id	sid	tid	token	lemma	pos
ajfa-5156	1	1	microsoft	microsoft	PROPN
ajfa-5156	1	2	word	word	NOUN
ajfa-5156	1	3	5156-18688-1-sm-writer2-new.doc	5156-18688-1-sm-writer2-new.doc	NUM
ajfa-5156	1	4	asian	asian	ADJ
ajfa-5156	1	5	journal	journal	NOUN
ajfa-5156	1	6	of	of	ADP
ajfa-5156	1	7	finance	finance	PROPN
ajfa-5156	1	8	&	&	CCONJ
ajfa-5156	1	9	accounting	accounting	PROPN
ajfa-5156	1	10	issn	issn	PROPN
ajfa-5156	1	11	1946	1946	NUM
ajfa-5156	1	12	-	-	PUNCT
ajfa-5156	1	13	052x	052x	PROPN
ajfa-5156	1	14	2014	2014	NUM
ajfa-5156	1	15	,	,	PUNCT
ajfa-5156	1	16	vol	vol	NOUN
ajfa-5156	1	17	.	.	PROPN
ajfa-5156	1	18	6	6	NUM
ajfa-5156	1	19	,	,	PUNCT
ajfa-5156	1	20	no	no	INTJ
ajfa-5156	1	21	.	.	NOUN
ajfa-5156	1	22	1	1	NUM
ajfa-5156	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5156	1	24	262	262	NUM
ajfa-5156	1	25	ownership	ownership	NOUN
ajfa-5156	1	26	volatility	volatility	NOUN
ajfa-5156	1	27	and	and	CCONJ
ajfa-5156	1	28	firm	firm	ADJ
ajfa-5156	1	29	performance	performance	NOUN
ajfa-5156	1	30	:	:	PUNCT
ajfa-5156	1	31	evidence	evidence	NOUN
ajfa-5156	1	32	from	from	ADP
ajfa-5156	1	33	the	the	DET
ajfa-5156	1	34	korean	korean	ADJ
ajfa-5156	1	35	firms	firm	NOUN
ajfa-5156	1	36	haksoon	haksoon	PROPN
ajfa-5156	1	37	kim	kim	PROPN
ajfa-5156	1	38	assistant	assistant	NOUN
ajfa-5156	1	39	professor	professor	NOUN
ajfa-5156	1	40	of	of	ADP
ajfa-5156	1	41	finance	finance	NOUN
ajfa-5156	1	42	,	,	PUNCT
ajfa-5156	1	43	division	division	NOUN
ajfa-5156	1	44	of	of	ADP
ajfa-5156	1	45	economics	economic	NOUN
ajfa-5156	1	46	and	and	CCONJ
ajfa-5156	1	47	finance	finance	PROPN
ajfa-5156	1	48	troy	troy	PROPN
ajfa-5156	1	49	university	university	PROPN
ajfa-5156	1	50	montgomery	montgomery	PROPN
ajfa-5156	1	51	campus	campus	PROPN
ajfa-5156	1	52	montgomery	montgomery	PROPN
ajfa-5156	1	53	,	,	PUNCT
ajfa-5156	1	54	alabama	alabama	PROPN
ajfa-5156	1	55	36103	36103	NUM
ajfa-5156	1	56	tel	tel	PROPN
ajfa-5156	1	57	:	:	PUNCT
ajfa-5156	1	58	334	334	NUM
ajfa-5156	1	59	-	-	SYM
ajfa-5156	1	60	832	832	NUM
ajfa-5156	1	61	-	-	PUNCT
ajfa-5156	1	62	7285	7285	NUM
ajfa-5156	1	63	e	e	NOUN
ajfa-5156	1	64	-	-	NOUN
ajfa-5156	1	65	mail	mail	NOUN
ajfa-5156	1	66	:	:	PUNCT
ajfa-5156	1	67	hkim11@troy.edu	hkim11@troy.edu	X
ajfa-5156	1	68	received	receive	VERB
ajfa-5156	1	69	:	:	PUNCT
ajfa-5156	1	70	feb	feb	PROPN
ajfa-5156	1	71	.	.	PROPN
ajfa-5156	1	72	20	20	NUM
ajfa-5156	1	73	,	,	PUNCT
ajfa-5156	1	74	2014	2014	NUM
ajfa-5156	1	75	accepted	accept	VERB
ajfa-5156	1	76	:	:	PUNCT
ajfa-5156	1	77	march	march	PROPN
ajfa-5156	1	78	18	18	NUM
ajfa-5156	1	79	,	,	PUNCT
ajfa-5156	1	80	2014	2014	NUM
ajfa-5156	1	81	published	publish	VERB
ajfa-5156	1	82	:	:	PUNCT
ajfa-5156	1	83	june	june	PROPN
ajfa-5156	1	84	1	1	NUM
ajfa-5156	1	85	,	,	PUNCT
ajfa-5156	1	86	2014	2014	NUM
ajfa-5156	1	87	doi:10.5296	doi:10.5296	NOUN
ajfa-5156	1	88	/	/	SYM
ajfa-5156	1	89	ajfa.v6i1.5156	ajfa.v6i1.5156	PROPN
ajfa-5156	1	90	url	url	PROPN
ajfa-5156	1	91	:	:	PUNCT
ajfa-5156	1	92	http://dx.doi.org/10.5296/ajfa.v6i1.5156	http://dx.doi.org/10.5296/ajfa.v6i1.5156	PROPN
ajfa-5156	1	93	abstract	abstract	ADJ
ajfa-5156	1	94	this	this	DET
ajfa-5156	1	95	paper	paper	NOUN
ajfa-5156	1	96	investigates	investigate	VERB
ajfa-5156	1	97	the	the	DET
ajfa-5156	1	98	relationship	relationship	NOUN
ajfa-5156	1	99	between	between	ADP
ajfa-5156	1	100	ownership	ownership	NOUN
ajfa-5156	1	101	volatility	volatility	NOUN
ajfa-5156	1	102	and	and	CCONJ
ajfa-5156	1	103	firm	firm	ADJ
ajfa-5156	1	104	performance	performance	NOUN
ajfa-5156	1	105	in	in	ADP
ajfa-5156	1	106	korea	korea	PROPN
ajfa-5156	1	107	.	.	PUNCT
ajfa-5156	2	1	using	use	VERB
ajfa-5156	2	2	the	the	DET
ajfa-5156	2	3	five	five	NUM
ajfa-5156	2	4	year	year	NOUN
ajfa-5156	2	5	ownership	ownership	NOUN
ajfa-5156	2	6	volatility	volatility	NOUN
ajfa-5156	2	7	variables	variable	NOUN
ajfa-5156	2	8	from	from	ADP
ajfa-5156	2	9	2005	2005	NUM
ajfa-5156	2	10	till	till	SCONJ
ajfa-5156	2	11	2009	2009	NUM
ajfa-5156	2	12	,	,	PUNCT
ajfa-5156	2	13	the	the	DET
ajfa-5156	2	14	paper	paper	NOUN
ajfa-5156	2	15	shows	show	VERB
ajfa-5156	2	16	a	a	DET
ajfa-5156	2	17	positive	positive	ADJ
ajfa-5156	2	18	relationship	relationship	NOUN
ajfa-5156	2	19	between	between	ADP
ajfa-5156	2	20	foreign	foreign	ADJ
ajfa-5156	2	21	ownership	ownership	NOUN
ajfa-5156	2	22	volatility	volatility	NOUN
ajfa-5156	2	23	and	and	CCONJ
ajfa-5156	2	24	the	the	DET
ajfa-5156	2	25	firm	firm	ADJ
ajfa-5156	2	26	performance	performance	NOUN
ajfa-5156	2	27	of	of	ADP
ajfa-5156	2	28	sample	sample	NOUN
ajfa-5156	2	29	firms	firm	NOUN
ajfa-5156	2	30	in	in	ADP
ajfa-5156	2	31	korea	korea	PROPN
ajfa-5156	2	32	.	.	PUNCT
ajfa-5156	3	1	further	far	ADV
ajfa-5156	3	2	,	,	PUNCT
ajfa-5156	3	3	we	we	PRON
ajfa-5156	3	4	perform	perform	VERB
ajfa-5156	3	5	a	a	DET
ajfa-5156	3	6	factor	factor	NOUN
ajfa-5156	3	7	analysis	analysis	NOUN
ajfa-5156	3	8	out	out	ADP
ajfa-5156	3	9	of	of	ADP
ajfa-5156	3	10	ownership	ownership	NOUN
ajfa-5156	3	11	volatility	volatility	NOUN
ajfa-5156	3	12	variables	variable	NOUN
ajfa-5156	3	13	and	and	CCONJ
ajfa-5156	3	14	investigate	investigate	VERB
ajfa-5156	3	15	the	the	DET
ajfa-5156	3	16	relationship	relationship	NOUN
ajfa-5156	3	17	between	between	ADP
ajfa-5156	3	18	the	the	DET
ajfa-5156	3	19	common	common	ADJ
ajfa-5156	3	20	factors	factor	NOUN
ajfa-5156	3	21	of	of	ADP
ajfa-5156	3	22	ownership	ownership	NOUN
ajfa-5156	3	23	volatility	volatility	NOUN
ajfa-5156	3	24	variables	variable	NOUN
ajfa-5156	3	25	and	and	CCONJ
ajfa-5156	3	26	the	the	DET
ajfa-5156	3	27	firm	firm	ADJ
ajfa-5156	3	28	performance	performance	NOUN
ajfa-5156	3	29	of	of	ADP
ajfa-5156	3	30	sample	sample	NOUN
ajfa-5156	3	31	firms	firm	NOUN
ajfa-5156	3	32	in	in	ADP
ajfa-5156	3	33	korea	korea	PROPN
ajfa-5156	3	34	.	.	PUNCT
ajfa-5156	4	1	we	we	PRON
ajfa-5156	4	2	find	find	VERB
ajfa-5156	4	3	a	a	DET
ajfa-5156	4	4	positive	positive	ADJ
ajfa-5156	4	5	relationship	relationship	NOUN
ajfa-5156	4	6	between	between	ADP
ajfa-5156	4	7	the	the	DET
ajfa-5156	4	8	common	common	ADJ
ajfa-5156	4	9	factors	factor	NOUN
ajfa-5156	4	10	and	and	CCONJ
ajfa-5156	4	11	the	the	DET
ajfa-5156	4	12	firm	firm	ADJ
ajfa-5156	4	13	performance	performance	NOUN
ajfa-5156	4	14	.	.	PUNCT
ajfa-5156	5	1	the	the	DET
ajfa-5156	5	2	paper	paper	NOUN
ajfa-5156	5	3	contributes	contribute	VERB
ajfa-5156	5	4	to	to	ADP
ajfa-5156	5	5	the	the	DET
ajfa-5156	5	6	prior	prior	ADJ
ajfa-5156	5	7	literature	literature	NOUN
ajfa-5156	5	8	by	by	ADP
ajfa-5156	5	9	investigating	investigate	VERB
ajfa-5156	5	10	the	the	DET
ajfa-5156	5	11	role	role	NOUN
ajfa-5156	5	12	of	of	ADP
ajfa-5156	5	13	ownership	ownership	NOUN
ajfa-5156	5	14	volatility	volatility	NOUN
ajfa-5156	5	15	on	on	ADP
ajfa-5156	5	16	firm	firm	ADJ
ajfa-5156	5	17	performance	performance	NOUN
ajfa-5156	5	18	.	.	PUNCT
ajfa-5156	6	1	keywords	keyword	NOUN
ajfa-5156	6	2	:	:	PUNCT
ajfa-5156	6	3	ownership	ownership	NOUN
ajfa-5156	6	4	volatility	volatility	NOUN
ajfa-5156	6	5	,	,	PUNCT
ajfa-5156	6	6	factor	factor	NOUN
ajfa-5156	6	7	analysis	analysis	NOUN
ajfa-5156	6	8	,	,	PUNCT
ajfa-5156	6	9	firm	firm	ADJ
ajfa-5156	6	10	performance	performance	NOUN
ajfa-5156	6	11	,	,	PUNCT
ajfa-5156	6	12	corporate	corporate	ADJ
ajfa-5156	6	13	governance	governance	NOUN
ajfa-5156	6	14	jel	jel	PROPN
ajfa-5156	6	15	classification	classification	NOUN
ajfa-5156	6	16	:	:	PUNCT
ajfa-5156	6	17	g15	g15	PROPN
ajfa-5156	6	18	;	;	PUNCT
ajfa-5156	6	19	g32	g32	NOUN
ajfa-5156	6	20	;	;	PUNCT
ajfa-5156	6	21	g34	g34	PROPN
ajfa-5156	6	22	asian	asian	PROPN
ajfa-5156	6	23	journal	journal	PROPN
ajfa-5156	6	24	of	of	ADP
ajfa-5156	6	25	finance	finance	PROPN
ajfa-5156	6	26	&	&	CCONJ
ajfa-5156	6	27	accounting	accounting	PROPN
ajfa-5156	6	28	issn	issn	PROPN
ajfa-5156	6	29	1946	1946	NUM
ajfa-5156	6	30	-	-	PUNCT
ajfa-5156	6	31	052x	052x	PROPN
ajfa-5156	6	32	2014	2014	NUM
ajfa-5156	6	33	,	,	PUNCT
ajfa-5156	6	34	vol	vol	NOUN
ajfa-5156	6	35	.	.	PROPN
ajfa-5156	7	1	6	6	NUM
ajfa-5156	7	2	,	,	PUNCT
ajfa-5156	7	3	no	no	INTJ
ajfa-5156	7	4	.	.	NOUN
ajfa-5156	7	5	1	1	NUM
ajfa-5156	7	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5156	7	7	263	263	NUM
ajfa-5156	7	8	1	1	NUM
ajfa-5156	7	9	.	.	PUNCT
ajfa-5156	8	1	introduction	introduction	NOUN
ajfa-5156	8	2	it	it	PRON
ajfa-5156	8	3	has	have	AUX
ajfa-5156	8	4	been	be	AUX
ajfa-5156	8	5	an	an	DET
ajfa-5156	8	6	established	establish	VERB
ajfa-5156	8	7	theory	theory	NOUN
ajfa-5156	8	8	since	since	SCONJ
ajfa-5156	8	9	berle	berle	NOUN
ajfa-5156	8	10	and	and	CCONJ
ajfa-5156	8	11	means	mean	NOUN
ajfa-5156	8	12	(	(	PUNCT
ajfa-5156	8	13	1932	1932	NUM
ajfa-5156	8	14	)	)	PUNCT
ajfa-5156	8	15	that	that	SCONJ
ajfa-5156	8	16	ownership	ownership	NOUN
ajfa-5156	8	17	structure	structure	NOUN
ajfa-5156	8	18	is	be	AUX
ajfa-5156	8	19	well	well	ADV
ajfa-5156	8	20	distributed	distribute	VERB
ajfa-5156	8	21	to	to	ADP
ajfa-5156	8	22	minority	minority	NOUN
ajfa-5156	8	23	shareholders	shareholder	NOUN
ajfa-5156	8	24	even	even	ADV
ajfa-5156	8	25	though	though	SCONJ
ajfa-5156	8	26	managers	manager	NOUN
ajfa-5156	8	27	have	have	VERB
ajfa-5156	8	28	the	the	DET
ajfa-5156	8	29	control	control	NOUN
ajfa-5156	8	30	of	of	ADP
ajfa-5156	8	31	a	a	DET
ajfa-5156	8	32	firm	firm	NOUN
ajfa-5156	8	33	.	.	PUNCT
ajfa-5156	9	1	however	however	ADV
ajfa-5156	9	2	,	,	PUNCT
ajfa-5156	9	3	many	many	ADJ
ajfa-5156	9	4	studies	study	NOUN
ajfa-5156	9	5	have	have	AUX
ajfa-5156	9	6	shown	show	VERB
ajfa-5156	9	7	that	that	SCONJ
ajfa-5156	9	8	the	the	DET
ajfa-5156	9	9	concentration	concentration	NOUN
ajfa-5156	9	10	of	of	ADP
ajfa-5156	9	11	ownership	ownership	NOUN
ajfa-5156	9	12	increased	increase	VERB
ajfa-5156	9	13	in	in	ADP
ajfa-5156	9	14	countries	country	NOUN
ajfa-5156	9	15	like	like	ADP
ajfa-5156	9	16	germany	germany	PROPN
ajfa-5156	9	17	,	,	PUNCT
ajfa-5156	9	18	japan	japan	PROPN
ajfa-5156	9	19	,	,	PUNCT
ajfa-5156	9	20	italy	italy	PROPN
ajfa-5156	9	21	and	and	CCONJ
ajfa-5156	9	22	even	even	ADV
ajfa-5156	9	23	in	in	ADP
ajfa-5156	9	24	the	the	DET
ajfa-5156	9	25	united	united	PROPN
ajfa-5156	9	26	states	states	PROPN
ajfa-5156	9	27	since	since	SCONJ
ajfa-5156	9	28	1980	1980	NUM
ajfa-5156	9	29	’s	’s	PART
ajfa-5156	9	30	.	.	PUNCT
ajfa-5156	10	1	the	the	DET
ajfa-5156	10	2	effect	effect	NOUN
ajfa-5156	10	3	of	of	ADP
ajfa-5156	10	4	ownership	ownership	NOUN
ajfa-5156	10	5	structure	structure	NOUN
ajfa-5156	10	6	on	on	ADP
ajfa-5156	10	7	corporate	corporate	ADJ
ajfa-5156	10	8	governance	governance	NOUN
ajfa-5156	10	9	is	be	AUX
ajfa-5156	10	10	that	that	SCONJ
ajfa-5156	10	11	the	the	DET
ajfa-5156	10	12	increased	increase	VERB
ajfa-5156	10	13	ownership	ownership	NOUN
ajfa-5156	10	14	of	of	ADP
ajfa-5156	10	15	managers	manager	NOUN
ajfa-5156	10	16	leads	lead	VERB
ajfa-5156	10	17	to	to	ADP
ajfa-5156	10	18	reduced	reduce	VERB
ajfa-5156	10	19	incentive	incentive	NOUN
ajfa-5156	10	20	for	for	ADP
ajfa-5156	10	21	wealth	wealth	NOUN
ajfa-5156	10	22	transfer	transfer	NOUN
ajfa-5156	10	23	and	and	CCONJ
ajfa-5156	10	24	more	more	ADJ
ajfa-5156	10	25	incentives	incentive	NOUN
ajfa-5156	10	26	for	for	ADP
ajfa-5156	10	27	majority	majority	NOUN
ajfa-5156	10	28	shareholders	shareholder	NOUN
ajfa-5156	10	29	than	than	SCONJ
ajfa-5156	10	30	minority	minority	NOUN
ajfa-5156	10	31	shareholders	shareholder	NOUN
ajfa-5156	10	32	to	to	PART
ajfa-5156	10	33	monitor	monitor	VERB
ajfa-5156	10	34	the	the	DET
ajfa-5156	10	35	managers	manager	NOUN
ajfa-5156	10	36	.	.	PUNCT
ajfa-5156	11	1	specifically	specifically	ADV
ajfa-5156	11	2	,	,	PUNCT
ajfa-5156	11	3	the	the	DET
ajfa-5156	11	4	increase	increase	NOUN
ajfa-5156	11	5	in	in	ADP
ajfa-5156	11	6	managerial	managerial	ADJ
ajfa-5156	11	7	ownership	ownership	NOUN
ajfa-5156	11	8	causes	cause	VERB
ajfa-5156	11	9	reduction	reduction	NOUN
ajfa-5156	11	10	in	in	ADP
ajfa-5156	11	11	conflict	conflict	NOUN
ajfa-5156	11	12	with	with	ADP
ajfa-5156	11	13	outside	outside	ADJ
ajfa-5156	11	14	large	large	ADJ
ajfa-5156	11	15	shareholders	shareholder	NOUN
ajfa-5156	11	16	and	and	CCONJ
ajfa-5156	11	17	creates	create	VERB
ajfa-5156	11	18	higher	high	ADJ
ajfa-5156	11	19	firm	firm	ADJ
ajfa-5156	11	20	performance	performance	NOUN
ajfa-5156	11	21	(	(	PUNCT
ajfa-5156	11	22	berle	berle	NOUN
ajfa-5156	11	23	and	and	CCONJ
ajfa-5156	11	24	means	mean	NOUN
ajfa-5156	11	25	,	,	PUNCT
ajfa-5156	11	26	1932	1932	NUM
ajfa-5156	11	27	;	;	PUNCT
ajfa-5156	11	28	jensen	jensen	PROPN
ajfa-5156	11	29	and	and	CCONJ
ajfa-5156	11	30	meckling	meckling	NOUN
ajfa-5156	11	31	,	,	PUNCT
ajfa-5156	11	32	1976	1976	NUM
ajfa-5156	11	33	)	)	PUNCT
ajfa-5156	11	34	.	.	PUNCT
ajfa-5156	12	1	the	the	DET
ajfa-5156	12	2	increase	increase	NOUN
ajfa-5156	12	3	in	in	ADP
ajfa-5156	12	4	managerial	managerial	ADJ
ajfa-5156	12	5	ownership	ownership	NOUN
ajfa-5156	12	6	makes	make	VERB
ajfa-5156	12	7	managers	manager	NOUN
ajfa-5156	12	8	be	be	AUX
ajfa-5156	12	9	in	in	ADP
ajfa-5156	12	10	a	a	DET
ajfa-5156	12	11	definite	definite	ADJ
ajfa-5156	12	12	position	position	NOUN
ajfa-5156	12	13	and	and	CCONJ
ajfa-5156	12	14	managers	manager	NOUN
ajfa-5156	12	15	sacrifice	sacrifice	VERB
ajfa-5156	12	16	the	the	DET
ajfa-5156	12	17	value	value	NOUN
ajfa-5156	12	18	of	of	ADP
ajfa-5156	12	19	outside	outside	ADJ
ajfa-5156	12	20	shareholders	shareholder	NOUN
ajfa-5156	12	21	(	(	PUNCT
ajfa-5156	12	22	fama	fama	NOUN
ajfa-5156	12	23	,	,	PUNCT
ajfa-5156	12	24	1980	1980	NUM
ajfa-5156	12	25	;	;	PUNCT
ajfa-5156	12	26	demsetz	demsetz	VERB
ajfa-5156	12	27	,	,	PUNCT
ajfa-5156	12	28	1983	1983	NUM
ajfa-5156	12	29	)	)	PUNCT
ajfa-5156	12	30	.	.	PUNCT
ajfa-5156	13	1	grossman	grossman	PROPN
ajfa-5156	13	2	and	and	CCONJ
ajfa-5156	13	3	hart	hart	PROPN
ajfa-5156	13	4	(	(	PUNCT
ajfa-5156	13	5	1988	1988	NUM
ajfa-5156	13	6	)	)	PUNCT
ajfa-5156	13	7	and	and	CCONJ
ajfa-5156	13	8	harris	harris	PROPN
ajfa-5156	13	9	and	and	CCONJ
ajfa-5156	13	10	raviv	raviv	PROPN
ajfa-5156	13	11	(	(	PUNCT
ajfa-5156	13	12	1988	1988	NUM
ajfa-5156	13	13	)	)	PUNCT
ajfa-5156	13	14	perform	perform	VERB
ajfa-5156	13	15	a	a	DET
ajfa-5156	13	16	study	study	NOUN
ajfa-5156	13	17	on	on	ADP
ajfa-5156	13	18	the	the	DET
ajfa-5156	13	19	best	well	ADV
ajfa-5156	13	20	fitted	fit	VERB
ajfa-5156	13	21	cash	cash	NOUN
ajfa-5156	13	22	flow	flow	NOUN
ajfa-5156	13	23	right	right	NOUN
ajfa-5156	13	24	and	and	CCONJ
ajfa-5156	13	25	control	control	VERB
ajfa-5156	13	26	right	right	NOUN
ajfa-5156	13	27	of	of	ADP
ajfa-5156	13	28	firms	firm	NOUN
ajfa-5156	13	29	.	.	PUNCT
ajfa-5156	14	1	shleifer	shleifer	NOUN
ajfa-5156	14	2	and	and	CCONJ
ajfa-5156	14	3	vishney	vishney	PROPN
ajfa-5156	14	4	(	(	PUNCT
ajfa-5156	14	5	1986	1986	NUM
ajfa-5156	14	6	)	)	PUNCT
ajfa-5156	14	7	and	and	CCONJ
ajfa-5156	14	8	burkart	burkart	NOUN
ajfa-5156	14	9	,	,	PUNCT
ajfa-5156	14	10	gromb	gromb	NOUN
ajfa-5156	14	11	and	and	CCONJ
ajfa-5156	14	12	panunzi	panunzi	PROPN
ajfa-5156	14	13	(	(	PUNCT
ajfa-5156	14	14	1997	1997	NUM
ajfa-5156	14	15	)	)	PUNCT
ajfa-5156	14	16	study	study	VERB
ajfa-5156	14	17	the	the	DET
ajfa-5156	14	18	costs	cost	NOUN
ajfa-5156	14	19	and	and	CCONJ
ajfa-5156	14	20	benefits	benefit	NOUN
ajfa-5156	14	21	of	of	ADP
ajfa-5156	14	22	majority	majority	NOUN
ajfa-5156	14	23	shareholders	shareholder	NOUN
ajfa-5156	14	24	.	.	PUNCT
ajfa-5156	15	1	demsetz	demsetz	VERB
ajfa-5156	15	2	and	and	CCONJ
ajfa-5156	15	3	lehn	lehn	NOUN
ajfa-5156	15	4	(	(	PUNCT
ajfa-5156	15	5	1985	1985	NUM
ajfa-5156	15	6	)	)	PUNCT
ajfa-5156	15	7	and	and	CCONJ
ajfa-5156	15	8	morck	morck	PROPN
ajfa-5156	15	9	,	,	PUNCT
ajfa-5156	15	10	shleifer	shleifer	NOUN
ajfa-5156	15	11	and	and	CCONJ
ajfa-5156	15	12	vishiny	vishiny	PROPN
ajfa-5156	15	13	(	(	PUNCT
ajfa-5156	15	14	1988	1988	NUM
ajfa-5156	15	15	)	)	PUNCT
ajfa-5156	15	16	show	show	VERB
ajfa-5156	15	17	the	the	DET
ajfa-5156	15	18	relationship	relationship	NOUN
ajfa-5156	15	19	between	between	ADP
ajfa-5156	15	20	the	the	DET
ajfa-5156	15	21	ownership	ownership	NOUN
ajfa-5156	15	22	structure	structure	NOUN
ajfa-5156	15	23	of	of	ADP
ajfa-5156	15	24	a	a	DET
ajfa-5156	15	25	firm	firm	ADJ
ajfa-5156	15	26	and	and	CCONJ
ajfa-5156	15	27	firm	firm	ADJ
ajfa-5156	15	28	performance	performance	NOUN
ajfa-5156	15	29	.	.	PUNCT
ajfa-5156	16	1	morck	morck	PROPN
ajfa-5156	16	2	,	,	PUNCT
ajfa-5156	16	3	shleifer	shleifer	NOUN
ajfa-5156	16	4	and	and	CCONJ
ajfa-5156	16	5	vishiny	vishiny	PROPN
ajfa-5156	16	6	(	(	PUNCT
ajfa-5156	16	7	1988	1988	NUM
ajfa-5156	16	8	)	)	PUNCT
ajfa-5156	16	9	find	find	VERB
ajfa-5156	16	10	that	that	SCONJ
ajfa-5156	16	11	the	the	DET
ajfa-5156	16	12	relationship	relationship	NOUN
ajfa-5156	16	13	between	between	ADP
ajfa-5156	16	14	ownership	ownership	NOUN
ajfa-5156	16	15	and	and	CCONJ
ajfa-5156	16	16	tobin	tobin	NOUN
ajfa-5156	16	17	’s	’s	PART
ajfa-5156	16	18	q	q	NOUN
ajfa-5156	16	19	or	or	CCONJ
ajfa-5156	16	20	accounting	accounting	NOUN
ajfa-5156	16	21	rate	rate	NOUN
ajfa-5156	16	22	of	of	ADP
ajfa-5156	16	23	return	return	NOUN
ajfa-5156	16	24	is	be	AUX
ajfa-5156	16	25	nonlinear	nonlinear	ADJ
ajfa-5156	16	26	.	.	PUNCT
ajfa-5156	17	1	also	also	ADV
ajfa-5156	17	2	,	,	PUNCT
ajfa-5156	17	3	they	they	PRON
ajfa-5156	17	4	find	find	VERB
ajfa-5156	17	5	that	that	SCONJ
ajfa-5156	17	6	firms	firm	NOUN
ajfa-5156	17	7	managed	manage	VERB
ajfa-5156	17	8	by	by	ADP
ajfa-5156	17	9	family	family	NOUN
ajfa-5156	17	10	have	have	VERB
ajfa-5156	17	11	lower	low	ADJ
ajfa-5156	17	12	tobin	tobin	NOUN
ajfa-5156	17	13	’s	’s	PART
ajfa-5156	17	14	q	q	PUNCT
ajfa-5156	17	15	than	than	ADP
ajfa-5156	17	16	firms	firm	NOUN
ajfa-5156	17	17	managed	manage	VERB
ajfa-5156	17	18	by	by	ADP
ajfa-5156	17	19	others	other	NOUN
ajfa-5156	17	20	.	.	PUNCT
ajfa-5156	18	1	kang	kang	PROPN
ajfa-5156	18	2	and	and	CCONJ
ajfa-5156	18	3	stulz	stulz	ADJ
ajfa-5156	18	4	(	(	PUNCT
ajfa-5156	18	5	1996	1996	NUM
ajfa-5156	18	6	)	)	PUNCT
ajfa-5156	18	7	tried	try	VERB
ajfa-5156	18	8	to	to	PART
ajfa-5156	18	9	find	find	VERB
ajfa-5156	18	10	the	the	DET
ajfa-5156	18	11	relationship	relationship	NOUN
ajfa-5156	18	12	between	between	ADP
ajfa-5156	18	13	the	the	DET
ajfa-5156	18	14	variability	variability	NOUN
ajfa-5156	18	15	of	of	ADP
ajfa-5156	18	16	foreign	foreign	ADJ
ajfa-5156	18	17	investors	investor	NOUN
ajfa-5156	18	18	’	’	PART
ajfa-5156	18	19	ownership	ownership	NOUN
ajfa-5156	18	20	and	and	CCONJ
ajfa-5156	18	21	investment	investment	NOUN
ajfa-5156	18	22	by	by	ADP
ajfa-5156	18	23	using	use	VERB
ajfa-5156	18	24	the	the	DET
ajfa-5156	18	25	japanese	japanese	ADJ
ajfa-5156	18	26	firm	firm	PROPN
ajfa-5156	18	27	data	datum	NOUN
ajfa-5156	18	28	.	.	PUNCT
ajfa-5156	19	1	this	this	DET
ajfa-5156	19	2	paper	paper	NOUN
ajfa-5156	19	3	shows	show	VERB
ajfa-5156	19	4	a	a	DET
ajfa-5156	19	5	so	so	ADV
ajfa-5156	19	6	-	-	PUNCT
ajfa-5156	19	7	called	call	VERB
ajfa-5156	19	8	‘	'	PUNCT
ajfa-5156	19	9	home	home	NOUN
ajfa-5156	19	10	-	-	PUNCT
ajfa-5156	19	11	bias	bias	NOUN
ajfa-5156	19	12	’	'	PUNCT
ajfa-5156	19	13	phenomenon	phenomenon	NOUN
ajfa-5156	19	14	by	by	ADP
ajfa-5156	19	15	investigating	investigate	VERB
ajfa-5156	19	16	the	the	DET
ajfa-5156	19	17	ownership	ownership	NOUN
ajfa-5156	19	18	variability	variability	NOUN
ajfa-5156	19	19	of	of	ADP
ajfa-5156	19	20	foreign	foreign	ADJ
ajfa-5156	19	21	investors	investor	NOUN
ajfa-5156	19	22	in	in	ADP
ajfa-5156	19	23	japan	japan	PROPN
ajfa-5156	19	24	from	from	ADP
ajfa-5156	19	25	1975	1975	NUM
ajfa-5156	19	26	to	to	ADP
ajfa-5156	19	27	1991	1991	NUM
ajfa-5156	19	28	.	.	PUNCT
ajfa-5156	20	1	the	the	DET
ajfa-5156	20	2	paper	paper	NOUN
ajfa-5156	20	3	finds	find	VERB
ajfa-5156	20	4	that	that	SCONJ
ajfa-5156	20	5	foreign	foreign	ADJ
ajfa-5156	20	6	investors	investor	NOUN
ajfa-5156	20	7	usually	usually	ADV
ajfa-5156	20	8	invested	invest	VERB
ajfa-5156	20	9	in	in	ADP
ajfa-5156	20	10	large	large	ADJ
ajfa-5156	20	11	firms	firm	NOUN
ajfa-5156	20	12	,	,	PUNCT
ajfa-5156	20	13	and	and	CCONJ
ajfa-5156	20	14	sought	seek	VERB
ajfa-5156	20	15	for	for	ADP
ajfa-5156	20	16	the	the	DET
ajfa-5156	20	17	portfolio	portfolio	NOUN
ajfa-5156	20	18	with	with	ADP
ajfa-5156	20	19	higher	high	ADJ
ajfa-5156	20	20	volatility	volatility	NOUN
ajfa-5156	20	21	than	than	ADP
ajfa-5156	20	22	the	the	DET
ajfa-5156	20	23	market	market	NOUN
ajfa-5156	20	24	portfolio	portfolio	NOUN
ajfa-5156	20	25	in	in	ADP
ajfa-5156	20	26	japan	japan	PROPN
ajfa-5156	20	27	.	.	PUNCT
ajfa-5156	21	1	so	so	ADV
ajfa-5156	21	2	,	,	PUNCT
ajfa-5156	21	3	they	they	PRON
ajfa-5156	21	4	did	do	AUX
ajfa-5156	21	5	not	not	PART
ajfa-5156	21	6	earn	earn	VERB
ajfa-5156	21	7	higher	high	ADJ
ajfa-5156	21	8	return	return	NOUN
ajfa-5156	21	9	but	but	CCONJ
ajfa-5156	21	10	monthly	monthly	ADJ
ajfa-5156	21	11	return	return	NOUN
ajfa-5156	21	12	volatility	volatility	NOUN
ajfa-5156	21	13	was	be	AUX
ajfa-5156	21	14	higher	high	ADJ
ajfa-5156	21	15	than	than	ADP
ajfa-5156	21	16	that	that	PRON
ajfa-5156	21	17	of	of	ADP
ajfa-5156	21	18	the	the	DET
ajfa-5156	21	19	market	market	NOUN
ajfa-5156	21	20	portfolio	portfolio	NOUN
ajfa-5156	21	21	in	in	ADP
ajfa-5156	21	22	japan	japan	PROPN
ajfa-5156	21	23	.	.	PUNCT
ajfa-5156	22	1	la	la	PROPN
ajfa-5156	22	2	porta	porta	PROPN
ajfa-5156	22	3	,	,	PUNCT
ajfa-5156	22	4	lopez	lopez	NOUN
ajfa-5156	22	5	and	and	CCONJ
ajfa-5156	22	6	shleifer	shleifer	PROPN
ajfa-5156	22	7	(	(	PUNCT
ajfa-5156	22	8	1999	1999	NUM
ajfa-5156	22	9	)	)	PUNCT
ajfa-5156	22	10	investigate	investigate	VERB
ajfa-5156	22	11	the	the	DET
ajfa-5156	22	12	corporate	corporate	ADJ
ajfa-5156	22	13	ownership	ownership	NOUN
ajfa-5156	22	14	around	around	ADP
ajfa-5156	22	15	the	the	DET
ajfa-5156	22	16	world	world	NOUN
ajfa-5156	22	17	.	.	PUNCT
ajfa-5156	23	1	the	the	DET
ajfa-5156	23	2	paper	paper	NOUN
ajfa-5156	23	3	uses	use	VERB
ajfa-5156	23	4	ownership	ownership	NOUN
ajfa-5156	23	5	data	datum	NOUN
ajfa-5156	23	6	of	of	ADP
ajfa-5156	23	7	large	large	ADJ
ajfa-5156	23	8	firms	firm	NOUN
ajfa-5156	23	9	in	in	ADP
ajfa-5156	23	10	27	27	NUM
ajfa-5156	23	11	leading	lead	VERB
ajfa-5156	23	12	countries	country	NOUN
ajfa-5156	23	13	to	to	PART
ajfa-5156	23	14	identify	identify	VERB
ajfa-5156	23	15	the	the	DET
ajfa-5156	23	16	ultimate	ultimate	ADJ
ajfa-5156	23	17	dominant	dominant	ADJ
ajfa-5156	23	18	shareholder	shareholder	NOUN
ajfa-5156	23	19	.	.	PUNCT
ajfa-5156	24	1	the	the	DET
ajfa-5156	24	2	paper	paper	NOUN
ajfa-5156	24	3	finds	find	VERB
ajfa-5156	24	4	that	that	SCONJ
ajfa-5156	24	5	firms	firm	NOUN
ajfa-5156	24	6	in	in	ADP
ajfa-5156	24	7	countries	country	NOUN
ajfa-5156	24	8	with	with	ADP
ajfa-5156	24	9	high	high	ADJ
ajfa-5156	24	10	level	level	NOUN
ajfa-5156	24	11	of	of	ADP
ajfa-5156	24	12	shareholder	shareholder	NOUN
ajfa-5156	24	13	protection	protection	NOUN
ajfa-5156	24	14	are	be	AUX
ajfa-5156	24	15	typically	typically	ADV
ajfa-5156	24	16	dominated	dominate	VERB
ajfa-5156	24	17	by	by	ADP
ajfa-5156	24	18	their	their	PRON
ajfa-5156	24	19	family	family	NOUN
ajfa-5156	24	20	or	or	CCONJ
ajfa-5156	24	21	the	the	DET
ajfa-5156	24	22	country	country	NOUN
ajfa-5156	24	23	they	they	PRON
ajfa-5156	24	24	are	be	AUX
ajfa-5156	24	25	in	in	ADP
ajfa-5156	24	26	.	.	PUNCT
ajfa-5156	25	1	stock	stock	NOUN
ajfa-5156	25	2	market	market	NOUN
ajfa-5156	25	3	control	control	NOUN
ajfa-5156	25	4	by	by	ADP
ajfa-5156	25	5	financial	financial	ADJ
ajfa-5156	25	6	institutions	institution	NOUN
ajfa-5156	25	7	rarely	rarely	ADV
ajfa-5156	25	8	occurs	occur	VERB
ajfa-5156	25	9	in	in	ADP
ajfa-5156	25	10	these	these	DET
ajfa-5156	25	11	countries	country	NOUN
ajfa-5156	25	12	.	.	PUNCT
ajfa-5156	26	1	majority	majority	NOUN
ajfa-5156	26	2	shareholders	shareholder	NOUN
ajfa-5156	26	3	have	have	VERB
ajfa-5156	26	4	more	more	ADJ
ajfa-5156	26	5	control	control	NOUN
ajfa-5156	26	6	rights	right	NOUN
ajfa-5156	26	7	than	than	ADP
ajfa-5156	26	8	cash	cash	NOUN
ajfa-5156	26	9	flow	flow	NOUN
ajfa-5156	26	10	rights	right	NOUN
ajfa-5156	26	11	,	,	PUNCT
ajfa-5156	26	12	and	and	CCONJ
ajfa-5156	26	13	this	this	PRON
ajfa-5156	26	14	is	be	AUX
ajfa-5156	26	15	realized	realize	VERB
ajfa-5156	26	16	by	by	ADP
ajfa-5156	26	17	pyramidal	pyramidal	ADJ
ajfa-5156	26	18	governance	governance	NOUN
ajfa-5156	26	19	structure	structure	NOUN
ajfa-5156	26	20	,	,	PUNCT
ajfa-5156	26	21	participation	participation	NOUN
ajfa-5156	26	22	in	in	ADP
ajfa-5156	26	23	the	the	DET
ajfa-5156	26	24	management	management	NOUN
ajfa-5156	26	25	,	,	PUNCT
ajfa-5156	26	26	cross	cross	NOUN
ajfa-5156	26	27	shareholdings	shareholding	NOUN
ajfa-5156	26	28	and	and	CCONJ
ajfa-5156	26	29	tunneling	tunneling	NOUN
ajfa-5156	26	30	problem	problem	NOUN
ajfa-5156	26	31	.	.	PUNCT
ajfa-5156	27	1	it	it	PRON
ajfa-5156	27	2	is	be	AUX
ajfa-5156	27	3	the	the	DET
ajfa-5156	27	4	opposite	opposite	NOUN
ajfa-5156	27	5	with	with	ADP
ajfa-5156	27	6	berle	berle	NOUN
ajfa-5156	27	7	and	and	CCONJ
ajfa-5156	27	8	means	mean	NOUN
ajfa-5156	27	9	(	(	PUNCT
ajfa-5156	27	10	1932	1932	NUM
ajfa-5156	27	11	)	)	PUNCT
ajfa-5156	27	12	who	who	PRON
ajfa-5156	27	13	asserted	assert	VERB
ajfa-5156	27	14	the	the	DET
ajfa-5156	27	15	universality	universality	NOUN
ajfa-5156	27	16	of	of	ADP
ajfa-5156	27	17	the	the	DET
ajfa-5156	27	18	widely	widely	ADV
ajfa-5156	27	19	held	hold	VERB
ajfa-5156	27	20	corporation	corporation	NOUN
ajfa-5156	27	21	holderness	holderness	PROPN
ajfa-5156	27	22	,	,	PUNCT
ajfa-5156	27	23	kroszner	kroszner	NOUN
ajfa-5156	27	24	and	and	CCONJ
ajfa-5156	27	25	sheehan	sheehan	PROPN
ajfa-5156	27	26	(	(	PUNCT
ajfa-5156	27	27	1999	1999	NUM
ajfa-5156	27	28	)	)	PUNCT
ajfa-5156	27	29	show	show	VERB
ajfa-5156	27	30	that	that	SCONJ
ajfa-5156	27	31	officers	officer	NOUN
ajfa-5156	27	32	and	and	CCONJ
ajfa-5156	27	33	directors	director	NOUN
ajfa-5156	27	34	of	of	ADP
ajfa-5156	27	35	public	public	ADJ
ajfa-5156	27	36	firms	firm	NOUN
ajfa-5156	27	37	have	have	AUX
ajfa-5156	27	38	tended	tend	VERB
ajfa-5156	27	39	to	to	PART
ajfa-5156	27	40	increase	increase	VERB
ajfa-5156	27	41	their	their	PRON
ajfa-5156	27	42	ownership	ownership	NOUN
ajfa-5156	27	43	in	in	ADP
ajfa-5156	27	44	recent	recent	ADJ
ajfa-5156	27	45	years	year	NOUN
ajfa-5156	27	46	in	in	ADP
ajfa-5156	27	47	spite	spite	NOUN
ajfa-5156	27	48	of	of	ADP
ajfa-5156	27	49	the	the	DET
ajfa-5156	27	50	separation	separation	NOUN
ajfa-5156	27	51	of	of	ADP
ajfa-5156	27	52	ownership	ownership	NOUN
ajfa-5156	27	53	and	and	CCONJ
ajfa-5156	27	54	management	management	NOUN
ajfa-5156	27	55	(	(	PUNCT
ajfa-5156	27	56	berle	berle	PROPN
ajfa-5156	27	57	and	and	CCONJ
ajfa-5156	27	58	means	mean	NOUN
ajfa-5156	27	59	,	,	PUNCT
ajfa-5156	27	60	1932	1932	NUM
ajfa-5156	27	61	)	)	PUNCT
ajfa-5156	27	62	.	.	PUNCT
ajfa-5156	28	1	but	but	CCONJ
ajfa-5156	28	2	,	,	PUNCT
ajfa-5156	28	3	increased	increase	VERB
ajfa-5156	28	4	managerial	managerial	ADJ
ajfa-5156	28	5	ownership	ownership	NOUN
ajfa-5156	28	6	does	do	AUX
ajfa-5156	28	7	not	not	PART
ajfa-5156	28	8	necessarily	necessarily	ADV
ajfa-5156	28	9	mean	mean	VERB
ajfa-5156	28	10	the	the	DET
ajfa-5156	28	11	substitution	substitution	NOUN
ajfa-5156	28	12	of	of	ADP
ajfa-5156	28	13	other	other	ADJ
ajfa-5156	28	14	corporate	corporate	ADJ
ajfa-5156	28	15	governance	governance	NOUN
ajfa-5156	28	16	mechanisms	mechanism	NOUN
ajfa-5156	28	17	.	.	PUNCT
ajfa-5156	29	1	they	they	PRON
ajfa-5156	29	2	argue	argue	VERB
ajfa-5156	29	3	that	that	SCONJ
ajfa-5156	29	4	asian	asian	ADJ
ajfa-5156	29	5	journal	journal	NOUN
ajfa-5156	29	6	of	of	ADP
ajfa-5156	29	7	finance	finance	PROPN
ajfa-5156	29	8	&	&	CCONJ
ajfa-5156	29	9	accounting	accounting	PROPN
ajfa-5156	29	10	issn	issn	PROPN
ajfa-5156	29	11	1946	1946	NUM
ajfa-5156	29	12	-	-	PUNCT
ajfa-5156	29	13	052x	052x	PROPN
ajfa-5156	29	14	2014	2014	NUM
ajfa-5156	29	15	,	,	PUNCT
ajfa-5156	29	16	vol	vol	NOUN
ajfa-5156	29	17	.	.	PROPN
ajfa-5156	29	18	6	6	NUM
ajfa-5156	29	19	,	,	PUNCT
ajfa-5156	29	20	no	no	INTJ
ajfa-5156	29	21	.	.	NOUN
ajfa-5156	29	22	1	1	NUM
ajfa-5156	29	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5156	29	24	264	264	NUM
ajfa-5156	29	25	lower	low	ADJ
ajfa-5156	29	26	volatility	volatility	NOUN
ajfa-5156	29	27	and	and	CCONJ
ajfa-5156	29	28	greater	great	ADJ
ajfa-5156	29	29	hedging	hedging	NOUN
ajfa-5156	29	30	opportunity	opportunity	NOUN
ajfa-5156	29	31	due	due	ADP
ajfa-5156	29	32	to	to	ADP
ajfa-5156	29	33	the	the	DET
ajfa-5156	29	34	development	development	NOUN
ajfa-5156	29	35	of	of	ADP
ajfa-5156	29	36	the	the	DET
ajfa-5156	29	37	financial	financial	ADJ
ajfa-5156	29	38	market	market	NOUN
ajfa-5156	29	39	seem	seem	VERB
ajfa-5156	29	40	to	to	PART
ajfa-5156	29	41	clearly	clearly	ADV
ajfa-5156	29	42	explain	explain	VERB
ajfa-5156	29	43	the	the	DET
ajfa-5156	29	44	increased	increase	VERB
ajfa-5156	29	45	managerial	managerial	ADJ
ajfa-5156	29	46	ownership	ownership	NOUN
ajfa-5156	29	47	.	.	PUNCT
ajfa-5156	30	1	more	more	ADV
ajfa-5156	30	2	recently	recently	ADV
ajfa-5156	30	3	,	,	PUNCT
ajfa-5156	30	4	burkart	burkart	NOUN
ajfa-5156	30	5	,	,	PUNCT
ajfa-5156	30	6	panunzi	panunzi	NOUN
ajfa-5156	30	7	,	,	PUNCT
ajfa-5156	30	8	and	and	CCONJ
ajfa-5156	30	9	shleifer	shleifer	NOUN
ajfa-5156	30	10	(	(	PUNCT
ajfa-5156	30	11	2002	2002	NUM
ajfa-5156	30	12	)	)	PUNCT
ajfa-5156	30	13	and	and	CCONJ
ajfa-5156	30	14	anderson	anderson	PROPN
ajfa-5156	30	15	and	and	CCONJ
ajfa-5156	30	16	reeb	reeb	PROPN
ajfa-5156	30	17	(	(	PUNCT
ajfa-5156	30	18	2003	2003	NUM
ajfa-5156	30	19	)	)	PUNCT
ajfa-5156	30	20	find	find	VERB
ajfa-5156	30	21	that	that	SCONJ
ajfa-5156	30	22	firms	firm	NOUN
ajfa-5156	30	23	more	more	ADJ
ajfa-5156	30	24	involvement	involvement	NOUN
ajfa-5156	30	25	of	of	ADP
ajfa-5156	30	26	family	family	NOUN
ajfa-5156	30	27	firms	firm	NOUN
ajfa-5156	30	28	lead	lead	VERB
ajfa-5156	30	29	to	to	ADP
ajfa-5156	30	30	better	well	ADJ
ajfa-5156	30	31	financial	financial	ADJ
ajfa-5156	30	32	performance	performance	NOUN
ajfa-5156	30	33	.	.	PUNCT
ajfa-5156	31	1	using	use	VERB
ajfa-5156	31	2	listed	list	VERB
ajfa-5156	31	3	companies	company	NOUN
ajfa-5156	31	4	in	in	ADP
ajfa-5156	31	5	germany	germany	PROPN
ajfa-5156	31	6	,	,	PUNCT
ajfa-5156	31	7	andres	andres	PROPN
ajfa-5156	31	8	(	(	PUNCT
ajfa-5156	31	9	2008	2008	NUM
ajfa-5156	31	10	)	)	PUNCT
ajfa-5156	31	11	finds	find	VERB
ajfa-5156	31	12	that	that	SCONJ
ajfa-5156	31	13	firms	firm	NOUN
ajfa-5156	31	14	with	with	ADP
ajfa-5156	31	15	family	family	NOUN
ajfa-5156	31	16	ownership	ownership	NOUN
ajfa-5156	31	17	perform	perform	VERB
ajfa-5156	31	18	better	well	ADV
ajfa-5156	31	19	than	than	ADP
ajfa-5156	31	20	any	any	DET
ajfa-5156	31	21	other	other	ADJ
ajfa-5156	31	22	type	type	NOUN
ajfa-5156	31	23	of	of	ADP
ajfa-5156	31	24	firms	firm	NOUN
ajfa-5156	31	25	within	within	ADP
ajfa-5156	31	26	their	their	PRON
ajfa-5156	31	27	sample	sample	NOUN
ajfa-5156	31	28	.	.	PUNCT
ajfa-5156	32	1	isakova	isakova	NOUN
ajfa-5156	32	2	and	and	CCONJ
ajfa-5156	32	3	weisskopf	weisskopf	INTJ
ajfa-5156	32	4	(	(	PUNCT
ajfa-5156	32	5	2014	2014	NUM
ajfa-5156	32	6	)	)	PUNCT
ajfa-5156	32	7	finds	find	VERB
ajfa-5156	32	8	that	that	SCONJ
ajfa-5156	32	9	family	family	NOUN
ajfa-5156	32	10	firms	firm	NOUN
ajfa-5156	32	11	outperform	outperform	VERB
ajfa-5156	32	12	widely	widely	ADV
ajfa-5156	32	13	-	-	PUNCT
ajfa-5156	32	14	held	hold	VERB
ajfa-5156	32	15	corporation	corporation	NOUN
ajfa-5156	32	16	and	and	CCONJ
ajfa-5156	32	17	companies	company	NOUN
ajfa-5156	32	18	with	with	ADP
ajfa-5156	32	19	non	non	ADJ
ajfa-5156	32	20	-	-	ADJ
ajfa-5156	32	21	family	family	ADJ
ajfa-5156	32	22	blockholders	blockholder	NOUN
ajfa-5156	32	23	using	use	VERB
ajfa-5156	32	24	swiss	swiss	ADJ
ajfa-5156	32	25	listed	list	VERB
ajfa-5156	32	26	companies	company	NOUN
ajfa-5156	32	27	from	from	ADP
ajfa-5156	32	28	2003	2003	NUM
ajfa-5156	32	29	till	till	SCONJ
ajfa-5156	32	30	2010	2010	NUM
ajfa-5156	32	31	.	.	PUNCT
ajfa-5156	33	1	cornett	cornett	PROPN
ajfa-5156	33	2	,	,	PUNCT
ajfa-5156	33	3	marcus	marcus	PROPN
ajfa-5156	33	4	,	,	PUNCT
ajfa-5156	33	5	saunders	saunder	NOUN
ajfa-5156	33	6	and	and	CCONJ
ajfa-5156	33	7	tehranian	tehranian	NOUN
ajfa-5156	33	8	(	(	PUNCT
ajfa-5156	33	9	2007	2007	NUM
ajfa-5156	33	10	)	)	PUNCT
ajfa-5156	33	11	find	find	VERB
ajfa-5156	33	12	that	that	SCONJ
ajfa-5156	33	13	higher	high	ADJ
ajfa-5156	33	14	institutional	institutional	ADJ
ajfa-5156	33	15	ownership	ownership	NOUN
ajfa-5156	33	16	leads	lead	VERB
ajfa-5156	33	17	to	to	ADP
ajfa-5156	33	18	better	well	ADJ
ajfa-5156	33	19	operating	operating	NOUN
ajfa-5156	33	20	performance	performance	NOUN
ajfa-5156	33	21	.	.	PUNCT
ajfa-5156	34	1	2	2	X
ajfa-5156	34	2	.	.	X
ajfa-5156	34	3	hypothesis	hypothesis	NOUN
ajfa-5156	34	4	from	from	ADP
ajfa-5156	34	5	related	related	ADJ
ajfa-5156	34	6	literature	literature	NOUN
ajfa-5156	34	7	,	,	PUNCT
ajfa-5156	34	8	we	we	PRON
ajfa-5156	34	9	can	can	AUX
ajfa-5156	34	10	conclude	conclude	VERB
ajfa-5156	34	11	that	that	SCONJ
ajfa-5156	34	12	there	there	PRON
ajfa-5156	34	13	is	be	VERB
ajfa-5156	34	14	an	an	DET
ajfa-5156	34	15	effect	effect	NOUN
ajfa-5156	34	16	of	of	ADP
ajfa-5156	34	17	ownership	ownership	NOUN
ajfa-5156	34	18	structure	structure	NOUN
ajfa-5156	34	19	on	on	ADP
ajfa-5156	34	20	firm	firm	ADJ
ajfa-5156	34	21	performance	performance	NOUN
ajfa-5156	34	22	as	as	ADP
ajfa-5156	34	23	a	a	DET
ajfa-5156	34	24	corporate	corporate	ADJ
ajfa-5156	34	25	governance	governance	NOUN
ajfa-5156	34	26	mechanism	mechanism	NOUN
ajfa-5156	34	27	.	.	PUNCT
ajfa-5156	35	1	also	also	ADV
ajfa-5156	35	2	,	,	PUNCT
ajfa-5156	35	3	different	different	ADJ
ajfa-5156	35	4	countries	country	NOUN
ajfa-5156	35	5	have	have	VERB
ajfa-5156	35	6	different	different	ADJ
ajfa-5156	35	7	ownership	ownership	NOUN
ajfa-5156	35	8	structure	structure	NOUN
ajfa-5156	35	9	,	,	PUNCT
ajfa-5156	35	10	and	and	CCONJ
ajfa-5156	35	11	the	the	DET
ajfa-5156	35	12	effect	effect	NOUN
ajfa-5156	35	13	of	of	ADP
ajfa-5156	35	14	ownership	ownership	NOUN
ajfa-5156	35	15	structure	structure	NOUN
ajfa-5156	35	16	on	on	ADP
ajfa-5156	35	17	firm	firm	ADJ
ajfa-5156	35	18	performance	performance	NOUN
ajfa-5156	35	19	is	be	AUX
ajfa-5156	35	20	different	different	ADJ
ajfa-5156	35	21	around	around	ADP
ajfa-5156	35	22	the	the	DET
ajfa-5156	35	23	world	world	NOUN
ajfa-5156	35	24	.	.	PUNCT
ajfa-5156	36	1	however	however	ADV
ajfa-5156	36	2	,	,	PUNCT
ajfa-5156	36	3	we	we	PRON
ajfa-5156	36	4	can	can	AUX
ajfa-5156	36	5	not	not	PART
ajfa-5156	36	6	find	find	VERB
ajfa-5156	36	7	much	much	ADJ
ajfa-5156	36	8	literature	literature	NOUN
ajfa-5156	36	9	of	of	ADP
ajfa-5156	36	10	the	the	DET
ajfa-5156	36	11	effect	effect	NOUN
ajfa-5156	36	12	of	of	ADP
ajfa-5156	36	13	ownership	ownership	NOUN
ajfa-5156	36	14	volatility	volatility	NOUN
ajfa-5156	36	15	on	on	ADP
ajfa-5156	36	16	firm	firm	ADJ
ajfa-5156	36	17	performance	performance	NOUN
ajfa-5156	36	18	.	.	PUNCT
ajfa-5156	37	1	also	also	ADV
ajfa-5156	37	2	,	,	PUNCT
ajfa-5156	37	3	we	we	PRON
ajfa-5156	37	4	can	can	AUX
ajfa-5156	37	5	not	not	PART
ajfa-5156	37	6	find	find	VERB
ajfa-5156	37	7	much	much	ADJ
ajfa-5156	37	8	literature	literature	NOUN
ajfa-5156	37	9	of	of	ADP
ajfa-5156	37	10	ownership	ownership	NOUN
ajfa-5156	37	11	volatility	volatility	NOUN
ajfa-5156	37	12	during	during	ADP
ajfa-5156	37	13	financial	financial	ADJ
ajfa-5156	37	14	crisis	crisis	NOUN
ajfa-5156	37	15	and	and	CCONJ
ajfa-5156	37	16	its	its	PRON
ajfa-5156	37	17	effect	effect	NOUN
ajfa-5156	37	18	on	on	ADP
ajfa-5156	37	19	firm	firm	ADJ
ajfa-5156	37	20	performance	performance	NOUN
ajfa-5156	37	21	.	.	PUNCT
ajfa-5156	38	1	elyasiani	elyasiani	PROPN
ajfa-5156	38	2	and	and	CCONJ
ajfa-5156	38	3	jia	jia	PROPN
ajfa-5156	38	4	(	(	PUNCT
ajfa-5156	38	5	2010	2010	NUM
ajfa-5156	38	6	)	)	PUNCT
ajfa-5156	38	7	finds	find	VERB
ajfa-5156	38	8	a	a	DET
ajfa-5156	38	9	positive	positive	ADJ
ajfa-5156	38	10	relationship	relationship	NOUN
ajfa-5156	38	11	between	between	ADP
ajfa-5156	38	12	firm	firm	ADJ
ajfa-5156	38	13	performance	performance	NOUN
ajfa-5156	38	14	and	and	CCONJ
ajfa-5156	38	15	institutional	institutional	ADJ
ajfa-5156	38	16	ownership	ownership	NOUN
ajfa-5156	38	17	stability	stability	NOUN
ajfa-5156	38	18	.	.	PUNCT
ajfa-5156	39	1	also	also	ADV
ajfa-5156	39	2	,	,	PUNCT
ajfa-5156	39	3	li	li	PROPN
ajfa-5156	39	4	,	,	PUNCT
ajfa-5156	39	5	nguyen	nguyen	PROPN
ajfa-5156	39	6	,	,	PUNCT
ajfa-5156	39	7	pham	pham	PROPN
ajfa-5156	39	8	and	and	CCONJ
ajfa-5156	39	9	wei	wei	PROPN
ajfa-5156	39	10	(	(	PUNCT
ajfa-5156	39	11	2011	2011	NUM
ajfa-5156	39	12	)	)	PUNCT
ajfa-5156	39	13	find	find	VERB
ajfa-5156	39	14	a	a	DET
ajfa-5156	39	15	negative	negative	ADJ
ajfa-5156	39	16	relationship	relationship	NOUN
ajfa-5156	39	17	between	between	ADP
ajfa-5156	39	18	large	large	ADJ
ajfa-5156	39	19	foreign	foreign	ADJ
ajfa-5156	39	20	ownership	ownership	NOUN
ajfa-5156	39	21	and	and	CCONJ
ajfa-5156	39	22	stock	stock	NOUN
ajfa-5156	39	23	return	return	NOUN
ajfa-5156	39	24	volatility	volatility	NOUN
ajfa-5156	39	25	using	use	VERB
ajfa-5156	39	26	31	31	NUM
ajfa-5156	39	27	emerging	emerge	VERB
ajfa-5156	39	28	markets	market	NOUN
ajfa-5156	39	29	.	.	PUNCT
ajfa-5156	40	1	however	however	ADV
ajfa-5156	40	2	,	,	PUNCT
ajfa-5156	40	3	there	there	PRON
ajfa-5156	40	4	is	be	VERB
ajfa-5156	40	5	no	no	DET
ajfa-5156	40	6	paper	paper	NOUN
ajfa-5156	40	7	which	which	PRON
ajfa-5156	40	8	addresses	address	VERB
ajfa-5156	40	9	the	the	DET
ajfa-5156	40	10	effect	effect	NOUN
ajfa-5156	40	11	of	of	ADP
ajfa-5156	40	12	ownership	ownership	NOUN
ajfa-5156	40	13	volatility	volatility	NOUN
ajfa-5156	40	14	on	on	ADP
ajfa-5156	40	15	firm	firm	ADJ
ajfa-5156	40	16	performance	performance	NOUN
ajfa-5156	40	17	.	.	PUNCT
ajfa-5156	41	1	so	so	ADV
ajfa-5156	41	2	,	,	PUNCT
ajfa-5156	41	3	using	use	VERB
ajfa-5156	41	4	korean	korean	ADJ
ajfa-5156	41	5	data	datum	NOUN
ajfa-5156	41	6	,	,	PUNCT
ajfa-5156	41	7	we	we	PRON
ajfa-5156	41	8	examine	examine	VERB
ajfa-5156	41	9	the	the	DET
ajfa-5156	41	10	relationship	relationship	NOUN
ajfa-5156	41	11	between	between	ADP
ajfa-5156	41	12	ownership	ownership	NOUN
ajfa-5156	41	13	volatility	volatility	NOUN
ajfa-5156	41	14	and	and	CCONJ
ajfa-5156	41	15	firm	firm	ADJ
ajfa-5156	41	16	performance	performance	NOUN
ajfa-5156	41	17	.	.	PUNCT
ajfa-5156	42	1	the	the	DET
ajfa-5156	42	2	reason	reason	NOUN
ajfa-5156	42	3	why	why	SCONJ
ajfa-5156	42	4	we	we	PRON
ajfa-5156	42	5	use	use	VERB
ajfa-5156	42	6	korean	korean	ADJ
ajfa-5156	42	7	data	datum	NOUN
ajfa-5156	42	8	is	be	AUX
ajfa-5156	42	9	because	because	SCONJ
ajfa-5156	42	10	korean	korean	ADJ
ajfa-5156	42	11	firms	firm	NOUN
ajfa-5156	42	12	are	be	AUX
ajfa-5156	42	13	sensitive	sensitive	ADJ
ajfa-5156	42	14	to	to	ADP
ajfa-5156	42	15	the	the	DET
ajfa-5156	42	16	trading	trading	NOUN
ajfa-5156	42	17	volume	volume	NOUN
ajfa-5156	42	18	of	of	ADP
ajfa-5156	42	19	foreign	foreign	ADJ
ajfa-5156	42	20	investors	investor	NOUN
ajfa-5156	42	21	,	,	PUNCT
ajfa-5156	42	22	domestic	domestic	ADJ
ajfa-5156	42	23	institutions	institution	NOUN
ajfa-5156	42	24	and	and	CCONJ
ajfa-5156	42	25	domestic	domestic	ADJ
ajfa-5156	42	26	big	big	ADJ
ajfa-5156	42	27	individuals	individual	NOUN
ajfa-5156	42	28	.	.	PUNCT
ajfa-5156	43	1	for	for	ADP
ajfa-5156	43	2	example	example	NOUN
ajfa-5156	43	3	,	,	PUNCT
ajfa-5156	43	4	choe	choe	PROPN
ajfa-5156	43	5	,	,	PUNCT
ajfa-5156	43	6	chung	chung	PROPN
ajfa-5156	43	7	and	and	CCONJ
ajfa-5156	43	8	lee	lee	PROPN
ajfa-5156	43	9	(	(	PUNCT
ajfa-5156	43	10	2008	2008	NUM
ajfa-5156	43	11	)	)	PUNCT
ajfa-5156	43	12	find	find	VERB
ajfa-5156	43	13	that	that	SCONJ
ajfa-5156	43	14	foreign	foreign	ADJ
ajfa-5156	43	15	investors	investor	NOUN
ajfa-5156	43	16	,	,	PUNCT
ajfa-5156	43	17	domestic	domestic	ADJ
ajfa-5156	43	18	institutions	institution	NOUN
ajfa-5156	43	19	and	and	CCONJ
ajfa-5156	43	20	domestic	domestic	ADJ
ajfa-5156	43	21	big	big	ADJ
ajfa-5156	43	22	individuals	individual	NOUN
ajfa-5156	43	23	play	play	VERB
ajfa-5156	43	24	dominant	dominant	ADJ
ajfa-5156	43	25	roles	role	NOUN
ajfa-5156	43	26	in	in	ADP
ajfa-5156	43	27	stock	stock	NOUN
ajfa-5156	43	28	price	price	NOUN
ajfa-5156	43	29	movement	movement	NOUN
ajfa-5156	43	30	from	from	ADP
ajfa-5156	43	31	1997	1997	NUM
ajfa-5156	43	32	till	till	SCONJ
ajfa-5156	43	33	2000	2000	NUM
ajfa-5156	43	34	.	.	PUNCT
ajfa-5156	44	1	especially	especially	ADV
ajfa-5156	44	2	,	,	PUNCT
ajfa-5156	44	3	the	the	DET
ajfa-5156	44	4	role	role	NOUN
ajfa-5156	44	5	of	of	ADP
ajfa-5156	44	6	domestic	domestic	ADJ
ajfa-5156	44	7	big	big	ADJ
ajfa-5156	44	8	individuals	individual	NOUN
ajfa-5156	44	9	becomes	become	VERB
ajfa-5156	44	10	distinct	distinct	ADJ
ajfa-5156	44	11	in	in	ADP
ajfa-5156	44	12	later	later	ADJ
ajfa-5156	44	13	years	year	NOUN
ajfa-5156	44	14	.	.	PUNCT
ajfa-5156	45	1	more	more	ADJ
ajfa-5156	45	2	recent	recent	ADJ
ajfa-5156	45	3	report	report	NOUN
ajfa-5156	45	4	by	by	ADP
ajfa-5156	45	5	korea	korea	PROPN
ajfa-5156	45	6	exchange	exchange	PROPN
ajfa-5156	45	7	show	show	VERB
ajfa-5156	45	8	that	that	SCONJ
ajfa-5156	45	9	firms	firm	NOUN
ajfa-5156	45	10	with	with	ADP
ajfa-5156	45	11	increased	increase	VERB
ajfa-5156	45	12	foreign	foreign	ADJ
ajfa-5156	45	13	and	and	CCONJ
ajfa-5156	45	14	institutional	institutional	ADJ
ajfa-5156	45	15	ownership	ownership	NOUN
ajfa-5156	45	16	realize	realize	VERB
ajfa-5156	45	17	higher	high	ADJ
ajfa-5156	45	18	operating	operating	NOUN
ajfa-5156	45	19	performance	performance	NOUN
ajfa-5156	45	20	than	than	ADP
ajfa-5156	45	21	that	that	PRON
ajfa-5156	45	22	of	of	ADP
ajfa-5156	45	23	average	average	ADJ
ajfa-5156	45	24	korean	korean	ADJ
ajfa-5156	45	25	exchange	exchange	NOUN
ajfa-5156	45	26	firms	firm	NOUN
ajfa-5156	45	27	from	from	ADP
ajfa-5156	45	28	2009	2009	NUM
ajfa-5156	45	29	till	till	SCONJ
ajfa-5156	45	30	2011	2011	NUM
ajfa-5156	45	31	.	.	PUNCT
ajfa-5156	46	1	so	so	ADV
ajfa-5156	46	2	,	,	PUNCT
ajfa-5156	46	3	we	we	PRON
ajfa-5156	46	4	will	will	AUX
ajfa-5156	46	5	focus	focus	VERB
ajfa-5156	46	6	on	on	ADP
ajfa-5156	46	7	the	the	DET
ajfa-5156	46	8	ownership	ownership	NOUN
ajfa-5156	46	9	volatility	volatility	NOUN
ajfa-5156	46	10	,	,	PUNCT
ajfa-5156	46	11	instead	instead	ADV
ajfa-5156	46	12	of	of	ADP
ajfa-5156	46	13	trading	trading	NOUN
ajfa-5156	46	14	volume	volume	NOUN
ajfa-5156	46	15	,	,	PUNCT
ajfa-5156	46	16	of	of	ADP
ajfa-5156	46	17	these	these	DET
ajfa-5156	46	18	entities	entity	NOUN
ajfa-5156	46	19	and	and	CCONJ
ajfa-5156	46	20	its	its	PRON
ajfa-5156	46	21	effect	effect	NOUN
ajfa-5156	46	22	on	on	ADP
ajfa-5156	46	23	firm	firm	ADJ
ajfa-5156	46	24	performance	performance	NOUN
ajfa-5156	46	25	in	in	ADP
ajfa-5156	46	26	this	this	DET
ajfa-5156	46	27	paper	paper	NOUN
ajfa-5156	46	28	.	.	PUNCT
ajfa-5156	47	1	hypothesis	hypothesis	NOUN
ajfa-5156	47	2	:	:	PUNCT
ajfa-5156	47	3	there	there	PRON
ajfa-5156	47	4	is	be	VERB
ajfa-5156	47	5	a	a	DET
ajfa-5156	47	6	positive	positive	ADJ
ajfa-5156	47	7	relationship	relationship	NOUN
ajfa-5156	47	8	between	between	ADP
ajfa-5156	47	9	ownership	ownership	NOUN
ajfa-5156	47	10	volatility	volatility	NOUN
ajfa-5156	47	11	and	and	CCONJ
ajfa-5156	47	12	firm	firm	ADJ
ajfa-5156	47	13	performance	performance	NOUN
ajfa-5156	47	14	for	for	ADP
ajfa-5156	47	15	korean	korean	ADJ
ajfa-5156	47	16	exchange	exchange	NOUN
ajfa-5156	47	17	listed	list	VERB
ajfa-5156	47	18	firms	firm	NOUN
ajfa-5156	47	19	.	.	PUNCT
ajfa-5156	48	1	3	3	X
ajfa-5156	48	2	.	.	X
ajfa-5156	48	3	data	datum	NOUN
ajfa-5156	48	4	and	and	CCONJ
ajfa-5156	48	5	variable	variable	ADJ
ajfa-5156	48	6	construction	construction	NOUN
ajfa-5156	48	7	we	we	PRON
ajfa-5156	48	8	collect	collect	VERB
ajfa-5156	48	9	data	datum	NOUN
ajfa-5156	48	10	on	on	ADP
ajfa-5156	48	11	a	a	DET
ajfa-5156	48	12	sample	sample	NOUN
ajfa-5156	48	13	of	of	ADP
ajfa-5156	48	14	firms	firm	NOUN
ajfa-5156	48	15	from	from	ADP
ajfa-5156	48	16	the	the	DET
ajfa-5156	48	17	korea	korea	PROPN
ajfa-5156	48	18	investor	investor	NOUN
ajfa-5156	48	19	’s	’s	PART
ajfa-5156	48	20	network	network	NOUN
ajfa-5156	48	21	for	for	ADP
ajfa-5156	48	22	disclosure	disclosure	NOUN
ajfa-5156	48	23	system	system	NOUN
ajfa-5156	48	24	(	(	PUNCT
ajfa-5156	48	25	kinds	kind	NOUN
ajfa-5156	48	26	)	)	PUNCT
ajfa-5156	48	27	spanning	span	VERB
ajfa-5156	48	28	from	from	ADP
ajfa-5156	48	29	2005	2005	NUM
ajfa-5156	48	30	till	till	SCONJ
ajfa-5156	48	31	2009	2009	NUM
ajfa-5156	48	32	.	.	PUNCT
ajfa-5156	49	1	ownership	ownership	NOUN
ajfa-5156	49	2	data	datum	NOUN
ajfa-5156	49	3	for	for	ADP
ajfa-5156	49	4	controlling	control	VERB
ajfa-5156	49	5	shareholders	shareholder	NOUN
ajfa-5156	49	6	or	or	CCONJ
ajfa-5156	49	7	second	second	ADV
ajfa-5156	49	8	largest	large	ADJ
ajfa-5156	49	9	shareholders	shareholder	NOUN
ajfa-5156	49	10	as	as	ADV
ajfa-5156	49	11	well	well	ADV
ajfa-5156	49	12	as	as	ADP
ajfa-5156	49	13	yearly	yearly	ADJ
ajfa-5156	49	14	industry	industry	NOUN
ajfa-5156	49	15	classifications	classification	NOUN
ajfa-5156	49	16	are	be	AUX
ajfa-5156	49	17	obtained	obtain	VERB
ajfa-5156	49	18	from	from	ADP
ajfa-5156	49	19	the	the	DET
ajfa-5156	49	20	ts2000	ts2000	PROPN
ajfa-5156	49	21	on	on	ADP
ajfa-5156	49	22	-	-	PUNCT
ajfa-5156	49	23	line	line	NOUN
ajfa-5156	49	24	database	database	NOUN
ajfa-5156	49	25	.	.	PUNCT
ajfa-5156	50	1	we	we	PRON
ajfa-5156	50	2	hand	hand	VERB
ajfa-5156	50	3	collect	collect	VERB
ajfa-5156	50	4	foreign	foreign	ADJ
ajfa-5156	50	5	and	and	CCONJ
ajfa-5156	50	6	institutional	institutional	ADJ
ajfa-5156	50	7	ownership	ownership	NOUN
ajfa-5156	50	8	data	datum	NOUN
ajfa-5156	50	9	from	from	ADP
ajfa-5156	50	10	the	the	DET
ajfa-5156	50	11	korea	korea	PROPN
ajfa-5156	50	12	information	information	PROPN
ajfa-5156	50	13	service	service	NOUN
ajfa-5156	50	14	website	website	NOUN
ajfa-5156	50	15	(	(	PUNCT
ajfa-5156	50	16	http://www.kisinfo.com/koreanstockmarket/index.htm	http://www.kisinfo.com/koreanstockmarket/index.htm	PROPN
ajfa-5156	50	17	)	)	PUNCT
ajfa-5156	50	18	.	.	PUNCT
ajfa-5156	51	1	asian	asian	ADJ
ajfa-5156	51	2	journal	journal	PROPN
ajfa-5156	51	3	of	of	ADP
ajfa-5156	51	4	finance	finance	PROPN
ajfa-5156	51	5	&	&	CCONJ
ajfa-5156	51	6	accounting	accounting	PROPN
ajfa-5156	51	7	issn	issn	PROPN
ajfa-5156	51	8	1946	1946	NUM
ajfa-5156	51	9	-	-	PUNCT
ajfa-5156	51	10	052x	052x	PROPN
ajfa-5156	51	11	2014	2014	NUM
ajfa-5156	51	12	,	,	PUNCT
ajfa-5156	51	13	vol	vol	NOUN
ajfa-5156	51	14	.	.	PROPN
ajfa-5156	51	15	6	6	NUM
ajfa-5156	51	16	,	,	PUNCT
ajfa-5156	51	17	no	no	INTJ
ajfa-5156	51	18	.	.	NOUN
ajfa-5156	51	19	1	1	NUM
ajfa-5156	51	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5156	51	21	265	265	NUM
ajfa-5156	51	22	after	after	SCONJ
ajfa-5156	51	23	we	we	PRON
ajfa-5156	51	24	collect	collect	VERB
ajfa-5156	51	25	the	the	DET
ajfa-5156	51	26	ownership	ownership	NOUN
ajfa-5156	51	27	data	datum	NOUN
ajfa-5156	51	28	,	,	PUNCT
ajfa-5156	51	29	we	we	PRON
ajfa-5156	51	30	create	create	VERB
ajfa-5156	51	31	the	the	DET
ajfa-5156	51	32	ownership	ownership	NOUN
ajfa-5156	51	33	volatility	volatility	NOUN
ajfa-5156	51	34	variables	variable	NOUN
ajfa-5156	51	35	by	by	ADP
ajfa-5156	51	36	calculating	calculate	VERB
ajfa-5156	51	37	the	the	DET
ajfa-5156	51	38	standard	standard	ADJ
ajfa-5156	51	39	deviation	deviation	NOUN
ajfa-5156	51	40	of	of	ADP
ajfa-5156	51	41	ownership	ownership	NOUN
ajfa-5156	51	42	from	from	ADP
ajfa-5156	51	43	2005	2005	NUM
ajfa-5156	51	44	till	till	SCONJ
ajfa-5156	51	45	2009	2009	NUM
ajfa-5156	51	46	as	as	SCONJ
ajfa-5156	51	47	follows	follow	VERB
ajfa-5156	51	48	.	.	PUNCT
ajfa-5156	52	1	managerv=	managerv=	NUM
ajfa-5156	52	2	)	)	PUNCT
ajfa-5156	52	3	1	1	NUM
ajfa-5156	52	4	(	(	PUNCT
ajfa-5156	52	5	2009	2009	NUM
ajfa-5156	52	6	2005	2005	NUM
ajfa-5156	53	1	_	_	PUNCT
ajfa-5156	54	1	_	_	PUNCT
ajfa-5156	55	1	_	_	PUNCT
ajfa-5156	56	1	_	_	PUNCT
ajfa-5156	57	1	_	_	PUNCT
ajfa-5156	58	1	_	_	PUNCT
ajfa-5156	59	1	_	_	PUNCT
ajfa-5156	60	1	_	_	PUNCT
ajfa-5156	61	1	_	_	PUNCT
ajfa-5156	62	1	_	_	PUNCT
ajfa-5156	62	2	_	_	PUNCT
ajfa-5156	63	1	−	−	PUNCT
ajfa-5156	64	1	−	−	NOUN
ajfa-5156	64	2	=	=	SYM
ajfa-5156	64	3	n	n	NOUN
ajfa-5156	64	4	managermanager	managermanager	NOUN
ajfa-5156	65	1	i	i	PRON
ajfa-5156	65	2	i	i	PRON
ajfa-5156	65	3	(	(	PUNCT
ajfa-5156	65	4	1	1	X
ajfa-5156	65	5	)	)	PUNCT
ajfa-5156	65	6	institutionv=	institutionv=	NUM
ajfa-5156	65	7	)	)	PUNCT
ajfa-5156	65	8	1	1	NUM
ajfa-5156	65	9	(	(	PUNCT
ajfa-5156	65	10	2009	2009	NUM
ajfa-5156	65	11	2005	2005	NUM
ajfa-5156	65	12	_	_	PUNCT
ajfa-5156	66	1	_	_	PUNCT
ajfa-5156	67	1	_	_	PUNCT
ajfa-5156	68	1	_	_	PUNCT
ajfa-5156	69	1	_	_	PUNCT
ajfa-5156	70	1	_	_	PUNCT
ajfa-5156	71	1	_	_	PUNCT
ajfa-5156	72	1	_	_	PUNCT
ajfa-5156	73	1	_	_	PUNCT
ajfa-5156	74	1	_	_	PUNCT
ajfa-5156	74	2	_	_	PUNCT
ajfa-5156	75	1	−	−	PUNCT
ajfa-5156	75	2	−	−	NOUN
ajfa-5156	75	3	=	=	SYM
ajfa-5156	76	1	n	n	NOUN
ajfa-5156	76	2	ninstitutioninstitutio	ninstitutioninstitutio	NOUN
ajfa-5156	77	1	i	i	PRON
ajfa-5156	77	2	i	i	PRON
ajfa-5156	77	3	(	(	PUNCT
ajfa-5156	77	4	2	2	NUM
ajfa-5156	77	5	)	)	PUNCT
ajfa-5156	77	6	foreignv=	foreignv=	NUM
ajfa-5156	77	7	)	)	PUNCT
ajfa-5156	77	8	1	1	NUM
ajfa-5156	77	9	(	(	PUNCT
ajfa-5156	77	10	2009	2009	NUM
ajfa-5156	77	11	2005	2005	NUM
ajfa-5156	78	1	_	_	PUNCT
ajfa-5156	79	1	_	_	PUNCT
ajfa-5156	80	1	_	_	PUNCT
ajfa-5156	81	1	_	_	PUNCT
ajfa-5156	82	1	_	_	PUNCT
ajfa-5156	83	1	_	_	PUNCT
ajfa-5156	84	1	_	_	PUNCT
ajfa-5156	85	1	_	_	PUNCT
ajfa-5156	86	1	_	_	PUNCT
ajfa-5156	87	1	_	_	PUNCT
ajfa-5156	87	2	_	_	PUNCT
ajfa-5156	88	1	−	−	PUNCT
ajfa-5156	89	1	−	−	NOUN
ajfa-5156	89	2	=	=	NOUN
ajfa-5156	89	3	n	n	PRON
ajfa-5156	89	4	foreignforeign	foreignforeign	NOUN
ajfa-5156	90	1	i	i	PRON
ajfa-5156	90	2	i	i	PRON
ajfa-5156	90	3	(	(	PUNCT
ajfa-5156	90	4	3	3	NUM
ajfa-5156	90	5	)	)	PUNCT
ajfa-5156	90	6	where	where	SCONJ
ajfa-5156	90	7	managerv	managerv	X
ajfa-5156	90	8	,	,	PUNCT
ajfa-5156	90	9	institutionv	institutionv	ADJ
ajfa-5156	90	10	,	,	PUNCT
ajfa-5156	90	11	and	and	CCONJ
ajfa-5156	90	12	foreignv	foreignv	NOUN
ajfa-5156	90	13	represents	represent	VERB
ajfa-5156	90	14	the	the	DET
ajfa-5156	90	15	volatility	volatility	NOUN
ajfa-5156	90	16	of	of	ADP
ajfa-5156	90	17	managerial	managerial	ADJ
ajfa-5156	90	18	ownership	ownership	NOUN
ajfa-5156	90	19	,	,	PUNCT
ajfa-5156	90	20	institutional	institutional	ADJ
ajfa-5156	90	21	ownership	ownership	NOUN
ajfa-5156	90	22	and	and	CCONJ
ajfa-5156	90	23	foreign	foreign	ADJ
ajfa-5156	90	24	ownership	ownership	NOUN
ajfa-5156	90	25	,	,	PUNCT
ajfa-5156	90	26	respectively	respectively	ADV
ajfa-5156	90	27	.	.	PUNCT
ajfa-5156	91	1	also	also	ADV
ajfa-5156	91	2	,	,	PUNCT
ajfa-5156	91	3	_	_	PUNCT
ajfa-5156	92	1	_	_	PUNCT
ajfa-5156	93	1	_	_	PUNCT
ajfa-5156	94	1	_	_	PUNCT
ajfa-5156	95	1	_	_	PUNCT
ajfa-5156	96	1	_	_	PUNCT
ajfa-5156	97	1	_	_	PUNCT
ajfa-5156	98	1	_	_	PUNCT
ajfa-5156	99	1	_	_	PUNCT
ajfa-5156	100	1	_	_	PUNCT
ajfa-5156	101	1	_	_	PUNCT
ajfa-5156	101	2	manager	manager	NOUN
ajfa-5156	101	3	,	,	PUNCT
ajfa-5156	101	4	_	_	PUNCT
ajfa-5156	102	1	_	_	PUNCT
ajfa-5156	103	1	_	_	PUNCT
ajfa-5156	104	1	_	_	PUNCT
ajfa-5156	105	1	_	_	PUNCT
ajfa-5156	106	1	_	_	PUNCT
ajfa-5156	107	1	_	_	PUNCT
ajfa-5156	108	1	_	_	PUNCT
ajfa-5156	109	1	_	_	PUNCT
ajfa-5156	110	1	_	_	PUNCT
ajfa-5156	111	1	_	_	PUNCT
ajfa-5156	112	1	ninstitutio	ninstitutio	NOUN
ajfa-5156	112	2	,	,	PUNCT
ajfa-5156	112	3	and	and	CCONJ
ajfa-5156	112	4	_	_	PUNCT
ajfa-5156	113	1	_	_	PUNCT
ajfa-5156	114	1	_	_	PUNCT
ajfa-5156	115	1	_	_	PUNCT
ajfa-5156	116	1	_	_	PUNCT
ajfa-5156	117	1	_	_	PUNCT
ajfa-5156	118	1	_	_	PUNCT
ajfa-5156	119	1	_	_	PUNCT
ajfa-5156	120	1	_	_	PUNCT
ajfa-5156	121	1	_	_	PUNCT
ajfa-5156	122	1	_	_	PUNCT
ajfa-5156	123	1	foreign	foreign	ADJ
ajfa-5156	123	2	represents	represent	VERB
ajfa-5156	123	3	the	the	DET
ajfa-5156	123	4	average	average	ADJ
ajfa-5156	123	5	value	value	NOUN
ajfa-5156	123	6	of	of	ADP
ajfa-5156	123	7	managerial	managerial	ADJ
ajfa-5156	123	8	ownership	ownership	NOUN
ajfa-5156	123	9	,	,	PUNCT
ajfa-5156	123	10	institutional	institutional	ADJ
ajfa-5156	123	11	ownership	ownership	NOUN
ajfa-5156	123	12	and	and	CCONJ
ajfa-5156	123	13	foreign	foreign	ADJ
ajfa-5156	123	14	ownership	ownership	NOUN
ajfa-5156	123	15	,	,	PUNCT
ajfa-5156	123	16	respectively	respectively	ADV
ajfa-5156	123	17	.	.	PUNCT
ajfa-5156	124	1	financial	financial	ADJ
ajfa-5156	124	2	information	information	NOUN
ajfa-5156	124	3	is	be	AUX
ajfa-5156	124	4	retrieved	retrieve	VERB
ajfa-5156	124	5	from	from	ADP
ajfa-5156	124	6	fn	fn	PROPN
ajfa-5156	124	7	dataguide	dataguide	NOUN
ajfa-5156	124	8	database	database	NOUN
ajfa-5156	124	9	.	.	PUNCT
ajfa-5156	125	1	they	they	PRON
ajfa-5156	125	2	are	be	AUX
ajfa-5156	125	3	the	the	DET
ajfa-5156	125	4	number	number	NOUN
ajfa-5156	125	5	of	of	ADP
ajfa-5156	125	6	shares	share	NOUN
ajfa-5156	125	7	outstanding	outstanding	ADJ
ajfa-5156	125	8	,	,	PUNCT
ajfa-5156	125	9	market	market	NOUN
ajfa-5156	125	10	price	price	NOUN
ajfa-5156	125	11	per	per	ADP
ajfa-5156	125	12	share	share	NOUN
ajfa-5156	125	13	,	,	PUNCT
ajfa-5156	125	14	total	total	ADJ
ajfa-5156	125	15	assets	asset	NOUN
ajfa-5156	125	16	,	,	PUNCT
ajfa-5156	125	17	total	total	ADJ
ajfa-5156	125	18	debt	debt	NOUN
ajfa-5156	125	19	and	and	CCONJ
ajfa-5156	125	20	growth	growth	NOUN
ajfa-5156	125	21	rate	rate	NOUN
ajfa-5156	125	22	in	in	ADP
ajfa-5156	125	23	sales	sale	NOUN
ajfa-5156	125	24	.	.	PUNCT
ajfa-5156	126	1	after	after	SCONJ
ajfa-5156	126	2	we	we	PRON
ajfa-5156	126	3	obtain	obtain	VERB
ajfa-5156	126	4	data	datum	NOUN
ajfa-5156	126	5	from	from	ADP
ajfa-5156	126	6	the	the	DET
ajfa-5156	126	7	database	database	NOUN
ajfa-5156	126	8	,	,	PUNCT
ajfa-5156	126	9	we	we	PRON
ajfa-5156	126	10	construct	construct	VERB
ajfa-5156	126	11	size	size	NOUN
ajfa-5156	126	12	,	,	PUNCT
ajfa-5156	126	13	leverage	leverage	NOUN
ajfa-5156	126	14	and	and	CCONJ
ajfa-5156	126	15	growth	growth	NOUN
ajfa-5156	126	16	variables	variable	NOUN
ajfa-5156	126	17	as	as	SCONJ
ajfa-5156	126	18	follows	follow	VERB
ajfa-5156	126	19	.	.	PUNCT
ajfa-5156	127	1	tobinq=	tobinq=	NUM
ajfa-5156	127	2	assetstotal	assetstotal	NOUN
ajfa-5156	127	3	debttotalshareaofpricemarketdingoutssharesofnumberthe	debttotalshareaofpricemarketdingoutssharesofnumberthe	NOUN
ajfa-5156	127	4	+	+	PROPN
ajfa-5156	127	5	*	*	PROPN
ajfa-5156	127	6	tan	tan	PROPN
ajfa-5156	127	7	at	at	ADP
ajfa-5156	127	8	t	t	PROPN
ajfa-5156	127	9	(	(	PUNCT
ajfa-5156	127	10	4	4	NUM
ajfa-5156	127	11	)	)	PUNCT
ajfa-5156	127	12	size	size	NOUN
ajfa-5156	127	13	=	=	SYM
ajfa-5156	127	14	log(total	log(total	ADJ
ajfa-5156	127	15	assets	asset	NOUN
ajfa-5156	127	16	)	)	PUNCT
ajfa-5156	127	17	at	at	ADP
ajfa-5156	127	18	t-1	t-1	PROPN
ajfa-5156	127	19	(	(	PUNCT
ajfa-5156	127	20	5	5	NUM
ajfa-5156	127	21	)	)	PUNCT
ajfa-5156	127	22	leverage	leverage	NOUN
ajfa-5156	127	23	=	=	NOUN
ajfa-5156	127	24	total	total	NOUN
ajfa-5156	127	25	debt	debt	NOUN
ajfa-5156	127	26	/	/	SYM
ajfa-5156	127	27	total	total	ADJ
ajfa-5156	127	28	assets	asset	NOUN
ajfa-5156	127	29	at	at	ADP
ajfa-5156	127	30	t-1	t-1	PROPN
ajfa-5156	127	31	(	(	PUNCT
ajfa-5156	127	32	6	6	NUM
ajfa-5156	127	33	)	)	PUNCT
ajfa-5156	127	34	growth	growth	NOUN
ajfa-5156	127	35	=	=	SYM
ajfa-5156	127	36	growth	growth	NOUN
ajfa-5156	127	37	rate	rate	NOUN
ajfa-5156	127	38	in	in	ADP
ajfa-5156	127	39	sales	sale	NOUN
ajfa-5156	127	40	at	at	ADP
ajfa-5156	127	41	t-1	t-1	PROPN
ajfa-5156	127	42	(	(	PUNCT
ajfa-5156	127	43	7	7	NUM
ajfa-5156	127	44	)	)	PUNCT
ajfa-5156	127	45	where	where	SCONJ
ajfa-5156	127	46	tobinq	tobinq	NOUN
ajfa-5156	127	47	,	,	PUNCT
ajfa-5156	127	48	log	log	NOUN
ajfa-5156	127	49	and	and	CCONJ
ajfa-5156	127	50	t-1	t-1	PROPN
ajfa-5156	127	51	represents	represent	VERB
ajfa-5156	127	52	the	the	DET
ajfa-5156	127	53	tobin	tobin	NOUN
ajfa-5156	127	54	’s	’s	PART
ajfa-5156	127	55	q	q	NOUN
ajfa-5156	127	56	measure	measure	NOUN
ajfa-5156	127	57	,	,	PUNCT
ajfa-5156	127	58	the	the	DET
ajfa-5156	127	59	natural	natural	ADJ
ajfa-5156	127	60	logarithm	logarithm	NOUN
ajfa-5156	127	61	and	and	CCONJ
ajfa-5156	127	62	one	one	NUM
ajfa-5156	127	63	year	year	NOUN
ajfa-5156	127	64	before	before	ADP
ajfa-5156	127	65	tobin	tobin	PROPN
ajfa-5156	127	66	’s	’s	PART
ajfa-5156	127	67	q	q	PROPN
ajfa-5156	127	68	measure	measure	NOUN
ajfa-5156	127	69	date	date	NOUN
ajfa-5156	127	70	.	.	PUNCT
ajfa-5156	128	1	since	since	SCONJ
ajfa-5156	128	2	we	we	PRON
ajfa-5156	128	3	measure	measure	VERB
ajfa-5156	128	4	tobin	tobin	PROPN
ajfa-5156	128	5	’s	’s	PART
ajfa-5156	128	6	q	q	NOUN
ajfa-5156	128	7	at	at	ADP
ajfa-5156	128	8	the	the	DET
ajfa-5156	128	9	end	end	NOUN
ajfa-5156	128	10	of	of	ADP
ajfa-5156	128	11	year	year	NOUN
ajfa-5156	128	12	2009	2009	NUM
ajfa-5156	128	13	,	,	PUNCT
ajfa-5156	128	14	size	size	NOUN
ajfa-5156	128	15	,	,	PUNCT
ajfa-5156	128	16	leverage	leverage	NOUN
ajfa-5156	128	17	and	and	CCONJ
ajfa-5156	128	18	growth	growth	NOUN
ajfa-5156	128	19	variables	variable	NOUN
ajfa-5156	128	20	are	be	AUX
ajfa-5156	128	21	measured	measure	VERB
ajfa-5156	128	22	based	base	VERB
ajfa-5156	128	23	on	on	ADP
ajfa-5156	128	24	the	the	DET
ajfa-5156	128	25	year	year	NOUN
ajfa-5156	128	26	2008	2008	NUM
ajfa-5156	128	27	data	datum	NOUN
ajfa-5156	128	28	.	.	PUNCT
ajfa-5156	129	1	final	final	ADJ
ajfa-5156	129	2	sample	sample	NOUN
ajfa-5156	129	3	consists	consist	VERB
ajfa-5156	129	4	of	of	ADP
ajfa-5156	129	5	703	703	NUM
ajfa-5156	129	6	observations	observation	NOUN
ajfa-5156	129	7	after	after	SCONJ
ajfa-5156	129	8	we	we	PRON
ajfa-5156	129	9	exclude	exclude	VERB
ajfa-5156	129	10	missing	miss	VERB
ajfa-5156	129	11	observations	observation	NOUN
ajfa-5156	129	12	.	.	PUNCT
ajfa-5156	130	1	4	4	X
ajfa-5156	130	2	.	.	X
ajfa-5156	130	3	empirical	empirical	ADJ
ajfa-5156	130	4	results	result	NOUN
ajfa-5156	130	5	asian	asian	ADJ
ajfa-5156	130	6	journal	journal	NOUN
ajfa-5156	130	7	of	of	ADP
ajfa-5156	130	8	finance	finance	PROPN
ajfa-5156	130	9	&	&	CCONJ
ajfa-5156	130	10	accounting	accounting	PROPN
ajfa-5156	130	11	issn	issn	PROPN
ajfa-5156	130	12	1946	1946	NUM
ajfa-5156	130	13	-	-	PUNCT
ajfa-5156	130	14	052x	052x	PROPN
ajfa-5156	130	15	2014	2014	NUM
ajfa-5156	130	16	,	,	PUNCT
ajfa-5156	130	17	vol	vol	NOUN
ajfa-5156	130	18	.	.	PROPN
ajfa-5156	130	19	6	6	NUM
ajfa-5156	130	20	,	,	PUNCT
ajfa-5156	130	21	no	no	INTJ
ajfa-5156	130	22	.	.	NOUN
ajfa-5156	130	23	1	1	NUM
ajfa-5156	130	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5156	130	25	266	266	NUM
ajfa-5156	130	26	table	table	NOUN
ajfa-5156	130	27	1	1	NUM
ajfa-5156	130	28	.	.	PUNCT
ajfa-5156	130	29	descriptive	descriptive	ADJ
ajfa-5156	130	30	statistics	statistic	NOUN
ajfa-5156	130	31	variable	variable	NOUN
ajfa-5156	130	32	n	n	PRON
ajfa-5156	130	33	mean	mean	VERB
ajfa-5156	130	34	median	median	NOUN
ajfa-5156	130	35	stdev	stdev	NOUN
ajfa-5156	130	36	minimum	minimum	NOUN
ajfa-5156	130	37	maximum	maximum	ADJ
ajfa-5156	130	38	tobinq	tobinq	NOUN
ajfa-5156	130	39	642	642	NUM
ajfa-5156	130	40	1.02	1.02	NUM
ajfa-5156	130	41	0.88	0.88	NUM
ajfa-5156	130	42	0.56	0.56	NUM
ajfa-5156	130	43	0.35	0.35	NUM
ajfa-5156	130	44	7.33	7.33	NUM
ajfa-5156	130	45	managerv	managerv	NUM
ajfa-5156	130	46	685	685	NUM
ajfa-5156	130	47	0.04	0.04	NUM
ajfa-5156	130	48	0.02	0.02	NUM
ajfa-5156	130	49	0.06	0.06	NUM
ajfa-5156	130	50	0.00	0.00	NUM
ajfa-5156	130	51	0.64	0.64	NUM
ajfa-5156	130	52	institutionv	institutionv	NOUN
ajfa-5156	130	53	685	685	NUM
ajfa-5156	130	54	0.03	0.03	NUM
ajfa-5156	130	55	0.00	0.00	NUM
ajfa-5156	130	56	0.04	0.04	NUM
ajfa-5156	130	57	0.00	0.00	NUM
ajfa-5156	130	58	0.34	0.34	NUM
ajfa-5156	130	59	foreignv	foreignv	NOUN
ajfa-5156	130	60	685	685	NUM
ajfa-5156	130	61	0.02	0.02	NUM
ajfa-5156	130	62	0.00	0.00	NUM
ajfa-5156	130	63	0.03	0.03	NUM
ajfa-5156	130	64	0.00	0.00	NUM
ajfa-5156	130	65	0.40	0.40	NUM
ajfa-5156	130	66	size	size	NOUN
ajfa-5156	130	67	703	703	NUM
ajfa-5156	130	68	26.66	26.66	NUM
ajfa-5156	130	69	26.32	26.32	NUM
ajfa-5156	130	70	1.66	1.66	NUM
ajfa-5156	130	71	22.58	22.58	NUM
ajfa-5156	130	72	32.27	32.27	NUM
ajfa-5156	130	73	leverage	leverage	NOUN
ajfa-5156	130	74	703	703	NUM
ajfa-5156	130	75	0.48	0.48	NUM
ajfa-5156	130	76	0.48	0.48	NUM
ajfa-5156	130	77	0.24	0.24	NUM
ajfa-5156	130	78	0.01	0.01	NUM
ajfa-5156	130	79	2.03	2.03	NUM
ajfa-5156	130	80	growth	growth	NOUN
ajfa-5156	130	81	688	688	NUM
ajfa-5156	130	82	0.15	0.15	NUM
ajfa-5156	130	83	0.12	0.12	NUM
ajfa-5156	130	84	0.36	0.36	NUM
ajfa-5156	130	85	-0.96	-0.96	NUM
ajfa-5156	130	86	2.58	2.58	NUM
ajfa-5156	130	87	table	table	NOUN
ajfa-5156	130	88	1	1	NUM
ajfa-5156	130	89	reports	report	VERB
ajfa-5156	130	90	the	the	DET
ajfa-5156	130	91	previous	previous	ADJ
ajfa-5156	130	92	five	five	NUM
ajfa-5156	130	93	year	year	NOUN
ajfa-5156	130	94	ownership	ownership	NOUN
ajfa-5156	130	95	volatility	volatility	NOUN
ajfa-5156	130	96	and	and	CCONJ
ajfa-5156	130	97	firm	firm	ADJ
ajfa-5156	130	98	characteristics	characteristic	NOUN
ajfa-5156	130	99	of	of	ADP
ajfa-5156	130	100	korean	korean	ADJ
ajfa-5156	130	101	exchange	exchange	NOUN
ajfa-5156	130	102	listed	list	VERB
ajfa-5156	130	103	firm	firm	ADJ
ajfa-5156	130	104	sample	sample	NOUN
ajfa-5156	130	105	.	.	PUNCT
ajfa-5156	131	1	the	the	DET
ajfa-5156	131	2	sample	sample	NOUN
ajfa-5156	131	3	period	period	NOUN
ajfa-5156	131	4	is	be	AUX
ajfa-5156	131	5	from	from	ADP
ajfa-5156	131	6	2005	2005	NUM
ajfa-5156	131	7	till	till	SCONJ
ajfa-5156	131	8	2009	2009	NUM
ajfa-5156	131	9	for	for	ADP
ajfa-5156	131	10	ownership	ownership	NOUN
ajfa-5156	131	11	volatility	volatility	NOUN
ajfa-5156	131	12	variables	variable	NOUN
ajfa-5156	131	13	.	.	PUNCT
ajfa-5156	132	1	we	we	PRON
ajfa-5156	132	2	use	use	VERB
ajfa-5156	132	3	the	the	DET
ajfa-5156	132	4	year	year	NOUN
ajfa-5156	132	5	2009	2009	NUM
ajfa-5156	132	6	sample	sample	NOUN
ajfa-5156	132	7	for	for	ADP
ajfa-5156	132	8	tobinq	tobinq	NOUN
ajfa-5156	132	9	.	.	PUNCT
ajfa-5156	133	1	finally	finally	ADV
ajfa-5156	133	2	,	,	PUNCT
ajfa-5156	133	3	the	the	DET
ajfa-5156	133	4	sample	sample	NOUN
ajfa-5156	133	5	period	period	NOUN
ajfa-5156	133	6	for	for	ADP
ajfa-5156	133	7	size	size	NOUN
ajfa-5156	133	8	,	,	PUNCT
ajfa-5156	133	9	lever	lever	NOUN
ajfa-5156	133	10	and	and	CCONJ
ajfa-5156	133	11	growth	growth	NOUN
ajfa-5156	133	12	is	be	AUX
ajfa-5156	133	13	2008	2008	NUM
ajfa-5156	133	14	.	.	PUNCT
ajfa-5156	134	1	previous	previous	ADJ
ajfa-5156	134	2	five	five	NUM
ajfa-5156	134	3	year	year	NOUN
ajfa-5156	134	4	ownership	ownership	NOUN
ajfa-5156	134	5	volatility	volatility	NOUN
ajfa-5156	134	6	is	be	AUX
ajfa-5156	134	7	highest	high	ADJ
ajfa-5156	134	8	for	for	ADP
ajfa-5156	134	9	managerial	managerial	ADJ
ajfa-5156	134	10	ownership	ownership	NOUN
ajfa-5156	134	11	(	(	PUNCT
ajfa-5156	134	12	mean=0.04	mean=0.04	NOUN
ajfa-5156	134	13	,	,	PUNCT
ajfa-5156	134	14	median=0.02	median=0.02	NOUN
ajfa-5156	134	15	)	)	PUNCT
ajfa-5156	134	16	and	and	CCONJ
ajfa-5156	134	17	lowest	low	ADJ
ajfa-5156	134	18	for	for	ADP
ajfa-5156	134	19	foreign	foreign	ADJ
ajfa-5156	134	20	ownership	ownership	NOUN
ajfa-5156	134	21	(	(	PUNCT
ajfa-5156	134	22	mean=0.02	mean=0.02	NOUN
ajfa-5156	134	23	,	,	PUNCT
ajfa-5156	134	24	median=0	median=0	PROPN
ajfa-5156	134	25	)	)	PUNCT
ajfa-5156	134	26	.	.	PUNCT
ajfa-5156	135	1	tobin	tobin	PROPN
ajfa-5156	135	2	’s	’s	PART
ajfa-5156	135	3	q	q	PUNCT
ajfa-5156	135	4	is	be	AUX
ajfa-5156	135	5	close	close	ADJ
ajfa-5156	135	6	to	to	ADP
ajfa-5156	135	7	1	1	NUM
ajfa-5156	135	8	,	,	PUNCT
ajfa-5156	135	9	on	on	ADP
ajfa-5156	135	10	average	average	ADJ
ajfa-5156	135	11	,	,	PUNCT
ajfa-5156	135	12	but	but	CCONJ
ajfa-5156	135	13	its	its	PRON
ajfa-5156	135	14	median	median	ADJ
ajfa-5156	135	15	value	value	NOUN
ajfa-5156	135	16	is	be	AUX
ajfa-5156	135	17	less	less	ADJ
ajfa-5156	135	18	than	than	ADP
ajfa-5156	135	19	1	1	NUM
ajfa-5156	135	20	.	.	NUM
ajfa-5156	135	21	size	size	NOUN
ajfa-5156	135	22	,	,	PUNCT
ajfa-5156	135	23	which	which	PRON
ajfa-5156	135	24	is	be	AUX
ajfa-5156	135	25	measured	measure	VERB
ajfa-5156	135	26	by	by	ADP
ajfa-5156	135	27	previous	previous	ADJ
ajfa-5156	135	28	year	year	NOUN
ajfa-5156	135	29	’s	’s	PART
ajfa-5156	135	30	log	log	NOUN
ajfa-5156	135	31	of	of	ADP
ajfa-5156	135	32	total	total	ADJ
ajfa-5156	135	33	asset	asset	NOUN
ajfa-5156	135	34	,	,	PUNCT
ajfa-5156	135	35	is	be	AUX
ajfa-5156	135	36	26.66	26.66	NUM
ajfa-5156	135	37	,	,	PUNCT
ajfa-5156	135	38	on	on	ADP
ajfa-5156	135	39	average	average	ADJ
ajfa-5156	135	40	.	.	PUNCT
ajfa-5156	136	1	it	it	PRON
ajfa-5156	136	2	is	be	AUX
ajfa-5156	136	3	translated	translate	VERB
ajfa-5156	136	4	into	into	ADP
ajfa-5156	136	5	378.70	378.70	NUM
ajfa-5156	136	6	billion	billion	NUM
ajfa-5156	136	7	korean	korean	ADJ
ajfa-5156	136	8	won	win	VERB
ajfa-5156	136	9	(	(	PUNCT
ajfa-5156	136	10	$	$	SYM
ajfa-5156	136	11	315.56	315.56	NUM
ajfa-5156	136	12	million	million	NUM
ajfa-5156	136	13	using	use	VERB
ajfa-5156	136	14	the	the	DET
ajfa-5156	136	15	exchange	exchange	NOUN
ajfa-5156	136	16	rate	rate	NOUN
ajfa-5156	136	17	of	of	ADP
ajfa-5156	136	18	1,200	1,200	NUM
ajfa-5156	136	19	korean	korean	ADJ
ajfa-5156	136	20	won/$	won/$	NUM
ajfa-5156	136	21	)	)	PUNCT
ajfa-5156	136	22	.	.	PUNCT
ajfa-5156	137	1	the	the	DET
ajfa-5156	137	2	median	median	ADJ
ajfa-5156	137	3	value	value	NOUN
ajfa-5156	137	4	of	of	ADP
ajfa-5156	137	5	size	size	NOUN
ajfa-5156	137	6	is	be	AUX
ajfa-5156	137	7	26.32	26.32	NUM
ajfa-5156	137	8	.	.	PUNCT
ajfa-5156	138	1	it	it	PRON
ajfa-5156	138	2	is	be	AUX
ajfa-5156	138	3	translated	translate	VERB
ajfa-5156	138	4	into	into	ADP
ajfa-5156	138	5	269.55	269.55	NUM
ajfa-5156	138	6	billion	billion	NUM
ajfa-5156	138	7	korean	korean	ADJ
ajfa-5156	138	8	won	win	VERB
ajfa-5156	138	9	(	(	PUNCT
ajfa-5156	138	10	$	$	SYM
ajfa-5156	138	11	224.62	224.62	NUM
ajfa-5156	138	12	million	million	NUM
ajfa-5156	138	13	using	use	VERB
ajfa-5156	138	14	the	the	DET
ajfa-5156	138	15	exchange	exchange	NOUN
ajfa-5156	138	16	rate	rate	NOUN
ajfa-5156	138	17	of	of	ADP
ajfa-5156	138	18	1,200	1,200	NUM
ajfa-5156	138	19	korean	korean	ADJ
ajfa-5156	138	20	won/$	won/$	NUM
ajfa-5156	138	21	)	)	PUNCT
ajfa-5156	138	22	.	.	PUNCT
ajfa-5156	139	1	leverage	leverage	NOUN
ajfa-5156	139	2	,	,	PUNCT
ajfa-5156	139	3	which	which	PRON
ajfa-5156	139	4	is	be	AUX
ajfa-5156	139	5	measured	measure	VERB
ajfa-5156	139	6	by	by	ADP
ajfa-5156	139	7	previous	previous	ADJ
ajfa-5156	139	8	year	year	NOUN
ajfa-5156	139	9	’s	’s	PART
ajfa-5156	139	10	total	total	ADJ
ajfa-5156	139	11	debt	debt	NOUN
ajfa-5156	139	12	-	-	PUNCT
ajfa-5156	139	13	to	to	ADP
ajfa-5156	139	14	-	-	PUNCT
ajfa-5156	139	15	total	total	NOUN
ajfa-5156	139	16	assets	asset	NOUN
ajfa-5156	139	17	ratio	ratio	NOUN
ajfa-5156	139	18	,	,	PUNCT
ajfa-5156	139	19	is	be	AUX
ajfa-5156	139	20	0.48	0.48	NUM
ajfa-5156	139	21	or	or	CCONJ
ajfa-5156	139	22	48	48	NUM
ajfa-5156	139	23	percent	percent	NOUN
ajfa-5156	139	24	,	,	PUNCT
ajfa-5156	139	25	on	on	ADP
ajfa-5156	139	26	average	average	ADJ
ajfa-5156	139	27	.	.	PUNCT
ajfa-5156	140	1	growth	growth	NOUN
ajfa-5156	140	2	,	,	PUNCT
ajfa-5156	140	3	which	which	PRON
ajfa-5156	140	4	is	be	AUX
ajfa-5156	140	5	measured	measure	VERB
ajfa-5156	140	6	by	by	ADP
ajfa-5156	140	7	previous	previous	ADJ
ajfa-5156	140	8	year	year	NOUN
ajfa-5156	140	9	’s	’s	PART
ajfa-5156	140	10	growth	growth	NOUN
ajfa-5156	140	11	rate	rate	NOUN
ajfa-5156	140	12	in	in	ADP
ajfa-5156	140	13	sales	sale	NOUN
ajfa-5156	140	14	,	,	PUNCT
ajfa-5156	140	15	is	be	AUX
ajfa-5156	140	16	0.15	0.15	NUM
ajfa-5156	140	17	or	or	CCONJ
ajfa-5156	140	18	15	15	NUM
ajfa-5156	140	19	percent	percent	NOUN
ajfa-5156	140	20	,	,	PUNCT
ajfa-5156	140	21	on	on	ADP
ajfa-5156	140	22	average	average	ADJ
ajfa-5156	140	23	.	.	PUNCT
ajfa-5156	141	1	the	the	DET
ajfa-5156	141	2	median	median	ADJ
ajfa-5156	141	3	value	value	NOUN
ajfa-5156	141	4	of	of	ADP
ajfa-5156	141	5	growth	growth	NOUN
ajfa-5156	141	6	is	be	AUX
ajfa-5156	141	7	0.12	0.12	NUM
ajfa-5156	141	8	or	or	CCONJ
ajfa-5156	141	9	12	12	NUM
ajfa-5156	141	10	percent	percent	NOUN
ajfa-5156	141	11	.	.	PUNCT
ajfa-5156	142	1	table	table	NOUN
ajfa-5156	142	2	2	2	NUM
ajfa-5156	142	3	.	.	PUNCT
ajfa-5156	142	4	ols	ol	NOUN
ajfa-5156	142	5	regressions	regression	NOUN
ajfa-5156	142	6	of	of	ADP
ajfa-5156	142	7	ownership	ownership	NOUN
ajfa-5156	142	8	volatility	volatility	NOUN
ajfa-5156	142	9	on	on	ADP
ajfa-5156	142	10	tobin	tobin	PROPN
ajfa-5156	142	11	’s	’s	PART
ajfa-5156	142	12	q	q	PROPN
ajfa-5156	142	13	dependent	dependent	ADJ
ajfa-5156	142	14	tobinq	tobinq	NOUN
ajfa-5156	142	15	intercept	intercept	NOUN
ajfa-5156	142	16	-0.05	-0.05	NOUN
ajfa-5156	142	17	-0.03	-0.03	NUM
ajfa-5156	142	18	0.08	0.08	NUM
ajfa-5156	142	19	0.16	0.16	NUM
ajfa-5156	142	20	(	(	PUNCT
ajfa-5156	142	21	-0.12	-0.12	NUM
ajfa-5156	142	22	)	)	PUNCT
ajfa-5156	142	23	(	(	PUNCT
ajfa-5156	142	24	-0.08	-0.08	NUM
ajfa-5156	142	25	)	)	PUNCT
ajfa-5156	142	26	(	(	PUNCT
ajfa-5156	142	27	0.19	0.19	NUM
ajfa-5156	142	28	)	)	PUNCT
ajfa-5156	142	29	(	(	PUNCT
ajfa-5156	142	30	0.39	0.39	NUM
ajfa-5156	142	31	)	)	PUNCT
ajfa-5156	142	32	managerv	managerv	NOUN
ajfa-5156	143	1	-0.16	-0.16	NUM
ajfa-5156	143	2	-0.26	-0.26	X
ajfa-5156	143	3	(	(	PUNCT
ajfa-5156	143	4	-0.41	-0.41	NOUN
ajfa-5156	143	5	)	)	PUNCT
ajfa-5156	143	6	(	(	PUNCT
ajfa-5156	143	7	-0.68	-0.68	NOUN
ajfa-5156	143	8	)	)	PUNCT
ajfa-5156	143	9	institutionv	institutionv	NOUN
ajfa-5156	143	10	0.80	0.80	NUM
ajfa-5156	143	11	0.76	0.76	NUM
ajfa-5156	143	12	(	(	PUNCT
ajfa-5156	143	13	1.53	1.53	NUM
ajfa-5156	143	14	)	)	PUNCT
ajfa-5156	143	15	(	(	PUNCT
ajfa-5156	143	16	1.44	1.44	NUM
ajfa-5156	143	17	)	)	PUNCT
ajfa-5156	143	18	foreignv	foreignv	NOUN
ajfa-5156	143	19	1.44	1.44	NUM
ajfa-5156	143	20	1.36	1.36	NUM
ajfa-5156	143	21	(	(	PUNCT
ajfa-5156	143	22	2.07	2.07	NUM
ajfa-5156	143	23	)	)	PUNCT
ajfa-5156	143	24	*	*	PUNCT
ajfa-5156	144	1	*	*	PUNCT
ajfa-5156	144	2	(	(	PUNCT
ajfa-5156	144	3	1.96	1.96	NUM
ajfa-5156	144	4	)	)	PUNCT
ajfa-5156	144	5	*	*	PUNCT
ajfa-5156	144	6	*	*	PUNCT
ajfa-5156	144	7	size	size	NOUN
ajfa-5156	144	8	0.04	0.04	NUM
ajfa-5156	144	9	0.04	0.04	NUM
ajfa-5156	144	10	0.03	0.03	NUM
ajfa-5156	144	11	0.03	0.03	NUM
ajfa-5156	144	12	(	(	PUNCT
ajfa-5156	144	13	2.54	2.54	NUM
ajfa-5156	144	14	)	)	PUNCT
ajfa-5156	144	15	*	*	PUNCT
ajfa-5156	144	16	*	*	PUNCT
ajfa-5156	144	17	(	(	PUNCT
ajfa-5156	144	18	2.45	2.45	NUM
ajfa-5156	144	19	)	)	PUNCT
ajfa-5156	144	20	*	*	PUNCT
ajfa-5156	144	21	*	*	PUNCT
ajfa-5156	144	22	(	(	PUNCT
ajfa-5156	144	23	2.10	2.10	NUM
ajfa-5156	144	24	)	)	PUNCT
ajfa-5156	144	25	*	*	PUNCT
ajfa-5156	144	26	*	*	PUNCT
ajfa-5156	144	27	(	(	PUNCT
ajfa-5156	144	28	1.83	1.83	NUM
ajfa-5156	144	29	)	)	PUNCT
ajfa-5156	144	30	*	*	PUNCT
ajfa-5156	144	31	leverage	leverage	NOUN
ajfa-5156	144	32	0.12	0.12	NUM
ajfa-5156	144	33	0.12	0.12	NUM
ajfa-5156	144	34	0.13	0.13	NUM
ajfa-5156	144	35	0.15	0.15	NUM
ajfa-5156	144	36	(	(	PUNCT
ajfa-5156	144	37	1.09	1.09	NUM
ajfa-5156	144	38	)	)	PUNCT
ajfa-5156	144	39	(	(	PUNCT
ajfa-5156	144	40	1.10	1.10	NUM
ajfa-5156	144	41	)	)	PUNCT
ajfa-5156	144	42	(	(	PUNCT
ajfa-5156	144	43	1.24	1.24	NUM
ajfa-5156	144	44	)	)	PUNCT
ajfa-5156	144	45	(	(	PUNCT
ajfa-5156	144	46	1.35	1.35	NUM
ajfa-5156	144	47	)	)	PUNCT
ajfa-5156	144	48	growth	growth	NOUN
ajfa-5156	144	49	0.06	0.06	NUM
ajfa-5156	144	50	0.06	0.06	NUM
ajfa-5156	144	51	0.07	0.07	NUM
ajfa-5156	144	52	0.06	0.06	NUM
ajfa-5156	144	53	(	(	PUNCT
ajfa-5156	144	54	0.83	0.83	NUM
ajfa-5156	144	55	)	)	PUNCT
ajfa-5156	144	56	(	(	PUNCT
ajfa-5156	144	57	0.89	0.89	NUM
ajfa-5156	144	58	)	)	PUNCT
ajfa-5156	144	59	(	(	PUNCT
ajfa-5156	144	60	0.97	0.97	NUM
ajfa-5156	144	61	)	)	PUNCT
ajfa-5156	144	62	(	(	PUNCT
ajfa-5156	144	63	0.81	0.81	NUM
ajfa-5156	144	64	)	)	PUNCT
ajfa-5156	144	65	n	n	CCONJ
ajfa-5156	145	1	703	703	NUM
ajfa-5156	145	2	703	703	NUM
ajfa-5156	145	3	703	703	NUM
ajfa-5156	145	4	703	703	NUM
ajfa-5156	145	5	r	r	NOUN
ajfa-5156	145	6	-	-	PUNCT
ajfa-5156	145	7	squared	square	VERB
ajfa-5156	145	8	0.02	0.02	NUM
ajfa-5156	145	9	0.02	0.02	NUM
ajfa-5156	145	10	0.02	0.02	NUM
ajfa-5156	145	11	0.03	0.03	NUM
ajfa-5156	145	12	asian	asian	ADJ
ajfa-5156	145	13	journal	journal	NOUN
ajfa-5156	145	14	of	of	ADP
ajfa-5156	145	15	finance	finance	PROPN
ajfa-5156	145	16	&	&	CCONJ
ajfa-5156	145	17	accounting	accounting	PROPN
ajfa-5156	145	18	issn	issn	PROPN
ajfa-5156	145	19	1946	1946	NUM
ajfa-5156	145	20	-	-	PUNCT
ajfa-5156	145	21	052x	052x	PROPN
ajfa-5156	145	22	2014	2014	NUM
ajfa-5156	145	23	,	,	PUNCT
ajfa-5156	145	24	vol	vol	NOUN
ajfa-5156	145	25	.	.	PROPN
ajfa-5156	145	26	6	6	NUM
ajfa-5156	145	27	,	,	PUNCT
ajfa-5156	145	28	no	no	INTJ
ajfa-5156	145	29	.	.	NOUN
ajfa-5156	145	30	1	1	NUM
ajfa-5156	145	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5156	145	32	267	267	NUM
ajfa-5156	145	33	we	we	PRON
ajfa-5156	145	34	set	set	VERB
ajfa-5156	145	35	up	up	ADP
ajfa-5156	145	36	an	an	DET
ajfa-5156	145	37	ordinary	ordinary	ADJ
ajfa-5156	145	38	least	least	ADJ
ajfa-5156	145	39	squares	square	NOUN
ajfa-5156	145	40	(	(	PUNCT
ajfa-5156	145	41	ols	ol	NOUN
ajfa-5156	145	42	)	)	PUNCT
ajfa-5156	145	43	regression	regression	NOUN
ajfa-5156	145	44	model	model	NOUN
ajfa-5156	145	45	as	as	SCONJ
ajfa-5156	145	46	follows	follow	VERB
ajfa-5156	145	47	.	.	PUNCT
ajfa-5156	146	1	iiii	iiii	PROPN
ajfa-5156	146	2	iiii	iiii	PROPN
ajfa-5156	146	3	egrowthleveragesize	egrowthleveragesize	VERB
ajfa-5156	146	4	foreignvnvinstitutiomanagervtobinq	foreignvnvinstitutiomanagervtobinq	NOUN
ajfa-5156	147	1	+	+	PROPN
ajfa-5156	148	1	+	+	ADJ
ajfa-5156	148	2	+	+	ADJ
ajfa-5156	148	3	+	+	ADJ
ajfa-5156	148	4	+	+	ADJ
ajfa-5156	148	5	+	+	ADJ
ajfa-5156	148	6	+	+	NOUN
ajfa-5156	148	7	=	=	X
ajfa-5156	148	8	*	*	PUNCT
ajfa-5156	148	9	*	*	PUNCT
ajfa-5156	149	1	*	*	PUNCT
ajfa-5156	149	2	*	*	PUNCT
ajfa-5156	149	3	*	*	PUNCT
ajfa-5156	149	4	*	*	NOUN
ajfa-5156	149	5	654	654	NUM
ajfa-5156	149	6	3210	3210	NUM
ajfa-5156	149	7	βββ	βββ	NOUN
ajfa-5156	149	8	ββββ	ββββ	ADJ
ajfa-5156	149	9	(	(	PUNCT
ajfa-5156	149	10	8)	8)	NUM
ajfa-5156	149	11	where	where	SCONJ
ajfa-5156	149	12	subscript	subscript	NOUN
ajfa-5156	149	13	i	i	PRON
ajfa-5156	149	14	represent	represent	VERB
ajfa-5156	149	15	a	a	DET
ajfa-5156	149	16	firm	firm	NOUN
ajfa-5156	149	17	within	within	ADP
ajfa-5156	149	18	our	our	PRON
ajfa-5156	149	19	sample	sample	NOUN
ajfa-5156	149	20	,	,	PUNCT
ajfa-5156	149	21	β	β	PROPN
ajfa-5156	149	22	represents	represent	VERB
ajfa-5156	149	23	regression	regression	NOUN
ajfa-5156	149	24	coefficients	coefficient	NOUN
ajfa-5156	149	25	and	and	CCONJ
ajfa-5156	149	26	e	e	NOUN
ajfa-5156	149	27	represents	represent	VERB
ajfa-5156	149	28	an	an	DET
ajfa-5156	149	29	error	error	NOUN
ajfa-5156	149	30	term	term	NOUN
ajfa-5156	149	31	.	.	PUNCT
ajfa-5156	150	1	table	table	NOUN
ajfa-5156	150	2	2	2	NUM
ajfa-5156	150	3	reports	report	VERB
ajfa-5156	150	4	the	the	DET
ajfa-5156	150	5	ols	ol	NOUN
ajfa-5156	150	6	regression	regression	NOUN
ajfa-5156	150	7	results	result	NOUN
ajfa-5156	150	8	of	of	ADP
ajfa-5156	150	9	ownership	ownership	NOUN
ajfa-5156	150	10	volatility	volatility	NOUN
ajfa-5156	150	11	on	on	ADP
ajfa-5156	150	12	tobin	tobin	PROPN
ajfa-5156	150	13	’s	’s	PART
ajfa-5156	150	14	q	q	PUNCT
ajfa-5156	150	15	after	after	ADP
ajfa-5156	150	16	controlling	control	VERB
ajfa-5156	150	17	for	for	ADP
ajfa-5156	150	18	firm	firm	ADJ
ajfa-5156	150	19	characteristic	characteristic	ADJ
ajfa-5156	150	20	variables	variable	NOUN
ajfa-5156	150	21	.	.	PUNCT
ajfa-5156	151	1	the	the	DET
ajfa-5156	151	2	dependent	dependent	ADJ
ajfa-5156	151	3	variable	variable	NOUN
ajfa-5156	151	4	is	be	AUX
ajfa-5156	151	5	tobin	tobin	PROPN
ajfa-5156	151	6	’s	’s	PART
ajfa-5156	151	7	q.	q.	PROPN
ajfa-5156	152	1	the	the	DET
ajfa-5156	152	2	independent	independent	ADJ
ajfa-5156	152	3	variables	variable	NOUN
ajfa-5156	152	4	are	be	AUX
ajfa-5156	152	5	managerial	managerial	ADJ
ajfa-5156	152	6	,	,	PUNCT
ajfa-5156	152	7	institutional	institutional	ADJ
ajfa-5156	152	8	and	and	CCONJ
ajfa-5156	152	9	foreign	foreign	ADJ
ajfa-5156	152	10	ownership	ownership	NOUN
ajfa-5156	152	11	volatility	volatility	NOUN
ajfa-5156	152	12	after	after	ADP
ajfa-5156	152	13	controlling	control	VERB
ajfa-5156	152	14	for	for	ADP
ajfa-5156	152	15	log	log	NOUN
ajfa-5156	152	16	of	of	ADP
ajfa-5156	152	17	total	total	ADJ
ajfa-5156	152	18	assets	asset	NOUN
ajfa-5156	152	19	,	,	PUNCT
ajfa-5156	152	20	debt	debt	NOUN
ajfa-5156	152	21	-	-	PUNCT
ajfa-5156	152	22	to	to	ADP
ajfa-5156	152	23	-	-	PUNCT
ajfa-5156	152	24	assets	asset	NOUN
ajfa-5156	152	25	ratio	ratio	NOUN
ajfa-5156	152	26	and	and	CCONJ
ajfa-5156	152	27	growth	growth	NOUN
ajfa-5156	152	28	rates	rate	NOUN
ajfa-5156	152	29	in	in	ADP
ajfa-5156	152	30	sales	sale	NOUN
ajfa-5156	152	31	.	.	PUNCT
ajfa-5156	153	1	the	the	DET
ajfa-5156	153	2	results	result	NOUN
ajfa-5156	153	3	partially	partially	ADV
ajfa-5156	153	4	support	support	VERB
ajfa-5156	153	5	our	our	PRON
ajfa-5156	153	6	hypothesis	hypothesis	NOUN
ajfa-5156	153	7	.	.	PUNCT
ajfa-5156	154	1	the	the	DET
ajfa-5156	154	2	positive	positive	ADJ
ajfa-5156	154	3	coefficient	coefficient	NOUN
ajfa-5156	154	4	of	of	ADP
ajfa-5156	154	5	foreign	foreign	ADJ
ajfa-5156	154	6	ownership	ownership	NOUN
ajfa-5156	154	7	volatility	volatility	NOUN
ajfa-5156	154	8	suggests	suggest	VERB
ajfa-5156	154	9	that	that	SCONJ
ajfa-5156	154	10	firms	firm	NOUN
ajfa-5156	154	11	with	with	ADP
ajfa-5156	154	12	high	high	ADJ
ajfa-5156	154	13	foreign	foreign	ADJ
ajfa-5156	154	14	ownership	ownership	NOUN
ajfa-5156	154	15	volatility	volatility	NOUN
ajfa-5156	154	16	tend	tend	VERB
ajfa-5156	154	17	to	to	PART
ajfa-5156	154	18	have	have	VERB
ajfa-5156	154	19	higher	high	ADJ
ajfa-5156	154	20	profitability	profitability	NOUN
ajfa-5156	154	21	,	,	PUNCT
ajfa-5156	154	22	measured	measure	VERB
ajfa-5156	154	23	by	by	ADP
ajfa-5156	154	24	tobin	tobin	PROPN
ajfa-5156	154	25	’s	’s	PART
ajfa-5156	154	26	q.	q.	NOUN
ajfa-5156	154	27	we	we	PRON
ajfa-5156	154	28	have	have	VERB
ajfa-5156	154	29	consistently	consistently	ADV
ajfa-5156	154	30	positive	positive	ADJ
ajfa-5156	154	31	coefficients	coefficient	NOUN
ajfa-5156	154	32	from	from	ADP
ajfa-5156	154	33	this	this	DET
ajfa-5156	154	34	variable	variable	NOUN
ajfa-5156	154	35	with	with	ADP
ajfa-5156	154	36	or	or	CCONJ
ajfa-5156	154	37	without	without	ADP
ajfa-5156	154	38	managerial	managerial	ADJ
ajfa-5156	154	39	and	and	CCONJ
ajfa-5156	154	40	institutional	institutional	ADJ
ajfa-5156	154	41	ownership	ownership	NOUN
ajfa-5156	154	42	volatility	volatility	NOUN
ajfa-5156	154	43	variables	variable	NOUN
ajfa-5156	154	44	.	.	PUNCT
ajfa-5156	155	1	however	however	ADV
ajfa-5156	155	2	,	,	PUNCT
ajfa-5156	155	3	we	we	PRON
ajfa-5156	155	4	do	do	AUX
ajfa-5156	155	5	not	not	PART
ajfa-5156	155	6	find	find	VERB
ajfa-5156	155	7	any	any	DET
ajfa-5156	155	8	statistically	statistically	ADV
ajfa-5156	155	9	significant	significant	ADJ
ajfa-5156	155	10	relationship	relationship	NOUN
ajfa-5156	155	11	between	between	ADP
ajfa-5156	155	12	managerial	managerial	ADJ
ajfa-5156	155	13	or	or	CCONJ
ajfa-5156	155	14	institutional	institutional	ADJ
ajfa-5156	155	15	ownership	ownership	NOUN
ajfa-5156	155	16	volatility	volatility	NOUN
ajfa-5156	155	17	and	and	CCONJ
ajfa-5156	155	18	tobin	tobin	PROPN
ajfa-5156	155	19	’s	’s	PART
ajfa-5156	155	20	q.	q.	PROPN
ajfa-5156	155	21	for	for	ADP
ajfa-5156	155	22	control	control	NOUN
ajfa-5156	155	23	variables	variable	NOUN
ajfa-5156	155	24	,	,	PUNCT
ajfa-5156	155	25	we	we	PRON
ajfa-5156	155	26	have	have	VERB
ajfa-5156	155	27	consistent	consistent	ADJ
ajfa-5156	155	28	positive	positive	ADJ
ajfa-5156	155	29	relationships	relationship	NOUN
ajfa-5156	155	30	between	between	ADP
ajfa-5156	155	31	log	log	NOUN
ajfa-5156	155	32	of	of	ADP
ajfa-5156	155	33	total	total	ADJ
ajfa-5156	155	34	assets	asset	NOUN
ajfa-5156	155	35	and	and	CCONJ
ajfa-5156	155	36	tobin	tobin	PROPN
ajfa-5156	155	37	’s	’s	PART
ajfa-5156	155	38	q	q	NOUN
ajfa-5156	155	39	across	across	ADP
ajfa-5156	155	40	all	all	DET
ajfa-5156	155	41	the	the	DET
ajfa-5156	155	42	regression	regression	NOUN
ajfa-5156	155	43	results	result	NOUN
ajfa-5156	155	44	in	in	ADP
ajfa-5156	155	45	table	table	NOUN
ajfa-5156	155	46	2	2	NUM
ajfa-5156	155	47	.	.	PUNCT
ajfa-5156	155	48	table	table	NOUN
ajfa-5156	155	49	3	3	NUM
ajfa-5156	155	50	.	.	X
ajfa-5156	155	51	panel	panel	NOUN
ajfa-5156	155	52	a	a	DET
ajfa-5156	155	53	:	:	PUNCT
ajfa-5156	155	54	factor	factor	NOUN
ajfa-5156	155	55	pattern	pattern	NOUN
ajfa-5156	155	56	matrix	matrix	NOUN
ajfa-5156	155	57	obtained	obtain	VERB
ajfa-5156	155	58	from	from	ADP
ajfa-5156	155	59	principal	principal	ADJ
ajfa-5156	155	60	component	component	NOUN
ajfa-5156	155	61	analysis	analysis	NOUN
ajfa-5156	155	62	factor1	factor1	VERB
ajfa-5156	156	1	factor2	factor2	PROPN
ajfa-5156	156	2	managerv	managerv	PROPN
ajfa-5156	156	3	0.24	0.24	NUM
ajfa-5156	156	4	-0.12	-0.12	NUM
ajfa-5156	156	5	institutionv	institutionv	ADJ
ajfa-5156	156	6	0.34	0.34	NUM
ajfa-5156	156	7	0.006	0.006	NUM
ajfa-5156	156	8	foreignv	foreignv	NOUN
ajfa-5156	156	9	0.19	0.19	NUM
ajfa-5156	156	10	0.14	0.14	NUM
ajfa-5156	156	11	panel	panel	NOUN
ajfa-5156	156	12	b	b	NOUN
ajfa-5156	156	13	:	:	PUNCT
ajfa-5156	156	14	variance	variance	NOUN
ajfa-5156	156	15	explained	explain	VERB
ajfa-5156	156	16	by	by	ADP
ajfa-5156	156	17	each	each	DET
ajfa-5156	156	18	factor	factor	NOUN
ajfa-5156	156	19	factor1	factor1	PUNCT
ajfa-5156	157	1	factor2	factor2	PROPN
ajfa-5156	157	2	0.2118	0.2118	NUM
ajfa-5156	157	3	0.0359	0.0359	NUM
ajfa-5156	157	4	table	table	NOUN
ajfa-5156	157	5	3	3	NUM
ajfa-5156	157	6	reports	report	VERB
ajfa-5156	157	7	the	the	DET
ajfa-5156	157	8	factor	factor	NOUN
ajfa-5156	157	9	pattern	pattern	NOUN
ajfa-5156	157	10	matrix	matrix	NOUN
ajfa-5156	157	11	and	and	CCONJ
ajfa-5156	157	12	the	the	DET
ajfa-5156	157	13	variance	variance	NOUN
ajfa-5156	157	14	explained	explain	VERB
ajfa-5156	157	15	by	by	ADP
ajfa-5156	157	16	each	each	DET
ajfa-5156	157	17	factor	factor	NOUN
ajfa-5156	157	18	from	from	ADP
ajfa-5156	157	19	the	the	DET
ajfa-5156	157	20	principal	principal	ADJ
ajfa-5156	157	21	component	component	NOUN
ajfa-5156	157	22	analysis	analysis	NOUN
ajfa-5156	157	23	.	.	PUNCT
ajfa-5156	158	1	the	the	DET
ajfa-5156	158	2	analysis	analysis	NOUN
ajfa-5156	158	3	captures	capture	VERB
ajfa-5156	158	4	the	the	DET
ajfa-5156	158	5	common	common	ADJ
ajfa-5156	158	6	variation	variation	NOUN
ajfa-5156	158	7	among	among	ADP
ajfa-5156	158	8	ownership	ownership	NOUN
ajfa-5156	158	9	volatility	volatility	NOUN
ajfa-5156	158	10	variables	variable	NOUN
ajfa-5156	158	11	which	which	PRON
ajfa-5156	158	12	is	be	AUX
ajfa-5156	158	13	not	not	PART
ajfa-5156	158	14	captured	capture	VERB
ajfa-5156	158	15	by	by	ADP
ajfa-5156	158	16	individual	individual	ADJ
ajfa-5156	158	17	variable	variable	NOUN
ajfa-5156	158	18	.	.	PUNCT
ajfa-5156	159	1	two	two	NUM
ajfa-5156	159	2	factors	factor	NOUN
ajfa-5156	159	3	have	have	AUX
ajfa-5156	159	4	been	be	AUX
ajfa-5156	159	5	obtained	obtain	VERB
ajfa-5156	159	6	from	from	ADP
ajfa-5156	159	7	the	the	DET
ajfa-5156	159	8	minimum	minimum	ADJ
ajfa-5156	159	9	eigenvalue	eigenvalue	NOUN
ajfa-5156	159	10	criterion	criterion	NOUN
ajfa-5156	159	11	.	.	PUNCT
ajfa-5156	160	1	from	from	ADP
ajfa-5156	160	2	panel	panel	NOUN
ajfa-5156	160	3	a	a	PRON
ajfa-5156	160	4	,	,	PUNCT
ajfa-5156	160	5	we	we	PRON
ajfa-5156	160	6	can	can	AUX
ajfa-5156	160	7	see	see	VERB
ajfa-5156	160	8	the	the	DET
ajfa-5156	160	9	unique	unique	ADJ
ajfa-5156	160	10	variance	variance	NOUN
ajfa-5156	160	11	contribution	contribution	NOUN
ajfa-5156	160	12	of	of	ADP
ajfa-5156	160	13	each	each	DET
ajfa-5156	160	14	factor	factor	NOUN
ajfa-5156	160	15	on	on	ADP
ajfa-5156	160	16	the	the	DET
ajfa-5156	160	17	variance	variance	NOUN
ajfa-5156	160	18	of	of	ADP
ajfa-5156	160	19	ownership	ownership	NOUN
ajfa-5156	160	20	volatility	volatility	NOUN
ajfa-5156	160	21	variables	variable	NOUN
ajfa-5156	160	22	.	.	PUNCT
ajfa-5156	161	1	managerv	managerv	PROPN
ajfa-5156	161	2	has	have	VERB
ajfa-5156	161	3	a	a	DET
ajfa-5156	161	4	loading	loading	NOUN
ajfa-5156	161	5	of	of	ADP
ajfa-5156	161	6	0.24	0.24	NUM
ajfa-5156	161	7	in	in	ADP
ajfa-5156	161	8	factor	factor	NOUN
ajfa-5156	161	9	1	1	NUM
ajfa-5156	161	10	and	and	CCONJ
ajfa-5156	161	11	a	a	DET
ajfa-5156	161	12	loading	loading	NOUN
ajfa-5156	161	13	of	of	ADP
ajfa-5156	161	14	-0.12	-0.12	NUM
ajfa-5156	161	15	in	in	ADP
ajfa-5156	161	16	factor	factor	NOUN
ajfa-5156	161	17	2	2	NUM
ajfa-5156	161	18	.	.	PUNCT
ajfa-5156	162	1	instiutionv	instiutionv	PROPN
ajfa-5156	162	2	has	have	VERB
ajfa-5156	162	3	a	a	DET
ajfa-5156	162	4	loading	loading	NOUN
ajfa-5156	162	5	of	of	ADP
ajfa-5156	162	6	0.34	0.34	NUM
ajfa-5156	162	7	in	in	ADP
ajfa-5156	162	8	factor	factor	NOUN
ajfa-5156	162	9	1	1	NUM
ajfa-5156	162	10	and	and	CCONJ
ajfa-5156	162	11	a	a	DET
ajfa-5156	162	12	loading	loading	NOUN
ajfa-5156	162	13	of	of	ADP
ajfa-5156	162	14	0.006	0.006	NUM
ajfa-5156	162	15	in	in	ADP
ajfa-5156	162	16	factor	factor	NOUN
ajfa-5156	162	17	2	2	NUM
ajfa-5156	162	18	.	.	PUNCT
ajfa-5156	162	19	foreignv	foreignv	PROPN
ajfa-5156	162	20	has	have	VERB
ajfa-5156	162	21	a	a	DET
ajfa-5156	162	22	loading	loading	NOUN
ajfa-5156	162	23	of	of	ADP
ajfa-5156	162	24	0.19	0.19	NUM
ajfa-5156	162	25	in	in	ADP
ajfa-5156	162	26	factor	factor	NOUN
ajfa-5156	162	27	1	1	NUM
ajfa-5156	162	28	and	and	CCONJ
ajfa-5156	162	29	a	a	DET
ajfa-5156	162	30	loading	loading	NOUN
ajfa-5156	162	31	of	of	ADP
ajfa-5156	162	32	0.14	0.14	NUM
ajfa-5156	162	33	in	in	ADP
ajfa-5156	162	34	factor	factor	NOUN
ajfa-5156	162	35	2	2	NUM
ajfa-5156	162	36	.	.	PUNCT
ajfa-5156	162	37	from	from	ADP
ajfa-5156	162	38	panel	panel	NOUN
ajfa-5156	162	39	b	b	PROPN
ajfa-5156	162	40	,	,	PUNCT
ajfa-5156	162	41	the	the	DET
ajfa-5156	162	42	first	first	ADJ
ajfa-5156	162	43	factor	factor	NOUN
ajfa-5156	162	44	accounts	account	VERB
ajfa-5156	162	45	for	for	ADP
ajfa-5156	162	46	21.18	21.18	NUM
ajfa-5156	162	47	percent	percent	NOUN
ajfa-5156	162	48	from	from	ADP
ajfa-5156	162	49	the	the	DET
ajfa-5156	162	50	total	total	ADJ
ajfa-5156	162	51	variation	variation	NOUN
ajfa-5156	162	52	.	.	PUNCT
ajfa-5156	163	1	the	the	DET
ajfa-5156	163	2	second	second	ADJ
ajfa-5156	163	3	factor	factor	NOUN
ajfa-5156	163	4	accounts	account	VERB
ajfa-5156	163	5	for	for	ADP
ajfa-5156	163	6	3.59	3.59	NUM
ajfa-5156	163	7	percent	percent	NOUN
ajfa-5156	163	8	from	from	ADP
ajfa-5156	163	9	the	the	DET
ajfa-5156	163	10	total	total	ADJ
ajfa-5156	163	11	variation	variation	NOUN
ajfa-5156	163	12	.	.	PUNCT
ajfa-5156	164	1	two	two	NUM
ajfa-5156	164	2	factors	factor	NOUN
ajfa-5156	164	3	account	account	VERB
ajfa-5156	164	4	for	for	ADP
ajfa-5156	164	5	the	the	DET
ajfa-5156	164	6	total	total	NOUN
ajfa-5156	164	7	of	of	ADP
ajfa-5156	164	8	24.77	24.77	NUM
ajfa-5156	164	9	percent	percent	NOUN
ajfa-5156	164	10	of	of	ADP
ajfa-5156	164	11	the	the	DET
ajfa-5156	164	12	total	total	ADJ
ajfa-5156	164	13	variation	variation	NOUN
ajfa-5156	164	14	of	of	ADP
ajfa-5156	164	15	ownership	ownership	NOUN
ajfa-5156	164	16	volatility	volatility	NOUN
ajfa-5156	164	17	variables	variable	NOUN
ajfa-5156	164	18	.	.	PUNCT
ajfa-5156	165	1	asian	asian	ADJ
ajfa-5156	165	2	journal	journal	PROPN
ajfa-5156	165	3	of	of	ADP
ajfa-5156	165	4	finance	finance	PROPN
ajfa-5156	165	5	&	&	CCONJ
ajfa-5156	165	6	accounting	accounting	PROPN
ajfa-5156	165	7	issn	issn	PROPN
ajfa-5156	165	8	1946	1946	NUM
ajfa-5156	165	9	-	-	PUNCT
ajfa-5156	165	10	052x	052x	PROPN
ajfa-5156	165	11	2014	2014	NUM
ajfa-5156	165	12	,	,	PUNCT
ajfa-5156	165	13	vol	vol	NOUN
ajfa-5156	165	14	.	.	PROPN
ajfa-5156	166	1	6	6	NUM
ajfa-5156	166	2	,	,	PUNCT
ajfa-5156	166	3	no	no	INTJ
ajfa-5156	166	4	.	.	NOUN
ajfa-5156	166	5	1	1	NUM
ajfa-5156	166	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5156	166	7	268	268	NUM
ajfa-5156	166	8	table	table	NOUN
ajfa-5156	166	9	4	4	NUM
ajfa-5156	166	10	.	.	PUNCT
ajfa-5156	167	1	ols	ol	NOUN
ajfa-5156	167	2	regressions	regression	NOUN
ajfa-5156	167	3	of	of	ADP
ajfa-5156	167	4	factors	factor	NOUN
ajfa-5156	167	5	on	on	ADP
ajfa-5156	167	6	tobin	tobin	PROPN
ajfa-5156	167	7	’s	’s	PART
ajfa-5156	167	8	q	q	PROPN
ajfa-5156	167	9	dependent	dependent	ADJ
ajfa-5156	167	10	variable	variable	NOUN
ajfa-5156	167	11	:	:	PUNCT
ajfa-5156	167	12	tobin	tobin	PROPN
ajfa-5156	167	13	's	's	PART
ajfa-5156	167	14	q	q	NOUN
ajfa-5156	167	15	intercept	intercept	NOUN
ajfa-5156	167	16	factor1	factor1	NOUN
ajfa-5156	167	17	factor2	factor2	ADJ
ajfa-5156	167	18	size	size	NOUN
ajfa-5156	167	19	leverage	leverage	NOUN
ajfa-5156	167	20	growth	growth	NOUN
ajfa-5156	167	21	n	n	CCONJ
ajfa-5156	167	22	adjusted	adjust	VERB
ajfa-5156	167	23	r2	r2	PROPN
ajfa-5156	167	24	0.19	0.19	NUM
ajfa-5156	167	25	0.09	0.09	NUM
ajfa-5156	167	26	0.24	0.24	NUM
ajfa-5156	167	27	0.03	0.03	NUM
ajfa-5156	167	28	0.15	0.15	NUM
ajfa-5156	167	29	0.06	0.06	NUM
ajfa-5156	167	30	703	703	NUM
ajfa-5156	167	31	0.02	0.02	NUM
ajfa-5156	167	32	(	(	PUNCT
ajfa-5156	167	33	0.46	0.46	NUM
ajfa-5156	167	34	)	)	PUNCT
ajfa-5156	167	35	(	(	PUNCT
ajfa-5156	167	36	1.66	1.66	NUM
ajfa-5156	167	37	)	)	PUNCT
ajfa-5156	167	38	*	*	PUNCT
ajfa-5156	167	39	(	(	PUNCT
ajfa-5156	167	40	1.94	1.94	NUM
ajfa-5156	167	41	)	)	PUNCT
ajfa-5156	167	42	*	*	PUNCT
ajfa-5156	167	43	*	*	PUNCT
ajfa-5156	167	44	(	(	PUNCT
ajfa-5156	167	45	1.86	1.86	NUM
ajfa-5156	167	46	)	)	PUNCT
ajfa-5156	167	47	*	*	PUNCT
ajfa-5156	167	48	(	(	PUNCT
ajfa-5156	167	49	1.33	1.33	NUM
ajfa-5156	167	50	)	)	PUNCT
ajfa-5156	167	51	(	(	PUNCT
ajfa-5156	167	52	0.86	0.86	NUM
ajfa-5156	167	53	)	)	PUNCT
ajfa-5156	167	54	standardized	standardized	ADJ
ajfa-5156	167	55	coefficient	coefficient	NOUN
ajfa-5156	167	56	estimates	estimate	NOUN
ajfa-5156	167	57	intercept	intercept	VERB
ajfa-5156	167	58	factor1	factor1	VERB
ajfa-5156	167	59	factor2	factor2	ADJ
ajfa-5156	167	60	size	size	NOUN
ajfa-5156	167	61	leverage	leverage	NOUN
ajfa-5156	167	62	growth	growth	NOUN
ajfa-5156	167	63	0	0	NUM
ajfa-5156	167	64	0.0662	0.0662	NUM
ajfa-5156	167	65	0.0808	0.0808	NUM
ajfa-5156	167	66	0.0778	0.0778	NUM
ajfa-5156	167	67	0.0547	0.0547	NUM
ajfa-5156	167	68	0.0350	0.0350	NUM
ajfa-5156	167	69	the	the	DET
ajfa-5156	167	70	ols	ol	NOUN
ajfa-5156	167	71	regression	regression	NOUN
ajfa-5156	167	72	results	result	NOUN
ajfa-5156	167	73	of	of	ADP
ajfa-5156	167	74	factors	factor	NOUN
ajfa-5156	167	75	on	on	ADP
ajfa-5156	167	76	tobin	tobin	PROPN
ajfa-5156	167	77	’s	’s	PART
ajfa-5156	167	78	q	q	NOUN
ajfa-5156	167	79	are	be	AUX
ajfa-5156	167	80	summarized	summarize	VERB
ajfa-5156	167	81	in	in	ADP
ajfa-5156	167	82	table	table	NOUN
ajfa-5156	167	83	4	4	NUM
ajfa-5156	167	84	.	.	PUNCT
ajfa-5156	168	1	as	as	SCONJ
ajfa-5156	168	2	we	we	PRON
ajfa-5156	168	3	can	can	AUX
ajfa-5156	168	4	see	see	VERB
ajfa-5156	168	5	from	from	ADP
ajfa-5156	168	6	the	the	DET
ajfa-5156	168	7	regression	regression	NOUN
ajfa-5156	168	8	results	result	NOUN
ajfa-5156	168	9	,	,	PUNCT
ajfa-5156	168	10	we	we	PRON
ajfa-5156	168	11	find	find	VERB
ajfa-5156	168	12	positive	positive	ADJ
ajfa-5156	168	13	relationships	relationship	NOUN
ajfa-5156	168	14	between	between	ADP
ajfa-5156	168	15	two	two	NUM
ajfa-5156	168	16	factors	factor	NOUN
ajfa-5156	168	17	and	and	CCONJ
ajfa-5156	168	18	tobin	tobin	NOUN
ajfa-5156	168	19	’s	’s	PART
ajfa-5156	168	20	q	q	PUNCT
ajfa-5156	168	21	after	after	ADP
ajfa-5156	168	22	controlling	control	VERB
ajfa-5156	168	23	for	for	ADP
ajfa-5156	168	24	size	size	NOUN
ajfa-5156	168	25	,	,	PUNCT
ajfa-5156	168	26	leverage	leverage	NOUN
ajfa-5156	168	27	and	and	CCONJ
ajfa-5156	168	28	growth	growth	NOUN
ajfa-5156	168	29	opportunity	opportunity	NOUN
ajfa-5156	168	30	.	.	PUNCT
ajfa-5156	169	1	the	the	DET
ajfa-5156	169	2	results	result	NOUN
ajfa-5156	169	3	are	be	AUX
ajfa-5156	169	4	consistent	consistent	ADJ
ajfa-5156	169	5	with	with	ADP
ajfa-5156	169	6	our	our	PRON
ajfa-5156	169	7	hypothesis	hypothesis	NOUN
ajfa-5156	169	8	.	.	PUNCT
ajfa-5156	170	1	if	if	SCONJ
ajfa-5156	170	2	we	we	PRON
ajfa-5156	170	3	factor	factor	VERB
ajfa-5156	170	4	out	out	ADP
ajfa-5156	170	5	the	the	DET
ajfa-5156	170	6	common	common	ADJ
ajfa-5156	170	7	variation	variation	NOUN
ajfa-5156	170	8	from	from	ADP
ajfa-5156	170	9	ownership	ownership	NOUN
ajfa-5156	170	10	volatility	volatility	NOUN
ajfa-5156	170	11	variables	variable	NOUN
ajfa-5156	170	12	and	and	CCONJ
ajfa-5156	170	13	run	run	VERB
ajfa-5156	170	14	a	a	DET
ajfa-5156	170	15	regression	regression	NOUN
ajfa-5156	170	16	of	of	ADP
ajfa-5156	170	17	factors	factor	NOUN
ajfa-5156	170	18	on	on	ADP
ajfa-5156	170	19	tobin	tobin	PROPN
ajfa-5156	170	20	’s	’s	PART
ajfa-5156	170	21	q	q	NOUN
ajfa-5156	170	22	,	,	PUNCT
ajfa-5156	170	23	common	common	ADJ
ajfa-5156	170	24	variation	variation	NOUN
ajfa-5156	170	25	factors	factor	NOUN
ajfa-5156	170	26	increase	increase	VERB
ajfa-5156	170	27	the	the	DET
ajfa-5156	170	28	profitability	profitability	NOUN
ajfa-5156	170	29	of	of	ADP
ajfa-5156	170	30	firms	firm	NOUN
ajfa-5156	170	31	in	in	ADP
ajfa-5156	170	32	our	our	PRON
ajfa-5156	170	33	sample	sample	NOUN
ajfa-5156	170	34	.	.	PUNCT
ajfa-5156	171	1	from	from	ADP
ajfa-5156	171	2	standardized	standardized	ADJ
ajfa-5156	171	3	coefficient	coefficient	NOUN
ajfa-5156	171	4	estimates	estimate	NOUN
ajfa-5156	171	5	,	,	PUNCT
ajfa-5156	171	6	we	we	PRON
ajfa-5156	171	7	can	can	AUX
ajfa-5156	171	8	find	find	VERB
ajfa-5156	171	9	that	that	SCONJ
ajfa-5156	171	10	one	one	NUM
ajfa-5156	171	11	standard	standard	ADJ
ajfa-5156	171	12	deviation	deviation	NOUN
ajfa-5156	171	13	change	change	NOUN
ajfa-5156	171	14	in	in	ADP
ajfa-5156	171	15	factor1	factor1	NOUN
ajfa-5156	171	16	increases	increase	VERB
ajfa-5156	171	17	tobin	tobin	PROPN
ajfa-5156	171	18	’s	’s	PART
ajfa-5156	171	19	q	q	NOUN
ajfa-5156	171	20	by	by	ADP
ajfa-5156	171	21	6.62	6.62	NUM
ajfa-5156	171	22	%	%	NOUN
ajfa-5156	171	23	.	.	PUNCT
ajfa-5156	172	1	for	for	ADP
ajfa-5156	172	2	factor	factor	NOUN
ajfa-5156	172	3	2	2	NUM
ajfa-5156	172	4	,	,	PUNCT
ajfa-5156	172	5	one	one	NUM
ajfa-5156	172	6	standard	standard	ADJ
ajfa-5156	172	7	deviation	deviation	NOUN
ajfa-5156	172	8	change	change	NOUN
ajfa-5156	172	9	in	in	ADP
ajfa-5156	172	10	factor	factor	NOUN
ajfa-5156	172	11	2	2	NUM
ajfa-5156	172	12	increases	increase	VERB
ajfa-5156	172	13	tobin	tobin	PROPN
ajfa-5156	172	14	’s	’s	PART
ajfa-5156	172	15	q	q	NOUN
ajfa-5156	172	16	by	by	ADP
ajfa-5156	172	17	8.08	8.08	NUM
ajfa-5156	172	18	%	%	NOUN
ajfa-5156	172	19	.	.	PUNCT
ajfa-5156	173	1	for	for	ADP
ajfa-5156	173	2	control	control	NOUN
ajfa-5156	173	3	variables	variable	NOUN
ajfa-5156	173	4	,	,	PUNCT
ajfa-5156	173	5	one	one	NUM
ajfa-5156	173	6	standard	standard	ADJ
ajfa-5156	173	7	deviation	deviation	NOUN
ajfa-5156	173	8	change	change	NOUN
ajfa-5156	173	9	in	in	ADP
ajfa-5156	173	10	size	size	NOUN
ajfa-5156	173	11	increases	increase	VERB
ajfa-5156	173	12	tobin	tobin	PROPN
ajfa-5156	173	13	’s	’s	PART
ajfa-5156	173	14	q	q	NOUN
ajfa-5156	173	15	by	by	ADP
ajfa-5156	173	16	7.78	7.78	NUM
ajfa-5156	173	17	%	%	NOUN
ajfa-5156	173	18	.	.	PUNCT
ajfa-5156	174	1	factor1	factor1	NOUN
ajfa-5156	174	2	and	and	CCONJ
ajfa-5156	174	3	size	size	NOUN
ajfa-5156	174	4	are	be	AUX
ajfa-5156	174	5	statistically	statistically	ADV
ajfa-5156	174	6	significant	significant	ADJ
ajfa-5156	174	7	within	within	ADP
ajfa-5156	174	8	one	one	NUM
ajfa-5156	174	9	percent	percent	NOUN
ajfa-5156	174	10	significance	significance	NOUN
ajfa-5156	174	11	level	level	NOUN
ajfa-5156	174	12	.	.	PUNCT
ajfa-5156	175	1	factor2	factor2	PROPN
ajfa-5156	175	2	is	be	AUX
ajfa-5156	175	3	statistically	statistically	ADV
ajfa-5156	175	4	significant	significant	ADJ
ajfa-5156	175	5	within	within	ADP
ajfa-5156	175	6	five	five	NUM
ajfa-5156	175	7	percent	percent	NOUN
ajfa-5156	175	8	significance	significance	NOUN
ajfa-5156	175	9	level	level	NOUN
ajfa-5156	175	10	.	.	PUNCT
ajfa-5156	176	1	conclusion	conclusion	NOUN
ajfa-5156	176	2	the	the	DET
ajfa-5156	176	3	relationship	relationship	NOUN
ajfa-5156	176	4	between	between	ADP
ajfa-5156	176	5	ownership	ownership	NOUN
ajfa-5156	176	6	,	,	PUNCT
ajfa-5156	176	7	as	as	ADP
ajfa-5156	176	8	one	one	NUM
ajfa-5156	176	9	proxy	proxy	NOUN
ajfa-5156	176	10	of	of	ADP
ajfa-5156	176	11	corporate	corporate	ADJ
ajfa-5156	176	12	governance	governance	NOUN
ajfa-5156	176	13	,	,	PUNCT
ajfa-5156	176	14	and	and	CCONJ
ajfa-5156	176	15	firm	firm	ADJ
ajfa-5156	176	16	performance	performance	NOUN
ajfa-5156	176	17	has	have	AUX
ajfa-5156	176	18	been	be	AUX
ajfa-5156	176	19	widely	widely	ADV
ajfa-5156	176	20	discussed	discuss	VERB
ajfa-5156	176	21	in	in	ADP
ajfa-5156	176	22	corporate	corporate	ADJ
ajfa-5156	176	23	finance	finance	NOUN
ajfa-5156	176	24	literature	literature	NOUN
ajfa-5156	176	25	.	.	PUNCT
ajfa-5156	177	1	however	however	ADV
ajfa-5156	177	2	,	,	PUNCT
ajfa-5156	177	3	little	little	ADJ
ajfa-5156	177	4	has	have	AUX
ajfa-5156	177	5	been	be	AUX
ajfa-5156	177	6	discussed	discuss	VERB
ajfa-5156	177	7	about	about	ADP
ajfa-5156	177	8	the	the	DET
ajfa-5156	177	9	relationship	relationship	NOUN
ajfa-5156	177	10	between	between	ADP
ajfa-5156	177	11	ownership	ownership	NOUN
ajfa-5156	177	12	volatility	volatility	NOUN
ajfa-5156	177	13	and	and	CCONJ
ajfa-5156	177	14	corporate	corporate	ADJ
ajfa-5156	177	15	governance	governance	NOUN
ajfa-5156	177	16	in	in	ADP
ajfa-5156	177	17	prior	prior	ADJ
ajfa-5156	177	18	literature	literature	NOUN
ajfa-5156	177	19	.	.	PUNCT
ajfa-5156	178	1	using	use	VERB
ajfa-5156	178	2	five	five	NUM
ajfa-5156	178	3	year	year	NOUN
ajfa-5156	178	4	ownership	ownership	NOUN
ajfa-5156	178	5	volatility	volatility	NOUN
ajfa-5156	178	6	of	of	ADP
ajfa-5156	178	7	korean	korean	ADJ
ajfa-5156	178	8	firms	firm	NOUN
ajfa-5156	178	9	in	in	ADP
ajfa-5156	178	10	our	our	PRON
ajfa-5156	178	11	sample	sample	NOUN
ajfa-5156	178	12	spanning	span	VERB
ajfa-5156	178	13	2005	2005	NUM
ajfa-5156	178	14	to	to	ADP
ajfa-5156	178	15	2009	2009	NUM
ajfa-5156	178	16	,	,	PUNCT
ajfa-5156	178	17	we	we	PRON
ajfa-5156	178	18	investigate	investigate	VERB
ajfa-5156	178	19	the	the	DET
ajfa-5156	178	20	relationship	relationship	NOUN
ajfa-5156	178	21	between	between	ADP
ajfa-5156	178	22	the	the	DET
ajfa-5156	178	23	volatility	volatility	NOUN
ajfa-5156	178	24	and	and	CCONJ
ajfa-5156	178	25	the	the	DET
ajfa-5156	178	26	firm	firm	ADJ
ajfa-5156	178	27	performance	performance	NOUN
ajfa-5156	178	28	of	of	ADP
ajfa-5156	178	29	the	the	DET
ajfa-5156	178	30	sample	sample	NOUN
ajfa-5156	178	31	firms	firm	NOUN
ajfa-5156	178	32	in	in	ADP
ajfa-5156	178	33	2009	2009	NUM
ajfa-5156	178	34	.	.	PUNCT
ajfa-5156	179	1	consistent	consistent	ADJ
ajfa-5156	179	2	with	with	ADP
ajfa-5156	179	3	our	our	PRON
ajfa-5156	179	4	hypothesis	hypothesis	NOUN
ajfa-5156	179	5	,	,	PUNCT
ajfa-5156	179	6	we	we	PRON
ajfa-5156	179	7	find	find	VERB
ajfa-5156	179	8	a	a	DET
ajfa-5156	179	9	positive	positive	ADJ
ajfa-5156	179	10	relationship	relationship	NOUN
ajfa-5156	179	11	between	between	ADP
ajfa-5156	179	12	foreign	foreign	ADJ
ajfa-5156	179	13	ownership	ownership	NOUN
ajfa-5156	179	14	volatility	volatility	NOUN
ajfa-5156	179	15	and	and	CCONJ
ajfa-5156	179	16	firm	firm	ADJ
ajfa-5156	179	17	performance	performance	NOUN
ajfa-5156	179	18	.	.	PUNCT
ajfa-5156	180	1	further	far	ADV
ajfa-5156	180	2	,	,	PUNCT
ajfa-5156	180	3	we	we	PRON
ajfa-5156	180	4	investigate	investigate	VERB
ajfa-5156	180	5	the	the	DET
ajfa-5156	180	6	relationship	relationship	NOUN
ajfa-5156	180	7	between	between	ADP
ajfa-5156	180	8	common	common	ADJ
ajfa-5156	180	9	factors	factor	NOUN
ajfa-5156	180	10	from	from	ADP
ajfa-5156	180	11	three	three	NUM
ajfa-5156	180	12	ownership	ownership	NOUN
ajfa-5156	180	13	volatility	volatility	NOUN
ajfa-5156	180	14	variables	variable	NOUN
ajfa-5156	180	15	and	and	CCONJ
ajfa-5156	180	16	firm	firm	ADJ
ajfa-5156	180	17	performance	performance	NOUN
ajfa-5156	180	18	.	.	PUNCT
ajfa-5156	181	1	consistent	consistent	ADJ
ajfa-5156	181	2	with	with	ADP
ajfa-5156	181	3	our	our	PRON
ajfa-5156	181	4	hypothesis	hypothesis	NOUN
ajfa-5156	181	5	,	,	PUNCT
ajfa-5156	181	6	we	we	PRON
ajfa-5156	181	7	find	find	VERB
ajfa-5156	181	8	a	a	DET
ajfa-5156	181	9	positive	positive	ADJ
ajfa-5156	181	10	relationship	relationship	NOUN
ajfa-5156	181	11	between	between	ADP
ajfa-5156	181	12	two	two	NUM
ajfa-5156	181	13	common	common	ADJ
ajfa-5156	181	14	factors	factor	NOUN
ajfa-5156	181	15	and	and	CCONJ
ajfa-5156	181	16	firm	firm	ADJ
ajfa-5156	181	17	performance	performance	NOUN
ajfa-5156	181	18	.	.	PUNCT
ajfa-5156	182	1	this	this	DET
ajfa-5156	182	2	paper	paper	NOUN
ajfa-5156	182	3	has	have	VERB
ajfa-5156	182	4	two	two	NUM
ajfa-5156	182	5	contributions	contribution	NOUN
ajfa-5156	182	6	to	to	ADP
ajfa-5156	182	7	the	the	DET
ajfa-5156	182	8	prior	prior	ADJ
ajfa-5156	182	9	literature	literature	NOUN
ajfa-5156	182	10	.	.	PUNCT
ajfa-5156	183	1	it	it	PRON
ajfa-5156	183	2	is	be	AUX
ajfa-5156	183	3	the	the	DET
ajfa-5156	183	4	first	first	ADJ
ajfa-5156	183	5	paper	paper	NOUN
ajfa-5156	183	6	to	to	PART
ajfa-5156	183	7	investigate	investigate	VERB
ajfa-5156	183	8	the	the	DET
ajfa-5156	183	9	ownership	ownership	NOUN
ajfa-5156	183	10	volatility	volatility	NOUN
ajfa-5156	183	11	and	and	CCONJ
ajfa-5156	183	12	its	its	PRON
ajfa-5156	183	13	relationship	relationship	NOUN
ajfa-5156	183	14	with	with	ADP
ajfa-5156	183	15	firm	firm	ADJ
ajfa-5156	183	16	performance	performance	NOUN
ajfa-5156	183	17	in	in	ADP
ajfa-5156	183	18	korea	korea	PROPN
ajfa-5156	183	19	using	use	VERB
ajfa-5156	183	20	both	both	DET
ajfa-5156	183	21	ols	ol	NOUN
ajfa-5156	183	22	regression	regression	NOUN
ajfa-5156	183	23	technique	technique	NOUN
ajfa-5156	183	24	and	and	CCONJ
ajfa-5156	183	25	factor	factor	NOUN
ajfa-5156	183	26	analysis	analysis	NOUN
ajfa-5156	183	27	.	.	PUNCT
ajfa-5156	184	1	second	second	ADJ
ajfa-5156	184	2	,	,	PUNCT
ajfa-5156	184	3	it	it	PRON
ajfa-5156	184	4	sheds	shed	VERB
ajfa-5156	184	5	light	light	NOUN
ajfa-5156	184	6	on	on	ADP
ajfa-5156	184	7	the	the	DET
ajfa-5156	184	8	role	role	NOUN
ajfa-5156	184	9	of	of	ADP
ajfa-5156	184	10	ownership	ownership	NOUN
ajfa-5156	184	11	volatility	volatility	NOUN
ajfa-5156	184	12	on	on	ADP
ajfa-5156	184	13	firm	firm	ADJ
ajfa-5156	184	14	performance	performance	NOUN
ajfa-5156	184	15	in	in	ADP
ajfa-5156	184	16	other	other	ADJ
ajfa-5156	184	17	financial	financial	ADJ
ajfa-5156	184	18	markets	market	NOUN
ajfa-5156	184	19	.	.	PUNCT
ajfa-5156	185	1	references	reference	NOUN
ajfa-5156	185	2	anderson	anderson	PROPN
ajfa-5156	185	3	,	,	PUNCT
ajfa-5156	185	4	r.	r.	PROPN
ajfa-5156	185	5	c.	c.	PROPN
ajfa-5156	185	6	,	,	PUNCT
ajfa-5156	185	7	&	&	CCONJ
ajfa-5156	185	8	reeb	reeb	PROPN
ajfa-5156	185	9	,	,	PUNCT
ajfa-5156	185	10	d.	d.	PROPN
ajfa-5156	185	11	m.	m.	PROPN
ajfa-5156	185	12	(	(	PUNCT
ajfa-5156	185	13	2003	2003	NUM
ajfa-5156	185	14	)	)	PUNCT
ajfa-5156	185	15	.	.	PUNCT
ajfa-5156	186	1	founding	found	VERB
ajfa-5156	186	2	-	-	PUNCT
ajfa-5156	186	3	family	family	NOUN
ajfa-5156	186	4	ownership	ownership	NOUN
ajfa-5156	186	5	and	and	CCONJ
ajfa-5156	186	6	firm	firm	ADJ
ajfa-5156	186	7	performance	performance	NOUN
ajfa-5156	186	8	:	:	PUNCT
ajfa-5156	186	9	evidence	evidence	NOUN
ajfa-5156	186	10	from	from	ADP
ajfa-5156	186	11	the	the	DET
ajfa-5156	186	12	s&p	s&p	PROPN
ajfa-5156	186	13	500	500	NUM
ajfa-5156	186	14	.	.	PUNCT
ajfa-5156	187	1	journal	journal	PROPN
ajfa-5156	187	2	of	of	ADP
ajfa-5156	187	3	finance	finance	NOUN
ajfa-5156	187	4	,	,	PUNCT
ajfa-5156	187	5	58	58	NUM
ajfa-5156	187	6	,	,	PUNCT
ajfa-5156	187	7	1301–1328	1301–1328	NUM
ajfa-5156	187	8	.	.	PUNCT
ajfa-5156	188	1	http://dx.doi.org/10.1111/1540-6261.00567	http://dx.doi.org/10.1111/1540-6261.00567	PROPN
ajfa-5156	188	2	asian	asian	ADJ
ajfa-5156	188	3	journal	journal	NOUN
ajfa-5156	188	4	of	of	ADP
ajfa-5156	188	5	finance	finance	PROPN
ajfa-5156	188	6	&	&	CCONJ
ajfa-5156	188	7	accounting	accounting	PROPN
ajfa-5156	188	8	issn	issn	PROPN
ajfa-5156	188	9	1946	1946	NUM
ajfa-5156	188	10	-	-	PUNCT
ajfa-5156	188	11	052x	052x	PROPN
ajfa-5156	188	12	2014	2014	NUM
ajfa-5156	188	13	,	,	PUNCT
ajfa-5156	188	14	vol	vol	NOUN
ajfa-5156	188	15	.	.	PROPN
ajfa-5156	188	16	6	6	NUM
ajfa-5156	188	17	,	,	PUNCT
ajfa-5156	188	18	no	no	INTJ
ajfa-5156	188	19	.	.	NOUN
ajfa-5156	188	20	1	1	NUM
ajfa-5156	188	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5156	188	22	269	269	NUM
ajfa-5156	188	23	andres	andre	NOUN
ajfa-5156	188	24	,	,	PUNCT
ajfa-5156	188	25	christian	christian	PROPN
ajfa-5156	188	26	.	.	PUNCT
ajfa-5156	189	1	(	(	PUNCT
ajfa-5156	189	2	2008	2008	NUM
ajfa-5156	189	3	)	)	PUNCT
ajfa-5156	189	4	.	.	PUNCT
ajfa-5156	190	1	large	large	ADJ
ajfa-5156	190	2	shareholders	shareholder	NOUN
ajfa-5156	190	3	and	and	CCONJ
ajfa-5156	190	4	firm	firm	ADJ
ajfa-5156	190	5	performance	performance	NOUN
ajfa-5156	190	6	-	-	PUNCT
ajfa-5156	190	7	an	an	DET
ajfa-5156	190	8	empirical	empirical	ADJ
ajfa-5156	190	9	examination	examination	NOUN
ajfa-5156	190	10	of	of	ADP
ajfa-5156	190	11	founding	found	VERB
ajfa-5156	190	12	-	-	PUNCT
ajfa-5156	190	13	family	family	NOUN
ajfa-5156	190	14	ownership	ownership	NOUN
ajfa-5156	190	15	,	,	PUNCT
ajfa-5156	190	16	journal	journal	NOUN
ajfa-5156	190	17	of	of	ADP
ajfa-5156	190	18	corporate	corporate	ADJ
ajfa-5156	190	19	finance	finance	NOUN
ajfa-5156	190	20	,	,	PUNCT
ajfa-5156	190	21	14	14	NUM
ajfa-5156	190	22	,	,	PUNCT
ajfa-5156	190	23	431	431	NUM
ajfa-5156	190	24	-	-	SYM
ajfa-5156	190	25	445	445	NUM
ajfa-5156	190	26	.	.	PUNCT
ajfa-5156	191	1	http://dx.doi.org/10.1016/j.jcorpfin.2008.05.003	http://dx.doi.org/10.1016/j.jcorpfin.2008.05.003	X
ajfa-5156	191	2	berle	berle	PROPN
ajfa-5156	191	3	,	,	PUNCT
ajfa-5156	191	4	a.a	a.a	PROPN
ajfa-5156	191	5	.	.	PROPN
ajfa-5156	191	6	and	and	CCONJ
ajfa-5156	191	7	means	mean	VERB
ajfa-5156	191	8	,	,	PUNCT
ajfa-5156	191	9	g.c	g.c	PROPN
ajfa-5156	191	10	.	.	PROPN
ajfa-5156	191	11	,	,	PUNCT
ajfa-5156	191	12	(	(	PUNCT
ajfa-5156	191	13	1932	1932	NUM
ajfa-5156	191	14	)	)	PUNCT
ajfa-5156	191	15	.	.	PUNCT
ajfa-5156	192	1	the	the	DET
ajfa-5156	192	2	modern	modern	ADJ
ajfa-5156	192	3	corporation	corporation	NOUN
ajfa-5156	192	4	and	and	CCONJ
ajfa-5156	192	5	private	private	ADJ
ajfa-5156	192	6	property	property	NOUN
ajfa-5156	192	7	.	.	PUNCT
ajfa-5156	193	1	new	new	PROPN
ajfa-5156	193	2	york	york	PROPN
ajfa-5156	193	3	:	:	PUNCT
ajfa-5156	193	4	the	the	DET
ajfa-5156	193	5	macmillan	macmillan	PROPN
ajfa-5156	193	6	company	company	NOUN
ajfa-5156	193	7	,	,	PUNCT
ajfa-5156	193	8	pp	pp	PROPN
ajfa-5156	193	9	.	.	PUNCT
ajfa-5156	194	1	xiii	xiii	PROPN
ajfa-5156	194	2	,	,	PUNCT
ajfa-5156	194	3	396	396	NUM
ajfa-5156	194	4	.	.	PUNCT
ajfa-5156	195	1	http://dx.doi.org/10.1111/j.1467-9299.1934.tb01905.x	http://dx.doi.org/10.1111/j.1467-9299.1934.tb01905.x	PROPN
ajfa-5156	195	2	burkart	burkart	NOUN
ajfa-5156	195	3	,	,	PUNCT
ajfa-5156	195	4	m.	m.	NOUN
ajfa-5156	195	5	,	,	PUNCT
ajfa-5156	195	6	gromb	gromb	PROPN
ajfa-5156	195	7	,	,	PUNCT
ajfa-5156	195	8	d.	d.	PROPN
ajfa-5156	195	9	and	and	CCONJ
ajfa-5156	195	10	panunzi	panunzi	PROPN
ajfa-5156	195	11	,	,	PUNCT
ajfa-5156	195	12	f.	f.	PROPN
ajfa-5156	195	13	(	(	PUNCT
ajfa-5156	195	14	1997	1997	NUM
ajfa-5156	195	15	)	)	PUNCT
ajfa-5156	195	16	.	.	PUNCT
ajfa-5156	196	1	large	large	ADJ
ajfa-5156	196	2	shareholders	shareholder	NOUN
ajfa-5156	196	3	monitoring	monitoring	NOUN
ajfa-5156	196	4	,	,	PUNCT
ajfa-5156	196	5	and	and	CCONJ
ajfa-5156	196	6	the	the	DET
ajfa-5156	196	7	value	value	NOUN
ajfa-5156	196	8	of	of	ADP
ajfa-5156	196	9	the	the	DET
ajfa-5156	196	10	firm	firm	NOUN
ajfa-5156	196	11	,	,	PUNCT
ajfa-5156	196	12	quarterly	quarterly	ADJ
ajfa-5156	196	13	journal	journal	NOUN
ajfa-5156	196	14	of	of	ADP
ajfa-5156	196	15	economics	economic	NOUN
ajfa-5156	196	16	,	,	PUNCT
ajfa-5156	196	17	112	112	NUM
ajfa-5156	196	18	,	,	PUNCT
ajfa-5156	196	19	693–728	693–728	NUM
ajfa-5156	196	20	.	.	PUNCT
ajfa-5156	197	1	http://dx.doi.org/10.1162/003355397555325	http://dx.doi.org/10.1162/003355397555325	PROPN
ajfa-5156	197	2	burkart	burkart	PROPN
ajfa-5156	197	3	,	,	PUNCT
ajfa-5156	197	4	m.	m.	NOUN
ajfa-5156	197	5	,	,	PUNCT
ajfa-5156	197	6	panunzi	panunzi	PROPN
ajfa-5156	197	7	,	,	PUNCT
ajfa-5156	197	8	f.	f.	PROPN
ajfa-5156	197	9	,	,	PUNCT
ajfa-5156	197	10	&	&	CCONJ
ajfa-5156	197	11	shleifer	shleifer	PROPN
ajfa-5156	197	12	,	,	PUNCT
ajfa-5156	197	13	a.	a.	NOUN
ajfa-5156	197	14	(	(	PUNCT
ajfa-5156	197	15	2003	2003	NUM
ajfa-5156	197	16	)	)	PUNCT
ajfa-5156	197	17	.	.	PUNCT
ajfa-5156	198	1	family	family	NOUN
ajfa-5156	198	2	firms	firm	NOUN
ajfa-5156	198	3	,	,	PUNCT
ajfa-5156	198	4	journal	journal	NOUN
ajfa-5156	198	5	of	of	ADP
ajfa-5156	198	6	finance	finance	NOUN
ajfa-5156	198	7	,	,	PUNCT
ajfa-5156	198	8	58	58	NUM
ajfa-5156	198	9	,	,	PUNCT
ajfa-5156	198	10	2167	2167	NUM
ajfa-5156	198	11	-	-	SYM
ajfa-5156	198	12	2202	2202	NUM
ajfa-5156	198	13	.	.	PUNCT
ajfa-5156	199	1	http://dx.doi.org/10.1111/1540-6261.00601	http://dx.doi.org/10.1111/1540-6261.00601	DET
ajfa-5156	199	2	choe	choe	PROPN
ajfa-5156	199	3	,	,	PUNCT
ajfa-5156	199	4	h.	h.	PROPN
ajfa-5156	199	5	,	,	PUNCT
ajfa-5156	199	6	chung	chung	PROPN
ajfa-5156	199	7	,	,	PUNCT
ajfa-5156	199	8	j.	j.	PROPN
ajfa-5156	199	9	m.	m.	PROPN
ajfa-5156	199	10	and	and	CCONJ
ajfa-5156	199	11	lee	lee	PROPN
ajfa-5156	199	12	,	,	PUNCT
ajfa-5156	199	13	w.	w.	PROPN
ajfa-5156	199	14	b.	b.	PROPN
ajfa-5156	199	15	(	(	PUNCT
ajfa-5156	199	16	2008	2008	NUM
ajfa-5156	199	17	)	)	PUNCT
ajfa-5156	199	18	.	.	PUNCT
ajfa-5156	200	1	“	"	PUNCT
ajfa-5156	200	2	distribution	distribution	NOUN
ajfa-5156	200	3	of	of	ADP
ajfa-5156	200	4	private	private	ADJ
ajfa-5156	200	5	information	information	NOUN
ajfa-5156	200	6	across	across	ADP
ajfa-5156	200	7	investors	investor	NOUN
ajfa-5156	200	8	:	:	PUNCT
ajfa-5156	200	9	evidence	evidence	NOUN
ajfa-5156	200	10	from	from	ADP
ajfa-5156	200	11	the	the	DET
ajfa-5156	200	12	korea	korea	PROPN
ajfa-5156	200	13	stock	stock	PROPN
ajfa-5156	200	14	exchange	exchange	PROPN
ajfa-5156	200	15	”	"	PUNCT
ajfa-5156	200	16	,	,	PUNCT
ajfa-5156	200	17	asia	asia	PROPN
ajfa-5156	200	18	-	-	PUNCT
ajfa-5156	200	19	pacific	pacific	PROPN
ajfa-5156	200	20	journal	journal	PROPN
ajfa-5156	200	21	of	of	ADP
ajfa-5156	200	22	financial	financial	ADJ
ajfa-5156	200	23	studies	study	NOUN
ajfa-5156	200	24	,	,	PUNCT
ajfa-5156	200	25	37(1	37(1	NUM
ajfa-5156	200	26	)	)	PUNCT
ajfa-5156	200	27	,	,	PUNCT
ajfa-5156	200	28	101	101	NUM
ajfa-5156	200	29	-	-	SYM
ajfa-5156	200	30	137	137	NUM
ajfa-5156	200	31	.	.	PUNCT
ajfa-5156	201	1	cornett	cornett	PROPN
ajfa-5156	201	2	,	,	PUNCT
ajfa-5156	201	3	m.m	m.m	PROPN
ajfa-5156	201	4	.	.	PROPN
ajfa-5156	201	5	,	,	PUNCT
ajfa-5156	201	6	marcus	marcus	PROPN
ajfa-5156	201	7	,	,	PUNCT
ajfa-5156	201	8	a	a	DET
ajfa-5156	201	9	.j	.j	NOUN
ajfa-5156	201	10	.,saunders	.,saunders	PROPN
ajfa-5156	201	11	,	,	PUNCT
ajfa-5156	201	12	a.	a.	NOUN
ajfa-5156	201	13	,	,	PUNCT
ajfa-5156	201	14	and	and	CCONJ
ajfa-5156	201	15	tehranian	tehranian	NOUN
ajfa-5156	201	16	,	,	PUNCT
ajfa-5156	201	17	h.	h.	PROPN
ajfa-5156	201	18	,	,	PUNCT
ajfa-5156	201	19	(	(	PUNCT
ajfa-5156	201	20	2007	2007	NUM
ajfa-5156	201	21	)	)	PUNCT
ajfa-5156	201	22	.	.	PUNCT
ajfa-5156	202	1	"	"	PUNCT
ajfa-5156	202	2	the	the	DET
ajfa-5156	202	3	impact	impact	NOUN
ajfa-5156	202	4	of	of	ADP
ajfa-5156	202	5	institutional	institutional	ADJ
ajfa-5156	202	6	ownership	ownership	NOUN
ajfa-5156	202	7	on	on	ADP
ajfa-5156	202	8	corporate	corporate	ADJ
ajfa-5156	202	9	operating	operating	NOUN
ajfa-5156	202	10	performance	performance	NOUN
ajfa-5156	202	11	"	"	PUNCT
ajfa-5156	202	12	,	,	PUNCT
ajfa-5156	202	13	journal	journal	NOUN
ajfa-5156	202	14	of	of	ADP
ajfa-5156	202	15	banking	banking	NOUN
ajfa-5156	202	16	&	&	CCONJ
ajfa-5156	202	17	finance	finance	PROPN
ajfa-5156	202	18	,	,	PUNCT
ajfa-5156	202	19	31	31	NUM
ajfa-5156	202	20	,	,	PUNCT
ajfa-5156	202	21	1771	1771	NUM
ajfa-5156	202	22	-	-	SYM
ajfa-5156	202	23	1794	1794	NUM
ajfa-5156	202	24	.	.	PUNCT
ajfa-5156	203	1	http://dx.doi.org/10.1016/j.jbankfin.2006.08.006	http://dx.doi.org/10.1016/j.jbankfin.2006.08.006	NOUN
ajfa-5156	203	2	demsetz	demsetz	NOUN
ajfa-5156	203	3	,	,	PUNCT
ajfa-5156	203	4	h.	h.	PROPN
ajfa-5156	203	5	,	,	PUNCT
ajfa-5156	203	6	(	(	PUNCT
ajfa-5156	203	7	1983	1983	NUM
ajfa-5156	203	8	)	)	PUNCT
ajfa-5156	203	9	.	.	PUNCT
ajfa-5156	204	1	the	the	DET
ajfa-5156	204	2	structure	structure	NOUN
ajfa-5156	204	3	of	of	ADP
ajfa-5156	204	4	ownership	ownership	NOUN
ajfa-5156	204	5	and	and	CCONJ
ajfa-5156	204	6	the	the	DET
ajfa-5156	204	7	theory	theory	NOUN
ajfa-5156	204	8	of	of	ADP
ajfa-5156	204	9	the	the	DET
ajfa-5156	204	10	firm	firm	NOUN
ajfa-5156	204	11	.	.	PUNCT
ajfa-5156	205	1	journal	journal	PROPN
ajfa-5156	205	2	of	of	ADP
ajfa-5156	205	3	law	law	NOUN
ajfa-5156	205	4	and	and	CCONJ
ajfa-5156	205	5	economics	economic	NOUN
ajfa-5156	205	6	,	,	PUNCT
ajfa-5156	205	7	26(2	26(2	NUM
ajfa-5156	205	8	)	)	PUNCT
ajfa-5156	205	9	,	,	PUNCT
ajfa-5156	205	10	375	375	NUM
ajfa-5156	205	11	-	-	SYM
ajfa-5156	205	12	390	390	NUM
ajfa-5156	205	13	.	.	PUNCT
ajfa-5156	206	1	http://dx.doi.org/10.1086/467041	http://dx.doi.org/10.1086/467041	PROPN
ajfa-5156	206	2	demsetz	demsetz	VERB
ajfa-5156	206	3	,	,	PUNCT
ajfa-5156	206	4	h.	h.	PROPN
ajfa-5156	206	5	and	and	CCONJ
ajfa-5156	206	6	lehn	lehn	PROPN
ajfa-5156	206	7	,	,	PUNCT
ajfa-5156	206	8	k.	k.	PROPN
ajfa-5156	206	9	(	(	PUNCT
ajfa-5156	206	10	1985	1985	NUM
ajfa-5156	206	11	)	)	PUNCT
ajfa-5156	206	12	.	.	PUNCT
ajfa-5156	207	1	the	the	DET
ajfa-5156	207	2	structure	structure	NOUN
ajfa-5156	207	3	of	of	ADP
ajfa-5156	207	4	corporate	corporate	ADJ
ajfa-5156	207	5	ownership	ownership	NOUN
ajfa-5156	207	6	:	:	PUNCT
ajfa-5156	207	7	causes	cause	NOUN
ajfa-5156	207	8	and	and	CCONJ
ajfa-5156	207	9	consequences	consequence	NOUN
ajfa-5156	207	10	.	.	PUNCT
ajfa-5156	208	1	journal	journal	NOUN
ajfa-5156	208	2	of	of	ADP
ajfa-5156	208	3	political	political	ADJ
ajfa-5156	208	4	economy	economy	NOUN
ajfa-5156	208	5	,	,	PUNCT
ajfa-5156	208	6	93	93	NUM
ajfa-5156	208	7	,	,	PUNCT
ajfa-5156	208	8	1155	1155	NUM
ajfa-5156	208	9	-	-	SYM
ajfa-5156	208	10	77	77	NUM
ajfa-5156	208	11	.	.	PUNCT
ajfa-5156	209	1	http://dx.doi.org/10.1086/261354	http://dx.doi.org/10.1086/261354	PROPN
ajfa-5156	209	2	elyasiani	elyasiani	PROPN
ajfa-5156	209	3	,	,	PUNCT
ajfa-5156	209	4	e.	e.	PROPN
ajfa-5156	209	5	and	and	CCONJ
ajfa-5156	209	6	jia	jia	PROPN
ajfa-5156	209	7	,	,	PUNCT
ajfa-5156	209	8	j.	j.	PROPN
ajfa-5156	209	9	(	(	PUNCT
ajfa-5156	209	10	2010	2010	NUM
ajfa-5156	209	11	)	)	PUNCT
ajfa-5156	209	12	.	.	PUNCT
ajfa-5156	210	1	distribution	distribution	NOUN
ajfa-5156	210	2	of	of	ADP
ajfa-5156	210	3	institutional	institutional	ADJ
ajfa-5156	210	4	ownership	ownership	NOUN
ajfa-5156	210	5	and	and	CCONJ
ajfa-5156	210	6	corporate	corporate	ADJ
ajfa-5156	210	7	firm	firm	ADJ
ajfa-5156	210	8	performace	performace	NOUN
ajfa-5156	210	9	.	.	PUNCT
ajfa-5156	211	1	journal	journal	NOUN
ajfa-5156	211	2	of	of	ADP
ajfa-5156	211	3	banking	banking	NOUN
ajfa-5156	211	4	and	and	CCONJ
ajfa-5156	211	5	finance	finance	NOUN
ajfa-5156	211	6	,	,	PUNCT
ajfa-5156	211	7	34(3	34(3	NUM
ajfa-5156	211	8	)	)	PUNCT
ajfa-5156	211	9	,	,	PUNCT
ajfa-5156	211	10	606	606	NUM
ajfa-5156	211	11	-	-	SYM
ajfa-5156	211	12	620	620	NUM
ajfa-5156	211	13	.	.	PUNCT
ajfa-5156	212	1	http://dx.doi.org/10.1016/j.jbankfin.2009.08.018	http://dx.doi.org/10.1016/j.jbankfin.2009.08.018	PROPN
ajfa-5156	212	2	fama	fama	PROPN
ajfa-5156	212	3	,	,	PUNCT
ajfa-5156	212	4	e.	e.	PROPN
ajfa-5156	212	5	f.	f.	PROPN
ajfa-5156	212	6	(	(	PUNCT
ajfa-5156	212	7	1980	1980	NUM
ajfa-5156	212	8	)	)	PUNCT
ajfa-5156	212	9	.	.	PUNCT
ajfa-5156	213	1	agency	agency	NOUN
ajfa-5156	213	2	problems	problem	NOUN
ajfa-5156	213	3	and	and	CCONJ
ajfa-5156	213	4	the	the	DET
ajfa-5156	213	5	theory	theory	NOUN
ajfa-5156	213	6	of	of	ADP
ajfa-5156	213	7	the	the	DET
ajfa-5156	213	8	firm	firm	NOUN
ajfa-5156	213	9	.	.	PUNCT
ajfa-5156	214	1	the	the	DET
ajfa-5156	214	2	journal	journal	NOUN
ajfa-5156	214	3	of	of	ADP
ajfa-5156	214	4	political	political	ADJ
ajfa-5156	214	5	economy	economy	NOUN
ajfa-5156	214	6	,	,	PUNCT
ajfa-5156	214	7	88(2	88(2	NUM
ajfa-5156	214	8	)	)	PUNCT
ajfa-5156	214	9	,	,	PUNCT
ajfa-5156	214	10	288	288	NUM
ajfa-5156	214	11	-	-	SYM
ajfa-5156	214	12	307	307	NUM
ajfa-5156	214	13	.	.	PUNCT
ajfa-5156	215	1	http://dx.doi.org/10.1086/260866	http://dx.doi.org/10.1086/260866	PROPN
ajfa-5156	215	2	grossman	grossman	PROPN
ajfa-5156	215	3	,	,	PUNCT
ajfa-5156	215	4	s.	s.	PROPN
ajfa-5156	215	5	j.	j.	PROPN
ajfa-5156	215	6	and	and	CCONJ
ajfa-5156	215	7	hart	hart	PROPN
ajfa-5156	215	8	,	,	PUNCT
ajfa-5156	215	9	o.	o.	PROPN
ajfa-5156	215	10	(	(	PUNCT
ajfa-5156	215	11	1988	1988	NUM
ajfa-5156	215	12	)	)	PUNCT
ajfa-5156	215	13	.	.	PUNCT
ajfa-5156	216	1	"	"	PUNCT
ajfa-5156	216	2	one	one	NUM
ajfa-5156	216	3	share	share	NOUN
ajfa-5156	216	4	/	/	SYM
ajfa-5156	216	5	one	one	NUM
ajfa-5156	216	6	vote	vote	NOUN
ajfa-5156	216	7	and	and	CCONJ
ajfa-5156	216	8	the	the	DET
ajfa-5156	216	9	market	market	NOUN
ajfa-5156	216	10	for	for	ADP
ajfa-5156	216	11	corporate	corporate	ADJ
ajfa-5156	216	12	control	control	NOUN
ajfa-5156	216	13	"	"	PUNCT
ajfa-5156	216	14	.	.	PUNCT
ajfa-5156	217	1	journal	journal	PROPN
ajfa-5156	217	2	of	of	ADP
ajfa-5156	217	3	financial	financial	ADJ
ajfa-5156	217	4	economics	economic	NOUN
ajfa-5156	217	5	,	,	PUNCT
ajfa-5156	217	6	20(1/2	20(1/2	ADJ
ajfa-5156	217	7	)	)	PUNCT
ajfa-5156	217	8	,	,	PUNCT
ajfa-5156	217	9	175–202	175–202	NUM
ajfa-5156	217	10	.	.	PUNCT
ajfa-5156	217	11	http://dx.doi.org/10.1016/0304-405x(88)90044-x	http://dx.doi.org/10.1016/0304-405x(88)90044-x	PROPN
ajfa-5156	217	12	harris	harris	PROPN
ajfa-5156	217	13	,	,	PUNCT
ajfa-5156	217	14	m.	m.	NOUN
ajfa-5156	217	15	and	and	CCONJ
ajfa-5156	217	16	raviv	raviv	NOUN
ajfa-5156	217	17	,	,	PUNCT
ajfa-5156	217	18	a.	a.	NOUN
ajfa-5156	217	19	(	(	PUNCT
ajfa-5156	217	20	1988	1988	NUM
ajfa-5156	217	21	)	)	PUNCT
ajfa-5156	217	22	.corporate	.corporate	PROPN
ajfa-5156	217	23	governance	governance	NOUN
ajfa-5156	217	24	:	:	PUNCT
ajfa-5156	217	25	voting	voting	NOUN
ajfa-5156	217	26	rights	right	NOUN
ajfa-5156	217	27	and	and	CCONJ
ajfa-5156	217	28	majority	majority	NOUN
ajfa-5156	217	29	rules	rule	NOUN
ajfa-5156	217	30	,	,	PUNCT
ajfa-5156	217	31	journal	journal	NOUN
ajfa-5156	217	32	of	of	ADP
ajfa-5156	217	33	financial	financial	ADJ
ajfa-5156	217	34	economics	economic	NOUN
ajfa-5156	217	35	,	,	PUNCT
ajfa-5156	217	36	20	20	NUM
ajfa-5156	217	37	,	,	PUNCT
ajfa-5156	217	38	203	203	NUM
ajfa-5156	217	39	-	-	SYM
ajfa-5156	217	40	235	235	NUM
ajfa-5156	217	41	.	.	PUNCT
ajfa-5156	218	1	http://dx.doi.org/10.1016/0304-405x(88)90045-1	http://dx.doi.org/10.1016/0304-405x(88)90045-1	PROPN
ajfa-5156	218	2	holderness	holderness	PROPN
ajfa-5156	218	3	,	,	PUNCT
ajfa-5156	218	4	c.	c.	PROPN
ajfa-5156	218	5	g.	g.	PROPN
ajfa-5156	218	6	,	,	PUNCT
ajfa-5156	218	7	kroszner	kroszner	PROPN
ajfa-5156	218	8	,	,	PUNCT
ajfa-5156	218	9	r.	r.	PROPN
ajfa-5156	218	10	s.	s.	PROPN
ajfa-5156	218	11	,	,	PUNCT
ajfa-5156	218	12	and	and	CCONJ
ajfa-5156	218	13	sheehan	sheehan	PROPN
ajfa-5156	218	14	,	,	PUNCT
ajfa-5156	218	15	d.	d.	PROPN
ajfa-5156	218	16	p.	p.	PROPN
ajfa-5156	218	17	,	,	PUNCT
ajfa-5156	218	18	(	(	PUNCT
ajfa-5156	218	19	1999	1999	NUM
ajfa-5156	218	20	)	)	PUNCT
ajfa-5156	218	21	.	.	PUNCT
ajfa-5156	219	1	“	"	PUNCT
ajfa-5156	219	2	changes	change	NOUN
ajfa-5156	219	3	in	in	ADP
ajfa-5156	219	4	managerial	managerial	ADJ
ajfa-5156	219	5	stock	stock	NOUN
ajfa-5156	219	6	ownership	ownership	NOUN
ajfa-5156	219	7	since	since	SCONJ
ajfa-5156	219	8	the	the	DET
ajfa-5156	219	9	great	great	ADJ
ajfa-5156	219	10	depression	depression	NOUN
ajfa-5156	219	11	”	"	PUNCT
ajfa-5156	219	12	,	,	PUNCT
ajfa-5156	219	13	journal	journal	NOUN
ajfa-5156	219	14	of	of	ADP
ajfa-5156	219	15	finance	finance	NOUN
ajfa-5156	219	16	,	,	PUNCT
ajfa-5156	219	17	54(2	54(2	NUM
ajfa-5156	219	18	)	)	PUNCT
ajfa-5156	219	19	,	,	PUNCT
ajfa-5156	219	20	435	435	NUM
ajfa-5156	219	21	-	-	SYM
ajfa-5156	219	22	469	469	NUM
ajfa-5156	219	23	.	.	PUNCT
ajfa-5156	220	1	http://dx.doi.org/10.1111/0022-1082.00114	http://dx.doi.org/10.1111/0022-1082.00114	NUM
ajfa-5156	220	2	asian	asian	ADJ
ajfa-5156	220	3	journal	journal	NOUN
ajfa-5156	220	4	of	of	ADP
ajfa-5156	220	5	finance	finance	PROPN
ajfa-5156	220	6	&	&	CCONJ
ajfa-5156	220	7	accounting	accounting	PROPN
ajfa-5156	220	8	issn	issn	PROPN
ajfa-5156	220	9	1946	1946	NUM
ajfa-5156	220	10	-	-	PUNCT
ajfa-5156	220	11	052x	052x	PROPN
ajfa-5156	220	12	2014	2014	NUM
ajfa-5156	220	13	,	,	PUNCT
ajfa-5156	220	14	vol	vol	NOUN
ajfa-5156	220	15	.	.	PROPN
ajfa-5156	220	16	6	6	NUM
ajfa-5156	220	17	,	,	PUNCT
ajfa-5156	220	18	no	no	INTJ
ajfa-5156	220	19	.	.	NOUN
ajfa-5156	220	20	1	1	NUM
ajfa-5156	220	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5156	220	22	270	270	NUM
ajfa-5156	220	23	isakova	isakova	NOUN
ajfa-5156	220	24	,	,	PUNCT
ajfa-5156	220	25	d.	d.	PROPN
ajfa-5156	220	26	and	and	CCONJ
ajfa-5156	220	27	weisskopf	weisskopf	VERB
ajfa-5156	220	28	,	,	PUNCT
ajfa-5156	220	29	j.	j.	PROPN
ajfa-5156	220	30	,	,	PUNCT
ajfa-5156	220	31	(	(	PUNCT
ajfa-5156	220	32	2014	2014	NUM
ajfa-5156	220	33	)	)	PUNCT
ajfa-5156	220	34	.	.	PUNCT
ajfa-5156	221	1	are	be	AUX
ajfa-5156	221	2	founding	found	VERB
ajfa-5156	221	3	families	family	NOUN
ajfa-5156	221	4	special	special	ADJ
ajfa-5156	221	5	blockholders	blockholder	NOUN
ajfa-5156	221	6	?	?	PUNCT
ajfa-5156	222	1	an	an	DET
ajfa-5156	222	2	investigation	investigation	NOUN
ajfa-5156	222	3	of	of	ADP
ajfa-5156	222	4	controlling	control	VERB
ajfa-5156	222	5	shareholder	shareholder	NOUN
ajfa-5156	222	6	influence	influence	NOUN
ajfa-5156	222	7	on	on	ADP
ajfa-5156	222	8	firm	firm	ADJ
ajfa-5156	222	9	performance	performance	NOUN
ajfa-5156	222	10	.	.	PUNCT
ajfa-5156	223	1	journal	journal	NOUN
ajfa-5156	223	2	of	of	ADP
ajfa-5156	223	3	banking	banking	NOUN
ajfa-5156	223	4	and	and	CCONJ
ajfa-5156	223	5	finance	finance	NOUN
ajfa-5156	223	6	,	,	PUNCT
ajfa-5156	223	7	41	41	NUM
ajfa-5156	223	8	,	,	PUNCT
ajfa-5156	223	9	1	1	NUM
ajfa-5156	223	10	-	-	SYM
ajfa-5156	223	11	16	16	NUM
ajfa-5156	223	12	.	.	PUNCT
ajfa-5156	224	1	http://dx.doi.org/10.1016/j.jbankfin.2013.12.012	http://dx.doi.org/10.1016/j.jbankfin.2013.12.012	PROPN
ajfa-5156	224	2	kang	kang	PROPN
ajfa-5156	224	3	,	,	PUNCT
ajfa-5156	224	4	j.	j.	PROPN
ajfa-5156	224	5	k.	k.	PROPN
ajfa-5156	224	6	and	and	CCONJ
ajfa-5156	224	7	stulz	stulz	PROPN
ajfa-5156	224	8	,	,	PUNCT
ajfa-5156	224	9	r.	r.	PROPN
ajfa-5156	224	10	m.	m.	PROPN
ajfa-5156	224	11	,	,	PUNCT
ajfa-5156	224	12	(	(	PUNCT
ajfa-5156	224	13	1997	1997	NUM
ajfa-5156	224	14	)	)	PUNCT
ajfa-5156	224	15	.	.	PUNCT
ajfa-5156	225	1	why	why	SCONJ
ajfa-5156	225	2	is	be	AUX
ajfa-5156	225	3	there	there	PRON
ajfa-5156	225	4	a	a	DET
ajfa-5156	225	5	home	home	NOUN
ajfa-5156	225	6	bias	bias	NOUN
ajfa-5156	225	7	?	?	PUNCT
ajfa-5156	225	8	:	:	PUNCT
ajfa-5156	225	9	an	an	DET
ajfa-5156	225	10	analysis	analysis	NOUN
ajfa-5156	225	11	of	of	ADP
ajfa-5156	225	12	foreign	foreign	ADJ
ajfa-5156	225	13	portfolio	portfolio	NOUN
ajfa-5156	225	14	equity	equity	NOUN
ajfa-5156	225	15	ownership	ownership	NOUN
ajfa-5156	225	16	in	in	ADP
ajfa-5156	225	17	japan	japan	PROPN
ajfa-5156	225	18	.	.	PUNCT
ajfa-5156	226	1	journal	journal	PROPN
ajfa-5156	226	2	of	of	ADP
ajfa-5156	226	3	financial	financial	ADJ
ajfa-5156	226	4	economics	economic	NOUN
ajfa-5156	226	5	,	,	PUNCT
ajfa-5156	226	6	46(1	46(1	PROPN
ajfa-5156	226	7	)	)	PUNCT
ajfa-5156	226	8	,	,	PUNCT
ajfa-5156	226	9	3	3	NUM
ajfa-5156	226	10	-	-	SYM
ajfa-5156	226	11	28	28	NUM
ajfa-5156	226	12	.	.	PUNCT
ajfa-5156	227	1	http://dx.doi.org/10.1016/s0304-405x(97)00023-8	http://dx.doi.org/10.1016/s0304-405x(97)00023-8	NOUN
ajfa-5156	227	2	krx	krx	NOUN
ajfa-5156	227	3	market	market	NOUN
ajfa-5156	227	4	.	.	PUNCT
ajfa-5156	228	1	(	(	PUNCT
ajfa-5156	228	2	2012	2012	NUM
ajfa-5156	228	3	)	)	PUNCT
ajfa-5156	228	4	.	.	PUNCT
ajfa-5156	229	1	“	"	PUNCT
ajfa-5156	229	2	on	on	ADP
ajfa-5156	229	3	the	the	DET
ajfa-5156	229	4	analysis	analysis	NOUN
ajfa-5156	229	5	of	of	ADP
ajfa-5156	229	6	recent	recent	ADJ
ajfa-5156	229	7	three	three	NUM
ajfa-5156	229	8	year	year	NOUN
ajfa-5156	229	9	ownership	ownership	NOUN
ajfa-5156	229	10	(	(	PUNCT
ajfa-5156	229	11	5	5	NUM
ajfa-5156	229	12	%	%	NOUN
ajfa-5156	229	13	or	or	CCONJ
ajfa-5156	229	14	more	more	ADJ
ajfa-5156	229	15	)	)	PUNCT
ajfa-5156	229	16	of	of	ADP
ajfa-5156	229	17	large	large	ADJ
ajfa-5156	229	18	foreign	foreign	ADJ
ajfa-5156	229	19	and	and	CCONJ
ajfa-5156	229	20	institutional	institutional	ADJ
ajfa-5156	229	21	investors	investor	NOUN
ajfa-5156	229	22	,	,	PUNCT
ajfa-5156	229	23	”	"	PUNCT
ajfa-5156	229	24	financial	financial	ADJ
ajfa-5156	229	25	market	market	NOUN
ajfa-5156	229	26	analysis	analysis	NOUN
ajfa-5156	229	27	team	team	NOUN
ajfa-5156	229	28	report	report	NOUN
ajfa-5156	229	29	,	,	PUNCT
ajfa-5156	229	30	financial	financial	ADJ
ajfa-5156	229	31	market	market	NOUN
ajfa-5156	229	32	oversight	oversight	NOUN
ajfa-5156	229	33	division	division	NOUN
ajfa-5156	229	34	,	,	PUNCT
ajfa-5156	229	35	korea	korea	PROPN
ajfa-5156	229	36	exchange	exchange	PROPN
ajfa-5156	229	37	,	,	PUNCT
ajfa-5156	229	38	january	january	PROPN
ajfa-5156	229	39	,	,	PUNCT
ajfa-5156	229	40	38	38	NUM
ajfa-5156	229	41	-	-	SYM
ajfa-5156	229	42	64	64	NUM
ajfa-5156	229	43	.	.	PUNCT
ajfa-5156	230	1	jensen	jensen	PROPN
ajfa-5156	230	2	,	,	PUNCT
ajfa-5156	230	3	michael	michael	PROPN
ajfa-5156	230	4	c.	c.	PROPN
ajfa-5156	230	5	,	,	PUNCT
ajfa-5156	230	6	&	&	CCONJ
ajfa-5156	230	7	william	william	PROPN
ajfa-5156	230	8	h.	h.	PROPN
ajfa-5156	230	9	meckling	meckling	PROPN
ajfa-5156	230	10	.	.	PUNCT
ajfa-5156	231	1	(	(	PUNCT
ajfa-5156	231	2	1976	1976	NUM
ajfa-5156	231	3	)	)	PUNCT
ajfa-5156	231	4	.	.	PUNCT
ajfa-5156	232	1	the	the	DET
ajfa-5156	232	2	theory	theory	NOUN
ajfa-5156	232	3	of	of	ADP
ajfa-5156	232	4	the	the	DET
ajfa-5156	232	5	firm	firm	NOUN
ajfa-5156	232	6	:	:	PUNCT
ajfa-5156	232	7	managerial	managerial	ADJ
ajfa-5156	232	8	behavior	behavior	NOUN
ajfa-5156	232	9	,	,	PUNCT
ajfa-5156	232	10	agency	agency	NOUN
ajfa-5156	232	11	cost	cost	NOUN
ajfa-5156	232	12	,	,	PUNCT
ajfa-5156	232	13	and	and	CCONJ
ajfa-5156	232	14	ownership	ownership	NOUN
ajfa-5156	232	15	structure	structure	NOUN
ajfa-5156	232	16	.	.	PUNCT
ajfa-5156	233	1	journal	journal	NOUN
ajfa-5156	233	2	of	of	ADP
ajfa-5156	233	3	financial	financial	ADJ
ajfa-5156	233	4	economics	economic	NOUN
ajfa-5156	233	5	,	,	PUNCT
ajfa-5156	233	6	3(4	3(4	NUM
ajfa-5156	233	7	)	)	PUNCT
ajfa-5156	233	8	,	,	PUNCT
ajfa-5156	233	9	305	305	NUM
ajfa-5156	233	10	-	-	SYM
ajfa-5156	233	11	360	360	NUM
ajfa-5156	233	12	.	.	PUNCT
ajfa-5156	234	1	http://dx.doi.org/10.1016/0304-405x(76)90026-x	http://dx.doi.org/10.1016/0304-405x(76)90026-x	PROPN
ajfa-5156	234	2	la	la	PROPN
ajfa-5156	234	3	porta	porta	PROPN
ajfa-5156	234	4	,	,	PUNCT
ajfa-5156	234	5	r.	r.	PROPN
ajfa-5156	234	6	,	,	PUNCT
ajfa-5156	234	7	lopez	lopez	NOUN
ajfa-5156	234	8	-	-	PUNCT
ajfa-5156	234	9	de	de	NOUN
ajfa-5156	234	10	-	-	NOUN
ajfa-5156	234	11	silanes	silanes	PROPN
ajfa-5156	234	12	,	,	PUNCT
ajfa-5156	234	13	f.	f.	PROPN
ajfa-5156	234	14	,	,	PUNCT
ajfa-5156	234	15	&	&	CCONJ
ajfa-5156	234	16	shleifer	shleifer	PROPN
ajfa-5156	234	17	,	,	PUNCT
ajfa-5156	234	18	a.	a.	NOUN
ajfa-5156	234	19	(	(	PUNCT
ajfa-5156	234	20	1999	1999	NUM
ajfa-5156	234	21	)	)	PUNCT
ajfa-5156	234	22	.	.	PUNCT
ajfa-5156	235	1	corporate	corporate	ADJ
ajfa-5156	235	2	ownership	ownership	NOUN
ajfa-5156	235	3	around	around	ADP
ajfa-5156	235	4	the	the	DET
ajfa-5156	235	5	world	world	NOUN
ajfa-5156	235	6	.	.	PUNCT
ajfa-5156	236	1	journal	journal	PROPN
ajfa-5156	236	2	of	of	ADP
ajfa-5156	236	3	finance	finance	NOUN
ajfa-5156	236	4	,	,	PUNCT
ajfa-5156	236	5	54(2	54(2	NUM
ajfa-5156	236	6	)	)	PUNCT
ajfa-5156	236	7	,	,	PUNCT
ajfa-5156	236	8	471	471	NUM
ajfa-5156	236	9	-	-	SYM
ajfa-5156	236	10	517	517	NUM
ajfa-5156	236	11	.	.	PUNCT
ajfa-5156	237	1	http://dx.doi.org/10.1111/0022-1082.00115	http://dx.doi.org/10.1111/0022-1082.00115	PROPN
ajfa-5156	237	2	li	li	PROPN
ajfa-5156	237	3	,	,	PUNCT
ajfa-5156	237	4	d.	d.	PROPN
ajfa-5156	237	5	,	,	PUNCT
ajfa-5156	237	6	nguyen	nguyen	PROPN
ajfa-5156	237	7	,	,	PUNCT
ajfa-5156	237	8	q.n	q.n	PROPN
ajfa-5156	237	9	.	.	PROPN
ajfa-5156	237	10	,	,	PUNCT
ajfa-5156	237	11	pham	pham	PROPN
ajfa-5156	237	12	,	,	PUNCT
ajfa-5156	237	13	p.k	p.k	PROPN
ajfa-5156	237	14	.	.	PROPN
ajfa-5156	237	15	,	,	PUNCT
ajfa-5156	237	16	&	&	CCONJ
ajfa-5156	237	17	wei	wei	PROPN
ajfa-5156	237	18	,	,	PUNCT
ajfa-5156	237	19	s.x	s.x	PROPN
ajfa-5156	237	20	.	.	PROPN
ajfa-5156	237	21	,	,	PUNCT
ajfa-5156	237	22	(	(	PUNCT
ajfa-5156	237	23	2011	2011	NUM
ajfa-5156	237	24	)	)	PUNCT
ajfa-5156	237	25	.	.	PUNCT
ajfa-5156	238	1	large	large	ADJ
ajfa-5156	238	2	foreign	foreign	ADJ
ajfa-5156	238	3	ownership	ownership	NOUN
ajfa-5156	238	4	and	and	CCONJ
ajfa-5156	238	5	firm	firm	ADJ
ajfa-5156	238	6	-	-	PUNCT
ajfa-5156	238	7	level	level	NOUN
ajfa-5156	238	8	stock	stock	NOUN
ajfa-5156	238	9	return	return	NOUN
ajfa-5156	238	10	volatility	volatility	NOUN
ajfa-5156	238	11	in	in	ADP
ajfa-5156	238	12	emerging	emerge	VERB
ajfa-5156	238	13	markets	market	NOUN
ajfa-5156	238	14	.	.	PUNCT
ajfa-5156	239	1	journal	journal	NOUN
ajfa-5156	239	2	of	of	ADP
ajfa-5156	239	3	financial	financial	ADJ
ajfa-5156	239	4	and	and	CCONJ
ajfa-5156	239	5	quantitative	quantitative	ADJ
ajfa-5156	239	6	analysis	analysis	NOUN
ajfa-5156	239	7	,	,	PUNCT
ajfa-5156	239	8	46(4	46(4	NOUN
ajfa-5156	239	9	)	)	PUNCT
ajfa-5156	239	10	,	,	PUNCT
ajfa-5156	239	11	1127	1127	NUM
ajfa-5156	239	12	-	-	SYM
ajfa-5156	239	13	1155	1155	NUM
ajfa-5156	239	14	.	.	PUNCT
ajfa-5156	240	1	http://dx.doi.org/10.1017/s0022109011000202	http://dx.doi.org/10.1017/s0022109011000202	PROPN
ajfa-5156	240	2	morck	morck	PROPN
ajfa-5156	240	3	,	,	PUNCT
ajfa-5156	240	4	r.	r.	PROPN
ajfa-5156	240	5	,	,	PUNCT
ajfa-5156	240	6	shleifer	shleifer	PROPN
ajfa-5156	240	7	,	,	PUNCT
ajfa-5156	240	8	a.	a.	PROPN
ajfa-5156	240	9	,	,	PUNCT
ajfa-5156	240	10	&	&	CCONJ
ajfa-5156	240	11	vishny	vishny	PROPN
ajfa-5156	240	12	,	,	PUNCT
ajfa-5156	240	13	r.	r.	PROPN
ajfa-5156	240	14	w.	w.	PROPN
ajfa-5156	240	15	,	,	PUNCT
ajfa-5156	240	16	(	(	PUNCT
ajfa-5156	240	17	1988	1988	NUM
ajfa-5156	240	18	)	)	PUNCT
ajfa-5156	240	19	.	.	PUNCT
ajfa-5156	241	1	management	management	NOUN
ajfa-5156	241	2	ownership	ownership	NOUN
ajfa-5156	241	3	and	and	CCONJ
ajfa-5156	241	4	market	market	NOUN
ajfa-5156	241	5	valuation	valuation	NOUN
ajfa-5156	241	6	:	:	PUNCT
ajfa-5156	241	7	an	an	DET
ajfa-5156	241	8	empirical	empirical	ADJ
ajfa-5156	241	9	analysis	analysis	NOUN
ajfa-5156	241	10	.	.	PUNCT
ajfa-5156	242	1	journal	journal	NOUN
ajfa-5156	242	2	of	of	ADP
ajfa-5156	242	3	financial	financial	ADJ
ajfa-5156	242	4	economics	economic	NOUN
ajfa-5156	242	5	,	,	PUNCT
ajfa-5156	242	6	20	20	NUM
ajfa-5156	242	7	,	,	PUNCT
ajfa-5156	242	8	293	293	NUM
ajfa-5156	242	9	-	-	SYM
ajfa-5156	242	10	315	315	NUM
ajfa-5156	242	11	.	.	PUNCT
ajfa-5156	243	1	http://dx.doi.org/10.1016/0304-405x(88)90048-7	http://dx.doi.org/10.1016/0304-405x(88)90048-7	NOUN
ajfa-5156	243	2	shleifer	shleifer	PROPN
ajfa-5156	243	3	,	,	PUNCT
ajfa-5156	243	4	a.	a.	PROPN
ajfa-5156	243	5	,	,	PUNCT
ajfa-5156	243	6	&	&	CCONJ
ajfa-5156	243	7	vishny	vishny	PROPN
ajfa-5156	243	8	,	,	PUNCT
ajfa-5156	243	9	r.	r.	PROPN
ajfa-5156	243	10	w.	w.	PROPN
ajfa-5156	243	11	(	(	PUNCT
ajfa-5156	243	12	1986	1986	NUM
ajfa-5156	243	13	)	)	PUNCT
ajfa-5156	243	14	.	.	PUNCT
ajfa-5156	244	1	large	large	ADJ
ajfa-5156	244	2	shareholders	shareholder	NOUN
ajfa-5156	244	3	and	and	CCONJ
ajfa-5156	244	4	corporate	corporate	ADJ
ajfa-5156	244	5	control	control	NOUN
ajfa-5156	244	6	.	.	PUNCT
ajfa-5156	245	1	the	the	DET
ajfa-5156	245	2	journal	journal	NOUN
ajfa-5156	245	3	of	of	ADP
ajfa-5156	245	4	political	political	ADJ
ajfa-5156	245	5	economy	economy	NOUN
ajfa-5156	245	6	,	,	PUNCT
ajfa-5156	245	7	94(3	94(3	NUM
ajfa-5156	245	8	)	)	PUNCT
ajfa-5156	245	9	,	,	PUNCT
ajfa-5156	245	10	461	461	NUM
ajfa-5156	245	11	-	-	SYM
ajfa-5156	245	12	488	488	NUM
ajfa-5156	245	13	.	.	PUNCT
ajfa-5156	246	1	http://dx.doi.org/10.1086/261385	http://dx.doi.org/10.1086/261385	NOUN
ajfa-5156	246	2	appendix	appendix	VERB
ajfa-5156	246	3	i	i	PRON
ajfa-5156	246	4	:	:	PUNCT
ajfa-5156	246	5	definition	definition	NOUN
ajfa-5156	246	6	of	of	ADP
ajfa-5156	246	7	variables	variable	NOUN
ajfa-5156	246	8	variables	variable	VERB
ajfa-5156	246	9	definition	definition	NOUN
ajfa-5156	246	10	tobin	tobin	PROPN
ajfa-5156	246	11	q	q	PROPN
ajfa-5156	246	12	proxy	proxy	NOUN
ajfa-5156	246	13	for	for	ADP
ajfa-5156	246	14	firm	firm	ADJ
ajfa-5156	246	15	valuation	valuation	NOUN
ajfa-5156	246	16	defined	define	VERB
ajfa-5156	246	17	as	as	ADP
ajfa-5156	246	18	(	(	PUNCT
ajfa-5156	246	19	the	the	DET
ajfa-5156	246	20	number	number	NOUN
ajfa-5156	246	21	of	of	ADP
ajfa-5156	246	22	shares	share	NOUN
ajfa-5156	246	23	outstanding*market	outstanding*market	VERB
ajfa-5156	246	24	price	price	NOUN
ajfa-5156	246	25	of	of	ADP
ajfa-5156	246	26	a	a	DET
ajfa-5156	246	27	share+total	share+total	ADJ
ajfa-5156	246	28	debt)/total	debt)/total	ADJ
ajfa-5156	246	29	assets	asset	NOUN
ajfa-5156	246	30	in	in	ADP
ajfa-5156	246	31	2009	2009	NUM
ajfa-5156	246	32	size	size	NOUN
ajfa-5156	246	33	the	the	DET
ajfa-5156	246	34	natural	natural	ADJ
ajfa-5156	246	35	log	log	NOUN
ajfa-5156	246	36	of	of	ADP
ajfa-5156	246	37	total	total	ADJ
ajfa-5156	246	38	asset	asset	NOUN
ajfa-5156	246	39	in	in	ADP
ajfa-5156	246	40	2008	2008	NUM
ajfa-5156	246	41	leverage	leverage	NOUN
ajfa-5156	246	42	total	total	ADJ
ajfa-5156	246	43	debt	debt	NOUN
ajfa-5156	246	44	/	/	SYM
ajfa-5156	246	45	total	total	ADJ
ajfa-5156	246	46	asset	asset	NOUN
ajfa-5156	246	47	in	in	ADP
ajfa-5156	246	48	2008	2008	NUM
ajfa-5156	246	49	growth	growth	NOUN
ajfa-5156	246	50	annual	annual	ADJ
ajfa-5156	246	51	growth	growth	NOUN
ajfa-5156	246	52	in	in	ADP
ajfa-5156	246	53	sales	sale	NOUN
ajfa-5156	246	54	in	in	ADP
ajfa-5156	246	55	2008	2008	NUM
ajfa-5156	246	56	managerv	managerv	NOUN
ajfa-5156	246	57	the	the	DET
ajfa-5156	246	58	standard	standard	ADJ
ajfa-5156	246	59	deviation	deviation	NOUN
ajfa-5156	246	60	of	of	ADP
ajfa-5156	246	61	five	five	NUM
ajfa-5156	246	62	year	year	NOUN
ajfa-5156	246	63	ownership	ownership	NOUN
ajfa-5156	246	64	of	of	ADP
ajfa-5156	246	65	large	large	ADJ
ajfa-5156	246	66	shareholders	shareholder	NOUN
ajfa-5156	246	67	from	from	ADP
ajfa-5156	246	68	2005	2005	NUM
ajfa-5156	246	69	to	to	ADP
ajfa-5156	246	70	2009	2009	NUM
ajfa-5156	246	71	foreignv	foreignv	NOUN
ajfa-5156	246	72	the	the	DET
ajfa-5156	246	73	standard	standard	ADJ
ajfa-5156	246	74	deviation	deviation	NOUN
ajfa-5156	246	75	of	of	ADP
ajfa-5156	246	76	five	five	NUM
ajfa-5156	246	77	year	year	NOUN
ajfa-5156	246	78	foreign	foreign	ADJ
ajfa-5156	246	79	ownership	ownership	NOUN
ajfa-5156	246	80	from	from	ADP
ajfa-5156	246	81	2005	2005	NUM
ajfa-5156	246	82	to	to	ADP
ajfa-5156	246	83	2009	2009	NUM
ajfa-5156	246	84	(	(	PUNCT
ajfa-5156	246	85	if	if	SCONJ
ajfa-5156	246	86	the	the	DET
ajfa-5156	246	87	ownership	ownership	NOUN
ajfa-5156	246	88	is	be	AUX
ajfa-5156	246	89	above	above	ADP
ajfa-5156	246	90	5	5	NUM
ajfa-5156	246	91	%	%	NOUN
ajfa-5156	246	92	,	,	PUNCT
ajfa-5156	246	93	then	then	ADV
ajfa-5156	246	94	we	we	PRON
ajfa-5156	246	95	assign	assign	VERB
ajfa-5156	246	96	the	the	DET
ajfa-5156	246	97	ownership	ownership	NOUN
ajfa-5156	246	98	;	;	PUNCT
ajfa-5156	246	99	otherwise	otherwise	ADV
ajfa-5156	246	100	we	we	PRON
ajfa-5156	246	101	assign	assign	VERB
ajfa-5156	246	102	zero	zero	NUM
ajfa-5156	246	103	)	)	PUNCT
ajfa-5156	246	104	institutionv	institutionv	VERB
ajfa-5156	246	105	the	the	DET
ajfa-5156	246	106	standard	standard	ADJ
ajfa-5156	246	107	deviation	deviation	NOUN
ajfa-5156	246	108	of	of	ADP
ajfa-5156	246	109	five	five	NUM
ajfa-5156	246	110	year	year	NOUN
ajfa-5156	246	111	institutional	institutional	ADJ
ajfa-5156	246	112	ownership	ownership	NOUN
ajfa-5156	246	113	from	from	ADP
ajfa-5156	246	114	2005	2005	NUM
ajfa-5156	246	115	to	to	ADP
ajfa-5156	246	116	2009	2009	NUM
ajfa-5156	246	117	(	(	PUNCT
ajfa-5156	246	118	if	if	SCONJ
ajfa-5156	246	119	the	the	DET
ajfa-5156	246	120	ownership	ownership	NOUN
ajfa-5156	246	121	is	be	AUX
ajfa-5156	246	122	above	above	ADP
ajfa-5156	246	123	5	5	NUM
ajfa-5156	246	124	%	%	NOUN
ajfa-5156	246	125	,	,	PUNCT
ajfa-5156	246	126	then	then	ADV
ajfa-5156	246	127	we	we	PRON
ajfa-5156	246	128	assign	assign	VERB
ajfa-5156	246	129	the	the	DET
ajfa-5156	246	130	ownership	ownership	NOUN
ajfa-5156	246	131	;	;	PUNCT
ajfa-5156	246	132	otherwise	otherwise	ADV
ajfa-5156	246	133	we	we	PRON
ajfa-5156	246	134	assign	assign	VERB
ajfa-5156	246	135	zero	zero	NUM
ajfa-5156	246	136	)	)	PUNCT