id	sid	tid	token	lemma	pos
ajfa-7243	1	1	microsoft	microsoft	PROPN
ajfa-7243	1	2	word	word	NOUN
ajfa-7243	1	3	7243	7243	NUM
ajfa-7243	1	4	-	-	SYM
ajfa-7243	1	5	25837	25837	NUM
ajfa-7243	1	6	-	-	PUNCT
ajfa-7243	1	7	2	2	NUM
ajfa-7243	1	8	-	-	PUNCT
ajfa-7243	1	9	sm	sm	NOUN
ajfa-7243	1	10	-	-	PUNCT
ajfa-7243	1	11	writer2	writer2	VERB
ajfa-7243	1	12	-	-	ADJ
ajfa-7243	1	13	new	new	ADJ
ajfa-7243	1	14	-	-	PUNCT
ajfa-7243	1	15	final	final	ADJ
ajfa-7243	1	16	asian	asian	ADJ
ajfa-7243	1	17	journal	journal	NOUN
ajfa-7243	1	18	of	of	ADP
ajfa-7243	1	19	finance	finance	PROPN
ajfa-7243	1	20	&	&	CCONJ
ajfa-7243	1	21	accounting	accounting	PROPN
ajfa-7243	1	22	issn	issn	PROPN
ajfa-7243	1	23	1946	1946	NUM
ajfa-7243	1	24	-	-	PUNCT
ajfa-7243	1	25	052x	052x	NOUN
ajfa-7243	1	26	2015	2015	NUM
ajfa-7243	1	27	,	,	PUNCT
ajfa-7243	1	28	vol	vol	NOUN
ajfa-7243	1	29	.	.	PROPN
ajfa-7243	1	30	7	7	NUM
ajfa-7243	1	31	,	,	PUNCT
ajfa-7243	1	32	no	no	INTJ
ajfa-7243	1	33	.	.	NOUN
ajfa-7243	1	34	2	2	NUM
ajfa-7243	1	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-7243	1	36	1	1	NUM
ajfa-7243	1	37	drivers	driver	NOUN
ajfa-7243	1	38	of	of	ADP
ajfa-7243	1	39	firm	firm	NOUN
ajfa-7243	1	40	’s	’s	PART
ajfa-7243	1	41	value	value	NOUN
ajfa-7243	1	42	:	:	PUNCT
ajfa-7243	1	43	panel	panel	NOUN
ajfa-7243	1	44	data	datum	NOUN
ajfa-7243	1	45	evidence	evidence	NOUN
ajfa-7243	1	46	from	from	ADP
ajfa-7243	1	47	indian	indian	ADJ
ajfa-7243	1	48	manufacturing	manufacturing	NOUN
ajfa-7243	1	49	industry	industry	NOUN
ajfa-7243	1	50	ranjittiwari	ranjittiwari	PROPN
ajfa-7243	1	51	fellow	fellow	NOUN
ajfa-7243	1	52	,	,	PUNCT
ajfa-7243	1	53	nifm	nifm	VERB
ajfa-7243	1	54	iilm	iilm	PROPN
ajfa-7243	1	55	graduate	graduate	PROPN
ajfa-7243	1	56	school	school	NOUN
ajfa-7243	1	57	of	of	ADP
ajfa-7243	1	58	management	management	NOUN
ajfa-7243	1	59	greater	great	ADJ
ajfa-7243	1	60	noida	noida	PROPN
ajfa-7243	1	61	,	,	PUNCT
ajfa-7243	1	62	india	india	PROPN
ajfa-7243	1	63	–	–	PUNCT
ajfa-7243	1	64	201306	201306	NUM
ajfa-7243	1	65	brajesh	brajesh	NOUN
ajfa-7243	1	66	kumar	kumar	PROPN
ajfa-7243	1	67	national	national	PROPN
ajfa-7243	1	68	institute	institute	PROPN
ajfa-7243	1	69	of	of	ADP
ajfa-7243	1	70	financial	financial	PROPN
ajfa-7243	1	71	management	management	PROPN
ajfa-7243	1	72	faridabad	faridabad	PROPN
ajfa-7243	1	73	,	,	PUNCT
ajfa-7243	1	74	india	india	PROPN
ajfa-7243	1	75	–	–	PUNCT
ajfa-7243	1	76	121001	121001	NUM
ajfa-7243	1	77	received	receive	VERB
ajfa-7243	1	78	:	:	PUNCT
ajfa-7243	1	79	march15	march15	NOUN
ajfa-7243	1	80	,	,	PUNCT
ajfa-7243	1	81	2015	2015	NUM
ajfa-7243	1	82	accepted	accept	VERB
ajfa-7243	1	83	:	:	PUNCT
ajfa-7243	1	84	june14	june14	ADJ
ajfa-7243	1	85	,	,	PUNCT
ajfa-7243	1	86	2015	2015	NUM
ajfa-7243	1	87	published	publish	VERB
ajfa-7243	1	88	:	:	PUNCT
ajfa-7243	1	89	december	december	PROPN
ajfa-7243	1	90	1	1	NUM
ajfa-7243	1	91	,	,	PUNCT
ajfa-7243	1	92	2015	2015	NUM
ajfa-7243	1	93	doi:10.5296	doi:10.5296	NOUN
ajfa-7243	1	94	/	/	SYM
ajfa-7243	1	95	ajfa.v7i2.7243	ajfa.v7i2.7243	NUM
ajfa-7243	1	96	url	url	PROPN
ajfa-7243	1	97	:	:	PUNCT
ajfa-7243	1	98	http://dx.doi.org/10.5296/ajfa.v7i2.7243	http://dx.doi.org/10.5296/ajfa.v7i2.7243	PROPN
ajfa-7243	1	99	abstract	abstract	ADJ
ajfa-7243	1	100	the	the	DET
ajfa-7243	1	101	purpose	purpose	NOUN
ajfa-7243	1	102	of	of	ADP
ajfa-7243	1	103	this	this	DET
ajfa-7243	1	104	paper	paper	NOUN
ajfa-7243	1	105	is	be	AUX
ajfa-7243	1	106	to	to	PART
ajfa-7243	1	107	classify	classify	VERB
ajfa-7243	1	108	the	the	DET
ajfa-7243	1	109	value	value	NOUN
ajfa-7243	1	110	drivers	driver	NOUN
ajfa-7243	1	111	into	into	ADP
ajfa-7243	1	112	broad	broad	ADJ
ajfa-7243	1	113	categories	category	NOUN
ajfa-7243	1	114	and	and	CCONJ
ajfa-7243	1	115	then	then	ADV
ajfa-7243	1	116	identify	identify	VERB
ajfa-7243	1	117	the	the	DET
ajfa-7243	1	118	major	major	ADJ
ajfa-7243	1	119	drivers	driver	NOUN
ajfa-7243	1	120	of	of	ADP
ajfa-7243	1	121	firm	firm	NOUN
ajfa-7243	1	122	’s	’s	PART
ajfa-7243	1	123	value	value	NOUN
ajfa-7243	1	124	for	for	ADP
ajfa-7243	1	125	indian	indian	ADJ
ajfa-7243	1	126	manufacturing	manufacturing	NOUN
ajfa-7243	1	127	industry	industry	NOUN
ajfa-7243	1	128	and	and	CCONJ
ajfa-7243	1	129	also	also	ADV
ajfa-7243	1	130	work	work	VERB
ajfa-7243	1	131	out	out	ADP
ajfa-7243	1	132	the	the	DET
ajfa-7243	1	133	sectorial	sectorial	ADJ
ajfa-7243	1	134	sensitivity	sensitivity	NOUN
ajfa-7243	1	135	of	of	ADP
ajfa-7243	1	136	value	value	NOUN
ajfa-7243	1	137	drivers	driver	NOUN
ajfa-7243	1	138	.	.	PUNCT
ajfa-7243	2	1	to	to	PART
ajfa-7243	2	2	achieve	achieve	VERB
ajfa-7243	2	3	the	the	DET
ajfa-7243	2	4	objectives	objective	NOUN
ajfa-7243	2	5	of	of	ADP
ajfa-7243	2	6	the	the	DET
ajfa-7243	2	7	study	study	NOUN
ajfa-7243	2	8	we	we	PRON
ajfa-7243	2	9	first	first	ADV
ajfa-7243	2	10	derive	derive	VERB
ajfa-7243	2	11	the	the	DET
ajfa-7243	2	12	value	value	NOUN
ajfa-7243	2	13	driver	driver	NOUN
ajfa-7243	2	14	’s	’s	PART
ajfa-7243	2	15	model	model	NOUN
ajfa-7243	2	16	next	next	ADV
ajfa-7243	2	17	we	we	PRON
ajfa-7243	2	18	use	use	VERB
ajfa-7243	2	19	panel	panel	NOUN
ajfa-7243	2	20	regression	regression	NOUN
ajfa-7243	2	21	with	with	ADP
ajfa-7243	2	22	different	different	ADJ
ajfa-7243	2	23	model	model	NOUN
ajfa-7243	2	24	specifications	specification	NOUN
ajfa-7243	2	25	to	to	PART
ajfa-7243	2	26	empirically	empirically	ADV
ajfa-7243	2	27	analyse	analyse	VERB
ajfa-7243	2	28	the	the	DET
ajfa-7243	2	29	major	major	ADJ
ajfa-7243	2	30	drivers	driver	NOUN
ajfa-7243	2	31	of	of	ADP
ajfa-7243	2	32	firm	firm	NOUN
ajfa-7243	2	33	’s	’s	PART
ajfa-7243	2	34	value.ourstudy	value.ourstudy	PROPN
ajfa-7243	2	35	reveals	reveal	NOUN
ajfa-7243	2	36	that	that	SCONJ
ajfa-7243	2	37	sales	sale	NOUN
ajfa-7243	2	38	,	,	PUNCT
ajfa-7243	2	39	net	net	ADJ
ajfa-7243	2	40	margin	margin	NOUN
ajfa-7243	2	41	,	,	PUNCT
ajfa-7243	2	42	book	book	NOUN
ajfa-7243	2	43	value	value	NOUN
ajfa-7243	2	44	,	,	PUNCT
ajfa-7243	2	45	dividend	dividend	NOUN
ajfa-7243	2	46	per	per	ADP
ajfa-7243	2	47	share	share	NOUN
ajfa-7243	2	48	,	,	PUNCT
ajfa-7243	2	49	beta	beta	NOUN
ajfa-7243	2	50	and	and	CCONJ
ajfa-7243	2	51	earnings	earning	NOUN
ajfa-7243	2	52	per	per	ADP
ajfa-7243	2	53	share	share	NOUN
ajfa-7243	2	54	are	be	AUX
ajfa-7243	2	55	the	the	DET
ajfa-7243	2	56	six	six	NUM
ajfa-7243	2	57	major	major	ADJ
ajfa-7243	2	58	financial	financial	ADJ
ajfa-7243	2	59	drivers	driver	NOUN
ajfa-7243	2	60	of	of	ADP
ajfa-7243	2	61	value	value	NOUN
ajfa-7243	2	62	.	.	PUNCT
ajfa-7243	3	1	all	all	DET
ajfa-7243	3	2	the	the	DET
ajfa-7243	3	3	strategic	strategic	ADJ
ajfa-7243	3	4	drivers	driver	NOUN
ajfa-7243	3	5	when	when	SCONJ
ajfa-7243	3	6	included	include	VERB
ajfa-7243	3	7	in	in	ADP
ajfa-7243	3	8	the	the	DET
ajfa-7243	3	9	model	model	NOUN
ajfa-7243	3	10	have	have	VERB
ajfa-7243	3	11	significant	significant	ADJ
ajfa-7243	3	12	relation	relation	NOUN
ajfa-7243	3	13	with	with	ADP
ajfa-7243	3	14	value	value	NOUN
ajfa-7243	3	15	without	without	ADP
ajfa-7243	3	16	disturbing	disturb	VERB
ajfa-7243	3	17	the	the	DET
ajfa-7243	3	18	r	r	NOUN
ajfa-7243	3	19	-	-	PUNCT
ajfa-7243	3	20	square	square	NOUN
ajfa-7243	3	21	of	of	ADP
ajfa-7243	3	22	the	the	DET
ajfa-7243	3	23	model	model	NOUN
ajfa-7243	3	24	.	.	PUNCT
ajfa-7243	4	1	thus	thus	ADV
ajfa-7243	4	2	,	,	PUNCT
ajfa-7243	4	3	it	it	PRON
ajfa-7243	4	4	is	be	AUX
ajfa-7243	4	5	clear	clear	ADJ
ajfa-7243	4	6	that	that	SCONJ
ajfa-7243	4	7	apart	apart	ADV
ajfa-7243	4	8	from	from	ADP
ajfa-7243	4	9	generic	generic	ADJ
ajfa-7243	4	10	financial	financial	ADJ
ajfa-7243	4	11	drivers	driver	NOUN
ajfa-7243	4	12	,	,	PUNCT
ajfa-7243	4	13	firms	firm	NOUN
ajfa-7243	4	14	need	need	VERB
ajfa-7243	4	15	to	to	PART
ajfa-7243	4	16	put	put	VERB
ajfa-7243	4	17	more	more	ADJ
ajfa-7243	4	18	attention	attention	NOUN
ajfa-7243	4	19	on	on	ADP
ajfa-7243	4	20	strategic	strategic	ADJ
ajfa-7243	4	21	choices	choice	NOUN
ajfa-7243	4	22	they	they	PRON
ajfa-7243	4	23	make	make	VERB
ajfa-7243	4	24	,	,	PUNCT
ajfa-7243	4	25	because	because	SCONJ
ajfa-7243	4	26	it	it	PRON
ajfa-7243	4	27	is	be	AUX
ajfa-7243	4	28	the	the	DET
ajfa-7243	4	29	strategic	strategic	ADJ
ajfa-7243	4	30	choice	choice	NOUN
ajfa-7243	4	31	that	that	PRON
ajfa-7243	4	32	will	will	AUX
ajfa-7243	4	33	give	give	VERB
ajfa-7243	4	34	firms	firm	NOUN
ajfa-7243	4	35	an	an	DET
ajfa-7243	4	36	edge	edge	NOUN
ajfa-7243	4	37	over	over	ADP
ajfa-7243	4	38	others	other	NOUN
ajfa-7243	4	39	in	in	ADP
ajfa-7243	4	40	developing	develop	VERB
ajfa-7243	4	41	economies	economy	NOUN
ajfa-7243	4	42	like	like	ADP
ajfa-7243	4	43	india	india	PROPN
ajfa-7243	4	44	.	.	PUNCT
ajfa-7243	5	1	further	far	ADV
ajfa-7243	5	2	,	,	PUNCT
ajfa-7243	5	3	we	we	PRON
ajfa-7243	5	4	also	also	ADV
ajfa-7243	5	5	observesector	observesector	VERB
ajfa-7243	5	6	specific	specific	ADJ
ajfa-7243	5	7	priorities	priority	NOUN
ajfa-7243	5	8	of	of	ADP
ajfa-7243	5	9	the	the	DET
ajfa-7243	5	10	value	value	NOUN
ajfa-7243	5	11	drivers.this	drivers.this	DET
ajfa-7243	5	12	paper	paper	NOUN
ajfa-7243	5	13	provides	provide	VERB
ajfa-7243	5	14	academicians	academician	NOUN
ajfa-7243	5	15	and	and	CCONJ
ajfa-7243	5	16	practitioners	practitioner	NOUN
ajfa-7243	5	17	with	with	ADP
ajfa-7243	5	18	an	an	DET
ajfa-7243	5	19	overview	overview	NOUN
ajfa-7243	5	20	of	of	ADP
ajfa-7243	5	21	the	the	DET
ajfa-7243	5	22	applicability	applicability	NOUN
ajfa-7243	5	23	of	of	ADP
ajfa-7243	5	24	value	value	NOUN
ajfa-7243	5	25	drivers	driver	NOUN
ajfa-7243	5	26	for	for	ADP
ajfa-7243	5	27	indian	indian	ADJ
ajfa-7243	5	28	manufacturing	manufacturing	NOUN
ajfa-7243	5	29	industry	industry	NOUN
ajfa-7243	5	30	.	.	PUNCT
ajfa-7243	6	1	further	far	ADV
ajfa-7243	6	2	,	,	PUNCT
ajfa-7243	6	3	the	the	DET
ajfa-7243	6	4	study	study	NOUN
ajfa-7243	6	5	will	will	AUX
ajfa-7243	6	6	fill	fill	VERB
ajfa-7243	6	7	the	the	DET
ajfa-7243	6	8	gap	gap	NOUN
ajfa-7243	6	9	in	in	ADP
ajfa-7243	6	10	literature	literature	NOUN
ajfa-7243	6	11	by	by	ADP
ajfa-7243	6	12	adding	add	VERB
ajfa-7243	6	13	value	value	NOUN
ajfa-7243	6	14	drivers	driver	NOUN
ajfa-7243	6	15	’	'	PUNCT
ajfa-7243	6	16	evidence	evidence	NOUN
ajfa-7243	6	17	from	from	ADP
ajfa-7243	6	18	one	one	NUM
ajfa-7243	6	19	of	of	ADP
ajfa-7243	6	20	the	the	DET
ajfa-7243	6	21	fastest	fast	ADJ
ajfa-7243	6	22	growing	grow	VERB
ajfa-7243	6	23	economies	economy	NOUN
ajfa-7243	6	24	in	in	ADP
ajfa-7243	6	25	the	the	DET
ajfa-7243	6	26	world	world	NOUN
ajfa-7243	6	27	and	and	CCONJ
ajfa-7243	6	28	will	will	AUX
ajfa-7243	6	29	benefit	benefit	VERB
ajfa-7243	6	30	researchers	researcher	NOUN
ajfa-7243	6	31	in	in	ADP
ajfa-7243	6	32	arriving	arrive	VERB
ajfa-7243	6	33	at	at	ADP
ajfa-7243	6	34	common	common	ADJ
ajfa-7243	6	35	consensus	consensus	NOUN
ajfa-7243	6	36	for	for	ADP
ajfa-7243	6	37	value	value	NOUN
ajfa-7243	6	38	drivers	driver	NOUN
ajfa-7243	6	39	in	in	ADP
ajfa-7243	6	40	emerging	emerge	VERB
ajfa-7243	6	41	economies	economy	NOUN
ajfa-7243	6	42	.	.	PUNCT
ajfa-7243	7	1	keywords	keyword	NOUN
ajfa-7243	7	2	:	:	PUNCT
ajfa-7243	7	3	drivers	driver	NOUN
ajfa-7243	7	4	,	,	PUNCT
ajfa-7243	7	5	firm	firm	ADJ
ajfa-7243	7	6	value	value	NOUN
ajfa-7243	7	7	,	,	PUNCT
ajfa-7243	7	8	manufacturing	manufacturing	NOUN
ajfa-7243	7	9	,	,	PUNCT
ajfa-7243	7	10	panel	panel	NOUN
ajfa-7243	7	11	data	datum	NOUN
ajfa-7243	7	12	analysis	analysis	NOUN
ajfa-7243	7	13	,	,	PUNCT
ajfa-7243	7	14	india	india	PROPN
ajfa-7243	7	15	.	.	PUNCT
ajfa-7243	8	1	asian	asian	PROPN
ajfa-7243	8	2	journal	journal	PROPN
ajfa-7243	8	3	of	of	ADP
ajfa-7243	8	4	finance	finance	PROPN
ajfa-7243	8	5	&	&	CCONJ
ajfa-7243	8	6	accounting	accounting	PROPN
ajfa-7243	8	7	issn	issn	PROPN
ajfa-7243	8	8	1946	1946	NUM
ajfa-7243	8	9	-	-	PUNCT
ajfa-7243	8	10	052x	052x	NOUN
ajfa-7243	8	11	2015	2015	NUM
ajfa-7243	8	12	,	,	PUNCT
ajfa-7243	8	13	vol	vol	NOUN
ajfa-7243	8	14	.	.	PROPN
ajfa-7243	8	15	7	7	NUM
ajfa-7243	8	16	,	,	PUNCT
ajfa-7243	8	17	no	no	INTJ
ajfa-7243	8	18	.	.	NOUN
ajfa-7243	8	19	2	2	NUM
ajfa-7243	8	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-7243	8	21	2	2	NUM
ajfa-7243	8	22	1	1	NUM
ajfa-7243	8	23	.	.	PUNCT
ajfa-7243	9	1	introduction	introduction	NOUN
ajfa-7243	9	2	investment	investment	NOUN
ajfa-7243	9	3	funds	fund	NOUN
ajfa-7243	9	4	are	be	AUX
ajfa-7243	9	5	limited	limited	ADJ
ajfa-7243	9	6	and	and	CCONJ
ajfa-7243	9	7	to	to	PART
ajfa-7243	9	8	attract	attract	VERB
ajfa-7243	9	9	them	they	PRON
ajfa-7243	9	10	,	,	PUNCT
ajfa-7243	9	11	the	the	DET
ajfa-7243	9	12	firm	firm	NOUN
ajfa-7243	9	13	has	have	VERB
ajfa-7243	9	14	to	to	PART
ajfa-7243	9	15	submit	submit	VERB
ajfa-7243	9	16	itself	itself	PRON
ajfa-7243	9	17	to	to	ADP
ajfa-7243	9	18	the	the	DET
ajfa-7243	9	19	scrutiny	scrutiny	NOUN
ajfa-7243	9	20	of	of	ADP
ajfa-7243	9	21	the	the	DET
ajfa-7243	9	22	people	people	NOUN
ajfa-7243	9	23	whose	whose	DET
ajfa-7243	9	24	money	money	NOUN
ajfa-7243	9	25	it	it	PRON
ajfa-7243	9	26	is	be	AUX
ajfa-7243	9	27	using.in	using.in	PRON
ajfa-7243	9	28	this	this	DET
ajfa-7243	9	29	scenario	scenario	NOUN
ajfa-7243	9	30	,	,	PUNCT
ajfa-7243	9	31	the	the	DET
ajfa-7243	9	32	firm	firm	NOUN
ajfa-7243	9	33	’s	’s	ADV
ajfa-7243	9	34	that	that	PRON
ajfa-7243	9	35	can	can	AUX
ajfa-7243	9	36	create	create	VERB
ajfa-7243	9	37	value1	value1	PROPN
ajfa-7243	9	38	for	for	ADP
ajfa-7243	9	39	their	their	PRON
ajfa-7243	9	40	shareholder	shareholder	NOUN
ajfa-7243	9	41	and	and	CCONJ
ajfa-7243	9	42	stakeholders2	stakeholders2	NOUN
ajfa-7243	9	43	are	be	AUX
ajfa-7243	9	44	now	now	ADV
ajfa-7243	9	45	most	most	ADV
ajfa-7243	9	46	preferred	preferred	ADJ
ajfa-7243	9	47	.	.	PUNCT
ajfa-7243	10	1	if	if	SCONJ
ajfa-7243	10	2	the	the	DET
ajfa-7243	10	3	management	management	NOUN
ajfa-7243	10	4	of	of	ADP
ajfa-7243	10	5	the	the	DET
ajfa-7243	10	6	firm	firm	NOUN
ajfa-7243	10	7	can	can	AUX
ajfa-7243	10	8	identify	identify	VERB
ajfa-7243	10	9	the	the	DET
ajfa-7243	10	10	unique	unique	ADJ
ajfa-7243	10	11	drivers	driver	NOUN
ajfa-7243	10	12	that	that	PRON
ajfa-7243	10	13	have	have	VERB
ajfa-7243	10	14	higher	high	ADJ
ajfa-7243	10	15	influence	influence	NOUN
ajfa-7243	10	16	on	on	ADP
ajfa-7243	10	17	market	market	NOUN
ajfa-7243	10	18	valuethen	valuethen	ADV
ajfa-7243	10	19	it	it	PRON
ajfa-7243	10	20	will	will	AUX
ajfa-7243	10	21	eventually	eventually	ADV
ajfa-7243	10	22	increase	increase	VERB
ajfa-7243	10	23	shareholder	shareholder	NOUN
ajfa-7243	10	24	value	value	NOUN
ajfa-7243	10	25	by	by	ADP
ajfa-7243	10	26	managing	manage	VERB
ajfa-7243	10	27	those	those	DET
ajfa-7243	10	28	drivers	driver	NOUN
ajfa-7243	10	29	.	.	PUNCT
ajfa-7243	11	1	this	this	PRON
ajfa-7243	11	2	is	be	AUX
ajfa-7243	11	3	in	in	ADP
ajfa-7243	11	4	line	line	NOUN
ajfa-7243	11	5	with	with	ADP
ajfa-7243	11	6	argument	argument	NOUN
ajfa-7243	11	7	that	that	SCONJ
ajfa-7243	11	8	the	the	DET
ajfa-7243	11	9	managers	manager	NOUN
ajfa-7243	11	10	first	first	ADJ
ajfa-7243	11	11	priority	priority	NOUN
ajfa-7243	11	12	is	be	AUX
ajfa-7243	11	13	to	to	PART
ajfa-7243	11	14	maximise3	maximise3	VERB
ajfa-7243	11	15	the	the	DET
ajfa-7243	11	16	shareholder	shareholder	NOUN
ajfa-7243	11	17	value	value	NOUN
ajfa-7243	11	18	(	(	PUNCT
ajfa-7243	11	19	see	see	VERB
ajfa-7243	11	20	,	,	PUNCT
ajfa-7243	11	21	rappaport	rappaport	NOUN
ajfa-7243	11	22	(	(	PUNCT
ajfa-7243	11	23	1986	1986	NUM
ajfa-7243	11	24	)	)	PUNCT
ajfa-7243	11	25	,	,	PUNCT
ajfa-7243	11	26	black	black	NOUN
ajfa-7243	11	27	et	et	PROPN
ajfa-7243	11	28	al	al	PROPN
ajfa-7243	11	29	.	.	PROPN
ajfa-7243	12	1	(	(	PUNCT
ajfa-7243	12	2	2001	2001	NUM
ajfa-7243	12	3	)	)	PUNCT
ajfa-7243	13	1	,	,	PUNCT
ajfa-7243	13	2	chandra	chandra	PROPN
ajfa-7243	13	3	(	(	PUNCT
ajfa-7243	13	4	2011	2011	NUM
ajfa-7243	13	5	)	)	PUNCT
ajfa-7243	13	6	among	among	ADP
ajfa-7243	13	7	others	other	NOUN
ajfa-7243	13	8	)	)	PUNCT
ajfa-7243	13	9	.	.	PUNCT
ajfa-7243	14	1	in	in	ADP
ajfa-7243	14	2	the	the	DET
ajfa-7243	14	3	next	next	ADJ
ajfa-7243	14	4	section	section	NOUN
ajfa-7243	14	5	,	,	PUNCT
ajfa-7243	14	6	we	we	PRON
ajfa-7243	14	7	further	further	ADJ
ajfa-7243	14	8	dwell	dwell	NOUN
ajfa-7243	14	9	on	on	ADP
ajfa-7243	14	10	this	this	DET
ajfa-7243	14	11	issue	issue	NOUN
ajfa-7243	14	12	in	in	ADP
ajfa-7243	14	13	more	more	ADJ
ajfa-7243	14	14	detail	detail	NOUN
ajfa-7243	14	15	.	.	PUNCT
ajfa-7243	15	1	given	give	VERB
ajfa-7243	15	2	the	the	DET
ajfa-7243	15	3	importance	importance	NOUN
ajfa-7243	15	4	of	of	ADP
ajfa-7243	15	5	the	the	DET
ajfa-7243	15	6	issue	issue	NOUN
ajfa-7243	15	7	,	,	PUNCT
ajfa-7243	15	8	many	many	ADJ
ajfa-7243	15	9	researchers	researcher	NOUN
ajfa-7243	15	10	have	have	AUX
ajfa-7243	15	11	tried	try	VERB
ajfa-7243	15	12	to	to	PART
ajfa-7243	15	13	identify	identify	VERB
ajfa-7243	15	14	the	the	DET
ajfa-7243	15	15	value	value	NOUN
ajfa-7243	15	16	drivers	driver	NOUN
ajfa-7243	15	17	.	.	PUNCT
ajfa-7243	16	1	however	however	ADV
ajfa-7243	16	2	there	there	PRON
ajfa-7243	16	3	is	be	VERB
ajfa-7243	16	4	no	no	DET
ajfa-7243	16	5	unanimous	unanimous	ADJ
ajfa-7243	16	6	approach	approach	NOUN
ajfa-7243	16	7	towards	towards	ADP
ajfa-7243	16	8	these	these	DET
ajfa-7243	16	9	drivers	driver	NOUN
ajfa-7243	16	10	as	as	ADV
ajfa-7243	16	11	well	well	ADV
ajfa-7243	16	12	as	as	ADP
ajfa-7243	16	13	their	their	PRON
ajfa-7243	16	14	classification	classification	NOUN
ajfa-7243	16	15	.	.	PUNCT
ajfa-7243	17	1	moreover	moreover	ADV
ajfa-7243	17	2	,	,	PUNCT
ajfa-7243	17	3	the	the	DET
ajfa-7243	17	4	empirical	empirical	ADJ
ajfa-7243	17	5	literature	literature	NOUN
ajfa-7243	17	6	on	on	ADP
ajfa-7243	17	7	developing	develop	VERB
ajfa-7243	17	8	economies	economy	NOUN
ajfa-7243	17	9	is	be	AUX
ajfa-7243	17	10	very	very	ADV
ajfa-7243	17	11	scant4	scant4	ADJ
ajfa-7243	17	12	.	.	PUNCT
ajfa-7243	18	1	this	this	PRON
ajfa-7243	18	2	has	have	AUX
ajfa-7243	18	3	fuelled	fuel	VERB
ajfa-7243	18	4	our	our	PRON
ajfa-7243	18	5	interest	interest	NOUN
ajfa-7243	18	6	to	to	PART
ajfa-7243	18	7	study	study	VERB
ajfa-7243	18	8	the	the	DET
ajfa-7243	18	9	drivers	driver	NOUN
ajfa-7243	18	10	of	of	ADP
ajfa-7243	18	11	firm	firm	NOUN
ajfa-7243	18	12	’s	’s	PART
ajfa-7243	18	13	value	value	NOUN
ajfa-7243	18	14	in	in	ADP
ajfa-7243	18	15	an	an	DET
ajfa-7243	18	16	emerging	emerge	VERB
ajfa-7243	18	17	economy	economy	NOUN
ajfa-7243	18	18	context	context	NOUN
ajfa-7243	18	19	which	which	PRON
ajfa-7243	18	20	are	be	AUX
ajfa-7243	18	21	growing	grow	VERB
ajfa-7243	18	22	at	at	ADP
ajfa-7243	18	23	high	high	ADJ
ajfa-7243	18	24	speed	speed	NOUN
ajfa-7243	18	25	(	(	PUNCT
ajfa-7243	18	26	see	see	VERB
ajfa-7243	18	27	,	,	PUNCT
ajfa-7243	18	28	footnote	footnote	VERB
ajfa-7243	18	29	5	5	NUM
ajfa-7243	18	30	)	)	PUNCT
ajfa-7243	18	31	and	and	CCONJ
ajfa-7243	18	32	are	be	AUX
ajfa-7243	18	33	able	able	ADJ
ajfa-7243	18	34	to	to	PART
ajfa-7243	18	35	attract	attract	VERB
ajfa-7243	18	36	foreign	foreign	ADJ
ajfa-7243	18	37	investment	investment	NOUN
ajfa-7243	18	38	because	because	SCONJ
ajfa-7243	18	39	of	of	ADP
ajfa-7243	18	40	huge	huge	ADJ
ajfa-7243	18	41	untapped	untapped	ADJ
ajfa-7243	18	42	market	market	NOUN
ajfa-7243	18	43	and	and	CCONJ
ajfa-7243	18	44	low	low	ADJ
ajfa-7243	18	45	cost	cost	NOUN
ajfa-7243	18	46	labour	labour	NOUN
ajfa-7243	18	47	.	.	PUNCT
ajfa-7243	19	1	in	in	ADP
ajfa-7243	19	2	line	line	NOUN
ajfa-7243	19	3	with	with	ADP
ajfa-7243	19	4	the	the	DET
ajfa-7243	19	5	above	above	ADJ
ajfa-7243	19	6	discussion	discussion	NOUN
ajfa-7243	19	7	,	,	PUNCT
ajfa-7243	19	8	the	the	DET
ajfa-7243	19	9	objectives	objective	NOUN
ajfa-7243	19	10	of	of	ADP
ajfa-7243	19	11	this	this	DET
ajfa-7243	19	12	study	study	NOUN
ajfa-7243	19	13	is	be	AUX
ajfa-7243	19	14	to	to	PART
ajfa-7243	19	15	first	first	ADV
ajfa-7243	19	16	classify	classify	VERB
ajfa-7243	19	17	the	the	DET
ajfa-7243	19	18	drivers	driver	NOUN
ajfa-7243	19	19	into	into	ADP
ajfa-7243	19	20	broad	broad	ADJ
ajfa-7243	19	21	categories	category	NOUN
ajfa-7243	19	22	and	and	CCONJ
ajfa-7243	19	23	then	then	ADV
ajfa-7243	19	24	identify	identify	VERB
ajfa-7243	19	25	the	the	DET
ajfa-7243	19	26	major	major	ADJ
ajfa-7243	19	27	drivers	driver	NOUN
ajfa-7243	19	28	of	of	ADP
ajfa-7243	19	29	firm	firm	ADJ
ajfa-7243	19	30	value	value	NOUN
ajfa-7243	19	31	for	for	ADP
ajfa-7243	19	32	indian	indian	ADJ
ajfa-7243	19	33	manufacturing	manufacturing	NOUN
ajfa-7243	19	34	industry	industry	NOUN
ajfa-7243	19	35	and	and	CCONJ
ajfa-7243	19	36	also	also	ADV
ajfa-7243	19	37	work	work	VERB
ajfa-7243	19	38	out	out	ADP
ajfa-7243	19	39	the	the	DET
ajfa-7243	19	40	sectorial	sectorial	ADJ
ajfa-7243	19	41	sensitivity	sensitivity	NOUN
ajfa-7243	19	42	of	of	ADP
ajfa-7243	19	43	value	value	NOUN
ajfa-7243	19	44	drivers	driver	NOUN
ajfa-7243	19	45	.	.	PUNCT
ajfa-7243	20	1	more	more	ADV
ajfa-7243	20	2	specifically	specifically	ADV
ajfa-7243	20	3	,	,	PUNCT
ajfa-7243	20	4	we	we	PRON
ajfa-7243	20	5	try	try	VERB
ajfa-7243	20	6	to	to	PART
ajfa-7243	20	7	develop	develop	VERB
ajfa-7243	20	8	an	an	DET
ajfa-7243	20	9	understanding	understanding	NOUN
ajfa-7243	20	10	as	as	ADP
ajfa-7243	20	11	to	to	ADP
ajfa-7243	20	12	which	which	PRON
ajfa-7243	20	13	are	be	AUX
ajfa-7243	20	14	the	the	DET
ajfa-7243	20	15	key	key	ADJ
ajfa-7243	20	16	drivers	driver	NOUN
ajfa-7243	20	17	the	the	DET
ajfa-7243	20	18	companies	company	NOUN
ajfa-7243	20	19	should	should	AUX
ajfa-7243	20	20	concentrate	concentrate	VERB
ajfa-7243	20	21	on	on	ADP
ajfa-7243	20	22	that	that	PRON
ajfa-7243	20	23	will	will	AUX
ajfa-7243	20	24	improve	improve	VERB
ajfa-7243	20	25	performance	performance	NOUN
ajfa-7243	20	26	and	and	CCONJ
ajfa-7243	20	27	hence	hence	ADV
ajfa-7243	20	28	create	create	VERB
ajfa-7243	20	29	value	value	NOUN
ajfa-7243	20	30	.	.	PUNCT
ajfa-7243	21	1	to	to	ADP
ajfa-7243	21	2	our	our	PRON
ajfa-7243	21	3	knowledge	knowledge	NOUN
ajfa-7243	21	4	,	,	PUNCT
ajfa-7243	21	5	this	this	PRON
ajfa-7243	21	6	is	be	AUX
ajfa-7243	21	7	among	among	ADP
ajfa-7243	21	8	the	the	DET
ajfa-7243	21	9	few	few	ADJ
ajfa-7243	21	10	studies	study	NOUN
ajfa-7243	21	11	that	that	PRON
ajfa-7243	21	12	provide	provide	VERB
ajfa-7243	21	13	large	large	ADJ
ajfa-7243	21	14	scale	scale	NOUN
ajfa-7243	21	15	evidence	evidence	NOUN
ajfa-7243	21	16	on	on	ADP
ajfa-7243	21	17	value	value	NOUN
ajfa-7243	21	18	drivers	driver	NOUN
ajfa-7243	21	19	of	of	ADP
ajfa-7243	21	20	firms	firm	NOUN
ajfa-7243	21	21	’	'	PUNCT
ajfa-7243	21	22	in	in	ADP
ajfa-7243	21	23	developing	develop	VERB
ajfa-7243	21	24	economies	economy	NOUN
ajfa-7243	21	25	.	.	PUNCT
ajfa-7243	22	1	this	this	DET
ajfa-7243	22	2	paper	paper	NOUN
ajfa-7243	22	3	will	will	AUX
ajfa-7243	22	4	provideacademicians	provideacademician	NOUN
ajfa-7243	22	5	and	and	CCONJ
ajfa-7243	22	6	practitioners	practitioner	NOUN
ajfa-7243	22	7	with	with	ADP
ajfa-7243	22	8	an	an	DET
ajfa-7243	22	9	overviewof	overviewof	NOUN
ajfa-7243	22	10	the	the	DET
ajfa-7243	22	11	applicability	applicability	NOUN
ajfa-7243	22	12	of	of	ADP
ajfa-7243	22	13	value	value	NOUN
ajfa-7243	22	14	drivers	driver	NOUN
ajfa-7243	22	15	for	for	ADP
ajfa-7243	22	16	indian	indian	ADJ
ajfa-7243	22	17	manufacturing	manufacturing	NOUN
ajfa-7243	22	18	industry	industry	NOUN
ajfa-7243	22	19	that	that	PRON
ajfa-7243	22	20	may	may	AUX
ajfa-7243	22	21	lead	lead	VERB
ajfa-7243	22	22	to	to	ADP
ajfa-7243	22	23	increased	increase	VERB
ajfa-7243	22	24	profitability	profitability	NOUN
ajfa-7243	22	25	.	.	PUNCT
ajfa-7243	23	1	further	far	ADV
ajfa-7243	23	2	,	,	PUNCT
ajfa-7243	23	3	the	the	DET
ajfa-7243	23	4	study	study	NOUN
ajfa-7243	23	5	will	will	AUX
ajfa-7243	23	6	fill	fill	VERB
ajfa-7243	23	7	the	the	DET
ajfa-7243	23	8	gap	gap	NOUN
ajfa-7243	23	9	in	in	ADP
ajfa-7243	23	10	literature	literature	NOUN
ajfa-7243	23	11	by	by	ADP
ajfa-7243	23	12	adding	add	VERB
ajfa-7243	23	13	value	value	NOUN
ajfa-7243	23	14	drivers	driver	NOUN
ajfa-7243	23	15	’	'	PUNCT
ajfa-7243	23	16	evidence	evidence	NOUN
ajfa-7243	23	17	from	from	ADP
ajfa-7243	23	18	one	one	NUM
ajfa-7243	23	19	of	of	ADP
ajfa-7243	23	20	the	the	DET
ajfa-7243	23	21	fastest5	fastest5	NOUN
ajfa-7243	23	22	growing	grow	VERB
ajfa-7243	23	23	economies	economy	NOUN
ajfa-7243	23	24	in	in	ADP
ajfa-7243	23	25	the	the	DET
ajfa-7243	23	26	world	world	NOUN
ajfa-7243	23	27	.	.	PUNCT
ajfa-7243	24	1	while	while	SCONJ
ajfa-7243	24	2	doing	do	VERB
ajfa-7243	24	3	driver	driver	NOUN
ajfa-7243	24	4	analysis	analysis	NOUN
ajfa-7243	24	5	we	we	PRON
ajfa-7243	24	6	will	will	AUX
ajfa-7243	24	7	concentrate	concentrate	VERB
ajfa-7243	24	8	on	on	ADP
ajfa-7243	24	9	historic	historic	ADJ
ajfa-7243	24	10	facts	fact	NOUN
ajfa-7243	24	11	and	and	CCONJ
ajfa-7243	24	12	empirically	empirically	ADV
ajfa-7243	24	13	examine	examine	VERB
ajfa-7243	24	14	the	the	DET
ajfa-7243	24	15	relationship	relationship	NOUN
ajfa-7243	24	16	between	between	ADP
ajfa-7243	24	17	value	value	NOUN
ajfa-7243	24	18	and	and	CCONJ
ajfa-7243	24	19	potential	potential	ADJ
ajfa-7243	24	20	drivers	driver	NOUN
ajfa-7243	24	21	(	(	PUNCT
ajfa-7243	24	22	see	see	VERB
ajfa-7243	24	23	,	,	PUNCT
ajfa-7243	24	24	section	section	NOUN
ajfa-7243	24	25	3	3	NUM
ajfa-7243	24	26	for	for	ADP
ajfa-7243	24	27	details).rest	details).r	ADJ
ajfa-7243	24	28	of	of	ADP
ajfa-7243	24	29	the	the	DET
ajfa-7243	24	30	study	study	NOUN
ajfa-7243	24	31	isorganised	isorganise	VERB
ajfa-7243	24	32	as	as	SCONJ
ajfa-7243	24	33	follows	follow	VERB
ajfa-7243	24	34	:	:	PUNCT
ajfa-7243	24	35	section	section	NOUN
ajfa-7243	24	36	2	2	NUM
ajfa-7243	24	37	provides	provide	VERB
ajfa-7243	24	38	brief	brief	ADJ
ajfa-7243	24	39	review	review	NOUN
ajfa-7243	24	40	of	of	ADP
ajfa-7243	24	41	literature	literature	NOUN
ajfa-7243	24	42	,	,	PUNCT
ajfa-7243	24	43	section	section	NOUN
ajfa-7243	24	44	3	3	NUM
ajfa-7243	24	45	provides	provide	VERB
ajfa-7243	24	46	derivation	derivation	NOUN
ajfa-7243	24	47	of	of	ADP
ajfa-7243	24	48	value	value	NOUN
ajfa-7243	24	49	drivers	driver	NOUN
ajfa-7243	24	50	’	'	PUNCT
ajfa-7243	24	51	model	model	NOUN
ajfa-7243	24	52	,	,	PUNCT
ajfa-7243	24	53	section	section	NOUN
ajfa-7243	24	54	4	4	NUM
ajfa-7243	24	55	and	and	CCONJ
ajfa-7243	24	56	5	5	NUM
ajfa-7243	24	57	briefs	brief	NOUN
ajfa-7243	24	58	data	datum	NOUN
ajfa-7243	24	59	and	and	CCONJ
ajfa-7243	24	60	methodology	methodology	NOUN
ajfa-7243	24	61	used	use	VERB
ajfa-7243	24	62	for	for	ADP
ajfa-7243	24	63	the	the	DET
ajfa-7243	24	64	study	study	NOUN
ajfa-7243	24	65	,	,	PUNCT
ajfa-7243	24	66	section	section	NOUN
ajfa-7243	24	67	6	6	NUM
ajfa-7243	24	68	provides	provide	VERB
ajfa-7243	24	69	empirical	empirical	ADJ
ajfa-7243	24	70	results	result	NOUN
ajfa-7243	24	71	and	and	CCONJ
ajfa-7243	24	72	finally	finally	ADV
ajfa-7243	24	73	section	section	NOUN
ajfa-7243	24	74	7	7	NUM
ajfa-7243	24	75	provides	provide	VERB
ajfa-7243	24	76	concluding	concluding	NOUN
ajfa-7243	24	77	remarks	remark	NOUN
ajfa-7243	24	78	.	.	PUNCT
ajfa-7243	25	1	1we	1we	ADJ
ajfa-7243	25	2	define	define	NOUN
ajfa-7243	25	3	value	value	NOUN
ajfa-7243	25	4	as	as	ADP
ajfa-7243	25	5	change	change	NOUN
ajfa-7243	25	6	in	in	ADP
ajfa-7243	25	7	stock	stock	NOUN
ajfa-7243	25	8	prices	price	NOUN
ajfa-7243	25	9	of	of	ADP
ajfa-7243	25	10	firms	firm	NOUN
ajfa-7243	25	11	over	over	ADP
ajfa-7243	25	12	a	a	DET
ajfa-7243	25	13	period	period	NOUN
ajfa-7243	25	14	.	.	PUNCT
ajfa-7243	26	1	2corporate	2corporate	NUM
ajfa-7243	26	2	success	success	NOUN
ajfa-7243	26	3	in	in	ADP
ajfa-7243	26	4	creating	create	VERB
ajfa-7243	26	5	shareholder	shareholder	NOUN
ajfa-7243	26	6	value	value	NOUN
ajfa-7243	26	7	benefits	benefit	NOUN
ajfa-7243	26	8	all	all	DET
ajfa-7243	26	9	parties	party	NOUN
ajfa-7243	26	10	,	,	PUNCT
ajfa-7243	26	11	not	not	PART
ajfa-7243	26	12	only	only	ADV
ajfa-7243	26	13	shareholders	shareholder	NOUN
ajfa-7243	26	14	.	.	PUNCT
ajfa-7243	27	1	economic	economic	ADJ
ajfa-7243	27	2	surpluses	surplus	NOUN
ajfa-7243	27	3	make	make	VERB
ajfa-7243	27	4	everyone	everyone	PRON
ajfa-7243	27	5	better	well	ADJ
ajfa-7243	27	6	off	off	ADP
ajfa-7243	27	7	.	.	PUNCT
ajfa-7243	28	1	it	it	PRON
ajfa-7243	28	2	is	be	AUX
ajfa-7243	28	3	difficult	difficult	ADJ
ajfa-7243	28	4	to	to	PART
ajfa-7243	28	5	imagine	imagine	VERB
ajfa-7243	28	6	a	a	DET
ajfa-7243	28	7	business	business	NOUN
ajfa-7243	28	8	where	where	SCONJ
ajfa-7243	28	9	you	you	PRON
ajfa-7243	28	10	can	can	AUX
ajfa-7243	28	11	satisfy	satisfy	VERB
ajfa-7243	28	12	shareholders	shareholder	NOUN
ajfa-7243	28	13	without	without	ADP
ajfa-7243	28	14	taking	take	VERB
ajfa-7243	28	15	care	care	NOUN
ajfa-7243	28	16	of	of	ADP
ajfa-7243	28	17	customers	customer	NOUN
ajfa-7243	28	18	,	,	PUNCT
ajfa-7243	28	19	employees	employee	NOUN
ajfa-7243	28	20	and	and	CCONJ
ajfa-7243	28	21	others	other	NOUN
ajfa-7243	28	22	.	.	PUNCT
ajfa-7243	29	1	in	in	ADP
ajfa-7243	29	2	the	the	DET
ajfa-7243	29	3	pursuit	pursuit	NOUN
ajfa-7243	29	4	of	of	ADP
ajfa-7243	29	5	economic	economic	ADJ
ajfa-7243	29	6	value	value	NOUN
ajfa-7243	29	7	creation	creation	NOUN
ajfa-7243	29	8	,	,	PUNCT
ajfa-7243	29	9	management	management	NOUN
ajfa-7243	29	10	must	must	AUX
ajfa-7243	29	11	concern	concern	VERB
ajfa-7243	29	12	itself	itself	PRON
ajfa-7243	29	13	with	with	ADP
ajfa-7243	29	14	all	all	DET
ajfa-7243	29	15	aspects	aspect	NOUN
ajfa-7243	29	16	of	of	ADP
ajfa-7243	29	17	company	company	NOUN
ajfa-7243	29	18	operations	operation	NOUN
ajfa-7243	29	19	,	,	PUNCT
ajfa-7243	29	20	including	include	VERB
ajfa-7243	29	21	product	product	NOUN
ajfa-7243	29	22	quality	quality	NOUN
ajfa-7243	29	23	,	,	PUNCT
ajfa-7243	29	24	personnel	personnel	NOUN
ajfa-7243	29	25	training	training	NOUN
ajfa-7243	29	26	,	,	PUNCT
ajfa-7243	29	27	know	know	NOUN
ajfa-7243	29	28	-	-	PUNCT
ajfa-7243	29	29	how	how	NOUN
ajfa-7243	29	30	,	,	PUNCT
ajfa-7243	29	31	company	company	NOUN
ajfa-7243	29	32	image	image	NOUN
ajfa-7243	29	33	,	,	PUNCT
ajfa-7243	29	34	and	and	CCONJ
ajfa-7243	29	35	reputation	reputation	NOUN
ajfa-7243	29	36	.	.	PUNCT
ajfa-7243	30	1	hence	hence	ADV
ajfa-7243	30	2	,	,	PUNCT
ajfa-7243	30	3	the	the	DET
ajfa-7243	30	4	pursuit	pursuit	NOUN
ajfa-7243	30	5	of	of	ADP
ajfa-7243	30	6	economic	economic	ADJ
ajfa-7243	30	7	value	value	NOUN
ajfa-7243	30	8	is	be	AUX
ajfa-7243	30	9	consistent	consistent	ADJ
ajfa-7243	30	10	with	with	ADP
ajfa-7243	30	11	the	the	DET
ajfa-7243	30	12	interest	interest	NOUN
ajfa-7243	30	13	of	of	ADP
ajfa-7243	30	14	all	all	DET
ajfa-7243	30	15	parties	party	NOUN
ajfa-7243	30	16	.	.	PUNCT
ajfa-7243	31	1	failure	failure	NOUN
ajfa-7243	31	2	to	to	PART
ajfa-7243	31	3	which	which	PRON
ajfa-7243	31	4	may	may	AUX
ajfa-7243	31	5	lead	lead	VERB
ajfa-7243	31	6	to	to	ADP
ajfa-7243	31	7	reduction	reduction	NOUN
ajfa-7243	31	8	in	in	ADP
ajfa-7243	31	9	shareholder	shareholder	NOUN
ajfa-7243	31	10	value	value	NOUN
ajfa-7243	31	11	in	in	ADP
ajfa-7243	31	12	long	long	ADJ
ajfa-7243	31	13	run	run	NOUN
ajfa-7243	31	14	(	(	PUNCT
ajfa-7243	31	15	see	see	NOUN
ajfa-7243	31	16	,	,	PUNCT
ajfa-7243	31	17	rappaport	rappaport	NOUN
ajfa-7243	31	18	,	,	PUNCT
ajfa-7243	31	19	1998	1998	NUM
ajfa-7243	31	20	;	;	PUNCT
ajfa-7243	31	21	black	black	PROPN
ajfa-7243	31	22	et	et	PROPN
ajfa-7243	31	23	al	al	PROPN
ajfa-7243	31	24	.	.	PROPN
ajfa-7243	31	25	,	,	PUNCT
ajfa-7243	31	26	2001	2001	NUM
ajfa-7243	31	27	;	;	PUNCT
ajfa-7243	31	28	and	and	CCONJ
ajfa-7243	31	29	morin	morin	PROPN
ajfa-7243	31	30	et	et	PROPN
ajfa-7243	31	31	al	al	PROPN
ajfa-7243	31	32	.	.	PROPN
ajfa-7243	31	33	,	,	PUNCT
ajfa-7243	31	34	2004	2004	NUM
ajfa-7243	31	35	)	)	PUNCT
ajfa-7243	31	36	.	.	PUNCT
ajfa-7243	32	1	3much	3much	NUM
ajfa-7243	32	2	of	of	ADP
ajfa-7243	32	3	the	the	DET
ajfa-7243	32	4	theory	theory	NOUN
ajfa-7243	32	5	of	of	ADP
ajfa-7243	32	6	corporate	corporate	ADJ
ajfa-7243	32	7	finance	finance	NOUN
ajfa-7243	32	8	is	be	AUX
ajfa-7243	32	9	based	base	VERB
ajfa-7243	32	10	on	on	ADP
ajfa-7243	32	11	the	the	DET
ajfa-7243	32	12	assumptions	assumption	NOUN
ajfa-7243	32	13	that	that	SCONJ
ajfa-7243	32	14	since	since	SCONJ
ajfa-7243	32	15	managers	manager	NOUN
ajfa-7243	32	16	are	be	AUX
ajfa-7243	32	17	hired	hire	VERB
ajfa-7243	32	18	by	by	ADP
ajfa-7243	32	19	shareholders	shareholder	NOUN
ajfa-7243	32	20	they	they	PRON
ajfa-7243	32	21	should	should	AUX
ajfa-7243	32	22	strive	strive	VERB
ajfa-7243	32	23	to	to	PART
ajfa-7243	32	24	maximise	maximise	VERB
ajfa-7243	32	25	the	the	DET
ajfa-7243	32	26	value	value	NOUN
ajfa-7243	32	27	of	of	ADP
ajfa-7243	32	28	firm	firm	ADJ
ajfa-7243	32	29	or	or	CCONJ
ajfa-7243	32	30	shareholder	shareholder	NOUN
ajfa-7243	32	31	value	value	NOUN
ajfa-7243	32	32	.	.	PUNCT
ajfa-7243	33	1	4the	4the	NUM
ajfa-7243	33	2	review	review	NOUN
ajfa-7243	33	3	of	of	ADP
ajfa-7243	33	4	studies	study	NOUN
ajfa-7243	33	5	in	in	ADP
ajfa-7243	33	6	section	section	NOUN
ajfa-7243	33	7	2	2	NUM
ajfa-7243	33	8	reveals	reveal	VERB
ajfa-7243	33	9	that	that	SCONJ
ajfa-7243	33	10	majority	majority	NOUN
ajfa-7243	33	11	of	of	ADP
ajfa-7243	33	12	the	the	DET
ajfa-7243	33	13	studies	study	NOUN
ajfa-7243	33	14	are	be	AUX
ajfa-7243	33	15	conducted	conduct	VERB
ajfa-7243	33	16	with	with	ADP
ajfa-7243	33	17	respect	respect	NOUN
ajfa-7243	33	18	to	to	ADP
ajfa-7243	33	19	developed	develop	VERB
ajfa-7243	33	20	nations	nation	NOUN
ajfa-7243	33	21	and	and	CCONJ
ajfa-7243	33	22	we	we	PRON
ajfa-7243	33	23	are	be	AUX
ajfa-7243	33	24	using	use	VERB
ajfa-7243	33	25	those	those	DET
ajfa-7243	33	26	drivers	driver	NOUN
ajfa-7243	33	27	as	as	ADP
ajfa-7243	33	28	a	a	DET
ajfa-7243	33	29	proxy	proxy	NOUN
ajfa-7243	33	30	for	for	ADP
ajfa-7243	33	31	measuring	measure	VERB
ajfa-7243	33	32	and/or	and/or	CCONJ
ajfa-7243	33	33	managing	manage	VERB
ajfa-7243	33	34	performance	performance	NOUN
ajfa-7243	33	35	of	of	ADP
ajfa-7243	33	36	companies	company	NOUN
ajfa-7243	33	37	in	in	ADP
ajfa-7243	33	38	developing	develop	VERB
ajfa-7243	33	39	nations	nation	NOUN
ajfa-7243	33	40	,	,	PUNCT
ajfa-7243	33	41	even	even	ADV
ajfa-7243	33	42	after	after	ADP
ajfa-7243	33	43	knowing	know	VERB
ajfa-7243	33	44	the	the	DET
ajfa-7243	33	45	fact	fact	NOUN
ajfa-7243	33	46	that	that	SCONJ
ajfa-7243	33	47	the	the	DET
ajfa-7243	33	48	level	level	NOUN
ajfa-7243	33	49	of	of	ADP
ajfa-7243	33	50	market	market	NOUN
ajfa-7243	33	51	efficiency	efficiency	NOUN
ajfa-7243	33	52	and	and	CCONJ
ajfa-7243	33	53	structure	structure	NOUN
ajfa-7243	33	54	is	be	AUX
ajfa-7243	33	55	different	different	ADJ
ajfa-7243	33	56	.	.	PUNCT
ajfa-7243	34	1	hence	hence	ADV
ajfa-7243	34	2	we	we	PRON
ajfa-7243	34	3	need	need	VERB
ajfa-7243	34	4	studies	study	NOUN
ajfa-7243	34	5	that	that	PRON
ajfa-7243	34	6	can	can	AUX
ajfa-7243	34	7	bring	bring	VERB
ajfa-7243	34	8	forward	forward	ADV
ajfa-7243	34	9	the	the	DET
ajfa-7243	34	10	story	story	NOUN
ajfa-7243	34	11	of	of	ADP
ajfa-7243	34	12	emerging	emerge	VERB
ajfa-7243	34	13	nations	nation	NOUN
ajfa-7243	34	14	.	.	PUNCT
ajfa-7243	35	1	this	this	DET
ajfa-7243	35	2	study	study	NOUN
ajfa-7243	35	3	is	be	AUX
ajfa-7243	35	4	a	a	DET
ajfa-7243	35	5	way	way	NOUN
ajfa-7243	35	6	forward	forward	ADV
ajfa-7243	35	7	in	in	ADP
ajfa-7243	35	8	this	this	DET
ajfa-7243	35	9	direction	direction	NOUN
ajfa-7243	35	10	that	that	PRON
ajfa-7243	35	11	takes	take	VERB
ajfa-7243	35	12	up	up	ADP
ajfa-7243	35	13	the	the	DET
ajfa-7243	35	14	case	case	NOUN
ajfa-7243	35	15	of	of	ADP
ajfa-7243	35	16	india	india	PROPN
ajfa-7243	35	17	.	.	PUNCT
ajfa-7243	36	1	5see	5see	NUM
ajfa-7243	36	2	,	,	PUNCT
ajfa-7243	36	3	trade	trade	NOUN
ajfa-7243	36	4	and	and	CCONJ
ajfa-7243	36	5	development	development	NOUN
ajfa-7243	36	6	report	report	NOUN
ajfa-7243	36	7	2013	2013	NUM
ajfa-7243	36	8	and	and	CCONJ
ajfa-7243	36	9	world	world	NOUN
ajfa-7243	36	10	investment	investment	NOUN
ajfa-7243	36	11	report	report	NOUN
ajfa-7243	36	12	2014	2014	NUM
ajfa-7243	36	13	.	.	PUNCT
ajfa-7243	37	1	asian	asian	ADJ
ajfa-7243	37	2	journal	journal	PROPN
ajfa-7243	37	3	of	of	ADP
ajfa-7243	37	4	finance	finance	PROPN
ajfa-7243	37	5	&	&	CCONJ
ajfa-7243	37	6	accounting	accounting	PROPN
ajfa-7243	37	7	issn	issn	PROPN
ajfa-7243	37	8	1946	1946	NUM
ajfa-7243	37	9	-	-	PUNCT
ajfa-7243	37	10	052x	052x	NOUN
ajfa-7243	37	11	2015	2015	NUM
ajfa-7243	37	12	,	,	PUNCT
ajfa-7243	37	13	vol	vol	NOUN
ajfa-7243	37	14	.	.	PROPN
ajfa-7243	37	15	7	7	NUM
ajfa-7243	37	16	,	,	PUNCT
ajfa-7243	37	17	no	no	INTJ
ajfa-7243	37	18	.	.	NOUN
ajfa-7243	37	19	2	2	NUM
ajfa-7243	37	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-7243	37	21	3	3	NUM
ajfa-7243	37	22	2	2	NUM
ajfa-7243	37	23	.	.	PUNCT
ajfa-7243	37	24	review	review	NOUN
ajfa-7243	37	25	of	of	ADP
ajfa-7243	37	26	literature	literature	NOUN
ajfa-7243	37	27	for	for	ADP
ajfa-7243	37	28	the	the	DET
ajfa-7243	37	29	purpose	purpose	NOUN
ajfa-7243	37	30	of	of	ADP
ajfa-7243	37	31	firm	firm	NOUN
ajfa-7243	37	32	’s	’s	PART
ajfa-7243	37	33	valuation	valuation	NOUN
ajfa-7243	37	34	,	,	PUNCT
ajfa-7243	37	35	it	it	PRON
ajfa-7243	37	36	is	be	AUX
ajfa-7243	37	37	very	very	ADV
ajfa-7243	37	38	essential	essential	ADJ
ajfa-7243	37	39	to	to	PART
ajfa-7243	37	40	identify	identify	VERB
ajfa-7243	37	41	the	the	DET
ajfa-7243	37	42	key	key	ADJ
ajfa-7243	37	43	drivers	driver	NOUN
ajfa-7243	37	44	of	of	ADP
ajfa-7243	37	45	value	value	NOUN
ajfa-7243	37	46	because	because	SCONJ
ajfa-7243	37	47	these	these	DET
ajfa-7243	37	48	drivers	driver	NOUN
ajfa-7243	37	49	can	can	AUX
ajfa-7243	37	50	either	either	CCONJ
ajfa-7243	37	51	increase	increase	VERB
ajfa-7243	37	52	or	or	CCONJ
ajfa-7243	37	53	decreasethe	decreasethe	ADJ
ajfa-7243	37	54	value	value	NOUN
ajfa-7243	37	55	depending	depend	VERB
ajfa-7243	37	56	upon	upon	SCONJ
ajfa-7243	37	57	the	the	DET
ajfa-7243	37	58	tendencies	tendency	NOUN
ajfa-7243	37	59	of	of	ADP
ajfa-7243	37	60	their	their	PRON
ajfa-7243	37	61	changes	change	NOUN
ajfa-7243	37	62	(	(	PUNCT
ajfa-7243	37	63	see	see	VERB
ajfa-7243	37	64	,	,	PUNCT
ajfa-7243	37	65	kazlauskiene	kazlauskiene	NOUN
ajfa-7243	37	66	and	and	CCONJ
ajfa-7243	37	67	christauskas	christauskas	PROPN
ajfa-7243	37	68	(	(	PUNCT
ajfa-7243	37	69	2008)).several	2008)).several	NUM
ajfa-7243	37	70	studies	study	NOUN
ajfa-7243	37	71	(	(	PUNCT
ajfa-7243	37	72	both	both	CCONJ
ajfa-7243	37	73	quantitative	quantitative	ADJ
ajfa-7243	37	74	and	and	CCONJ
ajfa-7243	37	75	qualitative	qualitative	ADJ
ajfa-7243	37	76	)	)	PUNCT
ajfa-7243	37	77	have	have	AUX
ajfa-7243	37	78	investigated	investigate	VERB
ajfa-7243	37	79	the	the	DET
ajfa-7243	37	80	drivers	driver	NOUN
ajfa-7243	37	81	influencing	influence	VERB
ajfa-7243	37	82	firm	firm	ADJ
ajfa-7243	37	83	value	value	NOUN
ajfa-7243	37	84	to	to	PART
ajfa-7243	37	85	have	have	VERB
ajfa-7243	37	86	a	a	DET
ajfa-7243	37	87	better	well	ADJ
ajfa-7243	37	88	understanding	understanding	NOUN
ajfa-7243	37	89	of	of	ADP
ajfa-7243	37	90	these	these	DET
ajfa-7243	37	91	drivers	driver	NOUN
ajfa-7243	37	92	.	.	PUNCT
ajfa-7243	38	1	chugh	chugh	NOUN
ajfa-7243	38	2	and	and	CCONJ
ajfa-7243	38	3	meador	meador	PROPN
ajfa-7243	38	4	(	(	PUNCT
ajfa-7243	38	5	1984	1984	NUM
ajfa-7243	38	6	)	)	PUNCT
ajfa-7243	38	7	did	do	VERB
ajfa-7243	38	8	a	a	DET
ajfa-7243	38	9	survey	survey	NOUN
ajfa-7243	38	10	of	of	ADP
ajfa-7243	38	11	2000	2000	NUM
ajfa-7243	38	12	members	member	NOUN
ajfa-7243	38	13	of	of	ADP
ajfa-7243	38	14	financial	financial	ADJ
ajfa-7243	38	15	analysts	analyst	NOUN
ajfa-7243	38	16	’	’	PART
ajfa-7243	38	17	federation	federation	NOUN
ajfa-7243	38	18	and	and	CCONJ
ajfa-7243	38	19	indicate	indicate	VERB
ajfa-7243	38	20	that	that	SCONJ
ajfa-7243	38	21	analysts	analyst	NOUN
ajfa-7243	38	22	consistently	consistently	ADV
ajfa-7243	38	23	emphasise	emphasise	VERB
ajfa-7243	38	24	the	the	DET
ajfa-7243	38	25	long	long	ADJ
ajfa-7243	38	26	term	term	NOUN
ajfa-7243	38	27	over	over	ADP
ajfa-7243	38	28	the	the	DET
ajfa-7243	38	29	short	short	ADJ
ajfa-7243	38	30	term	term	NOUN
ajfa-7243	38	31	.	.	PUNCT
ajfa-7243	39	1	the	the	DET
ajfa-7243	39	2	study	study	NOUN
ajfa-7243	39	3	revealed	reveal	VERB
ajfa-7243	39	4	that	that	SCONJ
ajfa-7243	39	5	expected	expect	VERB
ajfa-7243	39	6	changes	change	NOUN
ajfa-7243	39	7	in	in	ADP
ajfa-7243	39	8	eps	eps	PROPN
ajfa-7243	39	9	,	,	PUNCT
ajfa-7243	39	10	expected	expect	VERB
ajfa-7243	39	11	return	return	NOUN
ajfa-7243	39	12	on	on	ADP
ajfa-7243	39	13	equity	equity	NOUN
ajfa-7243	39	14	,	,	PUNCT
ajfa-7243	39	15	and	and	CCONJ
ajfa-7243	39	16	prospects	prospect	NOUN
ajfa-7243	39	17	for	for	ADP
ajfa-7243	39	18	the	the	DET
ajfa-7243	39	19	relevant	relevant	ADJ
ajfa-7243	39	20	industry	industry	NOUN
ajfa-7243	39	21	were	be	AUX
ajfa-7243	39	22	considered	consider	VERB
ajfa-7243	39	23	to	to	PART
ajfa-7243	39	24	be	be	AUX
ajfa-7243	39	25	the	the	DET
ajfa-7243	39	26	most	most	ADJ
ajfa-7243	39	27	essentialvariables	essentialvariable	NOUN
ajfa-7243	39	28	over	over	ADP
ajfa-7243	39	29	the	the	DET
ajfa-7243	39	30	long	long	ADJ
ajfa-7243	39	31	term	term	NOUN
ajfa-7243	39	32	whereas	whereas	SCONJ
ajfa-7243	39	33	industry	industry	NOUN
ajfa-7243	39	34	prospects	prospect	NOUN
ajfa-7243	39	35	,	,	PUNCT
ajfa-7243	39	36	expected	expect	VERB
ajfa-7243	39	37	changes	change	NOUN
ajfa-7243	39	38	in	in	ADP
ajfa-7243	39	39	eps	eps	PROPN
ajfa-7243	39	40	and	and	CCONJ
ajfa-7243	39	41	general	general	ADJ
ajfa-7243	39	42	economic	economic	ADJ
ajfa-7243	39	43	conditions	condition	NOUN
ajfa-7243	39	44	were	be	AUX
ajfa-7243	39	45	given	give	VERB
ajfa-7243	39	46	high	high	ADJ
ajfa-7243	39	47	importance	importance	NOUN
ajfa-7243	39	48	in	in	ADP
ajfa-7243	39	49	the	the	DET
ajfa-7243	39	50	short	short	ADJ
ajfa-7243	39	51	term	term	NOUN
ajfa-7243	39	52	.	.	PUNCT
ajfa-7243	40	1	ruhland	ruhland	PROPN
ajfa-7243	40	2	cowen	cowen	PROPN
ajfa-7243	40	3	(	(	PUNCT
ajfa-7243	40	4	1990	1990	NUM
ajfa-7243	40	5	)	)	PUNCT
ajfa-7243	40	6	focused	focus	VERB
ajfa-7243	40	7	on	on	ADP
ajfa-7243	40	8	the	the	DET
ajfa-7243	40	9	methods	method	NOUN
ajfa-7243	40	10	of	of	ADP
ajfa-7243	40	11	creating	create	VERB
ajfa-7243	40	12	shareholder	shareholder	NOUN
ajfa-7243	40	13	value	value	NOUN
ajfa-7243	40	14	using	use	VERB
ajfa-7243	40	15	an	an	DET
ajfa-7243	40	16	internal	internal	ADJ
ajfa-7243	40	17	financial	financial	ADJ
ajfa-7243	40	18	planning	planning	NOUN
ajfa-7243	40	19	and	and	CCONJ
ajfa-7243	40	20	control	control	NOUN
ajfa-7243	40	21	system	system	NOUN
ajfa-7243	40	22	.	.	PUNCT
ajfa-7243	41	1	they	they	PRON
ajfa-7243	41	2	stated	state	VERB
ajfa-7243	41	3	that	that	SCONJ
ajfa-7243	41	4	since	since	SCONJ
ajfa-7243	41	5	return	return	NOUN
ajfa-7243	41	6	on	on	ADP
ajfa-7243	41	7	investment	investment	NOUN
ajfa-7243	41	8	,	,	PUNCT
ajfa-7243	41	9	return	return	VERB
ajfa-7243	41	10	on	on	ADP
ajfa-7243	41	11	equity	equity	NOUN
ajfa-7243	41	12	,	,	PUNCT
ajfa-7243	41	13	and	and	CCONJ
ajfa-7243	41	14	earnings	earning	NOUN
ajfa-7243	41	15	per	per	ADP
ajfa-7243	41	16	share	share	NOUN
ajfa-7243	41	17	figures	figure	NOUN
ajfa-7243	41	18	can	can	AUX
ajfa-7243	41	19	be	be	AUX
ajfa-7243	41	20	manipulated	manipulate	VERB
ajfa-7243	41	21	by	by	ADP
ajfa-7243	41	22	management	management	NOUN
ajfa-7243	41	23	,	,	PUNCT
ajfa-7243	41	24	thereforethese	thereforethese	NOUN
ajfa-7243	41	25	variables	variable	NOUN
ajfa-7243	41	26	fail	fail	VERB
ajfa-7243	41	27	to	to	PART
ajfa-7243	41	28	sufficiently	sufficiently	ADV
ajfa-7243	41	29	measure	measure	VERB
ajfa-7243	41	30	a	a	DET
ajfa-7243	41	31	firm	firm	NOUN
ajfa-7243	41	32	’s	’s	PART
ajfa-7243	41	33	performance	performance	NOUN
ajfa-7243	41	34	.	.	PUNCT
ajfa-7243	42	1	they	they	PRON
ajfa-7243	42	2	alternatively	alternatively	ADV
ajfa-7243	42	3	suggestedfive	suggestedfive	VERB
ajfa-7243	42	4	drivers	driver	NOUN
ajfa-7243	42	5	that	that	PRON
ajfa-7243	42	6	are	be	AUX
ajfa-7243	42	7	likely	likely	ADJ
ajfa-7243	42	8	to	to	PART
ajfa-7243	42	9	affect	affect	VERB
ajfa-7243	42	10	cash	cash	NOUN
ajfa-7243	42	11	flows	flow	NOUN
ajfa-7243	42	12	namely	namely	ADV
ajfa-7243	42	13	:	:	PUNCT
ajfa-7243	42	14	operating	operate	VERB
ajfa-7243	42	15	profit	profit	NOUN
ajfa-7243	42	16	margins	margin	NOUN
ajfa-7243	42	17	,	,	PUNCT
ajfa-7243	42	18	working	work	VERB
ajfa-7243	42	19	capital	capital	NOUN
ajfa-7243	42	20	investment	investment	NOUN
ajfa-7243	42	21	,	,	PUNCT
ajfa-7243	42	22	sales	sale	NOUN
ajfa-7243	42	23	growth	growth	NOUN
ajfa-7243	42	24	rates	rate	NOUN
ajfa-7243	42	25	,	,	PUNCT
ajfa-7243	42	26	fixed	fix	VERB
ajfa-7243	42	27	capital	capital	NOUN
ajfa-7243	42	28	investments	investment	NOUN
ajfa-7243	42	29	,	,	PUNCT
ajfa-7243	42	30	and	and	CCONJ
ajfa-7243	42	31	cost	cost	NOUN
ajfa-7243	42	32	of	of	ADP
ajfa-7243	42	33	capital	capital	NOUN
ajfa-7243	42	34	.	.	PUNCT
ajfa-7243	43	1	following	follow	VERB
ajfa-7243	43	2	similar	similar	ADJ
ajfa-7243	43	3	lines	line	NOUN
ajfa-7243	43	4	mills	mill	NOUN
ajfa-7243	43	5	and	and	CCONJ
ajfa-7243	43	6	print	print	NOUN
ajfa-7243	43	7	(	(	PUNCT
ajfa-7243	43	8	1995	1995	NUM
ajfa-7243	43	9	)	)	PUNCT
ajfa-7243	43	10	,	,	PUNCT
ajfa-7243	43	11	scarlet	scarlet	NOUN
ajfa-7243	43	12	(	(	PUNCT
ajfa-7243	43	13	1997	1997	NUM
ajfa-7243	43	14	)	)	PUNCT
ajfa-7243	43	15	,	,	PUNCT
ajfa-7243	43	16	rappaport	rappaport	NOUN
ajfa-7243	43	17	(	(	PUNCT
ajfa-7243	43	18	1998	1998	NUM
ajfa-7243	43	19	)	)	PUNCT
ajfa-7243	43	20	and	and	CCONJ
ajfa-7243	43	21	black	black	ADJ
ajfa-7243	43	22	,	,	PUNCT
ajfa-7243	43	23	wright	wright	PROPN
ajfa-7243	43	24	and	and	CCONJ
ajfa-7243	43	25	davies	davy	NOUN
ajfa-7243	43	26	(	(	PUNCT
ajfa-7243	43	27	2001	2001	NUM
ajfa-7243	43	28	)	)	PUNCT
ajfa-7243	43	29	in	in	ADP
ajfa-7243	43	30	their	their	PRON
ajfa-7243	43	31	books	book	NOUN
ajfa-7243	43	32	point	point	VERB
ajfa-7243	43	33	out	out	ADP
ajfa-7243	43	34	seven	seven	NUM
ajfa-7243	43	35	value	value	NOUN
ajfa-7243	43	36	drivers	driver	NOUN
ajfa-7243	43	37	namely	namely	ADV
ajfa-7243	43	38	:	:	PUNCT
ajfa-7243	43	39	change	change	NOUN
ajfa-7243	43	40	in	in	ADP
ajfa-7243	43	41	sale	sale	NOUN
ajfa-7243	43	42	,	,	PUNCT
ajfa-7243	43	43	margin	margin	NOUN
ajfa-7243	43	44	of	of	ADP
ajfa-7243	43	45	activity	activity	NOUN
ajfa-7243	43	46	profit	profit	NOUN
ajfa-7243	43	47	,	,	PUNCT
ajfa-7243	43	48	tax	tax	NOUN
ajfa-7243	43	49	rate	rate	NOUN
ajfa-7243	43	50	,	,	PUNCT
ajfa-7243	43	51	working	working	NOUN
ajfa-7243	43	52	capital	capital	NOUN
ajfa-7243	43	53	,	,	PUNCT
ajfa-7243	43	54	expenses	expense	NOUN
ajfa-7243	43	55	of	of	ADP
ajfa-7243	43	56	capital	capital	NOUN
ajfa-7243	43	57	,	,	PUNCT
ajfa-7243	43	58	costs	cost	NOUN
ajfa-7243	43	59	of	of	ADP
ajfa-7243	43	60	capital	capital	NOUN
ajfa-7243	43	61	,	,	PUNCT
ajfa-7243	43	62	and	and	CCONJ
ajfa-7243	43	63	period	period	NOUN
ajfa-7243	43	64	of	of	ADP
ajfa-7243	43	65	competitive	competitive	ADJ
ajfa-7243	43	66	advantage	advantage	NOUN
ajfa-7243	43	67	.	.	PUNCT
ajfa-7243	44	1	in	in	ADP
ajfa-7243	44	2	addition	addition	NOUN
ajfa-7243	44	3	to	to	ADP
ajfa-7243	44	4	the	the	DET
ajfa-7243	44	5	above	above	ADJ
ajfa-7243	44	6	mentioned	mention	VERB
ajfa-7243	44	7	drivers	driver	NOUN
ajfa-7243	44	8	,	,	PUNCT
ajfa-7243	44	9	turner	turner	NOUN
ajfa-7243	44	10	(	(	PUNCT
ajfa-7243	44	11	1998	1998	NUM
ajfa-7243	44	12	)	)	PUNCT
ajfa-7243	44	13	presented	present	VERB
ajfa-7243	44	14	the	the	DET
ajfa-7243	44	15	eighth	eighth	ADJ
ajfa-7243	44	16	driver	driver	NOUN
ajfa-7243	44	17	i.e.	i.e.	X
ajfa-7243	44	18	return	return	VERB
ajfa-7243	44	19	on	on	ADP
ajfa-7243	44	20	capital	capital	NOUN
ajfa-7243	44	21	.	.	PUNCT
ajfa-7243	45	1	kaplan	kaplan	PROPN
ajfa-7243	45	2	and	and	CCONJ
ajfa-7243	45	3	norton	norton	PROPN
ajfa-7243	45	4	(	(	PUNCT
ajfa-7243	45	5	1996	1996	NUM
ajfa-7243	45	6	)	)	PUNCT
ajfa-7243	45	7	have	have	AUX
ajfa-7243	45	8	divided	divide	VERB
ajfa-7243	45	9	value	value	NOUN
ajfa-7243	45	10	drivers	driver	NOUN
ajfa-7243	45	11	into	into	ADP
ajfa-7243	45	12	four	four	NUM
ajfa-7243	45	13	categories	category	NOUN
ajfa-7243	45	14	:	:	PUNCT
ajfa-7243	45	15	financial	financial	ADJ
ajfa-7243	45	16	,	,	PUNCT
ajfa-7243	45	17	purchasers	purchaser	NOUN
ajfa-7243	45	18	,	,	PUNCT
ajfa-7243	45	19	internal	internal	ADJ
ajfa-7243	45	20	business	business	NOUN
ajfa-7243	45	21	process	process	NOUN
ajfa-7243	45	22	,	,	PUNCT
ajfa-7243	45	23	and	and	CCONJ
ajfa-7243	45	24	innovations	innovation	NOUN
ajfa-7243	45	25	which	which	PRON
ajfa-7243	45	26	leads	lead	VERB
ajfa-7243	45	27	to	to	ADP
ajfa-7243	45	28	the	the	DET
ajfa-7243	45	29	determination	determination	NOUN
ajfa-7243	45	30	of	of	ADP
ajfa-7243	45	31	seven	seven	NUM
ajfa-7243	45	32	value	value	NOUN
ajfa-7243	45	33	drives	drive	NOUN
ajfa-7243	45	34	namely	namely	ADV
ajfa-7243	45	35	return	return	VERB
ajfa-7243	45	36	on	on	ADP
ajfa-7243	45	37	capital	capital	NOUN
ajfa-7243	45	38	employed	employ	VERB
ajfa-7243	45	39	,	,	PUNCT
ajfa-7243	45	40	account	account	NOUN
ajfa-7243	45	41	receivables	receivable	NOUN
ajfa-7243	45	42	,	,	PUNCT
ajfa-7243	45	43	operating	operating	NOUN
ajfa-7243	45	44	expenses	expense	NOUN
ajfa-7243	45	45	,	,	PUNCT
ajfa-7243	45	46	customer	customer	NOUN
ajfa-7243	45	47	satisfaction	satisfaction	NOUN
ajfa-7243	45	48	,	,	PUNCT
ajfa-7243	45	49	lower	low	ADJ
ajfa-7243	45	50	rework	rework	NOUN
ajfa-7243	45	51	,	,	PUNCT
ajfa-7243	45	52	employee	employee	NOUN
ajfa-7243	45	53	morale	morale	NOUN
ajfa-7243	45	54	and	and	CCONJ
ajfa-7243	45	55	employee	employee	NOUN
ajfa-7243	45	56	suggestion	suggestion	NOUN
ajfa-7243	45	57	.	.	PUNCT
ajfa-7243	46	1	l.e.k	l.e.k	X
ajfa-7243	46	2	.	.	PUNCT
ajfa-7243	46	3	consulting	consult	VERB
ajfa-7243	46	4	(	(	PUNCT
ajfa-7243	46	5	1998	1998	NUM
ajfa-7243	46	6	)	)	PUNCT
ajfa-7243	46	7	executive	executive	ADJ
ajfa-7243	46	8	insights	insight	NOUN
ajfa-7243	46	9	have	have	AUX
ajfa-7243	46	10	classified	classify	VERB
ajfa-7243	46	11	value	value	NOUN
ajfa-7243	46	12	drivers	driver	NOUN
ajfa-7243	46	13	into	into	ADP
ajfa-7243	46	14	three	three	NUM
ajfa-7243	46	15	broad	broad	ADJ
ajfa-7243	46	16	categories	category	NOUN
ajfa-7243	46	17	:	:	PUNCT
ajfa-7243	46	18	growth	growth	NOUN
ajfa-7243	46	19	drivers	driver	NOUN
ajfa-7243	46	20	,	,	PUNCT
ajfa-7243	46	21	efficiency	efficiency	NOUN
ajfa-7243	46	22	drivers	driver	NOUN
ajfa-7243	46	23	and	and	CCONJ
ajfa-7243	46	24	financial	financial	ADJ
ajfa-7243	46	25	drivers	driver	NOUN
ajfa-7243	46	26	.	.	PUNCT
ajfa-7243	47	1	further	far	ADV
ajfa-7243	47	2	,	,	PUNCT
ajfa-7243	47	3	they	they	PRON
ajfa-7243	47	4	suggested	suggest	VERB
ajfa-7243	47	5	that	that	SCONJ
ajfa-7243	47	6	by	by	ADP
ajfa-7243	47	7	focusing	focus	VERB
ajfa-7243	47	8	on	on	ADP
ajfa-7243	47	9	these	these	DET
ajfa-7243	47	10	value	value	NOUN
ajfa-7243	47	11	drivers	driver	NOUN
ajfa-7243	47	12	,	,	PUNCT
ajfa-7243	47	13	management	management	NOUN
ajfa-7243	47	14	can	can	AUX
ajfa-7243	47	15	prioritise	prioritise	VERB
ajfa-7243	47	16	the	the	DET
ajfa-7243	47	17	specific	specific	ADJ
ajfa-7243	47	18	activities	activity	NOUN
ajfa-7243	47	19	that	that	PRON
ajfa-7243	47	20	will	will	AUX
ajfa-7243	47	21	affect	affect	VERB
ajfa-7243	47	22	performance	performance	NOUN
ajfa-7243	47	23	in	in	ADP
ajfa-7243	47	24	each	each	DET
ajfa-7243	47	25	area.cheremnikh(2000	area.cheremnikh(2000	NOUN
ajfa-7243	47	26	)	)	PUNCT
ajfa-7243	47	27	as	as	SCONJ
ajfa-7243	47	28	cited	cite	VERB
ajfa-7243	47	29	in	in	ADP
ajfa-7243	47	30	kazlauskiene	kazlauskiene	NOUN
ajfa-7243	47	31	and	and	CCONJ
ajfa-7243	47	32	christauskas	christauskas	PROPN
ajfa-7243	47	33	(	(	PUNCT
ajfa-7243	47	34	2008	2008	NUM
ajfa-7243	47	35	)	)	PUNCT
ajfa-7243	47	36	in	in	ADP
ajfa-7243	47	37	his	his	PRON
ajfa-7243	47	38	study	study	NOUN
ajfa-7243	47	39	on	on	ADP
ajfa-7243	47	40	improving	improve	VERB
ajfa-7243	47	41	company	company	NOUN
ajfa-7243	47	42	’s	’s	PART
ajfa-7243	47	43	value	value	NOUN
ajfa-7243	47	44	for	for	ADP
ajfa-7243	47	45	the	the	DET
ajfa-7243	47	46	purpose	purpose	NOUN
ajfa-7243	47	47	of	of	ADP
ajfa-7243	47	48	business	business	NOUN
ajfa-7243	47	49	management	management	NOUN
ajfa-7243	47	50	classified	classify	VERB
ajfa-7243	47	51	value	value	NOUN
ajfa-7243	47	52	drivers	driver	NOUN
ajfa-7243	47	53	into	into	ADP
ajfa-7243	47	54	three	three	NUM
ajfa-7243	47	55	broad	broad	ADJ
ajfa-7243	47	56	groups	group	NOUN
ajfa-7243	47	57	with	with	ADP
ajfa-7243	47	58	two	two	NUM
ajfa-7243	47	59	levels	level	NOUN
ajfa-7243	47	60	each	each	DET
ajfa-7243	47	61	namely	namely	ADV
ajfa-7243	47	62	internal	internal	ADJ
ajfa-7243	47	63	and	and	CCONJ
ajfa-7243	47	64	external	external	ADJ
ajfa-7243	47	65	value	value	NOUN
ajfa-7243	47	66	drivers	driver	NOUN
ajfa-7243	47	67	,	,	PUNCT
ajfa-7243	47	68	quantitative	quantitative	ADJ
ajfa-7243	47	69	and	and	CCONJ
ajfa-7243	47	70	qualitative	qualitative	ADJ
ajfa-7243	47	71	value	value	NOUN
ajfa-7243	47	72	drivers	driver	NOUN
ajfa-7243	47	73	,	,	PUNCT
ajfa-7243	47	74	and	and	CCONJ
ajfa-7243	47	75	financial	financial	ADJ
ajfa-7243	47	76	and	and	CCONJ
ajfa-7243	47	77	non	non	ADJ
ajfa-7243	47	78	-	-	ADJ
ajfa-7243	47	79	financial	financial	ADJ
ajfa-7243	47	80	value	value	NOUN
ajfa-7243	47	81	drivers.ittner	drivers.ittner	NOUN
ajfa-7243	47	82	and	and	CCONJ
ajfa-7243	47	83	larcker	larcker	NOUN
ajfa-7243	47	84	(	(	PUNCT
ajfa-7243	47	85	2001	2001	NUM
ajfa-7243	47	86	)	)	PUNCT
ajfa-7243	47	87	using	use	VERB
ajfa-7243	47	88	value	value	NOUN
ajfa-7243	47	89	based	base	VERB
ajfa-7243	47	90	management	management	NOUN
ajfa-7243	47	91	perspective	perspective	NOUN
ajfa-7243	47	92	tried	try	VERB
ajfa-7243	47	93	to	to	PART
ajfa-7243	47	94	identify	identify	VERB
ajfa-7243	47	95	the	the	DET
ajfa-7243	47	96	factors	factor	NOUN
ajfa-7243	47	97	influencing	influence	VERB
ajfa-7243	47	98	the	the	DET
ajfa-7243	47	99	performance	performance	NOUN
ajfa-7243	47	100	of	of	ADP
ajfa-7243	47	101	firms	firm	NOUN
ajfa-7243	47	102	.	.	PUNCT
ajfa-7243	48	1	they	they	PRON
ajfa-7243	48	2	,	,	PUNCT
ajfa-7243	48	3	based	base	VERB
ajfa-7243	48	4	on	on	ADP
ajfa-7243	48	5	perceived	perceive	VERB
ajfa-7243	48	6	importance	importance	NOUN
ajfa-7243	48	7	presented	present	VERB
ajfa-7243	48	8	the	the	DET
ajfa-7243	48	9	following	follow	VERB
ajfa-7243	48	10	categories	category	NOUN
ajfa-7243	48	11	of	of	ADP
ajfa-7243	48	12	value	value	NOUN
ajfa-7243	48	13	drivers	driver	NOUN
ajfa-7243	48	14	:	:	PUNCT
ajfa-7243	48	15	financial	financial	ADJ
ajfa-7243	48	16	,	,	PUNCT
ajfa-7243	48	17	purchasers	purchaser	NOUN
ajfa-7243	48	18	,	,	PUNCT
ajfa-7243	48	19	employees	employee	NOUN
ajfa-7243	48	20	,	,	PUNCT
ajfa-7243	48	21	operational	operational	ADJ
ajfa-7243	48	22	,	,	PUNCT
ajfa-7243	48	23	quality	quality	NOUN
ajfa-7243	48	24	,	,	PUNCT
ajfa-7243	48	25	alliances	alliance	NOUN
ajfa-7243	48	26	,	,	PUNCT
ajfa-7243	48	27	supply	supply	NOUN
ajfa-7243	48	28	,	,	PUNCT
ajfa-7243	48	29	environment	environment	NOUN
ajfa-7243	48	30	,	,	PUNCT
ajfa-7243	48	31	innovations	innovation	NOUN
ajfa-7243	48	32	,	,	PUNCT
ajfa-7243	48	33	and	and	CCONJ
ajfa-7243	48	34	society	society	NOUN
ajfa-7243	48	35	.	.	PUNCT
ajfa-7243	49	1	they	they	PRON
ajfa-7243	49	2	further	far	ADV
ajfa-7243	49	3	examined	examine	VERB
ajfa-7243	49	4	the	the	DET
ajfa-7243	49	5	relative	relative	ADJ
ajfa-7243	49	6	importance	importance	NOUN
ajfa-7243	49	7	of	of	ADP
ajfa-7243	49	8	these	these	DET
ajfa-7243	49	9	value	value	NOUN
ajfa-7243	49	10	drivers	driver	NOUN
ajfa-7243	49	11	under	under	ADP
ajfa-7243	49	12	four	four	NUM
ajfa-7243	49	13	different	different	ADJ
ajfa-7243	49	14	strategic	strategic	ADJ
ajfa-7243	49	15	dimensions	dimension	NOUN
ajfa-7243	49	16	of	of	ADP
ajfa-7243	49	17	firms	firm	NOUN
ajfa-7243	49	18	namely	namely	ADV
ajfa-7243	49	19	:	:	PUNCT
ajfa-7243	49	20	flexibility	flexibility	NOUN
ajfa-7243	49	21	,	,	PUNCT
ajfa-7243	49	22	innovation	innovation	NOUN
ajfa-7243	49	23	,	,	PUNCT
ajfa-7243	49	24	market	market	NOUN
ajfa-7243	49	25	stability	stability	NOUN
ajfa-7243	49	26	,	,	PUNCT
ajfa-7243	49	27	and	and	CCONJ
ajfa-7243	49	28	book	book	NOUN
ajfa-7243	49	29	to	to	ADP
ajfa-7243	49	30	market	market	NOUN
ajfa-7243	49	31	ratio	ratio	NOUN
ajfa-7243	49	32	and	and	CCONJ
ajfa-7243	49	33	suggested	suggest	VERB
ajfa-7243	49	34	that	that	SCONJ
ajfa-7243	49	35	different	different	ADJ
ajfa-7243	49	36	strategies	strategy	NOUN
ajfa-7243	49	37	attract	attract	VERB
ajfa-7243	49	38	different	different	ADJ
ajfa-7243	49	39	drivers	driver	NOUN
ajfa-7243	49	40	.	.	PUNCT
ajfa-7243	50	1	akalu	akalu	PROPN
ajfa-7243	50	2	(	(	PUNCT
ajfa-7243	50	3	2002	2002	NUM
ajfa-7243	50	4	)	)	PUNCT
ajfa-7243	50	5	suggested	suggest	VERB
ajfa-7243	50	6	that	that	SCONJ
ajfa-7243	50	7	it	it	PRON
ajfa-7243	50	8	is	be	AUX
ajfa-7243	50	9	extremely	extremely	ADV
ajfa-7243	50	10	important	important	ADJ
ajfa-7243	50	11	to	to	PART
ajfa-7243	50	12	know	know	VERB
ajfa-7243	50	13	the	the	DET
ajfa-7243	50	14	strength	strength	NOUN
ajfa-7243	50	15	of	of	ADP
ajfa-7243	50	16	value	value	NOUN
ajfa-7243	50	17	drivers	driver	NOUN
ajfa-7243	50	18	to	to	PART
ajfa-7243	50	19	understand	understand	VERB
ajfa-7243	50	20	their	their	PRON
ajfa-7243	50	21	influence	influence	NOUN
ajfa-7243	50	22	in	in	ADP
ajfa-7243	50	23	the	the	DET
ajfa-7243	50	24	process	process	NOUN
ajfa-7243	50	25	of	of	ADP
ajfa-7243	50	26	free	free	ADJ
ajfa-7243	50	27	cash	cash	NOUN
ajfa-7243	50	28	flow	flow	NOUN
ajfa-7243	50	29	generation	generation	NOUN
ajfa-7243	50	30	.	.	PUNCT
ajfa-7243	51	1	he	he	PRON
ajfa-7243	51	2	have	have	AUX
ajfa-7243	51	3	considered	consider	VERB
ajfa-7243	51	4	net	net	ADJ
ajfa-7243	51	5	asian	asian	ADJ
ajfa-7243	51	6	journal	journal	NOUN
ajfa-7243	51	7	of	of	ADP
ajfa-7243	51	8	finance	finance	PROPN
ajfa-7243	51	9	&	&	CCONJ
ajfa-7243	51	10	accounting	accounting	PROPN
ajfa-7243	51	11	issn	issn	PROPN
ajfa-7243	51	12	1946	1946	NUM
ajfa-7243	51	13	-	-	PUNCT
ajfa-7243	51	14	052x	052x	NOUN
ajfa-7243	51	15	2015	2015	NUM
ajfa-7243	51	16	,	,	PUNCT
ajfa-7243	51	17	vol	vol	NOUN
ajfa-7243	51	18	.	.	PROPN
ajfa-7243	52	1	7	7	NUM
ajfa-7243	52	2	,	,	PUNCT
ajfa-7243	52	3	no	no	INTJ
ajfa-7243	52	4	.	.	NOUN
ajfa-7243	52	5	2	2	NUM
ajfa-7243	52	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7243	52	7	4	4	NUM
ajfa-7243	52	8	sales	sale	NOUN
ajfa-7243	52	9	,	,	PUNCT
ajfa-7243	52	10	operating	operating	NOUN
ajfa-7243	52	11	cost	cost	NOUN
ajfa-7243	52	12	,	,	PUNCT
ajfa-7243	52	13	interest	interest	NOUN
ajfa-7243	52	14	expenses	expense	NOUN
ajfa-7243	52	15	,	,	PUNCT
ajfa-7243	52	16	income	income	NOUN
ajfa-7243	52	17	taxes	taxis	NOUN
ajfa-7243	52	18	,	,	PUNCT
ajfa-7243	52	19	fixed	fix	VERB
ajfa-7243	52	20	cost	cost	NOUN
ajfa-7243	52	21	of	of	ADP
ajfa-7243	52	22	investments	investment	NOUN
ajfa-7243	52	23	,	,	PUNCT
ajfa-7243	52	24	replacement	replacement	NOUN
ajfa-7243	52	25	cost	cost	NOUN
ajfa-7243	52	26	of	of	ADP
ajfa-7243	52	27	investment	investment	NOUN
ajfa-7243	52	28	and	and	CCONJ
ajfa-7243	52	29	working	working	NOUN
ajfa-7243	52	30	capital	capital	NOUN
ajfa-7243	52	31	investment	investment	NOUN
ajfa-7243	52	32	as	as	ADP
ajfa-7243	52	33	initial	initial	ADJ
ajfa-7243	52	34	value	value	NOUN
ajfa-7243	52	35	drivers	driver	NOUN
ajfa-7243	52	36	in	in	ADP
ajfa-7243	52	37	the	the	DET
ajfa-7243	52	38	model	model	NOUN
ajfa-7243	52	39	.	.	PUNCT
ajfa-7243	53	1	however	however	ADV
ajfa-7243	53	2	income	income	NOUN
ajfa-7243	53	3	tax	tax	NOUN
ajfa-7243	53	4	,	,	PUNCT
ajfa-7243	53	5	investment	investment	NOUN
ajfa-7243	53	6	cost	cost	NOUN
ajfa-7243	53	7	and	and	CCONJ
ajfa-7243	53	8	working	working	NOUN
ajfa-7243	53	9	capital	capital	NOUN
ajfa-7243	53	10	are	be	AUX
ajfa-7243	53	11	the	the	DET
ajfa-7243	53	12	three	three	NUM
ajfa-7243	53	13	major	major	ADJ
ajfa-7243	53	14	drivers	driver	NOUN
ajfa-7243	53	15	of	of	ADP
ajfa-7243	53	16	value	value	NOUN
ajfa-7243	53	17	.	.	PUNCT
ajfa-7243	54	1	xavier	xavier	PROPN
ajfa-7243	54	2	and	and	CCONJ
ajfa-7243	54	3	vinolas(2003	vinolas(2003	PROPN
ajfa-7243	54	4	)	)	PUNCT
ajfa-7243	54	5	suggested	suggest	VERB
ajfa-7243	54	6	a	a	DET
ajfa-7243	54	7	fresh	fresh	ADJ
ajfa-7243	54	8	corporate	corporate	ADJ
ajfa-7243	54	9	valuation	valuation	NOUN
ajfa-7243	54	10	method	method	NOUN
ajfa-7243	54	11	“	"	PUNCT
ajfa-7243	54	12	financial	financial	ADJ
ajfa-7243	54	13	and	and	CCONJ
ajfa-7243	54	14	economic	economic	ADJ
ajfa-7243	54	15	value	value	NOUN
ajfa-7243	54	16	added	add	VERB
ajfa-7243	54	17	,	,	PUNCT
ajfa-7243	54	18	”	"	PUNCT
ajfa-7243	54	19	or	or	CCONJ
ajfa-7243	54	20	feva	feva	NOUN
ajfa-7243	54	21	that	that	PRON
ajfa-7243	54	22	integrates	integrate	VERB
ajfa-7243	54	23	the	the	DET
ajfa-7243	54	24	eva	eva	PROPN
ajfa-7243	54	25	,	,	PUNCT
ajfa-7243	54	26	dcf	dcf	PROPN
ajfa-7243	54	27	,	,	PUNCT
ajfa-7243	54	28	and	and	CCONJ
ajfa-7243	55	1	mm	mm	NUM
ajfa-7243	55	2	approaches	approach	NOUN
ajfa-7243	55	3	.	.	PUNCT
ajfa-7243	56	1	the	the	DET
ajfa-7243	56	2	feva	feva	PROPN
ajfa-7243	56	3	approach	approach	NOUN
ajfa-7243	56	4	divides	divide	VERB
ajfa-7243	56	5	the	the	DET
ajfa-7243	56	6	sources	source	NOUN
ajfa-7243	56	7	of	of	ADP
ajfa-7243	56	8	corporate	corporate	ADJ
ajfa-7243	56	9	value	value	NOUN
ajfa-7243	56	10	into	into	ADP
ajfa-7243	56	11	eight	eight	NUM
ajfa-7243	56	12	value	value	NOUN
ajfa-7243	56	13	drivers	driver	NOUN
ajfa-7243	56	14	(	(	PUNCT
ajfa-7243	56	15	capital	capital	NOUN
ajfa-7243	56	16	invested	invest	VERB
ajfa-7243	56	17	,	,	PUNCT
ajfa-7243	56	18	current	current	ADJ
ajfa-7243	56	19	operating	operating	NOUN
ajfa-7243	56	20	eva	eva	PROPN
ajfa-7243	56	21	,	,	PUNCT
ajfa-7243	56	22	franchise	franchise	NOUN
ajfa-7243	56	23	factor	factor	NOUN
ajfa-7243	56	24	from	from	ADP
ajfa-7243	56	25	new	new	ADJ
ajfa-7243	56	26	investments	investment	NOUN
ajfa-7243	56	27	,	,	PUNCT
ajfa-7243	56	28	tax	tax	NOUN
ajfa-7243	56	29	shield	shield	NOUN
ajfa-7243	56	30	on	on	ADP
ajfa-7243	56	31	existing	exist	VERB
ajfa-7243	56	32	debt	debt	NOUN
ajfa-7243	56	33	,	,	PUNCT
ajfa-7243	56	34	tax	tax	NOUN
ajfa-7243	56	35	shield	shield	NOUN
ajfa-7243	56	36	from	from	ADP
ajfa-7243	56	37	growth	growth	NOUN
ajfa-7243	56	38	opportunities	opportunity	NOUN
ajfa-7243	56	39	,	,	PUNCT
ajfa-7243	56	40	bankruptcy	bankruptcy	NOUN
ajfa-7243	56	41	cost	cost	NOUN
ajfa-7243	56	42	of	of	ADP
ajfa-7243	56	43	current	current	ADJ
ajfa-7243	56	44	debt	debt	NOUN
ajfa-7243	56	45	,	,	PUNCT
ajfa-7243	56	46	bankruptcy	bankruptcy	NOUN
ajfa-7243	56	47	cost	cost	NOUN
ajfa-7243	56	48	of	of	ADP
ajfa-7243	56	49	new	new	ADJ
ajfa-7243	56	50	debt	debt	NOUN
ajfa-7243	56	51	,	,	PUNCT
ajfa-7243	56	52	current	current	ADJ
ajfa-7243	56	53	debt	debt	NOUN
ajfa-7243	56	54	)	)	PUNCT
ajfa-7243	56	55	and	and	CCONJ
ajfa-7243	56	56	precisely	precisely	ADV
ajfa-7243	56	57	identifies	identify	VERB
ajfa-7243	56	58	the	the	DET
ajfa-7243	56	59	contribution	contribution	NOUN
ajfa-7243	56	60	of	of	ADP
ajfa-7243	56	61	each	each	DET
ajfa-7243	56	62	driver	driver	NOUN
ajfa-7243	56	63	.	.	PUNCT
ajfa-7243	57	1	kim	kim	PROPN
ajfa-7243	57	2	(	(	PUNCT
ajfa-7243	57	3	2004	2004	NUM
ajfa-7243	57	4	)	)	PUNCT
ajfa-7243	57	5	proposed	propose	VERB
ajfa-7243	57	6	a	a	DET
ajfa-7243	57	7	model	model	NOUN
ajfa-7243	57	8	to	to	PART
ajfa-7243	57	9	empirically	empirically	ADV
ajfa-7243	57	10	identify	identify	VERB
ajfa-7243	57	11	the	the	DET
ajfa-7243	57	12	critical	critical	ADJ
ajfa-7243	57	13	strategic	strategic	ADJ
ajfa-7243	57	14	factors	factor	NOUN
ajfa-7243	57	15	for	for	ADP
ajfa-7243	57	16	value	value	NOUN
ajfa-7243	57	17	-	-	PUNCT
ajfa-7243	57	18	based	base	VERB
ajfa-7243	57	19	management	management	NOUN
ajfa-7243	57	20	.	.	PUNCT
ajfa-7243	58	1	since	since	SCONJ
ajfa-7243	58	2	“	"	PUNCT
ajfa-7243	58	3	value	value	NOUN
ajfa-7243	58	4	”	"	PUNCT
ajfa-7243	58	5	is	be	AUX
ajfa-7243	58	6	abstract	abstract	ADJ
ajfa-7243	58	7	in	in	ADP
ajfa-7243	58	8	its	its	PRON
ajfa-7243	58	9	nature	nature	NOUN
ajfa-7243	58	10	,	,	PUNCT
ajfa-7243	58	11	managers	manager	NOUN
ajfa-7243	58	12	of	of	ADP
ajfa-7243	58	13	the	the	DET
ajfa-7243	58	14	firms	firm	NOUN
ajfa-7243	58	15	need	need	VERB
ajfa-7243	58	16	to	to	PART
ajfa-7243	58	17	know	know	VERB
ajfa-7243	58	18	more	more	ADV
ajfa-7243	58	19	solid	solid	ADJ
ajfa-7243	58	20	and	and	CCONJ
ajfa-7243	58	21	clear	clear	ADJ
ajfa-7243	58	22	target	target	NOUN
ajfa-7243	58	23	measures	measure	NOUN
ajfa-7243	58	24	that	that	PRON
ajfa-7243	58	25	derive	derive	VERB
ajfa-7243	58	26	the	the	DET
ajfa-7243	58	27	value	value	NOUN
ajfa-7243	58	28	of	of	ADP
ajfa-7243	58	29	their	their	PRON
ajfa-7243	58	30	firm	firm	NOUN
ajfa-7243	58	31	.	.	PUNCT
ajfa-7243	59	1	the	the	DET
ajfa-7243	59	2	proposed	propose	VERB
ajfa-7243	59	3	model	model	NOUN
ajfa-7243	59	4	uses	use	VERB
ajfa-7243	59	5	common	common	ADJ
ajfa-7243	59	6	financial	financial	ADJ
ajfa-7243	59	7	factors	factor	NOUN
ajfa-7243	59	8	and	and	CCONJ
ajfa-7243	59	9	their	their	PRON
ajfa-7243	59	10	variations	variation	NOUN
ajfa-7243	59	11	as	as	ADP
ajfa-7243	59	12	input	input	NOUN
ajfa-7243	59	13	variables	variable	NOUN
ajfa-7243	59	14	to	to	PART
ajfa-7243	59	15	produce	produce	VERB
ajfa-7243	59	16	the	the	DET
ajfa-7243	59	17	market	market	NOUN
ajfa-7243	59	18	value	value	NOUN
ajfa-7243	59	19	added	add	VERB
ajfa-7243	59	20	(	(	PUNCT
ajfa-7243	59	21	mva	mva	NOUN
ajfa-7243	59	22	)	)	PUNCT
ajfa-7243	59	23	.	.	PUNCT
ajfa-7243	60	1	further	far	ADV
ajfa-7243	60	2	to	to	PART
ajfa-7243	60	3	capture	capture	VERB
ajfa-7243	60	4	a	a	DET
ajfa-7243	60	5	dynamic	dynamic	ADJ
ajfa-7243	60	6	relationship	relationship	NOUN
ajfa-7243	60	7	between	between	ADP
ajfa-7243	60	8	input	input	NOUN
ajfa-7243	60	9	and	and	CCONJ
ajfa-7243	60	10	output	output	NOUN
ajfa-7243	60	11	variables	variable	NOUN
ajfa-7243	60	12	the	the	DET
ajfa-7243	60	13	model	model	NOUN
ajfa-7243	60	14	uses	use	VERB
ajfa-7243	60	15	an	an	DET
ajfa-7243	60	16	artificial	artificial	ADJ
ajfa-7243	60	17	intelligence	intelligence	NOUN
ajfa-7243	60	18	technique	technique	NOUN
ajfa-7243	60	19	that	that	PRON
ajfa-7243	60	20	is	be	AUX
ajfa-7243	60	21	non	non	ADJ
ajfa-7243	60	22	-	-	ADJ
ajfa-7243	60	23	parametric	parametric	ADJ
ajfa-7243	60	24	by	by	ADP
ajfa-7243	60	25	nature	nature	NOUN
ajfa-7243	60	26	.	.	PUNCT
ajfa-7243	61	1	findings	finding	NOUN
ajfa-7243	61	2	of	of	ADP
ajfa-7243	61	3	the	the	DET
ajfa-7243	61	4	study	study	NOUN
ajfa-7243	61	5	reveal	reveal	VERB
ajfa-7243	61	6	that	that	SCONJ
ajfa-7243	61	7	the	the	DET
ajfa-7243	61	8	model	model	NOUN
ajfa-7243	61	9	is	be	AUX
ajfa-7243	61	10	able	able	ADJ
ajfa-7243	61	11	to	to	PART
ajfa-7243	61	12	identify	identify	VERB
ajfa-7243	61	13	a	a	DET
ajfa-7243	61	14	set	set	NOUN
ajfa-7243	61	15	of	of	ADP
ajfa-7243	61	16	strategic	strategic	ADJ
ajfa-7243	61	17	drivers	driver	NOUN
ajfa-7243	61	18	that	that	PRON
ajfa-7243	61	19	are	be	AUX
ajfa-7243	61	20	linked	link	VERB
ajfa-7243	61	21	directly	directly	ADV
ajfa-7243	61	22	to	to	ADP
ajfa-7243	61	23	the	the	DET
ajfa-7243	61	24	mva	mva	NOUN
ajfa-7243	61	25	of	of	ADP
ajfa-7243	61	26	companies	company	NOUN
ajfa-7243	61	27	involved	involve	VERB
ajfa-7243	61	28	.	.	PUNCT
ajfa-7243	62	1	specifically	specifically	ADV
ajfa-7243	62	2	,	,	PUNCT
ajfa-7243	62	3	cost	cost	NOUN
ajfa-7243	62	4	of	of	ADP
ajfa-7243	62	5	capital	capital	NOUN
ajfa-7243	62	6	and	and	CCONJ
ajfa-7243	62	7	size	size	NOUN
ajfa-7243	62	8	of	of	ADP
ajfa-7243	62	9	capital	capital	NOUN
ajfa-7243	62	10	are	be	AUX
ajfa-7243	62	11	the	the	DET
ajfa-7243	62	12	two	two	NUM
ajfa-7243	62	13	most	most	ADV
ajfa-7243	62	14	important	important	ADJ
ajfa-7243	62	15	factors	factor	NOUN
ajfa-7243	62	16	creating	create	VERB
ajfa-7243	62	17	value	value	NOUN
ajfa-7243	62	18	.	.	PUNCT
ajfa-7243	63	1	morin	morin	PROPN
ajfa-7243	63	2	and	and	CCONJ
ajfa-7243	63	3	jarrell	jarrell	PROPN
ajfa-7243	63	4	(	(	PUNCT
ajfa-7243	63	5	2004	2004	NUM
ajfa-7243	63	6	)	)	PUNCT
ajfa-7243	63	7	have	have	AUX
ajfa-7243	63	8	prescribed	prescribe	VERB
ajfa-7243	63	9	a	a	DET
ajfa-7243	63	10	value	value	NOUN
ajfa-7243	63	11	based	base	VERB
ajfa-7243	63	12	management	management	NOUN
ajfa-7243	63	13	framework	framework	NOUN
ajfa-7243	63	14	putting	put	VERB
ajfa-7243	63	15	it	it	PRON
ajfa-7243	63	16	all	all	PRON
ajfa-7243	63	17	together	together	ADV
ajfa-7243	63	18	the	the	DET
ajfa-7243	63	19	strategic	strategic	ADJ
ajfa-7243	63	20	,	,	PUNCT
ajfa-7243	63	21	financial	financial	ADJ
ajfa-7243	63	22	and	and	CCONJ
ajfa-7243	63	23	corporate	corporate	ADJ
ajfa-7243	63	24	governance	governance	NOUN
ajfa-7243	63	25	issues	issue	NOUN
ajfa-7243	63	26	to	to	PART
ajfa-7243	63	27	determine	determine	VERB
ajfa-7243	63	28	the	the	DET
ajfa-7243	63	29	value	value	NOUN
ajfa-7243	63	30	drivers	driver	NOUN
ajfa-7243	63	31	for	for	ADP
ajfa-7243	63	32	companies	company	NOUN
ajfa-7243	63	33	.	.	PUNCT
ajfa-7243	64	1	finally	finally	ADV
ajfa-7243	64	2	consolidating	consolidate	VERB
ajfa-7243	64	3	all	all	DET
ajfa-7243	64	4	the	the	DET
ajfa-7243	64	5	three	three	NUM
ajfa-7243	64	6	issues	issue	NOUN
ajfa-7243	64	7	they	they	PRON
ajfa-7243	64	8	have	have	VERB
ajfa-7243	64	9	classified	classify	VERB
ajfa-7243	64	10	value	value	NOUN
ajfa-7243	64	11	drivers	driver	NOUN
ajfa-7243	64	12	in	in	ADP
ajfa-7243	64	13	two	two	NUM
ajfa-7243	64	14	levels	level	NOUN
ajfa-7243	64	15	.	.	PUNCT
ajfa-7243	65	1	level	level	NOUN
ajfa-7243	65	2	one	one	NUM
ajfa-7243	65	3	constitutes	constitute	NOUN
ajfa-7243	65	4	of	of	ADP
ajfa-7243	65	5	cash	cash	NOUN
ajfa-7243	65	6	flows	flow	NOUN
ajfa-7243	65	7	and	and	CCONJ
ajfa-7243	65	8	cost	cost	NOUN
ajfa-7243	65	9	of	of	ADP
ajfa-7243	65	10	capital	capital	NOUN
ajfa-7243	65	11	and	and	CCONJ
ajfa-7243	65	12	level	level	VERB
ajfa-7243	65	13	two	two	NUM
ajfa-7243	65	14	constitutes	constitute	NOUN
ajfa-7243	65	15	of	of	ADP
ajfa-7243	65	16	return	return	NOUN
ajfa-7243	65	17	,	,	PUNCT
ajfa-7243	65	18	growth	growth	NOUN
ajfa-7243	65	19	rate	rate	NOUN
ajfa-7243	65	20	and	and	CCONJ
ajfa-7243	65	21	capital	capital	NOUN
ajfa-7243	65	22	that	that	PRON
ajfa-7243	65	23	determines	determine	VERB
ajfa-7243	65	24	cash	cash	NOUN
ajfa-7243	65	25	flow	flow	NOUN
ajfa-7243	65	26	and	and	CCONJ
ajfa-7243	65	27	risk	risk	NOUN
ajfa-7243	65	28	that	that	PRON
ajfa-7243	65	29	determines	determine	VERB
ajfa-7243	65	30	cost	cost	NOUN
ajfa-7243	65	31	of	of	ADP
ajfa-7243	65	32	capital.kakati	capital.kakati	PROPN
ajfa-7243	65	33	(	(	PUNCT
ajfa-7243	65	34	2005	2005	NUM
ajfa-7243	65	35	)	)	PUNCT
ajfa-7243	65	36	has	have	AUX
ajfa-7243	65	37	tried	try	VERB
ajfa-7243	65	38	to	to	PART
ajfa-7243	65	39	identify	identify	VERB
ajfa-7243	65	40	the	the	DET
ajfa-7243	65	41	factors	factor	NOUN
ajfa-7243	65	42	that	that	PRON
ajfa-7243	65	43	have	have	VERB
ajfa-7243	65	44	an	an	DET
ajfa-7243	65	45	influence	influence	NOUN
ajfa-7243	65	46	on	on	ADP
ajfa-7243	65	47	stock	stock	NOUN
ajfa-7243	65	48	valuation	valuation	NOUN
ajfa-7243	65	49	process	process	NOUN
ajfa-7243	65	50	.	.	PUNCT
ajfa-7243	66	1	he	he	PRON
ajfa-7243	66	2	found	find	VERB
ajfa-7243	66	3	that	that	SCONJ
ajfa-7243	66	4	though	though	SCONJ
ajfa-7243	66	5	stocks	stock	NOUN
ajfa-7243	66	6	response	response	VERB
ajfa-7243	66	7	to	to	ADP
ajfa-7243	66	8	some	some	DET
ajfa-7243	66	9	common	common	ADJ
ajfa-7243	66	10	factors	factor	NOUN
ajfa-7243	66	11	,	,	PUNCT
ajfa-7243	66	12	they	they	PRON
ajfa-7243	66	13	appear	appear	VERB
ajfa-7243	66	14	to	to	PART
ajfa-7243	66	15	response	response	VERB
ajfa-7243	66	16	to	to	ADP
ajfa-7243	66	17	specific	specific	ADJ
ajfa-7243	66	18	factors	factor	NOUN
ajfa-7243	66	19	like	like	ADP
ajfa-7243	66	20	price	price	NOUN
ajfa-7243	66	21	earnings	earning	NOUN
ajfa-7243	66	22	ratio	ratio	NOUN
ajfa-7243	66	23	,	,	PUNCT
ajfa-7243	66	24	return	return	VERB
ajfa-7243	66	25	on	on	ADP
ajfa-7243	66	26	net	net	ADJ
ajfa-7243	66	27	worth	worth	NOUN
ajfa-7243	66	28	,	,	PUNCT
ajfa-7243	66	29	earnings	earning	NOUN
ajfa-7243	66	30	per	per	ADP
ajfa-7243	66	31	share	share	NOUN
ajfa-7243	66	32	,	,	PUNCT
ajfa-7243	66	33	growth	growth	NOUN
ajfa-7243	66	34	in	in	ADP
ajfa-7243	66	35	sales	sale	NOUN
ajfa-7243	66	36	,	,	PUNCT
ajfa-7243	66	37	dividend	dividend	NOUN
ajfa-7243	66	38	per	per	ADP
ajfa-7243	66	39	share	share	NOUN
ajfa-7243	66	40	and	and	CCONJ
ajfa-7243	66	41	analysts	analyst	NOUN
ajfa-7243	66	42	forecast	forecast	VERB
ajfa-7243	66	43	i.e.	i.e.	X
ajfa-7243	66	44	to	to	PART
ajfa-7243	66	45	say	say	VERB
ajfa-7243	66	46	that	that	SCONJ
ajfa-7243	66	47	financial	financial	ADJ
ajfa-7243	66	48	factors	factor	NOUN
ajfa-7243	66	49	influence	influence	VERB
ajfa-7243	66	50	the	the	DET
ajfa-7243	66	51	stock	stock	NOUN
ajfa-7243	66	52	valuation	valuation	NOUN
ajfa-7243	66	53	process	process	NOUN
ajfa-7243	66	54	but	but	CCONJ
ajfa-7243	66	55	other	other	ADJ
ajfa-7243	66	56	non	non	ADJ
ajfa-7243	66	57	-	-	ADJ
ajfa-7243	66	58	financial	financial	ADJ
ajfa-7243	66	59	,	,	PUNCT
ajfa-7243	66	60	industrial	industrial	ADJ
ajfa-7243	66	61	and	and	CCONJ
ajfa-7243	66	62	economic	economic	ADJ
ajfa-7243	66	63	factors	factor	NOUN
ajfa-7243	66	64	have	have	VERB
ajfa-7243	66	65	little	little	ADJ
ajfa-7243	66	66	influence	influence	NOUN
ajfa-7243	66	67	.	.	PUNCT
ajfa-7243	67	1	moreover	moreover	ADV
ajfa-7243	67	2	he	he	PRON
ajfa-7243	67	3	argued	argue	VERB
ajfa-7243	67	4	that	that	SCONJ
ajfa-7243	67	5	the	the	DET
ajfa-7243	67	6	use	use	NOUN
ajfa-7243	67	7	of	of	ADP
ajfa-7243	67	8	large	large	ADJ
ajfa-7243	67	9	number	number	NOUN
ajfa-7243	67	10	of	of	ADP
ajfa-7243	67	11	factors	factor	NOUN
ajfa-7243	67	12	in	in	ADP
ajfa-7243	67	13	the	the	DET
ajfa-7243	67	14	model	model	NOUN
ajfa-7243	67	15	does	do	AUX
ajfa-7243	67	16	not	not	PART
ajfa-7243	67	17	lead	lead	VERB
ajfa-7243	67	18	to	to	ADP
ajfa-7243	67	19	better	well	ADJ
ajfa-7243	67	20	performance	performance	NOUN
ajfa-7243	67	21	of	of	ADP
ajfa-7243	67	22	stocks	stock	NOUN
ajfa-7243	67	23	.	.	PUNCT
ajfa-7243	68	1	hence	hence	ADV
ajfa-7243	68	2	,	,	PUNCT
ajfa-7243	68	3	what	what	PRON
ajfa-7243	68	4	is	be	AUX
ajfa-7243	68	5	important	important	ADJ
ajfa-7243	68	6	is	be	AUX
ajfa-7243	68	7	the	the	DET
ajfa-7243	68	8	reliable	reliable	ADJ
ajfa-7243	68	9	sources	source	NOUN
ajfa-7243	68	10	of	of	ADP
ajfa-7243	68	11	information	information	NOUN
ajfa-7243	68	12	,	,	PUNCT
ajfa-7243	68	13	better	well	ADJ
ajfa-7243	68	14	forecasting	forecasting	NOUN
ajfa-7243	68	15	and	and	CCONJ
ajfa-7243	68	16	accuracy	accuracy	NOUN
ajfa-7243	68	17	of	of	ADP
ajfa-7243	68	18	valuation	valuation	NOUN
ajfa-7243	68	19	techniques.gross	techniques.gross	PROPN
ajfa-7243	68	20	(	(	PUNCT
ajfa-7243	68	21	2006	2006	NUM
ajfa-7243	68	22	)	)	PUNCT
ajfa-7243	68	23	in	in	ADP
ajfa-7243	68	24	his	his	PRON
ajfa-7243	68	25	study	study	NOUN
ajfa-7243	68	26	have	have	AUX
ajfa-7243	68	27	identified	identify	VERB
ajfa-7243	68	28	the	the	DET
ajfa-7243	68	29	business	business	NOUN
ajfa-7243	68	30	mix	mix	NOUN
ajfa-7243	68	31	,	,	PUNCT
ajfa-7243	68	32	the	the	DET
ajfa-7243	68	33	branch	branch	NOUN
ajfa-7243	68	34	structure	structure	NOUN
ajfa-7243	68	35	,	,	PUNCT
ajfa-7243	68	36	the	the	DET
ajfa-7243	68	37	cost	cost	NOUN
ajfa-7243	68	38	efficiency	efficiency	NOUN
ajfa-7243	68	39	and	and	CCONJ
ajfa-7243	68	40	the	the	DET
ajfa-7243	68	41	risk	risk	NOUN
ajfa-7243	68	42	capabilities	capability	NOUN
ajfa-7243	68	43	as	as	ADP
ajfa-7243	68	44	potential	potential	ADJ
ajfa-7243	68	45	value	value	NOUN
ajfa-7243	68	46	drivers	driver	NOUN
ajfa-7243	68	47	.	.	PUNCT
ajfa-7243	69	1	further	far	ADV
ajfa-7243	69	2	they	they	PRON
ajfa-7243	69	3	examined	examine	VERB
ajfa-7243	69	4	their	their	PRON
ajfa-7243	69	5	impact	impact	NOUN
ajfa-7243	69	6	on	on	ADP
ajfa-7243	69	7	value	value	NOUN
ajfa-7243	69	8	creation	creation	NOUN
ajfa-7243	69	9	.	.	PUNCT
ajfa-7243	70	1	they	they	PRON
ajfa-7243	70	2	suggested	suggest	VERB
ajfa-7243	70	3	that	that	SCONJ
ajfa-7243	70	4	the	the	DET
ajfa-7243	70	5	cost	cost	NOUN
ajfa-7243	70	6	efficiency	efficiency	NOUN
ajfa-7243	70	7	and	and	CCONJ
ajfa-7243	70	8	the	the	DET
ajfa-7243	70	9	risk	risk	NOUN
ajfa-7243	70	10	capabilities	capability	NOUN
ajfa-7243	70	11	are	be	AUX
ajfa-7243	70	12	the	the	DET
ajfa-7243	70	13	two	two	NUM
ajfa-7243	70	14	essential	essential	ADJ
ajfa-7243	70	15	drivers	driver	NOUN
ajfa-7243	70	16	of	of	ADP
ajfa-7243	70	17	shareholder	shareholder	NOUN
ajfa-7243	70	18	value	value	NOUN
ajfa-7243	70	19	whereas	whereas	SCONJ
ajfa-7243	70	20	the	the	DET
ajfa-7243	70	21	empirical	empirical	ADJ
ajfa-7243	70	22	evidence	evidence	NOUN
ajfa-7243	70	23	on	on	ADP
ajfa-7243	70	24	the	the	DET
ajfa-7243	70	25	business	business	NOUN
ajfa-7243	70	26	mix	mix	NOUN
ajfa-7243	70	27	and	and	CCONJ
ajfa-7243	70	28	the	the	DET
ajfa-7243	70	29	branch	branch	NOUN
ajfa-7243	70	30	structure	structure	NOUN
ajfa-7243	70	31	is	be	AUX
ajfa-7243	70	32	ambiguous	ambiguous	ADJ
ajfa-7243	70	33	.	.	PUNCT
ajfa-7243	71	1	kraai	kraai	PROPN
ajfa-7243	71	2	(	(	PUNCT
ajfa-7243	71	3	2006	2006	NUM
ajfa-7243	71	4	)	)	PUNCT
ajfa-7243	71	5	suggested	suggest	VERB
ajfa-7243	71	6	that	that	SCONJ
ajfa-7243	71	7	business	business	NOUN
ajfa-7243	71	8	environment	environment	NOUN
ajfa-7243	71	9	at	at	ADP
ajfa-7243	71	10	present	present	ADJ
ajfa-7243	71	11	is	be	AUX
ajfa-7243	71	12	not	not	PART
ajfa-7243	71	13	just	just	ADV
ajfa-7243	71	14	about	about	ADP
ajfa-7243	71	15	survival	survival	NOUN
ajfa-7243	71	16	;	;	PUNCT
ajfa-7243	71	17	it	it	PRON
ajfa-7243	71	18	’s	’	VERB
ajfa-7243	71	19	about	about	ADP
ajfa-7243	71	20	focusing	focus	VERB
ajfa-7243	71	21	on	on	ADP
ajfa-7243	71	22	and	and	CCONJ
ajfa-7243	71	23	creating	create	VERB
ajfa-7243	71	24	sustainable	sustainable	ADJ
ajfa-7243	71	25	value	value	NOUN
ajfa-7243	71	26	.	.	PUNCT
ajfa-7243	72	1	kraai	kraai	VERB
ajfa-7243	72	2	in	in	ADP
ajfa-7243	72	3	his	his	PRON
ajfa-7243	72	4	review	review	NOUN
ajfa-7243	72	5	suggested	suggest	VERB
ajfa-7243	72	6	that	that	SCONJ
ajfa-7243	72	7	over	over	ADP
ajfa-7243	72	8	26	26	NUM
ajfa-7243	72	9	value	value	NOUN
ajfa-7243	72	10	drivers	driver	NOUN
ajfa-7243	72	11	have	have	AUX
ajfa-7243	72	12	been	be	AUX
ajfa-7243	72	13	identified	identify	VERB
ajfa-7243	72	14	but	but	CCONJ
ajfa-7243	72	15	typically	typically	ADV
ajfa-7243	72	16	no	no	PRON
ajfa-7243	72	17	more	more	ADJ
ajfa-7243	72	18	than	than	ADP
ajfa-7243	72	19	10	10	NUM
ajfa-7243	72	20	are	be	AUX
ajfa-7243	72	21	critical	critical	ADJ
ajfa-7243	72	22	in	in	ADP
ajfa-7243	72	23	any	any	DET
ajfa-7243	72	24	business	business	NOUN
ajfa-7243	72	25	.	.	PUNCT
ajfa-7243	73	1	the	the	DET
ajfa-7243	73	2	ten	ten	NUM
ajfa-7243	73	3	most	most	ADV
ajfa-7243	73	4	common	common	ADJ
ajfa-7243	73	5	value	value	NOUN
ajfa-7243	73	6	drivers	driver	NOUN
ajfa-7243	73	7	are	be	AUX
ajfa-7243	73	8	:	:	PUNCT
ajfa-7243	73	9	management	management	NOUN
ajfa-7243	73	10	depth	depth	NOUN
ajfa-7243	73	11	,	,	PUNCT
ajfa-7243	73	12	customer	customer	NOUN
ajfa-7243	73	13	diversity	diversity	NOUN
ajfa-7243	73	14	,	,	PUNCT
ajfa-7243	73	15	owner	owner	NOUN
ajfa-7243	73	16	involvement	involvement	NOUN
ajfa-7243	73	17	,	,	PUNCT
ajfa-7243	73	18	competition	competition	NOUN
ajfa-7243	73	19	,	,	PUNCT
ajfa-7243	73	20	customer	customer	NOUN
ajfa-7243	73	21	satisfaction	satisfaction	NOUN
ajfa-7243	73	22	,	,	PUNCT
ajfa-7243	73	23	human	human	ADJ
ajfa-7243	73	24	capital	capital	NOUN
ajfa-7243	73	25	,	,	PUNCT
ajfa-7243	73	26	financial	financial	ADJ
ajfa-7243	73	27	history	history	NOUN
ajfa-7243	73	28	,	,	PUNCT
ajfa-7243	73	29	operating	operating	NOUN
ajfa-7243	73	30	efficiencies	efficiency	NOUN
ajfa-7243	73	31	,	,	PUNCT
ajfa-7243	73	32	recurring	recur	VERB
ajfa-7243	73	33	revenue	revenue	NOUN
ajfa-7243	73	34	and	and	CCONJ
ajfa-7243	73	35	professional	professional	ADJ
ajfa-7243	73	36	sense	sense	NOUN
ajfa-7243	73	37	.	.	PUNCT
ajfa-7243	74	1	asian	asian	ADJ
ajfa-7243	74	2	journal	journal	PROPN
ajfa-7243	74	3	of	of	ADP
ajfa-7243	74	4	finance	finance	PROPN
ajfa-7243	74	5	&	&	CCONJ
ajfa-7243	74	6	accounting	accounting	PROPN
ajfa-7243	74	7	issn	issn	PROPN
ajfa-7243	74	8	1946	1946	NUM
ajfa-7243	74	9	-	-	PUNCT
ajfa-7243	74	10	052x	052x	NOUN
ajfa-7243	74	11	2015	2015	NUM
ajfa-7243	74	12	,	,	PUNCT
ajfa-7243	74	13	vol	vol	NOUN
ajfa-7243	74	14	.	.	PROPN
ajfa-7243	74	15	7	7	NUM
ajfa-7243	74	16	,	,	PUNCT
ajfa-7243	74	17	no	no	INTJ
ajfa-7243	74	18	.	.	NOUN
ajfa-7243	74	19	2	2	NUM
ajfa-7243	74	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-7243	74	21	5	5	NUM
ajfa-7243	74	22	damodaran	damodaran	VERB
ajfa-7243	74	23	(	(	PUNCT
ajfa-7243	74	24	2006	2006	NUM
ajfa-7243	74	25	)	)	PUNCT
ajfa-7243	74	26	in	in	ADP
ajfa-7243	74	27	his	his	PRON
ajfa-7243	74	28	study	study	NOUN
ajfa-7243	74	29	have	have	AUX
ajfa-7243	74	30	given	give	VERB
ajfa-7243	74	31	stress	stress	NOUN
ajfa-7243	74	32	on	on	ADP
ajfa-7243	74	33	individual	individual	ADJ
ajfa-7243	74	34	characteristics	characteristic	NOUN
ajfa-7243	74	35	of	of	ADP
ajfa-7243	74	36	firm	firm	NOUN
ajfa-7243	74	37	’s	’s	PART
ajfa-7243	74	38	i.e.	i.e.	X
ajfa-7243	74	39	cash	cash	NOUN
ajfa-7243	74	40	flows	flow	NOUN
ajfa-7243	74	41	,	,	PUNCT
ajfa-7243	74	42	expected	expect	VERB
ajfa-7243	74	43	growth	growth	NOUN
ajfa-7243	74	44	rate	rate	NOUN
ajfa-7243	74	45	and	and	CCONJ
ajfa-7243	74	46	discount	discount	NOUN
ajfa-7243	74	47	rate	rate	NOUN
ajfa-7243	74	48	to	to	PART
ajfa-7243	74	49	be	be	AUX
ajfa-7243	74	50	the	the	DET
ajfa-7243	74	51	most	most	ADV
ajfa-7243	74	52	important	important	ADJ
ajfa-7243	74	53	drivers	driver	NOUN
ajfa-7243	74	54	of	of	ADP
ajfa-7243	74	55	value	value	NOUN
ajfa-7243	74	56	in	in	ADP
ajfa-7243	74	57	any	any	DET
ajfa-7243	74	58	firm	firm	NOUN
ajfa-7243	74	59	.	.	PUNCT
ajfa-7243	75	1	he	he	PRON
ajfa-7243	75	2	also	also	ADV
ajfa-7243	75	3	suggested	suggest	VERB
ajfa-7243	75	4	that	that	SCONJ
ajfa-7243	75	5	since	since	SCONJ
ajfa-7243	75	6	equity	equity	NOUN
ajfa-7243	75	7	valuation	valuation	NOUN
ajfa-7243	75	8	through	through	ADP
ajfa-7243	75	9	multiples	multiple	NOUN
ajfa-7243	75	10	approach	approach	NOUN
ajfa-7243	75	11	is	be	AUX
ajfa-7243	75	12	the	the	DET
ajfa-7243	75	13	most	most	ADV
ajfa-7243	75	14	common	common	ADJ
ajfa-7243	75	15	approach	approach	NOUN
ajfa-7243	75	16	among	among	ADP
ajfa-7243	75	17	analysts	analyst	NOUN
ajfa-7243	75	18	hence	hence	ADV
ajfa-7243	75	19	,	,	PUNCT
ajfa-7243	75	20	the	the	DET
ajfa-7243	75	21	fundamental	fundamental	ADJ
ajfa-7243	75	22	drivers	driver	NOUN
ajfa-7243	75	23	of	of	ADP
ajfa-7243	75	24	equity	equity	NOUN
ajfa-7243	75	25	multiples	multiple	NOUN
ajfa-7243	75	26	approach	approach	NOUN
ajfa-7243	75	27	will	will	AUX
ajfa-7243	75	28	be	be	AUX
ajfa-7243	75	29	of	of	ADP
ajfa-7243	75	30	great	great	ADJ
ajfa-7243	75	31	use	use	NOUN
ajfa-7243	75	32	in	in	ADP
ajfa-7243	75	33	creating	create	VERB
ajfa-7243	75	34	and/or	and/or	CCONJ
ajfa-7243	75	35	managing	manage	VERB
ajfa-7243	75	36	value	value	NOUN
ajfa-7243	75	37	of	of	ADP
ajfa-7243	75	38	the	the	DET
ajfa-7243	75	39	firm	firm	NOUN
ajfa-7243	75	40	’s	’s	PART
ajfa-7243	75	41	.	.	PUNCT
ajfa-7243	76	1	the	the	DET
ajfa-7243	76	2	fundamental	fundamental	ADJ
ajfa-7243	76	3	drivers	driver	NOUN
ajfa-7243	76	4	of	of	ADP
ajfa-7243	76	5	three	three	NUM
ajfa-7243	76	6	widely	widely	ADV
ajfa-7243	76	7	used	use	VERB
ajfa-7243	76	8	multiples	multiple	NOUN
ajfa-7243	76	9	(	(	PUNCT
ajfa-7243	76	10	p	p	X
ajfa-7243	76	11	/	/	SYM
ajfa-7243	76	12	e	e	NOUN
ajfa-7243	76	13	,	,	PUNCT
ajfa-7243	76	14	p	p	X
ajfa-7243	76	15	/	/	SYM
ajfa-7243	76	16	b	b	PROPN
ajfa-7243	76	17	and	and	CCONJ
ajfa-7243	76	18	p	p	NOUN
ajfa-7243	76	19	/	/	SYM
ajfa-7243	76	20	s	s	NOUN
ajfa-7243	76	21	multiple	multiple	NOUN
ajfa-7243	76	22	)	)	PUNCT
ajfa-7243	76	23	among	among	ADP
ajfa-7243	76	24	analysts	analyst	NOUN
ajfa-7243	76	25	where	where	SCONJ
ajfa-7243	76	26	expected	expect	VERB
ajfa-7243	76	27	growth	growth	NOUN
ajfa-7243	76	28	rate	rate	NOUN
ajfa-7243	76	29	,	,	PUNCT
ajfa-7243	76	30	pay	pay	NOUN
ajfa-7243	76	31	-	-	PUNCT
ajfa-7243	76	32	out	out	ADP
ajfa-7243	76	33	ratio	ratio	NOUN
ajfa-7243	76	34	,	,	PUNCT
ajfa-7243	76	35	risk	risk	NOUN
ajfa-7243	76	36	,	,	PUNCT
ajfa-7243	76	37	return	return	VERB
ajfa-7243	76	38	on	on	ADP
ajfa-7243	76	39	equity	equity	NOUN
ajfa-7243	76	40	and	and	CCONJ
ajfa-7243	76	41	net	net	ADJ
ajfa-7243	76	42	margin.kazlauskiene	margin.kazlauskiene	PROPN
ajfa-7243	76	43	and	and	CCONJ
ajfa-7243	76	44	christauskas	christauskas	NOUN
ajfa-7243	76	45	(	(	PUNCT
ajfa-7243	76	46	2008	2008	NUM
ajfa-7243	76	47	)	)	PUNCT
ajfa-7243	76	48	suggested	suggest	VERB
ajfa-7243	76	49	that	that	SCONJ
ajfa-7243	76	50	the	the	DET
ajfa-7243	76	51	classification	classification	NOUN
ajfa-7243	76	52	of	of	ADP
ajfa-7243	76	53	value	value	NOUN
ajfa-7243	76	54	driver	driver	NOUN
ajfa-7243	76	55	is	be	AUX
ajfa-7243	76	56	subject	subject	ADJ
ajfa-7243	76	57	to	to	ADP
ajfa-7243	76	58	the	the	DET
ajfa-7243	76	59	disintegration	disintegration	NOUN
ajfa-7243	76	60	of	of	ADP
ajfa-7243	76	61	firm	firm	NOUN
ajfa-7243	76	62	’s	’s	PART
ajfa-7243	76	63	value	value	NOUN
ajfa-7243	76	64	established	establish	VERB
ajfa-7243	76	65	by	by	ADP
ajfa-7243	76	66	the	the	DET
ajfa-7243	76	67	method	method	NOUN
ajfa-7243	76	68	of	of	ADP
ajfa-7243	76	69	discounted	discount	VERB
ajfa-7243	76	70	cash	cash	NOUN
ajfa-7243	76	71	flows	flow	NOUN
ajfa-7243	76	72	,	,	PUNCT
ajfa-7243	76	73	because	because	SCONJ
ajfa-7243	76	74	all	all	DET
ajfa-7243	76	75	the	the	DET
ajfa-7243	76	76	drivers	driver	NOUN
ajfa-7243	76	77	that	that	PRON
ajfa-7243	76	78	have	have	VERB
ajfa-7243	76	79	an	an	DET
ajfa-7243	76	80	impact	impact	NOUN
ajfa-7243	76	81	on	on	ADP
ajfa-7243	76	82	firm	firm	NOUN
ajfa-7243	76	83	’s	’s	PART
ajfa-7243	76	84	value	value	NOUN
ajfa-7243	76	85	are	be	AUX
ajfa-7243	76	86	reflected	reflect	VERB
ajfa-7243	76	87	in	in	ADP
ajfa-7243	76	88	the	the	DET
ajfa-7243	76	89	rates	rate	NOUN
ajfa-7243	76	90	of	of	ADP
ajfa-7243	76	91	free	free	ADJ
ajfa-7243	76	92	cash	cash	NOUN
ajfa-7243	76	93	flows	flow	NOUN
ajfa-7243	76	94	and	and	CCONJ
ajfa-7243	76	95	discount	discount	NOUN
ajfa-7243	76	96	rate	rate	NOUN
ajfa-7243	76	97	.	.	PUNCT
ajfa-7243	77	1	they	they	PRON
ajfa-7243	77	2	have	have	AUX
ajfa-7243	77	3	classified	classify	VERB
ajfa-7243	77	4	the	the	DET
ajfa-7243	77	5	drivers	driver	NOUN
ajfa-7243	77	6	into	into	ADP
ajfa-7243	77	7	five	five	NUM
ajfa-7243	77	8	levels	level	NOUN
ajfa-7243	77	9	and	and	CCONJ
ajfa-7243	77	10	suggested	suggest	VERB
ajfa-7243	77	11	to	to	PART
ajfa-7243	77	12	establish	establish	VERB
ajfa-7243	77	13	the	the	DET
ajfa-7243	77	14	impact	impact	NOUN
ajfa-7243	77	15	of	of	ADP
ajfa-7243	77	16	drivers	driver	NOUN
ajfa-7243	77	17	on	on	ADP
ajfa-7243	77	18	firm	firm	NOUN
ajfa-7243	77	19	’s	’s	PART
ajfa-7243	77	20	value	value	NOUN
ajfa-7243	77	21	through	through	ADP
ajfa-7243	77	22	an	an	DET
ajfa-7243	77	23	integral	integral	ADJ
ajfa-7243	77	24	method	method	NOUN
ajfa-7243	77	25	of	of	ADP
ajfa-7243	77	26	economic	economic	ADJ
ajfa-7243	77	27	factor	factor	NOUN
ajfa-7243	77	28	analysis	analysis	NOUN
ajfa-7243	77	29	.	.	PUNCT
ajfa-7243	78	1	boyd	boyd	PROPN
ajfa-7243	78	2	(	(	PUNCT
ajfa-7243	78	3	2010	2010	NUM
ajfa-7243	78	4	)	)	PUNCT
ajfa-7243	78	5	based	base	VERB
ajfa-7243	78	6	on	on	ADP
ajfa-7243	78	7	his	his	PRON
ajfa-7243	78	8	past	past	ADJ
ajfa-7243	78	9	experience	experience	NOUN
ajfa-7243	78	10	of	of	ADP
ajfa-7243	78	11	advising	advise	VERB
ajfa-7243	78	12	professionals	professional	NOUN
ajfa-7243	78	13	in	in	ADP
ajfa-7243	78	14	the	the	DET
ajfa-7243	78	15	field	field	NOUN
ajfa-7243	78	16	of	of	ADP
ajfa-7243	78	17	valuation	valuation	NOUN
ajfa-7243	78	18	have	have	AUX
ajfa-7243	78	19	identified	identify	VERB
ajfa-7243	78	20	six	six	NUM
ajfa-7243	78	21	key	key	ADJ
ajfa-7243	78	22	value	value	NOUN
ajfa-7243	78	23	drivers	driver	NOUN
ajfa-7243	78	24	that	that	PRON
ajfa-7243	78	25	are	be	AUX
ajfa-7243	78	26	common	common	ADJ
ajfa-7243	78	27	to	to	ADP
ajfa-7243	78	28	most	most	ADJ
ajfa-7243	78	29	businesses	business	NOUN
ajfa-7243	78	30	that	that	PRON
ajfa-7243	78	31	includes	include	VERB
ajfa-7243	78	32	:	:	PUNCT
ajfa-7243	78	33	management	management	NOUN
ajfa-7243	78	34	team	team	NOUN
ajfa-7243	78	35	,	,	PUNCT
ajfa-7243	78	36	operating	operating	NOUN
ajfa-7243	78	37	system	system	NOUN
ajfa-7243	78	38	,	,	PUNCT
ajfa-7243	78	39	customer	customer	NOUN
ajfa-7243	78	40	base	base	NOUN
ajfa-7243	78	41	,	,	PUNCT
ajfa-7243	78	42	facilities	facility	NOUN
ajfa-7243	78	43	and	and	CCONJ
ajfa-7243	78	44	equipment	equipment	NOUN
ajfa-7243	78	45	’s	’s	PART
ajfa-7243	78	46	,	,	PUNCT
ajfa-7243	78	47	growth	growth	NOUN
ajfa-7243	78	48	strategy	strategy	NOUN
ajfa-7243	78	49	and	and	CCONJ
ajfa-7243	78	50	financial	financial	ADJ
ajfa-7243	78	51	controls	control	NOUN
ajfa-7243	78	52	.	.	PUNCT
ajfa-7243	79	1	he	he	PRON
ajfa-7243	79	2	suggested	suggest	VERB
ajfa-7243	79	3	that	that	SCONJ
ajfa-7243	79	4	concentrating	concentrate	VERB
ajfa-7243	79	5	on	on	ADP
ajfa-7243	79	6	developing	develop	VERB
ajfa-7243	79	7	and	and	CCONJ
ajfa-7243	79	8	enhancing	enhance	VERB
ajfa-7243	79	9	each	each	PRON
ajfa-7243	79	10	of	of	ADP
ajfa-7243	79	11	these	these	DET
ajfa-7243	79	12	value	value	NOUN
ajfa-7243	79	13	drivers	driver	NOUN
ajfa-7243	79	14	will	will	AUX
ajfa-7243	79	15	create	create	VERB
ajfa-7243	79	16	value	value	NOUN
ajfa-7243	79	17	for	for	ADP
ajfa-7243	79	18	the	the	DET
ajfa-7243	79	19	firm	firm	NOUN
ajfa-7243	79	20	.	.	PUNCT
ajfa-7243	80	1	chandra	chandra	PROPN
ajfa-7243	80	2	(	(	PUNCT
ajfa-7243	80	3	2011	2011	NUM
ajfa-7243	80	4	)	)	PUNCT
ajfa-7243	80	5	has	have	AUX
ajfa-7243	80	6	conceptualised	conceptualise	VERB
ajfa-7243	80	7	the	the	DET
ajfa-7243	80	8	important	important	ADJ
ajfa-7243	80	9	levers	lever	NOUN
ajfa-7243	80	10	that	that	PRON
ajfa-7243	80	11	are	be	AUX
ajfa-7243	80	12	available	available	ADJ
ajfa-7243	80	13	to	to	ADP
ajfa-7243	80	14	a	a	DET
ajfa-7243	80	15	company	company	NOUN
ajfa-7243	80	16	for	for	ADP
ajfa-7243	80	17	managing	manage	VERB
ajfa-7243	80	18	and	and	CCONJ
ajfa-7243	80	19	creating	create	VERB
ajfa-7243	80	20	value	value	NOUN
ajfa-7243	80	21	in	in	ADP
ajfa-7243	80	22	a	a	DET
ajfa-7243	80	23	‘	'	PUNCT
ajfa-7243	80	24	value	value	NOUN
ajfa-7243	80	25	octagon	octagon	NOUN
ajfa-7243	80	26	’	'	PUNCT
ajfa-7243	80	27	that	that	PRON
ajfa-7243	80	28	includes	include	VERB
ajfa-7243	80	29	strategy	strategy	NOUN
ajfa-7243	80	30	and	and	CCONJ
ajfa-7243	80	31	business	business	NOUN
ajfa-7243	80	32	model	model	NOUN
ajfa-7243	80	33	,	,	PUNCT
ajfa-7243	80	34	capital	capital	NOUN
ajfa-7243	80	35	allocation	allocation	NOUN
ajfa-7243	80	36	,	,	PUNCT
ajfa-7243	80	37	strategic	strategic	ADJ
ajfa-7243	80	38	financial	financial	ADJ
ajfa-7243	80	39	decisions	decision	NOUN
ajfa-7243	80	40	,	,	PUNCT
ajfa-7243	80	41	organisational	organisational	ADJ
ajfa-7243	80	42	architecture	architecture	NOUN
ajfa-7243	80	43	,	,	PUNCT
ajfa-7243	80	44	cost	cost	NOUN
ajfa-7243	80	45	management	management	NOUN
ajfa-7243	80	46	,	,	PUNCT
ajfa-7243	80	47	corporate	corporate	ADJ
ajfa-7243	80	48	risk	risk	NOUN
ajfa-7243	80	49	management	management	NOUN
ajfa-7243	80	50	,	,	PUNCT
ajfa-7243	80	51	mergers	merger	NOUN
ajfa-7243	80	52	/	/	SYM
ajfa-7243	80	53	acquisitions	acquisition	NOUN
ajfa-7243	80	54	/	/	SYM
ajfa-7243	80	55	restructuring	restructuring	NOUN
ajfa-7243	80	56	,	,	PUNCT
ajfa-7243	80	57	and	and	CCONJ
ajfa-7243	80	58	corporate	corporate	ADJ
ajfa-7243	80	59	governance	governance	NOUN
ajfa-7243	80	60	.	.	PUNCT
ajfa-7243	81	1	in	in	ADP
ajfa-7243	81	2	a	a	DET
ajfa-7243	81	3	recent	recent	ADJ
ajfa-7243	81	4	study	study	NOUN
ajfa-7243	81	5	chang	chang	PROPN
ajfa-7243	81	6	and	and	CCONJ
ajfa-7243	81	7	hughes(2012	hughes(2012	NOUN
ajfa-7243	81	8	)	)	PUNCT
ajfa-7243	81	9	concentrated	concentrate	VERB
ajfa-7243	81	10	on	on	ADP
ajfa-7243	81	11	the	the	DET
ajfa-7243	81	12	innovative	innovative	ADJ
ajfa-7243	81	13	skills	skill	NOUN
ajfa-7243	81	14	of	of	ADP
ajfa-7243	81	15	small	small	ADJ
ajfa-7243	81	16	and	and	CCONJ
ajfa-7243	81	17	medium	medium	ADJ
ajfa-7243	81	18	enterprisesas	enterprisesa	NOUN
ajfa-7243	81	19	a	a	DET
ajfa-7243	81	20	driving	drive	VERB
ajfa-7243	81	21	factor	factor	NOUN
ajfa-7243	81	22	that	that	PRON
ajfa-7243	81	23	will	will	AUX
ajfa-7243	81	24	have	have	VERB
ajfa-7243	81	25	a	a	DET
ajfa-7243	81	26	positive	positive	ADJ
ajfa-7243	81	27	impact	impact	NOUN
ajfa-7243	81	28	on	on	ADP
ajfa-7243	81	29	firm	firm	NOUN
ajfa-7243	81	30	’s	’s	PART
ajfa-7243	81	31	performance	performance	NOUN
ajfa-7243	81	32	.	.	PUNCT
ajfa-7243	82	1	they	they	PRON
ajfa-7243	82	2	suggested	suggest	VERB
ajfa-7243	82	3	that	that	SCONJ
ajfa-7243	82	4	firm	firm	NOUN
ajfa-7243	82	5	’s	’s	PART
ajfa-7243	82	6	performance	performance	NOUN
ajfa-7243	82	7	is	be	AUX
ajfa-7243	82	8	linked	link	VERB
ajfa-7243	82	9	to	to	ADP
ajfa-7243	82	10	innovation	innovation	NOUN
ajfa-7243	82	11	,	,	PUNCT
ajfa-7243	82	12	which	which	PRON
ajfa-7243	82	13	in	in	ADP
ajfa-7243	82	14	a	a	DET
ajfa-7243	82	15	way	way	NOUN
ajfa-7243	82	16	is	be	AUX
ajfa-7243	82	17	linked	link	VERB
ajfa-7243	82	18	to	to	ADP
ajfa-7243	82	19	other	other	ADJ
ajfa-7243	82	20	driving	drive	VERB
ajfa-7243	82	21	forces	force	NOUN
ajfa-7243	82	22	such	such	ADJ
ajfa-7243	82	23	as	as	ADP
ajfa-7243	82	24	organisationalstructure	organisationalstructure	NOUN
ajfa-7243	82	25	and	and	CCONJ
ajfa-7243	82	26	leadership	leadership	NOUN
ajfa-7243	82	27	style	style	NOUN
ajfa-7243	82	28	.	.	PUNCT
ajfa-7243	83	1	al	al	PROPN
ajfa-7243	83	2	-	-	PUNCT
ajfa-7243	83	3	hares	hare	NOUN
ajfa-7243	83	4	,	,	PUNCT
ajfa-7243	83	5	abu	abu	PROPN
ajfa-7243	83	6	-	-	PUNCT
ajfa-7243	83	7	ghazaleh	ghazaleh	PROPN
ajfa-7243	83	8	and	and	CCONJ
ajfa-7243	83	9	haddad	haddad	PROPN
ajfa-7243	83	10	(	(	PUNCT
ajfa-7243	83	11	2012	2012	NUM
ajfa-7243	83	12	)	)	PUNCT
ajfa-7243	83	13	empirically	empirically	ADV
ajfa-7243	83	14	investigated	investigate	VERB
ajfa-7243	83	15	the	the	DET
ajfa-7243	83	16	value	value	NOUN
ajfa-7243	83	17	relevance	relevance	NOUN
ajfa-7243	83	18	of	of	ADP
ajfa-7243	83	19	earnings	earning	NOUN
ajfa-7243	83	20	,	,	PUNCT
ajfa-7243	83	21	book	book	NOUN
ajfa-7243	83	22	value	value	NOUN
ajfa-7243	83	23	and	and	CCONJ
ajfa-7243	83	24	dividends	dividend	NOUN
ajfa-7243	83	25	in	in	ADP
ajfa-7243	83	26	an	an	DET
ajfa-7243	83	27	emerging	emerge	VERB
ajfa-7243	83	28	capital	capital	NOUN
ajfa-7243	83	29	market	market	NOUN
ajfa-7243	83	30	and	and	CCONJ
ajfa-7243	83	31	reported	report	VERB
ajfa-7243	83	32	that	that	DET
ajfa-7243	83	33	book	book	NOUN
ajfa-7243	83	34	value	value	NOUN
ajfa-7243	83	35	and	and	CCONJ
ajfa-7243	83	36	earnings	earning	NOUN
ajfa-7243	83	37	are	be	AUX
ajfa-7243	83	38	two	two	NUM
ajfa-7243	83	39	major	major	ADJ
ajfa-7243	83	40	factors	factor	NOUN
ajfa-7243	83	41	that	that	PRON
ajfa-7243	83	42	are	be	AUX
ajfa-7243	83	43	playing	play	VERB
ajfa-7243	83	44	an	an	DET
ajfa-7243	83	45	important	important	ADJ
ajfa-7243	83	46	role	role	NOUN
ajfa-7243	83	47	in	in	ADP
ajfa-7243	83	48	improving	improve	VERB
ajfa-7243	83	49	value	value	NOUN
ajfa-7243	83	50	.	.	PUNCT
ajfa-7243	84	1	their	their	PRON
ajfa-7243	84	2	results	result	NOUN
ajfa-7243	84	3	are	be	AUX
ajfa-7243	84	4	consistent	consistent	ADJ
ajfa-7243	84	5	with	with	ADP
ajfa-7243	84	6	ohlson	ohlson	NOUN
ajfa-7243	84	7	(	(	PUNCT
ajfa-7243	84	8	1995	1995	NUM
ajfa-7243	84	9	)	)	PUNCT
ajfa-7243	84	10	.	.	PUNCT
ajfa-7243	85	1	taking	take	VERB
ajfa-7243	85	2	into	into	ADP
ajfa-7243	85	3	account	account	NOUN
ajfa-7243	85	4	the	the	DET
ajfa-7243	85	5	value	value	NOUN
ajfa-7243	85	6	influencing	influence	VERB
ajfa-7243	85	7	drivers	driver	NOUN
ajfa-7243	85	8	mentioned	mention	VERB
ajfa-7243	85	9	by	by	ADP
ajfa-7243	85	10	the	the	DET
ajfa-7243	85	11	authors	author	NOUN
ajfa-7243	85	12	analysing	analyse	VERB
ajfa-7243	85	13	firm	firm	ADJ
ajfa-7243	85	14	valuation	valuation	NOUN
ajfa-7243	85	15	issues	issue	NOUN
ajfa-7243	85	16	,	,	PUNCT
ajfa-7243	85	17	it	it	PRON
ajfa-7243	85	18	is	be	AUX
ajfa-7243	85	19	noticed	notice	VERB
ajfa-7243	85	20	that	that	SCONJ
ajfa-7243	85	21	no	no	DET
ajfa-7243	85	22	consensus	consensus	NOUN
ajfa-7243	85	23	so	so	ADV
ajfa-7243	85	24	far	far	ADV
ajfa-7243	85	25	has	have	AUX
ajfa-7243	85	26	been	be	AUX
ajfa-7243	85	27	reached	reach	VERB
ajfa-7243	85	28	regarding	regard	VERB
ajfa-7243	85	29	the	the	DET
ajfa-7243	85	30	major	major	ADJ
ajfa-7243	85	31	driving	drive	VERB
ajfa-7243	85	32	forces	force	NOUN
ajfa-7243	85	33	behind	behind	ADP
ajfa-7243	85	34	firm	firm	ADJ
ajfa-7243	85	35	value	value	NOUN
ajfa-7243	85	36	.	.	PUNCT
ajfa-7243	86	1	we	we	PRON
ajfa-7243	86	2	also	also	ADV
ajfa-7243	86	3	miss	miss	VERB
ajfa-7243	86	4	a	a	DET
ajfa-7243	86	5	uniform	uniform	ADJ
ajfa-7243	86	6	approach	approach	NOUN
ajfa-7243	86	7	towards	towards	ADP
ajfa-7243	86	8	these	these	DET
ajfa-7243	86	9	drivers	driver	NOUN
ajfa-7243	86	10	as	as	ADV
ajfa-7243	86	11	well	well	ADV
ajfa-7243	86	12	as	as	ADP
ajfa-7243	86	13	their	their	PRON
ajfa-7243	86	14	classification	classification	NOUN
ajfa-7243	86	15	.	.	PUNCT
ajfa-7243	87	1	moreover	moreover	ADV
ajfa-7243	87	2	,	,	PUNCT
ajfa-7243	87	3	the	the	DET
ajfa-7243	87	4	empirical	empirical	ADJ
ajfa-7243	87	5	literature	literature	NOUN
ajfa-7243	87	6	on	on	ADP
ajfa-7243	87	7	developing	develop	VERB
ajfa-7243	87	8	economies	economy	NOUN
ajfa-7243	87	9	is	be	AUX
ajfa-7243	87	10	very	very	ADV
ajfa-7243	87	11	scant	scant	ADJ
ajfa-7243	87	12	.	.	PUNCT
ajfa-7243	88	1	hence	hence	ADV
ajfa-7243	88	2	,	,	PUNCT
ajfa-7243	88	3	it	it	PRON
ajfa-7243	88	4	is	be	AUX
ajfa-7243	88	5	of	of	ADP
ajfa-7243	88	6	great	great	ADJ
ajfa-7243	88	7	interest	interest	NOUN
ajfa-7243	88	8	to	to	PART
ajfa-7243	88	9	determine	determine	VERB
ajfa-7243	88	10	the	the	DET
ajfa-7243	88	11	value	value	NOUN
ajfa-7243	88	12	driver	driver	NOUN
ajfa-7243	88	13	’s	’s	PART
ajfa-7243	88	14	model	model	NOUN
ajfa-7243	88	15	for	for	ADP
ajfa-7243	88	16	indian	indian	ADJ
ajfa-7243	88	17	firms	firm	NOUN
ajfa-7243	88	18	.	.	PUNCT
ajfa-7243	89	1	doing	do	VERB
ajfa-7243	89	2	so	so	ADV
ajfa-7243	89	3	will	will	AUX
ajfa-7243	89	4	enable	enable	VERB
ajfa-7243	89	5	the	the	DET
ajfa-7243	89	6	management	management	NOUN
ajfa-7243	89	7	to	to	PART
ajfa-7243	89	8	translate	translate	VERB
ajfa-7243	89	9	the	the	DET
ajfa-7243	89	10	broad	broad	ADJ
ajfa-7243	89	11	objective	objective	NOUN
ajfa-7243	89	12	of	of	ADP
ajfa-7243	89	13	creating	create	VERB
ajfa-7243	89	14	value	value	NOUN
ajfa-7243	89	15	into	into	ADP
ajfa-7243	89	16	some	some	DET
ajfa-7243	89	17	specific	specific	ADJ
ajfa-7243	89	18	actions	action	NOUN
ajfa-7243	89	19	more	more	ADV
ajfa-7243	89	20	likely	likely	ADJ
ajfa-7243	89	21	to	to	PART
ajfa-7243	89	22	deliver	deliver	VERB
ajfa-7243	89	23	that	that	DET
ajfa-7243	89	24	value	value	NOUN
ajfa-7243	89	25	.	.	PUNCT
ajfa-7243	90	1	3	3	X
ajfa-7243	90	2	.	.	X
ajfa-7243	90	3	derivation	derivation	NOUN
ajfa-7243	90	4	of	of	ADP
ajfa-7243	90	5	value	value	NOUN
ajfa-7243	90	6	driver	driver	NOUN
ajfa-7243	90	7	’s	’s	PART
ajfa-7243	90	8	model	model	NOUN
ajfa-7243	90	9	value	value	NOUN
ajfa-7243	90	10	drivers	driver	NOUN
ajfa-7243	90	11	are	be	AUX
ajfa-7243	90	12	the	the	DET
ajfa-7243	90	13	factors	factor	NOUN
ajfa-7243	90	14	that	that	PRON
ajfa-7243	90	15	may	may	AUX
ajfa-7243	90	16	influence	influence	VERB
ajfa-7243	90	17	the	the	DET
ajfa-7243	90	18	value	value	NOUN
ajfa-7243	90	19	creation	creation	NOUN
ajfa-7243	90	20	of	of	ADP
ajfa-7243	90	21	a	a	DET
ajfa-7243	90	22	firm	firm	NOUN
ajfa-7243	90	23	(	(	PUNCT
ajfa-7243	90	24	e.g.	e.g.	ADV
ajfa-7243	90	25	profitability	profitability	NOUN
ajfa-7243	90	26	,	,	PUNCT
ajfa-7243	90	27	management	management	NOUN
ajfa-7243	90	28	quality	quality	NOUN
ajfa-7243	90	29	,	,	PUNCT
ajfa-7243	90	30	customer	customer	NOUN
ajfa-7243	90	31	satisfaction	satisfaction	NOUN
ajfa-7243	90	32	,	,	PUNCT
ajfa-7243	90	33	macro	macro	ADJ
ajfa-7243	90	34	-	-	ADJ
ajfa-7243	90	35	economic	economic	ADJ
ajfa-7243	90	36	factors	factor	NOUN
ajfa-7243	90	37	etc	etc	X
ajfa-7243	90	38	)	)	PUNCT
ajfa-7243	90	39	.	.	PUNCT
ajfa-7243	91	1	the	the	DET
ajfa-7243	91	2	value	value	NOUN
ajfa-7243	91	3	drivers	driver	NOUN
ajfa-7243	91	4	have	have	AUX
ajfa-7243	91	5	been	be	AUX
ajfa-7243	91	6	broadly	broadly	ADV
ajfa-7243	91	7	classified	classify	VERB
ajfa-7243	91	8	into	into	ADP
ajfa-7243	91	9	two	two	NUM
ajfa-7243	91	10	dimensions(see	dimensions(see	NOUN
ajfa-7243	91	11	,	,	PUNCT
ajfa-7243	91	12	griaznova	griaznova	NOUN
ajfa-7243	91	13	and	and	CCONJ
ajfa-7243	91	14	fedotova	fedotova	PROPN
ajfa-7243	91	15	(	(	PUNCT
ajfa-7243	91	16	1998	1998	NUM
ajfa-7243	91	17	)	)	PUNCT
ajfa-7243	91	18	,	,	PUNCT
ajfa-7243	91	19	cheremnikh	cheremnikh	X
ajfa-7243	91	20	(	(	PUNCT
ajfa-7243	91	21	2000	2000	NUM
ajfa-7243	91	22	)	)	PUNCT
ajfa-7243	91	23	,	,	PUNCT
ajfa-7243	91	24	ripol	ripol	NOUN
ajfa-7243	91	25	-	-	PUNCT
ajfa-7243	91	26	saragosi	saragosi	NOUN
ajfa-7243	91	27	(	(	PUNCT
ajfa-7243	91	28	2001	2001	NUM
ajfa-7243	91	29	)	)	PUNCT
ajfa-7243	91	30	and	and	CCONJ
ajfa-7243	91	31	gross	gross	ADJ
ajfa-7243	91	32	(	(	PUNCT
ajfa-7243	91	33	2006	2006	NUM
ajfa-7243	91	34	)	)	PUNCT
ajfa-7243	91	35	)	)	PUNCT
ajfa-7243	91	36	.	.	PUNCT
ajfa-7243	92	1	the	the	DET
ajfa-7243	92	2	first	first	ADJ
ajfa-7243	92	3	dimension	dimension	NOUN
ajfa-7243	92	4	is	be	AUX
ajfa-7243	92	5	based	base	VERB
ajfa-7243	92	6	asian	asian	ADJ
ajfa-7243	92	7	journal	journal	NOUN
ajfa-7243	92	8	of	of	ADP
ajfa-7243	92	9	finance	finance	PROPN
ajfa-7243	92	10	&	&	CCONJ
ajfa-7243	92	11	accounting	accounting	PROPN
ajfa-7243	92	12	issn	issn	PROPN
ajfa-7243	92	13	1946	1946	NUM
ajfa-7243	92	14	-	-	PUNCT
ajfa-7243	92	15	052x	052x	NOUN
ajfa-7243	92	16	2015	2015	NUM
ajfa-7243	92	17	,	,	PUNCT
ajfa-7243	92	18	vol	vol	NOUN
ajfa-7243	92	19	.	.	PROPN
ajfa-7243	93	1	7	7	NUM
ajfa-7243	93	2	,	,	PUNCT
ajfa-7243	93	3	no	no	INTJ
ajfa-7243	93	4	.	.	NOUN
ajfa-7243	93	5	2	2	NUM
ajfa-7243	93	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-7243	93	7	6	6	NUM
ajfa-7243	93	8	on	on	ADP
ajfa-7243	93	9	the	the	DET
ajfa-7243	93	10	internal	internal	ADJ
ajfa-7243	93	11	and	and	CCONJ
ajfa-7243	93	12	external	external	ADJ
ajfa-7243	93	13	aspects	aspect	NOUN
ajfa-7243	93	14	.	.	PUNCT
ajfa-7243	94	1	internal	internal	ADJ
ajfa-7243	94	2	value	value	NOUN
ajfa-7243	94	3	drivers	driver	NOUN
ajfa-7243	94	4	are	be	AUX
ajfa-7243	94	5	factors	factor	NOUN
ajfa-7243	94	6	relating	relate	VERB
ajfa-7243	94	7	to	to	ADP
ajfa-7243	94	8	the	the	DET
ajfa-7243	94	9	inherent	inherent	ADJ
ajfa-7243	94	10	performance	performance	NOUN
ajfa-7243	94	11	of	of	ADP
ajfa-7243	94	12	a	a	DET
ajfa-7243	94	13	firm	firm	NOUN
ajfa-7243	94	14	,	,	PUNCT
ajfa-7243	94	15	whereas	whereas	SCONJ
ajfa-7243	94	16	external	external	ADJ
ajfa-7243	94	17	drivers	driver	NOUN
ajfa-7243	94	18	are	be	AUX
ajfa-7243	94	19	factors	factor	NOUN
ajfa-7243	94	20	relating	relate	VERB
ajfa-7243	94	21	to	to	ADP
ajfa-7243	94	22	the	the	DET
ajfa-7243	94	23	macro	macro	ADJ
ajfa-7243	94	24	-	-	ADJ
ajfa-7243	94	25	economic	economic	ADJ
ajfa-7243	94	26	environment	environment	NOUN
ajfa-7243	94	27	.	.	PUNCT
ajfa-7243	95	1	the	the	DET
ajfa-7243	95	2	second	second	ADJ
ajfa-7243	95	3	dimension	dimension	NOUN
ajfa-7243	95	4	takes	take	VERB
ajfa-7243	95	5	the	the	DET
ajfa-7243	95	6	qualitative	qualitative	ADJ
ajfa-7243	95	7	and	and	CCONJ
ajfa-7243	95	8	quantitative	quantitative	ADJ
ajfa-7243	95	9	aspects	aspect	NOUN
ajfa-7243	95	10	of	of	ADP
ajfa-7243	95	11	value	value	NOUN
ajfa-7243	95	12	drivers	driver	NOUN
ajfa-7243	95	13	.	.	PUNCT
ajfa-7243	96	1	quantitative	quantitative	ADJ
ajfa-7243	96	2	value	value	NOUN
ajfa-7243	96	3	drivers	driver	NOUN
ajfa-7243	96	4	are	be	AUX
ajfa-7243	96	5	factors	factor	NOUN
ajfa-7243	96	6	concerned	concerned	ADJ
ajfa-7243	96	7	with	with	ADP
ajfa-7243	96	8	the	the	DET
ajfa-7243	96	9	collection	collection	NOUN
ajfa-7243	96	10	and	and	CCONJ
ajfa-7243	96	11	analysis	analysis	NOUN
ajfa-7243	96	12	of	of	ADP
ajfa-7243	96	13	data	datum	NOUN
ajfa-7243	96	14	in	in	ADP
ajfa-7243	96	15	numeric	numeric	ADJ
ajfa-7243	96	16	form	form	NOUN
ajfa-7243	96	17	,	,	PUNCT
ajfa-7243	96	18	whereas	whereas	SCONJ
ajfa-7243	96	19	qualitativevalue	qualitativevalue	ADJ
ajfa-7243	96	20	drivers	driver	NOUN
ajfa-7243	96	21	,	,	PUNCT
ajfa-7243	96	22	on	on	ADP
ajfa-7243	96	23	the	the	DET
ajfa-7243	96	24	other	other	ADJ
ajfa-7243	96	25	hand	hand	NOUN
ajfa-7243	96	26	,	,	PUNCT
ajfa-7243	96	27	refers	refer	VERB
ajfa-7243	96	28	to	to	ADP
ajfa-7243	96	29	descriptions	description	NOUN
ajfa-7243	96	30	based	base	VERB
ajfa-7243	96	31	on	on	ADP
ajfa-7243	96	32	some	some	DET
ajfa-7243	96	33	quality	quality	NOUN
ajfa-7243	96	34	or	or	CCONJ
ajfa-7243	96	35	characteristic	characteristic	NOUN
ajfa-7243	96	36	of	of	ADP
ajfa-7243	96	37	the	the	DET
ajfa-7243	96	38	firm	firm	NOUN
ajfa-7243	96	39	.	.	PUNCT
ajfa-7243	97	1	qualitative	qualitative	ADJ
ajfa-7243	97	2	value	value	NOUN
ajfa-7243	97	3	drivers	driver	NOUN
ajfa-7243	97	4	do	do	AUX
ajfa-7243	97	5	have	have	VERB
ajfa-7243	97	6	a	a	DET
ajfa-7243	97	7	significant	significant	ADJ
ajfa-7243	97	8	impact	impact	NOUN
ajfa-7243	97	9	on	on	ADP
ajfa-7243	97	10	firm	firm	NOUN
ajfa-7243	97	11	’s	’s	PART
ajfa-7243	97	12	value	value	NOUN
ajfa-7243	97	13	but	but	CCONJ
ajfa-7243	97	14	unfortunately	unfortunately	ADV
ajfa-7243	97	15	,	,	PUNCT
ajfa-7243	97	16	information	information	NOUN
ajfa-7243	97	17	on	on	ADP
ajfa-7243	97	18	these	these	DET
ajfa-7243	97	19	qualitative	qualitative	ADJ
ajfa-7243	97	20	drivers	driver	NOUN
ajfa-7243	97	21	is	be	AUX
ajfa-7243	97	22	typically	typically	ADV
ajfa-7243	97	23	not	not	PART
ajfa-7243	97	24	available	available	ADJ
ajfa-7243	97	25	and	and	CCONJ
ajfa-7243	97	26	if	if	SCONJ
ajfa-7243	97	27	available	available	ADJ
ajfa-7243	97	28	,	,	PUNCT
ajfa-7243	97	29	its	its	PRON
ajfa-7243	97	30	impact	impact	NOUN
ajfa-7243	97	31	on	on	ADP
ajfa-7243	97	32	value	value	NOUN
ajfa-7243	97	33	is	be	AUX
ajfa-7243	97	34	difficult	difficult	ADJ
ajfa-7243	97	35	to	to	PART
ajfa-7243	97	36	measure	measure	VERB
ajfa-7243	97	37	because	because	SCONJ
ajfa-7243	97	38	of	of	ADP
ajfa-7243	97	39	its	its	PRON
ajfa-7243	97	40	non	non	ADJ
ajfa-7243	97	41	-	-	ADJ
ajfa-7243	97	42	quantifiable	quantifiable	ADJ
ajfa-7243	97	43	nature	nature	NOUN
ajfa-7243	97	44	(	(	PUNCT
ajfa-7243	97	45	see	see	VERB
ajfa-7243	97	46	,	,	PUNCT
ajfa-7243	97	47	gross	gross	ADJ
ajfa-7243	97	48	(	(	PUNCT
ajfa-7243	97	49	2006	2006	NUM
ajfa-7243	97	50	)	)	PUNCT
ajfa-7243	97	51	)	)	PUNCT
ajfa-7243	97	52	.	.	PUNCT
ajfa-7243	98	1	for	for	ADP
ajfa-7243	98	2	clarity	clarity	NOUN
ajfa-7243	98	3	of	of	ADP
ajfa-7243	98	4	presentation	presentation	NOUN
ajfa-7243	98	5	,	,	PUNCT
ajfa-7243	98	6	the	the	DET
ajfa-7243	98	7	two	two	NUM
ajfa-7243	98	8	dimensions	dimension	NOUN
ajfa-7243	98	9	can	can	AUX
ajfa-7243	98	10	be	be	AUX
ajfa-7243	98	11	represented	represent	VERB
ajfa-7243	98	12	in	in	ADP
ajfa-7243	98	13	atabular	atabular	ADJ
ajfa-7243	98	14	form	form	NOUN
ajfa-7243	98	15	as	as	SCONJ
ajfa-7243	98	16	follows	follow	VERB
ajfa-7243	98	17	:	:	PUNCT
ajfa-7243	98	18	figure	figure	VERB
ajfa-7243	98	19	1.types	1.types	NUM
ajfa-7243	98	20	of	of	ADP
ajfa-7243	98	21	value	value	NOUN
ajfa-7243	98	22	drivers	driver	NOUN
ajfa-7243	98	23	source	source	NOUN
ajfa-7243	98	24	:	:	PUNCT
ajfa-7243	98	25	own	own	ADJ
ajfa-7243	98	26	modified	modify	VERB
ajfa-7243	98	27	graphic	graphic	NOUN
ajfa-7243	98	28	the	the	DET
ajfa-7243	98	29	top	top	ADV
ajfa-7243	98	30	-	-	PUNCT
ajfa-7243	98	31	left	left	ADJ
ajfa-7243	98	32	quadrant	quadrant	NOUN
ajfa-7243	98	33	of	of	ADP
ajfa-7243	98	34	the	the	DET
ajfa-7243	98	35	fig	fig	NOUN
ajfa-7243	98	36	1	1	NUM
ajfa-7243	98	37	,	,	PUNCT
ajfa-7243	98	38	represents	represent	VERB
ajfa-7243	98	39	the	the	DET
ajfa-7243	98	40	internal	internal	ADJ
ajfa-7243	98	41	qualitative	qualitative	NOUN
ajfa-7243	98	42	(	(	PUNCT
ajfa-7243	98	43	e.g.	e.g.	ADV
ajfa-7243	98	44	firm	firm	ADJ
ajfa-7243	98	45	specific	specific	ADJ
ajfa-7243	98	46	attributes	attribute	NOUN
ajfa-7243	98	47	like	like	ADP
ajfa-7243	98	48	management	management	NOUN
ajfa-7243	98	49	quality	quality	NOUN
ajfa-7243	98	50	,	,	PUNCT
ajfa-7243	98	51	corporate	corporate	ADJ
ajfa-7243	98	52	governance	governance	NOUN
ajfa-7243	98	53	)	)	PUNCT
ajfa-7243	98	54	aspects	aspect	NOUN
ajfa-7243	98	55	.	.	PUNCT
ajfa-7243	99	1	similarly	similarly	ADV
ajfa-7243	99	2	,	,	PUNCT
ajfa-7243	99	3	the	the	DET
ajfa-7243	99	4	top	top	ADJ
ajfa-7243	99	5	-	-	PUNCT
ajfa-7243	99	6	right	right	NOUN
ajfa-7243	99	7	quadrant	quadrant	NOUN
ajfa-7243	99	8	gives	give	VERB
ajfa-7243	99	9	the	the	DET
ajfa-7243	99	10	internal	internal	ADJ
ajfa-7243	99	11	quantitative	quantitative	NOUN
ajfa-7243	99	12	(	(	PUNCT
ajfa-7243	99	13	e.g.	e.g.	ADV
ajfa-7243	99	14	financial	financial	ADJ
ajfa-7243	99	15	indicators	indicator	NOUN
ajfa-7243	99	16	)	)	PUNCT
ajfa-7243	99	17	attributes	attribute	VERB
ajfa-7243	99	18	.	.	PUNCT
ajfa-7243	100	1	likewise	likewise	ADV
ajfa-7243	100	2	,	,	PUNCT
ajfa-7243	100	3	the	the	DET
ajfa-7243	100	4	bottom	bottom	ADV
ajfa-7243	100	5	-	-	PUNCT
ajfa-7243	100	6	left	leave	VERB
ajfa-7243	100	7	and	and	CCONJ
ajfa-7243	100	8	the	the	DET
ajfa-7243	100	9	bottom	bottom	ADJ
ajfa-7243	100	10	-	-	PUNCT
ajfa-7243	100	11	right	right	NOUN
ajfa-7243	100	12	represent	represent	VERB
ajfa-7243	100	13	the	the	DET
ajfa-7243	100	14	external	external	ADJ
ajfa-7243	100	15	qualitative	qualitative	NOUN
ajfa-7243	100	16	(	(	PUNCT
ajfa-7243	100	17	e.g.	e.g.	ADV
ajfa-7243	100	18	credit	credit	NOUN
ajfa-7243	100	19	rating	rating	NOUN
ajfa-7243	100	20	,	,	PUNCT
ajfa-7243	100	21	consumer	consumer	NOUN
ajfa-7243	100	22	behaviour	behaviour	NOUN
ajfa-7243	100	23	)	)	PUNCT
ajfa-7243	100	24	and	and	CCONJ
ajfa-7243	100	25	external	external	ADJ
ajfa-7243	100	26	quantitative	quantitative	ADJ
ajfa-7243	100	27	(	(	PUNCT
ajfa-7243	100	28	e.g.	e.g.	ADV
ajfa-7243	100	29	macro	macro	ADJ
ajfa-7243	100	30	-	-	ADJ
ajfa-7243	100	31	economic	economic	ADJ
ajfa-7243	100	32	factors	factor	NOUN
ajfa-7243	100	33	)	)	PUNCT
ajfa-7243	100	34	aspects	aspect	NOUN
ajfa-7243	100	35	,	,	PUNCT
ajfa-7243	100	36	respectively	respectively	ADV
ajfa-7243	100	37	.	.	PUNCT
ajfa-7243	101	1	since	since	SCONJ
ajfa-7243	101	2	,	,	PUNCT
ajfa-7243	101	3	we	we	PRON
ajfa-7243	101	4	choose	choose	VERB
ajfa-7243	101	5	model	model	NOUN
ajfa-7243	101	6	decomposition	decomposition	NOUN
ajfa-7243	101	7	6	6	NUM
ajfa-7243	101	8	process	process	NOUN
ajfa-7243	101	9	to	to	PART
ajfa-7243	101	10	arrive	arrive	VERB
ajfa-7243	101	11	at	at	ADP
ajfa-7243	101	12	the	the	DET
ajfa-7243	101	13	value	value	NOUN
ajfa-7243	101	14	drivers	driver	NOUN
ajfa-7243	101	15	,	,	PUNCT
ajfa-7243	101	16	our	our	PRON
ajfa-7243	101	17	modelrimthat	modelrimthat	INTJ
ajfa-7243	101	18	we	we	PRON
ajfa-7243	101	19	choose	choose	VERB
ajfa-7243	101	20	based	base	VERB
ajfa-7243	101	21	on	on	ADP
ajfa-7243	101	22	superiority	superiority	NOUN
ajfa-7243	101	23	of	of	ADP
ajfa-7243	101	24	residual	residual	ADJ
ajfa-7243	101	25	income	income	NOUN
ajfa-7243	101	26	model	model	NOUN
ajfa-7243	101	27	over	over	ADP
ajfa-7243	101	28	other	other	ADJ
ajfa-7243	101	29	valuation	valuation	NOUN
ajfa-7243	101	30	models	model	NOUN
ajfa-7243	101	31	7	7	NUM
ajfa-7243	101	32	is	be	AUX
ajfa-7243	101	33	more	more	ADV
ajfa-7243	101	34	suited	suited	ADJ
ajfa-7243	101	35	for	for	ADP
ajfa-7243	101	36	internal	internal	ADJ
ajfa-7243	101	37	-	-	PUNCT
ajfa-7243	101	38	quantitative	quantitative	ADJ
ajfa-7243	101	39	attributes;hence	attributes;hence	NOUN
ajfa-7243	101	40	,	,	PUNCT
ajfa-7243	101	41	we	we	PRON
ajfa-7243	101	42	only	only	ADV
ajfa-7243	101	43	incorporate	incorporate	VERB
ajfa-7243	101	44	6because	6because	NUM
ajfa-7243	101	45	models	model	NOUN
ajfa-7243	101	46	are	be	AUX
ajfa-7243	101	47	used	use	VERB
ajfa-7243	101	48	to	to	PART
ajfa-7243	101	49	estimate	estimate	VERB
ajfa-7243	101	50	the	the	DET
ajfa-7243	101	51	intrinsic	intrinsic	ADJ
ajfa-7243	101	52	values	value	NOUN
ajfa-7243	101	53	therefore	therefore	ADV
ajfa-7243	101	54	it	it	PRON
ajfa-7243	101	55	is	be	AUX
ajfa-7243	101	56	of	of	ADP
ajfa-7243	101	57	utmost	utmost	ADJ
ajfa-7243	101	58	interest	interest	NOUN
ajfa-7243	101	59	to	to	PART
ajfa-7243	101	60	dig	dig	VERB
ajfa-7243	101	61	out	out	ADP
ajfa-7243	101	62	the	the	DET
ajfa-7243	101	63	drivers	driver	NOUN
ajfa-7243	101	64	responsible	responsible	ADJ
ajfa-7243	101	65	for	for	ADP
ajfa-7243	101	66	increase	increase	NOUN
ajfa-7243	101	67	or	or	CCONJ
ajfa-7243	101	68	decrease	decrease	NOUN
ajfa-7243	101	69	in	in	ADP
ajfa-7243	101	70	value	value	NOUN
ajfa-7243	101	71	estimated	estimate	VERB
ajfa-7243	101	72	with	with	ADP
ajfa-7243	101	73	the	the	DET
ajfa-7243	101	74	help	help	NOUN
ajfa-7243	101	75	of	of	ADP
ajfa-7243	101	76	these	these	DET
ajfa-7243	101	77	models	model	NOUN
ajfa-7243	101	78	.	.	PUNCT
ajfa-7243	102	1	7because	7because	NUM
ajfa-7243	102	2	under	under	ADP
ajfa-7243	102	3	residual	residual	ADJ
ajfa-7243	102	4	income	income	NOUN
ajfa-7243	102	5	model	model	NOUN
ajfa-7243	102	6	value	value	NOUN
ajfa-7243	102	7	is	be	AUX
ajfa-7243	102	8	recognized	recognize	VERB
ajfa-7243	102	9	early	early	ADV
ajfa-7243	102	10	since	since	SCONJ
ajfa-7243	102	11	a	a	DET
ajfa-7243	102	12	major	major	ADJ
ajfa-7243	102	13	portion	portion	NOUN
ajfa-7243	102	14	of	of	ADP
ajfa-7243	102	15	the	the	DET
ajfa-7243	102	16	stock	stock	NOUN
ajfa-7243	102	17	’s	’s	PART
ajfa-7243	102	18	intrinsic	intrinsic	ADJ
ajfa-7243	102	19	value	value	NOUN
ajfa-7243	102	20	is	be	AUX
ajfa-7243	102	21	constructed	construct	VERB
ajfa-7243	102	22	immediately	immediately	ADV
ajfa-7243	102	23	in	in	ADP
ajfa-7243	102	24	the	the	DET
ajfa-7243	102	25	form	form	NOUN
ajfa-7243	102	26	of	of	ADP
ajfa-7243	102	27	current	current	ADJ
ajfa-7243	102	28	book	book	NOUN
ajfa-7243	102	29	value	value	NOUN
ajfa-7243	102	30	and	and	CCONJ
ajfa-7243	102	31	terminal	terminal	ADJ
ajfa-7243	102	32	values	value	NOUN
ajfa-7243	102	33	are	be	AUX
ajfa-7243	102	34	less	less	ADV
ajfa-7243	102	35	sensitive	sensitive	ADJ
ajfa-7243	102	36	.	.	PUNCT
ajfa-7243	103	1	moreover	moreover	ADV
ajfa-7243	103	2	residual	residual	ADJ
ajfa-7243	103	3	income	income	NOUN
ajfa-7243	103	4	models	model	NOUN
ajfa-7243	103	5	are	be	AUX
ajfa-7243	103	6	based	base	VERB
ajfa-7243	103	7	on	on	ADP
ajfa-7243	103	8	economic	economic	ADJ
ajfa-7243	103	9	profitability	profitability	NOUN
ajfa-7243	103	10	of	of	ADP
ajfa-7243	103	11	a	a	DET
ajfa-7243	103	12	firm	firm	NOUN
ajfa-7243	103	13	rather	rather	ADV
ajfa-7243	103	14	than	than	ADP
ajfa-7243	103	15	just	just	ADV
ajfa-7243	103	16	its	its	PRON
ajfa-7243	103	17	accounting	accounting	NOUN
ajfa-7243	103	18	profitability	profitability	NOUN
ajfa-7243	103	19	.	.	PUNCT
ajfa-7243	104	1	major	major	ADJ
ajfa-7243	104	2	studies	study	NOUN
ajfa-7243	104	3	on	on	ADP
ajfa-7243	104	4	valuation	valuation	NOUN
ajfa-7243	104	5	internal	internal	ADJ
ajfa-7243	104	6	-	-	PUNCT
ajfa-7243	104	7	qualitative	qualitative	ADJ
ajfa-7243	104	8	external	external	ADJ
ajfa-7243	104	9	-	-	PUNCT
ajfa-7243	104	10	qualitative	qualitative	ADJ
ajfa-7243	104	11	external	external	ADJ
ajfa-7243	104	12	-	-	PUNCT
ajfa-7243	104	13	quantitative	quantitative	ADJ
ajfa-7243	104	14	internal	internal	ADJ
ajfa-7243	104	15	-	-	PUNCT
ajfa-7243	104	16	quantitative	quantitative	ADJ
ajfa-7243	104	17	qualitative	qualitative	ADJ
ajfa-7243	104	18	quantitative	quantitative	ADJ
ajfa-7243	104	19	int	int	NOUN
ajfa-7243	104	20	ern	ern	PROPN
ajfa-7243	104	21	al	al	PROPN
ajfa-7243	104	22	ext	ext	PROPN
ajfa-7243	104	23	ern	ern	PROPN
ajfa-7243	104	24	al	al	PROPN
ajfa-7243	104	25	asian	asian	PROPN
ajfa-7243	104	26	journal	journal	PROPN
ajfa-7243	104	27	of	of	ADP
ajfa-7243	104	28	finance	finance	PROPN
ajfa-7243	104	29	&	&	CCONJ
ajfa-7243	104	30	accounting	accounting	PROPN
ajfa-7243	104	31	issn	issn	PROPN
ajfa-7243	104	32	1946	1946	NUM
ajfa-7243	104	33	-	-	PUNCT
ajfa-7243	104	34	052x	052x	NOUN
ajfa-7243	104	35	2015	2015	NUM
ajfa-7243	104	36	,	,	PUNCT
ajfa-7243	104	37	vol	vol	NOUN
ajfa-7243	104	38	.	.	PROPN
ajfa-7243	104	39	7	7	NUM
ajfa-7243	104	40	,	,	PUNCT
ajfa-7243	104	41	no	no	INTJ
ajfa-7243	104	42	.	.	NOUN
ajfa-7243	104	43	2	2	NUM
ajfa-7243	104	44	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7243	104	45	7	7	NUM
ajfa-7243	104	46	internal	internal	ADJ
ajfa-7243	104	47	-	-	PUNCT
ajfa-7243	104	48	quantitative	quantitative	ADJ
ajfa-7243	104	49	factors	factor	NOUN
ajfa-7243	104	50	in	in	ADP
ajfa-7243	104	51	our	our	PRON
ajfa-7243	104	52	analysis	analysis	NOUN
ajfa-7243	104	53	.	.	PUNCT
ajfa-7243	105	1	moreover	moreover	ADV
ajfa-7243	105	2	,	,	PUNCT
ajfa-7243	105	3	rim	rim	PROPN
ajfa-7243	105	4	model	model	NOUN
ajfa-7243	105	5	is	be	AUX
ajfa-7243	105	6	better	well	ADV
ajfa-7243	105	7	fitted	fit	VERB
ajfa-7243	105	8	in	in	ADP
ajfa-7243	105	9	our	our	PRON
ajfa-7243	105	10	study	study	NOUN
ajfa-7243	105	11	as	as	SCONJ
ajfa-7243	105	12	it	it	PRON
ajfa-7243	105	13	is	be	AUX
ajfa-7243	105	14	more	more	ADV
ajfa-7243	105	15	informative	informative	ADJ
ajfa-7243	105	16	than	than	ADP
ajfa-7243	105	17	other	other	ADJ
ajfa-7243	105	18	value	value	NOUN
ajfa-7243	105	19	estimate	estimate	NOUN
ajfa-7243	105	20	models	model	NOUN
ajfa-7243	105	21	.	.	PUNCT
ajfa-7243	106	1	we	we	PRON
ajfa-7243	106	2	take	take	VERB
ajfa-7243	106	3	this	this	DET
ajfa-7243	106	4	approach	approach	NOUN
ajfa-7243	106	5	further	far	ADV
ajfa-7243	106	6	and	and	CCONJ
ajfa-7243	106	7	considered	consider	VERB
ajfa-7243	106	8	it	it	PRON
ajfa-7243	106	9	for	for	ADP
ajfa-7243	106	10	the	the	DET
ajfa-7243	106	11	derivation	derivation	NOUN
ajfa-7243	106	12	of	of	ADP
ajfa-7243	106	13	value	value	NOUN
ajfa-7243	106	14	drivers	driver	NOUN
ajfa-7243	106	15	.	.	PUNCT
ajfa-7243	107	1	we	we	PRON
ajfa-7243	107	2	construct	construct	VERB
ajfa-7243	107	3	a	a	DET
ajfa-7243	107	4	value	value	NOUN
ajfa-7243	107	5	metrics	metric	NOUN
ajfa-7243	107	6	framework	framework	NOUN
ajfa-7243	107	7	(	(	PUNCT
ajfa-7243	107	8	see	see	VERB
ajfa-7243	107	9	,	,	PUNCT
ajfa-7243	107	10	figure	figure	NOUN
ajfa-7243	107	11	2	2	NUM
ajfa-7243	107	12	)	)	PUNCT
ajfa-7243	107	13	,	,	PUNCT
ajfa-7243	107	14	to	to	PART
ajfa-7243	107	15	derive	derive	VERB
ajfa-7243	107	16	the	the	DET
ajfa-7243	107	17	potential	potential	ADJ
ajfa-7243	107	18	drivers	driver	NOUN
ajfa-7243	107	19	of	of	ADP
ajfa-7243	107	20	firm	firm	ADJ
ajfa-7243	107	21	value	value	NOUN
ajfa-7243	107	22	.	.	PUNCT
ajfa-7243	108	1	first	first	ADV
ajfa-7243	108	2	,	,	PUNCT
ajfa-7243	108	3	we	we	PRON
ajfa-7243	108	4	approximate	approximate	VERB
ajfa-7243	108	5	the	the	DET
ajfa-7243	108	6	value	value	NOUN
ajfa-7243	108	7	of	of	ADP
ajfa-7243	108	8	a	a	DET
ajfa-7243	108	9	firm	firm	NOUN
ajfa-7243	108	10	with	with	ADP
ajfa-7243	108	11	our	our	PRON
ajfa-7243	108	12	estimated	estimate	VERB
ajfa-7243	108	13	intrinsic	intrinsic	ADJ
ajfa-7243	108	14	value.next	value.next	PROPN
ajfa-7243	108	15	,	,	PUNCT
ajfa-7243	108	16	we	we	PRON
ajfa-7243	108	17	link	link	VERB
ajfa-7243	108	18	this	this	DET
ajfa-7243	108	19	value	value	NOUN
ajfa-7243	108	20	estimate	estimate	NOUN
ajfa-7243	108	21	to	to	ADP
ajfa-7243	108	22	the	the	DET
ajfa-7243	108	23	financial	financial	ADJ
ajfa-7243	108	24	indicators	indicator	NOUN
ajfa-7243	108	25	of	of	ADP
ajfa-7243	108	26	the	the	DET
ajfa-7243	108	27	firm	firm	NOUN
ajfa-7243	108	28	directly	directly	ADV
ajfa-7243	108	29	linked	link	VERB
ajfa-7243	108	30	to	to	ADP
ajfa-7243	108	31	the	the	DET
ajfa-7243	108	32	model	model	NOUN
ajfa-7243	108	33	that	that	PRON
ajfa-7243	108	34	is	be	AUX
ajfa-7243	108	35	used	use	VERB
ajfa-7243	108	36	to	to	PART
ajfa-7243	108	37	arrive	arrive	VERB
ajfa-7243	108	38	at	at	ADP
ajfa-7243	108	39	the	the	DET
ajfa-7243	108	40	intrinsic	intrinsic	ADJ
ajfa-7243	108	41	value.for	value.for	ADP
ajfa-7243	108	42	the	the	DET
ajfa-7243	108	43	estimation	estimation	NOUN
ajfa-7243	108	44	of	of	ADP
ajfa-7243	108	45	the	the	DET
ajfa-7243	108	46	intrinsic	intrinsic	ADJ
ajfa-7243	108	47	value	value	NOUN
ajfa-7243	108	48	,	,	PUNCT
ajfa-7243	108	49	we	we	PRON
ajfa-7243	108	50	have	have	AUX
ajfa-7243	108	51	used	use	VERB
ajfa-7243	108	52	different	different	ADJ
ajfa-7243	108	53	financial	financial	ADJ
ajfa-7243	108	54	indicators8	indicators8	NOUN
ajfa-7243	108	55	of	of	ADP
ajfa-7243	108	56	the	the	DET
ajfa-7243	108	57	firmdirectly	firmdirectly	ADV
ajfa-7243	108	58	linked	link	VERB
ajfa-7243	108	59	to	to	ADP
ajfa-7243	108	60	the	the	DET
ajfa-7243	108	61	model	model	NOUN
ajfa-7243	108	62	and	and	CCONJ
ajfa-7243	108	63	name	name	VERB
ajfa-7243	108	64	the	the	DET
ajfa-7243	108	65	indicators	indicator	NOUN
ajfa-7243	108	66	as	as	ADP
ajfa-7243	108	67	‘	'	PUNCT
ajfa-7243	108	68	level	level	NOUN
ajfa-7243	108	69	i	i	PRON
ajfa-7243	108	70	financial	financial	ADJ
ajfa-7243	108	71	indicator’(see	indicator’(see	NUM
ajfa-7243	108	72	,	,	PUNCT
ajfa-7243	108	73	figure	figure	NOUN
ajfa-7243	108	74	2	2	NUM
ajfa-7243	108	75	)	)	PUNCT
ajfa-7243	108	76	.	.	PUNCT
ajfa-7243	109	1	these	these	DET
ajfa-7243	109	2	‘	'	PUNCT
ajfa-7243	109	3	level	level	NOUN
ajfa-7243	109	4	i	i	PRON
ajfa-7243	109	5	financial	financial	ADJ
ajfa-7243	109	6	indicator’are	indicator’are	VERB
ajfa-7243	109	7	again	again	ADV
ajfa-7243	109	8	a	a	DET
ajfa-7243	109	9	function	function	NOUN
ajfa-7243	109	10	of	of	ADP
ajfa-7243	109	11	multiple	multiple	ADJ
ajfa-7243	109	12	factors9	factors9	PROPN
ajfa-7243	109	13	(	(	PUNCT
ajfa-7243	109	14	see	see	VERB
ajfa-7243	109	15	,	,	PUNCT
ajfa-7243	109	16	figure	figure	NOUN
ajfa-7243	109	17	3	3	NUM
ajfa-7243	109	18	)	)	PUNCT
ajfa-7243	109	19	.	.	PUNCT
ajfa-7243	110	1	we	we	PRON
ajfa-7243	110	2	define	define	VERB
ajfa-7243	110	3	the	the	DET
ajfa-7243	110	4	multiple	multiple	ADJ
ajfa-7243	110	5	factors	factor	NOUN
ajfa-7243	110	6	as	as	ADP
ajfa-7243	110	7	‘	'	PUNCT
ajfa-7243	110	8	level	level	NOUN
ajfa-7243	110	9	ii	ii	NOUN
ajfa-7243	110	10	financial	financial	NOUN
ajfa-7243	110	11	indicator’(see	indicator’(see	NUM
ajfa-7243	110	12	,	,	PUNCT
ajfa-7243	110	13	figure	figure	NOUN
ajfa-7243	110	14	2	2	NUM
ajfa-7243	110	15	)	)	PUNCT
ajfa-7243	110	16	.	.	PUNCT
ajfa-7243	111	1	both	both	CCONJ
ajfa-7243	111	2	the	the	DET
ajfa-7243	111	3	‘	'	PUNCT
ajfa-7243	111	4	level	level	NOUN
ajfa-7243	111	5	i	i	PRON
ajfa-7243	111	6	financial	financial	ADJ
ajfa-7243	111	7	indicator’and	indicator’and	CCONJ
ajfa-7243	111	8	‘	'	PUNCT
ajfa-7243	111	9	level	level	ADJ
ajfa-7243	111	10	ii	ii	NOUN
ajfa-7243	111	11	financial	financial	ADJ
ajfa-7243	111	12	indicator	indicator	NOUN
ajfa-7243	111	13	’	'	PUNCT
ajfa-7243	111	14	are	be	AUX
ajfa-7243	111	15	our	our	PRON
ajfa-7243	111	16	financial	financial	ADJ
ajfa-7243	111	17	value	value	NOUN
ajfa-7243	111	18	drivers	driver	NOUN
ajfa-7243	111	19	.	.	PUNCT
ajfa-7243	112	1	but	but	CCONJ
ajfa-7243	112	2	as	as	SCONJ
ajfa-7243	112	3	we	we	PRON
ajfa-7243	112	4	know	know	VERB
ajfa-7243	112	5	,	,	PUNCT
ajfa-7243	112	6	market	market	NOUN
ajfa-7243	112	7	value	value	NOUN
ajfa-7243	112	8	of	of	ADP
ajfa-7243	112	9	a	a	DET
ajfa-7243	112	10	firm	firm	NOUN
ajfa-7243	112	11	is	be	AUX
ajfa-7243	112	12	also	also	ADV
ajfa-7243	112	13	dependent	dependent	ADJ
ajfa-7243	112	14	on	on	ADP
ajfa-7243	112	15	other	other	ADJ
ajfa-7243	112	16	factors	factor	NOUN
ajfa-7243	112	17	that	that	PRON
ajfa-7243	112	18	have	have	VERB
ajfa-7243	112	19	an	an	DET
ajfa-7243	112	20	impact	impact	NOUN
ajfa-7243	112	21	on	on	ADP
ajfa-7243	112	22	firm	firm	NOUN
ajfa-7243	112	23	’s	’s	PART
ajfa-7243	112	24	value	value	NOUN
ajfa-7243	112	25	.	.	PUNCT
ajfa-7243	113	1	these	these	DET
ajfa-7243	113	2	factors	factor	NOUN
ajfa-7243	113	3	may	may	AUX
ajfa-7243	113	4	not	not	PART
ajfa-7243	113	5	be	be	AUX
ajfa-7243	113	6	directly	directly	ADV
ajfa-7243	113	7	associated	associate	VERB
ajfa-7243	113	8	to	to	ADP
ajfa-7243	113	9	the	the	DET
ajfa-7243	113	10	model	model	NOUN
ajfa-7243	113	11	;	;	PUNCT
ajfa-7243	113	12	e.g.	e.g.	ADV
ajfa-7243	113	13	the	the	DET
ajfa-7243	113	14	strategic	strategic	ADJ
ajfa-7243	113	15	choices	choice	NOUN
ajfa-7243	113	16	of	of	ADP
ajfa-7243	113	17	companies	company	NOUN
ajfa-7243	113	18	for	for	ADP
ajfa-7243	113	19	their	their	PRON
ajfa-7243	113	20	growth	growth	NOUN
ajfa-7243	113	21	and	and	CCONJ
ajfa-7243	113	22	development	development	NOUN
ajfa-7243	113	23	,	,	PUNCT
ajfa-7243	113	24	managing	manage	VERB
ajfa-7243	113	25	investor	investor	NOUN
ajfa-7243	113	26	perception	perception	NOUN
ajfa-7243	113	27	etc	etc	X
ajfa-7243	113	28	.	.	X
ajfa-7243	114	1	we	we	PRON
ajfa-7243	114	2	call	call	VERB
ajfa-7243	114	3	them	they	PRON
ajfa-7243	114	4	indirect	indirect	ADJ
ajfa-7243	114	5	financial	financial	ADJ
ajfa-7243	114	6	indicators	indicator	NOUN
ajfa-7243	114	7	or	or	CCONJ
ajfa-7243	114	8	‘	'	PUNCT
ajfa-7243	114	9	strategic	strategic	ADJ
ajfa-7243	114	10	value	value	NOUN
ajfa-7243	114	11	drivers	driver	NOUN
ajfa-7243	114	12	’	'	PUNCT
ajfa-7243	114	13	.	.	PUNCT
ajfa-7243	115	1	the	the	DET
ajfa-7243	115	2	four	four	NUM
ajfa-7243	115	3	probable	probable	ADJ
ajfa-7243	115	4	strategic	strategic	ADJ
ajfa-7243	115	5	drivers	driver	NOUN
ajfa-7243	115	6	of	of	ADP
ajfa-7243	115	7	value	value	NOUN
ajfa-7243	115	8	are	be	AUX
ajfa-7243	115	9	assumed	assume	VERB
ajfa-7243	115	10	to	to	PART
ajfa-7243	115	11	be	be	AUX
ajfa-7243	115	12	pay	pay	VERB
ajfa-7243	115	13	-	-	PUNCT
ajfa-7243	115	14	out	out	ADP
ajfa-7243	115	15	ratio	ratio	NOUN
ajfa-7243	115	16	,	,	PUNCT
ajfa-7243	115	17	investments	investment	NOUN
ajfa-7243	115	18	into	into	ADP
ajfa-7243	115	19	r&d	r&d	NOUN
ajfa-7243	115	20	,	,	PUNCT
ajfa-7243	115	21	investments	investment	NOUN
ajfa-7243	115	22	into	into	ADP
ajfa-7243	115	23	advertisement	advertisement	NOUN
ajfa-7243	115	24	(	(	PUNCT
ajfa-7243	115	25	brand	brand	NOUN
ajfa-7243	115	26	image	image	NOUN
ajfa-7243	115	27	)	)	PUNCT
ajfa-7243	115	28	,	,	PUNCT
ajfa-7243	115	29	and	and	CCONJ
ajfa-7243	115	30	participation	participation	NOUN
ajfa-7243	115	31	of	of	ADP
ajfa-7243	115	32	foreign	foreign	ADJ
ajfa-7243	115	33	promoters	promoter	NOUN
ajfa-7243	115	34	in	in	ADP
ajfa-7243	115	35	the	the	DET
ajfa-7243	115	36	organisational	organisational	ADJ
ajfa-7243	115	37	structure	structure	NOUN
ajfa-7243	115	38	of	of	ADP
ajfa-7243	115	39	the	the	DET
ajfa-7243	115	40	firm	firm	NOUN
ajfa-7243	115	41	(	(	PUNCT
ajfa-7243	115	42	see	see	PROPN
ajfa-7243	115	43	,	,	PUNCT
ajfa-7243	115	44	walter	walter	PROPN
ajfa-7243	115	45	(	(	PUNCT
ajfa-7243	115	46	1963	1963	NUM
ajfa-7243	115	47	)	)	PUNCT
ajfa-7243	115	48	,	,	PUNCT
ajfa-7243	115	49	chaganti	chaganti	NOUN
ajfa-7243	115	50	and	and	CCONJ
ajfa-7243	115	51	damanpour	damanpour	PROPN
ajfa-7243	115	52	(	(	PUNCT
ajfa-7243	115	53	1991	1991	NUM
ajfa-7243	115	54	)	)	PUNCT
ajfa-7243	115	55	,	,	PUNCT
ajfa-7243	115	56	salomo	salomo	NOUN
ajfa-7243	115	57	and	and	CCONJ
ajfa-7243	115	58	strecker	strecker	NOUN
ajfa-7243	115	59	(	(	PUNCT
ajfa-7243	115	60	2009	2009	NUM
ajfa-7243	115	61	)	)	PUNCT
ajfa-7243	115	62	among	among	ADP
ajfa-7243	115	63	others).we	others).we	NOUN
ajfa-7243	115	64	therefore	therefore	ADV
ajfa-7243	115	65	classify	classify	VERB
ajfa-7243	115	66	value	value	NOUN
ajfa-7243	115	67	drivers	driver	NOUN
ajfa-7243	115	68	into	into	ADP
ajfa-7243	115	69	two	two	NUM
ajfa-7243	115	70	broad	broad	ADJ
ajfa-7243	115	71	categories	category	NOUN
ajfa-7243	115	72	namely	namely	ADV
ajfa-7243	115	73	financial	financial	ADJ
ajfa-7243	115	74	value	value	NOUN
ajfa-7243	115	75	drivers	driver	NOUN
ajfa-7243	115	76	and	and	CCONJ
ajfa-7243	115	77	strategic	strategic	ADJ
ajfa-7243	115	78	value	value	NOUN
ajfa-7243	115	79	drivers	driver	NOUN
ajfa-7243	115	80	(	(	PUNCT
ajfa-7243	115	81	see	see	VERB
ajfa-7243	115	82	,	,	PUNCT
ajfa-7243	115	83	figure	figure	NOUN
ajfa-7243	115	84	4	4	NUM
ajfa-7243	115	85	)	)	PUNCT
ajfa-7243	115	86	.	.	PUNCT
ajfa-7243	116	1	further	far	ADV
ajfa-7243	116	2	,	,	PUNCT
ajfa-7243	116	3	we	we	PRON
ajfa-7243	116	4	anticipate	anticipate	VERB
ajfa-7243	116	5	that	that	SCONJ
ajfa-7243	116	6	market	market	NOUN
ajfa-7243	116	7	values	value	NOUN
ajfa-7243	116	8	of	of	ADP
ajfa-7243	116	9	firms	firm	NOUN
ajfa-7243	116	10	are	be	AUX
ajfa-7243	116	11	correlated	correlate	VERB
ajfa-7243	116	12	to	to	ADP
ajfa-7243	116	13	the	the	DET
ajfa-7243	116	14	probable	probable	ADJ
ajfa-7243	116	15	drivers	driver	NOUN
ajfa-7243	116	16	of	of	ADP
ajfa-7243	116	17	value	value	NOUN
ajfa-7243	116	18	.	.	PUNCT
ajfa-7243	117	1	therefore	therefore	ADV
ajfa-7243	117	2	to	to	PART
ajfa-7243	117	3	measure	measure	VERB
ajfa-7243	117	4	the	the	DET
ajfa-7243	117	5	impact	impact	NOUN
ajfa-7243	117	6	of	of	ADP
ajfa-7243	117	7	the	the	DET
ajfa-7243	117	8	identified	identify	VERB
ajfa-7243	117	9	value	value	NOUN
ajfa-7243	117	10	drivers	driver	NOUN
ajfa-7243	117	11	,	,	PUNCT
ajfa-7243	117	12	we	we	PRON
ajfa-7243	117	13	formulate	formulate	VERB
ajfa-7243	117	14	the	the	DET
ajfa-7243	117	15	regression	regression	NOUN
ajfa-7243	117	16	model	model	NOUN
ajfa-7243	117	17	as	as	SCONJ
ajfa-7243	117	18	illustrated	illustrate	VERB
ajfa-7243	117	19	in	in	ADP
ajfa-7243	117	20	equation	equation	NOUN
ajfa-7243	117	21	1.a	1.a	NUM
ajfa-7243	117	22	brief	brief	ADJ
ajfa-7243	117	23	description	description	NOUN
ajfa-7243	117	24	of	of	ADP
ajfa-7243	117	25	the	the	DET
ajfa-7243	117	26	identified	identify	VERB
ajfa-7243	117	27	value	value	NOUN
ajfa-7243	117	28	drivers	driver	NOUN
ajfa-7243	117	29	are	be	AUX
ajfa-7243	117	30	presented	present	VERB
ajfa-7243	117	31	in	in	ADP
ajfa-7243	117	32	table	table	NOUN
ajfa-7243	117	33	1	1	NUM
ajfa-7243	117	34	.	.	PUNCT
ajfa-7243	117	35	table	table	NOUN
ajfa-7243	117	36	1.brief	1.brief	NUM
ajfa-7243	117	37	description	description	NOUN
ajfa-7243	117	38	of	of	ADP
ajfa-7243	117	39	the	the	DET
ajfa-7243	117	40	identified	identify	VERB
ajfa-7243	117	41	value	value	NOUN
ajfa-7243	117	42	drivers	driver	NOUN
ajfa-7243	117	43	drivers	driver	NOUN
ajfa-7243	117	44	description	description	NOUN
ajfa-7243	117	45	proxy	proxy	NOUN
ajfa-7243	117	46	variable	variable	NOUN
ajfa-7243	117	47	used	use	VERB
ajfa-7243	117	48	sales	sale	NOUN
ajfa-7243	117	49	revenue	revenue	NOUN
ajfa-7243	117	50	income	income	NOUN
ajfa-7243	117	51	from	from	ADP
ajfa-7243	117	52	sales	sale	NOUN
ajfa-7243	117	53	of	of	ADP
ajfa-7243	117	54	goods	good	NOUN
ajfa-7243	117	55	and	and	CCONJ
ajfa-7243	117	56	services	service	NOUN
ajfa-7243	117	57	,	,	PUNCT
ajfa-7243	117	58	minus	minus	CCONJ
ajfa-7243	117	59	the	the	DET
ajfa-7243	117	60	cost	cost	NOUN
ajfa-7243	117	61	associated	associate	VERB
ajfa-7243	117	62	with	with	ADP
ajfa-7243	117	63	things	thing	NOUN
ajfa-7243	117	64	like	like	ADP
ajfa-7243	117	65	returned	return	VERB
ajfa-7243	117	66	or	or	CCONJ
ajfa-7243	117	67	undeliverable	undeliverable	ADJ
ajfa-7243	117	68	merchandise	merchandise	NOUN
ajfa-7243	117	69	in	in	ADP
ajfa-7243	117	70	the	the	DET
ajfa-7243	117	71	normal	normal	ADJ
ajfa-7243	117	72	operations	operation	NOUN
ajfa-7243	117	73	of	of	ADP
ajfa-7243	117	74	a	a	DET
ajfa-7243	117	75	company	company	NOUN
ajfa-7243	117	76	in	in	ADP
ajfa-7243	117	77	a	a	DET
ajfa-7243	117	78	specified	specified	ADJ
ajfa-7243	117	79	period	period	NOUN
ajfa-7243	117	80	.	.	PUNCT
ajfa-7243	118	1	we	we	PRON
ajfa-7243	118	2	expect	expect	VERB
ajfa-7243	118	3	that	that	SCONJ
ajfa-7243	118	4	high	high	ADJ
ajfa-7243	118	5	revenue	revenue	NOUN
ajfa-7243	118	6	growth	growth	NOUN
ajfa-7243	118	7	will	will	AUX
ajfa-7243	118	8	lead	lead	VERB
ajfa-7243	118	9	to	to	ADP
ajfa-7243	118	10	higher	high	ADJ
ajfa-7243	118	11	value	value	NOUN
ajfa-7243	118	12	.	.	PUNCT
ajfa-7243	119	1	sales	sale	NOUN
ajfa-7243	119	2	(	(	PUNCT
ajfa-7243	119	3	s	s	NOUN
ajfa-7243	119	4	)	)	PUNCT
ajfa-7243	119	5	of	of	ADP
ajfa-7243	119	6	models	model	NOUN
ajfa-7243	119	7	also	also	ADV
ajfa-7243	119	8	reveal	reveal	VERB
ajfa-7243	119	9	the	the	DET
ajfa-7243	119	10	superiority	superiority	NOUN
ajfa-7243	119	11	of	of	ADP
ajfa-7243	119	12	rim	rim	NOUN
ajfa-7243	119	13	over	over	ADP
ajfa-7243	119	14	other	other	ADJ
ajfa-7243	119	15	models	model	NOUN
ajfa-7243	119	16	(	(	PUNCT
ajfa-7243	119	17	see	see	VERB
ajfa-7243	119	18	,	,	PUNCT
ajfa-7243	119	19	bernard	bernard	PROPN
ajfa-7243	119	20	(	(	PUNCT
ajfa-7243	119	21	1995	1995	NUM
ajfa-7243	119	22	)	)	PUNCT
ajfa-7243	119	23	,	,	PUNCT
ajfa-7243	119	24	penman	penman	NOUN
ajfa-7243	119	25	and	and	CCONJ
ajfa-7243	119	26	sougiannis	sougianni	NOUN
ajfa-7243	119	27	(	(	PUNCT
ajfa-7243	119	28	1998	1998	NUM
ajfa-7243	119	29	)	)	PUNCT
ajfa-7243	119	30	,	,	PUNCT
ajfa-7243	119	31	frankel	frankel	NOUN
ajfa-7243	119	32	and	and	CCONJ
ajfa-7243	119	33	lee	lee	PROPN
ajfa-7243	119	34	(	(	PUNCT
ajfa-7243	119	35	1995	1995	NUM
ajfa-7243	119	36	;	;	PUNCT
ajfa-7243	119	37	1996	1996	NUM
ajfa-7243	119	38	)	)	PUNCT
ajfa-7243	119	39	,	,	PUNCT
ajfa-7243	119	40	francis	francis	PROPN
ajfa-7243	119	41	,	,	PUNCT
ajfa-7243	119	42	olsson	olsson	PROPN
ajfa-7243	119	43	,	,	PUNCT
ajfa-7243	119	44	and	and	CCONJ
ajfa-7243	119	45	oswald	oswald	PROPN
ajfa-7243	119	46	(	(	PUNCT
ajfa-7243	119	47	2000	2000	NUM
ajfa-7243	119	48	)	)	PUNCT
ajfa-7243	119	49	,	,	PUNCT
ajfa-7243	119	50	gross	gross	ADJ
ajfa-7243	119	51	(	(	PUNCT
ajfa-7243	119	52	2006	2006	NUM
ajfa-7243	119	53	)	)	PUNCT
ajfa-7243	119	54	,	,	PUNCT
ajfa-7243	119	55	subrahmanyan	subrahmanyan	VERB
ajfa-7243	119	56	and	and	CCONJ
ajfa-7243	119	57	venkatachalam	venkatachalam	PROPN
ajfa-7243	119	58	(	(	PUNCT
ajfa-7243	119	59	2007	2007	NUM
ajfa-7243	119	60	)	)	PUNCT
ajfa-7243	119	61	,	,	PUNCT
ajfa-7243	119	62	imam	imam	PROPN
ajfa-7243	119	63	,	,	PUNCT
ajfa-7243	119	64	chan	chan	PROPN
ajfa-7243	119	65	and	and	CCONJ
ajfa-7243	119	66	ali	ali	PROPN
ajfa-7243	119	67	-	-	PUNCT
ajfa-7243	119	68	shah	shah	PROPN
ajfa-7243	119	69	(	(	PUNCT
ajfa-7243	119	70	2013	2013	NUM
ajfa-7243	119	71	)	)	PUNCT
ajfa-7243	119	72	)	)	PUNCT
ajfa-7243	119	73	.	.	PUNCT
ajfa-7243	120	1	8we	8we	NOUN
ajfa-7243	120	2	have	have	AUX
ajfa-7243	120	3	considered	consider	VERB
ajfa-7243	120	4	return	return	NOUN
ajfa-7243	120	5	on	on	ADP
ajfa-7243	120	6	equity	equity	NOUN
ajfa-7243	120	7	,	,	PUNCT
ajfa-7243	120	8	growth	growth	NOUN
ajfa-7243	120	9	,	,	PUNCT
ajfa-7243	120	10	cost	cost	NOUN
ajfa-7243	120	11	of	of	ADP
ajfa-7243	120	12	equity	equity	NOUN
ajfa-7243	120	13	,	,	PUNCT
ajfa-7243	120	14	and	and	CCONJ
ajfa-7243	120	15	book	book	NOUN
ajfa-7243	120	16	value	value	NOUN
ajfa-7243	120	17	amongthe	amongthe	DET
ajfa-7243	120	18	financial	financial	ADJ
ajfa-7243	120	19	indicators	indicator	NOUN
ajfa-7243	120	20	.	.	PUNCT
ajfa-7243	121	1	9level	9level	NUM
ajfa-7243	121	2	ii	ii	NOUN
ajfa-7243	121	3	financial	financial	ADJ
ajfa-7243	121	4	indicators	indicator	NOUN
ajfa-7243	121	5	are	be	AUX
ajfa-7243	121	6	arrived	arrive	VERB
ajfa-7243	121	7	at	at	ADP
ajfa-7243	121	8	by	by	ADP
ajfa-7243	121	9	decomposing	decompose	VERB
ajfa-7243	121	10	level	level	NOUN
ajfa-7243	121	11	i	i	PRON
ajfa-7243	121	12	financial	financial	ADJ
ajfa-7243	121	13	indicators	indicator	NOUN
ajfa-7243	121	14	.	.	PUNCT
ajfa-7243	122	1	for	for	ADP
ajfa-7243	122	2	example	example	NOUN
ajfa-7243	122	3	,	,	PUNCT
ajfa-7243	122	4	return	return	VERB
ajfa-7243	122	5	on	on	ADP
ajfa-7243	122	6	equity	equity	NOUN
ajfa-7243	122	7	can	can	AUX
ajfa-7243	122	8	be	be	AUX
ajfa-7243	122	9	derived	derive	VERB
ajfa-7243	122	10	from	from	ADP
ajfa-7243	122	11	change	change	NOUN
ajfa-7243	122	12	in	in	ADP
ajfa-7243	122	13	sales	sale	NOUN
ajfa-7243	122	14	,	,	PUNCT
ajfa-7243	122	15	change	change	NOUN
ajfa-7243	122	16	in	in	ADP
ajfa-7243	122	17	operating	operate	VERB
ajfa-7243	122	18	expense	expense	NOUN
ajfa-7243	122	19	,	,	PUNCT
ajfa-7243	122	20	change	change	NOUN
ajfa-7243	122	21	in	in	ADP
ajfa-7243	122	22	tax	tax	NOUN
ajfa-7243	122	23	rate	rate	NOUN
ajfa-7243	122	24	and	and	CCONJ
ajfa-7243	122	25	change	change	NOUN
ajfa-7243	122	26	in	in	ADP
ajfa-7243	122	27	net	net	ADJ
ajfa-7243	122	28	margin	margin	NOUN
ajfa-7243	122	29	.	.	PUNCT
ajfa-7243	123	1	similarly	similarly	ADV
ajfa-7243	123	2	,	,	PUNCT
ajfa-7243	123	3	change	change	NOUN
ajfa-7243	123	4	in	in	ADP
ajfa-7243	123	5	sales	sale	NOUN
ajfa-7243	123	6	and	and	CCONJ
ajfa-7243	123	7	change	change	NOUN
ajfa-7243	123	8	in	in	ADP
ajfa-7243	123	9	capital	capital	NOUN
ajfa-7243	123	10	expenditure	expenditure	NOUN
ajfa-7243	123	11	can	can	AUX
ajfa-7243	123	12	be	be	AUX
ajfa-7243	123	13	used	use	VERB
ajfa-7243	123	14	as	as	ADP
ajfa-7243	123	15	proxy	proxy	NOUN
ajfa-7243	123	16	for	for	ADP
ajfa-7243	123	17	growth	growth	NOUN
ajfa-7243	123	18	of	of	ADP
ajfa-7243	123	19	the	the	DET
ajfa-7243	123	20	firm	firm	NOUN
ajfa-7243	123	21	.	.	PUNCT
ajfa-7243	124	1	cost	cost	NOUN
ajfa-7243	124	2	of	of	ADP
ajfa-7243	124	3	equity	equity	NOUN
ajfa-7243	124	4	can	can	AUX
ajfa-7243	124	5	be	be	AUX
ajfa-7243	124	6	analysed	analyse	VERB
ajfa-7243	124	7	by	by	ADP
ajfa-7243	124	8	three	three	NUM
ajfa-7243	124	9	drivers	driver	NOUN
ajfa-7243	124	10	:	:	PUNCT
ajfa-7243	124	11	market	market	NOUN
ajfa-7243	124	12	return	return	NOUN
ajfa-7243	124	13	,	,	PUNCT
ajfa-7243	124	14	risk	risk	NOUN
ajfa-7243	124	15	free	free	ADJ
ajfa-7243	124	16	return	return	NOUN
ajfa-7243	124	17	and	and	CCONJ
ajfa-7243	124	18	beta	beta	NOUN
ajfa-7243	124	19	.	.	PUNCT
ajfa-7243	125	1	book	book	NOUN
ajfa-7243	125	2	value	value	NOUN
ajfa-7243	125	3	is	be	AUX
ajfa-7243	125	4	arrivedat	arrivedat	NOUN
ajfa-7243	125	5	by	by	ADP
ajfa-7243	125	6	lagged	lag	VERB
ajfa-7243	125	7	book	book	NOUN
ajfa-7243	125	8	value	value	NOUN
ajfa-7243	125	9	,	,	PUNCT
ajfa-7243	125	10	earnings	earning	NOUN
ajfa-7243	125	11	per	per	ADP
ajfa-7243	125	12	share	share	NOUN
ajfa-7243	125	13	and	and	CCONJ
ajfa-7243	125	14	dividend	dividend	VERB
ajfa-7243	125	15	per	per	ADP
ajfa-7243	125	16	share	share	NOUN
ajfa-7243	125	17	(	(	PUNCT
ajfa-7243	125	18	see	see	VERB
ajfa-7243	125	19	,	,	PUNCT
ajfa-7243	125	20	rappaport	rappaport	NOUN
ajfa-7243	125	21	(	(	PUNCT
ajfa-7243	125	22	1998	1998	NUM
ajfa-7243	125	23	)	)	PUNCT
ajfa-7243	125	24	;	;	PUNCT
ajfa-7243	125	25	lee	lee	PROPN
ajfa-7243	125	26	et	et	PROPN
ajfa-7243	125	27	al	al	PROPN
ajfa-7243	125	28	.	.	PROPN
ajfa-7243	126	1	(	(	PUNCT
ajfa-7243	126	2	1999	1999	NUM
ajfa-7243	126	3	)	)	PUNCT
ajfa-7243	126	4	and	and	CCONJ
ajfa-7243	126	5	black	black	NOUN
ajfa-7243	126	6	and	and	CCONJ
ajfa-7243	126	7	wright	wright	PROPN
ajfa-7243	126	8	(	(	PUNCT
ajfa-7243	126	9	2001)).however	2001)).however	NOUN
ajfa-7243	126	10	,	,	PUNCT
ajfa-7243	126	11	level	level	NOUN
ajfa-7243	126	12	ii	ii	NOUN
ajfa-7243	126	13	financial	financial	ADJ
ajfa-7243	126	14	indicators	indicator	NOUN
ajfa-7243	126	15	reported	report	VERB
ajfa-7243	126	16	in	in	ADP
ajfa-7243	126	17	figure	figure	NOUN
ajfa-7243	126	18	2	2	NUM
ajfa-7243	126	19	only	only	ADV
ajfa-7243	126	20	reports	report	VERB
ajfa-7243	126	21	the	the	DET
ajfa-7243	126	22	unique	unique	ADJ
ajfa-7243	126	23	drivers	driver	NOUN
ajfa-7243	126	24	of	of	ADP
ajfa-7243	126	25	decomposed	decomposed	ADJ
ajfa-7243	126	26	level	level	NOUN
ajfa-7243	126	27	i	i	PRON
ajfa-7243	126	28	financial	financial	ADJ
ajfa-7243	126	29	indicators	indicator	NOUN
ajfa-7243	126	30	.	.	PUNCT
ajfa-7243	127	1	asian	asian	ADJ
ajfa-7243	127	2	journal	journal	PROPN
ajfa-7243	127	3	of	of	ADP
ajfa-7243	127	4	finance	finance	PROPN
ajfa-7243	127	5	&	&	CCONJ
ajfa-7243	127	6	accounting	accounting	PROPN
ajfa-7243	127	7	issn	issn	PROPN
ajfa-7243	127	8	1946	1946	NUM
ajfa-7243	127	9	-	-	PUNCT
ajfa-7243	127	10	052x	052x	NOUN
ajfa-7243	127	11	2015	2015	NUM
ajfa-7243	127	12	,	,	PUNCT
ajfa-7243	127	13	vol	vol	NOUN
ajfa-7243	127	14	.	.	PROPN
ajfa-7243	127	15	7	7	NUM
ajfa-7243	127	16	,	,	PUNCT
ajfa-7243	127	17	no	no	INTJ
ajfa-7243	127	18	.	.	NOUN
ajfa-7243	127	19	2	2	NUM
ajfa-7243	127	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-7243	127	21	8	8	NUM
ajfa-7243	127	22	operating	operating	NOUN
ajfa-7243	127	23	cost	cost	NOUN
ajfa-7243	127	24	operating	operating	NOUN
ajfa-7243	127	25	costs	cost	NOUN
ajfa-7243	127	26	include	include	VERB
ajfa-7243	127	27	both	both	DET
ajfa-7243	127	28	fixed	fix	VERB
ajfa-7243	127	29	costs	cost	NOUN
ajfa-7243	127	30	and	and	CCONJ
ajfa-7243	127	31	variable	variable	ADJ
ajfa-7243	127	32	costs	cost	NOUN
ajfa-7243	127	33	.	.	PUNCT
ajfa-7243	128	1	so	so	ADV
ajfa-7243	128	2	any	any	DET
ajfa-7243	128	3	increase	increase	NOUN
ajfa-7243	128	4	in	in	ADP
ajfa-7243	128	5	cost	cost	NOUN
ajfa-7243	128	6	will	will	AUX
ajfa-7243	128	7	be	be	AUX
ajfa-7243	128	8	a	a	DET
ajfa-7243	128	9	reduction	reduction	NOUN
ajfa-7243	128	10	in	in	ADP
ajfa-7243	128	11	value	value	NOUN
ajfa-7243	128	12	.	.	PUNCT
ajfa-7243	129	1	but	but	CCONJ
ajfa-7243	129	2	cost	cost	NOUN
ajfa-7243	129	3	may	may	AUX
ajfa-7243	129	4	also	also	ADV
ajfa-7243	129	5	rise	rise	VERB
ajfa-7243	129	6	to	to	PART
ajfa-7243	129	7	achieve	achieve	VERB
ajfa-7243	129	8	higher	high	ADJ
ajfa-7243	129	9	production	production	NOUN
ajfa-7243	129	10	activities	activity	NOUN
ajfa-7243	129	11	.	.	PUNCT
ajfa-7243	130	1	so	so	ADV
ajfa-7243	130	2	we	we	PRON
ajfa-7243	130	3	measure	measure	VERB
ajfa-7243	130	4	the	the	DET
ajfa-7243	130	5	operational	operational	ADJ
ajfa-7243	130	6	efficiency	efficiency	NOUN
ajfa-7243	130	7	by	by	ADP
ajfa-7243	130	8	intensity	intensity	NOUN
ajfa-7243	130	9	of	of	ADP
ajfa-7243	130	10	operating	operate	VERB
ajfa-7243	130	11	cost	cost	NOUN
ajfa-7243	130	12	.	.	PUNCT
ajfa-7243	131	1	we	we	PRON
ajfa-7243	131	2	expect	expect	VERB
ajfa-7243	131	3	that	that	DET
ajfa-7243	131	4	high	high	ADJ
ajfa-7243	131	5	intensity	intensity	NOUN
ajfa-7243	131	6	of	of	ADP
ajfa-7243	131	7	cost	cost	NOUN
ajfa-7243	131	8	will	will	AUX
ajfa-7243	131	9	lead	lead	VERB
ajfa-7243	131	10	to	to	ADP
ajfa-7243	131	11	lower	low	ADJ
ajfa-7243	131	12	value	value	NOUN
ajfa-7243	131	13	.	.	PUNCT
ajfa-7243	132	1	oc	oc	X
ajfa-7243	132	2	/	/	SYM
ajfa-7243	132	3	sales	sale	NOUN
ajfa-7243	132	4	(	(	PUNCT
ajfa-7243	132	5	ioc	ioc	NOUN
ajfa-7243	132	6	)	)	PUNCT
ajfa-7243	132	7	tax	tax	NOUN
ajfa-7243	132	8	rate	rate	NOUN
ajfa-7243	132	9	total	total	ADJ
ajfa-7243	132	10	tax	tax	NOUN
ajfa-7243	132	11	liability	liability	NOUN
ajfa-7243	132	12	stated	state	VERB
ajfa-7243	132	13	as	as	ADP
ajfa-7243	132	14	a	a	DET
ajfa-7243	132	15	percentage	percentage	NOUN
ajfa-7243	132	16	of	of	ADP
ajfa-7243	132	17	the	the	DET
ajfa-7243	132	18	taxable	taxable	ADJ
ajfa-7243	132	19	income	income	NOUN
ajfa-7243	132	20	.	.	PUNCT
ajfa-7243	133	1	high	high	ADJ
ajfa-7243	133	2	tax	tax	NOUN
ajfa-7243	133	3	rate	rate	NOUN
ajfa-7243	133	4	will	will	AUX
ajfa-7243	133	5	therefore	therefore	ADV
ajfa-7243	133	6	reduce	reduce	VERB
ajfa-7243	133	7	earnings	earning	NOUN
ajfa-7243	133	8	available	available	ADJ
ajfa-7243	133	9	for	for	ADP
ajfa-7243	133	10	equity	equity	NOUN
ajfa-7243	133	11	shareholders	shareholder	NOUN
ajfa-7243	133	12	that	that	PRON
ajfa-7243	133	13	will	will	AUX
ajfa-7243	133	14	lead	lead	VERB
ajfa-7243	133	15	to	to	ADP
ajfa-7243	133	16	lower	low	ADJ
ajfa-7243	133	17	value	value	NOUN
ajfa-7243	133	18	.	.	PUNCT
ajfa-7243	134	1	total	total	ADJ
ajfa-7243	134	2	tax	tax	NOUN
ajfa-7243	134	3	/	/	SYM
ajfa-7243	134	4	pbt	pbt	PROPN
ajfa-7243	134	5	(	(	PUNCT
ajfa-7243	134	6	tr	tr	VERB
ajfa-7243	134	7	)	)	PUNCT
ajfa-7243	134	8	net	net	ADJ
ajfa-7243	134	9	margin	margin	NOUN
ajfa-7243	134	10	net	net	ADJ
ajfa-7243	134	11	margin	margin	NOUN
ajfa-7243	134	12	is	be	AUX
ajfa-7243	134	13	a	a	DET
ajfa-7243	134	14	measure	measure	NOUN
ajfa-7243	134	15	of	of	ADP
ajfa-7243	134	16	firm	firm	NOUN
ajfa-7243	134	17	’s	’s	PART
ajfa-7243	134	18	profitability	profitability	NOUN
ajfa-7243	134	19	,	,	PUNCT
ajfa-7243	134	20	hence	hence	ADV
ajfa-7243	134	21	will	will	AUX
ajfa-7243	134	22	lead	lead	VERB
ajfa-7243	134	23	to	to	ADP
ajfa-7243	134	24	higher	high	ADJ
ajfa-7243	134	25	market	market	NOUN
ajfa-7243	134	26	value	value	NOUN
ajfa-7243	134	27	for	for	ADP
ajfa-7243	134	28	the	the	DET
ajfa-7243	134	29	stocks	stock	NOUN
ajfa-7243	134	30	.	.	PUNCT
ajfa-7243	135	1	net	net	ADJ
ajfa-7243	135	2	profit	profit	NOUN
ajfa-7243	135	3	/	/	SYM
ajfa-7243	135	4	net	net	ADJ
ajfa-7243	135	5	sales	sale	NOUN
ajfa-7243	135	6	(	(	PUNCT
ajfa-7243	135	7	nm	nm	NOUN
ajfa-7243	135	8	)	)	PUNCT
ajfa-7243	135	9	capital	capital	NOUN
ajfa-7243	135	10	expenditure	expenditure	NOUN
ajfa-7243	135	11	funds	fund	NOUN
ajfa-7243	135	12	used	use	VERB
ajfa-7243	135	13	by	by	ADP
ajfa-7243	135	14	a	a	DET
ajfa-7243	135	15	company	company	NOUN
ajfa-7243	135	16	to	to	PART
ajfa-7243	135	17	acquire	acquire	VERB
ajfa-7243	135	18	or	or	CCONJ
ajfa-7243	135	19	upgrade	upgrade	VERB
ajfa-7243	135	20	physical	physical	ADJ
ajfa-7243	135	21	assets	asset	NOUN
ajfa-7243	135	22	creating	create	VERB
ajfa-7243	135	23	future	future	ADJ
ajfa-7243	135	24	benefits	benefit	NOUN
ajfa-7243	135	25	.	.	PUNCT
ajfa-7243	136	1	capital	capital	NOUN
ajfa-7243	136	2	expenditure	expenditure	NOUN
ajfa-7243	136	3	will	will	AUX
ajfa-7243	136	4	though	though	ADV
ajfa-7243	136	5	reduce	reduce	VERB
ajfa-7243	136	6	free	free	ADJ
ajfa-7243	136	7	cash	cash	NOUN
ajfa-7243	136	8	flows	flow	NOUN
ajfa-7243	136	9	of	of	ADP
ajfa-7243	136	10	the	the	DET
ajfa-7243	136	11	business	business	NOUN
ajfa-7243	136	12	but	but	CCONJ
ajfa-7243	136	13	will	will	AUX
ajfa-7243	136	14	work	work	VERB
ajfa-7243	136	15	as	as	ADP
ajfa-7243	136	16	an	an	DET
ajfa-7243	136	17	agent	agent	NOUN
ajfa-7243	136	18	of	of	ADP
ajfa-7243	136	19	cash	cash	NOUN
ajfa-7243	136	20	flow	flow	NOUN
ajfa-7243	136	21	generation	generation	NOUN
ajfa-7243	136	22	in	in	ADP
ajfa-7243	136	23	future	future	NOUN
ajfa-7243	136	24	.	.	PUNCT
ajfa-7243	137	1	hence	hence	ADV
ajfa-7243	137	2	,	,	PUNCT
ajfa-7243	137	3	lagged	lag	VERB
ajfa-7243	137	4	value	value	NOUN
ajfa-7243	137	5	of	of	ADP
ajfa-7243	137	6	net	net	ADJ
ajfa-7243	137	7	change	change	NOUN
ajfa-7243	137	8	in	in	ADP
ajfa-7243	137	9	fixed	fixed	ADJ
ajfa-7243	137	10	assets	asset	NOUN
ajfa-7243	137	11	is	be	AUX
ajfa-7243	137	12	used	use	VERB
ajfa-7243	137	13	.	.	PUNCT
ajfa-7243	138	1	net	net	ADJ
ajfa-7243	138	2	change	change	NOUN
ajfa-7243	138	3	in	in	ADP
ajfa-7243	138	4	fixed	fix	VERB
ajfa-7243	138	5	assets	asset	NOUN
ajfa-7243	138	6	(	(	PUNCT
ajfa-7243	138	7	capex	capex	NOUN
ajfa-7243	138	8	)	)	PUNCT
ajfa-7243	138	9	book	book	NOUN
ajfa-7243	138	10	value	value	NOUN
ajfa-7243	138	11	the	the	DET
ajfa-7243	138	12	value	value	NOUN
ajfa-7243	138	13	at	at	ADP
ajfa-7243	138	14	which	which	PRON
ajfa-7243	138	15	an	an	DET
ajfa-7243	138	16	asset	asset	NOUN
ajfa-7243	138	17	is	be	AUX
ajfa-7243	138	18	carried	carry	VERB
ajfa-7243	138	19	on	on	ADP
ajfa-7243	138	20	a	a	DET
ajfa-7243	138	21	balance	balance	NOUN
ajfa-7243	138	22	sheet	sheet	NOUN
ajfa-7243	138	23	.	.	PUNCT
ajfa-7243	139	1	it	it	PRON
ajfa-7243	139	2	is	be	AUX
ajfa-7243	139	3	the	the	DET
ajfa-7243	139	4	total	total	ADJ
ajfa-7243	139	5	value	value	NOUN
ajfa-7243	139	6	of	of	ADP
ajfa-7243	139	7	the	the	DET
ajfa-7243	139	8	company	company	NOUN
ajfa-7243	139	9	’s	’s	PART
ajfa-7243	139	10	assets	asset	NOUN
ajfa-7243	139	11	that	that	PRON
ajfa-7243	139	12	shareholders	shareholder	NOUN
ajfa-7243	139	13	would	would	AUX
ajfa-7243	139	14	theoretically	theoretically	ADV
ajfa-7243	139	15	receive	receive	VERB
ajfa-7243	139	16	if	if	SCONJ
ajfa-7243	139	17	a	a	DET
ajfa-7243	139	18	company	company	NOUN
ajfa-7243	139	19	were	be	AUX
ajfa-7243	139	20	liquidated	liquidate	VERB
ajfa-7243	139	21	.	.	PUNCT
ajfa-7243	140	1	therefore	therefore	ADV
ajfa-7243	140	2	higher	high	ADJ
ajfa-7243	140	3	(	(	PUNCT
ajfa-7243	140	4	lower	low	ADJ
ajfa-7243	140	5	)	)	PUNCT
ajfa-7243	140	6	estimates	estimate	NOUN
ajfa-7243	140	7	of	of	ADP
ajfa-7243	140	8	book	book	NOUN
ajfa-7243	140	9	value	value	NOUN
ajfa-7243	140	10	may	may	AUX
ajfa-7243	140	11	lead	lead	VERB
ajfa-7243	140	12	to	to	ADP
ajfa-7243	140	13	higher	high	ADJ
ajfa-7243	140	14	(	(	PUNCT
ajfa-7243	140	15	lower	low	ADJ
ajfa-7243	140	16	)	)	PUNCT
ajfa-7243	140	17	market	market	NOUN
ajfa-7243	140	18	value	value	NOUN
ajfa-7243	140	19	.	.	PUNCT
ajfa-7243	141	1	bv	bv	PROPN
ajfa-7243	141	2	earnings	earning	NOUN
ajfa-7243	141	3	per	per	ADP
ajfa-7243	141	4	share	share	NOUN
ajfa-7243	141	5	the	the	DET
ajfa-7243	141	6	portion	portion	NOUN
ajfa-7243	141	7	of	of	ADP
ajfa-7243	141	8	a	a	DET
ajfa-7243	141	9	company	company	NOUN
ajfa-7243	141	10	’s	’s	PART
ajfa-7243	141	11	profit	profit	NOUN
ajfa-7243	141	12	allocated	allocate	VERB
ajfa-7243	141	13	to	to	ADP
ajfa-7243	141	14	each	each	DET
ajfa-7243	141	15	outstanding	outstanding	ADJ
ajfa-7243	141	16	share	share	NOUN
ajfa-7243	141	17	of	of	ADP
ajfa-7243	141	18	common	common	ADJ
ajfa-7243	141	19	stock	stock	NOUN
ajfa-7243	141	20	.	.	PUNCT
ajfa-7243	142	1	earnings	earning	NOUN
ajfa-7243	142	2	per	per	ADP
ajfa-7243	142	3	share	share	NOUN
ajfa-7243	142	4	serve	serve	VERB
ajfa-7243	142	5	as	as	ADP
ajfa-7243	142	6	an	an	DET
ajfa-7243	142	7	indicator	indicator	NOUN
ajfa-7243	142	8	of	of	ADP
ajfa-7243	142	9	a	a	DET
ajfa-7243	142	10	company	company	NOUN
ajfa-7243	142	11	’s	’s	PART
ajfa-7243	142	12	profitability	profitability	NOUN
ajfa-7243	142	13	.	.	PUNCT
ajfa-7243	143	1	eps	eps	PROPN
ajfa-7243	143	2	dividend	dividend	NOUN
ajfa-7243	143	3	per	per	ADP
ajfa-7243	143	4	share	share	NOUN
ajfa-7243	143	5	the	the	DET
ajfa-7243	143	6	portion	portion	NOUN
ajfa-7243	143	7	of	of	ADP
ajfa-7243	143	8	companies	company	NOUN
ajfa-7243	143	9	’	’	PART
ajfa-7243	143	10	profit	profit	NOUN
ajfa-7243	143	11	that	that	PRON
ajfa-7243	143	12	is	be	AUX
ajfa-7243	143	13	distributed	distribute	VERB
ajfa-7243	143	14	among	among	ADP
ajfa-7243	143	15	shareholders	shareholder	NOUN
ajfa-7243	143	16	.	.	PUNCT
ajfa-7243	144	1	market	market	NOUN
ajfa-7243	144	2	reacts	react	VERB
ajfa-7243	144	3	positively	positively	ADV
ajfa-7243	144	4	to	to	ADP
ajfa-7243	144	5	announcements	announcement	NOUN
ajfa-7243	144	6	of	of	ADP
ajfa-7243	144	7	dividend	dividend	NOUN
ajfa-7243	144	8	increases	increase	NOUN
ajfa-7243	144	9	,	,	PUNCT
ajfa-7243	144	10	and	and	CCONJ
ajfa-7243	144	11	negatively	negatively	ADV
ajfa-7243	144	12	to	to	ADP
ajfa-7243	144	13	announcements	announcement	NOUN
ajfa-7243	144	14	of	of	ADP
ajfa-7243	144	15	dividend	dividend	NOUN
ajfa-7243	144	16	decreases	decrease	NOUN
ajfa-7243	144	17	or	or	CCONJ
ajfa-7243	144	18	no	no	DET
ajfa-7243	144	19	dividend	dividend	NOUN
ajfa-7243	144	20	.	.	PUNCT
ajfa-7243	145	1	dps	dps	NOUN
ajfa-7243	145	2	beta	beta	NOUN
ajfa-7243	145	3	it	it	PRON
ajfa-7243	145	4	is	be	AUX
ajfa-7243	145	5	a	a	DET
ajfa-7243	145	6	measure	measure	NOUN
ajfa-7243	145	7	of	of	ADP
ajfa-7243	145	8	systematic	systematic	ADJ
ajfa-7243	145	9	risk	risk	NOUN
ajfa-7243	145	10	,	,	PUNCT
ajfa-7243	145	11	of	of	ADP
ajfa-7243	145	12	a	a	DET
ajfa-7243	145	13	security	security	NOUN
ajfa-7243	145	14	in	in	ADP
ajfa-7243	145	15	comparison	comparison	NOUN
ajfa-7243	145	16	to	to	ADP
ajfa-7243	145	17	the	the	DET
ajfa-7243	145	18	market	market	NOUN
ajfa-7243	145	19	as	as	ADP
ajfa-7243	145	20	a	a	DET
ajfa-7243	145	21	whole	whole	NOUN
ajfa-7243	145	22	.	.	PUNCT
ajfa-7243	146	1	therefore	therefore	ADV
ajfa-7243	146	2	it	it	PRON
ajfa-7243	146	3	is	be	AUX
ajfa-7243	146	4	expected	expect	VERB
ajfa-7243	146	5	that	that	SCONJ
ajfa-7243	146	6	stocks	stock	NOUN
ajfa-7243	146	7	with	with	ADP
ajfa-7243	146	8	higher	high	ADJ
ajfa-7243	146	9	beta	beta	NOUN
ajfa-7243	146	10	will	will	AUX
ajfa-7243	146	11	form	form	VERB
ajfa-7243	146	12	the	the	DET
ajfa-7243	146	13	basis	basis	NOUN
ajfa-7243	146	14	of	of	ADP
ajfa-7243	146	15	higher	high	ADJ
ajfa-7243	146	16	discount	discount	NOUN
ajfa-7243	146	17	rate	rate	NOUN
ajfa-7243	146	18	and	and	CCONJ
ajfa-7243	146	19	hence	hence	ADV
ajfa-7243	146	20	lower	low	ADJ
ajfa-7243	146	21	value	value	NOUN
ajfa-7243	146	22	.	.	PUNCT
ajfa-7243	147	1	beta	beta	ADJ
ajfa-7243	147	2	pay	pay	VERB
ajfa-7243	147	3	-	-	PUNCT
ajfa-7243	147	4	out	out	ADP
ajfa-7243	147	5	ratio	ratio	NOUN
ajfa-7243	147	6	pay	pay	VERB
ajfa-7243	147	7	-	-	PUNCT
ajfa-7243	147	8	out	out	ADP
ajfa-7243	147	9	ratio	ratio	NOUN
ajfa-7243	147	10	plays	play	VERB
ajfa-7243	147	11	an	an	DET
ajfa-7243	147	12	important	important	ADJ
ajfa-7243	147	13	role	role	NOUN
ajfa-7243	147	14	in	in	ADP
ajfa-7243	147	15	emerging	emerge	VERB
ajfa-7243	147	16	economies	economy	NOUN
ajfa-7243	147	17	because	because	SCONJ
ajfa-7243	147	18	company	company	NOUN
ajfa-7243	147	19	’s	’s	PART
ajfa-7243	147	20	decision	decision	NOUN
ajfa-7243	147	21	on	on	ADP
ajfa-7243	147	22	whether	whether	SCONJ
ajfa-7243	147	23	it	it	PRON
ajfa-7243	147	24	will	will	AUX
ajfa-7243	147	25	pay	pay	VERB
ajfa-7243	147	26	high	high	ADJ
ajfa-7243	147	27	percentage	percentage	NOUN
ajfa-7243	147	28	of	of	ADP
ajfa-7243	147	29	profits	profit	NOUN
ajfa-7243	147	30	as	as	ADP
ajfa-7243	147	31	dividends	dividend	NOUN
ajfa-7243	147	32	or	or	CCONJ
ajfa-7243	147	33	will	will	AUX
ajfa-7243	147	34	retain	retain	VERB
ajfa-7243	147	35	them	they	PRON
ajfa-7243	147	36	for	for	ADP
ajfa-7243	147	37	future	future	ADJ
ajfa-7243	147	38	expansion	expansion	NOUN
ajfa-7243	147	39	is	be	AUX
ajfa-7243	147	40	a	a	DET
ajfa-7243	147	41	critical	critical	ADJ
ajfa-7243	147	42	decision	decision	NOUN
ajfa-7243	147	43	to	to	PART
ajfa-7243	147	44	be	be	AUX
ajfa-7243	147	45	made	make	VERB
ajfa-7243	147	46	because	because	SCONJ
ajfa-7243	147	47	high	high	ADJ
ajfa-7243	147	48	pay	pay	NOUN
ajfa-7243	147	49	-	-	PUNCT
ajfa-7243	147	50	out	out	ADP
ajfa-7243	147	51	ratio	ratio	NOUN
ajfa-7243	147	52	is	be	AUX
ajfa-7243	147	53	perceived	perceive	VERB
ajfa-7243	147	54	as	as	ADP
ajfa-7243	147	55	low	low	ADJ
ajfa-7243	147	56	level	level	NOUN
ajfa-7243	147	57	of	of	ADP
ajfa-7243	147	58	investments	investment	NOUN
ajfa-7243	147	59	opportunities	opportunity	NOUN
ajfa-7243	147	60	available	available	ADJ
ajfa-7243	147	61	to	to	ADP
ajfa-7243	147	62	firms	firm	NOUN
ajfa-7243	147	63	and	and	CCONJ
ajfa-7243	147	64	vice	vice	NOUN
ajfa-7243	147	65	-	-	NOUN
ajfa-7243	147	66	versa	versa	NOUN
ajfa-7243	147	67	in	in	ADP
ajfa-7243	147	68	the	the	DET
ajfa-7243	147	69	market	market	NOUN
ajfa-7243	147	70	and	and	CCONJ
ajfa-7243	147	71	hence	hence	ADV
ajfa-7243	147	72	will	will	AUX
ajfa-7243	147	73	lead	lead	VERB
ajfa-7243	147	74	to	to	ADP
ajfa-7243	147	75	lower	low	ADJ
ajfa-7243	147	76	/	/	SYM
ajfa-7243	147	77	higher	high	ADJ
ajfa-7243	147	78	market	market	NOUN
ajfa-7243	147	79	value	value	NOUN
ajfa-7243	147	80	.	.	PUNCT
ajfa-7243	148	1	por	por	NOUN
ajfa-7243	148	2	ownership	ownership	NOUN
ajfa-7243	148	3	structure	structure	NOUN
ajfa-7243	148	4	by	by	ADP
ajfa-7243	148	5	ownership	ownership	NOUN
ajfa-7243	148	6	structure	structure	NOUN
ajfa-7243	148	7	we	we	PRON
ajfa-7243	148	8	mean	mean	VERB
ajfa-7243	148	9	the	the	DET
ajfa-7243	148	10	participation	participation	NOUN
ajfa-7243	148	11	of	of	ADP
ajfa-7243	148	12	foreign	foreign	ADJ
ajfa-7243	148	13	promoters	promoter	NOUN
ajfa-7243	148	14	.	.	PUNCT
ajfa-7243	149	1	we	we	PRON
ajfa-7243	149	2	expect	expect	VERB
ajfa-7243	149	3	that	that	DET
ajfa-7243	149	4	high	high	ADJ
ajfa-7243	149	5	concentration	concentration	NOUN
ajfa-7243	149	6	of	of	ADP
ajfa-7243	149	7	foreign	foreign	ADJ
ajfa-7243	149	8	promoters	promoter	NOUN
ajfa-7243	149	9	will	will	AUX
ajfa-7243	149	10	have	have	VERB
ajfa-7243	149	11	significant	significant	ADJ
ajfa-7243	149	12	positive	positive	ADJ
ajfa-7243	149	13	influence	influence	NOUN
ajfa-7243	149	14	on	on	ADP
ajfa-7243	149	15	firm	firm	ADJ
ajfa-7243	149	16	value	value	NOUN
ajfa-7243	149	17	.	.	PUNCT
ajfa-7243	150	1	the	the	DET
ajfa-7243	150	2	underlying	underlie	VERB
ajfa-7243	150	3	rational	rational	NOUN
ajfa-7243	150	4	is	be	AUX
ajfa-7243	150	5	that	that	SCONJ
ajfa-7243	150	6	apart	apart	ADV
ajfa-7243	150	7	from	from	ADP
ajfa-7243	150	8	easy	easy	ADJ
ajfa-7243	150	9	money	money	NOUN
ajfa-7243	150	10	,	,	PUNCT
ajfa-7243	150	11	foreign	foreign	ADJ
ajfa-7243	150	12	promoters	promoter	NOUN
ajfa-7243	150	13	will	will	AUX
ajfa-7243	150	14	bring	bring	VERB
ajfa-7243	150	15	new	new	ADJ
ajfa-7243	150	16	technologies	technology	NOUN
ajfa-7243	150	17	and	and	CCONJ
ajfa-7243	150	18	human	human	ADJ
ajfa-7243	150	19	expertise	expertise	NOUN
ajfa-7243	150	20	with	with	ADP
ajfa-7243	150	21	them	they	PRON
ajfa-7243	150	22	,	,	PUNCT
ajfa-7243	150	23	which	which	PRON
ajfa-7243	150	24	will	will	AUX
ajfa-7243	150	25	in	in	ADP
ajfa-7243	150	26	a	a	DET
ajfa-7243	150	27	way	way	NOUN
ajfa-7243	150	28	help	help	VERB
ajfa-7243	150	29	firms	firm	NOUN
ajfa-7243	150	30	in	in	ADP
ajfa-7243	150	31	developing	develop	VERB
ajfa-7243	150	32	economies	economy	NOUN
ajfa-7243	150	33	to	to	PART
ajfa-7243	150	34	grow	grow	VERB
ajfa-7243	150	35	and	and	CCONJ
ajfa-7243	150	36	survive	survive	VERB
ajfa-7243	150	37	in	in	ADP
ajfa-7243	150	38	the	the	DET
ajfa-7243	150	39	competitive	competitive	ADJ
ajfa-7243	150	40	world	world	NOUN
ajfa-7243	150	41	.	.	PUNCT
ajfa-7243	151	1	foreign	foreign	ADJ
ajfa-7243	151	2	promoters	promoter	NOUN
ajfa-7243	151	3	(	(	PUNCT
ajfa-7243	151	4	fp	fp	X
ajfa-7243	151	5	)	)	PUNCT
ajfa-7243	151	6	asian	asian	ADJ
ajfa-7243	151	7	journal	journal	NOUN
ajfa-7243	151	8	of	of	ADP
ajfa-7243	151	9	finance	finance	PROPN
ajfa-7243	151	10	&	&	CCONJ
ajfa-7243	151	11	accounting	accounting	PROPN
ajfa-7243	151	12	issn	issn	PROPN
ajfa-7243	151	13	1946	1946	NUM
ajfa-7243	151	14	-	-	PUNCT
ajfa-7243	151	15	052x	052x	NOUN
ajfa-7243	151	16	2015	2015	NUM
ajfa-7243	151	17	,	,	PUNCT
ajfa-7243	151	18	vol	vol	NOUN
ajfa-7243	151	19	.	.	PROPN
ajfa-7243	151	20	7	7	NUM
ajfa-7243	151	21	,	,	PUNCT
ajfa-7243	151	22	no	no	INTJ
ajfa-7243	151	23	.	.	NOUN
ajfa-7243	151	24	2	2	NUM
ajfa-7243	151	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-7243	151	26	9	9	NUM
ajfa-7243	151	27	investments	investment	NOUN
ajfa-7243	151	28	into	into	ADP
ajfa-7243	151	29	r&d	r&d	NOUN
ajfa-7243	151	30	investments	investment	NOUN
ajfa-7243	151	31	into	into	ADP
ajfa-7243	151	32	r&d	r&d	NOUN
ajfa-7243	151	33	is	be	AUX
ajfa-7243	151	34	viewed	view	VERB
ajfa-7243	151	35	as	as	ADP
ajfa-7243	151	36	the	the	DET
ajfa-7243	151	37	future	future	NOUN
ajfa-7243	151	38	of	of	ADP
ajfa-7243	151	39	firms	firm	NOUN
ajfa-7243	151	40	performance	performance	NOUN
ajfa-7243	151	41	because	because	SCONJ
ajfa-7243	151	42	to	to	PART
ajfa-7243	151	43	survive	survive	VERB
ajfa-7243	151	44	in	in	ADP
ajfa-7243	151	45	this	this	DET
ajfa-7243	151	46	competitive	competitive	ADJ
ajfa-7243	151	47	market	market	NOUN
ajfa-7243	151	48	it	it	PRON
ajfa-7243	151	49	is	be	AUX
ajfa-7243	151	50	expected	expect	VERB
ajfa-7243	151	51	that	that	SCONJ
ajfa-7243	151	52	firms	firm	NOUN
ajfa-7243	151	53	come	come	VERB
ajfa-7243	151	54	up	up	ADP
ajfa-7243	151	55	with	with	ADP
ajfa-7243	151	56	new	new	ADJ
ajfa-7243	151	57	innovative	innovative	ADJ
ajfa-7243	151	58	products	product	NOUN
ajfa-7243	151	59	and	and	CCONJ
ajfa-7243	151	60	services	service	NOUN
ajfa-7243	151	61	,	,	PUNCT
ajfa-7243	151	62	and	and	CCONJ
ajfa-7243	151	63	that	that	PRON
ajfa-7243	151	64	is	be	AUX
ajfa-7243	151	65	only	only	ADV
ajfa-7243	151	66	possible	possible	ADJ
ajfa-7243	151	67	if	if	SCONJ
ajfa-7243	151	68	firms	firm	NOUN
ajfa-7243	151	69	are	be	AUX
ajfa-7243	151	70	continuously	continuously	ADV
ajfa-7243	151	71	investing	invest	VERB
ajfa-7243	151	72	into	into	ADP
ajfa-7243	151	73	r&d	r&d	NOUN
ajfa-7243	151	74	.	.	PUNCT
ajfa-7243	152	1	we	we	PRON
ajfa-7243	152	2	expect	expect	VERB
ajfa-7243	152	3	the	the	DET
ajfa-7243	152	4	market	market	NOUN
ajfa-7243	152	5	value	value	NOUN
ajfa-7243	152	6	of	of	ADP
ajfa-7243	152	7	firms	firm	NOUN
ajfa-7243	152	8	with	with	ADP
ajfa-7243	152	9	high	high	ADJ
ajfa-7243	152	10	investments	investment	NOUN
ajfa-7243	152	11	into	into	ADP
ajfa-7243	152	12	r&d	r&d	NOUN
ajfa-7243	152	13	be	be	AUX
ajfa-7243	152	14	higher	high	ADJ
ajfa-7243	152	15	than	than	ADP
ajfa-7243	152	16	firms	firm	NOUN
ajfa-7243	152	17	with	with	ADP
ajfa-7243	152	18	low	low	ADJ
ajfa-7243	152	19	or	or	CCONJ
ajfa-7243	152	20	no	no	PRON
ajfa-7243	152	21	investments	investment	NOUN
ajfa-7243	152	22	.	.	PUNCT
ajfa-7243	153	1	r&d	r&d	NOUN
ajfa-7243	153	2	/	/	SYM
ajfa-7243	153	3	sales	sale	NOUN
ajfa-7243	153	4	(	(	PUNCT
ajfa-7243	153	5	rdi	rdi	PROPN
ajfa-7243	153	6	)	)	PUNCT
ajfa-7243	153	7	investments	investment	NOUN
ajfa-7243	153	8	into	into	ADP
ajfa-7243	153	9	advertisement	advertisement	NOUN
ajfa-7243	153	10	investments	investment	NOUN
ajfa-7243	153	11	into	into	ADP
ajfa-7243	153	12	advertisement	advertisement	NOUN
ajfa-7243	153	13	are	be	AUX
ajfa-7243	153	14	a	a	DET
ajfa-7243	153	15	measure	measure	NOUN
ajfa-7243	153	16	of	of	ADP
ajfa-7243	153	17	brand	brand	NOUN
ajfa-7243	153	18	image	image	NOUN
ajfa-7243	153	19	.	.	PUNCT
ajfa-7243	154	1	the	the	DET
ajfa-7243	154	2	firms	firm	NOUN
ajfa-7243	154	3	with	with	ADP
ajfa-7243	154	4	high	high	ADJ
ajfa-7243	154	5	brand	brand	NOUN
ajfa-7243	154	6	value	value	NOUN
ajfa-7243	154	7	are	be	AUX
ajfa-7243	154	8	perceived	perceive	VERB
ajfa-7243	154	9	to	to	PART
ajfa-7243	154	10	have	have	VERB
ajfa-7243	154	11	better	well	ADJ
ajfa-7243	154	12	future	future	ADJ
ajfa-7243	154	13	prospects	prospect	NOUN
ajfa-7243	154	14	because	because	SCONJ
ajfa-7243	154	15	of	of	ADP
ajfa-7243	154	16	the	the	DET
ajfa-7243	154	17	trust	trust	NOUN
ajfa-7243	154	18	created	create	VERB
ajfa-7243	154	19	by	by	ADP
ajfa-7243	154	20	them	they	PRON
ajfa-7243	154	21	over	over	ADP
ajfa-7243	154	22	years	year	NOUN
ajfa-7243	154	23	.	.	PUNCT
ajfa-7243	155	1	we	we	PRON
ajfa-7243	155	2	expect	expect	VERB
ajfa-7243	155	3	the	the	DET
ajfa-7243	155	4	market	market	NOUN
ajfa-7243	155	5	value	value	NOUN
ajfa-7243	155	6	of	of	ADP
ajfa-7243	155	7	firms	firm	NOUN
ajfa-7243	155	8	with	with	ADP
ajfa-7243	155	9	high	high	ADJ
ajfa-7243	155	10	investments	investment	NOUN
ajfa-7243	155	11	into	into	ADP
ajfa-7243	155	12	advertisement	advertisement	NOUN
ajfa-7243	155	13	be	be	AUX
ajfa-7243	155	14	higher	high	ADJ
ajfa-7243	155	15	than	than	ADP
ajfa-7243	155	16	firms	firm	NOUN
ajfa-7243	155	17	with	with	ADP
ajfa-7243	155	18	low	low	ADJ
ajfa-7243	155	19	investments	investment	NOUN
ajfa-7243	155	20	.	.	PUNCT
ajfa-7243	156	1	advertisement	advertisement	NOUN
ajfa-7243	156	2	/	/	SYM
ajfa-7243	156	3	sales	sale	NOUN
ajfa-7243	156	4	(	(	PUNCT
ajfa-7243	156	5	ai	ai	NOUN
ajfa-7243	156	6	)	)	PUNCT
ajfa-7243	156	7	source	source	NOUN
ajfa-7243	156	8	:	:	PUNCT
ajfa-7243	156	9	own	own	ADJ
ajfa-7243	156	10	compiled	compile	VERB
ajfa-7243	156	11	figure	figure	NOUN
ajfa-7243	156	12	2.model	2.model	NUM
ajfa-7243	156	13	derivation	derivation	NOUN
ajfa-7243	156	14	process	process	NOUN
ajfa-7243	156	15	source	source	NOUN
ajfa-7243	156	16	:	:	PUNCT
ajfa-7243	156	17	own	own	ADJ
ajfa-7243	156	18	graphic	graphic	ADJ
ajfa-7243	156	19	asian	asian	ADJ
ajfa-7243	156	20	journal	journal	NOUN
ajfa-7243	156	21	of	of	ADP
ajfa-7243	156	22	finance	finance	PROPN
ajfa-7243	156	23	&	&	CCONJ
ajfa-7243	156	24	accounting	accounting	PROPN
ajfa-7243	156	25	issn	issn	PROPN
ajfa-7243	156	26	1946	1946	NUM
ajfa-7243	156	27	-	-	PUNCT
ajfa-7243	156	28	052x	052x	NOUN
ajfa-7243	156	29	2015	2015	NUM
ajfa-7243	156	30	,	,	PUNCT
ajfa-7243	156	31	vol	vol	NOUN
ajfa-7243	156	32	.	.	PROPN
ajfa-7243	157	1	7	7	NUM
ajfa-7243	157	2	,	,	PUNCT
ajfa-7243	157	3	no	no	INTJ
ajfa-7243	157	4	.	.	NOUN
ajfa-7243	157	5	2	2	NUM
ajfa-7243	157	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-7243	157	7	10	10	NUM
ajfa-7243	157	8	figure	figure	NOUN
ajfa-7243	157	9	3	3	NUM
ajfa-7243	157	10	.	.	PUNCT
ajfa-7243	158	1	derivation	derivation	NOUN
ajfa-7243	158	2	of	of	ADP
ajfa-7243	158	3	level	level	NOUN
ajfa-7243	158	4	ii	ii	NOUN
ajfa-7243	158	5	value	value	NOUN
ajfa-7243	158	6	drivers	driver	NOUN
ajfa-7243	158	7	source	source	NOUN
ajfa-7243	158	8	:	:	PUNCT
ajfa-7243	158	9	own	own	ADJ
ajfa-7243	158	10	graphic	graphic	ADJ
ajfa-7243	158	11	sales	sale	NOUN
ajfa-7243	158	12	roe	roe	NOUN
ajfa-7243	158	13	operating	operating	NOUN
ajfa-7243	158	14	cost	cost	NOUN
ajfa-7243	158	15	tax	tax	NOUN
ajfa-7243	158	16	rate	rate	NOUN
ajfa-7243	158	17	sales	sale	NOUN
ajfa-7243	158	18	growth	growth	NOUN
ajfa-7243	158	19	capital	capital	NOUN
ajfa-7243	158	20	expenditure	expenditure	NOUN
ajfa-7243	158	21	market	market	NOUN
ajfa-7243	158	22	return	return	NOUN
ajfa-7243	158	23	coe	coe	PROPN
ajfa-7243	158	24	risk	risk	NOUN
ajfa-7243	158	25	free	free	ADJ
ajfa-7243	158	26	rate	rate	NOUN
ajfa-7243	158	27	beta	beta	PROPN
ajfa-7243	158	28	bv_l	bv_l	PROPN
ajfa-7243	158	29	bv	bv	PROPN
ajfa-7243	158	30	eps	eps	PROPN
ajfa-7243	158	31	dps	dps	PROPN
ajfa-7243	158	32	net	net	ADJ
ajfa-7243	158	33	margin	margin	NOUN
ajfa-7243	158	34	asian	asian	ADJ
ajfa-7243	158	35	journal	journal	NOUN
ajfa-7243	158	36	of	of	ADP
ajfa-7243	158	37	finance	finance	PROPN
ajfa-7243	158	38	&	&	CCONJ
ajfa-7243	158	39	accounting	accounting	PROPN
ajfa-7243	158	40	issn	issn	PROPN
ajfa-7243	158	41	1946	1946	NUM
ajfa-7243	158	42	-	-	PUNCT
ajfa-7243	158	43	052x	052x	NOUN
ajfa-7243	158	44	2015	2015	NUM
ajfa-7243	158	45	,	,	PUNCT
ajfa-7243	158	46	vol	vol	NOUN
ajfa-7243	158	47	.	.	PROPN
ajfa-7243	159	1	7	7	NUM
ajfa-7243	159	2	,	,	PUNCT
ajfa-7243	159	3	no	no	INTJ
ajfa-7243	159	4	.	.	NOUN
ajfa-7243	159	5	2	2	NUM
ajfa-7243	159	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7243	159	7	11	11	NUM
ajfa-7243	159	8	figure	figure	NOUN
ajfa-7243	159	9	4	4	NUM
ajfa-7243	159	10	.	.	PUNCT
ajfa-7243	160	1	classification	classification	NOUN
ajfa-7243	160	2	of	of	ADP
ajfa-7243	160	3	value	value	NOUN
ajfa-7243	160	4	drivers	driver	NOUN
ajfa-7243	160	5	source	source	NOUN
ajfa-7243	160	6	:	:	PUNCT
ajfa-7243	160	7	own	own	ADJ
ajfa-7243	160	8	graphic	graphic	ADJ
ajfa-7243	160	9	4	4	NUM
ajfa-7243	160	10	.	.	PUNCT
ajfa-7243	160	11	data	datum	NOUN
ajfa-7243	160	12	sources	source	NOUN
ajfa-7243	160	13	all	all	DET
ajfa-7243	160	14	the	the	DET
ajfa-7243	160	15	variables	variable	NOUN
ajfa-7243	160	16	used	use	VERB
ajfa-7243	160	17	in	in	ADP
ajfa-7243	160	18	this	this	DET
ajfa-7243	160	19	study	study	NOUN
ajfa-7243	160	20	were	be	AUX
ajfa-7243	160	21	obtainedfrom	obtainedfrom	ADP
ajfa-7243	160	22	the	the	DET
ajfa-7243	160	23	prowess	prowess	NOUN
ajfa-7243	160	24	data	datum	NOUN
ajfa-7243	160	25	base	base	NOUN
ajfa-7243	160	26	of	of	ADP
ajfa-7243	160	27	centre	centre	NOUN
ajfa-7243	160	28	for	for	ADP
ajfa-7243	160	29	monitoring	monitor	VERB
ajfa-7243	160	30	indian	indian	ADJ
ajfa-7243	160	31	economy	economy	NOUN
ajfa-7243	160	32	(	(	PUNCT
ajfa-7243	160	33	cmie	cmie	PROPN
ajfa-7243	160	34	)	)	PUNCT
ajfa-7243	160	35	.	.	PUNCT
ajfa-7243	161	1	it	it	PRON
ajfa-7243	161	2	provides	provide	VERB
ajfa-7243	161	3	data	datum	NOUN
ajfa-7243	161	4	on	on	ADP
ajfa-7243	161	5	more	more	ADJ
ajfa-7243	161	6	than	than	ADP
ajfa-7243	161	7	27000	27000	NUM
ajfa-7243	161	8	indian	indian	ADJ
ajfa-7243	161	9	companies	company	NOUN
ajfa-7243	161	10	both	both	CCONJ
ajfa-7243	161	11	listed	list	VERB
ajfa-7243	161	12	and	and	CCONJ
ajfa-7243	161	13	unlisted	unliste	VERB
ajfa-7243	161	14	.	.	PUNCT
ajfa-7243	162	1	we	we	PRON
ajfa-7243	162	2	have	have	AUX
ajfa-7243	162	3	taken	take	VERB
ajfa-7243	162	4	all	all	DET
ajfa-7243	162	5	3756bse	3756bse	NOUN
ajfa-7243	162	6	(	(	PUNCT
ajfa-7243	162	7	bombay	bombay	PROPN
ajfa-7243	162	8	stock	stock	PROPN
ajfa-7243	162	9	exchange	exchange	PROPN
ajfa-7243	162	10	)	)	PUNCT
ajfa-7243	162	11	listed	list	VERB
ajfa-7243	162	12	manufacturing	manufacturing	NOUN
ajfa-7243	162	13	companies	company	NOUN
ajfa-7243	162	14	from	from	ADP
ajfa-7243	162	15	prowess	prowess	NOUN
ajfa-7243	162	16	data	datum	NOUN
ajfa-7243	162	17	base	base	NOUN
ajfa-7243	162	18	for	for	ADP
ajfa-7243	162	19	the	the	DET
ajfa-7243	162	20	period	period	NOUN
ajfa-7243	162	21	from	from	ADP
ajfa-7243	162	22	march	march	PROPN
ajfa-7243	162	23	2002	2002	NUM
ajfa-7243	162	24	to	to	ADP
ajfa-7243	162	25	march	march	PROPN
ajfa-7243	162	26	2012	2012	NUM
ajfa-7243	162	27	.	.	PUNCT
ajfa-7243	163	1	the	the	DET
ajfa-7243	163	2	study	study	NOUN
ajfa-7243	163	3	further	far	ADV
ajfa-7243	163	4	analyses	analyse	VERB
ajfa-7243	163	5	the	the	DET
ajfa-7243	163	6	sectorial	sectorial	ADJ
ajfa-7243	163	7	sensitivity	sensitivity	NOUN
ajfa-7243	163	8	of	of	ADP
ajfa-7243	163	9	value	value	NOUN
ajfa-7243	163	10	drivers	driver	NOUN
ajfa-7243	163	11	for	for	ADP
ajfa-7243	163	12	the	the	DET
ajfa-7243	163	13	seven	seven	NUM
ajfa-7243	163	14	sub	sub	NOUN
ajfa-7243	163	15	-	-	NOUN
ajfa-7243	163	16	sectors	sector	NOUN
ajfa-7243	163	17	of	of	ADP
ajfa-7243	163	18	manufacturing	manufacturing	NOUN
ajfa-7243	163	19	industry	industry	NOUN
ajfa-7243	163	20	(	(	PUNCT
ajfa-7243	163	21	as	as	ADP
ajfa-7243	163	22	per	per	ADP
ajfa-7243	163	23	cmie)namely	cmie)namely	ADV
ajfa-7243	163	24	chemical	chemical	ADJ
ajfa-7243	163	25	,	,	PUNCT
ajfa-7243	163	26	machinery	machinery	NOUN
ajfa-7243	163	27	,	,	PUNCT
ajfa-7243	163	28	metal	metal	NOUN
ajfa-7243	163	29	,	,	PUNCT
ajfa-7243	163	30	non	non	ADJ
ajfa-7243	163	31	-	-	ADJ
ajfa-7243	163	32	metallic	metallic	ADJ
ajfa-7243	163	33	,	,	PUNCT
ajfa-7243	163	34	transport	transport	NOUN
ajfa-7243	163	35	,	,	PUNCT
ajfa-7243	163	36	textile	textile	NOUN
ajfa-7243	163	37	and	and	CCONJ
ajfa-7243	163	38	food	food	NOUN
ajfa-7243	163	39	&	&	CCONJ
ajfa-7243	163	40	beverages	beverage	NOUN
ajfa-7243	163	41	sector	sector	NOUN
ajfa-7243	163	42	.	.	PUNCT
ajfa-7243	164	1	4.1	4.1	NUM
ajfa-7243	164	2	.	.	PUNCT
ajfa-7243	164	3	sample	sample	NOUN
ajfa-7243	164	4	selection	selection	NOUN
ajfa-7243	164	5	we	we	PRON
ajfa-7243	164	6	start	start	VERB
ajfa-7243	164	7	withall	withall	ADP
ajfa-7243	164	8	the	the	DET
ajfa-7243	164	9	3756	3756	NUM
ajfa-7243	164	10	bse	bse	NOUN
ajfa-7243	164	11	listed	list	VERB
ajfa-7243	164	12	manufacturing	manufacturing	NOUN
ajfa-7243	164	13	sector	sector	NOUN
ajfa-7243	164	14	companies	company	NOUN
ajfa-7243	164	15	for	for	ADP
ajfa-7243	164	16	11	11	NUM
ajfa-7243	164	17	years.out	years.out	NOUN
ajfa-7243	164	18	of	of	ADP
ajfa-7243	164	19	these	these	DET
ajfa-7243	164	20	3756	3756	NUM
ajfa-7243	164	21	companies	company	NOUN
ajfa-7243	164	22	,	,	PUNCT
ajfa-7243	164	23	we	we	PRON
ajfa-7243	164	24	further	far	ADV
ajfa-7243	164	25	filter	filter	VERB
ajfa-7243	164	26	it	it	PRON
ajfa-7243	164	27	on	on	ADP
ajfa-7243	164	28	the	the	DET
ajfa-7243	164	29	basis	basis	NOUN
ajfa-7243	164	30	of	of	ADP
ajfa-7243	164	31	availability	availability	NOUN
ajfa-7243	164	32	of	of	ADP
ajfa-7243	164	33	positive	positive	ADJ
ajfa-7243	164	34	book	book	NOUN
ajfa-7243	164	35	value	value	NOUN
ajfa-7243	164	36	,	,	PUNCT
ajfa-7243	164	37	iv	iv	NUM
ajfa-7243	164	38	financial	financial	ADJ
ajfa-7243	164	39	value	value	NOUN
ajfa-7243	164	40	drivers	driver	NOUN
ajfa-7243	164	41	strategic	strategic	ADJ
ajfa-7243	164	42	value	value	NOUN
ajfa-7243	164	43	drivers	driver	NOUN
ajfa-7243	164	44	firm	firm	VERB
ajfa-7243	164	45	specific	specific	ADJ
ajfa-7243	164	46	indicators	indicator	NOUN
ajfa-7243	164	47	sales	sale	NOUN
ajfa-7243	164	48	operating	operating	NOUN
ajfa-7243	164	49	cost	cost	NOUN
ajfa-7243	164	50	tax	tax	NOUN
ajfa-7243	164	51	rate	rate	NOUN
ajfa-7243	164	52	net	net	ADJ
ajfa-7243	164	53	margin	margin	NOUN
ajfa-7243	164	54	capex	capex	NOUN
ajfa-7243	164	55	book	book	NOUN
ajfa-7243	164	56	value	value	NOUN
ajfa-7243	164	57	eps	eps	PROPN
ajfa-7243	164	58	dps	dps	NOUN
ajfa-7243	164	59	beta	beta	NOUN
ajfa-7243	164	60	pay	pay	VERB
ajfa-7243	164	61	-	-	PUNCT
ajfa-7243	164	62	out	out	ADP
ajfa-7243	164	63	ratio	ratio	NOUN
ajfa-7243	164	64	foreign	foreign	ADJ
ajfa-7243	164	65	promoters	promoter	NOUN
ajfa-7243	164	66	research	research	PROPN
ajfa-7243	164	67	&	&	CCONJ
ajfa-7243	164	68	developme	developme	NOUN
ajfa-7243	164	69	nt	not	PART
ajfa-7243	164	70	advertiseme	advertiseme	PROPN
ajfa-7243	164	71	nt	not	PART
ajfa-7243	164	72	intensity	intensity	NOUN
ajfa-7243	164	73	asian	asian	ADJ
ajfa-7243	164	74	journal	journal	NOUN
ajfa-7243	164	75	of	of	ADP
ajfa-7243	164	76	finance	finance	PROPN
ajfa-7243	164	77	&	&	CCONJ
ajfa-7243	164	78	accounting	accounting	PROPN
ajfa-7243	164	79	issn	issn	PROPN
ajfa-7243	164	80	1946	1946	NUM
ajfa-7243	164	81	-	-	PUNCT
ajfa-7243	164	82	052x	052x	NOUN
ajfa-7243	164	83	2015	2015	NUM
ajfa-7243	164	84	,	,	PUNCT
ajfa-7243	164	85	vol	vol	NOUN
ajfa-7243	164	86	.	.	PROPN
ajfa-7243	165	1	7	7	NUM
ajfa-7243	165	2	,	,	PUNCT
ajfa-7243	165	3	no	no	INTJ
ajfa-7243	165	4	.	.	NOUN
ajfa-7243	165	5	2	2	NUM
ajfa-7243	165	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7243	165	7	12	12	NUM
ajfa-7243	165	8	adjusted	adjust	VERB
ajfa-7243	165	9	closing	closing	NOUN
ajfa-7243	165	10	price	price	NOUN
ajfa-7243	165	11	andfirms	andfirm	VERB
ajfa-7243	165	12	with	with	ADP
ajfa-7243	165	13	minimum	minimum	NOUN
ajfa-7243	165	14	two	two	NUM
ajfa-7243	165	15	years	year	NOUN
ajfa-7243	165	16	of	of	ADP
ajfa-7243	165	17	data	datum	NOUN
ajfa-7243	165	18	.	.	PUNCT
ajfa-7243	166	1	this	this	PRON
ajfa-7243	166	2	resulted	result	VERB
ajfa-7243	166	3	in	in	ADP
ajfa-7243	166	4	our	our	PRON
ajfa-7243	166	5	final	final	ADJ
ajfa-7243	166	6	sample	sample	NOUN
ajfa-7243	166	7	size	size	NOUN
ajfa-7243	166	8	reduced	reduce	VERB
ajfa-7243	166	9	to	to	ADP
ajfa-7243	166	10	1372	1372	NUM
ajfa-7243	166	11	firms	firm	NOUN
ajfa-7243	166	12	.	.	PUNCT
ajfa-7243	167	1	the	the	DET
ajfa-7243	167	2	breakup	breakup	NOUN
ajfa-7243	167	3	of	of	ADP
ajfa-7243	167	4	these	these	DET
ajfa-7243	167	5	firms	firm	NOUN
ajfa-7243	167	6	into	into	ADP
ajfa-7243	167	7	different	different	ADJ
ajfa-7243	167	8	segment	segment	NOUN
ajfa-7243	167	9	has	have	AUX
ajfa-7243	167	10	been	be	AUX
ajfa-7243	167	11	depicted	depict	VERB
ajfa-7243	167	12	in	in	ADP
ajfa-7243	167	13	the	the	DET
ajfa-7243	167	14	table	table	NOUN
ajfa-7243	167	15	2.to	2.to	NUM
ajfa-7243	167	16	obviate	obviate	VERB
ajfa-7243	167	17	the	the	DET
ajfa-7243	167	18	effect	effect	NOUN
ajfa-7243	167	19	of	of	ADP
ajfa-7243	167	20	extreme	extreme	ADJ
ajfa-7243	167	21	outliers	outlier	NOUN
ajfa-7243	167	22	on	on	ADP
ajfa-7243	167	23	our	our	PRON
ajfa-7243	167	24	results	result	NOUN
ajfa-7243	167	25	,	,	PUNCT
ajfa-7243	167	26	we	we	PRON
ajfa-7243	167	27	winsorize	winsorize	VERB
ajfa-7243	167	28	the	the	DET
ajfa-7243	167	29	data	datum	NOUN
ajfa-7243	167	30	by	by	ADP
ajfa-7243	167	31	2.5	2.5	NUM
ajfa-7243	167	32	percent	percent	NOUN
ajfa-7243	167	33	top	top	NOUN
ajfa-7243	167	34	and	and	CCONJ
ajfa-7243	167	35	bottom	bottom	ADJ
ajfa-7243	167	36	.	.	PUNCT
ajfa-7243	168	1	descriptive	descriptive	ADJ
ajfa-7243	168	2	statistics	statistic	NOUN
ajfa-7243	168	3	of	of	ADP
ajfa-7243	168	4	the	the	DET
ajfa-7243	168	5	variables	variable	NOUN
ajfa-7243	168	6	are	be	AUX
ajfa-7243	168	7	reported	report	VERB
ajfa-7243	168	8	in	in	ADP
ajfa-7243	168	9	table	table	NOUN
ajfa-7243	168	10	4	4	NUM
ajfa-7243	168	11	.	.	PUNCT
ajfa-7243	168	12	table	table	NOUN
ajfa-7243	168	13	2	2	NUM
ajfa-7243	168	14	.	.	PUNCT
ajfa-7243	168	15	final	final	ADJ
ajfa-7243	168	16	selection	selection	NOUN
ajfa-7243	168	17	of	of	ADP
ajfa-7243	168	18	companies	company	NOUN
ajfa-7243	168	19	sub	sub	ADJ
ajfa-7243	168	20	-	-	ADJ
ajfa-7243	168	21	sectors	sector	NOUN
ajfa-7243	168	22	considered	consider	VERB
ajfa-7243	168	23	firms	firm	NOUN
ajfa-7243	168	24	for	for	ADP
ajfa-7243	168	25	the	the	DET
ajfa-7243	168	26	study	study	NOUN
ajfa-7243	168	27	selected	select	VERB
ajfa-7243	168	28	firms	firm	NOUN
ajfa-7243	168	29	for	for	ADP
ajfa-7243	168	30	the	the	DET
ajfa-7243	168	31	study	study	NOUN
ajfa-7243	168	32	chemical	chemical	NOUN
ajfa-7243	168	33	1073	1073	NUM
ajfa-7243	168	34	417	417	NUM
ajfa-7243	168	35	machinery	machinery	NOUN
ajfa-7243	168	36	558	558	NUM
ajfa-7243	168	37	228	228	NUM
ajfa-7243	168	38	metal	metal	NOUN
ajfa-7243	168	39	500	500	NUM
ajfa-7243	168	40	161	161	NUM
ajfa-7243	168	41	non	non	ADJ
ajfa-7243	168	42	-	-	ADJ
ajfa-7243	168	43	metallic	metallic	ADJ
ajfa-7243	168	44	292	292	NUM
ajfa-7243	168	45	100	100	NUM
ajfa-7243	168	46	transport	transport	NOUN
ajfa-7243	168	47	173	173	NUM
ajfa-7243	168	48	102	102	NUM
ajfa-7243	168	49	textile	textile	NOUN
ajfa-7243	168	50	585	585	NUM
ajfa-7243	168	51	202	202	NUM
ajfa-7243	168	52	food	food	NOUN
ajfa-7243	168	53	&	&	CCONJ
ajfa-7243	168	54	beverages	beverage	NOUN
ajfa-7243	168	55	575	575	NUM
ajfa-7243	168	56	162	162	NUM
ajfa-7243	168	57	total	total	ADJ
ajfa-7243	168	58	manufacturing	manufacturing	NOUN
ajfa-7243	168	59	3756	3756	NUM
ajfa-7243	168	60	1372	1372	NUM
ajfa-7243	168	61	source	source	NOUN
ajfa-7243	168	62	:	:	PUNCT
ajfa-7243	168	63	own	own	ADJ
ajfa-7243	168	64	computed	compute	VERB
ajfa-7243	168	65	5	5	NUM
ajfa-7243	168	66	.	.	PUNCT
ajfa-7243	168	67	methodology	methodology	NOUN
ajfa-7243	168	68	this	this	DET
ajfa-7243	168	69	part	part	NOUN
ajfa-7243	168	70	of	of	ADP
ajfa-7243	168	71	our	our	PRON
ajfa-7243	168	72	analysis	analysis	NOUN
ajfa-7243	168	73	aims	aim	VERB
ajfa-7243	168	74	to	to	PART
ajfa-7243	168	75	assess	assess	VERB
ajfa-7243	168	76	the	the	DET
ajfa-7243	168	77	impact	impact	NOUN
ajfa-7243	168	78	of	of	ADP
ajfa-7243	168	79	drivers	driver	NOUN
ajfa-7243	168	80	on	on	ADP
ajfa-7243	168	81	firm	firm	NOUN
ajfa-7243	168	82	’s	’s	PART
ajfa-7243	168	83	value	value	NOUN
ajfa-7243	168	84	.	.	PUNCT
ajfa-7243	169	1	for	for	ADP
ajfa-7243	169	2	this	this	DET
ajfa-7243	169	3	purpose	purpose	NOUN
ajfa-7243	169	4	,	,	PUNCT
ajfa-7243	169	5	we	we	PRON
ajfa-7243	169	6	construct	construct	VERB
ajfa-7243	169	7	the	the	DET
ajfa-7243	169	8	value	value	NOUN
ajfa-7243	169	9	driver	driver	NOUN
ajfa-7243	169	10	’s	’s	PART
ajfa-7243	169	11	model	model	NOUN
ajfa-7243	169	12	(	(	PUNCT
ajfa-7243	169	13	see	see	VERB
ajfa-7243	169	14	,	,	PUNCT
ajfa-7243	169	15	equation	equation	NOUN
ajfa-7243	169	16	1	1	NUM
ajfa-7243	169	17	)	)	PUNCT
ajfa-7243	169	18	and	and	CCONJ
ajfa-7243	169	19	estimate	estimate	VERB
ajfa-7243	169	20	it	it	PRON
ajfa-7243	169	21	with	with	ADP
ajfa-7243	169	22	pooled	pool	VERB
ajfa-7243	169	23	ols	ol	NOUN
ajfa-7243	169	24	regression	regression	NOUN
ajfa-7243	169	25	,	,	PUNCT
ajfa-7243	169	26	the	the	DET
ajfa-7243	169	27	fixed	fix	VERB
ajfa-7243	169	28	effects	effect	NOUN
ajfa-7243	169	29	model	model	NOUN
ajfa-7243	169	30	(	(	PUNCT
ajfa-7243	169	31	fe)andthe	fe)andthe	DET
ajfa-7243	169	32	random	random	ADJ
ajfa-7243	169	33	effects	effect	NOUN
ajfa-7243	169	34	model	model	NOUN
ajfa-7243	169	35	(	(	PUNCT
ajfa-7243	169	36	re	re	NOUN
ajfa-7243	169	37	)	)	PUNCT
ajfa-7243	169	38	.	.	PUNCT
ajfa-7243	170	1	the	the	DET
ajfa-7243	170	2	best	good	ADJ
ajfa-7243	170	3	model	model	NOUN
ajfa-7243	170	4	specification	specification	NOUN
ajfa-7243	170	5	is	be	AUX
ajfa-7243	170	6	identified	identify	VERB
ajfa-7243	170	7	amongst	amongst	ADP
ajfa-7243	170	8	these	these	DET
ajfa-7243	170	9	three	three	NUM
ajfa-7243	170	10	models	model	NOUN
ajfa-7243	170	11	to	to	PART
ajfa-7243	170	12	study	study	VERB
ajfa-7243	170	13	our	our	PRON
ajfa-7243	170	14	objective.we	objective.we	NOUN
ajfa-7243	170	15	use	use	VERB
ajfa-7243	170	16	f	f	NOUN
ajfa-7243	170	17	-	-	PUNCT
ajfa-7243	170	18	test	test	NOUN
ajfa-7243	170	19	,	,	PUNCT
ajfa-7243	170	20	lm	lm	NOUN
ajfa-7243	170	21	-	-	PUNCT
ajfa-7243	170	22	test	test	NOUN
ajfa-7243	170	23	and	and	CCONJ
ajfa-7243	170	24	hausman	hausman	ADJ
ajfa-7243	170	25	test	test	NOUN
ajfa-7243	170	26	to	to	PART
ajfa-7243	170	27	identify	identify	VERB
ajfa-7243	170	28	the	the	DET
ajfa-7243	170	29	best	good	ADJ
ajfa-7243	170	30	model	model	NOUN
ajfa-7243	170	31	specification	specification	NOUN
ajfa-7243	170	32	.	.	PUNCT
ajfa-7243	171	1	further	far	ADV
ajfa-7243	171	2	,	,	PUNCT
ajfa-7243	171	3	we	we	PRON
ajfa-7243	171	4	also	also	ADV
ajfa-7243	171	5	conduct	conduct	VERB
ajfa-7243	171	6	f	f	NOUN
ajfa-7243	171	7	-	-	PUNCT
ajfa-7243	171	8	test	test	NOUN
ajfa-7243	171	9	to	to	PART
ajfa-7243	171	10	see	see	VERB
ajfa-7243	171	11	the	the	DET
ajfa-7243	171	12	joint	joint	ADJ
ajfa-7243	171	13	insignificance	insignificance	NOUN
ajfa-7243	171	14	of	of	ADP
ajfa-7243	171	15	coefficients	coefficient	NOUN
ajfa-7243	171	16	i.e.	i.e.	X
ajfa-7243	171	17	to	to	PART
ajfa-7243	171	18	suggest	suggest	VERB
ajfa-7243	171	19	that	that	SCONJ
ajfa-7243	171	20	the	the	DET
ajfa-7243	171	21	models	model	NOUN
ajfa-7243	171	22	are	be	AUX
ajfa-7243	171	23	well	well	ADV
ajfa-7243	171	24	specified	specified	ADJ
ajfa-7243	171	25	.	.	PUNCT
ajfa-7243	171	26	,	,	PUNCT
ajfa-7243	172	1	=	=	PUNCT
ajfa-7243	173	1	+	+	PUNCT
ajfa-7243	173	2	,	,	PUNCT
ajfa-7243	173	3	+	+	CCONJ
ajfa-7243	173	4	,	,	PUNCT
ajfa-7243	173	5	+	+	CCONJ
ajfa-7243	173	6	,	,	PUNCT
ajfa-7243	173	7	+	+	CCONJ
ajfa-7243	173	8	,	,	PUNCT
ajfa-7243	173	9	+	+	CCONJ
ajfa-7243	173	10	,	,	PUNCT
ajfa-7243	173	11	+	+	CCONJ
ajfa-7243	173	12	,	,	PUNCT
ajfa-7243	173	13	+	+	CCONJ
ajfa-7243	173	14	,	,	PUNCT
ajfa-7243	173	15	+	+	CCONJ
ajfa-7243	173	16	,	,	PUNCT
ajfa-7243	173	17	+	+	CCONJ
ajfa-7243	173	18	,	,	PUNCT
ajfa-7243	173	19	+	+	CCONJ
ajfa-7243	173	20	,	,	PUNCT
ajfa-7243	173	21	+	+	CCONJ
ajfa-7243	173	22	,	,	PUNCT
ajfa-7243	173	23	+	+	CCONJ
ajfa-7243	173	24	,	,	PUNCT
ajfa-7243	173	25	+	+	CCONJ
ajfa-7243	173	26	,	,	PUNCT
ajfa-7243	173	27	+	+	CCONJ
ajfa-7243	173	28	,	,	PUNCT
ajfa-7243	173	29	1	1	NUM
ajfa-7243	173	30	where	where	SCONJ
ajfa-7243	173	31	:	:	PUNCT
ajfa-7243	173	32	y	y	PROPN
ajfa-7243	173	33	is	be	AUX
ajfa-7243	173	34	market	market	NOUN
ajfa-7243	173	35	value10	value10	NOUN
ajfa-7243	173	36	(	(	PUNCT
ajfa-7243	173	37	mv	mv	PROPN
ajfa-7243	173	38	)	)	PUNCT
ajfa-7243	173	39	;	;	PUNCT
ajfa-7243	173	40	islogarithm	islogarithm	NOUN
ajfa-7243	173	41	of	of	ADP
ajfa-7243	173	42	sales	sale	NOUN
ajfa-7243	173	43	(	(	PUNCT
ajfa-7243	173	44	s	s	NOUN
ajfa-7243	173	45	)	)	PUNCT
ajfa-7243	173	46	;	;	PUNCT
ajfa-7243	173	47	isintensity	isintensity	NOUN
ajfa-7243	173	48	of	of	ADP
ajfa-7243	173	49	operating	operate	VERB
ajfa-7243	173	50	cost	cost	NOUN
ajfa-7243	173	51	(	(	PUNCT
ajfa-7243	173	52	ioc	ioc	PROPN
ajfa-7243	173	53	)	)	PUNCT
ajfa-7243	173	54	;	;	PUNCT
ajfa-7243	173	55	istax	istax	NOUN
ajfa-7243	173	56	rate	rate	NOUN
ajfa-7243	173	57	(	(	PUNCT
ajfa-7243	173	58	tr	tr	VERB
ajfa-7243	173	59	)	)	PUNCT
ajfa-7243	173	60	;	;	PUNCT
ajfa-7243	173	61	is	be	AUX
ajfa-7243	173	62	net	net	ADJ
ajfa-7243	173	63	margin	margin	NOUN
ajfa-7243	173	64	(	(	PUNCT
ajfa-7243	173	65	nm	nm	NOUN
ajfa-7243	173	66	)	)	PUNCT
ajfa-7243	173	67	;	;	PUNCT
ajfa-7243	173	68	islogarithm	islogarithm	PROPN
ajfa-7243	173	69	capex	capex	PROPN
ajfa-7243	173	70	;	;	PUNCT
ajfa-7243	173	71	isbv_l	isbv_l	NUM
ajfa-7243	173	72	;	;	PUNCT
ajfa-7243	173	73	iseps	isep	NOUN
ajfa-7243	173	74	;	;	PUNCT
ajfa-7243	173	75	isdps	isdp	NOUN
ajfa-7243	173	76	;	;	PUNCT
ajfa-7243	173	77	isbeta	isbeta	NOUN
ajfa-7243	173	78	;	;	PUNCT
ajfa-7243	173	79	is	be	AUX
ajfa-7243	173	80	pay	pay	NOUN
ajfa-7243	173	81	-	-	PUNCT
ajfa-7243	173	82	out	out	ADP
ajfa-7243	173	83	ratio	ratio	NOUN
ajfa-7243	173	84	(	(	PUNCT
ajfa-7243	173	85	por	por	NOUN
ajfa-7243	173	86	)	)	PUNCT
ajfa-7243	173	87	;	;	PUNCT
ajfa-7243	173	88	isadvertisement	isadvertisement	ADJ
ajfa-7243	173	89	intensity11	intensity11	NOUN
ajfa-7243	173	90	(	(	PUNCT
ajfa-7243	173	91	ai_d	ai_d	NUM
ajfa-7243	173	92	)	)	PUNCT
ajfa-7243	173	93	;	;	PUNCT
ajfa-7243	173	94	isr&d	isr&d	PROPN
ajfa-7243	173	95	intensity12	intensity12	PROPN
ajfa-7243	173	96	(	(	PUNCT
ajfa-7243	173	97	rdi_d	rdi_d	NOUN
ajfa-7243	173	98	)	)	PUNCT
ajfa-7243	173	99	;	;	PUNCT
ajfa-7243	173	100	is	be	AUX
ajfa-7243	173	101	ownership	ownership	NOUN
ajfa-7243	173	102	structure13	structure13	NOUN
ajfa-7243	173	103	(	(	PUNCT
ajfa-7243	173	104	fp_d	fp_d	PROPN
ajfa-7243	173	105	)	)	PUNCT
ajfa-7243	173	106	,	,	PUNCT
ajfa-7243	173	107	is	be	AUX
ajfa-7243	173	108	constant	constant	ADJ
ajfa-7243	173	109	,	,	PUNCT
ajfa-7243	173	110	10market	10market	NUM
ajfa-7243	173	111	price	price	NOUN
ajfa-7243	173	112	per	per	ADP
ajfa-7243	173	113	share	share	NOUN
ajfa-7243	173	114	is	be	AUX
ajfa-7243	173	115	the	the	DET
ajfa-7243	173	116	proxy	proxy	NOUN
ajfa-7243	173	117	for	for	ADP
ajfa-7243	173	118	market	market	NOUN
ajfa-7243	173	119	value	value	NOUN
ajfa-7243	173	120	.	.	PUNCT
ajfa-7243	174	1	11ai_d	11ai_d	NOUN
ajfa-7243	174	2	is	be	AUX
ajfa-7243	174	3	a	a	DET
ajfa-7243	174	4	dummy	dummy	ADJ
ajfa-7243	174	5	variable	variable	NOUN
ajfa-7243	174	6	which	which	PRON
ajfa-7243	174	7	takes	take	VERB
ajfa-7243	174	8	the	the	DET
ajfa-7243	174	9	value	value	NOUN
ajfa-7243	174	10	of	of	ADP
ajfa-7243	174	11	1	1	NUM
ajfa-7243	174	12	if	if	SCONJ
ajfa-7243	174	13	the	the	DET
ajfa-7243	174	14	firms	firm	NOUN
ajfa-7243	174	15	are	be	AUX
ajfa-7243	174	16	investing	invest	VERB
ajfa-7243	174	17	more	more	ADJ
ajfa-7243	174	18	than	than	ADP
ajfa-7243	174	19	10	10	NUM
ajfa-7243	174	20	percent	percent	NOUN
ajfa-7243	174	21	of	of	ADP
ajfa-7243	174	22	sales	sale	NOUN
ajfa-7243	174	23	towards	towards	ADP
ajfa-7243	174	24	advertisement	advertisement	NOUN
ajfa-7243	174	25	,	,	PUNCT
ajfa-7243	174	26	otherwise	otherwise	ADV
ajfa-7243	174	27	its	its	PRON
ajfa-7243	174	28	0	0	NUM
ajfa-7243	174	29	.	.	PUNCT
ajfa-7243	175	1	12rdi_dis	12rdi_dis	PROPN
ajfa-7243	175	2	a	a	DET
ajfa-7243	175	3	dummy	dummy	ADJ
ajfa-7243	175	4	variable	variable	NOUN
ajfa-7243	175	5	which	which	PRON
ajfa-7243	175	6	takes	take	VERB
ajfa-7243	175	7	the	the	DET
ajfa-7243	175	8	value	value	NOUN
ajfa-7243	175	9	of	of	ADP
ajfa-7243	175	10	1	1	NUM
ajfa-7243	175	11	if	if	SCONJ
ajfa-7243	175	12	the	the	DET
ajfa-7243	175	13	firms	firm	NOUN
ajfa-7243	175	14	are	be	AUX
ajfa-7243	175	15	investing	invest	VERB
ajfa-7243	175	16	more	more	ADJ
ajfa-7243	175	17	than	than	ADP
ajfa-7243	175	18	2	2	NUM
ajfa-7243	175	19	percent	percent	NOUN
ajfa-7243	175	20	of	of	ADP
ajfa-7243	175	21	sales	sale	NOUN
ajfa-7243	175	22	towards	towards	ADP
ajfa-7243	175	23	research	research	NOUN
ajfa-7243	175	24	&	&	CCONJ
ajfa-7243	175	25	development	development	PROPN
ajfa-7243	175	26	,	,	PUNCT
ajfa-7243	175	27	otherwise	otherwise	ADV
ajfa-7243	175	28	its	its	PRON
ajfa-7243	175	29	0	0	NUM
ajfa-7243	175	30	.	.	PUNCT
ajfa-7243	176	1	13fp_d	13fp_d	NOUN
ajfa-7243	176	2	is	be	AUX
ajfa-7243	176	3	a	a	DET
ajfa-7243	176	4	dummy	dummy	ADJ
ajfa-7243	176	5	variable	variable	NOUN
ajfa-7243	176	6	which	which	PRON
ajfa-7243	176	7	takes	take	VERB
ajfa-7243	176	8	the	the	DET
ajfa-7243	176	9	value	value	NOUN
ajfa-7243	176	10	of	of	ADP
ajfa-7243	176	11	1	1	NUM
ajfa-7243	176	12	if	if	SCONJ
ajfa-7243	176	13	the	the	DET
ajfa-7243	176	14	firms	firm	NOUN
ajfa-7243	176	15	have	have	VERB
ajfa-7243	176	16	more	more	ADJ
ajfa-7243	176	17	than	than	ADP
ajfa-7243	176	18	10	10	NUM
ajfa-7243	176	19	percent	percent	NOUN
ajfa-7243	176	20	foreign	foreign	ADJ
ajfa-7243	176	21	promoters	promoter	NOUN
ajfa-7243	176	22	in	in	ADP
ajfa-7243	176	23	their	their	PRON
ajfa-7243	176	24	asian	asian	ADJ
ajfa-7243	176	25	journal	journal	NOUN
ajfa-7243	176	26	of	of	ADP
ajfa-7243	176	27	finance	finance	PROPN
ajfa-7243	176	28	&	&	CCONJ
ajfa-7243	176	29	accounting	accounting	PROPN
ajfa-7243	176	30	issn	issn	PROPN
ajfa-7243	176	31	1946	1946	NUM
ajfa-7243	176	32	-	-	PUNCT
ajfa-7243	176	33	052x	052x	NOUN
ajfa-7243	176	34	2015	2015	NUM
ajfa-7243	176	35	,	,	PUNCT
ajfa-7243	176	36	vol	vol	NOUN
ajfa-7243	176	37	.	.	PROPN
ajfa-7243	177	1	7	7	NUM
ajfa-7243	177	2	,	,	PUNCT
ajfa-7243	177	3	no	no	INTJ
ajfa-7243	177	4	.	.	NOUN
ajfa-7243	177	5	2	2	NUM
ajfa-7243	177	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-7243	177	7	13	13	NUM
ajfa-7243	177	8	to	to	PART
ajfa-7243	177	9	are	are	VERB
ajfa-7243	177	10	coefficients	coefficient	NOUN
ajfa-7243	177	11	.	.	PUNCT
ajfa-7243	178	1	6	6	X
ajfa-7243	178	2	.	.	X
ajfa-7243	178	3	empirical	empirical	ADJ
ajfa-7243	178	4	results	result	NOUN
ajfa-7243	178	5	in	in	ADP
ajfa-7243	178	6	this	this	DET
ajfa-7243	178	7	section	section	NOUN
ajfa-7243	178	8	,	,	PUNCT
ajfa-7243	178	9	we	we	PRON
ajfa-7243	178	10	discuss	discuss	VERB
ajfa-7243	178	11	the	the	DET
ajfa-7243	178	12	influence	influence	NOUN
ajfa-7243	178	13	of	of	ADP
ajfa-7243	178	14	value	value	NOUN
ajfa-7243	178	15	drivers	driver	NOUN
ajfa-7243	178	16	on	on	ADP
ajfa-7243	178	17	firm	firm	NOUN
ajfa-7243	178	18	’s	’s	PART
ajfa-7243	178	19	value	value	NOUN
ajfa-7243	178	20	to	to	PART
ajfa-7243	178	21	have	have	VERB
ajfa-7243	178	22	a	a	DET
ajfa-7243	178	23	critical	critical	ADJ
ajfa-7243	178	24	understanding	understanding	NOUN
ajfa-7243	178	25	of	of	ADP
ajfa-7243	178	26	the	the	DET
ajfa-7243	178	27	major	major	ADJ
ajfa-7243	178	28	drivers	driver	NOUN
ajfa-7243	178	29	of	of	ADP
ajfa-7243	178	30	value	value	NOUN
ajfa-7243	178	31	.	.	PUNCT
ajfa-7243	179	1	to	to	PART
ajfa-7243	179	2	do	do	VERB
ajfa-7243	179	3	this	this	PRON
ajfa-7243	179	4	,	,	PUNCT
ajfa-7243	179	5	we	we	PRON
ajfa-7243	179	6	first	first	ADV
ajfa-7243	179	7	need	need	VERB
ajfa-7243	179	8	to	to	PART
ajfa-7243	179	9	identify	identify	VERB
ajfa-7243	179	10	the	the	DET
ajfa-7243	179	11	best	good	ADJ
ajfa-7243	179	12	model	model	NOUN
ajfa-7243	179	13	specification	specification	NOUN
ajfa-7243	179	14	.	.	PUNCT
ajfa-7243	180	1	the	the	DET
ajfa-7243	180	2	pooled	pool	VERB
ajfa-7243	180	3	regression	regression	NOUN
ajfa-7243	180	4	model	model	NOUN
ajfa-7243	180	5	assumes	assume	VERB
ajfa-7243	180	6	homogeneity	homogeneity	NOUN
ajfa-7243	180	7	of	of	ADP
ajfa-7243	180	8	the	the	DET
ajfa-7243	180	9	parameters	parameter	NOUN
ajfa-7243	180	10	,	,	PUNCT
ajfa-7243	180	11	abstracting	abstract	VERB
ajfa-7243	180	12	from	from	ADP
ajfa-7243	180	13	heteroscedasticity	heteroscedasticity	NOUN
ajfa-7243	180	14	and	and	CCONJ
ajfa-7243	180	15	autocorrelation	autocorrelation	NOUN
ajfa-7243	180	16	.	.	PUNCT
ajfa-7243	181	1	the	the	DET
ajfa-7243	181	2	omission	omission	NOUN
ajfa-7243	181	3	of	of	ADP
ajfa-7243	181	4	firm	firm	ADJ
ajfa-7243	181	5	and	and	CCONJ
ajfa-7243	181	6	time	time	NOUN
ajfa-7243	181	7	-	-	PUNCT
ajfa-7243	181	8	variant	variant	NOUN
ajfa-7243	181	9	variables	variable	NOUN
ajfa-7243	181	10	in	in	ADP
ajfa-7243	181	11	the	the	DET
ajfa-7243	181	12	pooled	pool	VERB
ajfa-7243	181	13	regression	regression	NOUN
ajfa-7243	181	14	model	model	NOUN
ajfa-7243	181	15	might	might	AUX
ajfa-7243	181	16	lead	lead	VERB
ajfa-7243	181	17	to	to	ADP
ajfa-7243	181	18	a	a	DET
ajfa-7243	181	19	bias	bias	NOUN
ajfa-7243	181	20	in	in	ADP
ajfa-7243	181	21	the	the	DET
ajfa-7243	181	22	resulting	result	VERB
ajfa-7243	181	23	estimates	estimate	NOUN
ajfa-7243	181	24	.	.	PUNCT
ajfa-7243	182	1	so	so	ADV
ajfa-7243	182	2	,	,	PUNCT
ajfa-7243	182	3	we	we	PRON
ajfa-7243	182	4	relax	relax	VERB
ajfa-7243	182	5	the	the	DET
ajfa-7243	182	6	restrictive	restrictive	ADJ
ajfa-7243	182	7	assumption	assumption	NOUN
ajfa-7243	182	8	of	of	ADP
ajfa-7243	182	9	parameter	parameter	NOUN
ajfa-7243	182	10	homogeneity	homogeneity	NOUN
ajfa-7243	182	11	and	and	CCONJ
ajfa-7243	182	12	run	run	VERB
ajfa-7243	182	13	fixed	fix	VERB
ajfa-7243	182	14	effects	effect	NOUN
ajfa-7243	182	15	model	model	NOUN
ajfa-7243	182	16	to	to	PART
ajfa-7243	182	17	gain	gain	VERB
ajfa-7243	182	18	further	further	ADJ
ajfa-7243	182	19	insights	insight	NOUN
ajfa-7243	182	20	into	into	ADP
ajfa-7243	182	21	the	the	DET
ajfa-7243	182	22	hypothesized	hypothesized	ADJ
ajfa-7243	182	23	relationship	relationship	NOUN
ajfa-7243	182	24	.	.	PUNCT
ajfa-7243	183	1	further	far	ADV
ajfa-7243	183	2	,	,	PUNCT
ajfa-7243	183	3	to	to	PART
ajfa-7243	183	4	reap	reap	VERB
ajfa-7243	183	5	the	the	DET
ajfa-7243	183	6	benefits	benefit	NOUN
ajfa-7243	183	7	of	of	ADP
ajfa-7243	183	8	increased	increase	VERB
ajfa-7243	183	9	accuracy	accuracy	NOUN
ajfa-7243	183	10	in	in	ADP
ajfa-7243	183	11	absence	absence	NOUN
ajfa-7243	183	12	of	of	ADP
ajfa-7243	183	13	effect	effect	NOUN
ajfa-7243	183	14	endogeneity	endogeneity	NOUN
ajfa-7243	183	15	,	,	PUNCT
ajfa-7243	183	16	we	we	PRON
ajfa-7243	183	17	also	also	ADV
ajfa-7243	183	18	run	run	VERB
ajfa-7243	183	19	random	random	ADJ
ajfa-7243	183	20	effects	effect	NOUN
ajfa-7243	183	21	model	model	NOUN
ajfa-7243	183	22	.	.	PUNCT
ajfa-7243	184	1	to	to	PART
ajfa-7243	184	2	identify	identify	VERB
ajfa-7243	184	3	the	the	DET
ajfa-7243	184	4	best	good	ADJ
ajfa-7243	184	5	fit	fit	ADJ
ajfa-7243	184	6	among	among	ADP
ajfa-7243	184	7	panel	panel	NOUN
ajfa-7243	184	8	ols	ol	NOUN
ajfa-7243	184	9	,	,	PUNCT
ajfa-7243	184	10	fe	fe	X
ajfa-7243	184	11	and	and	CCONJ
ajfa-7243	184	12	re	re	NOUN
ajfa-7243	184	13	we	we	PRON
ajfa-7243	184	14	apply	apply	VERB
ajfa-7243	184	15	the	the	DET
ajfa-7243	184	16	standard	standard	ADJ
ajfa-7243	184	17	diagnostic	diagnostic	ADJ
ajfa-7243	184	18	tests	test	NOUN
ajfa-7243	184	19	i.e.	i.e.	X
ajfa-7243	184	20	we	we	PRON
ajfa-7243	184	21	perform	perform	VERB
ajfa-7243	184	22	f	f	X
ajfa-7243	184	23	-	-	PUNCT
ajfa-7243	184	24	test	test	NOUN
ajfa-7243	184	25	to	to	PART
ajfa-7243	184	26	choose	choose	VERB
ajfa-7243	184	27	between	between	ADP
ajfa-7243	184	28	panel	panel	NOUN
ajfa-7243	184	29	ols	ol	NOUN
ajfa-7243	184	30	and	and	CCONJ
ajfa-7243	184	31	fe	fe	X
ajfa-7243	184	32	,	,	PUNCT
ajfa-7243	184	33	breusch	breusch	ADJ
ajfa-7243	184	34	and	and	CCONJ
ajfa-7243	184	35	pagan	pagan	VERB
ajfa-7243	184	36	lm	lm	INTJ
ajfa-7243	184	37	test	test	NOUN
ajfa-7243	184	38	to	to	PART
ajfa-7243	184	39	choose	choose	VERB
ajfa-7243	184	40	between	between	ADP
ajfa-7243	184	41	panel	panel	NOUN
ajfa-7243	184	42	ols	ol	NOUN
ajfa-7243	184	43	and	and	CCONJ
ajfa-7243	184	44	re	re	NOUN
ajfa-7243	184	45	,	,	PUNCT
ajfa-7243	184	46	and	and	CCONJ
ajfa-7243	184	47	hausman	hausman	ADJ
ajfa-7243	184	48	test	test	NOUN
ajfa-7243	184	49	to	to	PART
ajfa-7243	184	50	choose	choose	VERB
ajfa-7243	184	51	between	between	ADP
ajfa-7243	184	52	fe	fe	PROPN
ajfa-7243	184	53	and	and	CCONJ
ajfa-7243	184	54	re	re	ADJ
ajfa-7243	184	55	(	(	PUNCT
ajfa-7243	184	56	see	see	VERB
ajfa-7243	184	57	,	,	PUNCT
ajfa-7243	184	58	reyna(2010	reyna(2010	NOUN
ajfa-7243	184	59	)	)	PUNCT
ajfa-7243	184	60	)	)	PUNCT
ajfa-7243	184	61	.	.	PUNCT
ajfa-7243	185	1	the	the	DET
ajfa-7243	185	2	diagnostic	diagnostic	ADJ
ajfa-7243	185	3	reveals	reveal	VERB
ajfa-7243	185	4	that	that	SCONJ
ajfa-7243	185	5	both	both	CCONJ
ajfa-7243	185	6	fe	fe	X
ajfa-7243	185	7	and	and	CCONJ
ajfa-7243	185	8	re	re	NOUN
ajfa-7243	185	9	are	be	AUX
ajfa-7243	185	10	better	well	ADJ
ajfa-7243	185	11	than	than	ADP
ajfa-7243	185	12	ols	ol	NOUN
ajfa-7243	185	13	.	.	PUNCT
ajfa-7243	186	1	now	now	ADV
ajfa-7243	186	2	we	we	PRON
ajfa-7243	186	3	need	need	VERB
ajfa-7243	186	4	to	to	PART
ajfa-7243	186	5	determine	determine	VERB
ajfa-7243	186	6	the	the	DET
ajfa-7243	186	7	appropriate	appropriate	ADJ
ajfa-7243	186	8	panel	panel	NOUN
ajfa-7243	186	9	data	datum	NOUN
ajfa-7243	186	10	model	model	NOUN
ajfa-7243	186	11	i.e.	i.e.	X
ajfa-7243	186	12	fixed	fix	VERB
ajfa-7243	186	13	effects	effect	NOUN
ajfa-7243	186	14	or	or	CCONJ
ajfa-7243	186	15	random	random	ADJ
ajfa-7243	186	16	effects	effect	NOUN
ajfa-7243	186	17	model	model	NOUN
ajfa-7243	186	18	using	use	VERB
ajfa-7243	186	19	hausman	hausman	ADJ
ajfa-7243	186	20	test	test	NOUN
ajfa-7243	186	21	.	.	PUNCT
ajfa-7243	187	1	the	the	DET
ajfa-7243	187	2	test	test	NOUN
ajfa-7243	187	3	suggests	suggest	VERB
ajfa-7243	187	4	that	that	SCONJ
ajfa-7243	187	5	fixed	fix	VERB
ajfa-7243	187	6	-	-	PUNCT
ajfa-7243	187	7	effects	effect	NOUN
ajfa-7243	187	8	model	model	NOUN
ajfa-7243	187	9	is	be	AUX
ajfa-7243	187	10	better	well	ADJ
ajfa-7243	187	11	than	than	ADP
ajfa-7243	187	12	random	random	ADJ
ajfa-7243	187	13	effects	effect	NOUN
ajfa-7243	187	14	(	(	PUNCT
ajfa-7243	187	15	see	see	VERB
ajfa-7243	187	16	,	,	PUNCT
ajfa-7243	187	17	table	table	NOUN
ajfa-7243	187	18	5	5	NUM
ajfa-7243	187	19	for	for	ADP
ajfa-7243	187	20	discussion	discussion	NOUN
ajfa-7243	187	21	)	)	PUNCT
ajfa-7243	187	22	.	.	PUNCT
ajfa-7243	188	1	test	test	NOUN
ajfa-7243	188	2	results	result	NOUN
ajfa-7243	188	3	of	of	ADP
ajfa-7243	188	4	fixed	fix	VERB
ajfa-7243	188	5	-	-	PUNCT
ajfa-7243	188	6	effects	effect	NOUN
ajfa-7243	188	7	model	model	NOUN
ajfa-7243	188	8	represented	represent	VERB
ajfa-7243	188	9	in	in	ADP
ajfa-7243	188	10	table	table	NOUN
ajfa-7243	188	11	3	3	NUM
ajfa-7243	188	12	,	,	PUNCT
ajfa-7243	188	13	suggests	suggest	VERB
ajfa-7243	188	14	that	that	SCONJ
ajfa-7243	188	15	the	the	DET
ajfa-7243	188	16	coefficients	coefficient	NOUN
ajfa-7243	188	17	for	for	ADP
ajfa-7243	188	18	s	s	PROPN
ajfa-7243	188	19	,	,	PUNCT
ajfa-7243	188	20	nm	nm	ADJ
ajfa-7243	188	21	,	,	PUNCT
ajfa-7243	188	22	bv_l	bv_l	PROPN
ajfa-7243	188	23	,	,	PUNCT
ajfa-7243	188	24	eps	eps	PROPN
ajfa-7243	188	25	,	,	PUNCT
ajfa-7243	188	26	dps	dps	NOUN
ajfa-7243	188	27	,	,	PUNCT
ajfa-7243	188	28	beta	beta	NOUN
ajfa-7243	188	29	,	,	PUNCT
ajfa-7243	188	30	por	por	NOUN
ajfa-7243	188	31	,	,	PUNCT
ajfa-7243	188	32	ai_d	ai_d	NUM
ajfa-7243	188	33	and	and	CCONJ
ajfa-7243	188	34	fp_d	fp_d	NOUN
ajfa-7243	188	35	were	be	AUX
ajfa-7243	188	36	statistically	statistically	ADV
ajfa-7243	188	37	significant	significant	ADJ
ajfa-7243	188	38	at	at	ADP
ajfa-7243	188	39	1	1	NUM
ajfa-7243	188	40	percent	percent	NOUN
ajfa-7243	188	41	level	level	NOUN
ajfa-7243	188	42	whereas	whereas	SCONJ
ajfa-7243	188	43	ioc	ioc	PROPN
ajfa-7243	188	44	and	and	CCONJ
ajfa-7243	188	45	rdi_d	rdi_d	NOUN
ajfa-7243	188	46	are	be	AUX
ajfa-7243	188	47	statistically	statistically	ADV
ajfa-7243	188	48	significant	significant	ADJ
ajfa-7243	188	49	at	at	ADP
ajfa-7243	188	50	10	10	NUM
ajfa-7243	188	51	percent	percent	NOUN
ajfa-7243	188	52	level	level	NOUN
ajfa-7243	188	53	.	.	PUNCT
ajfa-7243	189	1	but	but	CCONJ
ajfa-7243	189	2	the	the	DET
ajfa-7243	189	3	model	model	NOUN
ajfa-7243	189	4	does	do	AUX
ajfa-7243	189	5	not	not	PART
ajfa-7243	189	6	yield	yield	VERB
ajfa-7243	189	7	any	any	DET
ajfa-7243	189	8	significant	significant	ADJ
ajfa-7243	189	9	relation	relation	NOUN
ajfa-7243	189	10	with	with	ADP
ajfa-7243	189	11	tr	tr	NOUN
ajfa-7243	189	12	and	and	CCONJ
ajfa-7243	189	13	capex.the	capex.the	PRON
ajfa-7243	189	14	high	high	ADJ
ajfa-7243	189	15	of	of	ADP
ajfa-7243	189	16	0.82	0.82	NUM
ajfa-7243	189	17	implies	imply	VERB
ajfa-7243	189	18	that	that	SCONJ
ajfa-7243	189	19	the	the	DET
ajfa-7243	189	20	independent	independent	ADJ
ajfa-7243	189	21	variables	variable	NOUN
ajfa-7243	189	22	explain	explain	VERB
ajfa-7243	189	23	a	a	DET
ajfa-7243	189	24	large	large	ADJ
ajfa-7243	189	25	portion	portion	NOUN
ajfa-7243	189	26	of	of	ADP
ajfa-7243	189	27	the	the	DET
ajfa-7243	189	28	variation	variation	NOUN
ajfa-7243	189	29	of	of	ADP
ajfa-7243	189	30	the	the	DET
ajfa-7243	189	31	dependent	dependent	ADJ
ajfa-7243	189	32	variable	variable	NOUN
ajfa-7243	189	33	.	.	PUNCT
ajfa-7243	190	1	the	the	DET
ajfa-7243	190	2	f	f	NOUN
ajfa-7243	190	3	-	-	PUNCT
ajfa-7243	190	4	statistic	statistic	NOUN
ajfa-7243	190	5	is	be	AUX
ajfa-7243	190	6	33.52	33.52	NUM
ajfa-7243	190	7	,	,	PUNCT
ajfa-7243	190	8	which	which	PRON
ajfa-7243	190	9	rejects	reject	VERB
ajfa-7243	190	10	the	the	DET
ajfa-7243	190	11	null	null	ADJ
ajfa-7243	190	12	hypothesis	hypothesis	NOUN
ajfa-7243	190	13	of	of	ADP
ajfa-7243	190	14	joint	joint	ADJ
ajfa-7243	190	15	insignificance	insignificance	NOUN
ajfa-7243	190	16	of	of	ADP
ajfa-7243	190	17	coefficients	coefficient	NOUN
ajfa-7243	190	18	and	and	CCONJ
ajfa-7243	190	19	therefore	therefore	ADV
ajfa-7243	190	20	suggests	suggest	VERB
ajfa-7243	190	21	that	that	SCONJ
ajfa-7243	190	22	the	the	DET
ajfa-7243	190	23	regression	regression	NOUN
ajfa-7243	190	24	model	model	NOUN
ajfa-7243	190	25	is	be	AUX
ajfa-7243	190	26	well	well	ADV
ajfa-7243	190	27	-	-	PUNCT
ajfa-7243	190	28	specified	specify	VERB
ajfa-7243	190	29	.	.	PUNCT
ajfa-7243	191	1	finally	finally	ADV
ajfa-7243	191	2	based	base	VERB
ajfa-7243	191	3	on	on	ADP
ajfa-7243	191	4	above	above	ADP
ajfa-7243	191	5	results	result	NOUN
ajfa-7243	191	6	we	we	PRON
ajfa-7243	191	7	conclude	conclude	VERB
ajfa-7243	191	8	that	that	SCONJ
ajfa-7243	191	9	sales	sale	NOUN
ajfa-7243	191	10	,	,	PUNCT
ajfa-7243	191	11	net	net	ADJ
ajfa-7243	191	12	margin	margin	NOUN
ajfa-7243	191	13	,	,	PUNCT
ajfa-7243	191	14	book	book	NOUN
ajfa-7243	191	15	value	value	NOUN
ajfa-7243	191	16	,	,	PUNCT
ajfa-7243	191	17	dividend	dividend	NOUN
ajfa-7243	191	18	per	per	ADP
ajfa-7243	191	19	share	share	NOUN
ajfa-7243	191	20	,	,	PUNCT
ajfa-7243	191	21	beta	beta	NOUN
ajfa-7243	191	22	and	and	CCONJ
ajfa-7243	191	23	earnings	earning	NOUN
ajfa-7243	191	24	per	per	ADP
ajfa-7243	191	25	shareare	shareare	NOUN
ajfa-7243	191	26	the	the	DET
ajfa-7243	191	27	six	six	NUM
ajfa-7243	191	28	major	major	ADJ
ajfa-7243	191	29	financial	financial	ADJ
ajfa-7243	191	30	driversof	driversof	NOUN
ajfa-7243	191	31	valuein	valuein	VERB
ajfa-7243	191	32	indian	indian	ADJ
ajfa-7243	191	33	manufacturing	manufacturing	NOUN
ajfa-7243	191	34	industry	industry	NOUN
ajfa-7243	191	35	.	.	PUNCT
ajfa-7243	192	1	the	the	DET
ajfa-7243	192	2	sign	sign	NOUN
ajfa-7243	192	3	and	and	CCONJ
ajfa-7243	192	4	the	the	DET
ajfa-7243	192	5	magnitude	magnitude	NOUN
ajfa-7243	192	6	of	of	ADP
ajfa-7243	192	7	the	the	DET
ajfa-7243	192	8	estimates	estimate	NOUN
ajfa-7243	192	9	are	be	AUX
ajfa-7243	192	10	on	on	ADP
ajfa-7243	192	11	the	the	DET
ajfa-7243	192	12	expected	expect	VERB
ajfa-7243	192	13	lines.net	lines.net	X
ajfa-7243	192	14	sales	sale	NOUN
ajfa-7243	192	15	is	be	AUX
ajfa-7243	192	16	positively	positively	ADV
ajfa-7243	192	17	linked	link	VERB
ajfa-7243	192	18	with	with	ADP
ajfa-7243	192	19	the	the	DET
ajfa-7243	192	20	value	value	NOUN
ajfa-7243	192	21	of	of	ADP
ajfa-7243	192	22	firm	firm	NOUN
ajfa-7243	192	23	indicating	indicate	VERB
ajfa-7243	192	24	that	that	SCONJ
ajfa-7243	192	25	growth	growth	NOUN
ajfa-7243	192	26	in	in	ADP
ajfa-7243	192	27	the	the	DET
ajfa-7243	192	28	revenue	revenue	NOUN
ajfa-7243	192	29	of	of	ADP
ajfa-7243	192	30	firm	firm	NOUN
ajfa-7243	192	31	,	,	PUNCT
ajfa-7243	192	32	increases	increase	VERB
ajfa-7243	192	33	profitability	profitability	NOUN
ajfa-7243	192	34	hence	hence	ADV
ajfa-7243	192	35	pushes	push	VERB
ajfa-7243	192	36	the	the	DET
ajfa-7243	192	37	value	value	NOUN
ajfa-7243	192	38	northwards	northward	NOUN
ajfa-7243	192	39	.	.	PUNCT
ajfa-7243	193	1	the	the	DET
ajfa-7243	193	2	significant	significant	ADJ
ajfa-7243	193	3	coefficients	coefficient	NOUN
ajfa-7243	193	4	of	of	ADP
ajfa-7243	193	5	net	net	ADJ
ajfa-7243	193	6	margin	margin	NOUN
ajfa-7243	193	7	,	,	PUNCT
ajfa-7243	193	8	book	book	NOUN
ajfa-7243	193	9	value	value	NOUN
ajfa-7243	193	10	,	,	PUNCT
ajfa-7243	193	11	earnings	earning	NOUN
ajfa-7243	193	12	per	per	ADP
ajfa-7243	193	13	share	share	NOUN
ajfa-7243	193	14	,	,	PUNCT
ajfa-7243	193	15	and	and	CCONJ
ajfa-7243	193	16	dividend	dividend	NOUN
ajfa-7243	193	17	per	per	ADP
ajfa-7243	193	18	share	share	NOUN
ajfa-7243	193	19	are	be	AUX
ajfa-7243	193	20	positively	positively	ADV
ajfa-7243	193	21	linked	link	VERB
ajfa-7243	193	22	to	to	ADP
ajfa-7243	193	23	value	value	NOUN
ajfa-7243	193	24	.	.	PUNCT
ajfa-7243	194	1	these	these	DET
ajfa-7243	194	2	variables	variable	NOUN
ajfa-7243	194	3	are	be	AUX
ajfa-7243	194	4	indicators	indicator	NOUN
ajfa-7243	194	5	of	of	ADP
ajfa-7243	194	6	better	well	ADJ
ajfa-7243	194	7	performance	performance	NOUN
ajfa-7243	194	8	of	of	ADP
ajfa-7243	194	9	the	the	DET
ajfa-7243	194	10	company	company	NOUN
ajfa-7243	194	11	that	that	PRON
ajfa-7243	194	12	translates	translate	VERB
ajfa-7243	194	13	into	into	ADP
ajfa-7243	194	14	increased	increase	VERB
ajfa-7243	194	15	value	value	NOUN
ajfa-7243	194	16	of	of	ADP
ajfa-7243	194	17	the	the	DET
ajfa-7243	194	18	firm	firm	NOUN
ajfa-7243	194	19	.	.	PUNCT
ajfa-7243	195	1	the	the	DET
ajfa-7243	195	2	highly	highly	ADV
ajfa-7243	195	3	significant	significant	ADJ
ajfa-7243	195	4	and	and	CCONJ
ajfa-7243	195	5	positive	positive	ADJ
ajfa-7243	195	6	coefficient	coefficient	NOUN
ajfa-7243	195	7	of	of	ADP
ajfa-7243	195	8	beta	beta	NOUN
ajfa-7243	195	9	suggest	suggest	VERB
ajfa-7243	195	10	that	that	SCONJ
ajfa-7243	195	11	investor	investor	NOUN
ajfa-7243	195	12	’s	’s	PART
ajfa-7243	195	13	factor	factor	NOUN
ajfa-7243	195	14	-	-	PUNCT
ajfa-7243	195	15	in	in	NOUN
ajfa-7243	195	16	for	for	ADP
ajfa-7243	195	17	the	the	DET
ajfa-7243	195	18	high	high	ADJ
ajfa-7243	195	19	risk	risk	NOUN
ajfa-7243	195	20	associated	associate	VERB
ajfa-7243	195	21	with	with	ADP
ajfa-7243	195	22	the	the	DET
ajfa-7243	195	23	manufacturing	manufacturing	NOUN
ajfa-7243	195	24	segment	segment	NOUN
ajfa-7243	195	25	in	in	ADP
ajfa-7243	195	26	-	-	PUNCT
ajfa-7243	195	27	lieu	lieu	NOUN
ajfa-7243	195	28	of	of	ADP
ajfa-7243	195	29	higher	high	ADJ
ajfa-7243	195	30	return	return	NOUN
ajfa-7243	195	31	,	,	PUNCT
ajfa-7243	195	32	which	which	PRON
ajfa-7243	195	33	increases	increase	VERB
ajfa-7243	195	34	the	the	DET
ajfa-7243	195	35	market	market	NOUN
ajfa-7243	195	36	value	value	NOUN
ajfa-7243	195	37	of	of	ADP
ajfa-7243	195	38	the	the	DET
ajfa-7243	195	39	firms	firm	NOUN
ajfa-7243	195	40	in	in	ADP
ajfa-7243	195	41	rising	rise	VERB
ajfa-7243	195	42	markets	market	NOUN
ajfa-7243	195	43	because	because	SCONJ
ajfa-7243	195	44	of	of	ADP
ajfa-7243	195	45	huge	huge	ADJ
ajfa-7243	195	46	cash	cash	NOUN
ajfa-7243	195	47	flows	flow	NOUN
ajfa-7243	195	48	.	.	PUNCT
ajfa-7243	196	1	though	though	SCONJ
ajfa-7243	196	2	beta	beta	NOUN
ajfa-7243	196	3	increases	increase	VERB
ajfa-7243	196	4	the	the	DET
ajfa-7243	196	5	discount	discount	NOUN
ajfa-7243	196	6	rate	rate	NOUN
ajfa-7243	196	7	but	but	CCONJ
ajfa-7243	196	8	the	the	DET
ajfa-7243	196	9	increase	increase	NOUN
ajfa-7243	196	10	in	in	ADP
ajfa-7243	196	11	cash	cash	NOUN
ajfa-7243	196	12	flows	flow	NOUN
ajfa-7243	196	13	is	be	AUX
ajfa-7243	196	14	disproportionate	disproportionate	ADJ
ajfa-7243	196	15	to	to	ADP
ajfa-7243	196	16	the	the	DET
ajfa-7243	196	17	change	change	NOUN
ajfa-7243	196	18	in	in	ADP
ajfa-7243	196	19	discount	discount	NOUN
ajfa-7243	196	20	rate	rate	NOUN
ajfa-7243	196	21	and	and	CCONJ
ajfa-7243	196	22	that	that	SCONJ
ajfa-7243	196	23	forms	form	VERB
ajfa-7243	196	24	the	the	DET
ajfa-7243	196	25	basis	basis	NOUN
ajfa-7243	196	26	of	of	ADP
ajfa-7243	196	27	higher	high	ADJ
ajfa-7243	196	28	market	market	NOUN
ajfa-7243	196	29	value	value	NOUN
ajfa-7243	196	30	.	.	PUNCT
ajfa-7243	197	1	the	the	DET
ajfa-7243	197	2	results	result	NOUN
ajfa-7243	197	3	also	also	ADV
ajfa-7243	197	4	highlight	highlight	VERB
ajfa-7243	197	5	that	that	SCONJ
ajfa-7243	197	6	during	during	ADP
ajfa-7243	197	7	the	the	DET
ajfa-7243	197	8	study	study	NOUN
ajfa-7243	197	9	period	period	NOUN
ajfa-7243	197	10	there	there	PRON
ajfa-7243	197	11	has	have	AUX
ajfa-7243	197	12	been	be	AUX
ajfa-7243	197	13	no	no	DET
ajfa-7243	197	14	substantial	substantial	ADJ
ajfa-7243	197	15	investment	investment	NOUN
ajfa-7243	197	16	in	in	ADP
ajfa-7243	197	17	plant	plant	NOUN
ajfa-7243	197	18	and	and	CCONJ
ajfa-7243	197	19	machinery	machinery	NOUN
ajfa-7243	197	20	by	by	ADP
ajfa-7243	197	21	the	the	DET
ajfa-7243	197	22	manufacturing	manufacturing	NOUN
ajfa-7243	197	23	segment	segment	NOUN
ajfa-7243	197	24	.	.	PUNCT
ajfa-7243	198	1	this	this	PRON
ajfa-7243	198	2	can	can	AUX
ajfa-7243	198	3	be	be	AUX
ajfa-7243	198	4	corroborated	corroborate	VERB
ajfa-7243	198	5	with	with	ADP
ajfa-7243	198	6	the	the	DET
ajfa-7243	198	7	fact	fact	NOUN
ajfa-7243	198	8	that	that	SCONJ
ajfa-7243	198	9	no	no	DET
ajfa-7243	198	10	significant	significant	ADJ
ajfa-7243	198	11	relation	relation	NOUN
ajfa-7243	198	12	is	be	AUX
ajfa-7243	198	13	established	establish	VERB
ajfa-7243	198	14	between	between	ADP
ajfa-7243	198	15	capital	capital	NOUN
ajfa-7243	198	16	expenditure	expenditure	NOUN
ajfa-7243	198	17	and	and	CCONJ
ajfa-7243	198	18	market	market	NOUN
ajfa-7243	198	19	value	value	NOUN
ajfa-7243	198	20	.	.	PUNCT
ajfa-7243	199	1	the	the	DET
ajfa-7243	199	2	model	model	NOUN
ajfa-7243	199	3	is	be	AUX
ajfa-7243	199	4	also	also	ADV
ajfa-7243	199	5	not	not	PART
ajfa-7243	199	6	able	able	ADJ
ajfa-7243	199	7	to	to	PART
ajfa-7243	199	8	establish	establish	VERB
ajfa-7243	199	9	any	any	DET
ajfa-7243	199	10	significant	significant	ADJ
ajfa-7243	199	11	organisational	organisational	ADJ
ajfa-7243	199	12	structure	structure	NOUN
ajfa-7243	199	13	,	,	PUNCT
ajfa-7243	199	14	otherwise	otherwise	ADV
ajfa-7243	199	15	its	its	PRON
ajfa-7243	199	16	0	0	NUM
ajfa-7243	199	17	.	.	PUNCT
ajfa-7243	199	18	asian	asian	ADJ
ajfa-7243	199	19	journal	journal	PROPN
ajfa-7243	199	20	of	of	ADP
ajfa-7243	199	21	finance	finance	PROPN
ajfa-7243	199	22	&	&	CCONJ
ajfa-7243	199	23	accounting	accounting	PROPN
ajfa-7243	199	24	issn	issn	PROPN
ajfa-7243	199	25	1946	1946	NUM
ajfa-7243	199	26	-	-	PUNCT
ajfa-7243	199	27	052x	052x	NOUN
ajfa-7243	199	28	2015	2015	NUM
ajfa-7243	199	29	,	,	PUNCT
ajfa-7243	199	30	vol	vol	NOUN
ajfa-7243	199	31	.	.	PROPN
ajfa-7243	199	32	7	7	NUM
ajfa-7243	199	33	,	,	PUNCT
ajfa-7243	199	34	no	no	INTJ
ajfa-7243	199	35	.	.	NOUN
ajfa-7243	199	36	2	2	NUM
ajfa-7243	199	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7243	199	38	14	14	NUM
ajfa-7243	199	39	relationship	relationship	NOUN
ajfa-7243	199	40	between	between	ADP
ajfa-7243	199	41	intensity	intensity	NOUN
ajfa-7243	199	42	of	of	ADP
ajfa-7243	199	43	operating	operate	VERB
ajfa-7243	199	44	expense	expense	NOUN
ajfa-7243	199	45	and	and	CCONJ
ajfa-7243	199	46	market	market	NOUN
ajfa-7243	199	47	value	value	NOUN
ajfa-7243	199	48	at	at	ADP
ajfa-7243	199	49	5	5	NUM
ajfa-7243	199	50	%	%	NOUN
ajfa-7243	199	51	level	level	NOUN
ajfa-7243	199	52	.	.	PUNCT
ajfa-7243	200	1	but	but	CCONJ
ajfa-7243	200	2	its	its	PRON
ajfa-7243	200	3	significance	significance	NOUN
ajfa-7243	200	4	at	at	ADP
ajfa-7243	200	5	10	10	NUM
ajfa-7243	200	6	%	%	NOUN
ajfa-7243	200	7	level	level	NOUN
ajfa-7243	200	8	leaves	leave	VERB
ajfa-7243	200	9	the	the	DET
ajfa-7243	200	10	caution	caution	NOUN
ajfa-7243	200	11	behind	behind	ADP
ajfa-7243	200	12	that	that	PRON
ajfa-7243	200	13	any	any	DET
ajfa-7243	200	14	mismanagement	mismanagement	NOUN
ajfa-7243	200	15	in	in	ADP
ajfa-7243	200	16	operating	operating	NOUN
ajfa-7243	200	17	expenses	expense	NOUN
ajfa-7243	200	18	could	could	AUX
ajfa-7243	200	19	lead	lead	VERB
ajfa-7243	200	20	to	to	PART
ajfa-7243	200	21	decline	decline	VERB
ajfa-7243	200	22	in	in	ADP
ajfa-7243	200	23	value	value	NOUN
ajfa-7243	200	24	.	.	PUNCT
ajfa-7243	201	1	as	as	ADV
ajfa-7243	201	2	far	far	ADV
ajfa-7243	201	3	as	as	SCONJ
ajfa-7243	201	4	strategic	strategic	ADJ
ajfa-7243	201	5	drivers	driver	NOUN
ajfa-7243	201	6	are	be	AUX
ajfa-7243	201	7	concerned	concern	VERB
ajfa-7243	201	8	,	,	PUNCT
ajfa-7243	201	9	we	we	PRON
ajfa-7243	201	10	find	find	VERB
ajfa-7243	201	11	that	that	SCONJ
ajfa-7243	201	12	pay	pay	VERB
ajfa-7243	201	13	-	-	PUNCT
ajfa-7243	201	14	out	out	ADP
ajfa-7243	201	15	ratio	ratio	NOUN
ajfa-7243	201	16	is	be	AUX
ajfa-7243	201	17	inversely	inversely	ADV
ajfa-7243	201	18	related	relate	VERB
ajfa-7243	201	19	to	to	PART
ajfa-7243	201	20	value	value	NOUN
ajfa-7243	201	21	at	at	ADP
ajfa-7243	201	22	5	5	NUM
ajfa-7243	201	23	percent	percent	NOUN
ajfa-7243	201	24	level	level	NOUN
ajfa-7243	201	25	of	of	ADP
ajfa-7243	201	26	significance	significance	NOUN
ajfa-7243	201	27	.	.	PUNCT
ajfa-7243	202	1	hence	hence	ADV
ajfa-7243	202	2	,	,	PUNCT
ajfa-7243	202	3	we	we	PRON
ajfa-7243	202	4	conclude	conclude	VERB
ajfa-7243	202	5	that	that	SCONJ
ajfa-7243	202	6	firms	firm	NOUN
ajfa-7243	202	7	in	in	ADP
ajfa-7243	202	8	emerging	emerge	VERB
ajfa-7243	202	9	economies	economy	NOUN
ajfa-7243	202	10	like	like	ADP
ajfa-7243	202	11	india	india	PROPN
ajfa-7243	202	12	should	should	AUX
ajfa-7243	202	13	concentrate	concentrate	VERB
ajfa-7243	202	14	more	more	ADV
ajfa-7243	202	15	on	on	ADP
ajfa-7243	202	16	profitable	profitable	ADJ
ajfa-7243	202	17	investment	investment	NOUN
ajfa-7243	202	18	opportunities	opportunity	NOUN
ajfa-7243	202	19	meaning	mean	VERB
ajfa-7243	202	20	retention	retention	NOUN
ajfa-7243	202	21	should	should	AUX
ajfa-7243	202	22	be	be	AUX
ajfa-7243	202	23	given	give	VERB
ajfa-7243	202	24	more	more	ADJ
ajfa-7243	202	25	priority	priority	NOUN
ajfa-7243	202	26	.	.	PUNCT
ajfa-7243	203	1	the	the	DET
ajfa-7243	203	2	other	other	ADJ
ajfa-7243	203	3	three	three	NUM
ajfa-7243	203	4	strategic	strategic	ADJ
ajfa-7243	203	5	driver	driver	NOUN
ajfa-7243	203	6	’s	’s	PART
ajfa-7243	203	7	i.e.	i.e.	X
ajfa-7243	203	8	ai	ai	NOUN
ajfa-7243	203	9	,	,	PUNCT
ajfa-7243	203	10	fp	fp	PROPN
ajfa-7243	203	11	and	and	CCONJ
ajfa-7243	203	12	rdi	rdi	PROPN
ajfa-7243	203	13	have	have	VERB
ajfa-7243	203	14	significant	significant	ADJ
ajfa-7243	203	15	positive	positive	ADJ
ajfa-7243	203	16	relation	relation	NOUN
ajfa-7243	203	17	with	with	ADP
ajfa-7243	203	18	value	value	NOUN
ajfa-7243	203	19	.	.	PUNCT
ajfa-7243	204	1	therefore	therefore	ADV
ajfa-7243	204	2	,	,	PUNCT
ajfa-7243	204	3	the	the	DET
ajfa-7243	204	4	firms	firm	NOUN
ajfa-7243	204	5	that	that	PRON
ajfa-7243	204	6	are	be	AUX
ajfa-7243	204	7	concentrating	concentrate	VERB
ajfa-7243	204	8	on	on	ADP
ajfa-7243	204	9	these	these	DET
ajfa-7243	204	10	strategic	strategic	ADJ
ajfa-7243	204	11	drivers	driver	NOUN
ajfa-7243	204	12	can	can	AUX
ajfa-7243	204	13	command	command	VERB
ajfa-7243	204	14	a	a	DET
ajfa-7243	204	15	premium	premium	NOUN
ajfa-7243	204	16	for	for	ADP
ajfa-7243	204	17	their	their	PRON
ajfa-7243	204	18	stock	stock	NOUN
ajfa-7243	204	19	over	over	ADP
ajfa-7243	204	20	those	those	PRON
ajfa-7243	204	21	who	who	PRON
ajfa-7243	204	22	have	have	AUX
ajfa-7243	204	23	ignored	ignore	VERB
ajfa-7243	204	24	these	these	DET
ajfa-7243	204	25	strategic	strategic	ADJ
ajfa-7243	204	26	choices	choice	NOUN
ajfa-7243	204	27	in	in	ADP
ajfa-7243	204	28	their	their	PRON
ajfa-7243	204	29	business	business	NOUN
ajfa-7243	204	30	model	model	NOUN
ajfa-7243	204	31	(	(	PUNCT
ajfa-7243	204	32	see	see	VERB
ajfa-7243	204	33	,	,	PUNCT
ajfa-7243	204	34	table	table	VERB
ajfa-7243	204	35	3).the	3).the	DET
ajfa-7243	204	36	striking	striking	ADJ
ajfa-7243	204	37	aspect	aspect	NOUN
ajfa-7243	204	38	that	that	PRON
ajfa-7243	204	39	can	can	AUX
ajfa-7243	204	40	be	be	AUX
ajfa-7243	204	41	noticed	notice	VERB
ajfa-7243	204	42	from	from	ADP
ajfa-7243	204	43	the	the	DET
ajfa-7243	204	44	results	result	NOUN
ajfa-7243	204	45	is	be	AUX
ajfa-7243	204	46	the	the	DET
ajfa-7243	204	47	significant	significant	ADJ
ajfa-7243	204	48	relation	relation	NOUN
ajfa-7243	204	49	of	of	ADP
ajfa-7243	204	50	all	all	DET
ajfa-7243	204	51	the	the	DET
ajfa-7243	204	52	strategic	strategic	ADJ
ajfa-7243	204	53	drivers	driver	NOUN
ajfa-7243	204	54	with	with	ADP
ajfa-7243	204	55	value	value	NOUN
ajfa-7243	204	56	without	without	ADP
ajfa-7243	204	57	impacting	impact	VERB
ajfa-7243	204	58	the	the	DET
ajfa-7243	204	59	r	r	NOUN
ajfa-7243	204	60	-	-	PUNCT
ajfa-7243	204	61	square	square	NOUN
ajfa-7243	204	62	of	of	ADP
ajfa-7243	204	63	the	the	DET
ajfa-7243	204	64	model	model	NOUN
ajfa-7243	204	65	.	.	PUNCT
ajfa-7243	205	1	hence	hence	ADV
ajfa-7243	205	2	,	,	PUNCT
ajfa-7243	205	3	any	any	DET
ajfa-7243	205	4	increase	increase	NOUN
ajfa-7243	205	5	/	/	SYM
ajfa-7243	205	6	decrease	decrease	NOUN
ajfa-7243	205	7	in	in	ADP
ajfa-7243	205	8	the	the	DET
ajfa-7243	205	9	parameters	parameter	NOUN
ajfa-7243	205	10	of	of	ADP
ajfa-7243	205	11	strategic	strategic	ADJ
ajfa-7243	205	12	drivers	driver	NOUN
ajfa-7243	205	13	,	,	PUNCT
ajfa-7243	205	14	will	will	AUX
ajfa-7243	205	15	lead	lead	VERB
ajfa-7243	205	16	to	to	ADP
ajfa-7243	205	17	the	the	DET
ajfa-7243	205	18	increase	increase	NOUN
ajfa-7243	205	19	/	/	SYM
ajfa-7243	205	20	decrease	decrease	NOUN
ajfa-7243	205	21	in	in	ADP
ajfa-7243	205	22	value	value	NOUN
ajfa-7243	205	23	of	of	ADP
ajfa-7243	205	24	the	the	DET
ajfa-7243	205	25	firm	firm	NOUN
ajfa-7243	205	26	.	.	PUNCT
ajfa-7243	206	1	from	from	ADP
ajfa-7243	206	2	this	this	PRON
ajfa-7243	206	3	we	we	PRON
ajfa-7243	206	4	can	can	AUX
ajfa-7243	206	5	safely	safely	ADV
ajfa-7243	206	6	conclude	conclude	VERB
ajfa-7243	206	7	that	that	DET
ajfa-7243	206	8	strategic	strategic	ADJ
ajfa-7243	206	9	driversassume	driversassume	NOUN
ajfa-7243	206	10	higher	high	ADJ
ajfa-7243	206	11	importance	importance	NOUN
ajfa-7243	206	12	than	than	ADP
ajfa-7243	206	13	the	the	DET
ajfa-7243	206	14	financial	financial	ADJ
ajfa-7243	206	15	drivers	driver	NOUN
ajfa-7243	206	16	.	.	PUNCT
ajfa-7243	207	1	table	table	NOUN
ajfa-7243	207	2	3.panel	3.panel	NUM
ajfa-7243	207	3	multivariate	multivariate	NOUN
ajfa-7243	207	4	regression	regression	NOUN
ajfa-7243	207	5	of	of	ADP
ajfa-7243	207	6	value	value	NOUN
ajfa-7243	207	7	drivers	driver	NOUN
ajfa-7243	207	8	(	(	PUNCT
ajfa-7243	207	9	manufacturing	manufacturing	NOUN
ajfa-7243	207	10	)	)	PUNCT
ajfa-7243	207	11	sample	sample	NOUN
ajfa-7243	207	12	size	size	NOUN
ajfa-7243	207	13	,	,	PUNCT
ajfa-7243	207	14	2002	2002	NUM
ajfa-7243	207	15	–	–	PUNCT
ajfa-7243	207	16	2012	2012	NUM
ajfa-7243	207	17	,	,	PUNCT
ajfa-7243	207	18	n	n	PROPN
ajfa-7243	207	19	=	=	SYM
ajfa-7243	207	20	1372	1372	NUM
ajfa-7243	207	21	statistic	statistic	PROPN
ajfa-7243	207	22	panel	panel	NOUN
ajfa-7243	207	23	ols	ol	NOUN
ajfa-7243	207	24	fixed	fix	VERB
ajfa-7243	207	25	effects	effect	NOUN
ajfa-7243	207	26	random	random	ADJ
ajfa-7243	207	27	effects	effect	NOUN
ajfa-7243	207	28	coefficient	coefficient	VERB
ajfa-7243	207	29	t	t	NOUN
ajfa-7243	207	30	-	-	PUNCT
ajfa-7243	207	31	statistic	statistic	NOUN
ajfa-7243	207	32	coefficient	coefficient	NOUN
ajfa-7243	207	33	t	t	PROPN
ajfa-7243	207	34	-	-	PUNCT
ajfa-7243	207	35	statistic	statistic	NOUN
ajfa-7243	207	36	coefficient	coefficient	NOUN
ajfa-7243	207	37	t	t	PROPN
ajfa-7243	207	38	-	-	PUNCT
ajfa-7243	207	39	statistic	statistic	NOUN
ajfa-7243	207	40	15.9518	15.9518	NUM
ajfa-7243	207	41	*	*	PUNCT
ajfa-7243	207	42	*	*	PUNCT
ajfa-7243	207	43	*	*	PUNCT
ajfa-7243	207	44	1.8073	1.8073	NUM
ajfa-7243	207	45	34.3041	34.3041	NUM
ajfa-7243	207	46	*	*	SYM
ajfa-7243	207	47	3.9337	3.9337	NUM
ajfa-7243	207	48	26.4282	26.4282	NUM
ajfa-7243	207	49	*	*	PUNCT
ajfa-7243	207	50	3.2004	3.2004	NUM
ajfa-7243	207	51	s	s	NOUN
ajfa-7243	207	52	0.0226	0.0226	NUM
ajfa-7243	207	53	*	*	PROPN
ajfa-7243	207	54	13.3013	13.3013	NUM
ajfa-7243	207	55	0.0488	0.0488	NUM
ajfa-7243	207	56	*	*	SYM
ajfa-7243	207	57	21.7871	21.7871	NUM
ajfa-7243	208	1	0.0411	0.0411	NUM
ajfa-7243	208	2	*	*	SYM
ajfa-7243	208	3	21.2439	21.2439	NUM
ajfa-7243	208	4	ioc	ioc	PROPN
ajfa-7243	208	5	-0.1746	-0.1746	NOUN
ajfa-7243	208	6	*	*	PUNCT
ajfa-7243	208	7	*	*	PUNCT
ajfa-7243	208	8	*	*	PUNCT
ajfa-7243	208	9	-1.9422	-1.9422	NOUN
ajfa-7243	208	10	-0.1431	-0.1431	NOUN
ajfa-7243	208	11	*	*	PUNCT
ajfa-7243	209	1	*	*	PUNCT
ajfa-7243	209	2	*	*	PUNCT
ajfa-7243	209	3	-1.6909	-1.6909	ADJ
ajfa-7243	209	4	-0.1748	-0.1748	NOUN
ajfa-7243	209	5	*	*	PUNCT
ajfa-7243	209	6	*	*	PUNCT
ajfa-7243	209	7	-2.1816	-2.1816	PUNCT
ajfa-7243	209	8	tr	tr	VERB
ajfa-7243	210	1	0.6855	0.6855	NUM
ajfa-7243	210	2	*	*	SYM
ajfa-7243	210	3	3.5364	3.5364	NUM
ajfa-7243	210	4	-0.1337	-0.1337	NOUN
ajfa-7243	210	5	-0.5297	-0.5297	NOUN
ajfa-7243	210	6	0.3508	0.3508	NUM
ajfa-7243	210	7	1.6393	1.6393	NUM
ajfa-7243	210	8	nm	nm	ADV
ajfa-7243	210	9	0.2318	0.2318	NOUN
ajfa-7243	210	10	*	*	PUNCT
ajfa-7243	210	11	*	*	PUNCT
ajfa-7243	210	12	2.1081	2.1081	NUM
ajfa-7243	210	13	0.4933	0.4933	NUM
ajfa-7243	210	14	*	*	PUNCT
ajfa-7243	210	15	5.4108	5.4108	NUM
ajfa-7243	210	16	0.4913	0.4913	NUM
ajfa-7243	210	17	*	*	SYM
ajfa-7243	210	18	5.5602	5.5602	NUM
ajfa-7243	210	19	capex	capex	NOUN
ajfa-7243	210	20	-0.0032	-0.0032	NUM
ajfa-7243	210	21	*	*	PUNCT
ajfa-7243	210	22	-7.5978	-7.5978	X
ajfa-7243	211	1	0.0002	0.0002	NUM
ajfa-7243	211	2	0.3907	0.3907	NUM
ajfa-7243	211	3	-0.0016	-0.0016	NUM
ajfa-7243	211	4	*	*	PUNCT
ajfa-7243	211	5	-3.3452	-3.3452	NOUN
ajfa-7243	211	6	bv_l	bv_l	VERB
ajfa-7243	211	7	0.5691	0.5691	NUM
ajfa-7243	211	8	*	*	PUNCT
ajfa-7243	211	9	31.4471	31.4471	NUM
ajfa-7243	211	10	0.1810	0.1810	NUM
ajfa-7243	211	11	*	*	PUNCT
ajfa-7243	211	12	9.0008	9.0008	NUM
ajfa-7243	211	13	0.3335	0.3335	NUM
ajfa-7243	211	14	*	*	SYM
ajfa-7243	211	15	18.4765	18.4765	NUM
ajfa-7243	211	16	eps	eps	PROPN
ajfa-7243	211	17	2.4374	2.4374	NUM
ajfa-7243	211	18	*	*	NUM
ajfa-7243	211	19	21.8194	21.8194	NUM
ajfa-7243	211	20	1.8913	1.8913	NUM
ajfa-7243	211	21	*	*	SYM
ajfa-7243	211	22	20.5153	20.5153	NUM
ajfa-7243	211	23	2.0425	2.0425	NUM
ajfa-7243	211	24	*	*	SYM
ajfa-7243	211	25	22.8353	22.8353	NUM
ajfa-7243	211	26	dps	dps	NOUN
ajfa-7243	211	27	7.3140	7.3140	NUM
ajfa-7243	211	28	*	*	NOUN
ajfa-7243	211	29	21.4683	21.4683	NUM
ajfa-7243	211	30	2.3939	2.3939	NUM
ajfa-7243	211	31	*	*	PUNCT
ajfa-7243	211	32	7.7672	7.7672	NUM
ajfa-7243	211	33	3.3593	3.3593	NUM
ajfa-7243	211	34	*	*	SYM
ajfa-7243	211	35	11.3898	11.3898	NUM
ajfa-7243	211	36	beta	beta	ADJ
ajfa-7243	211	37	-2.0580	-2.0580	NOUN
ajfa-7243	211	38	-0.8811	-0.8811	PUNCT
ajfa-7243	212	1	9.7303	9.7303	NUM
ajfa-7243	212	2	*	*	NUM
ajfa-7243	212	3	4.3203	4.3203	NUM
ajfa-7243	212	4	7.2048	7.2048	NUM
ajfa-7243	212	5	*	*	SYM
ajfa-7243	212	6	3.4027	3.4027	NUM
ajfa-7243	212	7	por	por	NOUN
ajfa-7243	212	8	-0.2596	-0.2596	NOUN
ajfa-7243	212	9	*	*	PUNCT
ajfa-7243	212	10	-4.9431	-4.9431	X
ajfa-7243	212	11	-0.1595	-0.1595	X
ajfa-7243	212	12	*	*	PUNCT
ajfa-7243	212	13	-3.4221	-3.4221	X
ajfa-7243	212	14	-0.1399	-0.1399	PROPN
ajfa-7243	212	15	*	*	PUNCT
ajfa-7243	212	16	-3.1296	-3.1296	PROPN
ajfa-7243	212	17	ai_d	ai_d	NUM
ajfa-7243	212	18	47.7922	47.7922	NUM
ajfa-7243	212	19	*	*	PROPN
ajfa-7243	212	20	11.1402	11.1402	NUM
ajfa-7243	212	21	17.6007	17.6007	NUM
ajfa-7243	212	22	*	*	NUM
ajfa-7243	213	1	3.4975	3.4975	NUM
ajfa-7243	213	2	29.1270	29.1270	NUM
ajfa-7243	213	3	*	*	PUNCT
ajfa-7243	213	4	6.3979	6.3979	NUM
ajfa-7243	213	5	rdi_d	rdi_d	NOUN
ajfa-7243	213	6	52.9834	52.9834	NUM
ajfa-7243	213	7	*	*	PUNCT
ajfa-7243	213	8	9.4085	9.4085	NUM
ajfa-7243	213	9	10.3664	10.3664	NUM
ajfa-7243	213	10	*	*	PUNCT
ajfa-7243	213	11	*	*	PUNCT
ajfa-7243	213	12	*	*	PUNCT
ajfa-7243	213	13	1.6694	1.6694	NUM
ajfa-7243	213	14	24.0900	24.0900	NUM
ajfa-7243	213	15	*	*	NUM
ajfa-7243	213	16	4.2141	4.2141	NUM
ajfa-7243	213	17	fp_d	fp_d	NUM
ajfa-7243	213	18	51.2832	51.2832	NUM
ajfa-7243	213	19	*	*	NUM
ajfa-7243	213	20	18.5931	18.5931	NUM
ajfa-7243	213	21	13.4908	13.4908	NUM
ajfa-7243	213	22	*	*	SYM
ajfa-7243	213	23	2.7404	2.7404	NUM
ajfa-7243	213	24	39.5871	39.5871	NUM
ajfa-7243	213	25	*	*	SYM
ajfa-7243	213	26	10.4299	10.4299	NUM
ajfa-7243	213	27	r	r	NOUN
ajfa-7243	213	28	square	square	NOUN
ajfa-7243	213	29	0.5553	0.5553	NUM
ajfa-7243	213	30	0.8204	0.8204	NUM
ajfa-7243	213	31	0.3101	0.3101	NUM
ajfa-7243	213	32	model	model	NOUN
ajfa-7243	213	33	significance	significance	NOUN
ajfa-7243	213	34	0.0000	0.0000	NUM
ajfa-7243	214	1	0.0000	0.0000	NUM
ajfa-7243	214	2	0.0000	0.0000	NUM
ajfa-7243	214	3	*	*	PUNCT
ajfa-7243	215	1	*	*	PUNCT
ajfa-7243	215	2	*	*	PUNCT
ajfa-7243	215	3	,	,	PUNCT
ajfa-7243	215	4	*	*	PUNCT
ajfa-7243	215	5	*	*	PUNCT
ajfa-7243	215	6	,	,	PUNCT
ajfa-7243	215	7	*	*	PUNCT
ajfa-7243	215	8	indicates	indicate	VERB
ajfa-7243	215	9	statistically	statistically	ADJ
ajfa-7243	215	10	significance	significance	NOUN
ajfa-7243	215	11	at	at	ADP
ajfa-7243	215	12	the	the	DET
ajfa-7243	215	13	10	10	NUM
ajfa-7243	215	14	,	,	PUNCT
ajfa-7243	215	15	5	5	NUM
ajfa-7243	215	16	,	,	PUNCT
ajfa-7243	215	17	and	and	CCONJ
ajfa-7243	215	18	1	1	NUM
ajfa-7243	215	19	percent	percent	NOUN
ajfa-7243	215	20	level	level	NOUN
ajfa-7243	215	21	,	,	PUNCT
ajfa-7243	215	22	respectively	respectively	ADV
ajfa-7243	215	23	.	.	PUNCT
ajfa-7243	216	1	source	source	NOUN
ajfa-7243	216	2	:	:	PUNCT
ajfa-7243	216	3	own	own	ADJ
ajfa-7243	216	4	calculated	calculate	VERB
ajfa-7243	216	5	asian	asian	ADJ
ajfa-7243	216	6	journal	journal	NOUN
ajfa-7243	216	7	of	of	ADP
ajfa-7243	216	8	finance	finance	PROPN
ajfa-7243	216	9	&	&	CCONJ
ajfa-7243	216	10	accounting	accounting	PROPN
ajfa-7243	216	11	issn	issn	PROPN
ajfa-7243	216	12	1946	1946	NUM
ajfa-7243	216	13	-	-	PUNCT
ajfa-7243	216	14	052x	052x	NOUN
ajfa-7243	216	15	2015	2015	NUM
ajfa-7243	216	16	,	,	PUNCT
ajfa-7243	216	17	vol	vol	NOUN
ajfa-7243	216	18	.	.	PROPN
ajfa-7243	216	19	7	7	NUM
ajfa-7243	216	20	,	,	PUNCT
ajfa-7243	216	21	no	no	INTJ
ajfa-7243	216	22	.	.	NOUN
ajfa-7243	216	23	2	2	NUM
ajfa-7243	216	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7243	216	25	15	15	NUM
ajfa-7243	216	26	table	table	NOUN
ajfa-7243	216	27	4	4	NUM
ajfa-7243	216	28	.	.	PUNCT
ajfa-7243	216	29	descriptive	descriptive	ADJ
ajfa-7243	216	30	statistics	statistic	NOUN
ajfa-7243	216	31	of	of	ADP
ajfa-7243	216	32	value	value	NOUN
ajfa-7243	216	33	drivers	driver	NOUN
ajfa-7243	216	34	(	(	PUNCT
ajfa-7243	216	35	sample	sample	NOUN
ajfa-7243	216	36	size	size	NOUN
ajfa-7243	216	37	,	,	PUNCT
ajfa-7243	216	38	2002	2002	NUM
ajfa-7243	216	39	–	–	PUNCT
ajfa-7243	216	40	2012	2012	NUM
ajfa-7243	216	41	,	,	PUNCT
ajfa-7243	216	42	n	n	NOUN
ajfa-7243	216	43	=	=	SYM
ajfa-7243	216	44	1372	1372	NUM
ajfa-7243	216	45	)	)	PUNCT
ajfa-7243	216	46	manufacturing	manufacturing	NOUN
ajfa-7243	216	47	mv	mv	PROPN
ajfa-7243	216	48	bv_l	bv_l	PROPN
ajfa-7243	216	49	sales	sales	PROPN
ajfa-7243	216	50	ioc	ioc	PROPN
ajfa-7243	216	51	tr	tr	VERB
ajfa-7243	216	52	nm	nm	PRON
ajfa-7243	216	53	nfa	nfa	PROPN
ajfa-7243	216	54	eps	eps	PROPN
ajfa-7243	216	55	dps	dps	PROPN
ajfa-7243	216	56	beta	beta	PROPN
ajfa-7243	216	57	por	por	NOUN
ajfa-7243	216	58	ai	ai	INTJ
ajfa-7243	216	59	rdi	rdi	PROPN
ajfa-7243	216	60	fp	fp	PROPN
ajfa-7243	216	61	mean	mean	PROPN
ajfa-7243	216	62	86.8196	86.8196	NUM
ajfa-7243	216	63	63.7898	63.7898	NUM
ajfa-7243	216	64	4996.0850	4996.0850	NUM
ajfa-7243	216	65	97.9537	97.9537	NUM
ajfa-7243	217	1	7.8953	7.8953	NUM
ajfa-7243	217	2	3.1899	3.1899	NUM
ajfa-7243	217	3	1878.9320	1878.9320	NUM
ajfa-7243	217	4	8.6913	8.6913	NUM
ajfa-7243	217	5	1.8560	1.8560	NUM
ajfa-7243	217	6	0.8709	0.8709	NUM
ajfa-7243	217	7	21.8000	21.8000	NUM
ajfa-7243	217	8	2.4504	2.4504	NUM
ajfa-7243	217	9	0.1362	0.1362	NUM
ajfa-7243	217	10	5.6946	5.6946	NUM
ajfa-7243	217	11	median	median	NOUN
ajfa-7243	217	12	28.5300	28.5300	NUM
ajfa-7243	217	13	37.0400	37.0400	NUM
ajfa-7243	217	14	1307.2000	1307.2000	NUM
ajfa-7243	217	15	97.1413	97.1413	NUM
ajfa-7243	217	16	7.4100	7.4100	NUM
ajfa-7243	217	17	3.5372	3.5372	NUM
ajfa-7243	217	18	402.8000	402.8000	NUM
ajfa-7243	217	19	3.5900	3.5900	NUM
ajfa-7243	217	20	0.1050	0.1050	NUM
ajfa-7243	217	21	0.8800	0.8800	NUM
ajfa-7243	217	22	13.4200	13.4200	NUM
ajfa-7243	217	23	1.2424	1.2424	NUM
ajfa-7243	217	24	0.0000	0.0000	NUM
ajfa-7243	217	25	0.0000	0.0000	NUM
ajfa-7243	217	26	std	std	NOUN
ajfa-7243	217	27	.	.	PUNCT
ajfa-7243	218	1	dev	dev	PROPN
ajfa-7243	218	2	.	.	PUNCT
ajfa-7243	219	1	145.7314	145.7314	NUM
ajfa-7243	219	2	71.9397	71.9397	NUM
ajfa-7243	219	3	9814.5890	9814.5890	NOUN
ajfa-7243	219	4	13.5494	13.5494	NUM
ajfa-7243	219	5	5.9692	5.9692	NUM
ajfa-7243	219	6	11.4701	11.4701	NUM
ajfa-7243	220	1	3899.8730	3899.8730	NUM
ajfa-7243	220	2	15.3716	15.3716	NUM
ajfa-7243	220	3	4.1249	4.1249	NUM
ajfa-7243	220	4	0.4178	0.4178	NUM
ajfa-7243	220	5	21.7807	21.7807	NUM
ajfa-7243	220	6	3.1266	3.1266	NUM
ajfa-7243	220	7	0.4091	0.4091	NUM
ajfa-7243	220	8	15.6627	15.6627	NUM
ajfa-7243	220	9	chemical	chemical	NOUN
ajfa-7243	220	10	mean	mean	NOUN
ajfa-7243	220	11	89.3566	89.3566	NUM
ajfa-7243	220	12	61.4960	61.4960	NUM
ajfa-7243	220	13	5307.7880	5307.7880	NUM
ajfa-7243	220	14	97.7225	97.7225	NUM
ajfa-7243	221	1	8.5474	8.5474	NUM
ajfa-7243	221	2	3.6330	3.6330	NUM
ajfa-7243	221	3	1955.1320	1955.1320	NUM
ajfa-7243	221	4	9.1713	9.1713	NUM
ajfa-7243	221	5	2.1704	2.1704	NUM
ajfa-7243	221	6	0.8380	0.8380	NUM
ajfa-7243	221	7	20.8325	20.8325	NUM
ajfa-7243	221	8	2.9891	2.9891	NUM
ajfa-7243	221	9	0.3645	0.3645	NUM
ajfa-7243	221	10	24.8509	24.8509	NUM
ajfa-7243	221	11	median	median	NOUN
ajfa-7243	221	12	27.8800	27.8800	NUM
ajfa-7243	221	13	33.5150	33.5150	NUM
ajfa-7243	221	14	1138.8000	1138.8000	NUM
ajfa-7243	221	15	97.9263	97.9263	NUM
ajfa-7243	221	16	8.5400	8.5400	NUM
ajfa-7243	221	17	3.9837	3.9837	NUM
ajfa-7243	221	18	330.9000	330.9000	NUM
ajfa-7243	221	19	3.5050	3.5050	NUM
ajfa-7243	221	20	0.0743	0.0743	NUM
ajfa-7243	221	21	0.8400	0.8400	NUM
ajfa-7243	221	22	15.2100	15.2100	NUM
ajfa-7243	221	23	1.4844	1.4844	NUM
ajfa-7243	221	24	0.0000	0.0000	NUM
ajfa-7243	221	25	15.3800	15.3800	NUM
ajfa-7243	221	26	std	std	NOUN
ajfa-7243	221	27	.	.	PUNCT
ajfa-7243	221	28	dev	dev	PROPN
ajfa-7243	221	29	.	.	PUNCT
ajfa-7243	222	1	151.8675	151.8675	NUM
ajfa-7243	222	2	68.6722	68.6722	NUM
ajfa-7243	222	3	10888.2200	10888.2200	NUM
ajfa-7243	222	4	12.0275	12.0275	NUM
ajfa-7243	222	5	5.2448	5.2448	NUM
ajfa-7243	222	6	12.4923	12.4923	NUM
ajfa-7243	222	7	3932.3770	3932.3770	NUM
ajfa-7243	222	8	14.7583	14.7583	NUM
ajfa-7243	222	9	4.5411	4.5411	NUM
ajfa-7243	222	10	0.3853	0.3853	NUM
ajfa-7243	222	11	23.2298	23.2298	NUM
ajfa-7243	222	12	3.6830	3.6830	NUM
ajfa-7243	222	13	0.9999	0.9999	NUM
ajfa-7243	222	14	25.2932	25.2932	NUM
ajfa-7243	222	15	machinery	machinery	NOUN
ajfa-7243	222	16	mean	mean	VERB
ajfa-7243	222	17	115.4072	115.4072	NUM
ajfa-7243	222	18	65.5919	65.5919	NUM
ajfa-7243	222	19	3377.7940	3377.7940	NUM
ajfa-7243	222	20	99.4421	99.4421	NUM
ajfa-7243	222	21	9.0314	9.0314	NUM
ajfa-7243	222	22	0.9848	0.9848	NUM
ajfa-7243	223	1	779.9281	779.9281	NUM
ajfa-7243	224	1	9.9962	9.9962	NUM
ajfa-7243	224	2	2.3068	2.3068	NUM
ajfa-7243	224	3	0.9402	0.9402	NUM
ajfa-7243	224	4	21.1195	21.1195	NUM
ajfa-7243	224	5	2.6721	2.6721	NUM
ajfa-7243	224	6	0.2200	0.2200	NUM
ajfa-7243	224	7	34.6534	34.6534	NUM
ajfa-7243	224	8	median	median	NOUN
ajfa-7243	224	9	35.7400	35.7400	NUM
ajfa-7243	224	10	35.4450	35.4450	NUM
ajfa-7243	224	11	972.3500	972.3500	NUM
ajfa-7243	224	12	97.9116	97.9116	NUM
ajfa-7243	224	13	9.0800	9.0800	NUM
ajfa-7243	224	14	4.3926	4.3926	NUM
ajfa-7243	224	15	241.6000	241.6000	NUM
ajfa-7243	224	16	3.7050	3.7050	NUM
ajfa-7243	224	17	0.0551	0.0551	NUM
ajfa-7243	224	18	0.9500	0.9500	NUM
ajfa-7243	224	19	16.1800	16.1800	NUM
ajfa-7243	224	20	1.5606	1.5606	NUM
ajfa-7243	224	21	0.0000	0.0000	NUM
ajfa-7243	224	22	32.6700	32.6700	NUM
ajfa-7243	224	23	std	std	NOUN
ajfa-7243	224	24	.	.	PUNCT
ajfa-7243	224	25	dev	dev	PROPN
ajfa-7243	224	26	.	.	PUNCT
ajfa-7243	225	1	210.1164	210.1164	NUM
ajfa-7243	225	2	75.4256	75.4256	NUM
ajfa-7243	225	3	6048.1450	6048.1450	NUM
ajfa-7243	225	4	14.0025	14.0025	NUM
ajfa-7243	225	5	5.5293	5.5293	NUM
ajfa-7243	225	6	20.7219	20.7219	NUM
ajfa-7243	225	7	1544.5250	1544.5250	NUM
ajfa-7243	225	8	17.5999	17.5999	NUM
ajfa-7243	225	9	5.3001	5.3001	NUM
ajfa-7243	225	10	0.3970	0.3970	NUM
ajfa-7243	225	11	23.2926	23.2926	NUM
ajfa-7243	225	12	3.0733	3.0733	NUM
ajfa-7243	225	13	0.8398	0.8398	NUM
ajfa-7243	225	14	29.9351	29.9351	NUM
ajfa-7243	225	15	metal	metal	NOUN
ajfa-7243	225	16	mean	mean	NOUN
ajfa-7243	225	17	65.2109	65.2109	NUM
ajfa-7243	225	18	62.4528	62.4528	NUM
ajfa-7243	225	19	9746.3500	9746.3500	NUM
ajfa-7243	225	20	97.8790	97.8790	NUM
ajfa-7243	225	21	8.9962	8.9962	NUM
ajfa-7243	225	22	4.3605	4.3605	NUM
ajfa-7243	225	23	5120.6510	5120.6510	NUM
ajfa-7243	225	24	8.9778	8.9778	NUM
ajfa-7243	225	25	1.2474	1.2474	NUM
ajfa-7243	225	26	0.9947	0.9947	NUM
ajfa-7243	225	27	12.6861	12.6861	NUM
ajfa-7243	225	28	0.9220	0.9220	NUM
ajfa-7243	225	29	0.0230	0.0230	NUM
ajfa-7243	225	30	13.9965	13.9965	NUM
ajfa-7243	225	31	median	median	NOUN
ajfa-7243	225	32	29.3000	29.3000	NUM
ajfa-7243	225	33	40.6450	40.6450	NUM
ajfa-7243	226	1	2060.7000	2060.7000	NUM
ajfa-7243	226	2	98.6483	98.6483	NUM
ajfa-7243	226	3	9.0350	9.0350	NUM
ajfa-7243	226	4	3.2330	3.2330	NUM
ajfa-7243	226	5	503.8000	503.8000	NUM
ajfa-7243	226	6	4.3500	4.3500	NUM
ajfa-7243	226	7	0.0000	0.0000	NUM
ajfa-7243	226	8	1.0200	1.0200	NUM
ajfa-7243	226	9	8.0600	8.0600	NUM
ajfa-7243	226	10	0.4202	0.4202	NOUN
ajfa-7243	226	11	0.0000	0.0000	NUM
ajfa-7243	226	12	7.1000	7.1000	NUM
ajfa-7243	226	13	std	std	NOUN
ajfa-7243	226	14	.	.	PUNCT
ajfa-7243	226	15	dev	dev	PROPN
ajfa-7243	226	16	.	.	PROPN
ajfa-7243	226	17	88.7264	88.7264	NUM
ajfa-7243	226	18	70.9987	70.9987	NUM
ajfa-7243	227	1	21344.5600	21344.5600	NUM
ajfa-7243	227	2	11.1162	11.1162	NUM
ajfa-7243	227	3	5.3487	5.3487	NUM
ajfa-7243	227	4	8.5181	8.5181	NUM
ajfa-7243	227	5	14238.3600	14238.3600	NUM
ajfa-7243	227	6	15.1323	15.1323	NUM
ajfa-7243	227	7	2.4852	2.4852	NUM
ajfa-7243	227	8	0.3681	0.3681	NUM
ajfa-7243	227	9	16.4624	16.4624	NUM
ajfa-7243	227	10	5.5769	5.5769	NUM
ajfa-7243	227	11	0.1309	0.1309	NUM
ajfa-7243	227	12	17.6176	17.6176	NUM
ajfa-7243	227	13	nm	nm	ADV
ajfa-7243	227	14	mean	mean	VERB
ajfa-7243	227	15	87.4536	87.4536	NUM
ajfa-7243	227	16	73.4621	73.4621	NUM
ajfa-7243	227	17	6576.7970	6576.7970	NOUN
ajfa-7243	227	18	97.0414	97.0414	NUM
ajfa-7243	228	1	8.8070	8.8070	NUM
ajfa-7243	228	2	4.1087	4.1087	NUM
ajfa-7243	228	3	3043.3450	3043.3450	NUM
ajfa-7243	228	4	10.0889	10.0889	NUM
ajfa-7243	228	5	1.9129	1.9129	NUM
ajfa-7243	228	6	0.8573	0.8573	NUM
ajfa-7243	228	7	18.2055	18.2055	NUM
ajfa-7243	228	8	2.2028	2.2028	NUM
ajfa-7243	228	9	0.0313	0.0313	NUM
ajfa-7243	228	10	24.2762	24.2762	NUM
ajfa-7243	228	11	median	median	NOUN
ajfa-7243	228	12	30.0000	30.0000	NUM
ajfa-7243	228	13	45.6100	45.6100	NUM
ajfa-7243	228	14	1662.7500	1662.7500	NUM
ajfa-7243	228	15	96.4068	96.4068	NUM
ajfa-7243	229	1	8.3100	8.3100	NUM
ajfa-7243	229	2	4.3984	4.3984	NUM
ajfa-7243	229	3	652.9000	652.9000	NUM
ajfa-7243	229	4	4.3600	4.3600	NUM
ajfa-7243	229	5	0.3856	0.3856	NUM
ajfa-7243	229	6	0.9000	0.9000	NUM
ajfa-7243	229	7	13.6100	13.6100	NUM
ajfa-7243	229	8	1.7018	1.7018	NUM
ajfa-7243	229	9	0.0000	0.0000	NUM
ajfa-7243	229	10	14.4700	14.4700	NUM
ajfa-7243	230	1	std	std	NOUN
ajfa-7243	230	2	.	.	PUNCT
ajfa-7243	230	3	dev	dev	PROPN
ajfa-7243	230	4	.	.	PROPN
ajfa-7243	231	1	153.1103	153.1103	NUM
ajfa-7243	231	2	82.7258	82.7258	NUM
ajfa-7243	231	3	12288.1200	12288.1200	NUM
ajfa-7243	231	4	12.8434	12.8434	NUM
ajfa-7243	231	5	7.0902	7.0902	NUM
ajfa-7243	231	6	11.3236	11.3236	NUM
ajfa-7243	231	7	6122.0690	6122.0690	NOUN
ajfa-7243	231	8	16.8516	16.8516	NUM
ajfa-7243	231	9	3.9471	3.9471	NUM
ajfa-7243	231	10	0.3484	0.3484	NUM
ajfa-7243	231	11	20.8221	20.8221	NUM
ajfa-7243	231	12	13.9046	13.9046	NUM
ajfa-7243	231	13	0.3033	0.3033	NUM
ajfa-7243	231	14	25.8834	25.8834	NUM
ajfa-7243	231	15	textile	textile	NOUN
ajfa-7243	231	16	mean	mean	VERB
ajfa-7243	231	17	45.4812	45.4812	NUM
ajfa-7243	231	18	56.2804	56.2804	NUM
ajfa-7243	231	19	2658.5880	2658.5880	NUM
ajfa-7243	231	20	92.9952	92.9952	NUM
ajfa-7243	231	21	3.5002	3.5002	NUM
ajfa-7243	232	1	1.1564	1.1564	NUM
ajfa-7243	232	2	1505.5460	1505.5460	NUM
ajfa-7243	232	3	4.8407	4.8407	NUM
ajfa-7243	232	4	0.9759	0.9759	NUM
ajfa-7243	232	5	0.8306	0.8306	NUM
ajfa-7243	232	6	16.1721	16.1721	NUM
ajfa-7243	232	7	2.1948	2.1948	NUM
ajfa-7243	232	8	0.0324	0.0324	NUM
ajfa-7243	232	9	18.6374	18.6374	NUM
ajfa-7243	232	10	median	median	NOUN
ajfa-7243	232	11	16.9300	16.9300	NUM
ajfa-7243	232	12	32.7300	32.7300	NUM
ajfa-7243	232	13	1168.6000	1168.6000	NUM
ajfa-7243	232	14	92.6488	92.6488	NUM
ajfa-7243	232	15	1.7300	1.7300	NUM
ajfa-7243	232	16	2.3822	2.3822	NUM
ajfa-7243	232	17	557.5000	557.5000	NUM
ajfa-7243	232	18	1.9400	1.9400	NUM
ajfa-7243	232	19	0.0000	0.0000	NUM
ajfa-7243	232	20	0.8600	0.8600	NUM
ajfa-7243	232	21	8.3800	8.3800	NUM
ajfa-7243	232	22	1.4123	1.4123	NUM
ajfa-7243	232	23	0.0000	0.0000	NUM
ajfa-7243	232	24	7.4500	7.4500	NUM
ajfa-7243	232	25	std	std	NOUN
ajfa-7243	232	26	.	.	PUNCT
ajfa-7243	232	27	dev	dev	PROPN
ajfa-7243	232	28	.	.	PUNCT
ajfa-7243	232	29	70.8351	70.8351	NOUN
ajfa-7243	232	30	65.2350	65.2350	NUM
ajfa-7243	233	1	4095.8630	4095.8630	NUM
ajfa-7243	233	2	10.8065	10.8065	NUM
ajfa-7243	234	1	4.1634	4.1634	NUM
ajfa-7243	234	2	10.5993	10.5993	NUM
ajfa-7243	234	3	2687.0800	2687.0800	NUM
ajfa-7243	234	4	12.4172	12.4172	NUM
ajfa-7243	234	5	2.6648	2.6648	NUM
ajfa-7243	234	6	0.3734	0.3734	NUM
ajfa-7243	234	7	22.0857	22.0857	NUM
ajfa-7243	234	8	3.6785	3.6785	NUM
ajfa-7243	234	9	0.1919	0.1919	NUM
ajfa-7243	234	10	21.7961	21.7961	NUM
ajfa-7243	234	11	transport	transport	NOUN
ajfa-7243	234	12	mean	mean	VERB
ajfa-7243	234	13	135.9646	135.9646	NUM
ajfa-7243	234	14	78.2868	78.2868	NUM
ajfa-7243	234	15	8666.8070	8666.8070	NUM
ajfa-7243	234	16	101.5599	101.5599	NUM
ajfa-7243	235	1	12.0384	12.0384	NUM
ajfa-7243	235	2	4.9435	4.9435	NUM
ajfa-7243	235	3	2367.7840	2367.7840	NUM
ajfa-7243	235	4	11.6721	11.6721	NUM
ajfa-7243	236	1	2.7899	2.7899	NUM
ajfa-7243	236	2	0.8479	0.8479	NUM
ajfa-7243	236	3	24.7233	24.7233	NUM
ajfa-7243	236	4	2.1367	2.1367	NUM
ajfa-7243	236	5	0.2417	0.2417	NUM
ajfa-7243	236	6	28.9103	28.9103	NUM
ajfa-7243	236	7	median	median	NOUN
ajfa-7243	236	8	67.3500	67.3500	NUM
ajfa-7243	236	9	50.8600	50.8600	NUM
ajfa-7243	236	10	1921.2000	1921.2000	NUM
ajfa-7243	236	11	101.3582	101.3582	NUM
ajfa-7243	236	12	12.5700	12.5700	NUM
ajfa-7243	236	13	4.4120	4.4120	NUM
ajfa-7243	236	14	596.0000	596.0000	NUM
ajfa-7243	236	15	7.4200	7.4200	NUM
ajfa-7243	236	16	1.2847	1.2847	NUM
ajfa-7243	236	17	0.8400	0.8400	NUM
ajfa-7243	236	18	22.6300	22.6300	NUM
ajfa-7243	236	19	1.1526	1.1526	NUM
ajfa-7243	236	20	0.0000	0.0000	NUM
ajfa-7243	236	21	26.0000	26.0000	NUM
ajfa-7243	236	22	std	std	NOUN
ajfa-7243	236	23	.	.	PUNCT
ajfa-7243	236	24	dev	dev	PROPN
ajfa-7243	236	25	.	.	PROPN
ajfa-7243	237	1	181.9484	181.9484	NUM
ajfa-7243	237	2	79.0656	79.0656	NUM
ajfa-7243	237	3	22306.7500	22306.7500	NUM
ajfa-7243	237	4	10.7232	10.7232	NUM
ajfa-7243	238	1	4.9225	4.9225	NUM
ajfa-7243	238	2	6.1551	6.1551	NUM
ajfa-7243	238	3	5502.2830	5502.2830	NUM
ajfa-7243	238	4	14.9917	14.9917	NUM
ajfa-7243	238	5	4.9539	4.9539	NUM
ajfa-7243	238	6	0.3307	0.3307	NUM
ajfa-7243	238	7	21.2497	21.2497	NUM
ajfa-7243	238	8	2.5322	2.5322	NUM
ajfa-7243	238	9	0.5283	0.5283	NUM
ajfa-7243	238	10	20.7276	20.7276	NUM
ajfa-7243	238	11	fb	fb	NOUN
ajfa-7243	238	12	mean	mean	VERB
ajfa-7243	238	13	97.9842	97.9842	NUM
ajfa-7243	238	14	62.3320	62.3320	NUM
ajfa-7243	238	15	4498.4170	4498.4170	NUM
ajfa-7243	239	1	102.4053	102.4053	NUM
ajfa-7243	239	2	7.6360	7.6360	NUM
ajfa-7243	239	3	3.1930	3.1930	NUM
ajfa-7243	239	4	1649.0040	1649.0040	NUM
ajfa-7243	239	5	7.5307	7.5307	NUM
ajfa-7243	239	6	1.9623	1.9623	NUM
ajfa-7243	239	7	0.8013	0.8013	NUM
ajfa-7243	239	8	17.8301	17.8301	NUM
ajfa-7243	239	9	3.2983	3.2983	NUM
ajfa-7243	239	10	0.0635	0.0635	NUM
ajfa-7243	239	11	30.5292	30.5292	NUM
ajfa-7243	239	12	median	median	NOUN
ajfa-7243	239	13	28.0000	28.0000	NUM
ajfa-7243	239	14	38.6650	38.6650	NUM
ajfa-7243	239	15	1730.6000	1730.6000	NUM
ajfa-7243	239	16	97.0244	97.0244	NUM
ajfa-7243	240	1	2.8600	2.8600	NUM
ajfa-7243	240	2	2.2232	2.2232	NUM
ajfa-7243	240	3	477.4000	477.4000	NUM
ajfa-7243	240	4	3.2700	3.2700	NUM
ajfa-7243	240	5	0.0000	0.0000	NUM
ajfa-7243	240	6	0.7950	0.7950	NUM
ajfa-7243	240	7	9.5500	9.5500	NUM
ajfa-7243	240	8	1.0441	1.0441	NUM
ajfa-7243	240	9	0.0000	0.0000	NUM
ajfa-7243	240	10	25.3450	25.3450	NUM
ajfa-7243	240	11	std	std	NOUN
ajfa-7243	240	12	.	.	PUNCT
ajfa-7243	241	1	dev	dev	PROPN
ajfa-7243	241	2	.	.	PROPN
ajfa-7243	242	1	187.4804	187.4804	NUM
ajfa-7243	242	2	70.2418	70.2418	NUM
ajfa-7243	242	3	6981.1860	6981.1860	NUM
ajfa-7243	242	4	27.2735	27.2735	NUM
ajfa-7243	242	5	12.1186	12.1186	NUM
ajfa-7243	242	6	10.7098	10.7098	NUM
ajfa-7243	242	7	2958.7410	2958.7410	PROPN
ajfa-7243	242	8	16.8878	16.8878	NUM
ajfa-7243	242	9	6.1109	6.1109	NUM
ajfa-7243	242	10	0.3892	0.3892	NUM
ajfa-7243	242	11	23.5783	23.5783	NUM
ajfa-7243	242	12	6.6445	6.6445	NUM
ajfa-7243	242	13	0.4588	0.4588	NUM
ajfa-7243	242	14	27.6203	27.6203	NUM
ajfa-7243	242	15	source	source	NOUN
ajfa-7243	242	16	:	:	PUNCT
ajfa-7243	242	17	own	own	ADJ
ajfa-7243	242	18	calculated	calculate	VERB
ajfa-7243	242	19	asian	asian	ADJ
ajfa-7243	242	20	journal	journal	NOUN
ajfa-7243	242	21	of	of	ADP
ajfa-7243	242	22	finance	finance	PROPN
ajfa-7243	242	23	&	&	CCONJ
ajfa-7243	242	24	accounting	accounting	PROPN
ajfa-7243	242	25	issn	issn	PROPN
ajfa-7243	242	26	1946	1946	NUM
ajfa-7243	242	27	-	-	PUNCT
ajfa-7243	242	28	052x	052x	NOUN
ajfa-7243	242	29	2015	2015	NUM
ajfa-7243	242	30	,	,	PUNCT
ajfa-7243	242	31	vol	vol	NOUN
ajfa-7243	242	32	.	.	PROPN
ajfa-7243	242	33	7	7	NUM
ajfa-7243	242	34	,	,	PUNCT
ajfa-7243	242	35	no	no	INTJ
ajfa-7243	242	36	.	.	NOUN
ajfa-7243	242	37	2	2	NUM
ajfa-7243	242	38	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7243	242	39	16	16	NUM
ajfa-7243	242	40	table	table	NOUN
ajfa-7243	242	41	5.diagnostic	5.diagnostic	NUM
ajfa-7243	242	42	tests	test	NOUN
ajfa-7243	242	43	to	to	PART
ajfa-7243	242	44	identify	identify	VERB
ajfa-7243	242	45	best	good	ADJ
ajfa-7243	242	46	method	method	NOUN
ajfa-7243	242	47	in	in	ADP
ajfa-7243	242	48	determining	determine	VERB
ajfa-7243	242	49	value	value	NOUN
ajfa-7243	242	50	drivers	driver	NOUN
ajfa-7243	242	51	f	f	X
ajfa-7243	242	52	-	-	PUNCT
ajfa-7243	242	53	test	test	NOUN
ajfa-7243	242	54	for	for	ADP
ajfa-7243	242	55	fixed	fix	VERB
ajfa-7243	242	56	effects	effect	NOUN
ajfa-7243	242	57	(	(	PUNCT
ajfa-7243	242	58	:	:	PUNCT
ajfa-7243	242	59	parameter	parameter	NOUN
ajfa-7243	242	60	homogeneity	homogeneity	NOUN
ajfa-7243	242	61	=	=	NOUN
ajfa-7243	242	62	>	>	PUNCT
ajfa-7243	242	63	fixed	fix	VERB
ajfa-7243	242	64	effects	effect	NOUN
ajfa-7243	242	65	model	model	NOUN
ajfa-7243	242	66	is	be	AUX
ajfa-7243	242	67	misspecified	misspecified	ADJ
ajfa-7243	242	68	)	)	PUNCT
ajfa-7243	242	69	statistic	statistic	PROPN
ajfa-7243	242	70	ols	ols	PROPN
ajfa-7243	242	71	&	&	CCONJ
ajfa-7243	242	72	fe	fe	X
ajfa-7243	242	73	f	f	X
ajfa-7243	242	74	-	-	PUNCT
ajfa-7243	242	75	statistic	statistic	NOUN
ajfa-7243	242	76	10.9400	10.9400	NUM
ajfa-7243	242	77	p	p	NOUN
ajfa-7243	242	78	-	-	PUNCT
ajfa-7243	242	79	value	value	NOUN
ajfa-7243	242	80	0.0000	0.0000	NUM
ajfa-7243	242	81	breusch	breusch	VERB
ajfa-7243	242	82	and	and	CCONJ
ajfa-7243	242	83	pagan	pagan	VERB
ajfa-7243	242	84	lm	lm	INTJ
ajfa-7243	242	85	test	test	NOUN
ajfa-7243	242	86	for	for	ADP
ajfa-7243	242	87	random	random	ADJ
ajfa-7243	242	88	effects	effect	NOUN
ajfa-7243	242	89	(	(	PUNCT
ajfa-7243	242	90	:	:	PUNCT
ajfa-7243	242	91	the	the	DET
ajfa-7243	242	92	variances	variance	NOUN
ajfa-7243	242	93	across	across	ADP
ajfa-7243	242	94	entities	entity	NOUN
ajfa-7243	242	95	is	be	AUX
ajfa-7243	242	96	zero	zero	NUM
ajfa-7243	242	97	)	)	PUNCT
ajfa-7243	242	98	statistic	statistic	NOUN
ajfa-7243	242	99	ols	ols	PROPN
ajfa-7243	242	100	&	&	CCONJ
ajfa-7243	242	101	re	re	PROPN
ajfa-7243	242	102	chi	chi	NOUN
ajfa-7243	242	103	-	-	PUNCT
ajfa-7243	242	104	statistic	statistic	NOUN
ajfa-7243	243	1	1012.9000	1012.9000	NUM
ajfa-7243	243	2	p	p	ADJ
ajfa-7243	243	3	-	-	PUNCT
ajfa-7243	243	4	value	value	NOUN
ajfa-7243	243	5	0.0000	0.0000	NUM
ajfa-7243	243	6	hausman	hausman	ADJ
ajfa-7243	243	7	test	test	NOUN
ajfa-7243	243	8	statistic	statistic	NOUN
ajfa-7243	243	9	(	(	PUNCT
ajfa-7243	243	10	:	:	PUNCT
ajfa-7243	243	11	regressors	regressor	NOUN
ajfa-7243	243	12	are	be	AUX
ajfa-7243	243	13	not	not	PART
ajfa-7243	243	14	correlated	correlate	VERB
ajfa-7243	243	15	with	with	ADP
ajfa-7243	243	16	c	c	NOUN
ajfa-7243	243	17	=	=	NOUN
ajfa-7243	243	18	>	>	X
ajfa-7243	243	19	random	random	ADJ
ajfa-7243	243	20	effects	effect	NOUN
ajfa-7243	243	21	)	)	PUNCT
ajfa-7243	243	22	statistic	statistic	PROPN
ajfa-7243	243	23	fe	fe	X
ajfa-7243	243	24	&	&	CCONJ
ajfa-7243	243	25	re	re	ADV
ajfa-7243	243	26	chi	chi	ADJ
ajfa-7243	243	27	-	-	PUNCT
ajfa-7243	243	28	statistic	statistic	NOUN
ajfa-7243	243	29	1724.3900	1724.3900	ADJ
ajfa-7243	243	30	p	p	ADJ
ajfa-7243	243	31	-	-	PUNCT
ajfa-7243	243	32	value	value	NOUN
ajfa-7243	243	33	0.0000	0.0000	NUM
ajfa-7243	243	34	source	source	NOUN
ajfa-7243	243	35	:	:	PUNCT
ajfa-7243	243	36	own	own	ADJ
ajfa-7243	243	37	calculated	calculate	VERB
ajfa-7243	243	38	note	note	NOUN
ajfa-7243	243	39	on	on	ADP
ajfa-7243	243	40	diagnostic	diagnostic	ADJ
ajfa-7243	243	41	test	test	NOUN
ajfa-7243	243	42	results	result	NOUN
ajfa-7243	243	43	of	of	ADP
ajfa-7243	243	44	table	table	NOUN
ajfa-7243	243	45	5	5	NUM
ajfa-7243	243	46	:	:	PUNCT
ajfa-7243	243	47	the	the	DET
ajfa-7243	243	48	diagnostic	diagnostic	ADJ
ajfa-7243	243	49	test	test	NOUN
ajfa-7243	243	50	results	result	NOUN
ajfa-7243	243	51	in	in	ADP
ajfa-7243	243	52	table	table	NOUN
ajfa-7243	243	53	5	5	NUM
ajfa-7243	243	54	for	for	ADP
ajfa-7243	243	55	panel	panel	NOUN
ajfa-7243	243	56	regression	regression	NOUN
ajfa-7243	243	57	methods	method	NOUN
ajfa-7243	243	58	used	use	VERB
ajfa-7243	243	59	in	in	ADP
ajfa-7243	243	60	table	table	NOUN
ajfa-7243	243	61	3	3	NUM
ajfa-7243	243	62	reveals	reveal	VERB
ajfa-7243	243	63	that	that	SCONJ
ajfa-7243	243	64	in	in	ADP
ajfa-7243	243	65	case	case	NOUN
ajfa-7243	243	66	of	of	ADP
ajfa-7243	243	67	panel	panel	NOUN
ajfa-7243	243	68	-	-	PUNCT
ajfa-7243	243	69	ols	ol	NOUN
ajfa-7243	243	70	and	and	CCONJ
ajfa-7243	243	71	fe	fe	PROPN
ajfa-7243	243	72	,	,	PUNCT
ajfa-7243	243	73	fe	fe	X
ajfa-7243	243	74	comes	come	VERB
ajfa-7243	243	75	out	out	ADP
ajfa-7243	243	76	to	to	PART
ajfa-7243	243	77	be	be	AUX
ajfa-7243	243	78	a	a	DET
ajfa-7243	243	79	better	well	ADJ
ajfa-7243	243	80	model	model	NOUN
ajfa-7243	243	81	,	,	PUNCT
ajfa-7243	243	82	in	in	ADP
ajfa-7243	243	83	case	case	NOUN
ajfa-7243	243	84	of	of	ADP
ajfa-7243	243	85	panel	panel	NOUN
ajfa-7243	243	86	-	-	PUNCT
ajfa-7243	243	87	ols	ol	NOUN
ajfa-7243	243	88	and	and	CCONJ
ajfa-7243	243	89	re	re	NOUN
ajfa-7243	243	90	,	,	PUNCT
ajfa-7243	243	91	re	re	VERB
ajfa-7243	243	92	comes	come	VERB
ajfa-7243	243	93	out	out	ADP
ajfa-7243	243	94	to	to	PART
ajfa-7243	243	95	be	be	AUX
ajfa-7243	243	96	a	a	DET
ajfa-7243	243	97	better	well	ADJ
ajfa-7243	243	98	model	model	NOUN
ajfa-7243	243	99	and	and	CCONJ
ajfa-7243	243	100	in	in	ADP
ajfa-7243	243	101	case	case	NOUN
ajfa-7243	243	102	of	of	ADP
ajfa-7243	243	103	fe	fe	NOUN
ajfa-7243	243	104	and	and	CCONJ
ajfa-7243	243	105	re	re	PROPN
ajfa-7243	243	106	,	,	PUNCT
ajfa-7243	243	107	fe	fe	X
ajfa-7243	243	108	comes	come	VERB
ajfa-7243	243	109	out	out	ADP
ajfa-7243	243	110	to	to	PART
ajfa-7243	243	111	be	be	AUX
ajfa-7243	243	112	the	the	DET
ajfa-7243	243	113	better	well	ADJ
ajfa-7243	243	114	model	model	NOUN
ajfa-7243	243	115	as	as	SCONJ
ajfa-7243	243	116	p	p	NOUN
ajfa-7243	243	117	-	-	PUNCT
ajfa-7243	243	118	values	value	NOUN
ajfa-7243	243	119	of	of	ADP
ajfa-7243	243	120	all	all	DET
ajfa-7243	243	121	the	the	DET
ajfa-7243	243	122	diagnostic	diagnostic	ADJ
ajfa-7243	243	123	tests	test	NOUN
ajfa-7243	243	124	were	be	AUX
ajfa-7243	243	125	less	less	ADJ
ajfa-7243	243	126	than	than	ADP
ajfa-7243	243	127	0.05	0.05	NUM
ajfa-7243	243	128	.	.	PUNCT
ajfa-7243	244	1	from	from	ADP
ajfa-7243	244	2	here	here	ADV
ajfa-7243	244	3	we	we	PRON
ajfa-7243	244	4	choose	choose	VERB
ajfa-7243	244	5	fe	fe	NOUN
ajfa-7243	244	6	to	to	PART
ajfa-7243	244	7	be	be	AUX
ajfa-7243	244	8	the	the	DET
ajfa-7243	244	9	best	good	ADJ
ajfa-7243	244	10	model	model	NOUN
ajfa-7243	244	11	for	for	ADP
ajfa-7243	244	12	our	our	PRON
ajfa-7243	244	13	study	study	NOUN
ajfa-7243	244	14	.	.	PUNCT
ajfa-7243	245	1	6.1	6.1	NUM
ajfa-7243	245	2	.	.	PUNCT
ajfa-7243	246	1	sectorial	sectorial	ADJ
ajfa-7243	246	2	sensitivity	sensitivity	NOUN
ajfa-7243	246	3	of	of	ADP
ajfa-7243	246	4	value	value	NOUN
ajfa-7243	246	5	drivers	driver	NOUN
ajfa-7243	246	6	after	after	ADP
ajfa-7243	246	7	analysing	analyse	VERB
ajfa-7243	246	8	the	the	DET
ajfa-7243	246	9	value	value	NOUN
ajfa-7243	246	10	drivers	driver	NOUN
ajfa-7243	246	11	for	for	ADP
ajfa-7243	246	12	the	the	DET
ajfa-7243	246	13	manufacturing	manufacturing	NOUN
ajfa-7243	246	14	sector	sector	NOUN
ajfa-7243	246	15	,	,	PUNCT
ajfa-7243	246	16	it	it	PRON
ajfa-7243	246	17	is	be	AUX
ajfa-7243	246	18	of	of	ADP
ajfa-7243	246	19	interest	interest	NOUN
ajfa-7243	246	20	to	to	PART
ajfa-7243	246	21	study	study	VERB
ajfa-7243	246	22	about	about	ADP
ajfa-7243	246	23	the	the	DET
ajfa-7243	246	24	drivers	driver	NOUN
ajfa-7243	246	25	for	for	ADP
ajfa-7243	246	26	different	different	ADJ
ajfa-7243	246	27	sub	sub	NOUN
ajfa-7243	246	28	-	-	NOUN
ajfa-7243	246	29	sector	sector	NOUN
ajfa-7243	246	30	of	of	ADP
ajfa-7243	246	31	manufacturing	manufacturing	NOUN
ajfa-7243	246	32	industry	industry	NOUN
ajfa-7243	246	33	.	.	PUNCT
ajfa-7243	247	1	because	because	SCONJ
ajfa-7243	247	2	there	there	PRON
ajfa-7243	247	3	is	be	VERB
ajfa-7243	247	4	a	a	DET
ajfa-7243	247	5	possibility	possibility	NOUN
ajfa-7243	247	6	that	that	SCONJ
ajfa-7243	247	7	drivers	driver	NOUN
ajfa-7243	247	8	may	may	AUX
ajfa-7243	247	9	not	not	PART
ajfa-7243	247	10	be	be	AUX
ajfa-7243	247	11	constant	constant	ADJ
ajfa-7243	247	12	across	across	ADP
ajfa-7243	247	13	sectors	sector	NOUN
ajfa-7243	247	14	.	.	PUNCT
ajfa-7243	248	1	therefore	therefore	ADV
ajfa-7243	248	2	,	,	PUNCT
ajfa-7243	248	3	this	this	DET
ajfa-7243	248	4	sensitivity	sensitivity	NOUN
ajfa-7243	248	5	analysis	analysis	NOUN
ajfa-7243	248	6	will	will	AUX
ajfa-7243	248	7	give	give	VERB
ajfa-7243	248	8	us	we	PRON
ajfa-7243	248	9	a	a	DET
ajfa-7243	248	10	clear	clear	ADJ
ajfa-7243	248	11	idea	idea	NOUN
ajfa-7243	248	12	as	as	ADP
ajfa-7243	248	13	to	to	ADP
ajfa-7243	248	14	which	which	PRON
ajfa-7243	248	15	are	be	AUX
ajfa-7243	248	16	the	the	DET
ajfa-7243	248	17	key	key	ADJ
ajfa-7243	248	18	drivers	driver	NOUN
ajfa-7243	248	19	one	one	PRON
ajfa-7243	248	20	should	should	AUX
ajfa-7243	248	21	concentrate	concentrate	VERB
ajfa-7243	248	22	onwhen	onwhen	ADV
ajfa-7243	248	23	analysing	analyse	VERB
ajfa-7243	248	24	sectors	sector	NOUN
ajfa-7243	248	25	.	.	PUNCT
ajfa-7243	249	1	taking	take	VERB
ajfa-7243	249	2	the	the	DET
ajfa-7243	249	3	notion	notion	NOUN
ajfa-7243	249	4	further	far	ADV
ajfa-7243	249	5	that	that	SCONJ
ajfa-7243	249	6	fixed	fix	VERB
ajfa-7243	249	7	effects	effect	NOUN
ajfa-7243	249	8	model	model	NOUN
ajfa-7243	249	9	is	be	AUX
ajfa-7243	249	10	better	well	ADJ
ajfa-7243	249	11	than	than	ADP
ajfa-7243	249	12	panel	panel	NOUN
ajfa-7243	249	13	ols	ol	NOUN
ajfa-7243	249	14	and	and	CCONJ
ajfa-7243	249	15	random	random	ADJ
ajfa-7243	249	16	effects	effect	NOUN
ajfa-7243	249	17	model	model	NOUN
ajfa-7243	249	18	,	,	PUNCT
ajfa-7243	249	19	for	for	ADP
ajfa-7243	249	20	the	the	DET
ajfa-7243	249	21	ease	ease	NOUN
ajfa-7243	249	22	of	of	ADP
ajfa-7243	249	23	exposition	exposition	NOUN
ajfa-7243	249	24	we	we	PRON
ajfa-7243	249	25	only	only	ADV
ajfa-7243	249	26	report	report	VERB
ajfa-7243	249	27	the	the	DET
ajfa-7243	249	28	results	result	NOUN
ajfa-7243	249	29	of	of	ADP
ajfa-7243	249	30	fixed	fix	VERB
ajfa-7243	249	31	effects	effect	NOUN
ajfa-7243	249	32	model	model	NOUN
ajfa-7243	249	33	in	in	ADP
ajfa-7243	249	34	table	table	NOUN
ajfa-7243	249	35	6	6	NUM
ajfa-7243	249	36	.	.	PUNCT
ajfa-7243	250	1	in	in	ADP
ajfa-7243	250	2	the	the	DET
ajfa-7243	250	3	chemical	chemical	PROPN
ajfa-7243	250	4	industry;sales	industry;sales	PROPN
ajfa-7243	250	5	,	,	PUNCT
ajfa-7243	250	6	net	net	ADJ
ajfa-7243	250	7	margin	margin	NOUN
ajfa-7243	250	8	,	,	PUNCT
ajfa-7243	250	9	earnings	earning	NOUN
ajfa-7243	250	10	per	per	ADP
ajfa-7243	250	11	share	share	NOUN
ajfa-7243	250	12	,	,	PUNCT
ajfa-7243	250	13	dividend	dividend	VERB
ajfa-7243	250	14	per	per	ADP
ajfa-7243	250	15	share	share	NOUN
ajfa-7243	250	16	,	,	PUNCT
ajfa-7243	250	17	book	book	NOUN
ajfa-7243	250	18	value	value	NOUN
ajfa-7243	250	19	and	and	CCONJ
ajfa-7243	250	20	tax	tax	NOUN
ajfa-7243	250	21	rate	rate	NOUN
ajfa-7243	250	22	are	be	AUX
ajfa-7243	250	23	the	the	DET
ajfa-7243	250	24	six	six	NUM
ajfa-7243	250	25	major	major	ADJ
ajfa-7243	250	26	drivers	driver	NOUN
ajfa-7243	250	27	of	of	ADP
ajfa-7243	250	28	value	value	NOUN
ajfa-7243	250	29	.	.	PUNCT
ajfa-7243	251	1	the	the	DET
ajfa-7243	251	2	capital	capital	NOUN
ajfa-7243	251	3	expenditure	expenditure	NOUN
ajfa-7243	251	4	for	for	ADP
ajfa-7243	251	5	chemical	chemical	NOUN
ajfa-7243	251	6	industry	industry	NOUN
ajfa-7243	251	7	is	be	AUX
ajfa-7243	251	8	coming	come	VERB
ajfa-7243	251	9	out	out	ADP
ajfa-7243	251	10	to	to	PART
ajfa-7243	251	11	be	be	AUX
ajfa-7243	251	12	significant	significant	ADJ
ajfa-7243	251	13	at	at	ADP
ajfa-7243	251	14	10	10	NUM
ajfa-7243	251	15	percent	percent	NOUN
ajfa-7243	251	16	level	level	NOUN
ajfa-7243	251	17	,	,	PUNCT
ajfa-7243	251	18	suggesting	suggest	VERB
ajfa-7243	251	19	that	that	SCONJ
ajfa-7243	251	20	there	there	PRON
ajfa-7243	251	21	are	be	VERB
ajfa-7243	251	22	some	some	DET
ajfa-7243	251	23	levels	level	NOUN
ajfa-7243	251	24	of	of	ADP
ajfa-7243	251	25	expansion	expansion	NOUN
ajfa-7243	251	26	/	/	SYM
ajfa-7243	251	27	capacity	capacity	NOUN
ajfa-7243	251	28	overhauling	overhaul	VERB
ajfa-7243	251	29	in	in	ADP
ajfa-7243	251	30	this	this	DET
ajfa-7243	251	31	sector.among	sector.among	NOUN
ajfa-7243	251	32	the	the	DET
ajfa-7243	251	33	strategic	strategic	ADJ
ajfa-7243	251	34	drivers	driver	NOUN
ajfa-7243	251	35	only	only	ADV
ajfa-7243	251	36	the	the	DET
ajfa-7243	251	37	advertising	advertising	NOUN
ajfa-7243	251	38	i.e.	i.e.	X
ajfa-7243	251	39	image	image	NOUN
ajfa-7243	251	40	building	building	NOUN
ajfa-7243	251	41	is	be	AUX
ajfa-7243	251	42	coming	come	VERB
ajfa-7243	251	43	out	out	ADP
ajfa-7243	251	44	to	to	PART
ajfa-7243	251	45	be	be	AUX
ajfa-7243	251	46	significant	significant	ADJ
ajfa-7243	251	47	.	.	PUNCT
ajfa-7243	252	1	this	this	PRON
ajfa-7243	252	2	suggests	suggest	VERB
ajfa-7243	252	3	that	that	SCONJ
ajfa-7243	252	4	chemical	chemical	NOUN
ajfa-7243	252	5	sector	sector	NOUN
ajfa-7243	252	6	has	have	AUX
ajfa-7243	252	7	invested	invest	VERB
ajfa-7243	252	8	significant	significant	ADJ
ajfa-7243	252	9	amount	amount	NOUN
ajfa-7243	252	10	in	in	ADP
ajfa-7243	252	11	improving	improve	VERB
ajfa-7243	252	12	its	its	PRON
ajfa-7243	252	13	brand	brand	NOUN
ajfa-7243	252	14	image	image	NOUN
ajfa-7243	252	15	.	.	PUNCT
ajfa-7243	253	1	this	this	PRON
ajfa-7243	253	2	is	be	AUX
ajfa-7243	253	3	also	also	ADV
ajfa-7243	253	4	substantiated	substantiate	VERB
ajfa-7243	253	5	by	by	ADP
ajfa-7243	253	6	the	the	DET
ajfa-7243	253	7	fact	fact	NOUN
ajfa-7243	253	8	that	that	SCONJ
ajfa-7243	253	9	the	the	DET
ajfa-7243	253	10	pay	pay	VERB
ajfa-7243	253	11	-	-	PUNCT
ajfa-7243	253	12	out	out	ADP
ajfa-7243	253	13	ratio	ratio	NOUN
ajfa-7243	253	14	is	be	AUX
ajfa-7243	253	15	not	not	PART
ajfa-7243	253	16	significant	significant	ADJ
ajfa-7243	253	17	for	for	ADP
ajfa-7243	253	18	chemical	chemical	NOUN
ajfa-7243	253	19	industry	industry	NOUN
ajfa-7243	253	20	,	,	PUNCT
ajfa-7243	253	21	suggesting	suggest	VERB
ajfa-7243	253	22	that	that	SCONJ
ajfa-7243	253	23	there	there	PRON
ajfa-7243	253	24	is	be	VERB
ajfa-7243	253	25	high	high	ADJ
ajfa-7243	253	26	-	-	PUNCT
ajfa-7243	253	27	degree	degree	NOUN
ajfa-7243	253	28	of	of	ADP
ajfa-7243	253	29	retention	retention	NOUN
ajfa-7243	253	30	of	of	ADP
ajfa-7243	253	31	profit	profit	NOUN
ajfa-7243	253	32	,	,	PUNCT
ajfa-7243	253	33	which	which	PRON
ajfa-7243	253	34	is	be	AUX
ajfa-7243	253	35	channelized	channelize	VERB
ajfa-7243	253	36	into	into	ADP
ajfa-7243	253	37	image	image	NOUN
ajfa-7243	253	38	building	building	NOUN
ajfa-7243	253	39	.	.	PUNCT
ajfa-7243	254	1	the	the	DET
ajfa-7243	254	2	research	research	NOUN
ajfa-7243	254	3	and	and	CCONJ
ajfa-7243	254	4	development	development	NOUN
ajfa-7243	254	5	driver	driver	NOUN
ajfa-7243	254	6	is	be	AUX
ajfa-7243	254	7	not	not	PART
ajfa-7243	254	8	significant	significant	ADJ
ajfa-7243	254	9	,	,	PUNCT
ajfa-7243	254	10	which	which	PRON
ajfa-7243	254	11	coincides	coincide	VERB
ajfa-7243	254	12	with	with	ADP
ajfa-7243	254	13	the	the	DET
ajfa-7243	254	14	fact	fact	NOUN
ajfa-7243	254	15	that	that	SCONJ
ajfa-7243	254	16	the	the	DET
ajfa-7243	254	17	level	level	NOUN
ajfa-7243	254	18	of	of	ADP
ajfa-7243	254	19	investment	investment	NOUN
ajfa-7243	254	20	is	be	AUX
ajfa-7243	254	21	r&d	r&d	NOUN
ajfa-7243	254	22	is	be	AUX
ajfa-7243	254	23	actually	actually	ADV
ajfa-7243	254	24	very	very	ADV
ajfa-7243	254	25	decimal	decimal	ADJ
ajfa-7243	254	26	(	(	PUNCT
ajfa-7243	254	27	only	only	ADV
ajfa-7243	254	28	0.5	0.5	NUM
ajfa-7243	254	29	percent	percent	NOUN
ajfa-7243	254	30	to	to	ADP
ajfa-7243	254	31	sale	sale	NOUN
ajfa-7243	254	32	in	in	ADP
ajfa-7243	254	33	comparison	comparison	NOUN
ajfa-7243	254	34	to	to	ADP
ajfa-7243	254	35	4	4	NUM
ajfa-7243	254	36	percent	percent	NOUN
ajfa-7243	254	37	in	in	ADP
ajfa-7243	254	38	the	the	DET
ajfa-7243	254	39	global	global	ADJ
ajfa-7243	254	40	context14	context14	PROPN
ajfa-7243	254	41	)	)	PUNCT
ajfa-7243	254	42	.	.	PUNCT
ajfa-7243	255	1	14	14	NUM
ajfa-7243	255	2	report	report	NOUN
ajfa-7243	255	3	on	on	ADP
ajfa-7243	255	4	indian	indian	ADJ
ajfa-7243	255	5	chemical	chemical	NOUN
ajfa-7243	255	6	industry	industry	NOUN
ajfa-7243	255	7	,	,	PUNCT
ajfa-7243	255	8	xiith	xiith	ADV
ajfa-7243	255	9	five	five	NUM
ajfa-7243	255	10	year	year	NOUN
ajfa-7243	255	11	plan	plan	NOUN
ajfa-7243	255	12	(	(	PUNCT
ajfa-7243	255	13	planning	planning	NOUN
ajfa-7243	255	14	commission	commission	PROPN
ajfa-7243	255	15	of	of	ADP
ajfa-7243	255	16	india	india	PROPN
ajfa-7243	255	17	)	)	PUNCT
ajfa-7243	255	18	.	.	PUNCT
ajfa-7243	256	1	asian	asian	ADJ
ajfa-7243	256	2	journal	journal	PROPN
ajfa-7243	256	3	of	of	ADP
ajfa-7243	256	4	finance	finance	PROPN
ajfa-7243	256	5	&	&	CCONJ
ajfa-7243	256	6	accounting	accounting	PROPN
ajfa-7243	256	7	issn	issn	PROPN
ajfa-7243	256	8	1946	1946	NUM
ajfa-7243	256	9	-	-	PUNCT
ajfa-7243	256	10	052x	052x	NOUN
ajfa-7243	256	11	2015	2015	NUM
ajfa-7243	256	12	,	,	PUNCT
ajfa-7243	256	13	vol	vol	NOUN
ajfa-7243	256	14	.	.	PROPN
ajfa-7243	256	15	7	7	NUM
ajfa-7243	256	16	,	,	PUNCT
ajfa-7243	256	17	no	no	INTJ
ajfa-7243	256	18	.	.	NOUN
ajfa-7243	256	19	2	2	NUM
ajfa-7243	256	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-7243	256	21	17	17	NUM
ajfa-7243	256	22	in	in	ADP
ajfa-7243	256	23	case	case	NOUN
ajfa-7243	256	24	of	of	ADP
ajfa-7243	256	25	machinery	machinery	NOUN
ajfa-7243	256	26	;	;	PUNCT
ajfa-7243	256	27	sales	sale	NOUN
ajfa-7243	256	28	,	,	PUNCT
ajfa-7243	256	29	earning	earn	VERB
ajfa-7243	256	30	per	per	ADP
ajfa-7243	256	31	share	share	NOUN
ajfa-7243	256	32	,	,	PUNCT
ajfa-7243	256	33	dividend	dividend	VERB
ajfa-7243	256	34	per	per	ADP
ajfa-7243	256	35	share	share	NOUN
ajfa-7243	256	36	,	,	PUNCT
ajfa-7243	256	37	book	book	NOUN
ajfa-7243	256	38	value	value	NOUN
ajfa-7243	256	39	and	and	CCONJ
ajfa-7243	256	40	beta	beta	NOUN
ajfa-7243	256	41	are	be	AUX
ajfa-7243	256	42	the	the	DET
ajfa-7243	256	43	five	five	NUM
ajfa-7243	256	44	main	main	ADJ
ajfa-7243	256	45	financial	financial	ADJ
ajfa-7243	256	46	drivers	driver	NOUN
ajfa-7243	256	47	.	.	PUNCT
ajfa-7243	257	1	among	among	ADP
ajfa-7243	257	2	the	the	DET
ajfa-7243	257	3	strategic	strategic	ADJ
ajfa-7243	257	4	drivers	driver	NOUN
ajfa-7243	257	5	,	,	PUNCT
ajfa-7243	257	6	r&d	r&d	NOUN
ajfa-7243	257	7	and	and	CCONJ
ajfa-7243	257	8	foreign	foreign	ADJ
ajfa-7243	257	9	promoters	promoter	NOUN
ajfa-7243	257	10	are	be	AUX
ajfa-7243	257	11	positively	positively	ADV
ajfa-7243	257	12	linked	link	VERB
ajfa-7243	257	13	with	with	ADP
ajfa-7243	257	14	the	the	DET
ajfa-7243	257	15	value	value	NOUN
ajfa-7243	257	16	of	of	ADP
ajfa-7243	257	17	the	the	DET
ajfa-7243	257	18	firm	firm	NOUN
ajfa-7243	257	19	.	.	PUNCT
ajfa-7243	258	1	in	in	ADP
ajfa-7243	258	2	the	the	DET
ajfa-7243	258	3	metal	metal	NOUN
ajfa-7243	258	4	industry	industry	NOUN
ajfa-7243	258	5	;	;	PUNCT
ajfa-7243	258	6	sales	sale	NOUN
ajfa-7243	258	7	,	,	PUNCT
ajfa-7243	258	8	intensity	intensity	NOUN
ajfa-7243	258	9	of	of	ADP
ajfa-7243	258	10	operating	operating	NOUN
ajfa-7243	258	11	expenses	expense	NOUN
ajfa-7243	258	12	,	,	PUNCT
ajfa-7243	258	13	capital	capital	NOUN
ajfa-7243	258	14	expenditure	expenditure	NOUN
ajfa-7243	258	15	,	,	PUNCT
ajfa-7243	258	16	earning	earn	VERB
ajfa-7243	258	17	per	per	ADP
ajfa-7243	258	18	share	share	NOUN
ajfa-7243	258	19	and	and	CCONJ
ajfa-7243	258	20	beta	beta	NOUN
ajfa-7243	258	21	are	be	AUX
ajfa-7243	258	22	the	the	DET
ajfa-7243	258	23	five	five	NUM
ajfa-7243	258	24	main	main	ADJ
ajfa-7243	258	25	drivers	driver	NOUN
ajfa-7243	258	26	of	of	ADP
ajfa-7243	258	27	value	value	NOUN
ajfa-7243	258	28	.	.	PUNCT
ajfa-7243	259	1	the	the	DET
ajfa-7243	259	2	r&d	r&d	NOUN
ajfa-7243	259	3	is	be	AUX
ajfa-7243	259	4	the	the	DET
ajfa-7243	259	5	only	only	ADJ
ajfa-7243	259	6	strategic	strategic	ADJ
ajfa-7243	259	7	driver	driver	NOUN
ajfa-7243	259	8	that	that	PRON
ajfa-7243	259	9	has	have	VERB
ajfa-7243	259	10	a	a	DET
ajfa-7243	259	11	significant	significant	ADJ
ajfa-7243	259	12	role	role	NOUN
ajfa-7243	259	13	in	in	ADP
ajfa-7243	259	14	the	the	DET
ajfa-7243	259	15	determination	determination	NOUN
ajfa-7243	259	16	of	of	ADP
ajfa-7243	259	17	value	value	NOUN
ajfa-7243	259	18	for	for	ADP
ajfa-7243	259	19	metal	metal	NOUN
ajfa-7243	259	20	industry	industry	NOUN
ajfa-7243	259	21	.	.	PUNCT
ajfa-7243	260	1	the	the	DET
ajfa-7243	260	2	negative	negative	ADJ
ajfa-7243	260	3	coefficient	coefficient	NOUN
ajfa-7243	260	4	of	of	ADP
ajfa-7243	260	5	the	the	DET
ajfa-7243	260	6	r&d	r&d	NOUN
ajfa-7243	260	7	suggests	suggest	VERB
ajfa-7243	260	8	that	that	SCONJ
ajfa-7243	260	9	most	most	ADV
ajfa-7243	260	10	probably	probably	ADV
ajfa-7243	260	11	the	the	DET
ajfa-7243	260	12	effort	effort	NOUN
ajfa-7243	260	13	towards	towards	ADP
ajfa-7243	260	14	strengthening	strengthen	VERB
ajfa-7243	260	15	r&d	r&d	NOUN
ajfa-7243	260	16	is	be	AUX
ajfa-7243	260	17	a	a	DET
ajfa-7243	260	18	recent	recent	ADJ
ajfa-7243	260	19	one	one	NOUN
ajfa-7243	260	20	,	,	PUNCT
ajfa-7243	260	21	which	which	PRON
ajfa-7243	260	22	is	be	AUX
ajfa-7243	260	23	yet	yet	ADV
ajfa-7243	260	24	to	to	PART
ajfa-7243	260	25	translate	translate	VERB
ajfa-7243	260	26	into	into	ADP
ajfa-7243	260	27	output	output	NOUN
ajfa-7243	260	28	.	.	PUNCT
ajfa-7243	261	1	the	the	DET
ajfa-7243	261	2	insignificance	insignificance	NOUN
ajfa-7243	261	3	of	of	ADP
ajfa-7243	261	4	dividend	dividend	NOUN
ajfa-7243	261	5	per	per	ADP
ajfa-7243	261	6	share	share	NOUN
ajfa-7243	261	7	can	can	AUX
ajfa-7243	261	8	be	be	AUX
ajfa-7243	261	9	attributed	attribute	VERB
ajfa-7243	261	10	to	to	ADP
ajfa-7243	261	11	the	the	DET
ajfa-7243	261	12	fact	fact	NOUN
ajfa-7243	261	13	that	that	SCONJ
ajfa-7243	261	14	profits	profit	NOUN
ajfa-7243	261	15	have	have	AUX
ajfa-7243	261	16	been	be	AUX
ajfa-7243	261	17	channelized	channelize	VERB
ajfa-7243	261	18	into	into	ADP
ajfa-7243	261	19	expansion	expansion	NOUN
ajfa-7243	261	20	and	and	CCONJ
ajfa-7243	261	21	r&d	r&d	NOUN
ajfa-7243	261	22	.	.	PUNCT
ajfa-7243	262	1	the	the	DET
ajfa-7243	262	2	non	non	ADJ
ajfa-7243	262	3	-	-	ADJ
ajfa-7243	262	4	metal	metal	ADJ
ajfa-7243	262	5	industry	industry	NOUN
ajfa-7243	262	6	bears	bear	VERB
ajfa-7243	262	7	a	a	DET
ajfa-7243	262	8	similar	similar	ADJ
ajfa-7243	262	9	picture	picture	NOUN
ajfa-7243	262	10	as	as	ADP
ajfa-7243	262	11	that	that	PRON
ajfa-7243	262	12	of	of	ADP
ajfa-7243	262	13	the	the	DET
ajfa-7243	262	14	metal	metal	NOUN
ajfa-7243	262	15	industry	industry	NOUN
ajfa-7243	262	16	.	.	PUNCT
ajfa-7243	263	1	the	the	DET
ajfa-7243	263	2	financial	financial	ADJ
ajfa-7243	263	3	drivers	driver	NOUN
ajfa-7243	263	4	are	be	AUX
ajfa-7243	263	5	almost	almost	ADV
ajfa-7243	263	6	similar	similar	ADJ
ajfa-7243	263	7	except	except	SCONJ
ajfa-7243	263	8	beta	beta	NOUN
ajfa-7243	263	9	which	which	PRON
ajfa-7243	263	10	is	be	AUX
ajfa-7243	263	11	not	not	PART
ajfa-7243	263	12	significant	significant	ADJ
ajfa-7243	263	13	.	.	PUNCT
ajfa-7243	264	1	however	however	ADV
ajfa-7243	264	2	,	,	PUNCT
ajfa-7243	264	3	among	among	ADP
ajfa-7243	264	4	the	the	DET
ajfa-7243	264	5	strategic	strategic	ADJ
ajfa-7243	264	6	drivers	driver	NOUN
ajfa-7243	264	7	the	the	DET
ajfa-7243	264	8	foreign	foreign	ADJ
ajfa-7243	264	9	promoters	promoter	NOUN
ajfa-7243	264	10	have	have	VERB
ajfa-7243	264	11	a	a	DET
ajfa-7243	264	12	significant	significant	ADJ
ajfa-7243	264	13	relationship	relationship	NOUN
ajfa-7243	264	14	with	with	ADP
ajfa-7243	264	15	the	the	DET
ajfa-7243	264	16	value	value	NOUN
ajfa-7243	264	17	of	of	ADP
ajfa-7243	264	18	firm	firm	NOUN
ajfa-7243	264	19	.	.	PUNCT
ajfa-7243	265	1	pay	pay	VERB
ajfa-7243	265	2	-	-	PUNCT
ajfa-7243	265	3	out	out	ADP
ajfa-7243	265	4	ratio	ratio	NOUN
ajfa-7243	265	5	has	have	VERB
ajfa-7243	265	6	inversely	inversely	ADV
ajfa-7243	265	7	significant	significant	ADJ
ajfa-7243	265	8	relation	relation	NOUN
ajfa-7243	265	9	with	with	ADP
ajfa-7243	265	10	value	value	NOUN
ajfa-7243	265	11	meaning	mean	VERB
ajfa-7243	265	12	that	that	SCONJ
ajfa-7243	265	13	high	high	ADJ
ajfa-7243	265	14	pay	pay	NOUN
ajfa-7243	265	15	-	-	PUNCT
ajfa-7243	265	16	outs	out	NOUN
ajfa-7243	265	17	may	may	AUX
ajfa-7243	265	18	lead	lead	VERB
ajfa-7243	265	19	to	to	PART
ajfa-7243	265	20	decline	decline	VERB
ajfa-7243	265	21	in	in	ADP
ajfa-7243	265	22	value	value	NOUN
ajfa-7243	265	23	.	.	PUNCT
ajfa-7243	266	1	the	the	DET
ajfa-7243	266	2	textile	textile	NOUN
ajfa-7243	266	3	industry	industry	NOUN
ajfa-7243	266	4	depicts	depict	VERB
ajfa-7243	266	5	a	a	DET
ajfa-7243	266	6	different	different	ADJ
ajfa-7243	266	7	picture	picture	NOUN
ajfa-7243	266	8	from	from	ADP
ajfa-7243	266	9	the	the	DET
ajfa-7243	266	10	perspective	perspective	NOUN
ajfa-7243	266	11	of	of	ADP
ajfa-7243	266	12	financial	financial	ADJ
ajfa-7243	266	13	drivers	driver	NOUN
ajfa-7243	266	14	.	.	PUNCT
ajfa-7243	267	1	earnings	earning	NOUN
ajfa-7243	267	2	per	per	ADP
ajfa-7243	267	3	share	share	NOUN
ajfa-7243	267	4	,	,	PUNCT
ajfa-7243	267	5	dividend	dividend	VERB
ajfa-7243	267	6	per	per	ADP
ajfa-7243	267	7	share	share	NOUN
ajfa-7243	267	8	,	,	PUNCT
ajfa-7243	267	9	beta	beta	NOUN
ajfa-7243	267	10	,	,	PUNCT
ajfa-7243	267	11	and	and	CCONJ
ajfa-7243	267	12	book	book	NOUN
ajfa-7243	267	13	value	value	NOUN
ajfa-7243	267	14	are	be	AUX
ajfa-7243	267	15	the	the	DET
ajfa-7243	267	16	four	four	NUM
ajfa-7243	267	17	main	main	ADJ
ajfa-7243	267	18	financial	financial	ADJ
ajfa-7243	267	19	drivers	driver	NOUN
ajfa-7243	267	20	of	of	ADP
ajfa-7243	267	21	value	value	NOUN
ajfa-7243	267	22	.	.	PUNCT
ajfa-7243	268	1	r&d	r&d	NOUN
ajfa-7243	268	2	is	be	AUX
ajfa-7243	268	3	the	the	DET
ajfa-7243	268	4	strategic	strategic	ADJ
ajfa-7243	268	5	driver	driver	NOUN
ajfa-7243	268	6	of	of	ADP
ajfa-7243	268	7	value	value	NOUN
ajfa-7243	268	8	.	.	PUNCT
ajfa-7243	269	1	quite	quite	ADV
ajfa-7243	269	2	surprisingly	surprisingly	ADV
ajfa-7243	269	3	,	,	PUNCT
ajfa-7243	269	4	the	the	DET
ajfa-7243	269	5	sales	sale	NOUN
ajfa-7243	269	6	is	be	AUX
ajfa-7243	269	7	not	not	PART
ajfa-7243	269	8	the	the	DET
ajfa-7243	269	9	driver	driver	NOUN
ajfa-7243	269	10	of	of	ADP
ajfa-7243	269	11	value	value	NOUN
ajfa-7243	269	12	.	.	PUNCT
ajfa-7243	270	1	this	this	PRON
ajfa-7243	270	2	is	be	AUX
ajfa-7243	270	3	the	the	DET
ajfa-7243	270	4	only	only	ADJ
ajfa-7243	270	5	segment	segment	NOUN
ajfa-7243	270	6	where	where	SCONJ
ajfa-7243	270	7	sales	sale	NOUN
ajfa-7243	270	8	is	be	AUX
ajfa-7243	270	9	not	not	PART
ajfa-7243	270	10	playing	play	VERB
ajfa-7243	270	11	a	a	DET
ajfa-7243	270	12	role	role	NOUN
ajfa-7243	270	13	in	in	ADP
ajfa-7243	270	14	the	the	DET
ajfa-7243	270	15	value	value	NOUN
ajfa-7243	270	16	determination	determination	NOUN
ajfa-7243	270	17	.	.	PUNCT
ajfa-7243	271	1	this	this	PRON
ajfa-7243	271	2	is	be	AUX
ajfa-7243	271	3	also	also	ADV
ajfa-7243	271	4	supported	support	VERB
ajfa-7243	271	5	by	by	ADP
ajfa-7243	271	6	the	the	DET
ajfa-7243	271	7	net	net	ADJ
ajfa-7243	271	8	margin	margin	NOUN
ajfa-7243	271	9	driver	driver	NOUN
ajfa-7243	271	10	,	,	PUNCT
ajfa-7243	271	11	which	which	PRON
ajfa-7243	271	12	is	be	AUX
ajfa-7243	271	13	also	also	ADV
ajfa-7243	271	14	insignificant	insignificant	ADJ
ajfa-7243	271	15	for	for	ADP
ajfa-7243	271	16	textile	textile	NOUN
ajfa-7243	271	17	.	.	PUNCT
ajfa-7243	272	1	one	one	NUM
ajfa-7243	272	2	possible	possible	ADJ
ajfa-7243	272	3	explanation	explanation	NOUN
ajfa-7243	272	4	for	for	ADP
ajfa-7243	272	5	this	this	PRON
ajfa-7243	272	6	could	could	AUX
ajfa-7243	272	7	be	be	AUX
ajfa-7243	272	8	that	that	SCONJ
ajfa-7243	272	9	during	during	ADP
ajfa-7243	272	10	the	the	DET
ajfa-7243	272	11	study	study	NOUN
ajfa-7243	272	12	period	period	NOUN
ajfa-7243	272	13	,	,	PUNCT
ajfa-7243	272	14	the	the	DET
ajfa-7243	272	15	textile	textile	NOUN
ajfa-7243	272	16	industry	industry	NOUN
ajfa-7243	272	17	has	have	AUX
ajfa-7243	272	18	seen	see	VERB
ajfa-7243	272	19	a	a	DET
ajfa-7243	272	20	sharp	sharp	ADJ
ajfa-7243	272	21	drop	drop	NOUN
ajfa-7243	272	22	in	in	ADP
ajfa-7243	272	23	its	its	PRON
ajfa-7243	272	24	growth	growth	NOUN
ajfa-7243	272	25	.	.	PUNCT
ajfa-7243	273	1	moreover	moreover	ADV
ajfa-7243	273	2	,	,	PUNCT
ajfa-7243	273	3	in	in	ADP
ajfa-7243	273	4	cotton	cotton	NOUN
ajfa-7243	273	5	industry	industry	NOUN
ajfa-7243	273	6	exports	export	NOUN
ajfa-7243	273	7	were	be	AUX
ajfa-7243	273	8	banned	ban	VERB
ajfa-7243	273	9	for	for	ADP
ajfa-7243	273	10	few	few	ADJ
ajfa-7243	273	11	years15	years15	NOUN
ajfa-7243	273	12	.	.	PUNCT
ajfa-7243	274	1	moving	move	VERB
ajfa-7243	274	2	on	on	ADP
ajfa-7243	274	3	to	to	ADP
ajfa-7243	274	4	the	the	DET
ajfa-7243	274	5	transport	transport	NOUN
ajfa-7243	274	6	segment	segment	NOUN
ajfa-7243	274	7	,	,	PUNCT
ajfa-7243	274	8	it	it	PRON
ajfa-7243	274	9	is	be	AUX
ajfa-7243	274	10	noticed	notice	VERB
ajfa-7243	274	11	that	that	SCONJ
ajfa-7243	274	12	the	the	DET
ajfa-7243	274	13	results	result	NOUN
ajfa-7243	274	14	on	on	ADP
ajfa-7243	274	15	the	the	DET
ajfa-7243	274	16	similar	similar	ADJ
ajfa-7243	274	17	lines	line	NOUN
ajfa-7243	274	18	with	with	ADP
ajfa-7243	274	19	that	that	PRON
ajfa-7243	274	20	of	of	ADP
ajfa-7243	274	21	manufacturing	manufacturing	NOUN
ajfa-7243	274	22	segment	segment	NOUN
ajfa-7243	274	23	for	for	ADP
ajfa-7243	274	24	the	the	DET
ajfa-7243	274	25	financial	financial	ADJ
ajfa-7243	274	26	drivers	driver	NOUN
ajfa-7243	274	27	.	.	PUNCT
ajfa-7243	275	1	the	the	DET
ajfa-7243	275	2	main	main	ADJ
ajfa-7243	275	3	financial	financial	ADJ
ajfa-7243	275	4	drivers	driver	NOUN
ajfa-7243	275	5	for	for	ADP
ajfa-7243	275	6	this	this	DET
ajfa-7243	275	7	segment	segment	NOUN
ajfa-7243	275	8	are	be	AUX
ajfa-7243	275	9	sales	sale	NOUN
ajfa-7243	275	10	,	,	PUNCT
ajfa-7243	275	11	net	net	ADJ
ajfa-7243	275	12	margin	margin	NOUN
ajfa-7243	275	13	,	,	PUNCT
ajfa-7243	275	14	earnings	earning	NOUN
ajfa-7243	275	15	per	per	ADP
ajfa-7243	275	16	share	share	NOUN
ajfa-7243	275	17	,	,	PUNCT
ajfa-7243	275	18	dividend	dividend	VERB
ajfa-7243	275	19	per	per	ADP
ajfa-7243	275	20	share	share	NOUN
ajfa-7243	275	21	,	,	PUNCT
ajfa-7243	275	22	beta	beta	NOUN
ajfa-7243	275	23	,	,	PUNCT
ajfa-7243	275	24	and	and	CCONJ
ajfa-7243	275	25	book	book	NOUN
ajfa-7243	275	26	value	value	NOUN
ajfa-7243	275	27	.	.	PUNCT
ajfa-7243	276	1	however	however	ADV
ajfa-7243	276	2	,	,	PUNCT
ajfa-7243	276	3	one	one	NUM
ajfa-7243	276	4	of	of	ADP
ajfa-7243	276	5	the	the	DET
ajfa-7243	276	6	most	most	ADV
ajfa-7243	276	7	significant	significant	ADJ
ajfa-7243	276	8	aspects	aspect	NOUN
ajfa-7243	276	9	of	of	ADP
ajfa-7243	276	10	this	this	DET
ajfa-7243	276	11	segment	segment	NOUN
ajfa-7243	276	12	is	be	AUX
ajfa-7243	276	13	the	the	DET
ajfa-7243	276	14	complete	complete	ADJ
ajfa-7243	276	15	lack	lack	NOUN
ajfa-7243	276	16	of	of	ADP
ajfa-7243	276	17	strategic	strategic	ADJ
ajfa-7243	276	18	drivers	driver	NOUN
ajfa-7243	276	19	.	.	PUNCT
ajfa-7243	277	1	one	one	NUM
ajfa-7243	277	2	plausible	plausible	ADJ
ajfa-7243	277	3	explanation	explanation	NOUN
ajfa-7243	277	4	for	for	ADP
ajfa-7243	277	5	this	this	PRON
ajfa-7243	277	6	could	could	AUX
ajfa-7243	277	7	be	be	AUX
ajfa-7243	277	8	the	the	DET
ajfa-7243	277	9	structural	structural	ADJ
ajfa-7243	277	10	weakness	weakness	NOUN
ajfa-7243	277	11	in	in	ADP
ajfa-7243	277	12	this	this	DET
ajfa-7243	277	13	segment	segment	NOUN
ajfa-7243	277	14	in	in	ADP
ajfa-7243	277	15	terms	term	NOUN
ajfa-7243	277	16	of	of	ADP
ajfa-7243	277	17	high	high	ADJ
ajfa-7243	277	18	capacity	capacity	NOUN
ajfa-7243	277	19	additions	addition	NOUN
ajfa-7243	277	20	and	and	CCONJ
ajfa-7243	277	21	intensifying	intensify	VERB
ajfa-7243	277	22	competition	competition	NOUN
ajfa-7243	277	23	.	.	PUNCT
ajfa-7243	278	1	there	there	PRON
ajfa-7243	278	2	is	be	VERB
ajfa-7243	278	3	also	also	ADV
ajfa-7243	278	4	limited	limited	ADJ
ajfa-7243	278	5	inflow	inflow	NOUN
ajfa-7243	278	6	of	of	ADP
ajfa-7243	278	7	fdi	fdi	NOUN
ajfa-7243	278	8	into	into	ADP
ajfa-7243	278	9	this	this	DET
ajfa-7243	278	10	sector	sector	NOUN
ajfa-7243	278	11	,	,	PUNCT
ajfa-7243	278	12	forcing	force	VERB
ajfa-7243	278	13	companies	company	NOUN
ajfa-7243	278	14	to	to	PART
ajfa-7243	278	15	curtail	curtail	VERB
ajfa-7243	278	16	their	their	PRON
ajfa-7243	278	17	spending	spending	NOUN
ajfa-7243	278	18	on	on	ADP
ajfa-7243	278	19	r&d	r&d	NOUN
ajfa-7243	278	20	and	and	CCONJ
ajfa-7243	278	21	the	the	DET
ajfa-7243	278	22	eminent	eminent	ADJ
ajfa-7243	278	23	competition	competition	NOUN
ajfa-7243	278	24	with	with	ADP
ajfa-7243	278	25	global	global	ADJ
ajfa-7243	278	26	players	player	NOUN
ajfa-7243	278	27	play	play	VERB
ajfa-7243	278	28	a	a	DET
ajfa-7243	278	29	substantial	substantial	ADJ
ajfa-7243	278	30	role	role	NOUN
ajfa-7243	278	31	in	in	ADP
ajfa-7243	278	32	companies	company	NOUN
ajfa-7243	278	33	trying	try	VERB
ajfa-7243	278	34	to	to	PART
ajfa-7243	278	35	manage	manage	VERB
ajfa-7243	278	36	their	their	PRON
ajfa-7243	278	37	financials	financial	NOUN
ajfa-7243	278	38	rather	rather	ADV
ajfa-7243	278	39	than	than	ADP
ajfa-7243	278	40	the	the	DET
ajfa-7243	278	41	strategic	strategic	ADJ
ajfa-7243	278	42	drivers	driver	NOUN
ajfa-7243	278	43	.	.	PUNCT
ajfa-7243	279	1	as	as	SCONJ
ajfa-7243	279	2	expected	expect	VERB
ajfa-7243	279	3	,	,	PUNCT
ajfa-7243	279	4	in	in	ADP
ajfa-7243	279	5	the	the	DET
ajfa-7243	279	6	food	food	NOUN
ajfa-7243	279	7	and	and	CCONJ
ajfa-7243	279	8	beverage	beverage	NOUN
ajfa-7243	279	9	industry	industry	NOUN
ajfa-7243	279	10	the	the	DET
ajfa-7243	279	11	major	major	ADJ
ajfa-7243	279	12	strategic	strategic	ADJ
ajfa-7243	279	13	driver	driver	NOUN
ajfa-7243	279	14	is	be	AUX
ajfa-7243	279	15	the	the	DET
ajfa-7243	279	16	image	image	NOUN
ajfa-7243	279	17	building	build	VERB
ajfa-7243	279	18	i.e.	i.e.	X
ajfa-7243	279	19	advertising	advertising	NOUN
ajfa-7243	279	20	.	.	PUNCT
ajfa-7243	280	1	among	among	ADP
ajfa-7243	280	2	the	the	DET
ajfa-7243	280	3	financial	financial	ADJ
ajfa-7243	280	4	drivers	driver	NOUN
ajfa-7243	280	5	;	;	PUNCT
ajfa-7243	280	6	sales	sale	NOUN
ajfa-7243	280	7	,	,	PUNCT
ajfa-7243	280	8	net	net	ADJ
ajfa-7243	280	9	margin	margin	NOUN
ajfa-7243	280	10	,	,	PUNCT
ajfa-7243	280	11	earnings	earning	NOUN
ajfa-7243	280	12	per	per	ADP
ajfa-7243	280	13	share	share	NOUN
ajfa-7243	280	14	,	,	PUNCT
ajfa-7243	280	15	and	and	CCONJ
ajfa-7243	280	16	book	book	NOUN
ajfa-7243	280	17	value	value	NOUN
ajfa-7243	280	18	have	have	VERB
ajfa-7243	280	19	a	a	DET
ajfa-7243	280	20	significant	significant	ADJ
ajfa-7243	280	21	relationship	relationship	NOUN
ajfa-7243	280	22	with	with	ADP
ajfa-7243	280	23	the	the	DET
ajfa-7243	280	24	value	value	NOUN
ajfa-7243	280	25	of	of	ADP
ajfa-7243	280	26	the	the	DET
ajfa-7243	280	27	firm	firm	NOUN
ajfa-7243	280	28	.	.	PUNCT
ajfa-7243	281	1	from	from	ADP
ajfa-7243	281	2	the	the	DET
ajfa-7243	281	3	sectorial	sectorial	ADJ
ajfa-7243	281	4	analysis	analysis	NOUN
ajfa-7243	281	5	,	,	PUNCT
ajfa-7243	281	6	it	it	PRON
ajfa-7243	281	7	is	be	AUX
ajfa-7243	281	8	observed	observe	VERB
ajfa-7243	281	9	that	that	SCONJ
ajfa-7243	281	10	each	each	DET
ajfa-7243	281	11	sector	sector	NOUN
ajfa-7243	281	12	has	have	VERB
ajfa-7243	281	13	its	its	PRON
ajfa-7243	281	14	unique	unique	ADJ
ajfa-7243	281	15	characteristics	characteristic	NOUN
ajfa-7243	281	16	,	,	PUNCT
ajfa-7243	281	17	hence	hence	ADV
ajfa-7243	281	18	,	,	PUNCT
ajfa-7243	281	19	the	the	DET
ajfa-7243	281	20	financial	financial	ADJ
ajfa-7243	281	21	drivers	driver	NOUN
ajfa-7243	281	22	and	and	CCONJ
ajfa-7243	281	23	strategic	strategic	ADJ
ajfa-7243	281	24	drivers	driver	NOUN
ajfa-7243	281	25	differ	differ	VERB
ajfa-7243	281	26	from	from	ADP
ajfa-7243	281	27	sector	sector	NOUN
ajfa-7243	281	28	to	to	ADP
ajfa-7243	281	29	sector	sector	NOUN
ajfa-7243	281	30	except	except	SCONJ
ajfa-7243	281	31	sales	sale	NOUN
ajfa-7243	281	32	and	and	CCONJ
ajfa-7243	281	33	earnings	earning	NOUN
ajfa-7243	281	34	per	per	ADP
ajfa-7243	281	35	share	share	NOUN
ajfa-7243	281	36	that	that	PRON
ajfa-7243	281	37	are	be	AUX
ajfa-7243	281	38	common	common	ADJ
ajfa-7243	281	39	drivers	driver	NOUN
ajfa-7243	281	40	of	of	ADP
ajfa-7243	281	41	value	value	NOUN
ajfa-7243	281	42	across	across	ADP
ajfa-7243	281	43	all	all	DET
ajfa-7243	281	44	sectors	sector	NOUN
ajfa-7243	281	45	.	.	PUNCT
ajfa-7243	282	1	therefore	therefore	ADV
ajfa-7243	282	2	,	,	PUNCT
ajfa-7243	282	3	the	the	DET
ajfa-7243	282	4	15	15	NUM
ajfa-7243	282	5	the	the	DET
ajfa-7243	282	6	government	government	NOUN
ajfa-7243	282	7	banned	ban	VERB
ajfa-7243	282	8	export	export	NOUN
ajfa-7243	282	9	of	of	ADP
ajfa-7243	282	10	raw	raw	ADJ
ajfa-7243	282	11	cotton	cotton	NOUN
ajfa-7243	282	12	at	at	ADP
ajfa-7243	282	13	the	the	DET
ajfa-7243	282	14	start	start	NOUN
ajfa-7243	282	15	of	of	ADP
ajfa-7243	282	16	2011	2011	NUM
ajfa-7243	282	17	,	,	PUNCT
ajfa-7243	282	18	halting	halt	VERB
ajfa-7243	282	19	all	all	DET
ajfa-7243	282	20	export	export	NOUN
ajfa-7243	282	21	of	of	ADP
ajfa-7243	282	22	cotton	cotton	NOUN
ajfa-7243	282	23	from	from	ADP
ajfa-7243	282	24	india	india	PROPN
ajfa-7243	282	25	.	.	PUNCT
ajfa-7243	283	1	hence	hence	ADV
ajfa-7243	283	2	cotton	cotton	NOUN
ajfa-7243	283	3	prices	price	NOUN
ajfa-7243	283	4	started	start	VERB
ajfa-7243	283	5	falling	fall	VERB
ajfa-7243	283	6	due	due	ADP
ajfa-7243	283	7	to	to	ADP
ajfa-7243	283	8	the	the	DET
ajfa-7243	283	9	slowdown	slowdown	NOUN
ajfa-7243	283	10	in	in	ADP
ajfa-7243	283	11	demand	demand	NOUN
ajfa-7243	283	12	.	.	PUNCT
ajfa-7243	284	1	to	to	PART
ajfa-7243	284	2	arrest	arrest	VERB
ajfa-7243	284	3	the	the	DET
ajfa-7243	284	4	fall	fall	NOUN
ajfa-7243	284	5	and	and	CCONJ
ajfa-7243	284	6	boost	boost	VERB
ajfa-7243	284	7	,	,	PUNCT
ajfa-7243	284	8	the	the	DET
ajfa-7243	284	9	government	government	NOUN
ajfa-7243	284	10	allowed	allow	VERB
ajfa-7243	284	11	additional	additional	ADJ
ajfa-7243	284	12	exports	export	NOUN
ajfa-7243	284	13	of	of	ADP
ajfa-7243	284	14	170	170	NUM
ajfa-7243	284	15	million	million	NUM
ajfa-7243	284	16	kg	kg	NOUN
ajfa-7243	284	17	in	in	ADP
ajfa-7243	284	18	mid-2011	mid-2011	NOUN
ajfa-7243	284	19	.	.	PUNCT
ajfa-7243	285	1	however	however	ADV
ajfa-7243	285	2	prices	price	NOUN
ajfa-7243	285	3	kept	keep	VERB
ajfa-7243	285	4	declining	decline	VERB
ajfa-7243	285	5	due	due	ADP
ajfa-7243	285	6	to	to	ADP
ajfa-7243	285	7	a	a	DET
ajfa-7243	285	8	lull	lull	NOUN
ajfa-7243	285	9	in	in	ADP
ajfa-7243	285	10	demand	demand	NOUN
ajfa-7243	285	11	,	,	PUNCT
ajfa-7243	285	12	both	both	CCONJ
ajfa-7243	285	13	in	in	ADP
ajfa-7243	285	14	global	global	ADJ
ajfa-7243	285	15	and	and	CCONJ
ajfa-7243	285	16	domestic	domestic	ADJ
ajfa-7243	285	17	market	market	NOUN
ajfa-7243	285	18	(	(	PUNCT
ajfa-7243	285	19	crisil	crisil	PROPN
ajfa-7243	285	20	textile	textile	NOUN
ajfa-7243	285	21	report	report	NOUN
ajfa-7243	285	22	,	,	PUNCT
ajfa-7243	285	23	2012	2012	NUM
ajfa-7243	285	24	)	)	PUNCT
ajfa-7243	285	25	.	.	PUNCT
ajfa-7243	286	1	asian	asian	ADJ
ajfa-7243	286	2	journal	journal	PROPN
ajfa-7243	286	3	of	of	ADP
ajfa-7243	286	4	finance	finance	PROPN
ajfa-7243	286	5	&	&	CCONJ
ajfa-7243	286	6	accounting	accounting	PROPN
ajfa-7243	286	7	issn	issn	PROPN
ajfa-7243	286	8	1946	1946	NUM
ajfa-7243	286	9	-	-	PUNCT
ajfa-7243	286	10	052x	052x	NOUN
ajfa-7243	286	11	2015	2015	NUM
ajfa-7243	286	12	,	,	PUNCT
ajfa-7243	286	13	vol	vol	NOUN
ajfa-7243	286	14	.	.	PROPN
ajfa-7243	286	15	7	7	NUM
ajfa-7243	286	16	,	,	PUNCT
ajfa-7243	286	17	no	no	INTJ
ajfa-7243	286	18	.	.	NOUN
ajfa-7243	286	19	2	2	NUM
ajfa-7243	286	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7243	286	21	18	18	NUM
ajfa-7243	286	22	managers	manager	NOUN
ajfa-7243	286	23	of	of	ADP
ajfa-7243	286	24	the	the	DET
ajfa-7243	286	25	firm	firm	NOUN
ajfa-7243	286	26	’s	’s	PART
ajfa-7243	286	27	should	should	AUX
ajfa-7243	286	28	possess	possess	VERB
ajfa-7243	286	29	a	a	DET
ajfa-7243	286	30	fair	fair	ADJ
ajfa-7243	286	31	idea	idea	NOUN
ajfa-7243	286	32	of	of	ADP
ajfa-7243	286	33	these	these	DET
ajfa-7243	286	34	drivers	driver	NOUN
ajfa-7243	286	35	relevant	relevant	ADJ
ajfa-7243	286	36	to	to	ADP
ajfa-7243	286	37	the	the	DET
ajfa-7243	286	38	specific	specific	ADJ
ajfa-7243	286	39	sectors	sector	NOUN
ajfa-7243	286	40	,	,	PUNCT
ajfa-7243	286	41	so	so	SCONJ
ajfa-7243	286	42	that	that	SCONJ
ajfa-7243	286	43	they	they	PRON
ajfa-7243	286	44	can	can	AUX
ajfa-7243	286	45	work	work	VERB
ajfa-7243	286	46	on	on	ADP
ajfa-7243	286	47	these	these	DET
ajfa-7243	286	48	drivers	driver	NOUN
ajfa-7243	286	49	to	to	PART
ajfa-7243	286	50	enhance	enhance	VERB
ajfa-7243	286	51	value	value	NOUN
ajfa-7243	286	52	.	.	PUNCT
ajfa-7243	287	1	table6	table6	PROPN
ajfa-7243	287	2	.	.	PUNCT
ajfa-7243	288	1	panel	panel	NOUN
ajfa-7243	288	2	multivariate	multivariate	NOUN
ajfa-7243	288	3	regression	regression	NOUN
ajfa-7243	288	4	of	of	ADP
ajfa-7243	288	5	value	value	NOUN
ajfa-7243	288	6	drivers	driver	NOUN
ajfa-7243	288	7	(	(	PUNCT
ajfa-7243	288	8	sectors	sector	NOUN
ajfa-7243	288	9	)	)	PUNCT
ajfa-7243	288	10	sample	sample	NOUN
ajfa-7243	288	11	size	size	NOUN
ajfa-7243	288	12	,	,	PUNCT
ajfa-7243	288	13	2002	2002	NUM
ajfa-7243	288	14	–	–	PUNCT
ajfa-7243	288	15	2012	2012	NUM
ajfa-7243	288	16	,	,	PUNCT
ajfa-7243	288	17	n	n	PROPN
ajfa-7243	288	18	=	=	SYM
ajfa-7243	288	19	1372	1372	NUM
ajfa-7243	288	20	statistic	statistic	PROPN
ajfa-7243	288	21	chemical	chemical	PROPN
ajfa-7243	288	22	machinery	machinery	NOUN
ajfa-7243	288	23	metal	metal	NOUN
ajfa-7243	288	24	non	non	ADJ
ajfa-7243	288	25	-	-	ADJ
ajfa-7243	288	26	metal	metal	ADJ
ajfa-7243	288	27	textile	textile	NOUN
ajfa-7243	288	28	transport	transport	NOUN
ajfa-7243	288	29	fb	fb	INTJ
ajfa-7243	288	30	coefficient	coefficient	NOUN
ajfa-7243	288	31	t	t	PROPN
ajfa-7243	288	32	-	-	PUNCT
ajfa-7243	288	33	statistic	statistic	NOUN
ajfa-7243	288	34	coefficient	coefficient	NOUN
ajfa-7243	288	35	t	t	PROPN
ajfa-7243	288	36	-	-	PUNCT
ajfa-7243	288	37	statistic	statistic	NOUN
ajfa-7243	288	38	coefficient	coefficient	NOUN
ajfa-7243	288	39	t	t	PROPN
ajfa-7243	288	40	-	-	PUNCT
ajfa-7243	288	41	statistic	statistic	NOUN
ajfa-7243	288	42	coefficient	coefficient	NOUN
ajfa-7243	288	43	t	t	PROPN
ajfa-7243	288	44	-	-	PUNCT
ajfa-7243	288	45	statistic	statistic	NOUN
ajfa-7243	288	46	coefficient	coefficient	NOUN
ajfa-7243	288	47	t	t	PROPN
ajfa-7243	288	48	-	-	PUNCT
ajfa-7243	288	49	statistic	statistic	NOUN
ajfa-7243	288	50	coefficient	coefficient	NOUN
ajfa-7243	288	51	t	t	PROPN
ajfa-7243	288	52	-	-	PUNCT
ajfa-7243	288	53	statistic	statistic	NOUN
ajfa-7243	288	54	coefficient	coefficient	NOUN
ajfa-7243	288	55	t	t	NOUN
ajfa-7243	288	56	-	-	PUNCT
ajfa-7243	288	57	statistic	statistic	NOUN
ajfa-7243	288	58	46.1840	46.1840	NUM
ajfa-7243	288	59	*	*	SYM
ajfa-7243	288	60	2.7509	2.7509	NUM
ajfa-7243	288	61	-55.6814	-55.6814	SYM
ajfa-7243	288	62	*	*	NOUN
ajfa-7243	288	63	-1.8094	-1.8094	NOUN
ajfa-7243	288	64	78.9218	78.9218	NUM
ajfa-7243	288	65	*	*	PUNCT
ajfa-7243	289	1	3.2740	3.2740	NUM
ajfa-7243	289	2	57.2864	57.2864	NUM
ajfa-7243	289	3	*	*	PUNCT
ajfa-7243	290	1	2.0681	2.0681	NUM
ajfa-7243	290	2	22.9443	22.9443	NUM
ajfa-7243	290	3	*	*	PUNCT
ajfa-7243	290	4	*	*	PUNCT
ajfa-7243	290	5	*	*	PUNCT
ajfa-7243	290	6	1.7679	1.7679	NUM
ajfa-7243	290	7	-128.0440	-128.0440	NOUN
ajfa-7243	290	8	*	*	PROPN
ajfa-7243	290	9	*	*	PUNCT
ajfa-7243	290	10	*	*	PUNCT
ajfa-7243	290	11	-1.7281	-1.7281	NOUN
ajfa-7243	290	12	47.2656	47.2656	NUM
ajfa-7243	290	13	*	*	PUNCT
ajfa-7243	290	14	*	*	PUNCT
ajfa-7243	290	15	*	*	PUNCT
ajfa-7243	290	16	1.6791	1.6791	NUM
ajfa-7243	290	17	s	s	NOUN
ajfa-7243	290	18	0.0472	0.0472	NUM
ajfa-7243	290	19	*	*	SYM
ajfa-7243	290	20	12.5637	12.5637	NUM
ajfa-7243	290	21	0.0129	0.0129	NUM
ajfa-7243	290	22	*	*	PROPN
ajfa-7243	290	23	10.5598	10.5598	NUM
ajfa-7243	290	24	0.0138	0.0138	NUM
ajfa-7243	290	25	*	*	PUNCT
ajfa-7243	290	26	5.6596	5.6596	NUM
ajfa-7243	290	27	0.0310	0.0310	NUM
ajfa-7243	290	28	*	*	PUNCT
ajfa-7243	290	29	5.9832	5.9832	NUM
ajfa-7243	290	30	0.0063	0.0063	NUM
ajfa-7243	290	31	0.8197	0.8197	NUM
ajfa-7243	290	32	0.0367	0.0367	NUM
ajfa-7243	290	33	*	*	PUNCT
ajfa-7243	290	34	5.9956	5.9956	NUM
ajfa-7243	290	35	0.0535	0.0535	NUM
ajfa-7243	290	36	*	*	PUNCT
ajfa-7243	290	37	5.0841	5.0841	NUM
ajfa-7243	290	38	ioc	ioc	NOUN
ajfa-7243	290	39	0.0551	0.0551	NUM
ajfa-7243	290	40	0.3304	0.3304	NUM
ajfa-7243	290	41	-0.1630	-0.1630	ADJ
ajfa-7243	290	42	-0.5858	-0.5858	NOUN
ajfa-7243	290	43	-0.7939	-0.7939	PROPN
ajfa-7243	290	44	*	*	PUNCT
ajfa-7243	291	1	-3.2312	-3.2312	PROPN
ajfa-7243	291	2	-0.4207	-0.4207	NOUN
ajfa-7243	291	3	*	*	PUNCT
ajfa-7243	291	4	*	*	PUNCT
ajfa-7243	291	5	-1.6341	-1.6341	PROPN
ajfa-7243	291	6	-0.0688	-0.0688	NOUN
ajfa-7243	291	7	-0.5049	-0.5049	VERB
ajfa-7243	292	1	0.8673	0.8673	NUM
ajfa-7243	292	2	1.1244	1.1244	NUM
ajfa-7243	292	3	-0.3006	-0.3006	NOUN
ajfa-7243	292	4	-1.2334	-1.2334	VERB
ajfa-7243	292	5	tr	tr	VERB
ajfa-7243	292	6	-2.7376	-2.7376	NOUN
ajfa-7243	292	7	*	*	PUNCT
ajfa-7243	292	8	-6.0575	-6.0575	PROPN
ajfa-7243	293	1	3.9126	3.9126	NUM
ajfa-7243	293	2	*	*	PUNCT
ajfa-7243	293	3	4.6766	4.6766	NUM
ajfa-7243	293	4	1.0545	1.0545	NUM
ajfa-7243	293	5	*	*	PUNCT
ajfa-7243	293	6	*	*	PUNCT
ajfa-7243	293	7	*	*	PUNCT
ajfa-7243	294	1	1.7735	1.7735	NUM
ajfa-7243	294	2	1.8773	1.8773	NUM
ajfa-7243	294	3	*	*	PUNCT
ajfa-7243	294	4	*	*	PROPN
ajfa-7243	294	5	1.9893	1.9893	NUM
ajfa-7243	294	6	0.0473	0.0473	NUM
ajfa-7243	294	7	0.1336	0.1336	NUM
ajfa-7243	294	8	-0.0723	-0.0723	X
ajfa-7243	294	9	-0.0553	-0.0553	PROPN
ajfa-7243	294	10	-0.4788	-0.4788	PROPN
ajfa-7243	294	11	-0.4784	-0.4784	NOUN
ajfa-7243	294	12	nm	nm	PRON
ajfa-7243	294	13	0.6783	0.6783	NUM
ajfa-7243	294	14	*	*	SYM
ajfa-7243	294	15	4.5808	4.5808	NUM
ajfa-7243	294	16	-0.2325	-0.2325	NOUN
ajfa-7243	294	17	-1.2709	-1.2709	PUNCT
ajfa-7243	295	1	0.0798	0.0798	NUM
ajfa-7243	295	2	0.2571	0.2571	NUM
ajfa-7243	295	3	0.1137	0.1137	NUM
ajfa-7243	295	4	0.3826	0.3826	NUM
ajfa-7243	295	5	0.1058	0.1058	NUM
ajfa-7243	295	6	0.8465	0.8465	NUM
ajfa-7243	295	7	3.8482	3.8482	NUM
ajfa-7243	295	8	*	*	PUNCT
ajfa-7243	295	9	4.7830	4.7830	NUM
ajfa-7243	295	10	1.1405	1.1405	NUM
ajfa-7243	295	11	*	*	SYM
ajfa-7243	295	12	2.6271	2.6271	NUM
ajfa-7243	295	13	capex	capex	NOUN
ajfa-7243	295	14	0.0019	0.0019	NUM
ajfa-7243	295	15	*	*	NOUN
ajfa-7243	295	16	*	*	PROPN
ajfa-7243	295	17	1.8576	1.8576	NUM
ajfa-7243	295	18	0.0086	0.0086	NUM
ajfa-7243	295	19	1.4502	1.4502	NUM
ajfa-7243	295	20	0.0022	0.0022	NUM
ajfa-7243	295	21	*	*	PROPN
ajfa-7243	295	22	5.2206	5.2206	NUM
ajfa-7243	295	23	0.0044	0.0044	NUM
ajfa-7243	295	24	*	*	PUNCT
ajfa-7243	295	25	3.0564	3.0564	NUM
ajfa-7243	295	26	0.0013	0.0013	NUM
ajfa-7243	295	27	1.1166	1.1166	NUM
ajfa-7243	295	28	-0.0010	-0.0010	NOUN
ajfa-7243	295	29	-0.5559	-0.5559	PROPN
ajfa-7243	296	1	0.0021	0.0021	NUM
ajfa-7243	297	1	0.8486	0.8486	NUM
ajfa-7243	297	2	bv_l	bv_l	NOUN
ajfa-7243	297	3	0.2111	0.2111	NUM
ajfa-7243	297	4	*	*	PUNCT
ajfa-7243	297	5	5.6143	5.6143	NUM
ajfa-7243	297	6	0.4066	0.4066	NUM
ajfa-7243	297	7	*	*	PUNCT
ajfa-7243	297	8	5.5546	5.5546	NUM
ajfa-7243	297	9	0.0246	0.0246	NUM
ajfa-7243	297	10	0.6664	0.6664	NUM
ajfa-7243	297	11	0.0580	0.0580	NUM
ajfa-7243	297	12	1.0776	1.0776	NUM
ajfa-7243	297	13	0.0993	0.0993	NUM
ajfa-7243	297	14	*	*	PUNCT
ajfa-7243	297	15	2.8617	2.8617	NUM
ajfa-7243	297	16	0.4266	0.4266	NUM
ajfa-7243	297	17	*	*	PUNCT
ajfa-7243	297	18	5.1899	5.1899	NUM
ajfa-7243	297	19	0.2403	0.2403	NUM
ajfa-7243	297	20	*	*	PUNCT
ajfa-7243	297	21	2.6134	2.6134	NUM
ajfa-7243	297	22	eps	ep	NOUN
ajfa-7243	297	23	1.8363	1.8363	NUM
ajfa-7243	297	24	*	*	PUNCT
ajfa-7243	297	25	9.6400	9.6400	NUM
ajfa-7243	297	26	3.6650	3.6650	NUM
ajfa-7243	297	27	*	*	SYM
ajfa-7243	297	28	11.5474	11.5474	NUM
ajfa-7243	297	29	1.4485	1.4485	NUM
ajfa-7243	297	30	*	*	PUNCT
ajfa-7243	297	31	6.5549	6.5549	NUM
ajfa-7243	297	32	1.8802	1.8802	NUM
ajfa-7243	297	33	*	*	PUNCT
ajfa-7243	297	34	7.0006	7.0006	NUM
ajfa-7243	297	35	1.4853	1.4853	NUM
ajfa-7243	297	36	*	*	SYM
ajfa-7243	297	37	10.7187	10.7187	NUM
ajfa-7243	297	38	1.9096	1.9096	NUM
ajfa-7243	297	39	*	*	SYM
ajfa-7243	297	40	3.5545	3.5545	NUM
ajfa-7243	297	41	2.3263	2.3263	NUM
ajfa-7243	297	42	*	*	PUNCT
ajfa-7243	297	43	6.7259	6.7259	NUM
ajfa-7243	297	44	dps	dps	NOUN
ajfa-7243	297	45	1.8648	1.8648	NUM
ajfa-7243	297	46	*	*	PUNCT
ajfa-7243	297	47	3.5400	3.5400	NUM
ajfa-7243	297	48	4.2147	4.2147	NUM
ajfa-7243	297	49	*	*	PUNCT
ajfa-7243	297	50	5.3078	5.3078	NUM
ajfa-7243	297	51	0.4888	0.4888	NUM
ajfa-7243	297	52	0.3977	0.3977	NUM
ajfa-7243	297	53	1.6422	1.6422	NUM
ajfa-7243	297	54	*	*	PUNCT
ajfa-7243	297	55	*	*	PUNCT
ajfa-7243	297	56	*	*	PUNCT
ajfa-7243	297	57	1.8823	1.8823	NUM
ajfa-7243	297	58	1.8900	1.8900	NUM
ajfa-7243	297	59	*	*	NUM
ajfa-7243	297	60	3.6017	3.6017	NUM
ajfa-7243	297	61	2.5080	2.5080	NUM
ajfa-7243	297	62	*	*	PUNCT
ajfa-7243	297	63	*	*	PUNCT
ajfa-7243	297	64	2.0155	2.0155	NUM
ajfa-7243	297	65	-0.4942	-0.4942	NOUN
ajfa-7243	297	66	-0.5684	-0.5684	X
ajfa-7243	298	1	beta	beta	NOUN
ajfa-7243	298	2	-3.4704	-3.4704	NOUN
ajfa-7243	298	3	-0.7974	-0.7974	VERB
ajfa-7243	298	4	17.6255	17.6255	NUM
ajfa-7243	298	5	*	*	NOUN
ajfa-7243	298	6	*	*	PUNCT
ajfa-7243	298	7	1.9643	1.9643	NUM
ajfa-7243	298	8	12.6804	12.6804	NUM
ajfa-7243	298	9	*	*	PUNCT
ajfa-7243	298	10	*	*	PUNCT
ajfa-7243	299	1	2.3963	2.3963	NUM
ajfa-7243	299	2	3.4833	3.4833	NUM
ajfa-7243	299	3	0.3529	0.3529	NUM
ajfa-7243	299	4	14.3854	14.3854	NUM
ajfa-7243	299	5	*	*	PUNCT
ajfa-7243	300	1	4.2312	4.2312	NUM
ajfa-7243	300	2	73.3566	73.3566	NUM
ajfa-7243	300	3	*	*	SYM
ajfa-7243	300	4	4.8353	4.8353	NUM
ajfa-7243	300	5	14.6716	14.6716	NUM
ajfa-7243	300	6	1.1867	1.1867	NUM
ajfa-7243	300	7	por	por	NOUN
ajfa-7243	300	8	-0.0601	-0.0601	NOUN
ajfa-7243	300	9	-0.7211	-0.7211	X
ajfa-7243	300	10	-0.3182	-0.3182	PROPN
ajfa-7243	301	1	*	*	PUNCT
ajfa-7243	301	2	*	*	PUNCT
ajfa-7243	301	3	-1.9985	-1.9985	VERB
ajfa-7243	301	4	0.0427	0.0427	NUM
ajfa-7243	301	5	0.3160	0.3160	NUM
ajfa-7243	301	6	-0.5801	-0.5801	PROPN
ajfa-7243	301	7	*	*	PROPN
ajfa-7243	301	8	-3.7228	-3.7228	PROPN
ajfa-7243	301	9	-0.0004	-0.0004	PROPN
ajfa-7243	301	10	-0.0076	-0.0076	PROPN
ajfa-7243	301	11	-0.2320	-0.2320	PROPN
ajfa-7243	301	12	-0.9743	-0.9743	VERB
ajfa-7243	301	13	0.2214	0.2214	NUM
ajfa-7243	301	14	1.1650	1.1650	NUM
ajfa-7243	301	15	ai_d	ai_d	NUM
ajfa-7243	301	16	25.3622	25.3622	NUM
ajfa-7243	301	17	*	*	PUNCT
ajfa-7243	301	18	3.4515	3.4515	NUM
ajfa-7243	301	19	15.8100	15.8100	NUM
ajfa-7243	301	20	0.9040	0.9040	NUM
ajfa-7243	301	21	13.0563	13.0563	NUM
ajfa-7243	301	22	0.4233	0.4233	NUM
ajfa-7243	301	23	-1.2348	-1.2348	NOUN
ajfa-7243	301	24	-0.0850	-0.0850	PRON
ajfa-7243	301	25	-11.1945	-11.1945	PUNCT
ajfa-7243	301	26	-1.4021	-1.4021	NOUN
ajfa-7243	301	27	-33.1229	-33.1229	PUNCT
ajfa-7243	301	28	-0.9667	-0.9667	NOUN
ajfa-7243	301	29	48.6364	48.6364	NUM
ajfa-7243	302	1	*	*	PUNCT
ajfa-7243	302	2	*	*	PUNCT
ajfa-7243	302	3	2.2104	2.2104	NUM
ajfa-7243	302	4	rdi_d	rdi_d	ADJ
ajfa-7243	302	5	-9.0686	-9.0686	NOUN
ajfa-7243	302	6	-1.1084	-1.1084	PROPN
ajfa-7243	302	7	49.2971	49.2971	NUM
ajfa-7243	302	8	*	*	PUNCT
ajfa-7243	302	9	2.7514	2.7514	NUM
ajfa-7243	302	10	-129.2330	-129.2330	NOUN
ajfa-7243	302	11	*	*	SYM
ajfa-7243	302	12	-3.3121	-3.3121	PROPN
ajfa-7243	302	13	-0.2328	-0.2328	PROPN
ajfa-7243	302	14	-0.0155	-0.0155	PROPN
ajfa-7243	303	1	38.3721	38.3721	NUM
ajfa-7243	303	2	*	*	PUNCT
ajfa-7243	303	3	1.9538	1.9538	NUM
ajfa-7243	303	4	17.8360	17.8360	NUM
ajfa-7243	303	5	0.6864	0.6864	NUM
ajfa-7243	303	6	-20.4603	-20.4603	NUM
ajfa-7243	303	7	-0.2837	-0.2837	NOUN
ajfa-7243	303	8	fp_d	fp_d	VERB
ajfa-7243	303	9	1.0992	1.0992	NUM
ajfa-7243	303	10	0.1354	0.1354	NUM
ajfa-7243	303	11	58.3351	58.3351	NUM
ajfa-7243	303	12	*	*	SYM
ajfa-7243	303	13	3.5846	3.5846	NUM
ajfa-7243	303	14	1.9386	1.9386	NUM
ajfa-7243	303	15	0.1991	0.1991	NUM
ajfa-7243	303	16	51.2832	51.2832	NUM
ajfa-7243	303	17	*	*	SYM
ajfa-7243	303	18	18.5931	18.5931	NUM
ajfa-7243	303	19	1.0042	1.0042	NUM
ajfa-7243	303	20	0.1352	0.1352	NUM
ajfa-7243	303	21	24.0841	24.0841	NUM
ajfa-7243	303	22	1.1014	1.1014	NUM
ajfa-7243	303	23	27.9474	27.9474	NUM
ajfa-7243	303	24	0.6733	0.6733	NUM
ajfa-7243	303	25	r	r	NOUN
ajfa-7243	303	26	square	square	NOUN
ajfa-7243	303	27	0.5986	0.5986	NUM
ajfa-7243	303	28	0.6552	0.6552	NUM
ajfa-7243	303	29	0.4495	0.4495	NUM
ajfa-7243	303	30	0.4513	0.4513	NUM
ajfa-7243	303	31	0.5929	0.5929	NUM
ajfa-7243	303	32	0.5411	0.5411	NUM
ajfa-7243	303	33	0.6587	0.6587	NUM
ajfa-7243	303	34	model	model	NOUN
ajfa-7243	303	35	significance	significance	NOUN
ajfa-7243	304	1	0.0000	0.0000	NUM
ajfa-7243	304	2	0.0000	0.0000	NUM
ajfa-7243	304	3	0.0000	0.0000	NUM
ajfa-7243	304	4	0.0000	0.0000	NUM
ajfa-7243	304	5	0.0000	0.0000	NUM
ajfa-7243	304	6	0.0000	0.0000	NUM
ajfa-7243	304	7	0.0000	0.0000	NUM
ajfa-7243	304	8	*	*	PUNCT
ajfa-7243	305	1	*	*	PUNCT
ajfa-7243	305	2	*	*	PUNCT
ajfa-7243	305	3	,	,	PUNCT
ajfa-7243	305	4	*	*	PUNCT
ajfa-7243	305	5	*	*	PUNCT
ajfa-7243	305	6	,	,	PUNCT
ajfa-7243	305	7	*	*	PUNCT
ajfa-7243	305	8	indicates	indicate	VERB
ajfa-7243	305	9	statistically	statistically	ADJ
ajfa-7243	305	10	significance	significance	NOUN
ajfa-7243	305	11	at	at	ADP
ajfa-7243	305	12	the	the	DET
ajfa-7243	305	13	10	10	NUM
ajfa-7243	305	14	,	,	PUNCT
ajfa-7243	305	15	5	5	NUM
ajfa-7243	305	16	,	,	PUNCT
ajfa-7243	305	17	and	and	CCONJ
ajfa-7243	305	18	1	1	NUM
ajfa-7243	305	19	percent	percent	NOUN
ajfa-7243	305	20	level	level	NOUN
ajfa-7243	305	21	,	,	PUNCT
ajfa-7243	305	22	respectively	respectively	ADV
ajfa-7243	305	23	.	.	PUNCT
ajfa-7243	306	1	source	source	NOUN
ajfa-7243	306	2	:	:	PUNCT
ajfa-7243	306	3	own	own	ADJ
ajfa-7243	306	4	calculated	calculate	VERB
ajfa-7243	306	5	7	7	NUM
ajfa-7243	306	6	.	.	PUNCT
ajfa-7243	307	1	conclusion	conclusion	NOUN
ajfa-7243	307	2	we	we	PRON
ajfa-7243	307	3	set	set	VERB
ajfa-7243	307	4	out	out	ADP
ajfa-7243	307	5	to	to	PART
ajfa-7243	307	6	examine	examine	VERB
ajfa-7243	307	7	the	the	DET
ajfa-7243	307	8	major	major	ADJ
ajfa-7243	307	9	drivers	driver	NOUN
ajfa-7243	307	10	of	of	ADP
ajfa-7243	307	11	value	value	NOUN
ajfa-7243	307	12	in	in	ADP
ajfa-7243	307	13	indian	indian	ADJ
ajfa-7243	307	14	manufacturing	manufacturing	NOUN
ajfa-7243	307	15	industry	industry	NOUN
ajfa-7243	307	16	.	.	PUNCT
ajfa-7243	308	1	to	to	PART
ajfa-7243	308	2	achieve	achieve	VERB
ajfa-7243	308	3	the	the	DET
ajfa-7243	308	4	set	set	NOUN
ajfa-7243	308	5	objectives	objective	NOUN
ajfa-7243	308	6	,	,	PUNCT
ajfa-7243	308	7	we	we	PRON
ajfa-7243	308	8	first	first	ADV
ajfa-7243	308	9	derive	derive	VERB
ajfa-7243	308	10	the	the	DET
ajfa-7243	308	11	probable	probable	ADJ
ajfa-7243	308	12	drivers	driver	NOUN
ajfa-7243	308	13	of	of	ADP
ajfa-7243	308	14	value	value	NOUN
ajfa-7243	308	15	by	by	ADP
ajfa-7243	308	16	creating	create	VERB
ajfa-7243	308	17	a	a	DET
ajfa-7243	308	18	value	value	NOUN
ajfa-7243	308	19	metric	metric	ADJ
ajfa-7243	308	20	framework	framework	NOUN
ajfa-7243	308	21	.	.	PUNCT
ajfa-7243	309	1	further	far	ADV
ajfa-7243	309	2	,	,	PUNCT
ajfa-7243	309	3	we	we	PRON
ajfa-7243	309	4	create	create	VERB
ajfa-7243	309	5	an	an	DET
ajfa-7243	309	6	econometric	econometric	ADJ
ajfa-7243	309	7	model	model	NOUN
ajfa-7243	309	8	to	to	PART
ajfa-7243	309	9	analyse	analyse	VERB
ajfa-7243	309	10	the	the	DET
ajfa-7243	309	11	sensitivity	sensitivity	NOUN
ajfa-7243	309	12	of	of	ADP
ajfa-7243	309	13	these	these	DET
ajfa-7243	309	14	probable	probable	ADJ
ajfa-7243	309	15	drivers	driver	NOUN
ajfa-7243	309	16	of	of	ADP
ajfa-7243	309	17	value	value	NOUN
ajfa-7243	309	18	.	.	PUNCT
ajfa-7243	310	1	our	our	PRON
ajfa-7243	310	2	results	result	NOUN
ajfa-7243	310	3	suggest	suggest	VERB
ajfa-7243	310	4	that	that	SCONJ
ajfa-7243	310	5	sales	sale	NOUN
ajfa-7243	310	6	,	,	PUNCT
ajfa-7243	310	7	net	net	ADJ
ajfa-7243	310	8	margin	margin	NOUN
ajfa-7243	310	9	,	,	PUNCT
ajfa-7243	310	10	book	book	NOUN
ajfa-7243	310	11	value	value	NOUN
ajfa-7243	310	12	,	,	PUNCT
ajfa-7243	310	13	dividend	dividend	NOUN
ajfa-7243	310	14	per	per	ADP
ajfa-7243	310	15	share	share	NOUN
ajfa-7243	310	16	,	,	PUNCT
ajfa-7243	310	17	beta	beta	NOUN
ajfa-7243	310	18	and	and	CCONJ
ajfa-7243	310	19	earnings	earning	NOUN
ajfa-7243	310	20	per	per	ADP
ajfa-7243	310	21	share	share	NOUN
ajfa-7243	310	22	are	be	AUX
ajfa-7243	310	23	the	the	DET
ajfa-7243	310	24	six	six	NUM
ajfa-7243	310	25	major	major	ADJ
ajfa-7243	310	26	financial	financial	ADJ
ajfa-7243	310	27	drives	drive	NOUN
ajfa-7243	310	28	.	.	PUNCT
ajfa-7243	311	1	interestingly	interestingly	ADV
ajfa-7243	311	2	all	all	DET
ajfa-7243	311	3	the	the	DET
ajfa-7243	311	4	probable	probable	ADJ
ajfa-7243	311	5	strategic	strategic	ADJ
ajfa-7243	311	6	drivers	driver	NOUN
ajfa-7243	311	7	(	(	PUNCT
ajfa-7243	311	8	pay	pay	VERB
ajfa-7243	311	9	-	-	PUNCT
ajfa-7243	311	10	out	out	ADP
ajfa-7243	311	11	policy	policy	NOUN
ajfa-7243	311	12	,	,	PUNCT
ajfa-7243	311	13	brand	brand	NOUN
ajfa-7243	311	14	image	image	NOUN
ajfa-7243	311	15	,	,	PUNCT
ajfa-7243	311	16	investments	investment	NOUN
ajfa-7243	311	17	into	into	ADP
ajfa-7243	311	18	r&d	r&d	NOUN
ajfa-7243	311	19	and	and	CCONJ
ajfa-7243	311	20	foreign	foreign	ADJ
ajfa-7243	311	21	promoters	promoter	NOUN
ajfa-7243	311	22	holding	hold	VERB
ajfa-7243	311	23	in	in	ADP
ajfa-7243	311	24	organisational	organisational	ADJ
ajfa-7243	311	25	structure	structure	NOUN
ajfa-7243	311	26	)	)	PUNCT
ajfa-7243	311	27	when	when	SCONJ
ajfa-7243	311	28	included	include	VERB
ajfa-7243	311	29	in	in	ADP
ajfa-7243	311	30	the	the	DET
ajfa-7243	311	31	model	model	NOUN
ajfa-7243	311	32	have	have	VERB
ajfa-7243	311	33	significant	significant	ADJ
ajfa-7243	311	34	relation	relation	NOUN
ajfa-7243	311	35	with	with	ADP
ajfa-7243	311	36	value	value	NOUN
ajfa-7243	311	37	,	,	PUNCT
ajfa-7243	311	38	with	with	ADP
ajfa-7243	311	39	no	no	DET
ajfa-7243	311	40	impact	impact	NOUN
ajfa-7243	311	41	on	on	ADP
ajfa-7243	311	42	r	r	NOUN
ajfa-7243	311	43	-	-	PUNCT
ajfa-7243	311	44	square	square	NOUN
ajfa-7243	311	45	.	.	PUNCT
ajfa-7243	312	1	hence	hence	ADV
ajfa-7243	312	2	,	,	PUNCT
ajfa-7243	312	3	it	it	PRON
ajfa-7243	312	4	can	can	AUX
ajfa-7243	312	5	be	be	AUX
ajfa-7243	312	6	safely	safely	ADV
ajfa-7243	312	7	argued	argue	VERB
ajfa-7243	312	8	that	that	SCONJ
ajfa-7243	312	9	apart	apart	ADV
ajfa-7243	312	10	from	from	ADP
ajfa-7243	312	11	generic	generic	ADJ
ajfa-7243	312	12	financial	financial	ADJ
ajfa-7243	312	13	drivers	driver	NOUN
ajfa-7243	312	14	,	,	PUNCT
ajfa-7243	312	15	firms	firm	NOUN
ajfa-7243	312	16	need	need	VERB
ajfa-7243	312	17	to	to	PART
ajfa-7243	312	18	put	put	VERB
ajfa-7243	312	19	more	more	ADJ
ajfa-7243	312	20	stress	stress	NOUN
ajfa-7243	312	21	on	on	ADP
ajfa-7243	312	22	strategic	strategic	ADJ
ajfa-7243	312	23	choices	choice	NOUN
ajfa-7243	312	24	they	they	PRON
ajfa-7243	312	25	make	make	VERB
ajfa-7243	312	26	,	,	PUNCT
ajfa-7243	312	27	because	because	SCONJ
ajfa-7243	312	28	it	it	PRON
ajfa-7243	312	29	is	be	AUX
ajfa-7243	312	30	the	the	DET
ajfa-7243	312	31	strategic	strategic	ADJ
ajfa-7243	312	32	choice	choice	NOUN
ajfa-7243	312	33	that	that	PRON
ajfa-7243	312	34	will	will	AUX
ajfa-7243	312	35	give	give	VERB
ajfa-7243	312	36	firms	firm	NOUN
ajfa-7243	312	37	an	an	DET
ajfa-7243	312	38	edge	edge	NOUN
ajfa-7243	312	39	over	over	ADP
ajfa-7243	312	40	others	other	NOUN
ajfa-7243	312	41	in	in	ADP
ajfa-7243	312	42	developing	develop	VERB
ajfa-7243	312	43	economies	economy	NOUN
ajfa-7243	312	44	like	like	ADP
ajfa-7243	312	45	india	india	PROPN
ajfa-7243	312	46	.	.	PUNCT
ajfa-7243	313	1	moreover	moreover	ADV
ajfa-7243	313	2	,	,	PUNCT
ajfa-7243	313	3	these	these	DET
ajfa-7243	313	4	drivers	driver	NOUN
ajfa-7243	313	5	vary	vary	VERB
ajfa-7243	313	6	from	from	ADP
ajfa-7243	313	7	sector	sector	NOUN
ajfa-7243	313	8	to	to	ADP
ajfa-7243	313	9	sector	sector	NOUN
ajfa-7243	313	10	except	except	SCONJ
ajfa-7243	313	11	sales	sale	NOUN
ajfa-7243	313	12	and	and	CCONJ
ajfa-7243	313	13	earnings	earning	NOUN
ajfa-7243	313	14	per	per	ADP
ajfa-7243	313	15	share	share	NOUN
ajfa-7243	313	16	that	that	PRON
ajfa-7243	313	17	are	be	AUX
ajfa-7243	313	18	constant	constant	ADJ
ajfa-7243	313	19	across	across	ADP
ajfa-7243	313	20	all	all	DET
ajfa-7243	313	21	sectors	sector	NOUN
ajfa-7243	313	22	(	(	PUNCT
ajfa-7243	313	23	see	see	VERB
ajfa-7243	313	24	table	table	NOUN
ajfa-7243	313	25	6	6	NUM
ajfa-7243	313	26	)	)	PUNCT
ajfa-7243	313	27	.	.	PUNCT
ajfa-7243	314	1	therefore	therefore	ADV
ajfa-7243	314	2	,	,	PUNCT
ajfa-7243	314	3	firms	firm	NOUN
ajfa-7243	314	4	in	in	ADP
ajfa-7243	314	5	asian	asian	ADJ
ajfa-7243	314	6	journal	journal	NOUN
ajfa-7243	314	7	of	of	ADP
ajfa-7243	314	8	finance	finance	PROPN
ajfa-7243	314	9	&	&	CCONJ
ajfa-7243	314	10	accounting	accounting	PROPN
ajfa-7243	314	11	issn	issn	PROPN
ajfa-7243	314	12	1946	1946	NUM
ajfa-7243	314	13	-	-	PUNCT
ajfa-7243	314	14	052x	052x	NOUN
ajfa-7243	314	15	2015	2015	NUM
ajfa-7243	314	16	,	,	PUNCT
ajfa-7243	314	17	vol	vol	NOUN
ajfa-7243	314	18	.	.	PROPN
ajfa-7243	314	19	7	7	NUM
ajfa-7243	314	20	,	,	PUNCT
ajfa-7243	314	21	no	no	INTJ
ajfa-7243	314	22	.	.	NOUN
ajfa-7243	314	23	2	2	NUM
ajfa-7243	314	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7243	314	25	19	19	NUM
ajfa-7243	314	26	emerging	emerge	VERB
ajfa-7243	314	27	economies	economy	NOUN
ajfa-7243	314	28	like	like	ADP
ajfa-7243	314	29	india	india	PROPN
ajfa-7243	314	30	should	should	AUX
ajfa-7243	314	31	concentrate	concentrate	VERB
ajfa-7243	314	32	on	on	ADP
ajfa-7243	314	33	these	these	DET
ajfa-7243	314	34	specific	specific	ADJ
ajfa-7243	314	35	financial	financial	ADJ
ajfa-7243	314	36	and	and	CCONJ
ajfa-7243	314	37	strategic	strategic	ADJ
ajfa-7243	314	38	value	value	NOUN
ajfa-7243	314	39	drivers	driver	NOUN
ajfa-7243	314	40	(	(	PUNCT
ajfa-7243	314	41	relevant	relevant	ADJ
ajfa-7243	314	42	to	to	ADP
ajfa-7243	314	43	that	that	DET
ajfa-7243	314	44	particular	particular	ADJ
ajfa-7243	314	45	sector	sector	NOUN
ajfa-7243	314	46	)	)	PUNCT
ajfa-7243	314	47	that	that	PRON
ajfa-7243	314	48	will	will	AUX
ajfa-7243	314	49	have	have	VERB
ajfa-7243	314	50	the	the	DET
ajfa-7243	314	51	greatest	great	ADJ
ajfa-7243	314	52	impact	impact	NOUN
ajfa-7243	314	53	on	on	ADP
ajfa-7243	314	54	value	value	NOUN
ajfa-7243	314	55	.	.	PUNCT
ajfa-7243	315	1	focusing	focus	VERB
ajfa-7243	315	2	on	on	ADP
ajfa-7243	315	3	these	these	DET
ajfa-7243	315	4	value	value	NOUN
ajfa-7243	315	5	drivers	driver	NOUN
ajfa-7243	315	6	will	will	AUX
ajfa-7243	315	7	enable	enable	VERB
ajfa-7243	315	8	management	management	NOUN
ajfa-7243	315	9	to	to	PART
ajfa-7243	315	10	translate	translate	VERB
ajfa-7243	315	11	the	the	DET
ajfa-7243	315	12	broad	broad	ADJ
ajfa-7243	315	13	objective	objective	NOUN
ajfa-7243	315	14	of	of	ADP
ajfa-7243	315	15	creating	create	VERB
ajfa-7243	315	16	value	value	NOUN
ajfa-7243	315	17	into	into	ADP
ajfa-7243	315	18	some	some	DET
ajfa-7243	315	19	explicit	explicit	ADJ
ajfa-7243	315	20	actions	action	NOUN
ajfa-7243	315	21	more	more	ADV
ajfa-7243	315	22	likely	likely	ADJ
ajfa-7243	315	23	to	to	PART
ajfa-7243	315	24	deliver	deliver	VERB
ajfa-7243	315	25	that	that	DET
ajfa-7243	315	26	value	value	NOUN
ajfa-7243	315	27	,	,	PUNCT
ajfa-7243	315	28	this	this	PRON
ajfa-7243	315	29	will	will	AUX
ajfa-7243	315	30	make	make	VERB
ajfa-7243	315	31	the	the	DET
ajfa-7243	315	32	destinations	destination	NOUN
ajfa-7243	315	33	i.e.	i.e.	X
ajfa-7243	315	34	emerging	emerge	VERB
ajfa-7243	315	35	economies	economy	NOUN
ajfa-7243	315	36	remain	remain	VERB
ajfa-7243	315	37	attractive	attractive	ADJ
ajfa-7243	315	38	for	for	ADP
ajfa-7243	315	39	investment	investment	NOUN
ajfa-7243	315	40	.	.	PUNCT
ajfa-7243	316	1	moreover	moreover	ADV
ajfa-7243	316	2	,	,	PUNCT
ajfa-7243	316	3	the	the	DET
ajfa-7243	316	4	empirical	empirical	ADJ
ajfa-7243	316	5	results	result	NOUN
ajfa-7243	316	6	of	of	ADP
ajfa-7243	316	7	the	the	DET
ajfa-7243	316	8	study	study	NOUN
ajfa-7243	316	9	produce	produce	VERB
ajfa-7243	316	10	different	different	ADJ
ajfa-7243	316	11	set	set	NOUN
ajfa-7243	316	12	of	of	ADP
ajfa-7243	316	13	drivers	driver	NOUN
ajfa-7243	316	14	compared	compare	VERB
ajfa-7243	316	15	to	to	ADP
ajfa-7243	316	16	the	the	DET
ajfa-7243	316	17	set	set	NOUN
ajfa-7243	316	18	of	of	ADP
ajfa-7243	316	19	drivers	driver	NOUN
ajfa-7243	316	20	prescribed	prescribe	VERB
ajfa-7243	316	21	by	by	ADP
ajfa-7243	316	22	previous	previous	ADJ
ajfa-7243	316	23	studies	study	NOUN
ajfa-7243	316	24	(	(	PUNCT
ajfa-7243	316	25	ruhl	ruhl	NOUN
ajfa-7243	316	26	and	and	CCONJ
ajfa-7243	316	27	cowen	cowen	PROPN
ajfa-7243	316	28	(	(	PUNCT
ajfa-7243	316	29	1990	1990	NUM
ajfa-7243	316	30	)	)	PUNCT
ajfa-7243	316	31	,	,	PUNCT
ajfa-7243	316	32	mills	mill	NOUN
ajfa-7243	316	33	and	and	CCONJ
ajfa-7243	316	34	print	print	NOUN
ajfa-7243	316	35	(	(	PUNCT
ajfa-7243	316	36	1995	1995	NUM
ajfa-7243	316	37	)	)	PUNCT
ajfa-7243	316	38	,	,	PUNCT
ajfa-7243	316	39	scarlet	scarlet	NOUN
ajfa-7243	316	40	(	(	PUNCT
ajfa-7243	316	41	1997	1997	NUM
ajfa-7243	316	42	)	)	PUNCT
ajfa-7243	316	43	,	,	PUNCT
ajfa-7243	316	44	rappaport	rappaport	NOUN
ajfa-7243	316	45	(	(	PUNCT
ajfa-7243	316	46	1998	1998	NUM
ajfa-7243	316	47	)	)	PUNCT
ajfa-7243	316	48	,	,	PUNCT
ajfa-7243	316	49	turner	turner	NOUN
ajfa-7243	316	50	(	(	PUNCT
ajfa-7243	316	51	1998	1998	NUM
ajfa-7243	316	52	)	)	PUNCT
ajfa-7243	316	53	,	,	PUNCT
ajfa-7243	316	54	akalu	akalu	NOUN
ajfa-7243	316	55	(	(	PUNCT
ajfa-7243	316	56	2002	2002	NUM
ajfa-7243	316	57	)	)	PUNCT
ajfa-7243	316	58	,	,	PUNCT
ajfa-7243	316	59	gross	gross	ADJ
ajfa-7243	316	60	(	(	PUNCT
ajfa-7243	316	61	2006	2006	NUM
ajfa-7243	316	62	)	)	PUNCT
ajfa-7243	316	63	,	,	PUNCT
ajfa-7243	316	64	damodaran	damodaran	VERB
ajfa-7243	316	65	(	(	PUNCT
ajfa-7243	316	66	2006	2006	NUM
ajfa-7243	316	67	)	)	PUNCT
ajfa-7243	316	68	among	among	ADP
ajfa-7243	316	69	others	other	NOUN
ajfa-7243	316	70	)	)	PUNCT
ajfa-7243	316	71	.	.	PUNCT
ajfa-7243	317	1	the	the	DET
ajfa-7243	317	2	research	research	NOUN
ajfa-7243	317	3	results	result	NOUN
ajfa-7243	317	4	can	can	AUX
ajfa-7243	317	5	be	be	AUX
ajfa-7243	317	6	used	use	VERB
ajfa-7243	317	7	in	in	ADP
ajfa-7243	317	8	practice	practice	NOUN
ajfa-7243	317	9	when	when	SCONJ
ajfa-7243	317	10	making	make	VERB
ajfa-7243	317	11	decisions	decision	NOUN
ajfa-7243	317	12	on	on	ADP
ajfa-7243	317	13	organizations	organization	NOUN
ajfa-7243	317	14	’	'	PUNCT
ajfa-7243	317	15	value	value	NOUN
ajfa-7243	317	16	enhancement	enhancement	NOUN
ajfa-7243	317	17	as	as	ADV
ajfa-7243	317	18	well	well	ADV
ajfa-7243	317	19	as	as	ADP
ajfa-7243	317	20	assessing	assess	VERB
ajfa-7243	317	21	the	the	DET
ajfa-7243	317	22	influence	influence	NOUN
ajfa-7243	317	23	of	of	ADP
ajfa-7243	317	24	the	the	DET
ajfa-7243	317	25	changes	change	NOUN
ajfa-7243	317	26	upon	upon	SCONJ
ajfa-7243	317	27	the	the	DET
ajfa-7243	317	28	organization	organization	NOUN
ajfa-7243	317	29	’s	’s	PART
ajfa-7243	317	30	value	value	NOUN
ajfa-7243	317	31	in	in	ADP
ajfa-7243	317	32	the	the	DET
ajfa-7243	317	33	organization	organization	NOUN
ajfa-7243	317	34	’s	’s	PART
ajfa-7243	317	35	environment	environment	NOUN
ajfa-7243	317	36	.	.	PUNCT
ajfa-7243	318	1	the	the	DET
ajfa-7243	318	2	created	create	VERB
ajfa-7243	318	3	model	model	NOUN
ajfa-7243	318	4	of	of	ADP
ajfa-7243	318	5	value	value	NOUN
ajfa-7243	318	6	drivers	driver	NOUN
ajfa-7243	318	7	can	can	AUX
ajfa-7243	318	8	be	be	AUX
ajfa-7243	318	9	applied	apply	VERB
ajfa-7243	318	10	when	when	SCONJ
ajfa-7243	318	11	analysing	analyse	VERB
ajfa-7243	318	12	the	the	DET
ajfa-7243	318	13	sensitivity	sensitivity	NOUN
ajfa-7243	318	14	of	of	ADP
ajfa-7243	318	15	organizations	organization	NOUN
ajfa-7243	318	16	’	'	PUNCT
ajfa-7243	318	17	value	value	NOUN
ajfa-7243	318	18	for	for	ADP
ajfa-7243	318	19	different	different	ADJ
ajfa-7243	318	20	drivers	driver	NOUN
ajfa-7243	318	21	in	in	ADP
ajfa-7243	318	22	other	other	ADJ
ajfa-7243	318	23	developing	develop	VERB
ajfa-7243	318	24	countries	country	NOUN
ajfa-7243	318	25	too	too	ADV
ajfa-7243	318	26	.	.	PUNCT
ajfa-7243	319	1	but	but	CCONJ
ajfa-7243	319	2	since	since	SCONJ
ajfa-7243	319	3	the	the	DET
ajfa-7243	319	4	level	level	NOUN
ajfa-7243	319	5	of	of	ADP
ajfa-7243	319	6	economic	economic	ADJ
ajfa-7243	319	7	,	,	PUNCT
ajfa-7243	319	8	political	political	ADJ
ajfa-7243	319	9	and	and	CCONJ
ajfa-7243	319	10	social	social	ADJ
ajfa-7243	319	11	development	development	NOUN
ajfa-7243	319	12	is	be	AUX
ajfa-7243	319	13	different	different	ADJ
ajfa-7243	319	14	it	it	PRON
ajfa-7243	319	15	may	may	AUX
ajfa-7243	319	16	lead	lead	VERB
ajfa-7243	319	17	to	to	ADP
ajfa-7243	319	18	biased	biased	ADJ
ajfa-7243	319	19	decision	decision	NOUN
ajfa-7243	319	20	making	making	NOUN
ajfa-7243	319	21	.	.	PUNCT
ajfa-7243	320	1	we	we	PRON
ajfa-7243	320	2	therefore	therefore	ADV
ajfa-7243	320	3	encourage	encourage	VERB
ajfa-7243	320	4	researchers	researcher	NOUN
ajfa-7243	320	5	to	to	PART
ajfa-7243	320	6	come	come	VERB
ajfa-7243	320	7	up	up	ADP
ajfa-7243	320	8	with	with	ADP
ajfa-7243	320	9	similar	similar	ADJ
ajfa-7243	320	10	studies	study	NOUN
ajfa-7243	320	11	in	in	ADP
ajfa-7243	320	12	developing	develop	VERB
ajfa-7243	320	13	economies	economy	NOUN
ajfa-7243	320	14	that	that	PRON
ajfa-7243	320	15	may	may	AUX
ajfa-7243	320	16	help	help	VERB
ajfa-7243	320	17	firms	firm	NOUN
ajfa-7243	320	18	understand	understand	VERB
ajfa-7243	320	19	the	the	DET
ajfa-7243	320	20	dynamics	dynamic	NOUN
ajfa-7243	320	21	of	of	ADP
ajfa-7243	320	22	value	value	NOUN
ajfa-7243	320	23	drivers	driver	NOUN
ajfa-7243	320	24	.	.	PUNCT
ajfa-7243	321	1	these	these	DET
ajfa-7243	321	2	studies	study	NOUN
ajfa-7243	321	3	will	will	AUX
ajfa-7243	321	4	further	far	ADV
ajfa-7243	321	5	benefit	benefit	VERB
ajfa-7243	321	6	researchers	researcher	NOUN
ajfa-7243	321	7	in	in	ADP
ajfa-7243	321	8	arriving	arrive	VERB
ajfa-7243	321	9	at	at	ADP
ajfa-7243	321	10	common	common	ADJ
ajfa-7243	321	11	consensus	consensus	NOUN
ajfa-7243	321	12	forvaluedrivers	forvaluedriver	NOUN
ajfa-7243	321	13	in	in	ADP
ajfa-7243	321	14	emerging	emerge	VERB
ajfa-7243	321	15	economies	economy	NOUN
ajfa-7243	321	16	.	.	PUNCT
ajfa-7243	322	1	references	reference	NOUN
ajfa-7243	322	2	akalu	akalu	PROPN
ajfa-7243	322	3	,	,	PUNCT
ajfa-7243	322	4	m.m	m.m	PROPN
ajfa-7243	322	5	.	.	PROPN
ajfa-7243	322	6	(	(	PUNCT
ajfa-7243	322	7	2002	2002	NUM
ajfa-7243	322	8	)	)	PUNCT
ajfa-7243	322	9	.	.	PUNCT
ajfa-7243	323	1	measuring	measure	VERB
ajfa-7243	323	2	and	and	CCONJ
ajfa-7243	323	3	ranking	ranking	ADJ
ajfa-7243	323	4	value	value	NOUN
ajfa-7243	323	5	drivers	driver	NOUN
ajfa-7243	323	6	(	(	PUNCT
ajfa-7243	323	7	no	no	INTJ
ajfa-7243	323	8	.	.	PUNCT
ajfa-7243	324	1	043/02).tinbergen	043/02).tinbergen	PROPN
ajfa-7243	324	2	institute	institute	PROPN
ajfa-7243	324	3	discussion	discussion	NOUN
ajfa-7243	324	4	paper	paper	NOUN
ajfa-7243	324	5	.	.	PUNCT
ajfa-7243	325	1	http://papers.tinbergen.nl/02043.pdf	http://papers.tinbergen.nl/02043.pdf	PROPN
ajfa-7243	325	2	.	.	PUNCT
ajfa-7243	326	1	al	al	PROPN
ajfa-7243	326	2	-	-	PUNCT
ajfa-7243	326	3	hares	hare	NOUN
ajfa-7243	326	4	,	,	PUNCT
ajfa-7243	326	5	o.	o.	NOUN
ajfa-7243	326	6	m.	m.	NOUN
ajfa-7243	326	7	,	,	PUNCT
ajfa-7243	326	8	abu	abu	PROPN
ajfa-7243	326	9	ghazaleh	ghazaleh	PROPN
ajfa-7243	326	10	,	,	PUNCT
ajfa-7243	326	11	n.	n.	NOUN
ajfa-7243	326	12	m.	m.	NOUN
ajfa-7243	326	13	,	,	PUNCT
ajfa-7243	326	14	&	&	CCONJ
ajfa-7243	326	15	hadda	hadda	PROPN
ajfa-7243	326	16	,	,	PUNCT
ajfa-7243	326	17	a.	a.	PROPN
ajfa-7243	326	18	e.	e.	PROPN
ajfa-7243	326	19	(	(	PUNCT
ajfa-7243	326	20	2012	2012	NUM
ajfa-7243	326	21	)	)	PUNCT
ajfa-7243	326	22	.	.	PUNCT
ajfa-7243	327	1	value	value	NOUN
ajfa-7243	327	2	relevance	relevance	NOUN
ajfa-7243	327	3	of	of	ADP
ajfa-7243	327	4	earnings	earning	NOUN
ajfa-7243	327	5	,	,	PUNCT
ajfa-7243	327	6	book	book	NOUN
ajfa-7243	327	7	value	value	NOUN
ajfa-7243	327	8	and	and	CCONJ
ajfa-7243	327	9	dividends	dividend	NOUN
ajfa-7243	327	10	in	in	ADP
ajfa-7243	327	11	an	an	DET
ajfa-7243	327	12	emerging	emerge	VERB
ajfa-7243	327	13	capital	capital	NOUN
ajfa-7243	327	14	market	market	NOUN
ajfa-7243	327	15	:	:	PUNCT
ajfa-7243	327	16	kuwait	kuwait	PROPN
ajfa-7243	327	17	evidence	evidence	NOUN
ajfa-7243	327	18	.	.	PUNCT
ajfa-7243	328	1	global	global	ADJ
ajfa-7243	328	2	finance	finance	PROPN
ajfa-7243	328	3	journal	journal	PROPN
ajfa-7243	328	4	,	,	PUNCT
ajfa-7243	328	5	23(3	23(3	NUM
ajfa-7243	328	6	)	)	PUNCT
ajfa-7243	328	7	,	,	PUNCT
ajfa-7243	328	8	221-234.http://dx.doi.org/10.1016/j.gfj.2012.10.006	221-234.http://dx.doi.org/10.1016/j.gfj.2012.10.006	NUM
ajfa-7243	328	9	baltagi	baltagi	NOUN
ajfa-7243	328	10	,	,	PUNCT
ajfa-7243	328	11	b.	b.	PROPN
ajfa-7243	328	12	(	(	PUNCT
ajfa-7243	328	13	2008	2008	NUM
ajfa-7243	328	14	)	)	PUNCT
ajfa-7243	328	15	.	.	PUNCT
ajfa-7243	329	1	econometric	econometric	ADJ
ajfa-7243	329	2	analysis	analysis	NOUN
ajfa-7243	329	3	of	of	ADP
ajfa-7243	329	4	panel	panel	NOUN
ajfa-7243	329	5	data	datum	NOUN
ajfa-7243	329	6	(	(	PUNCT
ajfa-7243	329	7	4	4	NUM
ajfa-7243	329	8	ed	ed	NOUN
ajfa-7243	329	9	.	.	PUNCT
ajfa-7243	329	10	)	)	PUNCT
ajfa-7243	329	11	.	.	PUNCT
ajfa-7243	330	1	john	john	PROPN
ajfa-7243	330	2	wiley	wiley	PROPN
ajfa-7243	330	3	&	&	CCONJ
ajfa-7243	330	4	sons	son	NOUN
ajfa-7243	330	5	.	.	PUNCT
ajfa-7243	331	1	bernard	bernard	PROPN
ajfa-7243	331	2	v.	v.	PROPN
ajfa-7243	331	3	(	(	PUNCT
ajfa-7243	331	4	1995	1995	NUM
ajfa-7243	331	5	)	)	PUNCT
ajfa-7243	331	6	.	.	PUNCT
ajfa-7243	332	1	the	the	DET
ajfa-7243	332	2	felthamohlsonframwork	felthamohlsonframwork	NOUN
ajfa-7243	332	3	:	:	PUNCT
ajfa-7243	332	4	implication	implication	NOUN
ajfa-7243	332	5	for	for	ADP
ajfa-7243	332	6	empiricists	empiricist	NOUN
ajfa-7243	332	7	.	.	PUNCT
ajfa-7243	333	1	contemporary	contemporary	ADJ
ajfa-7243	333	2	accounting	accounting	NOUN
ajfa-7243	333	3	research	research	PROPN
ajfa-7243	333	4	,	,	PUNCT
ajfa-7243	333	5	11(2	11(2	NUM
ajfa-7243	333	6	)	)	PUNCT
ajfa-7243	333	7	,	,	PUNCT
ajfa-7243	333	8	733-747.http://dx.doi.org/10.1111/j.1911-3846.1995.tb00463.x	733-747.http://dx.doi.org/10.1111/j.1911-3846.1995.tb00463.x	PROPN
ajfa-7243	333	9	black	black	NOUN
ajfa-7243	333	10	,	,	PUNCT
ajfa-7243	333	11	a.	a.	PROPN
ajfa-7243	333	12	,	,	PUNCT
ajfa-7243	333	13	&	&	CCONJ
ajfa-7243	333	14	wright	wright	PROPN
ajfa-7243	333	15	,	,	PUNCT
ajfa-7243	333	16	p.	p.	NOUN
ajfa-7243	333	17	(	(	PUNCT
ajfa-7243	333	18	2001).in	2001).in	NUM
ajfa-7243	333	19	search	search	NOUN
ajfa-7243	333	20	of	of	ADP
ajfa-7243	333	21	shareholder	shareholder	NOUN
ajfa-7243	333	22	value	value	NOUN
ajfa-7243	333	23	:	:	PUNCT
ajfa-7243	333	24	managing	manage	VERB
ajfa-7243	333	25	the	the	DET
ajfa-7243	333	26	drivers	driver	NOUN
ajfa-7243	333	27	of	of	ADP
ajfa-7243	333	28	performance	performance	NOUN
ajfa-7243	333	29	(	(	PUNCT
ajfa-7243	333	30	2	2	NUM
ajfa-7243	333	31	ed	ed	NOUN
ajfa-7243	333	32	.	.	PUNCT
ajfa-7243	333	33	)	)	PUNCT
ajfa-7243	333	34	.	.	PUNCT
ajfa-7243	334	1	financial	financial	ADJ
ajfa-7243	334	2	times	times	PROPN
ajfa-7243	334	3	prentice	prentice	PROPN
ajfa-7243	334	4	hall	hall	PROPN
ajfa-7243	334	5	.	.	PUNCT
ajfa-7243	335	1	boyd	boyd	PROPN
ajfa-7243	335	2	,	,	PUNCT
ajfa-7243	335	3	b.	b.	PROPN
ajfa-7243	335	4	(	(	PUNCT
ajfa-7243	335	5	2010	2010	NUM
ajfa-7243	335	6	)	)	PUNCT
ajfa-7243	335	7	.	.	PUNCT
ajfa-7243	336	1	business	business	NOUN
ajfa-7243	336	2	exit	exit	NOUN
ajfa-7243	336	3	strategies	strategy	NOUN
ajfa-7243	336	4	:	:	PUNCT
ajfa-7243	336	5	value	value	NOUN
ajfa-7243	336	6	drivers	driver	NOUN
ajfa-7243	336	7	white	white	ADJ
ajfa-7243	336	8	papers	paper	NOUN
ajfa-7243	336	9	.	.	PUNCT
ajfa-7243	337	1	business	business	NOUN
ajfa-7243	337	2	enterprise	enterprise	PROPN
ajfa-7243	337	3	institute	institute	PROPN
ajfa-7243	337	4	inc	inc	PROPN
ajfa-7243	337	5	.	.	PROPN
ajfa-7243	337	6	http://www.business	http://www.business	PROPN
ajfa-7243	337	7	exit-strategies.com/exit-planning-white-papers.html	exit-strategies.com/exit-planning-white-papers.html	PROPN
ajfa-7243	337	8	.	.	PUNCT
ajfa-7243	338	1	chandra	chandra	PROPN
ajfa-7243	338	2	,	,	PUNCT
ajfa-7243	338	3	p.	p.	NOUN
ajfa-7243	338	4	(	(	PUNCT
ajfa-7243	338	5	2011	2011	NUM
ajfa-7243	338	6	)	)	PUNCT
ajfa-7243	338	7	.	.	PUNCT
ajfa-7243	339	1	corporate	corporate	ADJ
ajfa-7243	339	2	valuation	valuation	NOUN
ajfa-7243	339	3	and	and	CCONJ
ajfa-7243	339	4	value	value	NOUN
ajfa-7243	339	5	creation	creation	NOUN
ajfa-7243	339	6	(	(	PUNCT
ajfa-7243	339	7	1	1	NUM
ajfa-7243	339	8	ed	ed	NOUN
ajfa-7243	339	9	.	.	PUNCT
ajfa-7243	339	10	)	)	PUNCT
ajfa-7243	339	11	.	.	PUNCT
ajfa-7243	340	1	delhi	delhi	PROPN
ajfa-7243	340	2	:	:	PUNCT
ajfa-7243	341	1	tata	tata	PROPN
ajfa-7243	341	2	mcgraw	mcgraw	PROPN
ajfa-7243	341	3	-	-	PUNCT
ajfa-7243	341	4	hill	hill	NOUN
ajfa-7243	341	5	education	education	NOUN
ajfa-7243	341	6	.	.	PUNCT
ajfa-7243	342	1	chang	chang	PROPN
ajfa-7243	342	2	,	,	PUNCT
ajfa-7243	342	3	y.	y.	PROPN
ajfa-7243	342	4	y.	y.	PROPN
ajfa-7243	342	5	,	,	PUNCT
ajfa-7243	342	6	&	&	CCONJ
ajfa-7243	342	7	hughes	hughes	PROPN
ajfa-7243	342	8	,	,	PUNCT
ajfa-7243	342	9	m.	m.	NOUN
ajfa-7243	342	10	(	(	PUNCT
ajfa-7243	342	11	2012	2012	NUM
ajfa-7243	342	12	)	)	PUNCT
ajfa-7243	342	13	.	.	PUNCT
ajfa-7243	343	1	drivers	driver	NOUN
ajfa-7243	343	2	of	of	ADP
ajfa-7243	343	3	innovation	innovation	NOUN
ajfa-7243	343	4	ambidexterity	ambidexterity	NOUN
ajfa-7243	343	5	in	in	ADP
ajfa-7243	343	6	small	small	ADJ
ajfa-7243	343	7	to	to	PART
ajfa-7243	343	8	medium	medium	ADJ
ajfa-7243	343	9	sized	sized	ADJ
ajfa-7243	343	10	firms	firm	NOUN
ajfa-7243	343	11	.	.	PUNCT
ajfa-7243	344	1	european	european	ADJ
ajfa-7243	344	2	management	management	PROPN
ajfa-7243	344	3	journal	journal	PROPN
ajfa-7243	344	4	,	,	PUNCT
ajfa-7243	344	5	30(1	30(1	NUM
ajfa-7243	344	6	)	)	PUNCT
ajfa-7243	344	7	,	,	PUNCT
ajfa-7243	344	8	1-17.http://dx.doi.org/10.1016/j.emj.2011.08.003	1-17.http://dx.doi.org/10.1016/j.emj.2011.08.003	NUM
ajfa-7243	344	9	cheremnikh	cheremnikh	ADJ
ajfa-7243	344	10	,	,	PUNCT
ajfa-7243	344	11	o.	o.	NOUN
ajfa-7243	344	12	(	(	PUNCT
ajfa-7243	344	13	2000	2000	NUM
ajfa-7243	344	14	)	)	PUNCT
ajfa-7243	344	15	.	.	PUNCT
ajfa-7243	345	1	improving	improve	VERB
ajfa-7243	345	2	the	the	DET
ajfa-7243	345	3	company	company	NOUN
ajfa-7243	345	4	’s	’s	PART
ajfa-7243	345	5	value	value	NOUN
ajfa-7243	345	6	–	–	PUNCT
ajfa-7243	345	7	purpose	purpose	NOUN
ajfa-7243	345	8	business	business	NOUN
ajfa-7243	345	9	management.education	management.education	NOUN
ajfa-7243	345	10	and	and	CCONJ
ajfa-7243	345	11	business	business	NOUN
ajfa-7243	345	12	,	,	PUNCT
ajfa-7243	345	13	44	44	NUM
ajfa-7243	345	14	-	-	SYM
ajfa-7243	345	15	68	68	NUM
ajfa-7243	345	16	.	.	PUNCT
ajfa-7243	346	1	asian	asian	ADJ
ajfa-7243	346	2	journal	journal	PROPN
ajfa-7243	346	3	of	of	ADP
ajfa-7243	346	4	finance	finance	PROPN
ajfa-7243	346	5	&	&	CCONJ
ajfa-7243	346	6	accounting	accounting	PROPN
ajfa-7243	346	7	issn	issn	PROPN
ajfa-7243	346	8	1946	1946	NUM
ajfa-7243	346	9	-	-	PUNCT
ajfa-7243	346	10	052x	052x	NOUN
ajfa-7243	346	11	2015	2015	NUM
ajfa-7243	346	12	,	,	PUNCT
ajfa-7243	346	13	vol	vol	NOUN
ajfa-7243	346	14	.	.	PROPN
ajfa-7243	346	15	7	7	NUM
ajfa-7243	346	16	,	,	PUNCT
ajfa-7243	346	17	no	no	INTJ
ajfa-7243	346	18	.	.	NOUN
ajfa-7243	346	19	2	2	NUM
ajfa-7243	346	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7243	346	21	20	20	NUM
ajfa-7243	346	22	chugh	chugh	NOUN
ajfa-7243	346	23	,	,	PUNCT
ajfa-7243	346	24	l.	l.	PROPN
ajfa-7243	346	25	c.	c.	PROPN
ajfa-7243	346	26	,	,	PUNCT
ajfa-7243	346	27	&	&	CCONJ
ajfa-7243	346	28	meador	meador	PROPN
ajfa-7243	346	29	,	,	PUNCT
ajfa-7243	346	30	j.	j.	PROPN
ajfa-7243	346	31	w.	w.	PROPN
ajfa-7243	346	32	(	(	PUNCT
ajfa-7243	346	33	1984	1984	NUM
ajfa-7243	346	34	)	)	PUNCT
ajfa-7243	346	35	.	.	PUNCT
ajfa-7243	347	1	the	the	DET
ajfa-7243	347	2	stock	stock	NOUN
ajfa-7243	347	3	valuation	valuation	NOUN
ajfa-7243	347	4	process	process	NOUN
ajfa-7243	347	5	:	:	PUNCT
ajfa-7243	347	6	the	the	DET
ajfa-7243	347	7	analysts	analyst	NOUN
ajfa-7243	347	8	’	’	PART
ajfa-7243	347	9	view	view	NOUN
ajfa-7243	347	10	.	.	PUNCT
ajfa-7243	348	1	financial	financial	ADJ
ajfa-7243	348	2	analysts	analyst	NOUN
ajfa-7243	348	3	journal	journal	NOUN
ajfa-7243	348	4	,	,	PUNCT
ajfa-7243	348	5	40(6	40(6	PROPN
ajfa-7243	348	6	)	)	PUNCT
ajfa-7243	348	7	,	,	PUNCT
ajfa-7243	348	8	41	41	NUM
ajfa-7243	348	9	-	-	SYM
ajfa-7243	348	10	48	48	NUM
ajfa-7243	348	11	.	.	PUNCT
ajfa-7243	349	1	http://dx.doi.org/10.2469/faj.v40.n6.41	http://dx.doi.org/10.2469/faj.v40.n6.41	PROPN
ajfa-7243	349	2	copeland	copeland	PROPN
ajfa-7243	349	3	,	,	PUNCT
ajfa-7243	349	4	t.	t.	PROPN
ajfa-7243	349	5	,	,	PUNCT
ajfa-7243	349	6	koller	koller	PROPN
ajfa-7243	349	7	,	,	PUNCT
ajfa-7243	349	8	t.	t.	PROPN
ajfa-7243	349	9	,	,	PUNCT
ajfa-7243	349	10	&	&	CCONJ
ajfa-7243	349	11	murrin	murrin	PROPN
ajfa-7243	349	12	,	,	PUNCT
ajfa-7243	349	13	j.	j.	PROPN
ajfa-7243	349	14	(	(	PUNCT
ajfa-7243	349	15	2000	2000	NUM
ajfa-7243	349	16	)	)	PUNCT
ajfa-7243	349	17	.	.	PUNCT
ajfa-7243	350	1	valuation	valuation	NOUN
ajfa-7243	350	2	:	:	PUNCT
ajfa-7243	350	3	measuring	measure	VERB
ajfa-7243	350	4	and	and	CCONJ
ajfa-7243	350	5	managing	manage	VERB
ajfa-7243	350	6	the	the	DET
ajfa-7243	350	7	value	value	NOUN
ajfa-7243	350	8	of	of	ADP
ajfa-7243	350	9	companies	company	NOUN
ajfa-7243	350	10	(	(	PUNCT
ajfa-7243	350	11	3	3	NUM
ajfa-7243	350	12	ed	ed	NOUN
ajfa-7243	350	13	.	.	PUNCT
ajfa-7243	350	14	)	)	PUNCT
ajfa-7243	350	15	.	.	PUNCT
ajfa-7243	351	1	new	new	PROPN
ajfa-7243	351	2	york	york	PROPN
ajfa-7243	351	3	:	:	PUNCT
ajfa-7243	351	4	wiley	wiley	PROPN
ajfa-7243	351	5	.	.	PUNCT
ajfa-7243	352	1	courteau	courteau	PROPN
ajfa-7243	352	2	,	,	PUNCT
ajfa-7243	352	3	l.	l.	PROPN
ajfa-7243	352	4	,	,	PUNCT
ajfa-7243	352	5	kao	kao	PROPN
ajfa-7243	352	6	,	,	PUNCT
ajfa-7243	352	7	j.	j.	PROPN
ajfa-7243	352	8	,	,	PUNCT
ajfa-7243	352	9	&	&	CCONJ
ajfa-7243	352	10	richardson	richardson	PROPN
ajfa-7243	352	11	,	,	PUNCT
ajfa-7243	352	12	g.	g.	PROPN
ajfa-7243	352	13	k.	k.	PROPN
ajfa-7243	353	1	(	(	PUNCT
ajfa-7243	353	2	2000).the	2000).the	DET
ajfa-7243	353	3	equivalence	equivalence	NOUN
ajfa-7243	353	4	of	of	ADP
ajfa-7243	353	5	dividend	dividend	NOUN
ajfa-7243	353	6	,	,	PUNCT
ajfa-7243	353	7	cash	cash	NOUN
ajfa-7243	353	8	flows	flow	NOUN
ajfa-7243	353	9	and	and	CCONJ
ajfa-7243	353	10	residual	residual	ADJ
ajfa-7243	353	11	earnings	earning	NOUN
ajfa-7243	353	12	approaches	approach	NOUN
ajfa-7243	353	13	to	to	ADP
ajfa-7243	353	14	equity	equity	NOUN
ajfa-7243	353	15	valuation	valuation	NOUN
ajfa-7243	353	16	employing	employ	VERB
ajfa-7243	353	17	ideal	ideal	ADJ
ajfa-7243	353	18	terminal	terminal	ADJ
ajfa-7243	353	19	value	value	NOUN
ajfa-7243	353	20	expressions.working	expressions.working	NUM
ajfa-7243	353	21	paper	paper	NOUN
ajfa-7243	353	22	.	.	PUNCT
ajfa-7243	354	1	available	available	ADJ
ajfa-7243	354	2	at	at	ADP
ajfa-7243	354	3	ssrn	ssrn	PROPN
ajfa-7243	354	4	:	:	PUNCT
ajfa-7243	354	5	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=233399	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=233399	PROPN
ajfa-7243	354	6	.	.	PUNCT
ajfa-7243	355	1	damodaran	damodaran	PROPN
ajfa-7243	355	2	,	,	PUNCT
ajfa-7243	355	3	a.	a.	NOUN
ajfa-7243	355	4	(	(	PUNCT
ajfa-7243	355	5	2006	2006	NUM
ajfa-7243	355	6	)	)	PUNCT
ajfa-7243	355	7	.	.	PUNCT
ajfa-7243	356	1	security	security	NOUN
ajfa-7243	356	2	analysis	analysis	NOUN
ajfa-7243	356	3	for	for	ADP
ajfa-7243	356	4	investment	investment	NOUN
ajfa-7243	356	5	and	and	CCONJ
ajfa-7243	356	6	corporate	corporate	ADJ
ajfa-7243	356	7	finance	finance	NOUN
ajfa-7243	356	8	(	(	PUNCT
ajfa-7243	356	9	2	2	NUM
ajfa-7243	356	10	ed	ed	NOUN
ajfa-7243	356	11	.	.	PUNCT
ajfa-7243	356	12	)	)	PUNCT
ajfa-7243	356	13	.	.	PUNCT
ajfa-7243	357	1	india	india	PROPN
ajfa-7243	357	2	:	:	PUNCT
ajfa-7243	357	3	wiley	wiley	PROPN
ajfa-7243	357	4	.	.	PUNCT
ajfa-7243	358	1	dechow	dechow	ADJ
ajfa-7243	358	2	,	,	PUNCT
ajfa-7243	358	3	p.	p.	NOUN
ajfa-7243	358	4	m.	m.	NOUN
ajfa-7243	358	5	,	,	PUNCT
ajfa-7243	358	6	hutton	hutton	PROPN
ajfa-7243	358	7	,	,	PUNCT
ajfa-7243	358	8	a.	a.	NOUN
ajfa-7243	358	9	p.	p.	PROPN
ajfa-7243	358	10	,	,	PUNCT
ajfa-7243	358	11	&	&	CCONJ
ajfa-7243	358	12	sloan	sloan	PROPN
ajfa-7243	358	13	,	,	PUNCT
ajfa-7243	358	14	r.	r.	PROPN
ajfa-7243	358	15	g.	g.	PROPN
ajfa-7243	358	16	(	(	PUNCT
ajfa-7243	358	17	1999	1999	NUM
ajfa-7243	358	18	)	)	PUNCT
ajfa-7243	358	19	.	.	PUNCT
ajfa-7243	359	1	an	an	DET
ajfa-7243	359	2	empirical	empirical	ADJ
ajfa-7243	359	3	assessment	assessment	NOUN
ajfa-7243	359	4	of	of	ADP
ajfa-7243	359	5	the	the	DET
ajfa-7243	359	6	residual	residual	ADJ
ajfa-7243	359	7	income	income	NOUN
ajfa-7243	359	8	valuation	valuation	NOUN
ajfa-7243	359	9	model	model	PROPN
ajfa-7243	359	10	.	.	PUNCT
ajfa-7243	360	1	journal	journal	PROPN
ajfa-7243	360	2	of	of	ADP
ajfa-7243	360	3	accounting	accounting	NOUN
ajfa-7243	360	4	and	and	CCONJ
ajfa-7243	360	5	economics	economic	NOUN
ajfa-7243	360	6	,	,	PUNCT
ajfa-7243	360	7	26(1	26(1	NUM
ajfa-7243	360	8	)	)	PUNCT
ajfa-7243	360	9	,	,	PUNCT
ajfa-7243	360	10	1	1	NUM
ajfa-7243	360	11	-	-	SYM
ajfa-7243	360	12	34	34	NUM
ajfa-7243	360	13	.	.	PUNCT
ajfa-7243	361	1	http://dx.doi.org/10.1016/s0165-4101(98)00049-4	http://dx.doi.org/10.1016/s0165-4101(98)00049-4	PROPN
ajfa-7243	361	2	dermine	dermine	PROPN
ajfa-7243	361	3	,	,	PUNCT
ajfa-7243	361	4	j.	j.	PROPN
ajfa-7243	361	5	(	(	PUNCT
ajfa-7243	361	6	2009	2009	NUM
ajfa-7243	361	7	)	)	PUNCT
ajfa-7243	361	8	.	.	PUNCT
ajfa-7243	362	1	bank	bank	NOUN
ajfa-7243	362	2	valuation	valuation	NOUN
ajfa-7243	362	3	and	and	CCONJ
ajfa-7243	362	4	value	value	NOUN
ajfa-7243	362	5	-	-	PUNCT
ajfa-7243	362	6	based	base	VERB
ajfa-7243	362	7	management	management	NOUN
ajfa-7243	362	8	.	.	PUNCT
ajfa-7243	363	1	new	new	ADJ
ajfa-7243	363	2	delhi	delhi	PROPN
ajfa-7243	363	3	:	:	PUNCT
ajfa-7243	363	4	tata	tata	PROPN
ajfa-7243	363	5	mcgraw	mcgraw	PROPN
ajfa-7243	363	6	-	-	PUNCT
ajfa-7243	363	7	hill	hill	PROPN
ajfa-7243	363	8	.	.	PUNCT
ajfa-7243	364	1	francis	francis	PROPN
ajfa-7243	364	2	,	,	PUNCT
ajfa-7243	364	3	j.	j.	PROPN
ajfa-7243	364	4	,	,	PUNCT
ajfa-7243	364	5	olsson	olsson	PROPN
ajfa-7243	364	6	,	,	PUNCT
ajfa-7243	364	7	p.	p.	PROPN
ajfa-7243	364	8	,	,	PUNCT
ajfa-7243	364	9	&	&	CCONJ
ajfa-7243	364	10	oswald	oswald	PROPN
ajfa-7243	364	11	,	,	PUNCT
ajfa-7243	364	12	d.	d.	PROPN
ajfa-7243	364	13	(	(	PUNCT
ajfa-7243	364	14	2000	2000	NUM
ajfa-7243	364	15	)	)	PUNCT
ajfa-7243	364	16	.	.	PUNCT
ajfa-7243	365	1	comparing	compare	VERB
ajfa-7243	365	2	the	the	DET
ajfa-7243	365	3	accuracy	accuracy	NOUN
ajfa-7243	365	4	and	and	CCONJ
ajfa-7243	365	5	explainability	explainability	NOUN
ajfa-7243	365	6	of	of	ADP
ajfa-7243	365	7	dividend	dividend	NOUN
ajfa-7243	365	8	,	,	PUNCT
ajfa-7243	365	9	free	free	ADJ
ajfa-7243	365	10	cash	cash	NOUN
ajfa-7243	365	11	flow	flow	NOUN
ajfa-7243	365	12	,	,	PUNCT
ajfa-7243	365	13	and	and	CCONJ
ajfa-7243	365	14	abnormal	abnormal	ADJ
ajfa-7243	365	15	earnings	earning	NOUN
ajfa-7243	365	16	equity	equity	NOUN
ajfa-7243	365	17	value	value	NOUN
ajfa-7243	365	18	estimates.journal	estimates.journal	ADJ
ajfa-7243	365	19	of	of	ADP
ajfa-7243	365	20	accounting	accounting	NOUN
ajfa-7243	365	21	research	research	NOUN
ajfa-7243	365	22	,	,	PUNCT
ajfa-7243	365	23	38(1	38(1	NUM
ajfa-7243	365	24	)	)	PUNCT
ajfa-7243	365	25	,	,	PUNCT
ajfa-7243	365	26	45	45	NUM
ajfa-7243	365	27	-	-	SYM
ajfa-7243	365	28	70	70	NUM
ajfa-7243	365	29	.	.	PUNCT
ajfa-7243	366	1	http://dx.doi.org/10.2307/2672922	http://dx.doi.org/10.2307/2672922	PROPN
ajfa-7243	366	2	frankel	frankel	PROPN
ajfa-7243	366	3	,	,	PUNCT
ajfa-7243	366	4	r.	r.	PROPN
ajfa-7243	366	5	,	,	PUNCT
ajfa-7243	366	6	&	&	CCONJ
ajfa-7243	366	7	c.	c.	PROPN
ajfa-7243	366	8	lee	lee	PROPN
ajfa-7243	366	9	(	(	PUNCT
ajfa-7243	366	10	1995).accounting	1995).accounte	VERB
ajfa-7243	366	11	diversity	diversity	NOUN
ajfa-7243	366	12	and	and	CCONJ
ajfa-7243	366	13	international	international	ADJ
ajfa-7243	366	14	valuation.working	valuation.working	PROPN
ajfa-7243	366	15	paper	paper	NOUN
ajfa-7243	366	16	,	,	PUNCT
ajfa-7243	366	17	university	university	NOUN
ajfa-7243	366	18	of	of	ADP
ajfa-7243	366	19	michigan	michigan	PROPN
ajfa-7243	366	20	and	and	CCONJ
ajfa-7243	366	21	cornell	cornell	PROPN
ajfa-7243	366	22	university	university	PROPN
ajfa-7243	366	23	.	.	PUNCT
ajfa-7243	367	1	frankel	frankel	PROPN
ajfa-7243	367	2	,	,	PUNCT
ajfa-7243	367	3	r.	r.	PROPN
ajfa-7243	367	4	,	,	PUNCT
ajfa-7243	367	5	&	&	CCONJ
ajfa-7243	367	6	lee	lee	PROPN
ajfa-7243	367	7	,	,	PUNCT
ajfa-7243	367	8	c.	c.	PROPN
ajfa-7243	367	9	(	(	PUNCT
ajfa-7243	367	10	1996).accounting	1996).accounting	NOUN
ajfa-7243	367	11	diversity	diversity	NOUN
ajfa-7243	367	12	and	and	CCONJ
ajfa-7243	367	13	international	international	ADJ
ajfa-7243	367	14	valuation.working	valuation.working	PROPN
ajfa-7243	367	15	paper	paper	NOUN
ajfa-7243	367	16	,	,	PUNCT
ajfa-7243	367	17	university	university	NOUN
ajfa-7243	367	18	of	of	ADP
ajfa-7243	367	19	michigan	michigan	PROPN
ajfa-7243	367	20	and	and	CCONJ
ajfa-7243	367	21	cornell	cornell	PROPN
ajfa-7243	367	22	university	university	PROPN
ajfa-7243	367	23	.	.	PUNCT
ajfa-7243	368	1	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2658	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2658	PROPN
ajfa-7243	368	2	.	.	PUNCT
ajfa-7243	369	1	grjaznovoj	grjaznovoj	PROPN
ajfa-7243	369	2	a.	a.	PROPN
ajfa-7243	369	3	g.	g.	PROPN
ajfa-7243	369	4	,	,	PUNCT
ajfa-7243	369	5	&	&	CCONJ
ajfa-7243	369	6	fedotovoj	fedotovoj	PROPN
ajfa-7243	369	7	,	,	PUNCT
ajfa-7243	369	8	m.	m.	NOUN
ajfa-7243	369	9	a.	a.	NOUN
ajfa-7243	369	10	(	(	PUNCT
ajfa-7243	369	11	1998).a	1998).a	NUM
ajfa-7243	369	12	business	business	NOUN
ajfa-7243	369	13	estimation	estimation	NOUN
ajfa-7243	369	14	.	.	PUNCT
ajfa-7243	370	1	the	the	DET
ajfa-7243	370	2	finance	finance	NOUN
ajfa-7243	370	3	and	and	CCONJ
ajfa-7243	370	4	statistics	statistic	NOUN
ajfa-7243	370	5	,	,	PUNCT
ajfa-7243	370	6	moscow	moscow	PROPN
ajfa-7243	370	7	.	.	PUNCT
ajfa-7243	370	8	cited	cite	VERB
ajfa-7243	370	9	in	in	ADP
ajfa-7243	370	10	kazlauskiene	kazlauskiene	PROPN
ajfa-7243	370	11	v.	v.	PROPN
ajfa-7243	370	12	,	,	PUNCT
ajfa-7243	370	13	&	&	CCONJ
ajfa-7243	370	14	christauskas	christauskas	PROPN
ajfa-7243	370	15	,	,	PUNCT
ajfa-7243	370	16	c.	c.	PROPN
ajfa-7243	370	17	(	(	PUNCT
ajfa-7243	370	18	2008	2008	NUM
ajfa-7243	370	19	)	)	PUNCT
ajfa-7243	370	20	.	.	PUNCT
ajfa-7243	371	1	business	business	NOUN
ajfa-7243	371	2	valuation	valuation	PROPN
ajfa-7243	371	3	model	model	NOUN
ajfa-7243	371	4	based	base	VERB
ajfa-7243	371	5	on	on	ADP
ajfa-7243	371	6	the	the	DET
ajfa-7243	371	7	analysis	analysis	NOUN
ajfa-7243	371	8	of	of	ADP
ajfa-7243	371	9	business	business	NOUN
ajfa-7243	371	10	value	value	NOUN
ajfa-7243	371	11	drivers	driver	NOUN
ajfa-7243	371	12	.	.	PUNCT
ajfa-7243	372	1	engineering	engineer	VERB
ajfa-7243	372	2	economics	economic	NOUN
ajfa-7243	372	3	,	,	PUNCT
ajfa-7243	372	4	57(2	57(2	NUM
ajfa-7243	372	5	)	)	PUNCT
ajfa-7243	372	6	,	,	PUNCT
ajfa-7243	372	7	23	23	NUM
ajfa-7243	372	8	-	-	SYM
ajfa-7243	372	9	31	31	NUM
ajfa-7243	372	10	.	.	PUNCT
ajfa-7243	373	1	gross	gross	PROPN
ajfa-7243	373	2	,	,	PUNCT
ajfa-7243	373	3	s.	s.	PROPN
ajfa-7243	373	4	(	(	PUNCT
ajfa-7243	373	5	2006	2006	NUM
ajfa-7243	373	6	)	)	PUNCT
ajfa-7243	373	7	.	.	PUNCT
ajfa-7243	374	1	banks	bank	NOUN
ajfa-7243	374	2	and	and	CCONJ
ajfa-7243	374	3	shareholder	shareholder	NOUN
ajfa-7243	374	4	value	value	NOUN
ajfa-7243	374	5	:	:	PUNCT
ajfa-7243	374	6	an	an	DET
ajfa-7243	374	7	overview	overview	NOUN
ajfa-7243	374	8	of	of	ADP
ajfa-7243	374	9	bank	bank	NOUN
ajfa-7243	374	10	valuation	valuation	NOUN
ajfa-7243	374	11	and	and	CCONJ
ajfa-7243	374	12	empirical	empirical	ADJ
ajfa-7243	374	13	evidence	evidence	NOUN
ajfa-7243	374	14	on	on	ADP
ajfa-7243	374	15	shareholder	shareholder	NOUN
ajfa-7243	374	16	value	value	NOUN
ajfa-7243	374	17	for	for	ADP
ajfa-7243	374	18	banks	bank	NOUN
ajfa-7243	374	19	(	(	PUNCT
ajfa-7243	374	20	1	1	NUM
ajfa-7243	374	21	ed	ed	NOUN
ajfa-7243	374	22	.	.	PUNCT
ajfa-7243	374	23	)	)	PUNCT
ajfa-7243	374	24	.	.	PUNCT
ajfa-7243	375	1	deutscheruniversitats	deutscheruniversitat	NOUN
ajfa-7243	375	2	-	-	PUNCT
ajfa-7243	375	3	vlg	vlg	NOUN
ajfa-7243	375	4	.	.	PUNCT
ajfa-7243	376	1	imam	imam	PROPN
ajfa-7243	376	2	,	,	PUNCT
ajfa-7243	376	3	s.	s.	PROPN
ajfa-7243	376	4	,	,	PUNCT
ajfa-7243	376	5	chan	chan	PROPN
ajfa-7243	376	6	,	,	PUNCT
ajfa-7243	376	7	j.	j.	PROPN
ajfa-7243	376	8	,	,	PUNCT
ajfa-7243	376	9	&	&	CCONJ
ajfa-7243	376	10	ali	ali	PROPN
ajfa-7243	376	11	-	-	PUNCT
ajfa-7243	376	12	shah	shah	PROPN
ajfa-7243	376	13	,	,	PUNCT
ajfa-7243	376	14	s.	s.	PROPN
ajfa-7243	376	15	z.	z.	PROPN
ajfa-7243	376	16	(	(	PUNCT
ajfa-7243	376	17	2013	2013	NUM
ajfa-7243	376	18	)	)	PUNCT
ajfa-7243	376	19	.	.	PUNCT
ajfa-7243	377	1	equity	equity	NOUN
ajfa-7243	377	2	valuation	valuation	NOUN
ajfa-7243	377	3	models	model	NOUN
ajfa-7243	377	4	and	and	CCONJ
ajfa-7243	377	5	target	target	VERB
ajfa-7243	377	6	price	price	NOUN
ajfa-7243	377	7	accuracy	accuracy	NOUN
ajfa-7243	377	8	in	in	ADP
ajfa-7243	377	9	europe	europe	PROPN
ajfa-7243	377	10	:	:	PUNCT
ajfa-7243	377	11	evidence	evidence	NOUN
ajfa-7243	377	12	from	from	ADP
ajfa-7243	377	13	equity	equity	NOUN
ajfa-7243	377	14	reports	report	NOUN
ajfa-7243	377	15	.	.	PUNCT
ajfa-7243	378	1	international	international	ADJ
ajfa-7243	378	2	review	review	NOUN
ajfa-7243	378	3	of	of	ADP
ajfa-7243	378	4	financial	financial	ADJ
ajfa-7243	378	5	analysis	analysis	NOUN
ajfa-7243	378	6	,	,	PUNCT
ajfa-7243	378	7	28	28	NUM
ajfa-7243	378	8	,	,	PUNCT
ajfa-7243	378	9	9	9	NUM
ajfa-7243	378	10	-	-	SYM
ajfa-7243	378	11	19	19	NUM
ajfa-7243	378	12	.	.	PUNCT
ajfa-7243	379	1	http://dx.doi.org/10.1016/j	http://dx.doi.org/10.1016/j	X
ajfa-7243	379	2	.irfa.2013.02.008	.irfa.2013.02.008	PROPN
ajfa-7243	379	3	.	.	PUNCT
ajfa-7243	379	4	ittner	ittner	PROPN
ajfa-7243	379	5	,	,	PUNCT
ajfa-7243	379	6	c.	c.	PROPN
ajfa-7243	379	7	d.	d.	PROPN
ajfa-7243	379	8	,	,	PUNCT
ajfa-7243	379	9	&	&	CCONJ
ajfa-7243	379	10	larcker	larcker	PROPN
ajfa-7243	379	11	,	,	PUNCT
ajfa-7243	379	12	d.	d.	PROPN
ajfa-7243	379	13	f.	f.	PROPN
ajfa-7243	380	1	(	(	PUNCT
ajfa-7243	380	2	2001).assessing	2001).assesse	VERB
ajfa-7243	380	3	empirical	empirical	ADJ
ajfa-7243	380	4	research	research	NOUN
ajfa-7243	380	5	in	in	ADP
ajfa-7243	380	6	managerial	managerial	ADJ
ajfa-7243	380	7	accounting	accounting	NOUN
ajfa-7243	380	8	:	:	PUNCT
ajfa-7243	380	9	a	a	DET
ajfa-7243	380	10	value	value	NOUN
ajfa-7243	380	11	based	base	VERB
ajfa-7243	380	12	management	management	NOUN
ajfa-7243	380	13	perspective	perspective	NOUN
ajfa-7243	380	14	.	.	PUNCT
ajfa-7243	381	1	journal	journal	NOUN
ajfa-7243	381	2	of	of	ADP
ajfa-7243	381	3	accounting	accounting	PROPN
ajfa-7243	381	4	&	&	CCONJ
ajfa-7243	381	5	economics	economic	NOUN
ajfa-7243	381	6	,	,	PUNCT
ajfa-7243	381	7	32(12	32(12	NUM
ajfa-7243	381	8	)	)	PUNCT
ajfa-7243	381	9	,	,	PUNCT
ajfa-7243	381	10	349-410.http://dx.doi.org/10.1016/s0165-4101(01)00026-x	349-410.http://dx.doi.org/10.1016/s0165-4101(01)00026-x	PROPN
ajfa-7243	381	11	kakati	kakati	PROPN
ajfa-7243	381	12	,	,	PUNCT
ajfa-7243	381	13	m.	m.	NOUN
ajfa-7243	381	14	(	(	PUNCT
ajfa-7243	381	15	2005	2005	NUM
ajfa-7243	381	16	)	)	PUNCT
ajfa-7243	381	17	.	.	PUNCT
ajfa-7243	382	1	stock	stock	NOUN
ajfa-7243	382	2	valuation	valuation	NOUN
ajfa-7243	382	3	process	process	NOUN
ajfa-7243	382	4	:	:	PUNCT
ajfa-7243	382	5	a	a	DET
ajfa-7243	382	6	practitioners	practitioner	NOUN
ajfa-7243	382	7	’	'	PUNCT
ajfa-7243	382	8	view	view	NOUN
ajfa-7243	382	9	.	.	PUNCT
ajfa-7243	383	1	finance	finance	PROPN
ajfa-7243	383	2	india	india	PROPN
ajfa-7243	383	3	,	,	PUNCT
ajfa-7243	383	4	19(2	19(2	NUM
ajfa-7243	383	5	)	)	PUNCT
ajfa-7243	383	6	,	,	PUNCT
ajfa-7243	383	7	513	513	NUM
ajfa-7243	383	8	-	-	SYM
ajfa-7243	383	9	523	523	NUM
ajfa-7243	383	10	.	.	PUNCT
ajfa-7243	384	1	asian	asian	ADJ
ajfa-7243	384	2	journal	journal	PROPN
ajfa-7243	384	3	of	of	ADP
ajfa-7243	384	4	finance	finance	PROPN
ajfa-7243	384	5	&	&	CCONJ
ajfa-7243	384	6	accounting	accounting	PROPN
ajfa-7243	384	7	issn	issn	PROPN
ajfa-7243	384	8	1946	1946	NUM
ajfa-7243	384	9	-	-	PUNCT
ajfa-7243	384	10	052x	052x	NOUN
ajfa-7243	384	11	2015	2015	NUM
ajfa-7243	384	12	,	,	PUNCT
ajfa-7243	384	13	vol	vol	NOUN
ajfa-7243	384	14	.	.	PROPN
ajfa-7243	384	15	7	7	NUM
ajfa-7243	384	16	,	,	PUNCT
ajfa-7243	384	17	no	no	INTJ
ajfa-7243	384	18	.	.	NOUN
ajfa-7243	384	19	2	2	NUM
ajfa-7243	384	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7243	384	21	21	21	NUM
ajfa-7243	384	22	kaplan	kaplan	PROPN
ajfa-7243	384	23	,	,	PUNCT
ajfa-7243	384	24	r.s	r.s	PROPN
ajfa-7243	384	25	.	.	PROPN
ajfa-7243	384	26	,	,	PUNCT
ajfa-7243	384	27	&	&	CCONJ
ajfa-7243	384	28	norton	norton	PROPN
ajfa-7243	384	29	,	,	PUNCT
ajfa-7243	384	30	d.	d.	PROPN
ajfa-7243	384	31	p.	p.	PROPN
ajfa-7243	385	1	(	(	PUNCT
ajfa-7243	385	2	1996).using	1996).use	VERB
ajfa-7243	385	3	the	the	DET
ajfa-7243	385	4	balanced	balanced	ADJ
ajfa-7243	385	5	scorecard	scorecard	NOUN
ajfa-7243	385	6	as	as	ADP
ajfa-7243	385	7	a	a	DET
ajfa-7243	385	8	strategic	strategic	ADJ
ajfa-7243	385	9	management	management	NOUN
ajfa-7243	385	10	system	system	NOUN
ajfa-7243	385	11	.	.	PUNCT
ajfa-7243	386	1	harvard	harvard	PROPN
ajfa-7243	386	2	business	business	PROPN
ajfa-7243	386	3	review	review	PROPN
ajfa-7243	386	4	,	,	PUNCT
ajfa-7243	386	5	74(1	74(1	NOUN
ajfa-7243	386	6	)	)	PUNCT
ajfa-7243	386	7	,	,	PUNCT
ajfa-7243	386	8	75	75	NUM
ajfa-7243	386	9	-	-	SYM
ajfa-7243	386	10	85	85	NUM
ajfa-7243	386	11	.	.	PUNCT
ajfa-7243	387	1	kazlauskiene	kazlauskiene	PROPN
ajfa-7243	387	2	v.	v.	PROPN
ajfa-7243	387	3	,	,	PUNCT
ajfa-7243	387	4	&	&	CCONJ
ajfa-7243	387	5	christauskas	christauskas	PROPN
ajfa-7243	387	6	,	,	PUNCT
ajfa-7243	387	7	c.	c.	PROPN
ajfa-7243	387	8	(	(	PUNCT
ajfa-7243	387	9	2008	2008	NUM
ajfa-7243	387	10	)	)	PUNCT
ajfa-7243	387	11	.	.	PUNCT
ajfa-7243	388	1	business	business	NOUN
ajfa-7243	388	2	valuation	valuation	PROPN
ajfa-7243	388	3	model	model	NOUN
ajfa-7243	388	4	based	base	VERB
ajfa-7243	388	5	on	on	ADP
ajfa-7243	388	6	the	the	DET
ajfa-7243	388	7	analysis	analysis	NOUN
ajfa-7243	388	8	of	of	ADP
ajfa-7243	388	9	business	business	NOUN
ajfa-7243	388	10	value	value	NOUN
ajfa-7243	388	11	drivers	driver	NOUN
ajfa-7243	388	12	.	.	PUNCT
ajfa-7243	389	1	engineering	engineer	VERB
ajfa-7243	389	2	economics	economic	NOUN
ajfa-7243	389	3	,	,	PUNCT
ajfa-7243	389	4	57(2	57(2	NUM
ajfa-7243	389	5	)	)	PUNCT
ajfa-7243	389	6	,	,	PUNCT
ajfa-7243	389	7	23-31.http://verslokelias.eu/resursu_katalogas/content/article/straipsniai%20mokslines%20inf	23-31.http://verslokelias.eu/resursu_katalogas/content/article/straipsniai%20mokslines%20inf	NUM
ajfa-7243	389	8	ormacijos%20instituto%20(isi)%20pagrindinio%20saraso%20leidiniuose/5.%20mokslines%	ormacijos%20instituto%20(isi)%20pagrindinio%20saraso%20leidiniuose/5.%20mokslines%	PROPN
ajfa-7243	389	9	20informacijos%20instituto%20nr1.pdf	20informacijos%20instituto%20nr1.pdf	NOUN
ajfa-7243	389	10	.	.	PUNCT
ajfa-7243	390	1	kim	kim	PROPN
ajfa-7243	390	2	,	,	PUNCT
ajfa-7243	390	3	k.	k.	PROPN
ajfa-7243	390	4	(	(	PUNCT
ajfa-7243	390	5	2004	2004	NUM
ajfa-7243	390	6	)	)	PUNCT
ajfa-7243	390	7	.	.	PUNCT
ajfa-7243	391	1	strategic	strategic	ADJ
ajfa-7243	391	2	planning	planning	NOUN
ajfa-7243	391	3	for	for	ADP
ajfa-7243	391	4	value	value	NOUN
ajfa-7243	391	5	-	-	PUNCT
ajfa-7243	391	6	based	base	VERB
ajfa-7243	391	7	management	management	NOUN
ajfa-7243	391	8	:	:	PUNCT
ajfa-7243	391	9	an	an	DET
ajfa-7243	391	10	empirical	empirical	ADJ
ajfa-7243	391	11	examination	examination	NOUN
ajfa-7243	391	12	.	.	PUNCT
ajfa-7243	392	1	management	management	NOUN
ajfa-7243	392	2	decisions	decision	NOUN
ajfa-7243	392	3	,	,	PUNCT
ajfa-7243	392	4	42(8	42(8	NUM
ajfa-7243	392	5	)	)	PUNCT
ajfa-7243	392	6	,	,	PUNCT
ajfa-7243	392	7	938	938	NUM
ajfa-7243	392	8	-	-	SYM
ajfa-7243	392	9	948	948	NUM
ajfa-7243	392	10	.	.	PUNCT
ajfa-7243	392	11	http://dx.doi.org/10.1108/00251740410555434	http://dx.doi.org/10.1108/00251740410555434	PROPN
ajfa-7243	392	12	kraai	kraai	PROPN
ajfa-7243	392	13	,	,	PUNCT
ajfa-7243	392	14	j.	j.	PROPN
ajfa-7243	392	15	(	(	PUNCT
ajfa-7243	392	16	2006	2006	NUM
ajfa-7243	392	17	)	)	PUNCT
ajfa-7243	392	18	.	.	PUNCT
ajfa-7243	393	1	value	value	NOUN
ajfa-7243	393	2	drivers	driver	NOUN
ajfa-7243	393	3	:	:	PUNCT
ajfa-7243	393	4	how	how	SCONJ
ajfa-7243	393	5	do	do	AUX
ajfa-7243	393	6	they	they	PRON
ajfa-7243	393	7	affect	affect	VERB
ajfa-7243	393	8	your	your	PRON
ajfa-7243	393	9	business	business	NOUN
ajfa-7243	393	10	value.vancouver	value.vancouver	PROPN
ajfa-7243	393	11	business	business	NOUN
ajfa-7243	393	12	journal	journal	NOUN
ajfa-7243	393	13	.	.	PUNCT
ajfa-7243	394	1	http://www.vbjusa.com/focus-sections/banking-finance	http://www.vbjusa.com/focus-sections/banking-finance	ADJ
ajfa-7243	394	2	.	.	PUNCT
ajfa-7243	395	1	lee	lee	PROPN
ajfa-7243	395	2	,	,	PUNCT
ajfa-7243	395	3	c.	c.	PROPN
ajfa-7243	395	4	,	,	PUNCT
ajfa-7243	395	5	j.	j.	PROPN
ajfa-7243	395	6	myers	myers	PROPN
ajfa-7243	395	7	,	,	PUNCT
ajfa-7243	395	8	&	&	CCONJ
ajfa-7243	395	9	swaminathan	swaminathan	ADV
ajfa-7243	395	10	,	,	PUNCT
ajfa-7243	395	11	b.	b.	PROPN
ajfa-7243	395	12	(	(	PUNCT
ajfa-7243	395	13	1999	1999	NUM
ajfa-7243	395	14	)	)	PUNCT
ajfa-7243	395	15	.	.	PUNCT
ajfa-7243	396	1	what	what	PRON
ajfa-7243	396	2	is	be	AUX
ajfa-7243	396	3	the	the	DET
ajfa-7243	396	4	intrinsic	intrinsic	ADJ
ajfa-7243	396	5	value	value	NOUN
ajfa-7243	396	6	of	of	ADP
ajfa-7243	396	7	dow	dow	PROPN
ajfa-7243	396	8	?	?	PUNCT
ajfa-7243	397	1	journal	journal	PROPN
ajfa-7243	397	2	of	of	ADP
ajfa-7243	397	3	finance	finance	NOUN
ajfa-7243	397	4	,	,	PUNCT
ajfa-7243	397	5	54(5	54(5	NUM
ajfa-7243	397	6	)	)	PUNCT
ajfa-7243	397	7	,	,	PUNCT
ajfa-7243	397	8	1693-1741.http://dx.doi.org/10.1111/0022-1082.00164	1693-1741.http://dx.doi.org/10.1111/0022-1082.00164	NOUN
ajfa-7243	397	9	lek	lek	PROPN
ajfa-7243	397	10	consulting.(1998).identifying	consulting.(1998).identifying	NOUN
ajfa-7243	397	11	and	and	CCONJ
ajfa-7243	397	12	managing	manage	VERB
ajfa-7243	397	13	key	key	ADJ
ajfa-7243	397	14	value	value	NOUN
ajfa-7243	397	15	drivers.lek	drivers.lek	NOUN
ajfa-7243	397	16	consulting	consult	VERB
ajfa-7243	397	17	executive	executive	ADJ
ajfa-7243	397	18	insights	insight	NOUN
ajfa-7243	397	19	,	,	PUNCT
ajfa-7243	397	20	1(1	1(1	NUM
ajfa-7243	397	21	)	)	PUNCT
ajfa-7243	397	22	.	.	PUNCT
ajfa-7243	398	1	www.lek.com	www.lek.com	PROPN
ajfa-7243	398	2	.	.	PUNCT
ajfa-7243	398	3	mills	mills	PROPN
ajfa-7243	398	4	,	,	PUNCT
ajfa-7243	398	5	r.	r.	PROPN
ajfa-7243	398	6	,	,	PUNCT
ajfa-7243	398	7	&	&	CCONJ
ajfa-7243	398	8	print	print	PROPN
ajfa-7243	398	9	,	,	PUNCT
ajfa-7243	398	10	c.	c.	PROPN
ajfa-7243	398	11	(	(	PUNCT
ajfa-7243	398	12	1995).strategic	1995).strategic	NUM
ajfa-7243	398	13	value	value	NOUN
ajfa-7243	398	14	analysis.management	analysis.management	ADJ
ajfa-7243	398	15	accounting	accounting	NOUN
ajfa-7243	398	16	,	,	PUNCT
ajfa-7243	398	17	73(2	73(2	NOUN
ajfa-7243	398	18	)	)	PUNCT
ajfa-7243	398	19	,	,	PUNCT
ajfa-7243	398	20	35	35	NUM
ajfa-7243	398	21	-	-	SYM
ajfa-7243	398	22	37	37	NUM
ajfa-7243	398	23	.	.	PUNCT
ajfa-7243	399	1	penman	penman	PROPN
ajfa-7243	399	2	,	,	PUNCT
ajfa-7243	399	3	s.	s.	PROPN
ajfa-7243	399	4	,	,	PUNCT
ajfa-7243	399	5	&	&	CCONJ
ajfa-7243	399	6	sougiannis	sougiannis	PROPN
ajfa-7243	399	7	,	,	PUNCT
ajfa-7243	399	8	t.	t.	PROPN
ajfa-7243	399	9	(	(	PUNCT
ajfa-7243	399	10	1998).a	1998).a	NUM
ajfa-7243	399	11	comparison	comparison	NOUN
ajfa-7243	399	12	of	of	ADP
ajfa-7243	399	13	dividend	dividend	NOUN
ajfa-7243	399	14	,	,	PUNCT
ajfa-7243	399	15	cash	cash	NOUN
ajfa-7243	399	16	flow	flow	NOUN
ajfa-7243	399	17	,	,	PUNCT
ajfa-7243	399	18	andearnings	andearning	NOUN
ajfa-7243	399	19	approaches	approach	NOUN
ajfa-7243	399	20	to	to	ADP
ajfa-7243	399	21	equity	equity	NOUN
ajfa-7243	399	22	valuation	valuation	NOUN
ajfa-7243	399	23	.	.	PUNCT
ajfa-7243	400	1	contemporary	contemporary	ADJ
ajfa-7243	400	2	accounting	accounting	NOUN
ajfa-7243	400	3	research	research	NOUN
ajfa-7243	400	4	,	,	PUNCT
ajfa-7243	400	5	15(3	15(3	NUM
ajfa-7243	400	6	)	)	PUNCT
ajfa-7243	400	7	,	,	PUNCT
ajfa-7243	400	8	343	343	NUM
ajfa-7243	400	9	-	-	SYM
ajfa-7243	400	10	383	383	NUM
ajfa-7243	400	11	.	.	PUNCT
ajfa-7243	401	1	http://dx.doi.org/10.1111/j.1911-3846.1998.tb00564.x	http://dx.doi.org/10.1111/j.1911-3846.1998.tb00564.x	NUM
ajfa-7243	401	2	rappaport	rappaport	PROPN
ajfa-7243	401	3	,	,	PUNCT
ajfa-7243	401	4	a.	a.	NOUN
ajfa-7243	401	5	(	(	PUNCT
ajfa-7243	401	6	1998	1998	NUM
ajfa-7243	401	7	)	)	PUNCT
ajfa-7243	401	8	.	.	PUNCT
ajfa-7243	402	1	creating	create	VERB
ajfa-7243	402	2	shareholder	shareholder	NOUN
ajfa-7243	402	3	value	value	NOUN
ajfa-7243	402	4	:	:	PUNCT
ajfa-7243	402	5	a	a	DET
ajfa-7243	402	6	guide	guide	NOUN
ajfa-7243	402	7	for	for	ADP
ajfa-7243	402	8	managers	manager	NOUN
ajfa-7243	402	9	and	and	CCONJ
ajfa-7243	402	10	investors	investor	NOUN
ajfa-7243	402	11	.	.	PUNCT
ajfa-7243	403	1	new	new	PROPN
ajfa-7243	403	2	york	york	PROPN
ajfa-7243	403	3	:	:	PUNCT
ajfa-7243	403	4	simon	simon	PROPN
ajfa-7243	403	5	and	and	CCONJ
ajfa-7243	403	6	schuster	schuster	PROPN
ajfa-7243	403	7	.	.	PUNCT
ajfa-7243	404	1	reyna	reyna	NOUN
ajfa-7243	404	2	,	,	PUNCT
ajfa-7243	404	3	o.	o.	NOUN
ajfa-7243	404	4	t.	t.	PROPN
ajfa-7243	404	5	(	(	PUNCT
ajfa-7243	404	6	2010	2010	NUM
ajfa-7243	404	7	)	)	PUNCT
ajfa-7243	404	8	.	.	PUNCT
ajfa-7243	405	1	panel	panel	NOUN
ajfa-7243	405	2	data	data	VERB
ajfa-7243	405	3	analysis	analysis	NOUN
ajfa-7243	405	4	:	:	PUNCT
ajfa-7243	405	5	fixed	fixed	ADJ
ajfa-7243	405	6	and	and	CCONJ
ajfa-7243	405	7	random	random	ADJ
ajfa-7243	405	8	effects	effect	NOUN
ajfa-7243	405	9	.	.	PUNCT
ajfa-7243	406	1	data	datum	NOUN
ajfa-7243	406	2	and	and	CCONJ
ajfa-7243	406	3	statistical	statistical	ADJ
ajfa-7243	406	4	services	service	NOUN
ajfa-7243	406	5	,	,	PUNCT
ajfa-7243	406	6	princeton	princeton	PROPN
ajfa-7243	406	7	university	university	PROPN
ajfa-7243	406	8	,	,	PUNCT
ajfa-7243	406	9	princeton.http://	princeton.http://	PROPN
ajfa-7243	406	10	www.princeton.edu	www.princeton.edu	PROPN
ajfa-7243	406	11	/~otorres/	/~otorres/	INTJ
ajfa-7243	406	12	panel101r.pdf	panel101r.pdf	NOUN
ajfa-7243	406	13	.	.	PUNCT
ajfa-7243	407	1	ripol	ripol	NOUN
ajfa-7243	407	2	-	-	PUNCT
ajfa-7243	407	3	saragosi	saragosi	PROPN
ajfa-7243	407	4	,	,	PUNCT
ajfa-7243	407	5	f.	f.	PROPN
ajfa-7243	407	6	b.	b.	PROPN
ajfa-7243	407	7	(	(	PUNCT
ajfa-7243	407	8	2001	2001	NUM
ajfa-7243	407	9	)	)	PUNCT
ajfa-7243	407	10	.	.	PUNCT
ajfa-7243	408	1	bases	basis	NOUN
ajfa-7243	408	2	of	of	ADP
ajfa-7243	408	3	estimated	estimate	VERB
ajfa-7243	408	4	assets	asset	NOUN
ajfa-7243	408	5	:	:	PUNCT
ajfa-7243	408	6	studies	study	NOUN
ajfa-7243	408	7	.	.	PUNCT
ajfa-7243	409	1	moscow	moscow	PROPN
ajfa-7243	409	2	:	:	PUNCT
ajfa-7243	409	3	prior	prior	ADV
ajfa-7243	409	4	publishing	publish	VERB
ajfa-7243	409	5	house	house	PROPN
ajfa-7243	409	6	.	.	PUNCT
ajfa-7243	410	1	ruhl	ruhl	PROPN
ajfa-7243	410	2	,	,	PUNCT
ajfa-7243	410	3	j.	j.	PROPN
ajfa-7243	410	4	,	,	PUNCT
ajfa-7243	410	5	&	&	CCONJ
ajfa-7243	410	6	s.	s.	PROPN
ajfa-7243	410	7	cowen	cowen	PROPN
ajfa-7243	410	8	(	(	PUNCT
ajfa-7243	410	9	1990	1990	NUM
ajfa-7243	410	10	)	)	PUNCT
ajfa-7243	410	11	.	.	PUNCT
ajfa-7243	411	1	how	how	SCONJ
ajfa-7243	411	2	an	an	PRON
ajfa-7243	411	3	in	in	ADP
ajfa-7243	411	4	house	house	NOUN
ajfa-7243	411	5	system	system	NOUN
ajfa-7243	411	6	can	can	AUX
ajfa-7243	411	7	create	create	VERB
ajfa-7243	411	8	shareholder	shareholder	NOUN
ajfa-7243	411	9	value?.financial	value?.financial	ADJ
ajfa-7243	411	10	executive	executive	NOUN
ajfa-7243	411	11	,	,	PUNCT
ajfa-7243	411	12	6(1	6(1	NUM
ajfa-7243	411	13	)	)	PUNCT
ajfa-7243	411	14	,	,	PUNCT
ajfa-7243	411	15	53	53	NUM
ajfa-7243	411	16	-	-	SYM
ajfa-7243	411	17	57	57	NUM
ajfa-7243	411	18	.	.	PUNCT
ajfa-7243	412	1	salomo	salomo	PROPN
ajfa-7243	412	2	,	,	PUNCT
ajfa-7243	412	3	s.	s.	PROPN
ajfa-7243	412	4	,	,	PUNCT
ajfa-7243	412	5	&	&	CCONJ
ajfa-7243	412	6	n.	n.	PROPN
ajfa-7243	412	7	strecker	strecker	NOUN
ajfa-7243	412	8	(	(	PUNCT
ajfa-7243	412	9	2009).innovation	2009).innovation	NUM
ajfa-7243	412	10	strategy	strategy	NOUN
ajfa-7243	412	11	and	and	CCONJ
ajfa-7243	412	12	firm	firm	ADJ
ajfa-7243	412	13	performance	performance	NOUN
ajfa-7243	412	14	:	:	PUNCT
ajfa-7243	412	15	an	an	DET
ajfa-7243	412	16	empirical	empirical	ADJ
ajfa-7243	412	17	study	study	NOUN
ajfa-7243	412	18	of	of	ADP
ajfa-7243	412	19	publicly	publicly	ADV
ajfa-7243	412	20	listed	list	VERB
ajfa-7243	412	21	firms.springer	firms.springer	NOUN
ajfa-7243	412	22	.	.	PUNCT
ajfa-7243	413	1	scarlett	scarlett	PROPN
ajfa-7243	413	2	r.c	r.c	PROPN
ajfa-7243	413	3	.	.	PROPN
ajfa-7243	413	4	(	(	PUNCT
ajfa-7243	413	5	1997	1997	NUM
ajfa-7243	413	6	)	)	PUNCT
ajfa-7243	413	7	.	.	PUNCT
ajfa-7243	414	1	valuebased	valuebase	VERB
ajfa-7243	414	2	management.london	management.london	PROPN
ajfa-7243	414	3	:	:	PUNCT
ajfa-7243	414	4	cima	cima	PROPN
ajfa-7243	414	5	publishing	publishing	PROPN
ajfa-7243	414	6	.	.	PUNCT
ajfa-7243	415	1	sheppard	sheppard	PROPN
ajfa-7243	415	2	,	,	PUNCT
ajfa-7243	415	3	k.	k.	PROPN
ajfa-7243	415	4	(	(	PUNCT
ajfa-7243	415	5	2010	2010	NUM
ajfa-7243	415	6	)	)	PUNCT
ajfa-7243	415	7	.	.	PUNCT
ajfa-7243	416	1	financial	financial	ADJ
ajfa-7243	416	2	econometrics	econometric	NOUN
ajfa-7243	416	3	notes.oxford	notes.oxford	DET
ajfa-7243	416	4	university	university	NOUN
ajfa-7243	416	5	,	,	PUNCT
ajfa-7243	416	6	oxford.www.kevinsheppard.com/images/d/de/financial_econometrics_2013-2014_tablet.pdf	oxford.www.kevinsheppard.com/images/d/de/financial_econometrics_2013-2014_tablet.pdf	PROPN
ajfa-7243	416	7	.	.	PUNCT
ajfa-7243	417	1	subrahmanyan	subrahmanyan	PROPN
ajfa-7243	417	2	,	,	PUNCT
ajfa-7243	417	3	k.	k.	PROPN
ajfa-7243	417	4	r.	r.	PROPN
ajfa-7243	417	5	,	,	PUNCT
ajfa-7243	417	6	&	&	CCONJ
ajfa-7243	417	7	venkatachalam	venkatachalam	PROPN
ajfa-7243	417	8	,	,	PUNCT
ajfa-7243	417	9	m.	m.	NOUN
ajfa-7243	417	10	(	(	PUNCT
ajfa-7243	417	11	2007).earnings	2007).earning	NOUN
ajfa-7243	417	12	,	,	PUNCT
ajfa-7243	417	13	cash	cash	NOUN
ajfa-7243	417	14	flows	flow	NOUN
ajfa-7243	417	15	and	and	CCONJ
ajfa-7243	417	16	ex	ex	PRON
ajfa-7243	417	17	post	post	ADJ
ajfa-7243	417	18	intrinsic	intrinsic	ADJ
ajfa-7243	417	19	value	value	NOUN
ajfa-7243	417	20	of	of	ADP
ajfa-7243	417	21	equity.the	equity.the	DET
ajfa-7243	417	22	accounting	accounting	PROPN
ajfa-7243	417	23	review	review	NOUN
ajfa-7243	417	24	,	,	PUNCT
ajfa-7243	417	25	82(2	82(2	NUM
ajfa-7243	417	26	)	)	PUNCT
ajfa-7243	417	27	,	,	PUNCT
ajfa-7243	417	28	457-481.http://dx.doi.org/10.2308/accr.2007.82.2.457	457-481.http://dx.doi.org/10.2308/accr.2007.82.2.457	NUM
ajfa-7243	417	29	asian	asian	ADJ
ajfa-7243	417	30	journal	journal	NOUN
ajfa-7243	417	31	of	of	ADP
ajfa-7243	417	32	finance	finance	PROPN
ajfa-7243	417	33	&	&	CCONJ
ajfa-7243	417	34	accounting	accounting	PROPN
ajfa-7243	417	35	issn	issn	PROPN
ajfa-7243	417	36	1946	1946	NUM
ajfa-7243	417	37	-	-	PUNCT
ajfa-7243	417	38	052x	052x	NOUN
ajfa-7243	417	39	2015	2015	NUM
ajfa-7243	417	40	,	,	PUNCT
ajfa-7243	417	41	vol	vol	NOUN
ajfa-7243	417	42	.	.	PROPN
ajfa-7243	417	43	7	7	NUM
ajfa-7243	417	44	,	,	PUNCT
ajfa-7243	417	45	no	no	INTJ
ajfa-7243	417	46	.	.	NOUN
ajfa-7243	417	47	2	2	NUM
ajfa-7243	417	48	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7243	417	49	22	22	NUM
ajfa-7243	417	50	turner	turner	NOUN
ajfa-7243	417	51	,	,	PUNCT
ajfa-7243	417	52	r.	r.	PROPN
ajfa-7243	417	53	(	(	PUNCT
ajfa-7243	417	54	1998	1998	NUM
ajfa-7243	417	55	)	)	PUNCT
ajfa-7243	417	56	.	.	PUNCT
ajfa-7243	418	1	projects	project	NOUN
ajfa-7243	418	2	for	for	ADP
ajfa-7243	418	3	shareholder	shareholder	NOUN
ajfa-7243	418	4	value	value	NOUN
ajfa-7243	418	5	:	:	PUNCT
ajfa-7243	418	6	the	the	DET
ajfa-7243	418	7	influence	influence	NOUN
ajfa-7243	418	8	of	of	ADP
ajfa-7243	418	9	project	project	NOUN
ajfa-7243	418	10	performance	performance	NOUN
ajfa-7243	418	11	parameters	parameter	NOUN
ajfa-7243	418	12	at	at	ADP
ajfa-7243	418	13	different	different	ADJ
ajfa-7243	418	14	financial	financial	ADJ
ajfa-7243	418	15	ratios	ratio	NOUN
ajfa-7243	418	16	.	.	PUNCT
ajfa-7243	419	1	project	project	NOUN
ajfa-7243	419	2	management	management	NOUN
ajfa-7243	419	3	,	,	PUNCT
ajfa-7243	419	4	4(1	4(1	NOUN
ajfa-7243	419	5	)	)	PUNCT
ajfa-7243	419	6	,	,	PUNCT
ajfa-7243	419	7	70	70	NUM
ajfa-7243	419	8	-	-	SYM
ajfa-7243	419	9	74	74	NUM
ajfa-7243	419	10	.	.	PUNCT
ajfa-7243	420	1	http://www.kupasazshomal.com/editor/assets/magazine/international%20project%20manage	http://www.kupasazshomal.com/editor/assets/magazine/international%20project%20manage	NOUN
ajfa-7243	420	2	ment%20journal%20,1998.pdf	ment%20journal%20,1998.pdf	PROPN
ajfa-7243	420	3	.	.	PUNCT
ajfa-7243	420	4	walter	walter	PROPN
ajfa-7243	420	5	,	,	PUNCT
ajfa-7243	420	6	j.	j.	PROPN
ajfa-7243	420	7	e.	e.	PROPN
ajfa-7243	420	8	(	(	PUNCT
ajfa-7243	420	9	1963	1963	NUM
ajfa-7243	420	10	)	)	PUNCT
ajfa-7243	420	11	.	.	PUNCT
ajfa-7243	421	1	dividend	dividend	NOUN
ajfa-7243	421	2	policy	policy	NOUN
ajfa-7243	421	3	:	:	PUNCT
ajfa-7243	421	4	its	its	PRON
ajfa-7243	421	5	influence	influence	NOUN
ajfa-7243	421	6	on	on	ADP
ajfa-7243	421	7	the	the	DET
ajfa-7243	421	8	value	value	NOUN
ajfa-7243	421	9	of	of	ADP
ajfa-7243	421	10	the	the	DET
ajfa-7243	421	11	enterprise	enterprise	NOUN
ajfa-7243	421	12	.	.	PUNCT
ajfa-7243	422	1	journal	journal	NOUN
ajfa-7243	422	2	of	of	ADP
ajfa-7243	422	3	finance,18(2	finance,18(2	PROPN
ajfa-7243	422	4	)	)	PUNCT
ajfa-7243	422	5	,	,	PUNCT
ajfa-7243	422	6	280	280	NUM
ajfa-7243	422	7	-	-	SYM
ajfa-7243	422	8	291	291	NUM
ajfa-7243	422	9	.	.	PUNCT
ajfa-7243	423	1	http://dx.doi.org/10.1111/j.1540-6261.1963.tb00724.x	http://dx.doi.org/10.1111/j.1540-6261.1963.tb00724.x	X
ajfa-7243	423	2	xavier	xavier	PROPN
ajfa-7243	423	3	,	,	PUNCT
ajfa-7243	423	4	a.	a.	PROPN
ajfa-7243	423	5	,	,	PUNCT
ajfa-7243	423	6	&	&	CCONJ
ajfa-7243	423	7	p.	p.	PROPN
ajfa-7243	423	8	vinolas	vinolas	PROPN
ajfa-7243	423	9	(	(	PUNCT
ajfa-7243	423	10	2003	2003	NUM
ajfa-7243	423	11	)	)	PUNCT
ajfa-7243	423	12	.	.	PUNCT
ajfa-7243	424	1	feva	feva	PROPN
ajfa-7243	424	2	:	:	PUNCT
ajfa-7243	424	3	a	a	DET
ajfa-7243	424	4	financial	financial	ADJ
ajfa-7243	424	5	and	and	CCONJ
ajfa-7243	424	6	economic	economic	ADJ
ajfa-7243	424	7	approach	approach	NOUN
ajfa-7243	424	8	to	to	ADP
ajfa-7243	424	9	valuation	valuation	NOUN
ajfa-7243	424	10	.	.	PUNCT
ajfa-7243	425	1	financial	financial	ADJ
ajfa-7243	425	2	analysts	analyst	NOUN
ajfa-7243	425	3	journal	journal	NOUN
ajfa-7243	425	4	,	,	PUNCT
ajfa-7243	425	5	59(2	59(2	NUM
ajfa-7243	425	6	)	)	PUNCT
ajfa-7243	425	7	,	,	PUNCT
ajfa-7243	425	8	80-87.http://dx.doi.org/10.2469/faj.v59.n2.2516	80-87.http://dx.doi.org/10.2469/faj.v59.n2.2516	NUM