id	sid	tid	token	lemma	pos
ajfa-6070	1	1	microsoft	microsoft	PROPN
ajfa-6070	1	2	word	word	NOUN
ajfa-6070	1	3	6070	6070	NUM
ajfa-6070	1	4	-	-	SYM
ajfa-6070	1	5	21864	21864	NUM
ajfa-6070	1	6	-	-	PUNCT
ajfa-6070	1	7	1	1	NUM
ajfa-6070	1	8	-	-	PUNCT
ajfa-6070	1	9	sm	sm	NOUN
ajfa-6070	1	10	_	_	PUNCT
ajfa-6070	1	11	1_-writer2	1_-writer2	NUM
ajfa-6070	1	12	-	-	PUNCT
ajfa-6070	1	13	new	new	ADJ
ajfa-6070	1	14	asian	asian	ADJ
ajfa-6070	1	15	journal	journal	NOUN
ajfa-6070	1	16	of	of	ADP
ajfa-6070	1	17	finance	finance	PROPN
ajfa-6070	1	18	&	&	CCONJ
ajfa-6070	1	19	accounting	accounting	PROPN
ajfa-6070	1	20	issn	issn	PROPN
ajfa-6070	1	21	1946	1946	NUM
ajfa-6070	1	22	-	-	PUNCT
ajfa-6070	1	23	052x	052x	NOUN
ajfa-6070	1	24	2015	2015	NUM
ajfa-6070	1	25	,	,	PUNCT
ajfa-6070	1	26	vol	vol	NOUN
ajfa-6070	1	27	.	.	PROPN
ajfa-6070	1	28	7	7	NUM
ajfa-6070	1	29	,	,	PUNCT
ajfa-6070	1	30	no	no	INTJ
ajfa-6070	1	31	.	.	NOUN
ajfa-6070	1	32	1	1	NUM
ajfa-6070	1	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6070	1	34	45	45	NUM
ajfa-6070	1	35	shareholder	shareholder	NOUN
ajfa-6070	1	36	types	type	NOUN
ajfa-6070	1	37	,	,	PUNCT
ajfa-6070	1	38	corporate	corporate	ADJ
ajfa-6070	1	39	governance	governance	NOUN
ajfa-6070	1	40	and	and	CCONJ
ajfa-6070	1	41	firm	firm	ADJ
ajfa-6070	1	42	performance	performance	NOUN
ajfa-6070	1	43	:	:	PUNCT
ajfa-6070	1	44	an	an	DET
ajfa-6070	1	45	anecdote	anecdote	NOUN
ajfa-6070	1	46	from	from	ADP
ajfa-6070	1	47	indian	indian	ADJ
ajfa-6070	1	48	corporate	corporate	ADJ
ajfa-6070	1	49	sector	sector	NOUN
ajfa-6070	1	50	dr	dr	PROPN
ajfa-6070	1	51	namita	namita	PROPN
ajfa-6070	1	52	rajput	rajput	PROPN
ajfa-6070	1	53	associate	associate	PROPN
ajfa-6070	1	54	prof	prof	PROPN
ajfa-6070	1	55	.	.	PUNCT
ajfa-6070	2	1	in	in	ADP
ajfa-6070	2	2	commerce	commerce	PROPN
ajfa-6070	2	3	sri	sri	PROPN
ajfa-6070	2	4	aurobindo	aurobindo	PROPN
ajfa-6070	2	5	college	college	PROPN
ajfa-6070	2	6	,	,	PUNCT
ajfa-6070	2	7	usms	usms	PROPN
ajfa-6070	2	8	,	,	PUNCT
ajfa-6070	2	9	ggs	ggs	PROPN
ajfa-6070	2	10	university	university	PROPN
ajfa-6070	2	11	of	of	ADP
ajfa-6070	2	12	delhi	delhi	PROPN
ajfa-6070	2	13	,	,	PUNCT
ajfa-6070	2	14	india	india	PROPN
ajfa-6070	2	15	e	e	PROPN
ajfa-6070	2	16	-	-	NOUN
ajfa-6070	2	17	mail	mail	NOUN
ajfa-6070	2	18	:	:	PUNCT
ajfa-6070	2	19	namitarajput27@gmail.com	namitarajput27@gmail.com	X
ajfa-6070	2	20	ms	ms	PROPN
ajfa-6070	2	21	bharti	bharti	PROPN
ajfa-6070	2	22	(	(	PUNCT
ajfa-6070	2	23	corresponding	corresponding	ADJ
ajfa-6070	2	24	author	author	NOUN
ajfa-6070	2	25	)	)	PUNCT
ajfa-6070	2	26	assistant	assistant	NOUN
ajfa-6070	2	27	professor	professor	NOUN
ajfa-6070	2	28	in	in	ADP
ajfa-6070	2	29	management	management	NOUN
ajfa-6070	2	30	indraprastha	indraprastha	PROPN
ajfa-6070	2	31	university	university	PROPN
ajfa-6070	2	32	,	,	PUNCT
ajfa-6070	2	33	india	india	PROPN
ajfa-6070	2	34	e	e	PROPN
ajfa-6070	2	35	-	-	NOUN
ajfa-6070	2	36	mail	mail	NOUN
ajfa-6070	2	37	:	:	PUNCT
ajfa-6070	2	38	bharti.1119@gmail.com	bharti.1119@gmail.com	X
ajfa-6070	2	39	received	receive	VERB
ajfa-6070	2	40	:	:	PUNCT
ajfa-6070	2	41	august	august	PROPN
ajfa-6070	2	42	5	5	NUM
ajfa-6070	2	43	,	,	PUNCT
ajfa-6070	2	44	2014	2014	NUM
ajfa-6070	2	45	accepted	accept	VERB
ajfa-6070	2	46	:	:	PUNCT
ajfa-6070	2	47	nov.11	nov.11	ADJ
ajfa-6070	2	48	,	,	PUNCT
ajfa-6070	2	49	2014	2014	NUM
ajfa-6070	2	50	published	publish	VERB
ajfa-6070	2	51	:	:	PUNCT
ajfa-6070	2	52	june	june	PROPN
ajfa-6070	2	53	1	1	NUM
ajfa-6070	2	54	,	,	PUNCT
ajfa-6070	2	55	2015	2015	NUM
ajfa-6070	2	56	doi:10.5296	doi:10.5296	NOUN
ajfa-6070	2	57	/	/	SYM
ajfa-6070	2	58	ajfa.v7i1.6070	ajfa.v7i1.6070	NUM
ajfa-6070	2	59	url	url	NOUN
ajfa-6070	2	60	:	:	PUNCT
ajfa-6070	2	61	http://dx.doi.org/10.5296/ajfa.v7i1.6070	http://dx.doi.org/10.5296/ajfa.v7i1.6070	X
ajfa-6070	2	62	abstract	abstract	VERB
ajfa-6070	2	63	the	the	DET
ajfa-6070	2	64	issues	issue	NOUN
ajfa-6070	2	65	regarding	regard	VERB
ajfa-6070	2	66	corporate	corporate	ADJ
ajfa-6070	2	67	governance	governance	NOUN
ajfa-6070	2	68	have	have	AUX
ajfa-6070	2	69	received	receive	VERB
ajfa-6070	2	70	major	major	ADJ
ajfa-6070	2	71	attention	attention	NOUN
ajfa-6070	2	72	owing	owe	VERB
ajfa-6070	2	73	to	to	ADP
ajfa-6070	2	74	their	their	PRON
ajfa-6070	2	75	apparent	apparent	ADJ
ajfa-6070	2	76	importance	importance	NOUN
ajfa-6070	2	77	for	for	ADP
ajfa-6070	2	78	the	the	DET
ajfa-6070	2	79	economic	economic	ADJ
ajfa-6070	2	80	health	health	NOUN
ajfa-6070	2	81	of	of	ADP
ajfa-6070	2	82	companies	company	NOUN
ajfa-6070	2	83	especially	especially	ADV
ajfa-6070	2	84	after	after	ADP
ajfa-6070	2	85	plethora	plethora	ADV
ajfa-6070	2	86	of	of	ADP
ajfa-6070	2	87	corporate	corporate	ADJ
ajfa-6070	2	88	scams	scam	NOUN
ajfa-6070	2	89	and	and	CCONJ
ajfa-6070	2	90	debacles	debacle	NOUN
ajfa-6070	2	91	in	in	ADP
ajfa-6070	2	92	the	the	DET
ajfa-6070	2	93	recent	recent	ADJ
ajfa-6070	2	94	times	time	NOUN
ajfa-6070	2	95	.	.	PUNCT
ajfa-6070	3	1	high	high	ADJ
ajfa-6070	3	2	ethical	ethical	ADJ
ajfa-6070	3	3	values	value	NOUN
ajfa-6070	3	4	can	can	AUX
ajfa-6070	3	5	reduce	reduce	VERB
ajfa-6070	3	6	costs	cost	NOUN
ajfa-6070	3	7	to	to	PART
ajfa-6070	3	8	achieve	achieve	VERB
ajfa-6070	3	9	a	a	DET
ajfa-6070	3	10	high	high	ADJ
ajfa-6070	3	11	corporate	corporate	ADJ
ajfa-6070	3	12	governance	governance	NOUN
ajfa-6070	3	13	standard	standard	NOUN
ajfa-6070	3	14	and	and	CCONJ
ajfa-6070	3	15	make	make	VERB
ajfa-6070	3	16	it	it	PRON
ajfa-6070	3	17	more	more	ADV
ajfa-6070	3	18	sustainable	sustainable	ADJ
ajfa-6070	3	19	.	.	PUNCT
ajfa-6070	4	1	improving	improve	VERB
ajfa-6070	4	2	corporate	corporate	ADJ
ajfa-6070	4	3	governance	governance	NOUN
ajfa-6070	4	4	is	be	AUX
ajfa-6070	4	5	an	an	DET
ajfa-6070	4	6	issue	issue	NOUN
ajfa-6070	4	7	of	of	ADP
ajfa-6070	4	8	critical	critical	ADJ
ajfa-6070	4	9	importance	importance	NOUN
ajfa-6070	4	10	to	to	ADP
ajfa-6070	4	11	india	india	PROPN
ajfa-6070	4	12	today	today	NOUN
ajfa-6070	4	13	and	and	CCONJ
ajfa-6070	4	14	for	for	ADP
ajfa-6070	4	15	future	future	ADJ
ajfa-6070	4	16	developments	development	NOUN
ajfa-6070	4	17	.	.	PUNCT
ajfa-6070	5	1	the	the	DET
ajfa-6070	5	2	indian	indian	ADJ
ajfa-6070	5	3	government	government	NOUN
ajfa-6070	5	4	has	have	AUX
ajfa-6070	5	5	realized	realize	VERB
ajfa-6070	5	6	that	that	SCONJ
ajfa-6070	5	7	good	good	ADJ
ajfa-6070	5	8	corporate	corporate	ADJ
ajfa-6070	5	9	governance	governance	NOUN
ajfa-6070	5	10	is	be	AUX
ajfa-6070	5	11	necessary	necessary	ADJ
ajfa-6070	5	12	to	to	PART
ajfa-6070	5	13	improve	improve	VERB
ajfa-6070	5	14	corporate	corporate	ADJ
ajfa-6070	5	15	competitiveness	competitiveness	NOUN
ajfa-6070	5	16	and	and	CCONJ
ajfa-6070	5	17	to	to	PART
ajfa-6070	5	18	attract	attract	VERB
ajfa-6070	5	19	foreign	foreign	ADJ
ajfa-6070	5	20	investors	investor	NOUN
ajfa-6070	5	21	.	.	PUNCT
ajfa-6070	6	1	it	it	PRON
ajfa-6070	6	2	is	be	AUX
ajfa-6070	6	3	believed	believe	VERB
ajfa-6070	6	4	that	that	SCONJ
ajfa-6070	6	5	with	with	ADP
ajfa-6070	6	6	better	well	ADJ
ajfa-6070	6	7	corporate	corporate	ADJ
ajfa-6070	6	8	governance	governance	NOUN
ajfa-6070	6	9	,	,	PUNCT
ajfa-6070	6	10	listed	list	VERB
ajfa-6070	6	11	firms	firm	NOUN
ajfa-6070	6	12	can	can	AUX
ajfa-6070	6	13	reduce	reduce	VERB
ajfa-6070	6	14	agency	agency	NOUN
ajfa-6070	6	15	costs	cost	NOUN
ajfa-6070	6	16	,	,	PUNCT
ajfa-6070	6	17	become	become	VERB
ajfa-6070	6	18	more	more	ADV
ajfa-6070	6	19	competitive	competitive	ADJ
ajfa-6070	6	20	in	in	ADP
ajfa-6070	6	21	global	global	ADJ
ajfa-6070	6	22	markets	market	NOUN
ajfa-6070	6	23	,	,	PUNCT
ajfa-6070	6	24	and	and	CCONJ
ajfa-6070	6	25	fulfill	fulfill	VERB
ajfa-6070	6	26	their	their	PRON
ajfa-6070	6	27	social	social	ADJ
ajfa-6070	6	28	responsibilities	responsibility	NOUN
ajfa-6070	6	29	.	.	PUNCT
ajfa-6070	7	1	there	there	PRON
ajfa-6070	7	2	are	be	VERB
ajfa-6070	7	3	no	no	DET
ajfa-6070	7	4	conclusive	conclusive	ADJ
ajfa-6070	7	5	evidences	evidence	NOUN
ajfa-6070	7	6	so	so	ADV
ajfa-6070	7	7	far	far	ADV
ajfa-6070	7	8	in	in	ADP
ajfa-6070	7	9	the	the	DET
ajfa-6070	7	10	literature	literature	NOUN
ajfa-6070	7	11	in	in	ADP
ajfa-6070	7	12	proving	prove	VERB
ajfa-6070	7	13	the	the	DET
ajfa-6070	7	14	linkages	linkage	NOUN
ajfa-6070	7	15	between	between	ADP
ajfa-6070	7	16	shareholder	shareholder	NOUN
ajfa-6070	7	17	types	type	NOUN
ajfa-6070	7	18	and	and	CCONJ
ajfa-6070	7	19	firm	firm	ADJ
ajfa-6070	7	20	performance	performance	NOUN
ajfa-6070	7	21	,	,	PUNCT
ajfa-6070	7	22	hence	hence	ADV
ajfa-6070	7	23	the	the	DET
ajfa-6070	7	24	present	present	ADJ
ajfa-6070	7	25	study	study	NOUN
ajfa-6070	7	26	will	will	AUX
ajfa-6070	7	27	add	add	VERB
ajfa-6070	7	28	and	and	CCONJ
ajfa-6070	7	29	address	address	VERB
ajfa-6070	7	30	the	the	DET
ajfa-6070	7	31	glaring	glare	VERB
ajfa-6070	7	32	knowledge	knowledge	NOUN
ajfa-6070	7	33	gap	gap	NOUN
ajfa-6070	7	34	in	in	ADP
ajfa-6070	7	35	indian	indian	ADJ
ajfa-6070	7	36	literature	literature	NOUN
ajfa-6070	7	37	.	.	PUNCT
ajfa-6070	8	1	the	the	DET
ajfa-6070	8	2	typical	typical	ADJ
ajfa-6070	8	3	shareholder	shareholder	NOUN
ajfa-6070	8	4	types	type	NOUN
ajfa-6070	8	5	among	among	ADP
ajfa-6070	8	6	listed	list	VERB
ajfa-6070	8	7	companies	company	NOUN
ajfa-6070	8	8	in	in	ADP
ajfa-6070	8	9	india	india	PROPN
ajfa-6070	8	10	are	be	AUX
ajfa-6070	8	11	asian	asian	ADJ
ajfa-6070	8	12	journal	journal	NOUN
ajfa-6070	8	13	of	of	ADP
ajfa-6070	8	14	finance	finance	PROPN
ajfa-6070	8	15	&	&	CCONJ
ajfa-6070	8	16	accounting	accounting	PROPN
ajfa-6070	8	17	issn	issn	PROPN
ajfa-6070	8	18	1946	1946	NUM
ajfa-6070	8	19	-	-	PUNCT
ajfa-6070	8	20	052x	052x	NOUN
ajfa-6070	8	21	2015	2015	NUM
ajfa-6070	8	22	,	,	PUNCT
ajfa-6070	8	23	vol	vol	NOUN
ajfa-6070	8	24	.	.	PROPN
ajfa-6070	9	1	7	7	NUM
ajfa-6070	9	2	,	,	PUNCT
ajfa-6070	9	3	no	no	INTJ
ajfa-6070	9	4	.	.	NOUN
ajfa-6070	9	5	1	1	NUM
ajfa-6070	9	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6070	9	7	46	46	NUM
ajfa-6070	9	8	institutions	institution	NOUN
ajfa-6070	9	9	,	,	PUNCT
ajfa-6070	9	10	government	government	NOUN
ajfa-6070	9	11	,	,	PUNCT
ajfa-6070	9	12	managers	manager	NOUN
ajfa-6070	9	13	,	,	PUNCT
ajfa-6070	9	14	foreigners	foreigner	NOUN
ajfa-6070	9	15	and	and	CCONJ
ajfa-6070	9	16	diverse	diverse	ADJ
ajfa-6070	9	17	shareholders	shareholder	NOUN
ajfa-6070	9	18	.	.	PUNCT
ajfa-6070	10	1	using	use	VERB
ajfa-6070	10	2	panel	panel	NOUN
ajfa-6070	10	3	regression	regression	NOUN
ajfa-6070	10	4	,	,	PUNCT
ajfa-6070	10	5	the	the	DET
ajfa-6070	10	6	relationships	relationship	NOUN
ajfa-6070	10	7	between	between	ADP
ajfa-6070	10	8	shareholder	shareholder	NOUN
ajfa-6070	10	9	types	type	NOUN
ajfa-6070	10	10	and	and	CCONJ
ajfa-6070	10	11	financial	financial	ADJ
ajfa-6070	10	12	performance	performance	NOUN
ajfa-6070	10	13	as	as	SCONJ
ajfa-6070	10	14	measured	measure	VERB
ajfa-6070	10	15	by	by	ADP
ajfa-6070	10	16	tobin	tobin	PROPN
ajfa-6070	10	17	’s	’s	PART
ajfa-6070	10	18	q	q	NOUN
ajfa-6070	10	19	,	,	PUNCT
ajfa-6070	10	20	roa	roa	PROPN
ajfa-6070	10	21	,	,	PUNCT
ajfa-6070	10	22	roe	roe	PROPN
ajfa-6070	10	23	were	be	AUX
ajfa-6070	10	24	tested	test	VERB
ajfa-6070	10	25	taking	take	VERB
ajfa-6070	10	26	a	a	DET
ajfa-6070	10	27	sample	sample	NOUN
ajfa-6070	10	28	of	of	ADP
ajfa-6070	10	29	bse100	bse100	NOUN
ajfa-6070	10	30	companies	company	NOUN
ajfa-6070	10	31	excluding	exclude	VERB
ajfa-6070	10	32	banking	banking	NOUN
ajfa-6070	10	33	and	and	CCONJ
ajfa-6070	10	34	insurance	insurance	NOUN
ajfa-6070	10	35	companies	company	NOUN
ajfa-6070	10	36	.	.	PUNCT
ajfa-6070	11	1	the	the	DET
ajfa-6070	11	2	analysis	analysis	NOUN
ajfa-6070	11	3	of	of	ADP
ajfa-6070	11	4	the	the	DET
ajfa-6070	11	5	result	result	NOUN
ajfa-6070	11	6	shows	show	VERB
ajfa-6070	11	7	significant	significant	ADJ
ajfa-6070	11	8	positive	positive	ADJ
ajfa-6070	11	9	influence	influence	NOUN
ajfa-6070	11	10	of	of	ADP
ajfa-6070	11	11	foreign	foreign	ADJ
ajfa-6070	11	12	institutional	institutional	ADJ
ajfa-6070	11	13	investors	investor	NOUN
ajfa-6070	11	14	and	and	CCONJ
ajfa-6070	11	15	family	family	NOUN
ajfa-6070	11	16	ownership	ownership	NOUN
ajfa-6070	11	17	on	on	ADP
ajfa-6070	11	18	roe	roe	NOUN
ajfa-6070	11	19	whereas	whereas	SCONJ
ajfa-6070	11	20	government	government	NOUN
ajfa-6070	11	21	and	and	CCONJ
ajfa-6070	11	22	retail	retail	ADJ
ajfa-6070	11	23	shareholder	shareholder	NOUN
ajfa-6070	11	24	affect	affect	VERB
ajfa-6070	11	25	roe	roe	NOUN
ajfa-6070	11	26	negatively	negatively	ADV
ajfa-6070	11	27	.	.	PUNCT
ajfa-6070	12	1	also	also	ADV
ajfa-6070	12	2	,	,	PUNCT
ajfa-6070	12	3	the	the	DET
ajfa-6070	12	4	corporate	corporate	ADJ
ajfa-6070	12	5	governance	governance	NOUN
ajfa-6070	12	6	index	index	NOUN
ajfa-6070	12	7	has	have	VERB
ajfa-6070	12	8	a	a	DET
ajfa-6070	12	9	significantly	significantly	ADV
ajfa-6070	12	10	negative	negative	ADJ
ajfa-6070	12	11	impact	impact	NOUN
ajfa-6070	12	12	on	on	ADP
ajfa-6070	12	13	roe	roe	PROPN
ajfa-6070	12	14	.	.	PUNCT
ajfa-6070	13	1	however	however	ADV
ajfa-6070	13	2	,	,	PUNCT
ajfa-6070	13	3	the	the	DET
ajfa-6070	13	4	relationship	relationship	NOUN
ajfa-6070	13	5	of	of	ADP
ajfa-6070	13	6	cgi	cgi	NOUN
ajfa-6070	13	7	with	with	ADP
ajfa-6070	13	8	roa	roa	PROPN
ajfa-6070	13	9	and	and	CCONJ
ajfa-6070	13	10	tobin	tobin	PROPN
ajfa-6070	13	11	's	's	PART
ajfa-6070	13	12	q	q	NOUN
ajfa-6070	13	13	was	be	AUX
ajfa-6070	13	14	not	not	PART
ajfa-6070	13	15	found	find	VERB
ajfa-6070	13	16	to	to	PART
ajfa-6070	13	17	be	be	AUX
ajfa-6070	13	18	significant	significant	ADJ
ajfa-6070	13	19	.	.	PUNCT
ajfa-6070	14	1	keywords	keyword	NOUN
ajfa-6070	14	2	:	:	PUNCT
ajfa-6070	14	3	corporate	corporate	ADJ
ajfa-6070	14	4	governance	governance	NOUN
ajfa-6070	14	5	,	,	PUNCT
ajfa-6070	14	6	shareholder	shareholder	NOUN
ajfa-6070	14	7	types	type	NOUN
ajfa-6070	14	8	;	;	PUNCT
ajfa-6070	14	9	firm	firm	ADJ
ajfa-6070	14	10	performance	performance	NOUN
ajfa-6070	14	11	,	,	PUNCT
ajfa-6070	14	12	agency	agency	NOUN
ajfa-6070	14	13	cost	cost	NOUN
ajfa-6070	14	14	,	,	PUNCT
ajfa-6070	14	15	corporate	corporate	ADJ
ajfa-6070	14	16	governance	governance	NOUN
ajfa-6070	14	17	index	index	NOUN
ajfa-6070	14	18	asian	asian	PROPN
ajfa-6070	14	19	journal	journal	NOUN
ajfa-6070	14	20	of	of	ADP
ajfa-6070	14	21	finance	finance	PROPN
ajfa-6070	14	22	&	&	CCONJ
ajfa-6070	14	23	accounting	accounting	PROPN
ajfa-6070	14	24	issn	issn	PROPN
ajfa-6070	14	25	1946	1946	NUM
ajfa-6070	14	26	-	-	PUNCT
ajfa-6070	14	27	052x	052x	NOUN
ajfa-6070	14	28	2015	2015	NUM
ajfa-6070	14	29	,	,	PUNCT
ajfa-6070	14	30	vol	vol	NOUN
ajfa-6070	14	31	.	.	PROPN
ajfa-6070	14	32	7	7	NUM
ajfa-6070	14	33	,	,	PUNCT
ajfa-6070	14	34	no	no	INTJ
ajfa-6070	14	35	.	.	NOUN
ajfa-6070	14	36	1	1	NUM
ajfa-6070	14	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6070	14	38	47	47	NUM
ajfa-6070	14	39	1	1	NUM
ajfa-6070	14	40	.	.	PUNCT
ajfa-6070	15	1	introduction	introduction	NOUN
ajfa-6070	15	2	in	in	ADP
ajfa-6070	15	3	some	some	DET
ajfa-6070	15	4	ways	way	NOUN
ajfa-6070	15	5	corporate	corporate	ADJ
ajfa-6070	15	6	governance	governance	NOUN
ajfa-6070	15	7	is	be	AUX
ajfa-6070	15	8	not	not	PART
ajfa-6070	15	9	a	a	DET
ajfa-6070	15	10	new	new	ADJ
ajfa-6070	15	11	concept	concept	NOUN
ajfa-6070	15	12	;	;	PUNCT
ajfa-6070	15	13	responsibility	responsibility	NOUN
ajfa-6070	15	14	in	in	ADP
ajfa-6070	15	15	the	the	DET
ajfa-6070	15	16	handling	handling	NOUN
ajfa-6070	15	17	of	of	ADP
ajfa-6070	15	18	money	money	NOUN
ajfa-6070	15	19	and	and	CCONJ
ajfa-6070	15	20	conduct	conduct	NOUN
ajfa-6070	15	21	of	of	ADP
ajfa-6070	15	22	business	business	NOUN
ajfa-6070	15	23	and	and	CCONJ
ajfa-6070	15	24	commerce	commerce	NOUN
ajfa-6070	15	25	has	have	AUX
ajfa-6070	15	26	always	always	ADV
ajfa-6070	15	27	been	be	AUX
ajfa-6070	15	28	important	important	ADJ
ajfa-6070	15	29	.	.	PUNCT
ajfa-6070	16	1	in	in	ADP
ajfa-6070	16	2	the	the	DET
ajfa-6070	16	3	last	last	ADJ
ajfa-6070	16	4	century	century	NOUN
ajfa-6070	16	5	or	or	CCONJ
ajfa-6070	16	6	so	so	ADV
ajfa-6070	16	7	,	,	PUNCT
ajfa-6070	16	8	with	with	ADP
ajfa-6070	16	9	the	the	DET
ajfa-6070	16	10	increasing	increase	VERB
ajfa-6070	16	11	complexity	complexity	NOUN
ajfa-6070	16	12	and	and	CCONJ
ajfa-6070	16	13	power	power	NOUN
ajfa-6070	16	14	of	of	ADP
ajfa-6070	16	15	corporations	corporation	NOUN
ajfa-6070	16	16	,	,	PUNCT
ajfa-6070	16	17	it	it	PRON
ajfa-6070	16	18	has	have	AUX
ajfa-6070	16	19	come	come	VERB
ajfa-6070	16	20	to	to	ADP
ajfa-6070	16	21	the	the	DET
ajfa-6070	16	22	fore	fore	NOUN
ajfa-6070	16	23	emphatically	emphatically	ADV
ajfa-6070	16	24	.	.	PUNCT
ajfa-6070	17	1	a	a	DET
ajfa-6070	17	2	decisive	decisive	ADJ
ajfa-6070	17	3	beginning	beginning	NOUN
ajfa-6070	17	4	was	be	AUX
ajfa-6070	17	5	made	make	VERB
ajfa-6070	17	6	in	in	ADP
ajfa-6070	17	7	this	this	DET
ajfa-6070	17	8	direction	direction	NOUN
ajfa-6070	17	9	when	when	SCONJ
ajfa-6070	17	10	after	after	ADP
ajfa-6070	17	11	the	the	DET
ajfa-6070	17	12	introduction	introduction	NOUN
ajfa-6070	17	13	of	of	ADP
ajfa-6070	17	14	liberal	liberal	ADJ
ajfa-6070	17	15	-	-	PUNCT
ajfa-6070	17	16	market	market	NOUN
ajfa-6070	17	17	reforms	reform	NOUN
ajfa-6070	17	18	,	,	PUNCT
ajfa-6070	17	19	the	the	DET
ajfa-6070	17	20	indian	indian	ADJ
ajfa-6070	17	21	corporate	corporate	ADJ
ajfa-6070	17	22	sector	sector	NOUN
ajfa-6070	17	23	,	,	PUNCT
ajfa-6070	17	24	led	lead	VERB
ajfa-6070	17	25	by	by	ADP
ajfa-6070	17	26	cii	cii	PROPN
ajfa-6070	17	27	,	,	PUNCT
ajfa-6070	17	28	drew	draw	VERB
ajfa-6070	17	29	up	up	ADP
ajfa-6070	17	30	a	a	DET
ajfa-6070	17	31	voluntary	voluntary	ADJ
ajfa-6070	17	32	code	code	NOUN
ajfa-6070	17	33	of	of	ADP
ajfa-6070	17	34	corporate	corporate	ADJ
ajfa-6070	17	35	governance	governance	NOUN
ajfa-6070	17	36	(	(	PUNCT
ajfa-6070	17	37	cg	cg	NOUN
ajfa-6070	17	38	)	)	PUNCT
ajfa-6070	17	39	.	.	PUNCT
ajfa-6070	18	1	further	further	ADJ
ajfa-6070	18	2	developments	development	NOUN
ajfa-6070	18	3	from	from	ADP
ajfa-6070	18	4	there	there	ADV
ajfa-6070	18	5	vacillated	vacillate	VERB
ajfa-6070	18	6	between	between	ADP
ajfa-6070	18	7	making	make	VERB
ajfa-6070	18	8	cg	cg	NOUN
ajfa-6070	18	9	voluntary	voluntary	ADJ
ajfa-6070	18	10	or	or	CCONJ
ajfa-6070	18	11	mandatory	mandatory	ADJ
ajfa-6070	18	12	.	.	PUNCT
ajfa-6070	19	1	by	by	ADP
ajfa-6070	19	2	the	the	DET
ajfa-6070	19	3	year	year	NOUN
ajfa-6070	19	4	2000	2000	NUM
ajfa-6070	19	5	,	,	PUNCT
ajfa-6070	19	6	the	the	DET
ajfa-6070	19	7	same	same	ADJ
ajfa-6070	19	8	had	have	AUX
ajfa-6070	19	9	been	be	AUX
ajfa-6070	19	10	incorporated	incorporate	VERB
ajfa-6070	19	11	as	as	ADP
ajfa-6070	19	12	a	a	DET
ajfa-6070	19	13	necessity	necessity	NOUN
ajfa-6070	19	14	in	in	ADP
ajfa-6070	19	15	the	the	DET
ajfa-6070	19	16	clause	clause	NOUN
ajfa-6070	19	17	49	49	NUM
ajfa-6070	19	18	of	of	ADP
ajfa-6070	19	19	the	the	DET
ajfa-6070	19	20	listing	listing	NOUN
ajfa-6070	19	21	agreement	agreement	NOUN
ajfa-6070	19	22	administered	administer	VERB
ajfa-6070	19	23	by	by	ADP
ajfa-6070	19	24	the	the	DET
ajfa-6070	19	25	market	market	NOUN
ajfa-6070	19	26	regulator	regulator	NOUN
ajfa-6070	19	27	sebi	sebi	NOUN
ajfa-6070	19	28	as	as	ADP
ajfa-6070	19	29	per	per	ADP
ajfa-6070	19	30	the	the	DET
ajfa-6070	19	31	recommendations	recommendation	NOUN
ajfa-6070	19	32	of	of	ADP
ajfa-6070	19	33	the	the	DET
ajfa-6070	19	34	birla	birla	PROPN
ajfa-6070	19	35	committee	committee	PROPN
ajfa-6070	19	36	that	that	PRON
ajfa-6070	19	37	specifically	specifically	ADV
ajfa-6070	19	38	placed	place	VERB
ajfa-6070	19	39	an	an	DET
ajfa-6070	19	40	emphasis	emphasis	NOUN
ajfa-6070	19	41	on	on	ADP
ajfa-6070	19	42	independent	independent	ADJ
ajfa-6070	19	43	directors	director	NOUN
ajfa-6070	19	44	.	.	PUNCT
ajfa-6070	20	1	the	the	DET
ajfa-6070	20	2	committee	committee	NOUN
ajfa-6070	20	3	also	also	ADV
ajfa-6070	20	4	recognized	recognize	VERB
ajfa-6070	20	5	the	the	DET
ajfa-6070	20	6	importance	importance	NOUN
ajfa-6070	20	7	of	of	ADP
ajfa-6070	20	8	audit	audit	NOUN
ajfa-6070	20	9	committees	committee	NOUN
ajfa-6070	20	10	and	and	CCONJ
ajfa-6070	20	11	made	make	VERB
ajfa-6070	20	12	many	many	ADJ
ajfa-6070	20	13	specific	specific	ADJ
ajfa-6070	20	14	recommendations	recommendation	NOUN
ajfa-6070	20	15	regarding	regard	VERB
ajfa-6070	20	16	the	the	DET
ajfa-6070	20	17	function	function	NOUN
ajfa-6070	20	18	and	and	CCONJ
ajfa-6070	20	19	constitution	constitution	NOUN
ajfa-6070	20	20	of	of	ADP
ajfa-6070	20	21	board	board	NOUN
ajfa-6070	20	22	audit	audit	NOUN
ajfa-6070	20	23	committees	committee	NOUN
ajfa-6070	20	24	.	.	PUNCT
ajfa-6070	21	1	it	it	PRON
ajfa-6070	21	2	was	be	AUX
ajfa-6070	21	3	followed	follow	VERB
ajfa-6070	21	4	by	by	ADP
ajfa-6070	21	5	the	the	DET
ajfa-6070	21	6	naresh	naresh	PROPN
ajfa-6070	21	7	chandra	chandra	PROPN
ajfa-6070	21	8	committee	committee	PROPN
ajfa-6070	21	9	report	report	NOUN
ajfa-6070	21	10	with	with	ADP
ajfa-6070	21	11	major	major	ADJ
ajfa-6070	21	12	stress	stress	NOUN
ajfa-6070	21	13	on	on	ADP
ajfa-6070	21	14	independent	independent	ADJ
ajfa-6070	21	15	oversight	oversight	NOUN
ajfa-6070	21	16	of	of	ADP
ajfa-6070	21	17	board	board	NOUN
ajfa-6070	21	18	and	and	CCONJ
ajfa-6070	21	19	audit	audit	NOUN
ajfa-6070	21	20	,	,	PUNCT
ajfa-6070	21	21	and	and	CCONJ
ajfa-6070	21	22	improvements	improvement	NOUN
ajfa-6070	21	23	in	in	ADP
ajfa-6070	21	24	disclosures	disclosure	NOUN
ajfa-6070	21	25	(	(	PUNCT
ajfa-6070	21	26	financial	financial	ADJ
ajfa-6070	21	27	as	as	ADV
ajfa-6070	21	28	well	well	ADV
ajfa-6070	21	29	as	as	ADP
ajfa-6070	21	30	non	non	ADJ
ajfa-6070	21	31	-	-	ADJ
ajfa-6070	21	32	financial	financial	ADJ
ajfa-6070	21	33	)	)	PUNCT
ajfa-6070	21	34	.	.	PUNCT
ajfa-6070	22	1	in	in	ADP
ajfa-6070	22	2	the	the	DET
ajfa-6070	22	3	subsequent	subsequent	ADJ
ajfa-6070	22	4	years	year	NOUN
ajfa-6070	22	5	,	,	PUNCT
ajfa-6070	22	6	two	two	NUM
ajfa-6070	22	7	more	more	ADJ
ajfa-6070	22	8	committees	committee	NOUN
ajfa-6070	22	9	were	be	AUX
ajfa-6070	22	10	constituted	constitute	VERB
ajfa-6070	22	11	under	under	ADP
ajfa-6070	22	12	the	the	DET
ajfa-6070	22	13	leadership	leadership	NOUN
ajfa-6070	22	14	of	of	ADP
ajfa-6070	22	15	mr	mr	PROPN
ajfa-6070	22	16	narayan	narayan	PROPN
ajfa-6070	22	17	murthy	murthy	PROPN
ajfa-6070	22	18	and	and	CCONJ
ajfa-6070	22	19	mr	mr	PROPN
ajfa-6070	22	20	j	j	PROPN
ajfa-6070	22	21	j	j	PROPN
ajfa-6070	22	22	irani	irani	PROPN
ajfa-6070	22	23	,	,	PUNCT
ajfa-6070	22	24	with	with	SCONJ
ajfa-6070	22	25	the	the	DET
ajfa-6070	22	26	explicit	explicit	ADJ
ajfa-6070	22	27	aim	aim	NOUN
ajfa-6070	22	28	of	of	ADP
ajfa-6070	22	29	bringing	bring	VERB
ajfa-6070	22	30	in	in	ADP
ajfa-6070	22	31	best	good	ADJ
ajfa-6070	22	32	practices	practice	NOUN
ajfa-6070	22	33	from	from	ADP
ajfa-6070	22	34	around	around	ADP
ajfa-6070	22	35	the	the	DET
ajfa-6070	22	36	world	world	NOUN
ajfa-6070	22	37	to	to	PART
ajfa-6070	22	38	create	create	VERB
ajfa-6070	22	39	a	a	DET
ajfa-6070	22	40	well	well	ADV
ajfa-6070	22	41	regulated	regulate	VERB
ajfa-6070	22	42	environment	environment	NOUN
ajfa-6070	22	43	that	that	PRON
ajfa-6070	22	44	promotes	promote	VERB
ajfa-6070	22	45	entrepreneurship	entrepreneurship	NOUN
ajfa-6070	22	46	.	.	PUNCT
ajfa-6070	23	1	in	in	ADP
ajfa-6070	23	2	2009	2009	NUM
ajfa-6070	23	3	,	,	PUNCT
ajfa-6070	23	4	the	the	DET
ajfa-6070	23	5	satyam	satyam	NOUN
ajfa-6070	23	6	fiasco	fiasco	NOUN
ajfa-6070	23	7	shook	shake	VERB
ajfa-6070	23	8	the	the	DET
ajfa-6070	23	9	indian	indian	ADJ
ajfa-6070	23	10	industry	industry	NOUN
ajfa-6070	23	11	,	,	PUNCT
ajfa-6070	23	12	bringing	bring	VERB
ajfa-6070	23	13	home	home	ADV
ajfa-6070	23	14	the	the	DET
ajfa-6070	23	15	point	point	NOUN
ajfa-6070	23	16	that	that	SCONJ
ajfa-6070	23	17	proper	proper	ADJ
ajfa-6070	23	18	governance	governance	NOUN
ajfa-6070	23	19	is	be	AUX
ajfa-6070	23	20	indispensable	indispensable	ADJ
ajfa-6070	23	21	to	to	ADP
ajfa-6070	23	22	further	further	ADJ
ajfa-6070	23	23	growth	growth	NOUN
ajfa-6070	23	24	and	and	CCONJ
ajfa-6070	23	25	development	development	NOUN
ajfa-6070	23	26	.	.	PUNCT
ajfa-6070	24	1	since	since	SCONJ
ajfa-6070	24	2	then	then	ADV
ajfa-6070	24	3	efforts	effort	NOUN
ajfa-6070	24	4	to	to	PART
ajfa-6070	24	5	create	create	VERB
ajfa-6070	24	6	a	a	DET
ajfa-6070	24	7	framework	framework	NOUN
ajfa-6070	24	8	have	have	AUX
ajfa-6070	24	9	gained	gain	VERB
ajfa-6070	24	10	urgency	urgency	NOUN
ajfa-6070	24	11	.	.	PUNCT
ajfa-6070	25	1	the	the	DET
ajfa-6070	25	2	ministry	ministry	PROPN
ajfa-6070	25	3	of	of	ADP
ajfa-6070	25	4	corporate	corporate	PROPN
ajfa-6070	25	5	affairs	affair	NOUN
ajfa-6070	25	6	(	(	PUNCT
ajfa-6070	25	7	mca	mca	PROPN
ajfa-6070	25	8	)	)	PUNCT
ajfa-6070	25	9	came	come	VERB
ajfa-6070	25	10	out	out	ADP
ajfa-6070	25	11	with	with	ADP
ajfa-6070	25	12	guidelines	guideline	NOUN
ajfa-6070	25	13	in	in	ADP
ajfa-6070	25	14	2009	2009	NUM
ajfa-6070	25	15	.	.	PUNCT
ajfa-6070	26	1	in	in	ADP
ajfa-6070	26	2	its	its	PRON
ajfa-6070	26	3	present	present	ADJ
ajfa-6070	26	4	form	form	NOUN
ajfa-6070	26	5	,	,	PUNCT
ajfa-6070	26	6	clause	clause	NOUN
ajfa-6070	26	7	49	49	NUM
ajfa-6070	26	8	,	,	PUNCT
ajfa-6070	26	9	called	call	VERB
ajfa-6070	26	10	‘	'	PUNCT
ajfa-6070	26	11	corporate	corporate	ADJ
ajfa-6070	26	12	governance	governance	NOUN
ajfa-6070	26	13	’	'	PUNCT
ajfa-6070	26	14	,	,	PUNCT
ajfa-6070	26	15	contains	contain	VERB
ajfa-6070	26	16	eight	eight	NUM
ajfa-6070	26	17	sections	section	NOUN
ajfa-6070	26	18	dealing	deal	VERB
ajfa-6070	26	19	with	with	ADP
ajfa-6070	26	20	the	the	DET
ajfa-6070	26	21	board	board	NOUN
ajfa-6070	26	22	of	of	ADP
ajfa-6070	26	23	directors	director	NOUN
ajfa-6070	26	24	,	,	PUNCT
ajfa-6070	26	25	audit	audit	NOUN
ajfa-6070	26	26	committee	committee	NOUN
ajfa-6070	26	27	,	,	PUNCT
ajfa-6070	26	28	remuneration	remuneration	NOUN
ajfa-6070	26	29	of	of	ADP
ajfa-6070	26	30	directors	director	NOUN
ajfa-6070	26	31	,	,	PUNCT
ajfa-6070	26	32	board	board	NOUN
ajfa-6070	26	33	procedure	procedure	NOUN
ajfa-6070	26	34	,	,	PUNCT
ajfa-6070	26	35	management	management	NOUN
ajfa-6070	26	36	,	,	PUNCT
ajfa-6070	26	37	shareholders	shareholder	NOUN
ajfa-6070	26	38	,	,	PUNCT
ajfa-6070	26	39	report	report	NOUN
ajfa-6070	26	40	on	on	ADP
ajfa-6070	26	41	corporate	corporate	ADJ
ajfa-6070	26	42	governance	governance	NOUN
ajfa-6070	26	43	,	,	PUNCT
ajfa-6070	26	44	and	and	CCONJ
ajfa-6070	26	45	compliance	compliance	NOUN
ajfa-6070	26	46	.	.	PUNCT
ajfa-6070	27	1	firms	firm	NOUN
ajfa-6070	27	2	that	that	PRON
ajfa-6070	27	3	do	do	AUX
ajfa-6070	27	4	not	not	PART
ajfa-6070	27	5	comply	comply	VERB
ajfa-6070	27	6	with	with	ADP
ajfa-6070	27	7	clause	clause	NOUN
ajfa-6070	27	8	49	49	NUM
ajfa-6070	27	9	can	can	AUX
ajfa-6070	27	10	be	be	AUX
ajfa-6070	27	11	de	de	ADJ
ajfa-6070	27	12	-	-	VERB
ajfa-6070	27	13	listed	list	VERB
ajfa-6070	27	14	and	and	CCONJ
ajfa-6070	27	15	face	face	VERB
ajfa-6070	27	16	financial	financial	ADJ
ajfa-6070	27	17	penalties	penalty	NOUN
ajfa-6070	27	18	.	.	PUNCT
ajfa-6070	28	1	now	now	ADV
ajfa-6070	28	2	,	,	PUNCT
ajfa-6070	28	3	the	the	DET
ajfa-6070	28	4	companies	company	NOUN
ajfa-6070	28	5	act	act	VERB
ajfa-6070	28	6	,	,	PUNCT
ajfa-6070	28	7	2013	2013	NUM
ajfa-6070	28	8	which	which	PRON
ajfa-6070	28	9	has	have	AUX
ajfa-6070	28	10	been	be	AUX
ajfa-6070	28	11	enacted	enact	VERB
ajfa-6070	28	12	recently	recently	ADV
ajfa-6070	28	13	,	,	PUNCT
ajfa-6070	28	14	has	have	AUX
ajfa-6070	28	15	further	far	ADV
ajfa-6070	28	16	strengthened	strengthen	VERB
ajfa-6070	28	17	the	the	DET
ajfa-6070	28	18	cg	cg	NOUN
ajfa-6070	28	19	norms	norm	NOUN
ajfa-6070	28	20	.	.	PUNCT
ajfa-6070	29	1	there	there	PRON
ajfa-6070	29	2	are	be	VERB
ajfa-6070	29	3	four	four	NUM
ajfa-6070	29	4	major	major	ADJ
ajfa-6070	29	5	sources	source	NOUN
ajfa-6070	29	6	of	of	ADP
ajfa-6070	29	7	forces	force	NOUN
ajfa-6070	29	8	directly	directly	ADV
ajfa-6070	29	9	shaping	shape	VERB
ajfa-6070	29	10	a	a	DET
ajfa-6070	29	11	company	company	NOUN
ajfa-6070	29	12	’s	’s	PART
ajfa-6070	29	13	corporate	corporate	ADJ
ajfa-6070	29	14	governance	governance	NOUN
ajfa-6070	29	15	:	:	PUNCT
ajfa-6070	29	16	(	(	PUNCT
ajfa-6070	29	17	1	1	X
ajfa-6070	29	18	)	)	PUNCT
ajfa-6070	29	19	individual	individual	ADJ
ajfa-6070	29	20	ethics	ethic	NOUN
ajfa-6070	29	21	and	and	CCONJ
ajfa-6070	29	22	corporate	corporate	ADJ
ajfa-6070	29	23	cultures	culture	NOUN
ajfa-6070	29	24	,	,	PUNCT
ajfa-6070	29	25	(	(	PUNCT
ajfa-6070	29	26	2	2	X
ajfa-6070	29	27	)	)	PUNCT
ajfa-6070	29	28	internal	internal	ADJ
ajfa-6070	29	29	ownership	ownership	NOUN
ajfa-6070	29	30	/	/	SYM
ajfa-6070	29	31	control	control	NOUN
ajfa-6070	29	32	and	and	CCONJ
ajfa-6070	29	33	incentive	incentive	NOUN
ajfa-6070	29	34	mechanisms	mechanism	NOUN
ajfa-6070	29	35	,	,	PUNCT
ajfa-6070	29	36	(	(	PUNCT
ajfa-6070	29	37	3	3	X
ajfa-6070	29	38	)	)	PUNCT
ajfa-6070	29	39	market	market	NOUN
ajfa-6070	29	40	and	and	CCONJ
ajfa-6070	29	41	external	external	ADJ
ajfa-6070	29	42	monitoring	monitoring	NOUN
ajfa-6070	29	43	mechanisms	mechanism	NOUN
ajfa-6070	29	44	,	,	PUNCT
ajfa-6070	29	45	and	and	CCONJ
ajfa-6070	29	46	(	(	PUNCT
ajfa-6070	29	47	4	4	X
ajfa-6070	29	48	)	)	PUNCT
ajfa-6070	29	49	laws	law	NOUN
ajfa-6070	29	50	and	and	CCONJ
ajfa-6070	29	51	regulations	regulation	NOUN
ajfa-6070	29	52	and	and	CCONJ
ajfa-6070	29	53	their	their	PRON
ajfa-6070	29	54	enforcement	enforcement	NOUN
ajfa-6070	29	55	.	.	PUNCT
ajfa-6070	30	1	clearly	clearly	ADV
ajfa-6070	30	2	,	,	PUNCT
ajfa-6070	30	3	corporate	corporate	ADJ
ajfa-6070	30	4	governance	governance	NOUN
ajfa-6070	30	5	is	be	AUX
ajfa-6070	30	6	also	also	ADV
ajfa-6070	30	7	affected	affect	VERB
ajfa-6070	30	8	by	by	ADP
ajfa-6070	30	9	a	a	DET
ajfa-6070	30	10	firm	firm	NOUN
ajfa-6070	30	11	’s	’s	PART
ajfa-6070	30	12	institutional	institutional	ADJ
ajfa-6070	30	13	environments	environment	NOUN
ajfa-6070	30	14	and	and	CCONJ
ajfa-6070	30	15	its	its	PRON
ajfa-6070	30	16	own	own	ADJ
ajfa-6070	30	17	attributes	attribute	NOUN
ajfa-6070	30	18	.	.	PUNCT
ajfa-6070	31	1	high	high	ADJ
ajfa-6070	31	2	ethical	ethical	ADJ
ajfa-6070	31	3	values	value	NOUN
ajfa-6070	31	4	can	can	AUX
ajfa-6070	31	5	reduce	reduce	VERB
ajfa-6070	31	6	costs	cost	NOUN
ajfa-6070	31	7	to	to	PART
ajfa-6070	31	8	achieve	achieve	VERB
ajfa-6070	31	9	a	a	DET
ajfa-6070	31	10	high	high	ADJ
ajfa-6070	31	11	corporate	corporate	ADJ
ajfa-6070	31	12	governance	governance	NOUN
ajfa-6070	31	13	standard	standard	NOUN
ajfa-6070	31	14	and	and	CCONJ
ajfa-6070	31	15	make	make	VERB
ajfa-6070	31	16	it	it	PRON
ajfa-6070	31	17	more	more	ADV
ajfa-6070	31	18	sustainable	sustainable	ADJ
ajfa-6070	31	19	.	.	PUNCT
ajfa-6070	32	1	this	this	PRON
ajfa-6070	32	2	relies	rely	VERB
ajfa-6070	32	3	on	on	ADP
ajfa-6070	32	4	companies	company	NOUN
ajfa-6070	32	5	setting	set	VERB
ajfa-6070	32	6	ethical	ethical	ADJ
ajfa-6070	32	7	guidelines	guideline	NOUN
ajfa-6070	32	8	and	and	CCONJ
ajfa-6070	32	9	good	good	ADJ
ajfa-6070	32	10	communication	communication	NOUN
ajfa-6070	32	11	channels	channel	NOUN
ajfa-6070	32	12	with	with	ADP
ajfa-6070	32	13	all	all	DET
ajfa-6070	32	14	levels	level	NOUN
ajfa-6070	32	15	of	of	ADP
ajfa-6070	32	16	staff	staff	NOUN
ajfa-6070	32	17	so	so	SCONJ
ajfa-6070	32	18	that	that	SCONJ
ajfa-6070	32	19	the	the	DET
ajfa-6070	32	20	same	same	ADJ
ajfa-6070	32	21	corporate	corporate	ADJ
ajfa-6070	32	22	values	value	NOUN
ajfa-6070	32	23	are	be	AUX
ajfa-6070	32	24	attained	attain	VERB
ajfa-6070	32	25	by	by	ADP
ajfa-6070	32	26	every	every	DET
ajfa-6070	32	27	member	member	NOUN
ajfa-6070	32	28	of	of	ADP
ajfa-6070	32	29	the	the	DET
ajfa-6070	32	30	organization	organization	NOUN
ajfa-6070	32	31	.	.	PUNCT
ajfa-6070	33	1	corporate	corporate	ADJ
ajfa-6070	33	2	culture	culture	NOUN
ajfa-6070	33	3	does	do	AUX
ajfa-6070	33	4	begin	begin	VERB
ajfa-6070	33	5	with	with	ADP
ajfa-6070	33	6	the	the	DET
ajfa-6070	33	7	personal	personal	ADJ
ajfa-6070	33	8	values	value	NOUN
ajfa-6070	33	9	of	of	ADP
ajfa-6070	33	10	the	the	DET
ajfa-6070	33	11	top	top	ADJ
ajfa-6070	33	12	management	management	NOUN
ajfa-6070	33	13	.	.	PUNCT
ajfa-6070	34	1	unfortunately	unfortunately	ADV
ajfa-6070	34	2	,	,	PUNCT
ajfa-6070	34	3	one	one	NUM
ajfa-6070	34	4	fundamental	fundamental	ADJ
ajfa-6070	34	5	concern	concern	NOUN
ajfa-6070	34	6	in	in	ADP
ajfa-6070	34	7	india	india	PROPN
ajfa-6070	34	8	is	be	AUX
ajfa-6070	34	9	the	the	DET
ajfa-6070	34	10	low	low	ADJ
ajfa-6070	34	11	ethical	ethical	ADJ
ajfa-6070	34	12	standard	standard	NOUN
ajfa-6070	34	13	in	in	ADP
ajfa-6070	34	14	business	business	NOUN
ajfa-6070	34	15	and	and	CCONJ
ajfa-6070	34	16	the	the	DET
ajfa-6070	34	17	lack	lack	NOUN
ajfa-6070	34	18	of	of	ADP
ajfa-6070	34	19	proper	proper	ADJ
ajfa-6070	34	20	corporate	corporate	ADJ
ajfa-6070	34	21	culture	culture	NOUN
ajfa-6070	34	22	.	.	PUNCT
ajfa-6070	35	1	improving	improve	VERB
ajfa-6070	35	2	corporate	corporate	ADJ
ajfa-6070	35	3	governance	governance	NOUN
ajfa-6070	35	4	is	be	AUX
ajfa-6070	35	5	an	an	DET
ajfa-6070	35	6	issue	issue	NOUN
ajfa-6070	35	7	of	of	ADP
ajfa-6070	35	8	critical	critical	ADJ
ajfa-6070	35	9	importance	importance	NOUN
ajfa-6070	35	10	to	to	ADP
ajfa-6070	35	11	india	india	PROPN
ajfa-6070	35	12	today	today	NOUN
ajfa-6070	35	13	and	and	CCONJ
ajfa-6070	35	14	for	for	ADP
ajfa-6070	35	15	future	future	ADJ
ajfa-6070	35	16	developments	development	NOUN
ajfa-6070	35	17	.	.	PUNCT
ajfa-6070	36	1	the	the	DET
ajfa-6070	36	2	indian	indian	ADJ
ajfa-6070	36	3	government	government	NOUN
ajfa-6070	36	4	has	have	AUX
ajfa-6070	36	5	realized	realize	VERB
ajfa-6070	36	6	that	that	SCONJ
ajfa-6070	36	7	good	good	ADJ
ajfa-6070	36	8	corporate	corporate	ADJ
ajfa-6070	36	9	governance	governance	NOUN
ajfa-6070	36	10	is	be	AUX
ajfa-6070	36	11	necessary	necessary	ADJ
ajfa-6070	36	12	to	to	PART
ajfa-6070	36	13	improve	improve	VERB
ajfa-6070	36	14	corporate	corporate	ADJ
ajfa-6070	36	15	competitiveness	competitiveness	NOUN
ajfa-6070	36	16	and	and	CCONJ
ajfa-6070	36	17	to	to	PART
ajfa-6070	36	18	attract	attract	VERB
ajfa-6070	36	19	international	international	ADJ
ajfa-6070	36	20	capital	capital	NOUN
ajfa-6070	36	21	.	.	PUNCT
ajfa-6070	37	1	it	it	PRON
ajfa-6070	37	2	is	be	AUX
ajfa-6070	37	3	believed	believe	VERB
ajfa-6070	37	4	that	that	SCONJ
ajfa-6070	37	5	with	with	ADP
ajfa-6070	37	6	better	well	ADJ
ajfa-6070	37	7	corporate	corporate	ADJ
ajfa-6070	37	8	governance	governance	NOUN
ajfa-6070	37	9	,	,	PUNCT
ajfa-6070	37	10	listed	list	VERB
ajfa-6070	37	11	firms	firm	NOUN
ajfa-6070	37	12	can	can	AUX
ajfa-6070	37	13	reduce	reduce	VERB
ajfa-6070	37	14	agency	agency	NOUN
ajfa-6070	37	15	costs	cost	NOUN
ajfa-6070	37	16	,	,	PUNCT
ajfa-6070	37	17	become	become	VERB
ajfa-6070	37	18	more	more	ADV
ajfa-6070	37	19	competitive	competitive	ADJ
ajfa-6070	37	20	in	in	ADP
ajfa-6070	37	21	global	global	ADJ
ajfa-6070	37	22	markets	market	NOUN
ajfa-6070	37	23	,	,	PUNCT
ajfa-6070	37	24	and	and	CCONJ
ajfa-6070	37	25	fulfill	fulfill	VERB
ajfa-6070	37	26	their	their	PRON
ajfa-6070	37	27	social	social	ADJ
ajfa-6070	37	28	responsibilities	responsibility	NOUN
ajfa-6070	37	29	.	.	PUNCT
ajfa-6070	38	1	empirical	empirical	ADJ
ajfa-6070	38	2	evidence	evidence	NOUN
ajfa-6070	38	3	presented	present	VERB
ajfa-6070	38	4	in	in	ADP
ajfa-6070	38	5	this	this	DET
ajfa-6070	38	6	study	study	NOUN
ajfa-6070	38	7	underlines	underline	VERB
ajfa-6070	38	8	the	the	DET
ajfa-6070	38	9	importance	importance	NOUN
ajfa-6070	38	10	of	of	ADP
ajfa-6070	38	11	ownership	ownership	NOUN
ajfa-6070	38	12	structure	structure	NOUN
ajfa-6070	38	13	asian	asian	ADJ
ajfa-6070	38	14	journal	journal	NOUN
ajfa-6070	38	15	of	of	ADP
ajfa-6070	38	16	finance	finance	PROPN
ajfa-6070	38	17	&	&	CCONJ
ajfa-6070	38	18	accounting	accounting	PROPN
ajfa-6070	38	19	issn	issn	PROPN
ajfa-6070	38	20	1946	1946	NUM
ajfa-6070	38	21	-	-	PUNCT
ajfa-6070	38	22	052x	052x	NOUN
ajfa-6070	38	23	2015	2015	NUM
ajfa-6070	38	24	,	,	PUNCT
ajfa-6070	38	25	vol	vol	NOUN
ajfa-6070	38	26	.	.	PROPN
ajfa-6070	39	1	7	7	NUM
ajfa-6070	39	2	,	,	PUNCT
ajfa-6070	39	3	no	no	INTJ
ajfa-6070	39	4	.	.	NOUN
ajfa-6070	39	5	1	1	NUM
ajfa-6070	39	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6070	39	7	48	48	NUM
ajfa-6070	39	8	in	in	ADP
ajfa-6070	39	9	terms	term	NOUN
ajfa-6070	39	10	of	of	ADP
ajfa-6070	39	11	the	the	DET
ajfa-6070	39	12	types	type	NOUN
ajfa-6070	39	13	of	of	ADP
ajfa-6070	39	14	shareholders	shareholder	NOUN
ajfa-6070	39	15	and	and	CCONJ
ajfa-6070	39	16	the	the	DET
ajfa-6070	39	17	corporate	corporate	ADJ
ajfa-6070	39	18	governance	governance	NOUN
ajfa-6070	39	19	index	index	NOUN
ajfa-6070	39	20	on	on	ADP
ajfa-6070	39	21	financial	financial	ADJ
ajfa-6070	39	22	performance	performance	NOUN
ajfa-6070	39	23	of	of	ADP
ajfa-6070	39	24	the	the	DET
ajfa-6070	39	25	company	company	NOUN
ajfa-6070	39	26	.	.	PUNCT
ajfa-6070	40	1	different	different	ADJ
ajfa-6070	40	2	financial	financial	ADJ
ajfa-6070	40	3	performance	performance	NOUN
ajfa-6070	40	4	measures	measure	NOUN
ajfa-6070	40	5	are	be	AUX
ajfa-6070	40	6	used	use	VERB
ajfa-6070	40	7	by	by	ADP
ajfa-6070	40	8	researchers	researcher	NOUN
ajfa-6070	40	9	and	and	CCONJ
ajfa-6070	40	10	the	the	DET
ajfa-6070	40	11	indicators	indicator	NOUN
ajfa-6070	40	12	include	include	VERB
ajfa-6070	40	13	profitability	profitability	NOUN
ajfa-6070	40	14	,	,	PUNCT
ajfa-6070	40	15	efficiency	efficiency	NOUN
ajfa-6070	40	16	,	,	PUNCT
ajfa-6070	40	17	leverage	leverage	NOUN
ajfa-6070	40	18	and	and	CCONJ
ajfa-6070	40	19	liquidity	liquidity	NOUN
ajfa-6070	40	20	.	.	PUNCT
ajfa-6070	41	1	the	the	DET
ajfa-6070	41	2	selection	selection	NOUN
ajfa-6070	41	3	of	of	ADP
ajfa-6070	41	4	performance	performance	NOUN
ajfa-6070	41	5	measures	measure	NOUN
ajfa-6070	41	6	depends	depend	VERB
ajfa-6070	41	7	on	on	ADP
ajfa-6070	41	8	the	the	DET
ajfa-6070	41	9	research	research	NOUN
ajfa-6070	41	10	objectives	objective	NOUN
ajfa-6070	41	11	.	.	PUNCT
ajfa-6070	42	1	three	three	NUM
ajfa-6070	42	2	measures	measure	NOUN
ajfa-6070	42	3	of	of	ADP
ajfa-6070	42	4	performance	performance	NOUN
ajfa-6070	42	5	,	,	PUNCT
ajfa-6070	42	6	as	as	SCONJ
ajfa-6070	42	7	supported	support	VERB
ajfa-6070	42	8	in	in	ADP
ajfa-6070	42	9	the	the	DET
ajfa-6070	42	10	finance	finance	NOUN
ajfa-6070	42	11	and	and	CCONJ
ajfa-6070	42	12	accounting	accounting	NOUN
ajfa-6070	42	13	literature	literature	NOUN
ajfa-6070	42	14	were	be	AUX
ajfa-6070	42	15	chosen	choose	VERB
ajfa-6070	42	16	for	for	ADP
ajfa-6070	42	17	the	the	DET
ajfa-6070	42	18	purpose	purpose	NOUN
ajfa-6070	42	19	of	of	ADP
ajfa-6070	42	20	analysis	analysis	NOUN
ajfa-6070	42	21	,	,	PUNCT
ajfa-6070	42	22	namely	namely	ADV
ajfa-6070	42	23	roa	roa	NOUN
ajfa-6070	42	24	,	,	PUNCT
ajfa-6070	42	25	roe	roe	PROPN
ajfa-6070	42	26	and	and	CCONJ
ajfa-6070	42	27	tobin	tobin	PROPN
ajfa-6070	42	28	's	's	PART
ajfa-6070	42	29	q	q	NOUN
ajfa-6070	42	30	as	as	ADP
ajfa-6070	42	31	proxy	proxy	NOUN
ajfa-6070	42	32	for	for	ADP
ajfa-6070	42	33	firm	firm	ADJ
ajfa-6070	42	34	performance	performance	NOUN
ajfa-6070	42	35	.	.	PUNCT
ajfa-6070	43	1	our	our	PRON
ajfa-6070	43	2	research	research	NOUN
ajfa-6070	43	3	studies	study	VERB
ajfa-6070	43	4	the	the	DET
ajfa-6070	43	5	effect	effect	NOUN
ajfa-6070	43	6	of	of	ADP
ajfa-6070	43	7	twelve	twelve	NUM
ajfa-6070	43	8	variables	variable	NOUN
ajfa-6070	43	9	on	on	ADP
ajfa-6070	43	10	firm	firm	ADJ
ajfa-6070	43	11	performance	performance	NOUN
ajfa-6070	43	12	as	as	SCONJ
ajfa-6070	43	13	measured	measure	VERB
ajfa-6070	43	14	by	by	ADP
ajfa-6070	43	15	roe	roe	NOUN
ajfa-6070	43	16	.	.	PUNCT
ajfa-6070	44	1	these	these	DET
ajfa-6070	44	2	independent	independent	ADJ
ajfa-6070	44	3	variables	variable	NOUN
ajfa-6070	44	4	are	be	AUX
ajfa-6070	44	5	retail	retail	ADJ
ajfa-6070	44	6	shareholding	shareholding	NOUN
ajfa-6070	44	7	,	,	PUNCT
ajfa-6070	44	8	institutional	institutional	ADJ
ajfa-6070	44	9	shareholders	shareholder	NOUN
ajfa-6070	44	10	,	,	PUNCT
ajfa-6070	44	11	government	government	NOUN
ajfa-6070	44	12	ownership	ownership	NOUN
ajfa-6070	44	13	,	,	PUNCT
ajfa-6070	44	14	family	family	NOUN
ajfa-6070	44	15	shareholding	shareholding	NOUN
ajfa-6070	44	16	,	,	PUNCT
ajfa-6070	44	17	fii	fii	PROPN
ajfa-6070	44	18	shareholding	shareholding	NOUN
ajfa-6070	44	19	,	,	PUNCT
ajfa-6070	44	20	corporate	corporate	ADJ
ajfa-6070	44	21	shareholding	shareholding	NOUN
ajfa-6070	44	22	and	and	CCONJ
ajfa-6070	44	23	corporate	corporate	ADJ
ajfa-6070	44	24	governance	governance	NOUN
ajfa-6070	44	25	index	index	NOUN
ajfa-6070	44	26	.	.	PUNCT
ajfa-6070	45	1	also	also	ADV
ajfa-6070	45	2	,	,	PUNCT
ajfa-6070	45	3	control	control	NOUN
ajfa-6070	45	4	variables	variable	NOUN
ajfa-6070	45	5	such	such	ADJ
ajfa-6070	45	6	as	as	ADP
ajfa-6070	45	7	firm	firm	NOUN
ajfa-6070	45	8	's	's	PART
ajfa-6070	45	9	size	size	NOUN
ajfa-6070	45	10	,	,	PUNCT
ajfa-6070	45	11	proxy	proxy	NOUN
ajfa-6070	45	12	by	by	ADP
ajfa-6070	45	13	total	total	ADJ
ajfa-6070	45	14	assets	asset	NOUN
ajfa-6070	45	15	,	,	PUNCT
ajfa-6070	45	16	firm	firm	NOUN
ajfa-6070	45	17	's	's	PART
ajfa-6070	45	18	age	age	NOUN
ajfa-6070	45	19	since	since	SCONJ
ajfa-6070	45	20	its	its	PRON
ajfa-6070	45	21	inception	inception	NOUN
ajfa-6070	45	22	and	and	CCONJ
ajfa-6070	45	23	leverage	leverage	NOUN
ajfa-6070	45	24	proxy	proxy	NOUN
ajfa-6070	45	25	by	by	ADP
ajfa-6070	45	26	debt	debt	NOUN
ajfa-6070	45	27	equity	equity	NOUN
ajfa-6070	45	28	ratio	ratio	NOUN
ajfa-6070	45	29	are	be	AUX
ajfa-6070	45	30	considered	consider	VERB
ajfa-6070	45	31	as	as	ADP
ajfa-6070	45	32	exogenous	exogenous	ADJ
ajfa-6070	45	33	variables	variable	NOUN
ajfa-6070	45	34	.	.	PUNCT
ajfa-6070	46	1	we	we	PRON
ajfa-6070	46	2	have	have	AUX
ajfa-6070	46	3	also	also	ADV
ajfa-6070	46	4	included	include	VERB
ajfa-6070	46	5	advertising	advertising	NOUN
ajfa-6070	46	6	expenses	expense	NOUN
ajfa-6070	46	7	and	and	CCONJ
ajfa-6070	46	8	board	board	NOUN
ajfa-6070	46	9	size	size	NOUN
ajfa-6070	46	10	of	of	ADP
ajfa-6070	46	11	the	the	DET
ajfa-6070	46	12	sample	sample	NOUN
ajfa-6070	46	13	firms	firm	NOUN
ajfa-6070	46	14	.	.	PUNCT
ajfa-6070	47	1	table	table	NOUN
ajfa-6070	47	2	1	1	NUM
ajfa-6070	47	3	.	.	PUNCT
ajfa-6070	48	1	variables	variable	NOUN
ajfa-6070	48	2	studied	study	VERB
ajfa-6070	48	3	variables	variable	NOUN
ajfa-6070	48	4	used	use	VERB
ajfa-6070	48	5	definition	definition	NOUN
ajfa-6070	48	6	symbol	symbol	NOUN
ajfa-6070	48	7	used	use	VERB
ajfa-6070	48	8	return	return	NOUN
ajfa-6070	48	9	on	on	ADP
ajfa-6070	48	10	equity	equity	NOUN
ajfa-6070	48	11	net	net	ADJ
ajfa-6070	48	12	profit	profit	NOUN
ajfa-6070	48	13	as	as	ADP
ajfa-6070	48	14	a	a	DET
ajfa-6070	48	15	percentage	percentage	NOUN
ajfa-6070	48	16	of	of	ADP
ajfa-6070	48	17	shareholder	shareholder	NOUN
ajfa-6070	48	18	's	's	PART
ajfa-6070	48	19	equity	equity	NOUN
ajfa-6070	48	20	roe	roe	PROPN
ajfa-6070	48	21	return	return	NOUN
ajfa-6070	48	22	on	on	ADP
ajfa-6070	48	23	assets	asset	NOUN
ajfa-6070	48	24	net	net	ADJ
ajfa-6070	48	25	profit	profit	NOUN
ajfa-6070	48	26	as	as	ADP
ajfa-6070	48	27	a	a	DET
ajfa-6070	48	28	percentage	percentage	NOUN
ajfa-6070	48	29	of	of	ADP
ajfa-6070	48	30	total	total	ADJ
ajfa-6070	48	31	assets	asset	NOUN
ajfa-6070	48	32	roa	roa	PROPN
ajfa-6070	48	33	tobin	tobin	PROPN
ajfa-6070	48	34	's	's	PART
ajfa-6070	48	35	q	q	NOUN
ajfa-6070	48	36	market	market	NOUN
ajfa-6070	48	37	value	value	NOUN
ajfa-6070	48	38	of	of	ADP
ajfa-6070	48	39	equity	equity	NOUN
ajfa-6070	48	40	plus	plus	CCONJ
ajfa-6070	48	41	book	book	NOUN
ajfa-6070	48	42	value	value	NOUN
ajfa-6070	48	43	of	of	ADP
ajfa-6070	48	44	debt	debt	NOUN
ajfa-6070	48	45	and	and	CCONJ
ajfa-6070	48	46	preference	preference	NOUN
ajfa-6070	48	47	share	share	NOUN
ajfa-6070	48	48	capital	capital	NOUN
ajfa-6070	48	49	divided	divide	VERB
ajfa-6070	48	50	by	by	ADP
ajfa-6070	48	51	total	total	ADJ
ajfa-6070	48	52	assets	asset	NOUN
ajfa-6070	48	53	tobin	tobin	NOUN
ajfa-6070	48	54	's	's	PART
ajfa-6070	48	55	q	q	NOUN
ajfa-6070	48	56	retail	retail	ADJ
ajfa-6070	48	57	shareholding	shareholding	NOUN
ajfa-6070	48	58	percentage	percentage	NOUN
ajfa-6070	48	59	of	of	ADP
ajfa-6070	48	60	shares	share	NOUN
ajfa-6070	48	61	held	hold	VERB
ajfa-6070	48	62	by	by	ADP
ajfa-6070	48	63	individuals	individual	NOUN
ajfa-6070	48	64	rsh	rsh	ADJ
ajfa-6070	48	65	institutional	institutional	ADJ
ajfa-6070	48	66	shareholding	shareholding	NOUN
ajfa-6070	48	67	percentage	percentage	NOUN
ajfa-6070	48	68	of	of	ADP
ajfa-6070	48	69	shares	share	NOUN
ajfa-6070	48	70	held	hold	VERB
ajfa-6070	48	71	by	by	ADP
ajfa-6070	48	72	institutions	institution	NOUN
ajfa-6070	48	73	iish	iish	VERB
ajfa-6070	48	74	government	government	NOUN
ajfa-6070	48	75	shareholding	shareholding	NOUN
ajfa-6070	48	76	percentage	percentage	NOUN
ajfa-6070	48	77	of	of	ADP
ajfa-6070	48	78	shares	share	NOUN
ajfa-6070	48	79	held	hold	VERB
ajfa-6070	48	80	by	by	ADP
ajfa-6070	48	81	government	government	NOUN
ajfa-6070	48	82	gsh	gsh	PROPN
ajfa-6070	48	83	family	family	PROPN
ajfa-6070	48	84	shareholding	shareholding	NOUN
ajfa-6070	48	85	percentage	percentage	NOUN
ajfa-6070	48	86	of	of	ADP
ajfa-6070	48	87	shares	share	NOUN
ajfa-6070	48	88	held	hold	VERB
ajfa-6070	48	89	by	by	ADP
ajfa-6070	48	90	family	family	NOUN
ajfa-6070	48	91	fsh	fsh	PROPN
ajfa-6070	48	92	fii	fii	PROPN
ajfa-6070	48	93	shareholding	shareholding	NOUN
ajfa-6070	48	94	percentage	percentage	NOUN
ajfa-6070	48	95	of	of	ADP
ajfa-6070	48	96	shares	share	NOUN
ajfa-6070	48	97	held	hold	VERB
ajfa-6070	48	98	by	by	ADP
ajfa-6070	48	99	foreign	foreign	ADJ
ajfa-6070	48	100	institutional	institutional	ADJ
ajfa-6070	48	101	investors	investor	NOUN
ajfa-6070	48	102	fiish	fiish	VERB
ajfa-6070	48	103	corporate	corporate	ADJ
ajfa-6070	48	104	shareholding	shareholding	NOUN
ajfa-6070	48	105	percentage	percentage	NOUN
ajfa-6070	48	106	of	of	ADP
ajfa-6070	48	107	shares	share	NOUN
ajfa-6070	48	108	held	hold	VERB
ajfa-6070	48	109	by	by	ADP
ajfa-6070	48	110	corporate	corporate	ADJ
ajfa-6070	48	111	bodies	body	NOUN
ajfa-6070	48	112	,	,	PUNCT
ajfa-6070	48	113	excluding	exclude	VERB
ajfa-6070	48	114	those	those	DET
ajfa-6070	48	115	already	already	ADV
ajfa-6070	48	116	covered	cover	VERB
ajfa-6070	48	117	csh	csh	NOUN
ajfa-6070	48	118	size	size	NOUN
ajfa-6070	48	119	firm	firm	ADJ
ajfa-6070	48	120	size	size	NOUN
ajfa-6070	48	121	in	in	ADP
ajfa-6070	48	122	terms	term	NOUN
ajfa-6070	48	123	of	of	ADP
ajfa-6070	48	124	total	total	ADJ
ajfa-6070	48	125	assets	asset	NOUN
ajfa-6070	48	126	owned	own	VERB
ajfa-6070	48	127	s	s	NOUN
ajfa-6070	48	128	advertising	advertising	NOUN
ajfa-6070	48	129	expenses	expense	NOUN
ajfa-6070	48	130	includes	include	VERB
ajfa-6070	48	131	sum	sum	NOUN
ajfa-6070	48	132	of	of	ADP
ajfa-6070	48	133	advertising	advertising	NOUN
ajfa-6070	48	134	,	,	PUNCT
ajfa-6070	48	135	marketing	marketing	NOUN
ajfa-6070	48	136	and	and	CCONJ
ajfa-6070	48	137	distribution	distribution	NOUN
ajfa-6070	48	138	expenses	expense	NOUN
ajfa-6070	48	139	advt	advt	ADJ
ajfa-6070	48	140	corporate	corporate	ADJ
ajfa-6070	48	141	governance	governance	NOUN
ajfa-6070	48	142	index	index	NOUN
ajfa-6070	48	143	includes	include	VERB
ajfa-6070	48	144	the	the	DET
ajfa-6070	48	145	corporate	corporate	ADJ
ajfa-6070	48	146	governance	governance	NOUN
ajfa-6070	48	147	parameters	parameter	NOUN
ajfa-6070	48	148	like	like	ADP
ajfa-6070	48	149	duality	duality	NOUN
ajfa-6070	48	150	,	,	PUNCT
ajfa-6070	48	151	number	number	NOUN
ajfa-6070	48	152	of	of	ADP
ajfa-6070	48	153	directors	director	NOUN
ajfa-6070	48	154	,	,	PUNCT
ajfa-6070	48	155	proportion	proportion	NOUN
ajfa-6070	48	156	of	of	ADP
ajfa-6070	48	157	non	non	ADJ
ajfa-6070	48	158	-	-	ADJ
ajfa-6070	48	159	executive	executive	ADJ
ajfa-6070	48	160	directors	director	NOUN
ajfa-6070	48	161	,	,	PUNCT
ajfa-6070	48	162	proportion	proportion	NOUN
ajfa-6070	48	163	of	of	ADP
ajfa-6070	48	164	independent	independent	ADJ
ajfa-6070	48	165	directors	director	NOUN
ajfa-6070	48	166	,	,	PUNCT
ajfa-6070	48	167	number	number	NOUN
ajfa-6070	48	168	of	of	ADP
ajfa-6070	48	169	board	board	NOUN
ajfa-6070	48	170	meetings	meeting	NOUN
ajfa-6070	48	171	held	hold	VERB
ajfa-6070	48	172	,	,	PUNCT
ajfa-6070	48	173	average	average	ADJ
ajfa-6070	48	174	attendance	attendance	NOUN
ajfa-6070	48	175	of	of	ADP
ajfa-6070	48	176	audit	audit	NOUN
ajfa-6070	48	177	committee	committee	NOUN
ajfa-6070	48	178	meetings	meeting	NOUN
ajfa-6070	48	179	,	,	PUNCT
ajfa-6070	48	180	average	average	ADJ
ajfa-6070	48	181	attendance	attendance	NOUN
ajfa-6070	48	182	of	of	ADP
ajfa-6070	48	183	board	board	NOUN
ajfa-6070	48	184	meeting	meeting	NOUN
ajfa-6070	48	185	,	,	PUNCT
ajfa-6070	48	186	number	number	NOUN
ajfa-6070	48	187	of	of	ADP
ajfa-6070	48	188	audit	audit	NOUN
ajfa-6070	48	189	committee	committee	NOUN
ajfa-6070	48	190	meetings	meeting	NOUN
ajfa-6070	48	191	,	,	PUNCT
ajfa-6070	48	192	number	number	NOUN
ajfa-6070	48	193	of	of	ADP
ajfa-6070	48	194	remuneration	remuneration	NOUN
ajfa-6070	48	195	meetings	meeting	NOUN
ajfa-6070	48	196	,	,	PUNCT
ajfa-6070	48	197	number	number	NOUN
ajfa-6070	48	198	of	of	ADP
ajfa-6070	48	199	nomination	nomination	NOUN
ajfa-6070	48	200	committee	committee	NOUN
ajfa-6070	48	201	meetings	meeting	NOUN
ajfa-6070	48	202	,	,	PUNCT
ajfa-6070	48	203	proportion	proportion	NOUN
ajfa-6070	48	204	of	of	ADP
ajfa-6070	48	205	independent	independent	ADJ
ajfa-6070	48	206	directors	director	NOUN
ajfa-6070	48	207	in	in	ADP
ajfa-6070	48	208	nomination	nomination	NOUN
ajfa-6070	48	209	committee	committee	NOUN
ajfa-6070	48	210	,	,	PUNCT
ajfa-6070	48	211	profile	profile	NOUN
ajfa-6070	48	212	of	of	ADP
ajfa-6070	48	213	directors	director	NOUN
ajfa-6070	48	214	,	,	PUNCT
ajfa-6070	48	215	minutes	minute	NOUN
ajfa-6070	48	216	of	of	ADP
ajfa-6070	48	217	different	different	ADJ
ajfa-6070	48	218	meetings	meeting	NOUN
ajfa-6070	48	219	,	,	PUNCT
ajfa-6070	48	220	whistle	whistle	VERB
ajfa-6070	48	221	blowing	blow	VERB
ajfa-6070	48	222	policy	policy	NOUN
ajfa-6070	48	223	,	,	PUNCT
ajfa-6070	48	224	related	relate	VERB
ajfa-6070	48	225	party	party	NOUN
ajfa-6070	48	226	disclosure	disclosure	NOUN
ajfa-6070	48	227	cgi	cgi	PROPN
ajfa-6070	48	228	asian	asian	PROPN
ajfa-6070	48	229	journal	journal	PROPN
ajfa-6070	48	230	of	of	ADP
ajfa-6070	48	231	finance	finance	PROPN
ajfa-6070	48	232	&	&	CCONJ
ajfa-6070	48	233	accounting	accounting	PROPN
ajfa-6070	48	234	issn	issn	PROPN
ajfa-6070	48	235	1946	1946	NUM
ajfa-6070	48	236	-	-	PUNCT
ajfa-6070	48	237	052x	052x	NOUN
ajfa-6070	48	238	2015	2015	NUM
ajfa-6070	48	239	,	,	PUNCT
ajfa-6070	48	240	vol	vol	NOUN
ajfa-6070	48	241	.	.	PROPN
ajfa-6070	48	242	7	7	NUM
ajfa-6070	48	243	,	,	PUNCT
ajfa-6070	48	244	no	no	INTJ
ajfa-6070	48	245	.	.	NOUN
ajfa-6070	48	246	1	1	NUM
ajfa-6070	48	247	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6070	48	248	49	49	NUM
ajfa-6070	48	249	board	board	NOUN
ajfa-6070	48	250	size	size	NOUN
ajfa-6070	48	251	number	number	NOUN
ajfa-6070	48	252	of	of	ADP
ajfa-6070	48	253	directors	director	NOUN
ajfa-6070	48	254	on	on	ADP
ajfa-6070	48	255	board	board	NOUN
ajfa-6070	48	256	bs	bs	NOUN
ajfa-6070	48	257	age	age	NOUN
ajfa-6070	48	258	number	number	NOUN
ajfa-6070	48	259	of	of	ADP
ajfa-6070	48	260	years	year	NOUN
ajfa-6070	48	261	between	between	ADP
ajfa-6070	48	262	observation	observation	NOUN
ajfa-6070	48	263	year	year	NOUN
ajfa-6070	48	264	and	and	CCONJ
ajfa-6070	48	265	year	year	NOUN
ajfa-6070	48	266	of	of	ADP
ajfa-6070	48	267	incorporation	incorporation	NOUN
ajfa-6070	48	268	age	age	NOUN
ajfa-6070	48	269	debt	debt	NOUN
ajfa-6070	48	270	equity	equity	NOUN
ajfa-6070	48	271	ratio	ratio	NOUN
ajfa-6070	48	272	(	(	PUNCT
ajfa-6070	48	273	leverage	leverage	NOUN
ajfa-6070	48	274	)	)	PUNCT
ajfa-6070	48	275	ratio	ratio	NOUN
ajfa-6070	48	276	of	of	ADP
ajfa-6070	48	277	long	long	ADJ
ajfa-6070	48	278	term	term	NOUN
ajfa-6070	48	279	debt	debt	NOUN
ajfa-6070	48	280	to	to	ADP
ajfa-6070	48	281	equity	equity	NOUN
ajfa-6070	48	282	debt	debt	NOUN
ajfa-6070	48	283	to	to	PART
ajfa-6070	48	284	achieve	achieve	VERB
ajfa-6070	48	285	the	the	DET
ajfa-6070	48	286	objective	objective	NOUN
ajfa-6070	48	287	of	of	ADP
ajfa-6070	48	288	the	the	DET
ajfa-6070	48	289	study	study	NOUN
ajfa-6070	48	290	,	,	PUNCT
ajfa-6070	48	291	the	the	DET
ajfa-6070	48	292	paper	paper	NOUN
ajfa-6070	48	293	is	be	AUX
ajfa-6070	48	294	divided	divide	VERB
ajfa-6070	48	295	into	into	ADP
ajfa-6070	48	296	following	follow	VERB
ajfa-6070	48	297	sections	section	NOUN
ajfa-6070	48	298	,	,	PUNCT
ajfa-6070	48	299	section	section	NOUN
ajfa-6070	48	300	i	i	PRON
ajfa-6070	48	301	,	,	PUNCT
ajfa-6070	48	302	i.e.	i.e.	X
ajfa-6070	48	303	the	the	DET
ajfa-6070	48	304	present	present	ADJ
ajfa-6070	48	305	section	section	NOUN
ajfa-6070	48	306	gives	give	VERB
ajfa-6070	48	307	the	the	DET
ajfa-6070	48	308	insights	insight	NOUN
ajfa-6070	48	309	of	of	ADP
ajfa-6070	48	310	corporate	corporate	ADJ
ajfa-6070	48	311	governance	governance	NOUN
ajfa-6070	48	312	and	and	CCONJ
ajfa-6070	48	313	its	its	PRON
ajfa-6070	48	314	various	various	ADJ
ajfa-6070	48	315	parameters	parameter	NOUN
ajfa-6070	48	316	,	,	PUNCT
ajfa-6070	48	317	followed	follow	VERB
ajfa-6070	48	318	by	by	ADP
ajfa-6070	48	319	section	section	PROPN
ajfa-6070	48	320	ii	ii	PROPN
ajfa-6070	48	321	which	which	PRON
ajfa-6070	48	322	gives	give	VERB
ajfa-6070	48	323	a	a	DET
ajfa-6070	48	324	brief	brief	ADJ
ajfa-6070	48	325	review	review	NOUN
ajfa-6070	48	326	of	of	ADP
ajfa-6070	48	327	literature	literature	NOUN
ajfa-6070	48	328	.	.	PUNCT
ajfa-6070	49	1	section	section	NOUN
ajfa-6070	49	2	iii	iii	PROPN
ajfa-6070	49	3	presents	present	NOUN
ajfa-6070	49	4	research	research	NOUN
ajfa-6070	49	5	objectives	objective	NOUN
ajfa-6070	49	6	and	and	CCONJ
ajfa-6070	49	7	hypothesis	hypothesis	NOUN
ajfa-6070	49	8	followed	follow	VERB
ajfa-6070	49	9	by	by	ADP
ajfa-6070	49	10	section	section	NOUN
ajfa-6070	49	11	iv	iv	NUM
ajfa-6070	49	12	which	which	PRON
ajfa-6070	49	13	deals	deal	VERB
ajfa-6070	49	14	with	with	ADP
ajfa-6070	49	15	data	datum	NOUN
ajfa-6070	49	16	and	and	CCONJ
ajfa-6070	49	17	methodological	methodological	ADJ
ajfa-6070	49	18	issues	issue	NOUN
ajfa-6070	49	19	.	.	PUNCT
ajfa-6070	50	1	section	section	NOUN
ajfa-6070	50	2	v	v	NOUN
ajfa-6070	50	3	entails	entail	VERB
ajfa-6070	50	4	the	the	DET
ajfa-6070	50	5	analysis	analysis	NOUN
ajfa-6070	50	6	and	and	CCONJ
ajfa-6070	50	7	interpretation	interpretation	NOUN
ajfa-6070	50	8	of	of	ADP
ajfa-6070	50	9	empirical	empirical	ADJ
ajfa-6070	50	10	results	result	NOUN
ajfa-6070	50	11	which	which	PRON
ajfa-6070	50	12	are	be	AUX
ajfa-6070	50	13	divided	divide	VERB
ajfa-6070	50	14	into	into	ADP
ajfa-6070	50	15	two	two	NUM
ajfa-6070	50	16	parts	part	NOUN
ajfa-6070	50	17	,	,	PUNCT
ajfa-6070	50	18	5.1	5.1	NUM
ajfa-6070	50	19	,	,	PUNCT
ajfa-6070	50	20	gives	give	VERB
ajfa-6070	50	21	the	the	DET
ajfa-6070	50	22	relationship	relationship	NOUN
ajfa-6070	50	23	between	between	ADP
ajfa-6070	50	24	shareholder	shareholder	NOUN
ajfa-6070	50	25	types	type	NOUN
ajfa-6070	50	26	and	and	CCONJ
ajfa-6070	50	27	roe	roe	NOUN
ajfa-6070	50	28	and	and	CCONJ
ajfa-6070	50	29	5.2	5.2	NUM
ajfa-6070	50	30	analyses	analyse	VERB
ajfa-6070	50	31	the	the	DET
ajfa-6070	50	32	relationship	relationship	NOUN
ajfa-6070	50	33	between	between	ADP
ajfa-6070	50	34	cgi	cgi	NOUN
ajfa-6070	50	35	and	and	CCONJ
ajfa-6070	50	36	financial	financial	ADJ
ajfa-6070	50	37	performance	performance	NOUN
ajfa-6070	50	38	.	.	PUNCT
ajfa-6070	51	1	it	it	PRON
ajfa-6070	51	2	is	be	AUX
ajfa-6070	51	3	followed	follow	VERB
ajfa-6070	51	4	by	by	ADP
ajfa-6070	51	5	the	the	DET
ajfa-6070	51	6	summary	summary	NOUN
ajfa-6070	51	7	,	,	PUNCT
ajfa-6070	51	8	conclusion	conclusion	NOUN
ajfa-6070	51	9	and	and	CCONJ
ajfa-6070	51	10	implications	implication	NOUN
ajfa-6070	51	11	of	of	ADP
ajfa-6070	51	12	the	the	DET
ajfa-6070	51	13	research	research	NOUN
ajfa-6070	51	14	contained	contain	VERB
ajfa-6070	51	15	in	in	ADP
ajfa-6070	51	16	section	section	NOUN
ajfa-6070	51	17	vi	vi	PROPN
ajfa-6070	51	18	followed	follow	VERB
ajfa-6070	51	19	by	by	ADP
ajfa-6070	51	20	references	reference	NOUN
ajfa-6070	51	21	.	.	PUNCT
ajfa-6070	52	1	2	2	X
ajfa-6070	52	2	.	.	X
ajfa-6070	52	3	review	review	NOUN
ajfa-6070	52	4	of	of	ADP
ajfa-6070	52	5	literature	literature	NOUN
ajfa-6070	52	6	the	the	DET
ajfa-6070	52	7	following	follow	VERB
ajfa-6070	52	8	section	section	NOUN
ajfa-6070	52	9	gives	give	VERB
ajfa-6070	52	10	the	the	DET
ajfa-6070	52	11	brief	brief	ADJ
ajfa-6070	52	12	snapshot	snapshot	NOUN
ajfa-6070	52	13	of	of	ADP
ajfa-6070	52	14	review	review	NOUN
ajfa-6070	52	15	of	of	ADP
ajfa-6070	52	16	literature	literature	NOUN
ajfa-6070	52	17	done	do	VERB
ajfa-6070	52	18	in	in	ADP
ajfa-6070	52	19	india	india	PROPN
ajfa-6070	52	20	and	and	CCONJ
ajfa-6070	52	21	across	across	ADP
ajfa-6070	52	22	the	the	DET
ajfa-6070	52	23	globe	globe	NOUN
ajfa-6070	52	24	.	.	PUNCT
ajfa-6070	53	1	the	the	DET
ajfa-6070	53	2	connection	connection	NOUN
ajfa-6070	53	3	between	between	ADP
ajfa-6070	53	4	ownership	ownership	NOUN
ajfa-6070	53	5	structure	structure	NOUN
ajfa-6070	53	6	and	and	CCONJ
ajfa-6070	53	7	performance	performance	NOUN
ajfa-6070	53	8	has	have	AUX
ajfa-6070	53	9	been	be	AUX
ajfa-6070	53	10	the	the	DET
ajfa-6070	53	11	subject	subject	NOUN
ajfa-6070	53	12	of	of	ADP
ajfa-6070	53	13	an	an	DET
ajfa-6070	53	14	important	important	ADJ
ajfa-6070	53	15	and	and	CCONJ
ajfa-6070	53	16	ongoing	ongoing	ADJ
ajfa-6070	53	17	debate	debate	NOUN
ajfa-6070	53	18	in	in	ADP
ajfa-6070	53	19	the	the	DET
ajfa-6070	53	20	corporate	corporate	ADJ
ajfa-6070	53	21	finance	finance	NOUN
ajfa-6070	53	22	literature	literature	NOUN
ajfa-6070	53	23	.	.	PUNCT
ajfa-6070	54	1	the	the	DET
ajfa-6070	54	2	debate	debate	NOUN
ajfa-6070	54	3	goes	go	VERB
ajfa-6070	54	4	back	back	ADV
ajfa-6070	54	5	to	to	ADP
ajfa-6070	54	6	the	the	DET
ajfa-6070	54	7	berle	berle	NOUN
ajfa-6070	54	8	and	and	CCONJ
ajfa-6070	54	9	means	mean	NOUN
ajfa-6070	54	10	(	(	PUNCT
ajfa-6070	54	11	1932	1932	NUM
ajfa-6070	54	12	)	)	PUNCT
ajfa-6070	54	13	thesis	thesis	NOUN
ajfa-6070	54	14	,	,	PUNCT
ajfa-6070	54	15	which	which	PRON
ajfa-6070	54	16	suggests	suggest	VERB
ajfa-6070	54	17	that	that	SCONJ
ajfa-6070	54	18	an	an	DET
ajfa-6070	54	19	inverse	inverse	NOUN
ajfa-6070	54	20	correlation	correlation	NOUN
ajfa-6070	54	21	should	should	AUX
ajfa-6070	54	22	be	be	AUX
ajfa-6070	54	23	observed	observe	VERB
ajfa-6070	54	24	between	between	ADP
ajfa-6070	54	25	the	the	DET
ajfa-6070	54	26	diffuseness	diffuseness	NOUN
ajfa-6070	54	27	of	of	ADP
ajfa-6070	54	28	shareholdings	shareholding	NOUN
ajfa-6070	54	29	and	and	CCONJ
ajfa-6070	54	30	firm	firm	ADJ
ajfa-6070	54	31	performance	performance	NOUN
ajfa-6070	54	32	.	.	PUNCT
ajfa-6070	55	1	their	their	PRON
ajfa-6070	55	2	view	view	NOUN
ajfa-6070	55	3	has	have	AUX
ajfa-6070	55	4	been	be	AUX
ajfa-6070	55	5	challenged	challenge	VERB
ajfa-6070	55	6	by	by	ADP
ajfa-6070	55	7	demsetz	demsetz	PROPN
ajfa-6070	55	8	(	(	PUNCT
ajfa-6070	55	9	1983	1983	NUM
ajfa-6070	55	10	)	)	PUNCT
ajfa-6070	55	11	,	,	PUNCT
ajfa-6070	55	12	who	who	PRON
ajfa-6070	55	13	argues	argue	VERB
ajfa-6070	55	14	that	that	SCONJ
ajfa-6070	55	15	the	the	DET
ajfa-6070	55	16	ownership	ownership	NOUN
ajfa-6070	55	17	structure	structure	NOUN
ajfa-6070	55	18	of	of	ADP
ajfa-6070	55	19	a	a	DET
ajfa-6070	55	20	corporation	corporation	NOUN
ajfa-6070	55	21	should	should	AUX
ajfa-6070	55	22	be	be	AUX
ajfa-6070	55	23	thought	think	VERB
ajfa-6070	55	24	of	of	ADP
ajfa-6070	55	25	as	as	ADP
ajfa-6070	55	26	an	an	DET
ajfa-6070	55	27	endogenous	endogenous	ADJ
ajfa-6070	55	28	outcome	outcome	NOUN
ajfa-6070	55	29	of	of	ADP
ajfa-6070	55	30	decisions	decision	NOUN
ajfa-6070	55	31	that	that	PRON
ajfa-6070	55	32	reflect	reflect	VERB
ajfa-6070	55	33	the	the	DET
ajfa-6070	55	34	influence	influence	NOUN
ajfa-6070	55	35	of	of	ADP
ajfa-6070	55	36	shareholders	shareholder	NOUN
ajfa-6070	55	37	and	and	CCONJ
ajfa-6070	55	38	of	of	ADP
ajfa-6070	55	39	trading	trading	NOUN
ajfa-6070	55	40	on	on	ADP
ajfa-6070	55	41	the	the	DET
ajfa-6070	55	42	market	market	NOUN
ajfa-6070	55	43	for	for	ADP
ajfa-6070	55	44	shares	share	NOUN
ajfa-6070	55	45	.	.	PUNCT
ajfa-6070	56	1	a	a	DET
ajfa-6070	56	2	burgeoning	burgeon	VERB
ajfa-6070	56	3	empirical	empirical	ADJ
ajfa-6070	56	4	research	research	NOUN
ajfa-6070	56	5	shows	show	VERB
ajfa-6070	56	6	that	that	SCONJ
ajfa-6070	56	7	share	share	VERB
ajfa-6070	56	8	ownership	ownership	NOUN
ajfa-6070	56	9	and	and	CCONJ
ajfa-6070	56	10	its	its	PRON
ajfa-6070	56	11	structure	structure	NOUN
ajfa-6070	56	12	can	can	AUX
ajfa-6070	56	13	be	be	AUX
ajfa-6070	56	14	important	important	ADJ
ajfa-6070	56	15	sources	source	NOUN
ajfa-6070	56	16	of	of	ADP
ajfa-6070	56	17	incentives	incentive	NOUN
ajfa-6070	56	18	for	for	ADP
ajfa-6070	56	19	managers	manager	NOUN
ajfa-6070	56	20	,	,	PUNCT
ajfa-6070	56	21	boards	board	NOUN
ajfa-6070	56	22	of	of	ADP
ajfa-6070	56	23	directors	director	NOUN
ajfa-6070	56	24	and	and	CCONJ
ajfa-6070	56	25	outside	outside	ADJ
ajfa-6070	56	26	shareholders	shareholder	NOUN
ajfa-6070	56	27	(	(	PUNCT
ajfa-6070	56	28	milgrom	milgrom	NOUN
ajfa-6070	56	29	and	and	CCONJ
ajfa-6070	56	30	roberts	roberts	PROPN
ajfa-6070	56	31	,	,	PUNCT
ajfa-6070	56	32	1992	1992	NUM
ajfa-6070	56	33	)	)	PUNCT
ajfa-6070	56	34	.	.	PUNCT
ajfa-6070	57	1	in	in	ADP
ajfa-6070	57	2	developing	develop	VERB
ajfa-6070	57	3	economies	economy	NOUN
ajfa-6070	57	4	,	,	PUNCT
ajfa-6070	57	5	ownership	ownership	NOUN
ajfa-6070	57	6	is	be	AUX
ajfa-6070	57	7	also	also	ADV
ajfa-6070	57	8	heavily	heavily	ADV
ajfa-6070	57	9	concentrated	concentrate	VERB
ajfa-6070	57	10	(	(	PUNCT
ajfa-6070	57	11	blasi	blasi	NOUN
ajfa-6070	57	12	and	and	CCONJ
ajfa-6070	57	13	shleifer	shleifer	VERB
ajfa-6070	57	14	,	,	PUNCT
ajfa-6070	57	15	1996	1996	NUM
ajfa-6070	57	16	;	;	PUNCT
ajfa-6070	57	17	claessens	claessen	NOUN
ajfa-6070	57	18	et	et	PROPN
ajfa-6070	57	19	al	al	PROPN
ajfa-6070	57	20	.	.	PROPN
ajfa-6070	57	21	,	,	PUNCT
ajfa-6070	57	22	1996	1996	NUM
ajfa-6070	57	23	;	;	PUNCT
ajfa-6070	57	24	claessens	claessen	NOUN
ajfa-6070	57	25	,	,	PUNCT
ajfa-6070	57	26	1997	1997	NUM
ajfa-6070	57	27	;	;	PUNCT
ajfa-6070	57	28	xu	xu	PROPN
ajfa-6070	57	29	and	and	CCONJ
ajfa-6070	57	30	wang	wang	PROPN
ajfa-6070	57	31	,	,	PUNCT
ajfa-6070	57	32	1997	1997	NUM
ajfa-6070	57	33	;	;	PUNCT
ajfa-6070	57	34	la	la	PROPN
ajfa-6070	57	35	porta	porta	PROPN
ajfa-6070	57	36	et	et	PROPN
ajfa-6070	57	37	al	al	PROPN
ajfa-6070	57	38	.	.	PROPN
ajfa-6070	57	39	,	,	PUNCT
ajfa-6070	57	40	1998	1998	NUM
ajfa-6070	57	41	;	;	PUNCT
ajfa-6070	57	42	yee	yee	PROPN
ajfa-6070	57	43	,	,	PUNCT
ajfa-6070	57	44	1998	1998	NUM
ajfa-6070	57	45	;	;	PUNCT
ajfa-6070	57	46	wiwattanakantang	wiwattanakantang	PROPN
ajfa-6070	57	47	,	,	PUNCT
ajfa-6070	57	48	1999	1999	NUM
ajfa-6070	57	49	;	;	PUNCT
ajfa-6070	57	50	yeh	yeh	PROPN
ajfa-6070	57	51	,	,	PUNCT
ajfa-6070	57	52	et	et	PROPN
ajfa-6070	57	53	al	al	PROPN
ajfa-6070	57	54	.	.	PROPN
ajfa-6070	57	55	,	,	PUNCT
ajfa-6070	57	56	2001	2001	NUM
ajfa-6070	57	57	;	;	PUNCT
ajfa-6070	57	58	and	and	CCONJ
ajfa-6070	57	59	joh	joh	PROPN
ajfa-6070	57	60	,	,	PUNCT
ajfa-6070	57	61	2003	2003	NUM
ajfa-6070	57	62	)	)	PUNCT
ajfa-6070	57	63	.	.	PUNCT
ajfa-6070	58	1	there	there	PRON
ajfa-6070	58	2	is	be	VERB
ajfa-6070	58	3	evidence	evidence	NOUN
ajfa-6070	58	4	of	of	ADP
ajfa-6070	58	5	pyramiding	pyramiding	NOUN
ajfa-6070	58	6	and	and	CCONJ
ajfa-6070	58	7	family	family	NOUN
ajfa-6070	58	8	control	control	NOUN
ajfa-6070	58	9	of	of	ADP
ajfa-6070	58	10	businesses	business	NOUN
ajfa-6070	58	11	in	in	ADP
ajfa-6070	58	12	asian	asian	ADJ
ajfa-6070	58	13	countries	country	NOUN
ajfa-6070	58	14	,	,	PUNCT
ajfa-6070	58	15	particularly	particularly	ADV
ajfa-6070	58	16	india	india	PROPN
ajfa-6070	58	17	(	(	PUNCT
ajfa-6070	58	18	bertrand	bertrand	PROPN
ajfa-6070	58	19	et	et	PROPN
ajfa-6070	58	20	al	al	PROPN
ajfa-6070	58	21	.	.	PROPN
ajfa-6070	58	22	,	,	PUNCT
ajfa-6070	58	23	2002	2002	NUM
ajfa-6070	58	24	)	)	PUNCT
ajfa-6070	58	25	.	.	PUNCT
ajfa-6070	59	1	it	it	PRON
ajfa-6070	59	2	is	be	AUX
ajfa-6070	59	3	believed	believe	VERB
ajfa-6070	59	4	that	that	SCONJ
ajfa-6070	59	5	this	this	PRON
ajfa-6070	59	6	is	be	AUX
ajfa-6070	59	7	a	a	DET
ajfa-6070	59	8	result	result	NOUN
ajfa-6070	59	9	of	of	ADP
ajfa-6070	59	10	the	the	DET
ajfa-6070	59	11	ineffectiveness	ineffectiveness	NOUN
ajfa-6070	59	12	of	of	ADP
ajfa-6070	59	13	the	the	DET
ajfa-6070	59	14	legal	legal	ADJ
ajfa-6070	59	15	system	system	NOUN
ajfa-6070	59	16	in	in	ADP
ajfa-6070	59	17	protecting	protect	VERB
ajfa-6070	59	18	property	property	NOUN
ajfa-6070	59	19	rights	right	NOUN
ajfa-6070	59	20	.	.	PUNCT
ajfa-6070	60	1	mcconnell	mcconnell	PROPN
ajfa-6070	60	2	and	and	CCONJ
ajfa-6070	60	3	servaes	servaes	PROPN
ajfa-6070	60	4	(	(	PUNCT
ajfa-6070	60	5	1990	1990	NUM
ajfa-6070	60	6	)	)	PUNCT
ajfa-6070	60	7	provide	provide	VERB
ajfa-6070	60	8	evidence	evidence	NOUN
ajfa-6070	60	9	on	on	ADP
ajfa-6070	60	10	the	the	DET
ajfa-6070	60	11	relation	relation	NOUN
ajfa-6070	60	12	between	between	ADP
ajfa-6070	60	13	the	the	DET
ajfa-6070	60	14	distribution	distribution	NOUN
ajfa-6070	60	15	of	of	ADP
ajfa-6070	60	16	equity	equity	NOUN
ajfa-6070	60	17	ownership	ownership	NOUN
ajfa-6070	60	18	and	and	CCONJ
ajfa-6070	60	19	corporate	corporate	ADJ
ajfa-6070	60	20	value	value	NOUN
ajfa-6070	60	21	.	.	PUNCT
ajfa-6070	61	1	for	for	ADP
ajfa-6070	61	2	the	the	DET
ajfa-6070	61	3	sample	sample	PROPN
ajfa-6070	61	4	cross	cross	PROPN
ajfa-6070	61	5	sectional	sectional	PROPN
ajfa-6070	61	6	relation	relation	NOUN
ajfa-6070	61	7	between	between	ADP
ajfa-6070	61	8	tobin	tobin	PROPN
ajfa-6070	61	9	's	's	PART
ajfa-6070	61	10	q	q	NOUN
ajfa-6070	61	11	and	and	CCONJ
ajfa-6070	61	12	equity	equity	NOUN
ajfa-6070	61	13	ownership	ownership	NOUN
ajfa-6070	61	14	is	be	AUX
ajfa-6070	61	15	found	find	VERB
ajfa-6070	61	16	where	where	SCONJ
ajfa-6070	61	17	the	the	DET
ajfa-6070	61	18	value	value	NOUN
ajfa-6070	61	19	of	of	ADP
ajfa-6070	61	20	the	the	DET
ajfa-6070	61	21	firm	firm	NOUN
ajfa-6070	61	22	is	be	AUX
ajfa-6070	61	23	taken	take	VERB
ajfa-6070	61	24	to	to	PART
ajfa-6070	61	25	be	be	AUX
ajfa-6070	61	26	the	the	DET
ajfa-6070	61	27	function	function	NOUN
ajfa-6070	61	28	of	of	ADP
ajfa-6070	61	29	distribution	distribution	NOUN
ajfa-6070	61	30	of	of	ADP
ajfa-6070	61	31	equity	equity	NOUN
ajfa-6070	61	32	ownership	ownership	NOUN
ajfa-6070	61	33	amongst	amongst	ADP
ajfa-6070	61	34	corporate	corporate	ADJ
ajfa-6070	61	35	insiders	insider	NOUN
ajfa-6070	61	36	,	,	PUNCT
ajfa-6070	61	37	individual	individual	ADJ
ajfa-6070	61	38	shareholders	shareholder	NOUN
ajfa-6070	61	39	,	,	PUNCT
ajfa-6070	61	40	block	block	VERB
ajfa-6070	61	41	shareholders	shareholder	NOUN
ajfa-6070	61	42	and	and	CCONJ
ajfa-6070	61	43	institutional	institutional	ADJ
ajfa-6070	61	44	investors	investor	NOUN
ajfa-6070	61	45	.	.	PUNCT
ajfa-6070	62	1	in	in	ADP
ajfa-6070	62	2	the	the	DET
ajfa-6070	62	3	analysis	analysis	NOUN
ajfa-6070	62	4	,	,	PUNCT
ajfa-6070	62	5	tobin	tobin	PROPN
ajfa-6070	62	6	's	's	PART
ajfa-6070	62	7	q	q	NOUN
ajfa-6070	62	8	ratio	ratio	NOUN
ajfa-6070	62	9	is	be	AUX
ajfa-6070	62	10	regressed	regress	VERB
ajfa-6070	62	11	against	against	ADP
ajfa-6070	62	12	various	various	ADJ
ajfa-6070	62	13	measures	measure	NOUN
ajfa-6070	62	14	of	of	ADP
ajfa-6070	62	15	ownership	ownership	NOUN
ajfa-6070	62	16	to	to	PART
ajfa-6070	62	17	gauge	gauge	VERB
ajfa-6070	62	18	their	their	PRON
ajfa-6070	62	19	impact	impact	NOUN
ajfa-6070	62	20	on	on	ADP
ajfa-6070	62	21	the	the	DET
ajfa-6070	62	22	value	value	NOUN
ajfa-6070	62	23	of	of	ADP
ajfa-6070	62	24	the	the	DET
ajfa-6070	62	25	firm	firm	NOUN
ajfa-6070	62	26	.	.	PUNCT
ajfa-6070	63	1	the	the	DET
ajfa-6070	63	2	results	result	NOUN
ajfa-6070	63	3	show	show	VERB
ajfa-6070	63	4	that	that	SCONJ
ajfa-6070	63	5	there	there	PRON
ajfa-6070	63	6	is	be	VERB
ajfa-6070	63	7	a	a	DET
ajfa-6070	63	8	strong	strong	ADJ
ajfa-6070	63	9	evidence	evidence	NOUN
ajfa-6070	63	10	of	of	ADP
ajfa-6070	63	11	a	a	DET
ajfa-6070	63	12	curvilinear	curvilinear	ADJ
ajfa-6070	63	13	relationship	relationship	NOUN
ajfa-6070	63	14	between	between	ADP
ajfa-6070	63	15	insider	insider	NOUN
ajfa-6070	63	16	ownership	ownership	NOUN
ajfa-6070	63	17	and	and	CCONJ
ajfa-6070	63	18	q	q	NOUN
ajfa-6070	63	19	,	,	PUNCT
ajfa-6070	63	20	i.e	i.e	DET
ajfa-6070	63	21	value	value	NOUN
ajfa-6070	63	22	of	of	ADP
ajfa-6070	63	23	q	q	X
ajfa-6070	63	24	first	first	ADJ
ajfa-6070	63	25	increases	increase	NOUN
ajfa-6070	63	26	as	as	ADP
ajfa-6070	63	27	insider	insider	NOUN
ajfa-6070	63	28	ownership	ownership	NOUN
ajfa-6070	63	29	increases	increase	NOUN
ajfa-6070	63	30	and	and	CCONJ
ajfa-6070	63	31	then	then	ADV
ajfa-6070	63	32	declines	decline	VERB
ajfa-6070	63	33	on	on	ADP
ajfa-6070	63	34	further	further	ADJ
ajfa-6070	63	35	increase	increase	NOUN
ajfa-6070	63	36	in	in	ADP
ajfa-6070	63	37	insider	insider	NOUN
ajfa-6070	63	38	ownership	ownership	NOUN
ajfa-6070	63	39	of	of	ADP
ajfa-6070	63	40	equity	equity	NOUN
ajfa-6070	63	41	.	.	PUNCT
ajfa-6070	64	1	block	block	NOUN
ajfa-6070	64	2	shareholders	shareholder	NOUN
ajfa-6070	64	3	have	have	VERB
ajfa-6070	64	4	no	no	DET
ajfa-6070	64	5	asian	asian	ADJ
ajfa-6070	64	6	journal	journal	NOUN
ajfa-6070	64	7	of	of	ADP
ajfa-6070	64	8	finance	finance	PROPN
ajfa-6070	64	9	&	&	CCONJ
ajfa-6070	64	10	accounting	accounting	PROPN
ajfa-6070	64	11	issn	issn	PROPN
ajfa-6070	64	12	1946	1946	NUM
ajfa-6070	64	13	-	-	PUNCT
ajfa-6070	64	14	052x	052x	NOUN
ajfa-6070	64	15	2015	2015	NUM
ajfa-6070	64	16	,	,	PUNCT
ajfa-6070	64	17	vol	vol	NOUN
ajfa-6070	64	18	.	.	PROPN
ajfa-6070	65	1	7	7	NUM
ajfa-6070	65	2	,	,	PUNCT
ajfa-6070	65	3	no	no	INTJ
ajfa-6070	65	4	.	.	NOUN
ajfa-6070	65	5	1	1	NUM
ajfa-6070	65	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6070	65	7	50	50	NUM
ajfa-6070	65	8	significant	significant	ADJ
ajfa-6070	65	9	relationship	relationship	NOUN
ajfa-6070	65	10	with	with	ADP
ajfa-6070	65	11	the	the	DET
ajfa-6070	65	12	value	value	NOUN
ajfa-6070	65	13	of	of	ADP
ajfa-6070	65	14	the	the	DET
ajfa-6070	65	15	firm	firm	ADJ
ajfa-6070	65	16	and	and	CCONJ
ajfa-6070	65	17	lastly	lastly	ADV
ajfa-6070	65	18	institutional	institutional	ADJ
ajfa-6070	65	19	investors	investor	NOUN
ajfa-6070	65	20	have	have	VERB
ajfa-6070	65	21	a	a	DET
ajfa-6070	65	22	significant	significant	ADJ
ajfa-6070	65	23	positive	positive	ADJ
ajfa-6070	65	24	influence	influence	NOUN
ajfa-6070	65	25	on	on	ADP
ajfa-6070	65	26	the	the	DET
ajfa-6070	65	27	firm	firm	ADJ
ajfa-6070	65	28	value	value	NOUN
ajfa-6070	65	29	.	.	PUNCT
ajfa-6070	66	1	shleifer	shleifer	PROPN
ajfa-6070	66	2	and	and	CCONJ
ajfa-6070	66	3	vishny	vishny	PROPN
ajfa-6070	66	4	(	(	PUNCT
ajfa-6070	66	5	1997	1997	NUM
ajfa-6070	66	6	)	)	PUNCT
ajfa-6070	66	7	have	have	AUX
ajfa-6070	66	8	focused	focus	VERB
ajfa-6070	66	9	on	on	ADP
ajfa-6070	66	10	the	the	DET
ajfa-6070	66	11	subject	subject	NOUN
ajfa-6070	66	12	of	of	ADP
ajfa-6070	66	13	corporate	corporate	ADJ
ajfa-6070	66	14	governance	governance	NOUN
ajfa-6070	66	15	from	from	ADP
ajfa-6070	66	16	the	the	DET
ajfa-6070	66	17	perspective	perspective	NOUN
ajfa-6070	66	18	of	of	ADP
ajfa-6070	66	19	agency	agency	NOUN
ajfa-6070	66	20	problem	problem	NOUN
ajfa-6070	66	21	,	,	PUNCT
ajfa-6070	66	22	sometimes	sometimes	ADV
ajfa-6070	66	23	referred	refer	VERB
ajfa-6070	66	24	to	to	ADP
ajfa-6070	66	25	as	as	ADP
ajfa-6070	66	26	the	the	DET
ajfa-6070	66	27	separation	separation	NOUN
ajfa-6070	66	28	of	of	ADP
ajfa-6070	66	29	ownership	ownership	NOUN
ajfa-6070	66	30	and	and	CCONJ
ajfa-6070	66	31	control	control	NOUN
ajfa-6070	66	32	.	.	PUNCT
ajfa-6070	67	1	the	the	DET
ajfa-6070	67	2	basic	basic	ADJ
ajfa-6070	67	3	question	question	NOUN
ajfa-6070	67	4	of	of	ADP
ajfa-6070	67	5	corporate	corporate	ADJ
ajfa-6070	67	6	governance	governance	NOUN
ajfa-6070	67	7	is	be	AUX
ajfa-6070	67	8	to	to	PART
ajfa-6070	67	9	find	find	VERB
ajfa-6070	67	10	out	out	ADP
ajfa-6070	67	11	how	how	SCONJ
ajfa-6070	67	12	investors	investor	NOUN
ajfa-6070	67	13	get	get	VERB
ajfa-6070	67	14	the	the	DET
ajfa-6070	67	15	managers	manager	NOUN
ajfa-6070	67	16	to	to	PART
ajfa-6070	67	17	give	give	VERB
ajfa-6070	67	18	them	they	PRON
ajfa-6070	67	19	back	back	ADV
ajfa-6070	67	20	their	their	PRON
ajfa-6070	67	21	invested	invest	VERB
ajfa-6070	67	22	money	money	NOUN
ajfa-6070	67	23	.	.	PUNCT
ajfa-6070	68	1	the	the	DET
ajfa-6070	68	2	paper	paper	NOUN
ajfa-6070	68	3	discusses	discuss	VERB
ajfa-6070	68	4	the	the	DET
ajfa-6070	68	5	role	role	NOUN
ajfa-6070	68	6	of	of	ADP
ajfa-6070	68	7	concentration	concentration	NOUN
ajfa-6070	68	8	of	of	ADP
ajfa-6070	68	9	ownership	ownership	NOUN
ajfa-6070	68	10	as	as	ADP
ajfa-6070	68	11	an	an	DET
ajfa-6070	68	12	approach	approach	NOUN
ajfa-6070	68	13	to	to	ADP
ajfa-6070	68	14	corporate	corporate	ADJ
ajfa-6070	68	15	governance	governance	NOUN
ajfa-6070	68	16	and	and	CCONJ
ajfa-6070	68	17	takes	take	VERB
ajfa-6070	68	18	into	into	ADP
ajfa-6070	68	19	account	account	NOUN
ajfa-6070	68	20	ownership	ownership	NOUN
ajfa-6070	68	21	by	by	ADP
ajfa-6070	68	22	small	small	ADJ
ajfa-6070	68	23	investors	investor	NOUN
ajfa-6070	68	24	and	and	CCONJ
ajfa-6070	68	25	concentrated	concentrated	ADJ
ajfa-6070	68	26	ownership	ownership	NOUN
ajfa-6070	68	27	;	;	PUNCT
ajfa-6070	68	28	i.e.	i.e.	X
ajfa-6070	68	29	by	by	ADP
ajfa-6070	68	30	large	large	ADJ
ajfa-6070	68	31	shareholders	shareholder	NOUN
ajfa-6070	68	32	)	)	PUNCT
ajfa-6070	68	33	which	which	PRON
ajfa-6070	68	34	reduces	reduce	VERB
ajfa-6070	68	35	agency	agency	NOUN
ajfa-6070	68	36	costs	cost	NOUN
ajfa-6070	68	37	and	and	CCONJ
ajfa-6070	68	38	thereby	thereby	ADV
ajfa-6070	68	39	improves	improve	VERB
ajfa-6070	68	40	corporate	corporate	ADJ
ajfa-6070	68	41	governance	governance	NOUN
ajfa-6070	68	42	and	and	CCONJ
ajfa-6070	68	43	firm	firm	ADJ
ajfa-6070	68	44	performance	performance	NOUN
ajfa-6070	68	45	.	.	PUNCT
ajfa-6070	69	1	the	the	DET
ajfa-6070	69	2	paper	paper	NOUN
ajfa-6070	69	3	also	also	ADV
ajfa-6070	69	4	discusses	discuss	VERB
ajfa-6070	69	5	the	the	DET
ajfa-6070	69	6	negative	negative	ADJ
ajfa-6070	69	7	impact	impact	NOUN
ajfa-6070	69	8	of	of	ADP
ajfa-6070	69	9	state	state	NOUN
ajfa-6070	69	10	ownership	ownership	NOUN
ajfa-6070	69	11	on	on	ADP
ajfa-6070	69	12	firm	firm	ADJ
ajfa-6070	69	13	performance	performance	NOUN
ajfa-6070	69	14	.	.	PUNCT
ajfa-6070	70	1	thomsen	thomsen	PROPN
ajfa-6070	70	2	,	,	PUNCT
ajfa-6070	70	3	pedersen	pedersen	PROPN
ajfa-6070	70	4	(	(	PUNCT
ajfa-6070	70	5	1998	1998	NUM
ajfa-6070	70	6	)	)	PUNCT
ajfa-6070	70	7	examine	examine	VERB
ajfa-6070	70	8	the	the	DET
ajfa-6070	70	9	impact	impact	NOUN
ajfa-6070	70	10	of	of	ADP
ajfa-6070	70	11	ownership	ownership	NOUN
ajfa-6070	70	12	structure	structure	NOUN
ajfa-6070	70	13	on	on	ADP
ajfa-6070	70	14	company	company	NOUN
ajfa-6070	70	15	economic	economic	ADJ
ajfa-6070	70	16	performance	performance	NOUN
ajfa-6070	70	17	in	in	ADP
ajfa-6070	70	18	the	the	DET
ajfa-6070	70	19	largest	large	ADJ
ajfa-6070	70	20	companies	company	NOUN
ajfa-6070	70	21	from	from	ADP
ajfa-6070	70	22	12	12	NUM
ajfa-6070	70	23	european	european	ADJ
ajfa-6070	70	24	nations	nation	NOUN
ajfa-6070	70	25	.	.	PUNCT
ajfa-6070	71	1	ownership	ownership	NOUN
ajfa-6070	71	2	structure	structure	NOUN
ajfa-6070	71	3	is	be	AUX
ajfa-6070	71	4	measured	measure	VERB
ajfa-6070	71	5	by	by	ADP
ajfa-6070	71	6	the	the	DET
ajfa-6070	71	7	identity	identity	NOUN
ajfa-6070	71	8	and	and	CCONJ
ajfa-6070	71	9	share	share	NOUN
ajfa-6070	71	10	of	of	ADP
ajfa-6070	71	11	the	the	DET
ajfa-6070	71	12	largest	large	ADJ
ajfa-6070	71	13	owner	owner	NOUN
ajfa-6070	71	14	.	.	PUNCT
ajfa-6070	72	1	performance	performance	NOUN
ajfa-6070	72	2	is	be	AUX
ajfa-6070	72	3	measured	measure	VERB
ajfa-6070	72	4	by	by	ADP
ajfa-6070	72	5	return	return	NOUN
ajfa-6070	72	6	on	on	ADP
ajfa-6070	72	7	assets	asset	NOUN
ajfa-6070	72	8	,	,	PUNCT
ajfa-6070	72	9	market	market	NOUN
ajfa-6070	72	10	to	to	ADP
ajfa-6070	72	11	book	book	NOUN
ajfa-6070	72	12	values	value	NOUN
ajfa-6070	72	13	and	and	CCONJ
ajfa-6070	72	14	sales	sale	NOUN
ajfa-6070	72	15	growth	growth	NOUN
ajfa-6070	72	16	controlling	control	VERB
ajfa-6070	72	17	for	for	ADP
ajfa-6070	72	18	industry	industry	NOUN
ajfa-6070	72	19	.	.	PUNCT
ajfa-6070	73	1	five	five	NUM
ajfa-6070	73	2	categories	category	NOUN
ajfa-6070	73	3	of	of	ADP
ajfa-6070	73	4	shareholders	shareholder	NOUN
ajfa-6070	73	5	have	have	AUX
ajfa-6070	73	6	been	be	AUX
ajfa-6070	73	7	identified	identify	VERB
ajfa-6070	73	8	:	:	PUNCT
ajfa-6070	73	9	banks	bank	NOUN
ajfa-6070	73	10	,	,	PUNCT
ajfa-6070	73	11	other	other	ADJ
ajfa-6070	73	12	financial	financial	ADJ
ajfa-6070	73	13	companies	company	NOUN
ajfa-6070	73	14	(	(	PUNCT
ajfa-6070	73	15	institutional	institutional	ADJ
ajfa-6070	73	16	investors	investor	NOUN
ajfa-6070	73	17	)	)	PUNCT
ajfa-6070	73	18	,	,	PUNCT
ajfa-6070	73	19	other	other	ADJ
ajfa-6070	73	20	non	non	ADJ
ajfa-6070	73	21	-	-	ADJ
ajfa-6070	73	22	financial	financial	ADJ
ajfa-6070	73	23	companies	company	NOUN
ajfa-6070	73	24	,	,	PUNCT
ajfa-6070	73	25	personal	personal	ADJ
ajfa-6070	73	26	/	/	SYM
ajfa-6070	73	27	family	family	NOUN
ajfa-6070	73	28	and	and	CCONJ
ajfa-6070	73	29	government	government	NOUN
ajfa-6070	73	30	.	.	PUNCT
ajfa-6070	74	1	the	the	DET
ajfa-6070	74	2	authors	author	NOUN
ajfa-6070	74	3	find	find	VERB
ajfa-6070	74	4	evidence	evidence	NOUN
ajfa-6070	74	5	of	of	ADP
ajfa-6070	74	6	a	a	DET
ajfa-6070	74	7	bell	bell	NOUN
ajfa-6070	74	8	-	-	PUNCT
ajfa-6070	74	9	shaped	shape	VERB
ajfa-6070	74	10	(	(	PUNCT
ajfa-6070	74	11	first	first	ADV
ajfa-6070	74	12	increasing	increase	VERB
ajfa-6070	74	13	and	and	CCONJ
ajfa-6070	74	14	then	then	ADV
ajfa-6070	74	15	decreasing	decrease	VERB
ajfa-6070	74	16	)	)	PUNCT
ajfa-6070	74	17	effect	effect	NOUN
ajfa-6070	74	18	of	of	ADP
ajfa-6070	74	19	ownership	ownership	NOUN
ajfa-6070	74	20	share	share	NOUN
ajfa-6070	74	21	on	on	ADP
ajfa-6070	74	22	assets	asset	NOUN
ajfa-6070	74	23	returns	return	NOUN
ajfa-6070	74	24	and	and	CCONJ
ajfa-6070	74	25	market	market	NOUN
ajfa-6070	74	26	-	-	PUNCT
ajfa-6070	74	27	to	to	ADP
ajfa-6070	74	28	-	-	PUNCT
ajfa-6070	74	29	book	book	NOUN
ajfa-6070	74	30	values	value	NOUN
ajfa-6070	74	31	of	of	ADP
ajfa-6070	74	32	equity	equity	NOUN
ajfa-6070	74	33	.	.	PUNCT
ajfa-6070	75	1	companies	company	NOUN
ajfa-6070	75	2	whose	whose	DET
ajfa-6070	75	3	largest	large	ADJ
ajfa-6070	75	4	owner	owner	NOUN
ajfa-6070	75	5	is	be	AUX
ajfa-6070	75	6	a	a	DET
ajfa-6070	75	7	financial	financial	ADJ
ajfa-6070	75	8	institution	institution	NOUN
ajfa-6070	75	9	have	have	VERB
ajfa-6070	75	10	higher	high	ADJ
ajfa-6070	75	11	market	market	NOUN
ajfa-6070	75	12	-	-	PUNCT
ajfa-6070	75	13	to	to	ADP
ajfa-6070	75	14	book	book	NOUN
ajfa-6070	75	15	values	value	NOUN
ajfa-6070	75	16	than	than	ADP
ajfa-6070	75	17	companies	company	NOUN
ajfa-6070	75	18	in	in	ADP
ajfa-6070	75	19	which	which	PRON
ajfa-6070	75	20	the	the	DET
ajfa-6070	75	21	largest	large	ADJ
ajfa-6070	75	22	owner	owner	NOUN
ajfa-6070	75	23	is	be	AUX
ajfa-6070	75	24	a	a	DET
ajfa-6070	75	25	family	family	NOUN
ajfa-6070	75	26	,	,	PUNCT
ajfa-6070	75	27	another	another	DET
ajfa-6070	75	28	company	company	NOUN
ajfa-6070	75	29	or	or	CCONJ
ajfa-6070	75	30	the	the	DET
ajfa-6070	75	31	government	government	NOUN
ajfa-6070	75	32	.	.	PUNCT
ajfa-6070	76	1	the	the	DET
ajfa-6070	76	2	effects	effect	NOUN
ajfa-6070	76	3	on	on	ADP
ajfa-6070	76	4	asset	asset	NOUN
ajfa-6070	76	5	returns	return	NOUN
ajfa-6070	76	6	are	be	AUX
ajfa-6070	76	7	qualitatively	qualitatively	ADV
ajfa-6070	76	8	identical	identical	ADJ
ajfa-6070	76	9	,	,	PUNCT
ajfa-6070	76	10	but	but	CCONJ
ajfa-6070	76	11	weaker	weak	ADJ
ajfa-6070	76	12	and	and	CCONJ
ajfa-6070	76	13	insignificant	insignificant	ADJ
ajfa-6070	76	14	except	except	SCONJ
ajfa-6070	76	15	for	for	ADP
ajfa-6070	76	16	a	a	DET
ajfa-6070	76	17	negative	negative	ADJ
ajfa-6070	76	18	effect	effect	NOUN
ajfa-6070	76	19	of	of	ADP
ajfa-6070	76	20	government	government	NOUN
ajfa-6070	76	21	ownership	ownership	NOUN
ajfa-6070	76	22	.	.	PUNCT
ajfa-6070	77	1	in	in	ADP
ajfa-6070	77	2	contrast	contrast	NOUN
ajfa-6070	77	3	,	,	PUNCT
ajfa-6070	77	4	companies	company	NOUN
ajfa-6070	77	5	whose	whose	DET
ajfa-6070	77	6	largest	large	ADJ
ajfa-6070	77	7	owner	owner	NOUN
ajfa-6070	77	8	is	be	AUX
ajfa-6070	77	9	a	a	DET
ajfa-6070	77	10	family	family	NOUN
ajfa-6070	77	11	or	or	CCONJ
ajfa-6070	77	12	another	another	DET
ajfa-6070	77	13	company	company	NOUN
ajfa-6070	77	14	have	have	VERB
ajfa-6070	77	15	significantly	significantly	ADV
ajfa-6070	77	16	higher	high	ADJ
ajfa-6070	77	17	sales	sale	NOUN
ajfa-6070	77	18	growth	growth	NOUN
ajfa-6070	77	19	.	.	PUNCT
ajfa-6070	78	1	xu	xu	PROPN
ajfa-6070	78	2	xiaonian	xiaonian	PROPN
ajfa-6070	78	3	,	,	PUNCT
ajfa-6070	78	4	wang	wang	PROPN
ajfa-6070	78	5	yan	yan	PROPN
ajfa-6070	78	6	(	(	PUNCT
ajfa-6070	78	7	1997	1997	NUM
ajfa-6070	78	8	)	)	PUNCT
ajfa-6070	78	9	investigate	investigate	VERB
ajfa-6070	78	10	whether	whether	SCONJ
ajfa-6070	78	11	ownership	ownership	NOUN
ajfa-6070	78	12	structure	structure	NOUN
ajfa-6070	78	13	has	have	VERB
ajfa-6070	78	14	significant	significant	ADJ
ajfa-6070	78	15	effects	effect	NOUN
ajfa-6070	78	16	on	on	ADP
ajfa-6070	78	17	the	the	DET
ajfa-6070	78	18	performance	performance	NOUN
ajfa-6070	78	19	of	of	ADP
ajfa-6070	78	20	publicly	publicly	ADV
ajfa-6070	78	21	-	-	PUNCT
ajfa-6070	78	22	listed	list	VERB
ajfa-6070	78	23	companies	company	NOUN
ajfa-6070	78	24	in	in	ADP
ajfa-6070	78	25	china	china	PROPN
ajfa-6070	78	26	,	,	PUNCT
ajfa-6070	78	27	and	and	CCONJ
ajfa-6070	78	28	in	in	ADP
ajfa-6070	78	29	what	what	DET
ajfa-6070	78	30	ways	way	NOUN
ajfa-6070	78	31	if	if	SCONJ
ajfa-6070	78	32	it	it	PRON
ajfa-6070	78	33	does	do	VERB
ajfa-6070	78	34	.	.	PUNCT
ajfa-6070	79	1	these	these	DET
ajfa-6070	79	2	companies	company	NOUN
ajfa-6070	79	3	are	be	AUX
ajfa-6070	79	4	typically	typically	ADV
ajfa-6070	79	5	owned	own	VERB
ajfa-6070	79	6	by	by	ADP
ajfa-6070	79	7	five	five	NUM
ajfa-6070	79	8	groups	group	NOUN
ajfa-6070	79	9	of	of	ADP
ajfa-6070	79	10	agents	agent	NOUN
ajfa-6070	79	11	:	:	PUNCT
ajfa-6070	79	12	the	the	DET
ajfa-6070	79	13	state	state	NOUN
ajfa-6070	79	14	,	,	PUNCT
ajfa-6070	79	15	legal	legal	ADJ
ajfa-6070	79	16	persons	person	NOUN
ajfa-6070	79	17	(	(	PUNCT
ajfa-6070	79	18	domestic	domestic	ADJ
ajfa-6070	79	19	institutions	institution	NOUN
ajfa-6070	79	20	)	)	PUNCT
ajfa-6070	79	21	,	,	PUNCT
ajfa-6070	79	22	tradable	tradable	ADJ
ajfa-6070	79	23	a	a	DET
ajfa-6070	79	24	-	-	PUNCT
ajfa-6070	79	25	share	share	NOUN
ajfa-6070	79	26	holders	holder	NOUN
ajfa-6070	79	27	(	(	PUNCT
ajfa-6070	79	28	mostly	mostly	ADV
ajfa-6070	79	29	individuals	individual	NOUN
ajfa-6070	79	30	)	)	PUNCT
ajfa-6070	79	31	,	,	PUNCT
ajfa-6070	79	32	employees	employee	NOUN
ajfa-6070	79	33	,	,	PUNCT
ajfa-6070	79	34	and	and	CCONJ
ajfa-6070	79	35	foreign	foreign	ADJ
ajfa-6070	79	36	investors	investor	NOUN
ajfa-6070	79	37	.	.	PUNCT
ajfa-6070	80	1	the	the	DET
ajfa-6070	80	2	data	datum	NOUN
ajfa-6070	80	3	set	set	NOUN
ajfa-6070	80	4	includes	include	VERB
ajfa-6070	80	5	all	all	DET
ajfa-6070	80	6	shse	shse	NOUN
ajfa-6070	80	7	and	and	CCONJ
ajfa-6070	80	8	szse	szse	NOUN
ajfa-6070	80	9	listed	list	VERB
ajfa-6070	80	10	companies	company	NOUN
ajfa-6070	80	11	for	for	ADP
ajfa-6070	80	12	1993	1993	NUM
ajfa-6070	80	13	,	,	PUNCT
ajfa-6070	80	14	1994	1994	NUM
ajfa-6070	80	15	and	and	CCONJ
ajfa-6070	80	16	1995	1995	NUM
ajfa-6070	80	17	.	.	PUNCT
ajfa-6070	81	1	the	the	DET
ajfa-6070	81	2	authors	author	NOUN
ajfa-6070	81	3	have	have	AUX
ajfa-6070	81	4	employed	employ	VERB
ajfa-6070	81	5	three	three	NUM
ajfa-6070	81	6	accounting	accounting	NOUN
ajfa-6070	81	7	ratios	ratio	NOUN
ajfa-6070	81	8	to	to	PART
ajfa-6070	81	9	measure	measure	VERB
ajfa-6070	81	10	the	the	DET
ajfa-6070	81	11	firm	firm	NOUN
ajfa-6070	81	12	's	's	PART
ajfa-6070	81	13	performance	performance	NOUN
ajfa-6070	81	14	,	,	PUNCT
ajfa-6070	81	15	the	the	DET
ajfa-6070	81	16	market	market	NOUN
ajfa-6070	81	17	-	-	PUNCT
ajfa-6070	81	18	to	to	ADP
ajfa-6070	81	19	-	-	PUNCT
ajfa-6070	81	20	book	book	NOUN
ajfa-6070	81	21	value	value	NOUN
ajfa-6070	81	22	ratio	ratio	NOUN
ajfa-6070	81	23	(	(	PUNCT
ajfa-6070	81	24	mbr	mbr	PROPN
ajfa-6070	81	25	)	)	PUNCT
ajfa-6070	81	26	,	,	PUNCT
ajfa-6070	81	27	roe	roe	NOUN
ajfa-6070	81	28	,	,	PUNCT
ajfa-6070	81	29	and	and	CCONJ
ajfa-6070	81	30	roa	roa	PROPN
ajfa-6070	81	31	.	.	PUNCT
ajfa-6070	82	1	the	the	DET
ajfa-6070	82	2	paper	paper	NOUN
ajfa-6070	82	3	concludes	conclude	VERB
ajfa-6070	82	4	that	that	SCONJ
ajfa-6070	82	5	the	the	DET
ajfa-6070	82	6	firm	firm	NOUN
ajfa-6070	82	7	's	's	PART
ajfa-6070	82	8	performance	performance	NOUN
ajfa-6070	82	9	is	be	AUX
ajfa-6070	82	10	positively	positively	ADV
ajfa-6070	82	11	correlated	correlate	VERB
ajfa-6070	82	12	with	with	ADP
ajfa-6070	82	13	legal	legal	ADJ
ajfa-6070	82	14	persons(institutional	persons(institutional	ADJ
ajfa-6070	82	15	shareholders	shareholder	NOUN
ajfa-6070	82	16	)	)	PUNCT
ajfa-6070	82	17	.	.	PUNCT
ajfa-6070	83	1	in	in	ADP
ajfa-6070	83	2	contrast	contrast	NOUN
ajfa-6070	83	3	,	,	PUNCT
ajfa-6070	83	4	the	the	DET
ajfa-6070	83	5	fraction	fraction	NOUN
ajfa-6070	83	6	of	of	ADP
ajfa-6070	83	7	equity	equity	NOUN
ajfa-6070	83	8	owned	own	VERB
ajfa-6070	83	9	by	by	ADP
ajfa-6070	83	10	individual	individual	ADJ
ajfa-6070	83	11	shareholders	shareholder	NOUN
ajfa-6070	83	12	,	,	PUNCT
ajfa-6070	83	13	has	have	VERB
ajfa-6070	83	14	a	a	DET
ajfa-6070	83	15	significant	significant	ADJ
ajfa-6070	83	16	negative	negative	ADJ
ajfa-6070	83	17	effect	effect	NOUN
ajfa-6070	83	18	on	on	ADP
ajfa-6070	83	19	the	the	DET
ajfa-6070	83	20	market	market	NOUN
ajfa-6070	83	21	-	-	PUNCT
ajfa-6070	83	22	to	to	ADP
ajfa-6070	83	23	-	-	PUNCT
ajfa-6070	83	24	book	book	NOUN
ajfa-6070	83	25	ratios	ratio	NOUN
ajfa-6070	83	26	,	,	PUNCT
ajfa-6070	83	27	consequently	consequently	ADV
ajfa-6070	83	28	individual	individual	ADJ
ajfa-6070	83	29	shareholders	shareholder	NOUN
ajfa-6070	83	30	have	have	VERB
ajfa-6070	83	31	a	a	DET
ajfa-6070	83	32	negative	negative	ADJ
ajfa-6070	83	33	relation	relation	NOUN
ajfa-6070	83	34	with	with	ADP
ajfa-6070	83	35	the	the	DET
ajfa-6070	83	36	firm	firm	NOUN
ajfa-6070	83	37	's	's	PART
ajfa-6070	83	38	performance	performance	NOUN
ajfa-6070	83	39	.	.	PUNCT
ajfa-6070	84	1	also	also	ADV
ajfa-6070	84	2	the	the	DET
ajfa-6070	84	3	authors	author	NOUN
ajfa-6070	84	4	conclude	conclude	VERB
ajfa-6070	84	5	a	a	DET
ajfa-6070	84	6	negative	negative	ADJ
ajfa-6070	84	7	relationship	relationship	NOUN
ajfa-6070	84	8	between	between	ADP
ajfa-6070	84	9	the	the	DET
ajfa-6070	84	10	shares	share	NOUN
ajfa-6070	84	11	owned	own	VERB
ajfa-6070	84	12	by	by	ADP
ajfa-6070	84	13	the	the	DET
ajfa-6070	84	14	state	state	NOUN
ajfa-6070	84	15	and	and	CCONJ
ajfa-6070	84	16	firm	firm	ADJ
ajfa-6070	84	17	performance	performance	NOUN
ajfa-6070	84	18	.	.	PUNCT
ajfa-6070	85	1	in	in	ADP
ajfa-6070	85	2	the	the	DET
ajfa-6070	85	3	paper	paper	NOUN
ajfa-6070	85	4	,	,	PUNCT
ajfa-6070	85	5	the	the	DET
ajfa-6070	85	6	influence	influence	NOUN
ajfa-6070	85	7	of	of	ADP
ajfa-6070	85	8	individual	individual	ADJ
ajfa-6070	85	9	shareholders	shareholder	NOUN
ajfa-6070	85	10	to	to	PART
ajfa-6070	85	11	firm	firm	NOUN
ajfa-6070	85	12	's	's	PART
ajfa-6070	85	13	profitability	profitability	NOUN
ajfa-6070	85	14	is	be	AUX
ajfa-6070	85	15	insignificant	insignificant	ADJ
ajfa-6070	85	16	,	,	PUNCT
ajfa-6070	85	17	if	if	SCONJ
ajfa-6070	85	18	not	not	PART
ajfa-6070	85	19	completely	completely	ADV
ajfa-6070	85	20	irrelevant	irrelevant	ADJ
ajfa-6070	85	21	.	.	PUNCT
ajfa-6070	86	1	in	in	ADP
ajfa-6070	86	2	many	many	ADJ
ajfa-6070	86	3	cases	case	NOUN
ajfa-6070	86	4	,	,	PUNCT
ajfa-6070	86	5	the	the	DET
ajfa-6070	86	6	relationship	relationship	NOUN
ajfa-6070	86	7	between	between	ADP
ajfa-6070	86	8	equity	equity	NOUN
ajfa-6070	86	9	held	hold	VERB
ajfa-6070	86	10	by	by	ADP
ajfa-6070	86	11	individual	individual	ADJ
ajfa-6070	86	12	investors	investor	NOUN
ajfa-6070	86	13	and	and	CCONJ
ajfa-6070	86	14	firm	firm	ADJ
ajfa-6070	86	15	performance	performance	NOUN
ajfa-6070	86	16	is	be	AUX
ajfa-6070	86	17	significant	significant	ADJ
ajfa-6070	86	18	but	but	CCONJ
ajfa-6070	86	19	negative	negative	ADJ
ajfa-6070	86	20	,	,	PUNCT
ajfa-6070	86	21	indicating	indicate	VERB
ajfa-6070	86	22	that	that	SCONJ
ajfa-6070	86	23	the	the	DET
ajfa-6070	86	24	market	market	NOUN
ajfa-6070	86	25	values	value	VERB
ajfa-6070	86	26	individual	individual	ADJ
ajfa-6070	86	27	private	private	ADJ
ajfa-6070	86	28	ownership	ownership	NOUN
ajfa-6070	86	29	downward	downward	ADV
ajfa-6070	86	30	.	.	PUNCT
ajfa-6070	87	1	claessens	claessen	NOUN
ajfa-6070	87	2	,	,	PUNCT
ajfa-6070	87	3	djankov	djankov	PROPN
ajfa-6070	87	4	,	,	PUNCT
ajfa-6070	87	5	fan	fan	PROPN
ajfa-6070	87	6	and	and	CCONJ
ajfa-6070	87	7	lang	lang	PROPN
ajfa-6070	87	8	(	(	PUNCT
ajfa-6070	87	9	1999	1999	NUM
ajfa-6070	87	10	)	)	PUNCT
ajfa-6070	87	11	have	have	AUX
ajfa-6070	87	12	studied	study	VERB
ajfa-6070	87	13	the	the	DET
ajfa-6070	87	14	relationship	relationship	NOUN
ajfa-6070	87	15	between	between	ADP
ajfa-6070	87	16	the	the	DET
ajfa-6070	87	17	concentration	concentration	NOUN
ajfa-6070	87	18	of	of	ADP
ajfa-6070	87	19	cash	cash	NOUN
ajfa-6070	87	20	flow	flow	NOUN
ajfa-6070	87	21	rights	right	NOUN
ajfa-6070	87	22	and	and	CCONJ
ajfa-6070	87	23	control	control	NOUN
ajfa-6070	87	24	rights	right	NOUN
ajfa-6070	87	25	and	and	CCONJ
ajfa-6070	87	26	the	the	DET
ajfa-6070	87	27	type	type	NOUN
ajfa-6070	87	28	of	of	ADP
ajfa-6070	87	29	block	block	NOUN
ajfa-6070	87	30	ownership	ownership	NOUN
ajfa-6070	87	31	on	on	ADP
ajfa-6070	87	32	one	one	NUM
ajfa-6070	87	33	hand	hand	NOUN
ajfa-6070	87	34	and	and	CCONJ
ajfa-6070	87	35	corporate	corporate	ADJ
ajfa-6070	87	36	valuation	valuation	NOUN
ajfa-6070	87	37	on	on	ADP
ajfa-6070	87	38	the	the	DET
ajfa-6070	87	39	other	other	ADJ
ajfa-6070	87	40	hand	hand	NOUN
ajfa-6070	87	41	in	in	ADP
ajfa-6070	87	42	east	east	ADJ
ajfa-6070	87	43	asian	asian	ADJ
ajfa-6070	87	44	corporations	corporation	NOUN
ajfa-6070	87	45	for	for	ADP
ajfa-6070	87	46	the	the	DET
ajfa-6070	87	47	year	year	NOUN
ajfa-6070	87	48	1996	1996	NUM
ajfa-6070	87	49	.	.	PUNCT
ajfa-6070	88	1	the	the	DET
ajfa-6070	88	2	analysis	analysis	NOUN
ajfa-6070	88	3	is	be	AUX
ajfa-6070	88	4	based	base	VERB
ajfa-6070	88	5	on	on	ADP
ajfa-6070	88	6	newly	newly	ADV
ajfa-6070	88	7	-	-	PUNCT
ajfa-6070	88	8	assembled	assemble	VERB
ajfa-6070	88	9	data	datum	NOUN
ajfa-6070	88	10	for	for	ADP
ajfa-6070	88	11	publicly	publicly	ADV
ajfa-6070	88	12	-	-	PUNCT
ajfa-6070	88	13	traded	trade	VERB
ajfa-6070	88	14	corporations	corporation	NOUN
ajfa-6070	88	15	(	(	PUNCT
ajfa-6070	88	16	including	include	VERB
ajfa-6070	88	17	both	both	CCONJ
ajfa-6070	88	18	financial	financial	ADJ
ajfa-6070	88	19	institutions	institution	NOUN
ajfa-6070	88	20	and	and	CCONJ
ajfa-6070	88	21	non	non	ADJ
ajfa-6070	88	22	-	-	ADJ
ajfa-6070	88	23	financial	financial	ADJ
ajfa-6070	88	24	institutions	institution	NOUN
ajfa-6070	88	25	)	)	PUNCT
ajfa-6070	88	26	in	in	ADP
ajfa-6070	88	27	hong	hong	PROPN
ajfa-6070	88	28	kong	kong	PROPN
ajfa-6070	88	29	,	,	PUNCT
ajfa-6070	88	30	indonesia	indonesia	PROPN
ajfa-6070	88	31	,	,	PUNCT
ajfa-6070	88	32	japan	japan	PROPN
ajfa-6070	88	33	,	,	PUNCT
ajfa-6070	88	34	asian	asian	ADJ
ajfa-6070	88	35	journal	journal	NOUN
ajfa-6070	88	36	of	of	ADP
ajfa-6070	88	37	finance	finance	PROPN
ajfa-6070	88	38	&	&	CCONJ
ajfa-6070	88	39	accounting	accounting	PROPN
ajfa-6070	88	40	issn	issn	PROPN
ajfa-6070	88	41	1946	1946	NUM
ajfa-6070	88	42	-	-	PUNCT
ajfa-6070	88	43	052x	052x	NOUN
ajfa-6070	88	44	2015	2015	NUM
ajfa-6070	88	45	,	,	PUNCT
ajfa-6070	88	46	vol	vol	NOUN
ajfa-6070	88	47	.	.	PROPN
ajfa-6070	89	1	7	7	NUM
ajfa-6070	89	2	,	,	PUNCT
ajfa-6070	89	3	no	no	INTJ
ajfa-6070	89	4	.	.	NOUN
ajfa-6070	89	5	1	1	NUM
ajfa-6070	89	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6070	89	7	51	51	NUM
ajfa-6070	89	8	korea	korea	PROPN
ajfa-6070	89	9	,	,	PUNCT
ajfa-6070	89	10	malaysia	malaysia	PROPN
ajfa-6070	89	11	,	,	PUNCT
ajfa-6070	89	12	the	the	DET
ajfa-6070	89	13	philippines	philippine	NOUN
ajfa-6070	89	14	,	,	PUNCT
ajfa-6070	89	15	singapore	singapore	PROPN
ajfa-6070	89	16	,	,	PUNCT
ajfa-6070	89	17	taiwan	taiwan	PROPN
ajfa-6070	89	18	,	,	PUNCT
ajfa-6070	89	19	and	and	CCONJ
ajfa-6070	89	20	thailand	thailand	PROPN
ajfa-6070	89	21	.	.	PUNCT
ajfa-6070	90	1	in	in	ADP
ajfa-6070	90	2	the	the	DET
ajfa-6070	90	3	majority	majority	NOUN
ajfa-6070	90	4	of	of	ADP
ajfa-6070	90	5	cases	case	NOUN
ajfa-6070	90	6	,	,	PUNCT
ajfa-6070	90	7	the	the	DET
ajfa-6070	90	8	principal	principal	ADJ
ajfa-6070	90	9	shareholders	shareholder	NOUN
ajfa-6070	90	10	are	be	AUX
ajfa-6070	90	11	themselves	themselves	PRON
ajfa-6070	90	12	corporate	corporate	ADJ
ajfa-6070	90	13	entities	entity	NOUN
ajfa-6070	90	14	,	,	PUNCT
ajfa-6070	90	15	not	not	PART
ajfa-6070	90	16	-	-	PUNCT
ajfa-6070	90	17	for	for	ADP
ajfa-6070	90	18	-	-	PUNCT
ajfa-6070	90	19	profit	profit	NOUN
ajfa-6070	90	20	foundations	foundation	NOUN
ajfa-6070	90	21	,	,	PUNCT
ajfa-6070	90	22	or	or	CCONJ
ajfa-6070	90	23	financial	financial	ADJ
ajfa-6070	90	24	institutions	institution	NOUN
ajfa-6070	90	25	.	.	PUNCT
ajfa-6070	91	1	the	the	DET
ajfa-6070	91	2	paper	paper	NOUN
ajfa-6070	91	3	documents	document	VERB
ajfa-6070	91	4	the	the	DET
ajfa-6070	91	5	relation	relation	NOUN
ajfa-6070	91	6	between	between	ADP
ajfa-6070	91	7	ultimate	ultimate	ADJ
ajfa-6070	91	8	ownership	ownership	NOUN
ajfa-6070	91	9	and	and	CCONJ
ajfa-6070	91	10	market	market	NOUN
ajfa-6070	91	11	valuation	valuation	NOUN
ajfa-6070	91	12	,	,	PUNCT
ajfa-6070	91	13	differentiating	differentiate	VERB
ajfa-6070	91	14	between	between	ADP
ajfa-6070	91	15	control	control	NOUN
ajfa-6070	91	16	from	from	ADP
ajfa-6070	91	17	cash	cash	NOUN
ajfa-6070	91	18	-	-	PUNCT
ajfa-6070	91	19	flow	flow	NOUN
ajfa-6070	91	20	rights	right	NOUN
ajfa-6070	91	21	.	.	PUNCT
ajfa-6070	92	1	it	it	PRON
ajfa-6070	92	2	is	be	AUX
ajfa-6070	92	3	found	find	VERB
ajfa-6070	92	4	that	that	SCONJ
ajfa-6070	92	5	higher	high	ADJ
ajfa-6070	92	6	cash	cash	NOUN
ajfa-6070	92	7	-	-	PUNCT
ajfa-6070	92	8	flow	flow	NOUN
ajfa-6070	92	9	rights	right	NOUN
ajfa-6070	92	10	are	be	AUX
ajfa-6070	92	11	associated	associate	VERB
ajfa-6070	92	12	with	with	ADP
ajfa-6070	92	13	higher	high	ADJ
ajfa-6070	92	14	market	market	NOUN
ajfa-6070	92	15	valuation	valuation	NOUN
ajfa-6070	92	16	,	,	PUNCT
ajfa-6070	92	17	but	but	CCONJ
ajfa-6070	92	18	higher	high	ADJ
ajfa-6070	92	19	control	control	NOUN
ajfa-6070	92	20	rights	right	NOUN
ajfa-6070	92	21	are	be	AUX
ajfa-6070	92	22	associated	associate	VERB
ajfa-6070	92	23	with	with	ADP
ajfa-6070	92	24	lower	low	ADJ
ajfa-6070	92	25	market	market	NOUN
ajfa-6070	92	26	valuation	valuation	NOUN
ajfa-6070	92	27	,	,	PUNCT
ajfa-6070	92	28	especially	especially	ADV
ajfa-6070	92	29	when	when	SCONJ
ajfa-6070	92	30	cash	cash	NOUN
ajfa-6070	92	31	-	-	PUNCT
ajfa-6070	92	32	flow	flow	NOUN
ajfa-6070	92	33	rights	right	NOUN
ajfa-6070	92	34	are	be	AUX
ajfa-6070	92	35	low	low	ADJ
ajfa-6070	92	36	and	and	CCONJ
ajfa-6070	92	37	control	control	NOUN
ajfa-6070	92	38	rights	right	NOUN
ajfa-6070	92	39	are	be	AUX
ajfa-6070	92	40	high	high	ADJ
ajfa-6070	92	41	.	.	PUNCT
ajfa-6070	93	1	this	this	PRON
ajfa-6070	93	2	suggests	suggest	VERB
ajfa-6070	93	3	expropriation	expropriation	NOUN
ajfa-6070	93	4	of	of	ADP
ajfa-6070	93	5	minority	minority	NOUN
ajfa-6070	93	6	shareholders	shareholder	NOUN
ajfa-6070	93	7	by	by	ADP
ajfa-6070	93	8	controlling	control	VERB
ajfa-6070	93	9	shareholders	shareholder	NOUN
ajfa-6070	93	10	.	.	PUNCT
ajfa-6070	94	1	the	the	DET
ajfa-6070	94	2	authors	author	NOUN
ajfa-6070	94	3	conclude	conclude	VERB
ajfa-6070	94	4	that	that	SCONJ
ajfa-6070	94	5	family	family	NOUN
ajfa-6070	94	6	control	control	NOUN
ajfa-6070	94	7	is	be	AUX
ajfa-6070	94	8	an	an	DET
ajfa-6070	94	9	important	important	ADJ
ajfa-6070	94	10	factor	factor	NOUN
ajfa-6070	94	11	behind	behind	ADP
ajfa-6070	94	12	the	the	DET
ajfa-6070	94	13	negative	negative	ADJ
ajfa-6070	94	14	relation	relation	NOUN
ajfa-6070	94	15	between	between	ADP
ajfa-6070	94	16	control	control	NOUN
ajfa-6070	94	17	rights	right	NOUN
ajfa-6070	94	18	and	and	CCONJ
ajfa-6070	94	19	market	market	NOUN
ajfa-6070	94	20	valuation	valuation	NOUN
ajfa-6070	94	21	.	.	PUNCT
ajfa-6070	95	1	in	in	ADP
ajfa-6070	95	2	contrast	contrast	NOUN
ajfa-6070	95	3	,	,	PUNCT
ajfa-6070	95	4	no	no	DET
ajfa-6070	95	5	evidence	evidence	NOUN
ajfa-6070	95	6	of	of	ADP
ajfa-6070	95	7	expropriation	expropriation	NOUN
ajfa-6070	95	8	for	for	ADP
ajfa-6070	95	9	state	state	NOUN
ajfa-6070	95	10	control	control	NOUN
ajfa-6070	95	11	and	and	CCONJ
ajfa-6070	95	12	control	control	NOUN
ajfa-6070	95	13	by	by	ADP
ajfa-6070	95	14	widely	widely	ADV
ajfa-6070	95	15	-	-	PUNCT
ajfa-6070	95	16	held	hold	VERB
ajfa-6070	95	17	corporations	corporation	NOUN
ajfa-6070	95	18	is	be	AUX
ajfa-6070	95	19	found	find	VERB
ajfa-6070	95	20	.	.	PUNCT
ajfa-6070	96	1	finally	finally	ADV
ajfa-6070	96	2	,	,	PUNCT
ajfa-6070	96	3	the	the	DET
ajfa-6070	96	4	relation	relation	NOUN
ajfa-6070	96	5	between	between	ADP
ajfa-6070	96	6	control	control	NOUN
ajfa-6070	96	7	by	by	ADP
ajfa-6070	96	8	financial	financial	ADJ
ajfa-6070	96	9	institutions	institution	NOUN
ajfa-6070	96	10	and	and	CCONJ
ajfa-6070	96	11	market	market	NOUN
ajfa-6070	96	12	valuation	valuation	NOUN
ajfa-6070	96	13	is	be	AUX
ajfa-6070	96	14	negative	negative	ADJ
ajfa-6070	96	15	.	.	PUNCT
ajfa-6070	97	1	repei	repei	NOUN
ajfa-6070	97	2	,	,	PUNCT
ajfa-6070	97	3	(	(	PUNCT
ajfa-6070	97	4	2000	2000	NUM
ajfa-6070	97	5	)	)	PUNCT
ajfa-6070	97	6	has	have	AUX
ajfa-6070	97	7	analyzed	analyze	VERB
ajfa-6070	97	8	a	a	DET
ajfa-6070	97	9	sample	sample	NOUN
ajfa-6070	97	10	of	of	ADP
ajfa-6070	97	11	318	318	NUM
ajfa-6070	97	12	companies	company	NOUN
ajfa-6070	97	13	for	for	ADP
ajfa-6070	97	14	1997	1997	NUM
ajfa-6070	97	15	–	–	PUNCT
ajfa-6070	97	16	1998	1998	NUM
ajfa-6070	97	17	years	year	NOUN
ajfa-6070	97	18	.	.	PUNCT
ajfa-6070	98	1	the	the	DET
ajfa-6070	98	2	sample	sample	NOUN
ajfa-6070	98	3	comprises	comprise	VERB
ajfa-6070	98	4	companies	company	NOUN
ajfa-6070	98	5	from	from	ADP
ajfa-6070	98	6	all	all	DET
ajfa-6070	98	7	regions	region	NOUN
ajfa-6070	98	8	of	of	ADP
ajfa-6070	98	9	ukraine	ukraine	NOUN
ajfa-6070	98	10	.	.	PUNCT
ajfa-6070	99	1	it	it	PRON
ajfa-6070	99	2	covers	cover	VERB
ajfa-6070	99	3	15	15	NUM
ajfa-6070	99	4	sectors	sector	NOUN
ajfa-6070	99	5	including	include	VERB
ajfa-6070	99	6	fast	fast	ADV
ajfa-6070	99	7	moving	move	VERB
ajfa-6070	99	8	service	service	NOUN
ajfa-6070	99	9	and	and	CCONJ
ajfa-6070	99	10	finance	finance	NOUN
ajfa-6070	99	11	.	.	PUNCT
ajfa-6070	100	1	the	the	DET
ajfa-6070	100	2	author	author	NOUN
ajfa-6070	100	3	has	have	AUX
ajfa-6070	100	4	formulated	formulate	VERB
ajfa-6070	100	5	hypothesis	hypothesis	NOUN
ajfa-6070	100	6	to	to	PART
ajfa-6070	100	7	test	test	VERB
ajfa-6070	100	8	if	if	SCONJ
ajfa-6070	100	9	corporate	corporate	ADJ
ajfa-6070	100	10	performance	performance	NOUN
ajfa-6070	100	11	varies	vary	VERB
ajfa-6070	100	12	according	accord	VERB
ajfa-6070	100	13	to	to	ADP
ajfa-6070	100	14	the	the	DET
ajfa-6070	100	15	shareholder	shareholder	NOUN
ajfa-6070	100	16	structure	structure	NOUN
ajfa-6070	100	17	where	where	SCONJ
ajfa-6070	100	18	the	the	DET
ajfa-6070	100	19	performance	performance	NOUN
ajfa-6070	100	20	of	of	ADP
ajfa-6070	100	21	the	the	DET
ajfa-6070	100	22	firm	firm	NOUN
ajfa-6070	100	23	is	be	AUX
ajfa-6070	100	24	taken	take	VERB
ajfa-6070	100	25	as	as	ADP
ajfa-6070	100	26	a	a	DET
ajfa-6070	100	27	function	function	NOUN
ajfa-6070	100	28	of	of	ADP
ajfa-6070	100	29	ownership	ownership	NOUN
ajfa-6070	100	30	type	type	NOUN
ajfa-6070	100	31	.	.	PUNCT
ajfa-6070	101	1	the	the	DET
ajfa-6070	101	2	corporate	corporate	ADJ
ajfa-6070	101	3	ownership	ownership	NOUN
ajfa-6070	101	4	is	be	AUX
ajfa-6070	101	5	divided	divide	VERB
ajfa-6070	101	6	into	into	ADP
ajfa-6070	101	7	five	five	NUM
ajfa-6070	101	8	main	main	ADJ
ajfa-6070	101	9	categories	category	NOUN
ajfa-6070	101	10	with	with	ADP
ajfa-6070	101	11	respect	respect	NOUN
ajfa-6070	101	12	to	to	ADP
ajfa-6070	101	13	dominant	dominant	ADJ
ajfa-6070	101	14	shareholder	shareholder	NOUN
ajfa-6070	101	15	type	type	NOUN
ajfa-6070	101	16	.	.	PUNCT
ajfa-6070	102	1	these	these	PRON
ajfa-6070	102	2	are	be	AUX
ajfa-6070	102	3	insider	insider	NOUN
ajfa-6070	102	4	,	,	PUNCT
ajfa-6070	102	5	home	home	NOUN
ajfa-6070	102	6	outsider	outsider	NOUN
ajfa-6070	102	7	,	,	PUNCT
ajfa-6070	102	8	foreign	foreign	ADJ
ajfa-6070	102	9	outsider	outsider	NOUN
ajfa-6070	102	10	,	,	PUNCT
ajfa-6070	102	11	individual	individual	ADJ
ajfa-6070	102	12	and	and	CCONJ
ajfa-6070	102	13	state	state	NOUN
ajfa-6070	102	14	.	.	PUNCT
ajfa-6070	103	1	the	the	DET
ajfa-6070	103	2	author	author	NOUN
ajfa-6070	103	3	concludes	conclude	VERB
ajfa-6070	103	4	that	that	SCONJ
ajfa-6070	103	5	private	private	ADJ
ajfa-6070	103	6	ownership	ownership	NOUN
ajfa-6070	103	7	lead	lead	NOUN
ajfa-6070	103	8	to	to	ADP
ajfa-6070	103	9	higher	high	ADJ
ajfa-6070	103	10	performance	performance	NOUN
ajfa-6070	103	11	than	than	ADP
ajfa-6070	103	12	state	state	NOUN
ajfa-6070	103	13	one	one	NUM
ajfa-6070	103	14	.	.	PUNCT
ajfa-6070	104	1	further	far	ADV
ajfa-6070	104	2	,	,	PUNCT
ajfa-6070	104	3	outside	outside	ADP
ajfa-6070	104	4	owners	owner	NOUN
ajfa-6070	104	5	provide	provide	VERB
ajfa-6070	104	6	much	much	ADV
ajfa-6070	104	7	better	well	ADJ
ajfa-6070	104	8	governance	governance	NOUN
ajfa-6070	104	9	of	of	ADP
ajfa-6070	104	10	assets	asset	NOUN
ajfa-6070	104	11	,	,	PUNCT
ajfa-6070	104	12	while	while	SCONJ
ajfa-6070	104	13	private	private	ADJ
ajfa-6070	104	14	individuals	individual	NOUN
ajfa-6070	104	15	are	be	AUX
ajfa-6070	104	16	very	very	ADV
ajfa-6070	104	17	ineffective	ineffective	ADJ
ajfa-6070	104	18	owners	owner	NOUN
ajfa-6070	104	19	due	due	ADJ
ajfa-6070	104	20	to	to	ADP
ajfa-6070	104	21	"	"	PUNCT
ajfa-6070	104	22	free	free	ADJ
ajfa-6070	104	23	-	-	PUNCT
ajfa-6070	104	24	riding	ride	VERB
ajfa-6070	104	25	"	"	PUNCT
ajfa-6070	104	26	problem	problem	NOUN
ajfa-6070	104	27	.	.	PUNCT
ajfa-6070	105	1	the	the	DET
ajfa-6070	105	2	state	state	NOUN
ajfa-6070	105	3	demonstrates	demonstrate	VERB
ajfa-6070	105	4	failure	failure	NOUN
ajfa-6070	105	5	in	in	ADP
ajfa-6070	105	6	enterprise	enterprise	NOUN
ajfa-6070	105	7	restructuring	restructuring	NOUN
ajfa-6070	105	8	because	because	SCONJ
ajfa-6070	105	9	of	of	ADP
ajfa-6070	105	10	economically	economically	ADV
ajfa-6070	105	11	harmful	harmful	ADJ
ajfa-6070	105	12	political	political	ADJ
ajfa-6070	105	13	objectives	objective	NOUN
ajfa-6070	105	14	.	.	PUNCT
ajfa-6070	106	1	the	the	DET
ajfa-6070	106	2	effect	effect	NOUN
ajfa-6070	106	3	of	of	ADP
ajfa-6070	106	4	insider	insider	NOUN
ajfa-6070	106	5	ownership	ownership	NOUN
ajfa-6070	106	6	is	be	AUX
ajfa-6070	106	7	ambiguous	ambiguous	ADJ
ajfa-6070	106	8	.	.	PUNCT
ajfa-6070	107	1	kumar	kumar	PROPN
ajfa-6070	107	2	(	(	PUNCT
ajfa-6070	107	3	2004	2004	NUM
ajfa-6070	107	4	)	)	PUNCT
ajfa-6070	107	5	examined	examine	VERB
ajfa-6070	107	6	empirically	empirically	ADV
ajfa-6070	107	7	the	the	DET
ajfa-6070	107	8	relationship	relationship	NOUN
ajfa-6070	107	9	between	between	ADP
ajfa-6070	107	10	the	the	DET
ajfa-6070	107	11	ownership	ownership	NOUN
ajfa-6070	107	12	structure	structure	NOUN
ajfa-6070	107	13	and	and	CCONJ
ajfa-6070	107	14	firm	firm	ADJ
ajfa-6070	107	15	performance	performance	NOUN
ajfa-6070	107	16	using	use	VERB
ajfa-6070	107	17	a	a	DET
ajfa-6070	107	18	panel	panel	NOUN
ajfa-6070	107	19	of	of	ADP
ajfa-6070	107	20	indian	indian	ADJ
ajfa-6070	107	21	corporate	corporate	ADJ
ajfa-6070	107	22	firms	firm	NOUN
ajfa-6070	107	23	over	over	ADP
ajfa-6070	107	24	1994	1994	NUM
ajfa-6070	107	25	-	-	SYM
ajfa-6070	107	26	2000	2000	NUM
ajfa-6070	107	27	and	and	CCONJ
ajfa-6070	107	28	found	find	VERB
ajfa-6070	107	29	that	that	SCONJ
ajfa-6070	107	30	foreign	foreign	ADJ
ajfa-6070	107	31	shareholding	shareholding	NOUN
ajfa-6070	107	32	pattern	pattern	NOUN
ajfa-6070	107	33	did	do	AUX
ajfa-6070	107	34	not	not	PART
ajfa-6070	107	35	influence	influence	VERB
ajfa-6070	107	36	the	the	DET
ajfa-6070	107	37	firm	firm	ADJ
ajfa-6070	107	38	performance	performance	NOUN
ajfa-6070	107	39	significantly	significantly	ADV
ajfa-6070	107	40	.	.	PUNCT
ajfa-6070	108	1	ongore	ongore	PROPN
ajfa-6070	108	2	o.	o.	PROPN
ajfa-6070	108	3	vincent	vincent	PROPN
ajfa-6070	108	4	,	,	PUNCT
ajfa-6070	108	5	k’obonyo	k’obonyo	PROPN
ajfa-6070	108	6	o.	o.	PROPN
ajfa-6070	108	7	peter	peter	PROPN
ajfa-6070	108	8	,	,	PUNCT
ajfa-6070	108	9	ogutu	ogutu	PROPN
ajfa-6070	108	10	martin	martin	PROPN
ajfa-6070	108	11	,	,	PUNCT
ajfa-6070	108	12	(	(	PUNCT
ajfa-6070	108	13	2011	2011	NUM
ajfa-6070	108	14	)	)	PUNCT
ajfa-6070	108	15	,	,	PUNCT
ajfa-6070	108	16	analyzed	analyze	VERB
ajfa-6070	108	17	forty	forty	NUM
ajfa-6070	108	18	-	-	PUNCT
ajfa-6070	108	19	two	two	NUM
ajfa-6070	108	20	firms	firm	NOUN
ajfa-6070	108	21	in	in	ADP
ajfa-6070	108	22	kenya	kenya	PROPN
ajfa-6070	108	23	.	.	PUNCT
ajfa-6070	109	1	the	the	DET
ajfa-6070	109	2	methodology	methodology	NOUN
ajfa-6070	109	3	adopted	adopt	VERB
ajfa-6070	109	4	was	be	AUX
ajfa-6070	109	5	calculation	calculation	NOUN
ajfa-6070	109	6	of	of	ADP
ajfa-6070	109	7	pearson	pearson	PROPN
ajfa-6070	109	8	’s	’s	PART
ajfa-6070	109	9	product	product	NOUN
ajfa-6070	109	10	moment	moment	NOUN
ajfa-6070	109	11	correlation	correlation	NOUN
ajfa-6070	109	12	and	and	CCONJ
ajfa-6070	109	13	logistic	logistic	ADJ
ajfa-6070	109	14	regression	regression	NOUN
ajfa-6070	109	15	.	.	PUNCT
ajfa-6070	110	1	the	the	DET
ajfa-6070	110	2	results	result	NOUN
ajfa-6070	110	3	of	of	ADP
ajfa-6070	110	4	ownership	ownership	NOUN
ajfa-6070	110	5	identity	identity	NOUN
ajfa-6070	110	6	were	be	AUX
ajfa-6070	110	7	analyzed	analyze	VERB
ajfa-6070	110	8	based	base	VERB
ajfa-6070	110	9	on	on	ADP
ajfa-6070	110	10	five	five	NUM
ajfa-6070	110	11	elements	element	NOUN
ajfa-6070	110	12	:	:	PUNCT
ajfa-6070	110	13	government	government	NOUN
ajfa-6070	110	14	;	;	PUNCT
ajfa-6070	110	15	foreign	foreign	ADJ
ajfa-6070	110	16	;	;	PUNCT
ajfa-6070	110	17	institution	institution	NOUN
ajfa-6070	110	18	;	;	PUNCT
ajfa-6070	110	19	diverse	diverse	ADJ
ajfa-6070	110	20	;	;	PUNCT
ajfa-6070	110	21	and	and	CCONJ
ajfa-6070	110	22	manager	manager	NOUN
ajfa-6070	110	23	(	(	PUNCT
ajfa-6070	110	24	insider	insider	NOUN
ajfa-6070	110	25	)	)	PUNCT
ajfa-6070	110	26	.	.	PUNCT
ajfa-6070	111	1	the	the	DET
ajfa-6070	111	2	study	study	NOUN
ajfa-6070	111	3	found	find	VERB
ajfa-6070	111	4	a	a	DET
ajfa-6070	111	5	significant	significant	ADJ
ajfa-6070	111	6	positive	positive	ADJ
ajfa-6070	111	7	relationship	relationship	NOUN
ajfa-6070	111	8	between	between	ADP
ajfa-6070	111	9	insider	insider	NOUN
ajfa-6070	111	10	ownership	ownership	NOUN
ajfa-6070	111	11	and	and	CCONJ
ajfa-6070	111	12	firm	firm	ADJ
ajfa-6070	111	13	performance	performance	NOUN
ajfa-6070	111	14	.	.	PUNCT
ajfa-6070	112	1	there	there	PRON
ajfa-6070	112	2	is	be	VERB
ajfa-6070	112	3	a	a	DET
ajfa-6070	112	4	significant	significant	ADJ
ajfa-6070	112	5	negative	negative	ADJ
ajfa-6070	112	6	relationship	relationship	NOUN
ajfa-6070	112	7	between	between	ADP
ajfa-6070	112	8	government	government	NOUN
ajfa-6070	112	9	ownership	ownership	NOUN
ajfa-6070	112	10	and	and	CCONJ
ajfa-6070	112	11	firm	firm	ADJ
ajfa-6070	112	12	performance	performance	NOUN
ajfa-6070	112	13	.	.	PUNCT
ajfa-6070	113	1	regarding	regard	VERB
ajfa-6070	113	2	the	the	DET
ajfa-6070	113	3	relationship	relationship	NOUN
ajfa-6070	113	4	between	between	ADP
ajfa-6070	113	5	ownership	ownership	NOUN
ajfa-6070	113	6	by	by	ADP
ajfa-6070	113	7	institutions	institution	NOUN
ajfa-6070	113	8	and	and	CCONJ
ajfa-6070	113	9	firm	firm	ADJ
ajfa-6070	113	10	performance	performance	NOUN
ajfa-6070	113	11	,	,	PUNCT
ajfa-6070	113	12	the	the	DET
ajfa-6070	113	13	study	study	NOUN
ajfa-6070	113	14	found	find	VERB
ajfa-6070	113	15	a	a	DET
ajfa-6070	113	16	significant	significant	ADJ
ajfa-6070	113	17	positive	positive	ADJ
ajfa-6070	113	18	relationship	relationship	NOUN
ajfa-6070	113	19	.	.	PUNCT
ajfa-6070	114	1	also	also	ADV
ajfa-6070	114	2	the	the	DET
ajfa-6070	114	3	research	research	NOUN
ajfa-6070	114	4	concluded	conclude	VERB
ajfa-6070	114	5	a	a	DET
ajfa-6070	114	6	significant	significant	ADJ
ajfa-6070	114	7	positive	positive	ADJ
ajfa-6070	114	8	relationship	relationship	NOUN
ajfa-6070	114	9	between	between	ADP
ajfa-6070	114	10	diverse	diverse	ADJ
ajfa-6070	114	11	ownership	ownership	NOUN
ajfa-6070	114	12	and	and	CCONJ
ajfa-6070	114	13	firm	firm	ADJ
ajfa-6070	114	14	performance	performance	NOUN
ajfa-6070	114	15	.	.	PUNCT
ajfa-6070	115	1	lastly	lastly	ADV
ajfa-6070	115	2	the	the	DET
ajfa-6070	115	3	author	author	NOUN
ajfa-6070	115	4	posits	posit	VERB
ajfa-6070	115	5	a	a	DET
ajfa-6070	115	6	positive	positive	ADJ
ajfa-6070	115	7	relationship	relationship	NOUN
ajfa-6070	115	8	between	between	ADP
ajfa-6070	115	9	foreign	foreign	ADJ
ajfa-6070	115	10	ownership	ownership	NOUN
ajfa-6070	115	11	and	and	CCONJ
ajfa-6070	115	12	firm	firm	ADJ
ajfa-6070	115	13	performance	performance	NOUN
ajfa-6070	115	14	.	.	PUNCT
ajfa-6070	116	1	to	to	PART
ajfa-6070	116	2	sum	sum	VERB
ajfa-6070	116	3	up	up	ADP
ajfa-6070	116	4	,	,	PUNCT
ajfa-6070	116	5	the	the	DET
ajfa-6070	116	6	existing	exist	VERB
ajfa-6070	116	7	literature	literature	NOUN
ajfa-6070	116	8	points	point	NOUN
ajfa-6070	116	9	towards	towards	ADP
ajfa-6070	116	10	a	a	DET
ajfa-6070	116	11	significant	significant	ADJ
ajfa-6070	116	12	and	and	CCONJ
ajfa-6070	116	13	positive	positive	ADJ
ajfa-6070	116	14	impact	impact	NOUN
ajfa-6070	116	15	that	that	PRON
ajfa-6070	116	16	foreign	foreign	ADJ
ajfa-6070	116	17	ownership	ownership	NOUN
ajfa-6070	116	18	brings	bring	VERB
ajfa-6070	116	19	to	to	ADP
ajfa-6070	116	20	the	the	DET
ajfa-6070	116	21	firm	firm	NOUN
ajfa-6070	116	22	.	.	PUNCT
ajfa-6070	117	1	also	also	ADV
ajfa-6070	117	2	,	,	PUNCT
ajfa-6070	117	3	the	the	DET
ajfa-6070	117	4	government	government	NOUN
ajfa-6070	117	5	as	as	ADP
ajfa-6070	117	6	a	a	DET
ajfa-6070	117	7	stakeholder	stakeholder	NOUN
ajfa-6070	117	8	is	be	AUX
ajfa-6070	117	9	of	of	ADP
ajfa-6070	117	10	little	little	ADJ
ajfa-6070	117	11	benefit	benefit	NOUN
ajfa-6070	117	12	in	in	ADP
ajfa-6070	117	13	enhancing	enhance	VERB
ajfa-6070	117	14	the	the	DET
ajfa-6070	117	15	firm	firm	ADJ
ajfa-6070	117	16	performance	performance	NOUN
ajfa-6070	117	17	.	.	PUNCT
ajfa-6070	118	1	further	far	ADV
ajfa-6070	118	2	,	,	PUNCT
ajfa-6070	118	3	private	private	ADJ
ajfa-6070	118	4	individuals	individual	NOUN
ajfa-6070	118	5	and	and	CCONJ
ajfa-6070	118	6	retail	retail	ADJ
ajfa-6070	118	7	owners	owner	NOUN
ajfa-6070	118	8	are	be	AUX
ajfa-6070	118	9	mostly	mostly	ADV
ajfa-6070	118	10	ineffective	ineffective	ADJ
ajfa-6070	118	11	in	in	ADP
ajfa-6070	118	12	increasing	increase	VERB
ajfa-6070	118	13	the	the	DET
ajfa-6070	118	14	financial	financial	ADJ
ajfa-6070	118	15	performance	performance	NOUN
ajfa-6070	118	16	.	.	PUNCT
ajfa-6070	119	1	there	there	PRON
ajfa-6070	119	2	is	be	VERB
ajfa-6070	119	3	a	a	DET
ajfa-6070	119	4	paucity	paucity	NOUN
ajfa-6070	119	5	of	of	ADP
ajfa-6070	119	6	studies	study	NOUN
ajfa-6070	119	7	revealing	reveal	VERB
ajfa-6070	119	8	the	the	DET
ajfa-6070	119	9	impact	impact	NOUN
ajfa-6070	119	10	of	of	ADP
ajfa-6070	119	11	shareholder	shareholder	NOUN
ajfa-6070	119	12	types	type	NOUN
ajfa-6070	119	13	,	,	PUNCT
ajfa-6070	119	14	corporate	corporate	ADJ
ajfa-6070	119	15	governance	governance	NOUN
ajfa-6070	119	16	on	on	ADP
ajfa-6070	119	17	financial	financial	ADJ
ajfa-6070	119	18	performance	performance	NOUN
ajfa-6070	119	19	,	,	PUNCT
ajfa-6070	119	20	this	this	DET
ajfa-6070	119	21	study	study	NOUN
ajfa-6070	119	22	is	be	AUX
ajfa-6070	119	23	a	a	DET
ajfa-6070	119	24	modest	modest	ADJ
ajfa-6070	119	25	attempt	attempt	NOUN
ajfa-6070	119	26	in	in	ADP
ajfa-6070	119	27	this	this	DET
ajfa-6070	119	28	direction	direction	NOUN
ajfa-6070	119	29	.	.	PUNCT
ajfa-6070	120	1	asian	asian	ADJ
ajfa-6070	120	2	journal	journal	PROPN
ajfa-6070	120	3	of	of	ADP
ajfa-6070	120	4	finance	finance	PROPN
ajfa-6070	120	5	&	&	CCONJ
ajfa-6070	120	6	accounting	accounting	PROPN
ajfa-6070	120	7	issn	issn	PROPN
ajfa-6070	120	8	1946	1946	NUM
ajfa-6070	120	9	-	-	PUNCT
ajfa-6070	120	10	052x	052x	NOUN
ajfa-6070	120	11	2015	2015	NUM
ajfa-6070	120	12	,	,	PUNCT
ajfa-6070	120	13	vol	vol	NOUN
ajfa-6070	120	14	.	.	PROPN
ajfa-6070	120	15	7	7	NUM
ajfa-6070	120	16	,	,	PUNCT
ajfa-6070	120	17	no	no	INTJ
ajfa-6070	120	18	.	.	NOUN
ajfa-6070	120	19	1	1	NUM
ajfa-6070	120	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6070	120	21	52	52	NUM
ajfa-6070	120	22	3	3	NUM
ajfa-6070	120	23	.	.	PUNCT
ajfa-6070	120	24	research	research	NOUN
ajfa-6070	120	25	objectives	objective	NOUN
ajfa-6070	120	26	and	and	CCONJ
ajfa-6070	120	27	hypothesis	hypothesis	NOUN
ajfa-6070	120	28	in	in	ADP
ajfa-6070	120	29	the	the	DET
ajfa-6070	120	30	research	research	NOUN
ajfa-6070	120	31	,	,	PUNCT
ajfa-6070	120	32	we	we	PRON
ajfa-6070	120	33	have	have	AUX
ajfa-6070	120	34	attempted	attempt	VERB
ajfa-6070	120	35	to	to	PART
ajfa-6070	120	36	examine	examine	VERB
ajfa-6070	120	37	the	the	DET
ajfa-6070	120	38	relationship	relationship	NOUN
ajfa-6070	120	39	between	between	ADP
ajfa-6070	120	40	firm	firm	ADJ
ajfa-6070	120	41	performance	performance	NOUN
ajfa-6070	120	42	and	and	CCONJ
ajfa-6070	120	43	shareholding	shareholding	NOUN
ajfa-6070	120	44	pattern	pattern	NOUN
ajfa-6070	120	45	or	or	CCONJ
ajfa-6070	120	46	ownership	ownership	NOUN
ajfa-6070	120	47	structure	structure	NOUN
ajfa-6070	120	48	.	.	PUNCT
ajfa-6070	121	1	total	total	NOUN
ajfa-6070	121	2	of	of	ADP
ajfa-6070	121	3	76	76	NUM
ajfa-6070	121	4	companies	company	NOUN
ajfa-6070	121	5	have	have	AUX
ajfa-6070	121	6	been	be	AUX
ajfa-6070	121	7	included	include	VERB
ajfa-6070	121	8	from	from	ADP
ajfa-6070	121	9	bse	bse	PROPN
ajfa-6070	121	10	100	100	NUM
ajfa-6070	121	11	,	,	PUNCT
ajfa-6070	121	12	excluding	exclude	VERB
ajfa-6070	121	13	banking	banking	NOUN
ajfa-6070	121	14	and	and	CCONJ
ajfa-6070	121	15	financial	financial	ADJ
ajfa-6070	121	16	sector	sector	NOUN
ajfa-6070	121	17	companies	company	NOUN
ajfa-6070	121	18	.	.	PUNCT
ajfa-6070	122	1	following	follow	VERB
ajfa-6070	122	2	are	be	AUX
ajfa-6070	122	3	the	the	DET
ajfa-6070	122	4	objectives	objective	NOUN
ajfa-6070	122	5	of	of	ADP
ajfa-6070	122	6	the	the	DET
ajfa-6070	122	7	research	research	NOUN
ajfa-6070	122	8	:	:	PUNCT
ajfa-6070	122	9	1	1	X
ajfa-6070	122	10	.	.	X
ajfa-6070	122	11	to	to	PART
ajfa-6070	122	12	study	study	VERB
ajfa-6070	122	13	effects	effect	NOUN
ajfa-6070	122	14	of	of	ADP
ajfa-6070	122	15	ownership	ownership	NOUN
ajfa-6070	122	16	structure	structure	NOUN
ajfa-6070	122	17	(	(	PUNCT
ajfa-6070	122	18	shareholding	shareholding	NOUN
ajfa-6070	122	19	pattern	pattern	NOUN
ajfa-6070	122	20	)	)	PUNCT
ajfa-6070	122	21	on	on	ADP
ajfa-6070	122	22	performance	performance	NOUN
ajfa-6070	122	23	of	of	ADP
ajfa-6070	122	24	a	a	DET
ajfa-6070	122	25	firm	firm	NOUN
ajfa-6070	122	26	in	in	ADP
ajfa-6070	122	27	india	india	PROPN
ajfa-6070	122	28	.	.	PUNCT
ajfa-6070	123	1	2	2	X
ajfa-6070	123	2	.	.	PUNCT
ajfa-6070	123	3	to	to	PART
ajfa-6070	123	4	study	study	VERB
ajfa-6070	123	5	the	the	DET
ajfa-6070	123	6	effect	effect	NOUN
ajfa-6070	123	7	of	of	ADP
ajfa-6070	123	8	corporate	corporate	ADJ
ajfa-6070	123	9	governance	governance	NOUN
ajfa-6070	123	10	measured	measure	VERB
ajfa-6070	123	11	by	by	ADP
ajfa-6070	123	12	corporate	corporate	ADJ
ajfa-6070	123	13	governance	governance	NOUN
ajfa-6070	123	14	index	index	NOUN
ajfa-6070	123	15	on	on	ADP
ajfa-6070	123	16	financial	financial	ADJ
ajfa-6070	123	17	performance	performance	NOUN
ajfa-6070	123	18	of	of	ADP
ajfa-6070	123	19	a	a	DET
ajfa-6070	123	20	firm	firm	NOUN
ajfa-6070	123	21	.	.	PUNCT
ajfa-6070	124	1	4	4	X
ajfa-6070	124	2	.	.	X
ajfa-6070	124	3	data	datum	NOUN
ajfa-6070	124	4	and	and	CCONJ
ajfa-6070	124	5	methodological	methodological	ADJ
ajfa-6070	124	6	issues	issue	NOUN
ajfa-6070	124	7	for	for	ADP
ajfa-6070	124	8	our	our	PRON
ajfa-6070	124	9	research	research	NOUN
ajfa-6070	124	10	,	,	PUNCT
ajfa-6070	124	11	we	we	PRON
ajfa-6070	124	12	have	have	AUX
ajfa-6070	124	13	taken	take	VERB
ajfa-6070	124	14	daily	daily	ADJ
ajfa-6070	124	15	data	data	NOUN
ajfa-6070	124	16	files	file	NOUN
ajfa-6070	124	17	from	from	ADP
ajfa-6070	124	18	bse	bse	PROPN
ajfa-6070	124	19	100	100	NUM
ajfa-6070	124	20	index	index	NOUN
ajfa-6070	124	21	.	.	PUNCT
ajfa-6070	125	1	the	the	DET
ajfa-6070	125	2	time	time	NOUN
ajfa-6070	125	3	period	period	NOUN
ajfa-6070	125	4	of	of	ADP
ajfa-6070	125	5	the	the	DET
ajfa-6070	125	6	study	study	NOUN
ajfa-6070	125	7	is	be	AUX
ajfa-6070	125	8	from	from	ADP
ajfa-6070	125	9	01st	01st	ADJ
ajfa-6070	125	10	april	april	PROPN
ajfa-6070	125	11	2007	2007	NUM
ajfa-6070	125	12	to	to	ADP
ajfa-6070	125	13	31st	31st	NOUN
ajfa-6070	125	14	march	march	PROPN
ajfa-6070	125	15	2014	2014	NUM
ajfa-6070	125	16	.	.	PUNCT
ajfa-6070	126	1	the	the	DET
ajfa-6070	126	2	data	data	NOUN
ajfa-6070	126	3	sources	source	NOUN
ajfa-6070	126	4	were	be	AUX
ajfa-6070	126	5	the	the	DET
ajfa-6070	126	6	annual	annual	ADJ
ajfa-6070	126	7	reports	report	NOUN
ajfa-6070	126	8	of	of	ADP
ajfa-6070	126	9	the	the	DET
ajfa-6070	126	10	companies	company	NOUN
ajfa-6070	126	11	,	,	PUNCT
ajfa-6070	126	12	corporate	corporate	ADJ
ajfa-6070	126	13	database	database	NOUN
ajfa-6070	126	14	(	(	PUNCT
ajfa-6070	126	15	prowess	prowess	NOUN
ajfa-6070	126	16	)	)	PUNCT
ajfa-6070	126	17	maintained	maintain	VERB
ajfa-6070	126	18	by	by	ADP
ajfa-6070	126	19	the	the	DET
ajfa-6070	126	20	cmie	cmie	PROPN
ajfa-6070	126	21	,	,	PUNCT
ajfa-6070	126	22	the	the	DET
ajfa-6070	126	23	center	center	NOUN
ajfa-6070	126	24	for	for	ADP
ajfa-6070	126	25	monitoring	monitor	VERB
ajfa-6070	126	26	the	the	DET
ajfa-6070	126	27	indian	indian	ADJ
ajfa-6070	126	28	economy	economy	NOUN
ajfa-6070	126	29	,	,	PUNCT
ajfa-6070	126	30	and	and	CCONJ
ajfa-6070	126	31	the	the	DET
ajfa-6070	126	32	reports	report	NOUN
ajfa-6070	126	33	filed	file	VERB
ajfa-6070	126	34	by	by	ADP
ajfa-6070	126	35	companies	company	NOUN
ajfa-6070	126	36	with	with	ADP
ajfa-6070	126	37	the	the	DET
ajfa-6070	126	38	bse	bse	NOUN
ajfa-6070	126	39	as	as	ADP
ajfa-6070	126	40	part	part	NOUN
ajfa-6070	126	41	of	of	ADP
ajfa-6070	126	42	the	the	DET
ajfa-6070	126	43	listing	listing	NOUN
ajfa-6070	126	44	requirements	requirement	NOUN
ajfa-6070	126	45	.	.	PUNCT
ajfa-6070	127	1	for	for	ADP
ajfa-6070	127	2	the	the	DET
ajfa-6070	127	3	analysis	analysis	NOUN
ajfa-6070	127	4	,	,	PUNCT
ajfa-6070	127	5	we	we	PRON
ajfa-6070	127	6	took	take	VERB
ajfa-6070	127	7	the	the	DET
ajfa-6070	127	8	100	100	NUM
ajfa-6070	127	9	companies	company	NOUN
ajfa-6070	127	10	.	.	PUNCT
ajfa-6070	128	1	we	we	PRON
ajfa-6070	128	2	kept	keep	VERB
ajfa-6070	128	3	out	out	ADP
ajfa-6070	128	4	all	all	DET
ajfa-6070	128	5	the	the	DET
ajfa-6070	128	6	banking	banking	NOUN
ajfa-6070	128	7	and	and	CCONJ
ajfa-6070	128	8	financial	financial	ADJ
ajfa-6070	128	9	services	service	NOUN
ajfa-6070	128	10	companies	company	NOUN
ajfa-6070	128	11	since	since	SCONJ
ajfa-6070	128	12	they	they	PRON
ajfa-6070	128	13	are	be	AUX
ajfa-6070	128	14	governed	govern	VERB
ajfa-6070	128	15	by	by	ADP
ajfa-6070	128	16	the	the	DET
ajfa-6070	128	17	banking	banking	NOUN
ajfa-6070	128	18	regulation	regulation	NOUN
ajfa-6070	128	19	act	act	NOUN
ajfa-6070	128	20	;	;	PUNCT
ajfa-6070	128	21	hence	hence	ADV
ajfa-6070	128	22	these	these	DET
ajfa-6070	128	23	companies	company	NOUN
ajfa-6070	128	24	were	be	AUX
ajfa-6070	128	25	different	different	ADJ
ajfa-6070	128	26	from	from	ADP
ajfa-6070	128	27	those	those	PRON
ajfa-6070	128	28	governed	govern	VERB
ajfa-6070	128	29	by	by	ADP
ajfa-6070	128	30	the	the	DET
ajfa-6070	128	31	companies	company	NOUN
ajfa-6070	128	32	act	act	VERB
ajfa-6070	128	33	.	.	PUNCT
ajfa-6070	129	1	these	these	DET
ajfa-6070	129	2	sample	sample	NOUN
ajfa-6070	129	3	selection	selection	NOUN
ajfa-6070	129	4	criteria	criterion	NOUN
ajfa-6070	129	5	’s	’	VERB
ajfa-6070	129	6	resulted	result	VERB
ajfa-6070	129	7	in	in	ADP
ajfa-6070	129	8	a	a	DET
ajfa-6070	129	9	final	final	ADJ
ajfa-6070	129	10	sample	sample	NOUN
ajfa-6070	129	11	size	size	NOUN
ajfa-6070	129	12	of	of	ADP
ajfa-6070	129	13	76	76	NUM
ajfa-6070	129	14	companies	company	NOUN
ajfa-6070	129	15	.	.	PUNCT
ajfa-6070	130	1	key	key	ADJ
ajfa-6070	130	2	variables	variable	NOUN
ajfa-6070	130	3	to	to	PART
ajfa-6070	130	4	examine	examine	VERB
ajfa-6070	130	5	the	the	DET
ajfa-6070	130	6	effect	effect	NOUN
ajfa-6070	130	7	of	of	ADP
ajfa-6070	130	8	ownership	ownership	NOUN
ajfa-6070	130	9	structure	structure	NOUN
ajfa-6070	130	10	on	on	ADP
ajfa-6070	130	11	corporate	corporate	ADJ
ajfa-6070	130	12	governance	governance	NOUN
ajfa-6070	130	13	and	and	CCONJ
ajfa-6070	130	14	performance	performance	NOUN
ajfa-6070	130	15	,	,	PUNCT
ajfa-6070	130	16	the	the	DET
ajfa-6070	130	17	following	follow	VERB
ajfa-6070	130	18	variables	variable	NOUN
ajfa-6070	130	19	were	be	AUX
ajfa-6070	130	20	used	use	VERB
ajfa-6070	130	21	:	:	PUNCT
ajfa-6070	130	22	measurement	measurement	NOUN
ajfa-6070	130	23	of	of	ADP
ajfa-6070	130	24	corporate	corporate	ADJ
ajfa-6070	130	25	performance	performance	NOUN
ajfa-6070	130	26	two	two	NUM
ajfa-6070	130	27	measures	measure	NOUN
ajfa-6070	130	28	of	of	ADP
ajfa-6070	130	29	performance	performance	NOUN
ajfa-6070	130	30	,	,	PUNCT
ajfa-6070	130	31	as	as	SCONJ
ajfa-6070	130	32	supported	support	VERB
ajfa-6070	130	33	in	in	ADP
ajfa-6070	130	34	the	the	DET
ajfa-6070	130	35	finance	finance	NOUN
ajfa-6070	130	36	and	and	CCONJ
ajfa-6070	130	37	accounting	accounting	NOUN
ajfa-6070	130	38	literature	literature	NOUN
ajfa-6070	130	39	were	be	AUX
ajfa-6070	130	40	chosen	choose	VERB
ajfa-6070	130	41	for	for	ADP
ajfa-6070	130	42	the	the	DET
ajfa-6070	130	43	purpose	purpose	NOUN
ajfa-6070	130	44	of	of	ADP
ajfa-6070	130	45	analysis	analysis	NOUN
ajfa-6070	130	46	.	.	PUNCT
ajfa-6070	131	1	tobin	tobin	PROPN
ajfa-6070	131	2	’s	’s	PART
ajfa-6070	131	3	q	q	NOUN
ajfa-6070	131	4	:	:	PUNCT
ajfa-6070	131	5	tobin	tobin	PROPN
ajfa-6070	131	6	and	and	CCONJ
ajfa-6070	131	7	brainard	brainard	PROPN
ajfa-6070	131	8	(	(	PUNCT
ajfa-6070	131	9	1968	1968	NUM
ajfa-6070	131	10	)	)	PUNCT
ajfa-6070	131	11	and	and	CCONJ
ajfa-6070	131	12	tobin	tobin	PROPN
ajfa-6070	131	13	(	(	PUNCT
ajfa-6070	131	14	1969	1969	NUM
ajfa-6070	131	15	)	)	PUNCT
ajfa-6070	131	16	designed	design	VERB
ajfa-6070	131	17	a	a	DET
ajfa-6070	131	18	measurement	measurement	NOUN
ajfa-6070	131	19	of	of	ADP
ajfa-6070	131	20	corporate	corporate	ADJ
ajfa-6070	131	21	performance	performance	NOUN
ajfa-6070	131	22	,	,	PUNCT
ajfa-6070	131	23	which	which	PRON
ajfa-6070	131	24	is	be	AUX
ajfa-6070	131	25	equal	equal	ADJ
ajfa-6070	131	26	to	to	ADP
ajfa-6070	131	27	the	the	DET
ajfa-6070	131	28	ratio	ratio	NOUN
ajfa-6070	131	29	of	of	ADP
ajfa-6070	131	30	market	market	NOUN
ajfa-6070	131	31	value	value	NOUN
ajfa-6070	131	32	of	of	ADP
ajfa-6070	131	33	equity	equity	NOUN
ajfa-6070	131	34	and	and	CCONJ
ajfa-6070	131	35	debt	debt	NOUN
ajfa-6070	131	36	divided	divide	VERB
ajfa-6070	131	37	by	by	ADP
ajfa-6070	131	38	the	the	DET
ajfa-6070	131	39	replacement	replacement	NOUN
ajfa-6070	131	40	costs	cost	NOUN
ajfa-6070	131	41	of	of	ADP
ajfa-6070	131	42	total	total	ADJ
ajfa-6070	131	43	assets	asset	NOUN
ajfa-6070	131	44	.	.	PUNCT
ajfa-6070	132	1	the	the	DET
ajfa-6070	132	2	notion	notion	NOUN
ajfa-6070	132	3	is	be	AUX
ajfa-6070	132	4	that	that	SCONJ
ajfa-6070	132	5	replacement	replacement	NOUN
ajfa-6070	132	6	costs	cost	NOUN
ajfa-6070	132	7	are	be	AUX
ajfa-6070	132	8	a	a	DET
ajfa-6070	132	9	logical	logical	ADJ
ajfa-6070	132	10	measure	measure	NOUN
ajfa-6070	132	11	of	of	ADP
ajfa-6070	132	12	the	the	DET
ajfa-6070	132	13	alternative	alternative	ADJ
ajfa-6070	132	14	-	-	PUNCT
ajfa-6070	132	15	use	use	NOUN
ajfa-6070	132	16	values	value	NOUN
ajfa-6070	132	17	of	of	ADP
ajfa-6070	132	18	the	the	DET
ajfa-6070	132	19	assets	asset	NOUN
ajfa-6070	132	20	.	.	PUNCT
ajfa-6070	133	1	hence	hence	ADV
ajfa-6070	133	2	,	,	PUNCT
ajfa-6070	133	3	unless	unless	SCONJ
ajfa-6070	133	4	assets	asset	NOUN
ajfa-6070	133	5	used	use	VERB
ajfa-6070	133	6	by	by	ADP
ajfa-6070	133	7	firms	firm	NOUN
ajfa-6070	133	8	are	be	AUX
ajfa-6070	133	9	able	able	ADJ
ajfa-6070	133	10	to	to	PART
ajfa-6070	133	11	create	create	VERB
ajfa-6070	133	12	at	at	ADV
ajfa-6070	133	13	least	least	ADJ
ajfa-6070	133	14	as	as	ADV
ajfa-6070	133	15	much	much	ADJ
ajfa-6070	133	16	value	value	NOUN
ajfa-6070	133	17	as	as	ADP
ajfa-6070	133	18	the	the	DET
ajfa-6070	133	19	cost	cost	NOUN
ajfa-6070	133	20	of	of	ADP
ajfa-6070	133	21	reproducing	reproduce	VERB
ajfa-6070	133	22	them	they	PRON
ajfa-6070	133	23	,	,	PUNCT
ajfa-6070	133	24	the	the	DET
ajfa-6070	133	25	assets	asset	NOUN
ajfa-6070	133	26	would	would	AUX
ajfa-6070	133	27	be	be	AUX
ajfa-6070	133	28	better	well	ADV
ajfa-6070	133	29	employed	employ	VERB
ajfa-6070	133	30	elsewhere	elsewhere	ADV
ajfa-6070	133	31	.	.	PUNCT
ajfa-6070	134	1	companies	company	NOUN
ajfa-6070	134	2	displaying	display	VERB
ajfa-6070	134	3	tobin	tobin	NOUN
ajfa-6070	134	4	’s	’s	NOUN
ajfa-6070	134	5	q	q	PUNCT
ajfa-6070	134	6	greater	great	ADJ
ajfa-6070	134	7	than	than	ADP
ajfa-6070	134	8	unity	unity	NOUN
ajfa-6070	134	9	are	be	AUX
ajfa-6070	134	10	considered	consider	VERB
ajfa-6070	134	11	to	to	PART
ajfa-6070	134	12	be	be	AUX
ajfa-6070	134	13	using	use	VERB
ajfa-6070	134	14	scarce	scarce	ADJ
ajfa-6070	134	15	resources	resource	NOUN
ajfa-6070	134	16	effectively	effectively	ADV
ajfa-6070	134	17	,	,	PUNCT
ajfa-6070	134	18	while	while	SCONJ
ajfa-6070	134	19	those	those	PRON
ajfa-6070	134	20	with	with	ADP
ajfa-6070	134	21	tobin	tobin	PROPN
ajfa-6070	134	22	’s	’s	PART
ajfa-6070	134	23	q	q	NOUN
ajfa-6070	134	24	less	less	ADJ
ajfa-6070	134	25	than	than	ADP
ajfa-6070	134	26	unity	unity	NOUN
ajfa-6070	134	27	as	as	ADP
ajfa-6070	134	28	using	use	VERB
ajfa-6070	134	29	resources	resource	NOUN
ajfa-6070	134	30	poorly	poorly	ADV
ajfa-6070	134	31	.	.	PUNCT
ajfa-6070	135	1	tobin	tobin	PROPN
ajfa-6070	135	2	’s	’s	PART
ajfa-6070	135	3	q	q	PROPN
ajfa-6070	135	4	has	have	AUX
ajfa-6070	135	5	been	be	AUX
ajfa-6070	135	6	computed	compute	VERB
ajfa-6070	135	7	as	as	ADP
ajfa-6070	135	8	[	[	X
ajfa-6070	135	9	mv	mv	X
ajfa-6070	135	10	of	of	ADP
ajfa-6070	135	11	common	common	ADJ
ajfa-6070	135	12	stock	stock	NOUN
ajfa-6070	135	13	+	+	CCONJ
ajfa-6070	135	14	bv	bv	PROPN
ajfa-6070	135	15	of	of	ADP
ajfa-6070	135	16	preference	preference	NOUN
ajfa-6070	135	17	stock	stock	NOUN
ajfa-6070	135	18	+	+	CCONJ
ajfa-6070	135	19	bv	bv	PROPN
ajfa-6070	135	20	of	of	ADP
ajfa-6070	135	21	borrowings	borrowing	NOUN
ajfa-6070	135	22	+	+	CCONJ
ajfa-6070	135	23	bv	bv	PROPN
ajfa-6070	135	24	of	of	ADP
ajfa-6070	135	25	cl)/	cl)/	PROPN
ajfa-6070	135	26	bv	bv	PROPN
ajfa-6070	135	27	of	of	ADP
ajfa-6070	135	28	total	total	ADJ
ajfa-6070	135	29	assets	asset	NOUN
ajfa-6070	135	30	as	as	SCONJ
ajfa-6070	135	31	denoted	denote	VERB
ajfa-6070	135	32	by	by	ADP
ajfa-6070	135	33	fa	fa	PROPN
ajfa-6070	135	34	+	+	NOUN
ajfa-6070	135	35	inv	inv	VERB
ajfa-6070	135	36	+	+	CCONJ
ajfa-6070	135	37	ca	ca	NOUN
ajfa-6070	135	38	]	]	PUNCT
ajfa-6070	135	39	with	with	ADP
ajfa-6070	135	40	all	all	DET
ajfa-6070	135	41	values	value	NOUN
ajfa-6070	135	42	computed	compute	VERB
ajfa-6070	135	43	at	at	ADP
ajfa-6070	135	44	the	the	DET
ajfa-6070	135	45	year	year	NOUN
ajfa-6070	135	46	end	end	NOUN
ajfa-6070	135	47	.	.	PUNCT
ajfa-6070	136	1	return	return	VERB
ajfa-6070	136	2	on	on	ADP
ajfa-6070	136	3	assets	asset	NOUN
ajfa-6070	136	4	(	(	PUNCT
ajfa-6070	136	5	roa	roa	PROPN
ajfa-6070	136	6	)	)	PUNCT
ajfa-6070	136	7	.	.	PUNCT
ajfa-6070	137	1	the	the	DET
ajfa-6070	137	2	accounting	account	VERB
ajfa-6070	137	3	variable	variable	NOUN
ajfa-6070	137	4	chosen	choose	VERB
ajfa-6070	137	5	was	be	AUX
ajfa-6070	137	6	calculated	calculate	VERB
ajfa-6070	137	7	as	as	ADP
ajfa-6070	137	8	the	the	DET
ajfa-6070	137	9	ratio	ratio	NOUN
ajfa-6070	137	10	of	of	ADP
ajfa-6070	137	11	net	net	ADJ
ajfa-6070	137	12	profit	profit	NOUN
ajfa-6070	137	13	to	to	ADP
ajfa-6070	137	14	assets	asset	NOUN
ajfa-6070	137	15	.	.	PUNCT
ajfa-6070	138	1	total	total	ADJ
ajfa-6070	138	2	assets	asset	NOUN
ajfa-6070	138	3	include	include	VERB
ajfa-6070	138	4	value	value	NOUN
ajfa-6070	138	5	of	of	ADP
ajfa-6070	138	6	fixed	fix	VERB
ajfa-6070	138	7	assets	asset	NOUN
ajfa-6070	138	8	,	,	PUNCT
ajfa-6070	138	9	investments	investment	NOUN
ajfa-6070	138	10	,	,	PUNCT
ajfa-6070	138	11	and	and	CCONJ
ajfa-6070	138	12	current	current	ADJ
ajfa-6070	138	13	assets	asset	NOUN
ajfa-6070	138	14	.	.	PUNCT
ajfa-6070	139	1	asian	asian	ADJ
ajfa-6070	139	2	journal	journal	PROPN
ajfa-6070	139	3	of	of	ADP
ajfa-6070	139	4	finance	finance	PROPN
ajfa-6070	139	5	&	&	CCONJ
ajfa-6070	139	6	accounting	accounting	PROPN
ajfa-6070	139	7	issn	issn	PROPN
ajfa-6070	139	8	1946	1946	NUM
ajfa-6070	139	9	-	-	PUNCT
ajfa-6070	139	10	052x	052x	NOUN
ajfa-6070	139	11	2015	2015	NUM
ajfa-6070	139	12	,	,	PUNCT
ajfa-6070	139	13	vol	vol	NOUN
ajfa-6070	139	14	.	.	PROPN
ajfa-6070	139	15	7	7	NUM
ajfa-6070	139	16	,	,	PUNCT
ajfa-6070	139	17	no	no	INTJ
ajfa-6070	139	18	.	.	NOUN
ajfa-6070	139	19	1	1	NUM
ajfa-6070	139	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6070	139	21	53	53	NUM
ajfa-6070	139	22	return	return	NOUN
ajfa-6070	139	23	on	on	ADP
ajfa-6070	139	24	equity	equity	NOUN
ajfa-6070	139	25	(	(	PUNCT
ajfa-6070	139	26	roe	roe	PROPN
ajfa-6070	139	27	):	):	PUNCT
ajfa-6070	139	28	we	we	PRON
ajfa-6070	139	29	measure	measure	VERB
ajfa-6070	139	30	return	return	VERB
ajfa-6070	139	31	on	on	ADP
ajfa-6070	139	32	equity	equity	NOUN
ajfa-6070	139	33	capital	capital	NOUN
ajfa-6070	139	34	as	as	ADP
ajfa-6070	139	35	the	the	DET
ajfa-6070	139	36	ratio	ratio	NOUN
ajfa-6070	139	37	of	of	ADP
ajfa-6070	139	38	net	net	ADJ
ajfa-6070	139	39	profit	profit	NOUN
ajfa-6070	139	40	to	to	ADP
ajfa-6070	139	41	equity	equity	NOUN
ajfa-6070	139	42	capital	capital	NOUN
ajfa-6070	139	43	.	.	PUNCT
ajfa-6070	140	1	equity	equity	NOUN
ajfa-6070	140	2	capital	capital	NOUN
ajfa-6070	140	3	is	be	AUX
ajfa-6070	140	4	the	the	DET
ajfa-6070	140	5	total	total	ADJ
ajfa-6070	140	6	outstanding	outstanding	ADJ
ajfa-6070	140	7	paid	pay	VERB
ajfa-6070	140	8	up	up	ADP
ajfa-6070	140	9	equity	equity	NOUN
ajfa-6070	140	10	capital	capital	NOUN
ajfa-6070	140	11	of	of	ADP
ajfa-6070	140	12	the	the	DET
ajfa-6070	140	13	firm	firm	NOUN
ajfa-6070	140	14	as	as	ADP
ajfa-6070	140	15	at	at	ADP
ajfa-6070	140	16	the	the	DET
ajfa-6070	140	17	end	end	NOUN
ajfa-6070	140	18	of	of	ADP
ajfa-6070	140	19	the	the	DET
ajfa-6070	140	20	accounting	accounting	NOUN
ajfa-6070	140	21	period	period	NOUN
ajfa-6070	140	22	.	.	PUNCT
ajfa-6070	141	1	shares	share	NOUN
ajfa-6070	141	2	issued	issue	VERB
ajfa-6070	141	3	but	but	CCONJ
ajfa-6070	141	4	not	not	PART
ajfa-6070	141	5	paid	pay	VERB
ajfa-6070	141	6	-	-	PUNCT
ajfa-6070	141	7	up	up	NOUN
ajfa-6070	141	8	or	or	CCONJ
ajfa-6070	141	9	pending	pende	VERB
ajfa-6070	141	10	allotments	allotment	NOUN
ajfa-6070	141	11	do	do	AUX
ajfa-6070	141	12	not	not	PART
ajfa-6070	141	13	form	form	VERB
ajfa-6070	141	14	part	part	NOUN
ajfa-6070	141	15	of	of	ADP
ajfa-6070	141	16	equity	equity	NOUN
ajfa-6070	141	17	capital	capital	NOUN
ajfa-6070	141	18	.	.	PUNCT
ajfa-6070	142	1	this	this	PRON
ajfa-6070	142	2	includes	include	VERB
ajfa-6070	142	3	bonus	bonus	NOUN
ajfa-6070	142	4	equity	equity	NOUN
ajfa-6070	142	5	shares	share	NOUN
ajfa-6070	142	6	issued	issue	VERB
ajfa-6070	142	7	,	,	PUNCT
ajfa-6070	142	8	if	if	SCONJ
ajfa-6070	142	9	any	any	PRON
ajfa-6070	142	10	,	,	PUNCT
ajfa-6070	142	11	by	by	ADP
ajfa-6070	142	12	the	the	DET
ajfa-6070	142	13	firm	firm	NOUN
ajfa-6070	142	14	in	in	ADP
ajfa-6070	142	15	the	the	DET
ajfa-6070	142	16	past	past	NOUN
ajfa-6070	142	17	.	.	PUNCT
ajfa-6070	143	1	roe	roe	NOUN
ajfa-6070	143	2	=	=	NOUN
ajfa-6070	143	3	net	net	ADJ
ajfa-6070	143	4	profit/	profit/	NUM
ajfa-6070	143	5	equity	equity	NOUN
ajfa-6070	143	6	capital	capital	NOUN
ajfa-6070	143	7	ownership	ownership	NOUN
ajfa-6070	143	8	and	and	CCONJ
ajfa-6070	143	9	governance	governance	NOUN
ajfa-6070	143	10	variables	variable	VERB
ajfa-6070	143	11	the	the	DET
ajfa-6070	143	12	ownership	ownership	NOUN
ajfa-6070	143	13	structure	structure	NOUN
ajfa-6070	143	14	and	and	CCONJ
ajfa-6070	143	15	corporate	corporate	ADJ
ajfa-6070	143	16	governance	governance	NOUN
ajfa-6070	143	17	mechanisms	mechanism	NOUN
ajfa-6070	143	18	can	can	AUX
ajfa-6070	143	19	influence	influence	VERB
ajfa-6070	143	20	company	company	NOUN
ajfa-6070	143	21	performance	performance	NOUN
ajfa-6070	143	22	.	.	PUNCT
ajfa-6070	144	1	the	the	DET
ajfa-6070	144	2	ownership	ownership	NOUN
ajfa-6070	144	3	and	and	CCONJ
ajfa-6070	144	4	governance	governance	NOUN
ajfa-6070	144	5	measures	measure	NOUN
ajfa-6070	144	6	were	be	AUX
ajfa-6070	144	7	analyzed	analyze	VERB
ajfa-6070	144	8	as	as	ADP
ajfa-6070	144	9	independent	independent	ADJ
ajfa-6070	144	10	variables	variable	NOUN
ajfa-6070	144	11	.	.	PUNCT
ajfa-6070	145	1	ownership	ownership	NOUN
ajfa-6070	145	2	structure	structure	NOUN
ajfa-6070	145	3	.	.	PUNCT
ajfa-6070	146	1	the	the	DET
ajfa-6070	146	2	distribution	distribution	NOUN
ajfa-6070	146	3	of	of	ADP
ajfa-6070	146	4	ownership	ownership	NOUN
ajfa-6070	146	5	among	among	ADP
ajfa-6070	146	6	different	different	ADJ
ajfa-6070	146	7	categories	category	NOUN
ajfa-6070	146	8	of	of	ADP
ajfa-6070	146	9	owners	owner	NOUN
ajfa-6070	146	10	provides	provide	VERB
ajfa-6070	146	11	useful	useful	ADJ
ajfa-6070	146	12	information	information	NOUN
ajfa-6070	146	13	about	about	ADP
ajfa-6070	146	14	the	the	DET
ajfa-6070	146	15	corporate	corporate	ADJ
ajfa-6070	146	16	governance	governance	NOUN
ajfa-6070	146	17	structure	structure	NOUN
ajfa-6070	146	18	of	of	ADP
ajfa-6070	146	19	a	a	DET
ajfa-6070	146	20	company	company	NOUN
ajfa-6070	146	21	.	.	PUNCT
ajfa-6070	147	1	the	the	DET
ajfa-6070	147	2	shareholding	shareholding	NOUN
ajfa-6070	147	3	has	have	AUX
ajfa-6070	147	4	been	be	AUX
ajfa-6070	147	5	classified	classify	VERB
ajfa-6070	147	6	according	accord	VERB
ajfa-6070	147	7	to	to	ADP
ajfa-6070	147	8	a	a	DET
ajfa-6070	147	9	standard	standard	ADJ
ajfa-6070	147	10	taxonomy	taxonomy	NOUN
ajfa-6070	147	11	of	of	ADP
ajfa-6070	147	12	investors	investor	NOUN
ajfa-6070	147	13	’	’	PART
ajfa-6070	147	14	categories	category	NOUN
ajfa-6070	147	15	and	and	CCONJ
ajfa-6070	147	16	definitions	definition	NOUN
ajfa-6070	147	17	as	as	SCONJ
ajfa-6070	147	18	provided	provide	VERB
ajfa-6070	147	19	under	under	ADP
ajfa-6070	147	20	clause	clause	NOUN
ajfa-6070	147	21	35	35	NUM
ajfa-6070	147	22	(	(	PUNCT
ajfa-6070	147	23	appendix	appendix	NOUN
ajfa-6070	147	24	iii	iii	NOUN
ajfa-6070	147	25	)	)	PUNCT
ajfa-6070	147	26	and	and	CCONJ
ajfa-6070	147	27	40a	40a	NUM
ajfa-6070	147	28	of	of	ADP
ajfa-6070	147	29	the	the	DET
ajfa-6070	147	30	listing	listing	NOUN
ajfa-6070	147	31	agreement	agreement	NOUN
ajfa-6070	147	32	(	(	PUNCT
ajfa-6070	147	33	appendix	appendix	NOUN
ajfa-6070	147	34	iv	iv	NUM
ajfa-6070	147	35	)	)	PUNCT
ajfa-6070	147	36	.	.	PUNCT
ajfa-6070	148	1	for	for	ADP
ajfa-6070	148	2	the	the	DET
ajfa-6070	148	3	cross	cross	ADJ
ajfa-6070	148	4	-	-	ADJ
ajfa-6070	148	5	sectional	sectional	ADJ
ajfa-6070	148	6	and	and	CCONJ
ajfa-6070	148	7	pooled	pool	VERB
ajfa-6070	148	8	panel	panel	NOUN
ajfa-6070	148	9	regression	regression	NOUN
ajfa-6070	148	10	analysis	analysis	NOUN
ajfa-6070	148	11	the	the	DET
ajfa-6070	148	12	study	study	NOUN
ajfa-6070	148	13	considers	consider	VERB
ajfa-6070	148	14	only	only	ADV
ajfa-6070	148	15	six	six	NUM
ajfa-6070	148	16	major	major	ADJ
ajfa-6070	148	17	groups	group	NOUN
ajfa-6070	148	18	of	of	ADP
ajfa-6070	148	19	ownership	ownership	NOUN
ajfa-6070	148	20	viz	viz	PROPN
ajfa-6070	148	21	.	.	PROPN
ajfa-6070	149	1	,	,	PUNCT
ajfa-6070	149	2	retail	retail	ADJ
ajfa-6070	149	3	shareholders	shareholder	NOUN
ajfa-6070	149	4	,	,	PUNCT
ajfa-6070	149	5	family	family	NOUN
ajfa-6070	149	6	ownership	ownership	NOUN
ajfa-6070	149	7	,	,	PUNCT
ajfa-6070	149	8	foreign	foreign	ADJ
ajfa-6070	149	9	institutional	institutional	ADJ
ajfa-6070	149	10	investors	investor	NOUN
ajfa-6070	149	11	,	,	PUNCT
ajfa-6070	149	12	domestic	domestic	ADJ
ajfa-6070	149	13	institutional	institutional	ADJ
ajfa-6070	149	14	investors	investor	NOUN
ajfa-6070	149	15	,	,	PUNCT
ajfa-6070	149	16	government	government	NOUN
ajfa-6070	149	17	,	,	PUNCT
ajfa-6070	149	18	corporate	corporate	ADJ
ajfa-6070	149	19	.	.	PUNCT
ajfa-6070	150	1	h1	h1	PROPN
ajfa-6070	150	2	:	:	PUNCT
ajfa-6070	150	3	there	there	PRON
ajfa-6070	150	4	is	be	VERB
ajfa-6070	150	5	a	a	DET
ajfa-6070	150	6	significant	significant	ADJ
ajfa-6070	150	7	relationship	relationship	NOUN
ajfa-6070	150	8	between	between	ADP
ajfa-6070	150	9	the	the	DET
ajfa-6070	150	10	ownership	ownership	NOUN
ajfa-6070	150	11	by	by	ADP
ajfa-6070	150	12	n	n	CCONJ
ajfa-6070	150	13	retail	retail	ADJ
ajfa-6070	150	14	investor	investor	NOUN
ajfa-6070	150	15	and	and	CCONJ
ajfa-6070	150	16	return	return	VERB
ajfa-6070	150	17	on	on	ADP
ajfa-6070	150	18	equity	equity	NOUN
ajfa-6070	150	19	.	.	PUNCT
ajfa-6070	151	1	h2	h2	PROPN
ajfa-6070	151	2	:	:	PUNCT
ajfa-6070	151	3	there	there	PRON
ajfa-6070	151	4	is	be	VERB
ajfa-6070	151	5	a	a	DET
ajfa-6070	151	6	significant	significant	ADJ
ajfa-6070	151	7	relationship	relationship	NOUN
ajfa-6070	151	8	between	between	ADP
ajfa-6070	151	9	the	the	DET
ajfa-6070	151	10	ownership	ownership	NOUN
ajfa-6070	151	11	by	by	ADP
ajfa-6070	151	12	n	n	CCONJ
ajfa-6070	151	13	institutional	institutional	ADJ
ajfa-6070	151	14	investor	investor	NOUN
ajfa-6070	151	15	and	and	CCONJ
ajfa-6070	151	16	return	return	VERB
ajfa-6070	151	17	on	on	ADP
ajfa-6070	151	18	equity	equity	NOUN
ajfa-6070	151	19	.	.	PUNCT
ajfa-6070	152	1	h3	h3	NOUN
ajfa-6070	152	2	:	:	PUNCT
ajfa-6070	152	3	there	there	PRON
ajfa-6070	152	4	is	be	VERB
ajfa-6070	152	5	a	a	DET
ajfa-6070	152	6	significant	significant	ADJ
ajfa-6070	152	7	relationship	relationship	NOUN
ajfa-6070	152	8	between	between	ADP
ajfa-6070	152	9	the	the	DET
ajfa-6070	152	10	ownership	ownership	NOUN
ajfa-6070	152	11	by	by	ADP
ajfa-6070	152	12	government	government	NOUN
ajfa-6070	152	13	and	and	CCONJ
ajfa-6070	152	14	return	return	VERB
ajfa-6070	152	15	on	on	ADP
ajfa-6070	152	16	equity	equity	NOUN
ajfa-6070	152	17	.	.	PUNCT
ajfa-6070	153	1	h4	h4	NOUN
ajfa-6070	153	2	:	:	PUNCT
ajfa-6070	153	3	there	there	PRON
ajfa-6070	153	4	is	be	VERB
ajfa-6070	153	5	a	a	DET
ajfa-6070	153	6	significant	significant	ADJ
ajfa-6070	153	7	relationship	relationship	NOUN
ajfa-6070	153	8	between	between	ADP
ajfa-6070	153	9	the	the	DET
ajfa-6070	153	10	ownership	ownership	NOUN
ajfa-6070	153	11	by	by	ADP
ajfa-6070	153	12	family	family	NOUN
ajfa-6070	153	13	and	and	CCONJ
ajfa-6070	153	14	return	return	VERB
ajfa-6070	153	15	on	on	ADP
ajfa-6070	153	16	equity	equity	NOUN
ajfa-6070	153	17	.	.	PUNCT
ajfa-6070	154	1	h5	h5	PROPN
ajfa-6070	154	2	:	:	PUNCT
ajfa-6070	154	3	there	there	PRON
ajfa-6070	154	4	is	be	VERB
ajfa-6070	154	5	a	a	DET
ajfa-6070	154	6	significant	significant	ADJ
ajfa-6070	154	7	relationship	relationship	NOUN
ajfa-6070	154	8	between	between	ADP
ajfa-6070	154	9	the	the	DET
ajfa-6070	154	10	ownership	ownership	NOUN
ajfa-6070	154	11	by	by	ADP
ajfa-6070	154	12	fii	fii	PROPN
ajfa-6070	154	13	and	and	CCONJ
ajfa-6070	154	14	return	return	VERB
ajfa-6070	154	15	on	on	ADP
ajfa-6070	154	16	equity	equity	NOUN
ajfa-6070	154	17	.	.	PUNCT
ajfa-6070	155	1	h6	h6	PROPN
ajfa-6070	155	2	:	:	PUNCT
ajfa-6070	155	3	there	there	PRON
ajfa-6070	155	4	is	be	VERB
ajfa-6070	155	5	a	a	DET
ajfa-6070	155	6	significant	significant	ADJ
ajfa-6070	155	7	relationship	relationship	NOUN
ajfa-6070	155	8	between	between	ADP
ajfa-6070	155	9	the	the	DET
ajfa-6070	155	10	ownership	ownership	NOUN
ajfa-6070	155	11	by	by	ADP
ajfa-6070	155	12	n	n	CCONJ
ajfa-6070	155	13	corporate	corporate	ADJ
ajfa-6070	155	14	and	and	CCONJ
ajfa-6070	155	15	return	return	VERB
ajfa-6070	155	16	on	on	ADP
ajfa-6070	155	17	equity	equity	NOUN
ajfa-6070	155	18	board	board	NOUN
ajfa-6070	155	19	size	size	NOUN
ajfa-6070	155	20	:	:	PUNCT
ajfa-6070	155	21	there	there	PRON
ajfa-6070	155	22	is	be	VERB
ajfa-6070	155	23	a	a	DET
ajfa-6070	155	24	view	view	NOUN
ajfa-6070	155	25	that	that	SCONJ
ajfa-6070	155	26	larger	large	ADJ
ajfa-6070	155	27	boards	board	NOUN
ajfa-6070	155	28	are	be	AUX
ajfa-6070	155	29	better	well	ADJ
ajfa-6070	155	30	for	for	ADP
ajfa-6070	155	31	corporate	corporate	ADJ
ajfa-6070	155	32	performance	performance	NOUN
ajfa-6070	155	33	because	because	SCONJ
ajfa-6070	155	34	they	they	PRON
ajfa-6070	155	35	have	have	VERB
ajfa-6070	155	36	a	a	DET
ajfa-6070	155	37	range	range	NOUN
ajfa-6070	155	38	of	of	ADP
ajfa-6070	155	39	expertise	expertise	NOUN
ajfa-6070	155	40	to	to	PART
ajfa-6070	155	41	help	help	VERB
ajfa-6070	155	42	make	make	VERB
ajfa-6070	155	43	better	well	ADJ
ajfa-6070	155	44	decisions	decision	NOUN
ajfa-6070	155	45	and	and	CCONJ
ajfa-6070	155	46	are	be	AUX
ajfa-6070	155	47	harder	hard	ADJ
ajfa-6070	155	48	for	for	SCONJ
ajfa-6070	155	49	a	a	DET
ajfa-6070	155	50	powerful	powerful	ADJ
ajfa-6070	155	51	ceo	ceo	NOUN
ajfa-6070	155	52	to	to	PART
ajfa-6070	155	53	dominate	dominate	VERB
ajfa-6070	155	54	.	.	PUNCT
ajfa-6070	156	1	however	however	ADV
ajfa-6070	156	2	,	,	PUNCT
ajfa-6070	156	3	recent	recent	ADJ
ajfa-6070	156	4	thinking	thinking	NOUN
ajfa-6070	156	5	has	have	AUX
ajfa-6070	156	6	leaned	lean	VERB
ajfa-6070	156	7	towards	towards	ADP
ajfa-6070	156	8	smaller	small	ADJ
ajfa-6070	156	9	boards	board	NOUN
ajfa-6070	156	10	.	.	PUNCT
ajfa-6070	157	1	board	board	NOUN
ajfa-6070	157	2	size	size	NOUN
ajfa-6070	157	3	has	have	AUX
ajfa-6070	157	4	been	be	AUX
ajfa-6070	157	5	measured	measure	VERB
ajfa-6070	157	6	as	as	ADP
ajfa-6070	157	7	the	the	DET
ajfa-6070	157	8	total	total	ADJ
ajfa-6070	157	9	number	number	NOUN
ajfa-6070	157	10	of	of	ADP
ajfa-6070	157	11	directors	director	NOUN
ajfa-6070	157	12	on	on	ADP
ajfa-6070	157	13	the	the	DET
ajfa-6070	157	14	board	board	NOUN
ajfa-6070	157	15	.	.	PUNCT
ajfa-6070	158	1	h5	h5	PROPN
ajfa-6070	158	2	:	:	PUNCT
ajfa-6070	158	3	there	there	PRON
ajfa-6070	158	4	is	be	VERB
ajfa-6070	158	5	a	a	DET
ajfa-6070	158	6	significant	significant	ADJ
ajfa-6070	158	7	relationship	relationship	NOUN
ajfa-6070	158	8	between	between	ADP
ajfa-6070	158	9	board	board	NOUN
ajfa-6070	158	10	size	size	NOUN
ajfa-6070	158	11	and	and	CCONJ
ajfa-6070	158	12	return	return	NOUN
ajfa-6070	158	13	on	on	ADP
ajfa-6070	158	14	equity	equity	NOUN
ajfa-6070	158	15	.	.	PUNCT
ajfa-6070	159	1	control	control	NOUN
ajfa-6070	159	2	variables	variable	NOUN
ajfa-6070	159	3	in	in	ADP
ajfa-6070	159	4	order	order	NOUN
ajfa-6070	159	5	to	to	PART
ajfa-6070	159	6	control	control	VERB
ajfa-6070	159	7	for	for	ADP
ajfa-6070	159	8	the	the	DET
ajfa-6070	159	9	other	other	ADJ
ajfa-6070	159	10	possible	possible	ADJ
ajfa-6070	159	11	determinants	determinant	NOUN
ajfa-6070	159	12	of	of	ADP
ajfa-6070	159	13	performance	performance	NOUN
ajfa-6070	159	14	not	not	PART
ajfa-6070	159	15	captured	capture	VERB
ajfa-6070	159	16	by	by	ADP
ajfa-6070	159	17	the	the	DET
ajfa-6070	159	18	ownership	ownership	NOUN
ajfa-6070	159	19	variables	variable	NOUN
ajfa-6070	159	20	,	,	PUNCT
ajfa-6070	159	21	some	some	DET
ajfa-6070	159	22	observed	observed	ADJ
ajfa-6070	159	23	company	company	NOUN
ajfa-6070	159	24	characteristics	characteristic	NOUN
ajfa-6070	159	25	have	have	AUX
ajfa-6070	159	26	been	be	AUX
ajfa-6070	159	27	included	include	VERB
ajfa-6070	159	28	as	as	ADP
ajfa-6070	159	29	control	control	NOUN
ajfa-6070	159	30	variables	variable	NOUN
ajfa-6070	159	31	.	.	PUNCT
ajfa-6070	160	1	the	the	DET
ajfa-6070	160	2	control	control	NOUN
ajfa-6070	160	3	variables	variable	NOUN
ajfa-6070	160	4	used	use	VERB
ajfa-6070	160	5	in	in	ADP
ajfa-6070	160	6	the	the	DET
ajfa-6070	160	7	study	study	NOUN
ajfa-6070	160	8	have	have	AUX
ajfa-6070	160	9	been	be	AUX
ajfa-6070	160	10	selected	select	VERB
ajfa-6070	160	11	with	with	ADP
ajfa-6070	160	12	reference	reference	NOUN
ajfa-6070	160	13	to	to	ADP
ajfa-6070	160	14	those	those	PRON
ajfa-6070	160	15	employed	employ	VERB
ajfa-6070	160	16	in	in	ADP
ajfa-6070	160	17	earlier	early	ADJ
ajfa-6070	160	18	studies	study	NOUN
ajfa-6070	160	19	.	.	PUNCT
ajfa-6070	161	1	asian	asian	ADJ
ajfa-6070	161	2	journal	journal	PROPN
ajfa-6070	161	3	of	of	ADP
ajfa-6070	161	4	finance	finance	PROPN
ajfa-6070	161	5	&	&	CCONJ
ajfa-6070	161	6	accounting	accounting	PROPN
ajfa-6070	161	7	issn	issn	PROPN
ajfa-6070	161	8	1946	1946	NUM
ajfa-6070	161	9	-	-	PUNCT
ajfa-6070	161	10	052x	052x	NOUN
ajfa-6070	161	11	2015	2015	NUM
ajfa-6070	161	12	,	,	PUNCT
ajfa-6070	161	13	vol	vol	NOUN
ajfa-6070	161	14	.	.	PROPN
ajfa-6070	161	15	7	7	NUM
ajfa-6070	161	16	,	,	PUNCT
ajfa-6070	161	17	no	no	INTJ
ajfa-6070	161	18	.	.	NOUN
ajfa-6070	161	19	1	1	NUM
ajfa-6070	161	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6070	161	21	54	54	NUM
ajfa-6070	161	22	age	age	NOUN
ajfa-6070	161	23	:	:	PUNCT
ajfa-6070	161	24	age	age	NOUN
ajfa-6070	161	25	of	of	ADP
ajfa-6070	161	26	the	the	DET
ajfa-6070	161	27	company	company	NOUN
ajfa-6070	161	28	has	have	VERB
ajfa-6070	161	29	an	an	DET
ajfa-6070	161	30	ambiguous	ambiguous	ADJ
ajfa-6070	161	31	effect	effect	NOUN
ajfa-6070	161	32	a	a	DET
ajfa-6070	161	33	priori	priori	NOUN
ajfa-6070	161	34	on	on	ADP
ajfa-6070	161	35	company	company	NOUN
ajfa-6070	161	36	performance	performance	NOUN
ajfa-6070	161	37	.	.	PUNCT
ajfa-6070	162	1	it	it	PRON
ajfa-6070	162	2	is	be	AUX
ajfa-6070	162	3	argued	argue	VERB
ajfa-6070	162	4	that	that	SCONJ
ajfa-6070	162	5	due	due	ADP
ajfa-6070	162	6	to	to	ADP
ajfa-6070	162	7	the	the	DET
ajfa-6070	162	8	effects	effect	NOUN
ajfa-6070	162	9	of	of	ADP
ajfa-6070	162	10	the	the	DET
ajfa-6070	162	11	learning	learning	NOUN
ajfa-6070	162	12	curve	curve	NOUN
ajfa-6070	162	13	and	and	CCONJ
ajfa-6070	162	14	survival	survival	NOUN
ajfa-6070	162	15	bias	bias	NOUN
ajfa-6070	162	16	older	old	ADJ
ajfa-6070	162	17	firms	firm	NOUN
ajfa-6070	162	18	are	be	AUX
ajfa-6070	162	19	likely	likely	ADJ
ajfa-6070	162	20	to	to	PART
ajfa-6070	162	21	be	be	AUX
ajfa-6070	162	22	more	more	ADV
ajfa-6070	162	23	efficient	efficient	ADJ
ajfa-6070	162	24	than	than	ADP
ajfa-6070	162	25	younger	young	ADJ
ajfa-6070	162	26	ones	one	NOUN
ajfa-6070	162	27	.	.	PUNCT
ajfa-6070	163	1	thus	thus	ADV
ajfa-6070	163	2	,	,	PUNCT
ajfa-6070	163	3	a	a	DET
ajfa-6070	163	4	better	well	ADJ
ajfa-6070	163	5	performance	performance	NOUN
ajfa-6070	163	6	should	should	AUX
ajfa-6070	163	7	be	be	AUX
ajfa-6070	163	8	expected	expect	VERB
ajfa-6070	163	9	.	.	PUNCT
ajfa-6070	164	1	however	however	ADV
ajfa-6070	164	2	,	,	PUNCT
ajfa-6070	164	3	older	old	ADJ
ajfa-6070	164	4	companies	company	NOUN
ajfa-6070	164	5	are	be	AUX
ajfa-6070	164	6	prone	prone	ADJ
ajfa-6070	164	7	to	to	ADP
ajfa-6070	164	8	inertia	inertia	NOUN
ajfa-6070	164	9	,	,	PUNCT
ajfa-6070	164	10	and	and	CCONJ
ajfa-6070	164	11	rigidities	rigidity	NOUN
ajfa-6070	164	12	in	in	ADP
ajfa-6070	164	13	adaptability	adaptability	NOUN
ajfa-6070	164	14	,	,	PUNCT
ajfa-6070	164	15	which	which	PRON
ajfa-6070	164	16	may	may	AUX
ajfa-6070	164	17	lead	lead	VERB
ajfa-6070	164	18	to	to	ADP
ajfa-6070	164	19	lower	low	ADJ
ajfa-6070	164	20	performance	performance	NOUN
ajfa-6070	164	21	.	.	PUNCT
ajfa-6070	165	1	age	age	NOUN
ajfa-6070	165	2	has	have	AUX
ajfa-6070	165	3	been	be	AUX
ajfa-6070	165	4	measured	measure	VERB
ajfa-6070	165	5	as	as	ADP
ajfa-6070	165	6	the	the	DET
ajfa-6070	165	7	number	number	NOUN
ajfa-6070	165	8	of	of	ADP
ajfa-6070	165	9	years	year	NOUN
ajfa-6070	165	10	for	for	ADP
ajfa-6070	165	11	which	which	PRON
ajfa-6070	165	12	the	the	DET
ajfa-6070	165	13	company	company	NOUN
ajfa-6070	165	14	has	have	AUX
ajfa-6070	165	15	been	be	AUX
ajfa-6070	165	16	in	in	ADP
ajfa-6070	165	17	existence	existence	NOUN
ajfa-6070	165	18	since	since	SCONJ
ajfa-6070	165	19	incorporation	incorporation	NOUN
ajfa-6070	165	20	to	to	ADP
ajfa-6070	165	21	the	the	DET
ajfa-6070	165	22	date	date	NOUN
ajfa-6070	165	23	of	of	ADP
ajfa-6070	165	24	observation	observation	NOUN
ajfa-6070	165	25	.	.	PUNCT
ajfa-6070	166	1	size	size	NOUN
ajfa-6070	166	2	:	:	PUNCT
ajfa-6070	167	1	a	a	DET
ajfa-6070	167	2	vast	vast	ADJ
ajfa-6070	167	3	amount	amount	NOUN
ajfa-6070	167	4	of	of	ADP
ajfa-6070	167	5	literature	literature	NOUN
ajfa-6070	167	6	has	have	AUX
ajfa-6070	167	7	investigated	investigate	VERB
ajfa-6070	167	8	the	the	DET
ajfa-6070	167	9	relation	relation	NOUN
ajfa-6070	167	10	between	between	ADP
ajfa-6070	167	11	size	size	NOUN
ajfa-6070	167	12	and	and	CCONJ
ajfa-6070	167	13	performance	performance	NOUN
ajfa-6070	167	14	of	of	ADP
ajfa-6070	167	15	firms	firm	NOUN
ajfa-6070	167	16	.	.	PUNCT
ajfa-6070	168	1	band	band	NOUN
ajfa-6070	168	2	(	(	PUNCT
ajfa-6070	168	3	1981	1981	NUM
ajfa-6070	168	4	)	)	PUNCT
ajfa-6070	168	5	and	and	CCONJ
ajfa-6070	168	6	reinganum	reinganum	ADJ
ajfa-6070	168	7	(	(	PUNCT
ajfa-6070	168	8	1981	1981	NUM
ajfa-6070	168	9	)	)	PUNCT
ajfa-6070	168	10	documented	document	VERB
ajfa-6070	168	11	that	that	SCONJ
ajfa-6070	168	12	small	small	ADJ
ajfa-6070	168	13	firms	firm	NOUN
ajfa-6070	168	14	have	have	VERB
ajfa-6070	168	15	higher	high	ADJ
ajfa-6070	168	16	returns	return	NOUN
ajfa-6070	168	17	than	than	ADP
ajfa-6070	168	18	large	large	ADJ
ajfa-6070	168	19	firms	firm	NOUN
ajfa-6070	168	20	,	,	PUNCT
ajfa-6070	168	21	even	even	ADV
ajfa-6070	168	22	after	after	ADP
ajfa-6070	168	23	adjusting	adjust	VERB
ajfa-6070	168	24	for	for	ADP
ajfa-6070	168	25	risk	risk	NOUN
ajfa-6070	168	26	via	via	ADP
ajfa-6070	168	27	the	the	DET
ajfa-6070	168	28	capital	capital	NOUN
ajfa-6070	168	29	asset	asset	NOUN
ajfa-6070	168	30	pricing	pricing	NOUN
ajfa-6070	168	31	model	model	NOUN
ajfa-6070	168	32	(	(	PUNCT
ajfa-6070	168	33	capm	capm	PROPN
ajfa-6070	168	34	)	)	PUNCT
ajfa-6070	168	35	.	.	PUNCT
ajfa-6070	169	1	lang	lang	PROPN
ajfa-6070	169	2	and	and	CCONJ
ajfa-6070	169	3	stulz	stulz	ADJ
ajfa-6070	169	4	(	(	PUNCT
ajfa-6070	169	5	1994	1994	NUM
ajfa-6070	169	6	)	)	PUNCT
ajfa-6070	169	7	reported	report	VERB
ajfa-6070	169	8	significant	significant	ADJ
ajfa-6070	169	9	negative	negative	ADJ
ajfa-6070	169	10	correlation	correlation	NOUN
ajfa-6070	169	11	between	between	ADP
ajfa-6070	169	12	size	size	NOUN
ajfa-6070	169	13	and	and	CCONJ
ajfa-6070	169	14	tobin	tobin	PROPN
ajfa-6070	169	15	’s	’s	PART
ajfa-6070	169	16	q.	q.	PROPN
ajfa-6070	169	17	firm	firm	PROPN
ajfa-6070	169	18	size	size	NOUN
ajfa-6070	169	19	can	can	AUX
ajfa-6070	169	20	be	be	AUX
ajfa-6070	169	21	measured	measure	VERB
ajfa-6070	169	22	in	in	ADP
ajfa-6070	169	23	different	different	ADJ
ajfa-6070	169	24	ways	way	NOUN
ajfa-6070	169	25	,	,	PUNCT
ajfa-6070	169	26	using	use	VERB
ajfa-6070	169	27	total	total	ADJ
ajfa-6070	169	28	assets	asset	NOUN
ajfa-6070	169	29	as	as	ADP
ajfa-6070	169	30	a	a	DET
ajfa-6070	169	31	proxy	proxy	NOUN
ajfa-6070	169	32	of	of	ADP
ajfa-6070	169	33	firm	firm	ADJ
ajfa-6070	169	34	size	size	NOUN
ajfa-6070	169	35	.	.	PUNCT
ajfa-6070	170	1	gilson	gilson	PROPN
ajfa-6070	170	2	(	(	PUNCT
ajfa-6070	170	3	1997	1997	NUM
ajfa-6070	170	4	)	)	PUNCT
ajfa-6070	170	5	used	use	VERB
ajfa-6070	170	6	the	the	DET
ajfa-6070	170	7	natural	natural	ADJ
ajfa-6070	170	8	log	log	NOUN
ajfa-6070	170	9	of	of	ADP
ajfa-6070	170	10	total	total	ADJ
ajfa-6070	170	11	assets	asset	NOUN
ajfa-6070	170	12	as	as	ADP
ajfa-6070	170	13	a	a	DET
ajfa-6070	170	14	proxy	proxy	NOUN
ajfa-6070	170	15	of	of	ADP
ajfa-6070	170	16	firm	firm	ADJ
ajfa-6070	170	17	size	size	NOUN
ajfa-6070	170	18	.	.	PUNCT
ajfa-6070	171	1	the	the	DET
ajfa-6070	171	2	literature	literature	NOUN
ajfa-6070	171	3	also	also	ADV
ajfa-6070	171	4	shows	show	VERB
ajfa-6070	171	5	that	that	SCONJ
ajfa-6070	171	6	alternative	alternative	ADJ
ajfa-6070	171	7	measures	measure	NOUN
ajfa-6070	171	8	of	of	ADP
ajfa-6070	171	9	size	size	NOUN
ajfa-6070	171	10	,	,	PUNCT
ajfa-6070	171	11	based	base	VERB
ajfa-6070	171	12	on	on	ADP
ajfa-6070	171	13	annual	annual	ADJ
ajfa-6070	171	14	sales	sale	NOUN
ajfa-6070	171	15	or	or	CCONJ
ajfa-6070	171	16	total	total	ADJ
ajfa-6070	171	17	asset	asset	NOUN
ajfa-6070	171	18	values	value	NOUN
ajfa-6070	171	19	,	,	PUNCT
ajfa-6070	171	20	do	do	AUX
ajfa-6070	171	21	not	not	PART
ajfa-6070	171	22	materially	materially	ADV
ajfa-6070	171	23	affect	affect	VERB
ajfa-6070	171	24	the	the	DET
ajfa-6070	171	25	inferences	inference	NOUN
ajfa-6070	171	26	.	.	PUNCT
ajfa-6070	172	1	this	this	PRON
ajfa-6070	172	2	has	have	AUX
ajfa-6070	172	3	been	be	AUX
ajfa-6070	172	4	measured	measure	VERB
ajfa-6070	172	5	by	by	ADP
ajfa-6070	172	6	the	the	DET
ajfa-6070	172	7	natural	natural	ADJ
ajfa-6070	172	8	logarithm	logarithm	NOUN
ajfa-6070	172	9	of	of	ADP
ajfa-6070	172	10	total	total	ADJ
ajfa-6070	172	11	assets	asset	NOUN
ajfa-6070	172	12	of	of	ADP
ajfa-6070	172	13	firms	firm	NOUN
ajfa-6070	172	14	.	.	PUNCT
ajfa-6070	173	1	debt	debt	NOUN
ajfa-6070	173	2	-	-	PUNCT
ajfa-6070	173	3	equity	equity	NOUN
ajfa-6070	173	4	:	:	PUNCT
ajfa-6070	173	5	theories	theory	NOUN
ajfa-6070	173	6	on	on	ADP
ajfa-6070	173	7	the	the	DET
ajfa-6070	173	8	role	role	NOUN
ajfa-6070	173	9	of	of	ADP
ajfa-6070	173	10	debt	debt	NOUN
ajfa-6070	173	11	provide	provide	VERB
ajfa-6070	173	12	us	we	PRON
ajfa-6070	173	13	with	with	ADP
ajfa-6070	173	14	a	a	DET
ajfa-6070	173	15	complementary	complementary	ADJ
ajfa-6070	173	16	corporate	corporate	ADJ
ajfa-6070	173	17	governance	governance	NOUN
ajfa-6070	173	18	mechanism	mechanism	NOUN
ajfa-6070	173	19	that	that	PRON
ajfa-6070	173	20	monitors	monitor	VERB
ajfa-6070	173	21	the	the	DET
ajfa-6070	173	22	management	management	NOUN
ajfa-6070	173	23	(	(	PUNCT
ajfa-6070	173	24	jensen	jensen	PROPN
ajfa-6070	173	25	,	,	PUNCT
ajfa-6070	173	26	1989	1989	NUM
ajfa-6070	173	27	;	;	PUNCT
ajfa-6070	173	28	and	and	CCONJ
ajfa-6070	173	29	thomsen	thomsen	PROPN
ajfa-6070	173	30	and	and	CCONJ
ajfa-6070	173	31	pedersen	pedersen	PROPN
ajfa-6070	173	32	,	,	PUNCT
ajfa-6070	173	33	2000	2000	NUM
ajfa-6070	173	34	)	)	PUNCT
ajfa-6070	173	35	.	.	PUNCT
ajfa-6070	174	1	following	follow	VERB
ajfa-6070	174	2	regression	regression	NOUN
ajfa-6070	174	3	equation	equation	NOUN
ajfa-6070	174	4	for	for	ADP
ajfa-6070	174	5	our	our	PRON
ajfa-6070	174	6	research	research	NOUN
ajfa-6070	174	7	has	have	AUX
ajfa-6070	174	8	been	be	AUX
ajfa-6070	174	9	formulated	formulate	VERB
ajfa-6070	174	10	:	:	PUNCT
ajfa-6070	174	11	we	we	PRON
ajfa-6070	174	12	have	have	AUX
ajfa-6070	174	13	used	use	VERB
ajfa-6070	174	14	pooled	pool	VERB
ajfa-6070	174	15	panel	panel	NOUN
ajfa-6070	174	16	regression	regression	NOUN
ajfa-6070	174	17	model	model	NOUN
ajfa-6070	174	18	.	.	PUNCT
ajfa-6070	175	1	the	the	DET
ajfa-6070	175	2	data	datum	NOUN
ajfa-6070	175	3	are	be	AUX
ajfa-6070	175	4	usually	usually	ADV
ajfa-6070	175	5	collected	collect	VERB
ajfa-6070	175	6	over	over	ADP
ajfa-6070	175	7	time	time	NOUN
ajfa-6070	175	8	and	and	CCONJ
ajfa-6070	175	9	over	over	ADP
ajfa-6070	175	10	the	the	DET
ajfa-6070	175	11	same	same	ADJ
ajfa-6070	175	12	individuals	individual	NOUN
ajfa-6070	175	13	and	and	CCONJ
ajfa-6070	175	14	then	then	ADV
ajfa-6070	175	15	a	a	DET
ajfa-6070	175	16	regression	regression	NOUN
ajfa-6070	175	17	is	be	AUX
ajfa-6070	175	18	run	run	VERB
ajfa-6070	175	19	over	over	ADP
ajfa-6070	175	20	these	these	DET
ajfa-6070	175	21	two	two	NUM
ajfa-6070	175	22	dimensions	dimension	NOUN
ajfa-6070	175	23	.	.	PUNCT
ajfa-6070	176	1	the	the	DET
ajfa-6070	176	2	regression	regression	NOUN
ajfa-6070	176	3	has	have	AUX
ajfa-6070	176	4	been	be	AUX
ajfa-6070	176	5	applied	apply	VERB
ajfa-6070	176	6	on	on	ADP
ajfa-6070	176	7	the	the	DET
ajfa-6070	176	8	entire	entire	ADJ
ajfa-6070	176	9	sample	sample	NOUN
ajfa-6070	176	10	in	in	ADP
ajfa-6070	176	11	total	total	NOUN
ajfa-6070	176	12	.	.	PUNCT
ajfa-6070	177	1	5	5	X
ajfa-6070	177	2	.	.	X
ajfa-6070	177	3	analysis	analysis	NOUN
ajfa-6070	177	4	and	and	CCONJ
ajfa-6070	177	5	interpretations	interpretation	NOUN
ajfa-6070	177	6	of	of	ADP
ajfa-6070	177	7	empirical	empirical	ADJ
ajfa-6070	177	8	results	result	NOUN
ajfa-6070	177	9	5.1	5.1	NUM
ajfa-6070	177	10	relationship	relationship	NOUN
ajfa-6070	177	11	between	between	ADP
ajfa-6070	177	12	shareholder	shareholder	NOUN
ajfa-6070	177	13	types	type	NOUN
ajfa-6070	177	14	and	and	CCONJ
ajfa-6070	177	15	roe	roe	PROPN
ajfa-6070	177	16	asian	asian	PROPN
ajfa-6070	177	17	journal	journal	PROPN
ajfa-6070	177	18	of	of	ADP
ajfa-6070	177	19	finance	finance	PROPN
ajfa-6070	177	20	&	&	CCONJ
ajfa-6070	177	21	accounting	accounting	PROPN
ajfa-6070	177	22	issn	issn	PROPN
ajfa-6070	177	23	1946	1946	NUM
ajfa-6070	177	24	-	-	PUNCT
ajfa-6070	177	25	052x	052x	NOUN
ajfa-6070	177	26	2015	2015	NUM
ajfa-6070	177	27	,	,	PUNCT
ajfa-6070	177	28	vol	vol	NOUN
ajfa-6070	177	29	.	.	PROPN
ajfa-6070	177	30	7	7	NUM
ajfa-6070	177	31	,	,	PUNCT
ajfa-6070	177	32	no	no	INTJ
ajfa-6070	177	33	.	.	NOUN
ajfa-6070	177	34	1	1	NUM
ajfa-6070	177	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6070	177	36	55	55	NUM
ajfa-6070	177	37	table	table	NOUN
ajfa-6070	177	38	2	2	NUM
ajfa-6070	177	39	.	.	NOUN
ajfa-6070	177	40	result	result	NOUN
ajfa-6070	177	41	of	of	ADP
ajfa-6070	177	42	pooled	pool	VERB
ajfa-6070	177	43	panel	panel	NOUN
ajfa-6070	177	44	regression	regression	NOUN
ajfa-6070	177	45	dependent	dependent	ADJ
ajfa-6070	177	46	variables	variable	NOUN
ajfa-6070	177	47	independent	independent	ADJ
ajfa-6070	177	48	variables	variables	PROPN
ajfa-6070	177	49	roe	roe	PROPN
ajfa-6070	177	50	coefficients	coefficient	NOUN
ajfa-6070	177	51	pvalue	pvalue	NOUN
ajfa-6070	177	52	intercept	intercept	VERB
ajfa-6070	177	53	92.77196	92.77196	NUM
ajfa-6070	177	54	0.0819	0.0819	NUM
ajfa-6070	177	55	retail	retail	ADJ
ajfa-6070	177	56	shareholding	shareholding	NOUN
ajfa-6070	177	57	-0.240335	-0.240335	NOUN
ajfa-6070	177	58	0.3653	0.3653	NUM
ajfa-6070	177	59	institutional	institutional	ADJ
ajfa-6070	177	60	investors	investor	NOUN
ajfa-6070	177	61	shareholding	shareholde	VERB
ajfa-6070	177	62	0.069376	0.069376	NUM
ajfa-6070	177	63	0.4072	0.4072	NUM
ajfa-6070	177	64	government	government	NOUN
ajfa-6070	177	65	-0.105731	-0.105731	NOUN
ajfa-6070	177	66	0.0171	0.0171	NUM
ajfa-6070	177	67	family	family	NOUN
ajfa-6070	177	68	shareholding	shareholde	VERB
ajfa-6070	177	69	0.807634	0.807634	NUM
ajfa-6070	177	70	0.0054	0.0054	NUM
ajfa-6070	177	71	fii	fii	PROPN
ajfa-6070	177	72	shareholding	shareholde	VERB
ajfa-6070	177	73	0.385009	0.385009	NUM
ajfa-6070	177	74	0.0009	0.0009	NUM
ajfa-6070	177	75	corporate	corporate	ADJ
ajfa-6070	177	76	shareholding	shareholding	NOUN
ajfa-6070	177	77	-0.045606	-0.045606	VERB
ajfa-6070	177	78	0.361	0.361	NUM
ajfa-6070	177	79	size	size	NOUN
ajfa-6070	177	80	-16.8298	-16.8298	SYM
ajfa-6070	177	81	0.018	0.018	NUM
ajfa-6070	177	82	log	log	NOUN
ajfa-6070	177	83	advertising	advertise	VERB
ajfa-6070	177	84	2.064538	2.064538	NUM
ajfa-6070	177	85	0.0134	0.0134	NUM
ajfa-6070	177	86	cgi	cgi	NOUN
ajfa-6070	177	87	-15.82816	-15.82816	SYM
ajfa-6070	177	88	0.001	0.001	NUM
ajfa-6070	177	89	board	board	NOUN
ajfa-6070	177	90	size	size	NOUN
ajfa-6070	177	91	1.383278	1.383278	NUM
ajfa-6070	177	92	0.0831	0.0831	NUM
ajfa-6070	177	93	age	age	NOUN
ajfa-6070	177	94	0.154378	0.154378	NUM
ajfa-6070	177	95	0.2059	0.2059	NUM
ajfa-6070	177	96	debt	debt	NOUN
ajfa-6070	177	97	-	-	PUNCT
ajfa-6070	177	98	equity	equity	NOUN
ajfa-6070	177	99	-1.9976	-1.9976	NOUN
ajfa-6070	177	100	0.4354	0.4354	NUM
ajfa-6070	177	101	r	r	NOUN
ajfa-6070	177	102	squared	square	VERB
ajfa-6070	177	103	0.20886	0.20886	NUM
ajfa-6070	177	104	the	the	DET
ajfa-6070	177	105	table	table	NOUN
ajfa-6070	177	106	is	be	AUX
ajfa-6070	177	107	a	a	DET
ajfa-6070	177	108	snapshot	snapshot	NOUN
ajfa-6070	177	109	of	of	ADP
ajfa-6070	177	110	the	the	DET
ajfa-6070	177	111	regression	regression	NOUN
ajfa-6070	177	112	results	result	NOUN
ajfa-6070	177	113	on	on	ADP
ajfa-6070	177	114	an	an	DET
ajfa-6070	177	115	aggregate	aggregate	ADJ
ajfa-6070	177	116	basis	basis	NOUN
ajfa-6070	177	117	.	.	PUNCT
ajfa-6070	178	1	the	the	DET
ajfa-6070	178	2	calculations	calculation	NOUN
ajfa-6070	178	3	show	show	VERB
ajfa-6070	178	4	that	that	SCONJ
ajfa-6070	178	5	retail	retail	ADJ
ajfa-6070	178	6	shareholding	shareholding	NOUN
ajfa-6070	178	7	has	have	VERB
ajfa-6070	178	8	a	a	DET
ajfa-6070	178	9	negative	negative	ADJ
ajfa-6070	178	10	relationship	relationship	NOUN
ajfa-6070	178	11	with	with	ADP
ajfa-6070	178	12	financial	financial	ADJ
ajfa-6070	178	13	performance	performance	NOUN
ajfa-6070	178	14	as	as	SCONJ
ajfa-6070	178	15	measured	measure	VERB
ajfa-6070	178	16	by	by	ADP
ajfa-6070	178	17	roe	roe	PROPN
ajfa-6070	178	18	,	,	PUNCT
ajfa-6070	178	19	though	though	SCONJ
ajfa-6070	178	20	not	not	PART
ajfa-6070	178	21	significant	significant	ADJ
ajfa-6070	178	22	.	.	PUNCT
ajfa-6070	179	1	individual	individual	ADJ
ajfa-6070	179	2	shareholders	shareholder	NOUN
ajfa-6070	179	3	are	be	AUX
ajfa-6070	179	4	ineffective	ineffective	ADJ
ajfa-6070	179	5	due	due	ADJ
ajfa-6070	179	6	to	to	ADP
ajfa-6070	179	7	"	"	PUNCT
ajfa-6070	179	8	free	free	ADJ
ajfa-6070	179	9	riding	riding	NOUN
ajfa-6070	179	10	"	"	PUNCT
ajfa-6070	179	11	problem	problem	NOUN
ajfa-6070	179	12	(	(	PUNCT
ajfa-6070	179	13	repei	repei	NOUN
ajfa-6070	179	14	,	,	PUNCT
ajfa-6070	179	15	2000	2000	NUM
ajfa-6070	179	16	)	)	PUNCT
ajfa-6070	179	17	.	.	PUNCT
ajfa-6070	180	1	the	the	DET
ajfa-6070	180	2	hypothesis	hypothesis	NOUN
ajfa-6070	180	3	that	that	SCONJ
ajfa-6070	180	4	there	there	PRON
ajfa-6070	180	5	is	be	VERB
ajfa-6070	180	6	a	a	DET
ajfa-6070	180	7	significant	significant	ADJ
ajfa-6070	180	8	relationship	relationship	NOUN
ajfa-6070	180	9	between	between	ADP
ajfa-6070	180	10	the	the	DET
ajfa-6070	180	11	asian	asian	ADJ
ajfa-6070	180	12	journal	journal	NOUN
ajfa-6070	180	13	of	of	ADP
ajfa-6070	180	14	finance	finance	PROPN
ajfa-6070	180	15	&	&	CCONJ
ajfa-6070	180	16	accounting	accounting	PROPN
ajfa-6070	180	17	issn	issn	PROPN
ajfa-6070	180	18	1946	1946	NUM
ajfa-6070	180	19	-	-	PUNCT
ajfa-6070	180	20	052x	052x	NOUN
ajfa-6070	180	21	2015	2015	NUM
ajfa-6070	180	22	,	,	PUNCT
ajfa-6070	180	23	vol	vol	NOUN
ajfa-6070	180	24	.	.	PROPN
ajfa-6070	180	25	7	7	NUM
ajfa-6070	180	26	,	,	PUNCT
ajfa-6070	180	27	no	no	INTJ
ajfa-6070	180	28	.	.	NOUN
ajfa-6070	180	29	1	1	NUM
ajfa-6070	180	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6070	180	31	56	56	NUM
ajfa-6070	180	32	ownership	ownership	NOUN
ajfa-6070	180	33	by	by	ADP
ajfa-6070	180	34	retail	retail	ADJ
ajfa-6070	180	35	investor	investor	NOUN
ajfa-6070	180	36	and	and	CCONJ
ajfa-6070	180	37	return	return	NOUN
ajfa-6070	180	38	on	on	ADP
ajfa-6070	180	39	equity	equity	NOUN
ajfa-6070	180	40	is	be	AUX
ajfa-6070	180	41	therefore	therefore	ADV
ajfa-6070	180	42	rejected	reject	VERB
ajfa-6070	180	43	.	.	PUNCT
ajfa-6070	181	1	the	the	DET
ajfa-6070	181	2	presence	presence	NOUN
ajfa-6070	181	3	of	of	ADP
ajfa-6070	181	4	institutional	institutional	ADJ
ajfa-6070	181	5	shareholders	shareholder	NOUN
ajfa-6070	181	6	in	in	ADP
ajfa-6070	181	7	a	a	DET
ajfa-6070	181	8	company	company	NOUN
ajfa-6070	181	9	has	have	VERB
ajfa-6070	181	10	a	a	DET
ajfa-6070	181	11	positive	positive	ADJ
ajfa-6070	181	12	but	but	CCONJ
ajfa-6070	181	13	insignificant	insignificant	ADJ
ajfa-6070	181	14	effect	effect	NOUN
ajfa-6070	181	15	on	on	ADP
ajfa-6070	181	16	the	the	DET
ajfa-6070	181	17	firm	firm	ADJ
ajfa-6070	181	18	performance	performance	NOUN
ajfa-6070	181	19	as	as	SCONJ
ajfa-6070	181	20	seen	see	VERB
ajfa-6070	181	21	in	in	ADP
ajfa-6070	181	22	the	the	DET
ajfa-6070	181	23	results	result	NOUN
ajfa-6070	181	24	.	.	PUNCT
ajfa-6070	182	1	the	the	DET
ajfa-6070	182	2	institutional	institutional	ADJ
ajfa-6070	182	3	investors	investor	NOUN
ajfa-6070	182	4	help	help	VERB
ajfa-6070	182	5	in	in	ADP
ajfa-6070	182	6	reducing	reduce	VERB
ajfa-6070	182	7	the	the	DET
ajfa-6070	182	8	information	information	NOUN
ajfa-6070	182	9	asymmetry	asymmetry	NOUN
ajfa-6070	182	10	associated	associate	VERB
ajfa-6070	182	11	with	with	ADP
ajfa-6070	182	12	ownership	ownership	NOUN
ajfa-6070	182	13	and	and	CCONJ
ajfa-6070	182	14	control	control	NOUN
ajfa-6070	182	15	.	.	PUNCT
ajfa-6070	183	1	also	also	ADV
ajfa-6070	183	2	they	they	PRON
ajfa-6070	183	3	have	have	VERB
ajfa-6070	183	4	access	access	NOUN
ajfa-6070	183	5	to	to	ADP
ajfa-6070	183	6	information	information	NOUN
ajfa-6070	183	7	that	that	PRON
ajfa-6070	183	8	helps	help	VERB
ajfa-6070	183	9	in	in	ADP
ajfa-6070	183	10	decision	decision	NOUN
ajfa-6070	183	11	making	making	NOUN
ajfa-6070	183	12	(	(	PUNCT
ajfa-6070	183	13	shleifer	shleifer	NOUN
ajfa-6070	183	14	and	and	CCONJ
ajfa-6070	183	15	vishny	vishny	PROPN
ajfa-6070	183	16	,	,	PUNCT
ajfa-6070	183	17	1986	1986	NUM
ajfa-6070	183	18	)	)	PUNCT
ajfa-6070	183	19	.	.	PUNCT
ajfa-6070	184	1	we	we	PRON
ajfa-6070	184	2	therefore	therefore	ADV
ajfa-6070	184	3	reject	reject	VERB
ajfa-6070	184	4	the	the	DET
ajfa-6070	184	5	hypothesis	hypothesis	NOUN
ajfa-6070	184	6	that	that	PRON
ajfa-6070	184	7	institutional	institutional	ADJ
ajfa-6070	184	8	shareholders	shareholder	NOUN
ajfa-6070	184	9	have	have	VERB
ajfa-6070	184	10	a	a	DET
ajfa-6070	184	11	significant	significant	ADJ
ajfa-6070	184	12	impact	impact	NOUN
ajfa-6070	184	13	on	on	ADP
ajfa-6070	184	14	roe	roe	NOUN
ajfa-6070	184	15	.	.	PUNCT
ajfa-6070	185	1	the	the	DET
ajfa-6070	185	2	impact	impact	NOUN
ajfa-6070	185	3	of	of	ADP
ajfa-6070	185	4	government	government	NOUN
ajfa-6070	185	5	ownership	ownership	NOUN
ajfa-6070	185	6	on	on	ADP
ajfa-6070	185	7	the	the	DET
ajfa-6070	185	8	firm	firm	ADJ
ajfa-6070	185	9	performance	performance	NOUN
ajfa-6070	185	10	is	be	AUX
ajfa-6070	185	11	significant	significant	ADJ
ajfa-6070	185	12	at	at	ADP
ajfa-6070	185	13	5	5	NUM
ajfa-6070	185	14	%	%	NOUN
ajfa-6070	185	15	and	and	CCONJ
ajfa-6070	185	16	is	be	AUX
ajfa-6070	185	17	negatively	negatively	ADV
ajfa-6070	185	18	related	relate	VERB
ajfa-6070	185	19	as	as	SCONJ
ajfa-6070	185	20	governments	government	NOUN
ajfa-6070	185	21	are	be	AUX
ajfa-6070	185	22	likely	likely	ADJ
ajfa-6070	185	23	to	to	PART
ajfa-6070	185	24	pay	pay	VERB
ajfa-6070	185	25	special	special	ADJ
ajfa-6070	185	26	attention	attention	NOUN
ajfa-6070	185	27	to	to	ADP
ajfa-6070	185	28	political	political	ADJ
ajfa-6070	185	29	goals	goal	NOUN
ajfa-6070	185	30	,	,	PUNCT
ajfa-6070	185	31	many	many	ADJ
ajfa-6070	185	32	of	of	ADP
ajfa-6070	185	33	which	which	PRON
ajfa-6070	185	34	may	may	AUX
ajfa-6070	185	35	be	be	AUX
ajfa-6070	185	36	negatively	negatively	ADV
ajfa-6070	185	37	correlated	correlate	VERB
ajfa-6070	185	38	with	with	ADP
ajfa-6070	185	39	the	the	DET
ajfa-6070	185	40	roe	roe	NOUN
ajfa-6070	185	41	(	(	PUNCT
ajfa-6070	185	42	pedersen	pedersen	PROPN
ajfa-6070	185	43	and	and	CCONJ
ajfa-6070	185	44	thomsen	thomsen	PROPN
ajfa-6070	185	45	,	,	PUNCT
ajfa-6070	185	46	1998	1998	NUM
ajfa-6070	185	47	)	)	PUNCT
ajfa-6070	185	48	.	.	PUNCT
ajfa-6070	186	1	in	in	ADP
ajfa-6070	186	2	fact	fact	NOUN
ajfa-6070	186	3	the	the	DET
ajfa-6070	186	4	rationale	rationale	NOUN
ajfa-6070	186	5	for	for	ADP
ajfa-6070	186	6	government	government	NOUN
ajfa-6070	186	7	ownership	ownership	NOUN
ajfa-6070	186	8	in	in	ADP
ajfa-6070	186	9	welfare	welfare	NOUN
ajfa-6070	186	10	economics	economic	NOUN
ajfa-6070	186	11	is	be	AUX
ajfa-6070	186	12	nonprofit	nonprofit	ADJ
ajfa-6070	186	13	making	making	NOUN
ajfa-6070	186	14	(	(	PUNCT
ajfa-6070	186	15	arrow	arrow	NOUN
ajfa-6070	186	16	,	,	PUNCT
ajfa-6070	186	17	1969	1969	NUM
ajfa-6070	186	18	,	,	PUNCT
ajfa-6070	186	19	shephard	shephard	NOUN
ajfa-6070	186	20	,	,	PUNCT
ajfa-6070	186	21	1989	1989	NUM
ajfa-6070	186	22	)	)	PUNCT
ajfa-6070	186	23	.	.	PUNCT
ajfa-6070	187	1	accordingly	accordingly	ADV
ajfa-6070	187	2	we	we	PRON
ajfa-6070	187	3	accept	accept	VERB
ajfa-6070	187	4	that	that	SCONJ
ajfa-6070	187	5	there	there	PRON
ajfa-6070	187	6	exists	exist	VERB
ajfa-6070	187	7	a	a	DET
ajfa-6070	187	8	significant	significant	ADJ
ajfa-6070	187	9	relationship	relationship	NOUN
ajfa-6070	187	10	between	between	ADP
ajfa-6070	187	11	the	the	DET
ajfa-6070	187	12	ownership	ownership	NOUN
ajfa-6070	187	13	by	by	ADP
ajfa-6070	187	14	government	government	NOUN
ajfa-6070	187	15	and	and	CCONJ
ajfa-6070	187	16	return	return	VERB
ajfa-6070	187	17	on	on	ADP
ajfa-6070	187	18	equity	equity	NOUN
ajfa-6070	187	19	.	.	PUNCT
ajfa-6070	188	1	we	we	PRON
ajfa-6070	188	2	accept	accept	VERB
ajfa-6070	188	3	the	the	DET
ajfa-6070	188	4	hypothesis	hypothesis	NOUN
ajfa-6070	188	5	that	that	PRON
ajfa-6070	188	6	family	family	NOUN
ajfa-6070	188	7	ownership	ownership	NOUN
ajfa-6070	188	8	has	have	VERB
ajfa-6070	188	9	a	a	DET
ajfa-6070	188	10	positive	positive	ADJ
ajfa-6070	188	11	and	and	CCONJ
ajfa-6070	188	12	significant	significant	ADJ
ajfa-6070	188	13	impact	impact	NOUN
ajfa-6070	188	14	on	on	ADP
ajfa-6070	188	15	the	the	DET
ajfa-6070	188	16	financial	financial	ADJ
ajfa-6070	188	17	performance	performance	NOUN
ajfa-6070	188	18	of	of	ADP
ajfa-6070	188	19	the	the	DET
ajfa-6070	188	20	company	company	NOUN
ajfa-6070	188	21	.	.	PUNCT
ajfa-6070	189	1	here	here	ADV
ajfa-6070	189	2	the	the	DET
ajfa-6070	189	3	incentive	incentive	NOUN
ajfa-6070	189	4	alignment	alignment	NOUN
ajfa-6070	189	5	argument	argument	NOUN
ajfa-6070	189	6	is	be	AUX
ajfa-6070	189	7	applied	apply	VERB
ajfa-6070	189	8	to	to	PART
ajfa-6070	189	9	explain	explain	VERB
ajfa-6070	189	10	the	the	DET
ajfa-6070	189	11	positive	positive	ADJ
ajfa-6070	189	12	effect	effect	NOUN
ajfa-6070	189	13	especially	especially	ADV
ajfa-6070	189	14	when	when	SCONJ
ajfa-6070	189	15	family	family	NOUN
ajfa-6070	189	16	members	member	NOUN
ajfa-6070	189	17	also	also	ADV
ajfa-6070	189	18	act	act	VERB
ajfa-6070	189	19	as	as	ADP
ajfa-6070	189	20	managers	manager	NOUN
ajfa-6070	189	21	.	.	PUNCT
ajfa-6070	190	1	the	the	DET
ajfa-6070	190	2	conflicts	conflict	NOUN
ajfa-6070	190	3	between	between	ADP
ajfa-6070	190	4	principal	principal	NOUN
ajfa-6070	190	5	and	and	CCONJ
ajfa-6070	190	6	agent	agent	NOUN
ajfa-6070	190	7	are	be	AUX
ajfa-6070	190	8	reduced	reduce	VERB
ajfa-6070	190	9	(	(	PUNCT
ajfa-6070	190	10	anderson	anderson	PROPN
ajfa-6070	190	11	&	&	CCONJ
ajfa-6070	190	12	reeb	reeb	PROPN
ajfa-6070	190	13	(	(	PUNCT
ajfa-6070	190	14	2003	2003	NUM
ajfa-6070	190	15	)	)	PUNCT
ajfa-6070	190	16	,	,	PUNCT
ajfa-6070	190	17	górriz	górriz	NOUN
ajfa-6070	190	18	&	&	CCONJ
ajfa-6070	190	19	fumás	fumás	PROPN
ajfa-6070	190	20	(	(	PUNCT
ajfa-6070	190	21	2005	2005	NUM
ajfa-6070	190	22	)	)	PUNCT
ajfa-6070	190	23	.	.	PUNCT
ajfa-6070	191	1	another	another	DET
ajfa-6070	191	2	widely	widely	ADV
ajfa-6070	191	3	applied	apply	VERB
ajfa-6070	191	4	argument	argument	NOUN
ajfa-6070	191	5	is	be	AUX
ajfa-6070	191	6	the	the	DET
ajfa-6070	191	7	long	long	ADJ
ajfa-6070	191	8	-	-	PUNCT
ajfa-6070	191	9	term	term	NOUN
ajfa-6070	191	10	orientation	orientation	NOUN
ajfa-6070	191	11	of	of	ADP
ajfa-6070	191	12	the	the	DET
ajfa-6070	191	13	family	family	NOUN
ajfa-6070	191	14	owner	owner	NOUN
ajfa-6070	191	15	.	.	PUNCT
ajfa-6070	192	1	while	while	SCONJ
ajfa-6070	192	2	other	other	ADJ
ajfa-6070	192	3	owner	owner	NOUN
ajfa-6070	192	4	types	type	NOUN
ajfa-6070	192	5	focus	focus	VERB
ajfa-6070	192	6	on	on	ADP
ajfa-6070	192	7	profit	profit	NOUN
ajfa-6070	192	8	maximization	maximization	NOUN
ajfa-6070	192	9	in	in	ADP
ajfa-6070	192	10	the	the	DET
ajfa-6070	192	11	short	short	ADJ
ajfa-6070	192	12	term	term	NOUN
ajfa-6070	192	13	,	,	PUNCT
ajfa-6070	192	14	family	family	NOUN
ajfa-6070	192	15	owners	owner	NOUN
ajfa-6070	192	16	have	have	VERB
ajfa-6070	192	17	a	a	DET
ajfa-6070	192	18	long	long	ADJ
ajfa-6070	192	19	term	term	NOUN
ajfa-6070	192	20	commitment	commitment	NOUN
ajfa-6070	192	21	to	to	ADP
ajfa-6070	192	22	the	the	DET
ajfa-6070	192	23	firm	firm	NOUN
ajfa-6070	192	24	and	and	CCONJ
ajfa-6070	192	25	are	be	AUX
ajfa-6070	192	26	willing	willing	ADJ
ajfa-6070	192	27	to	to	PART
ajfa-6070	192	28	invest	invest	VERB
ajfa-6070	192	29	in	in	ADP
ajfa-6070	192	30	the	the	DET
ajfa-6070	192	31	capacities	capacity	NOUN
ajfa-6070	192	32	that	that	PRON
ajfa-6070	192	33	will	will	AUX
ajfa-6070	192	34	create	create	VERB
ajfa-6070	192	35	competitive	competitive	ADJ
ajfa-6070	192	36	advantages	advantage	NOUN
ajfa-6070	192	37	which	which	PRON
ajfa-6070	192	38	require	require	VERB
ajfa-6070	192	39	large	large	ADJ
ajfa-6070	192	40	investment	investment	NOUN
ajfa-6070	192	41	in	in	ADP
ajfa-6070	192	42	the	the	DET
ajfa-6070	192	43	beginning	beginning	NOUN
ajfa-6070	192	44	.	.	PUNCT
ajfa-6070	193	1	the	the	DET
ajfa-6070	193	2	fii	fii	PROPN
ajfa-6070	193	3	ownership	ownership	NOUN
ajfa-6070	193	4	contributes	contribute	VERB
ajfa-6070	193	5	positively	positively	ADV
ajfa-6070	193	6	to	to	ADP
ajfa-6070	193	7	roe	roe	NOUN
ajfa-6070	193	8	and	and	CCONJ
ajfa-6070	193	9	the	the	DET
ajfa-6070	193	10	effect	effect	NOUN
ajfa-6070	193	11	is	be	AUX
ajfa-6070	193	12	significant	significant	ADJ
ajfa-6070	193	13	at	at	ADP
ajfa-6070	193	14	5	5	NUM
ajfa-6070	193	15	%	%	NOUN
ajfa-6070	193	16	level	level	NOUN
ajfa-6070	193	17	.	.	PUNCT
ajfa-6070	194	1	we	we	PRON
ajfa-6070	194	2	therefore	therefore	ADV
ajfa-6070	194	3	accept	accept	VERB
ajfa-6070	194	4	the	the	DET
ajfa-6070	194	5	hypothesis	hypothesis	NOUN
ajfa-6070	194	6	.	.	PUNCT
ajfa-6070	195	1	researchers	researcher	NOUN
ajfa-6070	195	2	(	(	PUNCT
ajfa-6070	195	3	aydin	aydin	NOUN
ajfa-6070	195	4	,	,	PUNCT
ajfa-6070	195	5	sayim	sayim	NOUN
ajfa-6070	195	6	and	and	CCONJ
ajfa-6070	195	7	yalama	yalama	PROPN
ajfa-6070	195	8	,	,	PUNCT
ajfa-6070	195	9	2007	2007	NUM
ajfa-6070	195	10	)	)	PUNCT
ajfa-6070	195	11	have	have	VERB
ajfa-6070	195	12	inference	inference	NOUN
ajfa-6070	195	13	that	that	SCONJ
ajfa-6070	195	14	on	on	ADP
ajfa-6070	195	15	an	an	DET
ajfa-6070	195	16	average	average	ADJ
ajfa-6070	195	17	multinational	multinational	ADJ
ajfa-6070	195	18	corporations	corporation	NOUN
ajfa-6070	195	19	have	have	AUX
ajfa-6070	195	20	performed	perform	VERB
ajfa-6070	195	21	better	well	ADV
ajfa-6070	195	22	than	than	ADP
ajfa-6070	195	23	the	the	DET
ajfa-6070	195	24	domestically	domestically	ADV
ajfa-6070	195	25	owned	own	VERB
ajfa-6070	195	26	firms	firm	NOUN
ajfa-6070	195	27	.	.	PUNCT
ajfa-6070	196	1	there	there	PRON
ajfa-6070	196	2	are	be	VERB
ajfa-6070	196	3	two	two	NUM
ajfa-6070	196	4	main	main	ADJ
ajfa-6070	196	5	reasons	reason	NOUN
ajfa-6070	196	6	.	.	PUNCT
ajfa-6070	197	1	firstly	firstly	ADV
ajfa-6070	197	2	,	,	PUNCT
ajfa-6070	197	3	the	the	DET
ajfa-6070	197	4	foreign	foreign	ADJ
ajfa-6070	197	5	owners	owner	NOUN
ajfa-6070	197	6	are	be	AUX
ajfa-6070	197	7	more	more	ADV
ajfa-6070	197	8	likely	likely	ADJ
ajfa-6070	197	9	to	to	PART
ajfa-6070	197	10	have	have	VERB
ajfa-6070	197	11	the	the	DET
ajfa-6070	197	12	ability	ability	NOUN
ajfa-6070	197	13	to	to	PART
ajfa-6070	197	14	monitor	monitor	VERB
ajfa-6070	197	15	managers	manager	NOUN
ajfa-6070	197	16	and	and	CCONJ
ajfa-6070	197	17	give	give	VERB
ajfa-6070	197	18	them	they	PRON
ajfa-6070	197	19	performance	performance	NOUN
ajfa-6070	197	20	based	base	VERB
ajfa-6070	197	21	incentives	incentive	NOUN
ajfa-6070	197	22	and	and	CCONJ
ajfa-6070	197	23	avoid	avoid	VERB
ajfa-6070	197	24	behaviors	behavior	NOUN
ajfa-6070	197	25	that	that	PRON
ajfa-6070	197	26	undermine	undermine	VERB
ajfa-6070	197	27	the	the	DET
ajfa-6070	197	28	wealth	wealth	NOUN
ajfa-6070	197	29	creation	creation	NOUN
ajfa-6070	197	30	motivation	motivation	NOUN
ajfa-6070	197	31	of	of	ADP
ajfa-6070	197	32	the	the	DET
ajfa-6070	197	33	firm	firm	ADJ
ajfa-6070	197	34	owners	owner	NOUN
ajfa-6070	197	35	.	.	PUNCT
ajfa-6070	198	1	the	the	DET
ajfa-6070	198	2	second	second	ADJ
ajfa-6070	198	3	reason	reason	NOUN
ajfa-6070	198	4	is	be	AUX
ajfa-6070	198	5	the	the	DET
ajfa-6070	198	6	transfer	transfer	NOUN
ajfa-6070	198	7	of	of	ADP
ajfa-6070	198	8	new	new	ADJ
ajfa-6070	198	9	technology	technology	NOUN
ajfa-6070	198	10	and	and	CCONJ
ajfa-6070	198	11	globally	globally	ADV
ajfa-6070	198	12	tested	test	VERB
ajfa-6070	198	13	management	management	NOUN
ajfa-6070	198	14	practices	practice	NOUN
ajfa-6070	198	15	to	to	ADP
ajfa-6070	198	16	the	the	DET
ajfa-6070	198	17	firm	firm	NOUN
ajfa-6070	198	18	,	,	PUNCT
ajfa-6070	198	19	which	which	PRON
ajfa-6070	198	20	help	help	VERB
ajfa-6070	198	21	in	in	ADP
ajfa-6070	198	22	enhancing	enhance	VERB
ajfa-6070	198	23	the	the	DET
ajfa-6070	198	24	efficiency	efficiency	NOUN
ajfa-6070	198	25	by	by	ADP
ajfa-6070	198	26	decreasing	decrease	VERB
ajfa-6070	198	27	operating	operating	NOUN
ajfa-6070	198	28	expenses	expense	NOUN
ajfa-6070	198	29	and	and	CCONJ
ajfa-6070	198	30	generating	generate	VERB
ajfa-6070	198	31	savings	saving	NOUN
ajfa-6070	198	32	for	for	ADP
ajfa-6070	198	33	the	the	DET
ajfa-6070	198	34	firm	firm	NOUN
ajfa-6070	198	35	(	(	PUNCT
ajfa-6070	198	36	ongore	ongore	PROPN
ajfa-6070	198	37	,	,	PUNCT
ajfa-6070	198	38	k'obonyo	k'obonyo	NOUN
ajfa-6070	198	39	and	and	CCONJ
ajfa-6070	198	40	ogutu	ogutu	NOUN
ajfa-6070	198	41	,	,	PUNCT
ajfa-6070	198	42	2011).the	2011).the	DET
ajfa-6070	198	43	presence	presence	NOUN
ajfa-6070	198	44	of	of	ADP
ajfa-6070	198	45	corporate	corporate	ADJ
ajfa-6070	198	46	ownership	ownership	NOUN
ajfa-6070	198	47	has	have	VERB
ajfa-6070	198	48	a	a	DET
ajfa-6070	198	49	negative	negative	ADJ
ajfa-6070	198	50	impact	impact	NOUN
ajfa-6070	198	51	on	on	ADP
ajfa-6070	198	52	roe	roe	NOUN
ajfa-6070	198	53	,	,	PUNCT
ajfa-6070	198	54	though	though	SCONJ
ajfa-6070	198	55	insignificant	insignificant	ADJ
ajfa-6070	198	56	.	.	PUNCT
ajfa-6070	199	1	however	however	ADV
ajfa-6070	199	2	,	,	PUNCT
ajfa-6070	199	3	the	the	DET
ajfa-6070	199	4	size	size	NOUN
ajfa-6070	199	5	(	(	PUNCT
ajfa-6070	199	6	proxy	proxy	NOUN
ajfa-6070	199	7	by	by	ADP
ajfa-6070	199	8	amount	amount	NOUN
ajfa-6070	199	9	of	of	ADP
ajfa-6070	199	10	assets	asset	NOUN
ajfa-6070	199	11	)	)	PUNCT
ajfa-6070	199	12	should	should	AUX
ajfa-6070	199	13	have	have	VERB
ajfa-6070	199	14	a	a	DET
ajfa-6070	199	15	positive	positive	ADJ
ajfa-6070	199	16	effect	effect	NOUN
ajfa-6070	199	17	on	on	ADP
ajfa-6070	199	18	roe	roe	PROPN
ajfa-6070	199	19	as	as	SCONJ
ajfa-6070	199	20	more	more	ADJ
ajfa-6070	199	21	assets	asset	NOUN
ajfa-6070	199	22	provide	provide	VERB
ajfa-6070	199	23	the	the	DET
ajfa-6070	199	24	company	company	NOUN
ajfa-6070	199	25	with	with	ADP
ajfa-6070	199	26	cushion	cushion	NOUN
ajfa-6070	199	27	to	to	PART
ajfa-6070	199	28	raise	raise	VERB
ajfa-6070	199	29	capital	capital	NOUN
ajfa-6070	199	30	easily	easily	ADV
ajfa-6070	199	31	.	.	PUNCT
ajfa-6070	200	1	however	however	ADV
ajfa-6070	200	2	the	the	DET
ajfa-6070	200	3	factor	factor	NOUN
ajfa-6070	200	4	has	have	VERB
ajfa-6070	200	5	a	a	DET
ajfa-6070	200	6	negative	negative	ADJ
ajfa-6070	200	7	and	and	CCONJ
ajfa-6070	200	8	significant	significant	ADJ
ajfa-6070	200	9	correlation	correlation	NOUN
ajfa-6070	200	10	with	with	ADP
ajfa-6070	200	11	firm	firm	ADJ
ajfa-6070	200	12	performance	performance	NOUN
ajfa-6070	200	13	.	.	PUNCT
ajfa-6070	201	1	the	the	DET
ajfa-6070	201	2	firm	firm	ADJ
ajfa-6070	201	3	size	size	NOUN
ajfa-6070	201	4	has	have	VERB
ajfa-6070	201	5	an	an	DET
ajfa-6070	201	6	ambiguous	ambiguous	ADJ
ajfa-6070	201	7	effect	effect	NOUN
ajfa-6070	201	8	on	on	ADP
ajfa-6070	201	9	the	the	DET
ajfa-6070	201	10	firm	firm	ADJ
ajfa-6070	201	11	performance	performance	NOUN
ajfa-6070	201	12	.	.	PUNCT
ajfa-6070	202	1	it	it	PRON
ajfa-6070	202	2	is	be	AUX
ajfa-6070	202	3	argued	argue	VERB
ajfa-6070	202	4	that	that	SCONJ
ajfa-6070	202	5	as	as	ADP
ajfa-6070	202	6	the	the	DET
ajfa-6070	202	7	size	size	NOUN
ajfa-6070	202	8	increases	increase	NOUN
ajfa-6070	202	9	,	,	PUNCT
ajfa-6070	202	10	efficiency	efficiency	NOUN
ajfa-6070	202	11	reduces	reduce	VERB
ajfa-6070	202	12	as	as	ADP
ajfa-6070	202	13	control	control	NOUN
ajfa-6070	202	14	by	by	ADP
ajfa-6070	202	15	top	top	ADJ
ajfa-6070	202	16	managers	manager	NOUN
ajfa-6070	202	17	over	over	ADP
ajfa-6070	202	18	strategic	strategic	ADJ
ajfa-6070	202	19	and	and	CCONJ
ajfa-6070	202	20	operational	operational	ADJ
ajfa-6070	202	21	activities	activity	NOUN
ajfa-6070	202	22	decreases	decrease	VERB
ajfa-6070	202	23	.	.	PUNCT
ajfa-6070	203	1	advertising	advertising	NOUN
ajfa-6070	203	2	expenses	expense	NOUN
ajfa-6070	203	3	of	of	ADP
ajfa-6070	203	4	the	the	DET
ajfa-6070	203	5	firm	firm	NOUN
ajfa-6070	203	6	yield	yield	VERB
ajfa-6070	203	7	positive	positive	ADJ
ajfa-6070	203	8	and	and	CCONJ
ajfa-6070	203	9	significant	significant	ADJ
ajfa-6070	203	10	relationship	relationship	NOUN
ajfa-6070	203	11	with	with	ADP
ajfa-6070	203	12	roe	roe	NOUN
ajfa-6070	203	13	at	at	ADP
ajfa-6070	203	14	5	5	NUM
ajfa-6070	203	15	%	%	NOUN
ajfa-6070	203	16	.	.	PUNCT
ajfa-6070	204	1	this	this	PRON
ajfa-6070	204	2	can	can	AUX
ajfa-6070	204	3	be	be	AUX
ajfa-6070	204	4	attributed	attribute	VERB
ajfa-6070	204	5	to	to	ADP
ajfa-6070	204	6	the	the	DET
ajfa-6070	204	7	fact	fact	NOUN
ajfa-6070	204	8	that	that	SCONJ
ajfa-6070	204	9	the	the	DET
ajfa-6070	204	10	firm	firm	NOUN
ajfa-6070	204	11	gets	get	VERB
ajfa-6070	204	12	more	more	ADJ
ajfa-6070	204	13	visibility	visibility	NOUN
ajfa-6070	204	14	in	in	ADP
ajfa-6070	204	15	the	the	DET
ajfa-6070	204	16	market	market	NOUN
ajfa-6070	204	17	and	and	CCONJ
ajfa-6070	204	18	its	its	PRON
ajfa-6070	204	19	products	product	NOUN
ajfa-6070	204	20	are	be	AUX
ajfa-6070	204	21	sold	sell	VERB
ajfa-6070	204	22	easily	easily	ADV
ajfa-6070	204	23	.	.	PUNCT
ajfa-6070	205	1	joshi	joshi	PROPN
ajfa-6070	205	2	and	and	CCONJ
ajfa-6070	205	3	hanssens	hanssens	PROPN
ajfa-6070	205	4	,	,	PUNCT
ajfa-6070	205	5	2010	2010	NUM
ajfa-6070	205	6	posit	posit	VERB
ajfa-6070	205	7	that	that	SCONJ
ajfa-6070	205	8	advertising	advertising	NOUN
ajfa-6070	205	9	spending	spending	NOUN
ajfa-6070	205	10	has	have	VERB
ajfa-6070	205	11	a	a	DET
ajfa-6070	205	12	positive	positive	ADJ
ajfa-6070	205	13	effect	effect	NOUN
ajfa-6070	205	14	on	on	ADP
ajfa-6070	205	15	the	the	DET
ajfa-6070	205	16	market	market	NOUN
ajfa-6070	205	17	capitalization	capitalization	NOUN
ajfa-6070	205	18	of	of	ADP
ajfa-6070	205	19	the	the	DET
ajfa-6070	205	20	firm	firm	NOUN
ajfa-6070	205	21	and	and	CCONJ
ajfa-6070	205	22	a	a	DET
ajfa-6070	205	23	negative	negative	ADJ
ajfa-6070	205	24	impact	impact	NOUN
ajfa-6070	205	25	on	on	ADP
ajfa-6070	205	26	the	the	DET
ajfa-6070	205	27	valuation	valuation	NOUN
ajfa-6070	205	28	of	of	ADP
ajfa-6070	205	29	the	the	DET
ajfa-6070	205	30	competitor	competitor	NOUN
ajfa-6070	205	31	of	of	ADP
ajfa-6070	205	32	comparable	comparable	ADJ
ajfa-6070	205	33	size	size	NOUN
ajfa-6070	205	34	.	.	PUNCT
ajfa-6070	206	1	the	the	DET
ajfa-6070	206	2	corporate	corporate	ADJ
ajfa-6070	206	3	governance	governance	NOUN
ajfa-6070	206	4	index	index	NOUN
ajfa-6070	206	5	,	,	PUNCT
ajfa-6070	206	6	cgi	cgi	PROPN
ajfa-6070	206	7	,	,	PUNCT
ajfa-6070	206	8	has	have	VERB
ajfa-6070	206	9	a	a	DET
ajfa-6070	206	10	significantly	significantly	ADV
ajfa-6070	206	11	negative	negative	ADJ
ajfa-6070	206	12	impact	impact	NOUN
ajfa-6070	206	13	on	on	ADP
ajfa-6070	206	14	the	the	DET
ajfa-6070	206	15	firm	firm	ADJ
ajfa-6070	206	16	performance	performance	NOUN
ajfa-6070	206	17	.	.	PUNCT
ajfa-6070	207	1	this	this	PRON
ajfa-6070	207	2	is	be	AUX
ajfa-6070	207	3	mainly	mainly	ADV
ajfa-6070	207	4	because	because	SCONJ
ajfa-6070	207	5	of	of	ADP
ajfa-6070	207	6	negative	negative	ADJ
ajfa-6070	207	7	and	and	CCONJ
ajfa-6070	207	8	significant	significant	ADJ
ajfa-6070	207	9	impact	impact	NOUN
ajfa-6070	207	10	of	of	ADP
ajfa-6070	207	11	ceo	ceo	NOUN
ajfa-6070	207	12	duality	duality	NOUN
ajfa-6070	207	13	,	,	PUNCT
ajfa-6070	207	14	audit	audit	NOUN
ajfa-6070	207	15	committee	committee	NOUN
ajfa-6070	207	16	size	size	NOUN
ajfa-6070	207	17	,	,	PUNCT
ajfa-6070	207	18	board	board	NOUN
ajfa-6070	207	19	meetings	meeting	NOUN
ajfa-6070	207	20	and	and	CCONJ
ajfa-6070	207	21	presence	presence	NOUN
ajfa-6070	207	22	of	of	ADP
ajfa-6070	207	23	non	non	ADJ
ajfa-6070	207	24	-	-	ADJ
ajfa-6070	207	25	executive	executive	ADJ
ajfa-6070	207	26	directors	director	NOUN
ajfa-6070	207	27	who	who	PRON
ajfa-6070	207	28	may	may	AUX
ajfa-6070	207	29	not	not	PART
ajfa-6070	207	30	have	have	VERB
ajfa-6070	207	31	total	total	ADJ
ajfa-6070	207	32	commitment	commitment	NOUN
ajfa-6070	207	33	to	to	ADP
ajfa-6070	207	34	the	the	DET
ajfa-6070	207	35	cause	cause	NOUN
ajfa-6070	207	36	of	of	ADP
ajfa-6070	207	37	the	the	DET
ajfa-6070	207	38	company	company	NOUN
ajfa-6070	207	39	because	because	SCONJ
ajfa-6070	207	40	of	of	ADP
ajfa-6070	207	41	other	other	ADJ
ajfa-6070	207	42	commitments	commitment	NOUN
ajfa-6070	207	43	which	which	PRON
ajfa-6070	207	44	limits	limit	VERB
ajfa-6070	207	45	their	their	PRON
ajfa-6070	207	46	contribution	contribution	NOUN
ajfa-6070	207	47	.	.	PUNCT
ajfa-6070	208	1	according	accord	VERB
ajfa-6070	208	2	to	to	ADP
ajfa-6070	208	3	baysinger	baysinger	NOUN
ajfa-6070	208	4	and	and	CCONJ
ajfa-6070	208	5	asian	asian	ADJ
ajfa-6070	208	6	journal	journal	NOUN
ajfa-6070	208	7	of	of	ADP
ajfa-6070	208	8	finance	finance	PROPN
ajfa-6070	208	9	&	&	CCONJ
ajfa-6070	208	10	accounting	accounting	PROPN
ajfa-6070	208	11	issn	issn	PROPN
ajfa-6070	208	12	1946	1946	NUM
ajfa-6070	208	13	-	-	PUNCT
ajfa-6070	208	14	052x	052x	NOUN
ajfa-6070	208	15	2015	2015	NUM
ajfa-6070	208	16	,	,	PUNCT
ajfa-6070	208	17	vol	vol	NOUN
ajfa-6070	208	18	.	.	PROPN
ajfa-6070	208	19	7	7	NUM
ajfa-6070	208	20	,	,	PUNCT
ajfa-6070	208	21	no	no	INTJ
ajfa-6070	208	22	.	.	NOUN
ajfa-6070	208	23	1	1	NUM
ajfa-6070	208	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6070	208	25	57	57	NUM
ajfa-6070	208	26	heskisson	heskisson	NOUN
ajfa-6070	208	27	,	,	PUNCT
ajfa-6070	208	28	1990	1990	NUM
ajfa-6070	208	29	,	,	PUNCT
ajfa-6070	208	30	non	non	ADJ
ajfa-6070	208	31	-	-	ADJ
ajfa-6070	208	32	executive	executive	ADJ
ajfa-6070	208	33	directors	director	NOUN
ajfa-6070	208	34	are	be	AUX
ajfa-6070	208	35	limited	limit	VERB
ajfa-6070	208	36	in	in	ADP
ajfa-6070	208	37	scope	scope	NOUN
ajfa-6070	208	38	and	and	CCONJ
ajfa-6070	208	39	understanding	understanding	NOUN
ajfa-6070	208	40	when	when	SCONJ
ajfa-6070	208	41	it	it	PRON
ajfa-6070	208	42	comes	come	VERB
ajfa-6070	208	43	to	to	ADP
ajfa-6070	208	44	complexities	complexity	NOUN
ajfa-6070	208	45	involving	involve	VERB
ajfa-6070	208	46	decision	decision	NOUN
ajfa-6070	208	47	making	making	NOUN
ajfa-6070	208	48	because	because	SCONJ
ajfa-6070	208	49	of	of	ADP
ajfa-6070	208	50	their	their	PRON
ajfa-6070	208	51	temporal	temporal	ADJ
ajfa-6070	208	52	position	position	NOUN
ajfa-6070	208	53	.	.	PUNCT
ajfa-6070	209	1	the	the	DET
ajfa-6070	209	2	results	result	NOUN
ajfa-6070	209	3	show	show	VERB
ajfa-6070	209	4	that	that	DET
ajfa-6070	209	5	size	size	NOUN
ajfa-6070	209	6	has	have	VERB
ajfa-6070	209	7	a	a	DET
ajfa-6070	209	8	significant	significant	ADJ
ajfa-6070	209	9	and	and	CCONJ
ajfa-6070	209	10	positive	positive	ADJ
ajfa-6070	209	11	effect	effect	NOUN
ajfa-6070	209	12	in	in	ADP
ajfa-6070	209	13	increasing	increase	VERB
ajfa-6070	209	14	the	the	DET
ajfa-6070	209	15	roe	roe	NOUN
ajfa-6070	209	16	at	at	ADP
ajfa-6070	209	17	10	10	NUM
ajfa-6070	209	18	%	%	NOUN
ajfa-6070	209	19	significance	significance	NOUN
ajfa-6070	209	20	level	level	NOUN
ajfa-6070	209	21	.	.	PUNCT
ajfa-6070	210	1	the	the	DET
ajfa-6070	210	2	result	result	NOUN
ajfa-6070	210	3	is	be	AUX
ajfa-6070	210	4	consistent	consistent	ADJ
ajfa-6070	210	5	with	with	ADP
ajfa-6070	210	6	several	several	ADJ
ajfa-6070	210	7	studies	study	NOUN
ajfa-6070	210	8	that	that	PRON
ajfa-6070	210	9	are	be	AUX
ajfa-6070	210	10	in	in	ADP
ajfa-6070	210	11	favor	favor	NOUN
ajfa-6070	210	12	of	of	ADP
ajfa-6070	210	13	a	a	DET
ajfa-6070	210	14	large	large	ADJ
ajfa-6070	210	15	board	board	NOUN
ajfa-6070	210	16	size	size	NOUN
ajfa-6070	210	17	as	as	ADP
ajfa-6070	210	18	greater	great	ADJ
ajfa-6070	210	19	knowledge	knowledge	NOUN
ajfa-6070	210	20	of	of	ADP
ajfa-6070	210	21	the	the	DET
ajfa-6070	210	22	various	various	ADJ
ajfa-6070	210	23	administrators	administrator	NOUN
ajfa-6070	210	24	can	can	AUX
ajfa-6070	210	25	improve	improve	VERB
ajfa-6070	210	26	performance	performance	NOUN
ajfa-6070	210	27	(	(	PUNCT
ajfa-6070	210	28	coles	cole	NOUN
ajfa-6070	210	29	et	et	PROPN
ajfa-6070	210	30	al	al	PROPN
ajfa-6070	210	31	.	.	PROPN
ajfa-6070	210	32	,	,	PUNCT
ajfa-6070	210	33	2008	2008	NUM
ajfa-6070	210	34	and	and	CCONJ
ajfa-6070	210	35	linck	linck	PROPN
ajfa-6070	210	36	,	,	PUNCT
ajfa-6070	210	37	et	et	PROPN
ajfa-6070	210	38	al	al	PROPN
ajfa-6070	210	39	.	.	PROPN
ajfa-6070	210	40	,	,	PUNCT
ajfa-6070	210	41	2008).the	2008).the	DET
ajfa-6070	210	42	experience	experience	NOUN
ajfa-6070	210	43	of	of	ADP
ajfa-6070	210	44	the	the	DET
ajfa-6070	210	45	firm	firm	ADJ
ajfa-6070	210	46	proxy	proxy	NOUN
ajfa-6070	210	47	by	by	ADP
ajfa-6070	210	48	age	age	NOUN
ajfa-6070	210	49	shows	show	VERB
ajfa-6070	210	50	a	a	DET
ajfa-6070	210	51	positive	positive	ADJ
ajfa-6070	210	52	relationship	relationship	NOUN
ajfa-6070	210	53	although	although	SCONJ
ajfa-6070	210	54	insignificant	insignificant	ADJ
ajfa-6070	210	55	in	in	ADP
ajfa-6070	210	56	improving	improve	VERB
ajfa-6070	210	57	performance	performance	NOUN
ajfa-6070	210	58	.	.	PUNCT
ajfa-6070	211	1	older	old	ADJ
ajfa-6070	211	2	firms	firm	NOUN
ajfa-6070	211	3	gain	gain	VERB
ajfa-6070	211	4	experience	experience	NOUN
ajfa-6070	211	5	based	base	VERB
ajfa-6070	211	6	economies	economy	NOUN
ajfa-6070	211	7	of	of	ADP
ajfa-6070	211	8	scale	scale	NOUN
ajfa-6070	211	9	;	;	PUNCT
ajfa-6070	211	10	they	they	PRON
ajfa-6070	211	11	enjoy	enjoy	VERB
ajfa-6070	211	12	superior	superior	ADJ
ajfa-6070	211	13	performance	performance	NOUN
ajfa-6070	211	14	(	(	PUNCT
ajfa-6070	211	15	kumar	kumar	PROPN
ajfa-6070	211	16	,	,	PUNCT
ajfa-6070	211	17	2004	2004	NUM
ajfa-6070	211	18	)	)	PUNCT
ajfa-6070	211	19	.	.	PUNCT
ajfa-6070	212	1	high	high	ADJ
ajfa-6070	212	2	debt	debt	NOUN
ajfa-6070	212	3	in	in	ADP
ajfa-6070	212	4	a	a	DET
ajfa-6070	212	5	company	company	NOUN
ajfa-6070	212	6	leads	lead	VERB
ajfa-6070	212	7	to	to	ADP
ajfa-6070	212	8	increased	increase	VERB
ajfa-6070	212	9	cost	cost	NOUN
ajfa-6070	212	10	of	of	ADP
ajfa-6070	212	11	capital	capital	NOUN
ajfa-6070	212	12	along	along	ADP
ajfa-6070	212	13	with	with	ADP
ajfa-6070	212	14	risk	risk	NOUN
ajfa-6070	212	15	of	of	ADP
ajfa-6070	212	16	financial	financial	ADJ
ajfa-6070	212	17	distress	distress	NOUN
ajfa-6070	212	18	.	.	PUNCT
ajfa-6070	213	1	this	this	DET
ajfa-6070	213	2	effect	effect	NOUN
ajfa-6070	213	3	the	the	DET
ajfa-6070	213	4	roe	roe	NOUN
ajfa-6070	213	5	significantly	significantly	ADV
ajfa-6070	213	6	negative	negative	ADJ
ajfa-6070	213	7	at	at	ADP
ajfa-6070	213	8	5	5	NUM
ajfa-6070	213	9	%	%	NOUN
ajfa-6070	213	10	.	.	PUNCT
ajfa-6070	214	1	to	to	PART
ajfa-6070	214	2	sum	sum	VERB
ajfa-6070	214	3	up	up	ADP
ajfa-6070	214	4	,	,	PUNCT
ajfa-6070	214	5	we	we	PRON
ajfa-6070	214	6	accept	accept	VERB
ajfa-6070	214	7	that	that	SCONJ
ajfa-6070	214	8	foreign	foreign	ADJ
ajfa-6070	214	9	institutional	institutional	ADJ
ajfa-6070	214	10	investors	investor	NOUN
ajfa-6070	214	11	,	,	PUNCT
ajfa-6070	214	12	government	government	NOUN
ajfa-6070	214	13	and	and	CCONJ
ajfa-6070	214	14	family	family	NOUN
ajfa-6070	214	15	have	have	VERB
ajfa-6070	214	16	a	a	DET
ajfa-6070	214	17	significant	significant	ADJ
ajfa-6070	214	18	impact	impact	NOUN
ajfa-6070	214	19	on	on	ADP
ajfa-6070	214	20	the	the	DET
ajfa-6070	214	21	roe	roe	NOUN
ajfa-6070	214	22	whereas	whereas	SCONJ
ajfa-6070	214	23	corporate	corporate	ADJ
ajfa-6070	214	24	,	,	PUNCT
ajfa-6070	214	25	retail	retail	ADJ
ajfa-6070	214	26	and	and	CCONJ
ajfa-6070	214	27	institutional	institutional	ADJ
ajfa-6070	214	28	investors	investor	NOUN
ajfa-6070	214	29	have	have	VERB
ajfa-6070	214	30	no	no	DET
ajfa-6070	214	31	significant	significant	ADJ
ajfa-6070	214	32	effect	effect	NOUN
ajfa-6070	214	33	on	on	ADP
ajfa-6070	214	34	the	the	DET
ajfa-6070	214	35	financial	financial	ADJ
ajfa-6070	214	36	performance	performance	NOUN
ajfa-6070	214	37	as	as	SCONJ
ajfa-6070	214	38	measured	measure	VERB
ajfa-6070	214	39	by	by	ADP
ajfa-6070	214	40	roe	roe	PROPN
ajfa-6070	214	41	.	.	PUNCT
ajfa-6070	215	1	also	also	ADV
ajfa-6070	215	2	,	,	PUNCT
ajfa-6070	215	3	the	the	DET
ajfa-6070	215	4	control	control	NOUN
ajfa-6070	215	5	variables	variable	VERB
ajfa-6070	215	6	namely	namely	ADV
ajfa-6070	215	7	debt	debt	NOUN
ajfa-6070	215	8	and	and	CCONJ
ajfa-6070	215	9	size	size	NOUN
ajfa-6070	215	10	have	have	VERB
ajfa-6070	215	11	significantly	significantly	ADV
ajfa-6070	215	12	negative	negative	ADJ
ajfa-6070	215	13	impact	impact	NOUN
ajfa-6070	215	14	on	on	ADP
ajfa-6070	215	15	roe	roe	NOUN
ajfa-6070	215	16	.	.	PUNCT
ajfa-6070	216	1	also	also	ADV
ajfa-6070	216	2	cgi	cgi	PROPN
ajfa-6070	216	3	variable	variable	NOUN
ajfa-6070	216	4	has	have	VERB
ajfa-6070	216	5	negative	negative	ADJ
ajfa-6070	216	6	impact	impact	NOUN
ajfa-6070	216	7	on	on	ADP
ajfa-6070	216	8	financial	financial	ADJ
ajfa-6070	216	9	performance	performance	NOUN
ajfa-6070	216	10	of	of	ADP
ajfa-6070	216	11	the	the	DET
ajfa-6070	216	12	firm	firm	NOUN
ajfa-6070	216	13	.	.	PUNCT
ajfa-6070	217	1	r	r	X
ajfa-6070	217	2	-	-	PUNCT
ajfa-6070	217	3	squared	square	VERB
ajfa-6070	217	4	value	value	NOUN
ajfa-6070	217	5	is	be	AUX
ajfa-6070	217	6	20.88	20.88	NUM
ajfa-6070	217	7	%	%	NOUN
ajfa-6070	217	8	for	for	ADP
ajfa-6070	217	9	roe	roe	NOUN
ajfa-6070	217	10	.	.	PUNCT
ajfa-6070	218	1	5.2	5.2	NUM
ajfa-6070	218	2	relationship	relationship	NOUN
ajfa-6070	218	3	between	between	ADP
ajfa-6070	218	4	cgi	cgi	NOUN
ajfa-6070	218	5	and	and	CCONJ
ajfa-6070	218	6	financial	financial	ADJ
ajfa-6070	218	7	performance	performance	NOUN
ajfa-6070	218	8	in	in	ADP
ajfa-6070	218	9	this	this	DET
ajfa-6070	218	10	section	section	NOUN
ajfa-6070	218	11	,	,	PUNCT
ajfa-6070	218	12	we	we	PRON
ajfa-6070	218	13	have	have	AUX
ajfa-6070	218	14	applied	apply	VERB
ajfa-6070	218	15	panel	panel	NOUN
ajfa-6070	218	16	pooled	pool	VERB
ajfa-6070	218	17	regression	regression	NOUN
ajfa-6070	218	18	to	to	PART
ajfa-6070	218	19	study	study	VERB
ajfa-6070	218	20	the	the	DET
ajfa-6070	218	21	relationship	relationship	NOUN
ajfa-6070	218	22	between	between	ADP
ajfa-6070	218	23	cgi	cgi	NOUN
ajfa-6070	218	24	and	and	CCONJ
ajfa-6070	218	25	financial	financial	ADJ
ajfa-6070	218	26	performance	performance	NOUN
ajfa-6070	218	27	.	.	PUNCT
ajfa-6070	219	1	the	the	DET
ajfa-6070	219	2	results	result	NOUN
ajfa-6070	219	3	are	be	AUX
ajfa-6070	219	4	as	as	SCONJ
ajfa-6070	219	5	follows	follow	VERB
ajfa-6070	219	6	:	:	PUNCT
ajfa-6070	219	7	table	table	NOUN
ajfa-6070	219	8	3	3	NUM
ajfa-6070	219	9	.	.	X
ajfa-6070	219	10	result	result	NOUN
ajfa-6070	219	11	of	of	ADP
ajfa-6070	219	12	pooled	pool	VERB
ajfa-6070	219	13	panel	panel	NOUN
ajfa-6070	219	14	regression	regression	NOUN
ajfa-6070	219	15	of	of	ADP
ajfa-6070	219	16	cgi	cgi	NOUN
ajfa-6070	219	17	with	with	ADP
ajfa-6070	219	18	firm	firm	ADJ
ajfa-6070	219	19	performance	performance	NOUN
ajfa-6070	219	20	dependent	dependent	ADJ
ajfa-6070	219	21	variables	variable	NOUN
ajfa-6070	219	22	independent	independent	ADJ
ajfa-6070	219	23	variables	variables	PROPN
ajfa-6070	219	24	roe	roe	PROPN
ajfa-6070	219	25	roa	roa	PROPN
ajfa-6070	219	26	tobin	tobin	PROPN
ajfa-6070	219	27	's	's	PART
ajfa-6070	219	28	q	q	PROPN
ajfa-6070	219	29	coefficients	coefficient	NOUN
ajfa-6070	219	30	pvalue	pvalue	NOUN
ajfa-6070	219	31	coefficients	coefficient	NOUN
ajfa-6070	219	32	pvalue	pvalue	NOUN
ajfa-6070	219	33	coefficients	coefficient	NOUN
ajfa-6070	219	34	pvalue	pvalue	NOUN
ajfa-6070	219	35	intercept	intercept	VERB
ajfa-6070	219	36	55.32801	55.32801	NUM
ajfa-6070	219	37	0	0	NUM
ajfa-6070	219	38	5.401542	5.401542	NUM
ajfa-6070	219	39	0.0027	0.0027	NUM
ajfa-6070	219	40	318.8497	318.8497	NUM
ajfa-6070	219	41	0.7902	0.7902	NUM
ajfa-6070	219	42	size	size	NOUN
ajfa-6070	219	43	-3.016807	-3.016807	VERB
ajfa-6070	219	44	0.5315	0.5315	NUM
ajfa-6070	219	45	-0.29831	-0.29831	VERB
ajfa-6070	220	1	0.0602	0.0602	NUM
ajfa-6070	220	2	-1.93122	-1.93122	NOUN
ajfa-6070	221	1	0.00855	0.00855	NUM
ajfa-6070	221	2	log	log	NOUN
ajfa-6070	221	3	advertising	advertising	NOUN
ajfa-6070	221	4	-1.481781	-1.481781	NOUN
ajfa-6070	221	5	0.0134	0.0134	NUM
ajfa-6070	221	6	0.158925	0.158925	NUM
ajfa-6070	221	7	0.6541	0.6541	NUM
ajfa-6070	221	8	0.778071	0.778071	NUM
ajfa-6070	221	9	0.8937	0.8937	NUM
ajfa-6070	221	10	cgi	cgi	NOUN
ajfa-6070	221	11	-11.10036	-11.10036	PUNCT
ajfa-6070	221	12	0.0263	0.0263	NUM
ajfa-6070	221	13	-1.26706	-1.26706	NOUN
ajfa-6070	221	14	0.09	0.09	NUM
ajfa-6070	221	15	-570.323	-570.323	NUM
ajfa-6070	221	16	0.2546	0.2546	NUM
ajfa-6070	221	17	board	board	NOUN
ajfa-6070	221	18	size	size	NOUN
ajfa-6070	221	19	1.383278	1.383278	NUM
ajfa-6070	221	20	0.3227	0.3227	NUM
ajfa-6070	221	21	0.733712	0.733712	NUM
ajfa-6070	221	22	0.0365	0.0365	NUM
ajfa-6070	221	23	-29.3817	-29.3817	NUM
ajfa-6070	221	24	0.3692	0.3692	NUM
ajfa-6070	221	25	age	age	NOUN
ajfa-6070	221	26	-0.068426	-0.068426	NOUN
ajfa-6070	221	27	0.1665	0.1665	NUM
ajfa-6070	222	1	0.055125	0.055125	NUM
ajfa-6070	222	2	0.4564	0.4564	NUM
ajfa-6070	222	3	0.005942	0.005942	NUM
ajfa-6070	222	4	0.3136	0.3136	NUM
ajfa-6070	222	5	debt	debt	NOUN
ajfa-6070	222	6	-	-	PUNCT
ajfa-6070	222	7	equity	equity	NOUN
ajfa-6070	222	8	-4.860119	-4.860119	NOUN
ajfa-6070	222	9	0.4042	0.4042	NUM
ajfa-6070	222	10	-1.0162	-1.0162	NOUN
ajfa-6070	222	11	0.2445	0.2445	NUM
ajfa-6070	222	12	-0.2973	-0.2973	NOUN
ajfa-6070	222	13	0.9568	0.9568	NUM
ajfa-6070	222	14	r	r	NOUN
ajfa-6070	222	15	squared	square	VERB
ajfa-6070	222	16	0.054072	0.054072	NUM
ajfa-6070	222	17	0.027122	0.027122	NUM
ajfa-6070	222	18	0.178171	0.178171	NUM
ajfa-6070	222	19	asian	asian	ADJ
ajfa-6070	222	20	journal	journal	NOUN
ajfa-6070	222	21	of	of	ADP
ajfa-6070	222	22	finance	finance	PROPN
ajfa-6070	222	23	&	&	CCONJ
ajfa-6070	222	24	accounting	accounting	PROPN
ajfa-6070	222	25	issn	issn	PROPN
ajfa-6070	222	26	1946	1946	NUM
ajfa-6070	222	27	-	-	PUNCT
ajfa-6070	222	28	052x	052x	NOUN
ajfa-6070	222	29	2015	2015	NUM
ajfa-6070	222	30	,	,	PUNCT
ajfa-6070	222	31	vol	vol	NOUN
ajfa-6070	222	32	.	.	PROPN
ajfa-6070	223	1	7	7	NUM
ajfa-6070	223	2	,	,	PUNCT
ajfa-6070	223	3	no	no	INTJ
ajfa-6070	223	4	.	.	NOUN
ajfa-6070	223	5	1	1	NUM
ajfa-6070	223	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6070	223	7	58	58	NUM
ajfa-6070	223	8	analysis	analysis	NOUN
ajfa-6070	223	9	of	of	ADP
ajfa-6070	223	10	the	the	DET
ajfa-6070	223	11	results	result	NOUN
ajfa-6070	223	12	shows	show	VERB
ajfa-6070	223	13	that	that	SCONJ
ajfa-6070	223	14	the	the	DET
ajfa-6070	223	15	corporate	corporate	ADJ
ajfa-6070	223	16	governance	governance	NOUN
ajfa-6070	223	17	index	index	NOUN
ajfa-6070	223	18	(	(	PUNCT
ajfa-6070	223	19	cgi	cgi	NOUN
ajfa-6070	223	20	)	)	PUNCT
ajfa-6070	223	21	has	have	VERB
ajfa-6070	223	22	a	a	DET
ajfa-6070	223	23	significantly	significantly	ADV
ajfa-6070	223	24	negative	negative	ADJ
ajfa-6070	223	25	impact	impact	NOUN
ajfa-6070	223	26	on	on	ADP
ajfa-6070	223	27	roe	roe	PROPN
ajfa-6070	223	28	.	.	PUNCT
ajfa-6070	224	1	roa	roa	PROPN
ajfa-6070	224	2	is	be	AUX
ajfa-6070	224	3	negatively	negatively	ADV
ajfa-6070	224	4	correlated	correlate	VERB
ajfa-6070	224	5	to	to	ADP
ajfa-6070	224	6	cgi	cgi	PROPN
ajfa-6070	224	7	,	,	PUNCT
ajfa-6070	224	8	although	although	SCONJ
ajfa-6070	224	9	the	the	DET
ajfa-6070	224	10	relationship	relationship	NOUN
ajfa-6070	224	11	is	be	AUX
ajfa-6070	224	12	insignificant	insignificant	ADJ
ajfa-6070	224	13	at	at	ADP
ajfa-6070	224	14	5	5	NUM
ajfa-6070	224	15	%	%	NOUN
ajfa-6070	224	16	significance	significance	NOUN
ajfa-6070	224	17	level	level	NOUN
ajfa-6070	224	18	.	.	PUNCT
ajfa-6070	225	1	cgi	cgi	NOUN
ajfa-6070	225	2	is	be	AUX
ajfa-6070	225	3	negatively	negatively	ADV
ajfa-6070	225	4	related	relate	VERB
ajfa-6070	225	5	to	to	ADP
ajfa-6070	225	6	financial	financial	ADJ
ajfa-6070	225	7	performance	performance	NOUN
ajfa-6070	225	8	of	of	ADP
ajfa-6070	225	9	the	the	DET
ajfa-6070	225	10	firm	firm	NOUN
ajfa-6070	225	11	as	as	SCONJ
ajfa-6070	225	12	measured	measure	VERB
ajfa-6070	225	13	by	by	ADP
ajfa-6070	225	14	tobin	tobin	PROPN
ajfa-6070	225	15	's	's	PART
ajfa-6070	225	16	q	q	X
ajfa-6070	225	17	,	,	PUNCT
ajfa-6070	225	18	although	although	SCONJ
ajfa-6070	225	19	the	the	DET
ajfa-6070	225	20	relationship	relationship	NOUN
ajfa-6070	225	21	is	be	AUX
ajfa-6070	225	22	insignificant	insignificant	ADJ
ajfa-6070	225	23	r	r	NOUN
ajfa-6070	225	24	squared	square	VERB
ajfa-6070	225	25	for	for	ADP
ajfa-6070	225	26	the	the	DET
ajfa-6070	225	27	analysis	analysis	NOUN
ajfa-6070	225	28	is	be	AUX
ajfa-6070	225	29	5.40	5.40	NUM
ajfa-6070	225	30	%	%	NOUN
ajfa-6070	225	31	.	.	PUNCT
ajfa-6070	226	1	,	,	PUNCT
ajfa-6070	226	2	2.71	2.71	NUM
ajfa-6070	226	3	%	%	NOUN
ajfa-6070	226	4	,	,	PUNCT
ajfa-6070	226	5	17.8	17.8	NUM
ajfa-6070	226	6	%	%	NOUN
ajfa-6070	226	7	5	5	NUM
ajfa-6070	226	8	.	.	PUNCT
ajfa-6070	227	1	summary	summary	NOUN
ajfa-6070	227	2	,	,	PUNCT
ajfa-6070	227	3	conclusions	conclusion	NOUN
ajfa-6070	227	4	and	and	CCONJ
ajfa-6070	227	5	implications	implication	NOUN
ajfa-6070	227	6	this	this	DET
ajfa-6070	227	7	paper	paper	NOUN
ajfa-6070	227	8	investigates	investigate	VERB
ajfa-6070	227	9	the	the	DET
ajfa-6070	227	10	effect	effect	NOUN
ajfa-6070	227	11	of	of	ADP
ajfa-6070	227	12	ownership	ownership	NOUN
ajfa-6070	227	13	structure	structure	NOUN
ajfa-6070	227	14	on	on	ADP
ajfa-6070	227	15	firm	firm	ADJ
ajfa-6070	227	16	performance	performance	NOUN
ajfa-6070	227	17	with	with	ADP
ajfa-6070	227	18	sample	sample	NOUN
ajfa-6070	227	19	from	from	ADP
ajfa-6070	227	20	india	india	PROPN
ajfa-6070	227	21	.	.	PUNCT
ajfa-6070	228	1	to	to	PART
ajfa-6070	228	2	conclude	conclude	VERB
ajfa-6070	228	3	,	,	PUNCT
ajfa-6070	228	4	the	the	DET
ajfa-6070	228	5	research	research	NOUN
ajfa-6070	228	6	questions	question	NOUN
ajfa-6070	228	7	are	be	AUX
ajfa-6070	228	8	answered	answer	VERB
ajfa-6070	228	9	with	with	ADP
ajfa-6070	228	10	evidence	evidence	NOUN
ajfa-6070	228	11	from	from	ADP
ajfa-6070	228	12	non	non	ADJ
ajfa-6070	228	13	-	-	ADJ
ajfa-6070	228	14	financial	financial	ADJ
ajfa-6070	228	15	listed	list	VERB
ajfa-6070	228	16	companies	company	NOUN
ajfa-6070	228	17	on	on	ADP
ajfa-6070	228	18	bse	bse	PROPN
ajfa-6070	228	19	.	.	PUNCT
ajfa-6070	229	1	the	the	DET
ajfa-6070	229	2	nature	nature	NOUN
ajfa-6070	229	3	of	of	ADP
ajfa-6070	229	4	ownership	ownership	NOUN
ajfa-6070	229	5	identity	identity	NOUN
ajfa-6070	229	6	in	in	ADP
ajfa-6070	229	7	india	india	PROPN
ajfa-6070	229	8	and	and	CCONJ
ajfa-6070	229	9	its	its	PRON
ajfa-6070	229	10	effect	effect	NOUN
ajfa-6070	229	11	on	on	ADP
ajfa-6070	229	12	firm	firm	ADJ
ajfa-6070	229	13	performance	performance	NOUN
ajfa-6070	229	14	was	be	AUX
ajfa-6070	229	15	analyzed	analyze	VERB
ajfa-6070	229	16	using	use	VERB
ajfa-6070	229	17	pooled	pool	VERB
ajfa-6070	229	18	panel	panel	NOUN
ajfa-6070	229	19	regression	regression	NOUN
ajfa-6070	229	20	.	.	PUNCT
ajfa-6070	230	1	it	it	PRON
ajfa-6070	230	2	is	be	AUX
ajfa-6070	230	3	found	find	VERB
ajfa-6070	230	4	that	that	SCONJ
ajfa-6070	230	5	family	family	NOUN
ajfa-6070	230	6	/	/	SYM
ajfa-6070	230	7	foundation	foundation	NOUN
ajfa-6070	230	8	owned	own	VERB
ajfa-6070	230	9	firms	firm	NOUN
ajfa-6070	230	10	have	have	VERB
ajfa-6070	230	11	better	well	ADJ
ajfa-6070	230	12	financial	financial	ADJ
ajfa-6070	230	13	performance	performance	NOUN
ajfa-6070	230	14	and	and	CCONJ
ajfa-6070	230	15	firms	firm	NOUN
ajfa-6070	230	16	with	with	ADP
ajfa-6070	230	17	government	government	NOUN
ajfa-6070	230	18	ownership	ownership	NOUN
ajfa-6070	230	19	show	show	NOUN
ajfa-6070	230	20	significantly	significantly	ADV
ajfa-6070	230	21	negative	negative	ADJ
ajfa-6070	230	22	financial	financial	ADJ
ajfa-6070	230	23	performance	performance	NOUN
ajfa-6070	230	24	.	.	PUNCT
ajfa-6070	231	1	foreign	foreign	ADJ
ajfa-6070	231	2	institution	institution	NOUN
ajfa-6070	231	3	owned	own	VERB
ajfa-6070	231	4	firms	firm	NOUN
ajfa-6070	231	5	show	show	VERB
ajfa-6070	231	6	a	a	DET
ajfa-6070	231	7	positive	positive	ADJ
ajfa-6070	231	8	relationship	relationship	NOUN
ajfa-6070	231	9	with	with	ADP
ajfa-6070	231	10	performance	performance	NOUN
ajfa-6070	231	11	.	.	PUNCT
ajfa-6070	232	1	arguments	argument	NOUN
ajfa-6070	232	2	are	be	AUX
ajfa-6070	232	3	combined	combine	VERB
ajfa-6070	232	4	to	to	PART
ajfa-6070	232	5	explain	explain	VERB
ajfa-6070	232	6	the	the	DET
ajfa-6070	232	7	results	result	NOUN
ajfa-6070	232	8	:	:	PUNCT
ajfa-6070	232	9	management	management	NOUN
ajfa-6070	232	10	entrenchment	entrenchment	NOUN
ajfa-6070	232	11	argument	argument	NOUN
ajfa-6070	232	12	for	for	ADP
ajfa-6070	232	13	dispersed	disperse	VERB
ajfa-6070	232	14	ownership	ownership	NOUN
ajfa-6070	232	15	;	;	PUNCT
ajfa-6070	232	16	incentive	incentive	ADJ
ajfa-6070	232	17	alignment	alignment	NOUN
ajfa-6070	232	18	argument	argument	NOUN
ajfa-6070	232	19	and	and	CCONJ
ajfa-6070	232	20	long	long	ADJ
ajfa-6070	232	21	-	-	PUNCT
ajfa-6070	232	22	term	term	NOUN
ajfa-6070	232	23	orientation	orientation	NOUN
ajfa-6070	232	24	argument	argument	NOUN
ajfa-6070	232	25	for	for	ADP
ajfa-6070	232	26	family	family	NOUN
ajfa-6070	232	27	ownership	ownership	NOUN
ajfa-6070	232	28	;	;	PUNCT
ajfa-6070	232	29	institutional	institutional	ADJ
ajfa-6070	232	30	myopia	myopia	NOUN
ajfa-6070	232	31	argument	argument	NOUN
ajfa-6070	232	32	and	and	CCONJ
ajfa-6070	232	33	cost	cost	NOUN
ajfa-6070	232	34	-	-	PUNCT
ajfa-6070	232	35	efficiency	efficiency	NOUN
ajfa-6070	232	36	of	of	ADP
ajfa-6070	232	37	monitoring	monitor	VERB
ajfa-6070	232	38	argument	argument	NOUN
ajfa-6070	232	39	for	for	ADP
ajfa-6070	232	40	institution	institution	NOUN
ajfa-6070	232	41	ownership	ownership	NOUN
ajfa-6070	232	42	;	;	PUNCT
ajfa-6070	232	43	information	information	NOUN
ajfa-6070	232	44	asymmetry	asymmetry	NOUN
ajfa-6070	232	45	of	of	ADP
ajfa-6070	232	46	bureaucracy	bureaucracy	NOUN
ajfa-6070	232	47	argument	argument	NOUN
ajfa-6070	232	48	and	and	CCONJ
ajfa-6070	232	49	dual	dual	ADJ
ajfa-6070	232	50	-	-	PUNCT
ajfa-6070	232	51	role	role	NOUN
ajfa-6070	232	52	argument	argument	NOUN
ajfa-6070	232	53	for	for	ADP
ajfa-6070	232	54	government	government	NOUN
ajfa-6070	232	55	ownership	ownership	NOUN
ajfa-6070	232	56	.	.	PUNCT
ajfa-6070	233	1	the	the	DET
ajfa-6070	233	2	effect	effect	NOUN
ajfa-6070	233	3	of	of	ADP
ajfa-6070	233	4	owner	owner	NOUN
ajfa-6070	233	5	identity	identity	NOUN
ajfa-6070	233	6	on	on	ADP
ajfa-6070	233	7	firm	firm	ADJ
ajfa-6070	233	8	performance	performance	NOUN
ajfa-6070	233	9	exists	exist	VERB
ajfa-6070	233	10	and	and	CCONJ
ajfa-6070	233	11	varies	vary	VERB
ajfa-6070	233	12	among	among	ADP
ajfa-6070	233	13	different	different	ADJ
ajfa-6070	233	14	types	type	NOUN
ajfa-6070	233	15	of	of	ADP
ajfa-6070	233	16	owner	owner	NOUN
ajfa-6070	233	17	,	,	PUNCT
ajfa-6070	233	18	because	because	SCONJ
ajfa-6070	233	19	the	the	DET
ajfa-6070	233	20	different	different	ADJ
ajfa-6070	233	21	owner	owner	NOUN
ajfa-6070	233	22	has	have	VERB
ajfa-6070	233	23	its	its	PRON
ajfa-6070	233	24	own	own	ADJ
ajfa-6070	233	25	preference	preference	NOUN
ajfa-6070	233	26	on	on	ADP
ajfa-6070	233	27	firm	firm	ADJ
ajfa-6070	233	28	strategic	strategic	ADJ
ajfa-6070	233	29	goals	goal	NOUN
ajfa-6070	233	30	and	and	CCONJ
ajfa-6070	233	31	varies	vary	VERB
ajfa-6070	233	32	in	in	ADP
ajfa-6070	233	33	incentive	incentive	NOUN
ajfa-6070	233	34	and	and	CCONJ
ajfa-6070	233	35	capability	capability	NOUN
ajfa-6070	233	36	to	to	PART
ajfa-6070	233	37	deal	deal	VERB
ajfa-6070	233	38	with	with	ADP
ajfa-6070	233	39	agency	agency	NOUN
ajfa-6070	233	40	problems	problem	NOUN
ajfa-6070	233	41	.	.	PUNCT
ajfa-6070	234	1	some	some	PRON
ajfa-6070	234	2	of	of	ADP
ajfa-6070	234	3	the	the	DET
ajfa-6070	234	4	control	control	NOUN
ajfa-6070	234	5	variables	variable	NOUN
ajfa-6070	234	6	had	have	VERB
ajfa-6070	234	7	a	a	DET
ajfa-6070	234	8	significant	significant	ADJ
ajfa-6070	234	9	effect	effect	NOUN
ajfa-6070	234	10	on	on	ADP
ajfa-6070	234	11	the	the	DET
ajfa-6070	234	12	corporate	corporate	ADJ
ajfa-6070	234	13	performance	performance	NOUN
ajfa-6070	234	14	.	.	PUNCT
ajfa-6070	235	1	the	the	DET
ajfa-6070	235	2	control	control	NOUN
ajfa-6070	235	3	variables	variable	NOUN
ajfa-6070	235	4	like	like	ADP
ajfa-6070	235	5	leverage	leverage	NOUN
ajfa-6070	235	6	had	have	VERB
ajfa-6070	235	7	a	a	DET
ajfa-6070	235	8	negative	negative	ADJ
ajfa-6070	235	9	impact	impact	NOUN
ajfa-6070	235	10	while	while	SCONJ
ajfa-6070	235	11	age	age	NOUN
ajfa-6070	235	12	had	have	VERB
ajfa-6070	235	13	a	a	DET
ajfa-6070	235	14	positive	positive	ADJ
ajfa-6070	235	15	effect	effect	NOUN
ajfa-6070	235	16	on	on	ADP
ajfa-6070	235	17	performance	performance	NOUN
ajfa-6070	235	18	.	.	PUNCT
ajfa-6070	236	1	corporate	corporate	ADJ
ajfa-6070	236	2	governance	governance	NOUN
ajfa-6070	236	3	index	index	NOUN
ajfa-6070	236	4	had	have	VERB
ajfa-6070	236	5	a	a	DET
ajfa-6070	236	6	significantly	significantly	ADV
ajfa-6070	236	7	negative	negative	ADJ
ajfa-6070	236	8	impact	impact	NOUN
ajfa-6070	236	9	on	on	ADP
ajfa-6070	236	10	roe	roe	NOUN
ajfa-6070	236	11	.	.	PUNCT
ajfa-6070	237	1	the	the	DET
ajfa-6070	237	2	reason	reason	NOUN
ajfa-6070	237	3	could	could	AUX
ajfa-6070	237	4	be	be	AUX
ajfa-6070	237	5	that	that	SCONJ
ajfa-6070	237	6	the	the	DET
ajfa-6070	237	7	components	component	NOUN
ajfa-6070	237	8	of	of	ADP
ajfa-6070	237	9	cgi	cgi	NOUN
ajfa-6070	237	10	are	be	AUX
ajfa-6070	237	11	negatively	negatively	ADV
ajfa-6070	237	12	related	relate	VERB
ajfa-6070	237	13	to	to	ADP
ajfa-6070	237	14	the	the	DET
ajfa-6070	237	15	firm	firm	ADJ
ajfa-6070	237	16	performance	performance	NOUN
ajfa-6070	237	17	.	.	PUNCT
ajfa-6070	238	1	also	also	ADV
ajfa-6070	238	2	,	,	PUNCT
ajfa-6070	238	3	although	although	SCONJ
ajfa-6070	238	4	the	the	DET
ajfa-6070	238	5	relationship	relationship	NOUN
ajfa-6070	238	6	between	between	ADP
ajfa-6070	238	7	cgi	cgi	PROPN
ajfa-6070	238	8	and	and	CCONJ
ajfa-6070	238	9	roe	roe	PROPN
ajfa-6070	238	10	,	,	PUNCT
ajfa-6070	238	11	roa	roa	PROPN
ajfa-6070	238	12	and	and	CCONJ
ajfa-6070	238	13	tobin	tobin	PROPN
ajfa-6070	238	14	's	's	PART
ajfa-6070	238	15	q	q	NOUN
ajfa-6070	238	16	is	be	AUX
ajfa-6070	238	17	observed	observe	VERB
ajfa-6070	238	18	to	to	PART
ajfa-6070	238	19	be	be	AUX
ajfa-6070	238	20	negative	negative	ADJ
ajfa-6070	238	21	,	,	PUNCT
ajfa-6070	238	22	but	but	CCONJ
ajfa-6070	238	23	the	the	DET
ajfa-6070	238	24	impact	impact	NOUN
ajfa-6070	238	25	of	of	ADP
ajfa-6070	238	26	cgi	cgi	NOUN
ajfa-6070	238	27	is	be	AUX
ajfa-6070	238	28	significant	significant	ADJ
ajfa-6070	238	29	only	only	ADV
ajfa-6070	238	30	in	in	ADP
ajfa-6070	238	31	case	case	NOUN
ajfa-6070	238	32	of	of	ADP
ajfa-6070	238	33	roe	roe	NOUN
ajfa-6070	238	34	.	.	PUNCT
ajfa-6070	239	1	implications	implication	NOUN
ajfa-6070	239	2	of	of	ADP
ajfa-6070	239	3	the	the	DET
ajfa-6070	239	4	study	study	NOUN
ajfa-6070	239	5	•	•	ADP
ajfa-6070	239	6	the	the	DET
ajfa-6070	239	7	findings	finding	NOUN
ajfa-6070	239	8	underline	underline	VERB
ajfa-6070	239	9	that	that	SCONJ
ajfa-6070	239	10	family	family	NOUN
ajfa-6070	239	11	ownership	ownership	NOUN
ajfa-6070	239	12	is	be	AUX
ajfa-6070	239	13	dominant	dominant	ADJ
ajfa-6070	239	14	followed	follow	VERB
ajfa-6070	239	15	by	by	ADP
ajfa-6070	239	16	institutional	institutional	ADJ
ajfa-6070	239	17	investors	investor	NOUN
ajfa-6070	239	18	.	.	PUNCT
ajfa-6070	240	1	the	the	DET
ajfa-6070	240	2	individuals	individual	NOUN
ajfa-6070	240	3	are	be	AUX
ajfa-6070	240	4	insignificant	insignificant	ADJ
ajfa-6070	240	5	investor	investor	NOUN
ajfa-6070	240	6	type	type	NOUN
ajfa-6070	240	7	.	.	PUNCT
ajfa-6070	241	1	since	since	SCONJ
ajfa-6070	241	2	board	board	NOUN
ajfa-6070	241	3	derives	derive	VERB
ajfa-6070	241	4	its	its	PRON
ajfa-6070	241	5	power	power	NOUN
ajfa-6070	241	6	from	from	ADP
ajfa-6070	241	7	dominant	dominant	ADJ
ajfa-6070	241	8	shareholders	shareholder	NOUN
ajfa-6070	241	9	,	,	PUNCT
ajfa-6070	241	10	disciplining	discipline	VERB
ajfa-6070	241	11	them	they	PRON
ajfa-6070	241	12	is	be	AUX
ajfa-6070	241	13	not	not	PART
ajfa-6070	241	14	feasible	feasible	ADJ
ajfa-6070	241	15	resulting	result	VERB
ajfa-6070	241	16	in	in	ADP
ajfa-6070	241	17	the	the	DET
ajfa-6070	241	18	ineffectiveness	ineffectiveness	NOUN
ajfa-6070	241	19	of	of	ADP
ajfa-6070	241	20	the	the	DET
ajfa-6070	241	21	board	board	NOUN
ajfa-6070	241	22	.	.	PUNCT
ajfa-6070	242	1	there	there	PRON
ajfa-6070	242	2	thus	thus	ADV
ajfa-6070	242	3	exists	exist	VERB
ajfa-6070	242	4	a	a	DET
ajfa-6070	242	5	dual	dual	ADJ
ajfa-6070	242	6	challenge	challenge	NOUN
ajfa-6070	242	7	of	of	ADP
ajfa-6070	242	8	resolving	resolve	VERB
ajfa-6070	242	9	conflict	conflict	NOUN
ajfa-6070	242	10	between	between	ADP
ajfa-6070	242	11	not	not	PART
ajfa-6070	242	12	only	only	ADV
ajfa-6070	242	13	the	the	DET
ajfa-6070	242	14	shareholders	shareholder	NOUN
ajfa-6070	242	15	and	and	CCONJ
ajfa-6070	242	16	management	management	NOUN
ajfa-6070	242	17	but	but	CCONJ
ajfa-6070	242	18	also	also	ADV
ajfa-6070	242	19	between	between	ADP
ajfa-6070	242	20	dominant	dominant	ADJ
ajfa-6070	242	21	shareholders	shareholder	NOUN
ajfa-6070	242	22	and	and	CCONJ
ajfa-6070	242	23	minority	minority	NOUN
ajfa-6070	242	24	shareholders	shareholder	NOUN
ajfa-6070	242	25	.	.	PUNCT
ajfa-6070	243	1	shleifer	shleifer	PROPN
ajfa-6070	243	2	and	and	CCONJ
ajfa-6070	243	3	vishny	vishny	PROPN
ajfa-6070	243	4	(	(	PUNCT
ajfa-6070	243	5	1986	1986	NUM
ajfa-6070	243	6	)	)	PUNCT
ajfa-6070	243	7	argue	argue	VERB
ajfa-6070	243	8	that	that	SCONJ
ajfa-6070	243	9	large	large	ADJ
ajfa-6070	243	10	shareholders	shareholder	NOUN
ajfa-6070	243	11	have	have	VERB
ajfa-6070	243	12	a	a	DET
ajfa-6070	243	13	strong	strong	ADJ
ajfa-6070	243	14	incentive	incentive	NOUN
ajfa-6070	243	15	to	to	PART
ajfa-6070	243	16	monitor	monitor	VERB
ajfa-6070	243	17	managers	manager	NOUN
ajfa-6070	243	18	because	because	SCONJ
ajfa-6070	243	19	of	of	ADP
ajfa-6070	243	20	their	their	PRON
ajfa-6070	243	21	significant	significant	ADJ
ajfa-6070	243	22	economic	economic	ADJ
ajfa-6070	243	23	stakes	stake	NOUN
ajfa-6070	243	24	.	.	PUNCT
ajfa-6070	244	1	•	•	NOUN
ajfa-6070	244	2	sound	sound	VERB
ajfa-6070	244	3	functioning	function	VERB
ajfa-6070	244	4	corporate	corporate	ADJ
ajfa-6070	244	5	governance	governance	NOUN
ajfa-6070	244	6	mechanisms	mechanism	NOUN
ajfa-6070	244	7	are	be	AUX
ajfa-6070	244	8	of	of	ADP
ajfa-6070	244	9	crucial	crucial	ADJ
ajfa-6070	244	10	importance	importance	NOUN
ajfa-6070	244	11	for	for	ADP
ajfa-6070	244	12	both	both	PRON
ajfa-6070	244	13	local	local	ADJ
ajfa-6070	244	14	companies	company	NOUN
ajfa-6070	244	15	and	and	CCONJ
ajfa-6070	244	16	foreign	foreign	ADJ
ajfa-6070	244	17	investors	investor	NOUN
ajfa-6070	244	18	so	so	SCONJ
ajfa-6070	244	19	as	as	SCONJ
ajfa-6070	244	20	to	to	PART
ajfa-6070	244	21	tap	tap	VERB
ajfa-6070	244	22	tremendous	tremendous	ADJ
ajfa-6070	244	23	opportunities	opportunity	NOUN
ajfa-6070	244	24	for	for	ADP
ajfa-6070	244	25	investment	investment	NOUN
ajfa-6070	244	26	and	and	CCONJ
ajfa-6070	244	27	growth	growth	NOUN
ajfa-6070	244	28	which	which	PRON
ajfa-6070	244	29	the	the	DET
ajfa-6070	244	30	indian	indian	ADJ
ajfa-6070	244	31	economy	economy	NOUN
ajfa-6070	244	32	provides	provide	VERB
ajfa-6070	244	33	.	.	PUNCT
ajfa-6070	245	1	•	•	X
ajfa-6070	245	2	there	there	PRON
ajfa-6070	245	3	is	be	VERB
ajfa-6070	245	4	a	a	DET
ajfa-6070	245	5	significant	significant	ADJ
ajfa-6070	245	6	negative	negative	ADJ
ajfa-6070	245	7	relationship	relationship	NOUN
ajfa-6070	245	8	between	between	ADP
ajfa-6070	245	9	government	government	NOUN
ajfa-6070	245	10	ownership	ownership	NOUN
ajfa-6070	245	11	and	and	CCONJ
ajfa-6070	245	12	firm	firm	ADJ
ajfa-6070	245	13	performance	performance	NOUN
ajfa-6070	245	14	.	.	PUNCT
ajfa-6070	246	1	government	government	NOUN
ajfa-6070	246	2	ownership	ownership	NOUN
ajfa-6070	246	3	contributes	contribute	VERB
ajfa-6070	246	4	to	to	ADP
ajfa-6070	246	5	generally	generally	ADV
ajfa-6070	246	6	poor	poor	ADJ
ajfa-6070	246	7	performance	performance	NOUN
ajfa-6070	246	8	of	of	ADP
ajfa-6070	246	9	firms	firm	NOUN
ajfa-6070	246	10	,	,	PUNCT
ajfa-6070	246	11	due	due	ADP
ajfa-6070	246	12	to	to	ADP
ajfa-6070	246	13	excessive	excessive	ADJ
ajfa-6070	246	14	bureaucracy	bureaucracy	NOUN
ajfa-6070	246	15	,	,	PUNCT
ajfa-6070	246	16	nepotism	nepotism	NOUN
ajfa-6070	246	17	,	,	PUNCT
ajfa-6070	246	18	political	political	ADJ
ajfa-6070	246	19	expediency	expediency	NOUN
ajfa-6070	246	20	.	.	PUNCT
ajfa-6070	247	1	the	the	DET
ajfa-6070	247	2	current	current	ADJ
ajfa-6070	247	3	study	study	NOUN
ajfa-6070	247	4	has	have	AUX
ajfa-6070	247	5	confirmed	confirm	VERB
ajfa-6070	247	6	asian	asian	ADJ
ajfa-6070	247	7	journal	journal	NOUN
ajfa-6070	247	8	of	of	ADP
ajfa-6070	247	9	finance	finance	PROPN
ajfa-6070	247	10	&	&	CCONJ
ajfa-6070	247	11	accounting	accounting	PROPN
ajfa-6070	247	12	issn	issn	PROPN
ajfa-6070	247	13	1946	1946	NUM
ajfa-6070	247	14	-	-	PUNCT
ajfa-6070	247	15	052x	052x	NOUN
ajfa-6070	247	16	2015	2015	NUM
ajfa-6070	247	17	,	,	PUNCT
ajfa-6070	247	18	vol	vol	NOUN
ajfa-6070	247	19	.	.	PROPN
ajfa-6070	248	1	7	7	NUM
ajfa-6070	248	2	,	,	PUNCT
ajfa-6070	248	3	no	no	INTJ
ajfa-6070	248	4	.	.	NOUN
ajfa-6070	248	5	1	1	NUM
ajfa-6070	248	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6070	248	7	59	59	NUM
ajfa-6070	248	8	this	this	DET
ajfa-6070	248	9	long	long	ADV
ajfa-6070	248	10	-	-	PUNCT
ajfa-6070	248	11	held	hold	VERB
ajfa-6070	248	12	position	position	NOUN
ajfa-6070	248	13	.	.	PUNCT
ajfa-6070	249	1	therefore	therefore	ADV
ajfa-6070	249	2	the	the	DET
ajfa-6070	249	3	government	government	NOUN
ajfa-6070	249	4	should	should	AUX
ajfa-6070	249	5	infuse	infuse	VERB
ajfa-6070	249	6	private	private	ADJ
ajfa-6070	249	7	sector	sector	NOUN
ajfa-6070	249	8	-	-	PUNCT
ajfa-6070	249	9	like	like	ADJ
ajfa-6070	249	10	management	management	NOUN
ajfa-6070	249	11	systems	system	NOUN
ajfa-6070	249	12	and	and	CCONJ
ajfa-6070	249	13	progress	progress	VERB
ajfa-6070	249	14	the	the	DET
ajfa-6070	249	15	divestiture	divestiture	PROPN
ajfa-6070	249	16	program	program	NOUN
ajfa-6070	249	17	to	to	PART
ajfa-6070	249	18	attract	attract	VERB
ajfa-6070	249	19	more	more	ADJ
ajfa-6070	249	20	private	private	ADJ
ajfa-6070	249	21	individuals	individual	NOUN
ajfa-6070	249	22	and	and	CCONJ
ajfa-6070	249	23	institutions	institution	NOUN
ajfa-6070	249	24	to	to	PART
ajfa-6070	249	25	co	co	VERB
ajfa-6070	249	26	-	-	VERB
ajfa-6070	249	27	own	own	VERB
ajfa-6070	249	28	the	the	DET
ajfa-6070	249	29	public	public	ADJ
ajfa-6070	249	30	sector	sector	NOUN
ajfa-6070	249	31	undertakings	undertaking	NOUN
ajfa-6070	249	32	.	.	PUNCT
ajfa-6070	250	1	•	•	NUM
ajfa-6070	250	2	in	in	ADP
ajfa-6070	250	3	line	line	NOUN
ajfa-6070	250	4	with	with	ADP
ajfa-6070	250	5	the	the	DET
ajfa-6070	250	6	above	above	NOUN
ajfa-6070	250	7	,	,	PUNCT
ajfa-6070	250	8	the	the	DET
ajfa-6070	250	9	private	private	ADJ
ajfa-6070	250	10	players	player	NOUN
ajfa-6070	250	11	should	should	AUX
ajfa-6070	250	12	have	have	VERB
ajfa-6070	250	13	a	a	DET
ajfa-6070	250	14	stake	stake	NOUN
ajfa-6070	250	15	in	in	ADP
ajfa-6070	250	16	the	the	DET
ajfa-6070	250	17	projects	project	NOUN
ajfa-6070	250	18	launched	launch	VERB
ajfa-6070	250	19	by	by	ADP
ajfa-6070	250	20	the	the	DET
ajfa-6070	250	21	government	government	NOUN
ajfa-6070	250	22	to	to	PART
ajfa-6070	250	23	make	make	VERB
ajfa-6070	250	24	them	they	PRON
ajfa-6070	250	25	more	more	ADV
ajfa-6070	250	26	efficient	efficient	ADJ
ajfa-6070	250	27	,	,	PUNCT
ajfa-6070	250	28	thereby	thereby	ADV
ajfa-6070	250	29	improving	improve	VERB
ajfa-6070	250	30	the	the	DET
ajfa-6070	250	31	performance	performance	NOUN
ajfa-6070	250	32	.	.	PUNCT
ajfa-6070	251	1	•	•	ADV
ajfa-6070	251	2	there	there	PRON
ajfa-6070	251	3	is	be	VERB
ajfa-6070	251	4	a	a	DET
ajfa-6070	251	5	positive	positive	ADJ
ajfa-6070	251	6	and	and	CCONJ
ajfa-6070	251	7	significant	significant	ADJ
ajfa-6070	251	8	relationship	relationship	NOUN
ajfa-6070	251	9	between	between	ADP
ajfa-6070	251	10	foreign	foreign	ADJ
ajfa-6070	251	11	ownership	ownership	NOUN
ajfa-6070	251	12	and	and	CCONJ
ajfa-6070	251	13	firm	firm	ADJ
ajfa-6070	251	14	performance	performance	NOUN
ajfa-6070	251	15	.	.	PUNCT
ajfa-6070	252	1	foreign	foreign	ADJ
ajfa-6070	252	2	owned	own	VERB
ajfa-6070	252	3	companies	company	NOUN
ajfa-6070	252	4	have	have	VERB
ajfa-6070	252	5	access	access	NOUN
ajfa-6070	252	6	to	to	ADP
ajfa-6070	252	7	management	management	NOUN
ajfa-6070	252	8	systems	system	NOUN
ajfa-6070	252	9	whose	whose	DET
ajfa-6070	252	10	efficacy	efficacy	NOUN
ajfa-6070	252	11	has	have	AUX
ajfa-6070	252	12	been	be	AUX
ajfa-6070	252	13	tested	test	VERB
ajfa-6070	252	14	in	in	ADP
ajfa-6070	252	15	many	many	ADJ
ajfa-6070	252	16	contexts	context	NOUN
ajfa-6070	252	17	.	.	PUNCT
ajfa-6070	253	1	the	the	DET
ajfa-6070	253	2	massive	massive	ADJ
ajfa-6070	253	3	resource	resource	NOUN
ajfa-6070	253	4	base	base	NOUN
ajfa-6070	253	5	and	and	CCONJ
ajfa-6070	253	6	bail	bail	NOUN
ajfa-6070	253	7	-	-	PUNCT
ajfa-6070	253	8	out	out	ADP
ajfa-6070	253	9	plans	plan	NOUN
ajfa-6070	253	10	for	for	ADP
ajfa-6070	253	11	fledgling	fledgling	NOUN
ajfa-6070	253	12	affiliates	affiliate	NOUN
ajfa-6070	253	13	are	be	AUX
ajfa-6070	253	14	other	other	ADJ
ajfa-6070	253	15	factors	factor	NOUN
ajfa-6070	253	16	that	that	PRON
ajfa-6070	253	17	enhance	enhance	VERB
ajfa-6070	253	18	performance	performance	NOUN
ajfa-6070	253	19	of	of	ADP
ajfa-6070	253	20	foreign	foreign	ADJ
ajfa-6070	253	21	owned	own	VERB
ajfa-6070	253	22	firms	firm	NOUN
ajfa-6070	253	23	.	.	PUNCT
ajfa-6070	254	1	•	•	NUM
ajfa-6070	254	2	the	the	DET
ajfa-6070	254	3	debate	debate	NOUN
ajfa-6070	254	4	on	on	ADP
ajfa-6070	254	5	corporate	corporate	ADJ
ajfa-6070	254	6	governance	governance	NOUN
ajfa-6070	254	7	pertains	pertain	NOUN
ajfa-6070	254	8	to	to	PART
ajfa-6070	254	9	board	board	VERB
ajfa-6070	254	10	composition	composition	NOUN
ajfa-6070	254	11	especially	especially	ADV
ajfa-6070	254	12	board	board	NOUN
ajfa-6070	254	13	size	size	NOUN
ajfa-6070	254	14	and	and	CCONJ
ajfa-6070	254	15	independence	independence	NOUN
ajfa-6070	254	16	.	.	PUNCT
ajfa-6070	255	1	the	the	DET
ajfa-6070	255	2	introduction	introduction	NOUN
ajfa-6070	255	3	of	of	ADP
ajfa-6070	255	4	independent	independent	ADJ
ajfa-6070	255	5	directors	director	NOUN
ajfa-6070	255	6	is	be	AUX
ajfa-6070	255	7	an	an	DET
ajfa-6070	255	8	important	important	ADJ
ajfa-6070	255	9	arrangement	arrangement	NOUN
ajfa-6070	255	10	in	in	ADP
ajfa-6070	255	11	monitoring	monitor	VERB
ajfa-6070	255	12	the	the	DET
ajfa-6070	255	13	effectiveness	effectiveness	NOUN
ajfa-6070	255	14	of	of	ADP
ajfa-6070	255	15	board	board	NOUN
ajfa-6070	255	16	of	of	ADP
ajfa-6070	255	17	directors	director	NOUN
ajfa-6070	255	18	.	.	PUNCT
ajfa-6070	256	1	it	it	PRON
ajfa-6070	256	2	is	be	AUX
ajfa-6070	256	3	therefore	therefore	ADV
ajfa-6070	256	4	imperative	imperative	ADJ
ajfa-6070	256	5	to	to	PART
ajfa-6070	256	6	improve	improve	VERB
ajfa-6070	256	7	effectiveness	effectiveness	NOUN
ajfa-6070	256	8	of	of	ADP
ajfa-6070	256	9	independent	independent	ADJ
ajfa-6070	256	10	directors	director	NOUN
ajfa-6070	256	11	in	in	ADP
ajfa-6070	256	12	monitoring	monitor	VERB
ajfa-6070	256	13	managers	manager	NOUN
ajfa-6070	256	14	especially	especially	ADV
ajfa-6070	256	15	to	to	PART
ajfa-6070	256	16	strengthen	strengthen	VERB
ajfa-6070	256	17	their	their	PRON
ajfa-6070	256	18	independence	independence	NOUN
ajfa-6070	256	19	.	.	PUNCT
ajfa-6070	257	1	a	a	DET
ajfa-6070	257	2	major	major	ADJ
ajfa-6070	257	3	problem	problem	NOUN
ajfa-6070	257	4	,	,	PUNCT
ajfa-6070	257	5	however	however	ADV
ajfa-6070	257	6	,	,	PUNCT
ajfa-6070	257	7	is	be	AUX
ajfa-6070	257	8	the	the	DET
ajfa-6070	257	9	limited	limited	ADJ
ajfa-6070	257	10	availability	availability	NOUN
ajfa-6070	257	11	of	of	ADP
ajfa-6070	257	12	trained	train	VERB
ajfa-6070	257	13	independent	independent	ADJ
ajfa-6070	257	14	directors	director	NOUN
ajfa-6070	257	15	who	who	PRON
ajfa-6070	257	16	are	be	AUX
ajfa-6070	257	17	well	well	ADV
ajfa-6070	257	18	versed	versed	ADJ
ajfa-6070	257	19	with	with	ADP
ajfa-6070	257	20	the	the	DET
ajfa-6070	257	21	procedures	procedure	NOUN
ajfa-6070	257	22	,	,	PUNCT
ajfa-6070	257	23	tasks	task	NOUN
ajfa-6070	257	24	and	and	CCONJ
ajfa-6070	257	25	responsibilities	responsibility	NOUN
ajfa-6070	257	26	expected	expect	VERB
ajfa-6070	257	27	of	of	ADP
ajfa-6070	257	28	them	they	PRON
ajfa-6070	257	29	.	.	PUNCT
ajfa-6070	258	1	one	one	NUM
ajfa-6070	258	2	solution	solution	NOUN
ajfa-6070	258	3	to	to	ADP
ajfa-6070	258	4	this	this	DET
ajfa-6070	258	5	challenge	challenge	NOUN
ajfa-6070	258	6	is	be	AUX
ajfa-6070	258	7	business	business	NOUN
ajfa-6070	258	8	leadership	leadership	NOUN
ajfa-6070	258	9	training	training	NOUN
ajfa-6070	258	10	of	of	ADP
ajfa-6070	258	11	existing	exist	VERB
ajfa-6070	258	12	and	and	CCONJ
ajfa-6070	258	13	potential	potential	ADJ
ajfa-6070	258	14	independent	independent	ADJ
ajfa-6070	258	15	directors	director	NOUN
ajfa-6070	258	16	in	in	ADP
ajfa-6070	258	17	india	india	PROPN
ajfa-6070	258	18	.	.	PUNCT
ajfa-6070	259	1	hillman	hillman	PROPN
ajfa-6070	259	2	et	et	PROPN
ajfa-6070	259	3	al.(2000	al.(2000	PROPN
ajfa-6070	259	4	)	)	PUNCT
ajfa-6070	259	5	posit	posit	VERB
ajfa-6070	259	6	to	to	PART
ajfa-6070	259	7	have	have	VERB
ajfa-6070	259	8	board	board	NOUN
ajfa-6070	259	9	members	member	NOUN
ajfa-6070	259	10	with	with	ADP
ajfa-6070	259	11	varied	varied	ADJ
ajfa-6070	259	12	skills	skill	NOUN
ajfa-6070	259	13	such	such	ADJ
ajfa-6070	259	14	as	as	ADP
ajfa-6070	259	15	being	be	AUX
ajfa-6070	259	16	insiders	insider	NOUN
ajfa-6070	259	17	in	in	ADP
ajfa-6070	259	18	the	the	DET
ajfa-6070	259	19	firm	firm	NOUN
ajfa-6070	259	20	,	,	PUNCT
ajfa-6070	259	21	business	business	NOUN
ajfa-6070	259	22	experts	expert	NOUN
ajfa-6070	259	23	,	,	PUNCT
ajfa-6070	259	24	support	support	NOUN
ajfa-6070	259	25	specialists	specialist	NOUN
ajfa-6070	259	26	for	for	ADP
ajfa-6070	259	27	better	well	ADJ
ajfa-6070	259	28	performance	performance	NOUN
ajfa-6070	259	29	.	.	PUNCT
ajfa-6070	260	1	•	•	NUM
ajfa-6070	260	2	the	the	DET
ajfa-6070	260	3	study	study	NOUN
ajfa-6070	260	4	recommends	recommend	VERB
ajfa-6070	260	5	larger	large	ADJ
ajfa-6070	260	6	board	board	NOUN
ajfa-6070	260	7	size	size	NOUN
ajfa-6070	260	8	,	,	PUNCT
ajfa-6070	260	9	although	although	SCONJ
ajfa-6070	260	10	the	the	DET
ajfa-6070	260	11	relationship	relationship	NOUN
ajfa-6070	260	12	is	be	AUX
ajfa-6070	260	13	not	not	PART
ajfa-6070	260	14	significant	significant	ADJ
ajfa-6070	260	15	.	.	PUNCT
ajfa-6070	261	1	however	however	ADV
ajfa-6070	261	2	,	,	PUNCT
ajfa-6070	261	3	the	the	DET
ajfa-6070	261	4	logic	logic	NOUN
ajfa-6070	261	5	is	be	AUX
ajfa-6070	261	6	to	to	PART
ajfa-6070	261	7	bring	bring	VERB
ajfa-6070	261	8	in	in	ADP
ajfa-6070	261	9	a	a	DET
ajfa-6070	261	10	large	large	ADJ
ajfa-6070	261	11	board	board	NOUN
ajfa-6070	261	12	with	with	ADP
ajfa-6070	261	13	the	the	DET
ajfa-6070	261	14	required	required	ADJ
ajfa-6070	261	15	expertise	expertise	NOUN
ajfa-6070	261	16	and	and	CCONJ
ajfa-6070	261	17	knowledge	knowledge	NOUN
ajfa-6070	261	18	to	to	PART
ajfa-6070	261	19	efficiently	efficiently	ADV
ajfa-6070	261	20	run	run	VERB
ajfa-6070	261	21	the	the	DET
ajfa-6070	261	22	company	company	NOUN
ajfa-6070	261	23	.	.	PUNCT
ajfa-6070	262	1	references	reference	NOUN
ajfa-6070	262	2	agrawal	agrawal	PROPN
ajfa-6070	262	3	,	,	PUNCT
ajfa-6070	262	4	a.	a.	NOUN
ajfa-6070	262	5	and	and	CCONJ
ajfa-6070	262	6	c.	c.	PROPN
ajfa-6070	262	7	knoeber	knoeber	PROPN
ajfa-6070	262	8	.	.	PUNCT
ajfa-6070	263	1	(	(	PUNCT
ajfa-6070	263	2	1996	1996	NUM
ajfa-6070	263	3	)	)	PUNCT
ajfa-6070	263	4	.	.	PUNCT
ajfa-6070	264	1	firm	firm	ADJ
ajfa-6070	264	2	performance	performance	NOUN
ajfa-6070	264	3	and	and	CCONJ
ajfa-6070	264	4	mechanisms	mechanism	NOUN
ajfa-6070	264	5	to	to	PART
ajfa-6070	264	6	control	control	VERB
ajfa-6070	264	7	agency	agency	NOUN
ajfa-6070	264	8	problems	problem	NOUN
ajfa-6070	264	9	between	between	ADP
ajfa-6070	264	10	managers	manager	NOUN
ajfa-6070	264	11	and	and	CCONJ
ajfa-6070	264	12	shareholders	shareholder	NOUN
ajfa-6070	264	13	.	.	PUNCT
ajfa-6070	265	1	journal	journal	PROPN
ajfa-6070	265	2	of	of	ADP
ajfa-6070	265	3	financial	financial	ADJ
ajfa-6070	265	4	quantitative	quantitative	ADJ
ajfa-6070	265	5	analysis	analysis	NOUN
ajfa-6070	265	6	,	,	PUNCT
ajfa-6070	265	7	31(3	31(3	NUM
ajfa-6070	265	8	)	)	PUNCT
ajfa-6070	265	9	,	,	PUNCT
ajfa-6070	265	10	377	377	NUM
ajfa-6070	265	11	-	-	SYM
ajfa-6070	265	12	397	397	NUM
ajfa-6070	265	13	.	.	PUNCT
ajfa-6070	266	1	http://dx.doi.org/10.2307/2331397	http://dx.doi.org/10.2307/2331397	PROPN
ajfa-6070	266	2	anderson	anderson	PROPN
ajfa-6070	266	3	,	,	PUNCT
ajfa-6070	266	4	r.c	r.c	PROPN
ajfa-6070	266	5	.	.	PROPN
ajfa-6070	266	6	and	and	CCONJ
ajfa-6070	266	7	d.m	d.m	PROPN
ajfa-6070	266	8	.	.	PROPN
ajfa-6070	266	9	reeb	reeb	PROPN
ajfa-6070	266	10	(	(	PUNCT
ajfa-6070	266	11	2008	2008	NUM
ajfa-6070	266	12	)	)	PUNCT
ajfa-6070	266	13	.	.	PUNCT
ajfa-6070	267	1	founding	found	VERB
ajfa-6070	267	2	-	-	PUNCT
ajfa-6070	267	3	family	family	NOUN
ajfa-6070	267	4	ownership	ownership	NOUN
ajfa-6070	267	5	and	and	CCONJ
ajfa-6070	267	6	firm	firm	ADJ
ajfa-6070	267	7	performance	performance	NOUN
ajfa-6070	267	8	:	:	PUNCT
ajfa-6070	267	9	evidence	evidence	NOUN
ajfa-6070	267	10	from	from	ADP
ajfa-6070	267	11	the	the	DET
ajfa-6070	267	12	s&p	s&p	PROPN
ajfa-6070	267	13	500	500	NUM
ajfa-6070	267	14	.	.	PUNCT
ajfa-6070	268	1	the	the	DET
ajfa-6070	268	2	journal	journal	NOUN
ajfa-6070	268	3	of	of	ADP
ajfa-6070	268	4	finance	finance	NOUN
ajfa-6070	268	5	,	,	PUNCT
ajfa-6070	268	6	lviii(3	lviii(3	PROPN
ajfa-6070	268	7	)	)	PUNCT
ajfa-6070	268	8	,	,	PUNCT
ajfa-6070	268	9	june	june	PROPN
ajfa-6070	268	10	,	,	PUNCT
ajfa-6070	268	11	1301	1301	NUM
ajfa-6070	268	12	-	-	SYM
ajfa-6070	268	13	1328	1328	NUM
ajfa-6070	268	14	.	.	PUNCT
ajfa-6070	269	1	aydin	aydin	NOUN
ajfa-6070	269	2	,	,	PUNCT
ajfa-6070	269	3	n	n	CCONJ
ajfa-6070	269	4	,	,	PUNCT
ajfa-6070	269	5	sayim	sayim	PROPN
ajfa-6070	269	6	,	,	PUNCT
ajfa-6070	269	7	m	m	PROPN
ajfa-6070	269	8	,	,	PUNCT
ajfa-6070	269	9	&	&	CCONJ
ajfa-6070	269	10	yalama	yalama	PROPN
ajfa-6070	269	11	a.	a.	PROPN
ajfa-6070	269	12	(	(	PUNCT
ajfa-6070	269	13	2007	2007	NUM
ajfa-6070	269	14	)	)	PUNCT
ajfa-6070	269	15	.	.	PUNCT
ajfa-6070	270	1	foreign	foreign	ADJ
ajfa-6070	270	2	ownership	ownership	NOUN
ajfa-6070	270	3	and	and	CCONJ
ajfa-6070	270	4	firm	firm	ADJ
ajfa-6070	270	5	performance	performance	NOUN
ajfa-6070	270	6	:	:	PUNCT
ajfa-6070	270	7	evidence	evidence	NOUN
ajfa-6070	270	8	from	from	ADP
ajfa-6070	270	9	turkey	turkey	PROPN
ajfa-6070	270	10	.	.	PUNCT
ajfa-6070	271	1	international	international	ADJ
ajfa-6070	271	2	research	research	PROPN
ajfa-6070	271	3	journal	journal	PROPN
ajfa-6070	271	4	of	of	ADP
ajfa-6070	271	5	financial	financial	ADJ
ajfa-6070	271	6	economics	economic	NOUN
ajfa-6070	271	7	,	,	PUNCT
ajfa-6070	271	8	11	11	NUM
ajfa-6070	271	9	.	.	PUNCT
ajfa-6070	272	1	band	band	PROPN
ajfa-6070	272	2	,	,	PUNCT
ajfa-6070	272	3	r.	r.	PROPN
ajfa-6070	272	4	(	(	PUNCT
ajfa-6070	272	5	1981	1981	NUM
ajfa-6070	272	6	)	)	PUNCT
ajfa-6070	272	7	.	.	PUNCT
ajfa-6070	273	1	the	the	DET
ajfa-6070	273	2	relationship	relationship	NOUN
ajfa-6070	273	3	between	between	ADP
ajfa-6070	273	4	return	return	NOUN
ajfa-6070	273	5	and	and	CCONJ
ajfa-6070	273	6	market	market	NOUN
ajfa-6070	273	7	value	value	NOUN
ajfa-6070	273	8	of	of	ADP
ajfa-6070	273	9	common	common	ADJ
ajfa-6070	273	10	stocks	stock	NOUN
ajfa-6070	273	11	.	.	PUNCT
ajfa-6070	274	1	journal	journal	NOUN
ajfa-6070	274	2	of	of	ADP
ajfa-6070	274	3	financial	financial	ADJ
ajfa-6070	274	4	economics	economic	NOUN
ajfa-6070	274	5	,	,	PUNCT
ajfa-6070	274	6	9	9	NUM
ajfa-6070	274	7	,	,	PUNCT
ajfa-6070	274	8	3–18	3–18	NUM
ajfa-6070	274	9	.	.	PUNCT
ajfa-6070	274	10	http://dx.doi.org/10.1016/0304-405x(81)90018-0	http://dx.doi.org/10.1016/0304-405x(81)90018-0	PROPN
ajfa-6070	274	11	baysinger	baysinger	PROPN
ajfa-6070	274	12	,	,	PUNCT
ajfa-6070	274	13	b.	b.	PROPN
ajfa-6070	274	14	and	and	CCONJ
ajfa-6070	274	15	heskisson	heskisson	PROPN
ajfa-6070	274	16	,	,	PUNCT
ajfa-6070	274	17	r.e	r.e	PROPN
ajfa-6070	274	18	.	.	PROPN
ajfa-6070	275	1	(	(	PUNCT
ajfa-6070	275	2	1990).the	1990).the	DET
ajfa-6070	275	3	composition	composition	NOUN
ajfa-6070	275	4	of	of	ADP
ajfa-6070	275	5	boards	board	NOUN
ajfa-6070	275	6	of	of	ADP
ajfa-6070	275	7	directors	director	NOUN
ajfa-6070	275	8	and	and	CCONJ
ajfa-6070	275	9	strategic	strategic	ADJ
ajfa-6070	275	10	control	control	NOUN
ajfa-6070	275	11	:	:	PUNCT
ajfa-6070	275	12	effects	effect	NOUN
ajfa-6070	275	13	on	on	ADP
ajfa-6070	275	14	corporate	corporate	ADJ
ajfa-6070	275	15	strategy	strategy	NOUN
ajfa-6070	275	16	.	.	PUNCT
ajfa-6070	276	1	academy	academy	PROPN
ajfa-6070	276	2	of	of	ADP
ajfa-6070	276	3	management	management	PROPN
ajfa-6070	276	4	review	review	PROPN
ajfa-6070	276	5	,	,	PUNCT
ajfa-6070	276	6	15(1	15(1	NUM
ajfa-6070	276	7	)	)	PUNCT
ajfa-6070	276	8	,	,	PUNCT
ajfa-6070	276	9	72	72	NUM
ajfa-6070	276	10	-	-	SYM
ajfa-6070	276	11	87	87	NUM
ajfa-6070	276	12	.	.	PUNCT
ajfa-6070	277	1	berle	berle	PROPN
ajfa-6070	277	2	,	,	PUNCT
ajfa-6070	277	3	a.	a.	NOUN
ajfa-6070	277	4	,	,	PUNCT
ajfa-6070	277	5	and	and	CCONJ
ajfa-6070	277	6	g.	g.	PROPN
ajfa-6070	277	7	means	means	PROPN
ajfa-6070	277	8	.	.	PUNCT
ajfa-6070	278	1	(	(	PUNCT
ajfa-6070	278	2	1932	1932	NUM
ajfa-6070	278	3	)	)	PUNCT
ajfa-6070	278	4	.	.	PUNCT
ajfa-6070	279	1	the	the	DET
ajfa-6070	279	2	modern	modern	ADJ
ajfa-6070	279	3	corporation	corporation	NOUN
ajfa-6070	279	4	and	and	CCONJ
ajfa-6070	279	5	private	private	ADJ
ajfa-6070	279	6	property	property	NOUN
ajfa-6070	279	7	.	.	PUNCT
ajfa-6070	280	1	the	the	DET
ajfa-6070	280	2	macmillan	macmillan	PROPN
ajfa-6070	280	3	company	company	PROPN
ajfa-6070	280	4	,	,	PUNCT
ajfa-6070	280	5	new	new	PROPN
ajfa-6070	280	6	york	york	PROPN
ajfa-6070	280	7	.	.	PUNCT
ajfa-6070	281	1	asian	asian	PROPN
ajfa-6070	281	2	journal	journal	PROPN
ajfa-6070	281	3	of	of	ADP
ajfa-6070	281	4	finance	finance	PROPN
ajfa-6070	281	5	&	&	CCONJ
ajfa-6070	281	6	accounting	accounting	PROPN
ajfa-6070	281	7	issn	issn	PROPN
ajfa-6070	281	8	1946	1946	NUM
ajfa-6070	281	9	-	-	PUNCT
ajfa-6070	281	10	052x	052x	NOUN
ajfa-6070	281	11	2015	2015	NUM
ajfa-6070	281	12	,	,	PUNCT
ajfa-6070	281	13	vol	vol	NOUN
ajfa-6070	281	14	.	.	PROPN
ajfa-6070	281	15	7	7	NUM
ajfa-6070	281	16	,	,	PUNCT
ajfa-6070	281	17	no	no	INTJ
ajfa-6070	281	18	.	.	NOUN
ajfa-6070	281	19	1	1	NUM
ajfa-6070	281	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6070	281	21	60	60	NUM
ajfa-6070	281	22	bertrand	bertrand	NOUN
ajfa-6070	281	23	,	,	PUNCT
ajfa-6070	281	24	m.	m.	NOUN
ajfa-6070	281	25	,	,	PUNCT
ajfa-6070	281	26	p.	p.	PROPN
ajfa-6070	281	27	mehta	mehta	PROPN
ajfa-6070	281	28	,	,	PUNCT
ajfa-6070	281	29	and	and	CCONJ
ajfa-6070	281	30	s.	s.	PROPN
ajfa-6070	281	31	mullainathan	mullainathan	PROPN
ajfa-6070	281	32	(	(	PUNCT
ajfa-6070	281	33	2002	2002	NUM
ajfa-6070	281	34	)	)	PUNCT
ajfa-6070	281	35	.	.	PUNCT
ajfa-6070	282	1	ferreting	ferret	VERB
ajfa-6070	282	2	out	out	ADP
ajfa-6070	282	3	tunnelling	tunnel	VERB
ajfa-6070	282	4	:	:	PUNCT
ajfa-6070	282	5	an	an	DET
ajfa-6070	282	6	application	application	NOUN
ajfa-6070	282	7	to	to	ADP
ajfa-6070	282	8	indian	indian	ADJ
ajfa-6070	282	9	business	business	NOUN
ajfa-6070	282	10	groups	group	NOUN
ajfa-6070	282	11	.	.	PUNCT
ajfa-6070	283	1	quarterly	quarterly	ADJ
ajfa-6070	283	2	journal	journal	NOUN
ajfa-6070	283	3	of	of	ADP
ajfa-6070	283	4	economics	economic	NOUN
ajfa-6070	283	5	,	,	PUNCT
ajfa-6070	283	6	117(1	117(1	NUM
ajfa-6070	283	7	)	)	PUNCT
ajfa-6070	283	8	,	,	PUNCT
ajfa-6070	283	9	121–148	121–148	NUM
ajfa-6070	283	10	.	.	PUNCT
ajfa-6070	284	1	http://dx.doi.org/10.1162/003355302753399463	http://dx.doi.org/10.1162/003355302753399463	PROPN
ajfa-6070	284	2	bhattacharya	bhattacharya	PROPN
ajfa-6070	284	3	s.	s.	PROPN
ajfa-6070	284	4	,	,	PUNCT
ajfa-6070	284	5	graham	graham	PROPN
ajfa-6070	284	6	,	,	PUNCT
ajfa-6070	284	7	m.(2007	m.(2007	NOUN
ajfa-6070	284	8	)	)	PUNCT
ajfa-6070	284	9	.	.	PUNCT
ajfa-6070	285	1	institutional	institutional	ADJ
ajfa-6070	285	2	ownership	ownership	NOUN
ajfa-6070	285	3	and	and	CCONJ
ajfa-6070	285	4	firm	firm	ADJ
ajfa-6070	285	5	performance	performance	NOUN
ajfa-6070	285	6	:	:	PUNCT
ajfa-6070	285	7	evidence	evidence	NOUN
ajfa-6070	285	8	from	from	ADP
ajfa-6070	285	9	finland	finland	PROPN
ajfa-6070	285	10	.	.	PUNCT
ajfa-6070	286	1	school	school	NOUN
ajfa-6070	286	2	working	work	VERB
ajfa-6070	286	3	paper	paper	NOUN
ajfa-6070	286	4	accounting	accounting	NOUN
ajfa-6070	286	5	/	/	SYM
ajfa-6070	286	6	finance	finance	NOUN
ajfa-6070	286	7	series	series	NOUN
ajfa-6070	286	8	2007	2007	NUM
ajfa-6070	286	9	swp	swp	PROPN
ajfa-6070	286	10	2007/01	2007/01	NUM
ajfa-6070	286	11	blasi	blasi	NOUN
ajfa-6070	286	12	,	,	PUNCT
ajfa-6070	286	13	j.	j.	PROPN
ajfa-6070	286	14	and	and	CCONJ
ajfa-6070	286	15	a.	a.	NOUN
ajfa-6070	286	16	shleifer	shleifer	PROPN
ajfa-6070	286	17	(	(	PUNCT
ajfa-6070	286	18	1996	1996	NUM
ajfa-6070	286	19	)	)	PUNCT
ajfa-6070	286	20	corporate	corporate	ADJ
ajfa-6070	286	21	governance	governance	NOUN
ajfa-6070	286	22	in	in	ADP
ajfa-6070	286	23	russia	russia	PROPN
ajfa-6070	286	24	:	:	PUNCT
ajfa-6070	286	25	an	an	DET
ajfa-6070	286	26	initial	initial	ADJ
ajfa-6070	286	27	look	look	NOUN
ajfa-6070	286	28	,	,	PUNCT
ajfa-6070	286	29	in	in	ADP
ajfa-6070	286	30	frydman	frydman	ADJ
ajfa-6070	286	31	,	,	PUNCT
ajfa-6070	286	32	roman	roman	PROPN
ajfa-6070	286	33	,	,	PUNCT
ajfa-6070	286	34	cheryl	cheryl	PROPN
ajfa-6070	286	35	w	w	PROPN
ajfa-6070	286	36	gray	gray	PROPN
ajfa-6070	286	37	and	and	CCONJ
ajfa-6070	286	38	andrzej	andrzej	PROPN
ajfa-6070	286	39	rapaczynshil	rapaczynshil	PROPN
ajfa-6070	286	40	,	,	PUNCT
ajfa-6070	286	41	eds	ed	NOUN
ajfa-6070	286	42	.	.	PUNCT
ajfa-6070	286	43	corporate	corporate	ADJ
ajfa-6070	286	44	governance	governance	NOUN
ajfa-6070	286	45	in	in	ADP
ajfa-6070	286	46	central	central	PROPN
ajfa-6070	286	47	europe	europe	PROPN
ajfa-6070	286	48	and	and	CCONJ
ajfa-6070	286	49	russia	russia	PROPN
ajfa-6070	286	50	.	.	PUNCT
ajfa-6070	287	1	volume	volume	NOUN
ajfa-6070	287	2	2	2	NUM
ajfa-6070	287	3	,	,	PUNCT
ajfa-6070	287	4	insiders	insider	NOUN
ajfa-6070	287	5	and	and	CCONJ
ajfa-6070	287	6	the	the	DET
ajfa-6070	287	7	state	state	NOUN
ajfa-6070	287	8	,	,	PUNCT
ajfa-6070	287	9	budapest	budapest	PROPN
ajfa-6070	287	10	,	,	PUNCT
ajfa-6070	287	11	hungary	hungary	PROPN
ajfa-6070	287	12	:	:	PUNCT
ajfa-6070	287	13	ceu	ceu	PROPN
ajfa-6070	287	14	press	press	PROPN
ajfa-6070	287	15	.	.	PUNCT
ajfa-6070	288	1	chemin	chemin	PROPN
ajfa-6070	288	2	,	,	PUNCT
ajfa-6070	288	3	m(2007	m(2007	PROPN
ajfa-6070	288	4	)	)	PUNCT
ajfa-6070	288	5	.	.	PUNCT
ajfa-6070	289	1	the	the	DET
ajfa-6070	289	2	impact	impact	NOUN
ajfa-6070	289	3	of	of	ADP
ajfa-6070	289	4	the	the	DET
ajfa-6070	289	5	judiciary	judiciary	NOUN
ajfa-6070	289	6	on	on	ADP
ajfa-6070	289	7	economic	economic	ADJ
ajfa-6070	289	8	activity	activity	NOUN
ajfa-6070	289	9	:	:	PUNCT
ajfa-6070	289	10	evidence	evidence	NOUN
ajfa-6070	289	11	from	from	ADP
ajfa-6070	289	12	india	india	PROPN
ajfa-6070	289	13	.	.	PUNCT
ajfa-6070	290	1	working	work	VERB
ajfa-6070	290	2	paper	paper	PROPN
ajfa-6070	290	3	07	07	NUM
ajfa-6070	290	4	-	-	SYM
ajfa-6070	290	5	24	24	NUM
ajfa-6070	290	6	claessens	claessen	NOUN
ajfa-6070	290	7	,	,	PUNCT
ajfa-6070	290	8	s.	s.	PROPN
ajfa-6070	290	9	(	(	PUNCT
ajfa-6070	290	10	1997	1997	NUM
ajfa-6070	290	11	)	)	PUNCT
ajfa-6070	290	12	.	.	PUNCT
ajfa-6070	291	1	corporate	corporate	ADJ
ajfa-6070	291	2	governance	governance	NOUN
ajfa-6070	291	3	and	and	CCONJ
ajfa-6070	291	4	equity	equity	NOUN
ajfa-6070	291	5	prices	price	NOUN
ajfa-6070	291	6	:	:	PUNCT
ajfa-6070	291	7	evidence	evidence	NOUN
ajfa-6070	291	8	from	from	ADP
ajfa-6070	291	9	the	the	DET
ajfa-6070	291	10	czech	czech	ADJ
ajfa-6070	291	11	and	and	CCONJ
ajfa-6070	291	12	slovak	slovak	ADJ
ajfa-6070	291	13	republics	republic	NOUN
ajfa-6070	291	14	.	.	PUNCT
ajfa-6070	292	1	journal	journal	PROPN
ajfa-6070	292	2	of	of	ADP
ajfa-6070	292	3	finance	finance	NOUN
ajfa-6070	292	4	,	,	PUNCT
ajfa-6070	292	5	52(4	52(4	NUM
ajfa-6070	292	6	)	)	PUNCT
ajfa-6070	292	7	,	,	PUNCT
ajfa-6070	292	8	1641	1641	NUM
ajfa-6070	292	9	-	-	SYM
ajfa-6070	292	10	1658	1658	NUM
ajfa-6070	292	11	.	.	PUNCT
ajfa-6070	293	1	http://dx.doi.org/10.1111/j.1540-6261.1997.tb01124.x	http://dx.doi.org/10.1111/j.1540-6261.1997.tb01124.x	CCONJ
ajfa-6070	293	2	claessens	claessen	NOUN
ajfa-6070	293	3	,	,	PUNCT
ajfa-6070	293	4	s.	s.	PROPN
ajfa-6070	293	5	and	and	CCONJ
ajfa-6070	293	6	s.	s.	PROPN
ajfa-6070	293	7	djankov	djankov	PROPN
ajfa-6070	293	8	(	(	PUNCT
ajfa-6070	293	9	1999	1999	NUM
ajfa-6070	293	10	)	)	PUNCT
ajfa-6070	293	11	.	.	PUNCT
ajfa-6070	294	1	ownership	ownership	NOUN
ajfa-6070	294	2	concentration	concentration	NOUN
ajfa-6070	294	3	and	and	CCONJ
ajfa-6070	294	4	corporate	corporate	ADJ
ajfa-6070	294	5	performance	performance	NOUN
ajfa-6070	294	6	in	in	ADP
ajfa-6070	294	7	the	the	DET
ajfa-6070	294	8	czech	czech	PROPN
ajfa-6070	294	9	republic	republic	NOUN
ajfa-6070	294	10	.	.	PUNCT
ajfa-6070	295	1	journal	journal	PROPN
ajfa-6070	295	2	of	of	ADP
ajfa-6070	295	3	comparative	comparative	ADJ
ajfa-6070	295	4	economics	economic	NOUN
ajfa-6070	295	5	,	,	PUNCT
ajfa-6070	295	6	27(3	27(3	NUM
ajfa-6070	295	7	)	)	PUNCT
ajfa-6070	295	8	,	,	PUNCT
ajfa-6070	295	9	498	498	NUM
ajfa-6070	295	10	-	-	SYM
ajfa-6070	295	11	513	513	NUM
ajfa-6070	295	12	.	.	PUNCT
ajfa-6070	296	1	http://dx.doi.org/10.1006/jcec.1999.1598	http://dx.doi.org/10.1006/jcec.1999.1598	NOUN
ajfa-6070	296	2	claessens	claessen	NOUN
ajfa-6070	296	3	,	,	PUNCT
ajfa-6070	296	4	s.	s.	PROPN
ajfa-6070	296	5	,	,	PUNCT
ajfa-6070	296	6	djankov	djankov	PROPN
ajfa-6070	296	7	,	,	PUNCT
ajfa-6070	296	8	s.	s.	PROPN
ajfa-6070	296	9	,	,	PUNCT
ajfa-6070	296	10	and	and	CCONJ
ajfa-6070	296	11	pohl	pohl	PROPN
ajfa-6070	296	12	,	,	PUNCT
ajfa-6070	296	13	g.	g.	PROPN
ajfa-6070	296	14	(	(	PUNCT
ajfa-6070	296	15	1996	1996	NUM
ajfa-6070	296	16	)	)	PUNCT
ajfa-6070	296	17	.	.	PUNCT
ajfa-6070	297	1	ownership	ownership	NOUN
ajfa-6070	297	2	and	and	CCONJ
ajfa-6070	297	3	corporate	corporate	ADJ
ajfa-6070	297	4	governance	governance	NOUN
ajfa-6070	297	5	:	:	PUNCT
ajfa-6070	297	6	evidence	evidence	NOUN
ajfa-6070	297	7	from	from	ADP
ajfa-6070	297	8	the	the	DET
ajfa-6070	297	9	czech	czech	PROPN
ajfa-6070	297	10	republic	republic	NOUN
ajfa-6070	297	11	.	.	PUNCT
ajfa-6070	298	1	the	the	DET
ajfa-6070	298	2	world	world	PROPN
ajfa-6070	298	3	bank	bank	PROPN
ajfa-6070	298	4	,	,	PUNCT
ajfa-6070	298	5	washington	washington	PROPN
ajfa-6070	298	6	,	,	PUNCT
ajfa-6070	298	7	dc	dc	PROPN
ajfa-6070	298	8	.	.	PROPN
ajfa-6070	298	9	available	available	ADJ
ajfa-6070	298	10	at	at	ADP
ajfa-6070	298	11	http://econ.worldbank.org/docs/660.pdf	http://econ.worldbank.org/docs/660.pdf	ADJ
ajfa-6070	298	12	coles	cole	NOUN
ajfa-6070	298	13	,	,	PUNCT
ajfa-6070	298	14	j.	j.	PROPN
ajfa-6070	298	15	l.	l.	PROPN
ajfa-6070	298	16	,	,	PUNCT
ajfa-6070	298	17	daniel	daniel	PROPN
ajfa-6070	298	18	,	,	PUNCT
ajfa-6070	298	19	n.	n.	PROPN
ajfa-6070	298	20	d.	d.	PROPN
ajfa-6070	298	21	and	and	CCONJ
ajfa-6070	298	22	naveen	naveen	PROPN
ajfa-6070	298	23	,	,	PUNCT
ajfa-6070	298	24	l.	l.	PROPN
ajfa-6070	298	25	(	(	PUNCT
ajfa-6070	298	26	2008	2008	NUM
ajfa-6070	298	27	)	)	PUNCT
ajfa-6070	298	28	.	.	PUNCT
ajfa-6070	299	1	boards	board	NOUN
ajfa-6070	299	2	:	:	PUNCT
ajfa-6070	299	3	does	do	AUX
ajfa-6070	299	4	one	one	NUM
ajfa-6070	299	5	size	size	NOUN
ajfa-6070	299	6	fit	fit	VERB
ajfa-6070	299	7	all	all	PRON
ajfa-6070	299	8	?	?	PUNCT
ajfa-6070	300	1	journal	journal	NOUN
ajfa-6070	300	2	of	of	ADP
ajfa-6070	300	3	financial	financial	ADJ
ajfa-6070	300	4	economics	economic	NOUN
ajfa-6070	300	5	,	,	PUNCT
ajfa-6070	300	6	87	87	NUM
ajfa-6070	300	7	,	,	PUNCT
ajfa-6070	300	8	329	329	NUM
ajfa-6070	300	9	-	-	SYM
ajfa-6070	300	10	356	356	NUM
ajfa-6070	300	11	.	.	PUNCT
ajfa-6070	301	1	http://dx.doi.org/10.1006/jcec.1999.1598	http://dx.doi.org/10.1006/jcec.1999.1598	PROPN
ajfa-6070	301	2	cubbin	cubbin	PROPN
ajfa-6070	301	3	,	,	PUNCT
ajfa-6070	301	4	j.	j.	PROPN
ajfa-6070	301	5	and	and	CCONJ
ajfa-6070	301	6	d.	d.	PROPN
ajfa-6070	301	7	leech	leech	PROPN
ajfa-6070	301	8	(	(	PUNCT
ajfa-6070	301	9	1983	1983	NUM
ajfa-6070	301	10	)	)	PUNCT
ajfa-6070	301	11	ownership	ownership	NOUN
ajfa-6070	301	12	structure	structure	NOUN
ajfa-6070	301	13	and	and	CCONJ
ajfa-6070	301	14	economic	economic	ADJ
ajfa-6070	301	15	performance	performance	NOUN
ajfa-6070	301	16	in	in	ADP
ajfa-6070	301	17	the	the	DET
ajfa-6070	301	18	largest	large	ADJ
ajfa-6070	301	19	european	european	ADJ
ajfa-6070	301	20	companies	company	NOUN
ajfa-6070	301	21	.	.	PUNCT
ajfa-6070	302	1	strategic	strategic	ADJ
ajfa-6070	302	2	management	management	NOUN
ajfa-6070	302	3	journal	journal	NOUN
ajfa-6070	302	4	,	,	PUNCT
ajfa-6070	302	5	21(6	21(6	PROPN
ajfa-6070	302	6	)	)	PUNCT
ajfa-6070	302	7	,	,	PUNCT
ajfa-6070	302	8	689	689	NUM
ajfa-6070	302	9	-	-	SYM
ajfa-6070	302	10	705	705	NUM
ajfa-6070	302	11	.	.	PUNCT
ajfa-6070	303	1	demsetz	demsetz	VERB
ajfa-6070	303	2	,	,	PUNCT
ajfa-6070	303	3	h.	h.	PROPN
ajfa-6070	303	4	(	(	PUNCT
ajfa-6070	303	5	1983	1983	NUM
ajfa-6070	303	6	)	)	PUNCT
ajfa-6070	303	7	the	the	DET
ajfa-6070	303	8	structure	structure	NOUN
ajfa-6070	303	9	of	of	ADP
ajfa-6070	303	10	ownership	ownership	NOUN
ajfa-6070	303	11	and	and	CCONJ
ajfa-6070	303	12	the	the	DET
ajfa-6070	303	13	theory	theory	NOUN
ajfa-6070	303	14	of	of	ADP
ajfa-6070	303	15	the	the	DET
ajfa-6070	303	16	firm	firm	NOUN
ajfa-6070	303	17	.	.	PUNCT
ajfa-6070	304	1	journal	journal	PROPN
ajfa-6070	304	2	of	of	ADP
ajfa-6070	304	3	law	law	NOUN
ajfa-6070	304	4	economics	economic	NOUN
ajfa-6070	304	5	,	,	PUNCT
ajfa-6070	304	6	7	7	NUM
ajfa-6070	304	7	,	,	PUNCT
ajfa-6070	304	8	26375	26375	NUM
ajfa-6070	304	9	-	-	SYM
ajfa-6070	304	10	390	390	NUM
ajfa-6070	304	11	.	.	PUNCT
ajfa-6070	305	1	demsetz	demsetz	VERB
ajfa-6070	305	2	,	,	PUNCT
ajfa-6070	305	3	h.	h.	PROPN
ajfa-6070	305	4	and	and	CCONJ
ajfa-6070	305	5	k.	k.	PROPN
ajfa-6070	305	6	lehn	lehn	PROPN
ajfa-6070	305	7	(	(	PUNCT
ajfa-6070	305	8	1985	1985	NUM
ajfa-6070	305	9	)	)	PUNCT
ajfa-6070	305	10	the	the	DET
ajfa-6070	305	11	structure	structure	NOUN
ajfa-6070	305	12	of	of	ADP
ajfa-6070	305	13	corporate	corporate	ADJ
ajfa-6070	305	14	ownership	ownership	NOUN
ajfa-6070	305	15	:	:	PUNCT
ajfa-6070	305	16	causes	cause	NOUN
ajfa-6070	305	17	and	and	CCONJ
ajfa-6070	305	18	consequences	consequence	NOUN
ajfa-6070	305	19	.	.	PUNCT
ajfa-6070	306	1	journal	journal	NOUN
ajfa-6070	306	2	of	of	ADP
ajfa-6070	306	3	political	political	ADJ
ajfa-6070	306	4	economy	economy	NOUN
ajfa-6070	306	5	,	,	PUNCT
ajfa-6070	306	6	93	93	NUM
ajfa-6070	306	7	,	,	PUNCT
ajfa-6070	306	8	1155	1155	NUM
ajfa-6070	306	9	-	-	SYM
ajfa-6070	306	10	77	77	NUM
ajfa-6070	306	11	.	.	PUNCT
ajfa-6070	307	1	http://dx.doi.org/10.1086/261354	http://dx.doi.org/10.1086/261354	PROPN
ajfa-6070	307	2	demsetz	demsetz	PROPN
ajfa-6070	307	3	,	,	PUNCT
ajfa-6070	307	4	harold	harold	PROPN
ajfa-6070	307	5	and	and	CCONJ
ajfa-6070	307	6	villalonga	villalonga	ADJ
ajfa-6070	307	7	,	,	PUNCT
ajfa-6070	307	8	belen,(2001	belen,(2001	NOUN
ajfa-6070	307	9	)	)	PUNCT
ajfa-6070	307	10	.	.	PUNCT
ajfa-6070	308	1	ownership	ownership	NOUN
ajfa-6070	308	2	structure	structure	NOUN
ajfa-6070	308	3	and	and	CCONJ
ajfa-6070	308	4	corporate	corporate	ADJ
ajfa-6070	308	5	performance	performance	NOUN
ajfa-6070	308	6	.	.	PUNCT
ajfa-6070	309	1	journal	journal	NOUN
ajfa-6070	309	2	of	of	ADP
ajfa-6070	309	3	corporate	corporate	ADJ
ajfa-6070	309	4	finance	finance	NOUN
ajfa-6070	309	5	,	,	PUNCT
ajfa-6070	309	6	7	7	NUM
ajfa-6070	309	7	,	,	PUNCT
ajfa-6070	309	8	209	209	NUM
ajfa-6070	309	9	-	-	SYM
ajfa-6070	309	10	233	233	NUM
ajfa-6070	309	11	.	.	PUNCT
ajfa-6070	310	1	available	available	ADJ
ajfa-6070	310	2	at	at	ADP
ajfa-6070	310	3	ssrn	ssrn	PROPN
ajfa-6070	310	4	:	:	PUNCT
ajfa-6070	310	5	http://ssrn.com/abstract=304181	http://ssrn.com/abstract=304181	PROPN
ajfa-6070	310	6	gilson	gilson	PROPN
ajfa-6070	310	7	,	,	PUNCT
ajfa-6070	310	8	s.	s.	PROPN
ajfa-6070	310	9	(	(	PUNCT
ajfa-6070	310	10	1997	1997	NUM
ajfa-6070	310	11	)	)	PUNCT
ajfa-6070	310	12	.	.	PUNCT
ajfa-6070	311	1	transaction	transaction	NOUN
ajfa-6070	311	2	costs	cost	NOUN
ajfa-6070	311	3	and	and	CCONJ
ajfa-6070	311	4	capital	capital	NOUN
ajfa-6070	311	5	structure	structure	NOUN
ajfa-6070	311	6	choice	choice	NOUN
ajfa-6070	311	7	:	:	PUNCT
ajfa-6070	311	8	evidence	evidence	NOUN
ajfa-6070	311	9	from	from	ADP
ajfa-6070	311	10	financial	financial	ADJ
ajfa-6070	311	11	distressed	distressed	ADJ
ajfa-6070	311	12	firms	firm	NOUN
ajfa-6070	311	13	.	.	PUNCT
ajfa-6070	312	1	journal	journal	PROPN
ajfa-6070	312	2	of	of	ADP
ajfa-6070	312	3	finance	finance	NOUN
ajfa-6070	312	4	,	,	PUNCT
ajfa-6070	312	5	52	52	NUM
ajfa-6070	312	6	,	,	PUNCT
ajfa-6070	312	7	161–195	161–195	NUM
ajfa-6070	312	8	.	.	PUNCT
ajfa-6070	312	9	http://dx.doi.org/10.1111/j.1540-6261.1997.tb03812.x	http://dx.doi.org/10.1111/j.1540-6261.1997.tb03812.x	PROPN
ajfa-6070	312	10	górriz	górriz	PROPN
ajfa-6070	312	11	,	,	PUNCT
ajfa-6070	312	12	c.	c.	PROPN
ajfa-6070	312	13	g.	g.	PROPN
ajfa-6070	312	14	and	and	CCONJ
ajfa-6070	312	15	fumas	fumas	PROPN
ajfa-6070	312	16	,	,	PUNCT
ajfa-6070	312	17	v.	v.	PROPN
ajfa-6070	312	18	s	s	PROPN
ajfa-6070	312	19	..	..	X
ajfa-6070	312	20	1996	1996	NUM
ajfa-6070	312	21	.	.	PUNCT
ajfa-6070	313	1	ownership	ownership	NOUN
ajfa-6070	313	2	structure	structure	NOUN
ajfa-6070	313	3	and	and	CCONJ
ajfa-6070	313	4	firm	firm	ADJ
ajfa-6070	313	5	performance	performance	NOUN
ajfa-6070	313	6	:	:	PUNCT
ajfa-6070	313	7	some	some	DET
ajfa-6070	313	8	corporate	corporate	ADJ
ajfa-6070	313	9	value	value	NOUN
ajfa-6070	313	10	.	.	PUNCT
ajfa-6070	314	1	journal	journal	NOUN
ajfa-6070	314	2	of	of	ADP
ajfa-6070	314	3	financial	financial	ADJ
ajfa-6070	314	4	economics	economic	NOUN
ajfa-6070	314	5	,	,	PUNCT
ajfa-6070	314	6	27	27	NUM
ajfa-6070	314	7	,	,	PUNCT
ajfa-6070	314	8	595	595	NUM
ajfa-6070	314	9	-	-	PUNCT
ajfa-6070	314	10	612	612	NUM
ajfa-6070	314	11	.	.	PUNCT
ajfa-6070	315	1	asian	asian	ADJ
ajfa-6070	315	2	journal	journal	PROPN
ajfa-6070	315	3	of	of	ADP
ajfa-6070	315	4	finance	finance	PROPN
ajfa-6070	315	5	&	&	CCONJ
ajfa-6070	315	6	accounting	accounting	PROPN
ajfa-6070	315	7	issn	issn	PROPN
ajfa-6070	315	8	1946	1946	NUM
ajfa-6070	315	9	-	-	PUNCT
ajfa-6070	315	10	052x	052x	NOUN
ajfa-6070	315	11	2015	2015	NUM
ajfa-6070	315	12	,	,	PUNCT
ajfa-6070	315	13	vol	vol	NOUN
ajfa-6070	315	14	.	.	PROPN
ajfa-6070	315	15	7	7	NUM
ajfa-6070	315	16	,	,	PUNCT
ajfa-6070	315	17	no	no	INTJ
ajfa-6070	315	18	.	.	NOUN
ajfa-6070	315	19	1	1	NUM
ajfa-6070	315	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6070	315	21	61	61	NUM
ajfa-6070	315	22	http://www.bseindia.com	http://www.bseindia.com	X
ajfa-6070	316	1	http://www.competition-commission-india.nic.in	http://www.competition-commission-india.nic.in	PROPN
ajfa-6070	316	2	http://www.finmin.nic.in	http://www.finmin.nic.in	CCONJ
ajfa-6070	316	3	http://www.icai.org	http://www.icai.org	X
ajfa-6070	316	4	http://www.irdaindia.org	http://www.irdaindia.org	X
ajfa-6070	316	5	http://www.mca.gov.in	http://www.mca.gov.in	NOUN
ajfa-6070	316	6	http://www.rbi.org.in	http://www.rbi.org.in	PROPN
ajfa-6070	316	7	http://www.sebi.gov.in	http://www.sebi.gov.in	PROPN
ajfa-6070	316	8	jensen	jensen	PROPN
ajfa-6070	316	9	,	,	PUNCT
ajfa-6070	316	10	m.	m.	NOUN
ajfa-6070	316	11	and	and	CCONJ
ajfa-6070	316	12	meckling	meckling	NOUN
ajfa-6070	316	13	,	,	PUNCT
ajfa-6070	316	14	w.	w.	PROPN
ajfa-6070	316	15	(	(	PUNCT
ajfa-6070	316	16	1976	1976	NUM
ajfa-6070	316	17	)	)	PUNCT
ajfa-6070	316	18	.theory	.theory	NOUN
ajfa-6070	316	19	of	of	ADP
ajfa-6070	316	20	the	the	DET
ajfa-6070	316	21	firm	firm	NOUN
ajfa-6070	316	22	:	:	PUNCT
ajfa-6070	316	23	managerial	managerial	ADJ
ajfa-6070	316	24	behavior	behavior	NOUN
ajfa-6070	316	25	,	,	PUNCT
ajfa-6070	316	26	agency	agency	NOUN
ajfa-6070	316	27	costs	cost	NOUN
ajfa-6070	316	28	and	and	CCONJ
ajfa-6070	316	29	ownership	ownership	NOUN
ajfa-6070	316	30	structure	structure	NOUN
ajfa-6070	316	31	.	.	PUNCT
ajfa-6070	317	1	journal	journal	NOUN
ajfa-6070	317	2	of	of	ADP
ajfa-6070	317	3	financial	financial	ADJ
ajfa-6070	317	4	economics	economic	NOUN
ajfa-6070	317	5	,	,	PUNCT
ajfa-6070	317	6	3	3	NUM
ajfa-6070	317	7	,	,	PUNCT
ajfa-6070	317	8	305–360	305–360	NUM
ajfa-6070	317	9	.	.	PUNCT
ajfa-6070	318	1	http://dx.doi.org/10.1016/0304-405x(76)90026-x	http://dx.doi.org/10.1016/0304-405x(76)90026-x	PROPN
ajfa-6070	318	2	jensen	jensen	PROPN
ajfa-6070	318	3	,	,	PUNCT
ajfa-6070	318	4	m.c	m.c	PROPN
ajfa-6070	318	5	.	.	PROPN
ajfa-6070	318	6	(	(	PUNCT
ajfa-6070	318	7	1989	1989	NUM
ajfa-6070	318	8	)	)	PUNCT
ajfa-6070	318	9	.	.	PUNCT
ajfa-6070	319	1	eclipse	eclipse	NOUN
ajfa-6070	319	2	of	of	ADP
ajfa-6070	319	3	the	the	DET
ajfa-6070	319	4	public	public	ADJ
ajfa-6070	319	5	corporation	corporation	NOUN
ajfa-6070	319	6	.	.	PUNCT
ajfa-6070	320	1	harvard	harvard	PROPN
ajfa-6070	320	2	business	business	PROPN
ajfa-6070	320	3	review	review	PROPN
ajfa-6070	320	4	,	,	PUNCT
ajfa-6070	320	5	sept.-oct	sept.-oct	PROPN
ajfa-6070	320	6	.	.	PROPN
ajfa-6070	320	7	,	,	PUNCT
ajfa-6070	320	8	available	available	ADJ
ajfa-6070	320	9	at	at	ADP
ajfa-6070	320	10	ssrn	ssrn	NOUN
ajfa-6070	320	11	:	:	PUNCT
ajfa-6070	320	12	http://ssrn.com/abstract=146149	http://ssrn.com/abstract=146149	PRON
ajfa-6070	320	13	or	or	CCONJ
ajfa-6070	320	14	10.2139	10.2139	NUM
ajfa-6070	320	15	/	/	SYM
ajfa-6070	320	16	ssrn.10.2139	ssrn.10.2139	PROPN
ajfa-6070	320	17	/	/	SYM
ajfa-6070	320	18	ssrn.146149	ssrn.146149	PROPN
ajfa-6070	320	19	.	.	PROPN
ajfa-6070	320	20	joh	joh	PROPN
ajfa-6070	320	21	,	,	PUNCT
ajfa-6070	320	22	s.w	s.w	PROPN
ajfa-6070	320	23	.	.	PROPN
ajfa-6070	320	24	(	(	PUNCT
ajfa-6070	320	25	2003	2003	NUM
ajfa-6070	320	26	)	)	PUNCT
ajfa-6070	320	27	.	.	PUNCT
ajfa-6070	321	1	corporate	corporate	ADJ
ajfa-6070	321	2	governance	governance	NOUN
ajfa-6070	321	3	and	and	CCONJ
ajfa-6070	321	4	firm	firm	ADJ
ajfa-6070	321	5	profitability	profitability	NOUN
ajfa-6070	321	6	:	:	PUNCT
ajfa-6070	321	7	evidence	evidence	NOUN
ajfa-6070	321	8	from	from	ADP
ajfa-6070	321	9	korea	korea	PROPN
ajfa-6070	321	10	before	before	ADP
ajfa-6070	321	11	the	the	DET
ajfa-6070	321	12	economic	economic	ADJ
ajfa-6070	321	13	crisis	crisis	NOUN
ajfa-6070	321	14	.	.	PUNCT
ajfa-6070	322	1	journal	journal	NOUN
ajfa-6070	322	2	of	of	ADP
ajfa-6070	322	3	financial	financial	ADJ
ajfa-6070	322	4	economics	economic	NOUN
ajfa-6070	322	5	,	,	PUNCT
ajfa-6070	322	6	68(2	68(2	NOUN
ajfa-6070	322	7	)	)	PUNCT
ajfa-6070	322	8	,	,	PUNCT
ajfa-6070	322	9	287	287	NUM
ajfa-6070	322	10	-	-	SYM
ajfa-6070	322	11	322	322	NUM
ajfa-6070	322	12	.	.	NOUN
ajfa-6070	322	13	http://dx.doi.org/10.1016/s0304-405x(03)00068-0	http://dx.doi.org/10.1016/s0304-405x(03)00068-0	PROPN
ajfa-6070	322	14	joshi	joshi	PROPN
ajfa-6070	322	15	,	,	PUNCT
ajfa-6070	322	16	a	a	PRON
ajfa-6070	322	17	and	and	CCONJ
ajfa-6070	322	18	hanssens	hanssens	PROPN
ajfa-6070	322	19	,	,	PUNCT
ajfa-6070	322	20	d.m	d.m	PROPN
ajfa-6070	322	21	.	.	PUNCT
ajfa-6070	322	22	(	(	PUNCT
ajfa-6070	322	23	2010	2010	NUM
ajfa-6070	322	24	)	)	PUNCT
ajfa-6070	322	25	.	.	PUNCT
ajfa-6070	323	1	the	the	DET
ajfa-6070	323	2	direct	direct	ADJ
ajfa-6070	323	3	and	and	CCONJ
ajfa-6070	323	4	indirect	indirect	ADJ
ajfa-6070	323	5	effects	effect	NOUN
ajfa-6070	323	6	of	of	ADP
ajfa-6070	323	7	advertising	advertising	NOUN
ajfa-6070	323	8	spending	spending	NOUN
ajfa-6070	323	9	on	on	ADP
ajfa-6070	323	10	firm	firm	ADJ
ajfa-6070	323	11	value	value	NOUN
ajfa-6070	323	12	.	.	PUNCT
ajfa-6070	324	1	journal	journal	NOUN
ajfa-6070	324	2	of	of	ADP
ajfa-6070	324	3	marketing	marketing	NOUN
ajfa-6070	324	4	74	74	NUM
ajfa-6070	324	5	,	,	PUNCT
ajfa-6070	324	6	20–33	20–33	NOUN
ajfa-6070	324	7	.	.	PUNCT
ajfa-6070	325	1	http://dx.doi.org/10.1509/jmkg.74.1.20	http://dx.doi.org/10.1509/jmkg.74.1.20	PROPN
ajfa-6070	325	2	kaur	kaur	PROPN
ajfa-6070	325	3	,	,	PUNCT
ajfa-6070	325	4	p.	p.	NOUN
ajfa-6070	325	5	and	and	CCONJ
ajfa-6070	325	6	gill	gill	PROPN
ajfa-6070	325	7	,	,	PUNCT
ajfa-6070	325	8	s.	s.	PROPN
ajfa-6070	325	9	(	(	PUNCT
ajfa-6070	325	10	2007	2007	NUM
ajfa-6070	325	11	)	)	PUNCT
ajfa-6070	325	12	.	.	PUNCT
ajfa-6070	326	1	the	the	DET
ajfa-6070	326	2	effects	effect	NOUN
ajfa-6070	326	3	of	of	ADP
ajfa-6070	326	4	ownership	ownership	NOUN
ajfa-6070	326	5	structure	structure	NOUN
ajfa-6070	326	6	on	on	ADP
ajfa-6070	326	7	corporate	corporate	ADJ
ajfa-6070	326	8	governance	governance	NOUN
ajfa-6070	326	9	and	and	CCONJ
ajfa-6070	326	10	performance	performance	NOUN
ajfa-6070	326	11	:	:	PUNCT
ajfa-6070	326	12	an	an	DET
ajfa-6070	326	13	empirical	empirical	ADJ
ajfa-6070	326	14	assessment	assessment	NOUN
ajfa-6070	326	15	in	in	ADP
ajfa-6070	326	16	india	india	PROPN
ajfa-6070	326	17	.	.	PUNCT
ajfa-6070	327	1	research	research	NOUN
ajfa-6070	327	2	project	project	PROPN
ajfa-6070	327	3	,	,	PUNCT
ajfa-6070	327	4	nfcg	nfcg	NOUN
ajfa-6070	327	5	.	.	PUNCT
ajfa-6070	328	1	kumar	kumar	PROPN
ajfa-6070	328	2	,	,	PUNCT
ajfa-6070	328	3	j.	j.	PROPN
ajfa-6070	328	4	(	(	PUNCT
ajfa-6070	328	5	2004	2004	NUM
ajfa-6070	328	6	)	)	PUNCT
ajfa-6070	328	7	.	.	PUNCT
ajfa-6070	329	1	does	do	VERB
ajfa-6070	329	2	ownership	ownership	NOUN
ajfa-6070	329	3	structure	structure	NOUN
ajfa-6070	329	4	influence	influence	NOUN
ajfa-6070	329	5	firm	firm	NOUN
ajfa-6070	329	6	value	value	NOUN
ajfa-6070	329	7	?	?	PUNCT
ajfa-6070	330	1	evidence	evidence	NOUN
ajfa-6070	330	2	from	from	ADP
ajfa-6070	330	3	india	india	PROPN
ajfa-6070	330	4	,	,	PUNCT
ajfa-6070	330	5	december	december	PROPN
ajfa-6070	330	6	,	,	PUNCT
ajfa-6070	330	7	available	available	ADJ
ajfa-6070	330	8	athttp://www.stmarys.ca/academic/commerce/economic/iafep	athttp://www.stmarys.ca/academic/commerce/economic/iafep	PROPN
ajfa-6070	330	9	/papers	/papers	PUNCT
ajfa-6070	330	10	/kumar.pdf	/kumar.pdf	NOUN
ajfa-6070	330	11	.	.	PUNCT
ajfa-6070	331	1	la	la	PROPN
ajfa-6070	331	2	porta	porta	PROPN
ajfa-6070	331	3	r	r	NOUN
ajfa-6070	331	4	,	,	PUNCT
ajfa-6070	331	5	lopez	lopez	NOUN
ajfa-6070	331	6	-	-	PUNCT
ajfa-6070	331	7	de	de	NOUN
ajfa-6070	331	8	-	-	NOUN
ajfa-6070	331	9	silanes	silane	NOUN
ajfa-6070	331	10	f	f	NOUN
ajfa-6070	331	11	,	,	PUNCT
ajfa-6070	331	12	shleifer	shleifer	VERB
ajfa-6070	331	13	a	a	PRON
ajfa-6070	331	14	,	,	PUNCT
ajfa-6070	331	15	vishny	vishny	PROPN
ajfa-6070	331	16	r.	r.	PROPN
ajfa-6070	331	17	(	(	PUNCT
ajfa-6070	331	18	1999	1999	NUM
ajfa-6070	331	19	)	)	PUNCT
ajfa-6070	331	20	.	.	PUNCT
ajfa-6070	332	1	corporate	corporate	ADJ
ajfa-6070	332	2	ownership	ownership	NOUN
ajfa-6070	332	3	around	around	ADP
ajfa-6070	332	4	the	the	DET
ajfa-6070	332	5	world	world	NOUN
ajfa-6070	332	6	.	.	PUNCT
ajfa-6070	333	1	journal	journal	PROPN
ajfa-6070	333	2	of	of	ADP
ajfa-6070	333	3	finance	finance	NOUN
ajfa-6070	333	4	,	,	PUNCT
ajfa-6070	333	5	54	54	NUM
ajfa-6070	333	6	,	,	PUNCT
ajfa-6070	333	7	471	471	NUM
ajfa-6070	333	8	-	-	SYM
ajfa-6070	333	9	517	517	NUM
ajfa-6070	333	10	.	.	PUNCT
ajfa-6070	334	1	http://dx.doi.org/10.1111/0022-1082.00115	http://dx.doi.org/10.1111/0022-1082.00115	PROPN
ajfa-6070	334	2	la	la	PROPN
ajfa-6070	334	3	porta	porta	PROPN
ajfa-6070	334	4	,	,	PUNCT
ajfa-6070	334	5	r.	r.	PROPN
ajfa-6070	334	6	,	,	PUNCT
ajfa-6070	334	7	f.	f.	PROPN
ajfa-6070	334	8	lopez	lopez	PROPN
ajfa-6070	334	9	-	-	PUNCT
ajfa-6070	334	10	de	de	NOUN
ajfa-6070	334	11	-	-	NOUN
ajfa-6070	334	12	silanes	silane	NOUN
ajfa-6070	334	13	and	and	CCONJ
ajfa-6070	334	14	a.	a.	NOUN
ajfa-6070	334	15	shleifer	shleifer	PROPN
ajfa-6070	334	16	(	(	PUNCT
ajfa-6070	334	17	1998	1998	NUM
ajfa-6070	334	18	)	)	PUNCT
ajfa-6070	334	19	.	.	PUNCT
ajfa-6070	335	1	corporate	corporate	ADJ
ajfa-6070	335	2	ownership	ownership	NOUN
ajfa-6070	335	3	around	around	ADP
ajfa-6070	335	4	the	the	DET
ajfa-6070	335	5	world	world	NOUN
ajfa-6070	335	6	.	.	PUNCT
ajfa-6070	336	1	journal	journal	PROPN
ajfa-6070	336	2	of	of	ADP
ajfa-6070	336	3	finance	finance	NOUN
ajfa-6070	336	4	,	,	PUNCT
ajfa-6070	336	5	54	54	NUM
ajfa-6070	336	6	,	,	PUNCT
ajfa-6070	336	7	842–893	842–893	NUM
ajfa-6070	336	8	.	.	PUNCT
ajfa-6070	337	1	la	la	PROPN
ajfa-6070	337	2	porta	porta	PROPN
ajfa-6070	337	3	,	,	PUNCT
ajfa-6070	337	4	r.	r.	PROPN
ajfa-6070	337	5	,	,	PUNCT
ajfa-6070	337	6	f.	f.	PROPN
ajfa-6070	337	7	lopez	lopez	PROPN
ajfa-6070	337	8	-	-	PUNCT
ajfa-6070	337	9	de	de	NOUN
ajfa-6070	337	10	-	-	NOUN
ajfa-6070	337	11	silanes	silane	NOUN
ajfa-6070	337	12	and	and	CCONJ
ajfa-6070	337	13	a.	a.	NOUN
ajfa-6070	337	14	shleifer	shleifer	PROPN
ajfa-6070	337	15	(	(	PUNCT
ajfa-6070	337	16	1998	1998	NUM
ajfa-6070	337	17	)	)	PUNCT
ajfa-6070	337	18	.	.	PUNCT
ajfa-6070	338	1	law	law	NOUN
ajfa-6070	338	2	and	and	CCONJ
ajfa-6070	338	3	finance	finance	NOUN
ajfa-6070	338	4	.	.	PUNCT
ajfa-6070	339	1	journal	journal	NOUN
ajfa-6070	339	2	of	of	ADP
ajfa-6070	339	3	political	political	ADJ
ajfa-6070	339	4	economy	economy	NOUN
ajfa-6070	339	5	,	,	PUNCT
ajfa-6070	339	6	106	106	NUM
ajfa-6070	339	7	,	,	PUNCT
ajfa-6070	339	8	1113	1113	NUM
ajfa-6070	339	9	-	-	SYM
ajfa-6070	339	10	5	5	NUM
ajfa-6070	339	11	.	.	PUNCT
ajfa-6070	340	1	http://dx.doi.org/10.1086/250042	http://dx.doi.org/10.1086/250042	NOUN
ajfa-6070	340	2	la	la	PROPN
ajfa-6070	340	3	porta	porta	PROPN
ajfa-6070	340	4	,	,	PUNCT
ajfa-6070	340	5	r.	r.	PROPN
ajfa-6070	340	6	,	,	PUNCT
ajfa-6070	340	7	f.	f.	PROPN
ajfa-6070	340	8	lopez	lopez	PROPN
ajfa-6070	340	9	-	-	PUNCT
ajfa-6070	340	10	de	de	NOUN
ajfa-6070	340	11	-	-	NOUN
ajfa-6070	340	12	silanes	silane	NOUN
ajfa-6070	340	13	,	,	PUNCT
ajfa-6070	340	14	a.	a.	NOUN
ajfa-6070	340	15	shleifer	shleifer	PROPN
ajfa-6070	340	16	,	,	PUNCT
ajfa-6070	340	17	r.	r.	PROPN
ajfa-6070	340	18	vishny	vishny	PROPN
ajfa-6070	340	19	(	(	PUNCT
ajfa-6070	340	20	2000	2000	NUM
ajfa-6070	340	21	)	)	PUNCT
ajfa-6070	340	22	.	.	PUNCT
ajfa-6070	341	1	investor	investor	NOUN
ajfa-6070	341	2	protection	protection	NOUN
ajfa-6070	341	3	and	and	CCONJ
ajfa-6070	341	4	corporate	corporate	ADJ
ajfa-6070	341	5	governance	governance	NOUN
ajfa-6070	341	6	.	.	PUNCT
ajfa-6070	342	1	journal	journal	NOUN
ajfa-6070	342	2	of	of	ADP
ajfa-6070	342	3	financial	financial	ADJ
ajfa-6070	342	4	economics	economic	NOUN
ajfa-6070	342	5	,	,	PUNCT
ajfa-6070	342	6	58	58	NUM
ajfa-6070	342	7	,	,	PUNCT
ajfa-6070	342	8	3	3	NUM
ajfa-6070	342	9	-	-	SYM
ajfa-6070	342	10	27	27	NUM
ajfa-6070	342	11	.	.	PUNCT
ajfa-6070	343	1	http://dx.doi.org/10.1016/s0304-405x(00)00065-9	http://dx.doi.org/10.1016/s0304-405x(00)00065-9	X
ajfa-6070	343	2	la	la	PRON
ajfa-6070	343	3	porta	porta	PROPN
ajfa-6070	343	4	,	,	PUNCT
ajfa-6070	343	5	r.	r.	PROPN
ajfa-6070	343	6	,	,	PUNCT
ajfa-6070	343	7	f.	f.	PROPN
ajfa-6070	343	8	lopez	lopez	PROPN
ajfa-6070	343	9	-	-	PUNCT
ajfa-6070	343	10	de	de	NOUN
ajfa-6070	343	11	-	-	NOUN
ajfa-6070	343	12	silanes	silane	NOUN
ajfa-6070	343	13	,	,	PUNCT
ajfa-6070	343	14	a.	a.	NOUN
ajfa-6070	343	15	shleifer	shleifer	PROPN
ajfa-6070	343	16	,	,	PUNCT
ajfa-6070	343	17	r.	r.	PROPN
ajfa-6070	343	18	vishny	vishny	PROPN
ajfa-6070	343	19	(	(	PUNCT
ajfa-6070	343	20	2002	2002	NUM
ajfa-6070	343	21	)	)	PUNCT
ajfa-6070	343	22	.	.	PUNCT
ajfa-6070	344	1	investor	investor	NOUN
ajfa-6070	344	2	protection	protection	NOUN
ajfa-6070	344	3	and	and	CCONJ
ajfa-6070	344	4	asian	asian	ADJ
ajfa-6070	344	5	journal	journal	NOUN
ajfa-6070	344	6	of	of	ADP
ajfa-6070	344	7	finance	finance	PROPN
ajfa-6070	344	8	&	&	CCONJ
ajfa-6070	344	9	accounting	accounting	PROPN
ajfa-6070	344	10	issn	issn	PROPN
ajfa-6070	344	11	1946	1946	NUM
ajfa-6070	344	12	-	-	PUNCT
ajfa-6070	344	13	052x	052x	NOUN
ajfa-6070	344	14	2015	2015	NUM
ajfa-6070	344	15	,	,	PUNCT
ajfa-6070	344	16	vol	vol	NOUN
ajfa-6070	344	17	.	.	PROPN
ajfa-6070	344	18	7	7	NUM
ajfa-6070	344	19	,	,	PUNCT
ajfa-6070	344	20	no	no	INTJ
ajfa-6070	344	21	.	.	NOUN
ajfa-6070	344	22	1	1	NUM
ajfa-6070	344	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6070	344	24	62	62	NUM
ajfa-6070	344	25	corporate	corporate	ADJ
ajfa-6070	344	26	valuation	valuation	NOUN
ajfa-6070	344	27	.	.	PUNCT
ajfa-6070	345	1	journal	journal	PROPN
ajfa-6070	345	2	of	of	ADP
ajfa-6070	345	3	finance	finance	NOUN
ajfa-6070	345	4	,	,	PUNCT
ajfa-6070	345	5	57	57	NUM
ajfa-6070	345	6	,	,	PUNCT
ajfa-6070	345	7	1147	1147	NUM
ajfa-6070	345	8	-	-	SYM
ajfa-6070	345	9	70	70	NUM
ajfa-6070	345	10	.	.	PUNCT
ajfa-6070	346	1	http://dx.doi.org/10.1111/1540-6261.00457	http://dx.doi.org/10.1111/1540-6261.00457	NUM
ajfa-6070	346	2	la	la	PROPN
ajfa-6070	346	3	porta	porta	PROPN
ajfa-6070	346	4	,	,	PUNCT
ajfa-6070	346	5	r.	r.	PROPN
ajfa-6070	346	6	,	,	PUNCT
ajfa-6070	346	7	f.	f.	PROPN
ajfa-6070	346	8	lopez	lopez	PROPN
ajfa-6070	346	9	-	-	PUNCT
ajfa-6070	346	10	de	de	NOUN
ajfa-6070	346	11	-	-	NOUN
ajfa-6070	346	12	silanes	silane	NOUN
ajfa-6070	346	13	,	,	PUNCT
ajfa-6070	346	14	and	and	CCONJ
ajfa-6070	346	15	a.	a.	NOUN
ajfa-6070	346	16	shleifer	shleifer	NOUN
ajfa-6070	346	17	(	(	PUNCT
ajfa-6070	346	18	2006	2006	NUM
ajfa-6070	346	19	)	)	PUNCT
ajfa-6070	346	20	.	.	PUNCT
ajfa-6070	347	1	what	what	PRON
ajfa-6070	347	2	works	work	VERB
ajfa-6070	347	3	in	in	ADP
ajfa-6070	347	4	securities	security	NOUN
ajfa-6070	347	5	laws	law	NOUN
ajfa-6070	347	6	.	.	PUNCT
ajfa-6070	348	1	journal	journal	PROPN
ajfa-6070	348	2	of	of	ADP
ajfa-6070	348	3	finance	finance	NOUN
ajfa-6070	348	4	,	,	PUNCT
ajfa-6070	348	5	61	61	NUM
ajfa-6070	348	6	,	,	PUNCT
ajfa-6070	348	7	1	1	NUM
ajfa-6070	348	8	-	-	SYM
ajfa-6070	348	9	32	32	NUM
ajfa-6070	348	10	.	.	PUNCT
ajfa-6070	349	1	http://dx.doi.org/10.1111/j.1540-6261.2006.00828.x	http://dx.doi.org/10.1111/j.1540-6261.2006.00828.x	PROPN
ajfa-6070	349	2	lang	lang	PROPN
ajfa-6070	349	3	,	,	PUNCT
ajfa-6070	349	4	l.h.p	l.h.p	PROPN
ajfa-6070	349	5	.	.	PUNCT
ajfa-6070	349	6	and	and	CCONJ
ajfa-6070	349	7	r.m	r.m	PROPN
ajfa-6070	349	8	.	.	PROPN
ajfa-6070	349	9	stulz	stulz	PROPN
ajfa-6070	349	10	(	(	PUNCT
ajfa-6070	349	11	1994	1994	NUM
ajfa-6070	349	12	)	)	PUNCT
ajfa-6070	349	13	.	.	PUNCT
ajfa-6070	350	1	tobin	tobin	PROPN
ajfa-6070	350	2	’s	’s	PART
ajfa-6070	350	3	q	q	NOUN
ajfa-6070	350	4	,	,	PUNCT
ajfa-6070	350	5	corporate	corporate	ADJ
ajfa-6070	350	6	diversification	diversification	NOUN
ajfa-6070	350	7	,	,	PUNCT
ajfa-6070	350	8	and	and	CCONJ
ajfa-6070	350	9	firm	firm	ADJ
ajfa-6070	350	10	performance	performance	NOUN
ajfa-6070	350	11	.	.	PUNCT
ajfa-6070	351	1	journal	journal	NOUN
ajfa-6070	351	2	of	of	ADP
ajfa-6070	351	3	political	political	ADJ
ajfa-6070	351	4	economy	economy	NOUN
ajfa-6070	351	5	,	,	PUNCT
ajfa-6070	351	6	102	102	NUM
ajfa-6070	351	7	,	,	PUNCT
ajfa-6070	351	8	1248	1248	NUM
ajfa-6070	351	9	-	-	SYM
ajfa-6070	351	10	1281	1281	NUM
ajfa-6070	351	11	.	.	PUNCT
ajfa-6070	352	1	http://dx.doi.org/10.1086/261970	http://dx.doi.org/10.1086/261970	PROPN
ajfa-6070	352	2	linck	linck	PROPN
ajfa-6070	352	3	,	,	PUNCT
ajfa-6070	352	4	j.	j.	PROPN
ajfa-6070	352	5	,	,	PUNCT
ajfa-6070	352	6	netter	netter	PROPN
ajfa-6070	352	7	,	,	PUNCT
ajfa-6070	352	8	j.	j.	PROPN
ajfa-6070	352	9	and	and	CCONJ
ajfa-6070	352	10	yang	yang	PROPN
ajfa-6070	352	11	,	,	PUNCT
ajfa-6070	352	12	t.	t.	PROPN
ajfa-6070	352	13	(	(	PUNCT
ajfa-6070	352	14	2008	2008	NUM
ajfa-6070	352	15	)	)	PUNCT
ajfa-6070	352	16	.	.	PUNCT
ajfa-6070	353	1	the	the	DET
ajfa-6070	353	2	determinants	determinant	NOUN
ajfa-6070	353	3	of	of	ADP
ajfa-6070	353	4	board	board	NOUN
ajfa-6070	353	5	structure	structure	NOUN
ajfa-6070	353	6	.	.	PUNCT
ajfa-6070	354	1	journal	journal	NOUN
ajfa-6070	354	2	of	of	ADP
ajfa-6070	354	3	financial	financial	ADJ
ajfa-6070	354	4	economics	economic	NOUN
ajfa-6070	354	5	,	,	PUNCT
ajfa-6070	354	6	87	87	NUM
ajfa-6070	354	7	,	,	PUNCT
ajfa-6070	354	8	308	308	NUM
ajfa-6070	354	9	-	-	SYM
ajfa-6070	354	10	328	328	NUM
ajfa-6070	354	11	.	.	PUNCT
ajfa-6070	355	1	http://dx.doi.org/10.1016/j.jfineco.2007.03.004	http://dx.doi.org/10.1016/j.jfineco.2007.03.004	PROPN
ajfa-6070	355	2	mcconnell	mcconnell	PROPN
ajfa-6070	355	3	j.	j.	PROPN
ajfa-6070	355	4	j.	j.	PROPN
ajfa-6070	355	5	and	and	CCONJ
ajfa-6070	355	6	servaes	servaes	PROPN
ajfa-6070	355	7	,	,	PUNCT
ajfa-6070	355	8	h.	h.	PROPN
ajfa-6070	355	9	(	(	PUNCT
ajfa-6070	355	10	1990	1990	NUM
ajfa-6070	355	11	)	)	PUNCT
ajfa-6070	355	12	.	.	PUNCT
ajfa-6070	356	1	additional	additional	ADJ
ajfa-6070	356	2	evidence	evidence	NOUN
ajfa-6070	356	3	on	on	ADP
ajfa-6070	356	4	equity	equity	NOUN
ajfa-6070	356	5	ownership	ownership	NOUN
ajfa-6070	356	6	and	and	CCONJ
ajfa-6070	356	7	money	money	NOUN
ajfa-6070	356	8	,	,	PUNCT
ajfa-6070	356	9	credit	credit	NOUN
ajfa-6070	356	10	,	,	PUNCT
ajfa-6070	356	11	and	and	CCONJ
ajfa-6070	356	12	banking	banking	NOUN
ajfa-6070	356	13	,	,	PUNCT
ajfa-6070	356	14	1	1	NUM
ajfa-6070	356	15	,	,	PUNCT
ajfa-6070	356	16	15–29	15–29	NUM
ajfa-6070	356	17	.	.	PUNCT
ajfa-6070	357	1	milgrom	milgrom	ADJ
ajfa-6070	357	2	,	,	PUNCT
ajfa-6070	357	3	p.	p.	NOUN
ajfa-6070	357	4	and	and	CCONJ
ajfa-6070	357	5	j.	j.	PROPN
ajfa-6070	357	6	roberts	roberts	PROPN
ajfa-6070	357	7	.	.	PUNCT
ajfa-6070	358	1	(	(	PUNCT
ajfa-6070	358	2	1992	1992	NUM
ajfa-6070	358	3	)	)	PUNCT
ajfa-6070	358	4	.	.	PUNCT
ajfa-6070	359	1	economics	economic	NOUN
ajfa-6070	359	2	,	,	PUNCT
ajfa-6070	359	3	management	management	NOUN
ajfa-6070	359	4	and	and	CCONJ
ajfa-6070	359	5	organization	organization	NOUN
ajfa-6070	359	6	,	,	PUNCT
ajfa-6070	359	7	englewood	englewood	PROPN
ajfa-6070	359	8	cliffs	cliffs	PROPN
ajfa-6070	359	9	,	,	PUNCT
ajfa-6070	359	10	nj	nj	PROPN
ajfa-6070	359	11	:	:	PUNCT
ajfa-6070	359	12	prentice	prentice	PROPN
ajfa-6070	359	13	hall	hall	PROPN
ajfa-6070	359	14	.	.	PUNCT
ajfa-6070	360	1	ongore	ongore	PROPN
ajfa-6070	360	2	,	,	PUNCT
ajfa-6070	360	3	o.v	o.v	PROPN
ajfa-6070	360	4	.	.	PROPN
ajfa-6070	360	5	,	,	PUNCT
ajfa-6070	360	6	k’obonyo	k’obonyo	PROPN
ajfa-6070	360	7	o.	o.	PROPN
ajfa-6070	360	8	p.	p.	PROPN
ajfa-6070	360	9	,	,	PUNCT
ajfa-6070	360	10	and	and	CCONJ
ajfa-6070	360	11	ogutu	ogutu	NOUN
ajfa-6070	360	12	,	,	PUNCT
ajfa-6070	360	13	m.	m.	NOUN
ajfa-6070	360	14	(	(	PUNCT
ajfa-6070	360	15	2011	2011	NUM
ajfa-6070	360	16	)	)	PUNCT
ajfa-6070	360	17	.	.	PUNCT
ajfa-6070	361	1	implications	implication	NOUN
ajfa-6070	361	2	of	of	ADP
ajfa-6070	361	3	firm	firm	ADJ
ajfa-6070	361	4	ownership	ownership	NOUN
ajfa-6070	361	5	identity	identity	NOUN
ajfa-6070	361	6	and	and	CCONJ
ajfa-6070	361	7	managerial	managerial	ADJ
ajfa-6070	361	8	discretion	discretion	NOUN
ajfa-6070	361	9	on	on	ADP
ajfa-6070	361	10	financial	financial	ADJ
ajfa-6070	361	11	performance	performance	NOUN
ajfa-6070	361	12	:	:	PUNCT
ajfa-6070	361	13	empirical	empirical	ADJ
ajfa-6070	361	14	evidence	evidence	NOUN
ajfa-6070	361	15	from	from	ADP
ajfa-6070	361	16	nairobi	nairobi	PROPN
ajfa-6070	361	17	stock	stock	PROPN
ajfa-6070	361	18	exchange	exchange	PROPN
ajfa-6070	361	19	.	.	PUNCT
ajfa-6070	362	1	international	international	ADJ
ajfa-6070	362	2	journal	journal	PROPN
ajfa-6070	362	3	of	of	ADP
ajfa-6070	362	4	humanities	humanity	NOUN
ajfa-6070	362	5	and	and	CCONJ
ajfa-6070	362	6	social	social	ADJ
ajfa-6070	362	7	science	science	NOUN
ajfa-6070	362	8	,	,	PUNCT
ajfa-6070	362	9	1	1	NUM
ajfa-6070	362	10	,	,	PUNCT
ajfa-6070	362	11	13	13	NUM
ajfa-6070	362	12	.	.	PUNCT
ajfa-6070	363	1	reinganum	reinganum	PROPN
ajfa-6070	363	2	,	,	PUNCT
ajfa-6070	363	3	m.	m.	NOUN
ajfa-6070	363	4	(	(	PUNCT
ajfa-6070	363	5	1981	1981	NUM
ajfa-6070	363	6	)	)	PUNCT
ajfa-6070	363	7	.	.	PUNCT
ajfa-6070	364	1	misspecification	misspecification	NOUN
ajfa-6070	364	2	of	of	ADP
ajfa-6070	364	3	capital	capital	NOUN
ajfa-6070	364	4	asset	asset	NOUN
ajfa-6070	364	5	pricing	pricing	NOUN
ajfa-6070	364	6	:	:	PUNCT
ajfa-6070	364	7	empirical	empirical	ADJ
ajfa-6070	364	8	anomalies	anomaly	NOUN
ajfa-6070	364	9	based	base	VERB
ajfa-6070	364	10	on	on	ADP
ajfa-6070	364	11	earnings	earning	NOUN
ajfa-6070	364	12	’	'	PUNCT
ajfa-6070	364	13	yields	yield	NOUN
ajfa-6070	364	14	and	and	CCONJ
ajfa-6070	364	15	market	market	NOUN
ajfa-6070	364	16	values	value	NOUN
ajfa-6070	364	17	.	.	PUNCT
ajfa-6070	365	1	journal	journal	NOUN
ajfa-6070	365	2	of	of	ADP
ajfa-6070	365	3	financial	financial	ADJ
ajfa-6070	365	4	economics	economic	NOUN
ajfa-6070	365	5	,	,	PUNCT
ajfa-6070	365	6	9	9	NUM
ajfa-6070	365	7	,	,	PUNCT
ajfa-6070	365	8	19–46	19–46	NUM
ajfa-6070	365	9	.	.	PUNCT
ajfa-6070	366	1	http://dx.doi.org/10.1016/0304-405x(81)90019-2	http://dx.doi.org/10.1016/0304-405x(81)90019-2	NOUN
ajfa-6070	366	2	repei	repei	NOUN
ajfa-6070	366	3	,	,	PUNCT
ajfa-6070	366	4	v.	v.	PROPN
ajfa-6070	366	5	(	(	PUNCT
ajfa-6070	366	6	2000	2000	NUM
ajfa-6070	366	7	)	)	PUNCT
ajfa-6070	366	8	.	.	PUNCT
ajfa-6070	367	1	ownership	ownership	NOUN
ajfa-6070	367	2	structure	structure	NOUN
ajfa-6070	367	3	,	,	PUNCT
ajfa-6070	367	4	corporate	corporate	ADJ
ajfa-6070	367	5	governance	governance	NOUN
ajfa-6070	367	6	,	,	PUNCT
ajfa-6070	367	7	and	and	CCONJ
ajfa-6070	367	8	corporate	corporate	ADJ
ajfa-6070	367	9	performance	performance	NOUN
ajfa-6070	367	10	:	:	PUNCT
ajfa-6070	367	11	evidence	evidence	NOUN
ajfa-6070	367	12	from	from	ADP
ajfa-6070	367	13	ukraine	ukraine	PROPN
ajfa-6070	367	14	.	.	PUNCT
ajfa-6070	368	1	m.a	m.a	PROPN
ajfa-6070	368	2	.	.	PROPN
ajfa-6070	368	3	(	(	PUNCT
ajfa-6070	368	4	economics	economic	NOUN
ajfa-6070	368	5	)	)	PUNCT
ajfa-6070	368	6	.	.	PUNCT
ajfa-6070	369	1	thesis	thesis	NOUN
ajfa-6070	369	2	presented	present	VERB
ajfa-6070	369	3	to	to	ADP
ajfa-6070	369	4	the	the	DET
ajfa-6070	369	5	national	national	PROPN
ajfa-6070	369	6	university	university	PROPN
ajfa-6070	369	7	of	of	ADP
ajfa-6070	369	8	kyiv	kyiv	PROPN
ajfa-6070	369	9	-	-	PUNCT
ajfa-6070	369	10	mohyla	mohyla	PROPN
ajfa-6070	369	11	academy	academy	PROPN
ajfa-6070	369	12	.	.	PUNCT
ajfa-6070	370	1	sarkar	sarkar	PROPN
ajfa-6070	370	2	,	,	PUNCT
ajfa-6070	370	3	jayati	jayati	PROPN
ajfa-6070	370	4	,	,	PUNCT
ajfa-6070	370	5	and	and	CCONJ
ajfa-6070	370	6	sarkar	sarkar	PROPN
ajfa-6070	370	7	,	,	PUNCT
ajfa-6070	370	8	s.	s.	PROPN
ajfa-6070	370	9	(	(	PUNCT
ajfa-6070	370	10	2000	2000	NUM
ajfa-6070	370	11	)	)	PUNCT
ajfa-6070	370	12	.	.	PUNCT
ajfa-6070	371	1	large	large	ADJ
ajfa-6070	371	2	shareholder	shareholder	NOUN
ajfa-6070	371	3	activism	activism	NOUN
ajfa-6070	371	4	in	in	ADP
ajfa-6070	371	5	corporate	corporate	ADJ
ajfa-6070	371	6	governance	governance	NOUN
ajfa-6070	371	7	in	in	ADP
ajfa-6070	371	8	developing	develop	VERB
ajfa-6070	371	9	countries	country	NOUN
ajfa-6070	371	10	:	:	PUNCT
ajfa-6070	371	11	evidence	evidence	NOUN
ajfa-6070	371	12	from	from	ADP
ajfa-6070	371	13	india	india	PROPN
ajfa-6070	371	14	.	.	PUNCT
ajfa-6070	372	1	international	international	ADJ
ajfa-6070	372	2	review	review	NOUN
ajfa-6070	372	3	of	of	ADP
ajfa-6070	372	4	finance	finance	NOUN
ajfa-6070	372	5	,	,	PUNCT
ajfa-6070	372	6	1(3	1(3	NUM
ajfa-6070	372	7	)	)	PUNCT
ajfa-6070	372	8	,	,	PUNCT
ajfa-6070	372	9	161–194	161–194	NUM
ajfa-6070	372	10	.	.	PUNCT
ajfa-6070	373	1	http://dx.doi.org/10.1111/1468-2443.00010	http://dx.doi.org/10.1111/1468-2443.00010	PROPN
ajfa-6070	373	2	shleifer	shleifer	NOUN
ajfa-6070	373	3	,	,	PUNCT
ajfa-6070	373	4	andrei	andrei	NOUN
ajfa-6070	373	5	,	,	PUNCT
ajfa-6070	373	6	and	and	CCONJ
ajfa-6070	373	7	robert	robert	PROPN
ajfa-6070	373	8	w.	w.	PROPN
ajfa-6070	373	9	vishny(1986	vishny(1986	PROPN
ajfa-6070	373	10	)	)	PUNCT
ajfa-6070	373	11	.	.	PUNCT
ajfa-6070	374	1	large	large	ADJ
ajfa-6070	374	2	shareholders	shareholder	NOUN
ajfa-6070	374	3	and	and	CCONJ
ajfa-6070	374	4	corporate	corporate	ADJ
ajfa-6070	374	5	control	control	NOUN
ajfa-6070	374	6	.	.	PUNCT
ajfa-6070	375	1	journal	journal	NOUN
ajfa-6070	375	2	of	of	ADP
ajfa-6070	375	3	political	political	ADJ
ajfa-6070	375	4	economics	economic	NOUN
ajfa-6070	375	5	,	,	PUNCT
ajfa-6070	375	6	94(3	94(3	NUM
ajfa-6070	375	7	)	)	PUNCT
ajfa-6070	375	8	,	,	PUNCT
ajfa-6070	376	1	461–488	461–488	NUM
ajfa-6070	376	2	.	.	PUNCT
ajfa-6070	377	1	http://dx.doi.org/10.1086/261385	http://dx.doi.org/10.1086/261385	PROPN
ajfa-6070	377	2	shleifer	shleifer	PROPN
ajfa-6070	377	3	,	,	PUNCT
ajfa-6070	377	4	a.	a.	PROPN
ajfa-6070	377	5	vishny	vishny	PROPN
ajfa-6070	377	6	w.r.(1997	w.r.(1997	NUM
ajfa-6070	377	7	)	)	PUNCT
ajfa-6070	377	8	.	.	PUNCT
ajfa-6070	378	1	a	a	DET
ajfa-6070	378	2	survey	survey	NOUN
ajfa-6070	378	3	of	of	ADP
ajfa-6070	378	4	corporate	corporate	ADJ
ajfa-6070	378	5	governance	governance	NOUN
ajfa-6070	378	6	.	.	PUNCT
ajfa-6070	379	1	the	the	DET
ajfa-6070	379	2	journal	journal	NOUN
ajfa-6070	379	3	of	of	ADP
ajfa-6070	379	4	finance	finance	NOUN
ajfa-6070	379	5	,	,	PUNCT
ajfa-6070	379	6	52(2	52(2	NUM
ajfa-6070	379	7	)	)	PUNCT
ajfa-6070	379	8	,	,	PUNCT
ajfa-6070	379	9	737	737	NUM
ajfa-6070	379	10	-	-	SYM
ajfa-6070	379	11	783	783	NUM
ajfa-6070	379	12	.	.	PUNCT
ajfa-6070	380	1	http://dx.doi.org/10.1111/j.1540-6261.1997.tb04820.x	http://dx.doi.org/10.1111/j.1540-6261.1997.tb04820.x	PROPN
ajfa-6070	380	2	thomsen	thomsen	PROPN
ajfa-6070	380	3	,	,	PUNCT
ajfa-6070	380	4	s.	s.	PROPN
ajfa-6070	380	5	and	and	CCONJ
ajfa-6070	380	6	pedersen	pedersen	PROPN
ajfa-6070	380	7	,	,	PUNCT
ajfa-6070	380	8	t.	t.	PROPN
ajfa-6070	380	9	(	(	PUNCT
ajfa-6070	380	10	2000	2000	NUM
ajfa-6070	380	11	)	)	PUNCT
ajfa-6070	380	12	.	.	PUNCT
ajfa-6070	381	1	ownership	ownership	NOUN
ajfa-6070	381	2	structure	structure	NOUN
ajfa-6070	381	3	and	and	CCONJ
ajfa-6070	381	4	economic	economic	ADJ
ajfa-6070	381	5	performance	performance	NOUN
ajfa-6070	381	6	in	in	ADP
ajfa-6070	381	7	the	the	DET
ajfa-6070	381	8	largest	large	ADJ
ajfa-6070	381	9	european	european	ADJ
ajfa-6070	381	10	companies	company	NOUN
ajfa-6070	381	11	.	.	PUNCT
ajfa-6070	382	1	strategic	strategic	ADJ
ajfa-6070	382	2	management	management	NOUN
ajfa-6070	382	3	journal	journal	NOUN
ajfa-6070	382	4	,	,	PUNCT
ajfa-6070	382	5	21	21	NUM
ajfa-6070	382	6	,	,	PUNCT
ajfa-6070	382	7	689	689	NUM
ajfa-6070	382	8	-	-	SYM
ajfa-6070	382	9	705	705	NUM
ajfa-6070	382	10	.	.	PUNCT
ajfa-6070	383	1	http://dx.doi.org/10.1002/(sici)1097-0266(200006)21:6<689::aid-smj115>3.0.c	http://dx.doi.org/10.1002/(sici)1097-0266(200006)21:6<689::aid-smj115>3.0.c	X
ajfa-6070	383	2	o;2	o;2	NOUN
ajfa-6070	383	3	-	-	PUNCT
ajfa-6070	383	4	y	y	NOUN
ajfa-6070	383	5	thomsen	thomsen	PROPN
ajfa-6070	383	6	,	,	PUNCT
ajfa-6070	383	7	s.	s.	PROPN
ajfa-6070	383	8	and	and	CCONJ
ajfa-6070	383	9	t.	t.	PROPN
ajfa-6070	383	10	pedersen	pedersen	PROPN
ajfa-6070	383	11	(	(	PUNCT
ajfa-6070	383	12	1998	1998	NUM
ajfa-6070	383	13	)	)	PUNCT
ajfa-6070	383	14	.	.	PUNCT
ajfa-6070	384	1	industry	industry	NOUN
ajfa-6070	384	2	and	and	CCONJ
ajfa-6070	384	3	ownership	ownership	NOUN
ajfa-6070	384	4	structure	structure	NOUN
ajfa-6070	384	5	.	.	PUNCT
ajfa-6070	385	1	international	international	ADJ
ajfa-6070	385	2	empirical	empirical	ADJ
ajfa-6070	385	3	evidence	evidence	NOUN
ajfa-6070	385	4	from	from	ADP
ajfa-6070	385	5	spain	spain	PROPN
ajfa-6070	385	6	.	.	PUNCT
ajfa-6070	386	1	management	management	NOUN
ajfa-6070	386	2	and	and	CCONJ
ajfa-6070	386	3	decision	decision	NOUN
ajfa-6070	386	4	economics	economic	NOUN
ajfa-6070	386	5	,	,	PUNCT
ajfa-6070	386	6	17	17	NUM
ajfa-6070	386	7	,	,	PUNCT
ajfa-6070	386	8	575	575	NUM
ajfa-6070	386	9	-	-	SYM
ajfa-6070	386	10	586	586	NUM
ajfa-6070	386	11	.	.	PUNCT
ajfa-6070	386	12	tobin	tobin	PROPN
ajfa-6070	386	13	,	,	PUNCT
ajfa-6070	386	14	j.	j.	PROPN
ajfa-6070	386	15	(	(	PUNCT
ajfa-6070	386	16	1969	1969	NUM
ajfa-6070	386	17	)	)	PUNCT
ajfa-6070	386	18	.	.	PUNCT
ajfa-6070	387	1	a	a	DET
ajfa-6070	387	2	general	general	ADJ
ajfa-6070	387	3	equilibrium	equilibrium	NOUN
ajfa-6070	387	4	approach	approach	NOUN
ajfa-6070	387	5	to	to	ADP
ajfa-6070	387	6	monetary	monetary	ADJ
ajfa-6070	387	7	theory	theory	NOUN
ajfa-6070	387	8	.	.	PUNCT
ajfa-6070	388	1	journal	journal	PROPN
ajfa-6070	388	2	of	of	ADP
ajfa-6070	388	3	review	review	NOUN
ajfa-6070	388	4	of	of	ADP
ajfa-6070	388	5	asian	asian	ADJ
ajfa-6070	388	6	journal	journal	PROPN
ajfa-6070	388	7	of	of	ADP
ajfa-6070	388	8	finance	finance	PROPN
ajfa-6070	388	9	&	&	CCONJ
ajfa-6070	388	10	accounting	accounting	PROPN
ajfa-6070	388	11	issn	issn	PROPN
ajfa-6070	388	12	1946	1946	NUM
ajfa-6070	388	13	-	-	PUNCT
ajfa-6070	388	14	052x	052x	NOUN
ajfa-6070	388	15	2015	2015	NUM
ajfa-6070	388	16	,	,	PUNCT
ajfa-6070	388	17	vol	vol	NOUN
ajfa-6070	388	18	.	.	PROPN
ajfa-6070	388	19	7	7	NUM
ajfa-6070	388	20	,	,	PUNCT
ajfa-6070	388	21	no	no	INTJ
ajfa-6070	388	22	.	.	NOUN
ajfa-6070	388	23	1	1	NUM
ajfa-6070	388	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6070	388	25	63	63	NUM
ajfa-6070	388	26	law	law	NOUN
ajfa-6070	388	27	and	and	CCONJ
ajfa-6070	388	28	economics	economic	NOUN
ajfa-6070	388	29	,	,	PUNCT
ajfa-6070	388	30	18(4	18(4	NUM
ajfa-6070	388	31	)	)	PUNCT
ajfa-6070	388	32	,	,	PUNCT
ajfa-6070	388	33	385	385	NUM
ajfa-6070	388	34	-	-	SYM
ajfa-6070	388	35	402	402	NUM
ajfa-6070	388	36	.	.	PUNCT
ajfa-6070	389	1	tobin	tobin	PROPN
ajfa-6070	389	2	,	,	PUNCT
ajfa-6070	389	3	j.	j.	PROPN
ajfa-6070	389	4	and	and	CCONJ
ajfa-6070	389	5	w.	w.	PROPN
ajfa-6070	389	6	brainard	brainard	PROPN
ajfa-6070	389	7	(	(	PUNCT
ajfa-6070	389	8	1968	1968	NUM
ajfa-6070	389	9	)	)	PUNCT
ajfa-6070	389	10	.	.	PUNCT
ajfa-6070	390	1	pitfalls	pitfall	NOUN
ajfa-6070	390	2	in	in	ADP
ajfa-6070	390	3	financial	financial	ADJ
ajfa-6070	390	4	model	model	NOUN
ajfa-6070	390	5	building	building	NOUN
ajfa-6070	390	6	.	.	PUNCT
ajfa-6070	391	1	american	american	PROPN
ajfa-6070	391	2	economic	economic	PROPN
ajfa-6070	391	3	review	review	PROPN
ajfa-6070	391	4	,	,	PUNCT
ajfa-6070	391	5	59	59	NUM
ajfa-6070	391	6	,	,	PUNCT
ajfa-6070	391	7	99–102	99–102	NUM
ajfa-6070	391	8	.	.	PUNCT
ajfa-6070	391	9	wiwattanakantang	wiwattanakantang	PROPN
ajfa-6070	391	10	,	,	PUNCT
ajfa-6070	391	11	y.	y.	PROPN
ajfa-6070	391	12	(	(	PUNCT
ajfa-6070	391	13	1999	1999	NUM
ajfa-6070	391	14	)	)	PUNCT
ajfa-6070	391	15	.	.	PUNCT
ajfa-6070	392	1	an	an	DET
ajfa-6070	392	2	empirical	empirical	ADJ
ajfa-6070	392	3	study	study	NOUN
ajfa-6070	392	4	on	on	ADP
ajfa-6070	392	5	the	the	DET
ajfa-6070	392	6	determinants	determinant	NOUN
ajfa-6070	392	7	of	of	ADP
ajfa-6070	392	8	the	the	DET
ajfa-6070	392	9	capital	capital	NOUN
ajfa-6070	392	10	structure	structure	NOUN
ajfa-6070	392	11	of	of	ADP
ajfa-6070	392	12	thai	thai	ADJ
ajfa-6070	392	13	firms	firm	NOUN
ajfa-6070	392	14	.	.	PUNCT
ajfa-6070	393	1	pacific	pacific	ADJ
ajfa-6070	393	2	-	-	PUNCT
ajfa-6070	393	3	basin	basin	NOUN
ajfa-6070	393	4	finance	finance	NOUN
ajfa-6070	393	5	journal	journal	NOUN
ajfa-6070	393	6	,	,	PUNCT
ajfa-6070	393	7	7	7	NUM
ajfa-6070	393	8	,	,	PUNCT
ajfa-6070	393	9	371	371	NUM
ajfa-6070	393	10	-	-	SYM
ajfa-6070	393	11	403	403	NUM
ajfa-6070	393	12	.	.	PUNCT
ajfa-6070	394	1	http://dx.doi.org/10.1016/s0927-538x(99)00007-4	http://dx.doi.org/10.1016/s0927-538x(99)00007-4	PROPN
ajfa-6070	394	2	xu	xu	PROPN
ajfa-6070	394	3	,	,	PUNCT
ajfa-6070	394	4	xiaonian	xiaonian	PROPN
ajfa-6070	394	5	and	and	CCONJ
ajfa-6070	394	6	wang	wang	PROPN
ajfa-6070	394	7	,	,	PUNCT
ajfa-6070	394	8	yan,(1997	yan,(1997	PROPN
ajfa-6070	394	9	)	)	PUNCT
ajfa-6070	394	10	.	.	PUNCT
ajfa-6070	395	1	ownership	ownership	NOUN
ajfa-6070	395	2	structure	structure	NOUN
ajfa-6070	395	3	,	,	PUNCT
ajfa-6070	395	4	corporate	corporate	ADJ
ajfa-6070	395	5	governance	governance	NOUN
ajfa-6070	395	6	and	and	CCONJ
ajfa-6070	395	7	corporate	corporate	ADJ
ajfa-6070	395	8	performance	performance	NOUN
ajfa-6070	395	9	:	:	PUNCT
ajfa-6070	395	10	the	the	DET
ajfa-6070	395	11	case	case	NOUN
ajfa-6070	395	12	of	of	ADP
ajfa-6070	395	13	chinese	chinese	ADJ
ajfa-6070	395	14	stock	stock	NOUN
ajfa-6070	395	15	companies	company	NOUN
ajfa-6070	395	16	.	.	PUNCT
ajfa-6070	396	1	world	world	PROPN
ajfa-6070	396	2	bank	bank	PROPN
ajfa-6070	396	3	policy	policy	NOUN
ajfa-6070	396	4	research	research	NOUN
ajfa-6070	396	5	working	working	NOUN
ajfa-6070	396	6	paper	paper	NOUN
ajfa-6070	396	7	no	no	DET
ajfa-6070	396	8	1794	1794	NUM
ajfa-6070	396	9	.	.	PUNCT
ajfa-6070	397	1	available	available	ADJ
ajfa-6070	397	2	at	at	ADP
ajfa-6070	397	3	ssrn	ssrn	PROPN
ajfa-6070	397	4	:	:	PUNCT
ajfa-6070	397	5	http://ssrn.com/abstract=45303	http://ssrn.com/abstract=45303	X
ajfa-6070	397	6	.	.	PROPN
ajfa-6070	397	7	yee	yee	PROPN
ajfa-6070	397	8	,	,	PUNCT
ajfa-6070	397	9	h.s	h.s	PROPN
ajfa-6070	397	10	.	.	PROPN
ajfa-6070	397	11	(	(	PUNCT
ajfa-6070	397	12	1998	1998	NUM
ajfa-6070	397	13	)	)	PUNCT
ajfa-6070	397	14	.	.	PUNCT
ajfa-6070	398	1	a	a	DET
ajfa-6070	398	2	study	study	NOUN
ajfa-6070	398	3	on	on	ADP
ajfa-6070	398	4	relationship	relationship	NOUN
ajfa-6070	398	5	between	between	ADP
ajfa-6070	398	6	ownership	ownership	NOUN
ajfa-6070	398	7	and	and	CCONJ
ajfa-6070	398	8	return	return	NOUN
ajfa-6070	398	9	in	in	ADP
ajfa-6070	398	10	malaysia	malaysia	PROPN
ajfa-6070	398	11	.	.	PUNCT
ajfa-6070	399	1	mba	mba	NOUN
ajfa-6070	399	2	thesis	thesis	NOUN
ajfa-6070	399	3	,	,	PUNCT
ajfa-6070	399	4	university	university	PROPN
ajfa-6070	399	5	of	of	ADP
ajfa-6070	399	6	malaya	malaya	PROPN
ajfa-6070	399	7	,	,	PUNCT
ajfa-6070	399	8	kuala	kuala	PROPN
ajfa-6070	399	9	lumpur	lumpur	PROPN
ajfa-6070	399	10	.	.	PUNCT
ajfa-6070	400	1	yeh	yeh	PROPN
ajfa-6070	400	2	,	,	PUNCT
ajfa-6070	400	3	y.h	y.h	PROPN
ajfa-6070	400	4	.	.	PROPN
ajfa-6070	400	5	,	,	PUNCT
ajfa-6070	400	6	t.s	t.s	PROPN
ajfa-6070	400	7	.	.	PROPN
ajfa-6070	400	8	lee	lee	PROPN
ajfa-6070	400	9	,	,	PUNCT
ajfa-6070	400	10	and	and	CCONJ
ajfa-6070	400	11	t.	t.	NOUN
ajfa-6070	400	12	woidtke	woidtke	NOUN
ajfa-6070	400	13	(	(	PUNCT
ajfa-6070	400	14	2001	2001	NUM
ajfa-6070	400	15	)	)	PUNCT
ajfa-6070	400	16	.	.	PUNCT
ajfa-6070	401	1	family	family	NOUN
ajfa-6070	401	2	control	control	NOUN
ajfa-6070	401	3	and	and	CCONJ
ajfa-6070	401	4	corporate	corporate	ADJ
ajfa-6070	401	5	governance	governance	NOUN
ajfa-6070	401	6	:	:	PUNCT
ajfa-6070	401	7	evidence	evidence	NOUN
ajfa-6070	401	8	from	from	ADP
ajfa-6070	401	9	taiwan	taiwan	PROPN
ajfa-6070	401	10	.	.	PUNCT
ajfa-6070	402	1	international	international	ADJ
ajfa-6070	402	2	review	review	NOUN
ajfa-6070	402	3	of	of	ADP
ajfa-6070	402	4	finance	finance	NOUN
ajfa-6070	402	5	,	,	PUNCT
ajfa-6070	402	6	2	2	NUM
ajfa-6070	402	7	,	,	PUNCT
ajfa-6070	402	8	21	21	NUM
ajfa-6070	402	9	-	-	SYM
ajfa-6070	402	10	48	48	NUM
ajfa-6070	402	11	.	.	PUNCT
ajfa-6070	403	1	http://dx.doi.org/10.1111/1468-2443.00014	http://dx.doi.org/10.1111/1468-2443.00014	PROPN
ajfa-6070	403	2	copyright	copyright	NOUN
ajfa-6070	403	3	disclaimer	disclaimer	ADJ
ajfa-6070	403	4	copyright	copyright	NOUN
ajfa-6070	403	5	for	for	ADP
ajfa-6070	403	6	this	this	DET
ajfa-6070	403	7	article	article	NOUN
ajfa-6070	403	8	is	be	AUX
ajfa-6070	403	9	retained	retain	VERB
ajfa-6070	403	10	by	by	ADP
ajfa-6070	403	11	the	the	DET
ajfa-6070	403	12	author(s	author(s	PROPN
ajfa-6070	403	13	)	)	PUNCT
ajfa-6070	403	14	,	,	PUNCT
ajfa-6070	403	15	with	with	ADP
ajfa-6070	403	16	first	first	ADJ
ajfa-6070	403	17	publication	publication	NOUN
ajfa-6070	403	18	rights	right	NOUN
ajfa-6070	403	19	granted	grant	VERB
ajfa-6070	403	20	to	to	ADP
ajfa-6070	403	21	the	the	DET
ajfa-6070	403	22	journal	journal	NOUN
ajfa-6070	403	23	.	.	PUNCT