id	sid	tid	token	lemma	pos
ajfa-79	1	1	asian	asian	ADJ
ajfa-79	1	2	journal	journal	PROPN
ajfa-79	1	3	of	of	ADP
ajfa-79	1	4	finance	finance	PROPN
ajfa-79	1	5	&	&	CCONJ
ajfa-79	1	6	accounting	accounting	PROPN
ajfa-79	1	7	issn	issn	PROPN
ajfa-79	1	8	1946	1946	NUM
ajfa-79	1	9	-	-	PUNCT
ajfa-79	1	10	052x	052x	NOUN
ajfa-79	1	11	2009	2009	NUM
ajfa-79	1	12	,	,	PUNCT
ajfa-79	1	13	vol	vol	NOUN
ajfa-79	1	14	.	.	PROPN
ajfa-79	1	15	1	1	NUM
ajfa-79	1	16	,	,	PUNCT
ajfa-79	1	17	no	no	INTJ
ajfa-79	1	18	.	.	NOUN
ajfa-79	1	19	1	1	NUM
ajfa-79	1	20	:	:	PUNCT
ajfa-79	1	21	e1	e1	VERB
ajfa-79	1	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	1	23	1	1	NUM
ajfa-79	1	24	can	can	AUX
ajfa-79	1	25	the	the	DET
ajfa-79	1	26	chinese	chinese	ADJ
ajfa-79	1	27	two	two	NUM
ajfa-79	1	28	-	-	PUNCT
ajfa-79	1	29	tier	tier	NOUN
ajfa-79	1	30	-	-	PUNCT
ajfa-79	1	31	board	board	NOUN
ajfa-79	1	32	system	system	NOUN
ajfa-79	1	33	control	control	VERB
ajfa-79	1	34	the	the	DET
ajfa-79	1	35	board	board	NOUN
ajfa-79	1	36	chair	chair	NOUN
ajfa-79	1	37	pay	pay	VERB
ajfa-79	1	38	?	?	PUNCT
ajfa-79	2	1	shujun	shujun	PROPN
ajfa-79	2	2	ding	ding	PROPN
ajfa-79	2	3	accounting	accounting	PROPN
ajfa-79	2	4	area	area	NOUN
ajfa-79	2	5	,	,	PUNCT
ajfa-79	2	6	school	school	NOUN
ajfa-79	2	7	of	of	ADP
ajfa-79	2	8	administrative	administrative	ADJ
ajfa-79	2	9	studies	study	NOUN
ajfa-79	2	10	faculty	faculty	NOUN
ajfa-79	2	11	of	of	ADP
ajfa-79	2	12	liberal	liberal	ADJ
ajfa-79	2	13	arts	arts	PROPN
ajfa-79	2	14	&	&	CCONJ
ajfa-79	2	15	professional	professional	PROPN
ajfa-79	2	16	studies	study	NOUN
ajfa-79	2	17	,	,	PUNCT
ajfa-79	2	18	york	york	PROPN
ajfa-79	2	19	university	university	PROPN
ajfa-79	2	20	4700	4700	NUM
ajfa-79	2	21	keele	keele	PROPN
ajfa-79	2	22	st	st	PROPN
ajfa-79	2	23	.	.	PROPN
ajfa-79	2	24	,	,	PUNCT
ajfa-79	2	25	toronto	toronto	PROPN
ajfa-79	2	26	,	,	PUNCT
ajfa-79	2	27	ontario	ontario	PROPN
ajfa-79	2	28	m3j	m3j	PROPN
ajfa-79	2	29	1p3	1p3	NUM
ajfa-79	2	30	,	,	PUNCT
ajfa-79	2	31	canada	canada	PROPN
ajfa-79	2	32	tel	tel	PROPN
ajfa-79	2	33	:	:	PUNCT
ajfa-79	2	34	1	1	NUM
ajfa-79	2	35	-	-	NUM
ajfa-79	2	36	416	416	NUM
ajfa-79	2	37	-	-	PUNCT
ajfa-79	2	38	736	736	NUM
ajfa-79	2	39	-	-	SYM
ajfa-79	2	40	2100	2100	NUM
ajfa-79	2	41	ext	ext	NOUN
ajfa-79	2	42	20873	20873	NUM
ajfa-79	2	43	e	e	NOUN
ajfa-79	2	44	-	-	NOUN
ajfa-79	2	45	mail	mail	NOUN
ajfa-79	2	46	:	:	PUNCT
ajfa-79	2	47	sjding@yorku.ca	sjding@yorku.ca	ADJ
ajfa-79	2	48	zhenyu	zhenyu	NOUN
ajfa-79	2	49	wu	wu	PROPN
ajfa-79	2	50	(	(	PUNCT
ajfa-79	2	51	corresponding	correspond	VERB
ajfa-79	2	52	author	author	NOUN
ajfa-79	2	53	)	)	PUNCT
ajfa-79	2	54	department	department	NOUN
ajfa-79	2	55	of	of	ADP
ajfa-79	2	56	finance	finance	NOUN
ajfa-79	2	57	and	and	CCONJ
ajfa-79	2	58	management	management	NOUN
ajfa-79	2	59	science	science	NOUN
ajfa-79	2	60	edwards	edwards	PROPN
ajfa-79	2	61	school	school	PROPN
ajfa-79	2	62	of	of	ADP
ajfa-79	2	63	business	business	NOUN
ajfa-79	2	64	,	,	PUNCT
ajfa-79	2	65	university	university	PROPN
ajfa-79	2	66	of	of	ADP
ajfa-79	2	67	saskatchewan	saskatchewan	PROPN
ajfa-79	2	68	25	25	NUM
ajfa-79	2	69	campus	campus	NOUN
ajfa-79	2	70	drive	drive	NOUN
ajfa-79	2	71	,	,	PUNCT
ajfa-79	2	72	saskatoon	saskatoon	PROPN
ajfa-79	2	73	,	,	PUNCT
ajfa-79	2	74	saskatchewan	saskatchewan	PROPN
ajfa-79	2	75	s7n	s7n	ADP
ajfa-79	2	76	5a7	5a7	PROPN
ajfa-79	2	77	canada	canada	PROPN
ajfa-79	3	1	tel	tel	PROPN
ajfa-79	3	2	:	:	PUNCT
ajfa-79	3	3	1	1	NUM
ajfa-79	3	4	-	-	SYM
ajfa-79	3	5	306	306	NUM
ajfa-79	3	6	-	-	PUNCT
ajfa-79	3	7	966	966	NUM
ajfa-79	3	8	-	-	PUNCT
ajfa-79	3	9	7779	7779	NUM
ajfa-79	3	10	e	e	NOUN
ajfa-79	3	11	-	-	NOUN
ajfa-79	3	12	mail	mail	NOUN
ajfa-79	3	13	:	:	PUNCT
ajfa-79	3	14	wu@edwards.usask.ca	wu@edwards.usask.ca	VERB
ajfa-79	3	15	yuanshun	yuanshun	PROPN
ajfa-79	3	16	li	li	PROPN
ajfa-79	3	17	finance	finance	PROPN
ajfa-79	3	18	department	department	PROPN
ajfa-79	3	19	,	,	PUNCT
ajfa-79	3	20	ted	ted	PROPN
ajfa-79	3	21	rogers	rogers	PROPN
ajfa-79	3	22	school	school	PROPN
ajfa-79	3	23	of	of	ADP
ajfa-79	3	24	business	business	NOUN
ajfa-79	3	25	management	management	NOUN
ajfa-79	3	26	,	,	PUNCT
ajfa-79	3	27	ryerson	ryerson	NOUN
ajfa-79	3	28	university	university	PROPN
ajfa-79	3	29	350	350	NUM
ajfa-79	3	30	victoria	victoria	PROPN
ajfa-79	3	31	st	st	PROPN
ajfa-79	3	32	.	.	PROPN
ajfa-79	3	33	,	,	PUNCT
ajfa-79	3	34	toronto	toronto	PROPN
ajfa-79	3	35	,	,	PUNCT
ajfa-79	3	36	ontario	ontario	PROPN
ajfa-79	3	37	m5b	m5b	PROPN
ajfa-79	3	38	2k3	2k3	NUM
ajfa-79	3	39	,	,	PUNCT
ajfa-79	3	40	canada	canada	PROPN
ajfa-79	3	41	tel	tel	PROPN
ajfa-79	3	42	:	:	PUNCT
ajfa-79	3	43	1	1	NUM
ajfa-79	3	44	-	-	NUM
ajfa-79	3	45	416	416	NUM
ajfa-79	3	46	-	-	PUNCT
ajfa-79	3	47	979	979	NUM
ajfa-79	3	48	-	-	SYM
ajfa-79	3	49	5000	5000	NUM
ajfa-79	3	50	ext	ext	NOUN
ajfa-79	3	51	6711	6711	NUM
ajfa-79	3	52	e	e	NOUN
ajfa-79	3	53	-	-	NOUN
ajfa-79	3	54	mail	mail	NOUN
ajfa-79	3	55	:	:	PUNCT
ajfa-79	3	56	yuli@ryerson.ca	yuli@ryerson.ca	PROPN
ajfa-79	3	57	chunxin	chunxin	PROPN
ajfa-79	3	58	jia	jia	PROPN
ajfa-79	3	59	department	department	PROPN
ajfa-79	3	60	of	of	ADP
ajfa-79	3	61	finance	finance	PROPN
ajfa-79	3	62	,	,	PUNCT
ajfa-79	3	63	guanghua	guanghua	PROPN
ajfa-79	3	64	school	school	PROPN
ajfa-79	3	65	of	of	ADP
ajfa-79	3	66	management	management	NOUN
ajfa-79	3	67	,	,	PUNCT
ajfa-79	3	68	peking	peking	NOUN
ajfa-79	3	69	university	university	PROPN
ajfa-79	3	70	beijing	beijing	PROPN
ajfa-79	3	71	100871	100871	NUM
ajfa-79	3	72	,	,	PUNCT
ajfa-79	3	73	china	china	PROPN
ajfa-79	3	74	tel	tel	PROPN
ajfa-79	3	75	:	:	PUNCT
ajfa-79	3	76	86	86	NUM
ajfa-79	3	77	-	-	SYM
ajfa-79	3	78	10	10	NUM
ajfa-79	3	79	-	-	PUNCT
ajfa-79	3	80	6275	6275	NUM
ajfa-79	3	81	-	-	SYM
ajfa-79	3	82	7795	7795	NUM
ajfa-79	3	83	e	e	NOUN
ajfa-79	3	84	-	-	NOUN
ajfa-79	3	85	mail	mail	NOUN
ajfa-79	3	86	:	:	PUNCT
ajfa-79	3	87	cjia@gsm.pku.edu.cn	cjia@gsm.pku.edu.cn	ADJ
ajfa-79	3	88	abstract	abstract	ADJ
ajfa-79	3	89	monitoring	monitoring	NOUN
ajfa-79	3	90	function	function	NOUN
ajfa-79	3	91	of	of	ADP
ajfa-79	3	92	the	the	DET
ajfa-79	3	93	chinese	chinese	ADJ
ajfa-79	3	94	two	two	NUM
ajfa-79	3	95	-	-	PUNCT
ajfa-79	3	96	tier	tier	NOUN
ajfa-79	3	97	-	-	PUNCT
ajfa-79	3	98	board	board	NOUN
ajfa-79	3	99	system	system	NOUN
ajfa-79	3	100	is	be	AUX
ajfa-79	3	101	expected	expect	VERB
ajfa-79	3	102	to	to	PART
ajfa-79	3	103	affect	affect	VERB
ajfa-79	3	104	firms	firm	NOUN
ajfa-79	3	105	'	'	PART
ajfa-79	3	106	executive	executive	NOUN
ajfa-79	3	107	compensation	compensation	NOUN
ajfa-79	3	108	in	in	ADP
ajfa-79	3	109	two	two	NUM
ajfa-79	3	110	ways	way	NOUN
ajfa-79	3	111	:	:	PUNCT
ajfa-79	3	112	(	(	PUNCT
ajfa-79	3	113	i	i	NOUN
ajfa-79	3	114	)	)	PUNCT
ajfa-79	3	115	improve	improve	VERB
ajfa-79	3	116	firm	firm	ADJ
ajfa-79	3	117	performance	performance	NOUN
ajfa-79	3	118	which	which	PRON
ajfa-79	3	119	is	be	AUX
ajfa-79	3	120	considered	consider	VERB
ajfa-79	3	121	as	as	ADP
ajfa-79	3	122	a	a	DET
ajfa-79	3	123	partial	partial	ADJ
ajfa-79	3	124	basis	basis	NOUN
ajfa-79	3	125	of	of	ADP
ajfa-79	3	126	executive	executive	ADJ
ajfa-79	3	127	compensation	compensation	PROPN
ajfa-79	3	128	(	(	PUNCT
ajfa-79	3	129	ii	ii	NOUN
ajfa-79	3	130	)	)	PUNCT
ajfa-79	3	131	monitor	monitor	VERB
ajfa-79	3	132	executives	executive	NOUN
ajfa-79	3	133	'	'	PART
ajfa-79	3	134	behaviors	behavior	NOUN
ajfa-79	3	135	to	to	PART
ajfa-79	3	136	avoid	avoid	VERB
ajfa-79	3	137	over	over	ADP
ajfa-79	3	138	-	-	PUNCT
ajfa-79	3	139	pay	pay	NOUN
ajfa-79	3	140	.	.	PUNCT
ajfa-79	4	1	this	this	DET
ajfa-79	4	2	article	article	NOUN
ajfa-79	4	3	investigates	investigate	VERB
ajfa-79	4	4	if	if	SCONJ
ajfa-79	4	5	corporate	corporate	ADJ
ajfa-79	4	6	governance	governance	NOUN
ajfa-79	4	7	mechanism	mechanism	NOUN
ajfa-79	4	8	indeed	indeed	ADV
ajfa-79	4	9	benefits	benefit	VERB
ajfa-79	4	10	in	in	ADP
ajfa-79	4	11	these	these	DET
ajfa-79	4	12	two	two	NUM
ajfa-79	4	13	ways	way	NOUN
ajfa-79	4	14	from	from	ADP
ajfa-79	4	15	major	major	ADJ
ajfa-79	4	16	asian	asian	ADJ
ajfa-79	4	17	journal	journal	NOUN
ajfa-79	4	18	of	of	ADP
ajfa-79	4	19	finance	finance	PROPN
ajfa-79	4	20	&	&	CCONJ
ajfa-79	4	21	accounting	accounting	PROPN
ajfa-79	4	22	issn	issn	PROPN
ajfa-79	4	23	1946	1946	NUM
ajfa-79	4	24	-	-	PUNCT
ajfa-79	4	25	052x	052x	NOUN
ajfa-79	4	26	2009	2009	NUM
ajfa-79	4	27	,	,	PUNCT
ajfa-79	4	28	vol	vol	NOUN
ajfa-79	4	29	.	.	PROPN
ajfa-79	4	30	1	1	NUM
ajfa-79	4	31	,	,	PUNCT
ajfa-79	4	32	no	no	INTJ
ajfa-79	4	33	.	.	NOUN
ajfa-79	4	34	1	1	NUM
ajfa-79	4	35	:	:	PUNCT
ajfa-79	4	36	e1	e1	VERB
ajfa-79	4	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	4	38	2	2	NUM
ajfa-79	4	39	characteristics	characteristic	NOUN
ajfa-79	4	40	of	of	ADP
ajfa-79	4	41	supervisory	supervisory	ADJ
ajfa-79	4	42	boards	board	NOUN
ajfa-79	4	43	,	,	PUNCT
ajfa-79	4	44	one	one	NUM
ajfa-79	4	45	of	of	ADP
ajfa-79	4	46	the	the	DET
ajfa-79	4	47	two	two	NUM
ajfa-79	4	48	monitoring	monitoring	NOUN
ajfa-79	4	49	organs	organ	NOUN
ajfa-79	4	50	in	in	ADP
ajfa-79	4	51	chinese	chinese	ADJ
ajfa-79	4	52	publicly	publicly	ADV
ajfa-79	4	53	listed	list	VERB
ajfa-79	4	54	companies	company	NOUN
ajfa-79	4	55	.	.	PUNCT
ajfa-79	5	1	we	we	PRON
ajfa-79	5	2	find	find	VERB
ajfa-79	5	3	that	that	SCONJ
ajfa-79	5	4	supervisory	supervisory	ADJ
ajfa-79	5	5	board	board	NOUN
ajfa-79	5	6	size	size	NOUN
ajfa-79	5	7	is	be	AUX
ajfa-79	5	8	negatively	negatively	ADV
ajfa-79	5	9	related	relate	VERB
ajfa-79	5	10	to	to	ADP
ajfa-79	5	11	the	the	DET
ajfa-79	5	12	board	board	NOUN
ajfa-79	5	13	chair	chair	NOUN
ajfa-79	5	14	pay	pay	VERB
ajfa-79	5	15	,	,	PUNCT
ajfa-79	5	16	presumably	presumably	ADV
ajfa-79	5	17	because	because	SCONJ
ajfa-79	5	18	the	the	DET
ajfa-79	5	19	monitoring	monitoring	NOUN
ajfa-79	5	20	effects	effect	NOUN
ajfa-79	5	21	of	of	ADP
ajfa-79	5	22	the	the	DET
ajfa-79	5	23	size	size	NOUN
ajfa-79	5	24	of	of	ADP
ajfa-79	5	25	supervisory	supervisory	ADJ
ajfa-79	5	26	board	board	NOUN
ajfa-79	5	27	on	on	ADP
ajfa-79	5	28	board	board	PROPN
ajfa-79	5	29	chair	chair	PROPN
ajfa-79	5	30	's	's	PART
ajfa-79	5	31	behaviors	behavior	NOUN
ajfa-79	5	32	dominate	dominate	VERB
ajfa-79	5	33	those	those	PRON
ajfa-79	5	34	on	on	ADP
ajfa-79	5	35	firm	firm	ADJ
ajfa-79	5	36	performance	performance	NOUN
ajfa-79	5	37	.	.	PUNCT
ajfa-79	6	1	we	we	PRON
ajfa-79	6	2	also	also	ADV
ajfa-79	6	3	find	find	VERB
ajfa-79	6	4	a	a	DET
ajfa-79	6	5	high	high	ADJ
ajfa-79	6	6	level	level	NOUN
ajfa-79	6	7	of	of	ADP
ajfa-79	6	8	board	board	NOUN
ajfa-79	6	9	chair	chair	NOUN
ajfa-79	6	10	pay	pay	NOUN
ajfa-79	6	11	-	-	PUNCT
ajfa-79	6	12	supervisory	supervisory	ADJ
ajfa-79	6	13	board	board	NOUN
ajfa-79	6	14	sensitivity	sensitivity	NOUN
ajfa-79	6	15	in	in	ADP
ajfa-79	6	16	the	the	DET
ajfa-79	6	17	chinese	chinese	ADJ
ajfa-79	6	18	publicly	publicly	ADV
ajfa-79	6	19	listed	list	VERB
ajfa-79	6	20	companies	company	NOUN
ajfa-79	6	21	.	.	PUNCT
ajfa-79	7	1	jel	jel	PROPN
ajfa-79	7	2	classifications	classification	NOUN
ajfa-79	7	3	:	:	PUNCT
ajfa-79	7	4	g34	g34	NOUN
ajfa-79	7	5	,	,	PUNCT
ajfa-79	7	6	g39	g39	PROPN
ajfa-79	7	7	keywords	keyword	NOUN
ajfa-79	7	8	:	:	PUNCT
ajfa-79	7	9	board	board	NOUN
ajfa-79	7	10	chair	chair	NOUN
ajfa-79	7	11	pay	pay	NOUN
ajfa-79	7	12	;	;	PUNCT
ajfa-79	7	13	monitoring	monitoring	NOUN
ajfa-79	7	14	;	;	PUNCT
ajfa-79	7	15	corporate	corporate	ADJ
ajfa-79	7	16	governance	governance	NOUN
ajfa-79	7	17	1	1	NUM
ajfa-79	7	18	.	.	PUNCT
ajfa-79	8	1	introduction	introduction	NOUN
ajfa-79	8	2	mr	mr	PROPN
ajfa-79	8	3	.	.	PROPN
ajfa-79	8	4	levitt	levitt	PROPN
ajfa-79	8	5	,	,	PUNCT
ajfa-79	8	6	the	the	DET
ajfa-79	8	7	former	former	ADJ
ajfa-79	8	8	chairman	chairman	NOUN
ajfa-79	8	9	of	of	ADP
ajfa-79	8	10	sec	sec	PROPN
ajfa-79	8	11	,	,	PUNCT
ajfa-79	8	12	commented	comment	VERB
ajfa-79	8	13	that	that	SCONJ
ajfa-79	8	14	"	"	PUNCT
ajfa-79	8	15	if	if	SCONJ
ajfa-79	8	16	there	there	PRON
ajfa-79	8	17	is	be	VERB
ajfa-79	8	18	anything	anything	PRON
ajfa-79	8	19	that	that	PRON
ajfa-79	8	20	engages	engage	VERB
ajfa-79	8	21	the	the	DET
ajfa-79	8	22	public	public	ADJ
ajfa-79	8	23	today	today	NOUN
ajfa-79	8	24	about	about	ADP
ajfa-79	8	25	the	the	DET
ajfa-79	8	26	business	business	NOUN
ajfa-79	8	27	community	community	NOUN
ajfa-79	8	28	,	,	PUNCT
ajfa-79	8	29	it	it	PRON
ajfa-79	8	30	is	be	AUX
ajfa-79	8	31	the	the	DET
ajfa-79	8	32	issue	issue	NOUN
ajfa-79	8	33	of	of	ADP
ajfa-79	8	34	compensation	compensation	NOUN
ajfa-79	8	35	"	"	PUNCT
ajfa-79	8	36	(	(	PUNCT
ajfa-79	8	37	levitt	levitt	PROPN
ajfa-79	8	38	,	,	PUNCT
ajfa-79	8	39	2005	2005	NUM
ajfa-79	8	40	,	,	PUNCT
ajfa-79	8	41	p.	p.	NOUN
ajfa-79	8	42	41	41	NUM
ajfa-79	8	43	)	)	PUNCT
ajfa-79	8	44	.	.	PUNCT
ajfa-79	9	1	in	in	ADP
ajfa-79	9	2	the	the	DET
ajfa-79	9	3	corporate	corporate	ADJ
ajfa-79	9	4	governance	governance	NOUN
ajfa-79	9	5	literature	literature	NOUN
ajfa-79	9	6	,	,	PUNCT
ajfa-79	9	7	executive	executive	NOUN
ajfa-79	9	8	compensation	compensation	NOUN
ajfa-79	9	9	has	have	AUX
ajfa-79	9	10	also	also	ADV
ajfa-79	9	11	received	receive	VERB
ajfa-79	9	12	dramatic	dramatic	ADJ
ajfa-79	9	13	attention	attention	NOUN
ajfa-79	9	14	(	(	PUNCT
ajfa-79	9	15	e.g.	e.g.	ADV
ajfa-79	9	16	,	,	PUNCT
ajfa-79	9	17	nager	nager	NOUN
ajfa-79	9	18	,	,	PUNCT
ajfa-79	9	19	2002	2002	NUM
ajfa-79	9	20	;	;	PUNCT
ajfa-79	9	21	dutta	dutta	PROPN
ajfa-79	9	22	,	,	PUNCT
ajfa-79	9	23	2003	2003	NUM
ajfa-79	9	24	;	;	PUNCT
ajfa-79	9	25	lin	lin	PROPN
ajfa-79	9	26	,	,	PUNCT
ajfa-79	9	27	2005	2005	NUM
ajfa-79	9	28	;	;	PUNCT
ajfa-79	9	29	ortiz	ortiz	PROPN
ajfa-79	9	30	-	-	PUNCT
ajfa-79	9	31	molina	molina	PROPN
ajfa-79	9	32	,	,	PUNCT
ajfa-79	9	33	2007	2007	NUM
ajfa-79	9	34	;	;	PUNCT
ajfa-79	9	35	balsam	balsam	NOUN
ajfa-79	9	36	and	and	CCONJ
ajfa-79	9	37	miharjo	miharjo	NOUN
ajfa-79	9	38	,	,	PUNCT
ajfa-79	9	39	2007	2007	NUM
ajfa-79	9	40	)	)	PUNCT
ajfa-79	9	41	,	,	PUNCT
ajfa-79	9	42	and	and	CCONJ
ajfa-79	9	43	some	some	DET
ajfa-79	9	44	pioneer	pioneer	NOUN
ajfa-79	9	45	studies	study	NOUN
ajfa-79	9	46	have	have	AUX
ajfa-79	9	47	investigated	investigate	VERB
ajfa-79	9	48	compensation	compensation	NOUN
ajfa-79	9	49	-	-	PUNCT
ajfa-79	9	50	related	relate	VERB
ajfa-79	9	51	issues	issue	NOUN
ajfa-79	9	52	from	from	ADP
ajfa-79	9	53	an	an	DET
ajfa-79	9	54	ethical	ethical	ADJ
ajfa-79	9	55	perspective	perspective	NOUN
ajfa-79	9	56	(	(	PUNCT
ajfa-79	9	57	e.g.	e.g.	ADV
ajfa-79	9	58	,	,	PUNCT
ajfa-79	9	59	perel	perel	NOUN
ajfa-79	9	60	,	,	PUNCT
ajfa-79	9	61	2003	2003	NUM
ajfa-79	9	62	;	;	PUNCT
ajfa-79	9	63	ashely	ashely	PROPN
ajfa-79	9	64	and	and	CCONJ
ajfa-79	9	65	yang	yang	PROPN
ajfa-79	9	66	,	,	PUNCT
ajfa-79	9	67	2004	2004	NUM
ajfa-79	9	68	;	;	PUNCT
ajfa-79	9	69	matsumura	matsumura	ADJ
ajfa-79	9	70	and	and	CCONJ
ajfa-79	9	71	shin	shin	PROPN
ajfa-79	9	72	,	,	PUNCT
ajfa-79	9	73	2005	2005	NUM
ajfa-79	9	74	;	;	PUNCT
ajfa-79	9	75	mahoney	mahoney	PROPN
ajfa-79	9	76	and	and	CCONJ
ajfa-79	9	77	thom	thom	PROPN
ajfa-79	9	78	,	,	PUNCT
ajfa-79	9	79	2006	2006	NUM
ajfa-79	9	80	;	;	PUNCT
ajfa-79	9	81	persons	person	NOUN
ajfa-79	9	82	,	,	PUNCT
ajfa-79	9	83	2006	2006	NUM
ajfa-79	9	84	)	)	PUNCT
ajfa-79	9	85	.	.	PUNCT
ajfa-79	10	1	in	in	ADP
ajfa-79	10	2	both	both	CCONJ
ajfa-79	10	3	mature	mature	ADJ
ajfa-79	10	4	and	and	CCONJ
ajfa-79	10	5	emerging	emerge	VERB
ajfa-79	10	6	markets	market	NOUN
ajfa-79	10	7	,	,	PUNCT
ajfa-79	10	8	for	for	ADP
ajfa-79	10	9	instance	instance	NOUN
ajfa-79	10	10	,	,	PUNCT
ajfa-79	10	11	pay	pay	NOUN
ajfa-79	10	12	-	-	PUNCT
ajfa-79	10	13	performance	performance	NOUN
ajfa-79	10	14	relationship	relationship	NOUN
ajfa-79	10	15	is	be	AUX
ajfa-79	10	16	considered	consider	VERB
ajfa-79	10	17	critical	critical	ADJ
ajfa-79	10	18	for	for	ADP
ajfa-79	10	19	providing	provide	VERB
ajfa-79	10	20	appropriate	appropriate	ADJ
ajfa-79	10	21	incentives	incentive	NOUN
ajfa-79	10	22	for	for	ADP
ajfa-79	10	23	executives	executive	NOUN
ajfa-79	10	24	,	,	PUNCT
ajfa-79	10	25	and	and	CCONJ
ajfa-79	10	26	this	this	DET
ajfa-79	10	27	issue	issue	NOUN
ajfa-79	10	28	has	have	AUX
ajfa-79	10	29	been	be	AUX
ajfa-79	10	30	extensively	extensively	ADV
ajfa-79	10	31	examined	examine	VERB
ajfa-79	10	32	by	by	ADP
ajfa-79	10	33	academics	academic	NOUN
ajfa-79	10	34	(	(	PUNCT
ajfa-79	10	35	e.g.	e.g.	ADV
ajfa-79	10	36	jensen	jensen	PROPN
ajfa-79	10	37	and	and	CCONJ
ajfa-79	10	38	murphy	murphy	PROPN
ajfa-79	10	39	,	,	PUNCT
ajfa-79	10	40	1990	1990	NUM
ajfa-79	10	41	;	;	PUNCT
ajfa-79	10	42	nichols	nichols	PROPN
ajfa-79	10	43	and	and	CCONJ
ajfa-79	10	44	subramaniam	subramaniam	PROPN
ajfa-79	10	45	,	,	PUNCT
ajfa-79	10	46	2001	2001	NUM
ajfa-79	10	47	;	;	PUNCT
ajfa-79	10	48	firth	firth	PROPN
ajfa-79	10	49	,	,	PUNCT
ajfa-79	10	50	fung	fung	PROPN
ajfa-79	10	51	,	,	PUNCT
ajfa-79	10	52	and	and	CCONJ
ajfa-79	10	53	rui	rui	PROPN
ajfa-79	10	54	,	,	PUNCT
ajfa-79	10	55	2006	2006	NUM
ajfa-79	10	56	;	;	PUNCT
ajfa-79	10	57	cordeiro	cordeiro	PROPN
ajfa-79	10	58	,	,	PUNCT
ajfa-79	10	59	veliyath	veliyath	NOUN
ajfa-79	10	60	and	and	CCONJ
ajfa-79	10	61	romal	romal	NOUN
ajfa-79	10	62	,	,	PUNCT
ajfa-79	10	63	2007	2007	NUM
ajfa-79	10	64	;	;	PUNCT
ajfa-79	10	65	angel	angel	NOUN
ajfa-79	10	66	and	and	CCONJ
ajfa-79	10	67	mccable	mccable	NOUN
ajfa-79	10	68	,	,	PUNCT
ajfa-79	10	69	2008	2008	NUM
ajfa-79	10	70	)	)	PUNCT
ajfa-79	10	71	.	.	PUNCT
ajfa-79	11	1	unfortunately	unfortunately	ADV
ajfa-79	11	2	,	,	PUNCT
ajfa-79	11	3	the	the	DET
ajfa-79	11	4	results	result	NOUN
ajfa-79	11	5	are	be	AUX
ajfa-79	11	6	mixed	mixed	ADJ
ajfa-79	11	7	although	although	SCONJ
ajfa-79	11	8	some	some	PRON
ajfa-79	11	9	show	show	VERB
ajfa-79	11	10	a	a	DET
ajfa-79	11	11	significant	significant	ADJ
ajfa-79	11	12	pay	pay	NOUN
ajfa-79	11	13	-	-	PUNCT
ajfa-79	11	14	performance	performance	NOUN
ajfa-79	11	15	relationship	relationship	NOUN
ajfa-79	11	16	(	(	PUNCT
ajfa-79	11	17	e.g.	e.g.	ADV
ajfa-79	11	18	,	,	PUNCT
ajfa-79	11	19	elston	elston	PROPN
ajfa-79	11	20	and	and	CCONJ
ajfa-79	11	21	goldberg	goldberg	PROPN
ajfa-79	11	22	,	,	PUNCT
ajfa-79	11	23	2003	2003	NUM
ajfa-79	11	24	;	;	PUNCT
ajfa-79	11	25	jensen	jensen	PROPN
ajfa-79	11	26	and	and	CCONJ
ajfa-79	11	27	murphy	murphy	PROPN
ajfa-79	11	28	,	,	PUNCT
ajfa-79	11	29	1990	1990	NUM
ajfa-79	11	30	;	;	PUNCT
ajfa-79	11	31	firth	firth	PROPN
ajfa-79	11	32	et	et	PROPN
ajfa-79	11	33	al	al	PROPN
ajfa-79	11	34	.	.	PROPN
ajfa-79	11	35	,	,	PUNCT
ajfa-79	11	36	2006	2006	NUM
ajfa-79	11	37	)	)	PUNCT
ajfa-79	11	38	,	,	PUNCT
ajfa-79	11	39	which	which	PRON
ajfa-79	11	40	either	either	CCONJ
ajfa-79	11	41	has	have	VERB
ajfa-79	11	42	a	a	DET
ajfa-79	11	43	low	low	ADJ
ajfa-79	11	44	explanatory	explanatory	ADJ
ajfa-79	11	45	power	power	NOUN
ajfa-79	11	46	or	or	CCONJ
ajfa-79	11	47	is	be	AUX
ajfa-79	11	48	not	not	PART
ajfa-79	11	49	supported	support	VERB
ajfa-79	11	50	by	by	ADP
ajfa-79	11	51	other	other	ADJ
ajfa-79	11	52	studies	study	NOUN
ajfa-79	11	53	.	.	PUNCT
ajfa-79	12	1	the	the	DET
ajfa-79	12	2	inconsistent	inconsistent	ADJ
ajfa-79	12	3	pay	pay	NOUN
ajfa-79	12	4	-	-	PUNCT
ajfa-79	12	5	performance	performance	NOUN
ajfa-79	12	6	link	link	NOUN
ajfa-79	12	7	,	,	PUNCT
ajfa-79	12	8	as	as	ADV
ajfa-79	12	9	well	well	ADV
ajfa-79	12	10	as	as	ADP
ajfa-79	12	11	the	the	DET
ajfa-79	12	12	low	low	ADJ
ajfa-79	12	13	pay	pay	NOUN
ajfa-79	12	14	-	-	PUNCT
ajfa-79	12	15	performance	performance	NOUN
ajfa-79	12	16	sensitivity	sensitivity	NOUN
ajfa-79	12	17	,	,	PUNCT
ajfa-79	12	18	suggests	suggest	VERB
ajfa-79	12	19	that	that	SCONJ
ajfa-79	12	20	other	other	ADJ
ajfa-79	12	21	factors	factor	NOUN
ajfa-79	12	22	may	may	AUX
ajfa-79	12	23	have	have	AUX
ajfa-79	12	24	contributed	contribute	VERB
ajfa-79	12	25	to	to	ADP
ajfa-79	12	26	the	the	DET
ajfa-79	12	27	executive	executive	ADJ
ajfa-79	12	28	compensation	compensation	NOUN
ajfa-79	12	29	level	level	NOUN
ajfa-79	12	30	.	.	PUNCT
ajfa-79	13	1	among	among	ADP
ajfa-79	13	2	these	these	DET
ajfa-79	13	3	factors	factor	NOUN
ajfa-79	13	4	,	,	PUNCT
ajfa-79	13	5	corporate	corporate	ADJ
ajfa-79	13	6	governance	governance	NOUN
ajfa-79	13	7	mechanisms	mechanism	NOUN
ajfa-79	13	8	,	,	PUNCT
ajfa-79	13	9	especially	especially	ADV
ajfa-79	13	10	board	board	NOUN
ajfa-79	13	11	of	of	ADP
ajfa-79	13	12	directors	director	NOUN
ajfa-79	13	13	and	and	CCONJ
ajfa-79	13	14	ownership	ownership	NOUN
ajfa-79	13	15	structure	structure	NOUN
ajfa-79	13	16	,	,	PUNCT
ajfa-79	13	17	have	have	AUX
ajfa-79	13	18	been	be	AUX
ajfa-79	13	19	found	find	VERB
ajfa-79	13	20	to	to	PART
ajfa-79	13	21	be	be	AUX
ajfa-79	13	22	some	some	PRON
ajfa-79	13	23	of	of	ADP
ajfa-79	13	24	the	the	DET
ajfa-79	13	25	significant	significant	ADJ
ajfa-79	13	26	determinants	determinant	NOUN
ajfa-79	13	27	of	of	ADP
ajfa-79	13	28	executive	executive	ADJ
ajfa-79	13	29	compensation	compensation	NOUN
ajfa-79	13	30	(	(	PUNCT
ajfa-79	13	31	e.g.	e.g.	ADV
ajfa-79	13	32	boyd	boyd	PROPN
ajfa-79	13	33	,	,	PUNCT
ajfa-79	13	34	1994	1994	NUM
ajfa-79	13	35	;	;	PUNCT
ajfa-79	13	36	ryan	ryan	PROPN
ajfa-79	13	37	and	and	CCONJ
ajfa-79	13	38	wiggins	wiggins	PROPN
ajfa-79	13	39	,	,	PUNCT
ajfa-79	13	40	2004	2004	NUM
ajfa-79	13	41	)	)	PUNCT
ajfa-79	13	42	.	.	PUNCT
ajfa-79	14	1	boyd	boyd	PROPN
ajfa-79	14	2	(	(	PUNCT
ajfa-79	14	3	1994	1994	NUM
ajfa-79	14	4	)	)	PUNCT
ajfa-79	14	5	,	,	PUNCT
ajfa-79	14	6	for	for	ADP
ajfa-79	14	7	example	example	NOUN
ajfa-79	14	8	,	,	PUNCT
ajfa-79	14	9	finds	find	VERB
ajfa-79	14	10	that	that	PRON
ajfa-79	14	11	ceo	ceo	NOUN
ajfa-79	14	12	's	's	PART
ajfa-79	14	13	compensation	compensation	NOUN
ajfa-79	14	14	is	be	AUX
ajfa-79	14	15	significantly	significantly	ADV
ajfa-79	14	16	higher	high	ADJ
ajfa-79	14	17	in	in	ADP
ajfa-79	14	18	firms	firm	NOUN
ajfa-79	14	19	with	with	ADP
ajfa-79	14	20	a	a	DET
ajfa-79	14	21	lower	low	ADJ
ajfa-79	14	22	level	level	NOUN
ajfa-79	14	23	of	of	ADP
ajfa-79	14	24	board	board	NOUN
ajfa-79	14	25	control	control	NOUN
ajfa-79	14	26	.	.	PUNCT
ajfa-79	15	1	these	these	DET
ajfa-79	15	2	studies	study	NOUN
ajfa-79	15	3	fall	fall	VERB
ajfa-79	15	4	into	into	ADP
ajfa-79	15	5	the	the	DET
ajfa-79	15	6	field	field	NOUN
ajfa-79	15	7	of	of	ADP
ajfa-79	15	8	monitoring	monitoring	NOUN
ajfa-79	15	9	which	which	PRON
ajfa-79	15	10	is	be	AUX
ajfa-79	15	11	one	one	NUM
ajfa-79	15	12	of	of	ADP
ajfa-79	15	13	the	the	DET
ajfa-79	15	14	useful	useful	ADJ
ajfa-79	15	15	tools	tool	NOUN
ajfa-79	15	16	for	for	ADP
ajfa-79	15	17	lowering	lower	VERB
ajfa-79	15	18	agency	agency	NOUN
ajfa-79	15	19	costs	cost	NOUN
ajfa-79	15	20	.	.	PUNCT
ajfa-79	16	1	our	our	PRON
ajfa-79	16	2	study	study	NOUN
ajfa-79	16	3	continues	continue	VERB
ajfa-79	16	4	this	this	DET
ajfa-79	16	5	stream	stream	NOUN
ajfa-79	16	6	of	of	ADP
ajfa-79	16	7	research	research	NOUN
ajfa-79	16	8	by	by	ADP
ajfa-79	16	9	examining	examine	VERB
ajfa-79	16	10	the	the	DET
ajfa-79	16	11	monitoring	monitoring	NOUN
ajfa-79	16	12	effects	effect	NOUN
ajfa-79	16	13	of	of	ADP
ajfa-79	16	14	another	another	DET
ajfa-79	16	15	corporate	corporate	ADJ
ajfa-79	16	16	governance	governance	NOUN
ajfa-79	16	17	organ	organ	NOUN
ajfa-79	16	18	,	,	PUNCT
ajfa-79	16	19	the	the	DET
ajfa-79	16	20	supervisory	supervisory	ADJ
ajfa-79	16	21	board	board	NOUN
ajfa-79	16	22	,	,	PUNCT
ajfa-79	16	23	on	on	ADP
ajfa-79	16	24	board	board	NOUN
ajfa-79	16	25	chair	chair	NOUN
ajfa-79	16	26	pay	pay	VERB
ajfa-79	16	27	in	in	ADP
ajfa-79	16	28	china	china	PROPN
ajfa-79	16	29	.	.	PUNCT
ajfa-79	17	1	to	to	ADP
ajfa-79	17	2	our	our	PRON
ajfa-79	17	3	best	good	ADJ
ajfa-79	17	4	knowledge	knowledge	NOUN
ajfa-79	17	5	,	,	PUNCT
ajfa-79	17	6	this	this	PRON
ajfa-79	17	7	is	be	AUX
ajfa-79	17	8	the	the	DET
ajfa-79	17	9	first	first	ADJ
ajfa-79	17	10	study	study	NOUN
ajfa-79	17	11	which	which	PRON
ajfa-79	17	12	investigates	investigate	VERB
ajfa-79	17	13	the	the	DET
ajfa-79	17	14	board	board	NOUN
ajfa-79	17	15	chair	chair	NOUN
ajfa-79	17	16	pay	pay	NOUN
ajfa-79	17	17	-	-	PUNCT
ajfa-79	17	18	supervisory	supervisory	ADJ
ajfa-79	17	19	board	board	NOUN
ajfa-79	17	20	relationship	relationship	NOUN
ajfa-79	17	21	.	.	PUNCT
ajfa-79	18	1	furthermore	furthermore	ADV
ajfa-79	18	2	,	,	PUNCT
ajfa-79	18	3	prior	prior	ADJ
ajfa-79	18	4	studies	study	NOUN
ajfa-79	18	5	examining	examine	VERB
ajfa-79	18	6	executive	executive	ADJ
ajfa-79	18	7	compensation	compensation	NOUN
ajfa-79	18	8	focus	focus	VERB
ajfa-79	18	9	on	on	ADP
ajfa-79	18	10	mature	mature	ADJ
ajfa-79	18	11	markets	market	NOUN
ajfa-79	18	12	,	,	PUNCT
ajfa-79	18	13	and	and	CCONJ
ajfa-79	18	14	the	the	DET
ajfa-79	18	15	determinants	determinant	NOUN
ajfa-79	18	16	of	of	ADP
ajfa-79	18	17	executive	executive	ADJ
ajfa-79	18	18	compensation	compensation	NOUN
ajfa-79	18	19	in	in	ADP
ajfa-79	18	20	emerging	emerge	VERB
ajfa-79	18	21	markets	market	NOUN
ajfa-79	18	22	are	be	AUX
ajfa-79	18	23	understudied	understudied	ADJ
ajfa-79	18	24	(	(	PUNCT
ajfa-79	18	25	ramaswamy	ramaswamy	ADJ
ajfa-79	18	26	,	,	PUNCT
ajfa-79	18	27	veliyath	veliyath	NOUN
ajfa-79	18	28	,	,	PUNCT
ajfa-79	18	29	and	and	CCONJ
ajfa-79	18	30	gomes	gome	NOUN
ajfa-79	18	31	,	,	PUNCT
ajfa-79	18	32	2000	2000	NUM
ajfa-79	18	33	)	)	PUNCT
ajfa-79	18	34	.	.	PUNCT
ajfa-79	19	1	our	our	PRON
ajfa-79	19	2	study	study	NOUN
ajfa-79	19	3	is	be	AUX
ajfa-79	19	4	intended	intend	VERB
ajfa-79	19	5	to	to	PART
ajfa-79	19	6	fill	fill	VERB
ajfa-79	19	7	this	this	DET
ajfa-79	19	8	gap	gap	NOUN
ajfa-79	19	9	from	from	ADP
ajfa-79	19	10	the	the	DET
ajfa-79	19	11	perspective	perspective	NOUN
ajfa-79	19	12	of	of	ADP
ajfa-79	19	13	corporate	corporate	ADJ
ajfa-79	19	14	governance	governance	NOUN
ajfa-79	19	15	.	.	PUNCT
ajfa-79	20	1	asian	asian	ADJ
ajfa-79	20	2	journal	journal	PROPN
ajfa-79	20	3	of	of	ADP
ajfa-79	20	4	finance	finance	PROPN
ajfa-79	20	5	&	&	CCONJ
ajfa-79	20	6	accounting	accounting	PROPN
ajfa-79	20	7	issn	issn	PROPN
ajfa-79	20	8	1946	1946	NUM
ajfa-79	20	9	-	-	PUNCT
ajfa-79	20	10	052x	052x	NOUN
ajfa-79	20	11	2009	2009	NUM
ajfa-79	20	12	,	,	PUNCT
ajfa-79	20	13	vol	vol	NOUN
ajfa-79	20	14	.	.	PROPN
ajfa-79	20	15	1	1	NUM
ajfa-79	20	16	,	,	PUNCT
ajfa-79	20	17	no	no	INTJ
ajfa-79	20	18	.	.	NOUN
ajfa-79	20	19	1	1	NUM
ajfa-79	20	20	:	:	PUNCT
ajfa-79	20	21	e1	e1	VERB
ajfa-79	20	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	20	23	3	3	NUM
ajfa-79	20	24	two	two	NUM
ajfa-79	20	25	of	of	ADP
ajfa-79	20	26	the	the	DET
ajfa-79	20	27	most	most	ADV
ajfa-79	20	28	effective	effective	ADJ
ajfa-79	20	29	corporate	corporate	ADJ
ajfa-79	20	30	governance	governance	NOUN
ajfa-79	20	31	mechanisms	mechanism	NOUN
ajfa-79	20	32	in	in	ADP
ajfa-79	20	33	the	the	DET
ajfa-79	20	34	world	world	NOUN
ajfa-79	20	35	are	be	AUX
ajfa-79	20	36	the	the	DET
ajfa-79	20	37	anglo	anglo	ADJ
ajfa-79	20	38	-	-	PUNCT
ajfa-79	20	39	american	american	ADJ
ajfa-79	20	40	governance	governance	NOUN
ajfa-79	20	41	system	system	NOUN
ajfa-79	20	42	and	and	CCONJ
ajfa-79	20	43	the	the	DET
ajfa-79	20	44	german	german	ADJ
ajfa-79	20	45	two	two	NUM
ajfa-79	20	46	-	-	PUNCT
ajfa-79	20	47	tier	tier	NOUN
ajfa-79	20	48	board	board	NOUN
ajfa-79	20	49	system	system	NOUN
ajfa-79	20	50	,	,	PUNCT
ajfa-79	20	51	and	and	CCONJ
ajfa-79	20	52	supervisory	supervisory	ADJ
ajfa-79	20	53	board	board	NOUN
ajfa-79	20	54	is	be	AUX
ajfa-79	20	55	one	one	NUM
ajfa-79	20	56	of	of	ADP
ajfa-79	20	57	the	the	DET
ajfa-79	20	58	typical	typical	ADJ
ajfa-79	20	59	features	feature	NOUN
ajfa-79	20	60	of	of	ADP
ajfa-79	20	61	the	the	DET
ajfa-79	20	62	latter	latter	ADJ
ajfa-79	20	63	one	one	NUM
ajfa-79	20	64	.	.	PUNCT
ajfa-79	21	1	both	both	DET
ajfa-79	21	2	mechanisms	mechanism	NOUN
ajfa-79	21	3	have	have	AUX
ajfa-79	21	4	been	be	AUX
ajfa-79	21	5	codified	codify	VERB
ajfa-79	21	6	into	into	ADP
ajfa-79	21	7	the	the	DET
ajfa-79	21	8	chinese	chinese	ADJ
ajfa-79	21	9	corporate	corporate	ADJ
ajfa-79	21	10	law	law	NOUN
ajfa-79	21	11	since	since	SCONJ
ajfa-79	21	12	1993	1993	NUM
ajfa-79	21	13	in	in	ADP
ajfa-79	21	14	a	a	DET
ajfa-79	21	15	way	way	NOUN
ajfa-79	21	16	similar	similar	ADJ
ajfa-79	21	17	to	to	ADP
ajfa-79	21	18	the	the	DET
ajfa-79	21	19	japanese	japanese	ADJ
ajfa-79	21	20	mechanism	mechanism	NOUN
ajfa-79	21	21	.	.	PUNCT
ajfa-79	22	1	however	however	ADV
ajfa-79	22	2	,	,	PUNCT
ajfa-79	22	3	the	the	DET
ajfa-79	22	4	supervisory	supervisory	ADJ
ajfa-79	22	5	boards	board	NOUN
ajfa-79	22	6	in	in	ADP
ajfa-79	22	7	china	china	PROPN
ajfa-79	22	8	are	be	AUX
ajfa-79	22	9	designed	design	VERB
ajfa-79	22	10	loosely	loosely	ADV
ajfa-79	22	11	on	on	ADP
ajfa-79	22	12	the	the	DET
ajfa-79	22	13	german	german	ADJ
ajfa-79	22	14	model	model	NOUN
ajfa-79	22	15	,	,	PUNCT
ajfa-79	22	16	and	and	CCONJ
ajfa-79	22	17	their	their	PRON
ajfa-79	22	18	major	major	ADJ
ajfa-79	22	19	duties	duty	NOUN
ajfa-79	22	20	lie	lie	VERB
ajfa-79	22	21	in	in	ADP
ajfa-79	22	22	monitoring	monitor	VERB
ajfa-79	22	23	the	the	DET
ajfa-79	22	24	executives	executive	NOUN
ajfa-79	22	25	and	and	CCONJ
ajfa-79	22	26	the	the	DET
ajfa-79	22	27	board	board	NOUN
ajfa-79	22	28	of	of	ADP
ajfa-79	22	29	directors	director	NOUN
ajfa-79	22	30	.	.	PUNCT
ajfa-79	23	1	therefore	therefore	ADV
ajfa-79	23	2	,	,	PUNCT
ajfa-79	23	3	the	the	DET
ajfa-79	23	4	chinese	chinese	ADJ
ajfa-79	23	5	governance	governance	NOUN
ajfa-79	23	6	mechanism	mechanism	NOUN
ajfa-79	23	7	is	be	AUX
ajfa-79	23	8	more	more	ADV
ajfa-79	23	9	likely	likely	ADJ
ajfa-79	23	10	a	a	DET
ajfa-79	23	11	combination	combination	NOUN
ajfa-79	23	12	of	of	ADP
ajfa-79	23	13	the	the	DET
ajfa-79	23	14	u.s	u.s	PROPN
ajfa-79	23	15	.	.	PROPN
ajfa-79	23	16	,	,	PUNCT
ajfa-79	23	17	german	german	ADJ
ajfa-79	23	18	and	and	CCONJ
ajfa-79	23	19	japanese	japanese	ADJ
ajfa-79	23	20	systems	system	NOUN
ajfa-79	23	21	.	.	PUNCT
ajfa-79	24	1	according	accord	VERB
ajfa-79	24	2	to	to	ADP
ajfa-79	24	3	the	the	DET
ajfa-79	24	4	amended	amend	VERB
ajfa-79	24	5	corporate	corporate	ADJ
ajfa-79	24	6	law	law	NOUN
ajfa-79	24	7	effective	effective	ADJ
ajfa-79	24	8	on	on	ADP
ajfa-79	24	9	january	january	PROPN
ajfa-79	24	10	1	1	NUM
ajfa-79	24	11	,	,	PUNCT
ajfa-79	24	12	2006	2006	NUM
ajfa-79	24	13	,	,	PUNCT
ajfa-79	24	14	the	the	DET
ajfa-79	24	15	board	board	NOUN
ajfa-79	24	16	of	of	ADP
ajfa-79	24	17	directors	director	NOUN
ajfa-79	24	18	in	in	ADP
ajfa-79	24	19	a	a	DET
ajfa-79	24	20	chinese	chinese	ADJ
ajfa-79	24	21	publicly	publicly	ADV
ajfa-79	24	22	listed	list	VERB
ajfa-79	24	23	company	company	NOUN
ajfa-79	24	24	is	be	AUX
ajfa-79	24	25	responsible	responsible	ADJ
ajfa-79	24	26	for	for	ADP
ajfa-79	24	27	its	its	PRON
ajfa-79	24	28	daily	daily	ADJ
ajfa-79	24	29	operation	operation	NOUN
ajfa-79	24	30	,	,	PUNCT
ajfa-79	24	31	while	while	SCONJ
ajfa-79	24	32	supervisory	supervisory	ADJ
ajfa-79	24	33	boards	board	NOUN
ajfa-79	24	34	monitor	monitor	VERB
ajfa-79	24	35	the	the	DET
ajfa-79	24	36	behaviors	behavior	NOUN
ajfa-79	24	37	of	of	ADP
ajfa-79	24	38	the	the	DET
ajfa-79	24	39	board	board	NOUN
ajfa-79	24	40	and	and	CCONJ
ajfa-79	24	41	the	the	DET
ajfa-79	24	42	management	management	NOUN
ajfa-79	24	43	team	team	NOUN
ajfa-79	24	44	.	.	PUNCT
ajfa-79	25	1	furthermore	furthermore	ADV
ajfa-79	25	2	,	,	PUNCT
ajfa-79	25	3	supervisory	supervisory	ADJ
ajfa-79	25	4	boards	board	NOUN
ajfa-79	25	5	are	be	AUX
ajfa-79	25	6	required	require	VERB
ajfa-79	25	7	to	to	PART
ajfa-79	25	8	examine	examine	VERB
ajfa-79	25	9	the	the	DET
ajfa-79	25	10	financial	financial	ADJ
ajfa-79	25	11	affairs	affair	NOUN
ajfa-79	25	12	of	of	ADP
ajfa-79	25	13	the	the	DET
ajfa-79	25	14	company	company	NOUN
ajfa-79	25	15	.	.	PUNCT
ajfa-79	26	1	as	as	SCONJ
ajfa-79	26	2	board	board	NOUN
ajfa-79	26	3	chairs	chair	NOUN
ajfa-79	26	4	in	in	ADP
ajfa-79	26	5	many	many	ADJ
ajfa-79	26	6	of	of	ADP
ajfa-79	26	7	the	the	DET
ajfa-79	26	8	chinese	chinese	ADJ
ajfa-79	26	9	publicly	publicly	ADV
ajfa-79	26	10	listed	list	VERB
ajfa-79	26	11	companies	company	NOUN
ajfa-79	26	12	also	also	ADV
ajfa-79	26	13	serve	serve	VERB
ajfa-79	26	14	as	as	ADP
ajfa-79	26	15	the	the	DET
ajfa-79	26	16	ceos	ceos	NOUN
ajfa-79	26	17	,	,	PUNCT
ajfa-79	26	18	it	it	PRON
ajfa-79	26	19	is	be	AUX
ajfa-79	26	20	even	even	ADV
ajfa-79	26	21	more	more	ADV
ajfa-79	26	22	important	important	ADJ
ajfa-79	26	23	to	to	PART
ajfa-79	26	24	have	have	VERB
ajfa-79	26	25	the	the	DET
ajfa-79	26	26	supervisory	supervisory	ADJ
ajfa-79	26	27	board	board	NOUN
ajfa-79	26	28	to	to	PART
ajfa-79	26	29	monitor	monitor	VERB
ajfa-79	26	30	their	their	PRON
ajfa-79	26	31	behaviors	behavior	NOUN
ajfa-79	26	32	1	1	NUM
ajfa-79	26	33	.	.	PUNCT
ajfa-79	27	1	as	as	SCONJ
ajfa-79	27	2	stated	state	VERB
ajfa-79	27	3	in	in	ADP
ajfa-79	27	4	the	the	DET
ajfa-79	27	5	china	china	PROPN
ajfa-79	27	6	corporate	corporate	ADJ
ajfa-79	27	7	governance	governance	NOUN
ajfa-79	27	8	survey	survey	NOUN
ajfa-79	27	9	published	publish	VERB
ajfa-79	27	10	by	by	ADP
ajfa-79	27	11	the	the	DET
ajfa-79	27	12	cfa	cfa	PROPN
ajfa-79	27	13	institute	institute	PROPN
ajfa-79	27	14	,	,	PUNCT
ajfa-79	27	15	the	the	DET
ajfa-79	27	16	monitoring	monitoring	NOUN
ajfa-79	27	17	functions	function	NOUN
ajfa-79	27	18	of	of	ADP
ajfa-79	27	19	supervisory	supervisory	ADJ
ajfa-79	27	20	board	board	NOUN
ajfa-79	27	21	in	in	ADP
ajfa-79	27	22	chinese	chinese	PROPN
ajfa-79	27	23	publicly	publicly	ADV
ajfa-79	27	24	listed	list	VERB
ajfa-79	27	25	companies	company	NOUN
ajfa-79	27	26	have	have	AUX
ajfa-79	27	27	been	be	AUX
ajfa-79	27	28	further	far	ADV
ajfa-79	27	29	clarified	clarify	VERB
ajfa-79	27	30	and	and	CCONJ
ajfa-79	27	31	strengthened	strengthen	VERB
ajfa-79	27	32	by	by	ADP
ajfa-79	27	33	the	the	DET
ajfa-79	27	34	revised	revise	VERB
ajfa-79	27	35	version	version	NOUN
ajfa-79	27	36	of	of	ADP
ajfa-79	27	37	the	the	DET
ajfa-79	27	38	corporate	corporate	ADJ
ajfa-79	27	39	law	law	NOUN
ajfa-79	27	40	.	.	PUNCT
ajfa-79	28	1	wang	wang	PROPN
ajfa-79	28	2	(	(	PUNCT
ajfa-79	28	3	2005	2005	NUM
ajfa-79	28	4	)	)	PUNCT
ajfa-79	28	5	also	also	ADV
ajfa-79	28	6	confirms	confirm	VERB
ajfa-79	28	7	this	this	DET
ajfa-79	28	8	improvement	improvement	NOUN
ajfa-79	28	9	of	of	ADP
ajfa-79	28	10	supervisory	supervisory	ADJ
ajfa-79	28	11	board	board	NOUN
ajfa-79	28	12	's	's	PART
ajfa-79	28	13	legal	legal	ADJ
ajfa-79	28	14	power	power	NOUN
ajfa-79	28	15	and	and	CCONJ
ajfa-79	28	16	monitoring	monitoring	NOUN
ajfa-79	28	17	functions	function	NOUN
ajfa-79	28	18	.	.	PUNCT
ajfa-79	29	1	these	these	DET
ajfa-79	29	2	findings	finding	NOUN
ajfa-79	29	3	are	be	AUX
ajfa-79	29	4	in	in	ADP
ajfa-79	29	5	sharp	sharp	ADJ
ajfa-79	29	6	contrast	contrast	NOUN
ajfa-79	29	7	to	to	ADP
ajfa-79	29	8	the	the	DET
ajfa-79	29	9	conventional	conventional	ADJ
ajfa-79	29	10	wisdom	wisdom	NOUN
ajfa-79	29	11	that	that	SCONJ
ajfa-79	29	12	supervisory	supervisory	ADJ
ajfa-79	29	13	boards	board	NOUN
ajfa-79	29	14	are	be	AUX
ajfa-79	29	15	just	just	ADV
ajfa-79	29	16	a	a	DET
ajfa-79	29	17	decoration	decoration	NOUN
ajfa-79	29	18	to	to	ADP
ajfa-79	29	19	the	the	DET
ajfa-79	29	20	chinese	chinese	ADJ
ajfa-79	29	21	corporate	corporate	ADJ
ajfa-79	29	22	governance	governance	NOUN
ajfa-79	29	23	system	system	NOUN
ajfa-79	29	24	(	(	PUNCT
ajfa-79	29	25	xi	xi	PROPN
ajfa-79	29	26	,	,	PUNCT
ajfa-79	29	27	2006	2006	NUM
ajfa-79	29	28	)	)	PUNCT
ajfa-79	29	29	and	and	CCONJ
ajfa-79	29	30	prior	prior	ADJ
ajfa-79	29	31	findings	finding	NOUN
ajfa-79	29	32	that	that	PRON
ajfa-79	29	33	they	they	PRON
ajfa-79	29	34	play	play	VERB
ajfa-79	29	35	very	very	ADV
ajfa-79	29	36	little	little	ADJ
ajfa-79	29	37	role	role	NOUN
ajfa-79	29	38	in	in	ADP
ajfa-79	29	39	publicly	publicly	ADV
ajfa-79	29	40	listed	list	VERB
ajfa-79	29	41	companies	company	NOUN
ajfa-79	29	42	in	in	ADP
ajfa-79	29	43	china	china	PROPN
ajfa-79	29	44	(	(	PUNCT
ajfa-79	29	45	e.g.	e.g.	ADV
ajfa-79	29	46	dahya	dahya	NOUN
ajfa-79	29	47	,	,	PUNCT
ajfa-79	29	48	karbhari	karbhari	PROPN
ajfa-79	29	49	,	,	PUNCT
ajfa-79	29	50	xiao	xiao	PROPN
ajfa-79	29	51	,	,	PUNCT
ajfa-79	29	52	and	and	CCONJ
ajfa-79	29	53	yang	yang	PROPN
ajfa-79	29	54	,	,	PUNCT
ajfa-79	29	55	2003	2003	NUM
ajfa-79	29	56	)	)	PUNCT
ajfa-79	29	57	.	.	PUNCT
ajfa-79	30	1	using	use	VERB
ajfa-79	30	2	data	datum	NOUN
ajfa-79	30	3	in	in	ADP
ajfa-79	30	4	2005	2005	NUM
ajfa-79	30	5	and	and	CCONJ
ajfa-79	30	6	2006	2006	NUM
ajfa-79	30	7	from	from	ADP
ajfa-79	30	8	the	the	DET
ajfa-79	30	9	two	two	NUM
ajfa-79	30	10	stock	stock	NOUN
ajfa-79	30	11	markets	market	NOUN
ajfa-79	30	12	in	in	ADP
ajfa-79	30	13	china	china	PROPN
ajfa-79	30	14	,	,	PUNCT
ajfa-79	30	15	we	we	PRON
ajfa-79	30	16	examine	examine	VERB
ajfa-79	30	17	the	the	DET
ajfa-79	30	18	research	research	NOUN
ajfa-79	30	19	questions	question	NOUN
ajfa-79	30	20	using	use	VERB
ajfa-79	30	21	the	the	DET
ajfa-79	30	22	meeting	meeting	NOUN
ajfa-79	30	23	frequency	frequency	NOUN
ajfa-79	30	24	and	and	CCONJ
ajfa-79	30	25	size	size	NOUN
ajfa-79	30	26	of	of	ADP
ajfa-79	30	27	a	a	DET
ajfa-79	30	28	supervisory	supervisory	ADJ
ajfa-79	30	29	board	board	NOUN
ajfa-79	30	30	as	as	ADP
ajfa-79	30	31	proxies	proxy	NOUN
ajfa-79	30	32	for	for	ADP
ajfa-79	30	33	its	its	PRON
ajfa-79	30	34	activities	activity	NOUN
ajfa-79	30	35	and	and	CCONJ
ajfa-79	30	36	characteristics	characteristic	NOUN
ajfa-79	30	37	,	,	PUNCT
ajfa-79	30	38	and	and	CCONJ
ajfa-79	30	39	show	show	VERB
ajfa-79	30	40	that	that	SCONJ
ajfa-79	30	41	supervisory	supervisory	ADJ
ajfa-79	30	42	boards	board	NOUN
ajfa-79	30	43	influence	influence	PROPN
ajfa-79	30	44	board	board	PROPN
ajfa-79	30	45	chair	chair	NOUN
ajfa-79	30	46	pay	pay	VERB
ajfa-79	30	47	significantly	significantly	ADV
ajfa-79	30	48	.	.	PUNCT
ajfa-79	31	1	comparing	compare	VERB
ajfa-79	31	2	with	with	ADP
ajfa-79	31	3	the	the	DET
ajfa-79	31	4	conclusions	conclusion	NOUN
ajfa-79	31	5	made	make	VERB
ajfa-79	31	6	by	by	ADP
ajfa-79	31	7	prior	prior	ADJ
ajfa-79	31	8	research	research	NOUN
ajfa-79	31	9	,	,	PUNCT
ajfa-79	31	10	therefore	therefore	ADV
ajfa-79	31	11	,	,	PUNCT
ajfa-79	31	12	we	we	PRON
ajfa-79	31	13	show	show	VERB
ajfa-79	31	14	the	the	DET
ajfa-79	31	15	improvement	improvement	NOUN
ajfa-79	31	16	of	of	ADP
ajfa-79	31	17	the	the	DET
ajfa-79	31	18	legal	legal	ADJ
ajfa-79	31	19	and	and	CCONJ
ajfa-79	31	20	investment	investment	NOUN
ajfa-79	31	21	environment	environment	NOUN
ajfa-79	31	22	in	in	ADP
ajfa-79	31	23	china	china	PROPN
ajfa-79	31	24	in	in	ADP
ajfa-79	31	25	recent	recent	ADJ
ajfa-79	31	26	years	year	NOUN
ajfa-79	31	27	.	.	PUNCT
ajfa-79	32	1	therefore	therefore	ADV
ajfa-79	32	2	,	,	PUNCT
ajfa-79	32	3	our	our	PRON
ajfa-79	32	4	findings	finding	NOUN
ajfa-79	32	5	are	be	AUX
ajfa-79	32	6	able	able	ADJ
ajfa-79	32	7	to	to	PART
ajfa-79	32	8	provide	provide	VERB
ajfa-79	32	9	important	important	ADJ
ajfa-79	32	10	policy	policy	NOUN
ajfa-79	32	11	implications	implication	NOUN
ajfa-79	32	12	to	to	ADP
ajfa-79	32	13	authorities	authority	NOUN
ajfa-79	32	14	in	in	ADP
ajfa-79	32	15	china	china	PROPN
ajfa-79	32	16	and	and	CCONJ
ajfa-79	32	17	other	other	ADJ
ajfa-79	32	18	jurisdictions	jurisdiction	NOUN
ajfa-79	32	19	who	who	PRON
ajfa-79	32	20	are	be	AUX
ajfa-79	32	21	eager	eager	ADJ
ajfa-79	32	22	to	to	PART
ajfa-79	32	23	improve	improve	VERB
ajfa-79	32	24	the	the	DET
ajfa-79	32	25	efficiency	efficiency	NOUN
ajfa-79	32	26	of	of	ADP
ajfa-79	32	27	corporate	corporate	ADJ
ajfa-79	32	28	governance	governance	NOUN
ajfa-79	32	29	,	,	PUNCT
ajfa-79	32	30	and	and	CCONJ
ajfa-79	32	31	are	be	AUX
ajfa-79	32	32	of	of	ADP
ajfa-79	32	33	interest	interest	NOUN
ajfa-79	32	34	and	and	CCONJ
ajfa-79	32	35	of	of	ADP
ajfa-79	32	36	importance	importance	NOUN
ajfa-79	32	37	to	to	PART
ajfa-79	32	38	better	well	ADV
ajfa-79	32	39	understand	understand	VERB
ajfa-79	32	40	economic	economic	ADJ
ajfa-79	32	41	integration	integration	NOUN
ajfa-79	32	42	.	.	PUNCT
ajfa-79	33	1	as	as	SCONJ
ajfa-79	33	2	supervisory	supervisory	ADJ
ajfa-79	33	3	board	board	NOUN
ajfa-79	33	4	serves	serve	VERB
ajfa-79	33	5	as	as	ADP
ajfa-79	33	6	one	one	NUM
ajfa-79	33	7	of	of	ADP
ajfa-79	33	8	the	the	DET
ajfa-79	33	9	two	two	NUM
ajfa-79	33	10	monitoring	monitoring	NOUN
ajfa-79	33	11	organs	organ	NOUN
ajfa-79	33	12	in	in	ADP
ajfa-79	33	13	the	the	DET
ajfa-79	33	14	chinese	chinese	ADJ
ajfa-79	33	15	two	two	NUM
ajfa-79	33	16	-	-	PUNCT
ajfa-79	33	17	tier	tier	NOUN
ajfa-79	33	18	-	-	PUNCT
ajfa-79	33	19	board	board	NOUN
ajfa-79	33	20	corporate	corporate	ADJ
ajfa-79	33	21	governance	governance	NOUN
ajfa-79	33	22	mechanism	mechanism	NOUN
ajfa-79	33	23	but	but	CCONJ
ajfa-79	33	24	its	its	PRON
ajfa-79	33	25	role	role	NOUN
ajfa-79	33	26	has	have	AUX
ajfa-79	33	27	not	not	PART
ajfa-79	33	28	been	be	AUX
ajfa-79	33	29	extensively	extensively	ADV
ajfa-79	33	30	examined	examine	VERB
ajfa-79	33	31	,	,	PUNCT
ajfa-79	33	32	this	this	DET
ajfa-79	33	33	study	study	NOUN
ajfa-79	33	34	focuses	focus	VERB
ajfa-79	33	35	on	on	ADP
ajfa-79	33	36	how	how	SCONJ
ajfa-79	33	37	the	the	DET
ajfa-79	33	38	two	two	NUM
ajfa-79	33	39	-	-	PUNCT
ajfa-79	33	40	tier	tier	NOUN
ajfa-79	33	41	-	-	PUNCT
ajfa-79	33	42	board	board	NOUN
ajfa-79	33	43	system	system	NOUN
ajfa-79	33	44	affects	affect	VERB
ajfa-79	33	45	the	the	DET
ajfa-79	33	46	board	board	NOUN
ajfa-79	33	47	chair	chair	NOUN
ajfa-79	33	48	pay	pay	VERB
ajfa-79	33	49	in	in	ADP
ajfa-79	33	50	order	order	NOUN
ajfa-79	33	51	to	to	PART
ajfa-79	33	52	highlight	highlight	VERB
ajfa-79	33	53	part	part	NOUN
ajfa-79	33	54	of	of	ADP
ajfa-79	33	55	its	its	PRON
ajfa-79	33	56	functionalities	functionality	NOUN
ajfa-79	33	57	in	in	ADP
ajfa-79	33	58	chinese	chinese	ADJ
ajfa-79	33	59	publicly	publicly	ADV
ajfa-79	33	60	listed	list	VERB
ajfa-79	33	61	companies	company	NOUN
ajfa-79	33	62	.	.	PUNCT
ajfa-79	34	1	as	as	SCONJ
ajfa-79	34	2	mentioned	mention	VERB
ajfa-79	34	3	before	before	ADV
ajfa-79	34	4	,	,	PUNCT
ajfa-79	34	5	board	board	NOUN
ajfa-79	34	6	of	of	ADP
ajfa-79	34	7	directors	director	NOUN
ajfa-79	34	8	is	be	AUX
ajfa-79	34	9	in	in	ADP
ajfa-79	34	10	charge	charge	NOUN
ajfa-79	34	11	of	of	ADP
ajfa-79	34	12	daily	daily	ADJ
ajfa-79	34	13	operations	operation	NOUN
ajfa-79	34	14	,	,	PUNCT
ajfa-79	34	15	while	while	SCONJ
ajfa-79	34	16	supervisory	supervisory	ADJ
ajfa-79	34	17	board	board	NOUN
ajfa-79	34	18	monitors	monitor	NOUN
ajfa-79	34	19	behaviors	behavior	NOUN
ajfa-79	34	20	of	of	ADP
ajfa-79	34	21	both	both	DET
ajfa-79	34	22	board	board	NOUN
ajfa-79	34	23	of	of	ADP
ajfa-79	34	24	directors	director	NOUN
ajfa-79	34	25	and	and	CCONJ
ajfa-79	34	26	the	the	DET
ajfa-79	34	27	management	management	NOUN
ajfa-79	34	28	team	team	NOUN
ajfa-79	34	29	.	.	PUNCT
ajfa-79	35	1	therefore	therefore	ADV
ajfa-79	35	2	,	,	PUNCT
ajfa-79	35	3	examining	examine	VERB
ajfa-79	35	4	the	the	DET
ajfa-79	35	5	role	role	NOUN
ajfa-79	35	6	played	play	VERB
ajfa-79	35	7	by	by	ADP
ajfa-79	35	8	a	a	DET
ajfa-79	35	9	supervisory	supervisory	ADJ
ajfa-79	35	10	board	board	NOUN
ajfa-79	35	11	in	in	ADP
ajfa-79	35	12	controlling	control	VERB
ajfa-79	35	13	the	the	DET
ajfa-79	35	14	board	board	NOUN
ajfa-79	35	15	chair	chair	NOUN
ajfa-79	35	16	pay	pay	VERB
ajfa-79	35	17	in	in	ADP
ajfa-79	35	18	chinese	chinese	ADJ
ajfa-79	35	19	markets	market	NOUN
ajfa-79	35	20	contributes	contribute	VERB
ajfa-79	35	21	to	to	ADP
ajfa-79	35	22	the	the	DET
ajfa-79	35	23	literature	literature	NOUN
ajfa-79	35	24	in	in	ADP
ajfa-79	35	25	several	several	ADJ
ajfa-79	35	26	ways	way	NOUN
ajfa-79	35	27	.	.	PUNCT
ajfa-79	36	1	first	first	ADV
ajfa-79	36	2	,	,	PUNCT
ajfa-79	36	3	as	as	ADV
ajfa-79	36	4	far	far	ADV
ajfa-79	36	5	as	as	SCONJ
ajfa-79	36	6	we	we	PRON
ajfa-79	36	7	are	be	AUX
ajfa-79	36	8	aware	aware	ADJ
ajfa-79	36	9	,	,	PUNCT
ajfa-79	36	10	this	this	DET
ajfa-79	36	11	study	study	NOUN
ajfa-79	36	12	is	be	AUX
ajfa-79	36	13	among	among	ADP
ajfa-79	36	14	the	the	DET
ajfa-79	36	15	first	first	ADJ
ajfa-79	36	16	to	to	PART
ajfa-79	36	17	shed	shed	VERB
ajfa-79	36	18	light	light	NOUN
ajfa-79	36	19	on	on	ADP
ajfa-79	36	20	whether	whether	SCONJ
ajfa-79	36	21	and	and	CCONJ
ajfa-79	36	22	,	,	PUNCT
ajfa-79	36	23	if	if	SCONJ
ajfa-79	36	24	yes	yes	ADV
ajfa-79	36	25	,	,	PUNCT
ajfa-79	36	26	how	how	SCONJ
ajfa-79	36	27	supervisory	supervisory	ADJ
ajfa-79	36	28	boards	board	NOUN
ajfa-79	36	29	influence	influence	PROPN
ajfa-79	36	30	board	board	PROPN
ajfa-79	36	31	chair	chair	NOUN
ajfa-79	36	32	pay	pay	VERB
ajfa-79	36	33	and	and	CCONJ
ajfa-79	36	34	the	the	DET
ajfa-79	36	35	effectiveness	effectiveness	NOUN
ajfa-79	36	36	of	of	ADP
ajfa-79	36	37	corporate	corporate	ADJ
ajfa-79	36	38	governance	governance	NOUN
ajfa-79	36	39	mechanisms	mechanism	NOUN
ajfa-79	36	40	.	.	PUNCT
ajfa-79	37	1	second	second	ADJ
ajfa-79	37	2	,	,	PUNCT
ajfa-79	37	3	with	with	ADP
ajfa-79	37	4	the	the	DET
ajfa-79	37	5	dramatically	dramatically	ADV
ajfa-79	37	6	increasing	increase	VERB
ajfa-79	37	7	popularity	popularity	NOUN
ajfa-79	37	8	of	of	ADP
ajfa-79	37	9	globalization	globalization	NOUN
ajfa-79	37	10	and	and	CCONJ
ajfa-79	37	11	economic	economic	ADJ
ajfa-79	37	12	integration	integration	NOUN
ajfa-79	37	13	,	,	PUNCT
ajfa-79	37	14	it	it	PRON
ajfa-79	37	15	may	may	AUX
ajfa-79	37	16	provide	provide	VERB
ajfa-79	37	17	developing	develop	VERB
ajfa-79	37	18	nations	nation	NOUN
ajfa-79	37	19	with	with	ADP
ajfa-79	37	20	implications	implication	NOUN
ajfa-79	37	21	1	1	NUM
ajfa-79	37	22	note	note	VERB
ajfa-79	37	23	that	that	SCONJ
ajfa-79	37	24	according	accord	VERB
ajfa-79	37	25	to	to	ADP
ajfa-79	37	26	the	the	DET
ajfa-79	37	27	chinese	chinese	ADJ
ajfa-79	37	28	corporate	corporate	ADJ
ajfa-79	37	29	law	law	NOUN
ajfa-79	37	30	,	,	PUNCT
ajfa-79	37	31	members	member	NOUN
ajfa-79	37	32	serving	serve	VERB
ajfa-79	37	33	on	on	ADP
ajfa-79	37	34	the	the	DET
ajfa-79	37	35	board	board	NOUN
ajfa-79	37	36	of	of	ADP
ajfa-79	37	37	directors	director	NOUN
ajfa-79	37	38	and	and	CCONJ
ajfa-79	37	39	top	top	ADJ
ajfa-79	37	40	management	management	NOUN
ajfa-79	37	41	are	be	AUX
ajfa-79	37	42	not	not	PART
ajfa-79	37	43	allowed	allow	VERB
ajfa-79	37	44	to	to	PART
ajfa-79	37	45	serve	serve	VERB
ajfa-79	37	46	on	on	ADP
ajfa-79	37	47	the	the	DET
ajfa-79	37	48	supervisory	supervisory	ADJ
ajfa-79	37	49	board	board	NOUN
ajfa-79	37	50	.	.	PUNCT
ajfa-79	38	1	asian	asian	ADJ
ajfa-79	38	2	journal	journal	PROPN
ajfa-79	38	3	of	of	ADP
ajfa-79	38	4	finance	finance	PROPN
ajfa-79	38	5	&	&	CCONJ
ajfa-79	38	6	accounting	accounting	PROPN
ajfa-79	38	7	issn	issn	PROPN
ajfa-79	38	8	1946	1946	NUM
ajfa-79	38	9	-	-	PUNCT
ajfa-79	38	10	052x	052x	NOUN
ajfa-79	38	11	2009	2009	NUM
ajfa-79	38	12	,	,	PUNCT
ajfa-79	38	13	vol	vol	NOUN
ajfa-79	38	14	.	.	PROPN
ajfa-79	38	15	1	1	NUM
ajfa-79	38	16	,	,	PUNCT
ajfa-79	38	17	no	no	INTJ
ajfa-79	38	18	.	.	NOUN
ajfa-79	38	19	1	1	NUM
ajfa-79	38	20	:	:	PUNCT
ajfa-79	38	21	e1	e1	VERB
ajfa-79	38	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	38	23	4	4	NUM
ajfa-79	38	24	about	about	ADP
ajfa-79	38	25	effective	effective	ADJ
ajfa-79	38	26	corporate	corporate	ADJ
ajfa-79	38	27	governance	governance	NOUN
ajfa-79	38	28	mechanisms	mechanism	NOUN
ajfa-79	38	29	by	by	ADP
ajfa-79	38	30	analyzing	analyze	VERB
ajfa-79	38	31	the	the	DET
ajfa-79	38	32	unfolding	unfold	VERB
ajfa-79	38	33	governance	governance	NOUN
ajfa-79	38	34	reform	reform	NOUN
ajfa-79	38	35	in	in	ADP
ajfa-79	38	36	china	china	PROPN
ajfa-79	38	37	.	.	PUNCT
ajfa-79	39	1	third	third	ADJ
ajfa-79	39	2	,	,	PUNCT
ajfa-79	39	3	results	result	NOUN
ajfa-79	39	4	presented	present	VERB
ajfa-79	39	5	in	in	ADP
ajfa-79	39	6	the	the	DET
ajfa-79	39	7	current	current	ADJ
ajfa-79	39	8	study	study	NOUN
ajfa-79	39	9	have	have	VERB
ajfa-79	39	10	crucial	crucial	ADJ
ajfa-79	39	11	implications	implication	NOUN
ajfa-79	39	12	for	for	ADP
ajfa-79	39	13	government	government	NOUN
ajfa-79	39	14	policies	policy	NOUN
ajfa-79	39	15	and	and	CCONJ
ajfa-79	39	16	regulations	regulation	NOUN
ajfa-79	39	17	.	.	PUNCT
ajfa-79	40	1	the	the	DET
ajfa-79	40	2	corporate	corporate	ADJ
ajfa-79	40	3	law	law	NOUN
ajfa-79	40	4	in	in	ADP
ajfa-79	40	5	china	china	PROPN
ajfa-79	40	6	,	,	PUNCT
ajfa-79	40	7	an	an	DET
ajfa-79	40	8	important	important	ADJ
ajfa-79	40	9	objective	objective	NOUN
ajfa-79	40	10	of	of	ADP
ajfa-79	40	11	which	which	PRON
ajfa-79	40	12	is	be	AUX
ajfa-79	40	13	to	to	PART
ajfa-79	40	14	better	well	ADV
ajfa-79	40	15	integrate	integrate	VERB
ajfa-79	40	16	the	the	DET
ajfa-79	40	17	anglo	anglo	ADJ
ajfa-79	40	18	-	-	PUNCT
ajfa-79	40	19	american	american	ADJ
ajfa-79	40	20	style	style	NOUN
ajfa-79	40	21	corporate	corporate	ADJ
ajfa-79	40	22	governance	governance	NOUN
ajfa-79	40	23	mechanism	mechanism	NOUN
ajfa-79	40	24	and	and	CCONJ
ajfa-79	40	25	the	the	DET
ajfa-79	40	26	german	german	ADJ
ajfa-79	40	27	system	system	NOUN
ajfa-79	40	28	,	,	PUNCT
ajfa-79	40	29	was	be	AUX
ajfa-79	40	30	newly	newly	ADV
ajfa-79	40	31	amended	amend	VERB
ajfa-79	40	32	in	in	ADP
ajfa-79	40	33	2005	2005	NUM
ajfa-79	40	34	.	.	PUNCT
ajfa-79	41	1	results	result	NOUN
ajfa-79	41	2	of	of	ADP
ajfa-79	41	3	our	our	PRON
ajfa-79	41	4	study	study	NOUN
ajfa-79	41	5	highlight	highlight	VERB
ajfa-79	41	6	the	the	DET
ajfa-79	41	7	improvement	improvement	NOUN
ajfa-79	41	8	of	of	ADP
ajfa-79	41	9	legal	legal	ADJ
ajfa-79	41	10	environment	environment	NOUN
ajfa-79	41	11	and	and	CCONJ
ajfa-79	41	12	investor	investor	NOUN
ajfa-79	41	13	protection	protection	NOUN
ajfa-79	41	14	in	in	ADP
ajfa-79	41	15	china	china	PROPN
ajfa-79	41	16	,	,	PUNCT
ajfa-79	41	17	and	and	CCONJ
ajfa-79	41	18	illustrate	illustrate	VERB
ajfa-79	41	19	the	the	DET
ajfa-79	41	20	legal	legal	ADJ
ajfa-79	41	21	approach	approach	NOUN
ajfa-79	41	22	in	in	ADP
ajfa-79	41	23	a	a	DET
ajfa-79	41	24	more	more	ADV
ajfa-79	41	25	vivid	vivid	ADJ
ajfa-79	41	26	way	way	NOUN
ajfa-79	41	27	.	.	PUNCT
ajfa-79	42	1	the	the	DET
ajfa-79	42	2	valuable	valuable	ADJ
ajfa-79	42	3	experience	experience	NOUN
ajfa-79	42	4	and/or	and/or	CCONJ
ajfa-79	42	5	lessons	lesson	NOUN
ajfa-79	42	6	from	from	ADP
ajfa-79	42	7	this	this	DET
ajfa-79	42	8	process	process	NOUN
ajfa-79	42	9	are	be	AUX
ajfa-79	42	10	instructive	instructive	ADJ
ajfa-79	42	11	for	for	ADP
ajfa-79	42	12	other	other	ADJ
ajfa-79	42	13	jurisdictions	jurisdiction	NOUN
ajfa-79	42	14	,	,	PUNCT
ajfa-79	42	15	especially	especially	ADV
ajfa-79	42	16	emerging	emerge	VERB
ajfa-79	42	17	markets	market	NOUN
ajfa-79	42	18	,	,	PUNCT
ajfa-79	42	19	to	to	PART
ajfa-79	42	20	develop	develop	VERB
ajfa-79	42	21	or	or	CCONJ
ajfa-79	42	22	refine	refine	VERB
ajfa-79	42	23	their	their	PRON
ajfa-79	42	24	governance	governance	NOUN
ajfa-79	42	25	systems	system	NOUN
ajfa-79	42	26	.	.	PUNCT
ajfa-79	43	1	fourth	fourth	ADJ
ajfa-79	43	2	,	,	PUNCT
ajfa-79	43	3	it	it	PRON
ajfa-79	43	4	adds	add	VERB
ajfa-79	43	5	to	to	ADP
ajfa-79	43	6	the	the	DET
ajfa-79	43	7	corporate	corporate	ADJ
ajfa-79	43	8	governance	governance	NOUN
ajfa-79	43	9	literature	literature	NOUN
ajfa-79	43	10	methodologically	methodologically	ADV
ajfa-79	43	11	by	by	ADP
ajfa-79	43	12	separating	separate	VERB
ajfa-79	43	13	the	the	DET
ajfa-79	43	14	indirect	indirect	NOUN
ajfa-79	43	15	from	from	ADP
ajfa-79	43	16	direct	direct	ADJ
ajfa-79	43	17	effects	effect	NOUN
ajfa-79	43	18	of	of	ADP
ajfa-79	43	19	the	the	DET
ajfa-79	43	20	size	size	NOUN
ajfa-79	43	21	of	of	ADP
ajfa-79	43	22	supervisory	supervisory	ADJ
ajfa-79	43	23	board	board	NOUN
ajfa-79	43	24	on	on	ADP
ajfa-79	43	25	board	board	PROPN
ajfa-79	43	26	chair	chair	NOUN
ajfa-79	43	27	pay	pay	NOUN
ajfa-79	43	28	,	,	PUNCT
ajfa-79	43	29	and	and	CCONJ
ajfa-79	43	30	contributes	contribute	VERB
ajfa-79	43	31	to	to	ADP
ajfa-79	43	32	the	the	DET
ajfa-79	43	33	compensation	compensation	NOUN
ajfa-79	43	34	literature	literature	NOUN
ajfa-79	43	35	from	from	ADP
ajfa-79	43	36	an	an	DET
ajfa-79	43	37	ethical	ethical	ADJ
ajfa-79	43	38	perspective	perspective	NOUN
ajfa-79	43	39	.	.	PUNCT
ajfa-79	44	1	the	the	DET
ajfa-79	44	2	article	article	NOUN
ajfa-79	44	3	is	be	AUX
ajfa-79	44	4	organized	organize	VERB
ajfa-79	44	5	as	as	SCONJ
ajfa-79	44	6	follows	follow	VERB
ajfa-79	44	7	.	.	PUNCT
ajfa-79	45	1	in	in	ADP
ajfa-79	45	2	section	section	NOUN
ajfa-79	45	3	2	2	NUM
ajfa-79	45	4	,	,	PUNCT
ajfa-79	45	5	we	we	PRON
ajfa-79	45	6	review	review	VERB
ajfa-79	45	7	the	the	DET
ajfa-79	45	8	literature	literature	NOUN
ajfa-79	45	9	,	,	PUNCT
ajfa-79	45	10	discuss	discuss	VERB
ajfa-79	45	11	the	the	DET
ajfa-79	45	12	background	background	NOUN
ajfa-79	45	13	for	for	ADP
ajfa-79	45	14	the	the	DET
ajfa-79	45	15	study	study	NOUN
ajfa-79	45	16	,	,	PUNCT
ajfa-79	45	17	and	and	CCONJ
ajfa-79	45	18	list	list	VERB
ajfa-79	45	19	our	our	PRON
ajfa-79	45	20	hypotheses	hypothesis	NOUN
ajfa-79	45	21	.	.	PUNCT
ajfa-79	46	1	data	datum	NOUN
ajfa-79	46	2	and	and	CCONJ
ajfa-79	46	3	methodology	methodology	NOUN
ajfa-79	46	4	are	be	AUX
ajfa-79	46	5	introduced	introduce	VERB
ajfa-79	46	6	in	in	ADP
ajfa-79	46	7	section	section	NOUN
ajfa-79	46	8	3	3	NUM
ajfa-79	46	9	,	,	PUNCT
ajfa-79	46	10	followed	follow	VERB
ajfa-79	46	11	by	by	ADP
ajfa-79	46	12	section	section	NOUN
ajfa-79	46	13	4	4	NUM
ajfa-79	46	14	which	which	PRON
ajfa-79	46	15	presents	present	VERB
ajfa-79	46	16	and	and	CCONJ
ajfa-79	46	17	discusses	discuss	VERB
ajfa-79	46	18	the	the	DET
ajfa-79	46	19	results	result	NOUN
ajfa-79	46	20	.	.	PUNCT
ajfa-79	47	1	conclusions	conclusion	NOUN
ajfa-79	47	2	are	be	AUX
ajfa-79	47	3	made	make	VERB
ajfa-79	47	4	in	in	ADP
ajfa-79	47	5	section	section	NOUN
ajfa-79	47	6	5	5	NUM
ajfa-79	47	7	.	.	NOUN
ajfa-79	47	8	2	2	NUM
ajfa-79	47	9	.	.	X
ajfa-79	47	10	literature	literature	NOUN
ajfa-79	47	11	review	review	PROPN
ajfa-79	47	12	and	and	CCONJ
ajfa-79	47	13	theoretical	theoretical	ADJ
ajfa-79	47	14	background	background	NOUN
ajfa-79	47	15	in	in	ADP
ajfa-79	47	16	the	the	DET
ajfa-79	47	17	past	past	ADJ
ajfa-79	47	18	75	75	NUM
ajfa-79	47	19	-	-	SYM
ajfa-79	47	20	80	80	NUM
ajfa-79	47	21	years	year	NOUN
ajfa-79	47	22	,	,	PUNCT
ajfa-79	47	23	pay	pay	NOUN
ajfa-79	47	24	-	-	PUNCT
ajfa-79	47	25	performance	performance	NOUN
ajfa-79	47	26	relationship	relationship	NOUN
ajfa-79	47	27	has	have	AUX
ajfa-79	47	28	been	be	AUX
ajfa-79	47	29	one	one	NUM
ajfa-79	47	30	of	of	ADP
ajfa-79	47	31	the	the	DET
ajfa-79	47	32	mainstream	mainstream	NOUN
ajfa-79	47	33	issues	issue	NOUN
ajfa-79	47	34	investigated	investigate	VERB
ajfa-79	47	35	by	by	ADP
ajfa-79	47	36	academic	academic	ADJ
ajfa-79	47	37	researchers	researcher	NOUN
ajfa-79	47	38	in	in	ADP
ajfa-79	47	39	various	various	ADJ
ajfa-79	47	40	fields	field	NOUN
ajfa-79	47	41	of	of	ADP
ajfa-79	47	42	management	management	NOUN
ajfa-79	47	43	.	.	PUNCT
ajfa-79	48	1	unfortunately	unfortunately	ADV
ajfa-79	48	2	,	,	PUNCT
ajfa-79	48	3	however	however	ADV
ajfa-79	48	4	,	,	PUNCT
ajfa-79	48	5	there	there	PRON
ajfa-79	48	6	is	be	VERB
ajfa-79	48	7	no	no	DET
ajfa-79	48	8	final	final	ADJ
ajfa-79	48	9	say	say	NOUN
ajfa-79	48	10	about	about	ADP
ajfa-79	48	11	this	this	DET
ajfa-79	48	12	relationship	relationship	NOUN
ajfa-79	48	13	in	in	ADP
ajfa-79	48	14	the	the	DET
ajfa-79	48	15	relevant	relevant	ADJ
ajfa-79	48	16	literature	literature	NOUN
ajfa-79	48	17	.	.	PUNCT
ajfa-79	49	1	a	a	DET
ajfa-79	49	2	seminal	seminal	ADJ
ajfa-79	49	3	study	study	NOUN
ajfa-79	49	4	in	in	ADP
ajfa-79	49	5	this	this	DET
ajfa-79	49	6	field	field	NOUN
ajfa-79	49	7	,	,	PUNCT
ajfa-79	49	8	jensen	jensen	PROPN
ajfa-79	49	9	and	and	CCONJ
ajfa-79	49	10	murphy	murphy	PROPN
ajfa-79	49	11	(	(	PUNCT
ajfa-79	49	12	1990	1990	NUM
ajfa-79	49	13	)	)	PUNCT
ajfa-79	49	14	,	,	PUNCT
ajfa-79	49	15	finds	find	VERB
ajfa-79	49	16	an	an	DET
ajfa-79	49	17	increase	increase	NOUN
ajfa-79	49	18	in	in	ADP
ajfa-79	49	19	the	the	DET
ajfa-79	49	20	ceo	ceo	NOUN
ajfa-79	49	21	compensation	compensation	NOUN
ajfa-79	49	22	of	of	ADP
ajfa-79	49	23	$	$	SYM
ajfa-79	49	24	3.25	3.25	NUM
ajfa-79	49	25	on	on	ADP
ajfa-79	49	26	average	average	ADJ
ajfa-79	49	27	per	per	ADP
ajfa-79	49	28	$	$	SYM
ajfa-79	49	29	1,000	1,000	NUM
ajfa-79	49	30	increase	increase	NOUN
ajfa-79	49	31	in	in	ADP
ajfa-79	49	32	shareholders	shareholder	NOUN
ajfa-79	49	33	'	'	PART
ajfa-79	49	34	wealth	wealth	NOUN
ajfa-79	49	35	,	,	PUNCT
ajfa-79	49	36	but	but	CCONJ
ajfa-79	49	37	the	the	DET
ajfa-79	49	38	pay	pay	NOUN
ajfa-79	49	39	-	-	PUNCT
ajfa-79	49	40	performance	performance	NOUN
ajfa-79	49	41	sensitivity	sensitivity	NOUN
ajfa-79	49	42	is	be	AUX
ajfa-79	49	43	considered	consider	VERB
ajfa-79	49	44	very	very	ADV
ajfa-79	49	45	low	low	ADJ
ajfa-79	49	46	.	.	PUNCT
ajfa-79	50	1	recent	recent	ADJ
ajfa-79	50	2	studies	study	NOUN
ajfa-79	50	3	,	,	PUNCT
ajfa-79	50	4	such	such	ADJ
ajfa-79	50	5	as	as	ADP
ajfa-79	50	6	hall	hall	NOUN
ajfa-79	50	7	and	and	CCONJ
ajfa-79	50	8	liebman	liebman	PROPN
ajfa-79	50	9	(	(	PUNCT
ajfa-79	50	10	1998	1998	NUM
ajfa-79	50	11	)	)	PUNCT
ajfa-79	50	12	,	,	PUNCT
ajfa-79	50	13	aggarwal	aggarwal	NOUN
ajfa-79	50	14	and	and	CCONJ
ajfa-79	50	15	samwick	samwick	PROPN
ajfa-79	50	16	(	(	PUNCT
ajfa-79	50	17	1999	1999	NUM
ajfa-79	50	18	,	,	PUNCT
ajfa-79	50	19	2003	2003	NUM
ajfa-79	50	20	)	)	PUNCT
ajfa-79	50	21	,	,	PUNCT
ajfa-79	50	22	fosberg	fosberg	PROPN
ajfa-79	50	23	(	(	PUNCT
ajfa-79	50	24	2001	2001	NUM
ajfa-79	50	25	)	)	PUNCT
ajfa-79	50	26	,	,	PUNCT
ajfa-79	50	27	and	and	CCONJ
ajfa-79	50	28	elston	elston	PROPN
ajfa-79	50	29	and	and	CCONJ
ajfa-79	50	30	goldberg	goldberg	PROPN
ajfa-79	50	31	(	(	PUNCT
ajfa-79	50	32	2003	2003	NUM
ajfa-79	50	33	)	)	PUNCT
ajfa-79	50	34	,	,	PUNCT
ajfa-79	50	35	find	find	VERB
ajfa-79	50	36	higher	high	ADJ
ajfa-79	50	37	pay	pay	NOUN
ajfa-79	50	38	-	-	PUNCT
ajfa-79	50	39	performance	performance	NOUN
ajfa-79	50	40	sensitivities	sensitivity	NOUN
ajfa-79	50	41	using	use	VERB
ajfa-79	50	42	more	more	ADJ
ajfa-79	50	43	recent	recent	ADJ
ajfa-79	50	44	data	datum	NOUN
ajfa-79	50	45	,	,	PUNCT
ajfa-79	50	46	but	but	CCONJ
ajfa-79	50	47	empirical	empirical	ADJ
ajfa-79	50	48	findings	finding	NOUN
ajfa-79	50	49	reported	report	VERB
ajfa-79	50	50	are	be	AUX
ajfa-79	50	51	still	still	ADV
ajfa-79	50	52	mixed	mixed	ADJ
ajfa-79	50	53	.	.	PUNCT
ajfa-79	51	1	a	a	DET
ajfa-79	51	2	new	new	ADJ
ajfa-79	51	3	stream	stream	NOUN
ajfa-79	51	4	of	of	ADP
ajfa-79	51	5	research	research	NOUN
ajfa-79	51	6	in	in	ADP
ajfa-79	51	7	the	the	DET
ajfa-79	51	8	more	more	ADV
ajfa-79	51	9	recent	recent	ADJ
ajfa-79	51	10	literature	literature	NOUN
ajfa-79	51	11	focuses	focus	VERB
ajfa-79	51	12	on	on	ADP
ajfa-79	51	13	the	the	DET
ajfa-79	51	14	influence	influence	NOUN
ajfa-79	51	15	of	of	ADP
ajfa-79	51	16	corporate	corporate	ADJ
ajfa-79	51	17	governance	governance	NOUN
ajfa-79	51	18	on	on	ADP
ajfa-79	51	19	issues	issue	NOUN
ajfa-79	51	20	about	about	ADP
ajfa-79	51	21	executive	executive	NOUN
ajfa-79	51	22	compensation	compensation	NOUN
ajfa-79	51	23	(	(	PUNCT
ajfa-79	51	24	e.g.	e.g.	ADV
ajfa-79	51	25	,	,	PUNCT
ajfa-79	51	26	nager	nager	NOUN
ajfa-79	51	27	,	,	PUNCT
ajfa-79	51	28	2002	2002	NUM
ajfa-79	51	29	;	;	PUNCT
ajfa-79	51	30	dutta	dutta	PROPN
ajfa-79	51	31	,	,	PUNCT
ajfa-79	51	32	2003	2003	NUM
ajfa-79	51	33	;	;	PUNCT
ajfa-79	51	34	lin	lin	PROPN
ajfa-79	51	35	,	,	PUNCT
ajfa-79	51	36	2005	2005	NUM
ajfa-79	51	37	;	;	PUNCT
ajfa-79	51	38	ortiz	ortiz	PROPN
ajfa-79	51	39	-	-	PUNCT
ajfa-79	51	40	molina	molina	PROPN
ajfa-79	51	41	,	,	PUNCT
ajfa-79	51	42	2007	2007	NUM
ajfa-79	51	43	;	;	PUNCT
ajfa-79	51	44	balsam	balsam	NOUN
ajfa-79	51	45	and	and	CCONJ
ajfa-79	51	46	miharjo	miharjo	NOUN
ajfa-79	51	47	,	,	PUNCT
ajfa-79	51	48	2007	2007	NUM
ajfa-79	51	49	)	)	PUNCT
ajfa-79	51	50	,	,	PUNCT
ajfa-79	51	51	and	and	CCONJ
ajfa-79	51	52	studies	study	NOUN
ajfa-79	51	53	have	have	AUX
ajfa-79	51	54	done	do	VERB
ajfa-79	51	55	so	so	ADV
ajfa-79	51	56	by	by	ADP
ajfa-79	51	57	comparing	compare	VERB
ajfa-79	51	58	public	public	NOUN
ajfa-79	51	59	with	with	ADP
ajfa-79	51	60	private	private	ADJ
ajfa-79	51	61	firms	firm	NOUN
ajfa-79	51	62	(	(	PUNCT
ajfa-79	51	63	e.g.	e.g.	ADV
ajfa-79	51	64	,	,	PUNCT
ajfa-79	51	65	ke	ke	NOUN
ajfa-79	51	66	,	,	PUNCT
ajfa-79	51	67	petroni	petroni	NOUN
ajfa-79	51	68	and	and	CCONJ
ajfa-79	51	69	safieddine	safieddine	NOUN
ajfa-79	51	70	,	,	PUNCT
ajfa-79	51	71	1999	1999	NUM
ajfa-79	51	72	)	)	PUNCT
ajfa-79	51	73	,	,	PUNCT
ajfa-79	51	74	by	by	ADP
ajfa-79	51	75	emphasizing	emphasize	VERB
ajfa-79	51	76	on	on	ADP
ajfa-79	51	77	specific	specific	ADJ
ajfa-79	51	78	ownership	ownership	NOUN
ajfa-79	51	79	structures	structure	NOUN
ajfa-79	51	80	(	(	PUNCT
ajfa-79	51	81	e.g.	e.g.	ADV
ajfa-79	51	82	,	,	PUNCT
ajfa-79	51	83	boyd	boyd	PROPN
ajfa-79	51	84	,	,	PUNCT
ajfa-79	51	85	1994	1994	NUM
ajfa-79	51	86	;	;	PUNCT
ajfa-79	51	87	kraft	kraft	NOUN
ajfa-79	51	88	and	and	CCONJ
ajfa-79	51	89	niederprum	niederprum	NOUN
ajfa-79	51	90	,	,	PUNCT
ajfa-79	51	91	1999	1999	NUM
ajfa-79	51	92	;	;	PUNCT
ajfa-79	51	93	hartzell	hartzell	NOUN
ajfa-79	51	94	and	and	CCONJ
ajfa-79	51	95	starks	stark	NOUN
ajfa-79	51	96	,	,	PUNCT
ajfa-79	51	97	2003	2003	NUM
ajfa-79	51	98	)	)	PUNCT
ajfa-79	51	99	,	,	PUNCT
ajfa-79	51	100	and	and	CCONJ
ajfa-79	51	101	by	by	ADP
ajfa-79	51	102	taking	take	VERB
ajfa-79	51	103	into	into	ADP
ajfa-79	51	104	account	account	NOUN
ajfa-79	51	105	investor	investor	NOUN
ajfa-79	51	106	protection	protection	NOUN
ajfa-79	51	107	(	(	PUNCT
ajfa-79	51	108	e.g.	e.g.	ADV
ajfa-79	51	109	,	,	PUNCT
ajfa-79	51	110	la	la	DET
ajfa-79	51	111	porta	porta	NOUN
ajfa-79	51	112	,	,	PUNCT
ajfa-79	51	113	lopez	lopez	NOUN
ajfa-79	51	114	-	-	PUNCT
ajfa-79	51	115	de	de	X
ajfa-79	51	116	silanes	silane	NOUN
ajfa-79	51	117	,	,	PUNCT
ajfa-79	51	118	shleifer	shleifer	NOUN
ajfa-79	51	119	,	,	PUNCT
ajfa-79	51	120	and	and	CCONJ
ajfa-79	51	121	vishny	vishny	PROPN
ajfa-79	51	122	,	,	PUNCT
ajfa-79	51	123	2000	2000	NUM
ajfa-79	51	124	;	;	PUNCT
ajfa-79	51	125	ryan	ryan	PROPN
ajfa-79	51	126	and	and	CCONJ
ajfa-79	51	127	wiggins	wiggins	PROPN
ajfa-79	51	128	,	,	PUNCT
ajfa-79	51	129	2004	2004	NUM
ajfa-79	51	130	)	)	PUNCT
ajfa-79	51	131	.	.	PUNCT
ajfa-79	52	1	these	these	DET
ajfa-79	52	2	studies	study	NOUN
ajfa-79	52	3	shed	shed	VERB
ajfa-79	52	4	light	light	NOUN
ajfa-79	52	5	on	on	ADP
ajfa-79	52	6	this	this	DET
ajfa-79	52	7	critical	critical	ADJ
ajfa-79	52	8	corporate	corporate	ADJ
ajfa-79	52	9	governance	governance	NOUN
ajfa-79	52	10	issue	issue	NOUN
ajfa-79	52	11	from	from	ADP
ajfa-79	52	12	different	different	ADJ
ajfa-79	52	13	aspects	aspect	NOUN
ajfa-79	52	14	.	.	PUNCT
ajfa-79	53	1	most	most	ADJ
ajfa-79	53	2	of	of	ADP
ajfa-79	53	3	their	their	PRON
ajfa-79	53	4	findings	finding	NOUN
ajfa-79	53	5	are	be	AUX
ajfa-79	53	6	summarized	summarize	VERB
ajfa-79	53	7	by	by	ADP
ajfa-79	53	8	a	a	DET
ajfa-79	53	9	survey	survey	NOUN
ajfa-79	53	10	paper	paper	NOUN
ajfa-79	53	11	written	write	VERB
ajfa-79	53	12	by	by	ADP
ajfa-79	53	13	devers	dever	NOUN
ajfa-79	53	14	,	,	PUNCT
ajfa-79	53	15	cannella	cannella	PROPN
ajfa-79	53	16	,	,	PUNCT
ajfa-79	53	17	reilly	reilly	ADV
ajfa-79	53	18	,	,	PUNCT
ajfa-79	53	19	and	and	CCONJ
ajfa-79	53	20	yoder	yoder	PROPN
ajfa-79	53	21	(	(	PUNCT
ajfa-79	53	22	2007	2007	NUM
ajfa-79	53	23	)	)	PUNCT
ajfa-79	53	24	,	,	PUNCT
ajfa-79	53	25	who	who	PRON
ajfa-79	53	26	also	also	ADV
ajfa-79	53	27	address	address	VERB
ajfa-79	53	28	other	other	ADJ
ajfa-79	53	29	recent	recent	ADJ
ajfa-79	53	30	developments	development	NOUN
ajfa-79	53	31	in	in	ADP
ajfa-79	53	32	the	the	DET
ajfa-79	53	33	literature	literature	NOUN
ajfa-79	53	34	on	on	ADP
ajfa-79	53	35	executive	executive	ADJ
ajfa-79	53	36	compensation	compensation	NOUN
ajfa-79	53	37	.	.	PUNCT
ajfa-79	54	1	with	with	ADP
ajfa-79	54	2	the	the	DET
ajfa-79	54	3	increasingly	increasingly	ADV
ajfa-79	54	4	important	important	ADJ
ajfa-79	54	5	role	role	NOUN
ajfa-79	54	6	played	play	VERB
ajfa-79	54	7	by	by	ADP
ajfa-79	54	8	emerging	emerge	VERB
ajfa-79	54	9	markets	market	NOUN
ajfa-79	54	10	,	,	PUNCT
ajfa-79	54	11	a	a	DET
ajfa-79	54	12	new	new	ADJ
ajfa-79	54	13	trend	trend	NOUN
ajfa-79	54	14	in	in	ADP
ajfa-79	54	15	the	the	DET
ajfa-79	54	16	corporate	corporate	ADJ
ajfa-79	54	17	governance	governance	NOUN
ajfa-79	54	18	literature	literature	NOUN
ajfa-79	54	19	has	have	AUX
ajfa-79	54	20	appeared	appear	VERB
ajfa-79	54	21	,	,	PUNCT
ajfa-79	54	22	and	and	CCONJ
ajfa-79	54	23	it	it	PRON
ajfa-79	54	24	is	be	AUX
ajfa-79	54	25	to	to	PART
ajfa-79	54	26	analyze	analyze	VERB
ajfa-79	54	27	the	the	DET
ajfa-79	54	28	executive	executive	PROPN
ajfa-79	54	29	compensation	compensation	NOUN
ajfa-79	54	30	issues	issue	NOUN
ajfa-79	54	31	in	in	ADP
ajfa-79	54	32	unique	unique	ADJ
ajfa-79	54	33	corporate	corporate	ADJ
ajfa-79	54	34	governance	governance	NOUN
ajfa-79	54	35	mechanisms	mechanism	NOUN
ajfa-79	54	36	adopted	adopt	VERB
ajfa-79	54	37	by	by	ADP
ajfa-79	54	38	them	they	PRON
ajfa-79	54	39	.	.	PUNCT
ajfa-79	55	1	typical	typical	ADJ
ajfa-79	55	2	examples	example	NOUN
ajfa-79	55	3	include	include	VERB
ajfa-79	55	4	yueh	yueh	PROPN
ajfa-79	55	5	(	(	PUNCT
ajfa-79	55	6	2004	2004	NUM
ajfa-79	55	7	)	)	PUNCT
ajfa-79	55	8	,	,	PUNCT
ajfa-79	55	9	chen	chen	PROPN
ajfa-79	55	10	,	,	PUNCT
ajfa-79	55	11	firth	firth	PROPN
ajfa-79	55	12	,	,	PUNCT
ajfa-79	55	13	gao	gao	PROPN
ajfa-79	55	14	and	and	CCONJ
ajfa-79	55	15	rui	rui	PROPN
ajfa-79	55	16	(	(	PUNCT
ajfa-79	55	17	2006	2006	NUM
ajfa-79	55	18	)	)	PUNCT
ajfa-79	55	19	,	,	PUNCT
ajfa-79	55	20	firth	firth	PROPN
ajfa-79	55	21	,	,	PUNCT
ajfa-79	55	22	et	et	PROPN
ajfa-79	55	23	al	al	PROPN
ajfa-79	55	24	.	.	PUNCT
ajfa-79	56	1	(	(	PUNCT
ajfa-79	56	2	2006	2006	NUM
ajfa-79	56	3	)	)	PUNCT
ajfa-79	56	4	,	,	PUNCT
ajfa-79	56	5	and	and	CCONJ
ajfa-79	56	6	kato	kato	PROPN
ajfa-79	56	7	and	and	CCONJ
ajfa-79	56	8	long	long	ADJ
ajfa-79	56	9	(	(	PUNCT
ajfa-79	56	10	2006	2006	NUM
ajfa-79	56	11	)	)	PUNCT
ajfa-79	56	12	,	,	PUNCT
ajfa-79	56	13	and	and	CCONJ
ajfa-79	56	14	these	these	DET
ajfa-79	56	15	studies	study	NOUN
ajfa-79	56	16	significantly	significantly	ADV
ajfa-79	56	17	add	add	VERB
ajfa-79	56	18	to	to	ADP
ajfa-79	56	19	the	the	DET
ajfa-79	56	20	literature	literature	NOUN
ajfa-79	56	21	on	on	ADP
ajfa-79	56	22	corporate	corporate	ADJ
ajfa-79	56	23	governance	governance	NOUN
ajfa-79	56	24	-	-	PUNCT
ajfa-79	56	25	executive	executive	NOUN
ajfa-79	56	26	compensation	compensation	NOUN
ajfa-79	56	27	relationship	relationship	NOUN
ajfa-79	56	28	in	in	ADP
ajfa-79	56	29	china	china	PROPN
ajfa-79	56	30	,	,	PUNCT
ajfa-79	56	31	one	one	NUM
ajfa-79	56	32	of	of	ADP
ajfa-79	56	33	the	the	DET
ajfa-79	56	34	most	most	ADV
ajfa-79	56	35	fast	fast	ADV
ajfa-79	56	36	-	-	PUNCT
ajfa-79	56	37	growing	grow	VERB
ajfa-79	56	38	emerging	emerge	VERB
ajfa-79	56	39	markets	market	NOUN
ajfa-79	56	40	in	in	ADP
ajfa-79	56	41	the	the	DET
ajfa-79	56	42	asian	asian	ADJ
ajfa-79	56	43	journal	journal	NOUN
ajfa-79	56	44	of	of	ADP
ajfa-79	56	45	finance	finance	PROPN
ajfa-79	56	46	&	&	CCONJ
ajfa-79	56	47	accounting	accounting	PROPN
ajfa-79	56	48	issn	issn	PROPN
ajfa-79	56	49	1946	1946	NUM
ajfa-79	56	50	-	-	PUNCT
ajfa-79	56	51	052x	052x	NOUN
ajfa-79	56	52	2009	2009	NUM
ajfa-79	56	53	,	,	PUNCT
ajfa-79	56	54	vol	vol	NOUN
ajfa-79	56	55	.	.	PROPN
ajfa-79	57	1	1	1	NUM
ajfa-79	57	2	,	,	PUNCT
ajfa-79	57	3	no	no	INTJ
ajfa-79	57	4	.	.	NOUN
ajfa-79	57	5	1	1	NUM
ajfa-79	57	6	:	:	PUNCT
ajfa-79	57	7	e1	e1	VERB
ajfa-79	57	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	57	9	5	5	NUM
ajfa-79	57	10	global	global	ADJ
ajfa-79	57	11	economy	economy	NOUN
ajfa-79	57	12	in	in	ADP
ajfa-79	57	13	recent	recent	ADJ
ajfa-79	57	14	years	year	NOUN
ajfa-79	57	15	.	.	PUNCT
ajfa-79	58	1	with	with	ADP
ajfa-79	58	2	the	the	DET
ajfa-79	58	3	efforts	effort	NOUN
ajfa-79	58	4	made	make	VERB
ajfa-79	58	5	by	by	ADP
ajfa-79	58	6	various	various	ADJ
ajfa-79	58	7	parties	party	NOUN
ajfa-79	58	8	including	include	VERB
ajfa-79	58	9	the	the	DET
ajfa-79	58	10	chinese	chinese	ADJ
ajfa-79	58	11	government	government	NOUN
ajfa-79	58	12	,	,	PUNCT
ajfa-79	58	13	the	the	DET
ajfa-79	58	14	chinese	chinese	ADJ
ajfa-79	58	15	market	market	NOUN
ajfa-79	58	16	has	have	AUX
ajfa-79	58	17	been	be	AUX
ajfa-79	58	18	one	one	NUM
ajfa-79	58	19	of	of	ADP
ajfa-79	58	20	the	the	DET
ajfa-79	58	21	largest	large	ADJ
ajfa-79	58	22	public	public	ADJ
ajfa-79	58	23	stock	stock	NOUN
ajfa-79	58	24	markets	market	NOUN
ajfa-79	58	25	in	in	ADP
ajfa-79	58	26	the	the	DET
ajfa-79	58	27	world	world	NOUN
ajfa-79	58	28	,	,	PUNCT
ajfa-79	58	29	and	and	CCONJ
ajfa-79	58	30	it	it	PRON
ajfa-79	58	31	became	become	VERB
ajfa-79	58	32	the	the	DET
ajfa-79	58	33	largest	large	ADJ
ajfa-79	58	34	one	one	NUM
ajfa-79	58	35	in	in	ADP
ajfa-79	58	36	term	term	NOUN
ajfa-79	58	37	of	of	ADP
ajfa-79	58	38	ipo	ipo	NOUN
ajfa-79	58	39	proceeds	proceed	NOUN
ajfa-79	58	40	.	.	PUNCT
ajfa-79	59	1	the	the	DET
ajfa-79	59	2	fast	fast	ADJ
ajfa-79	59	3	growth	growth	NOUN
ajfa-79	59	4	of	of	ADP
ajfa-79	59	5	the	the	DET
ajfa-79	59	6	chinese	chinese	ADJ
ajfa-79	59	7	market	market	NOUN
ajfa-79	59	8	has	have	AUX
ajfa-79	59	9	attracted	attract	VERB
ajfa-79	59	10	the	the	DET
ajfa-79	59	11	attention	attention	NOUN
ajfa-79	59	12	of	of	ADP
ajfa-79	59	13	both	both	PRON
ajfa-79	59	14	international	international	ADJ
ajfa-79	59	15	investors	investor	NOUN
ajfa-79	59	16	and	and	CCONJ
ajfa-79	59	17	academic	academic	ADJ
ajfa-79	59	18	researchers	researcher	NOUN
ajfa-79	59	19	,	,	PUNCT
ajfa-79	59	20	and	and	CCONJ
ajfa-79	59	21	therefore	therefore	ADV
ajfa-79	59	22	,	,	PUNCT
ajfa-79	59	23	corporate	corporate	ADJ
ajfa-79	59	24	governance	governance	NOUN
ajfa-79	59	25	and	and	CCONJ
ajfa-79	59	26	investor	investor	NOUN
ajfa-79	59	27	protection	protection	NOUN
ajfa-79	59	28	issues	issue	NOUN
ajfa-79	59	29	have	have	AUX
ajfa-79	59	30	been	be	AUX
ajfa-79	59	31	the	the	DET
ajfa-79	59	32	popular	popular	ADJ
ajfa-79	59	33	topics	topic	NOUN
ajfa-79	59	34	to	to	PART
ajfa-79	59	35	address	address	VERB
ajfa-79	59	36	.	.	PUNCT
ajfa-79	60	1	the	the	DET
ajfa-79	60	2	co	co	NOUN
ajfa-79	60	3	-	-	NOUN
ajfa-79	60	4	existence	existence	NOUN
ajfa-79	60	5	of	of	ADP
ajfa-79	60	6	board	board	NOUN
ajfa-79	60	7	of	of	ADP
ajfa-79	60	8	directors	director	NOUN
ajfa-79	60	9	and	and	CCONJ
ajfa-79	60	10	supervisory	supervisory	ADJ
ajfa-79	60	11	boards	board	NOUN
ajfa-79	60	12	has	have	AUX
ajfa-79	60	13	been	be	AUX
ajfa-79	60	14	in	in	ADP
ajfa-79	60	15	place	place	NOUN
ajfa-79	60	16	since	since	SCONJ
ajfa-79	60	17	the	the	DET
ajfa-79	60	18	very	very	ADJ
ajfa-79	60	19	beginning	beginning	NOUN
ajfa-79	60	20	of	of	ADP
ajfa-79	60	21	chinese	chinese	ADJ
ajfa-79	60	22	markets	market	NOUN
ajfa-79	60	23	.	.	PUNCT
ajfa-79	61	1	this	this	DET
ajfa-79	61	2	system	system	NOUN
ajfa-79	61	3	has	have	AUX
ajfa-79	61	4	been	be	AUX
ajfa-79	61	5	stable	stable	ADJ
ajfa-79	61	6	until	until	ADP
ajfa-79	61	7	the	the	DET
ajfa-79	61	8	beginning	beginning	NOUN
ajfa-79	61	9	of	of	ADP
ajfa-79	61	10	the	the	DET
ajfa-79	61	11	new	new	ADJ
ajfa-79	61	12	millennium	millennium	NOUN
ajfa-79	61	13	;	;	PUNCT
ajfa-79	61	14	at	at	ADP
ajfa-79	61	15	that	that	DET
ajfa-79	61	16	time	time	NOUN
ajfa-79	61	17	,	,	PUNCT
ajfa-79	61	18	listed	list	VERB
ajfa-79	61	19	companies	company	NOUN
ajfa-79	61	20	are	be	AUX
ajfa-79	61	21	mandatorily	mandatorily	ADV
ajfa-79	61	22	required	require	VERB
ajfa-79	61	23	to	to	PART
ajfa-79	61	24	implement	implement	VERB
ajfa-79	61	25	independent	independent	ADJ
ajfa-79	61	26	directorships	directorship	NOUN
ajfa-79	61	27	.	.	PUNCT
ajfa-79	62	1	but	but	CCONJ
ajfa-79	62	2	supervisory	supervisory	ADJ
ajfa-79	62	3	boards	board	NOUN
ajfa-79	62	4	remain	remain	VERB
ajfa-79	62	5	as	as	ADP
ajfa-79	62	6	one	one	NUM
ajfa-79	62	7	of	of	ADP
ajfa-79	62	8	the	the	DET
ajfa-79	62	9	two	two	NUM
ajfa-79	62	10	monitoring	monitor	VERB
ajfa-79	62	11	organs	organ	NOUN
ajfa-79	62	12	.	.	PUNCT
ajfa-79	63	1	evidence	evidence	NOUN
ajfa-79	63	2	on	on	ADP
ajfa-79	63	3	the	the	DET
ajfa-79	63	4	role	role	NOUN
ajfa-79	63	5	of	of	ADP
ajfa-79	63	6	supervisory	supervisory	ADJ
ajfa-79	63	7	boards	board	NOUN
ajfa-79	63	8	is	be	AUX
ajfa-79	63	9	mixed	mixed	ADJ
ajfa-79	63	10	.	.	PUNCT
ajfa-79	64	1	for	for	ADP
ajfa-79	64	2	example	example	NOUN
ajfa-79	64	3	,	,	PUNCT
ajfa-79	64	4	xiao	xiao	PROPN
ajfa-79	64	5	,	,	PUNCT
ajfa-79	64	6	dahya	dahya	NOUN
ajfa-79	64	7	and	and	CCONJ
ajfa-79	64	8	lin	lin	PROPN
ajfa-79	64	9	(	(	PUNCT
ajfa-79	64	10	2004	2004	NUM
ajfa-79	64	11	)	)	PUNCT
ajfa-79	64	12	found	find	VERB
ajfa-79	64	13	that	that	SCONJ
ajfa-79	64	14	supervisory	supervisory	ADJ
ajfa-79	64	15	boards	board	NOUN
ajfa-79	64	16	rarely	rarely	ADV
ajfa-79	64	17	serve	serve	VERB
ajfa-79	64	18	as	as	ADP
ajfa-79	64	19	an	an	DET
ajfa-79	64	20	independent	independent	ADJ
ajfa-79	64	21	watchdog	watchdog	NOUN
ajfa-79	64	22	;	;	PUNCT
ajfa-79	64	23	rather	rather	ADV
ajfa-79	64	24	,	,	PUNCT
ajfa-79	64	25	they	they	PRON
ajfa-79	64	26	are	be	AUX
ajfa-79	64	27	more	more	ADV
ajfa-79	64	28	likely	likely	ADJ
ajfa-79	64	29	to	to	PART
ajfa-79	64	30	be	be	AUX
ajfa-79	64	31	honored	honor	VERB
ajfa-79	64	32	guests	guest	NOUN
ajfa-79	64	33	and	and	CCONJ
ajfa-79	64	34	friendly	friendly	ADJ
ajfa-79	64	35	advisors	advisor	NOUN
ajfa-79	64	36	.	.	PUNCT
ajfa-79	65	1	dahya	dahya	VERB
ajfa-79	65	2	et	et	PROPN
ajfa-79	65	3	al	al	PROPN
ajfa-79	65	4	.	.	PROPN
ajfa-79	66	1	(	(	PUNCT
ajfa-79	66	2	2003	2003	NUM
ajfa-79	66	3	)	)	PUNCT
ajfa-79	66	4	,	,	PUNCT
ajfa-79	66	5	however	however	ADV
ajfa-79	66	6	,	,	PUNCT
ajfa-79	66	7	provide	provide	VERB
ajfa-79	66	8	interesting	interesting	ADJ
ajfa-79	66	9	evidence	evidence	NOUN
ajfa-79	66	10	regarding	regard	VERB
ajfa-79	66	11	the	the	DET
ajfa-79	66	12	role	role	NOUN
ajfa-79	66	13	of	of	ADP
ajfa-79	66	14	supervisory	supervisory	ADJ
ajfa-79	66	15	boards	board	NOUN
ajfa-79	66	16	;	;	PUNCT
ajfa-79	66	17	the	the	DET
ajfa-79	66	18	market	market	NOUN
ajfa-79	66	19	reacted	react	VERB
ajfa-79	66	20	negatively	negatively	ADV
ajfa-79	66	21	when	when	SCONJ
ajfa-79	66	22	a	a	DET
ajfa-79	66	23	company	company	NOUN
ajfa-79	66	24	failed	fail	VERB
ajfa-79	66	25	to	to	PART
ajfa-79	66	26	include	include	VERB
ajfa-79	66	27	the	the	DET
ajfa-79	66	28	report	report	NOUN
ajfa-79	66	29	of	of	ADP
ajfa-79	66	30	supervisory	supervisory	ADJ
ajfa-79	66	31	boards	board	NOUN
ajfa-79	66	32	in	in	ADP
ajfa-79	66	33	its	its	PRON
ajfa-79	66	34	annual	annual	ADJ
ajfa-79	66	35	report	report	NOUN
ajfa-79	66	36	.	.	PUNCT
ajfa-79	67	1	a	a	DET
ajfa-79	67	2	recent	recent	ADJ
ajfa-79	67	3	study	study	NOUN
ajfa-79	67	4	by	by	ADP
ajfa-79	67	5	firth	firth	PROPN
ajfa-79	67	6	,	,	PUNCT
ajfa-79	67	7	fung	fung	PROPN
ajfa-79	67	8	,	,	PUNCT
ajfa-79	67	9	and	and	CCONJ
ajfa-79	67	10	rui	rui	PROPN
ajfa-79	67	11	(	(	PUNCT
ajfa-79	67	12	2007	2007	NUM
ajfa-79	67	13	)	)	PUNCT
ajfa-79	67	14	shows	show	VERB
ajfa-79	67	15	that	that	SCONJ
ajfa-79	67	16	the	the	DET
ajfa-79	67	17	two	two	NUM
ajfa-79	67	18	-	-	PUNCT
ajfa-79	67	19	tier	tier	NOUN
ajfa-79	67	20	board	board	NOUN
ajfa-79	67	21	does	do	AUX
ajfa-79	67	22	play	play	VERB
ajfa-79	67	23	a	a	DET
ajfa-79	67	24	role	role	NOUN
ajfa-79	67	25	,	,	PUNCT
ajfa-79	67	26	as	as	SCONJ
ajfa-79	67	27	both	both	PRON
ajfa-79	67	28	significantly	significantly	ADV
ajfa-79	67	29	positively	positively	ADV
ajfa-79	67	30	affect	affect	VERB
ajfa-79	67	31	the	the	DET
ajfa-79	67	32	informativeness	informativeness	NOUN
ajfa-79	67	33	of	of	ADP
ajfa-79	67	34	earnings	earning	NOUN
ajfa-79	67	35	.	.	PUNCT
ajfa-79	68	1	despite	despite	SCONJ
ajfa-79	68	2	the	the	DET
ajfa-79	68	3	mixed	mixed	ADJ
ajfa-79	68	4	evidence	evidence	NOUN
ajfa-79	68	5	,	,	PUNCT
ajfa-79	68	6	people	people	NOUN
ajfa-79	68	7	generally	generally	ADV
ajfa-79	68	8	perceive	perceive	VERB
ajfa-79	68	9	supervisory	supervisory	ADJ
ajfa-79	68	10	boards	board	NOUN
ajfa-79	68	11	as	as	ADP
ajfa-79	68	12	dysfunctional	dysfunctional	ADJ
ajfa-79	68	13	.	.	PUNCT
ajfa-79	69	1	our	our	PRON
ajfa-79	69	2	study	study	NOUN
ajfa-79	69	3	thus	thus	ADV
ajfa-79	69	4	is	be	AUX
ajfa-79	69	5	able	able	ADJ
ajfa-79	69	6	to	to	PART
ajfa-79	69	7	shed	shed	VERB
ajfa-79	69	8	light	light	NOUN
ajfa-79	69	9	on	on	ADP
ajfa-79	69	10	this	this	DET
ajfa-79	69	11	important	important	ADJ
ajfa-79	69	12	issue	issue	NOUN
ajfa-79	69	13	by	by	ADP
ajfa-79	69	14	employing	employ	VERB
ajfa-79	69	15	more	more	ADV
ajfa-79	69	16	recent	recent	ADJ
ajfa-79	69	17	data	datum	NOUN
ajfa-79	69	18	,	,	PUNCT
ajfa-79	69	19	and	and	CCONJ
ajfa-79	69	20	contributes	contribute	VERB
ajfa-79	69	21	to	to	ADP
ajfa-79	69	22	the	the	DET
ajfa-79	69	23	ongoing	ongoing	ADJ
ajfa-79	69	24	debate	debate	NOUN
ajfa-79	69	25	whether	whether	SCONJ
ajfa-79	69	26	the	the	DET
ajfa-79	69	27	dual	dual	ADJ
ajfa-79	69	28	-	-	PUNCT
ajfa-79	69	29	board	board	NOUN
ajfa-79	69	30	structure	structure	NOUN
ajfa-79	69	31	is	be	AUX
ajfa-79	69	32	functioning	function	VERB
ajfa-79	69	33	as	as	SCONJ
ajfa-79	69	34	expected	expect	VERB
ajfa-79	69	35	.	.	PUNCT
ajfa-79	70	1	it	it	PRON
ajfa-79	70	2	is	be	AUX
ajfa-79	70	3	widely	widely	ADV
ajfa-79	70	4	accepted	accept	VERB
ajfa-79	70	5	that	that	SCONJ
ajfa-79	70	6	chinese	chinese	ADJ
ajfa-79	70	7	legal	legal	ADJ
ajfa-79	70	8	and	and	CCONJ
ajfa-79	70	9	investment	investment	NOUN
ajfa-79	70	10	environment	environment	NOUN
ajfa-79	70	11	has	have	AUX
ajfa-79	70	12	been	be	AUX
ajfa-79	70	13	dramatically	dramatically	ADV
ajfa-79	70	14	improved	improve	VERB
ajfa-79	70	15	in	in	ADP
ajfa-79	70	16	the	the	DET
ajfa-79	70	17	past	past	ADJ
ajfa-79	70	18	15	15	NUM
ajfa-79	70	19	years	year	NOUN
ajfa-79	70	20	since	since	SCONJ
ajfa-79	70	21	early	early	ADJ
ajfa-79	70	22	1990s	1990	NOUN
ajfa-79	70	23	.	.	PUNCT
ajfa-79	71	1	whereas	whereas	SCONJ
ajfa-79	71	2	china	china	PROPN
ajfa-79	71	3	started	start	VERB
ajfa-79	71	4	the	the	DET
ajfa-79	71	5	economic	economic	ADJ
ajfa-79	71	6	transition	transition	NOUN
ajfa-79	71	7	in	in	ADP
ajfa-79	71	8	late	late	ADJ
ajfa-79	71	9	1970s	1970	NOUN
ajfa-79	71	10	,	,	PUNCT
ajfa-79	71	11	corporate	corporate	ADJ
ajfa-79	71	12	governance	governance	NOUN
ajfa-79	71	13	and	and	CCONJ
ajfa-79	71	14	investor	investor	NOUN
ajfa-79	71	15	protection	protection	NOUN
ajfa-79	71	16	have	have	AUX
ajfa-79	71	17	not	not	PART
ajfa-79	71	18	been	be	AUX
ajfa-79	71	19	clearly	clearly	ADV
ajfa-79	71	20	specified	specify	VERB
ajfa-79	71	21	until	until	ADP
ajfa-79	71	22	the	the	DET
ajfa-79	71	23	establishment	establishment	NOUN
ajfa-79	71	24	of	of	ADP
ajfa-79	71	25	the	the	DET
ajfa-79	71	26	two	two	NUM
ajfa-79	71	27	stock	stock	NOUN
ajfa-79	71	28	markets	market	NOUN
ajfa-79	71	29	at	at	ADP
ajfa-79	71	30	the	the	DET
ajfa-79	71	31	beginning	beginning	NOUN
ajfa-79	71	32	of	of	ADP
ajfa-79	71	33	1990s	1990s	NUM
ajfa-79	71	34	.	.	PUNCT
ajfa-79	72	1	in	in	ADP
ajfa-79	72	2	1993	1993	NUM
ajfa-79	72	3	,	,	PUNCT
ajfa-79	72	4	the	the	DET
ajfa-79	72	5	first	first	ADJ
ajfa-79	72	6	version	version	NOUN
ajfa-79	72	7	of	of	ADP
ajfa-79	72	8	corporate	corporate	ADJ
ajfa-79	72	9	law	law	NOUN
ajfa-79	72	10	was	be	AUX
ajfa-79	72	11	enacted	enact	VERB
ajfa-79	72	12	,	,	PUNCT
ajfa-79	72	13	and	and	CCONJ
ajfa-79	72	14	it	it	PRON
ajfa-79	72	15	underwent	undergo	VERB
ajfa-79	72	16	three	three	NUM
ajfa-79	72	17	major	major	ADJ
ajfa-79	72	18	amendments	amendment	NOUN
ajfa-79	72	19	within	within	ADP
ajfa-79	72	20	15	15	NUM
ajfa-79	72	21	years	year	NOUN
ajfa-79	72	22	after	after	ADP
ajfa-79	72	23	that	that	PRON
ajfa-79	72	24	.	.	PUNCT
ajfa-79	73	1	the	the	DET
ajfa-79	73	2	most	most	ADV
ajfa-79	73	3	recent	recent	ADJ
ajfa-79	73	4	one	one	NOUN
ajfa-79	73	5	was	be	AUX
ajfa-79	73	6	done	do	VERB
ajfa-79	73	7	in	in	ADP
ajfa-79	73	8	2005	2005	NUM
ajfa-79	73	9	,	,	PUNCT
ajfa-79	73	10	and	and	CCONJ
ajfa-79	73	11	it	it	PRON
ajfa-79	73	12	became	become	VERB
ajfa-79	73	13	effective	effective	ADJ
ajfa-79	73	14	on	on	ADP
ajfa-79	73	15	january	january	PROPN
ajfa-79	73	16	1	1	NUM
ajfa-79	73	17	,	,	PUNCT
ajfa-79	73	18	2006	2006	NUM
ajfa-79	73	19	.	.	PUNCT
ajfa-79	74	1	the	the	DET
ajfa-79	74	2	corporate	corporate	ADJ
ajfa-79	74	3	law	law	NOUN
ajfa-79	74	4	clearly	clearly	ADV
ajfa-79	74	5	states	state	VERB
ajfa-79	74	6	that	that	SCONJ
ajfa-79	74	7	china	china	PROPN
ajfa-79	74	8	adopts	adopt	VERB
ajfa-79	74	9	a	a	DET
ajfa-79	74	10	unique	unique	ADJ
ajfa-79	74	11	dual	dual	ADJ
ajfa-79	74	12	-	-	PUNCT
ajfa-79	74	13	board	board	NOUN
ajfa-79	74	14	corporate	corporate	ADJ
ajfa-79	74	15	governance	governance	NOUN
ajfa-79	74	16	system	system	NOUN
ajfa-79	74	17	involving	involve	VERB
ajfa-79	74	18	both	both	DET
ajfa-79	74	19	board	board	NOUN
ajfa-79	74	20	of	of	ADP
ajfa-79	74	21	directors	director	NOUN
ajfa-79	74	22	and	and	CCONJ
ajfa-79	74	23	supervisory	supervisory	ADJ
ajfa-79	74	24	board	board	NOUN
ajfa-79	74	25	.	.	PUNCT
ajfa-79	75	1	this	this	PRON
ajfa-79	75	2	is	be	AUX
ajfa-79	75	3	similar	similar	ADJ
ajfa-79	75	4	to	to	ADP
ajfa-79	75	5	the	the	DET
ajfa-79	75	6	japanese	japanese	ADJ
ajfa-79	75	7	and	and	CCONJ
ajfa-79	75	8	german	german	ADJ
ajfa-79	75	9	two	two	NUM
ajfa-79	75	10	-	-	PUNCT
ajfa-79	75	11	tier	tier	NOUN
ajfa-79	75	12	-	-	PUNCT
ajfa-79	75	13	board	board	NOUN
ajfa-79	75	14	systems	system	NOUN
ajfa-79	75	15	,	,	PUNCT
ajfa-79	75	16	but	but	CCONJ
ajfa-79	75	17	it	it	PRON
ajfa-79	75	18	combines	combine	VERB
ajfa-79	75	19	the	the	DET
ajfa-79	75	20	major	major	ADJ
ajfa-79	75	21	features	feature	NOUN
ajfa-79	75	22	of	of	ADP
ajfa-79	75	23	the	the	DET
ajfa-79	75	24	german	german	ADJ
ajfa-79	75	25	,	,	PUNCT
ajfa-79	75	26	japanese	japanese	PROPN
ajfa-79	75	27	and	and	CCONJ
ajfa-79	75	28	the	the	DET
ajfa-79	75	29	u.s	u.s	PROPN
ajfa-79	75	30	.	.	PROPN
ajfa-79	75	31	systems	system	NOUN
ajfa-79	75	32	.	.	PUNCT
ajfa-79	76	1	in	in	ADP
ajfa-79	76	2	the	the	DET
ajfa-79	76	3	chinese	chinese	ADJ
ajfa-79	76	4	unique	unique	ADJ
ajfa-79	76	5	corporate	corporate	ADJ
ajfa-79	76	6	governance	governance	NOUN
ajfa-79	76	7	system	system	NOUN
ajfa-79	76	8	,	,	PUNCT
ajfa-79	76	9	supervisory	supervisory	ADJ
ajfa-79	76	10	board	board	NOUN
ajfa-79	76	11	is	be	AUX
ajfa-79	76	12	not	not	PART
ajfa-79	76	13	responsible	responsible	ADJ
ajfa-79	76	14	for	for	ADP
ajfa-79	76	15	daily	daily	ADJ
ajfa-79	76	16	operations	operation	NOUN
ajfa-79	76	17	of	of	ADP
ajfa-79	76	18	the	the	DET
ajfa-79	76	19	company	company	NOUN
ajfa-79	76	20	,	,	PUNCT
ajfa-79	76	21	but	but	CCONJ
ajfa-79	76	22	serves	serve	VERB
ajfa-79	76	23	as	as	ADP
ajfa-79	76	24	one	one	NUM
ajfa-79	76	25	of	of	ADP
ajfa-79	76	26	the	the	DET
ajfa-79	76	27	two	two	NUM
ajfa-79	76	28	monitoring	monitoring	NOUN
ajfa-79	76	29	organs	organ	NOUN
ajfa-79	76	30	,	,	PUNCT
ajfa-79	76	31	together	together	ADV
ajfa-79	76	32	with	with	ADP
ajfa-79	76	33	the	the	DET
ajfa-79	76	34	independent	independent	ADJ
ajfa-79	76	35	directors	director	NOUN
ajfa-79	76	36	who	who	PRON
ajfa-79	76	37	are	be	AUX
ajfa-79	76	38	part	part	NOUN
ajfa-79	76	39	of	of	ADP
ajfa-79	76	40	the	the	DET
ajfa-79	76	41	board	board	NOUN
ajfa-79	76	42	of	of	ADP
ajfa-79	76	43	directors	director	NOUN
ajfa-79	76	44	in	in	ADP
ajfa-79	76	45	the	the	DET
ajfa-79	76	46	u.s	u.s	PROPN
ajfa-79	76	47	.	.	PROPN
ajfa-79	76	48	system	system	NOUN
ajfa-79	76	49	.	.	PUNCT
ajfa-79	77	1	most	most	ADJ
ajfa-79	77	2	of	of	ADP
ajfa-79	77	3	the	the	DET
ajfa-79	77	4	prior	prior	ADJ
ajfa-79	77	5	research	research	NOUN
ajfa-79	77	6	has	have	AUX
ajfa-79	77	7	concluded	conclude	VERB
ajfa-79	77	8	that	that	SCONJ
ajfa-79	77	9	,	,	PUNCT
ajfa-79	77	10	while	while	SCONJ
ajfa-79	77	11	board	board	NOUN
ajfa-79	77	12	of	of	ADP
ajfa-79	77	13	directors	director	NOUN
ajfa-79	77	14	plays	play	VERB
ajfa-79	77	15	an	an	DET
ajfa-79	77	16	important	important	ADJ
ajfa-79	77	17	role	role	NOUN
ajfa-79	77	18	in	in	ADP
ajfa-79	77	19	the	the	DET
ajfa-79	77	20	chinese	chinese	ADJ
ajfa-79	77	21	dual	dual	ADJ
ajfa-79	77	22	-	-	PUNCT
ajfa-79	77	23	board	board	NOUN
ajfa-79	77	24	governance	governance	NOUN
ajfa-79	77	25	system	system	NOUN
ajfa-79	77	26	,	,	PUNCT
ajfa-79	77	27	supervisory	supervisory	ADJ
ajfa-79	77	28	board	board	NOUN
ajfa-79	77	29	is	be	AUX
ajfa-79	77	30	dysfunctional	dysfunctional	ADJ
ajfa-79	77	31	(	(	PUNCT
ajfa-79	77	32	xiao	xiao	PROPN
ajfa-79	77	33	et	et	PROPN
ajfa-79	77	34	al	al	PROPN
ajfa-79	77	35	.	.	PROPN
ajfa-79	77	36	,	,	PUNCT
ajfa-79	77	37	2004	2004	NUM
ajfa-79	77	38	;	;	PUNCT
ajfa-79	77	39	xi	xi	PROPN
ajfa-79	77	40	,	,	PUNCT
ajfa-79	77	41	2006	2006	NUM
ajfa-79	77	42	)	)	PUNCT
ajfa-79	77	43	.	.	PUNCT
ajfa-79	78	1	however	however	ADV
ajfa-79	78	2	,	,	PUNCT
ajfa-79	78	3	this	this	DET
ajfa-79	78	4	situation	situation	NOUN
ajfa-79	78	5	has	have	AUX
ajfa-79	78	6	been	be	AUX
ajfa-79	78	7	dramatically	dramatically	ADV
ajfa-79	78	8	changed	change	VERB
ajfa-79	78	9	with	with	ADP
ajfa-79	78	10	the	the	DET
ajfa-79	78	11	newly	newly	ADV
ajfa-79	78	12	amended	amend	VERB
ajfa-79	78	13	corporate	corporate	ADJ
ajfa-79	78	14	law	law	NOUN
ajfa-79	78	15	being	be	AUX
ajfa-79	78	16	effective	effective	ADJ
ajfa-79	78	17	in	in	ADP
ajfa-79	78	18	2006	2006	NUM
ajfa-79	78	19	.	.	PUNCT
ajfa-79	79	1	according	accord	VERB
ajfa-79	79	2	to	to	ADP
ajfa-79	79	3	this	this	DET
ajfa-79	79	4	new	new	ADJ
ajfa-79	79	5	version	version	NOUN
ajfa-79	79	6	,	,	PUNCT
ajfa-79	79	7	members	member	NOUN
ajfa-79	79	8	on	on	ADP
ajfa-79	79	9	the	the	DET
ajfa-79	79	10	supervisory	supervisory	ADJ
ajfa-79	79	11	board	board	NOUN
ajfa-79	79	12	are	be	AUX
ajfa-79	79	13	mainly	mainly	ADV
ajfa-79	79	14	responsible	responsible	ADJ
ajfa-79	79	15	for	for	ADP
ajfa-79	79	16	monitoring	monitor	VERB
ajfa-79	79	17	the	the	DET
ajfa-79	79	18	behaviors	behavior	NOUN
ajfa-79	79	19	of	of	ADP
ajfa-79	79	20	top	top	ADJ
ajfa-79	79	21	management	management	NOUN
ajfa-79	79	22	team	team	NOUN
ajfa-79	79	23	and	and	CCONJ
ajfa-79	79	24	members	member	NOUN
ajfa-79	79	25	on	on	ADP
ajfa-79	79	26	the	the	DET
ajfa-79	79	27	board	board	NOUN
ajfa-79	79	28	of	of	ADP
ajfa-79	79	29	directors	director	NOUN
ajfa-79	79	30	,	,	PUNCT
ajfa-79	79	31	and	and	CCONJ
ajfa-79	79	32	they	they	PRON
ajfa-79	79	33	are	be	AUX
ajfa-79	79	34	required	require	VERB
ajfa-79	79	35	and	and	CCONJ
ajfa-79	79	36	legally	legally	ADV
ajfa-79	79	37	supported	support	VERB
ajfa-79	79	38	to	to	PART
ajfa-79	79	39	examine	examine	VERB
ajfa-79	79	40	the	the	DET
ajfa-79	79	41	financial	financial	ADJ
ajfa-79	79	42	affairs	affair	NOUN
ajfa-79	79	43	of	of	ADP
ajfa-79	79	44	the	the	DET
ajfa-79	79	45	company	company	NOUN
ajfa-79	79	46	.	.	PUNCT
ajfa-79	80	1	using	use	VERB
ajfa-79	80	2	the	the	DET
ajfa-79	80	3	information	information	NOUN
ajfa-79	80	4	up	up	ADP
ajfa-79	80	5	to	to	ADP
ajfa-79	80	6	date	date	NOUN
ajfa-79	80	7	,	,	PUNCT
ajfa-79	80	8	firth	firth	PROPN
ajfa-79	80	9	,	,	PUNCT
ajfa-79	80	10	et	et	PROPN
ajfa-79	80	11	al	al	PROPN
ajfa-79	80	12	.	.	PROPN
ajfa-79	80	13	asian	asian	PROPN
ajfa-79	80	14	journal	journal	PROPN
ajfa-79	80	15	of	of	ADP
ajfa-79	80	16	finance	finance	PROPN
ajfa-79	80	17	&	&	CCONJ
ajfa-79	80	18	accounting	accounting	PROPN
ajfa-79	80	19	issn	issn	PROPN
ajfa-79	80	20	1946	1946	NUM
ajfa-79	80	21	-	-	PUNCT
ajfa-79	80	22	052x	052x	NOUN
ajfa-79	80	23	2009	2009	NUM
ajfa-79	80	24	,	,	PUNCT
ajfa-79	80	25	vol	vol	NOUN
ajfa-79	80	26	.	.	PROPN
ajfa-79	80	27	1	1	NUM
ajfa-79	80	28	,	,	PUNCT
ajfa-79	80	29	no	no	INTJ
ajfa-79	80	30	.	.	NOUN
ajfa-79	80	31	1	1	NUM
ajfa-79	80	32	:	:	PUNCT
ajfa-79	80	33	e1	e1	VERB
ajfa-79	80	34	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	80	35	6	6	NUM
ajfa-79	80	36	(	(	PUNCT
ajfa-79	80	37	2007	2007	NUM
ajfa-79	80	38	)	)	PUNCT
ajfa-79	80	39	find	find	VERB
ajfa-79	80	40	that	that	SCONJ
ajfa-79	80	41	supervisory	supervisory	ADJ
ajfa-79	80	42	boards	board	NOUN
ajfa-79	80	43	significantly	significantly	ADV
ajfa-79	80	44	increase	increase	VERB
ajfa-79	80	45	earnings	earning	NOUN
ajfa-79	80	46	informativeness	informativeness	NOUN
ajfa-79	80	47	.	.	PUNCT
ajfa-79	81	1	using	use	VERB
ajfa-79	81	2	more	more	ADV
ajfa-79	81	3	recent	recent	ADJ
ajfa-79	81	4	data	datum	NOUN
ajfa-79	81	5	from	from	ADP
ajfa-79	81	6	2001	2001	NUM
ajfa-79	81	7	to	to	ADP
ajfa-79	81	8	2006	2006	NUM
ajfa-79	81	9	,	,	PUNCT
ajfa-79	81	10	wu	wu	PROPN
ajfa-79	81	11	,	,	PUNCT
ajfa-79	81	12	li	li	PROPN
ajfa-79	81	13	,	,	PUNCT
ajfa-79	81	14	ding	ding	NOUN
ajfa-79	81	15	,	,	PUNCT
ajfa-79	81	16	and	and	CCONJ
ajfa-79	81	17	jia	jia	PROPN
ajfa-79	81	18	(	(	PUNCT
ajfa-79	81	19	2009	2009	NUM
ajfa-79	81	20	)	)	PUNCT
ajfa-79	81	21	show	show	VERB
ajfa-79	81	22	the	the	DET
ajfa-79	81	23	significant	significant	ADJ
ajfa-79	81	24	monitoring	monitoring	NOUN
ajfa-79	81	25	effects	effect	NOUN
ajfa-79	81	26	of	of	ADP
ajfa-79	81	27	supervisory	supervisory	ADJ
ajfa-79	81	28	board	board	NOUN
ajfa-79	81	29	on	on	ADP
ajfa-79	81	30	financial	financial	ADJ
ajfa-79	81	31	leverage	leverage	NOUN
ajfa-79	81	32	of	of	ADP
ajfa-79	81	33	chinese	chinese	ADJ
ajfa-79	81	34	publicly	publicly	ADV
ajfa-79	81	35	listed	list	VERB
ajfa-79	81	36	companies	company	NOUN
ajfa-79	81	37	.	.	PUNCT
ajfa-79	82	1	however	however	ADV
ajfa-79	82	2	,	,	PUNCT
ajfa-79	82	3	the	the	DET
ajfa-79	82	4	functionality	functionality	NOUN
ajfa-79	82	5	of	of	ADP
ajfa-79	82	6	supervisory	supervisory	ADJ
ajfa-79	82	7	board	board	NOUN
ajfa-79	82	8	in	in	ADP
ajfa-79	82	9	the	the	DET
ajfa-79	82	10	chinese	chinese	ADJ
ajfa-79	82	11	unique	unique	ADJ
ajfa-79	82	12	corporate	corporate	ADJ
ajfa-79	82	13	governance	governance	NOUN
ajfa-79	82	14	system	system	NOUN
ajfa-79	82	15	is	be	AUX
ajfa-79	82	16	still	still	ADV
ajfa-79	82	17	undetermined	undetermined	ADJ
ajfa-79	82	18	.	.	PUNCT
ajfa-79	83	1	another	another	DET
ajfa-79	83	2	unanswered	unanswered	ADJ
ajfa-79	83	3	question	question	NOUN
ajfa-79	83	4	is	be	AUX
ajfa-79	83	5	about	about	ADP
ajfa-79	83	6	the	the	DET
ajfa-79	83	7	corporate	corporate	ADJ
ajfa-79	83	8	governance	governance	NOUN
ajfa-79	83	9	-	-	PUNCT
ajfa-79	83	10	executive	executive	NOUN
ajfa-79	83	11	compensation	compensation	NOUN
ajfa-79	83	12	relationship	relationship	NOUN
ajfa-79	83	13	in	in	ADP
ajfa-79	83	14	chinese	chinese	ADJ
ajfa-79	83	15	publicly	publicly	ADV
ajfa-79	83	16	listed	list	VERB
ajfa-79	83	17	companies	company	NOUN
ajfa-79	83	18	.	.	PUNCT
ajfa-79	84	1	firth	firth	PROPN
ajfa-79	84	2	et	et	PROPN
ajfa-79	84	3	al	al	PROPN
ajfa-79	84	4	.	.	PROPN
ajfa-79	84	5	(	(	PUNCT
ajfa-79	84	6	2006	2006	NUM
ajfa-79	84	7	)	)	PUNCT
ajfa-79	84	8	find	find	VERB
ajfa-79	84	9	a	a	DET
ajfa-79	84	10	significant	significant	ADJ
ajfa-79	84	11	pay	pay	NOUN
ajfa-79	84	12	-	-	PUNCT
ajfa-79	84	13	performance	performance	NOUN
ajfa-79	84	14	relation	relation	NOUN
ajfa-79	84	15	for	for	ADP
ajfa-79	84	16	two	two	NUM
ajfa-79	84	17	ownership	ownership	NOUN
ajfa-79	84	18	structures	structure	NOUN
ajfa-79	84	19	in	in	ADP
ajfa-79	84	20	china	china	PROPN
ajfa-79	84	21	.	.	PUNCT
ajfa-79	85	1	kato	kato	PROPN
ajfa-79	85	2	and	and	CCONJ
ajfa-79	85	3	long	long	ADJ
ajfa-79	85	4	(	(	PUNCT
ajfa-79	85	5	2006	2006	NUM
ajfa-79	85	6	)	)	PUNCT
ajfa-79	85	7	even	even	ADV
ajfa-79	85	8	report	report	VERB
ajfa-79	85	9	that	that	SCONJ
ajfa-79	85	10	the	the	DET
ajfa-79	85	11	pay	pay	NOUN
ajfa-79	85	12	-	-	PUNCT
ajfa-79	85	13	performance	performance	NOUN
ajfa-79	85	14	sensitivity	sensitivity	NOUN
ajfa-79	85	15	in	in	ADP
ajfa-79	85	16	china	china	PROPN
ajfa-79	85	17	is	be	AUX
ajfa-79	85	18	higher	high	ADJ
ajfa-79	85	19	than	than	ADP
ajfa-79	85	20	that	that	PRON
ajfa-79	85	21	in	in	ADP
ajfa-79	85	22	the	the	DET
ajfa-79	85	23	u.s	u.s	PROPN
ajfa-79	85	24	.	.	PROPN
ajfa-79	85	25	using	use	VERB
ajfa-79	85	26	more	more	ADJ
ajfa-79	85	27	up	up	ADP
ajfa-79	85	28	-	-	PUNCT
ajfa-79	85	29	to	to	ADP
ajfa-79	85	30	-	-	PUNCT
ajfa-79	85	31	date	date	NOUN
ajfa-79	85	32	information	information	NOUN
ajfa-79	85	33	.	.	PUNCT
ajfa-79	86	1	to	to	PART
ajfa-79	86	2	add	add	VERB
ajfa-79	86	3	to	to	ADP
ajfa-79	86	4	this	this	DET
ajfa-79	86	5	literature	literature	NOUN
ajfa-79	86	6	,	,	PUNCT
ajfa-79	86	7	one	one	PRON
ajfa-79	86	8	needs	need	VERB
ajfa-79	86	9	to	to	PART
ajfa-79	86	10	look	look	VERB
ajfa-79	86	11	back	back	ADV
ajfa-79	86	12	at	at	ADP
ajfa-79	86	13	the	the	DET
ajfa-79	86	14	executive	executive	PROPN
ajfa-79	86	15	compensation	compensation	NOUN
ajfa-79	86	16	reform	reform	NOUN
ajfa-79	86	17	during	during	ADP
ajfa-79	86	18	the	the	DET
ajfa-79	86	19	economic	economic	ADJ
ajfa-79	86	20	transition	transition	NOUN
ajfa-79	86	21	in	in	ADP
ajfa-79	86	22	china	china	PROPN
ajfa-79	86	23	within	within	ADP
ajfa-79	86	24	the	the	DET
ajfa-79	86	25	past	past	ADJ
ajfa-79	86	26	30	30	NUM
ajfa-79	86	27	years	year	NOUN
ajfa-79	86	28	.	.	PUNCT
ajfa-79	87	1	as	as	ADV
ajfa-79	87	2	well	well	ADV
ajfa-79	87	3	known	know	VERB
ajfa-79	87	4	,	,	PUNCT
ajfa-79	87	5	most	most	ADJ
ajfa-79	87	6	of	of	ADP
ajfa-79	87	7	the	the	DET
ajfa-79	87	8	publicly	publicly	ADV
ajfa-79	87	9	listed	list	VERB
ajfa-79	87	10	companies	company	NOUN
ajfa-79	87	11	whose	whose	DET
ajfa-79	87	12	stocks	stock	NOUN
ajfa-79	87	13	are	be	AUX
ajfa-79	87	14	traded	trade	VERB
ajfa-79	87	15	in	in	ADP
ajfa-79	87	16	the	the	DET
ajfa-79	87	17	two	two	NUM
ajfa-79	87	18	stock	stock	NOUN
ajfa-79	87	19	markets	market	NOUN
ajfa-79	87	20	in	in	ADP
ajfa-79	87	21	china	china	PROPN
ajfa-79	87	22	were	be	AUX
ajfa-79	87	23	converted	convert	VERB
ajfa-79	87	24	from	from	ADP
ajfa-79	87	25	state	state	NOUN
ajfa-79	87	26	-	-	PUNCT
ajfa-79	87	27	owned	own	VERB
ajfa-79	87	28	enterprises	enterprise	NOUN
ajfa-79	87	29	,	,	PUNCT
ajfa-79	87	30	and	and	CCONJ
ajfa-79	87	31	therefore	therefore	ADV
ajfa-79	87	32	the	the	DET
ajfa-79	87	33	compensation	compensation	NOUN
ajfa-79	87	34	was	be	AUX
ajfa-79	87	35	highly	highly	ADV
ajfa-79	87	36	restricted	restrict	VERB
ajfa-79	87	37	by	by	ADP
ajfa-79	87	38	the	the	DET
ajfa-79	87	39	government	government	NOUN
ajfa-79	87	40	at	at	ADP
ajfa-79	87	41	the	the	DET
ajfa-79	87	42	early	early	ADJ
ajfa-79	87	43	stage	stage	NOUN
ajfa-79	87	44	.	.	PUNCT
ajfa-79	88	1	this	this	DET
ajfa-79	88	2	situation	situation	NOUN
ajfa-79	88	3	was	be	AUX
ajfa-79	88	4	gradually	gradually	ADV
ajfa-79	88	5	changed	change	VERB
ajfa-79	88	6	since	since	SCONJ
ajfa-79	88	7	mid-1980s	mid-1980	NOUN
ajfa-79	88	8	,	,	PUNCT
ajfa-79	88	9	but	but	CCONJ
ajfa-79	88	10	not	not	PART
ajfa-79	88	11	fundamentally	fundamentally	ADV
ajfa-79	88	12	until	until	ADP
ajfa-79	88	13	1994	1994	NUM
ajfa-79	88	14	(	(	PUNCT
ajfa-79	88	15	mengistae	mengistae	PROPN
ajfa-79	88	16	and	and	CCONJ
ajfa-79	88	17	xu	xu	PROPN
ajfa-79	88	18	,	,	PUNCT
ajfa-79	88	19	2004	2004	NUM
ajfa-79	88	20	;	;	PUNCT
ajfa-79	88	21	yueh	yueh	NOUN
ajfa-79	88	22	,	,	PUNCT
ajfa-79	88	23	2004	2004	NUM
ajfa-79	88	24	;	;	PUNCT
ajfa-79	89	1	firth	firth	PROPN
ajfa-79	89	2	et	et	PROPN
ajfa-79	89	3	al	al	PROPN
ajfa-79	89	4	.	.	PROPN
ajfa-79	89	5	,	,	PUNCT
ajfa-79	89	6	2006	2006	NUM
ajfa-79	89	7	;	;	PUNCT
ajfa-79	89	8	kato	kato	PROPN
ajfa-79	89	9	and	and	CCONJ
ajfa-79	89	10	long	long	ADV
ajfa-79	89	11	,	,	PUNCT
ajfa-79	89	12	2006	2006	NUM
ajfa-79	89	13	)	)	PUNCT
ajfa-79	89	14	.	.	PUNCT
ajfa-79	90	1	starting	start	VERB
ajfa-79	90	2	1994	1994	NUM
ajfa-79	90	3	,	,	PUNCT
ajfa-79	90	4	these	these	DET
ajfa-79	90	5	companies	company	NOUN
ajfa-79	90	6	were	be	AUX
ajfa-79	90	7	allowed	allow	VERB
ajfa-79	90	8	to	to	PART
ajfa-79	90	9	set	set	VERB
ajfa-79	90	10	up	up	ADP
ajfa-79	90	11	their	their	PRON
ajfa-79	90	12	own	own	ADJ
ajfa-79	90	13	compensation	compensation	NOUN
ajfa-79	90	14	form	form	NOUN
ajfa-79	90	15	with	with	ADP
ajfa-79	90	16	both	both	PRON
ajfa-79	90	17	fixed	fix	VERB
ajfa-79	90	18	salary	salary	NOUN
ajfa-79	90	19	and	and	CCONJ
ajfa-79	90	20	performance	performance	NOUN
ajfa-79	90	21	-	-	PUNCT
ajfa-79	90	22	related	relate	VERB
ajfa-79	90	23	pay	pay	NOUN
ajfa-79	90	24	for	for	ADP
ajfa-79	90	25	executives	executive	NOUN
ajfa-79	90	26	(	(	PUNCT
ajfa-79	90	27	liu	liu	PROPN
ajfa-79	90	28	and	and	CCONJ
ajfa-79	90	29	otsuka	otsuka	PROPN
ajfa-79	90	30	,	,	PUNCT
ajfa-79	90	31	2004	2004	NUM
ajfa-79	90	32	;	;	PUNCT
ajfa-79	90	33	kato	kato	PROPN
ajfa-79	90	34	and	and	CCONJ
ajfa-79	90	35	long	long	ADV
ajfa-79	90	36	,	,	PUNCT
ajfa-79	90	37	2006	2006	NUM
ajfa-79	90	38	)	)	PUNCT
ajfa-79	90	39	,	,	PUNCT
ajfa-79	90	40	and	and	CCONJ
ajfa-79	90	41	doing	do	VERB
ajfa-79	90	42	so	so	ADV
ajfa-79	90	43	moved	move	VERB
ajfa-79	90	44	the	the	DET
ajfa-79	90	45	chinese	chinese	ADJ
ajfa-79	90	46	corporate	corporate	ADJ
ajfa-79	90	47	governance	governance	NOUN
ajfa-79	90	48	system	system	NOUN
ajfa-79	90	49	closer	close	ADV
ajfa-79	90	50	to	to	ADP
ajfa-79	90	51	the	the	DET
ajfa-79	90	52	german	german	NOUN
ajfa-79	90	53	and	and	CCONJ
ajfa-79	90	54	the	the	DET
ajfa-79	90	55	u.s	u.s	PROPN
ajfa-79	90	56	.	.	PROPN
ajfa-79	90	57	ones	one	NOUN
ajfa-79	90	58	.	.	PUNCT
ajfa-79	91	1	instead	instead	ADV
ajfa-79	91	2	of	of	ADP
ajfa-79	91	3	looking	look	VERB
ajfa-79	91	4	at	at	ADP
ajfa-79	91	5	the	the	DET
ajfa-79	91	6	pay	pay	NOUN
ajfa-79	91	7	-	-	PUNCT
ajfa-79	91	8	performance	performance	NOUN
ajfa-79	91	9	relationship	relationship	NOUN
ajfa-79	91	10	in	in	ADP
ajfa-79	91	11	chinese	chinese	PROPN
ajfa-79	91	12	publicly	publicly	ADV
ajfa-79	91	13	held	hold	VERB
ajfa-79	91	14	companies	company	NOUN
ajfa-79	91	15	,	,	PUNCT
ajfa-79	91	16	therefore	therefore	ADV
ajfa-79	91	17	,	,	PUNCT
ajfa-79	91	18	we	we	PRON
ajfa-79	91	19	focus	focus	VERB
ajfa-79	91	20	on	on	ADP
ajfa-79	91	21	the	the	DET
ajfa-79	91	22	influences	influence	NOUN
ajfa-79	91	23	of	of	ADP
ajfa-79	91	24	supervisory	supervisory	ADJ
ajfa-79	91	25	boards	board	NOUN
ajfa-79	91	26	on	on	ADP
ajfa-79	91	27	the	the	DET
ajfa-79	91	28	board	board	NOUN
ajfa-79	91	29	chair	chair	NOUN
ajfa-79	91	30	pay	pay	VERB
ajfa-79	91	31	.	.	PUNCT
ajfa-79	92	1	doing	do	VERB
ajfa-79	92	2	so	so	ADV
ajfa-79	92	3	allows	allow	VERB
ajfa-79	92	4	us	we	PRON
ajfa-79	92	5	to	to	PART
ajfa-79	92	6	help	help	VERB
ajfa-79	92	7	answer	answer	VERB
ajfa-79	92	8	the	the	DET
ajfa-79	92	9	two	two	NUM
ajfa-79	92	10	undetermined	undetermined	ADJ
ajfa-79	92	11	questions	question	NOUN
ajfa-79	92	12	mentioned	mention	VERB
ajfa-79	92	13	above	above	ADV
ajfa-79	92	14	,	,	PUNCT
ajfa-79	92	15	the	the	DET
ajfa-79	92	16	effectiveness	effectiveness	NOUN
ajfa-79	92	17	of	of	ADP
ajfa-79	92	18	supervisory	supervisory	ADJ
ajfa-79	92	19	board	board	NOUN
ajfa-79	92	20	and	and	CCONJ
ajfa-79	92	21	the	the	DET
ajfa-79	92	22	effects	effect	NOUN
ajfa-79	92	23	of	of	ADP
ajfa-79	92	24	corporate	corporate	ADJ
ajfa-79	92	25	governance	governance	NOUN
ajfa-79	92	26	on	on	ADP
ajfa-79	92	27	board	board	NOUN
ajfa-79	92	28	chair	chair	NOUN
ajfa-79	92	29	pay	pay	NOUN
ajfa-79	92	30	.	.	PUNCT
ajfa-79	93	1	thus	thus	ADV
ajfa-79	93	2	,	,	PUNCT
ajfa-79	93	3	the	the	DET
ajfa-79	93	4	major	major	ADJ
ajfa-79	93	5	hypothesis	hypothesis	NOUN
ajfa-79	93	6	of	of	ADP
ajfa-79	93	7	the	the	DET
ajfa-79	93	8	current	current	ADJ
ajfa-79	93	9	study	study	NOUN
ajfa-79	93	10	is	be	AUX
ajfa-79	93	11	that	that	SCONJ
ajfa-79	93	12	supervisory	supervisory	ADJ
ajfa-79	93	13	board	board	NOUN
ajfa-79	93	14	monitors	monitor	VERB
ajfa-79	93	15	the	the	DET
ajfa-79	93	16	board	board	NOUN
ajfa-79	93	17	chair	chair	NOUN
ajfa-79	93	18	pay	pay	VERB
ajfa-79	93	19	effectively	effectively	ADV
ajfa-79	93	20	.	.	PUNCT
ajfa-79	94	1	there	there	PRON
ajfa-79	94	2	are	be	VERB
ajfa-79	94	3	two	two	NUM
ajfa-79	94	4	possible	possible	ADJ
ajfa-79	94	5	ways	way	NOUN
ajfa-79	94	6	for	for	SCONJ
ajfa-79	94	7	supervisory	supervisory	ADJ
ajfa-79	94	8	board	board	NOUN
ajfa-79	94	9	to	to	PART
ajfa-79	94	10	affect	affect	VERB
ajfa-79	94	11	the	the	DET
ajfa-79	94	12	board	board	NOUN
ajfa-79	94	13	chair	chair	NOUN
ajfa-79	94	14	pay	pay	VERB
ajfa-79	94	15	;	;	PUNCT
ajfa-79	94	16	the	the	DET
ajfa-79	94	17	first	first	ADJ
ajfa-79	94	18	is	be	AUX
ajfa-79	94	19	to	to	PART
ajfa-79	94	20	increase	increase	VERB
ajfa-79	94	21	the	the	DET
ajfa-79	94	22	board	board	NOUN
ajfa-79	94	23	chair	chair	NOUN
ajfa-79	94	24	pay	pay	VERB
ajfa-79	94	25	through	through	ADP
ajfa-79	94	26	enhancing	enhance	VERB
ajfa-79	94	27	the	the	DET
ajfa-79	94	28	firm	firm	ADJ
ajfa-79	94	29	performance	performance	NOUN
ajfa-79	94	30	which	which	PRON
ajfa-79	94	31	is	be	AUX
ajfa-79	94	32	a	a	DET
ajfa-79	94	33	partial	partial	ADJ
ajfa-79	94	34	basis	basis	NOUN
ajfa-79	94	35	of	of	ADP
ajfa-79	94	36	the	the	DET
ajfa-79	94	37	board	board	NOUN
ajfa-79	94	38	chair	chair	NOUN
ajfa-79	94	39	pay	pay	VERB
ajfa-79	94	40	,	,	PUNCT
ajfa-79	94	41	and	and	CCONJ
ajfa-79	94	42	the	the	DET
ajfa-79	94	43	second	second	NOUN
ajfa-79	94	44	is	be	AUX
ajfa-79	94	45	to	to	PART
ajfa-79	94	46	decrease	decrease	VERB
ajfa-79	94	47	the	the	DET
ajfa-79	94	48	board	board	NOUN
ajfa-79	94	49	chair	chair	NOUN
ajfa-79	94	50	pay	pay	VERB
ajfa-79	94	51	by	by	ADP
ajfa-79	94	52	monitoring	monitor	VERB
ajfa-79	94	53	board	board	NOUN
ajfa-79	94	54	chairs	chair	NOUN
ajfa-79	94	55	'	'	PART
ajfa-79	94	56	behaviors	behavior	NOUN
ajfa-79	94	57	to	to	PART
ajfa-79	94	58	stop	stop	VERB
ajfa-79	94	59	them	they	PRON
ajfa-79	94	60	from	from	ADP
ajfa-79	94	61	overpaying	overpay	VERB
ajfa-79	94	62	themselves	themselves	PRON
ajfa-79	94	63	.	.	PUNCT
ajfa-79	95	1	according	accord	VERB
ajfa-79	95	2	to	to	ADP
ajfa-79	95	3	the	the	DET
ajfa-79	95	4	above	above	ADJ
ajfa-79	95	5	review	review	NOUN
ajfa-79	95	6	of	of	ADP
ajfa-79	95	7	the	the	DET
ajfa-79	95	8	literature	literature	NOUN
ajfa-79	95	9	and	and	CCONJ
ajfa-79	95	10	the	the	DET
ajfa-79	95	11	discussion	discussion	NOUN
ajfa-79	95	12	about	about	ADP
ajfa-79	95	13	the	the	DET
ajfa-79	95	14	theoretical	theoretical	ADJ
ajfa-79	95	15	background	background	NOUN
ajfa-79	95	16	of	of	ADP
ajfa-79	95	17	this	this	DET
ajfa-79	95	18	study	study	NOUN
ajfa-79	95	19	,	,	PUNCT
ajfa-79	95	20	we	we	PRON
ajfa-79	95	21	have	have	VERB
ajfa-79	95	22	the	the	DET
ajfa-79	95	23	following	follow	VERB
ajfa-79	95	24	two	two	NUM
ajfa-79	95	25	hypotheses	hypothesis	NOUN
ajfa-79	95	26	:	:	PUNCT
ajfa-79	95	27	hypothesis	hypothesis	NOUN
ajfa-79	95	28	1	1	NUM
ajfa-79	95	29	:	:	PUNCT
ajfa-79	95	30	supervisory	supervisory	ADJ
ajfa-79	95	31	board	board	NOUN
ajfa-79	95	32	meeting	meeting	NOUN
ajfa-79	95	33	frequency	frequency	NOUN
ajfa-79	95	34	in	in	ADP
ajfa-79	95	35	chinese	chinese	PROPN
ajfa-79	95	36	publicly	publicly	ADV
ajfa-79	95	37	listed	list	VERB
ajfa-79	95	38	companies	company	NOUN
ajfa-79	95	39	decreases	decrease	VERB
ajfa-79	95	40	the	the	DET
ajfa-79	95	41	board	board	NOUN
ajfa-79	95	42	chair	chair	NOUN
ajfa-79	95	43	pay	pay	VERB
ajfa-79	95	44	.	.	PUNCT
ajfa-79	96	1	hypothesis	hypothesis	NOUN
ajfa-79	96	2	2	2	NUM
ajfa-79	96	3	:	:	PUNCT
ajfa-79	96	4	size	size	NOUN
ajfa-79	96	5	of	of	ADP
ajfa-79	96	6	supervisory	supervisory	ADJ
ajfa-79	96	7	board	board	NOUN
ajfa-79	96	8	in	in	ADP
ajfa-79	96	9	chinese	chinese	PROPN
ajfa-79	96	10	publicly	publicly	ADV
ajfa-79	96	11	listed	list	VERB
ajfa-79	96	12	companies	company	NOUN
ajfa-79	96	13	decreases	decrease	VERB
ajfa-79	96	14	the	the	DET
ajfa-79	96	15	board	board	NOUN
ajfa-79	96	16	chair	chair	NOUN
ajfa-79	96	17	pay	pay	VERB
ajfa-79	96	18	.	.	PUNCT
ajfa-79	97	1	by	by	ADP
ajfa-79	97	2	testing	test	VERB
ajfa-79	97	3	the	the	DET
ajfa-79	97	4	above	above	ADJ
ajfa-79	97	5	two	two	NUM
ajfa-79	97	6	hypotheses	hypothesis	NOUN
ajfa-79	97	7	,	,	PUNCT
ajfa-79	97	8	we	we	PRON
ajfa-79	97	9	highlight	highlight	VERB
ajfa-79	97	10	the	the	DET
ajfa-79	97	11	effects	effect	NOUN
ajfa-79	97	12	of	of	ADP
ajfa-79	97	13	activities	activity	NOUN
ajfa-79	97	14	and	and	CCONJ
ajfa-79	97	15	characteristics	characteristic	NOUN
ajfa-79	97	16	of	of	ADP
ajfa-79	97	17	supervisory	supervisory	ADJ
ajfa-79	97	18	board	board	NOUN
ajfa-79	97	19	on	on	ADP
ajfa-79	97	20	board	board	PROPN
ajfa-79	97	21	chair	chair	NOUN
ajfa-79	97	22	pay	pay	VERB
ajfa-79	97	23	.	.	PUNCT
ajfa-79	98	1	in	in	ADP
ajfa-79	98	2	the	the	DET
ajfa-79	98	3	rich	rich	ADJ
ajfa-79	98	4	corporate	corporate	ADJ
ajfa-79	98	5	governance	governance	NOUN
ajfa-79	98	6	literature	literature	NOUN
ajfa-79	98	7	,	,	PUNCT
ajfa-79	98	8	meeting	meeting	NOUN
ajfa-79	98	9	frequency	frequency	NOUN
ajfa-79	98	10	has	have	AUX
ajfa-79	98	11	been	be	AUX
ajfa-79	98	12	widely	widely	ADV
ajfa-79	98	13	used	use	VERB
ajfa-79	98	14	as	as	ADP
ajfa-79	98	15	a	a	DET
ajfa-79	98	16	proxy	proxy	NOUN
ajfa-79	98	17	for	for	ADP
ajfa-79	98	18	board	board	NOUN
ajfa-79	98	19	activities	activity	NOUN
ajfa-79	98	20	(	(	PUNCT
ajfa-79	98	21	e.g.	e.g.	ADV
ajfa-79	98	22	,	,	PUNCT
ajfa-79	98	23	vafeas	vafea	NOUN
ajfa-79	98	24	,	,	PUNCT
ajfa-79	98	25	1999	1999	NUM
ajfa-79	98	26	)	)	PUNCT
ajfa-79	98	27	,	,	PUNCT
ajfa-79	98	28	and	and	CCONJ
ajfa-79	98	29	board	board	NOUN
ajfa-79	98	30	size	size	NOUN
ajfa-79	98	31	has	have	AUX
ajfa-79	98	32	also	also	ADV
ajfa-79	98	33	been	be	AUX
ajfa-79	98	34	extensively	extensively	ADV
ajfa-79	98	35	chosen	choose	VERB
ajfa-79	98	36	to	to	PART
ajfa-79	98	37	measure	measure	VERB
ajfa-79	98	38	board	board	NOUN
ajfa-79	98	39	characteristics	characteristic	NOUN
ajfa-79	98	40	when	when	SCONJ
ajfa-79	98	41	agency	agency	NOUN
ajfa-79	98	42	issues	issue	NOUN
ajfa-79	98	43	are	be	AUX
ajfa-79	98	44	asian	asian	ADJ
ajfa-79	98	45	journal	journal	NOUN
ajfa-79	98	46	of	of	ADP
ajfa-79	98	47	finance	finance	PROPN
ajfa-79	98	48	&	&	CCONJ
ajfa-79	98	49	accounting	accounting	PROPN
ajfa-79	98	50	issn	issn	PROPN
ajfa-79	98	51	1946	1946	NUM
ajfa-79	98	52	-	-	PUNCT
ajfa-79	98	53	052x	052x	NOUN
ajfa-79	98	54	2009	2009	NUM
ajfa-79	98	55	,	,	PUNCT
ajfa-79	98	56	vol	vol	NOUN
ajfa-79	98	57	.	.	PROPN
ajfa-79	99	1	1	1	NUM
ajfa-79	99	2	,	,	PUNCT
ajfa-79	99	3	no	no	INTJ
ajfa-79	99	4	.	.	NOUN
ajfa-79	99	5	1	1	NUM
ajfa-79	99	6	:	:	PUNCT
ajfa-79	99	7	e1	e1	VERB
ajfa-79	99	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	99	9	7	7	NUM
ajfa-79	99	10	addressed	address	VERB
ajfa-79	99	11	(	(	PUNCT
ajfa-79	99	12	e.g.	e.g.	ADV
ajfa-79	99	13	,	,	PUNCT
ajfa-79	99	14	jensen	jensen	PROPN
ajfa-79	99	15	,	,	PUNCT
ajfa-79	99	16	1993	1993	NUM
ajfa-79	99	17	)	)	PUNCT
ajfa-79	99	18	.	.	PUNCT
ajfa-79	100	1	previous	previous	ADJ
ajfa-79	100	2	studies	study	NOUN
ajfa-79	100	3	also	also	ADV
ajfa-79	100	4	indicate	indicate	VERB
ajfa-79	100	5	that	that	SCONJ
ajfa-79	100	6	meeting	meeting	NOUN
ajfa-79	100	7	frequency	frequency	NOUN
ajfa-79	100	8	may	may	AUX
ajfa-79	100	9	be	be	AUX
ajfa-79	100	10	affected	affect	VERB
ajfa-79	100	11	by	by	ADP
ajfa-79	100	12	past	past	ADJ
ajfa-79	100	13	firm	firm	ADJ
ajfa-79	100	14	performance	performance	NOUN
ajfa-79	100	15	(	(	PUNCT
ajfa-79	100	16	vafeas	vafea	NOUN
ajfa-79	100	17	,	,	PUNCT
ajfa-79	100	18	1999	1999	NUM
ajfa-79	100	19	)	)	PUNCT
ajfa-79	100	20	,	,	PUNCT
ajfa-79	100	21	and	and	CCONJ
ajfa-79	100	22	that	that	DET
ajfa-79	100	23	size	size	NOUN
ajfa-79	100	24	may	may	AUX
ajfa-79	100	25	have	have	VERB
ajfa-79	100	26	a	a	DET
ajfa-79	100	27	significant	significant	ADJ
ajfa-79	100	28	influence	influence	NOUN
ajfa-79	100	29	on	on	ADP
ajfa-79	100	30	efficiency	efficiency	NOUN
ajfa-79	100	31	of	of	ADP
ajfa-79	100	32	board	board	NOUN
ajfa-79	100	33	activities	activity	NOUN
ajfa-79	100	34	(	(	PUNCT
ajfa-79	100	35	jensen	jensen	PROPN
ajfa-79	100	36	,	,	PUNCT
ajfa-79	100	37	1993	1993	NUM
ajfa-79	100	38	)	)	PUNCT
ajfa-79	100	39	.	.	PUNCT
ajfa-79	101	1	as	as	SCONJ
ajfa-79	101	2	research	research	NOUN
ajfa-79	101	3	on	on	ADP
ajfa-79	101	4	monitoring	monitoring	NOUN
ajfa-79	101	5	effects	effect	NOUN
ajfa-79	101	6	of	of	ADP
ajfa-79	101	7	supervisory	supervisory	ADJ
ajfa-79	101	8	board	board	NOUN
ajfa-79	101	9	in	in	ADP
ajfa-79	101	10	chinese	chinese	PROPN
ajfa-79	101	11	publicly	publicly	ADV
ajfa-79	101	12	listed	list	VERB
ajfa-79	101	13	companies	company	NOUN
ajfa-79	101	14	is	be	AUX
ajfa-79	101	15	rare	rare	ADJ
ajfa-79	101	16	,	,	PUNCT
ajfa-79	101	17	we	we	PRON
ajfa-79	101	18	follow	follow	VERB
ajfa-79	101	19	the	the	DET
ajfa-79	101	20	broad	broad	ADJ
ajfa-79	101	21	corporate	corporate	ADJ
ajfa-79	101	22	governance	governance	NOUN
ajfa-79	101	23	literature	literature	NOUN
ajfa-79	101	24	to	to	PART
ajfa-79	101	25	use	use	VERB
ajfa-79	101	26	supervisory	supervisory	ADJ
ajfa-79	101	27	board	board	NOUN
ajfa-79	101	28	meeting	meeting	NOUN
ajfa-79	101	29	frequency	frequency	NOUN
ajfa-79	101	30	and	and	CCONJ
ajfa-79	101	31	supervisory	supervisory	ADJ
ajfa-79	101	32	board	board	NOUN
ajfa-79	101	33	size	size	NOUN
ajfa-79	101	34	to	to	PART
ajfa-79	101	35	measure	measure	VERB
ajfa-79	101	36	its	its	PRON
ajfa-79	101	37	activities	activity	NOUN
ajfa-79	101	38	and	and	CCONJ
ajfa-79	101	39	characteristics	characteristic	NOUN
ajfa-79	101	40	,	,	PUNCT
ajfa-79	101	41	respectively	respectively	ADV
ajfa-79	101	42	2	2	NUM
ajfa-79	101	43	.	.	PUNCT
ajfa-79	102	1	3	3	X
ajfa-79	102	2	.	.	X
ajfa-79	102	3	data	datum	NOUN
ajfa-79	102	4	,	,	PUNCT
ajfa-79	102	5	variables	variable	NOUN
ajfa-79	102	6	,	,	PUNCT
ajfa-79	102	7	models	model	NOUN
ajfa-79	102	8	,	,	PUNCT
ajfa-79	102	9	and	and	CCONJ
ajfa-79	102	10	estimation	estimation	NOUN
ajfa-79	102	11	3.1	3.1	NUM
ajfa-79	102	12	data	datum	NOUN
ajfa-79	102	13	to	to	PART
ajfa-79	102	14	answer	answer	VERB
ajfa-79	102	15	the	the	DET
ajfa-79	102	16	research	research	NOUN
ajfa-79	102	17	questions	question	NOUN
ajfa-79	102	18	raised	raise	VERB
ajfa-79	102	19	above	above	ADV
ajfa-79	102	20	and	and	CCONJ
ajfa-79	102	21	to	to	PART
ajfa-79	102	22	test	test	VERB
ajfa-79	102	23	the	the	DET
ajfa-79	102	24	hypothesis	hypothesis	NOUN
ajfa-79	102	25	,	,	PUNCT
ajfa-79	102	26	we	we	PRON
ajfa-79	102	27	adopt	adopt	VERB
ajfa-79	102	28	data	datum	NOUN
ajfa-79	102	29	of	of	ADP
ajfa-79	102	30	chinese	chinese	ADJ
ajfa-79	102	31	publicly	publicly	ADV
ajfa-79	102	32	listed	list	VERB
ajfa-79	102	33	companies	company	NOUN
ajfa-79	102	34	in	in	ADP
ajfa-79	102	35	the	the	DET
ajfa-79	102	36	two	two	NUM
ajfa-79	102	37	chinese	chinese	ADJ
ajfa-79	102	38	markets	market	NOUN
ajfa-79	102	39	,	,	PUNCT
ajfa-79	102	40	the	the	DET
ajfa-79	102	41	shanghai	shanghai	PROPN
ajfa-79	102	42	stock	stock	PROPN
ajfa-79	102	43	exchange	exchange	PROPN
ajfa-79	102	44	and	and	CCONJ
ajfa-79	102	45	the	the	DET
ajfa-79	102	46	shenzhen	shenzhen	PROPN
ajfa-79	102	47	stock	stock	PROPN
ajfa-79	102	48	exchange	exchange	PROPN
ajfa-79	102	49	,	,	PUNCT
ajfa-79	102	50	in	in	ADP
ajfa-79	102	51	2005	2005	NUM
ajfa-79	102	52	and	and	CCONJ
ajfa-79	102	53	2006	2006	NUM
ajfa-79	102	54	.	.	PUNCT
ajfa-79	103	1	one	one	NUM
ajfa-79	103	2	of	of	ADP
ajfa-79	103	3	the	the	DET
ajfa-79	103	4	major	major	ADJ
ajfa-79	103	5	reasons	reason	NOUN
ajfa-79	103	6	to	to	PART
ajfa-79	103	7	choose	choose	VERB
ajfa-79	103	8	data	datum	NOUN
ajfa-79	103	9	in	in	ADP
ajfa-79	103	10	these	these	DET
ajfa-79	103	11	two	two	NUM
ajfa-79	103	12	years	year	NOUN
ajfa-79	103	13	is	be	AUX
ajfa-79	103	14	the	the	DET
ajfa-79	103	15	availability	availability	NOUN
ajfa-79	103	16	of	of	ADP
ajfa-79	103	17	the	the	DET
ajfa-79	103	18	information	information	NOUN
ajfa-79	103	19	about	about	ADP
ajfa-79	103	20	individual	individual	ADJ
ajfa-79	103	21	executive	executive	NOUN
ajfa-79	103	22	's	's	PART
ajfa-79	103	23	compensation	compensation	NOUN
ajfa-79	103	24	.	.	PUNCT
ajfa-79	104	1	this	this	DET
ajfa-79	104	2	information	information	NOUN
ajfa-79	104	3	before	before	ADP
ajfa-79	104	4	2005	2005	NUM
ajfa-79	104	5	is	be	AUX
ajfa-79	104	6	not	not	PART
ajfa-79	104	7	available	available	ADJ
ajfa-79	104	8	because	because	SCONJ
ajfa-79	104	9	disclosing	disclose	VERB
ajfa-79	104	10	individual	individual	ADJ
ajfa-79	104	11	information	information	NOUN
ajfa-79	104	12	was	be	AUX
ajfa-79	104	13	not	not	PART
ajfa-79	104	14	mandatory	mandatory	ADJ
ajfa-79	104	15	until	until	ADP
ajfa-79	104	16	that	that	DET
ajfa-79	104	17	year	year	NOUN
ajfa-79	104	18	.	.	PUNCT
ajfa-79	105	1	we	we	PRON
ajfa-79	105	2	extract	extract	VERB
ajfa-79	105	3	data	datum	NOUN
ajfa-79	105	4	from	from	ADP
ajfa-79	105	5	the	the	DET
ajfa-79	105	6	data	data	NOUN
ajfa-79	105	7	sets	set	NOUN
ajfa-79	105	8	published	publish	VERB
ajfa-79	105	9	by	by	ADP
ajfa-79	105	10	two	two	NUM
ajfa-79	105	11	major	major	ADJ
ajfa-79	105	12	financial	financial	ADJ
ajfa-79	105	13	market	market	NOUN
ajfa-79	105	14	data	datum	NOUN
ajfa-79	105	15	collection	collection	NOUN
ajfa-79	105	16	companies	company	NOUN
ajfa-79	105	17	in	in	ADP
ajfa-79	105	18	china	china	PROPN
ajfa-79	105	19	,	,	PUNCT
ajfa-79	105	20	the	the	DET
ajfa-79	105	21	gta	gta	PROPN
ajfa-79	105	22	and	and	CCONJ
ajfa-79	105	23	sinofin	sinofin	NOUN
ajfa-79	105	24	,	,	PUNCT
ajfa-79	105	25	whose	whose	DET
ajfa-79	105	26	products	product	NOUN
ajfa-79	105	27	have	have	AUX
ajfa-79	105	28	been	be	AUX
ajfa-79	105	29	employed	employ	VERB
ajfa-79	105	30	by	by	ADP
ajfa-79	105	31	prior	prior	ADJ
ajfa-79	105	32	studies	study	NOUN
ajfa-79	105	33	such	such	ADJ
ajfa-79	105	34	as	as	ADP
ajfa-79	105	35	sun	sun	NOUN
ajfa-79	105	36	and	and	CCONJ
ajfa-79	105	37	tong	tong	PROPN
ajfa-79	105	38	(	(	PUNCT
ajfa-79	105	39	2003	2003	NUM
ajfa-79	105	40	)	)	PUNCT
ajfa-79	105	41	,	,	PUNCT
ajfa-79	105	42	bai	bai	PROPN
ajfa-79	105	43	,	,	PUNCT
ajfa-79	105	44	liu	liu	PROPN
ajfa-79	105	45	,	,	PUNCT
ajfa-79	105	46	lu	lu	PROPN
ajfa-79	105	47	,	,	PUNCT
ajfa-79	105	48	song	song	NOUN
ajfa-79	105	49	,	,	PUNCT
ajfa-79	105	50	and	and	CCONJ
ajfa-79	105	51	zhang	zhang	PROPN
ajfa-79	105	52	(	(	PUNCT
ajfa-79	105	53	2004	2004	NUM
ajfa-79	105	54	)	)	PUNCT
ajfa-79	105	55	,	,	PUNCT
ajfa-79	105	56	wei	wei	PROPN
ajfa-79	105	57	,	,	PUNCT
ajfa-79	105	58	xie	xie	PROPN
ajfa-79	105	59	and	and	CCONJ
ajfa-79	105	60	zhang	zhang	PROPN
ajfa-79	105	61	(	(	PUNCT
ajfa-79	105	62	2005	2005	NUM
ajfa-79	105	63	)	)	PUNCT
ajfa-79	105	64	,	,	PUNCT
ajfa-79	105	65	haw	haw	INTJ
ajfa-79	105	66	,	,	PUNCT
ajfa-79	105	67	qi	qi	PROPN
ajfa-79	105	68	,	,	PUNCT
ajfa-79	105	69	wu	wu	PROPN
ajfa-79	105	70	and	and	CCONJ
ajfa-79	105	71	wu	wu	PROPN
ajfa-79	105	72	(	(	PUNCT
ajfa-79	105	73	2005	2005	NUM
ajfa-79	105	74	)	)	PUNCT
ajfa-79	105	75	,	,	PUNCT
ajfa-79	105	76	kato	kato	PROPN
ajfa-79	105	77	and	and	CCONJ
ajfa-79	105	78	long	long	ADJ
ajfa-79	105	79	(	(	PUNCT
ajfa-79	105	80	2006	2006	NUM
ajfa-79	105	81	)	)	PUNCT
ajfa-79	105	82	,	,	PUNCT
ajfa-79	105	83	and	and	CCONJ
ajfa-79	105	84	jia	jia	PROPN
ajfa-79	105	85	(	(	PUNCT
ajfa-79	105	86	2009	2009	NUM
ajfa-79	105	87	)	)	PUNCT
ajfa-79	105	88	.	.	PUNCT
ajfa-79	106	1	there	there	PRON
ajfa-79	106	2	are	be	VERB
ajfa-79	106	3	1,345	1,345	NUM
ajfa-79	106	4	observations	observation	NOUN
ajfa-79	106	5	from	from	ADP
ajfa-79	106	6	year	year	NOUN
ajfa-79	106	7	2005	2005	NUM
ajfa-79	106	8	and	and	CCONJ
ajfa-79	106	9	1,410	1,410	NUM
ajfa-79	106	10	from	from	ADP
ajfa-79	106	11	year	year	NOUN
ajfa-79	106	12	2006	2006	NUM
ajfa-79	106	13	.	.	PUNCT
ajfa-79	107	1	to	to	PART
ajfa-79	107	2	ensure	ensure	VERB
ajfa-79	107	3	the	the	DET
ajfa-79	107	4	quality	quality	NOUN
ajfa-79	107	5	of	of	ADP
ajfa-79	107	6	the	the	DET
ajfa-79	107	7	study	study	NOUN
ajfa-79	107	8	,	,	PUNCT
ajfa-79	107	9	we	we	PRON
ajfa-79	107	10	cross	cross	AUX
ajfa-79	107	11	-	-	VERB
ajfa-79	107	12	checked	check	VERB
ajfa-79	107	13	the	the	DET
ajfa-79	107	14	accuracy	accuracy	NOUN
ajfa-79	107	15	of	of	ADP
ajfa-79	107	16	the	the	DET
ajfa-79	107	17	information	information	NOUN
ajfa-79	107	18	carried	carry	VERB
ajfa-79	107	19	by	by	ADP
ajfa-79	107	20	the	the	DET
ajfa-79	107	21	two	two	NUM
ajfa-79	107	22	data	data	NOUN
ajfa-79	107	23	sets	set	NOUN
ajfa-79	107	24	.	.	PUNCT
ajfa-79	108	1	whenever	whenever	SCONJ
ajfa-79	108	2	we	we	PRON
ajfa-79	108	3	found	find	VERB
ajfa-79	108	4	inconsistency	inconsistency	NOUN
ajfa-79	108	5	between	between	ADP
ajfa-79	108	6	them	they	PRON
ajfa-79	108	7	,	,	PUNCT
ajfa-79	108	8	we	we	PRON
ajfa-79	108	9	manually	manually	ADV
ajfa-79	108	10	checked	check	VERB
ajfa-79	108	11	the	the	DET
ajfa-79	108	12	information	information	NOUN
ajfa-79	108	13	disclosed	disclose	VERB
ajfa-79	108	14	in	in	ADP
ajfa-79	108	15	the	the	DET
ajfa-79	108	16	original	original	ADJ
ajfa-79	108	17	annual	annual	ADJ
ajfa-79	108	18	reports	report	NOUN
ajfa-79	108	19	published	publish	VERB
ajfa-79	108	20	on	on	ADP
ajfa-79	108	21	the	the	DET
ajfa-79	108	22	websites	website	NOUN
ajfa-79	108	23	of	of	ADP
ajfa-79	108	24	the	the	DET
ajfa-79	108	25	shanghai	shanghai	PROPN
ajfa-79	108	26	stock	stock	PROPN
ajfa-79	108	27	exchange	exchange	PROPN
ajfa-79	108	28	and	and	CCONJ
ajfa-79	108	29	the	the	DET
ajfa-79	108	30	shenzhen	shenzhen	PROPN
ajfa-79	108	31	stock	stock	PROPN
ajfa-79	108	32	exchange	exchange	PROPN
ajfa-79	108	33	,	,	PUNCT
ajfa-79	108	34	and	and	CCONJ
ajfa-79	108	35	kept	keep	VERB
ajfa-79	108	36	the	the	DET
ajfa-79	108	37	correct	correct	ADJ
ajfa-79	108	38	information	information	NOUN
ajfa-79	108	39	.	.	PUNCT
ajfa-79	109	1	3.2	3.2	NUM
ajfa-79	109	2	variables	variable	NOUN
ajfa-79	109	3	this	this	DET
ajfa-79	109	4	study	study	NOUN
ajfa-79	109	5	is	be	AUX
ajfa-79	109	6	to	to	PART
ajfa-79	109	7	investigate	investigate	VERB
ajfa-79	109	8	the	the	DET
ajfa-79	109	9	effects	effect	NOUN
ajfa-79	109	10	of	of	ADP
ajfa-79	109	11	supervisory	supervisory	ADJ
ajfa-79	109	12	board	board	NOUN
ajfa-79	109	13	on	on	ADP
ajfa-79	109	14	board	board	PROPN
ajfa-79	109	15	chair	chair	NOUN
ajfa-79	109	16	pay	pay	VERB
ajfa-79	109	17	.	.	PUNCT
ajfa-79	110	1	prior	prior	ADJ
ajfa-79	110	2	research	research	NOUN
ajfa-79	110	3	(	(	PUNCT
ajfa-79	110	4	e.g.	e.g.	ADV
ajfa-79	110	5	,	,	PUNCT
ajfa-79	110	6	firth	firth	PROPN
ajfa-79	110	7	,	,	PUNCT
ajfa-79	110	8	fung	fung	PROPN
ajfa-79	110	9	,	,	PUNCT
ajfa-79	110	10	and	and	CCONJ
ajfa-79	110	11	rui	rui	PROPN
ajfa-79	110	12	,	,	PUNCT
ajfa-79	110	13	2006	2006	NUM
ajfa-79	110	14	)	)	PUNCT
ajfa-79	110	15	focuses	focus	VERB
ajfa-79	110	16	on	on	ADP
ajfa-79	110	17	the	the	DET
ajfa-79	110	18	ceo	ceo	NOUN
ajfa-79	110	19	compensation	compensation	NOUN
ajfa-79	110	20	since	since	SCONJ
ajfa-79	110	21	it	it	PRON
ajfa-79	110	22	is	be	AUX
ajfa-79	110	23	widely	widely	ADV
ajfa-79	110	24	accepted	accept	VERB
ajfa-79	110	25	that	that	SCONJ
ajfa-79	110	26	ceo	ceo	NOUN
ajfa-79	110	27	is	be	AUX
ajfa-79	110	28	the	the	DET
ajfa-79	110	29	one	one	NUM
ajfa-79	110	30	who	who	PRON
ajfa-79	110	31	makes	make	VERB
ajfa-79	110	32	major	major	ADJ
ajfa-79	110	33	decisions	decision	NOUN
ajfa-79	110	34	in	in	ADP
ajfa-79	110	35	a	a	DET
ajfa-79	110	36	company	company	NOUN
ajfa-79	110	37	.	.	PUNCT
ajfa-79	111	1	in	in	ADP
ajfa-79	111	2	china	china	PROPN
ajfa-79	111	3	,	,	PUNCT
ajfa-79	111	4	however	however	ADV
ajfa-79	111	5	,	,	PUNCT
ajfa-79	111	6	the	the	DET
ajfa-79	111	7	situation	situation	NOUN
ajfa-79	111	8	is	be	AUX
ajfa-79	111	9	different	different	ADJ
ajfa-79	111	10	since	since	SCONJ
ajfa-79	111	11	the	the	DET
ajfa-79	111	12	chairman	chairman	NOUN
ajfa-79	111	13	of	of	ADP
ajfa-79	111	14	board	board	NOUN
ajfa-79	111	15	of	of	ADP
ajfa-79	111	16	directors	director	NOUN
ajfa-79	111	17	is	be	AUX
ajfa-79	111	18	the	the	DET
ajfa-79	111	19	actual	actual	ADJ
ajfa-79	111	20	leader	leader	NOUN
ajfa-79	111	21	of	of	ADP
ajfa-79	111	22	a	a	DET
ajfa-79	111	23	company	company	NOUN
ajfa-79	111	24	(	(	PUNCT
ajfa-79	111	25	chen	chen	PROPN
ajfa-79	111	26	,	,	PUNCT
ajfa-79	111	27	et	et	PROPN
ajfa-79	111	28	al	al	PROPN
ajfa-79	111	29	.	.	PROPN
ajfa-79	111	30	,	,	PUNCT
ajfa-79	111	31	2006	2006	NUM
ajfa-79	111	32	)	)	PUNCT
ajfa-79	111	33	.	.	PUNCT
ajfa-79	112	1	according	accord	VERB
ajfa-79	112	2	to	to	ADP
ajfa-79	112	3	the	the	DET
ajfa-79	112	4	corporate	corporate	ADJ
ajfa-79	112	5	law	law	NOUN
ajfa-79	112	6	first	first	ADV
ajfa-79	112	7	promulgated	promulgate	VERB
ajfa-79	112	8	in	in	ADP
ajfa-79	112	9	1993	1993	NUM
ajfa-79	112	10	,	,	PUNCT
ajfa-79	112	11	the	the	DET
ajfa-79	112	12	chairman	chairman	NOUN
ajfa-79	112	13	of	of	ADP
ajfa-79	112	14	board	board	NOUN
ajfa-79	112	15	of	of	ADP
ajfa-79	112	16	directors	director	NOUN
ajfa-79	112	17	,	,	PUNCT
ajfa-79	112	18	instead	instead	ADV
ajfa-79	112	19	of	of	ADP
ajfa-79	112	20	the	the	DET
ajfa-79	112	21	ceo	ceo	NOUN
ajfa-79	112	22	,	,	PUNCT
ajfa-79	112	23	is	be	AUX
ajfa-79	112	24	the	the	DET
ajfa-79	112	25	legal	legal	ADJ
ajfa-79	112	26	representative	representative	NOUN
ajfa-79	112	27	of	of	ADP
ajfa-79	112	28	the	the	DET
ajfa-79	112	29	public	public	ADJ
ajfa-79	112	30	company	company	NOUN
ajfa-79	112	31	.	.	PUNCT
ajfa-79	113	1	in	in	ADP
ajfa-79	113	2	addition	addition	NOUN
ajfa-79	113	3	,	,	PUNCT
ajfa-79	113	4	since	since	SCONJ
ajfa-79	113	5	most	most	ADJ
ajfa-79	113	6	of	of	ADP
ajfa-79	113	7	listed	list	VERB
ajfa-79	113	8	firms	firm	NOUN
ajfa-79	113	9	in	in	ADP
ajfa-79	113	10	china	china	PROPN
ajfa-79	113	11	were	be	AUX
ajfa-79	113	12	reorganized	reorganize	VERB
ajfa-79	113	13	from	from	ADP
ajfa-79	113	14	soes	soe	NOUN
ajfa-79	113	15	,	,	PUNCT
ajfa-79	113	16	the	the	DET
ajfa-79	113	17	chinese	chinese	ADJ
ajfa-79	113	18	government	government	NOUN
ajfa-79	113	19	is	be	AUX
ajfa-79	113	20	involved	involve	VERB
ajfa-79	113	21	in	in	ADP
ajfa-79	113	22	firm	firm	ADJ
ajfa-79	113	23	management	management	NOUN
ajfa-79	113	24	more	more	ADV
ajfa-79	113	25	often	often	ADV
ajfa-79	113	26	than	than	ADP
ajfa-79	113	27	dominating	dominate	VERB
ajfa-79	113	28	shareholders	shareholder	NOUN
ajfa-79	113	29	in	in	ADP
ajfa-79	113	30	corporations	corporation	NOUN
ajfa-79	113	31	in	in	ADP
ajfa-79	113	32	mature	mature	ADJ
ajfa-79	113	33	markets	market	NOUN
ajfa-79	113	34	.	.	PUNCT
ajfa-79	114	1	pistor	pistor	NOUN
ajfa-79	114	2	and	and	CCONJ
ajfa-79	114	3	xu	xu	PROPN
ajfa-79	114	4	(	(	PUNCT
ajfa-79	114	5	2005	2005	NUM
ajfa-79	114	6	)	)	PUNCT
ajfa-79	114	7	find	find	VERB
ajfa-79	114	8	that	that	SCONJ
ajfa-79	114	9	administrative	administrative	ADJ
ajfa-79	114	10	governance	governance	NOUN
ajfa-79	114	11	is	be	AUX
ajfa-79	114	12	more	more	ADV
ajfa-79	114	13	important	important	ADJ
ajfa-79	114	14	than	than	ADP
ajfa-79	114	15	legal	legal	ADJ
ajfa-79	114	16	governance	governance	NOUN
ajfa-79	114	17	in	in	ADP
ajfa-79	114	18	china	china	PROPN
ajfa-79	114	19	's	's	PART
ajfa-79	114	20	financial	financial	ADJ
ajfa-79	114	21	markets	market	NOUN
ajfa-79	114	22	.	.	PUNCT
ajfa-79	115	1	the	the	DET
ajfa-79	115	2	administrative	administrative	ADJ
ajfa-79	115	3	governance	governance	NOUN
ajfa-79	115	4	extends	extend	VERB
ajfa-79	115	5	to	to	PART
ajfa-79	115	6	publicly	publicly	ADV
ajfa-79	115	7	listed	list	VERB
ajfa-79	115	8	companies	company	NOUN
ajfa-79	115	9	mainly	mainly	ADV
ajfa-79	115	10	through	through	ADP
ajfa-79	115	11	the	the	DET
ajfa-79	115	12	board	board	NOUN
ajfa-79	115	13	chair	chair	NOUN
ajfa-79	115	14	,	,	PUNCT
ajfa-79	115	15	who	who	PRON
ajfa-79	115	16	usually	usually	ADV
ajfa-79	115	17	comes	come	VERB
ajfa-79	115	18	from	from	ADP
ajfa-79	115	19	the	the	DET
ajfa-79	115	20	government	government	NOUN
ajfa-79	115	21	or	or	CCONJ
ajfa-79	115	22	soes	soe	NOUN
ajfa-79	115	23	.	.	PUNCT
ajfa-79	116	1	as	as	SCONJ
ajfa-79	116	2	discussed	discuss	VERB
ajfa-79	116	3	in	in	ADP
ajfa-79	116	4	the	the	DET
ajfa-79	116	5	introduction	introduction	NOUN
ajfa-79	116	6	section	section	NOUN
ajfa-79	116	7	,	,	PUNCT
ajfa-79	116	8	in	in	ADP
ajfa-79	116	9	addition	addition	NOUN
ajfa-79	116	10	,	,	PUNCT
ajfa-79	116	11	board	board	NOUN
ajfa-79	116	12	chairs	chair	NOUN
ajfa-79	116	13	in	in	ADP
ajfa-79	116	14	many	many	ADJ
ajfa-79	116	15	of	of	ADP
ajfa-79	116	16	the	the	DET
ajfa-79	116	17	listed	list	VERB
ajfa-79	116	18	companies	company	NOUN
ajfa-79	116	19	in	in	ADP
ajfa-79	116	20	china	china	PROPN
ajfa-79	116	21	are	be	AUX
ajfa-79	116	22	also	also	ADV
ajfa-79	116	23	their	their	PRON
ajfa-79	116	24	ceos	ceo	NOUN
ajfa-79	116	25	,	,	PUNCT
ajfa-79	116	26	and	and	CCONJ
ajfa-79	116	27	represent	represent	VERB
ajfa-79	116	28	the	the	DET
ajfa-79	116	29	benefits	benefit	NOUN
ajfa-79	116	30	of	of	ADP
ajfa-79	116	31	both	both	DET
ajfa-79	116	32	shareholders	shareholder	NOUN
ajfa-79	116	33	and	and	CCONJ
ajfa-79	116	34	management	management	NOUN
ajfa-79	116	35	teams	team	NOUN
ajfa-79	116	36	.	.	PUNCT
ajfa-79	117	1	among	among	ADP
ajfa-79	117	2	the	the	DET
ajfa-79	117	3	rich	rich	ADJ
ajfa-79	117	4	literature	literature	NOUN
ajfa-79	117	5	on	on	ADP
ajfa-79	117	6	ceo	ceo	NOUN
ajfa-79	117	7	compensation	compensation	NOUN
ajfa-79	117	8	,	,	PUNCT
ajfa-79	117	9	the	the	DET
ajfa-79	117	10	2	2	NUM
ajfa-79	117	11	note	note	NOUN
ajfa-79	117	12	that	that	SCONJ
ajfa-79	117	13	as	as	SCONJ
ajfa-79	117	14	the	the	DET
ajfa-79	117	15	newly	newly	ADV
ajfa-79	117	16	-	-	PUNCT
ajfa-79	117	17	amended	amend	VERB
ajfa-79	117	18	corporate	corporate	ADJ
ajfa-79	117	19	law	law	NOUN
ajfa-79	117	20	is	be	AUX
ajfa-79	117	21	expected	expect	VERB
ajfa-79	117	22	to	to	PART
ajfa-79	117	23	improve	improve	VERB
ajfa-79	117	24	the	the	DET
ajfa-79	117	25	effectiveness	effectiveness	NOUN
ajfa-79	117	26	of	of	ADP
ajfa-79	117	27	the	the	DET
ajfa-79	117	28	dual	dual	ADJ
ajfa-79	117	29	-	-	PUNCT
ajfa-79	117	30	board	board	NOUN
ajfa-79	117	31	corporate	corporate	ADJ
ajfa-79	117	32	governance	governance	NOUN
ajfa-79	117	33	mechanism	mechanism	NOUN
ajfa-79	117	34	in	in	ADP
ajfa-79	117	35	chinese	chinese	ADJ
ajfa-79	117	36	publicly	publicly	ADV
ajfa-79	117	37	listed	list	VERB
ajfa-79	117	38	companies	company	NOUN
ajfa-79	117	39	,	,	PUNCT
ajfa-79	117	40	supervisory	supervisory	ADJ
ajfa-79	117	41	board	board	NOUN
ajfa-79	117	42	’s	’s	PART
ajfa-79	117	43	functionality	functionality	NOUN
ajfa-79	117	44	has	have	AUX
ajfa-79	117	45	been	be	AUX
ajfa-79	117	46	improved	improve	VERB
ajfa-79	117	47	,	,	PUNCT
ajfa-79	117	48	and	and	CCONJ
ajfa-79	117	49	therefore	therefore	ADV
ajfa-79	117	50	we	we	PRON
ajfa-79	117	51	hypothesize	hypothesize	VERB
ajfa-79	117	52	that	that	SCONJ
ajfa-79	117	53	its	its	PRON
ajfa-79	117	54	activities	activity	NOUN
ajfa-79	117	55	and	and	CCONJ
ajfa-79	117	56	characteristics	characteristic	NOUN
ajfa-79	117	57	may	may	AUX
ajfa-79	117	58	help	help	VERB
ajfa-79	117	59	curb	curb	VERB
ajfa-79	117	60	board	board	NOUN
ajfa-79	117	61	chair	chair	NOUN
ajfa-79	117	62	pay	pay	VERB
ajfa-79	117	63	.	.	PUNCT
ajfa-79	118	1	asian	asian	ADJ
ajfa-79	118	2	journal	journal	PROPN
ajfa-79	118	3	of	of	ADP
ajfa-79	118	4	finance	finance	PROPN
ajfa-79	118	5	&	&	CCONJ
ajfa-79	118	6	accounting	accounting	PROPN
ajfa-79	118	7	issn	issn	PROPN
ajfa-79	118	8	1946	1946	NUM
ajfa-79	118	9	-	-	PUNCT
ajfa-79	118	10	052x	052x	NOUN
ajfa-79	118	11	2009	2009	NUM
ajfa-79	118	12	,	,	PUNCT
ajfa-79	118	13	vol	vol	NOUN
ajfa-79	118	14	.	.	PROPN
ajfa-79	118	15	1	1	NUM
ajfa-79	118	16	,	,	PUNCT
ajfa-79	118	17	no	no	INTJ
ajfa-79	118	18	.	.	NOUN
ajfa-79	118	19	1	1	NUM
ajfa-79	118	20	:	:	PUNCT
ajfa-79	118	21	e1	e1	VERB
ajfa-79	118	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	118	23	8	8	NUM
ajfa-79	118	24	monitoring	monitoring	NOUN
ajfa-79	118	25	effects	effect	NOUN
ajfa-79	118	26	of	of	ADP
ajfa-79	118	27	independent	independent	ADJ
ajfa-79	118	28	directors	director	NOUN
ajfa-79	118	29	on	on	ADP
ajfa-79	118	30	ceo	ceo	NOUN
ajfa-79	118	31	compensation	compensation	NOUN
ajfa-79	118	32	have	have	AUX
ajfa-79	118	33	been	be	AUX
ajfa-79	118	34	considered	consider	VERB
ajfa-79	118	35	using	use	VERB
ajfa-79	118	36	u.s	u.s	PROPN
ajfa-79	118	37	.	.	PROPN
ajfa-79	118	38	listed	list	VERB
ajfa-79	118	39	companies	company	NOUN
ajfa-79	118	40	with	with	ADP
ajfa-79	118	41	ceo	ceo	NOUN
ajfa-79	118	42	as	as	ADP
ajfa-79	118	43	the	the	DET
ajfa-79	118	44	board	board	NOUN
ajfa-79	118	45	chair	chair	NOUN
ajfa-79	118	46	(	(	PUNCT
ajfa-79	118	47	e.g.	e.g.	ADV
ajfa-79	118	48	,	,	PUNCT
ajfa-79	118	49	core	core	NOUN
ajfa-79	118	50	,	,	PUNCT
ajfa-79	118	51	holthausen	holthausen	NOUN
ajfa-79	118	52	,	,	PUNCT
ajfa-79	118	53	and	and	CCONJ
ajfa-79	118	54	larcker	larcker	NOUN
ajfa-79	118	55	,	,	PUNCT
ajfa-79	118	56	1999	1999	NUM
ajfa-79	118	57	;	;	PUNCT
ajfa-79	118	58	anderson	anderson	PROPN
ajfa-79	118	59	and	and	CCONJ
ajfa-79	118	60	bizjak	bizjak	PROPN
ajfa-79	118	61	,	,	PUNCT
ajfa-79	118	62	2003	2003	NUM
ajfa-79	118	63	;	;	PUNCT
ajfa-79	118	64	chhaochharia	chhaochharia	PROPN
ajfa-79	118	65	and	and	CCONJ
ajfa-79	118	66	grinstein	grinstein	PROPN
ajfa-79	118	67	,	,	PUNCT
ajfa-79	118	68	2008	2008	NUM
ajfa-79	118	69	;	;	PUNCT
ajfa-79	118	70	guedj	guedj	NOUN
ajfa-79	118	71	and	and	CCONJ
ajfa-79	118	72	barnea	barnea	NOUN
ajfa-79	118	73	,	,	PUNCT
ajfa-79	118	74	2009	2009	NUM
ajfa-79	118	75	)	)	PUNCT
ajfa-79	118	76	3	3	NUM
ajfa-79	118	77	.	.	PUNCT
ajfa-79	119	1	since	since	SCONJ
ajfa-79	119	2	supervisory	supervisory	ADJ
ajfa-79	119	3	board	board	NOUN
ajfa-79	119	4	serves	serve	VERB
ajfa-79	119	5	as	as	ADP
ajfa-79	119	6	one	one	NUM
ajfa-79	119	7	of	of	ADP
ajfa-79	119	8	the	the	DET
ajfa-79	119	9	monitoring	monitoring	NOUN
ajfa-79	119	10	organs	organ	NOUN
ajfa-79	119	11	in	in	ADP
ajfa-79	119	12	chinese	chinese	ADJ
ajfa-79	119	13	listed	list	VERB
ajfa-79	119	14	companies	company	NOUN
ajfa-79	119	15	and	and	CCONJ
ajfa-79	119	16	is	be	AUX
ajfa-79	119	17	required	require	VERB
ajfa-79	119	18	to	to	PART
ajfa-79	119	19	monitor	monitor	VERB
ajfa-79	119	20	behaviors	behavior	NOUN
ajfa-79	119	21	of	of	ADP
ajfa-79	119	22	both	both	DET
ajfa-79	119	23	board	board	NOUN
ajfa-79	119	24	of	of	ADP
ajfa-79	119	25	directors	director	NOUN
ajfa-79	119	26	and	and	CCONJ
ajfa-79	119	27	management	management	NOUN
ajfa-79	119	28	team	team	NOUN
ajfa-79	119	29	,	,	PUNCT
ajfa-79	119	30	it	it	PRON
ajfa-79	119	31	is	be	AUX
ajfa-79	119	32	of	of	ADP
ajfa-79	119	33	importance	importance	NOUN
ajfa-79	119	34	to	to	PART
ajfa-79	119	35	investigate	investigate	VERB
ajfa-79	119	36	the	the	DET
ajfa-79	119	37	effects	effect	NOUN
ajfa-79	119	38	of	of	ADP
ajfa-79	119	39	activities	activity	NOUN
ajfa-79	119	40	and	and	CCONJ
ajfa-79	119	41	characteristics	characteristic	NOUN
ajfa-79	119	42	of	of	ADP
ajfa-79	119	43	a	a	DET
ajfa-79	119	44	supervisory	supervisory	ADJ
ajfa-79	119	45	board	board	NOUN
ajfa-79	119	46	on	on	ADP
ajfa-79	119	47	board	board	PROPN
ajfa-79	119	48	chair	chair	PROPN
ajfa-79	119	49	’s	’s	PART
ajfa-79	119	50	compensation	compensation	NOUN
ajfa-79	119	51	.	.	PUNCT
ajfa-79	120	1	therefore	therefore	ADV
ajfa-79	120	2	,	,	PUNCT
ajfa-79	120	3	we	we	PRON
ajfa-79	120	4	make	make	VERB
ajfa-79	120	5	use	use	NOUN
ajfa-79	120	6	of	of	ADP
ajfa-79	120	7	the	the	DET
ajfa-79	120	8	executive	executive	ADJ
ajfa-79	120	9	pay	pay	NOUN
ajfa-79	120	10	received	receive	VERB
ajfa-79	120	11	by	by	ADP
ajfa-79	120	12	the	the	DET
ajfa-79	120	13	board	board	NOUN
ajfa-79	120	14	chair	chair	NOUN
ajfa-79	120	15	(	(	PUNCT
ajfa-79	120	16	bcpay	bcpay	NOUN
ajfa-79	120	17	)	)	PUNCT
ajfa-79	120	18	as	as	ADP
ajfa-79	120	19	the	the	DET
ajfa-79	120	20	dependent	dependent	ADJ
ajfa-79	120	21	variable	variable	NOUN
ajfa-79	120	22	4	4	NUM
ajfa-79	120	23	.	.	PUNCT
ajfa-79	121	1	while	while	SCONJ
ajfa-79	121	2	research	research	NOUN
ajfa-79	121	3	on	on	ADP
ajfa-79	121	4	the	the	DET
ajfa-79	121	5	monitoring	monitoring	NOUN
ajfa-79	121	6	effects	effect	NOUN
ajfa-79	121	7	of	of	ADP
ajfa-79	121	8	supervisory	supervisory	ADJ
ajfa-79	121	9	board	board	NOUN
ajfa-79	121	10	is	be	AUX
ajfa-79	121	11	rare	rare	ADJ
ajfa-79	121	12	,	,	PUNCT
ajfa-79	121	13	there	there	PRON
ajfa-79	121	14	is	be	VERB
ajfa-79	121	15	a	a	DET
ajfa-79	121	16	rich	rich	ADJ
ajfa-79	121	17	literature	literature	NOUN
ajfa-79	121	18	on	on	ADP
ajfa-79	121	19	functions	function	NOUN
ajfa-79	121	20	of	of	ADP
ajfa-79	121	21	board	board	NOUN
ajfa-79	121	22	of	of	ADP
ajfa-79	121	23	directors	director	NOUN
ajfa-79	121	24	,	,	PUNCT
ajfa-79	121	25	and	and	CCONJ
ajfa-79	121	26	therefore	therefore	ADV
ajfa-79	121	27	,	,	PUNCT
ajfa-79	121	28	we	we	PRON
ajfa-79	121	29	follow	follow	VERB
ajfa-79	121	30	previous	previous	ADJ
ajfa-79	121	31	researchers	researcher	NOUN
ajfa-79	121	32	(	(	PUNCT
ajfa-79	121	33	jensen	jensen	PROPN
ajfa-79	121	34	,	,	PUNCT
ajfa-79	121	35	1993	1993	NUM
ajfa-79	121	36	;	;	PUNCT
ajfa-79	121	37	vafeas	vafea	NOUN
ajfa-79	121	38	,	,	PUNCT
ajfa-79	121	39	1999	1999	NUM
ajfa-79	121	40	;	;	PUNCT
ajfa-79	121	41	jia	jia	PROPN
ajfa-79	121	42	,	,	PUNCT
ajfa-79	121	43	ding	ding	NOUN
ajfa-79	121	44	,	,	PUNCT
ajfa-79	121	45	li	li	PROPN
ajfa-79	121	46	,	,	PUNCT
ajfa-79	121	47	wu	wu	PROPN
ajfa-79	121	48	,	,	PUNCT
ajfa-79	121	49	2009	2009	NUM
ajfa-79	121	50	;	;	PUNCT
ajfa-79	121	51	wu	wu	PROPN
ajfa-79	121	52	,	,	PUNCT
ajfa-79	121	53	et	et	PROPN
ajfa-79	121	54	al	al	PROPN
ajfa-79	121	55	.	.	PROPN
ajfa-79	121	56	,	,	PUNCT
ajfa-79	121	57	2009	2009	NUM
ajfa-79	121	58	)	)	PUNCT
ajfa-79	121	59	and	and	CCONJ
ajfa-79	121	60	measure	measure	NOUN
ajfa-79	121	61	characteristics	characteristic	NOUN
ajfa-79	121	62	of	of	ADP
ajfa-79	121	63	supervisory	supervisory	ADJ
ajfa-79	121	64	board	board	NOUN
ajfa-79	121	65	using	use	VERB
ajfa-79	121	66	three	three	NUM
ajfa-79	121	67	variables	variable	NOUN
ajfa-79	121	68	.	.	PUNCT
ajfa-79	122	1	they	they	PRON
ajfa-79	122	2	are	be	AUX
ajfa-79	122	3	the	the	DET
ajfa-79	122	4	meeting	meeting	NOUN
ajfa-79	122	5	frequency	frequency	NOUN
ajfa-79	122	6	of	of	ADP
ajfa-79	122	7	supervisory	supervisory	ADJ
ajfa-79	122	8	board	board	NOUN
ajfa-79	122	9	(	(	PUNCT
ajfa-79	122	10	sbmf	sbmf	PROPN
ajfa-79	122	11	)	)	PUNCT
ajfa-79	122	12	,	,	PUNCT
ajfa-79	122	13	its	its	PRON
ajfa-79	122	14	size	size	NOUN
ajfa-79	122	15	(	(	PUNCT
ajfa-79	122	16	sbs	sbs	NOUN
ajfa-79	122	17	)	)	PUNCT
ajfa-79	122	18	,	,	PUNCT
ajfa-79	122	19	and	and	CCONJ
ajfa-79	122	20	the	the	DET
ajfa-79	122	21	turnover	turnover	NOUN
ajfa-79	122	22	of	of	ADP
ajfa-79	122	23	its	its	PRON
ajfa-79	122	24	chairman	chairman	NOUN
ajfa-79	122	25	(	(	PUNCT
ajfa-79	122	26	sbcturnover	sbcturnover	NOUN
ajfa-79	122	27	)	)	PUNCT
ajfa-79	122	28	,	,	PUNCT
ajfa-79	122	29	and	and	CCONJ
ajfa-79	122	30	they	they	PRON
ajfa-79	122	31	serve	serve	VERB
ajfa-79	122	32	as	as	ADP
ajfa-79	122	33	the	the	DET
ajfa-79	122	34	independent	independent	ADJ
ajfa-79	122	35	variables	variable	NOUN
ajfa-79	122	36	in	in	ADP
ajfa-79	122	37	this	this	DET
ajfa-79	122	38	study	study	NOUN
ajfa-79	122	39	.	.	PUNCT
ajfa-79	123	1	while	while	SCONJ
ajfa-79	123	2	sbmf	sbmf	PROPN
ajfa-79	123	3	and	and	CCONJ
ajfa-79	123	4	sbs	sbs	NOUN
ajfa-79	123	5	are	be	AUX
ajfa-79	123	6	continuous	continuous	ADJ
ajfa-79	123	7	variables	variable	NOUN
ajfa-79	123	8	,	,	PUNCT
ajfa-79	123	9	sbcturnover	sbcturnover	PRON
ajfa-79	123	10	is	be	AUX
ajfa-79	123	11	a	a	DET
ajfa-79	123	12	binary	binary	ADJ
ajfa-79	123	13	variable	variable	NOUN
ajfa-79	123	14	indicating	indicate	VERB
ajfa-79	123	15	whether	whether	SCONJ
ajfa-79	123	16	there	there	PRON
ajfa-79	123	17	is	be	VERB
ajfa-79	123	18	a	a	DET
ajfa-79	123	19	turnover	turnover	NOUN
ajfa-79	123	20	of	of	ADP
ajfa-79	123	21	the	the	DET
ajfa-79	123	22	chairman	chairman	NOUN
ajfa-79	123	23	of	of	ADP
ajfa-79	123	24	the	the	DET
ajfa-79	123	25	supervisory	supervisory	ADJ
ajfa-79	123	26	board	board	NOUN
ajfa-79	123	27	in	in	ADP
ajfa-79	123	28	a	a	DET
ajfa-79	123	29	year	year	NOUN
ajfa-79	123	30	.	.	PUNCT
ajfa-79	124	1	while	while	SCONJ
ajfa-79	124	2	studying	study	VERB
ajfa-79	124	3	the	the	DET
ajfa-79	124	4	monitoring	monitoring	NOUN
ajfa-79	124	5	effects	effect	NOUN
ajfa-79	124	6	of	of	ADP
ajfa-79	124	7	board	board	NOUN
ajfa-79	124	8	meeting	meeting	NOUN
ajfa-79	124	9	frequency	frequency	NOUN
ajfa-79	124	10	on	on	ADP
ajfa-79	124	11	firm	firm	ADJ
ajfa-79	124	12	performance	performance	NOUN
ajfa-79	124	13	,	,	PUNCT
ajfa-79	124	14	vafeas	vafea	NOUN
ajfa-79	124	15	(	(	PUNCT
ajfa-79	124	16	1999	1999	NUM
ajfa-79	124	17	)	)	PUNCT
ajfa-79	124	18	indicates	indicate	VERB
ajfa-79	124	19	that	that	SCONJ
ajfa-79	124	20	a	a	DET
ajfa-79	124	21	firm	firm	NOUN
ajfa-79	124	22	's	's	PART
ajfa-79	124	23	board	board	NOUN
ajfa-79	124	24	meeting	meeting	NOUN
ajfa-79	124	25	frequency	frequency	NOUN
ajfa-79	124	26	may	may	AUX
ajfa-79	124	27	be	be	AUX
ajfa-79	124	28	influenced	influence	VERB
ajfa-79	124	29	by	by	ADP
ajfa-79	124	30	lagged	lag	VERB
ajfa-79	124	31	firm	firm	ADJ
ajfa-79	124	32	performance	performance	NOUN
ajfa-79	124	33	and	and	CCONJ
ajfa-79	124	34	its	its	PRON
ajfa-79	124	35	risk	risk	NOUN
ajfa-79	124	36	-	-	PUNCT
ajfa-79	124	37	taking	take	VERB
ajfa-79	124	38	behaviors	behavior	NOUN
ajfa-79	124	39	in	in	ADP
ajfa-79	124	40	the	the	DET
ajfa-79	124	41	past	past	ADJ
ajfa-79	124	42	year	year	NOUN
ajfa-79	124	43	.	.	PUNCT
ajfa-79	125	1	under	under	ADP
ajfa-79	125	2	the	the	DET
ajfa-79	125	3	agency	agency	NOUN
ajfa-79	125	4	theory	theory	NOUN
ajfa-79	125	5	(	(	PUNCT
ajfa-79	125	6	jensen	jensen	PROPN
ajfa-79	125	7	,	,	PUNCT
ajfa-79	125	8	1993	1993	NUM
ajfa-79	125	9	)	)	PUNCT
ajfa-79	125	10	,	,	PUNCT
ajfa-79	125	11	one	one	PRON
ajfa-79	125	12	also	also	ADV
ajfa-79	125	13	realizes	realize	VERB
ajfa-79	125	14	that	that	SCONJ
ajfa-79	125	15	the	the	DET
ajfa-79	125	16	size	size	NOUN
ajfa-79	125	17	of	of	ADP
ajfa-79	125	18	supervisory	supervisory	ADJ
ajfa-79	125	19	board	board	NOUN
ajfa-79	125	20	can	can	AUX
ajfa-79	125	21	also	also	ADV
ajfa-79	125	22	influence	influence	VERB
ajfa-79	125	23	its	its	PRON
ajfa-79	125	24	meeting	meeting	NOUN
ajfa-79	125	25	frequency	frequency	NOUN
ajfa-79	125	26	.	.	PUNCT
ajfa-79	126	1	in	in	ADP
ajfa-79	126	2	other	other	ADJ
ajfa-79	126	3	words	word	NOUN
ajfa-79	126	4	,	,	PUNCT
ajfa-79	126	5	a	a	DET
ajfa-79	126	6	supervisory	supervisory	ADJ
ajfa-79	126	7	board	board	NOUN
ajfa-79	126	8	with	with	ADP
ajfa-79	126	9	a	a	DET
ajfa-79	126	10	larger	large	ADJ
ajfa-79	126	11	size	size	NOUN
ajfa-79	126	12	tends	tend	VERB
ajfa-79	126	13	to	to	PART
ajfa-79	126	14	meet	meet	VERB
ajfa-79	126	15	more	more	ADJ
ajfa-79	126	16	to	to	PART
ajfa-79	126	17	reach	reach	VERB
ajfa-79	126	18	agreements	agreement	NOUN
ajfa-79	126	19	.	.	PUNCT
ajfa-79	127	1	in	in	ADP
ajfa-79	127	2	the	the	DET
ajfa-79	127	3	current	current	ADJ
ajfa-79	127	4	study	study	NOUN
ajfa-79	127	5	,	,	PUNCT
ajfa-79	127	6	the	the	DET
ajfa-79	127	7	research	research	NOUN
ajfa-79	127	8	objective	objective	NOUN
ajfa-79	127	9	is	be	AUX
ajfa-79	127	10	to	to	PART
ajfa-79	127	11	investigate	investigate	VERB
ajfa-79	127	12	the	the	DET
ajfa-79	127	13	monitoring	monitoring	NOUN
ajfa-79	127	14	effects	effect	NOUN
ajfa-79	127	15	of	of	ADP
ajfa-79	127	16	the	the	DET
ajfa-79	127	17	activities	activity	NOUN
ajfa-79	127	18	and	and	CCONJ
ajfa-79	127	19	characteristics	characteristic	NOUN
ajfa-79	127	20	of	of	ADP
ajfa-79	127	21	supervisory	supervisory	ADJ
ajfa-79	127	22	board	board	NOUN
ajfa-79	127	23	on	on	ADP
ajfa-79	127	24	board	board	NOUN
ajfa-79	127	25	chair	chair	NOUN
ajfa-79	127	26	pay	pay	VERB
ajfa-79	127	27	in	in	ADP
ajfa-79	127	28	chinese	chinese	ADJ
ajfa-79	127	29	publicly	publicly	ADV
ajfa-79	127	30	listed	list	VERB
ajfa-79	127	31	companies	company	NOUN
ajfa-79	127	32	.	.	PUNCT
ajfa-79	128	1	we	we	PRON
ajfa-79	128	2	have	have	AUX
ajfa-79	128	3	also	also	ADV
ajfa-79	128	4	mentioned	mention	VERB
ajfa-79	128	5	before	before	SCONJ
ajfa-79	128	6	that	that	DET
ajfa-79	128	7	supervisory	supervisory	ADJ
ajfa-79	128	8	board	board	NOUN
ajfa-79	128	9	is	be	AUX
ajfa-79	128	10	responsible	responsible	ADJ
ajfa-79	128	11	for	for	ADP
ajfa-79	128	12	monitoring	monitor	VERB
ajfa-79	128	13	behaviors	behavior	NOUN
ajfa-79	128	14	of	of	ADP
ajfa-79	128	15	board	board	NOUN
ajfa-79	128	16	of	of	ADP
ajfa-79	128	17	directors	director	NOUN
ajfa-79	128	18	and	and	CCONJ
ajfa-79	128	19	management	management	NOUN
ajfa-79	128	20	team	team	NOUN
ajfa-79	128	21	.	.	PUNCT
ajfa-79	129	1	therefore	therefore	ADV
ajfa-79	129	2	,	,	PUNCT
ajfa-79	129	3	the	the	DET
ajfa-79	129	4	potential	potential	ADJ
ajfa-79	129	5	influence	influence	NOUN
ajfa-79	129	6	of	of	ADP
ajfa-79	129	7	past	past	ADJ
ajfa-79	129	8	performance	performance	NOUN
ajfa-79	129	9	and	and	CCONJ
ajfa-79	129	10	risk	risk	NOUN
ajfa-79	129	11	-	-	PUNCT
ajfa-79	129	12	taking	take	VERB
ajfa-79	129	13	behaviors	behavior	NOUN
ajfa-79	129	14	on	on	ADP
ajfa-79	129	15	supervisory	supervisory	ADJ
ajfa-79	129	16	board	board	NOUN
ajfa-79	129	17	meeting	meeting	NOUN
ajfa-79	129	18	frequency	frequency	NOUN
ajfa-79	129	19	needs	need	VERB
ajfa-79	129	20	to	to	PART
ajfa-79	129	21	be	be	AUX
ajfa-79	129	22	considered	consider	VERB
ajfa-79	129	23	.	.	PUNCT
ajfa-79	130	1	thus	thus	ADV
ajfa-79	130	2	,	,	PUNCT
ajfa-79	130	3	we	we	PRON
ajfa-79	130	4	follow	follow	VERB
ajfa-79	130	5	and	and	CCONJ
ajfa-79	130	6	further	far	ADV
ajfa-79	130	7	develop	develop	VERB
ajfa-79	130	8	the	the	DET
ajfa-79	130	9	method	method	NOUN
ajfa-79	130	10	proposed	propose	VERB
ajfa-79	130	11	in	in	ADP
ajfa-79	130	12	vafeas	vafea	NOUN
ajfa-79	130	13	(	(	PUNCT
ajfa-79	130	14	1999	1999	NUM
ajfa-79	130	15	)	)	PUNCT
ajfa-79	130	16	to	to	PART
ajfa-79	130	17	separate	separate	VERB
ajfa-79	130	18	the	the	DET
ajfa-79	130	19	monitoring	monitoring	NOUN
ajfa-79	130	20	-	-	PUNCT
ajfa-79	130	21	induced	induce	VERB
ajfa-79	130	22	supervisory	supervisory	ADJ
ajfa-79	130	23	board	board	NOUN
ajfa-79	130	24	meeting	meeting	NOUN
ajfa-79	130	25	frequency	frequency	NOUN
ajfa-79	130	26	(	(	PUNCT
ajfa-79	130	27	misbmf	misbmf	NUM
ajfa-79	130	28	)	)	PUNCT
ajfa-79	130	29	from	from	ADP
ajfa-79	130	30	the	the	DET
ajfa-79	130	31	performance	performance	NOUN
ajfa-79	130	32	-	-	PUNCT
ajfa-79	130	33	and	and	CCONJ
ajfa-79	130	34	-	-	PUNCT
ajfa-79	130	35	risk	risk	NOUN
ajfa-79	130	36	-	-	PUNCT
ajfa-79	130	37	induced	induce	VERB
ajfa-79	130	38	component	component	NOUN
ajfa-79	130	39	using	use	VERB
ajfa-79	130	40	the	the	DET
ajfa-79	130	41	following	following	ADJ
ajfa-79	130	42	model	model	NOUN
ajfa-79	130	43	:	:	PUNCT
ajfa-79	130	44	)	)	PUNCT
ajfa-79	130	45	1()var	1()var	NOUN
ajfa-79	130	46	,	,	PUNCT
ajfa-79	130	47	,	,	PUNCT
ajfa-79	130	48	,	,	PUNCT
ajfa-79	130	49	,	,	PUNCT
ajfa-79	130	50	,	,	PUNCT
ajfa-79	130	51	(	(	PUNCT
ajfa-79	130	52	1	1	PROPN
ajfa-79	130	53	iablescontrolrsbcturnoveibsizesbsriskfpfsbmf	iablescontrolrsbcturnoveibsizesbsriskfpfsbmf	PROPN
ajfa-79	130	54	currentpastpastcurrent	currentpastpastcurrent	PROPN
ajfa-79	130	55	where	where	SCONJ
ajfa-79	130	56	the	the	DET
ajfa-79	130	57	subscript	subscript	NOUN
ajfa-79	130	58	"	"	PUNCT
ajfa-79	130	59	current	current	ADJ
ajfa-79	130	60	"	"	PUNCT
ajfa-79	130	61	indicates	indicate	VERB
ajfa-79	130	62	variables	variable	NOUN
ajfa-79	130	63	in	in	ADP
ajfa-79	130	64	the	the	DET
ajfa-79	130	65	current	current	ADJ
ajfa-79	130	66	years	year	NOUN
ajfa-79	130	67	and	and	CCONJ
ajfa-79	130	68	the	the	DET
ajfa-79	130	69	subscript	subscript	NOUN
ajfa-79	130	70	"	"	PUNCT
ajfa-79	130	71	past	past	NOUN
ajfa-79	130	72	"	"	PUNCT
ajfa-79	130	73	indicates	indicate	VERB
ajfa-79	130	74	those	those	PRON
ajfa-79	130	75	in	in	ADP
ajfa-79	130	76	the	the	DET
ajfa-79	130	77	past	past	ADJ
ajfa-79	130	78	year	year	NOUN
ajfa-79	130	79	.	.	PUNCT
ajfa-79	131	1	the	the	DET
ajfa-79	131	2	variable	variable	ADJ
ajfa-79	131	3	ibsize	ibsize	NOUN
ajfa-79	131	4	indicates	indicate	VERB
ajfa-79	131	5	the	the	DET
ajfa-79	131	6	number	number	NOUN
ajfa-79	131	7	of	of	ADP
ajfa-79	131	8	independent	independent	ADJ
ajfa-79	131	9	directors	director	NOUN
ajfa-79	131	10	on	on	ADP
ajfa-79	131	11	the	the	DET
ajfa-79	131	12	board	board	NOUN
ajfa-79	131	13	,	,	PUNCT
ajfa-79	131	14	and	and	CCONJ
ajfa-79	131	15	fppast	fppast	NOUN
ajfa-79	131	16	and	and	CCONJ
ajfa-79	131	17	riskpast	riskpast	NOUN
ajfa-79	131	18	are	be	AUX
ajfa-79	131	19	firm	firm	ADJ
ajfa-79	131	20	performance	performance	NOUN
ajfa-79	131	21	and	and	CCONJ
ajfa-79	131	22	the	the	DET
ajfa-79	131	23	risk	risk	NOUN
ajfa-79	131	24	taken	take	VERB
ajfa-79	131	25	by	by	ADP
ajfa-79	131	26	the	the	DET
ajfa-79	131	27	firm	firm	NOUN
ajfa-79	131	28	,	,	PUNCT
ajfa-79	131	29	respectively	respectively	ADV
ajfa-79	131	30	,	,	PUNCT
ajfa-79	131	31	in	in	ADP
ajfa-79	131	32	the	the	DET
ajfa-79	131	33	past	past	ADJ
ajfa-79	131	34	year	year	NOUN
ajfa-79	131	35	.	.	PUNCT
ajfa-79	132	1	since	since	SCONJ
ajfa-79	132	2	the	the	DET
ajfa-79	132	3	residual	residual	ADJ
ajfa-79	132	4	ε1	ε1	NOUN
ajfa-79	132	5	is	be	AUX
ajfa-79	132	6	free	free	ADJ
ajfa-79	132	7	of	of	ADP
ajfa-79	132	8	the	the	DET
ajfa-79	132	9	influences	influence	NOUN
ajfa-79	132	10	of	of	ADP
ajfa-79	132	11	lagged	lag	VERB
ajfa-79	132	12	firm	firm	ADJ
ajfa-79	132	13	performance	performance	NOUN
ajfa-79	132	14	,	,	PUNCT
ajfa-79	132	15	past	past	ADP
ajfa-79	132	16	risk	risk	NOUN
ajfa-79	132	17	taken	take	VERB
ajfa-79	132	18	by	by	ADP
ajfa-79	132	19	the	the	DET
ajfa-79	132	20	firm	firm	NOUN
ajfa-79	132	21	,	,	PUNCT
ajfa-79	132	22	the	the	DET
ajfa-79	132	23	size	size	NOUN
ajfa-79	132	24	of	of	ADP
ajfa-79	132	25	the	the	DET
ajfa-79	132	26	supervisory	supervisory	ADJ
ajfa-79	132	27	board	board	NOUN
ajfa-79	132	28	,	,	PUNCT
ajfa-79	132	29	and	and	CCONJ
ajfa-79	132	30	other	other	ADJ
ajfa-79	132	31	3	3	NUM
ajfa-79	132	32	the	the	DET
ajfa-79	132	33	authors	author	NOUN
ajfa-79	132	34	thank	thank	VERB
ajfa-79	132	35	one	one	NUM
ajfa-79	132	36	of	of	ADP
ajfa-79	132	37	the	the	DET
ajfa-79	132	38	anonymous	anonymous	ADJ
ajfa-79	132	39	reviewers	reviewer	NOUN
ajfa-79	132	40	for	for	ADP
ajfa-79	132	41	pointing	point	VERB
ajfa-79	132	42	out	out	ADP
ajfa-79	132	43	the	the	DET
ajfa-79	132	44	recent	recent	ADJ
ajfa-79	132	45	studies	study	NOUN
ajfa-79	132	46	on	on	ADP
ajfa-79	132	47	this	this	DET
ajfa-79	132	48	topic	topic	NOUN
ajfa-79	132	49	.	.	PUNCT
ajfa-79	133	1	4	4	NUM
ajfa-79	133	2	to	to	PART
ajfa-79	133	3	adjust	adjust	VERB
ajfa-79	133	4	for	for	ADP
ajfa-79	133	5	distributional	distributional	ADJ
ajfa-79	133	6	bias	bias	NOUN
ajfa-79	133	7	,	,	PUNCT
ajfa-79	133	8	we	we	PRON
ajfa-79	133	9	use	use	VERB
ajfa-79	133	10	the	the	DET
ajfa-79	133	11	natural	natural	ADJ
ajfa-79	133	12	log	log	NOUN
ajfa-79	133	13	of	of	ADP
ajfa-79	133	14	(	(	PUNCT
ajfa-79	133	15	bcpay+1	bcpay+1	NOUN
ajfa-79	133	16	)	)	PUNCT
ajfa-79	133	17	as	as	ADP
ajfa-79	133	18	the	the	DET
ajfa-79	133	19	dependent	dependent	ADJ
ajfa-79	133	20	variable	variable	NOUN
ajfa-79	133	21	in	in	ADP
ajfa-79	133	22	our	our	PRON
ajfa-79	133	23	tests	test	NOUN
ajfa-79	133	24	,	,	PUNCT
ajfa-79	133	25	since	since	SCONJ
ajfa-79	133	26	the	the	DET
ajfa-79	133	27	values	value	NOUN
ajfa-79	133	28	of	of	ADP
ajfa-79	133	29	this	this	DET
ajfa-79	133	30	variable	variable	NOUN
ajfa-79	133	31	are	be	AUX
ajfa-79	133	32	not	not	PART
ajfa-79	133	33	normally	normally	ADV
ajfa-79	133	34	distributed	distribute	VERB
ajfa-79	133	35	.	.	PUNCT
ajfa-79	134	1	asian	asian	ADJ
ajfa-79	134	2	journal	journal	PROPN
ajfa-79	134	3	of	of	ADP
ajfa-79	134	4	finance	finance	PROPN
ajfa-79	134	5	&	&	CCONJ
ajfa-79	134	6	accounting	accounting	PROPN
ajfa-79	134	7	issn	issn	PROPN
ajfa-79	134	8	1946	1946	NUM
ajfa-79	134	9	-	-	PUNCT
ajfa-79	134	10	052x	052x	NOUN
ajfa-79	134	11	2009	2009	NUM
ajfa-79	134	12	,	,	PUNCT
ajfa-79	134	13	vol	vol	NOUN
ajfa-79	134	14	.	.	PROPN
ajfa-79	134	15	1	1	NUM
ajfa-79	134	16	,	,	PUNCT
ajfa-79	134	17	no	no	INTJ
ajfa-79	134	18	.	.	NOUN
ajfa-79	134	19	1	1	NUM
ajfa-79	134	20	:	:	PUNCT
ajfa-79	134	21	e1	e1	VERB
ajfa-79	134	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	134	23	9	9	NUM
ajfa-79	134	24	explanatory	explanatory	ADJ
ajfa-79	134	25	factors	factor	NOUN
ajfa-79	134	26	,	,	PUNCT
ajfa-79	134	27	it	it	PRON
ajfa-79	134	28	may	may	AUX
ajfa-79	134	29	be	be	AUX
ajfa-79	134	30	interpreted	interpret	VERB
ajfa-79	134	31	as	as	ADP
ajfa-79	134	32	a	a	DET
ajfa-79	134	33	measure	measure	NOUN
ajfa-79	134	34	of	of	ADP
ajfa-79	134	35	misbmf	misbmf	ADJ
ajfa-79	134	36	,	,	PUNCT
ajfa-79	134	37	i.e.	i.e.	X
ajfa-79	134	38	,	,	PUNCT
ajfa-79	134	39	misbmf	misbmf	PROPN
ajfa-79	134	40	=	=	SYM
ajfa-79	134	41	ε1	ε1	PROPN
ajfa-79	134	42	.	.	PUNCT
ajfa-79	135	1	control	control	NOUN
ajfa-79	135	2	variables	variable	NOUN
ajfa-79	135	3	adopted	adopt	VERB
ajfa-79	135	4	for	for	ADP
ajfa-79	135	5	the	the	DET
ajfa-79	135	6	current	current	ADJ
ajfa-79	135	7	study	study	NOUN
ajfa-79	135	8	include	include	VERB
ajfa-79	135	9	those	those	PRON
ajfa-79	135	10	measuring	measure	VERB
ajfa-79	135	11	firm	firm	ADJ
ajfa-79	135	12	performance	performance	NOUN
ajfa-79	135	13	,	,	PUNCT
ajfa-79	135	14	risk	risk	NOUN
ajfa-79	135	15	taken	take	VERB
ajfa-79	135	16	by	by	ADP
ajfa-79	135	17	firms	firm	NOUN
ajfa-79	135	18	,	,	PUNCT
ajfa-79	135	19	agency	agency	NOUN
ajfa-79	135	20	effects	effect	NOUN
ajfa-79	135	21	,	,	PUNCT
ajfa-79	135	22	ownership	ownership	NOUN
ajfa-79	135	23	structures	structure	NOUN
ajfa-79	135	24	of	of	ADP
ajfa-79	135	25	controlling	control	VERB
ajfa-79	135	26	shareholders	shareholder	NOUN
ajfa-79	135	27	,	,	PUNCT
ajfa-79	135	28	firm	firm	ADJ
ajfa-79	135	29	size	size	NOUN
ajfa-79	135	30	,	,	PUNCT
ajfa-79	135	31	and	and	CCONJ
ajfa-79	135	32	industry	industry	NOUN
ajfa-79	135	33	effects	effect	NOUN
ajfa-79	135	34	.	.	PUNCT
ajfa-79	136	1	financial	financial	ADJ
ajfa-79	136	2	performance	performance	NOUN
ajfa-79	136	3	of	of	ADP
ajfa-79	136	4	a	a	DET
ajfa-79	136	5	firm	firm	NOUN
ajfa-79	136	6	usually	usually	ADV
ajfa-79	136	7	has	have	VERB
ajfa-79	136	8	two	two	NUM
ajfa-79	136	9	major	major	ADJ
ajfa-79	136	10	categories	category	NOUN
ajfa-79	136	11	,	,	PUNCT
ajfa-79	136	12	the	the	DET
ajfa-79	136	13	accounting	accounting	NOUN
ajfa-79	136	14	return	return	NOUN
ajfa-79	136	15	measured	measure	VERB
ajfa-79	136	16	by	by	ADP
ajfa-79	136	17	return	return	NOUN
ajfa-79	136	18	on	on	ADP
ajfa-79	136	19	assets	asset	NOUN
ajfa-79	136	20	(	(	PUNCT
ajfa-79	136	21	roa	roa	NOUN
ajfa-79	136	22	)	)	PUNCT
ajfa-79	136	23	and	and	CCONJ
ajfa-79	136	24	return	return	VERB
ajfa-79	136	25	on	on	ADP
ajfa-79	136	26	equity	equity	NOUN
ajfa-79	136	27	(	(	PUNCT
ajfa-79	136	28	roe	roe	PROPN
ajfa-79	136	29	)	)	PUNCT
ajfa-79	136	30	5	5	NUM
ajfa-79	136	31	,	,	PUNCT
ajfa-79	136	32	and	and	CCONJ
ajfa-79	136	33	the	the	DET
ajfa-79	136	34	stock	stock	NOUN
ajfa-79	136	35	return	return	NOUN
ajfa-79	136	36	.	.	PUNCT
ajfa-79	137	1	to	to	PART
ajfa-79	137	2	measure	measure	VERB
ajfa-79	137	3	risk	risk	NOUN
ajfa-79	137	4	taken	take	VERB
ajfa-79	137	5	by	by	ADP
ajfa-79	137	6	firms	firm	NOUN
ajfa-79	137	7	,	,	PUNCT
ajfa-79	137	8	we	we	PRON
ajfa-79	137	9	use	use	VERB
ajfa-79	137	10	the	the	DET
ajfa-79	137	11	debt	debt	NOUN
ajfa-79	137	12	-	-	PUNCT
ajfa-79	137	13	equity	equity	NOUN
ajfa-79	137	14	ratio	ratio	NOUN
ajfa-79	137	15	(	(	PUNCT
ajfa-79	137	16	d	d	NOUN
ajfa-79	137	17	/	/	SYM
ajfa-79	137	18	e	e	NOUN
ajfa-79	137	19	)	)	PUNCT
ajfa-79	137	20	determined	determine	VERB
ajfa-79	137	21	by	by	ADP
ajfa-79	137	22	long	long	ADJ
ajfa-79	137	23	-	-	PUNCT
ajfa-79	137	24	term	term	NOUN
ajfa-79	137	25	debt	debt	NOUN
ajfa-79	137	26	over	over	ADP
ajfa-79	137	27	total	total	ADJ
ajfa-79	137	28	equity	equity	NOUN
ajfa-79	137	29	.	.	PUNCT
ajfa-79	138	1	other	other	ADJ
ajfa-79	138	2	control	control	NOUN
ajfa-79	138	3	variables	variable	NOUN
ajfa-79	138	4	include	include	VERB
ajfa-79	138	5	firm	firm	ADJ
ajfa-79	138	6	size	size	NOUN
ajfa-79	138	7	(	(	PUNCT
ajfa-79	138	8	conyon	conyon	NOUN
ajfa-79	138	9	,	,	PUNCT
ajfa-79	138	10	1997	1997	NUM
ajfa-79	138	11	;	;	PUNCT
ajfa-79	138	12	firth	firth	PROPN
ajfa-79	138	13	et	et	PROPN
ajfa-79	138	14	al	al	PROPN
ajfa-79	138	15	.	.	PROPN
ajfa-79	138	16	,	,	PUNCT
ajfa-79	138	17	2006	2006	NUM
ajfa-79	138	18	)	)	PUNCT
ajfa-79	138	19	measured	measure	VERB
ajfa-79	138	20	by	by	ADP
ajfa-79	138	21	the	the	DET
ajfa-79	138	22	natural	natural	ADJ
ajfa-79	138	23	log	log	NOUN
ajfa-79	138	24	of	of	ADP
ajfa-79	138	25	total	total	ADJ
ajfa-79	138	26	book	book	NOUN
ajfa-79	138	27	value	value	NOUN
ajfa-79	138	28	of	of	ADP
ajfa-79	138	29	assets	asset	NOUN
ajfa-79	138	30	(	(	PUNCT
ajfa-79	138	31	lnassets	lnasset	NOUN
ajfa-79	138	32	)	)	PUNCT
ajfa-79	138	33	,	,	PUNCT
ajfa-79	138	34	and	and	CCONJ
ajfa-79	138	35	industries	industry	NOUN
ajfa-79	138	36	categorized	categorize	VERB
ajfa-79	138	37	by	by	ADP
ajfa-79	138	38	the	the	DET
ajfa-79	138	39	chinese	chinese	ADJ
ajfa-79	138	40	securities	securities	PROPN
ajfa-79	138	41	regulatory	regulatory	PROPN
ajfa-79	138	42	commission	commission	PROPN
ajfa-79	138	43	(	(	PUNCT
ajfa-79	138	44	csrc	csrc	PROPN
ajfa-79	138	45	)	)	PUNCT
ajfa-79	138	46	.	.	PUNCT
ajfa-79	139	1	corporate	corporate	ADJ
ajfa-79	139	2	governance	governance	NOUN
ajfa-79	139	3	variables	variable	NOUN
ajfa-79	139	4	included	include	VERB
ajfa-79	139	5	the	the	DET
ajfa-79	139	6	agency	agency	NOUN
ajfa-79	139	7	variable	variable	NOUN
ajfa-79	139	8	dual	dual	ADV
ajfa-79	139	9	,	,	PUNCT
ajfa-79	139	10	a	a	DET
ajfa-79	139	11	dummy	dummy	ADJ
ajfa-79	139	12	variable	variable	NOUN
ajfa-79	139	13	indicating	indicate	VERB
ajfa-79	139	14	whether	whether	SCONJ
ajfa-79	139	15	the	the	DET
ajfa-79	139	16	chairman	chairman	NOUN
ajfa-79	139	17	of	of	ADP
ajfa-79	139	18	the	the	DET
ajfa-79	139	19	board	board	NOUN
ajfa-79	139	20	of	of	ADP
ajfa-79	139	21	directors	director	NOUN
ajfa-79	139	22	is	be	AUX
ajfa-79	139	23	also	also	ADV
ajfa-79	139	24	the	the	DET
ajfa-79	139	25	ceo	ceo	NOUN
ajfa-79	139	26	of	of	ADP
ajfa-79	139	27	the	the	DET
ajfa-79	139	28	company	company	NOUN
ajfa-79	139	29	,	,	PUNCT
ajfa-79	139	30	ownership	ownership	NOUN
ajfa-79	139	31	structure	structure	NOUN
ajfa-79	139	32	variables	variable	NOUN
ajfa-79	139	33	such	such	ADJ
ajfa-79	139	34	as	as	ADP
ajfa-79	139	35	gov	gov	PROPN
ajfa-79	139	36	,	,	PUNCT
ajfa-79	139	37	a	a	DET
ajfa-79	139	38	binary	binary	ADJ
ajfa-79	139	39	variable	variable	NOUN
ajfa-79	139	40	indicating	indicate	VERB
ajfa-79	139	41	whether	whether	SCONJ
ajfa-79	139	42	the	the	DET
ajfa-79	139	43	government	government	NOUN
ajfa-79	139	44	or	or	CCONJ
ajfa-79	139	45	government	government	NOUN
ajfa-79	139	46	representative	representative	NOUN
ajfa-79	139	47	is	be	AUX
ajfa-79	139	48	the	the	DET
ajfa-79	139	49	largest	large	ADJ
ajfa-79	139	50	shareholder	shareholder	NOUN
ajfa-79	139	51	,	,	PUNCT
ajfa-79	139	52	govsoe	govsoe	PROPN
ajfa-79	139	53	6	6	NUM
ajfa-79	139	54	,	,	PUNCT
ajfa-79	139	55	a	a	DET
ajfa-79	139	56	dummy	dummy	NOUN
ajfa-79	139	57	measuring	measure	VERB
ajfa-79	139	58	whether	whether	SCONJ
ajfa-79	139	59	the	the	DET
ajfa-79	139	60	government	government	NOUN
ajfa-79	139	61	,	,	PUNCT
ajfa-79	139	62	government	government	NOUN
ajfa-79	139	63	representative	representative	NOUN
ajfa-79	139	64	,	,	PUNCT
ajfa-79	139	65	or	or	CCONJ
ajfa-79	139	66	a	a	DET
ajfa-79	139	67	state	state	NOUN
ajfa-79	139	68	-	-	PUNCT
ajfa-79	139	69	owned	own	VERB
ajfa-79	139	70	enterprise	enterprise	NOUN
ajfa-79	139	71	is	be	AUX
ajfa-79	139	72	the	the	DET
ajfa-79	139	73	largest	large	ADJ
ajfa-79	139	74	shareholder	shareholder	NOUN
ajfa-79	139	75	,	,	PUNCT
ajfa-79	139	76	and	and	CCONJ
ajfa-79	139	77	herfindahl	herfindahl	VERB
ajfa-79	139	78	index	index	NOUN
ajfa-79	139	79	(	(	PUNCT
ajfa-79	139	80	hhi	hhi	NOUN
ajfa-79	139	81	)	)	PUNCT
ajfa-79	139	82	for	for	ADP
ajfa-79	139	83	the	the	DET
ajfa-79	139	84	ten	ten	NUM
ajfa-79	139	85	largest	large	ADJ
ajfa-79	139	86	shareholders	shareholder	NOUN
ajfa-79	139	87	,	,	PUNCT
ajfa-79	139	88	excluding	exclude	VERB
ajfa-79	139	89	the	the	DET
ajfa-79	139	90	largest	large	ADJ
ajfa-79	139	91	one	one	NOUN
ajfa-79	139	92	,	,	PUNCT
ajfa-79	139	93	as	as	ADP
ajfa-79	139	94	a	a	DET
ajfa-79	139	95	control	control	NOUN
ajfa-79	139	96	variable	variable	NOUN
ajfa-79	139	97	capturing	capture	VERB
ajfa-79	139	98	ownership	ownership	NOUN
ajfa-79	139	99	concentration	concentration	NOUN
ajfa-79	139	100	.	.	PUNCT
ajfa-79	140	1	we	we	PRON
ajfa-79	140	2	also	also	ADV
ajfa-79	140	3	consider	consider	VERB
ajfa-79	140	4	three	three	NUM
ajfa-79	140	5	variables	variable	NOUN
ajfa-79	140	6	to	to	PART
ajfa-79	140	7	capture	capture	VERB
ajfa-79	140	8	the	the	DET
ajfa-79	140	9	potential	potential	ADJ
ajfa-79	140	10	effects	effect	NOUN
ajfa-79	140	11	of	of	ADP
ajfa-79	140	12	foreign	foreign	ADJ
ajfa-79	140	13	shareholders	shareholder	NOUN
ajfa-79	140	14	among	among	ADP
ajfa-79	140	15	the	the	DET
ajfa-79	140	16	ten	ten	NUM
ajfa-79	140	17	largest	large	ADJ
ajfa-79	140	18	ones	one	NOUN
ajfa-79	140	19	.	.	PUNCT
ajfa-79	141	1	for	for	SCONJ
ajfa-79	141	2	is	be	AUX
ajfa-79	141	3	a	a	DET
ajfa-79	141	4	dummy	dummy	ADJ
ajfa-79	141	5	variable	variable	NOUN
ajfa-79	141	6	with	with	ADP
ajfa-79	141	7	a	a	DET
ajfa-79	141	8	value	value	NOUN
ajfa-79	141	9	of	of	ADP
ajfa-79	141	10	one	one	NUM
ajfa-79	141	11	for	for	ADP
ajfa-79	141	12	firms	firm	NOUN
ajfa-79	141	13	with	with	ADP
ajfa-79	141	14	a	a	DET
ajfa-79	141	15	foreign	foreign	ADJ
ajfa-79	141	16	shareholder	shareholder	NOUN
ajfa-79	141	17	as	as	ADP
ajfa-79	141	18	the	the	DET
ajfa-79	141	19	largest	large	ADJ
ajfa-79	141	20	one	one	NUM
ajfa-79	141	21	and	and	CCONJ
ajfa-79	141	22	zero	zero	NUM
ajfa-79	141	23	otherwise	otherwise	ADV
ajfa-79	141	24	,	,	PUNCT
ajfa-79	141	25	for10	for10	PROPN
ajfa-79	141	26	is	be	AUX
ajfa-79	141	27	also	also	ADV
ajfa-79	141	28	a	a	DET
ajfa-79	141	29	dummy	dummy	ADJ
ajfa-79	141	30	variable	variable	NOUN
ajfa-79	141	31	indicating	indicate	VERB
ajfa-79	141	32	whether	whether	SCONJ
ajfa-79	141	33	there	there	PRON
ajfa-79	141	34	is	be	VERB
ajfa-79	141	35	at	at	ADV
ajfa-79	141	36	least	least	ADJ
ajfa-79	141	37	one	one	NUM
ajfa-79	141	38	foreign	foreign	ADJ
ajfa-79	141	39	shareholder	shareholder	NOUN
ajfa-79	141	40	among	among	ADP
ajfa-79	141	41	the	the	DET
ajfa-79	141	42	10	10	NUM
ajfa-79	141	43	largest	large	ADJ
ajfa-79	141	44	ones	one	NOUN
ajfa-79	141	45	,	,	PUNCT
ajfa-79	141	46	and	and	CCONJ
ajfa-79	141	47	for%	for%	NOUN
ajfa-79	141	48	is	be	AUX
ajfa-79	141	49	a	a	DET
ajfa-79	141	50	continuous	continuous	ADJ
ajfa-79	141	51	variable	variable	NOUN
ajfa-79	141	52	measuring	measure	VERB
ajfa-79	141	53	the	the	DET
ajfa-79	141	54	total	total	ADJ
ajfa-79	141	55	percentage	percentage	NOUN
ajfa-79	141	56	of	of	ADP
ajfa-79	141	57	ownership	ownership	NOUN
ajfa-79	141	58	held	hold	VERB
ajfa-79	141	59	by	by	ADP
ajfa-79	141	60	foreign	foreign	ADJ
ajfa-79	141	61	shareholders	shareholder	NOUN
ajfa-79	141	62	listed	list	VERB
ajfa-79	141	63	among	among	ADP
ajfa-79	141	64	the	the	DET
ajfa-79	141	65	ten	ten	NUM
ajfa-79	141	66	largest	large	ADJ
ajfa-79	141	67	ones	one	NOUN
ajfa-79	141	68	.	.	PUNCT
ajfa-79	142	1	in	in	ADP
ajfa-79	142	2	the	the	DET
ajfa-79	142	3	chinese	chinese	ADJ
ajfa-79	142	4	markets	market	NOUN
ajfa-79	142	5	,	,	PUNCT
ajfa-79	142	6	in	in	ADP
ajfa-79	142	7	addition	addition	NOUN
ajfa-79	142	8	,	,	PUNCT
ajfa-79	142	9	one	one	NUM
ajfa-79	142	10	of	of	ADP
ajfa-79	142	11	the	the	DET
ajfa-79	142	12	unique	unique	ADJ
ajfa-79	142	13	features	feature	NOUN
ajfa-79	142	14	is	be	AUX
ajfa-79	142	15	the	the	DET
ajfa-79	142	16	existence	existence	NOUN
ajfa-79	142	17	of	of	ADP
ajfa-79	142	18	non	non	ADJ
ajfa-79	142	19	-	-	ADJ
ajfa-79	142	20	tradable	tradable	ADJ
ajfa-79	142	21	shares	share	NOUN
ajfa-79	142	22	.	.	PUNCT
ajfa-79	143	1	following	follow	VERB
ajfa-79	143	2	the	the	DET
ajfa-79	143	3	literature	literature	NOUN
ajfa-79	143	4	(	(	PUNCT
ajfa-79	143	5	e.g.	e.g.	ADV
ajfa-79	143	6	,	,	PUNCT
ajfa-79	143	7	firth	firth	PROPN
ajfa-79	143	8	et	et	PROPN
ajfa-79	143	9	al	al	PROPN
ajfa-79	143	10	,	,	PUNCT
ajfa-79	143	11	2006	2006	NUM
ajfa-79	143	12	;	;	PUNCT
ajfa-79	143	13	wang	wang	PROPN
ajfa-79	143	14	and	and	CCONJ
ajfa-79	143	15	xu	xu	PROPN
ajfa-79	143	16	,	,	PUNCT
ajfa-79	143	17	2004	2004	NUM
ajfa-79	143	18	)	)	PUNCT
ajfa-79	143	19	,	,	PUNCT
ajfa-79	143	20	we	we	PRON
ajfa-79	143	21	include	include	VERB
ajfa-79	143	22	,	,	PUNCT
ajfa-79	143	23	trade	trade	NOUN
ajfa-79	143	24	,	,	PUNCT
ajfa-79	143	25	the	the	DET
ajfa-79	143	26	ratio	ratio	NOUN
ajfa-79	143	27	of	of	ADP
ajfa-79	143	28	the	the	DET
ajfa-79	143	29	number	number	NOUN
ajfa-79	143	30	of	of	ADP
ajfa-79	143	31	tradable	tradable	ADJ
ajfa-79	143	32	shares	share	NOUN
ajfa-79	143	33	over	over	ADP
ajfa-79	143	34	that	that	PRON
ajfa-79	143	35	of	of	ADP
ajfa-79	143	36	total	total	ADJ
ajfa-79	143	37	shares	share	NOUN
ajfa-79	143	38	,	,	PUNCT
ajfa-79	143	39	as	as	ADP
ajfa-79	143	40	one	one	NUM
ajfa-79	143	41	of	of	ADP
ajfa-79	143	42	the	the	DET
ajfa-79	143	43	control	control	NOUN
ajfa-79	143	44	variables	variable	VERB
ajfa-79	143	45	3.3	3.3	NUM
ajfa-79	143	46	methodology	methodology	NOUN
ajfa-79	143	47	the	the	DET
ajfa-79	143	48	ols	ol	NOUN
ajfa-79	143	49	model	model	NOUN
ajfa-79	143	50	used	use	VERB
ajfa-79	143	51	to	to	PART
ajfa-79	143	52	test	test	VERB
ajfa-79	143	53	monitoring	monitoring	NOUN
ajfa-79	143	54	effects	effect	NOUN
ajfa-79	143	55	of	of	ADP
ajfa-79	143	56	supervisory	supervisory	ADJ
ajfa-79	143	57	board	board	NOUN
ajfa-79	143	58	on	on	ADP
ajfa-79	143	59	board	board	NOUN
ajfa-79	143	60	chair	chair	NOUN
ajfa-79	143	61	pay	pay	NOUN
ajfa-79	143	62	is	be	AUX
ajfa-79	143	63	)	)	PUNCT
ajfa-79	144	1	2(21110	2(21110	NUM
ajfa-79	144	2	987	987	NUM
ajfa-79	144	3	6543210	6543210	NUM
ajfa-79	144	4			PROPN
ajfa-79	144	5			PROPN
ajfa-79	144	6			ADP
ajfa-79	144	7			NOUN
ajfa-79	144	8			NOUN
ajfa-79	144	9			VERB
ajfa-79	144	10	dummiesyeardummiesindustry	dummiesyeardummiesindustry	NOUN
ajfa-79	144	11	nsinteractiovarstructureownershipvaragency	nsinteractiovarstructureownershipvaragency	NOUN
ajfa-79	144	12	lnassetsriskibsizefpsbssbmflnbcpay	lnassetsriskibsizefpsbssbmflnbcpay	NOUN
ajfa-79	144	13	as	as	SCONJ
ajfa-79	144	14	discussed	discuss	VERB
ajfa-79	144	15	above	above	ADV
ajfa-79	144	16	,	,	PUNCT
ajfa-79	144	17	there	there	PRON
ajfa-79	144	18	are	be	VERB
ajfa-79	144	19	two	two	NUM
ajfa-79	144	20	aspects	aspect	NOUN
ajfa-79	144	21	of	of	ADP
ajfa-79	144	22	the	the	DET
ajfa-79	144	23	monitoring	monitoring	NOUN
ajfa-79	144	24	effects	effect	NOUN
ajfa-79	144	25	of	of	ADP
ajfa-79	144	26	supervisory	supervisory	ADJ
ajfa-79	144	27	board	board	NOUN
ajfa-79	144	28	;	;	PUNCT
ajfa-79	144	29	the	the	DET
ajfa-79	144	30	first	first	ADJ
ajfa-79	144	31	is	be	AUX
ajfa-79	144	32	to	to	PART
ajfa-79	144	33	help	help	VERB
ajfa-79	144	34	enhance	enhance	VERB
ajfa-79	144	35	the	the	DET
ajfa-79	144	36	firm	firm	ADJ
ajfa-79	144	37	performance	performance	NOUN
ajfa-79	144	38	and	and	CCONJ
ajfa-79	144	39	then	then	ADV
ajfa-79	144	40	to	to	PART
ajfa-79	144	41	increase	increase	VERB
ajfa-79	144	42	the	the	DET
ajfa-79	144	43	performance	performance	NOUN
ajfa-79	144	44	-	-	PUNCT
ajfa-79	144	45	related	relate	VERB
ajfa-79	144	46	5	5	NUM
ajfa-79	144	47	note	note	NOUN
ajfa-79	144	48	that	that	SCONJ
ajfa-79	144	49	we	we	PRON
ajfa-79	144	50	do	do	AUX
ajfa-79	144	51	not	not	PART
ajfa-79	144	52	use	use	VERB
ajfa-79	144	53	tobin	tobin	NOUN
ajfa-79	144	54	’s	’s	PART
ajfa-79	144	55	q	q	PUNCT
ajfa-79	144	56	to	to	PART
ajfa-79	144	57	measure	measure	VERB
ajfa-79	144	58	firm	firm	ADJ
ajfa-79	144	59	performance	performance	NOUN
ajfa-79	144	60	,	,	PUNCT
ajfa-79	144	61	but	but	CCONJ
ajfa-79	144	62	use	use	VERB
ajfa-79	144	63	roa	roa	NOUN
ajfa-79	144	64	and	and	CCONJ
ajfa-79	144	65	roe	roe	NOUN
ajfa-79	144	66	to	to	PART
ajfa-79	144	67	measure	measure	VERB
ajfa-79	144	68	it	it	PRON
ajfa-79	144	69	.	.	PUNCT
ajfa-79	145	1	the	the	DET
ajfa-79	145	2	reason	reason	NOUN
ajfa-79	145	3	is	be	AUX
ajfa-79	145	4	that	that	SCONJ
ajfa-79	145	5	most	most	ADJ
ajfa-79	145	6	of	of	ADP
ajfa-79	145	7	chinese	chinese	PROPN
ajfa-79	145	8	publicly	publicly	ADV
ajfa-79	145	9	listed	list	VERB
ajfa-79	145	10	companies	company	NOUN
ajfa-79	145	11	were	be	AUX
ajfa-79	145	12	converted	convert	VERB
ajfa-79	145	13	from	from	ADP
ajfa-79	145	14	state	state	NOUN
ajfa-79	145	15	-	-	PUNCT
ajfa-79	145	16	owned	own	VERB
ajfa-79	145	17	enterprises	enterprise	NOUN
ajfa-79	145	18	,	,	PUNCT
ajfa-79	145	19	and	and	CCONJ
ajfa-79	145	20	therefore	therefore	ADV
ajfa-79	145	21	a	a	DET
ajfa-79	145	22	large	large	ADJ
ajfa-79	145	23	portion	portion	NOUN
ajfa-79	145	24	of	of	ADP
ajfa-79	145	25	the	the	DET
ajfa-79	145	26	shares	share	NOUN
ajfa-79	145	27	are	be	AUX
ajfa-79	145	28	not	not	PART
ajfa-79	145	29	tradable	tradable	ADJ
ajfa-79	145	30	in	in	ADP
ajfa-79	145	31	the	the	DET
ajfa-79	145	32	secondary	secondary	ADJ
ajfa-79	145	33	market	market	NOUN
ajfa-79	145	34	.	.	PUNCT
ajfa-79	146	1	as	as	ADP
ajfa-79	146	2	tradable	tradable	ADJ
ajfa-79	146	3	and	and	CCONJ
ajfa-79	146	4	non	non	ADJ
ajfa-79	146	5	-	-	ADJ
ajfa-79	146	6	tradable	tradable	ADJ
ajfa-79	146	7	shares	share	NOUN
ajfa-79	146	8	have	have	VERB
ajfa-79	146	9	different	different	ADJ
ajfa-79	146	10	market	market	NOUN
ajfa-79	146	11	prices	price	NOUN
ajfa-79	146	12	,	,	PUNCT
ajfa-79	146	13	using	use	VERB
ajfa-79	146	14	tobin	tobin	PROPN
ajfa-79	146	15	’s	’s	PART
ajfa-79	146	16	q	q	PUNCT
ajfa-79	146	17	to	to	PART
ajfa-79	146	18	measure	measure	VERB
ajfa-79	146	19	firm	firm	ADJ
ajfa-79	146	20	performance	performance	NOUN
ajfa-79	146	21	may	may	AUX
ajfa-79	146	22	be	be	AUX
ajfa-79	146	23	biased	bias	VERB
ajfa-79	146	24	.	.	PUNCT
ajfa-79	147	1	6	6	NUM
ajfa-79	147	2	our	our	PRON
ajfa-79	147	3	measurement	measurement	NOUN
ajfa-79	147	4	of	of	ADP
ajfa-79	147	5	soe	soe	PROPN
ajfa-79	147	6	control	control	NOUN
ajfa-79	147	7	adopts	adopt	VERB
ajfa-79	147	8	the	the	DET
ajfa-79	147	9	method	method	NOUN
ajfa-79	147	10	used	use	VERB
ajfa-79	147	11	in	in	ADP
ajfa-79	147	12	firth	firth	PROPN
ajfa-79	147	13	et	et	PROPN
ajfa-79	147	14	al	al	PROPN
ajfa-79	147	15	.	.	PROPN
ajfa-79	148	1	(	(	PUNCT
ajfa-79	148	2	2006	2006	NUM
ajfa-79	148	3	)	)	PUNCT
ajfa-79	148	4	,	,	PUNCT
ajfa-79	148	5	which	which	PRON
ajfa-79	148	6	examined	examine	VERB
ajfa-79	148	7	ownership	ownership	NOUN
ajfa-79	148	8	structure	structure	NOUN
ajfa-79	148	9	in	in	ADP
ajfa-79	148	10	a	a	DET
ajfa-79	148	11	finer	fine	ADJ
ajfa-79	148	12	way	way	NOUN
ajfa-79	148	13	.	.	PUNCT
ajfa-79	149	1	our	our	PRON
ajfa-79	149	2	descriptive	descriptive	ADJ
ajfa-79	149	3	analysis	analysis	NOUN
ajfa-79	149	4	shows	show	VERB
ajfa-79	149	5	the	the	DET
ajfa-79	149	6	percentage	percentage	NOUN
ajfa-79	149	7	of	of	ADP
ajfa-79	149	8	soes	soe	NOUN
ajfa-79	149	9	in	in	ADP
ajfa-79	149	10	our	our	PRON
ajfa-79	149	11	study	study	NOUN
ajfa-79	149	12	is	be	AUX
ajfa-79	149	13	a	a	DET
ajfa-79	149	14	little	little	ADJ
ajfa-79	149	15	lower	low	ADJ
ajfa-79	149	16	than	than	ADP
ajfa-79	149	17	that	that	PRON
ajfa-79	149	18	presented	present	VERB
ajfa-79	149	19	in	in	ADP
ajfa-79	149	20	prior	prior	ADJ
ajfa-79	149	21	studies	study	NOUN
ajfa-79	149	22	(	(	PUNCT
ajfa-79	149	23	e.g.	e.g.	ADV
ajfa-79	149	24	firth	firth	PROPN
ajfa-79	149	25	et	et	PROPN
ajfa-79	149	26	al	al	PROPN
ajfa-79	149	27	.	.	PROPN
ajfa-79	149	28	2006	2006	NUM
ajfa-79	149	29	,	,	PUNCT
ajfa-79	149	30	2007	2007	NUM
ajfa-79	149	31	)	)	PUNCT
ajfa-79	149	32	.	.	PUNCT
ajfa-79	150	1	two	two	NUM
ajfa-79	150	2	reasons	reason	NOUN
ajfa-79	150	3	may	may	AUX
ajfa-79	150	4	account	account	VERB
ajfa-79	150	5	for	for	ADP
ajfa-79	150	6	that	that	DET
ajfa-79	150	7	difference	difference	NOUN
ajfa-79	150	8	.	.	PUNCT
ajfa-79	151	1	first	first	ADV
ajfa-79	151	2	,	,	PUNCT
ajfa-79	151	3	we	we	PRON
ajfa-79	151	4	are	be	AUX
ajfa-79	151	5	employing	employ	VERB
ajfa-79	151	6	a	a	DET
ajfa-79	151	7	more	more	ADV
ajfa-79	151	8	recent	recent	ADJ
ajfa-79	151	9	sample	sample	NOUN
ajfa-79	151	10	,	,	PUNCT
ajfa-79	151	11	i.e.	i.e.	X
ajfa-79	151	12	year	year	NOUN
ajfa-79	151	13	2005	2005	NUM
ajfa-79	151	14	and	and	CCONJ
ajfa-79	151	15	2006	2006	NUM
ajfa-79	151	16	,	,	PUNCT
ajfa-79	151	17	while	while	SCONJ
ajfa-79	151	18	prior	prior	ADJ
ajfa-79	151	19	studies	study	NOUN
ajfa-79	151	20	(	(	PUNCT
ajfa-79	151	21	e.g.	e.g.	ADV
ajfa-79	151	22	firth	firth	PROPN
ajfa-79	151	23	et	et	PROPN
ajfa-79	151	24	al	al	PROPN
ajfa-79	151	25	.	.	PROPN
ajfa-79	151	26	2006	2006	NUM
ajfa-79	151	27	,	,	PUNCT
ajfa-79	151	28	2007	2007	NUM
ajfa-79	151	29	)	)	PUNCT
ajfa-79	151	30	used	use	VERB
ajfa-79	151	31	data	datum	NOUN
ajfa-79	151	32	until	until	ADP
ajfa-79	151	33	2000	2000	NUM
ajfa-79	151	34	or	or	CCONJ
ajfa-79	151	35	2003	2003	NUM
ajfa-79	151	36	.	.	PUNCT
ajfa-79	152	1	second	second	ADJ
ajfa-79	152	2	,	,	PUNCT
ajfa-79	152	3	the	the	DET
ajfa-79	152	4	privatization	privatization	NOUN
ajfa-79	152	5	process	process	NOUN
ajfa-79	152	6	has	have	AUX
ajfa-79	152	7	seen	see	VERB
ajfa-79	152	8	many	many	ADJ
ajfa-79	152	9	family	family	NOUN
ajfa-79	152	10	firms	firm	NOUN
ajfa-79	152	11	listed	list	VERB
ajfa-79	152	12	,	,	PUNCT
ajfa-79	152	13	which	which	PRON
ajfa-79	152	14	diluted	dilute	VERB
ajfa-79	152	15	the	the	DET
ajfa-79	152	16	percentage	percentage	NOUN
ajfa-79	152	17	of	of	ADP
ajfa-79	152	18	soes	soe	NOUN
ajfa-79	152	19	(	(	PUNCT
ajfa-79	152	20	e.g.	e.g.	ADV
ajfa-79	152	21	ding	ding	NOUN
ajfa-79	152	22	,	,	PUNCT
ajfa-79	152	23	zhang	zhang	PROPN
ajfa-79	152	24	,	,	PUNCT
ajfa-79	152	25	and	and	CCONJ
ajfa-79	152	26	zhang	zhang	PROPN
ajfa-79	152	27	,	,	PUNCT
ajfa-79	152	28	2008	2008	NUM
ajfa-79	152	29	)	)	PUNCT
ajfa-79	152	30	.	.	PUNCT
ajfa-79	153	1	asian	asian	ADJ
ajfa-79	153	2	journal	journal	PROPN
ajfa-79	153	3	of	of	ADP
ajfa-79	153	4	finance	finance	PROPN
ajfa-79	153	5	&	&	CCONJ
ajfa-79	153	6	accounting	accounting	PROPN
ajfa-79	153	7	issn	issn	PROPN
ajfa-79	153	8	1946	1946	NUM
ajfa-79	153	9	-	-	PUNCT
ajfa-79	153	10	052x	052x	NOUN
ajfa-79	153	11	2009	2009	NUM
ajfa-79	153	12	,	,	PUNCT
ajfa-79	153	13	vol	vol	NOUN
ajfa-79	153	14	.	.	PROPN
ajfa-79	153	15	1	1	NUM
ajfa-79	153	16	,	,	PUNCT
ajfa-79	153	17	no	no	INTJ
ajfa-79	153	18	.	.	NOUN
ajfa-79	153	19	1	1	NUM
ajfa-79	153	20	:	:	PUNCT
ajfa-79	153	21	e1	e1	VERB
ajfa-79	153	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	153	23	10	10	NUM
ajfa-79	153	24	component	component	NOUN
ajfa-79	153	25	of	of	ADP
ajfa-79	153	26	board	board	NOUN
ajfa-79	153	27	chair	chair	NOUN
ajfa-79	153	28	pay	pay	NOUN
ajfa-79	153	29	,	,	PUNCT
ajfa-79	153	30	and	and	CCONJ
ajfa-79	153	31	the	the	DET
ajfa-79	153	32	second	second	NOUN
ajfa-79	153	33	is	be	AUX
ajfa-79	153	34	to	to	PART
ajfa-79	153	35	help	help	VERB
ajfa-79	153	36	induce	induce	VERB
ajfa-79	153	37	board	board	NOUN
ajfa-79	153	38	chairs	chair	NOUN
ajfa-79	153	39	to	to	PART
ajfa-79	153	40	better	well	ADV
ajfa-79	153	41	behave	behave	VERB
ajfa-79	153	42	themselves	themselves	PRON
ajfa-79	153	43	and	and	CCONJ
ajfa-79	153	44	avoid	avoid	VERB
ajfa-79	153	45	overpaying	overpay	VERB
ajfa-79	153	46	themselves	themselves	PRON
ajfa-79	153	47	.	.	PUNCT
ajfa-79	154	1	therefore	therefore	ADV
ajfa-79	154	2	,	,	PUNCT
ajfa-79	154	3	the	the	DET
ajfa-79	154	4	main	main	ADJ
ajfa-79	154	5	research	research	NOUN
ajfa-79	154	6	questions	question	NOUN
ajfa-79	154	7	in	in	ADP
ajfa-79	154	8	this	this	DET
ajfa-79	154	9	study	study	NOUN
ajfa-79	154	10	are	be	AUX
ajfa-79	154	11	tested	test	VERB
ajfa-79	154	12	by	by	ADP
ajfa-79	154	13	the	the	DET
ajfa-79	154	14	signs	sign	NOUN
ajfa-79	154	15	for	for	ADP
ajfa-79	154	16	γ₁	γ₁	NOUN
ajfa-79	154	17	and	and	CCONJ
ajfa-79	154	18	γ₂.	γ₂.	X
ajfa-79	154	19	if	if	SCONJ
ajfa-79	154	20	γi	γi	X
ajfa-79	154	21	(	(	PUNCT
ajfa-79	154	22	i=1,2	i=1,2	NOUN
ajfa-79	154	23	)	)	PUNCT
ajfa-79	154	24	is	be	AUX
ajfa-79	154	25	significantly	significantly	ADV
ajfa-79	154	26	positive	positive	ADJ
ajfa-79	154	27	,	,	PUNCT
ajfa-79	154	28	the	the	DET
ajfa-79	154	29	first	first	ADJ
ajfa-79	154	30	aspect	aspect	NOUN
ajfa-79	154	31	of	of	ADP
ajfa-79	154	32	the	the	DET
ajfa-79	154	33	monitoring	monitoring	NOUN
ajfa-79	154	34	effects	effect	NOUN
ajfa-79	154	35	dominates	dominate	VERB
ajfa-79	154	36	the	the	DET
ajfa-79	154	37	second	second	ADJ
ajfa-79	154	38	,	,	PUNCT
ajfa-79	154	39	while	while	SCONJ
ajfa-79	154	40	the	the	DET
ajfa-79	154	41	second	second	NOUN
ajfa-79	154	42	dominates	dominate	VERB
ajfa-79	154	43	the	the	DET
ajfa-79	154	44	firm	firm	NOUN
ajfa-79	154	45	if	if	SCONJ
ajfa-79	154	46	γi	γi	PROPN
ajfa-79	154	47	is	be	AUX
ajfa-79	154	48	significantly	significantly	ADV
ajfa-79	154	49	negative	negative	ADJ
ajfa-79	154	50	.	.	PUNCT
ajfa-79	155	1	however	however	ADV
ajfa-79	155	2	,	,	PUNCT
ajfa-79	155	3	firm	firm	ADJ
ajfa-79	155	4	performance	performance	NOUN
ajfa-79	155	5	and	and	CCONJ
ajfa-79	155	6	risk	risk	NOUN
ajfa-79	155	7	may	may	AUX
ajfa-79	155	8	affect	affect	VERB
ajfa-79	155	9	the	the	DET
ajfa-79	155	10	board	board	NOUN
ajfa-79	155	11	chair	chair	NOUN
ajfa-79	155	12	pay	pay	VERB
ajfa-79	155	13	in	in	ADP
ajfa-79	155	14	two	two	NUM
ajfa-79	155	15	ways	way	NOUN
ajfa-79	155	16	,	,	PUNCT
ajfa-79	155	17	one	one	NUM
ajfa-79	155	18	of	of	ADP
ajfa-79	155	19	which	which	PRON
ajfa-79	155	20	is	be	AUX
ajfa-79	155	21	an	an	DET
ajfa-79	155	22	indirect	indirect	ADJ
ajfa-79	155	23	relationship	relationship	NOUN
ajfa-79	155	24	between	between	ADP
ajfa-79	155	25	characteristics	characteristic	NOUN
ajfa-79	155	26	of	of	ADP
ajfa-79	155	27	supervisory	supervisory	ADJ
ajfa-79	155	28	board	board	NOUN
ajfa-79	155	29	and	and	CCONJ
ajfa-79	155	30	board	board	NOUN
ajfa-79	155	31	chair	chair	NOUN
ajfa-79	155	32	pay	pay	VERB
ajfa-79	155	33	.	.	PUNCT
ajfa-79	156	1	as	as	SCONJ
ajfa-79	156	2	stated	state	VERB
ajfa-79	156	3	above	above	ADV
ajfa-79	156	4	,	,	PUNCT
ajfa-79	156	5	the	the	DET
ajfa-79	156	6	meeting	meeting	NOUN
ajfa-79	156	7	frequency	frequency	NOUN
ajfa-79	156	8	of	of	ADP
ajfa-79	156	9	supervisory	supervisory	ADJ
ajfa-79	156	10	board	board	NOUN
ajfa-79	156	11	can	can	AUX
ajfa-79	156	12	be	be	AUX
ajfa-79	156	13	jointly	jointly	ADV
ajfa-79	156	14	determined	determine	VERB
ajfa-79	156	15	by	by	ADP
ajfa-79	156	16	the	the	DET
ajfa-79	156	17	size	size	NOUN
ajfa-79	156	18	of	of	ADP
ajfa-79	156	19	supervisory	supervisory	ADJ
ajfa-79	156	20	board	board	NOUN
ajfa-79	156	21	,	,	PUNCT
ajfa-79	156	22	the	the	DET
ajfa-79	156	23	lagged	lag	VERB
ajfa-79	156	24	firm	firm	ADJ
ajfa-79	156	25	performance	performance	NOUN
ajfa-79	156	26	,	,	PUNCT
ajfa-79	156	27	the	the	DET
ajfa-79	156	28	past	past	ADJ
ajfa-79	156	29	risk	risk	NOUN
ajfa-79	156	30	taken	take	VERB
ajfa-79	156	31	by	by	ADP
ajfa-79	156	32	the	the	DET
ajfa-79	156	33	firm	firm	NOUN
ajfa-79	156	34	,	,	PUNCT
ajfa-79	156	35	and	and	CCONJ
ajfa-79	156	36	other	other	ADJ
ajfa-79	156	37	control	control	NOUN
ajfa-79	156	38	variables	variable	NOUN
ajfa-79	156	39	.	.	PUNCT
ajfa-79	157	1	thus	thus	ADV
ajfa-79	157	2	,	,	PUNCT
ajfa-79	157	3	it	it	PRON
ajfa-79	157	4	is	be	AUX
ajfa-79	157	5	important	important	ADJ
ajfa-79	157	6	to	to	PART
ajfa-79	157	7	separate	separate	VERB
ajfa-79	157	8	the	the	DET
ajfa-79	157	9	monitoring	monitoring	NOUN
ajfa-79	157	10	-	-	PUNCT
ajfa-79	157	11	driven	drive	VERB
ajfa-79	157	12	supervisory	supervisory	ADJ
ajfa-79	157	13	board	board	NOUN
ajfa-79	157	14	meeting	meeting	NOUN
ajfa-79	157	15	frequency	frequency	NOUN
ajfa-79	157	16	(	(	PUNCT
ajfa-79	157	17	misbmf	misbmf	NUM
ajfa-79	157	18	)	)	PUNCT
ajfa-79	157	19	from	from	ADP
ajfa-79	157	20	those	those	DET
ajfa-79	157	21	effects	effect	NOUN
ajfa-79	157	22	.	.	PUNCT
ajfa-79	158	1	control	control	NOUN
ajfa-79	158	2	variables	variable	NOUN
ajfa-79	158	3	which	which	PRON
ajfa-79	158	4	should	should	AUX
ajfa-79	158	5	be	be	AUX
ajfa-79	158	6	taken	take	VERB
ajfa-79	158	7	into	into	ADP
ajfa-79	158	8	consideration	consideration	NOUN
ajfa-79	158	9	in	in	ADP
ajfa-79	158	10	equation	equation	NOUN
ajfa-79	158	11	(	(	PUNCT
ajfa-79	158	12	1	1	X
ajfa-79	158	13	)	)	PUNCT
ajfa-79	158	14	include	include	VERB
ajfa-79	158	15	the	the	DET
ajfa-79	158	16	firm	firm	ADJ
ajfa-79	158	17	size	size	NOUN
ajfa-79	158	18	(	(	PUNCT
ajfa-79	158	19	lnassets	lnassets	PROPN
ajfa-79	158	20	)	)	PUNCT
ajfa-79	158	21	,	,	PUNCT
ajfa-79	158	22	ownership	ownership	NOUN
ajfa-79	158	23	structure	structure	NOUN
ajfa-79	158	24	variables	variable	VERB
ajfa-79	158	25	for	for	ADP
ajfa-79	158	26	the	the	DET
ajfa-79	158	27	state	state	NOUN
ajfa-79	158	28	-	-	PUNCT
ajfa-79	158	29	owned	own	VERB
ajfa-79	158	30	and	and	CCONJ
ajfa-79	158	31	foreign	foreign	ADJ
ajfa-79	158	32	shareholders	shareholder	NOUN
ajfa-79	158	33	,	,	PUNCT
ajfa-79	158	34	and	and	CCONJ
ajfa-79	158	35	a	a	DET
ajfa-79	158	36	dummy	dummy	ADJ
ajfa-79	158	37	variable	variable	NOUN
ajfa-79	158	38	indicating	indicate	VERB
ajfa-79	158	39	whether	whether	SCONJ
ajfa-79	158	40	there	there	PRON
ajfa-79	158	41	is	be	VERB
ajfa-79	158	42	a	a	DET
ajfa-79	158	43	turnover	turnover	NOUN
ajfa-79	158	44	of	of	ADP
ajfa-79	158	45	the	the	DET
ajfa-79	158	46	chairman	chairman	NOUN
ajfa-79	158	47	of	of	ADP
ajfa-79	158	48	the	the	DET
ajfa-79	158	49	supervisory	supervisory	ADJ
ajfa-79	158	50	board	board	NOUN
ajfa-79	158	51	(	(	PUNCT
ajfa-79	158	52	sbcturnover	sbcturnover	NOUN
ajfa-79	158	53	)	)	PUNCT
ajfa-79	158	54	.	.	PUNCT
ajfa-79	159	1	including	include	VERB
ajfa-79	159	2	sbcturnover	sbcturnover	NOUN
ajfa-79	159	3	is	be	AUX
ajfa-79	159	4	consistent	consistent	ADJ
ajfa-79	159	5	with	with	ADP
ajfa-79	159	6	the	the	DET
ajfa-79	159	7	corporate	corporate	ADJ
ajfa-79	159	8	governance	governance	NOUN
ajfa-79	159	9	literature	literature	NOUN
ajfa-79	159	10	(	(	PUNCT
ajfa-79	159	11	e.g.	e.g.	ADV
ajfa-79	159	12	,	,	PUNCT
ajfa-79	159	13	huson	huson	NOUN
ajfa-79	159	14	,	,	PUNCT
ajfa-79	159	15	2001	2001	NUM
ajfa-79	159	16	;	;	PUNCT
ajfa-79	159	17	goyal	goyal	PROPN
ajfa-79	159	18	and	and	CCONJ
ajfa-79	159	19	park	park	NOUN
ajfa-79	159	20	,	,	PUNCT
ajfa-79	159	21	2002	2002	NUM
ajfa-79	159	22	;	;	PUNCT
ajfa-79	159	23	fee	fee	NOUN
ajfa-79	159	24	and	and	CCONJ
ajfa-79	159	25	hadlock	hadlock	NOUN
ajfa-79	159	26	,	,	PUNCT
ajfa-79	159	27	2004	2004	NUM
ajfa-79	159	28	)	)	PUNCT
ajfa-79	159	29	,	,	PUNCT
ajfa-79	159	30	and	and	CCONJ
ajfa-79	159	31	it	it	PRON
ajfa-79	159	32	is	be	AUX
ajfa-79	159	33	reasonable	reasonable	ADJ
ajfa-79	159	34	to	to	PART
ajfa-79	159	35	believe	believe	VERB
ajfa-79	159	36	that	that	SCONJ
ajfa-79	159	37	a	a	DET
ajfa-79	159	38	firm	firm	NOUN
ajfa-79	159	39	with	with	ADP
ajfa-79	159	40	a	a	DET
ajfa-79	159	41	turnover	turnover	NOUN
ajfa-79	159	42	of	of	ADP
ajfa-79	159	43	the	the	DET
ajfa-79	159	44	chairman	chairman	NOUN
ajfa-79	159	45	of	of	ADP
ajfa-79	159	46	the	the	DET
ajfa-79	159	47	supervisory	supervisory	ADJ
ajfa-79	159	48	board	board	NOUN
ajfa-79	159	49	may	may	AUX
ajfa-79	159	50	meet	meet	VERB
ajfa-79	159	51	more	more	ADV
ajfa-79	159	52	frequently	frequently	ADV
ajfa-79	159	53	to	to	PART
ajfa-79	159	54	make	make	VERB
ajfa-79	159	55	the	the	DET
ajfa-79	159	56	transition	transition	NOUN
ajfa-79	159	57	smooth	smooth	VERB
ajfa-79	159	58	.	.	PUNCT
ajfa-79	160	1	therefore	therefore	ADV
ajfa-79	160	2	,	,	PUNCT
ajfa-79	160	3	a	a	DET
ajfa-79	160	4	2sls	2sls	NUM
ajfa-79	160	5	model	model	NOUN
ajfa-79	160	6	is	be	AUX
ajfa-79	160	7	adopted	adopt	VERB
ajfa-79	160	8	to	to	PART
ajfa-79	160	9	illustrate	illustrate	VERB
ajfa-79	160	10	this	this	DET
ajfa-79	160	11	subtle	subtle	ADJ
ajfa-79	160	12	effect	effect	NOUN
ajfa-79	160	13	with	with	ADP
ajfa-79	160	14	equation	equation	NOUN
ajfa-79	160	15	(	(	PUNCT
ajfa-79	160	16	1	1	NUM
ajfa-79	160	17	)	)	PUNCT
ajfa-79	160	18	as	as	ADP
ajfa-79	160	19	the	the	DET
ajfa-79	160	20	first	first	ADJ
ajfa-79	160	21	stage	stage	NOUN
ajfa-79	160	22	and	and	CCONJ
ajfa-79	160	23	model	model	NOUN
ajfa-79	160	24	(	(	PUNCT
ajfa-79	160	25	2	2	NUM
ajfa-79	160	26	)	)	PUNCT
ajfa-79	160	27	as	as	ADP
ajfa-79	160	28	the	the	DET
ajfa-79	160	29	second	second	ADJ
ajfa-79	160	30	,	,	PUNCT
ajfa-79	160	31	at	at	ADP
ajfa-79	160	32	which	which	PRON
ajfa-79	160	33	we	we	PRON
ajfa-79	160	34	use	use	VERB
ajfa-79	160	35	misbmf	misbmf	NOUN
ajfa-79	160	36	to	to	PART
ajfa-79	160	37	replace	replace	VERB
ajfa-79	160	38	sbmf	sbmf	PROPN
ajfa-79	160	39	.	.	PUNCT
ajfa-79	161	1	doing	do	VERB
ajfa-79	161	2	so	so	ADV
ajfa-79	161	3	also	also	ADV
ajfa-79	161	4	further	far	ADV
ajfa-79	161	5	helps	help	VERB
ajfa-79	161	6	mitigate	mitigate	VERB
ajfa-79	161	7	the	the	DET
ajfa-79	161	8	potential	potential	ADJ
ajfa-79	161	9	endogeneity	endogeneity	NOUN
ajfa-79	161	10	caused	cause	VERB
ajfa-79	161	11	by	by	ADP
ajfa-79	161	12	the	the	DET
ajfa-79	161	13	interaction	interaction	NOUN
ajfa-79	161	14	between	between	ADP
ajfa-79	161	15	firm	firm	ADJ
ajfa-79	161	16	performance	performance	NOUN
ajfa-79	161	17	and	and	CCONJ
ajfa-79	161	18	characteristics	characteristic	NOUN
ajfa-79	161	19	of	of	ADP
ajfa-79	161	20	supervisory	supervisory	ADJ
ajfa-79	161	21	board	board	NOUN
ajfa-79	161	22	,	,	PUNCT
ajfa-79	161	23	and	and	CCONJ
ajfa-79	161	24	strengthens	strengthen	VERB
ajfa-79	161	25	the	the	DET
ajfa-79	161	26	validity	validity	NOUN
ajfa-79	161	27	of	of	ADP
ajfa-79	161	28	the	the	DET
ajfa-79	161	29	analysis	analysis	NOUN
ajfa-79	161	30	.	.	PUNCT
ajfa-79	162	1	to	to	PART
ajfa-79	162	2	better	well	ADV
ajfa-79	162	3	illustrate	illustrate	VERB
ajfa-79	162	4	the	the	DET
ajfa-79	162	5	monitoring	monitoring	NOUN
ajfa-79	162	6	effects	effect	NOUN
ajfa-79	162	7	of	of	ADP
ajfa-79	162	8	major	major	ADJ
ajfa-79	162	9	features	feature	NOUN
ajfa-79	162	10	of	of	ADP
ajfa-79	162	11	supervisory	supervisory	ADJ
ajfa-79	162	12	board	board	NOUN
ajfa-79	162	13	in	in	ADP
ajfa-79	162	14	chinese	chinese	ADJ
ajfa-79	162	15	publicly	publicly	ADV
ajfa-79	162	16	listed	list	VERB
ajfa-79	162	17	firms	firm	NOUN
ajfa-79	162	18	,	,	PUNCT
ajfa-79	162	19	we	we	PRON
ajfa-79	162	20	further	far	ADV
ajfa-79	162	21	investigate	investigate	VERB
ajfa-79	162	22	the	the	DET
ajfa-79	162	23	board	board	NOUN
ajfa-79	162	24	chair	chair	NOUN
ajfa-79	162	25	pay	pay	NOUN
ajfa-79	162	26	-	-	PUNCT
ajfa-79	162	27	supervisory	supervisory	ADJ
ajfa-79	162	28	board	board	NOUN
ajfa-79	162	29	sensitivity	sensitivity	NOUN
ajfa-79	162	30	by	by	ADP
ajfa-79	162	31	characterizing	characterize	VERB
ajfa-79	162	32	the	the	DET
ajfa-79	162	33	marginal	marginal	ADJ
ajfa-79	162	34	effects	effect	NOUN
ajfa-79	162	35	of	of	ADP
ajfa-79	162	36	change	change	NOUN
ajfa-79	162	37	in	in	ADP
ajfa-79	162	38	meeting	meeting	NOUN
ajfa-79	162	39	frequency	frequency	NOUN
ajfa-79	162	40	,	,	PUNCT
ajfa-79	162	41	as	as	ADV
ajfa-79	162	42	well	well	ADV
ajfa-79	162	43	as	as	ADP
ajfa-79	162	44	those	those	PRON
ajfa-79	162	45	of	of	ADP
ajfa-79	162	46	change	change	NOUN
ajfa-79	162	47	in	in	ADP
ajfa-79	162	48	size	size	NOUN
ajfa-79	162	49	of	of	ADP
ajfa-79	162	50	supervisory	supervisory	ADJ
ajfa-79	162	51	board	board	NOUN
ajfa-79	162	52	,	,	PUNCT
ajfa-79	162	53	on	on	ADP
ajfa-79	162	54	the	the	DET
ajfa-79	162	55	change	change	NOUN
ajfa-79	162	56	in	in	ADP
ajfa-79	162	57	board	board	NOUN
ajfa-79	162	58	chair	chair	NOUN
ajfa-79	162	59	pay	pay	VERB
ajfa-79	162	60	.	.	PUNCT
ajfa-79	163	1	in	in	ADP
ajfa-79	163	2	the	the	DET
ajfa-79	163	3	board	board	NOUN
ajfa-79	163	4	chair	chair	NOUN
ajfa-79	163	5	pay	pay	NOUN
ajfa-79	163	6	-	-	PUNCT
ajfa-79	163	7	supervisory	supervisory	ADJ
ajfa-79	163	8	board	board	NOUN
ajfa-79	163	9	sensitivity	sensitivity	NOUN
ajfa-79	163	10	analysis	analysis	NOUN
ajfa-79	163	11	,	,	PUNCT
ajfa-79	163	12	we	we	PRON
ajfa-79	163	13	use	use	VERB
ajfa-79	163	14	the	the	DET
ajfa-79	163	15	change	change	NOUN
ajfa-79	163	16	in	in	ADP
ajfa-79	163	17	the	the	DET
ajfa-79	163	18	compensation	compensation	NOUN
ajfa-79	163	19	of	of	ADP
ajfa-79	163	20	board	board	NOUN
ajfa-79	163	21	chair	chair	NOUN
ajfa-79	163	22	(	(	PUNCT
ajfa-79	163	23	δbcpay	δbcpay	NOUN
ajfa-79	163	24	)	)	PUNCT
ajfa-79	163	25	from	from	ADP
ajfa-79	163	26	2005	2005	NUM
ajfa-79	163	27	to	to	ADP
ajfa-79	163	28	2006	2006	NUM
ajfa-79	163	29	as	as	ADP
ajfa-79	163	30	the	the	DET
ajfa-79	163	31	dependent	dependent	ADJ
ajfa-79	163	32	variable	variable	NOUN
ajfa-79	163	33	,	,	PUNCT
ajfa-79	163	34	and	and	CCONJ
ajfa-79	163	35	the	the	DET
ajfa-79	163	36	change	change	NOUN
ajfa-79	163	37	in	in	ADP
ajfa-79	163	38	the	the	DET
ajfa-79	163	39	supervisory	supervisory	ADJ
ajfa-79	163	40	board	board	NOUN
ajfa-79	163	41	meeting	meeting	NOUN
ajfa-79	163	42	frequency	frequency	NOUN
ajfa-79	163	43	(	(	PUNCT
ajfa-79	163	44	δsbmf	δsbmf	NOUN
ajfa-79	163	45	)	)	PUNCT
ajfa-79	163	46	between	between	ADP
ajfa-79	163	47	the	the	DET
ajfa-79	163	48	two	two	NUM
ajfa-79	163	49	years	year	NOUN
ajfa-79	163	50	and	and	CCONJ
ajfa-79	163	51	that	that	SCONJ
ajfa-79	163	52	in	in	ADP
ajfa-79	163	53	the	the	DET
ajfa-79	163	54	size	size	NOUN
ajfa-79	163	55	of	of	ADP
ajfa-79	163	56	supervisory	supervisory	ADJ
ajfa-79	163	57	board	board	NOUN
ajfa-79	163	58	(	(	PUNCT
ajfa-79	163	59	δsbs	δsbs	NOUN
ajfa-79	163	60	)	)	PUNCT
ajfa-79	163	61	as	as	ADP
ajfa-79	163	62	the	the	DET
ajfa-79	163	63	independent	independent	ADJ
ajfa-79	163	64	variables	variable	NOUN
ajfa-79	163	65	.	.	PUNCT
ajfa-79	164	1	major	major	ADJ
ajfa-79	164	2	control	control	NOUN
ajfa-79	164	3	variables	variable	NOUN
ajfa-79	164	4	include	include	VERB
ajfa-79	164	5	the	the	DET
ajfa-79	164	6	change	change	NOUN
ajfa-79	164	7	in	in	ADP
ajfa-79	164	8	firm	firm	ADJ
ajfa-79	164	9	size	size	NOUN
ajfa-79	164	10	(	(	PUNCT
ajfa-79	164	11	δassets	δasset	NOUN
ajfa-79	164	12	)	)	PUNCT
ajfa-79	164	13	from	from	ADP
ajfa-79	164	14	2005	2005	NUM
ajfa-79	164	15	to	to	ADP
ajfa-79	164	16	2006	2006	NUM
ajfa-79	164	17	,	,	PUNCT
ajfa-79	164	18	the	the	DET
ajfa-79	164	19	change	change	NOUN
ajfa-79	164	20	in	in	ADP
ajfa-79	164	21	risk	risk	NOUN
ajfa-79	164	22	taken	take	VERB
ajfa-79	164	23	by	by	ADP
ajfa-79	164	24	the	the	DET
ajfa-79	164	25	firm	firm	NOUN
ajfa-79	164	26	(	(	PUNCT
ajfa-79	164	27	δrisk	δrisk	NOUN
ajfa-79	164	28	)	)	PUNCT
ajfa-79	164	29	measured	measure	VERB
ajfa-79	164	30	by	by	ADP
ajfa-79	164	31	the	the	DET
ajfa-79	164	32	d	d	PROPN
ajfa-79	164	33	/	/	SYM
ajfa-79	164	34	e	e	NOUN
ajfa-79	164	35	ratio	ratio	NOUN
ajfa-79	164	36	(	(	PUNCT
ajfa-79	164	37	δd	δd	NOUN
ajfa-79	164	38	/	/	SYM
ajfa-79	164	39	e	e	NOUN
ajfa-79	164	40	)	)	PUNCT
ajfa-79	164	41	,	,	PUNCT
ajfa-79	164	42	the	the	DET
ajfa-79	164	43	change	change	NOUN
ajfa-79	164	44	in	in	ADP
ajfa-79	164	45	firm	firm	ADJ
ajfa-79	164	46	performance	performance	NOUN
ajfa-79	164	47	(	(	PUNCT
ajfa-79	164	48	δfp	δfp	PROPN
ajfa-79	164	49	)	)	PUNCT
ajfa-79	164	50	,	,	PUNCT
ajfa-79	164	51	and	and	CCONJ
ajfa-79	164	52	twelve	twelve	NUM
ajfa-79	164	53	industry	industry	NOUN
ajfa-79	164	54	dummies	dummy	NOUN
ajfa-79	164	55	.	.	PUNCT
ajfa-79	165	1	therefore	therefore	ADV
ajfa-79	165	2	,	,	PUNCT
ajfa-79	165	3	the	the	DET
ajfa-79	165	4	basic	basic	ADJ
ajfa-79	165	5	model	model	NOUN
ajfa-79	165	6	for	for	ADP
ajfa-79	165	7	the	the	DET
ajfa-79	165	8	board	board	NOUN
ajfa-79	165	9	chair	chair	NOUN
ajfa-79	165	10	pay	pay	NOUN
ajfa-79	165	11	-	-	PUNCT
ajfa-79	165	12	supervisory	supervisory	ADJ
ajfa-79	165	13	board	board	NOUN
ajfa-79	165	14	sensitivity	sensitivity	NOUN
ajfa-79	165	15	analysis	analysis	NOUN
ajfa-79	165	16	is	be	AUX
ajfa-79	165	17	)	)	PUNCT
ajfa-79	165	18	3(36543210	3(36543210	NUM
ajfa-79	165	19			NOUN
ajfa-79	165	20			NOUN
ajfa-79	165	21	dummiesindustryassetsriskfpsbssbmfbcpay	dummiesindustryassetsriskfpsbssbmfbcpay	VERB
ajfa-79	165	22	the	the	DET
ajfa-79	165	23	pay	pay	NOUN
ajfa-79	165	24	-	-	PUNCT
ajfa-79	165	25	supervisory	supervisory	ADJ
ajfa-79	165	26	board	board	NOUN
ajfa-79	165	27	sensitivity	sensitivity	NOUN
ajfa-79	165	28	analysis	analysis	NOUN
ajfa-79	165	29	is	be	AUX
ajfa-79	165	30	pushed	push	VERB
ajfa-79	165	31	forward	forward	ADV
ajfa-79	165	32	by	by	ADP
ajfa-79	165	33	controlling	control	VERB
ajfa-79	165	34	ownership	ownership	NOUN
ajfa-79	165	35	structure	structure	NOUN
ajfa-79	165	36	of	of	ADP
ajfa-79	165	37	dominant	dominant	ADJ
ajfa-79	165	38	shareholders	shareholder	NOUN
ajfa-79	165	39	following	follow	VERB
ajfa-79	165	40	existing	exist	VERB
ajfa-79	165	41	literature	literature	NOUN
ajfa-79	165	42	(	(	PUNCT
ajfa-79	165	43	e.g.	e.g.	ADV
ajfa-79	165	44	,	,	PUNCT
ajfa-79	165	45	chen	chen	PROPN
ajfa-79	165	46	et	et	PROPN
ajfa-79	165	47	al	al	PROPN
ajfa-79	165	48	.	.	PROPN
ajfa-79	165	49	,	,	PUNCT
ajfa-79	165	50	2006	2006	NUM
ajfa-79	165	51	;	;	PUNCT
ajfa-79	165	52	firth	firth	PROPN
ajfa-79	165	53	et	et	PROPN
ajfa-79	165	54	al	al	PROPN
ajfa-79	165	55	.	.	PROPN
ajfa-79	165	56	,	,	PUNCT
ajfa-79	165	57	2006	2006	NUM
ajfa-79	165	58	)	)	PUNCT
ajfa-79	165	59	to	to	PART
ajfa-79	165	60	discover	discover	VERB
ajfa-79	165	61	the	the	DET
ajfa-79	165	62	marginal	marginal	ADJ
ajfa-79	165	63	effects	effect	NOUN
ajfa-79	165	64	of	of	ADP
ajfa-79	165	65	supervisory	supervisory	ADJ
ajfa-79	165	66	board	board	NOUN
ajfa-79	165	67	in	in	ADP
ajfa-79	165	68	firms	firm	NOUN
ajfa-79	165	69	with	with	ADP
ajfa-79	165	70	state	state	NOUN
ajfa-79	165	71	-	-	PUNCT
ajfa-79	165	72	owned	own	VERB
ajfa-79	165	73	largest	large	ADJ
ajfa-79	165	74	shareholders	shareholder	NOUN
ajfa-79	165	75	and	and	CCONJ
ajfa-79	165	76	those	those	PRON
ajfa-79	165	77	with	with	ADP
ajfa-79	165	78	foreign	foreign	ADJ
ajfa-79	165	79	shareholders	shareholder	NOUN
ajfa-79	165	80	among	among	ADP
ajfa-79	165	81	the	the	DET
ajfa-79	165	82	ten	ten	NUM
ajfa-79	165	83	largest	large	ADJ
ajfa-79	165	84	ones	one	NOUN
ajfa-79	165	85	.	.	PUNCT
ajfa-79	166	1	asian	asian	ADJ
ajfa-79	166	2	journal	journal	PROPN
ajfa-79	166	3	of	of	ADP
ajfa-79	166	4	finance	finance	PROPN
ajfa-79	166	5	&	&	CCONJ
ajfa-79	166	6	accounting	accounting	PROPN
ajfa-79	166	7	issn	issn	PROPN
ajfa-79	166	8	1946	1946	NUM
ajfa-79	166	9	-	-	PUNCT
ajfa-79	166	10	052x	052x	NOUN
ajfa-79	166	11	2009	2009	NUM
ajfa-79	166	12	,	,	PUNCT
ajfa-79	166	13	vol	vol	NOUN
ajfa-79	166	14	.	.	PROPN
ajfa-79	166	15	1	1	NUM
ajfa-79	166	16	,	,	PUNCT
ajfa-79	166	17	no	no	INTJ
ajfa-79	166	18	.	.	NOUN
ajfa-79	166	19	1	1	NUM
ajfa-79	166	20	:	:	PUNCT
ajfa-79	166	21	e1	e1	VERB
ajfa-79	166	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	166	23	11	11	NUM
ajfa-79	166	24	4	4	NUM
ajfa-79	166	25	.	.	PUNCT
ajfa-79	167	1	results	result	NOUN
ajfa-79	167	2	and	and	CCONJ
ajfa-79	167	3	discussion	discussion	NOUN
ajfa-79	167	4	4.1	4.1	NUM
ajfa-79	167	5	descriptive	descriptive	ADJ
ajfa-79	167	6	statistics	statistic	NOUN
ajfa-79	167	7	we	we	PRON
ajfa-79	167	8	present	present	VERB
ajfa-79	167	9	the	the	DET
ajfa-79	167	10	descriptive	descriptive	ADJ
ajfa-79	167	11	statistics	statistic	NOUN
ajfa-79	167	12	for	for	ADP
ajfa-79	167	13	the	the	DET
ajfa-79	167	14	sample	sample	NOUN
ajfa-79	167	15	firms	firm	NOUN
ajfa-79	167	16	in	in	ADP
ajfa-79	167	17	table	table	NOUN
ajfa-79	167	18	1	1	NUM
ajfa-79	167	19	.	.	PUNCT
ajfa-79	168	1	in	in	ADP
ajfa-79	168	2	year	year	NOUN
ajfa-79	168	3	2005	2005	NUM
ajfa-79	168	4	and	and	CCONJ
ajfa-79	168	5	year	year	NOUN
ajfa-79	168	6	2006	2006	NUM
ajfa-79	168	7	,	,	PUNCT
ajfa-79	168	8	the	the	DET
ajfa-79	168	9	average	average	ADJ
ajfa-79	168	10	board	board	PROPN
ajfa-79	168	11	chair	chair	NOUN
ajfa-79	168	12	pay	pay	VERB
ajfa-79	168	13	per	per	ADP
ajfa-79	168	14	year	year	NOUN
ajfa-79	168	15	was	be	AUX
ajfa-79	168	16	rmb181,630	rmb181,630	NOUN
ajfa-79	168	17	,	,	PUNCT
ajfa-79	168	18	and	and	CCONJ
ajfa-79	168	19	the	the	DET
ajfa-79	168	20	average	average	NOUN
ajfa-79	168	21	of	of	ADP
ajfa-79	168	22	its	its	PRON
ajfa-79	168	23	natural	natural	ADJ
ajfa-79	168	24	logarithm	logarithm	NOUN
ajfa-79	168	25	was	be	AUX
ajfa-79	168	26	7.809	7.809	ADJ
ajfa-79	168	27	.	.	PUNCT
ajfa-79	169	1	the	the	DET
ajfa-79	169	2	average	average	ADJ
ajfa-79	169	3	supervisory	supervisory	ADJ
ajfa-79	169	4	board	board	NOUN
ajfa-79	169	5	meeting	meeting	NOUN
ajfa-79	169	6	frequency	frequency	NOUN
ajfa-79	169	7	was	be	AUX
ajfa-79	169	8	3.577	3.577	NUM
ajfa-79	169	9	times	time	NOUN
ajfa-79	169	10	in	in	ADP
ajfa-79	169	11	a	a	DET
ajfa-79	169	12	year	year	NOUN
ajfa-79	169	13	,	,	PUNCT
ajfa-79	169	14	and	and	CCONJ
ajfa-79	169	15	the	the	DET
ajfa-79	169	16	average	average	ADJ
ajfa-79	169	17	size	size	NOUN
ajfa-79	169	18	of	of	ADP
ajfa-79	169	19	the	the	DET
ajfa-79	169	20	supervisory	supervisory	ADJ
ajfa-79	169	21	board	board	NOUN
ajfa-79	169	22	was	be	AUX
ajfa-79	169	23	4.146	4.146	NUM
ajfa-79	169	24	members	member	NOUN
ajfa-79	169	25	.	.	PUNCT
ajfa-79	170	1	35.5	35.5	NUM
ajfa-79	170	2	%	%	NOUN
ajfa-79	170	3	of	of	ADP
ajfa-79	170	4	the	the	DET
ajfa-79	170	5	companies	company	NOUN
ajfa-79	170	6	experienced	experience	VERB
ajfa-79	170	7	a	a	DET
ajfa-79	170	8	turnover	turnover	NOUN
ajfa-79	170	9	of	of	ADP
ajfa-79	170	10	the	the	DET
ajfa-79	170	11	supervisory	supervisory	ADJ
ajfa-79	170	12	board	board	NOUN
ajfa-79	170	13	chair	chair	NOUN
ajfa-79	170	14	.	.	PUNCT
ajfa-79	171	1	the	the	DET
ajfa-79	171	2	average	average	ADJ
ajfa-79	171	3	number	number	NOUN
ajfa-79	171	4	of	of	ADP
ajfa-79	171	5	independent	independent	ADJ
ajfa-79	171	6	directors	director	NOUN
ajfa-79	171	7	on	on	ADP
ajfa-79	171	8	the	the	DET
ajfa-79	171	9	board	board	NOUN
ajfa-79	171	10	of	of	ADP
ajfa-79	171	11	directors	director	NOUN
ajfa-79	171	12	was	be	AUX
ajfa-79	171	13	3.31	3.31	NUM
ajfa-79	171	14	.	.	PUNCT
ajfa-79	172	1	firm	firm	ADJ
ajfa-79	172	2	performance	performance	NOUN
ajfa-79	172	3	measured	measure	VERB
ajfa-79	172	4	by	by	ADP
ajfa-79	172	5	roe	roe	PROPN
ajfa-79	172	6	was	be	AUX
ajfa-79	172	7	4.6	4.6	NUM
ajfa-79	172	8	%	%	NOUN
ajfa-79	172	9	,	,	PUNCT
ajfa-79	172	10	and	and	CCONJ
ajfa-79	172	11	the	the	DET
ajfa-79	172	12	average	average	ADJ
ajfa-79	172	13	risk	risk	NOUN
ajfa-79	172	14	taken	take	VERB
ajfa-79	172	15	by	by	ADP
ajfa-79	172	16	firms	firm	NOUN
ajfa-79	172	17	was	be	AUX
ajfa-79	172	18	an	an	DET
ajfa-79	172	19	average	average	ADJ
ajfa-79	172	20	d	d	NOUN
ajfa-79	172	21	/	/	SYM
ajfa-79	172	22	e	e	NOUN
ajfa-79	172	23	ratio	ratio	NOUN
ajfa-79	172	24	of	of	ADP
ajfa-79	172	25	0.231	0.231	NUM
ajfa-79	172	26	.	.	PUNCT
ajfa-79	173	1	board	board	NOUN
ajfa-79	173	2	chairs	chair	NOUN
ajfa-79	173	3	in	in	ADP
ajfa-79	173	4	12	12	NUM
ajfa-79	173	5	%	%	NOUN
ajfa-79	173	6	of	of	ADP
ajfa-79	173	7	the	the	DET
ajfa-79	173	8	firms	firm	NOUN
ajfa-79	173	9	were	be	AUX
ajfa-79	173	10	also	also	ADV
ajfa-79	173	11	the	the	DET
ajfa-79	173	12	ceos	ceo	NOUN
ajfa-79	173	13	,	,	PUNCT
ajfa-79	173	14	27.3	27.3	NUM
ajfa-79	173	15	%	%	NOUN
ajfa-79	173	16	of	of	ADP
ajfa-79	173	17	them	they	PRON
ajfa-79	173	18	had	have	VERB
ajfa-79	173	19	their	their	PRON
ajfa-79	173	20	largest	large	ADJ
ajfa-79	173	21	shareholders	shareholder	NOUN
ajfa-79	173	22	government	government	NOUN
ajfa-79	173	23	-	-	PUNCT
ajfa-79	173	24	controlled	control	VERB
ajfa-79	173	25	,	,	PUNCT
ajfa-79	173	26	and	and	CCONJ
ajfa-79	173	27	1.9	1.9	NUM
ajfa-79	173	28	%	%	NOUN
ajfa-79	173	29	of	of	ADP
ajfa-79	173	30	them	they	PRON
ajfa-79	173	31	had	have	VERB
ajfa-79	173	32	foreign	foreign	ADJ
ajfa-79	173	33	largest	large	ADJ
ajfa-79	173	34	shareholders	shareholder	NOUN
ajfa-79	173	35	.	.	PUNCT
ajfa-79	174	1	the	the	DET
ajfa-79	174	2	average	average	ADJ
ajfa-79	174	3	level	level	NOUN
ajfa-79	174	4	of	of	ADP
ajfa-79	174	5	ownership	ownership	NOUN
ajfa-79	174	6	concentration	concentration	NOUN
ajfa-79	174	7	measured	measure	VERB
ajfa-79	174	8	by	by	ADP
ajfa-79	174	9	hhi	hhi	PROPN
ajfa-79	174	10	was	be	AUX
ajfa-79	174	11	0.0205	0.0205	NUM
ajfa-79	174	12	,	,	PUNCT
ajfa-79	174	13	and	and	CCONJ
ajfa-79	174	14	45.2	45.2	NUM
ajfa-79	174	15	%	%	NOUN
ajfa-79	174	16	of	of	ADP
ajfa-79	174	17	shares	share	NOUN
ajfa-79	174	18	were	be	AUX
ajfa-79	174	19	tradable	tradable	ADJ
ajfa-79	174	20	.	.	PUNCT
ajfa-79	175	1	the	the	DET
ajfa-79	175	2	average	average	ADJ
ajfa-79	175	3	firm	firm	ADJ
ajfa-79	175	4	size	size	NOUN
ajfa-79	175	5	measured	measure	VERB
ajfa-79	175	6	by	by	ADP
ajfa-79	175	7	the	the	DET
ajfa-79	175	8	total	total	ADJ
ajfa-79	175	9	book	book	NOUN
ajfa-79	175	10	value	value	NOUN
ajfa-79	175	11	of	of	ADP
ajfa-79	175	12	assets	asset	NOUN
ajfa-79	175	13	was	be	AUX
ajfa-79	175	14	rmb3,870	rmb3,870	PROPN
ajfa-79	175	15	million	million	NUM
ajfa-79	175	16	.	.	PUNCT
ajfa-79	176	1	table	table	NOUN
ajfa-79	176	2	1	1	NUM
ajfa-79	176	3	descriptive	descriptive	ADJ
ajfa-79	176	4	statistics	statistic	NOUN
ajfa-79	176	5	mean	mean	VERB
ajfa-79	176	6	s.d	s.d	PROPN
ajfa-79	176	7	.	.	PROPN
ajfa-79	177	1	n	n	PRON
ajfa-79	177	2	bcpay	bcpay	VERB
ajfa-79	177	3	181,630	181,630	NUM
ajfa-79	177	4	351,411	351,411	NUM
ajfa-79	177	5	2712	2712	NUM
ajfa-79	177	6	lnbcpay	lnbcpay	VERB
ajfa-79	177	7	7.809	7.809	NUM
ajfa-79	177	8	5.824	5.824	NUM
ajfa-79	177	9	2712	2712	NUM
ajfa-79	177	10	sbmf	sbmf	NOUN
ajfa-79	177	11	3.577	3.577	NUM
ajfa-79	177	12	1.676	1.676	NUM
ajfa-79	177	13	2754	2754	NUM
ajfa-79	177	14	sbs	sbs	NOUN
ajfa-79	177	15	4.146	4.146	NUM
ajfa-79	177	16	1.44	1.44	NUM
ajfa-79	177	17	2762	2762	NUM
ajfa-79	177	18	sbcturnover	sbcturnover	NOUN
ajfa-79	177	19	0.355	0.355	NUM
ajfa-79	177	20	0.479	0.479	NUM
ajfa-79	177	21	2648	2648	NUM
ajfa-79	177	22	ibsize	ibsize	VERB
ajfa-79	177	23	3.310	3.310	NUM
ajfa-79	177	24	0.762	0.762	NUM
ajfa-79	177	25	2762	2762	NUM
ajfa-79	177	26	roe	roe	NOUN
ajfa-79	177	27	0.046	0.046	NUM
ajfa-79	177	28	2.328	2.328	NUM
ajfa-79	177	29	2742	2742	NUM
ajfa-79	177	30	d	d	NOUN
ajfa-79	177	31	/	/	SYM
ajfa-79	177	32	e	e	NOUN
ajfa-79	177	33	0.231	0.231	NUM
ajfa-79	177	34	1.037	1.037	NUM
ajfa-79	177	35	2742	2742	NUM
ajfa-79	177	36	dual	dual	ADJ
ajfa-79	177	37	0.12	0.12	NUM
ajfa-79	177	38	0.326	0.326	NUM
ajfa-79	177	39	2716	2716	NUM
ajfa-79	177	40	gov	gov	NOUN
ajfa-79	177	41	0.273	0.273	NUM
ajfa-79	177	42	0.446	0.446	NUM
ajfa-79	177	43	2914	2914	NUM
ajfa-79	177	44	govsoe	govsoe	VERB
ajfa-79	177	45	0.509	0.509	NUM
ajfa-79	177	46	0.5	0.5	NUM
ajfa-79	177	47	2914	2914	NUM
ajfa-79	177	48	for	for	ADP
ajfa-79	177	49	0.019	0.019	NUM
ajfa-79	177	50	0.135	0.135	NUM
ajfa-79	177	51	2914	2914	NUM
ajfa-79	177	52	for10	for10	NOUN
ajfa-79	177	53	0.094	0.094	NUM
ajfa-79	177	54	0.291	0.291	NUM
ajfa-79	177	55	2914	2914	NUM
ajfa-79	177	56	for%	for%	VERB
ajfa-79	177	57	8.351	8.351	NUM
ajfa-79	177	58	11.058	11.058	NUM
ajfa-79	177	59	273	273	NUM
ajfa-79	177	60	hhi	hhi	NOUN
ajfa-79	177	61	0.0205	0.0205	NUM
ajfa-79	177	62	0.0269	0.0269	NUM
ajfa-79	177	63	2762	2762	NUM
ajfa-79	177	64	trade	trade	NOUN
ajfa-79	177	65	0.452	0.452	NUM
ajfa-79	177	66	0.136	0.136	NUM
ajfa-79	177	67	2762	2762	NUM
ajfa-79	177	68	assets	asset	NOUN
ajfa-79	177	69	(	(	PUNCT
ajfa-79	177	70	million	million	NUM
ajfa-79	177	71	rmb	rmb	NOUN
ajfa-79	177	72	)	)	PUNCT
ajfa-79	177	73	3,870	3,870	NUM
ajfa-79	177	74	17,300	17,300	NUM
ajfa-79	177	75	2742	2742	NUM
ajfa-79	177	76	lnassets	lnasset	NOUN
ajfa-79	177	77	21.247	21.247	NUM
ajfa-79	177	78	1.113	1.113	NUM
ajfa-79	177	79	2742	2742	NUM
ajfa-79	177	80	description	description	NOUN
ajfa-79	177	81	for	for	ADP
ajfa-79	177	82	the	the	DET
ajfa-79	177	83	above	above	ADJ
ajfa-79	177	84	table	table	NOUN
ajfa-79	177	85	:	:	PUNCT
ajfa-79	177	86	the	the	DET
ajfa-79	177	87	variable	variable	ADJ
ajfa-79	177	88	bcpay	bcpay	NOUN
ajfa-79	177	89	represents	represent	VERB
ajfa-79	177	90	the	the	DET
ajfa-79	177	91	board	board	NOUN
ajfa-79	177	92	chair	chair	NOUN
ajfa-79	177	93	pay	pay	VERB
ajfa-79	177	94	.	.	PUNCT
ajfa-79	178	1	the	the	DET
ajfa-79	178	2	variable	variable	ADJ
ajfa-79	178	3	lnbcpay	lnbcpay	NOUN
ajfa-79	178	4	is	be	AUX
ajfa-79	178	5	the	the	DET
ajfa-79	178	6	natural	natural	ADJ
ajfa-79	178	7	log	log	NOUN
ajfa-79	178	8	of	of	ADP
ajfa-79	178	9	bcpay	bcpay	NOUN
ajfa-79	178	10	.	.	PUNCT
ajfa-79	179	1	sbmf	sbmf	PROPN
ajfa-79	179	2	measures	measure	VERB
ajfa-79	179	3	the	the	DET
ajfa-79	179	4	meeting	meeting	NOUN
ajfa-79	179	5	frequency	frequency	NOUN
ajfa-79	179	6	of	of	ADP
ajfa-79	179	7	supervisory	supervisory	ADJ
ajfa-79	179	8	board	board	NOUN
ajfa-79	179	9	,	,	PUNCT
ajfa-79	179	10	and	and	CCONJ
ajfa-79	179	11	sbs	sbs	NOUN
ajfa-79	179	12	is	be	AUX
ajfa-79	179	13	its	its	PRON
ajfa-79	179	14	size	size	NOUN
ajfa-79	179	15	.	.	PUNCT
ajfa-79	180	1	sbcturnover	sbcturnover	PROPN
ajfa-79	180	2	is	be	AUX
ajfa-79	180	3	a	a	DET
ajfa-79	180	4	dummy	dummy	ADJ
ajfa-79	180	5	variable	variable	NOUN
ajfa-79	180	6	which	which	PRON
ajfa-79	180	7	measures	measure	VERB
ajfa-79	180	8	whether	whether	SCONJ
ajfa-79	180	9	there	there	PRON
ajfa-79	180	10	is	be	VERB
ajfa-79	180	11	a	a	DET
ajfa-79	180	12	turnover	turnover	NOUN
ajfa-79	180	13	of	of	ADP
ajfa-79	180	14	the	the	DET
ajfa-79	180	15	chairman	chairman	NOUN
ajfa-79	180	16	of	of	ADP
ajfa-79	180	17	supervisory	supervisory	ADJ
ajfa-79	180	18	board	board	NOUN
ajfa-79	180	19	in	in	ADP
ajfa-79	180	20	a	a	DET
ajfa-79	180	21	year	year	NOUN
ajfa-79	180	22	.	.	PUNCT
ajfa-79	181	1	ibsize	ibsize	NOUN
ajfa-79	181	2	indicates	indicate	VERB
ajfa-79	181	3	the	the	DET
ajfa-79	181	4	number	number	NOUN
ajfa-79	181	5	of	of	ADP
ajfa-79	181	6	independent	independent	ADJ
ajfa-79	181	7	directors	director	NOUN
ajfa-79	181	8	on	on	ADP
ajfa-79	181	9	the	the	DET
ajfa-79	181	10	board	board	NOUN
ajfa-79	181	11	.	.	PUNCT
ajfa-79	182	1	roe	roe	PROPN
ajfa-79	182	2	is	be	AUX
ajfa-79	182	3	the	the	DET
ajfa-79	182	4	return	return	NOUN
ajfa-79	182	5	on	on	ADP
ajfa-79	182	6	equity	equity	NOUN
ajfa-79	182	7	which	which	PRON
ajfa-79	182	8	is	be	AUX
ajfa-79	182	9	the	the	DET
ajfa-79	182	10	ratio	ratio	NOUN
ajfa-79	182	11	between	between	ADP
ajfa-79	182	12	net	net	ADJ
ajfa-79	182	13	income	income	NOUN
ajfa-79	182	14	and	and	CCONJ
ajfa-79	182	15	total	total	ADJ
ajfa-79	182	16	equity	equity	NOUN
ajfa-79	182	17	.	.	PUNCT
ajfa-79	183	1	d	d	X
ajfa-79	183	2	/	/	SYM
ajfa-79	183	3	e	e	NOUN
ajfa-79	183	4	is	be	AUX
ajfa-79	183	5	a	a	DET
ajfa-79	183	6	firm	firm	NOUN
ajfa-79	183	7	’s	’s	PART
ajfa-79	183	8	debt	debt	NOUN
ajfa-79	183	9	-	-	PUNCT
ajfa-79	183	10	equity	equity	NOUN
ajfa-79	183	11	ratio	ratio	NOUN
ajfa-79	183	12	calculated	calculate	VERB
ajfa-79	183	13	by	by	ADP
ajfa-79	183	14	long	long	ADJ
ajfa-79	183	15	-	-	PUNCT
ajfa-79	183	16	term	term	NOUN
ajfa-79	183	17	debt	debt	NOUN
ajfa-79	183	18	over	over	ADP
ajfa-79	183	19	total	total	ADJ
ajfa-79	183	20	equity	equity	NOUN
ajfa-79	183	21	.	.	PUNCT
ajfa-79	184	1	dual	dual	ADJ
ajfa-79	184	2	is	be	AUX
ajfa-79	184	3	a	a	DET
ajfa-79	184	4	dummy	dummy	ADJ
ajfa-79	184	5	variable	variable	NOUN
ajfa-79	184	6	which	which	PRON
ajfa-79	184	7	indicates	indicate	VERB
ajfa-79	184	8	whether	whether	SCONJ
ajfa-79	184	9	the	the	DET
ajfa-79	184	10	chairman	chairman	NOUN
ajfa-79	184	11	of	of	ADP
ajfa-79	184	12	the	the	DET
ajfa-79	184	13	board	board	NOUN
ajfa-79	184	14	of	of	ADP
ajfa-79	184	15	directors	director	NOUN
ajfa-79	184	16	is	be	AUX
ajfa-79	184	17	also	also	ADV
ajfa-79	184	18	the	the	DET
ajfa-79	184	19	ceo	ceo	NOUN
ajfa-79	184	20	of	of	ADP
ajfa-79	184	21	the	the	DET
ajfa-79	184	22	company	company	NOUN
ajfa-79	184	23	.	.	PUNCT
ajfa-79	185	1	gov	gov	PROPN
ajfa-79	185	2	asian	asian	PROPN
ajfa-79	185	3	journal	journal	PROPN
ajfa-79	185	4	of	of	ADP
ajfa-79	185	5	finance	finance	PROPN
ajfa-79	185	6	&	&	CCONJ
ajfa-79	185	7	accounting	accounting	PROPN
ajfa-79	185	8	issn	issn	PROPN
ajfa-79	185	9	1946	1946	NUM
ajfa-79	185	10	-	-	PUNCT
ajfa-79	185	11	052x	052x	NOUN
ajfa-79	185	12	2009	2009	NUM
ajfa-79	185	13	,	,	PUNCT
ajfa-79	185	14	vol	vol	NOUN
ajfa-79	185	15	.	.	PROPN
ajfa-79	185	16	1	1	NUM
ajfa-79	185	17	,	,	PUNCT
ajfa-79	185	18	no	no	INTJ
ajfa-79	185	19	.	.	NOUN
ajfa-79	185	20	1	1	NUM
ajfa-79	185	21	:	:	PUNCT
ajfa-79	185	22	e1	e1	VERB
ajfa-79	185	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	185	24	12	12	NUM
ajfa-79	185	25	is	be	AUX
ajfa-79	185	26	a	a	DET
ajfa-79	185	27	binary	binary	ADJ
ajfa-79	185	28	variable	variable	NOUN
ajfa-79	185	29	indicating	indicate	VERB
ajfa-79	185	30	whether	whether	SCONJ
ajfa-79	185	31	the	the	DET
ajfa-79	185	32	government	government	NOUN
ajfa-79	185	33	or	or	CCONJ
ajfa-79	185	34	government	government	NOUN
ajfa-79	185	35	representative	representative	NOUN
ajfa-79	185	36	is	be	AUX
ajfa-79	185	37	the	the	DET
ajfa-79	185	38	largest	large	ADJ
ajfa-79	185	39	shareholder	shareholder	NOUN
ajfa-79	185	40	,	,	PUNCT
ajfa-79	185	41	and	and	CCONJ
ajfa-79	185	42	govsoe	govsoe	PROPN
ajfa-79	185	43	is	be	AUX
ajfa-79	185	44	another	another	DET
ajfa-79	185	45	binary	binary	ADJ
ajfa-79	185	46	variable	variable	NOUN
ajfa-79	185	47	measuring	measure	VERB
ajfa-79	185	48	whether	whether	SCONJ
ajfa-79	185	49	the	the	DET
ajfa-79	185	50	government	government	NOUN
ajfa-79	185	51	,	,	PUNCT
ajfa-79	185	52	government	government	NOUN
ajfa-79	185	53	representative	representative	NOUN
ajfa-79	185	54	,	,	PUNCT
ajfa-79	185	55	or	or	CCONJ
ajfa-79	185	56	a	a	DET
ajfa-79	185	57	state	state	NOUN
ajfa-79	185	58	-	-	PUNCT
ajfa-79	185	59	owned	own	VERB
ajfa-79	185	60	enterprise	enterprise	NOUN
ajfa-79	185	61	is	be	AUX
ajfa-79	185	62	the	the	DET
ajfa-79	185	63	largest	large	ADJ
ajfa-79	185	64	shareholder	shareholder	NOUN
ajfa-79	185	65	.	.	PUNCT
ajfa-79	186	1	for	for	SCONJ
ajfa-79	186	2	is	be	AUX
ajfa-79	186	3	a	a	DET
ajfa-79	186	4	dummy	dummy	ADJ
ajfa-79	186	5	variable	variable	NOUN
ajfa-79	186	6	with	with	ADP
ajfa-79	186	7	a	a	DET
ajfa-79	186	8	value	value	NOUN
ajfa-79	186	9	of	of	ADP
ajfa-79	186	10	one	one	NUM
ajfa-79	186	11	for	for	ADP
ajfa-79	186	12	firms	firm	NOUN
ajfa-79	186	13	with	with	ADP
ajfa-79	186	14	a	a	DET
ajfa-79	186	15	foreign	foreign	ADJ
ajfa-79	186	16	shareholder	shareholder	NOUN
ajfa-79	186	17	as	as	ADP
ajfa-79	186	18	the	the	DET
ajfa-79	186	19	largest	large	ADJ
ajfa-79	186	20	one	one	NUM
ajfa-79	186	21	and	and	CCONJ
ajfa-79	186	22	zero	zero	NUM
ajfa-79	186	23	otherwise	otherwise	ADV
ajfa-79	186	24	,	,	PUNCT
ajfa-79	186	25	for10	for10	PROPN
ajfa-79	186	26	is	be	AUX
ajfa-79	186	27	also	also	ADV
ajfa-79	186	28	a	a	DET
ajfa-79	186	29	dummy	dummy	ADJ
ajfa-79	186	30	variable	variable	NOUN
ajfa-79	186	31	indicating	indicate	VERB
ajfa-79	186	32	whether	whether	SCONJ
ajfa-79	186	33	there	there	PRON
ajfa-79	186	34	is	be	VERB
ajfa-79	186	35	at	at	ADV
ajfa-79	186	36	least	least	ADJ
ajfa-79	186	37	one	one	NUM
ajfa-79	186	38	foreign	foreign	ADJ
ajfa-79	186	39	shareholder	shareholder	NOUN
ajfa-79	186	40	among	among	ADP
ajfa-79	186	41	the	the	DET
ajfa-79	186	42	10	10	NUM
ajfa-79	186	43	largest	large	ADJ
ajfa-79	186	44	ones	one	NOUN
ajfa-79	186	45	,	,	PUNCT
ajfa-79	186	46	and	and	CCONJ
ajfa-79	186	47	for%	for%	NOUN
ajfa-79	186	48	is	be	AUX
ajfa-79	186	49	a	a	DET
ajfa-79	186	50	continuous	continuous	ADJ
ajfa-79	186	51	variable	variable	NOUN
ajfa-79	186	52	measuring	measure	VERB
ajfa-79	186	53	the	the	DET
ajfa-79	186	54	total	total	ADJ
ajfa-79	186	55	percentage	percentage	NOUN
ajfa-79	186	56	of	of	ADP
ajfa-79	186	57	ownership	ownership	NOUN
ajfa-79	186	58	held	hold	VERB
ajfa-79	186	59	by	by	ADP
ajfa-79	186	60	foreign	foreign	ADJ
ajfa-79	186	61	shareholders	shareholder	NOUN
ajfa-79	186	62	listed	list	VERB
ajfa-79	186	63	among	among	ADP
ajfa-79	186	64	the	the	DET
ajfa-79	186	65	10	10	NUM
ajfa-79	186	66	largest	large	ADJ
ajfa-79	186	67	ones	one	NOUN
ajfa-79	186	68	.	.	PUNCT
ajfa-79	187	1	the	the	DET
ajfa-79	187	2	herfindahl	herfindahl	PROPN
ajfa-79	187	3	index	index	NOUN
ajfa-79	187	4	(	(	PUNCT
ajfa-79	187	5	hhi	hhi	NOUN
ajfa-79	187	6	)	)	PUNCT
ajfa-79	187	7	captures	capture	VERB
ajfa-79	187	8	the	the	DET
ajfa-79	187	9	major	major	ADJ
ajfa-79	187	10	features	feature	NOUN
ajfa-79	187	11	of	of	ADP
ajfa-79	187	12	ownership	ownership	NOUN
ajfa-79	187	13	concentration	concentration	NOUN
ajfa-79	187	14	for	for	ADP
ajfa-79	187	15	the	the	DET
ajfa-79	187	16	10	10	NUM
ajfa-79	187	17	largest	large	ADJ
ajfa-79	187	18	shareholders	shareholder	NOUN
ajfa-79	187	19	,	,	PUNCT
ajfa-79	187	20	excluding	exclude	VERB
ajfa-79	187	21	the	the	DET
ajfa-79	187	22	largest	large	ADJ
ajfa-79	187	23	one	one	NUM
ajfa-79	187	24	.	.	PUNCT
ajfa-79	188	1	trade	trade	NOUN
ajfa-79	188	2	is	be	AUX
ajfa-79	188	3	the	the	DET
ajfa-79	188	4	ratio	ratio	NOUN
ajfa-79	188	5	between	between	ADP
ajfa-79	188	6	the	the	DET
ajfa-79	188	7	number	number	NOUN
ajfa-79	188	8	of	of	ADP
ajfa-79	188	9	tradable	tradable	ADJ
ajfa-79	188	10	shares	share	NOUN
ajfa-79	188	11	and	and	CCONJ
ajfa-79	188	12	that	that	PRON
ajfa-79	188	13	of	of	ADP
ajfa-79	188	14	total	total	ADJ
ajfa-79	188	15	shares	share	NOUN
ajfa-79	188	16	.	.	PUNCT
ajfa-79	189	1	the	the	DET
ajfa-79	189	2	variable	variable	ADJ
ajfa-79	189	3	assets	asset	NOUN
ajfa-79	189	4	indicates	indicate	VERB
ajfa-79	189	5	the	the	DET
ajfa-79	189	6	firm	firm	ADJ
ajfa-79	189	7	size	size	NOUN
ajfa-79	189	8	measured	measure	VERB
ajfa-79	189	9	by	by	ADP
ajfa-79	189	10	the	the	DET
ajfa-79	189	11	total	total	ADJ
ajfa-79	189	12	book	book	NOUN
ajfa-79	189	13	value	value	NOUN
ajfa-79	189	14	of	of	ADP
ajfa-79	189	15	assets	asset	NOUN
ajfa-79	189	16	,	,	PUNCT
ajfa-79	189	17	and	and	CCONJ
ajfa-79	189	18	lnassets	lnasset	NOUN
ajfa-79	189	19	is	be	AUX
ajfa-79	189	20	the	the	DET
ajfa-79	189	21	natural	natural	ADJ
ajfa-79	189	22	log	log	NOUN
ajfa-79	189	23	of	of	ADP
ajfa-79	189	24	it	it	PRON
ajfa-79	189	25	.	.	PUNCT
ajfa-79	190	1	4.2	4.2	NUM
ajfa-79	190	2	monitoring	monitoring	NOUN
ajfa-79	190	3	effects	effect	NOUN
ajfa-79	190	4	of	of	ADP
ajfa-79	190	5	supervisory	supervisory	ADJ
ajfa-79	190	6	board	board	NOUN
ajfa-79	190	7	table	table	NOUN
ajfa-79	190	8	2	2	NUM
ajfa-79	190	9	presents	present	VERB
ajfa-79	190	10	the	the	DET
ajfa-79	190	11	results	result	NOUN
ajfa-79	190	12	from	from	ADP
ajfa-79	190	13	estimating	estimate	VERB
ajfa-79	190	14	the	the	DET
ajfa-79	190	15	monitoring	monitoring	NOUN
ajfa-79	190	16	effects	effect	NOUN
ajfa-79	190	17	of	of	ADP
ajfa-79	190	18	supervisory	supervisory	ADJ
ajfa-79	190	19	board	board	NOUN
ajfa-79	190	20	on	on	ADP
ajfa-79	190	21	the	the	DET
ajfa-79	190	22	board	board	NOUN
ajfa-79	190	23	chair	chair	NOUN
ajfa-79	190	24	pay	pay	VERB
ajfa-79	190	25	based	base	VERB
ajfa-79	190	26	on	on	ADP
ajfa-79	190	27	the	the	DET
ajfa-79	190	28	ols	ol	NOUN
ajfa-79	190	29	and	and	CCONJ
ajfa-79	190	30	the	the	DET
ajfa-79	190	31	2sls	2sls	PROPN
ajfa-79	190	32	models	model	NOUN
ajfa-79	190	33	,	,	PUNCT
ajfa-79	190	34	respectively	respectively	ADV
ajfa-79	190	35	.	.	PUNCT
ajfa-79	191	1	empirical	empirical	ADJ
ajfa-79	191	2	results	result	NOUN
ajfa-79	191	3	obtained	obtain	VERB
ajfa-79	191	4	from	from	ADP
ajfa-79	191	5	the	the	DET
ajfa-79	191	6	ols	ol	NOUN
ajfa-79	191	7	regressions	regression	NOUN
ajfa-79	191	8	,	,	PUNCT
ajfa-79	191	9	including	include	VERB
ajfa-79	191	10	or	or	CCONJ
ajfa-79	191	11	excluding	exclude	VERB
ajfa-79	191	12	the	the	DET
ajfa-79	191	13	interaction	interaction	NOUN
ajfa-79	191	14	terms	term	NOUN
ajfa-79	191	15	,	,	PUNCT
ajfa-79	191	16	are	be	AUX
ajfa-79	191	17	presented	present	VERB
ajfa-79	191	18	in	in	ADP
ajfa-79	191	19	panel	panel	NOUN
ajfa-79	191	20	a.	a.	NOUN
ajfa-79	191	21	these	these	DET
ajfa-79	191	22	interaction	interaction	NOUN
ajfa-79	191	23	terms	term	NOUN
ajfa-79	191	24	include	include	VERB
ajfa-79	191	25	those	those	PRON
ajfa-79	191	26	between	between	ADP
ajfa-79	191	27	firm	firm	ADJ
ajfa-79	191	28	performance	performance	NOUN
ajfa-79	191	29	and	and	CCONJ
ajfa-79	191	30	ownership	ownership	NOUN
ajfa-79	191	31	structure	structure	NOUN
ajfa-79	191	32	variables	variable	NOUN
ajfa-79	191	33	,	,	PUNCT
ajfa-79	191	34	and	and	CCONJ
ajfa-79	191	35	those	those	PRON
ajfa-79	191	36	between	between	ADP
ajfa-79	191	37	supervisory	supervisory	ADJ
ajfa-79	191	38	board	board	NOUN
ajfa-79	191	39	variables	variable	NOUN
ajfa-79	191	40	and	and	CCONJ
ajfa-79	191	41	ownership	ownership	NOUN
ajfa-79	191	42	structure	structure	NOUN
ajfa-79	191	43	variables	variable	NOUN
ajfa-79	191	44	.	.	PUNCT
ajfa-79	192	1	results	result	NOUN
ajfa-79	192	2	from	from	ADP
ajfa-79	192	3	the	the	DET
ajfa-79	192	4	2sls	2sls	NOUN
ajfa-79	192	5	models	model	NOUN
ajfa-79	192	6	are	be	AUX
ajfa-79	192	7	presented	present	VERB
ajfa-79	192	8	in	in	ADP
ajfa-79	192	9	panel	panel	PROPN
ajfa-79	192	10	b.	b.	PROPN
ajfa-79	193	1	it	it	PRON
ajfa-79	193	2	is	be	AUX
ajfa-79	193	3	clear	clear	ADJ
ajfa-79	193	4	that	that	SCONJ
ajfa-79	193	5	the	the	DET
ajfa-79	193	6	empirical	empirical	ADJ
ajfa-79	193	7	findings	finding	NOUN
ajfa-79	193	8	from	from	ADP
ajfa-79	193	9	these	these	DET
ajfa-79	193	10	two	two	NUM
ajfa-79	193	11	models	model	NOUN
ajfa-79	193	12	are	be	AUX
ajfa-79	193	13	consistent	consistent	ADJ
ajfa-79	193	14	,	,	PUNCT
ajfa-79	193	15	and	and	CCONJ
ajfa-79	193	16	to	to	ADP
ajfa-79	193	17	some	some	DET
ajfa-79	193	18	degree	degree	NOUN
ajfa-79	193	19	,	,	PUNCT
ajfa-79	193	20	they	they	PRON
ajfa-79	193	21	serve	serve	VERB
ajfa-79	193	22	as	as	ADP
ajfa-79	193	23	a	a	DET
ajfa-79	193	24	robustness	robustness	NOUN
ajfa-79	193	25	test	test	NOUN
ajfa-79	193	26	for	for	ADP
ajfa-79	193	27	each	each	DET
ajfa-79	193	28	other	other	ADJ
ajfa-79	193	29	.	.	PUNCT
ajfa-79	194	1	results	result	NOUN
ajfa-79	194	2	from	from	ADP
ajfa-79	194	3	the	the	DET
ajfa-79	194	4	first	first	ADJ
ajfa-79	194	5	stage	stage	NOUN
ajfa-79	194	6	of	of	ADP
ajfa-79	194	7	the	the	DET
ajfa-79	194	8	2sls	2sls	PROPN
ajfa-79	194	9	model	model	NOUN
ajfa-79	194	10	,	,	PUNCT
ajfa-79	194	11	with	with	ADP
ajfa-79	194	12	the	the	DET
ajfa-79	194	13	supervisory	supervisory	ADJ
ajfa-79	194	14	board	board	NOUN
ajfa-79	194	15	meeting	meeting	NOUN
ajfa-79	194	16	frequency	frequency	NOUN
ajfa-79	194	17	(	(	PUNCT
ajfa-79	194	18	sbmf	sbmf	PROPN
ajfa-79	194	19	)	)	PUNCT
ajfa-79	194	20	as	as	ADP
ajfa-79	194	21	the	the	DET
ajfa-79	194	22	dependent	dependent	ADJ
ajfa-79	194	23	variable	variable	NOUN
ajfa-79	194	24	,	,	PUNCT
ajfa-79	194	25	are	be	AUX
ajfa-79	194	26	also	also	ADV
ajfa-79	194	27	presented	present	VERB
ajfa-79	194	28	in	in	ADP
ajfa-79	194	29	panel	panel	NOUN
ajfa-79	194	30	b	b	PROPN
ajfa-79	194	31	of	of	ADP
ajfa-79	194	32	table	table	NOUN
ajfa-79	194	33	2	2	NUM
ajfa-79	194	34	.	.	PUNCT
ajfa-79	195	1	findings	finding	NOUN
ajfa-79	195	2	are	be	AUX
ajfa-79	195	3	summarized	summarize	VERB
ajfa-79	195	4	as	as	SCONJ
ajfa-79	195	5	follows	follow	NOUN
ajfa-79	195	6	.	.	PUNCT
ajfa-79	196	1	table	table	NOUN
ajfa-79	196	2	2	2	NUM
ajfa-79	196	3	monitoring	monitoring	NOUN
ajfa-79	196	4	effects	effect	NOUN
ajfa-79	196	5	of	of	ADP
ajfa-79	196	6	supervisory	supervisory	ADJ
ajfa-79	196	7	board	board	NOUN
ajfa-79	196	8	on	on	ADP
ajfa-79	196	9	board	board	PROPN
ajfa-79	196	10	chair	chair	NOUN
ajfa-79	196	11	pay	pay	VERB
ajfa-79	196	12	panel	panel	NOUN
ajfa-79	196	13	a.	a.	NOUN
ajfa-79	196	14	ols	ols	PROPN
ajfa-79	196	15	regressions	regression	NOUN
ajfa-79	196	16	and	and	CCONJ
ajfa-79	196	17	tobit	tobit	NOUN
ajfa-79	196	18	analysis	analysis	NOUN
ajfa-79	196	19	ols	ol	NOUN
ajfa-79	196	20	regressions	regression	NOUN
ajfa-79	196	21	tobit	tobit	NOUN
ajfa-79	196	22	analysis	analysis	NOUN
ajfa-79	196	23	coefficient	coefficient	PROPN
ajfa-79	196	24	s.d	s.d	PROPN
ajfa-79	196	25	.	.	PROPN
ajfa-79	196	26	coefficient	coefficient	PROPN
ajfa-79	196	27	s.d	s.d	PROPN
ajfa-79	196	28	.	.	PROPN
ajfa-79	197	1	coefficient	coefficient	PROPN
ajfa-79	197	2	s.d	s.d	PROPN
ajfa-79	197	3	.	.	PROPN
ajfa-79	197	4	coefficient	coefficient	PROPN
ajfa-79	197	5	s.d	s.d	PROPN
ajfa-79	197	6	.	.	PROPN
ajfa-79	197	7	sbmf	sbmf	PROPN
ajfa-79	197	8	-0.023	-0.023	PROPN
ajfa-79	197	9	(	(	PUNCT
ajfa-79	197	10	0.070	0.070	NUM
ajfa-79	197	11	)	)	PUNCT
ajfa-79	197	12	-0.084	-0.084	PUNCT
ajfa-79	197	13	(	(	PUNCT
ajfa-79	197	14	0.081	0.081	NUM
ajfa-79	197	15	)	)	PUNCT
ajfa-79	197	16	-0.033	-0.033	PUNCT
ajfa-79	197	17	(	(	PUNCT
ajfa-79	197	18	0.108	0.108	NUM
ajfa-79	197	19	)	)	PUNCT
ajfa-79	197	20	-0.123	-0.123	PUNCT
ajfa-79	197	21	(	(	PUNCT
ajfa-79	197	22	0.125	0.125	NUM
ajfa-79	197	23	)	)	PUNCT
ajfa-79	197	24	sbs	sbs	NOUN
ajfa-79	197	25	-0.125	-0.125	PROPN
ajfa-79	197	26	(	(	PUNCT
ajfa-79	197	27	0.085	0.085	NUM
ajfa-79	197	28	)	)	PUNCT
ajfa-79	197	29	-0.251	-0.251	X
ajfa-79	198	1	*	*	PUNCT
ajfa-79	198	2	*	*	PUNCT
ajfa-79	198	3	(	(	PUNCT
ajfa-79	198	4	0.104	0.104	NUM
ajfa-79	198	5	)	)	PUNCT
ajfa-79	198	6	-0.189	-0.189	PUNCT
ajfa-79	198	7	(	(	PUNCT
ajfa-79	198	8	0.133	0.133	NUM
ajfa-79	198	9	)	)	PUNCT
ajfa-79	198	10	-0.380	-0.380	NOUN
ajfa-79	199	1	*	*	PUNCT
ajfa-79	199	2	*	*	PUNCT
ajfa-79	199	3	(	(	PUNCT
ajfa-79	199	4	0.162	0.162	NUM
ajfa-79	199	5	)	)	PUNCT
ajfa-79	199	6	ibsize	ibsize	NOUN
ajfa-79	199	7	-0.280	-0.280	NUM
ajfa-79	199	8	*	*	PUNCT
ajfa-79	199	9	(	(	PUNCT
ajfa-79	199	10	0.160	0.160	NUM
ajfa-79	199	11	)	)	PUNCT
ajfa-79	199	12	-0.273	-0.273	PUNCT
ajfa-79	200	1	*	*	PUNCT
ajfa-79	200	2	(	(	PUNCT
ajfa-79	200	3	0.160	0.160	NUM
ajfa-79	200	4	)	)	PUNCT
ajfa-79	200	5	-0.453	-0.453	NOUN
ajfa-79	200	6	*	*	PUNCT
ajfa-79	200	7	(	(	PUNCT
ajfa-79	200	8	0.278	0.278	NUM
ajfa-79	200	9	)	)	PUNCT
ajfa-79	200	10	-0.446	-0.446	NOUN
ajfa-79	200	11	*	*	PUNCT
ajfa-79	200	12	(	(	PUNCT
ajfa-79	200	13	0.248	0.248	NUM
ajfa-79	200	14	)	)	PUNCT
ajfa-79	200	15	roe	roe	NOUN
ajfa-79	200	16	-0.086	-0.086	PUNCT
ajfa-79	200	17	(	(	PUNCT
ajfa-79	200	18	0.064	0.064	NUM
ajfa-79	200	19	)	)	PUNCT
ajfa-79	200	20	-0.134	-0.134	PROPN
ajfa-79	200	21	(	(	PUNCT
ajfa-79	200	22	0.085	0.085	NUM
ajfa-79	200	23	)	)	PUNCT
ajfa-79	200	24	-0.144	-0.144	X
ajfa-79	200	25	(	(	PUNCT
ajfa-79	200	26	0.099	0.099	NUM
ajfa-79	200	27	)	)	PUNCT
ajfa-79	200	28	-0.238	-0.238	NUM
ajfa-79	201	1	*	*	PUNCT
ajfa-79	201	2	(	(	PUNCT
ajfa-79	201	3	0.143	0.143	NUM
ajfa-79	201	4	)	)	PUNCT
ajfa-79	201	5	d	d	X
ajfa-79	201	6	/	/	SYM
ajfa-79	201	7	e	e	ADP
ajfa-79	201	8	0.143	0.143	NUM
ajfa-79	201	9	(	(	PUNCT
ajfa-79	201	10	0.114	0.114	NUM
ajfa-79	201	11	)	)	PUNCT
ajfa-79	201	12	0.112	0.112	NUM
ajfa-79	201	13	(	(	PUNCT
ajfa-79	201	14	0.120	0.120	NUM
ajfa-79	201	15	)	)	PUNCT
ajfa-79	201	16	0.223	0.223	NUM
ajfa-79	201	17	(	(	PUNCT
ajfa-79	201	18	0.174	0.174	NUM
ajfa-79	201	19	)	)	PUNCT
ajfa-79	201	20	0.174	0.174	NUM
ajfa-79	201	21	(	(	PUNCT
ajfa-79	201	22	0.183	0.183	NUM
ajfa-79	201	23	)	)	PUNCT
ajfa-79	201	24	dual	dual	ADJ
ajfa-79	201	25	4.378	4.378	NUM
ajfa-79	201	26	*	*	PUNCT
ajfa-79	201	27	*	*	PUNCT
ajfa-79	201	28	*	*	PUNCT
ajfa-79	201	29	(	(	PUNCT
ajfa-79	201	30	0.342	0.342	NUM
ajfa-79	201	31	)	)	PUNCT
ajfa-79	201	32	4.316	4.316	NUM
ajfa-79	201	33	*	*	PUNCT
ajfa-79	201	34	*	*	PUNCT
ajfa-79	201	35	*	*	PUNCT
ajfa-79	201	36	(	(	PUNCT
ajfa-79	201	37	0.342	0.342	NUM
ajfa-79	201	38	)	)	PUNCT
ajfa-79	201	39	6.183	6.183	NUM
ajfa-79	201	40	*	*	PUNCT
ajfa-79	201	41	*	*	PUNCT
ajfa-79	201	42	*	*	PUNCT
ajfa-79	201	43	(	(	PUNCT
ajfa-79	201	44	0.511	0.511	NUM
ajfa-79	201	45	)	)	PUNCT
ajfa-79	201	46	6.084	6.084	NUM
ajfa-79	201	47	*	*	PUNCT
ajfa-79	201	48	*	*	PUNCT
ajfa-79	201	49	*	*	PUNCT
ajfa-79	201	50	(	(	PUNCT
ajfa-79	201	51	0.510	0.510	NUM
ajfa-79	201	52	)	)	PUNCT
ajfa-79	201	53	gov	gov	NOUN
ajfa-79	201	54	-0.125	-0.125	PROPN
ajfa-79	201	55	(	(	PUNCT
ajfa-79	201	56	0.255	0.255	NUM
ajfa-79	201	57	)	)	PUNCT
ajfa-79	201	58	-2.717	-2.717	X
ajfa-79	202	1	*	*	PUNCT
ajfa-79	202	2	*	*	PUNCT
ajfa-79	202	3	*	*	PUNCT
ajfa-79	202	4	(	(	PUNCT
ajfa-79	202	5	0.904	0.904	NUM
ajfa-79	202	6	)	)	PUNCT
ajfa-79	202	7	-0.153	-0.153	NOUN
ajfa-79	202	8	(	(	PUNCT
ajfa-79	202	9	0.395	0.395	NUM
ajfa-79	202	10	)	)	PUNCT
ajfa-79	202	11	-4.083	-4.083	PUNCT
ajfa-79	203	1	*	*	PUNCT
ajfa-79	203	2	*	*	PUNCT
ajfa-79	203	3	*	*	PUNCT
ajfa-79	203	4	(	(	PUNCT
ajfa-79	203	5	1.402	1.402	NUM
ajfa-79	203	6	)	)	PUNCT
ajfa-79	203	7	for	for	ADP
ajfa-79	203	8	-1.832	-1.832	X
ajfa-79	203	9	*	*	PUNCT
ajfa-79	203	10	*	*	PUNCT
ajfa-79	203	11	(	(	PUNCT
ajfa-79	203	12	0.830	0.830	NUM
ajfa-79	203	13	)	)	PUNCT
ajfa-79	203	14	2.400	2.400	NUM
ajfa-79	203	15	(	(	PUNCT
ajfa-79	203	16	3.588	3.588	NUM
ajfa-79	203	17	)	)	PUNCT
ajfa-79	203	18	-3.152	-3.152	PUNCT
ajfa-79	204	1	*	*	PUNCT
ajfa-79	204	2	*	*	PUNCT
ajfa-79	204	3	(	(	PUNCT
ajfa-79	204	4	1.327	1.327	NUM
ajfa-79	204	5	)	)	PUNCT
ajfa-79	204	6	5.261	5.261	NUM
ajfa-79	204	7	(	(	PUNCT
ajfa-79	204	8	6.114	6.114	NUM
ajfa-79	204	9	)	)	PUNCT
ajfa-79	204	10	roexgov	roexgov	NOUN
ajfa-79	204	11	0.109	0.109	NUM
ajfa-79	204	12	(	(	PUNCT
ajfa-79	204	13	0.128	0.128	NUM
ajfa-79	204	14	)	)	PUNCT
ajfa-79	204	15	0.187	0.187	NUM
ajfa-79	204	16	(	(	PUNCT
ajfa-79	204	17	0.201	0.201	NUM
ajfa-79	204	18	)	)	PUNCT
ajfa-79	204	19	roexfor	roexfor	ADP
ajfa-79	204	20	4.303	4.303	NUM
ajfa-79	204	21	(	(	PUNCT
ajfa-79	204	22	5.073	5.073	NUM
ajfa-79	204	23	)	)	PUNCT
ajfa-79	204	24	9.174	9.174	NUM
ajfa-79	204	25	(	(	PUNCT
ajfa-79	204	26	10.434	10.434	NUM
ajfa-79	204	27	)	)	PUNCT
ajfa-79	204	28	sbmfxgov	sbmfxgov	VERB
ajfa-79	204	29	0.287	0.287	NUM
ajfa-79	204	30	*	*	PUNCT
ajfa-79	204	31	(	(	PUNCT
ajfa-79	204	32	0.151	0.151	NUM
ajfa-79	204	33	)	)	PUNCT
ajfa-79	204	34	0.426	0.426	NUM
ajfa-79	204	35	*	*	PUNCT
ajfa-79	204	36	(	(	PUNCT
ajfa-79	204	37	0.233	0.233	NUM
ajfa-79	204	38	)	)	PUNCT
ajfa-79	204	39	sbmfxfor	sbmfxfor	ADP
ajfa-79	204	40	-0.836	-0.836	PROPN
ajfa-79	204	41	*	*	PUNCT
ajfa-79	204	42	(	(	PUNCT
ajfa-79	204	43	0.490	0.490	NUM
ajfa-79	204	44	)	)	PUNCT
ajfa-79	204	45	-1.497	-1.497	NOUN
ajfa-79	204	46	*	*	PUNCT
ajfa-79	204	47	(	(	PUNCT
ajfa-79	204	48	0.808	0.808	NUM
ajfa-79	204	49	)	)	PUNCT
ajfa-79	204	50	sbsxgov	sbsxgov	VERB
ajfa-79	204	51	0.370	0.370	NUM
ajfa-79	205	1	*	*	PUNCT
ajfa-79	205	2	*	*	PUNCT
ajfa-79	205	3	(	(	PUNCT
ajfa-79	205	4	0.170	0.170	NUM
ajfa-79	205	5	)	)	PUNCT
ajfa-79	206	1	0.570	0.570	NUM
ajfa-79	206	2	*	*	PUNCT
ajfa-79	206	3	*	*	PUNCT
ajfa-79	206	4	(	(	PUNCT
ajfa-79	206	5	0.264	0.264	NOUN
ajfa-79	206	6	)	)	PUNCT
ajfa-79	206	7	sbsxfor	sbsxfor	NOUN
ajfa-79	206	8	-0.323	-0.323	PUNCT
ajfa-79	206	9	(	(	PUNCT
ajfa-79	206	10	0.724	0.724	NUM
ajfa-79	206	11	)	)	PUNCT
ajfa-79	206	12	-0.871	-0.871	NOUN
ajfa-79	206	13	(	(	PUNCT
ajfa-79	206	14	1.244	1.244	NUM
ajfa-79	206	15	)	)	PUNCT
ajfa-79	206	16	asian	asian	ADJ
ajfa-79	206	17	journal	journal	NOUN
ajfa-79	206	18	of	of	ADP
ajfa-79	206	19	finance	finance	PROPN
ajfa-79	206	20	&	&	CCONJ
ajfa-79	206	21	accounting	accounting	PROPN
ajfa-79	206	22	issn	issn	PROPN
ajfa-79	206	23	1946	1946	NUM
ajfa-79	206	24	-	-	PUNCT
ajfa-79	206	25	052x	052x	NOUN
ajfa-79	206	26	2009	2009	NUM
ajfa-79	206	27	,	,	PUNCT
ajfa-79	206	28	vol	vol	NOUN
ajfa-79	206	29	.	.	PROPN
ajfa-79	206	30	1	1	NUM
ajfa-79	206	31	,	,	PUNCT
ajfa-79	206	32	no	no	INTJ
ajfa-79	206	33	.	.	NOUN
ajfa-79	206	34	1	1	NUM
ajfa-79	206	35	:	:	PUNCT
ajfa-79	206	36	e1	e1	VERB
ajfa-79	206	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	206	38	13	13	NUM
ajfa-79	206	39	hhi	hhi	NOUN
ajfa-79	206	40	0.001	0.001	NUM
ajfa-79	206	41	*	*	PUNCT
ajfa-79	206	42	*	*	PUNCT
ajfa-79	206	43	*	*	PUNCT
ajfa-79	206	44	(	(	PUNCT
ajfa-79	206	45	0.004	0.004	NUM
ajfa-79	206	46	)	)	PUNCT
ajfa-79	206	47	0.001	0.001	NUM
ajfa-79	206	48	*	*	PUNCT
ajfa-79	206	49	*	*	PUNCT
ajfa-79	206	50	*	*	PUNCT
ajfa-79	206	51	(	(	PUNCT
ajfa-79	206	52	0.004	0.004	NUM
ajfa-79	206	53	)	)	PUNCT
ajfa-79	206	54	0.002	0.002	NUM
ajfa-79	206	55	*	*	PUNCT
ajfa-79	206	56	*	*	PUNCT
ajfa-79	206	57	*	*	PUNCT
ajfa-79	206	58	(	(	PUNCT
ajfa-79	206	59	0.001	0.001	NUM
ajfa-79	206	60	)	)	PUNCT
ajfa-79	206	61	0.002	0.002	NUM
ajfa-79	206	62	*	*	PUNCT
ajfa-79	206	63	*	*	PUNCT
ajfa-79	206	64	*	*	PUNCT
ajfa-79	206	65	(	(	PUNCT
ajfa-79	206	66	0.001	0.001	NUM
ajfa-79	206	67	)	)	PUNCT
ajfa-79	206	68	trade	trade	NOUN
ajfa-79	206	69	4.936	4.936	NUM
ajfa-79	206	70	*	*	PUNCT
ajfa-79	206	71	*	*	PUNCT
ajfa-79	206	72	*	*	PUNCT
ajfa-79	206	73	(	(	PUNCT
ajfa-79	206	74	0.910	0.910	NUM
ajfa-79	206	75	)	)	PUNCT
ajfa-79	206	76	4.940	4.940	NUM
ajfa-79	206	77	*	*	PUNCT
ajfa-79	206	78	*	*	PUNCT
ajfa-79	206	79	*	*	PUNCT
ajfa-79	206	80	(	(	PUNCT
ajfa-79	206	81	0.909	0.909	NUM
ajfa-79	206	82	)	)	PUNCT
ajfa-79	206	83	7.627	7.627	NUM
ajfa-79	206	84	*	*	PUNCT
ajfa-79	206	85	*	*	PUNCT
ajfa-79	206	86	*	*	PUNCT
ajfa-79	206	87	(	(	PUNCT
ajfa-79	206	88	1.415	1.415	NUM
ajfa-79	206	89	)	)	PUNCT
ajfa-79	206	90	7.599	7.599	NUM
ajfa-79	206	91	*	*	PUNCT
ajfa-79	206	92	*	*	PUNCT
ajfa-79	206	93	*	*	PUNCT
ajfa-79	206	94	(	(	PUNCT
ajfa-79	206	95	1.412	1.412	NUM
ajfa-79	206	96	)	)	PUNCT
ajfa-79	206	97	lnassets	lnasset	NOUN
ajfa-79	206	98	-0.256	-0.256	PUNCT
ajfa-79	207	1	*	*	PUNCT
ajfa-79	207	2	*	*	PUNCT
ajfa-79	207	3	(	(	PUNCT
ajfa-79	207	4	0.112	0.112	NUM
ajfa-79	207	5	)	)	PUNCT
ajfa-79	207	6	-0.262	-0.262	NOUN
ajfa-79	208	1	*	*	PUNCT
ajfa-79	208	2	*	*	PUNCT
ajfa-79	208	3	(	(	PUNCT
ajfa-79	208	4	0.112	0.112	NUM
ajfa-79	208	5	)	)	PUNCT
ajfa-79	208	6	-0.513	-0.513	NOUN
ajfa-79	209	1	*	*	PUNCT
ajfa-79	209	2	*	*	PUNCT
ajfa-79	209	3	*	*	PUNCT
ajfa-79	209	4	(	(	PUNCT
ajfa-79	209	5	0.176	0.176	NUM
ajfa-79	209	6	)	)	PUNCT
ajfa-79	209	7	-0.517	-0.517	NOUN
ajfa-79	210	1	*	*	PUNCT
ajfa-79	210	2	*	*	PUNCT
ajfa-79	210	3	*	*	PUNCT
ajfa-79	210	4	(	(	PUNCT
ajfa-79	210	5	0.176	0.176	NUM
ajfa-79	210	6	)	)	PUNCT
ajfa-79	210	7	industry	industry	NOUN
ajfa-79	210	8	dummies	dummy	NOUN
ajfa-79	210	9	included	include	VERB
ajfa-79	210	10	and	and	CCONJ
ajfa-79	210	11	mixed	mixed	ADJ
ajfa-79	210	12	included	include	VERB
ajfa-79	210	13	and	and	CCONJ
ajfa-79	210	14	mixed	mixed	ADJ
ajfa-79	210	15	included	include	VERB
ajfa-79	210	16	and	and	CCONJ
ajfa-79	210	17	mixed	mixed	ADJ
ajfa-79	210	18	included	include	VERB
ajfa-79	210	19	and	and	CCONJ
ajfa-79	210	20	mixed	mixed	ADJ
ajfa-79	210	21	year	year	NOUN
ajfa-79	210	22	dummy	dummy	NOUN
ajfa-79	210	23	-0.470	-0.470	PUNCT
ajfa-79	211	1	*	*	PUNCT
ajfa-79	211	2	(	(	PUNCT
ajfa-79	211	3	0.241	0.241	NUM
ajfa-79	211	4	)	)	PUNCT
ajfa-79	211	5	)	)	PUNCT
ajfa-79	212	1	-0.471	-0.471	PROPN
ajfa-79	213	1	*	*	PUNCT
ajfa-79	213	2	(	(	PUNCT
ajfa-79	213	3	0.241	0.241	NUM
ajfa-79	213	4	)	)	PUNCT
ajfa-79	213	5	-0.747	-0.747	PUNCT
ajfa-79	214	1	*	*	PUNCT
ajfa-79	214	2	*	*	PUNCT
ajfa-79	214	3	(	(	PUNCT
ajfa-79	214	4	0.373	0.373	NUM
ajfa-79	214	5	)	)	PUNCT
ajfa-79	214	6	-0.745	-0.745	NOUN
ajfa-79	215	1	*	*	PUNCT
ajfa-79	215	2	*	*	PUNCT
ajfa-79	215	3	(	(	PUNCT
ajfa-79	215	4	0.372	0.372	NUM
ajfa-79	215	5	)	)	PUNCT
ajfa-79	215	6	constant	constant	ADJ
ajfa-79	215	7	11.434	11.434	NUM
ajfa-79	215	8	*	*	PUNCT
ajfa-79	215	9	*	*	PUNCT
ajfa-79	215	10	*	*	PUNCT
ajfa-79	215	11	(	(	PUNCT
ajfa-79	215	12	2.351	2.351	NUM
ajfa-79	215	13	)	)	PUNCT
ajfa-79	215	14	12.251	12.251	NUM
ajfa-79	216	1	*	*	PUNCT
ajfa-79	216	2	*	*	PUNCT
ajfa-79	216	3	*	*	PUNCT
ajfa-79	216	4	(	(	PUNCT
ajfa-79	216	5	2.369	2.369	NUM
ajfa-79	216	6	)	)	PUNCT
ajfa-79	216	7	14.285	14.285	NUM
ajfa-79	217	1	*	*	PUNCT
ajfa-79	217	2	*	*	PUNCT
ajfa-79	217	3	*	*	PUNCT
ajfa-79	217	4	(	(	PUNCT
ajfa-79	217	5	3.685	3.685	NUM
ajfa-79	217	6	)	)	PUNCT
ajfa-79	217	7	15.443	15.443	NUM
ajfa-79	217	8	*	*	PUNCT
ajfa-79	217	9	*	*	PUNCT
ajfa-79	217	10	*	*	PUNCT
ajfa-79	217	11	(	(	PUNCT
ajfa-79	217	12	3.707	3.707	NUM
ajfa-79	217	13	)	)	PUNCT
ajfa-79	217	14	n	n	CCONJ
ajfa-79	217	15	2580	2580	NUM
ajfa-79	217	16	2580	2580	NUM
ajfa-79	217	17	2580	2580	NUM
ajfa-79	217	18	2580	2580	NUM
ajfa-79	217	19	adj./pseudo	adj./pseudo	NOUN
ajfa-79	217	20	r	r	NOUN
ajfa-79	217	21	2	2	NUM
ajfa-79	217	22	0.080	0.080	NUM
ajfa-79	217	23	0.094	0.094	NUM
ajfa-79	217	24	0.017	0.017	NUM
ajfa-79	217	25	0.018	0.018	NUM
ajfa-79	217	26	f	f	X
ajfa-79	217	27	-	-	PUNCT
ajfa-79	217	28	value	value	NOUN
ajfa-79	217	29	10.36	10.36	NUM
ajfa-79	217	30	*	*	PUNCT
ajfa-79	217	31	*	*	PUNCT
ajfa-79	217	32	*	*	PUNCT
ajfa-79	217	33	8.79	8.79	NUM
ajfa-79	217	34	*	*	PUNCT
ajfa-79	217	35	*	*	PUNCT
ajfa-79	217	36	*	*	PUNCT
ajfa-79	217	37	lr	lr	X
ajfa-79	217	38	chi	chi	PROPN
ajfa-79	217	39	-	-	PUNCT
ajfa-79	217	40	square	square	NOUN
ajfa-79	217	41	230.65	230.65	NUM
ajfa-79	217	42	*	*	PUNCT
ajfa-79	217	43	*	*	PUNCT
ajfa-79	217	44	*	*	PUNCT
ajfa-79	217	45	245.74	245.74	NUM
ajfa-79	217	46	*	*	PUNCT
ajfa-79	217	47	*	*	PUNCT
ajfa-79	217	48	*	*	PUNCT
ajfa-79	217	49	*	*	PUNCT
ajfa-79	217	50	*	*	PUNCT
ajfa-79	217	51	*	*	PUNCT
ajfa-79	217	52	p<0.01	p<0.01	PROPN
ajfa-79	217	53	,	,	PUNCT
ajfa-79	217	54	*	*	PUNCT
ajfa-79	217	55	*	*	PUNCT
ajfa-79	217	56	p<0.05	p<0.05	PROPN
ajfa-79	217	57	,	,	PUNCT
ajfa-79	217	58	*	*	PUNCT
ajfa-79	217	59	p<0.10	p<0.10	NOUN
ajfa-79	217	60	.	.	PUNCT
ajfa-79	218	1	n	n	PRON
ajfa-79	218	2	is	be	AUX
ajfa-79	218	3	the	the	DET
ajfa-79	218	4	number	number	NOUN
ajfa-79	218	5	of	of	ADP
ajfa-79	218	6	observations	observation	NOUN
ajfa-79	218	7	.	.	PUNCT
ajfa-79	219	1	panel	panel	NOUN
ajfa-79	219	2	b.	b.	PROPN
ajfa-79	219	3	2	2	NUM
ajfa-79	219	4	-	-	PUNCT
ajfa-79	219	5	stage	stage	NOUN
ajfa-79	219	6	models	model	NOUN
ajfa-79	219	7	stage	stage	VERB
ajfa-79	219	8	1	1	NUM
ajfa-79	219	9	stage	stage	NOUN
ajfa-79	219	10	2	2	NUM
ajfa-79	219	11	:	:	PUNCT
ajfa-79	219	12	ols	ol	NOUN
ajfa-79	219	13	stage	stage	NOUN
ajfa-79	219	14	2	2	NUM
ajfa-79	219	15	:	:	PUNCT
ajfa-79	219	16	tobit	tobit	PROPN
ajfa-79	219	17	coefficient	coefficient	PROPN
ajfa-79	219	18	s.d	s.d	PROPN
ajfa-79	219	19	.	.	PROPN
ajfa-79	219	20	coefficient	coefficient	PROPN
ajfa-79	219	21	s.d	s.d	PROPN
ajfa-79	219	22	.	.	PROPN
ajfa-79	220	1	coefficient	coefficient	PROPN
ajfa-79	220	2	s.d	s.d	PROPN
ajfa-79	220	3	.	.	PROPN
ajfa-79	220	4	dep	dep	PROPN
ajfa-79	220	5	.	.	PROPN
ajfa-79	221	1	var	var	PROPN
ajfa-79	221	2	.	.	PUNCT
ajfa-79	222	1	sbmf	sbmf	PROPN
ajfa-79	222	2	lnbcpay	lnbcpay	PROPN
ajfa-79	222	3	lnbcpay	lnbcpay	VERB
ajfa-79	222	4	misbmf	misbmf	PROPN
ajfa-79	222	5	-0.059	-0.059	PUNCT
ajfa-79	222	6	(	(	PUNCT
ajfa-79	222	7	0.089	0.089	NUM
ajfa-79	222	8	)	)	PUNCT
ajfa-79	222	9	-0.084	-0.084	PUNCT
ajfa-79	223	1	(	(	PUNCT
ajfa-79	223	2	0.139	0.139	NUM
ajfa-79	223	3	)	)	PUNCT
ajfa-79	223	4	sbs	sbs	NOUN
ajfa-79	223	5	0.078	0.078	NUM
ajfa-79	223	6	*	*	PUNCT
ajfa-79	223	7	*	*	PUNCT
ajfa-79	223	8	*	*	PUNCT
ajfa-79	223	9	(	(	PUNCT
ajfa-79	223	10	0.024	0.024	NUM
ajfa-79	223	11	)	)	PUNCT
ajfa-79	223	12	-0.257	-0.257	NOUN
ajfa-79	223	13	*	*	PUNCT
ajfa-79	223	14	*	*	PUNCT
ajfa-79	223	15	(	(	PUNCT
ajfa-79	223	16	0.107	0.107	NUM
ajfa-79	223	17	)	)	PUNCT
ajfa-79	223	18	-0.390	-0.390	NOUN
ajfa-79	224	1	*	*	PUNCT
ajfa-79	224	2	*	*	PUNCT
ajfa-79	224	3	(	(	PUNCT
ajfa-79	224	4	0.168	0.168	NUM
ajfa-79	224	5	)	)	PUNCT
ajfa-79	224	6	ibsize	ibsize	NOUN
ajfa-79	224	7	-0.023	-0.023	NUM
ajfa-79	224	8	(	(	PUNCT
ajfa-79	224	9	0.046	0.046	NUM
ajfa-79	224	10	)	)	PUNCT
ajfa-79	224	11	-0.318	-0.318	PUNCT
ajfa-79	225	1	*	*	PUNCT
ajfa-79	225	2	(	(	PUNCT
ajfa-79	225	3	0.166	0.166	NUM
ajfa-79	225	4	)	)	PUNCT
ajfa-79	225	5	-0.523	-0.523	NOUN
ajfa-79	226	1	*	*	PUNCT
ajfa-79	226	2	*	*	PUNCT
ajfa-79	226	3	(	(	PUNCT
ajfa-79	226	4	0.260	0.260	NUM
ajfa-79	226	5	)	)	PUNCT
ajfa-79	226	6	sbcturnover	sbcturnover	VERB
ajfa-79	226	7	1.067	1.067	NUM
ajfa-79	226	8	*	*	PUNCT
ajfa-79	226	9	*	*	PUNCT
ajfa-79	226	10	*	*	PUNCT
ajfa-79	226	11	(	(	PUNCT
ajfa-79	226	12	0.065	0.065	NUM
ajfa-79	226	13	)	)	PUNCT
ajfa-79	226	14	roepast	roepast	NOUN
ajfa-79	226	15	0.008	0.008	NUM
ajfa-79	226	16	(	(	PUNCT
ajfa-79	226	17	0.010	0.010	NUM
ajfa-79	226	18	)	)	PUNCT
ajfa-79	226	19	roe	roe	NOUN
ajfa-79	226	20	-0.146	-0.146	NOUN
ajfa-79	226	21	*	*	PUNCT
ajfa-79	226	22	(	(	PUNCT
ajfa-79	226	23	0.086	0.086	NUM
ajfa-79	226	24	)	)	PUNCT
ajfa-79	226	25	-0.261	-0.261	NOUN
ajfa-79	227	1	*	*	PUNCT
ajfa-79	227	2	(	(	PUNCT
ajfa-79	227	3	0.149	0.149	NUM
ajfa-79	227	4	)	)	PUNCT
ajfa-79	227	5	d	d	NOUN
ajfa-79	227	6	/	/	SYM
ajfa-79	227	7	epast	epast	ADJ
ajfa-79	227	8	-0.055	-0.055	PUNCT
ajfa-79	227	9	(	(	PUNCT
ajfa-79	227	10	0.023	0.023	NUM
ajfa-79	227	11	)	)	PUNCT
ajfa-79	227	12	d	d	NOUN
ajfa-79	227	13	/	/	SYM
ajfa-79	227	14	e	e	NOUN
ajfa-79	227	15	0.089	0.089	NUM
ajfa-79	227	16	(	(	PUNCT
ajfa-79	227	17	0.121	0.121	NUM
ajfa-79	227	18	)	)	PUNCT
ajfa-79	227	19	0.141	0.141	NUM
ajfa-79	227	20	(	(	PUNCT
ajfa-79	227	21	0.187	0.187	NUM
ajfa-79	227	22	)	)	PUNCT
ajfa-79	227	23	dual	dual	ADJ
ajfa-79	227	24	4.371	4.371	NUM
ajfa-79	227	25	*	*	PUNCT
ajfa-79	227	26	*	*	PUNCT
ajfa-79	227	27	*	*	PUNCT
ajfa-79	227	28	(	(	PUNCT
ajfa-79	227	29	0.355	0.355	NUM
ajfa-79	227	30	)	)	PUNCT
ajfa-79	227	31	6.210	6.210	NUM
ajfa-79	227	32	*	*	PUNCT
ajfa-79	227	33	*	*	PUNCT
ajfa-79	227	34	*	*	PUNCT
ajfa-79	227	35	(	(	PUNCT
ajfa-79	227	36	0.534	0.534	NUM
ajfa-79	227	37	)	)	PUNCT
ajfa-79	227	38	gov	gov	NOUN
ajfa-79	227	39	-0.199	-0.199	NOUN
ajfa-79	227	40	*	*	PUNCT
ajfa-79	227	41	*	*	PUNCT
ajfa-79	227	42	*	*	PUNCT
ajfa-79	227	43	(	(	PUNCT
ajfa-79	227	44	0.071	0.071	NUM
ajfa-79	227	45	)	)	PUNCT
ajfa-79	227	46	-1.931	-1.931	PUNCT
ajfa-79	227	47	*	*	PUNCT
ajfa-79	227	48	*	*	PUNCT
ajfa-79	227	49	(	(	PUNCT
ajfa-79	227	50	0.787	0.787	NUM
ajfa-79	227	51	)	)	PUNCT
ajfa-79	227	52	-2.962	-2.962	NOUN
ajfa-79	228	1	*	*	PUNCT
ajfa-79	228	2	*	*	PUNCT
ajfa-79	228	3	(	(	PUNCT
ajfa-79	228	4	1.235	1.235	NUM
ajfa-79	228	5	)	)	PUNCT
ajfa-79	228	6	for	for	ADP
ajfa-79	228	7	0.056	0.056	NUM
ajfa-79	228	8	(	(	PUNCT
ajfa-79	228	9	0.233	0.233	NUM
ajfa-79	228	10	)	)	PUNCT
ajfa-79	228	11	-1.089	-1.089	NOUN
ajfa-79	228	12	(	(	PUNCT
ajfa-79	228	13	3.026	3.026	NUM
ajfa-79	228	14	)	)	PUNCT
ajfa-79	228	15	-0.882	-0.882	NOUN
ajfa-79	228	16	(	(	PUNCT
ajfa-79	228	17	5.175	5.175	NUM
ajfa-79	228	18	)	)	PUNCT
ajfa-79	228	19	roexgov	roexgov	ADJ
ajfa-79	228	20	0.120	0.120	NUM
ajfa-79	228	21	(	(	PUNCT
ajfa-79	228	22	0.129	0.129	NUM
ajfa-79	228	23	)	)	PUNCT
ajfa-79	228	24	0.208	0.208	NUM
ajfa-79	228	25	(	(	PUNCT
ajfa-79	228	26	0.206	0.206	NUM
ajfa-79	228	27	)	)	PUNCT
ajfa-79	228	28	roexfor	roexfor	ADP
ajfa-79	228	29	4.534	4.534	NUM
ajfa-79	228	30	(	(	PUNCT
ajfa-79	228	31	5.117	5.117	NUM
ajfa-79	228	32	)	)	PUNCT
ajfa-79	228	33	9.809	9.809	NUM
ajfa-79	228	34	(	(	PUNCT
ajfa-79	228	35	10.599	10.599	NUM
ajfa-79	228	36	)	)	PUNCT
ajfa-79	228	37	misbmfxgov	misbmfxgov	VERB
ajfa-79	228	38	0.301	0.301	NUM
ajfa-79	228	39	*	*	PUNCT
ajfa-79	228	40	(	(	PUNCT
ajfa-79	228	41	0.164	0.164	NUM
ajfa-79	228	42	)	)	PUNCT
ajfa-79	228	43	0.455	0.455	NUM
ajfa-79	228	44	*	*	PUNCT
ajfa-79	228	45	(	(	PUNCT
ajfa-79	228	46	0.257	0.257	NUM
ajfa-79	228	47	)	)	PUNCT
ajfa-79	228	48	misbmfxfor	misbmfxfor	NOUN
ajfa-79	228	49	-0.565	-0.565	PROPN
ajfa-79	228	50	(	(	PUNCT
ajfa-79	228	51	0.572	0.572	NUM
ajfa-79	228	52	)	)	PUNCT
ajfa-79	228	53	-1.065	-1.065	NOUN
ajfa-79	228	54	(	(	PUNCT
ajfa-79	228	55	0.949	0.949	NUM
ajfa-79	228	56	)	)	PUNCT
ajfa-79	228	57	sbsxgov	sbsxgov	ADJ
ajfa-79	228	58	0.416	0.416	NUM
ajfa-79	229	1	*	*	PUNCT
ajfa-79	229	2	*	*	PUNCT
ajfa-79	229	3	(	(	PUNCT
ajfa-79	229	4	0.174	0.174	NUM
ajfa-79	229	5	)	)	PUNCT
ajfa-79	229	6	0.645	0.645	NUM
ajfa-79	230	1	*	*	PUNCT
ajfa-79	230	2	*	*	PUNCT
ajfa-79	230	3	(	(	PUNCT
ajfa-79	230	4	0.274	0.274	NUM
ajfa-79	230	5	)	)	PUNCT
ajfa-79	230	6	sbsxfor	sbsxfor	NOUN
ajfa-79	230	7	-0.292	-0.292	NUM
ajfa-79	230	8	(	(	PUNCT
ajfa-79	230	9	0.748	0.748	NUM
ajfa-79	230	10	)	)	PUNCT
ajfa-79	230	11	-0.820	-0.820	NOUN
ajfa-79	230	12	(	(	PUNCT
ajfa-79	230	13	1.304	1.304	NUM
ajfa-79	230	14	)	)	PUNCT
ajfa-79	230	15	hhi	hhi	NOUN
ajfa-79	230	16	0.001	0.001	NUM
ajfa-79	230	17	*	*	PUNCT
ajfa-79	230	18	*	*	PUNCT
ajfa-79	230	19	*	*	PUNCT
ajfa-79	230	20	(	(	PUNCT
ajfa-79	230	21	0.000	0.000	NUM
ajfa-79	230	22	)	)	PUNCT
ajfa-79	230	23	0.002	0.002	NUM
ajfa-79	231	1	*	*	PUNCT
ajfa-79	231	2	*	*	PUNCT
ajfa-79	231	3	*	*	PUNCT
ajfa-79	231	4	(	(	PUNCT
ajfa-79	231	5	0.001	0.001	NUM
ajfa-79	231	6	)	)	PUNCT
ajfa-79	231	7	trade	trade	NOUN
ajfa-79	231	8	4.883	4.883	NUM
ajfa-79	232	1	*	*	PUNCT
ajfa-79	232	2	*	*	PUNCT
ajfa-79	232	3	*	*	PUNCT
ajfa-79	232	4	(	(	PUNCT
ajfa-79	232	5	0.927	0.927	NUM
ajfa-79	232	6	)	)	PUNCT
ajfa-79	233	1	7.611	7.611	NUM
ajfa-79	233	2	*	*	PUNCT
ajfa-79	234	1	*	*	PUNCT
ajfa-79	234	2	*	*	PUNCT
ajfa-79	234	3	(	(	PUNCT
ajfa-79	234	4	1.455	1.455	NUM
ajfa-79	234	5	)	)	PUNCT
ajfa-79	234	6	lnassets	lnasset	NOUN
ajfa-79	234	7	0.105	0.105	NUM
ajfa-79	234	8	*	*	PUNCT
ajfa-79	235	1	*	*	PUNCT
ajfa-79	235	2	*	*	PUNCT
ajfa-79	235	3	(	(	PUNCT
ajfa-79	235	4	0.031	0.031	NUM
ajfa-79	235	5	)	)	PUNCT
ajfa-79	235	6	-0.243	-0.243	PUNCT
ajfa-79	236	1	*	*	PUNCT
ajfa-79	236	2	*	*	PUNCT
ajfa-79	236	3	(	(	PUNCT
ajfa-79	236	4	0.115	0.115	NUM
ajfa-79	236	5	)	)	PUNCT
ajfa-79	236	6	-0.497	-0.497	NOUN
ajfa-79	237	1	*	*	PUNCT
ajfa-79	237	2	*	*	PUNCT
ajfa-79	237	3	*	*	PUNCT
ajfa-79	237	4	(	(	PUNCT
ajfa-79	237	5	0.182	0.182	NUM
ajfa-79	237	6	)	)	PUNCT
ajfa-79	237	7	industry	industry	NOUN
ajfa-79	237	8	dummies	dummy	NOUN
ajfa-79	237	9	included	include	VERB
ajfa-79	237	10	and	and	CCONJ
ajfa-79	237	11	mixed	mixed	ADJ
ajfa-79	237	12	included	include	VERB
ajfa-79	237	13	and	and	CCONJ
ajfa-79	237	14	mixed	mixed	ADJ
ajfa-79	237	15	included	include	VERB
ajfa-79	237	16	and	and	CCONJ
ajfa-79	237	17	mixed	mixed	ADJ
ajfa-79	237	18	year	year	NOUN
ajfa-79	237	19	dummy	dummy	NOUN
ajfa-79	237	20	-0.441	-0.441	PUNCT
ajfa-79	238	1	*	*	PUNCT
ajfa-79	238	2	(	(	PUNCT
ajfa-79	238	3	0.250	0.250	NUM
ajfa-79	238	4	)	)	PUNCT
ajfa-79	238	5	-0.710	-0.710	PROPN
ajfa-79	239	1	*	*	PUNCT
ajfa-79	239	2	(	(	PUNCT
ajfa-79	239	3	0.391	0.391	NUM
ajfa-79	239	4	)	)	PUNCT
ajfa-79	239	5	constant	constant	ADJ
ajfa-79	239	6	1.064	1.064	NUM
ajfa-79	239	7	*	*	SYM
ajfa-79	239	8	(	(	PUNCT
ajfa-79	239	9	0.641	0.641	NUM
ajfa-79	239	10	)	)	PUNCT
ajfa-79	240	1	11.732	11.732	NUM
ajfa-79	241	1	*	*	PUNCT
ajfa-79	241	2	*	*	PUNCT
ajfa-79	241	3	*	*	PUNCT
ajfa-79	241	4	(	(	PUNCT
ajfa-79	241	5	2.433	2.433	NUM
ajfa-79	241	6	)	)	PUNCT
ajfa-79	241	7	14.733	14.733	NUM
ajfa-79	242	1	*	*	PUNCT
ajfa-79	242	2	*	*	PUNCT
ajfa-79	242	3	*	*	PUNCT
ajfa-79	242	4	(	(	PUNCT
ajfa-79	242	5	3.845	3.845	NUM
ajfa-79	242	6	)	)	PUNCT
ajfa-79	242	7	n	n	CCONJ
ajfa-79	242	8	2540	2540	NUM
ajfa-79	242	9	2459	2459	NUM
ajfa-79	242	10	2459	2459	NUM
ajfa-79	242	11	adj./pseudo	adj./pseudo	NOUN
ajfa-79	242	12	r	r	NOUN
ajfa-79	242	13	2	2	NUM
ajfa-79	242	14	0.114	0.114	NUM
ajfa-79	242	15	0.082	0.082	NUM
ajfa-79	242	16	0.018	0.018	NUM
ajfa-79	242	17	f	f	X
ajfa-79	242	18	-	-	PUNCT
ajfa-79	242	19	value	value	NOUN
ajfa-79	242	20	17.32	17.32	NUM
ajfa-79	242	21	*	*	PUNCT
ajfa-79	242	22	*	*	PUNCT
ajfa-79	242	23	*	*	PUNCT
ajfa-79	242	24	8.33	8.33	NUM
ajfa-79	242	25	*	*	PUNCT
ajfa-79	242	26	*	*	PUNCT
ajfa-79	242	27	*	*	PUNCT
ajfa-79	242	28	lr	lr	X
ajfa-79	242	29	chi	chi	ADJ
ajfa-79	242	30	-	-	PUNCT
ajfa-79	242	31	square	square	NOUN
ajfa-79	242	32	232.50	232.50	NUM
ajfa-79	242	33	*	*	PUNCT
ajfa-79	242	34	*	*	PUNCT
ajfa-79	242	35	*	*	PUNCT
ajfa-79	242	36	asian	asian	ADJ
ajfa-79	242	37	journal	journal	NOUN
ajfa-79	242	38	of	of	ADP
ajfa-79	242	39	finance	finance	PROPN
ajfa-79	242	40	&	&	CCONJ
ajfa-79	242	41	accounting	accounting	PROPN
ajfa-79	242	42	issn	issn	PROPN
ajfa-79	242	43	1946	1946	NUM
ajfa-79	242	44	-	-	PUNCT
ajfa-79	242	45	052x	052x	NOUN
ajfa-79	242	46	2009	2009	NUM
ajfa-79	242	47	,	,	PUNCT
ajfa-79	242	48	vol	vol	NOUN
ajfa-79	242	49	.	.	PROPN
ajfa-79	242	50	1	1	NUM
ajfa-79	242	51	,	,	PUNCT
ajfa-79	242	52	no	no	INTJ
ajfa-79	242	53	.	.	NOUN
ajfa-79	242	54	1	1	NUM
ajfa-79	242	55	:	:	PUNCT
ajfa-79	242	56	e1	e1	VERB
ajfa-79	242	57	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	242	58	14	14	NUM
ajfa-79	242	59	*	*	PUNCT
ajfa-79	242	60	*	*	PUNCT
ajfa-79	242	61	*	*	PUNCT
ajfa-79	242	62	p<0.01	p<0.01	PROPN
ajfa-79	242	63	,	,	PUNCT
ajfa-79	242	64	*	*	PUNCT
ajfa-79	242	65	*	*	PUNCT
ajfa-79	242	66	p<0.05	p<0.05	PROPN
ajfa-79	242	67	,	,	PUNCT
ajfa-79	242	68	*	*	PUNCT
ajfa-79	242	69	p<0.10	p<0.10	NOUN
ajfa-79	242	70	.	.	PUNCT
ajfa-79	243	1	n	n	PRON
ajfa-79	243	2	is	be	AUX
ajfa-79	243	3	the	the	DET
ajfa-79	243	4	number	number	NOUN
ajfa-79	243	5	of	of	ADP
ajfa-79	243	6	observations	observation	NOUN
ajfa-79	243	7	.	.	PUNCT
ajfa-79	244	1	first	first	ADV
ajfa-79	244	2	,	,	PUNCT
ajfa-79	244	3	according	accord	VERB
ajfa-79	244	4	to	to	ADP
ajfa-79	244	5	the	the	DET
ajfa-79	244	6	results	result	NOUN
ajfa-79	244	7	from	from	ADP
ajfa-79	244	8	the	the	DET
ajfa-79	244	9	first	first	ADJ
ajfa-79	244	10	stage	stage	NOUN
ajfa-79	244	11	of	of	ADP
ajfa-79	244	12	the	the	DET
ajfa-79	244	13	2sls	2sls	PROPN
ajfa-79	244	14	model	model	NOUN
ajfa-79	244	15	,	,	PUNCT
ajfa-79	244	16	a	a	DET
ajfa-79	244	17	larger	large	ADJ
ajfa-79	244	18	supervisory	supervisory	ADJ
ajfa-79	244	19	board	board	NOUN
ajfa-79	244	20	size	size	NOUN
ajfa-79	244	21	and	and	CCONJ
ajfa-79	244	22	an	an	DET
ajfa-79	244	23	occurrence	occurrence	NOUN
ajfa-79	244	24	of	of	ADP
ajfa-79	244	25	a	a	DET
ajfa-79	244	26	turnover	turnover	NOUN
ajfa-79	244	27	of	of	ADP
ajfa-79	244	28	supervisory	supervisory	ADJ
ajfa-79	244	29	board	board	NOUN
ajfa-79	244	30	chair	chair	NOUN
ajfa-79	244	31	significantly	significantly	ADV
ajfa-79	244	32	increase	increase	VERB
ajfa-79	244	33	the	the	DET
ajfa-79	244	34	number	number	NOUN
ajfa-79	244	35	of	of	ADP
ajfa-79	244	36	meetings	meeting	NOUN
ajfa-79	244	37	held	hold	VERB
ajfa-79	244	38	by	by	ADP
ajfa-79	244	39	supervisory	supervisory	ADJ
ajfa-79	244	40	board	board	NOUN
ajfa-79	244	41	members	member	NOUN
ajfa-79	244	42	at	at	ADP
ajfa-79	244	43	the	the	DET
ajfa-79	244	44	1	1	NUM
ajfa-79	244	45	%	%	NOUN
ajfa-79	244	46	level	level	NOUN
ajfa-79	244	47	7	7	NUM
ajfa-79	244	48	.	.	PUNCT
ajfa-79	245	1	these	these	DET
ajfa-79	245	2	results	result	NOUN
ajfa-79	245	3	are	be	AUX
ajfa-79	245	4	as	as	SCONJ
ajfa-79	245	5	expected	expect	VERB
ajfa-79	245	6	.	.	PUNCT
ajfa-79	246	1	the	the	DET
ajfa-79	246	2	former	former	ADJ
ajfa-79	246	3	effect	effect	NOUN
ajfa-79	246	4	is	be	AUX
ajfa-79	246	5	potentially	potentially	ADV
ajfa-79	246	6	due	due	ADJ
ajfa-79	246	7	to	to	ADP
ajfa-79	246	8	the	the	DET
ajfa-79	246	9	lower	low	ADJ
ajfa-79	246	10	efficiency	efficiency	NOUN
ajfa-79	246	11	of	of	ADP
ajfa-79	246	12	reaching	reach	VERB
ajfa-79	246	13	agreement	agreement	NOUN
ajfa-79	246	14	among	among	ADP
ajfa-79	246	15	the	the	DET
ajfa-79	246	16	members	member	NOUN
ajfa-79	246	17	on	on	ADP
ajfa-79	246	18	a	a	DET
ajfa-79	246	19	larger	large	ADJ
ajfa-79	246	20	supervisory	supervisory	ADJ
ajfa-79	246	21	board	board	NOUN
ajfa-79	246	22	,	,	PUNCT
ajfa-79	246	23	and	and	CCONJ
ajfa-79	246	24	the	the	DET
ajfa-79	246	25	latter	latter	ADJ
ajfa-79	246	26	effect	effect	NOUN
ajfa-79	246	27	could	could	AUX
ajfa-79	246	28	show	show	VERB
ajfa-79	246	29	that	that	SCONJ
ajfa-79	246	30	,	,	PUNCT
ajfa-79	246	31	if	if	SCONJ
ajfa-79	246	32	there	there	PRON
ajfa-79	246	33	is	be	VERB
ajfa-79	246	34	a	a	DET
ajfa-79	246	35	turnover	turnover	NOUN
ajfa-79	246	36	of	of	ADP
ajfa-79	246	37	the	the	DET
ajfa-79	246	38	chairman	chairman	NOUN
ajfa-79	246	39	of	of	ADP
ajfa-79	246	40	supervisory	supervisory	ADJ
ajfa-79	246	41	board	board	NOUN
ajfa-79	246	42	in	in	ADP
ajfa-79	246	43	a	a	DET
ajfa-79	246	44	year	year	NOUN
ajfa-79	246	45	,	,	PUNCT
ajfa-79	246	46	the	the	DET
ajfa-79	246	47	supervisory	supervisory	ADJ
ajfa-79	246	48	board	board	NOUN
ajfa-79	246	49	meets	meet	VERB
ajfa-79	246	50	more	more	ADJ
ajfa-79	246	51	to	to	PART
ajfa-79	246	52	ensure	ensure	VERB
ajfa-79	246	53	a	a	DET
ajfa-79	246	54	smooth	smooth	ADJ
ajfa-79	246	55	transition	transition	NOUN
ajfa-79	246	56	.	.	PUNCT
ajfa-79	247	1	in	in	ADP
ajfa-79	247	2	addition	addition	NOUN
ajfa-79	247	3	,	,	PUNCT
ajfa-79	247	4	companies	company	NOUN
ajfa-79	247	5	with	with	ADP
ajfa-79	247	6	the	the	DET
ajfa-79	247	7	largest	large	ADJ
ajfa-79	247	8	shareholder	shareholder	NOUN
ajfa-79	247	9	controlled	control	VERB
ajfa-79	247	10	by	by	ADP
ajfa-79	247	11	government	government	NOUN
ajfa-79	247	12	are	be	AUX
ajfa-79	247	13	likely	likely	ADJ
ajfa-79	247	14	to	to	PART
ajfa-79	247	15	hold	hold	VERB
ajfa-79	247	16	less	less	ADJ
ajfa-79	247	17	supervisory	supervisory	ADJ
ajfa-79	247	18	board	board	NOUN
ajfa-79	247	19	meetings	meeting	NOUN
ajfa-79	247	20	due	due	ADP
ajfa-79	247	21	to	to	ADP
ajfa-79	247	22	the	the	DET
ajfa-79	247	23	special	special	ADJ
ajfa-79	247	24	natures	nature	NOUN
ajfa-79	247	25	of	of	ADP
ajfa-79	247	26	state	state	NOUN
ajfa-79	247	27	-	-	PUNCT
ajfa-79	247	28	owned	own	VERB
ajfa-79	247	29	or	or	CCONJ
ajfa-79	247	30	state	state	NOUN
ajfa-79	247	31	-	-	PUNCT
ajfa-79	247	32	controlled	control	VERB
ajfa-79	247	33	enterprises	enterprise	NOUN
ajfa-79	247	34	.	.	PUNCT
ajfa-79	248	1	consistent	consistent	ADJ
ajfa-79	248	2	with	with	ADP
ajfa-79	248	3	the	the	DET
ajfa-79	248	4	results	result	NOUN
ajfa-79	248	5	presented	present	VERB
ajfa-79	248	6	in	in	ADP
ajfa-79	248	7	the	the	DET
ajfa-79	248	8	literature	literature	NOUN
ajfa-79	248	9	(	(	PUNCT
ajfa-79	248	10	vafeas	vafea	NOUN
ajfa-79	248	11	,	,	PUNCT
ajfa-79	248	12	1999	1999	NUM
ajfa-79	248	13	;	;	PUNCT
ajfa-79	248	14	firth	firth	PROPN
ajfa-79	248	15	et	et	PROPN
ajfa-79	248	16	al	al	PROPN
ajfa-79	248	17	.	.	PROPN
ajfa-79	248	18	,	,	PUNCT
ajfa-79	248	19	2006	2006	NUM
ajfa-79	248	20	,	,	PUNCT
ajfa-79	248	21	2007	2007	NUM
ajfa-79	248	22	)	)	PUNCT
ajfa-79	248	23	,	,	PUNCT
ajfa-79	248	24	furthermore	furthermore	ADV
ajfa-79	248	25	,	,	PUNCT
ajfa-79	248	26	a	a	DET
ajfa-79	248	27	firm	firm	NOUN
ajfa-79	248	28	with	with	ADP
ajfa-79	248	29	a	a	DET
ajfa-79	248	30	larger	large	ADJ
ajfa-79	248	31	size	size	NOUN
ajfa-79	248	32	(	(	PUNCT
ajfa-79	248	33	lnassets	lnasset	NOUN
ajfa-79	248	34	)	)	PUNCT
ajfa-79	248	35	tends	tend	VERB
ajfa-79	248	36	to	to	PART
ajfa-79	248	37	have	have	VERB
ajfa-79	248	38	more	more	ADJ
ajfa-79	248	39	supervisory	supervisory	ADJ
ajfa-79	248	40	board	board	NOUN
ajfa-79	248	41	meetings	meeting	NOUN
ajfa-79	248	42	.	.	PUNCT
ajfa-79	249	1	we	we	PRON
ajfa-79	249	2	do	do	AUX
ajfa-79	249	3	not	not	PART
ajfa-79	249	4	find	find	VERB
ajfa-79	249	5	significant	significant	ADJ
ajfa-79	249	6	effects	effect	NOUN
ajfa-79	249	7	of	of	ADP
ajfa-79	249	8	risk	risk	NOUN
ajfa-79	249	9	taken	take	VERB
ajfa-79	249	10	by	by	ADP
ajfa-79	249	11	the	the	DET
ajfa-79	249	12	firm	firm	NOUN
ajfa-79	249	13	in	in	ADP
ajfa-79	249	14	the	the	DET
ajfa-79	249	15	past	past	ADJ
ajfa-79	249	16	year	year	NOUN
ajfa-79	249	17	or	or	CCONJ
ajfa-79	249	18	those	those	PRON
ajfa-79	249	19	of	of	ADP
ajfa-79	249	20	lagged	lag	VERB
ajfa-79	249	21	firm	firm	ADJ
ajfa-79	249	22	performance	performance	NOUN
ajfa-79	249	23	on	on	ADP
ajfa-79	249	24	the	the	DET
ajfa-79	249	25	meeting	meeting	NOUN
ajfa-79	249	26	frequency	frequency	NOUN
ajfa-79	249	27	of	of	ADP
ajfa-79	249	28	supervisory	supervisory	ADJ
ajfa-79	249	29	board	board	NOUN
ajfa-79	249	30	.	.	PUNCT
ajfa-79	250	1	these	these	DET
ajfa-79	250	2	results	result	NOUN
ajfa-79	250	3	mainly	mainly	ADV
ajfa-79	250	4	indicate	indicate	VERB
ajfa-79	250	5	that	that	SCONJ
ajfa-79	250	6	the	the	DET
ajfa-79	250	7	supervisory	supervisory	ADJ
ajfa-79	250	8	boards	board	NOUN
ajfa-79	250	9	in	in	ADP
ajfa-79	250	10	chinese	chinese	ADJ
ajfa-79	250	11	publicly	publicly	ADV
ajfa-79	250	12	listed	list	VERB
ajfa-79	250	13	companies	company	NOUN
ajfa-79	250	14	are	be	AUX
ajfa-79	250	15	not	not	PART
ajfa-79	250	16	responsible	responsible	ADJ
ajfa-79	250	17	for	for	ADP
ajfa-79	250	18	their	their	PRON
ajfa-79	250	19	daily	daily	ADJ
ajfa-79	250	20	operation	operation	NOUN
ajfa-79	250	21	issues	issue	NOUN
ajfa-79	250	22	,	,	PUNCT
ajfa-79	250	23	but	but	CCONJ
ajfa-79	250	24	only	only	ADV
ajfa-79	250	25	for	for	ADP
ajfa-79	250	26	monitoring	monitor	VERB
ajfa-79	250	27	the	the	DET
ajfa-79	250	28	behaviors	behavior	NOUN
ajfa-79	250	29	of	of	ADP
ajfa-79	250	30	board	board	NOUN
ajfa-79	250	31	of	of	ADP
ajfa-79	250	32	directors	director	NOUN
ajfa-79	250	33	and	and	CCONJ
ajfa-79	250	34	those	those	PRON
ajfa-79	250	35	of	of	ADP
ajfa-79	250	36	top	top	ADJ
ajfa-79	250	37	management	management	NOUN
ajfa-79	250	38	team	team	NOUN
ajfa-79	250	39	(	(	PUNCT
ajfa-79	250	40	xi	xi	PROPN
ajfa-79	250	41	,	,	PUNCT
ajfa-79	250	42	2006	2006	NUM
ajfa-79	250	43	;	;	PUNCT
ajfa-79	250	44	firth	firth	PROPN
ajfa-79	250	45	et	et	PROPN
ajfa-79	250	46	al	al	PROPN
ajfa-79	250	47	.	.	PROPN
ajfa-79	250	48	,	,	PUNCT
ajfa-79	250	49	2006	2006	NUM
ajfa-79	250	50	)	)	PUNCT
ajfa-79	250	51	.	.	PUNCT
ajfa-79	251	1	after	after	ADP
ajfa-79	251	2	taking	take	VERB
ajfa-79	251	3	away	away	ADV
ajfa-79	251	4	the	the	DET
ajfa-79	251	5	influences	influence	NOUN
ajfa-79	251	6	of	of	ADP
ajfa-79	251	7	the	the	DET
ajfa-79	251	8	size	size	NOUN
ajfa-79	251	9	of	of	ADP
ajfa-79	251	10	supervisory	supervisory	ADJ
ajfa-79	251	11	board	board	NOUN
ajfa-79	251	12	,	,	PUNCT
ajfa-79	251	13	past	past	ADP
ajfa-79	251	14	risk	risk	NOUN
ajfa-79	251	15	taken	take	VERB
ajfa-79	251	16	by	by	ADP
ajfa-79	251	17	the	the	DET
ajfa-79	251	18	company	company	NOUN
ajfa-79	251	19	,	,	PUNCT
ajfa-79	251	20	and	and	CCONJ
ajfa-79	251	21	lagged	lag	VERB
ajfa-79	251	22	firm	firm	ADJ
ajfa-79	251	23	performance	performance	NOUN
ajfa-79	251	24	,	,	PUNCT
ajfa-79	251	25	on	on	ADP
ajfa-79	251	26	the	the	DET
ajfa-79	251	27	variable	variable	ADJ
ajfa-79	251	28	sbmf	sbmf	NOUN
ajfa-79	251	29	,	,	PUNCT
ajfa-79	251	30	we	we	PRON
ajfa-79	251	31	generate	generate	VERB
ajfa-79	251	32	a	a	DET
ajfa-79	251	33	new	new	ADJ
ajfa-79	251	34	variable	variable	NOUN
ajfa-79	251	35	misbmf	misbmf	NOUN
ajfa-79	251	36	to	to	PART
ajfa-79	251	37	measure	measure	VERB
ajfa-79	251	38	the	the	DET
ajfa-79	251	39	monitoring	monitoring	NOUN
ajfa-79	251	40	-	-	PUNCT
ajfa-79	251	41	induced	induce	VERB
ajfa-79	251	42	supervisory	supervisory	ADJ
ajfa-79	251	43	board	board	NOUN
ajfa-79	251	44	meeting	meeting	NOUN
ajfa-79	251	45	frequency	frequency	NOUN
ajfa-79	251	46	using	use	VERB
ajfa-79	251	47	the	the	DET
ajfa-79	251	48	residuals	residual	NOUN
ajfa-79	251	49	from	from	ADP
ajfa-79	251	50	the	the	DET
ajfa-79	251	51	first	first	ADJ
ajfa-79	251	52	stage	stage	NOUN
ajfa-79	251	53	of	of	ADP
ajfa-79	251	54	the	the	DET
ajfa-79	251	55	2sls	2sls	PROPN
ajfa-79	251	56	model	model	NOUN
ajfa-79	251	57	,	,	PUNCT
ajfa-79	251	58	and	and	CCONJ
ajfa-79	251	59	use	use	VERB
ajfa-79	251	60	it	it	PRON
ajfa-79	251	61	at	at	ADP
ajfa-79	251	62	the	the	DET
ajfa-79	251	63	second	second	ADJ
ajfa-79	251	64	stage	stage	NOUN
ajfa-79	251	65	.	.	PUNCT
ajfa-79	252	1	second	second	ADJ
ajfa-79	252	2	,	,	PUNCT
ajfa-79	252	3	while	while	SCONJ
ajfa-79	252	4	the	the	DET
ajfa-79	252	5	effects	effect	NOUN
ajfa-79	252	6	of	of	ADP
ajfa-79	252	7	supervisory	supervisory	ADJ
ajfa-79	252	8	board	board	NOUN
ajfa-79	252	9	meeting	meeting	NOUN
ajfa-79	252	10	frequency	frequency	NOUN
ajfa-79	252	11	on	on	ADP
ajfa-79	252	12	the	the	DET
ajfa-79	252	13	board	board	NOUN
ajfa-79	252	14	chair	chair	NOUN
ajfa-79	252	15	pay	pay	NOUN
ajfa-79	252	16	are	be	AUX
ajfa-79	252	17	insignificant	insignificant	ADJ
ajfa-79	252	18	,	,	PUNCT
ajfa-79	252	19	those	those	PRON
ajfa-79	252	20	of	of	ADP
ajfa-79	252	21	the	the	DET
ajfa-79	252	22	size	size	NOUN
ajfa-79	252	23	of	of	ADP
ajfa-79	252	24	supervisory	supervisory	ADJ
ajfa-79	252	25	board	board	NOUN
ajfa-79	252	26	are	be	AUX
ajfa-79	252	27	significant	significant	ADJ
ajfa-79	252	28	at	at	ADP
ajfa-79	252	29	the	the	DET
ajfa-79	252	30	1	1	NUM
ajfa-79	252	31	%	%	NOUN
ajfa-79	252	32	level	level	NOUN
ajfa-79	252	33	.	.	PUNCT
ajfa-79	253	1	a	a	DET
ajfa-79	253	2	larger	large	ADJ
ajfa-79	253	3	supervisory	supervisory	ADJ
ajfa-79	253	4	board	board	NOUN
ajfa-79	253	5	tends	tend	VERB
ajfa-79	253	6	to	to	PART
ajfa-79	253	7	reduce	reduce	VERB
ajfa-79	253	8	the	the	DET
ajfa-79	253	9	compensation	compensation	NOUN
ajfa-79	253	10	received	receive	VERB
ajfa-79	253	11	by	by	ADP
ajfa-79	253	12	board	board	NOUN
ajfa-79	253	13	chairs	chair	NOUN
ajfa-79	253	14	.	.	PUNCT
ajfa-79	254	1	a	a	DET
ajfa-79	254	2	possible	possible	ADJ
ajfa-79	254	3	interpretation	interpretation	NOUN
ajfa-79	254	4	is	be	AUX
ajfa-79	254	5	that	that	SCONJ
ajfa-79	254	6	companies	company	NOUN
ajfa-79	254	7	with	with	ADP
ajfa-79	254	8	larger	large	ADJ
ajfa-79	254	9	supervisory	supervisory	ADJ
ajfa-79	254	10	boards	board	NOUN
ajfa-79	254	11	tend	tend	VERB
ajfa-79	254	12	to	to	PART
ajfa-79	254	13	monitor	monitor	VERB
ajfa-79	254	14	the	the	DET
ajfa-79	254	15	behaviors	behavior	NOUN
ajfa-79	254	16	of	of	ADP
ajfa-79	254	17	board	board	NOUN
ajfa-79	254	18	chairs	chair	NOUN
ajfa-79	254	19	more	more	ADV
ajfa-79	254	20	efficiently	efficiently	ADV
ajfa-79	254	21	and	and	CCONJ
ajfa-79	254	22	to	to	PART
ajfa-79	254	23	lower	lower	VERB
ajfa-79	254	24	their	their	PRON
ajfa-79	254	25	compensations	compensation	NOUN
ajfa-79	254	26	.	.	PUNCT
ajfa-79	255	1	we	we	PRON
ajfa-79	255	2	also	also	ADV
ajfa-79	255	3	find	find	VERB
ajfa-79	255	4	that	that	SCONJ
ajfa-79	255	5	the	the	DET
ajfa-79	255	6	number	number	NOUN
ajfa-79	255	7	of	of	ADP
ajfa-79	255	8	independent	independent	ADJ
ajfa-79	255	9	directors	director	NOUN
ajfa-79	255	10	(	(	PUNCT
ajfa-79	255	11	ibsize	ibsize	PROPN
ajfa-79	255	12	)	)	PUNCT
ajfa-79	255	13	has	have	VERB
ajfa-79	255	14	a	a	DET
ajfa-79	255	15	negative	negative	ADJ
ajfa-79	255	16	relationship	relationship	NOUN
ajfa-79	255	17	with	with	ADP
ajfa-79	255	18	the	the	DET
ajfa-79	255	19	dependent	dependent	ADJ
ajfa-79	255	20	variable	variable	ADJ
ajfa-79	255	21	lnbcpay	lnbcpay	NOUN
ajfa-79	255	22	at	at	ADP
ajfa-79	255	23	the	the	DET
ajfa-79	255	24	10	10	NUM
ajfa-79	255	25	%	%	NOUN
ajfa-79	255	26	significance	significance	NOUN
ajfa-79	255	27	level	level	NOUN
ajfa-79	255	28	.	.	PUNCT
ajfa-79	256	1	more	more	ADJ
ajfa-79	256	2	independent	independent	ADJ
ajfa-79	256	3	directors	director	NOUN
ajfa-79	256	4	on	on	ADP
ajfa-79	256	5	the	the	DET
ajfa-79	256	6	board	board	NOUN
ajfa-79	256	7	of	of	ADP
ajfa-79	256	8	directors	director	NOUN
ajfa-79	256	9	help	help	AUX
ajfa-79	256	10	lower	lower	VERB
ajfa-79	256	11	the	the	DET
ajfa-79	256	12	compensation	compensation	NOUN
ajfa-79	256	13	received	receive	VERB
ajfa-79	256	14	by	by	ADP
ajfa-79	256	15	board	board	NOUN
ajfa-79	256	16	chairs	chair	NOUN
ajfa-79	256	17	.	.	PUNCT
ajfa-79	257	1	what	what	PRON
ajfa-79	257	2	should	should	AUX
ajfa-79	257	3	be	be	AUX
ajfa-79	257	4	further	far	ADV
ajfa-79	257	5	highlighted	highlight	VERB
ajfa-79	257	6	is	be	AUX
ajfa-79	257	7	that	that	SCONJ
ajfa-79	257	8	in	in	ADP
ajfa-79	257	9	government	government	NOUN
ajfa-79	257	10	controlled	control	VERB
ajfa-79	257	11	companies	company	NOUN
ajfa-79	257	12	,	,	PUNCT
ajfa-79	257	13	both	both	CCONJ
ajfa-79	257	14	the	the	DET
ajfa-79	257	15	supervisory	supervisory	ADJ
ajfa-79	257	16	board	board	NOUN
ajfa-79	257	17	meeting	meeting	NOUN
ajfa-79	257	18	frequency	frequency	NOUN
ajfa-79	257	19	and	and	CCONJ
ajfa-79	257	20	the	the	DET
ajfa-79	257	21	number	number	NOUN
ajfa-79	257	22	of	of	ADP
ajfa-79	257	23	members	member	NOUN
ajfa-79	257	24	on	on	ADP
ajfa-79	257	25	the	the	DET
ajfa-79	257	26	supervisory	supervisory	ADJ
ajfa-79	257	27	board	board	NOUN
ajfa-79	257	28	increase	increase	VERB
ajfa-79	257	29	the	the	DET
ajfa-79	257	30	board	board	NOUN
ajfa-79	257	31	chair	chair	NOUN
ajfa-79	257	32	pay	pay	VERB
ajfa-79	257	33	significantly	significantly	ADV
ajfa-79	257	34	(	(	PUNCT
ajfa-79	257	35	at	at	ADP
ajfa-79	257	36	the	the	DET
ajfa-79	257	37	5	5	NUM
ajfa-79	257	38	%	%	NOUN
ajfa-79	257	39	level	level	NOUN
ajfa-79	257	40	)	)	PUNCT
ajfa-79	257	41	.	.	PUNCT
ajfa-79	258	1	these	these	DET
ajfa-79	258	2	results	result	NOUN
ajfa-79	258	3	indicate	indicate	VERB
ajfa-79	258	4	that	that	SCONJ
ajfa-79	258	5	generally	generally	ADV
ajfa-79	258	6	,	,	PUNCT
ajfa-79	258	7	the	the	DET
ajfa-79	258	8	monitoring	monitoring	NOUN
ajfa-79	258	9	effects	effect	NOUN
ajfa-79	258	10	of	of	ADP
ajfa-79	258	11	supervisory	supervisory	ADJ
ajfa-79	258	12	board	board	NOUN
ajfa-79	258	13	for	for	ADP
ajfa-79	258	14	enhancing	enhance	VERB
ajfa-79	258	15	firm	firm	ADJ
ajfa-79	258	16	performance	performance	NOUN
ajfa-79	258	17	may	may	AUX
ajfa-79	258	18	dominate	dominate	VERB
ajfa-79	258	19	those	those	PRON
ajfa-79	258	20	for	for	ADP
ajfa-79	258	21	avoiding	avoid	VERB
ajfa-79	258	22	overpays	overpay	NOUN
ajfa-79	258	23	.	.	PUNCT
ajfa-79	259	1	in	in	ADP
ajfa-79	259	2	these	these	DET
ajfa-79	259	3	companies	company	NOUN
ajfa-79	259	4	,	,	PUNCT
ajfa-79	259	5	the	the	DET
ajfa-79	259	6	executives	executive	NOUN
ajfa-79	259	7	,	,	PUNCT
ajfa-79	259	8	who	who	PRON
ajfa-79	259	9	are	be	AUX
ajfa-79	259	10	usually	usually	ADV
ajfa-79	259	11	representatives	representative	NOUN
ajfa-79	259	12	of	of	ADP
ajfa-79	259	13	controlling	control	VERB
ajfa-79	259	14	shareholders	shareholder	NOUN
ajfa-79	259	15	,	,	PUNCT
ajfa-79	259	16	may	may	AUX
ajfa-79	259	17	be	be	AUX
ajfa-79	259	18	more	more	ADV
ajfa-79	259	19	likely	likely	ADJ
ajfa-79	259	20	to	to	PART
ajfa-79	259	21	receive	receive	VERB
ajfa-79	259	22	the	the	DET
ajfa-79	259	23	fixed	fix	VERB
ajfa-79	259	24	component	component	NOUN
ajfa-79	259	25	of	of	ADP
ajfa-79	259	26	their	their	PRON
ajfa-79	259	27	compensations	compensation	NOUN
ajfa-79	259	28	from	from	ADP
ajfa-79	259	29	their	their	PRON
ajfa-79	259	30	host	host	NOUN
ajfa-79	259	31	organizations	organization	NOUN
ajfa-79	259	32	and	and	CCONJ
ajfa-79	259	33	the	the	DET
ajfa-79	259	34	performance	performance	NOUN
ajfa-79	259	35	-	-	PUNCT
ajfa-79	259	36	related	relate	VERB
ajfa-79	259	37	component	component	NOUN
ajfa-79	259	38	from	from	ADP
ajfa-79	259	39	the	the	DET
ajfa-79	259	40	publicly	publicly	ADV
ajfa-79	259	41	listed	list	VERB
ajfa-79	259	42	companies	company	NOUN
ajfa-79	259	43	.	.	PUNCT
ajfa-79	260	1	in	in	ADP
ajfa-79	260	2	these	these	DET
ajfa-79	260	3	state	state	NOUN
ajfa-79	260	4	-	-	PUNCT
ajfa-79	260	5	controlled	control	VERB
ajfa-79	260	6	companies	company	NOUN
ajfa-79	260	7	,	,	PUNCT
ajfa-79	260	8	therefore	therefore	ADV
ajfa-79	260	9	,	,	PUNCT
ajfa-79	260	10	a	a	DET
ajfa-79	260	11	higher	high	ADJ
ajfa-79	260	12	meeting	meeting	NOUN
ajfa-79	260	13	frequency	frequency	NOUN
ajfa-79	260	14	held	hold	VERB
ajfa-79	260	15	by	by	ADP
ajfa-79	260	16	supervisory	supervisory	ADJ
ajfa-79	260	17	board	board	NOUN
ajfa-79	260	18	is	be	AUX
ajfa-79	260	19	more	more	ADV
ajfa-79	260	20	likely	likely	ADJ
ajfa-79	260	21	to	to	PART
ajfa-79	260	22	enhance	enhance	VERB
ajfa-79	260	23	the	the	DET
ajfa-79	260	24	firm	firm	ADJ
ajfa-79	260	25	performance	performance	NOUN
ajfa-79	260	26	,	,	PUNCT
ajfa-79	260	27	7	7	NUM
ajfa-79	260	28	sbcturnover	sbcturnover	NOUN
ajfa-79	260	29	is	be	AUX
ajfa-79	260	30	the	the	DET
ajfa-79	260	31	instrumental	instrumental	ADJ
ajfa-79	260	32	variable	variable	NOUN
ajfa-79	260	33	.	.	PUNCT
ajfa-79	261	1	asian	asian	ADJ
ajfa-79	261	2	journal	journal	PROPN
ajfa-79	261	3	of	of	ADP
ajfa-79	261	4	finance	finance	PROPN
ajfa-79	261	5	&	&	CCONJ
ajfa-79	261	6	accounting	accounting	PROPN
ajfa-79	261	7	issn	issn	PROPN
ajfa-79	261	8	1946	1946	NUM
ajfa-79	261	9	-	-	PUNCT
ajfa-79	261	10	052x	052x	NOUN
ajfa-79	261	11	2009	2009	NUM
ajfa-79	261	12	,	,	PUNCT
ajfa-79	261	13	vol	vol	NOUN
ajfa-79	261	14	.	.	PROPN
ajfa-79	261	15	1	1	NUM
ajfa-79	261	16	,	,	PUNCT
ajfa-79	261	17	no	no	INTJ
ajfa-79	261	18	.	.	NOUN
ajfa-79	261	19	1	1	NUM
ajfa-79	261	20	:	:	PUNCT
ajfa-79	261	21	e1	e1	VERB
ajfa-79	261	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	261	23	15	15	NUM
ajfa-79	261	24	which	which	PRON
ajfa-79	261	25	can	can	AUX
ajfa-79	261	26	consequently	consequently	ADV
ajfa-79	261	27	increase	increase	VERB
ajfa-79	261	28	the	the	DET
ajfa-79	261	29	performance	performance	NOUN
ajfa-79	261	30	-	-	PUNCT
ajfa-79	261	31	related	relate	VERB
ajfa-79	261	32	component	component	NOUN
ajfa-79	261	33	of	of	ADP
ajfa-79	261	34	executive	executive	ADJ
ajfa-79	261	35	compensation	compensation	NOUN
ajfa-79	261	36	.	.	PUNCT
ajfa-79	262	1	generally	generally	ADV
ajfa-79	262	2	,	,	PUNCT
ajfa-79	262	3	however	however	ADV
ajfa-79	262	4	,	,	PUNCT
ajfa-79	262	5	board	board	NOUN
ajfa-79	262	6	chairs	chair	NOUN
ajfa-79	262	7	in	in	ADP
ajfa-79	262	8	state	state	NOUN
ajfa-79	262	9	-	-	PUNCT
ajfa-79	262	10	owned	own	VERB
ajfa-79	262	11	or	or	CCONJ
ajfa-79	262	12	state	state	NOUN
ajfa-79	262	13	-	-	PUNCT
ajfa-79	262	14	controlled	control	VERB
ajfa-79	262	15	companies	company	NOUN
ajfa-79	262	16	are	be	AUX
ajfa-79	262	17	more	more	ADV
ajfa-79	262	18	likely	likely	ADJ
ajfa-79	262	19	to	to	PART
ajfa-79	262	20	have	have	VERB
ajfa-79	262	21	lower	low	ADJ
ajfa-79	262	22	compensation	compensation	NOUN
ajfa-79	262	23	in	in	ADP
ajfa-79	262	24	the	the	DET
ajfa-79	262	25	publicly	publicly	ADV
ajfa-79	262	26	listed	list	VERB
ajfa-79	262	27	companies	company	NOUN
ajfa-79	262	28	than	than	ADP
ajfa-79	262	29	other	other	ADJ
ajfa-79	262	30	board	board	NOUN
ajfa-79	262	31	chairs	chair	NOUN
ajfa-79	262	32	.	.	PUNCT
ajfa-79	263	1	this	this	PRON
ajfa-79	263	2	may	may	AUX
ajfa-79	263	3	be	be	AUX
ajfa-79	263	4	explained	explain	VERB
ajfa-79	263	5	by	by	ADP
ajfa-79	263	6	the	the	DET
ajfa-79	263	7	fact	fact	NOUN
ajfa-79	263	8	that	that	SCONJ
ajfa-79	263	9	board	board	NOUN
ajfa-79	263	10	chairs	chair	NOUN
ajfa-79	263	11	of	of	ADP
ajfa-79	263	12	these	these	DET
ajfa-79	263	13	companies	company	NOUN
ajfa-79	263	14	are	be	AUX
ajfa-79	263	15	also	also	ADV
ajfa-79	263	16	likely	likely	ADJ
ajfa-79	263	17	to	to	PART
ajfa-79	263	18	be	be	AUX
ajfa-79	263	19	the	the	DET
ajfa-79	263	20	government	government	NOUN
ajfa-79	263	21	officials	official	NOUN
ajfa-79	263	22	or	or	CCONJ
ajfa-79	263	23	their	their	PRON
ajfa-79	263	24	representatives	representative	NOUN
ajfa-79	263	25	of	of	ADP
ajfa-79	263	26	governmental	governmental	ADJ
ajfa-79	263	27	and	and	CCONJ
ajfa-79	263	28	state	state	NOUN
ajfa-79	263	29	-	-	PUNCT
ajfa-79	263	30	controlled	control	VERB
ajfa-79	263	31	organizations	organization	NOUN
ajfa-79	263	32	,	,	PUNCT
ajfa-79	263	33	and	and	CCONJ
ajfa-79	263	34	therefore	therefore	ADV
ajfa-79	263	35	,	,	PUNCT
ajfa-79	263	36	they	they	PRON
ajfa-79	263	37	may	may	AUX
ajfa-79	263	38	get	get	AUX
ajfa-79	263	39	paid	pay	VERB
ajfa-79	263	40	in	in	ADP
ajfa-79	263	41	their	their	PRON
ajfa-79	263	42	host	host	NOUN
ajfa-79	263	43	organizations	organization	NOUN
ajfa-79	263	44	.	.	PUNCT
ajfa-79	264	1	in	in	ADP
ajfa-79	264	2	addition	addition	NOUN
ajfa-79	264	3	,	,	PUNCT
ajfa-79	264	4	companies	company	NOUN
ajfa-79	264	5	whose	whose	DET
ajfa-79	264	6	ceos	ceo	NOUN
ajfa-79	264	7	are	be	AUX
ajfa-79	264	8	also	also	ADV
ajfa-79	264	9	board	board	VERB
ajfa-79	264	10	chairs	chair	NOUN
ajfa-79	264	11	tend	tend	VERB
ajfa-79	264	12	to	to	PART
ajfa-79	264	13	pay	pay	VERB
ajfa-79	264	14	more	more	ADJ
ajfa-79	264	15	to	to	ADP
ajfa-79	264	16	their	their	PRON
ajfa-79	264	17	board	board	NOUN
ajfa-79	264	18	chairs	chair	NOUN
ajfa-79	264	19	,	,	PUNCT
ajfa-79	264	20	and	and	CCONJ
ajfa-79	264	21	this	this	PRON
ajfa-79	264	22	may	may	AUX
ajfa-79	264	23	be	be	AUX
ajfa-79	264	24	explained	explain	VERB
ajfa-79	264	25	in	in	ADP
ajfa-79	264	26	two	two	NUM
ajfa-79	264	27	ways	way	NOUN
ajfa-79	264	28	.	.	PUNCT
ajfa-79	265	1	first	first	ADV
ajfa-79	265	2	,	,	PUNCT
ajfa-79	265	3	this	this	DET
ajfa-79	265	4	situation	situation	NOUN
ajfa-79	265	5	of	of	ADP
ajfa-79	265	6	owner	owner	NOUN
ajfa-79	265	7	-	-	PUNCT
ajfa-79	265	8	management	management	NOUN
ajfa-79	265	9	reduces	reduce	VERB
ajfa-79	265	10	the	the	DET
ajfa-79	265	11	principal	principal	ADJ
ajfa-79	265	12	-	-	PUNCT
ajfa-79	265	13	agent	agent	NOUN
ajfa-79	265	14	agency	agency	NOUN
ajfa-79	265	15	conflict	conflict	NOUN
ajfa-79	265	16	caused	cause	VERB
ajfa-79	265	17	by	by	ADP
ajfa-79	265	18	ownership	ownership	NOUN
ajfa-79	265	19	separation	separation	NOUN
ajfa-79	265	20	,	,	PUNCT
ajfa-79	265	21	and	and	CCONJ
ajfa-79	265	22	therefore	therefore	ADV
ajfa-79	265	23	helps	helps	AUX
ajfa-79	265	24	enhance	enhance	VERB
ajfa-79	265	25	the	the	DET
ajfa-79	265	26	firm	firm	ADJ
ajfa-79	265	27	performance	performance	NOUN
ajfa-79	265	28	,	,	PUNCT
ajfa-79	265	29	which	which	PRON
ajfa-79	265	30	may	may	AUX
ajfa-79	265	31	increase	increase	VERB
ajfa-79	265	32	the	the	DET
ajfa-79	265	33	performance	performance	NOUN
ajfa-79	265	34	-	-	PUNCT
ajfa-79	265	35	based	base	VERB
ajfa-79	265	36	compensation	compensation	NOUN
ajfa-79	265	37	of	of	ADP
ajfa-79	265	38	board	board	NOUN
ajfa-79	265	39	chairs	chair	NOUN
ajfa-79	265	40	indirectly	indirectly	ADV
ajfa-79	265	41	.	.	PUNCT
ajfa-79	266	1	second	second	ADJ
ajfa-79	266	2	,	,	PUNCT
ajfa-79	266	3	since	since	SCONJ
ajfa-79	266	4	the	the	DET
ajfa-79	266	5	ceos	ceo	NOUN
ajfa-79	266	6	are	be	AUX
ajfa-79	266	7	also	also	ADV
ajfa-79	266	8	board	board	NOUN
ajfa-79	266	9	chairs	chair	NOUN
ajfa-79	266	10	,	,	PUNCT
ajfa-79	266	11	they	they	PRON
ajfa-79	266	12	may	may	AUX
ajfa-79	266	13	have	have	VERB
ajfa-79	266	14	more	more	ADV
ajfa-79	266	15	significant	significant	ADJ
ajfa-79	266	16	influences	influence	NOUN
ajfa-79	266	17	on	on	ADP
ajfa-79	266	18	the	the	DET
ajfa-79	266	19	board	board	NOUN
ajfa-79	266	20	decisions	decision	NOUN
ajfa-79	266	21	about	about	ADP
ajfa-79	266	22	their	their	PRON
ajfa-79	266	23	compensations	compensation	NOUN
ajfa-79	266	24	;	;	PUNCT
ajfa-79	266	25	in	in	ADP
ajfa-79	266	26	other	other	ADJ
ajfa-79	266	27	words	word	NOUN
ajfa-79	266	28	,	,	PUNCT
ajfa-79	266	29	this	this	DET
ajfa-79	266	30	phenomenon	phenomenon	NOUN
ajfa-79	266	31	that	that	SCONJ
ajfa-79	266	32	a	a	DET
ajfa-79	266	33	ceo	ceo	NOUN
ajfa-79	266	34	is	be	AUX
ajfa-79	266	35	also	also	ADV
ajfa-79	266	36	the	the	DET
ajfa-79	266	37	board	board	NOUN
ajfa-79	266	38	chair	chair	NOUN
ajfa-79	266	39	may	may	AUX
ajfa-79	266	40	reduce	reduce	VERB
ajfa-79	266	41	the	the	DET
ajfa-79	266	42	monitoring	monitoring	NOUN
ajfa-79	266	43	effects	effect	NOUN
ajfa-79	266	44	of	of	ADP
ajfa-79	266	45	supervisory	supervisory	ADJ
ajfa-79	266	46	board	board	NOUN
ajfa-79	266	47	.	.	PUNCT
ajfa-79	267	1	furthermore	furthermore	ADV
ajfa-79	267	2	,	,	PUNCT
ajfa-79	267	3	control	control	NOUN
ajfa-79	267	4	variables	variable	NOUN
ajfa-79	267	5	,	,	PUNCT
ajfa-79	267	6	such	such	ADJ
ajfa-79	267	7	as	as	ADP
ajfa-79	267	8	ownership	ownership	NOUN
ajfa-79	267	9	concentration	concentration	NOUN
ajfa-79	267	10	(	(	PUNCT
ajfa-79	267	11	hhi	hhi	NOUN
ajfa-79	267	12	)	)	PUNCT
ajfa-79	267	13	,	,	PUNCT
ajfa-79	267	14	the	the	DET
ajfa-79	267	15	percentage	percentage	NOUN
ajfa-79	267	16	of	of	ADP
ajfa-79	267	17	tradable	tradable	ADJ
ajfa-79	267	18	shares	share	NOUN
ajfa-79	267	19	(	(	PUNCT
ajfa-79	267	20	trade	trade	NOUN
ajfa-79	267	21	)	)	PUNCT
ajfa-79	267	22	,	,	PUNCT
ajfa-79	267	23	and	and	CCONJ
ajfa-79	267	24	firm	firm	ADJ
ajfa-79	267	25	size	size	NOUN
ajfa-79	267	26	(	(	PUNCT
ajfa-79	267	27	lnassets	lnassets	PROPN
ajfa-79	267	28	)	)	PUNCT
ajfa-79	267	29	,	,	PUNCT
ajfa-79	267	30	also	also	ADV
ajfa-79	267	31	influence	influence	VERB
ajfa-79	267	32	the	the	DET
ajfa-79	267	33	board	board	NOUN
ajfa-79	267	34	chair	chair	NOUN
ajfa-79	267	35	pay	pay	VERB
ajfa-79	267	36	significantly	significantly	ADV
ajfa-79	267	37	at	at	ADP
ajfa-79	267	38	the	the	DET
ajfa-79	267	39	1	1	NUM
ajfa-79	267	40	%	%	NOUN
ajfa-79	267	41	level	level	NOUN
ajfa-79	267	42	;	;	PUNCT
ajfa-79	267	43	the	the	DET
ajfa-79	267	44	first	first	ADJ
ajfa-79	267	45	two	two	NUM
ajfa-79	267	46	have	have	VERB
ajfa-79	267	47	positive	positive	ADJ
ajfa-79	267	48	effects	effect	NOUN
ajfa-79	267	49	,	,	PUNCT
ajfa-79	267	50	while	while	SCONJ
ajfa-79	267	51	the	the	DET
ajfa-79	267	52	third	third	ADJ
ajfa-79	267	53	one	one	NOUN
ajfa-79	267	54	has	have	VERB
ajfa-79	267	55	negative	negative	ADJ
ajfa-79	267	56	effects	effect	NOUN
ajfa-79	267	57	.	.	PUNCT
ajfa-79	268	1	some	some	DET
ajfa-79	268	2	industry	industry	NOUN
ajfa-79	268	3	dummies	dummy	NOUN
ajfa-79	268	4	are	be	AUX
ajfa-79	268	5	also	also	ADV
ajfa-79	268	6	shown	show	VERB
ajfa-79	268	7	to	to	PART
ajfa-79	268	8	be	be	AUX
ajfa-79	268	9	significant	significant	ADJ
ajfa-79	268	10	.	.	PUNCT
ajfa-79	269	1	these	these	DET
ajfa-79	269	2	results	result	NOUN
ajfa-79	269	3	are	be	AUX
ajfa-79	269	4	consistent	consistent	ADJ
ajfa-79	269	5	with	with	ADP
ajfa-79	269	6	those	those	PRON
ajfa-79	269	7	presented	present	VERB
ajfa-79	269	8	by	by	ADP
ajfa-79	269	9	prior	prior	ADJ
ajfa-79	269	10	studies	study	NOUN
ajfa-79	269	11	in	in	ADP
ajfa-79	269	12	the	the	DET
ajfa-79	269	13	literature	literature	NOUN
ajfa-79	269	14	(	(	PUNCT
ajfa-79	269	15	e.g.	e.g.	ADV
ajfa-79	269	16	,	,	PUNCT
ajfa-79	269	17	murphy	murphy	PROPN
ajfa-79	269	18	,	,	PUNCT
ajfa-79	269	19	1999	1999	NUM
ajfa-79	269	20	;	;	PUNCT
ajfa-79	269	21	firth	firth	PROPN
ajfa-79	269	22	et	et	PROPN
ajfa-79	269	23	al	al	PROPN
ajfa-79	269	24	,	,	PUNCT
ajfa-79	269	25	2006	2006	NUM
ajfa-79	269	26	)	)	PUNCT
ajfa-79	269	27	.	.	PUNCT
ajfa-79	270	1	4.3	4.3	NUM
ajfa-79	270	2	board	board	NOUN
ajfa-79	270	3	chair	chair	NOUN
ajfa-79	270	4	pay	pay	NOUN
ajfa-79	270	5	-	-	PUNCT
ajfa-79	270	6	supervisory	supervisory	ADJ
ajfa-79	270	7	board	board	NOUN
ajfa-79	270	8	sensitivity	sensitivity	NOUN
ajfa-79	270	9	results	result	NOUN
ajfa-79	270	10	to	to	PART
ajfa-79	270	11	further	far	ADV
ajfa-79	270	12	investigate	investigate	VERB
ajfa-79	270	13	the	the	DET
ajfa-79	270	14	board	board	NOUN
ajfa-79	270	15	chair	chair	NOUN
ajfa-79	270	16	pay	pay	NOUN
ajfa-79	270	17	-	-	PUNCT
ajfa-79	270	18	supervisory	supervisory	ADJ
ajfa-79	270	19	board	board	NOUN
ajfa-79	270	20	relationship	relationship	NOUN
ajfa-79	270	21	,	,	PUNCT
ajfa-79	270	22	we	we	PRON
ajfa-79	270	23	analyze	analyze	VERB
ajfa-79	270	24	the	the	DET
ajfa-79	270	25	pay	pay	NOUN
ajfa-79	270	26	-	-	PUNCT
ajfa-79	270	27	supervisory	supervisory	ADJ
ajfa-79	270	28	board	board	NOUN
ajfa-79	270	29	sensitivity	sensitivity	NOUN
ajfa-79	270	30	in	in	ADP
ajfa-79	270	31	the	the	DET
ajfa-79	270	32	full	full	ADJ
ajfa-79	270	33	sample	sample	NOUN
ajfa-79	270	34	,	,	PUNCT
ajfa-79	270	35	and	and	CCONJ
ajfa-79	270	36	in	in	ADP
ajfa-79	270	37	the	the	DET
ajfa-79	270	38	subsamples	subsample	NOUN
ajfa-79	270	39	with	with	ADP
ajfa-79	270	40	special	special	ADJ
ajfa-79	270	41	features	feature	NOUN
ajfa-79	270	42	of	of	ADP
ajfa-79	270	43	controlling	control	VERB
ajfa-79	270	44	ownership	ownership	NOUN
ajfa-79	270	45	such	such	ADJ
ajfa-79	270	46	as	as	ADP
ajfa-79	270	47	government	government	NOUN
ajfa-79	270	48	control	control	NOUN
ajfa-79	270	49	and	and	CCONJ
ajfa-79	270	50	foreign	foreign	ADJ
ajfa-79	270	51	largest	large	ADJ
ajfa-79	270	52	shareholders	shareholder	NOUN
ajfa-79	270	53	,	,	PUNCT
ajfa-79	270	54	respectively	respectively	ADV
ajfa-79	270	55	.	.	PUNCT
ajfa-79	271	1	empirical	empirical	ADJ
ajfa-79	271	2	results	result	NOUN
ajfa-79	271	3	are	be	AUX
ajfa-79	271	4	presented	present	VERB
ajfa-79	271	5	in	in	ADP
ajfa-79	271	6	table	table	NOUN
ajfa-79	271	7	3	3	NUM
ajfa-79	271	8	.	.	PUNCT
ajfa-79	272	1	in	in	ADP
ajfa-79	272	2	the	the	DET
ajfa-79	272	3	full	full	ADJ
ajfa-79	272	4	sample	sample	NOUN
ajfa-79	272	5	,	,	PUNCT
ajfa-79	272	6	the	the	DET
ajfa-79	272	7	change	change	NOUN
ajfa-79	272	8	in	in	ADP
ajfa-79	272	9	the	the	DET
ajfa-79	272	10	size	size	NOUN
ajfa-79	272	11	of	of	ADP
ajfa-79	272	12	supervisory	supervisory	ADJ
ajfa-79	272	13	board	board	NOUN
ajfa-79	272	14	(	(	PUNCT
ajfa-79	272	15	δsbs	δsbs	NOUN
ajfa-79	272	16	)	)	PUNCT
ajfa-79	272	17	is	be	AUX
ajfa-79	272	18	positively	positively	ADV
ajfa-79	272	19	related	relate	VERB
ajfa-79	272	20	to	to	ADP
ajfa-79	272	21	the	the	DET
ajfa-79	272	22	change	change	NOUN
ajfa-79	272	23	in	in	ADP
ajfa-79	272	24	the	the	DET
ajfa-79	272	25	board	board	NOUN
ajfa-79	272	26	chair	chair	NOUN
ajfa-79	272	27	pay	pay	NOUN
ajfa-79	272	28	(	(	PUNCT
ajfa-79	272	29	δbcpay	δbcpay	NOUN
ajfa-79	272	30	)	)	PUNCT
ajfa-79	272	31	at	at	ADP
ajfa-79	272	32	the	the	DET
ajfa-79	272	33	5	5	NUM
ajfa-79	272	34	%	%	NOUN
ajfa-79	272	35	significance	significance	NOUN
ajfa-79	272	36	level	level	NOUN
ajfa-79	272	37	.	.	PUNCT
ajfa-79	273	1	this	this	DET
ajfa-79	273	2	result	result	NOUN
ajfa-79	273	3	indicates	indicate	VERB
ajfa-79	273	4	that	that	SCONJ
ajfa-79	273	5	before	before	SCONJ
ajfa-79	273	6	and	and	CCONJ
ajfa-79	273	7	after	after	SCONJ
ajfa-79	273	8	the	the	DET
ajfa-79	273	9	new	new	ADJ
ajfa-79	273	10	corporate	corporate	ADJ
ajfa-79	273	11	law	law	NOUN
ajfa-79	273	12	became	become	VERB
ajfa-79	273	13	effective	effective	ADJ
ajfa-79	273	14	on	on	ADP
ajfa-79	273	15	january	january	PROPN
ajfa-79	273	16	1	1	NUM
ajfa-79	273	17	,	,	PUNCT
ajfa-79	273	18	2006	2006	NUM
ajfa-79	273	19	,	,	PUNCT
ajfa-79	273	20	when	when	SCONJ
ajfa-79	273	21	the	the	DET
ajfa-79	273	22	change	change	NOUN
ajfa-79	273	23	in	in	ADP
ajfa-79	273	24	the	the	DET
ajfa-79	273	25	number	number	NOUN
ajfa-79	273	26	of	of	ADP
ajfa-79	273	27	supervisory	supervisory	ADJ
ajfa-79	273	28	board	board	NOUN
ajfa-79	273	29	members	member	NOUN
ajfa-79	273	30	increased	increase	VERB
ajfa-79	273	31	by	by	ADP
ajfa-79	273	32	1	1	NUM
ajfa-79	273	33	from	from	ADP
ajfa-79	273	34	2005	2005	NUM
ajfa-79	273	35	to	to	ADP
ajfa-79	273	36	2006	2006	NUM
ajfa-79	273	37	,	,	PUNCT
ajfa-79	273	38	the	the	DET
ajfa-79	273	39	change	change	NOUN
ajfa-79	273	40	in	in	ADP
ajfa-79	273	41	the	the	DET
ajfa-79	273	42	board	board	NOUN
ajfa-79	273	43	chair	chair	NOUN
ajfa-79	273	44	pay	pay	VERB
ajfa-79	273	45	increased	increase	VERB
ajfa-79	273	46	by	by	ADP
ajfa-79	273	47	rmb14,970.89	rmb14,970.89	PROPN
ajfa-79	273	48	.	.	PUNCT
ajfa-79	274	1	this	this	PRON
ajfa-79	274	2	partially	partially	ADV
ajfa-79	274	3	shows	show	VERB
ajfa-79	274	4	that	that	SCONJ
ajfa-79	274	5	the	the	DET
ajfa-79	274	6	enforcement	enforcement	NOUN
ajfa-79	274	7	of	of	ADP
ajfa-79	274	8	new	new	ADJ
ajfa-79	274	9	corporate	corporate	ADJ
ajfa-79	274	10	law	law	NOUN
ajfa-79	274	11	significantly	significantly	ADV
ajfa-79	274	12	improves	improve	VERB
ajfa-79	274	13	the	the	DET
ajfa-79	274	14	monitoring	monitoring	NOUN
ajfa-79	274	15	effects	effect	NOUN
ajfa-79	274	16	of	of	ADP
ajfa-79	274	17	supervisory	supervisory	ADJ
ajfa-79	274	18	board	board	NOUN
ajfa-79	274	19	on	on	ADP
ajfa-79	274	20	firm	firm	ADJ
ajfa-79	274	21	performance	performance	NOUN
ajfa-79	274	22	from	from	ADP
ajfa-79	274	23	2005	2005	NUM
ajfa-79	274	24	to	to	ADP
ajfa-79	274	25	2006	2006	NUM
ajfa-79	274	26	,	,	PUNCT
ajfa-79	274	27	which	which	PRON
ajfa-79	274	28	leads	lead	VERB
ajfa-79	274	29	to	to	ADP
ajfa-79	274	30	a	a	DET
ajfa-79	274	31	higher	high	ADJ
ajfa-79	274	32	board	board	NOUN
ajfa-79	274	33	chair	chair	NOUN
ajfa-79	274	34	pay	pay	NOUN
ajfa-79	274	35	.	.	PUNCT
ajfa-79	275	1	following	follow	VERB
ajfa-79	275	2	extant	extant	ADJ
ajfa-79	275	3	research	research	NOUN
ajfa-79	275	4	(	(	PUNCT
ajfa-79	275	5	e.g.	e.g.	ADV
ajfa-79	275	6	,	,	PUNCT
ajfa-79	275	7	chen	chen	PROPN
ajfa-79	275	8	,	,	PUNCT
ajfa-79	275	9	et	et	PROPN
ajfa-79	275	10	al	al	PROPN
ajfa-79	275	11	.	.	PROPN
ajfa-79	275	12	,	,	PUNCT
ajfa-79	275	13	2006	2006	NUM
ajfa-79	275	14	;	;	PUNCT
ajfa-79	275	15	firth	firth	PROPN
ajfa-79	275	16	,	,	PUNCT
ajfa-79	275	17	et	et	PROPN
ajfa-79	275	18	al	al	PROPN
ajfa-79	275	19	,	,	PUNCT
ajfa-79	275	20	2006	2006	NUM
ajfa-79	275	21	)	)	PUNCT
ajfa-79	275	22	in	in	ADP
ajfa-79	275	23	the	the	DET
ajfa-79	275	24	literature	literature	NOUN
ajfa-79	275	25	,	,	PUNCT
ajfa-79	275	26	we	we	PRON
ajfa-79	275	27	also	also	ADV
ajfa-79	275	28	investigate	investigate	VERB
ajfa-79	275	29	the	the	DET
ajfa-79	275	30	board	board	NOUN
ajfa-79	275	31	chair	chair	NOUN
ajfa-79	275	32	pay	pay	NOUN
ajfa-79	275	33	-	-	PUNCT
ajfa-79	275	34	supervisory	supervisory	ADJ
ajfa-79	275	35	board	board	NOUN
ajfa-79	275	36	sensitivity	sensitivity	NOUN
ajfa-79	275	37	in	in	ADP
ajfa-79	275	38	sub	sub	NOUN
ajfa-79	275	39	-	-	NOUN
ajfa-79	275	40	samples	sample	NOUN
ajfa-79	275	41	featured	feature	VERB
ajfa-79	275	42	by	by	ADP
ajfa-79	275	43	ownership	ownership	NOUN
ajfa-79	275	44	structures	structure	NOUN
ajfa-79	275	45	.	.	PUNCT
ajfa-79	276	1	as	as	SCONJ
ajfa-79	276	2	shown	show	VERB
ajfa-79	276	3	by	by	ADP
ajfa-79	276	4	the	the	DET
ajfa-79	276	5	empirical	empirical	ADJ
ajfa-79	276	6	results	result	NOUN
ajfa-79	276	7	presented	present	VERB
ajfa-79	276	8	in	in	ADP
ajfa-79	276	9	table	table	NOUN
ajfa-79	276	10	3	3	NUM
ajfa-79	276	11	,	,	PUNCT
ajfa-79	276	12	we	we	PRON
ajfa-79	276	13	find	find	VERB
ajfa-79	276	14	a	a	DET
ajfa-79	276	15	positive	positive	ADJ
ajfa-79	276	16	relationship	relationship	NOUN
ajfa-79	276	17	between	between	ADP
ajfa-79	276	18	the	the	DET
ajfa-79	276	19	change	change	NOUN
ajfa-79	276	20	in	in	ADP
ajfa-79	276	21	sbs	sbs	NOUN
ajfa-79	276	22	(	(	PUNCT
ajfa-79	276	23	δsbs	δsbs	NOUN
ajfa-79	276	24	)	)	PUNCT
ajfa-79	276	25	and	and	CCONJ
ajfa-79	276	26	the	the	DET
ajfa-79	276	27	change	change	NOUN
ajfa-79	276	28	in	in	ADP
ajfa-79	276	29	the	the	DET
ajfa-79	276	30	compensation	compensation	NOUN
ajfa-79	276	31	of	of	ADP
ajfa-79	276	32	board	board	NOUN
ajfa-79	276	33	chairs	chair	NOUN
ajfa-79	276	34	(	(	PUNCT
ajfa-79	276	35	δbcpay	δbcpay	NOUN
ajfa-79	276	36	)	)	PUNCT
ajfa-79	276	37	at	at	ADP
ajfa-79	276	38	the	the	DET
ajfa-79	276	39	1	1	NUM
ajfa-79	276	40	%	%	NOUN
ajfa-79	276	41	significance	significance	NOUN
ajfa-79	276	42	level	level	NOUN
ajfa-79	276	43	in	in	ADP
ajfa-79	276	44	firms	firm	NOUN
ajfa-79	276	45	with	with	ADP
ajfa-79	276	46	government	government	NOUN
ajfa-79	276	47	-	-	PUNCT
ajfa-79	276	48	controlled	control	VERB
ajfa-79	276	49	largest	large	ADJ
ajfa-79	276	50	shareholders	shareholder	NOUN
ajfa-79	276	51	.	.	PUNCT
ajfa-79	277	1	in	in	ADP
ajfa-79	277	2	these	these	DET
ajfa-79	277	3	firms	firm	NOUN
ajfa-79	277	4	,	,	PUNCT
ajfa-79	277	5	when	when	SCONJ
ajfa-79	277	6	the	the	DET
ajfa-79	277	7	change	change	NOUN
ajfa-79	277	8	in	in	ADP
ajfa-79	277	9	the	the	DET
ajfa-79	277	10	number	number	NOUN
ajfa-79	277	11	of	of	ADP
ajfa-79	277	12	supervisory	supervisory	ADJ
ajfa-79	277	13	board	board	NOUN
ajfa-79	277	14	members	member	NOUN
ajfa-79	277	15	increased	increase	VERB
ajfa-79	277	16	by	by	ADP
ajfa-79	277	17	1	1	NUM
ajfa-79	277	18	,	,	PUNCT
ajfa-79	277	19	the	the	DET
ajfa-79	277	20	change	change	NOUN
ajfa-79	277	21	in	in	ADP
ajfa-79	277	22	the	the	DET
ajfa-79	277	23	board	board	NOUN
ajfa-79	277	24	chair	chair	NOUN
ajfa-79	277	25	pay	pay	AUX
ajfa-79	277	26	increased	increase	VERB
ajfa-79	277	27	by	by	ADP
ajfa-79	277	28	rmb41,911.81	rmb41,911.81	PROPN
ajfa-79	277	29	.	.	PUNCT
ajfa-79	278	1	hence	hence	ADV
ajfa-79	278	2	,	,	PUNCT
ajfa-79	278	3	in	in	ADP
ajfa-79	278	4	government	government	NOUN
ajfa-79	278	5	controlled	control	VERB
ajfa-79	278	6	firms	firm	NOUN
ajfa-79	278	7	,	,	PUNCT
ajfa-79	278	8	board	board	NOUN
ajfa-79	278	9	chair	chair	NOUN
ajfa-79	278	10	pay	pay	NOUN
ajfa-79	278	11	was	be	AUX
ajfa-79	278	12	sensitive	sensitive	ADJ
ajfa-79	278	13	to	to	ADP
ajfa-79	278	14	the	the	DET
ajfa-79	278	15	supervisory	supervisory	ADJ
ajfa-79	278	16	board	board	NOUN
ajfa-79	278	17	size	size	NOUN
ajfa-79	278	18	,	,	PUNCT
ajfa-79	278	19	but	but	CCONJ
ajfa-79	278	20	asian	asian	ADJ
ajfa-79	278	21	journal	journal	NOUN
ajfa-79	278	22	of	of	ADP
ajfa-79	278	23	finance	finance	PROPN
ajfa-79	278	24	&	&	CCONJ
ajfa-79	278	25	accounting	accounting	PROPN
ajfa-79	278	26	issn	issn	PROPN
ajfa-79	278	27	1946	1946	NUM
ajfa-79	278	28	-	-	PUNCT
ajfa-79	278	29	052x	052x	NOUN
ajfa-79	278	30	2009	2009	NUM
ajfa-79	278	31	,	,	PUNCT
ajfa-79	278	32	vol	vol	NOUN
ajfa-79	278	33	.	.	PROPN
ajfa-79	278	34	1	1	NUM
ajfa-79	278	35	,	,	PUNCT
ajfa-79	278	36	no	no	INTJ
ajfa-79	278	37	.	.	NOUN
ajfa-79	278	38	1	1	NUM
ajfa-79	278	39	:	:	PUNCT
ajfa-79	278	40	e1	e1	VERB
ajfa-79	278	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	278	42	16	16	NUM
ajfa-79	278	43	not	not	PART
ajfa-79	278	44	to	to	ADP
ajfa-79	278	45	the	the	DET
ajfa-79	278	46	supervisory	supervisory	ADJ
ajfa-79	278	47	board	board	NOUN
ajfa-79	278	48	meetings	meeting	NOUN
ajfa-79	278	49	frequency	frequency	NOUN
ajfa-79	278	50	,	,	PUNCT
ajfa-79	278	51	firm	firm	ADJ
ajfa-79	278	52	performance	performance	NOUN
ajfa-79	278	53	,	,	PUNCT
ajfa-79	278	54	financial	financial	ADJ
ajfa-79	278	55	leverage	leverage	NOUN
ajfa-79	278	56	risk	risk	NOUN
ajfa-79	278	57	or	or	CCONJ
ajfa-79	278	58	asset	asset	NOUN
ajfa-79	278	59	size	size	NOUN
ajfa-79	278	60	.	.	PUNCT
ajfa-79	279	1	in	in	ADP
ajfa-79	279	2	other	other	ADJ
ajfa-79	279	3	words	word	NOUN
ajfa-79	279	4	,	,	PUNCT
ajfa-79	279	5	it	it	PRON
ajfa-79	279	6	may	may	AUX
ajfa-79	279	7	be	be	AUX
ajfa-79	279	8	more	more	ADV
ajfa-79	279	9	effective	effective	ADJ
ajfa-79	279	10	to	to	PART
ajfa-79	279	11	improve	improve	VERB
ajfa-79	279	12	firm	firm	ADJ
ajfa-79	279	13	performance	performance	NOUN
ajfa-79	279	14	and	and	CCONJ
ajfa-79	279	15	board	board	NOUN
ajfa-79	279	16	chair	chair	NOUN
ajfa-79	279	17	pay	pay	VERB
ajfa-79	279	18	by	by	ADP
ajfa-79	279	19	increasing	increase	VERB
ajfa-79	279	20	supervisory	supervisory	ADJ
ajfa-79	279	21	board	board	NOUN
ajfa-79	279	22	size	size	NOUN
ajfa-79	279	23	in	in	ADP
ajfa-79	279	24	government	government	NOUN
ajfa-79	279	25	controlled	control	VERB
ajfa-79	279	26	firms	firm	NOUN
ajfa-79	279	27	than	than	ADP
ajfa-79	279	28	in	in	ADP
ajfa-79	279	29	other	other	ADJ
ajfa-79	279	30	firms	firm	NOUN
ajfa-79	279	31	.	.	PUNCT
ajfa-79	280	1	in	in	ADP
ajfa-79	280	2	firms	firm	NOUN
ajfa-79	280	3	with	with	ADP
ajfa-79	280	4	foreign	foreign	ADJ
ajfa-79	280	5	largest	large	ADJ
ajfa-79	280	6	shareholders	shareholder	NOUN
ajfa-79	280	7	,	,	PUNCT
ajfa-79	280	8	however	however	ADV
ajfa-79	280	9	,	,	PUNCT
ajfa-79	280	10	we	we	PRON
ajfa-79	280	11	do	do	AUX
ajfa-79	280	12	not	not	PART
ajfa-79	280	13	observe	observe	VERB
ajfa-79	280	14	a	a	DET
ajfa-79	280	15	positive	positive	ADJ
ajfa-79	280	16	relationship	relationship	NOUN
ajfa-79	280	17	between	between	ADP
ajfa-79	280	18	δsbs	δsbs	NOUN
ajfa-79	280	19	and	and	CCONJ
ajfa-79	280	20	δbcpay	δbcpay	NOUN
ajfa-79	280	21	.	.	PUNCT
ajfa-79	281	1	4.4	4.4	NUM
ajfa-79	281	2	robustness	robustness	NOUN
ajfa-79	281	3	tests	test	NOUN
ajfa-79	281	4	to	to	PART
ajfa-79	281	5	further	far	ADV
ajfa-79	281	6	ensure	ensure	VERB
ajfa-79	281	7	the	the	DET
ajfa-79	281	8	validity	validity	NOUN
ajfa-79	281	9	of	of	ADP
ajfa-79	281	10	the	the	DET
ajfa-79	281	11	empirical	empirical	ADJ
ajfa-79	281	12	results	result	NOUN
ajfa-79	281	13	presented	present	VERB
ajfa-79	281	14	in	in	ADP
ajfa-79	281	15	this	this	DET
ajfa-79	281	16	study	study	NOUN
ajfa-79	281	17	,	,	PUNCT
ajfa-79	281	18	robustness	robustness	NOUN
ajfa-79	281	19	tests	test	NOUN
ajfa-79	281	20	are	be	AUX
ajfa-79	281	21	done	do	VERB
ajfa-79	281	22	using	use	VERB
ajfa-79	281	23	both	both	CCONJ
ajfa-79	281	24	different	different	ADJ
ajfa-79	281	25	estimation	estimation	NOUN
ajfa-79	281	26	methods	method	NOUN
ajfa-79	281	27	and	and	CCONJ
ajfa-79	281	28	different	different	ADJ
ajfa-79	281	29	variables	variable	NOUN
ajfa-79	281	30	to	to	PART
ajfa-79	281	31	capture	capture	VERB
ajfa-79	281	32	similar	similar	ADJ
ajfa-79	281	33	effects	effect	NOUN
ajfa-79	281	34	.	.	PUNCT
ajfa-79	282	1	as	as	SCONJ
ajfa-79	282	2	discussed	discuss	VERB
ajfa-79	282	3	above	above	ADV
ajfa-79	282	4	,	,	PUNCT
ajfa-79	282	5	the	the	DET
ajfa-79	282	6	dependent	dependent	ADJ
ajfa-79	282	7	variable	variable	ADJ
ajfa-79	282	8	lnbcpay	lnbcpay	NOUN
ajfa-79	282	9	,	,	PUNCT
ajfa-79	282	10	which	which	PRON
ajfa-79	282	11	measures	measure	VERB
ajfa-79	282	12	the	the	DET
ajfa-79	282	13	board	board	NOUN
ajfa-79	282	14	chair	chair	NOUN
ajfa-79	282	15	pay	pay	NOUN
ajfa-79	282	16	,	,	PUNCT
ajfa-79	282	17	is	be	AUX
ajfa-79	282	18	left	leave	VERB
ajfa-79	282	19	-	-	PUNCT
ajfa-79	282	20	censored	censor	VERB
ajfa-79	282	21	since	since	SCONJ
ajfa-79	282	22	some	some	PRON
ajfa-79	282	23	of	of	ADP
ajfa-79	282	24	them	they	PRON
ajfa-79	282	25	do	do	AUX
ajfa-79	282	26	not	not	PART
ajfa-79	282	27	get	get	AUX
ajfa-79	282	28	paid	pay	VERB
ajfa-79	282	29	in	in	ADP
ajfa-79	282	30	these	these	DET
ajfa-79	282	31	publicly	publicly	ADV
ajfa-79	282	32	listed	list	VERB
ajfa-79	282	33	companies	company	NOUN
ajfa-79	282	34	.	.	PUNCT
ajfa-79	283	1	therefore	therefore	ADV
ajfa-79	283	2	,	,	PUNCT
ajfa-79	283	3	tobit	tobit	NOUN
ajfa-79	283	4	models	model	NOUN
ajfa-79	283	5	are	be	AUX
ajfa-79	283	6	used	use	VERB
ajfa-79	283	7	to	to	PART
ajfa-79	283	8	deal	deal	VERB
ajfa-79	283	9	with	with	ADP
ajfa-79	283	10	potential	potential	ADJ
ajfa-79	283	11	biases	bias	NOUN
ajfa-79	283	12	caused	cause	VERB
ajfa-79	283	13	by	by	ADP
ajfa-79	283	14	this	this	DET
ajfa-79	283	15	situation	situation	NOUN
ajfa-79	283	16	.	.	PUNCT
ajfa-79	284	1	two	two	NUM
ajfa-79	284	2	sets	set	NOUN
ajfa-79	284	3	of	of	ADP
ajfa-79	284	4	the	the	DET
ajfa-79	284	5	above	above	ADJ
ajfa-79	284	6	analysis	analysis	NOUN
ajfa-79	284	7	are	be	AUX
ajfa-79	284	8	replicated	replicate	VERB
ajfa-79	284	9	,	,	PUNCT
ajfa-79	284	10	and	and	CCONJ
ajfa-79	284	11	they	they	PRON
ajfa-79	284	12	are	be	AUX
ajfa-79	284	13	the	the	DET
ajfa-79	284	14	tobit	tobit	NOUN
ajfa-79	284	15	analysis	analysis	NOUN
ajfa-79	284	16	based	base	VERB
ajfa-79	284	17	on	on	ADP
ajfa-79	284	18	model	model	NOUN
ajfa-79	284	19	(	(	PUNCT
ajfa-79	284	20	2	2	NUM
ajfa-79	284	21	)	)	PUNCT
ajfa-79	284	22	and	and	CCONJ
ajfa-79	284	23	the	the	DET
ajfa-79	284	24	2	2	NUM
ajfa-79	284	25	-	-	PUNCT
ajfa-79	284	26	stage	stage	NOUN
ajfa-79	284	27	model	model	NOUN
ajfa-79	284	28	with	with	ADP
ajfa-79	284	29	tobit	tobit	NOUN
ajfa-79	284	30	as	as	ADP
ajfa-79	284	31	the	the	DET
ajfa-79	284	32	second	second	ADJ
ajfa-79	284	33	stage	stage	NOUN
ajfa-79	284	34	.	.	PUNCT
ajfa-79	285	1	results	result	NOUN
ajfa-79	285	2	are	be	AUX
ajfa-79	285	3	presented	present	VERB
ajfa-79	285	4	in	in	ADP
ajfa-79	285	5	panels	panel	NOUN
ajfa-79	285	6	a	a	PRON
ajfa-79	285	7	and	and	CCONJ
ajfa-79	285	8	b	b	NOUN
ajfa-79	285	9	of	of	ADP
ajfa-79	285	10	table	table	NOUN
ajfa-79	285	11	2	2	NUM
ajfa-79	285	12	,	,	PUNCT
ajfa-79	285	13	and	and	CCONJ
ajfa-79	285	14	no	no	DET
ajfa-79	285	15	qualitative	qualitative	ADJ
ajfa-79	285	16	change	change	NOUN
ajfa-79	285	17	has	have	AUX
ajfa-79	285	18	been	be	AUX
ajfa-79	285	19	found	find	VERB
ajfa-79	285	20	.	.	PUNCT
ajfa-79	286	1	to	to	PART
ajfa-79	286	2	further	far	ADV
ajfa-79	286	3	address	address	VERB
ajfa-79	286	4	a	a	DET
ajfa-79	286	5	potential	potential	ADJ
ajfa-79	286	6	overlap	overlap	NOUN
ajfa-79	286	7	of	of	ADP
ajfa-79	286	8	the	the	DET
ajfa-79	286	9	monitoring	monitoring	NOUN
ajfa-79	286	10	functions	function	NOUN
ajfa-79	286	11	of	of	ADP
ajfa-79	286	12	supervisory	supervisory	ADJ
ajfa-79	286	13	board	board	NOUN
ajfa-79	286	14	and	and	CCONJ
ajfa-79	286	15	independent	independent	ADJ
ajfa-79	286	16	directors	director	NOUN
ajfa-79	286	17	,	,	PUNCT
ajfa-79	286	18	we	we	PRON
ajfa-79	286	19	rerun	rerun	VERB
ajfa-79	286	20	the	the	DET
ajfa-79	286	21	tests	test	NOUN
ajfa-79	286	22	by	by	ADP
ajfa-79	286	23	excluding	exclude	VERB
ajfa-79	286	24	the	the	DET
ajfa-79	286	25	variable	variable	ADJ
ajfa-79	286	26	ibsize	ibsize	NOUN
ajfa-79	286	27	from	from	ADP
ajfa-79	286	28	the	the	DET
ajfa-79	286	29	analysis	analysis	NOUN
ajfa-79	286	30	,	,	PUNCT
ajfa-79	286	31	but	but	CCONJ
ajfa-79	286	32	do	do	AUX
ajfa-79	286	33	not	not	PART
ajfa-79	286	34	find	find	VERB
ajfa-79	286	35	any	any	DET
ajfa-79	286	36	qualitative	qualitative	ADJ
ajfa-79	286	37	change	change	NOUN
ajfa-79	286	38	.	.	PUNCT
ajfa-79	287	1	we	we	PRON
ajfa-79	287	2	also	also	ADV
ajfa-79	287	3	test	test	VERB
ajfa-79	287	4	the	the	DET
ajfa-79	287	5	results	result	NOUN
ajfa-79	287	6	for	for	ADP
ajfa-79	287	7	robustness	robustness	NOUN
ajfa-79	287	8	by	by	ADP
ajfa-79	287	9	using	use	VERB
ajfa-79	287	10	alternative	alternative	ADJ
ajfa-79	287	11	proxies	proxy	NOUN
ajfa-79	287	12	for	for	ADP
ajfa-79	287	13	financial	financial	ADJ
ajfa-79	287	14	performance	performance	NOUN
ajfa-79	287	15	,	,	PUNCT
ajfa-79	287	16	risk	risk	NOUN
ajfa-79	287	17	taken	take	VERB
ajfa-79	287	18	by	by	ADP
ajfa-79	287	19	firms	firm	NOUN
ajfa-79	287	20	,	,	PUNCT
ajfa-79	287	21	and	and	CCONJ
ajfa-79	287	22	ownership	ownership	NOUN
ajfa-79	287	23	structure	structure	NOUN
ajfa-79	287	24	variables	variable	NOUN
ajfa-79	287	25	.	.	PUNCT
ajfa-79	288	1	we	we	PRON
ajfa-79	288	2	have	have	AUX
ajfa-79	288	3	found	find	VERB
ajfa-79	288	4	no	no	DET
ajfa-79	288	5	qualitative	qualitative	ADJ
ajfa-79	288	6	change	change	NOUN
ajfa-79	288	7	in	in	ADP
ajfa-79	288	8	the	the	DET
ajfa-79	288	9	results	result	NOUN
ajfa-79	288	10	.	.	PUNCT
ajfa-79	289	1	to	to	PART
ajfa-79	289	2	check	check	VERB
ajfa-79	289	3	for	for	ADP
ajfa-79	289	4	multicollinearity	multicollinearity	NOUN
ajfa-79	289	5	,	,	PUNCT
ajfa-79	289	6	we	we	PRON
ajfa-79	289	7	examine	examine	VERB
ajfa-79	289	8	the	the	DET
ajfa-79	289	9	variance	variance	NOUN
ajfa-79	289	10	inflation	inflation	NOUN
ajfa-79	289	11	factors	factor	NOUN
ajfa-79	289	12	(	(	PUNCT
ajfa-79	289	13	vif	vif	NOUN
ajfa-79	289	14	)	)	PUNCT
ajfa-79	289	15	for	for	ADP
ajfa-79	289	16	the	the	DET
ajfa-79	289	17	variables	variable	NOUN
ajfa-79	289	18	.	.	PUNCT
ajfa-79	290	1	the	the	DET
ajfa-79	290	2	vifs	vif	NOUN
ajfa-79	290	3	are	be	AUX
ajfa-79	290	4	all	all	ADV
ajfa-79	290	5	under	under	ADP
ajfa-79	290	6	10	10	NUM
ajfa-79	290	7	,	,	PUNCT
ajfa-79	290	8	indicating	indicate	VERB
ajfa-79	290	9	that	that	SCONJ
ajfa-79	290	10	no	no	DET
ajfa-79	290	11	multicollinearity	multicollinearity	NOUN
ajfa-79	290	12	problem	problem	NOUN
ajfa-79	290	13	is	be	AUX
ajfa-79	290	14	serious	serious	ADJ
ajfa-79	290	15	.	.	PUNCT
ajfa-79	291	1	the	the	DET
ajfa-79	291	2	robustness	robustness	NOUN
ajfa-79	291	3	of	of	ADP
ajfa-79	291	4	the	the	DET
ajfa-79	291	5	pay	pay	NOUN
ajfa-79	291	6	-	-	PUNCT
ajfa-79	291	7	supervisory	supervisory	ADJ
ajfa-79	291	8	board	board	NOUN
ajfa-79	291	9	sensitivity	sensitivity	NOUN
ajfa-79	291	10	results	result	NOUN
ajfa-79	291	11	is	be	AUX
ajfa-79	291	12	also	also	ADV
ajfa-79	291	13	tested	test	VERB
ajfa-79	291	14	by	by	ADP
ajfa-79	291	15	using	use	VERB
ajfa-79	291	16	alternative	alternative	ADJ
ajfa-79	291	17	proxies	proxy	NOUN
ajfa-79	291	18	for	for	ADP
ajfa-79	291	19	ownership	ownership	NOUN
ajfa-79	291	20	structure	structure	NOUN
ajfa-79	291	21	,	,	PUNCT
ajfa-79	291	22	and	and	CCONJ
ajfa-79	291	23	no	no	DET
ajfa-79	291	24	qualitative	qualitative	ADJ
ajfa-79	291	25	change	change	NOUN
ajfa-79	291	26	is	be	AUX
ajfa-79	291	27	found	find	VERB
ajfa-79	291	28	.	.	PUNCT
ajfa-79	292	1	in	in	ADP
ajfa-79	292	2	a	a	DET
ajfa-79	292	3	word	word	NOUN
ajfa-79	292	4	,	,	PUNCT
ajfa-79	292	5	therefore	therefore	ADV
ajfa-79	292	6	,	,	PUNCT
ajfa-79	292	7	we	we	PRON
ajfa-79	292	8	conclude	conclude	VERB
ajfa-79	292	9	that	that	DET
ajfa-79	292	10	hypothesis	hypothesis	NOUN
ajfa-79	292	11	1	1	NUM
ajfa-79	292	12	is	be	AUX
ajfa-79	292	13	rejected	reject	VERB
ajfa-79	292	14	,	,	PUNCT
ajfa-79	292	15	but	but	CCONJ
ajfa-79	292	16	hypothesis	hypothesis	NOUN
ajfa-79	292	17	2	2	NUM
ajfa-79	292	18	is	be	AUX
ajfa-79	292	19	not	not	PART
ajfa-79	292	20	.	.	PUNCT
ajfa-79	293	1	table	table	NOUN
ajfa-79	293	2	3	3	NUM
ajfa-79	293	3	results	result	NOUN
ajfa-79	293	4	from	from	ADP
ajfa-79	293	5	pay	pay	NOUN
ajfa-79	293	6	-	-	PUNCT
ajfa-79	293	7	supervisory	supervisory	ADJ
ajfa-79	293	8	board	board	NOUN
ajfa-79	293	9	sensitivity	sensitivity	NOUN
ajfa-79	293	10	raw	raw	ADJ
ajfa-79	293	11	sample	sample	NOUN
ajfa-79	293	12	gov=1	gov=1	NOUN
ajfa-79	293	13	for=1	for=1	NOUN
ajfa-79	293	14	dep	dep	PROPN
ajfa-79	293	15	.	.	PROPN
ajfa-79	293	16	var	var	PROPN
ajfa-79	293	17	.	.	PUNCT
ajfa-79	294	1	δbcpay	δbcpay	NOUN
ajfa-79	294	2	δbcpay	δbcpay	NOUN
ajfa-79	294	3	δbcpay	δbcpay	NOUN
ajfa-79	294	4	δsbmf	δsbmf	NOUN
ajfa-79	294	5	-1909.247	-1909.247	PUNCT
ajfa-79	294	6	-1251.789	-1251.789	X
ajfa-79	294	7	17220.16	17220.16	NUM
ajfa-79	294	8	(	(	PUNCT
ajfa-79	294	9	2183.10	2183.10	NUM
ajfa-79	294	10	)	)	PUNCT
ajfa-79	294	11	(	(	PUNCT
ajfa-79	294	12	4413.65	4413.65	NUM
ajfa-79	294	13	)	)	PUNCT
ajfa-79	294	14	(	(	PUNCT
ajfa-79	294	15	19449.69	19449.69	NUM
ajfa-79	294	16	)	)	PUNCT
ajfa-79	294	17	δsbs	δsbs	NOUN
ajfa-79	294	18	14970.89	14970.89	NUM
ajfa-79	294	19	*	*	PUNCT
ajfa-79	294	20	*	*	PUNCT
ajfa-79	294	21	41911.81	41911.81	NUM
ajfa-79	295	1	*	*	PUNCT
ajfa-79	295	2	*	*	PUNCT
ajfa-79	295	3	*	*	X
ajfa-79	295	4	40396.68	40396.68	NUM
ajfa-79	295	5	(	(	PUNCT
ajfa-79	295	6	7278.37	7278.37	NUM
ajfa-79	295	7	)	)	PUNCT
ajfa-79	295	8	(	(	PUNCT
ajfa-79	295	9	14345.69	14345.69	NUM
ajfa-79	295	10	)	)	PUNCT
ajfa-79	295	11	(	(	PUNCT
ajfa-79	295	12	78855.56	78855.56	NUM
ajfa-79	295	13	)	)	PUNCT
ajfa-79	295	14	δroe	δroe	NOUN
ajfa-79	295	15	684.781	684.781	NUM
ajfa-79	295	16	1761.114	1761.114	NUM
ajfa-79	295	17	-113567.1	-113567.1	PUNCT
ajfa-79	295	18	(	(	PUNCT
ajfa-79	295	19	1661.69	1661.69	NUM
ajfa-79	295	20	)	)	PUNCT
ajfa-79	295	21	(	(	PUNCT
ajfa-79	295	22	2857.51	2857.51	NUM
ajfa-79	295	23	)	)	PUNCT
ajfa-79	295	24	(	(	PUNCT
ajfa-79	295	25	83809.20	83809.20	NUM
ajfa-79	295	26	)	)	PUNCT
ajfa-79	295	27	δd	δd	PROPN
ajfa-79	295	28	/	/	SYM
ajfa-79	295	29	e	e	NOUN
ajfa-79	295	30	153.73	153.73	NUM
ajfa-79	295	31	-11558.68	-11558.68	NUM
ajfa-79	295	32	-382842	-382842	NOUN
ajfa-79	295	33	(	(	PUNCT
ajfa-79	295	34	3002.88	3002.88	NUM
ajfa-79	295	35	)	)	PUNCT
ajfa-79	295	36	(	(	PUNCT
ajfa-79	295	37	16407.11	16407.11	NUM
ajfa-79	295	38	)	)	PUNCT
ajfa-79	295	39	(	(	PUNCT
ajfa-79	295	40	276364.90	276364.90	NUM
ajfa-79	295	41	)	)	PUNCT
ajfa-79	295	42	δassets	δasset	VERB
ajfa-79	295	43	0.000	0.000	NUM
ajfa-79	295	44	0.000	0.000	NUM
ajfa-79	295	45	0.000	0.000	NUM
ajfa-79	295	46	(	(	PUNCT
ajfa-79	295	47	0.000	0.000	NUM
ajfa-79	295	48	)	)	PUNCT
ajfa-79	295	49	(	(	PUNCT
ajfa-79	295	50	0.000	0.000	NUM
ajfa-79	295	51	)	)	PUNCT
ajfa-79	295	52	(	(	PUNCT
ajfa-79	295	53	0.000	0.000	X
ajfa-79	295	54	)	)	PUNCT
ajfa-79	295	55	industry	industry	NOUN
ajfa-79	295	56	dummies	dummy	NOUN
ajfa-79	295	57	included	include	VERB
ajfa-79	295	58	and	and	CCONJ
ajfa-79	295	59	mixed	mixed	ADJ
ajfa-79	295	60	included	include	VERB
ajfa-79	295	61	and	and	CCONJ
ajfa-79	295	62	mixed	mixed	ADJ
ajfa-79	295	63	included	include	VERB
ajfa-79	295	64	and	and	CCONJ
ajfa-79	295	65	mixed	mixed	ADJ
ajfa-79	295	66	constant	constant	ADJ
ajfa-79	295	67	-7513.121	-7513.121	PUNCT
ajfa-79	295	68	-35933.94	-35933.94	PROPN
ajfa-79	295	69	-22906.36	-22906.36	NUM
ajfa-79	295	70	asian	asian	ADJ
ajfa-79	295	71	journal	journal	NOUN
ajfa-79	295	72	of	of	ADP
ajfa-79	295	73	finance	finance	PROPN
ajfa-79	295	74	&	&	CCONJ
ajfa-79	295	75	accounting	accounting	PROPN
ajfa-79	295	76	issn	issn	PROPN
ajfa-79	295	77	1946	1946	NUM
ajfa-79	295	78	-	-	PUNCT
ajfa-79	295	79	052x	052x	NOUN
ajfa-79	295	80	2009	2009	NUM
ajfa-79	295	81	,	,	PUNCT
ajfa-79	295	82	vol	vol	NOUN
ajfa-79	295	83	.	.	PROPN
ajfa-79	295	84	1	1	NUM
ajfa-79	295	85	,	,	PUNCT
ajfa-79	295	86	no	no	INTJ
ajfa-79	295	87	.	.	NOUN
ajfa-79	295	88	1	1	NUM
ajfa-79	295	89	:	:	PUNCT
ajfa-79	295	90	e1	e1	VERB
ajfa-79	295	91	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	295	92	17	17	NUM
ajfa-79	295	93	(	(	PUNCT
ajfa-79	295	94	17402.66	17402.66	NUM
ajfa-79	295	95	)	)	PUNCT
ajfa-79	295	96	(	(	PUNCT
ajfa-79	295	97	39434.24	39434.24	NUM
ajfa-79	295	98	)	)	PUNCT
ajfa-79	295	99	(	(	PUNCT
ajfa-79	295	100	103279.40	103279.40	NUM
ajfa-79	295	101	)	)	PUNCT
ajfa-79	295	102	n	n	CCONJ
ajfa-79	295	103	1290	1290	NUM
ajfa-79	295	104	283	283	NUM
ajfa-79	295	105	27	27	NUM
ajfa-79	295	106	adj	adj	NOUN
ajfa-79	295	107	.	.	PUNCT
ajfa-79	296	1	r	r	NOUN
ajfa-79	296	2	2	2	NUM
ajfa-79	296	3	0.002	0.002	NUM
ajfa-79	296	4	0.024	0.024	NUM
ajfa-79	296	5	-0.074	-0.074	PUNCT
ajfa-79	296	6	f	f	X
ajfa-79	296	7	-	-	PUNCT
ajfa-79	296	8	value	value	NOUN
ajfa-79	296	9	1.17	1.17	NUM
ajfa-79	296	10	1.43	1.43	NUM
ajfa-79	296	11	0.78	0.78	NUM
ajfa-79	296	12	*	*	PUNCT
ajfa-79	296	13	*	*	PUNCT
ajfa-79	296	14	*	*	PUNCT
ajfa-79	296	15	p<0.01	p<0.01	PROPN
ajfa-79	296	16	,	,	PUNCT
ajfa-79	296	17	*	*	PUNCT
ajfa-79	296	18	*	*	PUNCT
ajfa-79	296	19	p<0.05	p<0.05	PROPN
ajfa-79	296	20	,	,	PUNCT
ajfa-79	296	21	*	*	PUNCT
ajfa-79	296	22	p<0.10	p<0.10	NOUN
ajfa-79	296	23	.	.	PUNCT
ajfa-79	297	1	n	n	PRON
ajfa-79	297	2	is	be	AUX
ajfa-79	297	3	the	the	DET
ajfa-79	297	4	number	number	NOUN
ajfa-79	297	5	of	of	ADP
ajfa-79	297	6	observations	observation	NOUN
ajfa-79	297	7	.	.	PUNCT
ajfa-79	298	1	5	5	X
ajfa-79	298	2	.	.	X
ajfa-79	298	3	conclusions	conclusion	NOUN
ajfa-79	298	4	and	and	CCONJ
ajfa-79	298	5	future	future	ADJ
ajfa-79	298	6	research	research	NOUN
ajfa-79	298	7	china	china	PROPN
ajfa-79	298	8	is	be	AUX
ajfa-79	298	9	one	one	NUM
ajfa-79	298	10	of	of	ADP
ajfa-79	298	11	the	the	DET
ajfa-79	298	12	most	most	ADV
ajfa-79	298	13	fast	fast	ADV
ajfa-79	298	14	-	-	PUNCT
ajfa-79	298	15	growing	grow	VERB
ajfa-79	298	16	emerging	emerge	VERB
ajfa-79	298	17	markets	market	NOUN
ajfa-79	298	18	in	in	ADP
ajfa-79	298	19	the	the	DET
ajfa-79	298	20	global	global	ADJ
ajfa-79	298	21	economy	economy	NOUN
ajfa-79	298	22	,	,	PUNCT
ajfa-79	298	23	and	and	CCONJ
ajfa-79	298	24	financial	financial	ADJ
ajfa-79	298	25	integration	integration	NOUN
ajfa-79	298	26	which	which	PRON
ajfa-79	298	27	has	have	AUX
ajfa-79	298	28	become	become	VERB
ajfa-79	298	29	increasingly	increasingly	ADV
ajfa-79	298	30	popular	popular	ADJ
ajfa-79	298	31	is	be	AUX
ajfa-79	298	32	of	of	ADP
ajfa-79	298	33	importance	importance	NOUN
ajfa-79	298	34	for	for	ADP
ajfa-79	298	35	international	international	ADJ
ajfa-79	298	36	investors	investor	NOUN
ajfa-79	298	37	.	.	PUNCT
ajfa-79	299	1	during	during	ADP
ajfa-79	299	2	the	the	DET
ajfa-79	299	3	transition	transition	NOUN
ajfa-79	299	4	from	from	ADP
ajfa-79	299	5	planned	plan	VERB
ajfa-79	299	6	to	to	ADP
ajfa-79	299	7	market	market	NOUN
ajfa-79	299	8	-	-	PUNCT
ajfa-79	299	9	based	base	VERB
ajfa-79	299	10	economy	economy	NOUN
ajfa-79	299	11	in	in	ADP
ajfa-79	299	12	china	china	PROPN
ajfa-79	299	13	since	since	SCONJ
ajfa-79	299	14	late	late	ADJ
ajfa-79	299	15	1970	1970	NUM
ajfa-79	299	16	's	's	PART
ajfa-79	299	17	,	,	PUNCT
ajfa-79	299	18	the	the	DET
ajfa-79	299	19	corporate	corporate	ADJ
ajfa-79	299	20	law	law	NOUN
ajfa-79	299	21	was	be	AUX
ajfa-79	299	22	amended	amend	VERB
ajfa-79	299	23	three	three	NUM
ajfa-79	299	24	times	time	NOUN
ajfa-79	299	25	to	to	PART
ajfa-79	299	26	further	far	ADV
ajfa-79	299	27	improve	improve	VERB
ajfa-79	299	28	the	the	DET
ajfa-79	299	29	efficiency	efficiency	NOUN
ajfa-79	299	30	of	of	ADP
ajfa-79	299	31	corporate	corporate	ADJ
ajfa-79	299	32	governance	governance	NOUN
ajfa-79	299	33	mechanisms	mechanism	NOUN
ajfa-79	299	34	;	;	PUNCT
ajfa-79	299	35	the	the	DET
ajfa-79	299	36	most	most	ADV
ajfa-79	299	37	recent	recent	ADJ
ajfa-79	299	38	one	one	NOUN
ajfa-79	299	39	occurred	occur	VERB
ajfa-79	299	40	in	in	ADP
ajfa-79	299	41	2005	2005	NUM
ajfa-79	299	42	and	and	CCONJ
ajfa-79	299	43	became	become	VERB
ajfa-79	299	44	effective	effective	ADJ
ajfa-79	299	45	on	on	ADP
ajfa-79	299	46	january	january	PROPN
ajfa-79	299	47	1	1	NUM
ajfa-79	299	48	,	,	PUNCT
ajfa-79	299	49	2006	2006	NUM
ajfa-79	299	50	.	.	PUNCT
ajfa-79	300	1	the	the	DET
ajfa-79	300	2	chinese	chinese	ADJ
ajfa-79	300	3	governance	governance	NOUN
ajfa-79	300	4	mechanism	mechanism	NOUN
ajfa-79	300	5	combines	combine	VERB
ajfa-79	300	6	the	the	DET
ajfa-79	300	7	anglo	anglo	ADJ
ajfa-79	300	8	-	-	PUNCT
ajfa-79	300	9	american	american	ADJ
ajfa-79	300	10	and	and	CCONJ
ajfa-79	300	11	the	the	DET
ajfa-79	300	12	german	german	ADJ
ajfa-79	300	13	systems	system	NOUN
ajfa-79	300	14	,	,	PUNCT
ajfa-79	300	15	and	and	CCONJ
ajfa-79	300	16	therefore	therefore	ADV
ajfa-79	300	17	requires	require	VERB
ajfa-79	300	18	having	have	VERB
ajfa-79	300	19	two	two	NUM
ajfa-79	300	20	monitoring	monitor	VERB
ajfa-79	300	21	organs	organ	NOUN
ajfa-79	300	22	,	,	PUNCT
ajfa-79	300	23	independent	independent	ADJ
ajfa-79	300	24	directors	director	NOUN
ajfa-79	300	25	and	and	CCONJ
ajfa-79	300	26	supervisory	supervisory	ADJ
ajfa-79	300	27	boards	board	NOUN
ajfa-79	300	28	.	.	PUNCT
ajfa-79	301	1	while	while	SCONJ
ajfa-79	301	2	supervisory	supervisory	ADJ
ajfa-79	301	3	boards	board	NOUN
ajfa-79	301	4	in	in	ADP
ajfa-79	301	5	chinese	chinese	ADJ
ajfa-79	301	6	publicly	publicly	ADV
ajfa-79	301	7	listed	list	VERB
ajfa-79	301	8	firms	firm	NOUN
ajfa-79	301	9	have	have	AUX
ajfa-79	301	10	not	not	PART
ajfa-79	301	11	been	be	AUX
ajfa-79	301	12	considered	consider	VERB
ajfa-79	301	13	to	to	PART
ajfa-79	301	14	function	function	VERB
ajfa-79	301	15	well	well	ADV
ajfa-79	301	16	according	accord	VERB
ajfa-79	301	17	to	to	ADP
ajfa-79	301	18	previous	previous	ADJ
ajfa-79	301	19	studies	study	NOUN
ajfa-79	301	20	,	,	PUNCT
ajfa-79	301	21	the	the	DET
ajfa-79	301	22	newly	newly	ADV
ajfa-79	301	23	amended	amend	VERB
ajfa-79	301	24	corporate	corporate	ADJ
ajfa-79	301	25	law	law	NOUN
ajfa-79	301	26	2006	2006	NUM
ajfa-79	301	27	significantly	significantly	ADV
ajfa-79	301	28	strengthens	strengthen	VERB
ajfa-79	301	29	the	the	DET
ajfa-79	301	30	monitoring	monitoring	NOUN
ajfa-79	301	31	of	of	ADP
ajfa-79	301	32	supervisory	supervisory	ADJ
ajfa-79	301	33	boards	board	NOUN
ajfa-79	301	34	to	to	PART
ajfa-79	301	35	help	help	VERB
ajfa-79	301	36	improve	improve	VERB
ajfa-79	301	37	the	the	DET
ajfa-79	301	38	efficiency	efficiency	NOUN
ajfa-79	301	39	of	of	ADP
ajfa-79	301	40	corporate	corporate	ADJ
ajfa-79	301	41	governance	governance	NOUN
ajfa-79	301	42	mechanisms	mechanism	NOUN
ajfa-79	301	43	.	.	PUNCT
ajfa-79	302	1	in	in	ADP
ajfa-79	302	2	the	the	DET
ajfa-79	302	3	corporate	corporate	ADJ
ajfa-79	302	4	governance	governance	NOUN
ajfa-79	302	5	literature	literature	NOUN
ajfa-79	302	6	,	,	PUNCT
ajfa-79	302	7	the	the	DET
ajfa-79	302	8	roles	role	NOUN
ajfa-79	302	9	of	of	ADP
ajfa-79	302	10	supervisory	supervisory	ADJ
ajfa-79	302	11	board	board	NOUN
ajfa-79	302	12	are	be	AUX
ajfa-79	302	13	rarely	rarely	ADV
ajfa-79	302	14	addressed	address	VERB
ajfa-79	302	15	,	,	PUNCT
ajfa-79	302	16	and	and	CCONJ
ajfa-79	302	17	therefore	therefore	ADV
ajfa-79	302	18	,	,	PUNCT
ajfa-79	302	19	we	we	PRON
ajfa-79	302	20	are	be	AUX
ajfa-79	302	21	among	among	ADP
ajfa-79	302	22	the	the	DET
ajfa-79	302	23	first	first	ADJ
ajfa-79	302	24	to	to	PART
ajfa-79	302	25	examine	examine	VERB
ajfa-79	302	26	its	its	PRON
ajfa-79	302	27	effects	effect	NOUN
ajfa-79	302	28	on	on	ADP
ajfa-79	302	29	executive	executive	ADJ
ajfa-79	302	30	compensation	compensation	NOUN
ajfa-79	302	31	.	.	PUNCT
ajfa-79	303	1	more	more	ADV
ajfa-79	303	2	importantly	importantly	ADV
ajfa-79	303	3	,	,	PUNCT
ajfa-79	303	4	we	we	PRON
ajfa-79	303	5	examine	examine	VERB
ajfa-79	303	6	the	the	DET
ajfa-79	303	7	board	board	NOUN
ajfa-79	303	8	chair	chair	NOUN
ajfa-79	303	9	pay	pay	NOUN
ajfa-79	303	10	-	-	PUNCT
ajfa-79	303	11	supervisory	supervisory	ADJ
ajfa-79	303	12	board	board	NOUN
ajfa-79	303	13	relationship	relationship	NOUN
ajfa-79	303	14	by	by	ADP
ajfa-79	303	15	looking	look	VERB
ajfa-79	303	16	deeply	deeply	ADV
ajfa-79	303	17	into	into	ADP
ajfa-79	303	18	supervisory	supervisory	ADJ
ajfa-79	303	19	boards	board	NOUN
ajfa-79	303	20	'	'	PART
ajfa-79	303	21	characteristics	characteristic	NOUN
ajfa-79	303	22	and	and	CCONJ
ajfa-79	303	23	activities	activity	NOUN
ajfa-79	303	24	,	,	PUNCT
ajfa-79	303	25	such	such	ADJ
ajfa-79	303	26	as	as	ADP
ajfa-79	303	27	their	their	PRON
ajfa-79	303	28	meeting	meeting	NOUN
ajfa-79	303	29	frequencies	frequency	NOUN
ajfa-79	303	30	and	and	CCONJ
ajfa-79	303	31	sizes	size	NOUN
ajfa-79	303	32	.	.	PUNCT
ajfa-79	304	1	multiple	multiple	ADJ
ajfa-79	304	2	contributions	contribution	NOUN
ajfa-79	304	3	are	be	AUX
ajfa-79	304	4	made	make	VERB
ajfa-79	304	5	to	to	ADP
ajfa-79	304	6	both	both	CCONJ
ajfa-79	304	7	the	the	DET
ajfa-79	304	8	academic	academic	ADJ
ajfa-79	304	9	literature	literature	NOUN
ajfa-79	304	10	and	and	CCONJ
ajfa-79	304	11	the	the	DET
ajfa-79	304	12	practice	practice	NOUN
ajfa-79	304	13	.	.	PUNCT
ajfa-79	305	1	in	in	ADP
ajfa-79	305	2	more	more	ADJ
ajfa-79	305	3	detail	detail	NOUN
ajfa-79	305	4	,	,	PUNCT
ajfa-79	305	5	findings	finding	NOUN
ajfa-79	305	6	in	in	ADP
ajfa-79	305	7	the	the	DET
ajfa-79	305	8	current	current	ADJ
ajfa-79	305	9	study	study	NOUN
ajfa-79	305	10	do	do	AUX
ajfa-79	305	11	not	not	PART
ajfa-79	305	12	only	only	ADV
ajfa-79	305	13	add	add	VERB
ajfa-79	305	14	to	to	ADP
ajfa-79	305	15	the	the	DET
ajfa-79	305	16	literature	literature	NOUN
ajfa-79	305	17	on	on	ADP
ajfa-79	305	18	corporate	corporate	ADJ
ajfa-79	305	19	governance	governance	NOUN
ajfa-79	305	20	under	under	ADP
ajfa-79	305	21	agency	agency	NOUN
ajfa-79	305	22	theory	theory	NOUN
ajfa-79	305	23	,	,	PUNCT
ajfa-79	305	24	but	but	CCONJ
ajfa-79	305	25	also	also	ADV
ajfa-79	305	26	provide	provide	VERB
ajfa-79	305	27	crucial	crucial	ADJ
ajfa-79	305	28	policy	policy	NOUN
ajfa-79	305	29	implications	implication	NOUN
ajfa-79	305	30	for	for	ADP
ajfa-79	305	31	both	both	CCONJ
ajfa-79	305	32	the	the	DET
ajfa-79	305	33	chinese	chinese	ADJ
ajfa-79	305	34	authorities	authority	NOUN
ajfa-79	305	35	and	and	CCONJ
ajfa-79	305	36	other	other	ADJ
ajfa-79	305	37	emerging	emerge	VERB
ajfa-79	305	38	markets	market	NOUN
ajfa-79	305	39	in	in	ADP
ajfa-79	305	40	the	the	DET
ajfa-79	305	41	world	world	NOUN
ajfa-79	305	42	.	.	PUNCT
ajfa-79	306	1	according	accord	VERB
ajfa-79	306	2	to	to	ADP
ajfa-79	306	3	prior	prior	ADJ
ajfa-79	306	4	research	research	NOUN
ajfa-79	306	5	in	in	ADP
ajfa-79	306	6	the	the	DET
ajfa-79	306	7	corporate	corporate	ADJ
ajfa-79	306	8	governance	governance	NOUN
ajfa-79	306	9	literature	literature	NOUN
ajfa-79	306	10	(	(	PUNCT
ajfa-79	306	11	shleifer	shleifer	NOUN
ajfa-79	306	12	and	and	CCONJ
ajfa-79	306	13	vishny	vishny	PROPN
ajfa-79	306	14	,	,	PUNCT
ajfa-79	306	15	1997	1997	NUM
ajfa-79	306	16	)	)	PUNCT
ajfa-79	306	17	,	,	PUNCT
ajfa-79	306	18	two	two	NUM
ajfa-79	306	19	layers	layer	NOUN
ajfa-79	306	20	of	of	ADP
ajfa-79	306	21	monitoring	monitor	VERB
ajfa-79	306	22	effects	effect	NOUN
ajfa-79	306	23	of	of	ADP
ajfa-79	306	24	supervisory	supervisory	ADJ
ajfa-79	306	25	board	board	NOUN
ajfa-79	306	26	on	on	ADP
ajfa-79	306	27	executive	executive	NOUN
ajfa-79	306	28	compensation	compensation	NOUN
ajfa-79	306	29	are	be	AUX
ajfa-79	306	30	observed	observe	VERB
ajfa-79	306	31	.	.	PUNCT
ajfa-79	307	1	the	the	DET
ajfa-79	307	2	first	first	ADJ
ajfa-79	307	3	layer	layer	NOUN
ajfa-79	307	4	says	say	VERB
ajfa-79	307	5	that	that	SCONJ
ajfa-79	307	6	supervisory	supervisory	ADJ
ajfa-79	307	7	board	board	NOUN
ajfa-79	307	8	helps	help	VERB
ajfa-79	307	9	induce	induce	VERB
ajfa-79	307	10	the	the	DET
ajfa-79	307	11	chairman	chairman	NOUN
ajfa-79	307	12	of	of	ADP
ajfa-79	307	13	board	board	NOUN
ajfa-79	307	14	of	of	ADP
ajfa-79	307	15	directors	director	NOUN
ajfa-79	307	16	to	to	PART
ajfa-79	307	17	better	well	ADV
ajfa-79	307	18	behave	behave	VERB
ajfa-79	307	19	themselves	themselves	PRON
ajfa-79	307	20	and	and	CCONJ
ajfa-79	307	21	avoid	avoid	VERB
ajfa-79	307	22	overpaying	overpay	VERB
ajfa-79	307	23	themselves	themselves	PRON
ajfa-79	307	24	,	,	PUNCT
ajfa-79	307	25	and	and	CCONJ
ajfa-79	307	26	the	the	DET
ajfa-79	307	27	second	second	NOUN
ajfa-79	307	28	is	be	AUX
ajfa-79	307	29	that	that	SCONJ
ajfa-79	307	30	supervisory	supervisory	ADJ
ajfa-79	307	31	board	board	NOUN
ajfa-79	307	32	may	may	AUX
ajfa-79	307	33	help	help	VERB
ajfa-79	307	34	enhance	enhance	VERB
ajfa-79	307	35	firm	firm	ADJ
ajfa-79	307	36	performance	performance	NOUN
ajfa-79	307	37	,	,	PUNCT
ajfa-79	307	38	a	a	DET
ajfa-79	307	39	basis	basis	NOUN
ajfa-79	307	40	of	of	ADP
ajfa-79	307	41	the	the	DET
ajfa-79	307	42	incentive	incentive	NOUN
ajfa-79	307	43	component	component	NOUN
ajfa-79	307	44	of	of	ADP
ajfa-79	307	45	executive	executive	ADJ
ajfa-79	307	46	compensation	compensation	NOUN
ajfa-79	307	47	.	.	PUNCT
ajfa-79	308	1	these	these	DET
ajfa-79	308	2	two	two	NUM
ajfa-79	308	3	layers	layer	NOUN
ajfa-79	308	4	of	of	ADP
ajfa-79	308	5	monitoring	monitoring	NOUN
ajfa-79	308	6	effects	effect	NOUN
ajfa-79	308	7	show	show	VERB
ajfa-79	308	8	the	the	DET
ajfa-79	308	9	effectiveness	effectiveness	NOUN
ajfa-79	308	10	of	of	ADP
ajfa-79	308	11	supervisory	supervisory	ADJ
ajfa-79	308	12	board	board	NOUN
ajfa-79	308	13	in	in	ADP
ajfa-79	308	14	the	the	DET
ajfa-79	308	15	dual	dual	ADJ
ajfa-79	308	16	-	-	PUNCT
ajfa-79	308	17	board	board	NOUN
ajfa-79	308	18	corporate	corporate	ADJ
ajfa-79	308	19	governance	governance	NOUN
ajfa-79	308	20	mechanism	mechanism	NOUN
ajfa-79	308	21	in	in	ADP
ajfa-79	308	22	china	china	PROPN
ajfa-79	308	23	.	.	PUNCT
ajfa-79	309	1	the	the	DET
ajfa-79	309	2	major	major	ADJ
ajfa-79	309	3	finding	finding	NOUN
ajfa-79	309	4	of	of	ADP
ajfa-79	309	5	this	this	DET
ajfa-79	309	6	study	study	NOUN
ajfa-79	309	7	is	be	AUX
ajfa-79	309	8	that	that	SCONJ
ajfa-79	309	9	the	the	DET
ajfa-79	309	10	size	size	NOUN
ajfa-79	309	11	of	of	ADP
ajfa-79	309	12	supervisory	supervisory	ADJ
ajfa-79	309	13	board	board	NOUN
ajfa-79	309	14	is	be	AUX
ajfa-79	309	15	shown	show	VERB
ajfa-79	309	16	to	to	PART
ajfa-79	309	17	be	be	AUX
ajfa-79	309	18	negatively	negatively	ADV
ajfa-79	309	19	related	relate	VERB
ajfa-79	309	20	to	to	ADP
ajfa-79	309	21	the	the	DET
ajfa-79	309	22	board	board	NOUN
ajfa-79	309	23	chair	chair	NOUN
ajfa-79	309	24	pay	pay	VERB
ajfa-79	309	25	,	,	PUNCT
ajfa-79	309	26	presumably	presumably	ADV
ajfa-79	309	27	because	because	SCONJ
ajfa-79	309	28	the	the	DET
ajfa-79	309	29	monitoring	monitoring	NOUN
ajfa-79	309	30	effects	effect	NOUN
ajfa-79	309	31	of	of	ADP
ajfa-79	309	32	the	the	DET
ajfa-79	309	33	size	size	NOUN
ajfa-79	309	34	of	of	ADP
ajfa-79	309	35	supervisory	supervisory	ADJ
ajfa-79	309	36	board	board	NOUN
ajfa-79	309	37	on	on	ADP
ajfa-79	309	38	board	board	PROPN
ajfa-79	309	39	chair	chair	PROPN
ajfa-79	309	40	's	's	PART
ajfa-79	309	41	behaviors	behavior	NOUN
ajfa-79	309	42	dominate	dominate	VERB
ajfa-79	309	43	those	those	PRON
ajfa-79	309	44	on	on	ADP
ajfa-79	309	45	firm	firm	ADJ
ajfa-79	309	46	performance	performance	NOUN
ajfa-79	309	47	.	.	PUNCT
ajfa-79	310	1	a	a	DET
ajfa-79	310	2	larger	large	ADJ
ajfa-79	310	3	supervisory	supervisory	ADJ
ajfa-79	310	4	board	board	NOUN
ajfa-79	310	5	tends	tend	VERB
ajfa-79	310	6	to	to	PART
ajfa-79	310	7	meet	meet	VERB
ajfa-79	310	8	more	more	ADV
ajfa-79	310	9	frequently	frequently	ADV
ajfa-79	310	10	,	,	PUNCT
ajfa-79	310	11	and	and	CCONJ
ajfa-79	310	12	the	the	DET
ajfa-79	310	13	joint	joint	ADJ
ajfa-79	310	14	effects	effect	NOUN
ajfa-79	310	15	between	between	ADP
ajfa-79	310	16	meeting	meet	VERB
ajfa-79	310	17	frequency	frequency	NOUN
ajfa-79	310	18	and	and	CCONJ
ajfa-79	310	19	size	size	NOUN
ajfa-79	310	20	of	of	ADP
ajfa-79	310	21	supervisory	supervisory	ADJ
ajfa-79	310	22	board	board	NOUN
ajfa-79	310	23	are	be	AUX
ajfa-79	310	24	taken	take	VERB
ajfa-79	310	25	into	into	ADP
ajfa-79	310	26	account	account	NOUN
ajfa-79	310	27	.	.	PUNCT
ajfa-79	311	1	the	the	DET
ajfa-79	311	2	same	same	ADJ
ajfa-79	311	3	monitoring	monitoring	NOUN
ajfa-79	311	4	effects	effect	NOUN
ajfa-79	311	5	as	as	ADP
ajfa-79	311	6	asian	asian	ADJ
ajfa-79	311	7	journal	journal	NOUN
ajfa-79	311	8	of	of	ADP
ajfa-79	311	9	finance	finance	PROPN
ajfa-79	311	10	&	&	CCONJ
ajfa-79	311	11	accounting	accounting	PROPN
ajfa-79	311	12	issn	issn	PROPN
ajfa-79	311	13	1946	1946	NUM
ajfa-79	311	14	-	-	PUNCT
ajfa-79	311	15	052x	052x	NOUN
ajfa-79	311	16	2009	2009	NUM
ajfa-79	311	17	,	,	PUNCT
ajfa-79	311	18	vol	vol	NOUN
ajfa-79	311	19	.	.	PROPN
ajfa-79	311	20	1	1	NUM
ajfa-79	311	21	,	,	PUNCT
ajfa-79	311	22	no	no	INTJ
ajfa-79	311	23	.	.	NOUN
ajfa-79	311	24	1	1	NUM
ajfa-79	311	25	:	:	PUNCT
ajfa-79	311	26	e1	e1	VERB
ajfa-79	311	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	311	28	18	18	NUM
ajfa-79	311	29	above	above	ADV
ajfa-79	311	30	are	be	AUX
ajfa-79	311	31	found	find	VERB
ajfa-79	311	32	.	.	PUNCT
ajfa-79	312	1	we	we	PRON
ajfa-79	312	2	also	also	ADV
ajfa-79	312	3	find	find	VERB
ajfa-79	312	4	a	a	DET
ajfa-79	312	5	high	high	ADJ
ajfa-79	312	6	level	level	NOUN
ajfa-79	312	7	of	of	ADP
ajfa-79	312	8	board	board	NOUN
ajfa-79	312	9	chair	chair	NOUN
ajfa-79	312	10	pay	pay	NOUN
ajfa-79	312	11	-	-	PUNCT
ajfa-79	312	12	supervisory	supervisory	ADJ
ajfa-79	312	13	board	board	NOUN
ajfa-79	312	14	sensitivity	sensitivity	NOUN
ajfa-79	312	15	in	in	ADP
ajfa-79	312	16	the	the	DET
ajfa-79	312	17	chinese	chinese	ADJ
ajfa-79	312	18	publicly	publicly	ADV
ajfa-79	312	19	listed	list	VERB
ajfa-79	312	20	companies	company	NOUN
ajfa-79	312	21	in	in	ADP
ajfa-79	312	22	year	year	NOUN
ajfa-79	312	23	2005	2005	NUM
ajfa-79	312	24	and	and	CCONJ
ajfa-79	312	25	year	year	NOUN
ajfa-79	312	26	2006	2006	NUM
ajfa-79	312	27	.	.	PUNCT
ajfa-79	313	1	these	these	DET
ajfa-79	313	2	results	result	NOUN
ajfa-79	313	3	are	be	AUX
ajfa-79	313	4	counter	counter	ADJ
ajfa-79	313	5	-	-	ADJ
ajfa-79	313	6	intuitive	intuitive	ADJ
ajfa-79	313	7	since	since	SCONJ
ajfa-79	313	8	they	they	PRON
ajfa-79	313	9	are	be	AUX
ajfa-79	313	10	opposite	opposite	ADJ
ajfa-79	313	11	to	to	ADP
ajfa-79	313	12	the	the	DET
ajfa-79	313	13	findings	finding	NOUN
ajfa-79	313	14	presented	present	VERB
ajfa-79	313	15	in	in	ADP
ajfa-79	313	16	previous	previous	ADJ
ajfa-79	313	17	studies	study	NOUN
ajfa-79	313	18	.	.	PUNCT
ajfa-79	314	1	to	to	ADP
ajfa-79	314	2	some	some	DET
ajfa-79	314	3	extent	extent	NOUN
ajfa-79	314	4	,	,	PUNCT
ajfa-79	314	5	these	these	PRON
ajfa-79	314	6	illustrate	illustrate	VERB
ajfa-79	314	7	that	that	SCONJ
ajfa-79	314	8	the	the	DET
ajfa-79	314	9	effectiveness	effectiveness	NOUN
ajfa-79	314	10	of	of	ADP
ajfa-79	314	11	corporate	corporate	ADJ
ajfa-79	314	12	governance	governance	NOUN
ajfa-79	314	13	mechanism	mechanism	NOUN
ajfa-79	314	14	in	in	ADP
ajfa-79	314	15	chinese	chinese	ADJ
ajfa-79	314	16	publicly	publicly	ADV
ajfa-79	314	17	listed	list	VERB
ajfa-79	314	18	companies	company	NOUN
ajfa-79	314	19	has	have	AUX
ajfa-79	314	20	been	be	AUX
ajfa-79	314	21	dramatically	dramatically	ADV
ajfa-79	314	22	strengthened	strengthen	VERB
ajfa-79	314	23	.	.	PUNCT
ajfa-79	315	1	this	this	PRON
ajfa-79	315	2	is	be	AUX
ajfa-79	315	3	partially	partially	ADV
ajfa-79	315	4	shown	show	VERB
ajfa-79	315	5	by	by	ADP
ajfa-79	315	6	the	the	DET
ajfa-79	315	7	improvement	improvement	NOUN
ajfa-79	315	8	in	in	ADP
ajfa-79	315	9	the	the	DET
ajfa-79	315	10	functionality	functionality	NOUN
ajfa-79	315	11	of	of	ADP
ajfa-79	315	12	one	one	NUM
ajfa-79	315	13	of	of	ADP
ajfa-79	315	14	the	the	DET
ajfa-79	315	15	important	important	ADJ
ajfa-79	315	16	monitoring	monitoring	NOUN
ajfa-79	315	17	organs	organ	NOUN
ajfa-79	315	18	in	in	ADP
ajfa-79	315	19	the	the	DET
ajfa-79	315	20	dual	dual	ADJ
ajfa-79	315	21	-	-	PUNCT
ajfa-79	315	22	board	board	NOUN
ajfa-79	315	23	corporate	corporate	ADJ
ajfa-79	315	24	governance	governance	NOUN
ajfa-79	315	25	mechanism	mechanism	NOUN
ajfa-79	315	26	in	in	ADP
ajfa-79	315	27	chinese	chinese	ADJ
ajfa-79	315	28	publicly	publicly	ADV
ajfa-79	315	29	listed	list	VERB
ajfa-79	315	30	companies	company	NOUN
ajfa-79	315	31	.	.	PUNCT
ajfa-79	316	1	prior	prior	ADJ
ajfa-79	316	2	research	research	NOUN
ajfa-79	316	3	finds	find	VERB
ajfa-79	316	4	supervisory	supervisory	ADJ
ajfa-79	316	5	board	board	NOUN
ajfa-79	316	6	’s	’s	PART
ajfa-79	316	7	functionality	functionality	NOUN
ajfa-79	316	8	was	be	AUX
ajfa-79	316	9	very	very	ADV
ajfa-79	316	10	weak	weak	ADJ
ajfa-79	316	11	,	,	PUNCT
ajfa-79	316	12	and	and	CCONJ
ajfa-79	316	13	findings	finding	NOUN
ajfa-79	316	14	of	of	ADP
ajfa-79	316	15	this	this	DET
ajfa-79	316	16	study	study	NOUN
ajfa-79	316	17	indicate	indicate	VERB
ajfa-79	316	18	that	that	SCONJ
ajfa-79	316	19	it	it	PRON
ajfa-79	316	20	has	have	AUX
ajfa-79	316	21	been	be	AUX
ajfa-79	316	22	strengthened	strengthen	VERB
ajfa-79	316	23	after	after	SCONJ
ajfa-79	316	24	the	the	DET
ajfa-79	316	25	newly	newly	ADV
ajfa-79	316	26	-	-	PUNCT
ajfa-79	316	27	amended	amend	VERB
ajfa-79	316	28	corporate	corporate	ADJ
ajfa-79	316	29	law	law	NOUN
ajfa-79	316	30	was	be	AUX
ajfa-79	316	31	effective	effective	ADJ
ajfa-79	316	32	at	at	ADP
ajfa-79	316	33	the	the	DET
ajfa-79	316	34	beginning	beginning	NOUN
ajfa-79	316	35	of	of	ADP
ajfa-79	316	36	year	year	NOUN
ajfa-79	316	37	2006	2006	NUM
ajfa-79	316	38	.	.	PUNCT
ajfa-79	317	1	future	future	ADJ
ajfa-79	317	2	research	research	NOUN
ajfa-79	317	3	can	can	AUX
ajfa-79	317	4	be	be	AUX
ajfa-79	317	5	done	do	VERB
ajfa-79	317	6	along	along	ADP
ajfa-79	317	7	this	this	DET
ajfa-79	317	8	line	line	NOUN
ajfa-79	317	9	by	by	ADP
ajfa-79	317	10	further	far	ADV
ajfa-79	317	11	investigating	investigate	VERB
ajfa-79	317	12	the	the	DET
ajfa-79	317	13	effects	effect	NOUN
ajfa-79	317	14	of	of	ADP
ajfa-79	317	15	supervisory	supervisory	ADJ
ajfa-79	317	16	board	board	NOUN
ajfa-79	317	17	on	on	ADP
ajfa-79	317	18	the	the	DET
ajfa-79	317	19	unique	unique	ADJ
ajfa-79	317	20	corporate	corporate	ADJ
ajfa-79	317	21	governance	governance	NOUN
ajfa-79	317	22	mechanism	mechanism	NOUN
ajfa-79	317	23	in	in	ADP
ajfa-79	317	24	chinese	chinese	ADJ
ajfa-79	317	25	markets	market	NOUN
ajfa-79	317	26	.	.	PUNCT
ajfa-79	318	1	for	for	ADP
ajfa-79	318	2	instance	instance	NOUN
ajfa-79	318	3	,	,	PUNCT
ajfa-79	318	4	effects	effect	NOUN
ajfa-79	318	5	of	of	ADP
ajfa-79	318	6	supervisory	supervisory	ADJ
ajfa-79	318	7	board	board	NOUN
ajfa-79	318	8	characteristics	characteristic	NOUN
ajfa-79	318	9	and	and	CCONJ
ajfa-79	318	10	activities	activity	NOUN
ajfa-79	318	11	on	on	ADP
ajfa-79	318	12	firm	firm	ADJ
ajfa-79	318	13	performance	performance	NOUN
ajfa-79	318	14	,	,	PUNCT
ajfa-79	318	15	those	those	PRON
ajfa-79	318	16	on	on	ADP
ajfa-79	318	17	risk	risk	NOUN
ajfa-79	318	18	taken	take	VERB
ajfa-79	318	19	by	by	ADP
ajfa-79	318	20	firms	firm	NOUN
ajfa-79	318	21	,	,	PUNCT
ajfa-79	318	22	and	and	CCONJ
ajfa-79	318	23	those	those	PRON
ajfa-79	318	24	on	on	ADP
ajfa-79	318	25	financial	financial	ADJ
ajfa-79	318	26	frauds	fraud	NOUN
ajfa-79	318	27	are	be	AUX
ajfa-79	318	28	three	three	NUM
ajfa-79	318	29	issues	issue	NOUN
ajfa-79	318	30	which	which	PRON
ajfa-79	318	31	are	be	AUX
ajfa-79	318	32	of	of	ADP
ajfa-79	318	33	importance	importance	NOUN
ajfa-79	318	34	and	and	CCONJ
ajfa-79	318	35	of	of	ADP
ajfa-79	318	36	interest	interest	NOUN
ajfa-79	318	37	for	for	ADP
ajfa-79	318	38	both	both	PRON
ajfa-79	318	39	academic	academic	ADJ
ajfa-79	318	40	researchers	researcher	NOUN
ajfa-79	318	41	and	and	CCONJ
ajfa-79	318	42	policy	policy	NOUN
ajfa-79	318	43	makers	maker	NOUN
ajfa-79	318	44	acknowledgement	acknowledgement	NOUN
ajfa-79	318	45	we	we	PRON
ajfa-79	318	46	appreciate	appreciate	VERB
ajfa-79	318	47	the	the	DET
ajfa-79	318	48	helpful	helpful	ADJ
ajfa-79	318	49	comments	comment	NOUN
ajfa-79	318	50	from	from	ADP
ajfa-79	318	51	two	two	NUM
ajfa-79	318	52	anonymous	anonymous	ADJ
ajfa-79	318	53	referees	referee	NOUN
ajfa-79	318	54	and	and	CCONJ
ajfa-79	318	55	participants	participant	NOUN
ajfa-79	318	56	at	at	ADP
ajfa-79	318	57	the	the	DET
ajfa-79	318	58	2008	2008	NUM
ajfa-79	318	59	research	research	NOUN
ajfa-79	318	60	symposium	symposium	NOUN
ajfa-79	318	61	on	on	ADP
ajfa-79	318	62	corporate	corporate	ADJ
ajfa-79	318	63	governance	governance	NOUN
ajfa-79	318	64	in	in	ADP
ajfa-79	318	65	china	china	PROPN
ajfa-79	318	66	and	and	CCONJ
ajfa-79	318	67	india	india	PROPN
ajfa-79	318	68	,	,	PUNCT
ajfa-79	318	69	virginia	virginia	PROPN
ajfa-79	318	70	beach	beach	PROPN
ajfa-79	318	71	,	,	PUNCT
ajfa-79	318	72	va	va	NOUN
ajfa-79	318	73	,	,	PUNCT
ajfa-79	318	74	co	co	VERB
ajfa-79	318	75	-	-	VERB
ajfa-79	318	76	sponsored	sponsor	VERB
ajfa-79	318	77	by	by	ADP
ajfa-79	318	78	corporate	corporate	ADJ
ajfa-79	318	79	governance	governance	NOUN
ajfa-79	318	80	,	,	PUNCT
ajfa-79	318	81	old	old	ADJ
ajfa-79	318	82	dominion	dominion	NOUN
ajfa-79	318	83	university	university	NOUN
ajfa-79	318	84	,	,	PUNCT
ajfa-79	318	85	and	and	CCONJ
ajfa-79	318	86	wiley	wiley	NOUN
ajfa-79	318	87	-	-	PUNCT
ajfa-79	318	88	blackwell	blackwell	NOUN
ajfa-79	318	89	.	.	PUNCT
ajfa-79	319	1	references	reference	NOUN
ajfa-79	319	2	aggarwal	aggarwal	PROPN
ajfa-79	319	3	,	,	PUNCT
ajfa-79	319	4	r.k	r.k	PROPN
ajfa-79	319	5	.	.	PROPN
ajfa-79	319	6	,	,	PUNCT
ajfa-79	319	7	&	&	CCONJ
ajfa-79	319	8	samwick	samwick	PROPN
ajfa-79	319	9	,	,	PUNCT
ajfa-79	319	10	a.a	a.a	PROPN
ajfa-79	319	11	.	.	PROPN
ajfa-79	319	12	(	(	PUNCT
ajfa-79	319	13	1999	1999	NUM
ajfa-79	319	14	)	)	PUNCT
ajfa-79	319	15	,	,	PUNCT
ajfa-79	319	16	executive	executive	NOUN
ajfa-79	319	17	compensation	compensation	NOUN
ajfa-79	319	18	,	,	PUNCT
ajfa-79	319	19	strategic	strategic	ADJ
ajfa-79	319	20	competition	competition	NOUN
ajfa-79	319	21	,	,	PUNCT
ajfa-79	319	22	and	and	CCONJ
ajfa-79	319	23	relative	relative	ADJ
ajfa-79	319	24	performance	performance	NOUN
ajfa-79	319	25	evaluation	evaluation	NOUN
ajfa-79	319	26	:	:	PUNCT
ajfa-79	319	27	theory	theory	NOUN
ajfa-79	319	28	and	and	CCONJ
ajfa-79	319	29	evidence	evidence	NOUN
ajfa-79	319	30	.	.	PUNCT
ajfa-79	320	1	journal	journal	NOUN
ajfa-79	320	2	of	of	ADP
ajfa-79	320	3	finance	finance	NOUN
ajfa-79	320	4	,	,	PUNCT
ajfa-79	320	5	54	54	NUM
ajfa-79	320	6	,	,	PUNCT
ajfa-79	320	7	1999	1999	NUM
ajfa-79	320	8	-	-	SYM
ajfa-79	320	9	2043	2043	NUM
ajfa-79	320	10	.	.	PUNCT
ajfa-79	321	1	aggarwal	aggarwal	NOUN
ajfa-79	321	2	,	,	PUNCT
ajfa-79	321	3	r.k	r.k	PROPN
ajfa-79	321	4	.	.	PROPN
ajfa-79	321	5	,	,	PUNCT
ajfa-79	321	6	&	&	CCONJ
ajfa-79	321	7	samwick	samwick	PROPN
ajfa-79	321	8	,	,	PUNCT
ajfa-79	321	9	a.a	a.a	PROPN
ajfa-79	321	10	.	.	PROPN
ajfa-79	321	11	(	(	PUNCT
ajfa-79	321	12	2003	2003	NUM
ajfa-79	321	13	)	)	PUNCT
ajfa-79	321	14	,	,	PUNCT
ajfa-79	321	15	performance	performance	NOUN
ajfa-79	321	16	incentives	incentive	NOUN
ajfa-79	321	17	within	within	ADP
ajfa-79	321	18	firms	firm	NOUN
ajfa-79	321	19	:	:	PUNCT
ajfa-79	321	20	the	the	DET
ajfa-79	321	21	effect	effect	NOUN
ajfa-79	321	22	of	of	ADP
ajfa-79	321	23	managerial	managerial	ADJ
ajfa-79	321	24	responsibility	responsibility	NOUN
ajfa-79	321	25	.	.	PUNCT
ajfa-79	322	1	journal	journal	PROPN
ajfa-79	322	2	of	of	ADP
ajfa-79	322	3	finance	finance	NOUN
ajfa-79	322	4	,	,	PUNCT
ajfa-79	322	5	58	58	NUM
ajfa-79	322	6	,	,	PUNCT
ajfa-79	322	7	1613	1613	NUM
ajfa-79	322	8	-	-	SYM
ajfa-79	322	9	1649	1649	NUM
ajfa-79	322	10	.	.	PUNCT
ajfa-79	323	1	anderson	anderson	PROPN
ajfa-79	323	2	,	,	PUNCT
ajfa-79	323	3	r.	r.	PROPN
ajfa-79	323	4	,	,	PUNCT
ajfa-79	323	5	&	&	CCONJ
ajfa-79	323	6	bizjak	bizjak	PROPN
ajfa-79	323	7	,	,	PUNCT
ajfa-79	323	8	j.	j.	PROPN
ajfa-79	323	9	(	(	PUNCT
ajfa-79	323	10	2003	2003	NUM
ajfa-79	323	11	)	)	PUNCT
ajfa-79	323	12	,	,	PUNCT
ajfa-79	323	13	an	an	DET
ajfa-79	323	14	empirical	empirical	ADJ
ajfa-79	323	15	examination	examination	NOUN
ajfa-79	323	16	of	of	ADP
ajfa-79	323	17	the	the	DET
ajfa-79	323	18	role	role	NOUN
ajfa-79	323	19	of	of	ADP
ajfa-79	323	20	the	the	DET
ajfa-79	323	21	ceo	ceo	NOUN
ajfa-79	323	22	and	and	CCONJ
ajfa-79	323	23	the	the	DET
ajfa-79	323	24	compensation	compensation	NOUN
ajfa-79	323	25	committee	committee	NOUN
ajfa-79	323	26	in	in	ADP
ajfa-79	323	27	structuring	structure	VERB
ajfa-79	323	28	executive	executive	ADJ
ajfa-79	323	29	pay	pay	NOUN
ajfa-79	323	30	.	.	PUNCT
ajfa-79	324	1	journal	journal	NOUN
ajfa-79	324	2	of	of	ADP
ajfa-79	324	3	banking	banking	NOUN
ajfa-79	324	4	and	and	CCONJ
ajfa-79	324	5	finance	finance	NOUN
ajfa-79	324	6	,	,	PUNCT
ajfa-79	324	7	27	27	NUM
ajfa-79	324	8	,	,	PUNCT
ajfa-79	324	9	1323	1323	NUM
ajfa-79	324	10	-	-	SYM
ajfa-79	324	11	1348	1348	NUM
ajfa-79	324	12	.	.	PUNCT
ajfa-79	325	1	anderson	anderson	PROPN
ajfa-79	325	2	,	,	PUNCT
ajfa-79	325	3	r.	r.	PROPN
ajfa-79	325	4	,	,	PUNCT
ajfa-79	325	5	&	&	CCONJ
ajfa-79	325	6	reeb	reeb	PROPN
ajfa-79	325	7	,	,	PUNCT
ajfa-79	325	8	d.	d.	PROPN
ajfa-79	325	9	(	(	PUNCT
ajfa-79	325	10	2003	2003	NUM
ajfa-79	325	11	)	)	PUNCT
ajfa-79	325	12	,	,	PUNCT
ajfa-79	325	13	founding	found	VERB
ajfa-79	325	14	-	-	PUNCT
ajfa-79	325	15	family	family	NOUN
ajfa-79	325	16	ownership	ownership	NOUN
ajfa-79	325	17	and	and	CCONJ
ajfa-79	325	18	firm	firm	ADJ
ajfa-79	325	19	performance	performance	NOUN
ajfa-79	325	20	:	:	PUNCT
ajfa-79	325	21	evidence	evidence	NOUN
ajfa-79	325	22	from	from	ADP
ajfa-79	325	23	the	the	DET
ajfa-79	325	24	s&p	s&p	PROPN
ajfa-79	325	25	500	500	NUM
ajfa-79	325	26	.	.	PUNCT
ajfa-79	325	27	journal	journal	PROPN
ajfa-79	325	28	of	of	ADP
ajfa-79	325	29	finance	finance	NOUN
ajfa-79	325	30	,	,	PUNCT
ajfa-79	325	31	58	58	NUM
ajfa-79	325	32	,	,	PUNCT
ajfa-79	325	33	1301	1301	NUM
ajfa-79	325	34	-	-	SYM
ajfa-79	325	35	1328	1328	NUM
ajfa-79	325	36	.	.	PUNCT
ajfa-79	326	1	anderson	anderson	PROPN
ajfa-79	326	2	,	,	PUNCT
ajfa-79	326	3	r.	r.	PROPN
ajfa-79	326	4	,	,	PUNCT
ajfa-79	326	5	mansi	mansi	PROPN
ajfa-79	326	6	,	,	PUNCT
ajfa-79	326	7	s.	s.	PROPN
ajfa-79	326	8	,	,	PUNCT
ajfa-79	326	9	&	&	CCONJ
ajfa-79	326	10	reeb	reeb	PROPN
ajfa-79	326	11	,	,	PUNCT
ajfa-79	326	12	d.	d.	PROPN
ajfa-79	326	13	(	(	PUNCT
ajfa-79	326	14	2003	2003	NUM
ajfa-79	326	15	)	)	PUNCT
ajfa-79	326	16	,	,	PUNCT
ajfa-79	326	17	founding	found	VERB
ajfa-79	326	18	family	family	NOUN
ajfa-79	326	19	ownership	ownership	NOUN
ajfa-79	326	20	and	and	CCONJ
ajfa-79	326	21	the	the	DET
ajfa-79	326	22	agency	agency	NOUN
ajfa-79	326	23	cost	cost	NOUN
ajfa-79	326	24	of	of	ADP
ajfa-79	326	25	debt	debt	NOUN
ajfa-79	326	26	.	.	PUNCT
ajfa-79	327	1	journal	journal	NOUN
ajfa-79	327	2	of	of	ADP
ajfa-79	327	3	financial	financial	ADJ
ajfa-79	327	4	economics	economic	NOUN
ajfa-79	327	5	,	,	PUNCT
ajfa-79	327	6	68	68	NUM
ajfa-79	327	7	,	,	PUNCT
ajfa-79	327	8	263	263	NUM
ajfa-79	327	9	-	-	SYM
ajfa-79	327	10	285	285	NUM
ajfa-79	327	11	.	.	PUNCT
ajfa-79	328	1	ang	ang	PROPN
ajfa-79	328	2	,	,	PUNCT
ajfa-79	328	3	j.s	j.s	PROPN
ajfa-79	328	4	.	.	PROPN
ajfa-79	328	5	,	,	PUNCT
ajfa-79	328	6	cole	cole	PROPN
ajfa-79	328	7	,	,	PUNCT
ajfa-79	328	8	r.a	r.a	PROPN
ajfa-79	328	9	.	.	PROPN
ajfa-79	328	10	&	&	CCONJ
ajfa-79	328	11	lin	lin	PROPN
ajfa-79	328	12	,	,	PUNCT
ajfa-79	328	13	j.w	j.w	PROPN
ajfa-79	328	14	.	.	PROPN
ajfa-79	328	15	(	(	PUNCT
ajfa-79	328	16	2000	2000	NUM
ajfa-79	328	17	)	)	PUNCT
ajfa-79	328	18	,	,	PUNCT
ajfa-79	328	19	agency	agency	NOUN
ajfa-79	328	20	costs	cost	NOUN
ajfa-79	328	21	and	and	CCONJ
ajfa-79	328	22	ownership	ownership	NOUN
ajfa-79	328	23	structure	structure	NOUN
ajfa-79	328	24	.	.	PUNCT
ajfa-79	329	1	journal	journal	PROPN
ajfa-79	329	2	of	of	ADP
ajfa-79	329	3	finance	finance	NOUN
ajfa-79	329	4	,	,	PUNCT
ajfa-79	329	5	55	55	NUM
ajfa-79	329	6	,	,	PUNCT
ajfa-79	329	7	81	81	NUM
ajfa-79	329	8	-	-	SYM
ajfa-79	329	9	106	106	NUM
ajfa-79	329	10	.	.	PUNCT
ajfa-79	330	1	angel	angel	NOUN
ajfa-79	330	2	,	,	PUNCT
ajfa-79	330	3	j.j	j.j	PROPN
ajfa-79	330	4	.	.	PROPN
ajfa-79	330	5	,	,	PUNCT
ajfa-79	330	6	&	&	CCONJ
ajfa-79	330	7	mccabe	mccabe	PROPN
ajfa-79	330	8	,	,	PUNCT
ajfa-79	330	9	d.m	d.m	PROPN
ajfa-79	330	10	.	.	PUNCT
ajfa-79	330	11	(	(	PUNCT
ajfa-79	330	12	2008	2008	NUM
ajfa-79	330	13	)	)	PUNCT
ajfa-79	330	14	,	,	PUNCT
ajfa-79	330	15	the	the	DET
ajfa-79	330	16	ethics	ethic	NOUN
ajfa-79	330	17	of	of	ADP
ajfa-79	330	18	managerial	managerial	ADJ
ajfa-79	330	19	compensation	compensation	NOUN
ajfa-79	330	20	:	:	PUNCT
ajfa-79	330	21	the	the	DET
ajfa-79	330	22	case	case	NOUN
ajfa-79	330	23	of	of	ADP
ajfa-79	330	24	executive	executive	ADJ
ajfa-79	330	25	stock	stock	NOUN
ajfa-79	330	26	options	option	NOUN
ajfa-79	330	27	.	.	PUNCT
ajfa-79	331	1	journal	journal	PROPN
ajfa-79	331	2	of	of	ADP
ajfa-79	331	3	business	business	NOUN
ajfa-79	331	4	ethics	ethic	NOUN
ajfa-79	331	5	,	,	PUNCT
ajfa-79	331	6	78	78	NUM
ajfa-79	331	7	,	,	PUNCT
ajfa-79	331	8	225	225	NUM
ajfa-79	331	9	-	-	SYM
ajfa-79	331	10	235	235	NUM
ajfa-79	331	11	.	.	PUNCT
ajfa-79	332	1	ashley	ashley	PROPN
ajfa-79	332	2	,	,	PUNCT
ajfa-79	332	3	a.s	a.s	PROPN
ajfa-79	332	4	.	.	PROPN
ajfa-79	332	5	,	,	PUNCT
ajfa-79	332	6	&	&	CCONJ
ajfa-79	332	7	yang	yang	PROPN
ajfa-79	332	8	,	,	PUNCT
ajfa-79	332	9	s.s.m	s.s.m	PROPN
ajfa-79	332	10	.	.	PROPN
ajfa-79	332	11	(	(	PUNCT
ajfa-79	332	12	2004	2004	NUM
ajfa-79	332	13	)	)	PUNCT
ajfa-79	332	14	,	,	PUNCT
ajfa-79	332	15	executive	executive	NOUN
ajfa-79	332	16	compensation	compensation	NOUN
ajfa-79	332	17	and	and	CCONJ
ajfa-79	332	18	earnings	earning	NOUN
ajfa-79	332	19	persistence	persistence	NOUN
ajfa-79	332	20	.	.	PUNCT
ajfa-79	333	1	journal	journal	NOUN
ajfa-79	333	2	of	of	ADP
ajfa-79	333	3	business	business	NOUN
ajfa-79	333	4	ethics	ethic	NOUN
ajfa-79	333	5	,	,	PUNCT
ajfa-79	333	6	50	50	NUM
ajfa-79	333	7	,	,	PUNCT
ajfa-79	333	8	369	369	NUM
ajfa-79	333	9	-	-	SYM
ajfa-79	333	10	382	382	NUM
ajfa-79	333	11	.	.	PUNCT
ajfa-79	334	1	asian	asian	ADJ
ajfa-79	334	2	journal	journal	PROPN
ajfa-79	334	3	of	of	ADP
ajfa-79	334	4	finance	finance	PROPN
ajfa-79	334	5	&	&	CCONJ
ajfa-79	334	6	accounting	accounting	PROPN
ajfa-79	334	7	issn	issn	PROPN
ajfa-79	334	8	1946	1946	NUM
ajfa-79	334	9	-	-	PUNCT
ajfa-79	334	10	052x	052x	NOUN
ajfa-79	334	11	2009	2009	NUM
ajfa-79	334	12	,	,	PUNCT
ajfa-79	334	13	vol	vol	NOUN
ajfa-79	334	14	.	.	PROPN
ajfa-79	334	15	1	1	NUM
ajfa-79	334	16	,	,	PUNCT
ajfa-79	334	17	no	no	INTJ
ajfa-79	334	18	.	.	NOUN
ajfa-79	334	19	1	1	NUM
ajfa-79	334	20	:	:	PUNCT
ajfa-79	334	21	e1	e1	VERB
ajfa-79	334	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	334	23	19	19	NUM
ajfa-79	334	24	bai	bai	NOUN
ajfa-79	334	25	,	,	PUNCT
ajfa-79	334	26	c.	c.	PROPN
ajfa-79	334	27	,	,	PUNCT
ajfa-79	334	28	liu	liu	PROPN
ajfa-79	334	29	,	,	PUNCT
ajfa-79	334	30	q.	q.	PROPN
ajfa-79	334	31	,	,	PUNCT
ajfa-79	334	32	lu	lu	PROPN
ajfa-79	334	33	,	,	PUNCT
ajfa-79	334	34	j.	j.	PROPN
ajfa-79	334	35	,	,	PUNCT
ajfa-79	334	36	song	song	NOUN
ajfa-79	334	37	,	,	PUNCT
ajfa-79	334	38	f.m	f.m	PROPN
ajfa-79	334	39	.	.	PROPN
ajfa-79	334	40	,	,	PUNCT
ajfa-79	334	41	&	&	CCONJ
ajfa-79	334	42	zhang	zhang	PROPN
ajfa-79	334	43	,	,	PUNCT
ajfa-79	334	44	j.	j.	PROPN
ajfa-79	334	45	(	(	PUNCT
ajfa-79	334	46	2004	2004	NUM
ajfa-79	334	47	)	)	PUNCT
ajfa-79	334	48	,	,	PUNCT
ajfa-79	334	49	corporate	corporate	ADJ
ajfa-79	334	50	governance	governance	NOUN
ajfa-79	334	51	and	and	CCONJ
ajfa-79	334	52	market	market	NOUN
ajfa-79	334	53	valuation	valuation	NOUN
ajfa-79	334	54	in	in	ADP
ajfa-79	334	55	china	china	PROPN
ajfa-79	334	56	.	.	PUNCT
ajfa-79	335	1	journal	journal	PROPN
ajfa-79	335	2	of	of	ADP
ajfa-79	335	3	comparative	comparative	ADJ
ajfa-79	335	4	economics	economic	NOUN
ajfa-79	335	5	,	,	PUNCT
ajfa-79	335	6	32	32	NUM
ajfa-79	335	7	,	,	PUNCT
ajfa-79	335	8	599	599	NUM
ajfa-79	335	9	-	-	SYM
ajfa-79	335	10	616	616	NUM
ajfa-79	335	11	.	.	PUNCT
ajfa-79	336	1	balsam	balsam	NOUN
ajfa-79	336	2	,	,	PUNCT
ajfa-79	336	3	s.	s.	PROPN
ajfa-79	336	4	,	,	PUNCT
ajfa-79	336	5	&	&	CCONJ
ajfa-79	336	6	miharjo	miharjo	NOUN
ajfa-79	336	7	,	,	PUNCT
ajfa-79	336	8	s.	s.	PROPN
ajfa-79	336	9	(	(	PUNCT
ajfa-79	336	10	2007	2007	NUM
ajfa-79	336	11	)	)	PUNCT
ajfa-79	336	12	,	,	PUNCT
ajfa-79	336	13	the	the	DET
ajfa-79	336	14	effects	effect	NOUN
ajfa-79	336	15	of	of	ADP
ajfa-79	336	16	equity	equity	NOUN
ajfa-79	336	17	compensation	compensation	NOUN
ajfa-79	336	18	on	on	ADP
ajfa-79	336	19	voluntary	voluntary	ADJ
ajfa-79	336	20	executive	executive	ADJ
ajfa-79	336	21	turnover	turnover	NOUN
ajfa-79	336	22	.	.	PUNCT
ajfa-79	337	1	journal	journal	NOUN
ajfa-79	337	2	of	of	ADP
ajfa-79	337	3	accounting	accounting	NOUN
ajfa-79	337	4	and	and	CCONJ
ajfa-79	337	5	economics	economic	NOUN
ajfa-79	337	6	,	,	PUNCT
ajfa-79	337	7	43	43	NUM
ajfa-79	337	8	,	,	PUNCT
ajfa-79	337	9	95	95	NUM
ajfa-79	337	10	-	-	SYM
ajfa-79	337	11	119	119	NUM
ajfa-79	337	12	.	.	PUNCT
ajfa-79	338	1	boyd	boyd	PROPN
ajfa-79	338	2	,	,	PUNCT
ajfa-79	338	3	b.	b.	PROPN
ajfa-79	338	4	(	(	PUNCT
ajfa-79	338	5	1994	1994	NUM
ajfa-79	338	6	)	)	PUNCT
ajfa-79	338	7	,	,	PUNCT
ajfa-79	338	8	board	board	NOUN
ajfa-79	338	9	control	control	NOUN
ajfa-79	338	10	and	and	CCONJ
ajfa-79	338	11	ceo	ceo	NOUN
ajfa-79	338	12	compensation	compensation	NOUN
ajfa-79	338	13	.	.	PUNCT
ajfa-79	339	1	strategic	strategic	ADJ
ajfa-79	339	2	management	management	NOUN
ajfa-79	339	3	journal	journal	NOUN
ajfa-79	339	4	,	,	PUNCT
ajfa-79	339	5	15	15	NUM
ajfa-79	339	6	,	,	PUNCT
ajfa-79	339	7	335	335	NUM
ajfa-79	339	8	-	-	SYM
ajfa-79	339	9	344	344	NUM
ajfa-79	339	10	.	.	PUNCT
ajfa-79	340	1	cfa	cfa	PROPN
ajfa-79	340	2	institute	institute	PROPN
ajfa-79	340	3	,	,	PUNCT
ajfa-79	340	4	(	(	PUNCT
ajfa-79	340	5	2007	2007	NUM
ajfa-79	340	6	)	)	PUNCT
ajfa-79	340	7	,	,	PUNCT
ajfa-79	340	8	china	china	PROPN
ajfa-79	340	9	corporate	corporate	ADJ
ajfa-79	340	10	governance	governance	NOUN
ajfa-79	340	11	survey	survey	NOUN
ajfa-79	340	12	.	.	PUNCT
ajfa-79	341	1	isbn	isbn	ADJ
ajfa-79	341	2	:	:	PUNCT
ajfa-79	341	3	978	978	NUM
ajfa-79	341	4	-	-	SYM
ajfa-79	341	5	1	1	NUM
ajfa-79	341	6	-	-	PUNCT
ajfa-79	341	7	932495	932495	NUM
ajfa-79	341	8	-	-	PUNCT
ajfa-79	341	9	65	65	NUM
ajfa-79	341	10	-	-	SYM
ajfa-79	341	11	2	2	NUM
ajfa-79	341	12	(	(	PUNCT
ajfa-79	341	13	pdf	pdf	NOUN
ajfa-79	341	14	)	)	PUNCT
ajfa-79	341	15	.	.	PUNCT
ajfa-79	342	1	chen	chen	PROPN
ajfa-79	342	2	,	,	PUNCT
ajfa-79	342	3	g.m	g.m	PROPN
ajfa-79	342	4	.	.	PROPN
ajfa-79	342	5	,	,	PUNCT
ajfa-79	342	6	firth	firth	PROPN
ajfa-79	342	7	,	,	PUNCT
ajfa-79	342	8	m.	m.	NOUN
ajfa-79	342	9	,	,	PUNCT
ajfa-79	342	10	gao	gao	PROPN
ajfa-79	342	11	,	,	PUNCT
ajfa-79	342	12	d.n	d.n	PROPN
ajfa-79	342	13	.	.	PROPN
ajfa-79	342	14	,	,	PUNCT
ajfa-79	342	15	&	&	CCONJ
ajfa-79	342	16	rui	rui	PROPN
ajfa-79	342	17	,	,	PUNCT
ajfa-79	342	18	o.m	o.m	PROPN
ajfa-79	342	19	.	.	PUNCT
ajfa-79	342	20	(	(	PUNCT
ajfa-79	342	21	2006	2006	NUM
ajfa-79	342	22	)	)	PUNCT
ajfa-79	342	23	,	,	PUNCT
ajfa-79	342	24	ownership	ownership	NOUN
ajfa-79	342	25	structure	structure	NOUN
ajfa-79	342	26	,	,	PUNCT
ajfa-79	342	27	corporate	corporate	ADJ
ajfa-79	342	28	governance	governance	NOUN
ajfa-79	342	29	,	,	PUNCT
ajfa-79	342	30	and	and	CCONJ
ajfa-79	342	31	fraud	fraud	NOUN
ajfa-79	342	32	:	:	PUNCT
ajfa-79	342	33	evidence	evidence	NOUN
ajfa-79	342	34	from	from	ADP
ajfa-79	342	35	china	china	PROPN
ajfa-79	342	36	.	.	PUNCT
ajfa-79	343	1	journal	journal	PROPN
ajfa-79	343	2	of	of	ADP
ajfa-79	343	3	corporate	corporate	ADJ
ajfa-79	343	4	finance	finance	NOUN
ajfa-79	343	5	,	,	PUNCT
ajfa-79	343	6	12	12	NUM
ajfa-79	343	7	,	,	PUNCT
ajfa-79	343	8	424	424	NUM
ajfa-79	343	9	-	-	SYM
ajfa-79	343	10	448	448	NUM
ajfa-79	343	11	.	.	PUNCT
ajfa-79	344	1	chhaochharia	chhaochharia	PROPN
ajfa-79	344	2	,	,	PUNCT
ajfa-79	344	3	v.	v.	PROPN
ajfa-79	344	4	,	,	PUNCT
ajfa-79	344	5	&	&	CCONJ
ajfa-79	344	6	grinstein	grinstein	PROPN
ajfa-79	344	7	,	,	PUNCT
ajfa-79	344	8	y.	y.	PROPN
ajfa-79	344	9	(	(	PUNCT
ajfa-79	344	10	2008	2008	NUM
ajfa-79	344	11	)	)	PUNCT
ajfa-79	344	12	,	,	PUNCT
ajfa-79	344	13	ceo	ceo	NOUN
ajfa-79	344	14	compensation	compensation	NOUN
ajfa-79	344	15	and	and	CCONJ
ajfa-79	344	16	board	board	NOUN
ajfa-79	344	17	structure	structure	NOUN
ajfa-79	344	18	.	.	PUNCT
ajfa-79	345	1	working	work	VERB
ajfa-79	345	2	paper	paper	NOUN
ajfa-79	345	3	,	,	PUNCT
ajfa-79	346	1	[	[	X
ajfa-79	346	2	online	online	X
ajfa-79	346	3	]	]	X
ajfa-79	346	4	available	available	ADJ
ajfa-79	346	5	at	at	ADP
ajfa-79	346	6	ssrn	ssrn	PROPN
ajfa-79	346	7	:	:	PUNCT
ajfa-79	346	8	http://ssrn.com/abstract=901642	http://ssrn.com/abstract=901642	PROPN
ajfa-79	346	9	conyon	conyon	NOUN
ajfa-79	346	10	,	,	PUNCT
ajfa-79	346	11	m.j	m.j	PROPN
ajfa-79	346	12	.	.	PROPN
ajfa-79	346	13	(	(	PUNCT
ajfa-79	346	14	1997	1997	NUM
ajfa-79	346	15	)	)	PUNCT
ajfa-79	346	16	,	,	PUNCT
ajfa-79	346	17	corporate	corporate	ADJ
ajfa-79	346	18	governance	governance	NOUN
ajfa-79	346	19	and	and	CCONJ
ajfa-79	346	20	executive	executive	ADJ
ajfa-79	346	21	compensation	compensation	NOUN
ajfa-79	346	22	.	.	PUNCT
ajfa-79	347	1	international	international	ADJ
ajfa-79	347	2	journal	journal	PROPN
ajfa-79	347	3	of	of	ADP
ajfa-79	347	4	industrial	industrial	ADJ
ajfa-79	347	5	organization	organization	NOUN
ajfa-79	347	6	,	,	PUNCT
ajfa-79	347	7	15	15	NUM
ajfa-79	347	8	,	,	PUNCT
ajfa-79	347	9	493	493	NUM
ajfa-79	347	10	-	-	SYM
ajfa-79	347	11	509	509	NUM
ajfa-79	347	12	.	.	PUNCT
ajfa-79	348	1	cordeiro	cordeiro	PROPN
ajfa-79	348	2	,	,	PUNCT
ajfa-79	348	3	j.j	j.j	PROPN
ajfa-79	348	4	.	.	PROPN
ajfa-79	348	5	,	,	PUNCT
ajfa-79	348	6	veliyath	veliyath	PROPN
ajfa-79	348	7	,	,	PUNCT
ajfa-79	348	8	r.	r.	PROPN
ajfa-79	348	9	,	,	PUNCT
ajfa-79	348	10	&	&	CCONJ
ajfa-79	348	11	romal	romal	NOUN
ajfa-79	348	12	,	,	PUNCT
ajfa-79	348	13	j.b	j.b	PROPN
ajfa-79	348	14	.	.	PUNCT
ajfa-79	348	15	(	(	PUNCT
ajfa-79	348	16	2007	2007	NUM
ajfa-79	348	17	)	)	PUNCT
ajfa-79	348	18	,	,	PUNCT
ajfa-79	348	19	moderators	moderator	NOUN
ajfa-79	348	20	of	of	ADP
ajfa-79	348	21	the	the	DET
ajfa-79	348	22	relationship	relationship	NOUN
ajfa-79	348	23	between	between	ADP
ajfa-79	348	24	director	director	NOUN
ajfa-79	348	25	stock	stock	NOUN
ajfa-79	348	26	-	-	PUNCT
ajfa-79	348	27	based	base	VERB
ajfa-79	348	28	compensation	compensation	NOUN
ajfa-79	348	29	and	and	CCONJ
ajfa-79	348	30	firm	firm	ADJ
ajfa-79	348	31	performance	performance	NOUN
ajfa-79	348	32	.	.	PUNCT
ajfa-79	349	1	corporate	corporate	ADJ
ajfa-79	349	2	governance	governance	NOUN
ajfa-79	349	3	:	:	PUNCT
ajfa-79	349	4	an	an	DET
ajfa-79	349	5	international	international	ADJ
ajfa-79	349	6	review	review	NOUN
ajfa-79	349	7	,	,	PUNCT
ajfa-79	349	8	15	15	NUM
ajfa-79	349	9	,	,	PUNCT
ajfa-79	349	10	1384	1384	NUM
ajfa-79	349	11	-	-	SYM
ajfa-79	349	12	1393	1393	NUM
ajfa-79	349	13	.	.	PUNCT
ajfa-79	350	1	core	core	NOUN
ajfa-79	350	2	,	,	PUNCT
ajfa-79	350	3	j.	j.	PROPN
ajfa-79	350	4	,	,	PUNCT
ajfa-79	350	5	holthausen	holthausen	PROPN
ajfa-79	350	6	,	,	PUNCT
ajfa-79	350	7	r.	r.	PROPN
ajfa-79	350	8	,	,	PUNCT
ajfa-79	350	9	&	&	CCONJ
ajfa-79	350	10	larcker	larcker	PROPN
ajfa-79	350	11	,	,	PUNCT
ajfa-79	350	12	d.	d.	PROPN
ajfa-79	350	13	(	(	PUNCT
ajfa-79	350	14	1999	1999	NUM
ajfa-79	350	15	)	)	PUNCT
ajfa-79	350	16	,	,	PUNCT
ajfa-79	350	17	corporate	corporate	ADJ
ajfa-79	350	18	governance	governance	NOUN
ajfa-79	350	19	,	,	PUNCT
ajfa-79	350	20	chief	chief	ADJ
ajfa-79	350	21	executive	executive	ADJ
ajfa-79	350	22	officer	officer	NOUN
ajfa-79	350	23	compensation	compensation	NOUN
ajfa-79	350	24	and	and	CCONJ
ajfa-79	350	25	firm	firm	ADJ
ajfa-79	350	26	performance	performance	NOUN
ajfa-79	350	27	.	.	PUNCT
ajfa-79	351	1	journal	journal	NOUN
ajfa-79	351	2	of	of	ADP
ajfa-79	351	3	financial	financial	ADJ
ajfa-79	351	4	economics	economic	NOUN
ajfa-79	351	5	,	,	PUNCT
ajfa-79	351	6	51	51	NUM
ajfa-79	351	7	,	,	PUNCT
ajfa-79	351	8	371	371	NUM
ajfa-79	351	9	-	-	SYM
ajfa-79	351	10	406	406	NUM
ajfa-79	351	11	.	.	PUNCT
ajfa-79	352	1	dahya	dahya	PROPN
ajfa-79	352	2	,	,	PUNCT
ajfa-79	352	3	j.	j.	PROPN
ajfa-79	352	4	,	,	PUNCT
ajfa-79	352	5	karbhari	karbhari	PROPN
ajfa-79	352	6	,	,	PUNCT
ajfa-79	352	7	y.	y.	PROPN
ajfa-79	352	8	,	,	PUNCT
ajfa-79	352	9	xiao	xiao	PROPN
ajfa-79	352	10	,	,	PUNCT
ajfa-79	352	11	j.	j.	PROPN
ajfa-79	352	12	,	,	PUNCT
ajfa-79	352	13	&	&	CCONJ
ajfa-79	352	14	yang	yang	PROPN
ajfa-79	352	15	,	,	PUNCT
ajfa-79	352	16	m.	m.	NOUN
ajfa-79	352	17	(	(	PUNCT
ajfa-79	352	18	2003	2003	NUM
ajfa-79	352	19	)	)	PUNCT
ajfa-79	352	20	,	,	PUNCT
ajfa-79	352	21	the	the	DET
ajfa-79	352	22	usefulness	usefulness	NOUN
ajfa-79	352	23	of	of	ADP
ajfa-79	352	24	the	the	DET
ajfa-79	352	25	supervisory	supervisory	NOUN
ajfa-79	352	26	in	in	ADP
ajfa-79	352	27	china	china	PROPN
ajfa-79	352	28	.	.	PUNCT
ajfa-79	353	1	corporate	corporate	ADJ
ajfa-79	353	2	governance	governance	NOUN
ajfa-79	353	3	:	:	PUNCT
ajfa-79	353	4	an	an	DET
ajfa-79	353	5	international	international	ADJ
ajfa-79	353	6	review	review	NOUN
ajfa-79	353	7	,	,	PUNCT
ajfa-79	353	8	11	11	NUM
ajfa-79	353	9	,	,	PUNCT
ajfa-79	353	10	308	308	NUM
ajfa-79	353	11	-	-	SYM
ajfa-79	353	12	321	321	NUM
ajfa-79	353	13	.	.	PUNCT
ajfa-79	354	1	ding	ding	NOUN
ajfa-79	354	2	,	,	PUNCT
ajfa-79	354	3	y.	y.	PROPN
ajfa-79	354	4	,	,	PUNCT
ajfa-79	354	5	zhang	zhang	PROPN
ajfa-79	354	6	,	,	PUNCT
ajfa-79	354	7	h.	h.	PROPN
ajfa-79	354	8	,	,	PUNCT
ajfa-79	354	9	&	&	CCONJ
ajfa-79	354	10	zhang	zhang	PROPN
ajfa-79	354	11	,	,	PUNCT
ajfa-79	354	12	j.	j.	PROPN
ajfa-79	354	13	(	(	PUNCT
ajfa-79	354	14	2008	2008	NUM
ajfa-79	354	15	)	)	PUNCT
ajfa-79	354	16	,	,	PUNCT
ajfa-79	354	17	the	the	DET
ajfa-79	354	18	financial	financial	ADJ
ajfa-79	354	19	and	and	CCONJ
ajfa-79	354	20	operating	operating	NOUN
ajfa-79	354	21	performance	performance	NOUN
ajfa-79	354	22	of	of	ADP
ajfa-79	354	23	chinese	chinese	ADJ
ajfa-79	354	24	family	family	NOUN
ajfa-79	354	25	-	-	PUNCT
ajfa-79	354	26	owned	own	VERB
ajfa-79	354	27	listed	list	VERB
ajfa-79	354	28	firms	firm	NOUN
ajfa-79	354	29	.	.	PUNCT
ajfa-79	355	1	management	management	PROPN
ajfa-79	355	2	international	international	PROPN
ajfa-79	355	3	review	review	PROPN
ajfa-79	355	4	,	,	PUNCT
ajfa-79	355	5	48	48	NUM
ajfa-79	355	6	,	,	PUNCT
ajfa-79	355	7	297	297	NUM
ajfa-79	355	8	-	-	SYM
ajfa-79	355	9	318	318	NUM
ajfa-79	355	10	.	.	PUNCT
ajfa-79	356	1	devers	dever	NOUN
ajfa-79	356	2	,	,	PUNCT
ajfa-79	356	3	c.e	c.e	PROPN
ajfa-79	356	4	.	.	PROPN
ajfa-79	356	5	,	,	PUNCT
ajfa-79	356	6	cannella	cannella	PROPN
ajfa-79	356	7	,	,	PUNCT
ajfa-79	356	8	jr	jr	PROPN
ajfa-79	356	9	.	.	PROPN
ajfa-79	356	10	,	,	PUNCT
ajfa-79	356	11	a.a	a.a	PROPN
ajfa-79	356	12	.	.	PROPN
ajfa-79	356	13	,	,	PUNCT
ajfa-79	356	14	reilly	reilly	PROPN
ajfa-79	356	15	,	,	PUNCT
ajfa-79	356	16	g.p	g.p	PROPN
ajfa-79	356	17	.	.	PROPN
ajfa-79	356	18	,	,	PUNCT
ajfa-79	356	19	&	&	CCONJ
ajfa-79	356	20	yoder	yoder	PROPN
ajfa-79	356	21	,	,	PUNCT
ajfa-79	356	22	m.e	m.e	PROPN
ajfa-79	356	23	.	.	PROPN
ajfa-79	356	24	(	(	PUNCT
ajfa-79	356	25	2007	2007	NUM
ajfa-79	356	26	)	)	PUNCT
ajfa-79	356	27	,	,	PUNCT
ajfa-79	356	28	executive	executive	NOUN
ajfa-79	356	29	compensation	compensation	NOUN
ajfa-79	356	30	:	:	PUNCT
ajfa-79	356	31	a	a	DET
ajfa-79	356	32	multidisciplinary	multidisciplinary	ADJ
ajfa-79	356	33	review	review	NOUN
ajfa-79	356	34	of	of	ADP
ajfa-79	356	35	recent	recent	ADJ
ajfa-79	356	36	developments	development	NOUN
ajfa-79	356	37	.	.	PUNCT
ajfa-79	357	1	journal	journal	NOUN
ajfa-79	357	2	of	of	ADP
ajfa-79	357	3	management	management	NOUN
ajfa-79	357	4	,	,	PUNCT
ajfa-79	357	5	33	33	NUM
ajfa-79	357	6	,	,	PUNCT
ajfa-79	357	7	1016	1016	NUM
ajfa-79	357	8	-	-	SYM
ajfa-79	357	9	1072	1072	NUM
ajfa-79	357	10	.	.	PUNCT
ajfa-79	358	1	dutta	dutta	PROPN
ajfa-79	358	2	,	,	PUNCT
ajfa-79	358	3	s.	s.	PROPN
ajfa-79	358	4	(	(	PUNCT
ajfa-79	358	5	2003	2003	NUM
ajfa-79	358	6	)	)	PUNCT
ajfa-79	358	7	,	,	PUNCT
ajfa-79	358	8	capital	capital	NOUN
ajfa-79	358	9	budgeting	budgeting	NOUN
ajfa-79	358	10	and	and	CCONJ
ajfa-79	358	11	managerial	managerial	ADJ
ajfa-79	358	12	compensation	compensation	NOUN
ajfa-79	358	13	:	:	PUNCT
ajfa-79	358	14	incentive	incentive	NOUN
ajfa-79	358	15	and	and	CCONJ
ajfa-79	358	16	retention	retention	NOUN
ajfa-79	358	17	effects	effect	NOUN
ajfa-79	358	18	.	.	PUNCT
ajfa-79	359	1	accounting	accounting	NOUN
ajfa-79	359	2	review	review	PROPN
ajfa-79	359	3	,	,	PUNCT
ajfa-79	359	4	78	78	NUM
ajfa-79	359	5	,	,	PUNCT
ajfa-79	359	6	71	71	NUM
ajfa-79	359	7	-	-	SYM
ajfa-79	359	8	93	93	NUM
ajfa-79	359	9	.	.	PUNCT
ajfa-79	360	1	elston	elston	PROPN
ajfa-79	360	2	,	,	PUNCT
ajfa-79	360	3	j.	j.	PROPN
ajfa-79	360	4	,	,	PUNCT
ajfa-79	360	5	&	&	CCONJ
ajfa-79	360	6	goldberg	goldberg	PROPN
ajfa-79	360	7	,	,	PUNCT
ajfa-79	360	8	l.	l.	PROPN
ajfa-79	360	9	(	(	PUNCT
ajfa-79	360	10	2003	2003	NUM
ajfa-79	360	11	)	)	PUNCT
ajfa-79	360	12	,	,	PUNCT
ajfa-79	360	13	executive	executive	NOUN
ajfa-79	360	14	compensation	compensation	NOUN
ajfa-79	360	15	and	and	CCONJ
ajfa-79	360	16	agency	agency	NOUN
ajfa-79	360	17	costs	cost	NOUN
ajfa-79	360	18	in	in	ADP
ajfa-79	360	19	germany	germany	PROPN
ajfa-79	360	20	.	.	PUNCT
ajfa-79	361	1	journal	journal	PROPN
ajfa-79	361	2	of	of	ADP
ajfa-79	361	3	banking	banking	NOUN
ajfa-79	361	4	&	&	CCONJ
ajfa-79	361	5	finance	finance	PROPN
ajfa-79	361	6	,	,	PUNCT
ajfa-79	361	7	27	27	NUM
ajfa-79	361	8	,	,	PUNCT
ajfa-79	361	9	1391	1391	NUM
ajfa-79	361	10	-	-	SYM
ajfa-79	361	11	1410	1410	NUM
ajfa-79	361	12	.	.	PUNCT
ajfa-79	362	1	fee	fee	NOUN
ajfa-79	362	2	,	,	PUNCT
ajfa-79	362	3	c.e	c.e	PROPN
ajfa-79	362	4	.	.	PROPN
ajfa-79	362	5	,	,	PUNCT
ajfa-79	362	6	&	&	CCONJ
ajfa-79	362	7	hadlock	hadlock	NOUN
ajfa-79	362	8	,	,	PUNCT
ajfa-79	362	9	c.j	c.j	PROPN
ajfa-79	362	10	.	.	PROPN
ajfa-79	362	11	(	(	PUNCT
ajfa-79	362	12	2004	2004	NUM
ajfa-79	362	13	)	)	PUNCT
ajfa-79	362	14	,	,	PUNCT
ajfa-79	362	15	management	management	NOUN
ajfa-79	362	16	turnover	turnover	NOUN
ajfa-79	362	17	across	across	ADP
ajfa-79	362	18	the	the	DET
ajfa-79	362	19	corporate	corporate	ADJ
ajfa-79	362	20	hierarchy	hierarchy	NOUN
ajfa-79	362	21	.	.	PUNCT
ajfa-79	363	1	journal	journal	NOUN
ajfa-79	363	2	of	of	ADP
ajfa-79	363	3	accounting	accounting	NOUN
ajfa-79	363	4	and	and	CCONJ
ajfa-79	363	5	economics	economic	NOUN
ajfa-79	363	6	,	,	PUNCT
ajfa-79	363	7	37	37	NUM
ajfa-79	363	8	,	,	PUNCT
ajfa-79	363	9	3	3	NUM
ajfa-79	363	10	-	-	SYM
ajfa-79	363	11	38	38	NUM
ajfa-79	363	12	.	.	PUNCT
ajfa-79	364	1	firth	firth	PROPN
ajfa-79	364	2	,	,	PUNCT
ajfa-79	364	3	m.	m.	NOUN
ajfa-79	364	4	,	,	PUNCT
ajfa-79	364	5	fung	fung	PROPN
ajfa-79	364	6	,	,	PUNCT
ajfa-79	364	7	p.	p.	PROPN
ajfa-79	364	8	,	,	PUNCT
ajfa-79	364	9	&	&	CCONJ
ajfa-79	364	10	rui	rui	PROPN
ajfa-79	364	11	,	,	PUNCT
ajfa-79	364	12	o.	o.	PROPN
ajfa-79	364	13	(	(	PUNCT
ajfa-79	364	14	2006	2006	NUM
ajfa-79	364	15	)	)	PUNCT
ajfa-79	364	16	,	,	PUNCT
ajfa-79	364	17	corporate	corporate	ADJ
ajfa-79	364	18	performance	performance	NOUN
ajfa-79	364	19	and	and	CCONJ
ajfa-79	364	20	ceo	ceo	NOUN
ajfa-79	364	21	compensation	compensation	NOUN
ajfa-79	364	22	in	in	ADP
ajfa-79	364	23	china	china	PROPN
ajfa-79	364	24	.	.	PUNCT
ajfa-79	365	1	journal	journal	PROPN
ajfa-79	365	2	of	of	ADP
ajfa-79	365	3	corporate	corporate	ADJ
ajfa-79	365	4	finance	finance	NOUN
ajfa-79	365	5	,	,	PUNCT
ajfa-79	365	6	12	12	NUM
ajfa-79	365	7	,	,	PUNCT
ajfa-79	365	8	693	693	NUM
ajfa-79	365	9	-	-	SYM
ajfa-79	365	10	714	714	NUM
ajfa-79	365	11	.	.	PUNCT
ajfa-79	366	1	firth	firth	PROPN
ajfa-79	366	2	,	,	PUNCT
ajfa-79	366	3	m.	m.	NOUN
ajfa-79	366	4	,	,	PUNCT
ajfa-79	366	5	fung	fung	PROPN
ajfa-79	366	6	,	,	PUNCT
ajfa-79	366	7	p.	p.	PROPN
ajfa-79	366	8	,	,	PUNCT
ajfa-79	366	9	&	&	CCONJ
ajfa-79	366	10	rui	rui	PROPN
ajfa-79	366	11	,	,	PUNCT
ajfa-79	366	12	o.	o.	PROPN
ajfa-79	366	13	(	(	PUNCT
ajfa-79	366	14	2007	2007	NUM
ajfa-79	366	15	)	)	PUNCT
ajfa-79	366	16	,	,	PUNCT
ajfa-79	366	17	ownership	ownership	NOUN
ajfa-79	366	18	,	,	PUNCT
ajfa-79	366	19	two	two	NUM
ajfa-79	366	20	-	-	PUNCT
ajfa-79	366	21	tier	tier	NOUN
ajfa-79	366	22	board	board	NOUN
ajfa-79	366	23	structure	structure	NOUN
ajfa-79	366	24	,	,	PUNCT
ajfa-79	366	25	and	and	CCONJ
ajfa-79	366	26	the	the	DET
ajfa-79	366	27	informativeness	informativeness	NOUN
ajfa-79	366	28	of	of	ADP
ajfa-79	366	29	earnings	earning	NOUN
ajfa-79	366	30	–	–	PUNCT
ajfa-79	366	31	evidence	evidence	NOUN
ajfa-79	366	32	from	from	ADP
ajfa-79	366	33	china	china	PROPN
ajfa-79	366	34	.	.	PUNCT
ajfa-79	367	1	journal	journal	PROPN
ajfa-79	367	2	of	of	ADP
ajfa-79	367	3	accounting	accounting	NOUN
ajfa-79	367	4	and	and	CCONJ
ajfa-79	367	5	public	public	ADJ
ajfa-79	367	6	policy	policy	NOUN
ajfa-79	367	7	,	,	PUNCT
ajfa-79	367	8	http://ssrn.com/abstract=901642	http://ssrn.com/abstract=901642	PROPN
ajfa-79	367	9	asian	asian	ADJ
ajfa-79	367	10	journal	journal	NOUN
ajfa-79	367	11	of	of	ADP
ajfa-79	367	12	finance	finance	PROPN
ajfa-79	367	13	&	&	CCONJ
ajfa-79	367	14	accounting	accounting	PROPN
ajfa-79	367	15	issn	issn	PROPN
ajfa-79	367	16	1946	1946	NUM
ajfa-79	367	17	-	-	PUNCT
ajfa-79	367	18	052x	052x	NOUN
ajfa-79	367	19	2009	2009	NUM
ajfa-79	367	20	,	,	PUNCT
ajfa-79	367	21	vol	vol	NOUN
ajfa-79	367	22	.	.	PROPN
ajfa-79	367	23	1	1	NUM
ajfa-79	367	24	,	,	PUNCT
ajfa-79	367	25	no	no	INTJ
ajfa-79	367	26	.	.	NOUN
ajfa-79	367	27	1	1	NUM
ajfa-79	367	28	:	:	PUNCT
ajfa-79	367	29	e1	e1	VERB
ajfa-79	367	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	367	31	20	20	NUM
ajfa-79	367	32	26	26	NUM
ajfa-79	367	33	,	,	PUNCT
ajfa-79	367	34	463	463	NUM
ajfa-79	367	35	-	-	SYM
ajfa-79	367	36	496	496	NUM
ajfa-79	367	37	.	.	PUNCT
ajfa-79	368	1	fosberg	fosberg	PROPN
ajfa-79	368	2	,	,	PUNCT
ajfa-79	368	3	r.h	r.h	PROPN
ajfa-79	368	4	.	.	PROPN
ajfa-79	368	5	(	(	PUNCT
ajfa-79	368	6	2001	2001	NUM
ajfa-79	368	7	)	)	PUNCT
ajfa-79	368	8	,	,	PUNCT
ajfa-79	368	9	ceo	ceo	NOUN
ajfa-79	368	10	replacement	replacement	NOUN
ajfa-79	368	11	and	and	CCONJ
ajfa-79	368	12	compensation	compensation	NOUN
ajfa-79	368	13	around	around	ADP
ajfa-79	368	14	dividend	dividend	NOUN
ajfa-79	368	15	omissions	omission	NOUN
ajfa-79	368	16	.	.	PUNCT
ajfa-79	369	1	corporate	corporate	ADJ
ajfa-79	369	2	governance	governance	NOUN
ajfa-79	369	3	:	:	PUNCT
ajfa-79	369	4	an	an	DET
ajfa-79	369	5	international	international	ADJ
ajfa-79	369	6	review	review	NOUN
ajfa-79	369	7	,	,	PUNCT
ajfa-79	369	8	9	9	NUM
ajfa-79	369	9	,	,	PUNCT
ajfa-79	369	10	25	25	NUM
ajfa-79	369	11	-	-	SYM
ajfa-79	369	12	36	36	NUM
ajfa-79	369	13	.	.	PUNCT
ajfa-79	370	1	goyal	goyal	PROPN
ajfa-79	370	2	,	,	PUNCT
ajfa-79	370	3	v.	v.	PROPN
ajfa-79	370	4	,	,	PUNCT
ajfa-79	370	5	&	&	CCONJ
ajfa-79	370	6	park	park	PROPN
ajfa-79	370	7	,	,	PUNCT
ajfa-79	370	8	c.	c.	PROPN
ajfa-79	370	9	(	(	PUNCT
ajfa-79	370	10	2002	2002	NUM
ajfa-79	370	11	)	)	PUNCT
ajfa-79	370	12	,	,	PUNCT
ajfa-79	370	13	board	board	NOUN
ajfa-79	370	14	leadership	leadership	NOUN
ajfa-79	370	15	structure	structure	NOUN
ajfa-79	370	16	and	and	CCONJ
ajfa-79	370	17	ceo	ceo	NOUN
ajfa-79	370	18	turnover	turnover	NOUN
ajfa-79	370	19	.	.	PUNCT
ajfa-79	371	1	journal	journal	NOUN
ajfa-79	371	2	of	of	ADP
ajfa-79	371	3	corporate	corporate	ADJ
ajfa-79	371	4	finance	finance	NOUN
ajfa-79	371	5	,	,	PUNCT
ajfa-79	371	6	8	8	NUM
ajfa-79	371	7	,	,	PUNCT
ajfa-79	371	8	49	49	NUM
ajfa-79	371	9	-	-	SYM
ajfa-79	371	10	66	66	NUM
ajfa-79	371	11	.	.	PUNCT
ajfa-79	372	1	guedj	guedj	PROPN
ajfa-79	372	2	,	,	PUNCT
ajfa-79	372	3	i.	i.	PROPN
ajfa-79	372	4	,	,	PUNCT
ajfa-79	372	5	&	&	CCONJ
ajfa-79	372	6	barnea	barnea	PROPN
ajfa-79	372	7	,	,	PUNCT
ajfa-79	372	8	a.	a.	NOUN
ajfa-79	372	9	(	(	PUNCT
ajfa-79	372	10	2009	2009	NUM
ajfa-79	372	11	)	)	PUNCT
ajfa-79	372	12	,	,	PUNCT
ajfa-79	372	13	director	director	NOUN
ajfa-79	372	14	networks	network	NOUN
ajfa-79	372	15	.	.	PUNCT
ajfa-79	373	1	working	work	VERB
ajfa-79	373	2	paper	paper	NOUN
ajfa-79	373	3	,	,	PUNCT
ajfa-79	374	1	[	[	X
ajfa-79	374	2	online	online	X
ajfa-79	374	3	]	]	X
ajfa-79	374	4	available	available	ADJ
ajfa-79	374	5	at	at	ADP
ajfa-79	374	6	ssrn	ssrn	PROPN
ajfa-79	374	7	:	:	PUNCT
ajfa-79	375	1	http://ssrn.com/abstract=966555	http://ssrn.com/abstract=966555	PROPN
ajfa-79	375	2	.	.	PUNCT
ajfa-79	375	3	hall	hall	PROPN
ajfa-79	375	4	,	,	PUNCT
ajfa-79	375	5	b.j	b.j	PROPN
ajfa-79	375	6	.	.	PROPN
ajfa-79	375	7	,	,	PUNCT
ajfa-79	375	8	&	&	CCONJ
ajfa-79	375	9	liebman	liebman	PROPN
ajfa-79	375	10	,	,	PUNCT
ajfa-79	375	11	j.b	j.b	PROPN
ajfa-79	375	12	.	.	PUNCT
ajfa-79	375	13	(	(	PUNCT
ajfa-79	375	14	1998	1998	NUM
ajfa-79	375	15	)	)	PUNCT
ajfa-79	375	16	,	,	PUNCT
ajfa-79	375	17	are	be	AUX
ajfa-79	375	18	ceos	ceos	PROPN
ajfa-79	375	19	really	really	ADV
ajfa-79	375	20	paid	pay	VERB
ajfa-79	375	21	like	like	ADP
ajfa-79	375	22	bureaucrats	bureaucrat	NOUN
ajfa-79	375	23	?	?	PUNCT
ajfa-79	376	1	quarterly	quarterly	ADJ
ajfa-79	376	2	journal	journal	NOUN
ajfa-79	376	3	of	of	ADP
ajfa-79	376	4	economics	economic	NOUN
ajfa-79	376	5	,	,	PUNCT
ajfa-79	376	6	113	113	NUM
ajfa-79	376	7	,	,	PUNCT
ajfa-79	376	8	653	653	NUM
ajfa-79	376	9	-	-	SYM
ajfa-79	376	10	691	691	NUM
ajfa-79	376	11	.	.	PUNCT
ajfa-79	377	1	hartzell	hartzell	PROPN
ajfa-79	377	2	,	,	PUNCT
ajfa-79	377	3	j.	j.	PROPN
ajfa-79	377	4	,	,	PUNCT
ajfa-79	377	5	&	&	CCONJ
ajfa-79	377	6	starks	starks	PROPN
ajfa-79	377	7	,	,	PUNCT
ajfa-79	377	8	l.	l.	PROPN
ajfa-79	377	9	(	(	PUNCT
ajfa-79	377	10	2003	2003	NUM
ajfa-79	377	11	)	)	PUNCT
ajfa-79	377	12	,	,	PUNCT
ajfa-79	377	13	institutional	institutional	ADJ
ajfa-79	377	14	investors	investor	NOUN
ajfa-79	377	15	and	and	CCONJ
ajfa-79	377	16	executive	executive	ADJ
ajfa-79	377	17	compensation	compensation	NOUN
ajfa-79	377	18	.	.	PUNCT
ajfa-79	378	1	journal	journal	PROPN
ajfa-79	378	2	of	of	ADP
ajfa-79	378	3	finance	finance	NOUN
ajfa-79	378	4	,	,	PUNCT
ajfa-79	378	5	58	58	NUM
ajfa-79	378	6	,	,	PUNCT
ajfa-79	378	7	2351	2351	NUM
ajfa-79	378	8	-	-	SYM
ajfa-79	378	9	2374	2374	NUM
ajfa-79	378	10	.	.	PUNCT
ajfa-79	379	1	haw	haw	INTJ
ajfa-79	379	2	,	,	PUNCT
ajfa-79	379	3	i.	i.	PROPN
ajfa-79	379	4	,	,	PUNCT
ajfa-79	379	5	qi	qi	PROPN
ajfa-79	379	6	,	,	PUNCT
ajfa-79	379	7	d.	d.	PROPN
ajfa-79	379	8	,	,	PUNCT
ajfa-79	379	9	wu	wu	PROPN
ajfa-79	379	10	,	,	PUNCT
ajfa-79	379	11	d.	d.	PROPN
ajfa-79	379	12	,	,	PUNCT
ajfa-79	379	13	wu	wu	PROPN
ajfa-79	379	14	,	,	PUNCT
ajfa-79	379	15	w.	w.	PROPN
ajfa-79	379	16	(	(	PUNCT
ajfa-79	379	17	2005	2005	NUM
ajfa-79	379	18	)	)	PUNCT
ajfa-79	379	19	,	,	PUNCT
ajfa-79	379	20	market	market	NOUN
ajfa-79	379	21	consequences	consequence	NOUN
ajfa-79	379	22	of	of	ADP
ajfa-79	379	23	earnings	earning	NOUN
ajfa-79	379	24	management	management	NOUN
ajfa-79	379	25	in	in	ADP
ajfa-79	379	26	response	response	NOUN
ajfa-79	379	27	to	to	ADP
ajfa-79	379	28	security	security	NOUN
ajfa-79	379	29	regulations	regulation	NOUN
ajfa-79	379	30	in	in	ADP
ajfa-79	379	31	china	china	PROPN
ajfa-79	379	32	.	.	PUNCT
ajfa-79	380	1	contemporary	contemporary	ADJ
ajfa-79	380	2	accounting	accounting	PROPN
ajfa-79	380	3	research	research	NOUN
ajfa-79	380	4	,	,	PUNCT
ajfa-79	380	5	22	22	NUM
ajfa-79	380	6	,	,	PUNCT
ajfa-79	380	7	95	95	NUM
ajfa-79	380	8	-	-	SYM
ajfa-79	380	9	140	140	NUM
ajfa-79	380	10	.	.	PUNCT
ajfa-79	381	1	huson	huson	PROPN
ajfa-79	381	2	,	,	PUNCT
ajfa-79	381	3	m.	m.	NOUN
ajfa-79	381	4	(	(	PUNCT
ajfa-79	381	5	2001	2001	NUM
ajfa-79	381	6	)	)	PUNCT
ajfa-79	381	7	,	,	PUNCT
ajfa-79	381	8	internal	internal	ADJ
ajfa-79	381	9	monitoring	monitoring	NOUN
ajfa-79	381	10	and	and	CCONJ
ajfa-79	381	11	ceo	ceo	NOUN
ajfa-79	381	12	turnover	turnover	NOUN
ajfa-79	381	13	:	:	PUNCT
ajfa-79	381	14	a	a	DET
ajfa-79	381	15	long	long	ADJ
ajfa-79	381	16	-	-	PUNCT
ajfa-79	381	17	term	term	NOUN
ajfa-79	381	18	perspective	perspective	NOUN
ajfa-79	381	19	.	.	PUNCT
ajfa-79	382	1	journal	journal	PROPN
ajfa-79	382	2	of	of	ADP
ajfa-79	382	3	finance	finance	NOUN
ajfa-79	382	4	,	,	PUNCT
ajfa-79	382	5	56	56	NUM
ajfa-79	382	6	,	,	PUNCT
ajfa-79	382	7	2265	2265	NUM
ajfa-79	382	8	-	-	SYM
ajfa-79	382	9	2297	2297	NUM
ajfa-79	382	10	.	.	PUNCT
ajfa-79	383	1	jensen	jensen	PROPN
ajfa-79	383	2	,	,	PUNCT
ajfa-79	383	3	m.c	m.c	PROPN
ajfa-79	383	4	.	.	PROPN
ajfa-79	383	5	(	(	PUNCT
ajfa-79	383	6	1993	1993	NUM
ajfa-79	383	7	)	)	PUNCT
ajfa-79	383	8	,	,	PUNCT
ajfa-79	383	9	the	the	DET
ajfa-79	383	10	modern	modern	ADJ
ajfa-79	383	11	industrial	industrial	ADJ
ajfa-79	383	12	revolution	revolution	NOUN
ajfa-79	383	13	,	,	PUNCT
ajfa-79	383	14	exit	exit	NOUN
ajfa-79	383	15	,	,	PUNCT
ajfa-79	383	16	and	and	CCONJ
ajfa-79	383	17	the	the	DET
ajfa-79	383	18	failure	failure	NOUN
ajfa-79	383	19	of	of	ADP
ajfa-79	383	20	internal	internal	ADJ
ajfa-79	383	21	control	control	NOUN
ajfa-79	383	22	systems	system	NOUN
ajfa-79	383	23	.	.	PUNCT
ajfa-79	384	1	journal	journal	PROPN
ajfa-79	384	2	of	of	ADP
ajfa-79	384	3	finance	finance	NOUN
ajfa-79	384	4	,	,	PUNCT
ajfa-79	384	5	48	48	NUM
ajfa-79	384	6	,	,	PUNCT
ajfa-79	384	7	831	831	NUM
ajfa-79	384	8	-	-	SYM
ajfa-79	384	9	880	880	NUM
ajfa-79	384	10	.	.	PUNCT
ajfa-79	385	1	jensen	jensen	PROPN
ajfa-79	385	2	,	,	PUNCT
ajfa-79	385	3	m.	m.	NOUN
ajfa-79	385	4	,	,	PUNCT
ajfa-79	385	5	&	&	CCONJ
ajfa-79	385	6	murphy	murphy	PROPN
ajfa-79	385	7	,	,	PUNCT
ajfa-79	385	8	k.j	k.j	PROPN
ajfa-79	385	9	.	.	PROPN
ajfa-79	385	10	(	(	PUNCT
ajfa-79	385	11	1990	1990	NUM
ajfa-79	385	12	)	)	PUNCT
ajfa-79	385	13	,	,	PUNCT
ajfa-79	385	14	performance	performance	NOUN
ajfa-79	385	15	and	and	CCONJ
ajfa-79	385	16	top	top	ADJ
ajfa-79	385	17	management	management	NOUN
ajfa-79	385	18	incentives	incentive	NOUN
ajfa-79	385	19	.	.	PUNCT
ajfa-79	386	1	journal	journal	NOUN
ajfa-79	386	2	of	of	ADP
ajfa-79	386	3	political	political	ADJ
ajfa-79	386	4	economy	economy	NOUN
ajfa-79	386	5	,	,	PUNCT
ajfa-79	386	6	98	98	NUM
ajfa-79	386	7	,	,	PUNCT
ajfa-79	386	8	225	225	NUM
ajfa-79	386	9	-	-	SYM
ajfa-79	386	10	264	264	NUM
ajfa-79	386	11	.	.	PUNCT
ajfa-79	387	1	jensen	jensen	PROPN
ajfa-79	387	2	,	,	PUNCT
ajfa-79	387	3	m.c	m.c	PROPN
ajfa-79	387	4	.	.	PROPN
ajfa-79	387	5	,	,	PUNCT
ajfa-79	387	6	&	&	CCONJ
ajfa-79	387	7	meckling	meckling	PROPN
ajfa-79	387	8	,	,	PUNCT
ajfa-79	387	9	w.h	w.h	PROPN
ajfa-79	387	10	.	.	PROPN
ajfa-79	387	11	(	(	PUNCT
ajfa-79	387	12	1976	1976	NUM
ajfa-79	387	13	)	)	PUNCT
ajfa-79	387	14	,	,	PUNCT
ajfa-79	387	15	theory	theory	NOUN
ajfa-79	387	16	of	of	ADP
ajfa-79	387	17	the	the	DET
ajfa-79	387	18	firm	firm	NOUN
ajfa-79	387	19	:	:	PUNCT
ajfa-79	387	20	managerial	managerial	ADJ
ajfa-79	387	21	behavior	behavior	NOUN
ajfa-79	387	22	,	,	PUNCT
ajfa-79	387	23	agency	agency	NOUN
ajfa-79	387	24	costs	cost	NOUN
ajfa-79	387	25	and	and	CCONJ
ajfa-79	387	26	ownership	ownership	NOUN
ajfa-79	387	27	structure	structure	NOUN
ajfa-79	387	28	.	.	PUNCT
ajfa-79	388	1	journal	journal	NOUN
ajfa-79	388	2	of	of	ADP
ajfa-79	388	3	financial	financial	ADJ
ajfa-79	388	4	economics	economic	NOUN
ajfa-79	388	5	,	,	PUNCT
ajfa-79	388	6	3	3	NUM
ajfa-79	388	7	,	,	PUNCT
ajfa-79	388	8	305	305	NUM
ajfa-79	388	9	-	-	SYM
ajfa-79	388	10	360	360	NUM
ajfa-79	388	11	.	.	PUNCT
ajfa-79	389	1	jia	jia	PROPN
ajfa-79	389	2	,	,	PUNCT
ajfa-79	389	3	c.	c.	PROPN
ajfa-79	389	4	(	(	PUNCT
ajfa-79	389	5	2009	2009	NUM
ajfa-79	389	6	)	)	PUNCT
ajfa-79	389	7	,	,	PUNCT
ajfa-79	389	8	the	the	DET
ajfa-79	389	9	effect	effect	NOUN
ajfa-79	389	10	of	of	ADP
ajfa-79	389	11	ownership	ownership	NOUN
ajfa-79	389	12	on	on	ADP
ajfa-79	389	13	the	the	DET
ajfa-79	389	14	prudential	prudential	ADJ
ajfa-79	389	15	behavior	behavior	NOUN
ajfa-79	389	16	of	of	ADP
ajfa-79	389	17	banks	bank	NOUN
ajfa-79	389	18	the	the	DET
ajfa-79	389	19	case	case	NOUN
ajfa-79	389	20	of	of	ADP
ajfa-79	389	21	china	china	PROPN
ajfa-79	389	22	.	.	PUNCT
ajfa-79	390	1	journal	journal	PROPN
ajfa-79	390	2	of	of	ADP
ajfa-79	390	3	banking	banking	NOUN
ajfa-79	390	4	and	and	CCONJ
ajfa-79	390	5	finance	finance	NOUN
ajfa-79	390	6	,	,	PUNCT
ajfa-79	390	7	33	33	NUM
ajfa-79	390	8	,	,	PUNCT
ajfa-79	390	9	77	77	NUM
ajfa-79	390	10	-	-	SYM
ajfa-79	390	11	87	87	NUM
ajfa-79	390	12	.	.	PUNCT
ajfa-79	391	1	jia	jia	PROPN
ajfa-79	391	2	,	,	PUNCT
ajfa-79	391	3	c.	c.	PROPN
ajfa-79	391	4	,	,	PUNCT
ajfa-79	391	5	ding	ding	NOUN
ajfa-79	391	6	,	,	PUNCT
ajfa-79	391	7	s.	s.	PROPN
ajfa-79	391	8	,	,	PUNCT
ajfa-79	391	9	li	li	PROPN
ajfa-79	391	10	,	,	PUNCT
ajfa-79	391	11	y.	y.	PROPN
ajfa-79	391	12	,	,	PUNCT
ajfa-79	391	13	&	&	CCONJ
ajfa-79	391	14	wu	wu	PROPN
ajfa-79	391	15	,	,	PUNCT
ajfa-79	391	16	z.	z.	PROPN
ajfa-79	391	17	(	(	PUNCT
ajfa-79	391	18	2009	2009	NUM
ajfa-79	391	19	)	)	PUNCT
ajfa-79	391	20	,	,	PUNCT
ajfa-79	391	21	fraud	fraud	NOUN
ajfa-79	391	22	,	,	PUNCT
ajfa-79	391	23	enforcement	enforcement	NOUN
ajfa-79	391	24	action	action	NOUN
ajfa-79	391	25	,	,	PUNCT
ajfa-79	391	26	and	and	CCONJ
ajfa-79	391	27	the	the	DET
ajfa-79	391	28	role	role	NOUN
ajfa-79	391	29	of	of	ADP
ajfa-79	391	30	corporate	corporate	ADJ
ajfa-79	391	31	governance	governance	NOUN
ajfa-79	391	32	:	:	PUNCT
ajfa-79	391	33	evidence	evidence	NOUN
ajfa-79	391	34	from	from	ADP
ajfa-79	391	35	china	china	PROPN
ajfa-79	391	36	.	.	PUNCT
ajfa-79	392	1	journal	journal	PROPN
ajfa-79	392	2	of	of	ADP
ajfa-79	392	3	business	business	NOUN
ajfa-79	392	4	ethics	ethic	NOUN
ajfa-79	392	5	,	,	PUNCT
ajfa-79	392	6	forthcoming	forthcoming	ADJ
ajfa-79	392	7	.	.	PUNCT
ajfa-79	393	1	kato	kato	PROPN
ajfa-79	393	2	,	,	PUNCT
ajfa-79	393	3	t.	t.	PROPN
ajfa-79	393	4	,	,	PUNCT
ajfa-79	393	5	&	&	CCONJ
ajfa-79	393	6	long	long	ADV
ajfa-79	393	7	,	,	PUNCT
ajfa-79	393	8	c.	c.	PROPN
ajfa-79	393	9	(	(	PUNCT
ajfa-79	393	10	2006	2006	NUM
ajfa-79	393	11	)	)	PUNCT
ajfa-79	393	12	,	,	PUNCT
ajfa-79	393	13	executive	executive	NOUN
ajfa-79	393	14	compensation	compensation	NOUN
ajfa-79	393	15	,	,	PUNCT
ajfa-79	393	16	firm	firm	ADJ
ajfa-79	393	17	performance	performance	NOUN
ajfa-79	393	18	,	,	PUNCT
ajfa-79	393	19	and	and	CCONJ
ajfa-79	393	20	corporate	corporate	ADJ
ajfa-79	393	21	governance	governance	NOUN
ajfa-79	393	22	in	in	ADP
ajfa-79	393	23	china	china	PROPN
ajfa-79	393	24	:	:	PUNCT
ajfa-79	393	25	evidence	evidence	NOUN
ajfa-79	393	26	from	from	ADP
ajfa-79	393	27	firms	firm	NOUN
ajfa-79	393	28	listed	list	VERB
ajfa-79	393	29	in	in	ADP
ajfa-79	393	30	the	the	DET
ajfa-79	393	31	shanghai	shanghai	PROPN
ajfa-79	393	32	and	and	CCONJ
ajfa-79	393	33	shenzhen	shenzhen	PROPN
ajfa-79	393	34	stock	stock	PROPN
ajfa-79	393	35	exchanges	exchange	NOUN
ajfa-79	393	36	.	.	PUNCT
ajfa-79	394	1	economic	economic	ADJ
ajfa-79	394	2	development	development	NOUN
ajfa-79	394	3	and	and	CCONJ
ajfa-79	394	4	cultural	cultural	ADJ
ajfa-79	394	5	change	change	NOUN
ajfa-79	394	6	,	,	PUNCT
ajfa-79	394	7	54	54	NUM
ajfa-79	394	8	,	,	PUNCT
ajfa-79	394	9	945	945	NUM
ajfa-79	394	10	-	-	SYM
ajfa-79	394	11	983	983	NUM
ajfa-79	394	12	.	.	PUNCT
ajfa-79	395	1	ke	ke	PROPN
ajfa-79	395	2	,	,	PUNCT
ajfa-79	395	3	b.	b.	PROPN
ajfa-79	395	4	,	,	PUNCT
ajfa-79	395	5	petroni	petroni	NOUN
ajfa-79	395	6	,	,	PUNCT
ajfa-79	395	7	k.	k.	PROPN
ajfa-79	395	8	,	,	PUNCT
ajfa-79	395	9	&	&	CCONJ
ajfa-79	395	10	safieddine	safieddine	PROPN
ajfa-79	395	11	,	,	PUNCT
ajfa-79	395	12	a.	a.	NOUN
ajfa-79	395	13	(	(	PUNCT
ajfa-79	395	14	1999	1999	NUM
ajfa-79	395	15	)	)	PUNCT
ajfa-79	395	16	,	,	PUNCT
ajfa-79	395	17	ownership	ownership	NOUN
ajfa-79	395	18	concentration	concentration	NOUN
ajfa-79	395	19	and	and	CCONJ
ajfa-79	395	20	sensitivity	sensitivity	NOUN
ajfa-79	395	21	of	of	ADP
ajfa-79	395	22	executive	executive	ADJ
ajfa-79	395	23	pay	pay	NOUN
ajfa-79	395	24	to	to	ADP
ajfa-79	395	25	accounting	accounting	NOUN
ajfa-79	395	26	performance	performance	NOUN
ajfa-79	395	27	measures	measure	NOUN
ajfa-79	395	28	:	:	PUNCT
ajfa-79	395	29	evidence	evidence	NOUN
ajfa-79	395	30	from	from	ADP
ajfa-79	395	31	publicly	publicly	ADV
ajfa-79	395	32	and	and	CCONJ
ajfa-79	395	33	privately	privately	ADV
ajfa-79	395	34	-	-	PUNCT
ajfa-79	395	35	held	hold	VERB
ajfa-79	395	36	insurance	insurance	NOUN
ajfa-79	395	37	companies	company	NOUN
ajfa-79	395	38	.	.	PUNCT
ajfa-79	396	1	journal	journal	NOUN
ajfa-79	396	2	of	of	ADP
ajfa-79	396	3	accounting	accounting	NOUN
ajfa-79	396	4	and	and	CCONJ
ajfa-79	396	5	economics	economic	NOUN
ajfa-79	396	6	,	,	PUNCT
ajfa-79	396	7	28	28	NUM
ajfa-79	396	8	,	,	PUNCT
ajfa-79	396	9	185	185	NUM
ajfa-79	396	10	-	-	SYM
ajfa-79	396	11	209	209	NUM
ajfa-79	396	12	.	.	PUNCT
ajfa-79	397	1	kraft	kraft	NOUN
ajfa-79	397	2	,	,	PUNCT
ajfa-79	397	3	k.	k.	PROPN
ajfa-79	397	4	,	,	PUNCT
ajfa-79	397	5	&	&	CCONJ
ajfa-79	397	6	niederprum	niederprum	PROPN
ajfa-79	397	7	,	,	PUNCT
ajfa-79	397	8	a.	a.	NOUN
ajfa-79	397	9	(	(	PUNCT
ajfa-79	397	10	1999	1999	NUM
ajfa-79	397	11	)	)	PUNCT
ajfa-79	397	12	,	,	PUNCT
ajfa-79	397	13	determinants	determinant	NOUN
ajfa-79	397	14	of	of	ADP
ajfa-79	397	15	management	management	NOUN
ajfa-79	397	16	compensation	compensation	NOUN
ajfa-79	397	17	with	with	ADP
ajfa-79	397	18	risk	risk	NOUN
ajfa-79	397	19	-	-	PUNCT
ajfa-79	397	20	averse	averse	ADJ
ajfa-79	397	21	agents	agent	NOUN
ajfa-79	397	22	and	and	CCONJ
ajfa-79	397	23	dispersed	disperse	VERB
ajfa-79	397	24	ownership	ownership	NOUN
ajfa-79	397	25	of	of	ADP
ajfa-79	397	26	the	the	DET
ajfa-79	397	27	firm	firm	NOUN
ajfa-79	397	28	.	.	PUNCT
ajfa-79	398	1	journal	journal	PROPN
ajfa-79	398	2	of	of	ADP
ajfa-79	398	3	economic	economic	ADJ
ajfa-79	398	4	behavior	behavior	NOUN
ajfa-79	398	5	and	and	CCONJ
ajfa-79	398	6	organization	organization	NOUN
ajfa-79	398	7	,	,	PUNCT
ajfa-79	398	8	40	40	NUM
ajfa-79	398	9	,	,	PUNCT
ajfa-79	398	10	17	17	NUM
ajfa-79	398	11	-	-	SYM
ajfa-79	398	12	27	27	NUM
ajfa-79	398	13	.	.	PUNCT
ajfa-79	399	1	la	la	PROPN
ajfa-79	399	2	porta	porta	PROPN
ajfa-79	399	3	,	,	PUNCT
ajfa-79	399	4	r.	r.	PROPN
ajfa-79	399	5	,	,	PUNCT
ajfa-79	399	6	lopez	lopez	NOUN
ajfa-79	399	7	-	-	PUNCT
ajfa-79	399	8	de	de	NOUN
ajfa-79	399	9	-	-	NOUN
ajfa-79	399	10	silanes	silanes	PROPN
ajfa-79	399	11	,	,	PUNCT
ajfa-79	399	12	f.	f.	PROPN
ajfa-79	399	13	,	,	PUNCT
ajfa-79	399	14	&	&	CCONJ
ajfa-79	399	15	shleifer	shleifer	PROPN
ajfa-79	399	16	,	,	PUNCT
ajfa-79	399	17	a.	a.	NOUN
ajfa-79	399	18	(	(	PUNCT
ajfa-79	399	19	1999	1999	NUM
ajfa-79	399	20	)	)	PUNCT
ajfa-79	399	21	,	,	PUNCT
ajfa-79	399	22	corporate	corporate	ADJ
ajfa-79	399	23	ownership	ownership	NOUN
ajfa-79	399	24	around	around	ADP
ajfa-79	399	25	the	the	DET
ajfa-79	399	26	http://ssrn.com/abstract=966555	http://ssrn.com/abstract=966555	NOUN
ajfa-79	399	27	asian	asian	ADJ
ajfa-79	399	28	journal	journal	NOUN
ajfa-79	399	29	of	of	ADP
ajfa-79	399	30	finance	finance	PROPN
ajfa-79	399	31	&	&	CCONJ
ajfa-79	399	32	accounting	accounting	PROPN
ajfa-79	399	33	issn	issn	PROPN
ajfa-79	399	34	1946	1946	NUM
ajfa-79	399	35	-	-	PUNCT
ajfa-79	399	36	052x	052x	NOUN
ajfa-79	399	37	2009	2009	NUM
ajfa-79	399	38	,	,	PUNCT
ajfa-79	399	39	vol	vol	NOUN
ajfa-79	399	40	.	.	PROPN
ajfa-79	400	1	1	1	NUM
ajfa-79	400	2	,	,	PUNCT
ajfa-79	400	3	no	no	INTJ
ajfa-79	400	4	.	.	NOUN
ajfa-79	400	5	1	1	NUM
ajfa-79	400	6	:	:	PUNCT
ajfa-79	400	7	e1	e1	VERB
ajfa-79	400	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	400	9	21	21	NUM
ajfa-79	400	10	world	world	NOUN
ajfa-79	400	11	.	.	PUNCT
ajfa-79	401	1	journal	journal	PROPN
ajfa-79	401	2	of	of	ADP
ajfa-79	401	3	finance	finance	NOUN
ajfa-79	401	4	,	,	PUNCT
ajfa-79	401	5	54	54	NUM
ajfa-79	401	6	,	,	PUNCT
ajfa-79	401	7	471	471	NUM
ajfa-79	401	8	-	-	SYM
ajfa-79	401	9	517	517	NUM
ajfa-79	401	10	.	.	PUNCT
ajfa-79	402	1	la	la	PROPN
ajfa-79	402	2	porta	porta	PROPN
ajfa-79	402	3	,	,	PUNCT
ajfa-79	402	4	r.	r.	PROPN
ajfa-79	402	5	,	,	PUNCT
ajfa-79	402	6	lopez	lopez	NOUN
ajfa-79	402	7	-	-	PUNCT
ajfa-79	402	8	de	de	NOUN
ajfa-79	402	9	-	-	NOUN
ajfa-79	402	10	silanes	silanes	PROPN
ajfa-79	402	11	,	,	PUNCT
ajfa-79	402	12	f.	f.	PROPN
ajfa-79	402	13	,	,	PUNCT
ajfa-79	402	14	shleifer	shleifer	VERB
ajfa-79	402	15	,	,	PUNCT
ajfa-79	402	16	a	a	PRON
ajfa-79	402	17	,	,	PUNCT
ajfa-79	402	18	&	&	CCONJ
ajfa-79	402	19	vishny	vishny	PROPN
ajfa-79	402	20	,	,	PUNCT
ajfa-79	402	21	r.	r.	PROPN
ajfa-79	402	22	(	(	PUNCT
ajfa-79	402	23	2000	2000	NUM
ajfa-79	402	24	)	)	PUNCT
ajfa-79	402	25	,	,	PUNCT
ajfa-79	402	26	investor	investor	NOUN
ajfa-79	402	27	protection	protection	NOUN
ajfa-79	402	28	and	and	CCONJ
ajfa-79	402	29	corporate	corporate	ADJ
ajfa-79	402	30	governance	governance	NOUN
ajfa-79	402	31	.	.	PUNCT
ajfa-79	403	1	journal	journal	NOUN
ajfa-79	403	2	of	of	ADP
ajfa-79	403	3	financial	financial	ADJ
ajfa-79	403	4	economics	economic	NOUN
ajfa-79	403	5	,	,	PUNCT
ajfa-79	403	6	58	58	NUM
ajfa-79	403	7	,	,	PUNCT
ajfa-79	403	8	3	3	NUM
ajfa-79	403	9	-	-	SYM
ajfa-79	403	10	27	27	NUM
ajfa-79	403	11	.	.	PUNCT
ajfa-79	404	1	levitt	levitt	PROPN
ajfa-79	404	2	,	,	PUNCT
ajfa-79	404	3	a.	a.	NOUN
ajfa-79	404	4	(	(	PUNCT
ajfa-79	404	5	2005	2005	NUM
ajfa-79	404	6	)	)	PUNCT
ajfa-79	404	7	,	,	PUNCT
ajfa-79	404	8	corporate	corporate	ADJ
ajfa-79	404	9	culture	culture	NOUN
ajfa-79	404	10	and	and	CCONJ
ajfa-79	404	11	the	the	DET
ajfa-79	404	12	problem	problem	NOUN
ajfa-79	404	13	of	of	ADP
ajfa-79	404	14	executive	executive	ADJ
ajfa-79	404	15	compensation	compensation	NOUN
ajfa-79	404	16	.	.	PUNCT
ajfa-79	405	1	journal	journal	PROPN
ajfa-79	405	2	of	of	ADP
ajfa-79	405	3	applied	apply	VERB
ajfa-79	405	4	corporate	corporate	ADJ
ajfa-79	405	5	finance	finance	NOUN
ajfa-79	405	6	,	,	PUNCT
ajfa-79	405	7	17	17	NUM
ajfa-79	405	8	,	,	PUNCT
ajfa-79	405	9	41	41	NUM
ajfa-79	405	10	-	-	SYM
ajfa-79	405	11	43	43	NUM
ajfa-79	405	12	.	.	PUNCT
ajfa-79	406	1	lin	lin	PROPN
ajfa-79	406	2	,	,	PUNCT
ajfa-79	406	3	y.	y.	PROPN
ajfa-79	406	4	(	(	PUNCT
ajfa-79	406	5	2005	2005	NUM
ajfa-79	406	6	)	)	PUNCT
ajfa-79	406	7	corporate	corporate	ADJ
ajfa-79	406	8	governance	governance	NOUN
ajfa-79	406	9	,	,	PUNCT
ajfa-79	406	10	leadership	leadership	NOUN
ajfa-79	406	11	structure	structure	NOUN
ajfa-79	406	12	and	and	CCONJ
ajfa-79	406	13	ceo	ceo	NOUN
ajfa-79	406	14	compensation	compensation	NOUN
ajfa-79	406	15	:	:	PUNCT
ajfa-79	406	16	evidence	evidence	NOUN
ajfa-79	406	17	from	from	ADP
ajfa-79	406	18	taiwan	taiwan	PROPN
ajfa-79	406	19	.	.	PUNCT
ajfa-79	407	1	corporate	corporate	ADJ
ajfa-79	407	2	governance	governance	NOUN
ajfa-79	407	3	:	:	PUNCT
ajfa-79	407	4	an	an	DET
ajfa-79	407	5	international	international	ADJ
ajfa-79	407	6	review	review	NOUN
ajfa-79	407	7	13	13	NUM
ajfa-79	407	8	,	,	PUNCT
ajfa-79	407	9	824	824	NUM
ajfa-79	407	10	-	-	SYM
ajfa-79	407	11	835	835	NUM
ajfa-79	407	12	.	.	PUNCT
ajfa-79	408	1	liu	liu	PROPN
ajfa-79	408	2	,	,	PUNCT
ajfa-79	408	3	d.	d.	PROPN
ajfa-79	408	4	,	,	PUNCT
ajfa-79	408	5	&	&	CCONJ
ajfa-79	408	6	otsuka	otsuka	PROPN
ajfa-79	408	7	,	,	PUNCT
ajfa-79	408	8	k.	k.	PROPN
ajfa-79	408	9	(	(	PUNCT
ajfa-79	408	10	2004	2004	NUM
ajfa-79	408	11	)	)	PUNCT
ajfa-79	408	12	,	,	PUNCT
ajfa-79	408	13	a	a	DET
ajfa-79	408	14	comparison	comparison	NOUN
ajfa-79	408	15	of	of	ADP
ajfa-79	408	16	management	management	NOUN
ajfa-79	408	17	incentives	incentive	NOUN
ajfa-79	408	18	,	,	PUNCT
ajfa-79	408	19	abilities	ability	NOUN
ajfa-79	408	20	,	,	PUNCT
ajfa-79	408	21	and	and	CCONJ
ajfa-79	408	22	efficiency	efficiency	NOUN
ajfa-79	408	23	between	between	ADP
ajfa-79	408	24	soes	soe	NOUN
ajfa-79	408	25	and	and	CCONJ
ajfa-79	408	26	tves	tve	NOUN
ajfa-79	408	27	:	:	PUNCT
ajfa-79	408	28	the	the	DET
ajfa-79	408	29	case	case	NOUN
ajfa-79	408	30	of	of	ADP
ajfa-79	408	31	the	the	DET
ajfa-79	408	32	iron	iron	NOUN
ajfa-79	408	33	and	and	CCONJ
ajfa-79	408	34	steel	steel	NOUN
ajfa-79	408	35	industry	industry	NOUN
ajfa-79	408	36	in	in	ADP
ajfa-79	408	37	china	china	PROPN
ajfa-79	408	38	.	.	PUNCT
ajfa-79	409	1	economic	economic	ADJ
ajfa-79	409	2	development	development	NOUN
ajfa-79	409	3	and	and	CCONJ
ajfa-79	409	4	cultural	cultural	ADJ
ajfa-79	409	5	change	change	NOUN
ajfa-79	409	6	,	,	PUNCT
ajfa-79	409	7	52	52	NUM
ajfa-79	409	8	,	,	PUNCT
ajfa-79	409	9	759	759	NUM
ajfa-79	409	10	-	-	SYM
ajfa-79	409	11	780	780	NUM
ajfa-79	409	12	.	.	PUNCT
ajfa-79	410	1	liu	liu	PROPN
ajfa-79	410	2	,	,	PUNCT
ajfa-79	410	3	g.s	g.s	PROPN
ajfa-79	410	4	.	.	PROPN
ajfa-79	410	5	,	,	PUNCT
ajfa-79	410	6	&	&	CCONJ
ajfa-79	410	7	sun	sun	PROPN
ajfa-79	410	8	,	,	PUNCT
ajfa-79	410	9	p.	p.	NOUN
ajfa-79	410	10	(	(	PUNCT
ajfa-79	410	11	2005	2005	NUM
ajfa-79	410	12	)	)	PUNCT
ajfa-79	410	13	,	,	PUNCT
ajfa-79	410	14	the	the	DET
ajfa-79	410	15	class	class	NOUN
ajfa-79	410	16	of	of	ADP
ajfa-79	410	17	shareholdings	shareholding	NOUN
ajfa-79	410	18	and	and	CCONJ
ajfa-79	410	19	its	its	PRON
ajfa-79	410	20	impacts	impact	NOUN
ajfa-79	410	21	on	on	ADP
ajfa-79	410	22	corporate	corporate	ADJ
ajfa-79	410	23	performance	performance	NOUN
ajfa-79	410	24	:	:	PUNCT
ajfa-79	410	25	a	a	DET
ajfa-79	410	26	case	case	NOUN
ajfa-79	410	27	of	of	ADP
ajfa-79	410	28	state	state	NOUN
ajfa-79	410	29	shareholding	shareholding	NOUN
ajfa-79	410	30	composition	composition	NOUN
ajfa-79	410	31	in	in	ADP
ajfa-79	410	32	chinese	chinese	ADJ
ajfa-79	410	33	public	public	ADJ
ajfa-79	410	34	corporations	corporation	NOUN
ajfa-79	410	35	.	.	PUNCT
ajfa-79	411	1	corporate	corporate	ADJ
ajfa-79	411	2	governance	governance	NOUN
ajfa-79	411	3	:	:	PUNCT
ajfa-79	411	4	an	an	DET
ajfa-79	411	5	international	international	ADJ
ajfa-79	411	6	review	review	NOUN
ajfa-79	411	7	,	,	PUNCT
ajfa-79	411	8	13	13	NUM
ajfa-79	411	9	,	,	PUNCT
ajfa-79	411	10	46	46	NUM
ajfa-79	411	11	-	-	SYM
ajfa-79	411	12	59	59	NUM
ajfa-79	411	13	.	.	PUNCT
ajfa-79	412	1	mahoney	mahoney	PROPN
ajfa-79	412	2	,	,	PUNCT
ajfa-79	412	3	l.s	l.s	PROPN
ajfa-79	412	4	.	.	PROPN
ajfa-79	412	5	,	,	PUNCT
ajfa-79	412	6	&	&	CCONJ
ajfa-79	412	7	thorn	thorn	PROPN
ajfa-79	412	8	,	,	PUNCT
ajfa-79	412	9	l.	l.	PROPN
ajfa-79	412	10	(	(	PUNCT
ajfa-79	412	11	2006	2006	NUM
ajfa-79	412	12	)	)	PUNCT
ajfa-79	412	13	,	,	PUNCT
ajfa-79	412	14	an	an	DET
ajfa-79	412	15	examination	examination	NOUN
ajfa-79	412	16	of	of	ADP
ajfa-79	412	17	the	the	DET
ajfa-79	412	18	structure	structure	NOUN
ajfa-79	412	19	of	of	ADP
ajfa-79	412	20	executive	executive	ADJ
ajfa-79	412	21	compensation	compensation	NOUN
ajfa-79	412	22	and	and	CCONJ
ajfa-79	412	23	corporate	corporate	ADJ
ajfa-79	412	24	social	social	ADJ
ajfa-79	412	25	responsibility	responsibility	NOUN
ajfa-79	412	26	:	:	PUNCT
ajfa-79	412	27	a	a	DET
ajfa-79	412	28	canadian	canadian	ADJ
ajfa-79	412	29	investigation	investigation	NOUN
ajfa-79	412	30	.	.	PUNCT
ajfa-79	413	1	journal	journal	PROPN
ajfa-79	413	2	of	of	ADP
ajfa-79	413	3	business	business	NOUN
ajfa-79	413	4	ethics	ethic	NOUN
ajfa-79	413	5	,	,	PUNCT
ajfa-79	413	6	69	69	NUM
ajfa-79	413	7	,	,	PUNCT
ajfa-79	413	8	149	149	NUM
ajfa-79	413	9	-	-	SYM
ajfa-79	413	10	162	162	NUM
ajfa-79	413	11	.	.	PUNCT
ajfa-79	414	1	matsumura	matsumura	ADJ
ajfa-79	414	2	,	,	PUNCT
ajfa-79	414	3	e.m	e.m	PROPN
ajfa-79	414	4	.	.	PROPN
ajfa-79	414	5	,	,	PUNCT
ajfa-79	414	6	&	&	CCONJ
ajfa-79	414	7	shin	shin	PROPN
ajfa-79	414	8	,	,	PUNCT
ajfa-79	414	9	j.y	j.y	PROPN
ajfa-79	414	10	.	.	PROPN
ajfa-79	414	11	(	(	PUNCT
ajfa-79	414	12	2005	2005	NUM
ajfa-79	414	13	)	)	PUNCT
ajfa-79	414	14	,	,	PUNCT
ajfa-79	414	15	corporate	corporate	ADJ
ajfa-79	414	16	governance	governance	NOUN
ajfa-79	414	17	reform	reform	NOUN
ajfa-79	414	18	and	and	CCONJ
ajfa-79	414	19	ceo	ceo	NOUN
ajfa-79	414	20	compensation	compensation	NOUN
ajfa-79	414	21	:	:	PUNCT
ajfa-79	414	22	intended	intend	VERB
ajfa-79	414	23	and	and	CCONJ
ajfa-79	414	24	unintended	unintended	ADJ
ajfa-79	414	25	consequences	consequence	NOUN
ajfa-79	414	26	.	.	PUNCT
ajfa-79	415	1	journal	journal	NOUN
ajfa-79	415	2	of	of	ADP
ajfa-79	415	3	business	business	NOUN
ajfa-79	415	4	ethics	ethic	NOUN
ajfa-79	415	5	,	,	PUNCT
ajfa-79	415	6	62	62	NUM
ajfa-79	415	7	,	,	PUNCT
ajfa-79	415	8	101	101	NUM
ajfa-79	415	9	-	-	SYM
ajfa-79	415	10	113	113	NUM
ajfa-79	415	11	.	.	PUNCT
ajfa-79	416	1	mengistae	mengistae	PROPN
ajfa-79	416	2	,	,	PUNCT
ajfa-79	416	3	t.	t.	PROPN
ajfa-79	416	4	,	,	PUNCT
ajfa-79	416	5	&	&	CCONJ
ajfa-79	416	6	xu	xu	PROPN
ajfa-79	416	7	,	,	PUNCT
ajfa-79	416	8	l.	l.	PROPN
ajfa-79	416	9	(	(	PUNCT
ajfa-79	416	10	2004	2004	NUM
ajfa-79	416	11	)	)	PUNCT
ajfa-79	416	12	,	,	PUNCT
ajfa-79	416	13	agency	agency	NOUN
ajfa-79	416	14	theory	theory	NOUN
ajfa-79	416	15	and	and	CCONJ
ajfa-79	416	16	executive	executive	ADJ
ajfa-79	416	17	compensation	compensation	NOUN
ajfa-79	416	18	:	:	PUNCT
ajfa-79	416	19	the	the	DET
ajfa-79	416	20	case	case	NOUN
ajfa-79	416	21	of	of	ADP
ajfa-79	416	22	chinese	chinese	ADJ
ajfa-79	416	23	state	state	NOUN
ajfa-79	416	24	-	-	PUNCT
ajfa-79	416	25	owned	own	VERB
ajfa-79	416	26	enterprises	enterprise	NOUN
ajfa-79	416	27	.	.	PUNCT
ajfa-79	417	1	journal	journal	PROPN
ajfa-79	417	2	of	of	ADP
ajfa-79	417	3	labor	labor	NOUN
ajfa-79	417	4	economics	economic	NOUN
ajfa-79	417	5	,	,	PUNCT
ajfa-79	417	6	22	22	NUM
ajfa-79	417	7	,	,	PUNCT
ajfa-79	417	8	615	615	NUM
ajfa-79	417	9	-	-	SYM
ajfa-79	417	10	637	637	NUM
ajfa-79	417	11	.	.	PUNCT
ajfa-79	418	1	murphy	murphy	PROPN
ajfa-79	418	2	,	,	PUNCT
ajfa-79	418	3	k.	k.	PROPN
ajfa-79	418	4	(	(	PUNCT
ajfa-79	418	5	1999	1999	NUM
ajfa-79	418	6	)	)	PUNCT
ajfa-79	418	7	,	,	PUNCT
ajfa-79	418	8	executive	executive	NOUN
ajfa-79	418	9	compensation	compensation	NOUN
ajfa-79	418	10	.	.	PUNCT
ajfa-79	419	1	handbook	handbook	NOUN
ajfa-79	419	2	of	of	ADP
ajfa-79	419	3	labor	labor	NOUN
ajfa-79	419	4	economics	economic	NOUN
ajfa-79	419	5	vol	vol	NOUN
ajfa-79	419	6	.	.	PROPN
ajfa-79	419	7	3	3	NUM
ajfa-79	419	8	(	(	PUNCT
ajfa-79	419	9	elsevier	elsevier	NOUN
ajfa-79	419	10	)	)	PUNCT
ajfa-79	419	11	.	.	PUNCT
ajfa-79	420	1	nagar	nagar	PROPN
ajfa-79	420	2	,	,	PUNCT
ajfa-79	420	3	v.	v.	PROPN
ajfa-79	420	4	(	(	PUNCT
ajfa-79	420	5	2002	2002	NUM
ajfa-79	420	6	)	)	PUNCT
ajfa-79	420	7	,	,	PUNCT
ajfa-79	420	8	delegation	delegation	NOUN
ajfa-79	420	9	and	and	CCONJ
ajfa-79	420	10	innovative	innovative	ADJ
ajfa-79	420	11	compensation	compensation	NOUN
ajfa-79	420	12	.	.	PUNCT
ajfa-79	421	1	accounting	accounting	NOUN
ajfa-79	421	2	review	review	PROPN
ajfa-79	421	3	,	,	PUNCT
ajfa-79	421	4	77	77	NUM
ajfa-79	421	5	,	,	PUNCT
ajfa-79	421	6	379	379	NUM
ajfa-79	421	7	-	-	SYM
ajfa-79	421	8	395	395	NUM
ajfa-79	421	9	.	.	PUNCT
ajfa-79	422	1	nichols	nichols	PROPN
ajfa-79	422	2	,	,	PUNCT
ajfa-79	422	3	d.	d.	PROPN
ajfa-79	422	4	,	,	PUNCT
ajfa-79	422	5	&	&	CCONJ
ajfa-79	422	6	subramaniam	subramaniam	PROPN
ajfa-79	422	7	,	,	PUNCT
ajfa-79	422	8	c.	c.	PROPN
ajfa-79	422	9	(	(	PUNCT
ajfa-79	422	10	2001	2001	NUM
ajfa-79	422	11	)	)	PUNCT
ajfa-79	422	12	,	,	PUNCT
ajfa-79	422	13	executive	executive	NOUN
ajfa-79	422	14	compensation	compensation	NOUN
ajfa-79	422	15	:	:	PUNCT
ajfa-79	422	16	excessive	excessive	ADJ
ajfa-79	422	17	or	or	CCONJ
ajfa-79	422	18	equitable	equitable	ADJ
ajfa-79	422	19	?	?	PUNCT
ajfa-79	423	1	journal	journal	NOUN
ajfa-79	423	2	of	of	ADP
ajfa-79	423	3	business	business	NOUN
ajfa-79	423	4	ethics	ethic	NOUN
ajfa-79	423	5	,	,	PUNCT
ajfa-79	423	6	29	29	NUM
ajfa-79	423	7	,	,	PUNCT
ajfa-79	423	8	339	339	NUM
ajfa-79	423	9	-	-	SYM
ajfa-79	423	10	351	351	NUM
ajfa-79	423	11	.	.	PUNCT
ajfa-79	424	1	ortiz	ortiz	PROPN
ajfa-79	424	2	-	-	PUNCT
ajfa-79	424	3	molina	molina	PROPN
ajfa-79	424	4	,	,	PUNCT
ajfa-79	424	5	h.	h.	PROPN
ajfa-79	424	6	(	(	PUNCT
ajfa-79	424	7	2007	2007	NUM
ajfa-79	424	8	)	)	PUNCT
ajfa-79	424	9	,	,	PUNCT
ajfa-79	424	10	executive	executive	NOUN
ajfa-79	424	11	compensation	compensation	NOUN
ajfa-79	424	12	and	and	CCONJ
ajfa-79	424	13	capital	capital	NOUN
ajfa-79	424	14	structure	structure	NOUN
ajfa-79	424	15	:	:	PUNCT
ajfa-79	424	16	the	the	DET
ajfa-79	424	17	effects	effect	NOUN
ajfa-79	424	18	of	of	ADP
ajfa-79	424	19	convertible	convertible	ADJ
ajfa-79	424	20	debt	debt	NOUN
ajfa-79	424	21	and	and	CCONJ
ajfa-79	424	22	straight	straight	ADJ
ajfa-79	424	23	debt	debt	NOUN
ajfa-79	424	24	on	on	ADP
ajfa-79	424	25	ceo	ceo	NOUN
ajfa-79	424	26	pay	pay	NOUN
ajfa-79	424	27	.	.	PUNCT
ajfa-79	425	1	journal	journal	NOUN
ajfa-79	425	2	of	of	ADP
ajfa-79	425	3	accounting	accounting	NOUN
ajfa-79	425	4	and	and	CCONJ
ajfa-79	425	5	economics	economic	NOUN
ajfa-79	425	6	,	,	PUNCT
ajfa-79	425	7	43	43	NUM
ajfa-79	425	8	,	,	PUNCT
ajfa-79	425	9	69	69	NUM
ajfa-79	425	10	-	-	SYM
ajfa-79	425	11	93	93	NUM
ajfa-79	425	12	.	.	PUNCT
ajfa-79	426	1	perel	perel	PROPN
ajfa-79	426	2	,	,	PUNCT
ajfa-79	426	3	m.	m.	NOUN
ajfa-79	426	4	(	(	PUNCT
ajfa-79	426	5	2003	2003	NUM
ajfa-79	426	6	)	)	PUNCT
ajfa-79	426	7	,	,	PUNCT
ajfa-79	426	8	an	an	DET
ajfa-79	426	9	ethical	ethical	ADJ
ajfa-79	426	10	perspective	perspective	NOUN
ajfa-79	426	11	on	on	ADP
ajfa-79	426	12	ceo	ceo	NOUN
ajfa-79	426	13	compensation	compensation	NOUN
ajfa-79	426	14	.	.	PUNCT
ajfa-79	427	1	journal	journal	PROPN
ajfa-79	427	2	of	of	ADP
ajfa-79	427	3	business	business	NOUN
ajfa-79	427	4	ethics	ethic	NOUN
ajfa-79	427	5	,	,	PUNCT
ajfa-79	427	6	48	48	NUM
ajfa-79	427	7	,	,	PUNCT
ajfa-79	427	8	381	381	NUM
ajfa-79	427	9	-	-	SYM
ajfa-79	427	10	391	391	NUM
ajfa-79	427	11	.	.	PUNCT
ajfa-79	428	1	persons	person	NOUN
ajfa-79	428	2	,	,	PUNCT
ajfa-79	428	3	o.	o.	NOUN
ajfa-79	428	4	(	(	PUNCT
ajfa-79	428	5	2006	2006	NUM
ajfa-79	428	6	)	)	PUNCT
ajfa-79	428	7	,	,	PUNCT
ajfa-79	428	8	the	the	DET
ajfa-79	428	9	effects	effect	NOUN
ajfa-79	428	10	of	of	ADP
ajfa-79	428	11	fraud	fraud	NOUN
ajfa-79	428	12	and	and	CCONJ
ajfa-79	428	13	lawsuit	lawsuit	NOUN
ajfa-79	428	14	revelation	revelation	NOUN
ajfa-79	428	15	on	on	ADP
ajfa-79	428	16	u.s	u.s	PROPN
ajfa-79	428	17	.	.	PROPN
ajfa-79	428	18	executive	executive	ADJ
ajfa-79	428	19	turnover	turnover	NOUN
ajfa-79	428	20	and	and	CCONJ
ajfa-79	428	21	compensation	compensation	NOUN
ajfa-79	428	22	.	.	PUNCT
ajfa-79	429	1	journal	journal	PROPN
ajfa-79	429	2	of	of	ADP
ajfa-79	429	3	business	business	NOUN
ajfa-79	429	4	ethics	ethic	NOUN
ajfa-79	429	5	,	,	PUNCT
ajfa-79	429	6	64	64	NUM
ajfa-79	429	7	,	,	PUNCT
ajfa-79	429	8	405	405	NUM
ajfa-79	429	9	-	-	SYM
ajfa-79	429	10	419	419	NUM
ajfa-79	429	11	.	.	PUNCT
ajfa-79	430	1	pistor	pistor	NOUN
ajfa-79	430	2	,	,	PUNCT
ajfa-79	430	3	k.	k.	PROPN
ajfa-79	430	4	,	,	PUNCT
ajfa-79	430	5	&	&	CCONJ
ajfa-79	430	6	xu	xu	PROPN
ajfa-79	430	7	,	,	PUNCT
ajfa-79	430	8	c.	c.	PROPN
ajfa-79	430	9	(	(	PUNCT
ajfa-79	430	10	2005	2005	NUM
ajfa-79	430	11	)	)	PUNCT
ajfa-79	430	12	,	,	PUNCT
ajfa-79	430	13	governing	govern	VERB
ajfa-79	430	14	emerging	emerge	VERB
ajfa-79	430	15	stock	stock	NOUN
ajfa-79	430	16	markets	market	NOUN
ajfa-79	430	17	:	:	PUNCT
ajfa-79	431	1	legal	legal	ADJ
ajfa-79	431	2	vs	vs	ADP
ajfa-79	431	3	administrative	administrative	ADJ
ajfa-79	431	4	governance	governance	NOUN
ajfa-79	431	5	.	.	PUNCT
ajfa-79	432	1	corporate	corporate	ADJ
ajfa-79	432	2	governance	governance	NOUN
ajfa-79	432	3	:	:	PUNCT
ajfa-79	432	4	an	an	DET
ajfa-79	432	5	international	international	ADJ
ajfa-79	432	6	review	review	NOUN
ajfa-79	432	7	,	,	PUNCT
ajfa-79	432	8	13	13	NUM
ajfa-79	432	9	,	,	PUNCT
ajfa-79	432	10	5	5	NUM
ajfa-79	432	11	-	-	SYM
ajfa-79	432	12	10	10	NUM
ajfa-79	432	13	.	.	PUNCT
ajfa-79	433	1	ramaswamy	ramaswamy	ADJ
ajfa-79	433	2	,	,	PUNCT
ajfa-79	433	3	k.	k.	PROPN
ajfa-79	433	4	,	,	PUNCT
ajfa-79	433	5	veliyath	veliyath	PROPN
ajfa-79	433	6	,	,	PUNCT
ajfa-79	433	7	r.	r.	PROPN
ajfa-79	433	8	,	,	PUNCT
ajfa-79	433	9	&	&	CCONJ
ajfa-79	433	10	gomes	gomes	PROPN
ajfa-79	433	11	,	,	PUNCT
ajfa-79	433	12	l.	l.	PROPN
ajfa-79	433	13	(	(	PUNCT
ajfa-79	433	14	2000	2000	NUM
ajfa-79	433	15	)	)	PUNCT
ajfa-79	433	16	,	,	PUNCT
ajfa-79	433	17	a	a	DET
ajfa-79	433	18	study	study	NOUN
ajfa-79	433	19	of	of	ADP
ajfa-79	433	20	the	the	DET
ajfa-79	433	21	determinants	determinant	NOUN
ajfa-79	433	22	of	of	ADP
ajfa-79	433	23	ceo	ceo	NOUN
ajfa-79	433	24	asian	asian	ADJ
ajfa-79	433	25	journal	journal	NOUN
ajfa-79	433	26	of	of	ADP
ajfa-79	433	27	finance	finance	PROPN
ajfa-79	433	28	&	&	CCONJ
ajfa-79	433	29	accounting	accounting	PROPN
ajfa-79	433	30	issn	issn	PROPN
ajfa-79	433	31	1946	1946	NUM
ajfa-79	433	32	-	-	PUNCT
ajfa-79	433	33	052x	052x	NOUN
ajfa-79	433	34	2009	2009	NUM
ajfa-79	433	35	,	,	PUNCT
ajfa-79	433	36	vol	vol	NOUN
ajfa-79	433	37	.	.	PROPN
ajfa-79	434	1	1	1	NUM
ajfa-79	434	2	,	,	PUNCT
ajfa-79	434	3	no	no	INTJ
ajfa-79	434	4	.	.	NOUN
ajfa-79	434	5	1	1	NUM
ajfa-79	434	6	:	:	PUNCT
ajfa-79	434	7	e1	e1	VERB
ajfa-79	434	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-79	434	9	22	22	NUM
ajfa-79	434	10	compensation	compensation	NOUN
ajfa-79	434	11	in	in	ADP
ajfa-79	434	12	india	india	PROPN
ajfa-79	434	13	.	.	PUNCT
ajfa-79	435	1	management	management	PROPN
ajfa-79	435	2	international	international	PROPN
ajfa-79	435	3	review	review	NOUN
ajfa-79	435	4	40	40	NUM
ajfa-79	435	5	,	,	PUNCT
ajfa-79	435	6	167	167	NUM
ajfa-79	435	7	-	-	SYM
ajfa-79	435	8	191	191	NUM
ajfa-79	435	9	.	.	PUNCT
ajfa-79	436	1	ryan	ryan	PROPN
ajfa-79	436	2	jr	jr	PROPN
ajfa-79	436	3	.	.	PROPN
ajfa-79	436	4	,	,	PUNCT
ajfa-79	436	5	h.	h.	PROPN
ajfa-79	436	6	,	,	PUNCT
ajfa-79	436	7	&	&	CCONJ
ajfa-79	436	8	wiggins	wiggins	PROPN
ajfa-79	436	9	iii	iii	PROPN
ajfa-79	436	10	,	,	PUNCT
ajfa-79	436	11	r.	r.	PROPN
ajfa-79	436	12	(	(	PUNCT
ajfa-79	436	13	2004	2004	NUM
ajfa-79	436	14	)	)	PUNCT
ajfa-79	436	15	,	,	PUNCT
ajfa-79	436	16	who	who	PRON
ajfa-79	436	17	is	be	AUX
ajfa-79	436	18	in	in	ADP
ajfa-79	436	19	whose	whose	DET
ajfa-79	436	20	pocket	pocket	NOUN
ajfa-79	436	21	?	?	PUNCT
ajfa-79	437	1	director	director	NOUN
ajfa-79	437	2	compensation	compensation	PROPN
ajfa-79	437	3	,	,	PUNCT
ajfa-79	437	4	board	board	NOUN
ajfa-79	437	5	independence	independence	NOUN
ajfa-79	437	6	,	,	PUNCT
ajfa-79	437	7	and	and	CCONJ
ajfa-79	437	8	barriers	barrier	NOUN
ajfa-79	437	9	to	to	ADP
ajfa-79	437	10	effective	effective	ADJ
ajfa-79	437	11	monitoring	monitoring	NOUN
ajfa-79	437	12	.	.	PUNCT
ajfa-79	438	1	journal	journal	NOUN
ajfa-79	438	2	of	of	ADP
ajfa-79	438	3	financial	financial	ADJ
ajfa-79	438	4	economics	economic	NOUN
ajfa-79	438	5	,	,	PUNCT
ajfa-79	438	6	73	73	NUM
ajfa-79	438	7	,	,	PUNCT
ajfa-79	438	8	497	497	NUM
ajfa-79	438	9	-	-	SYM
ajfa-79	438	10	524	524	NUM
ajfa-79	438	11	.	.	PUNCT
ajfa-79	439	1	shleifer	shleifer	PROPN
ajfa-79	439	2	,	,	PUNCT
ajfa-79	439	3	a.	a.	PROPN
ajfa-79	439	4	,	,	PUNCT
ajfa-79	439	5	&	&	CCONJ
ajfa-79	439	6	vishny	vishny	PROPN
ajfa-79	439	7	,	,	PUNCT
ajfa-79	439	8	r.	r.	PROPN
ajfa-79	439	9	(	(	PUNCT
ajfa-79	439	10	1997	1997	NUM
ajfa-79	439	11	)	)	PUNCT
ajfa-79	439	12	,	,	PUNCT
ajfa-79	439	13	a	a	DET
ajfa-79	439	14	survey	survey	NOUN
ajfa-79	439	15	of	of	ADP
ajfa-79	439	16	corporate	corporate	ADJ
ajfa-79	439	17	governance	governance	NOUN
ajfa-79	439	18	.	.	PUNCT
ajfa-79	440	1	journal	journal	NOUN
ajfa-79	440	2	of	of	ADP
ajfa-79	440	3	finance	finance	NOUN
ajfa-79	440	4	,	,	PUNCT
ajfa-79	440	5	52	52	NUM
ajfa-79	440	6	,	,	PUNCT
ajfa-79	440	7	737	737	NUM
ajfa-79	440	8	-	-	SYM
ajfa-79	440	9	783	783	NUM
ajfa-79	440	10	.	.	PUNCT
ajfa-79	441	1	sun	sun	PROPN
ajfa-79	441	2	,	,	PUNCT
ajfa-79	441	3	q.	q.	PROPN
ajfa-79	441	4	,	,	PUNCT
ajfa-79	441	5	&	&	CCONJ
ajfa-79	441	6	tong	tong	PROPN
ajfa-79	441	7	,	,	PUNCT
ajfa-79	441	8	w.h.s	w.h.s	NOUN
ajfa-79	441	9	.	.	PUNCT
ajfa-79	442	1	(	(	PUNCT
ajfa-79	442	2	2003	2003	NUM
ajfa-79	442	3	)	)	PUNCT
ajfa-79	442	4	,	,	PUNCT
ajfa-79	442	5	china	china	PROPN
ajfa-79	442	6	share	share	PROPN
ajfa-79	442	7	issue	issue	NOUN
ajfa-79	442	8	privatization	privatization	NOUN
ajfa-79	442	9	:	:	PUNCT
ajfa-79	442	10	the	the	DET
ajfa-79	442	11	extent	extent	NOUN
ajfa-79	442	12	of	of	ADP
ajfa-79	442	13	its	its	PRON
ajfa-79	442	14	success	success	NOUN
ajfa-79	442	15	.	.	PUNCT
ajfa-79	443	1	journal	journal	NOUN
ajfa-79	443	2	of	of	ADP
ajfa-79	443	3	financial	financial	ADJ
ajfa-79	443	4	economics	economic	NOUN
ajfa-79	443	5	,	,	PUNCT
ajfa-79	443	6	70	70	NUM
ajfa-79	443	7	,	,	PUNCT
ajfa-79	443	8	183	183	NUM
ajfa-79	443	9	-	-	SYM
ajfa-79	443	10	222	222	NUM
ajfa-79	443	11	.	.	PUNCT
ajfa-79	444	1	vafeas	vafea	NOUN
ajfa-79	444	2	,	,	PUNCT
ajfa-79	444	3	n.	n.	NOUN
ajfa-79	444	4	(	(	PUNCT
ajfa-79	444	5	1999	1999	NUM
ajfa-79	444	6	)	)	PUNCT
ajfa-79	444	7	,	,	PUNCT
ajfa-79	444	8	board	board	NOUN
ajfa-79	444	9	meeting	meeting	NOUN
ajfa-79	444	10	frequency	frequency	NOUN
ajfa-79	444	11	and	and	CCONJ
ajfa-79	444	12	firm	firm	ADJ
ajfa-79	444	13	performance	performance	NOUN
ajfa-79	444	14	.	.	PUNCT
ajfa-79	445	1	journal	journal	NOUN
ajfa-79	445	2	of	of	ADP
ajfa-79	445	3	financial	financial	ADJ
ajfa-79	445	4	economics	economic	NOUN
ajfa-79	445	5	,	,	PUNCT
ajfa-79	445	6	53	53	NUM
ajfa-79	445	7	,	,	PUNCT
ajfa-79	445	8	113	113	NUM
ajfa-79	445	9	-	-	SYM
ajfa-79	445	10	142	142	NUM
ajfa-79	445	11	.	.	PUNCT
ajfa-79	446	1	wang	wang	PROPN
ajfa-79	446	2	,	,	PUNCT
ajfa-79	446	3	m.	m.	NOUN
ajfa-79	446	4	(	(	PUNCT
ajfa-79	446	5	2005	2005	NUM
ajfa-79	446	6	)	)	PUNCT
ajfa-79	446	7	,	,	PUNCT
ajfa-79	446	8	independent	independent	ADJ
ajfa-79	446	9	directors	director	NOUN
ajfa-79	446	10	?	?	PUNCT
ajfa-79	447	1	supervisors	supervisor	NOUN
ajfa-79	447	2	?	?	PUNCT
ajfa-79	448	1	who	who	PRON
ajfa-79	448	2	should	should	AUX
ajfa-79	448	3	monitor	monitor	VERB
ajfa-79	448	4	china	china	PROPN
ajfa-79	448	5	's	's	PART
ajfa-79	448	6	boards	board	NOUN
ajfa-79	448	7	.	.	PUNCT
ajfa-79	449	1	corporate	corporate	ADJ
ajfa-79	449	2	ownership	ownership	NOUN
ajfa-79	449	3	&	&	CCONJ
ajfa-79	449	4	control	control	PROPN
ajfa-79	449	5	,	,	PUNCT
ajfa-79	449	6	3	3	NUM
ajfa-79	449	7	,	,	PUNCT
ajfa-79	449	8	142	142	NUM
ajfa-79	449	9	-	-	SYM
ajfa-79	449	10	147	147	NUM
ajfa-79	449	11	.	.	PUNCT
ajfa-79	450	1	wang	wang	PROPN
ajfa-79	450	2	,	,	PUNCT
ajfa-79	450	3	f.	f.	PROPN
ajfa-79	450	4	,	,	PUNCT
ajfa-79	450	5	&	&	CCONJ
ajfa-79	450	6	xu	xu	PROPN
ajfa-79	450	7	,	,	PUNCT
ajfa-79	450	8	y.	y.	PROPN
ajfa-79	450	9	(	(	PUNCT
ajfa-79	450	10	2004	2004	NUM
ajfa-79	450	11	)	)	PUNCT
ajfa-79	450	12	,	,	PUNCT
ajfa-79	450	13	what	what	PRON
ajfa-79	450	14	determines	determine	VERB
ajfa-79	450	15	chinese	chinese	ADJ
ajfa-79	450	16	stock	stock	NOUN
ajfa-79	450	17	returns	return	NOUN
ajfa-79	450	18	.	.	PUNCT
ajfa-79	451	1	financial	financial	ADJ
ajfa-79	451	2	analysts	analyst	NOUN
ajfa-79	451	3	journal	journal	NOUN
ajfa-79	451	4	,	,	PUNCT
ajfa-79	451	5	60	60	NUM
ajfa-79	451	6	,	,	PUNCT
ajfa-79	451	7	65	65	NUM
ajfa-79	451	8	-	-	SYM
ajfa-79	451	9	77	77	NUM
ajfa-79	451	10	.	.	PUNCT
ajfa-79	452	1	wei	wei	PROPN
ajfa-79	452	2	,	,	PUNCT
ajfa-79	452	3	z.	z.	PROPN
ajfa-79	452	4	,	,	PUNCT
ajfa-79	452	5	xie	xie	PROPN
ajfa-79	452	6	,	,	PUNCT
ajfa-79	452	7	f.	f.	PROPN
ajfa-79	452	8	,	,	PUNCT
ajfa-79	452	9	&	&	CCONJ
ajfa-79	452	10	zhang	zhang	PROPN
ajfa-79	452	11	,	,	PUNCT
ajfa-79	452	12	s.	s.	PROPN
ajfa-79	452	13	(	(	PUNCT
ajfa-79	452	14	2005	2005	NUM
ajfa-79	452	15	)	)	PUNCT
ajfa-79	452	16	,	,	PUNCT
ajfa-79	452	17	ownership	ownership	NOUN
ajfa-79	452	18	structure	structure	NOUN
ajfa-79	452	19	and	and	CCONJ
ajfa-79	452	20	firm	firm	ADJ
ajfa-79	452	21	value	value	NOUN
ajfa-79	452	22	in	in	ADP
ajfa-79	452	23	china	china	PROPN
ajfa-79	452	24	's	's	PART
ajfa-79	452	25	privatized	privatized	ADJ
ajfa-79	452	26	firms	firm	NOUN
ajfa-79	452	27	:	:	PUNCT
ajfa-79	452	28	1991	1991	NUM
ajfa-79	452	29	-	-	SYM
ajfa-79	452	30	2001	2001	NUM
ajfa-79	452	31	.	.	PUNCT
ajfa-79	453	1	journal	journal	PROPN
ajfa-79	453	2	of	of	ADP
ajfa-79	453	3	financial	financial	PROPN
ajfa-79	453	4	&	&	CCONJ
ajfa-79	453	5	quantitative	quantitative	ADJ
ajfa-79	453	6	analysis	analysis	NOUN
ajfa-79	453	7	,	,	PUNCT
ajfa-79	453	8	40	40	NUM
ajfa-79	453	9	,	,	PUNCT
ajfa-79	453	10	87	87	NUM
ajfa-79	453	11	-	-	SYM
ajfa-79	453	12	108	108	NUM
ajfa-79	453	13	.	.	PUNCT
ajfa-79	454	1	wu	wu	PROPN
ajfa-79	454	2	,	,	PUNCT
ajfa-79	454	3	z.	z.	PROPN
ajfa-79	454	4	,	,	PUNCT
ajfa-79	454	5	li	li	PROPN
ajfa-79	454	6	,	,	PUNCT
ajfa-79	454	7	y.	y.	PROPN
ajfa-79	454	8	,	,	PUNCT
ajfa-79	454	9	ding	ding	NOUN
ajfa-79	454	10	,	,	PUNCT
ajfa-79	454	11	y.	y.	PROPN
ajfa-79	454	12	,	,	PUNCT
ajfa-79	454	13	&	&	CCONJ
ajfa-79	454	14	jia	jia	PROPN
ajfa-79	454	15	,	,	PUNCT
ajfa-79	454	16	c.	c.	PROPN
ajfa-79	454	17	(	(	PUNCT
ajfa-79	454	18	2009	2009	NUM
ajfa-79	454	19	)	)	PUNCT
ajfa-79	454	20	,	,	PUNCT
ajfa-79	454	21	supervisory	supervisory	ADJ
ajfa-79	454	22	board	board	NOUN
ajfa-79	454	23	and	and	CCONJ
ajfa-79	454	24	financial	financial	ADJ
ajfa-79	454	25	risk	risk	NOUN
ajfa-79	454	26	-	-	PUNCT
ajfa-79	454	27	taking	taking	NOUN
ajfa-79	454	28	:	:	PUNCT
ajfa-79	454	29	behaviors	behavior	NOUN
ajfa-79	454	30	in	in	ADP
ajfa-79	454	31	chinese	chinese	ADJ
ajfa-79	454	32	listed	list	VERB
ajfa-79	454	33	companies	company	NOUN
ajfa-79	454	34	.	.	PUNCT
ajfa-79	455	1	in	in	ADP
ajfa-79	455	2	r.w	r.w	PROPN
ajfa-79	455	3	.	.	PROPN
ajfa-79	455	4	kolb	kolb	PROPN
ajfa-79	455	5	and	and	CCONJ
ajfa-79	455	6	d.	d.	PROPN
ajfa-79	455	7	schwartz	schwartz	PROPN
ajfa-79	455	8	(	(	PUNCT
ajfa-79	455	9	eds	eds	PROPN
ajfa-79	455	10	.	.	PUNCT
ajfa-79	455	11	)	)	PUNCT
ajfa-79	455	12	,	,	PUNCT
ajfa-79	455	13	corporate	corporate	ADJ
ajfa-79	455	14	boards	board	NOUN
ajfa-79	455	15	:	:	PUNCT
ajfa-79	455	16	managers	manager	NOUN
ajfa-79	455	17	of	of	ADP
ajfa-79	455	18	risk	risk	NOUN
ajfa-79	455	19	,	,	PUNCT
ajfa-79	455	20	sources	source	NOUN
ajfa-79	455	21	of	of	ADP
ajfa-79	455	22	risk	risk	NOUN
ajfa-79	455	23	,	,	PUNCT
ajfa-79	455	24	wiley	wiley	NOUN
ajfa-79	455	25	-	-	PUNCT
ajfa-79	455	26	blackwell	blackwell	NOUN
ajfa-79	455	27	.	.	PUNCT
ajfa-79	456	1	xi	xi	PROPN
ajfa-79	456	2	,	,	PUNCT
ajfa-79	456	3	c.	c.	PROPN
ajfa-79	456	4	(	(	PUNCT
ajfa-79	456	5	2006	2006	NUM
ajfa-79	456	6	)	)	PUNCT
ajfa-79	456	7	,	,	PUNCT
ajfa-79	456	8	in	in	ADP
ajfa-79	456	9	search	search	NOUN
ajfa-79	456	10	of	of	ADP
ajfa-79	456	11	an	an	DET
ajfa-79	456	12	effective	effective	ADJ
ajfa-79	456	13	monitoring	monitoring	NOUN
ajfa-79	456	14	board	board	NOUN
ajfa-79	456	15	model	model	NOUN
ajfa-79	456	16	:	:	PUNCT
ajfa-79	456	17	board	board	NOUN
ajfa-79	456	18	reforms	reform	NOUN
ajfa-79	456	19	and	and	CCONJ
ajfa-79	456	20	the	the	DET
ajfa-79	456	21	political	political	ADJ
ajfa-79	456	22	economy	economy	NOUN
ajfa-79	456	23	of	of	ADP
ajfa-79	456	24	corporate	corporate	ADJ
ajfa-79	456	25	law	law	NOUN
ajfa-79	456	26	in	in	ADP
ajfa-79	456	27	china	china	PROPN
ajfa-79	456	28	.	.	PUNCT
ajfa-79	457	1	connecticut	connecticut	PROPN
ajfa-79	457	2	journal	journal	PROPN
ajfa-79	457	3	of	of	ADP
ajfa-79	457	4	international	international	ADJ
ajfa-79	457	5	law	law	NOUN
ajfa-79	457	6	,	,	PUNCT
ajfa-79	457	7	22	22	NUM
ajfa-79	457	8	,	,	PUNCT
ajfa-79	457	9	1	1	NUM
ajfa-79	457	10	-	-	SYM
ajfa-79	457	11	46	46	NUM
ajfa-79	457	12	.	.	PUNCT
ajfa-79	458	1	xiao	xiao	PROPN
ajfa-79	458	2	,	,	PUNCT
ajfa-79	458	3	j.	j.	PROPN
ajfa-79	458	4	,	,	PUNCT
ajfa-79	458	5	dahya	dahya	PROPN
ajfa-79	458	6	,	,	PUNCT
ajfa-79	458	7	j.	j.	PROPN
ajfa-79	458	8	,	,	PUNCT
ajfa-79	458	9	&	&	CCONJ
ajfa-79	458	10	lin	lin	PROPN
ajfa-79	458	11	,	,	PUNCT
ajfa-79	458	12	z.	z.	PROPN
ajfa-79	458	13	(	(	PUNCT
ajfa-79	458	14	2004	2004	NUM
ajfa-79	458	15	)	)	PUNCT
ajfa-79	458	16	,	,	PUNCT
ajfa-79	458	17	a	a	DET
ajfa-79	458	18	grounded	ground	VERB
ajfa-79	458	19	theory	theory	NOUN
ajfa-79	458	20	exposition	exposition	NOUN
ajfa-79	458	21	of	of	ADP
ajfa-79	458	22	the	the	DET
ajfa-79	458	23	role	role	NOUN
ajfa-79	458	24	of	of	ADP
ajfa-79	458	25	the	the	DET
ajfa-79	458	26	supervisory	supervisory	ADJ
ajfa-79	458	27	board	board	NOUN
ajfa-79	458	28	in	in	ADP
ajfa-79	458	29	china	china	PROPN
ajfa-79	458	30	.	.	PUNCT
ajfa-79	459	1	british	british	PROPN
ajfa-79	459	2	journal	journal	PROPN
ajfa-79	459	3	of	of	ADP
ajfa-79	459	4	management	management	NOUN
ajfa-79	459	5	,	,	PUNCT
ajfa-79	459	6	15	15	NUM
ajfa-79	459	7	,	,	PUNCT
ajfa-79	459	8	39	39	NUM
ajfa-79	459	9	-	-	SYM
ajfa-79	459	10	55	55	NUM
ajfa-79	459	11	.	.	PUNCT
ajfa-79	460	1	yueh	yueh	PROPN
ajfa-79	460	2	,	,	PUNCT
ajfa-79	460	3	l.	l.	PROPN
ajfa-79	460	4	(	(	PUNCT
ajfa-79	460	5	2004	2004	NUM
ajfa-79	460	6	)	)	PUNCT
ajfa-79	460	7	,	,	PUNCT
ajfa-79	460	8	wage	wage	NOUN
ajfa-79	460	9	reforms	reform	NOUN
ajfa-79	460	10	in	in	ADP
ajfa-79	460	11	china	china	PROPN
ajfa-79	460	12	during	during	ADP
ajfa-79	460	13	the	the	DET
ajfa-79	460	14	1990s	1990s	NUM
ajfa-79	460	15	.	.	PUNCT
ajfa-79	461	1	asian	asian	ADJ
ajfa-79	461	2	economic	economic	ADJ
ajfa-79	461	3	journal	journal	NOUN
ajfa-79	461	4	,	,	PUNCT
ajfa-79	461	5	18	18	NUM
ajfa-79	461	6	,	,	PUNCT
ajfa-79	461	7	149	149	NUM
ajfa-79	461	8	-	-	SYM
ajfa-79	461	9	164	164	NUM
ajfa-79	461	10	.	.	PUNCT