id	sid	tid	token	lemma	pos
ajfa-6489	1	1	microsoft	microsoft	PROPN
ajfa-6489	1	2	word	word	PROPN
ajfa-6489	1	3	6489	6489	NUM
ajfa-6489	1	4	-	-	SYM
ajfa-6489	1	5	23194	23194	NUM
ajfa-6489	1	6	-	-	PUNCT
ajfa-6489	1	7	1	1	NUM
ajfa-6489	1	8	-	-	PUNCT
ajfa-6489	1	9	sm	sm	NOUN
ajfa-6489	1	10	-	-	PUNCT
ajfa-6489	1	11	writer2	writer2	VERB
ajfa-6489	1	12	-	-	ADJ
ajfa-6489	1	13	new	new	ADJ
ajfa-6489	1	14	-	-	PUNCT
ajfa-6489	1	15	final	final	ADJ
ajfa-6489	1	16	asian	asian	ADJ
ajfa-6489	1	17	journal	journal	NOUN
ajfa-6489	1	18	of	of	ADP
ajfa-6489	1	19	finance	finance	PROPN
ajfa-6489	1	20	&	&	CCONJ
ajfa-6489	1	21	accounting	accounting	PROPN
ajfa-6489	1	22	issn	issn	PROPN
ajfa-6489	1	23	1946	1946	NUM
ajfa-6489	1	24	-	-	PUNCT
ajfa-6489	1	25	052x	052x	NOUN
ajfa-6489	1	26	2015	2015	NUM
ajfa-6489	1	27	,	,	PUNCT
ajfa-6489	1	28	vol	vol	NOUN
ajfa-6489	1	29	.	.	PROPN
ajfa-6489	1	30	7	7	NUM
ajfa-6489	1	31	,	,	PUNCT
ajfa-6489	1	32	no	no	INTJ
ajfa-6489	1	33	.	.	NOUN
ajfa-6489	1	34	1	1	NUM
ajfa-6489	1	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6489	1	36	13	13	NUM
ajfa-6489	1	37	does	do	AUX
ajfa-6489	1	38	ownership	ownership	NOUN
ajfa-6489	1	39	identity	identity	NOUN
ajfa-6489	1	40	of	of	ADP
ajfa-6489	1	41	blockholders	blockholder	NOUN
ajfa-6489	1	42	matter	matter	VERB
ajfa-6489	1	43	:	:	PUNCT
ajfa-6489	1	44	an	an	DET
ajfa-6489	1	45	empirical	empirical	ADJ
ajfa-6489	1	46	analysis	analysis	NOUN
ajfa-6489	1	47	of	of	ADP
ajfa-6489	1	48	publicly	publicly	ADV
ajfa-6489	1	49	listed	list	VERB
ajfa-6489	1	50	companies	company	NOUN
ajfa-6489	1	51	in	in	ADP
ajfa-6489	1	52	new	new	PROPN
ajfa-6489	1	53	zealand	zealand	PROPN
ajfa-6489	1	54	krishna	krishna	PROPN
ajfa-6489	1	55	reddy	reddy	PROPN
ajfa-6489	1	56	,	,	PUNCT
ajfa-6489	1	57	sazali	sazali	PROPN
ajfa-6489	1	58	abidin	abidin	PROPN
ajfa-6489	1	59	,	,	PUNCT
ajfa-6489	1	60	wei	wei	PROPN
ajfa-6489	1	61	he	he	PRON
ajfa-6489	1	62	&	&	CCONJ
ajfa-6489	1	63	paresha	paresha	PROPN
ajfa-6489	1	64	sinha	sinha	PROPN
ajfa-6489	1	65	department	department	PROPN
ajfa-6489	1	66	of	of	ADP
ajfa-6489	1	67	finance	finance	PROPN
ajfa-6489	1	68	waikato	waikato	NOUN
ajfa-6489	1	69	management	management	NOUN
ajfa-6489	1	70	school	school	NOUN
ajfa-6489	1	71	,	,	PUNCT
ajfa-6489	1	72	university	university	NOUN
ajfa-6489	1	73	of	of	ADP
ajfa-6489	1	74	waikato	waikato	NOUN
ajfa-6489	1	75	received	receive	VERB
ajfa-6489	1	76	:	:	PUNCT
ajfa-6489	1	77	july23	july23	PROPN
ajfa-6489	1	78	,	,	PUNCT
ajfa-6489	1	79	2014	2014	NUM
ajfa-6489	1	80	accepted	accept	VERB
ajfa-6489	1	81	:	:	PUNCT
ajfa-6489	1	82	nov.11	nov.11	ADJ
ajfa-6489	1	83	,	,	PUNCT
ajfa-6489	1	84	2014	2014	NUM
ajfa-6489	1	85	published	publish	VERB
ajfa-6489	1	86	:	:	PUNCT
ajfa-6489	1	87	june	june	PROPN
ajfa-6489	1	88	1	1	NUM
ajfa-6489	1	89	,	,	PUNCT
ajfa-6489	1	90	2015	2015	NUM
ajfa-6489	1	91	doi:10.5296	doi:10.5296	NOUN
ajfa-6489	1	92	/	/	SYM
ajfa-6489	1	93	ajfa.v7i1.6489	ajfa.v7i1.6489	NUM
ajfa-6489	1	94	url	url	NOUN
ajfa-6489	1	95	:	:	PUNCT
ajfa-6489	1	96	http://dx.doi.org/10.5296/ajfa.v7i1.6489	http://dx.doi.org/10.5296/ajfa.v7i1.6489	X
ajfa-6489	1	97	abstract	abstract	ADJ
ajfa-6489	1	98	purpose	purpose	NOUN
ajfa-6489	1	99	–	–	PUNCT
ajfa-6489	1	100	this	this	DET
ajfa-6489	1	101	study	study	NOUN
ajfa-6489	1	102	explores	explore	VERB
ajfa-6489	1	103	the	the	DET
ajfa-6489	1	104	nature	nature	NOUN
ajfa-6489	1	105	of	of	ADP
ajfa-6489	1	106	the	the	DET
ajfa-6489	1	107	relationships	relationship	NOUN
ajfa-6489	1	108	between	between	ADP
ajfa-6489	1	109	ownership	ownership	NOUN
ajfa-6489	1	110	concentration	concentration	NOUN
ajfa-6489	1	111	,	,	PUNCT
ajfa-6489	1	112	ownership	ownership	NOUN
ajfa-6489	1	113	identity	identity	NOUN
ajfa-6489	1	114	,	,	PUNCT
ajfa-6489	1	115	and	and	CCONJ
ajfa-6489	1	116	financial	financial	ADJ
ajfa-6489	1	117	performance	performance	NOUN
ajfa-6489	1	118	in	in	ADP
ajfa-6489	1	119	publicly	publicly	ADV
ajfa-6489	1	120	listed	list	VERB
ajfa-6489	1	121	companies	company	NOUN
ajfa-6489	1	122	in	in	ADP
ajfa-6489	1	123	new	new	PROPN
ajfa-6489	1	124	zealand	zealand	PROPN
ajfa-6489	1	125	.	.	PUNCT
ajfa-6489	2	1	this	this	DET
ajfa-6489	2	2	study	study	NOUN
ajfa-6489	2	3	also	also	ADV
ajfa-6489	2	4	investigates	investigate	VERB
ajfa-6489	2	5	whether	whether	SCONJ
ajfa-6489	2	6	the	the	DET
ajfa-6489	2	7	ownership	ownership	NOUN
ajfa-6489	2	8	-	-	PUNCT
ajfa-6489	2	9	performance	performance	NOUN
ajfa-6489	2	10	nexus	nexus	NOUN
ajfa-6489	2	11	changes	change	NOUN
ajfa-6489	2	12	during	during	ADP
ajfa-6489	2	13	the	the	DET
ajfa-6489	2	14	financial	financial	ADJ
ajfa-6489	2	15	crisis	crisis	NOUN
ajfa-6489	2	16	period	period	NOUN
ajfa-6489	2	17	.	.	PUNCT
ajfa-6489	3	1	design	design	NOUN
ajfa-6489	3	2	/	/	SYM
ajfa-6489	3	3	method	method	NOUN
ajfa-6489	3	4	/	/	SYM
ajfa-6489	3	5	approach	approach	NOUN
ajfa-6489	3	6	–	–	PUNCT
ajfa-6489	3	7	panel	panel	NOUN
ajfa-6489	3	8	data	datum	NOUN
ajfa-6489	3	9	for	for	ADP
ajfa-6489	3	10	the	the	DET
ajfa-6489	3	11	publicly	publicly	ADV
ajfa-6489	3	12	listed	list	VERB
ajfa-6489	3	13	companies	company	NOUN
ajfa-6489	3	14	for	for	ADP
ajfa-6489	3	15	the	the	DET
ajfa-6489	3	16	period	period	NOUN
ajfa-6489	3	17	2003	2003	NUM
ajfa-6489	3	18	to	to	ADP
ajfa-6489	3	19	2009	2009	NUM
ajfa-6489	3	20	obtained	obtain	VERB
ajfa-6489	3	21	from	from	ADP
ajfa-6489	3	22	nzx	nzx	NUM
ajfa-6489	3	23	deep	deep	ADJ
ajfa-6489	3	24	archive	archive	NOUN
ajfa-6489	3	25	and	and	CCONJ
ajfa-6489	3	26	the	the	DET
ajfa-6489	3	27	dynamic	dynamic	ADJ
ajfa-6489	3	28	panel	panel	NOUN
ajfa-6489	3	29	generalized	generalize	VERB
ajfa-6489	3	30	method	method	NOUN
ajfa-6489	3	31	of	of	ADP
ajfa-6489	3	32	moments	moment	NOUN
ajfa-6489	3	33	(	(	PUNCT
ajfa-6489	3	34	gmm	gmm	NOUN
ajfa-6489	3	35	)	)	PUNCT
ajfa-6489	3	36	regression	regression	NOUN
ajfa-6489	3	37	analysis	analysis	NOUN
ajfa-6489	3	38	was	be	AUX
ajfa-6489	3	39	used	use	VERB
ajfa-6489	3	40	to	to	PART
ajfa-6489	3	41	test	test	VERB
ajfa-6489	3	42	the	the	DET
ajfa-6489	3	43	influence	influence	NOUN
ajfa-6489	3	44	of	of	ADP
ajfa-6489	3	45	ownership	ownership	NOUN
ajfa-6489	3	46	concentration	concentration	NOUN
ajfa-6489	3	47	,	,	PUNCT
ajfa-6489	3	48	ownership	ownership	NOUN
ajfa-6489	3	49	identity	identity	NOUN
ajfa-6489	3	50	on	on	ADP
ajfa-6489	3	51	financial	financial	ADJ
ajfa-6489	3	52	performance	performance	NOUN
ajfa-6489	3	53	measured	measure	VERB
ajfa-6489	3	54	by	by	ADP
ajfa-6489	3	55	tobin	tobin	PROPN
ajfa-6489	3	56	’s	’s	PART
ajfa-6489	3	57	qandreturn	qandreturn	NOUN
ajfa-6489	3	58	on	on	ADP
ajfa-6489	3	59	assets	asset	NOUN
ajfa-6489	3	60	(	(	PUNCT
ajfa-6489	3	61	roa	roa	NOUN
ajfa-6489	3	62	)	)	PUNCT
ajfa-6489	3	63	.	.	PUNCT
ajfa-6489	4	1	findings	finding	NOUN
ajfa-6489	4	2	–	–	PUNCT
ajfa-6489	4	3	our	our	PRON
ajfa-6489	4	4	findings	finding	NOUN
ajfa-6489	4	5	support	support	VERB
ajfa-6489	4	6	the	the	DET
ajfa-6489	4	7	view	view	NOUN
ajfa-6489	4	8	that	that	SCONJ
ajfa-6489	4	9	ownership	ownership	NOUN
ajfa-6489	4	10	concentration	concentration	NOUN
ajfa-6489	4	11	affects	affect	VERB
ajfa-6489	4	12	financial	financial	ADJ
ajfa-6489	4	13	performance	performance	NOUN
ajfa-6489	4	14	.	.	PUNCT
ajfa-6489	5	1	results	result	NOUN
ajfa-6489	5	2	show	show	VERB
ajfa-6489	5	3	that	that	SCONJ
ajfa-6489	5	4	a	a	DET
ajfa-6489	5	5	higher	high	ADJ
ajfa-6489	5	6	ownership	ownership	NOUN
ajfa-6489	5	7	concentration	concentration	NOUN
ajfa-6489	5	8	leads	lead	VERB
ajfa-6489	5	9	to	to	ADP
ajfa-6489	5	10	a	a	DET
ajfa-6489	5	11	lower	low	ADJ
ajfa-6489	5	12	market	market	NOUN
ajfa-6489	5	13	-	-	PUNCT
ajfa-6489	5	14	based	base	VERB
ajfa-6489	5	15	performance	performance	NOUN
ajfa-6489	5	16	(	(	PUNCT
ajfa-6489	5	17	measured	measure	VERB
ajfa-6489	5	18	by	by	ADP
ajfa-6489	5	19	tobin	tobin	PROPN
ajfa-6489	5	20	’s	’s	PART
ajfa-6489	5	21	q	q	X
ajfa-6489	5	22	)	)	PUNCT
ajfa-6489	5	23	and	and	CCONJ
ajfa-6489	5	24	higher	high	ADJ
ajfa-6489	5	25	accounting	accounting	NOUN
ajfa-6489	5	26	-	-	PUNCT
ajfa-6489	5	27	based	base	VERB
ajfa-6489	5	28	performance	performance	NOUN
ajfa-6489	5	29	(	(	PUNCT
ajfa-6489	5	30	measured	measure	VERB
ajfa-6489	5	31	by	by	ADP
ajfa-6489	5	32	roa	roa	PROPN
ajfa-6489	5	33	)	)	PUNCT
ajfa-6489	5	34	.	.	PUNCT
ajfa-6489	6	1	we	we	PRON
ajfa-6489	6	2	also	also	ADV
ajfa-6489	6	3	found	find	VERB
ajfa-6489	6	4	evidence	evidence	NOUN
ajfa-6489	6	5	of	of	ADP
ajfa-6489	6	6	owner	owner	NOUN
ajfa-6489	6	7	identity	identity	NOUN
ajfa-6489	6	8	having	have	VERB
ajfa-6489	6	9	an	an	DET
ajfa-6489	6	10	impact	impact	NOUN
ajfa-6489	6	11	on	on	ADP
ajfa-6489	6	12	financial	financial	ADJ
ajfa-6489	6	13	performance	performance	NOUN
ajfa-6489	6	14	of	of	ADP
ajfa-6489	6	15	the	the	DET
ajfa-6489	6	16	publicly	publicly	ADV
ajfa-6489	6	17	listed	list	VERB
ajfa-6489	6	18	companies	company	NOUN
ajfa-6489	6	19	in	in	ADP
ajfa-6489	6	20	new	new	PROPN
ajfa-6489	6	21	zealand	zealand	PROPN
ajfa-6489	6	22	.	.	PUNCT
ajfa-6489	7	1	more	more	ADJ
ajfa-6489	7	2	“	"	PUNCT
ajfa-6489	7	3	detached	detached	ADJ
ajfa-6489	7	4	”	"	PUNCT
ajfa-6489	7	5	level	level	NOUN
ajfa-6489	7	6	owners	owner	NOUN
ajfa-6489	7	7	(	(	PUNCT
ajfa-6489	7	8	institutional	institutional	ADJ
ajfa-6489	7	9	investors	investor	NOUN
ajfa-6489	7	10	)	)	PUNCT
ajfa-6489	7	11	have	have	VERB
ajfa-6489	7	12	positive	positive	ADJ
ajfa-6489	7	13	effect	effect	NOUN
ajfa-6489	7	14	on	on	ADP
ajfa-6489	7	15	market	market	NOUN
ajfa-6489	7	16	-	-	PUNCT
ajfa-6489	7	17	based	base	VERB
ajfa-6489	7	18	performance	performance	NOUN
ajfa-6489	7	19	but	but	CCONJ
ajfa-6489	7	20	negative	negative	ADJ
ajfa-6489	7	21	effect	effect	NOUN
ajfa-6489	7	22	on	on	ADP
ajfa-6489	7	23	accounting	accounting	NOUN
ajfa-6489	7	24	-	-	PUNCT
ajfa-6489	7	25	based	base	VERB
ajfa-6489	7	26	performance	performance	NOUN
ajfa-6489	7	27	.	.	PUNCT
ajfa-6489	8	1	whereas	whereas	SCONJ
ajfa-6489	8	2	,	,	PUNCT
ajfa-6489	8	3	more	more	ADJ
ajfa-6489	8	4	“	"	PUNCT
ajfa-6489	8	5	involved	involved	ADJ
ajfa-6489	8	6	”	"	PUNCT
ajfa-6489	8	7	level	level	NOUN
ajfa-6489	8	8	owners	owner	NOUN
ajfa-6489	8	9	(	(	PUNCT
ajfa-6489	8	10	corporate	corporate	ADJ
ajfa-6489	8	11	investors	investor	NOUN
ajfa-6489	8	12	)	)	PUNCT
ajfa-6489	8	13	have	have	VERB
ajfa-6489	8	14	negative	negative	ADJ
ajfa-6489	8	15	effect	effect	NOUN
ajfa-6489	8	16	on	on	ADP
ajfa-6489	8	17	market	market	NOUN
ajfa-6489	8	18	-	-	PUNCT
ajfa-6489	8	19	based	base	VERB
ajfa-6489	8	20	performance	performance	NOUN
ajfa-6489	8	21	.	.	PUNCT
ajfa-6489	9	1	our	our	PRON
ajfa-6489	9	2	evidence	evidence	NOUN
ajfa-6489	9	3	shows	show	VERB
ajfa-6489	9	4	that	that	SCONJ
ajfa-6489	9	5	the	the	DET
ajfa-6489	9	6	effect	effect	NOUN
ajfa-6489	9	7	ownership	ownership	NOUN
ajfa-6489	9	8	identity	identity	NOUN
ajfa-6489	9	9	have	have	AUX
ajfa-6489	9	10	had	have	VERB
ajfa-6489	9	11	on	on	ADP
ajfa-6489	9	12	the	the	DET
ajfa-6489	9	13	financial	financial	ADJ
ajfa-6489	9	14	performance	performance	NOUN
ajfa-6489	9	15	declined	decline	VERB
ajfa-6489	9	16	during	during	ADP
ajfa-6489	9	17	the	the	DET
ajfa-6489	9	18	financial	financial	ADJ
ajfa-6489	9	19	crisis	crisis	NOUN
ajfa-6489	9	20	period	period	NOUN
ajfa-6489	9	21	due	due	ADP
ajfa-6489	9	22	to	to	ADP
ajfa-6489	9	23	the	the	DET
ajfa-6489	9	24	fact	fact	NOUN
ajfa-6489	9	25	that	that	SCONJ
ajfa-6489	9	26	different	different	ADJ
ajfa-6489	9	27	types	type	NOUN
ajfa-6489	9	28	of	of	ADP
ajfa-6489	9	29	owners	owner	NOUN
ajfa-6489	9	30	reduced	reduce	VERB
ajfa-6489	9	31	their	their	PRON
ajfa-6489	9	32	ownership	ownership	NOUN
ajfa-6489	9	33	concentration	concentration	NOUN
ajfa-6489	9	34	levels	level	NOUN
ajfa-6489	9	35	,	,	PUNCT
ajfa-6489	9	36	thus	thus	ADV
ajfa-6489	9	37	resulting	result	VERB
ajfa-6489	9	38	in	in	ADP
ajfa-6489	9	39	a	a	DET
ajfa-6489	9	40	reduction	reduction	NOUN
ajfa-6489	9	41	in	in	ADP
ajfa-6489	9	42	their	their	PRON
ajfa-6489	9	43	social	social	ADJ
ajfa-6489	9	44	influence	influence	NOUN
ajfa-6489	9	45	and	and	CCONJ
ajfa-6489	9	46	expertise	expertise	NOUN
ajfa-6489	9	47	powers	power	NOUN
ajfa-6489	9	48	.	.	PUNCT
ajfa-6489	10	1	originality	originality	NOUN
ajfa-6489	10	2	/	/	SYM
ajfa-6489	10	3	value	value	NOUN
ajfa-6489	10	4	–	–	PUNCT
ajfa-6489	10	5	our	our	PRON
ajfa-6489	10	6	findings	finding	NOUN
ajfa-6489	10	7	contribute	contribute	VERB
ajfa-6489	10	8	to	to	ADP
ajfa-6489	10	9	our	our	PRON
ajfa-6489	10	10	understanding	understanding	NOUN
ajfa-6489	10	11	regarding	regard	VERB
ajfa-6489	10	12	the	the	DET
ajfa-6489	10	13	nature	nature	NOUN
ajfa-6489	10	14	of	of	ADP
ajfa-6489	10	15	the	the	DET
ajfa-6489	10	16	asian	asian	ADJ
ajfa-6489	10	17	journal	journal	NOUN
ajfa-6489	10	18	of	of	ADP
ajfa-6489	10	19	finance	finance	PROPN
ajfa-6489	10	20	&	&	CCONJ
ajfa-6489	10	21	accounting	accounting	PROPN
ajfa-6489	10	22	issn	issn	PROPN
ajfa-6489	10	23	1946	1946	NUM
ajfa-6489	10	24	-	-	PUNCT
ajfa-6489	10	25	052x	052x	NOUN
ajfa-6489	10	26	2015	2015	NUM
ajfa-6489	10	27	,	,	PUNCT
ajfa-6489	10	28	vol	vol	NOUN
ajfa-6489	10	29	.	.	PROPN
ajfa-6489	11	1	7	7	NUM
ajfa-6489	11	2	,	,	PUNCT
ajfa-6489	11	3	no	no	INTJ
ajfa-6489	11	4	.	.	NOUN
ajfa-6489	11	5	1	1	NUM
ajfa-6489	11	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	11	7	14	14	NUM
ajfa-6489	11	8	relationships	relationship	NOUN
ajfa-6489	11	9	between	between	ADP
ajfa-6489	11	10	ownership	ownership	NOUN
ajfa-6489	11	11	concentration	concentration	NOUN
ajfa-6489	11	12	,	,	PUNCT
ajfa-6489	11	13	ownership	ownership	NOUN
ajfa-6489	11	14	identity	identity	NOUN
ajfa-6489	11	15	,	,	PUNCT
ajfa-6489	11	16	and	and	CCONJ
ajfa-6489	11	17	financial	financial	ADJ
ajfa-6489	11	18	performance	performance	NOUN
ajfa-6489	11	19	.	.	PUNCT
ajfa-6489	12	1	our	our	PRON
ajfa-6489	12	2	findings	finding	NOUN
ajfa-6489	12	3	support	support	VERB
ajfa-6489	12	4	the	the	DET
ajfa-6489	12	5	view	view	NOUN
ajfa-6489	12	6	that	that	SCONJ
ajfa-6489	12	7	the	the	DET
ajfa-6489	12	8	identity	identity	NOUN
ajfa-6489	12	9	of	of	ADP
ajfa-6489	12	10	the	the	DET
ajfa-6489	12	11	shareholder(s	shareholder(s	NOUN
ajfa-6489	12	12	)	)	PUNCT
ajfa-6489	12	13	do	do	AUX
ajfa-6489	12	14	matter	matter	NOUN
ajfa-6489	12	15	in	in	ADP
ajfa-6489	12	16	terms	term	NOUN
ajfa-6489	12	17	of	of	ADP
ajfa-6489	12	18	company	company	NOUN
ajfa-6489	12	19	financial	financial	ADJ
ajfa-6489	12	20	performance	performance	NOUN
ajfa-6489	12	21	.	.	PUNCT
ajfa-6489	13	1	we	we	PRON
ajfa-6489	13	2	also	also	ADV
ajfa-6489	13	3	report	report	VERB
ajfa-6489	13	4	that	that	SCONJ
ajfa-6489	13	5	corporate	corporate	ADJ
ajfa-6489	13	6	holdings	holding	NOUN
ajfa-6489	13	7	are	be	AUX
ajfa-6489	13	8	the	the	DET
ajfa-6489	13	9	most	most	ADV
ajfa-6489	13	10	common	common	ADJ
ajfa-6489	13	11	type	type	NOUN
ajfa-6489	13	12	of	of	ADP
ajfa-6489	13	13	investor	investor	NOUN
ajfa-6489	13	14	holding	holding	NOUN
ajfa-6489	13	15	in	in	ADP
ajfa-6489	13	16	the	the	DET
ajfa-6489	13	17	new	new	PROPN
ajfa-6489	13	18	zealand	zealand	PROPN
ajfa-6489	13	19	context	context	NOUN
ajfa-6489	13	20	.	.	PUNCT
ajfa-6489	14	1	keywords	keyword	NOUN
ajfa-6489	14	2	:	:	PUNCT
ajfa-6489	14	3	ownership	ownership	NOUN
ajfa-6489	14	4	concentration	concentration	NOUN
ajfa-6489	14	5	,	,	PUNCT
ajfa-6489	14	6	ownership	ownership	NOUN
ajfa-6489	14	7	identity	identity	NOUN
ajfa-6489	14	8	,	,	PUNCT
ajfa-6489	14	9	financial	financial	ADJ
ajfa-6489	14	10	performance	performance	NOUN
ajfa-6489	14	11	,	,	PUNCT
ajfa-6489	14	12	herfindahl	herfindahl	VERB
ajfa-6489	14	13	index	index	PROPN
ajfa-6489	14	14	,	,	PUNCT
ajfa-6489	14	15	involvement	involvement	NOUN
ajfa-6489	14	16	,	,	PUNCT
ajfa-6489	14	17	detached	detach	VERB
ajfa-6489	14	18	gel	gel	NOUN
ajfa-6489	14	19	classification	classification	NOUN
ajfa-6489	14	20	:	:	PUNCT
ajfa-6489	14	21	g01	g01	NOUN
ajfa-6489	14	22	,	,	PUNCT
ajfa-6489	14	23	g32	g32	NOUN
ajfa-6489	14	24	asian	asian	ADJ
ajfa-6489	14	25	journal	journal	NOUN
ajfa-6489	14	26	of	of	ADP
ajfa-6489	14	27	finance	finance	PROPN
ajfa-6489	14	28	&	&	CCONJ
ajfa-6489	14	29	accounting	accounting	PROPN
ajfa-6489	14	30	issn	issn	PROPN
ajfa-6489	14	31	1946	1946	NUM
ajfa-6489	14	32	-	-	PUNCT
ajfa-6489	14	33	052x	052x	NOUN
ajfa-6489	14	34	2015	2015	NUM
ajfa-6489	14	35	,	,	PUNCT
ajfa-6489	14	36	vol	vol	NOUN
ajfa-6489	14	37	.	.	PROPN
ajfa-6489	14	38	7	7	NUM
ajfa-6489	14	39	,	,	PUNCT
ajfa-6489	14	40	no	no	INTJ
ajfa-6489	14	41	.	.	NOUN
ajfa-6489	14	42	1	1	NUM
ajfa-6489	14	43	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	14	44	15	15	NUM
ajfa-6489	14	45	introduction	introduction	NOUN
ajfa-6489	14	46	the	the	DET
ajfa-6489	14	47	relationships	relationship	NOUN
ajfa-6489	14	48	between	between	ADP
ajfa-6489	14	49	ownership	ownership	NOUN
ajfa-6489	14	50	concentration	concentration	NOUN
ajfa-6489	14	51	,	,	PUNCT
ajfa-6489	14	52	ownership	ownership	NOUN
ajfa-6489	14	53	identity	identity	NOUN
ajfa-6489	14	54	,	,	PUNCT
ajfa-6489	14	55	and	and	CCONJ
ajfa-6489	14	56	financial	financial	ADJ
ajfa-6489	14	57	performance	performance	NOUN
ajfa-6489	14	58	in	in	ADP
ajfa-6489	14	59	publicly	publicly	ADV
ajfa-6489	14	60	listed	list	VERB
ajfa-6489	14	61	companies	company	NOUN
ajfa-6489	14	62	are	be	AUX
ajfa-6489	14	63	important	important	ADJ
ajfa-6489	14	64	concerns	concern	NOUN
ajfa-6489	14	65	for	for	ADP
ajfa-6489	14	66	decision	decision	NOUN
ajfa-6489	14	67	makers	maker	NOUN
ajfa-6489	14	68	who	who	PRON
ajfa-6489	14	69	are	be	AUX
ajfa-6489	14	70	aiming	aim	VERB
ajfa-6489	14	71	to	to	PART
ajfa-6489	14	72	maximize	maximize	VERB
ajfa-6489	14	73	firm	firm	ADJ
ajfa-6489	14	74	performance	performance	NOUN
ajfa-6489	14	75	.	.	PUNCT
ajfa-6489	15	1	in	in	ADP
ajfa-6489	15	2	particular	particular	ADJ
ajfa-6489	15	3	as	as	SCONJ
ajfa-6489	15	4	argued	argue	VERB
ajfa-6489	15	5	by	by	ADP
ajfa-6489	15	6	jensen	jensen	PROPN
ajfa-6489	15	7	and	and	CCONJ
ajfa-6489	15	8	meckling	meckling	NOUN
ajfa-6489	15	9	(	(	PUNCT
ajfa-6489	15	10	1976	1976	NUM
ajfa-6489	15	11	)	)	PUNCT
ajfa-6489	15	12	,	,	PUNCT
ajfa-6489	15	13	ross	ross	PROPN
ajfa-6489	15	14	(	(	PUNCT
ajfa-6489	15	15	1973	1973	NUM
ajfa-6489	15	16	)	)	PUNCT
ajfa-6489	15	17	and	and	CCONJ
ajfa-6489	15	18	eisenhardt	eisenhardt	ADJ
ajfa-6489	15	19	(	(	PUNCT
ajfa-6489	15	20	1989	1989	NUM
ajfa-6489	15	21	)	)	PUNCT
ajfa-6489	15	22	the	the	DET
ajfa-6489	15	23	existence	existence	NOUN
ajfa-6489	15	24	of	of	ADP
ajfa-6489	15	25	information	information	NOUN
ajfa-6489	15	26	asymmetry	asymmetry	NOUN
ajfa-6489	15	27	and	and	CCONJ
ajfa-6489	15	28	the	the	DET
ajfa-6489	15	29	divergence	divergence	NOUN
ajfa-6489	15	30	of	of	ADP
ajfa-6489	15	31	interest	interest	NOUN
ajfa-6489	15	32	between	between	ADP
ajfa-6489	15	33	owners	owner	NOUN
ajfa-6489	15	34	(	(	PUNCT
ajfa-6489	15	35	principals	principal	NOUN
ajfa-6489	15	36	)	)	PUNCT
ajfa-6489	15	37	and	and	CCONJ
ajfa-6489	15	38	managers	manager	NOUN
ajfa-6489	15	39	(	(	PUNCT
ajfa-6489	15	40	agents	agent	NOUN
ajfa-6489	15	41	)	)	PUNCT
ajfa-6489	15	42	is	be	AUX
ajfa-6489	15	43	known	know	VERB
ajfa-6489	15	44	to	to	PART
ajfa-6489	15	45	result	result	VERB
ajfa-6489	15	46	in	in	ADP
ajfa-6489	15	47	problems	problem	NOUN
ajfa-6489	15	48	that	that	PRON
ajfa-6489	15	49	adversely	adversely	ADV
ajfa-6489	15	50	impacts	impact	VERB
ajfa-6489	15	51	performance	performance	NOUN
ajfa-6489	15	52	and	and	CCONJ
ajfa-6489	15	53	it	it	PRON
ajfa-6489	15	54	has	have	AUX
ajfa-6489	15	55	been	be	AUX
ajfa-6489	15	56	suggested	suggest	VERB
ajfa-6489	15	57	that	that	SCONJ
ajfa-6489	15	58	the	the	DET
ajfa-6489	15	59	main	main	ADJ
ajfa-6489	15	60	reasons	reason	NOUN
ajfa-6489	15	61	for	for	ADP
ajfa-6489	15	62	agency	agency	NOUN
ajfa-6489	15	63	problems	problem	NOUN
ajfa-6489	15	64	are	be	AUX
ajfa-6489	15	65	the	the	DET
ajfa-6489	15	66	different	different	ADJ
ajfa-6489	15	67	ownership	ownership	NOUN
ajfa-6489	15	68	structure	structure	NOUN
ajfa-6489	15	69	and	and	CCONJ
ajfa-6489	15	70	different	different	ADJ
ajfa-6489	15	71	roles	role	NOUN
ajfa-6489	15	72	people	people	NOUN
ajfa-6489	15	73	have	have	VERB
ajfa-6489	15	74	in	in	ADP
ajfa-6489	15	75	organisations	organisation	NOUN
ajfa-6489	15	76	.	.	PUNCT
ajfa-6489	16	1	in	in	ADP
ajfa-6489	16	2	this	this	DET
ajfa-6489	16	3	regard	regard	NOUN
ajfa-6489	16	4	,	,	PUNCT
ajfa-6489	16	5	prior	prior	ADJ
ajfa-6489	16	6	researchers	researcher	NOUN
ajfa-6489	16	7	have	have	AUX
ajfa-6489	16	8	investigated	investigate	VERB
ajfa-6489	16	9	:	:	PUNCT
ajfa-6489	16	10	(	(	PUNCT
ajfa-6489	16	11	i	i	NOUN
ajfa-6489	16	12	)	)	PUNCT
ajfa-6489	16	13	the	the	DET
ajfa-6489	16	14	nature	nature	NOUN
ajfa-6489	16	15	of	of	ADP
ajfa-6489	16	16	agency	agency	NOUN
ajfa-6489	16	17	problem	problem	NOUN
ajfa-6489	16	18	existing	exist	VERB
ajfa-6489	16	19	between	between	ADP
ajfa-6489	16	20	the	the	DET
ajfa-6489	16	21	principal	principal	NOUN
ajfa-6489	16	22	and	and	CCONJ
ajfa-6489	16	23	the	the	DET
ajfa-6489	16	24	agent	agent	NOUN
ajfa-6489	16	25	;	;	PUNCT
ajfa-6489	16	26	and	and	CCONJ
ajfa-6489	16	27	(	(	PUNCT
ajfa-6489	16	28	ii	ii	NOUN
ajfa-6489	16	29	)	)	PUNCT
ajfa-6489	16	30	whether	whether	SCONJ
ajfa-6489	16	31	such	such	ADJ
ajfa-6489	16	32	problems	problem	NOUN
ajfa-6489	16	33	can	can	AUX
ajfa-6489	16	34	be	be	AUX
ajfa-6489	16	35	mitigated	mitigate	VERB
ajfa-6489	16	36	by	by	ADP
ajfa-6489	16	37	giving	give	VERB
ajfa-6489	16	38	agents	agent	NOUN
ajfa-6489	16	39	some	some	DET
ajfa-6489	16	40	proportion	proportion	NOUN
ajfa-6489	16	41	of	of	ADP
ajfa-6489	16	42	ownership	ownership	NOUN
ajfa-6489	16	43	in	in	ADP
ajfa-6489	16	44	the	the	DET
ajfa-6489	16	45	organisation	organisation	NOUN
ajfa-6489	16	46	they	they	PRON
ajfa-6489	16	47	manage	manage	VERB
ajfa-6489	16	48	.	.	PUNCT
ajfa-6489	17	1	two	two	NUM
ajfa-6489	17	2	different	different	ADJ
ajfa-6489	17	3	theoretical	theoretical	ADJ
ajfa-6489	17	4	positions	position	NOUN
ajfa-6489	17	5	have	have	AUX
ajfa-6489	17	6	been	be	AUX
ajfa-6489	17	7	proposed	propose	VERB
ajfa-6489	17	8	namely	namely	ADV
ajfa-6489	17	9	the	the	DET
ajfa-6489	17	10	convergence	convergence	NOUN
ajfa-6489	17	11	-	-	PUNCT
ajfa-6489	17	12	of	of	ADP
ajfa-6489	17	13	-	-	PUNCT
ajfa-6489	17	14	interest	interest	NOUN
ajfa-6489	17	15	hypothesis	hypothesis	NOUN
ajfa-6489	17	16	and	and	CCONJ
ajfa-6489	17	17	the	the	DET
ajfa-6489	17	18	entrenchment	entrenchment	ADJ
ajfa-6489	17	19	hypothesis	hypothesis	NOUN
ajfa-6489	17	20	.	.	PUNCT
ajfa-6489	18	1	arguably	arguably	ADV
ajfa-6489	18	2	,	,	PUNCT
ajfa-6489	18	3	the	the	DET
ajfa-6489	18	4	research	research	NOUN
ajfa-6489	18	5	findings	finding	NOUN
ajfa-6489	18	6	remain	remain	VERB
ajfa-6489	18	7	inconclusive	inconclusive	ADJ
ajfa-6489	18	8	regarding	regard	VERB
ajfa-6489	18	9	the	the	DET
ajfa-6489	18	10	level	level	NOUN
ajfa-6489	18	11	of	of	ADP
ajfa-6489	18	12	ownership	ownership	NOUN
ajfa-6489	18	13	that	that	PRON
ajfa-6489	18	14	principals	principal	NOUN
ajfa-6489	18	15	should	should	AUX
ajfa-6489	18	16	relinquish	relinquish	VERB
ajfa-6489	18	17	to	to	ADP
ajfa-6489	18	18	the	the	DET
ajfa-6489	18	19	agents	agent	NOUN
ajfa-6489	18	20	in	in	ADP
ajfa-6489	18	21	order	order	NOUN
ajfa-6489	18	22	to	to	PART
ajfa-6489	18	23	motivate	motivate	VERB
ajfa-6489	18	24	them	they	PRON
ajfa-6489	18	25	to	to	PART
ajfa-6489	18	26	act	act	VERB
ajfa-6489	18	27	on	on	ADP
ajfa-6489	18	28	their	their	PRON
ajfa-6489	18	29	behalf	behalf	NOUN
ajfa-6489	18	30	.	.	PUNCT
ajfa-6489	18	31	.	.	PUNCT
ajfa-6489	19	1	one	one	NUM
ajfa-6489	19	2	group	group	NOUN
ajfa-6489	19	3	of	of	ADP
ajfa-6489	19	4	researchers	researcher	NOUN
ajfa-6489	19	5	reported	report	VERB
ajfa-6489	19	6	a	a	DET
ajfa-6489	19	7	positive	positive	ADJ
ajfa-6489	19	8	linear	linear	NOUN
ajfa-6489	19	9	relationship	relationship	NOUN
ajfa-6489	19	10	between	between	ADP
ajfa-6489	19	11	some	some	DET
ajfa-6489	19	12	low	low	ADJ
ajfa-6489	19	13	levels	level	NOUN
ajfa-6489	19	14	of	of	ADP
ajfa-6489	19	15	insider	insider	NOUN
ajfa-6489	19	16	ownership	ownership	NOUN
ajfa-6489	19	17	and	and	CCONJ
ajfa-6489	19	18	financial	financial	ADJ
ajfa-6489	19	19	performance	performance	NOUN
ajfa-6489	19	20	(	(	PUNCT
ajfa-6489	19	21	elayan	elayan	PROPN
ajfa-6489	19	22	et	et	PROPN
ajfa-6489	19	23	al	al	PROPN
ajfa-6489	19	24	.	.	PROPN
ajfa-6489	19	25	,	,	PUNCT
ajfa-6489	19	26	2003	2003	NUM
ajfa-6489	19	27	;	;	PUNCT
ajfa-6489	19	28	mehran	mehran	PROPN
ajfa-6489	19	29	,	,	PUNCT
ajfa-6489	19	30	1995	1995	NUM
ajfa-6489	19	31	;	;	PUNCT
ajfa-6489	19	32	welch	welch	PROPN
ajfa-6489	19	33	,	,	PUNCT
ajfa-6489	19	34	2003	2003	NUM
ajfa-6489	19	35	;	;	PUNCT
ajfa-6489	19	36	kim	kim	PROPN
ajfa-6489	19	37	et	et	PROPN
ajfa-6489	19	38	al	al	PROPN
ajfa-6489	19	39	.	.	PROPN
ajfa-6489	19	40	,	,	PUNCT
ajfa-6489	19	41	1988	1988	NUM
ajfa-6489	19	42	;	;	PUNCT
ajfa-6489	19	43	oswald	oswald	PROPN
ajfa-6489	19	44	and	and	CCONJ
ajfa-6489	19	45	jahera	jahera	PROPN
ajfa-6489	19	46	jr	jr	PROPN
ajfa-6489	19	47	.	.	PROPN
ajfa-6489	19	48	,	,	PUNCT
ajfa-6489	19	49	1991	1991	NUM
ajfa-6489	19	50	;	;	PUNCT
ajfa-6489	19	51	hossain	hossain	PROPN
ajfa-6489	19	52	et	et	PROPN
ajfa-6489	19	53	al	al	PROPN
ajfa-6489	19	54	.	.	PROPN
ajfa-6489	19	55	,	,	PUNCT
ajfa-6489	19	56	2001	2001	NUM
ajfa-6489	19	57	)	)	PUNCT
ajfa-6489	19	58	,	,	PUNCT
ajfa-6489	19	59	thus	thus	ADV
ajfa-6489	19	60	providing	provide	VERB
ajfa-6489	19	61	support	support	NOUN
ajfa-6489	19	62	to	to	ADP
ajfa-6489	19	63	the	the	DET
ajfa-6489	19	64	convergence	convergence	NOUN
ajfa-6489	19	65	-	-	PUNCT
ajfa-6489	19	66	of	of	ADP
ajfa-6489	19	67	-	-	PUNCT
ajfa-6489	19	68	interest	interest	NOUN
ajfa-6489	19	69	hypothesis	hypothesis	NOUN
ajfa-6489	19	70	.	.	PUNCT
ajfa-6489	20	1	another	another	DET
ajfa-6489	20	2	group	group	NOUN
ajfa-6489	20	3	of	of	ADP
ajfa-6489	20	4	researchers	researcher	NOUN
ajfa-6489	20	5	have	have	AUX
ajfa-6489	20	6	reported	report	VERB
ajfa-6489	20	7	the	the	DET
ajfa-6489	20	8	relationship	relationship	NOUN
ajfa-6489	20	9	between	between	ADP
ajfa-6489	20	10	insider	insider	NOUN
ajfa-6489	20	11	ownership	ownership	NOUN
ajfa-6489	20	12	and	and	CCONJ
ajfa-6489	20	13	company	company	NOUN
ajfa-6489	20	14	financial	financial	ADJ
ajfa-6489	20	15	performance	performance	NOUN
ajfa-6489	20	16	is	be	AUX
ajfa-6489	20	17	non	non	ADJ
ajfa-6489	20	18	-	-	ADJ
ajfa-6489	20	19	monotonic	monotonic	ADJ
ajfa-6489	20	20	(	(	PUNCT
ajfa-6489	20	21	chen	chen	PROPN
ajfa-6489	20	22	et	et	PROPN
ajfa-6489	20	23	al	al	PROPN
ajfa-6489	20	24	.	.	PROPN
ajfa-6489	20	25	,	,	PUNCT
ajfa-6489	20	26	,	,	PUNCT
ajfa-6489	20	27	1993	1993	NUM
ajfa-6489	20	28	;	;	PUNCT
ajfa-6489	20	29	griffith	griffith	PROPN
ajfa-6489	20	30	,	,	PUNCT
ajfa-6489	20	31	1999	1999	NUM
ajfa-6489	20	32	;	;	PUNCT
ajfa-6489	20	33	mcconnell	mcconnell	PROPN
ajfa-6489	20	34	and	and	CCONJ
ajfa-6489	20	35	servaes	servaes	NOUN
ajfa-6489	20	36	,	,	PUNCT
ajfa-6489	20	37	1990	1990	NUM
ajfa-6489	20	38	;	;	PUNCT
ajfa-6489	20	39	morck	morck	PROPN
ajfa-6489	20	40	et	et	PROPN
ajfa-6489	20	41	al	al	PROPN
ajfa-6489	20	42	.	.	PROPN
ajfa-6489	20	43	,	,	PUNCT
ajfa-6489	20	44	1988	1988	NUM
ajfa-6489	20	45	;	;	PUNCT
ajfa-6489	20	46	short	short	ADJ
ajfa-6489	20	47	and	and	CCONJ
ajfa-6489	20	48	keasey	keasey	ADJ
ajfa-6489	20	49	,	,	PUNCT
ajfa-6489	20	50	1999	1999	NUM
ajfa-6489	20	51	)	)	PUNCT
ajfa-6489	20	52	,	,	PUNCT
ajfa-6489	20	53	thus	thus	ADV
ajfa-6489	20	54	,	,	PUNCT
ajfa-6489	20	55	supporting	support	VERB
ajfa-6489	20	56	convergence	convergence	NOUN
ajfa-6489	20	57	-	-	PUNCT
ajfa-6489	20	58	of	of	ADP
ajfa-6489	20	59	-	-	PUNCT
ajfa-6489	20	60	interest	interest	NOUN
ajfa-6489	20	61	hypothesis	hypothesis	NOUN
ajfa-6489	20	62	at	at	ADP
ajfa-6489	20	63	some	some	DET
ajfa-6489	20	64	low	low	ADJ
ajfa-6489	20	65	levels	level	NOUN
ajfa-6489	20	66	of	of	ADP
ajfa-6489	20	67	insider	insider	NOUN
ajfa-6489	20	68	ownership	ownership	NOUN
ajfa-6489	20	69	and	and	CCONJ
ajfa-6489	20	70	an	an	DET
ajfa-6489	20	71	entrenchment	entrenchment	ADJ
ajfa-6489	20	72	hypothesis	hypothesis	NOUN
ajfa-6489	20	73	at	at	ADP
ajfa-6489	20	74	higher	high	ADJ
ajfa-6489	20	75	levels	level	NOUN
ajfa-6489	20	76	.	.	PUNCT
ajfa-6489	21	1	these	these	DET
ajfa-6489	21	2	findings	finding	NOUN
ajfa-6489	21	3	provide	provide	VERB
ajfa-6489	21	4	support	support	NOUN
ajfa-6489	21	5	to	to	ADP
ajfa-6489	21	6	the	the	DET
ajfa-6489	21	7	view	view	NOUN
ajfa-6489	21	8	that	that	SCONJ
ajfa-6489	21	9	the	the	DET
ajfa-6489	21	10	relationship	relationship	NOUN
ajfa-6489	21	11	between	between	ADP
ajfa-6489	21	12	insider	insider	NOUN
ajfa-6489	21	13	ownership	ownership	NOUN
ajfa-6489	21	14	and	and	CCONJ
ajfa-6489	21	15	financial	financial	ADJ
ajfa-6489	21	16	performance	performance	NOUN
ajfa-6489	21	17	is	be	AUX
ajfa-6489	21	18	non	non	ADJ
ajfa-6489	21	19	-	-	ADJ
ajfa-6489	21	20	linear	linear	ADJ
ajfa-6489	21	21	.	.	PUNCT
ajfa-6489	22	1	however	however	ADV
ajfa-6489	22	2	,	,	PUNCT
ajfa-6489	22	3	a	a	DET
ajfa-6489	22	4	third	third	ADJ
ajfa-6489	22	5	group	group	NOUN
ajfa-6489	22	6	of	of	ADP
ajfa-6489	22	7	researchers	researcher	NOUN
ajfa-6489	22	8	(	(	PUNCT
ajfa-6489	22	9	demsetz	demsetz	VERB
ajfa-6489	22	10	,	,	PUNCT
ajfa-6489	22	11	1983	1983	NUM
ajfa-6489	22	12	;	;	PUNCT
ajfa-6489	22	13	demsetz	demsetz	VERB
ajfa-6489	22	14	and	and	CCONJ
ajfa-6489	22	15	lehn	lehn	NOUN
ajfa-6489	22	16	,	,	PUNCT
ajfa-6489	22	17	1985	1985	NUM
ajfa-6489	22	18	;	;	PUNCT
ajfa-6489	22	19	demsetz	demsetz	VERB
ajfa-6489	22	20	and	and	CCONJ
ajfa-6489	22	21	villalonga	villalonga	ADJ
ajfa-6489	22	22	,	,	PUNCT
ajfa-6489	22	23	2001)claim	2001)claim	NOUN
ajfa-6489	22	24	that	that	SCONJ
ajfa-6489	22	25	insider	insider	NOUN
ajfa-6489	22	26	ownership	ownership	NOUN
ajfa-6489	22	27	is	be	AUX
ajfa-6489	22	28	endogenously	endogenously	ADV
ajfa-6489	22	29	determined	determine	VERB
ajfa-6489	22	30	and	and	CCONJ
ajfa-6489	22	31	therefore	therefore	ADV
ajfa-6489	22	32	,	,	PUNCT
ajfa-6489	22	33	can	can	AUX
ajfa-6489	22	34	not	not	PART
ajfa-6489	22	35	be	be	AUX
ajfa-6489	22	36	a	a	DET
ajfa-6489	22	37	determinant	determinant	NOUN
ajfa-6489	22	38	of	of	ADP
ajfa-6489	22	39	company	company	NOUN
ajfa-6489	22	40	financial	financial	ADJ
ajfa-6489	22	41	performance	performance	NOUN
ajfa-6489	22	42	.	.	PUNCT
ajfa-6489	23	1	for	for	ADP
ajfa-6489	23	2	this	this	DET
ajfa-6489	23	3	reason	reason	NOUN
ajfa-6489	23	4	,	,	PUNCT
ajfa-6489	23	5	any	any	DET
ajfa-6489	23	6	observed	observed	ADJ
ajfa-6489	23	7	correlation	correlation	NOUN
ajfa-6489	23	8	of	of	ADP
ajfa-6489	23	9	ownership	ownership	NOUN
ajfa-6489	23	10	and	and	CCONJ
ajfa-6489	23	11	financial	financial	ADJ
ajfa-6489	23	12	performance	performance	NOUN
ajfa-6489	23	13	is	be	AUX
ajfa-6489	23	14	likely	likely	ADJ
ajfa-6489	23	15	to	to	PART
ajfa-6489	23	16	be	be	AUX
ajfa-6489	23	17	spurious	spurious	ADJ
ajfa-6489	23	18	.	.	PUNCT
ajfa-6489	24	1	in	in	ADP
ajfa-6489	24	2	fact	fact	NOUN
ajfa-6489	24	3	,	,	PUNCT
ajfa-6489	24	4	the	the	DET
ajfa-6489	24	5	relationship	relationship	NOUN
ajfa-6489	24	6	between	between	ADP
ajfa-6489	24	7	insider	insider	NOUN
ajfa-6489	24	8	ownership	ownership	NOUN
ajfa-6489	24	9	and	and	CCONJ
ajfa-6489	24	10	financial	financial	ADJ
ajfa-6489	24	11	performance	performance	NOUN
ajfa-6489	24	12	might	might	AUX
ajfa-6489	24	13	arise	arise	VERB
ajfa-6489	24	14	due	due	ADP
ajfa-6489	24	15	to	to	ADP
ajfa-6489	24	16	some	some	DET
ajfa-6489	24	17	company	company	NOUN
ajfa-6489	24	18	characteristics	characteristic	NOUN
ajfa-6489	24	19	that	that	PRON
ajfa-6489	24	20	are	be	AUX
ajfa-6489	24	21	unobservable	unobservable	ADJ
ajfa-6489	24	22	to	to	ADP
ajfa-6489	24	23	the	the	DET
ajfa-6489	24	24	econometrician	econometrician	NOUN
ajfa-6489	24	25	.	.	PUNCT
ajfa-6489	25	1	the	the	DET
ajfa-6489	25	2	conflicting	conflict	VERB
ajfa-6489	25	3	findings	finding	NOUN
ajfa-6489	25	4	reported	report	VERB
ajfa-6489	25	5	regarding	regard	VERB
ajfa-6489	25	6	the	the	DET
ajfa-6489	25	7	insider	insider	NOUN
ajfa-6489	25	8	ownership	ownership	NOUN
ajfa-6489	25	9	-	-	PUNCT
ajfa-6489	25	10	financial	financial	ADJ
ajfa-6489	25	11	performance	performance	NOUN
ajfa-6489	25	12	nexus	nexus	NOUN
ajfa-6489	25	13	suggest	suggest	VERB
ajfa-6489	25	14	that	that	SCONJ
ajfa-6489	25	15	the	the	DET
ajfa-6489	25	16	debate	debate	NOUN
ajfa-6489	25	17	relating	relate	VERB
ajfa-6489	25	18	to	to	ADP
ajfa-6489	25	19	the	the	DET
ajfa-6489	25	20	precise	precise	ADJ
ajfa-6489	25	21	functional	functional	ADJ
ajfa-6489	25	22	form	form	NOUN
ajfa-6489	25	23	of	of	ADP
ajfa-6489	25	24	the	the	DET
ajfa-6489	25	25	insider	insider	NOUN
ajfa-6489	25	26	ownership	ownership	NOUN
ajfa-6489	25	27	is	be	AUX
ajfa-6489	25	28	far	far	ADV
ajfa-6489	25	29	from	from	ADP
ajfa-6489	25	30	over	over	ADV
ajfa-6489	25	31	.	.	PUNCT
ajfa-6489	26	1	it	it	PRON
ajfa-6489	26	2	also	also	ADV
ajfa-6489	26	3	suggests	suggest	VERB
ajfa-6489	26	4	that	that	SCONJ
ajfa-6489	26	5	nature	nature	NOUN
ajfa-6489	26	6	of	of	ADP
ajfa-6489	26	7	the	the	DET
ajfa-6489	26	8	ownership	ownership	NOUN
ajfa-6489	26	9	structure	structure	NOUN
ajfa-6489	26	10	may	may	AUX
ajfa-6489	26	11	be	be	AUX
ajfa-6489	26	12	country	country	NOUN
ajfa-6489	26	13	specific	specific	ADJ
ajfa-6489	26	14	and	and	CCONJ
ajfa-6489	26	15	therefore	therefore	ADV
ajfa-6489	26	16	,	,	PUNCT
ajfa-6489	26	17	findings	finding	NOUN
ajfa-6489	26	18	may	may	AUX
ajfa-6489	26	19	vary	vary	VERB
ajfa-6489	26	20	depending	depend	VERB
ajfa-6489	26	21	on	on	ADP
ajfa-6489	26	22	the	the	DET
ajfa-6489	26	23	country	country	NOUN
ajfa-6489	26	24	’s	’s	PART
ajfa-6489	26	25	institutional	institutional	ADJ
ajfa-6489	26	26	and	and	CCONJ
ajfa-6489	26	27	regulatory	regulatory	ADJ
ajfa-6489	26	28	structures	structure	NOUN
ajfa-6489	26	29	.	.	PUNCT
ajfa-6489	27	1	for	for	ADP
ajfa-6489	27	2	example	example	NOUN
ajfa-6489	27	3	,	,	PUNCT
ajfa-6489	27	4	demetz	demetz	VERB
ajfa-6489	27	5	and	and	CCONJ
ajfa-6489	27	6	lehn	lehn	NOUN
ajfa-6489	27	7	(	(	PUNCT
ajfa-6489	27	8	1985	1985	NUM
ajfa-6489	27	9	)	)	PUNCT
ajfa-6489	27	10	propose	propose	VERB
ajfa-6489	27	11	that	that	SCONJ
ajfa-6489	27	12	greater	great	ADJ
ajfa-6489	27	13	the	the	DET
ajfa-6489	27	14	instability	instability	NOUN
ajfa-6489	27	15	of	of	ADP
ajfa-6489	27	16	a	a	DET
ajfa-6489	27	17	firm	firm	NOUN
ajfa-6489	27	18	’s	’s	PART
ajfa-6489	27	19	environment	environment	NOUN
ajfa-6489	27	20	the	the	PRON
ajfa-6489	27	21	more	more	ADV
ajfa-6489	27	22	difficult	difficult	ADJ
ajfa-6489	27	23	it	it	PRON
ajfa-6489	27	24	is	be	AUX
ajfa-6489	27	25	for	for	SCONJ
ajfa-6489	27	26	outsiders	outsider	NOUN
ajfa-6489	27	27	to	to	PART
ajfa-6489	27	28	monitor	monitor	VERB
ajfa-6489	27	29	managers	manager	NOUN
ajfa-6489	27	30	,	,	PUNCT
ajfa-6489	27	31	and	and	CCONJ
ajfa-6489	27	32	the	the	DET
ajfa-6489	27	33	greater	great	ADJ
ajfa-6489	27	34	are	be	AUX
ajfa-6489	27	35	the	the	DET
ajfa-6489	27	36	benefits	benefit	NOUN
ajfa-6489	27	37	of	of	ADP
ajfa-6489	27	38	inside	inside	ADJ
ajfa-6489	27	39	ownership	ownership	NOUN
ajfa-6489	27	40	.	.	PUNCT
ajfa-6489	28	1	in	in	ADP
ajfa-6489	28	2	addition	addition	NOUN
ajfa-6489	28	3	,	,	PUNCT
ajfa-6489	28	4	researchers	researcher	NOUN
ajfa-6489	28	5	have	have	AUX
ajfa-6489	28	6	reported	report	VERB
ajfa-6489	28	7	conflicting	conflicting	ADJ
ajfa-6489	28	8	findings	finding	NOUN
ajfa-6489	28	9	regarding	regard	VERB
ajfa-6489	28	10	the	the	DET
ajfa-6489	28	11	role	role	NOUN
ajfa-6489	28	12	of	of	ADP
ajfa-6489	28	13	blockholders	blockholder	NOUN
ajfa-6489	28	14	in	in	ADP
ajfa-6489	28	15	mitigating	mitigate	VERB
ajfa-6489	28	16	agency	agency	NOUN
ajfa-6489	28	17	problems	problem	NOUN
ajfa-6489	28	18	.	.	PUNCT
ajfa-6489	29	1	some	some	DET
ajfa-6489	29	2	researchers	researcher	NOUN
ajfa-6489	29	3	have	have	AUX
ajfa-6489	29	4	reported	report	VERB
ajfa-6489	29	5	that	that	SCONJ
ajfa-6489	29	6	blockholders	blockholder	NOUN
ajfa-6489	29	7	have	have	VERB
ajfa-6489	29	8	potential	potential	NOUN
ajfa-6489	29	9	to	to	PART
ajfa-6489	29	10	influence	influence	NOUN
ajfa-6489	29	11	monitoring	monitoring	NOUN
ajfa-6489	29	12	mechanisms	mechanism	NOUN
ajfa-6489	29	13	(	(	PUNCT
ajfa-6489	29	14	dodd	dodd	PROPN
ajfa-6489	29	15	and	and	CCONJ
ajfa-6489	29	16	warner	warner	PROPN
ajfa-6489	29	17	,	,	PUNCT
ajfa-6489	29	18	1983	1983	NUM
ajfa-6489	29	19	)	)	PUNCT
ajfa-6489	29	20	while	while	SCONJ
ajfa-6489	29	21	others	other	NOUN
ajfa-6489	29	22	asian	asian	ADJ
ajfa-6489	29	23	journal	journal	NOUN
ajfa-6489	29	24	of	of	ADP
ajfa-6489	29	25	finance	finance	PROPN
ajfa-6489	29	26	&	&	CCONJ
ajfa-6489	29	27	accounting	accounting	PROPN
ajfa-6489	29	28	issn	issn	PROPN
ajfa-6489	29	29	1946	1946	NUM
ajfa-6489	29	30	-	-	PUNCT
ajfa-6489	29	31	052x	052x	NOUN
ajfa-6489	29	32	2015	2015	NUM
ajfa-6489	29	33	,	,	PUNCT
ajfa-6489	29	34	vol	vol	NOUN
ajfa-6489	29	35	.	.	PROPN
ajfa-6489	30	1	7	7	NUM
ajfa-6489	30	2	,	,	PUNCT
ajfa-6489	30	3	no	no	INTJ
ajfa-6489	30	4	.	.	NOUN
ajfa-6489	30	5	1	1	NUM
ajfa-6489	30	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	30	7	16	16	NUM
ajfa-6489	30	8	(	(	PUNCT
ajfa-6489	30	9	claessens	claessen	VERB
ajfa-6489	30	10	et	et	PROPN
ajfa-6489	30	11	al	al	PROPN
ajfa-6489	30	12	.	.	PROPN
ajfa-6489	30	13	,	,	PUNCT
ajfa-6489	30	14	2000	2000	NUM
ajfa-6489	30	15	;	;	PUNCT
ajfa-6489	30	16	faccio	faccio	PROPN
ajfa-6489	30	17	and	and	CCONJ
ajfa-6489	30	18	lang	lang	PROPN
ajfa-6489	30	19	,	,	PUNCT
ajfa-6489	30	20	2002	2002	NUM
ajfa-6489	30	21	;	;	PUNCT
ajfa-6489	30	22	dyck	dyck	ADJ
ajfa-6489	30	23	and	and	CCONJ
ajfa-6489	30	24	zingales	zingale	NOUN
ajfa-6489	30	25	,	,	PUNCT
ajfa-6489	30	26	2004	2004	NUM
ajfa-6489	30	27	)	)	PUNCT
ajfa-6489	30	28	argue	argue	VERB
ajfa-6489	30	29	that	that	SCONJ
ajfa-6489	30	30	principal	principal	ADJ
ajfa-6489	30	31	-	-	PUNCT
ajfa-6489	30	32	principal	principal	NOUN
ajfa-6489	30	33	agency	agency	NOUN
ajfa-6489	30	34	problem	problem	NOUN
ajfa-6489	30	35	exists	exist	VERB
ajfa-6489	30	36	between	between	ADP
ajfa-6489	30	37	the	the	DET
ajfa-6489	30	38	block	block	NOUN
ajfa-6489	30	39	shareholders	shareholder	NOUN
ajfa-6489	30	40	and	and	CCONJ
ajfa-6489	30	41	the	the	DET
ajfa-6489	30	42	minority	minority	NOUN
ajfa-6489	30	43	shareholders	shareholder	NOUN
ajfa-6489	30	44	as	as	ADV
ajfa-6489	30	45	well	well	ADV
ajfa-6489	30	46	.	.	PUNCT
ajfa-6489	31	1	shleifer	shleifer	PROPN
ajfa-6489	31	2	and	and	CCONJ
ajfa-6489	31	3	vishny	vishny	PROPN
ajfa-6489	31	4	(	(	PUNCT
ajfa-6489	31	5	1997)and	1997)and	PROPN
ajfa-6489	31	6	gugler	gugler	NOUN
ajfa-6489	31	7	(	(	PUNCT
ajfa-6489	31	8	1999)have	1999)have	NUM
ajfa-6489	31	9	reported	report	VERB
ajfa-6489	31	10	evidence	evidence	NOUN
ajfa-6489	31	11	of	of	ADP
ajfa-6489	31	12	blockholders	blockholder	NOUN
ajfa-6489	31	13	receiving	receive	VERB
ajfa-6489	31	14	private	private	ADJ
ajfa-6489	31	15	benefits	benefit	NOUN
ajfa-6489	31	16	at	at	ADP
ajfa-6489	31	17	an	an	DET
ajfa-6489	31	18	expense	expense	NOUN
ajfa-6489	31	19	of	of	ADP
ajfa-6489	31	20	the	the	DET
ajfa-6489	31	21	minority	minority	NOUN
ajfa-6489	31	22	shareholders	shareholder	NOUN
ajfa-6489	31	23	.	.	PUNCT
ajfa-6489	32	1	according	accord	VERB
ajfa-6489	32	2	to	to	ADP
ajfa-6489	32	3	claessens	claessen	NOUN
ajfa-6489	32	4	et	et	PROPN
ajfa-6489	32	5	al	al	PROPN
ajfa-6489	32	6	.	.	PUNCT
ajfa-6489	33	1	(	(	PUNCT
ajfa-6489	33	2	2000	2000	NUM
ajfa-6489	33	3	)	)	PUNCT
ajfa-6489	33	4	,	,	PUNCT
ajfa-6489	33	5	blockholders	blockholder	NOUN
ajfa-6489	33	6	receive	receive	VERB
ajfa-6489	33	7	private	private	ADJ
ajfa-6489	33	8	benefits	benefit	NOUN
ajfa-6489	33	9	through	through	ADP
ajfa-6489	33	10	pyramidal	pyramidal	ADJ
ajfa-6489	33	11	business	business	NOUN
ajfa-6489	33	12	structures	structure	NOUN
ajfa-6489	33	13	and	and	CCONJ
ajfa-6489	33	14	cross	cros	NOUN
ajfa-6489	33	15	-	-	NOUN
ajfa-6489	33	16	holdings	holding	NOUN
ajfa-6489	33	17	across	across	ADP
ajfa-6489	33	18	different	different	ADJ
ajfa-6489	33	19	companies	company	NOUN
ajfa-6489	33	20	.	.	PUNCT
ajfa-6489	34	1	research	research	NOUN
ajfa-6489	34	2	findings	finding	NOUN
ajfa-6489	34	3	reported	report	VERB
ajfa-6489	34	4	for	for	ADP
ajfa-6489	34	5	the	the	DET
ajfa-6489	34	6	insider	insider	NOUN
ajfa-6489	34	7	and	and	CCONJ
ajfa-6489	34	8	block	block	NOUN
ajfa-6489	34	9	ownership	ownership	NOUN
ajfa-6489	34	10	suggest	suggest	VERB
ajfa-6489	34	11	that	that	SCONJ
ajfa-6489	34	12	the	the	DET
ajfa-6489	34	13	degree	degree	NOUN
ajfa-6489	34	14	of	of	ADP
ajfa-6489	34	15	control	control	NOUN
ajfa-6489	34	16	(	(	PUNCT
ajfa-6489	34	17	the	the	DET
ajfa-6489	34	18	per	per	NOUN
ajfa-6489	34	19	cent	cent	NOUN
ajfa-6489	34	20	of	of	ADP
ajfa-6489	34	21	shares	share	NOUN
ajfa-6489	34	22	held	hold	VERB
ajfa-6489	34	23	by	by	ADP
ajfa-6489	34	24	an	an	DET
ajfa-6489	34	25	investor	investor	NOUN
ajfa-6489	34	26	)	)	PUNCT
ajfa-6489	34	27	is	be	AUX
ajfa-6489	34	28	an	an	DET
ajfa-6489	34	29	important	important	ADJ
ajfa-6489	34	30	determinant	determinant	NOUN
ajfa-6489	34	31	of	of	ADP
ajfa-6489	34	32	the	the	DET
ajfa-6489	34	33	ownership	ownership	NOUN
ajfa-6489	34	34	-	-	PUNCT
ajfa-6489	34	35	performance	performance	NOUN
ajfa-6489	34	36	relationship(cubbin	relationship(cubbin	NOUN
ajfa-6489	34	37	and	and	CCONJ
ajfa-6489	34	38	leech	leech	NOUN
ajfa-6489	34	39	,	,	PUNCT
ajfa-6489	34	40	1983	1983	NUM
ajfa-6489	34	41	)	)	PUNCT
ajfa-6489	34	42	.	.	PUNCT
ajfa-6489	35	1	arguably	arguably	ADV
ajfa-6489	35	2	,	,	PUNCT
ajfa-6489	35	3	researchers	researcher	NOUN
ajfa-6489	35	4	investigating	investigate	VERB
ajfa-6489	35	5	ownership	ownership	NOUN
ajfa-6489	35	6	-	-	PUNCT
ajfa-6489	35	7	performance	performance	NOUN
ajfa-6489	35	8	relationship	relationship	NOUN
ajfa-6489	35	9	have	have	AUX
ajfa-6489	35	10	assumed	assume	VERB
ajfa-6489	35	11	that	that	SCONJ
ajfa-6489	35	12	shareholders	shareholder	NOUN
ajfa-6489	35	13	’	'	PUNCT
ajfa-6489	35	14	are	be	AUX
ajfa-6489	35	15	homogenous	homogenous	ADJ
ajfa-6489	35	16	.	.	PUNCT
ajfa-6489	36	1	this	this	DET
ajfa-6489	36	2	assumption	assumption	NOUN
ajfa-6489	36	3	has	have	AUX
ajfa-6489	36	4	been	be	AUX
ajfa-6489	36	5	challenged	challenge	VERB
ajfa-6489	36	6	by	by	ADP
ajfa-6489	36	7	many	many	ADJ
ajfa-6489	36	8	,	,	PUNCT
ajfa-6489	36	9	including	include	VERB
ajfa-6489	36	10	kang	kang	PROPN
ajfa-6489	36	11	and	and	CCONJ
ajfa-6489	36	12	sorensen	sorensen	PROPN
ajfa-6489	36	13	(	(	PUNCT
ajfa-6489	36	14	1999	1999	NUM
ajfa-6489	36	15	)	)	PUNCT
ajfa-6489	36	16	,	,	PUNCT
ajfa-6489	36	17	who	who	PRON
ajfa-6489	36	18	argue	argue	VERB
ajfa-6489	36	19	that	that	SCONJ
ajfa-6489	36	20	shareholders	shareholder	NOUN
ajfa-6489	36	21	are	be	AUX
ajfa-6489	36	22	not	not	PART
ajfa-6489	36	23	always	always	ADV
ajfa-6489	36	24	homogenous	homogenous	ADJ
ajfa-6489	36	25	when	when	SCONJ
ajfa-6489	36	26	they	they	PRON
ajfa-6489	36	27	have	have	VERB
ajfa-6489	36	28	different	different	ADJ
ajfa-6489	36	29	identities	identity	NOUN
ajfa-6489	36	30	.	.	PUNCT
ajfa-6489	37	1	in	in	ADP
ajfa-6489	37	2	fact	fact	NOUN
ajfa-6489	37	3	,	,	PUNCT
ajfa-6489	37	4	some	some	DET
ajfa-6489	37	5	shareholders	shareholder	NOUN
ajfa-6489	37	6	through	through	ADP
ajfa-6489	37	7	their	their	PRON
ajfa-6489	37	8	identity	identity	NOUN
ajfa-6489	37	9	obtain	obtain	VERB
ajfa-6489	37	10	powers	power	NOUN
ajfa-6489	37	11	that	that	PRON
ajfa-6489	37	12	enable	enable	VERB
ajfa-6489	37	13	them	they	PRON
ajfa-6489	37	14	to	to	PART
ajfa-6489	37	15	control	control	VERB
ajfa-6489	37	16	companies	company	NOUN
ajfa-6489	37	17	in	in	ADP
ajfa-6489	37	18	a	a	DET
ajfa-6489	37	19	manner	manner	NOUN
ajfa-6489	37	20	that	that	PRON
ajfa-6489	37	21	lead	lead	VERB
ajfa-6489	37	22	to	to	ADP
ajfa-6489	37	23	extracting	extract	VERB
ajfa-6489	37	24	private	private	ADJ
ajfa-6489	37	25	benefits	benefit	NOUN
ajfa-6489	37	26	.	.	PUNCT
ajfa-6489	38	1	the	the	DET
ajfa-6489	38	2	level	level	NOUN
ajfa-6489	38	3	of	of	ADP
ajfa-6489	38	4	ownership	ownership	NOUN
ajfa-6489	38	5	and	and	CCONJ
ajfa-6489	38	6	shareholder	shareholder	NOUN
ajfa-6489	38	7	identity	identity	NOUN
ajfa-6489	38	8	give	give	VERB
ajfa-6489	38	9	shareholder	shareholder	NOUN
ajfa-6489	38	10	’s	’s	PART
ajfa-6489	38	11	three	three	NUM
ajfa-6489	38	12	bases	basis	NOUN
ajfa-6489	38	13	for	for	ADP
ajfa-6489	38	14	shareholder	shareholder	NOUN
ajfa-6489	38	15	power	power	NOUN
ajfa-6489	38	16	,	,	PUNCT
ajfa-6489	38	17	that	that	PRON
ajfa-6489	38	18	is	be	AUX
ajfa-6489	38	19	:	:	PUNCT
ajfa-6489	38	20	formal	formal	ADJ
ajfa-6489	38	21	authority	authority	NOUN
ajfa-6489	38	22	,	,	PUNCT
ajfa-6489	38	23	social	social	ADJ
ajfa-6489	38	24	influence	influence	NOUN
ajfa-6489	38	25	,	,	PUNCT
ajfa-6489	38	26	and	and	CCONJ
ajfa-6489	38	27	expertise(kang	expertise(kang	PROPN
ajfa-6489	38	28	and	and	CCONJ
ajfa-6489	38	29	sorensen	sorensen	PROPN
ajfa-6489	38	30	,	,	PUNCT
ajfa-6489	38	31	1999	1999	NUM
ajfa-6489	38	32	)	)	PUNCT
ajfa-6489	38	33	.	.	PUNCT
ajfa-6489	39	1	shareholders	shareholder	NOUN
ajfa-6489	39	2	’	'	PUNCT
ajfa-6489	39	3	obtain	obtain	VERB
ajfa-6489	39	4	formal	formal	ADJ
ajfa-6489	39	5	authority	authority	NOUN
ajfa-6489	39	6	by	by	ADP
ajfa-6489	39	7	being	be	AUX
ajfa-6489	39	8	a	a	DET
ajfa-6489	39	9	shareowner	shareowner	NOUN
ajfa-6489	39	10	.	.	PUNCT
ajfa-6489	40	1	however	however	ADV
ajfa-6489	40	2	,	,	PUNCT
ajfa-6489	40	3	shareholders	shareholder	NOUN
ajfa-6489	40	4	’	'	PUNCT
ajfa-6489	40	5	through	through	ADP
ajfa-6489	40	6	their	their	PRON
ajfa-6489	40	7	identity	identity	NOUN
ajfa-6489	40	8	can	can	AUX
ajfa-6489	40	9	also	also	ADV
ajfa-6489	40	10	influence	influence	VERB
ajfa-6489	40	11	decision	decision	NOUN
ajfa-6489	40	12	making	make	VERB
ajfa-6489	40	13	processes	process	NOUN
ajfa-6489	40	14	by	by	ADP
ajfa-6489	40	15	engaging	engage	VERB
ajfa-6489	40	16	in	in	ADP
ajfa-6489	40	17	social	social	ADJ
ajfa-6489	40	18	activities	activity	NOUN
ajfa-6489	40	19	(	(	PUNCT
ajfa-6489	40	20	social	social	ADJ
ajfa-6489	40	21	influence	influence	NOUN
ajfa-6489	40	22	)	)	PUNCT
ajfa-6489	40	23	or	or	CCONJ
ajfa-6489	40	24	having	have	VERB
ajfa-6489	40	25	expertise	expertise	NOUN
ajfa-6489	40	26	knowledge	knowledge	NOUN
ajfa-6489	40	27	(	(	PUNCT
ajfa-6489	40	28	expertise	expertise	NOUN
ajfa-6489	40	29	)	)	PUNCT
ajfa-6489	40	30	.	.	PUNCT
ajfa-6489	41	1	this	this	PRON
ajfa-6489	41	2	indicate	indicate	VERB
ajfa-6489	41	3	that	that	SCONJ
ajfa-6489	41	4	the	the	DET
ajfa-6489	41	5	ownership	ownership	NOUN
ajfa-6489	41	6	-	-	PUNCT
ajfa-6489	41	7	performance	performance	NOUN
ajfa-6489	41	8	relationship	relationship	NOUN
ajfa-6489	41	9	may	may	AUX
ajfa-6489	41	10	be	be	AUX
ajfa-6489	41	11	different	different	ADJ
ajfa-6489	41	12	when	when	SCONJ
ajfa-6489	41	13	shareholders	shareholder	NOUN
ajfa-6489	41	14	have	have	VERB
ajfa-6489	41	15	different	different	ADJ
ajfa-6489	41	16	identities	identity	NOUN
ajfa-6489	41	17	,	,	PUNCT
ajfa-6489	41	18	hold	hold	VERB
ajfa-6489	41	19	different	different	ADJ
ajfa-6489	41	20	proportion	proportion	NOUN
ajfa-6489	41	21	of	of	ADP
ajfa-6489	41	22	shares	share	NOUN
ajfa-6489	41	23	in	in	ADP
ajfa-6489	41	24	companies	company	NOUN
ajfa-6489	41	25	,	,	PUNCT
ajfa-6489	41	26	and	and	CCONJ
ajfa-6489	41	27	have	have	VERB
ajfa-6489	41	28	expertise	expertise	NOUN
ajfa-6489	41	29	that	that	DET
ajfa-6489	41	30	company	company	NOUN
ajfa-6489	41	31	needs(short	needs(short	NOUN
ajfa-6489	41	32	,	,	PUNCT
ajfa-6489	41	33	1994	1994	NUM
ajfa-6489	41	34	)	)	PUNCT
ajfa-6489	41	35	.	.	PUNCT
ajfa-6489	42	1	for	for	ADP
ajfa-6489	42	2	example	example	NOUN
ajfa-6489	42	3	,	,	PUNCT
ajfa-6489	42	4	boone	boone	PROPN
ajfa-6489	42	5	,	,	PUNCT
ajfa-6489	42	6	colombage	colombage	NOUN
ajfa-6489	42	7	and	and	CCONJ
ajfa-6489	42	8	gunasekarage	gunasekarage	NOUN
ajfa-6489	42	9	(	(	PUNCT
ajfa-6489	42	10	2011	2011	NUM
ajfa-6489	42	11	)	)	PUNCT
ajfa-6489	42	12	reported	report	VERB
ajfa-6489	42	13	that	that	SCONJ
ajfa-6489	42	14	companies	company	NOUN
ajfa-6489	42	15	that	that	PRON
ajfa-6489	42	16	have	have	VERB
ajfa-6489	42	17	blockholders	blockholder	NOUN
ajfa-6489	42	18	that	that	PRON
ajfa-6489	42	19	are	be	AUX
ajfa-6489	42	20	financial	financial	ADJ
ajfa-6489	42	21	institutions	institution	NOUN
ajfa-6489	42	22	have	have	AUX
ajfa-6489	42	23	performed	perform	VERB
ajfa-6489	42	24	better	well	ADV
ajfa-6489	42	25	compared	compare	VERB
ajfa-6489	42	26	to	to	ADP
ajfa-6489	42	27	their	their	PRON
ajfa-6489	42	28	peers	peer	NOUN
ajfa-6489	42	29	.	.	PUNCT
ajfa-6489	43	1	this	this	DET
ajfa-6489	43	2	finding	finding	NOUN
ajfa-6489	43	3	suggests	suggest	VERB
ajfa-6489	43	4	that	that	SCONJ
ajfa-6489	43	5	besides	besides	SCONJ
ajfa-6489	43	6	degree	degree	NOUN
ajfa-6489	43	7	of	of	ADP
ajfa-6489	43	8	control	control	NOUN
ajfa-6489	43	9	(	(	PUNCT
ajfa-6489	43	10	ownership	ownership	NOUN
ajfa-6489	43	11	concentration	concentration	NOUN
ajfa-6489	43	12	)	)	PUNCT
ajfa-6489	43	13	,	,	PUNCT
ajfa-6489	43	14	location	location	NOUN
ajfa-6489	43	15	of	of	ADP
ajfa-6489	43	16	control	control	NOUN
ajfa-6489	43	17	(	(	PUNCT
ajfa-6489	43	18	identity	identity	NOUN
ajfa-6489	43	19	of	of	ADP
ajfa-6489	43	20	the	the	DET
ajfa-6489	43	21	shareholder	shareholder	NOUN
ajfa-6489	43	22	)	)	PUNCT
ajfa-6489	43	23	is	be	AUX
ajfa-6489	43	24	also	also	ADV
ajfa-6489	43	25	an	an	DET
ajfa-6489	43	26	important	important	ADJ
ajfa-6489	43	27	determinant	determinant	NOUN
ajfa-6489	43	28	of	of	ADP
ajfa-6489	43	29	the	the	DET
ajfa-6489	43	30	ownership	ownership	NOUN
ajfa-6489	43	31	-	-	PUNCT
ajfa-6489	43	32	performance	performance	NOUN
ajfa-6489	43	33	nexus	nexus	NOUN
ajfa-6489	43	34	.	.	PUNCT
ajfa-6489	44	1	since	since	SCONJ
ajfa-6489	44	2	prior	prior	ADJ
ajfa-6489	44	3	research	research	NOUN
ajfa-6489	44	4	focused	focus	VERB
ajfa-6489	44	5	mainly	mainly	ADV
ajfa-6489	44	6	on	on	ADP
ajfa-6489	44	7	the	the	DET
ajfa-6489	44	8	ownership	ownership	NOUN
ajfa-6489	44	9	-	-	PUNCT
ajfa-6489	44	10	performance	performance	NOUN
ajfa-6489	44	11	relationship	relationship	NOUN
ajfa-6489	44	12	,	,	PUNCT
ajfa-6489	44	13	the	the	DET
ajfa-6489	44	14	role	role	NOUN
ajfa-6489	44	15	shareholder	shareholder	NOUN
ajfa-6489	44	16	identity	identity	NOUN
ajfa-6489	44	17	(	(	PUNCT
ajfa-6489	44	18	type	type	NOUN
ajfa-6489	44	19	of	of	ADP
ajfa-6489	44	20	shareholder	shareholder	NOUN
ajfa-6489	44	21	)	)	PUNCT
ajfa-6489	44	22	play	play	NOUN
ajfa-6489	44	23	is	be	AUX
ajfa-6489	44	24	less	less	ADV
ajfa-6489	44	25	understood	understand	VERB
ajfa-6489	44	26	.	.	PUNCT
ajfa-6489	45	1	this	this	DET
ajfa-6489	45	2	research	research	NOUN
ajfa-6489	45	3	is	be	AUX
ajfa-6489	45	4	an	an	DET
ajfa-6489	45	5	attempt	attempt	NOUN
ajfa-6489	45	6	to	to	PART
ajfa-6489	45	7	fill	fill	VERB
ajfa-6489	45	8	the	the	DET
ajfa-6489	45	9	gap	gap	NOUN
ajfa-6489	45	10	in	in	ADP
ajfa-6489	45	11	the	the	DET
ajfa-6489	45	12	literature	literature	NOUN
ajfa-6489	45	13	.	.	PUNCT
ajfa-6489	46	1	therefore	therefore	ADV
ajfa-6489	46	2	,	,	PUNCT
ajfa-6489	46	3	this	this	DET
ajfa-6489	46	4	research	research	NOUN
ajfa-6489	46	5	investigates	investigate	VERB
ajfa-6489	46	6	the	the	DET
ajfa-6489	46	7	nature	nature	NOUN
ajfa-6489	46	8	of	of	ADP
ajfa-6489	46	9	the	the	DET
ajfa-6489	46	10	relationship	relationship	NOUN
ajfa-6489	46	11	between	between	ADP
ajfa-6489	46	12	the	the	DET
ajfa-6489	46	13	proportion	proportion	NOUN
ajfa-6489	46	14	of	of	ADP
ajfa-6489	46	15	ownership	ownership	NOUN
ajfa-6489	46	16	,	,	PUNCT
ajfa-6489	46	17	shareholder	shareholder	NOUN
ajfa-6489	46	18	identity	identity	NOUN
ajfa-6489	46	19	,	,	PUNCT
ajfa-6489	46	20	and	and	CCONJ
ajfa-6489	46	21	financial	financial	ADJ
ajfa-6489	46	22	performance	performance	NOUN
ajfa-6489	46	23	of	of	ADP
ajfa-6489	46	24	publicly	publicly	ADV
ajfa-6489	46	25	listed	list	VERB
ajfa-6489	46	26	companies	company	NOUN
ajfa-6489	46	27	in	in	ADP
ajfa-6489	46	28	new	new	PROPN
ajfa-6489	46	29	zealand	zealand	PROPN
ajfa-6489	46	30	and	and	CCONJ
ajfa-6489	46	31	whether	whether	SCONJ
ajfa-6489	46	32	the	the	DET
ajfa-6489	46	33	ownership	ownership	NOUN
ajfa-6489	46	34	-	-	PUNCT
ajfa-6489	46	35	performance	performance	NOUN
ajfa-6489	46	36	relationship	relationship	NOUN
ajfa-6489	46	37	changes	change	NOUN
ajfa-6489	46	38	during	during	ADP
ajfa-6489	46	39	the	the	DET
ajfa-6489	46	40	financial	financial	ADJ
ajfa-6489	46	41	crisis	crisis	NOUN
ajfa-6489	46	42	period	period	NOUN
ajfa-6489	46	43	.	.	PUNCT
ajfa-6489	47	1	we	we	PRON
ajfa-6489	47	2	address	address	VERB
ajfa-6489	47	3	three	three	NUM
ajfa-6489	47	4	noble	noble	ADJ
ajfa-6489	47	5	questions	question	NOUN
ajfa-6489	47	6	in	in	ADP
ajfa-6489	47	7	our	our	PRON
ajfa-6489	47	8	study	study	NOUN
ajfa-6489	47	9	:	:	PUNCT
ajfa-6489	47	10	(	(	PUNCT
ajfa-6489	47	11	i	i	NOUN
ajfa-6489	47	12	)	)	PUNCT
ajfa-6489	47	13	do	do	VERB
ajfa-6489	47	14	the	the	DET
ajfa-6489	47	15	proportion	proportion	NOUN
ajfa-6489	47	16	of	of	ADP
ajfa-6489	47	17	shares	share	NOUN
ajfa-6489	47	18	held	hold	VERB
ajfa-6489	47	19	by	by	ADP
ajfa-6489	47	20	the	the	DET
ajfa-6489	47	21	shareholders	shareholder	NOUN
ajfa-6489	47	22	’	'	PUNCT
ajfa-6489	47	23	matter	matter	NOUN
ajfa-6489	47	24	in	in	ADP
ajfa-6489	47	25	terms	term	NOUN
ajfa-6489	47	26	of	of	ADP
ajfa-6489	47	27	the	the	DET
ajfa-6489	47	28	financial	financial	ADJ
ajfa-6489	47	29	performance	performance	NOUN
ajfa-6489	47	30	of	of	ADP
ajfa-6489	47	31	publicly	publicly	ADV
ajfa-6489	47	32	listed	list	VERB
ajfa-6489	47	33	companies	company	NOUN
ajfa-6489	47	34	?	?	PUNCT
ajfa-6489	48	1	(	(	PUNCT
ajfa-6489	48	2	ii	ii	NOUN
ajfa-6489	48	3	)	)	PUNCT
ajfa-6489	48	4	does	do	VERB
ajfa-6489	48	5	the	the	DET
ajfa-6489	48	6	identity	identity	NOUN
ajfa-6489	48	7	of	of	ADP
ajfa-6489	48	8	the	the	DET
ajfa-6489	48	9	shareholder	shareholder	NOUN
ajfa-6489	48	10	matter	matter	NOUN
ajfa-6489	48	11	in	in	ADP
ajfa-6489	48	12	terms	term	NOUN
ajfa-6489	48	13	of	of	ADP
ajfa-6489	48	14	financial	financial	ADJ
ajfa-6489	48	15	performance	performance	NOUN
ajfa-6489	48	16	?	?	PUNCT
ajfa-6489	49	1	(	(	PUNCT
ajfa-6489	49	2	iii	iii	X
ajfa-6489	49	3	)	)	PUNCT
ajfa-6489	49	4	does	do	VERB
ajfa-6489	49	5	the	the	DET
ajfa-6489	49	6	relationship	relationship	NOUN
ajfa-6489	49	7	between	between	ADP
ajfa-6489	49	8	ownership	ownership	NOUN
ajfa-6489	49	9	-	-	PUNCT
ajfa-6489	49	10	performance	performance	NOUN
ajfa-6489	49	11	changes	change	NOUN
ajfa-6489	49	12	during	during	ADP
ajfa-6489	49	13	the	the	DET
ajfa-6489	49	14	financial	financial	ADJ
ajfa-6489	49	15	crisis	crisis	NOUN
ajfa-6489	49	16	period	period	NOUN
ajfa-6489	49	17	?	?	PUNCT
ajfa-6489	50	1	2	2	X
ajfa-6489	50	2	.	.	X
ajfa-6489	50	3	literature	literature	NOUN
ajfa-6489	50	4	review	review	VERB
ajfa-6489	50	5	2.1	2.1	NUM
ajfa-6489	50	6	insider	insider	NOUN
ajfa-6489	50	7	and	and	CCONJ
ajfa-6489	50	8	outsider	outsider	NOUN
ajfa-6489	50	9	shareholders	shareholder	NOUN
ajfa-6489	50	10	equity	equity	NOUN
ajfa-6489	50	11	and	and	CCONJ
ajfa-6489	50	12	influence	influence	NOUN
ajfa-6489	50	13	on	on	ADP
ajfa-6489	50	14	company	company	NOUN
ajfa-6489	50	15	performance	performance	NOUN
ajfa-6489	50	16	agency	agency	NOUN
ajfa-6489	50	17	-	-	PUNCT
ajfa-6489	50	18	theoretic	theoretic	ADJ
ajfa-6489	50	19	literature	literature	NOUN
ajfa-6489	50	20	assumes	assume	VERB
ajfa-6489	50	21	that	that	SCONJ
ajfa-6489	50	22	shareholders	shareholder	NOUN
ajfa-6489	50	23	are	be	AUX
ajfa-6489	50	24	homogenous	homogenous	ADJ
ajfa-6489	50	25	and	and	CCONJ
ajfa-6489	50	26	their	their	PRON
ajfa-6489	50	27	influence	influence	NOUN
ajfa-6489	50	28	on	on	ADP
ajfa-6489	50	29	company	company	NOUN
ajfa-6489	50	30	financial	financial	ADJ
ajfa-6489	50	31	performance	performance	NOUN
ajfa-6489	50	32	is	be	AUX
ajfa-6489	50	33	directly	directly	ADV
ajfa-6489	50	34	proportional	proportional	ADJ
ajfa-6489	50	35	to	to	ADP
ajfa-6489	50	36	the	the	DET
ajfa-6489	50	37	percentage	percentage	NOUN
ajfa-6489	50	38	of	of	ADP
ajfa-6489	50	39	equity	equity	NOUN
ajfa-6489	50	40	they	they	PRON
ajfa-6489	50	41	hold	hold	VERB
ajfa-6489	50	42	asian	asian	ADJ
ajfa-6489	50	43	journal	journal	NOUN
ajfa-6489	50	44	of	of	ADP
ajfa-6489	50	45	finance	finance	PROPN
ajfa-6489	50	46	&	&	CCONJ
ajfa-6489	50	47	accounting	accounting	PROPN
ajfa-6489	50	48	issn	issn	PROPN
ajfa-6489	50	49	1946	1946	NUM
ajfa-6489	50	50	-	-	PUNCT
ajfa-6489	50	51	052x	052x	NOUN
ajfa-6489	50	52	2015	2015	NUM
ajfa-6489	50	53	,	,	PUNCT
ajfa-6489	50	54	vol	vol	NOUN
ajfa-6489	50	55	.	.	PROPN
ajfa-6489	50	56	7	7	NUM
ajfa-6489	50	57	,	,	PUNCT
ajfa-6489	50	58	no	no	INTJ
ajfa-6489	50	59	.	.	NOUN
ajfa-6489	50	60	1	1	NUM
ajfa-6489	50	61	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6489	50	62	17	17	NUM
ajfa-6489	50	63	(	(	PUNCT
ajfa-6489	50	64	shleifer	shleifer	NOUN
ajfa-6489	50	65	and	and	CCONJ
ajfa-6489	50	66	vishny	vishny	PROPN
ajfa-6489	50	67	,	,	PUNCT
ajfa-6489	50	68	1986).for	1986).for	PRON
ajfa-6489	50	69	example	example	NOUN
ajfa-6489	50	70	,	,	PUNCT
ajfa-6489	50	71	by	by	ADP
ajfa-6489	50	72	virtue	virtue	NOUN
ajfa-6489	50	73	of	of	ADP
ajfa-6489	50	74	being	be	AUX
ajfa-6489	50	75	a	a	DET
ajfa-6489	50	76	shareowner	shareowner	NOUN
ajfa-6489	50	77	,	,	PUNCT
ajfa-6489	50	78	all	all	DET
ajfa-6489	50	79	shareholders	shareholder	NOUN
ajfa-6489	50	80	have	have	VERB
ajfa-6489	50	81	some	some	DET
ajfa-6489	50	82	formal	formal	ADJ
ajfa-6489	50	83	authority	authority	NOUN
ajfa-6489	50	84	or	or	CCONJ
ajfa-6489	50	85	legal	legal	ADJ
ajfa-6489	50	86	right	right	NOUN
ajfa-6489	50	87	(	(	PUNCT
ajfa-6489	50	88	weber	weber	PROPN
ajfa-6489	50	89	,	,	PUNCT
ajfa-6489	50	90	2008	2008	NUM
ajfa-6489	50	91	)	)	PUNCT
ajfa-6489	50	92	such	such	ADJ
ajfa-6489	50	93	as	as	ADP
ajfa-6489	50	94	the	the	DET
ajfa-6489	50	95	power	power	NOUN
ajfa-6489	50	96	to	to	PART
ajfa-6489	50	97	vote	vote	VERB
ajfa-6489	50	98	on	on	ADP
ajfa-6489	50	99	ratification	ratification	NOUN
ajfa-6489	50	100	regarding	regard	VERB
ajfa-6489	50	101	appointment	appointment	NOUN
ajfa-6489	50	102	of	of	ADP
ajfa-6489	50	103	the	the	DET
ajfa-6489	50	104	board	board	NOUN
ajfa-6489	50	105	of	of	ADP
ajfa-6489	50	106	directors	director	NOUN
ajfa-6489	50	107	and	and	CCONJ
ajfa-6489	50	108	the	the	DET
ajfa-6489	50	109	right	right	NOUN
ajfa-6489	50	110	to	to	PART
ajfa-6489	50	111	approve	approve	VERB
ajfa-6489	50	112	major	major	ADJ
ajfa-6489	50	113	business	business	NOUN
ajfa-6489	50	114	decisions	decision	NOUN
ajfa-6489	50	115	(	(	PUNCT
ajfa-6489	50	116	clark	clark	NOUN
ajfa-6489	50	117	,	,	PUNCT
ajfa-6489	50	118	1986	1986	NUM
ajfa-6489	50	119	)	)	PUNCT
ajfa-6489	50	120	.	.	PUNCT
ajfa-6489	51	1	if	if	SCONJ
ajfa-6489	51	2	the	the	DET
ajfa-6489	51	3	proportion	proportion	NOUN
ajfa-6489	51	4	of	of	ADP
ajfa-6489	51	5	shares	share	NOUN
ajfa-6489	51	6	held	hold	VERB
ajfa-6489	51	7	by	by	ADP
ajfa-6489	51	8	a	a	DET
ajfa-6489	51	9	shareholder	shareholder	NOUN
ajfa-6489	51	10	is	be	AUX
ajfa-6489	51	11	large	large	ADJ
ajfa-6489	51	12	,	,	PUNCT
ajfa-6489	51	13	the	the	DET
ajfa-6489	51	14	shareholder	shareholder	NOUN
ajfa-6489	51	15	can	can	AUX
ajfa-6489	51	16	obtain	obtain	VERB
ajfa-6489	51	17	some	some	DET
ajfa-6489	51	18	active	active	ADJ
ajfa-6489	51	19	role	role	NOUN
ajfa-6489	51	20	in	in	ADP
ajfa-6489	51	21	the	the	DET
ajfa-6489	51	22	company	company	NOUN
ajfa-6489	51	23	as	as	ADV
ajfa-6489	51	24	well	well	ADV
ajfa-6489	51	25	which	which	PRON
ajfa-6489	51	26	helps	help	VERB
ajfa-6489	51	27	in	in	ADP
ajfa-6489	51	28	monitoring	monitor	VERB
ajfa-6489	51	29	the	the	DET
ajfa-6489	51	30	agent	agent	NOUN
ajfa-6489	51	31	who	who	PRON
ajfa-6489	51	32	possesses	possess	VERB
ajfa-6489	51	33	information	information	NOUN
ajfa-6489	51	34	advantage	advantage	NOUN
ajfa-6489	51	35	over	over	ADP
ajfa-6489	51	36	the	the	DET
ajfa-6489	51	37	principal	principal	NOUN
ajfa-6489	51	38	because	because	SCONJ
ajfa-6489	51	39	he	he	PRON
ajfa-6489	51	40	or	or	CCONJ
ajfa-6489	51	41	she	she	PRON
ajfa-6489	51	42	is	be	AUX
ajfa-6489	51	43	more	more	ADV
ajfa-6489	51	44	directly	directly	ADV
ajfa-6489	51	45	involved	involve	VERB
ajfa-6489	51	46	in	in	ADP
ajfa-6489	51	47	the	the	DET
ajfa-6489	51	48	day	day	NOUN
ajfa-6489	51	49	to	to	ADP
ajfa-6489	51	50	day	day	NOUN
ajfa-6489	51	51	running	run	VERB
ajfa-6489	51	52	of	of	ADP
ajfa-6489	51	53	the	the	DET
ajfa-6489	51	54	business	business	NOUN
ajfa-6489	51	55	(	(	PUNCT
ajfa-6489	51	56	subramaniam	subramaniam	PROPN
ajfa-6489	51	57	,	,	PUNCT
ajfa-6489	51	58	2006	2006	NUM
ajfa-6489	51	59	)	)	PUNCT
ajfa-6489	51	60	.	.	PUNCT
ajfa-6489	52	1	in	in	ADP
ajfa-6489	52	2	this	this	DET
ajfa-6489	52	3	regard	regard	NOUN
ajfa-6489	52	4	,	,	PUNCT
ajfa-6489	52	5	a	a	DET
ajfa-6489	52	6	number	number	NOUN
ajfa-6489	52	7	of	of	ADP
ajfa-6489	52	8	researchers	researcher	NOUN
ajfa-6489	52	9	(	(	PUNCT
ajfa-6489	52	10	herman	herman	NOUN
ajfa-6489	52	11	,	,	PUNCT
ajfa-6489	52	12	1981	1981	NUM
ajfa-6489	52	13	;	;	PUNCT
ajfa-6489	52	14	larner	larner	NOUN
ajfa-6489	52	15	,	,	PUNCT
ajfa-6489	52	16	1971	1971	NUM
ajfa-6489	52	17	;	;	PUNCT
ajfa-6489	52	18	sorensen	sorensen	PROPN
ajfa-6489	52	19	,	,	PUNCT
ajfa-6489	52	20	1996	1996	NUM
ajfa-6489	52	21	;	;	PUNCT
ajfa-6489	52	22	mceachern	mceachern	PROPN
ajfa-6489	52	23	,	,	PUNCT
ajfa-6489	52	24	1975	1975	NUM
ajfa-6489	52	25	)	)	PUNCT
ajfa-6489	52	26	have	have	AUX
ajfa-6489	52	27	compared	compare	VERB
ajfa-6489	52	28	the	the	DET
ajfa-6489	52	29	performance	performance	NOUN
ajfa-6489	52	30	of	of	ADP
ajfa-6489	52	31	the	the	DET
ajfa-6489	52	32	owner	owner	NOUN
ajfa-6489	52	33	-	-	PUNCT
ajfa-6489	52	34	controlled	control	VERB
ajfa-6489	52	35	companies	company	NOUN
ajfa-6489	52	36	and	and	CCONJ
ajfa-6489	52	37	manager	manager	NOUN
ajfa-6489	52	38	-	-	PUNCT
ajfa-6489	52	39	controlled	control	VERB
ajfa-6489	52	40	companies	company	NOUN
ajfa-6489	52	41	and	and	CCONJ
ajfa-6489	52	42	reported	report	VERB
ajfa-6489	52	43	that	that	SCONJ
ajfa-6489	52	44	owner	owner	NOUN
ajfa-6489	52	45	-	-	PUNCT
ajfa-6489	52	46	controlled	control	VERB
ajfa-6489	52	47	companies	company	NOUN
ajfa-6489	52	48	perform	perform	VERB
ajfa-6489	52	49	better	well	ADV
ajfa-6489	52	50	.	.	PUNCT
ajfa-6489	53	1	according	accord	VERB
ajfa-6489	53	2	to	to	ADP
ajfa-6489	53	3	jensen	jensen	PROPN
ajfa-6489	53	4	and	and	CCONJ
ajfa-6489	53	5	meckling(1976	meckling(1976	NOUN
ajfa-6489	53	6	)	)	PUNCT
ajfa-6489	53	7	,	,	PUNCT
ajfa-6489	53	8	manager	manager	NOUN
ajfa-6489	53	9	-	-	PUNCT
ajfa-6489	53	10	controlled	control	VERB
ajfa-6489	53	11	companies	company	NOUN
ajfa-6489	53	12	have	have	VERB
ajfa-6489	53	13	agency	agency	NOUN
ajfa-6489	53	14	problems	problem	NOUN
ajfa-6489	53	15	which	which	PRON
ajfa-6489	53	16	can	can	AUX
ajfa-6489	53	17	be	be	AUX
ajfa-6489	53	18	mitigated	mitigate	VERB
ajfa-6489	53	19	by	by	ADP
ajfa-6489	53	20	giving	give	VERB
ajfa-6489	53	21	agents	agent	NOUN
ajfa-6489	53	22	shares	share	NOUN
ajfa-6489	53	23	in	in	ADP
ajfa-6489	53	24	the	the	DET
ajfa-6489	53	25	company	company	NOUN
ajfa-6489	53	26	.	.	PUNCT
ajfa-6489	54	1	study	study	NOUN
ajfa-6489	54	2	undertaken	undertake	VERB
ajfa-6489	54	3	by	by	ADP
ajfa-6489	54	4	morck	morck	PROPN
ajfa-6489	54	5	,	,	PUNCT
ajfa-6489	54	6	shleifer	shleifer	NOUN
ajfa-6489	54	7	and	and	CCONJ
ajfa-6489	54	8	vishny(1988	vishny(1988	NUM
ajfa-6489	54	9	)	)	PUNCT
ajfa-6489	54	10	show	show	VERB
ajfa-6489	54	11	that	that	SCONJ
ajfa-6489	54	12	the	the	DET
ajfa-6489	54	13	insider	insider	NOUN
ajfa-6489	54	14	holdings	holding	NOUN
ajfa-6489	54	15	between	between	ADP
ajfa-6489	54	16	0	0	NUM
ajfa-6489	54	17	and	and	CCONJ
ajfa-6489	54	18	5	5	NUM
ajfa-6489	54	19	percent	percent	NOUN
ajfa-6489	54	20	increases	increase	VERB
ajfa-6489	54	21	performance	performance	NOUN
ajfa-6489	54	22	(	(	PUNCT
ajfa-6489	54	23	interest	interest	NOUN
ajfa-6489	54	24	-	-	PUNCT
ajfa-6489	54	25	alignment	alignment	NOUN
ajfa-6489	54	26	hypothesis	hypothesis	NOUN
ajfa-6489	54	27	)	)	PUNCT
ajfa-6489	54	28	,	,	PUNCT
ajfa-6489	54	29	between	between	ADP
ajfa-6489	54	30	5	5	NUM
ajfa-6489	54	31	and	and	CCONJ
ajfa-6489	54	32	24	24	NUM
ajfa-6489	54	33	percent	percent	NOUN
ajfa-6489	54	34	decreases	decrease	VERB
ajfa-6489	54	35	performance	performance	NOUN
ajfa-6489	54	36	(	(	PUNCT
ajfa-6489	54	37	entrenchment	entrenchment	ADJ
ajfa-6489	54	38	hypothesis	hypothesis	NOUN
ajfa-6489	54	39	)	)	PUNCT
ajfa-6489	54	40	,	,	PUNCT
ajfa-6489	54	41	and	and	CCONJ
ajfa-6489	54	42	insider	insider	NOUN
ajfa-6489	54	43	ownership	ownership	NOUN
ajfa-6489	54	44	above	above	ADP
ajfa-6489	54	45	25	25	NUM
ajfa-6489	54	46	percent	percent	NOUN
ajfa-6489	54	47	increases	increase	VERB
ajfa-6489	54	48	performance	performance	NOUN
ajfa-6489	54	49	(	(	PUNCT
ajfa-6489	54	50	interest	interest	NOUN
ajfa-6489	54	51	-	-	PUNCT
ajfa-6489	54	52	alignment	alignment	NOUN
ajfa-6489	54	53	hypothesis	hypothesis	NOUN
ajfa-6489	54	54	)	)	PUNCT
ajfa-6489	54	55	.	.	PUNCT
ajfa-6489	55	1	a	a	DET
ajfa-6489	55	2	study	study	NOUN
ajfa-6489	55	3	undertaken	undertake	VERB
ajfa-6489	55	4	in	in	ADP
ajfa-6489	55	5	the	the	DET
ajfa-6489	55	6	us	us	PROPN
ajfa-6489	55	7	by	by	ADP
ajfa-6489	55	8	gugler	gugler	NOUN
ajfa-6489	55	9	,	,	PUNCT
ajfa-6489	55	10	mueller	mueller	PROPN
ajfa-6489	55	11	and	and	CCONJ
ajfa-6489	55	12	yurtoglu	yurtoglu	PROPN
ajfa-6489	55	13	(	(	PUNCT
ajfa-6489	55	14	2010	2010	NUM
ajfa-6489	55	15	)	)	PUNCT
ajfa-6489	55	16	show	show	VERB
ajfa-6489	55	17	that	that	SCONJ
ajfa-6489	55	18	companies	company	NOUN
ajfa-6489	55	19	’	'	PUNCT
ajfa-6489	55	20	tobin	tobin	PROPN
ajfa-6489	55	21	’s	’s	PART
ajfa-6489	55	22	q	q	PROPN
ajfa-6489	55	23	initially	initially	ADV
ajfa-6489	55	24	rose	rise	VERB
ajfa-6489	55	25	with	with	ADP
ajfa-6489	55	26	an	an	DET
ajfa-6489	55	27	increase	increase	NOUN
ajfa-6489	55	28	in	in	ADP
ajfa-6489	55	29	the	the	DET
ajfa-6489	55	30	insider	insider	NOUN
ajfa-6489	55	31	ownership	ownership	NOUN
ajfa-6489	55	32	but	but	CCONJ
ajfa-6489	55	33	fell	fall	VERB
ajfa-6489	55	34	when	when	SCONJ
ajfa-6489	55	35	the	the	DET
ajfa-6489	55	36	insider	insider	NOUN
ajfa-6489	55	37	ownership	ownership	NOUN
ajfa-6489	55	38	exceeded	exceed	VERB
ajfa-6489	55	39	60	60	NUM
ajfa-6489	55	40	percent	percent	NOUN
ajfa-6489	55	41	.	.	PUNCT
ajfa-6489	56	1	however	however	ADV
ajfa-6489	56	2	,	,	PUNCT
ajfa-6489	56	3	ben	ben	PROPN
ajfa-6489	56	4	-	-	PROPN
ajfa-6489	56	5	amar	amar	PROPN
ajfa-6489	56	6	and	and	CCONJ
ajfa-6489	56	7	andre	andre	PROPN
ajfa-6489	56	8	(	(	PUNCT
ajfa-6489	56	9	2006	2006	NUM
ajfa-6489	56	10	)	)	PUNCT
ajfa-6489	56	11	argue	argue	VERB
ajfa-6489	56	12	that	that	SCONJ
ajfa-6489	56	13	mitigation	mitigation	NOUN
ajfa-6489	56	14	of	of	ADP
ajfa-6489	56	15	agency	agency	NOUN
ajfa-6489	56	16	costs	cost	NOUN
ajfa-6489	56	17	by	by	ADP
ajfa-6489	56	18	giving	give	VERB
ajfa-6489	56	19	insiders	insider	NOUN
ajfa-6489	56	20	’	’	PART
ajfa-6489	56	21	shares	share	NOUN
ajfa-6489	56	22	is	be	AUX
ajfa-6489	56	23	possible	possible	ADJ
ajfa-6489	56	24	only	only	ADV
ajfa-6489	56	25	in	in	ADP
ajfa-6489	56	26	countries	country	NOUN
ajfa-6489	56	27	where	where	SCONJ
ajfa-6489	56	28	ownership	ownership	NOUN
ajfa-6489	56	29	dispersion	dispersion	NOUN
ajfa-6489	56	30	exists	exist	VERB
ajfa-6489	56	31	.	.	PUNCT
ajfa-6489	57	1	in	in	ADP
ajfa-6489	57	2	countries	country	NOUN
ajfa-6489	57	3	where	where	SCONJ
ajfa-6489	57	4	blockholding	blockholde	VERB
ajfa-6489	57	5	is	be	AUX
ajfa-6489	57	6	a	a	DET
ajfa-6489	57	7	norm	norm	NOUN
ajfa-6489	57	8	,	,	PUNCT
ajfa-6489	57	9	studies	study	NOUN
ajfa-6489	57	10	show	show	VERB
ajfa-6489	57	11	that	that	SCONJ
ajfa-6489	57	12	principal	principal	ADJ
ajfa-6489	57	13	-	-	PUNCT
ajfa-6489	57	14	principal	principal	NOUN
ajfa-6489	57	15	agency	agency	NOUN
ajfa-6489	57	16	problems	problem	NOUN
ajfa-6489	57	17	exist	exist	VERB
ajfa-6489	57	18	in	in	ADP
ajfa-6489	57	19	addition	addition	NOUN
ajfa-6489	57	20	to	to	ADP
ajfa-6489	57	21	the	the	DET
ajfa-6489	57	22	principal	principal	ADJ
ajfa-6489	57	23	-	-	PUNCT
ajfa-6489	57	24	agent	agent	NOUN
ajfa-6489	57	25	agency	agency	NOUN
ajfa-6489	57	26	problem	problem	NOUN
ajfa-6489	57	27	(	(	PUNCT
ajfa-6489	57	28	rydqvist	rydqvist	NOUN
ajfa-6489	57	29	,	,	PUNCT
ajfa-6489	57	30	1987	1987	NUM
ajfa-6489	57	31	;	;	PUNCT
ajfa-6489	57	32	levy	levy	NOUN
ajfa-6489	57	33	,	,	PUNCT
ajfa-6489	57	34	1982	1982	NUM
ajfa-6489	57	35	;	;	PUNCT
ajfa-6489	57	36	horner	horner	PROPN
ajfa-6489	57	37	,	,	PUNCT
ajfa-6489	57	38	1988	1988	NUM
ajfa-6489	57	39	;	;	PUNCT
ajfa-6489	57	40	zingales	zingale	NOUN
ajfa-6489	57	41	,	,	PUNCT
ajfa-6489	57	42	1994	1994	NUM
ajfa-6489	57	43	)	)	PUNCT
ajfa-6489	57	44	.	.	PUNCT
ajfa-6489	58	1	2.2	2.2	NUM
ajfa-6489	58	2	shareholder	shareholder	NOUN
ajfa-6489	58	3	ownership	ownership	NOUN
ajfa-6489	58	4	dimensions	dimension	NOUN
ajfa-6489	58	5	and	and	CCONJ
ajfa-6489	58	6	its	its	PRON
ajfa-6489	58	7	influence	influence	NOUN
ajfa-6489	58	8	on	on	ADP
ajfa-6489	58	9	company	company	NOUN
ajfa-6489	58	10	performance	performance	NOUN
ajfa-6489	58	11	the	the	DET
ajfa-6489	58	12	nature	nature	NOUN
ajfa-6489	58	13	of	of	ADP
ajfa-6489	58	14	influence	influence	NOUN
ajfa-6489	58	15	shareholders	shareholder	NOUN
ajfa-6489	58	16	can	can	AUX
ajfa-6489	58	17	have	have	VERB
ajfa-6489	58	18	in	in	ADP
ajfa-6489	58	19	companies	company	NOUN
ajfa-6489	58	20	also	also	ADV
ajfa-6489	58	21	depends	depend	VERB
ajfa-6489	58	22	on	on	ADP
ajfa-6489	58	23	their	their	PRON
ajfa-6489	58	24	ownership	ownership	NOUN
ajfa-6489	58	25	dimension	dimension	NOUN
ajfa-6489	58	26	.	.	PUNCT
ajfa-6489	59	1	in	in	ADP
ajfa-6489	59	2	this	this	DET
ajfa-6489	59	3	regard	regard	NOUN
ajfa-6489	59	4	,	,	PUNCT
ajfa-6489	59	5	mintzberg	mintzberg	PROPN
ajfa-6489	59	6	(	(	PUNCT
ajfa-6489	59	7	1983	1983	NUM
ajfa-6489	59	8	)	)	PUNCT
ajfa-6489	59	9	provides	provide	VERB
ajfa-6489	59	10	two	two	NUM
ajfa-6489	59	11	dimensions	dimension	NOUN
ajfa-6489	59	12	of	of	ADP
ajfa-6489	59	13	ownership	ownership	NOUN
ajfa-6489	59	14	,	,	PUNCT
ajfa-6489	59	15	that	that	ADV
ajfa-6489	59	16	is	be	AUX
ajfa-6489	59	17	,	,	PUNCT
ajfa-6489	59	18	concentration	concentration	NOUN
ajfa-6489	59	19	and	and	CCONJ
ajfa-6489	59	20	involvement	involvement	NOUN
ajfa-6489	59	21	.	.	PUNCT
ajfa-6489	60	1	concentration	concentration	NOUN
ajfa-6489	60	2	refers	refer	VERB
ajfa-6489	60	3	to	to	ADP
ajfa-6489	60	4	whether	whether	SCONJ
ajfa-6489	60	5	the	the	DET
ajfa-6489	60	6	company	company	NOUN
ajfa-6489	60	7	is	be	AUX
ajfa-6489	60	8	closely	closely	ADV
ajfa-6489	60	9	-	-	PUNCT
ajfa-6489	60	10	held	hold	VERB
ajfa-6489	60	11	or	or	CCONJ
ajfa-6489	60	12	wildly	wildly	ADV
ajfa-6489	60	13	-	-	PUNCT
ajfa-6489	60	14	held	hold	VERB
ajfa-6489	60	15	and	and	CCONJ
ajfa-6489	60	16	involvement	involvement	NOUN
ajfa-6489	60	17	measures	measure	NOUN
ajfa-6489	60	18	whether	whether	SCONJ
ajfa-6489	60	19	the	the	DET
ajfa-6489	60	20	type	type	NOUN
ajfa-6489	60	21	of	of	ADP
ajfa-6489	60	22	ownership	ownership	NOUN
ajfa-6489	60	23	has	have	VERB
ajfa-6489	60	24	the	the	DET
ajfa-6489	60	25	ability	ability	NOUN
ajfa-6489	60	26	to	to	PART
ajfa-6489	60	27	influence	influence	VERB
ajfa-6489	60	28	the	the	DET
ajfa-6489	60	29	decision	decision	NOUN
ajfa-6489	60	30	-	-	PUNCT
ajfa-6489	60	31	making	make	VERB
ajfa-6489	60	32	power	power	NOUN
ajfa-6489	60	33	of	of	ADP
ajfa-6489	60	34	the	the	DET
ajfa-6489	60	35	company	company	NOUN
ajfa-6489	60	36	.	.	PUNCT
ajfa-6489	61	1	mintzberg	mintzberg	PROPN
ajfa-6489	61	2	(	(	PUNCT
ajfa-6489	61	3	1983	1983	NUM
ajfa-6489	61	4	)	)	PUNCT
ajfa-6489	61	5	categorises	categorise	VERB
ajfa-6489	61	6	corporate	corporate	ADJ
ajfa-6489	61	7	ownership	ownership	NOUN
ajfa-6489	61	8	into	into	ADP
ajfa-6489	61	9	four	four	NUM
ajfa-6489	61	10	different	different	ADJ
ajfa-6489	61	11	types	type	NOUN
ajfa-6489	61	12	:	:	PUNCT
ajfa-6489	61	13	(	(	PUNCT
ajfa-6489	61	14	i	i	NOUN
ajfa-6489	61	15	)	)	PUNCT
ajfa-6489	61	16	dispersed	disperse	VERB
ajfa-6489	61	17	-	-	PUNCT
ajfa-6489	61	18	detached	detach	VERB
ajfa-6489	61	19	;	;	PUNCT
ajfa-6489	61	20	(	(	PUNCT
ajfa-6489	61	21	ii	ii	NOUN
ajfa-6489	61	22	)	)	PUNCT
ajfa-6489	61	23	dispersed	disperse	VERB
ajfa-6489	61	24	-	-	PUNCT
ajfa-6489	61	25	involved	involve	VERB
ajfa-6489	61	26	;	;	PUNCT
ajfa-6489	61	27	(	(	PUNCT
ajfa-6489	61	28	iii	iii	X
ajfa-6489	61	29	)	)	PUNCT
ajfa-6489	61	30	concentrated	concentrate	VERB
ajfa-6489	61	31	-	-	PUNCT
ajfa-6489	61	32	detached	detach	VERB
ajfa-6489	61	33	;	;	PUNCT
ajfa-6489	61	34	and	and	CCONJ
ajfa-6489	61	35	(	(	PUNCT
ajfa-6489	61	36	iv	iv	X
ajfa-6489	61	37	)	)	PUNCT
ajfa-6489	61	38	concentrated	concentrate	VERB
ajfa-6489	61	39	-	-	PUNCT
ajfa-6489	61	40	involved	involve	VERB
ajfa-6489	61	41	.	.	PUNCT
ajfa-6489	62	1	according	accord	VERB
ajfa-6489	62	2	to	to	ADP
ajfa-6489	62	3	mintzberg	mintzberg	PROPN
ajfa-6489	62	4	(	(	PUNCT
ajfa-6489	62	5	1983	1983	NUM
ajfa-6489	62	6	)	)	PUNCT
ajfa-6489	62	7	,	,	PUNCT
ajfa-6489	62	8	the	the	DET
ajfa-6489	62	9	more	more	ADV
ajfa-6489	62	10	involved	involved	ADJ
ajfa-6489	62	11	and	and	CCONJ
ajfa-6489	62	12	more	more	ADV
ajfa-6489	62	13	concentrated	concentrated	ADJ
ajfa-6489	62	14	owners	owner	NOUN
ajfa-6489	62	15	will	will	AUX
ajfa-6489	62	16	have	have	VERB
ajfa-6489	62	17	greater	great	ADJ
ajfa-6489	62	18	influence	influence	NOUN
ajfa-6489	62	19	on	on	ADP
ajfa-6489	62	20	decision	decision	NOUN
ajfa-6489	62	21	-	-	PUNCT
ajfa-6489	62	22	making	make	VERB
ajfa-6489	62	23	processes	process	NOUN
ajfa-6489	62	24	.	.	PUNCT
ajfa-6489	63	1	for	for	ADP
ajfa-6489	63	2	example	example	NOUN
ajfa-6489	63	3	,	,	PUNCT
ajfa-6489	63	4	large	large	ADJ
ajfa-6489	63	5	blockholders	blockholder	NOUN
ajfa-6489	63	6	and	and	CCONJ
ajfa-6489	63	7	institutional	institutional	ADJ
ajfa-6489	63	8	investors	investor	NOUN
ajfa-6489	63	9	can	can	AUX
ajfa-6489	63	10	appoint	appoint	VERB
ajfa-6489	63	11	a	a	DET
ajfa-6489	63	12	representative	representative	NOUN
ajfa-6489	63	13	(	(	PUNCT
ajfa-6489	63	14	nominee	nominee	NOUN
ajfa-6489	63	15	)	)	PUNCT
ajfa-6489	63	16	on	on	ADP
ajfa-6489	63	17	the	the	DET
ajfa-6489	63	18	board	board	NOUN
ajfa-6489	63	19	(	(	PUNCT
ajfa-6489	63	20	greater	great	ADJ
ajfa-6489	63	21	influence	influence	NOUN
ajfa-6489	63	22	)	)	PUNCT
ajfa-6489	63	23	and/or	and/or	CCONJ
ajfa-6489	63	24	have	have	VERB
ajfa-6489	63	25	a	a	DET
ajfa-6489	63	26	regular	regular	ADJ
ajfa-6489	63	27	meeting	meeting	NOUN
ajfa-6489	63	28	with	with	ADP
ajfa-6489	63	29	the	the	DET
ajfa-6489	63	30	board	board	NOUN
ajfa-6489	63	31	and	and	CCONJ
ajfa-6489	63	32	the	the	DET
ajfa-6489	63	33	ceo	ceo	NOUN
ajfa-6489	63	34	(	(	PUNCT
ajfa-6489	63	35	become	become	VERB
ajfa-6489	63	36	involved	involved	ADJ
ajfa-6489	63	37	)	)	PUNCT
ajfa-6489	63	38	,	,	PUNCT
ajfa-6489	63	39	which	which	PRON
ajfa-6489	63	40	provides	provide	VERB
ajfa-6489	63	41	opportunity	opportunity	NOUN
ajfa-6489	63	42	to	to	PART
ajfa-6489	63	43	monitor	monitor	VERB
ajfa-6489	63	44	managerial	managerial	ADJ
ajfa-6489	63	45	decisions	decision	NOUN
ajfa-6489	63	46	.	.	PUNCT
ajfa-6489	64	1	different	different	ADJ
ajfa-6489	64	2	ownership	ownership	NOUN
ajfa-6489	64	3	concentration	concentration	NOUN
ajfa-6489	64	4	gives	give	VERB
ajfa-6489	64	5	different	different	ADJ
ajfa-6489	64	6	levels	level	NOUN
ajfa-6489	64	7	of	of	ADP
ajfa-6489	64	8	power	power	NOUN
ajfa-6489	64	9	,	,	PUNCT
ajfa-6489	64	10	that	that	PRON
ajfa-6489	64	11	is	be	AUX
ajfa-6489	64	12	:	:	PUNCT
ajfa-6489	64	13	formal	formal	ADJ
ajfa-6489	64	14	authority	authority	NOUN
ajfa-6489	64	15	,	,	PUNCT
ajfa-6489	64	16	social	social	ADJ
ajfa-6489	64	17	influence	influence	NOUN
ajfa-6489	64	18	,	,	PUNCT
ajfa-6489	64	19	and	and	CCONJ
ajfa-6489	64	20	expertise	expertise	NOUN
ajfa-6489	64	21	.	.	PUNCT
ajfa-6489	65	1	arguably	arguably	ADV
ajfa-6489	65	2	,	,	PUNCT
ajfa-6489	65	3	the	the	DET
ajfa-6489	65	4	level	level	NOUN
ajfa-6489	65	5	of	of	ADP
ajfa-6489	65	6	power	power	NOUN
ajfa-6489	65	7	that	that	PRON
ajfa-6489	65	8	shareholders	shareholder	NOUN
ajfa-6489	65	9	have	have	AUX
ajfa-6489	65	10	in	in	ADP
ajfa-6489	65	11	companies	company	NOUN
ajfa-6489	65	12	determines	determine	VERB
ajfa-6489	65	13	their	their	PRON
ajfa-6489	65	14	nature	nature	NOUN
ajfa-6489	65	15	of	of	ADP
ajfa-6489	65	16	involvement	involvement	NOUN
ajfa-6489	65	17	.	.	PUNCT
ajfa-6489	66	1	therefore	therefore	ADV
ajfa-6489	66	2	,	,	PUNCT
ajfa-6489	66	3	it	it	PRON
ajfa-6489	66	4	is	be	AUX
ajfa-6489	66	5	argued	argue	VERB
ajfa-6489	66	6	that	that	SCONJ
ajfa-6489	66	7	monitoring	monitoring	NOUN
ajfa-6489	66	8	by	by	ADP
ajfa-6489	66	9	different	different	ADJ
ajfa-6489	66	10	types	type	NOUN
ajfa-6489	66	11	of	of	ADP
ajfa-6489	66	12	shareholders	shareholder	NOUN
ajfa-6489	66	13	would	would	AUX
ajfa-6489	66	14	lead	lead	VERB
ajfa-6489	66	15	to	to	ADP
ajfa-6489	66	16	different	different	ADJ
ajfa-6489	66	17	outcomes	outcome	NOUN
ajfa-6489	66	18	.	.	PUNCT
ajfa-6489	67	1	for	for	ADP
ajfa-6489	67	2	example	example	NOUN
ajfa-6489	67	3	,	,	PUNCT
ajfa-6489	67	4	nickel	nickel	NOUN
ajfa-6489	67	5	,	,	PUNCT
ajfa-6489	67	6	nicolitsas	nicolitsa	NOUN
ajfa-6489	67	7	and	and	CCONJ
ajfa-6489	67	8	dryden	dryden	PROPN
ajfa-6489	67	9	(	(	PUNCT
ajfa-6489	67	10	1997	1997	NUM
ajfa-6489	67	11	)	)	PUNCT
ajfa-6489	67	12	investigated	investigate	VERB
ajfa-6489	67	13	the	the	DET
ajfa-6489	67	14	relationship	relationship	NOUN
ajfa-6489	67	15	between	between	ADP
ajfa-6489	67	16	different	different	ADJ
ajfa-6489	67	17	types	type	NOUN
ajfa-6489	67	18	of	of	ADP
ajfa-6489	67	19	outside	outside	ADJ
ajfa-6489	67	20	asian	asian	ADJ
ajfa-6489	67	21	journal	journal	NOUN
ajfa-6489	67	22	of	of	ADP
ajfa-6489	67	23	finance	finance	PROPN
ajfa-6489	67	24	&	&	CCONJ
ajfa-6489	67	25	accounting	accounting	PROPN
ajfa-6489	67	26	issn	issn	PROPN
ajfa-6489	67	27	1946	1946	NUM
ajfa-6489	67	28	-	-	PUNCT
ajfa-6489	67	29	052x	052x	NOUN
ajfa-6489	67	30	2015	2015	NUM
ajfa-6489	67	31	,	,	PUNCT
ajfa-6489	67	32	vol	vol	NOUN
ajfa-6489	67	33	.	.	PROPN
ajfa-6489	68	1	7	7	NUM
ajfa-6489	68	2	,	,	PUNCT
ajfa-6489	68	3	no	no	INTJ
ajfa-6489	68	4	.	.	NOUN
ajfa-6489	68	5	1	1	NUM
ajfa-6489	68	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	68	7	18	18	NUM
ajfa-6489	68	8	ownership	ownership	NOUN
ajfa-6489	68	9	and	and	CCONJ
ajfa-6489	68	10	company	company	NOUN
ajfa-6489	68	11	productivity	productivity	NOUN
ajfa-6489	68	12	after	after	ADP
ajfa-6489	68	13	controlling	control	VERB
ajfa-6489	68	14	for	for	ADP
ajfa-6489	68	15	the	the	DET
ajfa-6489	68	16	product	product	NOUN
ajfa-6489	68	17	market	market	NOUN
ajfa-6489	68	18	competition	competition	NOUN
ajfa-6489	68	19	,	,	PUNCT
ajfa-6489	68	20	financial	financial	ADJ
ajfa-6489	68	21	market	market	NOUN
ajfa-6489	68	22	pressure	pressure	NOUN
ajfa-6489	68	23	,	,	PUNCT
ajfa-6489	68	24	and	and	CCONJ
ajfa-6489	68	25	shareholder	shareholder	NOUN
ajfa-6489	68	26	control	control	NOUN
ajfa-6489	68	27	.	.	PUNCT
ajfa-6489	69	1	they	they	PRON
ajfa-6489	69	2	report	report	VERB
ajfa-6489	69	3	that	that	SCONJ
ajfa-6489	69	4	the	the	DET
ajfa-6489	69	5	dominant	dominant	ADJ
ajfa-6489	69	6	external	external	ADJ
ajfa-6489	69	7	shareholders	shareholder	NOUN
ajfa-6489	69	8	have	have	VERB
ajfa-6489	69	9	no	no	DET
ajfa-6489	69	10	effect	effect	NOUN
ajfa-6489	69	11	on	on	ADP
ajfa-6489	69	12	company	company	NOUN
ajfa-6489	69	13	performance	performance	NOUN
ajfa-6489	69	14	,	,	PUNCT
ajfa-6489	69	15	except	except	SCONJ
ajfa-6489	69	16	when	when	SCONJ
ajfa-6489	69	17	the	the	DET
ajfa-6489	69	18	dominant	dominant	ADJ
ajfa-6489	69	19	external	external	ADJ
ajfa-6489	69	20	shareholder	shareholder	NOUN
ajfa-6489	69	21	is	be	AUX
ajfa-6489	69	22	a	a	DET
ajfa-6489	69	23	financial	financial	ADJ
ajfa-6489	69	24	institution	institution	NOUN
ajfa-6489	69	25	.	.	PUNCT
ajfa-6489	70	1	chaganti	chaganti	NOUN
ajfa-6489	70	2	and	and	CCONJ
ajfa-6489	70	3	damanpour	damanpour	PROPN
ajfa-6489	70	4	(	(	PUNCT
ajfa-6489	70	5	1991	1991	NUM
ajfa-6489	70	6	)	)	PUNCT
ajfa-6489	70	7	investigated	investigate	VERB
ajfa-6489	70	8	the	the	DET
ajfa-6489	70	9	effect	effect	NOUN
ajfa-6489	70	10	of	of	ADP
ajfa-6489	70	11	institutional	institutional	ADJ
ajfa-6489	70	12	investors	investor	NOUN
ajfa-6489	70	13	on	on	ADP
ajfa-6489	70	14	40	40	NUM
ajfa-6489	70	15	pairs	pair	NOUN
ajfa-6489	70	16	of	of	ADP
ajfa-6489	70	17	manufacturing	manufacturing	NOUN
ajfa-6489	70	18	companies	company	NOUN
ajfa-6489	70	19	in	in	ADP
ajfa-6489	70	20	40	40	NUM
ajfa-6489	70	21	industries	industry	NOUN
ajfa-6489	70	22	and	and	CCONJ
ajfa-6489	70	23	reported	report	VERB
ajfa-6489	70	24	that	that	DET
ajfa-6489	70	25	presence	presence	NOUN
ajfa-6489	70	26	of	of	ADP
ajfa-6489	70	27	higher	high	ADJ
ajfa-6489	70	28	proportion	proportion	NOUN
ajfa-6489	70	29	of	of	ADP
ajfa-6489	70	30	institutional	institutional	ADJ
ajfa-6489	70	31	investor	investor	NOUN
ajfa-6489	70	32	leads	lead	VERB
ajfa-6489	70	33	to	to	ADP
ajfa-6489	70	34	relatively	relatively	ADV
ajfa-6489	70	35	higher	high	ADJ
ajfa-6489	70	36	roes	roe	NOUN
ajfa-6489	70	37	.	.	PUNCT
ajfa-6489	71	1	harris	harris	PROPN
ajfa-6489	71	2	and	and	CCONJ
ajfa-6489	71	3	robinson	robinson	PROPN
ajfa-6489	71	4	(	(	PUNCT
ajfa-6489	71	5	2003	2003	NUM
ajfa-6489	71	6	)	)	PUNCT
ajfa-6489	71	7	,	,	PUNCT
ajfa-6489	71	8	report	report	VERB
ajfa-6489	71	9	that	that	DET
ajfa-6489	71	10	presence	presence	NOUN
ajfa-6489	71	11	of	of	ADP
ajfa-6489	71	12	foreign	foreign	ADJ
ajfa-6489	71	13	owners	owner	NOUN
ajfa-6489	71	14	in	in	ADP
ajfa-6489	71	15	companies	company	NOUN
ajfa-6489	71	16	in	in	ADP
ajfa-6489	71	17	the	the	DET
ajfa-6489	71	18	uk	uk	PROPN
ajfa-6489	71	19	manufacturing	manufacturing	NOUN
ajfa-6489	71	20	industry	industry	NOUN
ajfa-6489	71	21	leads	lead	VERB
ajfa-6489	71	22	to	to	ADP
ajfa-6489	71	23	an	an	DET
ajfa-6489	71	24	improvement	improvement	NOUN
ajfa-6489	71	25	in	in	ADP
ajfa-6489	71	26	the	the	DET
ajfa-6489	71	27	productivity	productivity	NOUN
ajfa-6489	71	28	.	.	PUNCT
ajfa-6489	72	1	gursoy	gursoy	NOUN
ajfa-6489	72	2	and	and	CCONJ
ajfa-6489	72	3	aydogan	aydogan	PROPN
ajfa-6489	72	4	(	(	PUNCT
ajfa-6489	72	5	2002	2002	NUM
ajfa-6489	72	6	)	)	PUNCT
ajfa-6489	72	7	,	,	PUNCT
ajfa-6489	72	8	reported	report	VERB
ajfa-6489	72	9	that	that	SCONJ
ajfa-6489	72	10	compared	compare	VERB
ajfa-6489	72	11	to	to	ADP
ajfa-6489	72	12	family	family	NOUN
ajfa-6489	72	13	-	-	PUNCT
ajfa-6489	72	14	owned	own	VERB
ajfa-6489	72	15	companies	company	NOUN
ajfa-6489	72	16	,	,	PUNCT
ajfa-6489	72	17	government	government	NOUN
ajfa-6489	72	18	-	-	PUNCT
ajfa-6489	72	19	owned	own	VERB
ajfa-6489	72	20	companies	company	NOUN
ajfa-6489	72	21	have	have	VERB
ajfa-6489	72	22	lower	low	ADJ
ajfa-6489	72	23	accounting	accounting	NOUN
ajfa-6489	72	24	-	-	PUNCT
ajfa-6489	72	25	based	base	VERB
ajfa-6489	72	26	returns	return	NOUN
ajfa-6489	72	27	but	but	CCONJ
ajfa-6489	72	28	higher	high	ADJ
ajfa-6489	72	29	market	market	NOUN
ajfa-6489	72	30	-	-	PUNCT
ajfa-6489	72	31	based	base	VERB
ajfa-6489	72	32	returns	return	NOUN
ajfa-6489	72	33	in	in	ADP
ajfa-6489	72	34	turkish	turkish	ADJ
ajfa-6489	72	35	listed	list	VERB
ajfa-6489	72	36	companies	company	NOUN
ajfa-6489	72	37	.	.	PUNCT
ajfa-6489	73	1	sun	sun	PROPN
ajfa-6489	73	2	,	,	PUNCT
ajfa-6489	73	3	tong	tong	PROPN
ajfa-6489	73	4	and	and	CCONJ
ajfa-6489	73	5	tong	tong	PROPN
ajfa-6489	73	6	(	(	PUNCT
ajfa-6489	73	7	2002	2002	NUM
ajfa-6489	73	8	)	)	PUNCT
ajfa-6489	73	9	,	,	PUNCT
ajfa-6489	73	10	report	report	VERB
ajfa-6489	73	11	that	that	SCONJ
ajfa-6489	73	12	the	the	DET
ajfa-6489	73	13	relationship	relationship	NOUN
ajfa-6489	73	14	between	between	ADP
ajfa-6489	73	15	government	government	NOUN
ajfa-6489	73	16	ownership	ownership	NOUN
ajfa-6489	73	17	and	and	CCONJ
ajfa-6489	73	18	companies	company	NOUN
ajfa-6489	73	19	’	'	PUNCT
ajfa-6489	73	20	financial	financial	ADJ
ajfa-6489	73	21	performance	performance	NOUN
ajfa-6489	73	22	follow	follow	VERB
ajfa-6489	73	23	an	an	DET
ajfa-6489	73	24	inverted	inverted	ADJ
ajfa-6489	73	25	u	u	NOUN
ajfa-6489	73	26	-	-	NOUN
ajfa-6489	73	27	shape	shape	NOUN
ajfa-6489	73	28	pattern	pattern	NOUN
ajfa-6489	73	29	in	in	ADP
ajfa-6489	73	30	china	china	PROPN
ajfa-6489	73	31	.	.	PUNCT
ajfa-6489	74	1	rosen	rosen	PROPN
ajfa-6489	74	2	and	and	CCONJ
ajfa-6489	74	3	quarrey	quarrey	PROPN
ajfa-6489	74	4	(	(	PUNCT
ajfa-6489	74	5	1987	1987	NUM
ajfa-6489	74	6	)	)	PUNCT
ajfa-6489	74	7	,	,	PUNCT
ajfa-6489	74	8	studied	study	VERB
ajfa-6489	74	9	employee	employee	NOUN
ajfa-6489	74	10	participation	participation	NOUN
ajfa-6489	74	11	in	in	ADP
ajfa-6489	74	12	decision	decision	NOUN
ajfa-6489	74	13	-	-	PUNCT
ajfa-6489	74	14	making	make	VERB
ajfa-6489	74	15	processes	process	NOUN
ajfa-6489	74	16	when	when	SCONJ
ajfa-6489	74	17	employees	employee	NOUN
ajfa-6489	74	18	have	have	VERB
ajfa-6489	74	19	ownerships	ownership	NOUN
ajfa-6489	74	20	in	in	ADP
ajfa-6489	74	21	companies	company	NOUN
ajfa-6489	74	22	and	and	CCONJ
ajfa-6489	74	23	report	report	VERB
ajfa-6489	74	24	that	that	SCONJ
ajfa-6489	74	25	it	it	PRON
ajfa-6489	74	26	enhances	enhance	VERB
ajfa-6489	74	27	company	company	NOUN
ajfa-6489	74	28	performance	performance	NOUN
ajfa-6489	74	29	.	.	PUNCT
ajfa-6489	75	1	the	the	DET
ajfa-6489	75	2	findings	finding	NOUN
ajfa-6489	75	3	reported	report	VERB
ajfa-6489	75	4	above	above	ADP
ajfa-6489	75	5	provide	provide	VERB
ajfa-6489	75	6	support	support	NOUN
ajfa-6489	75	7	to	to	ADP
ajfa-6489	75	8	the	the	DET
ajfa-6489	75	9	view	view	NOUN
ajfa-6489	75	10	that	that	SCONJ
ajfa-6489	75	11	ownership	ownership	NOUN
ajfa-6489	75	12	concentration	concentration	NOUN
ajfa-6489	75	13	level	level	NOUN
ajfa-6489	75	14	play	play	VERB
ajfa-6489	75	15	an	an	DET
ajfa-6489	75	16	important	important	ADJ
ajfa-6489	75	17	role	role	NOUN
ajfa-6489	75	18	in	in	ADP
ajfa-6489	75	19	regard	regard	NOUN
ajfa-6489	75	20	to	to	ADP
ajfa-6489	75	21	how	how	SCONJ
ajfa-6489	75	22	companies	company	NOUN
ajfa-6489	75	23	perform	perform	VERB
ajfa-6489	75	24	,	,	PUNCT
ajfa-6489	75	25	managed	manage	VERB
ajfa-6489	75	26	and	and	CCONJ
ajfa-6489	75	27	controlled	control	VERB
ajfa-6489	75	28	.	.	PUNCT
ajfa-6489	76	1	however	however	ADV
ajfa-6489	76	2	,	,	PUNCT
ajfa-6489	76	3	it	it	PRON
ajfa-6489	76	4	is	be	AUX
ajfa-6489	76	5	not	not	PART
ajfa-6489	76	6	clear	clear	ADJ
ajfa-6489	76	7	whether	whether	SCONJ
ajfa-6489	76	8	shareholders	shareholder	NOUN
ajfa-6489	76	9	will	will	AUX
ajfa-6489	76	10	behave	behave	VERB
ajfa-6489	76	11	in	in	ADP
ajfa-6489	76	12	a	a	DET
ajfa-6489	76	13	similar	similar	ADJ
ajfa-6489	76	14	way	way	NOUN
ajfa-6489	76	15	during	during	ADP
ajfa-6489	76	16	the	the	DET
ajfa-6489	76	17	financial	financial	ADJ
ajfa-6489	76	18	crisis	crisis	NOUN
ajfa-6489	76	19	period	period	NOUN
ajfa-6489	76	20	.	.	PUNCT
ajfa-6489	77	1	2.3shareholder	2.3shareholder	NUM
ajfa-6489	77	2	identity	identity	NOUN
ajfa-6489	77	3	and	and	CCONJ
ajfa-6489	77	4	influence	influence	NOUN
ajfa-6489	77	5	on	on	ADP
ajfa-6489	77	6	company	company	NOUN
ajfa-6489	77	7	performance	performance	NOUN
ajfa-6489	77	8	prior	prior	ADJ
ajfa-6489	77	9	studies	study	NOUN
ajfa-6489	77	10	investigating	investigate	VERB
ajfa-6489	77	11	ownership	ownership	NOUN
ajfa-6489	77	12	-	-	PUNCT
ajfa-6489	77	13	performance	performance	NOUN
ajfa-6489	77	14	relationship	relationship	NOUN
ajfa-6489	77	15	have	have	AUX
ajfa-6489	77	16	mainly	mainly	ADV
ajfa-6489	77	17	focused	focus	VERB
ajfa-6489	77	18	on	on	ADP
ajfa-6489	77	19	the	the	DET
ajfa-6489	77	20	conventional	conventional	ADJ
ajfa-6489	77	21	separation	separation	NOUN
ajfa-6489	77	22	of	of	ADP
ajfa-6489	77	23	ownership	ownership	NOUN
ajfa-6489	77	24	and	and	CCONJ
ajfa-6489	77	25	control	control	NOUN
ajfa-6489	77	26	concept	concept	NOUN
ajfa-6489	77	27	,	,	PUNCT
ajfa-6489	77	28	that	that	ADV
ajfa-6489	77	29	is	is	ADV
ajfa-6489	77	30	,	,	PUNCT
ajfa-6489	77	31	whether	whether	SCONJ
ajfa-6489	77	32	insider	insider	NOUN
ajfa-6489	77	33	ownership	ownership	NOUN
ajfa-6489	77	34	and/or	and/or	CCONJ
ajfa-6489	77	35	blockholding	blockholde	VERB
ajfa-6489	77	36	lead	lead	NOUN
ajfa-6489	77	37	to	to	ADP
ajfa-6489	77	38	better	well	ADJ
ajfa-6489	77	39	financial	financial	ADJ
ajfa-6489	77	40	performance	performance	NOUN
ajfa-6489	77	41	.	.	PUNCT
ajfa-6489	78	1	they	they	PRON
ajfa-6489	78	2	have	have	AUX
ajfa-6489	78	3	assumed	assume	VERB
ajfa-6489	78	4	that	that	SCONJ
ajfa-6489	78	5	all	all	DET
ajfa-6489	78	6	shareholders	shareholder	NOUN
ajfa-6489	78	7	’	'	PUNCT
ajfa-6489	78	8	have	have	VERB
ajfa-6489	78	9	homogeneous	homogeneous	ADJ
ajfa-6489	78	10	goal	goal	NOUN
ajfa-6489	78	11	.	.	PUNCT
ajfa-6489	79	1	this	this	DET
ajfa-6489	79	2	assumption	assumption	NOUN
ajfa-6489	79	3	has	have	AUX
ajfa-6489	79	4	been	be	AUX
ajfa-6489	79	5	challenged	challenge	VERB
ajfa-6489	79	6	by	by	ADP
ajfa-6489	79	7	kang	kang	PROPN
ajfa-6489	79	8	and	and	CCONJ
ajfa-6489	79	9	sorensen	sorensen	PROPN
ajfa-6489	79	10	(	(	PUNCT
ajfa-6489	79	11	1999)who	1999)who	NUM
ajfa-6489	79	12	argue	argue	VERB
ajfa-6489	79	13	that	that	SCONJ
ajfa-6489	79	14	shareholders	shareholder	NOUN
ajfa-6489	79	15	are	be	AUX
ajfa-6489	79	16	not	not	PART
ajfa-6489	79	17	always	always	ADV
ajfa-6489	79	18	homogenous	homogenous	ADJ
ajfa-6489	79	19	as	as	SCONJ
ajfa-6489	79	20	they	they	PRON
ajfa-6489	79	21	have	have	AUX
ajfa-6489	79	22	not	not	PART
ajfa-6489	79	23	only	only	ADV
ajfa-6489	79	24	different	different	ADJ
ajfa-6489	79	25	ownership	ownership	NOUN
ajfa-6489	79	26	concentrations	concentration	NOUN
ajfa-6489	79	27	but	but	CCONJ
ajfa-6489	79	28	also	also	ADV
ajfa-6489	79	29	identities	identity	NOUN
ajfa-6489	79	30	.	.	PUNCT
ajfa-6489	80	1	for	for	ADP
ajfa-6489	80	2	example	example	NOUN
ajfa-6489	80	3	,	,	PUNCT
ajfa-6489	80	4	inside	inside	ADP
ajfa-6489	80	5	owners	owner	NOUN
ajfa-6489	80	6	and	and	CCONJ
ajfa-6489	80	7	block	block	NOUN
ajfa-6489	80	8	owners	owner	NOUN
ajfa-6489	80	9	can	can	AUX
ajfa-6489	80	10	be	be	AUX
ajfa-6489	80	11	either	either	CCONJ
ajfa-6489	80	12	institutional	institutional	ADJ
ajfa-6489	80	13	investors	investor	NOUN
ajfa-6489	80	14	,	,	PUNCT
ajfa-6489	80	15	corporate	corporate	ADJ
ajfa-6489	80	16	investors	investor	NOUN
ajfa-6489	80	17	,	,	PUNCT
ajfa-6489	80	18	government	government	NOUN
ajfa-6489	80	19	investors	investor	NOUN
ajfa-6489	80	20	,	,	PUNCT
ajfa-6489	80	21	individual	individual	ADJ
ajfa-6489	80	22	investors	investor	NOUN
ajfa-6489	80	23	,	,	PUNCT
ajfa-6489	80	24	and	and	CCONJ
ajfa-6489	80	25	employee	employee	NOUN
ajfa-6489	80	26	stock	stock	NOUN
ajfa-6489	80	27	ownership	ownership	NOUN
ajfa-6489	80	28	plans	plan	NOUN
ajfa-6489	80	29	(	(	PUNCT
ajfa-6489	80	30	boone	boone	PROPN
ajfa-6489	80	31	et	et	PROPN
ajfa-6489	80	32	al	al	PROPN
ajfa-6489	80	33	.	.	PROPN
ajfa-6489	80	34	,	,	PUNCT
ajfa-6489	80	35	2011	2011	NUM
ajfa-6489	80	36	)	)	PUNCT
ajfa-6489	80	37	.	.	PUNCT
ajfa-6489	81	1	identities	identity	NOUN
ajfa-6489	81	2	of	of	ADP
ajfa-6489	81	3	block	block	NOUN
ajfa-6489	81	4	owners	owner	NOUN
ajfa-6489	81	5	such	such	ADJ
ajfa-6489	81	6	as	as	ADP
ajfa-6489	81	7	family	family	NOUN
ajfa-6489	81	8	,	,	PUNCT
ajfa-6489	81	9	government	government	NOUN
ajfa-6489	81	10	or	or	CCONJ
ajfa-6489	81	11	corporate	corporate	ADJ
ajfa-6489	81	12	may	may	AUX
ajfa-6489	81	13	have	have	VERB
ajfa-6489	81	14	objectives	objective	NOUN
ajfa-6489	81	15	that	that	PRON
ajfa-6489	81	16	differ	differ	VERB
ajfa-6489	81	17	substantially	substantially	ADV
ajfa-6489	81	18	from	from	ADP
ajfa-6489	81	19	shareholder	shareholder	NOUN
ajfa-6489	81	20	maximization	maximization	NOUN
ajfa-6489	81	21	(	(	PUNCT
ajfa-6489	81	22	thomsen	thomsen	PROPN
ajfa-6489	81	23	&	&	CCONJ
ajfa-6489	81	24	pedersen	pedersen	PROPN
ajfa-6489	81	25	,	,	PUNCT
ajfa-6489	81	26	2003	2003	NUM
ajfa-6489	81	27	)	)	PUNCT
ajfa-6489	81	28	.	.	PUNCT
ajfa-6489	82	1	similarly	similarly	ADV
ajfa-6489	82	2	,	,	PUNCT
ajfa-6489	82	3	corporate	corporate	ADJ
ajfa-6489	82	4	shareholders	shareholder	NOUN
ajfa-6489	82	5	focus	focus	VERB
ajfa-6489	82	6	on	on	ADP
ajfa-6489	82	7	both	both	CCONJ
ajfa-6489	82	8	the	the	DET
ajfa-6489	82	9	short	short	ADJ
ajfa-6489	82	10	-	-	PUNCT
ajfa-6489	82	11	term	term	NOUN
ajfa-6489	82	12	and	and	CCONJ
ajfa-6489	82	13	long	long	ADJ
ajfa-6489	82	14	-	-	PUNCT
ajfa-6489	82	15	term	term	NOUN
ajfa-6489	82	16	performance	performance	NOUN
ajfa-6489	82	17	and	and	CCONJ
ajfa-6489	82	18	therefore	therefore	ADV
ajfa-6489	82	19	,	,	PUNCT
ajfa-6489	82	20	play	play	VERB
ajfa-6489	82	21	an	an	DET
ajfa-6489	82	22	active	active	ADJ
ajfa-6489	82	23	role	role	NOUN
ajfa-6489	82	24	at	at	ADP
ajfa-6489	82	25	the	the	DET
ajfa-6489	82	26	strategic	strategic	ADJ
ajfa-6489	82	27	and	and	CCONJ
ajfa-6489	82	28	operational	operational	ADJ
ajfa-6489	82	29	level	level	NOUN
ajfa-6489	82	30	decisions	decision	NOUN
ajfa-6489	82	31	of	of	ADP
ajfa-6489	82	32	the	the	DET
ajfa-6489	82	33	company	company	NOUN
ajfa-6489	82	34	.	.	PUNCT
ajfa-6489	83	1	on	on	ADP
ajfa-6489	83	2	the	the	DET
ajfa-6489	83	3	other	other	ADJ
ajfa-6489	83	4	hand	hand	NOUN
ajfa-6489	83	5	,	,	PUNCT
ajfa-6489	83	6	institutional	institutional	ADJ
ajfa-6489	83	7	investors	investor	NOUN
ajfa-6489	83	8	seek	seek	VERB
ajfa-6489	83	9	long	long	ADJ
ajfa-6489	83	10	-	-	PUNCT
ajfa-6489	83	11	term	term	NOUN
ajfa-6489	83	12	returns	return	NOUN
ajfa-6489	83	13	and	and	CCONJ
ajfa-6489	83	14	do	do	AUX
ajfa-6489	83	15	not	not	PART
ajfa-6489	83	16	pay	pay	VERB
ajfa-6489	83	17	much	much	ADJ
ajfa-6489	83	18	attention	attention	NOUN
ajfa-6489	83	19	to	to	ADP
ajfa-6489	83	20	companies	company	NOUN
ajfa-6489	83	21	’	'	PUNCT
ajfa-6489	83	22	short	short	ADJ
ajfa-6489	83	23	-	-	PUNCT
ajfa-6489	83	24	term	term	NOUN
ajfa-6489	83	25	decision	decision	NOUN
ajfa-6489	83	26	making	make	VERB
ajfa-6489	83	27	processes	process	NOUN
ajfa-6489	83	28	.	.	PUNCT
ajfa-6489	84	1	therefore	therefore	ADV
ajfa-6489	84	2	,	,	PUNCT
ajfa-6489	84	3	corporate	corporate	ADJ
ajfa-6489	84	4	shareholders	shareholder	NOUN
ajfa-6489	84	5	have	have	VERB
ajfa-6489	84	6	higher	high	ADJ
ajfa-6489	84	7	involvement	involvement	NOUN
ajfa-6489	84	8	compared	compare	VERB
ajfa-6489	84	9	to	to	ADP
ajfa-6489	84	10	the	the	DET
ajfa-6489	84	11	institutional	institutional	ADJ
ajfa-6489	84	12	shareholders	shareholder	NOUN
ajfa-6489	84	13	.	.	PUNCT
ajfa-6489	85	1	different	different	ADJ
ajfa-6489	85	2	types	type	NOUN
ajfa-6489	85	3	of	of	ADP
ajfa-6489	85	4	shareholders	shareholder	NOUN
ajfa-6489	85	5	also	also	ADV
ajfa-6489	85	6	have	have	VERB
ajfa-6489	85	7	different	different	ADJ
ajfa-6489	85	8	behavioral	behavioral	ADJ
ajfa-6489	85	9	characteristics	characteristic	NOUN
ajfa-6489	85	10	which	which	PRON
ajfa-6489	85	11	allow	allow	VERB
ajfa-6489	85	12	them	they	PRON
ajfa-6489	85	13	to	to	PART
ajfa-6489	85	14	have	have	VERB
ajfa-6489	85	15	different	different	ADJ
ajfa-6489	85	16	level	level	NOUN
ajfa-6489	85	17	of	of	ADP
ajfa-6489	85	18	involvement	involvement	NOUN
ajfa-6489	85	19	and	and	CCONJ
ajfa-6489	85	20	therefore	therefore	ADV
ajfa-6489	85	21	,	,	PUNCT
ajfa-6489	85	22	have	have	VERB
ajfa-6489	85	23	different	different	ADJ
ajfa-6489	85	24	level	level	NOUN
ajfa-6489	85	25	of	of	ADP
ajfa-6489	85	26	influence	influence	NOUN
ajfa-6489	85	27	on	on	ADP
ajfa-6489	85	28	companies	company	NOUN
ajfa-6489	85	29	.	.	PUNCT
ajfa-6489	86	1	through	through	ADP
ajfa-6489	86	2	their	their	PRON
ajfa-6489	86	3	involvement	involvement	NOUN
ajfa-6489	86	4	and	and	CCONJ
ajfa-6489	86	5	influence	influence	NOUN
ajfa-6489	86	6	,	,	PUNCT
ajfa-6489	86	7	different	different	ADJ
ajfa-6489	86	8	shareholders	shareholder	NOUN
ajfa-6489	86	9	achieve	achieve	VERB
ajfa-6489	86	10	different	different	ADJ
ajfa-6489	86	11	outcomes	outcome	NOUN
ajfa-6489	86	12	from	from	ADP
ajfa-6489	86	13	companies	company	NOUN
ajfa-6489	86	14	in	in	ADP
ajfa-6489	86	15	which	which	PRON
ajfa-6489	86	16	they	they	PRON
ajfa-6489	86	17	invest	invest	VERB
ajfa-6489	86	18	.	.	PUNCT
ajfa-6489	87	1	according	accord	VERB
ajfa-6489	87	2	to	to	ADP
ajfa-6489	87	3	kang	kang	PROPN
ajfa-6489	87	4	and	and	CCONJ
ajfa-6489	87	5	sorensen	sorensen	PROPN
ajfa-6489	87	6	(	(	PUNCT
ajfa-6489	87	7	1999	1999	NUM
ajfa-6489	87	8	)	)	PUNCT
ajfa-6489	87	9	,	,	PUNCT
ajfa-6489	87	10	the	the	DET
ajfa-6489	87	11	nature	nature	NOUN
ajfa-6489	87	12	of	of	ADP
ajfa-6489	87	13	social	social	ADJ
ajfa-6489	87	14	interactions	interaction	NOUN
ajfa-6489	87	15	between	between	ADP
ajfa-6489	87	16	shareholders	shareholder	NOUN
ajfa-6489	87	17	and	and	CCONJ
ajfa-6489	87	18	management	management	NOUN
ajfa-6489	87	19	is	be	AUX
ajfa-6489	87	20	an	an	DET
ajfa-6489	87	21	important	important	ADJ
ajfa-6489	87	22	way	way	NOUN
ajfa-6489	87	23	shareholders	shareholder	NOUN
ajfa-6489	87	24	’	'	PUNCT
ajfa-6489	87	25	influence	influence	NOUN
ajfa-6489	87	26	the	the	DET
ajfa-6489	87	27	decision	decision	NOUN
ajfa-6489	87	28	making	make	VERB
ajfa-6489	87	29	processes	process	NOUN
ajfa-6489	87	30	.	.	PUNCT
ajfa-6489	88	1	in	in	ADP
ajfa-6489	88	2	particular	particular	ADJ
ajfa-6489	88	3	,	,	PUNCT
ajfa-6489	88	4	the	the	DET
ajfa-6489	88	5	identity	identity	NOUN
ajfa-6489	88	6	of	of	ADP
ajfa-6489	88	7	shareholder	shareholder	NOUN
ajfa-6489	88	8	has	have	VERB
ajfa-6489	88	9	potential	potential	NOUN
ajfa-6489	88	10	to	to	PART
ajfa-6489	88	11	influence	influence	VERB
ajfa-6489	88	12	decision	decision	NOUN
ajfa-6489	88	13	making	make	VERB
ajfa-6489	88	14	processes	process	NOUN
ajfa-6489	88	15	in	in	ADP
ajfa-6489	88	16	companies	company	NOUN
ajfa-6489	88	17	.	.	PUNCT
ajfa-6489	89	1	from	from	ADP
ajfa-6489	89	2	the	the	DET
ajfa-6489	89	3	corporate	corporate	ADJ
ajfa-6489	89	4	governance	governance	NOUN
ajfa-6489	89	5	point	point	NOUN
ajfa-6489	89	6	of	of	ADP
ajfa-6489	89	7	view	view	NOUN
ajfa-6489	89	8	,	,	PUNCT
ajfa-6489	89	9	the	the	DET
ajfa-6489	89	10	type	type	NOUN
ajfa-6489	89	11	of	of	ADP
ajfa-6489	89	12	asian	asian	ADJ
ajfa-6489	89	13	journal	journal	NOUN
ajfa-6489	89	14	of	of	ADP
ajfa-6489	89	15	finance	finance	PROPN
ajfa-6489	89	16	&	&	CCONJ
ajfa-6489	89	17	accounting	accounting	PROPN
ajfa-6489	89	18	issn	issn	PROPN
ajfa-6489	89	19	1946	1946	NUM
ajfa-6489	89	20	-	-	PUNCT
ajfa-6489	89	21	052x	052x	NOUN
ajfa-6489	89	22	2015	2015	NUM
ajfa-6489	89	23	,	,	PUNCT
ajfa-6489	89	24	vol	vol	NOUN
ajfa-6489	89	25	.	.	PROPN
ajfa-6489	89	26	7	7	NUM
ajfa-6489	89	27	,	,	PUNCT
ajfa-6489	89	28	no	no	INTJ
ajfa-6489	89	29	.	.	NOUN
ajfa-6489	89	30	1	1	NUM
ajfa-6489	89	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	89	32	19	19	NUM
ajfa-6489	89	33	interpersonal	interpersonal	ADJ
ajfa-6489	89	34	relationships	relationship	NOUN
ajfa-6489	89	35	can	can	AUX
ajfa-6489	89	36	significantly	significantly	ADV
ajfa-6489	89	37	affect	affect	VERB
ajfa-6489	89	38	the	the	DET
ajfa-6489	89	39	resource	resource	NOUN
ajfa-6489	89	40	allocation	allocation	NOUN
ajfa-6489	89	41	decisions	decision	NOUN
ajfa-6489	89	42	in	in	ADP
ajfa-6489	89	43	firms	firm	NOUN
ajfa-6489	89	44	(	(	PUNCT
ajfa-6489	89	45	pfeffer	pfeffer	PROPN
ajfa-6489	89	46	,	,	PUNCT
ajfa-6489	89	47	1992	1992	NUM
ajfa-6489	89	48	)	)	PUNCT
ajfa-6489	89	49	.	.	PUNCT
ajfa-6489	90	1	for	for	ADP
ajfa-6489	90	2	example	example	NOUN
ajfa-6489	90	3	,	,	PUNCT
ajfa-6489	90	4	the	the	DET
ajfa-6489	90	5	employee	employee	NOUN
ajfa-6489	90	6	shareholders	shareholder	NOUN
ajfa-6489	90	7	are	be	AUX
ajfa-6489	90	8	able	able	ADJ
ajfa-6489	90	9	to	to	PART
ajfa-6489	90	10	influence	influence	VERB
ajfa-6489	90	11	decision	decision	NOUN
ajfa-6489	90	12	-	-	PUNCT
ajfa-6489	90	13	making	make	VERB
ajfa-6489	90	14	processes	process	NOUN
ajfa-6489	90	15	through	through	ADP
ajfa-6489	90	16	social	social	ADJ
ajfa-6489	90	17	interactions	interaction	NOUN
ajfa-6489	90	18	and	and	CCONJ
ajfa-6489	90	19	their	their	PRON
ajfa-6489	90	20	long	long	ADJ
ajfa-6489	90	21	-	-	PUNCT
ajfa-6489	90	22	term	term	NOUN
ajfa-6489	90	23	relationship	relationship	NOUN
ajfa-6489	90	24	creates	create	VERB
ajfa-6489	90	25	powerful	powerful	ADJ
ajfa-6489	90	26	reputational	reputational	ADJ
ajfa-6489	90	27	effect	effect	NOUN
ajfa-6489	90	28	(	(	PUNCT
ajfa-6489	90	29	anderson	anderson	PROPN
ajfa-6489	90	30	and	and	CCONJ
ajfa-6489	90	31	reeb	reeb	PROPN
ajfa-6489	90	32	,	,	PUNCT
ajfa-6489	90	33	2004	2004	NUM
ajfa-6489	90	34	)	)	PUNCT
ajfa-6489	90	35	which	which	PRON
ajfa-6489	90	36	allow	allow	VERB
ajfa-6489	90	37	them	they	PRON
ajfa-6489	90	38	to	to	PART
ajfa-6489	90	39	form	form	VERB
ajfa-6489	90	40	a	a	DET
ajfa-6489	90	41	closer	close	ADJ
ajfa-6489	90	42	bond	bond	NOUN
ajfa-6489	90	43	between	between	ADP
ajfa-6489	90	44	the	the	DET
ajfa-6489	90	45	management	management	NOUN
ajfa-6489	90	46	and	and	CCONJ
ajfa-6489	90	47	the	the	DET
ajfa-6489	90	48	board	board	NOUN
ajfa-6489	90	49	.	.	PUNCT
ajfa-6489	91	1	it	it	PRON
ajfa-6489	91	2	is	be	AUX
ajfa-6489	91	3	argued	argue	VERB
ajfa-6489	91	4	that	that	SCONJ
ajfa-6489	91	5	a	a	DET
ajfa-6489	91	6	higher	high	ADJ
ajfa-6489	91	7	level	level	NOUN
ajfa-6489	91	8	of	of	ADP
ajfa-6489	91	9	involvement	involvement	NOUN
ajfa-6489	91	10	by	by	ADP
ajfa-6489	91	11	employees	employee	NOUN
ajfa-6489	91	12	have	have	VERB
ajfa-6489	91	13	potential	potential	NOUN
ajfa-6489	91	14	to	to	PART
ajfa-6489	91	15	reduce	reduce	VERB
ajfa-6489	91	16	agency	agency	NOUN
ajfa-6489	91	17	costs	cost	NOUN
ajfa-6489	91	18	(	(	PUNCT
ajfa-6489	91	19	jensen	jensen	PROPN
ajfa-6489	91	20	and	and	CCONJ
ajfa-6489	91	21	meckling	meckling	NOUN
ajfa-6489	91	22	,	,	PUNCT
ajfa-6489	91	23	1976	1976	NUM
ajfa-6489	91	24	)	)	PUNCT
ajfa-6489	91	25	on	on	ADP
ajfa-6489	91	26	one	one	NUM
ajfa-6489	91	27	hand	hand	NOUN
ajfa-6489	91	28	,	,	PUNCT
ajfa-6489	91	29	but	but	CCONJ
ajfa-6489	91	30	on	on	ADP
ajfa-6489	91	31	the	the	DET
ajfa-6489	91	32	other	other	ADJ
ajfa-6489	91	33	,	,	PUNCT
ajfa-6489	91	34	closer	close	ADJ
ajfa-6489	91	35	relationship	relationship	NOUN
ajfa-6489	91	36	between	between	ADP
ajfa-6489	91	37	employees	employee	NOUN
ajfa-6489	91	38	allows	allow	VERB
ajfa-6489	91	39	managers	manager	NOUN
ajfa-6489	91	40	with	with	ADP
ajfa-6489	91	41	opportunities	opportunity	NOUN
ajfa-6489	91	42	to	to	PART
ajfa-6489	91	43	extract	extract	VERB
ajfa-6489	91	44	private	private	ADJ
ajfa-6489	91	45	benefits	benefit	NOUN
ajfa-6489	91	46	of	of	ADP
ajfa-6489	91	47	control	control	NOUN
ajfa-6489	91	48	(	(	PUNCT
ajfa-6489	91	49	fama	fama	PROPN
ajfa-6489	91	50	and	and	CCONJ
ajfa-6489	91	51	jensen	jensen	PROPN
ajfa-6489	91	52	,	,	PUNCT
ajfa-6489	91	53	1983a	1983a	NUM
ajfa-6489	91	54	)	)	PUNCT
ajfa-6489	91	55	.	.	PUNCT
ajfa-6489	92	1	in	in	ADP
ajfa-6489	92	2	addition	addition	NOUN
ajfa-6489	92	3	,	,	PUNCT
ajfa-6489	92	4	a	a	DET
ajfa-6489	92	5	closer	close	ADJ
ajfa-6489	92	6	relationship	relationship	NOUN
ajfa-6489	92	7	with	with	ADP
ajfa-6489	92	8	the	the	DET
ajfa-6489	92	9	board	board	NOUN
ajfa-6489	92	10	/	/	SYM
ajfa-6489	92	11	management	management	NOUN
ajfa-6489	92	12	provides	provide	VERB
ajfa-6489	92	13	some	some	DET
ajfa-6489	92	14	employees	employee	NOUN
ajfa-6489	92	15	with	with	ADP
ajfa-6489	92	16	opportunities	opportunity	NOUN
ajfa-6489	92	17	to	to	PART
ajfa-6489	92	18	extract	extract	VERB
ajfa-6489	92	19	private	private	ADJ
ajfa-6489	92	20	benefit	benefit	NOUN
ajfa-6489	92	21	,	,	PUNCT
ajfa-6489	92	22	such	such	ADJ
ajfa-6489	92	23	as	as	ADP
ajfa-6489	92	24	obtaining	obtain	VERB
ajfa-6489	92	25	appointment	appointment	NOUN
ajfa-6489	92	26	at	at	ADP
ajfa-6489	92	27	management	management	NOUN
ajfa-6489	92	28	positions	position	NOUN
ajfa-6489	92	29	and/or	and/or	CCONJ
ajfa-6489	92	30	other	other	ADJ
ajfa-6489	92	31	perquisites	perquisite	NOUN
ajfa-6489	92	32	as	as	ADV
ajfa-6489	92	33	well	well	ADV
ajfa-6489	92	34	.	.	PUNCT
ajfa-6489	93	1	on	on	ADP
ajfa-6489	93	2	the	the	DET
ajfa-6489	93	3	other	other	ADJ
ajfa-6489	93	4	hand	hand	NOUN
ajfa-6489	93	5	,	,	PUNCT
ajfa-6489	93	6	foreign	foreign	ADJ
ajfa-6489	93	7	shareholders	shareholder	NOUN
ajfa-6489	93	8	are	be	AUX
ajfa-6489	93	9	geographically	geographically	ADV
ajfa-6489	93	10	located	locate	VERB
ajfa-6489	93	11	outside	outside	ADP
ajfa-6489	93	12	the	the	DET
ajfa-6489	93	13	country	country	NOUN
ajfa-6489	93	14	,	,	PUNCT
ajfa-6489	93	15	which	which	PRON
ajfa-6489	93	16	make	make	VERB
ajfa-6489	93	17	it	it	PRON
ajfa-6489	93	18	difficult	difficult	ADJ
ajfa-6489	93	19	for	for	SCONJ
ajfa-6489	93	20	them	they	PRON
ajfa-6489	93	21	to	to	PART
ajfa-6489	93	22	get	get	VERB
ajfa-6489	93	23	closer	close	ADJ
ajfa-6489	93	24	to	to	ADP
ajfa-6489	93	25	the	the	DET
ajfa-6489	93	26	directors	director	NOUN
ajfa-6489	93	27	and	and	CCONJ
ajfa-6489	93	28	influence	influence	NOUN
ajfa-6489	93	29	decision	decision	NOUN
ajfa-6489	93	30	making	make	VERB
ajfa-6489	93	31	processes	process	NOUN
ajfa-6489	93	32	,	,	PUNCT
ajfa-6489	93	33	thus	thus	ADV
ajfa-6489	93	34	giving	give	VERB
ajfa-6489	93	35	rise	rise	NOUN
ajfa-6489	93	36	to	to	ADP
ajfa-6489	93	37	higher	high	ADJ
ajfa-6489	93	38	monitoring	monitoring	NOUN
ajfa-6489	93	39	costs	cost	NOUN
ajfa-6489	93	40	.	.	PUNCT
ajfa-6489	94	1	although	although	SCONJ
ajfa-6489	94	2	this	this	PRON
ajfa-6489	94	3	is	be	AUX
ajfa-6489	94	4	a	a	DET
ajfa-6489	94	5	detached	detached	ADJ
ajfa-6489	94	6	ownership	ownership	NOUN
ajfa-6489	94	7	structure	structure	NOUN
ajfa-6489	94	8	,	,	PUNCT
ajfa-6489	94	9	their	their	PRON
ajfa-6489	94	10	experience	experience	NOUN
ajfa-6489	94	11	and	and	CCONJ
ajfa-6489	94	12	expertise	expertise	NOUN
ajfa-6489	94	13	are	be	AUX
ajfa-6489	94	14	highly	highly	ADV
ajfa-6489	94	15	regarded	regard	VERB
ajfa-6489	94	16	and	and	CCONJ
ajfa-6489	94	17	they	they	PRON
ajfa-6489	94	18	have	have	VERB
ajfa-6489	94	19	a	a	DET
ajfa-6489	94	20	tendency	tendency	NOUN
ajfa-6489	94	21	to	to	PART
ajfa-6489	94	22	influence	influence	VERB
ajfa-6489	94	23	decision	decision	NOUN
ajfa-6489	94	24	making	making	NOUN
ajfa-6489	94	25	by	by	ADP
ajfa-6489	94	26	providing	provide	VERB
ajfa-6489	94	27	their	their	PRON
ajfa-6489	94	28	expertise	expertise	NOUN
ajfa-6489	94	29	.	.	PUNCT
ajfa-6489	95	1	on	on	ADP
ajfa-6489	95	2	the	the	DET
ajfa-6489	95	3	other	other	ADJ
ajfa-6489	95	4	hand	hand	NOUN
ajfa-6489	95	5	,	,	PUNCT
ajfa-6489	95	6	block	block	NOUN
ajfa-6489	95	7	holders	holder	NOUN
ajfa-6489	95	8	and	and	CCONJ
ajfa-6489	95	9	institutional	institutional	ADJ
ajfa-6489	95	10	investors	investor	NOUN
ajfa-6489	95	11	through	through	ADP
ajfa-6489	95	12	social	social	ADJ
ajfa-6489	95	13	interactions	interaction	NOUN
ajfa-6489	95	14	with	with	ADP
ajfa-6489	95	15	ceos	ceo	NOUN
ajfa-6489	95	16	are	be	AUX
ajfa-6489	95	17	able	able	ADJ
ajfa-6489	95	18	to	to	PART
ajfa-6489	95	19	appoint	appoint	VERB
ajfa-6489	95	20	more	more	ADV
ajfa-6489	95	21	outside	outside	ADJ
ajfa-6489	95	22	directors	director	NOUN
ajfa-6489	95	23	or	or	CCONJ
ajfa-6489	95	24	independent	independent	ADJ
ajfa-6489	95	25	directors	director	NOUN
ajfa-6489	95	26	on	on	ADP
ajfa-6489	95	27	the	the	DET
ajfa-6489	95	28	board	board	NOUN
ajfa-6489	95	29	,	,	PUNCT
ajfa-6489	95	30	and	and	CCONJ
ajfa-6489	95	31	ceos	ceo	NOUN
ajfa-6489	95	32	which	which	PRON
ajfa-6489	95	33	as	as	ADP
ajfa-6489	95	34	a	a	DET
ajfa-6489	95	35	result	result	NOUN
ajfa-6489	95	36	,	,	PUNCT
ajfa-6489	95	37	are	be	AUX
ajfa-6489	95	38	more	more	ADV
ajfa-6489	95	39	likely	likely	ADJ
ajfa-6489	95	40	to	to	PART
ajfa-6489	95	41	negotiate	negotiate	VERB
ajfa-6489	95	42	golden	golden	ADJ
ajfa-6489	95	43	parachute	parachute	NOUN
ajfa-6489	95	44	deals	deal	NOUN
ajfa-6489	95	45	into	into	ADP
ajfa-6489	95	46	their	their	PRON
ajfa-6489	95	47	contracts(wade	contracts(wade	PROPN
ajfa-6489	95	48	et	et	PROPN
ajfa-6489	95	49	al	al	PROPN
ajfa-6489	95	50	.	.	PROPN
ajfa-6489	95	51	,	,	PUNCT
ajfa-6489	95	52	1990	1990	NUM
ajfa-6489	95	53	)	)	PUNCT
ajfa-6489	95	54	.	.	PUNCT
ajfa-6489	96	1	zajac	zajac	PROPN
ajfa-6489	96	2	and	and	CCONJ
ajfa-6489	96	3	westphal	westphal	PROPN
ajfa-6489	96	4	(	(	PUNCT
ajfa-6489	96	5	1995	1995	NUM
ajfa-6489	96	6	;	;	PUNCT
ajfa-6489	96	7	1996)argue	1996)argue	NUM
ajfa-6489	96	8	that	that	SCONJ
ajfa-6489	96	9	the	the	DET
ajfa-6489	96	10	demographic	demographic	ADJ
ajfa-6489	96	11	background	background	NOUN
ajfa-6489	96	12	of	of	ADP
ajfa-6489	96	13	the	the	DET
ajfa-6489	96	14	directors	director	NOUN
ajfa-6489	96	15	may	may	AUX
ajfa-6489	96	16	also	also	ADV
ajfa-6489	96	17	provide	provide	VERB
ajfa-6489	96	18	a	a	DET
ajfa-6489	96	19	source	source	NOUN
ajfa-6489	96	20	of	of	ADP
ajfa-6489	96	21	political	political	ADJ
ajfa-6489	96	22	power	power	NOUN
ajfa-6489	96	23	which	which	PRON
ajfa-6489	96	24	shareholders	shareholder	NOUN
ajfa-6489	96	25	can	can	AUX
ajfa-6489	96	26	exploit	exploit	VERB
ajfa-6489	96	27	by	by	ADP
ajfa-6489	96	28	building	build	VERB
ajfa-6489	96	29	relationships	relationship	NOUN
ajfa-6489	96	30	which	which	PRON
ajfa-6489	96	31	in	in	ADP
ajfa-6489	96	32	turn	turn	NOUN
ajfa-6489	96	33	allows	allow	VERB
ajfa-6489	96	34	them	they	PRON
ajfa-6489	96	35	to	to	PART
ajfa-6489	96	36	influence	influence	VERB
ajfa-6489	96	37	the	the	DET
ajfa-6489	96	38	decision	decision	NOUN
ajfa-6489	96	39	making	make	VERB
ajfa-6489	96	40	processes	process	NOUN
ajfa-6489	96	41	.	.	PUNCT
ajfa-6489	97	1	similarly	similarly	ADV
ajfa-6489	97	2	,	,	PUNCT
ajfa-6489	97	3	large	large	ADJ
ajfa-6489	97	4	shareholders	shareholder	NOUN
ajfa-6489	97	5	’	'	PUNCT
ajfa-6489	97	6	who	who	PRON
ajfa-6489	97	7	have	have	VERB
ajfa-6489	97	8	superior	superior	ADJ
ajfa-6489	97	9	knowledge	knowledge	NOUN
ajfa-6489	97	10	about	about	ADP
ajfa-6489	97	11	the	the	DET
ajfa-6489	97	12	industry	industry	NOUN
ajfa-6489	97	13	in	in	ADP
ajfa-6489	97	14	which	which	PRON
ajfa-6489	97	15	the	the	DET
ajfa-6489	97	16	company	company	NOUN
ajfa-6489	97	17	belongs	belong	VERB
ajfa-6489	97	18	to	to	ADP
ajfa-6489	97	19	,	,	PUNCT
ajfa-6489	97	20	which	which	PRON
ajfa-6489	97	21	allows	allow	VERB
ajfa-6489	97	22	them	they	PRON
ajfa-6489	97	23	to	to	PART
ajfa-6489	97	24	provide	provide	VERB
ajfa-6489	97	25	expertise	expertise	NOUN
ajfa-6489	97	26	to	to	ADP
ajfa-6489	97	27	the	the	DET
ajfa-6489	97	28	management	management	NOUN
ajfa-6489	97	29	regarding	regard	VERB
ajfa-6489	97	30	critical	critical	ADJ
ajfa-6489	97	31	environmental	environmental	ADJ
ajfa-6489	97	32	forces	force	NOUN
ajfa-6489	97	33	facing	face	VERB
ajfa-6489	97	34	the	the	DET
ajfa-6489	97	35	company	company	NOUN
ajfa-6489	97	36	,	,	PUNCT
ajfa-6489	97	37	have	have	VERB
ajfa-6489	97	38	different	different	ADJ
ajfa-6489	97	39	influence	influence	NOUN
ajfa-6489	97	40	on	on	ADP
ajfa-6489	97	41	decision	decision	NOUN
ajfa-6489	97	42	-making	-making	NOUN
ajfa-6489	97	43	.	.	PUNCT
ajfa-6489	98	1	this	this	DET
ajfa-6489	98	2	power	power	NOUN
ajfa-6489	98	3	is	be	AUX
ajfa-6489	98	4	specific	specific	ADJ
ajfa-6489	98	5	to	to	ADP
ajfa-6489	98	6	the	the	DET
ajfa-6489	98	7	shareholder(s	shareholder(s	NOUN
ajfa-6489	98	8	)	)	PUNCT
ajfa-6489	98	9	and	and	CCONJ
ajfa-6489	98	10	knowledgeable	knowledgeable	ADJ
ajfa-6489	98	11	shareholders	shareholder	NOUN
ajfa-6489	98	12	are	be	AUX
ajfa-6489	98	13	the	the	DET
ajfa-6489	98	14	intangible	intangible	ADJ
ajfa-6489	98	15	assets	asset	NOUN
ajfa-6489	98	16	of	of	ADP
ajfa-6489	98	17	the	the	DET
ajfa-6489	98	18	companies	company	NOUN
ajfa-6489	98	19	.	.	PUNCT
ajfa-6489	99	1	since	since	SCONJ
ajfa-6489	99	2	all	all	DET
ajfa-6489	99	3	these	these	DET
ajfa-6489	99	4	types	type	NOUN
ajfa-6489	99	5	of	of	ADP
ajfa-6489	99	6	shareholders	shareholder	NOUN
ajfa-6489	99	7	want	want	VERB
ajfa-6489	99	8	to	to	PART
ajfa-6489	99	9	maximise	maximise	VERB
ajfa-6489	99	10	company	company	NOUN
ajfa-6489	99	11	value	value	NOUN
ajfa-6489	99	12	,	,	PUNCT
ajfa-6489	99	13	shareholder	shareholder	NOUN
ajfa-6489	99	14	expertise	expertise	NOUN
ajfa-6489	99	15	contributes	contribute	VERB
ajfa-6489	99	16	positively	positively	ADV
ajfa-6489	99	17	towards	towards	ADP
ajfa-6489	99	18	this	this	DET
ajfa-6489	99	19	goal(kang	goal(kang	PROPN
ajfa-6489	99	20	and	and	CCONJ
ajfa-6489	99	21	sorensen	sorensen	PROPN
ajfa-6489	99	22	,	,	PUNCT
ajfa-6489	99	23	1999	1999	NUM
ajfa-6489	99	24	)	)	PUNCT
ajfa-6489	99	25	.	.	PUNCT
ajfa-6489	100	1	however	however	ADV
ajfa-6489	100	2	,	,	PUNCT
ajfa-6489	100	3	the	the	DET
ajfa-6489	100	4	government	government	NOUN
ajfa-6489	100	5	/	/	SYM
ajfa-6489	100	6	state	state	NOUN
ajfa-6489	100	7	ownership	ownership	NOUN
ajfa-6489	100	8	is	be	AUX
ajfa-6489	100	9	an	an	DET
ajfa-6489	100	10	involvement	involvement	NOUN
ajfa-6489	100	11	ownership	ownership	NOUN
ajfa-6489	100	12	type	type	NOUN
ajfa-6489	100	13	that	that	PRON
ajfa-6489	100	14	has	have	VERB
ajfa-6489	100	15	a	a	DET
ajfa-6489	100	16	different	different	ADJ
ajfa-6489	100	17	influence	influence	NOUN
ajfa-6489	100	18	on	on	ADP
ajfa-6489	100	19	decision	decision	NOUN
ajfa-6489	100	20	making	making	NOUN
ajfa-6489	100	21	because	because	SCONJ
ajfa-6489	100	22	governments	government	NOUN
ajfa-6489	100	23	have	have	VERB
ajfa-6489	100	24	power	power	NOUN
ajfa-6489	100	25	not	not	PART
ajfa-6489	100	26	only	only	ADV
ajfa-6489	100	27	from	from	ADP
ajfa-6489	100	28	the	the	DET
ajfa-6489	100	29	corporate	corporate	ADJ
ajfa-6489	100	30	law	law	NOUN
ajfa-6489	100	31	and	and	CCONJ
ajfa-6489	100	32	property	property	NOUN
ajfa-6489	100	33	rights	right	NOUN
ajfa-6489	100	34	point	point	NOUN
ajfa-6489	100	35	of	of	ADP
ajfa-6489	100	36	view	view	NOUN
ajfa-6489	100	37	,	,	PUNCT
ajfa-6489	100	38	but	but	CCONJ
ajfa-6489	100	39	from	from	ADP
ajfa-6489	100	40	state	state	NOUN
ajfa-6489	100	41	policy	policy	NOUN
ajfa-6489	100	42	setting	setting	NOUN
ajfa-6489	100	43	,	,	PUNCT
ajfa-6489	100	44	implementation	implementation	NOUN
ajfa-6489	100	45	and	and	CCONJ
ajfa-6489	100	46	reputation	reputation	NOUN
ajfa-6489	100	47	point	point	NOUN
ajfa-6489	100	48	of	of	ADP
ajfa-6489	100	49	view	view	NOUN
ajfa-6489	100	50	as	as	ADV
ajfa-6489	100	51	well	well	ADV
ajfa-6489	100	52	.	.	PUNCT
ajfa-6489	101	1	the	the	DET
ajfa-6489	101	2	conflict	conflict	NOUN
ajfa-6489	101	3	of	of	ADP
ajfa-6489	101	4	interest	interest	NOUN
ajfa-6489	101	5	between	between	ADP
ajfa-6489	101	6	the	the	DET
ajfa-6489	101	7	government	government	NOUN
ajfa-6489	101	8	and	and	CCONJ
ajfa-6489	101	9	other	other	ADJ
ajfa-6489	101	10	shareholders	shareholder	NOUN
ajfa-6489	101	11	often	often	ADV
ajfa-6489	101	12	arises	arise	VERB
ajfa-6489	101	13	because	because	SCONJ
ajfa-6489	101	14	the	the	DET
ajfa-6489	101	15	state	state	NOUN
ajfa-6489	101	16	is	be	AUX
ajfa-6489	101	17	more	more	ADV
ajfa-6489	101	18	interested	interested	ADJ
ajfa-6489	101	19	in	in	ADP
ajfa-6489	101	20	political	political	ADJ
ajfa-6489	101	21	/	/	SYM
ajfa-6489	101	22	social	social	ADJ
ajfa-6489	101	23	outcomes	outcome	NOUN
ajfa-6489	101	24	compared	compare	VERB
ajfa-6489	101	25	to	to	ADP
ajfa-6489	101	26	the	the	DET
ajfa-6489	101	27	goals	goal	NOUN
ajfa-6489	101	28	of	of	ADP
ajfa-6489	101	29	the	the	DET
ajfa-6489	101	30	other	other	ADJ
ajfa-6489	101	31	shareholders	shareholder	NOUN
ajfa-6489	101	32	who	who	PRON
ajfa-6489	101	33	are	be	AUX
ajfa-6489	101	34	more	more	ADV
ajfa-6489	101	35	interested	interested	ADJ
ajfa-6489	101	36	in	in	ADP
ajfa-6489	101	37	the	the	DET
ajfa-6489	101	38	financial	financial	ADJ
ajfa-6489	101	39	returns	return	NOUN
ajfa-6489	101	40	.	.	PUNCT
ajfa-6489	102	1	indeed	indeed	ADV
ajfa-6489	102	2	,	,	PUNCT
ajfa-6489	102	3	according	accord	VERB
ajfa-6489	102	4	to	to	ADP
ajfa-6489	102	5	boycko	boycko	PROPN
ajfa-6489	102	6	,	,	PUNCT
ajfa-6489	102	7	shleifer	shleifer	NOUN
ajfa-6489	102	8	and	and	CCONJ
ajfa-6489	102	9	vishny	vishny	PROPN
ajfa-6489	102	10	(	(	PUNCT
ajfa-6489	102	11	1996	1996	NUM
ajfa-6489	102	12	)	)	PUNCT
ajfa-6489	102	13	,	,	PUNCT
ajfa-6489	102	14	the	the	DET
ajfa-6489	102	15	agency	agency	NOUN
ajfa-6489	102	16	problem	problem	NOUN
ajfa-6489	102	17	in	in	ADP
ajfa-6489	102	18	government	government	NOUN
ajfa-6489	102	19	-	-	PUNCT
ajfa-6489	102	20	owned	own	VERB
ajfa-6489	102	21	companies	company	NOUN
ajfa-6489	102	22	arises	arise	VERB
ajfa-6489	102	23	from	from	ADP
ajfa-6489	102	24	political	political	ADJ
ajfa-6489	102	25	issues	issue	NOUN
ajfa-6489	102	26	rather	rather	ADV
ajfa-6489	102	27	than	than	ADP
ajfa-6489	102	28	managerial	managerial	ADJ
ajfa-6489	102	29	issues	issue	NOUN
ajfa-6489	102	30	.	.	PUNCT
ajfa-6489	103	1	based	base	VERB
ajfa-6489	103	2	on	on	ADP
ajfa-6489	103	3	the	the	DET
ajfa-6489	103	4	above	above	ADJ
ajfa-6489	103	5	viewpoint	viewpoint	NOUN
ajfa-6489	103	6	,	,	PUNCT
ajfa-6489	103	7	weargue	weargue	VERB
ajfa-6489	103	8	that	that	SCONJ
ajfa-6489	103	9	both	both	DET
ajfa-6489	103	10	ownership	ownership	NOUN
ajfa-6489	103	11	concentration	concentration	NOUN
ajfa-6489	103	12	and	and	CCONJ
ajfa-6489	103	13	identity	identity	NOUN
ajfa-6489	103	14	provides	provide	VERB
ajfa-6489	103	15	different	different	ADJ
ajfa-6489	103	16	levels	level	NOUN
ajfa-6489	103	17	of	of	ADP
ajfa-6489	103	18	formal	formal	ADJ
ajfa-6489	103	19	authority	authority	NOUN
ajfa-6489	103	20	,	,	PUNCT
ajfa-6489	103	21	social	social	ADJ
ajfa-6489	103	22	influence	influence	NOUN
ajfa-6489	103	23	and	and	CCONJ
ajfa-6489	103	24	expertise	expertise	NOUN
ajfa-6489	103	25	power	power	NOUN
ajfa-6489	103	26	.	.	PUNCT
ajfa-6489	104	1	thus	thus	ADV
ajfa-6489	104	2	different	different	ADJ
ajfa-6489	104	3	shareholders	shareholder	NOUN
ajfa-6489	104	4	have	have	VERB
ajfa-6489	104	5	varying	vary	VERB
ajfa-6489	104	6	opportunity	opportunity	NOUN
ajfa-6489	104	7	to	to	PART
ajfa-6489	104	8	motivate	motivate	VERB
ajfa-6489	104	9	and	and	CCONJ
ajfa-6489	104	10	monitor	monitor	VERB
ajfa-6489	104	11	managerial	managerial	ADJ
ajfa-6489	104	12	behavior	behavior	NOUN
ajfa-6489	104	13	and	and	CCONJ
ajfa-6489	104	14	influence	influence	NOUN
ajfa-6489	104	15	decision	decision	NOUN
ajfa-6489	104	16	making	making	NOUN
ajfa-6489	104	17	processes	process	NOUN
ajfa-6489	104	18	will	will	AUX
ajfa-6489	104	19	do	do	VERB
ajfa-6489	104	20	so	so	ADV
ajfa-6489	104	21	based	base	VERB
ajfa-6489	104	22	on	on	ADP
ajfa-6489	104	23	their	their	PRON
ajfa-6489	104	24	goals	goal	NOUN
ajfa-6489	104	25	.	.	PUNCT
ajfa-6489	105	1	asian	asian	ADJ
ajfa-6489	105	2	journal	journal	PROPN
ajfa-6489	105	3	of	of	ADP
ajfa-6489	105	4	finance	finance	PROPN
ajfa-6489	105	5	&	&	CCONJ
ajfa-6489	105	6	accounting	accounting	PROPN
ajfa-6489	105	7	issn	issn	PROPN
ajfa-6489	105	8	1946	1946	NUM
ajfa-6489	105	9	-	-	PUNCT
ajfa-6489	105	10	052x	052x	NOUN
ajfa-6489	105	11	2015	2015	NUM
ajfa-6489	105	12	,	,	PUNCT
ajfa-6489	105	13	vol	vol	NOUN
ajfa-6489	105	14	.	.	PROPN
ajfa-6489	105	15	7	7	NUM
ajfa-6489	105	16	,	,	PUNCT
ajfa-6489	105	17	no	no	INTJ
ajfa-6489	105	18	.	.	NOUN
ajfa-6489	105	19	1	1	NUM
ajfa-6489	105	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6489	105	21	20	20	NUM
ajfa-6489	105	22	3	3	NUM
ajfa-6489	105	23	.	.	PUNCT
ajfa-6489	106	1	new	new	PROPN
ajfa-6489	106	2	zealand	zealand	PROPN
ajfa-6489	106	3	environment	environment	NOUN
ajfa-6489	106	4	identity	identity	NOUN
ajfa-6489	106	5	of	of	ADP
ajfa-6489	106	6	the	the	DET
ajfa-6489	106	7	owner	owner	NOUN
ajfa-6489	106	8	(	(	PUNCT
ajfa-6489	106	9	i.e.	i.e.	X
ajfa-6489	106	10	employee	employee	NOUN
ajfa-6489	106	11	,	,	PUNCT
ajfa-6489	106	12	corporate	corporate	ADJ
ajfa-6489	106	13	)	)	PUNCT
ajfa-6489	106	14	and	and	CCONJ
ajfa-6489	106	15	the	the	DET
ajfa-6489	106	16	ownership	ownership	NOUN
ajfa-6489	106	17	structure	structure	NOUN
ajfa-6489	106	18	(	(	PUNCT
ajfa-6489	106	19	block	block	NOUN
ajfa-6489	106	20	holding	holding	NOUN
ajfa-6489	106	21	)	)	PUNCT
ajfa-6489	106	22	of	of	ADP
ajfa-6489	106	23	the	the	DET
ajfa-6489	106	24	publicly	publicly	ADV
ajfa-6489	106	25	listed	list	VERB
ajfa-6489	106	26	companies	company	NOUN
ajfa-6489	106	27	in	in	ADP
ajfa-6489	106	28	new	new	PROPN
ajfa-6489	106	29	zealand	zealand	PROPN
ajfa-6489	106	30	make	make	VERB
ajfa-6489	106	31	this	this	DET
ajfa-6489	106	32	investigation	investigation	NOUN
ajfa-6489	106	33	interesting	interesting	ADJ
ajfa-6489	106	34	.	.	PUNCT
ajfa-6489	107	1	new	new	PROPN
ajfa-6489	107	2	zealand	zealand	PROPN
ajfa-6489	107	3	has	have	VERB
ajfa-6489	107	4	a	a	DET
ajfa-6489	107	5	small	small	ADJ
ajfa-6489	107	6	and	and	CCONJ
ajfa-6489	107	7	open	open	ADJ
ajfa-6489	107	8	economy	economy	NOUN
ajfa-6489	107	9	,	,	PUNCT
ajfa-6489	107	10	a	a	DET
ajfa-6489	107	11	mature	mature	ADJ
ajfa-6489	107	12	capital	capital	NOUN
ajfa-6489	107	13	market	market	NOUN
ajfa-6489	107	14	and	and	CCONJ
ajfa-6489	107	15	small	small	ADJ
ajfa-6489	107	16	number	number	NOUN
ajfa-6489	107	17	of	of	ADP
ajfa-6489	107	18	companies	company	NOUN
ajfa-6489	107	19	listed	list	VERB
ajfa-6489	107	20	compared	compare	VERB
ajfa-6489	107	21	to	to	ADP
ajfa-6489	107	22	the	the	DET
ajfa-6489	107	23	larger	large	ADJ
ajfa-6489	107	24	economies	economy	NOUN
ajfa-6489	107	25	of	of	ADP
ajfa-6489	107	26	australia	australia	PROPN
ajfa-6489	107	27	,	,	PUNCT
ajfa-6489	107	28	the	the	DET
ajfa-6489	107	29	usa	usa	PROPN
ajfa-6489	107	30	and	and	CCONJ
ajfa-6489	107	31	the	the	DET
ajfa-6489	107	32	uk	uk	PROPN
ajfa-6489	107	33	.	.	PUNCT
ajfa-6489	108	1	the	the	DET
ajfa-6489	108	2	size	size	NOUN
ajfa-6489	108	3	of	of	ADP
ajfa-6489	108	4	the	the	DET
ajfa-6489	108	5	companies	company	NOUN
ajfa-6489	108	6	in	in	ADP
ajfa-6489	108	7	new	new	PROPN
ajfa-6489	108	8	zealand	zealand	PROPN
ajfa-6489	108	9	is	be	AUX
ajfa-6489	108	10	much	much	ADV
ajfa-6489	108	11	smaller	small	ADJ
ajfa-6489	108	12	which	which	PRON
ajfa-6489	108	13	provides	provide	VERB
ajfa-6489	108	14	an	an	DET
ajfa-6489	108	15	environment	environment	NOUN
ajfa-6489	108	16	which	which	PRON
ajfa-6489	108	17	is	be	AUX
ajfa-6489	108	18	significantly	significantly	ADV
ajfa-6489	108	19	different	different	ADJ
ajfa-6489	108	20	from	from	ADP
ajfa-6489	108	21	the	the	DET
ajfa-6489	108	22	larger	large	ADJ
ajfa-6489	108	23	economies	economy	NOUN
ajfa-6489	108	24	where	where	SCONJ
ajfa-6489	108	25	most	most	ADJ
ajfa-6489	108	26	of	of	ADP
ajfa-6489	108	27	the	the	DET
ajfa-6489	108	28	prior	prior	ADJ
ajfa-6489	108	29	studies	study	NOUN
ajfa-6489	108	30	have	have	AUX
ajfa-6489	108	31	been	be	AUX
ajfa-6489	108	32	undertaken	undertake	VERB
ajfa-6489	108	33	.	.	PUNCT
ajfa-6489	109	1	the	the	DET
ajfa-6489	109	2	existence	existence	NOUN
ajfa-6489	109	3	of	of	ADP
ajfa-6489	109	4	a	a	DET
ajfa-6489	109	5	small	small	ADJ
ajfa-6489	109	6	capital	capital	NOUN
ajfa-6489	109	7	market	market	NOUN
ajfa-6489	109	8	makes	make	VERB
ajfa-6489	109	9	market	market	NOUN
ajfa-6489	109	10	for	for	ADP
ajfa-6489	109	11	corporate	corporate	ADJ
ajfa-6489	109	12	control	control	NOUN
ajfa-6489	109	13	irrelevant	irrelevant	ADJ
ajfa-6489	109	14	and	and	CCONJ
ajfa-6489	109	15	therefore	therefore	ADV
ajfa-6489	109	16	,	,	PUNCT
ajfa-6489	109	17	investors	investor	NOUN
ajfa-6489	109	18	rely	rely	VERB
ajfa-6489	109	19	on	on	ADP
ajfa-6489	109	20	alternative	alternative	ADJ
ajfa-6489	109	21	governance	governance	NOUN
ajfa-6489	109	22	mechanisms	mechanism	NOUN
ajfa-6489	109	23	such	such	ADJ
ajfa-6489	109	24	as	as	ADP
ajfa-6489	109	25	blockholding	blockholde	VERB
ajfa-6489	109	26	to	to	PART
ajfa-6489	109	27	mitigate	mitigate	VERB
ajfa-6489	109	28	agency	agency	NOUN
ajfa-6489	109	29	costs(boone	costs(boone	PROPN
ajfa-6489	109	30	et	et	PROPN
ajfa-6489	109	31	al	al	PROPN
ajfa-6489	109	32	.	.	PROPN
ajfa-6489	109	33	,	,	PUNCT
ajfa-6489	109	34	2011	2011	NUM
ajfa-6489	109	35	)	)	PUNCT
ajfa-6489	109	36	.	.	PUNCT
ajfa-6489	110	1	for	for	ADP
ajfa-6489	110	2	this	this	DET
ajfa-6489	110	3	reason	reason	NOUN
ajfa-6489	110	4	,	,	PUNCT
ajfa-6489	110	5	blockholding	blockholde	VERB
ajfa-6489	110	6	has	have	AUX
ajfa-6489	110	7	remained	remain	VERB
ajfa-6489	110	8	an	an	DET
ajfa-6489	110	9	important	important	ADJ
ajfa-6489	110	10	feature	feature	NOUN
ajfa-6489	110	11	of	of	ADP
ajfa-6489	110	12	new	new	PROPN
ajfa-6489	110	13	zealand	zealand	PROPN
ajfa-6489	110	14	listed	list	VERB
ajfa-6489	110	15	companies	company	NOUN
ajfa-6489	110	16	ownership	ownership	NOUN
ajfa-6489	110	17	structure	structure	NOUN
ajfa-6489	110	18	.	.	PUNCT
ajfa-6489	111	1	the	the	DET
ajfa-6489	111	2	evidence	evidence	NOUN
ajfa-6489	111	3	shows	show	VERB
ajfa-6489	111	4	that	that	SCONJ
ajfa-6489	111	5	blockholding	blockholde	VERB
ajfa-6489	111	6	in	in	ADP
ajfa-6489	111	7	new	new	PROPN
ajfa-6489	111	8	zealand	zealand	PROPN
ajfa-6489	111	9	has	have	AUX
ajfa-6489	111	10	relatively	relatively	ADV
ajfa-6489	111	11	remained	remain	VERB
ajfa-6489	111	12	unchanged	unchanged	ADJ
ajfa-6489	111	13	overtime	overtime	NOUN
ajfa-6489	111	14	.	.	PUNCT
ajfa-6489	112	1	for	for	ADP
ajfa-6489	112	2	example	example	NOUN
ajfa-6489	112	3	,	,	PUNCT
ajfa-6489	112	4	hossain	hossain	PROPN
ajfa-6489	112	5	,	,	PUNCT
ajfa-6489	112	6	provost	provost	NOUN
ajfa-6489	112	7	and	and	CCONJ
ajfa-6489	112	8	rao	rao	NOUN
ajfa-6489	112	9	(	(	PUNCT
ajfa-6489	112	10	2001	2001	NUM
ajfa-6489	112	11	)	)	PUNCT
ajfa-6489	112	12	reported	report	VERB
ajfa-6489	112	13	blockholding	blockholde	VERB
ajfa-6489	112	14	of	of	ADP
ajfa-6489	112	15	76	76	NUM
ajfa-6489	112	16	per	per	ADP
ajfa-6489	112	17	cent	cent	NOUN
ajfa-6489	112	18	(	(	PUNCT
ajfa-6489	112	19	20	20	NUM
ajfa-6489	112	20	largest	large	ADJ
ajfa-6489	112	21	shareholders	shareholder	NOUN
ajfa-6489	112	22	)	)	PUNCT
ajfa-6489	112	23	for	for	ADP
ajfa-6489	112	24	the	the	DET
ajfa-6489	112	25	period	period	NOUN
ajfa-6489	112	26	1991/97	1991/97	NUM
ajfa-6489	112	27	and	and	CCONJ
ajfa-6489	112	28	reddy	reddy	PROPN
ajfa-6489	112	29	,	,	PUNCT
ajfa-6489	112	30	locke	locke	PROPN
ajfa-6489	112	31	and	and	CCONJ
ajfa-6489	112	32	scrimgeour	scrimgeour	PROPN
ajfa-6489	112	33	(	(	PUNCT
ajfa-6489	112	34	2010	2010	NUM
ajfa-6489	112	35	)	)	PUNCT
ajfa-6489	112	36	reported	report	VERB
ajfa-6489	112	37	blockholding	blockholde	VERB
ajfa-6489	112	38	of	of	ADP
ajfa-6489	112	39	65	65	NUM
ajfa-6489	112	40	per	per	ADP
ajfa-6489	112	41	cent	cent	NOUN
ajfa-6489	112	42	for	for	ADP
ajfa-6489	112	43	the	the	DET
ajfa-6489	112	44	large	large	ADJ
ajfa-6489	112	45	companies	company	NOUN
ajfa-6489	112	46	in	in	ADP
ajfa-6489	112	47	1999/2007	1999/2007	NUM
ajfa-6489	112	48	.	.	PUNCT
ajfa-6489	112	49	table	table	NOUN
ajfa-6489	112	50	1reports	1reports	NUM
ajfa-6489	112	51	the	the	DET
ajfa-6489	112	52	ownership	ownership	NOUN
ajfa-6489	112	53	concentration	concentration	NOUN
ajfa-6489	112	54	of	of	ADP
ajfa-6489	112	55	the	the	DET
ajfa-6489	112	56	publicly	publicly	ADV
ajfa-6489	112	57	listed	list	VERB
ajfa-6489	112	58	companies	company	NOUN
ajfa-6489	112	59	in	in	ADP
ajfa-6489	112	60	new	new	PROPN
ajfa-6489	112	61	zealand	zealand	PROPN
ajfa-6489	112	62	.	.	PUNCT
ajfa-6489	113	1	between	between	ADP
ajfa-6489	113	2	2003	2003	NUM
ajfa-6489	113	3	and	and	CCONJ
ajfa-6489	113	4	2009	2009	NUM
ajfa-6489	113	5	,	,	PUNCT
ajfa-6489	113	6	the	the	DET
ajfa-6489	113	7	largest	large	ADJ
ajfa-6489	113	8	shareholder	shareholder	NOUN
ajfa-6489	113	9	held	hold	VERB
ajfa-6489	113	10	on	on	ADP
ajfa-6489	113	11	an	an	DET
ajfa-6489	113	12	average	average	ADJ
ajfa-6489	113	13	34.49	34.49	NUM
ajfa-6489	113	14	%	%	NOUN
ajfa-6489	113	15	of	of	ADP
ajfa-6489	113	16	the	the	DET
ajfa-6489	113	17	shares	share	NOUN
ajfa-6489	113	18	.	.	PUNCT
ajfa-6489	114	1	the	the	DET
ajfa-6489	114	2	highest	high	ADJ
ajfa-6489	114	3	proportion	proportion	NOUN
ajfa-6489	114	4	of	of	ADP
ajfa-6489	114	5	shares	share	NOUN
ajfa-6489	114	6	held	hold	VERB
ajfa-6489	114	7	by	by	ADP
ajfa-6489	114	8	the	the	DET
ajfa-6489	114	9	largest	large	ADJ
ajfa-6489	114	10	shareholder	shareholder	NOUN
ajfa-6489	114	11	was	be	AUX
ajfa-6489	114	12	35.31	35.31	NUM
ajfa-6489	114	13	%	%	NOUN
ajfa-6489	114	14	in	in	ADP
ajfa-6489	114	15	2005	2005	NUM
ajfa-6489	114	16	.	.	PUNCT
ajfa-6489	115	1	the	the	DET
ajfa-6489	115	2	second	second	ADV
ajfa-6489	115	3	largest	large	ADJ
ajfa-6489	115	4	shareholder	shareholder	NOUN
ajfa-6489	115	5	held	hold	VERB
ajfa-6489	115	6	on	on	ADP
ajfa-6489	115	7	an	an	DET
ajfa-6489	115	8	average10	average10	ADJ
ajfa-6489	115	9	%	%	NOUN
ajfa-6489	115	10	of	of	ADP
ajfa-6489	115	11	the	the	DET
ajfa-6489	115	12	shares	share	NOUN
ajfa-6489	115	13	and	and	CCONJ
ajfa-6489	115	14	the	the	DET
ajfa-6489	115	15	highest	high	ADJ
ajfa-6489	115	16	proportion	proportion	NOUN
ajfa-6489	115	17	held	hold	VERB
ajfa-6489	115	18	by	by	ADP
ajfa-6489	115	19	second	second	ADJ
ajfa-6489	115	20	largest	large	ADJ
ajfa-6489	115	21	shareholder	shareholder	NOUN
ajfa-6489	115	22	was	be	AUX
ajfa-6489	115	23	10.83	10.83	NUM
ajfa-6489	115	24	%	%	NOUN
ajfa-6489	115	25	in	in	ADP
ajfa-6489	115	26	2008	2008	NUM
ajfa-6489	115	27	.	.	PUNCT
ajfa-6489	116	1	the	the	DET
ajfa-6489	116	2	average	average	ADJ
ajfa-6489	116	3	percentage	percentage	NOUN
ajfa-6489	116	4	of	of	ADP
ajfa-6489	116	5	the	the	DET
ajfa-6489	116	6	shareholding	shareholding	NOUN
ajfa-6489	116	7	held	hold	VERB
ajfa-6489	116	8	by	by	ADP
ajfa-6489	116	9	the	the	DET
ajfa-6489	116	10	third	third	ADJ
ajfa-6489	116	11	and	and	CCONJ
ajfa-6489	116	12	fourth	fourth	ADV
ajfa-6489	116	13	largest	large	ADJ
ajfa-6489	116	14	shareholder	shareholder	NOUN
ajfa-6489	116	15	is	be	AUX
ajfa-6489	116	16	5.47	5.47	NUM
ajfa-6489	116	17	%	%	NOUN
ajfa-6489	116	18	and	and	CCONJ
ajfa-6489	116	19	3.5	3.5	NUM
ajfa-6489	116	20	%	%	NOUN
ajfa-6489	116	21	,	,	PUNCT
ajfa-6489	116	22	respectively	respectively	ADV
ajfa-6489	116	23	.	.	PUNCT
ajfa-6489	117	1	the	the	DET
ajfa-6489	117	2	fifth	fifth	ADV
ajfa-6489	117	3	largest	large	ADJ
ajfa-6489	117	4	shareholder	shareholder	NOUN
ajfa-6489	117	5	controlled	control	VERB
ajfa-6489	117	6	on	on	ADP
ajfa-6489	117	7	an	an	DET
ajfa-6489	117	8	average	average	ADJ
ajfa-6489	117	9	2.57	2.57	NUM
ajfa-6489	117	10	%	%	NOUN
ajfa-6489	117	11	of	of	ADP
ajfa-6489	117	12	the	the	DET
ajfa-6489	117	13	shares	share	NOUN
ajfa-6489	117	14	.	.	PUNCT
ajfa-6489	118	1	the	the	DET
ajfa-6489	118	2	sum	sum	NOUN
ajfa-6489	118	3	of	of	ADP
ajfa-6489	118	4	the	the	DET
ajfa-6489	118	5	average	average	ADJ
ajfa-6489	118	6	top	top	ADJ
ajfa-6489	118	7	five	five	NUM
ajfa-6489	118	8	shareholding	shareholding	NOUN
ajfa-6489	118	9	(	(	PUNCT
ajfa-6489	118	10	column	column	NOUN
ajfa-6489	118	11	7	7	NUM
ajfa-6489	118	12	,	,	PUNCT
ajfa-6489	118	13	table	table	NOUN
ajfa-6489	118	14	1	1	NUM
ajfa-6489	118	15	)	)	PUNCT
ajfa-6489	118	16	are	be	AUX
ajfa-6489	118	17	higher	high	ADJ
ajfa-6489	118	18	than	than	ADP
ajfa-6489	118	19	50	50	NUM
ajfa-6489	118	20	%	%	NOUN
ajfa-6489	118	21	in	in	ADP
ajfa-6489	118	22	all	all	DET
ajfa-6489	118	23	the	the	DET
ajfa-6489	118	24	years	year	NOUN
ajfa-6489	118	25	between	between	ADP
ajfa-6489	118	26	2003	2003	NUM
ajfa-6489	118	27	and	and	CCONJ
ajfa-6489	118	28	2009	2009	NUM
ajfa-6489	118	29	,	,	PUNCT
ajfa-6489	118	30	thus	thus	ADV
ajfa-6489	118	31	suggesting	suggest	VERB
ajfa-6489	118	32	that	that	SCONJ
ajfa-6489	118	33	five	five	NUM
ajfa-6489	118	34	largest	large	ADJ
ajfa-6489	118	35	shareholders	shareholder	NOUN
ajfa-6489	118	36	have	have	VERB
ajfa-6489	118	37	the	the	DET
ajfa-6489	118	38	majority	majority	NOUN
ajfa-6489	118	39	control	control	NOUN
ajfa-6489	118	40	of	of	ADP
ajfa-6489	118	41	the	the	DET
ajfa-6489	118	42	companies	company	NOUN
ajfa-6489	118	43	.	.	PUNCT
ajfa-6489	119	1	in	in	ADP
ajfa-6489	119	2	new	new	PROPN
ajfa-6489	119	3	zealand	zealand	PROPN
ajfa-6489	119	4	,	,	PUNCT
ajfa-6489	119	5	shareholding	shareholde	VERB
ajfa-6489	119	6	greater	great	ADJ
ajfa-6489	119	7	than	than	ADP
ajfa-6489	119	8	5	5	NUM
ajfa-6489	119	9	%	%	NOUN
ajfa-6489	119	10	is	be	AUX
ajfa-6489	119	11	constituted	constitute	VERB
ajfa-6489	119	12	to	to	PART
ajfa-6489	119	13	be	be	AUX
ajfa-6489	119	14	blockholding	blockholde	VERB
ajfa-6489	119	15	(	(	PUNCT
ajfa-6489	119	16	new	new	PROPN
ajfa-6489	119	17	zealand	zealand	PROPN
ajfa-6489	119	18	securities	securities	PROPN
ajfa-6489	119	19	commission	commission	PROPN
ajfa-6489	119	20	,	,	PUNCT
ajfa-6489	119	21	2006	2006	NUM
ajfa-6489	119	22	)	)	PUNCT
ajfa-6489	119	23	and	and	CCONJ
ajfa-6489	119	24	it	it	PRON
ajfa-6489	119	25	is	be	AUX
ajfa-6489	119	26	interesting	interesting	ADJ
ajfa-6489	119	27	to	to	PART
ajfa-6489	119	28	note	note	VERB
ajfa-6489	119	29	that	that	SCONJ
ajfa-6489	119	30	the	the	DET
ajfa-6489	119	31	top	top	ADJ
ajfa-6489	119	32	five	five	NUM
ajfa-6489	119	33	shareholders	shareholder	NOUN
ajfa-6489	119	34	in	in	ADP
ajfa-6489	119	35	new	new	PROPN
ajfa-6489	119	36	zealand	zealand	PROPN
ajfa-6489	119	37	are	be	AUX
ajfa-6489	119	38	mostly	mostly	ADV
ajfa-6489	119	39	blockholders	blockholder	NOUN
ajfa-6489	119	40	.	.	PUNCT
ajfa-6489	120	1	asian	asian	ADJ
ajfa-6489	120	2	journal	journal	PROPN
ajfa-6489	120	3	of	of	ADP
ajfa-6489	120	4	finance	finance	PROPN
ajfa-6489	120	5	&	&	CCONJ
ajfa-6489	120	6	accounting	accounting	PROPN
ajfa-6489	120	7	issn	issn	PROPN
ajfa-6489	120	8	1946	1946	NUM
ajfa-6489	120	9	-	-	PUNCT
ajfa-6489	120	10	052x	052x	NOUN
ajfa-6489	120	11	2015	2015	NUM
ajfa-6489	120	12	,	,	PUNCT
ajfa-6489	120	13	vol	vol	NOUN
ajfa-6489	120	14	.	.	PROPN
ajfa-6489	120	15	7	7	NUM
ajfa-6489	120	16	,	,	PUNCT
ajfa-6489	120	17	no	no	INTJ
ajfa-6489	120	18	.	.	NOUN
ajfa-6489	120	19	1	1	NUM
ajfa-6489	120	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	120	21	21	21	NUM
ajfa-6489	120	22	table	table	NOUN
ajfa-6489	120	23	1	1	NUM
ajfa-6489	120	24	.	.	PUNCT
ajfa-6489	121	1	%	%	NOUN
ajfa-6489	121	2	of	of	ADP
ajfa-6489	121	3	shares	share	NOUN
ajfa-6489	121	4	controlled	control	VERB
ajfa-6489	121	5	by	by	ADP
ajfa-6489	121	6	the	the	DET
ajfa-6489	121	7	top	top	ADJ
ajfa-6489	121	8	5	5	NUM
ajfa-6489	121	9	shareholders	shareholder	NOUN
ajfa-6489	121	10	year	year	NOUN
ajfa-6489	121	11	top1	top1	PROPN
ajfa-6489	121	12	top2	top2	PROPN
ajfa-6489	121	13	top3	top3	PROPN
ajfa-6489	121	14	top4	top4	PROPN
ajfa-6489	121	15	top5	top5	PROPN
ajfa-6489	121	16	total	total	VERB
ajfa-6489	121	17	2003	2003	NUM
ajfa-6489	121	18	34.32	34.32	NUM
ajfa-6489	121	19	%	%	NOUN
ajfa-6489	121	20	(	(	PUNCT
ajfa-6489	121	21	0.229	0.229	NUM
ajfa-6489	121	22	)	)	PUNCT
ajfa-6489	121	23	9.97	9.97	NUM
ajfa-6489	121	24	%	%	NOUN
ajfa-6489	121	25	(	(	PUNCT
ajfa-6489	121	26	0.068	0.068	NUM
ajfa-6489	121	27	)	)	PUNCT
ajfa-6489	121	28	6.47	6.47	NUM
ajfa-6489	121	29	%	%	NOUN
ajfa-6489	121	30	(	(	PUNCT
ajfa-6489	121	31	0.061	0.061	NUM
ajfa-6489	121	32	)	)	PUNCT
ajfa-6489	121	33	4.85	4.85	NUM
ajfa-6489	121	34	%	%	NOUN
ajfa-6489	121	35	(	(	PUNCT
ajfa-6489	121	36	0.067	0.067	NUM
ajfa-6489	121	37	)	)	PUNCT
ajfa-6489	121	38	3.01	3.01	NUM
ajfa-6489	121	39	%	%	NOUN
ajfa-6489	121	40	(	(	PUNCT
ajfa-6489	121	41	0.062	0.062	NUM
ajfa-6489	121	42	)	)	PUNCT
ajfa-6489	121	43	58.62	58.62	NUM
ajfa-6489	121	44	%	%	NOUN
ajfa-6489	121	45	2004	2004	NUM
ajfa-6489	121	46	34.90	34.90	NUM
ajfa-6489	121	47	%	%	NOUN
ajfa-6489	121	48	(	(	PUNCT
ajfa-6489	121	49	0.228	0.228	NUM
ajfa-6489	121	50	)	)	PUNCT
ajfa-6489	121	51	9.52	9.52	NUM
ajfa-6489	121	52	%	%	NOUN
ajfa-6489	121	53	(	(	PUNCT
ajfa-6489	121	54	0.067	0.067	NUM
ajfa-6489	121	55	)	)	PUNCT
ajfa-6489	121	56	5.25	5.25	NUM
ajfa-6489	121	57	%	%	NOUN
ajfa-6489	121	58	(	(	PUNCT
ajfa-6489	121	59	0.045	0.045	NUM
ajfa-6489	121	60	)	)	PUNCT
ajfa-6489	121	61	3.01	3.01	NUM
ajfa-6489	121	62	%	%	NOUN
ajfa-6489	121	63	(	(	PUNCT
ajfa-6489	121	64	0.022	0.022	NUM
ajfa-6489	121	65	)	)	PUNCT
ajfa-6489	121	66	2.32	2.32	NUM
ajfa-6489	121	67	%	%	NOUN
ajfa-6489	121	68	(	(	PUNCT
ajfa-6489	121	69	0.019	0.019	NUM
ajfa-6489	121	70	)	)	PUNCT
ajfa-6489	121	71	54.99	54.99	NUM
ajfa-6489	121	72	%	%	NOUN
ajfa-6489	121	73	2005	2005	NUM
ajfa-6489	121	74	35.31	35.31	NUM
ajfa-6489	121	75	%	%	NOUN
ajfa-6489	121	76	(	(	PUNCT
ajfa-6489	121	77	0.244	0.244	NUM
ajfa-6489	121	78	)	)	PUNCT
ajfa-6489	121	79	9.41	9.41	NUM
ajfa-6489	121	80	%	%	NOUN
ajfa-6489	121	81	(	(	PUNCT
ajfa-6489	121	82	0.072	0.072	NUM
ajfa-6489	121	83	)	)	PUNCT
ajfa-6489	121	84	5.38	5.38	NUM
ajfa-6489	121	85	%	%	NOUN
ajfa-6489	121	86	(	(	PUNCT
ajfa-6489	121	87	0.048	0.048	NUM
ajfa-6489	121	88	)	)	PUNCT
ajfa-6489	121	89	3.17	3.17	NUM
ajfa-6489	121	90	%	%	NOUN
ajfa-6489	121	91	(	(	PUNCT
ajfa-6489	121	92	0.022	0.022	NUM
ajfa-6489	121	93	)	)	PUNCT
ajfa-6489	121	94	2.30	2.30	NUM
ajfa-6489	121	95	%	%	NOUN
ajfa-6489	121	96	(	(	PUNCT
ajfa-6489	121	97	0.018	0.018	NUM
ajfa-6489	121	98	)	)	PUNCT
ajfa-6489	121	99	55.56	55.56	NUM
ajfa-6489	121	100	%	%	NOUN
ajfa-6489	121	101	2006	2006	NUM
ajfa-6489	121	102	35.07	35.07	NUM
ajfa-6489	121	103	%	%	NOUN
ajfa-6489	121	104	(	(	PUNCT
ajfa-6489	121	105	0.243	0.243	NUM
ajfa-6489	121	106	)	)	PUNCT
ajfa-6489	121	107	10.21	10.21	NUM
ajfa-6489	121	108	%	%	NOUN
ajfa-6489	121	109	(	(	PUNCT
ajfa-6489	121	110	0.074	0.074	NUM
ajfa-6489	121	111	)	)	PUNCT
ajfa-6489	121	112	5.19	5.19	NUM
ajfa-6489	121	113	%	%	NOUN
ajfa-6489	121	114	(	(	PUNCT
ajfa-6489	121	115	0.046	0.046	NUM
ajfa-6489	121	116	)	)	PUNCT
ajfa-6489	121	117	3.32	3.32	NUM
ajfa-6489	121	118	%	%	NOUN
ajfa-6489	121	119	(	(	PUNCT
ajfa-6489	121	120	0.023	0.023	NUM
ajfa-6489	121	121	)	)	PUNCT
ajfa-6489	121	122	2.32	2.32	NUM
ajfa-6489	121	123	%	%	NOUN
ajfa-6489	121	124	(	(	PUNCT
ajfa-6489	121	125	0.017	0.017	NUM
ajfa-6489	121	126	)	)	PUNCT
ajfa-6489	121	127	56.10	56.10	NUM
ajfa-6489	121	128	%	%	NOUN
ajfa-6489	121	129	2007	2007	NUM
ajfa-6489	121	130	34.86	34.86	NUM
ajfa-6489	121	131	%	%	NOUN
ajfa-6489	121	132	(	(	PUNCT
ajfa-6489	121	133	0.241	0.241	NUM
ajfa-6489	121	134	)	)	PUNCT
ajfa-6489	121	135	10.33	10.33	NUM
ajfa-6489	121	136	%	%	NOUN
ajfa-6489	121	137	(	(	PUNCT
ajfa-6489	121	138	0.071	0.071	NUM
ajfa-6489	121	139	)	)	PUNCT
ajfa-6489	121	140	5.05	5.05	NUM
ajfa-6489	121	141	%	%	NOUN
ajfa-6489	121	142	(	(	PUNCT
ajfa-6489	121	143	0.031	0.031	NUM
ajfa-6489	121	144	)	)	PUNCT
ajfa-6489	121	145	3.21	3.21	NUM
ajfa-6489	121	146	%	%	NOUN
ajfa-6489	121	147	(	(	PUNCT
ajfa-6489	121	148	0.0210	0.0210	NUM
ajfa-6489	121	149	2.48	2.48	NUM
ajfa-6489	121	150	%	%	NOUN
ajfa-6489	121	151	(	(	PUNCT
ajfa-6489	121	152	0.018	0.018	NUM
ajfa-6489	121	153	)	)	PUNCT
ajfa-6489	121	154	55.93	55.93	NUM
ajfa-6489	121	155	%	%	NOUN
ajfa-6489	121	156	2008	2008	NUM
ajfa-6489	121	157	32.95	32.95	NUM
ajfa-6489	121	158	%	%	NOUN
ajfa-6489	121	159	(	(	PUNCT
ajfa-6489	121	160	0.247	0.247	NUM
ajfa-6489	121	161	)	)	PUNCT
ajfa-6489	121	162	10.83	10.83	NUM
ajfa-6489	121	163	%	%	NOUN
ajfa-6489	121	164	(	(	PUNCT
ajfa-6489	121	165	0.072	0.072	NUM
ajfa-6489	121	166	)	)	PUNCT
ajfa-6489	121	167	5.17	5.17	NUM
ajfa-6489	121	168	%	%	NOUN
ajfa-6489	121	169	(	(	PUNCT
ajfa-6489	121	170	0.032	0.032	NUM
ajfa-6489	121	171	)	)	PUNCT
ajfa-6489	121	172	3.30	3.30	NUM
ajfa-6489	121	173	%	%	NOUN
ajfa-6489	121	174	(	(	PUNCT
ajfa-6489	121	175	0.020	0.020	NUM
ajfa-6489	121	176	)	)	PUNCT
ajfa-6489	121	177	2.67	2.67	NUM
ajfa-6489	121	178	%	%	NOUN
ajfa-6489	121	179	(	(	PUNCT
ajfa-6489	121	180	0.019	0.019	NUM
ajfa-6489	121	181	)	)	PUNCT
ajfa-6489	121	182	54.91	54.91	NUM
ajfa-6489	121	183	%	%	NOUN
ajfa-6489	121	184	2009	2009	NUM
ajfa-6489	121	185	34.02	34.02	NUM
ajfa-6489	121	186	%	%	NOUN
ajfa-6489	121	187	(	(	PUNCT
ajfa-6489	121	188	0.246	0.246	NUM
ajfa-6489	121	189	)	)	PUNCT
ajfa-6489	121	190	10.23	10.23	NUM
ajfa-6489	121	191	%	%	NOUN
ajfa-6489	121	192	(	(	PUNCT
ajfa-6489	121	193	0.070	0.070	NUM
ajfa-6489	121	194	)	)	PUNCT
ajfa-6489	121	195	5.79	5.79	NUM
ajfa-6489	121	196	%	%	NOUN
ajfa-6489	121	197	(	(	PUNCT
ajfa-6489	121	198	0.038	0.038	NUM
ajfa-6489	121	199	)	)	PUNCT
ajfa-6489	121	200	3.63	3.63	NUM
ajfa-6489	121	201	%	%	NOUN
ajfa-6489	121	202	(	(	PUNCT
ajfa-6489	121	203	0.023	0.023	NUM
ajfa-6489	121	204	)	)	PUNCT
ajfa-6489	121	205	2.91	2.91	NUM
ajfa-6489	121	206	%	%	NOUN
ajfa-6489	121	207	(	(	PUNCT
ajfa-6489	121	208	0.022	0.022	NUM
ajfa-6489	121	209	)	)	PUNCT
ajfa-6489	121	210	56.58	56.58	NUM
ajfa-6489	121	211	%	%	NOUN
ajfa-6489	121	212	average	average	NOUN
ajfa-6489	121	213	34.49	34.49	NUM
ajfa-6489	121	214	%	%	NOUN
ajfa-6489	121	215	10.07	10.07	NUM
ajfa-6489	121	216	%	%	NOUN
ajfa-6489	121	217	5.47	5.47	NUM
ajfa-6489	121	218	%	%	NOUN
ajfa-6489	121	219	3.50	3.50	NUM
ajfa-6489	121	220	%	%	NOUN
ajfa-6489	121	221	2.57	2.57	NUM
ajfa-6489	121	222	%	%	NOUN
ajfa-6489	121	223	56.10	56.10	NUM
ajfa-6489	121	224	%	%	NOUN
ajfa-6489	121	225	(	(	PUNCT
ajfa-6489	121	226	note	note	NOUN
ajfa-6489	121	227	:	:	PUNCT
ajfa-6489	121	228	%	%	NOUN
ajfa-6489	121	229	of	of	ADP
ajfa-6489	121	230	shares	share	NOUN
ajfa-6489	121	231	held	hold	VERB
ajfa-6489	121	232	by	by	ADP
ajfa-6489	121	233	each	each	DET
ajfa-6489	121	234	owner	owner	NOUN
ajfa-6489	121	235	identity	identity	NOUN
ajfa-6489	121	236	type	type	NOUN
ajfa-6489	121	237	is	be	AUX
ajfa-6489	121	238	equal	equal	ADJ
ajfa-6489	121	239	to	to	ADP
ajfa-6489	121	240	total	total	ADJ
ajfa-6489	121	241	shares	share	NOUN
ajfa-6489	121	242	held	hold	VERB
ajfa-6489	121	243	by	by	ADP
ajfa-6489	121	244	each	each	DET
ajfa-6489	121	245	owner	owner	NOUN
ajfa-6489	121	246	identity	identity	NOUN
ajfa-6489	121	247	type	type	NOUN
ajfa-6489	121	248	divided	divide	VERB
ajfa-6489	121	249	by	by	ADP
ajfa-6489	121	250	total	total	ADJ
ajfa-6489	121	251	shares	share	NOUN
ajfa-6489	121	252	outstanding	outstanding	ADJ
ajfa-6489	121	253	.	.	PUNCT
ajfa-6489	122	1	standard	standard	ADJ
ajfa-6489	122	2	deviations	deviation	NOUN
ajfa-6489	122	3	is	be	AUX
ajfa-6489	122	4	reported	report	VERB
ajfa-6489	122	5	in	in	ADP
ajfa-6489	122	6	brackets	bracket	NOUN
ajfa-6489	122	7	)	)	PUNCT
ajfa-6489	122	8	table	table	NOUN
ajfa-6489	122	9	2and	2and	NUM
ajfa-6489	122	10	chart	chart	NOUN
ajfa-6489	122	11	1	1	NUM
ajfa-6489	122	12	provide	provide	VERB
ajfa-6489	122	13	an	an	DET
ajfa-6489	122	14	international	international	ADJ
ajfa-6489	122	15	comparison	comparison	NOUN
ajfa-6489	122	16	of	of	ADP
ajfa-6489	122	17	different	different	ADJ
ajfa-6489	122	18	shareholdings	shareholding	NOUN
ajfa-6489	122	19	and	and	CCONJ
ajfa-6489	122	20	ownership	ownership	NOUN
ajfa-6489	122	21	identities	identity	NOUN
ajfa-6489	122	22	in	in	ADP
ajfa-6489	122	23	australia	australia	PROPN
ajfa-6489	122	24	,	,	PUNCT
ajfa-6489	122	25	new	new	PROPN
ajfa-6489	122	26	zealand	zealand	PROPN
ajfa-6489	122	27	,	,	PUNCT
ajfa-6489	122	28	the	the	DET
ajfa-6489	122	29	uk	uk	PROPN
ajfa-6489	122	30	,	,	PUNCT
ajfa-6489	122	31	and	and	CCONJ
ajfa-6489	122	32	the	the	DET
ajfa-6489	122	33	us	us	PROPN
ajfa-6489	122	34	.	.	PUNCT
ajfa-6489	123	1	data	data	PROPN
ajfa-6489	123	2	for	for	ADP
ajfa-6489	123	3	australia	australia	PROPN
ajfa-6489	123	4	,	,	PUNCT
ajfa-6489	123	5	the	the	DET
ajfa-6489	123	6	uk	uk	PROPN
ajfa-6489	123	7	and	and	CCONJ
ajfa-6489	123	8	the	the	DET
ajfa-6489	123	9	us	us	PROPN
ajfa-6489	123	10	was	be	AUX
ajfa-6489	123	11	obtained	obtain	VERB
ajfa-6489	123	12	from	from	ADP
ajfa-6489	123	13	asx200	asx200	PROPN
ajfa-6489	123	14	,	,	PUNCT
ajfa-6489	123	15	ftse100	ftse100	PROPN
ajfa-6489	123	16	and	and	CCONJ
ajfa-6489	123	17	s&p500	s&p500	PROPN
ajfa-6489	123	18	,	,	PUNCT
ajfa-6489	123	19	respectively	respectively	ADV
ajfa-6489	123	20	.	.	PUNCT
ajfa-6489	124	1	new	new	PROPN
ajfa-6489	124	2	zealand	zealand	PROPN
ajfa-6489	124	3	data	datum	NOUN
ajfa-6489	124	4	includes	include	VERB
ajfa-6489	124	5	80	80	NUM
ajfa-6489	124	6	companies	company	NOUN
ajfa-6489	124	7	listed	list	VERB
ajfa-6489	124	8	in	in	ADP
ajfa-6489	124	9	nzx	nzx	NOUN
ajfa-6489	124	10	in	in	ADP
ajfa-6489	124	11	2010	2010	NUM
ajfa-6489	124	12	.	.	PUNCT
ajfa-6489	125	1	the	the	DET
ajfa-6489	125	2	mean	mean	ADJ
ajfa-6489	125	3	proportion	proportion	NOUN
ajfa-6489	125	4	of	of	ADP
ajfa-6489	125	5	corporate	corporate	ADJ
ajfa-6489	125	6	holding	holding	NOUN
ajfa-6489	125	7	in	in	ADP
ajfa-6489	125	8	new	new	PROPN
ajfa-6489	125	9	zealand	zealand	PROPN
ajfa-6489	125	10	is	be	AUX
ajfa-6489	125	11	16.38	16.38	NUM
ajfa-6489	125	12	%	%	NOUN
ajfa-6489	125	13	,	,	PUNCT
ajfa-6489	125	14	and	and	CCONJ
ajfa-6489	125	15	the	the	DET
ajfa-6489	125	16	average	average	ADJ
ajfa-6489	125	17	employee	employee	NOUN
ajfa-6489	125	18	holding	hold	VERB
ajfa-6489	125	19	is	be	AUX
ajfa-6489	125	20	18.44	18.44	NUM
ajfa-6489	125	21	%	%	NOUN
ajfa-6489	125	22	.	.	PUNCT
ajfa-6489	126	1	the	the	DET
ajfa-6489	126	2	proportion	proportion	NOUN
ajfa-6489	126	3	of	of	ADP
ajfa-6489	126	4	shares	share	NOUN
ajfa-6489	126	5	held	hold	VERB
ajfa-6489	126	6	by	by	ADP
ajfa-6489	126	7	both	both	CCONJ
ajfa-6489	126	8	corporate	corporate	ADJ
ajfa-6489	126	9	and	and	CCONJ
ajfa-6489	126	10	employees	employee	NOUN
ajfa-6489	126	11	are	be	AUX
ajfa-6489	126	12	much	much	ADV
ajfa-6489	126	13	higher	high	ADJ
ajfa-6489	126	14	in	in	ADP
ajfa-6489	126	15	new	new	PROPN
ajfa-6489	126	16	zealand	zealand	PROPN
ajfa-6489	126	17	compared	compare	VERB
ajfa-6489	126	18	to	to	ADP
ajfa-6489	126	19	australia	australia	PROPN
ajfa-6489	126	20	,	,	PUNCT
ajfa-6489	126	21	the	the	DET
ajfa-6489	126	22	uk	uk	PROPN
ajfa-6489	126	23	and	and	CCONJ
ajfa-6489	126	24	the	the	DET
ajfa-6489	126	25	us	us	PROPN
ajfa-6489	126	26	.	.	PUNCT
ajfa-6489	127	1	the	the	DET
ajfa-6489	127	2	second	second	ADJ
ajfa-6489	127	3	highest	high	ADJ
ajfa-6489	127	4	corporate	corporate	ADJ
ajfa-6489	127	5	holding	holding	NOUN
ajfa-6489	127	6	is	be	AUX
ajfa-6489	127	7	in	in	ADP
ajfa-6489	127	8	australia	australia	PROPN
ajfa-6489	127	9	(	(	PUNCT
ajfa-6489	127	10	9.42	9.42	NUM
ajfa-6489	127	11	%	%	NOUN
ajfa-6489	127	12	)	)	PUNCT
ajfa-6489	127	13	and	and	CCONJ
ajfa-6489	127	14	the	the	DET
ajfa-6489	127	15	second	second	ADJ
ajfa-6489	127	16	highest	high	ADJ
ajfa-6489	127	17	employee	employee	NOUN
ajfa-6489	127	18	holding	hold	VERB
ajfa-6489	127	19	is	be	AUX
ajfa-6489	127	20	in	in	ADP
ajfa-6489	127	21	the	the	DET
ajfa-6489	127	22	uk	uk	PROPN
ajfa-6489	127	23	(	(	PUNCT
ajfa-6489	127	24	3.82	3.82	NUM
ajfa-6489	127	25	%	%	NOUN
ajfa-6489	127	26	)	)	PUNCT
ajfa-6489	127	27	.	.	PUNCT
ajfa-6489	128	1	the	the	DET
ajfa-6489	128	2	mean	mean	ADJ
ajfa-6489	128	3	proportion	proportion	NOUN
ajfa-6489	128	4	of	of	ADP
ajfa-6489	128	5	foreign	foreign	ADJ
ajfa-6489	128	6	holding	holding	NOUN
ajfa-6489	128	7	in	in	ADP
ajfa-6489	128	8	new	new	PROPN
ajfa-6489	128	9	zealand	zealand	PROPN
ajfa-6489	128	10	is	be	AUX
ajfa-6489	128	11	6.67	6.67	NUM
ajfa-6489	128	12	%	%	NOUN
ajfa-6489	128	13	,	,	PUNCT
ajfa-6489	128	14	which	which	PRON
ajfa-6489	128	15	is	be	AUX
ajfa-6489	128	16	similar	similar	ADJ
ajfa-6489	128	17	to	to	ADP
ajfa-6489	128	18	australia	australia	PROPN
ajfa-6489	128	19	of	of	ADP
ajfa-6489	128	20	6.76	6.76	NUM
ajfa-6489	128	21	%	%	NOUN
ajfa-6489	128	22	but	but	CCONJ
ajfa-6489	128	23	lower	low	ADJ
ajfa-6489	128	24	than	than	ADP
ajfa-6489	128	25	the	the	DET
ajfa-6489	128	26	uk	uk	PROPN
ajfa-6489	128	27	(	(	PUNCT
ajfa-6489	128	28	11.97	11.97	NUM
ajfa-6489	128	29	%	%	NOUN
ajfa-6489	128	30	)	)	PUNCT
ajfa-6489	128	31	but	but	CCONJ
ajfa-6489	128	32	much	much	ADV
ajfa-6489	128	33	higher	high	ADJ
ajfa-6489	128	34	than	than	ADP
ajfa-6489	128	35	the	the	DET
ajfa-6489	128	36	us	us	PROPN
ajfa-6489	128	37	(	(	PUNCT
ajfa-6489	128	38	0.83	0.83	NUM
ajfa-6489	128	39	%	%	NOUN
ajfa-6489	128	40	)	)	PUNCT
ajfa-6489	128	41	.	.	PUNCT
ajfa-6489	129	1	government	government	NOUN
ajfa-6489	129	2	holding	hold	VERB
ajfa-6489	129	3	in	in	ADP
ajfa-6489	129	4	these	these	DET
ajfa-6489	129	5	four	four	NUM
ajfa-6489	129	6	countries	country	NOUN
ajfa-6489	129	7	is	be	AUX
ajfa-6489	129	8	very	very	ADV
ajfa-6489	129	9	low	low	ADJ
ajfa-6489	129	10	.	.	PUNCT
ajfa-6489	130	1	in	in	ADP
ajfa-6489	130	2	new	new	PROPN
ajfa-6489	130	3	zealand	zealand	PROPN
ajfa-6489	130	4	,	,	PUNCT
ajfa-6489	130	5	government	government	NOUN
ajfa-6489	130	6	holding	holding	NOUN
ajfa-6489	130	7	is	be	AUX
ajfa-6489	130	8	the	the	DET
ajfa-6489	130	9	highest	high	ADJ
ajfa-6489	130	10	at	at	ADP
ajfa-6489	130	11	2.46	2.46	NUM
ajfa-6489	130	12	%	%	NOUN
ajfa-6489	130	13	,	,	PUNCT
ajfa-6489	130	14	and	and	CCONJ
ajfa-6489	130	15	in	in	ADP
ajfa-6489	130	16	the	the	DET
ajfa-6489	130	17	us	us	PROPN
ajfa-6489	130	18	is	be	AUX
ajfa-6489	130	19	the	the	DET
ajfa-6489	130	20	lowest	low	ADJ
ajfa-6489	130	21	at	at	ADP
ajfa-6489	130	22	0.1	0.1	NUM
ajfa-6489	130	23	%	%	NOUN
ajfa-6489	130	24	.	.	PUNCT
ajfa-6489	131	1	however	however	ADV
ajfa-6489	131	2	,	,	PUNCT
ajfa-6489	131	3	new	new	PROPN
ajfa-6489	131	4	zealand	zealand	PROPN
ajfa-6489	131	5	and	and	CCONJ
ajfa-6489	131	6	the	the	DET
ajfa-6489	131	7	uk	uk	PROPN
ajfa-6489	131	8	have	have	VERB
ajfa-6489	131	9	the	the	DET
ajfa-6489	131	10	lowest	low	ADJ
ajfa-6489	131	11	proportion	proportion	NOUN
ajfa-6489	131	12	of	of	ADP
ajfa-6489	131	13	institutional	institutional	ADJ
ajfa-6489	131	14	holding	holding	NOUN
ajfa-6489	131	15	which	which	PRON
ajfa-6489	131	16	is	be	AUX
ajfa-6489	131	17	4.06	4.06	NUM
ajfa-6489	131	18	%	%	NOUN
ajfa-6489	131	19	and	and	CCONJ
ajfa-6489	131	20	3.53	3.53	NUM
ajfa-6489	131	21	%	%	NOUN
ajfa-6489	131	22	,	,	PUNCT
ajfa-6489	131	23	respectively	respectively	ADV
ajfa-6489	131	24	.	.	PUNCT
ajfa-6489	132	1	institutional	institutional	ADJ
ajfa-6489	132	2	holding	holding	NOUN
ajfa-6489	132	3	in	in	ADP
ajfa-6489	132	4	new	new	PROPN
ajfa-6489	132	5	zealand	zealand	PROPN
ajfa-6489	132	6	and	and	CCONJ
ajfa-6489	132	7	the	the	DET
ajfa-6489	132	8	uk	uk	PROPN
ajfa-6489	132	9	are	be	AUX
ajfa-6489	132	10	less	less	ADJ
ajfa-6489	132	11	than	than	ADP
ajfa-6489	132	12	half	half	NOUN
ajfa-6489	132	13	of	of	ADP
ajfa-6489	132	14	that	that	PRON
ajfa-6489	132	15	in	in	ADP
ajfa-6489	132	16	australia	australia	PROPN
ajfa-6489	132	17	(	(	PUNCT
ajfa-6489	132	18	8.41	8.41	NUM
ajfa-6489	132	19	%	%	NOUN
ajfa-6489	132	20	)	)	PUNCT
ajfa-6489	132	21	and	and	CCONJ
ajfa-6489	132	22	the	the	DET
ajfa-6489	132	23	us	us	PROPN
ajfa-6489	132	24	(	(	PUNCT
ajfa-6489	132	25	9.04	9.04	NUM
ajfa-6489	132	26	%	%	NOUN
ajfa-6489	132	27	)	)	PUNCT
ajfa-6489	132	28	.	.	PUNCT
ajfa-6489	133	1	data	datum	NOUN
ajfa-6489	133	2	for	for	ADP
ajfa-6489	133	3	the	the	DET
ajfa-6489	133	4	pension	pension	NOUN
ajfa-6489	133	5	fund	fund	NOUN
ajfa-6489	133	6	holding	holding	NOUN
ajfa-6489	133	7	in	in	ADP
ajfa-6489	133	8	new	new	PROPN
ajfa-6489	133	9	zealand	zealand	PROPN
ajfa-6489	133	10	was	be	AUX
ajfa-6489	133	11	not	not	PART
ajfa-6489	133	12	available	available	ADJ
ajfa-6489	133	13	;	;	PUNCT
ajfa-6489	133	14	however	however	ADV
ajfa-6489	133	15	,	,	PUNCT
ajfa-6489	133	16	in	in	ADP
ajfa-6489	133	17	other	other	ADJ
ajfa-6489	133	18	three	three	NUM
ajfa-6489	133	19	countries	country	NOUN
ajfa-6489	133	20	it	it	PRON
ajfa-6489	133	21	is	be	AUX
ajfa-6489	133	22	very	very	ADV
ajfa-6489	133	23	low	low	ADJ
ajfa-6489	133	24	.	.	PUNCT
ajfa-6489	134	1	results	result	NOUN
ajfa-6489	134	2	reported	report	VERB
ajfa-6489	134	3	in	in	ADP
ajfa-6489	134	4	table	table	NOUN
ajfa-6489	134	5	2	2	NUM
ajfa-6489	134	6	indicate	indicate	VERB
ajfa-6489	134	7	that	that	SCONJ
ajfa-6489	134	8	the	the	DET
ajfa-6489	134	9	“	"	PUNCT
ajfa-6489	134	10	involvement	involvement	NOUN
ajfa-6489	134	11	”	"	PUNCT
ajfa-6489	134	12	ownership	ownership	NOUN
ajfa-6489	134	13	type	type	NOUN
ajfa-6489	134	14	(	(	PUNCT
ajfa-6489	134	15	corporate	corporate	ADJ
ajfa-6489	134	16	and	and	CCONJ
ajfa-6489	134	17	employee	employee	NOUN
ajfa-6489	134	18	)	)	PUNCT
ajfa-6489	134	19	is	be	AUX
ajfa-6489	134	20	much	much	ADV
ajfa-6489	134	21	more	more	ADV
ajfa-6489	134	22	popular	popular	ADJ
ajfa-6489	134	23	in	in	ADP
ajfa-6489	134	24	new	new	PROPN
ajfa-6489	134	25	zealand	zealand	PROPN
ajfa-6489	134	26	than	than	ADP
ajfa-6489	134	27	in	in	ADP
ajfa-6489	134	28	the	the	DET
ajfa-6489	134	29	other	other	ADJ
ajfa-6489	134	30	three	three	NUM
ajfa-6489	134	31	countries	country	NOUN
ajfa-6489	134	32	.	.	PUNCT
ajfa-6489	135	1	asian	asian	ADJ
ajfa-6489	135	2	journal	journal	PROPN
ajfa-6489	135	3	of	of	ADP
ajfa-6489	135	4	finance	finance	PROPN
ajfa-6489	135	5	&	&	CCONJ
ajfa-6489	135	6	accounting	accounting	PROPN
ajfa-6489	135	7	issn	issn	PROPN
ajfa-6489	135	8	1946	1946	NUM
ajfa-6489	135	9	-	-	PUNCT
ajfa-6489	135	10	052x	052x	NOUN
ajfa-6489	135	11	2015	2015	NUM
ajfa-6489	135	12	,	,	PUNCT
ajfa-6489	135	13	vol	vol	NOUN
ajfa-6489	135	14	.	.	PROPN
ajfa-6489	135	15	7	7	NUM
ajfa-6489	135	16	,	,	PUNCT
ajfa-6489	135	17	no	no	INTJ
ajfa-6489	135	18	.	.	NOUN
ajfa-6489	135	19	1	1	NUM
ajfa-6489	135	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	135	21	22	22	NUM
ajfa-6489	135	22	table	table	NOUN
ajfa-6489	135	23	2	2	NUM
ajfa-6489	135	24	.	.	PUNCT
ajfa-6489	136	1	a	a	DET
ajfa-6489	136	2	comparison	comparison	NOUN
ajfa-6489	136	3	of	of	ADP
ajfa-6489	136	4	ownership	ownership	NOUN
ajfa-6489	136	5	of	of	ADP
ajfa-6489	136	6	common	common	ADJ
ajfa-6489	136	7	stock	stock	NOUN
ajfa-6489	136	8	au	au	ADP
ajfa-6489	136	9	uk	uk	PROPN
ajfa-6489	136	10	us	us	PROPN
ajfa-6489	136	11	nz	nz	PROPN
ajfa-6489	136	12	ch	ch	PROPN
ajfa-6489	136	13	9.46	9.46	NUM
ajfa-6489	136	14	%	%	NOUN
ajfa-6489	136	15	(	(	PUNCT
ajfa-6489	136	16	15.35	15.35	NUM
ajfa-6489	136	17	)	)	PUNCT
ajfa-6489	136	18	5.09	5.09	NUM
ajfa-6489	136	19	%	%	NOUN
ajfa-6489	136	20	(	(	PUNCT
ajfa-6489	136	21	14.68	14.68	NUM
ajfa-6489	136	22	)	)	PUNCT
ajfa-6489	136	23	0.86	0.86	NUM
ajfa-6489	136	24	%	%	NOUN
ajfa-6489	136	25	(	(	PUNCT
ajfa-6489	136	26	5.66	5.66	NUM
ajfa-6489	136	27	)	)	PUNCT
ajfa-6489	136	28	16.38	16.38	NUM
ajfa-6489	136	29	%	%	NOUN
ajfa-6489	136	30	(	(	PUNCT
ajfa-6489	136	31	23.72	23.72	NUM
ajfa-6489	136	32	)	)	PUNCT
ajfa-6489	136	33	eh	eh	INTJ
ajfa-6489	136	34	3.67	3.67	NUM
ajfa-6489	136	35	%	%	NOUN
ajfa-6489	136	36	(	(	PUNCT
ajfa-6489	136	37	10.83	10.83	NUM
ajfa-6489	136	38	)	)	PUNCT
ajfa-6489	136	39	3.82	3.82	NUM
ajfa-6489	136	40	%	%	NOUN
ajfa-6489	136	41	(	(	PUNCT
ajfa-6489	136	42	12.490	12.490	NUM
ajfa-6489	136	43	1.37	1.37	NUM
ajfa-6489	136	44	%	%	NOUN
ajfa-6489	136	45	(	(	PUNCT
ajfa-6489	136	46	4.97	4.97	NUM
ajfa-6489	136	47	)	)	PUNCT
ajfa-6489	136	48	18.44	18.44	NUM
ajfa-6489	136	49	%	%	NOUN
ajfa-6489	136	50	(	(	PUNCT
ajfa-6489	136	51	24.86	24.86	NUM
ajfa-6489	136	52	)	)	PUNCT
ajfa-6489	136	53	fh	fh	PROPN
ajfa-6489	136	54	6.76	6.76	NUM
ajfa-6489	136	55	%	%	NOUN
ajfa-6489	136	56	(	(	PUNCT
ajfa-6489	136	57	12.78	12.78	NUM
ajfa-6489	136	58	)	)	PUNCT
ajfa-6489	136	59	11.97	11.97	NUM
ajfa-6489	136	60	%	%	NOUN
ajfa-6489	136	61	(	(	PUNCT
ajfa-6489	136	62	17.52	17.52	NUM
ajfa-6489	136	63	)	)	PUNCT
ajfa-6489	136	64	0.83	0.83	NUM
ajfa-6489	136	65	%	%	NOUN
ajfa-6489	136	66	(	(	PUNCT
ajfa-6489	136	67	4.38	4.38	NUM
ajfa-6489	136	68	)	)	PUNCT
ajfa-6489	136	69	6.67	6.67	NUM
ajfa-6489	136	70	%	%	NOUN
ajfa-6489	136	71	(	(	PUNCT
ajfa-6489	136	72	16.70	16.70	NUM
ajfa-6489	136	73	)	)	PUNCT
ajfa-6489	136	74	gh	gh	PROPN
ajfa-6489	136	75	0.42	0.42	NUM
ajfa-6489	136	76	%	%	NOUN
ajfa-6489	136	77	(	(	PUNCT
ajfa-6489	136	78	3.67	3.67	NUM
ajfa-6489	136	79	)	)	PUNCT
ajfa-6489	136	80	1.55	1.55	NUM
ajfa-6489	136	81	%	%	NOUN
ajfa-6489	136	82	(	(	PUNCT
ajfa-6489	136	83	8.26	8.26	NUM
ajfa-6489	136	84	)	)	PUNCT
ajfa-6489	136	85	0.10	0.10	NUM
ajfa-6489	136	86	%	%	NOUN
ajfa-6489	136	87	(	(	PUNCT
ajfa-6489	136	88	1.15	1.15	NUM
ajfa-6489	136	89	)	)	PUNCT
ajfa-6489	136	90	2.46	2.46	NUM
ajfa-6489	136	91	%	%	NOUN
ajfa-6489	136	92	(	(	PUNCT
ajfa-6489	136	93	12.76	12.76	NUM
ajfa-6489	136	94	)	)	PUNCT
ajfa-6489	136	95	ih	ih	NOUN
ajfa-6489	136	96	8.41	8.41	NUM
ajfa-6489	136	97	%	%	NOUN
ajfa-6489	136	98	(	(	PUNCT
ajfa-6489	136	99	10.83	10.83	NUM
ajfa-6489	136	100	)	)	PUNCT
ajfa-6489	136	101	3.53	3.53	NUM
ajfa-6489	136	102	%	%	NOUN
ajfa-6489	136	103	(	(	PUNCT
ajfa-6489	136	104	5.34	5.34	NUM
ajfa-6489	136	105	)	)	PUNCT
ajfa-6489	136	106	9.08	9.08	NUM
ajfa-6489	136	107	%	%	NOUN
ajfa-6489	136	108	(	(	PUNCT
ajfa-6489	136	109	8.22	8.22	NUM
ajfa-6489	136	110	)	)	PUNCT
ajfa-6489	136	111	4.06	4.06	NUM
ajfa-6489	136	112	%	%	NOUN
ajfa-6489	136	113	(	(	PUNCT
ajfa-6489	136	114	7.05	7.05	NUM
ajfa-6489	136	115	)	)	PUNCT
ajfa-6489	136	116	pension	pension	NOUN
ajfa-6489	136	117	fund	fund	NOUN
ajfa-6489	136	118	0.07	0.07	NUM
ajfa-6489	136	119	%	%	NOUN
ajfa-6489	136	120	(	(	PUNCT
ajfa-6489	136	121	0.92	0.92	NUM
ajfa-6489	136	122	)	)	PUNCT
ajfa-6489	136	123	0.24	0.24	NUM
ajfa-6489	136	124	%	%	NOUN
ajfa-6489	136	125	(	(	PUNCT
ajfa-6489	136	126	1.94	1.94	NUM
ajfa-6489	136	127	)	)	PUNCT
ajfa-6489	136	128	0.13	0.13	NUM
ajfa-6489	136	129	%	%	NOUN
ajfa-6489	136	130	(	(	PUNCT
ajfa-6489	136	131	2.28	2.28	NUM
ajfa-6489	136	132	)	)	PUNCT
ajfa-6489	136	133	0.00	0.00	NUM
ajfa-6489	136	134	%	%	NOUN
ajfa-6489	136	135	(	(	PUNCT
ajfa-6489	136	136	0.00	0.00	NUM
ajfa-6489	136	137	)	)	PUNCT
ajfa-6489	136	138	total	total	ADJ
ajfa-6489	136	139	strategic	strategic	ADJ
ajfa-6489	136	140	held	hold	VERB
ajfa-6489	136	141	22.24	22.24	NUM
ajfa-6489	136	142	%	%	NOUN
ajfa-6489	136	143	(	(	PUNCT
ajfa-6489	136	144	19.15	19.15	NUM
ajfa-6489	136	145	)	)	PUNCT
ajfa-6489	136	146	15.02	15.02	NUM
ajfa-6489	136	147	%	%	NOUN
ajfa-6489	136	148	19.85	19.85	NUM
ajfa-6489	136	149	)	)	PUNCT
ajfa-6489	136	150	11.73	11.73	NUM
ajfa-6489	136	151	%	%	NOUN
ajfa-6489	136	152	(	(	PUNCT
ajfa-6489	136	153	10.81	10.81	NUM
ajfa-6489	136	154	)	)	PUNCT
ajfa-6489	136	155	41.43	41.43	NUM
ajfa-6489	136	156	%	%	NOUN
ajfa-6489	136	157	(	(	PUNCT
ajfa-6489	136	158	26.62	26.62	NUM
ajfa-6489	136	159	)	)	PUNCT
ajfa-6489	136	160	no	no	NOUN
ajfa-6489	136	161	of	of	ADP
ajfa-6489	136	162	companies	company	NOUN
ajfa-6489	136	163	199	199	NUM
ajfa-6489	136	164	102	102	NUM
ajfa-6489	136	165	500	500	NUM
ajfa-6489	136	166	81	81	NUM
ajfa-6489	136	167	(	(	PUNCT
ajfa-6489	136	168	note	note	NOUN
ajfa-6489	136	169	:	:	PUNCT
ajfa-6489	136	170	ownership	ownership	NOUN
ajfa-6489	136	171	variables	variable	NOUN
ajfa-6489	136	172	in	in	ADP
ajfa-6489	136	173	table	table	NOUN
ajfa-6489	136	174	2	2	NUM
ajfa-6489	136	175	are	be	AUX
ajfa-6489	136	176	:	:	PUNCT
ajfa-6489	136	177	ch	ch	NOUN
ajfa-6489	136	178	-	-	PUNCT
ajfa-6489	136	179	percentage	percentage	NOUN
ajfa-6489	136	180	by	by	ADP
ajfa-6489	136	181	corporate	corporate	ADJ
ajfa-6489	136	182	holding	holding	NOUN
ajfa-6489	136	183	;	;	PUNCT
ajfa-6489	136	184	eh	eh	INTJ
ajfa-6489	136	185	-	-	PUNCT
ajfa-6489	136	186	percentage	percentage	NOUN
ajfa-6489	136	187	by	by	ADP
ajfa-6489	136	188	employee	employee	NOUN
ajfa-6489	136	189	holding	holding	NOUN
ajfa-6489	136	190	;	;	PUNCT
ajfa-6489	136	191	fh	fh	X
ajfa-6489	136	192	-	-	PUNCT
ajfa-6489	136	193	percentage	percentage	NOUN
ajfa-6489	136	194	by	by	ADP
ajfa-6489	136	195	foreign	foreign	ADJ
ajfa-6489	136	196	holding	holding	NOUN
ajfa-6489	136	197	;	;	PUNCT
ajfa-6489	136	198	gh	gh	PROPN
ajfa-6489	136	199	-	-	PUNCT
ajfa-6489	136	200	percentage	percentage	NOUN
ajfa-6489	136	201	by	by	ADP
ajfa-6489	136	202	government	government	NOUN
ajfa-6489	136	203	holding	holding	NOUN
ajfa-6489	136	204	;	;	PUNCT
ajfa-6489	136	205	ih	ih	NOUN
ajfa-6489	136	206	-	-	NOUN
ajfa-6489	136	207	percentage	percentage	NOUN
ajfa-6489	136	208	by	by	ADP
ajfa-6489	136	209	investment	investment	NOUN
ajfa-6489	136	210	company	company	NOUN
ajfa-6489	136	211	holding	holding	NOUN
ajfa-6489	136	212	;	;	PUNCT
ajfa-6489	136	213	pension	pension	NOUN
ajfa-6489	136	214	fund	fund	NOUN
ajfa-6489	136	215	-	-	PUNCT
ajfa-6489	136	216	percentage	percentage	NOUN
ajfa-6489	136	217	by	by	ADP
ajfa-6489	136	218	pension	pension	NOUN
ajfa-6489	136	219	fund	fund	NOUN
ajfa-6489	136	220	holding	holding	NOUN
ajfa-6489	136	221	;	;	PUNCT
ajfa-6489	136	222	total	total	ADJ
ajfa-6489	136	223	strategic	strategic	ADJ
ajfa-6489	136	224	held	hold	VERB
ajfa-6489	136	225	=	=	SYM
ajfa-6489	136	226	total	total	ADJ
ajfa-6489	136	227	percentage	percentage	NOUN
ajfa-6489	136	228	of	of	ADP
ajfa-6489	136	229	all	all	DET
ajfa-6489	136	230	these	these	DET
ajfa-6489	136	231	identified	identify	VERB
ajfa-6489	136	232	owners	owner	NOUN
ajfa-6489	136	233	.	.	PUNCT
ajfa-6489	137	1	standard	standard	ADJ
ajfa-6489	137	2	deviations	deviation	NOUN
ajfa-6489	137	3	is	be	AUX
ajfa-6489	137	4	reported	report	VERB
ajfa-6489	137	5	in	in	ADP
ajfa-6489	137	6	brackets	bracket	NOUN
ajfa-6489	137	7	)	)	PUNCT
ajfa-6489	137	8	asian	asian	ADJ
ajfa-6489	137	9	journal	journal	NOUN
ajfa-6489	137	10	of	of	ADP
ajfa-6489	137	11	finance	finance	PROPN
ajfa-6489	137	12	&	&	CCONJ
ajfa-6489	137	13	accounting	accounting	PROPN
ajfa-6489	137	14	issn	issn	PROPN
ajfa-6489	137	15	1946	1946	NUM
ajfa-6489	137	16	-	-	PUNCT
ajfa-6489	137	17	052x	052x	NOUN
ajfa-6489	137	18	2015	2015	NUM
ajfa-6489	137	19	,	,	PUNCT
ajfa-6489	137	20	vol	vol	NOUN
ajfa-6489	137	21	.	.	PROPN
ajfa-6489	138	1	7	7	NUM
ajfa-6489	138	2	,	,	PUNCT
ajfa-6489	138	3	no	no	INTJ
ajfa-6489	138	4	.	.	NOUN
ajfa-6489	138	5	1	1	NUM
ajfa-6489	138	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	138	7	23	23	NUM
ajfa-6489	138	8	chart	chart	NOUN
ajfa-6489	138	9	1	1	NUM
ajfa-6489	138	10	.	.	PUNCT
ajfa-6489	139	1	a	a	DET
ajfa-6489	139	2	comparison	comparison	NOUN
ajfa-6489	139	3	of	of	ADP
ajfa-6489	139	4	ownership	ownership	NOUN
ajfa-6489	139	5	of	of	ADP
ajfa-6489	139	6	common	common	ADJ
ajfa-6489	139	7	stock	stock	NOUN
ajfa-6489	139	8	%	%	NOUN
ajfa-6489	139	9	in	in	ADP
ajfa-6489	139	10	2010	2010	NUM
ajfa-6489	139	11	table	table	NOUN
ajfa-6489	139	12	3reports	3reports	NUM
ajfa-6489	139	13	the	the	DET
ajfa-6489	139	14	percent	percent	NOUN
ajfa-6489	139	15	of	of	ADP
ajfa-6489	139	16	shares	share	NOUN
ajfa-6489	139	17	held	hold	VERB
ajfa-6489	139	18	by	by	ADP
ajfa-6489	139	19	each	each	DET
ajfa-6489	139	20	ownership	ownership	NOUN
ajfa-6489	139	21	type	type	NOUN
ajfa-6489	139	22	in	in	ADP
ajfa-6489	139	23	different	different	ADJ
ajfa-6489	139	24	sectors	sector	NOUN
ajfa-6489	139	25	in	in	ADP
ajfa-6489	139	26	nzx	nzx	NOUN
ajfa-6489	139	27	in	in	ADP
ajfa-6489	139	28	2010	2010	NUM
ajfa-6489	139	29	.	.	PUNCT
ajfa-6489	140	1	the	the	DET
ajfa-6489	140	2	institutional	institutional	ADJ
ajfa-6489	140	3	investors	investor	NOUN
ajfa-6489	140	4	have	have	VERB
ajfa-6489	140	5	the	the	DET
ajfa-6489	140	6	most	most	ADV
ajfa-6489	140	7	balanced	balanced	ADJ
ajfa-6489	140	8	portfolio	portfolio	NOUN
ajfa-6489	140	9	as	as	SCONJ
ajfa-6489	140	10	they	they	PRON
ajfa-6489	140	11	have	have	AUX
ajfa-6489	140	12	invested	invest	VERB
ajfa-6489	140	13	in	in	ADP
ajfa-6489	140	14	all	all	DET
ajfa-6489	140	15	six	six	NUM
ajfa-6489	140	16	sectors1	sectors1	NOUN
ajfa-6489	140	17	.	.	PUNCT
ajfa-6489	141	1	the	the	DET
ajfa-6489	141	2	highest	high	ADJ
ajfa-6489	141	3	holding	holding	NOUN
ajfa-6489	141	4	is	be	AUX
ajfa-6489	141	5	in	in	ADP
ajfa-6489	141	6	the	the	DET
ajfa-6489	141	7	energy	energy	NOUN
ajfa-6489	141	8	sector	sector	NOUN
ajfa-6489	141	9	(	(	PUNCT
ajfa-6489	141	10	6.75	6.75	NUM
ajfa-6489	141	11	%	%	NOUN
ajfa-6489	141	12	)	)	PUNCT
ajfa-6489	141	13	and	and	CCONJ
ajfa-6489	141	14	the	the	DET
ajfa-6489	141	15	lowest	low	ADJ
ajfa-6489	141	16	is	be	AUX
ajfa-6489	141	17	in	in	ADP
ajfa-6489	141	18	the	the	DET
ajfa-6489	141	19	investment	investment	NOUN
ajfa-6489	141	20	companies	company	NOUN
ajfa-6489	141	21	(	(	PUNCT
ajfa-6489	141	22	2.18	2.18	NUM
ajfa-6489	141	23	%	%	NOUN
ajfa-6489	141	24	)	)	PUNCT
ajfa-6489	141	25	.	.	PUNCT
ajfa-6489	142	1	however	however	ADV
ajfa-6489	142	2	,	,	PUNCT
ajfa-6489	142	3	government	government	NOUN
ajfa-6489	142	4	hold	hold	VERB
ajfa-6489	142	5	shares	share	NOUN
ajfa-6489	142	6	only	only	ADV
ajfa-6489	142	7	in	in	ADP
ajfa-6489	142	8	the	the	DET
ajfa-6489	142	9	services	service	NOUN
ajfa-6489	142	10	sector	sector	NOUN
ajfa-6489	142	11	in	in	ADP
ajfa-6489	142	12	new	new	ADJ
ajfa-6489	142	13	zealand(5.85	zealand(5.85	NUM
ajfa-6489	142	14	%	%	NOUN
ajfa-6489	142	15	)	)	PUNCT
ajfa-6489	142	16	.	.	PUNCT
ajfa-6489	143	1	foreign	foreign	ADJ
ajfa-6489	143	2	investors	investor	NOUN
ajfa-6489	143	3	tends	tend	VERB
ajfa-6489	143	4	to	to	PART
ajfa-6489	143	5	invest	invest	VERB
ajfa-6489	143	6	more	more	ADJ
ajfa-6489	143	7	in	in	ADP
ajfa-6489	143	8	the	the	DET
ajfa-6489	143	9	investment	investment	NOUN
ajfa-6489	143	10	sector	sector	NOUN
ajfa-6489	143	11	(	(	PUNCT
ajfa-6489	143	12	17.73	17.73	NUM
ajfa-6489	143	13	%	%	NOUN
ajfa-6489	143	14	)	)	PUNCT
ajfa-6489	143	15	and	and	CCONJ
ajfa-6489	143	16	least	least	ADJ
ajfa-6489	143	17	in	in	ADP
ajfa-6489	143	18	the	the	DET
ajfa-6489	143	19	property	property	NOUN
ajfa-6489	143	20	sector	sector	NOUN
ajfa-6489	143	21	(	(	PUNCT
ajfa-6489	143	22	2.25	2.25	NUM
ajfa-6489	143	23	%	%	NOUN
ajfa-6489	143	24	)	)	PUNCT
ajfa-6489	143	25	,	,	PUNCT
ajfa-6489	143	26	which	which	PRON
ajfa-6489	143	27	is	be	AUX
ajfa-6489	143	28	not	not	PART
ajfa-6489	143	29	surprising	surprising	ADJ
ajfa-6489	143	30	as	as	SCONJ
ajfa-6489	143	31	the	the	DET
ajfa-6489	143	32	information	information	NOUN
ajfa-6489	143	33	pertaining	pertain	VERB
ajfa-6489	143	34	to	to	ADP
ajfa-6489	143	35	the	the	DET
ajfa-6489	143	36	economy	economy	NOUN
ajfa-6489	143	37	and	and	CCONJ
ajfa-6489	143	38	investment	investment	NOUN
ajfa-6489	143	39	sector	sector	NOUN
ajfa-6489	143	40	are	be	AUX
ajfa-6489	143	41	more	more	ADV
ajfa-6489	143	42	readily	readily	ADV
ajfa-6489	143	43	available	available	ADJ
ajfa-6489	143	44	compared	compare	VERB
ajfa-6489	143	45	to	to	ADP
ajfa-6489	143	46	the	the	DET
ajfa-6489	143	47	others	other	NOUN
ajfa-6489	143	48	sectors	sector	NOUN
ajfa-6489	143	49	.	.	PUNCT
ajfa-6489	144	1	employees	employee	NOUN
ajfa-6489	144	2	own	own	VERB
ajfa-6489	144	3	largest	large	ADJ
ajfa-6489	144	4	proportion	proportion	NOUN
ajfa-6489	144	5	of	of	ADP
ajfa-6489	144	6	shares	share	NOUN
ajfa-6489	144	7	in	in	ADP
ajfa-6489	144	8	the	the	DET
ajfa-6489	144	9	services	service	NOUN
ajfa-6489	144	10	sector	sector	NOUN
ajfa-6489	144	11	(	(	PUNCT
ajfa-6489	144	12	24.53	24.53	NUM
ajfa-6489	144	13	%	%	NOUN
ajfa-6489	144	14	)	)	PUNCT
ajfa-6489	144	15	,	,	PUNCT
ajfa-6489	144	16	followed	follow	VERB
ajfa-6489	144	17	by	by	ADP
ajfa-6489	144	18	goods	good	NOUN
ajfa-6489	144	19	sector	sector	NOUN
ajfa-6489	144	20	(	(	PUNCT
ajfa-6489	144	21	22.47	22.47	NUM
ajfa-6489	144	22	%	%	NOUN
ajfa-6489	144	23	)	)	PUNCT
ajfa-6489	144	24	,	,	PUNCT
ajfa-6489	144	25	and	and	CCONJ
ajfa-6489	144	26	investment	investment	NOUN
ajfa-6489	144	27	sector	sector	NOUN
ajfa-6489	144	28	(	(	PUNCT
ajfa-6489	144	29	19.45	19.45	NUM
ajfa-6489	144	30	%	%	NOUN
ajfa-6489	144	31	)	)	PUNCT
ajfa-6489	144	32	.	.	PUNCT
ajfa-6489	145	1	a	a	DET
ajfa-6489	145	2	plausible	plausible	ADJ
ajfa-6489	145	3	reason	reason	NOUN
ajfa-6489	145	4	for	for	ADP
ajfa-6489	145	5	employees	employee	NOUN
ajfa-6489	145	6	investing	invest	VERB
ajfa-6489	145	7	highly	highly	ADV
ajfa-6489	145	8	in	in	ADP
ajfa-6489	145	9	these	these	DET
ajfa-6489	145	10	three	three	NUM
ajfa-6489	145	11	sectors	sector	NOUN
ajfa-6489	145	12	is	be	AUX
ajfa-6489	145	13	that	that	SCONJ
ajfa-6489	145	14	the	the	DET
ajfa-6489	145	15	motivation	motivation	NOUN
ajfa-6489	145	16	is	be	AUX
ajfa-6489	145	17	highly	highly	ADV
ajfa-6489	145	18	connected	connected	ADJ
ajfa-6489	145	19	to	to	ADP
ajfa-6489	145	20	the	the	DET
ajfa-6489	145	21	companies	company	NOUN
ajfa-6489	145	22	’	’	PART
ajfa-6489	145	23	profits	profit	NOUN
ajfa-6489	145	24	.	.	PUNCT
ajfa-6489	146	1	corporate	corporate	ADJ
ajfa-6489	146	2	holding	holding	NOUN
ajfa-6489	146	3	is	be	AUX
ajfa-6489	146	4	highest	high	ADJ
ajfa-6489	146	5	in	in	ADP
ajfa-6489	146	6	the	the	DET
ajfa-6489	146	7	energy	energy	NOUN
ajfa-6489	146	8	sector	sector	NOUN
ajfa-6489	146	9	(	(	PUNCT
ajfa-6489	146	10	43	43	NUM
ajfa-6489	146	11	%	%	NOUN
ajfa-6489	146	12	)	)	PUNCT
ajfa-6489	146	13	.	.	PUNCT
ajfa-6489	147	1	moreover	moreover	ADV
ajfa-6489	147	2	,	,	PUNCT
ajfa-6489	147	3	corporate	corporate	ADJ
ajfa-6489	147	4	holding	holding	NOUN
ajfa-6489	147	5	is	be	AUX
ajfa-6489	147	6	higher	high	ADJ
ajfa-6489	147	7	than	than	ADP
ajfa-6489	147	8	10	10	NUM
ajfa-6489	147	9	%	%	NOUN
ajfa-6489	147	10	in	in	ADP
ajfa-6489	147	11	all	all	DET
ajfa-6489	147	12	six	six	NUM
ajfa-6489	147	13	sectors	sector	NOUN
ajfa-6489	147	14	which	which	PRON
ajfa-6489	147	15	indicate	indicate	VERB
ajfa-6489	147	16	that	that	SCONJ
ajfa-6489	147	17	corporate	corporate	ADJ
ajfa-6489	147	18	ownership	ownership	NOUN
ajfa-6489	147	19	type	type	NOUN
ajfa-6489	147	20	is	be	AUX
ajfa-6489	147	21	the	the	DET
ajfa-6489	147	22	most	most	ADV
ajfa-6489	147	23	popular	popular	ADJ
ajfa-6489	147	24	and	and	CCONJ
ajfa-6489	147	25	important	important	ADJ
ajfa-6489	147	26	type	type	NOUN
ajfa-6489	147	27	of	of	ADP
ajfa-6489	147	28	ownership	ownership	NOUN
ajfa-6489	147	29	in	in	ADP
ajfa-6489	147	30	new	new	PROPN
ajfa-6489	147	31	zealand	zealand	PROPN
ajfa-6489	147	32	.	.	PROPN
ajfa-6489	148	1	1	1	NUM
ajfa-6489	149	1	the	the	DET
ajfa-6489	149	2	six	six	NUM
ajfa-6489	149	3	sectors	sector	NOUN
ajfa-6489	149	4	are	be	AUX
ajfa-6489	149	5	energy	energy	NOUN
ajfa-6489	149	6	,	,	PUNCT
ajfa-6489	149	7	goods	good	NOUN
ajfa-6489	149	8	,	,	PUNCT
ajfa-6489	149	9	investment	investment	NOUN
ajfa-6489	149	10	,	,	PUNCT
ajfa-6489	149	11	primary	primary	NOUN
ajfa-6489	149	12	,	,	PUNCT
ajfa-6489	149	13	property	property	NOUN
ajfa-6489	149	14	and	and	CCONJ
ajfa-6489	149	15	services	service	NOUN
ajfa-6489	149	16	.	.	PUNCT
ajfa-6489	150	1	9.46	9.46	NUM
ajfa-6489	150	2	3.67	3.67	NUM
ajfa-6489	150	3	6.76	6.76	NUM
ajfa-6489	150	4	0.42	0.42	NUM
ajfa-6489	150	5	8.41	8.41	NUM
ajfa-6489	150	6	0.07	0.07	NUM
ajfa-6489	150	7	5.09	5.09	NUM
ajfa-6489	150	8	3.82	3.82	NUM
ajfa-6489	150	9	11.97	11.97	NUM
ajfa-6489	150	10	1.55	1.55	NUM
ajfa-6489	150	11	3.53	3.53	NUM
ajfa-6489	150	12	0.24	0.24	NUM
ajfa-6489	150	13	0.86	0.86	NUM
ajfa-6489	150	14	1.37	1.37	NUM
ajfa-6489	150	15	0.83	0.83	NUM
ajfa-6489	150	16	0.10	0.10	NUM
ajfa-6489	150	17	9.08	9.08	NUM
ajfa-6489	150	18	0.13	0.13	NUM
ajfa-6489	150	19	16.38	16.38	NUM
ajfa-6489	150	20	18.44	18.44	NUM
ajfa-6489	150	21	6.67	6.67	NUM
ajfa-6489	150	22	2.46	2.46	NUM
ajfa-6489	150	23	4.06	4.06	NUM
ajfa-6489	150	24	0.00	0.00	NUM
ajfa-6489	150	25	ch	ch	NOUN
ajfa-6489	150	26	eh	eh	INTJ
ajfa-6489	150	27	fh	fh	PROPN
ajfa-6489	150	28	gh	gh	PROPN
ajfa-6489	150	29	ih	ih	PROPN
ajfa-6489	150	30	pension	pension	NOUN
ajfa-6489	150	31	fund	fund	NOUN
ajfa-6489	150	32	au	au	ADP
ajfa-6489	150	33	uk	uk	PROPN
ajfa-6489	150	34	us	us	PROPN
ajfa-6489	150	35	nz	nz	PROPN
ajfa-6489	150	36	asian	asian	PROPN
ajfa-6489	150	37	journal	journal	PROPN
ajfa-6489	150	38	of	of	ADP
ajfa-6489	150	39	finance	finance	PROPN
ajfa-6489	150	40	&	&	CCONJ
ajfa-6489	150	41	accounting	accounting	PROPN
ajfa-6489	150	42	issn	issn	PROPN
ajfa-6489	150	43	1946	1946	NUM
ajfa-6489	150	44	-	-	PUNCT
ajfa-6489	150	45	052x	052x	NOUN
ajfa-6489	150	46	2015	2015	NUM
ajfa-6489	150	47	,	,	PUNCT
ajfa-6489	150	48	vol	vol	NOUN
ajfa-6489	150	49	.	.	PROPN
ajfa-6489	150	50	7	7	NUM
ajfa-6489	150	51	,	,	PUNCT
ajfa-6489	150	52	no	no	INTJ
ajfa-6489	150	53	.	.	NOUN
ajfa-6489	150	54	1	1	NUM
ajfa-6489	150	55	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	150	56	24	24	NUM
ajfa-6489	150	57	table	table	NOUN
ajfa-6489	150	58	3	3	NUM
ajfa-6489	150	59	.	.	PUNCT
ajfa-6489	150	60	ownership	ownership	NOUN
ajfa-6489	150	61	structure	structure	NOUN
ajfa-6489	150	62	by	by	ADP
ajfa-6489	150	63	sector	sector	NOUN
ajfa-6489	150	64	in	in	ADP
ajfa-6489	150	65	2010	2010	NUM
ajfa-6489	150	66	ih	ih	NOUN
ajfa-6489	150	67	gh	gh	PROPN
ajfa-6489	150	68	fh	fh	PROPN
ajfa-6489	150	69	eh	eh	INTJ
ajfa-6489	150	70	ch	ch	PROPN
ajfa-6489	150	71	no	no	PROPN
ajfa-6489	150	72	.	.	PUNCT
ajfa-6489	151	1	energy	energy	NOUN
ajfa-6489	151	2	6.75	6.75	NUM
ajfa-6489	151	3	%	%	NOUN
ajfa-6489	151	4	(	(	PUNCT
ajfa-6489	151	5	0.135	0.135	NUM
ajfa-6489	151	6	)	)	PUNCT
ajfa-6489	151	7	0.00	0.00	NUM
ajfa-6489	151	8	%	%	NOUN
ajfa-6489	151	9	(	(	PUNCT
ajfa-6489	151	10	0.000	0.000	NUM
ajfa-6489	151	11	)	)	PUNCT
ajfa-6489	151	12	6.75	6.75	NUM
ajfa-6489	151	13	%	%	NOUN
ajfa-6489	151	14	(	(	PUNCT
ajfa-6489	151	15	0.135	0.135	NUM
ajfa-6489	151	16	)	)	PUNCT
ajfa-6489	151	17	5.00	5.00	NUM
ajfa-6489	151	18	%	%	NOUN
ajfa-6489	151	19	(	(	PUNCT
ajfa-6489	151	20	0.063	0.063	NUM
ajfa-6489	151	21	)	)	PUNCT
ajfa-6489	151	22	43.00	43.00	NUM
ajfa-6489	151	23	%	%	NOUN
ajfa-6489	151	24	(	(	PUNCT
ajfa-6489	151	25	0.390	0.390	NUM
ajfa-6489	151	26	)	)	PUNCT
ajfa-6489	151	27	4	4	NUM
ajfa-6489	151	28	goods	good	NOUN
ajfa-6489	151	29	4.33	4.33	NUM
ajfa-6489	151	30	%	%	NOUN
ajfa-6489	151	31	(	(	PUNCT
ajfa-6489	151	32	0.063	0.063	NUM
ajfa-6489	151	33	)	)	PUNCT
ajfa-6489	151	34	0.00	0.00	NUM
ajfa-6489	151	35	%	%	NOUN
ajfa-6489	151	36	(	(	PUNCT
ajfa-6489	151	37	0.000	0.000	NUM
ajfa-6489	151	38	)	)	PUNCT
ajfa-6489	151	39	3.93	3.93	NUM
ajfa-6489	151	40	%	%	NOUN
ajfa-6489	151	41	(	(	PUNCT
ajfa-6489	151	42	0.085	0.085	NUM
ajfa-6489	151	43	)	)	PUNCT
ajfa-6489	151	44	22.47	22.47	NUM
ajfa-6489	151	45	%	%	NOUN
ajfa-6489	151	46	(	(	PUNCT
ajfa-6489	151	47	0.282	0.282	NUM
ajfa-6489	151	48	)	)	PUNCT
ajfa-6489	151	49	13.00	13.00	NUM
ajfa-6489	151	50	%	%	NOUN
ajfa-6489	151	51	(	(	PUNCT
ajfa-6489	151	52	0.153	0.153	NUM
ajfa-6489	151	53	)	)	PUNCT
ajfa-6489	151	54	15	15	NUM
ajfa-6489	151	55	investment	investment	NOUN
ajfa-6489	151	56	2.18	2.18	NUM
ajfa-6489	151	57	%	%	NOUN
ajfa-6489	151	58	(	(	PUNCT
ajfa-6489	151	59	0.072	0.072	NUM
ajfa-6489	151	60	)	)	PUNCT
ajfa-6489	151	61	0.00	0.00	NUM
ajfa-6489	151	62	%	%	NOUN
ajfa-6489	151	63	(	(	PUNCT
ajfa-6489	151	64	0.000	0.000	NUM
ajfa-6489	151	65	)	)	PUNCT
ajfa-6489	151	66	17.73	17.73	NUM
ajfa-6489	151	67	%	%	NOUN
ajfa-6489	151	68	(	(	PUNCT
ajfa-6489	151	69	0.346	0.346	NUM
ajfa-6489	151	70	)	)	PUNCT
ajfa-6489	151	71	19.45	19.45	NUM
ajfa-6489	151	72	%	%	NOUN
ajfa-6489	151	73	(	(	PUNCT
ajfa-6489	151	74	0.277	0.277	NUM
ajfa-6489	151	75	)	)	PUNCT
ajfa-6489	151	76	14.09	14.09	NUM
ajfa-6489	151	77	%	%	NOUN
ajfa-6489	151	78	(	(	PUNCT
ajfa-6489	151	79	0.298	0.298	NUM
ajfa-6489	151	80	)	)	PUNCT
ajfa-6489	151	81	11	11	NUM
ajfa-6489	151	82	primary	primary	ADJ
ajfa-6489	151	83	3.33	3.33	NUM
ajfa-6489	151	84	%	%	NOUN
ajfa-6489	151	85	(	(	PUNCT
ajfa-6489	151	86	0.060	0.060	NUM
ajfa-6489	151	87	)	)	PUNCT
ajfa-6489	151	88	0.00	0.00	NUM
ajfa-6489	151	89	%	%	NOUN
ajfa-6489	151	90	(	(	PUNCT
ajfa-6489	151	91	0.000	0.000	NUM
ajfa-6489	151	92	)	)	PUNCT
ajfa-6489	151	93	4.17	4.17	NUM
ajfa-6489	151	94	%	%	NOUN
ajfa-6489	151	95	(	(	PUNCT
ajfa-6489	151	96	0.063	0.063	NUM
ajfa-6489	151	97	)	)	PUNCT
ajfa-6489	151	98	0.50	0.50	NUM
ajfa-6489	151	99	%	%	NOUN
ajfa-6489	151	100	(	(	PUNCT
ajfa-6489	151	101	0.017	0.017	NUM
ajfa-6489	151	102	)	)	PUNCT
ajfa-6489	151	103	18.08	18.08	NUM
ajfa-6489	151	104	%	%	NOUN
ajfa-6489	151	105	(	(	PUNCT
ajfa-6489	151	106	0.2210	0.2210	NUM
ajfa-6489	151	107	12	12	NUM
ajfa-6489	151	108	property	property	NOUN
ajfa-6489	151	109	6.50	6.50	NUM
ajfa-6489	151	110	%	%	NOUN
ajfa-6489	151	111	(	(	PUNCT
ajfa-6489	151	112	0.0820	0.0820	NUM
ajfa-6489	151	113	0.00	0.00	NUM
ajfa-6489	151	114	%	%	NOUN
ajfa-6489	151	115	(	(	PUNCT
ajfa-6489	151	116	0.000	0.000	NUM
ajfa-6489	151	117	)	)	PUNCT
ajfa-6489	151	118	2.25	2.25	NUM
ajfa-6489	151	119	%	%	NOUN
ajfa-6489	151	120	(	(	PUNCT
ajfa-6489	151	121	0.0450	0.0450	NUM
ajfa-6489	151	122	0.00	0.00	NUM
ajfa-6489	151	123	%	%	NOUN
ajfa-6489	151	124	(	(	PUNCT
ajfa-6489	151	125	0.000	0.000	NUM
ajfa-6489	151	126	)	)	PUNCT
ajfa-6489	151	127	12.50	12.50	NUM
ajfa-6489	151	128	%	%	NOUN
ajfa-6489	151	129	(	(	PUNCT
ajfa-6489	151	130	0.084	0.084	NUM
ajfa-6489	151	131	)	)	PUNCT
ajfa-6489	151	132	4	4	NUM
ajfa-6489	151	133	services	service	NOUN
ajfa-6489	151	134	4.32	4.32	NUM
ajfa-6489	151	135	%	%	NOUN
ajfa-6489	151	136	(	(	PUNCT
ajfa-6489	151	137	0.070	0.070	NUM
ajfa-6489	151	138	)	)	PUNCT
ajfa-6489	151	139	5.85	5.85	NUM
ajfa-6489	151	140	%	%	NOUN
ajfa-6489	151	141	(	(	PUNCT
ajfa-6489	151	142	0.193	0.193	NUM
ajfa-6489	151	143	)	)	PUNCT
ajfa-6489	151	144	5.88	5.88	NUM
ajfa-6489	151	145	%	%	NOUN
ajfa-6489	151	146	(	(	PUNCT
ajfa-6489	151	147	0.142	0.142	NUM
ajfa-6489	151	148	)	)	PUNCT
ajfa-6489	151	149	24.53	24.53	NUM
ajfa-6489	151	150	%	%	NOUN
ajfa-6489	151	151	(	(	PUNCT
ajfa-6489	151	152	0.239	0.239	NUM
ajfa-6489	151	153	)	)	PUNCT
ajfa-6489	151	154	15.82	15.82	NUM
ajfa-6489	151	155	%	%	NOUN
ajfa-6489	151	156	(	(	PUNCT
ajfa-6489	151	157	0.242	0.242	NUM
ajfa-6489	151	158	)	)	PUNCT
ajfa-6489	151	159	34	34	NUM
ajfa-6489	151	160	(	(	PUNCT
ajfa-6489	151	161	note	note	NOUN
ajfa-6489	151	162	:	:	PUNCT
ajfa-6489	151	163	ownership	ownership	NOUN
ajfa-6489	151	164	information	information	NOUN
ajfa-6489	151	165	was	be	AUX
ajfa-6489	151	166	obtained	obtain	VERB
ajfa-6489	151	167	from	from	ADP
ajfa-6489	151	168	the	the	DET
ajfa-6489	151	169	nzx	nzx	PROPN
ajfa-6489	151	170	deep	deep	ADJ
ajfa-6489	151	171	archive	archive	NOUN
ajfa-6489	151	172	for	for	ADP
ajfa-6489	151	173	the	the	DET
ajfa-6489	151	174	year	year	NOUN
ajfa-6489	151	175	2010	2010	NUM
ajfa-6489	151	176	.	.	PUNCT
ajfa-6489	152	1	numbers	number	NOUN
ajfa-6489	152	2	of	of	ADP
ajfa-6489	152	3	companies	company	NOUN
ajfa-6489	152	4	included	include	VERB
ajfa-6489	152	5	in	in	ADP
ajfa-6489	152	6	the	the	DET
ajfa-6489	152	7	sample	sample	NOUN
ajfa-6489	152	8	are	be	AUX
ajfa-6489	152	9	given	give	VERB
ajfa-6489	152	10	in	in	ADP
ajfa-6489	152	11	column	column	NOUN
ajfa-6489	152	12	7	7	NUM
ajfa-6489	152	13	.	.	PUNCT
ajfa-6489	153	1	standard	standard	ADJ
ajfa-6489	153	2	deviations	deviation	NOUN
ajfa-6489	153	3	is	be	AUX
ajfa-6489	153	4	reported	report	VERB
ajfa-6489	153	5	in	in	ADP
ajfa-6489	153	6	brackets	bracket	NOUN
ajfa-6489	153	7	)	)	PUNCT
ajfa-6489	153	8	table	table	NOUN
ajfa-6489	153	9	4reports	4reports	NUM
ajfa-6489	153	10	the	the	DET
ajfa-6489	153	11	ownership	ownership	NOUN
ajfa-6489	153	12	percent	percent	NOUN
ajfa-6489	153	13	by	by	ADP
ajfa-6489	153	14	owner	owner	NOUN
ajfa-6489	153	15	identity	identity	NOUN
ajfa-6489	153	16	and	and	CCONJ
ajfa-6489	153	17	size	size	NOUN
ajfa-6489	153	18	of	of	ADP
ajfa-6489	153	19	companies	company	NOUN
ajfa-6489	153	20	based	base	VERB
ajfa-6489	153	21	on	on	ADP
ajfa-6489	153	22	companies	company	NOUN
ajfa-6489	153	23	total	total	ADJ
ajfa-6489	153	24	assets	asset	NOUN
ajfa-6489	153	25	.	.	PUNCT
ajfa-6489	154	1	total	total	ADJ
ajfa-6489	154	2	assets	asset	NOUN
ajfa-6489	154	3	of	of	ADP
ajfa-6489	154	4	the	the	DET
ajfa-6489	154	5	companies	company	NOUN
ajfa-6489	154	6	are	be	AUX
ajfa-6489	154	7	divided	divide	VERB
ajfa-6489	154	8	in	in	ADP
ajfa-6489	154	9	four	four	NUM
ajfa-6489	154	10	segments	segment	NOUN
ajfa-6489	154	11	:	:	PUNCT
ajfa-6489	154	12	large	large	ADJ
ajfa-6489	154	13	,	,	PUNCT
ajfa-6489	154	14	medium1	medium1	PROPN
ajfa-6489	154	15	,	,	PUNCT
ajfa-6489	154	16	medium2	medium2	NOUN
ajfa-6489	154	17	,	,	PUNCT
ajfa-6489	154	18	and	and	CCONJ
ajfa-6489	154	19	small	small	ADJ
ajfa-6489	154	20	.	.	PUNCT
ajfa-6489	155	1	large	large	ADJ
ajfa-6489	155	2	refers	refer	NOUN
ajfa-6489	155	3	to	to	ADP
ajfa-6489	155	4	companies	company	NOUN
ajfa-6489	155	5	that	that	PRON
ajfa-6489	155	6	have	have	VERB
ajfa-6489	155	7	total	total	ADJ
ajfa-6489	155	8	assets	asset	NOUN
ajfa-6489	155	9	greater	great	ADJ
ajfa-6489	155	10	than	than	ADP
ajfa-6489	155	11	and	and	CCONJ
ajfa-6489	155	12	equal	equal	ADJ
ajfa-6489	155	13	to	to	ADP
ajfa-6489	155	14	$	$	SYM
ajfa-6489	155	15	1	1	NUM
ajfa-6489	155	16	billion	billion	NUM
ajfa-6489	155	17	;	;	PUNCT
ajfa-6489	155	18	medium1	medium1	X
ajfa-6489	155	19	refers	refer	VERB
ajfa-6489	155	20	to	to	ADP
ajfa-6489	155	21	companies	company	NOUN
ajfa-6489	155	22	that	that	PRON
ajfa-6489	155	23	have	have	VERB
ajfa-6489	155	24	total	total	ADJ
ajfa-6489	155	25	assets	asset	NOUN
ajfa-6489	155	26	greater	great	ADJ
ajfa-6489	155	27	than	than	ADP
ajfa-6489	155	28	equal	equal	ADJ
ajfa-6489	155	29	to	to	ADP
ajfa-6489	155	30	$	$	SYM
ajfa-6489	155	31	200	200	NUM
ajfa-6489	155	32	million	million	NUM
ajfa-6489	155	33	and	and	CCONJ
ajfa-6489	155	34	less	less	ADJ
ajfa-6489	155	35	than	than	ADP
ajfa-6489	155	36	$	$	SYM
ajfa-6489	155	37	1billion	1billion	NUM
ajfa-6489	155	38	,	,	PUNCT
ajfa-6489	155	39	medium2	medium2	NOUN
ajfa-6489	155	40	refers	refer	VERB
ajfa-6489	155	41	to	to	ADP
ajfa-6489	155	42	companies	company	NOUN
ajfa-6489	155	43	that	that	PRON
ajfa-6489	155	44	have	have	VERB
ajfa-6489	155	45	total	total	ADJ
ajfa-6489	155	46	assets	asset	NOUN
ajfa-6489	155	47	greater	great	ADJ
ajfa-6489	155	48	than	than	ADP
ajfa-6489	155	49	equal	equal	ADJ
ajfa-6489	155	50	to	to	ADP
ajfa-6489	155	51	$	$	SYM
ajfa-6489	155	52	50million	50million	NUM
ajfa-6489	155	53	and	and	CCONJ
ajfa-6489	155	54	less	less	ADJ
ajfa-6489	155	55	than	than	ADP
ajfa-6489	155	56	$	$	SYM
ajfa-6489	155	57	200million	200million	NUM
ajfa-6489	155	58	;	;	PUNCT
ajfa-6489	155	59	and	and	CCONJ
ajfa-6489	155	60	small	small	ADJ
ajfa-6489	155	61	refers	refer	NOUN
ajfa-6489	155	62	to	to	ADP
ajfa-6489	155	63	companies	company	NOUN
ajfa-6489	155	64	that	that	PRON
ajfa-6489	155	65	have	have	VERB
ajfa-6489	155	66	total	total	ADJ
ajfa-6489	155	67	assets	asset	NOUN
ajfa-6489	155	68	less	less	ADJ
ajfa-6489	155	69	than	than	ADP
ajfa-6489	155	70	$	$	SYM
ajfa-6489	155	71	50	50	NUM
ajfa-6489	155	72	million	million	NUM
ajfa-6489	155	73	.	.	PUNCT
ajfa-6489	156	1	results	result	NOUN
ajfa-6489	156	2	reported	report	VERB
ajfa-6489	156	3	in	in	ADP
ajfa-6489	156	4	table	table	NOUN
ajfa-6489	156	5	4	4	NUM
ajfa-6489	156	6	show	show	VERB
ajfa-6489	156	7	that	that	SCONJ
ajfa-6489	156	8	different	different	ADJ
ajfa-6489	156	9	owner	owner	NOUN
ajfa-6489	156	10	types	type	NOUN
ajfa-6489	156	11	have	have	VERB
ajfa-6489	156	12	different	different	ADJ
ajfa-6489	156	13	interests	interest	NOUN
ajfa-6489	156	14	in	in	ADP
ajfa-6489	156	15	different	different	ADJ
ajfa-6489	156	16	size	size	NOUN
ajfa-6489	156	17	companies	company	NOUN
ajfa-6489	156	18	.	.	PUNCT
ajfa-6489	157	1	the	the	DET
ajfa-6489	157	2	basic	basic	ADJ
ajfa-6489	157	3	consensus	consensus	NOUN
ajfa-6489	157	4	is	be	AUX
ajfa-6489	157	5	that	that	SCONJ
ajfa-6489	157	6	smaller	small	ADJ
ajfa-6489	157	7	size	size	NOUN
ajfa-6489	157	8	companies	company	NOUN
ajfa-6489	157	9	have	have	VERB
ajfa-6489	157	10	greater	great	ADJ
ajfa-6489	157	11	risks	risk	NOUN
ajfa-6489	157	12	and	and	CCONJ
ajfa-6489	157	13	ownership	ownership	NOUN
ajfa-6489	157	14	patterns	pattern	NOUN
ajfa-6489	157	15	of	of	ADP
ajfa-6489	157	16	institutional	institutional	ADJ
ajfa-6489	157	17	investors	investor	NOUN
ajfa-6489	157	18	show	show	VERB
ajfa-6489	157	19	that	that	SCONJ
ajfa-6489	157	20	their	their	PRON
ajfa-6489	157	21	investment	investment	NOUN
ajfa-6489	157	22	declines	decline	VERB
ajfa-6489	157	23	as	as	SCONJ
ajfa-6489	157	24	the	the	DET
ajfa-6489	157	25	company	company	NOUN
ajfa-6489	157	26	size	size	NOUN
ajfa-6489	157	27	gets	get	VERB
ajfa-6489	157	28	smaller	small	ADJ
ajfa-6489	157	29	.	.	PUNCT
ajfa-6489	158	1	institutional	institutional	ADJ
ajfa-6489	158	2	investors	investor	NOUN
ajfa-6489	158	3	hold	hold	VERB
ajfa-6489	158	4	9.64	9.64	NUM
ajfa-6489	158	5	%	%	NOUN
ajfa-6489	158	6	shares	share	NOUN
ajfa-6489	158	7	in	in	ADP
ajfa-6489	158	8	large	large	ADJ
ajfa-6489	158	9	companies	company	NOUN
ajfa-6489	158	10	,	,	PUNCT
ajfa-6489	158	11	but	but	CCONJ
ajfa-6489	158	12	it	it	PRON
ajfa-6489	158	13	dramatically	dramatically	ADV
ajfa-6489	158	14	declines	decline	VERB
ajfa-6489	158	15	to	to	ADP
ajfa-6489	158	16	mere	mere	ADJ
ajfa-6489	158	17	1.21	1.21	NUM
ajfa-6489	158	18	%	%	NOUN
ajfa-6489	158	19	in	in	ADP
ajfa-6489	158	20	small	small	ADJ
ajfa-6489	158	21	size	size	NOUN
ajfa-6489	158	22	companies	company	NOUN
ajfa-6489	158	23	.	.	PUNCT
ajfa-6489	159	1	this	this	PRON
ajfa-6489	159	2	is	be	AUX
ajfa-6489	159	3	not	not	PART
ajfa-6489	159	4	surprising	surprising	ADJ
ajfa-6489	159	5	as	as	SCONJ
ajfa-6489	159	6	institutional	institutional	ADJ
ajfa-6489	159	7	investors	investor	NOUN
ajfa-6489	159	8	are	be	AUX
ajfa-6489	159	9	known	know	VERB
ajfa-6489	159	10	for	for	ADP
ajfa-6489	159	11	seeking	seek	VERB
ajfa-6489	159	12	long	long	ADJ
ajfa-6489	159	13	-	-	PUNCT
ajfa-6489	159	14	term	term	NOUN
ajfa-6489	159	15	returns	return	NOUN
ajfa-6489	159	16	and	and	CCONJ
ajfa-6489	159	17	have	have	VERB
ajfa-6489	159	18	low	low	ADJ
ajfa-6489	159	19	risk	risk	NOUN
ajfa-6489	159	20	-	-	PUNCT
ajfa-6489	159	21	bearing	bear	VERB
ajfa-6489	159	22	capability	capability	NOUN
ajfa-6489	159	23	.	.	PUNCT
ajfa-6489	160	1	the	the	DET
ajfa-6489	160	2	most	most	ADV
ajfa-6489	160	3	striking	striking	ADJ
ajfa-6489	160	4	result	result	NOUN
ajfa-6489	160	5	is	be	AUX
ajfa-6489	160	6	that	that	SCONJ
ajfa-6489	160	7	government	government	NOUN
ajfa-6489	160	8	holding	hold	VERB
ajfa-6489	160	9	in	in	ADP
ajfa-6489	160	10	large	large	ADJ
ajfa-6489	160	11	companies	company	NOUN
ajfa-6489	160	12	in	in	ADP
ajfa-6489	160	13	new	new	PROPN
ajfa-6489	160	14	zealand	zealand	PROPN
ajfa-6489	160	15	is	be	AUX
ajfa-6489	160	16	nil	nil	ADJ
ajfa-6489	160	17	compared	compare	VERB
ajfa-6489	160	18	to	to	ADP
ajfa-6489	160	19	other	other	ADJ
ajfa-6489	160	20	countries	country	NOUN
ajfa-6489	160	21	.	.	PUNCT
ajfa-6489	161	1	this	this	PRON
ajfa-6489	161	2	is	be	AUX
ajfa-6489	161	3	mainly	mainly	ADV
ajfa-6489	161	4	because	because	SCONJ
ajfa-6489	161	5	government	government	NOUN
ajfa-6489	161	6	-	-	PUNCT
ajfa-6489	161	7	owned	own	VERB
ajfa-6489	161	8	companies	company	NOUN
ajfa-6489	161	9	are	be	AUX
ajfa-6489	161	10	not	not	PART
ajfa-6489	161	11	publicly	publicly	ADV
ajfa-6489	161	12	listed	list	VERB
ajfa-6489	161	13	in	in	ADP
ajfa-6489	161	14	new	new	PROPN
ajfa-6489	161	15	zealand	zealand	PROPN
ajfa-6489	161	16	.	.	PUNCT
ajfa-6489	162	1	another	another	DET
ajfa-6489	162	2	plausible	plausible	ADJ
ajfa-6489	162	3	reason	reason	NOUN
ajfa-6489	162	4	is	be	AUX
ajfa-6489	162	5	that	that	SCONJ
ajfa-6489	162	6	new	new	PROPN
ajfa-6489	162	7	zealand	zealand	PROPN
ajfa-6489	162	8	government	government	NOUN
ajfa-6489	162	9	invests	invest	VERB
ajfa-6489	162	10	only	only	ADV
ajfa-6489	162	11	in	in	ADP
ajfa-6489	162	12	the	the	DET
ajfa-6489	162	13	services	service	NOUN
ajfa-6489	162	14	sector	sector	NOUN
ajfa-6489	162	15	(	(	PUNCT
ajfa-6489	162	16	ports	port	NOUN
ajfa-6489	162	17	)	)	PUNCT
ajfa-6489	162	18	in	in	ADP
ajfa-6489	162	19	new	new	PROPN
ajfa-6489	162	20	zealand	zealand	PROPN
ajfa-6489	162	21	which	which	PRON
ajfa-6489	162	22	is	be	AUX
ajfa-6489	162	23	only	only	ADV
ajfa-6489	162	24	medium	medium	ADJ
ajfa-6489	162	25	sized	sized	ADJ
ajfa-6489	162	26	.	.	PUNCT
ajfa-6489	163	1	foreign	foreign	ADJ
ajfa-6489	163	2	holdings	holding	NOUN
ajfa-6489	163	3	are	be	AUX
ajfa-6489	163	4	highly	highly	ADV
ajfa-6489	163	5	concentrated	concentrated	ADJ
ajfa-6489	163	6	both	both	CCONJ
ajfa-6489	163	7	in	in	ADP
ajfa-6489	163	8	large	large	ADJ
ajfa-6489	163	9	companies	company	NOUN
ajfa-6489	163	10	(	(	PUNCT
ajfa-6489	163	11	10.09	10.09	NUM
ajfa-6489	163	12	%	%	NOUN
ajfa-6489	163	13	)	)	PUNCT
ajfa-6489	163	14	and	and	CCONJ
ajfa-6489	163	15	small	small	ADJ
ajfa-6489	163	16	size	size	NOUN
ajfa-6489	163	17	companies	company	NOUN
ajfa-6489	163	18	(	(	PUNCT
ajfa-6489	163	19	10.86	10.86	NUM
ajfa-6489	163	20	%	%	NOUN
ajfa-6489	163	21	)	)	PUNCT
ajfa-6489	163	22	.	.	PUNCT
ajfa-6489	164	1	it	it	PRON
ajfa-6489	164	2	is	be	AUX
ajfa-6489	164	3	interesting	interesting	ADJ
ajfa-6489	164	4	to	to	PART
ajfa-6489	164	5	note	note	VERB
ajfa-6489	164	6	that	that	SCONJ
ajfa-6489	164	7	there	there	PRON
ajfa-6489	164	8	are	be	VERB
ajfa-6489	164	9	two	two	NUM
ajfa-6489	164	10	distinctly	distinctly	ADV
ajfa-6489	164	11	different	different	ADJ
ajfa-6489	164	12	types	type	NOUN
ajfa-6489	164	13	of	of	ADP
ajfa-6489	164	14	foreign	foreign	ADJ
ajfa-6489	164	15	investors	investor	NOUN
ajfa-6489	164	16	existing	exist	VERB
ajfa-6489	164	17	in	in	ADP
ajfa-6489	164	18	new	new	PROPN
ajfa-6489	164	19	zealand	zealand	PROPN
ajfa-6489	164	20	,	,	PUNCT
ajfa-6489	164	21	that	that	ADV
ajfa-6489	164	22	is	is	ADV
ajfa-6489	164	23	,	,	PUNCT
ajfa-6489	164	24	one	one	NUM
ajfa-6489	164	25	seeking	seek	VERB
ajfa-6489	164	26	long	long	ADJ
ajfa-6489	164	27	-	-	PUNCT
ajfa-6489	164	28	run	run	NOUN
ajfa-6489	164	29	returns	return	NOUN
ajfa-6489	164	30	and	and	CCONJ
ajfa-6489	164	31	low	low	ADJ
ajfa-6489	164	32	risk	risk	NOUN
ajfa-6489	164	33	,	,	PUNCT
ajfa-6489	164	34	and	and	CCONJ
ajfa-6489	164	35	other	other	ADJ
ajfa-6489	164	36	seeking	seek	VERB
ajfa-6489	164	37	risky	risky	ADJ
ajfa-6489	164	38	investments	investment	NOUN
ajfa-6489	164	39	.	.	PUNCT
ajfa-6489	165	1	it	it	PRON
ajfa-6489	165	2	is	be	AUX
ajfa-6489	165	3	interesting	interesting	ADJ
ajfa-6489	165	4	to	to	PART
ajfa-6489	165	5	note	note	VERB
ajfa-6489	165	6	that	that	SCONJ
ajfa-6489	165	7	employee	employee	NOUN
ajfa-6489	165	8	holding	hold	VERB
ajfa-6489	165	9	declines	decline	NOUN
ajfa-6489	165	10	as	as	SCONJ
ajfa-6489	165	11	the	the	DET
ajfa-6489	165	12	company	company	NOUN
ajfa-6489	165	13	size	size	NOUN
ajfa-6489	165	14	gets	get	VERB
ajfa-6489	165	15	larger	large	ADJ
ajfa-6489	165	16	,	,	PUNCT
ajfa-6489	165	17	which	which	PRON
ajfa-6489	165	18	ranges	range	VERB
ajfa-6489	165	19	from	from	ADP
ajfa-6489	165	20	30.59	30.59	NUM
ajfa-6489	165	21	%	%	NOUN
ajfa-6489	165	22	in	in	ADP
ajfa-6489	165	23	small	small	ADJ
ajfa-6489	165	24	companies	company	NOUN
ajfa-6489	165	25	to	to	ADP
ajfa-6489	165	26	0.64	0.64	NUM
ajfa-6489	165	27	%	%	NOUN
ajfa-6489	165	28	in	in	ADP
ajfa-6489	165	29	large	large	ADJ
ajfa-6489	165	30	companies	company	NOUN
ajfa-6489	165	31	.	.	PUNCT
ajfa-6489	166	1	this	this	PRON
ajfa-6489	166	2	is	be	AUX
ajfa-6489	166	3	not	not	PART
ajfa-6489	166	4	surprising	surprising	ADJ
ajfa-6489	166	5	as	as	SCONJ
ajfa-6489	166	6	investors	investor	NOUN
ajfa-6489	166	7	need	need	VERB
ajfa-6489	166	8	a	a	DET
ajfa-6489	166	9	lot	lot	NOUN
ajfa-6489	166	10	more	more	ADJ
ajfa-6489	166	11	funds	fund	NOUN
ajfa-6489	166	12	to	to	PART
ajfa-6489	166	13	hold	hold	VERB
ajfa-6489	166	14	block	block	NOUN
ajfa-6489	166	15	shares	share	NOUN
ajfa-6489	166	16	in	in	ADP
ajfa-6489	166	17	larger	large	ADJ
ajfa-6489	166	18	companies	company	NOUN
ajfa-6489	166	19	.	.	PUNCT
ajfa-6489	167	1	asian	asian	ADJ
ajfa-6489	167	2	journal	journal	PROPN
ajfa-6489	167	3	of	of	ADP
ajfa-6489	167	4	finance	finance	PROPN
ajfa-6489	167	5	&	&	CCONJ
ajfa-6489	167	6	accounting	accounting	PROPN
ajfa-6489	167	7	issn	issn	PROPN
ajfa-6489	167	8	1946	1946	NUM
ajfa-6489	167	9	-	-	PUNCT
ajfa-6489	167	10	052x	052x	NOUN
ajfa-6489	167	11	2015	2015	NUM
ajfa-6489	167	12	,	,	PUNCT
ajfa-6489	167	13	vol	vol	NOUN
ajfa-6489	167	14	.	.	PROPN
ajfa-6489	167	15	7	7	NUM
ajfa-6489	167	16	,	,	PUNCT
ajfa-6489	167	17	no	no	INTJ
ajfa-6489	167	18	.	.	NOUN
ajfa-6489	167	19	1	1	NUM
ajfa-6489	167	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	167	21	25	25	NUM
ajfa-6489	167	22	table	table	NOUN
ajfa-6489	167	23	4	4	NUM
ajfa-6489	167	24	.	.	PUNCT
ajfa-6489	167	25	ownership	ownership	NOUN
ajfa-6489	167	26	structure	structure	NOUN
ajfa-6489	167	27	by	by	ADP
ajfa-6489	167	28	firm	firm	ADJ
ajfa-6489	167	29	size	size	NOUN
ajfa-6489	167	30	in	in	ADP
ajfa-6489	167	31	2010	2010	NUM
ajfa-6489	167	32	ih	ih	NOUN
ajfa-6489	167	33	gh	gh	PROPN
ajfa-6489	167	34	fh	fh	PROPN
ajfa-6489	167	35	eh	eh	INTJ
ajfa-6489	167	36	ch	ch	NOUN
ajfa-6489	167	37	no	no	INTJ
ajfa-6489	167	38	.	.	PUNCT
ajfa-6489	168	1	large	large	ADJ
ajfa-6489	168	2	9.64	9.64	NUM
ajfa-6489	168	3	%	%	NOUN
ajfa-6489	168	4	(	(	PUNCT
ajfa-6489	168	5	0.096	0.096	NUM
ajfa-6489	168	6	)	)	PUNCT
ajfa-6489	168	7	0.00	0.00	NUM
ajfa-6489	168	8	%	%	NOUN
ajfa-6489	168	9	(	(	PUNCT
ajfa-6489	168	10	0.000	0.000	NUM
ajfa-6489	168	11	)	)	PUNCT
ajfa-6489	168	12	10.09	10.09	NUM
ajfa-6489	168	13	%	%	NOUN
ajfa-6489	168	14	(	(	PUNCT
ajfa-6489	168	15	0.108	0.108	NUM
ajfa-6489	168	16	)	)	PUNCT
ajfa-6489	168	17	0.64	0.64	NUM
ajfa-6489	168	18	%	%	NOUN
ajfa-6489	168	19	(	(	PUNCT
ajfa-6489	168	20	0.021	0.021	NUM
ajfa-6489	168	21	)	)	PUNCT
ajfa-6489	168	22	22.91).3	22.91).3	NUM
ajfa-6489	168	23	01	01	NUM
ajfa-6489	168	24	)	)	PUNCT
ajfa-6489	168	25	11	11	NUM
ajfa-6489	168	26	medium1	medium1	NOUN
ajfa-6489	168	27	5.05	5.05	NUM
ajfa-6489	168	28	%	%	NOUN
ajfa-6489	168	29	(	(	PUNCT
ajfa-6489	168	30	0.051	0.051	NUM
ajfa-6489	168	31	)	)	PUNCT
ajfa-6489	168	32	2.57	2.57	NUM
ajfa-6489	168	33	%	%	NOUN
ajfa-6489	168	34	(	(	PUNCT
ajfa-6489	168	35	0.118	0.118	NUM
ajfa-6489	168	36	)	)	PUNCT
ajfa-6489	168	37	1.14	1.14	NUM
ajfa-6489	168	38	%	%	NOUN
ajfa-6489	168	39	(	(	PUNCT
ajfa-6489	168	40	0.0360	0.0360	NUM
ajfa-6489	168	41	10.86	10.86	NUM
ajfa-6489	168	42	%	%	NOUN
ajfa-6489	168	43	(	(	PUNCT
ajfa-6489	168	44	0.208	0.208	NUM
ajfa-6489	168	45	)	)	PUNCT
ajfa-6489	168	46	16.05	16.05	NUM
ajfa-6489	168	47	%	%	NOUN
ajfa-6489	168	48	(	(	PUNCT
ajfa-6489	168	49	0.229	0.229	NUM
ajfa-6489	168	50	)	)	PUNCT
ajfa-6489	168	51	21	21	NUM
ajfa-6489	168	52	medium	medium	NOUN
ajfa-6489	168	53	2	2	NUM
ajfa-6489	168	54	4.32	4.32	NUM
ajfa-6489	168	55	%	%	NOUN
ajfa-6489	168	56	(	(	PUNCT
ajfa-6489	168	57	0.043	0.043	NUM
ajfa-6489	168	58	)	)	PUNCT
ajfa-6489	168	59	4.16	4.16	NUM
ajfa-6489	168	60	%	%	NOUN
ajfa-6489	168	61	(	(	PUNCT
ajfa-6489	168	62	0.1810	0.1810	NUM
ajfa-6489	168	63	4.74	4.74	NUM
ajfa-6489	168	64	%	%	NOUN
ajfa-6489	168	65	(	(	PUNCT
ajfa-6489	168	66	0.082	0.082	NUM
ajfa-6489	168	67	)	)	PUNCT
ajfa-6489	168	68	15.21	15.21	NUM
ajfa-6489	168	69	%	%	NOUN
ajfa-6489	168	70	(	(	PUNCT
ajfa-6489	168	71	0.252	0.252	NUM
ajfa-6489	168	72	)	)	PUNCT
ajfa-6489	168	73	13.32	13.32	NUM
ajfa-6489	168	74	%	%	NOUN
ajfa-6489	168	75	(	(	PUNCT
ajfa-6489	168	76	0.190	0.190	NUM
ajfa-6489	168	77	)	)	PUNCT
ajfa-6489	168	78	19	19	NUM
ajfa-6489	168	79	small	small	ADJ
ajfa-6489	168	80	1.21	1.21	NUM
ajfa-6489	168	81	%	%	NOUN
ajfa-6489	168	82	(	(	PUNCT
ajfa-6489	168	83	0.012	0.012	NUM
ajfa-6489	168	84	)	)	PUNCT
ajfa-6489	168	85	2.28	2.28	NUM
ajfa-6489	168	86	%	%	NOUN
ajfa-6489	168	87	(	(	PUNCT
ajfa-6489	168	88	0.123	0.123	NUM
ajfa-6489	168	89	)	)	PUNCT
ajfa-6489	168	90	10.86	10.86	NUM
ajfa-6489	168	91	%	%	NOUN
ajfa-6489	168	92	(	(	PUNCT
ajfa-6489	168	93	0.256	0.256	NUM
ajfa-6489	168	94	)	)	PUNCT
ajfa-6489	168	95	30.59	30.59	NUM
ajfa-6489	168	96	%	%	NOUN
ajfa-6489	168	97	(	(	PUNCT
ajfa-6489	168	98	0.239	0.239	NUM
ajfa-6489	168	99	)	)	PUNCT
ajfa-6489	168	100	16.72	16.72	NUM
ajfa-6489	168	101	%	%	NOUN
ajfa-6489	168	102	(	(	PUNCT
ajfa-6489	168	103	0.254	0.254	NUM
ajfa-6489	168	104	)	)	PUNCT
ajfa-6489	168	105	29	29	NUM
ajfa-6489	168	106	note	note	NOUN
ajfa-6489	168	107	:	:	PUNCT
ajfa-6489	168	108	the	the	DET
ajfa-6489	168	109	data	datum	NOUN
ajfa-6489	168	110	for	for	ADP
ajfa-6489	168	111	the	the	DET
ajfa-6489	168	112	company	company	NOUN
ajfa-6489	168	113	’s	’s	PART
ajfa-6489	168	114	total	total	ADJ
ajfa-6489	168	115	assets	asset	NOUN
ajfa-6489	168	116	was	be	AUX
ajfa-6489	168	117	obtained	obtain	VERB
ajfa-6489	168	118	from	from	ADP
ajfa-6489	168	119	the	the	DET
ajfa-6489	168	120	nzx	nzx	PROPN
ajfa-6489	168	121	deep	deep	ADJ
ajfa-6489	168	122	achieve	achieve	NOUN
ajfa-6489	168	123	,	,	PUNCT
ajfa-6489	168	124	for	for	ADP
ajfa-6489	168	125	2010	2010	NUM
ajfa-6489	168	126	.	.	PUNCT
ajfa-6489	169	1	companies	company	NOUN
ajfa-6489	169	2	total	total	ADJ
ajfa-6489	169	3	assets	asset	NOUN
ajfa-6489	169	4	was	be	AUX
ajfa-6489	169	5	divided	divide	VERB
ajfa-6489	169	6	into	into	ADP
ajfa-6489	169	7	four	four	NUM
ajfa-6489	169	8	segments	segment	NOUN
ajfa-6489	169	9	,	,	PUNCT
ajfa-6489	169	10	that	that	PRON
ajfa-6489	169	11	is	be	AUX
ajfa-6489	169	12	:	:	PUNCT
ajfa-6489	169	13	largecompanies	largecompanie	NOUN
ajfa-6489	169	14	with	with	ADP
ajfa-6489	169	15	totals	total	NOUN
ajfa-6489	169	16	assets	asset	NOUN
ajfa-6489	169	17	greater	great	ADJ
ajfa-6489	169	18	than	than	ADP
ajfa-6489	169	19	equal	equal	ADJ
ajfa-6489	169	20	to	to	ADP
ajfa-6489	169	21	$	$	SYM
ajfa-6489	169	22	1billion	1billion	NUM
ajfa-6489	169	23	;	;	PUNCT
ajfa-6489	169	24	medium1	medium1	X
ajfa-6489	169	25	companies	company	NOUN
ajfa-6489	169	26	having	have	VERB
ajfa-6489	169	27	totals	total	NOUN
ajfa-6489	169	28	assets	asset	NOUN
ajfa-6489	169	29	greater	great	ADJ
ajfa-6489	169	30	than	than	ADP
ajfa-6489	169	31	equal	equal	ADJ
ajfa-6489	169	32	to	to	ADP
ajfa-6489	169	33	$	$	SYM
ajfa-6489	169	34	200million	200million	PROPN
ajfa-6489	169	35	and	and	CCONJ
ajfa-6489	169	36	less	less	ADJ
ajfa-6489	169	37	than	than	ADP
ajfa-6489	169	38	1billion	1billion	NUM
ajfa-6489	169	39	;	;	PUNCT
ajfa-6489	169	40	medium2	medium2	ADJ
ajfa-6489	169	41	companies	company	NOUN
ajfa-6489	169	42	with	with	ADP
ajfa-6489	169	43	total	total	ADJ
ajfa-6489	169	44	assets	asset	NOUN
ajfa-6489	169	45	greater	great	ADJ
ajfa-6489	169	46	than	than	ADP
ajfa-6489	169	47	equal	equal	ADJ
ajfa-6489	169	48	to	to	ADP
ajfa-6489	169	49	$	$	SYM
ajfa-6489	169	50	50	50	NUM
ajfa-6489	169	51	million	million	NUM
ajfa-6489	169	52	and	and	CCONJ
ajfa-6489	169	53	less	less	ADJ
ajfa-6489	169	54	than	than	ADP
ajfa-6489	169	55	$	$	SYM
ajfa-6489	169	56	200	200	NUM
ajfa-6489	169	57	million	million	NUM
ajfa-6489	169	58	;	;	PUNCT
ajfa-6489	169	59	and	and	CCONJ
ajfa-6489	169	60	small	small	ADJ
ajfa-6489	169	61	companies	company	NOUN
ajfa-6489	169	62	with	with	ADP
ajfa-6489	169	63	total	total	ADJ
ajfa-6489	169	64	assets	asset	NOUN
ajfa-6489	169	65	less	less	ADJ
ajfa-6489	169	66	than	than	ADP
ajfa-6489	169	67	$	$	SYM
ajfa-6489	169	68	50	50	NUM
ajfa-6489	169	69	million	million	NUM
ajfa-6489	169	70	.	.	PUNCT
ajfa-6489	170	1	standard	standard	ADJ
ajfa-6489	170	2	deviations	deviation	NOUN
ajfa-6489	170	3	are	be	AUX
ajfa-6489	170	4	reported	report	VERB
ajfa-6489	170	5	in	in	ADP
ajfa-6489	170	6	brackets	bracket	NOUN
ajfa-6489	170	7	.	.	PUNCT
ajfa-6489	171	1	chart2reports	chart2report	NOUN
ajfa-6489	171	2	the	the	DET
ajfa-6489	171	3	time	time	NOUN
ajfa-6489	171	4	series	series	PROPN
ajfa-6489	171	5	comparison	comparison	NOUN
ajfa-6489	171	6	of	of	ADP
ajfa-6489	171	7	ownership	ownership	NOUN
ajfa-6489	171	8	percent	percent	NOUN
ajfa-6489	171	9	and	and	CCONJ
ajfa-6489	171	10	identity	identity	NOUN
ajfa-6489	171	11	of	of	ADP
ajfa-6489	171	12	the	the	DET
ajfa-6489	171	13	40	40	NUM
ajfa-6489	171	14	nzx	nzx	NOUN
ajfa-6489	171	15	listed	list	VERB
ajfa-6489	171	16	companies	company	NOUN
ajfa-6489	171	17	for	for	ADP
ajfa-6489	171	18	the	the	DET
ajfa-6489	171	19	period	period	NOUN
ajfa-6489	171	20	2003	2003	NUM
ajfa-6489	171	21	to	to	ADP
ajfa-6489	171	22	2009.according	2009.accorde	VERB
ajfa-6489	171	23	to	to	ADP
ajfa-6489	171	24	chart2	chart2	NOUN
ajfa-6489	171	25	,	,	PUNCT
ajfa-6489	171	26	institutional	institutional	ADJ
ajfa-6489	171	27	holding	holding	NOUN
ajfa-6489	171	28	,	,	PUNCT
ajfa-6489	171	29	employee	employee	NOUN
ajfa-6489	171	30	holding	holding	NOUN
ajfa-6489	171	31	,	,	PUNCT
ajfa-6489	171	32	and	and	CCONJ
ajfa-6489	171	33	corporate	corporate	ADJ
ajfa-6489	171	34	holding	holding	NOUN
ajfa-6489	171	35	declined	decline	VERB
ajfa-6489	171	36	between	between	ADP
ajfa-6489	171	37	the	the	DET
ajfa-6489	171	38	period	period	NOUN
ajfa-6489	171	39	2003	2003	NUM
ajfa-6489	171	40	and	and	CCONJ
ajfa-6489	171	41	2004	2004	NUM
ajfa-6489	171	42	,	,	PUNCT
ajfa-6489	171	43	but	but	CCONJ
ajfa-6489	171	44	foreign	foreign	ADJ
ajfa-6489	171	45	holding	holding	NOUN
ajfa-6489	171	46	increased	increase	VERB
ajfa-6489	171	47	a	a	DET
ajfa-6489	171	48	little	little	ADJ
ajfa-6489	171	49	during	during	ADP
ajfa-6489	171	50	the	the	DET
ajfa-6489	171	51	same	same	ADJ
ajfa-6489	171	52	period	period	NOUN
ajfa-6489	171	53	following	follow	VERB
ajfa-6489	171	54	similar	similar	ADJ
ajfa-6489	171	55	trend	trend	NOUN
ajfa-6489	171	56	to	to	ADP
ajfa-6489	171	57	that	that	PRON
ajfa-6489	171	58	of	of	ADP
ajfa-6489	171	59	the	the	DET
ajfa-6489	171	60	real	real	ADJ
ajfa-6489	171	61	gdp	gdp	NOUN
ajfa-6489	171	62	growth	growth	NOUN
ajfa-6489	171	63	rate	rate	NOUN
ajfa-6489	171	64	(	(	PUNCT
ajfa-6489	171	65	rgdp	rgdp	NOUN
ajfa-6489	171	66	)	)	PUNCT
ajfa-6489	171	67	of	of	ADP
ajfa-6489	171	68	new	new	PROPN
ajfa-6489	171	69	zealand	zealand	PROPN
ajfa-6489	171	70	.	.	PUNCT
ajfa-6489	172	1	after	after	ADP
ajfa-6489	172	2	2004	2004	NUM
ajfa-6489	172	3	,	,	PUNCT
ajfa-6489	172	4	foreign	foreign	ADJ
ajfa-6489	172	5	holding	holding	NOUN
ajfa-6489	172	6	,	,	PUNCT
ajfa-6489	172	7	employee	employee	NOUN
ajfa-6489	172	8	holding	holding	NOUN
ajfa-6489	172	9	(	(	PUNCT
ajfa-6489	172	10	small	small	ADJ
ajfa-6489	172	11	firms	firm	NOUN
ajfa-6489	172	12	)	)	PUNCT
ajfa-6489	172	13	and	and	CCONJ
ajfa-6489	172	14	corporate	corporate	ADJ
ajfa-6489	172	15	holding	holding	NOUN
ajfa-6489	172	16	followed	follow	VERB
ajfa-6489	172	17	similar	similar	ADJ
ajfa-6489	172	18	trend	trend	NOUN
ajfa-6489	172	19	to	to	ADP
ajfa-6489	172	20	that	that	PRON
ajfa-6489	172	21	of	of	ADP
ajfa-6489	172	22	the	the	DET
ajfa-6489	172	23	rgdp	rgdp	NOUN
ajfa-6489	172	24	,	,	PUNCT
ajfa-6489	172	25	they	they	PRON
ajfa-6489	172	26	all	all	PRON
ajfa-6489	172	27	declined	decline	VERB
ajfa-6489	172	28	in	in	ADP
ajfa-6489	172	29	2005	2005	NUM
ajfa-6489	172	30	and	and	CCONJ
ajfa-6489	172	31	rebounded	rebound	VERB
ajfa-6489	172	32	back	back	ADV
ajfa-6489	172	33	a	a	DET
ajfa-6489	172	34	little	little	ADJ
ajfa-6489	172	35	in	in	ADP
ajfa-6489	172	36	2006	2006	NUM
ajfa-6489	172	37	.	.	PUNCT
ajfa-6489	173	1	per	per	ADP
ajfa-6489	173	2	cent	cent	NOUN
ajfa-6489	173	3	of	of	ADP
ajfa-6489	173	4	shares	share	NOUN
ajfa-6489	173	5	held	hold	VERB
ajfa-6489	173	6	by	by	ADP
ajfa-6489	173	7	all	all	DET
ajfa-6489	173	8	investors	investor	NOUN
ajfa-6489	173	9	declined	decline	VERB
ajfa-6489	173	10	in	in	ADP
ajfa-6489	173	11	2007	2007	NUM
ajfa-6489	173	12	,	,	PUNCT
ajfa-6489	173	13	even	even	ADV
ajfa-6489	173	14	though	though	SCONJ
ajfa-6489	173	15	the	the	DET
ajfa-6489	173	16	rgdp	rgdp	NOUN
ajfa-6489	173	17	increased	increase	VERB
ajfa-6489	173	18	slightly	slightly	ADV
ajfa-6489	173	19	.	.	PUNCT
ajfa-6489	174	1	a	a	DET
ajfa-6489	174	2	plausible	plausible	ADJ
ajfa-6489	174	3	reason	reason	NOUN
ajfa-6489	174	4	could	could	AUX
ajfa-6489	174	5	be	be	AUX
ajfa-6489	174	6	that	that	SCONJ
ajfa-6489	174	7	investors	investor	NOUN
ajfa-6489	174	8	expected	expect	VERB
ajfa-6489	174	9	the	the	DET
ajfa-6489	174	10	worst	bad	ADJ
ajfa-6489	174	11	possible	possible	ADJ
ajfa-6489	174	12	outcome	outcome	NOUN
ajfa-6489	174	13	from	from	ADP
ajfa-6489	174	14	the	the	DET
ajfa-6489	174	15	financial	financial	ADJ
ajfa-6489	174	16	crisis	crisis	NOUN
ajfa-6489	174	17	and	and	CCONJ
ajfa-6489	174	18	therefore	therefore	ADV
ajfa-6489	174	19	,	,	PUNCT
ajfa-6489	174	20	maintained	maintain	VERB
ajfa-6489	174	21	lower	low	ADJ
ajfa-6489	174	22	level	level	NOUN
ajfa-6489	174	23	of	of	ADP
ajfa-6489	174	24	interest	interest	NOUN
ajfa-6489	174	25	in	in	ADP
ajfa-6489	174	26	controlling	control	VERB
ajfa-6489	174	27	publicly	publicly	ADV
ajfa-6489	174	28	listed	list	VERB
ajfa-6489	174	29	companies	company	NOUN
ajfa-6489	174	30	in	in	ADP
ajfa-6489	174	31	new	new	PROPN
ajfa-6489	174	32	zealand	zealand	PROPN
ajfa-6489	174	33	.	.	PUNCT
ajfa-6489	175	1	even	even	ADV
ajfa-6489	175	2	though	though	SCONJ
ajfa-6489	175	3	new	new	PROPN
ajfa-6489	175	4	zealand	zealand	PROPN
ajfa-6489	175	5	economy	economy	NOUN
ajfa-6489	175	6	experienced	experience	VERB
ajfa-6489	175	7	major	major	ADJ
ajfa-6489	175	8	setback	setback	NOUN
ajfa-6489	175	9	since	since	SCONJ
ajfa-6489	175	10	2008	2008	NUM
ajfa-6489	175	11	,	,	PUNCT
ajfa-6489	175	12	the	the	DET
ajfa-6489	175	13	results	result	NOUN
ajfa-6489	175	14	reported	report	VERB
ajfa-6489	175	15	in	in	ADP
ajfa-6489	175	16	chart2	chart2	NOUN
ajfa-6489	175	17	show	show	VERB
ajfa-6489	175	18	that	that	SCONJ
ajfa-6489	175	19	investors	investor	NOUN
ajfa-6489	175	20	did	do	AUX
ajfa-6489	175	21	increase	increase	VERB
ajfa-6489	175	22	their	their	PRON
ajfa-6489	175	23	level	level	NOUN
ajfa-6489	175	24	of	of	ADP
ajfa-6489	175	25	investment	investment	NOUN
ajfa-6489	175	26	simply	simply	ADV
ajfa-6489	175	27	to	to	PART
ajfa-6489	175	28	regain	regain	VERB
ajfa-6489	175	29	control	control	NOUN
ajfa-6489	175	30	which	which	PRON
ajfa-6489	175	31	they	they	PRON
ajfa-6489	175	32	had	have	AUX
ajfa-6489	175	33	lost	lose	VERB
ajfa-6489	175	34	earlier	early	ADV
ajfa-6489	175	35	.	.	PUNCT
ajfa-6489	176	1	above	above	ADP
ajfa-6489	176	2	findings	finding	NOUN
ajfa-6489	176	3	suggest	suggest	VERB
ajfa-6489	176	4	that	that	SCONJ
ajfa-6489	176	5	investors	investor	NOUN
ajfa-6489	176	6	not	not	PART
ajfa-6489	176	7	only	only	ADV
ajfa-6489	176	8	focused	focus	VERB
ajfa-6489	176	9	on	on	ADP
ajfa-6489	176	10	the	the	DET
ajfa-6489	176	11	recent	recent	ADJ
ajfa-6489	176	12	economic	economic	ADJ
ajfa-6489	176	13	environment	environment	NOUN
ajfa-6489	176	14	but	but	CCONJ
ajfa-6489	176	15	their	their	PRON
ajfa-6489	176	16	confidence	confidence	NOUN
ajfa-6489	176	17	level	level	NOUN
ajfa-6489	176	18	of	of	ADP
ajfa-6489	176	19	future	future	ADJ
ajfa-6489	176	20	situation	situation	NOUN
ajfa-6489	176	21	also	also	ADV
ajfa-6489	176	22	played	play	VERB
ajfa-6489	176	23	an	an	DET
ajfa-6489	176	24	important	important	ADJ
ajfa-6489	176	25	role	role	NOUN
ajfa-6489	176	26	in	in	ADP
ajfa-6489	176	27	determining	determine	VERB
ajfa-6489	176	28	investment	investment	NOUN
ajfa-6489	176	29	options	option	NOUN
ajfa-6489	176	30	.	.	PUNCT
ajfa-6489	177	1	furthermore	furthermore	ADV
ajfa-6489	177	2	,	,	PUNCT
ajfa-6489	177	3	ownership	ownership	NOUN
ajfa-6489	177	4	by	by	ADP
ajfa-6489	177	5	institutional	institutional	ADJ
ajfa-6489	177	6	investors	investor	NOUN
ajfa-6489	177	7	(	(	PUNCT
ajfa-6489	177	8	large	large	ADJ
ajfa-6489	177	9	firms	firm	NOUN
ajfa-6489	177	10	)	)	PUNCT
ajfa-6489	177	11	remained	remain	VERB
ajfa-6489	177	12	fairly	fairly	ADV
ajfa-6489	177	13	constant	constant	ADJ
ajfa-6489	177	14	over	over	ADP
ajfa-6489	177	15	the	the	DET
ajfa-6489	177	16	period	period	NOUN
ajfa-6489	177	17	suggesting	suggest	VERB
ajfa-6489	177	18	they	they	PRON
ajfa-6489	177	19	were	be	AUX
ajfa-6489	177	20	seeking	seek	VERB
ajfa-6489	177	21	long	long	ADJ
ajfa-6489	177	22	-	-	PUNCT
ajfa-6489	177	23	run	run	NOUN
ajfa-6489	177	24	returns	return	NOUN
ajfa-6489	177	25	,	,	PUNCT
ajfa-6489	177	26	and	and	CCONJ
ajfa-6489	177	27	short	short	ADJ
ajfa-6489	177	28	-	-	PUNCT
ajfa-6489	177	29	term	term	NOUN
ajfa-6489	177	30	effects	effect	NOUN
ajfa-6489	177	31	have	have	AUX
ajfa-6489	177	32	had	have	VERB
ajfa-6489	177	33	less	less	ADJ
ajfa-6489	177	34	effect	effect	NOUN
ajfa-6489	177	35	on	on	ADP
ajfa-6489	177	36	their	their	PRON
ajfa-6489	177	37	investment	investment	NOUN
ajfa-6489	177	38	patterns	pattern	NOUN
ajfa-6489	177	39	in	in	ADP
ajfa-6489	177	40	comparison	comparison	NOUN
ajfa-6489	177	41	to	to	ADP
ajfa-6489	177	42	employee	employee	NOUN
ajfa-6489	177	43	and	and	CCONJ
ajfa-6489	177	44	corporate	corporate	ADJ
ajfa-6489	177	45	type	type	NOUN
ajfa-6489	177	46	investors	investor	NOUN
ajfa-6489	177	47	.	.	PUNCT
ajfa-6489	178	1	asian	asian	ADJ
ajfa-6489	178	2	journal	journal	PROPN
ajfa-6489	178	3	of	of	ADP
ajfa-6489	178	4	finance	finance	PROPN
ajfa-6489	178	5	&	&	CCONJ
ajfa-6489	178	6	accounting	accounting	PROPN
ajfa-6489	178	7	issn	issn	PROPN
ajfa-6489	178	8	1946	1946	NUM
ajfa-6489	178	9	-	-	PUNCT
ajfa-6489	178	10	052x	052x	NOUN
ajfa-6489	178	11	2015	2015	NUM
ajfa-6489	178	12	,	,	PUNCT
ajfa-6489	178	13	vol	vol	NOUN
ajfa-6489	178	14	.	.	PROPN
ajfa-6489	178	15	7	7	NUM
ajfa-6489	178	16	,	,	PUNCT
ajfa-6489	178	17	no	no	INTJ
ajfa-6489	178	18	.	.	NOUN
ajfa-6489	178	19	1	1	NUM
ajfa-6489	178	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6489	178	21	26	26	NUM
ajfa-6489	178	22	chart2	chart2	NOUN
ajfa-6489	178	23	.	.	PUNCT
ajfa-6489	179	1	ownership	ownership	NOUN
ajfa-6489	179	2	structure	structure	NOUN
ajfa-6489	179	3	in	in	ADP
ajfa-6489	179	4	time	time	NOUN
ajfa-6489	179	5	series	series	PROPN
ajfa-6489	179	6	note	note	NOUN
ajfa-6489	179	7	:	:	PUNCT
ajfa-6489	179	8	rgdp	rgdp	NOUN
ajfa-6489	179	9	is	be	AUX
ajfa-6489	179	10	the	the	DET
ajfa-6489	179	11	gdp	gdp	NOUN
ajfa-6489	179	12	nature	nature	NOUN
ajfa-6489	179	13	growth	growth	NOUN
ajfa-6489	179	14	rate	rate	NOUN
ajfa-6489	179	15	of	of	ADP
ajfa-6489	179	16	new	new	PROPN
ajfa-6489	179	17	zealand	zealand	PROPN
ajfa-6489	179	18	,	,	PUNCT
ajfa-6489	179	19	which	which	PRON
ajfa-6489	179	20	in	in	ADP
ajfa-6489	179	21	the	the	DET
ajfa-6489	179	22	secondary	secondary	ADJ
ajfa-6489	179	23	y	y	PROPN
ajfa-6489	179	24	-	-	PUNCT
ajfa-6489	179	25	axis	axis	NOUN
ajfa-6489	179	26	.	.	PUNCT
ajfa-6489	180	1	ownership	ownership	NOUN
ajfa-6489	180	2	data	datum	NOUN
ajfa-6489	180	3	include	include	VERB
ajfa-6489	180	4	40	40	NUM
ajfa-6489	180	5	nzx	nzx	ADJ
ajfa-6489	180	6	listed	list	VERB
ajfa-6489	180	7	companies	company	NOUN
ajfa-6489	180	8	data	datum	NOUN
ajfa-6489	180	9	and	and	CCONJ
ajfa-6489	180	10	method	method	NOUN
ajfa-6489	180	11	data	datum	NOUN
ajfa-6489	180	12	for	for	ADP
ajfa-6489	180	13	this	this	DET
ajfa-6489	180	14	research	research	NOUN
ajfa-6489	180	15	was	be	AUX
ajfa-6489	180	16	collated	collate	VERB
ajfa-6489	180	17	from	from	ADP
ajfa-6489	180	18	datastream	datastream	ADJ
ajfa-6489	180	19	and	and	CCONJ
ajfa-6489	180	20	nzx	nzx	ADJ
ajfa-6489	180	21	deep	deep	ADJ
ajfa-6489	180	22	archive	archive	NOUN
ajfa-6489	180	23	.	.	PUNCT
ajfa-6489	181	1	to	to	PART
ajfa-6489	181	2	maintain	maintain	VERB
ajfa-6489	181	3	exactitude	exactitude	NOUN
ajfa-6489	181	4	,	,	PUNCT
ajfa-6489	181	5	a	a	DET
ajfa-6489	181	6	balanced	balanced	ADJ
ajfa-6489	181	7	panel	panel	NOUN
ajfa-6489	181	8	data	datum	NOUN
ajfa-6489	181	9	was	be	AUX
ajfa-6489	181	10	developed	develop	VERB
ajfa-6489	181	11	to	to	PART
ajfa-6489	181	12	observe	observe	VERB
ajfa-6489	181	13	both	both	DET
ajfa-6489	181	14	the	the	DET
ajfa-6489	181	15	time	time	NOUN
ajfa-6489	181	16	and	and	CCONJ
ajfa-6489	181	17	cross	cross	VERB
ajfa-6489	181	18	sectional	sectional	ADJ
ajfa-6489	181	19	effects	effect	NOUN
ajfa-6489	181	20	.	.	PUNCT
ajfa-6489	182	1	unfortunately	unfortunately	ADV
ajfa-6489	182	2	,	,	PUNCT
ajfa-6489	182	3	the	the	DET
ajfa-6489	182	4	average	average	ADJ
ajfa-6489	182	5	life	life	NOUN
ajfa-6489	182	6	-	-	PUNCT
ajfa-6489	182	7	cycle	cycle	NOUN
ajfa-6489	182	8	of	of	ADP
ajfa-6489	182	9	the	the	DET
ajfa-6489	182	10	listed	list	VERB
ajfa-6489	182	11	companies	company	NOUN
ajfa-6489	182	12	in	in	ADP
ajfa-6489	182	13	new	new	PROPN
ajfa-6489	182	14	zealand	zealand	PROPN
ajfa-6489	182	15	in	in	ADP
ajfa-6489	182	16	the	the	DET
ajfa-6489	182	17	past	past	ADJ
ajfa-6489	182	18	11	11	NUM
ajfa-6489	182	19	years	year	NOUN
ajfa-6489	182	20	(	(	PUNCT
ajfa-6489	182	21	1999	1999	NUM
ajfa-6489	182	22	to	to	ADP
ajfa-6489	182	23	2009	2009	NUM
ajfa-6489	182	24	)	)	PUNCT
ajfa-6489	182	25	has	have	AUX
ajfa-6489	182	26	been	be	AUX
ajfa-6489	182	27	approximately	approximately	ADV
ajfa-6489	182	28	five	five	NUM
ajfa-6489	182	29	years	year	NOUN
ajfa-6489	182	30	,	,	PUNCT
ajfa-6489	182	31	which	which	PRON
ajfa-6489	182	32	means	mean	VERB
ajfa-6489	182	33	there	there	PRON
ajfa-6489	182	34	are	be	VERB
ajfa-6489	182	35	a	a	DET
ajfa-6489	182	36	number	number	NOUN
ajfa-6489	182	37	of	of	ADP
ajfa-6489	182	38	companies	company	NOUN
ajfa-6489	182	39	with	with	ADP
ajfa-6489	182	40	missing	miss	VERB
ajfa-6489	182	41	data	datum	NOUN
ajfa-6489	182	42	.	.	PUNCT
ajfa-6489	183	1	after	after	ADP
ajfa-6489	183	2	removing	remove	VERB
ajfa-6489	183	3	companies	company	NOUN
ajfa-6489	183	4	that	that	PRON
ajfa-6489	183	5	did	do	AUX
ajfa-6489	183	6	not	not	PART
ajfa-6489	183	7	survive	survive	VERB
ajfa-6489	183	8	the	the	DET
ajfa-6489	183	9	sampling	sampling	NOUN
ajfa-6489	183	10	period	period	NOUN
ajfa-6489	183	11	,	,	PUNCT
ajfa-6489	183	12	a	a	DET
ajfa-6489	183	13	balanced	balanced	ADJ
ajfa-6489	183	14	panel	panel	NOUN
ajfa-6489	183	15	of	of	ADP
ajfa-6489	183	16	40	40	NUM
ajfa-6489	183	17	companies	company	NOUN
ajfa-6489	183	18	was	be	AUX
ajfa-6489	183	19	obtained	obtain	VERB
ajfa-6489	183	20	,	,	PUNCT
ajfa-6489	183	21	thus	thus	ADV
ajfa-6489	183	22	containing	contain	VERB
ajfa-6489	183	23	280	280	NUM
ajfa-6489	183	24	company	company	NOUN
ajfa-6489	183	25	-	-	PUNCT
ajfa-6489	183	26	year	year	NOUN
ajfa-6489	183	27	observations	observation	NOUN
ajfa-6489	183	28	.	.	PUNCT
ajfa-6489	184	1	in	in	ADP
ajfa-6489	184	2	addition	addition	NOUN
ajfa-6489	184	3	,	,	PUNCT
ajfa-6489	184	4	80	80	NUM
ajfa-6489	184	5	company	company	NOUN
ajfa-6489	184	6	’s	’s	PART
ajfa-6489	184	7	data	datum	NOUN
ajfa-6489	184	8	for	for	ADP
ajfa-6489	184	9	2010	2010	NUM
ajfa-6489	184	10	was	be	AUX
ajfa-6489	184	11	also	also	ADV
ajfa-6489	184	12	used	use	VERB
ajfa-6489	184	13	to	to	PART
ajfa-6489	184	14	obtain	obtain	VERB
ajfa-6489	184	15	descriptive	descriptive	ADJ
ajfa-6489	184	16	statistics	statistic	NOUN
ajfa-6489	184	17	which	which	PRON
ajfa-6489	184	18	provide	provide	VERB
ajfa-6489	184	19	most	most	ADJ
ajfa-6489	184	20	recent	recent	ADJ
ajfa-6489	184	21	statistical	statistical	ADJ
ajfa-6489	184	22	information	information	NOUN
ajfa-6489	184	23	regarding	regard	VERB
ajfa-6489	184	24	ownership	ownership	NOUN
ajfa-6489	184	25	structures	structure	NOUN
ajfa-6489	184	26	of	of	ADP
ajfa-6489	184	27	publicly	publicly	ADV
ajfa-6489	184	28	listed	list	VERB
ajfa-6489	184	29	companies	company	NOUN
ajfa-6489	184	30	during	during	ADP
ajfa-6489	184	31	the	the	DET
ajfa-6489	184	32	financial	financial	ADJ
ajfa-6489	184	33	crisis	crisis	NOUN
ajfa-6489	184	34	period	period	NOUN
ajfa-6489	184	35	in	in	ADP
ajfa-6489	184	36	new	new	PROPN
ajfa-6489	184	37	zealand	zealand	PROPN
ajfa-6489	184	38	.	.	PROPN
ajfa-6489	185	1	4.1	4.1	NUM
ajfa-6489	185	2	dependent	dependent	ADJ
ajfa-6489	185	3	variables	variable	NOUN
ajfa-6489	185	4	similar	similar	ADJ
ajfa-6489	185	5	to	to	ADP
ajfa-6489	185	6	gugler	gugler	NOUN
ajfa-6489	185	7	,	,	PUNCT
ajfa-6489	185	8	mueller	mueller	PROPN
ajfa-6489	185	9	and	and	CCONJ
ajfa-6489	185	10	yurtoglu	yurtoglu	PROPN
ajfa-6489	185	11	(	(	PUNCT
ajfa-6489	185	12	2008	2008	NUM
ajfa-6489	185	13	)	)	PUNCT
ajfa-6489	185	14	,	,	PUNCT
ajfa-6489	185	15	kang	kang	PROPN
ajfa-6489	185	16	and	and	CCONJ
ajfa-6489	185	17	stulz	stulz	ADJ
ajfa-6489	185	18	(	(	PUNCT
ajfa-6489	185	19	1996	1996	NUM
ajfa-6489	185	20	)	)	PUNCT
ajfa-6489	185	21	,	,	PUNCT
ajfa-6489	185	22	morck	morck	PROPN
ajfa-6489	185	23	,	,	PUNCT
ajfa-6489	185	24	et	et	NOUN
ajfa-6489	185	25	al.(1988	al.(1988	NOUN
ajfa-6489	185	26	)	)	PUNCT
ajfa-6489	185	27	,	,	PUNCT
ajfa-6489	185	28	and	and	CCONJ
ajfa-6489	185	29	reddy	reddy	PROPN
ajfa-6489	185	30	et	et	PROPN
ajfa-6489	185	31	al.(2010	al.(2010	PROPN
ajfa-6489	185	32	)	)	PUNCT
ajfa-6489	185	33	,	,	PUNCT
ajfa-6489	185	34	this	this	DET
ajfa-6489	185	35	study	study	NOUN
ajfa-6489	185	36	uses	use	VERB
ajfa-6489	185	37	tobin	tobin	PROPN
ajfa-6489	185	38	’s	’s	PART
ajfa-6489	185	39	q	q	NOUN
ajfa-6489	185	40	as	as	ADP
ajfa-6489	185	41	a	a	DET
ajfa-6489	185	42	dependent	dependent	ADJ
ajfa-6489	185	43	variable	variable	NOUN
ajfa-6489	185	44	.	.	PUNCT
ajfa-6489	186	1	in	in	ADP
ajfa-6489	186	2	addition	addition	NOUN
ajfa-6489	186	3	,	,	PUNCT
ajfa-6489	186	4	this	this	DET
ajfa-6489	186	5	-0.03	-0.03	NUM
ajfa-6489	186	6	-0.02	-0.02	NUM
ajfa-6489	186	7	-0.01	-0.01	NUM
ajfa-6489	186	8	0	0	NUM
ajfa-6489	186	9	0.01	0.01	NUM
ajfa-6489	186	10	0.02	0.02	NUM
ajfa-6489	186	11	0.03	0.03	NUM
ajfa-6489	186	12	0.04	0.04	NUM
ajfa-6489	186	13	0.05	0.05	NUM
ajfa-6489	186	14	0.00	0.00	NUM
ajfa-6489	186	15	%	%	NOUN
ajfa-6489	186	16	5.00	5.00	NUM
ajfa-6489	186	17	%	%	NOUN
ajfa-6489	186	18	10.00	10.00	NUM
ajfa-6489	186	19	%	%	NOUN
ajfa-6489	186	20	15.00	15.00	NUM
ajfa-6489	186	21	%	%	NOUN
ajfa-6489	186	22	20.00	20.00	NUM
ajfa-6489	186	23	%	%	NOUN
ajfa-6489	186	24	25.00	25.00	NUM
ajfa-6489	186	25	%	%	NOUN
ajfa-6489	186	26	2002	2002	NUM
ajfa-6489	186	27	2003	2003	NUM
ajfa-6489	186	28	2004	2004	NUM
ajfa-6489	186	29	2005	2005	NUM
ajfa-6489	186	30	2006	2006	NUM
ajfa-6489	186	31	2007	2007	NUM
ajfa-6489	186	32	2008	2008	NUM
ajfa-6489	186	33	2009	2009	NUM
ajfa-6489	186	34	2010	2010	NUM
ajfa-6489	186	35	%	%	NOUN
ajfa-6489	186	36	ho	ho	PROPN
ajfa-6489	186	37	ld	ld	PROPN
ajfa-6489	186	38	in	in	ADP
ajfa-6489	186	39	g	g	PROPN
ajfa-6489	186	40	year	year	NOUN
ajfa-6489	186	41	ih	ih	INTJ
ajfa-6489	186	42	fh	fh	INTJ
ajfa-6489	186	43	eh	eh	INTJ
ajfa-6489	186	44	ch	ch	PROPN
ajfa-6489	186	45	rgdp	rgdp	PROPN
ajfa-6489	186	46	asian	asian	PROPN
ajfa-6489	186	47	journal	journal	PROPN
ajfa-6489	186	48	of	of	ADP
ajfa-6489	186	49	finance	finance	PROPN
ajfa-6489	186	50	&	&	CCONJ
ajfa-6489	186	51	accounting	accounting	PROPN
ajfa-6489	186	52	issn	issn	PROPN
ajfa-6489	186	53	1946	1946	NUM
ajfa-6489	186	54	-	-	PUNCT
ajfa-6489	186	55	052x	052x	NOUN
ajfa-6489	186	56	2015	2015	NUM
ajfa-6489	186	57	,	,	PUNCT
ajfa-6489	186	58	vol	vol	NOUN
ajfa-6489	186	59	.	.	PROPN
ajfa-6489	187	1	7	7	NUM
ajfa-6489	187	2	,	,	PUNCT
ajfa-6489	187	3	no	no	INTJ
ajfa-6489	187	4	.	.	NOUN
ajfa-6489	187	5	1	1	NUM
ajfa-6489	187	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	187	7	27	27	NUM
ajfa-6489	187	8	study	study	NOUN
ajfa-6489	187	9	also	also	ADV
ajfa-6489	187	10	uses	use	VERB
ajfa-6489	187	11	return	return	NOUN
ajfa-6489	187	12	on	on	ADP
ajfa-6489	187	13	assets	asset	NOUN
ajfa-6489	187	14	(	(	PUNCT
ajfa-6489	187	15	roa	roa	NOUN
ajfa-6489	187	16	)	)	PUNCT
ajfa-6489	187	17	as	as	ADP
ajfa-6489	187	18	a	a	DET
ajfa-6489	187	19	dependent	dependent	ADJ
ajfa-6489	187	20	variable	variable	NOUN
ajfa-6489	187	21	similar	similar	ADJ
ajfa-6489	187	22	to	to	ADP
ajfa-6489	187	23	demsetz	demsetz	VERB
ajfa-6489	187	24	and	and	CCONJ
ajfa-6489	187	25	villalonga	villalonga	ADJ
ajfa-6489	187	26	(	(	PUNCT
ajfa-6489	187	27	2001	2001	NUM
ajfa-6489	187	28	)	)	PUNCT
ajfa-6489	187	29	and	and	CCONJ
ajfa-6489	187	30	finch	finch	NOUN
ajfa-6489	187	31	and	and	CCONJ
ajfa-6489	187	32	shivadasani	shivadasani	PROPN
ajfa-6489	187	33	(	(	PUNCT
ajfa-6489	187	34	2006	2006	NUM
ajfa-6489	187	35	)	)	PUNCT
ajfa-6489	187	36	.	.	PUNCT
ajfa-6489	188	1	4.2	4.2	NUM
ajfa-6489	188	2	independent	independent	ADJ
ajfa-6489	188	3	variables	variable	VERB
ajfa-6489	188	4	the	the	DET
ajfa-6489	188	5	independent	independent	ADJ
ajfa-6489	188	6	and	and	CCONJ
ajfa-6489	188	7	control	control	NOUN
ajfa-6489	188	8	variables	variable	NOUN
ajfa-6489	188	9	used	use	VERB
ajfa-6489	188	10	in	in	ADP
ajfa-6489	188	11	this	this	DET
ajfa-6489	188	12	study	study	NOUN
ajfa-6489	188	13	is	be	AUX
ajfa-6489	188	14	similar	similar	ADJ
ajfa-6489	188	15	to	to	ADP
ajfa-6489	188	16	that	that	PRON
ajfa-6489	188	17	used	use	VERB
ajfa-6489	188	18	by	by	ADP
ajfa-6489	188	19	demsetz	demsetz	ADJ
ajfa-6489	188	20	and	and	CCONJ
ajfa-6489	188	21	lehn	lehn	NOUN
ajfa-6489	188	22	(	(	PUNCT
ajfa-6489	188	23	1985	1985	NUM
ajfa-6489	188	24	)	)	PUNCT
ajfa-6489	188	25	and	and	CCONJ
ajfa-6489	188	26	xu	xu	PROPN
ajfa-6489	188	27	and	and	CCONJ
ajfa-6489	188	28	wang	wang	PROPN
ajfa-6489	189	1	(	(	PUNCT
ajfa-6489	189	2	1992).we	1992).we	NOUN
ajfa-6489	189	3	use	use	VERB
ajfa-6489	189	4	two	two	NUM
ajfa-6489	189	5	variables	variable	NOUN
ajfa-6489	189	6	as	as	ADP
ajfa-6489	189	7	proxy	proxy	NOUN
ajfa-6489	189	8	for	for	ADP
ajfa-6489	189	9	ownership	ownership	NOUN
ajfa-6489	189	10	concentration	concentration	NOUN
ajfa-6489	189	11	(	(	PUNCT
ajfa-6489	189	12	con	con	NOUN
ajfa-6489	189	13	)	)	PUNCT
ajfa-6489	189	14	,	,	PUNCT
ajfa-6489	189	15	that	that	ADV
ajfa-6489	189	16	is	be	AUX
ajfa-6489	189	17	,	,	PUNCT
ajfa-6489	189	18	top5	top5	PROPN
ajfa-6489	189	19	and	and	CCONJ
ajfa-6489	189	20	h1	h1	PROPN
ajfa-6489	189	21	.	.	PUNCT
ajfa-6489	190	1	our	our	PRON
ajfa-6489	190	2	statistical	statistical	ADJ
ajfa-6489	190	3	analysis	analysis	NOUN
ajfa-6489	190	4	relies	rely	VERB
ajfa-6489	190	5	heavily	heavily	ADV
ajfa-6489	190	6	on	on	ADP
ajfa-6489	190	7	the	the	DET
ajfa-6489	190	8	cumulative	cumulative	ADJ
ajfa-6489	190	9	percentage	percentage	NOUN
ajfa-6489	190	10	of	of	ADP
ajfa-6489	190	11	shares	share	NOUN
ajfa-6489	190	12	held	hold	VERB
ajfa-6489	190	13	by	by	ADP
ajfa-6489	190	14	the	the	DET
ajfa-6489	190	15	five	five	NUM
ajfa-6489	190	16	largest	large	ADJ
ajfa-6489	190	17	shareholders	shareholder	NOUN
ajfa-6489	190	18	(	(	PUNCT
ajfa-6489	190	19	top5	top5	NOUN
ajfa-6489	190	20	)	)	PUNCT
ajfa-6489	190	21	and	and	CCONJ
ajfa-6489	190	22	the	the	DET
ajfa-6489	190	23	approximation	approximation	NOUN
ajfa-6489	190	24	of	of	ADP
ajfa-6489	190	25	the	the	DET
ajfa-6489	190	26	herfindahl	herfindahl	NOUN
ajfa-6489	190	27	index	index	NOUN
ajfa-6489	190	28	(	(	PUNCT
ajfa-6489	190	29	hi	hi	INTJ
ajfa-6489	190	30	)	)	PUNCT
ajfa-6489	190	31	.	.	PUNCT
ajfa-6489	191	1	top5	top5	PROPN
ajfa-6489	191	2	=	=	SYM
ajfa-6489	191	3	numbler	numbler	PROPN
ajfa-6489	191	4	of	of	ADP
ajfa-6489	191	5	shares	share	NOUN
ajfa-6489	191	6	held	hold	VERB
ajfa-6489	191	7	by	by	ADP
ajfa-6489	191	8	i	i	PRON
ajfa-6489	191	9	ve	ve	AUX
ajfa-6489	191	10	largest	large	ADJ
ajfa-6489	191	11	shareholders	shareholder	NOUN
ajfa-6489	191	12	ℎ	ℎ	PROPN
ajfa-6489	191	13	∗	∗	NOUN
ajfa-6489	191	14	100	100	NUM
ajfa-6489	191	15	%	%	NOUN
ajfa-6489	191	16	hi	hi	INTJ
ajfa-6489	192	1	=	=	PUNCT
ajfa-6489	192	2	(	(	PUNCT
ajfa-6489	192	3	%	%	NOUN
ajfa-6489	192	4	of	of	ADP
ajfa-6489	192	5	shares	share	NOUN
ajfa-6489	192	6	held	hold	VERB
ajfa-6489	192	7	by	by	ADP
ajfa-6489	192	8	largest	large	ADJ
ajfa-6489	192	9	shareholder)+	shareholder)+	X
ajfa-6489	192	10	(	(	PUNCT
ajfa-6489	192	11	%	%	NOUN
ajfa-6489	192	12	of	of	ADP
ajfa-6489	192	13	shares	share	NOUN
ajfa-6489	192	14	held	hold	VERB
ajfa-6489	192	15	by	by	ADP
ajfa-6489	192	16	second	second	ADJ
ajfa-6489	192	17	largest	large	ADJ
ajfa-6489	192	18	shareholder	shareholder	NOUN
ajfa-6489	192	19	)	)	PUNCT
ajfa-6489	193	1	+	+	NUM
ajfa-6489	193	2	⋯+	⋯+	NOUN
ajfa-6489	193	3	(	(	PUNCT
ajfa-6489	193	4	%	%	NOUN
ajfa-6489	193	5	of	of	ADP
ajfa-6489	193	6	shares	share	NOUN
ajfa-6489	193	7	held	hold	VERB
ajfa-6489	193	8	by	by	ADP
ajfa-6489	193	9	ifth	ifth	ADJ
ajfa-6489	193	10	largest	large	ADJ
ajfa-6489	193	11	shareholder	shareholder	NOUN
ajfa-6489	193	12	)	)	PUNCT
ajfa-6489	193	13	similar	similar	ADJ
ajfa-6489	193	14	to	to	PART
ajfa-6489	193	15	demsetz	demsetz	VERB
ajfa-6489	193	16	and	and	CCONJ
ajfa-6489	193	17	lehn	lehn	NOUN
ajfa-6489	193	18	(	(	PUNCT
ajfa-6489	193	19	1985	1985	NUM
ajfa-6489	193	20	)	)	PUNCT
ajfa-6489	193	21	,	,	PUNCT
ajfa-6489	193	22	we	we	PRON
ajfa-6489	193	23	have	have	AUX
ajfa-6489	193	24	taken	take	VERB
ajfa-6489	193	25	a	a	DET
ajfa-6489	193	26	logistic	logistic	ADJ
ajfa-6489	193	27	transformation	transformation	NOUN
ajfa-6489	193	28	of	of	ADP
ajfa-6489	193	29	top5	top5	NOUN
ajfa-6489	193	30	and	and	CCONJ
ajfa-6489	193	31	h1	h1	VERB
ajfa-6489	193	32	to	to	PART
ajfa-6489	193	33	convert	convert	VERB
ajfa-6489	193	34	an	an	DET
ajfa-6489	193	35	bounded	bounded	ADJ
ajfa-6489	193	36	variable	variable	NOUN
ajfa-6489	193	37	into	into	ADP
ajfa-6489	193	38	an	an	DET
ajfa-6489	193	39	unbounded	unbounded	ADJ
ajfa-6489	193	40	one	one	NOUN
ajfa-6489	193	41	.	.	PUNCT
ajfa-6489	194	1	therefore	therefore	ADV
ajfa-6489	194	2	,	,	PUNCT
ajfa-6489	194	3	lt5	lt5	PROPN
ajfa-6489	194	4	is	be	AUX
ajfa-6489	194	5	determined	determine	VERB
ajfa-6489	194	6	as	as	ADP
ajfa-6489	194	7	ln(top5	ln(top5	NOUN
ajfa-6489	194	8	)	)	PUNCT
ajfa-6489	194	9	and	and	CCONJ
ajfa-6489	194	10	lh1	lh1	NOUN
ajfa-6489	194	11	as	as	ADP
ajfa-6489	194	12	ln(h1	ln(h1	PROPN
ajfa-6489	194	13	)	)	PUNCT
ajfa-6489	194	14	prior	prior	ADJ
ajfa-6489	194	15	researches	research	NOUN
ajfa-6489	194	16	have	have	AUX
ajfa-6489	194	17	measured	measure	VERB
ajfa-6489	194	18	ownership	ownership	NOUN
ajfa-6489	194	19	levels	level	NOUN
ajfa-6489	194	20	either	either	CCONJ
ajfa-6489	194	21	by	by	ADP
ajfa-6489	194	22	aggregating	aggregate	VERB
ajfa-6489	194	23	the	the	DET
ajfa-6489	194	24	per	per	NOUN
ajfa-6489	194	25	cent	cent	NOUN
ajfa-6489	194	26	of	of	ADP
ajfa-6489	194	27	shares	share	NOUN
ajfa-6489	194	28	held	hold	VERB
ajfa-6489	194	29	by	by	ADP
ajfa-6489	194	30	the	the	DET
ajfa-6489	194	31	largest	large	ADJ
ajfa-6489	194	32	shareholder	shareholder	NOUN
ajfa-6489	194	33	or	or	CCONJ
ajfa-6489	194	34	top-20	top-20	PRON
ajfa-6489	194	35	shareholders	shareholder	NOUN
ajfa-6489	194	36	.	.	PUNCT
ajfa-6489	195	1	no	no	DET
ajfa-6489	195	2	study	study	NOUN
ajfa-6489	195	3	to	to	ADP
ajfa-6489	195	4	date	date	NOUN
ajfa-6489	195	5	(	(	PUNCT
ajfa-6489	195	6	to	to	ADP
ajfa-6489	195	7	our	our	PRON
ajfa-6489	195	8	knowledge	knowledge	NOUN
ajfa-6489	195	9	)	)	PUNCT
ajfa-6489	195	10	has	have	AUX
ajfa-6489	195	11	considered	consider	VERB
ajfa-6489	195	12	the	the	DET
ajfa-6489	195	13	per	per	ADJ
ajfa-6489	195	14	cent	cent	NOUN
ajfa-6489	195	15	of	of	ADP
ajfa-6489	195	16	shares	share	NOUN
ajfa-6489	195	17	held	hold	VERB
ajfa-6489	195	18	by	by	ADP
ajfa-6489	195	19	the	the	DET
ajfa-6489	195	20	top-5	top-5	PUNCT
ajfa-6489	195	21	shareholders	shareholder	NOUN
ajfa-6489	195	22	as	as	ADV
ajfa-6489	195	23	well	well	ADV
ajfa-6489	195	24	as	as	ADP
ajfa-6489	195	25	the	the	DET
ajfa-6489	195	26	identity	identity	NOUN
ajfa-6489	195	27	of	of	ADP
ajfa-6489	195	28	the	the	DET
ajfa-6489	195	29	top-5	top-5	PUNCT
ajfa-6489	195	30	shareholders	shareholder	NOUN
ajfa-6489	195	31	.	.	PUNCT
ajfa-6489	196	1	blockholders	blockholder	NOUN
ajfa-6489	196	2	in	in	ADP
ajfa-6489	196	3	publicly	publicly	ADV
ajfa-6489	196	4	listed	list	VERB
ajfa-6489	196	5	companies	company	NOUN
ajfa-6489	196	6	in	in	ADP
ajfa-6489	196	7	new	new	PROPN
ajfa-6489	196	8	zealand	zealand	PROPN
ajfa-6489	196	9	tends	tend	VERB
ajfa-6489	196	10	to	to	PART
ajfa-6489	196	11	be	be	AUX
ajfa-6489	196	12	insiders	insider	NOUN
ajfa-6489	196	13	and	and	CCONJ
ajfa-6489	196	14	as	as	SCONJ
ajfa-6489	196	15	they	they	PRON
ajfa-6489	196	16	have	have	VERB
ajfa-6489	196	17	different	different	ADJ
ajfa-6489	196	18	identities	identity	NOUN
ajfa-6489	196	19	(	(	PUNCT
ajfa-6489	196	20	such	such	ADJ
ajfa-6489	196	21	as	as	ADP
ajfa-6489	196	22	,	,	PUNCT
ajfa-6489	196	23	institutions	institution	NOUN
ajfa-6489	196	24	,	,	PUNCT
ajfa-6489	196	25	corporates	corporate	NOUN
ajfa-6489	196	26	,	,	PUNCT
ajfa-6489	196	27	etc	etc	X
ajfa-6489	196	28	.	.	X
ajfa-6489	196	29	)	)	PUNCT
ajfa-6489	196	30	,	,	PUNCT
ajfa-6489	196	31	suggests	suggest	VERB
ajfa-6489	196	32	that	that	SCONJ
ajfa-6489	196	33	they	they	PRON
ajfa-6489	196	34	may	may	AUX
ajfa-6489	196	35	play	play	VERB
ajfa-6489	196	36	an	an	DET
ajfa-6489	196	37	important	important	ADJ
ajfa-6489	196	38	role	role	NOUN
ajfa-6489	196	39	in	in	ADP
ajfa-6489	196	40	new	new	PROPN
ajfa-6489	196	41	zealand	zealand	PROPN
ajfa-6489	196	42	context	context	NOUN
ajfa-6489	196	43	.	.	PUNCT
ajfa-6489	197	1	therefore	therefore	ADV
ajfa-6489	197	2	,	,	PUNCT
ajfa-6489	197	3	we	we	PRON
ajfa-6489	197	4	follow	follow	VERB
ajfa-6489	197	5	and	and	CCONJ
ajfa-6489	197	6	also	also	ADV
ajfa-6489	197	7	have	have	AUX
ajfa-6489	197	8	extended	extend	VERB
ajfa-6489	197	9	the	the	DET
ajfa-6489	197	10	method	method	NOUN
ajfa-6489	197	11	used	use	VERB
ajfa-6489	197	12	by	by	ADP
ajfa-6489	197	13	xu	xu	PROPN
ajfa-6489	197	14	and	and	CCONJ
ajfa-6489	197	15	wang’s(1999	wang’s(1999	NOUN
ajfa-6489	197	16	)	)	PUNCT
ajfa-6489	197	17	.	.	PUNCT
ajfa-6489	198	1	we	we	PRON
ajfa-6489	198	2	use	use	VERB
ajfa-6489	198	3	five	five	NUM
ajfa-6489	198	4	variables	variable	NOUN
ajfa-6489	198	5	as	as	ADP
ajfa-6489	198	6	proxies	proxy	NOUN
ajfa-6489	198	7	for	for	ADP
ajfa-6489	198	8	the	the	DET
ajfa-6489	198	9	ownership	ownership	NOUN
ajfa-6489	198	10	identity	identity	NOUN
ajfa-6489	198	11	(	(	PUNCT
ajfa-6489	198	12	own	own	ADJ
ajfa-6489	198	13	)	)	PUNCT
ajfa-6489	198	14	,	,	PUNCT
ajfa-6489	198	15	that	that	PRON
ajfa-6489	198	16	is	be	AUX
ajfa-6489	198	17	:	:	PUNCT
ajfa-6489	198	18	eh	eh	INTJ
ajfa-6489	198	19	is	be	AUX
ajfa-6489	198	20	the	the	DET
ajfa-6489	198	21	percent	percent	NOUN
ajfa-6489	198	22	of	of	ADP
ajfa-6489	198	23	shares	share	NOUN
ajfa-6489	198	24	held	hold	VERB
ajfa-6489	198	25	by	by	ADP
ajfa-6489	198	26	the	the	DET
ajfa-6489	198	27	employees	employee	NOUN
ajfa-6489	198	28	,	,	PUNCT
ajfa-6489	198	29	fh	fh	PROPN
ajfa-6489	198	30	is	be	AUX
ajfa-6489	198	31	the	the	DET
ajfa-6489	198	32	per	per	NOUN
ajfa-6489	198	33	cent	cent	NOUN
ajfa-6489	198	34	of	of	ADP
ajfa-6489	198	35	shares	share	NOUN
ajfa-6489	198	36	held	hold	VERB
ajfa-6489	198	37	by	by	ADP
ajfa-6489	198	38	foreign	foreign	ADJ
ajfa-6489	198	39	investors	investor	NOUN
ajfa-6489	198	40	(	(	PUNCT
ajfa-6489	198	41	who	who	PRON
ajfa-6489	198	42	is	be	AUX
ajfa-6489	198	43	not	not	PART
ajfa-6489	198	44	a	a	DET
ajfa-6489	198	45	new	new	ADJ
ajfa-6489	198	46	zealand	zealand	PROPN
ajfa-6489	198	47	citizen	citizen	NOUN
ajfa-6489	198	48	and	and	CCONJ
ajfa-6489	198	49	not	not	PART
ajfa-6489	198	50	a	a	DET
ajfa-6489	198	51	new	new	ADJ
ajfa-6489	198	52	zealand	zealand	PROPN
ajfa-6489	198	53	resident	resident	NOUN
ajfa-6489	198	54	)	)	PUNCT
ajfa-6489	198	55	,	,	PUNCT
ajfa-6489	198	56	ch	ch	PROPN
ajfa-6489	198	57	is	be	AUX
ajfa-6489	198	58	the	the	DET
ajfa-6489	198	59	per	per	ADJ
ajfa-6489	198	60	cent	cent	NOUN
ajfa-6489	198	61	of	of	ADP
ajfa-6489	198	62	shares	share	NOUN
ajfa-6489	198	63	held	hold	VERB
ajfa-6489	198	64	by	by	ADP
ajfa-6489	198	65	corporate	corporate	ADJ
ajfa-6489	198	66	investors	investor	NOUN
ajfa-6489	198	67	(	(	PUNCT
ajfa-6489	198	68	non	non	ADJ
ajfa-6489	198	69	-	-	ADJ
ajfa-6489	198	70	financial	financial	ADJ
ajfa-6489	198	71	companies	company	NOUN
ajfa-6489	198	72	)	)	PUNCT
ajfa-6489	198	73	,	,	PUNCT
ajfa-6489	198	74	and	and	CCONJ
ajfa-6489	198	75	ih	ih	NOUN
ajfa-6489	198	76	is	be	AUX
ajfa-6489	198	77	the	the	DET
ajfa-6489	198	78	per	per	NOUN
ajfa-6489	198	79	cent	cent	NOUN
ajfa-6489	198	80	of	of	ADP
ajfa-6489	198	81	shares	share	NOUN
ajfa-6489	198	82	held	hold	VERB
ajfa-6489	198	83	by	by	ADP
ajfa-6489	198	84	investment	investment	NOUN
ajfa-6489	198	85	companies	company	NOUN
ajfa-6489	198	86	or	or	CCONJ
ajfa-6489	198	87	institutional	institutional	ADJ
ajfa-6489	198	88	investors	investor	NOUN
ajfa-6489	198	89	(	(	PUNCT
ajfa-6489	198	90	institutions	institution	NOUN
ajfa-6489	198	91	,	,	PUNCT
ajfa-6489	198	92	banks	bank	NOUN
ajfa-6489	198	93	or	or	CCONJ
ajfa-6489	198	94	other	other	ADJ
ajfa-6489	198	95	financial	financial	ADJ
ajfa-6489	198	96	companies	company	NOUN
ajfa-6489	198	97	)	)	PUNCT
ajfa-6489	198	98	.	.	PUNCT
ajfa-6489	199	1	government	government	NOUN
ajfa-6489	199	2	and	and	CCONJ
ajfa-6489	199	3	pension	pension	NOUN
ajfa-6489	199	4	funds	fund	NOUN
ajfa-6489	199	5	were	be	AUX
ajfa-6489	199	6	ignored	ignore	VERB
ajfa-6489	199	7	either	either	CCONJ
ajfa-6489	199	8	because	because	SCONJ
ajfa-6489	199	9	their	their	PRON
ajfa-6489	199	10	shareholding	shareholding	NOUN
ajfa-6489	199	11	is	be	AUX
ajfa-6489	199	12	minute	minute	ADJ
ajfa-6489	199	13	or	or	CCONJ
ajfa-6489	199	14	insufficient	insufficient	ADJ
ajfa-6489	199	15	information	information	NOUN
ajfa-6489	199	16	was	be	AUX
ajfa-6489	199	17	provided	provide	VERB
ajfa-6489	199	18	.	.	PUNCT
ajfa-6489	200	1	the	the	DET
ajfa-6489	200	2	formula	formula	NOUN
ajfa-6489	200	3	that	that	PRON
ajfa-6489	200	4	determines	determine	VERB
ajfa-6489	200	5	proportion	proportion	NOUN
ajfa-6489	200	6	of	of	ADP
ajfa-6489	200	7	each	each	DET
ajfa-6489	200	8	type	type	NOUN
ajfa-6489	200	9	of	of	ADP
ajfa-6489	200	10	ownership	ownership	NOUN
ajfa-6489	200	11	is	be	AUX
ajfa-6489	200	12	as	as	SCONJ
ajfa-6489	200	13	follows	follow	VERB
ajfa-6489	200	14	:	:	PUNCT
ajfa-6489	200	15	total	total	ADJ
ajfa-6489	200	16	number	number	NOUN
ajfa-6489	200	17	of	of	ADP
ajfa-6489	200	18	outstanding	outstanding	ADJ
ajfa-6489	200	19	shares	share	NOUN
ajfa-6489	200	20	hold	hold	VERB
ajfa-6489	200	21	by	by	ADP
ajfa-6489	200	22	each	each	DET
ajfa-6489	200	23	identitytotal	identitytotal	ADJ
ajfa-6489	200	24	number	number	NOUN
ajfa-6489	200	25	of	of	ADP
ajfa-6489	200	26	shares	share	NOUN
ajfa-6489	200	27	outstanding	outstanding	ADJ
ajfa-6489	200	28	to	to	PART
ajfa-6489	200	29	determine	determine	VERB
ajfa-6489	200	30	the	the	DET
ajfa-6489	200	31	effect	effect	NOUN
ajfa-6489	200	32	of	of	ADP
ajfa-6489	200	33	financial	financial	ADJ
ajfa-6489	200	34	crisis	crisis	NOUN
ajfa-6489	200	35	on	on	ADP
ajfa-6489	200	36	performance	performance	NOUN
ajfa-6489	200	37	,	,	PUNCT
ajfa-6489	200	38	two	two	NUM
ajfa-6489	200	39	time	time	NOUN
ajfa-6489	200	40	dummy	dummy	ADJ
ajfa-6489	200	41	variables	variable	NOUN
ajfa-6489	200	42	were	be	AUX
ajfa-6489	200	43	created	create	VERB
ajfa-6489	200	44	.	.	PUNCT
ajfa-6489	201	1	before	before	SCONJ
ajfa-6489	201	2	is	be	AUX
ajfa-6489	201	3	equal	equal	ADJ
ajfa-6489	201	4	to	to	ADP
ajfa-6489	201	5	“	"	PUNCT
ajfa-6489	201	6	1	1	NUM
ajfa-6489	201	7	”	"	PUNCT
ajfa-6489	201	8	if	if	SCONJ
ajfa-6489	201	9	the	the	DET
ajfa-6489	201	10	year	year	NOUN
ajfa-6489	201	11	is	be	AUX
ajfa-6489	201	12	before	before	ADP
ajfa-6489	201	13	2007	2007	NUM
ajfa-6489	201	14	,	,	PUNCT
ajfa-6489	201	15	otherwise	otherwise	ADV
ajfa-6489	201	16	“	"	PUNCT
ajfa-6489	201	17	0	0	NUM
ajfa-6489	201	18	”	"	PUNCT
ajfa-6489	201	19	and	and	CCONJ
ajfa-6489	201	20	after	after	SCONJ
ajfa-6489	201	21	is	be	AUX
ajfa-6489	201	22	equal	equal	ADJ
ajfa-6489	201	23	to	to	ADP
ajfa-6489	201	24	“	"	PUNCT
ajfa-6489	201	25	1	1	NUM
ajfa-6489	201	26	”	"	PUNCT
ajfa-6489	201	27	if	if	SCONJ
ajfa-6489	201	28	the	the	DET
ajfa-6489	201	29	year	year	NOUN
ajfa-6489	201	30	is	be	AUX
ajfa-6489	201	31	after	after	ADP
ajfa-6489	201	32	2007	2007	NUM
ajfa-6489	201	33	,	,	PUNCT
ajfa-6489	201	34	otherwise	otherwise	ADV
ajfa-6489	201	35	“	"	PUNCT
ajfa-6489	201	36	0	0	NUM
ajfa-6489	201	37	”	"	PUNCT
ajfa-6489	201	38	.	.	PUNCT
ajfa-6489	202	1	to	to	PART
ajfa-6489	202	2	control	control	VERB
ajfa-6489	202	3	for	for	ADP
ajfa-6489	202	4	the	the	DET
ajfa-6489	202	5	size	size	NOUN
ajfa-6489	202	6	effect	effect	NOUN
ajfa-6489	202	7	we	we	PRON
ajfa-6489	202	8	use	use	VERB
ajfa-6489	202	9	the	the	DET
ajfa-6489	202	10	natural	natural	ADJ
ajfa-6489	202	11	log	log	NOUN
ajfa-6489	202	12	of	of	ADP
ajfa-6489	202	13	total	total	ADJ
ajfa-6489	202	14	assets	asset	NOUN
ajfa-6489	202	15	(	(	PUNCT
ajfa-6489	202	16	size	size	NOUN
ajfa-6489	202	17	)	)	PUNCT
ajfa-6489	202	18	as	as	ADP
ajfa-6489	202	19	the	the	DET
ajfa-6489	202	20	proxy	proxy	NOUN
ajfa-6489	202	21	for	for	ADP
ajfa-6489	202	22	size	size	NOUN
ajfa-6489	202	23	.	.	PUNCT
ajfa-6489	203	1	leverage	leverage	NOUN
ajfa-6489	203	2	(	(	PUNCT
ajfa-6489	203	3	lev	lev	NOUN
ajfa-6489	203	4	)	)	PUNCT
ajfa-6489	203	5	of	of	ADP
ajfa-6489	203	6	the	the	DET
ajfa-6489	203	7	company	company	NOUN
ajfa-6489	203	8	is	be	AUX
ajfa-6489	203	9	measured	measure	VERB
ajfa-6489	203	10	by	by	ADP
ajfa-6489	203	11	the	the	DET
ajfa-6489	203	12	ratio	ratio	NOUN
ajfa-6489	203	13	of	of	ADP
ajfa-6489	203	14	total	total	ADJ
ajfa-6489	203	15	liabilities	liability	NOUN
ajfa-6489	203	16	to	to	AUX
ajfa-6489	203	17	total	total	ADJ
ajfa-6489	203	18	assets	asset	NOUN
ajfa-6489	203	19	,	,	PUNCT
ajfa-6489	203	20	and	and	CCONJ
ajfa-6489	203	21	the	the	DET
ajfa-6489	203	22	firm	firm	ADJ
ajfa-6489	203	23	level	level	NOUN
ajfa-6489	203	24	risk	risk	NOUN
ajfa-6489	203	25	(	(	PUNCT
ajfa-6489	203	26	fmrisk	fmrisk	NOUN
ajfa-6489	203	27	)	)	PUNCT
ajfa-6489	203	28	is	be	AUX
ajfa-6489	203	29	measured	measure	VERB
ajfa-6489	203	30	as	as	ADP
ajfa-6489	203	31	the	the	DET
ajfa-6489	203	32	standard	standard	ADJ
ajfa-6489	203	33	deviation	deviation	NOUN
ajfa-6489	203	34	of	of	ADP
ajfa-6489	203	35	the	the	DET
ajfa-6489	203	36	firm	firm	NOUN
ajfa-6489	203	37	’s	’s	PART
ajfa-6489	203	38	daily	daily	ADJ
ajfa-6489	203	39	stock	stock	NOUN
ajfa-6489	203	40	price	price	NOUN
ajfa-6489	203	41	.	.	PUNCT
ajfa-6489	204	1	oprisk	oprisk	NOUN
ajfa-6489	204	2	is	be	AUX
ajfa-6489	204	3	the	the	DET
ajfa-6489	204	4	standard	standard	ADJ
ajfa-6489	204	5	asian	asian	ADJ
ajfa-6489	204	6	journal	journal	NOUN
ajfa-6489	204	7	of	of	ADP
ajfa-6489	204	8	finance	finance	PROPN
ajfa-6489	204	9	&	&	CCONJ
ajfa-6489	204	10	accounting	accounting	PROPN
ajfa-6489	204	11	issn	issn	PROPN
ajfa-6489	204	12	1946	1946	NUM
ajfa-6489	204	13	-	-	PUNCT
ajfa-6489	204	14	052x	052x	NOUN
ajfa-6489	204	15	2015	2015	NUM
ajfa-6489	204	16	,	,	PUNCT
ajfa-6489	204	17	vol	vol	NOUN
ajfa-6489	204	18	.	.	PROPN
ajfa-6489	205	1	7	7	NUM
ajfa-6489	205	2	,	,	PUNCT
ajfa-6489	205	3	no	no	INTJ
ajfa-6489	205	4	.	.	NOUN
ajfa-6489	205	5	1	1	NUM
ajfa-6489	205	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	205	7	28	28	NUM
ajfa-6489	205	8	deviation	deviation	NOUN
ajfa-6489	205	9	of	of	ADP
ajfa-6489	205	10	past	past	ADJ
ajfa-6489	205	11	five	five	NUM
ajfa-6489	205	12	years	year	NOUN
ajfa-6489	205	13	of	of	ADP
ajfa-6489	205	14	the	the	DET
ajfa-6489	205	15	firm	firm	NOUN
ajfa-6489	205	16	’s	’s	PART
ajfa-6489	205	17	roa	roa	NOUN
ajfa-6489	205	18	and	and	CCONJ
ajfa-6489	205	19	mshare	mshare	PROPN
ajfa-6489	205	20	is	be	AUX
ajfa-6489	205	21	the	the	DET
ajfa-6489	205	22	proportion	proportion	NOUN
ajfa-6489	205	23	of	of	ADP
ajfa-6489	205	24	the	the	DET
ajfa-6489	205	25	firm	firm	NOUN
ajfa-6489	205	26	’s	’s	PART
ajfa-6489	205	27	revenue	revenue	NOUN
ajfa-6489	205	28	to	to	ADP
ajfa-6489	205	29	the	the	DET
ajfa-6489	205	30	total	total	ADJ
ajfa-6489	205	31	revenue	revenue	NOUN
ajfa-6489	205	32	of	of	ADP
ajfa-6489	205	33	the	the	DET
ajfa-6489	205	34	sectors	sector	NOUN
ajfa-6489	205	35	.	.	PUNCT
ajfa-6489	206	1	a	a	DET
ajfa-6489	206	2	summary	summary	NOUN
ajfa-6489	206	3	of	of	ADP
ajfa-6489	206	4	dependent	dependent	ADJ
ajfa-6489	206	5	and	and	CCONJ
ajfa-6489	206	6	control	control	NOUN
ajfa-6489	206	7	variables	variable	NOUN
ajfa-6489	206	8	used	use	VERB
ajfa-6489	206	9	in	in	ADP
ajfa-6489	206	10	this	this	DET
ajfa-6489	206	11	study	study	NOUN
ajfa-6489	206	12	and	and	CCONJ
ajfa-6489	206	13	their	their	PRON
ajfa-6489	206	14	method	method	NOUN
ajfa-6489	206	15	of	of	ADP
ajfa-6489	206	16	measurement	measurement	NOUN
ajfa-6489	206	17	is	be	AUX
ajfa-6489	206	18	provided	provide	VERB
ajfa-6489	206	19	in	in	ADP
ajfa-6489	206	20	table	table	NOUN
ajfa-6489	206	21	5	5	NUM
ajfa-6489	206	22	.	.	PUNCT
ajfa-6489	206	23	table	table	NOUN
ajfa-6489	206	24	5	5	NUM
ajfa-6489	206	25	.	.	PUNCT
ajfa-6489	207	1	a	a	DET
ajfa-6489	207	2	summary	summary	NOUN
ajfa-6489	207	3	of	of	ADP
ajfa-6489	207	4	dependent	dependent	ADJ
ajfa-6489	207	5	and	and	CCONJ
ajfa-6489	207	6	control	control	NOUN
ajfa-6489	207	7	variables	variable	NOUN
ajfa-6489	207	8	used	use	VERB
ajfa-6489	207	9	dependent	dependent	ADJ
ajfa-6489	207	10	variables	variable	NOUN
ajfa-6489	207	11	tobin	tobin	PROPN
ajfa-6489	207	12	’s	’s	PART
ajfa-6489	207	13	q	q	X
ajfa-6489	207	14	(	(	PUNCT
ajfa-6489	207	15	(	(	PUNCT
ajfa-6489	207	16	stock	stock	NOUN
ajfa-6489	207	17	price	price	NOUN
ajfa-6489	207	18	*	*	PUNCT
ajfa-6489	207	19	no	no	INTJ
ajfa-6489	207	20	.	.	PUNCT
ajfa-6489	207	21	of	of	ADP
ajfa-6489	207	22	shares	share	NOUN
ajfa-6489	207	23	outstanding	outstanding	ADJ
ajfa-6489	207	24	)	)	PUNCT
ajfa-6489	208	1	+	+	CCONJ
ajfa-6489	208	2	long	long	ADJ
ajfa-6489	208	3	term	term	NOUN
ajfa-6489	208	4	debt	debt	NOUN
ajfa-6489	208	5	+	+	CCONJ
ajfa-6489	208	6	short	short	ADJ
ajfa-6489	208	7	term	term	NOUN
ajfa-6489	208	8	debt)/total	debt)/total	ADJ
ajfa-6489	208	9	assets	asset	NOUN
ajfa-6489	208	10	roa	roa	PROPN
ajfa-6489	208	11	net	net	NOUN
ajfa-6489	208	12	income/	income/	NUM
ajfa-6489	208	13	total	total	ADJ
ajfa-6489	208	14	assets	asset	NOUN
ajfa-6489	208	15	control	control	NOUN
ajfa-6489	208	16	variables	variable	VERB
ajfa-6489	208	17	ownership	ownership	NOUN
ajfa-6489	208	18	concentration	concentration	NOUN
ajfa-6489	208	19	(	(	PUNCT
ajfa-6489	208	20	con	con	NOUN
ajfa-6489	208	21	):	):	PUNCT
ajfa-6489	208	22	top5	top5	PROPN
ajfa-6489	208	23	no	no	NOUN
ajfa-6489	208	24	.	.	PUNCT
ajfa-6489	208	25	of	of	ADP
ajfa-6489	208	26	shares	share	NOUN
ajfa-6489	208	27	held	hold	VERB
ajfa-6489	208	28	top	top	ADJ
ajfa-6489	208	29	five	five	NUM
ajfa-6489	208	30	shareholders	shareholder	NOUN
ajfa-6489	208	31	/	/	SYM
ajfa-6489	208	32	total	total	ADJ
ajfa-6489	208	33	shares	share	NOUN
ajfa-6489	208	34	outstanding	outstanding	ADJ
ajfa-6489	208	35	ownership	ownership	NOUN
ajfa-6489	208	36	concentration	concentration	NOUN
ajfa-6489	208	37	(	(	PUNCT
ajfa-6489	208	38	con	con	NOUN
ajfa-6489	208	39	):	):	PUNCT
ajfa-6489	208	40	h1	h1	PROPN
ajfa-6489	208	41	(	(	PUNCT
ajfa-6489	208	42	%	%	NOUN
ajfa-6489	208	43	of	of	ADP
ajfa-6489	208	44	shares	share	NOUN
ajfa-6489	208	45	held	hold	VERB
ajfa-6489	208	46	by	by	ADP
ajfa-6489	208	47	largest	large	ADJ
ajfa-6489	208	48	shareholder)2	shareholder)2	NOUN
ajfa-6489	208	49	+	+	CCONJ
ajfa-6489	208	50	(	(	PUNCT
ajfa-6489	208	51	%	%	NOUN
ajfa-6489	208	52	of	of	ADP
ajfa-6489	208	53	shares	share	NOUN
ajfa-6489	208	54	held	hold	VERB
ajfa-6489	208	55	by	by	ADP
ajfa-6489	208	56	second	second	ADV
ajfa-6489	208	57	largest	large	ADJ
ajfa-6489	208	58	shareholder)2	shareholder)2	NOUN
ajfa-6489	209	1	+	+	CCONJ
ajfa-6489	210	1	…	…	PUNCT
ajfa-6489	210	2	+	+	CCONJ
ajfa-6489	210	3	(	(	PUNCT
ajfa-6489	210	4	%	%	NOUN
ajfa-6489	210	5	of	of	ADP
ajfa-6489	210	6	shares	share	NOUN
ajfa-6489	210	7	held	hold	VERB
ajfa-6489	210	8	by	by	ADP
ajfa-6489	210	9	fifth	fifth	ADV
ajfa-6489	210	10	largest	large	ADJ
ajfa-6489	210	11	shareholder)2	shareholder)2	NOUN
ajfa-6489	210	12	ownership	ownership	NOUN
ajfa-6489	210	13	identity	identity	NOUN
ajfa-6489	210	14	(	(	PUNCT
ajfa-6489	210	15	own	own	ADJ
ajfa-6489	210	16	):	):	PUNCT
ajfa-6489	210	17	eh	eh	INTJ
ajfa-6489	210	18	(	(	PUNCT
ajfa-6489	210	19	no	no	INTJ
ajfa-6489	210	20	.	.	NOUN
ajfa-6489	210	21	of	of	ADP
ajfa-6489	210	22	shares	share	NOUN
ajfa-6489	210	23	held	hold	VERB
ajfa-6489	210	24	by	by	ADP
ajfa-6489	210	25	employees)/total	employees)/total	ADJ
ajfa-6489	210	26	shares	share	NOUN
ajfa-6489	210	27	outstanding	outstanding	ADJ
ajfa-6489	210	28	ownership	ownership	NOUN
ajfa-6489	210	29	identity	identity	NOUN
ajfa-6489	210	30	(	(	PUNCT
ajfa-6489	210	31	own	own	ADJ
ajfa-6489	210	32	):	):	PUNCT
ajfa-6489	210	33	fh	fh	PROPN
ajfa-6489	210	34	(	(	PUNCT
ajfa-6489	210	35	no	no	INTJ
ajfa-6489	210	36	.	.	NOUN
ajfa-6489	210	37	of	of	ADP
ajfa-6489	210	38	shares	share	NOUN
ajfa-6489	210	39	held	hold	VERB
ajfa-6489	210	40	by	by	ADP
ajfa-6489	210	41	foreign	foreign	ADJ
ajfa-6489	210	42	investors)/total	investors)/total	ADJ
ajfa-6489	210	43	shares	share	NOUN
ajfa-6489	210	44	outstanding	outstanding	ADJ
ajfa-6489	210	45	ownership	ownership	NOUN
ajfa-6489	210	46	identity	identity	NOUN
ajfa-6489	210	47	(	(	PUNCT
ajfa-6489	210	48	own	own	ADJ
ajfa-6489	210	49	):	):	PUNCT
ajfa-6489	210	50	ch	ch	NOUN
ajfa-6489	210	51	(	(	PUNCT
ajfa-6489	210	52	no	no	INTJ
ajfa-6489	210	53	.	.	NOUN
ajfa-6489	210	54	of	of	ADP
ajfa-6489	210	55	shares	share	NOUN
ajfa-6489	210	56	held	hold	VERB
ajfa-6489	210	57	by	by	ADP
ajfa-6489	210	58	corporate	corporate	ADJ
ajfa-6489	210	59	investors)/total	investors)/total	ADJ
ajfa-6489	210	60	shares	share	NOUN
ajfa-6489	210	61	outstanding	outstanding	ADJ
ajfa-6489	210	62	ownership	ownership	NOUN
ajfa-6489	210	63	identity	identity	NOUN
ajfa-6489	210	64	(	(	PUNCT
ajfa-6489	210	65	own	own	ADJ
ajfa-6489	210	66	):	):	PUNCT
ajfa-6489	210	67	ih	ih	PROPN
ajfa-6489	210	68	(	(	PUNCT
ajfa-6489	210	69	no	no	INTJ
ajfa-6489	210	70	.	.	NOUN
ajfa-6489	210	71	of	of	ADP
ajfa-6489	210	72	shares	share	NOUN
ajfa-6489	210	73	held	hold	VERB
ajfa-6489	210	74	by	by	ADP
ajfa-6489	210	75	institutional	institutional	ADJ
ajfa-6489	210	76	investors)/total	investors)/total	ADJ
ajfa-6489	210	77	shares	share	NOUN
ajfa-6489	210	78	outstanding	outstanding	ADJ
ajfa-6489	210	79	after	after	ADP
ajfa-6489	210	80	dummy	dummy	NOUN
ajfa-6489	210	81	equal	equal	ADJ
ajfa-6489	210	82	to	to	ADP
ajfa-6489	210	83	“	"	PUNCT
ajfa-6489	210	84	1	1	NUM
ajfa-6489	210	85	”	"	PUNCT
ajfa-6489	210	86	if	if	SCONJ
ajfa-6489	210	87	year	year	NOUN
ajfa-6489	210	88	is	be	AUX
ajfa-6489	210	89	after	after	ADP
ajfa-6489	210	90	2007	2007	NUM
ajfa-6489	210	91	,	,	PUNCT
ajfa-6489	210	92	otherwise	otherwise	ADV
ajfa-6489	210	93	“	"	PUNCT
ajfa-6489	210	94	0	0	NUM
ajfa-6489	210	95	”	"	PUNCT
ajfa-6489	210	96	before	before	ADP
ajfa-6489	210	97	dummy	dummy	NOUN
ajfa-6489	210	98	equal	equal	ADJ
ajfa-6489	210	99	to	to	ADP
ajfa-6489	210	100	“	"	PUNCT
ajfa-6489	210	101	1	1	NUM
ajfa-6489	210	102	”	"	PUNCT
ajfa-6489	210	103	if	if	SCONJ
ajfa-6489	210	104	year	year	NOUN
ajfa-6489	210	105	is	be	AUX
ajfa-6489	210	106	before	before	ADP
ajfa-6489	210	107	2007	2007	NUM
ajfa-6489	210	108	,	,	PUNCT
ajfa-6489	210	109	otherwise	otherwise	ADV
ajfa-6489	210	110	“	"	PUNCT
ajfa-6489	210	111	0	0	NUM
ajfa-6489	210	112	”	"	PUNCT
ajfa-6489	210	113	lev	lev	ADJ
ajfa-6489	210	114	long	long	ADJ
ajfa-6489	210	115	term	term	NOUN
ajfa-6489	210	116	liabilities	liability	NOUN
ajfa-6489	210	117	/	/	SYM
ajfa-6489	210	118	total	total	ADJ
ajfa-6489	210	119	assets	asset	NOUN
ajfa-6489	210	120	size	size	NOUN
ajfa-6489	210	121	natural	natural	ADJ
ajfa-6489	210	122	log	log	NOUN
ajfa-6489	210	123	of	of	ADP
ajfa-6489	210	124	total	total	ADJ
ajfa-6489	210	125	assets	asset	NOUN
ajfa-6489	210	126	fmrisk	fmrisk	NOUN
ajfa-6489	210	127	standard	standard	ADJ
ajfa-6489	210	128	deviation	deviation	NOUN
ajfa-6489	210	129	of	of	ADP
ajfa-6489	210	130	the	the	DET
ajfa-6489	210	131	firm	firm	NOUN
ajfa-6489	210	132	’s	’s	PART
ajfa-6489	210	133	daily	daily	ADJ
ajfa-6489	210	134	stock	stock	NOUN
ajfa-6489	210	135	returns	return	NOUN
ajfa-6489	210	136	for	for	ADP
ajfa-6489	210	137	the	the	DET
ajfa-6489	210	138	year	year	NOUN
ajfa-6489	210	139	oprisk	oprisk	NOUN
ajfa-6489	210	140	standard	standard	ADJ
ajfa-6489	210	141	deviation	deviation	NOUN
ajfa-6489	210	142	the	the	DET
ajfa-6489	210	143	firm	firm	NOUN
ajfa-6489	210	144	’s	’s	PART
ajfa-6489	210	145	past	past	ADJ
ajfa-6489	210	146	five	five	NUM
ajfa-6489	210	147	year	year	NOUN
ajfa-6489	210	148	return	return	NOUN
ajfa-6489	210	149	on	on	ADP
ajfa-6489	210	150	assets	asset	NOUN
ajfa-6489	210	151	mshare	mshare	VERB
ajfa-6489	210	152	proportion	proportion	NOUN
ajfa-6489	210	153	of	of	ADP
ajfa-6489	210	154	the	the	DET
ajfa-6489	210	155	total	total	ADJ
ajfa-6489	210	156	revenue	revenue	NOUN
ajfa-6489	210	157	of	of	ADP
ajfa-6489	210	158	the	the	DET
ajfa-6489	210	159	firm	firm	NOUN
ajfa-6489	210	160	to	to	PART
ajfa-6489	210	161	total	total	VERB
ajfa-6489	210	162	revenue	revenue	NOUN
ajfa-6489	210	163	of	of	ADP
ajfa-6489	210	164	the	the	DET
ajfa-6489	210	165	sector	sector	NOUN
ajfa-6489	210	166	to	to	PART
ajfa-6489	210	167	which	which	DET
ajfa-6489	210	168	firm	firm	NOUN
ajfa-6489	210	169	belongs	belong	VERB
ajfa-6489	210	170	to	to	ADP
ajfa-6489	210	171	.	.	PUNCT
ajfa-6489	211	1	4.3	4.3	NUM
ajfa-6489	211	2	model	model	NOUN
ajfa-6489	211	3	this	this	DET
ajfa-6489	211	4	study	study	NOUN
ajfa-6489	211	5	examines	examine	VERB
ajfa-6489	211	6	the	the	DET
ajfa-6489	211	7	nature	nature	NOUN
ajfa-6489	211	8	of	of	ADP
ajfa-6489	211	9	the	the	DET
ajfa-6489	211	10	relationship	relationship	NOUN
ajfa-6489	211	11	between	between	ADP
ajfa-6489	211	12	firm	firm	ADJ
ajfa-6489	211	13	performance	performance	NOUN
ajfa-6489	211	14	(	(	PUNCT
ajfa-6489	211	15	per	per	ADP
ajfa-6489	211	16	)	)	PUNCT
ajfa-6489	211	17	and	and	CCONJ
ajfa-6489	211	18	ownership	ownership	NOUN
ajfa-6489	211	19	variables	variable	NOUN
ajfa-6489	211	20	and	and	CCONJ
ajfa-6489	211	21	tests	test	VERB
ajfa-6489	211	22	whether	whether	SCONJ
ajfa-6489	211	23	the	the	DET
ajfa-6489	211	24	relationship	relationship	NOUN
ajfa-6489	211	25	is	be	AUX
ajfa-6489	211	26	significant	significant	ADJ
ajfa-6489	211	27	.	.	PUNCT
ajfa-6489	212	1	two	two	NUM
ajfa-6489	212	2	dependent	dependent	ADJ
ajfa-6489	212	3	variables	variable	NOUN
ajfa-6489	212	4	(	(	PUNCT
ajfa-6489	212	5	q	q	NOUN
ajfa-6489	212	6	,	,	PUNCT
ajfa-6489	212	7	roa	roa	PROPN
ajfa-6489	212	8	)	)	PUNCT
ajfa-6489	212	9	and	and	CCONJ
ajfa-6489	212	10	two	two	NUM
ajfa-6489	212	11	main	main	ADJ
ajfa-6489	212	12	types	type	NOUN
ajfa-6489	212	13	of	of	ADP
ajfa-6489	212	14	independent	independent	ADJ
ajfa-6489	212	15	variables	variable	NOUN
ajfa-6489	212	16	(	(	PUNCT
ajfa-6489	212	17	con	con	X
ajfa-6489	212	18	,	,	PUNCT
ajfa-6489	212	19	own	own	ADJ
ajfa-6489	212	20	)	)	PUNCT
ajfa-6489	212	21	are	be	AUX
ajfa-6489	212	22	used	use	VERB
ajfa-6489	212	23	to	to	PART
ajfa-6489	212	24	estimate	estimate	VERB
ajfa-6489	212	25	the	the	DET
ajfa-6489	212	26	model	model	NOUN
ajfa-6489	212	27	using	use	VERB
ajfa-6489	212	28	ordinary	ordinary	ADJ
ajfa-6489	212	29	least	least	ADJ
ajfa-6489	212	30	squares	square	NOUN
ajfa-6489	212	31	(	(	PUNCT
ajfa-6489	212	32	ols	ol	NOUN
ajfa-6489	212	33	)	)	PUNCT
ajfa-6489	212	34	regression	regression	NOUN
ajfa-6489	212	35	.	.	PUNCT
ajfa-6489	213	1	the	the	DET
ajfa-6489	213	2	regressions	regression	NOUN
ajfa-6489	213	3	models	model	NOUN
ajfa-6489	213	4	used	use	VERB
ajfa-6489	213	5	are	be	AUX
ajfa-6489	213	6	as	as	SCONJ
ajfa-6489	213	7	follows	follow	VERB
ajfa-6489	213	8	:	:	PUNCT
ajfa-6489	213	9	asian	asian	ADJ
ajfa-6489	213	10	journal	journal	NOUN
ajfa-6489	213	11	of	of	ADP
ajfa-6489	213	12	finance	finance	PROPN
ajfa-6489	213	13	&	&	CCONJ
ajfa-6489	213	14	accounting	accounting	PROPN
ajfa-6489	213	15	issn	issn	PROPN
ajfa-6489	213	16	1946	1946	NUM
ajfa-6489	213	17	-	-	PUNCT
ajfa-6489	213	18	052x	052x	NOUN
ajfa-6489	213	19	2015	2015	NUM
ajfa-6489	213	20	,	,	PUNCT
ajfa-6489	213	21	vol	vol	NOUN
ajfa-6489	213	22	.	.	PROPN
ajfa-6489	214	1	7	7	NUM
ajfa-6489	214	2	,	,	PUNCT
ajfa-6489	214	3	no	no	INTJ
ajfa-6489	214	4	.	.	NOUN
ajfa-6489	214	5	1	1	NUM
ajfa-6489	214	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6489	214	7	29	29	NUM
ajfa-6489	214	8	where	where	SCONJ
ajfa-6489	214	9	per	per	ADP
ajfa-6489	214	10	either	either	PRON
ajfa-6489	214	11	equals	equal	VERB
ajfa-6489	214	12	tobin	tobin	PROPN
ajfa-6489	214	13	’s	’s	PART
ajfa-6489	214	14	q	q	NOUN
ajfa-6489	214	15	or	or	CCONJ
ajfa-6489	214	16	roa	roa	PROPN
ajfa-6489	214	17	;	;	PUNCT
ajfa-6489	214	18	con	con	NOUN
ajfa-6489	214	19	equals	equal	VERB
ajfa-6489	214	20	top5	top5	NOUN
ajfa-6489	214	21	and	and	CCONJ
ajfa-6489	214	22	h1	h1	PROPN
ajfa-6489	214	23	;	;	PUNCT
ajfa-6489	214	24	own	own	ADJ
ajfa-6489	214	25	equals	equal	VERB
ajfa-6489	214	26	eh	eh	INTJ
ajfa-6489	214	27	,	,	PUNCT
ajfa-6489	214	28	fh	fh	PROPN
ajfa-6489	214	29	,	,	PUNCT
ajfa-6489	214	30	ch	ch	PROPN
ajfa-6489	214	31	,	,	PUNCT
ajfa-6489	214	32	ih	ih	X
ajfa-6489	214	33	;	;	PUNCT
ajfa-6489	214	34	i	i	PRON
ajfa-6489	214	35	denote	denote	VERB
ajfa-6489	214	36	a	a	DET
ajfa-6489	214	37	cross	cross	ADJ
ajfa-6489	214	38	-	-	ADJ
ajfa-6489	214	39	sectional	sectional	ADJ
ajfa-6489	214	40	observation	observation	NOUN
ajfa-6489	214	41	;	;	PUNCT
ajfa-6489	214	42	t	t	NOUN
ajfa-6489	214	43	denotetime	denotetime	NOUN
ajfa-6489	214	44	and	and	CCONJ
ajfa-6489	214	45	ε	ε	PROPN
ajfa-6489	214	46	is	be	AUX
ajfa-6489	214	47	theerror	theerror	ADJ
ajfa-6489	214	48	term	term	NOUN
ajfa-6489	214	49	.	.	PUNCT
ajfa-6489	215	1	we	we	PRON
ajfa-6489	215	2	use	use	VERB
ajfa-6489	215	3	tobin	tobin	PROPN
ajfa-6489	215	4	’s	’s	PART
ajfa-6489	215	5	q	q	NOUN
ajfa-6489	215	6	as	as	ADP
ajfa-6489	215	7	the	the	DET
ajfa-6489	215	8	dependent	dependent	ADJ
ajfa-6489	215	9	variable	variable	NOUN
ajfa-6489	215	10	,	,	PUNCT
ajfa-6489	215	11	ownership	ownership	NOUN
ajfa-6489	215	12	identity	identity	NOUN
ajfa-6489	215	13	as	as	ADP
ajfa-6489	215	14	independent	independent	ADJ
ajfa-6489	215	15	variable	variable	NOUN
ajfa-6489	215	16	and	and	CCONJ
ajfa-6489	215	17	two	two	NUM
ajfa-6489	215	18	time	time	NOUN
ajfa-6489	215	19	period	period	NOUN
ajfa-6489	215	20	variables	variable	NOUN
ajfa-6489	215	21	,	,	PUNCT
ajfa-6489	215	22	that	that	ADV
ajfa-6489	215	23	is	is	ADV
ajfa-6489	215	24	,	,	PUNCT
ajfa-6489	215	25	before	before	ADP
ajfa-6489	215	26	and	and	CCONJ
ajfa-6489	215	27	after	after	ADV
ajfa-6489	215	28	.	.	PUNCT
ajfa-6489	216	1	the	the	DET
ajfa-6489	216	2	ols	ols	PROPN
ajfa-6489	216	3	regression	regression	NOUN
ajfa-6489	216	4	model	model	NOUN
ajfa-6489	216	5	used	use	VERB
ajfa-6489	216	6	is	be	AUX
ajfa-6489	216	7	as	as	SCONJ
ajfa-6489	216	8	follows	follow	VERB
ajfa-6489	216	9	:	:	PUNCT
ajfa-6489	216	10	where	where	SCONJ
ajfa-6489	216	11	time	time	NOUN
ajfa-6489	216	12	either	either	CCONJ
ajfa-6489	216	13	equals	equal	VERB
ajfa-6489	216	14	before	before	ADV
ajfa-6489	216	15	or	or	CCONJ
ajfa-6489	216	16	after	after	ADP
ajfa-6489	216	17	.	.	PROPN
ajfa-6489	217	1	5	5	X
ajfa-6489	217	2	.	.	X
ajfa-6489	217	3	empirical	empirical	ADJ
ajfa-6489	217	4	result	result	VERB
ajfa-6489	217	5	5.1	5.1	NUM
ajfa-6489	217	6	descriptive	descriptive	ADJ
ajfa-6489	217	7	statistics	statistic	NOUN
ajfa-6489	217	8	table	table	NOUN
ajfa-6489	217	9	6	6	NUM
ajfa-6489	217	10	provides	provide	VERB
ajfa-6489	217	11	a	a	DET
ajfa-6489	217	12	summary	summary	NOUN
ajfa-6489	217	13	of	of	ADP
ajfa-6489	217	14	the	the	DET
ajfa-6489	217	15	descriptive	descriptive	ADJ
ajfa-6489	217	16	statistics	statistic	NOUN
ajfa-6489	217	17	for	for	ADP
ajfa-6489	217	18	the	the	DET
ajfa-6489	217	19	dependent	dependent	ADJ
ajfa-6489	217	20	and	and	CCONJ
ajfa-6489	217	21	control	control	NOUN
ajfa-6489	217	22	variables	variable	NOUN
ajfa-6489	217	23	used	use	VERB
ajfa-6489	217	24	in	in	ADP
ajfa-6489	217	25	this	this	DET
ajfa-6489	217	26	study	study	NOUN
ajfa-6489	217	27	.	.	PUNCT
ajfa-6489	218	1	the	the	DET
ajfa-6489	218	2	average	average	ADJ
ajfa-6489	218	3	(	(	PUNCT
ajfa-6489	218	4	median	median	ADJ
ajfa-6489	218	5	)	)	PUNCT
ajfa-6489	218	6	tobin	tobin	PROPN
ajfa-6489	218	7	’s	’s	PART
ajfa-6489	218	8	q	q	PROPN
ajfa-6489	218	9	is	be	AUX
ajfa-6489	218	10	2.06	2.06	NUM
ajfa-6489	218	11	(	(	PUNCT
ajfa-6489	218	12	1.25	1.25	NUM
ajfa-6489	218	13	)	)	PUNCT
ajfa-6489	218	14	indicating	indicate	VERB
ajfa-6489	218	15	companies	company	NOUN
ajfa-6489	218	16	did	do	AUX
ajfa-6489	218	17	create	create	VERB
ajfa-6489	218	18	values	value	NOUN
ajfa-6489	218	19	for	for	ADP
ajfa-6489	218	20	the	the	DET
ajfa-6489	218	21	shareholders	shareholder	NOUN
ajfa-6489	218	22	’	'	PUNCT
ajfa-6489	218	23	and	and	CCONJ
ajfa-6489	218	24	the	the	DET
ajfa-6489	218	25	company	company	NOUN
ajfa-6489	218	26	has	have	VERB
ajfa-6489	218	27	good	good	ADJ
ajfa-6489	218	28	expectations	expectation	NOUN
ajfa-6489	218	29	for	for	ADP
ajfa-6489	218	30	future	future	ADJ
ajfa-6489	218	31	performance	performance	NOUN
ajfa-6489	218	32	.	.	PUNCT
ajfa-6489	219	1	the	the	DET
ajfa-6489	219	2	average	average	ADJ
ajfa-6489	219	3	(	(	PUNCT
ajfa-6489	219	4	median	median	ADJ
ajfa-6489	219	5	)	)	PUNCT
ajfa-6489	219	6	roa	roa	NOUN
ajfa-6489	219	7	is	be	AUX
ajfa-6489	219	8	-0.02	-0.02	NUM
ajfa-6489	219	9	(	(	PUNCT
ajfa-6489	219	10	0.05	0.05	NUM
ajfa-6489	219	11	)	)	PUNCT
ajfa-6489	219	12	and	and	CCONJ
ajfa-6489	219	13	the	the	DET
ajfa-6489	219	14	minimum	minimum	NOUN
ajfa-6489	219	15	is	be	AUX
ajfa-6489	219	16	-4.32	-4.32	ADJ
ajfa-6489	219	17	.	.	PUNCT
ajfa-6489	220	1	the	the	DET
ajfa-6489	220	2	negative	negative	ADJ
ajfa-6489	220	3	values	value	NOUN
ajfa-6489	220	4	for	for	ADP
ajfa-6489	220	5	roa	roa	PROPN
ajfa-6489	220	6	indicate	indicate	VERB
ajfa-6489	220	7	that	that	SCONJ
ajfa-6489	220	8	companies	company	NOUN
ajfa-6489	220	9	have	have	AUX
ajfa-6489	220	10	not	not	PART
ajfa-6489	220	11	utilized	utilize	VERB
ajfa-6489	220	12	fixed	fix	VERB
ajfa-6489	220	13	assets	asset	NOUN
ajfa-6489	220	14	of	of	ADP
ajfa-6489	220	15	the	the	DET
ajfa-6489	220	16	companies	company	NOUN
ajfa-6489	220	17	in	in	ADP
ajfa-6489	220	18	an	an	DET
ajfa-6489	220	19	efficient	efficient	ADJ
ajfa-6489	220	20	manner	manner	NOUN
ajfa-6489	220	21	to	to	PART
ajfa-6489	220	22	generate	generate	VERB
ajfa-6489	220	23	enough	enough	ADJ
ajfa-6489	220	24	revenue	revenue	NOUN
ajfa-6489	220	25	.	.	PUNCT
ajfa-6489	221	1	since	since	SCONJ
ajfa-6489	221	2	median	median	PROPN
ajfa-6489	221	3	of	of	ADP
ajfa-6489	221	4	roa	roa	PROPN
ajfa-6489	221	5	is	be	AUX
ajfa-6489	221	6	lower	low	ADJ
ajfa-6489	221	7	(	(	PUNCT
ajfa-6489	221	8	0.05	0.05	NUM
ajfa-6489	221	9	%	%	NOUN
ajfa-6489	221	10	)	)	PUNCT
ajfa-6489	221	11	,	,	PUNCT
ajfa-6489	221	12	it	it	PRON
ajfa-6489	221	13	indicates	indicate	VERB
ajfa-6489	221	14	that	that	SCONJ
ajfa-6489	221	15	majority	majority	NOUN
ajfa-6489	221	16	of	of	ADP
ajfa-6489	221	17	the	the	DET
ajfa-6489	221	18	publicly	publicly	ADV
ajfa-6489	221	19	listed	list	VERB
ajfa-6489	221	20	companies	company	NOUN
ajfa-6489	221	21	have	have	AUX
ajfa-6489	221	22	experienced	experience	VERB
ajfa-6489	221	23	a	a	DET
ajfa-6489	221	24	very	very	ADV
ajfa-6489	221	25	low	low	ADJ
ajfa-6489	221	26	financial	financial	ADJ
ajfa-6489	221	27	performance	performance	NOUN
ajfa-6489	221	28	during	during	ADP
ajfa-6489	221	29	the	the	DET
ajfa-6489	221	30	period	period	NOUN
ajfa-6489	221	31	of	of	ADP
ajfa-6489	221	32	the	the	DET
ajfa-6489	221	33	global	global	ADJ
ajfa-6489	221	34	financial	financial	ADJ
ajfa-6489	221	35	crisis	crisis	NOUN
ajfa-6489	221	36	.	.	PUNCT
ajfa-6489	222	1	the	the	DET
ajfa-6489	222	2	mean	mean	NOUN
ajfa-6489	222	3	(	(	PUNCT
ajfa-6489	222	4	median)of	median)of	NOUN
ajfa-6489	222	5	hi	hi	INTJ
ajfa-6489	222	6	is	be	AUX
ajfa-6489	222	7	0.2	0.2	NUM
ajfa-6489	222	8	(	(	PUNCT
ajfa-6489	222	9	0.13	0.13	NUM
ajfa-6489	222	10	)	)	PUNCT
ajfa-6489	222	11	and	and	CCONJ
ajfa-6489	222	12	the	the	DET
ajfa-6489	222	13	mean	mean	ADJ
ajfa-6489	222	14	(	(	PUNCT
ajfa-6489	222	15	median	median	ADJ
ajfa-6489	222	16	)	)	PUNCT
ajfa-6489	222	17	proportion	proportion	NOUN
ajfa-6489	222	18	of	of	ADP
ajfa-6489	222	19	shares	share	NOUN
ajfa-6489	222	20	held	hold	VERB
ajfa-6489	222	21	by	by	ADP
ajfa-6489	222	22	five	five	NUM
ajfa-6489	222	23	largest	large	ADJ
ajfa-6489	222	24	shareholders	shareholder	NOUN
ajfa-6489	222	25	(	(	PUNCT
ajfa-6489	222	26	top5	top5	NOUN
ajfa-6489	222	27	)	)	PUNCT
ajfa-6489	222	28	is	be	AUX
ajfa-6489	222	29	0.56	0.56	NUM
ajfa-6489	222	30	(	(	PUNCT
ajfa-6489	222	31	0.56	0.56	NUM
ajfa-6489	222	32	)	)	PUNCT
ajfa-6489	222	33	,	,	PUNCT
ajfa-6489	222	34	which	which	PRON
ajfa-6489	222	35	is	be	AUX
ajfa-6489	222	36	considered	consider	VERB
ajfa-6489	222	37	to	to	PART
ajfa-6489	222	38	be	be	AUX
ajfa-6489	222	39	very	very	ADV
ajfa-6489	222	40	high	high	ADJ
ajfa-6489	222	41	indicting	indict	VERB
ajfa-6489	222	42	more	more	ADJ
ajfa-6489	222	43	than	than	ADP
ajfa-6489	222	44	half	half	NOUN
ajfa-6489	222	45	of	of	ADP
ajfa-6489	222	46	the	the	DET
ajfa-6489	222	47	shares	share	NOUN
ajfa-6489	222	48	are	be	AUX
ajfa-6489	222	49	controlled	control	VERB
ajfa-6489	222	50	by	by	ADP
ajfa-6489	222	51	five	five	NUM
ajfa-6489	222	52	largest	large	ADJ
ajfa-6489	222	53	shareholders	shareholder	NOUN
ajfa-6489	222	54	.	.	PUNCT
ajfa-6489	223	1	the	the	DET
ajfa-6489	223	2	maximumtop5	maximumtop5	NOUN
ajfa-6489	223	3	is	be	AUX
ajfa-6489	223	4	98	98	NUM
ajfa-6489	223	5	%	%	NOUN
ajfa-6489	223	6	and	and	CCONJ
ajfa-6489	223	7	the	the	DET
ajfa-6489	223	8	minimum	minimum	NOUN
ajfa-6489	223	9	is	be	AUX
ajfa-6489	223	10	12	12	NUM
ajfa-6489	223	11	%	%	NOUN
ajfa-6489	223	12	,	,	PUNCT
ajfa-6489	223	13	indicating	indicate	VERB
ajfa-6489	223	14	that	that	SCONJ
ajfa-6489	223	15	companies	company	NOUN
ajfa-6489	223	16	in	in	ADP
ajfa-6489	223	17	new	new	PROPN
ajfa-6489	223	18	zealand	zealand	PROPN
ajfa-6489	223	19	are	be	AUX
ajfa-6489	223	20	closely	closely	ADV
ajfa-6489	223	21	-	-	PUNCT
ajfa-6489	223	22	held	hold	VERB
ajfa-6489	223	23	rather	rather	ADV
ajfa-6489	223	24	than	than	ADP
ajfa-6489	223	25	widely	widely	ADV
ajfa-6489	223	26	-	-	PUNCT
ajfa-6489	223	27	held	hold	VERB
ajfa-6489	223	28	.	.	PUNCT
ajfa-6489	224	1	the	the	DET
ajfa-6489	224	2	mean	mean	NOUN
ajfa-6489	224	3	of	of	ADP
ajfa-6489	224	4	ih	ih	PROPN
ajfa-6489	224	5	is	be	AUX
ajfa-6489	224	6	0.03	0.03	NUM
ajfa-6489	224	7	,	,	PUNCT
ajfa-6489	224	8	fh	fh	PROPN
ajfa-6489	224	9	and	and	CCONJ
ajfa-6489	224	10	ch	ch	PROPN
ajfa-6489	224	11	both	both	PRON
ajfa-6489	225	1	have	have	AUX
ajfa-6489	225	2	mean	mean	NOUN
ajfa-6489	225	3	of	of	ADP
ajfa-6489	225	4	0.06	0.06	NUM
ajfa-6489	225	5	,	,	PUNCT
ajfa-6489	225	6	whereas	whereas	SCONJ
ajfa-6489	225	7	mean	mean	ADV
ajfa-6489	225	8	of	of	ADP
ajfa-6489	225	9	eh	eh	INTJ
ajfa-6489	225	10	is	be	AUX
ajfa-6489	225	11	the	the	DET
ajfa-6489	225	12	highest	high	ADJ
ajfa-6489	225	13	at	at	ADP
ajfa-6489	225	14	0.09	0.09	NUM
ajfa-6489	225	15	.	.	PUNCT
ajfa-6489	226	1	these	these	DET
ajfa-6489	226	2	results	result	NOUN
ajfa-6489	226	3	indicate	indicate	VERB
ajfa-6489	226	4	that	that	SCONJ
ajfa-6489	226	5	employee	employee	NOUN
ajfa-6489	226	6	investors	investor	NOUN
ajfa-6489	226	7	hold	hold	VERB
ajfa-6489	226	8	the	the	DET
ajfa-6489	226	9	largest	large	ADJ
ajfa-6489	226	10	proportion	proportion	NOUN
ajfa-6489	226	11	of	of	ADP
ajfa-6489	226	12	shares	share	NOUN
ajfa-6489	226	13	in	in	ADP
ajfa-6489	226	14	new	new	PROPN
ajfa-6489	226	15	zealand	zealand	PROPN
ajfa-6489	226	16	market	market	NOUN
ajfa-6489	226	17	,	,	PUNCT
ajfa-6489	226	18	and	and	CCONJ
ajfa-6489	226	19	the	the	DET
ajfa-6489	226	20	institutions	institution	NOUN
ajfa-6489	226	21	hold	hold	VERB
ajfa-6489	226	22	the	the	DET
ajfa-6489	226	23	smallest	small	ADJ
ajfa-6489	226	24	.	.	PUNCT
ajfa-6489	227	1	the	the	DET
ajfa-6489	227	2	mean	mean	NOUN
ajfa-6489	227	3	of	of	ADP
ajfa-6489	227	4	lev	lev	NOUN
ajfa-6489	227	5	is	be	AUX
ajfa-6489	227	6	0.44	0.44	NUM
ajfa-6489	227	7	which	which	PRON
ajfa-6489	227	8	is	be	AUX
ajfa-6489	227	9	not	not	PART
ajfa-6489	227	10	considered	consider	VERB
ajfa-6489	227	11	to	to	PART
ajfa-6489	227	12	be	be	AUX
ajfa-6489	227	13	high	high	ADJ
ajfa-6489	227	14	,	,	PUNCT
ajfa-6489	227	15	but	but	CCONJ
ajfa-6489	227	16	the	the	DET
ajfa-6489	227	17	maximum	maximum	NOUN
ajfa-6489	227	18	is	be	AUX
ajfa-6489	227	19	greater	great	ADJ
ajfa-6489	227	20	than	than	ADP
ajfa-6489	227	21	1	1	NUM
ajfa-6489	227	22	thus	thus	ADV
ajfa-6489	227	23	indicating	indicate	VERB
ajfa-6489	227	24	total	total	ADJ
ajfa-6489	227	25	liabilities	liability	NOUN
ajfa-6489	227	26	in	in	ADP
ajfa-6489	227	27	the	the	DET
ajfa-6489	227	28	companies	company	NOUN
ajfa-6489	227	29	are	be	AUX
ajfa-6489	227	30	greater	great	ADJ
ajfa-6489	227	31	than	than	ADP
ajfa-6489	227	32	the	the	DET
ajfa-6489	227	33	total	total	ADJ
ajfa-6489	227	34	assets	asset	NOUN
ajfa-6489	227	35	.	.	PUNCT
ajfa-6489	228	1	the	the	DET
ajfa-6489	228	2	mean	mean	NOUN
ajfa-6489	228	3	of	of	ADP
ajfa-6489	228	4	size	size	NOUN
ajfa-6489	228	5	is	be	AUX
ajfa-6489	228	6	5.31	5.31	NUM
ajfa-6489	228	7	with	with	ADP
ajfa-6489	228	8	the	the	DET
ajfa-6489	228	9	median	median	NOUN
ajfa-6489	228	10	of	of	ADP
ajfa-6489	228	11	5.41	5.41	NUM
ajfa-6489	228	12	.	.	PUNCT
ajfa-6489	229	1	the	the	DET
ajfa-6489	229	2	mean	mean	NOUN
ajfa-6489	229	3	of	of	ADP
ajfa-6489	229	4	fmrisk	fmrisk	NOUN
ajfa-6489	229	5	is	be	AUX
ajfa-6489	229	6	0.33	0.33	NUM
ajfa-6489	229	7	with	with	ADP
ajfa-6489	229	8	the	the	DET
ajfa-6489	229	9	median	median	NOUN
ajfa-6489	229	10	of	of	ADP
ajfa-6489	229	11	0.25.the	0.25.the	DET
ajfa-6489	229	12	mean	mean	NOUN
ajfa-6489	229	13	of	of	ADP
ajfa-6489	229	14	oprisk	oprisk	NOUN
ajfa-6489	229	15	is	be	AUX
ajfa-6489	229	16	0.31	0.31	NUM
ajfa-6489	229	17	with	with	ADP
ajfa-6489	229	18	the	the	DET
ajfa-6489	229	19	median	median	NOUN
ajfa-6489	229	20	of	of	ADP
ajfa-6489	229	21	0.02	0.02	NUM
ajfa-6489	229	22	,	,	PUNCT
ajfa-6489	229	23	thus	thus	ADV
ajfa-6489	229	24	suggesting	suggest	VERB
ajfa-6489	229	25	that	that	SCONJ
ajfa-6489	229	26	market	market	NOUN
ajfa-6489	229	27	risk	risk	NOUN
ajfa-6489	229	28	and	and	CCONJ
ajfa-6489	229	29	operational	operational	ADJ
ajfa-6489	229	30	risk	risk	NOUN
ajfa-6489	229	31	of	of	ADP
ajfa-6489	229	32	firms	firm	NOUN
ajfa-6489	229	33	are	be	AUX
ajfa-6489	229	34	not	not	PART
ajfa-6489	229	35	significantly	significantly	ADV
ajfa-6489	229	36	different	different	ADJ
ajfa-6489	229	37	.	.	PUNCT
ajfa-6489	230	1	the	the	DET
ajfa-6489	230	2	mean	mean	NOUN
ajfa-6489	230	3	of	of	ADP
ajfa-6489	230	4	mshare	mshare	NOUN
ajfa-6489	230	5	is	be	AUX
ajfa-6489	230	6	0.01	0.01	NUM
ajfa-6489	230	7	,	,	PUNCT
ajfa-6489	230	8	thus	thus	ADV
ajfa-6489	230	9	suggesting	suggest	VERB
ajfa-6489	230	10	that	that	SCONJ
ajfa-6489	230	11	firms	firm	NOUN
ajfa-6489	230	12	share	share	VERB
ajfa-6489	230	13	of	of	ADP
ajfa-6489	230	14	the	the	DET
ajfa-6489	230	15	market	market	NOUN
ajfa-6489	230	16	is	be	AUX
ajfa-6489	230	17	small	small	ADJ
ajfa-6489	230	18	.	.	PUNCT
ajfa-6489	231	1	1	1	NUM
ajfa-6489	231	2	.................	.................	PUNCT
ajfa-6489	231	3	εconβ	εconβ	NOUN
ajfa-6489	231	4	mshareβopriskβ	mshareβopriskβ	NOUN
ajfa-6489	231	5	fmriskβsizeβlevβtimeβαper	fmriskβsizeβlevβtimeβαper	NOUN
ajfa-6489	231	6	it16	it16	PROPN
ajfa-6489	231	7	it15it14it13it1211it101it	it15it14it13it1211it101it	NOUN
ajfa-6489	232	1	+	+	PROPN
ajfa-6489	232	2	+	+	X
ajfa-6489	232	3	+	+	ADJ
ajfa-6489	232	4	+	+	ADJ
ajfa-6489	232	5	+	+	ADJ
ajfa-6489	232	6	+	+	ADJ
ajfa-6489	232	7	+	+	ADJ
ajfa-6489	232	8	+	+	ADJ
ajfa-6489	232	9	=	=	ADJ
ajfa-6489	232	10	2	2	NUM
ajfa-6489	232	11	.................	.................	PUNCT
ajfa-6489	232	12	εownβ	εownβ	PROPN
ajfa-6489	232	13	mshareβopriskβfmriskβsizeβlevβtimeβαper	mshareβopriskβfmriskβsizeβlevβtimeβαper	PROPN
ajfa-6489	232	14	it26	it26	PROPN
ajfa-6489	232	15	it25it24it23it2221it202it	it25it24it23it2221it202it	PROPN
ajfa-6489	233	1	+	+	PROPN
ajfa-6489	233	2	+	+	PROPN
ajfa-6489	233	3	+	+	ADJ
ajfa-6489	233	4	+	+	ADJ
ajfa-6489	233	5	+	+	ADJ
ajfa-6489	233	6	+	+	ADJ
ajfa-6489	233	7	+	+	ADJ
ajfa-6489	233	8	+	+	ADJ
ajfa-6489	233	9	=	=	ADJ
ajfa-6489	233	10	3	3	NUM
ajfa-6489	233	11	................	................	PUNCT
ajfa-6489	233	12	εmshareβ	εmshareβ	VERB
ajfa-6489	233	13	opriskβownβfmriskβsizeβlevβαq	opriskβownβfmriskβsizeβlevβαq	NOUN
ajfa-6489	233	14	it35	it35	PROPN
ajfa-6489	233	15	it34it34it33it32it313it	it34it34it33it32it313it	NOUN
ajfa-6489	234	1	+	+	PROPN
ajfa-6489	234	2	+	+	PUNCT
ajfa-6489	234	3	+	+	ADJ
ajfa-6489	234	4	+	+	ADJ
ajfa-6489	234	5	+	+	ADJ
ajfa-6489	234	6	+	+	ADJ
ajfa-6489	234	7	+	+	ADJ
ajfa-6489	234	8	+	+	ADJ
ajfa-6489	234	9	=	=	SYM
ajfa-6489	234	10	time	time	NOUN
ajfa-6489	234	11	asian	asian	PROPN
ajfa-6489	234	12	journal	journal	NOUN
ajfa-6489	234	13	of	of	ADP
ajfa-6489	234	14	finance	finance	PROPN
ajfa-6489	234	15	&	&	CCONJ
ajfa-6489	234	16	accounting	accounting	PROPN
ajfa-6489	234	17	issn	issn	PROPN
ajfa-6489	234	18	1946	1946	NUM
ajfa-6489	234	19	-	-	PUNCT
ajfa-6489	234	20	052x	052x	NOUN
ajfa-6489	234	21	2015	2015	NUM
ajfa-6489	234	22	,	,	PUNCT
ajfa-6489	234	23	vol	vol	NOUN
ajfa-6489	234	24	.	.	PROPN
ajfa-6489	235	1	7	7	NUM
ajfa-6489	235	2	,	,	PUNCT
ajfa-6489	235	3	no	no	INTJ
ajfa-6489	235	4	.	.	NOUN
ajfa-6489	235	5	1	1	NUM
ajfa-6489	235	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6489	235	7	30	30	NUM
ajfa-6489	235	8	the	the	DET
ajfa-6489	235	9	results	result	NOUN
ajfa-6489	235	10	reported	report	VERB
ajfa-6489	235	11	in	in	ADP
ajfa-6489	235	12	table	table	NOUN
ajfa-6489	235	13	6	6	NUM
ajfa-6489	235	14	show	show	VERB
ajfa-6489	235	15	that	that	SCONJ
ajfa-6489	235	16	17.5	17.5	NUM
ajfa-6489	235	17	%	%	NOUN
ajfa-6489	235	18	of	of	ADP
ajfa-6489	235	19	companies	company	NOUN
ajfa-6489	235	20	belong	belong	VERB
ajfa-6489	235	21	to	to	ADP
ajfa-6489	235	22	primary	primary	ADJ
ajfa-6489	235	23	industry	industry	NOUN
ajfa-6489	235	24	,	,	PUNCT
ajfa-6489	235	25	37.5	37.5	NUM
ajfa-6489	235	26	%	%	NOUN
ajfa-6489	235	27	services	service	NOUN
ajfa-6489	235	28	,	,	PUNCT
ajfa-6489	235	29	12.5	12.5	NUM
ajfa-6489	235	30	%	%	NOUN
ajfa-6489	235	31	investment	investment	NOUN
ajfa-6489	235	32	,	,	PUNCT
ajfa-6489	235	33	7.5	7.5	NUM
ajfa-6489	235	34	%	%	NOUN
ajfa-6489	235	35	energy	energy	NOUN
ajfa-6489	235	36	,	,	PUNCT
ajfa-6489	235	37	17.5	17.5	NUM
ajfa-6489	235	38	%	%	NOUN
ajfa-6489	235	39	goods	good	NOUN
ajfa-6489	235	40	,	,	PUNCT
ajfa-6489	235	41	5	5	NUM
ajfa-6489	235	42	%	%	NOUN
ajfa-6489	235	43	property	property	NOUN
ajfa-6489	235	44	,	,	PUNCT
ajfa-6489	235	45	and	and	CCONJ
ajfa-6489	235	46	2.5	2.5	NUM
ajfa-6489	235	47	%	%	NOUN
ajfa-6489	235	48	are	be	AUX
ajfa-6489	235	49	companies	company	NOUN
ajfa-6489	235	50	which	which	PRON
ajfa-6489	235	51	are	be	AUX
ajfa-6489	235	52	also	also	ADV
ajfa-6489	235	53	listed	list	VERB
ajfa-6489	235	54	in	in	ADP
ajfa-6489	235	55	overseas	overseas	ADJ
ajfa-6489	235	56	stock	stock	NOUN
ajfa-6489	235	57	exchanges	exchange	NOUN
ajfa-6489	235	58	.	.	PUNCT
ajfa-6489	236	1	table	table	NOUN
ajfa-6489	236	2	6	6	NUM
ajfa-6489	236	3	.	.	PUNCT
ajfa-6489	237	1	descriptive	descriptive	ADJ
ajfa-6489	237	2	statistics	statistic	NOUN
ajfa-6489	237	3	mean	mean	VERB
ajfa-6489	237	4	median	median	ADJ
ajfa-6489	237	5	kurtosis	kurtosis	NOUN
ajfa-6489	237	6	skewness	skewness	NOUN
ajfa-6489	237	7	range	range	PROPN
ajfa-6489	237	8	min	min	PROPN
ajfa-6489	237	9	max	max	PROPN
ajfa-6489	237	10	no	no	INTJ
ajfa-6489	237	11	.	.	PUNCT
ajfa-6489	238	1	q	q	NOUN
ajfa-6489	239	1	2.06	2.06	NUM
ajfa-6489	239	2	1.25	1.25	NUM
ajfa-6489	239	3	18.02	18.02	NUM
ajfa-6489	239	4	3.64	3.64	NUM
ajfa-6489	239	5	21.76	21.76	NUM
ajfa-6489	239	6	-0.25	-0.25	NUM
ajfa-6489	239	7	21.51	21.51	NUM
ajfa-6489	239	8	280	280	NUM
ajfa-6489	239	9	mb	mb	ADP
ajfa-6489	239	10	2.52	2.52	NUM
ajfa-6489	239	11	1.78	1.78	NUM
ajfa-6489	239	12	26.10	26.10	NUM
ajfa-6489	239	13	4.36	4.36	NUM
ajfa-6489	239	14	27.62	27.62	NUM
ajfa-6489	239	15	-2.82	-2.82	NUM
ajfa-6489	239	16	24.81	24.81	NUM
ajfa-6489	239	17	280	280	NUM
ajfa-6489	239	18	roa	roa	NOUN
ajfa-6489	239	19	-0.02	-0.02	NUM
ajfa-6489	239	20	0.05	0.05	NUM
ajfa-6489	239	21	75.12	75.12	NUM
ajfa-6489	239	22	-7.45	-7.45	NUM
ajfa-6489	239	23	4.69	4.69	NUM
ajfa-6489	239	24	-4.32	-4.32	NUM
ajfa-6489	239	25	0.37	0.37	NUM
ajfa-6489	239	26	280	280	NUM
ajfa-6489	239	27	roe	roe	NOUN
ajfa-6489	239	28	0.01	0.01	NUM
ajfa-6489	239	29	0.09	0.09	NUM
ajfa-6489	239	30	52.62	52.62	NUM
ajfa-6489	239	31	-0.67	-0.67	NUM
ajfa-6489	239	32	13.19	13.19	NUM
ajfa-6489	239	33	-6.44	-6.44	NUM
ajfa-6489	239	34	6.75	6.75	NUM
ajfa-6489	239	35	280	280	NUM
ajfa-6489	239	36	hi	hi	NOUN
ajfa-6489	239	37	0.20	0.20	NUM
ajfa-6489	239	38	0.13	0.13	NUM
ajfa-6489	239	39	-0.18	-0.18	NUM
ajfa-6489	239	40	1.00	1.00	NUM
ajfa-6489	239	41	0.68	0.68	NUM
ajfa-6489	239	42	0.00	0.00	NUM
ajfa-6489	239	43	0.68	0.68	NUM
ajfa-6489	239	44	280	280	NUM
ajfa-6489	239	45	top5	top5	NOUN
ajfa-6489	239	46	0.56	0.56	NUM
ajfa-6489	239	47	0.56	0.56	NUM
ajfa-6489	239	48	-1.09	-1.09	NOUN
ajfa-6489	239	49	-0.02	-0.02	NUM
ajfa-6489	239	50	0.86	0.86	NUM
ajfa-6489	239	51	0.12	0.12	NUM
ajfa-6489	239	52	0.98	0.98	NUM
ajfa-6489	239	53	280	280	NUM
ajfa-6489	239	54	ih	ih	NOUN
ajfa-6489	239	55	0.03	0.03	NUM
ajfa-6489	239	56	0.00	0.00	NUM
ajfa-6489	239	57	16.82	16.82	NUM
ajfa-6489	239	58	3.74	3.74	NUM
ajfa-6489	239	59	0.55	0.55	NUM
ajfa-6489	239	60	0.00	0.00	NUM
ajfa-6489	239	61	0.55	0.55	NUM
ajfa-6489	239	62	280	280	NUM
ajfa-6489	239	63	fh	fh	NOUN
ajfa-6489	239	64	0.06	0.06	NUM
ajfa-6489	239	65	0.00	0.00	NUM
ajfa-6489	239	66	6.53	6.53	NUM
ajfa-6489	239	67	2.50	2.50	NUM
ajfa-6489	239	68	0.70	0.70	NUM
ajfa-6489	239	69	0.00	0.00	NUM
ajfa-6489	239	70	0.70	0.70	NUM
ajfa-6489	239	71	280	280	NUM
ajfa-6489	239	72	eh	eh	INTJ
ajfa-6489	239	73	0.09	0.09	NUM
ajfa-6489	239	74	0.00	0.00	NUM
ajfa-6489	239	75	5.02	5.02	NUM
ajfa-6489	239	76	2.40	2.40	NUM
ajfa-6489	239	77	0.80	0.80	NUM
ajfa-6489	239	78	0.00	0.00	NUM
ajfa-6489	239	79	0.80	0.80	NUM
ajfa-6489	239	80	280	280	NUM
ajfa-6489	239	81	ch	ch	NOUN
ajfa-6489	239	82	0.06	0.06	NUM
ajfa-6489	239	83	0.00	0.00	NUM
ajfa-6489	239	84	7.01	7.01	NUM
ajfa-6489	239	85	2.77	2.77	NUM
ajfa-6489	239	86	0.78	0.78	NUM
ajfa-6489	239	87	0.00	0.00	NUM
ajfa-6489	239	88	0.78	0.78	NUM
ajfa-6489	239	89	280	280	NUM
ajfa-6489	239	90	lev	lev	NOUN
ajfa-6489	239	91	0.44	0.44	NUM
ajfa-6489	239	92	0.43	0.43	NUM
ajfa-6489	239	93	0.11	0.11	NUM
ajfa-6489	239	94	0.40	0.40	NUM
ajfa-6489	239	95	1.32	1.32	NUM
ajfa-6489	239	96	0.00	0.00	NUM
ajfa-6489	239	97	1.32	1.32	NUM
ajfa-6489	239	98	280	280	NUM
ajfa-6489	239	99	size	size	NOUN
ajfa-6489	239	100	5.31	5.31	NUM
ajfa-6489	239	101	5.41	5.41	NUM
ajfa-6489	239	102	-0.01	-0.01	NUM
ajfa-6489	239	103	-0.62	-0.62	NUM
ajfa-6489	239	104	4.25	4.25	NUM
ajfa-6489	239	105	2.66	2.66	NUM
ajfa-6489	239	106	6.92	6.92	NUM
ajfa-6489	239	107	280	280	NUM
ajfa-6489	239	108	fmrisk	fmrisk	NOUN
ajfa-6489	239	109	0.33	0.33	NUM
ajfa-6489	239	110	0.25	0.25	NUM
ajfa-6489	239	111	47.96	47.96	NUM
ajfa-6489	239	112	5.10	5.10	NUM
ajfa-6489	239	113	4.33	4.33	NUM
ajfa-6489	239	114	0.01	0.01	NUM
ajfa-6489	239	115	4.33	4.33	NUM
ajfa-6489	239	116	280	280	NUM
ajfa-6489	239	117	oprisk	oprisk	NOUN
ajfa-6489	239	118	0.13	0.13	NUM
ajfa-6489	239	119	0.02	0.02	NUM
ajfa-6489	239	120	16.34	16.34	NUM
ajfa-6489	239	121	3.37	3.37	NUM
ajfa-6489	239	122	1.99	1.99	NUM
ajfa-6489	239	123	-0.07	-0.07	NUM
ajfa-6489	239	124	1.92	1.92	NUM
ajfa-6489	239	125	280	280	NUM
ajfa-6489	239	126	mshare	mshare	NOUN
ajfa-6489	239	127	0.01	0.01	NUM
ajfa-6489	239	128	0.00	0.00	NUM
ajfa-6489	239	129	4.34	4.34	NUM
ajfa-6489	239	130	0.00	0.00	NUM
ajfa-6489	239	131	0.03	0.03	NUM
ajfa-6489	239	132	0.00	0.00	NUM
ajfa-6489	239	133	0.03	0.03	NUM
ajfa-6489	239	134	280	280	NUM
ajfa-6489	239	135	5.2	5.2	NUM
ajfa-6489	239	136	correlation	correlation	NOUN
ajfa-6489	239	137	test	test	NOUN
ajfa-6489	239	138	table	table	NOUN
ajfa-6489	239	139	7	7	NUM
ajfa-6489	239	140	report	report	NOUN
ajfa-6489	239	141	the	the	DET
ajfa-6489	239	142	pairwise	pairwise	NOUN
ajfa-6489	239	143	correlation	correlation	NOUN
ajfa-6489	239	144	matrix	matrix	NOUN
ajfa-6489	239	145	for	for	ADP
ajfa-6489	239	146	the	the	DET
ajfa-6489	239	147	independent	independent	ADJ
ajfa-6489	239	148	variables	variable	NOUN
ajfa-6489	239	149	.	.	PUNCT
ajfa-6489	240	1	the	the	DET
ajfa-6489	240	2	correlation	correlation	NOUN
ajfa-6489	240	3	between	between	ADP
ajfa-6489	240	4	lt5	lt5	PROPN
ajfa-6489	240	5	and	and	CCONJ
ajfa-6489	240	6	lh1	lh1	PROPN
ajfa-6489	240	7	is	be	AUX
ajfa-6489	240	8	the	the	DET
ajfa-6489	240	9	highest	high	ADJ
ajfa-6489	240	10	at	at	ADP
ajfa-6489	240	11	0.86	0.86	NUM
ajfa-6489	240	12	,	,	PUNCT
ajfa-6489	240	13	which	which	PRON
ajfa-6489	240	14	is	be	AUX
ajfa-6489	240	15	not	not	PART
ajfa-6489	240	16	surprising	surprising	ADJ
ajfa-6489	240	17	as	as	SCONJ
ajfa-6489	240	18	the	the	DET
ajfa-6489	240	19	top	top	ADJ
ajfa-6489	240	20	five	five	NUM
ajfa-6489	240	21	shareholders	shareholder	NOUN
ajfa-6489	240	22	also	also	ADV
ajfa-6489	240	23	have	have	VERB
ajfa-6489	240	24	most	most	ADV
ajfa-6489	240	25	concentrated	concentrate	VERB
ajfa-6489	240	26	shareholding	shareholding	NOUN
ajfa-6489	240	27	as	as	ADV
ajfa-6489	240	28	well	well	ADV
ajfa-6489	240	29	.	.	PUNCT
ajfa-6489	241	1	apart	apart	ADV
ajfa-6489	241	2	from	from	ADP
ajfa-6489	241	3	this	this	DET
ajfa-6489	241	4	result	result	NOUN
ajfa-6489	241	5	,	,	PUNCT
ajfa-6489	241	6	the	the	DET
ajfa-6489	241	7	rest	rest	NOUN
ajfa-6489	241	8	of	of	ADP
ajfa-6489	241	9	correlation	correlation	NOUN
ajfa-6489	241	10	coefficient	coefficient	NOUN
ajfa-6489	241	11	ranges	range	VERB
ajfa-6489	241	12	between	between	ADP
ajfa-6489	241	13	0.35	0.35	NUM
ajfa-6489	241	14	(	(	PUNCT
ajfa-6489	241	15	between	between	ADP
ajfa-6489	241	16	lev	lev	NOUN
ajfa-6489	241	17	and	and	CCONJ
ajfa-6489	241	18	size	size	NOUN
ajfa-6489	241	19	and	and	CCONJ
ajfa-6489	241	20	between	between	ADP
ajfa-6489	241	21	fh	fh	PROPN
ajfa-6489	241	22	and	and	CCONJ
ajfa-6489	241	23	ih	ih	NOUN
ajfa-6489	241	24	)	)	PUNCT
ajfa-6489	241	25	and	and	CCONJ
ajfa-6489	241	26	0.002	0.002	NUM
ajfa-6489	241	27	(	(	PUNCT
ajfa-6489	241	28	lt5	lt5	PROPN
ajfa-6489	241	29	and	and	CCONJ
ajfa-6489	241	30	fmrisk	fmrisk	NOUN
ajfa-6489	241	31	)	)	PUNCT
ajfa-6489	241	32	.	.	PUNCT
ajfa-6489	242	1	we	we	PRON
ajfa-6489	242	2	also	also	ADV
ajfa-6489	242	3	conducted	conduct	VERB
ajfa-6489	242	4	the	the	DET
ajfa-6489	242	5	pairwise	pairwise	NOUN
ajfa-6489	242	6	correlation	correlation	NOUN
ajfa-6489	242	7	between	between	ADP
ajfa-6489	242	8	the	the	DET
ajfa-6489	242	9	dependent	dependent	ADJ
ajfa-6489	242	10	variables	variable	NOUN
ajfa-6489	242	11	(	(	PUNCT
ajfa-6489	242	12	q	q	NOUN
ajfa-6489	242	13	and	and	CCONJ
ajfa-6489	242	14	roa	roa	NOUN
ajfa-6489	242	15	)	)	PUNCT
ajfa-6489	242	16	and	and	CCONJ
ajfa-6489	242	17	blockholders	blockholder	VERB
ajfa-6489	242	18	identity	identity	NOUN
ajfa-6489	242	19	variables	variable	NOUN
ajfa-6489	242	20	(	(	PUNCT
ajfa-6489	242	21	hi	hi	INTJ
ajfa-6489	242	22	,	,	PUNCT
ajfa-6489	242	23	eh	eh	INTJ
ajfa-6489	242	24	,	,	PUNCT
ajfa-6489	242	25	fh	fh	PROPN
ajfa-6489	242	26	,	,	PUNCT
ajfa-6489	242	27	ch	ch	NOUN
ajfa-6489	242	28	)	)	PUNCT
ajfa-6489	242	29	and	and	CCONJ
ajfa-6489	242	30	found	find	VERB
ajfa-6489	242	31	the	the	DET
ajfa-6489	242	32	correlations	correlation	NOUN
ajfa-6489	242	33	coefficient	coefficient	NOUN
ajfa-6489	242	34	to	to	PART
ajfa-6489	242	35	be	be	AUX
ajfa-6489	242	36	between	between	ADP
ajfa-6489	242	37	0.14	0.14	NUM
ajfa-6489	242	38	and	and	CCONJ
ajfa-6489	242	39	0.001.2	0.001.2	NUM
ajfa-6489	242	40	these	these	DET
ajfa-6489	242	41	results	result	NOUN
ajfa-6489	242	42	re	re	VERB
ajfa-6489	242	43	-	-	VERB
ajfa-6489	242	44	confirm	confirm	VERB
ajfa-6489	242	45	the	the	DET
ajfa-6489	242	46	view	view	NOUN
ajfa-6489	242	47	that	that	SCONJ
ajfa-6489	242	48	there	there	PRON
ajfa-6489	242	49	are	be	VERB
ajfa-6489	242	50	no	no	DET
ajfa-6489	242	51	multicollinearity	multicollinearity	NOUN
ajfa-6489	242	52	issues	issue	NOUN
ajfa-6489	242	53	in	in	ADP
ajfa-6489	242	54	the	the	DET
ajfa-6489	242	55	data	datum	NOUN
ajfa-6489	242	56	.	.	PUNCT
ajfa-6489	243	1	2	2	NUM
ajfa-6489	243	2	results	result	NOUN
ajfa-6489	243	3	are	be	AUX
ajfa-6489	243	4	not	not	PART
ajfa-6489	243	5	reported	report	VERB
ajfa-6489	243	6	but	but	CCONJ
ajfa-6489	243	7	can	can	AUX
ajfa-6489	243	8	be	be	AUX
ajfa-6489	243	9	obtained	obtain	VERB
ajfa-6489	243	10	from	from	ADP
ajfa-6489	243	11	the	the	DET
ajfa-6489	243	12	authors	author	NOUN
ajfa-6489	243	13	if	if	SCONJ
ajfa-6489	243	14	required	require	VERB
ajfa-6489	243	15	.	.	PUNCT
ajfa-6489	244	1	asian	asian	ADJ
ajfa-6489	244	2	journal	journal	PROPN
ajfa-6489	244	3	of	of	ADP
ajfa-6489	244	4	finance	finance	PROPN
ajfa-6489	244	5	&	&	CCONJ
ajfa-6489	244	6	accounting	accounting	PROPN
ajfa-6489	244	7	issn	issn	PROPN
ajfa-6489	244	8	1946	1946	NUM
ajfa-6489	244	9	-	-	PUNCT
ajfa-6489	244	10	052x	052x	NOUN
ajfa-6489	244	11	2015	2015	NUM
ajfa-6489	244	12	,	,	PUNCT
ajfa-6489	244	13	vol	vol	NOUN
ajfa-6489	244	14	.	.	PROPN
ajfa-6489	244	15	7	7	NUM
ajfa-6489	244	16	,	,	PUNCT
ajfa-6489	244	17	no	no	INTJ
ajfa-6489	244	18	.	.	NOUN
ajfa-6489	244	19	1	1	NUM
ajfa-6489	244	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	244	21	31	31	NUM
ajfa-6489	244	22	table	table	NOUN
ajfa-6489	244	23	7	7	NUM
ajfa-6489	244	24	.	.	PUNCT
ajfa-6489	245	1	pairwise	pairwise	NOUN
ajfa-6489	245	2	correlation	correlation	NOUN
ajfa-6489	245	3	of	of	ADP
ajfa-6489	245	4	the	the	DET
ajfa-6489	245	5	independent	independent	ADJ
ajfa-6489	245	6	variables	variable	NOUN
ajfa-6489	245	7	size	size	NOUN
ajfa-6489	245	8	is	be	AUX
ajfa-6489	245	9	the	the	DET
ajfa-6489	245	10	natural	natural	ADJ
ajfa-6489	245	11	logarithm	logarithm	NOUN
ajfa-6489	245	12	of	of	ADP
ajfa-6489	245	13	the	the	DET
ajfa-6489	245	14	total	total	ADJ
ajfa-6489	245	15	assets	asset	NOUN
ajfa-6489	245	16	.	.	PUNCT
ajfa-6489	246	1	lev	lev	NOUN
ajfa-6489	246	2	is	be	AUX
ajfa-6489	246	3	the	the	DET
ajfa-6489	246	4	ratio	ratio	NOUN
ajfa-6489	246	5	of	of	ADP
ajfa-6489	246	6	long	long	ADJ
ajfa-6489	246	7	term	term	NOUN
ajfa-6489	246	8	debt	debt	NOUN
ajfa-6489	246	9	to	to	ADP
ajfa-6489	246	10	total	total	ADJ
ajfa-6489	246	11	assets	asset	NOUN
ajfa-6489	246	12	.	.	PUNCT
ajfa-6489	247	1	fmrisk	fmrisk	NOUN
ajfa-6489	247	2	is	be	AUX
ajfa-6489	247	3	the	the	DET
ajfa-6489	247	4	standard	standard	ADJ
ajfa-6489	247	5	deviation	deviation	NOUN
ajfa-6489	247	6	of	of	ADP
ajfa-6489	247	7	the	the	DET
ajfa-6489	247	8	firm	firm	NOUN
ajfa-6489	247	9	’s	’s	PART
ajfa-6489	247	10	daily	daily	ADJ
ajfa-6489	247	11	stock	stock	NOUN
ajfa-6489	247	12	returns	return	NOUN
ajfa-6489	247	13	.	.	PUNCT
ajfa-6489	248	1	oprisk	oprisk	NOUN
ajfa-6489	248	2	is	be	AUX
ajfa-6489	248	3	the	the	DET
ajfa-6489	248	4	standard	standard	ADJ
ajfa-6489	248	5	deviation	deviation	NOUN
ajfa-6489	248	6	of	of	ADP
ajfa-6489	248	7	the	the	DET
ajfa-6489	248	8	firm	firm	NOUN
ajfa-6489	248	9	’s	’s	PART
ajfa-6489	248	10	past	past	ADJ
ajfa-6489	248	11	five	five	NUM
ajfa-6489	248	12	year	year	NOUN
ajfa-6489	248	13	roa	roa	PROPN
ajfa-6489	248	14	.	.	PROPN
ajfa-6489	249	1	mshare	mshare	PROPN
ajfa-6489	249	2	is	be	AUX
ajfa-6489	249	3	the	the	DET
ajfa-6489	249	4	proportion	proportion	NOUN
ajfa-6489	249	5	of	of	ADP
ajfa-6489	249	6	the	the	DET
ajfa-6489	249	7	firm	firm	NOUN
ajfa-6489	249	8	’s	’s	PART
ajfa-6489	249	9	revenue	revenue	NOUN
ajfa-6489	249	10	to	to	ADP
ajfa-6489	249	11	the	the	DET
ajfa-6489	249	12	total	total	ADJ
ajfa-6489	249	13	revenue	revenue	NOUN
ajfa-6489	249	14	of	of	ADP
ajfa-6489	249	15	the	the	DET
ajfa-6489	249	16	firms	firm	NOUN
ajfa-6489	249	17	’	'	PUNCT
ajfa-6489	249	18	in	in	ADP
ajfa-6489	249	19	the	the	DET
ajfa-6489	249	20	sector	sector	NOUN
ajfa-6489	249	21	.	.	PUNCT
ajfa-6489	250	1	ih1	ih1	PROPN
ajfa-6489	250	2	is	be	AUX
ajfa-6489	250	3	the	the	DET
ajfa-6489	250	4	natural	natural	ADJ
ajfa-6489	250	5	logarithm	logarithm	NOUN
ajfa-6489	250	6	of	of	ADP
ajfa-6489	250	7	the	the	DET
ajfa-6489	250	8	herfindahl	herfindahl	PROPN
ajfa-6489	250	9	index	index	NOUN
ajfa-6489	250	10	.	.	PUNCT
ajfa-6489	251	1	lt5	lt5	PROPN
ajfa-6489	251	2	is	be	AUX
ajfa-6489	251	3	the	the	DET
ajfa-6489	251	4	natural	natural	ADJ
ajfa-6489	251	5	logarithm	logarithm	NOUN
ajfa-6489	251	6	of	of	ADP
ajfa-6489	251	7	the	the	DET
ajfa-6489	251	8	proportion	proportion	NOUN
ajfa-6489	251	9	of	of	ADP
ajfa-6489	251	10	shares	share	NOUN
ajfa-6489	251	11	held	hold	VERB
ajfa-6489	251	12	by	by	ADP
ajfa-6489	251	13	top5	top5	NOUN
ajfa-6489	251	14	five	five	NUM
ajfa-6489	251	15	shareholders	shareholder	NOUN
ajfa-6489	251	16	.	.	PUNCT
ajfa-6489	252	1	ih	ih	PROPN
ajfa-6489	252	2	is	be	AUX
ajfa-6489	252	3	the	the	DET
ajfa-6489	252	4	proportion	proportion	NOUN
ajfa-6489	252	5	of	of	ADP
ajfa-6489	252	6	shares	share	NOUN
ajfa-6489	252	7	held	hold	VERB
ajfa-6489	252	8	by	by	ADP
ajfa-6489	252	9	institutional	institutional	ADJ
ajfa-6489	252	10	investors	investor	NOUN
ajfa-6489	252	11	.	.	PUNCT
ajfa-6489	253	1	fh	fh	PROPN
ajfa-6489	253	2	is	be	AUX
ajfa-6489	253	3	the	the	DET
ajfa-6489	253	4	proportion	proportion	NOUN
ajfa-6489	253	5	of	of	ADP
ajfa-6489	253	6	shares	share	NOUN
ajfa-6489	253	7	held	hold	VERB
ajfa-6489	253	8	by	by	ADP
ajfa-6489	253	9	foreign	foreign	ADJ
ajfa-6489	253	10	investors	investor	NOUN
ajfa-6489	253	11	who	who	PRON
ajfa-6489	253	12	are	be	AUX
ajfa-6489	253	13	not	not	PART
ajfa-6489	253	14	institutions	institution	NOUN
ajfa-6489	253	15	and/or	and/or	CCONJ
ajfa-6489	253	16	corporates	corporate	NOUN
ajfa-6489	253	17	.	.	PUNCT
ajfa-6489	254	1	eh	eh	INTJ
ajfa-6489	254	2	is	be	AUX
ajfa-6489	254	3	the	the	DET
ajfa-6489	254	4	proportion	proportion	NOUN
ajfa-6489	254	5	of	of	ADP
ajfa-6489	254	6	shares	share	NOUN
ajfa-6489	254	7	held	hold	VERB
ajfa-6489	254	8	by	by	ADP
ajfa-6489	254	9	employees	employee	NOUN
ajfa-6489	254	10	and	and	CCONJ
ajfa-6489	254	11	ch	ch	NOUN
ajfa-6489	254	12	is	be	AUX
ajfa-6489	254	13	the	the	DET
ajfa-6489	254	14	proportion	proportion	NOUN
ajfa-6489	254	15	of	of	ADP
ajfa-6489	254	16	shares	share	NOUN
ajfa-6489	254	17	held	hold	VERB
ajfa-6489	254	18	by	by	ADP
ajfa-6489	254	19	corporate	corporate	ADJ
ajfa-6489	254	20	investors	investor	NOUN
ajfa-6489	254	21	.	.	PUNCT
ajfa-6489	255	1	size	size	NOUN
ajfa-6489	255	2	lev	lev	PROPN
ajfa-6489	255	3	fmrisk	fmrisk	PROPN
ajfa-6489	255	4	oprisk	oprisk	NOUN
ajfa-6489	255	5	mshare	mshare	PROPN
ajfa-6489	255	6	lh1	lh1	PROPN
ajfa-6489	256	1	lt5	lt5	PROPN
ajfa-6489	257	1	ih	ih	INTJ
ajfa-6489	257	2	fh	fh	INTJ
ajfa-6489	257	3	eh	eh	INTJ
ajfa-6489	257	4	ch	ch	NOUN
ajfa-6489	257	5	size	size	NOUN
ajfa-6489	257	6	lev	lev	NOUN
ajfa-6489	257	7	0.347	0.347	NUM
ajfa-6489	257	8	*	*	PUNCT
ajfa-6489	257	9	*	*	PUNCT
ajfa-6489	257	10	*	*	PUNCT
ajfa-6489	257	11	(	(	PUNCT
ajfa-6489	257	12	0.000	0.000	NUM
ajfa-6489	257	13	)	)	PUNCT
ajfa-6489	257	14	fmrisk	fmrisk	NOUN
ajfa-6489	257	15	0.315	0.315	NUM
ajfa-6489	257	16	*	*	PUNCT
ajfa-6489	257	17	*	*	PUNCT
ajfa-6489	257	18	*	*	PUNCT
ajfa-6489	257	19	(	(	PUNCT
ajfa-6489	257	20	0.000	0.000	NUM
ajfa-6489	257	21	)	)	PUNCT
ajfa-6489	257	22	0.093	0.093	NUM
ajfa-6489	257	23	(	(	PUNCT
ajfa-6489	257	24	0.119	0.119	NUM
ajfa-6489	257	25	)	)	PUNCT
ajfa-6489	257	26	oprisk	oprisk	NOUN
ajfa-6489	257	27	-0.439	-0.439	NOUN
ajfa-6489	257	28	*	*	PUNCT
ajfa-6489	257	29	*	*	PUNCT
ajfa-6489	257	30	*	*	PUNCT
ajfa-6489	257	31	(	(	PUNCT
ajfa-6489	257	32	0.000	0.000	NUM
ajfa-6489	257	33	)	)	PUNCT
ajfa-6489	257	34	-0.179	-0.179	NOUN
ajfa-6489	257	35	*	*	PUNCT
ajfa-6489	257	36	*	*	PUNCT
ajfa-6489	257	37	(	(	PUNCT
ajfa-6489	257	38	0.003	0.003	NUM
ajfa-6489	257	39	)	)	PUNCT
ajfa-6489	257	40	-0.020	-0.020	PUNCT
ajfa-6489	257	41	*	*	PUNCT
ajfa-6489	257	42	*	*	PUNCT
ajfa-6489	257	43	*	*	PUNCT
ajfa-6489	257	44	(	(	PUNCT
ajfa-6489	257	45	0.000	0.000	NUM
ajfa-6489	257	46	)	)	PUNCT
ajfa-6489	257	47	mshare	mshare	VERB
ajfa-6489	257	48	0.328	0.328	NUM
ajfa-6489	257	49	*	*	PUNCT
ajfa-6489	257	50	*	*	PUNCT
ajfa-6489	257	51	*	*	PUNCT
ajfa-6489	257	52	(	(	PUNCT
ajfa-6489	257	53	0.000	0.000	NUM
ajfa-6489	257	54	)	)	PUNCT
ajfa-6489	257	55	0.138†	0.138†	PUNCT
ajfa-6489	258	1	(	(	PUNCT
ajfa-6489	258	2	0.021	0.021	NUM
ajfa-6489	258	3	)	)	PUNCT
ajfa-6489	258	4	0.313	0.313	NUM
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ajfa-6489	260	3	(	(	PUNCT
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ajfa-6489	260	5	)	)	PUNCT
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ajfa-6489	260	7	(	(	PUNCT
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ajfa-6489	260	9	)	)	PUNCT
ajfa-6489	260	10	lh1	lh1	PROPN
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ajfa-6489	260	12	(	(	PUNCT
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ajfa-6489	260	14	)	)	PUNCT
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ajfa-6489	260	16	*	*	PUNCT
ajfa-6489	260	17	*	*	PUNCT
ajfa-6489	260	18	*	*	PUNCT
ajfa-6489	260	19	(	(	PUNCT
ajfa-6489	260	20	0.000	0.000	NUM
ajfa-6489	260	21	)	)	PUNCT
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ajfa-6489	260	23	(	(	PUNCT
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ajfa-6489	260	25	)	)	PUNCT
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ajfa-6489	260	29	)	)	PUNCT
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ajfa-6489	260	31	(	(	PUNCT
ajfa-6489	260	32	0.796	0.796	NUM
ajfa-6489	260	33	)	)	PUNCT
ajfa-6489	261	1	lt5	lt5	PROPN
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ajfa-6489	261	3	(	(	PUNCT
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ajfa-6489	261	5	)	)	PUNCT
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ajfa-6489	262	2	*	*	PUNCT
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ajfa-6489	262	4	*	*	PUNCT
ajfa-6489	262	5	(	(	PUNCT
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ajfa-6489	262	7	)	)	PUNCT
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ajfa-6489	262	11	)	)	PUNCT
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ajfa-6489	262	15	)	)	PUNCT
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ajfa-6489	263	2	(	(	PUNCT
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ajfa-6489	263	4	)	)	PUNCT
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ajfa-6489	263	6	*	*	PUNCT
ajfa-6489	263	7	*	*	PUNCT
ajfa-6489	263	8	*	*	PUNCT
ajfa-6489	263	9	(	(	PUNCT
ajfa-6489	263	10	0.000	0.000	NUM
ajfa-6489	263	11	)	)	PUNCT
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ajfa-6489	263	14	(	(	PUNCT
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ajfa-6489	263	16	)	)	PUNCT
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ajfa-6489	263	18	*	*	PUNCT
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ajfa-6489	263	22	)	)	PUNCT
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ajfa-6489	263	24	*	*	PUNCT
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ajfa-6489	263	28	)	)	PUNCT
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ajfa-6489	263	30	(	(	PUNCT
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ajfa-6489	263	32	)	)	PUNCT
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ajfa-6489	263	34	*	*	PUNCT
ajfa-6489	263	35	*	*	PUNCT
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ajfa-6489	263	37	(	(	PUNCT
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ajfa-6489	263	39	)	)	PUNCT
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ajfa-6489	263	41	*	*	PUNCT
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ajfa-6489	263	43	(	(	PUNCT
ajfa-6489	263	44	0.007	0.007	NUM
ajfa-6489	263	45	)	)	PUNCT
ajfa-6489	263	46	-0.128	-0.128	PROPN
ajfa-6489	263	47	*	*	PUNCT
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ajfa-6489	263	51	fh	fh	PROPN
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ajfa-6489	263	55	)	)	PUNCT
ajfa-6489	263	56	0.099†	0.099†	NUM
ajfa-6489	263	57	(	(	PUNCT
ajfa-6489	263	58	0.099	0.099	NUM
ajfa-6489	263	59	)	)	PUNCT
ajfa-6489	263	60	-0.010	-0.010	X
ajfa-6489	263	61	(	(	PUNCT
ajfa-6489	263	62	0.871	0.871	NUM
ajfa-6489	263	63	)	)	PUNCT
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ajfa-6489	263	65	(	(	PUNCT
ajfa-6489	263	66	0.734	0.734	NUM
ajfa-6489	263	67	)	)	PUNCT
ajfa-6489	263	68	0.114†	0.114†	X
ajfa-6489	263	69	(	(	PUNCT
ajfa-6489	263	70	0.056	0.056	NUM
ajfa-6489	263	71	)	)	PUNCT
ajfa-6489	263	72	0.056	0.056	NUM
ajfa-6489	263	73	(	(	PUNCT
ajfa-6489	263	74	0.351	0.351	NUM
ajfa-6489	263	75	)	)	PUNCT
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ajfa-6489	263	77	(	(	PUNCT
ajfa-6489	263	78	0.530	0.530	NUM
ajfa-6489	263	79	)	)	PUNCT
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ajfa-6489	263	81	*	*	PUNCT
ajfa-6489	263	82	*	*	PUNCT
ajfa-6489	263	83	*	*	PUNCT
ajfa-6489	263	84	(	(	PUNCT
ajfa-6489	263	85	0.000	0.000	NUM
ajfa-6489	263	86	)	)	PUNCT
ajfa-6489	263	87	eh	eh	INTJ
ajfa-6489	263	88	-0.143	-0.143	NOUN
ajfa-6489	263	89	*	*	NOUN
ajfa-6489	263	90	*	*	PUNCT
ajfa-6489	263	91	(	(	PUNCT
ajfa-6489	263	92	0.016	0.016	NUM
ajfa-6489	263	93	)	)	PUNCT
ajfa-6489	263	94	0.110†	0.110†	X
ajfa-6489	264	1	(	(	PUNCT
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ajfa-6489	264	3	)	)	PUNCT
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ajfa-6489	264	5	(	(	PUNCT
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ajfa-6489	264	7	)	)	PUNCT
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ajfa-6489	264	9	(	(	PUNCT
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ajfa-6489	264	11	)	)	PUNCT
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ajfa-6489	264	15	)	)	PUNCT
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ajfa-6489	264	19	)	)	PUNCT
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ajfa-6489	264	21	(	(	PUNCT
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ajfa-6489	264	23	)	)	PUNCT
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ajfa-6489	264	25	(	(	PUNCT
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ajfa-6489	264	27	)	)	PUNCT
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ajfa-6489	264	29	(	(	PUNCT
ajfa-6489	264	30	0.079	0.079	NUM
ajfa-6489	264	31	)	)	PUNCT
ajfa-6489	264	32	ch	ch	NOUN
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ajfa-6489	264	34	(	(	PUNCT
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ajfa-6489	264	36	)	)	PUNCT
ajfa-6489	264	37	-0.099	-0.099	PUNCT
ajfa-6489	264	38	(	(	PUNCT
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ajfa-6489	264	40	)	)	PUNCT
ajfa-6489	264	41	-0.018	-0.018	PUNCT
ajfa-6489	264	42	(	(	PUNCT
ajfa-6489	264	43	0.758	0.758	NUM
ajfa-6489	264	44	)	)	PUNCT
ajfa-6489	264	45	0.072	0.072	NUM
ajfa-6489	264	46	(	(	PUNCT
ajfa-6489	264	47	0.231	0.231	NUM
ajfa-6489	264	48	)	)	PUNCT
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ajfa-6489	264	52	)	)	PUNCT
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ajfa-6489	265	1	*	*	PUNCT
ajfa-6489	265	2	*	*	PUNCT
ajfa-6489	265	3	(	(	PUNCT
ajfa-6489	265	4	0.000	0.000	NUM
ajfa-6489	265	5	)	)	PUNCT
ajfa-6489	265	6	0.247	0.247	NUM
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ajfa-6489	265	8	*	*	PUNCT
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ajfa-6489	265	10	(	(	PUNCT
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ajfa-6489	265	12	)	)	PUNCT
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ajfa-6489	265	16	)	)	PUNCT
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ajfa-6489	266	1	*	*	PUNCT
ajfa-6489	266	2	*	*	PUNCT
ajfa-6489	266	3	*	*	PUNCT
ajfa-6489	266	4	(	(	PUNCT
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ajfa-6489	266	6	)	)	PUNCT
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ajfa-6489	266	10	)	)	PUNCT
ajfa-6489	266	11	*	*	PUNCT
ajfa-6489	266	12	*	*	PUNCT
ajfa-6489	266	13	*	*	PUNCT
ajfa-6489	266	14	denote	denote	NOUN
ajfa-6489	266	15	significance	significance	NOUN
ajfa-6489	266	16	at	at	ADP
ajfa-6489	266	17	1	1	NUM
ajfa-6489	266	18	%	%	NOUN
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ajfa-6489	266	26	5	5	NUM
ajfa-6489	266	27	%	%	NOUN
ajfa-6489	266	28	level	level	NOUN
ajfa-6489	266	29	,	,	PUNCT
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ajfa-6489	266	31	denote	denote	NOUN
ajfa-6489	266	32	significance	significance	NOUN
ajfa-6489	266	33	at	at	ADP
ajfa-6489	266	34	10	10	NUM
ajfa-6489	266	35	%	%	NOUN
ajfa-6489	266	36	level	level	NOUN
ajfa-6489	266	37	.	.	PUNCT
ajfa-6489	267	1	table	table	NOUN
ajfa-6489	267	2	8	8	NUM
ajfa-6489	267	3	report	report	VERB
ajfa-6489	267	4	the	the	DET
ajfa-6489	267	5	results	result	NOUN
ajfa-6489	267	6	of	of	ADP
ajfa-6489	267	7	the	the	DET
ajfa-6489	267	8	breusch	breusch	ADV
ajfa-6489	267	9	-	-	PUNCT
ajfa-6489	267	10	pagan	pagan	VERB
ajfa-6489	267	11	/	/	SYM
ajfa-6489	267	12	cook	cook	NOUN
ajfa-6489	267	13	-	-	PUNCT
ajfa-6489	267	14	weisberg	weisberg	PROPN
ajfa-6489	267	15	test	test	NOUN
ajfa-6489	267	16	for	for	ADP
ajfa-6489	267	17	heteroskedasticity	heteroskedasticity	NOUN
ajfa-6489	267	18	.	.	PUNCT
ajfa-6489	268	1	these	these	DET
ajfa-6489	268	2	results	result	NOUN
ajfa-6489	268	3	confirm	confirm	VERB
ajfa-6489	268	4	our	our	PRON
ajfa-6489	268	5	findings	finding	NOUN
ajfa-6489	268	6	reported	report	VERB
ajfa-6489	268	7	above	above	ADP
ajfa-6489	268	8	that	that	SCONJ
ajfa-6489	268	9	there	there	PRON
ajfa-6489	268	10	are	be	VERB
ajfa-6489	268	11	no	no	DET
ajfa-6489	268	12	heteroskedasticity	heteroskedasticity	NOUN
ajfa-6489	268	13	issues	issue	NOUN
ajfa-6489	268	14	in	in	ADP
ajfa-6489	268	15	the	the	DET
ajfa-6489	268	16	data	datum	NOUN
ajfa-6489	268	17	.	.	PUNCT
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ajfa-6489	269	2	journal	journal	PROPN
ajfa-6489	269	3	of	of	ADP
ajfa-6489	269	4	finance	finance	PROPN
ajfa-6489	269	5	&	&	CCONJ
ajfa-6489	269	6	accounting	accounting	PROPN
ajfa-6489	269	7	issn	issn	PROPN
ajfa-6489	269	8	1946	1946	NUM
ajfa-6489	269	9	-	-	PUNCT
ajfa-6489	269	10	052x	052x	NOUN
ajfa-6489	269	11	2015	2015	NUM
ajfa-6489	269	12	,	,	PUNCT
ajfa-6489	269	13	vol	vol	NOUN
ajfa-6489	269	14	.	.	PROPN
ajfa-6489	269	15	7	7	NUM
ajfa-6489	269	16	,	,	PUNCT
ajfa-6489	269	17	no	no	INTJ
ajfa-6489	269	18	.	.	NOUN
ajfa-6489	269	19	1	1	NUM
ajfa-6489	269	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	269	21	32	32	NUM
ajfa-6489	269	22	table	table	NOUN
ajfa-6489	269	23	8	8	NUM
ajfa-6489	269	24	.	.	PUNCT
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ajfa-6489	270	2	-	-	PUNCT
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ajfa-6489	270	4	/	/	SYM
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ajfa-6489	270	6	-	-	PUNCT
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ajfa-6489	270	30	)	)	PUNCT
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ajfa-6489	270	34	)	)	PUNCT
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ajfa-6489	270	36	(	(	PUNCT
ajfa-6489	270	37	0.000	0.000	NUM
ajfa-6489	270	38	)	)	PUNCT
ajfa-6489	270	39	187.33	187.33	NUM
ajfa-6489	270	40	(	(	PUNCT
ajfa-6489	270	41	0.000	0.000	NUM
ajfa-6489	270	42	)	)	PUNCT
ajfa-6489	270	43	5.3	5.3	NUM
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ajfa-6489	270	45	regression	regression	NOUN
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ajfa-6489	270	47	performance	performance	NOUN
ajfa-6489	270	48	to	to	PART
ajfa-6489	270	49	ownership	ownership	NOUN
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ajfa-6489	270	51	(	(	PUNCT
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ajfa-6489	270	53	)	)	PUNCT
ajfa-6489	270	54	table	table	NOUN
ajfa-6489	270	55	9reports	9reports	NUM
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ajfa-6489	270	57	ols	ol	NOUN
ajfa-6489	270	58	and	and	CCONJ
ajfa-6489	270	59	fixed	fix	VERB
ajfa-6489	270	60	-	-	PUNCT
ajfa-6489	270	61	effects3regression	effects3regression	NOUN
ajfa-6489	270	62	results	result	NOUN
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ajfa-6489	270	64	equation	equation	NOUN
ajfa-6489	270	65	1.dependent	1.dependent	NUM
ajfa-6489	270	66	variables	variable	NOUN
ajfa-6489	270	67	are	be	AUX
ajfa-6489	270	68	tobin	tobin	NOUN
ajfa-6489	270	69	’s	’s	PART
ajfa-6489	270	70	q	q	PROPN
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ajfa-6489	270	72	roa	roa	PROPN
ajfa-6489	270	73	and	and	CCONJ
ajfa-6489	270	74	the	the	DET
ajfa-6489	270	75	independent	independent	ADJ
ajfa-6489	270	76	variables	variable	NOUN
ajfa-6489	270	77	are	be	AUX
ajfa-6489	270	78	listed	list	VERB
ajfa-6489	270	79	in	in	ADP
ajfa-6489	270	80	column	column	NOUN
ajfa-6489	270	81	1	1	NUM
ajfa-6489	270	82	of	of	ADP
ajfa-6489	270	83	table	table	NOUN
ajfa-6489	270	84	9with	9with	SCONJ
ajfa-6489	270	85	corresponding	correspond	VERB
ajfa-6489	270	86	t	t	PROPN
ajfa-6489	270	87	-	-	PUNCT
ajfa-6489	270	88	statistics	statistic	NOUN
ajfa-6489	270	89	reported	report	VERB
ajfa-6489	270	90	in	in	ADP
ajfa-6489	270	91	brackets	bracket	NOUN
ajfa-6489	270	92	.	.	PUNCT
ajfa-6489	271	1	according	accord	VERB
ajfa-6489	271	2	to	to	ADP
ajfa-6489	271	3	wintoki	wintoki	PROPN
ajfa-6489	271	4	,	,	PUNCT
ajfa-6489	271	5	linck	linck	NOUN
ajfa-6489	271	6	and	and	CCONJ
ajfa-6489	271	7	netter	netter	PROPN
ajfa-6489	271	8	(	(	PUNCT
ajfa-6489	271	9	2012	2012	NUM
ajfa-6489	271	10	)	)	PUNCT
ajfa-6489	271	11	,	,	PUNCT
ajfa-6489	271	12	unobservable	unobservable	ADJ
ajfa-6489	271	13	heterogeneity	heterogeneity	NOUN
ajfa-6489	271	14	is	be	AUX
ajfa-6489	271	15	a	a	DET
ajfa-6489	271	16	source	source	NOUN
ajfa-6489	271	17	of	of	ADP
ajfa-6489	271	18	endogeneity	endogeneity	NOUN
ajfa-6489	271	19	that	that	PRON
ajfa-6489	271	20	affects	affect	VERB
ajfa-6489	271	21	both	both	DET
ajfa-6489	271	22	performance	performance	NOUN
ajfa-6489	271	23	and	and	CCONJ
ajfa-6489	271	24	explanatory	explanatory	ADJ
ajfa-6489	271	25	variables	variable	NOUN
ajfa-6489	271	26	.	.	PUNCT
ajfa-6489	272	1	a	a	DET
ajfa-6489	272	2	potential	potential	ADJ
ajfa-6489	272	3	solution	solution	NOUN
ajfa-6489	272	4	is	be	AUX
ajfa-6489	272	5	the	the	DET
ajfa-6489	272	6	fixed	fix	VERB
ajfa-6489	272	7	-	-	PUNCT
ajfa-6489	272	8	effects	effect	NOUN
ajfa-6489	272	9	or	or	CCONJ
ajfa-6489	272	10	within	within	ADP
ajfa-6489	272	11	estimation	estimation	NOUN
ajfa-6489	272	12	.	.	PUNCT
ajfa-6489	273	1	columns	column	NOUN
ajfa-6489	273	2	2	2	NUM
ajfa-6489	273	3	to	to	PART
ajfa-6489	273	4	5	5	NUM
ajfa-6489	273	5	provide	provide	VERB
ajfa-6489	273	6	the	the	DET
ajfa-6489	273	7	regression	regression	NOUN
ajfa-6489	273	8	results	result	NOUN
ajfa-6489	273	9	when	when	SCONJ
ajfa-6489	273	10	tobin	tobin	PROPN
ajfa-6489	273	11	’s	’s	PART
ajfa-6489	273	12	qis	qis	PROPN
ajfa-6489	273	13	used	use	VERB
ajfa-6489	273	14	as	as	ADP
ajfa-6489	273	15	the	the	DET
ajfa-6489	273	16	dependent	dependent	ADJ
ajfa-6489	273	17	variable	variable	NOUN
ajfa-6489	273	18	and	and	CCONJ
ajfa-6489	273	19	con	con	NOUN
ajfa-6489	273	20	is	be	AUX
ajfa-6489	273	21	determined	determine	VERB
ajfa-6489	273	22	by	by	ADP
ajfa-6489	273	23	either	either	CCONJ
ajfa-6489	273	24	lhi	lhi	PROPN
ajfa-6489	273	25	or	or	CCONJ
ajfa-6489	273	26	top5	top5	PROPN
ajfa-6489	273	27	,	,	PUNCT
ajfa-6489	273	28	respectively	respectively	ADV
ajfa-6489	273	29	.	.	PUNCT
ajfa-6489	274	1	both	both	DET
ajfa-6489	274	2	time	time	NOUN
ajfa-6489	274	3	and	and	CCONJ
ajfa-6489	274	4	size	size	NOUN
ajfa-6489	274	5	have	have	VERB
ajfa-6489	274	6	a	a	DET
ajfa-6489	274	7	negative	negative	ADJ
ajfa-6489	274	8	coefficient	coefficient	NOUN
ajfa-6489	274	9	and	and	CCONJ
ajfa-6489	274	10	is	be	AUX
ajfa-6489	274	11	statistically	statistically	ADV
ajfa-6489	274	12	significant	significant	ADJ
ajfa-6489	274	13	at	at	ADP
ajfa-6489	274	14	1	1	NUM
ajfa-6489	274	15	%	%	NOUN
ajfa-6489	274	16	level	level	NOUN
ajfa-6489	274	17	,	,	PUNCT
ajfa-6489	274	18	indicating	indicate	VERB
ajfa-6489	274	19	that	that	SCONJ
ajfa-6489	274	20	the	the	DET
ajfa-6489	274	21	size	size	NOUN
ajfa-6489	274	22	of	of	ADP
ajfa-6489	274	23	the	the	DET
ajfa-6489	274	24	publicly	publicly	ADV
ajfa-6489	274	25	listed	list	VERB
ajfa-6489	274	26	companies	company	NOUN
ajfa-6489	274	27	is	be	AUX
ajfa-6489	274	28	not	not	PART
ajfa-6489	274	29	at	at	ADP
ajfa-6489	274	30	an	an	DET
ajfa-6489	274	31	optimal	optimal	ADJ
ajfa-6489	274	32	level	level	NOUN
ajfa-6489	274	33	and	and	CCONJ
ajfa-6489	274	34	also	also	ADV
ajfa-6489	274	35	company	company	NOUN
ajfa-6489	274	36	performance	performance	NOUN
ajfa-6489	274	37	is	be	AUX
ajfa-6489	274	38	adversely	adversely	ADV
ajfa-6489	274	39	affected	affect	VERB
ajfa-6489	274	40	by	by	ADP
ajfa-6489	274	41	the	the	DET
ajfa-6489	274	42	financial	financial	ADJ
ajfa-6489	274	43	crisis	crisis	NOUN
ajfa-6489	274	44	.	.	PUNCT
ajfa-6489	275	1	the	the	DET
ajfa-6489	275	2	coefficient	coefficient	NOUN
ajfa-6489	275	3	of	of	ADP
ajfa-6489	275	4	fmrisk	fmrisk	NOUN
ajfa-6489	275	5	is	be	AUX
ajfa-6489	275	6	positive	positive	ADJ
ajfa-6489	275	7	and	and	CCONJ
ajfa-6489	275	8	statistically	statistically	ADV
ajfa-6489	275	9	significant	significant	ADJ
ajfa-6489	275	10	at	at	ADP
ajfa-6489	275	11	1	1	NUM
ajfa-6489	275	12	%	%	NOUN
ajfa-6489	275	13	level	level	NOUN
ajfa-6489	275	14	,	,	PUNCT
ajfa-6489	275	15	thus	thus	ADV
ajfa-6489	275	16	indicate	indicate	VERB
ajfa-6489	275	17	that	that	SCONJ
ajfa-6489	275	18	listed	list	VERB
ajfa-6489	275	19	companies	company	NOUN
ajfa-6489	275	20	that	that	PRON
ajfa-6489	275	21	experienced	experience	VERB
ajfa-6489	275	22	high	high	ADJ
ajfa-6489	275	23	volatility	volatility	NOUN
ajfa-6489	275	24	in	in	ADP
ajfa-6489	275	25	stock	stock	NOUN
ajfa-6489	275	26	prices	price	NOUN
ajfa-6489	275	27	contributed	contribute	VERB
ajfa-6489	275	28	positively	positively	ADV
ajfa-6489	275	29	towards	towards	ADP
ajfa-6489	275	30	performance	performance	NOUN
ajfa-6489	275	31	measured	measure	VERB
ajfa-6489	275	32	by	by	ADP
ajfa-6489	275	33	tobin	tobin	PROPN
ajfa-6489	275	34	’s	’s	PART
ajfa-6489	275	35	q.	q.	PROPN
ajfa-6489	275	36	since	since	SCONJ
ajfa-6489	275	37	the	the	DET
ajfa-6489	275	38	coefficient	coefficient	NOUN
ajfa-6489	275	39	of	of	ADP
ajfa-6489	275	40	lt5	lt5	PROPN
ajfa-6489	275	41	is	be	AUX
ajfa-6489	275	42	negative	negative	ADJ
ajfa-6489	275	43	and	and	CCONJ
ajfa-6489	275	44	statistically	statistically	ADV
ajfa-6489	275	45	significant	significant	ADJ
ajfa-6489	275	46	at	at	ADP
ajfa-6489	275	47	10	10	NUM
ajfa-6489	275	48	%	%	NOUN
ajfa-6489	275	49	level	level	NOUN
ajfa-6489	275	50	,	,	PUNCT
ajfa-6489	275	51	this	this	PRON
ajfa-6489	275	52	indicates	indicate	VERB
ajfa-6489	275	53	that	that	SCONJ
ajfa-6489	275	54	the	the	DET
ajfa-6489	275	55	monitoring	monitoring	NOUN
ajfa-6489	275	56	provided	provide	VERB
ajfa-6489	275	57	by	by	ADP
ajfa-6489	275	58	top	top	ADJ
ajfa-6489	275	59	five	five	NUM
ajfa-6489	275	60	shareholders	shareholder	NOUN
ajfa-6489	275	61	to	to	ADP
ajfa-6489	275	62	some	some	DET
ajfa-6489	275	63	extent	extent	NOUN
ajfa-6489	275	64	sheltered	shelter	VERB
ajfa-6489	275	65	the	the	DET
ajfa-6489	275	66	companies	company	NOUN
ajfa-6489	275	67	from	from	ADP
ajfa-6489	275	68	adverse	adverse	ADJ
ajfa-6489	275	69	financial	financial	ADJ
ajfa-6489	275	70	effects	effect	NOUN
ajfa-6489	275	71	.	.	PUNCT
ajfa-6489	276	1	columns	column	NOUN
ajfa-6489	276	2	6to	6to	ADJ
ajfa-6489	276	3	9	9	NUM
ajfa-6489	276	4	provide	provide	VERB
ajfa-6489	276	5	the	the	DET
ajfa-6489	276	6	regression	regression	NOUN
ajfa-6489	276	7	results	result	NOUN
ajfa-6489	276	8	when	when	SCONJ
ajfa-6489	276	9	roa	roa	PROPN
ajfa-6489	276	10	is	be	AUX
ajfa-6489	276	11	used	use	VERB
ajfa-6489	276	12	as	as	ADP
ajfa-6489	276	13	the	the	DET
ajfa-6489	276	14	dependent	dependent	ADJ
ajfa-6489	276	15	variable	variable	NOUN
ajfa-6489	276	16	and	and	CCONJ
ajfa-6489	276	17	con	con	NOUN
ajfa-6489	276	18	is	be	AUX
ajfa-6489	276	19	determined	determine	VERB
ajfa-6489	276	20	by	by	ADP
ajfa-6489	276	21	either	either	CCONJ
ajfa-6489	276	22	lhi	lhi	PROPN
ajfa-6489	276	23	or	or	CCONJ
ajfa-6489	276	24	top5	top5	PROPN
ajfa-6489	276	25	,	,	PUNCT
ajfa-6489	276	26	respectively	respectively	ADV
ajfa-6489	276	27	.	.	PUNCT
ajfa-6489	277	1	the	the	DET
ajfa-6489	277	2	coefficient	coefficient	NOUN
ajfa-6489	277	3	of	of	ADP
ajfa-6489	277	4	both	both	CCONJ
ajfa-6489	277	5	con	con	PROPN
ajfa-6489	277	6	variables	variable	NOUN
ajfa-6489	277	7	is	be	AUX
ajfa-6489	277	8	positive	positive	ADJ
ajfa-6489	277	9	and	and	CCONJ
ajfa-6489	277	10	is	be	AUX
ajfa-6489	277	11	statistically	statistically	ADV
ajfa-6489	277	12	significant	significant	ADJ
ajfa-6489	277	13	at	at	ADP
ajfa-6489	277	14	5	5	NUM
ajfa-6489	277	15	%	%	NOUN
ajfa-6489	277	16	and	and	CCONJ
ajfa-6489	277	17	10	10	NUM
ajfa-6489	277	18	%	%	NOUN
ajfa-6489	277	19	levels	level	NOUN
ajfa-6489	277	20	,	,	PUNCT
ajfa-6489	277	21	respectively	respectively	ADV
ajfa-6489	277	22	.	.	PUNCT
ajfa-6489	278	1	this	this	PRON
ajfa-6489	278	2	suggests	suggest	VERB
ajfa-6489	278	3	that	that	SCONJ
ajfa-6489	278	4	a	a	DET
ajfa-6489	278	5	higher	high	ADJ
ajfa-6489	278	6	ownership	ownership	NOUN
ajfa-6489	278	7	concentration	concentration	NOUN
ajfa-6489	278	8	levels	level	NOUN
ajfa-6489	278	9	lead	lead	VERB
ajfa-6489	278	10	to	to	ADP
ajfa-6489	278	11	a	a	DET
ajfa-6489	278	12	higher	high	ADJ
ajfa-6489	278	13	accounting	accounting	NOUN
ajfa-6489	278	14	-	-	PUNCT
ajfa-6489	278	15	based	base	VERB
ajfa-6489	278	16	performance	performance	NOUN
ajfa-6489	278	17	measured	measure	VERB
ajfa-6489	278	18	by	by	ADP
ajfa-6489	278	19	roa	roa	PROPN
ajfa-6489	278	20	.	.	PUNCT
ajfa-6489	279	1	since	since	SCONJ
ajfa-6489	279	2	coefficient	coefficient	NOUN
ajfa-6489	279	3	of	of	ADP
ajfa-6489	279	4	size	size	NOUN
ajfa-6489	279	5	is	be	AUX
ajfa-6489	279	6	positive	positive	ADJ
ajfa-6489	279	7	and	and	CCONJ
ajfa-6489	279	8	statistically	statistically	ADV
ajfa-6489	279	9	significant	significant	ADJ
ajfa-6489	279	10	at	at	ADP
ajfa-6489	279	11	1	1	NUM
ajfa-6489	279	12	%	%	NOUN
ajfa-6489	279	13	level	level	NOUN
ajfa-6489	279	14	,	,	PUNCT
ajfa-6489	279	15	it	it	PRON
ajfa-6489	279	16	indicates	indicate	VERB
ajfa-6489	279	17	that	that	SCONJ
ajfa-6489	279	18	the	the	DET
ajfa-6489	279	19	large	large	ADJ
ajfa-6489	279	20	companies	company	NOUN
ajfa-6489	279	21	in	in	ADP
ajfa-6489	279	22	new	new	PROPN
ajfa-6489	279	23	zealand	zealand	PROPN
ajfa-6489	279	24	have	have	VERB
ajfa-6489	279	25	better	well	ADJ
ajfa-6489	279	26	accounting	accounting	NOUN
ajfa-6489	279	27	performance	performance	NOUN
ajfa-6489	279	28	compared	compare	VERB
ajfa-6489	279	29	to	to	ADP
ajfa-6489	279	30	small	small	ADJ
ajfa-6489	279	31	.	.	PUNCT
ajfa-6489	280	1	in	in	ADP
ajfa-6489	280	2	summary	summary	NOUN
ajfa-6489	280	3	,	,	PUNCT
ajfa-6489	280	4	results	result	NOUN
ajfa-6489	280	5	reported	report	VERB
ajfa-6489	280	6	in	in	ADP
ajfa-6489	280	7	table	table	NOUN
ajfa-6489	280	8	9show	9show	NUM
ajfa-6489	280	9	that	that	SCONJ
ajfa-6489	280	10	companies	company	NOUN
ajfa-6489	280	11	that	that	PRON
ajfa-6489	280	12	have	have	VERB
ajfa-6489	280	13	a	a	DET
ajfa-6489	280	14	higher	high	ADJ
ajfa-6489	280	15	level	level	NOUN
ajfa-6489	280	16	of	of	ADP
ajfa-6489	280	17	ownership	ownership	NOUN
ajfa-6489	280	18	concentration	concentration	NOUN
ajfa-6489	280	19	will	will	AUX
ajfa-6489	280	20	tend	tend	VERB
ajfa-6489	280	21	to	to	PART
ajfa-6489	280	22	have	have	VERB
ajfa-6489	280	23	lower	low	ADJ
ajfa-6489	280	24	tobin	tobin	NOUN
ajfa-6489	280	25	’s	’s	PART
ajfa-6489	280	26	q	q	NOUN
ajfa-6489	280	27	and	and	CCONJ
ajfa-6489	280	28	higher	high	ADJ
ajfa-6489	280	29	roa	roa	NOUN
ajfa-6489	280	30	but	but	CCONJ
ajfa-6489	280	31	companies	company	NOUN
ajfa-6489	280	32	that	that	PRON
ajfa-6489	280	33	are	be	AUX
ajfa-6489	280	34	large	large	ADJ
ajfa-6489	280	35	will	will	AUX
ajfa-6489	280	36	tend	tend	VERB
ajfa-6489	280	37	to	to	PART
ajfa-6489	280	38	have	have	VERB
ajfa-6489	280	39	lower	low	ADJ
ajfa-6489	280	40	tobin	tobin	NOUN
ajfa-6489	280	41	’s	’s	PART
ajfa-6489	280	42	q	q	NOUN
ajfa-6489	280	43	but	but	CCONJ
ajfa-6489	280	44	higher	high	ADJ
ajfa-6489	280	45	accounting	accounting	NOUN
ajfa-6489	280	46	based	base	VERB
ajfa-6489	280	47	performance	performance	NOUN
ajfa-6489	280	48	.	.	PUNCT
ajfa-6489	281	1	higher	high	ADJ
ajfa-6489	281	2	concentrated	concentrated	ADJ
ajfa-6489	281	3	owner	owner	NOUN
ajfa-6489	281	4	(	(	PUNCT
ajfa-6489	281	5	blockholders	blockholder	NOUN
ajfa-6489	281	6	)	)	PUNCT
ajfa-6489	281	7	has	have	VERB
ajfa-6489	281	8	more	more	ADV
ajfa-6489	281	9	formal	formal	ADJ
ajfa-6489	281	10	authority	authority	NOUN
ajfa-6489	281	11	and	and	CCONJ
ajfa-6489	281	12	they	they	PRON
ajfa-6489	281	13	tend	tend	VERB
ajfa-6489	281	14	to	to	PART
ajfa-6489	281	15	hold	hold	VERB
ajfa-6489	281	16	enough	enough	ADJ
ajfa-6489	281	17	shares	share	NOUN
ajfa-6489	281	18	to	to	PART
ajfa-6489	281	19	obtain	obtain	VERB
ajfa-6489	281	20	active	active	ADJ
ajfa-6489	281	21	roles	role	NOUN
ajfa-6489	281	22	in	in	ADP
ajfa-6489	281	23	the	the	DET
ajfa-6489	281	24	companies	company	NOUN
ajfa-6489	281	25	.	.	PUNCT
ajfa-6489	282	1	based	base	VERB
ajfa-6489	282	2	on	on	ADP
ajfa-6489	282	3	the	the	DET
ajfa-6489	282	4	ownership	ownership	NOUN
ajfa-6489	282	5	concentration	concentration	NOUN
ajfa-6489	282	6	of	of	ADP
ajfa-6489	282	7	the	the	DET
ajfa-6489	282	8	blockholders	blockholder	NOUN
ajfa-6489	282	9	,	,	PUNCT
ajfa-6489	282	10	their	their	PRON
ajfa-6489	282	11	opinion	opinion	NOUN
ajfa-6489	282	12	tends	tend	VERB
ajfa-6489	282	13	to	to	PART
ajfa-6489	282	14	have	have	VERB
ajfa-6489	282	15	a	a	DET
ajfa-6489	282	16	significant	significant	ADJ
ajfa-6489	282	17	effect	effect	NOUN
ajfa-6489	282	18	on	on	ADP
ajfa-6489	282	19	the	the	DET
ajfa-6489	282	20	managers	manager	NOUN
ajfa-6489	282	21	’	’	PART
ajfa-6489	282	22	activities	activity	NOUN
ajfa-6489	282	23	.	.	PUNCT
ajfa-6489	283	1	with	with	ADP
ajfa-6489	283	2	blockholders	blockholder	NOUN
ajfa-6489	283	3	in	in	ADP
ajfa-6489	283	4	such	such	DET
ajfa-6489	283	5	an	an	DET
ajfa-6489	283	6	influential	influential	ADJ
ajfa-6489	283	7	space	space	NOUN
ajfa-6489	283	8	,	,	PUNCT
ajfa-6489	283	9	it	it	PRON
ajfa-6489	283	10	is	be	AUX
ajfa-6489	283	11	likely	likely	ADJ
ajfa-6489	283	12	that	that	SCONJ
ajfa-6489	283	13	the	the	DET
ajfa-6489	283	14	rights	right	NOUN
ajfa-6489	283	15	of	of	ADP
ajfa-6489	283	16	the	the	DET
ajfa-6489	283	17	minority	minority	NOUN
ajfa-6489	283	18	shareholders	shareholder	NOUN
ajfa-6489	283	19	could	could	AUX
ajfa-6489	283	20	be	be	AUX
ajfa-6489	283	21	comprised	comprise	VERB
ajfa-6489	283	22	.	.	PUNCT
ajfa-6489	284	1	3	3	NUM
ajfa-6489	284	2	the	the	DET
ajfa-6489	284	3	hausman	hausman	ADJ
ajfa-6489	284	4	test	test	NOUN
ajfa-6489	284	5	results	result	NOUN
ajfa-6489	284	6	(	(	PUNCT
ajfa-6489	284	7	not	not	PART
ajfa-6489	284	8	reported	report	VERB
ajfa-6489	284	9	)	)	PUNCT
ajfa-6489	284	10	but	but	CCONJ
ajfa-6489	284	11	shows	show	VERB
ajfa-6489	284	12	that	that	SCONJ
ajfa-6489	284	13	fixed	fix	VERB
ajfa-6489	284	14	effects	effect	NOUN
ajfa-6489	284	15	results	result	NOUN
ajfa-6489	284	16	are	be	AUX
ajfa-6489	284	17	more	more	ADV
ajfa-6489	284	18	efficient	efficient	ADJ
ajfa-6489	284	19	.	.	PUNCT
ajfa-6489	285	1	asian	asian	ADJ
ajfa-6489	285	2	journal	journal	PROPN
ajfa-6489	285	3	of	of	ADP
ajfa-6489	285	4	finance	finance	PROPN
ajfa-6489	285	5	&	&	CCONJ
ajfa-6489	285	6	accounting	accounting	PROPN
ajfa-6489	285	7	issn	issn	PROPN
ajfa-6489	285	8	1946	1946	NUM
ajfa-6489	285	9	-	-	PUNCT
ajfa-6489	285	10	052x	052x	NOUN
ajfa-6489	285	11	2015	2015	NUM
ajfa-6489	285	12	,	,	PUNCT
ajfa-6489	285	13	vol	vol	NOUN
ajfa-6489	285	14	.	.	PROPN
ajfa-6489	285	15	7	7	NUM
ajfa-6489	285	16	,	,	PUNCT
ajfa-6489	285	17	no	no	INTJ
ajfa-6489	285	18	.	.	NOUN
ajfa-6489	285	19	1	1	NUM
ajfa-6489	285	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	285	21	33	33	NUM
ajfa-6489	285	22	table	table	NOUN
ajfa-6489	285	23	9	9	NUM
ajfa-6489	285	24	.	.	PUNCT
ajfa-6489	286	1	q	q	PUNCT
ajfa-6489	286	2	is	be	AUX
ajfa-6489	286	3	the	the	DET
ajfa-6489	286	4	proportion	proportion	NOUN
ajfa-6489	286	5	of	of	ADP
ajfa-6489	286	6	(	(	PUNCT
ajfa-6489	286	7	(	(	PUNCT
ajfa-6489	286	8	stock	stock	NOUN
ajfa-6489	286	9	price	price	NOUN
ajfa-6489	286	10	*	*	PUNCT
ajfa-6489	286	11	no	no	INTJ
ajfa-6489	286	12	.	.	PUNCT
ajfa-6489	287	1	of	of	ADP
ajfa-6489	287	2	share	share	NOUN
ajfa-6489	287	3	outstanding	outstanding	ADJ
ajfa-6489	287	4	)	)	PUNCT
ajfa-6489	288	1	+	+	CCONJ
ajfa-6489	288	2	l	l	X
ajfa-6489	288	3	/	/	SYM
ajfa-6489	288	4	t	t	NOUN
ajfa-6489	288	5	debt	debt	NOUN
ajfa-6489	288	6	+	+	CCONJ
ajfa-6489	288	7	s	s	PROPN
ajfa-6489	288	8	/	/	SYM
ajfa-6489	288	9	t	t	NOUN
ajfa-6489	288	10	debt	debt	NOUN
ajfa-6489	288	11	)	)	PUNCT
ajfa-6489	288	12	to	to	ADP
ajfa-6489	288	13	total	total	ADJ
ajfa-6489	288	14	assets	asset	NOUN
ajfa-6489	288	15	.	.	PUNCT
ajfa-6489	289	1	roa	roa	PROPN
ajfa-6489	289	2	is	be	AUX
ajfa-6489	289	3	the	the	DET
ajfa-6489	289	4	proportion	proportion	NOUN
ajfa-6489	289	5	of	of	ADP
ajfa-6489	289	6	net	net	ADJ
ajfa-6489	289	7	income	income	NOUN
ajfa-6489	289	8	to	to	ADP
ajfa-6489	289	9	total	total	ADJ
ajfa-6489	289	10	assets	asset	NOUN
ajfa-6489	289	11	.	.	PUNCT
ajfa-6489	290	1	time	time	NOUN
ajfa-6489	290	2	ranges	range	VERB
ajfa-6489	290	3	from	from	ADP
ajfa-6489	290	4	2003	2003	NUM
ajfa-6489	290	5	to	to	ADP
ajfa-6489	290	6	2009	2009	NUM
ajfa-6489	290	7	.	.	PUNCT
ajfa-6489	291	1	size	size	NOUN
ajfa-6489	291	2	is	be	AUX
ajfa-6489	291	3	the	the	DET
ajfa-6489	291	4	natural	natural	ADJ
ajfa-6489	291	5	logarithm	logarithm	NOUN
ajfa-6489	291	6	of	of	ADP
ajfa-6489	291	7	the	the	DET
ajfa-6489	291	8	total	total	ADJ
ajfa-6489	291	9	assets	asset	NOUN
ajfa-6489	291	10	.	.	PUNCT
ajfa-6489	292	1	lev	lev	NOUN
ajfa-6489	292	2	is	be	AUX
ajfa-6489	292	3	the	the	DET
ajfa-6489	292	4	ratio	ratio	NOUN
ajfa-6489	292	5	of	of	ADP
ajfa-6489	292	6	long	long	ADJ
ajfa-6489	292	7	term	term	NOUN
ajfa-6489	292	8	debt	debt	NOUN
ajfa-6489	292	9	to	to	ADP
ajfa-6489	292	10	total	total	ADJ
ajfa-6489	292	11	assets	asset	NOUN
ajfa-6489	292	12	.	.	PUNCT
ajfa-6489	293	1	fmrisk	fmrisk	NOUN
ajfa-6489	293	2	is	be	AUX
ajfa-6489	293	3	the	the	DET
ajfa-6489	293	4	standard	standard	ADJ
ajfa-6489	293	5	deviation	deviation	NOUN
ajfa-6489	293	6	of	of	ADP
ajfa-6489	293	7	the	the	DET
ajfa-6489	293	8	firm	firm	NOUN
ajfa-6489	293	9	’s	’s	PART
ajfa-6489	293	10	daily	daily	ADJ
ajfa-6489	293	11	stock	stock	NOUN
ajfa-6489	293	12	returns	return	NOUN
ajfa-6489	293	13	.	.	PUNCT
ajfa-6489	294	1	oprisk	oprisk	NOUN
ajfa-6489	294	2	is	be	AUX
ajfa-6489	294	3	the	the	DET
ajfa-6489	294	4	standard	standard	ADJ
ajfa-6489	294	5	deviation	deviation	NOUN
ajfa-6489	294	6	of	of	ADP
ajfa-6489	294	7	the	the	DET
ajfa-6489	294	8	firm	firm	NOUN
ajfa-6489	294	9	’s	’s	PART
ajfa-6489	294	10	past	past	ADJ
ajfa-6489	294	11	five	five	NUM
ajfa-6489	294	12	year	year	NOUN
ajfa-6489	294	13	roa.ih1	roa.ih1	NOUN
ajfa-6489	294	14	is	be	AUX
ajfa-6489	294	15	the	the	DET
ajfa-6489	294	16	natural	natural	ADJ
ajfa-6489	294	17	logarithm	logarithm	NOUN
ajfa-6489	294	18	of	of	ADP
ajfa-6489	294	19	the	the	DET
ajfa-6489	294	20	herfindahl	herfindahl	PROPN
ajfa-6489	294	21	index	index	NOUN
ajfa-6489	294	22	.	.	PUNCT
ajfa-6489	295	1	lt5	lt5	PROPN
ajfa-6489	295	2	is	be	AUX
ajfa-6489	295	3	the	the	DET
ajfa-6489	295	4	natural	natural	ADJ
ajfa-6489	295	5	logarithm	logarithm	NOUN
ajfa-6489	295	6	of	of	ADP
ajfa-6489	295	7	the	the	DET
ajfa-6489	295	8	proportion	proportion	NOUN
ajfa-6489	295	9	of	of	ADP
ajfa-6489	295	10	shares	share	NOUN
ajfa-6489	295	11	held	hold	VERB
ajfa-6489	295	12	by	by	ADP
ajfa-6489	295	13	top5	top5	NOUN
ajfa-6489	295	14	five	five	NUM
ajfa-6489	295	15	shareholders	shareholder	NOUN
ajfa-6489	295	16	.	.	PUNCT
ajfa-6489	296	1	mshare	mshare	PROPN
ajfa-6489	296	2	is	be	AUX
ajfa-6489	296	3	the	the	DET
ajfa-6489	296	4	proportion	proportion	NOUN
ajfa-6489	296	5	of	of	ADP
ajfa-6489	296	6	the	the	DET
ajfa-6489	296	7	firm	firm	NOUN
ajfa-6489	296	8	’s	’s	PART
ajfa-6489	296	9	revenue	revenue	NOUN
ajfa-6489	296	10	to	to	ADP
ajfa-6489	296	11	the	the	DET
ajfa-6489	296	12	total	total	ADJ
ajfa-6489	296	13	revenue	revenue	NOUN
ajfa-6489	296	14	of	of	ADP
ajfa-6489	296	15	the	the	DET
ajfa-6489	296	16	firms	firm	NOUN
ajfa-6489	296	17	’	'	PUNCT
ajfa-6489	296	18	in	in	ADP
ajfa-6489	296	19	the	the	DET
ajfa-6489	296	20	sector	sector	NOUN
ajfa-6489	296	21	.	.	PUNCT
ajfa-6489	297	1	static	static	ADJ
ajfa-6489	297	2	model	model	NOUN
ajfa-6489	297	3	q	q	PROPN
ajfa-6489	297	4	roa	roa	PROPN
ajfa-6489	297	5	ols	ols	PROPN
ajfa-6489	297	6	fixed	fix	VERB
ajfa-6489	297	7	effects	effect	NOUN
ajfa-6489	297	8	ols	ol	NOUN
ajfa-6489	297	9	fixed	fix	VERB
ajfa-6489	297	10	effects	effect	NOUN
ajfa-6489	297	11	ols	ol	NOUN
ajfa-6489	297	12	fixed	fix	VERB
ajfa-6489	297	13	effects	effect	NOUN
ajfa-6489	297	14	ols	ol	NOUN
ajfa-6489	297	15	fixed	fix	VERB
ajfa-6489	297	16	effects	effect	NOUN
ajfa-6489	297	17	constant	constant	ADJ
ajfa-6489	297	18	4.58	4.58	NUM
ajfa-6489	297	19	*	*	PUNCT
ajfa-6489	297	20	*	*	PUNCT
ajfa-6489	297	21	*	*	PUNCT
ajfa-6489	297	22	(	(	PUNCT
ajfa-6489	297	23	4.99	4.99	NUM
ajfa-6489	297	24	)	)	PUNCT
ajfa-6489	297	25	6.46	6.46	NUM
ajfa-6489	297	26	*	*	PUNCT
ajfa-6489	297	27	*	*	PUNCT
ajfa-6489	297	28	*	*	PUNCT
ajfa-6489	297	29	(	(	PUNCT
ajfa-6489	297	30	9.40	9.40	NUM
ajfa-6489	297	31	)	)	PUNCT
ajfa-6489	297	32	4.82	4.82	NUM
ajfa-6489	297	33	*	*	PUNCT
ajfa-6489	297	34	*	*	PUNCT
ajfa-6489	297	35	*	*	PUNCT
ajfa-6489	297	36	(	(	PUNCT
ajfa-6489	297	37	5.72	5.72	NUM
ajfa-6489	297	38	)	)	PUNCT
ajfa-6489	297	39	6.48	6.48	NUM
ajfa-6489	297	40	*	*	PUNCT
ajfa-6489	297	41	*	*	PUNCT
ajfa-6489	297	42	*	*	PUNCT
ajfa-6489	297	43	(	(	PUNCT
ajfa-6489	297	44	9.40	9.40	NUM
ajfa-6489	297	45	)	)	PUNCT
ajfa-6489	297	46	-0.68	-0.68	NOUN
ajfa-6489	297	47	*	*	PUNCT
ajfa-6489	297	48	*	*	PUNCT
ajfa-6489	297	49	*	*	PUNCT
ajfa-6489	297	50	(	(	PUNCT
ajfa-6489	297	51	-5.43	-5.43	NOUN
ajfa-6489	297	52	)	)	PUNCT
ajfa-6489	297	53	-1.06	-1.06	NOUN
ajfa-6489	297	54	*	*	NOUN
ajfa-6489	297	55	*	*	PUNCT
ajfa-6489	297	56	(	(	PUNCT
ajfa-6489	297	57	-1.98	-1.98	ADJ
ajfa-6489	297	58	)	)	PUNCT
ajfa-6489	297	59	-0.77	-0.77	PROPN
ajfa-6489	297	60	*	*	PUNCT
ajfa-6489	297	61	*	*	PUNCT
ajfa-6489	297	62	*	*	PUNCT
ajfa-6489	297	63	(	(	PUNCT
ajfa-6489	297	64	-6.60	-6.60	NUM
ajfa-6489	297	65	)	)	PUNCT
ajfa-6489	297	66	-1.06	-1.06	X
ajfa-6489	297	67	*	*	PUNCT
ajfa-6489	297	68	*	*	PUNCT
ajfa-6489	297	69	(	(	PUNCT
ajfa-6489	297	70	-2.00	-2.00	NUM
ajfa-6489	297	71	)	)	PUNCT
ajfa-6489	297	72	time	time	NOUN
ajfa-6489	297	73	-0.97	-0.97	NOUN
ajfa-6489	297	74	*	*	NOUN
ajfa-6489	297	75	*	*	PUNCT
ajfa-6489	297	76	*	*	PUNCT
ajfa-6489	297	77	(	(	PUNCT
ajfa-6489	297	78	-3.27	-3.27	NUM
ajfa-6489	297	79	)	)	PUNCT
ajfa-6489	297	80	-0.95	-0.95	NOUN
ajfa-6489	297	81	*	*	NOUN
ajfa-6489	297	82	*	*	PUNCT
ajfa-6489	297	83	*	*	PUNCT
ajfa-6489	297	84	(	(	PUNCT
ajfa-6489	297	85	-3.16	-3.16	NOUN
ajfa-6489	297	86	)	)	PUNCT
ajfa-6489	297	87	0.02	0.02	NUM
ajfa-6489	297	88	(	(	PUNCT
ajfa-6489	297	89	-0.59	-0.59	NUM
ajfa-6489	297	90	)	)	PUNCT
ajfa-6489	297	91	-0.03	-0.03	NOUN
ajfa-6489	297	92	(	(	PUNCT
ajfa-6489	297	93	-0.67	-0.67	NOUN
ajfa-6489	297	94	)	)	PUNCT
ajfa-6489	297	95	lev	lev	NOUN
ajfa-6489	297	96	0.04	0.04	NUM
ajfa-6489	297	97	(	(	PUNCT
ajfa-6489	297	98	0.051	0.051	NUM
ajfa-6489	297	99	)	)	PUNCT
ajfa-6489	297	100	0.51	0.51	NUM
ajfa-6489	297	101	*	*	PUNCT
ajfa-6489	297	102	*	*	PUNCT
ajfa-6489	297	103	(	(	PUNCT
ajfa-6489	297	104	2.74	2.74	NUM
ajfa-6489	297	105	)	)	PUNCT
ajfa-6489	297	106	-0.15	-0.15	NUM
ajfa-6489	297	107	(	(	PUNCT
ajfa-6489	297	108	-0.21	-0.21	PROPN
ajfa-6489	297	109	)	)	PUNCT
ajfa-6489	297	110	0.51	0.51	NUM
ajfa-6489	297	111	*	*	PUNCT
ajfa-6489	297	112	*	*	PUNCT
ajfa-6489	297	113	(	(	PUNCT
ajfa-6489	297	114	2.73	2.73	NUM
ajfa-6489	297	115	)	)	PUNCT
ajfa-6489	297	116	0.01	0.01	NUM
ajfa-6489	297	117	(	(	PUNCT
ajfa-6489	297	118	0.11	0.11	NUM
ajfa-6489	297	119	)	)	PUNCT
ajfa-6489	297	120	-0.09	-0.09	NUM
ajfa-6489	297	121	(	(	PUNCT
ajfa-6489	297	122	-0.64	-0.64	NOUN
ajfa-6489	297	123	)	)	PUNCT
ajfa-6489	297	124	0.01	0.01	NUM
ajfa-6489	297	125	(	(	PUNCT
ajfa-6489	297	126	0.030	0.030	NUM
ajfa-6489	297	127	-0.09	-0.09	NUM
ajfa-6489	297	128	(	(	PUNCT
ajfa-6489	297	129	-0.60	-0.60	NUM
ajfa-6489	297	130	)	)	PUNCT
ajfa-6489	297	131	size	size	NOUN
ajfa-6489	297	132	-0.53	-0.53	NOUN
ajfa-6489	297	133	*	*	NOUN
ajfa-6489	297	134	*	*	PUNCT
ajfa-6489	297	135	*	*	PUNCT
ajfa-6489	297	136	(	(	PUNCT
ajfa-6489	297	137	-2.99	-2.99	NOUN
ajfa-6489	297	138	)	)	PUNCT
ajfa-6489	297	139	-1.08	-1.08	NOUN
ajfa-6489	297	140	*	*	PUNCT
ajfa-6489	297	141	*	*	PUNCT
ajfa-6489	297	142	*	*	PUNCT
ajfa-6489	297	143	(	(	PUNCT
ajfa-6489	297	144	-8.06	-8.06	PROPN
ajfa-6489	297	145	)	)	PUNCT
ajfa-6489	297	146	-0.50	-0.50	PROPN
ajfa-6489	297	147	*	*	PROPN
ajfa-6489	297	148	*	*	PUNCT
ajfa-6489	297	149	(	(	PUNCT
ajfa-6489	297	150	-2.84	-2.84	NOUN
ajfa-6489	297	151	)	)	PUNCT
ajfa-6489	297	152	-1.07	-1.07	NOUN
ajfa-6489	297	153	*	*	PUNCT
ajfa-6489	297	154	*	*	PUNCT
ajfa-6489	297	155	*	*	PUNCT
ajfa-6489	297	156	(	(	PUNCT
ajfa-6489	297	157	-8.06	-8.06	NOUN
ajfa-6489	297	158	)	)	PUNCT
ajfa-6489	297	159	0.13	0.13	NUM
ajfa-6489	297	160	*	*	PUNCT
ajfa-6489	297	161	*	*	PUNCT
ajfa-6489	297	162	(	(	PUNCT
ajfa-6489	297	163	5.62	5.62	NUM
ajfa-6489	297	164	)	)	PUNCT
ajfa-6489	297	165	0.23	0.23	NUM
ajfa-6489	297	166	*	*	PUNCT
ajfa-6489	297	167	*	*	PUNCT
ajfa-6489	297	168	(	(	PUNCT
ajfa-6489	297	169	2.24	2.24	NUM
ajfa-6489	297	170	)	)	PUNCT
ajfa-6489	297	171	0.14	0.14	NUM
ajfa-6489	297	172	*	*	PUNCT
ajfa-6489	297	173	*	*	PUNCT
ajfa-6489	297	174	*	*	PUNCT
ajfa-6489	297	175	(	(	PUNCT
ajfa-6489	297	176	5.62	5.62	NUM
ajfa-6489	297	177	)	)	PUNCT
ajfa-6489	297	178	0.23	0.23	NUM
ajfa-6489	297	179	*	*	PUNCT
ajfa-6489	297	180	*	*	PUNCT
ajfa-6489	297	181	(	(	PUNCT
ajfa-6489	297	182	2.19	2.19	NUM
ajfa-6489	297	183	)	)	PUNCT
ajfa-6489	297	184	fm	fm	NOUN
ajfa-6489	297	185	risk	risk	NOUN
ajfa-6489	297	186	1.34	1.34	NUM
ajfa-6489	297	187	*	*	PUNCT
ajfa-6489	297	188	*	*	PUNCT
ajfa-6489	297	189	*	*	PUNCT
ajfa-6489	297	190	(	(	PUNCT
ajfa-6489	297	191	3.19	3.19	NUM
ajfa-6489	297	192	)	)	PUNCT
ajfa-6489	297	193	-0.04	-0.04	NUM
ajfa-6489	297	194	(	(	PUNCT
ajfa-6489	297	195	-0.47	-0.47	X
ajfa-6489	297	196	)	)	PUNCT
ajfa-6489	297	197	1.35	1.35	NUM
ajfa-6489	297	198	*	*	PUNCT
ajfa-6489	297	199	*	*	PUNCT
ajfa-6489	297	200	*	*	PUNCT
ajfa-6489	297	201	*	*	PUNCT
ajfa-6489	297	202	(	(	PUNCT
ajfa-6489	297	203	3.23	3.23	NUM
ajfa-6489	297	204	)	)	PUNCT
ajfa-6489	297	205	-0.04	-0.04	NUM
ajfa-6489	297	206	(	(	PUNCT
ajfa-6489	297	207	-0.47	-0.47	X
ajfa-6489	297	208	)	)	PUNCT
ajfa-6489	297	209	0.09	0.09	NUM
ajfa-6489	297	210	(	(	PUNCT
ajfa-6489	297	211	1.53	1.53	NUM
ajfa-6489	297	212	)	)	PUNCT
ajfa-6489	297	213	0.02	0.02	NUM
ajfa-6489	297	214	(	(	PUNCT
ajfa-6489	297	215	0.41	0.41	NUM
ajfa-6489	297	216	)	)	PUNCT
ajfa-6489	297	217	0.09	0.09	NUM
ajfa-6489	297	218	(	(	PUNCT
ajfa-6489	297	219	1.93	1.93	NUM
ajfa-6489	297	220	)	)	PUNCT
ajfa-6489	297	221	0.02	0.02	NUM
ajfa-6489	297	222	(	(	PUNCT
ajfa-6489	297	223	0.33	0.33	NUM
ajfa-6489	297	224	)	)	PUNCT
ajfa-6489	297	225	oprisk	oprisk	NOUN
ajfa-6489	297	226	-0.27	-0.27	NOUN
ajfa-6489	297	227	*	*	NOUN
ajfa-6489	297	228	*	*	PUNCT
ajfa-6489	297	229	(	(	PUNCT
ajfa-6489	297	230	-2.12	-2.12	NOUN
ajfa-6489	297	231	)	)	PUNCT
ajfa-6489	297	232	-0.51	-0.51	NOUN
ajfa-6489	297	233	*	*	PUNCT
ajfa-6489	297	234	*	*	PUNCT
ajfa-6489	297	235	(	(	PUNCT
ajfa-6489	297	236	-2.53	-2.53	NOUN
ajfa-6489	297	237	)	)	PUNCT
ajfa-6489	297	238	-0.27	-0.27	NOUN
ajfa-6489	297	239	*	*	PROPN
ajfa-6489	297	240	*	*	PUNCT
ajfa-6489	297	241	(	(	PUNCT
ajfa-6489	297	242	-2.12	-2.12	NOUN
ajfa-6489	297	243	)	)	PUNCT
ajfa-6489	297	244	-0.51	-0.51	NOUN
ajfa-6489	297	245	*	*	PUNCT
ajfa-6489	297	246	*	*	PUNCT
ajfa-6489	297	247	(	(	PUNCT
ajfa-6489	297	248	-2.53	-2.53	NOUN
ajfa-6489	297	249	)	)	PUNCT
ajfa-6489	297	250	-0.73	-0.73	NOUN
ajfa-6489	297	251	*	*	PUNCT
ajfa-6489	297	252	*	*	PUNCT
ajfa-6489	297	253	*	*	PUNCT
ajfa-6489	297	254	(	(	PUNCT
ajfa-6489	297	255	-10.79	-10.79	NOUN
ajfa-6489	297	256	)	)	PUNCT
ajfa-6489	297	257	-0.76	-0.76	NOUN
ajfa-6489	297	258	*	*	PROPN
ajfa-6489	297	259	*	*	PUNCT
ajfa-6489	297	260	*	*	PUNCT
ajfa-6489	297	261	(	(	PUNCT
ajfa-6489	297	262	-4.87	-4.87	NUM
ajfa-6489	297	263	)	)	PUNCT
ajfa-6489	297	264	-0.73	-0.73	NOUN
ajfa-6489	297	265	*	*	PUNCT
ajfa-6489	297	266	*	*	PUNCT
ajfa-6489	297	267	*	*	PUNCT
ajfa-6489	297	268	(	(	PUNCT
ajfa-6489	297	269	-10.89	-10.89	PROPN
ajfa-6489	297	270	)	)	PUNCT
ajfa-6489	297	271	-0.75	-0.75	NOUN
ajfa-6489	297	272	*	*	PUNCT
ajfa-6489	297	273	*	*	PUNCT
ajfa-6489	297	274	*	*	PUNCT
ajfa-6489	297	275	(	(	PUNCT
ajfa-6489	297	276	-4.77	-4.77	X
ajfa-6489	297	277	)	)	PUNCT
ajfa-6489	297	278	mshare	mshare	NOUN
ajfa-6489	297	279	11.17	11.17	NUM
ajfa-6489	297	280	(	(	PUNCT
ajfa-6489	297	281	1.37	1.37	NUM
ajfa-6489	297	282	)	)	PUNCT
ajfa-6489	297	283	12.79	12.79	NUM
ajfa-6489	297	284	(	(	PUNCT
ajfa-6489	297	285	0.97	0.97	NUM
ajfa-6489	297	286	)	)	PUNCT
ajfa-6489	297	287	11.17	11.17	NUM
ajfa-6489	297	288	(	(	PUNCT
ajfa-6489	297	289	1.37	1.37	NUM
ajfa-6489	297	290	)	)	PUNCT
ajfa-6489	297	291	12.79	12.79	NUM
ajfa-6489	297	292	(	(	PUNCT
ajfa-6489	297	293	0.97	0.97	NUM
ajfa-6489	297	294	)	)	PUNCT
ajfa-6489	297	295	-4.02	-4.02	NUM
ajfa-6489	297	296	(	(	PUNCT
ajfa-6489	297	297	-0.93	-0.93	NUM
ajfa-6489	297	298	)	)	PUNCT
ajfa-6489	297	299	-19.85	-19.85	PUNCT
ajfa-6489	298	1	(	(	PUNCT
ajfa-6489	298	2	-1.78	-1.78	NOUN
ajfa-6489	298	3	)	)	PUNCT
ajfa-6489	298	4	-3.83	-3.83	X
ajfa-6489	298	5	(	(	PUNCT
ajfa-6489	298	6	-0.88	-0.88	NOUN
ajfa-6489	298	7	)	)	PUNCT
ajfa-6489	298	8	-15.89	-15.89	PROPN
ajfa-6489	298	9	(	(	PUNCT
ajfa-6489	298	10	-0.87	-0.87	NUM
ajfa-6489	298	11	)	)	PUNCT
ajfa-6489	298	12	lh1	lh1	PROPN
ajfa-6489	298	13	-0.07	-0.07	X
ajfa-6489	298	14	(	(	PUNCT
ajfa-6489	298	15	-1.16	-1.16	PROPN
ajfa-6489	298	16	)	)	PUNCT
ajfa-6489	298	17	-0.03	-0.03	NOUN
ajfa-6489	298	18	(	(	PUNCT
ajfa-6489	298	19	-0.34	-0.34	NOUN
ajfa-6489	298	20	)	)	PUNCT
ajfa-6489	298	21	0.35	0.35	NUM
ajfa-6489	298	22	*	*	PUNCT
ajfa-6489	298	23	*	*	PUNCT
ajfa-6489	298	24	(	(	PUNCT
ajfa-6489	298	25	2.28	2.28	NUM
ajfa-6489	298	26	)	)	PUNCT
ajfa-6489	298	27	0.29	0.29	NUM
ajfa-6489	298	28	*	*	PUNCT
ajfa-6489	298	29	*	*	PUNCT
ajfa-6489	298	30	(	(	PUNCT
ajfa-6489	298	31	2.01	2.01	NUM
ajfa-6489	298	32	)	)	PUNCT
ajfa-6489	298	33	lt5	lt5	PROPN
ajfa-6489	299	1	-0.14†	-0.14†	PROPN
ajfa-6489	299	2	(	(	PUNCT
ajfa-6489	299	3	-1.91	-1.91	X
ajfa-6489	299	4	)	)	PUNCT
ajfa-6489	299	5	-0.16†	-0.16†	PROPN
ajfa-6489	299	6	(	(	PUNCT
ajfa-6489	299	7	-1.94	-1.94	NOUN
ajfa-6489	299	8	)	)	PUNCT
ajfa-6489	299	9	0.29†	0.29†	NOUN
ajfa-6489	299	10	(	(	PUNCT
ajfa-6489	299	11	1.94	1.94	NUM
ajfa-6489	299	12	)	)	PUNCT
ajfa-6489	299	13	0.25†	0.25†	PROPN
ajfa-6489	299	14	(	(	PUNCT
ajfa-6489	299	15	1.88	1.88	NUM
ajfa-6489	299	16	)	)	PUNCT
ajfa-6489	299	17	f	f	PROPN
ajfa-6489	299	18	stats	stat	NOUN
ajfa-6489	299	19	(	(	PUNCT
ajfa-6489	299	20	p	p	NOUN
ajfa-6489	299	21	value	value	NOUN
ajfa-6489	299	22	)	)	PUNCT
ajfa-6489	299	23	6.83	6.83	NUM
ajfa-6489	299	24	*	*	PUNCT
ajfa-6489	299	25	*	*	PUNCT
ajfa-6489	299	26	*	*	PUNCT
ajfa-6489	299	27	(	(	PUNCT
ajfa-6489	299	28	0.000	0.000	NUM
ajfa-6489	299	29	)	)	PUNCT
ajfa-6489	299	30	11.07	11.07	NUM
ajfa-6489	299	31	*	*	PUNCT
ajfa-6489	299	32	*	*	PUNCT
ajfa-6489	299	33	*	*	PUNCT
ajfa-6489	299	34	(	(	PUNCT
ajfa-6489	299	35	0.000	0.000	NUM
ajfa-6489	299	36	)	)	PUNCT
ajfa-6489	299	37	6.82	6.82	NUM
ajfa-6489	299	38	*	*	PUNCT
ajfa-6489	299	39	*	*	PUNCT
ajfa-6489	299	40	*	*	PUNCT
ajfa-6489	299	41	(	(	PUNCT
ajfa-6489	299	42	0.000	0.000	NUM
ajfa-6489	299	43	)	)	PUNCT
ajfa-6489	299	44	11.08	11.08	NUM
ajfa-6489	299	45	*	*	PUNCT
ajfa-6489	299	46	*	*	PUNCT
ajfa-6489	299	47	*	*	PUNCT
ajfa-6489	299	48	(	(	PUNCT
ajfa-6489	299	49	0.000	0.000	NUM
ajfa-6489	299	50	)	)	PUNCT
ajfa-6489	299	51	33.27	33.27	NUM
ajfa-6489	299	52	*	*	PUNCT
ajfa-6489	299	53	*	*	PUNCT
ajfa-6489	299	54	*	*	PUNCT
ajfa-6489	299	55	(	(	PUNCT
ajfa-6489	299	56	0.000	0.000	NUM
ajfa-6489	299	57	)	)	PUNCT
ajfa-6489	299	58	7.17	7.17	NUM
ajfa-6489	299	59	*	*	PUNCT
ajfa-6489	299	60	*	*	PUNCT
ajfa-6489	299	61	*	*	PUNCT
ajfa-6489	299	62	(	(	PUNCT
ajfa-6489	299	63	0.000	0.000	NUM
ajfa-6489	299	64	)	)	PUNCT
ajfa-6489	299	65	33.45	33.45	NUM
ajfa-6489	299	66	*	*	PUNCT
ajfa-6489	299	67	*	*	PUNCT
ajfa-6489	299	68	*	*	PUNCT
ajfa-6489	299	69	(	(	PUNCT
ajfa-6489	299	70	0.000	0.000	NUM
ajfa-6489	299	71	)	)	PUNCT
ajfa-6489	299	72	7.38	7.38	NUM
ajfa-6489	299	73	*	*	PUNCT
ajfa-6489	299	74	*	*	PUNCT
ajfa-6489	299	75	*	*	PUNCT
ajfa-6489	299	76	(	(	PUNCT
ajfa-6489	299	77	0.000	0.000	NUM
ajfa-6489	299	78	)	)	PUNCT
ajfa-6489	299	79	r2	r2	PROPN
ajfa-6489	299	80	(	(	PUNCT
ajfa-6489	299	81	adj	adj	PROPN
ajfa-6489	299	82	.	.	PROPN
ajfa-6489	299	83	r2	r2	PROPN
ajfa-6489	299	84	)	)	PUNCT
ajfa-6489	299	85	0.12	0.12	NUM
ajfa-6489	299	86	(	(	PUNCT
ajfa-6489	299	87	0.10	0.10	NUM
ajfa-6489	299	88	)	)	PUNCT
ajfa-6489	299	89	0.22	0.22	NUM
ajfa-6489	299	90	(	(	PUNCT
ajfa-6489	299	91	0.05	0.05	NUM
ajfa-6489	299	92	)	)	PUNCT
ajfa-6489	299	93	0.13	0.13	NUM
ajfa-6489	299	94	(	(	PUNCT
ajfa-6489	299	95	0.11	0.11	NUM
ajfa-6489	299	96	)	)	PUNCT
ajfa-6489	299	97	0.22	0.22	NUM
ajfa-6489	299	98	(	(	PUNCT
ajfa-6489	299	99	0.05	0.05	NUM
ajfa-6489	299	100	)	)	PUNCT
ajfa-6489	299	101	0.42	0.42	NUM
ajfa-6489	299	102	(	(	PUNCT
ajfa-6489	299	103	0.41	0.41	NUM
ajfa-6489	299	104	)	)	PUNCT
ajfa-6489	299	105	0.16	0.16	NUM
ajfa-6489	299	106	(	(	PUNCT
ajfa-6489	299	107	0.37	0.37	NUM
ajfa-6489	299	108	)	)	PUNCT
ajfa-6489	299	109	0.42	0.42	NUM
ajfa-6489	299	110	(	(	PUNCT
ajfa-6489	299	111	0.41	0.41	NUM
ajfa-6489	299	112	)	)	PUNCT
ajfa-6489	299	113	0.16	0.16	NUM
ajfa-6489	299	114	(	(	PUNCT
ajfa-6489	299	115	0.37	0.37	NUM
ajfa-6489	299	116	)	)	PUNCT
ajfa-6489	299	117	n	n	PRON
ajfa-6489	299	118	280	280	NUM
ajfa-6489	299	119	t	t	NOUN
ajfa-6489	299	120	statistics	statistic	NOUN
ajfa-6489	299	121	in	in	ADP
ajfa-6489	299	122	parenthesis	parenthesis	NOUN
ajfa-6489	299	123	,	,	PUNCT
ajfa-6489	299	124	†	†	PROPN
ajfa-6489	299	125	denote	denote	NOUN
ajfa-6489	299	126	significance	significance	NOUN
ajfa-6489	299	127	at	at	ADP
ajfa-6489	299	128	the	the	DET
ajfa-6489	299	129	10	10	NUM
ajfa-6489	299	130	%	%	NOUN
ajfa-6489	299	131	level	level	NOUN
ajfa-6489	299	132	,	,	PUNCT
ajfa-6489	299	133	*	*	PUNCT
ajfa-6489	299	134	*	*	NOUN
ajfa-6489	299	135	denote	denote	NOUN
ajfa-6489	299	136	significance	significance	NOUN
ajfa-6489	299	137	at	at	ADP
ajfa-6489	299	138	5	5	NUM
ajfa-6489	299	139	%	%	NOUN
ajfa-6489	299	140	level	level	NOUN
ajfa-6489	299	141	,	,	PUNCT
ajfa-6489	299	142	*	*	PUNCT
ajfa-6489	299	143	*	*	PUNCT
ajfa-6489	299	144	*	*	PUNCT
ajfa-6489	299	145	denote	denote	NOUN
ajfa-6489	299	146	significance	significance	NOUN
ajfa-6489	299	147	at	at	ADP
ajfa-6489	299	148	1	1	NUM
ajfa-6489	299	149	%	%	NOUN
ajfa-6489	299	150	level	level	NOUN
ajfa-6489	299	151	asian	asian	ADJ
ajfa-6489	299	152	journal	journal	NOUN
ajfa-6489	299	153	of	of	ADP
ajfa-6489	299	154	finance	finance	PROPN
ajfa-6489	299	155	&	&	CCONJ
ajfa-6489	299	156	accounting	accounting	PROPN
ajfa-6489	299	157	issn	issn	PROPN
ajfa-6489	299	158	1946	1946	NUM
ajfa-6489	299	159	-	-	PUNCT
ajfa-6489	299	160	052x	052x	NOUN
ajfa-6489	299	161	2015	2015	NUM
ajfa-6489	299	162	,	,	PUNCT
ajfa-6489	299	163	vol	vol	NOUN
ajfa-6489	299	164	.	.	PROPN
ajfa-6489	299	165	7	7	NUM
ajfa-6489	299	166	,	,	PUNCT
ajfa-6489	299	167	no	no	INTJ
ajfa-6489	299	168	.	.	NOUN
ajfa-6489	299	169	1	1	NUM
ajfa-6489	299	170	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6489	299	171	34	34	NUM
ajfa-6489	299	172	5.4	5.4	NUM
ajfa-6489	299	173	ols	ol	NOUN
ajfa-6489	299	174	regression	regression	NOUN
ajfa-6489	299	175	results	result	NOUN
ajfa-6489	299	176	for	for	ADP
ajfa-6489	299	177	performance	performance	NOUN
ajfa-6489	299	178	and	and	CCONJ
ajfa-6489	299	179	ownership	ownership	NOUN
ajfa-6489	299	180	identity	identity	NOUN
ajfa-6489	299	181	table10	table10	NOUN
ajfa-6489	299	182	reports	report	VERB
ajfa-6489	299	183	the	the	DET
ajfa-6489	299	184	ols	ol	NOUN
ajfa-6489	299	185	regression	regression	NOUN
ajfa-6489	299	186	results	result	NOUN
ajfa-6489	299	187	for	for	ADP
ajfa-6489	299	188	the	the	DET
ajfa-6489	299	189	performance	performance	NOUN
ajfa-6489	299	190	and	and	CCONJ
ajfa-6489	299	191	ownership	ownership	NOUN
ajfa-6489	299	192	identity	identity	NOUN
ajfa-6489	299	193	for	for	ADP
ajfa-6489	299	194	equation	equation	NOUN
ajfa-6489	299	195	2	2	NUM
ajfa-6489	299	196	.	.	PUNCT
ajfa-6489	300	1	the	the	DET
ajfa-6489	300	2	dependent	dependent	ADJ
ajfa-6489	300	3	variables	variable	NOUN
ajfa-6489	300	4	used	use	VERB
ajfa-6489	300	5	are	be	AUX
ajfa-6489	300	6	tobin	tobin	NOUN
ajfa-6489	300	7	’s	’s	PART
ajfa-6489	300	8	q	q	PROPN
ajfa-6489	300	9	and	and	CCONJ
ajfa-6489	300	10	roa	roa	PROPN
ajfa-6489	300	11	and	and	CCONJ
ajfa-6489	300	12	the	the	DET
ajfa-6489	300	13	independent	independent	ADJ
ajfa-6489	300	14	variables	variable	NOUN
ajfa-6489	300	15	include	include	VERB
ajfa-6489	300	16	four	four	NUM
ajfa-6489	300	17	owner	owner	NOUN
ajfa-6489	300	18	identity	identity	NOUN
ajfa-6489	300	19	variables	variable	NOUN
ajfa-6489	300	20	(	(	PUNCT
ajfa-6489	300	21	own	own	ADJ
ajfa-6489	300	22	)	)	PUNCT
ajfa-6489	300	23	,	,	PUNCT
ajfa-6489	300	24	that	that	ADV
ajfa-6489	300	25	is	is	ADV
ajfa-6489	300	26	,	,	PUNCT
ajfa-6489	300	27	institutional	institutional	ADJ
ajfa-6489	300	28	holding	holding	NOUN
ajfa-6489	300	29	(	(	PUNCT
ajfa-6489	300	30	ih	ih	NOUN
ajfa-6489	300	31	)	)	PUNCT
ajfa-6489	300	32	,	,	PUNCT
ajfa-6489	300	33	foreign	foreign	ADJ
ajfa-6489	300	34	holding	holding	NOUN
ajfa-6489	300	35	(	(	PUNCT
ajfa-6489	300	36	fh	fh	PROPN
ajfa-6489	300	37	)	)	PUNCT
ajfa-6489	300	38	,	,	PUNCT
ajfa-6489	300	39	employee	employee	NOUN
ajfa-6489	300	40	holding	holding	NOUN
ajfa-6489	300	41	(	(	PUNCT
ajfa-6489	300	42	eh	eh	INTJ
ajfa-6489	300	43	)	)	PUNCT
ajfa-6489	300	44	,	,	PUNCT
ajfa-6489	300	45	and	and	CCONJ
ajfa-6489	300	46	corporate	corporate	ADJ
ajfa-6489	300	47	holding	holding	NOUN
ajfa-6489	300	48	(	(	PUNCT
ajfa-6489	300	49	ch	ch	NOUN
ajfa-6489	300	50	)	)	PUNCT
ajfa-6489	300	51	.	.	PUNCT
ajfa-6489	301	1	table	table	NOUN
ajfa-6489	301	2	10	10	NUM
ajfa-6489	301	3	columns2	columns2	NOUN
ajfa-6489	301	4	to	to	ADP
ajfa-6489	301	5	3	3	NUM
ajfa-6489	301	6	report	report	VERB
ajfa-6489	301	7	the	the	DET
ajfa-6489	301	8	results	result	NOUN
ajfa-6489	301	9	of	of	ADP
ajfa-6489	301	10	tobin	tobin	NOUN
ajfa-6489	301	11	’s	’s	PART
ajfa-6489	301	12	q	q	NOUN
ajfa-6489	301	13	as	as	ADV
ajfa-6489	301	14	dependent	dependent	ADJ
ajfa-6489	301	15	as	as	ADP
ajfa-6489	301	16	the	the	DET
ajfa-6489	301	17	dependent	dependent	ADJ
ajfa-6489	301	18	variable	variable	NOUN
ajfa-6489	301	19	.	.	PUNCT
ajfa-6489	302	1	the	the	DET
ajfa-6489	302	2	coefficient	coefficient	NOUN
ajfa-6489	302	3	of	of	ADP
ajfa-6489	302	4	ih	ih	PROPN
ajfa-6489	302	5	is	be	AUX
ajfa-6489	302	6	positive	positive	ADJ
ajfa-6489	302	7	and	and	CCONJ
ajfa-6489	302	8	statistically	statistically	ADV
ajfa-6489	302	9	significant	significant	ADJ
ajfa-6489	302	10	at	at	ADP
ajfa-6489	302	11	5	5	NUM
ajfa-6489	302	12	%	%	NOUN
ajfa-6489	302	13	level	level	NOUN
ajfa-6489	302	14	,	,	PUNCT
ajfa-6489	302	15	indicates	indicate	VERB
ajfa-6489	302	16	that	that	SCONJ
ajfa-6489	302	17	holding	hold	VERB
ajfa-6489	302	18	by	by	ADP
ajfa-6489	302	19	institutional	institutional	ADJ
ajfa-6489	302	20	investors	investor	NOUN
ajfa-6489	302	21	leads	lead	VERB
ajfa-6489	302	22	to	to	ADP
ajfa-6489	302	23	an	an	DET
ajfa-6489	302	24	improved	improved	ADJ
ajfa-6489	302	25	financial	financial	ADJ
ajfa-6489	302	26	performance	performance	NOUN
ajfa-6489	302	27	measured	measure	VERB
ajfa-6489	302	28	by	by	ADP
ajfa-6489	302	29	tobin	tobin	PROPN
ajfa-6489	302	30	’s	’s	PART
ajfa-6489	302	31	q.	q.	PROPN
ajfa-6489	302	32	however	however	ADV
ajfa-6489	302	33	,	,	PUNCT
ajfa-6489	302	34	coefficients	coefficient	NOUN
ajfa-6489	302	35	of	of	ADP
ajfa-6489	302	36	eh	eh	INTJ
ajfa-6489	302	37	and	and	CCONJ
ajfa-6489	302	38	ch	ch	NOUN
ajfa-6489	302	39	are	be	AUX
ajfa-6489	302	40	negative	negative	ADJ
ajfa-6489	302	41	,	,	PUNCT
ajfa-6489	302	42	thus	thus	ADV
ajfa-6489	302	43	indicate	indicate	VERB
ajfa-6489	302	44	that	that	SCONJ
ajfa-6489	302	45	holding	hold	VERB
ajfa-6489	302	46	by	by	ADP
ajfa-6489	302	47	employees	employee	NOUN
ajfa-6489	302	48	and	and	CCONJ
ajfa-6489	302	49	corporate	corporate	ADJ
ajfa-6489	302	50	investors	investor	NOUN
ajfa-6489	302	51	leads	lead	VERB
ajfa-6489	302	52	to	to	ADP
ajfa-6489	302	53	negative	negative	ADJ
ajfa-6489	302	54	returns	return	NOUN
ajfa-6489	302	55	.	.	PUNCT
ajfa-6489	303	1	results	result	NOUN
ajfa-6489	303	2	for	for	ADP
ajfa-6489	303	3	the	the	DET
ajfa-6489	303	4	size	size	NOUN
ajfa-6489	303	5	,	,	PUNCT
ajfa-6489	303	6	time	time	NOUN
ajfa-6489	303	7	and	and	CCONJ
ajfa-6489	303	8	fmrisk	fmrisk	NOUN
ajfa-6489	303	9	are	be	AUX
ajfa-6489	303	10	similar	similar	ADJ
ajfa-6489	303	11	to	to	ADP
ajfa-6489	303	12	that	that	PRON
ajfa-6489	303	13	reported	report	VERB
ajfa-6489	303	14	in	in	ADP
ajfa-6489	303	15	table	table	NOUN
ajfa-6489	303	16	9	9	NUM
ajfa-6489	303	17	.	.	PUNCT
ajfa-6489	303	18	table	table	NOUN
ajfa-6489	303	19	10	10	NUM
ajfa-6489	303	20	columns	column	NOUN
ajfa-6489	303	21	4	4	NUM
ajfa-6489	303	22	and	and	CCONJ
ajfa-6489	303	23	5	5	NUM
ajfa-6489	303	24	report	report	VERB
ajfa-6489	303	25	the	the	DET
ajfa-6489	303	26	results	result	NOUN
ajfa-6489	303	27	of	of	ADP
ajfa-6489	303	28	roa	roa	NOUN
ajfa-6489	303	29	as	as	ADP
ajfa-6489	303	30	dependent	dependent	ADJ
ajfa-6489	303	31	variable	variable	NOUN
ajfa-6489	303	32	.	.	PUNCT
ajfa-6489	304	1	the	the	DET
ajfa-6489	304	2	coefficient	coefficient	NOUN
ajfa-6489	304	3	of	of	ADP
ajfa-6489	304	4	ih	ih	PROPN
ajfa-6489	304	5	is	be	AUX
ajfa-6489	304	6	negative	negative	ADJ
ajfa-6489	304	7	and	and	CCONJ
ajfa-6489	304	8	statistically	statistically	ADV
ajfa-6489	304	9	significant	significant	ADJ
ajfa-6489	304	10	at	at	ADP
ajfa-6489	304	11	5	5	NUM
ajfa-6489	304	12	%	%	NOUN
ajfa-6489	304	13	level	level	NOUN
ajfa-6489	304	14	;	;	PUNCT
ajfa-6489	304	15	indicate	indicate	VERB
ajfa-6489	304	16	that	that	SCONJ
ajfa-6489	304	17	institutional	institutional	ADJ
ajfa-6489	304	18	holding	holding	NOUN
ajfa-6489	304	19	has	have	VERB
ajfa-6489	304	20	a	a	DET
ajfa-6489	304	21	negative	negative	ADJ
ajfa-6489	304	22	effect	effect	NOUN
ajfa-6489	304	23	on	on	ADP
ajfa-6489	304	24	roa	roa	PROPN
ajfa-6489	304	25	.	.	PUNCT
ajfa-6489	305	1	the	the	DET
ajfa-6489	305	2	coefficient	coefficient	NOUN
ajfa-6489	305	3	of	of	ADP
ajfa-6489	305	4	ch	ch	NOUN
ajfa-6489	305	5	is	be	AUX
ajfa-6489	305	6	positive	positive	ADJ
ajfa-6489	305	7	and	and	CCONJ
ajfa-6489	305	8	statistically	statistically	ADV
ajfa-6489	305	9	significant	significant	ADJ
ajfa-6489	305	10	at	at	ADP
ajfa-6489	305	11	5	5	NUM
ajfa-6489	305	12	%	%	NOUN
ajfa-6489	305	13	level	level	NOUN
ajfa-6489	305	14	;	;	PUNCT
ajfa-6489	305	15	suggest	suggest	VERB
ajfa-6489	305	16	that	that	SCONJ
ajfa-6489	305	17	corporate	corporate	ADJ
ajfa-6489	305	18	investors	investor	NOUN
ajfa-6489	305	19	have	have	VERB
ajfa-6489	305	20	a	a	DET
ajfa-6489	305	21	positive	positive	ADJ
ajfa-6489	305	22	effect	effect	NOUN
ajfa-6489	305	23	on	on	ADP
ajfa-6489	305	24	accounting	accounting	NOUN
ajfa-6489	305	25	-	-	PUNCT
ajfa-6489	305	26	based	base	VERB
ajfa-6489	305	27	performance	performance	NOUN
ajfa-6489	305	28	.	.	PUNCT
ajfa-6489	306	1	in	in	ADP
ajfa-6489	306	2	summary	summary	NOUN
ajfa-6489	306	3	,	,	PUNCT
ajfa-6489	306	4	results	result	NOUN
ajfa-6489	306	5	show	show	VERB
ajfa-6489	306	6	that	that	SCONJ
ajfa-6489	306	7	higher	high	ADJ
ajfa-6489	306	8	institutional	institutional	ADJ
ajfa-6489	306	9	holding	holding	NOUN
ajfa-6489	306	10	increases	increase	NOUN
ajfa-6489	306	11	performance	performance	NOUN
ajfa-6489	306	12	measured	measure	VERB
ajfa-6489	306	13	by	by	ADP
ajfa-6489	306	14	tobin	tobin	PROPN
ajfa-6489	306	15	’s	’s	PART
ajfa-6489	306	16	q	q	NOUN
ajfa-6489	306	17	and	and	CCONJ
ajfa-6489	306	18	decreases	decrease	VERB
ajfa-6489	306	19	accounting	accounting	NOUN
ajfa-6489	306	20	-	-	PUNCT
ajfa-6489	306	21	based	base	VERB
ajfa-6489	306	22	performance	performance	NOUN
ajfa-6489	306	23	measured	measure	VERB
ajfa-6489	306	24	by	by	ADP
ajfa-6489	306	25	roa	roa	PROPN
ajfa-6489	306	26	.	.	PUNCT
ajfa-6489	307	1	the	the	DET
ajfa-6489	307	2	plausible	plausible	ADJ
ajfa-6489	307	3	reason	reason	NOUN
ajfa-6489	307	4	could	could	AUX
ajfa-6489	307	5	be	be	AUX
ajfa-6489	307	6	that	that	ADV
ajfa-6489	307	7	less	less	ADJ
ajfa-6489	307	8	“	"	PUNCT
ajfa-6489	307	9	involvement	involvement	NOUN
ajfa-6489	307	10	”	"	PUNCT
ajfa-6489	307	11	owners	owner	NOUN
ajfa-6489	307	12	have	have	VERB
ajfa-6489	307	13	less	less	ADJ
ajfa-6489	307	14	power	power	NOUN
ajfa-6489	307	15	and	and	CCONJ
ajfa-6489	307	16	have	have	VERB
ajfa-6489	307	17	less	less	ADJ
ajfa-6489	307	18	interest	interest	NOUN
ajfa-6489	307	19	in	in	ADP
ajfa-6489	307	20	controlling	control	VERB
ajfa-6489	307	21	decision	decision	NOUN
ajfa-6489	307	22	-	-	PUNCT
ajfa-6489	307	23	making	make	VERB
ajfa-6489	307	24	processes	process	NOUN
ajfa-6489	307	25	,	,	PUNCT
ajfa-6489	307	26	therefore	therefore	ADV
ajfa-6489	307	27	,	,	PUNCT
ajfa-6489	307	28	pay	pay	VERB
ajfa-6489	307	29	less	less	ADJ
ajfa-6489	307	30	attention	attention	NOUN
ajfa-6489	307	31	on	on	ADP
ajfa-6489	307	32	day	day	NOUN
ajfa-6489	307	33	-	-	PUNCT
ajfa-6489	307	34	to	to	ADP
ajfa-6489	307	35	-	-	PUNCT
ajfa-6489	307	36	day	day	NOUN
ajfa-6489	307	37	operations	operation	NOUN
ajfa-6489	307	38	of	of	ADP
ajfa-6489	307	39	the	the	DET
ajfa-6489	307	40	companies	company	NOUN
ajfa-6489	307	41	but	but	CCONJ
ajfa-6489	307	42	focus	focus	VERB
ajfa-6489	307	43	more	more	ADV
ajfa-6489	307	44	on	on	ADP
ajfa-6489	307	45	the	the	DET
ajfa-6489	307	46	long	long	ADJ
ajfa-6489	307	47	-	-	PUNCT
ajfa-6489	307	48	term	term	NOUN
ajfa-6489	307	49	growth	growth	NOUN
ajfa-6489	307	50	.	.	PUNCT
ajfa-6489	308	1	for	for	ADP
ajfa-6489	308	2	example	example	NOUN
ajfa-6489	308	3	,	,	PUNCT
ajfa-6489	308	4	institutional	institutional	ADJ
ajfa-6489	308	5	investors	investor	NOUN
ajfa-6489	308	6	focus	focus	VERB
ajfa-6489	308	7	on	on	ADP
ajfa-6489	308	8	the	the	DET
ajfa-6489	308	9	future	future	ADJ
ajfa-6489	308	10	returns	return	NOUN
ajfa-6489	308	11	or	or	CCONJ
ajfa-6489	308	12	long	long	ADJ
ajfa-6489	308	13	run	run	NOUN
ajfa-6489	308	14	returns	return	NOUN
ajfa-6489	308	15	which	which	PRON
ajfa-6489	308	16	is	be	AUX
ajfa-6489	308	17	reflected	reflect	VERB
ajfa-6489	308	18	by	by	ADP
ajfa-6489	308	19	tobin	tobin	PROPN
ajfa-6489	308	20	’s	’s	PART
ajfa-6489	308	21	q.	q.	PROPN
ajfa-6489	308	22	on	on	ADP
ajfa-6489	308	23	the	the	DET
ajfa-6489	308	24	other	other	ADJ
ajfa-6489	308	25	hand	hand	NOUN
ajfa-6489	308	26	,	,	PUNCT
ajfa-6489	308	27	corporate	corporate	ADJ
ajfa-6489	308	28	holding	holding	NOUN
ajfa-6489	308	29	has	have	VERB
ajfa-6489	308	30	a	a	DET
ajfa-6489	308	31	negative	negative	ADJ
ajfa-6489	308	32	effect	effect	NOUN
ajfa-6489	308	33	on	on	ADP
ajfa-6489	308	34	tobin	tobin	PROPN
ajfa-6489	308	35	’s	’s	PART
ajfa-6489	308	36	q	q	PROPN
ajfa-6489	308	37	but	but	CCONJ
ajfa-6489	308	38	a	a	DET
ajfa-6489	308	39	positive	positive	ADJ
ajfa-6489	308	40	effect	effect	NOUN
ajfa-6489	308	41	on	on	ADP
ajfa-6489	308	42	accounting	accounting	NOUN
ajfa-6489	308	43	-	-	PUNCT
ajfa-6489	308	44	based	base	VERB
ajfa-6489	308	45	measure	measure	NOUN
ajfa-6489	308	46	,	,	PUNCT
ajfa-6489	308	47	reflecting	reflect	VERB
ajfa-6489	308	48	corporate	corporate	ADJ
ajfa-6489	308	49	investors	investor	NOUN
ajfa-6489	308	50	’	’	PART
ajfa-6489	308	51	short	short	ADJ
ajfa-6489	308	52	term	term	NOUN
ajfa-6489	308	53	focus	focus	NOUN
ajfa-6489	308	54	.	.	PUNCT
ajfa-6489	309	1	table	table	NOUN
ajfa-6489	309	2	10	10	NUM
ajfa-6489	309	3	.	.	PUNCT
ajfa-6489	310	1	q	q	PUNCT
ajfa-6489	310	2	is	be	AUX
ajfa-6489	310	3	the	the	DET
ajfa-6489	310	4	proportion	proportion	NOUN
ajfa-6489	310	5	of	of	ADP
ajfa-6489	310	6	(	(	PUNCT
ajfa-6489	310	7	(	(	PUNCT
ajfa-6489	310	8	stock	stock	NOUN
ajfa-6489	310	9	price	price	NOUN
ajfa-6489	310	10	*	*	PUNCT
ajfa-6489	310	11	no	no	INTJ
ajfa-6489	310	12	.	.	PUNCT
ajfa-6489	311	1	of	of	ADP
ajfa-6489	311	2	share	share	NOUN
ajfa-6489	311	3	outstanding	outstanding	ADJ
ajfa-6489	311	4	)	)	PUNCT
ajfa-6489	312	1	+	+	CCONJ
ajfa-6489	312	2	l	l	X
ajfa-6489	312	3	/	/	SYM
ajfa-6489	312	4	t	t	NOUN
ajfa-6489	312	5	debt	debt	NOUN
ajfa-6489	312	6	+	+	CCONJ
ajfa-6489	312	7	s	s	PROPN
ajfa-6489	312	8	/	/	SYM
ajfa-6489	312	9	t	t	NOUN
ajfa-6489	312	10	debt	debt	NOUN
ajfa-6489	312	11	)	)	PUNCT
ajfa-6489	312	12	to	to	ADP
ajfa-6489	312	13	total	total	ADJ
ajfa-6489	312	14	assets	asset	NOUN
ajfa-6489	312	15	.	.	PUNCT
ajfa-6489	313	1	roa	roa	PROPN
ajfa-6489	313	2	is	be	AUX
ajfa-6489	313	3	the	the	DET
ajfa-6489	313	4	proportion	proportion	NOUN
ajfa-6489	313	5	of	of	ADP
ajfa-6489	313	6	net	net	ADJ
ajfa-6489	313	7	income	income	NOUN
ajfa-6489	313	8	to	to	ADP
ajfa-6489	313	9	total	total	ADJ
ajfa-6489	313	10	assets	asset	NOUN
ajfa-6489	313	11	.	.	PUNCT
ajfa-6489	314	1	time	time	NOUN
ajfa-6489	314	2	ranges	range	VERB
ajfa-6489	314	3	from	from	ADP
ajfa-6489	314	4	2003	2003	NUM
ajfa-6489	314	5	to	to	ADP
ajfa-6489	314	6	2009	2009	NUM
ajfa-6489	314	7	.	.	PUNCT
ajfa-6489	315	1	size	size	NOUN
ajfa-6489	315	2	is	be	AUX
ajfa-6489	315	3	the	the	DET
ajfa-6489	315	4	natural	natural	ADJ
ajfa-6489	315	5	logarithm	logarithm	NOUN
ajfa-6489	315	6	of	of	ADP
ajfa-6489	315	7	the	the	DET
ajfa-6489	315	8	total	total	ADJ
ajfa-6489	315	9	assets	asset	NOUN
ajfa-6489	315	10	.	.	PUNCT
ajfa-6489	316	1	lev	lev	NOUN
ajfa-6489	316	2	is	be	AUX
ajfa-6489	316	3	the	the	DET
ajfa-6489	316	4	ratio	ratio	NOUN
ajfa-6489	316	5	of	of	ADP
ajfa-6489	316	6	long	long	ADJ
ajfa-6489	316	7	term	term	NOUN
ajfa-6489	316	8	debt	debt	NOUN
ajfa-6489	316	9	to	to	ADP
ajfa-6489	316	10	total	total	ADJ
ajfa-6489	316	11	assets	asset	NOUN
ajfa-6489	316	12	.	.	PUNCT
ajfa-6489	317	1	fmrisk	fmrisk	NOUN
ajfa-6489	317	2	is	be	AUX
ajfa-6489	317	3	the	the	DET
ajfa-6489	317	4	standard	standard	ADJ
ajfa-6489	317	5	deviation	deviation	NOUN
ajfa-6489	317	6	of	of	ADP
ajfa-6489	317	7	the	the	DET
ajfa-6489	317	8	firm	firm	NOUN
ajfa-6489	317	9	’s	’s	PART
ajfa-6489	317	10	daily	daily	ADJ
ajfa-6489	317	11	stock	stock	NOUN
ajfa-6489	317	12	returns	return	NOUN
ajfa-6489	317	13	.	.	PUNCT
ajfa-6489	318	1	oprisk	oprisk	NOUN
ajfa-6489	318	2	is	be	AUX
ajfa-6489	318	3	the	the	DET
ajfa-6489	318	4	standard	standard	ADJ
ajfa-6489	318	5	deviation	deviation	NOUN
ajfa-6489	318	6	of	of	ADP
ajfa-6489	318	7	the	the	DET
ajfa-6489	318	8	firm	firm	NOUN
ajfa-6489	318	9	’s	’s	PART
ajfa-6489	318	10	past	past	ADJ
ajfa-6489	318	11	five	five	NUM
ajfa-6489	318	12	year	year	NOUN
ajfa-6489	318	13	roa	roa	PROPN
ajfa-6489	318	14	.	.	PROPN
ajfa-6489	319	1	mshare	mshare	PROPN
ajfa-6489	319	2	is	be	AUX
ajfa-6489	319	3	the	the	DET
ajfa-6489	319	4	proportion	proportion	NOUN
ajfa-6489	319	5	of	of	ADP
ajfa-6489	319	6	the	the	DET
ajfa-6489	319	7	firm	firm	NOUN
ajfa-6489	319	8	’s	’s	PART
ajfa-6489	319	9	revenue	revenue	NOUN
ajfa-6489	319	10	to	to	ADP
ajfa-6489	319	11	the	the	DET
ajfa-6489	319	12	total	total	ADJ
ajfa-6489	319	13	revenue	revenue	NOUN
ajfa-6489	319	14	of	of	ADP
ajfa-6489	319	15	the	the	DET
ajfa-6489	319	16	firms	firm	NOUN
ajfa-6489	319	17	’	'	PUNCT
ajfa-6489	319	18	in	in	ADP
ajfa-6489	319	19	the	the	DET
ajfa-6489	319	20	sector	sector	NOUN
ajfa-6489	319	21	.	.	PUNCT
ajfa-6489	320	1	ih	ih	PROPN
ajfa-6489	320	2	is	be	AUX
ajfa-6489	320	3	the	the	DET
ajfa-6489	320	4	proportion	proportion	NOUN
ajfa-6489	320	5	of	of	ADP
ajfa-6489	320	6	shares	share	NOUN
ajfa-6489	320	7	held	hold	VERB
ajfa-6489	320	8	by	by	ADP
ajfa-6489	320	9	institutional	institutional	ADJ
ajfa-6489	320	10	investors	investor	NOUN
ajfa-6489	320	11	,	,	PUNCT
ajfa-6489	320	12	fh	fh	PROPN
ajfa-6489	320	13	is	be	AUX
ajfa-6489	320	14	the	the	DET
ajfa-6489	320	15	proportion	proportion	NOUN
ajfa-6489	320	16	of	of	ADP
ajfa-6489	320	17	the	the	DET
ajfa-6489	320	18	shares	share	NOUN
ajfa-6489	320	19	held	hold	VERB
ajfa-6489	320	20	by	by	ADP
ajfa-6489	320	21	foreign	foreign	ADJ
ajfa-6489	320	22	investors	investor	NOUN
ajfa-6489	320	23	,	,	PUNCT
ajfa-6489	320	24	eh	eh	INTJ
ajfa-6489	320	25	is	be	AUX
ajfa-6489	320	26	the	the	DET
ajfa-6489	320	27	proportion	proportion	NOUN
ajfa-6489	320	28	of	of	ADP
ajfa-6489	320	29	the	the	DET
ajfa-6489	320	30	shares	share	NOUN
ajfa-6489	320	31	held	hold	VERB
ajfa-6489	320	32	by	by	ADP
ajfa-6489	320	33	employees	employee	NOUN
ajfa-6489	320	34	and	and	CCONJ
ajfa-6489	320	35	ch	ch	NOUN
ajfa-6489	320	36	is	be	AUX
ajfa-6489	320	37	the	the	DET
ajfa-6489	320	38	proportion	proportion	NOUN
ajfa-6489	320	39	of	of	ADP
ajfa-6489	320	40	the	the	DET
ajfa-6489	320	41	shares	share	NOUN
ajfa-6489	320	42	held	hold	VERB
ajfa-6489	320	43	by	by	ADP
ajfa-6489	320	44	corporates	corporate	NOUN
ajfa-6489	320	45	.	.	PUNCT
ajfa-6489	321	1	static	static	PROPN
ajfa-6489	321	2	model	model	NOUN
ajfa-6489	321	3	q	q	PROPN
ajfa-6489	321	4	roa	roa	PROPN
ajfa-6489	321	5	ols	ols	PROPN
ajfa-6489	321	6	fixed	fix	VERB
ajfa-6489	321	7	effects	effect	NOUN
ajfa-6489	321	8	ols	ol	NOUN
ajfa-6489	321	9	fixed	fix	VERB
ajfa-6489	321	10	effects	effect	NOUN
ajfa-6489	321	11	asian	asian	ADJ
ajfa-6489	321	12	journal	journal	NOUN
ajfa-6489	321	13	of	of	ADP
ajfa-6489	321	14	finance	finance	PROPN
ajfa-6489	321	15	&	&	CCONJ
ajfa-6489	321	16	accounting	accounting	PROPN
ajfa-6489	321	17	issn	issn	PROPN
ajfa-6489	321	18	1946	1946	NUM
ajfa-6489	321	19	-	-	PUNCT
ajfa-6489	321	20	052x	052x	NOUN
ajfa-6489	321	21	2015	2015	NUM
ajfa-6489	321	22	,	,	PUNCT
ajfa-6489	321	23	vol	vol	NOUN
ajfa-6489	321	24	.	.	PROPN
ajfa-6489	321	25	7	7	NUM
ajfa-6489	321	26	,	,	PUNCT
ajfa-6489	321	27	no	no	INTJ
ajfa-6489	321	28	.	.	NOUN
ajfa-6489	321	29	1	1	NUM
ajfa-6489	321	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	321	31	35	35	NUM
ajfa-6489	321	32	constant	constant	ADJ
ajfa-6489	321	33	2.00	2.00	NUM
ajfa-6489	321	34	*	*	PUNCT
ajfa-6489	321	35	*	*	PUNCT
ajfa-6489	321	36	*	*	PUNCT
ajfa-6489	321	37	(	(	PUNCT
ajfa-6489	321	38	8.73	8.73	NUM
ajfa-6489	321	39	)	)	PUNCT
ajfa-6489	321	40	2.09	2.09	NUM
ajfa-6489	321	41	*	*	PUNCT
ajfa-6489	321	42	*	*	PUNCT
ajfa-6489	321	43	*	*	PUNCT
ajfa-6489	321	44	(	(	PUNCT
ajfa-6489	321	45	5.86	5.86	NUM
ajfa-6489	321	46	)	)	PUNCT
ajfa-6489	321	47	-0.30	-0.30	PROPN
ajfa-6489	321	48	*	*	PUNCT
ajfa-6489	321	49	*	*	PUNCT
ajfa-6489	321	50	(	(	PUNCT
ajfa-6489	321	51	-2.34	-2.34	NUM
ajfa-6489	321	52	)	)	PUNCT
ajfa-6489	321	53	-0.30	-0.30	PROPN
ajfa-6489	321	54	*	*	PUNCT
ajfa-6489	321	55	*	*	PUNCT
ajfa-6489	321	56	(	(	PUNCT
ajfa-6489	321	57	-2.29	-2.29	NOUN
ajfa-6489	321	58	)	)	PUNCT
ajfa-6489	321	59	lev	lev	NOUN
ajfa-6489	321	60	0.24	0.24	NUM
ajfa-6489	321	61	(	(	PUNCT
ajfa-6489	321	62	1.64	1.64	NUM
ajfa-6489	321	63	)	)	PUNCT
ajfa-6489	321	64	0.44	0.44	NUM
ajfa-6489	321	65	*	*	PUNCT
ajfa-6489	321	66	*	*	PUNCT
ajfa-6489	321	67	(	(	PUNCT
ajfa-6489	321	68	2.68	2.68	NUM
ajfa-6489	321	69	)	)	PUNCT
ajfa-6489	321	70	-0.08	-0.08	NUM
ajfa-6489	321	71	(	(	PUNCT
ajfa-6489	321	72	-1.02	-1.02	X
ajfa-6489	321	73	)	)	PUNCT
ajfa-6489	321	74	-0.08	-0.08	NUM
ajfa-6489	321	75	(	(	PUNCT
ajfa-6489	321	76	-0.99	-0.99	NOUN
ajfa-6489	321	77	)	)	PUNCT
ajfa-6489	321	78	size	size	NOUN
ajfa-6489	321	79	-0.21	-0.21	NOUN
ajfa-6489	321	80	*	*	NOUN
ajfa-6489	321	81	*	*	PUNCT
ajfa-6489	321	82	*	*	PUNCT
ajfa-6489	321	83	(	(	PUNCT
ajfa-6489	321	84	-5.06	-5.06	NOUN
ajfa-6489	321	85	)	)	PUNCT
ajfa-6489	321	86	-0.24	-0.24	NOUN
ajfa-6489	321	87	*	*	PUNCT
ajfa-6489	321	88	*	*	PUNCT
ajfa-6489	321	89	*	*	PUNCT
ajfa-6489	321	90	(	(	PUNCT
ajfa-6489	321	91	-3.54	-3.54	NUM
ajfa-6489	321	92	)	)	PUNCT
ajfa-6489	321	93	0.06	0.06	NUM
ajfa-6489	321	94	*	*	PUNCT
ajfa-6489	321	95	*	*	PUNCT
ajfa-6489	321	96	(	(	PUNCT
ajfa-6489	321	97	2.64	2.64	NUM
ajfa-6489	321	98	)	)	PUNCT
ajfa-6489	321	99	0.06	0.06	NUM
ajfa-6489	321	100	*	*	PUNCT
ajfa-6489	321	101	*	*	PUNCT
ajfa-6489	321	102	(	(	PUNCT
ajfa-6489	321	103	2.57	2.57	NUM
ajfa-6489	321	104	)	)	PUNCT
ajfa-6489	321	105	fmrisk	fmrisk	NOUN
ajfa-6489	321	106	0.33	0.33	NUM
ajfa-6489	321	107	*	*	PUNCT
ajfa-6489	321	108	*	*	PUNCT
ajfa-6489	321	109	*	*	PUNCT
ajfa-6489	321	110	(	(	PUNCT
ajfa-6489	321	111	3.64	3.64	NUM
ajfa-6489	321	112	)	)	PUNCT
ajfa-6489	321	113	0.04	0.04	NUM
ajfa-6489	321	114	(	(	PUNCT
ajfa-6489	321	115	0.50	0.50	NUM
ajfa-6489	321	116	)	)	PUNCT
ajfa-6489	321	117	0.08	0.08	NUM
ajfa-6489	321	118	(	(	PUNCT
ajfa-6489	321	119	1.49	1.49	NUM
ajfa-6489	321	120	)	)	PUNCT
ajfa-6489	321	121	0.07	0.07	NUM
ajfa-6489	321	122	(	(	PUNCT
ajfa-6489	321	123	1.40	1.40	NUM
ajfa-6489	321	124	)	)	PUNCT
ajfa-6489	321	125	oprisk	oprisk	NOUN
ajfa-6489	321	126	-0.20	-0.20	NOUN
ajfa-6489	321	127	(	(	PUNCT
ajfa-6489	321	128	-1.60	-1.60	NUM
ajfa-6489	321	129	)	)	PUNCT
ajfa-6489	321	130	-0.05	-0.05	NOUN
ajfa-6489	321	131	(	(	PUNCT
ajfa-6489	321	132	-0.27	-0.27	ADJ
ajfa-6489	321	133	)	)	PUNCT
ajfa-6489	321	134	-0.74	-0.74	NOUN
ajfa-6489	321	135	*	*	NOUN
ajfa-6489	321	136	*	*	PUNCT
ajfa-6489	321	137	*	*	PUNCT
ajfa-6489	321	138	(	(	PUNCT
ajfa-6489	321	139	-10.49	-10.49	NOUN
ajfa-6489	321	140	)	)	PUNCT
ajfa-6489	321	141	-0.74	-0.74	NOUN
ajfa-6489	321	142	*	*	NOUN
ajfa-6489	321	143	*	*	PUNCT
ajfa-6489	321	144	*	*	PUNCT
ajfa-6489	321	145	(	(	PUNCT
ajfa-6489	321	146	-10.30	-10.30	NOUN
ajfa-6489	321	147	)	)	PUNCT
ajfa-6489	321	148	mshare	mshare	NOUN
ajfa-6489	321	149	7.56	7.56	NUM
ajfa-6489	321	150	(	(	PUNCT
ajfa-6489	321	151	0.93	0.93	NUM
ajfa-6489	321	152	)	)	PUNCT
ajfa-6489	321	153	9.11	9.11	NUM
ajfa-6489	321	154	(	(	PUNCT
ajfa-6489	321	155	0.87	0.87	NUM
ajfa-6489	321	156	)	)	PUNCT
ajfa-6489	321	157	-3.32	-3.32	NOUN
ajfa-6489	321	158	(	(	PUNCT
ajfa-6489	321	159	-0.740	-0.740	NOUN
ajfa-6489	321	160	-3.62	-3.62	X
ajfa-6489	321	161	(	(	PUNCT
ajfa-6489	321	162	-0.77	-0.77	NOUN
ajfa-6489	321	163	)	)	PUNCT
ajfa-6489	321	164	ih	ih	NOUN
ajfa-6489	321	165	1.16	1.16	NUM
ajfa-6489	321	166	*	*	PUNCT
ajfa-6489	321	167	*	*	PUNCT
ajfa-6489	321	168	(	(	PUNCT
ajfa-6489	321	169	2.27	2.27	NUM
ajfa-6489	321	170	)	)	PUNCT
ajfa-6489	321	171	0.71†	0.71†	NOUN
ajfa-6489	321	172	(	(	PUNCT
ajfa-6489	321	173	1.85	1.85	NUM
ajfa-6489	321	174	-0.59	-0.59	NUM
ajfa-6489	321	175	*	*	NOUN
ajfa-6489	321	176	*	*	PUNCT
ajfa-6489	321	177	(	(	PUNCT
ajfa-6489	321	178	-1.98	-1.98	ADJ
ajfa-6489	321	179	)	)	PUNCT
ajfa-6489	321	180	-0.16†	-0.16†	PROPN
ajfa-6489	321	181	(	(	PUNCT
ajfa-6489	321	182	-1.90	-1.90	NOUN
ajfa-6489	321	183	)	)	PUNCT
ajfa-6489	321	184	fh	fh	NOUN
ajfa-6489	322	1	0.01	0.01	NUM
ajfa-6489	322	2	(	(	PUNCT
ajfa-6489	322	3	-0.03	-0.03	NOUN
ajfa-6489	322	4	)	)	PUNCT
ajfa-6489	322	5	0.12	0.12	NUM
ajfa-6489	322	6	(	(	PUNCT
ajfa-6489	322	7	0.38	0.38	NUM
ajfa-6489	322	8	)	)	PUNCT
ajfa-6489	322	9	0.09	0.09	NUM
ajfa-6489	322	10	(	(	PUNCT
ajfa-6489	322	11	0.55	0.55	NUM
ajfa-6489	322	12	)	)	PUNCT
ajfa-6489	322	13	0.11	0.11	NUM
ajfa-6489	322	14	(	(	PUNCT
ajfa-6489	322	15	0.63	0.63	NUM
ajfa-6489	322	16	)	)	PUNCT
ajfa-6489	322	17	eh	eh	INTJ
ajfa-6489	322	18	-0.40	-0.40	NOUN
ajfa-6489	322	19	*	*	NOUN
ajfa-6489	322	20	*	*	PUNCT
ajfa-6489	322	21	(	(	PUNCT
ajfa-6489	322	22	-2.29	-2.29	NOUN
ajfa-6489	322	23	)	)	PUNCT
ajfa-6489	322	24	-0.14	-0.14	NOUN
ajfa-6489	322	25	(	(	PUNCT
ajfa-6489	322	26	-0.72	-0.72	NUM
ajfa-6489	322	27	)	)	PUNCT
ajfa-6489	322	28	0.03	0.03	NUM
ajfa-6489	322	29	(	(	PUNCT
ajfa-6489	322	30	0.32	0.32	NUM
ajfa-6489	322	31	)	)	PUNCT
ajfa-6489	322	32	0.04	0.04	NUM
ajfa-6489	322	33	(	(	PUNCT
ajfa-6489	322	34	0.37	0.37	NUM
ajfa-6489	322	35	)	)	PUNCT
ajfa-6489	322	36	ch	ch	NOUN
ajfa-6489	322	37	-1.64†	-1.64†	PROPN
ajfa-6489	322	38	(	(	PUNCT
ajfa-6489	322	39	-1.71	-1.71	PROPN
ajfa-6489	322	40	)	)	PUNCT
ajfa-6489	322	41	-0.17	-0.17	PROPN
ajfa-6489	322	42	(	(	PUNCT
ajfa-6489	322	43	-0.86	-0.86	INTJ
ajfa-6489	322	44	)	)	PUNCT
ajfa-6489	322	45	0.27	0.27	NUM
ajfa-6489	322	46	*	*	PUNCT
ajfa-6489	322	47	*	*	PUNCT
ajfa-6489	322	48	(	(	PUNCT
ajfa-6489	322	49	2.29	2.29	NUM
ajfa-6489	322	50	)	)	PUNCT
ajfa-6489	322	51	0.26	0.26	NUM
ajfa-6489	322	52	*	*	PUNCT
ajfa-6489	322	53	*	*	PUNCT
ajfa-6489	322	54	(	(	PUNCT
ajfa-6489	322	55	2.20	2.20	NUM
ajfa-6489	322	56	)	)	PUNCT
ajfa-6489	322	57	f	f	PROPN
ajfa-6489	322	58	stats	stat	NOUN
ajfa-6489	322	59	(	(	PUNCT
ajfa-6489	322	60	p	p	NOUN
ajfa-6489	322	61	-	-	PUNCT
ajfa-6489	322	62	value	value	NOUN
ajfa-6489	322	63	)	)	PUNCT
ajfa-6489	322	64	5.01	5.01	NUM
ajfa-6489	322	65	*	*	PUNCT
ajfa-6489	322	66	*	*	PUNCT
ajfa-6489	322	67	*	*	PUNCT
ajfa-6489	322	68	(	(	PUNCT
ajfa-6489	322	69	0.000	0.000	NUM
ajfa-6489	322	70	)	)	PUNCT
ajfa-6489	322	71	6.76	6.76	NUM
ajfa-6489	322	72	*	*	PUNCT
ajfa-6489	322	73	*	*	PUNCT
ajfa-6489	322	74	*	*	PUNCT
ajfa-6489	322	75	(	(	PUNCT
ajfa-6489	322	76	0.000	0.000	NUM
ajfa-6489	322	77	)	)	PUNCT
ajfa-6489	322	78	14.03	14.03	NUM
ajfa-6489	322	79	*	*	PUNCT
ajfa-6489	322	80	*	*	PUNCT
ajfa-6489	322	81	*	*	PUNCT
ajfa-6489	322	82	(	(	PUNCT
ajfa-6489	322	83	0.000	0.000	NUM
ajfa-6489	322	84	)	)	PUNCT
ajfa-6489	322	85	19.00	19.00	NUM
ajfa-6489	322	86	(	(	PUNCT
ajfa-6489	322	87	0.000	0.000	NUM
ajfa-6489	322	88	)	)	PUNCT
ajfa-6489	322	89	r2	r2	PROPN
ajfa-6489	322	90	adj	adj	PROPN
ajfa-6489	322	91	.	.	PROPN
ajfa-6489	322	92	r2	r2	PROPN
ajfa-6489	322	93	0.22	0.22	NUM
ajfa-6489	322	94	(	(	PUNCT
ajfa-6489	322	95	0.18	0.18	NUM
ajfa-6489	322	96	)	)	PUNCT
ajfa-6489	322	97	0.31	0.31	NUM
ajfa-6489	322	98	(	(	PUNCT
ajfa-6489	322	99	0.05	0.05	NUM
ajfa-6489	322	100	)	)	PUNCT
ajfa-6489	322	101	0.44	0.44	NUM
ajfa-6489	322	102	(	(	PUNCT
ajfa-6489	322	103	0.42	0.42	NUM
ajfa-6489	322	104	)	)	PUNCT
ajfa-6489	322	105	0.16	0.16	NUM
ajfa-6489	322	106	(	(	PUNCT
ajfa-6489	322	107	0.44	0.44	NUM
ajfa-6489	322	108	)	)	PUNCT
ajfa-6489	322	109	n	n	CCONJ
ajfa-6489	322	110	280	280	NUM
ajfa-6489	322	111	t	t	NOUN
ajfa-6489	322	112	statistics	statistic	NOUN
ajfa-6489	322	113	in	in	ADP
ajfa-6489	322	114	parenthesis	parenthesis	NOUN
ajfa-6489	322	115	,	,	PUNCT
ajfa-6489	322	116	†	†	PROPN
ajfa-6489	322	117	denote	denote	NOUN
ajfa-6489	322	118	significance	significance	NOUN
ajfa-6489	322	119	at	at	ADP
ajfa-6489	322	120	the	the	DET
ajfa-6489	322	121	10	10	NUM
ajfa-6489	322	122	%	%	NOUN
ajfa-6489	322	123	level	level	NOUN
ajfa-6489	322	124	,	,	PUNCT
ajfa-6489	322	125	*	*	PUNCT
ajfa-6489	322	126	*	*	NOUN
ajfa-6489	322	127	denote	denote	NOUN
ajfa-6489	322	128	significance	significance	NOUN
ajfa-6489	322	129	at	at	ADP
ajfa-6489	322	130	5	5	NUM
ajfa-6489	322	131	%	%	NOUN
ajfa-6489	322	132	level	level	NOUN
ajfa-6489	322	133	,	,	PUNCT
ajfa-6489	322	134	*	*	PUNCT
ajfa-6489	322	135	*	*	PUNCT
ajfa-6489	322	136	*	*	PUNCT
ajfa-6489	322	137	denote	denote	NOUN
ajfa-6489	322	138	significance	significance	NOUN
ajfa-6489	322	139	at	at	ADP
ajfa-6489	322	140	1	1	NUM
ajfa-6489	322	141	%	%	NOUN
ajfa-6489	322	142	level	level	NOUN
ajfa-6489	322	143	asian	asian	ADJ
ajfa-6489	322	144	journal	journal	NOUN
ajfa-6489	322	145	of	of	ADP
ajfa-6489	322	146	finance	finance	PROPN
ajfa-6489	322	147	&	&	CCONJ
ajfa-6489	322	148	accounting	accounting	PROPN
ajfa-6489	322	149	issn	issn	PROPN
ajfa-6489	322	150	1946	1946	NUM
ajfa-6489	322	151	-	-	PUNCT
ajfa-6489	322	152	052x	052x	NOUN
ajfa-6489	322	153	2015	2015	NUM
ajfa-6489	322	154	,	,	PUNCT
ajfa-6489	322	155	vol	vol	NOUN
ajfa-6489	322	156	.	.	PROPN
ajfa-6489	322	157	7	7	NUM
ajfa-6489	322	158	,	,	PUNCT
ajfa-6489	322	159	no	no	INTJ
ajfa-6489	322	160	.	.	NOUN
ajfa-6489	322	161	1	1	NUM
ajfa-6489	322	162	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6489	322	163	36	36	NUM
ajfa-6489	322	164	5.5	5.5	NUM
ajfa-6489	322	165	ols	ol	NOUN
ajfa-6489	322	166	regression	regression	NOUN
ajfa-6489	322	167	results	result	NOUN
ajfa-6489	322	168	for	for	ADP
ajfa-6489	322	169	performance	performance	NOUN
ajfa-6489	322	170	and	and	CCONJ
ajfa-6489	322	171	ownership	ownership	NOUN
ajfa-6489	322	172	identity	identity	NOUN
ajfa-6489	322	173	during	during	ADP
ajfa-6489	322	174	financial	financial	ADJ
ajfa-6489	322	175	crisis	crisis	NOUN
ajfa-6489	322	176	tables	table	NOUN
ajfa-6489	322	177	11	11	NUM
ajfa-6489	322	178	,	,	PUNCT
ajfa-6489	322	179	columns	column	NOUN
ajfa-6489	322	180	2	2	NUM
ajfa-6489	322	181	to	to	ADP
ajfa-6489	322	182	9report	9report	NUM
ajfa-6489	322	183	the	the	DET
ajfa-6489	322	184	ols	ol	NOUN
ajfa-6489	322	185	regression	regression	NOUN
ajfa-6489	322	186	results	result	NOUN
ajfa-6489	322	187	for	for	ADP
ajfa-6489	322	188	equation	equation	NOUN
ajfa-6489	322	189	3	3	NUM
ajfa-6489	322	190	using	use	VERB
ajfa-6489	322	191	tobin’sq	tobin’sq	PRON
ajfa-6489	322	192	as	as	ADP
ajfa-6489	322	193	dependent	dependent	ADJ
ajfa-6489	322	194	variable	variable	NOUN
ajfa-6489	322	195	and	and	CCONJ
ajfa-6489	322	196	ownership	ownership	NOUN
ajfa-6489	322	197	identity	identity	NOUN
ajfa-6489	322	198	(	(	PUNCT
ajfa-6489	322	199	own	own	ADJ
ajfa-6489	322	200	)	)	PUNCT
ajfa-6489	322	201	in	in	ADP
ajfa-6489	322	202	different	different	ADJ
ajfa-6489	322	203	time	time	NOUN
ajfa-6489	322	204	period	period	NOUN
ajfa-6489	322	205	as	as	ADP
ajfa-6489	322	206	the	the	DET
ajfa-6489	322	207	independent	independent	ADJ
ajfa-6489	322	208	variable	variable	NOUN
ajfa-6489	322	209	,	,	PUNCT
ajfa-6489	322	210	that	that	ADV
ajfa-6489	322	211	is	is	ADV
ajfa-6489	322	212	,	,	PUNCT
ajfa-6489	322	213	before	before	ADP
ajfa-6489	322	214	or	or	CCONJ
ajfa-6489	322	215	after	after	ADP
ajfa-6489	322	216	financial	financial	ADJ
ajfa-6489	322	217	crisis	crisis	NOUN
ajfa-6489	322	218	.	.	PUNCT
ajfa-6489	323	1	in	in	ADP
ajfa-6489	323	2	columns	column	NOUN
ajfa-6489	323	3	2	2	NUM
ajfa-6489	323	4	to	to	PART
ajfa-6489	323	5	5	5	NUM
ajfa-6489	323	6	in	in	ADP
ajfa-6489	323	7	table	table	NOUN
ajfa-6489	323	8	11	11	NUM
ajfa-6489	323	9	,	,	PUNCT
ajfa-6489	323	10	coefficients	coefficient	NOUN
ajfa-6489	323	11	of	of	ADP
ajfa-6489	323	12	two	two	NUM
ajfa-6489	323	13	ownership	ownership	NOUN
ajfa-6489	323	14	identity	identity	NOUN
ajfa-6489	323	15	variables	variable	NOUN
ajfa-6489	323	16	ih	ih	PRON
ajfa-6489	323	17	and	and	CCONJ
ajfa-6489	323	18	fh	fh	PROPN
ajfa-6489	323	19	are	be	AUX
ajfa-6489	323	20	positive	positive	ADJ
ajfa-6489	323	21	and	and	CCONJ
ajfa-6489	323	22	statistically	statistically	ADV
ajfa-6489	323	23	significant	significant	ADJ
ajfa-6489	323	24	at	at	ADP
ajfa-6489	323	25	5	5	NUM
ajfa-6489	323	26	%	%	NOUN
ajfa-6489	323	27	levels	level	NOUN
ajfa-6489	323	28	,	,	PUNCT
ajfa-6489	323	29	respectively	respectively	ADV
ajfa-6489	323	30	.	.	PUNCT
ajfa-6489	324	1	this	this	DET
ajfa-6489	324	2	result	result	NOUN
ajfa-6489	324	3	indicates	indicate	VERB
ajfa-6489	324	4	that	that	SCONJ
ajfa-6489	324	5	in	in	ADP
ajfa-6489	324	6	post	post	VERB
ajfa-6489	324	7	financial	financial	ADJ
ajfa-6489	324	8	crisis	crisis	NOUN
ajfa-6489	324	9	period	period	NOUN
ajfa-6489	324	10	both	both	CCONJ
ajfa-6489	324	11	institutional	institutional	ADJ
ajfa-6489	324	12	and	and	CCONJ
ajfa-6489	324	13	foreign	foreign	ADJ
ajfa-6489	324	14	holding	holding	NOUN
ajfa-6489	324	15	resulted	result	VERB
ajfa-6489	324	16	in	in	ADP
ajfa-6489	324	17	positive	positive	ADJ
ajfa-6489	324	18	performance	performance	NOUN
ajfa-6489	324	19	.	.	PUNCT
ajfa-6489	325	1	however	however	ADV
ajfa-6489	325	2	,	,	PUNCT
ajfa-6489	325	3	the	the	DET
ajfa-6489	325	4	coefficient	coefficient	NOUN
ajfa-6489	325	5	of	of	ADP
ajfa-6489	325	6	ch	ch	NOUN
ajfa-6489	325	7	is	be	AUX
ajfa-6489	325	8	negative	negative	ADJ
ajfa-6489	325	9	and	and	CCONJ
ajfa-6489	325	10	is	be	AUX
ajfa-6489	325	11	statistically	statistically	ADV
ajfa-6489	325	12	significant	significant	ADJ
ajfa-6489	325	13	at	at	ADP
ajfa-6489	325	14	5	5	NUM
ajfa-6489	325	15	%	%	NOUN
ajfa-6489	325	16	level	level	NOUN
ajfa-6489	325	17	indicate	indicate	VERB
ajfa-6489	325	18	that	that	SCONJ
ajfa-6489	325	19	corporate	corporate	ADJ
ajfa-6489	325	20	holding	holding	NOUN
ajfa-6489	325	21	has	have	VERB
ajfa-6489	325	22	a	a	DET
ajfa-6489	325	23	negative	negative	ADJ
ajfa-6489	325	24	effect	effect	NOUN
ajfa-6489	325	25	on	on	ADP
ajfa-6489	325	26	the	the	DET
ajfa-6489	325	27	financial	financial	ADJ
ajfa-6489	325	28	performance	performance	NOUN
ajfa-6489	325	29	measured	measure	VERB
ajfa-6489	325	30	by	by	ADP
ajfa-6489	325	31	tobin	tobin	PROPN
ajfa-6489	325	32	’s	’s	PART
ajfa-6489	325	33	q.	q.	PROPN
ajfa-6489	325	34	in	in	ADP
ajfa-6489	325	35	columns	column	NOUN
ajfa-6489	325	36	6	6	NUM
ajfa-6489	325	37	to	to	PART
ajfa-6489	325	38	9	9	NUM
ajfa-6489	325	39	in	in	ADP
ajfa-6489	325	40	table	table	NOUN
ajfa-6489	325	41	11	11	NUM
ajfa-6489	325	42	,	,	PUNCT
ajfa-6489	325	43	coefficient	coefficient	NOUN
ajfa-6489	325	44	of	of	ADP
ajfa-6489	325	45	ih	ih	PROPN
ajfa-6489	325	46	is	be	AUX
ajfa-6489	325	47	positive	positive	ADJ
ajfa-6489	325	48	and	and	CCONJ
ajfa-6489	325	49	statistically	statistically	ADV
ajfa-6489	325	50	significant	significant	ADJ
ajfa-6489	325	51	at	at	ADP
ajfa-6489	325	52	a	a	DET
ajfa-6489	325	53	5	5	NUM
ajfa-6489	325	54	%	%	NOUN
ajfa-6489	325	55	level	level	NOUN
ajfa-6489	325	56	,	,	PUNCT
ajfa-6489	325	57	indicate	indicate	VERB
ajfa-6489	325	58	that	that	SCONJ
ajfa-6489	325	59	institutional	institutional	ADJ
ajfa-6489	325	60	holders	holder	NOUN
ajfa-6489	325	61	invested	invest	VERB
ajfa-6489	325	62	in	in	ADP
ajfa-6489	325	63	larger	large	ADJ
ajfa-6489	325	64	companies	company	NOUN
ajfa-6489	325	65	that	that	PRON
ajfa-6489	325	66	could	could	AUX
ajfa-6489	325	67	sustain	sustain	VERB
ajfa-6489	325	68	short	short	ADJ
ajfa-6489	325	69	-	-	PUNCT
ajfa-6489	325	70	term	term	NOUN
ajfa-6489	325	71	shocks	shock	NOUN
ajfa-6489	325	72	such	such	ADJ
ajfa-6489	325	73	as	as	ADP
ajfa-6489	325	74	those	those	PRON
ajfa-6489	325	75	arising	arise	VERB
ajfa-6489	325	76	from	from	ADP
ajfa-6489	325	77	the	the	DET
ajfa-6489	325	78	global	global	ADJ
ajfa-6489	325	79	financial	financial	ADJ
ajfa-6489	325	80	crisis	crisis	NOUN
ajfa-6489	325	81	.	.	PUNCT
ajfa-6489	326	1	results	result	NOUN
ajfa-6489	326	2	suggest	suggest	VERB
ajfa-6489	326	3	that	that	SCONJ
ajfa-6489	326	4	their	their	PRON
ajfa-6489	326	5	less	less	ADJ
ajfa-6489	326	6	“	"	PUNCT
ajfa-6489	326	7	involved	involve	VERB
ajfa-6489	326	8	”	"	PUNCT
ajfa-6489	326	9	holdings	holding	NOUN
ajfa-6489	326	10	had	have	VERB
ajfa-6489	326	11	a	a	DET
ajfa-6489	326	12	positive	positive	ADJ
ajfa-6489	326	13	performance	performance	NOUN
ajfa-6489	326	14	measured	measure	VERB
ajfa-6489	326	15	by	by	ADP
ajfa-6489	326	16	tobin	tobin	PROPN
ajfa-6489	326	17	’s	’s	PART
ajfa-6489	326	18	q.	q.	PROPN
ajfa-6489	326	19	on	on	ADP
ajfa-6489	326	20	the	the	DET
ajfa-6489	326	21	other	other	ADJ
ajfa-6489	326	22	hand	hand	NOUN
ajfa-6489	326	23	,	,	PUNCT
ajfa-6489	326	24	the	the	DET
ajfa-6489	326	25	results	result	NOUN
ajfa-6489	326	26	suggest	suggest	VERB
ajfa-6489	326	27	that	that	SCONJ
ajfa-6489	326	28	more	more	ADJ
ajfa-6489	326	29	“	"	PUNCT
ajfa-6489	326	30	involved	involve	VERB
ajfa-6489	326	31	”	"	PUNCT
ajfa-6489	326	32	investors	investor	NOUN
ajfa-6489	326	33	(	(	PUNCT
ajfa-6489	326	34	employee	employee	NOUN
ajfa-6489	326	35	corporate	corporate	NOUN
ajfa-6489	326	36	)	)	PUNCT
ajfa-6489	326	37	who	who	PRON
ajfa-6489	326	38	tend	tend	VERB
ajfa-6489	326	39	to	to	PART
ajfa-6489	326	40	pay	pay	VERB
ajfa-6489	326	41	much	much	ADJ
ajfa-6489	326	42	attention	attention	NOUN
ajfa-6489	326	43	to	to	ADP
ajfa-6489	326	44	short	short	ADJ
ajfa-6489	326	45	-	-	PUNCT
ajfa-6489	326	46	term	term	NOUN
ajfa-6489	326	47	performance	performance	NOUN
ajfa-6489	326	48	but	but	CCONJ
ajfa-6489	326	49	did	do	VERB
ajfa-6489	326	50	not	not	PART
ajfa-6489	326	51	due	due	ADP
ajfa-6489	326	52	to	to	ADP
ajfa-6489	326	53	the	the	DET
ajfa-6489	326	54	crisis	crisis	NOUN
ajfa-6489	326	55	and	and	CCONJ
ajfa-6489	326	56	therefore	therefore	ADV
ajfa-6489	326	57	,	,	PUNCT
ajfa-6489	326	58	experienced	experience	VERB
ajfa-6489	326	59	more	more	ADJ
ajfa-6489	326	60	negative	negative	ADJ
ajfa-6489	326	61	performance	performance	NOUN
ajfa-6489	326	62	.	.	PUNCT
ajfa-6489	327	1	the	the	DET
ajfa-6489	327	2	results	result	NOUN
ajfa-6489	327	3	reported	report	VERB
ajfa-6489	327	4	in	in	ADP
ajfa-6489	327	5	table	table	NOUN
ajfa-6489	327	6	11	11	NUM
ajfa-6489	327	7	show	show	VERB
ajfa-6489	327	8	that	that	SCONJ
ajfa-6489	327	9	during	during	ADP
ajfa-6489	327	10	the	the	DET
ajfa-6489	327	11	financial	financial	ADJ
ajfa-6489	327	12	crisis	crisis	NOUN
ajfa-6489	327	13	the	the	DET
ajfa-6489	327	14	effects	effect	NOUN
ajfa-6489	327	15	of	of	ADP
ajfa-6489	327	16	ownership	ownership	NOUN
ajfa-6489	327	17	identity	identity	NOUN
ajfa-6489	327	18	on	on	ADP
ajfa-6489	327	19	performance	performance	NOUN
ajfa-6489	327	20	declined	decline	VERB
ajfa-6489	327	21	and	and	CCONJ
ajfa-6489	327	22	all	all	DET
ajfa-6489	327	23	different	different	ADJ
ajfa-6489	327	24	types	type	NOUN
ajfa-6489	327	25	of	of	ADP
ajfa-6489	327	26	shareholders	shareholder	NOUN
ajfa-6489	327	27	reduced	reduce	VERB
ajfa-6489	327	28	their	their	PRON
ajfa-6489	327	29	shareholding	shareholding	NOUN
ajfa-6489	327	30	proportion	proportion	NOUN
ajfa-6489	327	31	and	and	CCONJ
ajfa-6489	327	32	therefore	therefore	ADV
ajfa-6489	327	33	,	,	PUNCT
ajfa-6489	327	34	lost	lose	VERB
ajfa-6489	327	35	some	some	DET
ajfa-6489	327	36	power	power	NOUN
ajfa-6489	327	37	of	of	ADP
ajfa-6489	327	38	control	control	NOUN
ajfa-6489	327	39	.	.	PUNCT
ajfa-6489	328	1	asian	asian	ADJ
ajfa-6489	328	2	journal	journal	PROPN
ajfa-6489	328	3	of	of	ADP
ajfa-6489	328	4	finance	finance	PROPN
ajfa-6489	328	5	&	&	CCONJ
ajfa-6489	328	6	accounting	accounting	PROPN
ajfa-6489	328	7	issn	issn	PROPN
ajfa-6489	328	8	1946	1946	NUM
ajfa-6489	328	9	-	-	PUNCT
ajfa-6489	328	10	052x	052x	NOUN
ajfa-6489	328	11	2015	2015	NUM
ajfa-6489	328	12	,	,	PUNCT
ajfa-6489	328	13	vol	vol	NOUN
ajfa-6489	328	14	.	.	PROPN
ajfa-6489	328	15	7	7	NUM
ajfa-6489	328	16	,	,	PUNCT
ajfa-6489	328	17	no	no	INTJ
ajfa-6489	328	18	.	.	NOUN
ajfa-6489	328	19	1	1	NUM
ajfa-6489	328	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	328	21	37	37	NUM
ajfa-6489	328	22	table	table	NOUN
ajfa-6489	328	23	11	11	NUM
ajfa-6489	328	24	.	.	PUNCT
ajfa-6489	329	1	q	q	PUNCT
ajfa-6489	329	2	is	be	AUX
ajfa-6489	329	3	the	the	DET
ajfa-6489	329	4	proportion	proportion	NOUN
ajfa-6489	329	5	of	of	ADP
ajfa-6489	329	6	(	(	PUNCT
ajfa-6489	329	7	(	(	PUNCT
ajfa-6489	329	8	stock	stock	NOUN
ajfa-6489	329	9	price	price	NOUN
ajfa-6489	329	10	*	*	PUNCT
ajfa-6489	329	11	no	no	INTJ
ajfa-6489	329	12	.	.	PUNCT
ajfa-6489	330	1	of	of	ADP
ajfa-6489	330	2	share	share	NOUN
ajfa-6489	330	3	outstanding	outstanding	ADJ
ajfa-6489	330	4	)	)	PUNCT
ajfa-6489	331	1	+	+	CCONJ
ajfa-6489	331	2	l	l	X
ajfa-6489	331	3	/	/	SYM
ajfa-6489	331	4	t	t	NOUN
ajfa-6489	331	5	debt	debt	NOUN
ajfa-6489	331	6	+	+	CCONJ
ajfa-6489	331	7	s	s	PROPN
ajfa-6489	331	8	/	/	SYM
ajfa-6489	331	9	t	t	NOUN
ajfa-6489	331	10	debt	debt	NOUN
ajfa-6489	331	11	)	)	PUNCT
ajfa-6489	331	12	to	to	ADP
ajfa-6489	331	13	total	total	ADJ
ajfa-6489	331	14	assets	asset	NOUN
ajfa-6489	331	15	.	.	PUNCT
ajfa-6489	332	1	roa	roa	PROPN
ajfa-6489	332	2	is	be	AUX
ajfa-6489	332	3	the	the	DET
ajfa-6489	332	4	proportion	proportion	NOUN
ajfa-6489	332	5	of	of	ADP
ajfa-6489	332	6	net	net	ADJ
ajfa-6489	332	7	income	income	NOUN
ajfa-6489	332	8	to	to	ADP
ajfa-6489	332	9	total	total	ADJ
ajfa-6489	332	10	assets	asset	NOUN
ajfa-6489	332	11	.	.	PUNCT
ajfa-6489	333	1	time	time	NOUN
ajfa-6489	333	2	ranges	range	VERB
ajfa-6489	333	3	from	from	ADP
ajfa-6489	333	4	2003	2003	NUM
ajfa-6489	333	5	to	to	ADP
ajfa-6489	333	6	2009	2009	NUM
ajfa-6489	333	7	.	.	PUNCT
ajfa-6489	334	1	size	size	NOUN
ajfa-6489	334	2	is	be	AUX
ajfa-6489	334	3	the	the	DET
ajfa-6489	334	4	natural	natural	ADJ
ajfa-6489	334	5	logarithm	logarithm	NOUN
ajfa-6489	334	6	of	of	ADP
ajfa-6489	334	7	the	the	DET
ajfa-6489	334	8	total	total	ADJ
ajfa-6489	334	9	assets	asset	NOUN
ajfa-6489	334	10	.	.	PUNCT
ajfa-6489	335	1	lev	lev	NOUN
ajfa-6489	335	2	is	be	AUX
ajfa-6489	335	3	the	the	DET
ajfa-6489	335	4	ratio	ratio	NOUN
ajfa-6489	335	5	of	of	ADP
ajfa-6489	335	6	long	long	ADJ
ajfa-6489	335	7	term	term	NOUN
ajfa-6489	335	8	debt	debt	NOUN
ajfa-6489	335	9	to	to	ADP
ajfa-6489	335	10	total	total	ADJ
ajfa-6489	335	11	assets	asset	NOUN
ajfa-6489	335	12	.	.	PUNCT
ajfa-6489	336	1	fmrisk	fmrisk	NOUN
ajfa-6489	336	2	is	be	AUX
ajfa-6489	336	3	the	the	DET
ajfa-6489	336	4	standard	standard	ADJ
ajfa-6489	336	5	deviation	deviation	NOUN
ajfa-6489	336	6	of	of	ADP
ajfa-6489	336	7	the	the	DET
ajfa-6489	336	8	firm	firm	NOUN
ajfa-6489	336	9	’s	’s	PART
ajfa-6489	336	10	daily	daily	ADJ
ajfa-6489	336	11	stock	stock	NOUN
ajfa-6489	336	12	returns	return	NOUN
ajfa-6489	336	13	.	.	PUNCT
ajfa-6489	337	1	oprisk	oprisk	NOUN
ajfa-6489	337	2	is	be	AUX
ajfa-6489	337	3	the	the	DET
ajfa-6489	337	4	standard	standard	ADJ
ajfa-6489	337	5	deviation	deviation	NOUN
ajfa-6489	337	6	of	of	ADP
ajfa-6489	337	7	the	the	DET
ajfa-6489	337	8	firm	firm	NOUN
ajfa-6489	337	9	’s	’s	PART
ajfa-6489	337	10	past	past	ADJ
ajfa-6489	337	11	five	five	NUM
ajfa-6489	337	12	year	year	NOUN
ajfa-6489	337	13	roa	roa	PROPN
ajfa-6489	337	14	.	.	PUNCT
ajfa-6489	338	1	mhare	mhare	VERB
ajfa-6489	338	2	is	be	AUX
ajfa-6489	338	3	the	the	DET
ajfa-6489	338	4	proportion	proportion	NOUN
ajfa-6489	338	5	of	of	ADP
ajfa-6489	338	6	the	the	DET
ajfa-6489	338	7	firm	firm	NOUN
ajfa-6489	338	8	’s	’s	PART
ajfa-6489	338	9	revenue	revenue	NOUN
ajfa-6489	338	10	to	to	ADP
ajfa-6489	338	11	the	the	DET
ajfa-6489	338	12	total	total	ADJ
ajfa-6489	338	13	revenue	revenue	NOUN
ajfa-6489	338	14	of	of	ADP
ajfa-6489	338	15	the	the	DET
ajfa-6489	338	16	firms	firm	NOUN
ajfa-6489	338	17	’	'	PUNCT
ajfa-6489	338	18	in	in	ADP
ajfa-6489	338	19	the	the	DET
ajfa-6489	338	20	sector	sector	NOUN
ajfa-6489	338	21	.	.	PUNCT
ajfa-6489	339	1	ih	ih	PROPN
ajfa-6489	339	2	is	be	AUX
ajfa-6489	339	3	the	the	DET
ajfa-6489	339	4	proportion	proportion	NOUN
ajfa-6489	339	5	of	of	ADP
ajfa-6489	339	6	shares	share	NOUN
ajfa-6489	339	7	held	hold	VERB
ajfa-6489	339	8	by	by	ADP
ajfa-6489	339	9	institutional	institutional	ADJ
ajfa-6489	339	10	investors	investor	NOUN
ajfa-6489	339	11	,	,	PUNCT
ajfa-6489	339	12	fh	fh	PROPN
ajfa-6489	339	13	is	be	AUX
ajfa-6489	339	14	the	the	DET
ajfa-6489	339	15	proportion	proportion	NOUN
ajfa-6489	339	16	of	of	ADP
ajfa-6489	339	17	the	the	DET
ajfa-6489	339	18	shares	share	NOUN
ajfa-6489	339	19	held	hold	VERB
ajfa-6489	339	20	by	by	ADP
ajfa-6489	339	21	foreign	foreign	ADJ
ajfa-6489	339	22	investors	investor	NOUN
ajfa-6489	339	23	,	,	PUNCT
ajfa-6489	339	24	eh	eh	INTJ
ajfa-6489	339	25	is	be	AUX
ajfa-6489	339	26	the	the	DET
ajfa-6489	339	27	proportion	proportion	NOUN
ajfa-6489	339	28	of	of	ADP
ajfa-6489	339	29	the	the	DET
ajfa-6489	339	30	shares	share	NOUN
ajfa-6489	339	31	held	hold	VERB
ajfa-6489	339	32	by	by	ADP
ajfa-6489	339	33	employees	employee	NOUN
ajfa-6489	339	34	and	and	CCONJ
ajfa-6489	339	35	ch	ch	NOUN
ajfa-6489	339	36	is	be	AUX
ajfa-6489	339	37	the	the	DET
ajfa-6489	339	38	proportion	proportion	NOUN
ajfa-6489	339	39	of	of	ADP
ajfa-6489	339	40	the	the	DET
ajfa-6489	339	41	shares	share	NOUN
ajfa-6489	339	42	held	hold	VERB
ajfa-6489	339	43	by	by	ADP
ajfa-6489	339	44	corporates	corporate	NOUN
ajfa-6489	339	45	.	.	PUNCT
ajfa-6489	340	1	2003	2003	NUM
ajfa-6489	340	2	2006	2006	NUM
ajfa-6489	340	3	2007	2007	NUM
ajfa-6489	340	4	2009	2009	NUM
ajfa-6489	340	5	q	q	NOUN
ajfa-6489	341	1	q	q	X
ajfa-6489	341	2	q	q	X
ajfa-6489	341	3	q	q	X
ajfa-6489	341	4	q	q	X
ajfa-6489	341	5	q	q	X
ajfa-6489	341	6	q	q	X
ajfa-6489	341	7	q	q	X
ajfa-6489	341	8	constant	constant	ADJ
ajfa-6489	341	9	4.14	4.14	NUM
ajfa-6489	341	10	*	*	PUNCT
ajfa-6489	341	11	*	*	PUNCT
ajfa-6489	341	12	*	*	PUNCT
ajfa-6489	341	13	(	(	PUNCT
ajfa-6489	341	14	4.73	4.73	NUM
ajfa-6489	341	15	)	)	PUNCT
ajfa-6489	341	16	3.88	3.88	NUM
ajfa-6489	341	17	*	*	PUNCT
ajfa-6489	341	18	*	*	PUNCT
ajfa-6489	341	19	*	*	PUNCT
ajfa-6489	341	20	(	(	PUNCT
ajfa-6489	341	21	4.39	4.39	NUM
ajfa-6489	341	22	)	)	PUNCT
ajfa-6489	341	23	4.08	4.08	NUM
ajfa-6489	341	24	*	*	PUNCT
ajfa-6489	341	25	*	*	PUNCT
ajfa-6489	341	26	*	*	PUNCT
ajfa-6489	341	27	(	(	PUNCT
ajfa-6489	341	28	0.000	0.000	NUM
ajfa-6489	341	29	)	)	PUNCT
ajfa-6489	341	30	4.07	4.07	NUM
ajfa-6489	341	31	*	*	PUNCT
ajfa-6489	341	32	*	*	PUNCT
ajfa-6489	341	33	*	*	PUNCT
ajfa-6489	341	34	(	(	PUNCT
ajfa-6489	341	35	4.63	4.63	NUM
ajfa-6489	341	36	)	)	PUNCT
ajfa-6489	341	37	5.21	5.21	NUM
ajfa-6489	341	38	*	*	PUNCT
ajfa-6489	341	39	*	*	PUNCT
ajfa-6489	341	40	*	*	PUNCT
ajfa-6489	341	41	(	(	PUNCT
ajfa-6489	341	42	6.16	6.16	NUM
ajfa-6489	341	43	)	)	PUNCT
ajfa-6489	341	44	4.86	4.86	NUM
ajfa-6489	341	45	*	*	PUNCT
ajfa-6489	341	46	*	*	PUNCT
ajfa-6489	341	47	*	*	PUNCT
ajfa-6489	341	48	(	(	PUNCT
ajfa-6489	341	49	5.72	5.72	NUM
ajfa-6489	341	50	)	)	PUNCT
ajfa-6489	341	51	5.10	5.10	NUM
ajfa-6489	341	52	*	*	PUNCT
ajfa-6489	341	53	*	*	PUNCT
ajfa-6489	341	54	*	*	PUNCT
ajfa-6489	341	55	(	(	PUNCT
ajfa-6489	341	56	5.89	5.89	NUM
ajfa-6489	341	57	)	)	PUNCT
ajfa-6489	341	58	5.07	5.07	NUM
ajfa-6489	341	59	*	*	PUNCT
ajfa-6489	341	60	*	*	PUNCT
ajfa-6489	341	61	*	*	PUNCT
ajfa-6489	341	62	(	(	PUNCT
ajfa-6489	341	63	5.99	5.99	NUM
ajfa-6489	341	64	)	)	PUNCT
ajfa-6489	341	65	lev	lev	NOUN
ajfa-6489	341	66	0.18	0.18	NUM
ajfa-6489	341	67	(	(	PUNCT
ajfa-6489	341	68	0.26	0.26	NUM
ajfa-6489	341	69	0.20	0.20	NUM
ajfa-6489	341	70	(	(	PUNCT
ajfa-6489	341	71	0.29	0.29	NUM
ajfa-6489	341	72	)	)	PUNCT
ajfa-6489	341	73	0.38	0.38	NUM
ajfa-6489	341	74	(	(	PUNCT
ajfa-6489	341	75	0.54	0.54	NUM
ajfa-6489	341	76	)	)	PUNCT
ajfa-6489	341	77	0.16	0.16	NUM
ajfa-6489	341	78	(	(	PUNCT
ajfa-6489	341	79	0.23	0.23	NUM
ajfa-6489	341	80	)	)	PUNCT
ajfa-6489	341	81	0.18	0.18	NUM
ajfa-6489	341	82	(	(	PUNCT
ajfa-6489	341	83	0.26	0.26	NUM
ajfa-6489	341	84	)	)	PUNCT
ajfa-6489	341	85	0.20	0.20	NUM
ajfa-6489	341	86	(	(	PUNCT
ajfa-6489	341	87	0.29	0.29	NUM
ajfa-6489	341	88	)	)	PUNCT
ajfa-6489	341	89	0.38	0.38	NUM
ajfa-6489	341	90	(	(	PUNCT
ajfa-6489	341	91	0.54	0.54	NUM
ajfa-6489	341	92	)	)	PUNCT
ajfa-6489	341	93	0.16	0.16	NUM
ajfa-6489	341	94	(	(	PUNCT
ajfa-6489	341	95	0.23	0.23	NUM
ajfa-6489	341	96	)	)	PUNCT
ajfa-6489	341	97	size	size	NOUN
ajfa-6489	341	98	-0.62	-0.62	NOUN
ajfa-6489	341	99	*	*	NOUN
ajfa-6489	341	100	*	*	PUNCT
ajfa-6489	341	101	*	*	PUNCT
ajfa-6489	341	102	(	(	PUNCT
ajfa-6489	341	103	-3.60	-3.60	NOUN
ajfa-6489	341	104	)	)	PUNCT
ajfa-6489	341	105	-0.56	-0.56	NOUN
ajfa-6489	341	106	*	*	PUNCT
ajfa-6489	341	107	*	*	PUNCT
ajfa-6489	341	108	*	*	PUNCT
ajfa-6489	341	109	(	(	PUNCT
ajfa-6489	341	110	-3.22	-3.22	NOUN
ajfa-6489	341	111	)	)	PUNCT
ajfa-6489	341	112	-0.59	-0.59	NOUN
ajfa-6489	341	113	*	*	PUNCT
ajfa-6489	341	114	*	*	PUNCT
ajfa-6489	341	115	*	*	PUNCT
ajfa-6489	341	116	(	(	PUNCT
ajfa-6489	341	117	-3.38	-3.38	NUM
ajfa-6489	341	118	)	)	PUNCT
ajfa-6489	341	119	-0.56	-0.56	NOUN
ajfa-6489	341	120	*	*	PUNCT
ajfa-6489	341	121	*	*	PUNCT
ajfa-6489	341	122	*	*	PUNCT
ajfa-6489	341	123	(	(	PUNCT
ajfa-6489	341	124	-3.28	-3.28	NOUN
ajfa-6489	341	125	)	)	PUNCT
ajfa-6489	341	126	-0.63	-0.63	NOUN
ajfa-6489	341	127	*	*	PUNCT
ajfa-6489	341	128	*	*	PUNCT
ajfa-6489	341	129	*	*	PUNCT
ajfa-6489	341	130	(	(	PUNCT
ajfa-6489	341	131	-3.60	-3.60	NOUN
ajfa-6489	341	132	)	)	PUNCT
ajfa-6489	341	133	-0.56	-0.56	NOUN
ajfa-6489	341	134	*	*	PUNCT
ajfa-6489	341	135	*	*	PUNCT
ajfa-6489	341	136	*	*	PUNCT
ajfa-6489	341	137	(	(	PUNCT
ajfa-6489	341	138	-3.22	-3.22	NOUN
ajfa-6489	341	139	)	)	PUNCT
ajfa-6489	341	140	-0.59	-0.59	NOUN
ajfa-6489	341	141	*	*	PUNCT
ajfa-6489	341	142	*	*	PUNCT
ajfa-6489	341	143	*	*	PUNCT
ajfa-6489	341	144	(	(	PUNCT
ajfa-6489	341	145	-3.38	-3.38	NUM
ajfa-6489	341	146	)	)	PUNCT
ajfa-6489	341	147	-0.56	-0.56	NOUN
ajfa-6489	341	148	*	*	PUNCT
ajfa-6489	341	149	*	*	PUNCT
ajfa-6489	341	150	*	*	PUNCT
ajfa-6489	341	151	(	(	PUNCT
ajfa-6489	341	152	-3.28	-3.28	NOUN
ajfa-6489	341	153	)	)	PUNCT
ajfa-6489	341	154	fmrisk	fmrisk	NOUN
ajfa-6489	341	155	1.24	1.24	NUM
ajfa-6489	341	156	*	*	PUNCT
ajfa-6489	341	157	*	*	PUNCT
ajfa-6489	341	158	(	(	PUNCT
ajfa-6489	341	159	2.97	2.97	NUM
ajfa-6489	341	160	)	)	PUNCT
ajfa-6489	341	161	1.36	1.36	NUM
ajfa-6489	341	162	*	*	PUNCT
ajfa-6489	341	163	*	*	PUNCT
ajfa-6489	341	164	*	*	PUNCT
ajfa-6489	341	165	(	(	PUNCT
ajfa-6489	341	166	3.26	3.26	NUM
ajfa-6489	341	167	)	)	PUNCT
ajfa-6489	341	168	1.33	1.33	NUM
ajfa-6489	341	169	*	*	PUNCT
ajfa-6489	341	170	*	*	PUNCT
ajfa-6489	341	171	*	*	PUNCT
ajfa-6489	341	172	(	(	PUNCT
ajfa-6489	341	173	3.20	3.20	NUM
ajfa-6489	341	174	)	)	PUNCT
ajfa-6489	341	175	1.35	1.35	NUM
ajfa-6489	341	176	*	*	PUNCT
ajfa-6489	341	177	*	*	PUNCT
ajfa-6489	341	178	*	*	PUNCT
ajfa-6489	341	179	(	(	PUNCT
ajfa-6489	341	180	3.26	3.26	NUM
ajfa-6489	341	181	)	)	PUNCT
ajfa-6489	341	182	1.24	1.24	NUM
ajfa-6489	341	183	*	*	PUNCT
ajfa-6489	341	184	*	*	PUNCT
ajfa-6489	341	185	(	(	PUNCT
ajfa-6489	341	186	2.97	2.97	NUM
ajfa-6489	341	187	)	)	PUNCT
ajfa-6489	341	188	1.36	1.36	NUM
ajfa-6489	341	189	*	*	PUNCT
ajfa-6489	341	190	*	*	PUNCT
ajfa-6489	341	191	*	*	PUNCT
ajfa-6489	341	192	(	(	PUNCT
ajfa-6489	341	193	3.26	3.26	NUM
ajfa-6489	341	194	)	)	PUNCT
ajfa-6489	341	195	1.34	1.34	NUM
ajfa-6489	341	196	*	*	PUNCT
ajfa-6489	341	197	*	*	PUNCT
ajfa-6489	341	198	*	*	PUNCT
ajfa-6489	341	199	(	(	PUNCT
ajfa-6489	341	200	3.20	3.20	NUM
ajfa-6489	341	201	)	)	PUNCT
ajfa-6489	341	202	1.36	1.36	NUM
ajfa-6489	341	203	*	*	PUNCT
ajfa-6489	341	204	*	*	PUNCT
ajfa-6489	341	205	*	*	PUNCT
ajfa-6489	341	206	(	(	PUNCT
ajfa-6489	341	207	3.26	3.26	NUM
ajfa-6489	341	208	)	)	PUNCT
ajfa-6489	341	209	oprisk	oprisk	NOUN
ajfa-6489	341	210	-0.23†	-0.23†	PROPN
ajfa-6489	341	211	(	(	PUNCT
ajfa-6489	341	212	-1.87	-1.87	PROPN
ajfa-6489	341	213	)	)	PUNCT
ajfa-6489	341	214	-0.19	-0.19	NOUN
ajfa-6489	341	215	(	(	PUNCT
ajfa-6489	341	216	-1.51	-1.51	X
ajfa-6489	341	217	)	)	PUNCT
ajfa-6489	341	218	-0.18	-0.18	NOUN
ajfa-6489	341	219	(	(	PUNCT
ajfa-6489	341	220	-1.45	-1.45	NOUN
ajfa-6489	341	221	)	)	PUNCT
ajfa-6489	341	222	-0.18	-0.18	NUM
ajfa-6489	341	223	(	(	PUNCT
ajfa-6489	341	224	-1.43	-1.43	NOUN
ajfa-6489	341	225	)	)	PUNCT
ajfa-6489	341	226	-0.32	-0.32	NOUN
ajfa-6489	341	227	(	(	PUNCT
ajfa-6489	341	228	-1.64	-1.64	NUM
ajfa-6489	341	229	)	)	PUNCT
ajfa-6489	341	230	-0.14	-0.14	NOUN
ajfa-6489	341	231	(	(	PUNCT
ajfa-6489	341	232	-1.23	-1.23	NOUN
ajfa-6489	341	233	)	)	PUNCT
ajfa-6489	341	234	-0.34	-0.34	NOUN
ajfa-6489	341	235	(	(	PUNCT
ajfa-6489	341	236	-1.56	-1.56	NUM
ajfa-6489	341	237	)	)	PUNCT
ajfa-6489	341	238	-0.15	-0.15	NOUN
ajfa-6489	341	239	(	(	PUNCT
ajfa-6489	341	240	-1.05	-1.05	NOUN
ajfa-6489	341	241	)	)	PUNCT
ajfa-6489	341	242	mshare	mshare	NOUN
ajfa-6489	341	243	4.34	4.34	NUM
ajfa-6489	341	244	(	(	PUNCT
ajfa-6489	341	245	0.85	0.85	NUM
ajfa-6489	341	246	)	)	PUNCT
ajfa-6489	341	247	5.20	5.20	NUM
ajfa-6489	341	248	(	(	PUNCT
ajfa-6489	341	249	1.39	1.39	NUM
ajfa-6489	341	250	)	)	PUNCT
ajfa-6489	341	251	2.49	2.49	NUM
ajfa-6489	341	252	(	(	PUNCT
ajfa-6489	341	253	1.58	1.58	NUM
ajfa-6489	341	254	)	)	PUNCT
ajfa-6489	341	255	1.55	1.55	NUM
ajfa-6489	341	256	(	(	PUNCT
ajfa-6489	341	257	1.44	1.44	NUM
ajfa-6489	341	258	)	)	PUNCT
ajfa-6489	341	259	3.23	3.23	NUM
ajfa-6489	341	260	(	(	PUNCT
ajfa-6489	341	261	0.76	0.76	NUM
ajfa-6489	341	262	)	)	PUNCT
ajfa-6489	341	263	4.34	4.34	NUM
ajfa-6489	341	264	(	(	PUNCT
ajfa-6489	341	265	1.40	1.40	NUM
ajfa-6489	341	266	)	)	PUNCT
ajfa-6489	341	267	3.23	3.23	NUM
ajfa-6489	341	268	(	(	PUNCT
ajfa-6489	341	269	0.98	0.98	NUM
ajfa-6489	341	270	)	)	PUNCT
ajfa-6489	341	271	3.34	3.34	NUM
ajfa-6489	341	272	(	(	PUNCT
ajfa-6489	341	273	1.01	1.01	NUM
ajfa-6489	341	274	)	)	PUNCT
ajfa-6489	341	275	ih	ih	NOUN
ajfa-6489	341	276	5.17	5.17	NUM
ajfa-6489	341	277	*	*	PUNCT
ajfa-6489	341	278	*	*	PUNCT
ajfa-6489	341	279	*	*	PUNCT
ajfa-6489	341	280	(	(	PUNCT
ajfa-6489	341	281	2.41	2.41	NUM
ajfa-6489	341	282	)	)	PUNCT
ajfa-6489	341	283	5.15	5.15	NUM
ajfa-6489	341	284	*	*	PUNCT
ajfa-6489	341	285	*	*	PUNCT
ajfa-6489	341	286	*	*	PUNCT
ajfa-6489	341	287	(	(	PUNCT
ajfa-6489	341	288	2.41	2.41	NUM
ajfa-6489	341	289	)	)	PUNCT
ajfa-6489	341	290	fh	fh	PROPN
ajfa-6489	341	291	0.92	0.92	NUM
ajfa-6489	341	292	*	*	NOUN
ajfa-6489	341	293	*	*	PUNCT
ajfa-6489	341	294	(	(	PUNCT
ajfa-6489	341	295	2.09	2.09	NUM
ajfa-6489	341	296	)	)	PUNCT
ajfa-6489	341	297	0.68	0.68	NUM
ajfa-6489	341	298	(	(	PUNCT
ajfa-6489	341	299	0.53	0.53	NUM
ajfa-6489	341	300	)	)	PUNCT
ajfa-6489	341	301	eh	eh	INTJ
ajfa-6489	341	302	-0.81	-0.81	INTJ
ajfa-6489	341	303	(	(	PUNCT
ajfa-6489	341	304	-1.03	-1.03	X
ajfa-6489	341	305	)	)	PUNCT
ajfa-6489	341	306	-1.63	-1.63	NOUN
ajfa-6489	341	307	(	(	PUNCT
ajfa-6489	341	308	-1.61	-1.61	ADJ
ajfa-6489	341	309	)	)	PUNCT
ajfa-6489	341	310	ch	ch	NOUN
ajfa-6489	341	311	-2.59	-2.59	NOUN
ajfa-6489	341	312	*	*	NOUN
ajfa-6489	341	313	*	*	PUNCT
ajfa-6489	341	314	(	(	PUNCT
ajfa-6489	341	315	-1.76	-1.76	NUM
ajfa-6489	341	316	)	)	PUNCT
ajfa-6489	341	317	0.20	0.20	NUM
ajfa-6489	341	318	(	(	PUNCT
ajfa-6489	341	319	1.06	1.06	NUM
ajfa-6489	341	320	)	)	PUNCT
ajfa-6489	341	321	f	f	PROPN
ajfa-6489	341	322	stats	stat	NOUN
ajfa-6489	341	323	(	(	PUNCT
ajfa-6489	341	324	p	p	NOUN
ajfa-6489	341	325	-	-	PUNCT
ajfa-6489	341	326	value	value	NOUN
ajfa-6489	341	327	)	)	PUNCT
ajfa-6489	341	328	7.36	7.36	NUM
ajfa-6489	341	329	*	*	PUNCT
ajfa-6489	341	330	*	*	PUNCT
ajfa-6489	341	331	*	*	PUNCT
ajfa-6489	341	332	(	(	PUNCT
ajfa-6489	341	333	0.000	0.000	NUM
ajfa-6489	341	334	)	)	PUNCT
ajfa-6489	341	335	6.14	6.14	NUM
ajfa-6489	341	336	*	*	PUNCT
ajfa-6489	341	337	*	*	PUNCT
ajfa-6489	341	338	*	*	PUNCT
ajfa-6489	341	339	(	(	PUNCT
ajfa-6489	341	340	0.000	0.000	NUM
ajfa-6489	341	341	)	)	PUNCT
ajfa-6489	341	342	6.31	6.31	NUM
ajfa-6489	341	343	*	*	PUNCT
ajfa-6489	341	344	*	*	PUNCT
ajfa-6489	341	345	*	*	PUNCT
ajfa-6489	341	346	(	(	PUNCT
ajfa-6489	341	347	0.000	0.000	NUM
ajfa-6489	341	348	)	)	PUNCT
ajfa-6489	341	349	6.72	6.72	NUM
ajfa-6489	341	350	*	*	PUNCT
ajfa-6489	341	351	*	*	PUNCT
ajfa-6489	341	352	*	*	PUNCT
ajfa-6489	341	353	(	(	PUNCT
ajfa-6489	341	354	0.000	0.000	NUM
ajfa-6489	341	355	)	)	PUNCT
ajfa-6489	341	356	7.36	7.36	NUM
ajfa-6489	341	357	*	*	PUNCT
ajfa-6489	341	358	*	*	PUNCT
ajfa-6489	341	359	*	*	PUNCT
ajfa-6489	341	360	(	(	PUNCT
ajfa-6489	341	361	0.000	0.000	NUM
ajfa-6489	341	362	)	)	PUNCT
ajfa-6489	341	363	6.14	6.14	NUM
ajfa-6489	341	364	*	*	PUNCT
ajfa-6489	341	365	*	*	PUNCT
ajfa-6489	341	366	*	*	PUNCT
ajfa-6489	341	367	(	(	PUNCT
ajfa-6489	341	368	0.000	0.000	NUM
ajfa-6489	341	369	)	)	PUNCT
ajfa-6489	341	370	6.31	6.31	NUM
ajfa-6489	341	371	*	*	PUNCT
ajfa-6489	341	372	*	*	PUNCT
ajfa-6489	341	373	*	*	PUNCT
ajfa-6489	341	374	(	(	PUNCT
ajfa-6489	341	375	0.000	0.000	NUM
ajfa-6489	341	376	)	)	PUNCT
ajfa-6489	341	377	6.72	6.72	NUM
ajfa-6489	341	378	*	*	PUNCT
ajfa-6489	341	379	*	*	PUNCT
ajfa-6489	341	380	*	*	PUNCT
ajfa-6489	341	381	(	(	PUNCT
ajfa-6489	341	382	0.000	0.000	NUM
ajfa-6489	341	383	)	)	PUNCT
ajfa-6489	341	384	r2	r2	PROPN
ajfa-6489	341	385	adj	adj	PROPN
ajfa-6489	341	386	.	.	PROPN
ajfa-6489	341	387	r2	r2	PROPN
ajfa-6489	341	388	0.12	0.12	NUM
ajfa-6489	341	389	(	(	PUNCT
ajfa-6489	341	390	0.10	0.10	NUM
ajfa-6489	341	391	)	)	PUNCT
ajfa-6489	341	392	0.10	0.10	NUM
ajfa-6489	341	393	(	(	PUNCT
ajfa-6489	341	394	0.08	0.08	NUM
ajfa-6489	341	395	)	)	PUNCT
ajfa-6489	341	396	0.10	0.10	NUM
ajfa-6489	341	397	(	(	PUNCT
ajfa-6489	341	398	0.09	0.09	NUM
ajfa-6489	341	399	)	)	PUNCT
ajfa-6489	341	400	0.11	0.11	NUM
ajfa-6489	341	401	(	(	PUNCT
ajfa-6489	341	402	0.09	0.09	NUM
ajfa-6489	341	403	)	)	PUNCT
ajfa-6489	341	404	0.12	0.12	NUM
ajfa-6489	341	405	(	(	PUNCT
ajfa-6489	341	406	0.10	0.10	NUM
ajfa-6489	341	407	)	)	PUNCT
ajfa-6489	341	408	0.12	0.12	NUM
ajfa-6489	341	409	(	(	PUNCT
ajfa-6489	341	410	0.08	0.08	NUM
ajfa-6489	341	411	)	)	PUNCT
ajfa-6489	341	412	0.11	0.11	NUM
ajfa-6489	341	413	(	(	PUNCT
ajfa-6489	341	414	0.09	0.09	NUM
ajfa-6489	341	415	)	)	PUNCT
ajfa-6489	341	416	0.11	0.11	NUM
ajfa-6489	341	417	(	(	PUNCT
ajfa-6489	341	418	0.09	0.09	NUM
ajfa-6489	341	419	)	)	PUNCT
ajfa-6489	341	420	n	n	PRON
ajfa-6489	341	421	121	121	NUM
ajfa-6489	341	422	159	159	NUM
ajfa-6489	341	423	asian	asian	ADJ
ajfa-6489	341	424	journal	journal	NOUN
ajfa-6489	341	425	of	of	ADP
ajfa-6489	341	426	finance	finance	PROPN
ajfa-6489	341	427	&	&	CCONJ
ajfa-6489	341	428	accounting	accounting	PROPN
ajfa-6489	341	429	issn	issn	PROPN
ajfa-6489	341	430	1946	1946	NUM
ajfa-6489	341	431	-	-	PUNCT
ajfa-6489	341	432	052x	052x	NOUN
ajfa-6489	341	433	2015	2015	NUM
ajfa-6489	341	434	,	,	PUNCT
ajfa-6489	341	435	vol	vol	NOUN
ajfa-6489	341	436	.	.	PROPN
ajfa-6489	341	437	7	7	NUM
ajfa-6489	341	438	,	,	PUNCT
ajfa-6489	341	439	no	no	INTJ
ajfa-6489	341	440	.	.	NOUN
ajfa-6489	341	441	1	1	NUM
ajfa-6489	341	442	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	341	443	38	38	NUM
ajfa-6489	341	444	t	t	NOUN
ajfa-6489	341	445	statistics	statistic	NOUN
ajfa-6489	341	446	in	in	ADP
ajfa-6489	341	447	parenthesis	parenthesis	NOUN
ajfa-6489	341	448	,	,	PUNCT
ajfa-6489	341	449	†	†	PROPN
ajfa-6489	341	450	denote	denote	NOUN
ajfa-6489	341	451	significance	significance	NOUN
ajfa-6489	341	452	at	at	ADP
ajfa-6489	341	453	the	the	DET
ajfa-6489	341	454	10	10	NUM
ajfa-6489	341	455	%	%	NOUN
ajfa-6489	341	456	level	level	NOUN
ajfa-6489	341	457	,	,	PUNCT
ajfa-6489	341	458	*	*	PUNCT
ajfa-6489	341	459	*	*	NOUN
ajfa-6489	341	460	denote	denote	NOUN
ajfa-6489	341	461	significance	significance	NOUN
ajfa-6489	341	462	at	at	ADP
ajfa-6489	341	463	5	5	NUM
ajfa-6489	341	464	%	%	NOUN
ajfa-6489	341	465	level	level	NOUN
ajfa-6489	341	466	,	,	PUNCT
ajfa-6489	341	467	*	*	PUNCT
ajfa-6489	341	468	*	*	PUNCT
ajfa-6489	341	469	*	*	PUNCT
ajfa-6489	341	470	denote	denote	NOUN
ajfa-6489	341	471	significance	significance	NOUN
ajfa-6489	341	472	at	at	ADP
ajfa-6489	341	473	1	1	NUM
ajfa-6489	341	474	%	%	NOUN
ajfa-6489	341	475	level	level	NOUN
ajfa-6489	341	476	5.7	5.7	NUM
ajfa-6489	341	477	robustness	robustness	NOUN
ajfa-6489	341	478	check	check	NOUN
ajfa-6489	341	479	according	accord	VERB
ajfa-6489	341	480	to	to	ADP
ajfa-6489	341	481	wintoki	wintoki	PROPN
ajfa-6489	341	482	,	,	PUNCT
ajfa-6489	341	483	linck	linck	NOUN
ajfa-6489	341	484	and	and	CCONJ
ajfa-6489	341	485	netter	netter	PROPN
ajfa-6489	341	486	(	(	PUNCT
ajfa-6489	341	487	2012	2012	NUM
ajfa-6489	341	488	)	)	PUNCT
ajfa-6489	341	489	,	,	PUNCT
ajfa-6489	341	490	the	the	DET
ajfa-6489	341	491	empirical	empirical	ADJ
ajfa-6489	341	492	finance	finance	NOUN
ajfa-6489	341	493	attempting	attempt	VERB
ajfa-6489	341	494	to	to	PART
ajfa-6489	341	495	explain	explain	VERB
ajfa-6489	341	496	the	the	DET
ajfa-6489	341	497	causes	cause	NOUN
ajfa-6489	341	498	and	and	CCONJ
ajfa-6489	341	499	the	the	DET
ajfa-6489	341	500	effects	effect	NOUN
ajfa-6489	341	501	of	of	ADP
ajfa-6489	341	502	financial	financial	ADJ
ajfa-6489	341	503	decisions	decision	NOUN
ajfa-6489	341	504	often	often	ADV
ajfa-6489	341	505	has	have	VERB
ajfa-6489	341	506	serious	serious	ADJ
ajfa-6489	341	507	issues	issue	NOUN
ajfa-6489	341	508	with	with	ADP
ajfa-6489	341	509	endogeneity	endogeneity	NOUN
ajfa-6489	341	510	.	.	PUNCT
ajfa-6489	342	1	according	accord	VERB
ajfa-6489	342	2	to	to	ADP
ajfa-6489	342	3	roberts	roberts	PROPN
ajfa-6489	342	4	and	and	CCONJ
ajfa-6489	342	5	whited	white	VERB
ajfa-6489	342	6	(	(	PUNCT
ajfa-6489	342	7	2011	2011	NUM
ajfa-6489	342	8	)	)	PUNCT
ajfa-6489	342	9	,	,	PUNCT
ajfa-6489	342	10	endogeneity	endogeneity	NOUN
ajfa-6489	342	11	leads	lead	VERB
ajfa-6489	342	12	to	to	ADP
ajfa-6489	342	13	biased	biased	ADJ
ajfa-6489	342	14	and	and	CCONJ
ajfa-6489	342	15	inconsistent	inconsistent	ADJ
ajfa-6489	342	16	parameter	parameter	NOUN
ajfa-6489	342	17	estimates	estimate	NOUN
ajfa-6489	342	18	that	that	PRON
ajfa-6489	342	19	make	make	VERB
ajfa-6489	342	20	reliable	reliable	ADJ
ajfa-6489	342	21	inference	inference	NOUN
ajfa-6489	342	22	virtually	virtually	ADV
ajfa-6489	342	23	impossible	impossible	ADJ
ajfa-6489	342	24	.	.	PUNCT
ajfa-6489	343	1	wintoki	wintoki	PROPN
ajfa-6489	343	2	,	,	PUNCT
ajfa-6489	343	3	linck	linck	NOUN
ajfa-6489	343	4	and	and	CCONJ
ajfa-6489	343	5	netter	netter	PROPN
ajfa-6489	343	6	(	(	PUNCT
ajfa-6489	343	7	2012	2012	NUM
ajfa-6489	343	8	)	)	PUNCT
ajfa-6489	343	9	,	,	PUNCT
ajfa-6489	343	10	used	use	VERB
ajfa-6489	343	11	gmm	gmm	PROPN
ajfa-6489	343	12	estimator	estimator	NOUN
ajfa-6489	343	13	to	to	PART
ajfa-6489	343	14	control	control	VERB
ajfa-6489	343	15	for	for	ADP
ajfa-6489	343	16	the	the	DET
ajfa-6489	343	17	dynamic	dynamic	ADJ
ajfa-6489	343	18	nature	nature	NOUN
ajfa-6489	343	19	of	of	ADP
ajfa-6489	343	20	the	the	DET
ajfa-6489	343	21	performance	performance	NOUN
ajfa-6489	343	22	-	-	PUNCT
ajfa-6489	343	23	governance	governance	NOUN
ajfa-6489	343	24	relationship	relationship	NOUN
ajfa-6489	343	25	suggested	suggest	VERB
ajfa-6489	343	26	by	by	ADP
ajfa-6489	343	27	theorists	theorist	NOUN
ajfa-6489	343	28	,	,	PUNCT
ajfa-6489	343	29	while	while	SCONJ
ajfa-6489	343	30	accounting	account	VERB
ajfa-6489	343	31	for	for	ADP
ajfa-6489	343	32	other	other	ADJ
ajfa-6489	343	33	sources	source	NOUN
ajfa-6489	343	34	of	of	ADP
ajfa-6489	343	35	endogeneity	endogeneity	NOUN
ajfa-6489	343	36	in	in	ADP
ajfa-6489	343	37	corporate	corporate	ADJ
ajfa-6489	343	38	finance	finance	NOUN
ajfa-6489	343	39	research	research	NOUN
ajfa-6489	343	40	.	.	PUNCT
ajfa-6489	344	1	therefore	therefore	ADV
ajfa-6489	344	2	,	,	PUNCT
ajfa-6489	344	3	to	to	PART
ajfa-6489	344	4	check	check	VERB
ajfa-6489	344	5	whether	whether	SCONJ
ajfa-6489	344	6	our	our	PRON
ajfa-6489	344	7	ols	ol	NOUN
ajfa-6489	344	8	and	and	CCONJ
ajfa-6489	344	9	fixed	fix	VERB
ajfa-6489	344	10	effects	effect	NOUN
ajfa-6489	344	11	regression	regression	NOUN
ajfa-6489	344	12	estimates	estimate	NOUN
ajfa-6489	344	13	are	be	AUX
ajfa-6489	344	14	robust	robust	ADJ
ajfa-6489	344	15	,	,	PUNCT
ajfa-6489	344	16	we	we	PRON
ajfa-6489	344	17	have	have	AUX
ajfa-6489	344	18	also	also	ADV
ajfa-6489	344	19	undertaken	undertake	VERB
ajfa-6489	344	20	the	the	DET
ajfa-6489	344	21	analysis	analysis	NOUN
ajfa-6489	344	22	using	use	VERB
ajfa-6489	344	23	dynamic	dynamic	ADJ
ajfa-6489	344	24	panel	panel	NOUN
ajfa-6489	344	25	estimation	estimation	NOUN
ajfa-6489	344	26	.	.	PUNCT
ajfa-6489	345	1	results	result	NOUN
ajfa-6489	345	2	of	of	ADP
ajfa-6489	345	3	our	our	PRON
ajfa-6489	345	4	dynamic	dynamic	ADJ
ajfa-6489	345	5	panel	panel	NOUN
ajfa-6489	345	6	estimation	estimation	NOUN
ajfa-6489	345	7	are	be	AUX
ajfa-6489	345	8	reported	report	VERB
ajfa-6489	345	9	in	in	ADP
ajfa-6489	345	10	table	table	NOUN
ajfa-6489	345	11	12	12	NUM
ajfa-6489	345	12	.	.	PUNCT
ajfa-6489	346	1	since	since	SCONJ
ajfa-6489	346	2	the	the	DET
ajfa-6489	346	3	hansen	hansen	PROPN
ajfa-6489	346	4	-	-	PROPN
ajfa-6489	346	5	j	j	PROPN
ajfa-6489	346	6	test	test	NOUN
ajfa-6489	346	7	p	p	NOUN
ajfa-6489	346	8	-	-	PUNCT
ajfa-6489	346	9	values	value	NOUN
ajfa-6489	346	10	are	be	AUX
ajfa-6489	346	11	all	all	ADV
ajfa-6489	346	12	high	high	ADJ
ajfa-6489	346	13	,	,	PUNCT
ajfa-6489	346	14	thus	thus	ADV
ajfa-6489	346	15	suggest	suggest	VERB
ajfa-6489	346	16	that	that	SCONJ
ajfa-6489	346	17	all	all	DET
ajfa-6489	346	18	the	the	DET
ajfa-6489	346	19	instruments	instrument	NOUN
ajfa-6489	346	20	are	be	AUX
ajfa-6489	346	21	valid	valid	ADJ
ajfa-6489	346	22	and	and	CCONJ
ajfa-6489	346	23	can	can	AUX
ajfa-6489	346	24	not	not	PART
ajfa-6489	346	25	be	be	AUX
ajfa-6489	346	26	rejected	reject	VERB
ajfa-6489	346	27	at	at	ADP
ajfa-6489	346	28	any	any	DET
ajfa-6489	346	29	conventional	conventional	ADJ
ajfa-6489	346	30	levels	level	NOUN
ajfa-6489	346	31	of	of	ADP
ajfa-6489	346	32	significance	significance	NOUN
ajfa-6489	346	33	.	.	PUNCT
ajfa-6489	347	1	table	table	NOUN
ajfa-6489	347	2	12	12	NUM
ajfa-6489	347	3	.	.	PUNCT
ajfa-6489	348	1	q	q	PUNCT
ajfa-6489	348	2	is	be	AUX
ajfa-6489	348	3	the	the	DET
ajfa-6489	348	4	proportion	proportion	NOUN
ajfa-6489	348	5	of	of	ADP
ajfa-6489	348	6	(	(	PUNCT
ajfa-6489	348	7	(	(	PUNCT
ajfa-6489	348	8	stock	stock	NOUN
ajfa-6489	348	9	price	price	NOUN
ajfa-6489	348	10	*	*	PUNCT
ajfa-6489	348	11	no	no	INTJ
ajfa-6489	348	12	.	.	PUNCT
ajfa-6489	349	1	of	of	ADP
ajfa-6489	349	2	share	share	NOUN
ajfa-6489	349	3	outstanding	outstanding	ADJ
ajfa-6489	349	4	)	)	PUNCT
ajfa-6489	350	1	+	+	CCONJ
ajfa-6489	350	2	l	l	X
ajfa-6489	350	3	/	/	SYM
ajfa-6489	350	4	t	t	NOUN
ajfa-6489	350	5	debt	debt	NOUN
ajfa-6489	350	6	+	+	CCONJ
ajfa-6489	350	7	s	s	PROPN
ajfa-6489	350	8	/	/	SYM
ajfa-6489	350	9	t	t	NOUN
ajfa-6489	350	10	debt	debt	NOUN
ajfa-6489	350	11	)	)	PUNCT
ajfa-6489	350	12	to	to	ADP
ajfa-6489	350	13	total	total	ADJ
ajfa-6489	350	14	assets	asset	NOUN
ajfa-6489	350	15	.	.	PUNCT
ajfa-6489	351	1	roa	roa	PROPN
ajfa-6489	351	2	is	be	AUX
ajfa-6489	351	3	the	the	DET
ajfa-6489	351	4	proportion	proportion	NOUN
ajfa-6489	351	5	of	of	ADP
ajfa-6489	351	6	net	net	ADJ
ajfa-6489	351	7	income	income	NOUN
ajfa-6489	351	8	to	to	ADP
ajfa-6489	351	9	total	total	ADJ
ajfa-6489	351	10	assets	asset	NOUN
ajfa-6489	351	11	.	.	PUNCT
ajfa-6489	352	1	time	time	NOUN
ajfa-6489	352	2	ranges	range	VERB
ajfa-6489	352	3	from	from	ADP
ajfa-6489	352	4	2003	2003	NUM
ajfa-6489	352	5	to	to	ADP
ajfa-6489	352	6	2009	2009	NUM
ajfa-6489	352	7	.	.	PUNCT
ajfa-6489	353	1	size	size	NOUN
ajfa-6489	353	2	is	be	AUX
ajfa-6489	353	3	the	the	DET
ajfa-6489	353	4	natural	natural	ADJ
ajfa-6489	353	5	logarithm	logarithm	NOUN
ajfa-6489	353	6	of	of	ADP
ajfa-6489	353	7	the	the	DET
ajfa-6489	353	8	total	total	ADJ
ajfa-6489	353	9	assets	asset	NOUN
ajfa-6489	353	10	.	.	PUNCT
ajfa-6489	354	1	lev	lev	NOUN
ajfa-6489	354	2	is	be	AUX
ajfa-6489	354	3	the	the	DET
ajfa-6489	354	4	ratio	ratio	NOUN
ajfa-6489	354	5	of	of	ADP
ajfa-6489	354	6	long	long	ADJ
ajfa-6489	354	7	term	term	NOUN
ajfa-6489	354	8	debt	debt	NOUN
ajfa-6489	354	9	to	to	ADP
ajfa-6489	354	10	total	total	ADJ
ajfa-6489	354	11	assets	asset	NOUN
ajfa-6489	354	12	.	.	PUNCT
ajfa-6489	355	1	fmrisk	fmrisk	NOUN
ajfa-6489	355	2	is	be	AUX
ajfa-6489	355	3	the	the	DET
ajfa-6489	355	4	standard	standard	ADJ
ajfa-6489	355	5	deviation	deviation	NOUN
ajfa-6489	355	6	of	of	ADP
ajfa-6489	355	7	the	the	DET
ajfa-6489	355	8	firm	firm	NOUN
ajfa-6489	355	9	’s	’s	PART
ajfa-6489	355	10	daily	daily	ADJ
ajfa-6489	355	11	stock	stock	NOUN
ajfa-6489	355	12	returns	return	NOUN
ajfa-6489	355	13	.	.	PUNCT
ajfa-6489	356	1	oprisk	oprisk	NOUN
ajfa-6489	356	2	is	be	AUX
ajfa-6489	356	3	the	the	DET
ajfa-6489	356	4	standard	standard	ADJ
ajfa-6489	356	5	deviation	deviation	NOUN
ajfa-6489	356	6	of	of	ADP
ajfa-6489	356	7	the	the	DET
ajfa-6489	356	8	firm	firm	NOUN
ajfa-6489	356	9	’s	’s	PART
ajfa-6489	356	10	past	past	ADJ
ajfa-6489	356	11	five	five	NUM
ajfa-6489	356	12	year	year	NOUN
ajfa-6489	356	13	roa	roa	PROPN
ajfa-6489	356	14	.	.	PUNCT
ajfa-6489	357	1	mhare	mhare	VERB
ajfa-6489	357	2	is	be	AUX
ajfa-6489	357	3	the	the	DET
ajfa-6489	357	4	proportion	proportion	NOUN
ajfa-6489	357	5	of	of	ADP
ajfa-6489	357	6	the	the	DET
ajfa-6489	357	7	firm	firm	NOUN
ajfa-6489	357	8	’s	’s	PART
ajfa-6489	357	9	revenue	revenue	NOUN
ajfa-6489	357	10	to	to	ADP
ajfa-6489	357	11	the	the	DET
ajfa-6489	357	12	total	total	ADJ
ajfa-6489	357	13	revenue	revenue	NOUN
ajfa-6489	357	14	of	of	ADP
ajfa-6489	357	15	the	the	DET
ajfa-6489	357	16	firms	firm	NOUN
ajfa-6489	357	17	’	'	PUNCT
ajfa-6489	357	18	in	in	ADP
ajfa-6489	357	19	the	the	DET
ajfa-6489	357	20	sector	sector	NOUN
ajfa-6489	357	21	.	.	PUNCT
ajfa-6489	358	1	ih	ih	PROPN
ajfa-6489	358	2	is	be	AUX
ajfa-6489	358	3	the	the	DET
ajfa-6489	358	4	proportion	proportion	NOUN
ajfa-6489	358	5	of	of	ADP
ajfa-6489	358	6	shares	share	NOUN
ajfa-6489	358	7	held	hold	VERB
ajfa-6489	358	8	by	by	ADP
ajfa-6489	358	9	institutional	institutional	ADJ
ajfa-6489	358	10	investors	investor	NOUN
ajfa-6489	358	11	,	,	PUNCT
ajfa-6489	358	12	fh	fh	PROPN
ajfa-6489	358	13	is	be	AUX
ajfa-6489	358	14	the	the	DET
ajfa-6489	358	15	proportion	proportion	NOUN
ajfa-6489	358	16	of	of	ADP
ajfa-6489	358	17	the	the	DET
ajfa-6489	358	18	shares	share	NOUN
ajfa-6489	358	19	held	hold	VERB
ajfa-6489	358	20	by	by	ADP
ajfa-6489	358	21	foreign	foreign	ADJ
ajfa-6489	358	22	investors	investor	NOUN
ajfa-6489	358	23	,	,	PUNCT
ajfa-6489	358	24	eh	eh	INTJ
ajfa-6489	358	25	is	be	AUX
ajfa-6489	358	26	the	the	DET
ajfa-6489	358	27	proportion	proportion	NOUN
ajfa-6489	358	28	of	of	ADP
ajfa-6489	358	29	the	the	DET
ajfa-6489	358	30	shares	share	NOUN
ajfa-6489	358	31	held	hold	VERB
ajfa-6489	358	32	by	by	ADP
ajfa-6489	358	33	employees	employee	NOUN
ajfa-6489	358	34	and	and	CCONJ
ajfa-6489	358	35	ch	ch	NOUN
ajfa-6489	358	36	is	be	AUX
ajfa-6489	358	37	the	the	DET
ajfa-6489	358	38	proportion	proportion	NOUN
ajfa-6489	358	39	of	of	ADP
ajfa-6489	358	40	the	the	DET
ajfa-6489	358	41	shares	share	NOUN
ajfa-6489	358	42	held	hold	VERB
ajfa-6489	358	43	by	by	ADP
ajfa-6489	358	44	corporates	corporate	NOUN
ajfa-6489	358	45	.	.	PUNCT
ajfa-6489	359	1	system	system	NOUN
ajfa-6489	359	2	gmm	gmm	PROPN
ajfa-6489	359	3	q	q	PROPN
ajfa-6489	359	4	q	q	X
ajfa-6489	359	5	roa	roa	PROPN
ajfa-6489	359	6	roa	roa	PROPN
ajfa-6489	359	7	l.q	l.q	PROPN
ajfa-6489	359	8	1.17†	1.17†	NUM
ajfa-6489	359	9	(	(	PUNCT
ajfa-6489	359	10	1.97	1.97	NUM
ajfa-6489	359	11	)	)	PUNCT
ajfa-6489	359	12	0.79	0.79	NUM
ajfa-6489	359	13	*	*	NOUN
ajfa-6489	359	14	*	*	PUNCT
ajfa-6489	359	15	(	(	PUNCT
ajfa-6489	359	16	2.07	2.07	NUM
ajfa-6489	359	17	)	)	PUNCT
ajfa-6489	359	18	l.roa	l.roa	NOUN
ajfa-6489	359	19	-0.68†	-0.68†	PROPN
ajfa-6489	359	20	(	(	PUNCT
ajfa-6489	359	21	`	`	PUNCT
ajfa-6489	359	22	-1.80	-1.80	X
ajfa-6489	359	23	)	)	PUNCT
ajfa-6489	360	1	-0.52†	-0.52†	PROPN
ajfa-6489	360	2	(	(	PUNCT
ajfa-6489	360	3	-1.98	-1.98	NOUN
ajfa-6489	360	4	)	)	PUNCT
ajfa-6489	360	5	lev	lev	NOUN
ajfa-6489	360	6	0.84	0.84	NUM
ajfa-6489	360	7	(	(	PUNCT
ajfa-6489	360	8	1.64	1.64	NUM
ajfa-6489	360	9	)	)	PUNCT
ajfa-6489	360	10	0.57	0.57	NUM
ajfa-6489	360	11	(	(	PUNCT
ajfa-6489	360	12	1.36	1.36	NUM
ajfa-6489	360	13	)	)	PUNCT
ajfa-6489	360	14	-0.19	-0.19	NOUN
ajfa-6489	360	15	(	(	PUNCT
ajfa-6489	360	16	-0.72	-0.72	NUM
ajfa-6489	360	17	)	)	PUNCT
ajfa-6489	360	18	-0.08	-0.08	NUM
ajfa-6489	360	19	(	(	PUNCT
ajfa-6489	360	20	-0.47	-0.47	ADJ
ajfa-6489	360	21	)	)	PUNCT
ajfa-6489	360	22	size	size	NOUN
ajfa-6489	360	23	-0.12	-0.12	NUM
ajfa-6489	360	24	(	(	PUNCT
ajfa-6489	360	25	-1.17	-1.17	NUM
ajfa-6489	360	26	)	)	PUNCT
ajfa-6489	360	27	-0.13	-0.13	NUM
ajfa-6489	360	28	(	(	PUNCT
ajfa-6489	360	29	-1.41	-1.41	NOUN
ajfa-6489	360	30	)	)	PUNCT
ajfa-6489	360	31	0.08	0.08	NUM
ajfa-6489	360	32	*	*	PUNCT
ajfa-6489	360	33	*	*	PUNCT
ajfa-6489	360	34	(	(	PUNCT
ajfa-6489	360	35	2.13	2.13	NUM
ajfa-6489	360	36	)	)	PUNCT
ajfa-6489	360	37	0.07	0.07	NUM
ajfa-6489	360	38	*	*	PUNCT
ajfa-6489	360	39	*	*	PUNCT
ajfa-6489	360	40	(	(	PUNCT
ajfa-6489	360	41	2.20	2.20	NUM
ajfa-6489	360	42	)	)	PUNCT
ajfa-6489	360	43	fmrisk	fmrisk	NOUN
ajfa-6489	360	44	-0.13	-0.13	NUM
ajfa-6489	360	45	(	(	PUNCT
ajfa-6489	360	46	-0.37	-0.37	NUM
ajfa-6489	360	47	)	)	PUNCT
ajfa-6489	360	48	0.02	0.02	NUM
ajfa-6489	360	49	(	(	PUNCT
ajfa-6489	360	50	0.06	0.06	NUM
ajfa-6489	360	51	)	)	PUNCT
ajfa-6489	360	52	0.04	0.04	NUM
ajfa-6489	360	53	(	(	PUNCT
ajfa-6489	360	54	1.03	1.03	NUM
ajfa-6489	360	55	)	)	PUNCT
ajfa-6489	360	56	0.05	0.05	NUM
ajfa-6489	360	57	(	(	PUNCT
ajfa-6489	360	58	1.34	1.34	NUM
ajfa-6489	360	59	)	)	PUNCT
ajfa-6489	360	60	oprisk	oprisk	NOUN
ajfa-6489	360	61	0.13	0.13	NUM
ajfa-6489	360	62	(	(	PUNCT
ajfa-6489	360	63	0.51	0.51	NUM
ajfa-6489	360	64	)	)	PUNCT
ajfa-6489	360	65	0.07	0.07	NUM
ajfa-6489	360	66	(	(	PUNCT
ajfa-6489	360	67	0.37	0.37	NUM
ajfa-6489	360	68	)	)	PUNCT
ajfa-6489	360	69	-1.48	-1.48	X
ajfa-6489	360	70	(	(	PUNCT
ajfa-6489	360	71	-1.25	-1.25	NOUN
ajfa-6489	360	72	)	)	PUNCT
ajfa-6489	360	73	-1.06	-1.06	NOUN
ajfa-6489	360	74	(	(	PUNCT
ajfa-6489	360	75	-0.79	-0.79	NOUN
ajfa-6489	360	76	)	)	PUNCT
ajfa-6489	360	77	mshare	mshare	NOUN
ajfa-6489	360	78	4.39	4.39	NUM
ajfa-6489	360	79	(	(	PUNCT
ajfa-6489	360	80	1.35	1.35	NUM
ajfa-6489	360	81	)	)	PUNCT
ajfa-6489	360	82	4.34	4.34	NUM
ajfa-6489	360	83	(	(	PUNCT
ajfa-6489	360	84	0.94	0.94	NUM
ajfa-6489	360	85	)	)	PUNCT
ajfa-6489	360	86	-4.56	-4.56	NOUN
ajfa-6489	360	87	(	(	PUNCT
ajfa-6489	360	88	-1.37	-1.37	NOUN
ajfa-6489	360	89	)	)	PUNCT
ajfa-6489	360	90	-4.32	-4.32	NOUN
ajfa-6489	360	91	(	(	PUNCT
ajfa-6489	360	92	-1.02	-1.02	NUM
ajfa-6489	360	93	)	)	PUNCT
ajfa-6489	360	94	asian	asian	ADJ
ajfa-6489	360	95	journal	journal	NOUN
ajfa-6489	360	96	of	of	ADP
ajfa-6489	360	97	finance	finance	PROPN
ajfa-6489	360	98	&	&	CCONJ
ajfa-6489	360	99	accounting	accounting	PROPN
ajfa-6489	360	100	issn	issn	PROPN
ajfa-6489	360	101	1946	1946	NUM
ajfa-6489	360	102	-	-	PUNCT
ajfa-6489	360	103	052x	052x	NOUN
ajfa-6489	360	104	2015	2015	NUM
ajfa-6489	360	105	,	,	PUNCT
ajfa-6489	360	106	vol	vol	NOUN
ajfa-6489	360	107	.	.	PROPN
ajfa-6489	360	108	7	7	NUM
ajfa-6489	360	109	,	,	PUNCT
ajfa-6489	360	110	no	no	INTJ
ajfa-6489	360	111	.	.	NOUN
ajfa-6489	360	112	1	1	NUM
ajfa-6489	360	113	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6489	360	114	39	39	NUM
ajfa-6489	360	115	hi	hi	INTJ
ajfa-6489	360	116	0.48	0.48	NUM
ajfa-6489	360	117	(	(	PUNCT
ajfa-6489	360	118	0.95	0.95	NUM
ajfa-6489	360	119	)	)	PUNCT
ajfa-6489	360	120	0.10	0.10	NUM
ajfa-6489	360	121	(	(	PUNCT
ajfa-6489	360	122	0.50	0.50	NUM
ajfa-6489	360	123	)	)	PUNCT
ajfa-6489	360	124	lt5	lt5	PROPN
ajfa-6489	361	1	0.28	0.28	NUM
ajfa-6489	361	2	(	(	PUNCT
ajfa-6489	361	3	0.60	0.60	NUM
ajfa-6489	361	4	)	)	PUNCT
ajfa-6489	361	5	-0.03	-0.03	NOUN
ajfa-6489	361	6	(	(	PUNCT
ajfa-6489	361	7	-0.07	-0.07	NUM
ajfa-6489	361	8	)	)	PUNCT
ajfa-6489	361	9	f	f	PROPN
ajfa-6489	361	10	stats	stat	NOUN
ajfa-6489	361	11	(	(	PUNCT
ajfa-6489	361	12	p	p	NOUN
ajfa-6489	361	13	-	-	PUNCT
ajfa-6489	361	14	value	value	NOUN
ajfa-6489	361	15	)	)	PUNCT
ajfa-6489	361	16	7.01	7.01	NUM
ajfa-6489	361	17	*	*	PUNCT
ajfa-6489	361	18	*	*	PUNCT
ajfa-6489	361	19	*	*	PUNCT
ajfa-6489	361	20	(	(	PUNCT
ajfa-6489	361	21	0.000	0.000	NUM
ajfa-6489	361	22	)	)	PUNCT
ajfa-6489	361	23	6.88	6.88	NUM
ajfa-6489	361	24	*	*	PUNCT
ajfa-6489	361	25	*	*	PUNCT
ajfa-6489	361	26	*	*	PUNCT
ajfa-6489	361	27	(	(	PUNCT
ajfa-6489	361	28	0.000	0.000	NUM
ajfa-6489	361	29	)	)	PUNCT
ajfa-6489	361	30	6.07	6.07	NUM
ajfa-6489	361	31	*	*	PUNCT
ajfa-6489	361	32	*	*	PUNCT
ajfa-6489	361	33	*	*	PUNCT
ajfa-6489	361	34	(	(	PUNCT
ajfa-6489	361	35	0.000	0.000	NUM
ajfa-6489	361	36	)	)	PUNCT
ajfa-6489	361	37	6.07	6.07	NUM
ajfa-6489	361	38	*	*	PUNCT
ajfa-6489	361	39	*	*	PUNCT
ajfa-6489	361	40	*	*	PUNCT
ajfa-6489	361	41	(	(	PUNCT
ajfa-6489	361	42	0.000	0.000	NUM
ajfa-6489	361	43	)	)	PUNCT
ajfa-6489	361	44	firm	firm	NOUN
ajfa-6489	361	45	-	-	PUNCT
ajfa-6489	361	46	fixed	fix	VERB
ajfa-6489	361	47	effects	effect	NOUN
ajfa-6489	362	1	yes	yes	INTJ
ajfa-6489	363	1	yes	yes	INTJ
ajfa-6489	364	1	yes	yes	INTJ
ajfa-6489	365	1	yes	yes	INTJ
ajfa-6489	365	2	year	year	NOUN
ajfa-6489	365	3	effects	effect	NOUN
ajfa-6489	366	1	yes	yes	INTJ
ajfa-6489	367	1	yes	yes	INTJ
ajfa-6489	368	1	yes	yes	INTJ
ajfa-6489	368	2	yes	yes	INTJ
ajfa-6489	369	1	no	no	INTJ
ajfa-6489	369	2	.	.	PUNCT
ajfa-6489	370	1	of	of	ADP
ajfa-6489	370	2	obs	obs	PROPN
ajfa-6489	370	3	.	.	PUNCT
ajfa-6489	371	1	280	280	NUM
ajfa-6489	371	2	280	280	NUM
ajfa-6489	371	3	280	280	NUM
ajfa-6489	371	4	280	280	NUM
ajfa-6489	371	5	no	no	NOUN
ajfa-6489	371	6	of	of	ADP
ajfa-6489	371	7	instruments	instrument	NOUN
ajfa-6489	371	8	15	15	NUM
ajfa-6489	371	9	20	20	NUM
ajfa-6489	371	10	20	20	NUM
ajfa-6489	371	11	20	20	NUM
ajfa-6489	371	12	no	no	NOUN
ajfa-6489	371	13	.	.	PUNCT
ajfa-6489	371	14	of	of	ADP
ajfa-6489	371	15	clusters	cluster	NOUN
ajfa-6489	371	16	40	40	NUM
ajfa-6489	371	17	40	40	NUM
ajfa-6489	371	18	40	40	NUM
ajfa-6489	371	19	40	40	NUM
ajfa-6489	371	20	arellano	arellano	NOUN
ajfa-6489	371	21	-	-	PUNCT
ajfa-6489	371	22	bond	bond	NOUN
ajfa-6489	371	23	test	test	NOUN
ajfa-6489	371	24	for	for	ADP
ajfa-6489	371	25	ar(1	ar(1	PROPN
ajfa-6489	371	26	)	)	PUNCT
ajfa-6489	371	27	in	in	ADP
ajfa-6489	371	28	first	first	ADJ
ajfa-6489	371	29	differences	difference	NOUN
ajfa-6489	371	30	(	(	PUNCT
ajfa-6489	371	31	p	p	NOUN
ajfa-6489	371	32	-	-	PUNCT
ajfa-6489	371	33	value	value	NOUN
ajfa-6489	371	34	)	)	PUNCT
ajfa-6489	371	35	0.15	0.15	NUM
ajfa-6489	371	36	0.07	0.07	NUM
ajfa-6489	371	37	0.71	0.71	NUM
ajfa-6489	371	38	0.04	0.04	NUM
ajfa-6489	371	39	arellano	arellano	PROPN
ajfa-6489	371	40	-	-	PUNCT
ajfa-6489	371	41	bond	bond	NOUN
ajfa-6489	371	42	test	test	NOUN
ajfa-6489	371	43	for	for	ADP
ajfa-6489	371	44	ar(2	ar(2	NOUN
ajfa-6489	371	45	)	)	PUNCT
ajfa-6489	371	46	in	in	ADP
ajfa-6489	371	47	first	first	ADJ
ajfa-6489	371	48	differences	difference	NOUN
ajfa-6489	371	49	(	(	PUNCT
ajfa-6489	371	50	p	p	NOUN
ajfa-6489	371	51	-	-	PUNCT
ajfa-6489	371	52	value	value	NOUN
ajfa-6489	371	53	)	)	PUNCT
ajfa-6489	371	54	0.42	0.42	NUM
ajfa-6489	371	55	0.41	0.41	NUM
ajfa-6489	371	56	0.28	0.28	NUM
ajfa-6489	371	57	0.33	0.33	NUM
ajfa-6489	371	58	hansen	hansen	PROPN
ajfa-6489	371	59	-	-	PROPN
ajfa-6489	371	60	j	j	PROPN
ajfa-6489	371	61	test	test	NOUN
ajfa-6489	371	62	of	of	ADP
ajfa-6489	371	63	over	over	ADP
ajfa-6489	371	64	-	-	PUNCT
ajfa-6489	371	65	identification	identification	NOUN
ajfa-6489	371	66	(	(	PUNCT
ajfa-6489	371	67	p	p	NOUN
ajfa-6489	371	68	-	-	PUNCT
ajfa-6489	371	69	value	value	NOUN
ajfa-6489	371	70	)	)	PUNCT
ajfa-6489	371	71	0.89	0.89	NUM
ajfa-6489	371	72	0.46	0.46	NUM
ajfa-6489	371	73	0.51	0.51	NUM
ajfa-6489	371	74	0.83	0.83	NUM
ajfa-6489	371	75	t	t	NOUN
ajfa-6489	371	76	statistics	statistic	NOUN
ajfa-6489	371	77	in	in	ADP
ajfa-6489	371	78	parenthesis	parenthesis	NOUN
ajfa-6489	371	79	,	,	PUNCT
ajfa-6489	371	80	†	†	PROPN
ajfa-6489	371	81	denote	denote	NOUN
ajfa-6489	371	82	significance	significance	NOUN
ajfa-6489	371	83	at	at	ADP
ajfa-6489	371	84	the	the	DET
ajfa-6489	371	85	10	10	NUM
ajfa-6489	371	86	%	%	NOUN
ajfa-6489	371	87	level	level	NOUN
ajfa-6489	371	88	,	,	PUNCT
ajfa-6489	371	89	*	*	PUNCT
ajfa-6489	371	90	*	*	NOUN
ajfa-6489	371	91	denote	denote	NOUN
ajfa-6489	371	92	significance	significance	NOUN
ajfa-6489	371	93	at	at	ADP
ajfa-6489	371	94	5	5	NUM
ajfa-6489	371	95	%	%	NOUN
ajfa-6489	371	96	level	level	NOUN
ajfa-6489	371	97	,	,	PUNCT
ajfa-6489	371	98	*	*	PUNCT
ajfa-6489	371	99	*	*	PUNCT
ajfa-6489	371	100	*	*	PUNCT
ajfa-6489	371	101	denote	denote	NOUN
ajfa-6489	371	102	significance	significance	NOUN
ajfa-6489	371	103	at	at	ADP
ajfa-6489	371	104	1	1	NUM
ajfa-6489	371	105	%	%	NOUN
ajfa-6489	371	106	level	level	NOUN
ajfa-6489	371	107	6	6	NUM
ajfa-6489	371	108	.	.	PUNCT
ajfa-6489	372	1	conclusion	conclusion	NOUN
ajfa-6489	372	2	this	this	DET
ajfa-6489	372	3	study	study	NOUN
ajfa-6489	372	4	investigates	investigate	VERB
ajfa-6489	372	5	the	the	DET
ajfa-6489	372	6	nature	nature	NOUN
ajfa-6489	372	7	of	of	ADP
ajfa-6489	372	8	the	the	DET
ajfa-6489	372	9	relationship	relationship	NOUN
ajfa-6489	372	10	between	between	ADP
ajfa-6489	372	11	ownership	ownership	NOUN
ajfa-6489	372	12	,	,	PUNCT
ajfa-6489	372	13	identity	identity	NOUN
ajfa-6489	372	14	and	and	CCONJ
ajfa-6489	372	15	financial	financial	ADJ
ajfa-6489	372	16	performance	performance	NOUN
ajfa-6489	372	17	of	of	ADP
ajfa-6489	372	18	publicly	publicly	ADV
ajfa-6489	372	19	listed	list	VERB
ajfa-6489	372	20	companies	company	NOUN
ajfa-6489	372	21	in	in	ADP
ajfa-6489	372	22	new	new	PROPN
ajfa-6489	372	23	zealand	zealand	PROPN
ajfa-6489	372	24	and	and	CCONJ
ajfa-6489	372	25	whether	whether	SCONJ
ajfa-6489	372	26	the	the	DET
ajfa-6489	372	27	relationship	relationship	NOUN
ajfa-6489	372	28	between	between	ADP
ajfa-6489	372	29	ownership	ownership	NOUN
ajfa-6489	372	30	-	-	PUNCT
ajfa-6489	372	31	performance	performance	NOUN
ajfa-6489	372	32	changes	change	NOUN
ajfa-6489	372	33	during	during	ADP
ajfa-6489	372	34	the	the	DET
ajfa-6489	372	35	financial	financial	ADJ
ajfa-6489	372	36	crisis	crisis	NOUN
ajfa-6489	372	37	(	(	PUNCT
ajfa-6489	372	38	2007	2007	NUM
ajfa-6489	372	39	to	to	ADP
ajfa-6489	372	40	2009	2009	NUM
ajfa-6489	372	41	)	)	PUNCT
ajfa-6489	372	42	.	.	PUNCT
ajfa-6489	373	1	in	in	ADP
ajfa-6489	373	2	regard	regard	NOUN
ajfa-6489	373	3	to	to	ADP
ajfa-6489	373	4	the	the	DET
ajfa-6489	373	5	3	3	NUM
ajfa-6489	373	6	question	question	NOUN
ajfa-6489	373	7	addressed	address	VERB
ajfa-6489	373	8	,	,	PUNCT
ajfa-6489	373	9	we	we	PRON
ajfa-6489	373	10	report	report	VERB
ajfa-6489	373	11	our	our	PRON
ajfa-6489	373	12	findings	finding	NOUN
ajfa-6489	373	13	as	as	SCONJ
ajfa-6489	373	14	follows	follow	VERB
ajfa-6489	373	15	:	:	PUNCT
ajfa-6489	374	1	1	1	X
ajfa-6489	374	2	.	.	PUNCT
ajfa-6489	375	1	our	our	PRON
ajfa-6489	375	2	findings	finding	NOUN
ajfa-6489	375	3	support	support	VERB
ajfa-6489	375	4	the	the	DET
ajfa-6489	375	5	view	view	NOUN
ajfa-6489	375	6	that	that	SCONJ
ajfa-6489	375	7	ownership	ownership	NOUN
ajfa-6489	375	8	concentration	concentration	NOUN
ajfa-6489	375	9	affects	affect	VERB
ajfa-6489	375	10	performance	performance	NOUN
ajfa-6489	375	11	.	.	PUNCT
ajfa-6489	376	1	however	however	ADV
ajfa-6489	376	2	,	,	PUNCT
ajfa-6489	376	3	our	our	PRON
ajfa-6489	376	4	results	result	NOUN
ajfa-6489	376	5	for	for	ADP
ajfa-6489	376	6	new	new	ADJ
ajfa-6489	376	7	zealand	zealand	PROPN
ajfa-6489	376	8	are	be	AUX
ajfa-6489	376	9	quite	quite	ADV
ajfa-6489	376	10	different	different	ADJ
ajfa-6489	376	11	to	to	ADP
ajfa-6489	376	12	that	that	PRON
ajfa-6489	376	13	reported	report	VERB
ajfa-6489	376	14	for	for	ADP
ajfa-6489	376	15	turkey	turkey	NOUN
ajfa-6489	376	16	(	(	PUNCT
ajfa-6489	376	17	gursoy	gursoy	ADJ
ajfa-6489	376	18	and	and	CCONJ
ajfa-6489	376	19	aydogan	aydogan	NOUN
ajfa-6489	376	20	,	,	PUNCT
ajfa-6489	376	21	2002)and	2002)and	PROPN
ajfa-6489	376	22	china(xu	china(xu	NOUN
ajfa-6489	376	23	and	and	CCONJ
ajfa-6489	376	24	wang	wang	PROPN
ajfa-6489	376	25	,	,	PUNCT
ajfa-6489	376	26	1999	1999	NUM
ajfa-6489	376	27	)	)	PUNCT
ajfa-6489	376	28	.	.	PUNCT
ajfa-6489	377	1	results	result	NOUN
ajfa-6489	377	2	show	show	VERB
ajfa-6489	377	3	that	that	SCONJ
ajfa-6489	377	4	a	a	DET
ajfa-6489	377	5	higher	high	ADJ
ajfa-6489	377	6	ownership	ownership	NOUN
ajfa-6489	377	7	concentration	concentration	NOUN
ajfa-6489	377	8	in	in	ADP
ajfa-6489	377	9	listed	list	VERB
ajfa-6489	377	10	companies	company	NOUN
ajfa-6489	377	11	in	in	ADP
ajfa-6489	377	12	new	new	PROPN
ajfa-6489	377	13	zealand	zealand	PROPN
ajfa-6489	377	14	leads	lead	VERB
ajfa-6489	377	15	to	to	ADP
ajfa-6489	377	16	a	a	DET
ajfa-6489	377	17	lower	low	ADJ
ajfa-6489	377	18	market	market	NOUN
ajfa-6489	377	19	-	-	PUNCT
ajfa-6489	377	20	based	base	VERB
ajfa-6489	377	21	performance	performance	NOUN
ajfa-6489	377	22	(	(	PUNCT
ajfa-6489	377	23	tobin	tobin	PROPN
ajfa-6489	377	24	’s	’s	PART
ajfa-6489	377	25	q	q	X
ajfa-6489	377	26	)	)	PUNCT
ajfa-6489	377	27	and	and	CCONJ
ajfa-6489	377	28	higher	high	ADJ
ajfa-6489	377	29	accounting	accounting	NOUN
ajfa-6489	377	30	-	-	PUNCT
ajfa-6489	377	31	based	base	VERB
ajfa-6489	377	32	performance	performance	NOUN
ajfa-6489	377	33	(	(	PUNCT
ajfa-6489	377	34	roa	roa	PROPN
ajfa-6489	377	35	)	)	PUNCT
ajfa-6489	377	36	.	.	PUNCT
ajfa-6489	378	1	a	a	DET
ajfa-6489	378	2	plausible	plausible	ADJ
ajfa-6489	378	3	reason	reason	NOUN
ajfa-6489	378	4	could	could	AUX
ajfa-6489	378	5	be	be	AUX
ajfa-6489	378	6	that	that	SCONJ
ajfa-6489	378	7	higher	high	ADJ
ajfa-6489	378	8	ownership	ownership	NOUN
ajfa-6489	378	9	concentration	concentration	NOUN
ajfa-6489	378	10	has	have	VERB
ajfa-6489	378	11	more	more	ADV
ajfa-6489	378	12	formal	formal	ADJ
ajfa-6489	378	13	authority	authority	NOUN
ajfa-6489	378	14	and	and	CCONJ
ajfa-6489	378	15	therefore	therefore	ADV
ajfa-6489	378	16	,	,	PUNCT
ajfa-6489	378	17	blockholding	blockholde	VERB
ajfa-6489	378	18	gives	give	VERB
ajfa-6489	378	19	enough	enough	ADJ
ajfa-6489	378	20	power	power	NOUN
ajfa-6489	378	21	to	to	PART
ajfa-6489	378	22	obtain	obtain	VERB
ajfa-6489	378	23	some	some	DET
ajfa-6489	378	24	active	active	ADJ
ajfa-6489	378	25	roles	role	NOUN
ajfa-6489	378	26	in	in	ADP
ajfa-6489	378	27	the	the	DET
ajfa-6489	378	28	company	company	NOUN
ajfa-6489	378	29	.	.	PUNCT
ajfa-6489	379	1	the	the	DET
ajfa-6489	379	2	power	power	NOUN
ajfa-6489	379	3	blockholders	blockholder	NOUN
ajfa-6489	379	4	’	'	PUNCT
ajfa-6489	379	5	have	have	AUX
ajfa-6489	379	6	in	in	ADP
ajfa-6489	379	7	these	these	DET
ajfa-6489	379	8	companies	company	NOUN
ajfa-6489	379	9	tends	tend	VERB
ajfa-6489	379	10	to	to	PART
ajfa-6489	379	11	be	be	AUX
ajfa-6489	379	12	very	very	ADV
ajfa-6489	379	13	high	high	ADJ
ajfa-6489	379	14	and	and	CCONJ
ajfa-6489	379	15	therefore	therefore	ADV
ajfa-6489	379	16	,	,	PUNCT
ajfa-6489	379	17	their	their	PRON
ajfa-6489	379	18	opinions	opinion	NOUN
ajfa-6489	379	19	tends	tend	VERB
ajfa-6489	379	20	to	to	PART
ajfa-6489	379	21	matter	matter	VERB
ajfa-6489	379	22	in	in	ADP
ajfa-6489	379	23	regard	regard	NOUN
ajfa-6489	379	24	to	to	ADP
ajfa-6489	379	25	the	the	DET
ajfa-6489	379	26	managerial	managerial	ADJ
ajfa-6489	379	27	decision	decision	NOUN
ajfa-6489	379	28	-	-	PUNCT
ajfa-6489	379	29	making	making	NOUN
ajfa-6489	379	30	.	.	PUNCT
ajfa-6489	380	1	our	our	PRON
ajfa-6489	380	2	results	result	NOUN
ajfa-6489	380	3	show	show	VERB
ajfa-6489	380	4	that	that	SCONJ
ajfa-6489	380	5	blockholders	blockholder	NOUN
ajfa-6489	380	6	have	have	AUX
ajfa-6489	380	7	tended	tend	VERB
ajfa-6489	380	8	to	to	PART
ajfa-6489	380	9	pay	pay	VERB
ajfa-6489	380	10	more	more	ADJ
ajfa-6489	380	11	attention	attention	NOUN
ajfa-6489	380	12	to	to	ADP
ajfa-6489	380	13	accounting	accounting	NOUN
ajfa-6489	380	14	-	-	PUNCT
ajfa-6489	380	15	based	base	VERB
ajfa-6489	380	16	performance	performance	NOUN
ajfa-6489	380	17	rather	rather	ADV
ajfa-6489	380	18	than	than	ADP
ajfa-6489	380	19	market	market	NOUN
ajfa-6489	380	20	-	-	PUNCT
ajfa-6489	380	21	based	base	VERB
ajfa-6489	380	22	performance	performance	NOUN
ajfa-6489	380	23	.	.	PUNCT
ajfa-6489	381	1	this	this	PRON
ajfa-6489	381	2	is	be	AUX
ajfa-6489	381	3	not	not	PART
ajfa-6489	381	4	surprising	surprising	ADJ
ajfa-6489	381	5	as	as	SCONJ
ajfa-6489	381	6	the	the	DET
ajfa-6489	381	7	capital	capital	NOUN
ajfa-6489	381	8	market	market	NOUN
ajfa-6489	381	9	activities	activity	NOUN
ajfa-6489	381	10	were	be	AUX
ajfa-6489	381	11	affected	affect	VERB
ajfa-6489	381	12	globally	globally	ADV
ajfa-6489	381	13	,	,	PUNCT
ajfa-6489	381	14	investors	investor	NOUN
ajfa-6489	381	15	barely	barely	ADV
ajfa-6489	381	16	made	make	VERB
ajfa-6489	381	17	any	any	DET
ajfa-6489	381	18	decent	decent	ADJ
ajfa-6489	381	19	gains	gain	NOUN
ajfa-6489	381	20	from	from	ADP
ajfa-6489	381	21	share	share	NOUN
ajfa-6489	381	22	price	price	NOUN
ajfa-6489	381	23	appreciation	appreciation	NOUN
ajfa-6489	381	24	.	.	PUNCT
ajfa-6489	382	1	therefore	therefore	ADV
ajfa-6489	382	2	,	,	PUNCT
ajfa-6489	382	3	investors	investor	NOUN
ajfa-6489	382	4	during	during	ADP
ajfa-6489	382	5	the	the	DET
ajfa-6489	382	6	financial	financial	ADJ
ajfa-6489	382	7	crisis	crisis	NOUN
ajfa-6489	382	8	have	have	AUX
ajfa-6489	382	9	relied	rely	VERB
ajfa-6489	382	10	on	on	ADP
ajfa-6489	382	11	profits	profit	NOUN
ajfa-6489	382	12	from	from	ADP
ajfa-6489	382	13	the	the	DET
ajfa-6489	382	14	operational	operational	ADJ
ajfa-6489	382	15	activities	activity	NOUN
ajfa-6489	382	16	to	to	PART
ajfa-6489	382	17	boost	boost	VERB
ajfa-6489	382	18	their	their	PRON
ajfa-6489	382	19	earnings	earning	NOUN
ajfa-6489	382	20	by	by	ADP
ajfa-6489	382	21	the	the	DET
ajfa-6489	382	22	way	way	NOUN
ajfa-6489	382	23	of	of	ADP
ajfa-6489	382	24	getting	get	VERB
ajfa-6489	382	25	higher	high	ADJ
ajfa-6489	382	26	dividends	dividend	NOUN
ajfa-6489	382	27	payouts	payout	NOUN
ajfa-6489	382	28	.	.	PUNCT
ajfa-6489	383	1	asian	asian	ADJ
ajfa-6489	383	2	journal	journal	PROPN
ajfa-6489	383	3	of	of	ADP
ajfa-6489	383	4	finance	finance	PROPN
ajfa-6489	383	5	&	&	CCONJ
ajfa-6489	383	6	accounting	accounting	PROPN
ajfa-6489	383	7	issn	issn	PROPN
ajfa-6489	383	8	1946	1946	NUM
ajfa-6489	383	9	-	-	PUNCT
ajfa-6489	383	10	052x	052x	NOUN
ajfa-6489	383	11	2015	2015	NUM
ajfa-6489	383	12	,	,	PUNCT
ajfa-6489	383	13	vol	vol	NOUN
ajfa-6489	383	14	.	.	PROPN
ajfa-6489	383	15	7	7	NUM
ajfa-6489	383	16	,	,	PUNCT
ajfa-6489	383	17	no	no	INTJ
ajfa-6489	383	18	.	.	NOUN
ajfa-6489	383	19	1	1	NUM
ajfa-6489	383	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6489	383	21	40	40	NUM
ajfa-6489	383	22	2	2	NUM
ajfa-6489	383	23	.	.	PUNCT
ajfa-6489	384	1	we	we	PRON
ajfa-6489	384	2	report	report	VERB
ajfa-6489	384	3	that	that	SCONJ
ajfa-6489	384	4	the	the	DET
ajfa-6489	384	5	owner	owner	NOUN
ajfa-6489	384	6	identity	identity	NOUN
ajfa-6489	384	7	do	do	AUX
ajfa-6489	384	8	have	have	VERB
ajfa-6489	384	9	an	an	DET
ajfa-6489	384	10	effect	effect	NOUN
ajfa-6489	384	11	on	on	ADP
ajfa-6489	384	12	the	the	DET
ajfa-6489	384	13	financial	financial	ADJ
ajfa-6489	384	14	performance	performance	NOUN
ajfa-6489	384	15	of	of	ADP
ajfa-6489	384	16	publicly	publicly	ADV
ajfa-6489	384	17	listed	list	VERB
ajfa-6489	384	18	companies	company	NOUN
ajfa-6489	384	19	in	in	ADP
ajfa-6489	384	20	new	new	PROPN
ajfa-6489	384	21	zealand	zealand	PROPN
ajfa-6489	384	22	.	.	PUNCT
ajfa-6489	385	1	more	more	ADJ
ajfa-6489	385	2	“	"	PUNCT
ajfa-6489	385	3	detached	detached	ADJ
ajfa-6489	385	4	”	"	PUNCT
ajfa-6489	385	5	level	level	NOUN
ajfa-6489	385	6	owners	owner	NOUN
ajfa-6489	385	7	(	(	PUNCT
ajfa-6489	385	8	institutional	institutional	ADJ
ajfa-6489	385	9	investors	investor	NOUN
ajfa-6489	385	10	)	)	PUNCT
ajfa-6489	385	11	have	have	VERB
ajfa-6489	385	12	a	a	DET
ajfa-6489	385	13	positive	positive	ADJ
ajfa-6489	385	14	effect	effect	NOUN
ajfa-6489	385	15	on	on	ADP
ajfa-6489	385	16	market	market	NOUN
ajfa-6489	385	17	-	-	PUNCT
ajfa-6489	385	18	based	base	VERB
ajfa-6489	385	19	performance	performance	NOUN
ajfa-6489	385	20	but	but	CCONJ
ajfa-6489	385	21	negative	negative	ADJ
ajfa-6489	385	22	effect	effect	NOUN
ajfa-6489	385	23	on	on	ADP
ajfa-6489	385	24	accounting	accounting	NOUN
ajfa-6489	385	25	-	-	PUNCT
ajfa-6489	385	26	based	base	VERB
ajfa-6489	385	27	performance	performance	NOUN
ajfa-6489	385	28	.	.	PUNCT
ajfa-6489	386	1	whereas	whereas	SCONJ
ajfa-6489	386	2	,	,	PUNCT
ajfa-6489	386	3	more	more	ADJ
ajfa-6489	386	4	“	"	PUNCT
ajfa-6489	386	5	involved	involved	ADJ
ajfa-6489	386	6	”	"	PUNCT
ajfa-6489	386	7	level	level	NOUN
ajfa-6489	386	8	owners	owner	NOUN
ajfa-6489	386	9	(	(	PUNCT
ajfa-6489	386	10	employee	employee	NOUN
ajfa-6489	386	11	&	&	CCONJ
ajfa-6489	386	12	corporate	corporate	ADJ
ajfa-6489	386	13	investors	investor	NOUN
ajfa-6489	386	14	)	)	PUNCT
ajfa-6489	386	15	have	have	VERB
ajfa-6489	386	16	a	a	DET
ajfa-6489	386	17	negative	negative	ADJ
ajfa-6489	386	18	effect	effect	NOUN
ajfa-6489	386	19	on	on	ADP
ajfa-6489	386	20	market	market	NOUN
ajfa-6489	386	21	-	-	PUNCT
ajfa-6489	386	22	based	base	VERB
ajfa-6489	386	23	performance	performance	NOUN
ajfa-6489	386	24	.	.	PUNCT
ajfa-6489	387	1	our	our	PRON
ajfa-6489	387	2	findings	finding	NOUN
ajfa-6489	387	3	support	support	VERB
ajfa-6489	387	4	the	the	DET
ajfa-6489	387	5	view	view	NOUN
ajfa-6489	387	6	that	that	SCONJ
ajfa-6489	387	7	institutional	institutional	ADJ
ajfa-6489	387	8	ownership	ownership	NOUN
ajfa-6489	387	9	increases	increase	VERB
ajfa-6489	387	10	tobin	tobin	PROPN
ajfa-6489	387	11	’s	’s	PART
ajfa-6489	387	12	q	q	NOUN
ajfa-6489	387	13	and	and	CCONJ
ajfa-6489	387	14	decreases	decrease	VERB
ajfa-6489	387	15	roa	roa	PROPN
ajfa-6489	387	16	,	,	PUNCT
ajfa-6489	387	17	whereas	whereas	SCONJ
ajfa-6489	387	18	corporate	corporate	ADJ
ajfa-6489	387	19	holding	holding	NOUN
ajfa-6489	387	20	decreases	decrease	VERB
ajfa-6489	387	21	tobin	tobin	PROPN
ajfa-6489	387	22	’s	’s	PART
ajfa-6489	387	23	q.	q.	NOUN
ajfa-6489	387	24	this	this	DET
ajfa-6489	387	25	result	result	NOUN
ajfa-6489	387	26	indicate	indicate	VERB
ajfa-6489	387	27	that	that	SCONJ
ajfa-6489	387	28	the	the	DET
ajfa-6489	387	29	“	"	PUNCT
ajfa-6489	387	30	detached	detached	ADJ
ajfa-6489	387	31	”	"	PUNCT
ajfa-6489	387	32	owners	owner	NOUN
ajfa-6489	387	33	have	have	VERB
ajfa-6489	387	34	positive	positive	ADJ
ajfa-6489	387	35	effect	effect	NOUN
ajfa-6489	387	36	on	on	ADP
ajfa-6489	387	37	market	market	NOUN
ajfa-6489	387	38	performance	performance	NOUN
ajfa-6489	387	39	but	but	CCONJ
ajfa-6489	387	40	negative	negative	ADJ
ajfa-6489	387	41	effect	effect	NOUN
ajfa-6489	387	42	on	on	ADP
ajfa-6489	387	43	accounting	accounting	NOUN
ajfa-6489	387	44	performance	performance	NOUN
ajfa-6489	387	45	whereas	whereas	SCONJ
ajfa-6489	387	46	,	,	PUNCT
ajfa-6489	387	47	“	"	PUNCT
ajfa-6489	387	48	involved	involve	VERB
ajfa-6489	387	49	”	"	PUNCT
ajfa-6489	387	50	level	level	NOUN
ajfa-6489	387	51	owners	owner	NOUN
ajfa-6489	387	52	have	have	VERB
ajfa-6489	387	53	negative	negative	ADJ
ajfa-6489	387	54	effects	effect	NOUN
ajfa-6489	387	55	on	on	ADP
ajfa-6489	387	56	market	market	NOUN
ajfa-6489	387	57	performance	performance	NOUN
ajfa-6489	387	58	.	.	PUNCT
ajfa-6489	388	1	this	this	DET
ajfa-6489	388	2	finding	finding	NOUN
ajfa-6489	388	3	indicates	indicate	VERB
ajfa-6489	388	4	that	that	SCONJ
ajfa-6489	388	5	the	the	DET
ajfa-6489	388	6	“	"	PUNCT
ajfa-6489	388	7	detached	detached	ADJ
ajfa-6489	388	8	”	"	PUNCT
ajfa-6489	388	9	level	level	NOUN
ajfa-6489	388	10	owners	owner	NOUN
ajfa-6489	388	11	have	have	VERB
ajfa-6489	388	12	less	less	ADJ
ajfa-6489	388	13	power	power	NOUN
ajfa-6489	388	14	in	in	ADP
ajfa-6489	388	15	seeking	seek	VERB
ajfa-6489	388	16	the	the	DET
ajfa-6489	388	17	short	short	ADJ
ajfa-6489	388	18	-	-	PUNCT
ajfa-6489	388	19	run	run	NOUN
ajfa-6489	388	20	profit	profit	NOUN
ajfa-6489	388	21	and	and	CCONJ
ajfa-6489	388	22	therefore	therefore	ADV
ajfa-6489	388	23	,	,	PUNCT
ajfa-6489	388	24	focus	focus	VERB
ajfa-6489	388	25	less	less	ADJ
ajfa-6489	388	26	interest	interest	NOUN
ajfa-6489	388	27	on	on	ADP
ajfa-6489	388	28	operational	operational	ADJ
ajfa-6489	388	29	matters	matter	NOUN
ajfa-6489	388	30	but	but	CCONJ
ajfa-6489	388	31	more	more	ADJ
ajfa-6489	388	32	on	on	ADP
ajfa-6489	388	33	long	long	ADJ
ajfa-6489	388	34	-	-	PUNCT
ajfa-6489	388	35	term	term	NOUN
ajfa-6489	388	36	growth	growth	NOUN
ajfa-6489	388	37	of	of	ADP
ajfa-6489	388	38	the	the	DET
ajfa-6489	388	39	company	company	NOUN
ajfa-6489	388	40	.	.	PUNCT
ajfa-6489	389	1	3	3	X
ajfa-6489	389	2	.	.	X
ajfa-6489	389	3	our	our	PRON
ajfa-6489	389	4	results	result	NOUN
ajfa-6489	389	5	show	show	VERB
ajfa-6489	389	6	that	that	SCONJ
ajfa-6489	389	7	the	the	DET
ajfa-6489	389	8	relationship	relationship	NOUN
ajfa-6489	389	9	between	between	ADP
ajfa-6489	389	10	owner	owner	NOUN
ajfa-6489	389	11	identity	identity	NOUN
ajfa-6489	389	12	and	and	CCONJ
ajfa-6489	389	13	financial	financial	ADJ
ajfa-6489	389	14	performance	performance	NOUN
ajfa-6489	389	15	changes	change	NOUN
ajfa-6489	389	16	during	during	ADP
ajfa-6489	389	17	the	the	DET
ajfa-6489	389	18	financial	financial	ADJ
ajfa-6489	389	19	crisis	crisis	NOUN
ajfa-6489	389	20	.	.	PUNCT
ajfa-6489	390	1	in	in	ADP
ajfa-6489	390	2	new	new	PROPN
ajfa-6489	390	3	zealand	zealand	PROPN
ajfa-6489	390	4	context	context	NOUN
ajfa-6489	390	5	,	,	PUNCT
ajfa-6489	390	6	less	less	ADV
ajfa-6489	390	7	“	"	PUNCT
ajfa-6489	390	8	involved	involve	VERB
ajfa-6489	390	9	”	"	PUNCT
ajfa-6489	390	10	shareholding	shareholding	NOUN
ajfa-6489	390	11	leads	lead	VERB
ajfa-6489	390	12	to	to	ADP
ajfa-6489	390	13	higher	high	ADJ
ajfa-6489	390	14	performance	performance	NOUN
ajfa-6489	390	15	.	.	PUNCT
ajfa-6489	391	1	our	our	PRON
ajfa-6489	391	2	evidence	evidence	NOUN
ajfa-6489	391	3	shows	show	VERB
ajfa-6489	391	4	that	that	SCONJ
ajfa-6489	391	5	the	the	DET
ajfa-6489	391	6	effect	effect	NOUN
ajfa-6489	391	7	of	of	ADP
ajfa-6489	391	8	owner	owner	NOUN
ajfa-6489	391	9	identity	identity	NOUN
ajfa-6489	391	10	declined	decline	VERB
ajfa-6489	391	11	during	during	ADP
ajfa-6489	391	12	the	the	DET
ajfa-6489	391	13	financial	financial	ADJ
ajfa-6489	391	14	crisis	crisis	NOUN
ajfa-6489	391	15	period	period	NOUN
ajfa-6489	391	16	due	due	ADP
ajfa-6489	391	17	to	to	ADP
ajfa-6489	391	18	the	the	DET
ajfa-6489	391	19	fact	fact	NOUN
ajfa-6489	391	20	that	that	SCONJ
ajfa-6489	391	21	different	different	ADJ
ajfa-6489	391	22	types	type	NOUN
ajfa-6489	391	23	of	of	ADP
ajfa-6489	391	24	owners	owner	NOUN
ajfa-6489	391	25	reduced	reduce	VERB
ajfa-6489	391	26	their	their	PRON
ajfa-6489	391	27	ownership	ownership	NOUN
ajfa-6489	391	28	concentration	concentration	NOUN
ajfa-6489	391	29	levels	level	NOUN
ajfa-6489	391	30	,	,	PUNCT
ajfa-6489	391	31	thus	thus	ADV
ajfa-6489	391	32	reducing	reduce	VERB
ajfa-6489	391	33	their	their	PRON
ajfa-6489	391	34	social	social	ADJ
ajfa-6489	391	35	influence	influence	NOUN
ajfa-6489	391	36	and	and	CCONJ
ajfa-6489	391	37	expertise	expertise	NOUN
ajfa-6489	391	38	powers	power	NOUN
ajfa-6489	391	39	.	.	PUNCT
ajfa-6489	392	1	our	our	PRON
ajfa-6489	392	2	results	result	NOUN
ajfa-6489	392	3	reported	report	VERB
ajfa-6489	392	4	in	in	ADP
ajfa-6489	392	5	table	table	NOUN
ajfa-6489	392	6	1	1	NUM
ajfa-6489	392	7	show	show	VERB
ajfa-6489	392	8	that	that	SCONJ
ajfa-6489	392	9	the	the	DET
ajfa-6489	392	10	largest	large	ADJ
ajfa-6489	392	11	shareholder	shareholder	NOUN
ajfa-6489	392	12	hold34.49	hold34.49	PROPN
ajfa-6489	392	13	%	%	NOUN
ajfa-6489	392	14	of	of	ADP
ajfa-6489	392	15	the	the	DET
ajfa-6489	392	16	shares	share	NOUN
ajfa-6489	392	17	and	and	CCONJ
ajfa-6489	392	18	five	five	NUM
ajfa-6489	392	19	largest	large	ADJ
ajfa-6489	392	20	shareholders	shareholder	NOUN
ajfa-6489	392	21	hold	hold	VERB
ajfa-6489	392	22	in	in	ADP
ajfa-6489	392	23	excess	excess	NOUN
ajfa-6489	392	24	of	of	ADP
ajfa-6489	392	25	50	50	NUM
ajfa-6489	392	26	%	%	NOUN
ajfa-6489	392	27	(	(	PUNCT
ajfa-6489	392	28	on	on	ADP
ajfa-6489	392	29	an	an	DET
ajfa-6489	392	30	average	average	ADJ
ajfa-6489	392	31	basis	basis	NOUN
ajfa-6489	392	32	)	)	PUNCT
ajfa-6489	392	33	of	of	ADP
ajfa-6489	392	34	the	the	DET
ajfa-6489	392	35	shares	share	NOUN
ajfa-6489	392	36	.	.	PUNCT
ajfa-6489	393	1	these	these	DET
ajfa-6489	393	2	results	result	NOUN
ajfa-6489	393	3	indicate	indicate	VERB
ajfa-6489	393	4	that	that	SCONJ
ajfa-6489	393	5	the	the	DET
ajfa-6489	393	6	top	top	ADJ
ajfa-6489	393	7	five	five	NUM
ajfa-6489	393	8	shareholders	shareholder	NOUN
ajfa-6489	393	9	have	have	VERB
ajfa-6489	393	10	absolute	absolute	ADJ
ajfa-6489	393	11	control	control	NOUN
ajfa-6489	393	12	of	of	ADP
ajfa-6489	393	13	the	the	DET
ajfa-6489	393	14	publicly	publicly	ADV
ajfa-6489	393	15	listed	list	VERB
ajfa-6489	393	16	companies	company	NOUN
ajfa-6489	393	17	in	in	ADP
ajfa-6489	393	18	new	new	PROPN
ajfa-6489	393	19	zealand	zealand	PROPN
ajfa-6489	393	20	.	.	PUNCT
ajfa-6489	394	1	our	our	PRON
ajfa-6489	394	2	results	result	NOUN
ajfa-6489	394	3	also	also	ADV
ajfa-6489	394	4	show	show	VERB
ajfa-6489	394	5	that	that	SCONJ
ajfa-6489	394	6	the	the	DET
ajfa-6489	394	7	average	average	ADJ
ajfa-6489	394	8	proportion	proportion	NOUN
ajfa-6489	394	9	of	of	ADP
ajfa-6489	394	10	corporate	corporate	ADJ
ajfa-6489	394	11	and	and	CCONJ
ajfa-6489	394	12	employee	employee	NOUN
ajfa-6489	394	13	holding	hold	VERB
ajfa-6489	394	14	in	in	ADP
ajfa-6489	394	15	new	new	PROPN
ajfa-6489	394	16	zealand	zealand	PROPN
ajfa-6489	394	17	is	be	AUX
ajfa-6489	394	18	much	much	ADV
ajfa-6489	394	19	higher	high	ADJ
ajfa-6489	394	20	compared	compare	VERB
ajfa-6489	394	21	to	to	ADP
ajfa-6489	394	22	that	that	PRON
ajfa-6489	394	23	of	of	ADP
ajfa-6489	394	24	australia	australia	PROPN
ajfa-6489	394	25	,	,	PUNCT
ajfa-6489	394	26	the	the	DET
ajfa-6489	394	27	uk	uk	PROPN
ajfa-6489	394	28	and	and	CCONJ
ajfa-6489	394	29	the	the	DET
ajfa-6489	394	30	us	us	PROPN
ajfa-6489	394	31	;	;	PUNCT
ajfa-6489	394	32	thus	thus	ADV
ajfa-6489	394	33	confirming	confirm	VERB
ajfa-6489	394	34	the	the	DET
ajfa-6489	394	35	view	view	NOUN
ajfa-6489	394	36	that	that	SCONJ
ajfa-6489	394	37	the	the	DET
ajfa-6489	394	38	“	"	PUNCT
ajfa-6489	394	39	involvement	involvement	NOUN
ajfa-6489	394	40	”	"	PUNCT
ajfa-6489	394	41	ownership	ownership	NOUN
ajfa-6489	394	42	type	type	NOUN
ajfa-6489	394	43	(	(	PUNCT
ajfa-6489	394	44	corporate	corporate	ADJ
ajfa-6489	394	45	holding	holding	NOUN
ajfa-6489	394	46	)	)	PUNCT
ajfa-6489	394	47	is	be	AUX
ajfa-6489	394	48	more	more	ADV
ajfa-6489	394	49	popular	popular	ADJ
ajfa-6489	394	50	in	in	ADP
ajfa-6489	394	51	new	new	PROPN
ajfa-6489	394	52	zealand	zealand	PROPN
ajfa-6489	394	53	context	context	NOUN
ajfa-6489	394	54	.	.	PUNCT
ajfa-6489	395	1	our	our	PRON
ajfa-6489	395	2	results	result	NOUN
ajfa-6489	395	3	also	also	ADV
ajfa-6489	395	4	show	show	VERB
ajfa-6489	395	5	that	that	SCONJ
ajfa-6489	395	6	there	there	PRON
ajfa-6489	395	7	are	be	VERB
ajfa-6489	395	8	two	two	NUM
ajfa-6489	395	9	different	different	ADJ
ajfa-6489	395	10	kinds	kind	NOUN
ajfa-6489	395	11	of	of	ADP
ajfa-6489	395	12	foreign	foreign	ADJ
ajfa-6489	395	13	investor	investor	NOUN
ajfa-6489	395	14	existing	exist	VERB
ajfa-6489	395	15	in	in	ADP
ajfa-6489	395	16	new	new	PROPN
ajfa-6489	395	17	zealand	zealand	PROPN
ajfa-6489	395	18	market	market	NOUN
ajfa-6489	395	19	,	,	PUNCT
ajfa-6489	395	20	that	that	ADV
ajfa-6489	395	21	is	is	ADV
ajfa-6489	395	22	,	,	PUNCT
ajfa-6489	395	23	one	one	NUM
ajfa-6489	395	24	seeking	seek	VERB
ajfa-6489	395	25	long	long	ADJ
ajfa-6489	395	26	-	-	PUNCT
ajfa-6489	395	27	run	run	NOUN
ajfa-6489	395	28	returns	return	NOUN
ajfa-6489	395	29	and	and	CCONJ
ajfa-6489	395	30	low	low	ADJ
ajfa-6489	395	31	risk	risk	NOUN
ajfa-6489	395	32	and	and	CCONJ
ajfa-6489	395	33	other	other	ADJ
ajfa-6489	395	34	seeking	seek	VERB
ajfa-6489	395	35	more	more	ADV
ajfa-6489	395	36	risky	risky	ADJ
ajfa-6489	395	37	investments	investment	NOUN
ajfa-6489	395	38	opportunities	opportunity	NOUN
ajfa-6489	395	39	.	.	PUNCT
ajfa-6489	396	1	finally	finally	ADV
ajfa-6489	396	2	,	,	PUNCT
ajfa-6489	396	3	we	we	PRON
ajfa-6489	396	4	caution	caution	VERB
ajfa-6489	396	5	readers	reader	NOUN
ajfa-6489	396	6	regarding	regard	VERB
ajfa-6489	396	7	generalizing	generalize	VERB
ajfa-6489	396	8	the	the	DET
ajfa-6489	396	9	findings	finding	NOUN
ajfa-6489	396	10	of	of	ADP
ajfa-6489	396	11	this	this	DET
ajfa-6489	396	12	study	study	NOUN
ajfa-6489	396	13	as	as	SCONJ
ajfa-6489	396	14	the	the	DET
ajfa-6489	396	15	sample	sample	NOUN
ajfa-6489	396	16	sizeused	sizeuse	VERB
ajfa-6489	396	17	is	be	AUX
ajfa-6489	396	18	small	small	ADJ
ajfa-6489	396	19	and	and	CCONJ
ajfa-6489	396	20	the	the	DET
ajfa-6489	396	21	study	study	NOUN
ajfa-6489	396	22	focuses	focus	VERB
ajfa-6489	396	23	specifically	specifically	ADV
ajfa-6489	396	24	on	on	ADP
ajfa-6489	396	25	new	new	PROPN
ajfa-6489	396	26	zealand	zealand	PROPN
ajfa-6489	396	27	environment	environment	NOUN
ajfa-6489	396	28	.	.	PUNCT
ajfa-6489	397	1	however	however	ADV
ajfa-6489	397	2	,	,	PUNCT
ajfa-6489	397	3	the	the	DET
ajfa-6489	397	4	issuesraised	issuesraise	VERB
ajfa-6489	397	5	could	could	AUX
ajfa-6489	397	6	be	be	AUX
ajfa-6489	397	7	adopted	adopt	VERB
ajfa-6489	397	8	for	for	ADP
ajfa-6489	397	9	future	future	ADJ
ajfa-6489	397	10	studies	study	NOUN
ajfa-6489	397	11	.	.	PUNCT
ajfa-6489	398	1	references	reference	NOUN
ajfa-6489	398	2	ben	ben	PROPN
ajfa-6489	398	3	-	-	PROPN
ajfa-6489	398	4	amar	amar	PROPN
ajfa-6489	398	5	w.	w.	PROPN
ajfa-6489	398	6	,	,	PUNCT
ajfa-6489	398	7	&	&	CCONJ
ajfa-6489	398	8	andre	andre	PROPN
ajfa-6489	398	9	p.	p.	PROPN
ajfa-6489	398	10	(	(	PUNCT
ajfa-6489	398	11	2006	2006	NUM
ajfa-6489	398	12	)	)	PUNCT
ajfa-6489	398	13	separation	separation	NOUN
ajfa-6489	398	14	of	of	ADP
ajfa-6489	398	15	ownership	ownership	NOUN
ajfa-6489	398	16	from	from	ADP
ajfa-6489	398	17	control	control	NOUN
ajfa-6489	398	18	and	and	CCONJ
ajfa-6489	398	19	acquiring	acquire	VERB
ajfa-6489	398	20	firm	firm	ADJ
ajfa-6489	398	21	performance	performance	NOUN
ajfa-6489	398	22	:	:	PUNCT
ajfa-6489	398	23	the	the	DET
ajfa-6489	398	24	case	case	NOUN
ajfa-6489	398	25	of	of	ADP
ajfa-6489	398	26	family	family	NOUN
ajfa-6489	398	27	ownership	ownership	NOUN
ajfa-6489	398	28	in	in	ADP
ajfa-6489	398	29	canada	canada	PROPN
ajfa-6489	398	30	.	.	PUNCT
ajfa-6489	399	1	journal	journal	PROPN
ajfa-6489	399	2	of	of	ADP
ajfa-6489	399	3	business	business	NOUN
ajfa-6489	399	4	,	,	PUNCT
ajfa-6489	399	5	finance	finance	NOUN
ajfa-6489	399	6	and	and	CCONJ
ajfa-6489	399	7	accounting	accounting	NOUN
ajfa-6489	399	8	,	,	PUNCT
ajfa-6489	399	9	33	33	NUM
ajfa-6489	399	10	,	,	PUNCT
ajfa-6489	399	11	517-543.http://dx.doi.org/10.1111/j.1468-5957.2006.00613.x	517-543.http://dx.doi.org/10.1111/j.1468-5957.2006.00613.x	NUM
ajfa-6489	399	12	boone	boone	PROPN
ajfa-6489	399	13	n	n	CCONJ
ajfa-6489	399	14	,	,	PUNCT
ajfa-6489	399	15	colombage	colombage	PROPN
ajfa-6489	399	16	s.	s.	PROPN
ajfa-6489	399	17	,	,	PUNCT
ajfa-6489	399	18	&	&	CCONJ
ajfa-6489	399	19	gunasekarage	gunasekarage	PROPN
ajfa-6489	399	20	a.	a.	PROPN
ajfa-6489	399	21	(	(	PUNCT
ajfa-6489	399	22	2011	2011	NUM
ajfa-6489	399	23	)	)	PUNCT
ajfa-6489	399	24	block	block	NOUN
ajfa-6489	399	25	shareholder	shareholder	NOUN
ajfa-6489	399	26	identity	identity	NOUN
ajfa-6489	399	27	and	and	CCONJ
ajfa-6489	399	28	firm	firm	ADJ
ajfa-6489	399	29	performance	performance	NOUN
ajfa-6489	399	30	in	in	ADP
ajfa-6489	399	31	new	new	PROPN
ajfa-6489	399	32	zealand	zealand	PROPN
ajfa-6489	399	33	.	.	PUNCT
ajfa-6489	400	1	pacific	pacific	PROPN
ajfa-6489	400	2	accounting	accounting	PROPN
ajfa-6489	400	3	review,23	review,23	PROPN
ajfa-6489	400	4	,	,	PUNCT
ajfa-6489	400	5	185-210.http://dx.doi.org/10.1108/01140581111163999	185-210.http://dx.doi.org/10.1108/01140581111163999	NUM
ajfa-6489	400	6	chen	chen	PROPN
ajfa-6489	400	7	h	h	PROPN
ajfa-6489	400	8	,	,	PUNCT
ajfa-6489	400	9	hexter	hexter	PROPN
ajfa-6489	400	10	l.	l.	PROPN
ajfa-6489	400	11	,	,	PUNCT
ajfa-6489	400	12	&	&	CCONJ
ajfa-6489	400	13	hu	hu	PROPN
ajfa-6489	401	1	my	my	PRON
ajfa-6489	401	2	.	.	PUNCT
ajfa-6489	402	1	(	(	PUNCT
ajfa-6489	402	2	1993	1993	NUM
ajfa-6489	402	3	)	)	PUNCT
ajfa-6489	402	4	management	management	NOUN
ajfa-6489	402	5	ownership	ownership	NOUN
ajfa-6489	402	6	and	and	CCONJ
ajfa-6489	402	7	corporate	corporate	ADJ
ajfa-6489	402	8	value	value	NOUN
ajfa-6489	402	9	.	.	PUNCT
ajfa-6489	403	1	managerial	managerial	ADJ
ajfa-6489	403	2	and	and	CCONJ
ajfa-6489	403	3	decision	decision	NOUN
ajfa-6489	403	4	economics	economic	NOUN
ajfa-6489	403	5	,	,	PUNCT
ajfa-6489	403	6	14	14	NUM
ajfa-6489	403	7	,	,	PUNCT
ajfa-6489	403	8	335-346.http://dx.doi.org/10.1002/mde.4090140406	335-346.http://dx.doi.org/10.1002/mde.4090140406	NUM
ajfa-6489	403	9	asian	asian	ADJ
ajfa-6489	403	10	journal	journal	NOUN
ajfa-6489	403	11	of	of	ADP
ajfa-6489	403	12	finance	finance	PROPN
ajfa-6489	403	13	&	&	CCONJ
ajfa-6489	403	14	accounting	accounting	PROPN
ajfa-6489	403	15	issn	issn	PROPN
ajfa-6489	403	16	1946	1946	NUM
ajfa-6489	403	17	-	-	PUNCT
ajfa-6489	403	18	052x	052x	NOUN
ajfa-6489	403	19	2015	2015	NUM
ajfa-6489	403	20	,	,	PUNCT
ajfa-6489	403	21	vol	vol	NOUN
ajfa-6489	403	22	.	.	PROPN
ajfa-6489	404	1	7	7	NUM
ajfa-6489	404	2	,	,	PUNCT
ajfa-6489	404	3	no	no	INTJ
ajfa-6489	404	4	.	.	NOUN
ajfa-6489	404	5	1	1	NUM
ajfa-6489	404	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-6489	404	7	41	41	NUM
ajfa-6489	404	8	claessens	claessen	NOUN
ajfa-6489	404	9	s	s	PART
ajfa-6489	404	10	,	,	PUNCT
ajfa-6489	404	11	djankov	djankov	PROPN
ajfa-6489	404	12	s	s	PROPN
ajfa-6489	404	13	,	,	PUNCT
ajfa-6489	404	14	fan	fan	PROPN
ajfa-6489	404	15	j	j	PROPN
ajfa-6489	404	16	,	,	PUNCT
ajfa-6489	404	17	et	et	PROPN
ajfa-6489	404	18	al	al	PROPN
ajfa-6489	404	19	.	.	PUNCT
ajfa-6489	405	1	(	(	PUNCT
ajfa-6489	405	2	2000	2000	NUM
ajfa-6489	405	3	)	)	PUNCT
ajfa-6489	405	4	the	the	DET
ajfa-6489	405	5	separation	separation	NOUN
ajfa-6489	405	6	of	of	ADP
ajfa-6489	405	7	ownership	ownership	NOUN
ajfa-6489	405	8	and	and	CCONJ
ajfa-6489	405	9	control	control	NOUN
ajfa-6489	405	10	in	in	ADP
ajfa-6489	405	11	east	east	ADJ
ajfa-6489	405	12	asian	asian	ADJ
ajfa-6489	405	13	corporations	corporation	NOUN
ajfa-6489	405	14	.	.	PUNCT
ajfa-6489	406	1	journal	journal	PROPN
ajfa-6489	406	2	of	of	ADP
ajfa-6489	406	3	financial	financial	ADJ
ajfa-6489	406	4	economics	economic	NOUN
ajfa-6489	406	5	,	,	PUNCT
ajfa-6489	406	6	93	93	NUM
ajfa-6489	406	7	,	,	PUNCT
ajfa-6489	406	8	81-112.http://dx.doi.org/10.1016/s0304-405x(00)00067-2	81-112.http://dx.doi.org/10.1016/s0304-405x(00)00067-2	NUM
ajfa-6489	406	9	cubbin	cubbin	PROPN
ajfa-6489	406	10	j.	j.	PROPN
ajfa-6489	406	11	,	,	PUNCT
ajfa-6489	406	12	&	&	CCONJ
ajfa-6489	406	13	leech	leech	PROPN
ajfa-6489	406	14	d.	d.	PROPN
ajfa-6489	406	15	(	(	PUNCT
ajfa-6489	406	16	1983	1983	NUM
ajfa-6489	406	17	)	)	PUNCT
ajfa-6489	406	18	the	the	DET
ajfa-6489	406	19	effect	effect	NOUN
ajfa-6489	406	20	of	of	ADP
ajfa-6489	406	21	shareholding	shareholding	NOUN
ajfa-6489	406	22	dispersion	dispersion	NOUN
ajfa-6489	406	23	on	on	ADP
ajfa-6489	406	24	the	the	DET
ajfa-6489	406	25	degree	degree	NOUN
ajfa-6489	406	26	of	of	ADP
ajfa-6489	406	27	control	control	NOUN
ajfa-6489	406	28	in	in	ADP
ajfa-6489	406	29	east	east	ADJ
ajfa-6489	406	30	asian	asian	ADJ
ajfa-6489	406	31	corporations	corporation	NOUN
ajfa-6489	406	32	.	.	PUNCT
ajfa-6489	407	1	the	the	DET
ajfa-6489	407	2	economic	economic	ADJ
ajfa-6489	407	3	journal	journal	NOUN
ajfa-6489	407	4	,	,	PUNCT
ajfa-6489	407	5	93	93	NUM
ajfa-6489	407	6	,	,	PUNCT
ajfa-6489	407	7	351-369.http://dx.doi.org/10.2307/2232797	351-369.http://dx.doi.org/10.2307/2232797	NUM
ajfa-6489	407	8	demsetz	demsetz	ADJ
ajfa-6489	407	9	h.	h.	PROPN
ajfa-6489	407	10	(	(	PUNCT
ajfa-6489	407	11	1983	1983	NUM
ajfa-6489	407	12	)	)	PUNCT
ajfa-6489	407	13	the	the	DET
ajfa-6489	407	14	structure	structure	NOUN
ajfa-6489	407	15	of	of	ADP
ajfa-6489	407	16	ownership	ownership	NOUN
ajfa-6489	407	17	and	and	CCONJ
ajfa-6489	407	18	the	the	DET
ajfa-6489	407	19	theory	theory	NOUN
ajfa-6489	407	20	of	of	ADP
ajfa-6489	407	21	the	the	DET
ajfa-6489	407	22	firm	firm	NOUN
ajfa-6489	407	23	.	.	PUNCT
ajfa-6489	408	1	journal	journal	PROPN
ajfa-6489	408	2	of	of	ADP
ajfa-6489	408	3	law	law	PROPN
ajfa-6489	408	4	&	&	CCONJ
ajfa-6489	408	5	economics	economic	NOUN
ajfa-6489	408	6	,	,	PUNCT
ajfa-6489	408	7	26	26	NUM
ajfa-6489	408	8	,	,	PUNCT
ajfa-6489	408	9	375-390.http://dx.doi.org/10.1086/467041	375-390.http://dx.doi.org/10.1086/467041	NUM
ajfa-6489	408	10	demsetz	demsetz	ADJ
ajfa-6489	408	11	h.	h.	PROPN
ajfa-6489	408	12	,	,	PUNCT
ajfa-6489	408	13	&	&	CCONJ
ajfa-6489	408	14	lehn	lehn	PROPN
ajfa-6489	408	15	k.	k.	PROPN
ajfa-6489	408	16	(	(	PUNCT
ajfa-6489	408	17	1985	1985	NUM
ajfa-6489	408	18	)	)	PUNCT
ajfa-6489	408	19	the	the	DET
ajfa-6489	408	20	structure	structure	NOUN
ajfa-6489	408	21	of	of	ADP
ajfa-6489	408	22	corporate	corporate	ADJ
ajfa-6489	408	23	ownership	ownership	NOUN
ajfa-6489	408	24	:	:	PUNCT
ajfa-6489	408	25	causes	cause	NOUN
ajfa-6489	408	26	and	and	CCONJ
ajfa-6489	408	27	consequences	consequence	NOUN
ajfa-6489	408	28	.	.	PUNCT
ajfa-6489	409	1	journal	journal	NOUN
ajfa-6489	409	2	of	of	ADP
ajfa-6489	409	3	political	political	ADJ
ajfa-6489	409	4	economy	economy	NOUN
ajfa-6489	409	5	,	,	PUNCT
ajfa-6489	409	6	93	93	NUM
ajfa-6489	409	7	,	,	PUNCT
ajfa-6489	409	8	1155-1177.http://dx.doi.org/10.1086/261354	1155-1177.http://dx.doi.org/10.1086/261354	NUM
ajfa-6489	409	9	demsetz	demsetz	ADJ
ajfa-6489	409	10	h.	h.	PROPN
ajfa-6489	409	11	,	,	PUNCT
ajfa-6489	409	12	&	&	CCONJ
ajfa-6489	409	13	villalonga	villalonga	PROPN
ajfa-6489	409	14	b.	b.	PROPN
ajfa-6489	409	15	(	(	PUNCT
ajfa-6489	409	16	2001	2001	NUM
ajfa-6489	409	17	)	)	PUNCT
ajfa-6489	409	18	ownership	ownership	NOUN
ajfa-6489	409	19	structure	structure	NOUN
ajfa-6489	409	20	and	and	CCONJ
ajfa-6489	409	21	corporate	corporate	ADJ
ajfa-6489	409	22	performance	performance	NOUN
ajfa-6489	409	23	.	.	PUNCT
ajfa-6489	410	1	journal	journal	NOUN
ajfa-6489	410	2	of	of	ADP
ajfa-6489	410	3	corporate	corporate	ADJ
ajfa-6489	410	4	finance	finance	NOUN
ajfa-6489	410	5	,	,	PUNCT
ajfa-6489	410	6	7	7	NUM
ajfa-6489	410	7	,	,	PUNCT
ajfa-6489	410	8	209-233.http://dx.doi.org/10.1016/s0929-1199(01)00020-7	209-233.http://dx.doi.org/10.1016/s0929-1199(01)00020-7	NUM
ajfa-6489	410	9	dodd	dodd	PROPN
ajfa-6489	410	10	p.	p.	PROPN
ajfa-6489	410	11	,	,	PUNCT
ajfa-6489	410	12	&	&	CCONJ
ajfa-6489	410	13	warner	warner	PROPN
ajfa-6489	410	14	j.	j.	PROPN
ajfa-6489	410	15	(	(	PUNCT
ajfa-6489	410	16	1983	1983	NUM
ajfa-6489	410	17	)	)	PUNCT
ajfa-6489	410	18	on	on	ADP
ajfa-6489	410	19	corporate	corporate	ADJ
ajfa-6489	410	20	governance	governance	NOUN
ajfa-6489	410	21	:	:	PUNCT
ajfa-6489	410	22	a	a	DET
ajfa-6489	410	23	study	study	NOUN
ajfa-6489	410	24	of	of	ADP
ajfa-6489	410	25	proxy	proxy	ADJ
ajfa-6489	410	26	contests	contest	NOUN
ajfa-6489	410	27	.	.	PUNCT
ajfa-6489	411	1	journal	journal	NOUN
ajfa-6489	411	2	of	of	ADP
ajfa-6489	411	3	financial	financial	ADJ
ajfa-6489	411	4	economics	economic	NOUN
ajfa-6489	411	5	,	,	PUNCT
ajfa-6489	411	6	11	11	NUM
ajfa-6489	411	7	,	,	PUNCT
ajfa-6489	411	8	401-439.http://dx.doi.org/10.1016/0304-405x(83)90018-1	401-439.http://dx.doi.org/10.1016/0304-405x(83)90018-1	NOUN
ajfa-6489	411	9	dyck	dyck	ADJ
ajfa-6489	411	10	a.	a.	PROPN
ajfa-6489	411	11	,	,	PUNCT
ajfa-6489	411	12	&	&	CCONJ
ajfa-6489	411	13	zingales	zingales	PROPN
ajfa-6489	411	14	l.	l.	PROPN
ajfa-6489	411	15	(	(	PUNCT
ajfa-6489	411	16	2004	2004	NUM
ajfa-6489	411	17	)	)	PUNCT
ajfa-6489	411	18	private	private	ADJ
ajfa-6489	411	19	benefits	benefit	NOUN
ajfa-6489	411	20	of	of	ADP
ajfa-6489	411	21	control	control	NOUN
ajfa-6489	411	22	:	:	PUNCT
ajfa-6489	411	23	an	an	DET
ajfa-6489	411	24	international	international	ADJ
ajfa-6489	411	25	comparison	comparison	NOUN
ajfa-6489	411	26	.	.	PUNCT
ajfa-6489	412	1	journal	journal	PROPN
ajfa-6489	412	2	of	of	ADP
ajfa-6489	412	3	finance	finance	NOUN
ajfa-6489	412	4	,	,	PUNCT
ajfa-6489	412	5	59	59	NUM
ajfa-6489	412	6	,	,	PUNCT
ajfa-6489	412	7	537-600.http://dx.doi.org/10.1111/j.1540-6261.2004.00642.x	537-600.http://dx.doi.org/10.1111/j.1540-6261.2004.00642.x	NUM
ajfa-6489	412	8	elayan	elayan	ADJ
ajfa-6489	412	9	fa	fa	PROPN
ajfa-6489	412	10	,	,	PUNCT
ajfa-6489	412	11	lau	lau	PROPN
ajfa-6489	412	12	jsc	jsc	PROPN
ajfa-6489	412	13	.	.	PROPN
ajfa-6489	412	14	,	,	PUNCT
ajfa-6489	412	15	&	&	CCONJ
ajfa-6489	412	16	meyer	meyer	PROPN
ajfa-6489	412	17	to	to	PART
ajfa-6489	412	18	.	.	PUNCT
ajfa-6489	413	1	(	(	PUNCT
ajfa-6489	413	2	2003	2003	NUM
ajfa-6489	413	3	)	)	PUNCT
ajfa-6489	413	4	executive	executive	ADJ
ajfa-6489	413	5	incentive	incentive	NOUN
ajfa-6489	413	6	compensation	compensation	NOUN
ajfa-6489	413	7	schemes	scheme	NOUN
ajfa-6489	413	8	and	and	CCONJ
ajfa-6489	413	9	their	their	PRON
ajfa-6489	413	10	impact	impact	NOUN
ajfa-6489	413	11	on	on	ADP
ajfa-6489	413	12	corporate	corporate	ADJ
ajfa-6489	413	13	performance	performance	NOUN
ajfa-6489	413	14	:	:	PUNCT
ajfa-6489	413	15	evidence	evidence	NOUN
ajfa-6489	413	16	from	from	ADP
ajfa-6489	413	17	new	new	PROPN
ajfa-6489	413	18	zealand	zealand	PROPN
ajfa-6489	413	19	since	since	SCONJ
ajfa-6489	413	20	compensation	compensation	NOUN
ajfa-6489	413	21	disclosure	disclosure	NOUN
ajfa-6489	413	22	requirements	requirement	NOUN
ajfa-6489	413	23	became	become	VERB
ajfa-6489	413	24	effective	effective	ADJ
ajfa-6489	413	25	.	.	PUNCT
ajfa-6489	414	1	studies	study	NOUN
ajfa-6489	414	2	in	in	ADP
ajfa-6489	414	3	economics	economic	NOUN
ajfa-6489	414	4	and	and	CCONJ
ajfa-6489	414	5	finance	finance	NOUN
ajfa-6489	414	6	,	,	PUNCT
ajfa-6489	414	7	21	21	NUM
ajfa-6489	414	8	,	,	PUNCT
ajfa-6489	414	9	54-92.http://dx.doi.org/10.1108/eb028769	54-92.http://dx.doi.org/10.1108/eb028769	NUM
ajfa-6489	414	10	faccio	faccio	X
ajfa-6489	414	11	m.	m.	NOUN
ajfa-6489	414	12	,	,	PUNCT
ajfa-6489	414	13	&	&	CCONJ
ajfa-6489	414	14	lang	lang	PROPN
ajfa-6489	414	15	l.	l.	PROPN
ajfa-6489	414	16	(	(	PUNCT
ajfa-6489	414	17	2002	2002	NUM
ajfa-6489	414	18	)	)	PUNCT
ajfa-6489	414	19	the	the	DET
ajfa-6489	414	20	ultimate	ultimate	ADJ
ajfa-6489	414	21	ownership	ownership	NOUN
ajfa-6489	414	22	of	of	ADP
ajfa-6489	414	23	western	western	ADJ
ajfa-6489	414	24	european	european	ADJ
ajfa-6489	414	25	corporations	corporation	NOUN
ajfa-6489	414	26	.	.	PUNCT
ajfa-6489	415	1	journal	journal	PROPN
ajfa-6489	415	2	of	of	ADP
ajfa-6489	415	3	financial	financial	ADJ
ajfa-6489	415	4	economics	economic	NOUN
ajfa-6489	415	5	,	,	PUNCT
ajfa-6489	415	6	66	66	NUM
ajfa-6489	415	7	,	,	PUNCT
ajfa-6489	415	8	365-395.http://dx.doi.org/10.1016/s0304-405x(02)00146-0	365-395.http://dx.doi.org/10.1016/s0304-405x(02)00146-0	NUM
ajfa-6489	415	9	finch	finch	NOUN
ajfa-6489	415	10	em	em	PRON
ajfa-6489	415	11	and	and	CCONJ
ajfa-6489	415	12	shivadasani	shivadasani	PROPN
ajfa-6489	415	13	a.	a.	PROPN
ajfa-6489	415	14	(	(	PUNCT
ajfa-6489	415	15	2006	2006	NUM
ajfa-6489	415	16	)	)	PUNCT
ajfa-6489	415	17	are	be	AUX
ajfa-6489	415	18	busy	busy	ADJ
ajfa-6489	415	19	boards	board	NOUN
ajfa-6489	415	20	effective	effective	ADJ
ajfa-6489	415	21	monitors	monitor	NOUN
ajfa-6489	415	22	?	?	PUNCT
ajfa-6489	416	1	the	the	DET
ajfa-6489	416	2	journal	journal	NOUN
ajfa-6489	416	3	of	of	ADP
ajfa-6489	416	4	finance	finance	NOUN
ajfa-6489	416	5	,	,	PUNCT
ajfa-6489	416	6	61(2	61(2	NUM
ajfa-6489	416	7	)	)	PUNCT
ajfa-6489	416	8	,	,	PUNCT
ajfa-6489	416	9	689-724.http://dx.doi.org/10.1111/j.1540-6261.2006.00852.x	689-724.http://dx.doi.org/10.1111/j.1540-6261.2006.00852.x	NUM
ajfa-6489	416	10	griffith	griffith	PROPN
ajfa-6489	416	11	gm	gm	PROPN
ajfa-6489	416	12	.	.	PUNCT
ajfa-6489	417	1	(	(	PUNCT
ajfa-6489	417	2	1999	1999	NUM
ajfa-6489	417	3	)	)	PUNCT
ajfa-6489	417	4	.	.	PUNCT
ajfa-6489	418	1	ceo	ceo	NOUN
ajfa-6489	418	2	ownership	ownership	NOUN
ajfa-6489	418	3	and	and	CCONJ
ajfa-6489	418	4	firm	firm	ADJ
ajfa-6489	418	5	value	value	NOUN
ajfa-6489	418	6	.	.	PUNCT
ajfa-6489	419	1	managerial	managerial	ADJ
ajfa-6489	419	2	decision	decision	NOUN
ajfa-6489	419	3	and	and	CCONJ
ajfa-6489	419	4	economics	economic	NOUN
ajfa-6489	419	5	20	20	NUM
ajfa-6489	419	6	:	:	SYM
ajfa-6489	419	7	1	1	NUM
ajfa-6489	419	8	-	-	SYM
ajfa-6489	419	9	8	8	NUM
ajfa-6489	419	10	.	.	PUNCT
ajfa-6489	419	11	http://dx.doi.org/10.1002/(sici)1099-1468(199902)20:1<1::aid-mde914>3.0.co;2-t	http://dx.doi.org/10.1002/(sici)1099-1468(199902)20:1<1::aid-mde914>3.0.co;2-t	PROPN
ajfa-6489	419	12	gugler	gugler	NOUN
ajfa-6489	419	13	k.	k.	PROPN
ajfa-6489	420	1	(	(	PUNCT
ajfa-6489	420	2	1999).corporate	1999).corporate	NUM
ajfa-6489	420	3	governance	governance	NOUN
ajfa-6489	420	4	and	and	CCONJ
ajfa-6489	420	5	economic	economic	ADJ
ajfa-6489	420	6	performance	performance	NOUN
ajfa-6489	420	7	:	:	PUNCT
ajfa-6489	420	8	a	a	DET
ajfa-6489	420	9	survey	survey	NOUN
ajfa-6489	420	10	.	.	PUNCT
ajfa-6489	421	1	memo	memo	NOUN
ajfa-6489	421	2	.	.	PUNCT
ajfa-6489	422	1	austria	austria	PROPN
ajfa-6489	422	2	:	:	PUNCT
ajfa-6489	422	3	university	university	NOUN
ajfa-6489	422	4	of	of	ADP
ajfa-6489	422	5	vienna	vienna	PROPN
ajfa-6489	422	6	.	.	PUNCT
ajfa-6489	423	1	gugler	gugler	PROPN
ajfa-6489	423	2	k	k	PROPN
ajfa-6489	423	3	,	,	PUNCT
ajfa-6489	423	4	mueller	mueller	PROPN
ajfa-6489	423	5	dc	dc	PROPN
ajfa-6489	423	6	.	.	PROPN
ajfa-6489	423	7	,	,	PUNCT
ajfa-6489	423	8	&	&	CCONJ
ajfa-6489	423	9	yurtoglu	yurtoglu	PROPN
ajfa-6489	423	10	bb	bb	PROPN
ajfa-6489	423	11	.	.	PUNCT
ajfa-6489	423	12	(	(	PUNCT
ajfa-6489	423	13	2008	2008	NUM
ajfa-6489	423	14	)	)	PUNCT
ajfa-6489	423	15	insider	insider	NOUN
ajfa-6489	423	16	ownership	ownership	NOUN
ajfa-6489	423	17	,	,	PUNCT
ajfa-6489	423	18	ownership	ownership	NOUN
ajfa-6489	423	19	concentration	concentration	NOUN
ajfa-6489	423	20	and	and	CCONJ
ajfa-6489	423	21	investment	investment	NOUN
ajfa-6489	423	22	performance	performance	NOUN
ajfa-6489	423	23	:	:	PUNCT
ajfa-6489	423	24	an	an	DET
ajfa-6489	423	25	international	international	ADJ
ajfa-6489	423	26	comparison	comparison	NOUN
ajfa-6489	423	27	.	.	PUNCT
ajfa-6489	424	1	journal	journal	NOUN
ajfa-6489	424	2	of	of	ADP
ajfa-6489	424	3	corporate	corporate	ADJ
ajfa-6489	424	4	finance	finance	NOUN
ajfa-6489	424	5	,	,	PUNCT
ajfa-6489	424	6	15	15	NUM
ajfa-6489	424	7	,	,	PUNCT
ajfa-6489	424	8	688	688	NUM
ajfa-6489	424	9	-	-	SYM
ajfa-6489	424	10	705	705	NUM
ajfa-6489	424	11	.	.	PUNCT
ajfa-6489	425	1	http://dx.doi.org/10.1016/j.jcorpfin.2008.09.007	http://dx.doi.org/10.1016/j.jcorpfin.2008.09.007	PROPN
ajfa-6489	425	2	gursoy	gursoy	PROPN
ajfa-6489	425	3	k.	k.	PROPN
ajfa-6489	425	4	,	,	PUNCT
ajfa-6489	425	5	&	&	CCONJ
ajfa-6489	425	6	aydogan	aydogan	PROPN
ajfa-6489	425	7	k.	k.	PROPN
ajfa-6489	425	8	(	(	PUNCT
ajfa-6489	425	9	2002	2002	NUM
ajfa-6489	425	10	)	)	PUNCT
ajfa-6489	425	11	equity	equity	NOUN
ajfa-6489	425	12	ownership	ownership	NOUN
ajfa-6489	425	13	structure	structure	NOUN
ajfa-6489	425	14	,	,	PUNCT
ajfa-6489	425	15	risk	risk	NOUN
ajfa-6489	425	16	taking	taking	NOUN
ajfa-6489	425	17	,	,	PUNCT
ajfa-6489	425	18	and	and	CCONJ
ajfa-6489	425	19	performance	performance	NOUN
ajfa-6489	425	20	:	:	PUNCT
ajfa-6489	425	21	an	an	DET
ajfa-6489	425	22	empirical	empirical	ADJ
ajfa-6489	425	23	investigation	investigation	NOUN
ajfa-6489	425	24	in	in	ADP
ajfa-6489	425	25	turkish	turkish	ADJ
ajfa-6489	425	26	listed	list	VERB
ajfa-6489	425	27	companies	company	NOUN
ajfa-6489	425	28	.	.	PUNCT
ajfa-6489	426	1	emerging	emerge	VERB
ajfa-6489	426	2	market	market	NOUN
ajfa-6489	426	3	finance	finance	NOUN
ajfa-6489	426	4	and	and	CCONJ
ajfa-6489	426	5	trade	trade	NOUN
ajfa-6489	426	6	,	,	PUNCT
ajfa-6489	426	7	asian	asian	ADJ
ajfa-6489	426	8	journal	journal	NOUN
ajfa-6489	426	9	of	of	ADP
ajfa-6489	426	10	finance	finance	PROPN
ajfa-6489	426	11	&	&	CCONJ
ajfa-6489	426	12	accounting	accounting	PROPN
ajfa-6489	426	13	issn	issn	PROPN
ajfa-6489	426	14	1946	1946	NUM
ajfa-6489	426	15	-	-	PUNCT
ajfa-6489	426	16	052x	052x	NOUN
ajfa-6489	426	17	2015	2015	NUM
ajfa-6489	426	18	,	,	PUNCT
ajfa-6489	426	19	vol	vol	NOUN
ajfa-6489	426	20	.	.	PROPN
ajfa-6489	426	21	7	7	NUM
ajfa-6489	426	22	,	,	PUNCT
ajfa-6489	426	23	no	no	INTJ
ajfa-6489	426	24	.	.	NOUN
ajfa-6489	426	25	1	1	NUM
ajfa-6489	426	26	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	426	27	42	42	NUM
ajfa-6489	426	28	38	38	NUM
ajfa-6489	426	29	,	,	PUNCT
ajfa-6489	426	30	6	6	NUM
ajfa-6489	426	31	-	-	SYM
ajfa-6489	426	32	25	25	NUM
ajfa-6489	426	33	.	.	PUNCT
ajfa-6489	427	1	herman	herman	PROPN
ajfa-6489	427	2	es	es	PROPN
ajfa-6489	427	3	.	.	PUNCT
ajfa-6489	428	1	(	(	PUNCT
ajfa-6489	428	2	1981).corporate	1981).corporate	NUM
ajfa-6489	428	3	control	control	NOUN
ajfa-6489	428	4	,	,	PUNCT
ajfa-6489	428	5	corporate	corporate	ADJ
ajfa-6489	428	6	power	power	NOUN
ajfa-6489	428	7	,	,	PUNCT
ajfa-6489	428	8	cambridge	cambridge	PROPN
ajfa-6489	428	9	:	:	PUNCT
ajfa-6489	428	10	cambridge	cambridge	PROPN
ajfa-6489	428	11	university	university	PROPN
ajfa-6489	428	12	press	press	NOUN
ajfa-6489	428	13	.	.	PUNCT
ajfa-6489	429	1	horner	horner	PROPN
ajfa-6489	429	2	mr	mr	PROPN
ajfa-6489	429	3	.	.	PROPN
ajfa-6489	429	4	(	(	PUNCT
ajfa-6489	429	5	1988	1988	NUM
ajfa-6489	429	6	)	)	PUNCT
ajfa-6489	429	7	the	the	DET
ajfa-6489	429	8	value	value	NOUN
ajfa-6489	429	9	of	of	ADP
ajfa-6489	429	10	the	the	DET
ajfa-6489	429	11	corporate	corporate	ADJ
ajfa-6489	429	12	voting	voting	NOUN
ajfa-6489	429	13	right	right	NOUN
ajfa-6489	429	14	:	:	PUNCT
ajfa-6489	429	15	evidence	evidence	NOUN
ajfa-6489	429	16	from	from	ADP
ajfa-6489	429	17	switzerland	switzerland	PROPN
ajfa-6489	429	18	.	.	PUNCT
ajfa-6489	429	19	journal	journal	PROPN
ajfa-6489	429	20	of	of	ADP
ajfa-6489	429	21	banking	banking	NOUN
ajfa-6489	429	22	and	and	CCONJ
ajfa-6489	429	23	finance	finance	NOUN
ajfa-6489	429	24	,	,	PUNCT
ajfa-6489	429	25	12	12	NUM
ajfa-6489	429	26	,	,	PUNCT
ajfa-6489	429	27	69-83.http://dx.doi.org/10.1016/0378-4266(88)90051-9	69-83.http://dx.doi.org/10.1016/0378-4266(88)90051-9	NUM
ajfa-6489	429	28	hossain	hossain	PROPN
ajfa-6489	429	29	m	m	PROPN
ajfa-6489	429	30	,	,	PUNCT
ajfa-6489	429	31	prevost	prevost	PROPN
ajfa-6489	429	32	ak	ak	PROPN
ajfa-6489	429	33	.	.	PROPN
ajfa-6489	429	34	,	,	PUNCT
ajfa-6489	429	35	&	&	CCONJ
ajfa-6489	429	36	rao	rao	PROPN
ajfa-6489	429	37	rp	rp	PROPN
ajfa-6489	429	38	.	.	PUNCT
ajfa-6489	430	1	(	(	PUNCT
ajfa-6489	430	2	2001	2001	NUM
ajfa-6489	430	3	)	)	PUNCT
ajfa-6489	430	4	corporate	corporate	ADJ
ajfa-6489	430	5	governance	governance	NOUN
ajfa-6489	430	6	in	in	ADP
ajfa-6489	430	7	new	new	PROPN
ajfa-6489	430	8	zealand	zealand	PROPN
ajfa-6489	430	9	:	:	PUNCT
ajfa-6489	430	10	the	the	DET
ajfa-6489	430	11	effect	effect	NOUN
ajfa-6489	430	12	of	of	ADP
ajfa-6489	430	13	the	the	DET
ajfa-6489	430	14	1993	1993	NUM
ajfa-6489	430	15	companies	company	NOUN
ajfa-6489	430	16	act	act	VERB
ajfa-6489	430	17	on	on	ADP
ajfa-6489	430	18	the	the	DET
ajfa-6489	430	19	relation	relation	NOUN
ajfa-6489	430	20	between	between	ADP
ajfa-6489	430	21	board	board	NOUN
ajfa-6489	430	22	composition	composition	NOUN
ajfa-6489	430	23	and	and	CCONJ
ajfa-6489	430	24	firm	firm	ADJ
ajfa-6489	430	25	performance	performance	NOUN
ajfa-6489	430	26	.	.	PUNCT
ajfa-6489	431	1	pacific	pacific	ADJ
ajfa-6489	431	2	-	-	PUNCT
ajfa-6489	431	3	basin	basin	NOUN
ajfa-6489	431	4	finance	finance	NOUN
ajfa-6489	431	5	journal	journal	NOUN
ajfa-6489	431	6	,	,	PUNCT
ajfa-6489	431	7	9	9	NUM
ajfa-6489	431	8	,	,	PUNCT
ajfa-6489	431	9	119-145.http://dx.doi.org/10.1016/s0927-538x(01)00003-8	119-145.http://dx.doi.org/10.1016/s0927-538x(01)00003-8	NUM
ajfa-6489	431	10	jensen	jensen	PROPN
ajfa-6489	431	11	mc	mc	PROPN
ajfa-6489	431	12	.	.	PROPN
ajfa-6489	431	13	,	,	PUNCT
ajfa-6489	431	14	&	&	CCONJ
ajfa-6489	431	15	meckling	meckle	VERB
ajfa-6489	431	16	w.	w.	PROPN
ajfa-6489	431	17	(	(	PUNCT
ajfa-6489	431	18	1976	1976	NUM
ajfa-6489	431	19	)	)	PUNCT
ajfa-6489	431	20	theory	theory	NOUN
ajfa-6489	431	21	of	of	ADP
ajfa-6489	431	22	the	the	DET
ajfa-6489	431	23	firm	firm	NOUN
ajfa-6489	431	24	:	:	PUNCT
ajfa-6489	431	25	managerial	managerial	ADJ
ajfa-6489	431	26	behavior	behavior	NOUN
ajfa-6489	431	27	,	,	PUNCT
ajfa-6489	431	28	agency	agency	NOUN
ajfa-6489	431	29	cost	cost	NOUN
ajfa-6489	431	30	and	and	CCONJ
ajfa-6489	431	31	ownership	ownership	NOUN
ajfa-6489	431	32	structure	structure	NOUN
ajfa-6489	431	33	.	.	PUNCT
ajfa-6489	432	1	journal	journal	NOUN
ajfa-6489	432	2	of	of	ADP
ajfa-6489	432	3	financial	financial	ADJ
ajfa-6489	432	4	economics	economic	NOUN
ajfa-6489	432	5	,	,	PUNCT
ajfa-6489	432	6	3	3	NUM
ajfa-6489	432	7	,	,	PUNCT
ajfa-6489	432	8	305-360.http://dx.doi.org/10.1016/0304-405x(76)90026-x	305-360.http://dx.doi.org/10.1016/0304-405x(76)90026-x	PROPN
ajfa-6489	432	9	kang	kang	PROPN
ajfa-6489	432	10	jk	jk	PROPN
ajfa-6489	432	11	.	.	PROPN
ajfa-6489	432	12	,	,	PUNCT
ajfa-6489	432	13	&	&	CCONJ
ajfa-6489	432	14	sorensen	sorensen	PROPN
ajfa-6489	432	15	ab	ab	PROPN
ajfa-6489	432	16	.	.	PUNCT
ajfa-6489	433	1	(	(	PUNCT
ajfa-6489	433	2	1999	1999	NUM
ajfa-6489	433	3	)	)	PUNCT
ajfa-6489	433	4	ownership	ownership	NOUN
ajfa-6489	433	5	organizational	organizational	ADJ
ajfa-6489	433	6	and	and	CCONJ
ajfa-6489	433	7	firm	firm	ADJ
ajfa-6489	433	8	performance	performance	NOUN
ajfa-6489	433	9	.	.	PUNCT
ajfa-6489	434	1	annual	annual	ADJ
ajfa-6489	434	2	review	review	NOUN
ajfa-6489	434	3	of	of	ADP
ajfa-6489	434	4	sociology	sociology	NOUN
ajfa-6489	434	5	,	,	PUNCT
ajfa-6489	434	6	25	25	NUM
ajfa-6489	434	7	,	,	PUNCT
ajfa-6489	434	8	121-144.http://dx.doi.org/10.1146/annurev.soc.25.1.121	121-144.http://dx.doi.org/10.1146/annurev.soc.25.1.121	NUM
ajfa-6489	434	9	kang	kang	PROPN
ajfa-6489	434	10	jk	jk	PROPN
ajfa-6489	434	11	.	.	PROPN
ajfa-6489	434	12	,	,	PUNCT
ajfa-6489	434	13	&	&	CCONJ
ajfa-6489	434	14	stulz	stulz	PROPN
ajfa-6489	434	15	rm	rm	PROPN
ajfa-6489	434	16	.	.	PUNCT
ajfa-6489	434	17	(	(	PUNCT
ajfa-6489	434	18	1996	1996	NUM
ajfa-6489	434	19	)	)	PUNCT
ajfa-6489	434	20	.	.	PUNCT
ajfa-6489	435	1	how	how	SCONJ
ajfa-6489	435	2	different	different	ADJ
ajfa-6489	435	3	is	be	AUX
ajfa-6489	435	4	japanese	japanese	ADJ
ajfa-6489	435	5	corporate	corporate	ADJ
ajfa-6489	435	6	finance	finance	NOUN
ajfa-6489	435	7	?	?	PUNCT
ajfa-6489	436	1	an	an	DET
ajfa-6489	436	2	investigation	investigation	NOUN
ajfa-6489	436	3	of	of	ADP
ajfa-6489	436	4	the	the	DET
ajfa-6489	436	5	information	information	NOUN
ajfa-6489	436	6	content	content	NOUN
ajfa-6489	436	7	of	of	ADP
ajfa-6489	436	8	new	new	ADJ
ajfa-6489	436	9	security	security	NOUN
ajfa-6489	436	10	issues	issue	NOUN
ajfa-6489	436	11	.	.	PUNCT
ajfa-6489	437	1	review	review	NOUN
ajfa-6489	437	2	of	of	ADP
ajfa-6489	437	3	financial	financial	ADJ
ajfa-6489	437	4	studies	study	NOUN
ajfa-6489	437	5	,	,	PUNCT
ajfa-6489	437	6	9	9	NUM
ajfa-6489	437	7	,	,	PUNCT
ajfa-6489	437	8	109-139.http://dx.doi.org/10.1093/rfs/9.1.109	109-139.http://dx.doi.org/10.1093/rfs/9.1.109	NUM
ajfa-6489	437	9	kim	kim	PROPN
ajfa-6489	437	10	ws	ws	PROPN
ajfa-6489	437	11	,	,	PUNCT
ajfa-6489	437	12	lee	lee	PROPN
ajfa-6489	437	13	lw	lw	PROPN
ajfa-6489	437	14	.	.	PROPN
ajfa-6489	437	15	,	,	PUNCT
ajfa-6489	437	16	&	&	CCONJ
ajfa-6489	437	17	francis	francis	PROPN
ajfa-6489	437	18	jc	jc	PROPN
ajfa-6489	437	19	.	.	PROPN
ajfa-6489	437	20	(	(	PUNCT
ajfa-6489	437	21	1988	1988	NUM
ajfa-6489	437	22	)	)	PUNCT
ajfa-6489	437	23	.	.	PUNCT
ajfa-6489	438	1	investment	investment	NOUN
ajfa-6489	438	2	performance	performance	NOUN
ajfa-6489	438	3	of	of	ADP
ajfa-6489	438	4	common	common	ADJ
ajfa-6489	438	5	stocks	stock	NOUN
ajfa-6489	438	6	in	in	ADP
ajfa-6489	438	7	relations	relation	NOUN
ajfa-6489	438	8	to	to	ADP
ajfa-6489	438	9	insider	insider	NOUN
ajfa-6489	438	10	ownership	ownership	NOUN
ajfa-6489	438	11	.	.	PUNCT
ajfa-6489	439	1	financial	financial	ADJ
ajfa-6489	439	2	review	review	PROPN
ajfa-6489	439	3	,	,	PUNCT
ajfa-6489	439	4	23	23	NUM
ajfa-6489	439	5	,	,	PUNCT
ajfa-6489	439	6	53-64.http://dx.doi.org/10.1111/j.1540-6288.1988.tb00774.x	53-64.http://dx.doi.org/10.1111/j.1540-6288.1988.tb00774.x	NUM
ajfa-6489	439	7	larner	larner	NOUN
ajfa-6489	439	8	rj	rj	PROPN
ajfa-6489	439	9	.	.	PUNCT
ajfa-6489	440	1	(	(	PUNCT
ajfa-6489	440	2	1971).management	1971).management	NUM
ajfa-6489	440	3	control	control	NOUN
ajfa-6489	440	4	and	and	CCONJ
ajfa-6489	440	5	the	the	DET
ajfa-6489	440	6	large	large	ADJ
ajfa-6489	440	7	corporation	corporation	NOUN
ajfa-6489	440	8	,	,	PUNCT
ajfa-6489	440	9	new	new	PROPN
ajfa-6489	440	10	york	york	PROPN
ajfa-6489	440	11	:	:	PUNCT
ajfa-6489	441	1	dunellen	dunellen	PROPN
ajfa-6489	441	2	.	.	PUNCT
ajfa-6489	442	1	levy	levy	PROPN
ajfa-6489	442	2	h.	h.	PROPN
ajfa-6489	442	3	(	(	PUNCT
ajfa-6489	442	4	1982	1982	NUM
ajfa-6489	442	5	)	)	PUNCT
ajfa-6489	442	6	.	.	PUNCT
ajfa-6489	443	1	economic	economic	ADJ
ajfa-6489	443	2	evaluation	evaluation	NOUN
ajfa-6489	443	3	of	of	ADP
ajfa-6489	443	4	voting	voting	NOUN
ajfa-6489	443	5	power	power	NOUN
ajfa-6489	443	6	of	of	ADP
ajfa-6489	443	7	common	common	ADJ
ajfa-6489	443	8	stock	stock	NOUN
ajfa-6489	443	9	.	.	PUNCT
ajfa-6489	444	1	journal	journal	PROPN
ajfa-6489	444	2	of	of	ADP
ajfa-6489	444	3	finance	finance	NOUN
ajfa-6489	444	4	,	,	PUNCT
ajfa-6489	444	5	38	38	NUM
ajfa-6489	444	6	,	,	PUNCT
ajfa-6489	444	7	79-93.http://dx.doi.org/10.1111/j.1540-6261.1983.tb03627.x	79-93.http://dx.doi.org/10.1111/j.1540-6261.1983.tb03627.x	PROPN
ajfa-6489	444	8	mcconnell	mcconnell	PROPN
ajfa-6489	444	9	jj	jj	PROPN
ajfa-6489	444	10	.	.	PROPN
ajfa-6489	444	11	,	,	PUNCT
ajfa-6489	444	12	&	&	CCONJ
ajfa-6489	444	13	servaes	servaes	PROPN
ajfa-6489	444	14	h.	h.	PROPN
ajfa-6489	444	15	(	(	PUNCT
ajfa-6489	444	16	1990	1990	NUM
ajfa-6489	444	17	)	)	PUNCT
ajfa-6489	444	18	.	.	PUNCT
ajfa-6489	445	1	additional	additional	ADJ
ajfa-6489	445	2	evidence	evidence	NOUN
ajfa-6489	445	3	on	on	ADP
ajfa-6489	445	4	equity	equity	NOUN
ajfa-6489	445	5	ownership	ownership	NOUN
ajfa-6489	445	6	and	and	CCONJ
ajfa-6489	445	7	corporate	corporate	ADJ
ajfa-6489	445	8	value	value	NOUN
ajfa-6489	445	9	.	.	PUNCT
ajfa-6489	446	1	journal	journal	NOUN
ajfa-6489	446	2	of	of	ADP
ajfa-6489	446	3	financial	financial	ADJ
ajfa-6489	446	4	economics	economic	NOUN
ajfa-6489	446	5	,	,	PUNCT
ajfa-6489	446	6	27	27	NUM
ajfa-6489	446	7	,	,	PUNCT
ajfa-6489	446	8	595-612.http://dx.doi.org/10.1016/0304-405x(90)90069-c	595-612.http://dx.doi.org/10.1016/0304-405x(90)90069-c	NUM
ajfa-6489	446	9	mceachern	mceachern	NOUN
ajfa-6489	446	10	wa	wa	PROPN
ajfa-6489	446	11	.	.	PUNCT
ajfa-6489	447	1	(	(	PUNCT
ajfa-6489	447	2	1975).managerial	1975).managerial	ADJ
ajfa-6489	447	3	control	control	NOUN
ajfa-6489	447	4	and	and	CCONJ
ajfa-6489	447	5	performance	performance	NOUN
ajfa-6489	447	6	,	,	PUNCT
ajfa-6489	447	7	lexington	lexington	PROPN
ajfa-6489	447	8	:	:	PUNCT
ajfa-6489	447	9	lexington	lexington	PROPN
ajfa-6489	447	10	books	book	NOUN
ajfa-6489	447	11	.	.	PUNCT
ajfa-6489	448	1	mehran	mehran	PROPN
ajfa-6489	448	2	h.	h.	PROPN
ajfa-6489	448	3	(	(	PUNCT
ajfa-6489	448	4	1995	1995	NUM
ajfa-6489	448	5	)	)	PUNCT
ajfa-6489	448	6	.	.	PUNCT
ajfa-6489	449	1	executive	executive	PROPN
ajfa-6489	449	2	compensation	compensation	PROPN
ajfa-6489	449	3	,	,	PUNCT
ajfa-6489	449	4	ownership	ownership	NOUN
ajfa-6489	449	5	,	,	PUNCT
ajfa-6489	449	6	and	and	CCONJ
ajfa-6489	449	7	form	form	NOUN
ajfa-6489	449	8	performance	performance	NOUN
ajfa-6489	449	9	.	.	PUNCT
ajfa-6489	450	1	journal	journal	NOUN
ajfa-6489	450	2	of	of	ADP
ajfa-6489	450	3	financial	financial	ADJ
ajfa-6489	450	4	economics	economic	NOUN
ajfa-6489	450	5	,	,	PUNCT
ajfa-6489	450	6	38	38	NUM
ajfa-6489	450	7	,	,	PUNCT
ajfa-6489	450	8	163-184.http://dx.doi.org/10.1016/0304-405x(94)00809-f	163-184.http://dx.doi.org/10.1016/0304-405x(94)00809-f	PROPN
ajfa-6489	450	9	mintzberg	mintzberg	PROPN
ajfa-6489	450	10	h.	h.	PROPN
ajfa-6489	450	11	(	(	PUNCT
ajfa-6489	450	12	1983	1983	NUM
ajfa-6489	450	13	)	)	PUNCT
ajfa-6489	450	14	.	.	PUNCT
ajfa-6489	451	1	power	power	NOUN
ajfa-6489	451	2	in	in	ADP
ajfa-6489	451	3	and	and	CCONJ
ajfa-6489	451	4	around	around	ADP
ajfa-6489	451	5	organizations	organization	NOUN
ajfa-6489	451	6	,	,	PUNCT
ajfa-6489	451	7	englewood	englewood	PROPN
ajfa-6489	451	8	cliffs	cliffs	PROPN
ajfa-6489	451	9	,	,	PUNCT
ajfa-6489	451	10	nj	nj	PROPN
ajfa-6489	451	11	:	:	PUNCT
ajfa-6489	451	12	prentice	prentice	PROPN
ajfa-6489	451	13	hall	hall	PROPN
ajfa-6489	451	14	.	.	PUNCT
ajfa-6489	452	1	morck	morck	PROPN
ajfa-6489	452	2	r	r	PROPN
ajfa-6489	452	3	,	,	PUNCT
ajfa-6489	452	4	shleifer	shleifer	PROPN
ajfa-6489	452	5	a.	a.	PROPN
ajfa-6489	452	6	,	,	PUNCT
ajfa-6489	452	7	&	&	CCONJ
ajfa-6489	452	8	vishny	vishny	PROPN
ajfa-6489	452	9	rw	rw	PROPN
ajfa-6489	452	10	.	.	PUNCT
ajfa-6489	452	11	(	(	PUNCT
ajfa-6489	452	12	1988	1988	NUM
ajfa-6489	452	13	)	)	PUNCT
ajfa-6489	452	14	.	.	PUNCT
ajfa-6489	453	1	management	management	NOUN
ajfa-6489	453	2	ownership	ownership	NOUN
ajfa-6489	453	3	and	and	CCONJ
ajfa-6489	453	4	market	market	NOUN
ajfa-6489	453	5	valuation	valuation	NOUN
ajfa-6489	453	6	:	:	PUNCT
ajfa-6489	453	7	an	an	DET
ajfa-6489	453	8	empirical	empirical	ADJ
ajfa-6489	453	9	analysis	analysis	NOUN
ajfa-6489	453	10	.	.	PUNCT
ajfa-6489	454	1	journal	journal	NOUN
ajfa-6489	454	2	of	of	ADP
ajfa-6489	454	3	financial	financial	ADJ
ajfa-6489	454	4	economics	economic	NOUN
ajfa-6489	454	5	,	,	PUNCT
ajfa-6489	454	6	20	20	NUM
ajfa-6489	454	7	,	,	PUNCT
ajfa-6489	454	8	293-315.http://dx.doi.org/10.1016/0304-405x(88)90048-7	293-315.http://dx.doi.org/10.1016/0304-405x(88)90048-7	NUM
ajfa-6489	454	9	asian	asian	ADJ
ajfa-6489	454	10	journal	journal	NOUN
ajfa-6489	454	11	of	of	ADP
ajfa-6489	454	12	finance	finance	PROPN
ajfa-6489	454	13	&	&	CCONJ
ajfa-6489	454	14	accounting	accounting	PROPN
ajfa-6489	454	15	issn	issn	PROPN
ajfa-6489	454	16	1946	1946	NUM
ajfa-6489	454	17	-	-	PUNCT
ajfa-6489	454	18	052x	052x	NOUN
ajfa-6489	454	19	2015	2015	NUM
ajfa-6489	454	20	,	,	PUNCT
ajfa-6489	454	21	vol	vol	NOUN
ajfa-6489	454	22	.	.	PROPN
ajfa-6489	454	23	7	7	NUM
ajfa-6489	454	24	,	,	PUNCT
ajfa-6489	454	25	no	no	INTJ
ajfa-6489	454	26	.	.	NOUN
ajfa-6489	454	27	1	1	NUM
ajfa-6489	454	28	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	454	29	43	43	NUM
ajfa-6489	454	30	new	new	PROPN
ajfa-6489	454	31	zealand	zealand	PROPN
ajfa-6489	454	32	securities	securities	PROPN
ajfa-6489	454	33	commission	commission	PROPN
ajfa-6489	454	34	.	.	PUNCT
ajfa-6489	455	1	(	(	PUNCT
ajfa-6489	455	2	2006	2006	NUM
ajfa-6489	455	3	)	)	PUNCT
ajfa-6489	455	4	.	.	PUNCT
ajfa-6489	456	1	securities	security	NOUN
ajfa-6489	456	2	commission	commission	PROPN
ajfa-6489	456	3	review	review	NOUN
ajfa-6489	456	4	reveals	reveal	VERB
ajfa-6489	456	5	shortcomings	shortcoming	NOUN
ajfa-6489	456	6	in	in	ADP
ajfa-6489	456	7	2005	2005	NUM
ajfa-6489	456	8	financial	financial	ADJ
ajfa-6489	456	9	reports	report	NOUN
ajfa-6489	456	10	.	.	PUNCT
ajfa-6489	457	1	(	(	PUNCT
ajfa-6489	457	2	accessed	access	VERB
ajfa-6489	457	3	10	10	NUM
ajfa-6489	457	4	august	august	PROPN
ajfa-6489	457	5	2006	2006	NUM
ajfa-6489	457	6	)	)	PUNCT
ajfa-6489	457	7	.	.	PUNCT
ajfa-6489	458	1	oswald	oswald	PROPN
ajfa-6489	458	2	sl	sl	PROPN
ajfa-6489	458	3	.	.	PROPN
ajfa-6489	458	4	,	,	PUNCT
ajfa-6489	458	5	&	&	CCONJ
ajfa-6489	458	6	jahera	jahera	PROPN
ajfa-6489	458	7	jr	jr	PROPN
ajfa-6489	458	8	.	.	PROPN
ajfa-6489	458	9	js	js	PROPN
ajfa-6489	458	10	.	.	PUNCT
ajfa-6489	459	1	(	(	PUNCT
ajfa-6489	459	2	1991	1991	NUM
ajfa-6489	459	3	)	)	PUNCT
ajfa-6489	460	1	.the	.the	DET
ajfa-6489	460	2	influence	influence	NOUN
ajfa-6489	460	3	of	of	ADP
ajfa-6489	460	4	ownership	ownership	NOUN
ajfa-6489	460	5	on	on	ADP
ajfa-6489	460	6	performance	performance	NOUN
ajfa-6489	460	7	:	:	PUNCT
ajfa-6489	460	8	an	an	DET
ajfa-6489	460	9	empirical	empirical	ADJ
ajfa-6489	460	10	study	study	NOUN
ajfa-6489	460	11	.	.	PUNCT
ajfa-6489	461	1	strategic	strategic	ADJ
ajfa-6489	461	2	management	management	NOUN
ajfa-6489	461	3	journal	journal	NOUN
ajfa-6489	461	4	,	,	PUNCT
ajfa-6489	461	5	12	12	NUM
ajfa-6489	461	6	,	,	PUNCT
ajfa-6489	461	7	321-326.http://dx.doi.org/10.1002/smj.4250120407	321-326.http://dx.doi.org/10.1002/smj.4250120407	NUM
ajfa-6489	461	8	pfeffer	pfeffer	PROPN
ajfa-6489	461	9	j.	j.	PROPN
ajfa-6489	461	10	(	(	PUNCT
ajfa-6489	461	11	1992	1992	NUM
ajfa-6489	461	12	)	)	PUNCT
ajfa-6489	461	13	.	.	PUNCT
ajfa-6489	462	1	managing	manage	VERB
ajfa-6489	462	2	with	with	ADP
ajfa-6489	462	3	power	power	NOUN
ajfa-6489	462	4	,	,	PUNCT
ajfa-6489	462	5	policies	policy	NOUN
ajfa-6489	462	6	and	and	CCONJ
ajfa-6489	462	7	influence	influence	NOUN
ajfa-6489	462	8	in	in	ADP
ajfa-6489	462	9	organizations	organization	NOUN
ajfa-6489	462	10	,	,	PUNCT
ajfa-6489	462	11	boaston	boaston	PROPN
ajfa-6489	462	12	:	:	PUNCT
ajfa-6489	462	13	harvard	harvard	PROPN
ajfa-6489	462	14	business	business	PROPN
ajfa-6489	462	15	press	press	PROPN
ajfa-6489	462	16	.	.	PUNCT
ajfa-6489	463	1	reddy	reddy	PROPN
ajfa-6489	463	2	k	k	PROPN
ajfa-6489	463	3	,	,	PUNCT
ajfa-6489	463	4	locke	locke	PROPN
ajfa-6489	463	5	sm	sm	PROPN
ajfa-6489	463	6	and	and	CCONJ
ajfa-6489	463	7	scrimgeour	scrimgeour	NOUN
ajfa-6489	463	8	fg	fg	PROPN
ajfa-6489	463	9	.	.	PROPN
ajfa-6489	463	10	(	(	PUNCT
ajfa-6489	463	11	2010	2010	NUM
ajfa-6489	463	12	)	)	PUNCT
ajfa-6489	463	13	.	.	PUNCT
ajfa-6489	464	1	the	the	DET
ajfa-6489	464	2	efficacy	efficacy	NOUN
ajfa-6489	464	3	of	of	ADP
ajfa-6489	464	4	principle	principle	NOUN
ajfa-6489	464	5	-	-	PUNCT
ajfa-6489	464	6	based	base	VERB
ajfa-6489	464	7	corporate	corporate	ADJ
ajfa-6489	464	8	governance	governance	NOUN
ajfa-6489	464	9	practices	practice	NOUN
ajfa-6489	464	10	and	and	CCONJ
ajfa-6489	464	11	firm	firm	ADJ
ajfa-6489	464	12	financial	financial	ADJ
ajfa-6489	464	13	performance	performance	NOUN
ajfa-6489	464	14	:	:	PUNCT
ajfa-6489	464	15	an	an	DET
ajfa-6489	464	16	empirical	empirical	ADJ
ajfa-6489	464	17	investigation	investigation	NOUN
ajfa-6489	464	18	.	.	PUNCT
ajfa-6489	465	1	international	international	ADJ
ajfa-6489	465	2	journal	journal	PROPN
ajfa-6489	465	3	of	of	ADP
ajfa-6489	465	4	managerial	managerial	ADJ
ajfa-6489	465	5	finance	finance	NOUN
ajfa-6489	465	6	,	,	PUNCT
ajfa-6489	465	7	6	6	NUM
ajfa-6489	465	8	,	,	PUNCT
ajfa-6489	465	9	190-219.http://dx.doi.org/10.1108/17439131011056224	190-219.http://dx.doi.org/10.1108/17439131011056224	NUM
ajfa-6489	465	10	roberts	roberts	PROPN
ajfa-6489	465	11	mr	mr	PROPN
ajfa-6489	465	12	,	,	PUNCT
ajfa-6489	465	13	harris	harris	PROPN
ajfa-6489	465	14	m.	m.	PROPN
ajfa-6489	465	15	,	,	PUNCT
ajfa-6489	465	16	&	&	CCONJ
ajfa-6489	465	17	whited	white	VERB
ajfa-6489	465	18	tm	tm	PROPN
ajfa-6489	465	19	.	.	PUNCT
ajfa-6489	465	20	(	(	PUNCT
ajfa-6489	465	21	2011	2011	NUM
ajfa-6489	465	22	)	)	PUNCT
ajfa-6489	465	23	.	.	PUNCT
ajfa-6489	466	1	endogeneity	endogeneity	NOUN
ajfa-6489	466	2	in	in	ADP
ajfa-6489	466	3	empirical	empirical	ADJ
ajfa-6489	466	4	corporate	corporate	ADJ
ajfa-6489	466	5	finance	finance	NOUN
ajfa-6489	466	6	.	.	PUNCT
ajfa-6489	467	1	in	in	ADP
ajfa-6489	467	2	:	:	PUNCT
ajfa-6489	467	3	constantinides	constantinides	PROPN
ajfa-6489	467	4	m	m	PROPN
ajfa-6489	467	5	and	and	CCONJ
ajfa-6489	467	6	stulz	stulz	ADJ
ajfa-6489	467	7	r	r	NOUN
ajfa-6489	467	8	(	(	PUNCT
ajfa-6489	467	9	eds	ed	NOUN
ajfa-6489	467	10	)	)	PUNCT
ajfa-6489	467	11	handbook	handbook	NOUN
ajfa-6489	467	12	of	of	ADP
ajfa-6489	467	13	the	the	DET
ajfa-6489	467	14	economics	economic	NOUN
ajfa-6489	467	15	of	of	ADP
ajfa-6489	467	16	finance	finance	NOUN
ajfa-6489	467	17	.	.	PUNCT
ajfa-6489	468	1	los	los	PROPN
ajfa-6489	468	2	angeles	angeles	PROPN
ajfa-6489	468	3	:	:	PUNCT
ajfa-6489	469	1	elsevier	elsevier	NOUN
ajfa-6489	469	2	,	,	PUNCT
ajfa-6489	469	3	493	493	NUM
ajfa-6489	469	4	-	-	SYM
ajfa-6489	469	5	572	572	NUM
ajfa-6489	469	6	.	.	PUNCT
ajfa-6489	470	1	rydqvist	rydqvist	PROPN
ajfa-6489	470	2	k.	k.	PROPN
ajfa-6489	470	3	(	(	PUNCT
ajfa-6489	470	4	1987	1987	NUM
ajfa-6489	470	5	)	)	PUNCT
ajfa-6489	470	6	.	.	PUNCT
ajfa-6489	471	1	empirical	empirical	ADJ
ajfa-6489	471	2	investigation	investigation	NOUN
ajfa-6489	471	3	of	of	ADP
ajfa-6489	471	4	the	the	DET
ajfa-6489	471	5	voting	voting	NOUN
ajfa-6489	471	6	premium	premium	NOUN
ajfa-6489	471	7	.	.	PUNCT
ajfa-6489	472	1	northwestern	northwestern	PROPN
ajfa-6489	472	2	university	university	PROPN
ajfa-6489	472	3	,	,	PUNCT
ajfa-6489	472	4	working	working	NOUN
ajfa-6489	472	5	paper	paper	NOUN
ajfa-6489	472	6	no	no	INTJ
ajfa-6489	472	7	.	.	PROPN
ajfa-6489	472	8	35	35	NUM
ajfa-6489	472	9	.	.	PUNCT
ajfa-6489	473	1	shleifer	shleifer	PROPN
ajfa-6489	473	2	a.	a.	PROPN
ajfa-6489	473	3	,	,	PUNCT
ajfa-6489	473	4	&	&	CCONJ
ajfa-6489	473	5	vishny	vishny	PROPN
ajfa-6489	473	6	r.	r.	PROPN
ajfa-6489	473	7	(	(	PUNCT
ajfa-6489	473	8	1986	1986	NUM
ajfa-6489	473	9	)	)	PUNCT
ajfa-6489	473	10	.	.	PUNCT
ajfa-6489	474	1	large	large	ADJ
ajfa-6489	474	2	shareholders	shareholder	NOUN
ajfa-6489	474	3	and	and	CCONJ
ajfa-6489	474	4	corporate	corporate	ADJ
ajfa-6489	474	5	control	control	NOUN
ajfa-6489	474	6	.	.	PUNCT
ajfa-6489	475	1	journal	journal	NOUN
ajfa-6489	475	2	of	of	ADP
ajfa-6489	475	3	political	political	ADJ
ajfa-6489	475	4	economy	economy	NOUN
ajfa-6489	475	5	,	,	PUNCT
ajfa-6489	475	6	94	94	NUM
ajfa-6489	475	7	,	,	PUNCT
ajfa-6489	475	8	737-783.http://dx.doi.org/10.1086/261385	737-783.http://dx.doi.org/10.1086/261385	NUM
ajfa-6489	475	9	shleifer	shleifer	PROPN
ajfa-6489	475	10	a.	a.	PROPN
ajfa-6489	475	11	,	,	PUNCT
ajfa-6489	475	12	&	&	CCONJ
ajfa-6489	475	13	vishny	vishny	PROPN
ajfa-6489	475	14	rw	rw	PROPN
ajfa-6489	475	15	.	.	PUNCT
ajfa-6489	476	1	(	(	PUNCT
ajfa-6489	476	2	1997	1997	NUM
ajfa-6489	476	3	)	)	PUNCT
ajfa-6489	476	4	.	.	PUNCT
ajfa-6489	477	1	a	a	DET
ajfa-6489	477	2	survey	survey	NOUN
ajfa-6489	477	3	of	of	ADP
ajfa-6489	477	4	corporate	corporate	ADJ
ajfa-6489	477	5	governance	governance	NOUN
ajfa-6489	477	6	.	.	PUNCT
ajfa-6489	478	1	journal	journal	NOUN
ajfa-6489	478	2	of	of	ADP
ajfa-6489	478	3	finance	finance	NOUN
ajfa-6489	478	4	,	,	PUNCT
ajfa-6489	478	5	52	52	NUM
ajfa-6489	478	6	,	,	PUNCT
ajfa-6489	478	7	737-783.http://dx.doi.org/10.1111/j.1540-6261.1997.tb04820.x	737-783.http://dx.doi.org/10.1111/j.1540-6261.1997.tb04820.x	PROPN
ajfa-6489	478	8	short	short	ADJ
ajfa-6489	478	9	h.	h.	PROPN
ajfa-6489	478	10	(	(	PUNCT
ajfa-6489	478	11	1994	1994	NUM
ajfa-6489	478	12	)	)	PUNCT
ajfa-6489	478	13	.	.	PUNCT
ajfa-6489	479	1	ownership	ownership	NOUN
ajfa-6489	479	2	,	,	PUNCT
ajfa-6489	479	3	control	control	NOUN
ajfa-6489	479	4	,	,	PUNCT
ajfa-6489	479	5	financial	financial	ADJ
ajfa-6489	479	6	structure	structure	NOUN
ajfa-6489	479	7	and	and	CCONJ
ajfa-6489	479	8	the	the	DET
ajfa-6489	479	9	performance	performance	NOUN
ajfa-6489	479	10	of	of	ADP
ajfa-6489	479	11	firms	firm	NOUN
ajfa-6489	479	12	.	.	PUNCT
ajfa-6489	480	1	journal	journal	PROPN
ajfa-6489	480	2	of	of	ADP
ajfa-6489	480	3	finance	finance	NOUN
ajfa-6489	480	4	,	,	PUNCT
ajfa-6489	480	5	52	52	NUM
ajfa-6489	480	6	,	,	PUNCT
ajfa-6489	480	7	737	737	NUM
ajfa-6489	480	8	-	-	SYM
ajfa-6489	480	9	783	783	NUM
ajfa-6489	480	10	.	.	PUNCT
ajfa-6489	481	1	short	short	PROPN
ajfa-6489	481	2	h.	h.	PROPN
ajfa-6489	481	3	,	,	PUNCT
ajfa-6489	481	4	&	&	CCONJ
ajfa-6489	481	5	keasey	keasey	PROPN
ajfa-6489	481	6	k.	k.	PROPN
ajfa-6489	481	7	(	(	PUNCT
ajfa-6489	481	8	1999	1999	NUM
ajfa-6489	481	9	)	)	PUNCT
ajfa-6489	481	10	.	.	PUNCT
ajfa-6489	482	1	managerial	managerial	ADJ
ajfa-6489	482	2	ownership	ownership	NOUN
ajfa-6489	482	3	and	and	CCONJ
ajfa-6489	482	4	the	the	DET
ajfa-6489	482	5	performance	performance	NOUN
ajfa-6489	482	6	of	of	ADP
ajfa-6489	482	7	firms	firm	NOUN
ajfa-6489	482	8	:	:	PUNCT
ajfa-6489	482	9	evidence	evidence	NOUN
ajfa-6489	482	10	from	from	ADP
ajfa-6489	482	11	the	the	DET
ajfa-6489	482	12	uk	uk	PROPN
ajfa-6489	482	13	.	.	PROPN
ajfa-6489	482	14	journal	journal	PROPN
ajfa-6489	482	15	of	of	ADP
ajfa-6489	482	16	corporate	corporate	ADJ
ajfa-6489	482	17	finance	finance	NOUN
ajfa-6489	482	18	,	,	PUNCT
ajfa-6489	482	19	5	5	NUM
ajfa-6489	482	20	,	,	PUNCT
ajfa-6489	482	21	79-101.http://dx.doi.org/10.1016/s0929-1199(98)00016-9	79-101.http://dx.doi.org/10.1016/s0929-1199(98)00016-9	NUM
ajfa-6489	482	22	sorensen	sorensen	PROPN
ajfa-6489	482	23	ab	ab	PROPN
ajfa-6489	482	24	.	.	PUNCT
ajfa-6489	482	25	(	(	PUNCT
ajfa-6489	482	26	1996	1996	NUM
ajfa-6489	482	27	)	)	PUNCT
ajfa-6489	482	28	.	.	PUNCT
ajfa-6489	483	1	the	the	DET
ajfa-6489	483	2	structural	structural	ADJ
ajfa-6489	483	3	basis	basis	NOUN
ajfa-6489	483	4	of	of	ADP
ajfa-6489	483	5	social	social	ADJ
ajfa-6489	483	6	inequality	inequality	NOUN
ajfa-6489	483	7	.	.	PUNCT
ajfa-6489	484	1	american	american	ADJ
ajfa-6489	484	2	journal	journal	PROPN
ajfa-6489	484	3	of	of	ADP
ajfa-6489	484	4	sociology	sociology	NOUN
ajfa-6489	484	5	,	,	PUNCT
ajfa-6489	484	6	101	101	NUM
ajfa-6489	484	7	,	,	PUNCT
ajfa-6489	484	8	1333-1365.http://dx.doi.org/10.1086/230825	1333-1365.http://dx.doi.org/10.1086/230825	PROPN
ajfa-6489	484	9	the	the	DET
ajfa-6489	484	10	canadian	canadian	PROPN
ajfa-6489	484	11	institute	institute	PROPN
ajfa-6489	484	12	of	of	ADP
ajfa-6489	484	13	chartered	chartered	PROPN
ajfa-6489	484	14	accountants	accountant	NOUN
ajfa-6489	484	15	of	of	ADP
ajfa-6489	484	16	canada	canada	PROPN
ajfa-6489	484	17	.	.	PUNCT
ajfa-6489	485	1	(	(	PUNCT
ajfa-6489	485	2	2010	2010	NUM
ajfa-6489	485	3	.	.	PUNCT
ajfa-6489	485	4	)	)	PUNCT
ajfa-6489	486	1	environmental	environmental	ADJ
ajfa-6489	486	2	,	,	PUNCT
ajfa-6489	486	3	social	social	ADJ
ajfa-6489	486	4	and	and	CCONJ
ajfa-6489	486	5	governance	governance	NOUN
ajfa-6489	486	6	(	(	PUNCT
ajfa-6489	486	7	esg	esg	NOUN
ajfa-6489	486	8	)	)	PUNCT
ajfa-6489	486	9	issues	issue	NOUN
ajfa-6489	486	10	in	in	ADP
ajfa-6489	486	11	institutional	institutional	ADJ
ajfa-6489	486	12	investor	investor	NOUN
ajfa-6489	486	13	decision	decision	NOUN
ajfa-6489	486	14	making	making	NOUN
ajfa-6489	486	15	.	.	PUNCT
ajfa-6489	487	1	toronto	toronto	PROPN
ajfa-6489	487	2	:	:	PUNCT
ajfa-6489	487	3	the	the	DET
ajfa-6489	487	4	canadian	canadian	PROPN
ajfa-6489	487	5	institute	institute	PROPN
ajfa-6489	487	6	of	of	ADP
ajfa-6489	487	7	chartered	chartered	PROPN
ajfa-6489	487	8	accountants	accountant	NOUN
ajfa-6489	487	9	.	.	PUNCT
ajfa-6489	488	1	wade	wade	PROPN
ajfa-6489	488	2	j	j	PROPN
ajfa-6489	488	3	,	,	PUNCT
ajfa-6489	488	4	o'reilly	o'reilly	PROPN
ajfa-6489	488	5	c.	c.	PROPN
ajfa-6489	488	6	,	,	PUNCT
ajfa-6489	488	7	&	&	CCONJ
ajfa-6489	488	8	chandratat	chandratat	PROPN
ajfa-6489	488	9	i.	i.	PROPN
ajfa-6489	488	10	(	(	PUNCT
ajfa-6489	488	11	1990	1990	NUM
ajfa-6489	488	12	)	)	PUNCT
ajfa-6489	488	13	.	.	PUNCT
ajfa-6489	489	1	golden	golden	ADJ
ajfa-6489	489	2	parachutes	parachute	NOUN
ajfa-6489	489	3	:	:	PUNCT
ajfa-6489	489	4	ceos	ceo	NOUN
ajfa-6489	489	5	and	and	CCONJ
ajfa-6489	489	6	the	the	DET
ajfa-6489	489	7	exercise	exercise	NOUN
ajfa-6489	489	8	of	of	ADP
ajfa-6489	489	9	social	social	ADJ
ajfa-6489	489	10	influence	influence	NOUN
ajfa-6489	489	11	.	.	PUNCT
ajfa-6489	490	1	administrative	administrative	ADJ
ajfa-6489	490	2	science	science	PROPN
ajfa-6489	490	3	quarterly	quarterly	ADV
ajfa-6489	490	4	,	,	PUNCT
ajfa-6489	490	5	35	35	NUM
ajfa-6489	490	6	,	,	PUNCT
ajfa-6489	490	7	587-603.http://dx.doi.org/10.2307/2393510	587-603.http://dx.doi.org/10.2307/2393510	NUM
ajfa-6489	490	8	weber	weber	PROPN
ajfa-6489	490	9	m.	m.	NOUN
ajfa-6489	490	10	(	(	PUNCT
ajfa-6489	490	11	2008	2008	NUM
ajfa-6489	490	12	)	)	PUNCT
ajfa-6489	490	13	.	.	PUNCT
ajfa-6489	491	1	economy	economy	NOUN
ajfa-6489	491	2	and	and	CCONJ
ajfa-6489	491	3	society	society	NOUN
ajfa-6489	491	4	:	:	PUNCT
ajfa-6489	491	5	an	an	DET
ajfa-6489	491	6	outline	outline	NOUN
ajfa-6489	491	7	of	of	ADP
ajfa-6489	491	8	interpretive	interpretive	ADJ
ajfa-6489	491	9	sociology	sociology	NOUN
ajfa-6489	491	10	.	.	PUNCT
ajfa-6489	492	1	in	in	ADP
ajfa-6489	492	2	:	:	PUNCT
ajfa-6489	492	3	biggart	biggart	PROPN
ajfa-6489	492	4	nw	nw	PROPN
ajfa-6489	492	5	(	(	PUNCT
ajfa-6489	492	6	ed	ed	NOUN
ajfa-6489	492	7	)	)	PUNCT
ajfa-6489	492	8	readings	reading	NOUN
ajfa-6489	492	9	in	in	ADP
ajfa-6489	492	10	economic	economic	ADJ
ajfa-6489	492	11	sociology	sociology	NOUN
ajfa-6489	492	12	.	.	PUNCT
ajfa-6489	493	1	oxford	oxford	PROPN
ajfa-6489	493	2	,	,	PUNCT
ajfa-6489	493	3	uk	uk	PROPN
ajfa-6489	493	4	:	:	PUNCT
ajfa-6489	493	5	blackwell	blackwell	PROPN
ajfa-6489	493	6	publishers	publishers	PROPN
ajfa-6489	493	7	ltd	ltd	PROPN
ajfa-6489	493	8	,	,	PUNCT
ajfa-6489	493	9	24	24	NUM
ajfa-6489	493	10	-	-	SYM
ajfa-6489	493	11	37	37	NUM
ajfa-6489	493	12	.	.	PUNCT
ajfa-6489	494	1	welch	welch	PROPN
ajfa-6489	494	2	e.	e.	PROPN
ajfa-6489	494	3	(	(	PUNCT
ajfa-6489	494	4	2003	2003	NUM
ajfa-6489	494	5	)	)	PUNCT
ajfa-6489	494	6	.	.	PUNCT
ajfa-6489	495	1	the	the	DET
ajfa-6489	495	2	relationship	relationship	NOUN
ajfa-6489	495	3	between	between	ADP
ajfa-6489	495	4	ownership	ownership	NOUN
ajfa-6489	495	5	structure	structure	NOUN
ajfa-6489	495	6	and	and	CCONJ
ajfa-6489	495	7	performance	performance	NOUN
ajfa-6489	495	8	in	in	ADP
ajfa-6489	495	9	listed	list	VERB
ajfa-6489	495	10	asian	asian	ADJ
ajfa-6489	495	11	journal	journal	NOUN
ajfa-6489	495	12	of	of	ADP
ajfa-6489	495	13	finance	finance	PROPN
ajfa-6489	495	14	&	&	CCONJ
ajfa-6489	495	15	accounting	accounting	PROPN
ajfa-6489	495	16	issn	issn	PROPN
ajfa-6489	495	17	1946	1946	NUM
ajfa-6489	495	18	-	-	PUNCT
ajfa-6489	495	19	052x	052x	NOUN
ajfa-6489	495	20	2015	2015	NUM
ajfa-6489	495	21	,	,	PUNCT
ajfa-6489	495	22	vol	vol	NOUN
ajfa-6489	495	23	.	.	PROPN
ajfa-6489	495	24	7	7	NUM
ajfa-6489	495	25	,	,	PUNCT
ajfa-6489	495	26	no	no	INTJ
ajfa-6489	495	27	.	.	NOUN
ajfa-6489	495	28	1	1	NUM
ajfa-6489	495	29	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-6489	495	30	44	44	NUM
ajfa-6489	495	31	australian	australian	ADJ
ajfa-6489	495	32	companies	company	NOUN
ajfa-6489	495	33	.	.	PUNCT
ajfa-6489	496	1	australian	australian	ADJ
ajfa-6489	496	2	journal	journal	NOUN
ajfa-6489	496	3	of	of	ADP
ajfa-6489	496	4	management	management	NOUN
ajfa-6489	496	5	,	,	PUNCT
ajfa-6489	496	6	28	28	NUM
ajfa-6489	496	7	,	,	PUNCT
ajfa-6489	496	8	287-305.http://dx.doi.org/10.1177/031289620302800304	287-305.http://dx.doi.org/10.1177/031289620302800304	NUM
ajfa-6489	496	9	wintoki	wintoki	PROPN
ajfa-6489	496	10	mb	mb	PROPN
ajfa-6489	496	11	,	,	PUNCT
ajfa-6489	496	12	linck	linck	PROPN
ajfa-6489	496	13	js	js	PROPN
ajfa-6489	496	14	.	.	PROPN
ajfa-6489	496	15	,	,	PUNCT
ajfa-6489	496	16	&	&	CCONJ
ajfa-6489	496	17	netter	netter	PROPN
ajfa-6489	496	18	jm	jm	PROPN
ajfa-6489	496	19	.	.	PROPN
ajfa-6489	497	1	(	(	PUNCT
ajfa-6489	497	2	2012	2012	NUM
ajfa-6489	497	3	)	)	PUNCT
ajfa-6489	497	4	.	.	PUNCT
ajfa-6489	498	1	endogeneity	endogeneity	NOUN
ajfa-6489	498	2	and	and	CCONJ
ajfa-6489	498	3	the	the	DET
ajfa-6489	498	4	dynamics	dynamic	NOUN
ajfa-6489	498	5	of	of	ADP
ajfa-6489	498	6	internal	internal	ADJ
ajfa-6489	498	7	corporate	corporate	ADJ
ajfa-6489	498	8	governance	governance	NOUN
ajfa-6489	498	9	.	.	PUNCT
ajfa-6489	499	1	journal	journal	NOUN
ajfa-6489	499	2	of	of	ADP
ajfa-6489	499	3	financial	financial	ADJ
ajfa-6489	499	4	economics	economic	NOUN
ajfa-6489	499	5	,	,	PUNCT
ajfa-6489	499	6	105	105	NUM
ajfa-6489	499	7	,	,	PUNCT
ajfa-6489	499	8	581-606.http://dx.doi.org/10.1016/j.jfineco.2012.03.005	581-606.http://dx.doi.org/10.1016/j.jfineco.2012.03.005	NUM
ajfa-6489	499	9	xu	xu	NUM
ajfa-6489	499	10	x.	x.	PROPN
ajfa-6489	499	11	,	,	PUNCT
ajfa-6489	499	12	&	&	CCONJ
ajfa-6489	499	13	wang	wang	PROPN
ajfa-6489	499	14	y.	y.	PROPN
ajfa-6489	499	15	(	(	PUNCT
ajfa-6489	499	16	1999	1999	NUM
ajfa-6489	499	17	)	)	PUNCT
ajfa-6489	499	18	ownership	ownership	NOUN
ajfa-6489	499	19	structure	structure	NOUN
ajfa-6489	499	20	and	and	CCONJ
ajfa-6489	499	21	corporate	corporate	ADJ
ajfa-6489	499	22	governance	governance	NOUN
ajfa-6489	499	23	in	in	ADP
ajfa-6489	499	24	chinese	chinese	ADJ
ajfa-6489	499	25	stock	stock	NOUN
ajfa-6489	499	26	companies	company	NOUN
ajfa-6489	499	27	.	.	PUNCT
ajfa-6489	500	1	china	china	PROPN
ajfa-6489	500	2	economic	economic	PROPN
ajfa-6489	500	3	review	review	PROPN
ajfa-6489	500	4	,	,	PUNCT
ajfa-6489	500	5	10	10	NUM
ajfa-6489	500	6	,	,	PUNCT
ajfa-6489	500	7	75-98.http://dx.doi.org/10.1016/s1043-951x(99)00006-1	75-98.http://dx.doi.org/10.1016/s1043-951x(99)00006-1	VERB
ajfa-6489	500	8	zajac	zajac	PROPN
ajfa-6489	500	9	ej	ej	PROPN
ajfa-6489	500	10	.	.	PROPN
ajfa-6489	500	11	,	,	PUNCT
ajfa-6489	500	12	&	&	CCONJ
ajfa-6489	500	13	westphal	westphal	PROPN
ajfa-6489	500	14	jd	jd	PROPN
ajfa-6489	500	15	.	.	PROPN
ajfa-6489	500	16	(	(	PUNCT
ajfa-6489	500	17	1995	1995	NUM
ajfa-6489	500	18	)	)	PUNCT
ajfa-6489	500	19	who	who	PRON
ajfa-6489	500	20	shall	shall	AUX
ajfa-6489	500	21	govern	govern	VERB
ajfa-6489	500	22	?	?	PUNCT
ajfa-6489	501	1	ceo	ceo	NOUN
ajfa-6489	501	2	/	/	SYM
ajfa-6489	501	3	board	board	NOUN
ajfa-6489	501	4	power	power	NOUN
ajfa-6489	501	5	,	,	PUNCT
ajfa-6489	501	6	demographic	demographic	ADJ
ajfa-6489	501	7	similarity	similarity	NOUN
ajfa-6489	501	8	,	,	PUNCT
ajfa-6489	501	9	and	and	CCONJ
ajfa-6489	501	10	new	new	ADJ
ajfa-6489	501	11	director	director	NOUN
ajfa-6489	501	12	selection	selection	NOUN
ajfa-6489	501	13	.	.	PUNCT
ajfa-6489	502	1	administrative	administrative	ADJ
ajfa-6489	502	2	science	science	PROPN
ajfa-6489	502	3	quarterly	quarterly	ADV
ajfa-6489	502	4	,	,	PUNCT
ajfa-6489	502	5	40	40	NUM
ajfa-6489	502	6	,	,	PUNCT
ajfa-6489	502	7	60-83.http://dx.doi.org/10.2307/2393700	60-83.http://dx.doi.org/10.2307/2393700	NUM
ajfa-6489	502	8	zajac	zajac	PROPN
ajfa-6489	502	9	ej	ej	PROPN
ajfa-6489	502	10	.	.	PROPN
ajfa-6489	502	11	,	,	PUNCT
ajfa-6489	502	12	&	&	CCONJ
ajfa-6489	502	13	westphal	westphal	PROPN
ajfa-6489	502	14	jd	jd	PROPN
ajfa-6489	502	15	.	.	PROPN
ajfa-6489	503	1	(	(	PUNCT
ajfa-6489	503	2	1996	1996	NUM
ajfa-6489	503	3	)	)	PUNCT
ajfa-6489	503	4	director	director	NOUN
ajfa-6489	503	5	reputation	reputation	NOUN
ajfa-6489	503	6	.	.	PUNCT
ajfa-6489	504	1	ceo	ceo	NOUN
ajfa-6489	504	2	-	-	PUNCT
ajfa-6489	504	3	board	board	NOUN
ajfa-6489	504	4	power	power	NOUN
ajfa-6489	504	5	,	,	PUNCT
ajfa-6489	504	6	and	and	CCONJ
ajfa-6489	504	7	the	the	DET
ajfa-6489	504	8	dynamics	dynamic	NOUN
ajfa-6489	504	9	of	of	ADP
ajfa-6489	504	10	board	board	NOUN
ajfa-6489	504	11	interlock	interlock	NOUN
ajfa-6489	504	12	.	.	PUNCT
ajfa-6489	505	1	administrative	administrative	ADJ
ajfa-6489	505	2	science	science	PROPN
ajfa-6489	505	3	quarterly	quarterly	ADV
ajfa-6489	505	4	,	,	PUNCT
ajfa-6489	505	5	41	41	NUM
ajfa-6489	505	6	,	,	PUNCT
ajfa-6489	505	7	507-529.http://dx.doi.org/10.2307/2393940	507-529.http://dx.doi.org/10.2307/2393940	NUM
ajfa-6489	505	8	zingales	zingale	NOUN
ajfa-6489	505	9	l.	l.	X
ajfa-6489	505	10	(	(	PUNCT
ajfa-6489	505	11	1994	1994	NUM
ajfa-6489	505	12	)	)	PUNCT
ajfa-6489	505	13	.	.	PUNCT
ajfa-6489	506	1	the	the	DET
ajfa-6489	506	2	value	value	NOUN
ajfa-6489	506	3	of	of	ADP
ajfa-6489	506	4	the	the	DET
ajfa-6489	506	5	voting	voting	NOUN
ajfa-6489	506	6	right	right	NOUN
ajfa-6489	506	7	:	:	PUNCT
ajfa-6489	506	8	a	a	DET
ajfa-6489	506	9	study	study	NOUN
ajfa-6489	506	10	of	of	ADP
ajfa-6489	506	11	the	the	DET
ajfa-6489	506	12	milan	milan	PROPN
ajfa-6489	506	13	stock	stock	PROPN
ajfa-6489	506	14	exchange	exchange	PROPN
ajfa-6489	506	15	.	.	PUNCT
ajfa-6489	507	1	review	review	NOUN
ajfa-6489	507	2	of	of	ADP
ajfa-6489	507	3	financial	financial	ADJ
ajfa-6489	507	4	studies	study	NOUN
ajfa-6489	507	5	,	,	PUNCT
ajfa-6489	507	6	1	1	NUM
ajfa-6489	507	7	,	,	PUNCT
ajfa-6489	507	8	125-148.http://dx.doi.org/10.1093/rfs/7.1.12	125-148.http://dx.doi.org/10.1093/rfs/7.1.12	NUM