-4533	346	11	relationship	relationship	NOUN
ajfa-4533	346	12	?	?	PUNCT
ajfa-4533	347	1	multinational	multinational	ADJ
ajfa-4533	347	2	business	business	NOUN
ajfa-4533	347	3	review	review	PROPN
ajfa-4533	347	4	,	,	PUNCT
ajfa-4533	347	5	12(1	12(1	NUM
ajfa-4533	347	6	)	)	PUNCT
ajfa-4533	347	7	,	,	PUNCT
ajfa-4533	347	8	89	89	NUM
ajfa-4533	347	9	–	–	SYM
ajfa-4533	347	10	110	110	NUM
ajfa-4533	347	11	.	.	PUNCT
ajfa-4533	348	1	thomas	thomas	PROPN
ajfa-4533	348	2	,	,	PUNCT
ajfa-4533	348	3	d.	d.	PROPN
ajfa-4533	348	4	e.	e.	PROPN
ajfa-4533	348	5	(	(	PUNCT
ajfa-4533	348	6	2006	2006	NUM
ajfa-4533	348	7	)	)	PUNCT
ajfa-4533	348	8	.	.	PUNCT
ajfa-4533	349	1	international	international	ADJ
ajfa-4533	349	2	diversification	diversification	NOUN
ajfa-4533	349	3	and	and	CCONJ
ajfa-4533	349	4	firm	firm	ADJ
ajfa-4533	349	5	performance	performance	NOUN
ajfa-4533	349	6	in	in	ADP
ajfa-4533	349	7	mexican	mexican	ADJ
ajfa-4533	349	8	firms	firm	NOUN
ajfa-4533	349	9	:	:	PUNCT
ajfa-4533	349	10	a	a	DET
ajfa-4533	349	11	curvilinear	curvilinear	ADJ
ajfa-4533	349	12	relationship	relationship	NOUN
ajfa-4533	349	13	?	?	PUNCT
ajfa-4533	349	14	journal	journal	NOUN
ajfa-4533	349	15	of	of	ADP
ajfa-4533	349	16	business	business	NOUN
ajfa-4533	349	17	research	research	NOUN
ajfa-4533	349	18	,	,	PUNCT
ajfa-4533	349	19	59(4	59(4	NUM
ajfa-4533	349	20	)	)	PUNCT
ajfa-4533	349	21	,	,	PUNCT
ajfa-4533	349	22	501–507	501–507	NUM
ajfa-4533	349	23	http://dx.doi.org/10.1016/j.jbusres.2005.08.008	http://dx.doi.org/10.1016/j.jbusres.2005.08.008	NOUN
ajfa-4533	349	24	titman	titman	NOUN
ajfa-4533	349	25	,	,	PUNCT
ajfa-4533	349	26	s.	s.	PROPN
ajfa-4533	349	27	,	,	PUNCT
ajfa-4533	349	28	&	&	CCONJ
ajfa-4533	349	29	wessels	wessels	PROPN
ajfa-4533	349	30	,	,	PUNCT
ajfa-4533	349	31	r.	r.	PROPN
ajfa-4533	349	32	(	(	PUNCT
ajfa-4533	349	33	1998	1998	NUM
ajfa-4533	349	34	)	)	PUNCT
ajfa-4533	349	35	.	.	PUNCT
ajfa-4533	350	1	the	the	DET
ajfa-4533	350	2	determinants	determinant	NOUN
ajfa-4533	350	3	of	of	ADP
ajfa-4533	350	4	capital	capital	NOUN
ajfa-4533	350	5	choices	choice	NOUN
ajfa-4533	350	6	.	.	PUNCT
ajfa-4533	351	1	journal	journal	PROPN
ajfa-4533	351	2	of	of	ADP
ajfa-4533	351	3	finance	finance	NOUN
ajfa-4533	351	4	,	,	PUNCT
ajfa-4533	351	5	43(1	43(1	NOUN
ajfa-4533	351	6	)	)	PUNCT
ajfa-4533	351	7	,	,	PUNCT
ajfa-4533	351	8	1	1	NUM
ajfa-4533	351	9	-	-	SYM
ajfa-4533	351	10	19	19	NUM
ajfa-4533	351	11	.	.	PUNCT
ajfa-4533	352	1	http://dx.doi.org/10.1111/j.1540-6261.1988.tb02585.x	http://dx.doi.org/10.1111/j.1540-6261.1988.tb02585.x	PROPN
ajfa-4533	352	2	warner	warner	PROPN
ajfa-4533	352	3	,	,	PUNCT
ajfa-4533	352	4	j.	j.	PROPN
ajfa-4533	352	5	(	(	PUNCT
ajfa-4533	352	6	1997	1997	NUM
ajfa-4533	352	7	)	)	PUNCT
ajfa-4533	352	8	.	.	PUNCT
ajfa-4533	353	1	bankruptcy	bankruptcy	NOUN
ajfa-4533	353	2	cost	cost	NOUN
ajfa-4533	353	3	:	:	PUNCT
ajfa-4533	353	4	some	some	DET
ajfa-4533	353	5	evidence	evidence	NOUN
ajfa-4533	353	6	.	.	PUNCT
ajfa-4533	354	1	journal	journal	NOUN
ajfa-4533	354	2	of	of	ADP
ajfa-4533	354	3	finance	finance	NOUN
ajfa-4533	354	4	,	,	PUNCT
ajfa-4533	354	5	32(2	32(2	NUM
ajfa-4533	354	6	)	)	PUNCT
ajfa-4533	354	7	,	,	PUNCT
ajfa-4533	354	8	337	337	NUM
ajfa-4533	354	9	-	-	SYM
ajfa-4533	354	10	347	347	NUM
ajfa-4533	354	11	.	.	PUNCT
ajfa-4533	355	1	http://dx.doi.org/10.2307/2326766	http://dx.doi.org/10.2307/2326766	NOUN