id	sid	tid	token	lemma	pos
ajfa-5910	1	1	microsoft	microsoft	PROPN
ajfa-5910	1	2	word	word	NOUN
ajfa-5910	1	3	5910	5910	NUM
ajfa-5910	1	4	-	-	SYM
ajfa-5910	1	5	21227	21227	NUM
ajfa-5910	1	6	-	-	PUNCT
ajfa-5910	1	7	2	2	NUM
ajfa-5910	1	8	-	-	PUNCT
ajfa-5910	1	9	sm	sm	NOUN
ajfa-5910	1	10	_	_	NOUN
ajfa-5910	1	11	2_-writer2-new.doc	2_-writer2-new.doc	NUM
ajfa-5910	1	12	asian	asian	ADJ
ajfa-5910	1	13	journal	journal	NOUN
ajfa-5910	1	14	of	of	ADP
ajfa-5910	1	15	finance	finance	PROPN
ajfa-5910	1	16	&	&	CCONJ
ajfa-5910	1	17	accounting	accounting	PROPN
ajfa-5910	1	18	issn	issn	PROPN
ajfa-5910	1	19	1946	1946	NUM
ajfa-5910	1	20	-	-	PUNCT
ajfa-5910	1	21	052x	052x	PROPN
ajfa-5910	1	22	2014	2014	NUM
ajfa-5910	1	23	,	,	PUNCT
ajfa-5910	1	24	vol	vol	NOUN
ajfa-5910	1	25	.	.	PROPN
ajfa-5910	1	26	6	6	NUM
ajfa-5910	1	27	,	,	PUNCT
ajfa-5910	1	28	no	no	INTJ
ajfa-5910	1	29	.	.	NOUN
ajfa-5910	1	30	2	2	NUM
ajfa-5910	1	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5910	1	32	53	53	NUM
ajfa-5910	1	33	relationship	relationship	NOUN
ajfa-5910	1	34	between	between	ADP
ajfa-5910	1	35	firm	firm	ADJ
ajfa-5910	1	36	age	age	NOUN
ajfa-5910	1	37	and	and	CCONJ
ajfa-5910	1	38	financial	financial	ADJ
ajfa-5910	1	39	leverage	leverage	NOUN
ajfa-5910	1	40	with	with	ADP
ajfa-5910	1	41	dividend	dividend	NOUN
ajfa-5910	1	42	policy	policy	NOUN
ajfa-5910	1	43	mohammad	mohammad	PROPN
ajfa-5910	1	44	tamimi	tamimi	PROPN
ajfa-5910	1	45	accounting	accounting	PROPN
ajfa-5910	1	46	department	department	PROPN
ajfa-5910	1	47	,	,	PUNCT
ajfa-5910	1	48	dezful	dezful	ADJ
ajfa-5910	1	49	branch	branch	NOUN
ajfa-5910	1	50	,	,	PUNCT
ajfa-5910	1	51	islamic	islamic	PROPN
ajfa-5910	1	52	azad	azad	PROPN
ajfa-5910	1	53	university	university	PROPN
ajfa-5910	1	54	,	,	PUNCT
ajfa-5910	1	55	dezful	dezful	ADJ
ajfa-5910	1	56	,	,	PUNCT
ajfa-5910	1	57	iran	iran	PROPN
ajfa-5910	1	58	e	e	NOUN
ajfa-5910	1	59	-	-	NOUN
ajfa-5910	1	60	mail	mail	NOUN
ajfa-5910	1	61	:	:	PUNCT
ajfa-5910	1	62	tamimi.mohammad@gmail.com	tamimi.mohammad@gmail.com	X
ajfa-5910	1	63	nasrollah	nasrollah	NOUN
ajfa-5910	1	64	takhtaei	takhtaei	PROPN
ajfa-5910	1	65	accounting	accounting	PROPN
ajfa-5910	1	66	department	department	PROPN
ajfa-5910	1	67	,	,	PUNCT
ajfa-5910	1	68	dezful	dezful	ADJ
ajfa-5910	1	69	branch	branch	NOUN
ajfa-5910	1	70	,	,	PUNCT
ajfa-5910	1	71	islamic	islamic	PROPN
ajfa-5910	1	72	azad	azad	PROPN
ajfa-5910	1	73	university	university	PROPN
ajfa-5910	1	74	,	,	PUNCT
ajfa-5910	1	75	dezful	dezful	ADJ
ajfa-5910	1	76	,	,	PUNCT
ajfa-5910	1	77	iran	iran	PROPN
ajfa-5910	1	78	e	e	NOUN
ajfa-5910	1	79	-	-	NOUN
ajfa-5910	1	80	mail	mail	NOUN
ajfa-5910	1	81	:	:	PUNCT
ajfa-5910	1	82	nasrollah_takhtaei@yahoo.com	nasrollah_takhtaei@yahoo.com	NOUN
ajfa-5910	1	83	fatemeh	fatemeh	VERB
ajfa-5910	1	84	malchi	malchi	PROPN
ajfa-5910	1	85	(	(	PUNCT
ajfa-5910	1	86	correspondence	correspondence	NOUN
ajfa-5910	1	87	author	author	NOUN
ajfa-5910	1	88	)	)	PUNCT
ajfa-5910	1	89	department	department	NOUN
ajfa-5910	1	90	of	of	ADP
ajfa-5910	1	91	accounting	accounting	PROPN
ajfa-5910	1	92	,	,	PUNCT
ajfa-5910	1	93	payame	payame	NOUN
ajfa-5910	1	94	noor	noor	PROPN
ajfa-5910	1	95	university	university	PROPN
ajfa-5910	1	96	,	,	PUNCT
ajfa-5910	1	97	i.r	i.r	PROPN
ajfa-5910	1	98	of	of	ADP
ajfa-5910	1	99	iran	iran	PROPN
ajfa-5910	1	100	e	e	NOUN
ajfa-5910	1	101	-	-	NOUN
ajfa-5910	1	102	mail	mail	NOUN
ajfa-5910	1	103	:	:	PUNCT
ajfa-5910	1	104	fatemeh.malchi@gmail.com	fatemeh.malchi@gmail.com	PROPN
ajfa-5910	1	105	received	receive	VERB
ajfa-5910	1	106	:	:	PUNCT
ajfa-5910	1	107	july	july	PROPN
ajfa-5910	1	108	2	2	NUM
ajfa-5910	1	109	,	,	PUNCT
ajfa-5910	1	110	2014	2014	NUM
ajfa-5910	1	111	accepted	accept	VERB
ajfa-5910	1	112	:	:	PUNCT
ajfa-5910	1	113	july	july	PROPN
ajfa-5910	1	114	30	30	NUM
ajfa-5910	1	115	,	,	PUNCT
ajfa-5910	1	116	2014	2014	NUM
ajfa-5910	1	117	published	publish	VERB
ajfa-5910	1	118	:	:	PUNCT
ajfa-5910	1	119	december	december	PROPN
ajfa-5910	1	120	1	1	NUM
ajfa-5910	1	121	,	,	PUNCT
ajfa-5910	1	122	2014	2014	NUM
ajfa-5910	1	123	doi:10.5296	doi:10.5296	NOUN
ajfa-5910	1	124	/	/	SYM
ajfa-5910	1	125	ajfa.v6i2.5910	ajfa.v6i2.5910	NUM
ajfa-5910	1	126	url	url	PROPN
ajfa-5910	1	127	:	:	PUNCT
ajfa-5910	1	128	http://dx.doi.org/10.5296/ajfa.v6i2.5910	http://dx.doi.org/10.5296/ajfa.v6i2.5910	NOUN
ajfa-5910	1	129	abstract	abstract	ADJ
ajfa-5910	1	130	in	in	ADP
ajfa-5910	1	131	this	this	DET
ajfa-5910	1	132	study	study	NOUN
ajfa-5910	1	133	,	,	PUNCT
ajfa-5910	1	134	the	the	DET
ajfa-5910	1	135	effect	effect	NOUN
ajfa-5910	1	136	of	of	ADP
ajfa-5910	1	137	the	the	DET
ajfa-5910	1	138	financial	financial	ADJ
ajfa-5910	1	139	leverage	leverage	NOUN
ajfa-5910	1	140	the	the	DET
ajfa-5910	1	141	age	age	NOUN
ajfa-5910	1	142	of	of	ADP
ajfa-5910	1	143	the	the	DET
ajfa-5910	1	144	company	company	NOUN
ajfa-5910	1	145	on	on	ADP
ajfa-5910	1	146	the	the	DET
ajfa-5910	1	147	policies	policy	NOUN
ajfa-5910	1	148	of	of	ADP
ajfa-5910	1	149	the	the	DET
ajfa-5910	1	150	profit	profit	NOUN
ajfa-5910	1	151	distribution	distribution	NOUN
ajfa-5910	1	152	of	of	ADP
ajfa-5910	1	153	the	the	DET
ajfa-5910	1	154	company	company	NOUN
ajfa-5910	1	155	has	have	AUX
ajfa-5910	1	156	been	be	AUX
ajfa-5910	1	157	investigated	investigate	VERB
ajfa-5910	1	158	.	.	PUNCT
ajfa-5910	2	1	in	in	ADP
ajfa-5910	2	2	this	this	DET
ajfa-5910	2	3	case	case	NOUN
ajfa-5910	2	4	,	,	PUNCT
ajfa-5910	2	5	two	two	NUM
ajfa-5910	2	6	hypotheses	hypothesis	NOUN
ajfa-5910	2	7	have	have	AUX
ajfa-5910	2	8	been	be	AUX
ajfa-5910	2	9	developed	develop	VERB
ajfa-5910	2	10	.	.	PUNCT
ajfa-5910	3	1	in	in	ADP
ajfa-5910	3	2	the	the	DET
ajfa-5910	3	3	first	first	ADJ
ajfa-5910	3	4	hypothesis	hypothesis	NOUN
ajfa-5910	3	5	,	,	PUNCT
ajfa-5910	3	6	the	the	DET
ajfa-5910	3	7	effects	effect	NOUN
ajfa-5910	3	8	of	of	ADP
ajfa-5910	3	9	the	the	DET
ajfa-5910	3	10	age	age	NOUN
ajfa-5910	3	11	of	of	ADP
ajfa-5910	3	12	the	the	DET
ajfa-5910	3	13	company	company	NOUN
ajfa-5910	3	14	and	and	CCONJ
ajfa-5910	3	15	also	also	ADV
ajfa-5910	3	16	in	in	ADP
ajfa-5910	3	17	second	second	ADJ
ajfa-5910	3	18	hypothesis	hypothesis	NOUN
ajfa-5910	3	19	the	the	DET
ajfa-5910	3	20	effects	effect	NOUN
ajfa-5910	3	21	of	of	ADP
ajfa-5910	3	22	the	the	DET
ajfa-5910	3	23	financial	financial	ADJ
ajfa-5910	3	24	leverage	leverage	NOUN
ajfa-5910	3	25	on	on	ADP
ajfa-5910	3	26	the	the	DET
ajfa-5910	3	27	policies	policy	NOUN
ajfa-5910	3	28	of	of	ADP
ajfa-5910	3	29	profit	profit	NOUN
ajfa-5910	3	30	distribution	distribution	NOUN
ajfa-5910	3	31	of	of	ADP
ajfa-5910	3	32	the	the	DET
ajfa-5910	3	33	company	company	NOUN
ajfa-5910	3	34	have	have	AUX
ajfa-5910	3	35	been	be	AUX
ajfa-5910	3	36	investigated	investigate	VERB
ajfa-5910	3	37	.	.	PUNCT
ajfa-5910	4	1	sample	sample	NOUN
ajfa-5910	4	2	firms	firm	NOUN
ajfa-5910	4	3	are	be	AUX
ajfa-5910	4	4	the	the	DET
ajfa-5910	4	5	manufacturing	manufacture	VERB
ajfa-5910	4	6	companies	company	NOUN
ajfa-5910	4	7	accepted	accept	VERB
ajfa-5910	4	8	in	in	ADP
ajfa-5910	4	9	tehran	tehran	PROPN
ajfa-5910	4	10	stock	stock	PROPN
ajfa-5910	4	11	exchange	exchange	PROPN
ajfa-5910	4	12	(	(	PUNCT
ajfa-5910	4	13	tse	tse	PROPN
ajfa-5910	4	14	)	)	PUNCT
ajfa-5910	4	15	over	over	ADP
ajfa-5910	4	16	the	the	DET
ajfa-5910	4	17	period	period	NOUN
ajfa-5910	4	18	from	from	ADP
ajfa-5910	4	19	2005	2005	NUM
ajfa-5910	4	20	to	to	ADP
ajfa-5910	4	21	2011	2011	NUM
ajfa-5910	4	22	.	.	PUNCT
ajfa-5910	5	1	in	in	ADP
ajfa-5910	5	2	order	order	NOUN
ajfa-5910	5	3	to	to	PART
ajfa-5910	5	4	determine	determine	VERB
ajfa-5910	5	5	the	the	DET
ajfa-5910	5	6	sample	sample	NOUN
ajfa-5910	5	7	firms	firm	NOUN
ajfa-5910	5	8	,	,	PUNCT
ajfa-5910	5	9	systematic	systematic	ADJ
ajfa-5910	5	10	sampling	sampling	NOUN
ajfa-5910	5	11	has	have	AUX
ajfa-5910	5	12	been	be	AUX
ajfa-5910	5	13	used	use	VERB
ajfa-5910	5	14	and	and	CCONJ
ajfa-5910	5	15	finally	finally	ADV
ajfa-5910	5	16	92	92	NUM
ajfa-5910	5	17	companies	company	NOUN
ajfa-5910	5	18	have	have	AUX
ajfa-5910	5	19	been	be	AUX
ajfa-5910	5	20	selected	select	VERB
ajfa-5910	5	21	.	.	PUNCT
ajfa-5910	6	1	to	to	PART
ajfa-5910	6	2	investigate	investigate	VERB
ajfa-5910	6	3	the	the	DET
ajfa-5910	6	4	linear	linear	ADJ
ajfa-5910	6	5	or	or	CCONJ
ajfa-5910	6	6	non	non	ADJ
ajfa-5910	6	7	-	-	ADJ
ajfa-5910	6	8	linear	linear	ADJ
ajfa-5910	6	9	relationship	relationship	NOUN
ajfa-5910	6	10	between	between	ADP
ajfa-5910	6	11	company	company	NOUN
ajfa-5910	6	12	age	age	NOUN
ajfa-5910	6	13	and	and	CCONJ
ajfa-5910	6	14	dividends	dividend	NOUN
ajfa-5910	6	15	,	,	PUNCT
ajfa-5910	6	16	the	the	DET
ajfa-5910	6	17	square	square	NOUN
ajfa-5910	6	18	and	and	CCONJ
ajfa-5910	6	19	the	the	DET
ajfa-5910	6	20	cube	cube	NOUN
ajfa-5910	6	21	of	of	ADP
ajfa-5910	6	22	the	the	DET
ajfa-5910	6	23	company	company	NOUN
ajfa-5910	6	24	age	age	NOUN
ajfa-5910	6	25	in	in	ADP
ajfa-5910	6	26	empirical	empirical	ADJ
ajfa-5910	6	27	model	model	NOUN
ajfa-5910	6	28	of	of	ADP
ajfa-5910	6	29	the	the	DET
ajfa-5910	6	30	research	research	NOUN
ajfa-5910	6	31	have	have	AUX
ajfa-5910	6	32	been	be	AUX
ajfa-5910	6	33	used	use	VERB
ajfa-5910	6	34	.	.	PUNCT
ajfa-5910	7	1	the	the	DET
ajfa-5910	7	2	results	result	NOUN
ajfa-5910	7	3	indicate	indicate	VERB
ajfa-5910	7	4	a	a	DET
ajfa-5910	7	5	positive	positive	ADJ
ajfa-5910	7	6	and	and	CCONJ
ajfa-5910	7	7	significant	significant	ADJ
ajfa-5910	7	8	relationship	relationship	NOUN
ajfa-5910	7	9	between	between	ADP
ajfa-5910	7	10	company	company	NOUN
ajfa-5910	7	11	age	age	NOUN
ajfa-5910	7	12	and	and	CCONJ
ajfa-5910	7	13	dividend	dividend	NOUN
ajfa-5910	7	14	ratio	ratio	NOUN
ajfa-5910	7	15	,	,	PUNCT
ajfa-5910	7	16	but	but	CCONJ
ajfa-5910	7	17	a	a	DET
ajfa-5910	7	18	negative	negative	ADJ
ajfa-5910	7	19	and	and	CCONJ
ajfa-5910	7	20	significant	significant	ADJ
ajfa-5910	7	21	association	association	NOUN
ajfa-5910	7	22	between	between	ADP
ajfa-5910	7	23	financial	financial	ADJ
ajfa-5910	7	24	leverage	leverage	NOUN
ajfa-5910	7	25	and	and	CCONJ
ajfa-5910	7	26	dividend	dividend	NOUN
ajfa-5910	7	27	.	.	PUNCT
ajfa-5910	8	1	keywords	keyword	NOUN
ajfa-5910	8	2	:	:	PUNCT
ajfa-5910	8	3	profit	profit	NOUN
ajfa-5910	8	4	,	,	PUNCT
ajfa-5910	8	5	dividend	dividend	NOUN
ajfa-5910	8	6	policies	policy	NOUN
ajfa-5910	8	7	,	,	PUNCT
ajfa-5910	8	8	financial	financial	ADJ
ajfa-5910	8	9	leverage	leverage	NOUN
ajfa-5910	8	10	,	,	PUNCT
ajfa-5910	8	11	company	company	NOUN
ajfa-5910	8	12	age	age	NOUN
ajfa-5910	8	13	asian	asian	PROPN
ajfa-5910	8	14	journal	journal	PROPN
ajfa-5910	8	15	of	of	ADP
ajfa-5910	8	16	finance	finance	PROPN
ajfa-5910	8	17	&	&	CCONJ
ajfa-5910	8	18	accounting	accounting	PROPN
ajfa-5910	8	19	issn	issn	PROPN
ajfa-5910	8	20	1946	1946	NUM
ajfa-5910	8	21	-	-	PUNCT
ajfa-5910	8	22	052x	052x	PROPN
ajfa-5910	8	23	2014	2014	NUM
ajfa-5910	8	24	,	,	PUNCT
ajfa-5910	8	25	vol	vol	NOUN
ajfa-5910	8	26	.	.	PROPN
ajfa-5910	8	27	6	6	NUM
ajfa-5910	8	28	,	,	PUNCT
ajfa-5910	8	29	no	no	INTJ
ajfa-5910	8	30	.	.	NOUN
ajfa-5910	8	31	2	2	NUM
ajfa-5910	8	32	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5910	8	33	54	54	NUM
ajfa-5910	8	34	1	1	NUM
ajfa-5910	8	35	.	.	PUNCT
ajfa-5910	9	1	introduction	introduction	NOUN
ajfa-5910	9	2	the	the	DET
ajfa-5910	9	3	primary	primary	ADJ
ajfa-5910	9	4	aim	aim	NOUN
ajfa-5910	9	5	of	of	ADP
ajfa-5910	9	6	financial	financial	ADJ
ajfa-5910	9	7	accounting	accounting	NOUN
ajfa-5910	9	8	is	be	AUX
ajfa-5910	9	9	presenting	present	VERB
ajfa-5910	9	10	the	the	DET
ajfa-5910	9	11	useful	useful	ADJ
ajfa-5910	9	12	information	information	NOUN
ajfa-5910	9	13	for	for	SCONJ
ajfa-5910	9	14	the	the	DET
ajfa-5910	9	15	investors	investor	NOUN
ajfa-5910	9	16	to	to	PART
ajfa-5910	9	17	predict	predict	VERB
ajfa-5910	9	18	the	the	DET
ajfa-5910	9	19	function	function	NOUN
ajfa-5910	9	20	of	of	ADP
ajfa-5910	9	21	economic	economic	ADJ
ajfa-5910	9	22	unit	unit	NOUN
ajfa-5910	9	23	.	.	PUNCT
ajfa-5910	10	1	the	the	DET
ajfa-5910	10	2	necessity	necessity	NOUN
ajfa-5910	10	3	to	to	PART
ajfa-5910	10	4	report	report	VERB
ajfa-5910	10	5	the	the	DET
ajfa-5910	10	6	profit	profit	NOUN
ajfa-5910	10	7	as	as	ADP
ajfa-5910	10	8	an	an	DET
ajfa-5910	10	9	initial	initial	ADJ
ajfa-5910	10	10	source	source	NOUN
ajfa-5910	10	11	for	for	ADP
ajfa-5910	10	12	the	the	DET
ajfa-5910	10	13	investors	investor	NOUN
ajfa-5910	10	14	deciding	decide	VERB
ajfa-5910	10	15	was	be	AUX
ajfa-5910	10	16	usable	usable	ADJ
ajfa-5910	10	17	well	well	ADV
ajfa-5910	10	18	and	and	CCONJ
ajfa-5910	10	19	the	the	DET
ajfa-5910	10	20	profit	profit	NOUN
ajfa-5910	10	21	report	report	NOUN
ajfa-5910	10	22	in	in	ADP
ajfa-5910	10	23	different	different	ADJ
ajfa-5910	10	24	ways	way	NOUN
ajfa-5910	10	25	such	such	ADJ
ajfa-5910	10	26	as	as	ADP
ajfa-5910	10	27	presenting	present	VERB
ajfa-5910	10	28	a	a	DET
ajfa-5910	10	29	basis	basis	NOUN
ajfa-5910	10	30	for	for	ADP
ajfa-5910	10	31	calculating	calculate	VERB
ajfa-5910	10	32	tax	tax	NOUN
ajfa-5910	10	33	,	,	PUNCT
ajfa-5910	10	34	a	a	DET
ajfa-5910	10	35	criterion	criterion	NOUN
ajfa-5910	10	36	to	to	PART
ajfa-5910	10	37	evaluate	evaluate	VERB
ajfa-5910	10	38	the	the	DET
ajfa-5910	10	39	success	success	NOUN
ajfa-5910	10	40	of	of	ADP
ajfa-5910	10	41	the	the	DET
ajfa-5910	10	42	function	function	NOUN
ajfa-5910	10	43	of	of	ADP
ajfa-5910	10	44	the	the	DET
ajfa-5910	10	45	company	company	NOUN
ajfa-5910	10	46	,	,	PUNCT
ajfa-5910	10	47	the	the	DET
ajfa-5910	10	48	level	level	NOUN
ajfa-5910	10	49	of	of	ADP
ajfa-5910	10	50	the	the	DET
ajfa-5910	10	51	dividends	dividend	NOUN
ajfa-5910	10	52	,	,	PUNCT
ajfa-5910	10	53	management	management	NOUN
ajfa-5910	10	54	of	of	ADP
ajfa-5910	10	55	the	the	DET
ajfa-5910	10	56	profit	profit	NOUN
ajfa-5910	10	57	distribution	distribution	NOUN
ajfa-5910	10	58	,	,	PUNCT
ajfa-5910	10	59	management	management	NOUN
ajfa-5910	10	60	of	of	ADP
ajfa-5910	10	61	an	an	DET
ajfa-5910	10	62	economic	economic	ADJ
ajfa-5910	10	63	unit	unit	NOUN
ajfa-5910	10	64	etc	etc	X
ajfa-5910	10	65	.	.	X
ajfa-5910	10	66	helps	help	VERB
ajfa-5910	10	67	the	the	DET
ajfa-5910	10	68	economics	economic	NOUN
ajfa-5910	10	69	of	of	ADP
ajfa-5910	10	70	the	the	DET
ajfa-5910	10	71	society	society	NOUN
ajfa-5910	10	72	.	.	PUNCT
ajfa-5910	11	1	in	in	ADP
ajfa-5910	11	2	addition	addition	NOUN
ajfa-5910	11	3	,	,	PUNCT
ajfa-5910	11	4	since	since	SCONJ
ajfa-5910	11	5	the	the	DET
ajfa-5910	11	6	value	value	NOUN
ajfa-5910	11	7	of	of	ADP
ajfa-5910	11	8	a	a	DET
ajfa-5910	11	9	company	company	NOUN
ajfa-5910	11	10	is	be	AUX
ajfa-5910	11	11	related	relate	VERB
ajfa-5910	11	12	to	to	ADP
ajfa-5910	11	13	the	the	DET
ajfa-5910	11	14	profits	profit	NOUN
ajfa-5910	11	15	of	of	ADP
ajfa-5910	11	16	the	the	DET
ajfa-5910	11	17	present	present	ADJ
ajfa-5910	11	18	and	and	CCONJ
ajfa-5910	11	19	future	future	NOUN
ajfa-5910	11	20	,	,	PUNCT
ajfa-5910	11	21	determining	determine	VERB
ajfa-5910	11	22	the	the	DET
ajfa-5910	11	23	profit	profit	NOUN
ajfa-5910	11	24	has	have	VERB
ajfa-5910	11	25	a	a	DET
ajfa-5910	11	26	significant	significant	ADJ
ajfa-5910	11	27	importance	importance	NOUN
ajfa-5910	11	28	(	(	PUNCT
ajfa-5910	11	29	fasb	fasb	NOUN
ajfa-5910	11	30	,	,	PUNCT
ajfa-5910	11	31	1978	1978	NUM
ajfa-5910	11	32	)	)	PUNCT
ajfa-5910	11	33	.	.	PUNCT
ajfa-5910	12	1	dividend	dividend	NOUN
ajfa-5910	12	2	policies	policy	NOUN
ajfa-5910	12	3	are	be	AUX
ajfa-5910	12	4	discussable	discussable	ADJ
ajfa-5910	12	5	from	from	ADP
ajfa-5910	12	6	two	two	NUM
ajfa-5910	12	7	very	very	ADV
ajfa-5910	12	8	important	important	ADJ
ajfa-5910	12	9	aspects	aspect	NOUN
ajfa-5910	12	10	.	.	PUNCT
ajfa-5910	13	1	from	from	ADP
ajfa-5910	13	2	one	one	NUM
ajfa-5910	13	3	viewpoint	viewpoint	NOUN
ajfa-5910	13	4	,	,	PUNCT
ajfa-5910	13	5	dividend	dividend	NOUN
ajfa-5910	13	6	is	be	AUX
ajfa-5910	13	7	an	an	DET
ajfa-5910	13	8	effective	effective	ADJ
ajfa-5910	13	9	factor	factor	NOUN
ajfa-5910	13	10	on	on	ADP
ajfa-5910	13	11	the	the	DET
ajfa-5910	13	12	future	future	ADJ
ajfa-5910	13	13	investments	investment	NOUN
ajfa-5910	13	14	of	of	ADP
ajfa-5910	13	15	the	the	DET
ajfa-5910	13	16	companies	company	NOUN
ajfa-5910	13	17	;	;	PUNCT
ajfa-5910	13	18	the	the	DET
ajfa-5910	13	19	more	more	ADJ
ajfa-5910	13	20	dividend	dividend	NOUN
ajfa-5910	13	21	,	,	PUNCT
ajfa-5910	13	22	the	the	DET
ajfa-5910	13	23	less	less	ADV
ajfa-5910	13	24	internal	internal	ADJ
ajfa-5910	13	25	sources	source	NOUN
ajfa-5910	13	26	of	of	ADP
ajfa-5910	13	27	the	the	DET
ajfa-5910	13	28	company	company	NOUN
ajfa-5910	13	29	in	in	ADP
ajfa-5910	13	30	order	order	NOUN
ajfa-5910	13	31	to	to	PART
ajfa-5910	13	32	accomplish	accomplish	VERB
ajfa-5910	13	33	the	the	DET
ajfa-5910	13	34	investment	investment	NOUN
ajfa-5910	13	35	projects	project	NOUN
ajfa-5910	13	36	and	and	CCONJ
ajfa-5910	13	37	the	the	DET
ajfa-5910	13	38	more	more	ADJ
ajfa-5910	13	39	necessity	necessity	NOUN
ajfa-5910	13	40	to	to	ADP
ajfa-5910	13	41	the	the	DET
ajfa-5910	13	42	financial	financial	ADJ
ajfa-5910	13	43	sources	source	NOUN
ajfa-5910	13	44	out	out	ADP
ajfa-5910	13	45	of	of	ADP
ajfa-5910	13	46	the	the	DET
ajfa-5910	13	47	company	company	NOUN
ajfa-5910	13	48	,	,	PUNCT
ajfa-5910	13	49	which	which	PRON
ajfa-5910	13	50	this	this	PRON
ajfa-5910	13	51	can	can	AUX
ajfa-5910	13	52	affect	affect	VERB
ajfa-5910	13	53	the	the	DET
ajfa-5910	13	54	price	price	NOUN
ajfa-5910	13	55	of	of	ADP
ajfa-5910	13	56	the	the	DET
ajfa-5910	13	57	stocks	stock	NOUN
ajfa-5910	13	58	of	of	ADP
ajfa-5910	13	59	the	the	DET
ajfa-5910	13	60	companies	company	NOUN
ajfa-5910	13	61	in	in	ADP
ajfa-5910	13	62	the	the	DET
ajfa-5910	13	63	future	future	NOUN
ajfa-5910	13	64	.	.	PUNCT
ajfa-5910	14	1	on	on	ADP
ajfa-5910	14	2	the	the	DET
ajfa-5910	14	3	other	other	ADJ
ajfa-5910	14	4	hand	hand	NOUN
ajfa-5910	14	5	,	,	PUNCT
ajfa-5910	14	6	many	many	ADJ
ajfa-5910	14	7	of	of	ADP
ajfa-5910	14	8	the	the	DET
ajfa-5910	14	9	company	company	NOUN
ajfa-5910	14	10	investors	investor	NOUN
ajfa-5910	14	11	demand	demand	VERB
ajfa-5910	14	12	cash	cash	NOUN
ajfa-5910	14	13	dividend	dividend	NOUN
ajfa-5910	14	14	.	.	PUNCT
ajfa-5910	15	1	therefore	therefore	ADV
ajfa-5910	15	2	,	,	PUNCT
ajfa-5910	15	3	the	the	DET
ajfa-5910	15	4	managers	manager	NOUN
ajfa-5910	15	5	(	(	PUNCT
ajfa-5910	15	6	with	with	ADP
ajfa-5910	15	7	the	the	DET
ajfa-5910	15	8	aim	aim	NOUN
ajfa-5910	15	9	of	of	ADP
ajfa-5910	15	10	increasing	increase	VERB
ajfa-5910	15	11	the	the	DET
ajfa-5910	15	12	investors	investor	NOUN
ajfa-5910	15	13	property	property	NOUN
ajfa-5910	15	14	)	)	PUNCT
ajfa-5910	15	15	should	should	AUX
ajfa-5910	15	16	make	make	VERB
ajfa-5910	15	17	an	an	DET
ajfa-5910	15	18	alignment	alignment	NOUN
ajfa-5910	15	19	in	in	ADP
ajfa-5910	15	20	different	different	ADJ
ajfa-5910	15	21	interests	interest	NOUN
ajfa-5910	15	22	of	of	ADP
ajfa-5910	15	23	the	the	DET
ajfa-5910	15	24	stockholders	stockholder	NOUN
ajfa-5910	15	25	either	either	CCONJ
ajfa-5910	15	26	not	not	PART
ajfa-5910	15	27	to	to	PART
ajfa-5910	15	28	lose	lose	VERB
ajfa-5910	15	29	the	the	DET
ajfa-5910	15	30	profit	profit	NOUN
ajfa-5910	15	31	investing	investing	NOUN
ajfa-5910	15	32	opportunities	opportunity	NOUN
ajfa-5910	15	33	,	,	PUNCT
ajfa-5910	15	34	or	or	CCONJ
ajfa-5910	15	35	to	to	PART
ajfa-5910	15	36	pay	pay	VERB
ajfa-5910	15	37	the	the	DET
ajfa-5910	15	38	cash	cash	NOUN
ajfa-5910	15	39	profit	profit	NOUN
ajfa-5910	15	40	required	require	VERB
ajfa-5910	15	41	by	by	ADP
ajfa-5910	15	42	the	the	DET
ajfa-5910	15	43	stockholders	stockholder	NOUN
ajfa-5910	15	44	.	.	PUNCT
ajfa-5910	16	1	accordingly	accordingly	ADV
ajfa-5910	16	2	,	,	PUNCT
ajfa-5910	16	3	the	the	DET
ajfa-5910	16	4	decisions	decision	NOUN
ajfa-5910	16	5	in	in	ADP
ajfa-5910	16	6	distribution	distribution	NOUN
ajfa-5910	16	7	of	of	ADP
ajfa-5910	16	8	profit	profit	NOUN
ajfa-5910	16	9	which	which	PRON
ajfa-5910	16	10	are	be	AUX
ajfa-5910	16	11	taken	take	VERB
ajfa-5910	16	12	by	by	ADP
ajfa-5910	16	13	the	the	DET
ajfa-5910	16	14	managers	manager	NOUN
ajfa-5910	16	15	of	of	ADP
ajfa-5910	16	16	companies	company	NOUN
ajfa-5910	16	17	are	be	AUX
ajfa-5910	16	18	very	very	ADV
ajfa-5910	16	19	important	important	ADJ
ajfa-5910	16	20	and	and	CCONJ
ajfa-5910	16	21	sensitive	sensitive	ADJ
ajfa-5910	16	22	(	(	PUNCT
ajfa-5910	16	23	mehrani	mehrani	ADJ
ajfa-5910	16	24	,	,	PUNCT
ajfa-5910	16	25	2004	2004	NUM
ajfa-5910	16	26	)	)	PUNCT
ajfa-5910	16	27	.	.	PUNCT
ajfa-5910	17	1	the	the	DET
ajfa-5910	17	2	stockholders	stockholder	NOUN
ajfa-5910	17	3	need	need	VERB
ajfa-5910	17	4	some	some	DET
ajfa-5910	17	5	information	information	NOUN
ajfa-5910	17	6	to	to	PART
ajfa-5910	17	7	determine	determine	VERB
ajfa-5910	17	8	the	the	DET
ajfa-5910	17	9	value	value	NOUN
ajfa-5910	17	10	of	of	ADP
ajfa-5910	17	11	securities	security	NOUN
ajfa-5910	17	12	for	for	ADP
ajfa-5910	17	13	deciding	decide	VERB
ajfa-5910	17	14	about	about	ADP
ajfa-5910	17	15	buying	buy	VERB
ajfa-5910	17	16	and	and	CCONJ
ajfa-5910	17	17	selling	sell	VERB
ajfa-5910	17	18	the	the	DET
ajfa-5910	17	19	companies	company	NOUN
ajfa-5910	17	20	'	'	PART
ajfa-5910	17	21	stocks	stock	NOUN
ajfa-5910	17	22	.	.	PUNCT
ajfa-5910	18	1	the	the	DET
ajfa-5910	18	2	main	main	ADJ
ajfa-5910	18	3	role	role	NOUN
ajfa-5910	18	4	of	of	ADP
ajfa-5910	18	5	accounting	accounting	NOUN
ajfa-5910	18	6	is	be	AUX
ajfa-5910	18	7	preparing	prepare	VERB
ajfa-5910	18	8	the	the	DET
ajfa-5910	18	9	information	information	NOUN
ajfa-5910	18	10	for	for	ADP
ajfa-5910	18	11	the	the	DET
ajfa-5910	18	12	users	user	NOUN
ajfa-5910	18	13	to	to	PART
ajfa-5910	18	14	determine	determine	VERB
ajfa-5910	18	15	the	the	DET
ajfa-5910	18	16	dividend	dividend	NOUN
ajfa-5910	18	17	politics	politic	NOUN
ajfa-5910	18	18	of	of	ADP
ajfa-5910	18	19	the	the	DET
ajfa-5910	18	20	companies	company	NOUN
ajfa-5910	18	21	.	.	PUNCT
ajfa-5910	19	1	the	the	DET
ajfa-5910	19	2	investors	investor	NOUN
ajfa-5910	19	3	can	can	AUX
ajfa-5910	19	4	make	make	VERB
ajfa-5910	19	5	better	well	ADJ
ajfa-5910	19	6	decisions	decision	NOUN
ajfa-5910	19	7	about	about	ADP
ajfa-5910	19	8	buying	buy	VERB
ajfa-5910	19	9	or	or	CCONJ
ajfa-5910	19	10	selling	sell	VERB
ajfa-5910	19	11	the	the	DET
ajfa-5910	19	12	stocks	stock	NOUN
ajfa-5910	19	13	,	,	PUNCT
ajfa-5910	19	14	using	use	VERB
ajfa-5910	19	15	the	the	DET
ajfa-5910	19	16	accounting	accounting	NOUN
ajfa-5910	19	17	information	information	NOUN
ajfa-5910	19	18	in	in	ADP
ajfa-5910	19	19	the	the	DET
ajfa-5910	19	20	case	case	NOUN
ajfa-5910	19	21	of	of	ADP
ajfa-5910	19	22	dividend	dividend	NOUN
ajfa-5910	19	23	policies	policy	NOUN
ajfa-5910	19	24	.	.	PUNCT
ajfa-5910	20	1	according	accord	VERB
ajfa-5910	20	2	to	to	ADP
ajfa-5910	20	3	what	what	PRON
ajfa-5910	20	4	has	have	AUX
ajfa-5910	20	5	been	be	AUX
ajfa-5910	20	6	mentioned	mention	VERB
ajfa-5910	20	7	above	above	ADV
ajfa-5910	20	8	,	,	PUNCT
ajfa-5910	20	9	the	the	DET
ajfa-5910	20	10	effect	effect	NOUN
ajfa-5910	20	11	of	of	ADP
ajfa-5910	20	12	the	the	DET
ajfa-5910	20	13	age	age	NOUN
ajfa-5910	20	14	of	of	ADP
ajfa-5910	20	15	the	the	DET
ajfa-5910	20	16	company	company	NOUN
ajfa-5910	20	17	and	and	CCONJ
ajfa-5910	20	18	financial	financial	ADJ
ajfa-5910	20	19	leverage	leverage	NOUN
ajfa-5910	20	20	on	on	ADP
ajfa-5910	20	21	dividend	dividend	NOUN
ajfa-5910	20	22	policies	policy	NOUN
ajfa-5910	20	23	of	of	ADP
ajfa-5910	20	24	the	the	DET
ajfa-5910	20	25	company	company	NOUN
ajfa-5910	20	26	is	be	AUX
ajfa-5910	20	27	significant	significant	ADJ
ajfa-5910	20	28	and	and	CCONJ
ajfa-5910	20	29	this	this	DET
ajfa-5910	20	30	study	study	NOUN
ajfa-5910	20	31	has	have	AUX
ajfa-5910	20	32	been	be	AUX
ajfa-5910	20	33	done	do	VERB
ajfa-5910	20	34	in	in	ADP
ajfa-5910	20	35	this	this	DET
ajfa-5910	20	36	case	case	NOUN
ajfa-5910	20	37	.	.	PUNCT
ajfa-5910	21	1	following	follow	VERB
ajfa-5910	21	2	this	this	DET
ajfa-5910	21	3	part	part	NOUN
ajfa-5910	21	4	,	,	PUNCT
ajfa-5910	21	5	the	the	DET
ajfa-5910	21	6	literature	literature	NOUN
ajfa-5910	21	7	review	review	NOUN
ajfa-5910	21	8	will	will	AUX
ajfa-5910	21	9	be	be	AUX
ajfa-5910	21	10	presented	present	VERB
ajfa-5910	21	11	,	,	PUNCT
ajfa-5910	21	12	then	then	ADV
ajfa-5910	21	13	the	the	DET
ajfa-5910	21	14	hypotheses	hypothesis	NOUN
ajfa-5910	21	15	,	,	PUNCT
ajfa-5910	21	16	methodology	methodology	NOUN
ajfa-5910	21	17	and	and	CCONJ
ajfa-5910	21	18	the	the	DET
ajfa-5910	21	19	variables	variable	NOUN
ajfa-5910	21	20	used	use	VERB
ajfa-5910	21	21	in	in	ADP
ajfa-5910	21	22	the	the	DET
ajfa-5910	21	23	study	study	NOUN
ajfa-5910	21	24	will	will	AUX
ajfa-5910	21	25	be	be	AUX
ajfa-5910	21	26	defined	define	VERB
ajfa-5910	21	27	and	and	CCONJ
ajfa-5910	21	28	finally	finally	ADV
ajfa-5910	21	29	the	the	DET
ajfa-5910	21	30	testing	testing	NOUN
ajfa-5910	21	31	of	of	ADP
ajfa-5910	21	32	the	the	DET
ajfa-5910	21	33	hypotheses	hypothesis	NOUN
ajfa-5910	21	34	and	and	CCONJ
ajfa-5910	21	35	the	the	DET
ajfa-5910	21	36	results	result	NOUN
ajfa-5910	21	37	of	of	ADP
ajfa-5910	21	38	the	the	DET
ajfa-5910	21	39	study	study	NOUN
ajfa-5910	21	40	will	will	AUX
ajfa-5910	21	41	be	be	AUX
ajfa-5910	21	42	presented	present	VERB
ajfa-5910	21	43	.	.	PUNCT
ajfa-5910	22	1	2	2	X
ajfa-5910	22	2	.	.	X
ajfa-5910	22	3	literature	literature	NOUN
ajfa-5910	22	4	review	review	VERB
ajfa-5910	22	5	the	the	DET
ajfa-5910	22	6	dividend	dividend	NOUN
ajfa-5910	22	7	term	term	NOUN
ajfa-5910	22	8	usually	usually	ADV
ajfa-5910	22	9	refers	refer	VERB
ajfa-5910	22	10	to	to	ADP
ajfa-5910	22	11	the	the	DET
ajfa-5910	22	12	cash	cash	NOUN
ajfa-5910	22	13	or	or	CCONJ
ajfa-5910	22	14	non	non	ADJ
ajfa-5910	22	15	-	-	ADJ
ajfa-5910	22	16	cash	cash	ADJ
ajfa-5910	22	17	payments	payment	NOUN
ajfa-5910	22	18	of	of	ADP
ajfa-5910	22	19	the	the	DET
ajfa-5910	22	20	company	company	NOUN
ajfa-5910	22	21	income	income	NOUN
ajfa-5910	22	22	to	to	ADP
ajfa-5910	22	23	the	the	DET
ajfa-5910	22	24	stockholders	stockholder	NOUN
ajfa-5910	22	25	.	.	PUNCT
ajfa-5910	23	1	the	the	DET
ajfa-5910	23	2	profit	profit	NOUN
ajfa-5910	23	3	of	of	ADP
ajfa-5910	23	4	the	the	DET
ajfa-5910	23	5	stocks	stock	NOUN
ajfa-5910	23	6	may	may	AUX
ajfa-5910	23	7	be	be	AUX
ajfa-5910	23	8	paid	pay	VERB
ajfa-5910	23	9	as	as	ADP
ajfa-5910	23	10	cash	cash	NOUN
ajfa-5910	23	11	dividend	dividend	NOUN
ajfa-5910	23	12	or	or	CCONJ
ajfa-5910	23	13	share	share	NOUN
ajfa-5910	23	14	dividend	dividend	NOUN
ajfa-5910	23	15	.	.	PUNCT
ajfa-5910	24	1	cash	cash	NOUN
ajfa-5910	24	2	dividend	dividend	NOUN
ajfa-5910	24	3	is	be	AUX
ajfa-5910	24	4	the	the	DET
ajfa-5910	24	5	most	most	ADV
ajfa-5910	24	6	usual	usual	ADJ
ajfa-5910	24	7	kind	kind	NOUN
ajfa-5910	24	8	of	of	ADP
ajfa-5910	24	9	transferring	transfer	VERB
ajfa-5910	24	10	the	the	DET
ajfa-5910	24	11	returns	return	NOUN
ajfa-5910	24	12	from	from	ADP
ajfa-5910	24	13	companies	company	NOUN
ajfa-5910	24	14	to	to	ADP
ajfa-5910	24	15	the	the	DET
ajfa-5910	24	16	stockholders	stockholder	NOUN
ajfa-5910	24	17	.	.	PUNCT
ajfa-5910	25	1	the	the	DET
ajfa-5910	25	2	companies	company	NOUN
ajfa-5910	25	3	do	do	AUX
ajfa-5910	25	4	not	not	PART
ajfa-5910	25	5	act	act	VERB
ajfa-5910	25	6	in	in	ADP
ajfa-5910	25	7	the	the	DET
ajfa-5910	25	8	same	same	ADJ
ajfa-5910	25	9	way	way	NOUN
ajfa-5910	25	10	in	in	ADP
ajfa-5910	25	11	distributing	distribute	VERB
ajfa-5910	25	12	their	their	PRON
ajfa-5910	25	13	cash	cash	NOUN
ajfa-5910	25	14	dividend	dividend	NOUN
ajfa-5910	25	15	and	and	CCONJ
ajfa-5910	25	16	they	they	PRON
ajfa-5910	25	17	have	have	VERB
ajfa-5910	25	18	different	different	ADJ
ajfa-5910	25	19	policies	policy	NOUN
ajfa-5910	25	20	.	.	PUNCT
ajfa-5910	26	1	these	these	DET
ajfa-5910	26	2	policies	policy	NOUN
ajfa-5910	26	3	can	can	AUX
ajfa-5910	26	4	be	be	AUX
ajfa-5910	26	5	various	various	ADJ
ajfa-5910	26	6	and	and	CCONJ
ajfa-5910	26	7	have	have	VERB
ajfa-5910	26	8	a	a	DET
ajfa-5910	26	9	range	range	NOUN
ajfa-5910	26	10	from	from	ADP
ajfa-5910	26	11	the	the	DET
ajfa-5910	26	12	payment	payment	NOUN
ajfa-5910	26	13	of	of	ADP
ajfa-5910	26	14	the	the	DET
ajfa-5910	26	15	minimum	minimum	NOUN
ajfa-5910	26	16	of	of	ADP
ajfa-5910	26	17	the	the	DET
ajfa-5910	26	18	cash	cash	NOUN
ajfa-5910	26	19	dividend	dividend	NOUN
ajfa-5910	26	20	appointed	appoint	VERB
ajfa-5910	26	21	in	in	ADP
ajfa-5910	26	22	the	the	DET
ajfa-5910	26	23	regulations	regulation	NOUN
ajfa-5910	26	24	to	to	ADP
ajfa-5910	26	25	the	the	DET
ajfa-5910	26	26	payment	payment	NOUN
ajfa-5910	26	27	of	of	ADP
ajfa-5910	26	28	the	the	DET
ajfa-5910	26	29	whole	whole	ADJ
ajfa-5910	26	30	profit	profit	NOUN
ajfa-5910	26	31	of	of	ADP
ajfa-5910	26	32	the	the	DET
ajfa-5910	26	33	company	company	NOUN
ajfa-5910	26	34	and	and	CCONJ
ajfa-5910	26	35	even	even	ADV
ajfa-5910	26	36	more	more	ADJ
ajfa-5910	26	37	than	than	ADP
ajfa-5910	26	38	the	the	DET
ajfa-5910	26	39	annual	annual	ADJ
ajfa-5910	26	40	profit	profit	NOUN
ajfa-5910	26	41	as	as	ADP
ajfa-5910	26	42	the	the	DET
ajfa-5910	26	43	cash	cash	NOUN
ajfa-5910	26	44	profit	profit	NOUN
ajfa-5910	26	45	.	.	PUNCT
ajfa-5910	27	1	the	the	DET
ajfa-5910	27	2	leverage	leverage	NOUN
ajfa-5910	27	3	includes	include	VERB
ajfa-5910	27	4	the	the	DET
ajfa-5910	27	5	warnings	warning	NOUN
ajfa-5910	27	6	indicating	indicate	VERB
ajfa-5910	27	7	the	the	DET
ajfa-5910	27	8	managers	manager	NOUN
ajfa-5910	27	9	’	’	PART
ajfa-5910	27	10	information	information	NOUN
ajfa-5910	27	11	about	about	ADP
ajfa-5910	27	12	the	the	DET
ajfa-5910	27	13	investing	investing	NOUN
ajfa-5910	27	14	opportunities	opportunity	NOUN
ajfa-5910	27	15	.	.	PUNCT
ajfa-5910	28	1	the	the	DET
ajfa-5910	28	2	theories	theory	NOUN
ajfa-5910	28	3	of	of	ADP
ajfa-5910	28	4	the	the	DET
ajfa-5910	28	5	investment	investment	NOUN
ajfa-5910	28	6	structure	structure	NOUN
ajfa-5910	28	7	express	express	VERB
ajfa-5910	28	8	that	that	SCONJ
ajfa-5910	28	9	the	the	DET
ajfa-5910	28	10	managers	manager	NOUN
ajfa-5910	28	11	of	of	ADP
ajfa-5910	28	12	the	the	DET
ajfa-5910	28	13	companies	company	NOUN
ajfa-5910	28	14	with	with	ADP
ajfa-5910	28	15	appropriate	appropriate	ADJ
ajfa-5910	28	16	opportunities	opportunity	NOUN
ajfa-5910	28	17	for	for	ADP
ajfa-5910	28	18	growth	growth	NOUN
ajfa-5910	28	19	should	should	AUX
ajfa-5910	28	20	choose	choose	VERB
ajfa-5910	28	21	a	a	DET
ajfa-5910	28	22	less	less	ADJ
ajfa-5910	28	23	leverage	leverage	NOUN
ajfa-5910	28	24	,	,	PUNCT
ajfa-5910	28	25	because	because	SCONJ
ajfa-5910	28	26	asian	asian	ADJ
ajfa-5910	28	27	journal	journal	NOUN
ajfa-5910	28	28	of	of	ADP
ajfa-5910	28	29	finance	finance	PROPN
ajfa-5910	28	30	&	&	CCONJ
ajfa-5910	28	31	accounting	accounting	PROPN
ajfa-5910	28	32	issn	issn	PROPN
ajfa-5910	28	33	1946	1946	NUM
ajfa-5910	28	34	-	-	PUNCT
ajfa-5910	28	35	052x	052x	PROPN
ajfa-5910	28	36	2014	2014	NUM
ajfa-5910	28	37	,	,	PUNCT
ajfa-5910	28	38	vol	vol	NOUN
ajfa-5910	28	39	.	.	PROPN
ajfa-5910	28	40	6	6	NUM
ajfa-5910	28	41	,	,	PUNCT
ajfa-5910	28	42	no	no	INTJ
ajfa-5910	28	43	.	.	NOUN
ajfa-5910	28	44	2	2	NUM
ajfa-5910	28	45	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5910	28	46	55	55	NUM
ajfa-5910	28	47	if	if	SCONJ
ajfa-5910	28	48	they	they	PRON
ajfa-5910	28	49	increase	increase	VERB
ajfa-5910	28	50	their	their	PRON
ajfa-5910	28	51	external	external	ADJ
ajfa-5910	28	52	debt	debt	NOUN
ajfa-5910	28	53	,	,	PUNCT
ajfa-5910	28	54	will	will	AUX
ajfa-5910	28	55	not	not	PART
ajfa-5910	28	56	be	be	AUX
ajfa-5910	28	57	able	able	ADJ
ajfa-5910	28	58	to	to	PART
ajfa-5910	28	59	use	use	VERB
ajfa-5910	28	60	the	the	DET
ajfa-5910	28	61	advantages	advantage	NOUN
ajfa-5910	28	62	of	of	ADP
ajfa-5910	28	63	their	their	PRON
ajfa-5910	28	64	investing	investing	NOUN
ajfa-5910	28	65	opportunities	opportunity	NOUN
ajfa-5910	28	66	and	and	CCONJ
ajfa-5910	28	67	therefore	therefore	ADV
ajfa-5910	28	68	there	there	PRON
ajfa-5910	28	69	will	will	AUX
ajfa-5910	28	70	be	be	AUX
ajfa-5910	28	71	a	a	DET
ajfa-5910	28	72	negative	negative	ADJ
ajfa-5910	28	73	relationship	relationship	NOUN
ajfa-5910	28	74	between	between	ADP
ajfa-5910	28	75	the	the	DET
ajfa-5910	28	76	future	future	ADJ
ajfa-5910	28	77	growth	growth	NOUN
ajfa-5910	28	78	and	and	CCONJ
ajfa-5910	28	79	the	the	DET
ajfa-5910	28	80	leverage	leverage	NOUN
ajfa-5910	28	81	,	,	PUNCT
ajfa-5910	28	82	since	since	SCONJ
ajfa-5910	28	83	the	the	DET
ajfa-5910	28	84	managers	manager	NOUN
ajfa-5910	28	85	of	of	ADP
ajfa-5910	28	86	the	the	DET
ajfa-5910	28	87	companies	company	NOUN
ajfa-5910	28	88	with	with	ADP
ajfa-5910	28	89	high	high	ADJ
ajfa-5910	28	90	opportunity	opportunity	NOUN
ajfa-5910	28	91	to	to	PART
ajfa-5910	28	92	grow	grow	VERB
ajfa-5910	28	93	will	will	AUX
ajfa-5910	28	94	choose	choose	VERB
ajfa-5910	28	95	the	the	DET
ajfa-5910	28	96	low	low	ADJ
ajfa-5910	28	97	leverage	leverage	NOUN
ajfa-5910	28	98	.	.	PUNCT
ajfa-5910	29	1	such	such	ADJ
ajfa-5910	29	2	results	result	NOUN
ajfa-5910	29	3	can	can	AUX
ajfa-5910	29	4	be	be	AUX
ajfa-5910	29	5	in	in	ADP
ajfa-5910	29	6	regressions	regression	NOUN
ajfa-5910	29	7	which	which	PRON
ajfa-5910	29	8	control	control	VERB
ajfa-5910	29	9	the	the	DET
ajfa-5910	29	10	growth	growth	NOUN
ajfa-5910	29	11	opportunities	opportunity	NOUN
ajfa-5910	29	12	.	.	PUNCT
ajfa-5910	30	1	in	in	ADP
ajfa-5910	30	2	economics	economic	NOUN
ajfa-5910	30	3	and	and	CCONJ
ajfa-5910	30	4	management	management	NOUN
ajfa-5910	30	5	,	,	PUNCT
ajfa-5910	30	6	the	the	DET
ajfa-5910	30	7	age	age	NOUN
ajfa-5910	30	8	of	of	ADP
ajfa-5910	30	9	the	the	DET
ajfa-5910	30	10	companies	company	NOUN
ajfa-5910	30	11	and	and	CCONJ
ajfa-5910	30	12	institutions	institution	NOUN
ajfa-5910	30	13	is	be	AUX
ajfa-5910	30	14	divided	divide	VERB
ajfa-5910	30	15	into	into	ADP
ajfa-5910	30	16	the	the	DET
ajfa-5910	30	17	steps	step	NOUN
ajfa-5910	30	18	.	.	PUNCT
ajfa-5910	31	1	in	in	ADP
ajfa-5910	31	2	the	the	DET
ajfa-5910	31	3	literature	literature	NOUN
ajfa-5910	31	4	of	of	ADP
ajfa-5910	31	5	these	these	DET
ajfa-5910	31	6	sciences	science	NOUN
ajfa-5910	31	7	,	,	PUNCT
ajfa-5910	31	8	some	some	DET
ajfa-5910	31	9	models	model	NOUN
ajfa-5910	31	10	have	have	AUX
ajfa-5910	31	11	been	be	AUX
ajfa-5910	31	12	presented	present	VERB
ajfa-5910	31	13	for	for	ADP
ajfa-5910	31	14	the	the	DET
ajfa-5910	31	15	age	age	NOUN
ajfa-5910	31	16	of	of	ADP
ajfa-5910	31	17	the	the	DET
ajfa-5910	31	18	companies	company	NOUN
ajfa-5910	31	19	which	which	PRON
ajfa-5910	31	20	in	in	ADP
ajfa-5910	31	21	the	the	DET
ajfa-5910	31	22	framework	framework	NOUN
ajfa-5910	31	23	of	of	ADP
ajfa-5910	31	24	these	these	DET
ajfa-5910	31	25	models	model	NOUN
ajfa-5910	31	26	,	,	PUNCT
ajfa-5910	31	27	the	the	DET
ajfa-5910	31	28	companies	company	NOUN
ajfa-5910	31	29	and	and	CCONJ
ajfa-5910	31	30	the	the	DET
ajfa-5910	31	31	institutions	institution	NOUN
ajfa-5910	31	32	follow	follow	VERB
ajfa-5910	31	33	a	a	DET
ajfa-5910	31	34	specific	specific	ADJ
ajfa-5910	31	35	policy	policy	NOUN
ajfa-5910	31	36	considering	consider	VERB
ajfa-5910	31	37	every	every	DET
ajfa-5910	31	38	step	step	NOUN
ajfa-5910	31	39	of	of	ADP
ajfa-5910	31	40	their	their	PRON
ajfa-5910	31	41	economic	economic	ADJ
ajfa-5910	31	42	age	age	NOUN
ajfa-5910	31	43	.	.	PUNCT
ajfa-5910	32	1	these	these	DET
ajfa-5910	32	2	policies	policy	NOUN
ajfa-5910	32	3	will	will	AUX
ajfa-5910	32	4	be	be	AUX
ajfa-5910	32	5	reflected	reflect	VERB
ajfa-5910	32	6	in	in	ADP
ajfa-5910	32	7	the	the	DET
ajfa-5910	32	8	accounting	accounting	NOUN
ajfa-5910	32	9	information	information	NOUN
ajfa-5910	32	10	of	of	ADP
ajfa-5910	32	11	the	the	DET
ajfa-5910	32	12	companies	company	NOUN
ajfa-5910	32	13	in	in	ADP
ajfa-5910	32	14	different	different	ADJ
ajfa-5910	32	15	ways	way	NOUN
ajfa-5910	32	16	(	(	PUNCT
ajfa-5910	32	17	ghorbani	ghorbani	NOUN
ajfa-5910	32	18	,	,	PUNCT
ajfa-5910	32	19	2006	2006	NUM
ajfa-5910	32	20	)	)	PUNCT
ajfa-5910	32	21	.	.	PUNCT
ajfa-5910	33	1	in	in	ADP
ajfa-5910	33	2	the	the	DET
ajfa-5910	33	3	field	field	NOUN
ajfa-5910	33	4	of	of	ADP
ajfa-5910	33	5	accounting	accounting	NOUN
ajfa-5910	33	6	,	,	PUNCT
ajfa-5910	33	7	some	some	PRON
ajfa-5910	33	8	of	of	ADP
ajfa-5910	33	9	the	the	DET
ajfa-5910	33	10	researchers	researcher	NOUN
ajfa-5910	33	11	have	have	AUX
ajfa-5910	33	12	paid	pay	VERB
ajfa-5910	33	13	attention	attention	NOUN
ajfa-5910	33	14	to	to	ADP
ajfa-5910	33	15	the	the	DET
ajfa-5910	33	16	study	study	NOUN
ajfa-5910	33	17	of	of	ADP
ajfa-5910	33	18	the	the	DET
ajfa-5910	33	19	effect	effect	NOUN
ajfa-5910	33	20	of	of	ADP
ajfa-5910	33	21	the	the	DET
ajfa-5910	33	22	age	age	NOUN
ajfa-5910	33	23	cycle	cycle	NOUN
ajfa-5910	33	24	of	of	ADP
ajfa-5910	33	25	the	the	DET
ajfa-5910	33	26	company	company	NOUN
ajfa-5910	33	27	on	on	ADP
ajfa-5910	33	28	the	the	DET
ajfa-5910	33	29	accounting	accounting	NOUN
ajfa-5910	33	30	information	information	NOUN
ajfa-5910	33	31	as	as	ADV
ajfa-5910	33	32	well	well	ADV
ajfa-5910	33	33	(	(	PUNCT
ajfa-5910	33	34	black	black	ADJ
ajfa-5910	33	35	,	,	PUNCT
ajfa-5910	33	36	1998	1998	NUM
ajfa-5910	33	37	;	;	PUNCT
ajfa-5910	33	38	jenkins	jenkins	PROPN
ajfa-5910	33	39	,	,	PUNCT
ajfa-5910	33	40	kane	kane	PROPN
ajfa-5910	33	41	,	,	PUNCT
ajfa-5910	33	42	and	and	CCONJ
ajfa-5910	33	43	velury	velury	NOUN
ajfa-5910	33	44	,	,	PUNCT
ajfa-5910	33	45	2004	2004	NUM
ajfa-5910	33	46	;	;	PUNCT
ajfa-5910	33	47	ahmad	ahmad	PROPN
ajfa-5910	33	48	and	and	CCONJ
ajfa-5910	33	49	javid	javid	PROPN
ajfa-5910	33	50	,	,	PUNCT
ajfa-5910	33	51	2009	2009	NUM
ajfa-5910	33	52	)	)	PUNCT
ajfa-5910	33	53	.	.	PUNCT
ajfa-5910	34	1	these	these	DET
ajfa-5910	34	2	researchers	researcher	NOUN
ajfa-5910	34	3	have	have	AUX
ajfa-5910	34	4	expressed	express	VERB
ajfa-5910	34	5	four	four	NUM
ajfa-5910	34	6	steps	step	NOUN
ajfa-5910	34	7	to	to	PART
ajfa-5910	34	8	describe	describe	VERB
ajfa-5910	34	9	the	the	DET
ajfa-5910	34	10	age	age	NOUN
ajfa-5910	34	11	cycle	cycle	NOUN
ajfa-5910	34	12	of	of	ADP
ajfa-5910	34	13	the	the	DET
ajfa-5910	34	14	company	company	NOUN
ajfa-5910	34	15	as	as	ADP
ajfa-5910	34	16	(	(	PUNCT
ajfa-5910	34	17	1	1	X
ajfa-5910	34	18	)	)	PUNCT
ajfa-5910	34	19	the	the	DET
ajfa-5910	34	20	introduction	introduction	NOUN
ajfa-5910	34	21	stage	stage	NOUN
ajfa-5910	34	22	,	,	PUNCT
ajfa-5910	34	23	(	(	PUNCT
ajfa-5910	34	24	2	2	X
ajfa-5910	34	25	)	)	PUNCT
ajfa-5910	34	26	the	the	DET
ajfa-5910	34	27	growth	growth	NOUN
ajfa-5910	34	28	stage	stage	NOUN
ajfa-5910	34	29	,	,	PUNCT
ajfa-5910	34	30	(	(	PUNCT
ajfa-5910	34	31	3	3	X
ajfa-5910	34	32	)	)	PUNCT
ajfa-5910	34	33	the	the	DET
ajfa-5910	34	34	maturity	maturity	NOUN
ajfa-5910	34	35	stage	stage	NOUN
ajfa-5910	34	36	,	,	PUNCT
ajfa-5910	34	37	and	and	CCONJ
ajfa-5910	34	38	(	(	PUNCT
ajfa-5910	34	39	4	4	X
ajfa-5910	34	40	)	)	PUNCT
ajfa-5910	34	41	the	the	DET
ajfa-5910	34	42	decline	decline	NOUN
ajfa-5910	34	43	stage	stage	NOUN
ajfa-5910	34	44	.	.	PUNCT
ajfa-5910	35	1	for	for	ADP
ajfa-5910	35	2	the	the	DET
ajfa-5910	35	3	first	first	ADJ
ajfa-5910	35	4	time	time	NOUN
ajfa-5910	35	5	,	,	PUNCT
ajfa-5910	35	6	lintner	lintner	NOUN
ajfa-5910	35	7	(	(	PUNCT
ajfa-5910	35	8	1956	1956	NUM
ajfa-5910	35	9	)	)	PUNCT
ajfa-5910	35	10	investigate	investigate	VERB
ajfa-5910	35	11	the	the	DET
ajfa-5910	35	12	analysis	analysis	NOUN
ajfa-5910	35	13	of	of	ADP
ajfa-5910	35	14	the	the	DET
ajfa-5910	35	15	dividend	dividend	NOUN
ajfa-5910	35	16	policies	policy	NOUN
ajfa-5910	35	17	using	use	VERB
ajfa-5910	35	18	both	both	CCONJ
ajfa-5910	35	19	empirical	empirical	ADJ
ajfa-5910	35	20	and	and	CCONJ
ajfa-5910	35	21	survey	survey	NOUN
ajfa-5910	35	22	approaches	approach	NOUN
ajfa-5910	35	23	.	.	PUNCT
ajfa-5910	36	1	his	his	PRON
ajfa-5910	36	2	study	study	NOUN
ajfa-5910	36	3	in	in	ADP
ajfa-5910	36	4	financial	financial	ADJ
ajfa-5910	36	5	literature	literature	NOUN
ajfa-5910	36	6	led	lead	VERB
ajfa-5910	36	7	to	to	ADP
ajfa-5910	36	8	introducing	introduce	VERB
ajfa-5910	36	9	15	15	NUM
ajfa-5910	36	10	effective	effective	ADJ
ajfa-5910	36	11	variables	variable	NOUN
ajfa-5910	36	12	on	on	ADP
ajfa-5910	36	13	dividend	dividend	NOUN
ajfa-5910	36	14	policies	policy	NOUN
ajfa-5910	36	15	such	such	ADJ
ajfa-5910	36	16	as	as	ADP
ajfa-5910	36	17	company	company	NOUN
ajfa-5910	36	18	size	size	NOUN
ajfa-5910	36	19	,	,	PUNCT
ajfa-5910	36	20	investing	investing	NOUN
ajfa-5910	36	21	expenses	expense	NOUN
ajfa-5910	36	22	,	,	PUNCT
ajfa-5910	36	23	tendency	tendency	NOUN
ajfa-5910	36	24	to	to	PART
ajfa-5910	36	25	use	use	VERB
ajfa-5910	36	26	external	external	ADJ
ajfa-5910	36	27	financing	financing	NOUN
ajfa-5910	36	28	,	,	PUNCT
ajfa-5910	36	29	share	share	NOUN
ajfa-5910	36	30	dividend	dividend	NOUN
ajfa-5910	36	31	,	,	PUNCT
ajfa-5910	36	32	earnings	earning	NOUN
ajfa-5910	36	33	persistence	persistence	NOUN
ajfa-5910	36	34	and	and	CCONJ
ajfa-5910	36	35	ownership	ownership	NOUN
ajfa-5910	36	36	(	(	PUNCT
ajfa-5910	36	37	lintner	lintner	NOUN
ajfa-5910	36	38	,	,	PUNCT
ajfa-5910	36	39	1956	1956	NUM
ajfa-5910	36	40	)	)	PUNCT
ajfa-5910	36	41	.	.	PUNCT
ajfa-5910	37	1	wang	wang	PROPN
ajfa-5910	37	2	et	et	PROPN
ajfa-5910	37	3	al	al	PROPN
ajfa-5910	37	4	.	.	PROPN
ajfa-5910	37	5	(	(	PUNCT
ajfa-5910	37	6	2011	2011	NUM
ajfa-5910	37	7	)	)	PUNCT
ajfa-5910	37	8	examine	examine	VERB
ajfa-5910	37	9	the	the	DET
ajfa-5910	37	10	dividend	dividend	NOUN
ajfa-5910	37	11	policies	policy	NOUN
ajfa-5910	37	12	and	and	CCONJ
ajfa-5910	37	13	the	the	DET
ajfa-5910	37	14	age	age	NOUN
ajfa-5910	37	15	cycle	cycle	NOUN
ajfa-5910	37	16	hypothesis	hypothesis	NOUN
ajfa-5910	37	17	in	in	ADP
ajfa-5910	37	18	taiwanese	taiwanese	ADJ
ajfa-5910	37	19	stock	stock	NOUN
ajfa-5910	37	20	exchange	exchange	NOUN
ajfa-5910	37	21	market	market	NOUN
ajfa-5910	37	22	.	.	PUNCT
ajfa-5910	38	1	the	the	DET
ajfa-5910	38	2	result	result	NOUN
ajfa-5910	38	3	of	of	ADP
ajfa-5910	38	4	their	their	PRON
ajfa-5910	38	5	study	study	NOUN
ajfa-5910	38	6	indicated	indicate	VERB
ajfa-5910	38	7	that	that	SCONJ
ajfa-5910	38	8	the	the	DET
ajfa-5910	38	9	payment	payment	NOUN
ajfa-5910	38	10	of	of	ADP
ajfa-5910	38	11	the	the	DET
ajfa-5910	38	12	stocks	stock	NOUN
ajfa-5910	38	13	profit	profit	NOUN
ajfa-5910	38	14	in	in	ADP
ajfa-5910	38	15	new	new	ADJ
ajfa-5910	38	16	business	business	NOUN
ajfa-5910	38	17	units	unit	NOUN
ajfa-5910	38	18	with	with	ADP
ajfa-5910	38	19	high	high	ADJ
ajfa-5910	38	20	growth	growth	NOUN
ajfa-5910	38	21	ability	ability	NOUN
ajfa-5910	38	22	and	and	CCONJ
ajfa-5910	38	23	low	low	ADJ
ajfa-5910	38	24	profitability	profitability	NOUN
ajfa-5910	38	25	will	will	AUX
ajfa-5910	38	26	lead	lead	VERB
ajfa-5910	38	27	to	to	ADP
ajfa-5910	38	28	the	the	DET
ajfa-5910	38	29	more	more	ADJ
ajfa-5910	38	30	distribution	distribution	NOUN
ajfa-5910	38	31	of	of	ADP
ajfa-5910	38	32	share	share	NOUN
ajfa-5910	38	33	dividend	dividend	NOUN
ajfa-5910	38	34	versus	versus	ADP
ajfa-5910	38	35	cash	cash	NOUN
ajfa-5910	38	36	dividend	dividend	NOUN
ajfa-5910	38	37	.	.	PUNCT
ajfa-5910	39	1	also	also	ADV
ajfa-5910	39	2	,	,	PUNCT
ajfa-5910	39	3	it	it	PRON
ajfa-5910	39	4	indicated	indicate	VERB
ajfa-5910	39	5	that	that	SCONJ
ajfa-5910	39	6	in	in	ADP
ajfa-5910	39	7	business	business	NOUN
ajfa-5910	39	8	units	unit	NOUN
ajfa-5910	39	9	with	with	ADP
ajfa-5910	39	10	low	low	ADJ
ajfa-5910	39	11	growth	growth	NOUN
ajfa-5910	39	12	ability	ability	NOUN
ajfa-5910	39	13	and	and	CCONJ
ajfa-5910	39	14	high	high	ADJ
ajfa-5910	39	15	profitability	profitability	NOUN
ajfa-5910	39	16	will	will	AUX
ajfa-5910	39	17	lead	lead	VERB
ajfa-5910	39	18	to	to	ADP
ajfa-5910	39	19	the	the	DET
ajfa-5910	39	20	more	more	ADJ
ajfa-5910	39	21	distribution	distribution	NOUN
ajfa-5910	39	22	of	of	ADP
ajfa-5910	39	23	cash	cash	NOUN
ajfa-5910	39	24	dividend	dividend	NOUN
ajfa-5910	39	25	versus	versus	ADP
ajfa-5910	39	26	share	share	NOUN
ajfa-5910	39	27	dividend	dividend	NOUN
ajfa-5910	39	28	(	(	PUNCT
ajfa-5910	39	29	wang	wang	PROPN
ajfa-5910	39	30	et	et	PROPN
ajfa-5910	39	31	al	al	PROPN
ajfa-5910	39	32	.	.	PROPN
ajfa-5910	39	33	,	,	PUNCT
ajfa-5910	39	34	2011	2011	NUM
ajfa-5910	39	35	)	)	PUNCT
ajfa-5910	39	36	.	.	PUNCT
ajfa-5910	40	1	using	use	VERB
ajfa-5910	40	2	data	datum	NOUN
ajfa-5910	40	3	from	from	ADP
ajfa-5910	40	4	a	a	DET
ajfa-5910	40	5	sample	sample	NOUN
ajfa-5910	40	6	of	of	ADP
ajfa-5910	40	7	25	25	NUM
ajfa-5910	40	8	companies	company	NOUN
ajfa-5910	40	9	during	during	ADP
ajfa-5910	40	10	1999	1999	NUM
ajfa-5910	40	11	to	to	ADP
ajfa-5910	40	12	2009	2009	NUM
ajfa-5910	40	13	on	on	ADP
ajfa-5910	40	14	the	the	DET
ajfa-5910	40	15	greek	greek	ADJ
ajfa-5910	40	16	stock	stock	NOUN
ajfa-5910	40	17	exchange	exchange	NOUN
ajfa-5910	40	18	,	,	PUNCT
ajfa-5910	40	19	afza	afza	PROPN
ajfa-5910	40	20	and	and	CCONJ
ajfa-5910	40	21	mirza	mirza	PROPN
ajfa-5910	40	22	(	(	PUNCT
ajfa-5910	40	23	2010	2010	NUM
ajfa-5910	40	24	)	)	PUNCT
ajfa-5910	40	25	indicate	indicate	VERB
ajfa-5910	40	26	that	that	SCONJ
ajfa-5910	40	27	the	the	DET
ajfa-5910	40	28	dividend	dividend	NOUN
ajfa-5910	40	29	policies	policy	NOUN
ajfa-5910	40	30	and	and	CCONJ
ajfa-5910	40	31	its	its	PRON
ajfa-5910	40	32	treatment	treatment	NOUN
ajfa-5910	40	33	is	be	AUX
ajfa-5910	40	34	the	the	DET
ajfa-5910	40	35	most	most	ADV
ajfa-5910	40	36	important	important	ADJ
ajfa-5910	40	37	for	for	ADP
ajfa-5910	40	38	the	the	DET
ajfa-5910	40	39	investors	investor	NOUN
ajfa-5910	40	40	(	(	PUNCT
ajfa-5910	40	41	afza	afza	PROPN
ajfa-5910	40	42	and	and	CCONJ
ajfa-5910	40	43	mirza	mirza	PROPN
ajfa-5910	40	44	,	,	PUNCT
ajfa-5910	40	45	2010	2010	NUM
ajfa-5910	40	46	)	)	PUNCT
ajfa-5910	40	47	.	.	PUNCT
ajfa-5910	41	1	in	in	ADP
ajfa-5910	41	2	another	another	DET
ajfa-5910	41	3	study	study	NOUN
ajfa-5910	41	4	,	,	PUNCT
ajfa-5910	41	5	almazan	almazan	PROPN
ajfa-5910	41	6	et	et	PROPN
ajfa-5910	41	7	al	al	PROPN
ajfa-5910	41	8	.	.	PROPN
ajfa-5910	42	1	(	(	PUNCT
ajfa-5910	42	2	2010	2010	NUM
ajfa-5910	42	3	)	)	PUNCT
ajfa-5910	42	4	also	also	ADV
ajfa-5910	42	5	examined	examine	VERB
ajfa-5910	42	6	the	the	DET
ajfa-5910	42	7	effect	effect	NOUN
ajfa-5910	42	8	of	of	ADP
ajfa-5910	42	9	the	the	DET
ajfa-5910	42	10	financial	financial	ADJ
ajfa-5910	42	11	leverage	leverage	NOUN
ajfa-5910	42	12	on	on	ADP
ajfa-5910	42	13	the	the	DET
ajfa-5910	42	14	dividend	dividend	NOUN
ajfa-5910	42	15	policies	policy	NOUN
ajfa-5910	42	16	in	in	ADP
ajfa-5910	42	17	the	the	DET
ajfa-5910	42	18	companies	company	NOUN
ajfa-5910	42	19	of	of	ADP
ajfa-5910	42	20	karachi	karachi	PROPN
ajfa-5910	42	21	.	.	PUNCT
ajfa-5910	43	1	the	the	DET
ajfa-5910	43	2	result	result	NOUN
ajfa-5910	43	3	of	of	ADP
ajfa-5910	43	4	their	their	PRON
ajfa-5910	43	5	study	study	NOUN
ajfa-5910	43	6	indicated	indicate	VERB
ajfa-5910	43	7	a	a	DET
ajfa-5910	43	8	negative	negative	ADJ
ajfa-5910	43	9	and	and	CCONJ
ajfa-5910	43	10	significant	significant	ADJ
ajfa-5910	43	11	relationship	relationship	NOUN
ajfa-5910	43	12	between	between	ADP
ajfa-5910	43	13	financial	financial	ADJ
ajfa-5910	43	14	leverage	leverage	NOUN
ajfa-5910	43	15	and	and	CCONJ
ajfa-5910	43	16	amount	amount	NOUN
ajfa-5910	43	17	of	of	ADP
ajfa-5910	43	18	divisible	divisible	ADJ
ajfa-5910	43	19	profit	profit	NOUN
ajfa-5910	43	20	.	.	PUNCT
ajfa-5910	44	1	additionally	additionally	ADV
ajfa-5910	44	2	,	,	PUNCT
ajfa-5910	44	3	their	their	PRON
ajfa-5910	44	4	study	study	NOUN
ajfa-5910	44	5	showed	show	VERB
ajfa-5910	44	6	that	that	SCONJ
ajfa-5910	44	7	the	the	DET
ajfa-5910	44	8	changes	change	NOUN
ajfa-5910	44	9	of	of	ADP
ajfa-5910	44	10	net	net	ADJ
ajfa-5910	44	11	income	income	NOUN
ajfa-5910	44	12	and	and	CCONJ
ajfa-5910	44	13	the	the	DET
ajfa-5910	44	14	returns	return	NOUN
ajfa-5910	44	15	of	of	ADP
ajfa-5910	44	16	cash	cash	NOUN
ajfa-5910	44	17	dividend	dividend	NOUN
ajfa-5910	44	18	are	be	AUX
ajfa-5910	44	19	effective	effective	ADJ
ajfa-5910	44	20	on	on	ADP
ajfa-5910	44	21	the	the	DET
ajfa-5910	44	22	dividend	dividend	NOUN
ajfa-5910	44	23	policies	policy	NOUN
ajfa-5910	44	24	(	(	PUNCT
ajfa-5910	44	25	almazan	almazan	NOUN
ajfa-5910	44	26	et	et	PROPN
ajfa-5910	44	27	al	al	PROPN
ajfa-5910	44	28	.	.	PROPN
ajfa-5910	44	29	,	,	PUNCT
ajfa-5910	44	30	2010	2010	NUM
ajfa-5910	44	31	)	)	PUNCT
ajfa-5910	44	32	.	.	PUNCT
ajfa-5910	45	1	the	the	DET
ajfa-5910	45	2	first	first	ADJ
ajfa-5910	45	3	study	study	NOUN
ajfa-5910	45	4	in	in	ADP
ajfa-5910	45	5	the	the	DET
ajfa-5910	45	6	field	field	NOUN
ajfa-5910	45	7	of	of	ADP
ajfa-5910	45	8	the	the	DET
ajfa-5910	45	9	age	age	NOUN
ajfa-5910	45	10	cycle	cycle	NOUN
ajfa-5910	45	11	of	of	ADP
ajfa-5910	45	12	the	the	DET
ajfa-5910	45	13	companies	company	NOUN
ajfa-5910	45	14	in	in	ADP
ajfa-5910	45	15	accounting	accounting	NOUN
ajfa-5910	45	16	area	area	NOUN
ajfa-5910	45	17	was	be	AUX
ajfa-5910	45	18	conducted	conduct	VERB
ajfa-5910	45	19	by	by	ADP
ajfa-5910	45	20	anthony	anthony	PROPN
ajfa-5910	45	21	and	and	CCONJ
ajfa-5910	45	22	ramesh	ramesh	PROPN
ajfa-5910	45	23	(	(	PUNCT
ajfa-5910	45	24	1992	1992	NUM
ajfa-5910	45	25	)	)	PUNCT
ajfa-5910	45	26	.	.	PUNCT
ajfa-5910	46	1	after	after	ADP
ajfa-5910	46	2	classifying	classify	VERB
ajfa-5910	46	3	the	the	DET
ajfa-5910	46	4	companies	company	NOUN
ajfa-5910	46	5	into	into	ADP
ajfa-5910	46	6	growth	growth	NOUN
ajfa-5910	46	7	,	,	PUNCT
ajfa-5910	46	8	maturity	maturity	NOUN
ajfa-5910	46	9	and	and	CCONJ
ajfa-5910	46	10	decline	decline	NOUN
ajfa-5910	46	11	steps	step	NOUN
ajfa-5910	46	12	,	,	PUNCT
ajfa-5910	46	13	they	they	PRON
ajfa-5910	46	14	investigated	investigate	VERB
ajfa-5910	46	15	the	the	DET
ajfa-5910	46	16	relationship	relationship	NOUN
ajfa-5910	46	17	between	between	ADP
ajfa-5910	46	18	the	the	DET
ajfa-5910	46	19	function	function	NOUN
ajfa-5910	46	20	criteria	criterion	NOUN
ajfa-5910	46	21	such	such	ADJ
ajfa-5910	46	22	as	as	ADP
ajfa-5910	46	23	increasing	increase	VERB
ajfa-5910	46	24	of	of	ADP
ajfa-5910	46	25	selling	selling	NOUN
ajfa-5910	46	26	and	and	CCONJ
ajfa-5910	46	27	investment	investment	NOUN
ajfa-5910	46	28	expenses	expense	NOUN
ajfa-5910	46	29	with	with	ADP
ajfa-5910	46	30	the	the	DET
ajfa-5910	46	31	price	price	NOUN
ajfa-5910	46	32	of	of	ADP
ajfa-5910	46	33	the	the	DET
ajfa-5910	46	34	stock	stock	NOUN
ajfa-5910	46	35	market	market	NOUN
ajfa-5910	46	36	.	.	PUNCT
ajfa-5910	47	1	the	the	DET
ajfa-5910	47	2	purpose	purpose	NOUN
ajfa-5910	47	3	in	in	ADP
ajfa-5910	47	4	their	their	PRON
ajfa-5910	47	5	study	study	NOUN
ajfa-5910	47	6	was	be	AUX
ajfa-5910	47	7	investigating	investigate	VERB
ajfa-5910	47	8	the	the	DET
ajfa-5910	47	9	reaction	reaction	NOUN
ajfa-5910	47	10	of	of	ADP
ajfa-5910	47	11	the	the	DET
ajfa-5910	47	12	market	market	NOUN
ajfa-5910	47	13	to	to	ADP
ajfa-5910	47	14	the	the	DET
ajfa-5910	47	15	accounting	accounting	NOUN
ajfa-5910	47	16	information	information	NOUN
ajfa-5910	47	17	in	in	ADP
ajfa-5910	47	18	different	different	ADJ
ajfa-5910	47	19	steps	step	NOUN
ajfa-5910	47	20	of	of	ADP
ajfa-5910	47	21	the	the	DET
ajfa-5910	47	22	age	age	NOUN
ajfa-5910	47	23	cycle	cycle	NOUN
ajfa-5910	47	24	.	.	PUNCT
ajfa-5910	48	1	the	the	DET
ajfa-5910	48	2	findings	finding	NOUN
ajfa-5910	48	3	indicates	indicate	VERB
ajfa-5910	48	4	that	that	SCONJ
ajfa-5910	48	5	there	there	PRON
ajfa-5910	48	6	is	be	VERB
ajfa-5910	48	7	a	a	DET
ajfa-5910	48	8	significant	significant	ADJ
ajfa-5910	48	9	relationship	relationship	NOUN
ajfa-5910	48	10	between	between	ADP
ajfa-5910	48	11	the	the	DET
ajfa-5910	48	12	function	function	NOUN
ajfa-5910	48	13	criteria	criterion	NOUN
ajfa-5910	48	14	and	and	CCONJ
ajfa-5910	48	15	the	the	DET
ajfa-5910	48	16	price	price	NOUN
ajfa-5910	48	17	of	of	ADP
ajfa-5910	48	18	the	the	DET
ajfa-5910	48	19	stock	stock	NOUN
ajfa-5910	48	20	market	market	NOUN
ajfa-5910	48	21	in	in	ADP
ajfa-5910	48	22	different	different	ADJ
ajfa-5910	48	23	steps	step	NOUN
ajfa-5910	48	24	of	of	ADP
ajfa-5910	48	25	the	the	DET
ajfa-5910	48	26	age	age	NOUN
ajfa-5910	48	27	cycle	cycle	NOUN
ajfa-5910	48	28	,	,	PUNCT
ajfa-5910	48	29	so	so	SCONJ
ajfa-5910	48	30	that	that	SCONJ
ajfa-5910	48	31	the	the	DET
ajfa-5910	48	32	amount	amount	NOUN
ajfa-5910	48	33	of	of	ADP
ajfa-5910	48	34	the	the	DET
ajfa-5910	48	35	relationship	relationship	NOUN
ajfa-5910	48	36	of	of	ADP
ajfa-5910	48	37	the	the	DET
ajfa-5910	48	38	selling	sell	VERB
ajfa-5910	48	39	growth	growth	NOUN
ajfa-5910	48	40	criteria	criterion	NOUN
ajfa-5910	48	41	and	and	CCONJ
ajfa-5910	48	42	investing	invest	VERB
ajfa-5910	48	43	expenses	expense	NOUN
ajfa-5910	48	44	from	from	ADP
ajfa-5910	48	45	introduction	introduction	NOUN
ajfa-5910	48	46	to	to	PART
ajfa-5910	48	47	decline	decline	VERB
ajfa-5910	48	48	steps	step	NOUN
ajfa-5910	48	49	has	have	VERB
ajfa-5910	48	50	a	a	DET
ajfa-5910	48	51	downward	downward	ADJ
ajfa-5910	48	52	movement	movement	NOUN
ajfa-5910	48	53	(	(	PUNCT
ajfa-5910	48	54	anthony	anthony	PROPN
ajfa-5910	48	55	and	and	CCONJ
ajfa-5910	48	56	ramesh	ramesh	PROPN
ajfa-5910	48	57	,	,	PUNCT
ajfa-5910	48	58	1992	1992	NUM
ajfa-5910	48	59	)	)	PUNCT
ajfa-5910	48	60	.	.	PUNCT
ajfa-5910	49	1	asian	asian	ADJ
ajfa-5910	49	2	journal	journal	PROPN
ajfa-5910	49	3	of	of	ADP
ajfa-5910	49	4	finance	finance	PROPN
ajfa-5910	49	5	&	&	CCONJ
ajfa-5910	49	6	accounting	accounting	PROPN
ajfa-5910	49	7	issn	issn	PROPN
ajfa-5910	49	8	1946	1946	NUM
ajfa-5910	49	9	-	-	PUNCT
ajfa-5910	49	10	052x	052x	PROPN
ajfa-5910	49	11	2014	2014	NUM
ajfa-5910	49	12	,	,	PUNCT
ajfa-5910	49	13	vol	vol	NOUN
ajfa-5910	49	14	.	.	PROPN
ajfa-5910	49	15	6	6	NUM
ajfa-5910	49	16	,	,	PUNCT
ajfa-5910	49	17	no	no	INTJ
ajfa-5910	49	18	.	.	NOUN
ajfa-5910	49	19	2	2	NUM
ajfa-5910	49	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5910	49	21	56	56	NUM
ajfa-5910	49	22	stepanyan	stepanyan	ADJ
ajfa-5910	49	23	(	(	PUNCT
ajfa-5910	49	24	2011	2011	NUM
ajfa-5910	49	25	)	)	PUNCT
ajfa-5910	49	26	investigates	investigate	VERB
ajfa-5910	49	27	the	the	DET
ajfa-5910	49	28	age	age	NOUN
ajfa-5910	49	29	cycle	cycle	NOUN
ajfa-5910	49	30	of	of	ADP
ajfa-5910	49	31	the	the	DET
ajfa-5910	49	32	business	business	NOUN
ajfa-5910	49	33	unit	unit	NOUN
ajfa-5910	49	34	and	and	CCONJ
ajfa-5910	49	35	the	the	DET
ajfa-5910	49	36	type	type	NOUN
ajfa-5910	49	37	of	of	ADP
ajfa-5910	49	38	the	the	DET
ajfa-5910	49	39	dividend	dividend	NOUN
ajfa-5910	49	40	payment	payment	NOUN
ajfa-5910	49	41	.	.	PUNCT
ajfa-5910	50	1	in	in	ADP
ajfa-5910	50	2	this	this	DET
ajfa-5910	50	3	study	study	NOUN
ajfa-5910	50	4	three	three	NUM
ajfa-5910	50	5	different	different	ADJ
ajfa-5910	50	6	groups	group	NOUN
ajfa-5910	50	7	of	of	ADP
ajfa-5910	50	8	business	business	NOUN
ajfa-5910	50	9	units	unit	NOUN
ajfa-5910	50	10	distributing	distribute	VERB
ajfa-5910	50	11	cash	cash	NOUN
ajfa-5910	50	12	including	include	VERB
ajfa-5910	50	13	redemption	redemption	NOUN
ajfa-5910	50	14	of	of	ADP
ajfa-5910	50	15	shares	share	NOUN
ajfa-5910	50	16	,	,	PUNCT
ajfa-5910	50	17	cash	cash	NOUN
ajfa-5910	50	18	dividend	dividend	NOUN
ajfa-5910	50	19	and	and	CCONJ
ajfa-5910	50	20	a	a	DET
ajfa-5910	50	21	combination	combination	NOUN
ajfa-5910	50	22	of	of	ADP
ajfa-5910	50	23	the	the	DET
ajfa-5910	50	24	cash	cash	NOUN
ajfa-5910	50	25	dividend	dividend	NOUN
ajfa-5910	50	26	and	and	CCONJ
ajfa-5910	50	27	redemption	redemption	NOUN
ajfa-5910	50	28	of	of	ADP
ajfa-5910	50	29	shares	share	NOUN
ajfa-5910	50	30	,	,	PUNCT
ajfa-5910	50	31	are	be	AUX
ajfa-5910	50	32	considered	consider	VERB
ajfa-5910	50	33	.	.	PUNCT
ajfa-5910	51	1	redemption	redemption	NOUN
ajfa-5910	51	2	of	of	ADP
ajfa-5910	51	3	shares	share	NOUN
ajfa-5910	51	4	in	in	ADP
ajfa-5910	51	5	quick	quick	ADJ
ajfa-5910	51	6	growth	growth	NOUN
ajfa-5910	51	7	step	step	NOUN
ajfa-5910	51	8	is	be	AUX
ajfa-5910	51	9	very	very	ADV
ajfa-5910	51	10	probable	probable	ADJ
ajfa-5910	51	11	and	and	CCONJ
ajfa-5910	51	12	is	be	AUX
ajfa-5910	51	13	a	a	DET
ajfa-5910	51	14	sign	sign	NOUN
ajfa-5910	51	15	of	of	ADP
ajfa-5910	51	16	the	the	DET
ajfa-5910	51	17	quality	quality	NOUN
ajfa-5910	51	18	of	of	ADP
ajfa-5910	51	19	the	the	DET
ajfa-5910	51	20	business	business	NOUN
ajfa-5910	51	21	unit	unit	NOUN
ajfa-5910	51	22	for	for	ADP
ajfa-5910	51	23	the	the	DET
ajfa-5910	51	24	investors	investor	NOUN
ajfa-5910	51	25	.	.	PUNCT
ajfa-5910	52	1	cash	cash	NOUN
ajfa-5910	52	2	dividend	dividend	NOUN
ajfa-5910	52	3	payment	payment	NOUN
ajfa-5910	52	4	to	to	ADP
ajfa-5910	52	5	the	the	DET
ajfa-5910	52	6	stockholders	stockholder	NOUN
ajfa-5910	52	7	increases	increase	VERB
ajfa-5910	52	8	in	in	ADP
ajfa-5910	52	9	matured	matured	ADJ
ajfa-5910	52	10	business	business	NOUN
ajfa-5910	52	11	units	unit	NOUN
ajfa-5910	52	12	.	.	PUNCT
ajfa-5910	53	1	the	the	DET
ajfa-5910	53	2	managers	manager	NOUN
ajfa-5910	53	3	’	’	PART
ajfa-5910	53	4	tendency	tendency	NOUN
ajfa-5910	53	5	also	also	ADV
ajfa-5910	53	6	increases	increase	VERB
ajfa-5910	53	7	for	for	ADP
ajfa-5910	53	8	expanding	expand	VERB
ajfa-5910	53	9	or	or	CCONJ
ajfa-5910	53	10	preserving	preserve	VERB
ajfa-5910	53	11	the	the	DET
ajfa-5910	53	12	size	size	NOUN
ajfa-5910	53	13	of	of	ADP
ajfa-5910	53	14	the	the	DET
ajfa-5910	53	15	business	business	NOUN
ajfa-5910	53	16	units	unit	NOUN
ajfa-5910	53	17	to	to	ADP
ajfa-5910	53	18	the	the	DET
ajfa-5910	53	19	welfare	welfare	NOUN
ajfa-5910	53	20	of	of	ADP
ajfa-5910	53	21	the	the	DET
ajfa-5910	53	22	stockholders	stockholder	NOUN
ajfa-5910	53	23	.	.	PUNCT
ajfa-5910	54	1	finally	finally	ADV
ajfa-5910	54	2	,	,	PUNCT
ajfa-5910	54	3	using	use	VERB
ajfa-5910	54	4	the	the	DET
ajfa-5910	54	5	combination	combination	NOUN
ajfa-5910	54	6	of	of	ADP
ajfa-5910	54	7	the	the	DET
ajfa-5910	54	8	cash	cash	NOUN
ajfa-5910	54	9	dividend	dividend	NOUN
ajfa-5910	54	10	and	and	CCONJ
ajfa-5910	54	11	redemption	redemption	NOUN
ajfa-5910	54	12	of	of	ADP
ajfa-5910	54	13	shares	share	NOUN
ajfa-5910	54	14	will	will	AUX
ajfa-5910	54	15	be	be	AUX
ajfa-5910	54	16	in	in	ADP
ajfa-5910	54	17	more	more	ADJ
ajfa-5910	54	18	matured	matured	ADJ
ajfa-5910	54	19	business	business	NOUN
ajfa-5910	54	20	units	unit	NOUN
ajfa-5910	54	21	.	.	PUNCT
ajfa-5910	55	1	this	this	DET
ajfa-5910	55	2	study	study	NOUN
ajfa-5910	55	3	shows	show	VERB
ajfa-5910	55	4	that	that	SCONJ
ajfa-5910	55	5	the	the	DET
ajfa-5910	55	6	age	age	NOUN
ajfa-5910	55	7	cycle	cycle	NOUN
ajfa-5910	55	8	of	of	ADP
ajfa-5910	55	9	the	the	DET
ajfa-5910	55	10	companies	company	NOUN
ajfa-5910	55	11	is	be	AUX
ajfa-5910	55	12	one	one	NUM
ajfa-5910	55	13	of	of	ADP
ajfa-5910	55	14	the	the	DET
ajfa-5910	55	15	most	most	ADV
ajfa-5910	55	16	important	important	ADJ
ajfa-5910	55	17	reasons	reason	NOUN
ajfa-5910	55	18	for	for	ADP
ajfa-5910	55	19	choosing	choose	VERB
ajfa-5910	55	20	the	the	DET
ajfa-5910	55	21	methods	method	NOUN
ajfa-5910	55	22	of	of	ADP
ajfa-5910	55	23	the	the	DET
ajfa-5910	55	24	dividend	dividend	NOUN
ajfa-5910	55	25	payment	payment	NOUN
ajfa-5910	55	26	(	(	PUNCT
ajfa-5910	55	27	stepanyan	stepanyan	ADJ
ajfa-5910	55	28	,	,	PUNCT
ajfa-5910	55	29	2011	2011	NUM
ajfa-5910	55	30	)	)	PUNCT
ajfa-5910	55	31	.	.	PUNCT
ajfa-5910	56	1	2.1	2.1	NUM
ajfa-5910	56	2	hypotheses	hypothesis	NOUN
ajfa-5910	56	3	development	development	NOUN
ajfa-5910	56	4	this	this	DET
ajfa-5910	56	5	study	study	NOUN
ajfa-5910	56	6	aims	aim	VERB
ajfa-5910	56	7	to	to	PART
ajfa-5910	56	8	determine	determine	VERB
ajfa-5910	56	9	the	the	DET
ajfa-5910	56	10	amount	amount	NOUN
ajfa-5910	56	11	of	of	ADP
ajfa-5910	56	12	the	the	DET
ajfa-5910	56	13	effect	effect	NOUN
ajfa-5910	56	14	of	of	ADP
ajfa-5910	56	15	the	the	DET
ajfa-5910	56	16	financial	financial	ADJ
ajfa-5910	56	17	leverage	leverage	NOUN
ajfa-5910	56	18	and	and	CCONJ
ajfa-5910	56	19	the	the	DET
ajfa-5910	56	20	age	age	NOUN
ajfa-5910	56	21	of	of	ADP
ajfa-5910	56	22	the	the	DET
ajfa-5910	56	23	company	company	NOUN
ajfa-5910	56	24	on	on	ADP
ajfa-5910	56	25	the	the	DET
ajfa-5910	56	26	profit	profit	NOUN
ajfa-5910	56	27	division	division	NOUN
ajfa-5910	56	28	politics	politic	NOUN
ajfa-5910	56	29	which	which	PRON
ajfa-5910	56	30	is	be	AUX
ajfa-5910	56	31	based	base	VERB
ajfa-5910	56	32	on	on	ADP
ajfa-5910	56	33	afza	afza	PROPN
ajfa-5910	56	34	and	and	CCONJ
ajfa-5910	56	35	mirza	mirza	PROPN
ajfa-5910	56	36	(	(	PUNCT
ajfa-5910	56	37	2010	2010	NUM
ajfa-5910	56	38	)	)	PUNCT
ajfa-5910	56	39	research	research	NOUN
ajfa-5910	56	40	and	and	CCONJ
ajfa-5910	56	41	according	accord	VERB
ajfa-5910	56	42	to	to	ADP
ajfa-5910	56	43	the	the	DET
ajfa-5910	56	44	presented	present	VERB
ajfa-5910	56	45	model	model	NOUN
ajfa-5910	56	46	.	.	PUNCT
ajfa-5910	57	1	the	the	DET
ajfa-5910	57	2	special	special	ADJ
ajfa-5910	57	3	goal	goal	NOUN
ajfa-5910	57	4	is	be	AUX
ajfa-5910	57	5	to	to	PART
ajfa-5910	57	6	clarify	clarify	VERB
ajfa-5910	57	7	whether	whether	SCONJ
ajfa-5910	57	8	there	there	PRON
ajfa-5910	57	9	is	be	VERB
ajfa-5910	57	10	a	a	DET
ajfa-5910	57	11	meaningful	meaningful	ADJ
ajfa-5910	57	12	relationship	relationship	NOUN
ajfa-5910	57	13	between	between	ADP
ajfa-5910	57	14	the	the	DET
ajfa-5910	57	15	age	age	NOUN
ajfa-5910	57	16	of	of	ADP
ajfa-5910	57	17	the	the	DET
ajfa-5910	57	18	company	company	NOUN
ajfa-5910	57	19	and	and	CCONJ
ajfa-5910	57	20	the	the	DET
ajfa-5910	57	21	financial	financial	ADJ
ajfa-5910	57	22	leverage	leverage	NOUN
ajfa-5910	57	23	with	with	ADP
ajfa-5910	57	24	the	the	DET
ajfa-5910	57	25	amount	amount	NOUN
ajfa-5910	57	26	of	of	ADP
ajfa-5910	57	27	the	the	DET
ajfa-5910	57	28	dividend	dividend	NOUN
ajfa-5910	57	29	in	in	ADP
ajfa-5910	57	30	accepted	accepted	ADJ
ajfa-5910	57	31	companies	company	NOUN
ajfa-5910	57	32	in	in	ADP
ajfa-5910	57	33	tehran	tehran	PROPN
ajfa-5910	57	34	stock	stock	PROPN
ajfa-5910	57	35	exchange	exchange	PROPN
ajfa-5910	57	36	.	.	PUNCT
ajfa-5910	58	1	considering	consider	VERB
ajfa-5910	58	2	what	what	PRON
ajfa-5910	58	3	has	have	AUX
ajfa-5910	58	4	been	be	AUX
ajfa-5910	58	5	mentioned	mention	VERB
ajfa-5910	58	6	,	,	PUNCT
ajfa-5910	58	7	the	the	DET
ajfa-5910	58	8	hypotheses	hypothesis	NOUN
ajfa-5910	58	9	in	in	ADP
ajfa-5910	58	10	this	this	DET
ajfa-5910	58	11	study	study	NOUN
ajfa-5910	58	12	have	have	AUX
ajfa-5910	58	13	been	be	AUX
ajfa-5910	58	14	designed	design	VERB
ajfa-5910	58	15	as	as	SCONJ
ajfa-5910	58	16	follows	follow	VERB
ajfa-5910	58	17	and	and	CCONJ
ajfa-5910	58	18	will	will	AUX
ajfa-5910	58	19	be	be	AUX
ajfa-5910	58	20	tested	test	VERB
ajfa-5910	58	21	:	:	PUNCT
ajfa-5910	58	22	h1	h1	VERB
ajfa-5910	58	23	:	:	PUNCT
ajfa-5910	58	24	there	there	PRON
ajfa-5910	58	25	is	be	VERB
ajfa-5910	58	26	a	a	DET
ajfa-5910	58	27	significant	significant	ADJ
ajfa-5910	58	28	relationship	relationship	NOUN
ajfa-5910	58	29	between	between	ADP
ajfa-5910	58	30	dividend	dividend	NOUN
ajfa-5910	58	31	policy	policy	NOUN
ajfa-5910	58	32	and	and	CCONJ
ajfa-5910	58	33	company	company	NOUN
ajfa-5910	58	34	age	age	NOUN
ajfa-5910	58	35	.	.	PUNCT
ajfa-5910	59	1	h2	h2	PROPN
ajfa-5910	59	2	:	:	PUNCT
ajfa-5910	59	3	there	there	PRON
ajfa-5910	59	4	is	be	VERB
ajfa-5910	59	5	a	a	DET
ajfa-5910	59	6	significant	significant	ADJ
ajfa-5910	59	7	relationship	relationship	NOUN
ajfa-5910	59	8	between	between	ADP
ajfa-5910	59	9	dividend	dividend	NOUN
ajfa-5910	59	10	policy	policy	NOUN
ajfa-5910	59	11	and	and	CCONJ
ajfa-5910	59	12	financial	financial	ADJ
ajfa-5910	59	13	leverage	leverage	NOUN
ajfa-5910	59	14	.	.	PUNCT
ajfa-5910	60	1	3	3	X
ajfa-5910	60	2	.	.	X
ajfa-5910	60	3	research	research	NOUN
ajfa-5910	60	4	design	design	NOUN
ajfa-5910	60	5	this	this	DET
ajfa-5910	60	6	study	study	NOUN
ajfa-5910	60	7	is	be	AUX
ajfa-5910	60	8	a	a	DET
ajfa-5910	60	9	kind	kind	NOUN
ajfa-5910	60	10	of	of	ADP
ajfa-5910	60	11	quasi	quasi	ADJ
ajfa-5910	60	12	-	-	ADJ
ajfa-5910	60	13	experimental	experimental	ADJ
ajfa-5910	60	14	research	research	NOUN
ajfa-5910	60	15	in	in	ADP
ajfa-5910	60	16	the	the	DET
ajfa-5910	60	17	field	field	NOUN
ajfa-5910	60	18	of	of	ADP
ajfa-5910	60	19	proving	prove	VERB
ajfa-5910	60	20	researches	research	NOUN
ajfa-5910	60	21	of	of	ADP
ajfa-5910	60	22	accounting	accounting	NOUN
ajfa-5910	60	23	which	which	PRON
ajfa-5910	60	24	will	will	AUX
ajfa-5910	60	25	be	be	AUX
ajfa-5910	60	26	accomplished	accomplish	VERB
ajfa-5910	60	27	using	use	VERB
ajfa-5910	60	28	multivariable	multivariable	ADJ
ajfa-5910	60	29	regression	regression	NOUN
ajfa-5910	60	30	method	method	NOUN
ajfa-5910	60	31	and	and	CCONJ
ajfa-5910	60	32	the	the	DET
ajfa-5910	60	33	econometrics	econometrics	NOUN
ajfa-5910	60	34	patterns	pattern	NOUN
ajfa-5910	60	35	.	.	PUNCT
ajfa-5910	61	1	the	the	DET
ajfa-5910	61	2	hypotheses	hypothesis	NOUN
ajfa-5910	61	3	of	of	ADP
ajfa-5910	61	4	the	the	DET
ajfa-5910	61	5	study	study	NOUN
ajfa-5910	61	6	will	will	AUX
ajfa-5910	61	7	be	be	AUX
ajfa-5910	61	8	tested	test	VERB
ajfa-5910	61	9	based	base	VERB
ajfa-5910	61	10	on	on	ADP
ajfa-5910	61	11	pooling	pool	VERB
ajfa-5910	61	12	statistical	statistical	ADJ
ajfa-5910	61	13	method	method	NOUN
ajfa-5910	61	14	using	use	VERB
ajfa-5910	61	15	eviews	eviews	PROPN
ajfa-5910	61	16	software	software	NOUN
ajfa-5910	61	17	.	.	PUNCT
ajfa-5910	62	1	considering	consider	VERB
ajfa-5910	62	2	that	that	SCONJ
ajfa-5910	62	3	the	the	DET
ajfa-5910	62	4	iranian	iranian	ADJ
ajfa-5910	62	5	capital	capital	NOUN
ajfa-5910	62	6	market	market	NOUN
ajfa-5910	62	7	has	have	VERB
ajfa-5910	62	8	a	a	DET
ajfa-5910	62	9	large	large	ADJ
ajfa-5910	62	10	fluctuation	fluctuation	NOUN
ajfa-5910	62	11	during	during	ADP
ajfa-5910	62	12	the	the	DET
ajfa-5910	62	13	research	research	NOUN
ajfa-5910	62	14	,	,	PUNCT
ajfa-5910	62	15	in	in	ADP
ajfa-5910	62	16	order	order	NOUN
ajfa-5910	62	17	to	to	PART
ajfa-5910	62	18	increase	increase	VERB
ajfa-5910	62	19	the	the	DET
ajfa-5910	62	20	reliability	reliability	NOUN
ajfa-5910	62	21	of	of	ADP
ajfa-5910	62	22	the	the	DET
ajfa-5910	62	23	results	result	NOUN
ajfa-5910	62	24	,	,	PUNCT
ajfa-5910	62	25	the	the	DET
ajfa-5910	62	26	research	research	NOUN
ajfa-5910	62	27	hypotheses	hypothesis	NOUN
ajfa-5910	62	28	will	will	AUX
ajfa-5910	62	29	be	be	AUX
ajfa-5910	62	30	tested	test	VERB
ajfa-5910	62	31	crosssectionally	crosssectionally	ADV
ajfa-5910	62	32	.	.	PUNCT
ajfa-5910	63	1	3.1	3.1	NUM
ajfa-5910	63	2	.	.	PUNCT
ajfa-5910	63	3	data	datum	NOUN
ajfa-5910	63	4	collection	collection	NOUN
ajfa-5910	63	5	and	and	CCONJ
ajfa-5910	63	6	sample	sample	NOUN
ajfa-5910	63	7	selection	selection	NOUN
ajfa-5910	63	8	the	the	DET
ajfa-5910	63	9	sample	sample	NOUN
ajfa-5910	63	10	firms	firm	NOUN
ajfa-5910	63	11	of	of	ADP
ajfa-5910	63	12	this	this	DET
ajfa-5910	63	13	study	study	NOUN
ajfa-5910	63	14	are	be	AUX
ajfa-5910	63	15	the	the	DET
ajfa-5910	63	16	companies	company	NOUN
ajfa-5910	63	17	accepted	accept	VERB
ajfa-5910	63	18	in	in	ADP
ajfa-5910	63	19	tehran	tehran	PROPN
ajfa-5910	63	20	stock	stock	PROPN
ajfa-5910	63	21	exchange	exchange	PROPN
ajfa-5910	63	22	for	for	ADP
ajfa-5910	63	23	7	7	NUM
ajfa-5910	63	24	years	year	NOUN
ajfa-5910	63	25	during	during	ADP
ajfa-5910	63	26	the	the	DET
ajfa-5910	63	27	period	period	NOUN
ajfa-5910	63	28	from	from	ADP
ajfa-5910	63	29	2005	2005	NUM
ajfa-5910	63	30	(	(	PUNCT
ajfa-5910	63	31	2005/03/21	2005/03/21	NOUN
ajfa-5910	63	32	,	,	PUNCT
ajfa-5910	63	33	the	the	DET
ajfa-5910	63	34	beginning	beginning	NOUN
ajfa-5910	63	35	of	of	ADP
ajfa-5910	63	36	fiscal	fiscal	ADJ
ajfa-5910	63	37	year	year	NOUN
ajfa-5910	63	38	in	in	ADP
ajfa-5910	63	39	iran	iran	PROPN
ajfa-5910	63	40	)	)	PUNCT
ajfa-5910	63	41	to	to	ADP
ajfa-5910	63	42	2011	2011	NUM
ajfa-5910	63	43	(	(	PUNCT
ajfa-5910	63	44	2012/03/20	2012/03/20	NUM
ajfa-5910	63	45	,	,	PUNCT
ajfa-5910	63	46	the	the	DET
ajfa-5910	63	47	end	end	NOUN
ajfa-5910	63	48	of	of	ADP
ajfa-5910	63	49	fiscal	fiscal	ADJ
ajfa-5910	63	50	year	year	NOUN
ajfa-5910	63	51	in	in	ADP
ajfa-5910	63	52	iran	iran	PROPN
ajfa-5910	63	53	)	)	PUNCT
ajfa-5910	63	54	,	,	PUNCT
ajfa-5910	63	55	which	which	PRON
ajfa-5910	63	56	during	during	ADP
ajfa-5910	63	57	this	this	DET
ajfa-5910	63	58	period	period	NOUN
ajfa-5910	63	59	perform	perform	VERB
ajfa-5910	63	60	as	as	ADP
ajfa-5910	63	61	a	a	DET
ajfa-5910	63	62	member	member	NOUN
ajfa-5910	63	63	in	in	ADP
ajfa-5910	63	64	securities	security	NOUN
ajfa-5910	63	65	exchange	exchange	NOUN
ajfa-5910	63	66	.	.	PUNCT
ajfa-5910	64	1	the	the	DET
ajfa-5910	64	2	data	data	NOUN
ajfa-5910	64	3	is	be	AUX
ajfa-5910	64	4	balanced	balance	VERB
ajfa-5910	64	5	using	use	VERB
ajfa-5910	64	6	the	the	DET
ajfa-5910	64	7	following	following	ADJ
ajfa-5910	64	8	conditions	condition	NOUN
ajfa-5910	64	9	:	:	PUNCT
ajfa-5910	64	10	the	the	DET
ajfa-5910	64	11	samples	sample	NOUN
ajfa-5910	64	12	should	should	AUX
ajfa-5910	64	13	not	not	PART
ajfa-5910	64	14	be	be	AUX
ajfa-5910	64	15	included	include	VERB
ajfa-5910	64	16	in	in	ADP
ajfa-5910	64	17	the	the	DET
ajfa-5910	64	18	sector	sector	NOUN
ajfa-5910	64	19	of	of	ADP
ajfa-5910	64	20	financial	financial	ADJ
ajfa-5910	64	21	services	service	NOUN
ajfa-5910	64	22	,	,	PUNCT
ajfa-5910	64	23	investing	investing	NOUN
ajfa-5910	64	24	and	and	CCONJ
ajfa-5910	64	25	insurance	insurance	NOUN
ajfa-5910	64	26	companies	company	NOUN
ajfa-5910	64	27	but	but	CCONJ
ajfa-5910	64	28	manufacturing	manufacturing	NOUN
ajfa-5910	64	29	companies	company	NOUN
ajfa-5910	64	30	.	.	PUNCT
ajfa-5910	65	1	the	the	DET
ajfa-5910	65	2	companies	company	NOUN
ajfa-5910	65	3	should	should	AUX
ajfa-5910	65	4	be	be	AUX
ajfa-5910	65	5	in	in	ADP
ajfa-5910	65	6	securities	security	NOUN
ajfa-5910	65	7	exchange	exchange	NOUN
ajfa-5910	65	8	during	during	ADP
ajfa-5910	65	9	the	the	DET
ajfa-5910	65	10	years	year	NOUN
ajfa-5910	65	11	considered	consider	VERB
ajfa-5910	65	12	in	in	ADP
ajfa-5910	65	13	this	this	DET
ajfa-5910	65	14	study	study	NOUN
ajfa-5910	65	15	.	.	PUNCT
ajfa-5910	66	1	their	their	PRON
ajfa-5910	66	2	transactions	transaction	NOUN
ajfa-5910	66	3	should	should	AUX
ajfa-5910	66	4	n’t	not	PART
ajfa-5910	66	5	be	be	AUX
ajfa-5910	66	6	stopped	stop	VERB
ajfa-5910	66	7	more	more	ADJ
ajfa-5910	66	8	than	than	ADP
ajfa-5910	66	9	three	three	NUM
ajfa-5910	66	10	months	month	NOUN
ajfa-5910	66	11	and	and	CCONJ
ajfa-5910	66	12	there	there	PRON
ajfa-5910	66	13	should	should	AUX
ajfa-5910	66	14	be	be	AUX
ajfa-5910	66	15	the	the	DET
ajfa-5910	66	16	available	available	ADJ
ajfa-5910	66	17	data	datum	NOUN
ajfa-5910	66	18	required	require	VERB
ajfa-5910	66	19	for	for	ADP
ajfa-5910	66	20	this	this	DET
ajfa-5910	66	21	study	study	NOUN
ajfa-5910	66	22	during	during	ADP
ajfa-5910	66	23	the	the	DET
ajfa-5910	66	24	mentioned	mention	VERB
ajfa-5910	66	25	time	time	NOUN
ajfa-5910	66	26	and	and	CCONJ
ajfa-5910	66	27	have	have	VERB
ajfa-5910	66	28	annual	annual	ADJ
ajfa-5910	66	29	year	year	NOUN
ajfa-5910	66	30	ending	end	VERB
ajfa-5910	66	31	to	to	ADP
ajfa-5910	66	32	the	the	DET
ajfa-5910	66	33	end	end	NOUN
ajfa-5910	66	34	of	of	ADP
ajfa-5910	66	35	financial	financial	ADJ
ajfa-5910	66	36	year	year	NOUN
ajfa-5910	66	37	(	(	PUNCT
ajfa-5910	66	38	20xx/03/20	20xx/03/20	NUM
ajfa-5910	66	39	)	)	PUNCT
ajfa-5910	66	40	.	.	PUNCT
ajfa-5910	67	1	the	the	DET
ajfa-5910	67	2	considered	consider	VERB
ajfa-5910	67	3	companies	company	NOUN
ajfa-5910	67	4	should	should	AUX
ajfa-5910	67	5	not	not	PART
ajfa-5910	67	6	be	be	AUX
ajfa-5910	67	7	loss	loss	NOUN
ajfa-5910	67	8	companies	company	NOUN
ajfa-5910	67	9	and	and	CCONJ
ajfa-5910	67	10	also	also	ADV
ajfa-5910	67	11	they	they	PRON
ajfa-5910	67	12	should	should	AUX
ajfa-5910	67	13	pay	pay	VERB
ajfa-5910	67	14	dividend	dividend	NOUN
ajfa-5910	67	15	at	at	ADP
ajfa-5910	67	16	least	least	ADJ
ajfa-5910	67	17	for	for	ADP
ajfa-5910	67	18	three	three	NUM
ajfa-5910	67	19	years	year	NOUN
ajfa-5910	67	20	asian	asian	ADJ
ajfa-5910	67	21	journal	journal	NOUN
ajfa-5910	67	22	of	of	ADP
ajfa-5910	67	23	finance	finance	PROPN
ajfa-5910	67	24	&	&	CCONJ
ajfa-5910	67	25	accounting	accounting	PROPN
ajfa-5910	67	26	issn	issn	PROPN
ajfa-5910	67	27	1946	1946	NUM
ajfa-5910	67	28	-	-	PUNCT
ajfa-5910	67	29	052x	052x	PROPN
ajfa-5910	67	30	2014	2014	NUM
ajfa-5910	67	31	,	,	PUNCT
ajfa-5910	67	32	vol	vol	NOUN
ajfa-5910	67	33	.	.	PROPN
ajfa-5910	67	34	6	6	NUM
ajfa-5910	67	35	,	,	PUNCT
ajfa-5910	67	36	no	no	INTJ
ajfa-5910	67	37	.	.	NOUN
ajfa-5910	67	38	2	2	NUM
ajfa-5910	67	39	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5910	67	40	57	57	NUM
ajfa-5910	67	41	consecutively	consecutively	ADV
ajfa-5910	67	42	.	.	PUNCT
ajfa-5910	68	1	according	accord	VERB
ajfa-5910	68	2	to	to	ADP
ajfa-5910	68	3	the	the	DET
ajfa-5910	68	4	criteria	criterion	NOUN
ajfa-5910	68	5	,	,	PUNCT
ajfa-5910	68	6	92	92	NUM
ajfa-5910	68	7	companies	company	NOUN
ajfa-5910	68	8	have	have	AUX
ajfa-5910	68	9	been	be	AUX
ajfa-5910	68	10	selected	select	VERB
ajfa-5910	68	11	which	which	PRON
ajfa-5910	68	12	their	their	PRON
ajfa-5910	68	13	information	information	NOUN
ajfa-5910	68	14	has	have	AUX
ajfa-5910	68	15	been	be	AUX
ajfa-5910	68	16	collected	collect	VERB
ajfa-5910	68	17	through	through	ADP
ajfa-5910	68	18	tehran	tehran	PROPN
ajfa-5910	68	19	stock	stock	PROPN
ajfa-5910	68	20	exchange	exchange	PROPN
ajfa-5910	68	21	and	and	CCONJ
ajfa-5910	68	22	tadbirpardaz	tadbirpardaz	NOUN
ajfa-5910	68	23	database	database	NOUN
ajfa-5910	68	24	.	.	PUNCT
ajfa-5910	69	1	3.2	3.2	NUM
ajfa-5910	69	2	.	.	PUNCT
ajfa-5910	70	1	variables	variable	NOUN
ajfa-5910	70	2	definition	definition	NOUN
ajfa-5910	70	3	the	the	DET
ajfa-5910	70	4	variables	variable	NOUN
ajfa-5910	70	5	of	of	ADP
ajfa-5910	70	6	this	this	DET
ajfa-5910	70	7	research	research	NOUN
ajfa-5910	70	8	are	be	AUX
ajfa-5910	70	9	dependent	dependent	ADJ
ajfa-5910	70	10	,	,	PUNCT
ajfa-5910	70	11	independent	independent	ADJ
ajfa-5910	70	12	and	and	CCONJ
ajfa-5910	70	13	control	control	NOUN
ajfa-5910	70	14	variables	variable	NOUN
ajfa-5910	70	15	which	which	PRON
ajfa-5910	70	16	are	be	AUX
ajfa-5910	70	17	defined	define	VERB
ajfa-5910	70	18	as	as	ADP
ajfa-5910	70	19	under	under	ADP
ajfa-5910	70	20	:	:	PUNCT
ajfa-5910	70	21	3.2.1	3.2.1	NUM
ajfa-5910	70	22	.	.	PUNCT
ajfa-5910	71	1	dependent	dependent	ADJ
ajfa-5910	71	2	variable	variable	ADJ
ajfa-5910	71	3	dividend	dividend	NOUN
ajfa-5910	71	4	is	be	AUX
ajfa-5910	71	5	the	the	DET
ajfa-5910	71	6	payable	payable	ADJ
ajfa-5910	71	7	profit	profit	NOUN
ajfa-5910	71	8	to	to	ADP
ajfa-5910	71	9	the	the	DET
ajfa-5910	71	10	stockholders	stockholder	NOUN
ajfa-5910	71	11	which	which	PRON
ajfa-5910	71	12	is	be	AUX
ajfa-5910	71	13	acquired	acquire	VERB
ajfa-5910	71	14	through	through	ADP
ajfa-5910	71	15	dividing	divide	VERB
ajfa-5910	71	16	dividend	dividend	NOUN
ajfa-5910	71	17	over	over	ADP
ajfa-5910	71	18	number	number	NOUN
ajfa-5910	71	19	of	of	ADP
ajfa-5910	71	20	outstanding	outstanding	ADJ
ajfa-5910	71	21	shares	share	NOUN
ajfa-5910	71	22	at	at	ADP
ajfa-5910	71	23	annual	annual	ADJ
ajfa-5910	71	24	general	general	ADJ
ajfa-5910	71	25	meeting	meeting	NOUN
ajfa-5910	71	26	.	.	PUNCT
ajfa-5910	72	1	3.2.2	3.2.2	X
ajfa-5910	72	2	.	.	PUNCT
ajfa-5910	73	1	independent	independent	ADJ
ajfa-5910	73	2	variables	variable	NOUN
ajfa-5910	73	3	1	1	NUM
ajfa-5910	73	4	.	.	PUNCT
ajfa-5910	73	5	company	company	NOUN
ajfa-5910	73	6	age	age	NOUN
ajfa-5910	73	7	(	(	PUNCT
ajfa-5910	73	8	age	age	NOUN
ajfa-5910	73	9	)	)	PUNCT
ajfa-5910	73	10	is	be	AUX
ajfa-5910	73	11	the	the	DET
ajfa-5910	73	12	number	number	NOUN
ajfa-5910	73	13	of	of	ADP
ajfa-5910	73	14	the	the	DET
ajfa-5910	73	15	activity	activity	NOUN
ajfa-5910	73	16	years	year	NOUN
ajfa-5910	73	17	of	of	ADP
ajfa-5910	73	18	the	the	DET
ajfa-5910	73	19	company	company	NOUN
ajfa-5910	73	20	which	which	PRON
ajfa-5910	73	21	is	be	AUX
ajfa-5910	73	22	acquired	acquire	VERB
ajfa-5910	73	23	through	through	ADP
ajfa-5910	73	24	the	the	DET
ajfa-5910	73	25	difference	difference	NOUN
ajfa-5910	73	26	between	between	ADP
ajfa-5910	73	27	the	the	DET
ajfa-5910	73	28	current	current	ADJ
ajfa-5910	73	29	year	year	NOUN
ajfa-5910	73	30	and	and	CCONJ
ajfa-5910	73	31	the	the	DET
ajfa-5910	73	32	year	year	NOUN
ajfa-5910	73	33	of	of	ADP
ajfa-5910	73	34	the	the	DET
ajfa-5910	73	35	establishing	establish	VERB
ajfa-5910	73	36	the	the	DET
ajfa-5910	73	37	company	company	NOUN
ajfa-5910	73	38	(	(	PUNCT
ajfa-5910	73	39	john	john	PROPN
ajfa-5910	73	40	and	and	CCONJ
ajfa-5910	73	41	williams	williams	PROPN
ajfa-5910	73	42	,	,	PUNCT
ajfa-5910	73	43	1985	1985	NUM
ajfa-5910	73	44	)	)	PUNCT
ajfa-5910	73	45	.	.	PUNCT
ajfa-5910	74	1	2	2	X
ajfa-5910	74	2	.	.	X
ajfa-5910	74	3	financial	financial	ADJ
ajfa-5910	74	4	leverage	leverage	NOUN
ajfa-5910	74	5	(	(	PUNCT
ajfa-5910	74	6	lev	lev	NOUN
ajfa-5910	74	7	)	)	PUNCT
ajfa-5910	74	8	is	be	AUX
ajfa-5910	74	9	defined	define	VERB
ajfa-5910	74	10	as	as	ADP
ajfa-5910	74	11	the	the	DET
ajfa-5910	74	12	total	total	ADJ
ajfa-5910	74	13	debts	debt	NOUN
ajfa-5910	74	14	divided	divide	VERB
ajfa-5910	74	15	by	by	ADP
ajfa-5910	74	16	total	total	ADJ
ajfa-5910	74	17	assets	asset	NOUN
ajfa-5910	74	18	of	of	ADP
ajfa-5910	74	19	the	the	DET
ajfa-5910	74	20	company	company	NOUN
ajfa-5910	74	21	at	at	ADP
ajfa-5910	74	22	the	the	DET
ajfa-5910	74	23	end	end	NOUN
ajfa-5910	74	24	of	of	ADP
ajfa-5910	74	25	fiscal	fiscal	ADJ
ajfa-5910	74	26	year	year	NOUN
ajfa-5910	74	27	.	.	PUNCT
ajfa-5910	75	1	3	3	X
ajfa-5910	75	2	.	.	PUNCT
ajfa-5910	75	3	additionally	additionally	ADV
ajfa-5910	75	4	,	,	PUNCT
ajfa-5910	75	5	control	control	NOUN
ajfa-5910	75	6	variables	variable	NOUN
ajfa-5910	75	7	have	have	AUX
ajfa-5910	75	8	been	be	AUX
ajfa-5910	75	9	used	use	VERB
ajfa-5910	75	10	to	to	PART
ajfa-5910	75	11	equalize	equalize	VERB
ajfa-5910	75	12	the	the	DET
ajfa-5910	75	13	companies	company	NOUN
ajfa-5910	75	14	through	through	ADP
ajfa-5910	75	15	the	the	DET
ajfa-5910	75	16	effective	effective	ADJ
ajfa-5910	75	17	factors	factor	NOUN
ajfa-5910	75	18	in	in	ADP
ajfa-5910	75	19	this	this	DET
ajfa-5910	75	20	study	study	NOUN
ajfa-5910	75	21	.	.	PUNCT
ajfa-5910	76	1	these	these	DET
ajfa-5910	76	2	variables	variable	NOUN
ajfa-5910	76	3	include	include	VERB
ajfa-5910	76	4	earnings	earning	NOUN
ajfa-5910	76	5	per	per	ADP
ajfa-5910	76	6	share	share	NOUN
ajfa-5910	76	7	and	and	CCONJ
ajfa-5910	76	8	company	company	NOUN
ajfa-5910	76	9	size	size	NOUN
ajfa-5910	76	10	which	which	PRON
ajfa-5910	76	11	according	accord	VERB
ajfa-5910	76	12	to	to	ADP
ajfa-5910	76	13	deangelo	deangelo	PROPN
ajfa-5910	76	14	(	(	PUNCT
ajfa-5910	76	15	1981	1981	NUM
ajfa-5910	76	16	)	)	PUNCT
ajfa-5910	76	17	is	be	AUX
ajfa-5910	76	18	measured	measure	VERB
ajfa-5910	76	19	as	as	ADP
ajfa-5910	76	20	the	the	DET
ajfa-5910	76	21	natural	natural	ADJ
ajfa-5910	76	22	logarithm	logarithm	NOUN
ajfa-5910	76	23	of	of	ADP
ajfa-5910	76	24	the	the	DET
ajfa-5910	76	25	total	total	ADJ
ajfa-5910	76	26	assets	asset	NOUN
ajfa-5910	76	27	at	at	ADP
ajfa-5910	76	28	the	the	DET
ajfa-5910	76	29	end	end	NOUN
ajfa-5910	76	30	of	of	ADP
ajfa-5910	76	31	the	the	DET
ajfa-5910	76	32	financial	financial	ADJ
ajfa-5910	76	33	period	period	NOUN
ajfa-5910	76	34	(	(	PUNCT
ajfa-5910	76	35	deangelo	deangelo	PROPN
ajfa-5910	76	36	,	,	PUNCT
ajfa-5910	76	37	1981	1981	NUM
ajfa-5910	76	38	)	)	PUNCT
ajfa-5910	76	39	.	.	PUNCT
ajfa-5910	77	1	the	the	DET
ajfa-5910	77	2	earnings	earning	NOUN
ajfa-5910	77	3	per	per	ADP
ajfa-5910	77	4	share	share	NOUN
ajfa-5910	77	5	(	(	PUNCT
ajfa-5910	77	6	eps	eps	PROPN
ajfa-5910	77	7	)	)	PUNCT
ajfa-5910	77	8	is	be	AUX
ajfa-5910	77	9	the	the	DET
ajfa-5910	77	10	part	part	NOUN
ajfa-5910	77	11	that	that	PRON
ajfa-5910	77	12	indicate	indicate	VERB
ajfa-5910	77	13	firm	firm	NOUN
ajfa-5910	77	14	's	's	PART
ajfa-5910	77	15	periodical	periodical	ADJ
ajfa-5910	77	16	performance	performance	NOUN
ajfa-5910	77	17	based	base	VERB
ajfa-5910	77	18	on	on	ADP
ajfa-5910	77	19	ownership	ownership	NOUN
ajfa-5910	77	20	of	of	ADP
ajfa-5910	77	21	the	the	DET
ajfa-5910	77	22	shareholders	shareholder	NOUN
ajfa-5910	77	23	.	.	PUNCT
ajfa-5910	78	1	this	this	DET
ajfa-5910	78	2	proportion	proportion	NOUN
ajfa-5910	78	3	indicates	indicate	VERB
ajfa-5910	78	4	the	the	DET
ajfa-5910	78	5	revenue	revenue	NOUN
ajfa-5910	78	6	of	of	ADP
ajfa-5910	78	7	each	each	DET
ajfa-5910	78	8	common	common	ADJ
ajfa-5910	78	9	stock	stock	NOUN
ajfa-5910	78	10	of	of	ADP
ajfa-5910	78	11	the	the	DET
ajfa-5910	78	12	company	company	NOUN
ajfa-5910	78	13	and	and	CCONJ
ajfa-5910	78	14	is	be	AUX
ajfa-5910	78	15	calculated	calculate	VERB
ajfa-5910	78	16	through	through	ADP
ajfa-5910	78	17	dividing	divide	VERB
ajfa-5910	78	18	net	net	ADJ
ajfa-5910	78	19	profit	profit	NOUN
ajfa-5910	78	20	by	by	ADP
ajfa-5910	78	21	the	the	DET
ajfa-5910	78	22	number	number	NOUN
ajfa-5910	78	23	of	of	ADP
ajfa-5910	78	24	the	the	DET
ajfa-5910	78	25	common	common	ADJ
ajfa-5910	78	26	stocks	stock	NOUN
ajfa-5910	78	27	.	.	PUNCT
ajfa-5910	79	1	3.3	3.3	NUM
ajfa-5910	79	2	.	.	PUNCT
ajfa-5910	80	1	model	model	NOUN
ajfa-5910	80	2	specifications	specification	NOUN
ajfa-5910	80	3	based	base	VERB
ajfa-5910	80	4	on	on	ADP
ajfa-5910	80	5	the	the	DET
ajfa-5910	80	6	mentioned	mention	VERB
ajfa-5910	80	7	explanations	explanation	NOUN
ajfa-5910	80	8	and	and	CCONJ
ajfa-5910	80	9	in	in	ADP
ajfa-5910	80	10	order	order	NOUN
ajfa-5910	80	11	to	to	PART
ajfa-5910	80	12	test	test	VERB
ajfa-5910	80	13	the	the	DET
ajfa-5910	80	14	hypotheses	hypothesis	NOUN
ajfa-5910	80	15	,	,	PUNCT
ajfa-5910	80	16	the	the	DET
ajfa-5910	80	17	research	research	NOUN
ajfa-5910	80	18	model	model	NOUN
ajfa-5910	80	19	is	be	AUX
ajfa-5910	80	20	presented	present	VERB
ajfa-5910	80	21	as	as	SCONJ
ajfa-5910	80	22	follows	follow	VERB
ajfa-5910	80	23	:	:	PUNCT
ajfa-5910	80	24	itititititititit	itititititititit	PROPN
ajfa-5910	80	25	sizeepslevageageagedpo	sizeepslevageageagedpo	NOUN
ajfa-5910	80	26	εβββββββ	εβββββββ	VERB
ajfa-5910	80	27	+	+	PROPN
ajfa-5910	80	28	+	+	ADJ
ajfa-5910	80	29	+	+	ADJ
ajfa-5910	80	30	+	+	ADJ
ajfa-5910	80	31	+	+	ADJ
ajfa-5910	80	32	+	+	ADJ
ajfa-5910	80	33	+	+	NOUN
ajfa-5910	80	34	=	=	SYM
ajfa-5910	80	35	)	)	PUNCT
ajfa-5910	80	36	(	(	PUNCT
ajfa-5910	80	37	)	)	PUNCT
ajfa-5910	80	38	(	(	PUNCT
ajfa-5910	80	39	)	)	PUNCT
ajfa-5910	80	40	(	(	PUNCT
ajfa-5910	80	41	)	)	PUNCT
ajfa-5910	80	42	(	(	PUNCT
ajfa-5910	80	43	)	)	PUNCT
ajfa-5910	80	44	(	(	PUNCT
ajfa-5910	80	45	)	)	PUNCT
ajfa-5910	80	46	(	(	PUNCT
ajfa-5910	80	47	654	654	NUM
ajfa-5910	80	48	3	3	NUM
ajfa-5910	80	49	3	3	NUM
ajfa-5910	80	50	2	2	NUM
ajfa-5910	80	51	210	210	NUM
ajfa-5910	80	52	where	where	SCONJ
ajfa-5910	80	53	;	;	PUNCT
ajfa-5910	80	54	dpo	dpo	NOUN
ajfa-5910	80	55	:	:	PUNCT
ajfa-5910	80	56	division	division	NOUN
ajfa-5910	80	57	payout	payout	NOUN
ajfa-5910	80	58	,	,	PUNCT
ajfa-5910	80	59	age	age	NOUN
ajfa-5910	80	60	:	:	PUNCT
ajfa-5910	80	61	company	company	NOUN
ajfa-5910	80	62	age	age	NOUN
ajfa-5910	80	63	,	,	PUNCT
ajfa-5910	80	64	lev	lev	NOUN
ajfa-5910	80	65	:	:	PUNCT
ajfa-5910	80	66	financial	financial	ADJ
ajfa-5910	80	67	leverage	leverage	NOUN
ajfa-5910	80	68	,	,	PUNCT
ajfa-5910	80	69	asian	asian	ADJ
ajfa-5910	80	70	journal	journal	NOUN
ajfa-5910	80	71	of	of	ADP
ajfa-5910	80	72	finance	finance	PROPN
ajfa-5910	80	73	&	&	CCONJ
ajfa-5910	80	74	accounting	accounting	PROPN
ajfa-5910	80	75	issn	issn	PROPN
ajfa-5910	80	76	1946	1946	NUM
ajfa-5910	80	77	-	-	PUNCT
ajfa-5910	80	78	052x	052x	PROPN
ajfa-5910	80	79	2014	2014	NUM
ajfa-5910	80	80	,	,	PUNCT
ajfa-5910	80	81	vol	vol	NOUN
ajfa-5910	80	82	.	.	PROPN
ajfa-5910	81	1	6	6	NUM
ajfa-5910	81	2	,	,	PUNCT
ajfa-5910	81	3	no	no	INTJ
ajfa-5910	81	4	.	.	NOUN
ajfa-5910	81	5	2	2	NUM
ajfa-5910	81	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5910	81	7	58	58	NUM
ajfa-5910	81	8	eps	ep	NOUN
ajfa-5910	81	9	:	:	PUNCT
ajfa-5910	81	10	earnings	earning	NOUN
ajfa-5910	81	11	per	per	ADP
ajfa-5910	81	12	share	share	NOUN
ajfa-5910	81	13	,	,	PUNCT
ajfa-5910	81	14	size	size	NOUN
ajfa-5910	81	15	:	:	PUNCT
ajfa-5910	81	16	company	company	NOUN
ajfa-5910	81	17	size	size	NOUN
ajfa-5910	81	18	,	,	PUNCT
ajfa-5910	81	19	ɛ	ɛ	NOUN
ajfa-5910	81	20	:	:	PUNCT
ajfa-5910	81	21	error	error	NOUN
ajfa-5910	81	22	term	term	NOUN
ajfa-5910	81	23	,	,	PUNCT
ajfa-5910	81	24	4	4	X
ajfa-5910	81	25	.	.	NOUN
ajfa-5910	81	26	results	result	VERB
ajfa-5910	81	27	4.1	4.1	NUM
ajfa-5910	81	28	.	.	PUNCT
ajfa-5910	82	1	descriptive	descriptive	ADJ
ajfa-5910	82	2	statistics	statistic	NOUN
ajfa-5910	82	3	in	in	ADP
ajfa-5910	82	4	order	order	NOUN
ajfa-5910	82	5	to	to	PART
ajfa-5910	82	6	do	do	AUX
ajfa-5910	82	7	the	the	DET
ajfa-5910	82	8	current	current	ADJ
ajfa-5910	82	9	study	study	NOUN
ajfa-5910	82	10	,	,	PUNCT
ajfa-5910	82	11	the	the	DET
ajfa-5910	82	12	collected	collect	VERB
ajfa-5910	82	13	data	datum	NOUN
ajfa-5910	82	14	have	have	AUX
ajfa-5910	82	15	been	be	AUX
ajfa-5910	82	16	analyzed	analyze	VERB
ajfa-5910	82	17	and	and	CCONJ
ajfa-5910	82	18	then	then	ADV
ajfa-5910	82	19	the	the	DET
ajfa-5910	82	20	results	result	NOUN
ajfa-5910	82	21	related	relate	VERB
ajfa-5910	82	22	to	to	ADP
ajfa-5910	82	23	the	the	DET
ajfa-5910	82	24	descriptive	descriptive	ADJ
ajfa-5910	82	25	statistics	statistic	NOUN
ajfa-5910	82	26	of	of	ADP
ajfa-5910	82	27	the	the	DET
ajfa-5910	82	28	data	datum	NOUN
ajfa-5910	82	29	,	,	PUNCT
ajfa-5910	82	30	correlation	correlation	NOUN
ajfa-5910	82	31	coefficient	coefficient	NOUN
ajfa-5910	82	32	stable	stable	ADJ
ajfa-5910	82	33	,	,	PUNCT
ajfa-5910	82	34	standard	standard	ADJ
ajfa-5910	82	35	deviations	deviation	NOUN
ajfa-5910	82	36	,	,	PUNCT
ajfa-5910	82	37	regression	regression	NOUN
ajfa-5910	82	38	results	result	NOUN
ajfa-5910	82	39	regarding	regard	VERB
ajfa-5910	82	40	research	research	NOUN
ajfa-5910	82	41	hypothesis	hypothesis	NOUN
ajfa-5910	82	42	have	have	AUX
ajfa-5910	82	43	been	be	AUX
ajfa-5910	82	44	interpreted	interpret	VERB
ajfa-5910	82	45	.	.	PUNCT
ajfa-5910	83	1	table	table	NOUN
ajfa-5910	83	2	1	1	NUM
ajfa-5910	83	3	.	.	PUNCT
ajfa-5910	83	4	descriptive	descriptive	ADJ
ajfa-5910	83	5	statistics	statistic	NOUN
ajfa-5910	83	6	of	of	ADP
ajfa-5910	83	7	the	the	DET
ajfa-5910	83	8	variables	variable	NOUN
ajfa-5910	83	9	variables	variable	VERB
ajfa-5910	83	10	minimum	minimum	ADJ
ajfa-5910	83	11	maximum	maximum	ADJ
ajfa-5910	83	12	mean	mean	ADJ
ajfa-5910	83	13	median	median	NOUN
ajfa-5910	83	14	std.dev	std.dev	PROPN
ajfa-5910	83	15	dpo	dpo	PROPN
ajfa-5910	83	16	0.0000	0.0000	NUM
ajfa-5910	83	17	1.2354	1.2354	NUM
ajfa-5910	83	18	0.3865	0.3865	NUM
ajfa-5910	83	19	0.4439	0.4439	NUM
ajfa-5910	83	20	0.6529	0.6529	NUM
ajfa-5910	83	21	age	age	NOUN
ajfa-5910	83	22	9.0000	9.0000	NUM
ajfa-5910	83	23	54.0000	54.0000	NUM
ajfa-5910	83	24	22.5438	22.5438	NUM
ajfa-5910	83	25	23.4764	23.4764	NUM
ajfa-5910	83	26	14.8602	14.8602	NUM
ajfa-5910	83	27	age2	age2	NOUN
ajfa-5910	83	28	81.0000	81.0000	NUM
ajfa-5910	83	29	2916.0000	2916.0000	NUM
ajfa-5910	83	30	1204.3690	1204.3690	NUM
ajfa-5910	83	31	1190.1600	1190.1600	NUM
ajfa-5910	83	32	143.9167	143.9167	NUM
ajfa-5910	83	33	age3	age3	NOUN
ajfa-5910	83	34	729.0000	729.0000	NUM
ajfa-5910	83	35	157464.0000	157464.0000	NUM
ajfa-5910	83	36	65891.7600	65891.7600	NUM
ajfa-5910	83	37	61439.9100	61439.9100	NUM
ajfa-5910	83	38	1426.5620	1426.5620	NUM
ajfa-5910	83	39	lev	lev	NOUN
ajfa-5910	84	1	0.3681	0.3681	NUM
ajfa-5910	84	2	0.9378	0.9378	NUM
ajfa-5910	84	3	0.6237	0.6237	NUM
ajfa-5910	84	4	0.6139	0.6139	NUM
ajfa-5910	84	5	0.6894	0.6894	NUM
ajfa-5910	84	6	eps	eps	PROPN
ajfa-5910	84	7	–	–	PUNCT
ajfa-5910	84	8	1382.7800	1382.7800	NUM
ajfa-5910	84	9	7238.9300	7238.9300	NUM
ajfa-5910	84	10	894.2100	894.2100	NUM
ajfa-5910	84	11	978.4400	978.4400	NUM
ajfa-5910	84	12	28.8620	28.8620	NUM
ajfa-5910	84	13	size	size	NOUN
ajfa-5910	84	14	4.2866	4.2866	NUM
ajfa-5910	84	15	7.6894	7.6894	NUM
ajfa-5910	84	16	5.4139	5.4139	NUM
ajfa-5910	84	17	5.3673	5.3673	NUM
ajfa-5910	84	18	1.4805	1.4805	NUM
ajfa-5910	84	19	notes	note	NOUN
ajfa-5910	84	20	:	:	PUNCT
ajfa-5910	84	21	dpo	dpo	NOUN
ajfa-5910	84	22	=	=	PUNCT
ajfa-5910	84	23	dividend	dividend	NOUN
ajfa-5910	84	24	payout	payout	NOUN
ajfa-5910	84	25	;	;	PUNCT
ajfa-5910	84	26	age	age	NOUN
ajfa-5910	84	27	=	=	SYM
ajfa-5910	84	28	age	age	NOUN
ajfa-5910	84	29	of	of	ADP
ajfa-5910	84	30	company	company	NOUN
ajfa-5910	84	31	;	;	PUNCT
ajfa-5910	84	32	age2	age2	NOUN
ajfa-5910	84	33	=	=	SYM
ajfa-5910	84	34	square	square	NOUN
ajfa-5910	84	35	of	of	ADP
ajfa-5910	84	36	company	company	NOUN
ajfa-5910	84	37	age	age	NOUN
ajfa-5910	84	38	;	;	PUNCT
ajfa-5910	84	39	age3	age3	NOUN
ajfa-5910	84	40	=	=	SYM
ajfa-5910	84	41	cube	cube	NOUN
ajfa-5910	84	42	of	of	ADP
ajfa-5910	84	43	age	age	NOUN
ajfa-5910	84	44	company	company	NOUN
ajfa-5910	84	45	;	;	PUNCT
ajfa-5910	84	46	lev	lev	NOUN
ajfa-5910	84	47	=	=	SYM
ajfa-5910	84	48	financial	financial	ADJ
ajfa-5910	84	49	leverage	leverage	NOUN
ajfa-5910	84	50	;	;	PUNCT
ajfa-5910	84	51	eps	eps	NOUN
ajfa-5910	84	52	=	=	NOUN
ajfa-5910	84	53	earnings	earning	NOUN
ajfa-5910	84	54	per	per	ADP
ajfa-5910	84	55	share	share	NOUN
ajfa-5910	84	56	;	;	PUNCT
ajfa-5910	84	57	size	size	NOUN
ajfa-5910	84	58	=	=	SYM
ajfa-5910	84	59	company	company	NOUN
ajfa-5910	84	60	size	size	NOUN
ajfa-5910	84	61	4.2	4.2	NUM
ajfa-5910	84	62	.	.	PUNCT
ajfa-5910	85	1	pearson	pearson	PROPN
ajfa-5910	85	2	correlation	correlation	NOUN
ajfa-5910	85	3	matrix	matrix	NOUN
ajfa-5910	85	4	the	the	DET
ajfa-5910	85	5	study	study	NOUN
ajfa-5910	85	6	of	of	ADP
ajfa-5910	85	7	correlation	correlation	NOUN
ajfa-5910	85	8	is	be	AUX
ajfa-5910	85	9	a	a	DET
ajfa-5910	85	10	statistical	statistical	ADJ
ajfa-5910	85	11	way	way	NOUN
ajfa-5910	85	12	through	through	ADP
ajfa-5910	85	13	which	which	PRON
ajfa-5910	85	14	the	the	DET
ajfa-5910	85	15	order	order	NOUN
ajfa-5910	85	16	that	that	SCONJ
ajfa-5910	85	17	a	a	DET
ajfa-5910	85	18	variable	variable	NOUN
ajfa-5910	85	19	can	can	AUX
ajfa-5910	85	20	be	be	AUX
ajfa-5910	85	21	related	relate	VERB
ajfa-5910	85	22	to	to	ADP
ajfa-5910	85	23	another	another	DET
ajfa-5910	85	24	variable	variable	NOUN
ajfa-5910	85	25	linearly	linearly	ADV
ajfa-5910	85	26	can	can	AUX
ajfa-5910	85	27	be	be	AUX
ajfa-5910	85	28	measured	measure	VERB
ajfa-5910	85	29	.	.	PUNCT
ajfa-5910	86	1	the	the	DET
ajfa-5910	86	2	relationship	relationship	NOUN
ajfa-5910	86	3	between	between	ADP
ajfa-5910	86	4	the	the	DET
ajfa-5910	86	5	variables	variable	NOUN
ajfa-5910	86	6	of	of	ADP
ajfa-5910	86	7	the	the	DET
ajfa-5910	86	8	research	research	NOUN
ajfa-5910	86	9	has	have	AUX
ajfa-5910	86	10	been	be	AUX
ajfa-5910	86	11	presented	present	VERB
ajfa-5910	86	12	in	in	ADP
ajfa-5910	86	13	table	table	NOUN
ajfa-5910	86	14	2	2	NUM
ajfa-5910	86	15	.	.	PUNCT
ajfa-5910	87	1	the	the	DET
ajfa-5910	87	2	correlation	correlation	NOUN
ajfa-5910	87	3	coefficient	coefficient	NOUN
ajfa-5910	87	4	between	between	ADP
ajfa-5910	87	5	the	the	DET
ajfa-5910	87	6	independent	independent	ADJ
ajfa-5910	87	7	variables	variable	NOUN
ajfa-5910	87	8	applied	apply	VERB
ajfa-5910	87	9	in	in	ADP
ajfa-5910	87	10	the	the	DET
ajfa-5910	87	11	model	model	NOUN
ajfa-5910	87	12	should	should	AUX
ajfa-5910	87	13	not	not	PART
ajfa-5910	87	14	be	be	AUX
ajfa-5910	87	15	large	large	ADJ
ajfa-5910	87	16	,	,	PUNCT
ajfa-5910	87	17	because	because	SCONJ
ajfa-5910	87	18	the	the	DET
ajfa-5910	87	19	correlation	correlation	NOUN
ajfa-5910	87	20	between	between	ADP
ajfa-5910	87	21	independent	independent	ADJ
ajfa-5910	87	22	variables	variable	NOUN
ajfa-5910	87	23	in	in	ADP
ajfa-5910	87	24	a	a	DET
ajfa-5910	87	25	model	model	NOUN
ajfa-5910	87	26	leads	lead	VERB
ajfa-5910	87	27	to	to	ADP
ajfa-5910	87	28	the	the	DET
ajfa-5910	87	29	bias	bias	NOUN
ajfa-5910	87	30	in	in	ADP
ajfa-5910	87	31	the	the	DET
ajfa-5910	87	32	regression	regression	NOUN
ajfa-5910	87	33	results	result	NOUN
ajfa-5910	87	34	.	.	PUNCT
ajfa-5910	88	1	asian	asian	ADJ
ajfa-5910	88	2	journal	journal	PROPN
ajfa-5910	88	3	of	of	ADP
ajfa-5910	88	4	finance	finance	PROPN
ajfa-5910	88	5	&	&	CCONJ
ajfa-5910	88	6	accounting	accounting	PROPN
ajfa-5910	88	7	issn	issn	PROPN
ajfa-5910	88	8	1946	1946	NUM
ajfa-5910	88	9	-	-	PUNCT
ajfa-5910	88	10	052x	052x	PROPN
ajfa-5910	88	11	2014	2014	NUM
ajfa-5910	88	12	,	,	PUNCT
ajfa-5910	88	13	vol	vol	NOUN
ajfa-5910	88	14	.	.	PROPN
ajfa-5910	89	1	6	6	NUM
ajfa-5910	89	2	,	,	PUNCT
ajfa-5910	89	3	no	no	INTJ
ajfa-5910	89	4	.	.	NOUN
ajfa-5910	89	5	2	2	NUM
ajfa-5910	89	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5910	89	7	59	59	NUM
ajfa-5910	89	8	table	table	NOUN
ajfa-5910	89	9	2	2	NUM
ajfa-5910	89	10	.	.	PUNCT
ajfa-5910	89	11	pearson	pearson	PROPN
ajfa-5910	89	12	correlation	correlation	NOUN
ajfa-5910	89	13	matrix	matrix	NOUN
ajfa-5910	89	14	variables	variable	VERB
ajfa-5910	89	15	dpo	dpo	PROPN
ajfa-5910	89	16	age	age	NOUN
ajfa-5910	89	17	age2	age2	PROPN
ajfa-5910	89	18	age3	age3	PROPN
ajfa-5910	89	19	lev	lev	PROPN
ajfa-5910	89	20	eps	eps	PROPN
ajfa-5910	89	21	size	size	NOUN
ajfa-5910	89	22	dpo	dpo	NOUN
ajfa-5910	89	23	1.0000	1.0000	NUM
ajfa-5910	89	24	age	age	NOUN
ajfa-5910	89	25	0.2231	0.2231	NUM
ajfa-5910	89	26	1.0000	1.0000	NUM
ajfa-5910	89	27	age2	age2	NOUN
ajfa-5910	89	28	–	–	PUNCT
ajfa-5910	89	29	0.0656	0.0656	NUM
ajfa-5910	89	30	0.2108	0.2108	NUM
ajfa-5910	89	31	1.0000	1.0000	NUM
ajfa-5910	89	32	age3	age3	NOUN
ajfa-5910	89	33	0.1904	0.1904	NUM
ajfa-5910	89	34	0.0362	0.0362	NUM
ajfa-5910	89	35	0.2472	0.2472	NUM
ajfa-5910	89	36	1.0000	1.0000	NUM
ajfa-5910	89	37	lev	lev	NOUN
ajfa-5910	89	38	–	–	PUNCT
ajfa-5910	89	39	0.1178	0.1178	NUM
ajfa-5910	89	40	–	–	PUNCT
ajfa-5910	89	41	0.3514	0.3514	NUM
ajfa-5910	89	42	–	–	PUNCT
ajfa-5910	89	43	0.0913	0.0913	NUM
ajfa-5910	89	44	0.1087	0.1087	NUM
ajfa-5910	89	45	1.0000	1.0000	NUM
ajfa-5910	89	46	eps	eps	PROPN
ajfa-5910	89	47	0.2302	0.2302	NUM
ajfa-5910	89	48	–	–	PUNCT
ajfa-5910	89	49	0.0012	0.0012	NUM
ajfa-5910	89	50	0.1436	0.1436	NUM
ajfa-5910	89	51	0.0043	0.0043	NUM
ajfa-5910	89	52	–	–	PUNCT
ajfa-5910	89	53	0.0346	0.0346	NUM
ajfa-5910	89	54	1.0000	1.0000	NUM
ajfa-5910	89	55	size	size	NOUN
ajfa-5910	89	56	0.3401	0.3401	NUM
ajfa-5910	89	57	0.0212	0.0212	NUM
ajfa-5910	89	58	–	–	PUNCT
ajfa-5910	89	59	0.0264	0.0264	NUM
ajfa-5910	89	60	0.0658	0.0658	NUM
ajfa-5910	89	61	0.1456	0.1456	NUM
ajfa-5910	89	62	0.1406	0.1406	NUM
ajfa-5910	89	63	1.0000	1.0000	NUM
ajfa-5910	89	64	notes	note	NOUN
ajfa-5910	89	65	:	:	PUNCT
ajfa-5910	89	66	dpo	dpo	NOUN
ajfa-5910	89	67	=	=	PUNCT
ajfa-5910	89	68	dividend	dividend	NOUN
ajfa-5910	89	69	payout	payout	NOUN
ajfa-5910	89	70	;	;	PUNCT
ajfa-5910	89	71	age	age	NOUN
ajfa-5910	89	72	=	=	SYM
ajfa-5910	89	73	age	age	NOUN
ajfa-5910	89	74	of	of	ADP
ajfa-5910	89	75	company	company	NOUN
ajfa-5910	89	76	;	;	PUNCT
ajfa-5910	89	77	age2	age2	NOUN
ajfa-5910	89	78	=	=	SYM
ajfa-5910	89	79	square	square	NOUN
ajfa-5910	89	80	of	of	ADP
ajfa-5910	89	81	company	company	NOUN
ajfa-5910	89	82	age	age	NOUN
ajfa-5910	89	83	;	;	PUNCT
ajfa-5910	89	84	age3	age3	NOUN
ajfa-5910	89	85	=	=	SYM
ajfa-5910	89	86	cube	cube	NOUN
ajfa-5910	89	87	of	of	ADP
ajfa-5910	89	88	age	age	NOUN
ajfa-5910	89	89	company	company	NOUN
ajfa-5910	89	90	;	;	PUNCT
ajfa-5910	89	91	lev	lev	NOUN
ajfa-5910	89	92	=	=	SYM
ajfa-5910	89	93	financial	financial	ADJ
ajfa-5910	89	94	leverage	leverage	NOUN
ajfa-5910	89	95	;	;	PUNCT
ajfa-5910	89	96	eps	eps	NOUN
ajfa-5910	89	97	=	=	NOUN
ajfa-5910	89	98	earnings	earning	NOUN
ajfa-5910	89	99	per	per	ADP
ajfa-5910	89	100	share	share	NOUN
ajfa-5910	89	101	;	;	PUNCT
ajfa-5910	89	102	size	size	NOUN
ajfa-5910	89	103	=	=	SYM
ajfa-5910	89	104	company	company	NOUN
ajfa-5910	89	105	size	size	NOUN
ajfa-5910	89	106	4.3	4.3	NUM
ajfa-5910	89	107	.	.	PUNCT
ajfa-5910	90	1	regression	regression	NOUN
ajfa-5910	90	2	results	result	NOUN
ajfa-5910	90	3	as	as	SCONJ
ajfa-5910	90	4	mentioned	mention	VERB
ajfa-5910	90	5	before	before	ADV
ajfa-5910	90	6	,	,	PUNCT
ajfa-5910	90	7	the	the	DET
ajfa-5910	90	8	main	main	ADJ
ajfa-5910	90	9	aim	aim	NOUN
ajfa-5910	90	10	of	of	ADP
ajfa-5910	90	11	the	the	DET
ajfa-5910	90	12	study	study	NOUN
ajfa-5910	90	13	is	be	AUX
ajfa-5910	90	14	to	to	PART
ajfa-5910	90	15	test	test	VERB
ajfa-5910	90	16	of	of	ADP
ajfa-5910	90	17	the	the	DET
ajfa-5910	90	18	relationship	relationship	NOUN
ajfa-5910	90	19	between	between	ADP
ajfa-5910	90	20	the	the	DET
ajfa-5910	90	21	age	age	NOUN
ajfa-5910	90	22	of	of	ADP
ajfa-5910	90	23	the	the	DET
ajfa-5910	90	24	company	company	NOUN
ajfa-5910	90	25	and	and	CCONJ
ajfa-5910	90	26	the	the	DET
ajfa-5910	90	27	proportion	proportion	NOUN
ajfa-5910	90	28	of	of	ADP
ajfa-5910	90	29	the	the	DET
ajfa-5910	90	30	financial	financial	ADJ
ajfa-5910	90	31	leverage	leverage	NOUN
ajfa-5910	90	32	with	with	ADP
ajfa-5910	90	33	the	the	DET
ajfa-5910	90	34	dividend	dividend	NOUN
ajfa-5910	90	35	politics	politic	NOUN
ajfa-5910	90	36	.	.	PUNCT
ajfa-5910	91	1	in	in	ADP
ajfa-5910	91	2	this	this	DET
ajfa-5910	91	3	case	case	NOUN
ajfa-5910	91	4	two	two	NUM
ajfa-5910	91	5	hypotheses	hypothesis	NOUN
ajfa-5910	91	6	have	have	AUX
ajfa-5910	91	7	been	be	AUX
ajfa-5910	91	8	developed	develop	VERB
ajfa-5910	91	9	.	.	PUNCT
ajfa-5910	92	1	following	follow	VERB
ajfa-5910	92	2	,	,	PUNCT
ajfa-5910	92	3	the	the	DET
ajfa-5910	92	4	results	result	NOUN
ajfa-5910	92	5	of	of	ADP
ajfa-5910	92	6	the	the	DET
ajfa-5910	92	7	test	test	NOUN
ajfa-5910	92	8	of	of	ADP
ajfa-5910	92	9	the	the	DET
ajfa-5910	92	10	first	first	ADJ
ajfa-5910	92	11	and	and	CCONJ
ajfa-5910	92	12	second	second	ADJ
ajfa-5910	92	13	hypotheses	hypothesis	NOUN
ajfa-5910	92	14	have	have	AUX
ajfa-5910	92	15	been	be	AUX
ajfa-5910	92	16	presented	present	VERB
ajfa-5910	92	17	.	.	PUNCT
ajfa-5910	93	1	the	the	DET
ajfa-5910	93	2	test	test	NOUN
ajfa-5910	93	3	of	of	ADP
ajfa-5910	93	4	the	the	DET
ajfa-5910	93	5	significant	significant	ADJ
ajfa-5910	93	6	coefficients	coefficient	NOUN
ajfa-5910	93	7	is	be	AUX
ajfa-5910	93	8	what	what	PRON
ajfa-5910	93	9	the	the	DET
ajfa-5910	93	10	researcher	researcher	NOUN
ajfa-5910	93	11	is	be	AUX
ajfa-5910	93	12	going	go	VERB
ajfa-5910	93	13	to	to	PART
ajfa-5910	93	14	find	find	VERB
ajfa-5910	93	15	.	.	PUNCT
ajfa-5910	94	1	the	the	DET
ajfa-5910	94	2	results	result	NOUN
ajfa-5910	94	3	of	of	ADP
ajfa-5910	94	4	regression	regression	NOUN
ajfa-5910	94	5	model	model	NOUN
ajfa-5910	94	6	significance	significance	NOUN
ajfa-5910	94	7	and	and	CCONJ
ajfa-5910	94	8	coefficients	coefficient	NOUN
ajfa-5910	94	9	significance	significance	NOUN
ajfa-5910	94	10	using	use	VERB
ajfa-5910	94	11	pool	pool	NOUN
ajfa-5910	94	12	data	datum	NOUN
ajfa-5910	94	13	method	method	NOUN
ajfa-5910	94	14	are	be	AUX
ajfa-5910	94	15	presented	present	VERB
ajfa-5910	94	16	in	in	ADP
ajfa-5910	94	17	table	table	NOUN
ajfa-5910	94	18	3	3	NUM
ajfa-5910	94	19	for	for	ADP
ajfa-5910	94	20	2005	2005	NUM
ajfa-5910	94	21	-	-	SYM
ajfa-5910	94	22	2011	2011	NUM
ajfa-5910	94	23	.	.	PUNCT
ajfa-5910	95	1	as	as	SCONJ
ajfa-5910	95	2	it	it	PRON
ajfa-5910	95	3	is	be	AUX
ajfa-5910	95	4	observed	observe	VERB
ajfa-5910	95	5	in	in	ADP
ajfa-5910	95	6	the	the	DET
ajfa-5910	95	7	table	table	NOUN
ajfa-5910	95	8	,	,	PUNCT
ajfa-5910	95	9	f	f	X
ajfa-5910	95	10	-	-	PUNCT
ajfa-5910	95	11	statistic	statistic	NOUN
ajfa-5910	95	12	at	at	ADP
ajfa-5910	95	13	the	the	DET
ajfa-5910	95	14	level	level	NOUN
ajfa-5910	95	15	of	of	ADP
ajfa-5910	95	16	99	99	NUM
ajfa-5910	95	17	%	%	NOUN
ajfa-5910	95	18	confidence	confidence	NOUN
ajfa-5910	95	19	is	be	AUX
ajfa-5910	95	20	significant	significant	ADJ
ajfa-5910	95	21	.	.	PUNCT
ajfa-5910	96	1	therefore	therefore	ADV
ajfa-5910	96	2	,	,	PUNCT
ajfa-5910	96	3	the	the	DET
ajfa-5910	96	4	model	model	NOUN
ajfa-5910	96	5	of	of	ADP
ajfa-5910	96	6	the	the	DET
ajfa-5910	96	7	study	study	NOUN
ajfa-5910	96	8	is	be	AUX
ajfa-5910	96	9	significant	significant	ADJ
ajfa-5910	96	10	generally	generally	ADV
ajfa-5910	96	11	and	and	CCONJ
ajfa-5910	96	12	the	the	DET
ajfa-5910	96	13	independent	independent	ADJ
ajfa-5910	96	14	and	and	CCONJ
ajfa-5910	96	15	control	control	NOUN
ajfa-5910	96	16	variables	variable	NOUN
ajfa-5910	96	17	are	be	AUX
ajfa-5910	96	18	able	able	ADJ
ajfa-5910	96	19	to	to	PART
ajfa-5910	96	20	explain	explain	VERB
ajfa-5910	96	21	variations	variation	NOUN
ajfa-5910	96	22	in	in	ADP
ajfa-5910	96	23	the	the	DET
ajfa-5910	96	24	dependent	dependent	ADJ
ajfa-5910	96	25	variable	variable	NOUN
ajfa-5910	96	26	of	of	ADP
ajfa-5910	96	27	the	the	DET
ajfa-5910	96	28	model	model	NOUN
ajfa-5910	96	29	.	.	PUNCT
ajfa-5910	97	1	in	in	ADP
ajfa-5910	97	2	addition	addition	NOUN
ajfa-5910	97	3	,	,	PUNCT
ajfa-5910	97	4	the	the	DET
ajfa-5910	97	5	determination	determination	NOUN
ajfa-5910	97	6	coefficient	coefficient	NOUN
ajfa-5910	97	7	is	be	AUX
ajfa-5910	97	8	equal	equal	ADJ
ajfa-5910	97	9	to	to	ADP
ajfa-5910	97	10	0.02293	0.02293	NUM
ajfa-5910	97	11	.	.	PUNCT
ajfa-5910	98	1	this	this	DET
ajfa-5910	98	2	number	number	NOUN
ajfa-5910	98	3	indicates	indicate	VERB
ajfa-5910	98	4	that	that	SCONJ
ajfa-5910	98	5	about	about	ADV
ajfa-5910	98	6	23	23	NUM
ajfa-5910	98	7	%	%	NOUN
ajfa-5910	98	8	of	of	ADP
ajfa-5910	98	9	the	the	DET
ajfa-5910	98	10	changes	change	NOUN
ajfa-5910	98	11	in	in	ADP
ajfa-5910	98	12	the	the	DET
ajfa-5910	98	13	dependent	dependent	ADJ
ajfa-5910	98	14	variable	variable	NOUN
ajfa-5910	98	15	,	,	PUNCT
ajfa-5910	98	16	that	that	PRON
ajfa-5910	98	17	is	be	AUX
ajfa-5910	98	18	the	the	DET
ajfa-5910	98	19	proportion	proportion	NOUN
ajfa-5910	98	20	of	of	ADP
ajfa-5910	98	21	the	the	DET
ajfa-5910	98	22	dividend	dividend	NOUN
ajfa-5910	98	23	,	,	PUNCT
ajfa-5910	98	24	are	be	AUX
ajfa-5910	98	25	explained	explain	VERB
ajfa-5910	98	26	by	by	ADP
ajfa-5910	98	27	the	the	DET
ajfa-5910	98	28	changes	change	NOUN
ajfa-5910	98	29	in	in	ADP
ajfa-5910	98	30	the	the	DET
ajfa-5910	98	31	independent	independent	ADJ
ajfa-5910	98	32	and	and	CCONJ
ajfa-5910	98	33	control	control	NOUN
ajfa-5910	98	34	variables	variable	NOUN
ajfa-5910	98	35	of	of	ADP
ajfa-5910	98	36	the	the	DET
ajfa-5910	98	37	model	model	NOUN
ajfa-5910	98	38	and	and	CCONJ
ajfa-5910	98	39	77	77	NUM
ajfa-5910	98	40	%	%	NOUN
ajfa-5910	98	41	of	of	ADP
ajfa-5910	98	42	the	the	DET
ajfa-5910	98	43	changes	change	NOUN
ajfa-5910	98	44	are	be	AUX
ajfa-5910	98	45	related	relate	VERB
ajfa-5910	98	46	to	to	ADP
ajfa-5910	98	47	other	other	ADJ
ajfa-5910	98	48	factors	factor	NOUN
ajfa-5910	98	49	which	which	PRON
ajfa-5910	98	50	are	be	AUX
ajfa-5910	98	51	not	not	PART
ajfa-5910	98	52	considered	consider	VERB
ajfa-5910	98	53	in	in	ADP
ajfa-5910	98	54	this	this	DET
ajfa-5910	98	55	study	study	NOUN
ajfa-5910	98	56	.	.	PUNCT
ajfa-5910	99	1	in	in	ADP
ajfa-5910	99	2	addition	addition	NOUN
ajfa-5910	99	3	to	to	ADP
ajfa-5910	99	4	the	the	DET
ajfa-5910	99	5	determination	determination	NOUN
ajfa-5910	99	6	of	of	ADP
ajfa-5910	99	7	the	the	DET
ajfa-5910	99	8	coefficients	coefficient	NOUN
ajfa-5910	99	9	significance	significance	NOUN
ajfa-5910	99	10	,	,	PUNCT
ajfa-5910	99	11	the	the	DET
ajfa-5910	99	12	direction	direction	NOUN
ajfa-5910	99	13	of	of	ADP
ajfa-5910	99	14	the	the	DET
ajfa-5910	99	15	effect	effect	NOUN
ajfa-5910	99	16	of	of	ADP
ajfa-5910	99	17	the	the	DET
ajfa-5910	99	18	coefficients	coefficient	NOUN
ajfa-5910	99	19	on	on	ADP
ajfa-5910	99	20	the	the	DET
ajfa-5910	99	21	dependent	dependent	ADJ
ajfa-5910	99	22	variable	variable	NOUN
ajfa-5910	99	23	should	should	AUX
ajfa-5910	99	24	be	be	AUX
ajfa-5910	99	25	determined	determine	VERB
ajfa-5910	99	26	as	as	ADV
ajfa-5910	99	27	well	well	ADV
ajfa-5910	99	28	.	.	PUNCT
ajfa-5910	100	1	the	the	DET
ajfa-5910	100	2	related	relate	VERB
ajfa-5910	100	3	statistic	statistic	NOUN
ajfa-5910	100	4	to	to	PART
ajfa-5910	100	5	determine	determine	VERB
ajfa-5910	100	6	the	the	DET
ajfa-5910	100	7	significance	significance	NOUN
ajfa-5910	100	8	of	of	ADP
ajfa-5910	100	9	the	the	DET
ajfa-5910	100	10	coefficients	coefficient	NOUN
ajfa-5910	100	11	is	be	AUX
ajfa-5910	100	12	t	t	NOUN
ajfa-5910	100	13	-	-	PUNCT
ajfa-5910	100	14	statistic	statistic	NOUN
ajfa-5910	100	15	.	.	PUNCT
ajfa-5910	101	1	generally	generally	ADV
ajfa-5910	101	2	,	,	PUNCT
ajfa-5910	101	3	to	to	PART
ajfa-5910	101	4	investigate	investigate	VERB
ajfa-5910	101	5	the	the	DET
ajfa-5910	101	6	model	model	NOUN
ajfa-5910	101	7	as	as	ADP
ajfa-5910	101	8	a	a	DET
ajfa-5910	101	9	significant	significant	ADJ
ajfa-5910	101	10	one	one	NOUN
ajfa-5910	101	11	,	,	PUNCT
ajfa-5910	101	12	the	the	DET
ajfa-5910	101	13	f	f	NOUN
ajfa-5910	101	14	-	-	PUNCT
ajfa-5910	101	15	statistic	statistic	NOUN
ajfa-5910	101	16	is	be	AUX
ajfa-5910	101	17	also	also	ADV
ajfa-5910	101	18	used	use	VERB
ajfa-5910	101	19	.	.	PUNCT
ajfa-5910	102	1	to	to	PART
ajfa-5910	102	2	test	test	VERB
ajfa-5910	102	3	the	the	DET
ajfa-5910	102	4	null	null	ADJ
ajfa-5910	102	5	hypothesis	hypothesis	NOUN
ajfa-5910	102	6	,	,	PUNCT
ajfa-5910	102	7	t	t	PROPN
ajfa-5910	102	8	-	-	PUNCT
ajfa-5910	102	9	statistic	statistic	NOUN
ajfa-5910	102	10	is	be	AUX
ajfa-5910	102	11	used	use	VERB
ajfa-5910	102	12	.	.	PUNCT
ajfa-5910	103	1	according	accord	VERB
ajfa-5910	103	2	to	to	ADP
ajfa-5910	103	3	this	this	PRON
ajfa-5910	103	4	if	if	SCONJ
ajfa-5910	103	5	the	the	DET
ajfa-5910	103	6	p	p	NOUN
ajfa-5910	103	7	-	-	PUNCT
ajfa-5910	103	8	value	value	NOUN
ajfa-5910	103	9	is	be	AUX
ajfa-5910	103	10	less	less	ADJ
ajfa-5910	103	11	than	than	ADP
ajfa-5910	103	12	0.05	0.05	NUM
ajfa-5910	103	13	,	,	PUNCT
ajfa-5910	103	14	the	the	DET
ajfa-5910	103	15	null	null	ADJ
ajfa-5910	103	16	hypothesis	hypothesis	NOUN
ajfa-5910	103	17	will	will	AUX
ajfa-5910	103	18	be	be	AUX
ajfa-5910	103	19	rejected	reject	VERB
ajfa-5910	103	20	and	and	CCONJ
ajfa-5910	103	21	therefore	therefore	ADV
ajfa-5910	103	22	,	,	PUNCT
ajfa-5910	103	23	the	the	DET
ajfa-5910	103	24	alternative	alternative	ADJ
ajfa-5910	103	25	hypothesis	hypothesis	NOUN
ajfa-5910	103	26	will	will	AUX
ajfa-5910	103	27	be	be	AUX
ajfa-5910	103	28	accepted	accept	VERB
ajfa-5910	103	29	.	.	PUNCT
ajfa-5910	104	1	accepting	accept	VERB
ajfa-5910	104	2	the	the	DET
ajfa-5910	104	3	alternative	alternative	ADJ
ajfa-5910	104	4	hypothesis	hypothesis	NOUN
ajfa-5910	104	5	implies	imply	VERB
ajfa-5910	104	6	that	that	SCONJ
ajfa-5910	104	7	there	there	PRON
ajfa-5910	104	8	is	be	VERB
ajfa-5910	104	9	a	a	DET
ajfa-5910	104	10	significant	significant	ADJ
ajfa-5910	104	11	linear	linear	ADJ
ajfa-5910	104	12	relationship	relationship	NOUN
ajfa-5910	104	13	between	between	ADP
ajfa-5910	104	14	independent	independent	ADJ
ajfa-5910	104	15	variables	variable	NOUN
ajfa-5910	104	16	and	and	CCONJ
ajfa-5910	104	17	dependent	dependent	ADJ
ajfa-5910	104	18	variable	variable	NOUN
ajfa-5910	104	19	in	in	ADP
ajfa-5910	104	20	the	the	DET
ajfa-5910	104	21	model	model	NOUN
ajfa-5910	104	22	.	.	PUNCT
ajfa-5910	105	1	therefore	therefore	ADV
ajfa-5910	105	2	,	,	PUNCT
ajfa-5910	105	3	if	if	SCONJ
ajfa-5910	105	4	sig	sig	PRON
ajfa-5910	105	5	(	(	PUNCT
ajfa-5910	105	6	p	p	NOUN
ajfa-5910	105	7	-	-	PUNCT
ajfa-5910	105	8	value	value	NOUN
ajfa-5910	105	9	)	)	PUNCT
ajfa-5910	105	10	<	<	X
ajfa-5910	105	11	.05	.05	NUM
ajfa-5910	105	12	,	,	PUNCT
ajfa-5910	105	13	thenh0	thenh0	NOUN
ajfa-5910	105	14	will	will	AUX
ajfa-5910	105	15	be	be	AUX
ajfa-5910	105	16	rejected	reject	VERB
ajfa-5910	105	17	and	and	CCONJ
ajfa-5910	105	18	otherwise	otherwise	ADV
ajfa-5910	105	19	h1	h1	PROPN
ajfa-5910	105	20	will	will	AUX
ajfa-5910	105	21	be	be	AUX
ajfa-5910	105	22	accepted	accept	VERB
ajfa-5910	105	23	.	.	PUNCT
ajfa-5910	106	1	according	accord	VERB
ajfa-5910	106	2	to	to	ADP
ajfa-5910	106	3	our	our	PRON
ajfa-5910	106	4	multivariable	multivariable	ADJ
ajfa-5910	106	5	model	model	NOUN
ajfa-5910	106	6	,	,	PUNCT
ajfa-5910	106	7	if	if	SCONJ
ajfa-5910	106	8	the	the	DET
ajfa-5910	106	9	coefficient	coefficient	NOUN
ajfa-5910	106	10	of	of	ADP
ajfa-5910	106	11	each	each	PRON
ajfa-5910	106	12	of	of	ADP
ajfa-5910	106	13	the	the	DET
ajfa-5910	106	14	independent	independent	ADJ
ajfa-5910	106	15	variables	variable	NOUN
ajfa-5910	106	16	(	(	PUNCT
ajfa-5910	106	17	i.e.	i.e.	X
ajfa-5910	106	18	,	,	PUNCT
ajfa-5910	106	19	β	β	NOUN
ajfa-5910	106	20	)	)	PUNCT
ajfa-5910	106	21	is	be	AUX
ajfa-5910	106	22	positive	positive	ADJ
ajfa-5910	106	23	,	,	PUNCT
ajfa-5910	106	24	the	the	DET
ajfa-5910	106	25	related	relate	VERB
ajfa-5910	106	26	independent	independent	ADJ
ajfa-5910	106	27	variables	variable	NOUN
ajfa-5910	106	28	will	will	AUX
ajfa-5910	106	29	have	have	VERB
ajfa-5910	106	30	a	a	DET
ajfa-5910	106	31	direct	direct	ADJ
ajfa-5910	106	32	relationship	relationship	NOUN
ajfa-5910	106	33	with	with	ADP
ajfa-5910	106	34	the	the	DET
ajfa-5910	106	35	dependent	dependent	ADJ
ajfa-5910	106	36	variable	variable	NOUN
ajfa-5910	106	37	which	which	PRON
ajfa-5910	106	38	is	be	AUX
ajfa-5910	106	39	dividend	dividend	NOUN
ajfa-5910	106	40	of	of	ADP
ajfa-5910	106	41	each	each	DET
ajfa-5910	106	42	stock	stock	NOUN
ajfa-5910	106	43	and	and	CCONJ
ajfa-5910	106	44	if	if	SCONJ
ajfa-5910	106	45	the	the	DET
ajfa-5910	106	46	coefficient	coefficient	NOUN
ajfa-5910	106	47	is	be	AUX
ajfa-5910	106	48	negative	negative	ADJ
ajfa-5910	106	49	,	,	PUNCT
ajfa-5910	106	50	there	there	PRON
ajfa-5910	106	51	will	will	AUX
ajfa-5910	106	52	be	be	AUX
ajfa-5910	106	53	an	an	DET
ajfa-5910	106	54	inverse	inverse	NOUN
ajfa-5910	106	55	relationship	relationship	NOUN
ajfa-5910	106	56	.	.	PUNCT
ajfa-5910	107	1	asian	asian	ADJ
ajfa-5910	107	2	journal	journal	PROPN
ajfa-5910	107	3	of	of	ADP
ajfa-5910	107	4	finance	finance	PROPN
ajfa-5910	107	5	&	&	CCONJ
ajfa-5910	107	6	accounting	accounting	PROPN
ajfa-5910	107	7	issn	issn	PROPN
ajfa-5910	107	8	1946	1946	NUM
ajfa-5910	107	9	-	-	PUNCT
ajfa-5910	107	10	052x	052x	PROPN
ajfa-5910	107	11	2014	2014	NUM
ajfa-5910	107	12	,	,	PUNCT
ajfa-5910	107	13	vol	vol	NOUN
ajfa-5910	107	14	.	.	PROPN
ajfa-5910	108	1	6	6	NUM
ajfa-5910	108	2	,	,	PUNCT
ajfa-5910	108	3	no	no	INTJ
ajfa-5910	108	4	.	.	NOUN
ajfa-5910	108	5	2	2	NUM
ajfa-5910	108	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5910	108	7	60	60	NUM
ajfa-5910	108	8	table	table	NOUN
ajfa-5910	108	9	3	3	NUM
ajfa-5910	108	10	.	.	PUNCT
ajfa-5910	108	11	multivariate	multivariate	NOUN
ajfa-5910	108	12	analysis	analysis	NOUN
ajfa-5910	108	13	dependent	dependent	ADJ
ajfa-5910	108	14	variable	variable	NOUN
ajfa-5910	108	15	:	:	PUNCT
ajfa-5910	108	16	dividend	dividend	NOUN
ajfa-5910	108	17	payout	payout	NOUN
ajfa-5910	108	18	(	(	PUNCT
ajfa-5910	108	19	dpo	dpo	NOUN
ajfa-5910	108	20	)	)	PUNCT
ajfa-5910	108	21	independent	independent	ADJ
ajfa-5910	108	22	variable	variable	ADJ
ajfa-5910	108	23	parameter	parameter	NOUN
ajfa-5910	108	24	coefficient	coefficient	PROPN
ajfa-5910	108	25	t	t	PROPN
ajfa-5910	108	26	-	-	PUNCT
ajfa-5910	108	27	statistics	statistic	NOUN
ajfa-5910	108	28	p	p	ADJ
ajfa-5910	108	29	-	-	PUNCT
ajfa-5910	108	30	value	value	NOUN
ajfa-5910	108	31	intercept	intercept	NOUN
ajfa-5910	108	32	β0	β0	NOUN
ajfa-5910	108	33	0.0828	0.0828	NUM
ajfa-5910	108	34	4.2316	4.2316	NUM
ajfa-5910	108	35	0.0017	0.0017	NUM
ajfa-5910	108	36	age	age	NOUN
ajfa-5910	108	37	β1	β1	PROPN
ajfa-5910	108	38	1.1138	1.1138	NUM
ajfa-5910	108	39	4.8794	4.8794	NUM
ajfa-5910	108	40	0.0153	0.0153	NUM
ajfa-5910	108	41	age2	age2	PROPN
ajfa-5910	108	42	β2	β2	PROPN
ajfa-5910	108	43	–	–	PUNCT
ajfa-5910	108	44	0.3809	0.3809	NUM
ajfa-5910	108	45	–	–	PUNCT
ajfa-5910	108	46	2.0267	2.0267	NUM
ajfa-5910	108	47	0.0987	0.0987	NUM
ajfa-5910	108	48	age3	age3	NOUN
ajfa-5910	108	49	β3	β3	VERB
ajfa-5910	108	50	0.0626	0.0626	NUM
ajfa-5910	108	51	3.3249	3.3249	NUM
ajfa-5910	108	52	0.0000	0.0000	NUM
ajfa-5910	108	53	lev	lev	NOUN
ajfa-5910	108	54	β4	β4	PROPN
ajfa-5910	108	55	–	–	PUNCT
ajfa-5910	108	56	0.1729	0.1729	NUM
ajfa-5910	108	57	–	–	PUNCT
ajfa-5910	108	58	4.0928	4.0928	NUM
ajfa-5910	108	59	0.0048	0.0048	NUM
ajfa-5910	108	60	eps	eps	PROPN
ajfa-5910	108	61	β5	β5	PROPN
ajfa-5910	108	62	1.0216	1.0216	NUM
ajfa-5910	108	63	14.3269	14.3269	NUM
ajfa-5910	108	64	0.0000	0.0000	NUM
ajfa-5910	108	65	size	size	NOUN
ajfa-5910	108	66	β6	β6	PROPN
ajfa-5910	108	67	0.2674	0.2674	NUM
ajfa-5910	108	68	2.8342	2.8342	NUM
ajfa-5910	108	69	0.0413	0.0413	NUM
ajfa-5910	108	70	adjusted	adjust	VERB
ajfa-5910	108	71	r2	r2	NOUN
ajfa-5910	108	72	0.2293	0.2293	NUM
ajfa-5910	108	73	f	f	X
ajfa-5910	108	74	-	-	PUNCT
ajfa-5910	108	75	statistics	statistic	NOUN
ajfa-5910	108	76	6.4358	6.4358	NUM
ajfa-5910	108	77	p	p	NOUN
ajfa-5910	108	78	-	-	PUNCT
ajfa-5910	108	79	value	value	NOUN
ajfa-5910	108	80	(	(	PUNCT
ajfa-5910	108	81	f	f	X
ajfa-5910	108	82	)	)	PUNCT
ajfa-5910	108	83	0.0000	0.0000	NUM
ajfa-5910	108	84	d	d	X
ajfa-5910	108	85	-	-	PUNCT
ajfa-5910	108	86	w	w	NOUN
ajfa-5910	108	87	1.9276	1.9276	NUM
ajfa-5910	108	88	notes	note	NOUN
ajfa-5910	108	89	:	:	PUNCT
ajfa-5910	108	90	dpo	dpo	NOUN
ajfa-5910	108	91	=	=	PUNCT
ajfa-5910	108	92	dividend	dividend	NOUN
ajfa-5910	108	93	payout	payout	NOUN
ajfa-5910	108	94	;	;	PUNCT
ajfa-5910	108	95	age	age	NOUN
ajfa-5910	108	96	=	=	SYM
ajfa-5910	108	97	age	age	NOUN
ajfa-5910	108	98	of	of	ADP
ajfa-5910	108	99	company	company	NOUN
ajfa-5910	108	100	;	;	PUNCT
ajfa-5910	108	101	age2	age2	NOUN
ajfa-5910	108	102	=	=	SYM
ajfa-5910	108	103	square	square	NOUN
ajfa-5910	108	104	of	of	ADP
ajfa-5910	108	105	company	company	NOUN
ajfa-5910	108	106	age	age	NOUN
ajfa-5910	108	107	;	;	PUNCT
ajfa-5910	108	108	age3	age3	NOUN
ajfa-5910	108	109	=	=	SYM
ajfa-5910	108	110	cube	cube	NOUN
ajfa-5910	108	111	of	of	ADP
ajfa-5910	108	112	age	age	NOUN
ajfa-5910	108	113	company	company	NOUN
ajfa-5910	108	114	;	;	PUNCT
ajfa-5910	108	115	lev	lev	NOUN
ajfa-5910	108	116	=	=	SYM
ajfa-5910	108	117	financial	financial	ADJ
ajfa-5910	108	118	leverage	leverage	NOUN
ajfa-5910	108	119	;	;	PUNCT
ajfa-5910	108	120	eps	eps	NOUN
ajfa-5910	108	121	=	=	NOUN
ajfa-5910	108	122	earnings	earning	NOUN
ajfa-5910	108	123	per	per	ADP
ajfa-5910	108	124	share	share	NOUN
ajfa-5910	108	125	;	;	PUNCT
ajfa-5910	108	126	size	size	NOUN
ajfa-5910	108	127	=	=	SYM
ajfa-5910	108	128	company	company	NOUN
ajfa-5910	108	129	size	size	NOUN
ajfa-5910	108	130	4.3.1	4.3.1	NUM
ajfa-5910	108	131	.	.	PUNCT
ajfa-5910	108	132	result	result	NOUN
ajfa-5910	108	133	of	of	ADP
ajfa-5910	108	134	first	first	ADJ
ajfa-5910	108	135	hypothesis	hypothesis	NOUN
ajfa-5910	108	136	the	the	DET
ajfa-5910	108	137	first	first	ADJ
ajfa-5910	108	138	hypothesis	hypothesis	NOUN
ajfa-5910	108	139	of	of	ADP
ajfa-5910	108	140	the	the	DET
ajfa-5910	108	141	research	research	NOUN
ajfa-5910	108	142	refers	refer	VERB
ajfa-5910	108	143	to	to	ADP
ajfa-5910	108	144	the	the	DET
ajfa-5910	108	145	investigation	investigation	NOUN
ajfa-5910	108	146	of	of	ADP
ajfa-5910	108	147	the	the	DET
ajfa-5910	108	148	relationship	relationship	NOUN
ajfa-5910	108	149	between	between	ADP
ajfa-5910	108	150	the	the	DET
ajfa-5910	108	151	age	age	NOUN
ajfa-5910	108	152	of	of	ADP
ajfa-5910	108	153	the	the	DET
ajfa-5910	108	154	company	company	NOUN
ajfa-5910	108	155	and	and	CCONJ
ajfa-5910	108	156	the	the	DET
ajfa-5910	108	157	proportion	proportion	NOUN
ajfa-5910	108	158	of	of	ADP
ajfa-5910	108	159	the	the	DET
ajfa-5910	108	160	dividend	dividend	NOUN
ajfa-5910	108	161	.	.	PUNCT
ajfa-5910	109	1	in	in	ADP
ajfa-5910	109	2	this	this	DET
ajfa-5910	109	3	hypothesis	hypothesis	NOUN
ajfa-5910	109	4	,	,	PUNCT
ajfa-5910	109	5	the	the	DET
ajfa-5910	109	6	dependent	dependent	ADJ
ajfa-5910	109	7	variable	variable	NOUN
ajfa-5910	109	8	is	be	AUX
ajfa-5910	109	9	the	the	DET
ajfa-5910	109	10	proportion	proportion	NOUN
ajfa-5910	109	11	of	of	ADP
ajfa-5910	109	12	the	the	DET
ajfa-5910	109	13	dividend	dividend	NOUN
ajfa-5910	109	14	and	and	CCONJ
ajfa-5910	109	15	the	the	DET
ajfa-5910	109	16	independent	independent	ADJ
ajfa-5910	109	17	variable	variable	NOUN
ajfa-5910	109	18	is	be	AUX
ajfa-5910	109	19	the	the	DET
ajfa-5910	109	20	age	age	NOUN
ajfa-5910	109	21	of	of	ADP
ajfa-5910	109	22	the	the	DET
ajfa-5910	109	23	company	company	NOUN
ajfa-5910	109	24	.	.	PUNCT
ajfa-5910	110	1	the	the	DET
ajfa-5910	110	2	age	age	NOUN
ajfa-5910	110	3	of	of	ADP
ajfa-5910	110	4	the	the	DET
ajfa-5910	110	5	company	company	NOUN
ajfa-5910	110	6	is	be	AUX
ajfa-5910	110	7	the	the	DET
ajfa-5910	110	8	duration	duration	NOUN
ajfa-5910	110	9	between	between	ADP
ajfa-5910	110	10	the	the	DET
ajfa-5910	110	11	year	year	NOUN
ajfa-5910	110	12	of	of	ADP
ajfa-5910	110	13	the	the	DET
ajfa-5910	110	14	establishment	establishment	NOUN
ajfa-5910	110	15	of	of	ADP
ajfa-5910	110	16	the	the	DET
ajfa-5910	110	17	company	company	NOUN
ajfa-5910	110	18	and	and	CCONJ
ajfa-5910	110	19	the	the	DET
ajfa-5910	110	20	current	current	ADJ
ajfa-5910	110	21	year	year	NOUN
ajfa-5910	110	22	.	.	PUNCT
ajfa-5910	111	1	following	follow	VERB
ajfa-5910	111	2	afza	afza	PROPN
ajfa-5910	111	3	and	and	CCONJ
ajfa-5910	111	4	mirza	mirza	PROPN
ajfa-5910	111	5	(	(	PUNCT
ajfa-5910	111	6	2010	2010	NUM
ajfa-5910	111	7	)	)	PUNCT
ajfa-5910	111	8	,	,	PUNCT
ajfa-5910	111	9	the	the	DET
ajfa-5910	111	10	square	square	NOUN
ajfa-5910	111	11	and	and	CCONJ
ajfa-5910	111	12	cube	cube	NOUN
ajfa-5910	111	13	of	of	ADP
ajfa-5910	111	14	the	the	DET
ajfa-5910	111	15	age	age	NOUN
ajfa-5910	111	16	of	of	ADP
ajfa-5910	111	17	the	the	DET
ajfa-5910	111	18	company	company	NOUN
ajfa-5910	111	19	is	be	AUX
ajfa-5910	111	20	also	also	ADV
ajfa-5910	111	21	employed	employ	VERB
ajfa-5910	111	22	.	.	PUNCT
ajfa-5910	112	1	the	the	DET
ajfa-5910	112	2	reason	reason	NOUN
ajfa-5910	112	3	is	be	AUX
ajfa-5910	112	4	finding	find	VERB
ajfa-5910	112	5	out	out	ADP
ajfa-5910	112	6	the	the	DET
ajfa-5910	112	7	linear	linear	ADJ
ajfa-5910	112	8	or	or	CCONJ
ajfa-5910	112	9	non	non	ADJ
ajfa-5910	112	10	-	-	ADJ
ajfa-5910	112	11	linear	linear	ADJ
ajfa-5910	112	12	relationship	relationship	NOUN
ajfa-5910	112	13	between	between	ADP
ajfa-5910	112	14	the	the	DET
ajfa-5910	112	15	dividend	dividend	NOUN
ajfa-5910	112	16	and	and	CCONJ
ajfa-5910	112	17	the	the	DET
ajfa-5910	112	18	age	age	NOUN
ajfa-5910	112	19	of	of	ADP
ajfa-5910	112	20	the	the	DET
ajfa-5910	112	21	company	company	NOUN
ajfa-5910	112	22	.	.	PUNCT
ajfa-5910	113	1	because	because	SCONJ
ajfa-5910	113	2	the	the	DET
ajfa-5910	113	3	companies	company	NOUN
ajfa-5910	113	4	have	have	VERB
ajfa-5910	113	5	age	age	NOUN
ajfa-5910	113	6	cycle	cycle	NOUN
ajfa-5910	113	7	and	and	CCONJ
ajfa-5910	113	8	it	it	PRON
ajfa-5910	113	9	is	be	AUX
ajfa-5910	113	10	possible	possible	ADJ
ajfa-5910	113	11	that	that	SCONJ
ajfa-5910	113	12	the	the	DET
ajfa-5910	113	13	profits	profit	NOUN
ajfa-5910	113	14	divided	divide	VERB
ajfa-5910	113	15	in	in	ADP
ajfa-5910	113	16	the	the	DET
ajfa-5910	113	17	beginning	beginning	NOUN
ajfa-5910	113	18	of	of	ADP
ajfa-5910	113	19	the	the	DET
ajfa-5910	113	20	establishment	establishment	NOUN
ajfa-5910	113	21	or	or	CCONJ
ajfa-5910	113	22	the	the	DET
ajfa-5910	113	23	beginning	beginning	NOUN
ajfa-5910	113	24	of	of	ADP
ajfa-5910	113	25	the	the	DET
ajfa-5910	113	26	entrance	entrance	NOUN
ajfa-5910	113	27	to	to	ADP
ajfa-5910	113	28	the	the	DET
ajfa-5910	113	29	securities	security	NOUN
ajfa-5910	113	30	exchange	exchange	NOUN
ajfa-5910	113	31	among	among	ADP
ajfa-5910	113	32	the	the	DET
ajfa-5910	113	33	stockholders	stockholder	NOUN
ajfa-5910	113	34	be	be	AUX
ajfa-5910	113	35	different	different	ADJ
ajfa-5910	113	36	from	from	ADP
ajfa-5910	113	37	the	the	DET
ajfa-5910	113	38	amount	amount	NOUN
ajfa-5910	113	39	of	of	ADP
ajfa-5910	113	40	the	the	DET
ajfa-5910	113	41	division	division	NOUN
ajfa-5910	113	42	profits	profit	NOUN
ajfa-5910	113	43	in	in	ADP
ajfa-5910	113	44	maturity	maturity	NOUN
ajfa-5910	113	45	or	or	CCONJ
ajfa-5910	113	46	growth	growth	NOUN
ajfa-5910	113	47	steps	step	NOUN
ajfa-5910	113	48	or	or	CCONJ
ajfa-5910	113	49	recession	recession	NOUN
ajfa-5910	113	50	step	step	NOUN
ajfa-5910	113	51	.	.	PUNCT
ajfa-5910	114	1	according	accord	VERB
ajfa-5910	114	2	to	to	ADP
ajfa-5910	114	3	the	the	DET
ajfa-5910	114	4	results	result	NOUN
ajfa-5910	114	5	indicated	indicate	VERB
ajfa-5910	114	6	in	in	ADP
ajfa-5910	114	7	table	table	NOUN
ajfa-5910	114	8	4	4	NUM
ajfa-5910	114	9	,	,	PUNCT
ajfa-5910	114	10	t	t	NOUN
ajfa-5910	114	11	-	-	PUNCT
ajfa-5910	114	12	statistic	statistic	NOUN
ajfa-5910	114	13	is	be	AUX
ajfa-5910	114	14	related	relate	VERB
ajfa-5910	114	15	to	to	ADP
ajfa-5910	114	16	the	the	DET
ajfa-5910	114	17	age	age	NOUN
ajfa-5910	114	18	and	and	CCONJ
ajfa-5910	114	19	its	its	PRON
ajfa-5910	114	20	level	level	NOUN
ajfa-5910	114	21	of	of	ADP
ajfa-5910	114	22	significance	significance	NOUN
ajfa-5910	114	23	(	(	PUNCT
ajfa-5910	114	24	p	p	NOUN
ajfa-5910	114	25	-	-	PUNCT
ajfa-5910	114	26	value	value	NOUN
ajfa-5910	114	27	)	)	PUNCT
ajfa-5910	114	28	are	be	AUX
ajfa-5910	114	29	4.8794	4.8794	NUM
ajfa-5910	114	30	,	,	PUNCT
ajfa-5910	114	31	0.0153	0.0153	NUM
ajfa-5910	114	32	respectively	respectively	ADV
ajfa-5910	114	33	.	.	PUNCT
ajfa-5910	115	1	since	since	SCONJ
ajfa-5910	115	2	the	the	DET
ajfa-5910	115	3	fact	fact	NOUN
ajfa-5910	115	4	that	that	SCONJ
ajfa-5910	115	5	the	the	DET
ajfa-5910	115	6	considered	consider	VERB
ajfa-5910	115	7	alpha	alpha	NOUN
ajfa-5910	115	8	for	for	ADP
ajfa-5910	115	9	this	this	DET
ajfa-5910	115	10	study	study	NOUN
ajfa-5910	115	11	is	be	AUX
ajfa-5910	115	12	0.05	0.05	NUM
ajfa-5910	115	13	,	,	PUNCT
ajfa-5910	115	14	the	the	DET
ajfa-5910	115	15	result	result	NOUN
ajfa-5910	115	16	will	will	AUX
ajfa-5910	115	17	be	be	AUX
ajfa-5910	115	18	that	that	SCONJ
ajfa-5910	115	19	the	the	DET
ajfa-5910	115	20	age	age	NOUN
ajfa-5910	115	21	of	of	ADP
ajfa-5910	115	22	the	the	DET
ajfa-5910	115	23	company	company	NOUN
ajfa-5910	115	24	with	with	ADP
ajfa-5910	115	25	error	error	NOUN
ajfa-5910	115	26	level	level	NOUN
ajfa-5910	115	27	of	of	ADP
ajfa-5910	115	28	5	5	NUM
ajfa-5910	115	29	%	%	NOUN
ajfa-5910	115	30	has	have	VERB
ajfa-5910	115	31	a	a	DET
ajfa-5910	115	32	significant	significant	ADJ
ajfa-5910	115	33	relationship	relationship	NOUN
ajfa-5910	115	34	with	with	ADP
ajfa-5910	115	35	the	the	DET
ajfa-5910	115	36	proportion	proportion	NOUN
ajfa-5910	115	37	of	of	ADP
ajfa-5910	115	38	the	the	DET
ajfa-5910	115	39	dividend	dividend	NOUN
ajfa-5910	115	40	.	.	PUNCT
ajfa-5910	116	1	the	the	DET
ajfa-5910	116	2	variable	variable	ADJ
ajfa-5910	116	3	coefficient	coefficient	NOUN
ajfa-5910	116	4	of	of	ADP
ajfa-5910	116	5	the	the	DET
ajfa-5910	116	6	age	age	NOUN
ajfa-5910	116	7	is	be	AUX
ajfa-5910	116	8	positive	positive	ADJ
ajfa-5910	116	9	.	.	PUNCT
ajfa-5910	117	1	therefore	therefore	ADV
ajfa-5910	117	2	,	,	PUNCT
ajfa-5910	117	3	the	the	DET
ajfa-5910	117	4	relationship	relationship	NOUN
ajfa-5910	117	5	between	between	ADP
ajfa-5910	117	6	the	the	DET
ajfa-5910	117	7	age	age	NOUN
ajfa-5910	117	8	of	of	ADP
ajfa-5910	117	9	the	the	DET
ajfa-5910	117	10	company	company	NOUN
ajfa-5910	117	11	and	and	CCONJ
ajfa-5910	117	12	the	the	DET
ajfa-5910	117	13	dividend	dividend	NOUN
ajfa-5910	117	14	of	of	ADP
ajfa-5910	117	15	the	the	DET
ajfa-5910	117	16	company	company	NOUN
ajfa-5910	117	17	is	be	AUX
ajfa-5910	117	18	direct	direct	ADJ
ajfa-5910	117	19	.	.	PUNCT
ajfa-5910	118	1	in	in	ADP
ajfa-5910	118	2	other	other	ADJ
ajfa-5910	118	3	words	word	NOUN
ajfa-5910	118	4	,	,	PUNCT
ajfa-5910	118	5	increasing	increase	VERB
ajfa-5910	118	6	the	the	DET
ajfa-5910	118	7	age	age	NOUN
ajfa-5910	118	8	of	of	ADP
ajfa-5910	118	9	the	the	DET
ajfa-5910	118	10	company	company	NOUN
ajfa-5910	118	11	in	in	ADP
ajfa-5910	118	12	sample	sample	NOUN
ajfa-5910	118	13	companies	company	NOUN
ajfa-5910	118	14	,	,	PUNCT
ajfa-5910	118	15	the	the	DET
ajfa-5910	118	16	amount	amount	NOUN
ajfa-5910	118	17	of	of	ADP
ajfa-5910	118	18	the	the	DET
ajfa-5910	118	19	dividend	dividend	NOUN
ajfa-5910	118	20	of	of	ADP
ajfa-5910	118	21	the	the	DET
ajfa-5910	118	22	considered	consider	VERB
ajfa-5910	118	23	companies	company	NOUN
ajfa-5910	118	24	will	will	AUX
ajfa-5910	118	25	be	be	AUX
ajfa-5910	118	26	increased	increase	VERB
ajfa-5910	118	27	as	as	ADV
ajfa-5910	118	28	well	well	ADV
ajfa-5910	118	29	.	.	PUNCT
ajfa-5910	119	1	in	in	ADP
ajfa-5910	119	2	age	age	NOUN
ajfa-5910	119	3	variable	variable	ADJ
ajfa-5910	119	4	coefficient	coefficient	NOUN
ajfa-5910	119	5	test	test	NOUN
ajfa-5910	119	6	it	it	PRON
ajfa-5910	119	7	is	be	AUX
ajfa-5910	119	8	observed	observe	VERB
ajfa-5910	119	9	that	that	SCONJ
ajfa-5910	119	10	the	the	DET
ajfa-5910	119	11	resulted	resulted	ADJ
ajfa-5910	119	12	level	level	NOUN
ajfa-5910	119	13	of	of	ADP
ajfa-5910	119	14	significance	significance	NOUN
ajfa-5910	119	15	is	be	AUX
ajfa-5910	119	16	more	more	ADJ
ajfa-5910	119	17	than	than	ADP
ajfa-5910	119	18	0.05	0.05	NUM
ajfa-5910	119	19	.	.	PUNCT
ajfa-5910	120	1	therefore	therefore	ADV
ajfa-5910	120	2	,	,	PUNCT
ajfa-5910	120	3	it	it	PRON
ajfa-5910	120	4	can	can	AUX
ajfa-5910	120	5	be	be	AUX
ajfa-5910	120	6	resulted	result	VERB
ajfa-5910	120	7	that	that	SCONJ
ajfa-5910	120	8	the	the	DET
ajfa-5910	120	9	square	square	NOUN
ajfa-5910	120	10	of	of	ADP
ajfa-5910	120	11	the	the	DET
ajfa-5910	120	12	age	age	NOUN
ajfa-5910	120	13	of	of	ADP
ajfa-5910	120	14	the	the	DET
ajfa-5910	120	15	company	company	NOUN
ajfa-5910	120	16	has	have	VERB
ajfa-5910	120	17	insignificant	insignificant	ADJ
ajfa-5910	120	18	relationship	relationship	NOUN
ajfa-5910	120	19	with	with	ADP
ajfa-5910	120	20	the	the	DET
ajfa-5910	120	21	proportion	proportion	NOUN
ajfa-5910	120	22	of	of	ADP
ajfa-5910	120	23	the	the	DET
ajfa-5910	120	24	dividend	dividend	NOUN
ajfa-5910	120	25	.	.	PUNCT
ajfa-5910	121	1	according	accord	VERB
ajfa-5910	121	2	to	to	ADP
ajfa-5910	121	3	the	the	DET
ajfa-5910	121	4	acquired	acquire	VERB
ajfa-5910	121	5	results	result	NOUN
ajfa-5910	121	6	of	of	ADP
ajfa-5910	121	7	the	the	DET
ajfa-5910	121	8	estimation	estimation	NOUN
ajfa-5910	121	9	of	of	ADP
ajfa-5910	121	10	the	the	DET
ajfa-5910	121	11	model	model	NOUN
ajfa-5910	121	12	,	,	PUNCT
ajfa-5910	121	13	the	the	DET
ajfa-5910	121	14	t	t	NOUN
ajfa-5910	121	15	-	-	PUNCT
ajfa-5910	121	16	statistic	statistic	NOUN
ajfa-5910	121	17	related	relate	VERB
ajfa-5910	121	18	to	to	ADP
ajfa-5910	121	19	age	age	VERB
ajfa-5910	121	20	independent	independent	ADJ
ajfa-5910	121	21	variable	variable	NOUN
ajfa-5910	121	22	and	and	CCONJ
ajfa-5910	121	23	its	its	PRON
ajfa-5910	121	24	level	level	NOUN
ajfa-5910	121	25	of	of	ADP
ajfa-5910	121	26	the	the	DET
ajfa-5910	121	27	meaningfulness	meaningfulness	NOUN
ajfa-5910	121	28	(	(	PUNCT
ajfa-5910	121	29	p	p	NOUN
ajfa-5910	121	30	-	-	PUNCT
ajfa-5910	121	31	value	value	NOUN
ajfa-5910	121	32	)	)	PUNCT
ajfa-5910	121	33	are	be	AUX
ajfa-5910	121	34	3.3249	3.3249	NUM
ajfa-5910	121	35	and	and	CCONJ
ajfa-5910	121	36	0.0000	0.0000	NUM
ajfa-5910	121	37	respectively	respectively	ADV
ajfa-5910	121	38	.	.	PUNCT
ajfa-5910	122	1	these	these	DET
ajfa-5910	122	2	numbers	number	NOUN
ajfa-5910	122	3	indicate	indicate	VERB
ajfa-5910	122	4	that	that	SCONJ
ajfa-5910	122	5	the	the	DET
ajfa-5910	122	6	considered	consider	VERB
ajfa-5910	122	7	variable	variable	ADJ
ajfa-5910	122	8	coefficient	coefficient	NOUN
ajfa-5910	122	9	with	with	ADP
ajfa-5910	122	10	99	99	NUM
ajfa-5910	122	11	%	%	NOUN
ajfa-5910	122	12	confidence	confidence	NOUN
ajfa-5910	122	13	level	level	NOUN
ajfa-5910	122	14	is	be	AUX
ajfa-5910	122	15	significant	significant	ADJ
ajfa-5910	122	16	.	.	PUNCT
ajfa-5910	123	1	asian	asian	ADJ
ajfa-5910	123	2	journal	journal	PROPN
ajfa-5910	123	3	of	of	ADP
ajfa-5910	123	4	finance	finance	PROPN
ajfa-5910	123	5	&	&	CCONJ
ajfa-5910	123	6	accounting	accounting	PROPN
ajfa-5910	123	7	issn	issn	PROPN
ajfa-5910	123	8	1946	1946	NUM
ajfa-5910	123	9	-	-	PUNCT
ajfa-5910	123	10	052x	052x	PROPN
ajfa-5910	123	11	2014	2014	NUM
ajfa-5910	123	12	,	,	PUNCT
ajfa-5910	123	13	vol	vol	NOUN
ajfa-5910	123	14	.	.	PROPN
ajfa-5910	124	1	6	6	NUM
ajfa-5910	124	2	,	,	PUNCT
ajfa-5910	124	3	no	no	INTJ
ajfa-5910	124	4	.	.	NOUN
ajfa-5910	124	5	2	2	NUM
ajfa-5910	124	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5910	124	7	61	61	NUM
ajfa-5910	124	8	according	accord	VERB
ajfa-5910	124	9	to	to	ADP
ajfa-5910	124	10	what	what	PRON
ajfa-5910	124	11	has	have	AUX
ajfa-5910	124	12	been	be	AUX
ajfa-5910	124	13	mentioned	mention	VERB
ajfa-5910	124	14	above	above	ADV
ajfa-5910	124	15	,	,	PUNCT
ajfa-5910	124	16	the	the	DET
ajfa-5910	124	17	first	first	ADJ
ajfa-5910	124	18	hypothesis	hypothesis	NOUN
ajfa-5910	124	19	of	of	ADP
ajfa-5910	124	20	the	the	DET
ajfa-5910	124	21	study	study	NOUN
ajfa-5910	124	22	is	be	AUX
ajfa-5910	124	23	confirmed	confirm	VERB
ajfa-5910	124	24	.	.	PUNCT
ajfa-5910	125	1	the	the	DET
ajfa-5910	125	2	relationship	relationship	NOUN
ajfa-5910	125	3	between	between	ADP
ajfa-5910	125	4	the	the	DET
ajfa-5910	125	5	age	age	NOUN
ajfa-5910	125	6	of	of	ADP
ajfa-5910	125	7	the	the	DET
ajfa-5910	125	8	company	company	NOUN
ajfa-5910	125	9	and	and	CCONJ
ajfa-5910	125	10	the	the	DET
ajfa-5910	125	11	proportion	proportion	NOUN
ajfa-5910	125	12	of	of	ADP
ajfa-5910	125	13	the	the	DET
ajfa-5910	125	14	dividend	dividend	NOUN
ajfa-5910	125	15	is	be	AUX
ajfa-5910	125	16	a	a	DET
ajfa-5910	125	17	linear	linear	ADJ
ajfa-5910	125	18	relationship	relationship	NOUN
ajfa-5910	125	19	and	and	CCONJ
ajfa-5910	125	20	the	the	DET
ajfa-5910	125	21	non	non	ADJ
ajfa-5910	125	22	-	-	ADJ
ajfa-5910	125	23	linear	linear	ADJ
ajfa-5910	125	24	relationship	relationship	NOUN
ajfa-5910	125	25	(	(	PUNCT
ajfa-5910	125	26	curve	curve	NOUN
ajfa-5910	125	27	)	)	PUNCT
ajfa-5910	125	28	is	be	AUX
ajfa-5910	125	29	not	not	PART
ajfa-5910	125	30	confirmed	confirm	VERB
ajfa-5910	125	31	.	.	PUNCT
ajfa-5910	126	1	the	the	DET
ajfa-5910	126	2	reason	reason	NOUN
ajfa-5910	126	3	can	can	AUX
ajfa-5910	126	4	be	be	AUX
ajfa-5910	126	5	explained	explain	VERB
ajfa-5910	126	6	as	as	SCONJ
ajfa-5910	126	7	the	the	DET
ajfa-5910	126	8	sample	sample	NOUN
ajfa-5910	126	9	companies	company	NOUN
ajfa-5910	126	10	of	of	ADP
ajfa-5910	126	11	the	the	DET
ajfa-5910	126	12	study	study	NOUN
ajfa-5910	126	13	use	use	VERB
ajfa-5910	126	14	the	the	DET
ajfa-5910	126	15	investing	investing	NOUN
ajfa-5910	126	16	opportunities	opportunity	NOUN
ajfa-5910	126	17	for	for	ADP
ajfa-5910	126	18	increasing	increase	VERB
ajfa-5910	126	19	the	the	DET
ajfa-5910	126	20	profit	profit	NOUN
ajfa-5910	126	21	at	at	ADP
ajfa-5910	126	22	the	the	DET
ajfa-5910	126	23	beginning	beginning	NOUN
ajfa-5910	126	24	of	of	ADP
ajfa-5910	126	25	the	the	DET
ajfa-5910	126	26	establishment	establishment	NOUN
ajfa-5910	126	27	or	or	CCONJ
ajfa-5910	126	28	at	at	ADP
ajfa-5910	126	29	the	the	DET
ajfa-5910	126	30	beginning	beginning	NOUN
ajfa-5910	126	31	of	of	ADP
ajfa-5910	126	32	the	the	DET
ajfa-5910	126	33	entrance	entrance	NOUN
ajfa-5910	126	34	to	to	ADP
ajfa-5910	126	35	the	the	DET
ajfa-5910	126	36	securities	security	NOUN
ajfa-5910	126	37	exchange	exchange	NOUN
ajfa-5910	126	38	and	and	CCONJ
ajfa-5910	126	39	in	in	ADP
ajfa-5910	126	40	the	the	DET
ajfa-5910	126	41	future	future	NOUN
ajfa-5910	126	42	more	more	ADJ
ajfa-5910	126	43	profits	profit	NOUN
ajfa-5910	126	44	will	will	AUX
ajfa-5910	126	45	be	be	AUX
ajfa-5910	126	46	divided	divide	VERB
ajfa-5910	126	47	.	.	PUNCT
ajfa-5910	127	1	the	the	DET
ajfa-5910	127	2	results	result	NOUN
ajfa-5910	127	3	of	of	ADP
ajfa-5910	127	4	the	the	DET
ajfa-5910	127	5	test	test	NOUN
ajfa-5910	127	6	of	of	ADP
ajfa-5910	127	7	this	this	DET
ajfa-5910	127	8	hypothesis	hypothesis	NOUN
ajfa-5910	127	9	are	be	AUX
ajfa-5910	127	10	not	not	PART
ajfa-5910	127	11	consistent	consistent	ADJ
ajfa-5910	127	12	with	with	ADP
ajfa-5910	127	13	the	the	DET
ajfa-5910	127	14	results	result	NOUN
ajfa-5910	127	15	of	of	ADP
ajfa-5910	127	16	the	the	DET
ajfa-5910	127	17	afza	afza	NOUN
ajfa-5910	127	18	and	and	CCONJ
ajfa-5910	127	19	mirza	mirza	PROPN
ajfa-5910	127	20	(	(	PUNCT
ajfa-5910	127	21	2010	2010	NUM
ajfa-5910	127	22	)	)	PUNCT
ajfa-5910	127	23	.	.	PUNCT
ajfa-5910	128	1	they	they	PRON
ajfa-5910	128	2	found	find	VERB
ajfa-5910	128	3	a	a	DET
ajfa-5910	128	4	non	non	ADJ
ajfa-5910	128	5	-	-	ADJ
ajfa-5910	128	6	linear	linear	ADJ
ajfa-5910	128	7	relationship	relationship	NOUN
ajfa-5910	128	8	between	between	ADP
ajfa-5910	128	9	the	the	DET
ajfa-5910	128	10	age	age	NOUN
ajfa-5910	128	11	of	of	ADP
ajfa-5910	128	12	the	the	DET
ajfa-5910	128	13	company	company	NOUN
ajfa-5910	128	14	and	and	CCONJ
ajfa-5910	128	15	the	the	DET
ajfa-5910	128	16	dividend	dividend	NOUN
ajfa-5910	128	17	in	in	ADP
ajfa-5910	128	18	pakistani	pakistani	ADJ
ajfa-5910	128	19	companies	company	NOUN
ajfa-5910	128	20	.	.	PUNCT
ajfa-5910	129	1	4.3.2	4.3.2	X
ajfa-5910	129	2	.	.	PUNCT
ajfa-5910	130	1	result	result	NOUN
ajfa-5910	130	2	of	of	ADP
ajfa-5910	130	3	second	second	ADJ
ajfa-5910	130	4	hypothesis	hypothesis	NOUN
ajfa-5910	130	5	the	the	DET
ajfa-5910	130	6	second	second	ADJ
ajfa-5910	130	7	hypothesis	hypothesis	NOUN
ajfa-5910	130	8	refers	refer	VERB
ajfa-5910	130	9	to	to	ADP
ajfa-5910	130	10	the	the	DET
ajfa-5910	130	11	investigation	investigation	NOUN
ajfa-5910	130	12	of	of	ADP
ajfa-5910	130	13	the	the	DET
ajfa-5910	130	14	relationship	relationship	NOUN
ajfa-5910	130	15	between	between	ADP
ajfa-5910	130	16	the	the	DET
ajfa-5910	130	17	financial	financial	ADJ
ajfa-5910	130	18	leverage	leverage	NOUN
ajfa-5910	130	19	and	and	CCONJ
ajfa-5910	130	20	the	the	DET
ajfa-5910	130	21	proportion	proportion	NOUN
ajfa-5910	130	22	of	of	ADP
ajfa-5910	130	23	the	the	DET
ajfa-5910	130	24	dividend	dividend	NOUN
ajfa-5910	130	25	.	.	PUNCT
ajfa-5910	131	1	in	in	ADP
ajfa-5910	131	2	this	this	DET
ajfa-5910	131	3	hypothesis	hypothesis	NOUN
ajfa-5910	131	4	,	,	PUNCT
ajfa-5910	131	5	the	the	DET
ajfa-5910	131	6	dependent	dependent	ADJ
ajfa-5910	131	7	variable	variable	NOUN
ajfa-5910	131	8	is	be	AUX
ajfa-5910	131	9	the	the	DET
ajfa-5910	131	10	proportion	proportion	NOUN
ajfa-5910	131	11	of	of	ADP
ajfa-5910	131	12	the	the	DET
ajfa-5910	131	13	dividend	dividend	NOUN
ajfa-5910	131	14	and	and	CCONJ
ajfa-5910	131	15	the	the	DET
ajfa-5910	131	16	independent	independent	ADJ
ajfa-5910	131	17	variable	variable	NOUN
ajfa-5910	131	18	is	be	AUX
ajfa-5910	131	19	the	the	DET
ajfa-5910	131	20	proportion	proportion	NOUN
ajfa-5910	131	21	of	of	ADP
ajfa-5910	131	22	the	the	DET
ajfa-5910	131	23	financial	financial	ADJ
ajfa-5910	131	24	leverage	leverage	NOUN
ajfa-5910	131	25	.	.	PUNCT
ajfa-5910	132	1	the	the	DET
ajfa-5910	132	2	financial	financial	ADJ
ajfa-5910	132	3	leverage	leverage	NOUN
ajfa-5910	132	4	measured	measure	VERB
ajfa-5910	132	5	as	as	ADP
ajfa-5910	132	6	the	the	DET
ajfa-5910	132	7	ratio	ratio	NOUN
ajfa-5910	132	8	of	of	ADP
ajfa-5910	132	9	debt	debt	NOUN
ajfa-5910	132	10	over	over	ADP
ajfa-5910	132	11	assets	asset	NOUN
ajfa-5910	132	12	indicates	indicate	VERB
ajfa-5910	132	13	the	the	DET
ajfa-5910	132	14	financial	financial	ADJ
ajfa-5910	132	15	risk	risk	NOUN
ajfa-5910	132	16	of	of	ADP
ajfa-5910	132	17	the	the	DET
ajfa-5910	132	18	company	company	NOUN
ajfa-5910	132	19	.	.	PUNCT
ajfa-5910	133	1	according	accord	VERB
ajfa-5910	133	2	to	to	ADP
ajfa-5910	133	3	the	the	DET
ajfa-5910	133	4	results	result	NOUN
ajfa-5910	133	5	of	of	ADP
ajfa-5910	133	6	the	the	DET
ajfa-5910	133	7	table	table	NOUN
ajfa-5910	133	8	4	4	NUM
ajfa-5910	133	9	,	,	PUNCT
ajfa-5910	133	10	t	t	NOUN
ajfa-5910	133	11	-	-	PUNCT
ajfa-5910	133	12	statistic	statistic	NOUN
ajfa-5910	133	13	is	be	AUX
ajfa-5910	133	14	related	relate	VERB
ajfa-5910	133	15	to	to	ADP
ajfa-5910	133	16	the	the	DET
ajfa-5910	133	17	financial	financial	ADJ
ajfa-5910	133	18	leverage	leverage	NOUN
ajfa-5910	133	19	(	(	PUNCT
ajfa-5910	133	20	lev	lev	NOUN
ajfa-5910	133	21	)	)	PUNCT
ajfa-5910	133	22	as	as	ADP
ajfa-5910	133	23	independent	independent	ADJ
ajfa-5910	133	24	variable	variable	NOUN
ajfa-5910	133	25	and	and	CCONJ
ajfa-5910	133	26	its	its	PRON
ajfa-5910	133	27	level	level	NOUN
ajfa-5910	133	28	of	of	ADP
ajfa-5910	133	29	significance	significance	NOUN
ajfa-5910	133	30	(	(	PUNCT
ajfa-5910	133	31	p	p	NOUN
ajfa-5910	133	32	-	-	PUNCT
ajfa-5910	133	33	value	value	NOUN
ajfa-5910	133	34	)	)	PUNCT
ajfa-5910	133	35	is	be	AUX
ajfa-5910	133	36	-4.0928	-4.0928	NOUN
ajfa-5910	133	37	and	and	CCONJ
ajfa-5910	133	38	0.00048	0.00048	NUM
ajfa-5910	133	39	respectively	respectively	ADV
ajfa-5910	133	40	.	.	PUNCT
ajfa-5910	134	1	since	since	SCONJ
ajfa-5910	134	2	the	the	DET
ajfa-5910	134	3	acquired	acquire	VERB
ajfa-5910	134	4	level	level	NOUN
ajfa-5910	134	5	of	of	ADP
ajfa-5910	134	6	significance	significance	NOUN
ajfa-5910	134	7	is	be	AUX
ajfa-5910	134	8	less	less	ADJ
ajfa-5910	134	9	than	than	ADP
ajfa-5910	134	10	0.01	0.01	NUM
ajfa-5910	134	11	,	,	PUNCT
ajfa-5910	134	12	it	it	PRON
ajfa-5910	134	13	can	can	AUX
ajfa-5910	134	14	be	be	AUX
ajfa-5910	134	15	resulted	result	VERB
ajfa-5910	134	16	that	that	SCONJ
ajfa-5910	134	17	the	the	DET
ajfa-5910	134	18	ratio	ratio	NOUN
ajfa-5910	134	19	of	of	ADP
ajfa-5910	134	20	the	the	DET
ajfa-5910	134	21	financial	financial	ADJ
ajfa-5910	134	22	leverage	leverage	NOUN
ajfa-5910	134	23	with	with	ADP
ajfa-5910	134	24	99	99	NUM
ajfa-5910	134	25	%	%	NOUN
ajfa-5910	134	26	confidence	confidence	NOUN
ajfa-5910	134	27	level	level	NOUN
ajfa-5910	134	28	has	have	VERB
ajfa-5910	134	29	a	a	DET
ajfa-5910	134	30	significant	significant	ADJ
ajfa-5910	134	31	relationship	relationship	NOUN
ajfa-5910	134	32	with	with	ADP
ajfa-5910	134	33	the	the	DET
ajfa-5910	134	34	ratio	ratio	NOUN
ajfa-5910	134	35	of	of	ADP
ajfa-5910	134	36	the	the	DET
ajfa-5910	134	37	dividend	dividend	NOUN
ajfa-5910	134	38	.	.	PUNCT
ajfa-5910	135	1	the	the	DET
ajfa-5910	135	2	coefficient	coefficient	NOUN
ajfa-5910	135	3	sign	sign	NOUN
ajfa-5910	135	4	of	of	ADP
ajfa-5910	135	5	financial	financial	ADJ
ajfa-5910	135	6	leverage	leverage	NOUN
ajfa-5910	135	7	(	(	PUNCT
ajfa-5910	135	8	lev	lev	NOUN
ajfa-5910	135	9	)	)	PUNCT
ajfa-5910	135	10	is	be	AUX
ajfa-5910	135	11	also	also	ADV
ajfa-5910	135	12	negative	negative	ADJ
ajfa-5910	135	13	.	.	PUNCT
ajfa-5910	136	1	therefore	therefore	ADV
ajfa-5910	136	2	,	,	PUNCT
ajfa-5910	136	3	there	there	PRON
ajfa-5910	136	4	is	be	VERB
ajfa-5910	136	5	an	an	DET
ajfa-5910	136	6	inverse	inverse	NOUN
ajfa-5910	136	7	relationship	relationship	NOUN
ajfa-5910	136	8	between	between	ADP
ajfa-5910	136	9	the	the	DET
ajfa-5910	136	10	ratio	ratio	NOUN
ajfa-5910	136	11	of	of	ADP
ajfa-5910	136	12	the	the	DET
ajfa-5910	136	13	financial	financial	ADJ
ajfa-5910	136	14	leverage	leverage	NOUN
ajfa-5910	136	15	and	and	CCONJ
ajfa-5910	136	16	the	the	DET
ajfa-5910	136	17	dividend	dividend	NOUN
ajfa-5910	136	18	of	of	ADP
ajfa-5910	136	19	the	the	DET
ajfa-5910	136	20	company	company	NOUN
ajfa-5910	136	21	.	.	PUNCT
ajfa-5910	137	1	in	in	ADP
ajfa-5910	137	2	other	other	ADJ
ajfa-5910	137	3	words	word	NOUN
ajfa-5910	137	4	,	,	PUNCT
ajfa-5910	137	5	as	as	ADP
ajfa-5910	137	6	the	the	DET
ajfa-5910	137	7	risk	risk	NOUN
ajfa-5910	137	8	and	and	CCONJ
ajfa-5910	137	9	the	the	DET
ajfa-5910	137	10	financial	financial	ADJ
ajfa-5910	137	11	leverage	leverage	NOUN
ajfa-5910	137	12	increase	increase	NOUN
ajfa-5910	137	13	(	(	PUNCT
ajfa-5910	137	14	decrease	decrease	NOUN
ajfa-5910	137	15	)	)	PUNCT
ajfa-5910	137	16	in	in	ADP
ajfa-5910	137	17	sample	sample	NOUN
ajfa-5910	137	18	companies	company	NOUN
ajfa-5910	137	19	,	,	PUNCT
ajfa-5910	137	20	the	the	DET
ajfa-5910	137	21	amount	amount	NOUN
ajfa-5910	137	22	of	of	ADP
ajfa-5910	137	23	the	the	DET
ajfa-5910	137	24	dividend	dividend	NOUN
ajfa-5910	137	25	decreases	decrease	NOUN
ajfa-5910	137	26	(	(	PUNCT
ajfa-5910	137	27	increases	increase	NOUN
ajfa-5910	137	28	)	)	PUNCT
ajfa-5910	137	29	.	.	PUNCT
ajfa-5910	138	1	the	the	DET
ajfa-5910	138	2	results	result	NOUN
ajfa-5910	138	3	of	of	ADP
ajfa-5910	138	4	the	the	DET
ajfa-5910	138	5	second	second	ADJ
ajfa-5910	138	6	hypothesis	hypothesis	NOUN
ajfa-5910	138	7	are	be	AUX
ajfa-5910	138	8	consistent	consistent	ADJ
ajfa-5910	138	9	with	with	ADP
ajfa-5910	138	10	afza	afza	PROPN
ajfa-5910	138	11	and	and	CCONJ
ajfa-5910	138	12	mirza	mirza	PROPN
ajfa-5910	138	13	(	(	PUNCT
ajfa-5910	138	14	2010	2010	NUM
ajfa-5910	138	15	)	)	PUNCT
ajfa-5910	138	16	.	.	PUNCT
ajfa-5910	139	1	5	5	X
ajfa-5910	139	2	.	.	X
ajfa-5910	139	3	discussion	discussion	NOUN
ajfa-5910	139	4	and	and	CCONJ
ajfa-5910	139	5	conclusion	conclusion	NOUN
ajfa-5910	139	6	the	the	DET
ajfa-5910	139	7	main	main	ADJ
ajfa-5910	139	8	aim	aim	NOUN
ajfa-5910	139	9	of	of	ADP
ajfa-5910	139	10	the	the	DET
ajfa-5910	139	11	current	current	ADJ
ajfa-5910	139	12	study	study	NOUN
ajfa-5910	139	13	is	be	AUX
ajfa-5910	139	14	to	to	PART
ajfa-5910	139	15	investigate	investigate	VERB
ajfa-5910	139	16	the	the	DET
ajfa-5910	139	17	relationship	relationship	NOUN
ajfa-5910	139	18	between	between	ADP
ajfa-5910	139	19	the	the	DET
ajfa-5910	139	20	age	age	NOUN
ajfa-5910	139	21	of	of	ADP
ajfa-5910	139	22	the	the	DET
ajfa-5910	139	23	company	company	NOUN
ajfa-5910	139	24	and	and	CCONJ
ajfa-5910	139	25	the	the	DET
ajfa-5910	139	26	ratio	ratio	NOUN
ajfa-5910	139	27	of	of	ADP
ajfa-5910	139	28	financial	financial	ADJ
ajfa-5910	139	29	leverage	leverage	NOUN
ajfa-5910	139	30	with	with	ADP
ajfa-5910	139	31	the	the	DET
ajfa-5910	139	32	ratio	ratio	NOUN
ajfa-5910	139	33	of	of	ADP
ajfa-5910	139	34	the	the	DET
ajfa-5910	139	35	dividend	dividend	NOUN
ajfa-5910	139	36	.	.	PUNCT
ajfa-5910	140	1	thus	thus	ADV
ajfa-5910	140	2	,	,	PUNCT
ajfa-5910	140	3	two	two	NUM
ajfa-5910	140	4	hypotheses	hypothesis	NOUN
ajfa-5910	140	5	were	be	AUX
ajfa-5910	140	6	developed	develop	VERB
ajfa-5910	140	7	.	.	PUNCT
ajfa-5910	141	1	in	in	ADP
ajfa-5910	141	2	the	the	DET
ajfa-5910	141	3	first	first	ADJ
ajfa-5910	141	4	hypothesis	hypothesis	NOUN
ajfa-5910	141	5	,	,	PUNCT
ajfa-5910	141	6	the	the	DET
ajfa-5910	141	7	effect	effect	NOUN
ajfa-5910	141	8	of	of	ADP
ajfa-5910	141	9	the	the	DET
ajfa-5910	141	10	age	age	NOUN
ajfa-5910	141	11	of	of	ADP
ajfa-5910	141	12	the	the	DET
ajfa-5910	141	13	company	company	NOUN
ajfa-5910	141	14	on	on	ADP
ajfa-5910	141	15	the	the	DET
ajfa-5910	141	16	dividend	dividend	NOUN
ajfa-5910	141	17	politics	politic	NOUN
ajfa-5910	141	18	and	and	CCONJ
ajfa-5910	141	19	in	in	ADP
ajfa-5910	141	20	the	the	DET
ajfa-5910	141	21	second	second	ADJ
ajfa-5910	141	22	hypothesis	hypothesis	NOUN
ajfa-5910	141	23	the	the	DET
ajfa-5910	141	24	effect	effect	NOUN
ajfa-5910	141	25	of	of	ADP
ajfa-5910	141	26	financial	financial	ADJ
ajfa-5910	141	27	leverage	leverage	NOUN
ajfa-5910	141	28	on	on	ADP
ajfa-5910	141	29	the	the	DET
ajfa-5910	141	30	dividend	dividend	NOUN
ajfa-5910	141	31	politics	politic	NOUN
ajfa-5910	141	32	of	of	ADP
ajfa-5910	141	33	the	the	DET
ajfa-5910	141	34	company	company	NOUN
ajfa-5910	141	35	was	be	AUX
ajfa-5910	141	36	investigated	investigate	VERB
ajfa-5910	141	37	.	.	PUNCT
ajfa-5910	142	1	the	the	DET
ajfa-5910	142	2	sample	sample	NOUN
ajfa-5910	142	3	consists	consist	VERB
ajfa-5910	142	4	of	of	ADP
ajfa-5910	142	5	92	92	NUM
ajfa-5910	142	6	listed	list	VERB
ajfa-5910	142	7	companies	company	NOUN
ajfa-5910	142	8	on	on	ADP
ajfa-5910	142	9	tehran	tehran	PROPN
ajfa-5910	142	10	stock	stock	PROPN
ajfa-5910	142	11	exchange	exchange	PROPN
ajfa-5910	142	12	in	in	ADP
ajfa-5910	142	13	manufacturing	manufacture	VERB
ajfa-5910	142	14	industry	industry	NOUN
ajfa-5910	142	15	during	during	ADP
ajfa-5910	142	16	2005-2011.the	2005-2011.the	PRON
ajfa-5910	142	17	pooled	pool	VERB
ajfa-5910	142	18	data	data	NOUN
ajfa-5910	142	19	analysis	analysis	NOUN
ajfa-5910	142	20	and	and	CCONJ
ajfa-5910	142	21	multivariable	multivariable	ADJ
ajfa-5910	142	22	regression	regression	NOUN
ajfa-5910	142	23	method	method	NOUN
ajfa-5910	142	24	were	be	AUX
ajfa-5910	142	25	used	use	VERB
ajfa-5910	142	26	to	to	PART
ajfa-5910	142	27	test	test	VERB
ajfa-5910	142	28	the	the	DET
ajfa-5910	142	29	hypotheses	hypothesis	NOUN
ajfa-5910	142	30	.	.	PUNCT
ajfa-5910	143	1	in	in	ADP
ajfa-5910	143	2	order	order	NOUN
ajfa-5910	143	3	to	to	PART
ajfa-5910	143	4	investigate	investigate	VERB
ajfa-5910	143	5	the	the	DET
ajfa-5910	143	6	linear	linear	ADJ
ajfa-5910	143	7	or	or	CCONJ
ajfa-5910	143	8	non	non	ADJ
ajfa-5910	143	9	-	-	ADJ
ajfa-5910	143	10	linear	linear	ADJ
ajfa-5910	143	11	relationship	relationship	NOUN
ajfa-5910	143	12	between	between	ADP
ajfa-5910	143	13	the	the	DET
ajfa-5910	143	14	age	age	NOUN
ajfa-5910	143	15	of	of	ADP
ajfa-5910	143	16	the	the	DET
ajfa-5910	143	17	company	company	NOUN
ajfa-5910	143	18	and	and	CCONJ
ajfa-5910	143	19	the	the	DET
ajfa-5910	143	20	dividend	dividend	NOUN
ajfa-5910	143	21	,	,	PUNCT
ajfa-5910	143	22	the	the	DET
ajfa-5910	143	23	square	square	NOUN
ajfa-5910	143	24	and	and	CCONJ
ajfa-5910	143	25	the	the	DET
ajfa-5910	143	26	cube	cube	NOUN
ajfa-5910	143	27	of	of	ADP
ajfa-5910	143	28	the	the	DET
ajfa-5910	143	29	age	age	NOUN
ajfa-5910	143	30	of	of	ADP
ajfa-5910	143	31	the	the	DET
ajfa-5910	143	32	company	company	NOUN
ajfa-5910	143	33	were	be	AUX
ajfa-5910	143	34	also	also	ADV
ajfa-5910	143	35	used	use	VERB
ajfa-5910	143	36	in	in	ADP
ajfa-5910	143	37	the	the	DET
ajfa-5910	143	38	empirical	empirical	ADJ
ajfa-5910	143	39	model	model	NOUN
ajfa-5910	143	40	of	of	ADP
ajfa-5910	143	41	the	the	DET
ajfa-5910	143	42	study	study	NOUN
ajfa-5910	143	43	.	.	PUNCT
ajfa-5910	144	1	the	the	DET
ajfa-5910	144	2	results	result	NOUN
ajfa-5910	144	3	of	of	ADP
ajfa-5910	144	4	the	the	DET
ajfa-5910	144	5	first	first	ADJ
ajfa-5910	144	6	hypothesis	hypothesis	NOUN
ajfa-5910	144	7	were	be	AUX
ajfa-5910	144	8	inconsistent	inconsistent	ADJ
ajfa-5910	144	9	with	with	ADP
ajfa-5910	144	10	the	the	DET
ajfa-5910	144	11	results	result	NOUN
ajfa-5910	144	12	of	of	ADP
ajfa-5910	144	13	study	study	NOUN
ajfa-5910	144	14	conducted	conduct	VERB
ajfa-5910	144	15	by	by	ADP
ajfa-5910	144	16	afza	afza	PROPN
ajfa-5910	144	17	and	and	CCONJ
ajfa-5910	144	18	mirza	mirza	PROPN
ajfa-5910	144	19	(	(	PUNCT
ajfa-5910	144	20	2010	2010	NUM
ajfa-5910	144	21	)	)	PUNCT
ajfa-5910	144	22	.	.	PUNCT
ajfa-5910	145	1	they	they	PRON
ajfa-5910	145	2	found	find	VERB
ajfa-5910	145	3	a	a	DET
ajfa-5910	145	4	non	non	ADJ
ajfa-5910	145	5	-	-	ADJ
ajfa-5910	145	6	linear	linear	ADJ
ajfa-5910	145	7	relationship	relationship	NOUN
ajfa-5910	145	8	between	between	ADP
ajfa-5910	145	9	the	the	DET
ajfa-5910	145	10	age	age	NOUN
ajfa-5910	145	11	of	of	ADP
ajfa-5910	145	12	the	the	DET
ajfa-5910	145	13	company	company	NOUN
ajfa-5910	145	14	and	and	CCONJ
ajfa-5910	145	15	the	the	DET
ajfa-5910	145	16	dividend	dividend	NOUN
ajfa-5910	145	17	in	in	ADP
ajfa-5910	145	18	pakistani	pakistani	ADJ
ajfa-5910	145	19	firms	firm	NOUN
ajfa-5910	145	20	.	.	PUNCT
ajfa-5910	146	1	the	the	DET
ajfa-5910	146	2	results	result	NOUN
ajfa-5910	146	3	of	of	ADP
ajfa-5910	146	4	the	the	DET
ajfa-5910	146	5	second	second	ADJ
ajfa-5910	146	6	hypothesis	hypothesis	NOUN
ajfa-5910	146	7	indicate	indicate	VERB
ajfa-5910	146	8	that	that	SCONJ
ajfa-5910	146	9	the	the	DET
ajfa-5910	146	10	relationship	relationship	NOUN
ajfa-5910	146	11	between	between	ADP
ajfa-5910	146	12	the	the	DET
ajfa-5910	146	13	ratio	ratio	NOUN
ajfa-5910	146	14	of	of	ADP
ajfa-5910	146	15	the	the	DET
ajfa-5910	146	16	financial	financial	ADJ
ajfa-5910	146	17	leverage	leverage	NOUN
ajfa-5910	146	18	and	and	CCONJ
ajfa-5910	146	19	dividend	dividend	NOUN
ajfa-5910	146	20	of	of	ADP
ajfa-5910	146	21	the	the	DET
ajfa-5910	146	22	company	company	NOUN
ajfa-5910	146	23	is	be	AUX
ajfa-5910	146	24	negative	negative	ADJ
ajfa-5910	146	25	.	.	PUNCT
ajfa-5910	147	1	in	in	ADP
ajfa-5910	147	2	other	other	ADJ
ajfa-5910	147	3	words	word	NOUN
ajfa-5910	147	4	,	,	PUNCT
ajfa-5910	147	5	as	as	ADP
ajfa-5910	147	6	the	the	DET
ajfa-5910	147	7	risk	risk	NOUN
ajfa-5910	147	8	and	and	CCONJ
ajfa-5910	147	9	the	the	DET
ajfa-5910	147	10	financial	financial	ADJ
ajfa-5910	147	11	leverage	leverage	NOUN
ajfa-5910	147	12	increase	increase	NOUN
ajfa-5910	147	13	(	(	PUNCT
ajfa-5910	147	14	decrease	decrease	NOUN
ajfa-5910	147	15	)	)	PUNCT
ajfa-5910	147	16	,	,	PUNCT
ajfa-5910	147	17	the	the	DET
ajfa-5910	147	18	amount	amount	NOUN
ajfa-5910	147	19	of	of	ADP
ajfa-5910	147	20	the	the	DET
ajfa-5910	147	21	dividend	dividend	NOUN
ajfa-5910	147	22	of	of	ADP
ajfa-5910	147	23	the	the	DET
ajfa-5910	147	24	iranian	iranian	ADJ
ajfa-5910	147	25	companies	company	NOUN
ajfa-5910	147	26	decreases	decrease	VERB
ajfa-5910	147	27	(	(	PUNCT
ajfa-5910	147	28	increases	increase	NOUN
ajfa-5910	147	29	)	)	PUNCT
ajfa-5910	147	30	.	.	PUNCT
ajfa-5910	148	1	the	the	DET
ajfa-5910	148	2	results	result	NOUN
ajfa-5910	148	3	of	of	ADP
ajfa-5910	148	4	the	the	DET
ajfa-5910	148	5	second	second	ADJ
ajfa-5910	148	6	hypothesis	hypothesis	NOUN
ajfa-5910	148	7	are	be	AUX
ajfa-5910	148	8	consistent	consistent	ADJ
ajfa-5910	148	9	with	with	ADP
ajfa-5910	148	10	the	the	DET
ajfa-5910	148	11	results	result	NOUN
ajfa-5910	148	12	of	of	ADP
ajfa-5910	148	13	study	study	NOUN
ajfa-5910	148	14	asian	asian	ADJ
ajfa-5910	148	15	journal	journal	PROPN
ajfa-5910	148	16	of	of	ADP
ajfa-5910	148	17	finance	finance	PROPN
ajfa-5910	148	18	&	&	CCONJ
ajfa-5910	148	19	accounting	accounting	PROPN
ajfa-5910	148	20	issn	issn	PROPN
ajfa-5910	148	21	1946	1946	NUM
ajfa-5910	148	22	-	-	PUNCT
ajfa-5910	148	23	052x	052x	PROPN
ajfa-5910	148	24	2014	2014	NUM
ajfa-5910	148	25	,	,	PUNCT
ajfa-5910	148	26	vol	vol	NOUN
ajfa-5910	148	27	.	.	PROPN
ajfa-5910	148	28	6	6	NUM
ajfa-5910	148	29	,	,	PUNCT
ajfa-5910	148	30	no	no	INTJ
ajfa-5910	148	31	.	.	NOUN
ajfa-5910	148	32	2	2	NUM
ajfa-5910	148	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5910	148	34	62	62	NUM
ajfa-5910	148	35	conducted	conduct	VERB
ajfa-5910	148	36	by	by	ADP
ajfa-5910	148	37	afza	afza	PROPN
ajfa-5910	148	38	and	and	CCONJ
ajfa-5910	148	39	mirza	mirza	PROPN
ajfa-5910	148	40	(	(	PUNCT
ajfa-5910	148	41	2010	2010	NUM
ajfa-5910	148	42	)	)	PUNCT
ajfa-5910	148	43	.	.	PUNCT
ajfa-5910	149	1	generally	generally	ADV
ajfa-5910	149	2	,	,	PUNCT
ajfa-5910	149	3	the	the	DET
ajfa-5910	149	4	results	result	NOUN
ajfa-5910	149	5	indicate	indicate	VERB
ajfa-5910	149	6	the	the	DET
ajfa-5910	149	7	confirmation	confirmation	NOUN
ajfa-5910	149	8	of	of	ADP
ajfa-5910	149	9	the	the	DET
ajfa-5910	149	10	first	first	ADJ
ajfa-5910	149	11	and	and	CCONJ
ajfa-5910	149	12	second	second	ADJ
ajfa-5910	149	13	hypotheses	hypothesis	NOUN
ajfa-5910	149	14	of	of	ADP
ajfa-5910	149	15	the	the	DET
ajfa-5910	149	16	study	study	NOUN
ajfa-5910	149	17	.	.	PUNCT
ajfa-5910	150	1	in	in	ADP
ajfa-5910	150	2	other	other	ADJ
ajfa-5910	150	3	words	word	NOUN
ajfa-5910	150	4	,	,	PUNCT
ajfa-5910	150	5	there	there	PRON
ajfa-5910	150	6	is	be	VERB
ajfa-5910	150	7	a	a	DET
ajfa-5910	150	8	significant	significant	ADJ
ajfa-5910	150	9	and	and	CCONJ
ajfa-5910	150	10	positive	positive	ADJ
ajfa-5910	150	11	relationship	relationship	NOUN
ajfa-5910	150	12	between	between	ADP
ajfa-5910	150	13	the	the	DET
ajfa-5910	150	14	age	age	NOUN
ajfa-5910	150	15	of	of	ADP
ajfa-5910	150	16	the	the	DET
ajfa-5910	150	17	company	company	NOUN
ajfa-5910	150	18	and	and	CCONJ
ajfa-5910	150	19	the	the	DET
ajfa-5910	150	20	ratio	ratio	NOUN
ajfa-5910	150	21	of	of	ADP
ajfa-5910	150	22	dividend	dividend	NOUN
ajfa-5910	150	23	and	and	CCONJ
ajfa-5910	150	24	there	there	PRON
ajfa-5910	150	25	is	be	VERB
ajfa-5910	150	26	a	a	DET
ajfa-5910	150	27	significant	significant	ADJ
ajfa-5910	150	28	and	and	CCONJ
ajfa-5910	150	29	negative	negative	ADJ
ajfa-5910	150	30	relationship	relationship	NOUN
ajfa-5910	150	31	between	between	ADP
ajfa-5910	150	32	the	the	DET
ajfa-5910	150	33	ratio	ratio	NOUN
ajfa-5910	150	34	of	of	ADP
ajfa-5910	150	35	the	the	DET
ajfa-5910	150	36	financial	financial	ADJ
ajfa-5910	150	37	leverage	leverage	NOUN
ajfa-5910	150	38	and	and	CCONJ
ajfa-5910	150	39	the	the	DET
ajfa-5910	150	40	dividend	dividend	NOUN
ajfa-5910	150	41	.	.	PUNCT
ajfa-5910	151	1	the	the	DET
ajfa-5910	151	2	results	result	NOUN
ajfa-5910	151	3	also	also	ADV
ajfa-5910	151	4	demonstrate	demonstrate	VERB
ajfa-5910	151	5	a	a	DET
ajfa-5910	151	6	linear	linear	PROPN
ajfa-5910	151	7	association	association	NOUN
ajfa-5910	151	8	between	between	ADP
ajfa-5910	151	9	company	company	NOUN
ajfa-5910	151	10	age	age	NOUN
ajfa-5910	151	11	and	and	CCONJ
ajfa-5910	151	12	dividend	dividend	NOUN
ajfa-5910	151	13	.	.	PUNCT
ajfa-5910	152	1	references	reference	NOUN
ajfa-5910	152	2	afza	afza	VERB
ajfa-5910	152	3	,	,	PUNCT
ajfa-5910	152	4	talat	talat	PROPN
ajfa-5910	152	5	,	,	PUNCT
ajfa-5910	152	6	&	&	CCONJ
ajfa-5910	152	7	mirza	mirza	PROPN
ajfa-5910	152	8	,	,	PUNCT
ajfa-5910	152	9	hammad	hammad	PROPN
ajfa-5910	152	10	hassan	hassan	PROPN
ajfa-5910	152	11	.	.	PUNCT
ajfa-5910	153	1	(	(	PUNCT
ajfa-5910	153	2	2010	2010	NUM
ajfa-5910	153	3	)	)	PUNCT
ajfa-5910	153	4	.	.	PUNCT
ajfa-5910	154	1	ownership	ownership	NOUN
ajfa-5910	154	2	structure	structure	NOUN
ajfa-5910	154	3	and	and	CCONJ
ajfa-5910	154	4	cash	cash	NOUN
ajfa-5910	154	5	flows	flow	NOUN
ajfa-5910	154	6	as	as	ADP
ajfa-5910	154	7	determinants	determinant	NOUN
ajfa-5910	154	8	of	of	ADP
ajfa-5910	154	9	corporate	corporate	ADJ
ajfa-5910	154	10	dividend	dividend	NOUN
ajfa-5910	154	11	policy	policy	NOUN
ajfa-5910	154	12	in	in	ADP
ajfa-5910	154	13	pakistan	pakistan	PROPN
ajfa-5910	154	14	.	.	PUNCT
ajfa-5910	155	1	international	international	ADJ
ajfa-5910	155	2	business	business	NOUN
ajfa-5910	155	3	research	research	NOUN
ajfa-5910	155	4	,	,	PUNCT
ajfa-5910	155	5	3(3	3(3	NUM
ajfa-5910	155	6	)	)	PUNCT
ajfa-5910	155	7	.	.	PUNCT
ajfa-5910	156	1	ahmad	ahmad	PROPN
ajfa-5910	156	2	,	,	PUNCT
ajfa-5910	156	3	h.	h.	PROPN
ajfa-5910	156	4	,	,	PUNCT
ajfa-5910	156	5	&	&	CCONJ
ajfa-5910	156	6	javid	javid	PROPN
ajfa-5910	156	7	,	,	PUNCT
ajfa-5910	156	8	attiya	attiya	PROPN
ajfa-5910	156	9	.	.	PUNCT
ajfa-5910	156	10	(	(	PUNCT
ajfa-5910	156	11	2009	2009	NUM
ajfa-5910	156	12	)	)	PUNCT
ajfa-5910	156	13	.	.	PUNCT
ajfa-5910	157	1	dynamics	dynamic	NOUN
ajfa-5910	157	2	and	and	CCONJ
ajfa-5910	157	3	determinants	determinant	NOUN
ajfa-5910	157	4	of	of	ADP
ajfa-5910	157	5	dividend	dividend	NOUN
ajfa-5910	157	6	policy	policy	NOUN
ajfa-5910	157	7	in	in	ADP
ajfa-5910	157	8	pakistan	pakistan	PROPN
ajfa-5910	157	9	:	:	PUNCT
ajfa-5910	157	10	evidence	evidence	NOUN
ajfa-5910	157	11	from	from	ADP
ajfa-5910	157	12	karachi	karachi	PROPN
ajfa-5910	157	13	stock	stock	PROPN
ajfa-5910	157	14	exchange	exchange	PROPN
ajfa-5910	157	15	non	non	ADJ
ajfa-5910	157	16	-	-	ADJ
ajfa-5910	157	17	financial	financial	ADJ
ajfa-5910	157	18	listed	list	VERB
ajfa-5910	157	19	firms	firm	NOUN
ajfa-5910	157	20	.	.	PUNCT
ajfa-5910	158	1	international	international	ADJ
ajfa-5910	158	2	research	research	PROPN
ajfa-5910	158	3	journal	journal	NOUN
ajfa-5910	158	4	of	of	ADP
ajfa-5910	158	5	finance	finance	NOUN
ajfa-5910	158	6	and	and	CCONJ
ajfa-5910	158	7	economics	economic	NOUN
ajfa-5910	158	8	,	,	PUNCT
ajfa-5910	158	9	25	25	NUM
ajfa-5910	158	10	,	,	PUNCT
ajfa-5910	158	11	148	148	NUM
ajfa-5910	158	12	-	-	SYM
ajfa-5910	158	13	171	171	NUM
ajfa-5910	158	14	.	.	PUNCT
ajfa-5910	159	1	almazan	almazan	PROPN
ajfa-5910	159	2	,	,	PUNCT
ajfa-5910	159	3	andres	andres	PROPN
ajfa-5910	159	4	,	,	PUNCT
ajfa-5910	159	5	de	de	X
ajfa-5910	159	6	motta	motta	PROPN
ajfa-5910	159	7	,	,	PUNCT
ajfa-5910	159	8	adolfo	adolfo	PROPN
ajfa-5910	159	9	,	,	PUNCT
ajfa-5910	159	10	titman	titman	PROPN
ajfa-5910	159	11	,	,	PUNCT
ajfa-5910	159	12	sheridan	sheridan	PROPN
ajfa-5910	159	13	,	,	PUNCT
ajfa-5910	159	14	&	&	CCONJ
ajfa-5910	159	15	uysal	uysal	ADJ
ajfa-5910	159	16	,	,	PUNCT
ajfa-5910	159	17	vahap	vahap	ADJ
ajfa-5910	159	18	.	.	PUNCT
ajfa-5910	160	1	(	(	PUNCT
ajfa-5910	160	2	2010	2010	NUM
ajfa-5910	160	3	)	)	PUNCT
ajfa-5910	160	4	.	.	PUNCT
ajfa-5910	161	1	financial	financial	ADJ
ajfa-5910	161	2	structure	structure	NOUN
ajfa-5910	161	3	,	,	PUNCT
ajfa-5910	161	4	acquisition	acquisition	NOUN
ajfa-5910	161	5	opportunities	opportunity	NOUN
ajfa-5910	161	6	,	,	PUNCT
ajfa-5910	161	7	and	and	CCONJ
ajfa-5910	161	8	firm	firm	ADJ
ajfa-5910	161	9	locations	location	NOUN
ajfa-5910	161	10	.	.	PUNCT
ajfa-5910	162	1	the	the	DET
ajfa-5910	162	2	journal	journal	NOUN
ajfa-5910	162	3	of	of	ADP
ajfa-5910	162	4	finance	finance	NOUN
ajfa-5910	162	5	,	,	PUNCT
ajfa-5910	162	6	65(2	65(2	NOUN
ajfa-5910	162	7	)	)	PUNCT
ajfa-5910	162	8	,	,	PUNCT
ajfa-5910	162	9	529	529	NUM
ajfa-5910	162	10	-	-	SYM
ajfa-5910	162	11	563	563	NUM
ajfa-5910	162	12	.	.	PUNCT
ajfa-5910	163	1	http://dx.doi.org/10.1111/j.1540-6261.2009.01543.x	http://dx.doi.org/10.1111/j.1540-6261.2009.01543.x	PROPN
ajfa-5910	163	2	anthony	anthony	PROPN
ajfa-5910	163	3	,	,	PUNCT
ajfa-5910	163	4	joseph	joseph	PROPN
ajfa-5910	163	5	h.	h.	PROPN
ajfa-5910	163	6	,	,	PUNCT
ajfa-5910	163	7	&	&	CCONJ
ajfa-5910	163	8	ramesh	ramesh	PROPN
ajfa-5910	163	9	,	,	PUNCT
ajfa-5910	163	10	k.	k.	PROPN
ajfa-5910	163	11	(	(	PUNCT
ajfa-5910	163	12	1992	1992	NUM
ajfa-5910	163	13	)	)	PUNCT
ajfa-5910	163	14	.	.	PUNCT
ajfa-5910	164	1	association	association	NOUN
ajfa-5910	164	2	between	between	ADP
ajfa-5910	164	3	accounting	accounting	NOUN
ajfa-5910	164	4	performance	performance	NOUN
ajfa-5910	164	5	measures	measure	NOUN
ajfa-5910	164	6	and	and	CCONJ
ajfa-5910	164	7	stock	stock	NOUN
ajfa-5910	164	8	prices	price	NOUN
ajfa-5910	164	9	:	:	PUNCT
ajfa-5910	164	10	a	a	DET
ajfa-5910	164	11	test	test	NOUN
ajfa-5910	164	12	of	of	ADP
ajfa-5910	164	13	the	the	DET
ajfa-5910	164	14	life	life	NOUN
ajfa-5910	164	15	cycle	cycle	NOUN
ajfa-5910	164	16	hypothesis	hypothesis	NOUN
ajfa-5910	164	17	.	.	PUNCT
ajfa-5910	165	1	journal	journal	PROPN
ajfa-5910	165	2	of	of	ADP
ajfa-5910	165	3	accounting	accounting	NOUN
ajfa-5910	165	4	and	and	CCONJ
ajfa-5910	165	5	economics	economic	NOUN
ajfa-5910	165	6	,	,	PUNCT
ajfa-5910	165	7	15(2	15(2	NUM
ajfa-5910	165	8	-	-	SYM
ajfa-5910	165	9	3	3	NUM
ajfa-5910	165	10	)	)	PUNCT
ajfa-5910	165	11	,	,	PUNCT
ajfa-5910	165	12	203	203	NUM
ajfa-5910	165	13	-	-	SYM
ajfa-5910	165	14	227	227	NUM
ajfa-5910	165	15	.	.	PUNCT
ajfa-5910	166	1	http://dx.doi.org/10.1016/0165-4101(92)90018-w	http://dx.doi.org/10.1016/0165-4101(92)90018-w	NOUN
ajfa-5910	166	2	black	black	ADJ
ajfa-5910	166	3	,	,	PUNCT
ajfa-5910	166	4	ervin	ervin	PROPN
ajfa-5910	166	5	l.	l.	PROPN
ajfa-5910	166	6	(	(	PUNCT
ajfa-5910	166	7	1998	1998	NUM
ajfa-5910	166	8	)	)	PUNCT
ajfa-5910	166	9	.	.	PUNCT
ajfa-5910	167	1	life	life	NOUN
ajfa-5910	167	2	-	-	PUNCT
ajfa-5910	167	3	cycle	cycle	NOUN
ajfa-5910	167	4	impacts	impact	NOUN
ajfa-5910	167	5	on	on	ADP
ajfa-5910	167	6	the	the	DET
ajfa-5910	167	7	incremental	incremental	ADJ
ajfa-5910	167	8	value	value	NOUN
ajfa-5910	167	9	-	-	PUNCT
ajfa-5910	167	10	relevance	relevance	NOUN
ajfa-5910	167	11	of	of	ADP
ajfa-5910	167	12	earnings	earning	NOUN
ajfa-5910	167	13	and	and	CCONJ
ajfa-5910	167	14	cash	cash	NOUN
ajfa-5910	167	15	flow	flow	NOUN
ajfa-5910	167	16	measures	measure	NOUN
ajfa-5910	167	17	.	.	PUNCT
ajfa-5910	168	1	journal	journal	NOUN
ajfa-5910	168	2	of	of	ADP
ajfa-5910	168	3	financial	financial	ADJ
ajfa-5910	168	4	statement	statement	NOUN
ajfa-5910	168	5	analysis	analysis	NOUN
ajfa-5910	168	6	,	,	PUNCT
ajfa-5910	168	7	4	4	NUM
ajfa-5910	168	8	,	,	PUNCT
ajfa-5910	168	9	40	40	NUM
ajfa-5910	168	10	-	-	SYM
ajfa-5910	168	11	57	57	NUM
ajfa-5910	168	12	.	.	PUNCT
ajfa-5910	169	1	deangelo	deangelo	PROPN
ajfa-5910	169	2	,	,	PUNCT
ajfa-5910	169	3	linda	linda	PROPN
ajfa-5910	169	4	elizabeth	elizabeth	PROPN
ajfa-5910	169	5	.	.	PUNCT
ajfa-5910	170	1	(	(	PUNCT
ajfa-5910	170	2	1981	1981	NUM
ajfa-5910	170	3	)	)	PUNCT
ajfa-5910	170	4	.	.	PUNCT
ajfa-5910	171	1	auditor	auditor	NOUN
ajfa-5910	171	2	size	size	NOUN
ajfa-5910	171	3	and	and	CCONJ
ajfa-5910	171	4	audit	audit	NOUN
ajfa-5910	171	5	quality	quality	NOUN
ajfa-5910	171	6	.	.	PUNCT
ajfa-5910	172	1	journal	journal	NOUN
ajfa-5910	172	2	of	of	ADP
ajfa-5910	172	3	accounting	accounting	NOUN
ajfa-5910	172	4	and	and	CCONJ
ajfa-5910	172	5	economics	economic	NOUN
ajfa-5910	172	6	,	,	PUNCT
ajfa-5910	172	7	3(3	3(3	NUM
ajfa-5910	172	8	)	)	PUNCT
ajfa-5910	172	9	,	,	PUNCT
ajfa-5910	172	10	183	183	NUM
ajfa-5910	172	11	-	-	SYM
ajfa-5910	172	12	199	199	NUM
ajfa-5910	172	13	.	.	PUNCT
ajfa-5910	173	1	http://dx.doi.org/10.1016/0165-4101(81)90002-1	http://dx.doi.org/10.1016/0165-4101(81)90002-1	PROPN
ajfa-5910	173	2	fasb	fasb	NOUN
ajfa-5910	173	3	,	,	PUNCT
ajfa-5910	173	4	financial	financial	ADJ
ajfa-5910	173	5	accounting	accounting	NOUN
ajfa-5910	173	6	standard	standard	PROPN
ajfa-5910	173	7	board	board	PROPN
ajfa-5910	173	8	.	.	PUNCT
ajfa-5910	174	1	(	(	PUNCT
ajfa-5910	174	2	1978	1978	NUM
ajfa-5910	174	3	)	)	PUNCT
ajfa-5910	174	4	.	.	PUNCT
ajfa-5910	175	1	objective	objective	NOUN
ajfa-5910	175	2	of	of	ADP
ajfa-5910	175	3	financial	financial	ADJ
ajfa-5910	175	4	reporting	reporting	NOUN
ajfa-5910	175	5	by	by	ADP
ajfa-5910	175	6	bussiness	bussiness	NOUN
ajfa-5910	175	7	enterprises	enterprise	NOUN
ajfa-5910	175	8	statement	statement	NOUN
ajfa-5910	175	9	of	of	ADP
ajfa-5910	175	10	financial	financial	ADJ
ajfa-5910	175	11	accounting	accounting	NOUN
ajfa-5910	175	12	concept	concept	NOUN
ajfa-5910	175	13	no	no	DET
ajfa-5910	175	14	1	1	NUM
ajfa-5910	175	15	.	.	PUNCT
ajfa-5910	175	16	ghorbani	ghorbani	PROPN
ajfa-5910	175	17	,	,	PUNCT
ajfa-5910	175	18	arash	arash	PROPN
ajfa-5910	175	19	.	.	PUNCT
ajfa-5910	176	1	(	(	PUNCT
ajfa-5910	176	2	2006	2006	NUM
ajfa-5910	176	3	)	)	PUNCT
ajfa-5910	176	4	.	.	PUNCT
ajfa-5910	177	1	relationship	relationship	NOUN
ajfa-5910	177	2	between	between	ADP
ajfa-5910	177	3	earnings	earning	NOUN
ajfa-5910	177	4	and	and	CCONJ
ajfa-5910	177	5	cash	cash	NOUN
ajfa-5910	177	6	flows	flow	NOUN
ajfa-5910	177	7	with	with	ADP
ajfa-5910	177	8	firm	firm	NOUN
ajfa-5910	177	9	's	's	PART
ajfa-5910	177	10	value	value	NOUN
ajfa-5910	177	11	in	in	ADP
ajfa-5910	177	12	firm	firm	NOUN
ajfa-5910	177	13	's	's	PART
ajfa-5910	177	14	life	life	NOUN
ajfa-5910	177	15	cycle	cycle	NOUN
ajfa-5910	177	16	framework	framework	NOUN
ajfa-5910	177	17	.	.	PUNCT
ajfa-5910	178	1	(	(	PUNCT
ajfa-5910	178	2	m.	m.	NOUN
ajfa-5910	178	3	a.	a.	NOUN
ajfa-5910	178	4	dissertation	dissertation	PROPN
ajfa-5910	178	5	)	)	PUNCT
ajfa-5910	178	6	,	,	PUNCT
ajfa-5910	178	7	islamic	islamic	PROPN
ajfa-5910	178	8	azad	azad	PROPN
ajfa-5910	178	9	university	university	PROPN
ajfa-5910	178	10	,	,	PUNCT
ajfa-5910	178	11	mashhad	mashhad	PROPN
ajfa-5910	178	12	branch	branch	PROPN
ajfa-5910	178	13	.	.	PUNCT
ajfa-5910	179	1	jenkins	jenkins	PROPN
ajfa-5910	179	2	,	,	PUNCT
ajfa-5910	179	3	david	david	PROPN
ajfa-5910	179	4	s	s	PROPN
ajfa-5910	179	5	,	,	PUNCT
ajfa-5910	179	6	kane	kane	PROPN
ajfa-5910	179	7	,	,	PUNCT
ajfa-5910	179	8	gregory	gregory	PROPN
ajfa-5910	179	9	d.	d.	PROPN
ajfa-5910	179	10	,	,	PUNCT
ajfa-5910	179	11	&	&	CCONJ
ajfa-5910	179	12	velury	velury	PROPN
ajfa-5910	179	13	,	,	PUNCT
ajfa-5910	179	14	uma	uma	PROPN
ajfa-5910	179	15	.	.	PUNCT
ajfa-5910	179	16	(	(	PUNCT
ajfa-5910	179	17	2004	2004	NUM
ajfa-5910	179	18	)	)	PUNCT
ajfa-5910	179	19	.	.	PUNCT
ajfa-5910	180	1	the	the	DET
ajfa-5910	180	2	impact	impact	NOUN
ajfa-5910	180	3	of	of	ADP
ajfa-5910	180	4	the	the	DET
ajfa-5910	180	5	corporate	corporate	ADJ
ajfa-5910	180	6	life	life	NOUN
ajfa-5910	180	7	-	-	PUNCT
ajfa-5910	180	8	cycle	cycle	NOUN
ajfa-5910	180	9	on	on	ADP
ajfa-5910	180	10	the	the	DET
ajfa-5910	180	11	value	value	NOUN
ajfa-5910	180	12	-	-	PUNCT
ajfa-5910	180	13	relevance	relevance	NOUN
ajfa-5910	180	14	of	of	ADP
ajfa-5910	180	15	disaggregated	disaggregate	VERB
ajfa-5910	180	16	earnings	earning	NOUN
ajfa-5910	180	17	components	component	NOUN
ajfa-5910	180	18	.	.	PUNCT
ajfa-5910	181	1	review	review	NOUN
ajfa-5910	181	2	of	of	ADP
ajfa-5910	181	3	accounting	accounting	NOUN
ajfa-5910	181	4	and	and	CCONJ
ajfa-5910	181	5	finance	finance	NOUN
ajfa-5910	181	6	,	,	PUNCT
ajfa-5910	181	7	3(4	3(4	NUM
ajfa-5910	181	8	)	)	PUNCT
ajfa-5910	181	9	,	,	PUNCT
ajfa-5910	181	10	5	5	NUM
ajfa-5910	181	11	-	-	SYM
ajfa-5910	181	12	20	20	NUM
ajfa-5910	181	13	.	.	PUNCT
ajfa-5910	182	1	http://dx.doi.org/10.1108/eb043411	http://dx.doi.org/10.1108/eb043411	PROPN
ajfa-5910	182	2	john	john	PROPN
ajfa-5910	182	3	,	,	PUNCT
ajfa-5910	182	4	kose	kose	PROPN
ajfa-5910	182	5	,	,	PUNCT
ajfa-5910	182	6	&	&	CCONJ
ajfa-5910	182	7	williams	williams	PROPN
ajfa-5910	182	8	,	,	PUNCT
ajfa-5910	182	9	joseph	joseph	PROPN
ajfa-5910	182	10	.	.	PUNCT
ajfa-5910	183	1	(	(	PUNCT
ajfa-5910	183	2	1985	1985	NUM
ajfa-5910	183	3	)	)	PUNCT
ajfa-5910	183	4	.	.	PUNCT
ajfa-5910	184	1	dividends	dividend	NOUN
ajfa-5910	184	2	,	,	PUNCT
ajfa-5910	184	3	dilution	dilution	NOUN
ajfa-5910	184	4	,	,	PUNCT
ajfa-5910	184	5	and	and	CCONJ
ajfa-5910	184	6	taxes	taxis	NOUN
ajfa-5910	184	7	:	:	PUNCT
ajfa-5910	184	8	a	a	DET
ajfa-5910	184	9	signalling	signal	VERB
ajfa-5910	184	10	equilibrium	equilibrium	NOUN
ajfa-5910	184	11	.	.	PUNCT
ajfa-5910	185	1	the	the	DET
ajfa-5910	185	2	journal	journal	PROPN
ajfa-5910	185	3	of	of	ADP
ajfa-5910	185	4	finance	finance	NOUN
ajfa-5910	185	5	,	,	PUNCT
ajfa-5910	185	6	40(4	40(4	NUM
ajfa-5910	185	7	)	)	PUNCT
ajfa-5910	185	8	,	,	PUNCT
ajfa-5910	185	9	1053	1053	NUM
ajfa-5910	185	10	-	-	SYM
ajfa-5910	185	11	1070	1070	NUM
ajfa-5910	185	12	.	.	PUNCT
ajfa-5910	186	1	http://dx.doi.org/10.1111/j.1540-6261.1985.tb02363.x	http://dx.doi.org/10.1111/j.1540-6261.1985.tb02363.x	PROPN
ajfa-5910	186	2	lintner	lintner	PROPN
ajfa-5910	186	3	,	,	PUNCT
ajfa-5910	186	4	john	john	PROPN
ajfa-5910	186	5	.	.	PUNCT
ajfa-5910	186	6	(	(	PUNCT
ajfa-5910	186	7	1956	1956	NUM
ajfa-5910	186	8	)	)	PUNCT
ajfa-5910	186	9	.	.	PUNCT
ajfa-5910	187	1	distribution	distribution	NOUN
ajfa-5910	187	2	of	of	ADP
ajfa-5910	187	3	incomes	income	NOUN
ajfa-5910	187	4	of	of	ADP
ajfa-5910	187	5	corporations	corporation	NOUN
ajfa-5910	187	6	among	among	ADP
ajfa-5910	187	7	dividends	dividend	NOUN
ajfa-5910	187	8	,	,	PUNCT
ajfa-5910	187	9	retained	retain	VERB
ajfa-5910	187	10	earnings	earning	NOUN
ajfa-5910	187	11	,	,	PUNCT
ajfa-5910	187	12	and	and	CCONJ
ajfa-5910	187	13	taxes	taxis	NOUN
ajfa-5910	187	14	.	.	PUNCT
ajfa-5910	188	1	american	american	PROPN
ajfa-5910	188	2	economic	economic	PROPN
ajfa-5910	188	3	review	review	PROPN
ajfa-5910	188	4	,	,	PUNCT
ajfa-5910	188	5	46(2	46(2	NOUN
ajfa-5910	188	6	)	)	PUNCT
ajfa-5910	188	7	,	,	PUNCT
ajfa-5910	188	8	97	97	NUM
ajfa-5910	188	9	-	-	SYM
ajfa-5910	188	10	113	113	NUM
ajfa-5910	188	11	.	.	PUNCT
ajfa-5910	189	1	asian	asian	ADJ
ajfa-5910	189	2	journal	journal	PROPN
ajfa-5910	189	3	of	of	ADP
ajfa-5910	189	4	finance	finance	PROPN
ajfa-5910	189	5	&	&	CCONJ
ajfa-5910	189	6	accounting	accounting	PROPN
ajfa-5910	189	7	issn	issn	PROPN
ajfa-5910	189	8	1946	1946	NUM
ajfa-5910	189	9	-	-	PUNCT
ajfa-5910	189	10	052x	052x	PROPN
ajfa-5910	189	11	2014	2014	NUM
ajfa-5910	189	12	,	,	PUNCT
ajfa-5910	189	13	vol	vol	NOUN
ajfa-5910	189	14	.	.	PROPN
ajfa-5910	190	1	6	6	NUM
ajfa-5910	190	2	,	,	PUNCT
ajfa-5910	190	3	no	no	INTJ
ajfa-5910	190	4	.	.	NOUN
ajfa-5910	190	5	2	2	NUM
ajfa-5910	190	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5910	190	7	63	63	NUM
ajfa-5910	190	8	mehrani	mehrani	ADJ
ajfa-5910	190	9	,	,	PUNCT
ajfa-5910	190	10	kaveh	kaveh	PROPN
ajfa-5910	190	11	.	.	PUNCT
ajfa-5910	191	1	(	(	PUNCT
ajfa-5910	191	2	2004	2004	NUM
ajfa-5910	191	3	)	)	PUNCT
ajfa-5910	191	4	.	.	PUNCT
ajfa-5910	192	1	relationship	relationship	NOUN
ajfa-5910	192	2	between	between	ADP
ajfa-5910	192	3	earnings	earning	NOUN
ajfa-5910	192	4	per	per	ADP
ajfa-5910	192	5	share	share	NOUN
ajfa-5910	192	6	,	,	PUNCT
ajfa-5910	192	7	dividend	dividend	NOUN
ajfa-5910	192	8	,	,	PUNCT
ajfa-5910	192	9	and	and	CCONJ
ajfa-5910	192	10	investment	investment	NOUN
ajfa-5910	192	11	in	in	ADP
ajfa-5910	192	12	listed	list	VERB
ajfa-5910	192	13	firms	firm	NOUN
ajfa-5910	192	14	on	on	ADP
ajfa-5910	192	15	tehran	tehran	PROPN
ajfa-5910	192	16	stock	stock	PROPN
ajfa-5910	192	17	exchange	exchange	PROPN
ajfa-5910	192	18	iranian	iranian	PROPN
ajfa-5910	192	19	accounting	accounting	PROPN
ajfa-5910	192	20	and	and	CCONJ
ajfa-5910	192	21	auditing	auditing	NOUN
ajfa-5910	192	22	review	review	NOUN
ajfa-5910	192	23	,	,	PUNCT
ajfa-5910	192	24	36	36	NUM
ajfa-5910	192	25	.	.	PUNCT
ajfa-5910	192	26	stepanyan	stepanyan	PROPN
ajfa-5910	192	27	,	,	PUNCT
ajfa-5910	192	28	gohar	gohar	PROPN
ajfa-5910	192	29	g.	g.	PROPN
ajfa-5910	192	30	(	(	PUNCT
ajfa-5910	192	31	2011	2011	NUM
ajfa-5910	192	32	)	)	PUNCT
ajfa-5910	192	33	.	.	PUNCT
ajfa-5910	193	1	firm	firm	ADJ
ajfa-5910	193	2	life	life	NOUN
ajfa-5910	193	3	cycle	cycle	NOUN
ajfa-5910	193	4	and	and	CCONJ
ajfa-5910	193	5	the	the	DET
ajfa-5910	193	6	choice	choice	NOUN
ajfa-5910	193	7	of	of	ADP
ajfa-5910	193	8	the	the	DET
ajfa-5910	193	9	form	form	NOUN
ajfa-5910	193	10	of	of	ADP
ajfa-5910	193	11	payout	payout	NOUN
ajfa-5910	193	12	.	.	PUNCT
ajfa-5910	194	1	available	available	ADJ
ajfa-5910	194	2	at	at	ADP
ajfa-5910	194	3	ssrn	ssrn	PROPN
ajfa-5910	194	4	1632834	1632834	NUM
ajfa-5910	194	5	.	.	PUNCT
ajfa-5910	195	1	http://dx.doi.org/10.2139/ssrn.1632834	http://dx.doi.org/10.2139/ssrn.1632834	PRON
ajfa-5910	195	2	wang	wang	PROPN
ajfa-5910	195	3	,	,	PUNCT
ajfa-5910	195	4	ming	ming	PROPN
ajfa-5910	195	5	-	-	PUNCT
ajfa-5910	195	6	hui	hui	PROPN
ajfa-5910	195	7	,	,	PUNCT
ajfa-5910	195	8	ke	ke	PROPN
ajfa-5910	195	9	,	,	PUNCT
ajfa-5910	195	10	mei	mei	PROPN
ajfa-5910	195	11	-	-	PUNCT
ajfa-5910	195	12	chu	chu	PROPN
ajfa-5910	195	13	,	,	PUNCT
ajfa-5910	195	14	liu	liu	PROPN
ajfa-5910	195	15	,	,	PUNCT
ajfa-5910	195	16	day	day	PROPN
ajfa-5910	195	17	-	-	PUNCT
ajfa-5910	195	18	yang	yang	PROPN
ajfa-5910	195	19	,	,	PUNCT
ajfa-5910	195	20	&	&	CCONJ
ajfa-5910	195	21	huang	huang	PROPN
ajfa-5910	195	22	,	,	PUNCT
ajfa-5910	195	23	yen	yen	NOUN
ajfa-5910	195	24	-	-	PUNCT
ajfa-5910	195	25	sheng	sheng	NOUN
ajfa-5910	195	26	.	.	PUNCT
ajfa-5910	196	1	(	(	PUNCT
ajfa-5910	196	2	2011	2011	NUM
ajfa-5910	196	3	)	)	PUNCT
ajfa-5910	196	4	.	.	PUNCT
ajfa-5910	197	1	dividend	dividend	NOUN
ajfa-5910	197	2	policy	policy	NOUN
ajfa-5910	197	3	and	and	CCONJ
ajfa-5910	197	4	the	the	DET
ajfa-5910	197	5	life	life	NOUN
ajfa-5910	197	6	cycle	cycle	NOUN
ajfa-5910	197	7	hypothesis	hypothesis	NOUN
ajfa-5910	197	8	:	:	PUNCT
ajfa-5910	197	9	evidence	evidence	NOUN
ajfa-5910	197	10	from	from	ADP
ajfa-5910	197	11	taiwan	taiwan	PROPN
ajfa-5910	197	12	.	.	PUNCT
ajfa-5910	198	1	the	the	DET
ajfa-5910	198	2	international	international	ADJ
ajfa-5910	198	3	journal	journal	NOUN
ajfa-5910	198	4	of	of	ADP
ajfa-5910	198	5	business	business	NOUN
ajfa-5910	198	6	and	and	CCONJ
ajfa-5910	198	7	finance	finance	NOUN
ajfa-5910	198	8	research	research	NOUN
ajfa-5910	198	9	,	,	PUNCT
ajfa-5910	198	10	5(1	5(1	NUM
ajfa-5910	198	11	)	)	PUNCT
ajfa-5910	198	12	,	,	PUNCT
ajfa-5910	198	13	33	33	NUM
ajfa-5910	198	14	-	-	SYM
ajfa-5910	198	15	52	52	NUM
ajfa-5910	198	16	.	.	PUNCT