id	sid	tid	token	lemma	pos
ajfa-6464	1	1	microsoft	microsoft	PROPN
ajfa-6464	1	2	word	word	PROPN
ajfa-6464	1	3	6464	6464	NUM
ajfa-6464	1	4	-	-	PUNCT
ajfa-6464	1	5	23081	23081	NUM
ajfa-6464	1	6	-	-	PUNCT
ajfa-6464	1	7	1	1	NUM
ajfa-6464	1	8	-	-	PUNCT
ajfa-6464	1	9	sm	sm	NOUN
ajfa-6464	1	10	-	-	PUNCT
ajfa-6464	1	11	writer2	writer2	VERB
ajfa-6464	1	12	-	-	ADJ
ajfa-6464	1	13	new	new	ADJ
ajfa-6464	1	14	asian	asian	ADJ
ajfa-6464	1	15	journal	journal	NOUN
ajfa-6464	1	16	of	of	ADP
ajfa-6464	1	17	finance	finance	PROPN
ajfa-6464	1	18	&	&	CCONJ
ajfa-6464	1	19	accounting	accounting	PROPN
ajfa-6464	1	20	issn	issn	PROPN
ajfa-6464	1	21	1946	1946	NUM
ajfa-6464	1	22	-	-	PUNCT
ajfa-6464	1	23	052x	052x	NOUN
ajfa-6464	1	24	2015	2015	NUM
ajfa-6464	1	25	,	,	PUNCT
ajfa-6464	1	26	vol	vol	NOUN
ajfa-6464	1	27	.	.	PROPN
ajfa-6464	1	28	7	7	NUM
ajfa-6464	1	29	,	,	PUNCT
ajfa-6464	1	30	no	no	INTJ
ajfa-6464	1	31	.	.	NOUN
ajfa-6464	1	32	1	1	NUM
ajfa-6464	1	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	1	34	76	76	NUM
ajfa-6464	1	35	determinants	determinant	NOUN
ajfa-6464	1	36	of	of	ADP
ajfa-6464	1	37	value	value	NOUN
ajfa-6464	1	38	creation	creation	NOUN
ajfa-6464	1	39	of	of	ADP
ajfa-6464	1	40	gcc	gcc	NOUN
ajfa-6464	1	41	firms	firm	NOUN
ajfa-6464	1	42	an	an	DET
ajfa-6464	1	43	application	application	NOUN
ajfa-6464	1	44	of	of	ADP
ajfa-6464	1	45	pls	pls	PROPN
ajfa-6464	1	46	sem	sem	PROPN
ajfa-6464	1	47	model	model	PROPN
ajfa-6464	1	48	rajesh	rajesh	PROPN
ajfa-6464	1	49	kumar	kumar	PROPN
ajfa-6464	1	50	b	b	PROPN
ajfa-6464	1	51	associate	associate	NOUN
ajfa-6464	1	52	professor	professor	NOUN
ajfa-6464	1	53	,	,	PUNCT
ajfa-6464	1	54	finance	finance	PROPN
ajfa-6464	1	55	institute	institute	PROPN
ajfa-6464	1	56	of	of	ADP
ajfa-6464	1	57	management	management	PROPN
ajfa-6464	1	58	technology	technology	NOUN
ajfa-6464	1	59	,	,	PUNCT
ajfa-6464	1	60	dubai	dubai	PROPN
ajfa-6464	1	61	academic	academic	ADJ
ajfa-6464	1	62	city	city	PROPN
ajfa-6464	1	63	dubai	dubai	PROPN
ajfa-6464	1	64	,	,	PUNCT
ajfa-6464	1	65	uae	uae	PROPN
ajfa-6464	1	66	e	e	PROPN
ajfa-6464	1	67	-	-	NOUN
ajfa-6464	1	68	mail	mail	NOUN
ajfa-6464	1	69	:	:	PUNCT
ajfa-6464	1	70	rajesh@imtdubai.ac.ae	rajesh@imtdubai.ac.ae	ADJ
ajfa-6464	1	71	received	receive	VERB
ajfa-6464	1	72	:	:	PUNCT
ajfa-6464	1	73	oct	oct	PROPN
ajfa-6464	1	74	.	.	PROPN
ajfa-6464	1	75	17	17	NUM
ajfa-6464	1	76	,	,	PUNCT
ajfa-6464	1	77	2014	2014	NUM
ajfa-6464	1	78	accepted	accept	VERB
ajfa-6464	1	79	:	:	PUNCT
ajfa-6464	1	80	dec	dec	PROPN
ajfa-6464	1	81	30	30	NUM
ajfa-6464	1	82	,	,	PUNCT
ajfa-6464	1	83	2014	2014	NUM
ajfa-6464	1	84	published	publish	VERB
ajfa-6464	1	85	:	:	PUNCT
ajfa-6464	1	86	june	june	PROPN
ajfa-6464	1	87	1	1	NUM
ajfa-6464	1	88	,	,	PUNCT
ajfa-6464	1	89	2015	2015	NUM
ajfa-6464	1	90	doi:10.5296	doi:10.5296	NOUN
ajfa-6464	1	91	/	/	SYM
ajfa-6464	1	92	ajfa.v7i1.6464	ajfa.v7i1.6464	NUM
ajfa-6464	1	93	url	url	NOUN
ajfa-6464	1	94	:	:	PUNCT
ajfa-6464	1	95	http://dx.doi.org/10.5296/ajfa.v7i1.6464	http://dx.doi.org/10.5296/ajfa.v7i1.6464	NOUN
ajfa-6464	1	96	abstract	abstract	ADJ
ajfa-6464	1	97	value	value	NOUN
ajfa-6464	1	98	creation	creation	NOUN
ajfa-6464	1	99	for	for	ADP
ajfa-6464	1	100	a	a	DET
ajfa-6464	1	101	firm	firm	NOUN
ajfa-6464	1	102	is	be	AUX
ajfa-6464	1	103	a	a	DET
ajfa-6464	1	104	function	function	NOUN
ajfa-6464	1	105	of	of	ADP
ajfa-6464	1	106	identifying	identify	VERB
ajfa-6464	1	107	and	and	CCONJ
ajfa-6464	1	108	managing	manage	VERB
ajfa-6464	1	109	value	value	NOUN
ajfa-6464	1	110	drivers	driver	NOUN
ajfa-6464	1	111	.	.	PUNCT
ajfa-6464	2	1	this	this	DET
ajfa-6464	2	2	study	study	NOUN
ajfa-6464	2	3	aims	aim	VERB
ajfa-6464	2	4	to	to	PART
ajfa-6464	2	5	understand	understand	VERB
ajfa-6464	2	6	the	the	DET
ajfa-6464	2	7	drivers	driver	NOUN
ajfa-6464	2	8	of	of	ADP
ajfa-6464	2	9	value	value	NOUN
ajfa-6464	2	10	creation	creation	NOUN
ajfa-6464	2	11	for	for	ADP
ajfa-6464	2	12	gcc	gcc	NOUN
ajfa-6464	2	13	listed	list	VERB
ajfa-6464	2	14	firms	firm	NOUN
ajfa-6464	2	15	.	.	PUNCT
ajfa-6464	3	1	the	the	DET
ajfa-6464	3	2	paper	paper	NOUN
ajfa-6464	3	3	proposes	propose	VERB
ajfa-6464	3	4	a	a	DET
ajfa-6464	3	5	model	model	NOUN
ajfa-6464	3	6	for	for	ADP
ajfa-6464	3	7	value	value	NOUN
ajfa-6464	3	8	creation	creation	NOUN
ajfa-6464	3	9	through	through	ADP
ajfa-6464	3	10	the	the	DET
ajfa-6464	3	11	application	application	NOUN
ajfa-6464	3	12	of	of	ADP
ajfa-6464	3	13	partial	partial	ADJ
ajfa-6464	3	14	least	least	ADJ
ajfa-6464	3	15	square	square	ADJ
ajfa-6464	3	16	structural	structural	ADJ
ajfa-6464	3	17	equation	equation	NOUN
ajfa-6464	3	18	modeling	modeling	NOUN
ajfa-6464	3	19	(	(	PUNCT
ajfa-6464	3	20	pls	pls	INTJ
ajfa-6464	3	21	-	-	PUNCT
ajfa-6464	3	22	sem).the	sem).the	PRON
ajfa-6464	3	23	model	model	NOUN
ajfa-6464	3	24	proposes	propose	VERB
ajfa-6464	3	25	value	value	NOUN
ajfa-6464	3	26	creation	creation	NOUN
ajfa-6464	3	27	of	of	ADP
ajfa-6464	3	28	a	a	DET
ajfa-6464	3	29	firm	firm	NOUN
ajfa-6464	3	30	as	as	ADP
ajfa-6464	3	31	a	a	DET
ajfa-6464	3	32	function	function	NOUN
ajfa-6464	3	33	of	of	ADP
ajfa-6464	3	34	critical	critical	ADJ
ajfa-6464	3	35	drivers	driver	NOUN
ajfa-6464	3	36	like	like	ADP
ajfa-6464	3	37	size	size	NOUN
ajfa-6464	3	38	of	of	ADP
ajfa-6464	3	39	firm	firm	NOUN
ajfa-6464	3	40	,	,	PUNCT
ajfa-6464	3	41	dividend	dividend	NOUN
ajfa-6464	3	42	policy	policy	NOUN
ajfa-6464	3	43	,	,	PUNCT
ajfa-6464	3	44	investment	investment	NOUN
ajfa-6464	3	45	policy	policy	NOUN
ajfa-6464	3	46	,	,	PUNCT
ajfa-6464	3	47	capital	capital	NOUN
ajfa-6464	3	48	structure	structure	NOUN
ajfa-6464	3	49	and	and	CCONJ
ajfa-6464	3	50	risk	risk	NOUN
ajfa-6464	3	51	characteristics	characteristic	NOUN
ajfa-6464	3	52	.	.	PUNCT
ajfa-6464	4	1	higher	high	ADJ
ajfa-6464	4	2	the	the	DET
ajfa-6464	4	3	leverage	leverage	NOUN
ajfa-6464	4	4	for	for	ADP
ajfa-6464	4	5	the	the	DET
ajfa-6464	4	6	firm	firm	NOUN
ajfa-6464	4	7	,	,	PUNCT
ajfa-6464	4	8	lesser	less	ADJ
ajfa-6464	4	9	will	will	AUX
ajfa-6464	4	10	be	be	AUX
ajfa-6464	4	11	the	the	DET
ajfa-6464	4	12	value	value	NOUN
ajfa-6464	4	13	creation	creation	NOUN
ajfa-6464	4	14	for	for	ADP
ajfa-6464	4	15	the	the	DET
ajfa-6464	4	16	firm	firm	NOUN
ajfa-6464	4	17	.	.	PUNCT
ajfa-6464	5	1	investors	investor	NOUN
ajfa-6464	5	2	are	be	AUX
ajfa-6464	5	3	skeptical	skeptical	ADJ
ajfa-6464	5	4	about	about	ADP
ajfa-6464	5	5	whether	whether	SCONJ
ajfa-6464	5	6	firms	firm	NOUN
ajfa-6464	5	7	with	with	ADP
ajfa-6464	5	8	high	high	ADJ
ajfa-6464	5	9	leverage	leverage	NOUN
ajfa-6464	5	10	would	would	AUX
ajfa-6464	5	11	create	create	VERB
ajfa-6464	5	12	value	value	NOUN
ajfa-6464	5	13	.	.	PUNCT
ajfa-6464	6	1	firm	firm	ADJ
ajfa-6464	6	2	size	size	NOUN
ajfa-6464	6	3	is	be	AUX
ajfa-6464	6	4	negatively	negatively	ADV
ajfa-6464	6	5	related	relate	VERB
ajfa-6464	6	6	to	to	PART
ajfa-6464	6	7	value	value	VERB
ajfa-6464	6	8	creation	creation	NOUN
ajfa-6464	6	9	.	.	PUNCT
ajfa-6464	7	1	keywords	keyword	NOUN
ajfa-6464	7	2	:	:	PUNCT
ajfa-6464	7	3	value	value	NOUN
ajfa-6464	7	4	creation	creation	NOUN
ajfa-6464	7	5	,	,	PUNCT
ajfa-6464	7	6	pls	pls	PROPN
ajfa-6464	7	7	sem	sem	PROPN
ajfa-6464	7	8	,	,	PUNCT
ajfa-6464	7	9	path	path	NOUN
ajfa-6464	7	10	diagram	diagram	PROPN
ajfa-6464	7	11	,	,	PUNCT
ajfa-6464	7	12	bootstrapping	bootstrapping	NOUN
ajfa-6464	7	13	,	,	PUNCT
ajfa-6464	7	14	reflective	reflective	ADJ
ajfa-6464	7	15	measurement	measurement	NOUN
ajfa-6464	7	16	models	model	NOUN
ajfa-6464	7	17	,	,	PUNCT
ajfa-6464	7	18	heterotrait	heterotrait	NOUN
ajfa-6464	7	19	-	-	PUNCT
ajfa-6464	7	20	monotrait	monotrait	NOUN
ajfa-6464	7	21	ratio	ratio	NOUN
ajfa-6464	7	22	,	,	PUNCT
ajfa-6464	7	23	blind	blind	ADJ
ajfa-6464	7	24	folding	folding	NOUN
ajfa-6464	7	25	.	.	PUNCT
ajfa-6464	8	1	asian	asian	ADJ
ajfa-6464	8	2	journal	journal	PROPN
ajfa-6464	8	3	of	of	ADP
ajfa-6464	8	4	finance	finance	PROPN
ajfa-6464	8	5	&	&	CCONJ
ajfa-6464	8	6	accounting	accounting	PROPN
ajfa-6464	8	7	issn	issn	PROPN
ajfa-6464	8	8	1946	1946	NUM
ajfa-6464	8	9	-	-	PUNCT
ajfa-6464	8	10	052x	052x	NOUN
ajfa-6464	8	11	2015	2015	NUM
ajfa-6464	8	12	,	,	PUNCT
ajfa-6464	8	13	vol	vol	NOUN
ajfa-6464	8	14	.	.	PROPN
ajfa-6464	8	15	7	7	NUM
ajfa-6464	8	16	,	,	PUNCT
ajfa-6464	8	17	no	no	INTJ
ajfa-6464	8	18	.	.	NOUN
ajfa-6464	8	19	1	1	NUM
ajfa-6464	8	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6464	8	21	77	77	NUM
ajfa-6464	8	22	1	1	NUM
ajfa-6464	8	23	.	.	PUNCT
ajfa-6464	9	1	introduction	introduction	NOUN
ajfa-6464	9	2	the	the	DET
ajfa-6464	9	3	determinants	determinant	NOUN
ajfa-6464	9	4	of	of	ADP
ajfa-6464	9	5	value	value	NOUN
ajfa-6464	9	6	creation	creation	NOUN
ajfa-6464	9	7	can	can	AUX
ajfa-6464	9	8	be	be	AUX
ajfa-6464	9	9	categorized	categorize	VERB
ajfa-6464	9	10	in	in	ADP
ajfa-6464	9	11	terms	term	NOUN
ajfa-6464	9	12	of	of	ADP
ajfa-6464	9	13	growth	growth	NOUN
ajfa-6464	9	14	,	,	PUNCT
ajfa-6464	9	15	size	size	NOUN
ajfa-6464	9	16	,	,	PUNCT
ajfa-6464	9	17	efficiency	efficiency	NOUN
ajfa-6464	9	18	,	,	PUNCT
ajfa-6464	9	19	capital	capital	NOUN
ajfa-6464	9	20	structure	structure	NOUN
ajfa-6464	9	21	and	and	CCONJ
ajfa-6464	9	22	profitability	profitability	NOUN
ajfa-6464	9	23	drivers	driver	NOUN
ajfa-6464	9	24	.	.	PUNCT
ajfa-6464	10	1	value	value	NOUN
ajfa-6464	10	2	creation	creation	NOUN
ajfa-6464	10	3	for	for	ADP
ajfa-6464	10	4	a	a	DET
ajfa-6464	10	5	firm	firm	NOUN
ajfa-6464	10	6	is	be	AUX
ajfa-6464	10	7	a	a	DET
ajfa-6464	10	8	function	function	NOUN
ajfa-6464	10	9	of	of	ADP
ajfa-6464	10	10	identifying	identify	VERB
ajfa-6464	10	11	and	and	CCONJ
ajfa-6464	10	12	managing	manage	VERB
ajfa-6464	10	13	value	value	NOUN
ajfa-6464	10	14	drivers	driver	NOUN
ajfa-6464	10	15	which	which	PRON
ajfa-6464	10	16	have	have	VERB
ajfa-6464	10	17	the	the	DET
ajfa-6464	10	18	greatest	great	ADJ
ajfa-6464	10	19	impact	impact	NOUN
ajfa-6464	10	20	on	on	ADP
ajfa-6464	10	21	value	value	NOUN
ajfa-6464	10	22	creation	creation	NOUN
ajfa-6464	10	23	.	.	PUNCT
ajfa-6464	11	1	a	a	DET
ajfa-6464	11	2	focused	focused	ADJ
ajfa-6464	11	3	approach	approach	NOUN
ajfa-6464	11	4	would	would	AUX
ajfa-6464	11	5	enable	enable	VERB
ajfa-6464	11	6	management	management	NOUN
ajfa-6464	11	7	to	to	PART
ajfa-6464	11	8	transform	transform	VERB
ajfa-6464	11	9	the	the	DET
ajfa-6464	11	10	goals	goal	NOUN
ajfa-6464	11	11	of	of	ADP
ajfa-6464	11	12	value	value	NOUN
ajfa-6464	11	13	creation	creation	NOUN
ajfa-6464	11	14	into	into	ADP
ajfa-6464	11	15	specific	specific	ADJ
ajfa-6464	11	16	actions	action	NOUN
ajfa-6464	11	17	.	.	PUNCT
ajfa-6464	12	1	value	value	NOUN
ajfa-6464	12	2	driver	driver	NOUN
ajfa-6464	12	3	analysis	analysis	NOUN
ajfa-6464	12	4	is	be	AUX
ajfa-6464	12	5	an	an	DET
ajfa-6464	12	6	important	important	ADJ
ajfa-6464	12	7	tool	tool	NOUN
ajfa-6464	12	8	in	in	ADP
ajfa-6464	12	9	strategic	strategic	ADJ
ajfa-6464	12	10	planning	planning	NOUN
ajfa-6464	12	11	analysis	analysis	NOUN
ajfa-6464	12	12	.	.	PUNCT
ajfa-6464	13	1	organizations	organization	NOUN
ajfa-6464	13	2	which	which	PRON
ajfa-6464	13	3	create	create	VERB
ajfa-6464	13	4	long	long	ADJ
ajfa-6464	13	5	term	term	NOUN
ajfa-6464	13	6	value	value	NOUN
ajfa-6464	13	7	in	in	ADP
ajfa-6464	13	8	terms	term	NOUN
ajfa-6464	13	9	of	of	ADP
ajfa-6464	13	10	shareholder	shareholder	NOUN
ajfa-6464	13	11	wealth	wealth	NOUN
ajfa-6464	13	12	are	be	AUX
ajfa-6464	13	13	expected	expect	VERB
ajfa-6464	13	14	to	to	PART
ajfa-6464	13	15	create	create	VERB
ajfa-6464	13	16	value	value	NOUN
ajfa-6464	13	17	for	for	ADP
ajfa-6464	13	18	all	all	DET
ajfa-6464	13	19	stakeholders	stakeholder	NOUN
ajfa-6464	13	20	.	.	PUNCT
ajfa-6464	14	1	from	from	ADP
ajfa-6464	14	2	the	the	DET
ajfa-6464	14	3	perspective	perspective	NOUN
ajfa-6464	14	4	of	of	ADP
ajfa-6464	14	5	economist	economist	NOUN
ajfa-6464	14	6	’s	’s	PART
ajfa-6464	14	7	value	value	NOUN
ajfa-6464	14	8	viewpoint	viewpoint	NOUN
ajfa-6464	14	9	,	,	PUNCT
ajfa-6464	14	10	value	value	NOUN
ajfa-6464	14	11	is	be	AUX
ajfa-6464	14	12	created	create	VERB
ajfa-6464	14	13	when	when	SCONJ
ajfa-6464	14	14	revenues	revenue	NOUN
ajfa-6464	14	15	exceed	exceed	VERB
ajfa-6464	14	16	all	all	DET
ajfa-6464	14	17	costs	cost	NOUN
ajfa-6464	14	18	.	.	PUNCT
ajfa-6464	15	1	value	value	NOUN
ajfa-6464	15	2	is	be	AUX
ajfa-6464	15	3	created	create	VERB
ajfa-6464	15	4	when	when	SCONJ
ajfa-6464	15	5	management	management	NOUN
ajfa-6464	15	6	generates	generate	VERB
ajfa-6464	15	7	revenues	revenue	NOUN
ajfa-6464	15	8	over	over	ADP
ajfa-6464	15	9	and	and	CCONJ
ajfa-6464	15	10	above	above	ADP
ajfa-6464	15	11	the	the	DET
ajfa-6464	15	12	economic	economic	ADJ
ajfa-6464	15	13	costs	cost	NOUN
ajfa-6464	15	14	incurred	incur	VERB
ajfa-6464	15	15	to	to	PART
ajfa-6464	15	16	generate	generate	VERB
ajfa-6464	15	17	revenues	revenue	NOUN
ajfa-6464	15	18	.	.	PUNCT
ajfa-6464	16	1	the	the	DET
ajfa-6464	16	2	costs	cost	NOUN
ajfa-6464	16	3	come	come	VERB
ajfa-6464	16	4	from	from	ADP
ajfa-6464	16	5	sources	source	NOUN
ajfa-6464	16	6	like	like	ADP
ajfa-6464	16	7	employee	employee	NOUN
ajfa-6464	16	8	wages	wage	NOUN
ajfa-6464	16	9	and	and	CCONJ
ajfa-6464	16	10	benefits	benefit	NOUN
ajfa-6464	16	11	,	,	PUNCT
ajfa-6464	16	12	material	material	NOUN
ajfa-6464	16	13	,	,	PUNCT
ajfa-6464	16	14	supplies	supply	NOUN
ajfa-6464	16	15	,	,	PUNCT
ajfa-6464	16	16	economic	economic	ADJ
ajfa-6464	16	17	depreciation	depreciation	NOUN
ajfa-6464	16	18	of	of	ADP
ajfa-6464	16	19	physical	physical	ADJ
ajfa-6464	16	20	assets	asset	NOUN
ajfa-6464	16	21	,	,	PUNCT
ajfa-6464	16	22	taxes	taxis	NOUN
ajfa-6464	16	23	and	and	CCONJ
ajfa-6464	16	24	opportunity	opportunity	NOUN
ajfa-6464	16	25	cost	cost	NOUN
ajfa-6464	16	26	of	of	ADP
ajfa-6464	16	27	capital	capital	NOUN
ajfa-6464	16	28	.	.	PUNCT
ajfa-6464	17	1	shareholders	shareholder	NOUN
ajfa-6464	17	2	expect	expect	VERB
ajfa-6464	17	3	management	management	NOUN
ajfa-6464	17	4	to	to	PART
ajfa-6464	17	5	generate	generate	VERB
ajfa-6464	17	6	value	value	NOUN
ajfa-6464	17	7	over	over	ADV
ajfa-6464	17	8	and	and	CCONJ
ajfa-6464	17	9	above	above	ADP
ajfa-6464	17	10	the	the	DET
ajfa-6464	17	11	costs	cost	NOUN
ajfa-6464	17	12	of	of	ADP
ajfa-6464	17	13	resources	resource	NOUN
ajfa-6464	17	14	consumed	consume	VERB
ajfa-6464	17	15	which	which	PRON
ajfa-6464	17	16	includes	include	VERB
ajfa-6464	17	17	the	the	DET
ajfa-6464	17	18	cost	cost	NOUN
ajfa-6464	17	19	of	of	ADP
ajfa-6464	17	20	using	use	VERB
ajfa-6464	17	21	capital	capital	NOUN
ajfa-6464	17	22	.	.	PUNCT
ajfa-6464	18	1	shareholders	shareholder	NOUN
ajfa-6464	18	2	require	require	VERB
ajfa-6464	18	3	an	an	DET
ajfa-6464	18	4	adequate	adequate	ADJ
ajfa-6464	18	5	level	level	NOUN
ajfa-6464	18	6	of	of	ADP
ajfa-6464	18	7	return	return	NOUN
ajfa-6464	18	8	for	for	ADP
ajfa-6464	18	9	the	the	DET
ajfa-6464	18	10	risk	risk	NOUN
ajfa-6464	18	11	they	they	PRON
ajfa-6464	18	12	take	take	VERB
ajfa-6464	18	13	in	in	ADP
ajfa-6464	18	14	.	.	PUNCT
ajfa-6464	19	1	stock	stock	NOUN
ajfa-6464	19	2	prices	price	NOUN
ajfa-6464	19	3	reflect	reflect	VERB
ajfa-6464	19	4	investors	investor	NOUN
ajfa-6464	19	5	’	’	PART
ajfa-6464	19	6	expectations	expectation	NOUN
ajfa-6464	19	7	about	about	ADP
ajfa-6464	19	8	future	future	ADJ
ajfa-6464	19	9	cash	cash	NOUN
ajfa-6464	19	10	flows	flow	NOUN
ajfa-6464	19	11	.	.	PUNCT
ajfa-6464	20	1	wealth	wealth	NOUN
ajfa-6464	20	2	for	for	ADP
ajfa-6464	20	3	shareholders	shareholder	NOUN
ajfa-6464	20	4	will	will	AUX
ajfa-6464	20	5	be	be	AUX
ajfa-6464	20	6	created	create	VERB
ajfa-6464	20	7	only	only	ADV
ajfa-6464	20	8	if	if	SCONJ
ajfa-6464	20	9	firms	firm	NOUN
ajfa-6464	20	10	undertake	undertake	VERB
ajfa-6464	20	11	investment	investment	NOUN
ajfa-6464	20	12	decisions	decision	NOUN
ajfa-6464	20	13	which	which	PRON
ajfa-6464	20	14	have	have	VERB
ajfa-6464	20	15	a	a	DET
ajfa-6464	20	16	positive	positive	ADJ
ajfa-6464	20	17	net	net	ADJ
ajfa-6464	20	18	present	present	ADJ
ajfa-6464	20	19	value	value	NOUN
ajfa-6464	20	20	.	.	PUNCT
ajfa-6464	21	1	value	value	NOUN
ajfa-6464	21	2	creation	creation	NOUN
ajfa-6464	21	3	is	be	AUX
ajfa-6464	21	4	used	use	VERB
ajfa-6464	21	5	in	in	ADP
ajfa-6464	21	6	the	the	DET
ajfa-6464	21	7	perspective	perspective	NOUN
ajfa-6464	21	8	of	of	ADP
ajfa-6464	21	9	value	value	NOUN
ajfa-6464	21	10	derived	derive	VERB
ajfa-6464	21	11	from	from	ADP
ajfa-6464	21	12	accounting	accounting	NOUN
ajfa-6464	21	13	based	base	VERB
ajfa-6464	21	14	information	information	NOUN
ajfa-6464	21	15	.	.	PUNCT
ajfa-6464	22	1	wealth	wealth	NOUN
ajfa-6464	22	2	creation	creation	NOUN
ajfa-6464	22	3	is	be	AUX
ajfa-6464	22	4	based	base	VERB
ajfa-6464	22	5	on	on	ADP
ajfa-6464	22	6	stock	stock	NOUN
ajfa-6464	22	7	market	market	NOUN
ajfa-6464	22	8	information	information	NOUN
ajfa-6464	22	9	.	.	PUNCT
ajfa-6464	23	1	shareholders	shareholder	NOUN
ajfa-6464	23	2	’	'	PUNCT
ajfa-6464	23	3	wealth	wealth	NOUN
ajfa-6464	23	4	maximization	maximization	NOUN
ajfa-6464	23	5	is	be	AUX
ajfa-6464	23	6	theoretically	theoretically	ADV
ajfa-6464	23	7	logical	logical	ADJ
ajfa-6464	23	8	and	and	CCONJ
ajfa-6464	23	9	operationally	operationally	ADV
ajfa-6464	23	10	feasible	feasible	ADJ
ajfa-6464	23	11	normative	normative	ADJ
ajfa-6464	23	12	goal	goal	NOUN
ajfa-6464	23	13	for	for	ADP
ajfa-6464	23	14	guiding	guide	VERB
ajfa-6464	23	15	the	the	DET
ajfa-6464	23	16	financial	financial	ADJ
ajfa-6464	23	17	decision	decision	NOUN
ajfa-6464	23	18	making	making	NOUN
ajfa-6464	23	19	.	.	PUNCT
ajfa-6464	24	1	from	from	ADP
ajfa-6464	24	2	the	the	DET
ajfa-6464	24	3	shareholders	shareholder	NOUN
ajfa-6464	24	4	’	'	PUNCT
ajfa-6464	24	5	point	point	NOUN
ajfa-6464	24	6	of	of	ADP
ajfa-6464	24	7	view	view	NOUN
ajfa-6464	24	8	,	,	PUNCT
ajfa-6464	24	9	the	the	DET
ajfa-6464	24	10	wealth	wealth	NOUN
ajfa-6464	24	11	created	create	VERB
ajfa-6464	24	12	by	by	ADP
ajfa-6464	24	13	a	a	DET
ajfa-6464	24	14	company	company	NOUN
ajfa-6464	24	15	through	through	ADP
ajfa-6464	24	16	its	its	PRON
ajfa-6464	24	17	actions	action	NOUN
ajfa-6464	24	18	is	be	AUX
ajfa-6464	24	19	reflected	reflect	VERB
ajfa-6464	24	20	in	in	ADP
ajfa-6464	24	21	the	the	DET
ajfa-6464	24	22	market	market	NOUN
ajfa-6464	24	23	value	value	NOUN
ajfa-6464	24	24	of	of	ADP
ajfa-6464	24	25	the	the	DET
ajfa-6464	24	26	company	company	NOUN
ajfa-6464	24	27	’s	’s	PART
ajfa-6464	24	28	shares	share	NOUN
ajfa-6464	24	29	.	.	PUNCT
ajfa-6464	25	1	profitability	profitability	NOUN
ajfa-6464	25	2	and	and	CCONJ
ajfa-6464	25	3	growth	growth	NOUN
ajfa-6464	25	4	are	be	AUX
ajfa-6464	25	5	basically	basically	ADV
ajfa-6464	25	6	considered	consider	VERB
ajfa-6464	25	7	as	as	ADP
ajfa-6464	25	8	the	the	DET
ajfa-6464	25	9	major	major	ADJ
ajfa-6464	25	10	determinants	determinant	NOUN
ajfa-6464	25	11	of	of	ADP
ajfa-6464	25	12	firm	firm	ADJ
ajfa-6464	25	13	value	value	NOUN
ajfa-6464	25	14	.	.	PUNCT
ajfa-6464	26	1	corporate	corporate	ADJ
ajfa-6464	26	2	strategies	strategy	NOUN
ajfa-6464	26	3	can	can	AUX
ajfa-6464	26	4	be	be	AUX
ajfa-6464	26	5	assessed	assess	VERB
ajfa-6464	26	6	on	on	ADP
ajfa-6464	26	7	the	the	DET
ajfa-6464	26	8	basis	basis	NOUN
ajfa-6464	26	9	of	of	ADP
ajfa-6464	26	10	their	their	PRON
ajfa-6464	26	11	expected	expect	VERB
ajfa-6464	26	12	effect	effect	NOUN
ajfa-6464	26	13	on	on	ADP
ajfa-6464	26	14	profitability	profitability	NOUN
ajfa-6464	26	15	,	,	PUNCT
ajfa-6464	26	16	growth	growth	NOUN
ajfa-6464	26	17	and	and	CCONJ
ajfa-6464	26	18	firm	firm	ADJ
ajfa-6464	26	19	value	value	NOUN
ajfa-6464	26	20	.	.	PUNCT
ajfa-6464	27	1	the	the	DET
ajfa-6464	27	2	value	value	NOUN
ajfa-6464	27	3	based	base	VERB
ajfa-6464	27	4	planning	planning	NOUN
ajfa-6464	27	5	models	model	NOUN
ajfa-6464	27	6	suggests	suggest	VERB
ajfa-6464	27	7	that	that	SCONJ
ajfa-6464	27	8	management	management	NOUN
ajfa-6464	27	9	of	of	ADP
ajfa-6464	27	10	a	a	DET
ajfa-6464	27	11	firm	firm	NOUN
ajfa-6464	27	12	aims	aim	VERB
ajfa-6464	27	13	to	to	PART
ajfa-6464	27	14	create	create	VERB
ajfa-6464	27	15	shareholder	shareholder	NOUN
ajfa-6464	27	16	wealth	wealth	NOUN
ajfa-6464	27	17	by	by	ADP
ajfa-6464	27	18	maximizing	maximize	VERB
ajfa-6464	27	19	market	market	NOUN
ajfa-6464	27	20	value	value	NOUN
ajfa-6464	27	21	of	of	ADP
ajfa-6464	27	22	the	the	DET
ajfa-6464	27	23	equity	equity	NOUN
ajfa-6464	27	24	thereby	thereby	ADV
ajfa-6464	27	25	creating	create	VERB
ajfa-6464	27	26	excess	excess	ADJ
ajfa-6464	27	27	value	value	NOUN
ajfa-6464	27	28	over	over	ADP
ajfa-6464	27	29	the	the	DET
ajfa-6464	27	30	book	book	NOUN
ajfa-6464	27	31	value	value	NOUN
ajfa-6464	27	32	of	of	ADP
ajfa-6464	27	33	the	the	DET
ajfa-6464	27	34	firm	firm	NOUN
ajfa-6464	27	35	.	.	PUNCT
ajfa-6464	28	1	a	a	DET
ajfa-6464	28	2	firm	firm	NOUN
ajfa-6464	28	3	’s	’s	PART
ajfa-6464	28	4	management	management	NOUN
ajfa-6464	28	5	must	must	AUX
ajfa-6464	28	6	focus	focus	VERB
ajfa-6464	28	7	on	on	ADP
ajfa-6464	28	8	strategies	strategy	NOUN
ajfa-6464	28	9	that	that	PRON
ajfa-6464	28	10	creates	create	VERB
ajfa-6464	28	11	excess	excess	ADJ
ajfa-6464	28	12	value	value	NOUN
ajfa-6464	28	13	attributed	attribute	VERB
ajfa-6464	28	14	to	to	ADP
ajfa-6464	28	15	market	market	NOUN
ajfa-6464	28	16	value	value	NOUN
ajfa-6464	28	17	(	(	PUNCT
ajfa-6464	28	18	mv	mv	NOUN
ajfa-6464	28	19	)	)	PUNCT
ajfa-6464	28	20	compared	compare	VERB
ajfa-6464	28	21	to	to	ADP
ajfa-6464	28	22	the	the	DET
ajfa-6464	28	23	book	book	NOUN
ajfa-6464	28	24	value	value	NOUN
ajfa-6464	28	25	(	(	PUNCT
ajfa-6464	28	26	bv	bv	PROPN
ajfa-6464	28	27	)	)	PUNCT
ajfa-6464	28	28	of	of	ADP
ajfa-6464	28	29	equity	equity	NOUN
ajfa-6464	28	30	.	.	PUNCT
ajfa-6464	29	1	a	a	DET
ajfa-6464	29	2	firm	firm	NOUN
ajfa-6464	29	3	’s	’s	PART
ajfa-6464	29	4	management	management	NOUN
ajfa-6464	29	5	creates	create	VERB
ajfa-6464	29	6	value	value	NOUN
ajfa-6464	29	7	for	for	ADP
ajfa-6464	29	8	shareholders	shareholder	NOUN
ajfa-6464	29	9	if	if	SCONJ
ajfa-6464	29	10	mv	mv	PROPN
ajfa-6464	29	11	>	>	X
ajfa-6464	29	12	bv	bv	PROPN
ajfa-6464	29	13	,	,	PUNCT
ajfa-6464	29	14	destroys	destroy	VERB
ajfa-6464	29	15	value	value	NOUN
ajfa-6464	29	16	if	if	SCONJ
ajfa-6464	29	17	mv	mv	PROPN
ajfa-6464	29	18	<	<	X
ajfa-6464	29	19	bv	bv	X
ajfa-6464	29	20	and	and	CCONJ
ajfa-6464	29	21	maintains	maintain	VERB
ajfa-6464	29	22	value	value	NOUN
ajfa-6464	29	23	if	if	SCONJ
ajfa-6464	29	24	mv	mv	PROPN
ajfa-6464	29	25	=	=	PROPN
ajfa-6464	29	26	bv	bv	PROPN
ajfa-6464	29	27	.	.	PUNCT
ajfa-6464	30	1	many	many	ADJ
ajfa-6464	30	2	researchers	researcher	NOUN
ajfa-6464	30	3	have	have	AUX
ajfa-6464	30	4	focused	focus	VERB
ajfa-6464	30	5	on	on	ADP
ajfa-6464	30	6	establishing	establish	VERB
ajfa-6464	30	7	the	the	DET
ajfa-6464	30	8	linkage	linkage	NOUN
ajfa-6464	30	9	between	between	ADP
ajfa-6464	30	10	the	the	DET
ajfa-6464	30	11	strategic	strategic	ADJ
ajfa-6464	30	12	position	position	NOUN
ajfa-6464	30	13	of	of	ADP
ajfa-6464	30	14	a	a	DET
ajfa-6464	30	15	company	company	NOUN
ajfa-6464	30	16	and	and	CCONJ
ajfa-6464	30	17	its	its	PRON
ajfa-6464	30	18	financial	financial	ADJ
ajfa-6464	30	19	performance	performance	NOUN
ajfa-6464	30	20	.	.	PUNCT
ajfa-6464	31	1	identifying	identify	VERB
ajfa-6464	31	2	and	and	CCONJ
ajfa-6464	31	3	selecting	select	VERB
ajfa-6464	31	4	strategies	strategy	NOUN
ajfa-6464	31	5	that	that	PRON
ajfa-6464	31	6	create	create	VERB
ajfa-6464	31	7	value	value	NOUN
ajfa-6464	31	8	for	for	ADP
ajfa-6464	31	9	shareholders	shareholder	NOUN
ajfa-6464	31	10	is	be	AUX
ajfa-6464	31	11	a	a	DET
ajfa-6464	31	12	major	major	ADJ
ajfa-6464	31	13	challenge	challenge	NOUN
ajfa-6464	31	14	facing	face	VERB
ajfa-6464	31	15	management	management	NOUN
ajfa-6464	31	16	in	in	ADP
ajfa-6464	31	17	the	the	DET
ajfa-6464	31	18	modern	modern	ADJ
ajfa-6464	31	19	era	era	NOUN
ajfa-6464	31	20	.	.	PUNCT
ajfa-6464	32	1	the	the	DET
ajfa-6464	32	2	identification	identification	NOUN
ajfa-6464	32	3	of	of	ADP
ajfa-6464	32	4	financial	financial	ADJ
ajfa-6464	32	5	factors	factor	NOUN
ajfa-6464	32	6	which	which	PRON
ajfa-6464	32	7	have	have	VERB
ajfa-6464	32	8	the	the	DET
ajfa-6464	32	9	highest	high	ADJ
ajfa-6464	32	10	impact	impact	NOUN
ajfa-6464	32	11	on	on	ADP
ajfa-6464	32	12	value	value	NOUN
ajfa-6464	32	13	creation	creation	NOUN
ajfa-6464	32	14	in	in	ADP
ajfa-6464	32	15	a	a	DET
ajfa-6464	32	16	business	business	NOUN
ajfa-6464	32	17	can	can	AUX
ajfa-6464	32	18	facilitate	facilitate	VERB
ajfa-6464	32	19	establishment	establishment	NOUN
ajfa-6464	32	20	of	of	ADP
ajfa-6464	32	21	criteria	criterion	NOUN
ajfa-6464	32	22	for	for	ADP
ajfa-6464	32	23	appropriate	appropriate	ADJ
ajfa-6464	32	24	strategy	strategy	NOUN
ajfa-6464	32	25	selection	selection	NOUN
ajfa-6464	32	26	in	in	ADP
ajfa-6464	32	27	that	that	DET
ajfa-6464	32	28	direction	direction	NOUN
ajfa-6464	32	29	.	.	PUNCT
ajfa-6464	33	1	the	the	DET
ajfa-6464	33	2	ability	ability	NOUN
ajfa-6464	33	3	of	of	ADP
ajfa-6464	33	4	a	a	DET
ajfa-6464	33	5	firm	firm	NOUN
ajfa-6464	33	6	to	to	PART
ajfa-6464	33	7	create	create	VERB
ajfa-6464	33	8	value	value	NOUN
ajfa-6464	33	9	by	by	ADP
ajfa-6464	33	10	distributing	distribute	VERB
ajfa-6464	33	11	cash	cash	NOUN
ajfa-6464	33	12	flows	flow	NOUN
ajfa-6464	33	13	to	to	ADP
ajfa-6464	33	14	its	its	PRON
ajfa-6464	33	15	stakeholders	stakeholder	NOUN
ajfa-6464	33	16	depend	depend	VERB
ajfa-6464	33	17	on	on	ADP
ajfa-6464	33	18	its	its	PRON
ajfa-6464	33	19	ability	ability	NOUN
ajfa-6464	33	20	for	for	ADP
ajfa-6464	33	21	cash	cash	NOUN
ajfa-6464	33	22	generation	generation	NOUN
ajfa-6464	33	23	from	from	ADP
ajfa-6464	33	24	its	its	PRON
ajfa-6464	33	25	operating	operating	NOUN
ajfa-6464	33	26	activities	activity	NOUN
ajfa-6464	33	27	and	and	CCONJ
ajfa-6464	33	28	access	access	NOUN
ajfa-6464	33	29	of	of	ADP
ajfa-6464	33	30	additional	additional	ADJ
ajfa-6464	33	31	funds	fund	NOUN
ajfa-6464	33	32	through	through	ADP
ajfa-6464	33	33	external	external	ADJ
ajfa-6464	33	34	financing	financing	NOUN
ajfa-6464	33	35	.	.	PUNCT
ajfa-6464	34	1	the	the	DET
ajfa-6464	34	2	two	two	NUM
ajfa-6464	34	3	basic	basic	ADJ
ajfa-6464	34	4	sources	source	NOUN
ajfa-6464	34	5	of	of	ADP
ajfa-6464	34	6	external	external	ADJ
ajfa-6464	34	7	financing	financing	NOUN
ajfa-6464	34	8	are	be	AUX
ajfa-6464	34	9	debt	debt	NOUN
ajfa-6464	34	10	and	and	CCONJ
ajfa-6464	34	11	equity	equity	NOUN
ajfa-6464	34	12	financing	financing	NOUN
ajfa-6464	34	13	.	.	PUNCT
ajfa-6464	35	1	a	a	DET
ajfa-6464	35	2	company	company	NOUN
ajfa-6464	35	3	’s	’s	PART
ajfa-6464	35	4	ability	ability	NOUN
ajfa-6464	35	5	to	to	PART
ajfa-6464	35	6	borrow	borrow	VERB
ajfa-6464	35	7	today	today	NOUN
ajfa-6464	35	8	is	be	AUX
ajfa-6464	35	9	based	base	VERB
ajfa-6464	35	10	on	on	ADP
ajfa-6464	35	11	projections	projection	NOUN
ajfa-6464	35	12	of	of	ADP
ajfa-6464	35	13	its	its	PRON
ajfa-6464	35	14	future	future	ADJ
ajfa-6464	35	15	cash	cash	NOUN
ajfa-6464	35	16	flow	flow	NOUN
ajfa-6464	35	17	generation	generation	NOUN
ajfa-6464	35	18	.	.	PUNCT
ajfa-6464	36	1	the	the	DET
ajfa-6464	36	2	shareholder	shareholder	NOUN
ajfa-6464	36	3	returns	return	NOUN
ajfa-6464	36	4	basically	basically	ADV
ajfa-6464	36	5	depends	depend	VERB
ajfa-6464	36	6	on	on	ADP
ajfa-6464	36	7	prices	price	NOUN
ajfa-6464	36	8	,	,	PUNCT
ajfa-6464	36	9	costs	cost	NOUN
ajfa-6464	36	10	,	,	PUNCT
ajfa-6464	36	11	investments	investment	NOUN
ajfa-6464	36	12	,	,	PUNCT
ajfa-6464	36	13	volume	volume	NOUN
ajfa-6464	36	14	of	of	ADP
ajfa-6464	36	15	products	product	NOUN
ajfa-6464	36	16	sold	sell	VERB
ajfa-6464	36	17	and	and	CCONJ
ajfa-6464	36	18	riskiness	riskiness	NOUN
ajfa-6464	36	19	of	of	ADP
ajfa-6464	36	20	firms	firm	NOUN
ajfa-6464	36	21	in	in	ADP
ajfa-6464	36	22	an	an	DET
ajfa-6464	36	23	industry	industry	NOUN
ajfa-6464	36	24	.	.	PUNCT
ajfa-6464	37	1	the	the	DET
ajfa-6464	37	2	variables	variable	NOUN
ajfa-6464	37	3	representing	represent	VERB
ajfa-6464	37	4	these	these	DET
ajfa-6464	37	5	factors	factor	NOUN
ajfa-6464	37	6	can	can	AUX
ajfa-6464	37	7	be	be	AUX
ajfa-6464	37	8	asian	asian	ADJ
ajfa-6464	37	9	journal	journal	NOUN
ajfa-6464	37	10	of	of	ADP
ajfa-6464	37	11	finance	finance	PROPN
ajfa-6464	37	12	&	&	CCONJ
ajfa-6464	37	13	accounting	accounting	PROPN
ajfa-6464	37	14	issn	issn	PROPN
ajfa-6464	37	15	1946	1946	NUM
ajfa-6464	37	16	-	-	PUNCT
ajfa-6464	37	17	052x	052x	NOUN
ajfa-6464	37	18	2015	2015	NUM
ajfa-6464	37	19	,	,	PUNCT
ajfa-6464	37	20	vol	vol	NOUN
ajfa-6464	37	21	.	.	PROPN
ajfa-6464	38	1	7	7	NUM
ajfa-6464	38	2	,	,	PUNCT
ajfa-6464	38	3	no	no	INTJ
ajfa-6464	38	4	.	.	NOUN
ajfa-6464	38	5	1	1	NUM
ajfa-6464	38	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6464	38	7	78	78	NUM
ajfa-6464	38	8	considered	consider	VERB
ajfa-6464	38	9	as	as	ADP
ajfa-6464	38	10	determinants	determinant	NOUN
ajfa-6464	38	11	of	of	ADP
ajfa-6464	38	12	shareholder	shareholder	NOUN
ajfa-6464	38	13	value	value	NOUN
ajfa-6464	38	14	.	.	PUNCT
ajfa-6464	39	1	working	work	VERB
ajfa-6464	39	2	capital	capital	NOUN
ajfa-6464	39	3	and	and	CCONJ
ajfa-6464	39	4	fixed	fix	VERB
ajfa-6464	39	5	capital	capital	NOUN
ajfa-6464	39	6	investment	investment	NOUN
ajfa-6464	39	7	are	be	AUX
ajfa-6464	39	8	the	the	DET
ajfa-6464	39	9	two	two	NUM
ajfa-6464	39	10	components	component	NOUN
ajfa-6464	39	11	of	of	ADP
ajfa-6464	39	12	investment	investment	NOUN
ajfa-6464	39	13	value	value	NOUN
ajfa-6464	39	14	drivers	driver	NOUN
ajfa-6464	39	15	.	.	PUNCT
ajfa-6464	40	1	management	management	NOUN
ajfa-6464	40	2	’s	’s	PART
ajfa-6464	40	3	investment	investment	NOUN
ajfa-6464	40	4	choices	choice	NOUN
ajfa-6464	40	5	and	and	CCONJ
ajfa-6464	40	6	financial	financial	ADJ
ajfa-6464	40	7	policy	policy	NOUN
ajfa-6464	40	8	are	be	AUX
ajfa-6464	40	9	also	also	ADV
ajfa-6464	40	10	value	value	VERB
ajfa-6464	40	11	drivers	driver	NOUN
ajfa-6464	40	12	in	in	ADP
ajfa-6464	40	13	the	the	DET
ajfa-6464	40	14	context	context	NOUN
ajfa-6464	40	15	of	of	ADP
ajfa-6464	40	16	riskiness	riskiness	NOUN
ajfa-6464	40	17	of	of	ADP
ajfa-6464	40	18	cash	cash	NOUN
ajfa-6464	40	19	flows	flow	NOUN
ajfa-6464	40	20	for	for	ADP
ajfa-6464	40	21	the	the	DET
ajfa-6464	40	22	company	company	NOUN
ajfa-6464	40	23	.	.	PUNCT
ajfa-6464	41	1	scale	scale	NOUN
ajfa-6464	41	2	economies	economy	NOUN
ajfa-6464	41	3	for	for	ADP
ajfa-6464	41	4	firms	firm	NOUN
ajfa-6464	41	5	in	in	ADP
ajfa-6464	41	6	purchasing	purchasing	NOUN
ajfa-6464	41	7	,	,	PUNCT
ajfa-6464	41	8	manufacturing	manufacturing	NOUN
ajfa-6464	41	9	,	,	PUNCT
ajfa-6464	41	10	distribution	distribution	NOUN
ajfa-6464	41	11	and	and	CCONJ
ajfa-6464	41	12	research	research	NOUN
ajfa-6464	41	13	can	can	AUX
ajfa-6464	41	14	generate	generate	VERB
ajfa-6464	41	15	value	value	NOUN
ajfa-6464	41	16	drivers	driver	NOUN
ajfa-6464	41	17	in	in	ADP
ajfa-6464	41	18	operating	operate	VERB
ajfa-6464	41	19	margin	margin	NOUN
ajfa-6464	41	20	,	,	PUNCT
ajfa-6464	41	21	working	work	VERB
ajfa-6464	41	22	capital	capital	NOUN
ajfa-6464	41	23	investment	investment	NOUN
ajfa-6464	41	24	and	and	CCONJ
ajfa-6464	41	25	fixed	fix	VERB
ajfa-6464	41	26	capital	capital	NOUN
ajfa-6464	41	27	investment	investment	NOUN
ajfa-6464	41	28	.	.	PUNCT
ajfa-6464	42	1	the	the	DET
ajfa-6464	42	2	link	link	NOUN
ajfa-6464	42	3	between	between	ADP
ajfa-6464	42	4	value	value	NOUN
ajfa-6464	42	5	chains	chain	NOUN
ajfa-6464	42	6	and	and	CCONJ
ajfa-6464	42	7	value	value	NOUN
ajfa-6464	42	8	drivers	driver	NOUN
ajfa-6464	42	9	as	as	SCONJ
ajfa-6464	42	10	reflected	reflect	VERB
ajfa-6464	42	11	by	by	ADP
ajfa-6464	42	12	sales	sale	NOUN
ajfa-6464	42	13	growth	growth	NOUN
ajfa-6464	42	14	rate	rate	NOUN
ajfa-6464	42	15	,	,	PUNCT
ajfa-6464	42	16	operating	operate	VERB
ajfa-6464	42	17	profit	profit	NOUN
ajfa-6464	42	18	margin	margin	NOUN
ajfa-6464	42	19	,	,	PUNCT
ajfa-6464	42	20	income	income	NOUN
ajfa-6464	42	21	tax	tax	NOUN
ajfa-6464	42	22	rate	rate	NOUN
ajfa-6464	42	23	,	,	PUNCT
ajfa-6464	42	24	working	work	VERB
ajfa-6464	42	25	capital	capital	NOUN
ajfa-6464	42	26	investment	investment	NOUN
ajfa-6464	42	27	,	,	PUNCT
ajfa-6464	42	28	fixed	fix	VERB
ajfa-6464	42	29	capital	capital	NOUN
ajfa-6464	42	30	investment	investment	NOUN
ajfa-6464	42	31	and	and	CCONJ
ajfa-6464	42	32	cost	cost	NOUN
ajfa-6464	42	33	of	of	ADP
ajfa-6464	42	34	capital	capital	NOUN
ajfa-6464	42	35	are	be	AUX
ajfa-6464	42	36	basic	basic	ADJ
ajfa-6464	42	37	building	building	NOUN
ajfa-6464	42	38	blocks	block	NOUN
ajfa-6464	42	39	of	of	ADP
ajfa-6464	42	40	shareholder	shareholder	NOUN
ajfa-6464	42	41	value	value	NOUN
ajfa-6464	42	42	creation	creation	NOUN
ajfa-6464	42	43	.	.	PUNCT
ajfa-6464	43	1	total	total	ADJ
ajfa-6464	43	2	risk	risk	NOUN
ajfa-6464	43	3	is	be	AUX
ajfa-6464	43	4	the	the	DET
ajfa-6464	43	5	combination	combination	NOUN
ajfa-6464	43	6	of	of	ADP
ajfa-6464	43	7	business	business	NOUN
ajfa-6464	43	8	risk	risk	NOUN
ajfa-6464	43	9	and	and	CCONJ
ajfa-6464	43	10	financial	financial	ADJ
ajfa-6464	43	11	risk	risk	NOUN
ajfa-6464	43	12	.	.	PUNCT
ajfa-6464	44	1	business	business	NOUN
ajfa-6464	44	2	risk	risk	NOUN
ajfa-6464	44	3	is	be	AUX
ajfa-6464	44	4	the	the	DET
ajfa-6464	44	5	uncertainty	uncertainty	NOUN
ajfa-6464	44	6	inherent	inherent	ADJ
ajfa-6464	44	7	in	in	ADP
ajfa-6464	44	8	the	the	DET
ajfa-6464	44	9	business	business	NOUN
ajfa-6464	44	10	operations	operation	NOUN
ajfa-6464	44	11	.	.	PUNCT
ajfa-6464	45	1	financial	financial	ADJ
ajfa-6464	45	2	risk	risk	NOUN
ajfa-6464	45	3	arises	arise	VERB
ajfa-6464	45	4	for	for	ADP
ajfa-6464	45	5	shareholders	shareholder	NOUN
ajfa-6464	45	6	on	on	ADP
ajfa-6464	45	7	account	account	NOUN
ajfa-6464	45	8	of	of	ADP
ajfa-6464	45	9	the	the	DET
ajfa-6464	45	10	increased	increase	VERB
ajfa-6464	45	11	leverage	leverage	NOUN
ajfa-6464	45	12	due	due	ADP
ajfa-6464	45	13	to	to	ADP
ajfa-6464	45	14	additional	additional	ADJ
ajfa-6464	45	15	debt	debt	NOUN
ajfa-6464	45	16	in	in	ADP
ajfa-6464	45	17	the	the	DET
ajfa-6464	45	18	capital	capital	NOUN
ajfa-6464	45	19	structure	structure	NOUN
ajfa-6464	45	20	.	.	PUNCT
ajfa-6464	46	1	the	the	DET
ajfa-6464	46	2	financial	financial	ADJ
ajfa-6464	46	3	leverage	leverage	NOUN
ajfa-6464	46	4	increases	increase	NOUN
ajfa-6464	46	5	would	would	AUX
ajfa-6464	46	6	lead	lead	VERB
ajfa-6464	46	7	to	to	ADP
ajfa-6464	46	8	increased	increase	VERB
ajfa-6464	46	9	variability	variability	NOUN
ajfa-6464	46	10	of	of	ADP
ajfa-6464	46	11	cash	cash	NOUN
ajfa-6464	46	12	flows	flow	NOUN
ajfa-6464	46	13	since	since	SCONJ
ajfa-6464	46	14	fixed	fix	VERB
ajfa-6464	46	15	interest	interest	NOUN
ajfa-6464	46	16	payment	payment	NOUN
ajfa-6464	46	17	is	be	AUX
ajfa-6464	46	18	bound	bind	VERB
ajfa-6464	46	19	to	to	PART
ajfa-6464	46	20	increase	increase	VERB
ajfa-6464	46	21	.	.	PUNCT
ajfa-6464	47	1	hence	hence	ADV
ajfa-6464	47	2	shareholders	shareholder	NOUN
ajfa-6464	47	3	expect	expect	VERB
ajfa-6464	47	4	higher	high	ADJ
ajfa-6464	47	5	returns	return	NOUN
ajfa-6464	47	6	for	for	ADP
ajfa-6464	47	7	highly	highly	ADV
ajfa-6464	47	8	leveraged	leveraged	ADJ
ajfa-6464	47	9	firms	firm	NOUN
ajfa-6464	47	10	.	.	PUNCT
ajfa-6464	48	1	strategies	strategy	NOUN
ajfa-6464	48	2	which	which	PRON
ajfa-6464	48	3	increase	increase	VERB
ajfa-6464	48	4	business	business	NOUN
ajfa-6464	48	5	risk	risk	NOUN
ajfa-6464	48	6	can	can	AUX
ajfa-6464	48	7	increase	increase	VERB
ajfa-6464	48	8	systematic	systematic	ADJ
ajfa-6464	48	9	risk	risk	NOUN
ajfa-6464	48	10	which	which	PRON
ajfa-6464	48	11	is	be	AUX
ajfa-6464	48	12	measured	measure	VERB
ajfa-6464	48	13	by	by	ADP
ajfa-6464	48	14	betacoefficient	betacoefficient	NOUN
ajfa-6464	48	15	.	.	PUNCT
ajfa-6464	49	1	investors	investor	NOUN
ajfa-6464	49	2	expect	expect	VERB
ajfa-6464	49	3	higher	high	ADJ
ajfa-6464	49	4	rate	rate	NOUN
ajfa-6464	49	5	of	of	ADP
ajfa-6464	49	6	return	return	NOUN
ajfa-6464	49	7	as	as	ADP
ajfa-6464	49	8	the	the	DET
ajfa-6464	49	9	systematic	systematic	ADJ
ajfa-6464	49	10	risk	risk	NOUN
ajfa-6464	49	11	of	of	ADP
ajfa-6464	49	12	the	the	DET
ajfa-6464	49	13	firm	firm	ADJ
ajfa-6464	49	14	increases	increase	NOUN
ajfa-6464	49	15	.	.	PUNCT
ajfa-6464	50	1	earnings	earning	NOUN
ajfa-6464	50	2	is	be	AUX
ajfa-6464	50	3	considered	consider	VERB
ajfa-6464	50	4	an	an	DET
ajfa-6464	50	5	important	important	ADJ
ajfa-6464	50	6	variable	variable	NOUN
ajfa-6464	50	7	which	which	PRON
ajfa-6464	50	8	affects	affect	VERB
ajfa-6464	50	9	the	the	DET
ajfa-6464	50	10	market	market	NOUN
ajfa-6464	50	11	value	value	NOUN
ajfa-6464	50	12	of	of	ADP
ajfa-6464	50	13	equity	equity	NOUN
ajfa-6464	50	14	shares	share	NOUN
ajfa-6464	50	15	.	.	PUNCT
ajfa-6464	51	1	the	the	DET
ajfa-6464	51	2	investment	investment	NOUN
ajfa-6464	51	3	decisions	decision	NOUN
ajfa-6464	51	4	aimed	aim	VERB
ajfa-6464	51	5	at	at	ADP
ajfa-6464	51	6	expansion	expansion	NOUN
ajfa-6464	51	7	of	of	ADP
ajfa-6464	51	8	scale	scale	NOUN
ajfa-6464	51	9	of	of	ADP
ajfa-6464	51	10	operations	operation	NOUN
ajfa-6464	51	11	ultimately	ultimately	ADV
ajfa-6464	51	12	is	be	AUX
ajfa-6464	51	13	focused	focus	VERB
ajfa-6464	51	14	on	on	ADP
ajfa-6464	51	15	earnings	earning	NOUN
ajfa-6464	51	16	generation	generation	NOUN
ajfa-6464	51	17	.	.	PUNCT
ajfa-6464	52	1	hence	hence	ADV
ajfa-6464	52	2	earnings	earning	NOUN
ajfa-6464	52	3	enhancement	enhancement	NOUN
ajfa-6464	52	4	could	could	AUX
ajfa-6464	52	5	affect	affect	VERB
ajfa-6464	52	6	market	market	NOUN
ajfa-6464	52	7	value	value	NOUN
ajfa-6464	52	8	of	of	ADP
ajfa-6464	52	9	a	a	DET
ajfa-6464	52	10	company	company	NOUN
ajfa-6464	52	11	.	.	PUNCT
ajfa-6464	53	1	many	many	ADJ
ajfa-6464	53	2	studies	study	NOUN
ajfa-6464	53	3	have	have	AUX
ajfa-6464	53	4	considered	consider	VERB
ajfa-6464	53	5	measures	measure	NOUN
ajfa-6464	53	6	of	of	ADP
ajfa-6464	53	7	market	market	NOUN
ajfa-6464	53	8	value	value	NOUN
ajfa-6464	53	9	of	of	ADP
ajfa-6464	53	10	equity	equity	NOUN
ajfa-6464	53	11	in	in	ADP
ajfa-6464	53	12	excess	excess	NOUN
ajfa-6464	53	13	of	of	ADP
ajfa-6464	53	14	book	book	NOUN
ajfa-6464	53	15	value	value	NOUN
ajfa-6464	53	16	like	like	ADP
ajfa-6464	53	17	tobin	tobin	PROPN
ajfa-6464	53	18	q	q	NOUN
ajfa-6464	53	19	,	,	PUNCT
ajfa-6464	53	20	market	market	NOUN
ajfa-6464	53	21	to	to	ADP
ajfa-6464	53	22	book	book	NOUN
ajfa-6464	53	23	value	value	NOUN
ajfa-6464	53	24	,	,	PUNCT
ajfa-6464	53	25	price	price	NOUN
ajfa-6464	53	26	to	to	ADP
ajfa-6464	53	27	earnings	earning	NOUN
ajfa-6464	53	28	ratio	ratio	NOUN
ajfa-6464	53	29	or	or	CCONJ
ajfa-6464	53	30	price	price	NOUN
ajfa-6464	53	31	to	to	ADP
ajfa-6464	53	32	sales	sale	NOUN
ajfa-6464	53	33	ratio	ratio	NOUN
ajfa-6464	53	34	as	as	ADP
ajfa-6464	53	35	the	the	DET
ajfa-6464	53	36	variable	variable	NOUN
ajfa-6464	53	37	representing	represent	VERB
ajfa-6464	53	38	value	value	NOUN
ajfa-6464	53	39	created	create	VERB
ajfa-6464	53	40	in	in	ADP
ajfa-6464	53	41	a	a	DET
ajfa-6464	53	42	firm	firm	NOUN
ajfa-6464	53	43	.	.	PUNCT
ajfa-6464	54	1	studies	study	NOUN
ajfa-6464	54	2	have	have	AUX
ajfa-6464	54	3	also	also	ADV
ajfa-6464	54	4	highlighted	highlight	VERB
ajfa-6464	54	5	the	the	DET
ajfa-6464	54	6	positive	positive	ADJ
ajfa-6464	54	7	contribution	contribution	NOUN
ajfa-6464	54	8	of	of	ADP
ajfa-6464	54	9	research	research	NOUN
ajfa-6464	54	10	and	and	CCONJ
ajfa-6464	54	11	development	development	NOUN
ajfa-6464	54	12	(	(	PUNCT
ajfa-6464	54	13	r&d	r&d	NOUN
ajfa-6464	54	14	)	)	PUNCT
ajfa-6464	54	15	investments	investment	NOUN
ajfa-6464	54	16	to	to	ADP
ajfa-6464	54	17	economic	economic	ADJ
ajfa-6464	54	18	growth	growth	NOUN
ajfa-6464	54	19	,	,	PUNCT
ajfa-6464	54	20	productivity	productivity	NOUN
ajfa-6464	54	21	and	and	CCONJ
ajfa-6464	54	22	profitability	profitability	NOUN
ajfa-6464	54	23	.	.	PUNCT
ajfa-6464	55	1	2	2	X
ajfa-6464	55	2	.	.	X
ajfa-6464	55	3	objective	objective	NOUN
ajfa-6464	55	4	of	of	ADP
ajfa-6464	55	5	the	the	DET
ajfa-6464	55	6	study	study	NOUN
ajfa-6464	55	7	the	the	DET
ajfa-6464	55	8	basic	basic	ADJ
ajfa-6464	55	9	objective	objective	NOUN
ajfa-6464	55	10	of	of	ADP
ajfa-6464	55	11	the	the	DET
ajfa-6464	55	12	paper	paper	NOUN
ajfa-6464	55	13	is	be	AUX
ajfa-6464	55	14	to	to	PART
ajfa-6464	55	15	examine	examine	VERB
ajfa-6464	55	16	the	the	DET
ajfa-6464	55	17	determinants	determinant	NOUN
ajfa-6464	55	18	of	of	ADP
ajfa-6464	55	19	value	value	NOUN
ajfa-6464	55	20	creation	creation	NOUN
ajfa-6464	55	21	in	in	ADP
ajfa-6464	55	22	terms	term	NOUN
ajfa-6464	55	23	of	of	ADP
ajfa-6464	55	24	drivers.in	drivers.in	PRON
ajfa-6464	55	25	other	other	ADJ
ajfa-6464	55	26	words	word	NOUN
ajfa-6464	55	27	study	study	NOUN
ajfa-6464	55	28	aims	aim	VERB
ajfa-6464	55	29	to	to	PART
ajfa-6464	55	30	understand	understand	VERB
ajfa-6464	55	31	the	the	DET
ajfa-6464	55	32	drivers	driver	NOUN
ajfa-6464	55	33	of	of	ADP
ajfa-6464	55	34	value	value	NOUN
ajfa-6464	55	35	creation	creation	NOUN
ajfa-6464	55	36	for	for	ADP
ajfa-6464	55	37	gcc	gcc	NOUN
ajfa-6464	55	38	listed	list	VERB
ajfa-6464	55	39	firms	firm	NOUN
ajfa-6464	55	40	.	.	PUNCT
ajfa-6464	56	1	3	3	X
ajfa-6464	56	2	.	.	X
ajfa-6464	56	3	review	review	NOUN
ajfa-6464	56	4	of	of	ADP
ajfa-6464	56	5	literature	literature	NOUN
ajfa-6464	56	6	the	the	DET
ajfa-6464	56	7	study	study	NOUN
ajfa-6464	56	8	by	by	ADP
ajfa-6464	56	9	sam	sam	PROPN
ajfa-6464	56	10	ben	ben	PROPN
ajfa-6464	56	11	et	et	PROPN
ajfa-6464	56	12	al	al	PROPN
ajfa-6464	56	13	(	(	PUNCT
ajfa-6464	56	14	2002	2002	NUM
ajfa-6464	56	15	)	)	PUNCT
ajfa-6464	56	16	uses	use	VERB
ajfa-6464	56	17	random	random	ADJ
ajfa-6464	56	18	probit	probit	NOUN
ajfa-6464	56	19	model	model	NOUN
ajfa-6464	56	20	estimation	estimation	NOUN
ajfa-6464	56	21	procedure	procedure	NOUN
ajfa-6464	56	22	to	to	PART
ajfa-6464	56	23	estimate	estimate	VERB
ajfa-6464	56	24	the	the	DET
ajfa-6464	56	25	determinants	determinant	NOUN
ajfa-6464	56	26	of	of	ADP
ajfa-6464	56	27	value	value	NOUN
ajfa-6464	56	28	creation	creation	NOUN
ajfa-6464	56	29	among	among	ADP
ajfa-6464	56	30	companies	company	NOUN
ajfa-6464	56	31	listed	list	VERB
ajfa-6464	56	32	in	in	ADP
ajfa-6464	56	33	tunisia	tunisia	PROPN
ajfa-6464	56	34	stock	stock	NOUN
ajfa-6464	56	35	exchange	exchange	PROPN
ajfa-6464	56	36	.	.	PUNCT
ajfa-6464	57	1	the	the	DET
ajfa-6464	57	2	study	study	NOUN
ajfa-6464	57	3	finds	find	VERB
ajfa-6464	57	4	that	that	SCONJ
ajfa-6464	57	5	probability	probability	NOUN
ajfa-6464	57	6	of	of	ADP
ajfa-6464	57	7	creating	create	VERB
ajfa-6464	57	8	future	future	ADJ
ajfa-6464	57	9	value	value	NOUN
ajfa-6464	57	10	is	be	AUX
ajfa-6464	57	11	significantly	significantly	ADV
ajfa-6464	57	12	correlated	correlate	VERB
ajfa-6464	57	13	with	with	ADP
ajfa-6464	57	14	profitability	profitability	NOUN
ajfa-6464	57	15	.	.	PUNCT
ajfa-6464	58	1	the	the	DET
ajfa-6464	58	2	study	study	NOUN
ajfa-6464	58	3	also	also	ADV
ajfa-6464	58	4	finds	find	VERB
ajfa-6464	58	5	that	that	PRON
ajfa-6464	58	6	value	value	NOUN
ajfa-6464	58	7	creation	creation	NOUN
ajfa-6464	58	8	is	be	AUX
ajfa-6464	58	9	affected	affect	VERB
ajfa-6464	58	10	by	by	ADP
ajfa-6464	58	11	industry	industry	NOUN
ajfa-6464	58	12	patterns	pattern	NOUN
ajfa-6464	58	13	,	,	PUNCT
ajfa-6464	58	14	size	size	NOUN
ajfa-6464	58	15	and	and	CCONJ
ajfa-6464	58	16	nature	nature	NOUN
ajfa-6464	58	17	of	of	ADP
ajfa-6464	58	18	property	property	NOUN
ajfa-6464	58	19	.	.	PUNCT
ajfa-6464	59	1	the	the	DET
ajfa-6464	59	2	linkage	linkage	NOUN
ajfa-6464	59	3	between	between	ADP
ajfa-6464	59	4	strategic	strategic	ADJ
ajfa-6464	59	5	position	position	NOUN
ajfa-6464	59	6	of	of	ADP
ajfa-6464	59	7	a	a	DET
ajfa-6464	59	8	company	company	NOUN
ajfa-6464	59	9	and	and	CCONJ
ajfa-6464	59	10	its	its	PRON
ajfa-6464	59	11	financial	financial	ADJ
ajfa-6464	59	12	performance	performance	NOUN
ajfa-6464	59	13	have	have	AUX
ajfa-6464	59	14	been	be	AUX
ajfa-6464	59	15	advocated	advocate	VERB
ajfa-6464	59	16	by	by	ADP
ajfa-6464	59	17	studies	study	NOUN
ajfa-6464	59	18	of	of	ADP
ajfa-6464	59	19	de	de	X
ajfa-6464	59	20	bodinat	bodinat	NOUN
ajfa-6464	59	21	(	(	PUNCT
ajfa-6464	59	22	1978	1978	NUM
ajfa-6464	59	23	)	)	PUNCT
ajfa-6464	59	24	,	,	PUNCT
ajfa-6464	59	25	pene	pene	NOUN
ajfa-6464	59	26	(	(	PUNCT
ajfa-6464	59	27	1983	1983	NUM
ajfa-6464	59	28	)	)	PUNCT
ajfa-6464	59	29	,	,	PUNCT
ajfa-6464	59	30	degos	dego	NOUN
ajfa-6464	59	31	et	et	PROPN
ajfa-6464	59	32	al	al	PROPN
ajfa-6464	59	33	(	(	PUNCT
ajfa-6464	59	34	1988	1988	NUM
ajfa-6464	59	35	)	)	PUNCT
ajfa-6464	59	36	etc	etc	X
ajfa-6464	59	37	.	.	X
ajfa-6464	60	1	the	the	DET
ajfa-6464	60	2	study	study	NOUN
ajfa-6464	60	3	by	by	ADP
ajfa-6464	60	4	rappaport	rappaport	PROPN
ajfa-6464	60	5	(	(	PUNCT
ajfa-6464	60	6	1987	1987	NUM
ajfa-6464	60	7	)	)	PUNCT
ajfa-6464	60	8	suggests	suggest	VERB
ajfa-6464	60	9	the	the	DET
ajfa-6464	60	10	determinants	determinant	NOUN
ajfa-6464	60	11	of	of	ADP
ajfa-6464	60	12	value	value	NOUN
ajfa-6464	60	13	creation	creation	NOUN
ajfa-6464	60	14	as	as	ADP
ajfa-6464	60	15	growth	growth	NOUN
ajfa-6464	60	16	rate	rate	NOUN
ajfa-6464	60	17	,	,	PUNCT
ajfa-6464	60	18	operating	operate	VERB
ajfa-6464	60	19	profit	profit	NOUN
ajfa-6464	60	20	margin	margin	NOUN
ajfa-6464	60	21	,	,	PUNCT
ajfa-6464	60	22	income	income	NOUN
ajfa-6464	60	23	tax	tax	NOUN
ajfa-6464	60	24	rate	rate	NOUN
ajfa-6464	60	25	,	,	PUNCT
ajfa-6464	60	26	working	work	VERB
ajfa-6464	60	27	capital	capital	NOUN
ajfa-6464	60	28	investment	investment	NOUN
ajfa-6464	60	29	,	,	PUNCT
ajfa-6464	60	30	fixed	fix	VERB
ajfa-6464	60	31	capital	capital	NOUN
ajfa-6464	60	32	investment	investment	NOUN
ajfa-6464	60	33	,	,	PUNCT
ajfa-6464	60	34	cost	cost	NOUN
ajfa-6464	60	35	of	of	ADP
ajfa-6464	60	36	capital	capital	NOUN
ajfa-6464	60	37	and	and	CCONJ
ajfa-6464	60	38	value	value	NOUN
ajfa-6464	60	39	growth	growth	NOUN
ajfa-6464	60	40	duration	duration	NOUN
ajfa-6464	60	41	.	.	PUNCT
ajfa-6464	61	1	caby	caby	NOUN
ajfa-6464	61	2	et	et	PROPN
ajfa-6464	61	3	al	al	PROPN
ajfa-6464	61	4	(	(	PUNCT
ajfa-6464	61	5	1996	1996	NUM
ajfa-6464	61	6	)	)	PUNCT
ajfa-6464	61	7	based	base	VERB
ajfa-6464	61	8	on	on	ADP
ajfa-6464	61	9	a	a	DET
ajfa-6464	61	10	sample	sample	NOUN
ajfa-6464	61	11	of	of	ADP
ajfa-6464	61	12	french	french	ADJ
ajfa-6464	61	13	companies	company	NOUN
ajfa-6464	61	14	find	find	VERB
ajfa-6464	61	15	that	that	SCONJ
ajfa-6464	61	16	the	the	DET
ajfa-6464	61	17	determinants	determinant	NOUN
ajfa-6464	61	18	of	of	ADP
ajfa-6464	61	19	value	value	NOUN
ajfa-6464	61	20	creation	creation	NOUN
ajfa-6464	61	21	are	be	AUX
ajfa-6464	61	22	variables	variable	NOUN
ajfa-6464	61	23	based	base	VERB
ajfa-6464	61	24	on	on	ADP
ajfa-6464	61	25	profitability	profitability	NOUN
ajfa-6464	61	26	,	,	PUNCT
ajfa-6464	61	27	activity	activity	NOUN
ajfa-6464	61	28	,	,	PUNCT
ajfa-6464	61	29	financial	financial	ADJ
ajfa-6464	61	30	policy	policy	NOUN
ajfa-6464	61	31	,	,	PUNCT
ajfa-6464	61	32	investment	investment	NOUN
ajfa-6464	61	33	policy	policy	NOUN
ajfa-6464	61	34	and	and	CCONJ
ajfa-6464	61	35	dividend	dividend	NOUN
ajfa-6464	61	36	policy	policy	NOUN
ajfa-6464	61	37	.	.	PUNCT
ajfa-6464	62	1	the	the	DET
ajfa-6464	62	2	asian	asian	ADJ
ajfa-6464	62	3	journal	journal	PROPN
ajfa-6464	62	4	of	of	ADP
ajfa-6464	62	5	finance	finance	PROPN
ajfa-6464	62	6	&	&	CCONJ
ajfa-6464	62	7	accounting	accounting	PROPN
ajfa-6464	62	8	issn	issn	PROPN
ajfa-6464	62	9	1946	1946	NUM
ajfa-6464	62	10	-	-	PUNCT
ajfa-6464	62	11	052x	052x	NOUN
ajfa-6464	62	12	2015	2015	NUM
ajfa-6464	62	13	,	,	PUNCT
ajfa-6464	62	14	vol	vol	NOUN
ajfa-6464	62	15	.	.	PROPN
ajfa-6464	62	16	7	7	NUM
ajfa-6464	62	17	,	,	PUNCT
ajfa-6464	62	18	no	no	INTJ
ajfa-6464	62	19	.	.	NOUN
ajfa-6464	62	20	1	1	NUM
ajfa-6464	62	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6464	62	22	79	79	NUM
ajfa-6464	62	23	study	study	NOUN
ajfa-6464	62	24	by	by	ADP
ajfa-6464	62	25	varaiya	varaiya	PROPN
ajfa-6464	62	26	(	(	PUNCT
ajfa-6464	62	27	1987	1987	NUM
ajfa-6464	62	28	)	)	PUNCT
ajfa-6464	62	29	highlights	highlight	NOUN
ajfa-6464	62	30	the	the	DET
ajfa-6464	62	31	significance	significance	NOUN
ajfa-6464	62	32	of	of	ADP
ajfa-6464	62	33	return	return	NOUN
ajfa-6464	62	34	on	on	ADP
ajfa-6464	62	35	equity	equity	NOUN
ajfa-6464	62	36	(	(	PUNCT
ajfa-6464	62	37	roe	roe	PROPN
ajfa-6464	62	38	)	)	PUNCT
ajfa-6464	62	39	as	as	ADP
ajfa-6464	62	40	a	a	DET
ajfa-6464	62	41	signal	signal	NOUN
ajfa-6464	62	42	of	of	ADP
ajfa-6464	62	43	profitable	profitable	ADJ
ajfa-6464	62	44	investment	investment	NOUN
ajfa-6464	62	45	.	.	PUNCT
ajfa-6464	63	1	the	the	DET
ajfa-6464	63	2	results	result	NOUN
ajfa-6464	63	3	of	of	ADP
ajfa-6464	63	4	this	this	DET
ajfa-6464	63	5	study	study	NOUN
ajfa-6464	63	6	indicate	indicate	VERB
ajfa-6464	63	7	that	that	SCONJ
ajfa-6464	63	8	profitability	profitability	NOUN
ajfa-6464	63	9	and	and	CCONJ
ajfa-6464	63	10	growth	growth	NOUN
ajfa-6464	63	11	do	do	VERB
ajfa-6464	63	12	influence	influence	NOUN
ajfa-6464	63	13	shareholder	shareholder	NOUN
ajfa-6464	63	14	value	value	NOUN
ajfa-6464	63	15	and	and	CCONJ
ajfa-6464	63	16	the	the	DET
ajfa-6464	63	17	market	market	NOUN
ajfa-6464	63	18	to	to	ADP
ajfa-6464	63	19	book	book	NOUN
ajfa-6464	63	20	value	value	NOUN
ajfa-6464	63	21	of	of	ADP
ajfa-6464	63	22	equity	equity	NOUN
ajfa-6464	63	23	ratio	ratio	NOUN
ajfa-6464	63	24	,	,	PUNCT
ajfa-6464	63	25	tobin‘s	tobin‘s	PROPN
ajfa-6464	63	26	q	q	PUNCT
ajfa-6464	63	27	ratio	ratio	NOUN
ajfa-6464	63	28	are	be	AUX
ajfa-6464	63	29	theoretically	theoretically	ADV
ajfa-6464	63	30	and	and	CCONJ
ajfa-6464	63	31	empirically	empirically	ADV
ajfa-6464	63	32	equivalent	equivalent	ADJ
ajfa-6464	63	33	measures	measure	NOUN
ajfa-6464	63	34	of	of	ADP
ajfa-6464	63	35	value	value	NOUN
ajfa-6464	63	36	creation	creation	NOUN
ajfa-6464	63	37	.	.	PUNCT
ajfa-6464	64	1	the	the	DET
ajfa-6464	64	2	studies	study	NOUN
ajfa-6464	64	3	by	by	ADP
ajfa-6464	64	4	ross	ross	PROPN
ajfa-6464	64	5	(	(	PUNCT
ajfa-6464	64	6	1977	1977	NUM
ajfa-6464	64	7	)	)	PUNCT
ajfa-6464	64	8	;	;	PUNCT
ajfa-6464	64	9	bhattacharya	bhattacharya	NOUN
ajfa-6464	64	10	(	(	PUNCT
ajfa-6464	64	11	1979	1979	NUM
ajfa-6464	64	12	)	)	PUNCT
ajfa-6464	64	13	,	,	PUNCT
ajfa-6464	64	14	hakansson	hakansson	NOUN
ajfa-6464	64	15	(	(	PUNCT
ajfa-6464	64	16	1982	1982	NUM
ajfa-6464	64	17	)	)	PUNCT
ajfa-6464	64	18	,	,	PUNCT
ajfa-6464	64	19	miller	miller	PROPN
ajfa-6464	64	20	et	et	PROPN
ajfa-6464	64	21	al	al	PROPN
ajfa-6464	64	22	(	(	PUNCT
ajfa-6464	64	23	1985	1985	NUM
ajfa-6464	64	24	)	)	PUNCT
ajfa-6464	64	25	suggests	suggest	VERB
ajfa-6464	64	26	that	that	SCONJ
ajfa-6464	64	27	dividend	dividend	NOUN
ajfa-6464	64	28	payment	payment	NOUN
ajfa-6464	64	29	signals	signal	NOUN
ajfa-6464	64	30	the	the	DET
ajfa-6464	64	31	market	market	NOUN
ajfa-6464	64	32	about	about	ADP
ajfa-6464	64	33	the	the	DET
ajfa-6464	64	34	higher	high	ADJ
ajfa-6464	64	35	cash	cash	NOUN
ajfa-6464	64	36	flow	flow	NOUN
ajfa-6464	64	37	generation	generation	NOUN
ajfa-6464	64	38	potential	potential	NOUN
ajfa-6464	64	39	of	of	ADP
ajfa-6464	64	40	firms	firm	NOUN
ajfa-6464	64	41	.	.	PUNCT
ajfa-6464	65	1	the	the	DET
ajfa-6464	65	2	choice	choice	NOUN
ajfa-6464	65	3	of	of	ADP
ajfa-6464	65	4	debt	debt	NOUN
ajfa-6464	65	5	level	level	NOUN
ajfa-6464	65	6	is	be	AUX
ajfa-6464	65	7	a	a	DET
ajfa-6464	65	8	signal	signal	NOUN
ajfa-6464	65	9	of	of	ADP
ajfa-6464	65	10	firm	firm	ADJ
ajfa-6464	65	11	quality	quality	NOUN
ajfa-6464	65	12	(	(	PUNCT
ajfa-6464	65	13	leland	leland	PROPN
ajfa-6464	65	14	1977	1977	NUM
ajfa-6464	65	15	,	,	PUNCT
ajfa-6464	65	16	ross	ross	PROPN
ajfa-6464	65	17	1977	1977	NUM
ajfa-6464	65	18	,	,	PUNCT
ajfa-6464	65	19	myers	myers	PROPN
ajfa-6464	65	20	1977	1977	NUM
ajfa-6464	65	21	)	)	PUNCT
ajfa-6464	65	22	.	.	PUNCT
ajfa-6464	66	1	rappaport	rappaport	NOUN
ajfa-6464	66	2	(	(	PUNCT
ajfa-6464	66	3	1986	1986	NUM
ajfa-6464	66	4	)	)	PUNCT
ajfa-6464	66	5	suggests	suggest	VERB
ajfa-6464	66	6	that	that	SCONJ
ajfa-6464	66	7	profitability	profitability	NOUN
ajfa-6464	66	8	is	be	AUX
ajfa-6464	66	9	an	an	DET
ajfa-6464	66	10	important	important	ADJ
ajfa-6464	66	11	determinant	determinant	NOUN
ajfa-6464	66	12	of	of	ADP
ajfa-6464	66	13	value	value	NOUN
ajfa-6464	66	14	creation	creation	NOUN
ajfa-6464	66	15	.	.	PUNCT
ajfa-6464	67	1	profitability	profitability	NOUN
ajfa-6464	67	2	improvement	improvement	NOUN
ajfa-6464	67	3	can	can	AUX
ajfa-6464	67	4	result	result	VERB
ajfa-6464	67	5	from	from	ADP
ajfa-6464	67	6	economies	economy	NOUN
ajfa-6464	67	7	of	of	ADP
ajfa-6464	67	8	scale	scale	NOUN
ajfa-6464	67	9	,	,	PUNCT
ajfa-6464	67	10	cost	cost	VERB
ajfa-6464	67	11	reducing	reduce	VERB
ajfa-6464	67	12	linkages	linkage	NOUN
ajfa-6464	67	13	with	with	ADP
ajfa-6464	67	14	suppliers	supplier	NOUN
ajfa-6464	67	15	and	and	CCONJ
ajfa-6464	67	16	channels	channel	NOUN
ajfa-6464	67	17	.	.	PUNCT
ajfa-6464	68	1	banz	banz	PROPN
ajfa-6464	68	2	(	(	PUNCT
ajfa-6464	68	3	1981	1981	NUM
ajfa-6464	68	4	)	)	PUNCT
ajfa-6464	68	5	advocates	advocate	NOUN
ajfa-6464	68	6	size	size	NOUN
ajfa-6464	68	7	effects	effect	NOUN
ajfa-6464	68	8	(	(	PUNCT
ajfa-6464	68	9	measured	measure	VERB
ajfa-6464	68	10	by	by	ADP
ajfa-6464	68	11	market	market	NOUN
ajfa-6464	68	12	capitalization	capitalization	NOUN
ajfa-6464	68	13	)	)	PUNCT
ajfa-6464	68	14	as	as	ADP
ajfa-6464	68	15	a	a	DET
ajfa-6464	68	16	significant	significant	ADJ
ajfa-6464	68	17	determinant	determinant	NOUN
ajfa-6464	68	18	of	of	ADP
ajfa-6464	68	19	average	average	ADJ
ajfa-6464	68	20	returns	return	NOUN
ajfa-6464	68	21	provided	provide	VERB
ajfa-6464	68	22	by	by	ADP
ajfa-6464	68	23	market	market	NOUN
ajfa-6464	68	24	beta	beta	NOUN
ajfa-6464	68	25	.	.	PUNCT
ajfa-6464	69	1	this	this	DET
ajfa-6464	69	2	study	study	NOUN
ajfa-6464	69	3	finds	find	VERB
ajfa-6464	69	4	that	that	SCONJ
ajfa-6464	69	5	average	average	ADJ
ajfa-6464	69	6	returns	return	NOUN
ajfa-6464	69	7	on	on	ADP
ajfa-6464	69	8	small	small	ADJ
ajfa-6464	69	9	size	size	NOUN
ajfa-6464	69	10	(	(	PUNCT
ajfa-6464	69	11	low	low	ADJ
ajfa-6464	69	12	market	market	NOUN
ajfa-6464	69	13	capitalization	capitalization	NOUN
ajfa-6464	69	14	)	)	PUNCT
ajfa-6464	69	15	stocks	stock	NOUN
ajfa-6464	69	16	are	be	AUX
ajfa-6464	69	17	too	too	ADV
ajfa-6464	69	18	high	high	ADJ
ajfa-6464	69	19	given	give	VERB
ajfa-6464	69	20	their	their	PRON
ajfa-6464	69	21	beta	beta	ADJ
ajfa-6464	69	22	estimates	estimate	NOUN
ajfa-6464	69	23	and	and	CCONJ
ajfa-6464	69	24	average	average	ADJ
ajfa-6464	69	25	returns	return	NOUN
ajfa-6464	69	26	on	on	ADP
ajfa-6464	69	27	large	large	ADJ
ajfa-6464	69	28	size	size	NOUN
ajfa-6464	69	29	(	(	PUNCT
ajfa-6464	69	30	high	high	ADJ
ajfa-6464	69	31	market	market	NOUN
ajfa-6464	69	32	capitalization	capitalization	NOUN
ajfa-6464	69	33	)	)	PUNCT
ajfa-6464	69	34	stocks	stock	NOUN
ajfa-6464	69	35	are	be	AUX
ajfa-6464	69	36	low	low	ADJ
ajfa-6464	69	37	.	.	PUNCT
ajfa-6464	70	1	bhandari	bhandari	PROPN
ajfa-6464	70	2	(	(	PUNCT
ajfa-6464	70	3	1988	1988	NUM
ajfa-6464	70	4	)	)	PUNCT
ajfa-6464	70	5	documents	document	VERB
ajfa-6464	70	6	positive	positive	ADJ
ajfa-6464	70	7	relationship	relationship	NOUN
ajfa-6464	70	8	between	between	ADP
ajfa-6464	70	9	leverage	leverage	NOUN
ajfa-6464	70	10	and	and	CCONJ
ajfa-6464	70	11	average	average	ADJ
ajfa-6464	70	12	returns	return	NOUN
ajfa-6464	70	13	.	.	PUNCT
ajfa-6464	71	1	studies	study	NOUN
ajfa-6464	71	2	by	by	ADP
ajfa-6464	71	3	stattman	stattman	NOUN
ajfa-6464	71	4	(	(	PUNCT
ajfa-6464	71	5	1980	1980	NUM
ajfa-6464	71	6	)	)	PUNCT
ajfa-6464	71	7	and	and	CCONJ
ajfa-6464	71	8	rosenberg	rosenberg	PROPN
ajfa-6464	71	9	et	et	PROPN
ajfa-6464	71	10	al	al	PROPN
ajfa-6464	71	11	(	(	PUNCT
ajfa-6464	71	12	1985	1985	NUM
ajfa-6464	71	13	)	)	PUNCT
ajfa-6464	71	14	finds	find	VERB
ajfa-6464	71	15	that	that	SCONJ
ajfa-6464	71	16	average	average	ADJ
ajfa-6464	71	17	returns	return	NOUN
ajfa-6464	71	18	on	on	ADP
ajfa-6464	71	19	stocks	stock	NOUN
ajfa-6464	71	20	are	be	AUX
ajfa-6464	71	21	positively	positively	ADV
ajfa-6464	71	22	related	relate	VERB
ajfa-6464	71	23	to	to	ADP
ajfa-6464	71	24	the	the	DET
ajfa-6464	71	25	ratio	ratio	NOUN
ajfa-6464	71	26	of	of	ADP
ajfa-6464	71	27	firm	firm	NOUN
ajfa-6464	71	28	’s	’s	PART
ajfa-6464	71	29	book	book	NOUN
ajfa-6464	71	30	value	value	NOUN
ajfa-6464	71	31	of	of	ADP
ajfa-6464	71	32	equity	equity	NOUN
ajfa-6464	71	33	to	to	ADP
ajfa-6464	71	34	market	market	NOUN
ajfa-6464	71	35	value	value	NOUN
ajfa-6464	71	36	of	of	ADP
ajfa-6464	71	37	equity	equity	NOUN
ajfa-6464	71	38	.	.	PUNCT
ajfa-6464	72	1	the	the	DET
ajfa-6464	72	2	study	study	NOUN
ajfa-6464	72	3	by	by	ADP
ajfa-6464	72	4	chan	chan	PROPN
ajfa-6464	72	5	et	et	PROPN
ajfa-6464	72	6	al	al	PROPN
ajfa-6464	72	7	(	(	PUNCT
ajfa-6464	72	8	1991	1991	NUM
ajfa-6464	72	9	)	)	PUNCT
ajfa-6464	72	10	finds	find	VERB
ajfa-6464	72	11	that	that	SCONJ
ajfa-6464	72	12	the	the	DET
ajfa-6464	72	13	ratio	ratio	NOUN
ajfa-6464	72	14	of	of	ADP
ajfa-6464	72	15	book	book	NOUN
ajfa-6464	72	16	value	value	NOUN
ajfa-6464	72	17	to	to	ADP
ajfa-6464	72	18	market	market	NOUN
ajfa-6464	72	19	value	value	NOUN
ajfa-6464	72	20	of	of	ADP
ajfa-6464	72	21	equity	equity	NOUN
ajfa-6464	72	22	is	be	AUX
ajfa-6464	72	23	a	a	DET
ajfa-6464	72	24	significant	significant	ADJ
ajfa-6464	72	25	determinant	determinant	ADJ
ajfa-6464	72	26	in	in	ADP
ajfa-6464	72	27	explaining	explain	VERB
ajfa-6464	72	28	the	the	DET
ajfa-6464	72	29	cross	cross	NOUN
ajfa-6464	72	30	section	section	NOUN
ajfa-6464	72	31	of	of	ADP
ajfa-6464	72	32	average	average	ADJ
ajfa-6464	72	33	returns	return	NOUN
ajfa-6464	72	34	on	on	ADP
ajfa-6464	72	35	japanese	japanese	ADJ
ajfa-6464	72	36	stocks	stock	NOUN
ajfa-6464	72	37	.	.	PUNCT
ajfa-6464	73	1	chen	chen	PROPN
ajfa-6464	73	2	et	et	PROPN
ajfa-6464	73	3	al	al	PROPN
ajfa-6464	73	4	(	(	PUNCT
ajfa-6464	73	5	1991	1991	NUM
ajfa-6464	73	6	)	)	PUNCT
ajfa-6464	73	7	postulate	postulate	VERB
ajfa-6464	73	8	that	that	SCONJ
ajfa-6464	73	9	the	the	DET
ajfa-6464	73	10	earning	earn	VERB
ajfa-6464	73	11	prospects	prospect	NOUN
ajfa-6464	73	12	of	of	ADP
ajfa-6464	73	13	firms	firm	NOUN
ajfa-6464	73	14	are	be	AUX
ajfa-6464	73	15	associated	associate	VERB
ajfa-6464	73	16	with	with	ADP
ajfa-6464	73	17	a	a	DET
ajfa-6464	73	18	risk	risk	NOUN
ajfa-6464	73	19	factor	factor	NOUN
ajfa-6464	73	20	in	in	ADP
ajfa-6464	73	21	returns	return	NOUN
ajfa-6464	73	22	.	.	PUNCT
ajfa-6464	74	1	firms	firm	NOUN
ajfa-6464	74	2	with	with	ADP
ajfa-6464	74	3	low	low	ADJ
ajfa-6464	74	4	stock	stock	NOUN
ajfa-6464	74	5	prices	price	NOUN
ajfa-6464	74	6	and	and	CCONJ
ajfa-6464	74	7	high	high	ADJ
ajfa-6464	74	8	ratio	ratio	NOUN
ajfa-6464	74	9	of	of	ADP
ajfa-6464	74	10	book	book	NOUN
ajfa-6464	74	11	to	to	ADP
ajfa-6464	74	12	market	market	NOUN
ajfa-6464	74	13	equity	equity	NOUN
ajfa-6464	74	14	which	which	PRON
ajfa-6464	74	15	are	be	AUX
ajfa-6464	74	16	characterized	characterize	VERB
ajfa-6464	74	17	having	have	VERB
ajfa-6464	74	18	poor	poor	ADJ
ajfa-6464	74	19	prospects	prospect	NOUN
ajfa-6464	74	20	by	by	ADP
ajfa-6464	74	21	market	market	NOUN
ajfa-6464	74	22	are	be	AUX
ajfa-6464	74	23	considered	consider	VERB
ajfa-6464	74	24	risky	risky	ADJ
ajfa-6464	74	25	and	and	CCONJ
ajfa-6464	74	26	have	have	VERB
ajfa-6464	74	27	higher	high	ADJ
ajfa-6464	74	28	expected	expect	VERB
ajfa-6464	74	29	stock	stock	NOUN
ajfa-6464	74	30	returns	return	NOUN
ajfa-6464	74	31	than	than	ADP
ajfa-6464	74	32	firms	firm	NOUN
ajfa-6464	74	33	with	with	ADP
ajfa-6464	74	34	strong	strong	ADJ
ajfa-6464	74	35	prospects	prospect	NOUN
ajfa-6464	74	36	.	.	PUNCT
ajfa-6464	75	1	basu	basu	PROPN
ajfa-6464	75	2	(	(	PUNCT
ajfa-6464	75	3	1983	1983	NUM
ajfa-6464	75	4	)	)	PUNCT
ajfa-6464	75	5	suggests	suggest	VERB
ajfa-6464	75	6	that	that	SCONJ
ajfa-6464	75	7	the	the	DET
ajfa-6464	75	8	earning	earn	VERB
ajfa-6464	75	9	-	-	PUNCT
ajfa-6464	75	10	price	price	NOUN
ajfa-6464	75	11	ratios	ratio	NOUN
ajfa-6464	75	12	(	(	PUNCT
ajfa-6464	75	13	e	e	NOUN
ajfa-6464	75	14	/	/	SYM
ajfa-6464	75	15	p	p	NOUN
ajfa-6464	75	16	)	)	PUNCT
ajfa-6464	75	17	is	be	AUX
ajfa-6464	75	18	a	a	DET
ajfa-6464	75	19	variable	variable	NOUN
ajfa-6464	75	20	that	that	PRON
ajfa-6464	75	21	explain	explain	VERB
ajfa-6464	75	22	the	the	DET
ajfa-6464	75	23	cross	cross	NOUN
ajfa-6464	75	24	section	section	NOUN
ajfa-6464	75	25	of	of	ADP
ajfa-6464	75	26	average	average	ADJ
ajfa-6464	75	27	returns	return	NOUN
ajfa-6464	75	28	on	on	ADP
ajfa-6464	75	29	us	us	PROPN
ajfa-6464	75	30	stocks	stock	NOUN
ajfa-6464	75	31	which	which	PRON
ajfa-6464	75	32	includes	include	VERB
ajfa-6464	75	33	size	size	NOUN
ajfa-6464	75	34	and	and	CCONJ
ajfa-6464	75	35	market	market	NOUN
ajfa-6464	75	36	beta	beta	NOUN
ajfa-6464	75	37	variables	variable	NOUN
ajfa-6464	75	38	.	.	PUNCT
ajfa-6464	76	1	the	the	DET
ajfa-6464	76	2	studies	study	NOUN
ajfa-6464	76	3	by	by	ADP
ajfa-6464	76	4	black	black	PROPN
ajfa-6464	76	5	et	et	PROPN
ajfa-6464	76	6	al	al	PROPN
ajfa-6464	76	7	(	(	PUNCT
ajfa-6464	76	8	1972	1972	NUM
ajfa-6464	76	9	)	)	PUNCT
ajfa-6464	76	10	and	and	CCONJ
ajfa-6464	76	11	fama	fama	PROPN
ajfa-6464	76	12	et	et	PROPN
ajfa-6464	76	13	al	al	PROPN
ajfa-6464	76	14	(	(	PUNCT
ajfa-6464	76	15	1976	1976	NUM
ajfa-6464	76	16	)	)	PUNCT
ajfa-6464	76	17	find	find	VERB
ajfa-6464	76	18	positive	positive	ADJ
ajfa-6464	76	19	relation	relation	NOUN
ajfa-6464	76	20	between	between	ADP
ajfa-6464	76	21	average	average	ADJ
ajfa-6464	76	22	stock	stock	NOUN
ajfa-6464	76	23	returns	return	NOUN
ajfa-6464	76	24	and	and	CCONJ
ajfa-6464	76	25	beta	beta	NOUN
ajfa-6464	76	26	.	.	PUNCT
ajfa-6464	77	1	the	the	DET
ajfa-6464	77	2	study	study	NOUN
ajfa-6464	77	3	by	by	ADP
ajfa-6464	77	4	fama	fama	PROPN
ajfa-6464	77	5	and	and	CCONJ
ajfa-6464	77	6	french	french	ADJ
ajfa-6464	77	7	(	(	PUNCT
ajfa-6464	77	8	1992	1992	NUM
ajfa-6464	77	9	)	)	PUNCT
ajfa-6464	77	10	suggests	suggest	VERB
ajfa-6464	77	11	that	that	DET
ajfa-6464	77	12	size	size	NOUN
ajfa-6464	77	13	(	(	PUNCT
ajfa-6464	77	14	measured	measure	VERB
ajfa-6464	77	15	by	by	ADP
ajfa-6464	77	16	market	market	NOUN
ajfa-6464	77	17	value	value	NOUN
ajfa-6464	77	18	of	of	ADP
ajfa-6464	77	19	equity	equity	NOUN
ajfa-6464	77	20	)	)	PUNCT
ajfa-6464	77	21	and	and	CCONJ
ajfa-6464	77	22	book	book	NOUN
ajfa-6464	77	23	to	to	ADP
ajfa-6464	77	24	market	market	NOUN
ajfa-6464	77	25	equity	equity	NOUN
ajfa-6464	77	26	are	be	AUX
ajfa-6464	77	27	important	important	ADJ
ajfa-6464	77	28	determinants	determinant	NOUN
ajfa-6464	77	29	which	which	PRON
ajfa-6464	77	30	reflect	reflect	VERB
ajfa-6464	77	31	powerful	powerful	ADJ
ajfa-6464	77	32	characterization	characterization	NOUN
ajfa-6464	77	33	of	of	ADP
ajfa-6464	77	34	the	the	DET
ajfa-6464	77	35	cross	cross	NOUN
ajfa-6464	77	36	section	section	NOUN
ajfa-6464	77	37	of	of	ADP
ajfa-6464	77	38	average	average	ADJ
ajfa-6464	77	39	stock	stock	NOUN
ajfa-6464	77	40	returns	return	NOUN
ajfa-6464	77	41	during	during	ADP
ajfa-6464	77	42	the	the	DET
ajfa-6464	77	43	period	period	NOUN
ajfa-6464	77	44	1963	1963	NUM
ajfa-6464	77	45	-	-	SYM
ajfa-6464	77	46	1990	1990	NUM
ajfa-6464	77	47	.	.	PUNCT
ajfa-6464	78	1	the	the	DET
ajfa-6464	78	2	main	main	ADJ
ajfa-6464	78	3	results	result	NOUN
ajfa-6464	78	4	of	of	ADP
ajfa-6464	78	5	the	the	DET
ajfa-6464	78	6	fama	fama	NOUN
ajfa-6464	78	7	and	and	CCONJ
ajfa-6464	78	8	french	french	ADJ
ajfa-6464	78	9	(	(	PUNCT
ajfa-6464	78	10	1992	1992	NUM
ajfa-6464	78	11	)	)	PUNCT
ajfa-6464	78	12	study	study	NOUN
ajfa-6464	78	13	indicates	indicate	VERB
ajfa-6464	78	14	that	that	SCONJ
ajfa-6464	78	15	for	for	ADP
ajfa-6464	78	16	the	the	DET
ajfa-6464	78	17	1963	1963	NUM
ajfa-6464	78	18	-	-	SYM
ajfa-6464	78	19	1990	1990	NUM
ajfa-6464	78	20	period	period	NOUN
ajfa-6464	78	21	,	,	PUNCT
ajfa-6464	78	22	size	size	NOUN
ajfa-6464	78	23	and	and	CCONJ
ajfa-6464	78	24	book	book	NOUN
ajfa-6464	78	25	to	to	ADP
ajfa-6464	78	26	market	market	NOUN
ajfa-6464	78	27	equity	equity	NOUN
ajfa-6464	78	28	capture	capture	VERB
ajfa-6464	78	29	the	the	DET
ajfa-6464	78	30	cross	cross	ADJ
ajfa-6464	78	31	sectional	sectional	ADJ
ajfa-6464	78	32	variation	variation	NOUN
ajfa-6464	78	33	in	in	ADP
ajfa-6464	78	34	average	average	ADJ
ajfa-6464	78	35	stock	stock	NOUN
ajfa-6464	78	36	returns	return	NOUN
ajfa-6464	78	37	associated	associate	VERB
ajfa-6464	78	38	with	with	ADP
ajfa-6464	78	39	size	size	NOUN
ajfa-6464	78	40	,	,	PUNCT
ajfa-6464	78	41	e	e	NOUN
ajfa-6464	78	42	/	/	SYM
ajfa-6464	78	43	p	p	NOUN
ajfa-6464	78	44	,	,	PUNCT
ajfa-6464	78	45	book	book	NOUN
ajfa-6464	78	46	to	to	PART
ajfa-6464	78	47	market	market	NOUN
ajfa-6464	78	48	equity	equity	NOUN
ajfa-6464	78	49	and	and	CCONJ
ajfa-6464	78	50	leverage	leverage	NOUN
ajfa-6464	78	51	.	.	PUNCT
ajfa-6464	79	1	it	it	PRON
ajfa-6464	79	2	can	can	AUX
ajfa-6464	79	3	be	be	AUX
ajfa-6464	79	4	stated	state	VERB
ajfa-6464	79	5	that	that	SCONJ
ajfa-6464	79	6	if	if	SCONJ
ajfa-6464	79	7	the	the	DET
ajfa-6464	79	8	stocks	stock	NOUN
ajfa-6464	79	9	are	be	AUX
ajfa-6464	79	10	priced	price	VERB
ajfa-6464	79	11	rationally	rationally	ADV
ajfa-6464	79	12	,	,	PUNCT
ajfa-6464	79	13	systematic	systematic	ADJ
ajfa-6464	79	14	differences	difference	NOUN
ajfa-6464	79	15	in	in	ADP
ajfa-6464	79	16	average	average	ADJ
ajfa-6464	79	17	returns	return	NOUN
ajfa-6464	79	18	can	can	AUX
ajfa-6464	79	19	be	be	AUX
ajfa-6464	79	20	attributed	attribute	VERB
ajfa-6464	79	21	to	to	ADP
ajfa-6464	79	22	differences	difference	NOUN
ajfa-6464	79	23	in	in	ADP
ajfa-6464	79	24	risk	risk	NOUN
ajfa-6464	79	25	.	.	PUNCT
ajfa-6464	80	1	in	in	ADP
ajfa-6464	80	2	the	the	DET
ajfa-6464	80	3	perspective	perspective	NOUN
ajfa-6464	80	4	of	of	ADP
ajfa-6464	80	5	rational	rational	ADJ
ajfa-6464	80	6	pricing	pricing	NOUN
ajfa-6464	80	7	,	,	PUNCT
ajfa-6464	80	8	the	the	DET
ajfa-6464	80	9	variables	variable	NOUN
ajfa-6464	80	10	size	size	NOUN
ajfa-6464	80	11	measured	measure	VERB
ajfa-6464	80	12	by	by	ADP
ajfa-6464	80	13	the	the	DET
ajfa-6464	80	14	total	total	ADJ
ajfa-6464	80	15	market	market	NOUN
ajfa-6464	80	16	capitalization	capitalization	NOUN
ajfa-6464	80	17	(	(	PUNCT
ajfa-6464	80	18	price	price	NOUN
ajfa-6464	80	19	multiplied	multiply	VERB
ajfa-6464	80	20	by	by	ADP
ajfa-6464	80	21	number	number	NOUN
ajfa-6464	80	22	of	of	ADP
ajfa-6464	80	23	shares	share	NOUN
ajfa-6464	80	24	)	)	PUNCT
ajfa-6464	80	25	and	and	CCONJ
ajfa-6464	80	26	be	be	AUX
ajfa-6464	80	27	/	/	PRON
ajfa-6464	80	28	me	i	PRON
ajfa-6464	80	29	can	can	AUX
ajfa-6464	80	30	be	be	AUX
ajfa-6464	80	31	considered	consider	VERB
ajfa-6464	80	32	as	as	ADP
ajfa-6464	80	33	proxy	proxy	NOUN
ajfa-6464	80	34	variables	variable	NOUN
ajfa-6464	80	35	to	to	ADP
ajfa-6464	80	36	sensitivity	sensitivity	NOUN
ajfa-6464	80	37	to	to	ADP
ajfa-6464	80	38	common	common	ADJ
ajfa-6464	80	39	risk	risk	NOUN
ajfa-6464	80	40	factors	factor	NOUN
ajfa-6464	80	41	in	in	ADP
ajfa-6464	80	42	returns	return	NOUN
ajfa-6464	80	43	.	.	PUNCT
ajfa-6464	81	1	fama	fama	PROPN
ajfa-6464	81	2	and	and	CCONJ
ajfa-6464	81	3	french	french	ADJ
ajfa-6464	81	4	(	(	PUNCT
ajfa-6464	81	5	1995	1995	NUM
ajfa-6464	81	6	)	)	PUNCT
ajfa-6464	81	7	study	study	VERB
ajfa-6464	81	8	the	the	DET
ajfa-6464	81	9	behavior	behavior	NOUN
ajfa-6464	81	10	of	of	ADP
ajfa-6464	81	11	stock	stock	NOUN
ajfa-6464	81	12	prices	price	NOUN
ajfa-6464	81	13	in	in	ADP
ajfa-6464	81	14	relation	relation	NOUN
ajfa-6464	81	15	to	to	PART
ajfa-6464	81	16	size	size	NOUN
ajfa-6464	81	17	and	and	CCONJ
ajfa-6464	81	18	book	book	NOUN
ajfa-6464	81	19	to	to	ADP
ajfa-6464	81	20	market	market	NOUN
ajfa-6464	81	21	equity	equity	NOUN
ajfa-6464	81	22	(	(	PUNCT
ajfa-6464	81	23	be	be	AUX
ajfa-6464	81	24	/	/	SYM
ajfa-6464	81	25	me	i	PRON
ajfa-6464	81	26	)	)	PUNCT
ajfa-6464	81	27	,	,	PUNCT
ajfa-6464	81	28	which	which	PRON
ajfa-6464	81	29	reflects	reflect	VERB
ajfa-6464	81	30	the	the	DET
ajfa-6464	81	31	behavior	behavior	NOUN
ajfa-6464	81	32	of	of	ADP
ajfa-6464	81	33	earnings	earning	NOUN
ajfa-6464	81	34	.	.	PUNCT
ajfa-6464	82	1	specifically	specifically	ADV
ajfa-6464	82	2	the	the	DET
ajfa-6464	82	3	study	study	NOUN
ajfa-6464	82	4	explores	explore	VERB
ajfa-6464	82	5	whether	whether	SCONJ
ajfa-6464	82	6	the	the	DET
ajfa-6464	82	7	behavior	behavior	NOUN
ajfa-6464	82	8	of	of	ADP
ajfa-6464	82	9	stock	stock	NOUN
ajfa-6464	82	10	prices	price	NOUN
ajfa-6464	82	11	in	in	ADP
ajfa-6464	82	12	relation	relation	NOUN
ajfa-6464	82	13	to	to	PART
ajfa-6464	82	14	size	size	NOUN
ajfa-6464	82	15	and	and	CCONJ
ajfa-6464	82	16	book	book	NOUN
ajfa-6464	82	17	to	to	ADP
ajfa-6464	82	18	market	market	NOUN
ajfa-6464	82	19	equity	equity	NOUN
ajfa-6464	82	20	is	be	AUX
ajfa-6464	82	21	consistent	consistent	ADJ
ajfa-6464	82	22	with	with	ADP
ajfa-6464	82	23	the	the	DET
ajfa-6464	82	24	behavior	behavior	NOUN
ajfa-6464	82	25	of	of	ADP
ajfa-6464	82	26	earnings	earning	NOUN
ajfa-6464	82	27	.	.	PUNCT
ajfa-6464	83	1	in	in	ADP
ajfa-6464	83	2	the	the	DET
ajfa-6464	83	3	context	context	NOUN
ajfa-6464	83	4	of	of	ADP
ajfa-6464	83	5	rational	rational	ADJ
ajfa-6464	83	6	pricing	pricing	NOUN
ajfa-6464	83	7	,	,	PUNCT
ajfa-6464	83	8	the	the	DET
ajfa-6464	83	9	study	study	NOUN
ajfa-6464	83	10	indicates	indicate	VERB
ajfa-6464	83	11	that	that	SCONJ
ajfa-6464	83	12	high	high	ADJ
ajfa-6464	83	13	be	be	AUX
ajfa-6464	83	14	/	/	PRON
ajfa-6464	83	15	me	i	PRON
ajfa-6464	83	16	signals	signal	VERB
ajfa-6464	83	17	persistent	persistent	ADJ
ajfa-6464	83	18	poor	poor	ADJ
ajfa-6464	83	19	earnings	earning	NOUN
ajfa-6464	83	20	and	and	CCONJ
ajfa-6464	83	21	low	low	ADJ
ajfa-6464	83	22	be	be	AUX
ajfa-6464	83	23	/	/	PRON
ajfa-6464	83	24	me	i	PRON
ajfa-6464	83	25	signals	signal	VERB
ajfa-6464	83	26	strong	strong	ADJ
ajfa-6464	83	27	earnings	earning	NOUN
ajfa-6464	83	28	.	.	PUNCT
ajfa-6464	84	1	a	a	DET
ajfa-6464	84	2	low	low	ADJ
ajfa-6464	84	3	stock	stock	NOUN
ajfa-6464	84	4	price	price	NOUN
ajfa-6464	84	5	relative	relative	ADJ
ajfa-6464	84	6	to	to	ADP
ajfa-6464	84	7	book	book	NOUN
ajfa-6464	84	8	value	value	NOUN
ajfa-6464	84	9	(	(	PUNCT
ajfa-6464	84	10	high	high	ADJ
ajfa-6464	84	11	be	be	AUX
ajfa-6464	84	12	/	/	SYM
ajfa-6464	84	13	me	i	PRON
ajfa-6464	84	14	)	)	PUNCT
ajfa-6464	84	15	signals	signal	NOUN
ajfa-6464	84	16	sustained	sustain	VERB
ajfa-6464	84	17	lower	low	ADJ
ajfa-6464	84	18	earnings	earning	NOUN
ajfa-6464	84	19	on	on	ADP
ajfa-6464	84	20	asian	asian	ADJ
ajfa-6464	84	21	journal	journal	NOUN
ajfa-6464	84	22	of	of	ADP
ajfa-6464	84	23	finance	finance	PROPN
ajfa-6464	84	24	&	&	CCONJ
ajfa-6464	84	25	accounting	accounting	PROPN
ajfa-6464	84	26	issn	issn	PROPN
ajfa-6464	84	27	1946	1946	NUM
ajfa-6464	84	28	-	-	PUNCT
ajfa-6464	84	29	052x	052x	NOUN
ajfa-6464	84	30	2015	2015	NUM
ajfa-6464	84	31	,	,	PUNCT
ajfa-6464	84	32	vol	vol	NOUN
ajfa-6464	84	33	.	.	PROPN
ajfa-6464	85	1	7	7	NUM
ajfa-6464	85	2	,	,	PUNCT
ajfa-6464	85	3	no	no	INTJ
ajfa-6464	85	4	.	.	NOUN
ajfa-6464	85	5	1	1	NUM
ajfa-6464	85	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	85	7	80	80	NUM
ajfa-6464	85	8	book	book	NOUN
ajfa-6464	85	9	equity	equity	NOUN
ajfa-6464	85	10	.	.	PUNCT
ajfa-6464	86	1	in	in	ADP
ajfa-6464	86	2	summary	summary	NOUN
ajfa-6464	86	3	low	low	ADV
ajfa-6464	86	4	be	be	AUX
ajfa-6464	86	5	/	/	SYM
ajfa-6464	86	6	me	i	PRON
ajfa-6464	86	7	(	(	PUNCT
ajfa-6464	86	8	high	high	ADJ
ajfa-6464	86	9	stock	stock	NOUN
ajfa-6464	86	10	price	price	NOUN
ajfa-6464	86	11	relative	relative	ADJ
ajfa-6464	86	12	to	to	ADP
ajfa-6464	86	13	book	book	NOUN
ajfa-6464	86	14	value	value	NOUN
ajfa-6464	86	15	)	)	PUNCT
ajfa-6464	86	16	is	be	AUX
ajfa-6464	86	17	typical	typical	ADJ
ajfa-6464	86	18	of	of	ADP
ajfa-6464	86	19	firms	firm	NOUN
ajfa-6464	86	20	with	with	ADP
ajfa-6464	86	21	high	high	ADJ
ajfa-6464	86	22	average	average	ADJ
ajfa-6464	86	23	returns	return	NOUN
ajfa-6464	86	24	on	on	ADP
ajfa-6464	86	25	capital	capital	NOUN
ajfa-6464	86	26	(	(	PUNCT
ajfa-6464	86	27	growth	growth	NOUN
ajfa-6464	86	28	stocks	stock	NOUN
ajfa-6464	86	29	)	)	PUNCT
ajfa-6464	86	30	,	,	PUNCT
ajfa-6464	86	31	whereas	whereas	SCONJ
ajfa-6464	86	32	high	high	ADJ
ajfa-6464	86	33	be	be	AUX
ajfa-6464	86	34	/	/	PRON
ajfa-6464	86	35	me	i	PRON
ajfa-6464	86	36	is	be	AUX
ajfa-6464	86	37	typical	typical	ADJ
ajfa-6464	86	38	of	of	ADP
ajfa-6464	86	39	firms	firm	NOUN
ajfa-6464	86	40	that	that	PRON
ajfa-6464	86	41	are	be	AUX
ajfa-6464	86	42	relatively	relatively	ADV
ajfa-6464	86	43	distressed	distressed	ADJ
ajfa-6464	86	44	.	.	PUNCT
ajfa-6464	87	1	fama	fama	PROPN
ajfa-6464	87	2	and	and	CCONJ
ajfa-6464	87	3	french	french	ADJ
ajfa-6464	87	4	(	(	PUNCT
ajfa-6464	87	5	1995	1995	NUM
ajfa-6464	87	6	)	)	PUNCT
ajfa-6464	87	7	also	also	ADV
ajfa-6464	87	8	suggest	suggest	VERB
ajfa-6464	87	9	that	that	DET
ajfa-6464	87	10	size	size	NOUN
ajfa-6464	87	11	is	be	AUX
ajfa-6464	87	12	related	relate	VERB
ajfa-6464	87	13	to	to	ADP
ajfa-6464	87	14	profitability	profitability	NOUN
ajfa-6464	87	15	.	.	PUNCT
ajfa-6464	88	1	controlling	control	VERB
ajfa-6464	88	2	for	for	ADP
ajfa-6464	88	3	be	be	AUX
ajfa-6464	88	4	/	/	SYM
ajfa-6464	88	5	me	i	PRON
ajfa-6464	88	6	,	,	PUNCT
ajfa-6464	88	7	small	small	ADJ
ajfa-6464	88	8	stocks	stock	NOUN
ajfa-6464	88	9	tend	tend	VERB
ajfa-6464	88	10	to	to	PART
ajfa-6464	88	11	have	have	VERB
ajfa-6464	88	12	lower	low	ADJ
ajfa-6464	88	13	earnings	earning	NOUN
ajfa-6464	88	14	on	on	ADP
ajfa-6464	88	15	book	book	NOUN
ajfa-6464	88	16	equity	equity	NOUN
ajfa-6464	88	17	than	than	SCONJ
ajfa-6464	88	18	do	do	VERB
ajfa-6464	88	19	big	big	ADJ
ajfa-6464	88	20	stocks	stock	NOUN
ajfa-6464	88	21	.	.	PUNCT
ajfa-6464	89	1	penmann	penmann	NOUN
ajfa-6464	89	2	(	(	PUNCT
ajfa-6464	89	3	1991	1991	NUM
ajfa-6464	89	4	)	)	PUNCT
ajfa-6464	89	5	suggests	suggest	VERB
ajfa-6464	89	6	that	that	SCONJ
ajfa-6464	89	7	low	low	ADJ
ajfa-6464	89	8	book	book	NOUN
ajfa-6464	89	9	to	to	PART
ajfa-6464	89	10	market	market	NOUN
ajfa-6464	89	11	equity	equity	NOUN
ajfa-6464	89	12	firms	firm	NOUN
ajfa-6464	89	13	remain	remain	VERB
ajfa-6464	89	14	more	more	ADV
ajfa-6464	89	15	profitable	profitable	ADJ
ajfa-6464	89	16	than	than	ADP
ajfa-6464	89	17	high	high	ADJ
ajfa-6464	89	18	be	be	AUX
ajfa-6464	89	19	/	/	SYM
ajfa-6464	89	20	me	me	PROPN
ajfa-6464	89	21	firms	firm	NOUN
ajfa-6464	89	22	.	.	PUNCT
ajfa-6464	90	1	firms	firm	NOUN
ajfa-6464	90	2	with	with	ADP
ajfa-6464	90	3	higher	high	ADJ
ajfa-6464	90	4	required	require	VERB
ajfa-6464	90	5	equity	equity	NOUN
ajfa-6464	90	6	returns	return	NOUN
ajfa-6464	90	7	will	will	AUX
ajfa-6464	90	8	have	have	VERB
ajfa-6464	90	9	higher	high	ADJ
ajfa-6464	90	10	book	book	NOUN
ajfa-6464	90	11	to	to	ADP
ajfa-6464	90	12	market	market	NOUN
ajfa-6464	90	13	ratios	ratio	NOUN
ajfa-6464	90	14	.	.	PUNCT
ajfa-6464	91	1	this	this	DET
ajfa-6464	91	2	prediction	prediction	NOUN
ajfa-6464	91	3	is	be	AUX
ajfa-6464	91	4	consistent	consistent	ADJ
ajfa-6464	91	5	with	with	ADP
ajfa-6464	91	6	the	the	DET
ajfa-6464	91	7	positive	positive	ADJ
ajfa-6464	91	8	relation	relation	NOUN
ajfa-6464	91	9	between	between	ADP
ajfa-6464	91	10	average	average	ADJ
ajfa-6464	91	11	stock	stock	NOUN
ajfa-6464	91	12	return	return	NOUN
ajfa-6464	91	13	and	and	CCONJ
ajfa-6464	91	14	be	be	AUX
ajfa-6464	91	15	/	/	SYM
ajfa-6464	91	16	me	i	PRON
ajfa-6464	91	17	observed	observe	VERB
ajfa-6464	91	18	by	by	ADP
ajfa-6464	91	19	fama	fama	PROPN
ajfa-6464	91	20	and	and	CCONJ
ajfa-6464	91	21	french	french	ADJ
ajfa-6464	91	22	(	(	PUNCT
ajfa-6464	91	23	1992	1992	NUM
ajfa-6464	91	24	,	,	PUNCT
ajfa-6464	91	25	1995	1995	NUM
ajfa-6464	91	26	)	)	PUNCT
ajfa-6464	91	27	.	.	PUNCT
ajfa-6464	92	1	fama	fama	PROPN
ajfa-6464	92	2	and	and	CCONJ
ajfa-6464	92	3	french	french	ADJ
ajfa-6464	92	4	(	(	PUNCT
ajfa-6464	92	5	1995	1995	NUM
ajfa-6464	92	6	)	)	PUNCT
ajfa-6464	92	7	predicts	predict	VERB
ajfa-6464	92	8	that	that	SCONJ
ajfa-6464	92	9	high	high	ADJ
ajfa-6464	92	10	be	be	AUX
ajfa-6464	92	11	/	/	PRON
ajfa-6464	92	12	me	i	PRON
ajfa-6464	92	13	should	should	AUX
ajfa-6464	92	14	be	be	AUX
ajfa-6464	92	15	associated	associate	VERB
ajfa-6464	92	16	with	with	ADP
ajfa-6464	92	17	a	a	DET
ajfa-6464	92	18	persistently	persistently	ADV
ajfa-6464	92	19	low	low	ADJ
ajfa-6464	92	20	ratio	ratio	NOUN
ajfa-6464	92	21	of	of	ADP
ajfa-6464	92	22	earnings	earning	NOUN
ajfa-6464	92	23	to	to	ADP
ajfa-6464	92	24	book	book	NOUN
ajfa-6464	92	25	equity	equity	NOUN
ajfa-6464	92	26	,	,	PUNCT
ajfa-6464	92	27	while	while	SCONJ
ajfa-6464	92	28	low	low	ADJ
ajfa-6464	92	29	be	be	AUX
ajfa-6464	92	30	/	/	PRON
ajfa-6464	92	31	me	i	PRON
ajfa-6464	92	32	should	should	AUX
ajfa-6464	92	33	be	be	AUX
ajfa-6464	92	34	persistently	persistently	ADV
ajfa-6464	92	35	associated	associate	VERB
ajfa-6464	92	36	with	with	ADP
ajfa-6464	92	37	strong	strong	ADJ
ajfa-6464	92	38	earnings	earning	NOUN
ajfa-6464	92	39	to	to	ADP
ajfa-6464	92	40	book	book	NOUN
ajfa-6464	92	41	value	value	NOUN
ajfa-6464	92	42	of	of	ADP
ajfa-6464	92	43	equity	equity	NOUN
ajfa-6464	92	44	.	.	PUNCT
ajfa-6464	93	1	in	in	ADP
ajfa-6464	93	2	other	other	ADJ
ajfa-6464	93	3	words	word	NOUN
ajfa-6464	93	4	low	low	ADJ
ajfa-6464	93	5	be	be	AUX
ajfa-6464	93	6	/	/	PRON
ajfa-6464	93	7	me	i	PRON
ajfa-6464	93	8	stocks	stock	NOUN
ajfa-6464	93	9	are	be	AUX
ajfa-6464	93	10	on	on	ADP
ajfa-6464	93	11	average	average	ADJ
ajfa-6464	93	12	more	more	ADV
ajfa-6464	93	13	profitable	profitable	ADJ
ajfa-6464	93	14	than	than	ADP
ajfa-6464	93	15	high	high	ADJ
ajfa-6464	93	16	be	be	AUX
ajfa-6464	93	17	/	/	SYM
ajfa-6464	93	18	me	i	PRON
ajfa-6464	93	19	stocks	stock	NOUN
ajfa-6464	93	20	.	.	PUNCT
ajfa-6464	94	1	debt	debt	NOUN
ajfa-6464	94	2	equity	equity	NOUN
ajfa-6464	94	3	ratio	ratio	NOUN
ajfa-6464	94	4	(	(	PUNCT
ajfa-6464	94	5	der	der	NOUN
ajfa-6464	94	6	)	)	PUNCT
ajfa-6464	94	7	is	be	AUX
ajfa-6464	94	8	used	use	VERB
ajfa-6464	94	9	as	as	ADP
ajfa-6464	94	10	a	a	DET
ajfa-6464	94	11	variable	variable	NOUN
ajfa-6464	94	12	to	to	PART
ajfa-6464	94	13	explain	explain	VERB
ajfa-6464	94	14	the	the	DET
ajfa-6464	94	15	expected	expected	ADJ
ajfa-6464	94	16	common	common	ADJ
ajfa-6464	94	17	stock	stock	NOUN
ajfa-6464	94	18	returns	return	NOUN
ajfa-6464	94	19	.	.	PUNCT
ajfa-6464	95	1	an	an	DET
ajfa-6464	95	2	increase	increase	NOUN
ajfa-6464	95	3	in	in	ADP
ajfa-6464	95	4	debt	debt	NOUN
ajfa-6464	95	5	equity	equity	NOUN
ajfa-6464	95	6	ratio	ratio	NOUN
ajfa-6464	95	7	of	of	ADP
ajfa-6464	95	8	a	a	DET
ajfa-6464	95	9	firm	firm	NOUN
ajfa-6464	95	10	increases	increase	VERB
ajfa-6464	95	11	the	the	DET
ajfa-6464	95	12	risk	risk	NOUN
ajfa-6464	95	13	of	of	ADP
ajfa-6464	95	14	its	its	PRON
ajfa-6464	95	15	common	common	ADJ
ajfa-6464	95	16	equity	equity	NOUN
ajfa-6464	95	17	.	.	PUNCT
ajfa-6464	96	1	cross	cross	VERB
ajfa-6464	96	2	sectionally	sectionally	ADV
ajfa-6464	96	3	the	the	DET
ajfa-6464	96	4	common	common	ADJ
ajfa-6464	96	5	equity	equity	NOUN
ajfa-6464	96	6	of	of	ADP
ajfa-6464	96	7	a	a	DET
ajfa-6464	96	8	firm	firm	NOUN
ajfa-6464	96	9	with	with	ADP
ajfa-6464	96	10	higher	high	ADJ
ajfa-6464	96	11	debt	debt	NOUN
ajfa-6464	96	12	equity	equity	NOUN
ajfa-6464	96	13	ratio	ratio	NOUN
ajfa-6464	96	14	always	always	ADV
ajfa-6464	96	15	have	have	VERB
ajfa-6464	96	16	higher	high	ADJ
ajfa-6464	96	17	risk	risk	NOUN
ajfa-6464	96	18	since	since	SCONJ
ajfa-6464	96	19	the	the	DET
ajfa-6464	96	20	firm	firm	ADJ
ajfa-6464	96	21	level	level	NOUN
ajfa-6464	96	22	risk	risk	NOUN
ajfa-6464	96	23	may	may	AUX
ajfa-6464	96	24	vary	vary	VERB
ajfa-6464	96	25	,	,	PUNCT
ajfa-6464	96	26	der	der	NOUN
ajfa-6464	96	27	is	be	AUX
ajfa-6464	96	28	expected	expect	VERB
ajfa-6464	96	29	to	to	PART
ajfa-6464	96	30	be	be	AUX
ajfa-6464	96	31	positively	positively	ADV
ajfa-6464	96	32	correlated	correlate	VERB
ajfa-6464	96	33	to	to	ADP
ajfa-6464	96	34	the	the	DET
ajfa-6464	96	35	risks	risk	NOUN
ajfa-6464	96	36	of	of	ADP
ajfa-6464	96	37	common	common	ADJ
ajfa-6464	96	38	equity	equity	NOUN
ajfa-6464	96	39	across	across	ADP
ajfa-6464	96	40	firms	firm	NOUN
ajfa-6464	96	41	(	(	PUNCT
ajfa-6464	96	42	bhandari	bhandari	PROPN
ajfa-6464	96	43	1988).beta	1988).beta	PROPN
ajfa-6464	96	44	is	be	AUX
ajfa-6464	96	45	based	base	VERB
ajfa-6464	96	46	on	on	ADP
ajfa-6464	96	47	a	a	DET
ajfa-6464	96	48	market	market	NOUN
ajfa-6464	96	49	proxy	proxy	NOUN
ajfa-6464	96	50	and	and	CCONJ
ajfa-6464	96	51	calculated	calculate	VERB
ajfa-6464	96	52	for	for	ADP
ajfa-6464	96	53	a	a	DET
ajfa-6464	96	54	period	period	NOUN
ajfa-6464	96	55	.	.	PUNCT
ajfa-6464	97	1	the	the	DET
ajfa-6464	97	2	financial	financial	ADJ
ajfa-6464	97	3	leverage	leverage	NOUN
ajfa-6464	97	4	hypothesis	hypothesis	NOUN
ajfa-6464	97	5	suggests	suggest	VERB
ajfa-6464	97	6	that	that	SCONJ
ajfa-6464	97	7	increase	increase	NOUN
ajfa-6464	97	8	in	in	ADP
ajfa-6464	97	9	debt	debt	NOUN
ajfa-6464	97	10	is	be	AUX
ajfa-6464	97	11	a	a	DET
ajfa-6464	97	12	signal	signal	NOUN
ajfa-6464	97	13	to	to	ADP
ajfa-6464	97	14	the	the	DET
ajfa-6464	97	15	market	market	NOUN
ajfa-6464	97	16	that	that	PRON
ajfa-6464	97	17	the	the	DET
ajfa-6464	97	18	firm	firm	NOUN
ajfa-6464	97	19	’s	’s	PART
ajfa-6464	97	20	prospects	prospect	NOUN
ajfa-6464	97	21	have	have	AUX
ajfa-6464	97	22	improved	improve	VERB
ajfa-6464	97	23	.	.	PUNCT
ajfa-6464	98	1	the	the	DET
ajfa-6464	98	2	dividend	dividend	NOUN
ajfa-6464	98	3	payout	payout	NOUN
ajfa-6464	98	4	hypothesis	hypothesis	NOUN
ajfa-6464	98	5	suggests	suggest	VERB
ajfa-6464	98	6	that	that	SCONJ
ajfa-6464	98	7	value	value	NOUN
ajfa-6464	98	8	creation	creation	NOUN
ajfa-6464	98	9	is	be	AUX
ajfa-6464	98	10	a	a	DET
ajfa-6464	98	11	function	function	NOUN
ajfa-6464	98	12	of	of	ADP
ajfa-6464	98	13	the	the	DET
ajfa-6464	98	14	dividend	dividend	NOUN
ajfa-6464	98	15	payout	payout	NOUN
ajfa-6464	98	16	of	of	ADP
ajfa-6464	98	17	companies	company	NOUN
ajfa-6464	98	18	.	.	PUNCT
ajfa-6464	99	1	higher	high	ADJ
ajfa-6464	99	2	the	the	DET
ajfa-6464	99	3	dividend	dividend	NOUN
ajfa-6464	99	4	payout	payout	NOUN
ajfa-6464	99	5	more	more	ADV
ajfa-6464	99	6	is	be	AUX
ajfa-6464	99	7	the	the	DET
ajfa-6464	99	8	value	value	NOUN
ajfa-6464	99	9	creation	creation	NOUN
ajfa-6464	99	10	for	for	ADP
ajfa-6464	99	11	the	the	DET
ajfa-6464	99	12	company	company	NOUN
ajfa-6464	99	13	.	.	PUNCT
ajfa-6464	100	1	ross	ross	PROPN
ajfa-6464	100	2	(	(	PUNCT
ajfa-6464	100	3	1977	1977	NUM
ajfa-6464	100	4	)	)	PUNCT
ajfa-6464	100	5	suggests	suggest	VERB
ajfa-6464	100	6	that	that	SCONJ
ajfa-6464	100	7	companies	company	NOUN
ajfa-6464	100	8	that	that	PRON
ajfa-6464	100	9	increase	increase	VERB
ajfa-6464	100	10	dividend	dividend	NOUN
ajfa-6464	100	11	payout	payout	NOUN
ajfa-6464	100	12	signal	signal	NOUN
ajfa-6464	100	13	to	to	ADP
ajfa-6464	100	14	the	the	DET
ajfa-6464	100	15	market	market	NOUN
ajfa-6464	100	16	that	that	SCONJ
ajfa-6464	100	17	it	it	PRON
ajfa-6464	100	18	has	have	VERB
ajfa-6464	100	19	the	the	DET
ajfa-6464	100	20	potential	potential	NOUN
ajfa-6464	100	21	to	to	PART
ajfa-6464	100	22	generate	generate	VERB
ajfa-6464	100	23	future	future	ADJ
ajfa-6464	100	24	cash	cash	NOUN
ajfa-6464	100	25	flows	flow	NOUN
ajfa-6464	100	26	to	to	PART
ajfa-6464	100	27	meet	meet	VERB
ajfa-6464	100	28	future	future	ADJ
ajfa-6464	100	29	dividends	dividend	NOUN
ajfa-6464	100	30	.	.	PUNCT
ajfa-6464	101	1	the	the	DET
ajfa-6464	101	2	value	value	NOUN
ajfa-6464	101	3	of	of	ADP
ajfa-6464	101	4	a	a	DET
ajfa-6464	101	5	company	company	NOUN
ajfa-6464	101	6	is	be	AUX
ajfa-6464	101	7	expected	expect	VERB
ajfa-6464	101	8	to	to	PART
ajfa-6464	101	9	increase	increase	VERB
ajfa-6464	101	10	on	on	ADP
ajfa-6464	101	11	account	account	NOUN
ajfa-6464	101	12	of	of	ADP
ajfa-6464	101	13	dividend	dividend	NOUN
ajfa-6464	101	14	payment	payment	NOUN
ajfa-6464	101	15	as	as	SCONJ
ajfa-6464	101	16	it	it	PRON
ajfa-6464	101	17	signals	signal	VERB
ajfa-6464	101	18	to	to	ADP
ajfa-6464	101	19	the	the	DET
ajfa-6464	101	20	market	market	NOUN
ajfa-6464	101	21	that	that	PRON
ajfa-6464	101	22	the	the	DET
ajfa-6464	101	23	firm	firm	NOUN
ajfa-6464	101	24	is	be	AUX
ajfa-6464	101	25	expected	expect	VERB
ajfa-6464	101	26	to	to	PART
ajfa-6464	101	27	have	have	VERB
ajfa-6464	101	28	higher	high	ADJ
ajfa-6464	101	29	cash	cash	NOUN
ajfa-6464	101	30	flows	flow	NOUN
ajfa-6464	101	31	.	.	PUNCT
ajfa-6464	102	1	the	the	DET
ajfa-6464	102	2	profitability	profitability	NOUN
ajfa-6464	102	3	hypothesis	hypothesis	NOUN
ajfa-6464	102	4	suggests	suggest	VERB
ajfa-6464	102	5	that	that	SCONJ
ajfa-6464	102	6	higher	high	ADJ
ajfa-6464	102	7	the	the	DET
ajfa-6464	102	8	profits	profit	NOUN
ajfa-6464	102	9	generated	generate	VERB
ajfa-6464	102	10	by	by	ADP
ajfa-6464	102	11	firms	firm	NOUN
ajfa-6464	102	12	,	,	PUNCT
ajfa-6464	102	13	greater	great	ADJ
ajfa-6464	102	14	would	would	AUX
ajfa-6464	102	15	be	be	AUX
ajfa-6464	102	16	the	the	DET
ajfa-6464	102	17	value	value	NOUN
ajfa-6464	102	18	creation	creation	NOUN
ajfa-6464	102	19	.	.	PUNCT
ajfa-6464	103	1	the	the	DET
ajfa-6464	103	2	study	study	NOUN
ajfa-6464	103	3	by	by	ADP
ajfa-6464	103	4	gamba	gamba	NOUN
ajfa-6464	103	5	and	and	CCONJ
ajfa-6464	103	6	triantis	triantis	PROPN
ajfa-6464	103	7	(	(	PUNCT
ajfa-6464	103	8	2008	2008	NUM
ajfa-6464	103	9	)	)	PUNCT
ajfa-6464	103	10	develop	develop	VERB
ajfa-6464	103	11	a	a	DET
ajfa-6464	103	12	model	model	NOUN
ajfa-6464	103	13	that	that	PRON
ajfa-6464	103	14	endogenizes	endogenize	VERB
ajfa-6464	103	15	dynamic	dynamic	ADJ
ajfa-6464	103	16	financing	financing	NOUN
ajfa-6464	103	17	,	,	PUNCT
ajfa-6464	103	18	investment	investment	NOUN
ajfa-6464	103	19	and	and	CCONJ
ajfa-6464	103	20	cash	cash	NOUN
ajfa-6464	103	21	retention	retention	NOUN
ajfa-6464	103	22	/	/	SYM
ajfa-6464	103	23	payout	payout	NOUN
ajfa-6464	103	24	policies	policy	NOUN
ajfa-6464	103	25	in	in	ADP
ajfa-6464	103	26	order	order	NOUN
ajfa-6464	103	27	to	to	PART
ajfa-6464	103	28	analyze	analyze	VERB
ajfa-6464	103	29	the	the	DET
ajfa-6464	103	30	financial	financial	ADJ
ajfa-6464	103	31	flexibility	flexibility	NOUN
ajfa-6464	103	32	on	on	ADP
ajfa-6464	103	33	firm	firm	ADJ
ajfa-6464	103	34	value	value	NOUN
ajfa-6464	103	35	.	.	PUNCT
ajfa-6464	104	1	the	the	DET
ajfa-6464	104	2	study	study	NOUN
ajfa-6464	104	3	demonstrate	demonstrate	VERB
ajfa-6464	104	4	that	that	SCONJ
ajfa-6464	104	5	value	value	NOUN
ajfa-6464	104	6	of	of	ADP
ajfa-6464	104	7	financing	financing	NOUN
ajfa-6464	104	8	flexibility	flexibility	NOUN
ajfa-6464	104	9	depends	depend	VERB
ajfa-6464	104	10	on	on	ADP
ajfa-6464	104	11	the	the	DET
ajfa-6464	104	12	costs	cost	NOUN
ajfa-6464	104	13	of	of	ADP
ajfa-6464	104	14	external	external	ADJ
ajfa-6464	104	15	financing	financing	NOUN
ajfa-6464	104	16	,	,	PUNCT
ajfa-6464	104	17	the	the	DET
ajfa-6464	104	18	level	level	NOUN
ajfa-6464	104	19	of	of	ADP
ajfa-6464	104	20	corporate	corporate	ADJ
ajfa-6464	104	21	and	and	CCONJ
ajfa-6464	104	22	personal	personal	ADJ
ajfa-6464	104	23	tax	tax	NOUN
ajfa-6464	104	24	,	,	PUNCT
ajfa-6464	104	25	the	the	DET
ajfa-6464	104	26	firm	firm	NOUN
ajfa-6464	104	27	’s	’s	PART
ajfa-6464	104	28	growth	growth	NOUN
ajfa-6464	104	29	potential	potential	NOUN
ajfa-6464	104	30	.	.	PUNCT
ajfa-6464	105	1	michael	michael	PROPN
ajfa-6464	105	2	et	et	PROPN
ajfa-6464	105	3	al	al	PROPN
ajfa-6464	105	4	(	(	PUNCT
ajfa-6464	105	5	2001	2001	NUM
ajfa-6464	105	6	)	)	PUNCT
ajfa-6464	105	7	suggests	suggest	VERB
ajfa-6464	105	8	integration	integration	NOUN
ajfa-6464	105	9	of	of	ADP
ajfa-6464	105	10	entrepreneurial	entrepreneurial	ADJ
ajfa-6464	105	11	and	and	CCONJ
ajfa-6464	105	12	strategic	strategic	ADJ
ajfa-6464	105	13	thinking	thinking	NOUN
ajfa-6464	105	14	for	for	ADP
ajfa-6464	105	15	value	value	NOUN
ajfa-6464	105	16	creation	creation	NOUN
ajfa-6464	105	17	in	in	ADP
ajfa-6464	105	18	entrepreneurial	entrepreneurial	ADJ
ajfa-6464	105	19	firms	firm	NOUN
ajfa-6464	105	20	.	.	PUNCT
ajfa-6464	106	1	the	the	DET
ajfa-6464	106	2	paper	paper	NOUN
ajfa-6464	106	3	by	by	ADP
ajfa-6464	106	4	amhud	amhud	PROPN
ajfa-6464	106	5	(	(	PUNCT
ajfa-6464	106	6	2002	2002	NUM
ajfa-6464	106	7	)	)	PUNCT
ajfa-6464	106	8	shows	show	VERB
ajfa-6464	106	9	that	that	SCONJ
ajfa-6464	106	10	over	over	ADP
ajfa-6464	106	11	time	time	NOUN
ajfa-6464	106	12	,	,	PUNCT
ajfa-6464	106	13	expected	expect	VERB
ajfa-6464	106	14	market	market	NOUN
ajfa-6464	106	15	illiquidity	illiquidity	NOUN
ajfa-6464	106	16	positively	positively	ADV
ajfa-6464	106	17	affects	affect	VERB
ajfa-6464	106	18	ex	ex	PRON
ajfa-6464	106	19	ante	ante	NOUN
ajfa-6464	106	20	stock	stock	NOUN
ajfa-6464	106	21	excess	excess	ADJ
ajfa-6464	106	22	return	return	NOUN
ajfa-6464	106	23	,	,	PUNCT
ajfa-6464	106	24	suggesting	suggest	VERB
ajfa-6464	106	25	that	that	SCONJ
ajfa-6464	106	26	expected	expect	VERB
ajfa-6464	106	27	stock	stock	NOUN
ajfa-6464	106	28	excess	excess	ADJ
ajfa-6464	106	29	return	return	NOUN
ajfa-6464	106	30	partly	partly	ADV
ajfa-6464	106	31	represents	represent	VERB
ajfa-6464	106	32	an	an	DET
ajfa-6464	106	33	illiquidity	illiquidity	NOUN
ajfa-6464	106	34	premium	premium	NOUN
ajfa-6464	106	35	.	.	PUNCT
ajfa-6464	107	1	severine	severine	PROPN
ajfa-6464	107	2	et	et	PROPN
ajfa-6464	107	3	al	al	PROPN
ajfa-6464	107	4	(	(	PUNCT
ajfa-6464	107	5	2004	2004	NUM
ajfa-6464	107	6	)	)	PUNCT
ajfa-6464	107	7	examines	examine	VERB
ajfa-6464	107	8	the	the	DET
ajfa-6464	107	9	determinants	determinant	NOUN
ajfa-6464	107	10	of	of	ADP
ajfa-6464	107	11	stock	stock	NOUN
ajfa-6464	107	12	returns	return	NOUN
ajfa-6464	107	13	in	in	ADP
ajfa-6464	107	14	a	a	DET
ajfa-6464	107	15	small	small	ADJ
ajfa-6464	107	16	open	open	ADJ
ajfa-6464	107	17	economy	economy	NOUN
ajfa-6464	107	18	using	use	VERB
ajfa-6464	107	19	an	an	DET
ajfa-6464	107	20	apt	apt	ADJ
ajfa-6464	107	21	framework	framework	NOUN
ajfa-6464	107	22	and	and	CCONJ
ajfa-6464	107	23	finds	find	VERB
ajfa-6464	107	24	that	that	SCONJ
ajfa-6464	107	25	statistical	statistical	ADJ
ajfa-6464	107	26	factors	factor	NOUN
ajfa-6464	107	27	yield	yield	VERB
ajfa-6464	107	28	a	a	DET
ajfa-6464	107	29	better	well	ADJ
ajfa-6464	107	30	representation	representation	NOUN
ajfa-6464	107	31	of	of	ADP
ajfa-6464	107	32	the	the	DET
ajfa-6464	107	33	determinants	determinant	NOUN
ajfa-6464	107	34	of	of	ADP
ajfa-6464	107	35	stock	stock	NOUN
ajfa-6464	107	36	returns	return	NOUN
ajfa-6464	107	37	than	than	ADP
ajfa-6464	107	38	macroeconomic	macroeconomic	ADJ
ajfa-6464	107	39	variables	variable	NOUN
ajfa-6464	107	40	.	.	PUNCT
ajfa-6464	108	1	boyer	boyer	PROPN
ajfa-6464	108	2	et	et	PROPN
ajfa-6464	108	3	al	al	PROPN
ajfa-6464	108	4	(	(	PUNCT
ajfa-6464	108	5	2007	2007	NUM
ajfa-6464	108	6	)	)	PUNCT
ajfa-6464	108	7	find	find	VERB
ajfa-6464	108	8	that	that	SCONJ
ajfa-6464	108	9	the	the	DET
ajfa-6464	108	10	return	return	NOUN
ajfa-6464	108	11	of	of	ADP
ajfa-6464	108	12	canadian	canadian	ADJ
ajfa-6464	108	13	energy	energy	NOUN
ajfa-6464	108	14	stock	stock	NOUN
ajfa-6464	108	15	is	be	AUX
ajfa-6464	108	16	positively	positively	ADV
ajfa-6464	108	17	associated	associate	VERB
ajfa-6464	108	18	with	with	ADP
ajfa-6464	108	19	the	the	DET
ajfa-6464	108	20	canadian	canadian	ADJ
ajfa-6464	108	21	stock	stock	NOUN
ajfa-6464	108	22	market	market	NOUN
ajfa-6464	108	23	return	return	NOUN
ajfa-6464	108	24	,	,	PUNCT
ajfa-6464	108	25	with	with	ADP
ajfa-6464	108	26	appreciations	appreciation	NOUN
ajfa-6464	108	27	of	of	ADP
ajfa-6464	108	28	crude	crude	ADJ
ajfa-6464	108	29	oil	oil	NOUN
ajfa-6464	108	30	and	and	CCONJ
ajfa-6464	108	31	natural	natural	ADJ
ajfa-6464	108	32	gas	gas	NOUN
ajfa-6464	108	33	prices	price	NOUN
ajfa-6464	108	34	,	,	PUNCT
ajfa-6464	108	35	with	with	ADP
ajfa-6464	108	36	growth	growth	NOUN
ajfa-6464	108	37	in	in	ADP
ajfa-6464	108	38	internal	internal	ADJ
ajfa-6464	108	39	cash	cash	NOUN
ajfa-6464	108	40	flows	flow	NOUN
ajfa-6464	108	41	and	and	CCONJ
ajfa-6464	108	42	proven	prove	VERB
ajfa-6464	108	43	reserves	reserve	NOUN
ajfa-6464	108	44	,	,	PUNCT
ajfa-6464	108	45	and	and	CCONJ
ajfa-6464	108	46	asian	asian	ADJ
ajfa-6464	108	47	journal	journal	NOUN
ajfa-6464	108	48	of	of	ADP
ajfa-6464	108	49	finance	finance	PROPN
ajfa-6464	108	50	&	&	CCONJ
ajfa-6464	108	51	accounting	accounting	PROPN
ajfa-6464	108	52	issn	issn	PROPN
ajfa-6464	108	53	1946	1946	NUM
ajfa-6464	108	54	-	-	PUNCT
ajfa-6464	108	55	052x	052x	NOUN
ajfa-6464	108	56	2015	2015	NUM
ajfa-6464	108	57	,	,	PUNCT
ajfa-6464	108	58	vol	vol	NOUN
ajfa-6464	108	59	.	.	PROPN
ajfa-6464	108	60	7	7	NUM
ajfa-6464	108	61	,	,	PUNCT
ajfa-6464	108	62	no	no	INTJ
ajfa-6464	108	63	.	.	NOUN
ajfa-6464	108	64	1	1	NUM
ajfa-6464	108	65	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	108	66	81	81	NUM
ajfa-6464	108	67	negatively	negatively	ADV
ajfa-6464	108	68	with	with	ADP
ajfa-6464	108	69	interest	interest	NOUN
ajfa-6464	108	70	rates	rate	NOUN
ajfa-6464	108	71	.	.	PUNCT
ajfa-6464	109	1	the	the	DET
ajfa-6464	109	2	study	study	NOUN
ajfa-6464	109	3	by	by	ADP
ajfa-6464	109	4	fang	fang	PROPN
ajfa-6464	109	5	l	l	X
ajfa-6464	109	6	et	et	NOUN
ajfa-6464	109	7	al	al	PROPN
ajfa-6464	109	8	(	(	PUNCT
ajfa-6464	109	9	2009	2009	NUM
ajfa-6464	109	10	)	)	PUNCT
ajfa-6464	109	11	find	find	VERB
ajfa-6464	109	12	that	that	SCONJ
ajfa-6464	109	13	stocks	stock	NOUN
ajfa-6464	109	14	with	with	ADP
ajfa-6464	109	15	no	no	DET
ajfa-6464	109	16	media	media	NOUN
ajfa-6464	109	17	coverage	coverage	NOUN
ajfa-6464	109	18	earn	earn	VERB
ajfa-6464	109	19	higher	high	ADJ
ajfa-6464	109	20	returns	return	NOUN
ajfa-6464	109	21	than	than	ADP
ajfa-6464	109	22	stocks	stock	NOUN
ajfa-6464	109	23	with	with	ADP
ajfa-6464	109	24	high	high	ADJ
ajfa-6464	109	25	media	medium	NOUN
ajfa-6464	109	26	coverage	coverage	NOUN
ajfa-6464	109	27	even	even	ADV
ajfa-6464	109	28	after	after	ADP
ajfa-6464	109	29	controlling	control	VERB
ajfa-6464	109	30	for	for	ADP
ajfa-6464	109	31	well	well	ADV
ajfa-6464	109	32	-	-	PUNCT
ajfa-6464	109	33	known	know	VERB
ajfa-6464	109	34	risk	risk	NOUN
ajfa-6464	109	35	factors	factor	NOUN
ajfa-6464	109	36	.	.	PUNCT
ajfa-6464	110	1	4	4	X
ajfa-6464	110	2	.	.	X
ajfa-6464	110	3	methodology	methodology	NOUN
ajfa-6464	110	4	4.1	4.1	NUM
ajfa-6464	110	5	model	model	NOUN
ajfa-6464	110	6	discussion	discussion	NOUN
ajfa-6464	110	7	the	the	DET
ajfa-6464	110	8	proposed	propose	VERB
ajfa-6464	110	9	model	model	NOUN
ajfa-6464	110	10	for	for	ADP
ajfa-6464	110	11	value	value	NOUN
ajfa-6464	110	12	creation	creation	NOUN
ajfa-6464	110	13	is	be	AUX
ajfa-6464	110	14	framed	frame	VERB
ajfa-6464	110	15	with	with	ADP
ajfa-6464	110	16	respect	respect	NOUN
ajfa-6464	110	17	to	to	ADP
ajfa-6464	110	18	latent	latent	NOUN
ajfa-6464	110	19	constructs	construct	NOUN
ajfa-6464	110	20	as	as	SCONJ
ajfa-6464	110	21	given	give	VERB
ajfa-6464	110	22	in	in	ADP
ajfa-6464	110	23	the	the	DET
ajfa-6464	110	24	diagrammatic	diagrammatic	ADJ
ajfa-6464	110	25	design	design	NOUN
ajfa-6464	110	26	below	below	ADV
ajfa-6464	110	27	.	.	PUNCT
ajfa-6464	111	1	it	it	PRON
ajfa-6464	111	2	is	be	AUX
ajfa-6464	111	3	assumed	assume	VERB
ajfa-6464	111	4	that	that	SCONJ
ajfa-6464	111	5	value	value	NOUN
ajfa-6464	111	6	creation	creation	NOUN
ajfa-6464	111	7	is	be	AUX
ajfa-6464	111	8	a	a	DET
ajfa-6464	111	9	function	function	NOUN
ajfa-6464	111	10	of	of	ADP
ajfa-6464	111	11	critical	critical	ADJ
ajfa-6464	111	12	variables	variable	NOUN
ajfa-6464	111	13	of	of	ADP
ajfa-6464	111	14	size	size	NOUN
ajfa-6464	111	15	of	of	ADP
ajfa-6464	111	16	the	the	DET
ajfa-6464	111	17	firm	firm	NOUN
ajfa-6464	111	18	,	,	PUNCT
ajfa-6464	111	19	dividend	dividend	NOUN
ajfa-6464	111	20	policy	policy	NOUN
ajfa-6464	111	21	of	of	ADP
ajfa-6464	111	22	the	the	DET
ajfa-6464	111	23	firm	firm	NOUN
ajfa-6464	111	24	,	,	PUNCT
ajfa-6464	111	25	investment	investment	NOUN
ajfa-6464	111	26	decisions	decision	NOUN
ajfa-6464	111	27	,	,	PUNCT
ajfa-6464	111	28	capital	capital	NOUN
ajfa-6464	111	29	structure	structure	NOUN
ajfa-6464	111	30	and	and	CCONJ
ajfa-6464	111	31	risk	risk	NOUN
ajfa-6464	111	32	characteristics	characteristic	NOUN
ajfa-6464	111	33	of	of	ADP
ajfa-6464	111	34	the	the	DET
ajfa-6464	111	35	firm	firm	NOUN
ajfa-6464	111	36	.	.	PUNCT
ajfa-6464	112	1	it	it	PRON
ajfa-6464	112	2	is	be	AUX
ajfa-6464	112	3	hypothesized	hypothesize	VERB
ajfa-6464	112	4	that	that	SCONJ
ajfa-6464	112	5	investment	investment	NOUN
ajfa-6464	112	6	decisions	decision	NOUN
ajfa-6464	112	7	would	would	AUX
ajfa-6464	112	8	lead	lead	VERB
ajfa-6464	112	9	to	to	ADP
ajfa-6464	112	10	growth	growth	NOUN
ajfa-6464	112	11	which	which	PRON
ajfa-6464	112	12	in	in	ADP
ajfa-6464	112	13	turn	turn	NOUN
ajfa-6464	112	14	would	would	AUX
ajfa-6464	112	15	lead	lead	VERB
ajfa-6464	112	16	to	to	ADP
ajfa-6464	112	17	profitability	profitability	NOUN
ajfa-6464	112	18	and	and	CCONJ
ajfa-6464	112	19	results	result	NOUN
ajfa-6464	112	20	in	in	ADP
ajfa-6464	112	21	value	value	NOUN
ajfa-6464	112	22	creation	creation	NOUN
ajfa-6464	112	23	.	.	PUNCT
ajfa-6464	113	1	figure	figure	NOUN
ajfa-6464	113	2	1	1	NUM
ajfa-6464	113	3	.	.	PUNCT
ajfa-6464	113	4	initial	initial	ADJ
ajfa-6464	113	5	path	path	NOUN
ajfa-6464	113	6	diagram	diagram	NOUN
ajfa-6464	113	7	for	for	ADP
ajfa-6464	113	8	value	value	NOUN
ajfa-6464	113	9	creation	creation	NOUN
ajfa-6464	113	10	the	the	DET
ajfa-6464	113	11	relationship	relationship	NOUN
ajfa-6464	113	12	between	between	ADP
ajfa-6464	113	13	the	the	DET
ajfa-6464	113	14	constructs	construct	NOUN
ajfa-6464	113	15	is	be	AUX
ajfa-6464	113	16	based	base	VERB
ajfa-6464	113	17	on	on	ADP
ajfa-6464	113	18	the	the	DET
ajfa-6464	113	19	direction	direction	NOUN
ajfa-6464	113	20	of	of	ADP
ajfa-6464	113	21	arrows	arrow	NOUN
ajfa-6464	113	22	.	.	PUNCT
ajfa-6464	114	1	the	the	DET
ajfa-6464	114	2	latent	latent	NOUN
ajfa-6464	114	3	constructs	construct	NOUN
ajfa-6464	114	4	of	of	ADP
ajfa-6464	114	5	dividend	dividend	NOUN
ajfa-6464	114	6	policy	policy	NOUN
ajfa-6464	114	7	(	(	PUNCT
ajfa-6464	114	8	divpo	divpo	PROPN
ajfa-6464	114	9	)	)	PUNCT
ajfa-6464	114	10	,	,	PUNCT
ajfa-6464	114	11	firm	firm	ADJ
ajfa-6464	114	12	size	size	NOUN
ajfa-6464	114	13	,	,	PUNCT
ajfa-6464	114	14	growth	growth	NOUN
ajfa-6464	114	15	,	,	PUNCT
ajfa-6464	114	16	investment	investment	NOUN
ajfa-6464	114	17	decision	decision	NOUN
ajfa-6464	114	18	(	(	PUNCT
ajfa-6464	114	19	investdeci	investdeci	NOUN
ajfa-6464	114	20	)	)	PUNCT
ajfa-6464	114	21	,	,	PUNCT
ajfa-6464	114	22	risk	risk	NOUN
ajfa-6464	114	23	,	,	PUNCT
ajfa-6464	114	24	capital	capital	NOUN
ajfa-6464	114	25	structure	structure	NOUN
ajfa-6464	114	26	are	be	AUX
ajfa-6464	114	27	designed	design	VERB
ajfa-6464	114	28	with	with	ADP
ajfa-6464	114	29	reflective	reflective	ADJ
ajfa-6464	114	30	indicators	indicator	NOUN
ajfa-6464	114	31	.	.	PUNCT
ajfa-6464	115	1	the	the	DET
ajfa-6464	115	2	final	final	ADJ
ajfa-6464	115	3	latent	latent	NOUN
ajfa-6464	115	4	construct	construct	NOUN
ajfa-6464	115	5	of	of	ADP
ajfa-6464	115	6	value	value	NOUN
ajfa-6464	115	7	creation	creation	NOUN
ajfa-6464	115	8	is	be	AUX
ajfa-6464	115	9	designed	design	VERB
ajfa-6464	115	10	with	with	ADP
ajfa-6464	115	11	formative	formative	ADJ
ajfa-6464	115	12	indicators	indicator	NOUN
ajfa-6464	115	13	of	of	ADP
ajfa-6464	115	14	average	average	ADJ
ajfa-6464	115	15	stock	stock	NOUN
ajfa-6464	115	16	returns	return	NOUN
ajfa-6464	115	17	,	,	PUNCT
ajfa-6464	115	18	earnings	earning	NOUN
ajfa-6464	115	19	to	to	ADP
ajfa-6464	115	20	book	book	NOUN
ajfa-6464	115	21	value	value	NOUN
ajfa-6464	115	22	of	of	ADP
ajfa-6464	115	23	equity	equity	NOUN
ajfa-6464	115	24	and	and	CCONJ
ajfa-6464	115	25	ratio	ratio	NOUN
ajfa-6464	115	26	of	of	ADP
ajfa-6464	115	27	market	market	NOUN
ajfa-6464	115	28	value	value	NOUN
ajfa-6464	115	29	to	to	ADP
ajfa-6464	115	30	book	book	NOUN
ajfa-6464	115	31	value	value	NOUN
ajfa-6464	115	32	of	of	ADP
ajfa-6464	115	33	the	the	DET
ajfa-6464	115	34	firm	firm	NOUN
ajfa-6464	115	35	.	.	PUNCT
ajfa-6464	116	1	the	the	DET
ajfa-6464	116	2	description	description	NOUN
ajfa-6464	116	3	of	of	ADP
ajfa-6464	116	4	the	the	DET
ajfa-6464	116	5	reflective	reflective	ADJ
ajfa-6464	116	6	and	and	CCONJ
ajfa-6464	116	7	formative	formative	ADJ
ajfa-6464	116	8	indicators	indicator	NOUN
ajfa-6464	116	9	is	be	AUX
ajfa-6464	116	10	provided	provide	VERB
ajfa-6464	116	11	in	in	ADP
ajfa-6464	116	12	the	the	DET
ajfa-6464	116	13	table	table	NOUN
ajfa-6464	116	14	below	below	ADV
ajfa-6464	116	15	.	.	PUNCT
ajfa-6464	117	1	asian	asian	ADJ
ajfa-6464	117	2	journal	journal	PROPN
ajfa-6464	117	3	of	of	ADP
ajfa-6464	117	4	finance	finance	PROPN
ajfa-6464	117	5	&	&	CCONJ
ajfa-6464	117	6	accounting	accounting	PROPN
ajfa-6464	117	7	issn	issn	PROPN
ajfa-6464	117	8	1946	1946	NUM
ajfa-6464	117	9	-	-	PUNCT
ajfa-6464	117	10	052x	052x	NOUN
ajfa-6464	117	11	2015	2015	NUM
ajfa-6464	117	12	,	,	PUNCT
ajfa-6464	117	13	vol	vol	NOUN
ajfa-6464	117	14	.	.	PROPN
ajfa-6464	117	15	7	7	NUM
ajfa-6464	117	16	,	,	PUNCT
ajfa-6464	117	17	no	no	INTJ
ajfa-6464	117	18	.	.	NOUN
ajfa-6464	117	19	1	1	NUM
ajfa-6464	117	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	117	21	82	82	NUM
ajfa-6464	117	22	table	table	NOUN
ajfa-6464	117	23	1	1	NUM
ajfa-6464	117	24	.	.	PUNCT
ajfa-6464	117	25	reflective	reflective	ADJ
ajfa-6464	117	26	and	and	CCONJ
ajfa-6464	117	27	formative	formative	ADJ
ajfa-6464	117	28	indicator	indicator	NOUN
ajfa-6464	117	29	definitions	definition	NOUN
ajfa-6464	117	30	variables	variable	NOUN
ajfa-6464	117	31	definitions	definition	VERB
ajfa-6464	117	32	mvt	mvt	PROPN
ajfa-6464	117	33	/	/	SYM
ajfa-6464	117	34	bvt	bvt	PROPN
ajfa-6464	117	35	market	market	NOUN
ajfa-6464	117	36	value	value	NOUN
ajfa-6464	117	37	of	of	ADP
ajfa-6464	117	38	firm	firm	ADJ
ajfa-6464	117	39	/	/	SYM
ajfa-6464	117	40	book	book	NOUN
ajfa-6464	117	41	value	value	NOUN
ajfa-6464	117	42	of	of	ADP
ajfa-6464	117	43	firm	firm	NOUN
ajfa-6464	117	44	in	in	ADP
ajfa-6464	117	45	year	year	NOUN
ajfa-6464	117	46	t	t	PROPN
ajfa-6464	117	47	lnsa	lnsa	VERB
ajfa-6464	117	48	natural	natural	ADJ
ajfa-6464	117	49	log	log	NOUN
ajfa-6464	117	50	of	of	ADP
ajfa-6464	117	51	average	average	ADJ
ajfa-6464	117	52	revenue	revenue	NOUN
ajfa-6464	117	53	in	in	ADP
ajfa-6464	117	54	t-1	t-1	PROPN
ajfa-6464	117	55	to	to	PART
ajfa-6464	117	56	t-3	t-3	VERB
ajfa-6464	117	57	dividend	dividend	NOUN
ajfa-6464	117	58	payout	payout	NOUN
ajfa-6464	117	59	(	(	PUNCT
ajfa-6464	117	60	dpo	dpo	NOUN
ajfa-6464	117	61	)	)	PUNCT
ajfa-6464	117	62	total	total	ADJ
ajfa-6464	117	63	dividends	dividend	NOUN
ajfa-6464	117	64	/	/	SYM
ajfa-6464	117	65	total	total	ADJ
ajfa-6464	117	66	earnings	earning	NOUN
ajfa-6464	117	67	in	in	ADP
ajfa-6464	117	68	t-1	t-1	PROPN
ajfa-6464	117	69	to	to	PART
ajfa-6464	117	70	t-3	t-3	VERB
ajfa-6464	117	71	lnta	lnta	PROPN
ajfa-6464	117	72	natural	natural	ADJ
ajfa-6464	117	73	log	log	NOUN
ajfa-6464	117	74	of	of	ADP
ajfa-6464	117	75	total	total	ADJ
ajfa-6464	117	76	assets	asset	NOUN
ajfa-6464	117	77	in	in	ADP
ajfa-6464	117	78	t-1	t-1	PROPN
ajfa-6464	117	79	to	to	ADP
ajfa-6464	117	80	t-3	t-3	PROPN
ajfa-6464	117	81	lev(leverage	lev(leverage	NOUN
ajfa-6464	117	82	)	)	PUNCT
ajfa-6464	117	83	total	total	ADJ
ajfa-6464	117	84	debt	debt	NOUN
ajfa-6464	117	85	/	/	SYM
ajfa-6464	117	86	total	total	NOUN
ajfa-6464	117	87	equity	equity	NOUN
ajfa-6464	117	88	in	in	ADP
ajfa-6464	117	89	t-1	t-1	PROPN
ajfa-6464	117	90	to	to	PART
ajfa-6464	117	91	t-3	t-3	VERB
ajfa-6464	117	92	lnme	lnme	PROPN
ajfa-6464	117	93	natural	natural	ADJ
ajfa-6464	117	94	log	log	NOUN
ajfa-6464	117	95	of	of	ADP
ajfa-6464	117	96	market	market	NOUN
ajfa-6464	117	97	equity	equity	NOUN
ajfa-6464	117	98	in	in	ADP
ajfa-6464	117	99	t-1	t-1	PROPN
ajfa-6464	117	100	return	return	VERB
ajfa-6464	117	101	on	on	ADP
ajfa-6464	117	102	equity	equity	NOUN
ajfa-6464	117	103	(	(	PUNCT
ajfa-6464	117	104	roe	roe	PROPN
ajfa-6464	117	105	)	)	PUNCT
ajfa-6464	117	106	net	net	ADJ
ajfa-6464	117	107	income	income	NOUN
ajfa-6464	117	108	/	/	SYM
ajfa-6464	117	109	total	total	NOUN
ajfa-6464	117	110	equity	equity	NOUN
ajfa-6464	117	111	in	in	ADP
ajfa-6464	117	112	t-1	t-1	PROPN
ajfa-6464	117	113	to	to	PART
ajfa-6464	117	114	t-3	t-3	VERB
ajfa-6464	117	115	return	return	VERB
ajfa-6464	117	116	on	on	ADP
ajfa-6464	117	117	assets	asset	NOUN
ajfa-6464	117	118	(	(	PUNCT
ajfa-6464	117	119	roa	roa	NOUN
ajfa-6464	117	120	)	)	PUNCT
ajfa-6464	117	121	net	net	ADJ
ajfa-6464	117	122	income	income	NOUN
ajfa-6464	117	123	/	/	SYM
ajfa-6464	117	124	total	total	ADJ
ajfa-6464	117	125	assets	asset	NOUN
ajfa-6464	117	126	in	in	ADP
ajfa-6464	117	127	t-1	t-1	PROPN
ajfa-6464	117	128	to	to	PART
ajfa-6464	117	129	t-3	t-3	VERB
ajfa-6464	117	130	capex	capex	PROPN
ajfa-6464	117	131	/	/	SYM
ajfa-6464	117	132	ta	ta	PROPN
ajfa-6464	117	133	capital	capital	NOUN
ajfa-6464	117	134	expenditure	expenditure	NOUN
ajfa-6464	117	135	/	/	SYM
ajfa-6464	117	136	total	total	ADJ
ajfa-6464	117	137	assets	asset	NOUN
ajfa-6464	117	138	in	in	ADP
ajfa-6464	117	139	t-1	t-1	PROPN
ajfa-6464	117	140	to	to	ADP
ajfa-6464	117	141	t-3	t-3	PROPN
ajfa-6464	117	142	wc	wc	PROPN
ajfa-6464	117	143	/	/	SYM
ajfa-6464	117	144	ta	ta	PROPN
ajfa-6464	117	145	working	work	VERB
ajfa-6464	117	146	capital	capital	NOUN
ajfa-6464	117	147	/	/	SYM
ajfa-6464	117	148	total	total	ADJ
ajfa-6464	117	149	assets	asset	NOUN
ajfa-6464	117	150	in	in	ADP
ajfa-6464	117	151	t-1	t-1	PROPN
ajfa-6464	117	152	to	to	PART
ajfa-6464	117	153	t-3	t-3	VERB
ajfa-6464	117	154	sg	sg	ADP
ajfa-6464	117	155	sales	sale	NOUN
ajfa-6464	117	156	growth	growth	NOUN
ajfa-6464	117	157	rate	rate	NOUN
ajfa-6464	117	158	in	in	ADP
ajfa-6464	117	159	t-1	t-1	PROPN
ajfa-6464	117	160	to	to	PART
ajfa-6464	117	161	t-3	t-3	VERB
ajfa-6464	117	162	eg	eg	NOUN
ajfa-6464	117	163	earnings	earning	NOUN
ajfa-6464	117	164	growth	growth	NOUN
ajfa-6464	117	165	rate	rate	NOUN
ajfa-6464	117	166	in	in	ADP
ajfa-6464	117	167	t-1	t-1	PROPN
ajfa-6464	117	168	to	to	PART
ajfa-6464	117	169	t-3	t-3	VERB
ajfa-6464	117	170	earnings	earning	NOUN
ajfa-6464	117	171	/	/	SYM
ajfa-6464	117	172	price	price	NOUN
ajfa-6464	117	173	(	(	PUNCT
ajfa-6464	117	174	e	e	NOUN
ajfa-6464	117	175	/	/	SYM
ajfa-6464	117	176	p	p	NOUN
ajfa-6464	117	177	)	)	PUNCT
ajfa-6464	117	178	total	total	ADJ
ajfa-6464	117	179	earnings	earning	NOUN
ajfa-6464	117	180	/	/	SYM
ajfa-6464	117	181	market	market	NOUN
ajfa-6464	117	182	capitalization	capitalization	NOUN
ajfa-6464	117	183	in	in	ADP
ajfa-6464	117	184	t-1	t-1	PROPN
ajfa-6464	117	185	to	to	ADP
ajfa-6464	117	186	t-3	t-3	NOUN
ajfa-6464	117	187	.	.	PUNCT
ajfa-6464	118	1	market	market	NOUN
ajfa-6464	118	2	capitalization	capitalization	NOUN
ajfa-6464	118	3	is	be	AUX
ajfa-6464	118	4	price	price	NOUN
ajfa-6464	118	5	multiplied	multiply	VERB
ajfa-6464	118	6	by	by	ADP
ajfa-6464	118	7	number	number	NOUN
ajfa-6464	118	8	of	of	ADP
ajfa-6464	118	9	shares	share	NOUN
ajfa-6464	118	10	.	.	PUNCT
ajfa-6464	119	1	return	return	VERB
ajfa-6464	119	2	average	average	ADJ
ajfa-6464	119	3	monthly	monthly	ADJ
ajfa-6464	119	4	returns	return	NOUN
ajfa-6464	119	5	in	in	ADP
ajfa-6464	119	6	july	july	PROPN
ajfa-6464	119	7	of	of	ADP
ajfa-6464	119	8	year	year	NOUN
ajfa-6464	119	9	t	t	PROPN
ajfa-6464	119	10	to	to	ADP
ajfa-6464	119	11	june	june	PROPN
ajfa-6464	119	12	of	of	ADP
ajfa-6464	119	13	year	year	NOUN
ajfa-6464	119	14	t+1	t+1	PROPN
ajfa-6464	119	15	.	.	PUNCT
ajfa-6464	120	1	beta	beta	NOUN
ajfa-6464	120	2	measures	measure	NOUN
ajfa-6464	120	3	the	the	DET
ajfa-6464	120	4	systematic	systematic	ADJ
ajfa-6464	120	5	risk	risk	NOUN
ajfa-6464	120	6	of	of	ADP
ajfa-6464	120	7	the	the	DET
ajfa-6464	120	8	stock	stock	NOUN
ajfa-6464	120	9	.	.	PUNCT
ajfa-6464	121	1	beta	beta	NOUN
ajfa-6464	121	2	is	be	AUX
ajfa-6464	121	3	found	find	VERB
ajfa-6464	121	4	out	out	ADP
ajfa-6464	121	5	by	by	ADP
ajfa-6464	121	6	regressing	regress	VERB
ajfa-6464	121	7	stock	stock	NOUN
ajfa-6464	121	8	returns	return	NOUN
ajfa-6464	121	9	for	for	ADP
ajfa-6464	121	10	a	a	DET
ajfa-6464	121	11	stock	stock	NOUN
ajfa-6464	121	12	on	on	ADP
ajfa-6464	121	13	respective	respective	ADJ
ajfa-6464	121	14	market	market	NOUN
ajfa-6464	121	15	indices	index	NOUN
ajfa-6464	121	16	returns	return	NOUN
ajfa-6464	121	17	based	base	VERB
ajfa-6464	121	18	on	on	ADP
ajfa-6464	121	19	one	one	NUM
ajfa-6464	121	20	year	year	NOUN
ajfa-6464	121	21	of	of	ADP
ajfa-6464	121	22	data	datum	NOUN
ajfa-6464	121	23	.	.	PUNCT
ajfa-6464	122	1	beta	beta	NOUN
ajfa-6464	122	2	is	be	AUX
ajfa-6464	122	3	calculated	calculate	VERB
ajfa-6464	122	4	for	for	ADP
ajfa-6464	122	5	one	one	NUM
ajfa-6464	122	6	year	year	NOUN
ajfa-6464	122	7	period	period	NOUN
ajfa-6464	122	8	t-1	t-1	PROPN
ajfa-6464	122	9	.	.	PUNCT
ajfa-6464	123	1	div	div	PROPN
ajfa-6464	123	2	yield	yield	VERB
ajfa-6464	123	3	dividend	dividend	NOUN
ajfa-6464	123	4	per	per	ADP
ajfa-6464	123	5	share	share	NOUN
ajfa-6464	123	6	/	/	SYM
ajfa-6464	123	7	market	market	NOUN
ajfa-6464	123	8	price	price	NOUN
ajfa-6464	123	9	per	per	ADP
ajfa-6464	123	10	share	share	NOUN
ajfa-6464	123	11	in	in	ADP
ajfa-6464	123	12	t-1	t-1	PROPN
ajfa-6464	123	13	to	to	ADP
ajfa-6464	123	14	t-3	t-3	NOUN
ajfa-6464	123	15	.	.	PUNCT
ajfa-6464	124	1	et	et	NOUN
ajfa-6464	124	2	/	/	SYM
ajfa-6464	124	3	bet-1	bet-1	PUNCT
ajfa-6464	124	4	total	total	ADJ
ajfa-6464	124	5	earnings	earning	NOUN
ajfa-6464	124	6	in	in	ADP
ajfa-6464	124	7	t	t	PROPN
ajfa-6464	124	8	/	/	SYM
ajfa-6464	124	9	book	book	NOUN
ajfa-6464	124	10	value	value	NOUN
ajfa-6464	124	11	of	of	ADP
ajfa-6464	124	12	equity	equity	NOUN
ajfa-6464	124	13	in	in	ADP
ajfa-6464	124	14	t-1	t-1	PROPN
ajfa-6464	124	15	the	the	DET
ajfa-6464	124	16	formative	formative	ADJ
ajfa-6464	124	17	indicator	indicator	NOUN
ajfa-6464	124	18	variables	variable	NOUN
ajfa-6464	124	19	of	of	ADP
ajfa-6464	124	20	market	market	NOUN
ajfa-6464	124	21	value	value	NOUN
ajfa-6464	124	22	of	of	ADP
ajfa-6464	124	23	firm	firm	NOUN
ajfa-6464	124	24	to	to	ADP
ajfa-6464	124	25	book	book	NOUN
ajfa-6464	124	26	value	value	NOUN
ajfa-6464	124	27	of	of	ADP
ajfa-6464	124	28	firm	firm	NOUN
ajfa-6464	124	29	,	,	PUNCT
ajfa-6464	124	30	average	average	ADJ
ajfa-6464	124	31	stock	stock	NOUN
ajfa-6464	124	32	returns	return	NOUN
ajfa-6464	124	33	and	and	CCONJ
ajfa-6464	124	34	earnings	earning	NOUN
ajfa-6464	124	35	were	be	AUX
ajfa-6464	124	36	based	base	VERB
ajfa-6464	124	37	on	on	ADP
ajfa-6464	124	38	the	the	DET
ajfa-6464	124	39	year	year	NOUN
ajfa-6464	124	40	2012	2012	NUM
ajfa-6464	124	41	.	.	PUNCT
ajfa-6464	125	1	one	one	NUM
ajfa-6464	125	2	of	of	ADP
ajfa-6464	125	3	the	the	DET
ajfa-6464	125	4	formative	formative	ADJ
ajfa-6464	125	5	indicator	indicator	NOUN
ajfa-6464	125	6	for	for	ADP
ajfa-6464	125	7	final	final	ADJ
ajfa-6464	125	8	latent	latent	NOUN
ajfa-6464	125	9	construct	construct	NOUN
ajfa-6464	125	10	of	of	ADP
ajfa-6464	125	11	value	value	NOUN
ajfa-6464	125	12	creation	creation	NOUN
ajfa-6464	125	13	was	be	AUX
ajfa-6464	125	14	et	et	NOUN
ajfa-6464	125	15	/	/	PUNCT
ajfa-6464	125	16	bet-1	bet-1	PUNCT
ajfa-6464	125	17	where	where	SCONJ
ajfa-6464	125	18	et	et	PRON
ajfa-6464	125	19	was	be	AUX
ajfa-6464	125	20	in	in	ADP
ajfa-6464	125	21	the	the	DET
ajfa-6464	125	22	year	year	NOUN
ajfa-6464	125	23	2012	2012	NUM
ajfa-6464	125	24	and	and	CCONJ
ajfa-6464	125	25	.	.	PUNCT
ajfa-6464	125	26	bet-1	bet-1	PUNCT
ajfa-6464	125	27	was	be	AUX
ajfa-6464	125	28	based	base	VERB
ajfa-6464	125	29	in	in	ADP
ajfa-6464	125	30	the	the	DET
ajfa-6464	125	31	previous	previous	ADJ
ajfa-6464	125	32	year	year	NOUN
ajfa-6464	125	33	,	,	PUNCT
ajfa-6464	125	34	the	the	DET
ajfa-6464	125	35	average	average	ADJ
ajfa-6464	125	36	accounting	accounting	NOUN
ajfa-6464	125	37	data	datum	NOUN
ajfa-6464	125	38	for	for	ADP
ajfa-6464	125	39	the	the	DET
ajfa-6464	125	40	year	year	NOUN
ajfa-6464	125	41	’s	’s	PART
ajfa-6464	125	42	t-1	t-1	PROPN
ajfa-6464	125	43	to	to	ADP
ajfa-6464	125	44	t-3	t-3	PROPN
ajfa-6464	125	45	is	be	AUX
ajfa-6464	125	46	matched	match	VERB
ajfa-6464	125	47	with	with	ADP
ajfa-6464	125	48	the	the	DET
ajfa-6464	125	49	average	average	ADJ
ajfa-6464	125	50	monthly	monthly	ADJ
ajfa-6464	125	51	returns	return	NOUN
ajfa-6464	125	52	for	for	ADP
ajfa-6464	125	53	july	july	PROPN
ajfa-6464	125	54	of	of	ADP
ajfa-6464	125	55	year	year	NOUN
ajfa-6464	125	56	t	t	PROPN
ajfa-6464	125	57	to	to	ADP
ajfa-6464	125	58	june	june	PROPN
ajfa-6464	125	59	of	of	ADP
ajfa-6464	125	60	year	year	NOUN
ajfa-6464	125	61	t+1	t+1	NUM
ajfa-6464	125	62	.	.	PUNCT
ajfa-6464	126	1	the	the	DET
ajfa-6464	126	2	values	value	NOUN
ajfa-6464	126	3	for	for	ADP
ajfa-6464	126	4	variables	variable	NOUN
ajfa-6464	126	5	of	of	ADP
ajfa-6464	126	6	size	size	NOUN
ajfa-6464	126	7	,	,	PUNCT
ajfa-6464	126	8	dividend	dividend	NOUN
ajfa-6464	126	9	payout	payout	NOUN
ajfa-6464	126	10	,	,	PUNCT
ajfa-6464	126	11	profitability	profitability	NOUN
ajfa-6464	126	12	are	be	AUX
ajfa-6464	126	13	average	average	ADJ
ajfa-6464	126	14	values	value	NOUN
ajfa-6464	126	15	for	for	ADP
ajfa-6464	126	16	period	period	NOUN
ajfa-6464	126	17	t-1	t-1	PROPN
ajfa-6464	126	18	to	to	PART
ajfa-6464	126	19	t-3	t-3	NOUN
ajfa-6464	126	20	(	(	PUNCT
ajfa-6464	126	21	2009	2009	NUM
ajfa-6464	126	22	-	-	SYM
ajfa-6464	126	23	2011	2011	NUM
ajfa-6464	126	24	)	)	PUNCT
ajfa-6464	126	25	.	.	PUNCT
ajfa-6464	127	1	the	the	DET
ajfa-6464	127	2	financial	financial	ADJ
ajfa-6464	127	3	data	datum	NOUN
ajfa-6464	127	4	was	be	AUX
ajfa-6464	127	5	collected	collect	VERB
ajfa-6464	127	6	from	from	ADP
ajfa-6464	127	7	the	the	DET
ajfa-6464	127	8	balance	balance	NOUN
ajfa-6464	127	9	sheets	sheet	NOUN
ajfa-6464	127	10	of	of	ADP
ajfa-6464	127	11	the	the	DET
ajfa-6464	127	12	firms	firm	NOUN
ajfa-6464	127	13	.	.	PUNCT
ajfa-6464	128	1	the	the	DET
ajfa-6464	128	2	stock	stock	NOUN
ajfa-6464	128	3	market	market	NOUN
ajfa-6464	128	4	data	datum	NOUN
ajfa-6464	128	5	was	be	AUX
ajfa-6464	128	6	collected	collect	VERB
ajfa-6464	128	7	from	from	ADP
ajfa-6464	128	8	the	the	DET
ajfa-6464	128	9	seven	seven	NUM
ajfa-6464	128	10	stock	stock	NOUN
ajfa-6464	128	11	exchange	exchange	NOUN
ajfa-6464	128	12	websites	website	NOUN
ajfa-6464	128	13	.	.	PUNCT
ajfa-6464	129	1	4.2	4.2	NUM
ajfa-6464	129	2	sample	sample	NOUN
ajfa-6464	129	3	selection	selection	NOUN
ajfa-6464	129	4	for	for	ADP
ajfa-6464	129	5	the	the	DET
ajfa-6464	129	6	empirical	empirical	ADJ
ajfa-6464	129	7	modelling	modelling	NOUN
ajfa-6464	129	8	part	part	NOUN
ajfa-6464	129	9	,	,	PUNCT
ajfa-6464	129	10	we	we	PRON
ajfa-6464	129	11	selected	select	VERB
ajfa-6464	129	12	eight	eight	NUM
ajfa-6464	129	13	companies	company	NOUN
ajfa-6464	129	14	with	with	ADP
ajfa-6464	129	15	highest	high	ADJ
ajfa-6464	129	16	average	average	ADJ
ajfa-6464	129	17	market	market	NOUN
ajfa-6464	129	18	capitalization	capitalization	NOUN
ajfa-6464	129	19	from	from	ADP
ajfa-6464	129	20	saudi	saudi	ADJ
ajfa-6464	129	21	tadawul	tadawul	NOUN
ajfa-6464	129	22	,	,	PUNCT
ajfa-6464	129	23	and	and	CCONJ
ajfa-6464	129	24	seven	seven	NUM
ajfa-6464	129	25	companies	company	NOUN
ajfa-6464	129	26	each	each	PRON
ajfa-6464	129	27	from	from	ADP
ajfa-6464	129	28	other	other	ADJ
ajfa-6464	129	29	six	six	NUM
ajfa-6464	129	30	stock	stock	NOUN
ajfa-6464	129	31	markets	market	NOUN
ajfa-6464	129	32	-dubai	-dubai	NOUN
ajfa-6464	129	33	financial	financial	ADJ
ajfa-6464	129	34	markets	market	NOUN
ajfa-6464	129	35	,	,	PUNCT
ajfa-6464	129	36	abu	abu	PROPN
ajfa-6464	129	37	dhabi	dhabi	PROPN
ajfa-6464	129	38	securities	securities	PROPN
ajfa-6464	129	39	exchange	exchange	PROPN
ajfa-6464	129	40	,	,	PUNCT
ajfa-6464	129	41	muscat	muscat	PROPN
ajfa-6464	129	42	securities	security	NOUN
ajfa-6464	129	43	market	market	NOUN
ajfa-6464	129	44	,	,	PUNCT
ajfa-6464	129	45	qatar	qatar	PROPN
ajfa-6464	129	46	exchange	exchange	PROPN
ajfa-6464	129	47	and	and	CCONJ
ajfa-6464	129	48	kuwait	kuwait	PROPN
ajfa-6464	129	49	stock	stock	PROPN
ajfa-6464	129	50	exchange	exchange	PROPN
ajfa-6464	129	51	the	the	DET
ajfa-6464	129	52	average	average	ADJ
ajfa-6464	129	53	market	market	NOUN
ajfa-6464	129	54	capitalization	capitalization	NOUN
ajfa-6464	129	55	was	be	AUX
ajfa-6464	129	56	based	base	VERB
ajfa-6464	129	57	on	on	ADP
ajfa-6464	129	58	five	five	NUM
ajfa-6464	129	59	years	year	NOUN
ajfa-6464	129	60	during	during	ADP
ajfa-6464	129	61	the	the	DET
ajfa-6464	129	62	period	period	NOUN
ajfa-6464	129	63	2009	2009	NUM
ajfa-6464	129	64	-	-	SYM
ajfa-6464	129	65	2013	2013	NUM
ajfa-6464	129	66	.	.	PUNCT
ajfa-6464	130	1	the	the	DET
ajfa-6464	130	2	value	value	NOUN
ajfa-6464	130	3	of	of	ADP
ajfa-6464	130	4	average	average	ADJ
ajfa-6464	130	5	market	market	NOUN
ajfa-6464	130	6	capitalization	capitalization	NOUN
ajfa-6464	130	7	was	be	AUX
ajfa-6464	130	8	calculated	calculate	VERB
ajfa-6464	130	9	asian	asian	ADJ
ajfa-6464	130	10	journal	journal	NOUN
ajfa-6464	130	11	of	of	ADP
ajfa-6464	130	12	finance	finance	PROPN
ajfa-6464	130	13	&	&	CCONJ
ajfa-6464	130	14	accounting	accounting	PROPN
ajfa-6464	130	15	issn	issn	PROPN
ajfa-6464	130	16	1946	1946	NUM
ajfa-6464	130	17	-	-	PUNCT
ajfa-6464	130	18	052x	052x	NOUN
ajfa-6464	130	19	2015	2015	NUM
ajfa-6464	130	20	,	,	PUNCT
ajfa-6464	130	21	vol	vol	NOUN
ajfa-6464	130	22	.	.	PROPN
ajfa-6464	131	1	7	7	NUM
ajfa-6464	131	2	,	,	PUNCT
ajfa-6464	131	3	no	no	INTJ
ajfa-6464	131	4	.	.	NOUN
ajfa-6464	131	5	1	1	NUM
ajfa-6464	131	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6464	131	7	83	83	NUM
ajfa-6464	131	8	in	in	ADP
ajfa-6464	131	9	us	us	PROPN
ajfa-6464	131	10	dollars	dollar	NOUN
ajfa-6464	131	11	.	.	PUNCT
ajfa-6464	132	1	all	all	DET
ajfa-6464	132	2	financial	financial	ADJ
ajfa-6464	132	3	variables	variable	NOUN
ajfa-6464	132	4	in	in	ADP
ajfa-6464	132	5	terms	term	NOUN
ajfa-6464	132	6	of	of	ADP
ajfa-6464	132	7	value	value	NOUN
ajfa-6464	132	8	were	be	AUX
ajfa-6464	132	9	converted	convert	VERB
ajfa-6464	132	10	to	to	ADP
ajfa-6464	132	11	us	us	PROPN
ajfa-6464	132	12	dollars	dollar	NOUN
ajfa-6464	132	13	based	base	VERB
ajfa-6464	132	14	on	on	ADP
ajfa-6464	132	15	the	the	DET
ajfa-6464	132	16	exchange	exchange	NOUN
ajfa-6464	132	17	rate	rate	NOUN
ajfa-6464	132	18	of	of	ADP
ajfa-6464	132	19	us	us	PROPN
ajfa-6464	132	20	dollar	dollar	NOUN
ajfa-6464	132	21	vis	vis	X
ajfa-6464	132	22	a	a	X
ajfa-6464	132	23	vis	vis	X
ajfa-6464	132	24	gcc	gcc	NOUN
ajfa-6464	132	25	currencies1	currencies1	NOUN
ajfa-6464	132	26	.	.	PUNCT
ajfa-6464	133	1	table	table	NOUN
ajfa-6464	133	2	2	2	NUM
ajfa-6464	133	3	.	.	PUNCT
ajfa-6464	133	4	sample	sample	NOUN
ajfa-6464	133	5	segregation	segregation	NOUN
ajfa-6464	133	6	sector	sector	NOUN
ajfa-6464	133	7	number	number	NOUN
ajfa-6464	133	8	of	of	ADP
ajfa-6464	133	9	companies	company	NOUN
ajfa-6464	133	10	banking	bank	VERB
ajfa-6464	133	11	22	22	NUM
ajfa-6464	133	12	industrial	industrial	ADJ
ajfa-6464	133	13	6	6	NUM
ajfa-6464	133	14	telecommunication	telecommunication	NOUN
ajfa-6464	133	15	&	&	CCONJ
ajfa-6464	133	16	it	it	PRON
ajfa-6464	133	17	5	5	NUM
ajfa-6464	133	18	investment	investment	NOUN
ajfa-6464	133	19	and	and	CCONJ
ajfa-6464	133	20	financials	financial	NOUN
ajfa-6464	133	21	5	5	NUM
ajfa-6464	133	22	petrochemical	petrochemical	NOUN
ajfa-6464	133	23	and	and	CCONJ
ajfa-6464	133	24	energy	energy	NOUN
ajfa-6464	133	25	utilities	utility	NOUN
ajfa-6464	133	26	3	3	NUM
ajfa-6464	133	27	real	real	ADJ
ajfa-6464	133	28	estate	estate	NOUN
ajfa-6464	133	29	and	and	CCONJ
ajfa-6464	133	30	construction	construction	NOUN
ajfa-6464	133	31	3	3	NUM
ajfa-6464	133	32	consumer	consumer	NOUN
ajfa-6464	133	33	services	service	NOUN
ajfa-6464	133	34	3	3	NUM
ajfa-6464	133	35	insurance	insurance	NOUN
ajfa-6464	133	36	2	2	NUM
ajfa-6464	133	37	transport	transport	NOUN
ajfa-6464	133	38	1	1	NUM
ajfa-6464	133	39	total	total	NOUN
ajfa-6464	133	40	50	50	NUM
ajfa-6464	133	41	the	the	DET
ajfa-6464	133	42	following	follow	VERB
ajfa-6464	133	43	table	table	NOUN
ajfa-6464	133	44	gives	give	VERB
ajfa-6464	133	45	the	the	DET
ajfa-6464	133	46	descriptive	descriptive	ADJ
ajfa-6464	133	47	statistics	statistic	NOUN
ajfa-6464	133	48	for	for	ADP
ajfa-6464	133	49	50	50	NUM
ajfa-6464	133	50	sample	sample	NOUN
ajfa-6464	133	51	companies	company	NOUN
ajfa-6464	133	52	based	base	VERB
ajfa-6464	133	53	on	on	ADP
ajfa-6464	133	54	five	five	NUM
ajfa-6464	133	55	yearly	yearly	ADJ
ajfa-6464	133	56	average	average	ADJ
ajfa-6464	133	57	values.the	values.the	NOUN
ajfa-6464	133	58	table	table	NOUN
ajfa-6464	133	59	below	below	ADP
ajfa-6464	133	60	e	e	NOUN
ajfa-6464	133	61	gives	give	VERB
ajfa-6464	133	62	the	the	DET
ajfa-6464	133	63	descriptive	descriptive	ADJ
ajfa-6464	133	64	statistics	statistic	NOUN
ajfa-6464	133	65	of	of	ADP
ajfa-6464	133	66	the	the	DET
ajfa-6464	133	67	sample	sample	NOUN
ajfa-6464	133	68	firms	firm	NOUN
ajfa-6464	133	69	involved	involve	VERB
ajfa-6464	133	70	in	in	ADP
ajfa-6464	133	71	the	the	DET
ajfa-6464	133	72	empirical	empirical	ADJ
ajfa-6464	133	73	study	study	NOUN
ajfa-6464	133	74	.	.	PUNCT
ajfa-6464	134	1	the	the	DET
ajfa-6464	134	2	descriptive	descriptive	ADJ
ajfa-6464	134	3	statistics	statistic	NOUN
ajfa-6464	134	4	of	of	ADP
ajfa-6464	134	5	variables	variable	NOUN
ajfa-6464	134	6	like	like	ADP
ajfa-6464	134	7	total	total	ADJ
ajfa-6464	134	8	assets	asset	NOUN
ajfa-6464	134	9	,	,	PUNCT
ajfa-6464	134	10	revenues	revenue	NOUN
ajfa-6464	134	11	,	,	PUNCT
ajfa-6464	134	12	cash	cash	NOUN
ajfa-6464	134	13	flows	flow	NOUN
ajfa-6464	134	14	and	and	CCONJ
ajfa-6464	134	15	net	net	ADJ
ajfa-6464	134	16	profit	profit	NOUN
ajfa-6464	134	17	are	be	AUX
ajfa-6464	134	18	given	give	VERB
ajfa-6464	134	19	in	in	ADP
ajfa-6464	134	20	the	the	DET
ajfa-6464	134	21	table	table	NOUN
ajfa-6464	134	22	.	.	PUNCT
ajfa-6464	135	1	the	the	DET
ajfa-6464	135	2	average	average	ADJ
ajfa-6464	135	3	,	,	PUNCT
ajfa-6464	135	4	mean	mean	ADJ
ajfa-6464	135	5	,	,	PUNCT
ajfa-6464	135	6	standard	standard	ADJ
ajfa-6464	135	7	deviation	deviation	NOUN
ajfa-6464	135	8	,	,	PUNCT
ajfa-6464	135	9	the	the	DET
ajfa-6464	135	10	maximum	maximum	ADJ
ajfa-6464	135	11	value	value	NOUN
ajfa-6464	135	12	and	and	CCONJ
ajfa-6464	135	13	minimum	minimum	NOUN
ajfa-6464	135	14	value	value	NOUN
ajfa-6464	135	15	of	of	ADP
ajfa-6464	135	16	the	the	DET
ajfa-6464	135	17	sample	sample	NOUN
ajfa-6464	135	18	statistics	statistic	NOUN
ajfa-6464	135	19	are	be	AUX
ajfa-6464	135	20	given	give	VERB
ajfa-6464	135	21	.	.	PUNCT
ajfa-6464	136	1	the	the	DET
ajfa-6464	136	2	descriptive	descriptive	ADJ
ajfa-6464	136	3	statistics	statistic	NOUN
ajfa-6464	136	4	are	be	AUX
ajfa-6464	136	5	for	for	ADP
ajfa-6464	136	6	50	50	NUM
ajfa-6464	136	7	sample	sample	NOUN
ajfa-6464	136	8	companies	company	NOUN
ajfa-6464	136	9	based	base	VERB
ajfa-6464	136	10	on	on	ADP
ajfa-6464	136	11	five	five	NUM
ajfa-6464	136	12	yearly	yearly	ADJ
ajfa-6464	136	13	average	average	ADJ
ajfa-6464	136	14	values	value	NOUN
ajfa-6464	136	15	.	.	PUNCT
ajfa-6464	137	1	the	the	DET
ajfa-6464	137	2	average	average	ADJ
ajfa-6464	137	3	total	total	ADJ
ajfa-6464	137	4	assets	asset	NOUN
ajfa-6464	137	5	and	and	CCONJ
ajfa-6464	137	6	revenues	revenue	NOUN
ajfa-6464	137	7	of	of	ADP
ajfa-6464	137	8	the	the	DET
ajfa-6464	137	9	sample	sample	NOUN
ajfa-6464	137	10	firms	firm	NOUN
ajfa-6464	137	11	amounted	amount	VERB
ajfa-6464	137	12	to	to	ADP
ajfa-6464	137	13	$	$	SYM
ajfa-6464	137	14	23.65	23.65	NUM
ajfa-6464	137	15	billion	billion	NUM
ajfa-6464	137	16	and	and	CCONJ
ajfa-6464	137	17	$	$	SYM
ajfa-6464	137	18	3.2	3.2	NUM
ajfa-6464	137	19	billion	billion	NUM
ajfa-6464	137	20	respectively	respectively	ADV
ajfa-6464	137	21	.	.	PUNCT
ajfa-6464	138	1	the	the	DET
ajfa-6464	138	2	standard	standard	ADJ
ajfa-6464	138	3	deviations	deviation	NOUN
ajfa-6464	138	4	for	for	ADP
ajfa-6464	138	5	the	the	DET
ajfa-6464	138	6	total	total	ADJ
ajfa-6464	138	7	assets	asset	NOUN
ajfa-6464	138	8	and	and	CCONJ
ajfa-6464	138	9	revenues	revenue	NOUN
ajfa-6464	138	10	were	be	AUX
ajfa-6464	138	11	28.59	28.59	NUM
ajfa-6464	138	12	and	and	CCONJ
ajfa-6464	138	13	6.47	6.47	NUM
ajfa-6464	138	14	respectively	respectively	ADV
ajfa-6464	138	15	.	.	PUNCT
ajfa-6464	139	1	hence	hence	ADV
ajfa-6464	139	2	the	the	DET
ajfa-6464	139	3	variability	variability	NOUN
ajfa-6464	139	4	in	in	ADP
ajfa-6464	139	5	asset	asset	NOUN
ajfa-6464	139	6	size	size	NOUN
ajfa-6464	139	7	and	and	CCONJ
ajfa-6464	139	8	revenues	revenue	NOUN
ajfa-6464	139	9	were	be	AUX
ajfa-6464	139	10	higher	high	ADJ
ajfa-6464	139	11	in	in	ADP
ajfa-6464	139	12	the	the	DET
ajfa-6464	139	13	sample	sample	NOUN
ajfa-6464	139	14	firms	firm	NOUN
ajfa-6464	139	15	.	.	PUNCT
ajfa-6464	140	1	the	the	DET
ajfa-6464	140	2	analysis	analysis	NOUN
ajfa-6464	140	3	for	for	ADP
ajfa-6464	140	4	the	the	DET
ajfa-6464	140	5	maximum	maximum	ADJ
ajfa-6464	140	6	and	and	CCONJ
ajfa-6464	140	7	minimum	minimum	ADJ
ajfa-6464	140	8	value	value	NOUN
ajfa-6464	140	9	for	for	ADP
ajfa-6464	140	10	assets	asset	NOUN
ajfa-6464	140	11	and	and	CCONJ
ajfa-6464	140	12	revenues	revenue	NOUN
ajfa-6464	140	13	suggests	suggest	VERB
ajfa-6464	140	14	huge	huge	ADJ
ajfa-6464	140	15	difference	difference	NOUN
ajfa-6464	140	16	in	in	ADP
ajfa-6464	140	17	values	value	NOUN
ajfa-6464	140	18	.	.	PUNCT
ajfa-6464	141	1	the	the	DET
ajfa-6464	141	2	sample	sample	NOUN
ajfa-6464	141	3	firms	firm	NOUN
ajfa-6464	141	4	had	have	VERB
ajfa-6464	141	5	an	an	DET
ajfa-6464	141	6	average	average	ADJ
ajfa-6464	141	7	cash	cash	NOUN
ajfa-6464	141	8	flow	flow	NOUN
ajfa-6464	141	9	and	and	CCONJ
ajfa-6464	141	10	net	net	ADJ
ajfa-6464	141	11	profit	profit	NOUN
ajfa-6464	141	12	of	of	ADP
ajfa-6464	141	13	$	$	SYM
ajfa-6464	141	14	8.7	8.7	NUM
ajfa-6464	141	15	billion	billion	NUM
ajfa-6464	141	16	and	and	CCONJ
ajfa-6464	141	17	$	$	SYM
ajfa-6464	141	18	0.416	0.416	NUM
ajfa-6464	141	19	billion	billion	NUM
ajfa-6464	141	20	respectively	respectively	ADV
ajfa-6464	141	21	.	.	PUNCT
ajfa-6464	142	1	the	the	DET
ajfa-6464	142	2	standard	standard	ADJ
ajfa-6464	142	3	deviation	deviation	NOUN
ajfa-6464	142	4	for	for	ADP
ajfa-6464	142	5	cash	cash	NOUN
ajfa-6464	142	6	flow	flow	NOUN
ajfa-6464	142	7	and	and	CCONJ
ajfa-6464	142	8	net	net	ADJ
ajfa-6464	142	9	profit	profit	NOUN
ajfa-6464	142	10	were	be	AUX
ajfa-6464	142	11	$	$	SYM
ajfa-6464	142	12	46.82	46.82	NUM
ajfa-6464	142	13	billion	billion	NUM
ajfa-6464	142	14	and	and	CCONJ
ajfa-6464	142	15	$	$	SYM
ajfa-6464	142	16	0.521	0.521	NUM
ajfa-6464	142	17	billion	billion	NUM
ajfa-6464	142	18	respectively	respectively	ADV
ajfa-6464	142	19	.	.	PUNCT
ajfa-6464	142	20	table	table	NOUN
ajfa-6464	142	21	3	3	NUM
ajfa-6464	142	22	.	.	PUNCT
ajfa-6464	142	23	descriptive	descriptive	ADJ
ajfa-6464	142	24	statistics	statistic	NOUN
ajfa-6464	142	25	(	(	PUNCT
ajfa-6464	142	26	values	value	NOUN
ajfa-6464	142	27	in	in	ADP
ajfa-6464	142	28	millions	million	NOUN
ajfa-6464	142	29	of	of	ADP
ajfa-6464	142	30	dollars	dollar	NOUN
ajfa-6464	142	31	)	)	PUNCT
ajfa-6464	142	32	variables	variable	VERB
ajfa-6464	142	33	average	average	ADJ
ajfa-6464	142	34	standard	standard	ADJ
ajfa-6464	142	35	deviation	deviation	NOUN
ajfa-6464	142	36	maximum	maximum	ADJ
ajfa-6464	142	37	minimum	minimum	ADJ
ajfa-6464	142	38	total	total	ADJ
ajfa-6464	142	39	assets	asset	NOUN
ajfa-6464	142	40	23656.39	23656.39	NUM
ajfa-6464	142	41	28599.43	28599.43	NUM
ajfa-6464	142	42	140216.56	140216.56	NUM
ajfa-6464	142	43	463.45	463.45	NUM
ajfa-6464	142	44	revenues	revenue	NOUN
ajfa-6464	142	45	3200.91	3200.91	NUM
ajfa-6464	142	46	6472.93	6472.93	NUM
ajfa-6464	142	47	42266.60	42266.60	NUM
ajfa-6464	142	48	31.68	31.68	NUM
ajfa-6464	142	49	cash	cash	NOUN
ajfa-6464	142	50	flow	flow	NOUN
ajfa-6464	142	51	8703.81	8703.81	NUM
ajfa-6464	142	52	46824.72	46824.72	NUM
ajfa-6464	143	1	330799.50	330799.50	NUM
ajfa-6464	143	2	-68.47	-68.47	PROPN
ajfa-6464	143	3	net	net	ADJ
ajfa-6464	143	4	profit	profit	NOUN
ajfa-6464	143	5	416.06	416.06	NUM
ajfa-6464	143	6	521.15	521.15	NUM
ajfa-6464	143	7	2111.88	2111.88	NUM
ajfa-6464	143	8	-413.85	-413.85	PROPN
ajfa-6464	143	9	11usd=3.67aed	11usd=3.67aed	NUM
ajfa-6464	143	10	;	;	PUNCT
ajfa-6464	143	11	3.75	3.75	NUM
ajfa-6464	143	12	saudi	saudi	ADJ
ajfa-6464	143	13	riyal	riyal	NOUN
ajfa-6464	143	14	;	;	PUNCT
ajfa-6464	143	15	3.64	3.64	NUM
ajfa-6464	143	16	qatari	qatari	ADJ
ajfa-6464	143	17	riyal	riyal	NOUN
ajfa-6464	143	18	;	;	PUNCT
ajfa-6464	143	19	0.28	0.28	NUM
ajfa-6464	143	20	kuwaiti	kuwaiti	PROPN
ajfa-6464	143	21	dinar	dinar	PROPN
ajfa-6464	143	22	;	;	PUNCT
ajfa-6464	143	23	0.38	0.38	NUM
ajfa-6464	143	24	bahrani	bahrani	PROPN
ajfa-6464	143	25	dinar	dinar	PROPN
ajfa-6464	143	26	;	;	PUNCT
ajfa-6464	143	27	0.38	0.38	NUM
ajfa-6464	143	28	omani	omani	ADJ
ajfa-6464	143	29	rial	rial	ADJ
ajfa-6464	143	30	.	.	PUNCT
ajfa-6464	144	1	asian	asian	ADJ
ajfa-6464	144	2	journal	journal	PROPN
ajfa-6464	144	3	of	of	ADP
ajfa-6464	144	4	finance	finance	PROPN
ajfa-6464	144	5	&	&	CCONJ
ajfa-6464	144	6	accounting	accounting	PROPN
ajfa-6464	144	7	issn	issn	PROPN
ajfa-6464	144	8	1946	1946	NUM
ajfa-6464	144	9	-	-	PUNCT
ajfa-6464	144	10	052x	052x	NOUN
ajfa-6464	144	11	2015	2015	NUM
ajfa-6464	144	12	,	,	PUNCT
ajfa-6464	144	13	vol	vol	NOUN
ajfa-6464	144	14	.	.	PROPN
ajfa-6464	144	15	7	7	NUM
ajfa-6464	144	16	,	,	PUNCT
ajfa-6464	144	17	no	no	INTJ
ajfa-6464	144	18	.	.	NOUN
ajfa-6464	144	19	1	1	NUM
ajfa-6464	144	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	144	21	84	84	NUM
ajfa-6464	144	22	the	the	DET
ajfa-6464	144	23	following	follow	VERB
ajfa-6464	144	24	table	table	NOUN
ajfa-6464	144	25	provides	provide	VERB
ajfa-6464	144	26	the	the	DET
ajfa-6464	144	27	cross	cross	NOUN
ajfa-6464	144	28	sectional	sectional	ADJ
ajfa-6464	144	29	statistics	statistic	NOUN
ajfa-6464	144	30	of	of	ADP
ajfa-6464	144	31	the	the	DET
ajfa-6464	144	32	reflective	reflective	ADJ
ajfa-6464	144	33	and	and	CCONJ
ajfa-6464	144	34	formative	formative	ADJ
ajfa-6464	144	35	indicators	indicator	NOUN
ajfa-6464	144	36	.	.	PUNCT
ajfa-6464	145	1	thecross	thecross	NOUN
ajfa-6464	145	2	-	-	PUNCT
ajfa-6464	145	3	sectional	sectional	ADJ
ajfa-6464	145	4	statistics	statistic	NOUN
ajfa-6464	145	5	are	be	AUX
ajfa-6464	145	6	for	for	ADP
ajfa-6464	145	7	averages	average	NOUN
ajfa-6464	145	8	,	,	PUNCT
ajfa-6464	145	9	standard	standard	ADJ
ajfa-6464	145	10	deviation	deviation	NOUN
ajfa-6464	145	11	,	,	PUNCT
ajfa-6464	145	12	maximum	maximum	ADJ
ajfa-6464	145	13	and	and	CCONJ
ajfa-6464	145	14	minimum	minimum	ADJ
ajfa-6464	145	15	values	value	NOUN
ajfa-6464	145	16	for	for	ADP
ajfa-6464	145	17	the	the	DET
ajfa-6464	145	18	sample	sample	NOUN
ajfa-6464	145	19	firms	firm	NOUN
ajfa-6464	145	20	.	.	PUNCT
ajfa-6464	146	1	the	the	DET
ajfa-6464	146	2	variables	variable	NOUN
ajfa-6464	146	3	indicate	indicate	VERB
ajfa-6464	146	4	growth	growth	NOUN
ajfa-6464	146	5	,	,	PUNCT
ajfa-6464	146	6	earnings	earning	NOUN
ajfa-6464	146	7	,	,	PUNCT
ajfa-6464	146	8	leverage	leverage	NOUN
ajfa-6464	146	9	,	,	PUNCT
ajfa-6464	146	10	profitability	profitability	NOUN
ajfa-6464	146	11	and	and	CCONJ
ajfa-6464	146	12	risk	risk	NOUN
ajfa-6464	146	13	measures	measure	NOUN
ajfa-6464	146	14	.	.	PUNCT
ajfa-6464	147	1	size	size	NOUN
ajfa-6464	147	2	is	be	AUX
ajfa-6464	147	3	measured	measure	VERB
ajfa-6464	147	4	by	by	ADP
ajfa-6464	147	5	book	book	NOUN
ajfa-6464	147	6	value	value	NOUN
ajfa-6464	147	7	of	of	ADP
ajfa-6464	147	8	total	total	ADJ
ajfa-6464	147	9	assets	asset	NOUN
ajfa-6464	147	10	and	and	CCONJ
ajfa-6464	147	11	market	market	NOUN
ajfa-6464	147	12	value	value	NOUN
ajfa-6464	147	13	of	of	ADP
ajfa-6464	147	14	equity	equity	NOUN
ajfa-6464	147	15	.	.	PUNCT
ajfa-6464	148	1	risk	risk	NOUN
ajfa-6464	148	2	is	be	AUX
ajfa-6464	148	3	measured	measure	VERB
ajfa-6464	148	4	by	by	ADP
ajfa-6464	148	5	beta	beta	NOUN
ajfa-6464	148	6	.	.	PUNCT
ajfa-6464	148	7	table	table	NOUN
ajfa-6464	148	8	4	4	NUM
ajfa-6464	148	9	.	.	PUNCT
ajfa-6464	148	10	cross	cross	VERB
ajfa-6464	148	11	sectional	sectional	ADJ
ajfa-6464	148	12	variable	variable	ADJ
ajfa-6464	148	13	statistics	statistic	NOUN
ajfa-6464	148	14	variables	variable	VERB
ajfa-6464	148	15	average	average	ADJ
ajfa-6464	148	16	standard	standard	ADJ
ajfa-6464	148	17	deviation	deviation	NOUN
ajfa-6464	148	18	maximum	maximum	ADJ
ajfa-6464	148	19	minimum	minimum	ADJ
ajfa-6464	148	20	mv	mv	PROPN
ajfa-6464	148	21	/	/	SYM
ajfa-6464	148	22	bv	bv	PROPN
ajfa-6464	149	1	1.05	1.05	NUM
ajfa-6464	149	2	0.50	0.50	NUM
ajfa-6464	149	3	2.36	2.36	NUM
ajfa-6464	149	4	0.15	0.15	NUM
ajfa-6464	149	5	log	log	NOUN
ajfa-6464	149	6	(	(	PUNCT
ajfa-6464	149	7	sales	sale	NOUN
ajfa-6464	149	8	)	)	PUNCT
ajfa-6464	149	9	6.90	6.90	NUM
ajfa-6464	149	10	1.74	1.74	NUM
ajfa-6464	149	11	10.58	10.58	NUM
ajfa-6464	149	12	0.0000	0.0000	NUM
ajfa-6464	149	13	earnings	earning	NOUN
ajfa-6464	149	14	growth	growth	NOUN
ajfa-6464	149	15	1.80	1.80	NUM
ajfa-6464	149	16	9.53	9.53	NUM
ajfa-6464	149	17	66.70	66.70	NUM
ajfa-6464	149	18	-4.6800	-4.6800	NOUN
ajfa-6464	149	19	log	log	NOUN
ajfa-6464	149	20	(	(	PUNCT
ajfa-6464	149	21	total	total	ADJ
ajfa-6464	149	22	assets	asset	NOUN
ajfa-6464	149	23	)	)	PUNCT
ajfa-6464	149	24	9.09	9.09	NUM
ajfa-6464	149	25	1.91	1.91	NUM
ajfa-6464	149	26	12.02	12.02	NUM
ajfa-6464	149	27	0.0000	0.0000	NUM
ajfa-6464	149	28	dividend	dividend	NOUN
ajfa-6464	149	29	payout	payout	NOUN
ajfa-6464	149	30	0.38	0.38	NUM
ajfa-6464	149	31	0.35	0.35	NUM
ajfa-6464	149	32	1.70	1.70	NUM
ajfa-6464	149	33	0.0000	0.0000	NUM
ajfa-6464	149	34	leverage	leverage	NOUN
ajfa-6464	149	35	3.61	3.61	NUM
ajfa-6464	149	36	3.12	3.12	NUM
ajfa-6464	149	37	12.91	12.91	NUM
ajfa-6464	149	38	0.0000	0.0000	NUM
ajfa-6464	149	39	roe	roe	NOUN
ajfa-6464	149	40	1.60	1.60	NUM
ajfa-6464	149	41	8.6	8.6	NUM
ajfa-6464	149	42	46.8	46.8	NUM
ajfa-6464	149	43	-8.3	-8.3	PROPN
ajfa-6464	149	44	roa	roa	PROPN
ajfa-6464	149	45	-0.27	-0.27	PROPN
ajfa-6464	149	46	2.14	2.14	NUM
ajfa-6464	149	47	0.17	0.17	NUM
ajfa-6464	149	48	-15.16	-15.16	PROPN
ajfa-6464	149	49	capex	capex	PROPN
ajfa-6464	149	50	/	/	SYM
ajfa-6464	149	51	ta	ta	PROPN
ajfa-6464	149	52	0.0040	0.0040	NUM
ajfa-6464	149	53	0.06	0.06	NUM
ajfa-6464	149	54	0.26	0.26	NUM
ajfa-6464	149	55	0.0000	0.0000	NUM
ajfa-6464	149	56	wc	wc	NOUN
ajfa-6464	149	57	/	/	SYM
ajfa-6464	149	58	ta	ta	PROPN
ajfa-6464	149	59	-0.28	-0.28	NUM
ajfa-6464	149	60	0.68	0.68	NUM
ajfa-6464	149	61	1.06	1.06	NUM
ajfa-6464	149	62	-4.3	-4.3	NOUN
ajfa-6464	149	63	sales	sale	NOUN
ajfa-6464	149	64	growth	growth	NOUN
ajfa-6464	149	65	0.12	0.12	NUM
ajfa-6464	149	66	0.28	0.28	NUM
ajfa-6464	149	67	1.23	1.23	NUM
ajfa-6464	149	68	-0.23	-0.23	ADP
ajfa-6464	149	69	e	e	PROPN
ajfa-6464	149	70	/	/	SYM
ajfa-6464	149	71	p	p	NOUN
ajfa-6464	149	72	0.98	0.98	NUM
ajfa-6464	149	73	1.67	1.67	NUM
ajfa-6464	149	74	6.1200	6.1200	NUM
ajfa-6464	149	75	-1.32	-1.32	NOUN
ajfa-6464	149	76	return	return	NOUN
ajfa-6464	149	77	-0.0009	-0.0009	NOUN
ajfa-6464	149	78	0.0322	0.0322	NUM
ajfa-6464	149	79	0.12	0.12	NUM
ajfa-6464	149	80	-0.11	-0.11	X
ajfa-6464	149	81	beta	beta	PROPN
ajfa-6464	149	82	0.94	0.94	NUM
ajfa-6464	149	83	0.61	0.61	NUM
ajfa-6464	149	84	2.64	2.64	NUM
ajfa-6464	149	85	0.0000	0.0000	NUM
ajfa-6464	149	86	ln	ln	NOUN
ajfa-6464	150	1	(	(	PUNCT
ajfa-6464	150	2	me	i	PRON
ajfa-6464	150	3	)	)	PUNCT
ajfa-6464	150	4	9.3	9.3	NUM
ajfa-6464	150	5	1.5705	1.5705	NUM
ajfa-6464	150	6	11.74	11.74	NUM
ajfa-6464	150	7	4.3	4.3	NUM
ajfa-6464	150	8	ln	ln	PROPN
ajfa-6464	150	9	bv	bv	PROPN
ajfa-6464	150	10	/	/	PROPN
ajfa-6464	150	11	mv	mv	PROPN
ajfa-6464	150	12	0.08	0.08	NUM
ajfa-6464	150	13	0.56	0.56	NUM
ajfa-6464	150	14	1.86	1.86	NUM
ajfa-6464	150	15	-0.85	-0.85	NOUN
ajfa-6464	150	16	dividend	dividend	NOUN
ajfa-6464	150	17	yield	yield	NOUN
ajfa-6464	150	18	0.09	0.09	NUM
ajfa-6464	150	19	0.40	0.40	NUM
ajfa-6464	150	20	2.75	2.75	NUM
ajfa-6464	150	21	0.0000	0.0000	NUM
ajfa-6464	150	22	the	the	DET
ajfa-6464	150	23	partial	partial	ADJ
ajfa-6464	150	24	least	least	ADJ
ajfa-6464	150	25	squares	square	VERB
ajfa-6464	150	26	structural	structural	ADJ
ajfa-6464	150	27	equations	equation	NOUN
ajfa-6464	150	28	modeling	modeling	NOUN
ajfa-6464	150	29	(	(	PUNCT
ajfa-6464	150	30	pls	pls	INTJ
ajfa-6464	150	31	-	-	PUNCT
ajfa-6464	150	32	sem	sem	NOUN
ajfa-6464	150	33	)	)	PUNCT
ajfa-6464	150	34	was	be	AUX
ajfa-6464	150	35	used	use	VERB
ajfa-6464	150	36	to	to	PART
ajfa-6464	150	37	test	test	VERB
ajfa-6464	150	38	the	the	DET
ajfa-6464	150	39	determinants	determinant	NOUN
ajfa-6464	150	40	of	of	ADP
ajfa-6464	150	41	value	value	NOUN
ajfa-6464	150	42	creation	creation	NOUN
ajfa-6464	150	43	in	in	ADP
ajfa-6464	150	44	the	the	DET
ajfa-6464	150	45	gcc	gcc	NOUN
ajfa-6464	150	46	firms	firm	NOUN
ajfa-6464	150	47	.	.	PUNCT
ajfa-6464	151	1	the	the	DET
ajfa-6464	151	2	structural	structural	ADJ
ajfa-6464	151	3	equation	equation	NOUN
ajfa-6464	151	4	modelling	modelling	NOUN
ajfa-6464	151	5	procedure	procedure	NOUN
ajfa-6464	151	6	can	can	AUX
ajfa-6464	151	7	be	be	AUX
ajfa-6464	151	8	done	do	VERB
ajfa-6464	151	9	in	in	ADP
ajfa-6464	151	10	two	two	NUM
ajfa-6464	151	11	ways	way	NOUN
ajfa-6464	151	12	,	,	PUNCT
ajfa-6464	151	13	namely	namely	ADV
ajfa-6464	151	14	covariance	covariance	NOUN
ajfa-6464	151	15	based	base	VERB
ajfa-6464	151	16	structural	structural	ADJ
ajfa-6464	151	17	equation	equation	NOUN
ajfa-6464	151	18	modeling	modeling	NOUN
ajfa-6464	151	19	(	(	PUNCT
ajfa-6464	151	20	cb	cb	NOUN
ajfa-6464	151	21	-	-	PUNCT
ajfa-6464	151	22	sem	sem	NOUN
ajfa-6464	151	23	)	)	PUNCT
ajfa-6464	151	24	and	and	CCONJ
ajfa-6464	151	25	partial	partial	ADJ
ajfa-6464	151	26	least	least	ADJ
ajfa-6464	151	27	squares	square	NOUN
ajfa-6464	151	28	modeling	modeling	NOUN
ajfa-6464	151	29	(	(	PUNCT
ajfa-6464	151	30	pls	pls	INTJ
ajfa-6464	151	31	-	-	PUNCT
ajfa-6464	151	32	sem	sem	NOUN
ajfa-6464	151	33	)	)	PUNCT
ajfa-6464	151	34	.	.	PUNCT
ajfa-6464	152	1	recently	recently	ADV
ajfa-6464	152	2	,	,	PUNCT
ajfa-6464	152	3	there	there	PRON
ajfa-6464	152	4	is	be	VERB
ajfa-6464	152	5	an	an	DET
ajfa-6464	152	6	increased	increase	VERB
ajfa-6464	152	7	use	use	NOUN
ajfa-6464	152	8	of	of	ADP
ajfa-6464	152	9	pls	pls	NOUN
ajfa-6464	152	10	-	-	PUNCT
ajfa-6464	152	11	sem	sem	NOUN
ajfa-6464	152	12	rather	rather	ADV
ajfa-6464	152	13	than	than	ADP
ajfa-6464	152	14	cb	cb	PROPN
ajfa-6464	152	15	-	-	PUNCT
ajfa-6464	152	16	sem	sem	NOUN
ajfa-6464	152	17	due	due	ADP
ajfa-6464	152	18	to	to	ADP
ajfa-6464	152	19	both	both	CCONJ
ajfa-6464	152	20	theoretical	theoretical	ADJ
ajfa-6464	152	21	and	and	CCONJ
ajfa-6464	152	22	methodological	methodological	ADJ
ajfa-6464	152	23	reasons	reason	NOUN
ajfa-6464	152	24	(	(	PUNCT
ajfa-6464	152	25	hair	hair	NOUN
ajfa-6464	152	26	et	et	PROPN
ajfa-6464	152	27	al	al	PROPN
ajfa-6464	152	28	.	.	PROPN
ajfa-6464	152	29	,	,	PUNCT
ajfa-6464	152	30	2012).partial	2012).partial	PROPN
ajfa-6464	152	31	least	least	ADJ
ajfa-6464	152	32	square	square	ADJ
ajfa-6464	152	33	modeling	modeling	NOUN
ajfa-6464	152	34	is	be	AUX
ajfa-6464	152	35	used	use	VERB
ajfa-6464	152	36	to	to	PART
ajfa-6464	152	37	tackle	tackle	VERB
ajfa-6464	152	38	many	many	ADJ
ajfa-6464	152	39	multi	multi	ADJ
ajfa-6464	152	40	equation	equation	NOUN
ajfa-6464	152	41	econometric	econometric	ADJ
ajfa-6464	152	42	models	model	NOUN
ajfa-6464	152	43	.	.	PUNCT
ajfa-6464	153	1	since	since	SCONJ
ajfa-6464	153	2	pls	pls	PROPN
ajfa-6464	153	3	also	also	ADV
ajfa-6464	153	4	reflects	reflect	VERB
ajfa-6464	153	5	the	the	DET
ajfa-6464	153	6	sum	sum	NOUN
ajfa-6464	153	7	of	of	ADP
ajfa-6464	153	8	the	the	DET
ajfa-6464	153	9	diagonal	diagonal	ADJ
ajfa-6464	153	10	in	in	ADP
ajfa-6464	153	11	the	the	DET
ajfa-6464	153	12	covariance	covariance	NOUN
ajfa-6464	153	13	matrix	matrix	NOUN
ajfa-6464	153	14	,	,	PUNCT
ajfa-6464	153	15	it	it	PRON
ajfa-6464	153	16	is	be	AUX
ajfa-6464	153	17	also	also	ADV
ajfa-6464	153	18	suited	suit	VERB
ajfa-6464	153	19	for	for	ADP
ajfa-6464	153	20	prediction	prediction	NOUN
ajfa-6464	153	21	.	.	PUNCT
ajfa-6464	154	1	basically	basically	ADV
ajfa-6464	154	2	a	a	DET
ajfa-6464	154	3	path	path	NOUN
ajfa-6464	154	4	model	model	NOUN
ajfa-6464	154	5	is	be	AUX
ajfa-6464	154	6	a	a	DET
ajfa-6464	154	7	diagram	diagram	NOUN
ajfa-6464	154	8	that	that	PRON
ajfa-6464	154	9	connects	connect	VERB
ajfa-6464	154	10	variables	variable	NOUN
ajfa-6464	154	11	/	/	SYM
ajfa-6464	154	12	constructs	construct	NOUN
ajfa-6464	154	13	based	base	VERB
ajfa-6464	154	14	on	on	ADP
ajfa-6464	154	15	theory	theory	NOUN
ajfa-6464	154	16	and	and	CCONJ
ajfa-6464	154	17	logic	logic	NOUN
ajfa-6464	154	18	to	to	PART
ajfa-6464	154	19	visually	visually	ADV
ajfa-6464	154	20	display	display	VERB
ajfa-6464	154	21	the	the	DET
ajfa-6464	154	22	hypothesis	hypothesis	NOUN
ajfa-6464	154	23	that	that	PRON
ajfa-6464	154	24	will	will	AUX
ajfa-6464	154	25	be	be	AUX
ajfa-6464	154	26	tested	test	VERB
ajfa-6464	154	27	.	.	PUNCT
ajfa-6464	155	1	structural	structural	ADJ
ajfa-6464	155	2	asian	asian	ADJ
ajfa-6464	155	3	journal	journal	NOUN
ajfa-6464	155	4	of	of	ADP
ajfa-6464	155	5	finance	finance	PROPN
ajfa-6464	155	6	&	&	CCONJ
ajfa-6464	155	7	accounting	accounting	PROPN
ajfa-6464	155	8	issn	issn	PROPN
ajfa-6464	155	9	1946	1946	NUM
ajfa-6464	155	10	-	-	PUNCT
ajfa-6464	155	11	052x	052x	NOUN
ajfa-6464	155	12	2015	2015	NUM
ajfa-6464	155	13	,	,	PUNCT
ajfa-6464	155	14	vol	vol	NOUN
ajfa-6464	155	15	.	.	PROPN
ajfa-6464	155	16	7	7	NUM
ajfa-6464	155	17	,	,	PUNCT
ajfa-6464	155	18	no	no	INTJ
ajfa-6464	155	19	.	.	NOUN
ajfa-6464	155	20	1	1	NUM
ajfa-6464	155	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	155	22	85	85	NUM
ajfa-6464	155	23	equation	equation	NOUN
ajfa-6464	155	24	models	model	NOUN
ajfa-6464	155	25	are	be	AUX
ajfa-6464	155	26	based	base	VERB
ajfa-6464	155	27	on	on	ADP
ajfa-6464	155	28	an	an	DET
ajfa-6464	155	29	analysis	analysis	NOUN
ajfa-6464	155	30	of	of	ADP
ajfa-6464	155	31	correlation	correlation	NOUN
ajfa-6464	155	32	or	or	CCONJ
ajfa-6464	155	33	covariance	covariance	NOUN
ajfa-6464	155	34	.	.	PUNCT
ajfa-6464	156	1	pls	pls	INTJ
ajfa-6464	156	2	-	-	PUNCT
ajfa-6464	156	3	sem	sem	PROPN
ajfa-6464	156	4	is	be	AUX
ajfa-6464	156	5	more	more	ADV
ajfa-6464	156	6	preferable	preferable	ADJ
ajfa-6464	156	7	than	than	ADP
ajfa-6464	156	8	cb	cb	PROPN
ajfa-6464	156	9	-	-	PUNCT
ajfa-6464	156	10	sem	sem	NOUN
ajfa-6464	156	11	in	in	ADP
ajfa-6464	156	12	case	case	NOUN
ajfa-6464	156	13	of	of	ADP
ajfa-6464	156	14	small	small	ADJ
ajfa-6464	156	15	samples	sample	NOUN
ajfa-6464	156	16	and	and	CCONJ
ajfa-6464	156	17	when	when	SCONJ
ajfa-6464	156	18	the	the	DET
ajfa-6464	156	19	focus	focus	NOUN
ajfa-6464	156	20	is	be	AUX
ajfa-6464	156	21	on	on	ADP
ajfa-6464	156	22	prediction	prediction	NOUN
ajfa-6464	156	23	and	and	CCONJ
ajfa-6464	156	24	theory	theory	NOUN
ajfa-6464	156	25	development	development	NOUN
ajfa-6464	156	26	.	.	PUNCT
ajfa-6464	157	1	with	with	ADP
ajfa-6464	157	2	respect	respect	NOUN
ajfa-6464	157	3	to	to	ADP
ajfa-6464	157	4	methodological	methodological	ADJ
ajfa-6464	157	5	reasons	reason	NOUN
ajfa-6464	157	6	,	,	PUNCT
ajfa-6464	157	7	cb	cb	PROPN
ajfa-6464	157	8	-	-	PUNCT
ajfa-6464	157	9	sem	sem	PROPN
ajfa-6464	157	10	models	model	NOUN
ajfa-6464	157	11	require	require	VERB
ajfa-6464	157	12	larger	large	ADJ
ajfa-6464	157	13	sample	sample	NOUN
ajfa-6464	157	14	size	size	NOUN
ajfa-6464	157	15	and	and	CCONJ
ajfa-6464	157	16	normal	normal	ADJ
ajfa-6464	157	17	data	datum	NOUN
ajfa-6464	157	18	for	for	ADP
ajfa-6464	157	19	better	well	ADJ
ajfa-6464	157	20	goodness	goodness	NOUN
ajfa-6464	157	21	of	of	ADP
ajfa-6464	157	22	fit	fit	ADJ
ajfa-6464	157	23	indices	index	NOUN
ajfa-6464	157	24	in	in	ADP
ajfa-6464	157	25	comparison	comparison	NOUN
ajfa-6464	157	26	with	with	ADP
ajfa-6464	157	27	pls	pls	NOUN
ajfa-6464	157	28	-	-	PUNCT
ajfa-6464	157	29	sem	sem	NOUN
ajfa-6464	157	30	.	.	PROPN
ajfa-6464	158	1	5	5	NUM
ajfa-6464	158	2	.	.	NOUN
ajfa-6464	158	3	results	result	NOUN
ajfa-6464	158	4	and	and	CCONJ
ajfa-6464	158	5	discussion	discussion	NOUN
ajfa-6464	158	6	in	in	ADP
ajfa-6464	158	7	pls	pls	PROPN
ajfa-6464	158	8	sem	sem	PROPN
ajfa-6464	158	9	,	,	PUNCT
ajfa-6464	158	10	the	the	DET
ajfa-6464	158	11	significance	significance	NOUN
ajfa-6464	158	12	of	of	ADP
ajfa-6464	158	13	factor	factor	NOUN
ajfa-6464	158	14	loadings	loading	NOUN
ajfa-6464	158	15	are	be	AUX
ajfa-6464	158	16	assessed	assess	VERB
ajfa-6464	158	17	by	by	ADP
ajfa-6464	158	18	the	the	DET
ajfa-6464	158	19	bootstrapping	bootstrappe	VERB
ajfa-6464	158	20	procedure	procedure	NOUN
ajfa-6464	158	21	with	with	ADP
ajfa-6464	158	22	minimum	minimum	ADJ
ajfa-6464	158	23	samples	sample	NOUN
ajfa-6464	158	24	of	of	ADP
ajfa-6464	158	25	5000	5000	NUM
ajfa-6464	158	26	and	and	CCONJ
ajfa-6464	158	27	the	the	DET
ajfa-6464	158	28	number	number	NOUN
ajfa-6464	158	29	of	of	ADP
ajfa-6464	158	30	cases	case	NOUN
ajfa-6464	158	31	equivalent	equivalent	ADJ
ajfa-6464	158	32	to	to	ADP
ajfa-6464	158	33	sample	sample	NOUN
ajfa-6464	158	34	size	size	NOUN
ajfa-6464	158	35	(	(	PUNCT
ajfa-6464	158	36	n=50	n=50	NOUN
ajfa-6464	158	37	)	)	PUNCT
ajfa-6464	158	38	.	.	PUNCT
ajfa-6464	159	1	bootstrapping	bootstrappe	VERB
ajfa-6464	159	2	is	be	AUX
ajfa-6464	159	3	a	a	DET
ajfa-6464	159	4	non	non	ADJ
ajfa-6464	159	5	-	-	ADJ
ajfa-6464	159	6	parametric	parametric	ADJ
ajfa-6464	159	7	procedure	procedure	NOUN
ajfa-6464	159	8	which	which	PRON
ajfa-6464	159	9	can	can	AUX
ajfa-6464	159	10	be	be	AUX
ajfa-6464	159	11	applied	apply	VERB
ajfa-6464	159	12	to	to	PART
ajfa-6464	159	13	test	test	VERB
ajfa-6464	159	14	whether	whether	SCONJ
ajfa-6464	159	15	coefficients	coefficient	NOUN
ajfa-6464	159	16	such	such	ADJ
ajfa-6464	159	17	as	as	ADP
ajfa-6464	159	18	outer	outer	ADJ
ajfa-6464	159	19	weights	weight	NOUN
ajfa-6464	159	20	,	,	PUNCT
ajfa-6464	159	21	outer	outer	ADJ
ajfa-6464	159	22	loadings	loading	NOUN
ajfa-6464	159	23	and	and	CCONJ
ajfa-6464	159	24	path	path	NOUN
ajfa-6464	159	25	coefficients	coefficient	NOUN
ajfa-6464	159	26	are	be	AUX
ajfa-6464	159	27	significant	significant	ADJ
ajfa-6464	159	28	by	by	ADP
ajfa-6464	159	29	estimating	estimate	VERB
ajfa-6464	159	30	standard	standard	ADJ
ajfa-6464	159	31	errors	error	NOUN
ajfa-6464	159	32	for	for	ADP
ajfa-6464	159	33	the	the	DET
ajfa-6464	159	34	estimates	estimate	NOUN
ajfa-6464	159	35	.	.	PUNCT
ajfa-6464	160	1	in	in	ADP
ajfa-6464	160	2	bootstrapping	bootstrappe	VERB
ajfa-6464	160	3	,	,	PUNCT
ajfa-6464	160	4	the	the	DET
ajfa-6464	160	5	subsamples	subsample	NOUN
ajfa-6464	160	6	are	be	AUX
ajfa-6464	160	7	created	create	VERB
ajfa-6464	160	8	with	with	ADP
ajfa-6464	160	9	observations	observation	NOUN
ajfa-6464	160	10	randomly	randomly	ADV
ajfa-6464	160	11	drawn	draw	VERB
ajfa-6464	160	12	from	from	ADP
ajfa-6464	160	13	the	the	DET
ajfa-6464	160	14	original	original	ADJ
ajfa-6464	160	15	data	datum	NOUN
ajfa-6464	160	16	set	set	VERB
ajfa-6464	160	17	(	(	PUNCT
ajfa-6464	160	18	with	with	ADP
ajfa-6464	160	19	replacement	replacement	NOUN
ajfa-6464	160	20	)	)	PUNCT
ajfa-6464	160	21	.	.	PUNCT
ajfa-6464	161	1	through	through	ADP
ajfa-6464	161	2	the	the	DET
ajfa-6464	161	3	process	process	NOUN
ajfa-6464	161	4	of	of	ADP
ajfa-6464	161	5	bootstrapping	bootstrappe	VERB
ajfa-6464	161	6	,	,	PUNCT
ajfa-6464	161	7	reflective	reflective	ADJ
ajfa-6464	161	8	and	and	CCONJ
ajfa-6464	161	9	formative	formative	ADJ
ajfa-6464	161	10	indicators	indicator	NOUN
ajfa-6464	161	11	which	which	PRON
ajfa-6464	161	12	were	be	AUX
ajfa-6464	161	13	not	not	PART
ajfa-6464	161	14	significantly	significantly	ADV
ajfa-6464	161	15	loading	load	VERB
ajfa-6464	161	16	with	with	ADP
ajfa-6464	161	17	their	their	PRON
ajfa-6464	161	18	respective	respective	ADJ
ajfa-6464	161	19	loadings	loading	NOUN
ajfa-6464	161	20	or	or	CCONJ
ajfa-6464	161	21	not	not	PART
ajfa-6464	161	22	meeting	meet	VERB
ajfa-6464	161	23	the	the	DET
ajfa-6464	161	24	criteria	criterion	NOUN
ajfa-6464	161	25	were	be	AUX
ajfa-6464	161	26	removed	remove	VERB
ajfa-6464	161	27	from	from	ADP
ajfa-6464	161	28	the	the	DET
ajfa-6464	161	29	model	model	NOUN
ajfa-6464	161	30	.	.	PUNCT
ajfa-6464	162	1	for	for	ADP
ajfa-6464	162	2	the	the	DET
ajfa-6464	162	3	reflective	reflective	ADJ
ajfa-6464	162	4	indicators	indicator	NOUN
ajfa-6464	162	5	,	,	PUNCT
ajfa-6464	162	6	outer	outer	ADJ
ajfa-6464	162	7	loading	loading	NOUN
ajfa-6464	162	8	relevance	relevance	NOUN
ajfa-6464	162	9	testing	testing	NOUN
ajfa-6464	162	10	is	be	AUX
ajfa-6464	162	11	carried	carry	VERB
ajfa-6464	162	12	out	out	ADP
ajfa-6464	162	13	based	base	VERB
ajfa-6464	162	14	on	on	ADP
ajfa-6464	162	15	the	the	DET
ajfa-6464	162	16	following	follow	VERB
ajfa-6464	162	17	criteria	criterion	NOUN
ajfa-6464	162	18	.	.	PUNCT
ajfa-6464	163	1	if	if	SCONJ
ajfa-6464	163	2	the	the	DET
ajfa-6464	163	3	outer	outer	ADJ
ajfa-6464	163	4	loading	loading	NOUN
ajfa-6464	163	5	is	be	AUX
ajfa-6464	163	6	less	less	ADJ
ajfa-6464	163	7	than	than	ADP
ajfa-6464	163	8	0.40	0.40	NUM
ajfa-6464	163	9	,	,	PUNCT
ajfa-6464	163	10	the	the	DET
ajfa-6464	163	11	reflective	reflective	ADJ
ajfa-6464	163	12	indicator	indicator	NOUN
ajfa-6464	163	13	is	be	AUX
ajfa-6464	163	14	deleted	delete	VERB
ajfa-6464	163	15	.	.	PUNCT
ajfa-6464	164	1	if	if	SCONJ
ajfa-6464	164	2	the	the	DET
ajfa-6464	164	3	outer	outer	ADJ
ajfa-6464	164	4	loading	loading	NOUN
ajfa-6464	164	5	is	be	AUX
ajfa-6464	164	6	less	less	ADJ
ajfa-6464	164	7	than	than	ADP
ajfa-6464	164	8	0.40	0.40	NUM
ajfa-6464	164	9	but	but	CCONJ
ajfa-6464	164	10	greater	great	ADJ
ajfa-6464	164	11	than	than	ADP
ajfa-6464	164	12	0.40	0.40	NUM
ajfa-6464	164	13	,	,	PUNCT
ajfa-6464	164	14	then	then	ADV
ajfa-6464	164	15	the	the	DET
ajfa-6464	164	16	impact	impact	NOUN
ajfa-6464	164	17	of	of	ADP
ajfa-6464	164	18	indicator	indicator	NOUN
ajfa-6464	164	19	deletion	deletion	NOUN
ajfa-6464	164	20	on	on	ADP
ajfa-6464	164	21	ave	ave	NOUN
ajfa-6464	164	22	and	and	CCONJ
ajfa-6464	164	23	composite	composite	ADJ
ajfa-6464	164	24	reliability	reliability	NOUN
ajfa-6464	164	25	is	be	AUX
ajfa-6464	164	26	analyzed	analyze	VERB
ajfa-6464	164	27	.	.	PUNCT
ajfa-6464	165	1	if	if	SCONJ
ajfa-6464	165	2	the	the	DET
ajfa-6464	165	3	deletion	deletion	NOUN
ajfa-6464	165	4	increases	increase	VERB
ajfa-6464	165	5	the	the	DET
ajfa-6464	165	6	measures	measure	NOUN
ajfa-6464	165	7	above	above	ADP
ajfa-6464	165	8	the	the	DET
ajfa-6464	165	9	threshold	threshold	NOUN
ajfa-6464	165	10	,	,	PUNCT
ajfa-6464	165	11	then	then	ADV
ajfa-6464	165	12	the	the	DET
ajfa-6464	165	13	reflective	reflective	ADJ
ajfa-6464	165	14	indicator	indicator	NOUN
ajfa-6464	165	15	is	be	AUX
ajfa-6464	165	16	deleted	delete	VERB
ajfa-6464	165	17	.	.	PUNCT
ajfa-6464	166	1	if	if	SCONJ
ajfa-6464	166	2	the	the	DET
ajfa-6464	166	3	measures	measure	NOUN
ajfa-6464	166	4	already	already	ADV
ajfa-6464	166	5	meets	meet	VERB
ajfa-6464	166	6	the	the	DET
ajfa-6464	166	7	threshold	threshold	NOUN
ajfa-6464	166	8	,	,	PUNCT
ajfa-6464	166	9	then	then	ADV
ajfa-6464	166	10	the	the	DET
ajfa-6464	166	11	reflective	reflective	ADJ
ajfa-6464	166	12	indicator	indicator	NOUN
ajfa-6464	166	13	is	be	AUX
ajfa-6464	166	14	retained	retain	VERB
ajfa-6464	166	15	.	.	PUNCT
ajfa-6464	167	1	if	if	SCONJ
ajfa-6464	167	2	the	the	DET
ajfa-6464	167	3	outer	outer	ADJ
ajfa-6464	167	4	loading	loading	NOUN
ajfa-6464	167	5	is	be	AUX
ajfa-6464	167	6	greater	great	ADJ
ajfa-6464	167	7	than	than	ADP
ajfa-6464	167	8	0.70	0.70	NUM
ajfa-6464	167	9	,	,	PUNCT
ajfa-6464	167	10	then	then	ADV
ajfa-6464	167	11	the	the	DET
ajfa-6464	167	12	reflective	reflective	ADJ
ajfa-6464	167	13	indicator	indicator	NOUN
ajfa-6464	167	14	is	be	AUX
ajfa-6464	167	15	retained	retain	VERB
ajfa-6464	167	16	.	.	PUNCT
ajfa-6464	168	1	the	the	DET
ajfa-6464	168	2	reflective	reflective	ADJ
ajfa-6464	168	3	indicators	indicator	NOUN
ajfa-6464	168	4	of	of	ADP
ajfa-6464	168	5	dividend	dividend	NOUN
ajfa-6464	168	6	yield	yield	NOUN
ajfa-6464	168	7	(	(	PUNCT
ajfa-6464	168	8	divyield	divyield	PROPN
ajfa-6464	168	9	)	)	PUNCT
ajfa-6464	168	10	,	,	PUNCT
ajfa-6464	168	11	lnta	lnta	NOUN
ajfa-6464	168	12	,	,	PUNCT
ajfa-6464	168	13	lnsa	lnsa	VERB
ajfa-6464	168	14	and	and	CCONJ
ajfa-6464	168	15	eg	eg	NOUN
ajfa-6464	168	16	were	be	AUX
ajfa-6464	168	17	removed	remove	VERB
ajfa-6464	168	18	from	from	ADP
ajfa-6464	168	19	their	their	PRON
ajfa-6464	168	20	respective	respective	ADJ
ajfa-6464	168	21	constructs	construct	NOUN
ajfa-6464	168	22	.	.	PUNCT
ajfa-6464	169	1	5.1	5.1	NUM
ajfa-6464	169	2	validity	validity	NOUN
ajfa-6464	169	3	assessment	assessment	NOUN
ajfa-6464	169	4	of	of	ADP
ajfa-6464	169	5	reflective	reflective	ADJ
ajfa-6464	169	6	measurement	measurement	NOUN
ajfa-6464	169	7	models	model	NOUN
ajfa-6464	169	8	the	the	DET
ajfa-6464	169	9	pls	pls	PROPN
ajfa-6464	169	10	sem	sem	PROPN
ajfa-6464	169	11	algorithm	algorithm	PROPN
ajfa-6464	169	12	converged	converge	VERB
ajfa-6464	169	13	.	.	PUNCT
ajfa-6464	170	1	the	the	DET
ajfa-6464	170	2	assessment	assessment	NOUN
ajfa-6464	170	3	of	of	ADP
ajfa-6464	170	4	reflective	reflective	ADJ
ajfa-6464	170	5	measurement	measurement	NOUN
ajfa-6464	170	6	model	model	NOUN
ajfa-6464	170	7	is	be	AUX
ajfa-6464	170	8	done	do	VERB
ajfa-6464	170	9	through	through	ADP
ajfa-6464	170	10	indicator	indicator	NOUN
ajfa-6464	170	11	reliability	reliability	NOUN
ajfa-6464	170	12	,	,	PUNCT
ajfa-6464	170	13	internal	internal	ADJ
ajfa-6464	170	14	consistency	consistency	NOUN
ajfa-6464	170	15	reliability	reliability	NOUN
ajfa-6464	170	16	,	,	PUNCT
ajfa-6464	170	17	convergent	convergent	NOUN
ajfa-6464	170	18	liability	liability	NOUN
ajfa-6464	170	19	and	and	CCONJ
ajfa-6464	170	20	discriminant	discriminant	ADJ
ajfa-6464	170	21	validity	validity	NOUN
ajfa-6464	170	22	.	.	PUNCT
ajfa-6464	171	1	it	it	PRON
ajfa-6464	171	2	is	be	AUX
ajfa-6464	171	3	required	require	VERB
ajfa-6464	171	4	that	that	SCONJ
ajfa-6464	171	5	at	at	ADV
ajfa-6464	171	6	least	least	ADJ
ajfa-6464	171	7	50	50	NUM
ajfa-6464	171	8	per	per	ADP
ajfa-6464	171	9	cent	cent	NOUN
ajfa-6464	171	10	of	of	ADP
ajfa-6464	171	11	each	each	DET
ajfa-6464	171	12	indicator	indicator	NOUN
ajfa-6464	171	13	’s	’s	PART
ajfa-6464	171	14	variance	variance	NOUN
ajfa-6464	171	15	must	must	AUX
ajfa-6464	171	16	be	be	AUX
ajfa-6464	171	17	accounted	account	VERB
ajfa-6464	171	18	for	for	ADP
ajfa-6464	171	19	by	by	ADP
ajfa-6464	171	20	the	the	DET
ajfa-6464	171	21	underlying	underlying	ADJ
ajfa-6464	171	22	construct.the	construct.the	PROPN
ajfa-6464	171	23	indicator	indicator	NOUN
ajfa-6464	171	24	reliabilities	reliability	NOUN
ajfa-6464	171	25	for	for	ADP
ajfa-6464	171	26	reflective	reflective	ADJ
ajfa-6464	171	27	measures	measure	NOUN
ajfa-6464	171	28	are	be	AUX
ajfa-6464	171	29	analyzed	analyze	VERB
ajfa-6464	171	30	by	by	ADP
ajfa-6464	171	31	examining	examine	VERB
ajfa-6464	171	32	the	the	DET
ajfa-6464	171	33	outer	outer	ADJ
ajfa-6464	171	34	loadings	loading	NOUN
ajfa-6464	171	35	.	.	PUNCT
ajfa-6464	172	1	indicator	indicator	NOUN
ajfa-6464	172	2	reliability	reliability	NOUN
ajfa-6464	172	3	is	be	AUX
ajfa-6464	172	4	also	also	ADV
ajfa-6464	172	5	known	know	VERB
ajfa-6464	172	6	as	as	ADP
ajfa-6464	172	7	indicator	indicator	PROPN
ajfa-6464	172	8	communality	communality	NOUN
ajfa-6464	172	9	.	.	PUNCT
ajfa-6464	173	1	reflective	reflective	ADJ
ajfa-6464	173	2	indicators	indicator	NOUN
ajfa-6464	173	3	of	of	ADP
ajfa-6464	173	4	e	e	PROPN
ajfa-6464	173	5	/	/	SYM
ajfa-6464	173	6	p	p	NOUN
ajfa-6464	173	7	for	for	ADP
ajfa-6464	173	8	latent	latent	NOUN
ajfa-6464	173	9	construct	construct	NOUN
ajfa-6464	173	10	profitability	profitability	NOUN
ajfa-6464	173	11	,	,	PUNCT
ajfa-6464	173	12	roe	roe	NOUN
ajfa-6464	173	13	for	for	ADP
ajfa-6464	173	14	profitability	profitability	NOUN
ajfa-6464	173	15	and	and	CCONJ
ajfa-6464	173	16	wc	wc	PROPN
ajfa-6464	173	17	/	/	SYM
ajfa-6464	173	18	ta	ta	PROPN
ajfa-6464	173	19	are	be	AUX
ajfa-6464	173	20	found	find	VERB
ajfa-6464	173	21	to	to	PART
ajfa-6464	173	22	be	be	AUX
ajfa-6464	173	23	statistically	statistically	ADV
ajfa-6464	173	24	significant	significant	ADJ
ajfa-6464	173	25	.	.	PUNCT
ajfa-6464	174	1	loadings	loading	NOUN
ajfa-6464	174	2	of	of	ADP
ajfa-6464	174	3	value	value	NOUN
ajfa-6464	174	4	one	one	PRON
ajfa-6464	174	5	indicate	indicate	VERB
ajfa-6464	174	6	that	that	SCONJ
ajfa-6464	174	7	the	the	DET
ajfa-6464	174	8	latent	latent	NOUN
ajfa-6464	174	9	construct	construct	NOUN
ajfa-6464	174	10	had	have	VERB
ajfa-6464	174	11	only	only	ADV
ajfa-6464	174	12	one	one	NUM
ajfa-6464	174	13	reflective	reflective	ADJ
ajfa-6464	174	14	indicator	indicator	NOUN
ajfa-6464	174	15	.	.	PUNCT
ajfa-6464	175	1	for	for	ADP
ajfa-6464	175	2	example	example	NOUN
ajfa-6464	175	3	the	the	DET
ajfa-6464	175	4	only	only	ADJ
ajfa-6464	175	5	reflective	reflective	ADJ
ajfa-6464	175	6	indicator	indicator	NOUN
ajfa-6464	175	7	for	for	ADP
ajfa-6464	175	8	the	the	DET
ajfa-6464	175	9	latent	latent	NOUN
ajfa-6464	175	10	construct	construct	NOUN
ajfa-6464	175	11	risk	risk	NOUN
ajfa-6464	175	12	is	be	AUX
ajfa-6464	175	13	beta	beta	ADJ
ajfa-6464	175	14	.	.	PUNCT
ajfa-6464	176	1	the	the	DET
ajfa-6464	176	2	indicator	indicator	NOUN
ajfa-6464	176	3	reliability	reliability	NOUN
ajfa-6464	176	4	loading	loading	NOUN
ajfa-6464	176	5	of	of	ADP
ajfa-6464	176	6	e	e	PROPN
ajfa-6464	176	7	/	/	SYM
ajfa-6464	176	8	p	p	PROPN
ajfa-6464	176	9	and	and	CCONJ
ajfa-6464	176	10	wc	wc	PROPN
ajfa-6464	176	11	/	/	SYM
ajfa-6464	176	12	ta	ta	PROPN
ajfa-6464	176	13	were	be	AUX
ajfa-6464	176	14	above	above	ADP
ajfa-6464	176	15	0.70	0.70	NUM
ajfa-6464	176	16	.	.	PUNCT
ajfa-6464	177	1	for	for	SCONJ
ajfa-6464	177	2	the	the	DET
ajfa-6464	177	3	latent	latent	PROPN
ajfa-6464	177	4	construct	construct	VERB
ajfa-6464	177	5	profitability	profitability	NOUN
ajfa-6464	177	6	,	,	PUNCT
ajfa-6464	177	7	e	e	NOUN
ajfa-6464	177	8	/	/	SYM
ajfa-6464	177	9	p	p	NOUN
ajfa-6464	177	10	indicator	indicator	NOUN
ajfa-6464	177	11	has	have	VERB
ajfa-6464	177	12	a	a	DET
ajfa-6464	177	13	higher	high	ADJ
ajfa-6464	177	14	loading	loading	NOUN
ajfa-6464	177	15	than	than	ADP
ajfa-6464	177	16	roe	roe	NOUN
ajfa-6464	177	17	.	.	PUNCT
ajfa-6464	178	1	asian	asian	ADJ
ajfa-6464	178	2	journal	journal	PROPN
ajfa-6464	178	3	of	of	ADP
ajfa-6464	178	4	finance	finance	PROPN
ajfa-6464	178	5	&	&	CCONJ
ajfa-6464	178	6	accounting	accounting	PROPN
ajfa-6464	178	7	issn	issn	PROPN
ajfa-6464	178	8	1946	1946	NUM
ajfa-6464	178	9	-	-	PUNCT
ajfa-6464	178	10	052x	052x	NOUN
ajfa-6464	178	11	2015	2015	NUM
ajfa-6464	178	12	,	,	PUNCT
ajfa-6464	178	13	vol	vol	NOUN
ajfa-6464	178	14	.	.	PROPN
ajfa-6464	178	15	7	7	NUM
ajfa-6464	178	16	,	,	PUNCT
ajfa-6464	178	17	no	no	INTJ
ajfa-6464	178	18	.	.	NOUN
ajfa-6464	178	19	1	1	NUM
ajfa-6464	178	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	178	21	86	86	NUM
ajfa-6464	178	22	table	table	NOUN
ajfa-6464	178	23	5	5	NUM
ajfa-6464	178	24	.	.	PUNCT
ajfa-6464	179	1	outer	outer	ADJ
ajfa-6464	179	2	loadings	loading	NOUN
ajfa-6464	179	3	of	of	ADP
ajfa-6464	179	4	indicator	indicator	NOUN
ajfa-6464	179	5	reliabilities	reliabilitie	VERB
ajfa-6464	179	6	loadings	loading	NOUN
ajfa-6464	179	7	for	for	ADP
ajfa-6464	179	8	originals	original	NOUN
ajfa-6464	179	9	sample	sample	NOUN
ajfa-6464	179	10	mean	mean	VERB
ajfa-6464	180	1	p	p	NOUN
ajfa-6464	180	2	values	value	NOUN
ajfa-6464	180	3	beta	beta	ADJ
ajfa-6464	180	4	<	<	X
ajfa-6464	180	5	risk	risk	NOUN
ajfa-6464	180	6	1	1	NUM
ajfa-6464	180	7	1	1	NUM
ajfa-6464	180	8	capex	capex	NOUN
ajfa-6464	180	9	/	/	SYM
ajfa-6464	180	10	ta	ta	X
ajfa-6464	180	11	<	<	X
ajfa-6464	180	12	investdeci	investdeci	NOUN
ajfa-6464	180	13	0.488	0.488	NUM
ajfa-6464	180	14	0.465	0.465	NUM
ajfa-6464	180	15	0.28	0.28	NUM
ajfa-6464	180	16	dpo	dpo	NOUN
ajfa-6464	180	17	<	<	X
ajfa-6464	180	18	divpo	divpo	PROPN
ajfa-6464	180	19	1	1	NUM
ajfa-6464	180	20	1	1	NUM
ajfa-6464	180	21	e	e	NOUN
ajfa-6464	180	22	/	/	SYM
ajfa-6464	181	1	p	p	X
ajfa-6464	181	2	<	<	X
ajfa-6464	181	3	profitability	profitability	NOUN
ajfa-6464	181	4	0.809	0.809	NUM
ajfa-6464	181	5	0.658	0.658	NUM
ajfa-6464	181	6	0.002	0.002	NUM
ajfa-6464	181	7	lev	lev	NOUN
ajfa-6464	181	8	<	<	X
ajfa-6464	181	9	capital	capital	NOUN
ajfa-6464	181	10	structure	structure	NOUN
ajfa-6464	181	11	1	1	NUM
ajfa-6464	181	12	1	1	NUM
ajfa-6464	181	13	lnme	lnme	NOUN
ajfa-6464	181	14	<	<	X
ajfa-6464	181	15	firmsize	firmsize	NOUN
ajfa-6464	181	16	1	1	NUM
ajfa-6464	181	17	1	1	NUM
ajfa-6464	181	18	roe	roe	NOUN
ajfa-6464	181	19	<	<	X
ajfa-6464	181	20	profitability	profitability	NOUN
ajfa-6464	181	21	0.602	0.602	NUM
ajfa-6464	181	22	0.707	0.707	NUM
ajfa-6464	181	23	0.002	0.002	NUM
ajfa-6464	181	24	sg	sg	ADP
ajfa-6464	181	25	<	<	X
ajfa-6464	181	26	growth	growth	NOUN
ajfa-6464	181	27	1	1	NUM
ajfa-6464	181	28	1	1	NUM
ajfa-6464	181	29	wc	wc	NOUN
ajfa-6464	181	30	/	/	SYM
ajfa-6464	181	31	ta	ta	X
ajfa-6464	181	32	<	<	X
ajfa-6464	181	33	investdeci	investdeci	X
ajfa-6464	181	34	0.889	0.889	NUM
ajfa-6464	181	35	0.728	0.728	NUM
ajfa-6464	181	36	0.017	0.017	NUM
ajfa-6464	181	37	the	the	DET
ajfa-6464	181	38	internal	internal	ADJ
ajfa-6464	181	39	consistency	consistency	NOUN
ajfa-6464	181	40	reliability	reliability	NOUN
ajfa-6464	181	41	of	of	ADP
ajfa-6464	181	42	reflective	reflective	ADJ
ajfa-6464	181	43	measures	measure	NOUN
ajfa-6464	181	44	is	be	AUX
ajfa-6464	181	45	analyzed	analyze	VERB
ajfa-6464	181	46	through	through	ADP
ajfa-6464	181	47	composite	composite	ADJ
ajfa-6464	181	48	reliability	reliability	NOUN
ajfa-6464	181	49	and	and	CCONJ
ajfa-6464	181	50	cronbach	cronbach	VERB
ajfa-6464	181	51	’s	’s	PART
ajfa-6464	181	52	alpha	alpha	NOUN
ajfa-6464	181	53	.	.	PUNCT
ajfa-6464	181	54	table	table	NOUN
ajfa-6464	181	55	6	6	NUM
ajfa-6464	181	56	.	.	PUNCT
ajfa-6464	181	57	composite	composite	ADJ
ajfa-6464	181	58	reliability	reliability	NOUN
ajfa-6464	181	59	values	value	NOUN
ajfa-6464	181	60	p	p	NOUN
ajfa-6464	181	61	values	value	NOUN
ajfa-6464	181	62	capital	capital	NOUN
ajfa-6464	181	63	structure	structure	NOUN
ajfa-6464	181	64	1	1	NUM
ajfa-6464	181	65	divpo	divpo	NOUN
ajfa-6464	181	66	1	1	NUM
ajfa-6464	181	67	firmsize	firmsize	NOUN
ajfa-6464	181	68	1	1	NUM
ajfa-6464	181	69	growth	growth	NOUN
ajfa-6464	181	70	1	1	NUM
ajfa-6464	181	71	investdeci	investdeci	VERB
ajfa-6464	181	72	0.661	0.661	NUM
ajfa-6464	181	73	0.002	0.002	NUM
ajfa-6464	181	74	profitability	profitability	NOUN
ajfa-6464	181	75	0.67	0.67	NUM
ajfa-6464	181	76	0	0	NUM
ajfa-6464	181	77	risk	risk	NOUN
ajfa-6464	181	78	1	1	NUM
ajfa-6464	181	79	composite	composite	ADJ
ajfa-6464	181	80	reliability	reliability	NOUN
ajfa-6464	181	81	values	value	NOUN
ajfa-6464	181	82	of	of	ADP
ajfa-6464	181	83	greater	great	ADJ
ajfa-6464	181	84	than	than	ADP
ajfa-6464	181	85	0.6	0.6	NUM
ajfa-6464	181	86	are	be	AUX
ajfa-6464	181	87	generally	generally	ADV
ajfa-6464	181	88	acceptable	acceptable	ADJ
ajfa-6464	181	89	.	.	PUNCT
ajfa-6464	182	1	the	the	DET
ajfa-6464	182	2	p	p	PROPN
ajfa-6464	182	3	values	value	NOUN
ajfa-6464	182	4	are	be	AUX
ajfa-6464	182	5	statistically	statistically	ADV
ajfa-6464	182	6	significant	significant	ADJ
ajfa-6464	182	7	for	for	ADP
ajfa-6464	182	8	the	the	DET
ajfa-6464	182	9	latent	latent	PROPN
ajfa-6464	182	10	construct	construct	NOUN
ajfa-6464	182	11	of	of	ADP
ajfa-6464	182	12	investdeci	investdeci	NOUN
ajfa-6464	182	13	and	and	CCONJ
ajfa-6464	182	14	profitability	profitability	NOUN
ajfa-6464	182	15	.	.	PUNCT
ajfa-6464	183	1	the	the	DET
ajfa-6464	183	2	reflective	reflective	ADJ
ajfa-6464	183	3	indicators	indicator	NOUN
ajfa-6464	183	4	of	of	ADP
ajfa-6464	183	5	investdeci	investdeci	NOUN
ajfa-6464	183	6	(	(	PUNCT
ajfa-6464	183	7	investment	investment	NOUN
ajfa-6464	183	8	decisions	decision	NOUN
ajfa-6464	183	9	)	)	PUNCT
ajfa-6464	183	10	are	be	AUX
ajfa-6464	183	11	capex	capex	NOUN
ajfa-6464	183	12	/	/	SYM
ajfa-6464	183	13	ta	ta	PROPN
ajfa-6464	183	14	(	(	PUNCT
ajfa-6464	183	15	ratio	ratio	NOUN
ajfa-6464	183	16	of	of	ADP
ajfa-6464	183	17	capital	capital	NOUN
ajfa-6464	183	18	expenditure	expenditure	NOUN
ajfa-6464	183	19	to	to	ADP
ajfa-6464	183	20	total	total	ADJ
ajfa-6464	183	21	assets	asset	NOUN
ajfa-6464	183	22	)	)	PUNCT
ajfa-6464	183	23	and	and	CCONJ
ajfa-6464	183	24	wc	wc	PROPN
ajfa-6464	183	25	/	/	SYM
ajfa-6464	183	26	ta	ta	PROPN
ajfa-6464	183	27	(	(	PUNCT
ajfa-6464	183	28	ratio	ratio	NOUN
ajfa-6464	183	29	of	of	ADP
ajfa-6464	183	30	working	work	VERB
ajfa-6464	183	31	capital	capital	NOUN
ajfa-6464	183	32	to	to	ADP
ajfa-6464	183	33	total	total	ADJ
ajfa-6464	183	34	assets	asset	NOUN
ajfa-6464	183	35	)	)	PUNCT
ajfa-6464	183	36	.	.	PUNCT
ajfa-6464	184	1	the	the	DET
ajfa-6464	184	2	reflective	reflective	ADJ
ajfa-6464	184	3	measures	measure	NOUN
ajfa-6464	184	4	of	of	ADP
ajfa-6464	184	5	profitability	profitability	NOUN
ajfa-6464	184	6	are	be	AUX
ajfa-6464	184	7	the	the	DET
ajfa-6464	184	8	ratio	ratio	NOUN
ajfa-6464	184	9	of	of	ADP
ajfa-6464	184	10	earnings	earning	NOUN
ajfa-6464	184	11	to	to	PART
ajfa-6464	184	12	price	price	VERB
ajfa-6464	184	13	and	and	CCONJ
ajfa-6464	184	14	return	return	VERB
ajfa-6464	184	15	on	on	ADP
ajfa-6464	184	16	equity	equity	NOUN
ajfa-6464	184	17	.	.	PUNCT
ajfa-6464	185	1	all	all	DET
ajfa-6464	185	2	the	the	DET
ajfa-6464	185	3	reflective	reflective	ADJ
ajfa-6464	185	4	measures	measure	NOUN
ajfa-6464	185	5	have	have	VERB
ajfa-6464	185	6	composite	composite	ADJ
ajfa-6464	185	7	reliability	reliability	NOUN
ajfa-6464	185	8	.	.	PUNCT
ajfa-6464	186	1	it	it	PRON
ajfa-6464	186	2	has	have	VERB
ajfa-6464	186	3	to	to	PART
ajfa-6464	186	4	be	be	AUX
ajfa-6464	186	5	noted	note	VERB
ajfa-6464	186	6	that	that	SCONJ
ajfa-6464	186	7	other	other	ADJ
ajfa-6464	186	8	than	than	ADP
ajfa-6464	186	9	the	the	DET
ajfa-6464	186	10	above	above	ADJ
ajfa-6464	186	11	discussed	discuss	VERB
ajfa-6464	186	12	constructs	construct	NOUN
ajfa-6464	186	13	,	,	PUNCT
ajfa-6464	186	14	all	all	DET
ajfa-6464	186	15	the	the	DET
ajfa-6464	186	16	rest	rest	NOUN
ajfa-6464	186	17	have	have	AUX
ajfa-6464	186	18	value	value	NOUN
ajfa-6464	186	19	one	one	NUM
ajfa-6464	186	20	since	since	SCONJ
ajfa-6464	186	21	they	they	PRON
ajfa-6464	186	22	are	be	AUX
ajfa-6464	186	23	represented	represent	VERB
ajfa-6464	186	24	by	by	ADP
ajfa-6464	186	25	only	only	ADV
ajfa-6464	186	26	one	one	NUM
ajfa-6464	186	27	reflective	reflective	ADJ
ajfa-6464	186	28	measure	measure	NOUN
ajfa-6464	186	29	.	.	PUNCT
ajfa-6464	187	1	the	the	DET
ajfa-6464	187	2	cronbach	cronbach	NOUN
ajfa-6464	187	3	’s	’s	PART
ajfa-6464	187	4	alpha	alpha	ADJ
ajfa-6464	187	5	measure	measure	NOUN
ajfa-6464	187	6	for	for	ADP
ajfa-6464	187	7	the	the	DET
ajfa-6464	187	8	majority	majority	NOUN
ajfa-6464	187	9	of	of	ADP
ajfa-6464	187	10	the	the	DET
ajfa-6464	187	11	construct	construct	NOUN
ajfa-6464	187	12	was	be	AUX
ajfa-6464	187	13	above	above	ADP
ajfa-6464	187	14	0.7	0.7	NUM
ajfa-6464	187	15	.	.	PUNCT
ajfa-6464	188	1	the	the	DET
ajfa-6464	188	2	cronbach	cronbach	NOUN
ajfa-6464	188	3	’s	’s	PART
ajfa-6464	188	4	alpha	alpha	NOUN
ajfa-6464	188	5	can	can	AUX
ajfa-6464	188	6	be	be	AUX
ajfa-6464	188	7	considered	consider	VERB
ajfa-6464	188	8	as	as	ADP
ajfa-6464	188	9	the	the	DET
ajfa-6464	188	10	lower	lower	ADV
ajfa-6464	188	11	bound	bind	VERB
ajfa-6464	188	12	and	and	CCONJ
ajfa-6464	188	13	the	the	DET
ajfa-6464	188	14	composite	composite	ADJ
ajfa-6464	188	15	reliability	reliability	NOUN
ajfa-6464	188	16	as	as	ADP
ajfa-6464	188	17	the	the	DET
ajfa-6464	188	18	upper	upper	ADJ
ajfa-6464	188	19	bound	bound	NOUN
ajfa-6464	188	20	of	of	ADP
ajfa-6464	188	21	the	the	DET
ajfa-6464	188	22	true	true	ADJ
ajfa-6464	188	23	internal	internal	ADJ
ajfa-6464	188	24	consistency	consistency	NOUN
ajfa-6464	188	25	reliability	reliability	NOUN
ajfa-6464	188	26	.	.	PUNCT
ajfa-6464	189	1	asian	asian	ADJ
ajfa-6464	189	2	journal	journal	PROPN
ajfa-6464	189	3	of	of	ADP
ajfa-6464	189	4	finance	finance	PROPN
ajfa-6464	189	5	&	&	CCONJ
ajfa-6464	189	6	accounting	accounting	PROPN
ajfa-6464	189	7	issn	issn	PROPN
ajfa-6464	189	8	1946	1946	NUM
ajfa-6464	189	9	-	-	PUNCT
ajfa-6464	189	10	052x	052x	NOUN
ajfa-6464	189	11	2015	2015	NUM
ajfa-6464	189	12	,	,	PUNCT
ajfa-6464	189	13	vol	vol	NOUN
ajfa-6464	189	14	.	.	PROPN
ajfa-6464	189	15	7	7	NUM
ajfa-6464	189	16	,	,	PUNCT
ajfa-6464	189	17	no	no	INTJ
ajfa-6464	189	18	.	.	NOUN
ajfa-6464	189	19	1	1	NUM
ajfa-6464	189	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	189	21	87	87	NUM
ajfa-6464	189	22	table	table	NOUN
ajfa-6464	189	23	7	7	NUM
ajfa-6464	189	24	.	.	PUNCT
ajfa-6464	189	25	average	average	ADJ
ajfa-6464	189	26	variance	variance	NOUN
ajfa-6464	189	27	extracted	extract	VERB
ajfa-6464	189	28	(	(	PUNCT
ajfa-6464	189	29	ave	ave	NOUN
ajfa-6464	189	30	)	)	PUNCT
ajfa-6464	189	31	original	original	ADJ
ajfa-6464	189	32	sample	sample	NOUN
ajfa-6464	189	33	sample	sample	NOUN
ajfa-6464	189	34	mean	mean	VERB
ajfa-6464	190	1	p	p	NOUN
ajfa-6464	190	2	values	value	NOUN
ajfa-6464	190	3	capital	capital	NOUN
ajfa-6464	190	4	structure	structure	NOUN
ajfa-6464	190	5	1	1	NUM
ajfa-6464	190	6	1	1	NUM
ajfa-6464	190	7	divpo	divpo	NOUN
ajfa-6464	190	8	1	1	NUM
ajfa-6464	190	9	1	1	NUM
ajfa-6464	190	10	firmsize	firmsize	NOUN
ajfa-6464	190	11	1	1	NUM
ajfa-6464	190	12	1	1	NUM
ajfa-6464	190	13	growth	growth	NOUN
ajfa-6464	190	14	1	1	NUM
ajfa-6464	190	15	1	1	NUM
ajfa-6464	190	16	investdeci	investdeci	VERB
ajfa-6464	190	17	0.514	0.514	NUM
ajfa-6464	190	18	0.543	0.543	NUM
ajfa-6464	190	19	0	0	NUM
ajfa-6464	190	20	profitability	profitability	NOUN
ajfa-6464	190	21	0.509	0.509	NUM
ajfa-6464	190	22	0.519	0.519	NUM
ajfa-6464	190	23	0	0	NUM
ajfa-6464	190	24	risk	risk	NOUN
ajfa-6464	190	25	1	1	NUM
ajfa-6464	190	26	1	1	NUM
ajfa-6464	190	27	the	the	DET
ajfa-6464	190	28	average	average	ADJ
ajfa-6464	190	29	variance	variance	NOUN
ajfa-6464	190	30	extracted	extract	VERB
ajfa-6464	190	31	(	(	PUNCT
ajfa-6464	190	32	ave	ave	NOUN
ajfa-6464	190	33	)	)	PUNCT
ajfa-6464	190	34	is	be	AUX
ajfa-6464	190	35	the	the	DET
ajfa-6464	190	36	measure	measure	NOUN
ajfa-6464	190	37	of	of	ADP
ajfa-6464	190	38	convergent	convergent	NOUN
ajfa-6464	190	39	validity	validity	NOUN
ajfa-6464	190	40	.	.	PUNCT
ajfa-6464	191	1	ave	ave	NOUN
ajfa-6464	191	2	is	be	AUX
ajfa-6464	191	3	the	the	DET
ajfa-6464	191	4	grand	grand	ADJ
ajfa-6464	191	5	mean	mean	ADJ
ajfa-6464	191	6	value	value	NOUN
ajfa-6464	191	7	of	of	ADP
ajfa-6464	191	8	the	the	DET
ajfa-6464	191	9	squared	square	VERB
ajfa-6464	191	10	loadings	loading	NOUN
ajfa-6464	191	11	of	of	ADP
ajfa-6464	191	12	all	all	DET
ajfa-6464	191	13	indicators	indicator	NOUN
ajfa-6464	191	14	associated	associate	VERB
ajfa-6464	191	15	with	with	ADP
ajfa-6464	191	16	the	the	DET
ajfa-6464	191	17	construct	construct	NOUN
ajfa-6464	191	18	.	.	PUNCT
ajfa-6464	192	1	each	each	DET
ajfa-6464	192	2	construct	construct	NOUN
ajfa-6464	192	3	should	should	AUX
ajfa-6464	192	4	account	account	VERB
ajfa-6464	192	5	for	for	ADP
ajfa-6464	192	6	atleast	atleast	ADJ
ajfa-6464	192	7	50	50	NUM
ajfa-6464	192	8	per	per	ADP
ajfa-6464	192	9	cent	cent	NOUN
ajfa-6464	192	10	of	of	ADP
ajfa-6464	192	11	the	the	DET
ajfa-6464	192	12	assigned	assign	VERB
ajfa-6464	192	13	indicators	indicator	NOUN
ajfa-6464	192	14	’	'	PUNCT
ajfa-6464	192	15	variance	variance	NOUN
ajfa-6464	192	16	.	.	PUNCT
ajfa-6464	193	1	it	it	PRON
ajfa-6464	193	2	is	be	AUX
ajfa-6464	193	3	also	also	ADV
ajfa-6464	193	4	referred	refer	VERB
ajfa-6464	193	5	to	to	ADP
ajfa-6464	193	6	as	as	SCONJ
ajfa-6464	193	7	construct	construct	VERB
ajfa-6464	193	8	communality	communality	NOUN
ajfa-6464	193	9	.	.	PUNCT
ajfa-6464	194	1	all	all	DET
ajfa-6464	194	2	the	the	DET
ajfa-6464	194	3	construct	construct	NOUN
ajfa-6464	194	4	satisfy	satisfy	VERB
ajfa-6464	194	5	the	the	DET
ajfa-6464	194	6	convergent	convergent	NOUN
ajfa-6464	194	7	validity	validity	NOUN
ajfa-6464	194	8	criterion	criterion	NOUN
ajfa-6464	194	9	.	.	PUNCT
ajfa-6464	195	1	discriminant	discriminant	ADJ
ajfa-6464	195	2	validity	validity	NOUN
ajfa-6464	195	3	discriminant	discriminant	ADJ
ajfa-6464	195	4	validity	validity	NOUN
ajfa-6464	195	5	is	be	AUX
ajfa-6464	195	6	tested	test	VERB
ajfa-6464	195	7	by	by	ADP
ajfa-6464	195	8	means	mean	NOUN
ajfa-6464	195	9	of	of	ADP
ajfa-6464	195	10	assessment	assessment	NOUN
ajfa-6464	195	11	like	like	ADP
ajfa-6464	195	12	fornell	fornell	PROPN
ajfa-6464	195	13	larcker	larcker	PROPN
ajfa-6464	195	14	,	,	PUNCT
ajfa-6464	195	15	cross	cross	NOUN
ajfa-6464	195	16	loadings	loading	NOUN
ajfa-6464	195	17	and	and	CCONJ
ajfa-6464	195	18	the	the	DET
ajfa-6464	195	19	heterotrait	heterotrait	NOUN
ajfa-6464	195	20	-monotrait	-monotrait	PROPN
ajfa-6464	195	21	ratio	ratio	NOUN
ajfa-6464	195	22	(	(	PUNCT
ajfa-6464	195	23	htmt	htmt	ADJ
ajfa-6464	195	24	)	)	PUNCT
ajfa-6464	195	25	table	table	NOUN
ajfa-6464	195	26	8	8	NUM
ajfa-6464	195	27	.	.	PUNCT
ajfa-6464	195	28	fornell	fornell	PROPN
ajfa-6464	195	29	larcker	larcker	PROPN
ajfa-6464	195	30	measure	measure	VERB
ajfa-6464	195	31	capital	capital	NOUN
ajfa-6464	195	32	structure	structure	NOUN
ajfa-6464	195	33	divpo	divpo	VERB
ajfa-6464	195	34	firmsize	firmsize	NOUN
ajfa-6464	195	35	growth	growth	NOUN
ajfa-6464	195	36	investdeci	investdeci	VERB
ajfa-6464	195	37	profitability	profitability	NOUN
ajfa-6464	195	38	capital	capital	NOUN
ajfa-6464	195	39	structure	structure	NOUN
ajfa-6464	195	40	1	1	NUM
ajfa-6464	195	41	divpo	divpo	NOUN
ajfa-6464	195	42	-0.198	-0.198	NOUN
ajfa-6464	195	43	1	1	NUM
ajfa-6464	195	44	firmsize	firmsize	NOUN
ajfa-6464	195	45	0.053	0.053	NUM
ajfa-6464	195	46	0.081	0.081	NUM
ajfa-6464	195	47	1	1	NUM
ajfa-6464	195	48	growth	growth	NOUN
ajfa-6464	195	49	0.041	0.041	NUM
ajfa-6464	195	50	-0.313	-0.313	PUNCT
ajfa-6464	196	1	-0.131	-0.131	SYM
ajfa-6464	196	2	1	1	NUM
ajfa-6464	196	3	investdeci	investdeci	NOUN
ajfa-6464	196	4	-0.462	-0.462	NOUN
ajfa-6464	196	5	-0.128	-0.128	PUNCT
ajfa-6464	197	1	0.063	0.063	NUM
ajfa-6464	197	2	0.187	0.187	NUM
ajfa-6464	197	3	0.717	0.717	NUM
ajfa-6464	197	4	profitability	profitability	NOUN
ajfa-6464	197	5	-0.068	-0.068	NOUN
ajfa-6464	197	6	0.148	0.148	NUM
ajfa-6464	197	7	0.017	0.017	NUM
ajfa-6464	197	8	-0.53	-0.53	NOUN
ajfa-6464	197	9	-0.164	-0.164	NOUN
ajfa-6464	197	10	0.713	0.713	NUM
ajfa-6464	197	11	risk	risk	NOUN
ajfa-6464	197	12	-0.251	-0.251	PUNCT
ajfa-6464	197	13	0.325	0.325	NUM
ajfa-6464	197	14	0.319	0.319	NUM
ajfa-6464	197	15	-0.111	-0.111	X
ajfa-6464	197	16	0.033	0.033	NUM
ajfa-6464	197	17	-0.019	-0.019	PUNCT
ajfa-6464	197	18	value	value	NOUN
ajfa-6464	197	19	creation	creation	NOUN
ajfa-6464	197	20	-0.404	-0.404	NOUN
ajfa-6464	197	21	0.159	0.159	NUM
ajfa-6464	197	22	-0.259	-0.259	NOUN
ajfa-6464	197	23	-0.096	-0.096	NOUN
ajfa-6464	197	24	0.146	0.146	NUM
ajfa-6464	197	25	0.107	0.107	NUM
ajfa-6464	197	26	the	the	DET
ajfa-6464	197	27	fornell	fornell	NOUN
ajfa-6464	197	28	larcker	larcker	NOUN
ajfa-6464	197	29	criterion	criterion	NOUN
ajfa-6464	197	30	suggests	suggest	VERB
ajfa-6464	197	31	that	that	SCONJ
ajfa-6464	197	32	the	the	DET
ajfa-6464	197	33	square	square	ADJ
ajfa-6464	197	34	root	root	NOUN
ajfa-6464	197	35	of	of	ADP
ajfa-6464	197	36	ave	ave	NOUN
ajfa-6464	197	37	must	must	AUX
ajfa-6464	197	38	be	be	AUX
ajfa-6464	197	39	greater	great	ADJ
ajfa-6464	197	40	than	than	ADP
ajfa-6464	197	41	the	the	DET
ajfa-6464	197	42	correlation	correlation	NOUN
ajfa-6464	197	43	of	of	ADP
ajfa-6464	197	44	the	the	DET
ajfa-6464	197	45	construct	construct	NOUN
ajfa-6464	197	46	with	with	ADP
ajfa-6464	197	47	all	all	DET
ajfa-6464	197	48	other	other	ADJ
ajfa-6464	197	49	constructs	construct	NOUN
ajfa-6464	197	50	including	include	VERB
ajfa-6464	197	51	the	the	DET
ajfa-6464	197	52	formative	formative	ADJ
ajfa-6464	197	53	measures	measure	NOUN
ajfa-6464	197	54	in	in	ADP
ajfa-6464	197	55	the	the	DET
ajfa-6464	197	56	structural	structural	ADJ
ajfa-6464	197	57	model	model	NOUN
ajfa-6464	197	58	.	.	PUNCT
ajfa-6464	198	1	this	this	DET
ajfa-6464	198	2	criterion	criterion	NOUN
ajfa-6464	198	3	is	be	AUX
ajfa-6464	198	4	satisfied	satisfied	ADJ
ajfa-6464	198	5	in	in	ADP
ajfa-6464	198	6	this	this	DET
ajfa-6464	198	7	case	case	NOUN
ajfa-6464	198	8	.	.	PUNCT
ajfa-6464	199	1	asian	asian	ADJ
ajfa-6464	199	2	journal	journal	PROPN
ajfa-6464	199	3	of	of	ADP
ajfa-6464	199	4	finance	finance	PROPN
ajfa-6464	199	5	&	&	CCONJ
ajfa-6464	199	6	accounting	accounting	PROPN
ajfa-6464	199	7	issn	issn	PROPN
ajfa-6464	199	8	1946	1946	NUM
ajfa-6464	199	9	-	-	PUNCT
ajfa-6464	199	10	052x	052x	NOUN
ajfa-6464	199	11	2015	2015	NUM
ajfa-6464	199	12	,	,	PUNCT
ajfa-6464	199	13	vol	vol	NOUN
ajfa-6464	199	14	.	.	PROPN
ajfa-6464	199	15	7	7	NUM
ajfa-6464	199	16	,	,	PUNCT
ajfa-6464	199	17	no	no	INTJ
ajfa-6464	199	18	.	.	NOUN
ajfa-6464	199	19	1	1	NUM
ajfa-6464	199	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	199	21	88	88	NUM
ajfa-6464	199	22	table	table	NOUN
ajfa-6464	199	23	9	9	NUM
ajfa-6464	199	24	.	.	PUNCT
ajfa-6464	199	25	cross	cross	NOUN
ajfa-6464	199	26	loadings	loading	NOUN
ajfa-6464	199	27	capital	capital	NOUN
ajfa-6464	199	28	structure	structure	NOUN
ajfa-6464	199	29	divpo	divpo	VERB
ajfa-6464	199	30	firmsize	firmsize	NOUN
ajfa-6464	199	31	growth	growth	NOUN
ajfa-6464	199	32	investdeci	investdeci	VERB
ajfa-6464	199	33	profitability	profitability	NOUN
ajfa-6464	199	34	risk	risk	NOUN
ajfa-6464	199	35	value	value	NOUN
ajfa-6464	199	36	creation	creation	NOUN
ajfa-6464	199	37	beta	beta	NOUN
ajfa-6464	199	38	-0.251	-0.251	PROPN
ajfa-6464	199	39	0.325	0.325	NUM
ajfa-6464	199	40	0.319	0.319	NUM
ajfa-6464	199	41	-0.111	-0.111	X
ajfa-6464	199	42	0.033	0.033	NUM
ajfa-6464	199	43	-0.019	-0.019	NUM
ajfa-6464	199	44	1	1	NUM
ajfa-6464	199	45	0.145	0.145	NUM
ajfa-6464	199	46	capex	capex	NOUN
ajfa-6464	199	47	/	/	SYM
ajfa-6464	199	48	ta	ta	PROPN
ajfa-6464	199	49	-0.438	-0.438	PUNCT
ajfa-6464	199	50	0.145	0.145	NUM
ajfa-6464	199	51	0.107	0.107	NUM
ajfa-6464	199	52	0.088	0.088	NUM
ajfa-6464	199	53	0.488	0.488	NUM
ajfa-6464	199	54	0.003	0.003	NUM
ajfa-6464	199	55	0.308	0.308	NUM
ajfa-6464	199	56	0.023	0.023	NUM
ajfa-6464	199	57	dpo	dpo	NOUN
ajfa-6464	199	58	-0.198	-0.198	NOUN
ajfa-6464	199	59	1	1	NUM
ajfa-6464	199	60	0.081	0.081	NUM
ajfa-6464	199	61	-0.313	-0.313	PUNCT
ajfa-6464	199	62	-0.128	-0.128	NOUN
ajfa-6464	199	63	0.148	0.148	NUM
ajfa-6464	199	64	0.325	0.325	NUM
ajfa-6464	199	65	0.159	0.159	NUM
ajfa-6464	199	66	e	e	NOUN
ajfa-6464	199	67	t	t	PROPN
ajfa-6464	199	68	/	/	PUNCT
ajfa-6464	199	69	be	be	AUX
ajfa-6464	199	70	(	(	PUNCT
ajfa-6464	199	71	t-1	t-1	PROPN
ajfa-6464	199	72	)	)	PUNCT
ajfa-6464	199	73	-0.187	-0.187	PROPN
ajfa-6464	200	1	0.045	0.045	NUM
ajfa-6464	200	2	-0.297	-0.297	PUNCT
ajfa-6464	200	3	-0.023	-0.023	ADP
ajfa-6464	200	4	0.162	0.162	NUM
ajfa-6464	200	5	0.137	0.137	NUM
ajfa-6464	200	6	-0.013	-0.013	PUNCT
ajfa-6464	200	7	0.649	0.649	NUM
ajfa-6464	200	8	e	e	NOUN
ajfa-6464	200	9	/	/	SYM
ajfa-6464	200	10	p	p	X
ajfa-6464	200	11	0.054	0.054	NUM
ajfa-6464	200	12	0.158	0.158	NUM
ajfa-6464	200	13	-0.039	-0.039	NOUN
ajfa-6464	200	14	-0.428	-0.428	PUNCT
ajfa-6464	200	15	-0.2	-0.2	NOUN
ajfa-6464	200	16	0.809	0.809	NUM
ajfa-6464	200	17	0.001	0.001	NUM
ajfa-6464	200	18	0.099	0.099	NUM
ajfa-6464	200	19	lev	lev	NOUN
ajfa-6464	200	20	1	1	NUM
ajfa-6464	200	21	-0.198	-0.198	ADP
ajfa-6464	200	22	0.053	0.053	NUM
ajfa-6464	200	23	0.041	0.041	NUM
ajfa-6464	200	24	-0.462	-0.462	NOUN
ajfa-6464	200	25	-0.068	-0.068	PUNCT
ajfa-6464	200	26	-0.251	-0.251	X
ajfa-6464	200	27	-0.404	-0.404	X
ajfa-6464	200	28	lnme	lnme	NOUN
ajfa-6464	200	29	0.053	0.053	NUM
ajfa-6464	200	30	0.081	0.081	NUM
ajfa-6464	200	31	1	1	NUM
ajfa-6464	200	32	-0.131	-0.131	NUM
ajfa-6464	200	33	0.063	0.063	NUM
ajfa-6464	200	34	0.017	0.017	NUM
ajfa-6464	200	35	0.319	0.319	NUM
ajfa-6464	200	36	-0.259	-0.259	X
ajfa-6464	200	37	roe	roe	NOUN
ajfa-6464	200	38	-0.19	-0.19	PROPN
ajfa-6464	200	39	0.037	0.037	NUM
ajfa-6464	200	40	0.083	0.083	NUM
ajfa-6464	200	41	-0.32	-0.32	NUM
ajfa-6464	200	42	-0.008	-0.008	NUM
ajfa-6464	200	43	0.602	0.602	NUM
ajfa-6464	200	44	-0.034	-0.034	SYM
ajfa-6464	200	45	0.049	0.049	NUM
ajfa-6464	200	46	return	return	NOUN
ajfa-6464	200	47	-0.384	-0.384	PUNCT
ajfa-6464	200	48	0.174	0.174	NUM
ajfa-6464	200	49	-0.107	-0.107	PUNCT
ajfa-6464	200	50	-0.108	-0.108	PUNCT
ajfa-6464	200	51	0.065	0.065	NUM
ajfa-6464	200	52	0.034	0.034	NUM
ajfa-6464	200	53	0.2	0.2	NUM
ajfa-6464	200	54	0.805	0.805	NUM
ajfa-6464	200	55	sg	sg	ADP
ajfa-6464	200	56	0.041	0.041	NUM
ajfa-6464	200	57	-0.313	-0.313	PUNCT
ajfa-6464	200	58	-0.131	-0.131	SYM
ajfa-6464	200	59	1	1	NUM
ajfa-6464	200	60	0.187	0.187	NUM
ajfa-6464	200	61	-0.53	-0.53	NOUN
ajfa-6464	200	62	-0.111	-0.111	ADJ
ajfa-6464	200	63	-0.096	-0.096	PROPN
ajfa-6464	200	64	wc	wc	PROPN
ajfa-6464	200	65	/	/	SYM
ajfa-6464	200	66	ta	ta	PROPN
ajfa-6464	200	67	-0.298	-0.298	PUNCT
ajfa-6464	200	68	-0.223	-0.223	PROPN
ajfa-6464	200	69	0.016	0.016	NUM
ajfa-6464	200	70	0.167	0.167	NUM
ajfa-6464	200	71	0.889	0.889	NUM
ajfa-6464	200	72	-0.19	-0.19	NOUN
ajfa-6464	200	73	-0.124	-0.124	PROPN
ajfa-6464	200	74	0.155	0.155	NUM
ajfa-6464	200	75	according	accord	VERB
ajfa-6464	200	76	to	to	ADP
ajfa-6464	200	77	cross	cross	NOUN
ajfa-6464	200	78	loading	loading	NOUN
ajfa-6464	200	79	criteria	criterion	NOUN
ajfa-6464	200	80	,	,	PUNCT
ajfa-6464	200	81	each	each	DET
ajfa-6464	200	82	indicator	indicator	NOUN
ajfa-6464	200	83	must	must	AUX
ajfa-6464	200	84	load	load	VERB
ajfa-6464	200	85	highest	high	ADJ
ajfa-6464	200	86	on	on	ADP
ajfa-6464	200	87	the	the	DET
ajfa-6464	200	88	construct	construct	NOUN
ajfa-6464	200	89	on	on	ADP
ajfa-6464	200	90	which	which	PRON
ajfa-6464	200	91	it	it	PRON
ajfa-6464	200	92	is	be	AUX
ajfa-6464	200	93	the	the	DET
ajfa-6464	200	94	indicator	indicator	NOUN
ajfa-6464	200	95	measure	measure	NOUN
ajfa-6464	200	96	both	both	PRON
ajfa-6464	200	97	in	in	ADP
ajfa-6464	200	98	terms	term	NOUN
ajfa-6464	200	99	of	of	ADP
ajfa-6464	200	100	reflective	reflective	ADJ
ajfa-6464	200	101	and	and	CCONJ
ajfa-6464	200	102	formative	formative	ADJ
ajfa-6464	200	103	measures	measure	NOUN
ajfa-6464	200	104	.	.	PUNCT
ajfa-6464	201	1	table	table	NOUN
ajfa-6464	201	2	10	10	NUM
ajfa-6464	201	3	.	.	PUNCT
ajfa-6464	202	1	discriminant	discriminant	ADJ
ajfa-6464	202	2	validity	validity	NOUN
ajfa-6464	202	3	assessment	assessment	NOUN
ajfa-6464	202	4	through	through	ADP
ajfa-6464	202	5	heterotrait	heterotrait	NOUN
ajfa-6464	202	6	-monotrait	-monotrait	PROPN
ajfa-6464	202	7	ratio	ratio	NOUN
ajfa-6464	202	8	(	(	PUNCT
ajfa-6464	202	9	htmt	htmt	ADJ
ajfa-6464	202	10	)	)	PUNCT
ajfa-6464	202	11	capital	capital	NOUN
ajfa-6464	202	12	structure	structure	NOUN
ajfa-6464	202	13	divpo	divpo	VERB
ajfa-6464	202	14	firmsize	firmsize	NOUN
ajfa-6464	202	15	growth	growth	NOUN
ajfa-6464	202	16	investdeci	investdeci	VERB
ajfa-6464	202	17	profitability	profitability	NOUN
ajfa-6464	202	18	risk	risk	NOUN
ajfa-6464	202	19	capital	capital	NOUN
ajfa-6464	202	20	structure	structure	NOUN
ajfa-6464	202	21	divpo	divpo	VERB
ajfa-6464	202	22	-0.198	-0.198	PROPN
ajfa-6464	202	23	firmsize	firmsize	NOUN
ajfa-6464	202	24	0.053	0.053	NUM
ajfa-6464	202	25	0.081	0.081	NUM
ajfa-6464	202	26	growth	growth	NOUN
ajfa-6464	202	27	0.041	0.041	NUM
ajfa-6464	202	28	-0.313	-0.313	PUNCT
ajfa-6464	202	29	-0.131	-0.131	PUNCT
ajfa-6464	202	30	investdeci	investdeci	INTJ
ajfa-6464	202	31	-2.013	-2.013	PUNCT
ajfa-6464	202	32	-0.212	-0.212	NOUN
ajfa-6464	202	33	0.337	0.337	NUM
ajfa-6464	202	34	0.698	0.698	NUM
ajfa-6464	202	35	profitability	profitability	NOUN
ajfa-6464	202	36	-0.504	-0.504	NUM
ajfa-6464	202	37	0.722	0.722	NUM
ajfa-6464	202	38	0.161	0.161	NUM
ajfa-6464	202	39	-2.778	-2.778	PUNCT
ajfa-6464	202	40	-2.557	-2.557	PUNCT
ajfa-6464	202	41	risk	risk	NOUN
ajfa-6464	202	42	-0.251	-0.251	PUNCT
ajfa-6464	202	43	0.325	0.325	NUM
ajfa-6464	202	44	0.319	0.319	NUM
ajfa-6464	202	45	-0.111	-0.111	X
ajfa-6464	202	46	0.501	0.501	NUM
ajfa-6464	202	47	-0.122	-0.122	PUNCT
ajfa-6464	202	48	htmt	htmt	NOUN
ajfa-6464	202	49	is	be	AUX
ajfa-6464	202	50	the	the	DET
ajfa-6464	202	51	average	average	ADJ
ajfa-6464	202	52	heterotrait	heterotrait	NOUN
ajfa-6464	202	53	-heteromethod	-heteromethod	NOUN
ajfa-6464	202	54	correlations	correlation	NOUN
ajfa-6464	202	55	relative	relative	ADJ
ajfa-6464	202	56	to	to	ADP
ajfa-6464	202	57	the	the	DET
ajfa-6464	202	58	average	average	ADJ
ajfa-6464	202	59	monotrait	monotrait	ADJ
ajfa-6464	202	60	-heteromethod	-heteromethod	PROPN
ajfa-6464	202	61	correlations	correlation	NOUN
ajfa-6464	202	62	.	.	PUNCT
ajfa-6464	203	1	monotrait	monotrait	ADJ
ajfa-6464	203	2	-heteromethod	-heteromethod	PROPN
ajfa-6464	203	3	correlations	correlation	NOUN
ajfa-6464	203	4	represent	represent	VERB
ajfa-6464	203	5	correlations	correlation	NOUN
ajfa-6464	203	6	of	of	ADP
ajfa-6464	203	7	indicators	indicator	NOUN
ajfa-6464	203	8	measuring	measure	VERB
ajfa-6464	203	9	the	the	DET
ajfa-6464	203	10	same	same	ADJ
ajfa-6464	203	11	construct.heterotrait	construct.heterotrait	NOUN
ajfa-6464	203	12	-heteromethod	-heteromethod	NOUN
ajfa-6464	203	13	correlations	correlation	NOUN
ajfa-6464	203	14	are	be	AUX
ajfa-6464	203	15	correlations	correlation	NOUN
ajfa-6464	203	16	of	of	ADP
ajfa-6464	203	17	indicators	indicator	NOUN
ajfa-6464	203	18	across	across	ADP
ajfa-6464	203	19	constructs	construct	NOUN
ajfa-6464	203	20	measuring	measure	VERB
ajfa-6464	203	21	different	different	ADJ
ajfa-6464	203	22	phenomena	phenomenon	NOUN
ajfa-6464	203	23	.	.	PUNCT
ajfa-6464	204	1	htmt	htmt	PROPN
ajfa-6464	204	2	values	value	NOUN
ajfa-6464	204	3	close	close	ADJ
ajfa-6464	204	4	to	to	ADP
ajfa-6464	204	5	1	1	NUM
ajfa-6464	204	6	indicate	indicate	VERB
ajfa-6464	204	7	lack	lack	NOUN
ajfa-6464	204	8	of	of	ADP
ajfa-6464	204	9	discriminant	discriminant	ADJ
ajfa-6464	204	10	validity	validity	NOUN
ajfa-6464	204	11	.	.	PUNCT
ajfa-6464	205	1	the	the	DET
ajfa-6464	205	2	threshold	threshold	NOUN
ajfa-6464	205	3	value	value	NOUN
ajfa-6464	205	4	is	be	AUX
ajfa-6464	205	5	considered	consider	VERB
ajfa-6464	205	6	close	close	ADJ
ajfa-6464	205	7	to	to	ADP
ajfa-6464	205	8	0.85	0.85	NUM
ajfa-6464	205	9	.	.	PUNCT
ajfa-6464	206	1	the	the	DET
ajfa-6464	206	2	constructs	construct	NOUN
ajfa-6464	206	3	in	in	ADP
ajfa-6464	206	4	the	the	DET
ajfa-6464	206	5	study	study	NOUN
ajfa-6464	206	6	satisfy	satisfy	VERB
ajfa-6464	206	7	the	the	DET
ajfa-6464	206	8	discriminant	discriminant	ADJ
ajfa-6464	206	9	validity	validity	NOUN
ajfa-6464	206	10	assessment	assessment	NOUN
ajfa-6464	206	11	on	on	ADP
ajfa-6464	206	12	the	the	DET
ajfa-6464	206	13	basis	basis	NOUN
ajfa-6464	206	14	of	of	ADP
ajfa-6464	206	15	htmt	htmt	NOUN
ajfa-6464	206	16	.	.	PUNCT
ajfa-6464	207	1	5.2	5.2	NUM
ajfa-6464	207	2	validity	validity	NOUN
ajfa-6464	207	3	assessment	assessment	NOUN
ajfa-6464	207	4	of	of	ADP
ajfa-6464	207	5	formative	formative	ADJ
ajfa-6464	207	6	measurement	measurement	NOUN
ajfa-6464	207	7	models	model	VERB
ajfa-6464	207	8	the	the	DET
ajfa-6464	207	9	validity	validity	NOUN
ajfa-6464	207	10	assessment	assessment	NOUN
ajfa-6464	207	11	of	of	ADP
ajfa-6464	207	12	formative	formative	ADJ
ajfa-6464	207	13	measurement	measurement	NOUN
ajfa-6464	207	14	models	model	NOUN
ajfa-6464	207	15	consists	consist	VERB
ajfa-6464	207	16	of	of	ADP
ajfa-6464	207	17	assessingthe	assessingthe	DET
ajfa-6464	207	18	collinearity	collinearity	NOUN
ajfa-6464	207	19	issues	issue	NOUN
ajfa-6464	207	20	and	and	CCONJ
ajfa-6464	207	21	assessment	assessment	NOUN
ajfa-6464	207	22	of	of	ADP
ajfa-6464	207	23	significance	significance	NOUN
ajfa-6464	207	24	and	and	CCONJ
ajfa-6464	207	25	relevance	relevance	NOUN
ajfa-6464	207	26	of	of	ADP
ajfa-6464	207	27	the	the	DET
ajfa-6464	207	28	formative	formative	ADJ
ajfa-6464	207	29	indicators	indicator	NOUN
ajfa-6464	207	30	.	.	PUNCT
ajfa-6464	208	1	collinearity	collinearity	NOUN
ajfa-6464	208	2	issues	issue	NOUN
ajfa-6464	208	3	occurs	occur	VERB
ajfa-6464	208	4	when	when	SCONJ
ajfa-6464	208	5	two	two	NUM
ajfa-6464	208	6	or	or	CCONJ
ajfa-6464	208	7	more	more	ADJ
ajfa-6464	208	8	indicators	indicator	NOUN
ajfa-6464	208	9	of	of	ADP
ajfa-6464	208	10	a	a	DET
ajfa-6464	208	11	construct	construct	NOUN
ajfa-6464	208	12	are	be	AUX
ajfa-6464	208	13	highly	highly	ADV
ajfa-6464	208	14	correlated	correlate	VERB
ajfa-6464	208	15	.	.	PUNCT
ajfa-6464	209	1	collinearity	collinearity	NOUN
ajfa-6464	209	2	assessment	assessment	NOUN
ajfa-6464	209	3	is	be	AUX
ajfa-6464	209	4	done	do	VERB
ajfa-6464	209	5	through	through	ADP
ajfa-6464	209	6	the	the	DET
ajfa-6464	209	7	analysis	analysis	NOUN
ajfa-6464	209	8	of	of	ADP
ajfa-6464	209	9	vif	vif	PROPN
ajfa-6464	209	10	.	.	PUNCT
ajfa-6464	210	1	if	if	SCONJ
ajfa-6464	210	2	there	there	PRON
ajfa-6464	210	3	are	be	VERB
ajfa-6464	210	4	no	no	DET
ajfa-6464	210	5	critical	critical	ADJ
ajfa-6464	210	6	levels	level	NOUN
ajfa-6464	210	7	of	of	ADP
ajfa-6464	210	8	collinearity	collinearity	NOUN
ajfa-6464	210	9	(	(	PUNCT
ajfa-6464	210	10	ie	ie	ADV
ajfa-6464	210	11	vif<5	vif<5	NOUN
ajfa-6464	210	12	)	)	PUNCT
ajfa-6464	210	13	,	,	PUNCT
ajfa-6464	210	14	then	then	ADV
ajfa-6464	210	15	the	the	DET
ajfa-6464	210	16	analysis	analysis	NOUN
ajfa-6464	210	17	enters	enter	VERB
ajfa-6464	210	18	the	the	DET
ajfa-6464	210	19	next	next	ADJ
ajfa-6464	210	20	stage	stage	NOUN
ajfa-6464	210	21	.	.	PUNCT
ajfa-6464	211	1	asian	asian	ADJ
ajfa-6464	211	2	journal	journal	PROPN
ajfa-6464	211	3	of	of	ADP
ajfa-6464	211	4	finance	finance	PROPN
ajfa-6464	211	5	&	&	CCONJ
ajfa-6464	211	6	accounting	accounting	PROPN
ajfa-6464	211	7	issn	issn	PROPN
ajfa-6464	211	8	1946	1946	NUM
ajfa-6464	211	9	-	-	PUNCT
ajfa-6464	211	10	052x	052x	NOUN
ajfa-6464	211	11	2015	2015	NUM
ajfa-6464	211	12	,	,	PUNCT
ajfa-6464	211	13	vol	vol	NOUN
ajfa-6464	211	14	.	.	PROPN
ajfa-6464	211	15	7	7	NUM
ajfa-6464	211	16	,	,	PUNCT
ajfa-6464	211	17	no	no	INTJ
ajfa-6464	211	18	.	.	NOUN
ajfa-6464	211	19	1	1	NUM
ajfa-6464	211	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	211	21	89	89	NUM
ajfa-6464	211	22	table	table	NOUN
ajfa-6464	211	23	11	11	NUM
ajfa-6464	211	24	.	.	PUNCT
ajfa-6464	212	1	vif	vif	NOUN
ajfa-6464	212	2	values	value	NOUN
ajfa-6464	212	3	vif	vif	PROPN
ajfa-6464	212	4	beta	beta	VERB
ajfa-6464	212	5	1.000	1.000	NUM
ajfa-6464	212	6	capex	capex	NOUN
ajfa-6464	212	7	/	/	SYM
ajfa-6464	212	8	ta	ta	PROPN
ajfa-6464	212	9	1.001	1.001	NUM
ajfa-6464	212	10	dpo	dpo	NOUN
ajfa-6464	212	11	1.000	1.000	NUM
ajfa-6464	212	12	e	e	NOUN
ajfa-6464	212	13	t	t	PROPN
ajfa-6464	212	14	/	/	PUNCT
ajfa-6464	212	15	be	be	AUX
ajfa-6464	212	16	(	(	PUNCT
ajfa-6464	212	17	t-1	t-1	PROPN
ajfa-6464	212	18	)	)	PUNCT
ajfa-6464	212	19	1.005	1.005	NUM
ajfa-6464	212	20	e	e	NOUN
ajfa-6464	212	21	/	/	SYM
ajfa-6464	212	22	p	p	NOUN
ajfa-6464	212	23	1.000	1.000	NUM
ajfa-6464	212	24	lev	lev	NOUN
ajfa-6464	212	25	1.000	1.000	NUM
ajfa-6464	212	26	lnme	lnme	NOUN
ajfa-6464	212	27	1.000	1.000	NUM
ajfa-6464	212	28	roe	roe	NOUN
ajfa-6464	212	29	1.000	1.000	NUM
ajfa-6464	212	30	return	return	VERB
ajfa-6464	212	31	1.005	1.005	NUM
ajfa-6464	212	32	sg	sg	ADP
ajfa-6464	212	33	1.000	1.000	NUM
ajfa-6464	212	34	wc	wc	PROPN
ajfa-6464	212	35	/	/	SYM
ajfa-6464	212	36	ta	ta	PROPN
ajfa-6464	212	37	1.001	1.001	NUM
ajfa-6464	212	38	the	the	DET
ajfa-6464	212	39	table	table	NOUN
ajfa-6464	212	40	shows	show	VERB
ajfa-6464	212	41	that	that	SCONJ
ajfa-6464	212	42	all	all	DET
ajfa-6464	212	43	vif	vif	NOUN
ajfa-6464	212	44	values	value	NOUN
ajfa-6464	212	45	are	be	AUX
ajfa-6464	212	46	less	less	ADJ
ajfa-6464	212	47	than	than	ADP
ajfa-6464	212	48	5	5	NUM
ajfa-6464	212	49	.	.	PUNCT
ajfa-6464	213	1	the	the	DET
ajfa-6464	213	2	next	next	ADJ
ajfa-6464	213	3	stage	stage	NOUN
ajfa-6464	213	4	consists	consist	VERB
ajfa-6464	213	5	of	of	ADP
ajfa-6464	213	6	assessing	assess	VERB
ajfa-6464	213	7	the	the	DET
ajfa-6464	213	8	relevance	relevance	NOUN
ajfa-6464	213	9	of	of	ADP
ajfa-6464	213	10	the	the	DET
ajfa-6464	213	11	formative	formative	ADJ
ajfa-6464	213	12	indicators	indicator	NOUN
ajfa-6464	213	13	in	in	ADP
ajfa-6464	213	14	the	the	DET
ajfa-6464	213	15	following	following	ADJ
ajfa-6464	213	16	manner	manner	NOUN
ajfa-6464	213	17	.	.	PUNCT
ajfa-6464	214	1	the	the	DET
ajfa-6464	214	2	outer	outer	ADJ
ajfa-6464	214	3	weight	weight	NOUN
ajfa-6464	214	4	is	be	AUX
ajfa-6464	214	5	assessed	assess	VERB
ajfa-6464	214	6	to	to	PART
ajfa-6464	214	7	be	be	AUX
ajfa-6464	214	8	significant	significant	ADJ
ajfa-6464	214	9	or	or	CCONJ
ajfa-6464	214	10	not	not	PART
ajfa-6464	214	11	.	.	PUNCT
ajfa-6464	215	1	if	if	SCONJ
ajfa-6464	215	2	the	the	DET
ajfa-6464	215	3	outer	outer	ADJ
ajfa-6464	215	4	weight	weight	NOUN
ajfa-6464	215	5	is	be	AUX
ajfa-6464	215	6	significant	significant	ADJ
ajfa-6464	215	7	,	,	PUNCT
ajfa-6464	215	8	then	then	ADV
ajfa-6464	215	9	the	the	DET
ajfa-6464	215	10	operation	operation	NOUN
ajfa-6464	215	11	is	be	AUX
ajfa-6464	215	12	continued	continue	VERB
ajfa-6464	215	13	with	with	ADP
ajfa-6464	215	14	the	the	DET
ajfa-6464	215	15	interpretation	interpretation	NOUN
ajfa-6464	215	16	of	of	ADP
ajfa-6464	215	17	the	the	DET
ajfa-6464	215	18	outer	outer	ADJ
ajfa-6464	215	19	weight	weight	NOUN
ajfa-6464	215	20	’s	’s	PART
ajfa-6464	215	21	absolute	absolute	ADJ
ajfa-6464	215	22	and	and	CCONJ
ajfa-6464	215	23	relative	relative	ADJ
ajfa-6464	215	24	size	size	NOUN
ajfa-6464	215	25	.	.	PUNCT
ajfa-6464	216	1	if	if	SCONJ
ajfa-6464	216	2	the	the	DET
ajfa-6464	216	3	outer	outer	ADJ
ajfa-6464	216	4	weight	weight	NOUN
ajfa-6464	216	5	is	be	AUX
ajfa-6464	216	6	not	not	PART
ajfa-6464	216	7	significant	significant	ADJ
ajfa-6464	216	8	then	then	ADV
ajfa-6464	216	9	the	the	DET
ajfa-6464	216	10	formative	formative	ADJ
ajfa-6464	216	11	indicator	indicator	NOUN
ajfa-6464	216	12	’s	’s	PART
ajfa-6464	216	13	outer	outer	ADJ
ajfa-6464	216	14	loading	loading	NOUN
ajfa-6464	216	15	is	be	AUX
ajfa-6464	216	16	analyzed	analyze	VERB
ajfa-6464	216	17	.	.	PUNCT
ajfa-6464	217	1	if	if	SCONJ
ajfa-6464	217	2	the	the	DET
ajfa-6464	217	3	outer	outer	ADJ
ajfa-6464	217	4	loading	loading	NOUN
ajfa-6464	217	5	is	be	AUX
ajfa-6464	217	6	less	less	ADJ
ajfa-6464	217	7	than	than	ADP
ajfa-6464	217	8	0.5	0.5	NUM
ajfa-6464	217	9	,	,	PUNCT
ajfa-6464	217	10	then	then	ADV
ajfa-6464	217	11	the	the	DET
ajfa-6464	217	12	significance	significance	NOUN
ajfa-6464	217	13	of	of	ADP
ajfa-6464	217	14	the	the	DET
ajfa-6464	217	15	formative	formative	ADJ
ajfa-6464	217	16	indicator	indicator	NOUN
ajfa-6464	217	17	’s	’s	PART
ajfa-6464	217	18	outer	outer	ADJ
ajfa-6464	217	19	loading	loading	NOUN
ajfa-6464	217	20	is	be	AUX
ajfa-6464	217	21	tested	test	VERB
ajfa-6464	217	22	.	.	PUNCT
ajfa-6464	218	1	if	if	SCONJ
ajfa-6464	218	2	the	the	DET
ajfa-6464	218	3	outer	outer	ADJ
ajfa-6464	218	4	loading	loading	NOUN
ajfa-6464	218	5	is	be	AUX
ajfa-6464	218	6	less	less	ADJ
ajfa-6464	218	7	than	than	ADP
ajfa-6464	218	8	0.5	0.5	NUM
ajfa-6464	218	9	and	and	CCONJ
ajfa-6464	218	10	not	not	PART
ajfa-6464	218	11	significant	significant	ADJ
ajfa-6464	218	12	,	,	PUNCT
ajfa-6464	218	13	then	then	ADV
ajfa-6464	218	14	the	the	DET
ajfa-6464	218	15	formative	formative	ADJ
ajfa-6464	218	16	indicator	indicator	NOUN
ajfa-6464	218	17	is	be	AUX
ajfa-6464	218	18	deleted	delete	VERB
ajfa-6464	218	19	.	.	PUNCT
ajfa-6464	219	1	if	if	SCONJ
ajfa-6464	219	2	the	the	DET
ajfa-6464	219	3	outer	outer	ADJ
ajfa-6464	219	4	loading	loading	NOUN
ajfa-6464	219	5	is	be	AUX
ajfa-6464	219	6	less	less	ADJ
ajfa-6464	219	7	than	than	ADP
ajfa-6464	219	8	0.5	0.5	NUM
ajfa-6464	219	9	but	but	CCONJ
ajfa-6464	219	10	is	be	AUX
ajfa-6464	219	11	significant	significant	ADJ
ajfa-6464	219	12	,	,	PUNCT
ajfa-6464	219	13	then	then	ADV
ajfa-6464	219	14	the	the	DET
ajfa-6464	219	15	removal	removal	NOUN
ajfa-6464	219	16	of	of	ADP
ajfa-6464	219	17	the	the	DET
ajfa-6464	219	18	indicator	indicator	NOUN
ajfa-6464	219	19	may	may	AUX
ajfa-6464	219	20	be	be	AUX
ajfa-6464	219	21	considered	consider	VERB
ajfa-6464	219	22	.	.	PUNCT
ajfa-6464	220	1	if	if	SCONJ
ajfa-6464	220	2	the	the	DET
ajfa-6464	220	3	outer	outer	ADJ
ajfa-6464	220	4	loading	loading	NOUN
ajfa-6464	220	5	is	be	AUX
ajfa-6464	220	6	greater	great	ADJ
ajfa-6464	220	7	than	than	ADP
ajfa-6464	220	8	0.5	0.5	NUM
ajfa-6464	220	9	,	,	PUNCT
ajfa-6464	220	10	then	then	ADV
ajfa-6464	220	11	the	the	DET
ajfa-6464	220	12	indicator	indicator	NOUN
ajfa-6464	220	13	is	be	AUX
ajfa-6464	220	14	retained	retain	VERB
ajfa-6464	220	15	even	even	ADV
ajfa-6464	220	16	if	if	SCONJ
ajfa-6464	220	17	it	it	PRON
ajfa-6464	220	18	is	be	AUX
ajfa-6464	220	19	not	not	PART
ajfa-6464	220	20	significant	significant	ADJ
ajfa-6464	220	21	.	.	PUNCT
ajfa-6464	221	1	the	the	DET
ajfa-6464	221	2	processing	processing	NOUN
ajfa-6464	221	3	resulted	result	VERB
ajfa-6464	221	4	in	in	ADP
ajfa-6464	221	5	the	the	DET
ajfa-6464	221	6	removal	removal	NOUN
ajfa-6464	221	7	of	of	ADP
ajfa-6464	221	8	the	the	DET
ajfa-6464	221	9	formative	formative	ADJ
ajfa-6464	221	10	indicator	indicator	NOUN
ajfa-6464	221	11	variable	variable	PROPN
ajfa-6464	221	12	mv	mv	PROPN
ajfa-6464	221	13	/	/	SYM
ajfa-6464	221	14	bv	bv	PROPN
ajfa-6464	221	15	.	.	PROPN
ajfa-6464	221	16	asian	asian	PROPN
ajfa-6464	221	17	journal	journal	PROPN
ajfa-6464	221	18	of	of	ADP
ajfa-6464	221	19	finance	finance	PROPN
ajfa-6464	221	20	&	&	CCONJ
ajfa-6464	221	21	accounting	accounting	PROPN
ajfa-6464	221	22	issn	issn	PROPN
ajfa-6464	221	23	1946	1946	NUM
ajfa-6464	221	24	-	-	PUNCT
ajfa-6464	221	25	052x	052x	NOUN
ajfa-6464	221	26	2015	2015	NUM
ajfa-6464	221	27	,	,	PUNCT
ajfa-6464	221	28	vol	vol	NOUN
ajfa-6464	221	29	.	.	PROPN
ajfa-6464	222	1	7	7	NUM
ajfa-6464	222	2	,	,	PUNCT
ajfa-6464	222	3	no	no	INTJ
ajfa-6464	222	4	.	.	NOUN
ajfa-6464	222	5	1	1	NUM
ajfa-6464	222	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	222	7	90	90	NUM
ajfa-6464	222	8	figure	figure	NOUN
ajfa-6464	222	9	2	2	NUM
ajfa-6464	222	10	.	.	PUNCT
ajfa-6464	223	1	the	the	DET
ajfa-6464	223	2	final	final	ADJ
ajfa-6464	223	3	path	path	NOUN
ajfa-6464	223	4	diagram	diagram	NOUN
ajfa-6464	223	5	for	for	ADP
ajfa-6464	223	6	value	value	NOUN
ajfa-6464	223	7	creation	creation	NOUN
ajfa-6464	223	8	model	model	NOUN
ajfa-6464	223	9	5.3	5.3	NUM
ajfa-6464	223	10	assessment	assessment	NOUN
ajfa-6464	223	11	of	of	ADP
ajfa-6464	223	12	the	the	DET
ajfa-6464	223	13	structural	structural	ADJ
ajfa-6464	223	14	model	model	NOUN
ajfa-6464	223	15	the	the	DET
ajfa-6464	223	16	assessment	assessment	NOUN
ajfa-6464	223	17	of	of	ADP
ajfa-6464	223	18	the	the	DET
ajfa-6464	223	19	structural	structural	ADJ
ajfa-6464	223	20	model	model	NOUN
ajfa-6464	223	21	consists	consist	VERB
ajfa-6464	223	22	of	of	ADP
ajfa-6464	223	23	five	five	NUM
ajfa-6464	223	24	steps.firstly	steps.firstly	ADV
ajfa-6464	223	25	the	the	DET
ajfa-6464	223	26	structural	structural	ADJ
ajfa-6464	223	27	model	model	NOUN
ajfa-6464	223	28	is	be	AUX
ajfa-6464	223	29	assessed	assess	VERB
ajfa-6464	223	30	for	for	ADP
ajfa-6464	223	31	collinearity	collinearity	NOUN
ajfa-6464	223	32	issues	issue	NOUN
ajfa-6464	223	33	.	.	PUNCT
ajfa-6464	224	1	the	the	DET
ajfa-6464	224	2	vif	vif	PROPN
ajfa-6464	224	3	values	value	NOUN
ajfa-6464	224	4	are	be	AUX
ajfa-6464	224	5	found	find	VERB
ajfa-6464	224	6	to	to	PART
ajfa-6464	224	7	be	be	AUX
ajfa-6464	224	8	less	less	ADJ
ajfa-6464	224	9	than	than	ADP
ajfa-6464	224	10	5	5	NUM
ajfa-6464	224	11	.	.	PUNCT
ajfa-6464	224	12	hence	hence	ADV
ajfa-6464	224	13	structurally	structurally	ADV
ajfa-6464	224	14	the	the	DET
ajfa-6464	224	15	model	model	NOUN
ajfa-6464	224	16	has	have	VERB
ajfa-6464	224	17	no	no	DET
ajfa-6464	224	18	collinearity	collinearity	NOUN
ajfa-6464	224	19	issues	issue	NOUN
ajfa-6464	224	20	.	.	PUNCT
ajfa-6464	225	1	the	the	DET
ajfa-6464	225	2	second	second	ADJ
ajfa-6464	225	3	step	step	NOUN
ajfa-6464	225	4	consists	consist	VERB
ajfa-6464	225	5	of	of	ADP
ajfa-6464	225	6	assessing	assess	VERB
ajfa-6464	225	7	the	the	DET
ajfa-6464	225	8	significance	significance	NOUN
ajfa-6464	225	9	and	and	CCONJ
ajfa-6464	225	10	relevance	relevance	NOUN
ajfa-6464	225	11	of	of	ADP
ajfa-6464	225	12	the	the	DET
ajfa-6464	225	13	structural	structural	ADJ
ajfa-6464	225	14	model	model	NOUN
ajfa-6464	225	15	relationships	relationship	NOUN
ajfa-6464	225	16	.	.	PUNCT
ajfa-6464	226	1	this	this	DET
ajfa-6464	226	2	process	process	NOUN
ajfa-6464	226	3	involves	involve	VERB
ajfa-6464	226	4	testing	test	VERB
ajfa-6464	226	5	the	the	DET
ajfa-6464	226	6	significance	significance	NOUN
ajfa-6464	226	7	and	and	CCONJ
ajfa-6464	226	8	relevance	relevance	NOUN
ajfa-6464	226	9	of	of	ADP
ajfa-6464	226	10	path	path	NOUN
ajfa-6464	226	11	coefficients	coefficient	NOUN
ajfa-6464	226	12	.	.	PUNCT
ajfa-6464	227	1	the	the	DET
ajfa-6464	227	2	path	path	NOUN
ajfa-6464	227	3	coefficients	coefficient	NOUN
ajfa-6464	227	4	vary	vary	VERB
ajfa-6464	227	5	between	between	ADP
ajfa-6464	227	6	-1	-1	PUNCT
ajfa-6464	227	7	to	to	ADP
ajfa-6464	227	8	+1	+1	PROPN
ajfa-6464	227	9	.	.	PUNCT
ajfa-6464	228	1	the	the	DET
ajfa-6464	228	2	type	type	NOUN
ajfa-6464	228	3	of	of	ADP
ajfa-6464	228	4	effects	effect	NOUN
ajfa-6464	228	5	is	be	AUX
ajfa-6464	228	6	divided	divide	VERB
ajfa-6464	228	7	into	into	ADP
ajfa-6464	228	8	direct	direct	ADJ
ajfa-6464	228	9	effect	effect	NOUN
ajfa-6464	228	10	,	,	PUNCT
ajfa-6464	228	11	indirect	indirect	ADJ
ajfa-6464	228	12	effect	effect	NOUN
ajfa-6464	228	13	and	and	CCONJ
ajfa-6464	228	14	total	total	ADJ
ajfa-6464	228	15	effect	effect	NOUN
ajfa-6464	228	16	.	.	PUNCT
ajfa-6464	229	1	the	the	DET
ajfa-6464	229	2	third	third	ADJ
ajfa-6464	229	3	step	step	NOUN
ajfa-6464	229	4	involves	involve	VERB
ajfa-6464	229	5	determination	determination	NOUN
ajfa-6464	229	6	of	of	ADP
ajfa-6464	229	7	coefficient	coefficient	NOUN
ajfa-6464	229	8	of	of	ADP
ajfa-6464	229	9	determination	determination	NOUN
ajfa-6464	229	10	r	r	NOUN
ajfa-6464	229	11	square	square	NOUN
ajfa-6464	229	12	.	.	PUNCT
ajfa-6464	230	1	it	it	PRON
ajfa-6464	230	2	is	be	AUX
ajfa-6464	230	3	a	a	DET
ajfa-6464	230	4	measure	measure	NOUN
ajfa-6464	230	5	of	of	ADP
ajfa-6464	230	6	the	the	DET
ajfa-6464	230	7	model	model	NOUN
ajfa-6464	230	8	’s	’s	PART
ajfa-6464	230	9	predictive	predictive	ADJ
ajfa-6464	230	10	accuracy	accuracy	NOUN
ajfa-6464	230	11	.	.	PUNCT
ajfa-6464	231	1	the	the	DET
ajfa-6464	231	2	fourth	fourth	ADJ
ajfa-6464	231	3	step	step	NOUN
ajfa-6464	231	4	involves	involve	VERB
ajfa-6464	231	5	measurement	measurement	NOUN
ajfa-6464	231	6	of	of	ADP
ajfa-6464	231	7	effect	effect	NOUN
ajfa-6464	231	8	sizes	size	NOUN
ajfa-6464	231	9	by	by	ADP
ajfa-6464	231	10	means	mean	NOUN
ajfa-6464	231	11	of	of	ADP
ajfa-6464	231	12	f	f	PROPN
ajfa-6464	231	13	square	square	PROPN
ajfa-6464	231	14	.	.	PUNCT
ajfa-6464	232	1	the	the	DET
ajfa-6464	232	2	fifth	fifth	ADJ
ajfa-6464	232	3	step	step	NOUN
ajfa-6464	232	4	involves	involve	VERB
ajfa-6464	232	5	estimation	estimation	NOUN
ajfa-6464	232	6	of	of	ADP
ajfa-6464	232	7	q	q	PROPN
ajfa-6464	232	8	square	square	ADJ
ajfa-6464	232	9	value	value	NOUN
ajfa-6464	232	10	to	to	PART
ajfa-6464	232	11	find	find	VERB
ajfa-6464	232	12	the	the	DET
ajfa-6464	232	13	predictive	predictive	ADJ
ajfa-6464	232	14	relevance	relevance	NOUN
ajfa-6464	232	15	through	through	ADP
ajfa-6464	232	16	blindfolding	blindfold	VERB
ajfa-6464	232	17	.	.	PUNCT
ajfa-6464	233	1	asian	asian	ADJ
ajfa-6464	233	2	journal	journal	PROPN
ajfa-6464	233	3	of	of	ADP
ajfa-6464	233	4	finance	finance	PROPN
ajfa-6464	233	5	&	&	CCONJ
ajfa-6464	233	6	accounting	accounting	PROPN
ajfa-6464	233	7	issn	issn	PROPN
ajfa-6464	233	8	1946	1946	NUM
ajfa-6464	233	9	-	-	PUNCT
ajfa-6464	233	10	052x	052x	NOUN
ajfa-6464	233	11	2015	2015	NUM
ajfa-6464	233	12	,	,	PUNCT
ajfa-6464	233	13	vol	vol	NOUN
ajfa-6464	233	14	.	.	PROPN
ajfa-6464	233	15	7	7	NUM
ajfa-6464	233	16	,	,	PUNCT
ajfa-6464	233	17	no	no	INTJ
ajfa-6464	233	18	.	.	NOUN
ajfa-6464	233	19	1	1	NUM
ajfa-6464	233	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	233	21	91	91	NUM
ajfa-6464	233	22	table	table	NOUN
ajfa-6464	233	23	12	12	NUM
ajfa-6464	233	24	.	.	PUNCT
ajfa-6464	234	1	path	path	NOUN
ajfa-6464	234	2	coefficients	coefficient	NOUN
ajfa-6464	234	3	original	original	ADJ
ajfa-6464	234	4	sample	sample	NOUN
ajfa-6464	234	5	sample	sample	NOUN
ajfa-6464	234	6	mean	mean	NOUN
ajfa-6464	234	7	t	t	PROPN
ajfa-6464	234	8	statistics	statistic	NOUN
ajfa-6464	234	9	p	p	PROPN
ajfa-6464	234	10	values	value	NOUN
ajfa-6464	234	11	capital	capital	NOUN
ajfa-6464	234	12	structure	structure	NOUN
ajfa-6464	234	13	-	-	PUNCT
ajfa-6464	234	14	>	>	X
ajfa-6464	234	15	value	value	NOUN
ajfa-6464	234	16	creation	creation	NOUN
ajfa-6464	234	17	-0.337	-0.337	NOUN
ajfa-6464	234	18	-0.310	-0.310	PUNCT
ajfa-6464	234	19	2.195	2.195	NUM
ajfa-6464	234	20	0.029	0.029	NUM
ajfa-6464	234	21	divpo	divpo	PROPN
ajfa-6464	234	22	-	-	PUNCT
ajfa-6464	234	23	>	>	X
ajfa-6464	234	24	value	value	NOUN
ajfa-6464	234	25	creation	creation	NOUN
ajfa-6464	234	26	0.060	0.060	NUM
ajfa-6464	234	27	0.058	0.058	NUM
ajfa-6464	234	28	0.371	0.371	NUM
ajfa-6464	234	29	0.711	0.711	NUM
ajfa-6464	234	30	firmsize	firmsize	NOUN
ajfa-6464	234	31	-	-	PUNCT
ajfa-6464	234	32	>	>	X
ajfa-6464	234	33	value	value	NOUN
ajfa-6464	234	34	creation	creation	NOUN
ajfa-6464	234	35	-0.291	-0.291	NUM
ajfa-6464	234	36	-0.257	-0.257	PUNCT
ajfa-6464	234	37	1.166	1.166	NUM
ajfa-6464	234	38	0.244	0.244	NUM
ajfa-6464	234	39	growth	growth	NOUN
ajfa-6464	234	40	-	-	PUNCT
ajfa-6464	234	41	>	>	X
ajfa-6464	234	42	profitability	profitability	NOUN
ajfa-6464	234	43	-0.530	-0.530	PUNCT
ajfa-6464	234	44	-0.633	-0.633	PUNCT
ajfa-6464	234	45	3.185	3.185	NUM
ajfa-6464	234	46	0.002	0.002	NUM
ajfa-6464	234	47	investdeci	investdeci	NOUN
ajfa-6464	234	48	-	-	PUNCT
ajfa-6464	234	49	>	>	X
ajfa-6464	234	50	growth	growth	NOUN
ajfa-6464	234	51	0.187	0.187	NUM
ajfa-6464	234	52	0.245	0.245	NUM
ajfa-6464	234	53	1.194	1.194	NUM
ajfa-6464	234	54	0.233	0.233	NUM
ajfa-6464	234	55	profitability	profitability	NOUN
ajfa-6464	234	56	-	-	PUNCT
ajfa-6464	234	57	>	>	X
ajfa-6464	234	58	value	value	NOUN
ajfa-6464	234	59	creation	creation	NOUN
ajfa-6464	234	60	0.083	0.083	NUM
ajfa-6464	234	61	0.066	0.066	NUM
ajfa-6464	234	62	0.747	0.747	NUM
ajfa-6464	234	63	0.456	0.456	NUM
ajfa-6464	234	64	risk	risk	NOUN
ajfa-6464	234	65	-	-	PUNCT
ajfa-6464	234	66	>	>	X
ajfa-6464	234	67	value	value	NOUN
ajfa-6464	234	68	creation	creation	NOUN
ajfa-6464	234	69	0.136	0.136	NUM
ajfa-6464	234	70	0.136	0.136	NUM
ajfa-6464	234	71	1.012	1.012	NUM
ajfa-6464	234	72	0.312	0.312	NUM
ajfa-6464	234	73	capital	capital	NOUN
ajfa-6464	234	74	structure	structure	NOUN
ajfa-6464	234	75	variable	variable	NOUN
ajfa-6464	234	76	of	of	ADP
ajfa-6464	234	77	leverage	leverage	NOUN
ajfa-6464	234	78	is	be	AUX
ajfa-6464	234	79	negatively	negatively	ADV
ajfa-6464	234	80	related	relate	VERB
ajfa-6464	234	81	to	to	PART
ajfa-6464	234	82	value	value	VERB
ajfa-6464	234	83	creation	creation	NOUN
ajfa-6464	234	84	.	.	PUNCT
ajfa-6464	235	1	the	the	DET
ajfa-6464	235	2	path	path	NOUN
ajfa-6464	235	3	coefficient	coefficient	NOUN
ajfa-6464	235	4	is	be	AUX
ajfa-6464	235	5	-0.337	-0.337	VERB
ajfa-6464	235	6	for	for	ADP
ajfa-6464	235	7	capital	capital	NOUN
ajfa-6464	235	8	structure	structure	NOUN
ajfa-6464	235	9	with	with	ADP
ajfa-6464	235	10	statistical	statistical	ADJ
ajfa-6464	235	11	significance	significance	NOUN
ajfa-6464	235	12	at	at	ADP
ajfa-6464	235	13	5	5	NUM
ajfa-6464	235	14	%	%	NOUN
ajfa-6464	235	15	level	level	NOUN
ajfa-6464	235	16	of	of	ADP
ajfa-6464	235	17	significance	significance	NOUN
ajfa-6464	235	18	.	.	PUNCT
ajfa-6464	236	1	hence	hence	ADV
ajfa-6464	236	2	it	it	PRON
ajfa-6464	236	3	can	can	AUX
ajfa-6464	236	4	be	be	AUX
ajfa-6464	236	5	assumed	assume	VERB
ajfa-6464	236	6	that	that	SCONJ
ajfa-6464	236	7	higher	high	ADJ
ajfa-6464	236	8	the	the	DET
ajfa-6464	236	9	leverage	leverage	NOUN
ajfa-6464	236	10	for	for	ADP
ajfa-6464	236	11	the	the	DET
ajfa-6464	236	12	firm	firm	NOUN
ajfa-6464	236	13	,	,	PUNCT
ajfa-6464	236	14	lesser	less	ADJ
ajfa-6464	236	15	will	will	AUX
ajfa-6464	236	16	be	be	AUX
ajfa-6464	236	17	the	the	DET
ajfa-6464	236	18	value	value	NOUN
ajfa-6464	236	19	creation	creation	NOUN
ajfa-6464	236	20	for	for	ADP
ajfa-6464	236	21	the	the	DET
ajfa-6464	236	22	firm	firm	NOUN
ajfa-6464	236	23	.	.	PUNCT
ajfa-6464	237	1	this	this	DET
ajfa-6464	237	2	result	result	NOUN
ajfa-6464	237	3	signifies	signify	VERB
ajfa-6464	237	4	that	that	SCONJ
ajfa-6464	237	5	with	with	ADP
ajfa-6464	237	6	respect	respect	NOUN
ajfa-6464	237	7	to	to	ADP
ajfa-6464	237	8	stock	stock	NOUN
ajfa-6464	237	9	market	market	NOUN
ajfa-6464	237	10	valuation	valuation	NOUN
ajfa-6464	237	11	,	,	PUNCT
ajfa-6464	237	12	investors	investor	NOUN
ajfa-6464	237	13	are	be	AUX
ajfa-6464	237	14	skeptical	skeptical	ADJ
ajfa-6464	237	15	about	about	ADP
ajfa-6464	237	16	whether	whether	SCONJ
ajfa-6464	237	17	firms	firm	NOUN
ajfa-6464	237	18	with	with	ADP
ajfa-6464	237	19	high	high	ADJ
ajfa-6464	237	20	leverage	leverage	NOUN
ajfa-6464	237	21	would	would	AUX
ajfa-6464	237	22	create	create	VERB
ajfa-6464	237	23	value	value	NOUN
ajfa-6464	237	24	.	.	PUNCT
ajfa-6464	238	1	firm	firm	ADJ
ajfa-6464	238	2	size	size	NOUN
ajfa-6464	238	3	is	be	AUX
ajfa-6464	238	4	negatively	negatively	ADV
ajfa-6464	238	5	related	relate	VERB
ajfa-6464	238	6	to	to	PART
ajfa-6464	238	7	value	value	VERB
ajfa-6464	238	8	creation	creation	NOUN
ajfa-6464	238	9	.	.	PUNCT
ajfa-6464	239	1	the	the	DET
ajfa-6464	239	2	path	path	NOUN
ajfa-6464	239	3	coefficient	coefficient	NOUN
ajfa-6464	239	4	has	have	VERB
ajfa-6464	239	5	a	a	DET
ajfa-6464	239	6	value	value	NOUN
ajfa-6464	239	7	of	of	ADP
ajfa-6464	239	8	-0.291	-0.291	PUNCT
ajfa-6464	239	9	but	but	CCONJ
ajfa-6464	239	10	without	without	ADP
ajfa-6464	239	11	statistical	statistical	ADJ
ajfa-6464	239	12	significance	significance	NOUN
ajfa-6464	239	13	.	.	PUNCT
ajfa-6464	240	1	growth	growth	NOUN
ajfa-6464	240	2	is	be	AUX
ajfa-6464	240	3	negatively	negatively	ADV
ajfa-6464	240	4	related	relate	VERB
ajfa-6464	240	5	to	to	ADP
ajfa-6464	240	6	profitability	profitability	NOUN
ajfa-6464	240	7	with	with	ADP
ajfa-6464	240	8	statistical	statistical	ADJ
ajfa-6464	240	9	significance	significance	NOUN
ajfa-6464	240	10	.	.	PUNCT
ajfa-6464	241	1	investment	investment	NOUN
ajfa-6464	241	2	decisions	decision	NOUN
ajfa-6464	241	3	are	be	AUX
ajfa-6464	241	4	positively	positively	ADV
ajfa-6464	241	5	related	relate	VERB
ajfa-6464	241	6	to	to	ADP
ajfa-6464	241	7	growth	growth	NOUN
ajfa-6464	241	8	.	.	PUNCT
ajfa-6464	242	1	hence	hence	ADV
ajfa-6464	242	2	firms	firm	NOUN
ajfa-6464	242	3	which	which	PRON
ajfa-6464	242	4	focus	focus	VERB
ajfa-6464	242	5	more	more	ADV
ajfa-6464	242	6	on	on	ADP
ajfa-6464	242	7	investment	investment	NOUN
ajfa-6464	242	8	decisions	decision	NOUN
ajfa-6464	242	9	like	like	ADP
ajfa-6464	242	10	capital	capital	NOUN
ajfa-6464	242	11	expenditures	expenditure	NOUN
ajfa-6464	242	12	and	and	CCONJ
ajfa-6464	242	13	working	working	NOUN
ajfa-6464	242	14	capital	capital	NOUN
ajfa-6464	242	15	tend	tend	VERB
ajfa-6464	242	16	to	to	PART
ajfa-6464	242	17	create	create	VERB
ajfa-6464	242	18	more	more	ADJ
ajfa-6464	242	19	value	value	NOUN
ajfa-6464	242	20	for	for	ADP
ajfa-6464	242	21	the	the	DET
ajfa-6464	242	22	firm	firm	NOUN
ajfa-6464	242	23	.	.	PUNCT
ajfa-6464	243	1	profitable	profitable	ADJ
ajfa-6464	243	2	firms	firm	NOUN
ajfa-6464	243	3	tend	tend	VERB
ajfa-6464	243	4	to	to	PART
ajfa-6464	243	5	create	create	VERB
ajfa-6464	243	6	more	more	ADJ
ajfa-6464	243	7	value	value	NOUN
ajfa-6464	243	8	for	for	ADP
ajfa-6464	243	9	firms	firm	NOUN
ajfa-6464	243	10	.	.	PUNCT
ajfa-6464	244	1	riskier	risky	ADJ
ajfa-6464	244	2	the	the	DET
ajfa-6464	244	3	firm	firm	NOUN
ajfa-6464	244	4	,	,	PUNCT
ajfa-6464	244	5	higher	high	ADJ
ajfa-6464	244	6	the	the	DET
ajfa-6464	244	7	value	value	NOUN
ajfa-6464	244	8	creation	creation	NOUN
ajfa-6464	244	9	.	.	PUNCT
ajfa-6464	245	1	the	the	DET
ajfa-6464	245	2	results	result	NOUN
ajfa-6464	245	3	are	be	AUX
ajfa-6464	245	4	not	not	PART
ajfa-6464	245	5	statistically	statistically	ADV
ajfa-6464	245	6	significant	significant	ADJ
ajfa-6464	245	7	.	.	PUNCT
ajfa-6464	246	1	table	table	NOUN
ajfa-6464	246	2	13	13	NUM
ajfa-6464	246	3	.	.	PUNCT
ajfa-6464	247	1	r	r	NOUN
ajfa-6464	247	2	square	square	ADJ
ajfa-6464	247	3	r	r	NOUN
ajfa-6464	247	4	square	square	ADJ
ajfa-6464	247	5	growth	growth	NOUN
ajfa-6464	247	6	0.035	0.035	NUM
ajfa-6464	247	7	profitability	profitability	NOUN
ajfa-6464	247	8	0.281	0.281	NUM
ajfa-6464	247	9	value	value	NOUN
ajfa-6464	247	10	creation	creation	NOUN
ajfa-6464	247	11	0.250	0.250	NUM
ajfa-6464	247	12	r	r	NOUN
ajfa-6464	247	13	square	square	NOUN
ajfa-6464	247	14	is	be	AUX
ajfa-6464	247	15	a	a	DET
ajfa-6464	247	16	measure	measure	NOUN
ajfa-6464	247	17	of	of	ADP
ajfa-6464	247	18	the	the	DET
ajfa-6464	247	19	model	model	NOUN
ajfa-6464	247	20	’s	’s	PART
ajfa-6464	247	21	predictive	predictive	ADJ
ajfa-6464	247	22	accuracy	accuracy	NOUN
ajfa-6464	247	23	.	.	PUNCT
ajfa-6464	248	1	it	it	PRON
ajfa-6464	248	2	represents	represent	VERB
ajfa-6464	248	3	the	the	DET
ajfa-6464	248	4	amount	amount	NOUN
ajfa-6464	248	5	of	of	ADP
ajfa-6464	248	6	variance	variance	NOUN
ajfa-6464	248	7	in	in	ADP
ajfa-6464	248	8	the	the	DET
ajfa-6464	248	9	endogenous	endogenous	ADJ
ajfa-6464	248	10	constructs	construct	NOUN
ajfa-6464	248	11	explained	explain	VERB
ajfa-6464	248	12	by	by	ADP
ajfa-6464	248	13	all	all	PRON
ajfa-6464	248	14	of	of	ADP
ajfa-6464	248	15	the	the	DET
ajfa-6464	248	16	exogenous	exogenous	ADJ
ajfa-6464	248	17	constructs	construct	NOUN
ajfa-6464	248	18	linked	link	VERB
ajfa-6464	248	19	to	to	ADP
ajfa-6464	248	20	it	it	PRON
ajfa-6464	248	21	.	.	PUNCT
ajfa-6464	249	1	the	the	DET
ajfa-6464	249	2	r	r	NOUN
ajfa-6464	249	3	square	square	ADJ
ajfa-6464	249	4	value	value	NOUN
ajfa-6464	249	5	for	for	ADP
ajfa-6464	249	6	value	value	NOUN
ajfa-6464	249	7	creation	creation	NOUN
ajfa-6464	249	8	is	be	AUX
ajfa-6464	249	9	0.25	0.25	NUM
ajfa-6464	249	10	.	.	PUNCT
ajfa-6464	250	1	thus	thus	ADV
ajfa-6464	250	2	all	all	DET
ajfa-6464	250	3	the	the	DET
ajfa-6464	250	4	exogenous	exogenous	ADJ
ajfa-6464	250	5	variables	variable	NOUN
ajfa-6464	250	6	accounts	account	VERB
ajfa-6464	250	7	for	for	ADP
ajfa-6464	250	8	25	25	NUM
ajfa-6464	250	9	per	per	NOUN
ajfa-6464	250	10	cent	cent	NOUN
ajfa-6464	250	11	of	of	ADP
ajfa-6464	250	12	variation	variation	NOUN
ajfa-6464	250	13	in	in	ADP
ajfa-6464	250	14	the	the	DET
ajfa-6464	250	15	endogenous	endogenous	ADJ
ajfa-6464	250	16	construct	construct	NOUN
ajfa-6464	250	17	value	value	NOUN
ajfa-6464	250	18	creation	creation	NOUN
ajfa-6464	250	19	.	.	PUNCT
ajfa-6464	251	1	f	f	PROPN
ajfa-6464	251	2	square	square	ADJ
ajfa-6464	251	3	measures	measure	VERB
ajfa-6464	251	4	the	the	DET
ajfa-6464	251	5	size	size	NOUN
ajfa-6464	251	6	effects	effect	NOUN
ajfa-6464	251	7	.	.	PUNCT
ajfa-6464	252	1	it	it	PRON
ajfa-6464	252	2	assesses	assess	VERB
ajfa-6464	252	3	how	how	SCONJ
ajfa-6464	252	4	strongly	strongly	ADV
ajfa-6464	252	5	one	one	NUM
ajfa-6464	252	6	exogenous	exogenous	ADJ
ajfa-6464	252	7	construct	construct	NOUN
ajfa-6464	252	8	contributes	contribute	VERB
ajfa-6464	252	9	to	to	ADP
ajfa-6464	252	10	explaining	explain	VERB
ajfa-6464	252	11	a	a	DET
ajfa-6464	252	12	certain	certain	ADJ
ajfa-6464	252	13	endogenous	endogenous	ADJ
ajfa-6464	252	14	construct	construct	NOUN
ajfa-6464	252	15	in	in	ADP
ajfa-6464	252	16	terms	term	NOUN
ajfa-6464	252	17	of	of	ADP
ajfa-6464	252	18	r	r	NOUN
ajfa-6464	252	19	square	square	NOUN
ajfa-6464	252	20	.	.	PUNCT
ajfa-6464	253	1	growth	growth	NOUN
ajfa-6464	253	2	to	to	ADP
ajfa-6464	253	3	profitability	profitability	NOUN
ajfa-6464	253	4	construct	construct	NOUN
ajfa-6464	253	5	have	have	VERB
ajfa-6464	253	6	strong	strong	ADJ
ajfa-6464	253	7	effect	effect	NOUN
ajfa-6464	253	8	and	and	CCONJ
ajfa-6464	253	9	rest	rest	NOUN
ajfa-6464	253	10	of	of	ADP
ajfa-6464	253	11	the	the	DET
ajfa-6464	253	12	constructs	construct	NOUN
ajfa-6464	253	13	has	have	VERB
ajfa-6464	253	14	weak	weak	ADJ
ajfa-6464	253	15	effects	effect	NOUN
ajfa-6464	253	16	.	.	PUNCT
ajfa-6464	254	1	blindfolding	blindfold	VERB
ajfa-6464	254	2	is	be	AUX
ajfa-6464	254	3	an	an	DET
ajfa-6464	254	4	iterative	iterative	ADJ
ajfa-6464	254	5	procedure	procedure	NOUN
ajfa-6464	254	6	in	in	ADP
ajfa-6464	254	7	which	which	PRON
ajfa-6464	254	8	different	different	ADJ
ajfa-6464	254	9	parts	part	NOUN
ajfa-6464	254	10	of	of	ADP
ajfa-6464	254	11	data	datum	NOUN
ajfa-6464	254	12	matrix	matrix	NOUN
ajfa-6464	254	13	are	be	AUX
ajfa-6464	254	14	omitted	omit	VERB
ajfa-6464	254	15	.	.	PUNCT
ajfa-6464	255	1	the	the	DET
ajfa-6464	255	2	estimates	estimate	NOUN
ajfa-6464	255	3	based	base	VERB
ajfa-6464	255	4	on	on	ADP
ajfa-6464	255	5	the	the	DET
ajfa-6464	255	6	reduced	reduce	VERB
ajfa-6464	255	7	datasets	dataset	NOUN
ajfa-6464	255	8	are	be	AUX
ajfa-6464	255	9	used	use	VERB
ajfa-6464	255	10	to	to	PART
ajfa-6464	255	11	predict	predict	VERB
ajfa-6464	255	12	the	the	DET
ajfa-6464	255	13	omitted	omit	VERB
ajfa-6464	255	14	parts	part	NOUN
ajfa-6464	255	15	.	.	PUNCT
ajfa-6464	256	1	the	the	DET
ajfa-6464	256	2	prediction	prediction	NOUN
ajfa-6464	256	3	error	error	NOUN
ajfa-6464	256	4	is	be	AUX
ajfa-6464	256	5	used	use	VERB
ajfa-6464	256	6	as	as	ADP
ajfa-6464	256	7	an	an	DET
ajfa-6464	256	8	indicator	indicator	NOUN
ajfa-6464	256	9	of	of	ADP
ajfa-6464	256	10	predictive	predictive	ADJ
ajfa-6464	256	11	relevance	relevance	NOUN
ajfa-6464	256	12	.	.	PUNCT
ajfa-6464	257	1	asian	asian	ADJ
ajfa-6464	257	2	journal	journal	PROPN
ajfa-6464	257	3	of	of	ADP
ajfa-6464	257	4	finance	finance	PROPN
ajfa-6464	257	5	&	&	CCONJ
ajfa-6464	257	6	accounting	accounting	PROPN
ajfa-6464	257	7	issn	issn	PROPN
ajfa-6464	257	8	1946	1946	NUM
ajfa-6464	257	9	-	-	PUNCT
ajfa-6464	257	10	052x	052x	NOUN
ajfa-6464	257	11	2015	2015	NUM
ajfa-6464	257	12	,	,	PUNCT
ajfa-6464	257	13	vol	vol	NOUN
ajfa-6464	257	14	.	.	PROPN
ajfa-6464	257	15	7	7	NUM
ajfa-6464	257	16	,	,	PUNCT
ajfa-6464	257	17	no	no	INTJ
ajfa-6464	257	18	.	.	NOUN
ajfa-6464	257	19	1	1	NUM
ajfa-6464	257	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	257	21	92	92	NUM
ajfa-6464	257	22	table	table	NOUN
ajfa-6464	257	23	14	14	NUM
ajfa-6464	257	24	.	.	PUNCT
ajfa-6464	258	1	results	result	NOUN
ajfa-6464	258	2	of	of	ADP
ajfa-6464	258	3	blind	blind	ADJ
ajfa-6464	258	4	folding	folding	NOUN
ajfa-6464	258	5	sso	sso	NOUN
ajfa-6464	258	6	sse	sse	NOUN
ajfa-6464	258	7	1	1	NUM
ajfa-6464	258	8	-	-	PUNCT
ajfa-6464	258	9	sse	sse	NOUN
ajfa-6464	258	10	/	/	SYM
ajfa-6464	258	11	sso	sso	NOUN
ajfa-6464	258	12	capital	capital	NOUN
ajfa-6464	258	13	structure	structure	NOUN
ajfa-6464	258	14	50	50	NUM
ajfa-6464	258	15	50	50	NUM
ajfa-6464	258	16	divpo	divpo	NOUN
ajfa-6464	258	17	50	50	NUM
ajfa-6464	258	18	50	50	NUM
ajfa-6464	258	19	firmsize	firmsize	NOUN
ajfa-6464	258	20	50	50	NUM
ajfa-6464	258	21	50	50	NUM
ajfa-6464	258	22	growth	growth	NOUN
ajfa-6464	258	23	50	50	NUM
ajfa-6464	258	24	50.186	50.186	NUM
ajfa-6464	258	25	-0.004	-0.004	PUNCT
ajfa-6464	258	26	investdeci	investdeci	VERB
ajfa-6464	258	27	100	100	NUM
ajfa-6464	258	28	100	100	NUM
ajfa-6464	258	29	profitability	profitability	NOUN
ajfa-6464	258	30	100	100	NUM
ajfa-6464	258	31	91.426	91.426	NUM
ajfa-6464	258	32	0.086	0.086	NUM
ajfa-6464	258	33	risk	risk	NOUN
ajfa-6464	258	34	50	50	NUM
ajfa-6464	258	35	50	50	NUM
ajfa-6464	258	36	value	value	NOUN
ajfa-6464	258	37	creation	creation	NOUN
ajfa-6464	258	38	100	100	NUM
ajfa-6464	258	39	97.732	97.732	NUM
ajfa-6464	258	40	0.023	0.023	NUM
ajfa-6464	258	41	the	the	DET
ajfa-6464	258	42	q2	q2	PROPN
ajfa-6464	258	43	square	square	PROPN
ajfa-6464	258	44	value	value	NOUN
ajfa-6464	258	45	as	as	SCONJ
ajfa-6464	258	46	given	give	VERB
ajfa-6464	258	47	in	in	ADP
ajfa-6464	258	48	the	the	DET
ajfa-6464	258	49	last	last	ADJ
ajfa-6464	258	50	column	column	NOUN
ajfa-6464	258	51	signify	signify	VERB
ajfa-6464	258	52	weak	weak	ADJ
ajfa-6464	258	53	effect	effect	NOUN
ajfa-6464	258	54	.	.	PUNCT
ajfa-6464	259	1	6	6	X
ajfa-6464	259	2	.	.	X
ajfa-6464	259	3	conclusion	conclusion	NOUN
ajfa-6464	259	4	this	this	DET
ajfa-6464	259	5	paper	paper	NOUN
ajfa-6464	259	6	proposes	propose	VERB
ajfa-6464	259	7	a	a	DET
ajfa-6464	259	8	theoretical	theoretical	ADJ
ajfa-6464	259	9	model	model	NOUN
ajfa-6464	259	10	for	for	ADP
ajfa-6464	259	11	value	value	NOUN
ajfa-6464	259	12	creation	creation	NOUN
ajfa-6464	259	13	.	.	PUNCT
ajfa-6464	260	1	value	value	NOUN
ajfa-6464	260	2	creation	creation	NOUN
ajfa-6464	260	3	is	be	AUX
ajfa-6464	260	4	analyzed	analyze	VERB
ajfa-6464	260	5	through	through	ADP
ajfa-6464	260	6	path	path	NOUN
ajfa-6464	260	7	diagram	diagram	NOUN
ajfa-6464	260	8	through	through	ADP
ajfa-6464	260	9	pls	pls	PROPN
ajfa-6464	260	10	sem	sem	PROPN
ajfa-6464	260	11	algorithm	algorithm	PROPN
ajfa-6464	260	12	.	.	PUNCT
ajfa-6464	261	1	value	value	NOUN
ajfa-6464	261	2	creation	creation	NOUN
ajfa-6464	261	3	for	for	ADP
ajfa-6464	261	4	a	a	DET
ajfa-6464	261	5	firm	firm	NOUN
ajfa-6464	261	6	is	be	AUX
ajfa-6464	261	7	a	a	DET
ajfa-6464	261	8	function	function	NOUN
ajfa-6464	261	9	of	of	ADP
ajfa-6464	261	10	its	its	PRON
ajfa-6464	261	11	capital	capital	NOUN
ajfa-6464	261	12	structure	structure	NOUN
ajfa-6464	261	13	,	,	PUNCT
ajfa-6464	261	14	investment	investment	NOUN
ajfa-6464	261	15	decisions	decision	NOUN
ajfa-6464	261	16	,	,	PUNCT
ajfa-6464	261	17	size	size	NOUN
ajfa-6464	261	18	,	,	PUNCT
ajfa-6464	261	19	growth	growth	NOUN
ajfa-6464	261	20	,	,	PUNCT
ajfa-6464	261	21	profitability	profitability	NOUN
ajfa-6464	261	22	and	and	CCONJ
ajfa-6464	261	23	risk	risk	NOUN
ajfa-6464	261	24	measures	measure	NOUN
ajfa-6464	261	25	.	.	PUNCT
ajfa-6464	262	1	the	the	DET
ajfa-6464	262	2	study	study	NOUN
ajfa-6464	262	3	finds	find	VERB
ajfa-6464	262	4	that	that	SCONJ
ajfa-6464	262	5	leverage	leverage	NOUN
ajfa-6464	262	6	is	be	AUX
ajfa-6464	262	7	inversely	inversely	ADV
ajfa-6464	262	8	related	relate	VERB
ajfa-6464	262	9	to	to	PART
ajfa-6464	262	10	value	value	VERB
ajfa-6464	262	11	creation.investors	creation.investor	NOUN
ajfa-6464	262	12	are	be	AUX
ajfa-6464	262	13	skeptical	skeptical	ADJ
ajfa-6464	262	14	about	about	ADP
ajfa-6464	262	15	whether	whether	SCONJ
ajfa-6464	262	16	firms	firm	NOUN
ajfa-6464	262	17	with	with	ADP
ajfa-6464	262	18	high	high	ADJ
ajfa-6464	262	19	leverage	leverage	NOUN
ajfa-6464	262	20	would	would	AUX
ajfa-6464	262	21	create	create	VERB
ajfa-6464	262	22	value	value	NOUN
ajfa-6464	262	23	.	.	PUNCT
ajfa-6464	263	1	firm	firm	ADJ
ajfa-6464	263	2	size	size	NOUN
ajfa-6464	263	3	is	be	AUX
ajfa-6464	263	4	negatively	negatively	ADV
ajfa-6464	263	5	related	relate	VERB
ajfa-6464	263	6	to	to	PART
ajfa-6464	263	7	value	value	VERB
ajfa-6464	263	8	creation	creation	NOUN
ajfa-6464	263	9	.	.	PUNCT
ajfa-6464	264	1	references	reference	NOUN
ajfa-6464	264	2	amihud	amihud	PROPN
ajfa-6464	264	3	,	,	PUNCT
ajfa-6464	264	4	y.	y.	PROPN
ajfa-6464	264	5	(	(	PUNCT
ajfa-6464	264	6	2002	2002	NUM
ajfa-6464	264	7	)	)	PUNCT
ajfa-6464	264	8	.	.	PUNCT
ajfa-6464	265	1	illiquidity	illiquidity	NOUN
ajfa-6464	265	2	and	and	CCONJ
ajfa-6464	265	3	stock	stock	NOUN
ajfa-6464	265	4	returns	return	NOUN
ajfa-6464	265	5	:	:	PUNCT
ajfa-6464	265	6	cross	cross	NOUN
ajfa-6464	265	7	-	-	NOUN
ajfa-6464	265	8	section	section	NOUN
ajfa-6464	265	9	and	and	CCONJ
ajfa-6464	265	10	time	time	NOUN
ajfa-6464	265	11	-	-	PUNCT
ajfa-6464	265	12	series	series	NOUN
ajfa-6464	265	13	effects	effect	NOUN
ajfa-6464	265	14	.	.	PUNCT
ajfa-6464	266	1	journal	journal	NOUN
ajfa-6464	266	2	of	of	ADP
ajfa-6464	266	3	financial	financial	ADJ
ajfa-6464	266	4	markets	market	NOUN
ajfa-6464	266	5	,	,	PUNCT
ajfa-6464	266	6	5(1	5(1	NUM
ajfa-6464	266	7	)	)	PUNCT
ajfa-6464	266	8	,	,	PUNCT
ajfa-6464	266	9	31	31	NUM
ajfa-6464	266	10	-	-	SYM
ajfa-6464	266	11	56	56	NUM
ajfa-6464	266	12	.	.	PUNCT
ajfa-6464	267	1	http://dx.doi.org/10.1016/s1386-4181(01)00024-6	http://dx.doi.org/10.1016/s1386-4181(01)00024-6	PROPN
ajfa-6464	267	2	banz	banz	PROPN
ajfa-6464	267	3	,	,	PUNCT
ajfa-6464	267	4	r.w	r.w	PROPN
ajfa-6464	267	5	.	.	PROPN
ajfa-6464	267	6	(	(	PUNCT
ajfa-6464	267	7	1981	1981	NUM
ajfa-6464	267	8	)	)	PUNCT
ajfa-6464	267	9	.	.	PUNCT
ajfa-6464	268	1	the	the	DET
ajfa-6464	268	2	relationship	relationship	NOUN
ajfa-6464	268	3	between	between	ADP
ajfa-6464	268	4	return	return	NOUN
ajfa-6464	268	5	and	and	CCONJ
ajfa-6464	268	6	market	market	NOUN
ajfa-6464	268	7	value	value	NOUN
ajfa-6464	268	8	of	of	ADP
ajfa-6464	268	9	common	common	ADJ
ajfa-6464	268	10	stocks	stock	NOUN
ajfa-6464	268	11	.	.	PUNCT
ajfa-6464	269	1	journal	journal	NOUN
ajfa-6464	269	2	of	of	ADP
ajfa-6464	269	3	financial	financial	ADJ
ajfa-6464	269	4	economics	economic	NOUN
ajfa-6464	269	5	,	,	PUNCT
ajfa-6464	269	6	9	9	NUM
ajfa-6464	269	7	,	,	PUNCT
ajfa-6464	269	8	3	3	NUM
ajfa-6464	269	9	-	-	SYM
ajfa-6464	269	10	18	18	NUM
ajfa-6464	269	11	.	.	PUNCT
ajfa-6464	270	1	http://dx.doi.org/10.1016/0304-405x(81)90018-0	http://dx.doi.org/10.1016/0304-405x(81)90018-0	PROPN
ajfa-6464	270	2	basu	basu	PROPN
ajfa-6464	270	3	,	,	PUNCT
ajfa-6464	270	4	s.	s.	PROPN
ajfa-6464	270	5	(	(	PUNCT
ajfa-6464	270	6	1983	1983	NUM
ajfa-6464	270	7	)	)	PUNCT
ajfa-6464	270	8	.	.	PUNCT
ajfa-6464	271	1	the	the	DET
ajfa-6464	271	2	relationship	relationship	NOUN
ajfa-6464	271	3	between	between	ADP
ajfa-6464	271	4	earnings	earning	NOUN
ajfa-6464	271	5	yield	yield	NOUN
ajfa-6464	271	6	,	,	PUNCT
ajfa-6464	271	7	market	market	NOUN
ajfa-6464	271	8	value	value	NOUN
ajfa-6464	271	9	,	,	PUNCT
ajfa-6464	271	10	and	and	CCONJ
ajfa-6464	271	11	return	return	VERB
ajfa-6464	271	12	for	for	ADP
ajfa-6464	271	13	nyse	nyse	PROPN
ajfa-6464	271	14	common	common	ADJ
ajfa-6464	271	15	stocks	stock	NOUN
ajfa-6464	271	16	:	:	PUNCT
ajfa-6464	271	17	further	further	ADJ
ajfa-6464	271	18	evidence	evidence	NOUN
ajfa-6464	271	19	.	.	PUNCT
ajfa-6464	272	1	journal	journal	NOUN
ajfa-6464	272	2	of	of	ADP
ajfa-6464	272	3	financial	financial	ADJ
ajfa-6464	272	4	economics	economic	NOUN
ajfa-6464	272	5	,	,	PUNCT
ajfa-6464	272	6	12	12	NUM
ajfa-6464	272	7	,	,	PUNCT
ajfa-6464	272	8	129	129	NUM
ajfa-6464	272	9	-	-	SYM
ajfa-6464	272	10	156	156	NUM
ajfa-6464	272	11	.	.	PUNCT
ajfa-6464	273	1	http://dx.doi.org/10.1016/0304-405x(83)90031-4	http://dx.doi.org/10.1016/0304-405x(83)90031-4	NOUN
ajfa-6464	273	2	bhandari	bhandari	PROPN
ajfa-6464	273	3	,	,	PUNCT
ajfa-6464	273	4	&	&	CCONJ
ajfa-6464	273	5	laxmi	laxmi	PROPN
ajfa-6464	273	6	,	,	PUNCT
ajfa-6464	273	7	c.	c.	PROPN
ajfa-6464	273	8	(	(	PUNCT
ajfa-6464	273	9	1988	1988	NUM
ajfa-6464	273	10	)	)	PUNCT
ajfa-6464	273	11	.	.	PUNCT
ajfa-6464	274	1	debt	debt	NOUN
ajfa-6464	274	2	/	/	SYM
ajfa-6464	274	3	equity	equity	NOUN
ajfa-6464	274	4	ratio	ratio	NOUN
ajfa-6464	274	5	and	and	CCONJ
ajfa-6464	274	6	expected	expect	VERB
ajfa-6464	274	7	common	common	ADJ
ajfa-6464	274	8	stock	stock	NOUN
ajfa-6464	274	9	returns	return	NOUN
ajfa-6464	274	10	:	:	PUNCT
ajfa-6464	274	11	empirical	empirical	ADJ
ajfa-6464	274	12	evidence	evidence	NOUN
ajfa-6464	274	13	.	.	PUNCT
ajfa-6464	275	1	journal	journal	NOUN
ajfa-6464	275	2	of	of	ADP
ajfa-6464	275	3	finance	finance	NOUN
ajfa-6464	275	4	,	,	PUNCT
ajfa-6464	275	5	43	43	NUM
ajfa-6464	275	6	,	,	PUNCT
ajfa-6464	275	7	507	507	NUM
ajfa-6464	275	8	-	-	SYM
ajfa-6464	275	9	528	528	NUM
ajfa-6464	275	10	.	.	PUNCT
ajfa-6464	276	1	http://dx.doi.org/10.1111/j.1540-6261.1988.tb03952.x	http://dx.doi.org/10.1111/j.1540-6261.1988.tb03952.x	PROPN
ajfa-6464	276	2	bhattacharya	bhattacharya	PROPN
ajfa-6464	276	3	,	,	PUNCT
ajfa-6464	276	4	s.	s.	PROPN
ajfa-6464	276	5	(	(	PUNCT
ajfa-6464	276	6	1979	1979	NUM
ajfa-6464	276	7	)	)	PUNCT
ajfa-6464	276	8	.	.	PUNCT
ajfa-6464	277	1	imperfect	imperfect	ADJ
ajfa-6464	277	2	information	information	NOUN
ajfa-6464	277	3	,	,	PUNCT
ajfa-6464	277	4	dividend	dividend	NOUN
ajfa-6464	277	5	policy	policy	NOUN
ajfa-6464	277	6	and	and	CCONJ
ajfa-6464	277	7	“	"	PUNCT
ajfa-6464	277	8	the	the	DET
ajfa-6464	277	9	bird	bird	NOUN
ajfa-6464	277	10	in	in	ADP
ajfa-6464	277	11	the	the	DET
ajfa-6464	277	12	hand	hand	NOUN
ajfa-6464	277	13	”	"	PUNCT
ajfa-6464	277	14	fallacy	fallacy	NOUN
ajfa-6464	277	15	.	.	PUNCT
ajfa-6464	278	1	bell	bell	PROPN
ajfa-6464	278	2	journal	journal	PROPN
ajfa-6464	278	3	of	of	ADP
ajfa-6464	278	4	economics	economic	NOUN
ajfa-6464	278	5	,	,	PUNCT
ajfa-6464	278	6	10	10	NUM
ajfa-6464	278	7	,	,	PUNCT
ajfa-6464	278	8	259	259	NUM
ajfa-6464	278	9	-	-	SYM
ajfa-6464	278	10	270	270	NUM
ajfa-6464	278	11	.	.	PUNCT
ajfa-6464	279	1	http://dx.doi.org/10.2307/3003330	http://dx.doi.org/10.2307/3003330	PROPN
ajfa-6464	279	2	black	black	PROPN
ajfa-6464	279	3	,	,	PUNCT
ajfa-6464	279	4	f.	f.	PROPN
ajfa-6464	279	5	(	(	PUNCT
ajfa-6464	279	6	1972	1972	NUM
ajfa-6464	279	7	)	)	PUNCT
ajfa-6464	279	8	.	.	PUNCT
ajfa-6464	280	1	capital	capital	NOUN
ajfa-6464	280	2	market	market	NOUN
ajfa-6464	280	3	equilibrium	equilibrium	NOUN
ajfa-6464	280	4	with	with	ADP
ajfa-6464	280	5	restricted	restricted	ADJ
ajfa-6464	280	6	borrowing	borrowing	NOUN
ajfa-6464	280	7	.	.	PUNCT
ajfa-6464	281	1	journal	journal	PROPN
ajfa-6464	281	2	of	of	ADP
ajfa-6464	281	3	business	business	NOUN
ajfa-6464	281	4	,	,	PUNCT
ajfa-6464	281	5	45	45	NUM
ajfa-6464	281	6	,	,	PUNCT
ajfa-6464	281	7	444	444	NUM
ajfa-6464	281	8	-	-	SYM
ajfa-6464	281	9	455	455	NUM
ajfa-6464	281	10	.	.	PUNCT
ajfa-6464	282	1	http://dx.doi.org/10.1086/295472	http://dx.doi.org/10.1086/295472	PROPN
ajfa-6464	282	2	asian	asian	ADJ
ajfa-6464	282	3	journal	journal	PROPN
ajfa-6464	282	4	of	of	ADP
ajfa-6464	282	5	finance	finance	PROPN
ajfa-6464	282	6	&	&	CCONJ
ajfa-6464	282	7	accounting	accounting	PROPN
ajfa-6464	282	8	issn	issn	PROPN
ajfa-6464	282	9	1946	1946	NUM
ajfa-6464	282	10	-	-	PUNCT
ajfa-6464	282	11	052x	052x	NOUN
ajfa-6464	282	12	2015	2015	NUM
ajfa-6464	282	13	,	,	PUNCT
ajfa-6464	282	14	vol	vol	NOUN
ajfa-6464	282	15	.	.	PROPN
ajfa-6464	282	16	7	7	NUM
ajfa-6464	282	17	,	,	PUNCT
ajfa-6464	282	18	no	no	INTJ
ajfa-6464	282	19	.	.	NOUN
ajfa-6464	282	20	1	1	NUM
ajfa-6464	282	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	282	22	93	93	NUM
ajfa-6464	282	23	boyer	boyer	PROPN
ajfa-6464	282	24	,	,	PUNCT
ajfa-6464	282	25	m.	m.	NOUN
ajfa-6464	282	26	,	,	PUNCT
ajfa-6464	282	27	&	&	CCONJ
ajfa-6464	282	28	didier	didier	PROPN
ajfa-6464	282	29	,	,	PUNCT
ajfa-6464	282	30	f.	f.	PROPN
ajfa-6464	282	31	(	(	PUNCT
ajfa-6464	282	32	2007	2007	NUM
ajfa-6464	282	33	)	)	PUNCT
ajfa-6464	282	34	.	.	PUNCT
ajfa-6464	283	1	common	common	ADJ
ajfa-6464	283	2	and	and	CCONJ
ajfa-6464	283	3	fundamental	fundamental	ADJ
ajfa-6464	283	4	factors	factor	NOUN
ajfa-6464	283	5	in	in	ADP
ajfa-6464	283	6	stock	stock	NOUN
ajfa-6464	283	7	returns	return	NOUN
ajfa-6464	283	8	of	of	ADP
ajfa-6464	283	9	canadian	canadian	ADJ
ajfa-6464	283	10	oil	oil	NOUN
ajfa-6464	283	11	and	and	CCONJ
ajfa-6464	283	12	gas	gas	NOUN
ajfa-6464	283	13	companies	company	NOUN
ajfa-6464	283	14	.	.	PUNCT
ajfa-6464	284	1	energy	energy	NOUN
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ajfa-6464	284	3	,	,	PUNCT
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ajfa-6464	284	5	)	)	PUNCT
ajfa-6464	284	6	,	,	PUNCT
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ajfa-6464	284	8	-	-	SYM
ajfa-6464	284	9	453	453	NUM
ajfa-6464	284	10	.	.	PUNCT
ajfa-6464	285	1	http://dx.doi.org/10.1016/j.eneco.2005.12.003	http://dx.doi.org/10.1016/j.eneco.2005.12.003	NOUN
ajfa-6464	285	2	caby	caby	NOUN
ajfa-6464	285	3	,	,	PUNCT
ajfa-6464	285	4	j.	j.	PROPN
ajfa-6464	285	5	,	,	PUNCT
ajfa-6464	285	6	clerc	clerc	PROPN
ajfa-6464	285	7	,	,	PUNCT
ajfa-6464	285	8	g.	g.	PROPN
ajfa-6464	285	9	,	,	PUNCT
ajfa-6464	285	10	&	&	CCONJ
ajfa-6464	285	11	koch	koch	PROPN
ajfa-6464	285	12	,	,	PUNCT
ajfa-6464	285	13	j.	j.	PROPN
ajfa-6464	285	14	(	(	PUNCT
ajfa-6464	285	15	1996	1996	NUM
ajfa-6464	285	16	)	)	PUNCT
ajfa-6464	285	17	.	.	PUNCT
ajfa-6464	286	1	strategic	strategic	ADJ
ajfa-6464	286	2	et	et	PROPN
ajfa-6464	286	3	finance	finance	NOUN
ajfa-6464	286	4	:	:	PUNCT
ajfa-6464	286	5	le	le	X
ajfa-6464	286	6	processus	processus	PROPN
ajfa-6464	286	7	de	de	X
ajfa-6464	286	8	creation	creation	PROPN
ajfa-6464	286	9	de	de	X
ajfa-6464	286	10	vaieur	vaieur	PROPN
ajfa-6464	286	11	.	.	PUNCT
ajfa-6464	287	1	revue	revue	PROPN
ajfa-6464	287	2	franpalse	franpalse	ADJ
ajfa-6464	287	3	de	de	PROPN
ajfa-6464	287	4	geslion	geslion	NOUN
ajfa-6464	287	5	,	,	PUNCT
ajfa-6464	287	6	108	108	NUM
ajfa-6464	287	7	,	,	PUNCT
ajfa-6464	287	8	49	49	NUM
ajfa-6464	287	9	-	-	SYM
ajfa-6464	287	10	56	56	NUM
ajfa-6464	287	11	.	.	PUNCT
ajfa-6464	288	1	chan	chan	PROPN
ajfa-6464	288	2	,	,	PUNCT
ajfa-6464	288	3	l.	l.	PROPN
ajfa-6464	288	4	k.	k.	PROPN
ajfa-6464	288	5	,	,	PUNCT
ajfa-6464	288	6	yasushi	yasushi	PROPN
ajfa-6464	288	7	,	,	PUNCT
ajfa-6464	288	8	h.	h.	PROPN
ajfa-6464	288	9	,	,	PUNCT
ajfa-6464	288	10	&	&	CCONJ
ajfa-6464	288	11	josef	josef	PROPN
ajfa-6464	288	12	,	,	PUNCT
ajfa-6464	288	13	l.	l.	PROPN
ajfa-6464	288	14	(	(	PUNCT
ajfa-6464	288	15	1991	1991	NUM
ajfa-6464	288	16	)	)	PUNCT
ajfa-6464	288	17	.	.	PUNCT
ajfa-6464	289	1	fundamentals	fundamental	NOUN
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ajfa-6464	289	3	stock	stock	NOUN
ajfa-6464	289	4	returns	return	NOUN
ajfa-6464	289	5	in	in	ADP
ajfa-6464	289	6	japan	japan	PROPN
ajfa-6464	289	7	.	.	PUNCT
ajfa-6464	290	1	journal	journal	PROPN
ajfa-6464	290	2	of	of	ADP
ajfa-6464	290	3	finance	finance	NOUN
ajfa-6464	290	4	,	,	PUNCT
ajfa-6464	290	5	46	46	NUM
ajfa-6464	290	6	,	,	PUNCT
ajfa-6464	290	7	1739	1739	NUM
ajfa-6464	290	8	-	-	SYM
ajfa-6464	290	9	1789	1789	NUM
ajfa-6464	290	10	.	.	PUNCT
ajfa-6464	291	1	http://dx.doi.org/10.1111/j.1540-6261.1991.tb04642.x	http://dx.doi.org/10.1111/j.1540-6261.1991.tb04642.x	PROPN
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ajfa-6464	291	3	,	,	PUNCT
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ajfa-6464	291	5	)	)	PUNCT
ajfa-6464	291	6	.	.	PUNCT
ajfa-6464	292	1	strategie	strategie	PROPN
ajfa-6464	292	2	et	et	PROPN
ajfa-6464	292	3	polique	polique	PROPN
ajfa-6464	292	4	financiere	financiere	PROPN
ajfa-6464	292	5	.	.	PUNCT
ajfa-6464	293	1	la	la	PROPN
ajfa-6464	293	2	revue	revue	PROPN
ajfa-6464	293	3	banque	banque	PROPN
ajfa-6464	293	4	,	,	PUNCT
ajfa-6464	293	5	374,750	374,750	NUM
ajfa-6464	293	6	-	-	SYM
ajfa-6464	293	7	756	756	NUM
ajfa-6464	293	8	.	.	PUNCT
ajfa-6464	294	1	retrieved	retrieve	VERB
ajfa-6464	294	2	from	from	ADP
ajfa-6464	294	3	http://www.groupeiscae.ma/pdf/listes	http://www.groupeiscae.ma/pdf/liste	NOUN
ajfa-6464	294	4	des	des	PROPN
ajfa-6464	294	5	thèses	thèse	NOUN
ajfa-6464	294	6	et	et	PROPN
ajfa-6464	294	7	des	des	X
ajfa-6464	294	8	mémoires	mémoires	PROPN
ajfa-6464	294	9	/	/	SYM
ajfa-6464	294	10	les	les	PROPN
ajfa-6464	294	11	publications	publication	NOUN
ajfa-6464	294	12	de	de	ADP
ajfa-6464	294	13	l'iscae	l'iscae	PROPN
ajfa-6464	294	14	/	/	SYM
ajfa-6464	294	15	revue	revue	NOUN
ajfa-6464	294	16	gestion	gestion	NOUN
ajfa-6464	294	17	et	et	NOUN
ajfa-6464	294	18	societe	societe	NOUN
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ajfa-6464	294	20	revue	revue	NOUN
ajfa-6464	294	21	g&s	g&s	PROPN
ajfa-6464	294	22	de	de	PROPN
ajfa-6464	294	23	n	n	CCONJ
ajfa-6464	294	24	°	°	PROPN
ajfa-6464	294	25	1	1	NUM
ajfa-6464	294	26	au	au	NOUN
ajfa-6464	294	27	n	n	CCONJ
ajfa-6464	294	28	°	°	ADP
ajfa-6464	294	29	16	16	NUM
ajfa-6464	294	30	/	/	SYM
ajfa-6464	294	31	revue	revue	NOUN
ajfa-6464	294	32	n°16.1990.pdf	n°16.1990.pdf	PROPN
ajfa-6464	294	33	degos	dego	NOUN
ajfa-6464	294	34	,	,	PUNCT
ajfa-6464	294	35	j.(1988	j.(1988	ADJ
ajfa-6464	294	36	)	)	PUNCT
ajfa-6464	294	37	.	.	PUNCT
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ajfa-6464	295	4	el	el	PROPN
ajfa-6464	295	5	de	de	PROPN
ajfa-6464	295	6	lews	lews	PROPN
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ajfa-6464	295	8	.	.	PUNCT
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ajfa-6464	296	2	.	.	PUNCT
ajfa-6464	297	1	retrieved	retrieve	VERB
ajfa-6464	297	2	from	from	ADP
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ajfa-6464	297	11	1976	1976	NUM
ajfa-6464	297	12	)	)	PUNCT
ajfa-6464	297	13	.	.	PUNCT
ajfa-6464	298	1	foundations	foundation	NOUN
ajfa-6464	298	2	of	of	ADP
ajfa-6464	298	3	finance	finance	NOUN
ajfa-6464	298	4	.	.	PUNCT
ajfa-6464	299	1	new	new	PROPN
ajfa-6464	299	2	york	york	PROPN
ajfa-6464	299	3	:	:	PUNCT
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ajfa-6464	299	6	.	.	PUNCT
ajfa-6464	300	1	fama	fama	PROPN
ajfa-6464	300	2	,	,	PUNCT
ajfa-6464	300	3	e.	e.	PROPN
ajfa-6464	300	4	,	,	PUNCT
ajfa-6464	300	5	&	&	CCONJ
ajfa-6464	300	6	french	french	PROPN
ajfa-6464	300	7	,	,	PUNCT
ajfa-6464	300	8	k.	k.	PROPN
ajfa-6464	300	9	(	(	PUNCT
ajfa-6464	300	10	1995	1995	NUM
ajfa-6464	300	11	)	)	PUNCT
ajfa-6464	300	12	.	.	PUNCT
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ajfa-6464	301	2	and	and	CCONJ
ajfa-6464	301	3	book	book	NOUN
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ajfa-6464	301	5	market	market	NOUN
ajfa-6464	301	6	factors	factor	NOUN
ajfa-6464	301	7	in	in	ADP
ajfa-6464	301	8	earnings	earning	NOUN
ajfa-6464	301	9	and	and	CCONJ
ajfa-6464	301	10	returns	return	NOUN
ajfa-6464	301	11	.	.	PUNCT
ajfa-6464	302	1	the	the	DET
ajfa-6464	302	2	journal	journal	PROPN
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ajfa-6464	302	4	finance	finance	NOUN
ajfa-6464	302	5	,	,	PUNCT
ajfa-6464	302	6	50	50	NUM
ajfa-6464	302	7	,	,	PUNCT
ajfa-6464	302	8	131	131	NUM
ajfa-6464	302	9	-	-	SYM
ajfa-6464	302	10	155	155	NUM
ajfa-6464	302	11	.	.	PUNCT
ajfa-6464	303	1	http://dx.doi.org/10.1111/j.1540-6261.1995.tb05169.x	http://dx.doi.org/10.1111/j.1540-6261.1995.tb05169.x	PROPN
ajfa-6464	303	2	fama	fama	PROPN
ajfa-6464	303	3	,	,	PUNCT
ajfa-6464	303	4	e.	e.	PROPN
ajfa-6464	303	5	,	,	PUNCT
ajfa-6464	303	6	&	&	CCONJ
ajfa-6464	303	7	french	french	PROPN
ajfa-6464	303	8	,	,	PUNCT
ajfa-6464	303	9	r.	r.	PROPN
ajfa-6464	303	10	(	(	PUNCT
ajfa-6464	303	11	1992	1992	NUM
ajfa-6464	303	12	)	)	PUNCT
ajfa-6464	303	13	.	.	PUNCT
ajfa-6464	304	1	the	the	DET
ajfa-6464	304	2	cross	cross	NOUN
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ajfa-6464	304	5	expected	expect	VERB
ajfa-6464	304	6	stock	stock	NOUN
ajfa-6464	304	7	returns	return	NOUN
ajfa-6464	304	8	.	.	PUNCT
ajfa-6464	305	1	the	the	DET
ajfa-6464	305	2	journal	journal	PROPN
ajfa-6464	305	3	of	of	ADP
ajfa-6464	305	4	finance	finance	PROPN
ajfa-6464	305	5	,	,	PUNCT
ajfa-6464	305	6	47(2	47(2	PROPN
ajfa-6464	305	7	)	)	PUNCT
ajfa-6464	305	8	,	,	PUNCT
ajfa-6464	305	9	427	427	NUM
ajfa-6464	305	10	-	-	SYM
ajfa-6464	305	11	465	465	NUM
ajfa-6464	305	12	.	.	PUNCT
ajfa-6464	306	1	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04398.x	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04398.x	PROPN
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ajfa-6464	306	3	.	.	PUNCT
ajfa-6464	307	1	(	(	PUNCT
ajfa-6464	307	2	1984	1984	NUM
ajfa-6464	307	3	)	)	PUNCT
ajfa-6464	307	4	.	.	PUNCT
ajfa-6464	308	1	how	how	SCONJ
ajfa-6464	308	2	fast	fast	ADV
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ajfa-6464	308	5	company	company	NOUN
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ajfa-6464	309	4	,	,	PUNCT
ajfa-6464	309	5	62	62	NUM
ajfa-6464	309	6	,	,	PUNCT
ajfa-6464	309	7	84	84	NUM
ajfa-6464	309	8	-	-	SYM
ajfa-6464	309	9	93	93	NUM
ajfa-6464	309	10	.	.	PUNCT
ajfa-6464	310	1	retrieved	retrieve	VERB
ajfa-6464	310	2	from	from	ADP
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ajfa-6464	310	4	1b146b7%40sessionmgr4005&hid=4101&bdata	1b146b7%40sessionmgr4005&hid=4101&bdata	NUM
ajfa-6464	310	5	=	=	NOUN
ajfa-6464	310	6	jnnpdgu9zwhvc3qtbgl2zq%3d%3d	jnnpdgu9zwhvc3qtbgl2zq%3d%3d	NOUN
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ajfa-6464	310	9	a.	a.	PROPN
ajfa-6464	310	10	,	,	PUNCT
ajfa-6464	310	11	&	&	CCONJ
ajfa-6464	310	12	triantis	triantis	PROPN
ajfa-6464	310	13	,	,	PUNCT
ajfa-6464	310	14	a.	a.	NOUN
ajfa-6464	310	15	(	(	PUNCT
ajfa-6464	310	16	2008	2008	NUM
ajfa-6464	310	17	)	)	PUNCT
ajfa-6464	310	18	.	.	PUNCT
ajfa-6464	311	1	the	the	DET
ajfa-6464	311	2	value	value	NOUN
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ajfa-6464	311	5	flexibility	flexibility	NOUN
ajfa-6464	311	6	.	.	PUNCT
ajfa-6464	312	1	journal	journal	NOUN
ajfa-6464	312	2	of	of	ADP
ajfa-6464	312	3	finance	finance	NOUN
ajfa-6464	312	4	,	,	PUNCT
ajfa-6464	312	5	63(5	63(5	NOUN
ajfa-6464	312	6	)	)	PUNCT
ajfa-6464	312	7	,	,	PUNCT
ajfa-6464	312	8	2263	2263	NUM
ajfa-6464	312	9	-	-	SYM
ajfa-6464	312	10	2296	2296	NUM
ajfa-6464	312	11	.	.	PUNCT
ajfa-6464	313	1	http://dx.doi.org/10.1111/j.1540-6261.2008.01397.x	http://dx.doi.org/10.1111/j.1540-6261.2008.01397.x	PRON
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ajfa-6464	314	12	)	)	PUNCT
ajfa-6464	314	13	.	.	PUNCT
ajfa-6464	315	1	pls	pls	INTJ
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ajfa-6464	316	13	-	-	SYM
ajfa-6464	316	14	151	151	NUM
ajfa-6464	316	15	.	.	PUNCT
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ajfa-6464	317	14	m	m	PROPN
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ajfa-6464	317	19	mena	mena	PROPN
ajfa-6464	317	20	(	(	PUNCT
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ajfa-6464	317	22	)	)	PUNCT
ajfa-6464	317	23	,	,	PUNCT
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ajfa-6464	317	25	use	use	NOUN
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ajfa-6464	317	35	management	management	NOUN
ajfa-6464	317	36	research	research	NOUN
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ajfa-6464	317	54	-	-	SYM
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ajfa-6464	318	8	hult	hult	PROPN
ajfa-6464	318	9	,	,	PUNCT
ajfa-6464	318	10	christian	christian	PROPN
ajfa-6464	318	11	m	m	PROPN
ajfa-6464	318	12	ringle	ringle	PROPN
ajfa-6464	318	13	,	,	PUNCT
ajfa-6464	318	14	&	&	CCONJ
ajfa-6464	318	15	marko	marko	PROPN
ajfa-6464	318	16	sarstedt	sarstedt	PROPN
ajfa-6464	318	17	.	.	PUNCT
ajfa-6464	319	1	(	(	PUNCT
ajfa-6464	319	2	2014	2014	NUM
ajfa-6464	319	3	)	)	PUNCT
ajfa-6464	319	4	.	.	PUNCT
ajfa-6464	320	1	a	a	DET
ajfa-6464	320	2	primer	primer	NOUN
ajfa-6464	320	3	on	on	ADP
ajfa-6464	320	4	partial	partial	ADJ
ajfa-6464	320	5	least	least	ADJ
ajfa-6464	320	6	squares	square	NOUN
ajfa-6464	320	7	,	,	PUNCT
ajfa-6464	320	8	structural	structural	ADJ
ajfa-6464	320	9	equation	equation	NOUN
ajfa-6464	320	10	modeling	modeling	NOUN
ajfa-6464	320	11	(	(	PUNCT
ajfa-6464	320	12	pls	pls	INTJ
ajfa-6464	320	13	sem).thousand	sem).thousand	PROPN
ajfa-6464	320	14	oaks	oak	NOUN
ajfa-6464	320	15	:	:	PUNCT
ajfa-6464	320	16	sage	sage	NOUN
ajfa-6464	320	17	.	.	PUNCT
ajfa-6464	321	1	http://dx.doi.org/10.1016/j.lrp.2012.09.008	http://dx.doi.org/10.1016/j.lrp.2012.09.008	NOUN
ajfa-6464	321	2	hair	hair	NOUN
ajfa-6464	321	3	,	,	PUNCT
ajfa-6464	321	4	j.	j.	PROPN
ajfa-6464	321	5	f.	f.	PROPN
ajfa-6464	321	6	sarstedt	sarstedt	PROPN
ajfa-6464	321	7	,	,	PUNCT
ajfa-6464	321	8	m.	m.	NOUN
ajfa-6464	321	9	pieper	pieper	NOUN
ajfa-6464	321	10	,	,	PUNCT
ajfa-6464	321	11	t.	t.	PROPN
ajfa-6464	321	12	m.	m.	PROPN
ajfa-6464	321	13	&	&	CCONJ
ajfa-6464	321	14	ringle	ringle	PROPN
ajfa-6464	321	15	,	,	PUNCT
ajfa-6464	321	16	c.	c.	PROPN
ajfa-6464	321	17	m.	m.	NOUN
ajfa-6464	321	18	(	(	PUNCT
ajfa-6464	321	19	2012	2012	NUM
ajfa-6464	321	20	)	)	PUNCT
ajfa-6464	321	21	.	.	PUNCT
ajfa-6464	322	1	the	the	DET
ajfa-6464	322	2	use	use	NOUN
ajfa-6464	322	3	of	of	ADP
ajfa-6464	322	4	partial	partial	ADJ
ajfa-6464	322	5	least	least	ADJ
ajfa-6464	322	6	squares	square	NOUN
ajfa-6464	322	7	structural	structural	ADJ
ajfa-6464	322	8	equation	equation	NOUN
ajfa-6464	322	9	modeling	modeling	NOUN
ajfa-6464	322	10	in	in	ADP
ajfa-6464	322	11	strategic	strategic	ADJ
ajfa-6464	322	12	management	management	NOUN
ajfa-6464	322	13	research	research	NOUN
ajfa-6464	322	14	:	:	PUNCT
ajfa-6464	322	15	a	a	DET
ajfa-6464	322	16	review	review	NOUN
ajfa-6464	322	17	of	of	ADP
ajfa-6464	322	18	past	past	ADJ
ajfa-6464	322	19	practices	practice	NOUN
ajfa-6464	322	20	asian	asian	ADJ
ajfa-6464	322	21	journal	journal	NOUN
ajfa-6464	322	22	of	of	ADP
ajfa-6464	322	23	finance	finance	PROPN
ajfa-6464	322	24	&	&	CCONJ
ajfa-6464	322	25	accounting	accounting	PROPN
ajfa-6464	322	26	issn	issn	PROPN
ajfa-6464	322	27	1946	1946	NUM
ajfa-6464	322	28	-	-	PUNCT
ajfa-6464	322	29	052x	052x	NOUN
ajfa-6464	322	30	2015	2015	NUM
ajfa-6464	322	31	,	,	PUNCT
ajfa-6464	322	32	vol	vol	NOUN
ajfa-6464	322	33	.	.	PROPN
ajfa-6464	322	34	7	7	NUM
ajfa-6464	322	35	,	,	PUNCT
ajfa-6464	322	36	no	no	INTJ
ajfa-6464	322	37	.	.	NOUN
ajfa-6464	322	38	1	1	NUM
ajfa-6464	322	39	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	322	40	94	94	NUM
ajfa-6464	322	41	and	and	CCONJ
ajfa-6464	322	42	recommendations	recommendation	NOUN
ajfa-6464	322	43	for	for	ADP
ajfa-6464	322	44	future	future	ADJ
ajfa-6464	322	45	applications	application	NOUN
ajfa-6464	322	46	.	.	PUNCT
ajfa-6464	323	1	long	long	ADJ
ajfa-6464	323	2	range	range	NOUN
ajfa-6464	323	3	planning	planning	NOUN
ajfa-6464	323	4	,	,	PUNCT
ajfa-6464	323	5	45	45	NUM
ajfa-6464	323	6	,	,	PUNCT
ajfa-6464	323	7	issue	issue	NOUN
ajfa-6464	323	8	5/6	5/6	NUM
ajfa-6464	323	9	,	,	PUNCT
ajfa-6464	323	10	pp	pp	PROPN
ajfa-6464	323	11	.	.	PUNCT
ajfa-6464	324	1	320	320	NUM
ajfa-6464	324	2	-	-	SYM
ajfa-6464	324	3	340	340	NUM
ajfa-6464	324	4	hakansson	hakansson	NOUN
ajfa-6464	324	5	,	,	PUNCT
ajfa-6464	324	6	n.	n.	PROPN
ajfa-6464	324	7	(	(	PUNCT
ajfa-6464	324	8	1982	1982	NUM
ajfa-6464	324	9	)	)	PUNCT
ajfa-6464	324	10	.	.	PUNCT
ajfa-6464	325	1	to	to	PART
ajfa-6464	325	2	pay	pay	VERB
ajfa-6464	325	3	or	or	CCONJ
ajfa-6464	325	4	not	not	PART
ajfa-6464	325	5	to	to	PART
ajfa-6464	325	6	pay	pay	VERB
ajfa-6464	325	7	dividends	dividend	NOUN
ajfa-6464	325	8	?	?	PUNCT
ajfa-6464	326	1	journal	journal	NOUN
ajfa-6464	326	2	of	of	ADP
ajfa-6464	326	3	finance	finance	NOUN
ajfa-6464	326	4	,	,	PUNCT
ajfa-6464	326	5	37	37	NUM
ajfa-6464	326	6	,	,	PUNCT
ajfa-6464	326	7	415	415	NUM
ajfa-6464	326	8	-	-	SYM
ajfa-6464	326	9	428	428	NUM
ajfa-6464	326	10	.	.	PUNCT
ajfa-6464	327	1	http://dx.doi.org/10.2307/2327345	http://dx.doi.org/10.2307/2327345	PROPN
ajfa-6464	327	2	jacqueline	jacqueline	PROPN
ajfa-6464	327	3	,	,	PUNCT
ajfa-6464	327	4	l.	l.	PROPN
ajfa-6464	327	5	,	,	PUNCT
ajfa-6464	327	6	garner	garner	NOUN
ajfa-6464	327	7	,	,	PUNCT
ajfa-6464	327	8	n.	n.	NOUN
ajfa-6464	327	9	,	,	PUNCT
ajfa-6464	327	10	&	&	CCONJ
ajfa-6464	327	11	richard	richard	PROPN
ajfa-6464	327	12	,	,	PUNCT
ajfa-6464	327	13	o.	o.	PROPN
ajfa-6464	327	14	(	(	PUNCT
ajfa-6464	327	15	2002).determinants	2002).determinant	NOUN
ajfa-6464	327	16	of	of	ADP
ajfa-6464	327	17	corporate	corporate	ADJ
ajfa-6464	327	18	growth	growth	NOUN
ajfa-6464	327	19	opportunities	opportunity	NOUN
ajfa-6464	327	20	of	of	ADP
ajfa-6464	327	21	emerging	emerge	VERB
ajfa-6464	327	22	firms	firm	NOUN
ajfa-6464	327	23	.	.	PUNCT
ajfa-6464	328	1	journal	journal	PROPN
ajfa-6464	328	2	of	of	ADP
ajfa-6464	328	3	economics	economic	NOUN
ajfa-6464	328	4	and	and	CCONJ
ajfa-6464	328	5	business	business	NOUN
ajfa-6464	328	6	,	,	PUNCT
ajfa-6464	328	7	54	54	NUM
ajfa-6464	328	8	,	,	PUNCT
ajfa-6464	328	9	73	73	NUM
ajfa-6464	328	10	-	-	SYM
ajfa-6464	328	11	93	93	NUM
ajfa-6464	328	12	.	.	PUNCT
ajfa-6464	329	1	http://dx.doi.org/10.1016/s0148-6195(01)00056-x	http://dx.doi.org/10.1016/s0148-6195(01)00056-x	PROPN
ajfa-6464	329	2	james	james	PROPN
ajfa-6464	329	3	,	,	PUNCT
ajfa-6464	329	4	m.	m.	NOUN
ajfa-6464	329	5	(	(	PUNCT
ajfa-6464	329	6	1973	1973	NUM
ajfa-6464	329	7	)	)	PUNCT
ajfa-6464	329	8	.	.	PUNCT
ajfa-6464	330	1	risk	risk	NOUN
ajfa-6464	330	2	,	,	PUNCT
ajfa-6464	330	3	return	return	NOUN
ajfa-6464	330	4	and	and	CCONJ
ajfa-6464	330	5	equilibrium	equilibrium	NOUN
ajfa-6464	330	6	:	:	PUNCT
ajfa-6464	330	7	empirical	empirical	ADJ
ajfa-6464	330	8	tests	test	NOUN
ajfa-6464	330	9	.	.	PUNCT
ajfa-6464	331	1	journal	journal	NOUN
ajfa-6464	331	2	of	of	ADP
ajfa-6464	331	3	political	political	ADJ
ajfa-6464	331	4	economy	economy	NOUN
ajfa-6464	331	5	,	,	PUNCT
ajfa-6464	331	6	81	81	NUM
ajfa-6464	331	7	,	,	PUNCT
ajfa-6464	331	8	607	607	NUM
ajfa-6464	331	9	-	-	SYM
ajfa-6464	331	10	636	636	NUM
ajfa-6464	331	11	.	.	PUNCT
ajfa-6464	332	1	http://dx.doi.org/10.1086/260061	http://dx.doi.org/10.1086/260061	PROPN
ajfa-6464	332	2	leland	leland	PROPN
ajfa-6464	332	3	,	,	PUNCT
ajfa-6464	332	4	h.	h.	PROPN
ajfa-6464	332	5	,	,	PUNCT
ajfa-6464	332	6	&	&	CCONJ
ajfa-6464	332	7	pyle	pyle	PROPN
ajfa-6464	332	8	,	,	PUNCT
ajfa-6464	332	9	d.	d.	PROPN
ajfa-6464	332	10	(	(	PUNCT
ajfa-6464	332	11	1977	1977	NUM
ajfa-6464	332	12	)	)	PUNCT
ajfa-6464	332	13	.	.	PUNCT
ajfa-6464	333	1	informational	informational	ADJ
ajfa-6464	333	2	asymmetries	asymmetry	NOUN
ajfa-6464	333	3	,	,	PUNCT
ajfa-6464	333	4	financial	financial	ADJ
ajfa-6464	333	5	structure	structure	NOUN
ajfa-6464	333	6	,	,	PUNCT
ajfa-6464	333	7	and	and	CCONJ
ajfa-6464	333	8	financial	financial	ADJ
ajfa-6464	333	9	intermediation	intermediation	NOUN
ajfa-6464	333	10	.	.	PUNCT
ajfa-6464	334	1	journal	journal	PROPN
ajfa-6464	334	2	of	of	ADP
ajfa-6464	334	3	finance	finance	NOUN
ajfa-6464	334	4	,	,	PUNCT
ajfa-6464	334	5	32	32	NUM
ajfa-6464	334	6	,	,	PUNCT
ajfa-6464	334	7	371	371	NUM
ajfa-6464	334	8	-	-	SYM
ajfa-6464	334	9	388	388	NUM
ajfa-6464	334	10	.	.	PUNCT
ajfa-6464	335	1	http://dx.doi.org/10.2307/2326770	http://dx.doi.org/10.2307/2326770	PROPN
ajfa-6464	335	2	lily	lily	PROPN
ajfa-6464	335	3	,	,	PUNCT
ajfa-6464	335	4	f.	f.	PROPN
ajfa-6464	335	5	,	,	PUNCT
ajfa-6464	335	6	&	&	CCONJ
ajfa-6464	335	7	joel	joel	PROPN
ajfa-6464	335	8	,	,	PUNCT
ajfa-6464	335	9	p.	p.	PROPN
ajfa-6464	335	10	(	(	PUNCT
ajfa-6464	335	11	2009	2009	NUM
ajfa-6464	335	12	)	)	PUNCT
ajfa-6464	335	13	.	.	PUNCT
ajfa-6464	336	1	media	medium	NOUN
ajfa-6464	336	2	coverage	coverage	NOUN
ajfa-6464	336	3	and	and	CCONJ
ajfa-6464	336	4	cross	cross	NOUN
ajfa-6464	336	5	section	section	NOUN
ajfa-6464	336	6	of	of	ADP
ajfa-6464	336	7	stock	stock	NOUN
ajfa-6464	336	8	returns	return	NOUN
ajfa-6464	336	9	.	.	PUNCT
ajfa-6464	337	1	journal	journal	NOUN
ajfa-6464	337	2	of	of	ADP
ajfa-6464	337	3	finance	finance	NOUN
ajfa-6464	337	4	,	,	PUNCT
ajfa-6464	337	5	64(5	64(5	PROPN
ajfa-6464	337	6	)	)	PUNCT
ajfa-6464	337	7	,	,	PUNCT
ajfa-6464	337	8	2023	2023	NUM
ajfa-6464	337	9	-	-	SYM
ajfa-6464	337	10	2052	2052	NUM
ajfa-6464	337	11	.	.	PUNCT
ajfa-6464	338	1	http://dx.doi.org/10.1111/j.1540-6261.2009.01493.x	http://dx.doi.org/10.1111/j.1540-6261.2009.01493.x	PROPN
ajfa-6464	338	2	michael	michael	PROPN
ajfa-6464	338	3	,	,	PUNCT
ajfa-6464	338	4	h.	h.	PROPN
ajfa-6464	338	5	,	,	PUNCT
ajfa-6464	338	6	duane	duane	PROPN
ajfa-6464	338	7	,	,	PUNCT
ajfa-6464	338	8	i.	i.	PROPN
ajfa-6464	338	9	,	,	PUNCT
ajfa-6464	338	10	michael	michael	PROPN
ajfa-6464	338	11	,	,	PUNCT
ajfa-6464	338	12	c.	c.	PROPN
ajfa-6464	338	13	,	,	PUNCT
ajfa-6464	338	14	&	&	CCONJ
ajfa-6464	338	15	donald	donald	PROPN
ajfa-6464	338	16	,	,	PUNCT
ajfa-6464	338	17	s.(2001	s.(2001	PROPN
ajfa-6464	338	18	)	)	PUNCT
ajfa-6464	338	19	.	.	PUNCT
ajfa-6464	339	1	entrepreneurial	entrepreneurial	ADJ
ajfa-6464	339	2	strategies	strategy	NOUN
ajfa-6464	339	3	for	for	ADP
ajfa-6464	339	4	wealth	wealth	NOUN
ajfa-6464	339	5	creation	creation	NOUN
ajfa-6464	339	6	.	.	PUNCT
ajfa-6464	340	1	strategic	strategic	ADJ
ajfa-6464	340	2	management	management	NOUN
ajfa-6464	340	3	journal	journal	NOUN
ajfa-6464	340	4	,	,	PUNCT
ajfa-6464	340	5	22	22	NUM
ajfa-6464	340	6	,	,	PUNCT
ajfa-6464	340	7	479	479	NUM
ajfa-6464	340	8	-	-	SYM
ajfa-6464	340	9	491	491	NUM
ajfa-6464	340	10	.	.	PUNCT
ajfa-6464	341	1	http://dx.doi.org/10.1002/smj.196	http://dx.doi.org/10.1002/smj.196	PROPN
ajfa-6464	341	2	miller	miller	PROPN
ajfa-6464	341	3	,	,	PUNCT
ajfa-6464	341	4	m.	m.	NOUN
ajfa-6464	341	5	,	,	PUNCT
ajfa-6464	341	6	&	&	CCONJ
ajfa-6464	341	7	modigliani	modigliani	PROPN
ajfa-6464	341	8	,	,	PUNCT
ajfa-6464	341	9	f.	f.	PROPN
ajfa-6464	341	10	(	(	PUNCT
ajfa-6464	341	11	1961).dividend	1961).dividend	NUM
ajfa-6464	341	12	policy	policy	NOUN
ajfa-6464	341	13	,	,	PUNCT
ajfa-6464	341	14	growth	growth	NOUN
ajfa-6464	341	15	and	and	CCONJ
ajfa-6464	341	16	the	the	DET
ajfa-6464	341	17	valuation	valuation	NOUN
ajfa-6464	341	18	of	of	ADP
ajfa-6464	341	19	shares	share	NOUN
ajfa-6464	341	20	.	.	PUNCT
ajfa-6464	342	1	journal	journal	NOUN
ajfa-6464	342	2	of	of	ADP
ajfa-6464	342	3	business	business	NOUN
ajfa-6464	342	4	,	,	PUNCT
ajfa-6464	342	5	34	34	NUM
ajfa-6464	342	6	,	,	PUNCT
ajfa-6464	342	7	1031-1051.http://dx.doi.org/10.1086/294442	1031-1051.http://dx.doi.org/10.1086/294442	NUM
ajfa-6464	342	8	miller	miller	PROPN
ajfa-6464	342	9	,	,	PUNCT
ajfa-6464	342	10	m.	m.	NOUN
ajfa-6464	342	11	,	,	PUNCT
ajfa-6464	342	12	&	&	CCONJ
ajfa-6464	342	13	rock	rock	PROPN
ajfa-6464	342	14	,	,	PUNCT
ajfa-6464	342	15	r.	r.	PROPN
ajfa-6464	342	16	(	(	PUNCT
ajfa-6464	342	17	1985	1985	NUM
ajfa-6464	342	18	)	)	PUNCT
ajfa-6464	342	19	.	.	PUNCT
ajfa-6464	343	1	dividend	dividend	NOUN
ajfa-6464	343	2	policy	policy	NOUN
ajfa-6464	343	3	under	under	ADP
ajfa-6464	343	4	asymmetric	asymmetric	ADJ
ajfa-6464	343	5	information	information	NOUN
ajfa-6464	343	6	.	.	PUNCT
ajfa-6464	344	1	journal	journal	PROPN
ajfa-6464	344	2	of	of	ADP
ajfa-6464	344	3	finance	finance	NOUN
ajfa-6464	344	4	,	,	PUNCT
ajfa-6464	344	5	40	40	NUM
ajfa-6464	344	6	,	,	PUNCT
ajfa-6464	344	7	1031	1031	NUM
ajfa-6464	344	8	-	-	SYM
ajfa-6464	344	9	1051	1051	NUM
ajfa-6464	344	10	.	.	PUNCT
ajfa-6464	345	1	http://dx.doi.org/10.1111/j.1540-6261.1985.tb02362.x	http://dx.doi.org/10.1111/j.1540-6261.1985.tb02362.x	PROPN
ajfa-6464	345	2	miller	miller	PROPN
ajfa-6464	345	3	,	,	PUNCT
ajfa-6464	345	4	m.	m.	NOUN
ajfa-6464	345	5	,	,	PUNCT
ajfa-6464	345	6	&	&	CCONJ
ajfa-6464	345	7	scholes	scholes	PROPN
ajfa-6464	345	8	,	,	PUNCT
ajfa-6464	345	9	m.	m.	NOUN
ajfa-6464	345	10	(	(	PUNCT
ajfa-6464	345	11	1978	1978	NUM
ajfa-6464	345	12	)	)	PUNCT
ajfa-6464	345	13	.	.	PUNCT
ajfa-6464	346	1	dividend	dividend	NOUN
ajfa-6464	346	2	and	and	CCONJ
ajfa-6464	346	3	taxes	taxis	NOUN
ajfa-6464	346	4	.	.	PUNCT
ajfa-6464	347	1	journal	journal	NOUN
ajfa-6464	347	2	of	of	ADP
ajfa-6464	347	3	political	political	ADJ
ajfa-6464	347	4	economy	economy	NOUN
ajfa-6464	347	5	,	,	PUNCT
ajfa-6464	347	6	90	90	NUM
ajfa-6464	347	7	,	,	PUNCT
ajfa-6464	347	8	1118	1118	NUM
ajfa-6464	347	9	-	-	SYM
ajfa-6464	347	10	1141	1141	NUM
ajfa-6464	347	11	.	.	PUNCT
ajfa-6464	348	1	http://dx.doi.org/10.1086/261114	http://dx.doi.org/10.1086/261114	PROPN
ajfa-6464	348	2	myers	myers	PROPN
ajfa-6464	348	3	,	,	PUNCT
ajfa-6464	348	4	s.	s.	PROPN
ajfa-6464	348	5	c.	c.	PROPN
ajfa-6464	348	6	(	(	PUNCT
ajfa-6464	348	7	1977).determinants	1977).determinant	NOUN
ajfa-6464	348	8	of	of	ADP
ajfa-6464	348	9	corporate	corporate	ADJ
ajfa-6464	348	10	borrowing	borrowing	NOUN
ajfa-6464	348	11	.	.	PUNCT
ajfa-6464	349	1	journal	journal	NOUN
ajfa-6464	349	2	of	of	ADP
ajfa-6464	349	3	financial	financial	ADJ
ajfa-6464	349	4	economics	economic	NOUN
ajfa-6464	349	5	,	,	PUNCT
ajfa-6464	349	6	5	5	NUM
ajfa-6464	349	7	,	,	PUNCT
ajfa-6464	349	8	147	147	NUM
ajfa-6464	349	9	-	-	SYM
ajfa-6464	349	10	176	176	NUM
ajfa-6464	349	11	.	.	PUNCT
ajfa-6464	350	1	http://dx.doi.org/10.1016/0304-405x(77)90015-0	http://dx.doi.org/10.1016/0304-405x(77)90015-0	PROPN
ajfa-6464	350	2	pene	pene	NOUN
ajfa-6464	350	3	,	,	PUNCT
ajfa-6464	350	4	d.	d.	PROPN
ajfa-6464	350	5	(	(	PUNCT
ajfa-6464	350	6	1983	1983	NUM
ajfa-6464	350	7	)	)	PUNCT
ajfa-6464	350	8	.	.	PUNCT
ajfa-6464	351	1	modeles	modeles	PROPN
ajfa-6464	351	2	d'evaiuation	d'evaiuation	PROPN
ajfa-6464	351	3	des	des	PROPN
ajfa-6464	351	4	entreprises	entreprise	NOUN
ajfa-6464	351	5	et	et	NOUN
ajfa-6464	351	6	modeles	modele	NOUN
ajfa-6464	351	7	strategiques	strategique	NOUN
ajfa-6464	351	8	.	.	PUNCT
ajfa-6464	352	1	analyse	analyse	PROPN
ajfa-6464	352	2	fmancierc	fmancierc	PROPN
ajfa-6464	352	3	,	,	PUNCT
ajfa-6464	352	4	54	54	NUM
ajfa-6464	352	5	,	,	PUNCT
ajfa-6464	352	6	55	55	NUM
ajfa-6464	352	7	-	-	SYM
ajfa-6464	352	8	62	62	NUM
ajfa-6464	352	9	.	.	PUNCT
ajfa-6464	353	1	penman	penman	PROPN
ajfa-6464	353	2	,	,	PUNCT
ajfa-6464	353	3	s.	s.	PROPN
ajfa-6464	353	4	h.	h.	PROPN
ajfa-6464	353	5	(	(	PUNCT
ajfa-6464	353	6	1991	1991	NUM
ajfa-6464	353	7	)	)	PUNCT
ajfa-6464	353	8	.	.	PUNCT
ajfa-6464	354	1	an	an	DET
ajfa-6464	354	2	evaluation	evaluation	NOUN
ajfa-6464	354	3	of	of	ADP
ajfa-6464	354	4	accounting	accounting	NOUN
ajfa-6464	354	5	rate	rate	NOUN
ajfa-6464	354	6	of	of	ADP
ajfa-6464	354	7	return	return	NOUN
ajfa-6464	354	8	.	.	PUNCT
ajfa-6464	355	1	journal	journal	NOUN
ajfa-6464	355	2	of	of	ADP
ajfa-6464	355	3	accounting	accounting	NOUN
ajfa-6464	355	4	,	,	PUNCT
ajfa-6464	355	5	auditing	auditing	NOUN
ajfa-6464	355	6	and	and	CCONJ
ajfa-6464	355	7	finance	finance	NOUN
ajfa-6464	355	8	,	,	PUNCT
ajfa-6464	355	9	6	6	NUM
ajfa-6464	355	10	,	,	PUNCT
ajfa-6464	355	11	233	233	NUM
ajfa-6464	355	12	-	-	SYM
ajfa-6464	355	13	255	255	NUM
ajfa-6464	355	14	.	.	PUNCT
ajfa-6464	356	1	retrieved	retrieve	VERB
ajfa-6464	356	2	from	from	ADP
ajfa-6464	356	3	http://web.a.ebscohost.com/ehost/detail/detail?vid=86&sid=eaba2666-a83c-432a-925f-32c39	http://web.a.ebscohost.com/ehost/detail/detail?vid=86&sid=eaba2666-a83c-432a-925f-32c39	ADJ
ajfa-6464	356	4	1b146b7%40sessionmgr4005&hid=4101&bdata	1b146b7%40sessionmgr4005&hid=4101&bdata	NUM
ajfa-6464	356	5	=	=	SYM
ajfa-6464	356	6	jnnpdgu9zwhvc3qtbgl2zq%3d%3d#db	jnnpdgu9zwhvc3qtbgl2zq%3d%3d#db	NOUN
ajfa-6464	356	7	=	=	SYM
ajfa-6464	356	8	bth&an=7256368	bth&an=7256368	NOUN
ajfa-6464	356	9	rappaport	rappaport	NOUN
ajfa-6464	356	10	,	,	PUNCT
ajfa-6464	356	11	a.	a.	NOUN
ajfa-6464	356	12	(	(	PUNCT
ajfa-6464	356	13	1986	1986	NUM
ajfa-6464	356	14	)	)	PUNCT
ajfa-6464	356	15	.	.	PUNCT
ajfa-6464	357	1	linking	link	VERB
ajfa-6464	357	2	competitive	competitive	ADJ
ajfa-6464	357	3	strategy	strategy	NOUN
ajfa-6464	357	4	and	and	CCONJ
ajfa-6464	357	5	shareholder	shareholder	NOUN
ajfa-6464	357	6	value	value	NOUN
ajfa-6464	357	7	analysis	analysis	NOUN
ajfa-6464	357	8	.	.	PUNCT
ajfa-6464	358	1	the	the	DET
ajfa-6464	358	2	journal	journal	NOUN
ajfa-6464	358	3	of	of	ADP
ajfa-6464	358	4	business	business	NOUN
ajfa-6464	358	5	strategy	strategy	NOUN
ajfa-6464	358	6	,	,	PUNCT
ajfa-6464	358	7	3	3	NUM
ajfa-6464	358	8	,	,	PUNCT
ajfa-6464	358	9	58	58	NUM
ajfa-6464	358	10	-	-	SYM
ajfa-6464	358	11	67	67	NUM
ajfa-6464	358	12	.	.	PUNCT
ajfa-6464	358	13	retrieved	retrieve	VERB
ajfa-6464	358	14	from	from	ADP
ajfa-6464	358	15	http://web.a.ebscohost.com/ehost/detail/detail?vid=56&sid=eaba2666-a83c-432a-925f-32c39	http://web.a.ebscohost.com/ehost/detail/detail?vid=56&sid=eaba2666-a83c-432a-925f-32c39	NOUN
ajfa-6464	358	16	1b146b7%40sessionmgr4005&hid=4101&bdata	1b146b7%40sessionmgr4005&hid=4101&bdata	NUM
ajfa-6464	358	17	=	=	SYM
ajfa-6464	358	18	jnnpdgu9zwhvc3qtbgl2zq%3d%3d#db	jnnpdgu9zwhvc3qtbgl2zq%3d%3d#db	NOUN
ajfa-6464	358	19	=	=	SYM
ajfa-6464	358	20	bth&an=5691789	bth&an=5691789	ADJ
ajfa-6464	358	21	asian	asian	ADJ
ajfa-6464	358	22	journal	journal	NOUN
ajfa-6464	358	23	of	of	ADP
ajfa-6464	358	24	finance	finance	PROPN
ajfa-6464	358	25	&	&	CCONJ
ajfa-6464	358	26	accounting	accounting	PROPN
ajfa-6464	358	27	issn	issn	PROPN
ajfa-6464	358	28	1946	1946	NUM
ajfa-6464	358	29	-	-	PUNCT
ajfa-6464	358	30	052x	052x	NOUN
ajfa-6464	358	31	2015	2015	NUM
ajfa-6464	358	32	,	,	PUNCT
ajfa-6464	358	33	vol	vol	NOUN
ajfa-6464	358	34	.	.	PROPN
ajfa-6464	358	35	7	7	NUM
ajfa-6464	358	36	,	,	PUNCT
ajfa-6464	358	37	no	no	INTJ
ajfa-6464	358	38	.	.	NOUN
ajfa-6464	358	39	1	1	NUM
ajfa-6464	358	40	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6464	358	41	95	95	NUM
ajfa-6464	358	42	rappaport	rappaport	NOUN
ajfa-6464	358	43	,	,	PUNCT
ajfa-6464	358	44	a.	a.	NOUN
ajfa-6464	358	45	(	(	PUNCT
ajfa-6464	358	46	1987	1987	NUM
ajfa-6464	358	47	)	)	PUNCT
ajfa-6464	358	48	.	.	PUNCT
ajfa-6464	359	1	corporate	corporate	ADJ
ajfa-6464	359	2	performance	performance	NOUN
ajfa-6464	359	3	standards	standard	NOUN
ajfa-6464	359	4	and	and	CCONJ
ajfa-6464	359	5	shareholder	shareholder	NOUN
ajfa-6464	359	6	value	value	NOUN
ajfa-6464	359	7	.	.	PUNCT
ajfa-6464	360	1	the	the	DET
ajfa-6464	360	2	journal	journal	NOUN
ajfa-6464	360	3	of	of	ADP
ajfa-6464	360	4	business	business	NOUN
ajfa-6464	360	5	strategy	strategy	NOUN
ajfa-6464	360	6	,	,	PUNCT
ajfa-6464	360	7	4	4	NUM
ajfa-6464	360	8	,	,	PUNCT
ajfa-6464	360	9	28	28	NUM
ajfa-6464	360	10	-	-	SYM
ajfa-6464	360	11	38	38	NUM
ajfa-6464	360	12	.	.	PUNCT
ajfa-6464	360	13	retrieved	retrieve	VERB
ajfa-6464	360	14	from	from	ADP
ajfa-6464	360	15	http://web.a.ebscohost.com/ehost/detail/detail?vid=58&sid=eaba2666-a83c-432a-925f-32c39	http://web.a.ebscohost.com/ehost/detail/detail?vid=58&sid=eaba2666-a83c-432a-925f-32c39	ADJ
ajfa-6464	360	16	1b146b7%40sessionmgr4005&hid=4101&bdata	1b146b7%40sessionmgr4005&hid=4101&bdata	X
ajfa-6464	360	17	=	=	SYM
ajfa-6464	360	18	jnnpdgu9zwhvc3qtbgl2zq%3d%3d#db	jnnpdgu9zwhvc3qtbgl2zq%3d%3d#db	NOUN
ajfa-6464	360	19	=	=	NOUN
ajfa-6464	360	20	bth&an=5689609	bth&an=5689609	NOUN
ajfa-6464	360	21	ringle	ringle	NOUN
ajfa-6464	360	22	,	,	PUNCT
ajfa-6464	360	23	c.	c.	PROPN
ajfa-6464	360	24	wende	wende	PROPN
ajfa-6464	360	25	,	,	PUNCT
ajfa-6464	360	26	s.	s.	PROPN
ajfa-6464	360	27	&	&	CCONJ
ajfa-6464	360	28	will	will	AUX
ajfa-6464	360	29	,	,	PUNCT
ajfa-6464	360	30	a.	a.	NOUN
ajfa-6464	360	31	(	(	PUNCT
ajfa-6464	360	32	2005	2005	NUM
ajfa-6464	360	33	)	)	PUNCT
ajfa-6464	360	34	.	.	PUNCT
ajfa-6464	361	1	smartpls	smartpls	PROPN
ajfa-6464	361	2	,	,	PUNCT
ajfa-6464	361	3	2.0	2.0	NUM
ajfa-6464	361	4	(	(	PUNCT
ajfa-6464	361	5	beta	beta	NOUN
ajfa-6464	361	6	)	)	PUNCT
ajfa-6464	361	7	,	,	PUNCT
ajfa-6464	361	8	http://www.smartpls.de	http://www.smartpls.de	PROPN
ajfa-6464	361	9	,	,	PUNCT
ajfa-6464	361	10	hamburg	hamburg	PROPN
ajfa-6464	361	11	.	.	PUNCT
ajfa-6464	362	1	rosenberg	rosenberg	PROPN
ajfa-6464	362	2	,	,	PUNCT
ajfa-6464	362	3	b.	b.	PROPN
ajfa-6464	362	4	,	,	PUNCT
ajfa-6464	362	5	kenneth	kenneth	PROPN
ajfa-6464	362	6	,	,	PUNCT
ajfa-6464	362	7	r.	r.	PROPN
ajfa-6464	362	8	,	,	PUNCT
ajfa-6464	362	9	&	&	CCONJ
ajfa-6464	362	10	ronald	ronald	PROPN
ajfa-6464	362	11	,	,	PUNCT
ajfa-6464	362	12	l.	l.	PROPN
ajfa-6464	362	13	(	(	PUNCT
ajfa-6464	362	14	1985	1985	NUM
ajfa-6464	362	15	)	)	PUNCT
ajfa-6464	362	16	.	.	PUNCT
ajfa-6464	363	1	persuasive	persuasive	ADJ
ajfa-6464	363	2	evidence	evidence	NOUN
ajfa-6464	363	3	of	of	ADP
ajfa-6464	363	4	market	market	NOUN
ajfa-6464	363	5	inefficiency	inefficiency	NOUN
ajfa-6464	363	6	.	.	PUNCT
ajfa-6464	364	1	journal	journal	NOUN
ajfa-6464	364	2	of	of	ADP
ajfa-6464	364	3	portfolio	portfolio	NOUN
ajfa-6464	364	4	management	management	NOUN
ajfa-6464	364	5	,	,	PUNCT
ajfa-6464	364	6	11	11	NUM
ajfa-6464	364	7	,	,	PUNCT
ajfa-6464	364	8	9-17.http://dx.doi.org/10.3905/jpm.1985.409007	9-17.http://dx.doi.org/10.3905/jpm.1985.409007	NUM
ajfa-6464	364	9	ross	ross	PROPN
ajfa-6464	364	10	,	,	PUNCT
ajfa-6464	364	11	s.	s.	PROPN
ajfa-6464	364	12	(	(	PUNCT
ajfa-6464	364	13	1977	1977	NUM
ajfa-6464	364	14	)	)	PUNCT
ajfa-6464	364	15	.	.	PUNCT
ajfa-6464	365	1	the	the	DET
ajfa-6464	365	2	determination	determination	NOUN
ajfa-6464	365	3	of	of	ADP
ajfa-6464	365	4	financial	financial	ADJ
ajfa-6464	365	5	structure	structure	NOUN
ajfa-6464	365	6	:	:	PUNCT
ajfa-6464	365	7	the	the	DET
ajfa-6464	365	8	incentive	incentive	NOUN
ajfa-6464	365	9	signaling	signal	VERB
ajfa-6464	365	10	approach	approach	NOUN
ajfa-6464	365	11	.	.	PUNCT
ajfa-6464	366	1	bell	bell	PROPN
ajfa-6464	366	2	journal	journal	PROPN
ajfa-6464	366	3	of	of	ADP
ajfa-6464	366	4	economics	economic	NOUN
ajfa-6464	366	5	,	,	PUNCT
ajfa-6464	366	6	8	8	NUM
ajfa-6464	366	7	,	,	PUNCT
ajfa-6464	366	8	23	23	NUM
ajfa-6464	366	9	-	-	SYM
ajfa-6464	366	10	40	40	NUM
ajfa-6464	366	11	.	.	PUNCT
ajfa-6464	367	1	http://dx.doi.org/10.2307/3003485	http://dx.doi.org/10.2307/3003485	NOUN
ajfa-6464	367	2	rozef	rozef	NOUN
ajfa-6464	367	3	,	,	PUNCT
ajfa-6464	367	4	f.	f.	PROPN
ajfa-6464	367	5	m.	m.	PROPN
ajfa-6464	367	6	(	(	PUNCT
ajfa-6464	367	7	1982	1982	NUM
ajfa-6464	367	8	)	)	PUNCT
ajfa-6464	367	9	.	.	PUNCT
ajfa-6464	368	1	growth	growth	NOUN
ajfa-6464	368	2	,	,	PUNCT
ajfa-6464	368	3	beta	beta	NOUN
ajfa-6464	368	4	and	and	CCONJ
ajfa-6464	368	5	agency	agency	NOUN
ajfa-6464	368	6	costs	cost	NOUN
ajfa-6464	368	7	as	as	ADP
ajfa-6464	368	8	determinants	determinant	NOUN
ajfa-6464	368	9	of	of	ADP
ajfa-6464	368	10	dividend	dividend	NOUN
ajfa-6464	368	11	payout	payout	NOUN
ajfa-6464	368	12	ratios	ratio	NOUN
ajfa-6464	368	13	.	.	PUNCT
ajfa-6464	369	1	journal	journal	NOUN
ajfa-6464	369	2	of	of	ADP
ajfa-6464	369	3	financial	financial	ADJ
ajfa-6464	369	4	research	research	NOUN
ajfa-6464	369	5	,	,	PUNCT
ajfa-6464	369	6	5	5	NUM
ajfa-6464	369	7	,	,	PUNCT
ajfa-6464	369	8	249	249	NUM
ajfa-6464	369	9	-	-	SYM
ajfa-6464	369	10	259	259	NUM
ajfa-6464	369	11	.	.	PUNCT
ajfa-6464	370	1	http://dx.doi.org/10.1111/j.1475-6803.1982.tb00299.x	http://dx.doi.org/10.1111/j.1475-6803.1982.tb00299.x	PROPN
ajfa-6464	370	2	samy	samy	PROPN
ajfa-6464	370	3	,	,	PUNCT
ajfa-6464	370	4	n.	n.	NOUN
ajfa-6464	370	5	,	,	PUNCT
ajfa-6464	370	6	&	&	CCONJ
ajfa-6464	370	7	mohamed	mohamed	PROPN
ajfa-6464	370	8	,	,	PUNCT
ajfa-6464	370	9	g.	g.	PROPN
ajfa-6464	370	10	(	(	PUNCT
ajfa-6464	370	11	2002	2002	NUM
ajfa-6464	370	12	)	)	PUNCT
ajfa-6464	370	13	.	.	PUNCT
ajfa-6464	371	1	the	the	DET
ajfa-6464	371	2	relationship	relationship	NOUN
ajfa-6464	371	3	between	between	ADP
ajfa-6464	371	4	dividend	dividend	NOUN
ajfa-6464	371	5	policy	policy	NOUN
ajfa-6464	371	6	,	,	PUNCT
ajfa-6464	371	7	financial	financial	ADJ
ajfa-6464	371	8	structure	structure	NOUN
ajfa-6464	371	9	,	,	PUNCT
ajfa-6464	371	10	profitability	profitability	NOUN
ajfa-6464	371	11	and	and	CCONJ
ajfa-6464	371	12	firm	firm	ADJ
ajfa-6464	371	13	value	value	NOUN
ajfa-6464	371	14	.	.	PUNCT
ajfa-6464	372	1	applied	apply	VERB
ajfa-6464	372	2	financial	financial	ADJ
ajfa-6464	372	3	economics	economic	NOUN
ajfa-6464	372	4	,	,	PUNCT
ajfa-6464	372	5	12	12	NUM
ajfa-6464	372	6	,	,	PUNCT
ajfa-6464	372	7	843	843	NUM
ajfa-6464	372	8	-	-	SYM
ajfa-6464	372	9	849	849	NUM
ajfa-6464	372	10	.	.	PUNCT
ajfa-6464	372	11	http://dx.doi.org/10.1080/09603100110049457	http://dx.doi.org/10.1080/09603100110049457	PROPN
ajfa-6464	372	12	severine	severine	PROPN
ajfa-6464	372	13	,	,	PUNCT
ajfa-6464	372	14	c.	c.	PROPN
ajfa-6464	372	15	,	,	PUNCT
ajfa-6464	372	16	martin	martin	PROPN
ajfa-6464	372	17	,	,	PUNCT
ajfa-6464	372	18	h.	h.	PROPN
ajfa-6464	372	19	,	,	PUNCT
ajfa-6464	372	20	&	&	CCONJ
ajfa-6464	372	21	dusan	dusan	PROPN
ajfa-6464	372	22	,	,	PUNCT
ajfa-6464	372	23	i.(2004	i.(2004	PROPN
ajfa-6464	372	24	)	)	PUNCT
ajfa-6464	372	25	.	.	PUNCT
ajfa-6464	373	1	the	the	DET
ajfa-6464	373	2	determinants	determinant	NOUN
ajfa-6464	373	3	of	of	ADP
ajfa-6464	373	4	stock	stock	NOUN
ajfa-6464	373	5	returns	return	NOUN
ajfa-6464	373	6	in	in	ADP
ajfa-6464	373	7	a	a	DET
ajfa-6464	373	8	small	small	ADJ
ajfa-6464	373	9	open	open	ADJ
ajfa-6464	373	10	economy	economy	NOUN
ajfa-6464	373	11	.	.	PUNCT
ajfa-6464	374	1	international	international	ADJ
ajfa-6464	374	2	review	review	NOUN
ajfa-6464	374	3	of	of	ADP
ajfa-6464	374	4	economics	economic	NOUN
ajfa-6464	374	5	and	and	CCONJ
ajfa-6464	374	6	finance	finance	NOUN
ajfa-6464	374	7	,	,	PUNCT
ajfa-6464	374	8	13(2	13(2	PROPN
ajfa-6464	374	9	)	)	PUNCT
ajfa-6464	374	10	,	,	PUNCT
ajfa-6464	374	11	167	167	NUM
ajfa-6464	374	12	-	-	SYM
ajfa-6464	374	13	185	185	NUM
ajfa-6464	374	14	.	.	PUNCT
ajfa-6464	375	1	http://dx.doi.org/10.1016/j.iref.2003.07.001	http://dx.doi.org/10.1016/j.iref.2003.07.001	NOUN
ajfa-6464	375	2	stattman	stattman	NOUN
ajfa-6464	375	3	,	,	PUNCT
ajfa-6464	375	4	d.	d.	PROPN
ajfa-6464	375	5	(	(	PUNCT
ajfa-6464	375	6	1980	1980	NUM
ajfa-6464	375	7	)	)	PUNCT
ajfa-6464	375	8	.	.	PUNCT
ajfa-6464	376	1	book	book	NOUN
ajfa-6464	376	2	values	value	NOUN
ajfa-6464	376	3	and	and	CCONJ
ajfa-6464	376	4	stock	stock	NOUN
ajfa-6464	376	5	returns	return	NOUN
ajfa-6464	376	6	.	.	PUNCT
ajfa-6464	377	1	the	the	DET
ajfa-6464	377	2	chicago	chicago	PROPN
ajfa-6464	377	3	mba	mba	PROPN
ajfa-6464	377	4	:	:	PUNCT
ajfa-6464	377	5	a	a	DET
ajfa-6464	377	6	journal	journal	NOUN
ajfa-6464	377	7	of	of	ADP
ajfa-6464	377	8	selected	select	VERB
ajfa-6464	377	9	papers	paper	NOUN
ajfa-6464	377	10	,	,	PUNCT
ajfa-6464	377	11	4	4	NUM
ajfa-6464	377	12	,	,	PUNCT
ajfa-6464	377	13	25	25	NUM
ajfa-6464	377	14	-	-	SYM
ajfa-6464	377	15	45	45	NUM
ajfa-6464	377	16	.	.	PUNCT
ajfa-6464	378	1	varaiya	varaiya	PROPN
ajfa-6464	378	2	,	,	PUNCT
ajfa-6464	378	3	n.	n.	PROPN
ajfa-6464	378	4	(	(	PUNCT
ajfa-6464	378	5	1987	1987	NUM
ajfa-6464	378	6	)	)	PUNCT
ajfa-6464	378	7	.	.	PUNCT
ajfa-6464	379	1	the	the	DET
ajfa-6464	379	2	relationship	relationship	NOUN
ajfa-6464	379	3	between	between	ADP
ajfa-6464	379	4	growth	growth	NOUN
ajfa-6464	379	5	,	,	PUNCT
ajfa-6464	379	6	profitability	profitability	NOUN
ajfa-6464	379	7	and	and	CCONJ
ajfa-6464	379	8	firm	firm	ADJ
ajfa-6464	379	9	value	value	NOUN
ajfa-6464	379	10	.	.	PUNCT
ajfa-6464	380	1	strategic	strategic	ADJ
ajfa-6464	380	2	management	management	NOUN
ajfa-6464	380	3	journal	journal	NOUN
ajfa-6464	380	4	,	,	PUNCT
ajfa-6464	380	5	8	8	NUM
ajfa-6464	380	6	,	,	PUNCT
ajfa-6464	380	7	487	487	NUM
ajfa-6464	380	8	-	-	SYM
ajfa-6464	380	9	497	497	NUM
ajfa-6464	380	10	.	.	PUNCT
ajfa-6464	381	1	http://dx.doi.org/10.1002/smj.4250080507	http://dx.doi.org/10.1002/smj.4250080507	NOUN