id	sid	tid	token	lemma	pos
ajfa-9297	1	1	microsoft	microsoft	PROPN
ajfa-9297	1	2	word	word	PROPN
ajfa-9297	1	3	9297	9297	NUM
ajfa-9297	1	4	-	-	SYM
ajfa-9297	1	5	34054	34054	NUM
ajfa-9297	1	6	-	-	PUNCT
ajfa-9297	1	7	2	2	NUM
ajfa-9297	1	8	-	-	PUNCT
ajfa-9297	1	9	sm	sm	NOUN
ajfa-9297	1	10	-	-	PUNCT
ajfa-9297	1	11	writer2	writer2	VERB
ajfa-9297	1	12	-	-	ADJ
ajfa-9297	1	13	new	new	ADJ
ajfa-9297	1	14	asian	asian	ADJ
ajfa-9297	1	15	journal	journal	NOUN
ajfa-9297	1	16	of	of	ADP
ajfa-9297	1	17	finance	finance	PROPN
ajfa-9297	1	18	&	&	CCONJ
ajfa-9297	1	19	accounting	accounting	PROPN
ajfa-9297	1	20	issn	issn	PROPN
ajfa-9297	1	21	1946	1946	NUM
ajfa-9297	1	22	-	-	PUNCT
ajfa-9297	1	23	052x	052x	PROPN
ajfa-9297	1	24	2016	2016	NUM
ajfa-9297	1	25	,	,	PUNCT
ajfa-9297	1	26	vol	vol	NOUN
ajfa-9297	1	27	.	.	PROPN
ajfa-9297	1	28	8	8	NUM
ajfa-9297	1	29	,	,	PUNCT
ajfa-9297	1	30	no	no	INTJ
ajfa-9297	1	31	.	.	NOUN
ajfa-9297	1	32	1	1	NUM
ajfa-9297	1	33	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9297	1	34	195	195	NUM
ajfa-9297	1	35	japan	japan	PROPN
ajfa-9297	1	36	’s	’s	PART
ajfa-9297	1	37	corporate	corporate	ADJ
ajfa-9297	1	38	governance	governance	NOUN
ajfa-9297	1	39	structures	structure	NOUN
ajfa-9297	1	40	and	and	CCONJ
ajfa-9297	1	41	credit	credit	NOUN
ajfa-9297	1	42	rating	rating	NOUN
ajfa-9297	1	43	ahmed	ahmed	PROPN
ajfa-9297	1	44	zemzem	zemzem	PROPN
ajfa-9297	1	45	(	(	PUNCT
ajfa-9297	1	46	corresponding	corresponding	ADJ
ajfa-9297	1	47	author	author	NOUN
ajfa-9297	1	48	)	)	PUNCT
ajfa-9297	1	49	dept	dept	NOUN
ajfa-9297	1	50	.	.	PROPN
ajfa-9297	1	51	of	of	ADP
ajfa-9297	1	52	management	management	NOUN
ajfa-9297	1	53	,	,	PUNCT
ajfa-9297	1	54	university	university	NOUN
ajfa-9297	1	55	of	of	ADP
ajfa-9297	1	56	sousse	sousse	PROPN
ajfa-9297	1	57	rue	rue	PROPN
ajfa-9297	1	58	khalifa	khalifa	PROPN
ajfa-9297	1	59	el	el	PROPN
ajfa-9297	1	60	karoui	karoui	PROPN
ajfa-9297	1	61	sahloul	sahloul	PROPN
ajfa-9297	1	62	bp	bp	PROPN
ajfa-9297	1	63	n	n	CCONJ
ajfa-9297	1	64	°	°	PROPN
ajfa-9297	1	65	526	526	NUM
ajfa-9297	1	66	4002	4002	NUM
ajfa-9297	1	67	sousse	sousse	NOUN
ajfa-9297	1	68	,	,	PUNCT
ajfa-9297	1	69	tunisia	tunisia	NOUN
ajfa-9297	1	70	e	e	NOUN
ajfa-9297	1	71	-	-	NOUN
ajfa-9297	1	72	mail	mail	NOUN
ajfa-9297	1	73	:	:	PUNCT
ajfa-9297	1	74	ahz963@yahoo.fr	ahz963@yahoo.fr	PROPN
ajfa-9297	1	75	samir	samir	PROPN
ajfa-9297	1	76	zouari	zouari	PROPN
ajfa-9297	1	77	dept	dept	PROPN
ajfa-9297	1	78	.	.	PROPN
ajfa-9297	1	79	of	of	ADP
ajfa-9297	1	80	economics	economic	NOUN
ajfa-9297	1	81	,	,	PUNCT
ajfa-9297	1	82	university	university	NOUN
ajfa-9297	1	83	of	of	ADP
ajfa-9297	1	84	sousse	sousse	PROPN
ajfa-9297	1	85	rue	rue	PROPN
ajfa-9297	1	86	khalifa	khalifa	PROPN
ajfa-9297	1	87	el	el	PROPN
ajfa-9297	1	88	karoui	karoui	PROPN
ajfa-9297	1	89	sahloul	sahloul	PROPN
ajfa-9297	1	90	bp	bp	PROPN
ajfa-9297	1	91	n	n	CCONJ
ajfa-9297	1	92	°	°	PROPN
ajfa-9297	1	93	526	526	NUM
ajfa-9297	1	94	4002	4002	NUM
ajfa-9297	1	95	sousse	sousse	NOUN
ajfa-9297	1	96	,	,	PUNCT
ajfa-9297	1	97	tunisia	tunisia	NOUN
ajfa-9297	1	98	e	e	NOUN
ajfa-9297	1	99	-	-	NOUN
ajfa-9297	1	100	mail	mail	NOUN
ajfa-9297	1	101	:	:	PUNCT
ajfa-9297	1	102	samir.zouari@yahoo.fr	samir.zouari@yahoo.fr	NOUN
ajfa-9297	1	103	received	receive	VERB
ajfa-9297	1	104	:	:	PUNCT
ajfa-9297	1	105	april	april	PROPN
ajfa-9297	1	106	11	11	NUM
ajfa-9297	1	107	,	,	PUNCT
ajfa-9297	1	108	2016	2016	NUM
ajfa-9297	1	109	accepted	accept	VERB
ajfa-9297	1	110	:	:	PUNCT
ajfa-9297	1	111	may	may	AUX
ajfa-9297	1	112	15	15	NUM
ajfa-9297	1	113	,	,	PUNCT
ajfa-9297	1	114	2016	2016	NUM
ajfa-9297	1	115	published	publish	VERB
ajfa-9297	1	116	:	:	PUNCT
ajfa-9297	1	117	june	june	PROPN
ajfa-9297	1	118	1	1	NUM
ajfa-9297	1	119	,	,	PUNCT
ajfa-9297	1	120	2016	2016	NUM
ajfa-9297	1	121	doi:10.5296	doi:10.5296	NOUN
ajfa-9297	1	122	/	/	SYM
ajfa-9297	1	123	ajfa.v8i1.9297	ajfa.v8i1.9297	NUM
ajfa-9297	1	124	url	url	PROPN
ajfa-9297	1	125	:	:	PUNCT
ajfa-9297	1	126	http://dx.doi.org/10.5296/ajfa.v8i1.9297	http://dx.doi.org/10.5296/ajfa.v8i1.9297	NOUN
ajfa-9297	1	127	abstract	abstract	NOUN
ajfa-9297	1	128	the	the	DET
ajfa-9297	1	129	aim	aim	NOUN
ajfa-9297	1	130	of	of	ADP
ajfa-9297	1	131	our	our	PRON
ajfa-9297	1	132	research	research	NOUN
ajfa-9297	1	133	is	be	AUX
ajfa-9297	1	134	to	to	PART
ajfa-9297	1	135	investigate	investigate	VERB
ajfa-9297	1	136	whether	whether	SCONJ
ajfa-9297	1	137	good	good	ADJ
ajfa-9297	1	138	governance	governance	NOUN
ajfa-9297	1	139	is	be	AUX
ajfa-9297	1	140	associated	associate	VERB
ajfa-9297	1	141	with	with	ADP
ajfa-9297	1	142	higher	high	ADJ
ajfa-9297	1	143	credit	credit	NOUN
ajfa-9297	1	144	rating	rating	NOUN
ajfa-9297	1	145	in	in	ADP
ajfa-9297	1	146	japanese	japanese	ADJ
ajfa-9297	1	147	firms	firm	NOUN
ajfa-9297	1	148	.	.	PUNCT
ajfa-9297	2	1	mainly	mainly	ADV
ajfa-9297	2	2	,	,	PUNCT
ajfa-9297	2	3	this	this	DET
ajfa-9297	2	4	research	research	NOUN
ajfa-9297	2	5	seeks	seek	VERB
ajfa-9297	2	6	for	for	ADP
ajfa-9297	2	7	the	the	DET
ajfa-9297	2	8	examination	examination	NOUN
ajfa-9297	2	9	of	of	ADP
ajfa-9297	2	10	the	the	DET
ajfa-9297	2	11	effect	effect	NOUN
ajfa-9297	2	12	of	of	ADP
ajfa-9297	2	13	governance	governance	NOUN
ajfa-9297	2	14	attributes	attribute	VERB
ajfa-9297	2	15	namely	namely	ADV
ajfa-9297	2	16	those	those	PRON
ajfa-9297	2	17	related	relate	VERB
ajfa-9297	2	18	to	to	ADP
ajfa-9297	2	19	the	the	DET
ajfa-9297	2	20	board	board	NOUN
ajfa-9297	2	21	and	and	CCONJ
ajfa-9297	2	22	ownership	ownership	NOUN
ajfa-9297	2	23	structure	structure	NOUN
ajfa-9297	2	24	also	also	ADV
ajfa-9297	2	25	quality	quality	NOUN
ajfa-9297	2	26	of	of	ADP
ajfa-9297	2	27	information	information	NOUN
ajfa-9297	2	28	on	on	ADP
ajfa-9297	2	29	credit	credit	NOUN
ajfa-9297	2	30	ratings	rating	NOUN
ajfa-9297	2	31	.	.	PUNCT
ajfa-9297	3	1	empirical	empirical	ADJ
ajfa-9297	3	2	analyses	analysis	NOUN
ajfa-9297	3	3	are	be	AUX
ajfa-9297	3	4	conducted	conduct	VERB
ajfa-9297	3	5	from	from	ADP
ajfa-9297	3	6	a	a	DET
ajfa-9297	3	7	sample	sample	NOUN
ajfa-9297	3	8	of	of	ADP
ajfa-9297	3	9	75	75	NUM
ajfa-9297	3	10	japanese	japanese	ADJ
ajfa-9297	3	11	firms	firm	NOUN
ajfa-9297	3	12	listed	list	VERB
ajfa-9297	3	13	on	on	ADP
ajfa-9297	3	14	topix	topix	PROPN
ajfa-9297	3	15	100	100	NUM
ajfa-9297	3	16	,	,	PUNCT
ajfa-9297	3	17	over	over	ADP
ajfa-9297	3	18	the	the	DET
ajfa-9297	3	19	period	period	NOUN
ajfa-9297	3	20	20062013	20062013	NUM
ajfa-9297	3	21	using	use	VERB
ajfa-9297	3	22	ordered	order	VERB
ajfa-9297	3	23	probit	probit	NOUN
ajfa-9297	3	24	regression	regression	NOUN
ajfa-9297	3	25	.	.	PUNCT
ajfa-9297	4	1	the	the	DET
ajfa-9297	4	2	study	study	NOUN
ajfa-9297	4	3	shows	show	VERB
ajfa-9297	4	4	that	that	SCONJ
ajfa-9297	4	5	good	good	ADJ
ajfa-9297	4	6	governance	governance	NOUN
ajfa-9297	4	7	is	be	AUX
ajfa-9297	4	8	associated	associate	VERB
ajfa-9297	4	9	with	with	ADP
ajfa-9297	4	10	higher	high	ADJ
ajfa-9297	4	11	credit	credit	NOUN
ajfa-9297	4	12	rating	rating	NOUN
ajfa-9297	4	13	and	and	CCONJ
ajfa-9297	4	14	suggests	suggest	VERB
ajfa-9297	4	15	that	that	SCONJ
ajfa-9297	4	16	active	active	ADJ
ajfa-9297	4	17	monitoring	monitoring	NOUN
ajfa-9297	4	18	by	by	ADP
ajfa-9297	4	19	independent	independent	ADJ
ajfa-9297	4	20	directors	director	NOUN
ajfa-9297	4	21	and	and	CCONJ
ajfa-9297	4	22	better	well	ADJ
ajfa-9297	4	23	disclosure	disclosure	NOUN
ajfa-9297	4	24	mitigate	mitigate	NOUN
ajfa-9297	4	25	agency	agency	NOUN
ajfa-9297	4	26	conflicts	conflict	NOUN
ajfa-9297	4	27	and	and	CCONJ
ajfa-9297	4	28	protect	protect	VERB
ajfa-9297	4	29	the	the	DET
ajfa-9297	4	30	interests	interest	NOUN
ajfa-9297	4	31	of	of	ADP
ajfa-9297	4	32	debtholders	debtholder	NOUN
ajfa-9297	4	33	.	.	PUNCT
ajfa-9297	5	1	keywords	keyword	NOUN
ajfa-9297	5	2	:	:	PUNCT
ajfa-9297	5	3	credit	credit	NOUN
ajfa-9297	5	4	rating	rating	NOUN
ajfa-9297	5	5	,	,	PUNCT
ajfa-9297	5	6	board	board	NOUN
ajfa-9297	5	7	structure	structure	NOUN
ajfa-9297	5	8	,	,	PUNCT
ajfa-9297	5	9	ownership	ownership	NOUN
ajfa-9297	5	10	structure	structure	NOUN
ajfa-9297	5	11	,	,	PUNCT
ajfa-9297	5	12	transparency	transparency	NOUN
ajfa-9297	5	13	,	,	PUNCT
ajfa-9297	5	14	debtholders	debtholder	NOUN
ajfa-9297	5	15	asian	asian	ADJ
ajfa-9297	5	16	journal	journal	NOUN
ajfa-9297	5	17	of	of	ADP
ajfa-9297	5	18	finance	finance	PROPN
ajfa-9297	5	19	&	&	CCONJ
ajfa-9297	5	20	accounting	accounting	PROPN
ajfa-9297	5	21	issn	issn	PROPN
ajfa-9297	5	22	1946	1946	NUM
ajfa-9297	5	23	-	-	PUNCT
ajfa-9297	5	24	052x	052x	PROPN
ajfa-9297	5	25	2016	2016	NUM
ajfa-9297	5	26	,	,	PUNCT
ajfa-9297	5	27	vol	vol	NOUN
ajfa-9297	5	28	.	.	PROPN
ajfa-9297	5	29	8	8	NUM
ajfa-9297	5	30	,	,	PUNCT
ajfa-9297	5	31	no	no	INTJ
ajfa-9297	5	32	.	.	NOUN
ajfa-9297	5	33	1	1	NUM
ajfa-9297	5	34	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9297	5	35	196	196	NUM
ajfa-9297	5	36	1	1	NUM
ajfa-9297	5	37	.	.	PUNCT
ajfa-9297	6	1	introduction	introduction	NOUN
ajfa-9297	6	2	first	first	ADV
ajfa-9297	6	3	of	of	ADP
ajfa-9297	6	4	all	all	PRON
ajfa-9297	6	5	,	,	PUNCT
ajfa-9297	6	6	we	we	PRON
ajfa-9297	6	7	can	can	AUX
ajfa-9297	6	8	say	say	VERB
ajfa-9297	6	9	that	that	SCONJ
ajfa-9297	6	10	there	there	PRON
ajfa-9297	6	11	is	be	VERB
ajfa-9297	6	12	a	a	DET
ajfa-9297	6	13	growing	grow	VERB
ajfa-9297	6	14	interest	interest	NOUN
ajfa-9297	6	15	in	in	ADP
ajfa-9297	6	16	corporate	corporate	ADJ
ajfa-9297	6	17	governance	governance	NOUN
ajfa-9297	6	18	especially	especially	ADV
ajfa-9297	6	19	when	when	SCONJ
ajfa-9297	6	20	many	many	ADJ
ajfa-9297	6	21	companies	company	NOUN
ajfa-9297	6	22	have	have	AUX
ajfa-9297	6	23	experienced	experience	VERB
ajfa-9297	6	24	series	series	NOUN
ajfa-9297	6	25	of	of	ADP
ajfa-9297	6	26	failures	failure	NOUN
ajfa-9297	6	27	and	and	CCONJ
ajfa-9297	6	28	frauds	fraud	NOUN
ajfa-9297	6	29	and	and	CCONJ
ajfa-9297	6	30	suffered	suffer	VERB
ajfa-9297	6	31	from	from	ADP
ajfa-9297	6	32	losses	loss	NOUN
ajfa-9297	6	33	.	.	PUNCT
ajfa-9297	7	1	the	the	DET
ajfa-9297	7	2	resulting	result	VERB
ajfa-9297	7	3	uncertainty	uncertainty	NOUN
ajfa-9297	7	4	has	have	AUX
ajfa-9297	7	5	led	lead	VERB
ajfa-9297	7	6	to	to	ADP
ajfa-9297	7	7	improved	improved	ADJ
ajfa-9297	7	8	interest	interest	NOUN
ajfa-9297	7	9	in	in	ADP
ajfa-9297	7	10	corporate	corporate	ADJ
ajfa-9297	7	11	governance	governance	NOUN
ajfa-9297	7	12	practices	practice	NOUN
ajfa-9297	7	13	.	.	PUNCT
ajfa-9297	8	1	one	one	NUM
ajfa-9297	8	2	of	of	ADP
ajfa-9297	8	3	the	the	DET
ajfa-9297	8	4	issues	issue	NOUN
ajfa-9297	8	5	that	that	PRON
ajfa-9297	8	6	have	have	AUX
ajfa-9297	8	7	been	be	AUX
ajfa-9297	8	8	raised	raise	VERB
ajfa-9297	8	9	is	be	AUX
ajfa-9297	8	10	the	the	DET
ajfa-9297	8	11	presence	presence	NOUN
ajfa-9297	8	12	of	of	ADP
ajfa-9297	8	13	the	the	DET
ajfa-9297	8	14	agency	agency	NOUN
ajfa-9297	8	15	problem	problem	NOUN
ajfa-9297	8	16	which	which	PRON
ajfa-9297	8	17	represents	represent	VERB
ajfa-9297	8	18	the	the	DET
ajfa-9297	8	19	existence	existence	NOUN
ajfa-9297	8	20	of	of	ADP
ajfa-9297	8	21	conflicts	conflict	NOUN
ajfa-9297	8	22	in	in	ADP
ajfa-9297	8	23	the	the	DET
ajfa-9297	8	24	interests	interest	NOUN
ajfa-9297	8	25	of	of	ADP
ajfa-9297	8	26	managers	manager	NOUN
ajfa-9297	8	27	and	and	CCONJ
ajfa-9297	8	28	investors	investor	NOUN
ajfa-9297	8	29	.	.	PUNCT
ajfa-9297	9	1	the	the	DET
ajfa-9297	9	2	presence	presence	NOUN
ajfa-9297	9	3	of	of	ADP
ajfa-9297	9	4	the	the	DET
ajfa-9297	9	5	agency	agency	NOUN
ajfa-9297	9	6	problem	problem	NOUN
ajfa-9297	9	7	usually	usually	ADV
ajfa-9297	9	8	distorts	distort	VERB
ajfa-9297	9	9	corporate	corporate	ADJ
ajfa-9297	9	10	policy	policy	NOUN
ajfa-9297	9	11	choices	choice	NOUN
ajfa-9297	9	12	and	and	CCONJ
ajfa-9297	9	13	weakens	weaken	VERB
ajfa-9297	9	14	corporate	corporate	ADJ
ajfa-9297	9	15	performance	performance	NOUN
ajfa-9297	9	16	besides	besides	SCONJ
ajfa-9297	9	17	,	,	PUNCT
ajfa-9297	9	18	it	it	PRON
ajfa-9297	9	19	generates	generate	VERB
ajfa-9297	9	20	agency	agency	NOUN
ajfa-9297	9	21	costs	cost	NOUN
ajfa-9297	9	22	to	to	PART
ajfa-9297	9	23	control	control	VERB
ajfa-9297	9	24	agents	agent	NOUN
ajfa-9297	9	25	.	.	PUNCT
ajfa-9297	10	1	some	some	DET
ajfa-9297	10	2	ways	way	NOUN
ajfa-9297	10	3	to	to	PART
ajfa-9297	10	4	avoid	avoid	VERB
ajfa-9297	10	5	these	these	DET
ajfa-9297	10	6	problems	problem	NOUN
ajfa-9297	10	7	are	be	AUX
ajfa-9297	10	8	to	to	PART
ajfa-9297	10	9	provide	provide	VERB
ajfa-9297	10	10	financial	financial	ADJ
ajfa-9297	10	11	incentives	incentive	NOUN
ajfa-9297	10	12	as	as	ADV
ajfa-9297	10	13	well	well	ADV
ajfa-9297	10	14	as	as	ADP
ajfa-9297	10	15	effective	effective	ADJ
ajfa-9297	10	16	monitoring	monitoring	NOUN
ajfa-9297	10	17	by	by	ADP
ajfa-9297	10	18	independent	independent	ADJ
ajfa-9297	10	19	directors	director	NOUN
ajfa-9297	10	20	also	also	ADV
ajfa-9297	10	21	by	by	ADP
ajfa-9297	10	22	improving	improve	VERB
ajfa-9297	10	23	transparency	transparency	NOUN
ajfa-9297	10	24	to	to	PART
ajfa-9297	10	25	create	create	VERB
ajfa-9297	10	26	an	an	DET
ajfa-9297	10	27	appropriate	appropriate	ADJ
ajfa-9297	10	28	environment	environment	NOUN
ajfa-9297	10	29	.	.	PUNCT
ajfa-9297	11	1	good	good	ADJ
ajfa-9297	11	2	governance	governance	NOUN
ajfa-9297	11	3	is	be	AUX
ajfa-9297	11	4	expected	expect	VERB
ajfa-9297	11	5	to	to	PART
ajfa-9297	11	6	reduce	reduce	VERB
ajfa-9297	11	7	these	these	DET
ajfa-9297	11	8	problems	problem	NOUN
ajfa-9297	11	9	,	,	PUNCT
ajfa-9297	11	10	through	through	ADP
ajfa-9297	11	11	its	its	PRON
ajfa-9297	11	12	effective	effective	ADJ
ajfa-9297	11	13	structures	structure	NOUN
ajfa-9297	11	14	,	,	PUNCT
ajfa-9297	11	15	to	to	PART
ajfa-9297	11	16	protect	protect	VERB
ajfa-9297	11	17	the	the	DET
ajfa-9297	11	18	interests	interest	NOUN
ajfa-9297	11	19	of	of	ADP
ajfa-9297	11	20	debtholders	debtholder	NOUN
ajfa-9297	11	21	,	,	PUNCT
ajfa-9297	11	22	to	to	PART
ajfa-9297	11	23	reduce	reduce	VERB
ajfa-9297	11	24	the	the	DET
ajfa-9297	11	25	firm	firm	NOUN
ajfa-9297	11	26	’s	’s	PART
ajfa-9297	11	27	cost	cost	NOUN
ajfa-9297	11	28	debt	debt	NOUN
ajfa-9297	11	29	and	and	CCONJ
ajfa-9297	11	30	to	to	PART
ajfa-9297	11	31	result	result	VERB
ajfa-9297	11	32	in	in	ADP
ajfa-9297	11	33	higher	high	ADJ
ajfa-9297	11	34	credit	credit	NOUN
ajfa-9297	11	35	rating	rating	NOUN
ajfa-9297	11	36	.	.	PUNCT
ajfa-9297	12	1	in	in	ADP
ajfa-9297	12	2	fact	fact	NOUN
ajfa-9297	12	3	,	,	PUNCT
ajfa-9297	12	4	a	a	DET
ajfa-9297	12	5	wide	wide	ADJ
ajfa-9297	12	6	literature	literature	NOUN
ajfa-9297	12	7	has	have	AUX
ajfa-9297	12	8	already	already	ADV
ajfa-9297	12	9	been	be	AUX
ajfa-9297	12	10	built	build	VERB
ajfa-9297	12	11	to	to	PART
ajfa-9297	12	12	focus	focus	VERB
ajfa-9297	12	13	on	on	ADP
ajfa-9297	12	14	these	these	DET
ajfa-9297	12	15	issues	issue	NOUN
ajfa-9297	12	16	such	such	ADJ
ajfa-9297	12	17	as	as	ADP
ajfa-9297	12	18	aman	aman	NOUN
ajfa-9297	12	19	and	and	CCONJ
ajfa-9297	12	20	nguyen	nguyen	NOUN
ajfa-9297	12	21	(	(	PUNCT
ajfa-9297	12	22	2013	2013	NUM
ajfa-9297	12	23	)	)	PUNCT
ajfa-9297	12	24	and	and	CCONJ
ajfa-9297	12	25	ashbaugh	ashbaugh	NOUN
ajfa-9297	12	26	-	-	PUNCT
ajfa-9297	12	27	skaife	skaife	NOUN
ajfa-9297	12	28	et	et	PROPN
ajfa-9297	12	29	al	al	PROPN
ajfa-9297	12	30	.	.	PROPN
ajfa-9297	13	1	(	(	PUNCT
ajfa-9297	13	2	2006	2006	NUM
ajfa-9297	13	3	)	)	PUNCT
ajfa-9297	13	4	by	by	ADP
ajfa-9297	13	5	using	use	VERB
ajfa-9297	13	6	us	us	PROPN
ajfa-9297	13	7	firms	firm	NOUN
ajfa-9297	13	8	.	.	PUNCT
ajfa-9297	14	1	but	but	CCONJ
ajfa-9297	14	2	we	we	PRON
ajfa-9297	14	3	build	build	VERB
ajfa-9297	14	4	up	up	ADP
ajfa-9297	14	5	our	our	PRON
ajfa-9297	14	6	study	study	NOUN
ajfa-9297	14	7	using	use	VERB
ajfa-9297	14	8	a	a	DET
ajfa-9297	14	9	sample	sample	NOUN
ajfa-9297	14	10	of	of	ADP
ajfa-9297	14	11	japanese	japanese	ADJ
ajfa-9297	14	12	firms	firm	NOUN
ajfa-9297	14	13	listed	list	VERB
ajfa-9297	14	14	on	on	ADP
ajfa-9297	14	15	topix	topix	PROPN
ajfa-9297	14	16	100	100	NUM
ajfa-9297	14	17	from	from	ADP
ajfa-9297	14	18	2006	2006	NUM
ajfa-9297	14	19	to	to	ADP
ajfa-9297	14	20	2013	2013	NUM
ajfa-9297	14	21	.	.	PUNCT
ajfa-9297	15	1	the	the	DET
ajfa-9297	15	2	results	result	NOUN
ajfa-9297	15	3	allow	allow	VERB
ajfa-9297	15	4	us	we	PRON
ajfa-9297	15	5	to	to	PART
ajfa-9297	15	6	identify	identify	VERB
ajfa-9297	15	7	a	a	DET
ajfa-9297	15	8	significant	significant	ADJ
ajfa-9297	15	9	relationship	relationship	NOUN
ajfa-9297	15	10	between	between	ADP
ajfa-9297	15	11	credit	credit	NOUN
ajfa-9297	15	12	rating	rating	NOUN
ajfa-9297	15	13	and	and	CCONJ
ajfa-9297	15	14	all	all	DET
ajfa-9297	15	15	governance	governance	NOUN
ajfa-9297	15	16	attributes	attribute	NOUN
ajfa-9297	15	17	used	use	VERB
ajfa-9297	15	18	in	in	ADP
ajfa-9297	15	19	our	our	PRON
ajfa-9297	15	20	study	study	NOUN
ajfa-9297	15	21	.	.	PUNCT
ajfa-9297	16	1	indeed	indeed	ADV
ajfa-9297	16	2	,	,	PUNCT
ajfa-9297	16	3	credit	credit	NOUN
ajfa-9297	16	4	rating	rating	NOUN
ajfa-9297	16	5	has	have	VERB
ajfa-9297	16	6	a	a	DET
ajfa-9297	16	7	significant	significant	ADJ
ajfa-9297	16	8	and	and	CCONJ
ajfa-9297	16	9	negative	negative	ADJ
ajfa-9297	16	10	relationship	relationship	NOUN
ajfa-9297	16	11	with	with	ADP
ajfa-9297	16	12	larger	large	ADJ
ajfa-9297	16	13	board	board	NOUN
ajfa-9297	16	14	therefore	therefore	ADV
ajfa-9297	16	15	smaller	small	ADJ
ajfa-9297	16	16	boards	board	NOUN
ajfa-9297	16	17	are	be	AUX
ajfa-9297	16	18	better	well	ADJ
ajfa-9297	16	19	effective	effective	ADJ
ajfa-9297	16	20	monitoring	monitoring	NOUN
ajfa-9297	16	21	,	,	PUNCT
ajfa-9297	16	22	similarly	similarly	ADV
ajfa-9297	16	23	credit	credit	NOUN
ajfa-9297	16	24	rating	rating	NOUN
ajfa-9297	16	25	has	have	VERB
ajfa-9297	16	26	negative	negative	ADJ
ajfa-9297	16	27	relationship	relationship	NOUN
ajfa-9297	16	28	with	with	ADP
ajfa-9297	16	29	higher	high	ADJ
ajfa-9297	16	30	insider	insider	NOUN
ajfa-9297	16	31	ownership	ownership	NOUN
ajfa-9297	16	32	.	.	PUNCT
ajfa-9297	17	1	this	this	PRON
ajfa-9297	17	2	may	may	AUX
ajfa-9297	17	3	be	be	AUX
ajfa-9297	17	4	due	due	ADJ
ajfa-9297	17	5	to	to	ADP
ajfa-9297	17	6	the	the	DET
ajfa-9297	17	7	confluence	confluence	NOUN
ajfa-9297	17	8	of	of	ADP
ajfa-9297	17	9	opposite	opposite	ADJ
ajfa-9297	17	10	factors	factor	NOUN
ajfa-9297	17	11	and	and	CCONJ
ajfa-9297	17	12	to	to	ADP
ajfa-9297	17	13	the	the	DET
ajfa-9297	17	14	negative	negative	ADJ
ajfa-9297	17	15	entrenchment	entrenchment	ADJ
ajfa-9297	17	16	effect	effect	NOUN
ajfa-9297	17	17	,	,	PUNCT
ajfa-9297	17	18	in	in	ADP
ajfa-9297	17	19	contrast	contrast	NOUN
ajfa-9297	17	20	credit	credit	NOUN
ajfa-9297	17	21	rating	rating	NOUN
ajfa-9297	17	22	has	have	VERB
ajfa-9297	17	23	a	a	DET
ajfa-9297	17	24	significant	significant	ADJ
ajfa-9297	17	25	and	and	CCONJ
ajfa-9297	17	26	positive	positive	ADJ
ajfa-9297	17	27	effect	effect	NOUN
ajfa-9297	17	28	on	on	ADP
ajfa-9297	17	29	independent	independent	ADJ
ajfa-9297	17	30	board	board	NOUN
ajfa-9297	17	31	and	and	CCONJ
ajfa-9297	17	32	transparency	transparency	NOUN
ajfa-9297	17	33	.	.	PUNCT
ajfa-9297	18	1	concerning	concern	VERB
ajfa-9297	18	2	control	control	NOUN
ajfa-9297	18	3	variables	variable	NOUN
ajfa-9297	18	4	,	,	PUNCT
ajfa-9297	18	5	the	the	DET
ajfa-9297	18	6	results	result	NOUN
ajfa-9297	18	7	show	show	VERB
ajfa-9297	18	8	that	that	SCONJ
ajfa-9297	18	9	credit	credit	NOUN
ajfa-9297	18	10	rating	rating	NOUN
ajfa-9297	18	11	is	be	AUX
ajfa-9297	18	12	positively	positively	ADV
ajfa-9297	18	13	and	and	CCONJ
ajfa-9297	18	14	significantly	significantly	ADV
ajfa-9297	18	15	related	relate	VERB
ajfa-9297	18	16	to	to	ADP
ajfa-9297	18	17	the	the	DET
ajfa-9297	18	18	firm	firm	ADJ
ajfa-9297	18	19	size	size	NOUN
ajfa-9297	18	20	but	but	CCONJ
ajfa-9297	18	21	negatively	negatively	ADV
ajfa-9297	18	22	related	relate	VERB
ajfa-9297	18	23	to	to	ADP
ajfa-9297	18	24	the	the	DET
ajfa-9297	18	25	leverage	leverage	NOUN
ajfa-9297	18	26	.	.	PUNCT
ajfa-9297	19	1	so	so	ADV
ajfa-9297	19	2	it	it	PRON
ajfa-9297	19	3	’s	’	VERB
ajfa-9297	19	4	better	well	ADJ
ajfa-9297	19	5	to	to	PART
ajfa-9297	19	6	have	have	VERB
ajfa-9297	19	7	a	a	DET
ajfa-9297	19	8	higher	high	ADJ
ajfa-9297	19	9	size	size	NOUN
ajfa-9297	19	10	of	of	ADP
ajfa-9297	19	11	the	the	DET
ajfa-9297	19	12	firm	firm	ADJ
ajfa-9297	19	13	and	and	CCONJ
ajfa-9297	19	14	less	less	ADJ
ajfa-9297	19	15	leverage	leverage	NOUN
ajfa-9297	19	16	to	to	PART
ajfa-9297	19	17	improve	improve	VERB
ajfa-9297	19	18	better	well	ADJ
ajfa-9297	19	19	ratings	rating	NOUN
ajfa-9297	19	20	.	.	PUNCT
ajfa-9297	20	1	the	the	DET
ajfa-9297	20	2	rest	rest	NOUN
ajfa-9297	20	3	of	of	ADP
ajfa-9297	20	4	the	the	DET
ajfa-9297	20	5	paper	paper	NOUN
ajfa-9297	20	6	is	be	AUX
ajfa-9297	20	7	structured	structure	VERB
ajfa-9297	20	8	as	as	SCONJ
ajfa-9297	20	9	follows	follow	VERB
ajfa-9297	20	10	.	.	PUNCT
ajfa-9297	21	1	section	section	NOUN
ajfa-9297	21	2	2	2	NUM
ajfa-9297	21	3	presents	present	VERB
ajfa-9297	21	4	an	an	DET
ajfa-9297	21	5	overview	overview	NOUN
ajfa-9297	21	6	of	of	ADP
ajfa-9297	21	7	the	the	DET
ajfa-9297	21	8	credit	credit	NOUN
ajfa-9297	21	9	rating	rating	NOUN
ajfa-9297	21	10	mechanism	mechanism	NOUN
ajfa-9297	21	11	.	.	PUNCT
ajfa-9297	22	1	section	section	NOUN
ajfa-9297	22	2	3	3	NUM
ajfa-9297	22	3	presents	present	VERB
ajfa-9297	22	4	literature	literature	NOUN
ajfa-9297	22	5	review	review	NOUN
ajfa-9297	22	6	and	and	CCONJ
ajfa-9297	22	7	hypotheses	hypothesis	NOUN
ajfa-9297	22	8	.	.	PUNCT
ajfa-9297	23	1	section	section	NOUN
ajfa-9297	23	2	4	4	NUM
ajfa-9297	23	3	describes	describe	VERB
ajfa-9297	23	4	the	the	DET
ajfa-9297	23	5	research	research	NOUN
ajfa-9297	23	6	design	design	NOUN
ajfa-9297	23	7	.	.	PUNCT
ajfa-9297	24	1	findings	finding	NOUN
ajfa-9297	24	2	will	will	AUX
ajfa-9297	24	3	be	be	AUX
ajfa-9297	24	4	discussed	discuss	VERB
ajfa-9297	24	5	and	and	CCONJ
ajfa-9297	24	6	summarized	summarize	VERB
ajfa-9297	24	7	in	in	ADP
ajfa-9297	24	8	section	section	NOUN
ajfa-9297	24	9	5	5	NUM
ajfa-9297	24	10	.	.	PUNCT
ajfa-9297	25	1	finally	finally	ADV
ajfa-9297	25	2	,	,	PUNCT
ajfa-9297	25	3	a	a	DET
ajfa-9297	25	4	conclusion	conclusion	NOUN
ajfa-9297	25	5	and	and	CCONJ
ajfa-9297	25	6	discussion	discussion	NOUN
ajfa-9297	25	7	are	be	AUX
ajfa-9297	25	8	provided	provide	VERB
ajfa-9297	25	9	in	in	ADP
ajfa-9297	25	10	section	section	NOUN
ajfa-9297	25	11	6	6	NUM
ajfa-9297	25	12	.	.	NOUN
ajfa-9297	25	13	2	2	NUM
ajfa-9297	25	14	.	.	PUNCT
ajfa-9297	25	15	credit	credit	NOUN
ajfa-9297	25	16	rating	rating	NOUN
ajfa-9297	25	17	:	:	PUNCT
ajfa-9297	25	18	an	an	DET
ajfa-9297	25	19	overview	overview	NOUN
ajfa-9297	25	20	the	the	DET
ajfa-9297	25	21	emergence	emergence	NOUN
ajfa-9297	25	22	of	of	ADP
ajfa-9297	25	23	a	a	DET
ajfa-9297	25	24	credit	credit	NOUN
ajfa-9297	25	25	rating	rating	NOUN
ajfa-9297	25	26	as	as	ADP
ajfa-9297	25	27	a	a	DET
ajfa-9297	25	28	mechanism	mechanism	NOUN
ajfa-9297	25	29	that	that	PRON
ajfa-9297	25	30	helps	help	VERB
ajfa-9297	25	31	to	to	PART
ajfa-9297	25	32	reduce	reduce	VERB
ajfa-9297	25	33	market	market	NOUN
ajfa-9297	25	34	information	information	NOUN
ajfa-9297	25	35	asymmetry	asymmetry	NOUN
ajfa-9297	25	36	in	in	ADP
ajfa-9297	25	37	the	the	DET
ajfa-9297	25	38	financial	financial	ADJ
ajfa-9297	25	39	markets	market	NOUN
ajfa-9297	25	40	has	have	AUX
ajfa-9297	25	41	come	come	VERB
ajfa-9297	25	42	from	from	ADP
ajfa-9297	25	43	the	the	DET
ajfa-9297	25	44	times	time	NOUN
ajfa-9297	25	45	of	of	ADP
ajfa-9297	25	46	the	the	DET
ajfa-9297	25	47	u.s	u.s	PROPN
ajfa-9297	25	48	.	.	PROPN
ajfa-9297	25	49	rail	rail	NOUN
ajfa-9297	25	50	road	road	NOUN
ajfa-9297	25	51	companies	company	NOUN
ajfa-9297	25	52	in	in	ADP
ajfa-9297	25	53	the	the	DET
ajfa-9297	25	54	mid-19th	mid-19th	ADJ
ajfa-9297	25	55	century	century	NOUN
ajfa-9297	25	56	.	.	PUNCT
ajfa-9297	26	1	the	the	DET
ajfa-9297	26	2	fact	fact	NOUN
ajfa-9297	26	3	that	that	SCONJ
ajfa-9297	26	4	corporate	corporate	ADJ
ajfa-9297	26	5	started	started	AUX
ajfa-9297	26	6	mobilizing	mobilize	VERB
ajfa-9297	26	7	resources	resource	NOUN
ajfa-9297	26	8	directly	directly	ADV
ajfa-9297	26	9	from	from	ADP
ajfa-9297	26	10	savers	saver	NOUN
ajfa-9297	26	11	instead	instead	ADV
ajfa-9297	26	12	of	of	ADP
ajfa-9297	26	13	accessing	access	VERB
ajfa-9297	26	14	it	it	PRON
ajfa-9297	26	15	through	through	ADP
ajfa-9297	26	16	banks	bank	NOUN
ajfa-9297	26	17	caused	cause	VERB
ajfa-9297	26	18	a	a	DET
ajfa-9297	26	19	credit	credit	NOUN
ajfa-9297	26	20	risk	risk	NOUN
ajfa-9297	26	21	that	that	PRON
ajfa-9297	26	22	is	be	AUX
ajfa-9297	26	23	why	why	SCONJ
ajfa-9297	26	24	the	the	DET
ajfa-9297	26	25	need	need	NOUN
ajfa-9297	26	26	for	for	ADP
ajfa-9297	26	27	an	an	DET
ajfa-9297	26	28	independent	independent	ADJ
ajfa-9297	26	29	rating	rating	NOUN
ajfa-9297	26	30	agency	agency	NOUN
ajfa-9297	26	31	capable	capable	ADJ
ajfa-9297	26	32	of	of	ADP
ajfa-9297	26	33	evaluating	evaluate	VERB
ajfa-9297	26	34	creditworthiness	creditworthiness	NOUN
ajfa-9297	26	35	of	of	ADP
ajfa-9297	26	36	borrowers	borrower	NOUN
ajfa-9297	26	37	has	have	AUX
ajfa-9297	26	38	appeared	appear	VERB
ajfa-9297	26	39	.	.	PUNCT
ajfa-9297	27	1	the	the	DET
ajfa-9297	27	2	study	study	NOUN
ajfa-9297	27	3	of	of	ADP
ajfa-9297	27	4	the	the	DET
ajfa-9297	27	5	history	history	NOUN
ajfa-9297	27	6	of	of	ADP
ajfa-9297	27	7	credit	credit	NOUN
ajfa-9297	27	8	rating	rating	NOUN
ajfa-9297	27	9	agencies	agency	NOUN
ajfa-9297	27	10	may	may	AUX
ajfa-9297	27	11	be	be	AUX
ajfa-9297	27	12	divided	divide	VERB
ajfa-9297	27	13	into	into	ADP
ajfa-9297	27	14	three	three	NUM
ajfa-9297	27	15	distinct	distinct	ADJ
ajfa-9297	27	16	periods	period	NOUN
ajfa-9297	27	17	as	as	SCONJ
ajfa-9297	27	18	mentioned	mention	VERB
ajfa-9297	27	19	by	by	ADP
ajfa-9297	27	20	lawrence	lawrence	PROPN
ajfa-9297	27	21	(	(	PUNCT
ajfa-9297	27	22	2013	2013	NUM
ajfa-9297	27	23	)	)	PUNCT
ajfa-9297	27	24	.	.	PUNCT
ajfa-9297	28	1	2.1	2.1	NUM
ajfa-9297	28	2	the	the	DET
ajfa-9297	28	3	beginnings	beginning	NOUN
ajfa-9297	28	4	the	the	DET
ajfa-9297	28	5	present	present	ADJ
ajfa-9297	28	6	-	-	PUNCT
ajfa-9297	28	7	day	day	NOUN
ajfa-9297	28	8	credit	credit	NOUN
ajfa-9297	28	9	rating	rating	NOUN
ajfa-9297	28	10	industry	industry	NOUN
ajfa-9297	28	11	has	have	VERB
ajfa-9297	28	12	a	a	DET
ajfa-9297	28	13	lengthy	lengthy	ADJ
ajfa-9297	28	14	history	history	NOUN
ajfa-9297	28	15	,	,	PUNCT
ajfa-9297	28	16	beginning	begin	VERB
ajfa-9297	28	17	in	in	ADP
ajfa-9297	28	18	the	the	DET
ajfa-9297	28	19	19th	19th	ADJ
ajfa-9297	28	20	century	century	NOUN
ajfa-9297	28	21	asian	asian	ADJ
ajfa-9297	28	22	journal	journal	NOUN
ajfa-9297	28	23	of	of	ADP
ajfa-9297	28	24	finance	finance	PROPN
ajfa-9297	28	25	&	&	CCONJ
ajfa-9297	28	26	accounting	accounting	PROPN
ajfa-9297	28	27	issn	issn	PROPN
ajfa-9297	28	28	1946	1946	NUM
ajfa-9297	28	29	-	-	PUNCT
ajfa-9297	28	30	052x	052x	PROPN
ajfa-9297	28	31	2016	2016	NUM
ajfa-9297	28	32	,	,	PUNCT
ajfa-9297	28	33	vol	vol	NOUN
ajfa-9297	28	34	.	.	PROPN
ajfa-9297	28	35	8	8	NUM
ajfa-9297	28	36	,	,	PUNCT
ajfa-9297	28	37	no	no	INTJ
ajfa-9297	28	38	.	.	NOUN
ajfa-9297	28	39	1	1	NUM
ajfa-9297	28	40	ajfa.macrothink.org	ajfa.macrothink.org	NOUN
ajfa-9297	28	41	197	197	NUM
ajfa-9297	28	42	with	with	ADP
ajfa-9297	28	43	financial	financial	ADJ
ajfa-9297	28	44	publishing	publishing	NOUN
ajfa-9297	28	45	.	.	PUNCT
ajfa-9297	29	1	the	the	DET
ajfa-9297	29	2	mercantile	mercantile	PROPN
ajfa-9297	29	3	agency	agency	PROPN
ajfa-9297	29	4	,	,	PUNCT
ajfa-9297	29	5	one	one	NUM
ajfa-9297	29	6	of	of	ADP
ajfa-9297	29	7	the	the	DET
ajfa-9297	29	8	first	first	ADJ
ajfa-9297	29	9	credit	credit	NOUN
ajfa-9297	29	10	reporting	reporting	NOUN
ajfa-9297	29	11	agencies	agency	NOUN
ajfa-9297	29	12	,	,	PUNCT
ajfa-9297	29	13	was	be	AUX
ajfa-9297	29	14	established	establish	VERB
ajfa-9297	29	15	in	in	ADP
ajfa-9297	29	16	1841	1841	NUM
ajfa-9297	29	17	by	by	ADP
ajfa-9297	29	18	lewis	lewis	PROPN
ajfa-9297	29	19	tappan	tappan	PROPN
ajfa-9297	29	20	to	to	PART
ajfa-9297	29	21	ameliorate	ameliorate	VERB
ajfa-9297	29	22	information	information	NOUN
ajfa-9297	29	23	asymmetries	asymmetry	NOUN
ajfa-9297	29	24	that	that	PRON
ajfa-9297	29	25	probably	probably	ADV
ajfa-9297	29	26	lead	lead	VERB
ajfa-9297	29	27	to	to	ADP
ajfa-9297	29	28	the	the	DET
ajfa-9297	29	29	financial	financial	ADJ
ajfa-9297	29	30	crisis	crisis	NOUN
ajfa-9297	29	31	of	of	ADP
ajfa-9297	29	32	1837	1837	NUM
ajfa-9297	29	33	.	.	PUNCT
ajfa-9297	30	1	then	then	ADV
ajfa-9297	30	2	,	,	PUNCT
ajfa-9297	30	3	in	in	ADP
ajfa-9297	30	4	the	the	DET
ajfa-9297	30	5	20th	20th	ADJ
ajfa-9297	30	6	century	century	NOUN
ajfa-9297	30	7	,	,	PUNCT
ajfa-9297	30	8	the	the	DET
ajfa-9297	30	9	emergence	emergence	NOUN
ajfa-9297	30	10	of	of	ADP
ajfa-9297	30	11	credit	credit	NOUN
ajfa-9297	30	12	rating	rating	NOUN
ajfa-9297	30	13	agencies	agency	NOUN
ajfa-9297	30	14	(	(	PUNCT
ajfa-9297	30	15	cras	cras	X
ajfa-9297	30	16	)	)	PUNCT
ajfa-9297	30	17	,	,	PUNCT
ajfa-9297	30	18	when	when	SCONJ
ajfa-9297	30	19	john	john	PROPN
ajfa-9297	30	20	moody	moody	PROPN
ajfa-9297	30	21	and	and	CCONJ
ajfa-9297	30	22	henry	henry	PROPN
ajfa-9297	30	23	poor	poor	PROPN
ajfa-9297	30	24	started	start	VERB
ajfa-9297	30	25	collecting	collect	VERB
ajfa-9297	30	26	financial	financial	ADJ
ajfa-9297	30	27	and	and	CCONJ
ajfa-9297	30	28	operating	operate	VERB
ajfa-9297	30	29	statistics	statistic	NOUN
ajfa-9297	30	30	on	on	ADP
ajfa-9297	30	31	the	the	DET
ajfa-9297	30	32	railroad	railroad	NOUN
ajfa-9297	30	33	bond	bond	NOUN
ajfa-9297	30	34	market	market	NOUN
ajfa-9297	30	35	and	and	CCONJ
ajfa-9297	30	36	then	then	ADV
ajfa-9297	30	37	selling	sell	VERB
ajfa-9297	30	38	this	this	DET
ajfa-9297	30	39	information	information	NOUN
ajfa-9297	30	40	to	to	ADP
ajfa-9297	30	41	subscribers	subscriber	NOUN
ajfa-9297	30	42	.	.	PUNCT
ajfa-9297	31	1	credit	credit	NOUN
ajfa-9297	31	2	ratings	rating	NOUN
ajfa-9297	31	3	were	be	AUX
ajfa-9297	31	4	first	first	ADV
ajfa-9297	31	5	issued	issue	VERB
ajfa-9297	31	6	by	by	ADP
ajfa-9297	31	7	moody	moody	PROPN
ajfa-9297	31	8	’s	’s	PART
ajfa-9297	31	9	analyses	analysis	NOUN
ajfa-9297	31	10	publishing	publish	VERB
ajfa-9297	31	11	company	company	NOUN
ajfa-9297	31	12	in	in	ADP
ajfa-9297	31	13	1909	1909	NUM
ajfa-9297	31	14	,	,	PUNCT
ajfa-9297	31	15	moody	moody	PROPN
ajfa-9297	31	16	’s	’s	PART
ajfa-9297	31	17	entry	entry	NOUN
ajfa-9297	31	18	into	into	ADP
ajfa-9297	31	19	the	the	DET
ajfa-9297	31	20	public	public	ADJ
ajfa-9297	31	21	bond	bond	NOUN
ajfa-9297	31	22	rating	rating	NOUN
ajfa-9297	31	23	business	business	NOUN
ajfa-9297	31	24	was	be	AUX
ajfa-9297	31	25	followed	follow	VERB
ajfa-9297	31	26	by	by	ADP
ajfa-9297	31	27	others	other	NOUN
ajfa-9297	31	28	:	:	PUNCT
ajfa-9297	31	29	the	the	DET
ajfa-9297	31	30	poor	poor	ADJ
ajfa-9297	31	31	’s	’s	PART
ajfa-9297	31	32	publishing	publish	VERB
ajfa-9297	31	33	company	company	NOUN
ajfa-9297	31	34	in	in	ADP
ajfa-9297	31	35	1916	1916	NUM
ajfa-9297	31	36	;	;	PUNCT
ajfa-9297	31	37	the	the	DET
ajfa-9297	31	38	standard	standard	NOUN
ajfa-9297	31	39	in	in	ADP
ajfa-9297	31	40	1922	1922	NUM
ajfa-9297	31	41	;	;	PUNCT
ajfa-9297	31	42	and	and	CCONJ
ajfa-9297	31	43	the	the	DET
ajfa-9297	31	44	fitch	fitch	PROPN
ajfa-9297	31	45	publishing	publishing	PROPN
ajfa-9297	31	46	company	company	NOUN
ajfa-9297	31	47	in	in	ADP
ajfa-9297	31	48	1924	1924	NUM
ajfa-9297	31	49	.	.	PUNCT
ajfa-9297	32	1	2.2	2.2	NUM
ajfa-9297	32	2	the	the	DET
ajfa-9297	32	3	1930s	1930	NOUN
ajfa-9297	32	4	until	until	ADP
ajfa-9297	32	5	the	the	DET
ajfa-9297	32	6	1970s	1970	NOUN
ajfa-9297	32	7	in	in	ADP
ajfa-9297	32	8	the	the	DET
ajfa-9297	32	9	early	early	ADJ
ajfa-9297	32	10	1930s	1930	NOUN
ajfa-9297	32	11	,	,	PUNCT
ajfa-9297	32	12	regulators	regulator	NOUN
ajfa-9297	32	13	of	of	ADP
ajfa-9297	32	14	commercial	commercial	ADJ
ajfa-9297	32	15	banks	bank	NOUN
ajfa-9297	32	16	began	begin	VERB
ajfa-9297	32	17	introducing	introduce	VERB
ajfa-9297	32	18	the	the	DET
ajfa-9297	32	19	use	use	NOUN
ajfa-9297	32	20	of	of	ADP
ajfa-9297	32	21	ratings	rating	NOUN
ajfa-9297	32	22	for	for	ADP
ajfa-9297	32	23	the	the	DET
ajfa-9297	32	24	required	require	VERB
ajfa-9297	32	25	accounting	accounting	NOUN
ajfa-9297	32	26	practices	practice	NOUN
ajfa-9297	32	27	of	of	ADP
ajfa-9297	32	28	their	their	PRON
ajfa-9297	32	29	banks	bank	NOUN
ajfa-9297	32	30	.	.	PUNCT
ajfa-9297	33	1	however	however	ADV
ajfa-9297	33	2	,	,	PUNCT
ajfa-9297	33	3	in	in	ADP
ajfa-9297	33	4	1936	1936	NUM
ajfa-9297	33	5	there	there	PRON
ajfa-9297	33	6	was	be	VERB
ajfa-9297	33	7	regulatory	regulatory	ADJ
ajfa-9297	33	8	change	change	NOUN
ajfa-9297	33	9	that	that	PRON
ajfa-9297	33	10	required	require	VERB
ajfa-9297	33	11	to	to	PART
ajfa-9297	33	12	regulate	regulate	VERB
ajfa-9297	33	13	banks	bank	NOUN
ajfa-9297	33	14	to	to	PART
ajfa-9297	33	15	use	use	VERB
ajfa-9297	33	16	an	an	DET
ajfa-9297	33	17	investment	investment	NOUN
ajfa-9297	33	18	grade	grade	NOUN
ajfa-9297	33	19	to	to	PART
ajfa-9297	33	20	make	make	VERB
ajfa-9297	33	21	bonds	bond	NOUN
ajfa-9297	33	22	just	just	ADV
ajfa-9297	33	23	as	as	SCONJ
ajfa-9297	33	24	loans	loan	NOUN
ajfa-9297	33	25	and	and	CCONJ
ajfa-9297	33	26	investments	investment	NOUN
ajfa-9297	33	27	to	to	PART
ajfa-9297	33	28	be	be	AUX
ajfa-9297	33	29	safe	safe	ADJ
ajfa-9297	33	30	rather	rather	ADV
ajfa-9297	33	31	than	than	ADP
ajfa-9297	33	32	speculative	speculative	ADJ
ajfa-9297	33	33	which	which	PRON
ajfa-9297	33	34	lead	lead	VERB
ajfa-9297	33	35	to	to	ADP
ajfa-9297	33	36	the	the	DET
ajfa-9297	33	37	expand	expand	NOUN
ajfa-9297	33	38	of	of	ADP
ajfa-9297	33	39	the	the	DET
ajfa-9297	33	40	market	market	NOUN
ajfa-9297	33	41	for	for	ADP
ajfa-9297	33	42	those	those	DET
ajfa-9297	33	43	cras	cras	X
ajfa-9297	33	44	’s	’s	PART
ajfa-9297	33	45	rating	rating	NOUN
ajfa-9297	33	46	.	.	PUNCT
ajfa-9297	34	1	during	during	ADP
ajfa-9297	34	2	the	the	DET
ajfa-9297	34	3	following	follow	VERB
ajfa-9297	34	4	decades	decade	NOUN
ajfa-9297	34	5	,	,	PUNCT
ajfa-9297	34	6	the	the	DET
ajfa-9297	34	7	state	state	NOUN
ajfa-9297	34	8	regulators	regulator	NOUN
ajfa-9297	34	9	of	of	ADP
ajfa-9297	34	10	insurance	insurance	NOUN
ajfa-9297	34	11	companies	company	NOUN
ajfa-9297	34	12	also	also	ADV
ajfa-9297	34	13	started	start	VERB
ajfa-9297	34	14	to	to	PART
ajfa-9297	34	15	incorporate	incorporate	VERB
ajfa-9297	34	16	the	the	DET
ajfa-9297	34	17	major	major	ADJ
ajfa-9297	34	18	cras	cras	X
ajfa-9297	34	19	’s	’s	PART
ajfa-9297	34	20	ratings	rating	NOUN
ajfa-9297	34	21	into	into	ADP
ajfa-9297	34	22	their	their	PRON
ajfa-9297	34	23	prudential	prudential	ADJ
ajfa-9297	34	24	regulation	regulation	NOUN
ajfa-9297	34	25	of	of	ADP
ajfa-9297	34	26	their	their	PRON
ajfa-9297	34	27	insurance	insurance	NOUN
ajfa-9297	34	28	companies	company	NOUN
ajfa-9297	34	29	.	.	PUNCT
ajfa-9297	35	1	also	also	ADV
ajfa-9297	35	2	in	in	ADP
ajfa-9297	35	3	1975	1975	NUM
ajfa-9297	35	4	,	,	PUNCT
ajfa-9297	35	5	the	the	DET
ajfa-9297	35	6	securities	securities	PROPN
ajfa-9297	35	7	and	and	CCONJ
ajfa-9297	35	8	exchange	exchange	PROPN
ajfa-9297	35	9	commission	commission	PROPN
ajfa-9297	35	10	(	(	PUNCT
ajfa-9297	35	11	sec	sec	PROPN
ajfa-9297	35	12	)	)	PUNCT
ajfa-9297	35	13	began	begin	VERB
ajfa-9297	35	14	using	use	VERB
ajfa-9297	35	15	cras	cras	PROPN
ajfa-9297	35	16	’s	’s	PART
ajfa-9297	35	17	ratings	rating	NOUN
ajfa-9297	35	18	as	as	ADP
ajfa-9297	35	19	the	the	DET
ajfa-9297	35	20	indicator	indicator	NOUN
ajfa-9297	35	21	of	of	ADP
ajfa-9297	35	22	the	the	DET
ajfa-9297	35	23	riskiness	riskiness	NOUN
ajfa-9297	35	24	of	of	ADP
ajfa-9297	35	25	the	the	DET
ajfa-9297	35	26	bonds	bond	NOUN
ajfa-9297	35	27	held	hold	VERB
ajfa-9297	35	28	by	by	ADP
ajfa-9297	35	29	firms	firm	NOUN
ajfa-9297	35	30	in	in	ADP
ajfa-9297	35	31	their	their	PRON
ajfa-9297	35	32	portfolios	portfolio	NOUN
ajfa-9297	35	33	.	.	PUNCT
ajfa-9297	36	1	as	as	ADP
ajfa-9297	36	2	a	a	DET
ajfa-9297	36	3	consequence	consequence	NOUN
ajfa-9297	36	4	,	,	PUNCT
ajfa-9297	36	5	the	the	DET
ajfa-9297	36	6	sec	sec	PROPN
ajfa-9297	36	7	created	create	VERB
ajfa-9297	36	8	a	a	DET
ajfa-9297	36	9	new	new	ADJ
ajfa-9297	36	10	category	category	NOUN
ajfa-9297	36	11	nationally	nationally	ADV
ajfa-9297	36	12	recognized	recognize	VERB
ajfa-9297	36	13	statistical	statistical	ADJ
ajfa-9297	36	14	rating	rating	NOUN
ajfa-9297	36	15	organization	organization	NOUN
ajfa-9297	36	16	(	(	PUNCT
ajfa-9297	36	17	nrsro	nrsro	ADJ
ajfa-9297	36	18	)	)	PUNCT
ajfa-9297	36	19	and	and	CCONJ
ajfa-9297	36	20	it	it	PRON
ajfa-9297	36	21	certified	certify	VERB
ajfa-9297	36	22	moody	moody	NOUN
ajfa-9297	36	23	’s	’s	PART
ajfa-9297	36	24	,	,	PUNCT
ajfa-9297	36	25	s&p	s&p	PROPN
ajfa-9297	36	26	,	,	PUNCT
ajfa-9297	36	27	and	and	CCONJ
ajfa-9297	36	28	fitch	fitch	VERB
ajfa-9297	36	29	as	as	ADP
ajfa-9297	36	30	nrsros	nrsro	NOUN
ajfa-9297	36	31	which	which	PRON
ajfa-9297	36	32	would	would	AUX
ajfa-9297	36	33	be	be	AUX
ajfa-9297	36	34	the	the	DET
ajfa-9297	36	35	appropriate	appropriate	ADJ
ajfa-9297	36	36	ones	one	NOUN
ajfa-9297	36	37	for	for	SCONJ
ajfa-9297	36	38	the	the	DET
ajfa-9297	36	39	security	security	NOUN
ajfa-9297	36	40	firms	firm	NOUN
ajfa-9297	36	41	to	to	PART
ajfa-9297	36	42	use	use	VERB
ajfa-9297	36	43	in	in	ADP
ajfa-9297	36	44	the	the	DET
ajfa-9297	36	45	determination	determination	NOUN
ajfa-9297	36	46	of	of	ADP
ajfa-9297	36	47	their	their	PRON
ajfa-9297	36	48	needed	need	VERB
ajfa-9297	36	49	capital	capital	NOUN
ajfa-9297	36	50	.	.	PUNCT
ajfa-9297	37	1	in	in	ADP
ajfa-9297	37	2	the	the	DET
ajfa-9297	37	3	late	late	ADJ
ajfa-9297	37	4	1960s	1960	NOUN
ajfa-9297	37	5	and	and	CCONJ
ajfa-9297	37	6	early	early	ADJ
ajfa-9297	37	7	1970s	1970	NOUN
ajfa-9297	37	8	,	,	PUNCT
ajfa-9297	37	9	the	the	DET
ajfa-9297	37	10	original	original	ADJ
ajfa-9297	37	11	business	business	NOUN
ajfa-9297	37	12	model	model	NOUN
ajfa-9297	37	13	adopted	adopt	VERB
ajfa-9297	37	14	by	by	ADP
ajfa-9297	37	15	john	john	PROPN
ajfa-9297	37	16	moody	moody	PROPN
ajfa-9297	37	17	in	in	ADP
ajfa-9297	37	18	1909	1909	NUM
ajfa-9297	37	19	was	be	AUX
ajfa-9297	37	20	progressively	progressively	ADV
ajfa-9297	37	21	changed	change	VERB
ajfa-9297	37	22	to	to	ADP
ajfa-9297	37	23	a	a	DET
ajfa-9297	37	24	business	business	NOUN
ajfa-9297	37	25	model	model	NOUN
ajfa-9297	37	26	whereby	whereby	SCONJ
ajfa-9297	37	27	the	the	DET
ajfa-9297	37	28	bond	bond	NOUN
ajfa-9297	37	29	issuers	issuer	NOUN
ajfa-9297	37	30	were	be	AUX
ajfa-9297	37	31	charged	charge	VERB
ajfa-9297	37	32	with	with	ADP
ajfa-9297	37	33	the	the	DET
ajfa-9297	37	34	ratings	rating	NOUN
ajfa-9297	37	35	and	and	CCONJ
ajfa-9297	37	36	distributed	distribute	VERB
ajfa-9297	37	37	to	to	ADP
ajfa-9297	37	38	the	the	DET
ajfa-9297	37	39	general	general	ADJ
ajfa-9297	37	40	public	public	NOUN
ajfa-9297	37	41	at	at	ADP
ajfa-9297	37	42	no	no	DET
ajfa-9297	37	43	charge	charge	NOUN
ajfa-9297	37	44	but	but	CCONJ
ajfa-9297	37	45	this	this	DET
ajfa-9297	37	46	new	new	ADJ
ajfa-9297	37	47	model	model	NOUN
ajfa-9297	37	48	created	create	VERB
ajfa-9297	37	49	potential	potential	ADJ
ajfa-9297	37	50	conflicts	conflict	NOUN
ajfa-9297	37	51	of	of	ADP
ajfa-9297	37	52	interest	interest	NOUN
ajfa-9297	37	53	.	.	PUNCT
ajfa-9297	38	1	2.3	2.3	NUM
ajfa-9297	38	2	the	the	DET
ajfa-9297	38	3	2000s	2000s	NUM
ajfa-9297	38	4	until	until	ADP
ajfa-9297	38	5	2010s	2010s	NUM
ajfa-9297	38	6	in	in	ADP
ajfa-9297	38	7	november	november	PROPN
ajfa-9297	38	8	2001	2001	NUM
ajfa-9297	38	9	,	,	PUNCT
ajfa-9297	38	10	with	with	ADP
ajfa-9297	38	11	the	the	DET
ajfa-9297	38	12	bankruptcy	bankruptcy	NOUN
ajfa-9297	38	13	of	of	ADP
ajfa-9297	38	14	the	the	DET
ajfa-9297	38	15	enron	enron	PROPN
ajfa-9297	38	16	corporation	corporation	PROPN
ajfa-9297	38	17	,	,	PUNCT
ajfa-9297	38	18	a	a	DET
ajfa-9297	38	19	considerable	considerable	ADJ
ajfa-9297	38	20	amount	amount	NOUN
ajfa-9297	38	21	of	of	ADP
ajfa-9297	38	22	media	medium	NOUN
ajfa-9297	38	23	focused	focus	VERB
ajfa-9297	38	24	big	big	ADJ
ajfa-9297	38	25	attention	attention	NOUN
ajfa-9297	38	26	on	on	ADP
ajfa-9297	38	27	cras	cras	PROPN
ajfa-9297	38	28	because	because	SCONJ
ajfa-9297	38	29	enron	enron	PROPN
ajfa-9297	38	30	’s	’s	PART
ajfa-9297	38	31	bonds	bond	NOUN
ajfa-9297	38	32	had	have	AUX
ajfa-9297	38	33	been	be	AUX
ajfa-9297	38	34	rated	rate	VERB
ajfa-9297	38	35	as	as	ADP
ajfa-9297	38	36	“	"	PUNCT
ajfa-9297	38	37	investment	investment	NOUN
ajfa-9297	38	38	grade	grade	NOUN
ajfa-9297	38	39	”	"	PUNCT
ajfa-9297	38	40	by	by	ADP
ajfa-9297	38	41	all	all	DET
ajfa-9297	38	42	three	three	NUM
ajfa-9297	38	43	major	major	ADJ
ajfa-9297	38	44	cras	cra	NOUN
ajfa-9297	38	45	until	until	ADP
ajfa-9297	38	46	five	five	NUM
ajfa-9297	38	47	days	day	NOUN
ajfa-9297	38	48	before	before	ADP
ajfa-9297	38	49	the	the	DET
ajfa-9297	38	50	bankruptcy	bankruptcy	NOUN
ajfa-9297	38	51	.	.	PUNCT
ajfa-9297	39	1	this	this	DET
ajfa-9297	39	2	situation	situation	NOUN
ajfa-9297	39	3	made	make	VERB
ajfa-9297	39	4	cras	cra	NOUN
ajfa-9297	39	5	in	in	ADP
ajfa-9297	39	6	a	a	DET
ajfa-9297	39	7	difficult	difficult	ADJ
ajfa-9297	39	8	position	position	NOUN
ajfa-9297	39	9	,	,	PUNCT
ajfa-9297	39	10	indeed	indeed	ADV
ajfa-9297	39	11	congressional	congressional	ADJ
ajfa-9297	39	12	asked	ask	VERB
ajfa-9297	39	13	the	the	DET
ajfa-9297	39	14	cras	cras	X
ajfa-9297	39	15	why	why	SCONJ
ajfa-9297	39	16	they	they	PRON
ajfa-9297	39	17	were	be	AUX
ajfa-9297	39	18	so	so	ADV
ajfa-9297	39	19	slow	slow	ADJ
ajfa-9297	39	20	to	to	PART
ajfa-9297	39	21	recognize	recognize	VERB
ajfa-9297	39	22	enron	enron	PROPN
ajfa-9297	39	23	’s	’s	PART
ajfa-9297	39	24	weakened	weaken	VERB
ajfa-9297	39	25	financial	financial	ADJ
ajfa-9297	39	26	condition	condition	NOUN
ajfa-9297	39	27	and	and	CCONJ
ajfa-9297	39	28	the	the	DET
ajfa-9297	39	29	sec	sec	PROPN
ajfa-9297	39	30	was	be	AUX
ajfa-9297	39	31	asked	ask	VERB
ajfa-9297	39	32	about	about	ADP
ajfa-9297	39	33	the	the	DET
ajfa-9297	39	34	nrsro	nrsro	ADJ
ajfa-9297	39	35	system	system	NOUN
ajfa-9297	39	36	,	,	PUNCT
ajfa-9297	39	37	how	how	SCONJ
ajfa-9297	39	38	the	the	DET
ajfa-9297	39	39	sec	sec	PROPN
ajfa-9297	39	40	managed	manage	VERB
ajfa-9297	39	41	it	it	PRON
ajfa-9297	39	42	,	,	PUNCT
ajfa-9297	39	43	and	and	CCONJ
ajfa-9297	39	44	why	why	SCONJ
ajfa-9297	39	45	there	there	PRON
ajfa-9297	39	46	were	be	VERB
ajfa-9297	39	47	only	only	ADV
ajfa-9297	39	48	three	three	NUM
ajfa-9297	39	49	certified	certify	VERB
ajfa-9297	39	50	nrsros	nrsro	NOUN
ajfa-9297	39	51	?	?	PUNCT
ajfa-9297	40	1	as	as	ADP
ajfa-9297	40	2	a	a	DET
ajfa-9297	40	3	consequence	consequence	NOUN
ajfa-9297	40	4	,	,	PUNCT
ajfa-9297	40	5	the	the	DET
ajfa-9297	40	6	sec	sec	PROPN
ajfa-9297	40	7	tried	try	VERB
ajfa-9297	40	8	to	to	PART
ajfa-9297	40	9	make	make	VERB
ajfa-9297	40	10	some	some	DET
ajfa-9297	40	11	changes	change	NOUN
ajfa-9297	40	12	by	by	ADP
ajfa-9297	40	13	certifying	certify	VERB
ajfa-9297	40	14	additional	additional	ADJ
ajfa-9297	40	15	nrsros	nrsro	NOUN
ajfa-9297	40	16	which	which	PRON
ajfa-9297	40	17	got	get	VERB
ajfa-9297	40	18	up	up	ADP
ajfa-9297	40	19	to	to	PART
ajfa-9297	40	20	ten	ten	NUM
ajfa-9297	40	21	nrsro	nrsro	ADJ
ajfa-9297	40	22	in	in	ADP
ajfa-9297	40	23	2013	2013	NUM
ajfa-9297	40	24	.	.	PUNCT
ajfa-9297	41	1	even	even	ADV
ajfa-9297	41	2	if	if	SCONJ
ajfa-9297	41	3	rating	rating	NOUN
ajfa-9297	41	4	agencies	agency	NOUN
ajfa-9297	41	5	have	have	AUX
ajfa-9297	41	6	experienced	experience	VERB
ajfa-9297	41	7	some	some	DET
ajfa-9297	41	8	difficulties	difficulty	NOUN
ajfa-9297	41	9	during	during	ADP
ajfa-9297	41	10	few	few	ADJ
ajfa-9297	41	11	years	year	NOUN
ajfa-9297	41	12	and	and	CCONJ
ajfa-9297	41	13	have	have	AUX
ajfa-9297	41	14	been	be	AUX
ajfa-9297	41	15	harshly	harshly	ADV
ajfa-9297	41	16	criticized	criticize	VERB
ajfa-9297	41	17	,	,	PUNCT
ajfa-9297	41	18	they	they	PRON
ajfa-9297	41	19	remain	remain	VERB
ajfa-9297	41	20	a	a	DET
ajfa-9297	41	21	key	key	ADJ
ajfa-9297	41	22	mechanism	mechanism	NOUN
ajfa-9297	41	23	in	in	ADP
ajfa-9297	41	24	financial	financial	ADJ
ajfa-9297	41	25	markets	market	NOUN
ajfa-9297	41	26	.	.	PUNCT
ajfa-9297	42	1	asian	asian	ADJ
ajfa-9297	42	2	journal	journal	PROPN
ajfa-9297	42	3	of	of	ADP
ajfa-9297	42	4	finance	finance	PROPN
ajfa-9297	42	5	&	&	CCONJ
ajfa-9297	42	6	accounting	accounting	PROPN
ajfa-9297	42	7	issn	issn	PROPN
ajfa-9297	42	8	1946	1946	NUM
ajfa-9297	42	9	-	-	PUNCT
ajfa-9297	42	10	052x	052x	PROPN
ajfa-9297	42	11	2016	2016	NUM
ajfa-9297	42	12	,	,	PUNCT
ajfa-9297	42	13	vol	vol	NOUN
ajfa-9297	42	14	.	.	PROPN
ajfa-9297	42	15	8	8	NUM
ajfa-9297	42	16	,	,	PUNCT
ajfa-9297	42	17	no	no	INTJ
ajfa-9297	42	18	.	.	NOUN
ajfa-9297	42	19	1	1	NUM
ajfa-9297	42	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9297	42	21	198	198	NUM
ajfa-9297	42	22	3	3	NUM
ajfa-9297	42	23	.	.	PUNCT
ajfa-9297	42	24	literature	literature	NOUN
ajfa-9297	42	25	review	review	PROPN
ajfa-9297	42	26	and	and	CCONJ
ajfa-9297	42	27	hypotheses	hypothesis	NOUN
ajfa-9297	42	28	we	we	PRON
ajfa-9297	42	29	start	start	VERB
ajfa-9297	42	30	this	this	DET
ajfa-9297	42	31	section	section	NOUN
ajfa-9297	42	32	by	by	ADP
ajfa-9297	42	33	explaining	explain	VERB
ajfa-9297	42	34	the	the	DET
ajfa-9297	42	35	effect	effect	NOUN
ajfa-9297	42	36	of	of	ADP
ajfa-9297	42	37	governance	governance	NOUN
ajfa-9297	42	38	structures	structure	NOUN
ajfa-9297	42	39	on	on	ADP
ajfa-9297	42	40	corporate	corporate	ADJ
ajfa-9297	42	41	decisions	decision	NOUN
ajfa-9297	43	1	and	and	CCONJ
ajfa-9297	43	2	then	then	ADV
ajfa-9297	43	3	we	we	PRON
ajfa-9297	43	4	will	will	AUX
ajfa-9297	43	5	examine	examine	VERB
ajfa-9297	43	6	the	the	DET
ajfa-9297	43	7	effect	effect	NOUN
ajfa-9297	43	8	of	of	ADP
ajfa-9297	43	9	governance	governance	NOUN
ajfa-9297	43	10	structures	structure	NOUN
ajfa-9297	43	11	on	on	ADP
ajfa-9297	43	12	credit	credit	NOUN
ajfa-9297	43	13	ratings	rating	NOUN
ajfa-9297	43	14	through	through	ADP
ajfa-9297	43	15	a	a	DET
ajfa-9297	43	16	series	series	NOUN
ajfa-9297	43	17	of	of	ADP
ajfa-9297	43	18	hypotheses	hypothesis	NOUN
ajfa-9297	43	19	.	.	PUNCT
ajfa-9297	44	1	3.1	3.1	NUM
ajfa-9297	44	2	the	the	DET
ajfa-9297	44	3	effect	effect	NOUN
ajfa-9297	44	4	of	of	ADP
ajfa-9297	44	5	governance	governance	NOUN
ajfa-9297	44	6	structures	structure	NOUN
ajfa-9297	44	7	on	on	ADP
ajfa-9297	44	8	corporate	corporate	ADJ
ajfa-9297	44	9	decisions	decision	NOUN
ajfa-9297	44	10	the	the	DET
ajfa-9297	44	11	agency	agency	NOUN
ajfa-9297	44	12	problem	problem	NOUN
ajfa-9297	44	13	inherent	inherent	ADJ
ajfa-9297	44	14	in	in	ADP
ajfa-9297	44	15	the	the	DET
ajfa-9297	44	16	separation	separation	NOUN
ajfa-9297	44	17	of	of	ADP
ajfa-9297	44	18	ownership	ownership	NOUN
ajfa-9297	44	19	and	and	CCONJ
ajfa-9297	44	20	control	control	NOUN
ajfa-9297	44	21	of	of	ADP
ajfa-9297	44	22	assets	asset	NOUN
ajfa-9297	44	23	has	have	AUX
ajfa-9297	44	24	occurred	occur	VERB
ajfa-9297	44	25	since	since	SCONJ
ajfa-9297	44	26	the	the	DET
ajfa-9297	44	27	18th	18th	ADJ
ajfa-9297	44	28	century	century	NOUN
ajfa-9297	44	29	by	by	ADP
ajfa-9297	44	30	adam	adam	PROPN
ajfa-9297	44	31	smith	smith	PROPN
ajfa-9297	44	32	in	in	ADP
ajfa-9297	44	33	his	his	PRON
ajfa-9297	44	34	wealth	wealth	NOUN
ajfa-9297	44	35	of	of	ADP
ajfa-9297	44	36	nations	nation	NOUN
ajfa-9297	44	37	,	,	PUNCT
ajfa-9297	44	38	and	and	CCONJ
ajfa-9297	44	39	in	in	ADP
ajfa-9297	44	40	other	other	ADJ
ajfa-9297	44	41	studies	study	NOUN
ajfa-9297	44	42	such	such	ADJ
ajfa-9297	44	43	as	as	ADP
ajfa-9297	44	44	those	those	PRON
ajfa-9297	44	45	by	by	ADP
ajfa-9297	44	46	berle	berle	NOUN
ajfa-9297	44	47	and	and	CCONJ
ajfa-9297	44	48	means	mean	NOUN
ajfa-9297	44	49	(	(	PUNCT
ajfa-9297	44	50	1934	1934	NUM
ajfa-9297	44	51	)	)	PUNCT
ajfa-9297	44	52	and	and	CCONJ
ajfa-9297	44	53	lorsch	lorsch	NOUN
ajfa-9297	44	54	and	and	CCONJ
ajfa-9297	44	55	maclver	maclver	NOUN
ajfa-9297	44	56	(	(	PUNCT
ajfa-9297	44	57	1989	1989	NUM
ajfa-9297	44	58	)	)	PUNCT
ajfa-9297	44	59	.	.	PUNCT
ajfa-9297	45	1	the	the	DET
ajfa-9297	45	2	agency	agency	NOUN
ajfa-9297	45	3	literature	literature	PROPN
ajfa-9297	45	4	underlines	underline	VERB
ajfa-9297	45	5	a	a	DET
ajfa-9297	45	6	number	number	NOUN
ajfa-9297	45	7	of	of	ADP
ajfa-9297	45	8	conflicting	conflicting	ADJ
ajfa-9297	45	9	preferences	preference	NOUN
ajfa-9297	45	10	.	.	PUNCT
ajfa-9297	46	1	indeed	indeed	ADV
ajfa-9297	46	2	,	,	PUNCT
ajfa-9297	46	3	when	when	SCONJ
ajfa-9297	46	4	principal	principal	NOUN
ajfa-9297	46	5	(	(	PUNCT
ajfa-9297	46	6	shareholders	shareholder	NOUN
ajfa-9297	46	7	)	)	PUNCT
ajfa-9297	46	8	delegates	delegate	NOUN
ajfa-9297	46	9	some	some	DET
ajfa-9297	46	10	decision	decision	NOUN
ajfa-9297	46	11	-	-	PUNCT
ajfa-9297	46	12	making	make	VERB
ajfa-9297	46	13	responsibility	responsibility	NOUN
ajfa-9297	46	14	to	to	ADP
ajfa-9297	46	15	agents	agent	NOUN
ajfa-9297	46	16	(	(	PUNCT
ajfa-9297	46	17	manager	manager	NOUN
ajfa-9297	46	18	)	)	PUNCT
ajfa-9297	46	19	.	.	PUNCT
ajfa-9297	47	1	the	the	DET
ajfa-9297	47	2	latter	latter	ADJ
ajfa-9297	47	3	may	may	AUX
ajfa-9297	47	4	make	make	VERB
ajfa-9297	47	5	decisions	decision	NOUN
ajfa-9297	47	6	that	that	PRON
ajfa-9297	47	7	conflict	conflict	NOUN
ajfa-9297	47	8	with	with	ADP
ajfa-9297	47	9	the	the	DET
ajfa-9297	47	10	best	good	ADJ
ajfa-9297	47	11	interests	interest	NOUN
ajfa-9297	47	12	of	of	ADP
ajfa-9297	47	13	the	the	DET
ajfa-9297	47	14	shareholders	shareholder	NOUN
ajfa-9297	47	15	.	.	PUNCT
ajfa-9297	48	1	the	the	DET
ajfa-9297	48	2	divergence	divergence	NOUN
ajfa-9297	48	3	of	of	ADP
ajfa-9297	48	4	interests	interest	NOUN
ajfa-9297	48	5	between	between	ADP
ajfa-9297	48	6	principals	principal	NOUN
ajfa-9297	48	7	and	and	CCONJ
ajfa-9297	48	8	agents	agent	NOUN
ajfa-9297	48	9	lead	lead	VERB
ajfa-9297	48	10	supporters	supporter	NOUN
ajfa-9297	48	11	of	of	ADP
ajfa-9297	48	12	agency	agency	NOUN
ajfa-9297	48	13	theory	theory	NOUN
ajfa-9297	48	14	to	to	PART
ajfa-9297	48	15	specify	specify	VERB
ajfa-9297	48	16	some	some	DET
ajfa-9297	48	17	mechanisms	mechanism	NOUN
ajfa-9297	48	18	for	for	ADP
ajfa-9297	48	19	reducing	reduce	VERB
ajfa-9297	48	20	agency	agency	NOUN
ajfa-9297	48	21	losses	loss	NOUN
ajfa-9297	48	22	(	(	PUNCT
ajfa-9297	48	23	eisenhardt	eisenhardt	PROPN
ajfa-9297	48	24	1989	1989	NUM
ajfa-9297	48	25	)	)	PUNCT
ajfa-9297	48	26	.	.	PUNCT
ajfa-9297	49	1	these	these	DET
ajfa-9297	49	2	mechanisms	mechanism	NOUN
ajfa-9297	49	3	include	include	VERB
ajfa-9297	49	4	incentive	incentive	NOUN
ajfa-9297	49	5	schemes	scheme	NOUN
ajfa-9297	49	6	for	for	ADP
ajfa-9297	49	7	managers	manager	NOUN
ajfa-9297	49	8	by	by	ADP
ajfa-9297	49	9	obtaining	obtain	VERB
ajfa-9297	49	10	shares	share	NOUN
ajfa-9297	49	11	perhaps	perhaps	ADV
ajfa-9297	49	12	at	at	ADP
ajfa-9297	49	13	reduced	reduce	VERB
ajfa-9297	49	14	price	price	NOUN
ajfa-9297	49	15	or	or	CCONJ
ajfa-9297	49	16	receiving	receive	VERB
ajfa-9297	49	17	shares	share	NOUN
ajfa-9297	49	18	based	base	VERB
ajfa-9297	49	19	on	on	ADP
ajfa-9297	49	20	the	the	DET
ajfa-9297	49	21	company	company	NOUN
ajfa-9297	49	22	’s	’s	PART
ajfa-9297	49	23	performance	performance	NOUN
ajfa-9297	49	24	.	.	PUNCT
ajfa-9297	50	1	another	another	DET
ajfa-9297	50	2	form	form	NOUN
ajfa-9297	50	3	of	of	ADP
ajfa-9297	50	4	managerial	managerial	ADJ
ajfa-9297	50	5	compensation	compensation	NOUN
ajfa-9297	50	6	is	be	AUX
ajfa-9297	50	7	the	the	DET
ajfa-9297	50	8	cash	cash	NOUN
ajfa-9297	50	9	bonus	bonus	NOUN
ajfa-9297	50	10	and	and	CCONJ
ajfa-9297	50	11	according	accord	VERB
ajfa-9297	50	12	to	to	ADP
ajfa-9297	50	13	jensen	jensen	PROPN
ajfa-9297	50	14	and	and	CCONJ
ajfa-9297	50	15	murhpy	murhpy	PROPN
ajfa-9297	50	16	(	(	PUNCT
ajfa-9297	50	17	1990	1990	NUM
ajfa-9297	50	18	)	)	PUNCT
ajfa-9297	50	19	this	this	DET
ajfa-9297	50	20	cash	cash	NOUN
ajfa-9297	50	21	bonus	bonus	NOUN
ajfa-9297	50	22	is	be	AUX
ajfa-9297	50	23	a	a	DET
ajfa-9297	50	24	variable	variable	ADJ
ajfa-9297	50	25	sum	sum	NOUN
ajfa-9297	50	26	of	of	ADP
ajfa-9297	50	27	money	money	NOUN
ajfa-9297	50	28	the	the	DET
ajfa-9297	50	29	ceo	ceo	NOUN
ajfa-9297	50	30	gets	get	VERB
ajfa-9297	50	31	above	above	ADP
ajfa-9297	50	32	his	his	PRON
ajfa-9297	50	33	fixed	fix	VERB
ajfa-9297	50	34	salary	salary	NOUN
ajfa-9297	50	35	,	,	PUNCT
ajfa-9297	50	36	if	if	SCONJ
ajfa-9297	50	37	he	he	PRON
ajfa-9297	50	38	meets	meet	VERB
ajfa-9297	50	39	the	the	DET
ajfa-9297	50	40	targets	target	NOUN
ajfa-9297	50	41	of	of	ADP
ajfa-9297	50	42	the	the	DET
ajfa-9297	50	43	shareholders	shareholder	NOUN
ajfa-9297	50	44	.	.	PUNCT
ajfa-9297	51	1	but	but	CCONJ
ajfa-9297	51	2	money	money	NOUN
ajfa-9297	51	3	alone	alone	ADV
ajfa-9297	51	4	can	can	AUX
ajfa-9297	51	5	not	not	PART
ajfa-9297	51	6	often	often	ADV
ajfa-9297	51	7	induce	induce	VERB
ajfa-9297	51	8	agents	agent	NOUN
ajfa-9297	51	9	to	to	PART
ajfa-9297	51	10	act	act	VERB
ajfa-9297	51	11	in	in	ADP
ajfa-9297	51	12	the	the	DET
ajfa-9297	51	13	interests	interest	NOUN
ajfa-9297	51	14	of	of	ADP
ajfa-9297	51	15	the	the	DET
ajfa-9297	51	16	principal	principal	NOUN
ajfa-9297	51	17	.	.	PUNCT
ajfa-9297	52	1	there	there	PRON
ajfa-9297	52	2	is	be	VERB
ajfa-9297	52	3	intrinsic	intrinsic	ADJ
ajfa-9297	52	4	motivation	motivation	NOUN
ajfa-9297	52	5	that	that	PRON
ajfa-9297	52	6	can	can	AUX
ajfa-9297	52	7	be	be	AUX
ajfa-9297	52	8	harnessed	harness	VERB
ajfa-9297	52	9	in	in	ADP
ajfa-9297	52	10	solving	solve	VERB
ajfa-9297	52	11	agency	agency	NOUN
ajfa-9297	52	12	problems	problem	NOUN
ajfa-9297	52	13	by	by	ADP
ajfa-9297	52	14	examining	examine	VERB
ajfa-9297	52	15	ways	way	NOUN
ajfa-9297	52	16	to	to	PART
ajfa-9297	52	17	improve	improve	VERB
ajfa-9297	52	18	non	non	ADJ
ajfa-9297	52	19	-	-	ADJ
ajfa-9297	52	20	pecuniary	pecuniary	ADJ
ajfa-9297	52	21	motivation	motivation	NOUN
ajfa-9297	52	22	.	.	PUNCT
ajfa-9297	53	1	another	another	DET
ajfa-9297	53	2	solution	solution	NOUN
ajfa-9297	53	3	to	to	PART
ajfa-9297	53	4	mitigate	mitigate	VERB
ajfa-9297	53	5	agency	agency	NOUN
ajfa-9297	53	6	problems	problem	NOUN
ajfa-9297	53	7	is	be	AUX
ajfa-9297	53	8	monitored	monitor	VERB
ajfa-9297	53	9	by	by	ADP
ajfa-9297	53	10	the	the	DET
ajfa-9297	53	11	board	board	NOUN
ajfa-9297	53	12	of	of	ADP
ajfa-9297	53	13	directors	director	NOUN
ajfa-9297	53	14	which	which	PRON
ajfa-9297	53	15	is	be	AUX
ajfa-9297	53	16	considered	consider	VERB
ajfa-9297	53	17	as	as	ADP
ajfa-9297	53	18	key	key	ADJ
ajfa-9297	53	19	purpose	purpose	NOUN
ajfa-9297	53	20	to	to	PART
ajfa-9297	53	21	ensure	ensure	VERB
ajfa-9297	53	22	the	the	DET
ajfa-9297	53	23	company	company	NOUN
ajfa-9297	53	24	’s	’s	PART
ajfa-9297	53	25	continued	continue	VERB
ajfa-9297	53	26	growth	growth	NOUN
ajfa-9297	53	27	and	and	CCONJ
ajfa-9297	53	28	prosperity	prosperity	NOUN
ajfa-9297	53	29	.	.	PUNCT
ajfa-9297	54	1	the	the	DET
ajfa-9297	54	2	role	role	NOUN
ajfa-9297	54	3	of	of	ADP
ajfa-9297	54	4	the	the	DET
ajfa-9297	54	5	board	board	NOUN
ajfa-9297	54	6	of	of	ADP
ajfa-9297	54	7	directors	director	NOUN
ajfa-9297	54	8	is	be	AUX
ajfa-9297	54	9	to	to	PART
ajfa-9297	54	10	act	act	VERB
ajfa-9297	54	11	for	for	ADP
ajfa-9297	54	12	the	the	DET
ajfa-9297	54	13	best	good	ADJ
ajfa-9297	54	14	interests	interest	NOUN
ajfa-9297	54	15	of	of	ADP
ajfa-9297	54	16	the	the	DET
ajfa-9297	54	17	company	company	NOUN
ajfa-9297	54	18	(	(	PUNCT
ajfa-9297	54	19	shareholders	shareholder	NOUN
ajfa-9297	54	20	and	and	CCONJ
ajfa-9297	54	21	stakeholders	stakeholder	NOUN
ajfa-9297	54	22	)	)	PUNCT
ajfa-9297	54	23	.	.	PUNCT
ajfa-9297	55	1	also	also	ADV
ajfa-9297	55	2	we	we	PRON
ajfa-9297	55	3	have	have	VERB
ajfa-9297	55	4	shareholders	shareholder	NOUN
ajfa-9297	55	5	monitoring	monitoring	NOUN
ajfa-9297	55	6	which	which	PRON
ajfa-9297	55	7	is	be	AUX
ajfa-9297	55	8	considered	consider	VERB
ajfa-9297	55	9	as	as	ADP
ajfa-9297	55	10	a	a	DET
ajfa-9297	55	11	mechanism	mechanism	NOUN
ajfa-9297	55	12	that	that	PRON
ajfa-9297	55	13	helps	help	VERB
ajfa-9297	55	14	to	to	PART
ajfa-9297	55	15	reduce	reduce	VERB
ajfa-9297	55	16	agency	agency	NOUN
ajfa-9297	55	17	costs	cost	NOUN
ajfa-9297	55	18	.	.	PUNCT
ajfa-9297	56	1	demsetz	demsetz	VERB
ajfa-9297	56	2	(	(	PUNCT
ajfa-9297	56	3	1983	1983	NUM
ajfa-9297	56	4	)	)	PUNCT
ajfa-9297	56	5	and	and	CCONJ
ajfa-9297	56	6	shleifer	shleifer	NOUN
ajfa-9297	56	7	and	and	CCONJ
ajfa-9297	56	8	vishny	vishny	PROPN
ajfa-9297	56	9	(	(	PUNCT
ajfa-9297	56	10	1986	1986	NUM
ajfa-9297	56	11	)	)	PUNCT
ajfa-9297	56	12	propose	propose	VERB
ajfa-9297	56	13	that	that	SCONJ
ajfa-9297	56	14	the	the	DET
ajfa-9297	56	15	existence	existence	NOUN
ajfa-9297	56	16	of	of	ADP
ajfa-9297	56	17	large	large	ADJ
ajfa-9297	56	18	shareholders	shareholder	NOUN
ajfa-9297	56	19	leads	lead	VERB
ajfa-9297	56	20	to	to	ADP
ajfa-9297	56	21	better	well	ADJ
ajfa-9297	56	22	monitoring	monitoring	NOUN
ajfa-9297	56	23	of	of	ADP
ajfa-9297	56	24	managers	manager	NOUN
ajfa-9297	56	25	.	.	PUNCT
ajfa-9297	57	1	in	in	ADP
ajfa-9297	57	2	fact	fact	NOUN
ajfa-9297	57	3	,	,	PUNCT
ajfa-9297	57	4	producing	produce	VERB
ajfa-9297	57	5	information	information	NOUN
ajfa-9297	57	6	and	and	CCONJ
ajfa-9297	57	7	making	make	VERB
ajfa-9297	57	8	it	it	PRON
ajfa-9297	57	9	accessible	accessible	ADJ
ajfa-9297	57	10	to	to	ADP
ajfa-9297	57	11	all	all	DET
ajfa-9297	57	12	stakeholders	stakeholder	NOUN
ajfa-9297	57	13	may	may	AUX
ajfa-9297	57	14	reduce	reduce	VERB
ajfa-9297	57	15	information	information	NOUN
ajfa-9297	57	16	asymmetries	asymmetry	NOUN
ajfa-9297	57	17	and	and	CCONJ
ajfa-9297	57	18	mitigate	mitigate	VERB
ajfa-9297	57	19	the	the	DET
ajfa-9297	57	20	associated	associated	ADJ
ajfa-9297	57	21	agency	agency	NOUN
ajfa-9297	57	22	conflicts	conflict	NOUN
ajfa-9297	57	23	.	.	PUNCT
ajfa-9297	58	1	this	this	PRON
ajfa-9297	58	2	can	can	AUX
ajfa-9297	58	3	help	help	VERB
ajfa-9297	58	4	decrease	decrease	VERB
ajfa-9297	58	5	incidents	incident	NOUN
ajfa-9297	58	6	of	of	ADP
ajfa-9297	58	7	skewed	skewed	ADJ
ajfa-9297	58	8	decision	decision	NOUN
ajfa-9297	58	9	making	making	NOUN
ajfa-9297	58	10	,	,	PUNCT
ajfa-9297	58	11	improving	improve	VERB
ajfa-9297	58	12	planning	planning	NOUN
ajfa-9297	58	13	and	and	CCONJ
ajfa-9297	58	14	formulation	formulation	NOUN
ajfa-9297	58	15	of	of	ADP
ajfa-9297	58	16	strategy	strategy	NOUN
ajfa-9297	58	17	,	,	PUNCT
ajfa-9297	58	18	and	and	CCONJ
ajfa-9297	58	19	facilitating	facilitate	VERB
ajfa-9297	58	20	effective	effective	ADJ
ajfa-9297	58	21	evaluation	evaluation	NOUN
ajfa-9297	58	22	of	of	ADP
ajfa-9297	58	23	past	past	ADJ
ajfa-9297	58	24	performance	performance	NOUN
ajfa-9297	58	25	(	(	PUNCT
ajfa-9297	58	26	yaron	yaron	PROPN
ajfa-9297	58	27	and	and	CCONJ
ajfa-9297	58	28	manos	manos	PROPN
ajfa-9297	58	29	2010	2010	NUM
ajfa-9297	58	30	)	)	PUNCT
ajfa-9297	58	31	.	.	PUNCT
ajfa-9297	59	1	good	good	ADJ
ajfa-9297	59	2	governance	governance	NOUN
ajfa-9297	59	3	will	will	AUX
ajfa-9297	59	4	try	try	VERB
ajfa-9297	59	5	to	to	PART
ajfa-9297	59	6	mitigate	mitigate	VERB
ajfa-9297	59	7	these	these	DET
ajfa-9297	59	8	agency	agency	NOUN
ajfa-9297	59	9	conflicts	conflict	NOUN
ajfa-9297	59	10	by	by	ADP
ajfa-9297	59	11	previous	previous	ADJ
ajfa-9297	59	12	solutions	solution	NOUN
ajfa-9297	59	13	to	to	PART
ajfa-9297	59	14	guarantee	guarantee	VERB
ajfa-9297	59	15	the	the	DET
ajfa-9297	59	16	interest	interest	NOUN
ajfa-9297	59	17	of	of	ADP
ajfa-9297	59	18	investors	investor	NOUN
ajfa-9297	59	19	and	and	CCONJ
ajfa-9297	59	20	this	this	PRON
ajfa-9297	59	21	brings	bring	VERB
ajfa-9297	59	22	us	we	PRON
ajfa-9297	59	23	to	to	PART
ajfa-9297	59	24	study	study	VERB
ajfa-9297	59	25	governance	governance	NOUN
ajfa-9297	59	26	structures	structure	NOUN
ajfa-9297	59	27	and	and	CCONJ
ajfa-9297	59	28	their	their	PRON
ajfa-9297	59	29	effect	effect	NOUN
ajfa-9297	59	30	on	on	ADP
ajfa-9297	59	31	credit	credit	NOUN
ajfa-9297	59	32	ratings	rating	NOUN
ajfa-9297	59	33	.	.	PUNCT
ajfa-9297	60	1	3.2	3.2	NUM
ajfa-9297	60	2	hypotheses	hypothese	VERB
ajfa-9297	60	3	development	development	NOUN
ajfa-9297	60	4	to	to	PART
ajfa-9297	60	5	begin	begin	VERB
ajfa-9297	60	6	with	with	ADP
ajfa-9297	60	7	,	,	PUNCT
ajfa-9297	60	8	we	we	PRON
ajfa-9297	60	9	can	can	AUX
ajfa-9297	60	10	say	say	VERB
ajfa-9297	60	11	that	that	SCONJ
ajfa-9297	60	12	prior	prior	ADJ
ajfa-9297	60	13	studies	study	NOUN
ajfa-9297	60	14	on	on	ADP
ajfa-9297	60	15	corporate	corporate	ADJ
ajfa-9297	60	16	governance	governance	NOUN
ajfa-9297	60	17	have	have	AUX
ajfa-9297	60	18	focused	focus	VERB
ajfa-9297	60	19	on	on	ADP
ajfa-9297	60	20	one	one	NUM
ajfa-9297	60	21	attribute	attribute	NOUN
ajfa-9297	60	22	“	"	PUNCT
ajfa-9297	60	23	board	board	NOUN
ajfa-9297	60	24	independence	independence	NOUN
ajfa-9297	60	25	”	"	PUNCT
ajfa-9297	60	26	,	,	PUNCT
ajfa-9297	60	27	but	but	CCONJ
ajfa-9297	60	28	the	the	DET
ajfa-9297	60	29	results	result	NOUN
ajfa-9297	60	30	from	from	ADP
ajfa-9297	60	31	these	these	DET
ajfa-9297	60	32	studies	study	NOUN
ajfa-9297	60	33	were	be	AUX
ajfa-9297	60	34	limited	limit	VERB
ajfa-9297	60	35	(	(	PUNCT
ajfa-9297	60	36	ashbaugh	ashbaugh	NOUN
ajfa-9297	60	37	-	-	PUNCT
ajfa-9297	60	38	skaife	skaife	NOUN
ajfa-9297	60	39	et	et	PROPN
ajfa-9297	60	40	al	al	PROPN
ajfa-9297	60	41	.	.	PROPN
ajfa-9297	60	42	2004	2004	NUM
ajfa-9297	60	43	)	)	PUNCT
ajfa-9297	60	44	.	.	PUNCT
ajfa-9297	61	1	since	since	SCONJ
ajfa-9297	61	2	2002	2002	NUM
ajfa-9297	61	3	,	,	PUNCT
ajfa-9297	61	4	as	as	SCONJ
ajfa-9297	61	5	research	research	NOUN
ajfa-9297	61	6	has	have	AUX
ajfa-9297	61	7	been	be	AUX
ajfa-9297	61	8	developed	develop	VERB
ajfa-9297	61	9	,	,	PUNCT
ajfa-9297	61	10	they	they	PRON
ajfa-9297	61	11	have	have	AUX
ajfa-9297	61	12	become	become	VERB
ajfa-9297	61	13	four	four	NUM
ajfa-9297	61	14	attributes	attribute	NOUN
ajfa-9297	61	15	ownership	ownership	NOUN
ajfa-9297	61	16	structure	structure	NOUN
ajfa-9297	61	17	and	and	CCONJ
ajfa-9297	61	18	influence	influence	NOUN
ajfa-9297	61	19	,	,	PUNCT
ajfa-9297	61	20	financial	financial	ADJ
ajfa-9297	61	21	stakeholder	stakeholder	NOUN
ajfa-9297	61	22	’s	’s	PART
ajfa-9297	61	23	rights	right	NOUN
ajfa-9297	61	24	and	and	CCONJ
ajfa-9297	61	25	relations	relation	NOUN
ajfa-9297	61	26	,	,	PUNCT
ajfa-9297	61	27	financial	financial	ADJ
ajfa-9297	61	28	transparency	transparency	NOUN
ajfa-9297	61	29	and	and	CCONJ
ajfa-9297	61	30	disclosure	disclosure	NOUN
ajfa-9297	61	31	,	,	PUNCT
ajfa-9297	61	32	and	and	CCONJ
ajfa-9297	61	33	board	board	NOUN
ajfa-9297	61	34	structure	structure	NOUN
ajfa-9297	61	35	and	and	CCONJ
ajfa-9297	61	36	processes	process	NOUN
ajfa-9297	61	37	(	(	PUNCT
ajfa-9297	61	38	standard	standard	ADJ
ajfa-9297	61	39	asian	asian	ADJ
ajfa-9297	61	40	journal	journal	NOUN
ajfa-9297	61	41	of	of	ADP
ajfa-9297	61	42	finance	finance	PROPN
ajfa-9297	61	43	&	&	CCONJ
ajfa-9297	61	44	accounting	accounting	PROPN
ajfa-9297	61	45	issn	issn	PROPN
ajfa-9297	61	46	1946	1946	NUM
ajfa-9297	61	47	-	-	PUNCT
ajfa-9297	61	48	052x	052x	PROPN
ajfa-9297	61	49	2016	2016	NUM
ajfa-9297	61	50	,	,	PUNCT
ajfa-9297	61	51	vol	vol	NOUN
ajfa-9297	61	52	.	.	PROPN
ajfa-9297	61	53	8	8	NUM
ajfa-9297	61	54	,	,	PUNCT
ajfa-9297	61	55	no	no	INTJ
ajfa-9297	61	56	.	.	NOUN
ajfa-9297	61	57	1	1	NUM
ajfa-9297	61	58	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9297	61	59	199	199	NUM
ajfa-9297	61	60	&	&	CCONJ
ajfa-9297	61	61	poor	poor	PROPN
ajfa-9297	61	62	’s	’s	PART
ajfa-9297	61	63	2002	2002	NUM
ajfa-9297	61	64	)	)	PUNCT
ajfa-9297	61	65	.	.	PUNCT
ajfa-9297	62	1	based	base	VERB
ajfa-9297	62	2	on	on	ADP
ajfa-9297	62	3	these	these	DET
ajfa-9297	62	4	attributes	attribute	NOUN
ajfa-9297	62	5	good	good	ADJ
ajfa-9297	62	6	governance	governance	NOUN
ajfa-9297	62	7	can	can	AUX
ajfa-9297	62	8	reasonably	reasonably	ADV
ajfa-9297	62	9	be	be	AUX
ajfa-9297	62	10	expected	expect	VERB
ajfa-9297	62	11	to	to	PART
ajfa-9297	62	12	mitigate	mitigate	VERB
ajfa-9297	62	13	agency	agency	NOUN
ajfa-9297	62	14	problems	problem	NOUN
ajfa-9297	62	15	,	,	PUNCT
ajfa-9297	62	16	to	to	PART
ajfa-9297	62	17	reduce	reduce	VERB
ajfa-9297	62	18	the	the	DET
ajfa-9297	62	19	risk	risk	NOUN
ajfa-9297	62	20	to	to	ADP
ajfa-9297	62	21	debtholders	debtholder	NOUN
ajfa-9297	62	22	,	,	PUNCT
ajfa-9297	62	23	to	to	PART
ajfa-9297	62	24	decrease	decrease	VERB
ajfa-9297	62	25	the	the	DET
ajfa-9297	62	26	firm	firm	NOUN
ajfa-9297	62	27	’s	’s	PART
ajfa-9297	62	28	cost	cost	NOUN
ajfa-9297	62	29	of	of	ADP
ajfa-9297	62	30	debt	debt	NOUN
ajfa-9297	62	31	and	and	CCONJ
ajfa-9297	62	32	consequently	consequently	ADV
ajfa-9297	62	33	higher	high	ADJ
ajfa-9297	62	34	credit	credit	NOUN
ajfa-9297	62	35	ratings	rating	NOUN
ajfa-9297	62	36	.	.	PUNCT
ajfa-9297	63	1	3.2.1	3.2.1	NUM
ajfa-9297	63	2	board	board	NOUN
ajfa-9297	63	3	structure	structure	NOUN
ajfa-9297	63	4	board	board	NOUN
ajfa-9297	63	5	of	of	ADP
ajfa-9297	63	6	directors	director	NOUN
ajfa-9297	63	7	has	have	VERB
ajfa-9297	63	8	two	two	NUM
ajfa-9297	63	9	essential	essential	ADJ
ajfa-9297	63	10	functions	function	NOUN
ajfa-9297	63	11	which	which	PRON
ajfa-9297	63	12	are	be	AUX
ajfa-9297	63	13	advising	advise	VERB
ajfa-9297	63	14	and	and	CCONJ
ajfa-9297	63	15	monitoring	monitoring	NOUN
ajfa-9297	63	16	(	(	PUNCT
ajfa-9297	63	17	raheja	raheja	PROPN
ajfa-9297	63	18	2005	2005	NUM
ajfa-9297	63	19	;	;	PUNCT
ajfa-9297	63	20	adams	adams	PROPN
ajfa-9297	63	21	and	and	CCONJ
ajfa-9297	63	22	ferriera	ferriera	NOUN
ajfa-9297	63	23	2007	2007	NUM
ajfa-9297	63	24	)	)	PUNCT
ajfa-9297	63	25	.	.	PUNCT
ajfa-9297	64	1	the	the	DET
ajfa-9297	64	2	advisory	advisory	ADJ
ajfa-9297	64	3	function	function	NOUN
ajfa-9297	64	4	involves	involve	VERB
ajfa-9297	64	5	the	the	DET
ajfa-9297	64	6	provision	provision	NOUN
ajfa-9297	64	7	of	of	ADP
ajfa-9297	64	8	expert	expert	ADJ
ajfa-9297	64	9	advice	advice	NOUN
ajfa-9297	64	10	to	to	ADP
ajfa-9297	64	11	the	the	DET
ajfa-9297	64	12	ceo	ceo	NOUN
ajfa-9297	64	13	and	and	CCONJ
ajfa-9297	64	14	access	access	NOUN
ajfa-9297	64	15	to	to	ADP
ajfa-9297	64	16	critical	critical	ADJ
ajfa-9297	64	17	information	information	NOUN
ajfa-9297	64	18	and	and	CCONJ
ajfa-9297	64	19	resources	resource	NOUN
ajfa-9297	64	20	(	(	PUNCT
ajfa-9297	64	21	fama	fama	NOUN
ajfa-9297	64	22	and	and	CCONJ
ajfa-9297	64	23	jensen	jensen	PROPN
ajfa-9297	64	24	1983	1983	NUM
ajfa-9297	64	25	)	)	PUNCT
ajfa-9297	64	26	performed	perform	VERB
ajfa-9297	64	27	by	by	ADP
ajfa-9297	64	28	both	both	DET
ajfa-9297	64	29	insiders	insider	NOUN
ajfa-9297	64	30	and	and	CCONJ
ajfa-9297	64	31	outsiders	outsider	NOUN
ajfa-9297	64	32	.	.	PUNCT
ajfa-9297	65	1	and	and	CCONJ
ajfa-9297	65	2	the	the	DET
ajfa-9297	65	3	monitoring	monitoring	NOUN
ajfa-9297	65	4	role	role	NOUN
ajfa-9297	65	5	involves	involve	VERB
ajfa-9297	65	6	monitoring	monitor	VERB
ajfa-9297	65	7	company	company	NOUN
ajfa-9297	65	8	performance	performance	NOUN
ajfa-9297	65	9	and	and	CCONJ
ajfa-9297	65	10	reduce	reduce	VERB
ajfa-9297	65	11	agency	agency	NOUN
ajfa-9297	65	12	costs	cost	NOUN
ajfa-9297	65	13	.	.	PUNCT
ajfa-9297	66	1	many	many	ADJ
ajfa-9297	66	2	economic	economic	ADJ
ajfa-9297	66	3	research	research	NOUN
ajfa-9297	66	4	has	have	AUX
ajfa-9297	66	5	been	be	AUX
ajfa-9297	66	6	interested	interested	ADJ
ajfa-9297	66	7	in	in	ADP
ajfa-9297	66	8	the	the	DET
ajfa-9297	66	9	board	board	NOUN
ajfa-9297	66	10	size	size	NOUN
ajfa-9297	66	11	,	,	PUNCT
ajfa-9297	66	12	some	some	PRON
ajfa-9297	66	13	of	of	ADP
ajfa-9297	66	14	them	they	PRON
ajfa-9297	66	15	have	have	AUX
ajfa-9297	66	16	agreed	agree	VERB
ajfa-9297	66	17	that	that	SCONJ
ajfa-9297	66	18	larger	large	ADJ
ajfa-9297	66	19	boards	board	NOUN
ajfa-9297	66	20	are	be	AUX
ajfa-9297	66	21	more	more	ADV
ajfa-9297	66	22	effective	effective	ADJ
ajfa-9297	66	23	due	due	ADP
ajfa-9297	66	24	to	to	ADP
ajfa-9297	66	25	the	the	DET
ajfa-9297	66	26	fact	fact	NOUN
ajfa-9297	66	27	that	that	SCONJ
ajfa-9297	66	28	an	an	DET
ajfa-9297	66	29	increasing	increase	VERB
ajfa-9297	66	30	number	number	NOUN
ajfa-9297	66	31	of	of	ADP
ajfa-9297	66	32	non	non	ADJ
ajfa-9297	66	33	-	-	ADJ
ajfa-9297	66	34	executive	executive	ADJ
ajfa-9297	66	35	directors	director	NOUN
ajfa-9297	66	36	provides	provide	VERB
ajfa-9297	66	37	more	more	ADJ
ajfa-9297	66	38	information	information	NOUN
ajfa-9297	66	39	(	(	PUNCT
ajfa-9297	66	40	lehn	lehn	NOUN
ajfa-9297	66	41	et	et	PROPN
ajfa-9297	66	42	al	al	PROPN
ajfa-9297	66	43	.	.	PROPN
ajfa-9297	66	44	2004	2004	NUM
ajfa-9297	66	45	)	)	PUNCT
ajfa-9297	66	46	and	and	CCONJ
ajfa-9297	66	47	leads	lead	VERB
ajfa-9297	66	48	to	to	ADP
ajfa-9297	66	49	higher	high	ADJ
ajfa-9297	66	50	performance	performance	NOUN
ajfa-9297	66	51	(	(	PUNCT
ajfa-9297	66	52	dalton	dalton	PROPN
ajfa-9297	66	53	and	and	CCONJ
ajfa-9297	66	54	dalton	dalton	PROPN
ajfa-9297	66	55	2005	2005	NUM
ajfa-9297	66	56	)	)	PUNCT
ajfa-9297	66	57	.	.	PUNCT
ajfa-9297	67	1	also	also	ADV
ajfa-9297	67	2	increasing	increase	VERB
ajfa-9297	67	3	board	board	NOUN
ajfa-9297	67	4	size	size	NOUN
ajfa-9297	67	5	may	may	AUX
ajfa-9297	67	6	avoid	avoid	VERB
ajfa-9297	67	7	the	the	DET
ajfa-9297	67	8	idea	idea	NOUN
ajfa-9297	67	9	of	of	ADP
ajfa-9297	67	10	choosing	choose	VERB
ajfa-9297	67	11	a	a	DET
ajfa-9297	67	12	risky	risky	ADJ
ajfa-9297	67	13	project	project	NOUN
ajfa-9297	67	14	because	because	SCONJ
ajfa-9297	67	15	it	it	PRON
ajfa-9297	67	16	has	have	VERB
ajfa-9297	67	17	to	to	PART
ajfa-9297	67	18	be	be	AUX
ajfa-9297	67	19	accepted	accept	VERB
ajfa-9297	67	20	by	by	ADP
ajfa-9297	67	21	all	all	DET
ajfa-9297	67	22	members	member	NOUN
ajfa-9297	67	23	.	.	PUNCT
ajfa-9297	68	1	then	then	ADV
ajfa-9297	68	2	the	the	DET
ajfa-9297	68	3	quality	quality	NOUN
ajfa-9297	68	4	decision	decision	NOUN
ajfa-9297	68	5	of	of	ADP
ajfa-9297	68	6	a	a	DET
ajfa-9297	68	7	larger	large	ADJ
ajfa-9297	68	8	group	group	NOUN
ajfa-9297	68	9	is	be	AUX
ajfa-9297	68	10	better	well	ADJ
ajfa-9297	68	11	(	(	PUNCT
ajfa-9297	68	12	sah	sah	NOUN
ajfa-9297	68	13	and	and	CCONJ
ajfa-9297	68	14	stiglitz	stiglitz	PROPN
ajfa-9297	68	15	1991	1991	NUM
ajfa-9297	68	16	)	)	PUNCT
ajfa-9297	68	17	.	.	PUNCT
ajfa-9297	69	1	some	some	DET
ajfa-9297	69	2	other	other	ADJ
ajfa-9297	69	3	studies	study	NOUN
ajfa-9297	69	4	interested	interested	ADJ
ajfa-9297	69	5	with	with	ADP
ajfa-9297	69	6	the	the	DET
ajfa-9297	69	7	benefits	benefit	NOUN
ajfa-9297	69	8	of	of	ADP
ajfa-9297	69	9	larger	large	ADJ
ajfa-9297	69	10	boards	board	NOUN
ajfa-9297	69	11	,	,	PUNCT
ajfa-9297	69	12	in	in	ADP
ajfa-9297	69	13	fact	fact	NOUN
ajfa-9297	69	14	(	(	PUNCT
ajfa-9297	69	15	upadhyay	upadhyay	PROPN
ajfa-9297	69	16	2015	2015	NUM
ajfa-9297	69	17	)	)	PUNCT
ajfa-9297	69	18	found	find	VERB
ajfa-9297	69	19	that	that	SCONJ
ajfa-9297	69	20	larger	large	ADJ
ajfa-9297	69	21	boards	board	NOUN
ajfa-9297	69	22	enjoy	enjoy	VERB
ajfa-9297	69	23	a	a	DET
ajfa-9297	69	24	better	well	ADJ
ajfa-9297	69	25	credit	credit	NOUN
ajfa-9297	69	26	rating	rating	NOUN
ajfa-9297	69	27	which	which	PRON
ajfa-9297	69	28	indicates	indicate	VERB
ajfa-9297	69	29	to	to	PART
ajfa-9297	69	30	lower	low	ADJ
ajfa-9297	69	31	default	default	NOUN
ajfa-9297	69	32	risk	risk	NOUN
ajfa-9297	69	33	and	and	CCONJ
ajfa-9297	69	34	hence	hence	ADV
ajfa-9297	69	35	greater	great	ADJ
ajfa-9297	69	36	bond	bond	NOUN
ajfa-9297	69	37	valuation	valuation	NOUN
ajfa-9297	69	38	.	.	PUNCT
ajfa-9297	70	1	despite	despite	SCONJ
ajfa-9297	70	2	the	the	DET
ajfa-9297	70	3	fact	fact	NOUN
ajfa-9297	70	4	that	that	SCONJ
ajfa-9297	70	5	larger	large	ADJ
ajfa-9297	70	6	board	board	NOUN
ajfa-9297	70	7	has	have	AUX
ajfa-9297	70	8	positive	positive	ADJ
ajfa-9297	70	9	effect	effect	NOUN
ajfa-9297	70	10	on	on	ADP
ajfa-9297	70	11	firm	firm	NOUN
ajfa-9297	70	12	’s	’s	PART
ajfa-9297	70	13	performance	performance	NOUN
ajfa-9297	70	14	and	and	CCONJ
ajfa-9297	70	15	thus	thus	ADV
ajfa-9297	70	16	on	on	ADP
ajfa-9297	70	17	credit	credit	NOUN
ajfa-9297	70	18	rating	rating	NOUN
ajfa-9297	70	19	some	some	DET
ajfa-9297	70	20	other	other	ADJ
ajfa-9297	70	21	researchers	researcher	NOUN
ajfa-9297	70	22	found	find	VERB
ajfa-9297	70	23	that	that	SCONJ
ajfa-9297	70	24	smaller	small	ADJ
ajfa-9297	70	25	boards	board	NOUN
ajfa-9297	70	26	are	be	AUX
ajfa-9297	70	27	more	more	ADV
ajfa-9297	70	28	effective	effective	ADJ
ajfa-9297	70	29	to	to	PART
ajfa-9297	70	30	mitigate	mitigate	VERB
ajfa-9297	70	31	agency	agency	NOUN
ajfa-9297	70	32	problems	problem	NOUN
ajfa-9297	70	33	due	due	ADJ
ajfa-9297	70	34	to	to	ADP
ajfa-9297	70	35	the	the	DET
ajfa-9297	70	36	fact	fact	NOUN
ajfa-9297	70	37	that	that	SCONJ
ajfa-9297	70	38	when	when	SCONJ
ajfa-9297	70	39	boards	board	NOUN
ajfa-9297	70	40	become	become	VERB
ajfa-9297	70	41	larger	large	ADJ
ajfa-9297	70	42	the	the	DET
ajfa-9297	70	43	skills	skill	NOUN
ajfa-9297	70	44	of	of	ADP
ajfa-9297	70	45	directors	director	NOUN
ajfa-9297	70	46	are	be	AUX
ajfa-9297	70	47	reduced	reduce	VERB
ajfa-9297	70	48	and	and	CCONJ
ajfa-9297	70	49	the	the	DET
ajfa-9297	70	50	agency	agency	NOUN
ajfa-9297	70	51	costs	cost	NOUN
ajfa-9297	70	52	will	will	AUX
ajfa-9297	70	53	therefore	therefore	ADV
ajfa-9297	70	54	increase	increase	VERB
ajfa-9297	70	55	,	,	PUNCT
ajfa-9297	70	56	also	also	ADV
ajfa-9297	70	57	coordination	coordination	NOUN
ajfa-9297	70	58	problems	problem	NOUN
ajfa-9297	70	59	will	will	AUX
ajfa-9297	70	60	appear	appear	VERB
ajfa-9297	70	61	because	because	SCONJ
ajfa-9297	70	62	more	more	ADJ
ajfa-9297	70	63	board	board	NOUN
ajfa-9297	70	64	members	member	NOUN
ajfa-9297	70	65	will	will	AUX
ajfa-9297	70	66	lead	lead	VERB
ajfa-9297	70	67	to	to	ADP
ajfa-9297	70	68	more	more	ADJ
ajfa-9297	70	69	conflicts	conflict	NOUN
ajfa-9297	70	70	and	and	CCONJ
ajfa-9297	70	71	disagreement	disagreement	NOUN
ajfa-9297	70	72	in	in	ADP
ajfa-9297	70	73	taking	take	VERB
ajfa-9297	70	74	decision	decision	NOUN
ajfa-9297	70	75	as	as	SCONJ
ajfa-9297	70	76	explained	explain	VERB
ajfa-9297	70	77	by	by	ADP
ajfa-9297	70	78	yarmack	yarmack	NOUN
ajfa-9297	70	79	(	(	PUNCT
ajfa-9297	70	80	1996	1996	NUM
ajfa-9297	70	81	)	)	PUNCT
ajfa-9297	70	82	and	and	CCONJ
ajfa-9297	70	83	eisenberg	eisenberg	PROPN
ajfa-9297	70	84	et	et	PROPN
ajfa-9297	70	85	al	al	PROPN
ajfa-9297	70	86	.	.	PROPN
ajfa-9297	71	1	(	(	PUNCT
ajfa-9297	71	2	1998	1998	NUM
ajfa-9297	71	3	)	)	PUNCT
ajfa-9297	71	4	as	as	ADV
ajfa-9297	71	5	well	well	ADV
ajfa-9297	71	6	as	as	ADP
ajfa-9297	71	7	the	the	DET
ajfa-9297	71	8	occurrence	occurrence	NOUN
ajfa-9297	71	9	of	of	ADP
ajfa-9297	71	10	problems	problem	NOUN
ajfa-9297	71	11	relating	relate	VERB
ajfa-9297	71	12	to	to	ADP
ajfa-9297	71	13	processes	process	NOUN
ajfa-9297	71	14	of	of	ADP
ajfa-9297	71	15	making	make	VERB
ajfa-9297	71	16	decision	decision	NOUN
ajfa-9297	71	17	will	will	AUX
ajfa-9297	71	18	appear	appear	VERB
ajfa-9297	71	19	(	(	PUNCT
ajfa-9297	71	20	conyon	conyon	NOUN
ajfa-9297	71	21	and	and	CCONJ
ajfa-9297	71	22	peck	peck	VERB
ajfa-9297	71	23	1998	1998	NUM
ajfa-9297	71	24	)	)	PUNCT
ajfa-9297	71	25	.	.	PUNCT
ajfa-9297	72	1	with	with	ADP
ajfa-9297	72	2	the	the	DET
ajfa-9297	72	3	balance	balance	NOUN
ajfa-9297	72	4	of	of	ADP
ajfa-9297	72	5	the	the	DET
ajfa-9297	72	6	arguments	argument	NOUN
ajfa-9297	72	7	above	above	ADV
ajfa-9297	72	8	,	,	PUNCT
ajfa-9297	72	9	we	we	PRON
ajfa-9297	72	10	suggest	suggest	VERB
ajfa-9297	72	11	the	the	DET
ajfa-9297	72	12	following	follow	VERB
ajfa-9297	72	13	hypothesis	hypothesis	NOUN
ajfa-9297	72	14	:	:	PUNCT
ajfa-9297	72	15	h1	h1	NOUN
ajfa-9297	72	16	:	:	PUNCT
ajfa-9297	72	17	firms	firm	NOUN
ajfa-9297	72	18	with	with	ADP
ajfa-9297	72	19	larger	large	ADJ
ajfa-9297	72	20	boards	board	NOUN
ajfa-9297	72	21	are	be	AUX
ajfa-9297	72	22	associated	associate	VERB
ajfa-9297	72	23	with	with	ADP
ajfa-9297	72	24	higher	high	ADJ
ajfa-9297	72	25	credit	credit	NOUN
ajfa-9297	72	26	rating	rating	NOUN
ajfa-9297	72	27	.	.	PUNCT
ajfa-9297	73	1	an	an	DET
ajfa-9297	73	2	emerging	emerge	VERB
ajfa-9297	73	3	strand	strand	NOUN
ajfa-9297	73	4	of	of	ADP
ajfa-9297	73	5	literature	literature	NOUN
ajfa-9297	73	6	highlights	highlight	NOUN
ajfa-9297	73	7	on	on	ADP
ajfa-9297	73	8	the	the	DET
ajfa-9297	73	9	effect	effect	NOUN
ajfa-9297	73	10	of	of	ADP
ajfa-9297	73	11	the	the	DET
ajfa-9297	73	12	composition	composition	NOUN
ajfa-9297	73	13	of	of	ADP
ajfa-9297	73	14	the	the	DET
ajfa-9297	73	15	board	board	NOUN
ajfa-9297	73	16	of	of	ADP
ajfa-9297	73	17	directors	director	NOUN
ajfa-9297	73	18	and	and	CCONJ
ajfa-9297	73	19	the	the	DET
ajfa-9297	73	20	importance	importance	NOUN
ajfa-9297	73	21	of	of	ADP
ajfa-9297	73	22	the	the	DET
ajfa-9297	73	23	percentage	percentage	NOUN
ajfa-9297	73	24	of	of	ADP
ajfa-9297	73	25	independent	independent	ADJ
ajfa-9297	73	26	outside	outside	ADJ
ajfa-9297	73	27	directors	director	NOUN
ajfa-9297	73	28	on	on	ADP
ajfa-9297	73	29	the	the	DET
ajfa-9297	73	30	performance	performance	NOUN
ajfa-9297	73	31	of	of	ADP
ajfa-9297	73	32	the	the	DET
ajfa-9297	73	33	firm	firm	NOUN
ajfa-9297	73	34	and	and	CCONJ
ajfa-9297	73	35	therefore	therefore	ADV
ajfa-9297	73	36	their	their	PRON
ajfa-9297	73	37	effect	effect	NOUN
ajfa-9297	73	38	on	on	ADP
ajfa-9297	73	39	credit	credit	NOUN
ajfa-9297	73	40	ratings	rating	NOUN
ajfa-9297	73	41	.	.	PUNCT
ajfa-9297	74	1	boards	board	NOUN
ajfa-9297	74	2	dominated	dominate	VERB
ajfa-9297	74	3	by	by	ADP
ajfa-9297	74	4	outsiders	outsider	NOUN
ajfa-9297	74	5	are	be	AUX
ajfa-9297	74	6	arguably	arguably	ADV
ajfa-9297	74	7	in	in	ADP
ajfa-9297	74	8	a	a	DET
ajfa-9297	74	9	better	well	ADJ
ajfa-9297	74	10	position	position	NOUN
ajfa-9297	74	11	to	to	PART
ajfa-9297	74	12	monitor	monitor	VERB
ajfa-9297	74	13	and	and	CCONJ
ajfa-9297	74	14	control	control	NOUN
ajfa-9297	74	15	managers	manager	NOUN
ajfa-9297	74	16	(	(	PUNCT
ajfa-9297	74	17	dunn	dunn	PROPN
ajfa-9297	74	18	1987	1987	NUM
ajfa-9297	74	19	)	)	PUNCT
ajfa-9297	74	20	.	.	PUNCT
ajfa-9297	75	1	outside	outside	ADJ
ajfa-9297	75	2	directors	director	NOUN
ajfa-9297	75	3	are	be	AUX
ajfa-9297	75	4	independent	independent	ADJ
ajfa-9297	75	5	of	of	ADP
ajfa-9297	75	6	the	the	DET
ajfa-9297	75	7	firm	firm	NOUN
ajfa-9297	75	8	’s	’s	PART
ajfa-9297	75	9	managers	manager	NOUN
ajfa-9297	75	10	,	,	PUNCT
ajfa-9297	75	11	and	and	CCONJ
ajfa-9297	75	12	in	in	ADP
ajfa-9297	75	13	addition	addition	NOUN
ajfa-9297	75	14	bring	bring	VERB
ajfa-9297	75	15	a	a	DET
ajfa-9297	75	16	greater	great	ADJ
ajfa-9297	75	17	breadth	breadth	NOUN
ajfa-9297	75	18	of	of	ADP
ajfa-9297	75	19	experience	experience	NOUN
ajfa-9297	75	20	to	to	ADP
ajfa-9297	75	21	the	the	DET
ajfa-9297	75	22	firm	firm	NOUN
ajfa-9297	75	23	(	(	PUNCT
ajfa-9297	75	24	firstenberg	firstenberg	PROPN
ajfa-9297	75	25	and	and	CCONJ
ajfa-9297	75	26	malkiel	malkiel	VERB
ajfa-9297	75	27	1980	1980	NUM
ajfa-9297	75	28	)	)	PUNCT
ajfa-9297	75	29	.	.	PUNCT
ajfa-9297	76	1	also	also	ADV
ajfa-9297	76	2	through	through	ADP
ajfa-9297	76	3	their	their	PRON
ajfa-9297	76	4	firm	firm	NOUN
ajfa-9297	76	5	and	and	CCONJ
ajfa-9297	76	6	industry	industry	NOUN
ajfa-9297	76	7	specific	specific	ADJ
ajfa-9297	76	8	experience	experience	NOUN
ajfa-9297	76	9	,	,	PUNCT
ajfa-9297	76	10	outside	outside	ADJ
ajfa-9297	76	11	directors	director	NOUN
ajfa-9297	76	12	become	become	VERB
ajfa-9297	76	13	valuable	valuable	ADJ
ajfa-9297	76	14	advisors	advisor	NOUN
ajfa-9297	76	15	in	in	ADP
ajfa-9297	76	16	strategic	strategic	ADJ
ajfa-9297	76	17	decision	decision	NOUN
ajfa-9297	76	18	making	making	NOUN
ajfa-9297	76	19	(	(	PUNCT
ajfa-9297	76	20	kor	kor	ADJ
ajfa-9297	76	21	and	and	CCONJ
ajfa-9297	76	22	sundaramurthy	sundaramurthy	ADJ
ajfa-9297	76	23	2009	2009	NUM
ajfa-9297	76	24	)	)	PUNCT
ajfa-9297	76	25	.	.	PUNCT
ajfa-9297	77	1	bhojraj	bhojraj	PROPN
ajfa-9297	77	2	and	and	CCONJ
ajfa-9297	77	3	sengupta	sengupta	NOUN
ajfa-9297	77	4	(	(	PUNCT
ajfa-9297	77	5	2003	2003	NUM
ajfa-9297	77	6	)	)	PUNCT
ajfa-9297	77	7	found	find	VERB
ajfa-9297	77	8	that	that	SCONJ
ajfa-9297	77	9	firms	firm	NOUN
ajfa-9297	77	10	with	with	ADP
ajfa-9297	77	11	an	an	DET
ajfa-9297	77	12	independent	independent	ADJ
ajfa-9297	77	13	board	board	NOUN
ajfa-9297	77	14	have	have	VERB
ajfa-9297	77	15	a	a	DET
ajfa-9297	77	16	positive	positive	ADJ
ajfa-9297	77	17	effect	effect	NOUN
ajfa-9297	77	18	on	on	ADP
ajfa-9297	77	19	credit	credit	NOUN
ajfa-9297	77	20	ratings	rating	NOUN
ajfa-9297	77	21	and	and	CCONJ
ajfa-9297	77	22	contribute	contribute	VERB
ajfa-9297	77	23	to	to	PART
ajfa-9297	77	24	decrease	decrease	VERB
ajfa-9297	77	25	the	the	DET
ajfa-9297	77	26	cost	cost	NOUN
ajfa-9297	77	27	of	of	ADP
ajfa-9297	77	28	debt	debt	NOUN
ajfa-9297	77	29	of	of	ADP
ajfa-9297	77	30	us	us	PROPN
ajfa-9297	77	31	firms	firm	NOUN
ajfa-9297	77	32	.	.	PUNCT
ajfa-9297	78	1	traditionally	traditionally	ADV
ajfa-9297	78	2	,	,	PUNCT
ajfa-9297	78	3	the	the	DET
ajfa-9297	78	4	boards	board	NOUN
ajfa-9297	78	5	of	of	ADP
ajfa-9297	78	6	directors	director	NOUN
ajfa-9297	78	7	of	of	ADP
ajfa-9297	78	8	most	most	ADJ
ajfa-9297	78	9	listed	list	VERB
ajfa-9297	78	10	companies	company	NOUN
ajfa-9297	78	11	in	in	ADP
ajfa-9297	78	12	japan	japan	PROPN
ajfa-9297	78	13	have	have	AUX
ajfa-9297	78	14	been	be	AUX
ajfa-9297	78	15	composed	compose	VERB
ajfa-9297	78	16	solely	solely	ADV
ajfa-9297	78	17	of	of	ADP
ajfa-9297	78	18	insiders	insider	NOUN
ajfa-9297	78	19	,	,	PUNCT
ajfa-9297	78	20	with	with	ADP
ajfa-9297	78	21	the	the	DET
ajfa-9297	78	22	number	number	NOUN
ajfa-9297	78	23	of	of	ADP
ajfa-9297	78	24	board	board	NOUN
ajfa-9297	78	25	members	member	NOUN
ajfa-9297	78	26	tending	tend	VERB
ajfa-9297	78	27	to	to	PART
ajfa-9297	78	28	be	be	AUX
ajfa-9297	78	29	large	large	ADJ
ajfa-9297	78	30	by	by	ADP
ajfa-9297	78	31	international	international	ADJ
ajfa-9297	78	32	asian	asian	ADJ
ajfa-9297	78	33	journal	journal	NOUN
ajfa-9297	78	34	of	of	ADP
ajfa-9297	78	35	finance	finance	PROPN
ajfa-9297	78	36	&	&	CCONJ
ajfa-9297	78	37	accounting	accounting	PROPN
ajfa-9297	78	38	issn	issn	PROPN
ajfa-9297	78	39	1946	1946	NUM
ajfa-9297	78	40	-	-	PUNCT
ajfa-9297	78	41	052x	052x	PROPN
ajfa-9297	78	42	2016	2016	NUM
ajfa-9297	78	43	,	,	PUNCT
ajfa-9297	78	44	vol	vol	NOUN
ajfa-9297	78	45	.	.	PROPN
ajfa-9297	78	46	8	8	NUM
ajfa-9297	78	47	,	,	PUNCT
ajfa-9297	78	48	no	no	INTJ
ajfa-9297	78	49	.	.	NOUN
ajfa-9297	78	50	1	1	NUM
ajfa-9297	78	51	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9297	78	52	200	200	NUM
ajfa-9297	78	53	standards	standard	NOUN
ajfa-9297	78	54	.	.	PUNCT
ajfa-9297	79	1	even	even	ADV
ajfa-9297	79	2	recently	recently	ADV
ajfa-9297	79	3	in	in	ADP
ajfa-9297	79	4	2010	2010	NUM
ajfa-9297	79	5	,	,	PUNCT
ajfa-9297	79	6	less	less	ADJ
ajfa-9297	79	7	than	than	ADP
ajfa-9297	79	8	half	half	NOUN
ajfa-9297	79	9	of	of	ADP
ajfa-9297	79	10	japanese	japanese	ADJ
ajfa-9297	79	11	firms	firm	NOUN
ajfa-9297	79	12	listed	list	VERB
ajfa-9297	79	13	on	on	ADP
ajfa-9297	79	14	the	the	DET
ajfa-9297	79	15	first	first	ADJ
ajfa-9297	79	16	section	section	NOUN
ajfa-9297	79	17	of	of	ADP
ajfa-9297	79	18	the	the	DET
ajfa-9297	79	19	tokyo	tokyo	PROPN
ajfa-9297	79	20	stock	stock	NOUN
ajfa-9297	79	21	exchange	exchange	NOUN
ajfa-9297	79	22	had	have	VERB
ajfa-9297	79	23	outside	outside	ADJ
ajfa-9297	79	24	directors	director	NOUN
ajfa-9297	79	25	.	.	PUNCT
ajfa-9297	80	1	however	however	ADV
ajfa-9297	80	2	,	,	PUNCT
ajfa-9297	80	3	the	the	DET
ajfa-9297	80	4	number	number	NOUN
ajfa-9297	80	5	of	of	ADP
ajfa-9297	80	6	outside	outside	ADJ
ajfa-9297	80	7	directors	director	NOUN
ajfa-9297	80	8	on	on	ADP
ajfa-9297	80	9	japanese	japanese	ADJ
ajfa-9297	80	10	boards	board	NOUN
ajfa-9297	80	11	has	have	AUX
ajfa-9297	80	12	increased	increase	VERB
ajfa-9297	80	13	dramatically	dramatically	ADV
ajfa-9297	80	14	since	since	SCONJ
ajfa-9297	80	15	2010	2010	NUM
ajfa-9297	80	16	up	up	ADP
ajfa-9297	80	17	to	to	PART
ajfa-9297	80	18	62.2	62.2	NUM
ajfa-9297	80	19	%	%	NOUN
ajfa-9297	80	20	in	in	ADP
ajfa-9297	80	21	2013	2013	NUM
ajfa-9297	80	22	and	and	CCONJ
ajfa-9297	80	23	the	the	DET
ajfa-9297	80	24	trend	trend	NOUN
ajfa-9297	80	25	is	be	AUX
ajfa-9297	80	26	expected	expect	VERB
ajfa-9297	80	27	to	to	PART
ajfa-9297	80	28	continue	continue	VERB
ajfa-9297	80	29	(	(	PUNCT
ajfa-9297	80	30	jeff	jeff	PROPN
ajfa-9297	80	31	and	and	CCONJ
ajfa-9297	80	32	hisateru	hisateru	NOUN
ajfa-9297	80	33	2014	2014	NUM
ajfa-9297	80	34	)	)	PUNCT
ajfa-9297	80	35	.	.	PUNCT
ajfa-9297	81	1	based	base	VERB
ajfa-9297	81	2	on	on	ADP
ajfa-9297	81	3	the	the	DET
ajfa-9297	81	4	above	above	ADJ
ajfa-9297	81	5	arguments	argument	NOUN
ajfa-9297	81	6	,	,	PUNCT
ajfa-9297	81	7	our	our	PRON
ajfa-9297	81	8	second	second	ADJ
ajfa-9297	81	9	hypothesis	hypothesis	NOUN
ajfa-9297	81	10	is	be	AUX
ajfa-9297	81	11	:	:	PUNCT
ajfa-9297	81	12	h2	h2	NOUN
ajfa-9297	81	13	:	:	PUNCT
ajfa-9297	81	14	firms	firm	NOUN
ajfa-9297	81	15	with	with	ADP
ajfa-9297	81	16	higher	high	ADJ
ajfa-9297	81	17	proportion	proportion	NOUN
ajfa-9297	81	18	of	of	ADP
ajfa-9297	81	19	outside	outside	ADJ
ajfa-9297	81	20	directors	director	NOUN
ajfa-9297	81	21	are	be	AUX
ajfa-9297	81	22	associated	associate	VERB
ajfa-9297	81	23	with	with	ADP
ajfa-9297	81	24	higher	high	ADJ
ajfa-9297	81	25	credit	credit	NOUN
ajfa-9297	81	26	rating	rating	NOUN
ajfa-9297	81	27	.	.	PUNCT
ajfa-9297	82	1	3.2.2	3.2.2	NUM
ajfa-9297	82	2	ownership	ownership	NOUN
ajfa-9297	82	3	structure	structure	NOUN
ajfa-9297	82	4	the	the	DET
ajfa-9297	82	5	issue	issue	NOUN
ajfa-9297	82	6	of	of	ADP
ajfa-9297	82	7	insider	insider	NOUN
ajfa-9297	82	8	ownership	ownership	NOUN
ajfa-9297	82	9	and	and	CCONJ
ajfa-9297	82	10	agency	agency	NOUN
ajfa-9297	82	11	problem	problem	NOUN
ajfa-9297	82	12	has	have	AUX
ajfa-9297	82	13	long	long	ADV
ajfa-9297	82	14	been	be	AUX
ajfa-9297	82	15	an	an	DET
ajfa-9297	82	16	interest	interest	NOUN
ajfa-9297	82	17	in	in	ADP
ajfa-9297	82	18	many	many	ADJ
ajfa-9297	82	19	researchers	researcher	NOUN
ajfa-9297	82	20	due	due	ADP
ajfa-9297	82	21	to	to	ADP
ajfa-9297	82	22	its	its	PRON
ajfa-9297	82	23	impact	impact	NOUN
ajfa-9297	82	24	on	on	ADP
ajfa-9297	82	25	firms	firm	NOUN
ajfa-9297	82	26	’	'	PUNCT
ajfa-9297	82	27	value	value	NOUN
ajfa-9297	82	28	and	and	CCONJ
ajfa-9297	82	29	monitoring	monitoring	NOUN
ajfa-9297	82	30	of	of	ADP
ajfa-9297	82	31	management	management	NOUN
ajfa-9297	82	32	investment	investment	NOUN
ajfa-9297	82	33	activities	activity	NOUN
ajfa-9297	82	34	.	.	PUNCT
ajfa-9297	83	1	on	on	ADP
ajfa-9297	83	2	the	the	DET
ajfa-9297	83	3	one	one	NUM
ajfa-9297	83	4	hand	hand	NOUN
ajfa-9297	83	5	,	,	PUNCT
ajfa-9297	83	6	higher	high	ADJ
ajfa-9297	83	7	insider	insider	NOUN
ajfa-9297	83	8	ownership	ownership	NOUN
ajfa-9297	83	9	can	can	AUX
ajfa-9297	83	10	help	help	VERB
ajfa-9297	83	11	align	align	VERB
ajfa-9297	83	12	the	the	DET
ajfa-9297	83	13	interests	interest	NOUN
ajfa-9297	83	14	of	of	ADP
ajfa-9297	83	15	management	management	NOUN
ajfa-9297	83	16	and	and	CCONJ
ajfa-9297	83	17	shareholders	shareholder	NOUN
ajfa-9297	83	18	and	and	CCONJ
ajfa-9297	83	19	improves	improve	VERB
ajfa-9297	83	20	disclosure	disclosure	NOUN
ajfa-9297	83	21	quality	quality	NOUN
ajfa-9297	83	22	(	(	PUNCT
ajfa-9297	83	23	han	han	PROPN
ajfa-9297	83	24	et	et	PROPN
ajfa-9297	83	25	al	al	PROPN
ajfa-9297	83	26	.	.	PROPN
ajfa-9297	83	27	2013	2013	NUM
ajfa-9297	83	28	)	)	PUNCT
ajfa-9297	83	29	and	and	CCONJ
ajfa-9297	83	30	on	on	ADP
ajfa-9297	83	31	the	the	DET
ajfa-9297	83	32	other	other	ADJ
ajfa-9297	83	33	hand	hand	NOUN
ajfa-9297	83	34	,	,	PUNCT
ajfa-9297	83	35	morck	morck	PROPN
ajfa-9297	83	36	et	et	PROPN
ajfa-9297	83	37	al	al	PROPN
ajfa-9297	83	38	.	.	PROPN
ajfa-9297	84	1	(	(	PUNCT
ajfa-9297	84	2	1988	1988	NUM
ajfa-9297	84	3	)	)	PUNCT
ajfa-9297	84	4	argue	argue	VERB
ajfa-9297	84	5	that	that	SCONJ
ajfa-9297	84	6	higher	high	ADJ
ajfa-9297	84	7	insider	insider	NOUN
ajfa-9297	84	8	ownership	ownership	NOUN
ajfa-9297	84	9	would	would	AUX
ajfa-9297	84	10	provide	provide	VERB
ajfa-9297	84	11	managers	manager	NOUN
ajfa-9297	84	12	with	with	ADP
ajfa-9297	84	13	deeper	deep	ADJ
ajfa-9297	84	14	entrenchments	entrenchment	NOUN
ajfa-9297	84	15	and	and	CCONJ
ajfa-9297	84	16	,	,	PUNCT
ajfa-9297	84	17	therefore	therefore	ADV
ajfa-9297	84	18	,	,	PUNCT
ajfa-9297	84	19	greater	great	ADJ
ajfa-9297	84	20	scope	scope	NOUN
ajfa-9297	84	21	for	for	ADP
ajfa-9297	84	22	opportunistic	opportunistic	ADJ
ajfa-9297	84	23	behavior	behavior	NOUN
ajfa-9297	84	24	indeed	indeed	ADV
ajfa-9297	84	25	,	,	PUNCT
ajfa-9297	84	26	it	it	PRON
ajfa-9297	84	27	increases	increase	VERB
ajfa-9297	84	28	the	the	DET
ajfa-9297	84	29	power	power	NOUN
ajfa-9297	84	30	of	of	ADP
ajfa-9297	84	31	managers	manager	NOUN
ajfa-9297	84	32	and	and	CCONJ
ajfa-9297	84	33	allows	allow	VERB
ajfa-9297	84	34	them	they	PRON
ajfa-9297	84	35	to	to	PART
ajfa-9297	84	36	thwart	thwart	VERB
ajfa-9297	84	37	the	the	DET
ajfa-9297	84	38	monitoring	monitoring	NOUN
ajfa-9297	84	39	of	of	ADP
ajfa-9297	84	40	shareholders	shareholder	NOUN
ajfa-9297	84	41	(	(	PUNCT
ajfa-9297	84	42	demsetz	demsetz	VERB
ajfa-9297	84	43	1983	1983	NUM
ajfa-9297	84	44	)	)	PUNCT
ajfa-9297	84	45	which	which	PRON
ajfa-9297	84	46	may	may	AUX
ajfa-9297	84	47	be	be	AUX
ajfa-9297	84	48	a	a	DET
ajfa-9297	84	49	concern	concern	NOUN
ajfa-9297	84	50	for	for	ADP
ajfa-9297	84	51	debtholders	debtholder	NOUN
ajfa-9297	84	52	,	,	PUNCT
ajfa-9297	84	53	also	also	ADV
ajfa-9297	84	54	it	it	PRON
ajfa-9297	84	55	may	may	AUX
ajfa-9297	84	56	lead	lead	VERB
ajfa-9297	84	57	to	to	ADP
ajfa-9297	84	58	the	the	DET
ajfa-9297	84	59	diversion	diversion	NOUN
ajfa-9297	84	60	of	of	ADP
ajfa-9297	84	61	funds	fund	NOUN
ajfa-9297	84	62	and	and	CCONJ
ajfa-9297	84	63	then	then	ADV
ajfa-9297	84	64	causes	cause	VERB
ajfa-9297	84	65	a	a	DET
ajfa-9297	84	66	lower	low	ADJ
ajfa-9297	84	67	efficiency	efficiency	NOUN
ajfa-9297	84	68	(	(	PUNCT
ajfa-9297	84	69	jensen	jensen	NOUN
ajfa-9297	84	70	and	and	CCONJ
ajfa-9297	84	71	meckling	meckle	VERB
ajfa-9297	84	72	1976	1976	NUM
ajfa-9297	84	73	;	;	PUNCT
ajfa-9297	84	74	morck	morck	PROPN
ajfa-9297	84	75	et	et	PROPN
ajfa-9297	84	76	al	al	PROPN
ajfa-9297	84	77	.	.	PROPN
ajfa-9297	84	78	1988	1988	NUM
ajfa-9297	84	79	)	)	PUNCT
ajfa-9297	84	80	.	.	PUNCT
ajfa-9297	85	1	with	with	ADP
ajfa-9297	85	2	the	the	DET
ajfa-9297	85	3	balance	balance	NOUN
ajfa-9297	85	4	of	of	ADP
ajfa-9297	85	5	the	the	DET
ajfa-9297	85	6	arguments	argument	NOUN
ajfa-9297	85	7	above	above	ADV
ajfa-9297	85	8	,	,	PUNCT
ajfa-9297	85	9	we	we	PRON
ajfa-9297	85	10	suggest	suggest	VERB
ajfa-9297	85	11	the	the	DET
ajfa-9297	85	12	following	follow	VERB
ajfa-9297	85	13	hypothesis	hypothesis	NOUN
ajfa-9297	85	14	:	:	PUNCT
ajfa-9297	85	15	h3	h3	NOUN
ajfa-9297	85	16	:	:	PUNCT
ajfa-9297	85	17	firms	firm	NOUN
ajfa-9297	85	18	with	with	ADP
ajfa-9297	85	19	higher	high	ADJ
ajfa-9297	85	20	insider	insider	NOUN
ajfa-9297	85	21	ownership	ownership	NOUN
ajfa-9297	85	22	are	be	AUX
ajfa-9297	85	23	associated	associate	VERB
ajfa-9297	85	24	with	with	ADP
ajfa-9297	85	25	higher	high	ADJ
ajfa-9297	85	26	credit	credit	NOUN
ajfa-9297	85	27	ratings	rating	NOUN
ajfa-9297	85	28	.	.	PUNCT
ajfa-9297	86	1	3.2.3	3.2.3	NUM
ajfa-9297	86	2	financial	financial	ADJ
ajfa-9297	86	3	transparency	transparency	NOUN
ajfa-9297	86	4	and	and	CCONJ
ajfa-9297	86	5	disclosure	disclosure	NOUN
ajfa-9297	86	6	many	many	ADJ
ajfa-9297	86	7	researchers	researcher	NOUN
ajfa-9297	86	8	have	have	AUX
ajfa-9297	86	9	considered	consider	VERB
ajfa-9297	86	10	that	that	SCONJ
ajfa-9297	86	11	information	information	NOUN
ajfa-9297	86	12	asymmetry	asymmetry	NOUN
ajfa-9297	86	13	as	as	ADP
ajfa-9297	86	14	another	another	DET
ajfa-9297	86	15	reason	reason	NOUN
ajfa-9297	86	16	for	for	ADP
ajfa-9297	86	17	agency	agency	NOUN
ajfa-9297	86	18	problems	problem	NOUN
ajfa-9297	86	19	indeed	indeed	ADV
ajfa-9297	86	20	,	,	PUNCT
ajfa-9297	86	21	klein	klein	PROPN
ajfa-9297	86	22	et	et	PROPN
ajfa-9297	86	23	al	al	PROPN
ajfa-9297	86	24	.	.	PROPN
ajfa-9297	87	1	(	(	PUNCT
ajfa-9297	87	2	2002	2002	NUM
ajfa-9297	87	3	)	)	PUNCT
ajfa-9297	87	4	observe	observe	VERB
ajfa-9297	87	5	that	that	SCONJ
ajfa-9297	87	6	,	,	PUNCT
ajfa-9297	87	7	“	"	PUNCT
ajfa-9297	87	8	in	in	ADP
ajfa-9297	87	9	corporate	corporate	ADJ
ajfa-9297	87	10	finance	finance	NOUN
ajfa-9297	87	11	,	,	PUNCT
ajfa-9297	87	12	asymmetric	asymmetric	ADJ
ajfa-9297	87	13	information	information	NOUN
ajfa-9297	87	14	refers	refer	VERB
ajfa-9297	87	15	to	to	ADP
ajfa-9297	87	16	the	the	DET
ajfa-9297	87	17	notion	notion	NOUN
ajfa-9297	87	18	that	that	SCONJ
ajfa-9297	87	19	firm	firm	ADJ
ajfa-9297	87	20	insiders	insider	NOUN
ajfa-9297	87	21	,	,	PUNCT
ajfa-9297	87	22	typically	typically	ADV
ajfa-9297	87	23	the	the	DET
ajfa-9297	87	24	managers	manager	NOUN
ajfa-9297	87	25	,	,	PUNCT
ajfa-9297	87	26	have	have	AUX
ajfa-9297	87	27	better	well	ADJ
ajfa-9297	87	28	information	information	NOUN
ajfa-9297	87	29	than	than	SCONJ
ajfa-9297	87	30	do	do	VERB
ajfa-9297	87	31	market	market	NOUN
ajfa-9297	87	32	participants	participant	NOUN
ajfa-9297	87	33	on	on	ADP
ajfa-9297	87	34	the	the	DET
ajfa-9297	87	35	value	value	NOUN
ajfa-9297	87	36	of	of	ADP
ajfa-9297	87	37	their	their	PRON
ajfa-9297	87	38	firm	firm	NOUN
ajfa-9297	87	39	’s	’s	PART
ajfa-9297	87	40	assets	asset	NOUN
ajfa-9297	87	41	and	and	CCONJ
ajfa-9297	87	42	investment	investment	NOUN
ajfa-9297	87	43	opportunities	opportunity	NOUN
ajfa-9297	87	44	”	"	PUNCT
ajfa-9297	87	45	and	and	CCONJ
ajfa-9297	87	46	this	this	DET
ajfa-9297	87	47	results	result	NOUN
ajfa-9297	87	48	in	in	ADP
ajfa-9297	87	49	an	an	DET
ajfa-9297	87	50	agency	agency	NOUN
ajfa-9297	87	51	problem	problem	NOUN
ajfa-9297	87	52	.	.	PUNCT
ajfa-9297	88	1	shareholders	shareholder	NOUN
ajfa-9297	88	2	,	,	PUNCT
ajfa-9297	88	3	as	as	ADP
ajfa-9297	88	4	principals	principal	NOUN
ajfa-9297	88	5	,	,	PUNCT
ajfa-9297	88	6	attempt	attempt	VERB
ajfa-9297	88	7	to	to	PART
ajfa-9297	88	8	reduce	reduce	VERB
ajfa-9297	88	9	agency	agency	NOUN
ajfa-9297	88	10	problems	problem	NOUN
ajfa-9297	88	11	and	and	CCONJ
ajfa-9297	88	12	asymmetric	asymmetric	ADJ
ajfa-9297	88	13	information	information	NOUN
ajfa-9297	88	14	by	by	ADP
ajfa-9297	88	15	changing	change	VERB
ajfa-9297	88	16	the	the	DET
ajfa-9297	88	17	behavior	behavior	NOUN
ajfa-9297	88	18	of	of	ADP
ajfa-9297	88	19	the	the	DET
ajfa-9297	88	20	manager	manager	NOUN
ajfa-9297	88	21	through	through	ADP
ajfa-9297	88	22	incentives	incentive	NOUN
ajfa-9297	88	23	such	such	ADJ
ajfa-9297	88	24	as	as	ADP
ajfa-9297	88	25	bonuses	bonus	NOUN
ajfa-9297	88	26	and	and	CCONJ
ajfa-9297	88	27	effective	effective	ADJ
ajfa-9297	88	28	monitoring	monitoring	NOUN
ajfa-9297	88	29	to	to	PART
ajfa-9297	88	30	improve	improve	VERB
ajfa-9297	88	31	long	long	ADJ
ajfa-9297	88	32	-	-	PUNCT
ajfa-9297	88	33	term	term	NOUN
ajfa-9297	88	34	performance	performance	NOUN
ajfa-9297	88	35	.	.	PUNCT
ajfa-9297	89	1	lee	lee	PROPN
ajfa-9297	89	2	et	et	PROPN
ajfa-9297	89	3	al	al	PROPN
ajfa-9297	89	4	.	.	PROPN
ajfa-9297	90	1	(	(	PUNCT
ajfa-9297	90	2	2008	2008	NUM
ajfa-9297	90	3	)	)	PUNCT
ajfa-9297	90	4	found	find	VERB
ajfa-9297	90	5	that	that	SCONJ
ajfa-9297	90	6	timely	timely	ADJ
ajfa-9297	90	7	disclosure	disclosure	NOUN
ajfa-9297	90	8	(	(	PUNCT
ajfa-9297	90	9	quality	quality	NOUN
ajfa-9297	90	10	disclosure	disclosure	NOUN
ajfa-9297	90	11	)	)	PUNCT
ajfa-9297	90	12	reduces	reduce	VERB
ajfa-9297	90	13	information	information	NOUN
ajfa-9297	90	14	asymmetry	asymmetry	NOUN
ajfa-9297	90	15	and	and	CCONJ
ajfa-9297	90	16	enhance	enhance	VERB
ajfa-9297	90	17	the	the	DET
ajfa-9297	90	18	trust	trust	NOUN
ajfa-9297	90	19	between	between	ADP
ajfa-9297	90	20	managers	manager	NOUN
ajfa-9297	90	21	and	and	CCONJ
ajfa-9297	90	22	shareholders	shareholder	NOUN
ajfa-9297	90	23	.	.	PUNCT
ajfa-9297	91	1	consequently	consequently	ADV
ajfa-9297	91	2	,	,	PUNCT
ajfa-9297	91	3	shareholders	shareholder	NOUN
ajfa-9297	91	4	will	will	AUX
ajfa-9297	91	5	be	be	AUX
ajfa-9297	91	6	more	more	ADV
ajfa-9297	91	7	willing	willing	ADJ
ajfa-9297	91	8	to	to	PART
ajfa-9297	91	9	invest	invest	VERB
ajfa-9297	91	10	in	in	ADP
ajfa-9297	91	11	the	the	DET
ajfa-9297	91	12	company	company	NOUN
ajfa-9297	91	13	,	,	PUNCT
ajfa-9297	91	14	thereby	thereby	ADV
ajfa-9297	91	15	decreasing	decrease	VERB
ajfa-9297	91	16	the	the	DET
ajfa-9297	91	17	cost	cost	NOUN
ajfa-9297	91	18	of	of	ADP
ajfa-9297	91	19	capital	capital	NOUN
ajfa-9297	91	20	.	.	PUNCT
ajfa-9297	92	1	also	also	ADV
ajfa-9297	92	2	sengupta	sengupta	NOUN
ajfa-9297	92	3	(	(	PUNCT
ajfa-9297	92	4	1998	1998	NUM
ajfa-9297	92	5	)	)	PUNCT
ajfa-9297	92	6	underlined	underline	VERB
ajfa-9297	92	7	that	that	SCONJ
ajfa-9297	92	8	disclosure	disclosure	NOUN
ajfa-9297	92	9	quality	quality	NOUN
ajfa-9297	92	10	reduces	reduce	VERB
ajfa-9297	92	11	the	the	DET
ajfa-9297	92	12	cost	cost	NOUN
ajfa-9297	92	13	of	of	ADP
ajfa-9297	92	14	debt	debt	NOUN
ajfa-9297	92	15	because	because	SCONJ
ajfa-9297	92	16	lenders	lender	NOUN
ajfa-9297	92	17	considered	consider	VERB
ajfa-9297	92	18	high	high	ADJ
ajfa-9297	92	19	quality	quality	NOUN
ajfa-9297	92	20	disclosure	disclosure	NOUN
ajfa-9297	92	21	as	as	ADP
ajfa-9297	92	22	having	have	VERB
ajfa-9297	92	23	a	a	DET
ajfa-9297	92	24	lower	low	ADJ
ajfa-9297	92	25	likelihood	likelihood	NOUN
ajfa-9297	92	26	of	of	ADP
ajfa-9297	92	27	withholding	withhold	VERB
ajfa-9297	92	28	unfavorable	unfavorable	ADJ
ajfa-9297	92	29	information	information	NOUN
ajfa-9297	92	30	.	.	PUNCT
ajfa-9297	93	1	regarding	regard	VERB
ajfa-9297	93	2	the	the	DET
ajfa-9297	93	3	advantages	advantage	NOUN
ajfa-9297	93	4	and	and	CCONJ
ajfa-9297	93	5	the	the	DET
ajfa-9297	93	6	benefits	benefit	NOUN
ajfa-9297	93	7	of	of	ADP
ajfa-9297	93	8	greater	great	ADJ
ajfa-9297	93	9	transparency	transparency	NOUN
ajfa-9297	93	10	,	,	PUNCT
ajfa-9297	93	11	we	we	PRON
ajfa-9297	93	12	suggest	suggest	VERB
ajfa-9297	93	13	the	the	DET
ajfa-9297	93	14	following	follow	VERB
ajfa-9297	93	15	hypothesis	hypothesis	NOUN
ajfa-9297	93	16	:	:	PUNCT
ajfa-9297	93	17	h4	h4	NOUN
ajfa-9297	93	18	:	:	PUNCT
ajfa-9297	93	19	firms	firm	NOUN
ajfa-9297	93	20	with	with	ADP
ajfa-9297	93	21	greater	great	ADJ
ajfa-9297	93	22	transparency	transparency	NOUN
ajfa-9297	93	23	are	be	AUX
ajfa-9297	93	24	associated	associate	VERB
ajfa-9297	93	25	with	with	ADP
ajfa-9297	93	26	higher	high	ADJ
ajfa-9297	93	27	credit	credit	NOUN
ajfa-9297	93	28	ratings	rating	NOUN
ajfa-9297	93	29	.	.	PUNCT
ajfa-9297	94	1	asian	asian	ADJ
ajfa-9297	94	2	journal	journal	PROPN
ajfa-9297	94	3	of	of	ADP
ajfa-9297	94	4	finance	finance	PROPN
ajfa-9297	94	5	&	&	CCONJ
ajfa-9297	94	6	accounting	accounting	PROPN
ajfa-9297	94	7	issn	issn	PROPN
ajfa-9297	94	8	1946	1946	NUM
ajfa-9297	94	9	-	-	PUNCT
ajfa-9297	94	10	052x	052x	PROPN
ajfa-9297	94	11	2016	2016	NUM
ajfa-9297	94	12	,	,	PUNCT
ajfa-9297	94	13	vol	vol	NOUN
ajfa-9297	94	14	.	.	PROPN
ajfa-9297	94	15	8	8	NUM
ajfa-9297	94	16	,	,	PUNCT
ajfa-9297	94	17	no	no	INTJ
ajfa-9297	94	18	.	.	NOUN
ajfa-9297	94	19	1	1	NUM
ajfa-9297	94	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9297	94	21	201	201	NUM
ajfa-9297	94	22	4	4	NUM
ajfa-9297	94	23	.	.	PUNCT
ajfa-9297	94	24	research	research	NOUN
ajfa-9297	94	25	methodology	methodology	NOUN
ajfa-9297	94	26	4.1	4.1	NUM
ajfa-9297	94	27	sample	sample	NOUN
ajfa-9297	94	28	selection	selection	NOUN
ajfa-9297	94	29	and	and	CCONJ
ajfa-9297	94	30	data	datum	NOUN
ajfa-9297	94	31	sources	source	NOUN
ajfa-9297	94	32	we	we	PRON
ajfa-9297	94	33	collect	collect	VERB
ajfa-9297	94	34	data	datum	NOUN
ajfa-9297	94	35	relating	relate	VERB
ajfa-9297	94	36	to	to	ADP
ajfa-9297	94	37	japanese	japanese	ADJ
ajfa-9297	94	38	firms	firm	NOUN
ajfa-9297	94	39	listed	list	VERB
ajfa-9297	94	40	on	on	ADP
ajfa-9297	94	41	topix	topix	PROPN
ajfa-9297	94	42	100	100	NUM
ajfa-9297	94	43	which	which	PRON
ajfa-9297	94	44	represents	represent	VERB
ajfa-9297	94	45	an	an	DET
ajfa-9297	94	46	important	important	ADJ
ajfa-9297	94	47	stock	stock	NOUN
ajfa-9297	94	48	market	market	NOUN
ajfa-9297	94	49	index	index	NOUN
ajfa-9297	94	50	for	for	ADP
ajfa-9297	94	51	the	the	DET
ajfa-9297	94	52	tokyo	tokyo	PROPN
ajfa-9297	94	53	stock	stock	NOUN
ajfa-9297	94	54	exchange	exchange	NOUN
ajfa-9297	94	55	(	(	PUNCT
ajfa-9297	94	56	tse	tse	PROPN
ajfa-9297	94	57	)	)	PUNCT
ajfa-9297	94	58	in	in	ADP
ajfa-9297	94	59	japan	japan	PROPN
ajfa-9297	94	60	.	.	PUNCT
ajfa-9297	95	1	since	since	SCONJ
ajfa-9297	95	2	data	datum	NOUN
ajfa-9297	95	3	are	be	AUX
ajfa-9297	95	4	not	not	PART
ajfa-9297	95	5	available	available	ADJ
ajfa-9297	95	6	,	,	PUNCT
ajfa-9297	95	7	the	the	DET
ajfa-9297	95	8	study	study	NOUN
ajfa-9297	95	9	will	will	AUX
ajfa-9297	95	10	be	be	AUX
ajfa-9297	95	11	based	base	VERB
ajfa-9297	95	12	only	only	ADV
ajfa-9297	95	13	on	on	ADP
ajfa-9297	95	14	75	75	NUM
ajfa-9297	95	15	companies	company	NOUN
ajfa-9297	95	16	during	during	ADP
ajfa-9297	95	17	2006–2013	2006–2013	NUM
ajfa-9297	95	18	.	.	PUNCT
ajfa-9297	96	1	long	long	ADJ
ajfa-9297	96	2	-	-	PUNCT
ajfa-9297	96	3	term	term	NOUN
ajfa-9297	96	4	credit	credit	NOUN
ajfa-9297	96	5	ratings	rating	NOUN
ajfa-9297	96	6	were	be	AUX
ajfa-9297	96	7	handed	hand	VERB
ajfa-9297	96	8	collected	collect	VERB
ajfa-9297	96	9	from	from	ADP
ajfa-9297	96	10	reports	report	NOUN
ajfa-9297	96	11	published	publish	VERB
ajfa-9297	96	12	by	by	ADP
ajfa-9297	96	13	rating	rating	NOUN
ajfa-9297	96	14	and	and	CCONJ
ajfa-9297	96	15	investments	investment	NOUN
ajfa-9297	96	16	information	information	NOUN
ajfa-9297	96	17	(	(	PUNCT
ajfa-9297	96	18	r&i	r&i	PROPN
ajfa-9297	96	19	)	)	PUNCT
ajfa-9297	96	20	)	)	PUNCT
ajfa-9297	97	1	and	and	CCONJ
ajfa-9297	97	2	the	the	DET
ajfa-9297	97	3	leading	lead	VERB
ajfa-9297	97	4	credit	credit	NOUN
ajfa-9297	97	5	rating	rating	NOUN
ajfa-9297	97	6	agency	agency	NOUN
ajfa-9297	97	7	in	in	ADP
ajfa-9297	97	8	japan	japan	PROPN
ajfa-9297	97	9	.	.	PUNCT
ajfa-9297	98	1	firms	firm	NOUN
ajfa-9297	98	2	are	be	AUX
ajfa-9297	98	3	rated	rate	VERB
ajfa-9297	98	4	according	accord	VERB
ajfa-9297	98	5	to	to	ADP
ajfa-9297	98	6	a	a	DET
ajfa-9297	98	7	well	well	ADV
ajfa-9297	98	8	-	-	PUNCT
ajfa-9297	98	9	determined	determine	VERB
ajfa-9297	98	10	scale	scale	NOUN
ajfa-9297	98	11	(	(	PUNCT
ajfa-9297	98	12	aaa	aaa	NOUN
ajfa-9297	98	13	,	,	PUNCT
ajfa-9297	98	14	aa	aa	NOUN
ajfa-9297	98	15	,	,	PUNCT
ajfa-9297	98	16	a	a	DET
ajfa-9297	98	17	,	,	PUNCT
ajfa-9297	98	18	bbb	bbb	PROPN
ajfa-9297	98	19	,	,	PUNCT
ajfa-9297	98	20	bb	bb	PROPN
ajfa-9297	98	21	,	,	PUNCT
ajfa-9297	98	22	b	b	NOUN
ajfa-9297	98	23	)	)	PUNCT
ajfa-9297	98	24	with	with	ADP
ajfa-9297	98	25	aaa	aaa	NOUN
ajfa-9297	98	26	represents	represent	VERB
ajfa-9297	98	27	the	the	DET
ajfa-9297	98	28	highest	high	ADJ
ajfa-9297	98	29	grade	grade	NOUN
ajfa-9297	98	30	and	and	CCONJ
ajfa-9297	98	31	as	as	SCONJ
ajfa-9297	98	32	follows	follow	VERB
ajfa-9297	98	33	to	to	ADP
ajfa-9297	98	34	bhojraj	bhojraj	NOUN
ajfa-9297	98	35	and	and	CCONJ
ajfa-9297	98	36	sengupta	sengupta	NOUN
ajfa-9297	98	37	(	(	PUNCT
ajfa-9297	98	38	2003	2003	NUM
ajfa-9297	98	39	)	)	PUNCT
ajfa-9297	98	40	the	the	DET
ajfa-9297	98	41	letter	letter	NOUN
ajfa-9297	98	42	is	be	AUX
ajfa-9297	98	43	transformed	transform	VERB
ajfa-9297	98	44	into	into	ADP
ajfa-9297	98	45	numerical	numerical	ADJ
ajfa-9297	98	46	values	value	NOUN
ajfa-9297	98	47	(	(	PUNCT
ajfa-9297	98	48	from	from	ADP
ajfa-9297	98	49	1	1	NUM
ajfa-9297	98	50	to	to	ADP
ajfa-9297	98	51	6	6	NUM
ajfa-9297	98	52	)	)	PUNCT
ajfa-9297	98	53	and	and	CCONJ
ajfa-9297	98	54	the	the	DET
ajfa-9297	98	55	safest	safe	ADJ
ajfa-9297	98	56	firm	firm	NOUN
ajfa-9297	98	57	obtains	obtain	VERB
ajfa-9297	98	58	the	the	DET
ajfa-9297	98	59	highest	high	ADJ
ajfa-9297	98	60	value	value	NOUN
ajfa-9297	98	61	.	.	PUNCT
ajfa-9297	99	1	to	to	PART
ajfa-9297	99	2	improve	improve	VERB
ajfa-9297	99	3	our	our	PRON
ajfa-9297	99	4	results	result	NOUN
ajfa-9297	99	5	and	and	CCONJ
ajfa-9297	99	6	to	to	PART
ajfa-9297	99	7	reduce	reduce	VERB
ajfa-9297	99	8	the	the	DET
ajfa-9297	99	9	occurrences	occurrence	NOUN
ajfa-9297	99	10	of	of	ADP
ajfa-9297	99	11	insufficient	insufficient	ADJ
ajfa-9297	99	12	observations	observation	NOUN
ajfa-9297	99	13	,	,	PUNCT
ajfa-9297	99	14	we	we	PRON
ajfa-9297	99	15	group	group	NOUN
ajfa-9297	99	16	firms	firm	NOUN
ajfa-9297	99	17	into	into	ADP
ajfa-9297	99	18	rating	rating	NOUN
ajfa-9297	99	19	categories	category	NOUN
ajfa-9297	99	20	without	without	ADP
ajfa-9297	99	21	consideration	consideration	NOUN
ajfa-9297	99	22	of	of	ADP
ajfa-9297	99	23	notches	notch	NOUN
ajfa-9297	99	24	(	(	PUNCT
ajfa-9297	99	25	or	or	CCONJ
ajfa-9297	99	26	+	+	ADJ
ajfa-9297	99	27	)	)	PUNCT
ajfa-9297	99	28	.	.	PUNCT
ajfa-9297	100	1	for	for	ADP
ajfa-9297	100	2	example	example	NOUN
ajfa-9297	100	3	,	,	PUNCT
ajfa-9297	100	4	our	our	PRON
ajfa-9297	100	5	set	set	NOUN
ajfa-9297	100	6	of	of	ADP
ajfa-9297	100	7	aa	aa	NOUN
ajfa-9297	100	8	firms	firm	NOUN
ajfa-9297	100	9	includes	include	VERB
ajfa-9297	100	10	those	those	PRON
ajfa-9297	100	11	with	with	ADP
ajfa-9297	100	12	aa+	aa+	NOUN
ajfa-9297	100	13	,	,	PUNCT
ajfa-9297	100	14	aa	aa	NOUN
ajfa-9297	100	15	and	and	CCONJ
ajfa-9297	100	16	aa−	aa−	PROPN
ajfa-9297	100	17	ratings	rating	NOUN
ajfa-9297	100	18	.	.	PUNCT
ajfa-9297	101	1	the	the	DET
ajfa-9297	101	2	explanatory	explanatory	ADJ
ajfa-9297	101	3	variables	variable	NOUN
ajfa-9297	101	4	and	and	CCONJ
ajfa-9297	101	5	the	the	DET
ajfa-9297	101	6	control	control	NOUN
ajfa-9297	101	7	variables	variable	NOUN
ajfa-9297	101	8	are	be	AUX
ajfa-9297	101	9	collected	collect	VERB
ajfa-9297	101	10	from	from	ADP
ajfa-9297	101	11	orbis	orbis	PROPN
ajfa-9297	101	12	database	database	NOUN
ajfa-9297	101	13	.	.	PUNCT
ajfa-9297	102	1	4.2	4.2	NUM
ajfa-9297	102	2	variables	variable	NOUN
ajfa-9297	102	3	measurement	measurement	NOUN
ajfa-9297	102	4	governance	governance	NOUN
ajfa-9297	102	5	variables	variable	NOUN
ajfa-9297	102	6	are	be	AUX
ajfa-9297	102	7	classified	classify	VERB
ajfa-9297	102	8	in	in	ADP
ajfa-9297	102	9	three	three	NUM
ajfa-9297	102	10	groups	group	NOUN
ajfa-9297	102	11	:	:	PUNCT
ajfa-9297	102	12	the	the	DET
ajfa-9297	102	13	first	first	ADJ
ajfa-9297	102	14	one	one	NOUN
ajfa-9297	102	15	represents	represent	VERB
ajfa-9297	102	16	the	the	DET
ajfa-9297	102	17	firm	firm	NOUN
ajfa-9297	102	18	’s	’s	PART
ajfa-9297	102	19	board	board	NOUN
ajfa-9297	102	20	structure	structure	NOUN
ajfa-9297	102	21	and	and	CCONJ
ajfa-9297	102	22	it	it	PRON
ajfa-9297	102	23	consists	consist	VERB
ajfa-9297	102	24	of	of	ADP
ajfa-9297	102	25	board	board	NOUN
ajfa-9297	102	26	size	size	NOUN
ajfa-9297	102	27	which	which	PRON
ajfa-9297	102	28	is	be	AUX
ajfa-9297	102	29	measured	measure	VERB
ajfa-9297	102	30	by	by	ADP
ajfa-9297	102	31	the	the	DET
ajfa-9297	102	32	number	number	NOUN
ajfa-9297	102	33	of	of	ADP
ajfa-9297	102	34	directors	director	NOUN
ajfa-9297	102	35	and	and	CCONJ
ajfa-9297	102	36	board	board	NOUN
ajfa-9297	102	37	independence	independence	NOUN
ajfa-9297	102	38	calculated	calculate	VERB
ajfa-9297	102	39	by	by	ADP
ajfa-9297	102	40	the	the	DET
ajfa-9297	102	41	number	number	NOUN
ajfa-9297	102	42	of	of	ADP
ajfa-9297	102	43	outside	outside	ADJ
ajfa-9297	102	44	directors	director	NOUN
ajfa-9297	102	45	.	.	PUNCT
ajfa-9297	103	1	in	in	ADP
ajfa-9297	103	2	fact	fact	NOUN
ajfa-9297	103	3	,	,	PUNCT
ajfa-9297	103	4	many	many	ADJ
ajfa-9297	103	5	studies	study	NOUN
ajfa-9297	103	6	are	be	AUX
ajfa-9297	103	7	based	base	VERB
ajfa-9297	103	8	on	on	ADP
ajfa-9297	103	9	these	these	DET
ajfa-9297	103	10	variables	variable	NOUN
ajfa-9297	103	11	to	to	PART
ajfa-9297	103	12	determine	determine	VERB
ajfa-9297	103	13	the	the	DET
ajfa-9297	103	14	importance	importance	NOUN
ajfa-9297	103	15	of	of	ADP
ajfa-9297	103	16	the	the	DET
ajfa-9297	103	17	board	board	NOUN
ajfa-9297	103	18	of	of	ADP
ajfa-9297	103	19	directors	director	NOUN
ajfa-9297	103	20	to	to	PART
ajfa-9297	103	21	improve	improve	VERB
ajfa-9297	103	22	performance	performance	NOUN
ajfa-9297	103	23	and	and	CCONJ
ajfa-9297	103	24	to	to	PART
ajfa-9297	103	25	ensure	ensure	VERB
ajfa-9297	103	26	the	the	DET
ajfa-9297	103	27	company	company	NOUN
ajfa-9297	103	28	’s	’s	PART
ajfa-9297	103	29	prosperity	prosperity	NOUN
ajfa-9297	103	30	.	.	PUNCT
ajfa-9297	104	1	the	the	DET
ajfa-9297	104	2	second	second	ADJ
ajfa-9297	104	3	group	group	NOUN
ajfa-9297	104	4	is	be	AUX
ajfa-9297	104	5	an	an	DET
ajfa-9297	104	6	ownership	ownership	NOUN
ajfa-9297	104	7	structure	structure	NOUN
ajfa-9297	104	8	and	and	CCONJ
ajfa-9297	104	9	it	it	PRON
ajfa-9297	104	10	consists	consist	VERB
ajfa-9297	104	11	of	of	ADP
ajfa-9297	104	12	one	one	NUM
ajfa-9297	104	13	variable	variable	NOUN
ajfa-9297	104	14	.	.	PUNCT
ajfa-9297	105	1	insider	insider	NOUN
ajfa-9297	105	2	ownership	ownership	NOUN
ajfa-9297	105	3	measured	measure	VERB
ajfa-9297	105	4	by	by	ADP
ajfa-9297	105	5	the	the	DET
ajfa-9297	105	6	proportion	proportion	NOUN
ajfa-9297	105	7	of	of	ADP
ajfa-9297	105	8	shares	share	NOUN
ajfa-9297	105	9	owned	own	VERB
ajfa-9297	105	10	by	by	ADP
ajfa-9297	105	11	employees	employee	NOUN
ajfa-9297	105	12	,	,	PUNCT
ajfa-9297	105	13	directors	director	NOUN
ajfa-9297	105	14	…	…	PUNCT
ajfa-9297	105	15	,	,	PUNCT
ajfa-9297	105	16	this	this	DET
ajfa-9297	105	17	variable	variable	NOUN
ajfa-9297	105	18	is	be	AUX
ajfa-9297	105	19	equivalent	equivalent	ADJ
ajfa-9297	105	20	to	to	ADP
ajfa-9297	105	21	managerial	managerial	ADJ
ajfa-9297	105	22	ownership	ownership	NOUN
ajfa-9297	105	23	.	.	PUNCT
ajfa-9297	106	1	ownership	ownership	NOUN
ajfa-9297	106	2	structures	structure	NOUN
ajfa-9297	106	3	have	have	VERB
ajfa-9297	106	4	also	also	ADV
ajfa-9297	106	5	a	a	DET
ajfa-9297	106	6	significant	significant	ADJ
ajfa-9297	106	7	importance	importance	NOUN
ajfa-9297	106	8	in	in	ADP
ajfa-9297	106	9	corporate	corporate	ADJ
ajfa-9297	106	10	governance	governance	NOUN
ajfa-9297	106	11	because	because	SCONJ
ajfa-9297	106	12	they	they	PRON
ajfa-9297	106	13	affect	affect	VERB
ajfa-9297	106	14	their	their	PRON
ajfa-9297	106	15	incentives	incentive	NOUN
ajfa-9297	106	16	of	of	ADP
ajfa-9297	106	17	managers	manager	NOUN
ajfa-9297	106	18	,	,	PUNCT
ajfa-9297	106	19	and	and	CCONJ
ajfa-9297	106	20	thereby	thereby	ADV
ajfa-9297	106	21	the	the	DET
ajfa-9297	106	22	efficiency	efficiency	NOUN
ajfa-9297	106	23	of	of	ADP
ajfa-9297	106	24	firms	firm	NOUN
ajfa-9297	106	25	.	.	PUNCT
ajfa-9297	107	1	the	the	DET
ajfa-9297	107	2	third	third	ADJ
ajfa-9297	107	3	group	group	NOUN
ajfa-9297	107	4	represents	represent	VERB
ajfa-9297	107	5	the	the	DET
ajfa-9297	107	6	quality	quality	NOUN
ajfa-9297	107	7	of	of	ADP
ajfa-9297	107	8	information	information	NOUN
ajfa-9297	107	9	available	available	ADJ
ajfa-9297	107	10	to	to	ADP
ajfa-9297	107	11	investors	investor	NOUN
ajfa-9297	107	12	.	.	PUNCT
ajfa-9297	108	1	it	it	PRON
ajfa-9297	108	2	consists	consist	VERB
ajfa-9297	108	3	of	of	ADP
ajfa-9297	108	4	one	one	NUM
ajfa-9297	108	5	variable	variable	NOUN
ajfa-9297	108	6	which	which	PRON
ajfa-9297	108	7	is	be	AUX
ajfa-9297	108	8	the	the	DET
ajfa-9297	108	9	timeliness	timeliness	NOUN
ajfa-9297	108	10	of	of	ADP
ajfa-9297	108	11	the	the	DET
ajfa-9297	108	12	firm	firm	NOUN
ajfa-9297	108	13	’s	’s	PART
ajfa-9297	108	14	disclosure	disclosure	NOUN
ajfa-9297	108	15	and	and	CCONJ
ajfa-9297	108	16	represents	represent	VERB
ajfa-9297	108	17	the	the	DET
ajfa-9297	108	18	number	number	NOUN
ajfa-9297	108	19	of	of	ADP
ajfa-9297	108	20	days	day	NOUN
ajfa-9297	108	21	the	the	DET
ajfa-9297	108	22	firm	firm	NOUN
ajfa-9297	108	23	takes	take	VERB
ajfa-9297	108	24	to	to	PART
ajfa-9297	108	25	release	release	VERB
ajfa-9297	108	26	its	its	PRON
ajfa-9297	108	27	annual	annual	ADJ
ajfa-9297	108	28	statements	statement	NOUN
ajfa-9297	108	29	after	after	ADP
ajfa-9297	108	30	the	the	DET
ajfa-9297	108	31	fiscal	fiscal	ADJ
ajfa-9297	108	32	year	year	NOUN
ajfa-9297	108	33	-	-	PUNCT
ajfa-9297	108	34	end	end	NOUN
ajfa-9297	108	35	.	.	PUNCT
ajfa-9297	109	1	we	we	PRON
ajfa-9297	109	2	define	define	VERB
ajfa-9297	109	3	this	this	DET
ajfa-9297	109	4	variable	variable	NOUN
ajfa-9297	109	5	as	as	ADP
ajfa-9297	109	6	the	the	DET
ajfa-9297	109	7	same	same	ADJ
ajfa-9297	109	8	way	way	NOUN
ajfa-9297	109	9	calculated	calculate	VERB
ajfa-9297	109	10	by	by	ADP
ajfa-9297	109	11	aman	aman	NOUN
ajfa-9297	109	12	and	and	CCONJ
ajfa-9297	109	13	nguyen	nguyen	NOUN
ajfa-9297	109	14	(	(	PUNCT
ajfa-9297	109	15	2013	2013	NUM
ajfa-9297	109	16	)	)	PUNCT
ajfa-9297	109	17	but	but	CCONJ
ajfa-9297	109	18	we	we	PRON
ajfa-9297	109	19	use	use	VERB
ajfa-9297	109	20	the	the	DET
ajfa-9297	109	21	date	date	NOUN
ajfa-9297	109	22	of	of	ADP
ajfa-9297	109	23	the	the	DET
ajfa-9297	109	24	end	end	NOUN
ajfa-9297	109	25	of	of	ADP
ajfa-9297	109	26	the	the	DET
ajfa-9297	109	27	fiscal	fiscal	ADJ
ajfa-9297	109	28	year	year	NOUN
ajfa-9297	109	29	instead	instead	ADV
ajfa-9297	109	30	of	of	ADP
ajfa-9297	109	31	the	the	DET
ajfa-9297	109	32	date	date	NOUN
ajfa-9297	109	33	of	of	ADP
ajfa-9297	109	34	the	the	DET
ajfa-9297	109	35	closure	closure	NOUN
ajfa-9297	109	36	of	of	ADP
ajfa-9297	109	37	the	the	DET
ajfa-9297	109	38	accounts	account	NOUN
ajfa-9297	109	39	:	:	PUNCT
ajfa-9297	109	40	the	the	DET
ajfa-9297	109	41	maximum	maximum	ADJ
ajfa-9297	109	42	value	value	NOUN
ajfa-9297	109	43	(	(	PUNCT
ajfa-9297	109	44	60	60	NUM
ajfa-9297	109	45	days	day	NOUN
ajfa-9297	109	46	)	)	PUNCT
ajfa-9297	109	47	minus	minus	CCONJ
ajfa-9297	109	48	the	the	DET
ajfa-9297	109	49	number	number	NOUN
ajfa-9297	109	50	of	of	ADP
ajfa-9297	109	51	days	day	NOUN
ajfa-9297	109	52	the	the	DET
ajfa-9297	109	53	firm	firm	NOUN
ajfa-9297	109	54	is	be	AUX
ajfa-9297	109	55	taking	take	VERB
ajfa-9297	109	56	to	to	PART
ajfa-9297	109	57	release	release	VERB
ajfa-9297	109	58	its	its	PRON
ajfa-9297	109	59	annual	annual	ADJ
ajfa-9297	109	60	statements	statement	NOUN
ajfa-9297	109	61	after	after	ADP
ajfa-9297	109	62	the	the	DET
ajfa-9297	109	63	fiscal	fiscal	ADJ
ajfa-9297	109	64	year	year	NOUN
ajfa-9297	109	65	-	-	PUNCT
ajfa-9297	109	66	end	end	NOUN
ajfa-9297	109	67	.	.	PUNCT
ajfa-9297	110	1	since	since	SCONJ
ajfa-9297	110	2	the	the	DET
ajfa-9297	110	3	governance	governance	NOUN
ajfa-9297	110	4	variables	variable	NOUN
ajfa-9297	110	5	are	be	AUX
ajfa-9297	110	6	strongly	strongly	ADV
ajfa-9297	110	7	correlated	correlate	VERB
ajfa-9297	110	8	,	,	PUNCT
ajfa-9297	110	9	they	they	PRON
ajfa-9297	110	10	may	may	AUX
ajfa-9297	110	11	create	create	VERB
ajfa-9297	110	12	multicollinearity	multicollinearity	NOUN
ajfa-9297	110	13	problems	problem	NOUN
ajfa-9297	110	14	in	in	ADP
ajfa-9297	110	15	the	the	DET
ajfa-9297	110	16	regressions	regression	NOUN
ajfa-9297	110	17	.	.	PUNCT
ajfa-9297	111	1	to	to	PART
ajfa-9297	111	2	mitigate	mitigate	VERB
ajfa-9297	111	3	this	this	DET
ajfa-9297	111	4	concern	concern	NOUN
ajfa-9297	111	5	,	,	PUNCT
ajfa-9297	111	6	we	we	PRON
ajfa-9297	111	7	collapse	collapse	VERB
ajfa-9297	111	8	the	the	DET
ajfa-9297	111	9	governance	governance	NOUN
ajfa-9297	111	10	variables	variable	NOUN
ajfa-9297	111	11	into	into	ADP
ajfa-9297	111	12	a	a	DET
ajfa-9297	111	13	single	single	ADJ
ajfa-9297	111	14	factor	factor	NOUN
ajfa-9297	111	15	using	use	VERB
ajfa-9297	111	16	principal	principal	ADJ
ajfa-9297	111	17	component	component	NOUN
ajfa-9297	111	18	analysis	analysis	NOUN
ajfa-9297	111	19	(	(	PUNCT
ajfa-9297	111	20	pca	pca	PROPN
ajfa-9297	111	21	)	)	PUNCT
ajfa-9297	111	22	.	.	PUNCT
ajfa-9297	112	1	the	the	DET
ajfa-9297	112	2	untabulated	untabulate	VERB
ajfa-9297	112	3	results	result	NOUN
ajfa-9297	112	4	(	(	PUNCT
ajfa-9297	112	5	available	available	ADJ
ajfa-9297	112	6	upon	upon	SCONJ
ajfa-9297	112	7	request	request	NOUN
ajfa-9297	112	8	)	)	PUNCT
ajfa-9297	112	9	show	show	VERB
ajfa-9297	112	10	that	that	SCONJ
ajfa-9297	112	11	one	one	NUM
ajfa-9297	112	12	of	of	ADP
ajfa-9297	112	13	four	four	NUM
ajfa-9297	112	14	components	component	NOUN
ajfa-9297	112	15	happen	happen	VERB
ajfa-9297	112	16	to	to	PART
ajfa-9297	112	17	exhibit	exhibit	VERB
ajfa-9297	112	18	eigenvalues	eigenvalue	VERB
ajfa-9297	112	19	higher	high	ADJ
ajfa-9297	112	20	than	than	ADP
ajfa-9297	112	21	one	one	NUM
ajfa-9297	112	22	(	(	PUNCT
ajfa-9297	112	23	1.405106	1.405106	NUM
ajfa-9297	112	24	)	)	PUNCT
ajfa-9297	112	25	.	.	PUNCT
ajfa-9297	113	1	then	then	ADV
ajfa-9297	113	2	we	we	PRON
ajfa-9297	113	3	look	look	VERB
ajfa-9297	113	4	out	out	ADP
ajfa-9297	113	5	to	to	ADP
ajfa-9297	113	6	the	the	DET
ajfa-9297	113	7	variance	variance	NOUN
ajfa-9297	113	8	.	.	PUNCT
ajfa-9297	114	1	after	after	ADP
ajfa-9297	114	2	that	that	PRON
ajfa-9297	114	3	,	,	PUNCT
ajfa-9297	114	4	we	we	PRON
ajfa-9297	114	5	focus	focus	VERB
ajfa-9297	114	6	on	on	ADP
ajfa-9297	114	7	the	the	DET
ajfa-9297	114	8	factor	factor	NOUN
ajfa-9297	114	9	,	,	PUNCT
ajfa-9297	114	10	called	call	VERB
ajfa-9297	114	11	“	"	PUNCT
ajfa-9297	114	12	governance	governance	NOUN
ajfa-9297	114	13	score	score	NOUN
ajfa-9297	114	14	”	"	PUNCT
ajfa-9297	114	15	,	,	PUNCT
ajfa-9297	114	16	which	which	PRON
ajfa-9297	114	17	accounts	account	VERB
ajfa-9297	114	18	for	for	ADP
ajfa-9297	114	19	46.84	46.84	NUM
ajfa-9297	114	20	%	%	NOUN
ajfa-9297	114	21	of	of	ADP
ajfa-9297	114	22	the	the	DET
ajfa-9297	114	23	total	total	ADJ
ajfa-9297	114	24	variance	variance	NOUN
ajfa-9297	114	25	.	.	PUNCT
ajfa-9297	115	1	asian	asian	ADJ
ajfa-9297	115	2	journal	journal	PROPN
ajfa-9297	115	3	of	of	ADP
ajfa-9297	115	4	finance	finance	PROPN
ajfa-9297	115	5	&	&	CCONJ
ajfa-9297	115	6	accounting	accounting	PROPN
ajfa-9297	115	7	issn	issn	PROPN
ajfa-9297	115	8	1946	1946	NUM
ajfa-9297	115	9	-	-	PUNCT
ajfa-9297	115	10	052x	052x	PROPN
ajfa-9297	115	11	2016	2016	NUM
ajfa-9297	115	12	,	,	PUNCT
ajfa-9297	115	13	vol	vol	NOUN
ajfa-9297	115	14	.	.	PROPN
ajfa-9297	115	15	8	8	NUM
ajfa-9297	115	16	,	,	PUNCT
ajfa-9297	115	17	no	no	INTJ
ajfa-9297	115	18	.	.	NOUN
ajfa-9297	115	19	1	1	NUM
ajfa-9297	116	1	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9297	116	2	202	202	NUM
ajfa-9297	116	3	we	we	PRON
ajfa-9297	116	4	also	also	ADV
ajfa-9297	116	5	use	use	VERB
ajfa-9297	116	6	some	some	DET
ajfa-9297	116	7	firm	firm	ADJ
ajfa-9297	116	8	characteristics	characteristic	NOUN
ajfa-9297	116	9	as	as	ADP
ajfa-9297	116	10	control	control	NOUN
ajfa-9297	116	11	variables	variable	NOUN
ajfa-9297	116	12	such	such	ADJ
ajfa-9297	116	13	as	as	ADP
ajfa-9297	116	14	andrea	andrea	PROPN
ajfa-9297	116	15	et	et	PROPN
ajfa-9297	116	16	al	al	PROPN
ajfa-9297	116	17	.	.	PROPN
ajfa-9297	117	1	(	(	PUNCT
ajfa-9297	117	2	2007	2007	NUM
ajfa-9297	117	3	)	)	PUNCT
ajfa-9297	117	4	who	who	PRON
ajfa-9297	117	5	argued	argue	VERB
ajfa-9297	117	6	that	that	SCONJ
ajfa-9297	117	7	the	the	DET
ajfa-9297	117	8	most	most	ADV
ajfa-9297	117	9	significant	significant	ADJ
ajfa-9297	117	10	variables	variable	NOUN
ajfa-9297	117	11	in	in	ADP
ajfa-9297	117	12	explaining	explain	VERB
ajfa-9297	117	13	ratings	rating	NOUN
ajfa-9297	117	14	were	be	AUX
ajfa-9297	117	15	size	size	NOUN
ajfa-9297	117	16	,	,	PUNCT
ajfa-9297	117	17	financial	financial	ADJ
ajfa-9297	117	18	leverage	leverage	NOUN
ajfa-9297	117	19	,	,	PUNCT
ajfa-9297	117	20	profitability	profitability	NOUN
ajfa-9297	117	21	and	and	CCONJ
ajfa-9297	117	22	volatility	volatility	NOUN
ajfa-9297	117	23	;	;	PUNCT
ajfa-9297	117	24	and	and	CCONJ
ajfa-9297	117	25	supported	support	VERB
ajfa-9297	117	26	the	the	DET
ajfa-9297	117	27	idea	idea	NOUN
ajfa-9297	117	28	that	that	SCONJ
ajfa-9297	117	29	the	the	DET
ajfa-9297	117	30	higher	high	ADJ
ajfa-9297	117	31	is	be	AUX
ajfa-9297	117	32	financial	financial	ADJ
ajfa-9297	117	33	leverage	leverage	NOUN
ajfa-9297	117	34	and	and	CCONJ
ajfa-9297	117	35	the	the	DET
ajfa-9297	117	36	higher	high	ADJ
ajfa-9297	117	37	is	be	AUX
ajfa-9297	117	38	the	the	DET
ajfa-9297	117	39	volatility	volatility	NOUN
ajfa-9297	117	40	the	the	DET
ajfa-9297	117	41	worst	bad	ADJ
ajfa-9297	117	42	is	be	AUX
ajfa-9297	117	43	the	the	DET
ajfa-9297	117	44	rating	rating	NOUN
ajfa-9297	117	45	.	.	PUNCT
ajfa-9297	118	1	firm	firm	ADJ
ajfa-9297	118	2	size	size	NOUN
ajfa-9297	118	3	is	be	AUX
ajfa-9297	118	4	proxied	proxie	VERB
ajfa-9297	118	5	by	by	ADP
ajfa-9297	118	6	the	the	DET
ajfa-9297	118	7	natural	natural	ADJ
ajfa-9297	118	8	log	log	NOUN
ajfa-9297	118	9	of	of	ADP
ajfa-9297	118	10	total	total	ADJ
ajfa-9297	118	11	assets	asset	NOUN
ajfa-9297	118	12	and	and	CCONJ
ajfa-9297	118	13	it	it	PRON
ajfa-9297	118	14	is	be	AUX
ajfa-9297	118	15	included	include	VERB
ajfa-9297	118	16	as	as	ADP
ajfa-9297	118	17	a	a	DET
ajfa-9297	118	18	control	control	NOUN
ajfa-9297	118	19	variable	variable	NOUN
ajfa-9297	118	20	because	because	SCONJ
ajfa-9297	118	21	larger	large	ADJ
ajfa-9297	118	22	firms	firm	NOUN
ajfa-9297	118	23	face	face	VERB
ajfa-9297	118	24	lower	low	ADJ
ajfa-9297	118	25	risk	risk	NOUN
ajfa-9297	118	26	by	by	ADP
ajfa-9297	118	27	having	have	VERB
ajfa-9297	118	28	greater	great	ADJ
ajfa-9297	118	29	opportunities	opportunity	NOUN
ajfa-9297	118	30	to	to	PART
ajfa-9297	118	31	diversify	diversify	VERB
ajfa-9297	118	32	their	their	PRON
ajfa-9297	118	33	risks	risk	NOUN
ajfa-9297	118	34	across	across	ADP
ajfa-9297	118	35	a	a	DET
ajfa-9297	118	36	wider	wide	ADJ
ajfa-9297	118	37	range	range	NOUN
ajfa-9297	118	38	of	of	ADP
ajfa-9297	118	39	products	product	NOUN
ajfa-9297	118	40	and	and	CCONJ
ajfa-9297	118	41	markets	market	NOUN
ajfa-9297	118	42	,	,	PUNCT
ajfa-9297	118	43	and	and	CCONJ
ajfa-9297	118	44	thus	thus	ADV
ajfa-9297	118	45	are	be	AUX
ajfa-9297	118	46	expected	expect	VERB
ajfa-9297	118	47	to	to	PART
ajfa-9297	118	48	have	have	VERB
ajfa-9297	118	49	higher	high	ADJ
ajfa-9297	118	50	credit	credit	NOUN
ajfa-9297	118	51	ratings	rating	NOUN
ajfa-9297	118	52	ashbaugh	ashbaugh	NOUN
ajfa-9297	118	53	-	-	PUNCT
ajfa-9297	118	54	skaife	skaife	NOUN
ajfa-9297	118	55	et	et	PROPN
ajfa-9297	118	56	al	al	PROPN
ajfa-9297	118	57	.	.	PROPN
ajfa-9297	119	1	(	(	PUNCT
ajfa-9297	119	2	2006	2006	NUM
ajfa-9297	119	3	)	)	PUNCT
ajfa-9297	119	4	.	.	PUNCT
ajfa-9297	120	1	bhojraj	bhojraj	NOUN
ajfa-9297	120	2	and	and	CCONJ
ajfa-9297	120	3	sengupta	sengupta	NOUN
ajfa-9297	120	4	(	(	PUNCT
ajfa-9297	120	5	2003	2003	NUM
ajfa-9297	120	6	)	)	PUNCT
ajfa-9297	120	7	and	and	CCONJ
ajfa-9297	120	8	bradley	bradley	PROPN
ajfa-9297	120	9	and	and	CCONJ
ajfa-9297	120	10	chen	chen	PROPN
ajfa-9297	120	11	(	(	PUNCT
ajfa-9297	120	12	2011	2011	NUM
ajfa-9297	120	13	)	)	PUNCT
ajfa-9297	120	14	indicate	indicate	VERB
ajfa-9297	120	15	that	that	DET
ajfa-9297	120	16	firm	firm	ADJ
ajfa-9297	120	17	size	size	NOUN
ajfa-9297	120	18	has	have	VERB
ajfa-9297	120	19	a	a	DET
ajfa-9297	120	20	significantly	significantly	ADV
ajfa-9297	120	21	positive	positive	ADJ
ajfa-9297	120	22	influence	influence	NOUN
ajfa-9297	120	23	on	on	ADP
ajfa-9297	120	24	credit	credit	NOUN
ajfa-9297	120	25	ratings	rating	NOUN
ajfa-9297	120	26	and	and	CCONJ
ajfa-9297	120	27	highly	highly	ADV
ajfa-9297	120	28	significant	significant	ADJ
ajfa-9297	120	29	effect	effect	NOUN
ajfa-9297	120	30	on	on	ADP
ajfa-9297	120	31	the	the	DET
ajfa-9297	120	32	cost	cost	NOUN
ajfa-9297	120	33	of	of	ADP
ajfa-9297	120	34	debt	debt	NOUN
ajfa-9297	120	35	.	.	PUNCT
ajfa-9297	121	1	similarly	similarly	ADV
ajfa-9297	121	2	,	,	PUNCT
ajfa-9297	121	3	anderson	anderson	PROPN
ajfa-9297	121	4	et	et	PROPN
ajfa-9297	121	5	al	al	PROPN
ajfa-9297	121	6	.	.	PROPN
ajfa-9297	121	7	(	(	PUNCT
ajfa-9297	121	8	2004	2004	NUM
ajfa-9297	121	9	)	)	PUNCT
ajfa-9297	121	10	examine	examine	VERB
ajfa-9297	121	11	the	the	DET
ajfa-9297	121	12	relation	relation	NOUN
ajfa-9297	121	13	between	between	ADP
ajfa-9297	121	14	board	board	NOUN
ajfa-9297	121	15	size	size	NOUN
ajfa-9297	121	16	and	and	CCONJ
ajfa-9297	121	17	the	the	DET
ajfa-9297	121	18	cost	cost	NOUN
ajfa-9297	121	19	of	of	ADP
ajfa-9297	121	20	debt	debt	NOUN
ajfa-9297	121	21	financing	financing	NOUN
ajfa-9297	121	22	and	and	CCONJ
ajfa-9297	121	23	they	they	PRON
ajfa-9297	121	24	find	find	VERB
ajfa-9297	121	25	that	that	DET
ajfa-9297	121	26	firm	firm	NOUN
ajfa-9297	121	27	with	with	ADP
ajfa-9297	121	28	large	large	ADJ
ajfa-9297	121	29	size	size	NOUN
ajfa-9297	121	30	enjoy	enjoy	VERB
ajfa-9297	121	31	a	a	DET
ajfa-9297	121	32	lower	low	ADJ
ajfa-9297	121	33	cost	cost	NOUN
ajfa-9297	121	34	of	of	ADP
ajfa-9297	121	35	debt	debt	NOUN
ajfa-9297	121	36	because	because	SCONJ
ajfa-9297	121	37	lenders	lender	NOUN
ajfa-9297	121	38	think	think	VERB
ajfa-9297	121	39	that	that	SCONJ
ajfa-9297	121	40	these	these	DET
ajfa-9297	121	41	companies	company	NOUN
ajfa-9297	121	42	are	be	AUX
ajfa-9297	121	43	being	be	AUX
ajfa-9297	121	44	monitored	monitor	VERB
ajfa-9297	121	45	more	more	ADV
ajfa-9297	121	46	effectively	effectively	ADV
ajfa-9297	121	47	by	by	ADP
ajfa-9297	121	48	a	a	DET
ajfa-9297	121	49	diversified	diversified	ADJ
ajfa-9297	121	50	portfolio	portfolio	NOUN
ajfa-9297	121	51	of	of	ADP
ajfa-9297	121	52	experts	expert	NOUN
ajfa-9297	121	53	.	.	PUNCT
ajfa-9297	122	1	moreover	moreover	ADV
ajfa-9297	122	2	,	,	PUNCT
ajfa-9297	122	3	as	as	ADP
ajfa-9297	122	4	size	size	NOUN
ajfa-9297	122	5	increases	increase	NOUN
ajfa-9297	122	6	,	,	PUNCT
ajfa-9297	122	7	firms	firm	NOUN
ajfa-9297	122	8	are	be	AUX
ajfa-9297	122	9	allowed	allow	VERB
ajfa-9297	122	10	by	by	ADP
ajfa-9297	122	11	financial	financial	ADJ
ajfa-9297	122	12	intermediaries	intermediary	NOUN
ajfa-9297	122	13	such	such	ADJ
ajfa-9297	122	14	as	as	SCONJ
ajfa-9297	122	15	banks	bank	NOUN
ajfa-9297	122	16	to	to	PART
ajfa-9297	122	17	invest	invest	VERB
ajfa-9297	122	18	more	more	ADJ
ajfa-9297	122	19	in	in	ADP
ajfa-9297	122	20	a	a	DET
ajfa-9297	122	21	new	new	ADJ
ajfa-9297	122	22	project	project	NOUN
ajfa-9297	122	23	and	and	CCONJ
ajfa-9297	122	24	thus	thus	ADV
ajfa-9297	122	25	will	will	AUX
ajfa-9297	122	26	improve	improve	VERB
ajfa-9297	122	27	performance	performance	NOUN
ajfa-9297	122	28	,	,	PUNCT
ajfa-9297	122	29	and	and	CCONJ
ajfa-9297	122	30	if	if	SCONJ
ajfa-9297	122	31	large	large	ADJ
ajfa-9297	122	32	firms	firm	NOUN
ajfa-9297	122	33	face	face	VERB
ajfa-9297	122	34	financial	financial	ADJ
ajfa-9297	122	35	problems	problem	NOUN
ajfa-9297	122	36	,	,	PUNCT
ajfa-9297	122	37	they	they	PRON
ajfa-9297	122	38	can	can	AUX
ajfa-9297	122	39	easily	easily	ADV
ajfa-9297	122	40	solve	solve	VERB
ajfa-9297	122	41	them	they	PRON
ajfa-9297	122	42	by	by	ADP
ajfa-9297	122	43	selling	sell	VERB
ajfa-9297	122	44	more	more	ADJ
ajfa-9297	122	45	assets	asset	NOUN
ajfa-9297	122	46	.	.	PUNCT
ajfa-9297	123	1	in	in	ADP
ajfa-9297	123	2	addition	addition	NOUN
ajfa-9297	123	3	,	,	PUNCT
ajfa-9297	123	4	as	as	SCONJ
ajfa-9297	123	5	follows	follow	VERB
ajfa-9297	123	6	to	to	ADP
ajfa-9297	123	7	ashbaugh	ashbaugh	NOUN
ajfa-9297	123	8	-	-	PUNCT
ajfa-9297	123	9	skaife	skaife	NOUN
ajfa-9297	123	10	et	et	PROPN
ajfa-9297	123	11	al	al	PROPN
ajfa-9297	123	12	.	.	PROPN
ajfa-9297	124	1	(	(	PUNCT
ajfa-9297	124	2	2006	2006	NUM
ajfa-9297	124	3	)	)	PUNCT
ajfa-9297	124	4	and	and	CCONJ
ajfa-9297	124	5	aman	aman	NOUN
ajfa-9297	124	6	and	and	CCONJ
ajfa-9297	124	7	nguyen	nguyen	NOUN
ajfa-9297	124	8	(	(	PUNCT
ajfa-9297	124	9	2013	2013	NUM
ajfa-9297	124	10	)	)	PUNCT
ajfa-9297	124	11	financial	financial	ADJ
ajfa-9297	124	12	leverage	leverage	NOUN
ajfa-9297	124	13	is	be	AUX
ajfa-9297	124	14	measured	measure	VERB
ajfa-9297	124	15	by	by	ADP
ajfa-9297	124	16	the	the	DET
ajfa-9297	124	17	ratio	ratio	NOUN
ajfa-9297	124	18	of	of	ADP
ajfa-9297	124	19	debt	debt	NOUN
ajfa-9297	124	20	to	to	ADP
ajfa-9297	124	21	total	total	ADJ
ajfa-9297	124	22	capital	capital	NOUN
ajfa-9297	124	23	.	.	PUNCT
ajfa-9297	125	1	increasing	increase	VERB
ajfa-9297	125	2	a	a	DET
ajfa-9297	125	3	firm	firm	NOUN
ajfa-9297	125	4	’s	’s	PART
ajfa-9297	125	5	leverage	leverage	NOUN
ajfa-9297	125	6	affects	affect	VERB
ajfa-9297	125	7	the	the	DET
ajfa-9297	125	8	cost	cost	NOUN
ajfa-9297	125	9	of	of	ADP
ajfa-9297	125	10	debt	debt	NOUN
ajfa-9297	125	11	financing	financing	NOUN
ajfa-9297	125	12	and	and	CCONJ
ajfa-9297	125	13	may	may	AUX
ajfa-9297	125	14	imply	imply	VERB
ajfa-9297	125	15	a	a	DET
ajfa-9297	125	16	lower	low	ADJ
ajfa-9297	125	17	credit	credit	NOUN
ajfa-9297	125	18	rating	rating	NOUN
ajfa-9297	125	19	.	.	PUNCT
ajfa-9297	126	1	bhojraj	bhojraj	NOUN
ajfa-9297	126	2	and	and	CCONJ
ajfa-9297	126	3	sengupta	sengupta	NOUN
ajfa-9297	126	4	(	(	PUNCT
ajfa-9297	126	5	2003	2003	NUM
ajfa-9297	126	6	)	)	PUNCT
ajfa-9297	126	7	confirm	confirm	VERB
ajfa-9297	126	8	this	this	DET
ajfa-9297	126	9	prediction	prediction	NOUN
ajfa-9297	126	10	using	use	VERB
ajfa-9297	126	11	the	the	DET
ajfa-9297	126	12	debt	debt	NOUN
ajfa-9297	126	13	-	-	PUNCT
ajfa-9297	126	14	to	to	ADP
ajfa-9297	126	15	-	-	PUNCT
ajfa-9297	126	16	equity	equity	NOUN
ajfa-9297	126	17	ratio	ratio	NOUN
ajfa-9297	126	18	to	to	PART
ajfa-9297	126	19	measure	measure	VERB
ajfa-9297	126	20	leverage	leverage	NOUN
ajfa-9297	126	21	and	and	CCONJ
ajfa-9297	126	22	to	to	PART
ajfa-9297	126	23	explore	explore	VERB
ajfa-9297	126	24	the	the	DET
ajfa-9297	126	25	effects	effect	NOUN
ajfa-9297	126	26	of	of	ADP
ajfa-9297	126	27	corporate	corporate	ADJ
ajfa-9297	126	28	governance	governance	NOUN
ajfa-9297	126	29	in	in	ADP
ajfa-9297	126	30	debt	debt	NOUN
ajfa-9297	126	31	ratings	rating	NOUN
ajfa-9297	126	32	and	and	CCONJ
ajfa-9297	126	33	cost	cost	NOUN
ajfa-9297	126	34	of	of	ADP
ajfa-9297	126	35	debt	debt	NOUN
ajfa-9297	126	36	financing	financing	NOUN
ajfa-9297	126	37	.	.	PUNCT
ajfa-9297	127	1	darren	darren	PROPN
ajfa-9297	127	2	(	(	PUNCT
ajfa-9297	127	3	2006	2006	NUM
ajfa-9297	127	4	)	)	PUNCT
ajfa-9297	127	5	was	be	AUX
ajfa-9297	127	6	interested	interested	ADJ
ajfa-9297	127	7	in	in	ADP
ajfa-9297	127	8	higher	high	ADJ
ajfa-9297	127	9	credit	credit	NOUN
ajfa-9297	127	10	rating	rating	NOUN
ajfa-9297	127	11	and	and	CCONJ
ajfa-9297	127	12	the	the	DET
ajfa-9297	127	13	benefits	benefit	NOUN
ajfa-9297	127	14	that	that	PRON
ajfa-9297	127	15	can	can	AUX
ajfa-9297	127	16	provide	provide	VERB
ajfa-9297	127	17	to	to	ADP
ajfa-9297	127	18	the	the	DET
ajfa-9297	127	19	firm	firm	NOUN
ajfa-9297	127	20	and	and	CCONJ
ajfa-9297	127	21	in	in	ADP
ajfa-9297	127	22	this	this	DET
ajfa-9297	127	23	context	context	NOUN
ajfa-9297	127	24	he	he	PRON
ajfa-9297	127	25	showed	show	VERB
ajfa-9297	127	26	that	that	SCONJ
ajfa-9297	127	27	firms	firm	NOUN
ajfa-9297	127	28	depend	depend	VERB
ajfa-9297	127	29	on	on	ADP
ajfa-9297	127	30	the	the	DET
ajfa-9297	127	31	level	level	NOUN
ajfa-9297	127	32	of	of	ADP
ajfa-9297	127	33	leverage	leverage	NOUN
ajfa-9297	127	34	to	to	PART
ajfa-9297	127	35	upgrade	upgrade	VERB
ajfa-9297	127	36	their	their	PRON
ajfa-9297	127	37	rating	rating	NOUN
ajfa-9297	127	38	especially	especially	ADV
ajfa-9297	127	39	those	those	PRON
ajfa-9297	127	40	with	with	ADP
ajfa-9297	127	41	lower	low	ADJ
ajfa-9297	127	42	level	level	NOUN
ajfa-9297	127	43	and	and	CCONJ
ajfa-9297	127	44	for	for	ADP
ajfa-9297	127	45	those	those	PRON
ajfa-9297	127	46	with	with	ADP
ajfa-9297	127	47	upper	upper	ADJ
ajfa-9297	127	48	range	range	NOUN
ajfa-9297	127	49	of	of	ADP
ajfa-9297	127	50	ratings	rating	NOUN
ajfa-9297	127	51	,	,	PUNCT
ajfa-9297	127	52	they	they	PRON
ajfa-9297	127	53	also	also	ADV
ajfa-9297	127	54	depend	depend	VERB
ajfa-9297	127	55	on	on	ADP
ajfa-9297	127	56	the	the	DET
ajfa-9297	127	57	leverage	leverage	NOUN
ajfa-9297	127	58	to	to	PART
ajfa-9297	127	59	avoid	avoid	VERB
ajfa-9297	127	60	downgrades	downgrade	NOUN
ajfa-9297	127	61	.	.	PUNCT
ajfa-9297	128	1	ashbaugh	ashbaugh	NOUN
ajfa-9297	128	2	-	-	PUNCT
ajfa-9297	128	3	skaife	skaife	NOUN
ajfa-9297	128	4	et	et	PROPN
ajfa-9297	128	5	al	al	PROPN
ajfa-9297	128	6	.	.	PROPN
ajfa-9297	129	1	(	(	PUNCT
ajfa-9297	129	2	2006	2006	NUM
ajfa-9297	129	3	)	)	PUNCT
ajfa-9297	129	4	based	base	VERB
ajfa-9297	129	5	on	on	ADP
ajfa-9297	129	6	the	the	DET
ajfa-9297	129	7	leverage	leverage	NOUN
ajfa-9297	129	8	in	in	ADP
ajfa-9297	129	9	their	their	PRON
ajfa-9297	129	10	studies	study	NOUN
ajfa-9297	129	11	regarding	regard	VERB
ajfa-9297	129	12	the	the	DET
ajfa-9297	129	13	effects	effect	NOUN
ajfa-9297	129	14	of	of	ADP
ajfa-9297	129	15	corporate	corporate	ADJ
ajfa-9297	129	16	governance	governance	NOUN
ajfa-9297	129	17	on	on	ADP
ajfa-9297	129	18	firms	firm	NOUN
ajfa-9297	129	19	‘	'	PUNCT
ajfa-9297	129	20	credit	credit	NOUN
ajfa-9297	129	21	ratings	rating	NOUN
ajfa-9297	129	22	as	as	ADP
ajfa-9297	129	23	one	one	NUM
ajfa-9297	129	24	of	of	ADP
ajfa-9297	129	25	the	the	DET
ajfa-9297	129	26	firm	firm	ADJ
ajfa-9297	129	27	-	-	PUNCT
ajfa-9297	129	28	specific	specific	ADJ
ajfa-9297	129	29	control	control	NOUN
ajfa-9297	129	30	variables	variable	NOUN
ajfa-9297	129	31	considering	consider	VERB
ajfa-9297	129	32	the	the	DET
ajfa-9297	129	33	fact	fact	NOUN
ajfa-9297	129	34	that	that	SCONJ
ajfa-9297	129	35	it	it	PRON
ajfa-9297	129	36	has	have	AUX
ajfa-9297	129	37	significant	significant	ADJ
ajfa-9297	129	38	effects	effect	NOUN
ajfa-9297	129	39	on	on	ADP
ajfa-9297	129	40	credit	credit	NOUN
ajfa-9297	129	41	ratings	rating	NOUN
ajfa-9297	129	42	.	.	PUNCT
ajfa-9297	130	1	also	also	ADV
ajfa-9297	130	2	,	,	PUNCT
ajfa-9297	130	3	profitable	profitable	ADJ
ajfa-9297	130	4	firms	firm	NOUN
ajfa-9297	130	5	attract	attract	VERB
ajfa-9297	130	6	more	more	ADJ
ajfa-9297	130	7	investors	investor	NOUN
ajfa-9297	130	8	and	and	CCONJ
ajfa-9297	130	9	enjoy	enjoy	VERB
ajfa-9297	130	10	a	a	DET
ajfa-9297	130	11	sustainable	sustainable	ADJ
ajfa-9297	130	12	competitive	competitive	ADJ
ajfa-9297	130	13	advantage	advantage	NOUN
ajfa-9297	130	14	.	.	PUNCT
ajfa-9297	131	1	profitability	profitability	NOUN
ajfa-9297	131	2	is	be	AUX
ajfa-9297	131	3	proxied	proxie	VERB
ajfa-9297	131	4	by	by	ADP
ajfa-9297	131	5	the	the	DET
ajfa-9297	131	6	return	return	NOUN
ajfa-9297	131	7	on	on	ADP
ajfa-9297	131	8	assets	asset	NOUN
ajfa-9297	131	9	ratio	ratio	NOUN
ajfa-9297	131	10	(	(	PUNCT
ajfa-9297	131	11	roa	roa	PROPN
ajfa-9297	131	12	)	)	PUNCT
ajfa-9297	131	13	,	,	PUNCT
ajfa-9297	131	14	and	and	CCONJ
ajfa-9297	131	15	is	be	AUX
ajfa-9297	131	16	calculated	calculate	VERB
ajfa-9297	131	17	by	by	ADP
ajfa-9297	131	18	the	the	DET
ajfa-9297	131	19	firm	firm	NOUN
ajfa-9297	131	20	’s	’s	PART
ajfa-9297	131	21	average	average	ADJ
ajfa-9297	131	22	operating	operating	NOUN
ajfa-9297	131	23	profits	profit	NOUN
ajfa-9297	131	24	over	over	ADP
ajfa-9297	131	25	total	total	ADJ
ajfa-9297	131	26	assets	asset	NOUN
ajfa-9297	131	27	over	over	ADP
ajfa-9297	131	28	the	the	DET
ajfa-9297	131	29	last	last	ADJ
ajfa-9297	131	30	three	three	NUM
ajfa-9297	131	31	years	year	NOUN
ajfa-9297	131	32	to	to	PART
ajfa-9297	131	33	smooth	smooth	VERB
ajfa-9297	131	34	out	out	ADP
ajfa-9297	131	35	annual	annual	ADJ
ajfa-9297	131	36	fluctuations	fluctuation	NOUN
ajfa-9297	131	37	.	.	PUNCT
ajfa-9297	132	1	bhojraj	bhojraj	NOUN
ajfa-9297	132	2	and	and	CCONJ
ajfa-9297	132	3	sengupta	sengupta	NOUN
ajfa-9297	132	4	(	(	PUNCT
ajfa-9297	132	5	2003	2003	NUM
ajfa-9297	132	6	)	)	PUNCT
ajfa-9297	132	7	showed	show	VERB
ajfa-9297	132	8	that	that	SCONJ
ajfa-9297	132	9	lower	low	ADJ
ajfa-9297	132	10	performing	perform	VERB
ajfa-9297	132	11	firms	firm	NOUN
ajfa-9297	132	12	are	be	AUX
ajfa-9297	132	13	associated	associate	VERB
ajfa-9297	132	14	with	with	ADP
ajfa-9297	132	15	higher	high	ADJ
ajfa-9297	132	16	levels	level	NOUN
ajfa-9297	132	17	of	of	ADP
ajfa-9297	132	18	default	default	NOUN
ajfa-9297	132	19	risk	risk	NOUN
ajfa-9297	132	20	and	and	CCONJ
ajfa-9297	132	21	profitability	profitability	NOUN
ajfa-9297	132	22	is	be	AUX
ajfa-9297	132	23	associated	associate	VERB
ajfa-9297	132	24	with	with	ADP
ajfa-9297	132	25	significantly	significantly	ADV
ajfa-9297	132	26	higher	high	ADJ
ajfa-9297	132	27	ratings	rating	NOUN
ajfa-9297	132	28	in	in	ADP
ajfa-9297	132	29	the	the	DET
ajfa-9297	132	30	us	us	PROPN
ajfa-9297	132	31	.	.	PUNCT
ajfa-9297	133	1	hung	hang	VERB
ajfa-9297	133	2	et	et	PROPN
ajfa-9297	133	3	al	al	PROPN
ajfa-9297	133	4	.	.	PROPN
ajfa-9297	134	1	(	(	PUNCT
ajfa-9297	134	2	2013	2013	NUM
ajfa-9297	134	3	)	)	PUNCT
ajfa-9297	134	4	showed	show	VERB
ajfa-9297	134	5	in	in	ADP
ajfa-9297	134	6	their	their	PRON
ajfa-9297	134	7	study	study	NOUN
ajfa-9297	134	8	about	about	ADP
ajfa-9297	134	9	what	what	PRON
ajfa-9297	134	10	factors	factor	NOUN
ajfa-9297	134	11	affect	affect	VERB
ajfa-9297	134	12	credit	credit	NOUN
ajfa-9297	134	13	rating	rating	NOUN
ajfa-9297	134	14	that	that	SCONJ
ajfa-9297	134	15	as	as	SCONJ
ajfa-9297	134	16	profitability	profitability	NOUN
ajfa-9297	134	17	increase	increase	NOUN
ajfa-9297	134	18	probabilities	probability	NOUN
ajfa-9297	134	19	of	of	ADP
ajfa-9297	134	20	receiving	receive	VERB
ajfa-9297	134	21	higher	high	ADJ
ajfa-9297	134	22	ratings	rating	NOUN
ajfa-9297	134	23	are	be	AUX
ajfa-9297	134	24	expected	expect	VERB
ajfa-9297	134	25	to	to	PART
ajfa-9297	134	26	increase	increase	VERB
ajfa-9297	134	27	thus	thus	ADV
ajfa-9297	134	28	consistent	consistent	ADJ
ajfa-9297	134	29	with	with	ADP
ajfa-9297	134	30	prior	prior	ADJ
ajfa-9297	134	31	research	research	NOUN
ajfa-9297	134	32	credit	credit	NOUN
ajfa-9297	134	33	ratings	rating	NOUN
ajfa-9297	134	34	are	be	AUX
ajfa-9297	134	35	positively	positively	ADV
ajfa-9297	134	36	related	relate	VERB
ajfa-9297	134	37	profitability	profitability	NOUN
ajfa-9297	134	38	.	.	PUNCT
ajfa-9297	135	1	the	the	DET
ajfa-9297	135	2	final	final	ADJ
ajfa-9297	135	3	one	one	NOUN
ajfa-9297	135	4	is	be	AUX
ajfa-9297	135	5	firm	firm	ADJ
ajfa-9297	135	6	risk	risk	NOUN
ajfa-9297	135	7	which	which	PRON
ajfa-9297	135	8	has	have	AUX
ajfa-9297	135	9	been	be	AUX
ajfa-9297	135	10	proxied	proxie	VERB
ajfa-9297	135	11	by	by	ADP
ajfa-9297	135	12	the	the	DET
ajfa-9297	135	13	volatility	volatility	NOUN
ajfa-9297	135	14	of	of	ADP
ajfa-9297	135	15	stock	stock	NOUN
ajfa-9297	135	16	returns	return	NOUN
ajfa-9297	135	17	over	over	ADP
ajfa-9297	135	18	the	the	DET
ajfa-9297	135	19	past	past	ADJ
ajfa-9297	135	20	5	5	NUM
ajfa-9297	135	21	years	year	NOUN
ajfa-9297	135	22	.	.	PUNCT
ajfa-9297	136	1	this	this	DET
ajfa-9297	136	2	volatility	volatility	NOUN
ajfa-9297	136	3	is	be	AUX
ajfa-9297	136	4	measured	measure	VERB
ajfa-9297	136	5	by	by	ADP
ajfa-9297	136	6	the	the	DET
ajfa-9297	136	7	standard	standard	ADJ
ajfa-9297	136	8	deviation	deviation	NOUN
ajfa-9297	136	9	of	of	ADP
ajfa-9297	136	10	monthly	monthly	ADJ
ajfa-9297	136	11	stock	stock	NOUN
ajfa-9297	136	12	returns	return	NOUN
ajfa-9297	136	13	including	include	VERB
ajfa-9297	136	14	dividends	dividend	NOUN
ajfa-9297	136	15	.	.	PUNCT
ajfa-9297	137	1	one	one	NUM
ajfa-9297	137	2	popular	popular	ADJ
ajfa-9297	137	3	approach	approach	NOUN
ajfa-9297	137	4	to	to	ADP
ajfa-9297	137	5	assessing	assess	VERB
ajfa-9297	137	6	credit	credit	NOUN
ajfa-9297	137	7	risk	risk	NOUN
ajfa-9297	137	8	that	that	PRON
ajfa-9297	137	9	involves	involve	VERB
ajfa-9297	137	10	merton	merton	PROPN
ajfa-9297	137	11	’s	’s	PART
ajfa-9297	137	12	(	(	PUNCT
ajfa-9297	137	13	1974	1974	NUM
ajfa-9297	137	14	)	)	PUNCT
ajfa-9297	137	15	model	model	NOUN
ajfa-9297	137	16	suggests	suggest	VERB
ajfa-9297	137	17	that	that	SCONJ
ajfa-9297	137	18	stock	stock	NOUN
ajfa-9297	137	19	volatility	volatility	NOUN
ajfa-9297	137	20	increases	increase	VERB
ajfa-9297	137	21	the	the	DET
ajfa-9297	137	22	risk	risk	NOUN
ajfa-9297	137	23	of	of	ADP
ajfa-9297	137	24	default	default	NOUN
ajfa-9297	137	25	.	.	PUNCT
ajfa-9297	138	1	bradley	bradley	PROPN
ajfa-9297	138	2	and	and	CCONJ
ajfa-9297	138	3	chen	chen	PROPN
ajfa-9297	138	4	(	(	PUNCT
ajfa-9297	138	5	2011	2011	NUM
ajfa-9297	138	6	)	)	PUNCT
ajfa-9297	138	7	showed	show	VERB
ajfa-9297	138	8	that	that	SCONJ
ajfa-9297	138	9	higher	high	ADJ
ajfa-9297	138	10	stock	stock	NOUN
ajfa-9297	138	11	volatility	volatility	NOUN
ajfa-9297	138	12	is	be	AUX
ajfa-9297	138	13	associated	associate	VERB
ajfa-9297	138	14	with	with	ADP
ajfa-9297	138	15	lower	low	ADJ
ajfa-9297	138	16	credit	credit	NOUN
ajfa-9297	138	17	ratings	rating	NOUN
ajfa-9297	138	18	and	and	CCONJ
ajfa-9297	138	19	higher	high	ADJ
ajfa-9297	138	20	asian	asian	ADJ
ajfa-9297	138	21	journal	journal	NOUN
ajfa-9297	138	22	of	of	ADP
ajfa-9297	138	23	finance	finance	PROPN
ajfa-9297	138	24	&	&	CCONJ
ajfa-9297	138	25	accounting	accounting	PROPN
ajfa-9297	138	26	issn	issn	PROPN
ajfa-9297	138	27	1946	1946	NUM
ajfa-9297	138	28	-	-	PUNCT
ajfa-9297	138	29	052x	052x	PROPN
ajfa-9297	138	30	2016	2016	NUM
ajfa-9297	138	31	,	,	PUNCT
ajfa-9297	138	32	vol	vol	NOUN
ajfa-9297	138	33	.	.	PROPN
ajfa-9297	138	34	8	8	NUM
ajfa-9297	138	35	,	,	PUNCT
ajfa-9297	138	36	no	no	INTJ
ajfa-9297	138	37	.	.	NOUN
ajfa-9297	138	38	1	1	NUM
ajfa-9297	138	39	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9297	138	40	203	203	NUM
ajfa-9297	138	41	credit	credit	NOUN
ajfa-9297	138	42	spreads	spread	NOUN
ajfa-9297	138	43	.	.	PUNCT
ajfa-9297	139	1	anderson	anderson	PROPN
ajfa-9297	139	2	et	et	PROPN
ajfa-9297	139	3	al	al	PROPN
ajfa-9297	139	4	.	.	PROPN
ajfa-9297	139	5	(	(	PUNCT
ajfa-9297	139	6	2004	2004	NUM
ajfa-9297	139	7	)	)	PUNCT
ajfa-9297	139	8	also	also	ADV
ajfa-9297	139	9	found	find	VERB
ajfa-9297	139	10	that	that	SCONJ
ajfa-9297	139	11	stock	stock	NOUN
ajfa-9297	139	12	volatility	volatility	NOUN
ajfa-9297	139	13	significantly	significantly	ADV
ajfa-9297	139	14	increases	increase	VERB
ajfa-9297	139	15	yield	yield	VERB
ajfa-9297	139	16	spreads	spread	NOUN
ajfa-9297	139	17	.	.	PUNCT
ajfa-9297	140	1	4.3	4.3	NUM
ajfa-9297	140	2	model	model	NOUN
ajfa-9297	140	3	research	research	NOUN
ajfa-9297	140	4	because	because	SCONJ
ajfa-9297	140	5	of	of	ADP
ajfa-9297	140	6	the	the	DET
ajfa-9297	140	7	discrete	discrete	NOUN
ajfa-9297	140	8	and	and	CCONJ
ajfa-9297	140	9	ordering	order	VERB
ajfa-9297	140	10	nature	nature	NOUN
ajfa-9297	140	11	of	of	ADP
ajfa-9297	140	12	the	the	DET
ajfa-9297	140	13	dependent	dependent	ADJ
ajfa-9297	140	14	variable	variable	NOUN
ajfa-9297	140	15	in	in	ADP
ajfa-9297	140	16	this	this	DET
ajfa-9297	140	17	study	study	NOUN
ajfa-9297	140	18	,	,	PUNCT
ajfa-9297	140	19	ordinary	ordinary	ADJ
ajfa-9297	140	20	least	least	ADJ
ajfa-9297	140	21	squares	square	NOUN
ajfa-9297	140	22	(	(	PUNCT
ajfa-9297	140	23	ols	ol	NOUN
ajfa-9297	140	24	)	)	PUNCT
ajfa-9297	140	25	regression	regression	NOUN
ajfa-9297	140	26	will	will	AUX
ajfa-9297	140	27	be	be	AUX
ajfa-9297	140	28	an	an	DET
ajfa-9297	140	29	inappropriate	inappropriate	ADJ
ajfa-9297	140	30	model	model	NOUN
ajfa-9297	140	31	(	(	PUNCT
ajfa-9297	140	32	yang	yang	NOUN
ajfa-9297	140	33	and	and	CCONJ
ajfa-9297	140	34	raehsler	raehsler	NOUN
ajfa-9297	140	35	2005	2005	NUM
ajfa-9297	140	36	)	)	PUNCT
ajfa-9297	140	37	.	.	PUNCT
ajfa-9297	141	1	therefore	therefore	ADV
ajfa-9297	141	2	,	,	PUNCT
ajfa-9297	141	3	we	we	PRON
ajfa-9297	141	4	follow	follow	VERB
ajfa-9297	141	5	amato	amato	PROPN
ajfa-9297	141	6	and	and	CCONJ
ajfa-9297	141	7	furfine	furfine	PROPN
ajfa-9297	141	8	(	(	PUNCT
ajfa-9297	141	9	2004	2004	NUM
ajfa-9297	141	10	)	)	PUNCT
ajfa-9297	141	11	and	and	CCONJ
ajfa-9297	141	12	aman	aman	NOUN
ajfa-9297	141	13	and	and	CCONJ
ajfa-9297	141	14	nhuyen	nhuyen	PROPN
ajfa-9297	141	15	(	(	PUNCT
ajfa-9297	141	16	2013	2013	NUM
ajfa-9297	141	17	)	)	PUNCT
ajfa-9297	141	18	by	by	ADP
ajfa-9297	141	19	using	use	VERB
ajfa-9297	141	20	the	the	DET
ajfa-9297	141	21	ordered	order	VERB
ajfa-9297	141	22	probit	probit	NOUN
ajfa-9297	141	23	model	model	NOUN
ajfa-9297	141	24	in	in	ADP
ajfa-9297	141	25	our	our	PRON
ajfa-9297	141	26	empirical	empirical	ADJ
ajfa-9297	141	27	analysis	analysis	NOUN
ajfa-9297	141	28	:	:	PUNCT
ajfa-9297	141	29	cratingit	cratingit	NOUN
ajfa-9297	141	30	=	=	SYM
ajfa-9297	141	31	α0	α0	ADJ
ajfa-9297	141	32	+	+	CCONJ
ajfa-9297	141	33	α1	α1	PROPN
ajfa-9297	141	34	bsizeit	bsizeit	NOUN
ajfa-9297	141	35	+	+	CCONJ
ajfa-9297	141	36	α2	α2	ADJ
ajfa-9297	141	37	outdrit	outdrit	NOUN
ajfa-9297	141	38	+	+	CCONJ
ajfa-9297	141	39	α3	α3	ADJ
ajfa-9297	141	40	iownit	iownit	NOUN
ajfa-9297	141	41	+	+	CCONJ
ajfa-9297	141	42	α4	α4	NOUN
ajfa-9297	141	43	timelinessit	timelinessit	VERB
ajfa-9297	141	44	+	+	CCONJ
ajfa-9297	141	45	α5	α5	NOUN
ajfa-9297	141	46	gscoreit	gscoreit	NOUN
ajfa-9297	141	47	+	+	CCONJ
ajfa-9297	141	48	α6	α6	NOUN
ajfa-9297	141	49	fsizeit	fsizeit	NOUN
ajfa-9297	141	50	+	+	CCONJ
ajfa-9297	141	51	α7	α7	NOUN
ajfa-9297	141	52	leverageit	leverageit	NOUN
ajfa-9297	141	53	+	+	CCONJ
ajfa-9297	141	54	α8	α8	PROPN
ajfa-9297	141	55	roait	roait	NOUN
ajfa-9297	141	56	+	+	CCONJ
ajfa-9297	141	57	α9	α9	NOUN
ajfa-9297	141	58	volatilityit	volatilityit	NOUN
ajfa-9297	141	59	+	+	CCONJ
ajfa-9297	141	60	εit	εit	NOUN
ajfa-9297	141	61	(	(	PUNCT
ajfa-9297	141	62	1	1	NUM
ajfa-9297	141	63	)	)	PUNCT
ajfa-9297	141	64	where	where	SCONJ
ajfa-9297	141	65	crating	crate	VERB
ajfa-9297	141	66	is	be	AUX
ajfa-9297	141	67	the	the	DET
ajfa-9297	141	68	value	value	NOUN
ajfa-9297	141	69	corresponding	correspond	VERB
ajfa-9297	141	70	to	to	ADP
ajfa-9297	141	71	the	the	DET
ajfa-9297	141	72	long	long	ADJ
ajfa-9297	141	73	-	-	PUNCT
ajfa-9297	141	74	term	term	NOUN
ajfa-9297	141	75	rating	rating	NOUN
ajfa-9297	141	76	given	give	VERB
ajfa-9297	141	77	by	by	ADP
ajfa-9297	141	78	r&i	r&i	PROPN
ajfa-9297	141	79	,	,	PUNCT
ajfa-9297	141	80	bsize	bsize	VERB
ajfa-9297	141	81	is	be	AUX
ajfa-9297	141	82	the	the	DET
ajfa-9297	141	83	number	number	NOUN
ajfa-9297	141	84	of	of	ADP
ajfa-9297	141	85	directors	director	NOUN
ajfa-9297	141	86	on	on	ADP
ajfa-9297	141	87	the	the	DET
ajfa-9297	141	88	board	board	NOUN
ajfa-9297	141	89	,	,	PUNCT
ajfa-9297	141	90	outdr	outdr	PROPN
ajfa-9297	141	91	is	be	AUX
ajfa-9297	141	92	the	the	DET
ajfa-9297	141	93	number	number	NOUN
ajfa-9297	141	94	of	of	ADP
ajfa-9297	141	95	outside	outside	ADJ
ajfa-9297	141	96	directors	director	NOUN
ajfa-9297	141	97	on	on	ADP
ajfa-9297	141	98	the	the	DET
ajfa-9297	141	99	board	board	NOUN
ajfa-9297	141	100	,	,	PUNCT
ajfa-9297	141	101	iown	iown	PROPN
ajfa-9297	141	102	is	be	AUX
ajfa-9297	141	103	the	the	DET
ajfa-9297	141	104	proportion	proportion	NOUN
ajfa-9297	141	105	of	of	ADP
ajfa-9297	141	106	shares	share	NOUN
ajfa-9297	141	107	owned	own	VERB
ajfa-9297	141	108	by	by	ADP
ajfa-9297	141	109	employees	employee	NOUN
ajfa-9297	141	110	,	,	PUNCT
ajfa-9297	141	111	directors	director	NOUN
ajfa-9297	141	112	…	…	PUNCT
ajfa-9297	141	113	,	,	PUNCT
ajfa-9297	141	114	timeliness	timeliness	NOUN
ajfa-9297	141	115	is	be	AUX
ajfa-9297	141	116	the	the	DET
ajfa-9297	141	117	maximum	maximum	ADJ
ajfa-9297	141	118	value	value	NOUN
ajfa-9297	141	119	(	(	PUNCT
ajfa-9297	141	120	60	60	NUM
ajfa-9297	141	121	days	day	NOUN
ajfa-9297	141	122	)	)	PUNCT
ajfa-9297	141	123	minus	minus	CCONJ
ajfa-9297	141	124	the	the	DET
ajfa-9297	141	125	number	number	NOUN
ajfa-9297	141	126	of	of	ADP
ajfa-9297	141	127	days	day	NOUN
ajfa-9297	141	128	the	the	DET
ajfa-9297	141	129	firm	firm	NOUN
ajfa-9297	141	130	takes	take	VERB
ajfa-9297	141	131	to	to	PART
ajfa-9297	141	132	release	release	VERB
ajfa-9297	141	133	its	its	PRON
ajfa-9297	141	134	annual	annual	ADJ
ajfa-9297	141	135	statements	statement	NOUN
ajfa-9297	141	136	after	after	ADP
ajfa-9297	141	137	the	the	DET
ajfa-9297	141	138	fiscal	fiscal	ADJ
ajfa-9297	141	139	year	year	NOUN
ajfa-9297	141	140	-	-	PUNCT
ajfa-9297	141	141	end	end	NOUN
ajfa-9297	141	142	,	,	PUNCT
ajfa-9297	141	143	gscore	gscore	ADV
ajfa-9297	141	144	is	be	AUX
ajfa-9297	141	145	the	the	DET
ajfa-9297	141	146	governance	governance	NOUN
ajfa-9297	141	147	score	score	NOUN
ajfa-9297	141	148	as	as	SCONJ
ajfa-9297	141	149	described	describe	VERB
ajfa-9297	141	150	above	above	ADV
ajfa-9297	141	151	,	,	PUNCT
ajfa-9297	141	152	fsize	fsize	NOUN
ajfa-9297	141	153	is	be	AUX
ajfa-9297	141	154	the	the	DET
ajfa-9297	141	155	natural	natural	ADJ
ajfa-9297	141	156	log	log	NOUN
ajfa-9297	141	157	of	of	ADP
ajfa-9297	141	158	total	total	ADJ
ajfa-9297	141	159	assets	asset	NOUN
ajfa-9297	141	160	,	,	PUNCT
ajfa-9297	141	161	leverage	leverage	NOUN
ajfa-9297	141	162	is	be	AUX
ajfa-9297	141	163	total	total	ADJ
ajfa-9297	141	164	debt	debt	NOUN
ajfa-9297	141	165	over	over	ADP
ajfa-9297	141	166	total	total	ADJ
ajfa-9297	141	167	assets	asset	NOUN
ajfa-9297	141	168	,	,	PUNCT
ajfa-9297	141	169	roa	roa	PROPN
ajfa-9297	141	170	is	be	AUX
ajfa-9297	141	171	operating	operate	VERB
ajfa-9297	141	172	income	income	NOUN
ajfa-9297	141	173	over	over	ADP
ajfa-9297	141	174	total	total	ADJ
ajfa-9297	141	175	assets	asset	NOUN
ajfa-9297	141	176	and	and	CCONJ
ajfa-9297	141	177	volatility	volatility	NOUN
ajfa-9297	141	178	is	be	AUX
ajfa-9297	141	179	the	the	DET
ajfa-9297	141	180	standard	standard	ADJ
ajfa-9297	141	181	deviation	deviation	NOUN
ajfa-9297	141	182	of	of	ADP
ajfa-9297	141	183	stock	stock	NOUN
ajfa-9297	141	184	returns	return	NOUN
ajfa-9297	141	185	over	over	ADP
ajfa-9297	141	186	the	the	DET
ajfa-9297	141	187	last	last	ADJ
ajfa-9297	141	188	60	60	NUM
ajfa-9297	141	189	months	month	NOUN
ajfa-9297	141	190	.	.	PUNCT
ajfa-9297	142	1	5	5	X
ajfa-9297	142	2	.	.	X
ajfa-9297	142	3	empirical	empirical	ADJ
ajfa-9297	142	4	results	result	NOUN
ajfa-9297	142	5	5.1	5.1	NUM
ajfa-9297	142	6	descriptive	descriptive	ADJ
ajfa-9297	142	7	statistics	statistic	NOUN
ajfa-9297	142	8	table	table	NOUN
ajfa-9297	142	9	1	1	NUM
ajfa-9297	142	10	reports	report	VERB
ajfa-9297	142	11	descriptive	descriptive	ADJ
ajfa-9297	142	12	statistics	statistic	NOUN
ajfa-9297	142	13	for	for	ADP
ajfa-9297	142	14	our	our	PRON
ajfa-9297	142	15	measures	measure	NOUN
ajfa-9297	142	16	of	of	ADP
ajfa-9297	142	17	credit	credit	NOUN
ajfa-9297	142	18	rating	rating	NOUN
ajfa-9297	142	19	,	,	PUNCT
ajfa-9297	142	20	governance	governance	NOUN
ajfa-9297	142	21	variables	variable	NOUN
ajfa-9297	142	22	,	,	PUNCT
ajfa-9297	142	23	and	and	CCONJ
ajfa-9297	142	24	firm	firm	ADJ
ajfa-9297	142	25	characteristics	characteristic	NOUN
ajfa-9297	142	26	as	as	ADP
ajfa-9297	142	27	control	control	NOUN
ajfa-9297	142	28	variables	variable	NOUN
ajfa-9297	142	29	.	.	PUNCT
ajfa-9297	143	1	the	the	DET
ajfa-9297	143	2	table	table	NOUN
ajfa-9297	143	3	shows	show	VERB
ajfa-9297	143	4	that	that	SCONJ
ajfa-9297	143	5	operating	operate	VERB
ajfa-9297	143	6	profitability	profitability	NOUN
ajfa-9297	143	7	(	(	PUNCT
ajfa-9297	143	8	roa	roa	NOUN
ajfa-9297	143	9	)	)	PUNCT
ajfa-9297	143	10	is	be	AUX
ajfa-9297	143	11	on	on	ADP
ajfa-9297	143	12	average	average	ADJ
ajfa-9297	143	13	3.5	3.5	NUM
ajfa-9297	143	14	%	%	NOUN
ajfa-9297	143	15	with	with	ADP
ajfa-9297	143	16	a	a	DET
ajfa-9297	143	17	narrow	narrow	ADJ
ajfa-9297	143	18	interquartile	interquartile	ADJ
ajfa-9297	143	19	range	range	NOUN
ajfa-9297	143	20	of	of	ADP
ajfa-9297	143	21	1.65	1.65	NUM
ajfa-9297	143	22	%	%	NOUN
ajfa-9297	143	23	and	and	CCONJ
ajfa-9297	143	24	5.22	5.22	NUM
ajfa-9297	143	25	%	%	NOUN
ajfa-9297	143	26	.	.	PUNCT
ajfa-9297	144	1	stock	stock	NOUN
ajfa-9297	144	2	return	return	NOUN
ajfa-9297	144	3	is	be	AUX
ajfa-9297	144	4	also	also	ADV
ajfa-9297	144	5	distributed	distribute	VERB
ajfa-9297	144	6	over	over	ADP
ajfa-9297	144	7	a	a	DET
ajfa-9297	144	8	narrow	narrow	ADJ
ajfa-9297	144	9	range	range	NOUN
ajfa-9297	144	10	of	of	ADP
ajfa-9297	144	11	0.894	0.894	NUM
ajfa-9297	144	12	%	%	NOUN
ajfa-9297	144	13	and	and	CCONJ
ajfa-9297	144	14	3.688	3.688	NUM
ajfa-9297	144	15	%	%	NOUN
ajfa-9297	144	16	.	.	PUNCT
ajfa-9297	145	1	among	among	ADP
ajfa-9297	145	2	the	the	DET
ajfa-9297	145	3	governance	governance	NOUN
ajfa-9297	145	4	variables	variable	NOUN
ajfa-9297	145	5	,	,	PUNCT
ajfa-9297	145	6	the	the	DET
ajfa-9297	145	7	average	average	ADJ
ajfa-9297	145	8	board	board	NOUN
ajfa-9297	145	9	size	size	NOUN
ajfa-9297	145	10	(	(	PUNCT
ajfa-9297	145	11	bsize	bsize	NOUN
ajfa-9297	145	12	)	)	PUNCT
ajfa-9297	145	13	consists	consist	VERB
ajfa-9297	145	14	of	of	ADP
ajfa-9297	145	15	12.7	12.7	NUM
ajfa-9297	145	16	directors	director	NOUN
ajfa-9297	145	17	.	.	PUNCT
ajfa-9297	146	1	the	the	DET
ajfa-9297	146	2	average	average	NOUN
ajfa-9297	146	3	of	of	ADP
ajfa-9297	146	4	outside	outside	ADJ
ajfa-9297	146	5	directors	director	NOUN
ajfa-9297	146	6	(	(	PUNCT
ajfa-9297	146	7	outdr	outdr	PROPN
ajfa-9297	146	8	)	)	PUNCT
ajfa-9297	146	9	is	be	AUX
ajfa-9297	146	10	2.2	2.2	NUM
ajfa-9297	146	11	%	%	NOUN
ajfa-9297	146	12	with	with	ADP
ajfa-9297	146	13	a	a	DET
ajfa-9297	146	14	median	median	NOUN
ajfa-9297	146	15	of	of	ADP
ajfa-9297	146	16	2	2	NUM
ajfa-9297	146	17	%	%	NOUN
ajfa-9297	146	18	and	and	CCONJ
ajfa-9297	146	19	this	this	DET
ajfa-9297	146	20	proportion	proportion	NOUN
ajfa-9297	146	21	is	be	AUX
ajfa-9297	146	22	a	a	DET
ajfa-9297	146	23	little	little	ADJ
ajfa-9297	146	24	low	low	ADJ
ajfa-9297	146	25	reflects	reflect	VERB
ajfa-9297	146	26	the	the	DET
ajfa-9297	146	27	fact	fact	NOUN
ajfa-9297	146	28	that	that	SCONJ
ajfa-9297	146	29	japanese	japanese	ADJ
ajfa-9297	146	30	firms	firm	NOUN
ajfa-9297	146	31	improve	improve	VERB
ajfa-9297	146	32	gradually	gradually	ADV
ajfa-9297	146	33	their	their	PRON
ajfa-9297	146	34	board	board	NOUN
ajfa-9297	146	35	by	by	ADP
ajfa-9297	146	36	increasing	increase	VERB
ajfa-9297	146	37	the	the	DET
ajfa-9297	146	38	proportion	proportion	NOUN
ajfa-9297	146	39	of	of	ADP
ajfa-9297	146	40	outside	outside	ADJ
ajfa-9297	146	41	directors	director	NOUN
ajfa-9297	146	42	because	because	SCONJ
ajfa-9297	146	43	japanese	japanese	ADJ
ajfa-9297	146	44	boards	board	NOUN
ajfa-9297	146	45	have	have	AUX
ajfa-9297	146	46	been	be	AUX
ajfa-9297	146	47	always	always	ADV
ajfa-9297	146	48	controlled	control	VERB
ajfa-9297	146	49	by	by	ADP
ajfa-9297	146	50	insiders	insider	NOUN
ajfa-9297	146	51	(	(	PUNCT
ajfa-9297	146	52	aman	aman	NOUN
ajfa-9297	146	53	and	and	CCONJ
ajfa-9297	146	54	nguyen	nguyen	NOUN
ajfa-9297	146	55	2013	2013	NUM
ajfa-9297	146	56	)	)	PUNCT
ajfa-9297	146	57	.	.	PUNCT
ajfa-9297	147	1	the	the	DET
ajfa-9297	147	2	average	average	NOUN
ajfa-9297	147	3	of	of	ADP
ajfa-9297	147	4	insider	insider	NOUN
ajfa-9297	147	5	ownership	ownership	NOUN
ajfa-9297	147	6	(	(	PUNCT
ajfa-9297	147	7	iown	iown	NOUN
ajfa-9297	147	8	)	)	PUNCT
ajfa-9297	147	9	is	be	AUX
ajfa-9297	147	10	9.19	9.19	NUM
ajfa-9297	147	11	%	%	NOUN
ajfa-9297	147	12	with	with	ADP
ajfa-9297	147	13	a	a	DET
ajfa-9297	147	14	narrow	narrow	ADJ
ajfa-9297	147	15	range	range	NOUN
ajfa-9297	147	16	interquartile	interquartile	NOUN
ajfa-9297	147	17	of	of	ADP
ajfa-9297	147	18	3.81	3.81	NUM
ajfa-9297	147	19	%	%	NOUN
ajfa-9297	147	20	and	and	CCONJ
ajfa-9297	147	21	13.36	13.36	NUM
ajfa-9297	147	22	%	%	NOUN
ajfa-9297	147	23	.	.	PUNCT
ajfa-9297	148	1	the	the	DET
ajfa-9297	148	2	timeliness	timeliness	ADJ
ajfa-9297	148	3	variable	variable	NOUN
ajfa-9297	148	4	indicates	indicate	VERB
ajfa-9297	148	5	that	that	SCONJ
ajfa-9297	148	6	firms	firm	NOUN
ajfa-9297	148	7	taken	take	VERB
ajfa-9297	148	8	average	average	ADJ
ajfa-9297	148	9	54.2	54.2	NUM
ajfa-9297	148	10	to	to	PART
ajfa-9297	148	11	release	release	VERB
ajfa-9297	148	12	their	their	PRON
ajfa-9297	148	13	annual	annual	ADJ
ajfa-9297	148	14	statements	statement	NOUN
ajfa-9297	148	15	(	(	PUNCT
ajfa-9297	148	16	60	60	NUM
ajfa-9297	148	17	5.8	5.8	NUM
ajfa-9297	148	18	=	=	SYM
ajfa-9297	148	19	54.2	54.2	NUM
ajfa-9297	148	20	)	)	PUNCT
ajfa-9297	148	21	.	.	PUNCT
ajfa-9297	149	1	the	the	DET
ajfa-9297	149	2	average	average	ADJ
ajfa-9297	149	3	rating	rating	NOUN
ajfa-9297	149	4	of	of	ADP
ajfa-9297	149	5	4.711	4.711	NUM
ajfa-9297	149	6	indicates	indicate	VERB
ajfa-9297	149	7	that	that	SCONJ
ajfa-9297	149	8	ratings	rating	NOUN
ajfa-9297	149	9	are	be	AUX
ajfa-9297	149	10	centered	center	VERB
ajfa-9297	149	11	between	between	ADP
ajfa-9297	149	12	“	"	PUNCT
ajfa-9297	149	13	a	a	PRON
ajfa-9297	149	14	”	"	PUNCT
ajfa-9297	149	15	and	and	CCONJ
ajfa-9297	149	16	“	"	PUNCT
ajfa-9297	149	17	aaa	aaa	NOUN
ajfa-9297	149	18	”	"	PUNCT
ajfa-9297	149	19	.	.	PUNCT
ajfa-9297	150	1	this	this	PRON
ajfa-9297	150	2	led	lead	VERB
ajfa-9297	150	3	us	we	PRON
ajfa-9297	150	4	to	to	PART
ajfa-9297	150	5	conclude	conclude	VERB
ajfa-9297	150	6	that	that	SCONJ
ajfa-9297	150	7	japanese	japanese	ADJ
ajfa-9297	150	8	firms	firm	NOUN
ajfa-9297	150	9	in	in	ADP
ajfa-9297	150	10	our	our	PRON
ajfa-9297	150	11	sample	sample	NOUN
ajfa-9297	150	12	have	have	AUX
ajfa-9297	150	13	improved	improve	VERB
ajfa-9297	150	14	their	their	PRON
ajfa-9297	150	15	ratings	rating	NOUN
ajfa-9297	150	16	over	over	ADP
ajfa-9297	150	17	the	the	DET
ajfa-9297	150	18	period	period	NOUN
ajfa-9297	150	19	of	of	ADP
ajfa-9297	150	20	2006	2006	NUM
ajfa-9297	150	21	-2013	-2013	NOUN
ajfa-9297	150	22	.	.	PUNCT
ajfa-9297	151	1	asian	asian	PROPN
ajfa-9297	151	2	journal	journal	PROPN
ajfa-9297	151	3	of	of	ADP
ajfa-9297	151	4	finance	finance	PROPN
ajfa-9297	151	5	&	&	CCONJ
ajfa-9297	151	6	accounting	accounting	PROPN
ajfa-9297	151	7	issn	issn	PROPN
ajfa-9297	151	8	1946	1946	NUM
ajfa-9297	151	9	-	-	PUNCT
ajfa-9297	151	10	052x	052x	PROPN
ajfa-9297	151	11	2016	2016	NUM
ajfa-9297	151	12	,	,	PUNCT
ajfa-9297	151	13	vol	vol	NOUN
ajfa-9297	151	14	.	.	PROPN
ajfa-9297	151	15	8	8	NUM
ajfa-9297	151	16	,	,	PUNCT
ajfa-9297	151	17	no	no	INTJ
ajfa-9297	151	18	.	.	NOUN
ajfa-9297	151	19	1	1	NUM
ajfa-9297	151	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9297	151	21	204	204	NUM
ajfa-9297	151	22	table	table	NOUN
ajfa-9297	151	23	1	1	NUM
ajfa-9297	151	24	.	.	PUNCT
ajfa-9297	152	1	sample	sample	NOUN
ajfa-9297	152	2	descriptive	descriptive	ADJ
ajfa-9297	152	3	statistics	statistic	NOUN
ajfa-9297	152	4	the	the	DET
ajfa-9297	152	5	table	table	NOUN
ajfa-9297	152	6	reports	report	VERB
ajfa-9297	152	7	descriptive	descriptive	ADJ
ajfa-9297	152	8	statistics	statistic	NOUN
ajfa-9297	152	9	of	of	ADP
ajfa-9297	152	10	all	all	DET
ajfa-9297	152	11	variables	variable	NOUN
ajfa-9297	152	12	used	use	VERB
ajfa-9297	152	13	in	in	ADP
ajfa-9297	152	14	the	the	DET
ajfa-9297	152	15	current	current	ADJ
ajfa-9297	152	16	study	study	NOUN
ajfa-9297	152	17	.	.	PUNCT
ajfa-9297	153	1	mean	mean	PROPN
ajfa-9297	153	2	s.	s.	PROPN
ajfa-9297	153	3	d.	d.	PROPN
ajfa-9297	153	4	q1	q1	PROPN
ajfa-9297	153	5	median	median	PROPN
ajfa-9297	153	6	q3	q3	PROPN
ajfa-9297	153	7	skewness	skewness	NOUN
ajfa-9297	153	8	kurtosis	kurtosis	VERB
ajfa-9297	153	9	n	n	NOUN
ajfa-9297	153	10	rating	rate	VERB
ajfa-9297	153	11	variable	variable	NOUN
ajfa-9297	153	12	:	:	PUNCT
ajfa-9297	153	13	crating	crate	VERB
ajfa-9297	153	14	4.711	4.711	NUM
ajfa-9297	153	15	0.564	0.564	NUM
ajfa-9297	153	16	4	4	NUM
ajfa-9297	153	17	5	5	NUM
ajfa-9297	153	18	5	5	NUM
ajfa-9297	153	19	-1.100	-1.100	NUM
ajfa-9297	153	20	4.192	4.192	NUM
ajfa-9297	153	21	461	461	NUM
ajfa-9297	153	22	governance	governance	NOUN
ajfa-9297	153	23	variables	variable	NOUN
ajfa-9297	153	24	:	:	PUNCT
ajfa-9297	153	25	bsize	bsize	VERB
ajfa-9297	153	26	outdr	outdr	NOUN
ajfa-9297	153	27	iown	iown	NOUN
ajfa-9297	153	28	timeliness	timeliness	NOUN
ajfa-9297	153	29	gscore	gscore	NOUN
ajfa-9297	153	30	12.703	12.703	NUM
ajfa-9297	153	31	2.213	2.213	NUM
ajfa-9297	153	32	9.194	9.194	NUM
ajfa-9297	153	33	5.814	5.814	NUM
ajfa-9297	153	34	0.070	0.070	NUM
ajfa-9297	153	35	7.547	7.547	NUM
ajfa-9297	153	36	1.890	1.890	NUM
ajfa-9297	153	37	6.969	6.969	NUM
ajfa-9297	153	38	17.334	17.334	NUM
ajfa-9297	153	39	1.180	1.180	NUM
ajfa-9297	153	40	9	9	NUM
ajfa-9297	153	41	0	0	NUM
ajfa-9297	153	42	3.81	3.81	NUM
ajfa-9297	153	43	0	0	NUM
ajfa-9297	153	44	-0.57	-0.57	NOUN
ajfa-9297	154	1	13	13	NUM
ajfa-9297	154	2	2	2	NUM
ajfa-9297	154	3	6.695	6.695	NUM
ajfa-9297	154	4	0	0	NUM
ajfa-9297	154	5	0.213	0.213	NUM
ajfa-9297	154	6	14	14	NUM
ajfa-9297	154	7	4	4	NUM
ajfa-9297	154	8	13.36	13.36	NUM
ajfa-9297	154	9	0	0	NUM
ajfa-9297	154	10	0.880	0.880	NUM
ajfa-9297	154	11	1.611	1.611	NUM
ajfa-9297	154	12	0.554	0.554	NUM
ajfa-9297	154	13	0.953	0.953	NUM
ajfa-9297	154	14	2.735	2.735	NUM
ajfa-9297	154	15	-0.357	-0.357	NOUN
ajfa-9297	154	16	8.891	8.891	NUM
ajfa-9297	154	17	2.796	2.796	NUM
ajfa-9297	154	18	2.977	2.977	NUM
ajfa-9297	154	19	8.609	8.609	NUM
ajfa-9297	154	20	2.658	2.658	NUM
ajfa-9297	155	1	529	529	NUM
ajfa-9297	155	2	529	529	NUM
ajfa-9297	155	3	186	186	NUM
ajfa-9297	155	4	538	538	NUM
ajfa-9297	155	5	126	126	NUM
ajfa-9297	155	6	firm	firm	ADJ
ajfa-9297	155	7	characteristics	characteristic	NOUN
ajfa-9297	155	8	:	:	PUNCT
ajfa-9297	155	9	fsize	fsize	NOUN
ajfa-9297	155	10	leverage	leverage	NOUN
ajfa-9297	155	11	roa	roa	PROPN
ajfa-9297	155	12	volatility	volatility	NOUN
ajfa-9297	155	13	7.413	7.413	NUM
ajfa-9297	155	14	107.8	107.8	NUM
ajfa-9297	155	15	3.504	3.504	NUM
ajfa-9297	155	16	3.052	3.052	NUM
ajfa-9297	155	17	0.374	0.374	NUM
ajfa-9297	155	18	97.88	97.88	NUM
ajfa-9297	155	19	3.173	3.173	NUM
ajfa-9297	155	20	4.301	4.301	NUM
ajfa-9297	155	21	7.143	7.143	NUM
ajfa-9297	155	22	36.43	36.43	NUM
ajfa-9297	155	23	1.65	1.65	NUM
ajfa-9297	155	24	0.894	0.894	NUM
ajfa-9297	155	25	7.399	7.399	NUM
ajfa-9297	155	26	79.73	79.73	NUM
ajfa-9297	155	27	3.22	3.22	NUM
ajfa-9297	155	28	1.811	1.811	NUM
ajfa-9297	155	29	7.671	7.671	NUM
ajfa-9297	155	30	146.38	146.38	NUM
ajfa-9297	155	31	5.22	5.22	NUM
ajfa-9297	155	32	3.688	3.688	NUM
ajfa-9297	155	33	0.151	0.151	NUM
ajfa-9297	155	34	1.642	1.642	NUM
ajfa-9297	155	35	-0.220	-0.220	ADP
ajfa-9297	155	36	5.752	5.752	NUM
ajfa-9297	155	37	2.653	2.653	NUM
ajfa-9297	155	38	6.115	6.115	NUM
ajfa-9297	155	39	7.472	7.472	NUM
ajfa-9297	155	40	53.006	53.006	NUM
ajfa-9297	155	41	531	531	NUM
ajfa-9297	155	42	530	530	NUM
ajfa-9297	155	43	531	531	NUM
ajfa-9297	155	44	530	530	NUM
ajfa-9297	155	45	notes	note	NOUN
ajfa-9297	155	46	:	:	PUNCT
ajfa-9297	155	47	crating	crate	VERB
ajfa-9297	155	48	is	be	AUX
ajfa-9297	155	49	the	the	DET
ajfa-9297	155	50	value	value	NOUN
ajfa-9297	155	51	corresponding	correspond	VERB
ajfa-9297	155	52	to	to	ADP
ajfa-9297	155	53	the	the	DET
ajfa-9297	155	54	long	long	ADJ
ajfa-9297	155	55	-	-	PUNCT
ajfa-9297	155	56	term	term	NOUN
ajfa-9297	155	57	rating	rating	NOUN
ajfa-9297	155	58	given	give	VERB
ajfa-9297	155	59	by	by	ADP
ajfa-9297	155	60	r&i	r&i	PROPN
ajfa-9297	155	61	,	,	PUNCT
ajfa-9297	155	62	bsize	bsize	VERB
ajfa-9297	155	63	is	be	AUX
ajfa-9297	155	64	the	the	DET
ajfa-9297	155	65	number	number	NOUN
ajfa-9297	155	66	of	of	ADP
ajfa-9297	155	67	directors	director	NOUN
ajfa-9297	155	68	in	in	ADP
ajfa-9297	155	69	the	the	DET
ajfa-9297	155	70	board	board	NOUN
ajfa-9297	155	71	,	,	PUNCT
ajfa-9297	155	72	outdr	outdr	PROPN
ajfa-9297	155	73	is	be	AUX
ajfa-9297	155	74	the	the	DET
ajfa-9297	155	75	number	number	NOUN
ajfa-9297	155	76	of	of	ADP
ajfa-9297	155	77	outside	outside	ADJ
ajfa-9297	155	78	directors	director	NOUN
ajfa-9297	155	79	in	in	ADP
ajfa-9297	155	80	the	the	DET
ajfa-9297	155	81	board	board	NOUN
ajfa-9297	155	82	,	,	PUNCT
ajfa-9297	155	83	iown	iown	PROPN
ajfa-9297	155	84	is	be	AUX
ajfa-9297	155	85	the	the	DET
ajfa-9297	155	86	proportion	proportion	NOUN
ajfa-9297	155	87	of	of	ADP
ajfa-9297	155	88	shares	share	NOUN
ajfa-9297	155	89	owned	own	VERB
ajfa-9297	155	90	by	by	ADP
ajfa-9297	155	91	employees	employee	NOUN
ajfa-9297	155	92	,	,	PUNCT
ajfa-9297	155	93	directors	director	NOUN
ajfa-9297	155	94	…	…	PUNCT
ajfa-9297	155	95	,	,	PUNCT
ajfa-9297	155	96	timeliness	timeliness	NOUN
ajfa-9297	155	97	is	be	AUX
ajfa-9297	155	98	the	the	DET
ajfa-9297	155	99	maximum	maximum	ADJ
ajfa-9297	155	100	value	value	NOUN
ajfa-9297	155	101	(	(	PUNCT
ajfa-9297	155	102	60	60	NUM
ajfa-9297	155	103	days	day	NOUN
ajfa-9297	155	104	)	)	PUNCT
ajfa-9297	155	105	minus	minus	CCONJ
ajfa-9297	155	106	the	the	DET
ajfa-9297	155	107	number	number	NOUN
ajfa-9297	155	108	of	of	ADP
ajfa-9297	155	109	days	day	NOUN
ajfa-9297	155	110	the	the	DET
ajfa-9297	155	111	firm	firm	NOUN
ajfa-9297	155	112	takes	take	VERB
ajfa-9297	155	113	to	to	PART
ajfa-9297	155	114	release	release	VERB
ajfa-9297	155	115	its	its	PRON
ajfa-9297	155	116	annual	annual	ADJ
ajfa-9297	155	117	statements	statement	NOUN
ajfa-9297	155	118	after	after	ADP
ajfa-9297	155	119	the	the	DET
ajfa-9297	155	120	fiscal	fiscal	ADJ
ajfa-9297	155	121	year	year	NOUN
ajfa-9297	155	122	-	-	PUNCT
ajfa-9297	155	123	end	end	NOUN
ajfa-9297	155	124	,	,	PUNCT
ajfa-9297	155	125	gscore	gscore	ADV
ajfa-9297	155	126	is	be	AUX
ajfa-9297	155	127	the	the	DET
ajfa-9297	155	128	governance	governance	NOUN
ajfa-9297	155	129	score	score	NOUN
ajfa-9297	155	130	as	as	SCONJ
ajfa-9297	155	131	described	describe	VERB
ajfa-9297	155	132	above	above	ADV
ajfa-9297	155	133	,	,	PUNCT
ajfa-9297	155	134	fsize	fsize	NOUN
ajfa-9297	155	135	is	be	AUX
ajfa-9297	155	136	the	the	DET
ajfa-9297	155	137	natural	natural	ADJ
ajfa-9297	155	138	log	log	NOUN
ajfa-9297	155	139	of	of	ADP
ajfa-9297	155	140	total	total	ADJ
ajfa-9297	155	141	assets	asset	NOUN
ajfa-9297	155	142	,	,	PUNCT
ajfa-9297	155	143	leverage	leverage	NOUN
ajfa-9297	155	144	is	be	AUX
ajfa-9297	155	145	total	total	ADJ
ajfa-9297	155	146	debt	debt	NOUN
ajfa-9297	155	147	over	over	ADP
ajfa-9297	155	148	total	total	ADJ
ajfa-9297	155	149	assets	asset	NOUN
ajfa-9297	155	150	,	,	PUNCT
ajfa-9297	155	151	roa	roa	PROPN
ajfa-9297	155	152	is	be	AUX
ajfa-9297	155	153	operating	operate	VERB
ajfa-9297	155	154	income	income	NOUN
ajfa-9297	155	155	over	over	ADP
ajfa-9297	155	156	total	total	ADJ
ajfa-9297	155	157	assets	asset	NOUN
ajfa-9297	155	158	and	and	CCONJ
ajfa-9297	155	159	volatility	volatility	NOUN
ajfa-9297	155	160	is	be	AUX
ajfa-9297	155	161	the	the	DET
ajfa-9297	155	162	standard	standard	ADJ
ajfa-9297	155	163	deviation	deviation	NOUN
ajfa-9297	155	164	of	of	ADP
ajfa-9297	155	165	stock	stock	NOUN
ajfa-9297	155	166	returns	return	NOUN
ajfa-9297	155	167	over	over	ADP
ajfa-9297	155	168	the	the	DET
ajfa-9297	155	169	last	last	ADJ
ajfa-9297	155	170	60	60	NUM
ajfa-9297	155	171	months	month	NOUN
ajfa-9297	155	172	.	.	PUNCT
ajfa-9297	156	1	5.2	5.2	NUM
ajfa-9297	156	2	correlation	correlation	NOUN
ajfa-9297	156	3	matrix	matrix	NOUN
ajfa-9297	156	4	to	to	PART
ajfa-9297	156	5	verify	verify	VERB
ajfa-9297	156	6	the	the	DET
ajfa-9297	156	7	absence	absence	NOUN
ajfa-9297	156	8	of	of	ADP
ajfa-9297	156	9	multicollinearity	multicollinearity	NOUN
ajfa-9297	156	10	problems	problem	NOUN
ajfa-9297	156	11	,	,	PUNCT
ajfa-9297	156	12	we	we	PRON
ajfa-9297	156	13	use	use	VERB
ajfa-9297	156	14	the	the	DET
ajfa-9297	156	15	correlation	correlation	NOUN
ajfa-9297	156	16	matrix	matrix	NOUN
ajfa-9297	156	17	for	for	ADP
ajfa-9297	156	18	the	the	DET
ajfa-9297	156	19	independent	independent	ADJ
ajfa-9297	156	20	variables	variable	NOUN
ajfa-9297	156	21	which	which	PRON
ajfa-9297	156	22	can	can	AUX
ajfa-9297	156	23	be	be	AUX
ajfa-9297	156	24	found	find	VERB
ajfa-9297	156	25	in	in	ADP
ajfa-9297	156	26	table	table	NOUN
ajfa-9297	156	27	2	2	NUM
ajfa-9297	156	28	.	.	PUNCT
ajfa-9297	157	1	the	the	DET
ajfa-9297	157	2	examination	examination	NOUN
ajfa-9297	157	3	of	of	ADP
ajfa-9297	157	4	the	the	DET
ajfa-9297	157	5	correlation	correlation	NOUN
ajfa-9297	157	6	coefficients	coefficient	NOUN
ajfa-9297	157	7	allows	allow	VERB
ajfa-9297	157	8	us	we	PRON
ajfa-9297	157	9	to	to	PART
ajfa-9297	157	10	study	study	VERB
ajfa-9297	157	11	the	the	DET
ajfa-9297	157	12	null	null	ADJ
ajfa-9297	157	13	hypothesis	hypothesis	NOUN
ajfa-9297	157	14	of	of	ADP
ajfa-9297	157	15	no	no	DET
ajfa-9297	157	16	correlation	correlation	NOUN
ajfa-9297	157	17	between	between	ADP
ajfa-9297	157	18	explanatory	explanatory	ADJ
ajfa-9297	157	19	variables	variable	NOUN
ajfa-9297	157	20	.	.	PUNCT
ajfa-9297	158	1	we	we	PRON
ajfa-9297	158	2	consider	consider	VERB
ajfa-9297	158	3	0.8	0.8	NUM
ajfa-9297	158	4	as	as	ADP
ajfa-9297	158	5	the	the	DET
ajfa-9297	158	6	limit	limit	NOUN
ajfa-9297	158	7	value	value	NOUN
ajfa-9297	158	8	of	of	ADP
ajfa-9297	158	9	the	the	DET
ajfa-9297	158	10	correlation	correlation	NOUN
ajfa-9297	158	11	coefficient	coefficient	NOUN
ajfa-9297	158	12	,	,	PUNCT
ajfa-9297	158	13	which	which	PRON
ajfa-9297	158	14	corresponds	correspond	VERB
ajfa-9297	158	15	to	to	ADP
ajfa-9297	158	16	the	the	DET
ajfa-9297	158	17	limit	limit	NOUN
ajfa-9297	158	18	set	set	VERB
ajfa-9297	158	19	by	by	ADP
ajfa-9297	158	20	kennedy	kennedy	PROPN
ajfa-9297	158	21	(	(	PUNCT
ajfa-9297	158	22	1985	1985	NUM
ajfa-9297	158	23	)	)	PUNCT
ajfa-9297	158	24	,	,	PUNCT
ajfa-9297	158	25	to	to	PART
ajfa-9297	158	26	confirm	confirm	VERB
ajfa-9297	158	27	the	the	DET
ajfa-9297	158	28	null	null	ADJ
ajfa-9297	158	29	hypothesis	hypothesis	NOUN
ajfa-9297	158	30	.	.	PUNCT
ajfa-9297	159	1	hence	hence	ADV
ajfa-9297	159	2	,	,	PUNCT
ajfa-9297	159	3	if	if	SCONJ
ajfa-9297	159	4	correlation	correlation	NOUN
ajfa-9297	159	5	between	between	ADP
ajfa-9297	159	6	two	two	NUM
ajfa-9297	159	7	variables	variable	NOUN
ajfa-9297	159	8	exceeds	exceed	VERB
ajfa-9297	159	9	0.8	0.8	NUM
ajfa-9297	159	10	,	,	PUNCT
ajfa-9297	159	11	we	we	PRON
ajfa-9297	159	12	have	have	VERB
ajfa-9297	159	13	to	to	PART
ajfa-9297	159	14	reject	reject	VERB
ajfa-9297	159	15	the	the	DET
ajfa-9297	159	16	null	null	ADJ
ajfa-9297	159	17	hypothesis	hypothesis	NOUN
ajfa-9297	159	18	and	and	CCONJ
ajfa-9297	159	19	we	we	PRON
ajfa-9297	159	20	start	start	VERB
ajfa-9297	159	21	having	have	VERB
ajfa-9297	159	22	serious	serious	ADJ
ajfa-9297	159	23	problems	problem	NOUN
ajfa-9297	159	24	of	of	ADP
ajfa-9297	159	25	multicollinearity	multicollinearity	NOUN
ajfa-9297	159	26	.	.	PUNCT
ajfa-9297	160	1	in	in	ADP
ajfa-9297	160	2	our	our	PRON
ajfa-9297	160	3	case	case	NOUN
ajfa-9297	160	4	,	,	PUNCT
ajfa-9297	160	5	the	the	DET
ajfa-9297	160	6	correlation	correlation	NOUN
ajfa-9297	160	7	matrix	matrix	NOUN
ajfa-9297	160	8	shows	show	VERB
ajfa-9297	160	9	that	that	SCONJ
ajfa-9297	160	10	all	all	DET
ajfa-9297	160	11	coefficients	coefficient	NOUN
ajfa-9297	160	12	are	be	AUX
ajfa-9297	160	13	below	below	ADP
ajfa-9297	160	14	0.8	0.8	NUM
ajfa-9297	160	15	.	.	PUNCT
ajfa-9297	161	1	we	we	PRON
ajfa-9297	161	2	can	can	AUX
ajfa-9297	161	3	conclude	conclude	VERB
ajfa-9297	161	4	,	,	PUNCT
ajfa-9297	161	5	then	then	ADV
ajfa-9297	161	6	,	,	PUNCT
ajfa-9297	161	7	in	in	ADP
ajfa-9297	161	8	the	the	DET
ajfa-9297	161	9	absence	absence	NOUN
ajfa-9297	161	10	of	of	ADP
ajfa-9297	161	11	multicollinearity	multicollinearity	NOUN
ajfa-9297	161	12	between	between	ADP
ajfa-9297	161	13	the	the	DET
ajfa-9297	161	14	explanatory	explanatory	ADJ
ajfa-9297	161	15	variables	variable	NOUN
ajfa-9297	161	16	.	.	PUNCT
ajfa-9297	162	1	so	so	ADV
ajfa-9297	162	2	,	,	PUNCT
ajfa-9297	162	3	the	the	DET
ajfa-9297	162	4	problem	problem	NOUN
ajfa-9297	162	5	of	of	ADP
ajfa-9297	162	6	multicollinearity	multicollinearity	NOUN
ajfa-9297	162	7	does	do	AUX
ajfa-9297	162	8	not	not	PART
ajfa-9297	162	9	seem	seem	VERB
ajfa-9297	162	10	critical	critical	ADJ
ajfa-9297	162	11	,	,	PUNCT
ajfa-9297	162	12	and	and	CCONJ
ajfa-9297	162	13	thereafter	thereafter	ADV
ajfa-9297	162	14	,	,	PUNCT
ajfa-9297	162	15	all	all	DET
ajfa-9297	162	16	variables	variable	NOUN
ajfa-9297	162	17	in	in	ADP
ajfa-9297	162	18	our	our	PRON
ajfa-9297	162	19	study	study	NOUN
ajfa-9297	162	20	can	can	AUX
ajfa-9297	162	21	be	be	AUX
ajfa-9297	162	22	accepted	accept	VERB
ajfa-9297	162	23	.	.	PUNCT
ajfa-9297	163	1	asian	asian	ADJ
ajfa-9297	163	2	journal	journal	PROPN
ajfa-9297	163	3	of	of	ADP
ajfa-9297	163	4	finance	finance	PROPN
ajfa-9297	163	5	&	&	CCONJ
ajfa-9297	163	6	accounting	accounting	PROPN
ajfa-9297	163	7	issn	issn	PROPN
ajfa-9297	163	8	1946	1946	NUM
ajfa-9297	163	9	-	-	PUNCT
ajfa-9297	163	10	052x	052x	PROPN
ajfa-9297	163	11	2016	2016	NUM
ajfa-9297	163	12	,	,	PUNCT
ajfa-9297	163	13	vol	vol	NOUN
ajfa-9297	163	14	.	.	PROPN
ajfa-9297	163	15	8	8	NUM
ajfa-9297	163	16	,	,	PUNCT
ajfa-9297	163	17	no	no	INTJ
ajfa-9297	163	18	.	.	NOUN
ajfa-9297	163	19	1	1	NUM
ajfa-9297	163	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9297	163	21	205	205	NUM
ajfa-9297	163	22	table	table	NOUN
ajfa-9297	163	23	2	2	NUM
ajfa-9297	163	24	.	.	PUNCT
ajfa-9297	163	25	correlation	correlation	NOUN
ajfa-9297	163	26	matrix	matrix	NOUN
ajfa-9297	163	27	the	the	DET
ajfa-9297	163	28	table	table	NOUN
ajfa-9297	163	29	presents	present	VERB
ajfa-9297	163	30	the	the	DET
ajfa-9297	163	31	pairwise	pairwise	NOUN
ajfa-9297	163	32	correlations	correlation	NOUN
ajfa-9297	163	33	between	between	ADP
ajfa-9297	163	34	key	key	ADJ
ajfa-9297	163	35	regressor	regressor	NOUN
ajfa-9297	163	36	variables	variable	NOUN
ajfa-9297	163	37	by	by	ADP
ajfa-9297	163	38	using	use	VERB
ajfa-9297	163	39	pearson	pearson	PROPN
ajfa-9297	163	40	’s	’s	PART
ajfa-9297	163	41	correlation	correlation	NOUN
ajfa-9297	163	42	coefficients	coefficient	NOUN
ajfa-9297	163	43	.	.	PUNCT
ajfa-9297	164	1	1	1	NUM
ajfa-9297	164	2	.	.	X
ajfa-9297	164	3	2	2	NUM
ajfa-9297	164	4	.	.	NOUN
ajfa-9297	164	5	3	3	NUM
ajfa-9297	164	6	.	.	NOUN
ajfa-9297	164	7	4	4	NUM
ajfa-9297	164	8	.	.	NOUN
ajfa-9297	164	9	5	5	NUM
ajfa-9297	164	10	.	.	NOUN
ajfa-9297	164	11	6	6	NUM
ajfa-9297	164	12	.	.	NOUN
ajfa-9297	164	13	7	7	NUM
ajfa-9297	164	14	.	.	NOUN
ajfa-9297	164	15	8	8	NUM
ajfa-9297	164	16	.	.	NOUN
ajfa-9297	165	1	9	9	NUM
ajfa-9297	165	2	.	.	NOUN
ajfa-9297	165	3	1	1	NUM
ajfa-9297	165	4	.	.	X
ajfa-9297	165	5	bsize	bsize	VERB
ajfa-9297	165	6	1	1	NUM
ajfa-9297	165	7	2	2	NUM
ajfa-9297	165	8	.	.	PUNCT
ajfa-9297	166	1	outdr	outdr	PROPN
ajfa-9297	166	2	0.155	0.155	NUM
ajfa-9297	166	3	1	1	NUM
ajfa-9297	166	4	3	3	NUM
ajfa-9297	166	5	.	.	PUNCT
ajfa-9297	167	1	iown	iown	VERB
ajfa-9297	167	2	0.002	0.002	NUM
ajfa-9297	167	3	0.039	0.039	NUM
ajfa-9297	167	4	1	1	NUM
ajfa-9297	167	5	4	4	NUM
ajfa-9297	167	6	.	.	PUNCT
ajfa-9297	167	7	timeliness	timeliness	NOUN
ajfa-9297	167	8	-0.173	-0.173	PROPN
ajfa-9297	167	9	0.046	0.046	NUM
ajfa-9297	167	10	0.009	0.009	NUM
ajfa-9297	167	11	1	1	NUM
ajfa-9297	167	12	5	5	NUM
ajfa-9297	167	13	.	.	PUNCT
ajfa-9297	167	14	gscore	gscore	NOUN
ajfa-9297	167	15	0.757	0.757	NUM
ajfa-9297	167	16	0.791	0.791	NUM
ajfa-9297	167	17	0.374	0.374	NUM
ajfa-9297	167	18	0.000	0.000	NUM
ajfa-9297	167	19	1	1	NUM
ajfa-9297	167	20	6	6	NUM
ajfa-9297	167	21	.	.	PUNCT
ajfa-9297	167	22	fsize	fsize	NOUN
ajfa-9297	167	23	0.079	0.079	NUM
ajfa-9297	167	24	0.162	0.162	NUM
ajfa-9297	167	25	-0.147	-0.147	NUM
ajfa-9297	167	26	-0.065	-0.065	NUM
ajfa-9297	167	27	0.046	0.046	NUM
ajfa-9297	167	28	1	1	NUM
ajfa-9297	167	29	7	7	NUM
ajfa-9297	167	30	.	.	PUNCT
ajfa-9297	167	31	leverage	leverage	NOUN
ajfa-9297	167	32	-0.168	-0.168	PUNCT
ajfa-9297	167	33	-0.044	-0.044	PROPN
ajfa-9297	168	1	-0.191	-0.191	SYM
ajfa-9297	168	2	-0.126	-0.126	NUM
ajfa-9297	168	3	-0.131	-0.131	PUNCT
ajfa-9297	168	4	0.511	0.511	NUM
ajfa-9297	168	5	1	1	NUM
ajfa-9297	168	6	8	8	NUM
ajfa-9297	168	7	.	.	PUNCT
ajfa-9297	169	1	roa	roa	PROPN
ajfa-9297	169	2	0.038	0.038	NUM
ajfa-9297	169	3	0.003	0.003	NUM
ajfa-9297	169	4	0.228	0.228	NUM
ajfa-9297	169	5	0.050	0.050	NUM
ajfa-9297	169	6	0.160	0.160	NUM
ajfa-9297	169	7	-0.334	-0.334	NOUN
ajfa-9297	169	8	-0.447	-0.447	NOUN
ajfa-9297	169	9	1	1	NUM
ajfa-9297	169	10	9	9	NUM
ajfa-9297	169	11	.	.	PUNCT
ajfa-9297	170	1	volatility	volatility	NOUN
ajfa-9297	170	2	0.016	0.016	NUM
ajfa-9297	170	3	-0.011	-0.011	NUM
ajfa-9297	170	4	0.073	0.073	NUM
ajfa-9297	170	5	-0.0495	-0.0495	ADV
ajfa-9297	170	6	-0.052	-0.052	NUM
ajfa-9297	170	7	-0.070	-0.070	NUM
ajfa-9297	170	8	0.021	0.021	NUM
ajfa-9297	170	9	0.187	0.187	NUM
ajfa-9297	170	10	1	1	NUM
ajfa-9297	170	11	notes	note	NOUN
ajfa-9297	170	12	:	:	PUNCT
ajfa-9297	171	1	bsize	bsize	NOUN
ajfa-9297	171	2	is	be	AUX
ajfa-9297	171	3	the	the	DET
ajfa-9297	171	4	number	number	NOUN
ajfa-9297	171	5	of	of	ADP
ajfa-9297	171	6	directors	director	NOUN
ajfa-9297	171	7	in	in	ADP
ajfa-9297	171	8	the	the	DET
ajfa-9297	171	9	board	board	NOUN
ajfa-9297	171	10	,	,	PUNCT
ajfa-9297	171	11	outdr	outdr	PROPN
ajfa-9297	171	12	is	be	AUX
ajfa-9297	171	13	the	the	DET
ajfa-9297	171	14	number	number	NOUN
ajfa-9297	171	15	of	of	ADP
ajfa-9297	171	16	outside	outside	ADJ
ajfa-9297	171	17	directors	director	NOUN
ajfa-9297	171	18	in	in	ADP
ajfa-9297	171	19	the	the	DET
ajfa-9297	171	20	board	board	NOUN
ajfa-9297	171	21	,	,	PUNCT
ajfa-9297	171	22	iown	iown	PROPN
ajfa-9297	171	23	is	be	AUX
ajfa-9297	171	24	the	the	DET
ajfa-9297	171	25	proportion	proportion	NOUN
ajfa-9297	171	26	of	of	ADP
ajfa-9297	171	27	shares	share	NOUN
ajfa-9297	171	28	owned	own	VERB
ajfa-9297	171	29	by	by	ADP
ajfa-9297	171	30	employees	employee	NOUN
ajfa-9297	171	31	,	,	PUNCT
ajfa-9297	171	32	directors	director	NOUN
ajfa-9297	171	33	…	…	PUNCT
ajfa-9297	171	34	,	,	PUNCT
ajfa-9297	171	35	timeliness	timeliness	NOUN
ajfa-9297	171	36	is	be	AUX
ajfa-9297	171	37	the	the	DET
ajfa-9297	171	38	maximum	maximum	ADJ
ajfa-9297	171	39	value	value	NOUN
ajfa-9297	171	40	(	(	PUNCT
ajfa-9297	171	41	60	60	NUM
ajfa-9297	171	42	days	day	NOUN
ajfa-9297	171	43	)	)	PUNCT
ajfa-9297	171	44	minus	minus	CCONJ
ajfa-9297	171	45	the	the	DET
ajfa-9297	171	46	number	number	NOUN
ajfa-9297	171	47	of	of	ADP
ajfa-9297	171	48	days	day	NOUN
ajfa-9297	171	49	the	the	DET
ajfa-9297	171	50	firm	firm	NOUN
ajfa-9297	171	51	takes	take	VERB
ajfa-9297	171	52	to	to	PART
ajfa-9297	171	53	release	release	VERB
ajfa-9297	171	54	its	its	PRON
ajfa-9297	171	55	annual	annual	ADJ
ajfa-9297	171	56	statements	statement	NOUN
ajfa-9297	171	57	after	after	ADP
ajfa-9297	171	58	the	the	DET
ajfa-9297	171	59	fiscal	fiscal	ADJ
ajfa-9297	171	60	year	year	NOUN
ajfa-9297	171	61	-	-	PUNCT
ajfa-9297	171	62	end	end	NOUN
ajfa-9297	171	63	,	,	PUNCT
ajfa-9297	171	64	gscore	gscore	ADV
ajfa-9297	171	65	is	be	AUX
ajfa-9297	171	66	the	the	DET
ajfa-9297	171	67	governance	governance	NOUN
ajfa-9297	171	68	score	score	NOUN
ajfa-9297	171	69	as	as	SCONJ
ajfa-9297	171	70	described	describe	VERB
ajfa-9297	171	71	above	above	ADV
ajfa-9297	171	72	,	,	PUNCT
ajfa-9297	171	73	fsize	fsize	NOUN
ajfa-9297	171	74	is	be	AUX
ajfa-9297	171	75	the	the	DET
ajfa-9297	171	76	natural	natural	ADJ
ajfa-9297	171	77	log	log	NOUN
ajfa-9297	171	78	of	of	ADP
ajfa-9297	171	79	total	total	ADJ
ajfa-9297	171	80	assets	asset	NOUN
ajfa-9297	171	81	,	,	PUNCT
ajfa-9297	171	82	leverage	leverage	NOUN
ajfa-9297	171	83	is	be	AUX
ajfa-9297	171	84	total	total	ADJ
ajfa-9297	171	85	debt	debt	NOUN
ajfa-9297	171	86	over	over	ADP
ajfa-9297	171	87	total	total	ADJ
ajfa-9297	171	88	assets	asset	NOUN
ajfa-9297	171	89	,	,	PUNCT
ajfa-9297	171	90	roa	roa	PROPN
ajfa-9297	171	91	is	be	AUX
ajfa-9297	171	92	operating	operate	VERB
ajfa-9297	171	93	income	income	NOUN
ajfa-9297	171	94	over	over	ADP
ajfa-9297	171	95	total	total	ADJ
ajfa-9297	171	96	assets	asset	NOUN
ajfa-9297	171	97	and	and	CCONJ
ajfa-9297	171	98	volatility	volatility	NOUN
ajfa-9297	171	99	is	be	AUX
ajfa-9297	171	100	the	the	DET
ajfa-9297	171	101	standard	standard	ADJ
ajfa-9297	171	102	deviation	deviation	NOUN
ajfa-9297	171	103	of	of	ADP
ajfa-9297	171	104	stock	stock	NOUN
ajfa-9297	171	105	returns	return	NOUN
ajfa-9297	171	106	over	over	ADP
ajfa-9297	171	107	the	the	DET
ajfa-9297	171	108	last	last	ADJ
ajfa-9297	171	109	60	60	NUM
ajfa-9297	171	110	months	month	NOUN
ajfa-9297	171	111	.	.	PUNCT
ajfa-9297	172	1	5.3	5.3	NUM
ajfa-9297	172	2	regression	regression	NOUN
ajfa-9297	172	3	analysis	analysis	NOUN
ajfa-9297	172	4	of	of	ADP
ajfa-9297	172	5	credit	credit	NOUN
ajfa-9297	172	6	rating	rating	NOUN
ajfa-9297	172	7	on	on	ADP
ajfa-9297	172	8	governance	governance	NOUN
ajfa-9297	172	9	variables	variable	NOUN
ajfa-9297	172	10	in	in	ADP
ajfa-9297	172	11	order	order	NOUN
ajfa-9297	172	12	to	to	PART
ajfa-9297	172	13	investigate	investigate	VERB
ajfa-9297	172	14	whether	whether	SCONJ
ajfa-9297	172	15	corporate	corporate	ADJ
ajfa-9297	172	16	governance	governance	NOUN
ajfa-9297	172	17	has	have	VERB
ajfa-9297	172	18	an	an	DET
ajfa-9297	172	19	effect	effect	NOUN
ajfa-9297	172	20	on	on	ADP
ajfa-9297	172	21	credit	credit	NOUN
ajfa-9297	172	22	ratings	rating	NOUN
ajfa-9297	172	23	we	we	PRON
ajfa-9297	172	24	use	use	VERB
ajfa-9297	172	25	a	a	DET
ajfa-9297	172	26	series	series	NOUN
ajfa-9297	172	27	of	of	ADP
ajfa-9297	172	28	ordered	order	VERB
ajfa-9297	172	29	probit	probit	NOUN
ajfa-9297	172	30	models	model	NOUN
ajfa-9297	172	31	with	with	ADP
ajfa-9297	172	32	panel	panel	NOUN
ajfa-9297	172	33	data	datum	NOUN
ajfa-9297	172	34	and	and	CCONJ
ajfa-9297	172	35	in	in	ADP
ajfa-9297	172	36	which	which	PRON
ajfa-9297	172	37	the	the	DET
ajfa-9297	172	38	dependent	dependent	ADJ
ajfa-9297	172	39	variable	variable	NOUN
ajfa-9297	172	40	is	be	AUX
ajfa-9297	172	41	the	the	DET
ajfa-9297	172	42	firm	firm	NOUN
ajfa-9297	172	43	’s	’s	PART
ajfa-9297	172	44	credit	credit	NOUN
ajfa-9297	172	45	rating	rating	NOUN
ajfa-9297	172	46	and	and	CCONJ
ajfa-9297	172	47	the	the	DET
ajfa-9297	172	48	explanatory	explanatory	ADJ
ajfa-9297	172	49	variables	variable	NOUN
ajfa-9297	172	50	are	be	AUX
ajfa-9297	172	51	the	the	DET
ajfa-9297	172	52	firm	firm	NOUN
ajfa-9297	172	53	’s	’s	PART
ajfa-9297	172	54	governance	governance	NOUN
ajfa-9297	172	55	attributes	attribute	NOUN
ajfa-9297	172	56	.	.	PUNCT
ajfa-9297	173	1	also	also	ADV
ajfa-9297	173	2	we	we	PRON
ajfa-9297	173	3	utilize	utilize	VERB
ajfa-9297	173	4	unbalanced	unbalanced	ADJ
ajfa-9297	173	5	panel	panel	NOUN
ajfa-9297	173	6	because	because	SCONJ
ajfa-9297	173	7	we	we	PRON
ajfa-9297	173	8	have	have	VERB
ajfa-9297	173	9	some	some	DET
ajfa-9297	173	10	missing	missing	ADJ
ajfa-9297	173	11	dataset	dataset	NOUN
ajfa-9297	173	12	.	.	PUNCT
ajfa-9297	174	1	this	this	DET
ajfa-9297	174	2	method	method	NOUN
ajfa-9297	174	3	was	be	AUX
ajfa-9297	174	4	inspired	inspire	VERB
ajfa-9297	174	5	by	by	ADP
ajfa-9297	174	6	the	the	DET
ajfa-9297	174	7	study	study	NOUN
ajfa-9297	174	8	of	of	ADP
ajfa-9297	174	9	aman	aman	NOUN
ajfa-9297	174	10	and	and	CCONJ
ajfa-9297	174	11	nguyen	nguyen	NOUN
ajfa-9297	174	12	(	(	PUNCT
ajfa-9297	174	13	2013	2013	NUM
ajfa-9297	174	14	)	)	PUNCT
ajfa-9297	174	15	.	.	PUNCT
ajfa-9297	175	1	we	we	PRON
ajfa-9297	175	2	use	use	VERB
ajfa-9297	175	3	model	model	NOUN
ajfa-9297	175	4	1	1	NUM
ajfa-9297	175	5	to	to	PART
ajfa-9297	175	6	identify	identify	VERB
ajfa-9297	175	7	whether	whether	SCONJ
ajfa-9297	175	8	larger	large	ADJ
ajfa-9297	175	9	boards	board	NOUN
ajfa-9297	175	10	are	be	AUX
ajfa-9297	175	11	associated	associate	VERB
ajfa-9297	175	12	with	with	ADP
ajfa-9297	175	13	higher	high	ADJ
ajfa-9297	175	14	credit	credit	NOUN
ajfa-9297	175	15	rating	rating	NOUN
ajfa-9297	175	16	.	.	PUNCT
ajfa-9297	176	1	model	model	NOUN
ajfa-9297	176	2	2	2	NUM
ajfa-9297	176	3	is	be	AUX
ajfa-9297	176	4	associated	associate	VERB
ajfa-9297	176	5	with	with	ADP
ajfa-9297	176	6	the	the	DET
ajfa-9297	176	7	ownership	ownership	NOUN
ajfa-9297	176	8	structure	structure	NOUN
ajfa-9297	176	9	.	.	PUNCT
ajfa-9297	177	1	model	model	NOUN
ajfa-9297	177	2	3	3	NUM
ajfa-9297	177	3	is	be	AUX
ajfa-9297	177	4	used	use	VERB
ajfa-9297	177	5	to	to	PART
ajfa-9297	177	6	identify	identify	VERB
ajfa-9297	177	7	whether	whether	SCONJ
ajfa-9297	177	8	transparency	transparency	NOUN
ajfa-9297	177	9	and	and	CCONJ
ajfa-9297	177	10	the	the	DET
ajfa-9297	177	11	information	information	NOUN
ajfa-9297	177	12	provided	provide	VERB
ajfa-9297	177	13	to	to	ADP
ajfa-9297	177	14	investors	investor	NOUN
ajfa-9297	177	15	are	be	AUX
ajfa-9297	177	16	associated	associate	VERB
ajfa-9297	177	17	with	with	ADP
ajfa-9297	177	18	higher	high	ADJ
ajfa-9297	177	19	credit	credit	NOUN
ajfa-9297	177	20	rating	rating	NOUN
ajfa-9297	177	21	.	.	PUNCT
ajfa-9297	178	1	model	model	NOUN
ajfa-9297	178	2	4	4	NUM
ajfa-9297	178	3	regroups	regroup	VERB
ajfa-9297	178	4	all	all	DET
ajfa-9297	178	5	the	the	DET
ajfa-9297	178	6	individual	individual	ADJ
ajfa-9297	178	7	governance	governance	NOUN
ajfa-9297	178	8	variables	variable	NOUN
ajfa-9297	178	9	that	that	PRON
ajfa-9297	178	10	are	be	AUX
ajfa-9297	178	11	included	include	VERB
ajfa-9297	178	12	in	in	ADP
ajfa-9297	178	13	the	the	DET
ajfa-9297	178	14	regression	regression	NOUN
ajfa-9297	178	15	to	to	PART
ajfa-9297	178	16	evaluate	evaluate	VERB
ajfa-9297	178	17	their	their	PRON
ajfa-9297	178	18	ability	ability	NOUN
ajfa-9297	178	19	to	to	PART
ajfa-9297	178	20	provide	provide	VERB
ajfa-9297	178	21	explanatory	explanatory	ADJ
ajfa-9297	178	22	power	power	NOUN
ajfa-9297	178	23	beyond	beyond	ADP
ajfa-9297	178	24	what	what	PRON
ajfa-9297	178	25	the	the	DET
ajfa-9297	178	26	other	other	ADJ
ajfa-9297	178	27	governance	governance	NOUN
ajfa-9297	178	28	(	(	PUNCT
ajfa-9297	178	29	and	and	CCONJ
ajfa-9297	178	30	control	control	NOUN
ajfa-9297	178	31	)	)	PUNCT
ajfa-9297	178	32	variables	variable	NOUN
ajfa-9297	178	33	already	already	ADV
ajfa-9297	178	34	explain	explain	VERB
ajfa-9297	178	35	,	,	PUNCT
ajfa-9297	178	36	and	and	CCONJ
ajfa-9297	178	37	model	model	NOUN
ajfa-9297	178	38	5	5	NUM
ajfa-9297	178	39	is	be	AUX
ajfa-9297	178	40	based	base	VERB
ajfa-9297	178	41	on	on	ADP
ajfa-9297	178	42	the	the	DET
ajfa-9297	178	43	aggregate	aggregate	ADJ
ajfa-9297	178	44	score	score	NOUN
ajfa-9297	178	45	calculated	calculate	VERB
ajfa-9297	178	46	by	by	ADP
ajfa-9297	178	47	principal	principal	ADJ
ajfa-9297	178	48	component	component	NOUN
ajfa-9297	178	49	analysis	analysis	NOUN
ajfa-9297	178	50	(	(	PUNCT
ajfa-9297	178	51	pca	pca	NOUN
ajfa-9297	178	52	)	)	PUNCT
ajfa-9297	178	53	.	.	PUNCT
ajfa-9297	179	1	asian	asian	ADJ
ajfa-9297	179	2	journal	journal	PROPN
ajfa-9297	179	3	of	of	ADP
ajfa-9297	179	4	finance	finance	PROPN
ajfa-9297	179	5	&	&	CCONJ
ajfa-9297	179	6	accounting	accounting	PROPN
ajfa-9297	179	7	issn	issn	PROPN
ajfa-9297	179	8	1946	1946	NUM
ajfa-9297	179	9	-	-	PUNCT
ajfa-9297	179	10	052x	052x	PROPN
ajfa-9297	179	11	2016	2016	NUM
ajfa-9297	179	12	,	,	PUNCT
ajfa-9297	179	13	vol	vol	NOUN
ajfa-9297	179	14	.	.	PROPN
ajfa-9297	179	15	8	8	NUM
ajfa-9297	179	16	,	,	PUNCT
ajfa-9297	179	17	no	no	INTJ
ajfa-9297	179	18	.	.	NOUN
ajfa-9297	179	19	1	1	NUM
ajfa-9297	179	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9297	179	21	206	206	NUM
ajfa-9297	179	22	table	table	NOUN
ajfa-9297	179	23	3	3	NUM
ajfa-9297	179	24	.	.	PUNCT
ajfa-9297	179	25	ordered	order	VERB
ajfa-9297	179	26	probit	probit	NOUN
ajfa-9297	179	27	regression	regression	NOUN
ajfa-9297	179	28	of	of	ADP
ajfa-9297	179	29	credit	credit	NOUN
ajfa-9297	179	30	rating	rating	NOUN
ajfa-9297	179	31	on	on	ADP
ajfa-9297	179	32	governance	governance	NOUN
ajfa-9297	179	33	variables	variable	NOUN
ajfa-9297	179	34	the	the	DET
ajfa-9297	179	35	table	table	NOUN
ajfa-9297	179	36	reports	report	VERB
ajfa-9297	179	37	the	the	DET
ajfa-9297	179	38	results	result	NOUN
ajfa-9297	179	39	from	from	ADP
ajfa-9297	179	40	regressions	regression	NOUN
ajfa-9297	179	41	in	in	ADP
ajfa-9297	179	42	panel	panel	NOUN
ajfa-9297	179	43	data	datum	NOUN
ajfa-9297	179	44	.	.	PUNCT
ajfa-9297	180	1	the	the	DET
ajfa-9297	180	2	use	use	NOUN
ajfa-9297	180	3	of	of	ADP
ajfa-9297	180	4	a	a	DET
ajfa-9297	180	5	robust	robust	ADJ
ajfa-9297	180	6	option	option	NOUN
ajfa-9297	180	7	for	for	ADP
ajfa-9297	180	8	estimating	estimate	VERB
ajfa-9297	180	9	the	the	DET
ajfa-9297	180	10	standard	standard	ADJ
ajfa-9297	180	11	errors	error	NOUN
ajfa-9297	180	12	is	be	AUX
ajfa-9297	180	13	based	base	VERB
ajfa-9297	180	14	on	on	ADP
ajfa-9297	180	15	a	a	DET
ajfa-9297	180	16	breusch	breusch	ADJ
ajfa-9297	180	17	-	-	PUNCT
ajfa-9297	180	18	pagan	pagan	ADJ
ajfa-9297	180	19	test	test	NOUN
ajfa-9297	180	20	for	for	ADP
ajfa-9297	180	21	heteroscedasticity	heteroscedasticity	NOUN
ajfa-9297	180	22	;	;	PUNCT
ajfa-9297	180	23	t	t	PROPN
ajfa-9297	180	24	-	-	PUNCT
ajfa-9297	180	25	statistics	statistic	NOUN
ajfa-9297	180	26	are	be	AUX
ajfa-9297	180	27	reported	report	VERB
ajfa-9297	180	28	in	in	ADP
ajfa-9297	180	29	parentheses	parenthesis	NOUN
ajfa-9297	180	30	.	.	PUNCT
ajfa-9297	181	1	dependent	dependent	ADJ
ajfa-9297	181	2	variable	variable	NOUN
ajfa-9297	181	3	:	:	PUNCT
ajfa-9297	181	4	crating	crate	VERB
ajfa-9297	181	5	variables	variable	NOUN
ajfa-9297	181	6	model	model	NOUN
ajfa-9297	181	7	1	1	NUM
ajfa-9297	181	8	model	model	NOUN
ajfa-9297	181	9	2	2	NUM
ajfa-9297	181	10	model	model	NOUN
ajfa-9297	181	11	3	3	NUM
ajfa-9297	181	12	model	model	NOUN
ajfa-9297	181	13	4	4	NUM
ajfa-9297	181	14	model	model	NOUN
ajfa-9297	181	15	5	5	NUM
ajfa-9297	181	16	governance	governance	NOUN
ajfa-9297	181	17	variables	variable	NOUN
ajfa-9297	181	18	:	:	PUNCT
ajfa-9297	181	19	bsize	bsize	NOUN
ajfa-9297	181	20	-0.0081944	-0.0081944	X
ajfa-9297	181	21	(	(	PUNCT
ajfa-9297	181	22	-0.68	-0.68	NOUN
ajfa-9297	181	23	)	)	PUNCT
ajfa-9297	181	24	-0.046278	-0.046278	NOUN
ajfa-9297	181	25	*	*	PUNCT
ajfa-9297	181	26	(	(	PUNCT
ajfa-9297	181	27	-2.16	-2.16	NOUN
ajfa-9297	181	28	)	)	PUNCT
ajfa-9297	181	29	outdr	outdr	VERB
ajfa-9297	181	30	0.0743726	0.0743726	NUM
ajfa-9297	181	31	*	*	SYM
ajfa-9297	181	32	(	(	PUNCT
ajfa-9297	181	33	2.21	2.21	NUM
ajfa-9297	181	34	)	)	PUNCT
ajfa-9297	181	35	0.0915511	0.0915511	NUM
ajfa-9297	181	36	(	(	PUNCT
ajfa-9297	181	37	1.49	1.49	NUM
ajfa-9297	181	38	)	)	PUNCT
ajfa-9297	181	39	iown	iown	VERB
ajfa-9297	181	40	0.2273908	0.2273908	NUM
ajfa-9297	181	41	(	(	PUNCT
ajfa-9297	181	42	-1.60	-1.60	ADJ
ajfa-9297	181	43	)	)	PUNCT
ajfa-9297	181	44	-0.03164	-0.03164	NOUN
ajfa-9297	182	1	*	*	PUNCT
ajfa-9297	182	2	*	*	PUNCT
ajfa-9297	182	3	(	(	PUNCT
ajfa-9297	182	4	-1.67	-1.67	INTJ
ajfa-9297	182	5	)	)	PUNCT
ajfa-9297	182	6	timeliness	timeliness	NOUN
ajfa-9297	182	7	-0.464515	-0.464515	NOUN
ajfa-9297	182	8	*	*	PUNCT
ajfa-9297	182	9	(	(	PUNCT
ajfa-9297	182	10	-2.82	-2.82	NUM
ajfa-9297	182	11	)	)	PUNCT
ajfa-9297	182	12	0.3676142	0.3676142	NUM
ajfa-9297	182	13	(	(	PUNCT
ajfa-9297	182	14	1.40	1.40	NUM
ajfa-9297	182	15	)	)	PUNCT
ajfa-9297	182	16	gscore	gscore	ADJ
ajfa-9297	182	17	-0.0764576	-0.0764576	NOUN
ajfa-9297	183	1	(	(	PUNCT
ajfa-9297	183	2	-0.64	-0.64	X
ajfa-9297	183	3	)	)	PUNCT
ajfa-9297	183	4	firm	firm	ADJ
ajfa-9297	183	5	characteristics	characteristic	NOUN
ajfa-9297	183	6	:	:	PUNCT
ajfa-9297	183	7	fsize	fsize	VERB
ajfa-9297	183	8	1.125332	1.125332	NUM
ajfa-9297	183	9	*	*	SYM
ajfa-9297	183	10	(	(	PUNCT
ajfa-9297	183	11	4.67	4.67	NUM
ajfa-9297	183	12	)	)	PUNCT
ajfa-9297	183	13	1.146093	1.146093	NUM
ajfa-9297	183	14	*	*	PUNCT
ajfa-9297	183	15	(	(	PUNCT
ajfa-9297	183	16	3.15	3.15	NUM
ajfa-9297	183	17	)	)	PUNCT
ajfa-9297	183	18	1.279802	1.279802	NUM
ajfa-9297	183	19	*	*	SYM
ajfa-9297	183	20	(	(	PUNCT
ajfa-9297	183	21	5.93	5.93	NUM
ajfa-9297	183	22	)	)	PUNCT
ajfa-9297	183	23	1.218704	1.218704	NUM
ajfa-9297	183	24	*	*	PUNCT
ajfa-9297	183	25	(	(	PUNCT
ajfa-9297	183	26	3.45	3.45	NUM
ajfa-9297	183	27	)	)	PUNCT
ajfa-9297	183	28	1.248876	1.248876	NUM
ajfa-9297	183	29	*	*	PUNCT
ajfa-9297	183	30	(	(	PUNCT
ajfa-9297	183	31	2.68	2.68	NUM
ajfa-9297	183	32	)	)	PUNCT
ajfa-9297	183	33	leverage	leverage	NOUN
ajfa-9297	183	34	-0.006933	-0.006933	NOUN
ajfa-9297	183	35	*	*	PUNCT
ajfa-9297	184	1	(	(	PUNCT
ajfa-9297	184	2	-6.83	-6.83	PROPN
ajfa-9297	184	3	)	)	PUNCT
ajfa-9297	184	4	-0.006338	-0.006338	NOUN
ajfa-9297	184	5	*	*	PUNCT
ajfa-9297	184	6	(	(	PUNCT
ajfa-9297	184	7	-3.85	-3.85	NOUN
ajfa-9297	184	8	)	)	PUNCT
ajfa-9297	184	9	-0.00809	-0.00809	NOUN
ajfa-9297	185	1	*	*	PUNCT
ajfa-9297	185	2	(	(	PUNCT
ajfa-9297	185	3	-7.83	-7.83	NOUN
ajfa-9297	185	4	)	)	PUNCT
ajfa-9297	185	5	-0.008017	-0.008017	NOUN
ajfa-9297	185	6	*	*	PUNCT
ajfa-9297	185	7	(	(	PUNCT
ajfa-9297	185	8	-4.26	-4.26	ADJ
ajfa-9297	185	9	)	)	PUNCT
ajfa-9297	185	10	-0.006236	-0.006236	NOUN
ajfa-9297	186	1	*	*	PUNCT
ajfa-9297	186	2	(	(	PUNCT
ajfa-9297	186	3	-3.61	-3.61	INTJ
ajfa-9297	186	4	)	)	PUNCT
ajfa-9297	186	5	roa	roa	PROPN
ajfa-9297	186	6	-0.0124177	-0.0124177	PROPN
ajfa-9297	186	7	(	(	PUNCT
ajfa-9297	186	8	-0.42	-0.42	NUM
ajfa-9297	186	9	)	)	PUNCT
ajfa-9297	186	10	-0.0120545	-0.0120545	NOUN
ajfa-9297	186	11	(	(	PUNCT
ajfa-9297	186	12	-0.25	-0.25	NUM
ajfa-9297	186	13	)	)	PUNCT
ajfa-9297	186	14	-0.059581	-0.059581	NOUN
ajfa-9297	186	15	*	*	PUNCT
ajfa-9297	186	16	(	(	PUNCT
ajfa-9297	186	17	-2.20	-2.20	NUM
ajfa-9297	186	18	)	)	PUNCT
ajfa-9297	186	19	-0.0079655	-0.0079655	NOUN
ajfa-9297	187	1	(	(	PUNCT
ajfa-9297	187	2	-0.16	-0.16	X
ajfa-9297	187	3	)	)	PUNCT
ajfa-9297	187	4	0.0030887	0.0030887	NUM
ajfa-9297	187	5	(	(	PUNCT
ajfa-9297	187	6	0.06	0.06	NUM
ajfa-9297	187	7	)	)	PUNCT
ajfa-9297	187	8	volatility	volatility	NOUN
ajfa-9297	187	9	0.0607296	0.0607296	NUM
ajfa-9297	187	10	(	(	PUNCT
ajfa-9297	187	11	1.36	1.36	NUM
ajfa-9297	187	12	)	)	PUNCT
ajfa-9297	187	13	0.2273908	0.2273908	NUM
ajfa-9297	187	14	*	*	PUNCT
ajfa-9297	187	15	(	(	PUNCT
ajfa-9297	187	16	2.67	2.67	NUM
ajfa-9297	187	17	)	)	PUNCT
ajfa-9297	187	18	0.098029	0.098029	NUM
ajfa-9297	187	19	*	*	PUNCT
ajfa-9297	187	20	(	(	PUNCT
ajfa-9297	187	21	2.75	2.75	NUM
ajfa-9297	187	22	)	)	PUNCT
ajfa-9297	187	23	0.1182618	0.1182618	NUM
ajfa-9297	187	24	(	(	PUNCT
ajfa-9297	187	25	1.46	1.46	NUM
ajfa-9297	187	26	)	)	PUNCT
ajfa-9297	187	27	0.320123	0.320123	NUM
ajfa-9297	187	28	*	*	PUNCT
ajfa-9297	187	29	(	(	PUNCT
ajfa-9297	187	30	2.29	2.29	NUM
ajfa-9297	187	31	)	)	PUNCT
ajfa-9297	187	32	wald	wald	NOUN
ajfa-9297	187	33	statistic	statistic	NOUN
ajfa-9297	187	34	60.78	60.78	NUM
ajfa-9297	187	35	*	*	PUNCT
ajfa-9297	188	1	24.52	24.52	NUM
ajfa-9297	188	2	*	*	SYM
ajfa-9297	188	3	69.54	69.54	NUM
ajfa-9297	188	4	*	*	SYM
ajfa-9297	188	5	54.51	54.51	NUM
ajfa-9297	188	6	*	*	SYM
ajfa-9297	188	7	21.50	21.50	NUM
ajfa-9297	188	8	*	*	PUNCT
ajfa-9297	188	9	pseudo	pseudo	NOUN
ajfa-9297	188	10	r2	r2	NOUN
ajfa-9297	188	11	0.0933	0.0933	NUM
ajfa-9297	188	12	0.1140	0.1140	NUM
ajfa-9297	188	13	0.1105	0.1105	NUM
ajfa-9297	188	14	0.1406	0.1406	NUM
ajfa-9297	188	15	0.1132	0.1132	NUM
ajfa-9297	188	16	n	n	CCONJ
ajfa-9297	188	17	394	394	NUM
ajfa-9297	188	18	154	154	NUM
ajfa-9297	188	19	395	395	NUM
ajfa-9297	188	20	146	146	NUM
ajfa-9297	188	21	110	110	NUM
ajfa-9297	188	22	notes	note	NOUN
ajfa-9297	188	23	:	:	PUNCT
ajfa-9297	188	24	crating	crate	VERB
ajfa-9297	188	25	is	be	AUX
ajfa-9297	188	26	the	the	DET
ajfa-9297	188	27	value	value	NOUN
ajfa-9297	188	28	corresponding	correspond	VERB
ajfa-9297	188	29	to	to	ADP
ajfa-9297	188	30	the	the	DET
ajfa-9297	188	31	long	long	ADJ
ajfa-9297	188	32	-	-	PUNCT
ajfa-9297	188	33	term	term	NOUN
ajfa-9297	188	34	rating	rating	NOUN
ajfa-9297	188	35	given	give	VERB
ajfa-9297	188	36	by	by	ADP
ajfa-9297	188	37	r&i	r&i	PROPN
ajfa-9297	188	38	,	,	PUNCT
ajfa-9297	188	39	bsize	bsize	VERB
ajfa-9297	188	40	is	be	AUX
ajfa-9297	188	41	the	the	DET
ajfa-9297	188	42	number	number	NOUN
ajfa-9297	188	43	of	of	ADP
ajfa-9297	188	44	directors	director	NOUN
ajfa-9297	188	45	in	in	ADP
ajfa-9297	188	46	the	the	DET
ajfa-9297	188	47	board	board	NOUN
ajfa-9297	188	48	,	,	PUNCT
ajfa-9297	188	49	outdr	outdr	PROPN
ajfa-9297	188	50	is	be	AUX
ajfa-9297	188	51	the	the	DET
ajfa-9297	188	52	number	number	NOUN
ajfa-9297	188	53	of	of	ADP
ajfa-9297	188	54	outside	outside	ADJ
ajfa-9297	188	55	directors	director	NOUN
ajfa-9297	188	56	in	in	ADP
ajfa-9297	188	57	the	the	DET
ajfa-9297	188	58	board	board	NOUN
ajfa-9297	188	59	,	,	PUNCT
ajfa-9297	188	60	iown	iown	PROPN
ajfa-9297	188	61	is	be	AUX
ajfa-9297	188	62	the	the	DET
ajfa-9297	188	63	proportion	proportion	NOUN
ajfa-9297	188	64	of	of	ADP
ajfa-9297	188	65	shares	share	NOUN
ajfa-9297	188	66	owned	own	VERB
ajfa-9297	188	67	by	by	ADP
ajfa-9297	188	68	employees	employee	NOUN
ajfa-9297	188	69	,	,	PUNCT
ajfa-9297	188	70	directors	director	NOUN
ajfa-9297	188	71	…	…	PUNCT
ajfa-9297	188	72	,	,	PUNCT
ajfa-9297	188	73	timeliness	timeliness	NOUN
ajfa-9297	188	74	is	be	AUX
ajfa-9297	188	75	the	the	DET
ajfa-9297	188	76	maximum	maximum	ADJ
ajfa-9297	188	77	value	value	NOUN
ajfa-9297	188	78	(	(	PUNCT
ajfa-9297	188	79	60	60	NUM
ajfa-9297	188	80	days	day	NOUN
ajfa-9297	188	81	)	)	PUNCT
ajfa-9297	188	82	minus	minus	CCONJ
ajfa-9297	188	83	the	the	DET
ajfa-9297	188	84	number	number	NOUN
ajfa-9297	188	85	of	of	ADP
ajfa-9297	188	86	days	day	NOUN
ajfa-9297	188	87	the	the	DET
ajfa-9297	188	88	firm	firm	NOUN
ajfa-9297	188	89	takes	take	VERB
ajfa-9297	188	90	to	to	PART
ajfa-9297	188	91	release	release	VERB
ajfa-9297	188	92	its	its	PRON
ajfa-9297	188	93	annual	annual	ADJ
ajfa-9297	188	94	statements	statement	NOUN
ajfa-9297	188	95	after	after	ADP
ajfa-9297	188	96	the	the	DET
ajfa-9297	188	97	fiscal	fiscal	ADJ
ajfa-9297	188	98	year	year	NOUN
ajfa-9297	188	99	-	-	PUNCT
ajfa-9297	188	100	end	end	NOUN
ajfa-9297	188	101	,	,	PUNCT
ajfa-9297	188	102	gscore	gscore	ADV
ajfa-9297	188	103	is	be	AUX
ajfa-9297	188	104	the	the	DET
ajfa-9297	188	105	governance	governance	NOUN
ajfa-9297	188	106	score	score	NOUN
ajfa-9297	188	107	as	as	SCONJ
ajfa-9297	188	108	described	describe	VERB
ajfa-9297	188	109	above	above	ADV
ajfa-9297	188	110	,	,	PUNCT
ajfa-9297	188	111	fsize	fsize	NOUN
ajfa-9297	188	112	is	be	AUX
ajfa-9297	188	113	the	the	DET
ajfa-9297	188	114	natural	natural	ADJ
ajfa-9297	188	115	log	log	NOUN
ajfa-9297	188	116	of	of	ADP
ajfa-9297	188	117	total	total	ADJ
ajfa-9297	188	118	assets	asset	NOUN
ajfa-9297	188	119	,	,	PUNCT
ajfa-9297	188	120	leverage	leverage	NOUN
ajfa-9297	188	121	is	be	AUX
ajfa-9297	188	122	total	total	ADJ
ajfa-9297	188	123	debt	debt	NOUN
ajfa-9297	188	124	over	over	ADP
ajfa-9297	188	125	total	total	ADJ
ajfa-9297	188	126	assets	asset	NOUN
ajfa-9297	188	127	,	,	PUNCT
ajfa-9297	188	128	roa	roa	PROPN
ajfa-9297	188	129	is	be	AUX
ajfa-9297	188	130	operating	operate	VERB
ajfa-9297	188	131	income	income	NOUN
ajfa-9297	188	132	over	over	ADP
ajfa-9297	188	133	total	total	ADJ
ajfa-9297	188	134	assets	asset	NOUN
ajfa-9297	188	135	and	and	CCONJ
ajfa-9297	188	136	volatility	volatility	NOUN
ajfa-9297	188	137	is	be	AUX
ajfa-9297	188	138	the	the	DET
ajfa-9297	188	139	standard	standard	ADJ
ajfa-9297	188	140	deviation	deviation	NOUN
ajfa-9297	188	141	of	of	ADP
ajfa-9297	188	142	stock	stock	NOUN
ajfa-9297	188	143	returns	return	NOUN
ajfa-9297	188	144	over	over	ADP
ajfa-9297	188	145	the	the	DET
ajfa-9297	188	146	last	last	ADJ
ajfa-9297	188	147	60	60	NUM
ajfa-9297	188	148	months	month	NOUN
ajfa-9297	188	149	;	;	PUNCT
ajfa-9297	188	150	*	*	PUNCT
ajfa-9297	188	151	significance	significance	NOUN
ajfa-9297	188	152	at	at	ADP
ajfa-9297	188	153	the	the	DET
ajfa-9297	188	154	5	5	NUM
ajfa-9297	188	155	%	%	NOUN
ajfa-9297	188	156	level	level	NOUN
ajfa-9297	188	157	;	;	PUNCT
ajfa-9297	188	158	*	*	PUNCT
ajfa-9297	188	159	*	*	NOUN
ajfa-9297	188	160	significance	significance	NOUN
ajfa-9297	188	161	at	at	ADP
ajfa-9297	188	162	the	the	DET
ajfa-9297	188	163	10	10	NUM
ajfa-9297	188	164	%	%	NOUN
ajfa-9297	188	165	level	level	NOUN
ajfa-9297	188	166	.	.	PUNCT
ajfa-9297	189	1	these	these	DET
ajfa-9297	189	2	results	result	NOUN
ajfa-9297	189	3	indicate	indicate	VERB
ajfa-9297	189	4	that	that	SCONJ
ajfa-9297	189	5	the	the	DET
ajfa-9297	189	6	overall	overall	ADJ
ajfa-9297	189	7	model	model	NOUN
ajfa-9297	189	8	is	be	AUX
ajfa-9297	189	9	statistically	statistically	ADV
ajfa-9297	189	10	significant	significant	ADJ
ajfa-9297	189	11	(	(	PUNCT
ajfa-9297	189	12	p	p	NOUN
ajfa-9297	189	13	-	-	PUNCT
ajfa-9297	189	14	value	value	NOUN
ajfa-9297	189	15	<	<	X
ajfa-9297	189	16	5%).to	5%).to	NUM
ajfa-9297	189	17	start	start	NOUN
ajfa-9297	189	18	with	with	ADP
ajfa-9297	189	19	model	model	NOUN
ajfa-9297	189	20	1	1	NUM
ajfa-9297	189	21	,	,	PUNCT
ajfa-9297	189	22	the	the	DET
ajfa-9297	189	23	coefficient	coefficient	NOUN
ajfa-9297	189	24	of	of	ADP
ajfa-9297	189	25	board	board	NOUN
ajfa-9297	189	26	size	size	NOUN
ajfa-9297	189	27	is	be	AUX
ajfa-9297	189	28	negative	negative	ADJ
ajfa-9297	189	29	and	and	CCONJ
ajfa-9297	189	30	not	not	PART
ajfa-9297	189	31	significant	significant	ADJ
ajfa-9297	189	32	.	.	PUNCT
ajfa-9297	190	1	in	in	ADP
ajfa-9297	190	2	contrast	contrast	NOUN
ajfa-9297	190	3	the	the	DET
ajfa-9297	190	4	coefficient	coefficient	NOUN
ajfa-9297	190	5	of	of	ADP
ajfa-9297	190	6	outside	outside	ADJ
ajfa-9297	190	7	directors	director	NOUN
ajfa-9297	190	8	is	be	AUX
ajfa-9297	190	9	positive	positive	ADJ
ajfa-9297	190	10	and	and	CCONJ
ajfa-9297	190	11	significant	significant	ADJ
ajfa-9297	190	12	at	at	ADP
ajfa-9297	190	13	the	the	DET
ajfa-9297	190	14	5	5	NUM
ajfa-9297	190	15	%	%	NOUN
ajfa-9297	190	16	and	and	CCONJ
ajfa-9297	190	17	this	this	DET
ajfa-9297	190	18	result	result	NOUN
ajfa-9297	190	19	reveals	reveal	VERB
ajfa-9297	190	20	that	that	SCONJ
ajfa-9297	190	21	asian	asian	ADJ
ajfa-9297	190	22	journal	journal	NOUN
ajfa-9297	190	23	of	of	ADP
ajfa-9297	190	24	finance	finance	PROPN
ajfa-9297	190	25	&	&	CCONJ
ajfa-9297	190	26	accounting	accounting	PROPN
ajfa-9297	190	27	issn	issn	PROPN
ajfa-9297	190	28	1946	1946	NUM
ajfa-9297	190	29	-	-	PUNCT
ajfa-9297	190	30	052x	052x	PROPN
ajfa-9297	190	31	2016	2016	NUM
ajfa-9297	190	32	,	,	PUNCT
ajfa-9297	190	33	vol	vol	NOUN
ajfa-9297	190	34	.	.	PROPN
ajfa-9297	190	35	8	8	NUM
ajfa-9297	190	36	,	,	PUNCT
ajfa-9297	190	37	no	no	INTJ
ajfa-9297	190	38	.	.	NOUN
ajfa-9297	190	39	1	1	NUM
ajfa-9297	190	40	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9297	190	41	207	207	NUM
ajfa-9297	190	42	outside	outside	ADJ
ajfa-9297	190	43	directors	director	NOUN
ajfa-9297	190	44	have	have	VERB
ajfa-9297	190	45	a	a	DET
ajfa-9297	190	46	positive	positive	ADJ
ajfa-9297	190	47	effect	effect	NOUN
ajfa-9297	190	48	on	on	ADP
ajfa-9297	190	49	credit	credit	NOUN
ajfa-9297	190	50	rating	rating	NOUN
ajfa-9297	190	51	.	.	PUNCT
ajfa-9297	191	1	therefore	therefore	ADV
ajfa-9297	191	2	,	,	PUNCT
ajfa-9297	191	3	independent	independent	ADJ
ajfa-9297	191	4	boards	board	NOUN
ajfa-9297	191	5	are	be	AUX
ajfa-9297	191	6	associated	associate	VERB
ajfa-9297	191	7	with	with	ADP
ajfa-9297	191	8	higher	high	ADJ
ajfa-9297	191	9	credit	credit	NOUN
ajfa-9297	191	10	rating	rating	NOUN
ajfa-9297	191	11	and	and	CCONJ
ajfa-9297	191	12	this	this	DET
ajfa-9297	191	13	finding	finding	NOUN
ajfa-9297	191	14	is	be	AUX
ajfa-9297	191	15	consistent	consistent	ADJ
ajfa-9297	191	16	with	with	ADP
ajfa-9297	191	17	bhojraj	bhojraj	NOUN
ajfa-9297	191	18	and	and	CCONJ
ajfa-9297	191	19	sengupta	sengupta	NOUN
ajfa-9297	191	20	(	(	PUNCT
ajfa-9297	191	21	2003	2003	NUM
ajfa-9297	191	22	)	)	PUNCT
ajfa-9297	191	23	,	,	PUNCT
ajfa-9297	191	24	they	they	PRON
ajfa-9297	191	25	found	find	VERB
ajfa-9297	191	26	that	that	DET
ajfa-9297	191	27	firm	firm	NOUN
ajfa-9297	191	28	with	with	ADP
ajfa-9297	191	29	independent	independent	ADJ
ajfa-9297	191	30	board	board	NOUN
ajfa-9297	191	31	has	have	VERB
ajfa-9297	191	32	a	a	DET
ajfa-9297	191	33	positive	positive	ADJ
ajfa-9297	191	34	effect	effect	NOUN
ajfa-9297	191	35	on	on	ADP
ajfa-9297	191	36	credit	credit	NOUN
ajfa-9297	191	37	ratings	rating	NOUN
ajfa-9297	191	38	and	and	CCONJ
ajfa-9297	191	39	contributes	contribute	VERB
ajfa-9297	191	40	to	to	PART
ajfa-9297	191	41	decrease	decrease	VERB
ajfa-9297	191	42	the	the	DET
ajfa-9297	191	43	cost	cost	NOUN
ajfa-9297	191	44	of	of	ADP
ajfa-9297	191	45	debt	debt	NOUN
ajfa-9297	191	46	of	of	ADP
ajfa-9297	191	47	us	us	PROPN
ajfa-9297	191	48	firms	firm	NOUN
ajfa-9297	191	49	.	.	PUNCT
ajfa-9297	192	1	the	the	DET
ajfa-9297	192	2	regression	regression	NOUN
ajfa-9297	192	3	in	in	ADP
ajfa-9297	192	4	model	model	NOUN
ajfa-9297	192	5	2	2	NUM
ajfa-9297	192	6	shows	show	VERB
ajfa-9297	192	7	that	that	SCONJ
ajfa-9297	192	8	the	the	DET
ajfa-9297	192	9	coefficient	coefficient	NOUN
ajfa-9297	192	10	of	of	ADP
ajfa-9297	192	11	insider	insider	NOUN
ajfa-9297	192	12	ownership	ownership	NOUN
ajfa-9297	192	13	which	which	PRON
ajfa-9297	192	14	refers	refer	VERB
ajfa-9297	192	15	to	to	ADP
ajfa-9297	192	16	ownership	ownership	NOUN
ajfa-9297	192	17	structure	structure	NOUN
ajfa-9297	192	18	is	be	AUX
ajfa-9297	192	19	positive	positive	ADJ
ajfa-9297	192	20	but	but	CCONJ
ajfa-9297	192	21	not	not	PART
ajfa-9297	192	22	significant	significant	ADJ
ajfa-9297	192	23	.	.	PUNCT
ajfa-9297	193	1	it	it	PRON
ajfa-9297	193	2	indicates	indicate	VERB
ajfa-9297	193	3	that	that	SCONJ
ajfa-9297	193	4	insider	insider	NOUN
ajfa-9297	193	5	ownership	ownership	NOUN
ajfa-9297	193	6	has	have	VERB
ajfa-9297	193	7	no	no	DET
ajfa-9297	193	8	effect	effect	NOUN
ajfa-9297	193	9	on	on	ADP
ajfa-9297	193	10	credit	credit	NOUN
ajfa-9297	193	11	rating	rating	NOUN
ajfa-9297	193	12	.	.	PUNCT
ajfa-9297	194	1	this	this	DET
ajfa-9297	194	2	lack	lack	NOUN
ajfa-9297	194	3	of	of	ADP
ajfa-9297	194	4	effect	effect	NOUN
ajfa-9297	194	5	may	may	AUX
ajfa-9297	194	6	be	be	AUX
ajfa-9297	194	7	due	due	ADJ
ajfa-9297	194	8	to	to	ADP
ajfa-9297	194	9	the	the	DET
ajfa-9297	194	10	confluence	confluence	NOUN
ajfa-9297	194	11	of	of	ADP
ajfa-9297	194	12	opposite	opposite	ADJ
ajfa-9297	194	13	factors	factor	NOUN
ajfa-9297	194	14	because	because	SCONJ
ajfa-9297	194	15	on	on	ADP
ajfa-9297	194	16	the	the	DET
ajfa-9297	194	17	one	one	NUM
ajfa-9297	194	18	hand	hand	NOUN
ajfa-9297	194	19	,	,	PUNCT
ajfa-9297	194	20	greater	great	ADJ
ajfa-9297	194	21	stock	stock	NOUN
ajfa-9297	194	22	ownership	ownership	NOUN
ajfa-9297	194	23	may	may	AUX
ajfa-9297	194	24	provide	provide	VERB
ajfa-9297	194	25	insider	insider	NOUN
ajfa-9297	194	26	more	more	ADJ
ajfa-9297	194	27	incentives	incentive	NOUN
ajfa-9297	194	28	to	to	PART
ajfa-9297	194	29	make	make	VERB
ajfa-9297	194	30	more	more	ADJ
ajfa-9297	194	31	effort	effort	NOUN
ajfa-9297	194	32	and	and	CCONJ
ajfa-9297	194	33	manager	manager	NOUN
ajfa-9297	194	34	the	the	DET
ajfa-9297	194	35	firm	firm	NOUN
ajfa-9297	194	36	more	more	ADV
ajfa-9297	194	37	effectively	effectively	ADV
ajfa-9297	194	38	.	.	PUNCT
ajfa-9297	195	1	on	on	ADP
ajfa-9297	195	2	the	the	DET
ajfa-9297	195	3	other	other	ADJ
ajfa-9297	195	4	hand	hand	NOUN
ajfa-9297	195	5	,	,	PUNCT
ajfa-9297	195	6	this	this	PRON
ajfa-9297	195	7	increases	increase	VERB
ajfa-9297	195	8	their	their	PRON
ajfa-9297	195	9	entrenchment	entrenchment	ADJ
ajfa-9297	195	10	effect	effect	NOUN
ajfa-9297	195	11	which	which	PRON
ajfa-9297	195	12	is	be	AUX
ajfa-9297	195	13	detrimental	detrimental	ADJ
ajfa-9297	195	14	to	to	ADP
ajfa-9297	195	15	debtholders	debtholder	NOUN
ajfa-9297	195	16	and	and	CCONJ
ajfa-9297	195	17	this	this	DET
ajfa-9297	195	18	result	result	NOUN
ajfa-9297	195	19	is	be	AUX
ajfa-9297	195	20	consistent	consistent	ADJ
ajfa-9297	195	21	with	with	ADP
ajfa-9297	195	22	aman	aman	NOUN
ajfa-9297	195	23	and	and	CCONJ
ajfa-9297	195	24	nguyen	nguyen	NOUN
ajfa-9297	195	25	(	(	PUNCT
ajfa-9297	195	26	2013	2013	NUM
ajfa-9297	195	27	)	)	PUNCT
ajfa-9297	195	28	.	.	PUNCT
ajfa-9297	196	1	we	we	PRON
ajfa-9297	196	2	focus	focus	VERB
ajfa-9297	196	3	now	now	ADV
ajfa-9297	196	4	on	on	ADP
ajfa-9297	196	5	model	model	NOUN
ajfa-9297	196	6	3	3	NUM
ajfa-9297	196	7	,	,	PUNCT
ajfa-9297	196	8	the	the	DET
ajfa-9297	196	9	coefficient	coefficient	NOUN
ajfa-9297	196	10	representing	represent	VERB
ajfa-9297	196	11	the	the	DET
ajfa-9297	196	12	quality	quality	NOUN
ajfa-9297	196	13	of	of	ADP
ajfa-9297	196	14	information	information	NOUN
ajfa-9297	196	15	is	be	AUX
ajfa-9297	196	16	negative	negative	ADJ
ajfa-9297	196	17	and	and	CCONJ
ajfa-9297	196	18	significant	significant	ADJ
ajfa-9297	196	19	at	at	ADP
ajfa-9297	196	20	the	the	DET
ajfa-9297	196	21	5	5	NUM
ajfa-9297	196	22	%	%	NOUN
ajfa-9297	196	23	level	level	NOUN
ajfa-9297	196	24	using	use	VERB
ajfa-9297	196	25	p	p	NOUN
ajfa-9297	196	26	-	-	PUNCT
ajfa-9297	196	27	value	value	NOUN
ajfa-9297	196	28	.	.	PUNCT
ajfa-9297	197	1	this	this	DET
ajfa-9297	197	2	result	result	NOUN
ajfa-9297	197	3	may	may	AUX
ajfa-9297	197	4	be	be	AUX
ajfa-9297	197	5	due	due	ADJ
ajfa-9297	197	6	to	to	ADP
ajfa-9297	197	7	the	the	DET
ajfa-9297	197	8	fact	fact	NOUN
ajfa-9297	197	9	that	that	SCONJ
ajfa-9297	197	10	these	these	DET
ajfa-9297	197	11	companies	company	NOUN
ajfa-9297	197	12	take	take	VERB
ajfa-9297	197	13	more	more	ADJ
ajfa-9297	197	14	time	time	NOUN
ajfa-9297	197	15	to	to	PART
ajfa-9297	197	16	release	release	VERB
ajfa-9297	197	17	its	its	PRON
ajfa-9297	197	18	annual	annual	ADJ
ajfa-9297	197	19	statements	statement	NOUN
ajfa-9297	197	20	and	and	CCONJ
ajfa-9297	197	21	this	this	PRON
ajfa-9297	197	22	will	will	AUX
ajfa-9297	197	23	lead	lead	VERB
ajfa-9297	197	24	to	to	PART
ajfa-9297	197	25	decrease	decrease	VERB
ajfa-9297	197	26	the	the	DET
ajfa-9297	197	27	rating	rating	NOUN
ajfa-9297	197	28	.	.	PUNCT
ajfa-9297	198	1	as	as	ADP
ajfa-9297	198	2	for	for	ADP
ajfa-9297	198	3	model	model	NOUN
ajfa-9297	198	4	4	4	NUM
ajfa-9297	198	5	,	,	PUNCT
ajfa-9297	198	6	the	the	DET
ajfa-9297	198	7	coefficient	coefficient	NOUN
ajfa-9297	198	8	of	of	ADP
ajfa-9297	198	9	board	board	NOUN
ajfa-9297	198	10	size	size	NOUN
ajfa-9297	198	11	becomes	become	VERB
ajfa-9297	198	12	significant	significant	ADJ
ajfa-9297	198	13	but	but	CCONJ
ajfa-9297	198	14	negative	negative	ADJ
ajfa-9297	198	15	which	which	PRON
ajfa-9297	198	16	reveals	reveal	VERB
ajfa-9297	198	17	that	that	SCONJ
ajfa-9297	198	18	higher	high	ADJ
ajfa-9297	198	19	credit	credit	NOUN
ajfa-9297	198	20	rating	rating	NOUN
ajfa-9297	198	21	is	be	AUX
ajfa-9297	198	22	associated	associate	VERB
ajfa-9297	198	23	with	with	ADP
ajfa-9297	198	24	smaller	small	ADJ
ajfa-9297	198	25	boards	board	NOUN
ajfa-9297	198	26	.	.	PUNCT
ajfa-9297	199	1	this	this	DET
ajfa-9297	199	2	result	result	NOUN
ajfa-9297	199	3	may	may	AUX
ajfa-9297	199	4	due	due	ADP
ajfa-9297	199	5	to	to	ADP
ajfa-9297	199	6	the	the	DET
ajfa-9297	199	7	fact	fact	NOUN
ajfa-9297	199	8	that	that	SCONJ
ajfa-9297	199	9	smaller	small	ADJ
ajfa-9297	199	10	boards	board	NOUN
ajfa-9297	199	11	are	be	AUX
ajfa-9297	199	12	more	more	ADV
ajfa-9297	199	13	effective	effective	ADJ
ajfa-9297	199	14	and	and	CCONJ
ajfa-9297	199	15	have	have	VERB
ajfa-9297	199	16	better	well	ADJ
ajfa-9297	199	17	monitoring	monitoring	NOUN
ajfa-9297	199	18	which	which	PRON
ajfa-9297	199	19	is	be	AUX
ajfa-9297	199	20	consistent	consistent	ADJ
ajfa-9297	199	21	with	with	ADP
ajfa-9297	199	22	eisenberg	eisenberg	PROPN
ajfa-9297	199	23	et	et	PROPN
ajfa-9297	199	24	al	al	PROPN
ajfa-9297	199	25	.	.	PROPN
ajfa-9297	200	1	(	(	PUNCT
ajfa-9297	200	2	1998	1998	NUM
ajfa-9297	200	3	)	)	PUNCT
ajfa-9297	200	4	who	who	PRON
ajfa-9297	200	5	found	find	VERB
ajfa-9297	200	6	that	that	SCONJ
ajfa-9297	200	7	when	when	SCONJ
ajfa-9297	200	8	boards	board	NOUN
ajfa-9297	200	9	become	become	VERB
ajfa-9297	200	10	larger	large	ADJ
ajfa-9297	200	11	agency	agency	NOUN
ajfa-9297	200	12	problems	problem	NOUN
ajfa-9297	200	13	tend	tend	VERB
ajfa-9297	200	14	to	to	PART
ajfa-9297	200	15	arise	arise	VERB
ajfa-9297	200	16	.	.	PUNCT
ajfa-9297	201	1	insider	insider	NOUN
ajfa-9297	201	2	ownership	ownership	NOUN
ajfa-9297	201	3	becomes	become	VERB
ajfa-9297	201	4	significant	significant	ADJ
ajfa-9297	201	5	with	with	ADP
ajfa-9297	201	6	negative	negative	ADJ
ajfa-9297	201	7	coefficient	coefficient	NOUN
ajfa-9297	201	8	.	.	PUNCT
ajfa-9297	202	1	therefore	therefore	ADV
ajfa-9297	202	2	,	,	PUNCT
ajfa-9297	202	3	higher	high	ADJ
ajfa-9297	202	4	credit	credit	NOUN
ajfa-9297	202	5	rating	rating	NOUN
ajfa-9297	202	6	is	be	AUX
ajfa-9297	202	7	associated	associate	VERB
ajfa-9297	202	8	with	with	ADP
ajfa-9297	202	9	less	less	ADJ
ajfa-9297	202	10	insider	insider	NOUN
ajfa-9297	202	11	ownership	ownership	NOUN
ajfa-9297	202	12	due	due	ADP
ajfa-9297	202	13	to	to	ADP
ajfa-9297	202	14	their	their	PRON
ajfa-9297	202	15	entrenchment	entrenchment	ADJ
ajfa-9297	202	16	effect	effect	NOUN
ajfa-9297	202	17	.	.	PUNCT
ajfa-9297	203	1	in	in	ADP
ajfa-9297	203	2	contrast	contrast	NOUN
ajfa-9297	203	3	outside	outside	ADP
ajfa-9297	203	4	directors	director	NOUN
ajfa-9297	203	5	and	and	CCONJ
ajfa-9297	203	6	timeliness	timeliness	NOUN
ajfa-9297	203	7	are	be	AUX
ajfa-9297	203	8	positive	positive	ADJ
ajfa-9297	203	9	but	but	CCONJ
ajfa-9297	203	10	not	not	PART
ajfa-9297	203	11	significant	significant	ADJ
ajfa-9297	203	12	.	.	PUNCT
ajfa-9297	204	1	governance	governance	NOUN
ajfa-9297	204	2	score	score	NOUN
ajfa-9297	204	3	in	in	ADP
ajfa-9297	204	4	model	model	NOUN
ajfa-9297	204	5	5	5	NUM
ajfa-9297	204	6	is	be	AUX
ajfa-9297	204	7	not	not	PART
ajfa-9297	204	8	significant	significant	ADJ
ajfa-9297	204	9	.	.	PUNCT
ajfa-9297	205	1	this	this	DET
ajfa-9297	205	2	result	result	NOUN
ajfa-9297	205	3	is	be	AUX
ajfa-9297	205	4	inconsistent	inconsistent	ADJ
ajfa-9297	205	5	with	with	ADP
ajfa-9297	205	6	aman	aman	NOUN
ajfa-9297	205	7	and	and	CCONJ
ajfa-9297	205	8	nguyen	nguyen	NOUN
ajfa-9297	205	9	(	(	PUNCT
ajfa-9297	205	10	2013	2013	NUM
ajfa-9297	205	11	)	)	PUNCT
ajfa-9297	205	12	due	due	ADP
ajfa-9297	205	13	to	to	ADP
ajfa-9297	205	14	the	the	DET
ajfa-9297	205	15	fact	fact	NOUN
ajfa-9297	205	16	that	that	SCONJ
ajfa-9297	205	17	we	we	PRON
ajfa-9297	205	18	do	do	AUX
ajfa-9297	205	19	n’t	not	PART
ajfa-9297	205	20	use	use	VERB
ajfa-9297	205	21	the	the	DET
ajfa-9297	205	22	same	same	ADJ
ajfa-9297	205	23	number	number	NOUN
ajfa-9297	205	24	of	of	ADP
ajfa-9297	205	25	items	item	NOUN
ajfa-9297	205	26	given	give	VERB
ajfa-9297	205	27	the	the	DET
ajfa-9297	205	28	lack	lack	NOUN
ajfa-9297	205	29	of	of	ADP
ajfa-9297	205	30	data	datum	NOUN
ajfa-9297	205	31	.	.	PUNCT
ajfa-9297	206	1	as	as	ADP
ajfa-9297	206	2	for	for	ADP
ajfa-9297	206	3	control	control	NOUN
ajfa-9297	206	4	variables	variable	NOUN
ajfa-9297	206	5	,	,	PUNCT
ajfa-9297	206	6	leverage	leverage	NOUN
ajfa-9297	206	7	have	have	VERB
ajfa-9297	206	8	a	a	DET
ajfa-9297	206	9	negative	negative	ADJ
ajfa-9297	206	10	and	and	CCONJ
ajfa-9297	206	11	significant	significant	ADJ
ajfa-9297	206	12	effect	effect	NOUN
ajfa-9297	206	13	on	on	ADP
ajfa-9297	206	14	credit	credit	NOUN
ajfa-9297	206	15	rating	rating	NOUN
ajfa-9297	206	16	in	in	ADP
ajfa-9297	206	17	all	all	DET
ajfa-9297	206	18	models	model	NOUN
ajfa-9297	206	19	so	so	ADV
ajfa-9297	206	20	increasing	increase	VERB
ajfa-9297	206	21	a	a	DET
ajfa-9297	206	22	firm	firm	NOUN
ajfa-9297	206	23	’s	’s	PART
ajfa-9297	206	24	leverage	leverage	NOUN
ajfa-9297	206	25	affect	affect	VERB
ajfa-9297	206	26	the	the	DET
ajfa-9297	206	27	cost	cost	NOUN
ajfa-9297	206	28	of	of	ADP
ajfa-9297	206	29	debt	debt	NOUN
ajfa-9297	206	30	financing	financing	NOUN
ajfa-9297	206	31	and	and	CCONJ
ajfa-9297	206	32	may	may	AUX
ajfa-9297	206	33	imply	imply	VERB
ajfa-9297	206	34	a	a	DET
ajfa-9297	206	35	lower	low	ADJ
ajfa-9297	206	36	credit	credit	NOUN
ajfa-9297	206	37	rating	rating	NOUN
ajfa-9297	206	38	which	which	PRON
ajfa-9297	206	39	is	be	AUX
ajfa-9297	206	40	consistent	consistent	ADJ
ajfa-9297	206	41	with	with	ADP
ajfa-9297	206	42	bhojraj	bhojraj	NOUN
ajfa-9297	206	43	and	and	CCONJ
ajfa-9297	206	44	sengupta	sengupta	NOUN
ajfa-9297	206	45	(	(	PUNCT
ajfa-9297	206	46	2003	2003	NUM
ajfa-9297	206	47	)	)	PUNCT
ajfa-9297	206	48	.	.	PUNCT
ajfa-9297	207	1	firm	firm	ADJ
ajfa-9297	207	2	size	size	NOUN
ajfa-9297	207	3	has	have	VERB
ajfa-9297	207	4	a	a	DET
ajfa-9297	207	5	positive	positive	ADJ
ajfa-9297	207	6	and	and	CCONJ
ajfa-9297	207	7	significant	significant	ADJ
ajfa-9297	207	8	effect	effect	NOUN
ajfa-9297	207	9	on	on	ADP
ajfa-9297	207	10	rating	rating	NOUN
ajfa-9297	207	11	,	,	PUNCT
ajfa-9297	207	12	therefore	therefore	ADV
ajfa-9297	207	13	larger	large	ADJ
ajfa-9297	207	14	firms	firm	NOUN
ajfa-9297	207	15	have	have	VERB
ajfa-9297	207	16	greater	great	ADJ
ajfa-9297	207	17	opportunities	opportunity	NOUN
ajfa-9297	207	18	to	to	PART
ajfa-9297	207	19	diversify	diversify	VERB
ajfa-9297	207	20	their	their	PRON
ajfa-9297	207	21	risks	risk	NOUN
ajfa-9297	207	22	across	across	ADP
ajfa-9297	207	23	a	a	DET
ajfa-9297	207	24	wider	wide	ADJ
ajfa-9297	207	25	range	range	NOUN
ajfa-9297	207	26	of	of	ADP
ajfa-9297	207	27	products	product	NOUN
ajfa-9297	207	28	and	and	CCONJ
ajfa-9297	207	29	markets	market	NOUN
ajfa-9297	207	30	,	,	PUNCT
ajfa-9297	207	31	and	and	CCONJ
ajfa-9297	207	32	thus	thus	ADV
ajfa-9297	207	33	are	be	AUX
ajfa-9297	207	34	expected	expect	VERB
ajfa-9297	207	35	to	to	PART
ajfa-9297	207	36	have	have	VERB
ajfa-9297	207	37	higher	high	ADJ
ajfa-9297	207	38	credit	credit	NOUN
ajfa-9297	207	39	ratings	rating	NOUN
ajfa-9297	207	40	as	as	SCONJ
ajfa-9297	207	41	mentioned	mention	VERB
ajfa-9297	207	42	by	by	ADP
ajfa-9297	207	43	shbaugh	shbaugh	NOUN
ajfa-9297	207	44	-	-	PUNCT
ajfa-9297	207	45	skaife	skaife	NOUN
ajfa-9297	207	46	et	et	PROPN
ajfa-9297	207	47	al	al	PROPN
ajfa-9297	207	48	.	.	PROPN
ajfa-9297	208	1	(	(	PUNCT
ajfa-9297	208	2	2006	2006	NUM
ajfa-9297	208	3	)	)	PUNCT
ajfa-9297	208	4	.	.	PUNCT
ajfa-9297	209	1	6	6	X
ajfa-9297	209	2	.	.	X
ajfa-9297	209	3	conclusion	conclusion	NOUN
ajfa-9297	209	4	the	the	DET
ajfa-9297	209	5	aim	aim	NOUN
ajfa-9297	209	6	of	of	ADP
ajfa-9297	209	7	our	our	PRON
ajfa-9297	209	8	research	research	NOUN
ajfa-9297	209	9	is	be	AUX
ajfa-9297	209	10	to	to	PART
ajfa-9297	209	11	investigate	investigate	VERB
ajfa-9297	209	12	whether	whether	SCONJ
ajfa-9297	209	13	corporate	corporate	ADJ
ajfa-9297	209	14	governance	governance	NOUN
ajfa-9297	209	15	has	have	VERB
ajfa-9297	209	16	an	an	DET
ajfa-9297	209	17	effect	effect	NOUN
ajfa-9297	209	18	on	on	ADP
ajfa-9297	209	19	credit	credit	NOUN
ajfa-9297	209	20	ratings	rating	NOUN
ajfa-9297	209	21	through	through	ADP
ajfa-9297	209	22	an	an	DET
ajfa-9297	209	23	empirical	empirical	ADJ
ajfa-9297	209	24	study	study	NOUN
ajfa-9297	209	25	of	of	ADP
ajfa-9297	209	26	a	a	DET
ajfa-9297	209	27	sample	sample	NOUN
ajfa-9297	209	28	of	of	ADP
ajfa-9297	209	29	75	75	NUM
ajfa-9297	209	30	japanese	japanese	ADJ
ajfa-9297	209	31	firms	firm	NOUN
ajfa-9297	209	32	listed	list	VERB
ajfa-9297	209	33	in	in	ADP
ajfa-9297	209	34	topix	topix	PROPN
ajfa-9297	209	35	100	100	NUM
ajfa-9297	209	36	during	during	ADP
ajfa-9297	209	37	the	the	DET
ajfa-9297	209	38	period	period	NOUN
ajfa-9297	209	39	2006	2006	NUM
ajfa-9297	209	40	-	-	SYM
ajfa-9297	209	41	2013	2013	NUM
ajfa-9297	209	42	and	and	CCONJ
ajfa-9297	209	43	using	use	VERB
ajfa-9297	209	44	panel	panel	NOUN
ajfa-9297	209	45	data	datum	NOUN
ajfa-9297	209	46	analysis	analysis	NOUN
ajfa-9297	209	47	method	method	NOUN
ajfa-9297	209	48	and	and	CCONJ
ajfa-9297	209	49	ordered	order	VERB
ajfa-9297	209	50	probit	probit	NOUN
ajfa-9297	209	51	model	model	NOUN
ajfa-9297	209	52	.	.	PUNCT
ajfa-9297	210	1	our	our	PRON
ajfa-9297	210	2	finding	finding	NOUN
ajfa-9297	210	3	is	be	AUX
ajfa-9297	210	4	consistent	consistent	ADJ
ajfa-9297	210	5	with	with	ADP
ajfa-9297	210	6	some	some	DET
ajfa-9297	210	7	other	other	ADJ
ajfa-9297	210	8	researches	research	NOUN
ajfa-9297	210	9	.	.	PUNCT
ajfa-9297	211	1	indeed	indeed	ADV
ajfa-9297	211	2	,	,	PUNCT
ajfa-9297	211	3	we	we	PRON
ajfa-9297	211	4	find	find	VERB
ajfa-9297	211	5	that	that	SCONJ
ajfa-9297	211	6	firms	firm	NOUN
ajfa-9297	211	7	with	with	ADP
ajfa-9297	211	8	higher	high	ADJ
ajfa-9297	211	9	proportion	proportion	NOUN
ajfa-9297	211	10	of	of	ADP
ajfa-9297	211	11	outside	outside	ADJ
ajfa-9297	211	12	directors	director	NOUN
ajfa-9297	211	13	are	be	AUX
ajfa-9297	211	14	associated	associate	VERB
ajfa-9297	211	15	with	with	ADP
ajfa-9297	211	16	higher	high	ADJ
ajfa-9297	211	17	credit	credit	NOUN
ajfa-9297	211	18	rating	rating	NOUN
ajfa-9297	211	19	due	due	ADP
ajfa-9297	211	20	to	to	ADP
ajfa-9297	211	21	the	the	DET
ajfa-9297	211	22	importance	importance	NOUN
ajfa-9297	211	23	of	of	ADP
ajfa-9297	211	24	independent	independent	ADJ
ajfa-9297	211	25	board	board	NOUN
ajfa-9297	211	26	to	to	PART
ajfa-9297	211	27	protect	protect	VERB
ajfa-9297	211	28	the	the	DET
ajfa-9297	211	29	interests	interest	NOUN
ajfa-9297	211	30	of	of	ADP
ajfa-9297	211	31	debtholders	debtholder	NOUN
ajfa-9297	211	32	.	.	PUNCT
ajfa-9297	212	1	and	and	CCONJ
ajfa-9297	212	2	for	for	ADP
ajfa-9297	212	3	size	size	NOUN
ajfa-9297	212	4	of	of	ADP
ajfa-9297	212	5	the	the	DET
ajfa-9297	212	6	board	board	NOUN
ajfa-9297	212	7	we	we	PRON
ajfa-9297	212	8	find	find	VERB
ajfa-9297	212	9	asian	asian	ADJ
ajfa-9297	212	10	journal	journal	NOUN
ajfa-9297	212	11	of	of	ADP
ajfa-9297	212	12	finance	finance	PROPN
ajfa-9297	212	13	&	&	CCONJ
ajfa-9297	212	14	accounting	accounting	PROPN
ajfa-9297	212	15	issn	issn	PROPN
ajfa-9297	212	16	1946	1946	NUM
ajfa-9297	212	17	-	-	PUNCT
ajfa-9297	212	18	052x	052x	PROPN
ajfa-9297	212	19	2016	2016	NUM
ajfa-9297	212	20	,	,	PUNCT
ajfa-9297	212	21	vol	vol	NOUN
ajfa-9297	212	22	.	.	PROPN
ajfa-9297	212	23	8	8	NUM
ajfa-9297	212	24	,	,	PUNCT
ajfa-9297	212	25	no	no	INTJ
ajfa-9297	212	26	.	.	NOUN
ajfa-9297	212	27	1	1	NUM
ajfa-9297	212	28	ajfa.macrothink.org	ajfa.macrothink.org	NOUN
ajfa-9297	212	29	208	208	NUM
ajfa-9297	212	30	that	that	SCONJ
ajfa-9297	212	31	higher	high	ADJ
ajfa-9297	212	32	credit	credit	NOUN
ajfa-9297	212	33	rating	rating	NOUN
ajfa-9297	212	34	is	be	AUX
ajfa-9297	212	35	associated	associate	VERB
ajfa-9297	212	36	with	with	ADP
ajfa-9297	212	37	smaller	small	ADJ
ajfa-9297	212	38	firms	firm	NOUN
ajfa-9297	212	39	which	which	PRON
ajfa-9297	212	40	are	be	AUX
ajfa-9297	212	41	more	more	ADV
ajfa-9297	212	42	effective	effective	ADJ
ajfa-9297	212	43	due	due	ADP
ajfa-9297	212	44	to	to	ADP
ajfa-9297	212	45	the	the	DET
ajfa-9297	212	46	fact	fact	NOUN
ajfa-9297	212	47	that	that	SCONJ
ajfa-9297	212	48	these	these	DET
ajfa-9297	212	49	firms	firm	NOUN
ajfa-9297	212	50	may	may	AUX
ajfa-9297	212	51	mitigate	mitigate	VERB
ajfa-9297	212	52	agency	agency	NOUN
ajfa-9297	212	53	problem	problem	NOUN
ajfa-9297	212	54	by	by	ADP
ajfa-9297	212	55	reducing	reduce	VERB
ajfa-9297	212	56	their	their	PRON
ajfa-9297	212	57	boards	board	NOUN
ajfa-9297	212	58	and	and	CCONJ
ajfa-9297	212	59	this	this	PRON
ajfa-9297	212	60	is	be	AUX
ajfa-9297	212	61	consistent	consistent	ADJ
ajfa-9297	212	62	with	with	ADP
ajfa-9297	212	63	eisenberg	eisenberg	PROPN
ajfa-9297	212	64	et	et	PROPN
ajfa-9297	212	65	al	al	PROPN
ajfa-9297	212	66	.	.	PUNCT
ajfa-9297	213	1	(	(	PUNCT
ajfa-9297	213	2	1998	1998	NUM
ajfa-9297	213	3	)	)	PUNCT
ajfa-9297	213	4	.	.	PUNCT
ajfa-9297	214	1	higher	high	ADJ
ajfa-9297	214	2	insider	insider	NOUN
ajfa-9297	214	3	ownership	ownership	NOUN
ajfa-9297	214	4	has	have	VERB
ajfa-9297	214	5	a	a	DET
ajfa-9297	214	6	negative	negative	ADJ
ajfa-9297	214	7	effect	effect	NOUN
ajfa-9297	214	8	on	on	ADP
ajfa-9297	214	9	credit	credit	NOUN
ajfa-9297	214	10	rating	rating	NOUN
ajfa-9297	214	11	because	because	SCONJ
ajfa-9297	214	12	of	of	ADP
ajfa-9297	214	13	the	the	DET
ajfa-9297	214	14	confluence	confluence	NOUN
ajfa-9297	214	15	of	of	ADP
ajfa-9297	214	16	opposite	opposite	ADJ
ajfa-9297	214	17	factors	factor	NOUN
ajfa-9297	214	18	especially	especially	ADV
ajfa-9297	214	19	their	their	PRON
ajfa-9297	214	20	negative	negative	ADJ
ajfa-9297	214	21	entrenchment	entrenchment	ADJ
ajfa-9297	214	22	effect	effect	NOUN
ajfa-9297	214	23	.	.	PUNCT
ajfa-9297	215	1	many	many	ADJ
ajfa-9297	215	2	researches	research	NOUN
ajfa-9297	215	3	have	have	AUX
ajfa-9297	215	4	approved	approve	VERB
ajfa-9297	215	5	that	that	PRON
ajfa-9297	215	6	timeliness	timeliness	NOUN
ajfa-9297	215	7	has	have	VERB
ajfa-9297	215	8	a	a	DET
ajfa-9297	215	9	positive	positive	ADJ
ajfa-9297	215	10	effect	effect	NOUN
ajfa-9297	215	11	on	on	ADP
ajfa-9297	215	12	credit	credit	NOUN
ajfa-9297	215	13	rating	rating	NOUN
ajfa-9297	215	14	.	.	PUNCT
ajfa-9297	216	1	indeed	indeed	ADV
ajfa-9297	216	2	,	,	PUNCT
ajfa-9297	216	3	timely	timely	ADJ
ajfa-9297	216	4	disclosure	disclosure	NOUN
ajfa-9297	216	5	(	(	PUNCT
ajfa-9297	216	6	quality	quality	NOUN
ajfa-9297	216	7	disclosure	disclosure	NOUN
ajfa-9297	216	8	)	)	PUNCT
ajfa-9297	216	9	reduces	reduce	VERB
ajfa-9297	216	10	information	information	NOUN
ajfa-9297	216	11	asymmetry	asymmetry	NOUN
ajfa-9297	216	12	and	and	CCONJ
ajfa-9297	216	13	therefore	therefore	ADV
ajfa-9297	216	14	mitigate	mitigate	VERB
ajfa-9297	216	15	agency	agency	NOUN
ajfa-9297	216	16	problems	problem	NOUN
ajfa-9297	216	17	but	but	CCONJ
ajfa-9297	216	18	in	in	ADP
ajfa-9297	216	19	our	our	PRON
ajfa-9297	216	20	sample	sample	NOUN
ajfa-9297	216	21	we	we	PRON
ajfa-9297	216	22	find	find	VERB
ajfa-9297	216	23	that	that	SCONJ
ajfa-9297	216	24	companies	company	NOUN
ajfa-9297	216	25	take	take	VERB
ajfa-9297	216	26	more	more	ADJ
ajfa-9297	216	27	time	time	NOUN
ajfa-9297	216	28	to	to	PART
ajfa-9297	216	29	circulate	circulate	VERB
ajfa-9297	216	30	their	their	PRON
ajfa-9297	216	31	information	information	NOUN
ajfa-9297	216	32	so	so	SCONJ
ajfa-9297	216	33	they	they	PRON
ajfa-9297	216	34	have	have	VERB
ajfa-9297	216	35	a	a	DET
ajfa-9297	216	36	problem	problem	NOUN
ajfa-9297	216	37	of	of	ADP
ajfa-9297	216	38	information	information	NOUN
ajfa-9297	216	39	asymmetry	asymmetry	NOUN
ajfa-9297	216	40	.	.	PUNCT
ajfa-9297	217	1	this	this	DET
ajfa-9297	217	2	paper	paper	NOUN
ajfa-9297	217	3	provides	provide	VERB
ajfa-9297	217	4	directions	direction	NOUN
ajfa-9297	217	5	for	for	ADP
ajfa-9297	217	6	future	future	ADJ
ajfa-9297	217	7	research	research	NOUN
ajfa-9297	217	8	by	by	ADP
ajfa-9297	217	9	introducing	introduce	VERB
ajfa-9297	217	10	more	more	ADJ
ajfa-9297	217	11	other	other	ADJ
ajfa-9297	217	12	explanatory	explanatory	ADJ
ajfa-9297	217	13	variables	variable	NOUN
ajfa-9297	217	14	to	to	PART
ajfa-9297	217	15	make	make	VERB
ajfa-9297	217	16	it	it	PRON
ajfa-9297	217	17	more	more	ADV
ajfa-9297	217	18	significant	significant	ADJ
ajfa-9297	217	19	.	.	PUNCT
ajfa-9297	218	1	in	in	ADP
ajfa-9297	218	2	addition	addition	NOUN
ajfa-9297	218	3	,	,	PUNCT
ajfa-9297	218	4	the	the	DET
ajfa-9297	218	5	study	study	NOUN
ajfa-9297	218	6	that	that	PRON
ajfa-9297	218	7	we	we	PRON
ajfa-9297	218	8	conduct	conduct	VERB
ajfa-9297	218	9	should	should	AUX
ajfa-9297	218	10	be	be	AUX
ajfa-9297	218	11	considered	consider	VERB
ajfa-9297	218	12	as	as	ADP
ajfa-9297	218	13	a	a	DET
ajfa-9297	218	14	preliminary	preliminary	ADJ
ajfa-9297	218	15	to	to	ADP
ajfa-9297	218	16	a	a	DET
ajfa-9297	218	17	more	more	ADV
ajfa-9297	218	18	complete	complete	ADJ
ajfa-9297	218	19	study	study	NOUN
ajfa-9297	218	20	on	on	ADP
ajfa-9297	218	21	a	a	DET
ajfa-9297	218	22	larger	large	ADJ
ajfa-9297	218	23	sample	sample	NOUN
ajfa-9297	218	24	.	.	PUNCT
ajfa-9297	219	1	references	reference	NOUN
ajfa-9297	219	2	adams	adams	PROPN
ajfa-9297	219	3	,	,	PUNCT
ajfa-9297	219	4	r.b	r.b	PROPN
ajfa-9297	219	5	.	.	PROPN
ajfa-9297	219	6	,	,	PUNCT
ajfa-9297	219	7	&	&	CCONJ
ajfa-9297	219	8	ferreira	ferreira	PROPN
ajfa-9297	219	9	,	,	PUNCT
ajfa-9297	219	10	d.	d.	PROPN
ajfa-9297	219	11	(	(	PUNCT
ajfa-9297	219	12	2007	2007	NUM
ajfa-9297	219	13	)	)	PUNCT
ajfa-9297	219	14	.	.	PUNCT
ajfa-9297	220	1	a	a	DET
ajfa-9297	220	2	theory	theory	NOUN
ajfa-9297	220	3	of	of	ADP
ajfa-9297	220	4	friendly	friendly	ADJ
ajfa-9297	220	5	boards	board	NOUN
ajfa-9297	220	6	.	.	PUNCT
ajfa-9297	221	1	journal	journal	NOUN
ajfa-9297	221	2	of	of	ADP
ajfa-9297	221	3	finance	finance	NOUN
ajfa-9297	221	4	,	,	PUNCT
ajfa-9297	221	5	26	26	NUM
ajfa-9297	221	6	,	,	PUNCT
ajfa-9297	221	7	217	217	NUM
ajfa-9297	221	8	-	-	SYM
ajfa-9297	221	9	250	250	NUM
ajfa-9297	221	10	.	.	PUNCT
ajfa-9297	222	1	http://dx.doi.org/10.1111/j.1540-6261.2007.01206.x	http://dx.doi.org/10.1111/j.1540-6261.2007.01206.x	ADJ
ajfa-9297	222	2	aman	aman	NOUN
ajfa-9297	222	3	,	,	PUNCT
ajfa-9297	222	4	h.	h.	PROPN
ajfa-9297	222	5	,	,	PUNCT
ajfa-9297	222	6	&	&	CCONJ
ajfa-9297	222	7	nguyen	nguyen	PROPN
ajfa-9297	222	8	,	,	PUNCT
ajfa-9297	222	9	p.	p.	NOUN
ajfa-9297	222	10	(	(	PUNCT
ajfa-9297	222	11	2013	2013	NUM
ajfa-9297	222	12	)	)	PUNCT
ajfa-9297	222	13	.	.	PUNCT
ajfa-9297	223	1	does	do	VERB
ajfa-9297	223	2	a	a	DET
ajfa-9297	223	3	good	good	ADJ
ajfa-9297	223	4	governance	governance	NOUN
ajfa-9297	223	5	matter	matter	NOUN
ajfa-9297	223	6	to	to	ADP
ajfa-9297	223	7	the	the	DET
ajfa-9297	223	8	debtholders	debtholder	NOUN
ajfa-9297	223	9	?	?	PUNCT
ajfa-9297	224	1	evidence	evidence	NOUN
ajfa-9297	224	2	from	from	ADP
ajfa-9297	224	3	the	the	DET
ajfa-9297	224	4	credit	credit	NOUN
ajfa-9297	224	5	rating	rating	NOUN
ajfa-9297	224	6	of	of	ADP
ajfa-9297	224	7	japanese	japanese	ADJ
ajfa-9297	224	8	firms	firm	NOUN
ajfa-9297	224	9	.	.	PUNCT
ajfa-9297	225	1	research	research	NOUN
ajfa-9297	225	2	in	in	ADP
ajfa-9297	225	3	international	international	ADJ
ajfa-9297	225	4	business	business	NOUN
ajfa-9297	225	5	and	and	CCONJ
ajfa-9297	225	6	finance	finance	NOUN
ajfa-9297	225	7	,	,	PUNCT
ajfa-9297	225	8	11	11	NUM
ajfa-9297	225	9	,	,	PUNCT
ajfa-9297	225	10	425	425	NUM
ajfa-9297	225	11	-	-	SYM
ajfa-9297	225	12	444	444	NUM
ajfa-9297	225	13	.	.	PUNCT
ajfa-9297	226	1	http://dx.doi.org/10.1016/j.ribaf.2013.02.002	http://dx.doi.org/10.1016/j.ribaf.2013.02.002	PROPN
ajfa-9297	226	2	amato	amato	PROPN
ajfa-9297	226	3	,	,	PUNCT
ajfa-9297	226	4	j.d	j.d	PROPN
ajfa-9297	226	5	.	.	PROPN
ajfa-9297	226	6	,	,	PUNCT
ajfa-9297	226	7	&	&	CCONJ
ajfa-9297	226	8	furfine	furfine	PROPN
ajfa-9297	226	9	,	,	PUNCT
ajfa-9297	226	10	c.h	c.h	PROPN
ajfa-9297	226	11	.	.	PROPN
ajfa-9297	226	12	(	(	PUNCT
ajfa-9297	226	13	2004	2004	NUM
ajfa-9297	226	14	)	)	PUNCT
ajfa-9297	226	15	.	.	PUNCT
ajfa-9297	227	1	are	be	AUX
ajfa-9297	227	2	credit	credit	NOUN
ajfa-9297	227	3	ratings	rating	NOUN
ajfa-9297	227	4	procyclical	procyclical	ADJ
ajfa-9297	227	5	?	?	PUNCT
ajfa-9297	228	1	journal	journal	NOUN
ajfa-9297	228	2	of	of	ADP
ajfa-9297	228	3	banking	banking	NOUN
ajfa-9297	228	4	and	and	CCONJ
ajfa-9297	228	5	finance	finance	NOUN
ajfa-9297	228	6	,	,	PUNCT
ajfa-9297	228	7	28	28	NUM
ajfa-9297	228	8	,	,	PUNCT
ajfa-9297	228	9	2641	2641	NUM
ajfa-9297	228	10	-	-	SYM
ajfa-9297	228	11	2677	2677	NUM
ajfa-9297	228	12	.	.	PUNCT
ajfa-9297	229	1	http://dx.doi.org/10.1016/j.jbankfin.2004.06.005	http://dx.doi.org/10.1016/j.jbankfin.2004.06.005	PROPN
ajfa-9297	229	2	anderson	anderson	PROPN
ajfa-9297	229	3	,	,	PUNCT
ajfa-9297	229	4	r.	r.	PROPN
ajfa-9297	229	5	,	,	PUNCT
ajfa-9297	229	6	mansi	mansi	PROPN
ajfa-9297	229	7	,	,	PUNCT
ajfa-9297	229	8	s.	s.	PROPN
ajfa-9297	229	9	,	,	PUNCT
ajfa-9297	229	10	&	&	CCONJ
ajfa-9297	229	11	reeb	reeb	PROPN
ajfa-9297	229	12	,	,	PUNCT
ajfa-9297	229	13	d.	d.	PROPN
ajfa-9297	229	14	(	(	PUNCT
ajfa-9297	229	15	2004	2004	NUM
ajfa-9297	229	16	)	)	PUNCT
ajfa-9297	229	17	.	.	PUNCT
ajfa-9297	230	1	board	board	NOUN
ajfa-9297	230	2	characteristics	characteristic	NOUN
ajfa-9297	230	3	,	,	PUNCT
ajfa-9297	230	4	accounting	accounting	NOUN
ajfa-9297	230	5	report	report	NOUN
ajfa-9297	230	6	integrity	integrity	NOUN
ajfa-9297	230	7	,	,	PUNCT
ajfa-9297	230	8	and	and	CCONJ
ajfa-9297	230	9	the	the	DET
ajfa-9297	230	10	cost	cost	NOUN
ajfa-9297	230	11	of	of	ADP
ajfa-9297	230	12	debt	debt	NOUN
ajfa-9297	230	13	.	.	PUNCT
ajfa-9297	231	1	journal	journal	NOUN
ajfa-9297	231	2	of	of	ADP
ajfa-9297	231	3	accounting	accounting	NOUN
ajfa-9297	231	4	and	and	CCONJ
ajfa-9297	231	5	economics	economic	NOUN
ajfa-9297	231	6	,	,	PUNCT
ajfa-9297	231	7	37	37	NUM
ajfa-9297	231	8	,	,	PUNCT
ajfa-9297	231	9	315–342	315–342	NUM
ajfa-9297	231	10	.	.	PUNCT
ajfa-9297	232	1	http://dx.doi.org/10.1016/j.jacceco.2004.01.004	http://dx.doi.org/10.1016/j.jacceco.2004.01.004	PROPN
ajfa-9297	232	2	andrea	andrea	PROPN
ajfa-9297	232	3	,	,	PUNCT
ajfa-9297	232	4	m.a.f	m.a.f	PROPN
ajfa-9297	232	5	.	.	PROPN
ajfa-9297	232	6	,	,	PUNCT
ajfa-9297	232	7	minardi	minardi	PROPN
ajfa-9297	232	8	,	,	PUNCT
ajfa-9297	232	9	a.z.s	a.z.s	NOUN
ajfa-9297	232	10	.	.	PROPN
ajfa-9297	232	11	,	,	PUNCT
ajfa-9297	232	12	&	&	CCONJ
ajfa-9297	232	13	rinaldo	rinaldo	PROPN
ajfa-9297	232	14	,	,	PUNCT
ajfa-9297	232	15	a.	a.	NOUN
ajfa-9297	232	16	(	(	PUNCT
ajfa-9297	232	17	2007	2007	NUM
ajfa-9297	232	18	)	)	PUNCT
ajfa-9297	232	19	.	.	PUNCT
ajfa-9297	233	1	a	a	DET
ajfa-9297	233	2	methodology	methodology	NOUN
ajfa-9297	233	3	for	for	ADP
ajfa-9297	233	4	estimating	estimate	VERB
ajfa-9297	233	5	credit	credit	NOUN
ajfa-9297	233	6	rating	rating	NOUN
ajfa-9297	233	7	and	and	CCONJ
ajfa-9297	233	8	the	the	DET
ajfa-9297	233	9	cost	cost	NOUN
ajfa-9297	233	10	of	of	ADP
ajfa-9297	233	11	debt	debt	NOUN
ajfa-9297	233	12	for	for	ADP
ajfa-9297	233	13	business	business	NOUN
ajfa-9297	233	14	units	unit	NOUN
ajfa-9297	233	15	and	and	CCONJ
ajfa-9297	233	16	privatelyheld	privatelyheld	ADJ
ajfa-9297	233	17	companies	company	NOUN
ajfa-9297	233	18	.	.	PUNCT
ajfa-9297	234	1	credit	credit	NOUN
ajfa-9297	234	2	scoring	scoring	NOUN
ajfa-9297	234	3	conference	conference	NOUN
ajfa-9297	234	4	,	,	PUNCT
ajfa-9297	234	5	the	the	DET
ajfa-9297	234	6	credit	credit	NOUN
ajfa-9297	234	7	research	research	NOUN
ajfa-9297	234	8	center	center	NOUN
ajfa-9297	234	9	,	,	PUNCT
ajfa-9297	234	10	united	united	ADJ
ajfa-9297	234	11	kingdom	kingdom	PROPN
ajfa-9297	234	12	.	.	PUNCT
ajfa-9297	235	1	ashbaugh	ashbaugh	PROPN
ajfa-9297	235	2	,	,	PUNCT
ajfa-9297	235	3	h.	h.	PROPN
ajfa-9297	235	4	,	,	PUNCT
ajfa-9297	235	5	collins	collins	PROPN
ajfa-9297	235	6	,	,	PUNCT
ajfa-9297	235	7	d.	d.	PROPN
ajfa-9297	235	8	,	,	PUNCT
ajfa-9297	235	9	&	&	CCONJ
ajfa-9297	235	10	lafond	lafond	PROPN
ajfa-9297	235	11	,	,	PUNCT
ajfa-9297	235	12	r.	r.	PROPN
ajfa-9297	235	13	(	(	PUNCT
ajfa-9297	235	14	2004	2004	NUM
ajfa-9297	235	15	)	)	PUNCT
ajfa-9297	235	16	.	.	PUNCT
ajfa-9297	236	1	the	the	DET
ajfa-9297	236	2	effects	effect	NOUN
ajfa-9297	236	3	of	of	ADP
ajfa-9297	236	4	corporate	corporate	ADJ
ajfa-9297	236	5	governance	governance	NOUN
ajfa-9297	236	6	on	on	ADP
ajfa-9297	236	7	firms	firm	NOUN
ajfa-9297	236	8	’	'	PUNCT
ajfa-9297	236	9	credit	credit	NOUN
ajfa-9297	236	10	ratings	rating	NOUN
ajfa-9297	236	11	.	.	PUNCT
ajfa-9297	237	1	working	work	VERB
ajfa-9297	237	2	paper	paper	NOUN
ajfa-9297	237	3	,	,	PUNCT
ajfa-9297	237	4	university	university	PROPN
ajfa-9297	237	5	of	of	ADP
ajfa-9297	237	6	iowa	iowa	PROPN
ajfa-9297	237	7	.	.	PUNCT
ajfa-9297	238	1	ashbaugh	ashbaugh	PROPN
ajfa-9297	238	2	-	-	PUNCT
ajfa-9297	238	3	skaife	skaife	NOUN
ajfa-9297	238	4	,	,	PUNCT
ajfa-9297	238	5	h.	h.	PROPN
ajfa-9297	238	6	,	,	PUNCT
ajfa-9297	238	7	collins	collins	PROPN
ajfa-9297	238	8	,	,	PUNCT
ajfa-9297	238	9	d.	d.	PROPN
ajfa-9297	238	10	,	,	PUNCT
ajfa-9297	238	11	&	&	CCONJ
ajfa-9297	238	12	lafond	lafond	PROPN
ajfa-9297	238	13	,	,	PUNCT
ajfa-9297	238	14	r.	r.	PROPN
ajfa-9297	238	15	(	(	PUNCT
ajfa-9297	238	16	2006	2006	NUM
ajfa-9297	238	17	)	)	PUNCT
ajfa-9297	238	18	.	.	PUNCT
ajfa-9297	239	1	the	the	DET
ajfa-9297	239	2	effects	effect	NOUN
ajfa-9297	239	3	of	of	ADP
ajfa-9297	239	4	corporate	corporate	ADJ
ajfa-9297	239	5	governance	governance	NOUN
ajfa-9297	239	6	on	on	ADP
ajfa-9297	239	7	firm	firm	NOUN
ajfa-9297	239	8	’s	’s	PART
ajfa-9297	239	9	credit	credit	NOUN
ajfa-9297	239	10	ratings	rating	NOUN
ajfa-9297	239	11	.	.	PUNCT
ajfa-9297	240	1	journal	journal	NOUN
ajfa-9297	240	2	of	of	ADP
ajfa-9297	240	3	accounting	accounting	NOUN
ajfa-9297	240	4	and	and	CCONJ
ajfa-9297	240	5	economics	economic	NOUN
ajfa-9297	240	6	,	,	PUNCT
ajfa-9297	240	7	42	42	NUM
ajfa-9297	240	8	,	,	PUNCT
ajfa-9297	240	9	203–243	203–243	NUM
ajfa-9297	240	10	.	.	PUNCT
ajfa-9297	241	1	http://dx.doi.org/10.1016/j.jacceco.2006.02.003	http://dx.doi.org/10.1016/j.jacceco.2006.02.003	NOUN
ajfa-9297	241	2	berle	berle	PROPN
ajfa-9297	241	3	,	,	PUNCT
ajfa-9297	241	4	a.a	a.a	PROPN
ajfa-9297	241	5	.	.	PROPN
ajfa-9297	241	6	,	,	PUNCT
ajfa-9297	241	7	&	&	CCONJ
ajfa-9297	241	8	means	means	PROPN
ajfa-9297	241	9	,	,	PUNCT
ajfa-9297	241	10	g.c	g.c	PROPN
ajfa-9297	241	11	.	.	PROPN
ajfa-9297	241	12	(	(	PUNCT
ajfa-9297	241	13	1934	1934	NUM
ajfa-9297	241	14	)	)	PUNCT
ajfa-9297	241	15	.	.	PUNCT
ajfa-9297	242	1	the	the	DET
ajfa-9297	242	2	modern	modern	ADJ
ajfa-9297	242	3	corporation	corporation	NOUN
ajfa-9297	242	4	and	and	CCONJ
ajfa-9297	242	5	private	private	ADJ
ajfa-9297	242	6	property	property	NOUN
ajfa-9297	242	7	,	,	PUNCT
ajfa-9297	242	8	new	new	PROPN
ajfa-9297	242	9	york	york	PROPN
ajfa-9297	242	10	:	:	PUNCT
ajfa-9297	242	11	the	the	DET
ajfa-9297	242	12	macmillan	macmillan	PROPN
ajfa-9297	242	13	company	company	NOUN
ajfa-9297	242	14	.	.	PUNCT
ajfa-9297	243	1	bhojraj	bhojraj	PROPN
ajfa-9297	243	2	,	,	PUNCT
ajfa-9297	243	3	s.	s.	PROPN
ajfa-9297	243	4	,	,	PUNCT
ajfa-9297	243	5	&	&	CCONJ
ajfa-9297	243	6	sengupta	sengupta	PROPN
ajfa-9297	243	7	,	,	PUNCT
ajfa-9297	243	8	p.	p.	NOUN
ajfa-9297	243	9	(	(	PUNCT
ajfa-9297	243	10	2003	2003	NUM
ajfa-9297	243	11	)	)	PUNCT
ajfa-9297	243	12	.	.	PUNCT
ajfa-9297	244	1	the	the	DET
ajfa-9297	244	2	effect	effect	NOUN
ajfa-9297	244	3	of	of	ADP
ajfa-9297	244	4	corporate	corporate	ADJ
ajfa-9297	244	5	governance	governance	NOUN
ajfa-9297	244	6	on	on	ADP
ajfa-9297	244	7	bond	bond	NOUN
ajfa-9297	244	8	ratings	rating	NOUN
ajfa-9297	244	9	and	and	CCONJ
ajfa-9297	244	10	yields	yield	NOUN
ajfa-9297	244	11	:	:	PUNCT
ajfa-9297	244	12	the	the	DET
ajfa-9297	244	13	role	role	NOUN
ajfa-9297	244	14	of	of	ADP
ajfa-9297	244	15	institutional	institutional	ADJ
ajfa-9297	244	16	investors	investor	NOUN
ajfa-9297	244	17	and	and	CCONJ
ajfa-9297	244	18	outside	outside	ADJ
ajfa-9297	244	19	directors	director	NOUN
ajfa-9297	244	20	.	.	PUNCT
ajfa-9297	245	1	the	the	DET
ajfa-9297	245	2	journal	journal	NOUN
ajfa-9297	245	3	of	of	ADP
ajfa-9297	245	4	business	business	NOUN
ajfa-9297	245	5	,	,	PUNCT
ajfa-9297	245	6	76	76	NUM
ajfa-9297	245	7	,	,	PUNCT
ajfa-9297	245	8	455	455	NUM
ajfa-9297	245	9	-	-	SYM
ajfa-9297	245	10	475	475	NUM
ajfa-9297	245	11	.	.	PUNCT
ajfa-9297	246	1	http://dx.doi.org/10.1086/344114	http://dx.doi.org/10.1086/344114	NOUN
ajfa-9297	246	2	asian	asian	PROPN
ajfa-9297	246	3	journal	journal	PROPN
ajfa-9297	246	4	of	of	ADP
ajfa-9297	246	5	finance	finance	PROPN
ajfa-9297	246	6	&	&	CCONJ
ajfa-9297	246	7	accounting	accounting	PROPN
ajfa-9297	246	8	issn	issn	PROPN
ajfa-9297	246	9	1946	1946	NUM
ajfa-9297	246	10	-	-	PUNCT
ajfa-9297	246	11	052x	052x	PROPN
ajfa-9297	246	12	2016	2016	NUM
ajfa-9297	246	13	,	,	PUNCT
ajfa-9297	246	14	vol	vol	NOUN
ajfa-9297	246	15	.	.	PROPN
ajfa-9297	246	16	8	8	NUM
ajfa-9297	246	17	,	,	PUNCT
ajfa-9297	246	18	no	no	INTJ
ajfa-9297	246	19	.	.	NOUN
ajfa-9297	246	20	1	1	NUM
ajfa-9297	246	21	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9297	246	22	209	209	NUM
ajfa-9297	246	23	bradley	bradley	NOUN
ajfa-9297	246	24	,	,	PUNCT
ajfa-9297	246	25	m.	m.	NOUN
ajfa-9297	246	26	,	,	PUNCT
ajfa-9297	246	27	&	&	CCONJ
ajfa-9297	246	28	chen	chen	PROPN
ajfa-9297	246	29	,	,	PUNCT
ajfa-9297	246	30	d.	d.	PROPN
ajfa-9297	246	31	(	(	PUNCT
ajfa-9297	246	32	2011	2011	NUM
ajfa-9297	246	33	)	)	PUNCT
ajfa-9297	246	34	.	.	PUNCT
ajfa-9297	247	1	corporate	corporate	ADJ
ajfa-9297	247	2	governance	governance	NOUN
ajfa-9297	247	3	and	and	CCONJ
ajfa-9297	247	4	the	the	DET
ajfa-9297	247	5	cost	cost	NOUN
ajfa-9297	247	6	of	of	ADP
ajfa-9297	247	7	debt	debt	NOUN
ajfa-9297	247	8	:	:	PUNCT
ajfa-9297	247	9	evidence	evidence	NOUN
ajfa-9297	247	10	from	from	ADP
ajfa-9297	247	11	director	director	NOUN
ajfa-9297	247	12	limited	limit	VERB
ajfa-9297	247	13	liability	liability	NOUN
ajfa-9297	247	14	and	and	CCONJ
ajfa-9297	247	15	indemnification	indemnification	NOUN
ajfa-9297	247	16	provisions	provision	NOUN
ajfa-9297	247	17	.	.	PUNCT
ajfa-9297	248	1	journal	journal	NOUN
ajfa-9297	248	2	of	of	ADP
ajfa-9297	248	3	corporate	corporate	ADJ
ajfa-9297	248	4	finance	finance	NOUN
ajfa-9297	248	5	,	,	PUNCT
ajfa-9297	248	6	17	17	NUM
ajfa-9297	248	7	,	,	PUNCT
ajfa-9297	248	8	83–107	83–107	PROPN
ajfa-9297	248	9	.	.	PUNCT
ajfa-9297	249	1	http://dx.doi.org/10.1016/j.jcorpfin.2010.08.001	http://dx.doi.org/10.1016/j.jcorpfin.2010.08.001	NOUN
ajfa-9297	249	2	conyon	conyon	NOUN
ajfa-9297	249	3	,	,	PUNCT
ajfa-9297	249	4	m.j	m.j	PROPN
ajfa-9297	249	5	.	.	PROPN
ajfa-9297	249	6	,	,	PUNCT
ajfa-9297	249	7	&	&	CCONJ
ajfa-9297	249	8	peck	peck	PROPN
ajfa-9297	249	9	,	,	PUNCT
ajfa-9297	249	10	s.i	s.i	PROPN
ajfa-9297	249	11	.	.	PROPN
ajfa-9297	249	12	(	(	PUNCT
ajfa-9297	249	13	1998	1998	NUM
ajfa-9297	249	14	)	)	PUNCT
ajfa-9297	249	15	.	.	PUNCT
ajfa-9297	250	1	board	board	NOUN
ajfa-9297	250	2	size	size	NOUN
ajfa-9297	250	3	and	and	CCONJ
ajfa-9297	250	4	corporate	corporate	ADJ
ajfa-9297	250	5	performance	performance	NOUN
ajfa-9297	250	6	:	:	PUNCT
ajfa-9297	250	7	evidence	evidence	NOUN
ajfa-9297	250	8	from	from	ADP
ajfa-9297	250	9	european	european	ADJ
ajfa-9297	250	10	countries	country	NOUN
ajfa-9297	250	11	.	.	PUNCT
ajfa-9297	251	1	the	the	DET
ajfa-9297	251	2	european	european	PROPN
ajfa-9297	251	3	journal	journal	PROPN
ajfa-9297	251	4	of	of	ADP
ajfa-9297	251	5	finance	finance	NOUN
ajfa-9297	251	6	,	,	PUNCT
ajfa-9297	251	7	4	4	NUM
ajfa-9297	251	8	,	,	PUNCT
ajfa-9297	251	9	291	291	NUM
ajfa-9297	251	10	-	-	SYM
ajfa-9297	251	11	304	304	NUM
ajfa-9297	251	12	.	.	PUNCT
ajfa-9297	252	1	http://dx.doi.org/10.1080/135184798337317	http://dx.doi.org/10.1080/135184798337317	PROPN
ajfa-9297	252	2	dalton	dalton	PROPN
ajfa-9297	252	3	,	,	PUNCT
ajfa-9297	252	4	d.	d.	PROPN
ajfa-9297	252	5	,	,	PUNCT
ajfa-9297	252	6	&	&	CCONJ
ajfa-9297	252	7	dalton	dalton	PROPN
ajfa-9297	252	8	,	,	PUNCT
ajfa-9297	252	9	c.r	c.r	PROPN
ajfa-9297	252	10	.	.	PROPN
ajfa-9297	252	11	(	(	PUNCT
ajfa-9297	252	12	2005	2005	NUM
ajfa-9297	252	13	)	)	PUNCT
ajfa-9297	252	14	.	.	PUNCT
ajfa-9297	253	1	boards	board	NOUN
ajfa-9297	253	2	of	of	ADP
ajfa-9297	253	3	directors	director	NOUN
ajfa-9297	253	4	:	:	PUNCT
ajfa-9297	253	5	utilizing	utilize	VERB
ajfa-9297	253	6	empirical	empirical	ADJ
ajfa-9297	253	7	evidence	evidence	NOUN
ajfa-9297	253	8	in	in	ADP
ajfa-9297	253	9	developing	develop	VERB
ajfa-9297	253	10	practical	practical	ADJ
ajfa-9297	253	11	prescriptions	prescription	NOUN
ajfa-9297	253	12	.	.	PUNCT
ajfa-9297	254	1	british	british	ADJ
ajfa-9297	254	2	journal	journal	PROPN
ajfa-9297	254	3	of	of	ADP
ajfa-9297	254	4	management	management	NOUN
ajfa-9297	254	5	,	,	PUNCT
ajfa-9297	254	6	16	16	NUM
ajfa-9297	254	7	,	,	PUNCT
ajfa-9297	254	8	s91	s91	NOUN
ajfa-9297	254	9	-	-	PUNCT
ajfa-9297	254	10	s97	s97	NOUN
ajfa-9297	254	11	.	.	PUNCT
ajfa-9297	255	1	http://dx.doi.org/10.1111/j.1467-8551.2005.00450.x	http://dx.doi.org/10.1111/j.1467-8551.2005.00450.x	PROPN
ajfa-9297	255	2	darren	darren	PROPN
ajfa-9297	255	3	j.	j.	PROPN
ajfa-9297	255	4	k.	k.	PROPN
ajfa-9297	256	1	(	(	PUNCT
ajfa-9297	256	2	2006	2006	NUM
ajfa-9297	256	3	)	)	PUNCT
ajfa-9297	256	4	.	.	PUNCT
ajfa-9297	257	1	credit	credit	NOUN
ajfa-9297	257	2	ratings	rating	NOUN
ajfa-9297	257	3	and	and	CCONJ
ajfa-9297	257	4	capital	capital	NOUN
ajfa-9297	257	5	structure	structure	NOUN
ajfa-9297	257	6	.	.	PUNCT
ajfa-9297	258	1	the	the	DET
ajfa-9297	258	2	journal	journal	PROPN
ajfa-9297	258	3	of	of	ADP
ajfa-9297	258	4	finance	finance	NOUN
ajfa-9297	258	5	,	,	PUNCT
ajfa-9297	258	6	61	61	NUM
ajfa-9297	258	7	,	,	PUNCT
ajfa-9297	258	8	1035–1072	1035–1072	NUM
ajfa-9297	258	9	.	.	PUNCT
ajfa-9297	259	1	http://dx.doi.org/10.1111/j.1540-6261.2006.00866.x	http://dx.doi.org/10.1111/j.1540-6261.2006.00866.x	VERB
ajfa-9297	259	2	demsetz	demsetz	NOUN
ajfa-9297	259	3	,	,	PUNCT
ajfa-9297	259	4	h.	h.	PROPN
ajfa-9297	259	5	(	(	PUNCT
ajfa-9297	259	6	1983	1983	NUM
ajfa-9297	259	7	)	)	PUNCT
ajfa-9297	259	8	.	.	PUNCT
ajfa-9297	260	1	the	the	DET
ajfa-9297	260	2	structure	structure	NOUN
ajfa-9297	260	3	of	of	ADP
ajfa-9297	260	4	ownership	ownership	NOUN
ajfa-9297	260	5	and	and	CCONJ
ajfa-9297	260	6	the	the	DET
ajfa-9297	260	7	theory	theory	NOUN
ajfa-9297	260	8	of	of	ADP
ajfa-9297	260	9	the	the	DET
ajfa-9297	260	10	firm	firm	NOUN
ajfa-9297	260	11	.	.	PUNCT
ajfa-9297	261	1	journal	journal	PROPN
ajfa-9297	261	2	of	of	ADP
ajfa-9297	261	3	law	law	NOUN
ajfa-9297	261	4	and	and	CCONJ
ajfa-9297	261	5	economics	economic	NOUN
ajfa-9297	261	6	,	,	PUNCT
ajfa-9297	261	7	26	26	NUM
ajfa-9297	261	8	,	,	PUNCT
ajfa-9297	261	9	375	375	NUM
ajfa-9297	261	10	-	-	SYM
ajfa-9297	261	11	390	390	NUM
ajfa-9297	261	12	.	.	PUNCT
ajfa-9297	262	1	http://dx.doi.org/10.1086/467041	http://dx.doi.org/10.1086/467041	PROPN
ajfa-9297	262	2	dunn	dunn	PROPN
ajfa-9297	262	3	,	,	PUNCT
ajfa-9297	262	4	d.	d.	PROPN
ajfa-9297	262	5	(	(	PUNCT
ajfa-9297	262	6	1987	1987	NUM
ajfa-9297	262	7	)	)	PUNCT
ajfa-9297	262	8	.	.	PUNCT
ajfa-9297	263	1	directors	director	NOUN
ajfa-9297	263	2	are	be	AUX
ajfa-9297	263	3	n’t	not	PART
ajfa-9297	263	4	doing	do	VERB
ajfa-9297	263	5	their	their	PRON
ajfa-9297	263	6	jobs	job	NOUN
ajfa-9297	263	7	.	.	PUNCT
ajfa-9297	264	1	fortune	fortune	NOUN
ajfa-9297	264	2	,	,	PUNCT
ajfa-9297	264	3	117–119	117–119	NUM
ajfa-9297	264	4	.	.	PUNCT
ajfa-9297	265	1	eisenberg	eisenberg	PROPN
ajfa-9297	265	2	,	,	PUNCT
ajfa-9297	265	3	t.	t.	PROPN
ajfa-9297	265	4	,	,	PUNCT
ajfa-9297	265	5	sundgren	sundgren	PROPN
ajfa-9297	265	6	,	,	PUNCT
ajfa-9297	265	7	s.	s.	PROPN
ajfa-9297	265	8	,	,	PUNCT
ajfa-9297	265	9	&	&	CCONJ
ajfa-9297	265	10	wells	wells	PROPN
ajfa-9297	265	11	,	,	PUNCT
ajfa-9297	265	12	m.t	m.t	PROPN
ajfa-9297	265	13	.	.	PROPN
ajfa-9297	265	14	(	(	PUNCT
ajfa-9297	265	15	1998	1998	NUM
ajfa-9297	265	16	)	)	PUNCT
ajfa-9297	265	17	.	.	PUNCT
ajfa-9297	266	1	larger	large	ADJ
ajfa-9297	266	2	board	board	NOUN
ajfa-9297	266	3	size	size	NOUN
ajfa-9297	266	4	and	and	CCONJ
ajfa-9297	266	5	decreasing	decrease	VERB
ajfa-9297	266	6	firm	firm	ADJ
ajfa-9297	266	7	value	value	NOUN
ajfa-9297	266	8	in	in	ADP
ajfa-9297	266	9	small	small	ADJ
ajfa-9297	266	10	firms	firm	NOUN
ajfa-9297	266	11	.	.	PUNCT
ajfa-9297	267	1	journal	journal	NOUN
ajfa-9297	267	2	of	of	ADP
ajfa-9297	267	3	financial	financial	ADJ
ajfa-9297	267	4	economics	economic	NOUN
ajfa-9297	267	5	,	,	PUNCT
ajfa-9297	267	6	48	48	NUM
ajfa-9297	267	7	,	,	PUNCT
ajfa-9297	267	8	35	35	NUM
ajfa-9297	267	9	-	-	SYM
ajfa-9297	267	10	54	54	NUM
ajfa-9297	267	11	.	.	PUNCT
ajfa-9297	268	1	http://dx.doi.org/10.1016/s0304-405x(98)00003-8	http://dx.doi.org/10.1016/s0304-405x(98)00003-8	NOUN
ajfa-9297	268	2	eisenhardt	eisenhardt	PROPN
ajfa-9297	268	3	,	,	PUNCT
ajfa-9297	268	4	k.m	k.m	PROPN
ajfa-9297	268	5	.	.	PROPN
ajfa-9297	269	1	(	(	PUNCT
ajfa-9297	269	2	1989	1989	NUM
ajfa-9297	269	3	)	)	PUNCT
ajfa-9297	269	4	.	.	PUNCT
ajfa-9297	270	1	agency	agency	NOUN
ajfa-9297	270	2	theory	theory	NOUN
ajfa-9297	270	3	:	:	PUNCT
ajfa-9297	270	4	an	an	DET
ajfa-9297	270	5	assessment	assessment	NOUN
ajfa-9297	270	6	and	and	CCONJ
ajfa-9297	270	7	review	review	NOUN
ajfa-9297	270	8	.	.	PUNCT
ajfa-9297	271	1	academy	academy	PROPN
ajfa-9297	271	2	of	of	ADP
ajfa-9297	271	3	management	management	PROPN
ajfa-9297	271	4	review	review	NOUN
ajfa-9297	271	5	,	,	PUNCT
ajfa-9297	271	6	14	14	NUM
ajfa-9297	271	7	,	,	PUNCT
ajfa-9297	271	8	57	57	NUM
ajfa-9297	271	9	-	-	SYM
ajfa-9297	271	10	74	74	NUM
ajfa-9297	271	11	.	.	PUNCT
ajfa-9297	272	1	fama	fama	PROPN
ajfa-9297	272	2	,	,	PUNCT
ajfa-9297	272	3	e.	e.	PROPN
ajfa-9297	272	4	,	,	PUNCT
ajfa-9297	272	5	&	&	CCONJ
ajfa-9297	272	6	jensen	jensen	PROPN
ajfa-9297	272	7	,	,	PUNCT
ajfa-9297	272	8	m.	m.	PROPN
ajfa-9297	272	9	c.	c.	PROPN
ajfa-9297	272	10	(	(	PUNCT
ajfa-9297	272	11	1983	1983	NUM
ajfa-9297	272	12	)	)	PUNCT
ajfa-9297	272	13	.	.	PUNCT
ajfa-9297	273	1	separation	separation	NOUN
ajfa-9297	273	2	of	of	ADP
ajfa-9297	273	3	ownership	ownership	NOUN
ajfa-9297	273	4	and	and	CCONJ
ajfa-9297	273	5	control	control	NOUN
ajfa-9297	273	6	.	.	PUNCT
ajfa-9297	274	1	journal	journal	PROPN
ajfa-9297	274	2	of	of	ADP
ajfa-9297	274	3	law	law	NOUN
ajfa-9297	274	4	and	and	CCONJ
ajfa-9297	274	5	economics	economic	NOUN
ajfa-9297	274	6	,	,	PUNCT
ajfa-9297	274	7	26	26	NUM
ajfa-9297	274	8	,	,	PUNCT
ajfa-9297	274	9	301	301	NUM
ajfa-9297	274	10	-	-	SYM
ajfa-9297	274	11	326	326	NUM
ajfa-9297	274	12	.	.	PUNCT
ajfa-9297	275	1	http://dx.doi.org/10.1086/467037	http://dx.doi.org/10.1086/467037	PROPN
ajfa-9297	275	2	firstenberg	firstenberg	PROPN
ajfa-9297	275	3	,	,	PUNCT
ajfa-9297	275	4	p.	p.	PROPN
ajfa-9297	275	5	,	,	PUNCT
ajfa-9297	275	6	&	&	CCONJ
ajfa-9297	275	7	malkiel	malkiel	PROPN
ajfa-9297	275	8	,	,	PUNCT
ajfa-9297	275	9	b.	b.	PROPN
ajfa-9297	275	10	(	(	PUNCT
ajfa-9297	275	11	1980	1980	NUM
ajfa-9297	275	12	)	)	PUNCT
ajfa-9297	275	13	.	.	PUNCT
ajfa-9297	276	1	why	why	SCONJ
ajfa-9297	276	2	corporate	corporate	ADJ
ajfa-9297	276	3	boards	board	NOUN
ajfa-9297	276	4	need	need	VERB
ajfa-9297	276	5	independent	independent	ADJ
ajfa-9297	276	6	directors	director	NOUN
ajfa-9297	276	7	.	.	PUNCT
ajfa-9297	277	1	management	management	NOUN
ajfa-9297	277	2	review	review	PROPN
ajfa-9297	277	3	.	.	PUNCT
ajfa-9297	278	1	management	management	NOUN
ajfa-9297	278	2	review	review	PROPN
ajfa-9297	278	3	,	,	PUNCT
ajfa-9297	278	4	69	69	NUM
ajfa-9297	278	5	,	,	PUNCT
ajfa-9297	278	6	26	26	NUM
ajfa-9297	278	7	-	-	SYM
ajfa-9297	278	8	38	38	NUM
ajfa-9297	278	9	.	.	PUNCT
ajfa-9297	279	1	han	han	PROPN
ajfa-9297	279	2	,	,	PUNCT
ajfa-9297	279	3	s.	s.	PROPN
ajfa-9297	279	4	,	,	PUNCT
ajfa-9297	279	5	kang	kang	PROPN
ajfa-9297	279	6	,	,	PUNCT
ajfa-9297	279	7	t.	t.	PROPN
ajfa-9297	279	8	,	,	PUNCT
ajfa-9297	279	9	jin	jin	PROPN
ajfa-9297	279	10	,	,	PUNCT
ajfa-9297	279	11	j.y	j.y	PROPN
ajfa-9297	279	12	.	.	PROPN
ajfa-9297	279	13	,	,	PUNCT
ajfa-9297	279	14	&	&	CCONJ
ajfa-9297	279	15	lobo	lobo	PROPN
ajfa-9297	279	16	,	,	PUNCT
ajfa-9297	279	17	g.j	g.j	PROPN
ajfa-9297	279	18	.	.	PROPN
ajfa-9297	279	19	(	(	PUNCT
ajfa-9297	279	20	2013	2013	NUM
ajfa-9297	279	21	)	)	PUNCT
ajfa-9297	279	22	.	.	PUNCT
ajfa-9297	280	1	managerial	managerial	ADJ
ajfa-9297	280	2	ownership	ownership	NOUN
ajfa-9297	280	3	and	and	CCONJ
ajfa-9297	280	4	financial	financial	ADJ
ajfa-9297	280	5	analysts	analyst	NOUN
ajfa-9297	280	6	'	'	PART
ajfa-9297	280	7	information	information	NOUN
ajfa-9297	280	8	environment	environment	NOUN
ajfa-9297	280	9	.	.	PUNCT
ajfa-9297	281	1	journal	journal	PROPN
ajfa-9297	281	2	of	of	ADP
ajfa-9297	281	3	business	business	NOUN
ajfa-9297	281	4	finance	finance	PROPN
ajfa-9297	281	5	&	&	CCONJ
ajfa-9297	281	6	accounting	accounting	PROPN
ajfa-9297	281	7	,	,	PUNCT
ajfa-9297	281	8	41	41	NUM
ajfa-9297	281	9	,	,	PUNCT
ajfa-9297	281	10	328–362	328–362	NUM
ajfa-9297	281	11	.	.	PUNCT
ajfa-9297	282	1	http://dx.doi.org/10.2139/ssrn.2267203	http://dx.doi.org/10.2139/ssrn.2267203	VERB
ajfa-9297	282	2	hung	hung	PROPN
ajfa-9297	282	3	,	,	PUNCT
ajfa-9297	282	4	k.	k.	PROPN
ajfa-9297	282	5	,	,	PUNCT
ajfa-9297	282	6	cheng	cheng	PROPN
ajfa-9297	282	7	,	,	PUNCT
ajfa-9297	282	8	h.w	h.w	PROPN
ajfa-9297	282	9	.	.	PROPN
ajfa-9297	282	10	,	,	PUNCT
ajfa-9297	282	11	chen	chen	PROPN
ajfa-9297	282	12	,	,	PUNCT
ajfa-9297	282	13	s.s	s.s	PROPN
ajfa-9297	282	14	.	.	PROPN
ajfa-9297	282	15	,	,	PUNCT
ajfa-9297	282	16	&	&	CCONJ
ajfa-9297	282	17	huang	huang	PROPN
ajfa-9297	282	18	,	,	PUNCT
ajfa-9297	282	19	y.c	y.c	PROPN
ajfa-9297	282	20	.	.	PROPN
ajfa-9297	282	21	(	(	PUNCT
ajfa-9297	282	22	2013	2013	NUM
ajfa-9297	282	23	)	)	PUNCT
ajfa-9297	282	24	.	.	PUNCT
ajfa-9297	283	1	factors	factor	NOUN
ajfa-9297	283	2	that	that	PRON
ajfa-9297	283	3	affect	affect	VERB
ajfa-9297	283	4	credit	credit	NOUN
ajfa-9297	283	5	rating	rating	NOUN
ajfa-9297	283	6	:	:	PUNCT
ajfa-9297	283	7	an	an	DET
ajfa-9297	283	8	application	application	NOUN
ajfa-9297	283	9	of	of	ADP
ajfa-9297	283	10	ordered	order	VERB
ajfa-9297	283	11	probit	probit	NOUN
ajfa-9297	283	12	models	model	NOUN
ajfa-9297	283	13	.	.	PUNCT
ajfa-9297	284	1	romanian	romanian	ADJ
ajfa-9297	284	2	journal	journal	PROPN
ajfa-9297	284	3	of	of	ADP
ajfa-9297	284	4	economic	economic	ADJ
ajfa-9297	284	5	forecasting	forecasting	NOUN
ajfa-9297	284	6	,	,	PUNCT
ajfa-9297	284	7	4	4	NUM
ajfa-9297	284	8	,	,	PUNCT
ajfa-9297	284	9	94	94	NUM
ajfa-9297	284	10	-	-	SYM
ajfa-9297	284	11	108	108	NUM
ajfa-9297	284	12	.	.	PUNCT
ajfa-9297	285	1	jeff	jeff	PROPN
ajfa-9297	285	2	,	,	PUNCT
ajfa-9297	285	3	s.	s.	PROPN
ajfa-9297	285	4	,	,	PUNCT
ajfa-9297	285	5	&	&	CCONJ
ajfa-9297	285	6	hisateru	hisateru	PROPN
ajfa-9297	285	7	g.	g.	PROPN
ajfa-9297	285	8	,	,	PUNCT
ajfa-9297	285	9	j.	j.	PROPN
ajfa-9297	285	10	(	(	PUNCT
ajfa-9297	285	11	2014	2014	NUM
ajfa-9297	285	12	)	)	PUNCT
ajfa-9297	285	13	.	.	PUNCT
ajfa-9297	286	1	japan	japan	PROPN
ajfa-9297	286	2	’s	’s	PART
ajfa-9297	286	3	slow	slow	ADJ
ajfa-9297	286	4	embrace	embrace	NOUN
ajfa-9297	286	5	of	of	ADP
ajfa-9297	286	6	outside	outside	ADJ
ajfa-9297	286	7	directors	director	NOUN
ajfa-9297	286	8	.	.	PUNCT
ajfa-9297	287	1	published	publish	VERB
ajfa-9297	287	2	in	in	ADP
ajfa-9297	287	3	the	the	DET
ajfa-9297	287	4	asian	asian	ADJ
ajfa-9297	287	5	lawyer	lawyer	NOUN
ajfa-9297	287	6	on	on	ADP
ajfa-9297	287	7	july	july	PROPN
ajfa-9297	287	8	.	.	PUNCT
ajfa-9297	288	1	jensen	jensen	PROPN
ajfa-9297	288	2	,	,	PUNCT
ajfa-9297	288	3	m.	m.	PROPN
ajfa-9297	288	4	c.	c.	PROPN
ajfa-9297	288	5	,	,	PUNCT
ajfa-9297	288	6	&	&	CCONJ
ajfa-9297	288	7	meckling	meckling	PROPN
ajfa-9297	288	8	,	,	PUNCT
ajfa-9297	288	9	w.	w.	PROPN
ajfa-9297	288	10	h.	h.	PROPN
ajfa-9297	288	11	(	(	PUNCT
ajfa-9297	288	12	1976	1976	NUM
ajfa-9297	288	13	)	)	PUNCT
ajfa-9297	288	14	.	.	PUNCT
ajfa-9297	289	1	theory	theory	NOUN
ajfa-9297	289	2	of	of	ADP
ajfa-9297	289	3	the	the	DET
ajfa-9297	289	4	firm	firm	NOUN
ajfa-9297	289	5	:	:	PUNCT
ajfa-9297	289	6	managerial	managerial	ADJ
ajfa-9297	289	7	behavior	behavior	NOUN
ajfa-9297	289	8	,	,	PUNCT
ajfa-9297	289	9	agency	agency	NOUN
ajfa-9297	289	10	costs	cost	NOUN
ajfa-9297	289	11	and	and	CCONJ
ajfa-9297	289	12	ownership	ownership	NOUN
ajfa-9297	289	13	structure	structure	NOUN
ajfa-9297	289	14	.	.	PUNCT
ajfa-9297	290	1	journal	journal	NOUN
ajfa-9297	290	2	of	of	ADP
ajfa-9297	290	3	financial	financial	ADJ
ajfa-9297	290	4	economics	economic	NOUN
ajfa-9297	290	5	,	,	PUNCT
ajfa-9297	290	6	3	3	NUM
ajfa-9297	290	7	,	,	PUNCT
ajfa-9297	290	8	305	305	NUM
ajfa-9297	290	9	-	-	SYM
ajfa-9297	290	10	360	360	NUM
ajfa-9297	290	11	.	.	PUNCT
ajfa-9297	291	1	http://dx.doi.org/10.1016/0304-405x(76)90026-x	http://dx.doi.org/10.1016/0304-405x(76)90026-x	PROPN
ajfa-9297	291	2	jensen	jensen	PROPN
ajfa-9297	291	3	,	,	PUNCT
ajfa-9297	291	4	m.c	m.c	PROPN
ajfa-9297	291	5	.	.	PROPN
ajfa-9297	291	6	,	,	PUNCT
ajfa-9297	291	7	&	&	CCONJ
ajfa-9297	291	8	kevin	kevin	PROPN
ajfa-9297	291	9	j.m	j.m	PROPN
ajfa-9297	291	10	.	.	PROPN
ajfa-9297	291	11	(	(	PUNCT
ajfa-9297	291	12	1990	1990	NUM
ajfa-9297	291	13	)	)	PUNCT
ajfa-9297	291	14	.	.	PUNCT
ajfa-9297	292	1	technical	technical	ADJ
ajfa-9297	292	2	appendix	appendix	NOUN
ajfa-9297	292	3	:	:	PUNCT
ajfa-9297	292	4	how	how	SCONJ
ajfa-9297	292	5	we	we	PRON
ajfa-9297	292	6	estimate	estimate	VERB
ajfa-9297	292	7	ceo	ceo	NOUN
ajfa-9297	292	8	pay	pay	NOUN
ajfa-9297	292	9	for	for	ADP
ajfa-9297	292	10	performance	performance	NOUN
ajfa-9297	292	11	.	.	PUNCT
ajfa-9297	293	1	(	(	PUNCT
ajfa-9297	293	2	courtesy	courtesy	NOUN
ajfa-9297	293	3	of	of	ADP
ajfa-9297	293	4	kevin	kevin	PROPN
ajfa-9297	293	5	murphy	murphy	PROPN
ajfa-9297	293	6	)	)	PUNCT
ajfa-9297	293	7	.	.	PUNCT
ajfa-9297	294	1	asian	asian	ADJ
ajfa-9297	294	2	journal	journal	PROPN
ajfa-9297	294	3	of	of	ADP
ajfa-9297	294	4	finance	finance	PROPN
ajfa-9297	294	5	&	&	CCONJ
ajfa-9297	294	6	accounting	accounting	PROPN
ajfa-9297	294	7	issn	issn	PROPN
ajfa-9297	294	8	1946	1946	NUM
ajfa-9297	294	9	-	-	PUNCT
ajfa-9297	294	10	052x	052x	PROPN
ajfa-9297	294	11	2016	2016	NUM
ajfa-9297	294	12	,	,	PUNCT
ajfa-9297	294	13	vol	vol	NOUN
ajfa-9297	294	14	.	.	PROPN
ajfa-9297	294	15	8	8	NUM
ajfa-9297	294	16	,	,	PUNCT
ajfa-9297	294	17	no	no	INTJ
ajfa-9297	294	18	.	.	NOUN
ajfa-9297	294	19	1	1	NUM
ajfa-9297	294	20	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9297	294	21	210	210	NUM
ajfa-9297	294	22	kennedy	kennedy	PROPN
ajfa-9297	294	23	,	,	PUNCT
ajfa-9297	294	24	p.	p.	NOUN
ajfa-9297	294	25	(	(	PUNCT
ajfa-9297	294	26	1985	1985	NUM
ajfa-9297	294	27	)	)	PUNCT
ajfa-9297	294	28	.	.	PUNCT
ajfa-9297	295	1	a	a	DET
ajfa-9297	295	2	guide	guide	NOUN
ajfa-9297	295	3	to	to	ADP
ajfa-9297	295	4	econometrics	econometrics	NOUN
ajfa-9297	295	5	(	(	PUNCT
ajfa-9297	295	6	2nd	2nd	ADJ
ajfa-9297	295	7	ed	ed	NOUN
ajfa-9297	295	8	.	.	PUNCT
ajfa-9297	295	9	)	)	PUNCT
ajfa-9297	295	10	.	.	PUNCT
ajfa-9297	296	1	cambridge	cambridge	PROPN
ajfa-9297	296	2	,	,	PUNCT
ajfa-9297	296	3	c	c	X
ajfa-9297	296	4	:	:	PUNCT
ajfa-9297	296	5	the	the	DET
ajfa-9297	296	6	mit	mit	PROPN
ajfa-9297	296	7	press	press	NOUN
ajfa-9297	296	8	.	.	PUNCT
ajfa-9297	297	1	klein	klein	PROPN
ajfa-9297	297	2	,	,	PUNCT
ajfa-9297	297	3	l.	l.	PROPN
ajfa-9297	297	4	,	,	PUNCT
ajfa-9297	297	5	o'brien	o'brien	PROPN
ajfa-9297	297	6	,	,	PUNCT
ajfa-9297	297	7	t.	t.	PROPN
ajfa-9297	297	8	,	,	PUNCT
ajfa-9297	297	9	&	&	CCONJ
ajfa-9297	297	10	peters	peters	PROPN
ajfa-9297	297	11	,	,	PUNCT
ajfa-9297	297	12	s.	s.	PROPN
ajfa-9297	297	13	(	(	PUNCT
ajfa-9297	297	14	2002	2002	NUM
ajfa-9297	297	15	)	)	PUNCT
ajfa-9297	297	16	.	.	PUNCT
ajfa-9297	298	1	debt	debt	NOUN
ajfa-9297	298	2	vs.	vs.	ADP
ajfa-9297	298	3	equity	equity	NOUN
ajfa-9297	298	4	and	and	CCONJ
ajfa-9297	298	5	asymmetric	asymmetric	ADJ
ajfa-9297	298	6	information	information	NOUN
ajfa-9297	298	7	:	:	PUNCT
ajfa-9297	298	8	a	a	DET
ajfa-9297	298	9	review	review	NOUN
ajfa-9297	298	10	.	.	PUNCT
ajfa-9297	299	1	financial	financial	ADJ
ajfa-9297	299	2	review	review	PROPN
ajfa-9297	299	3	,	,	PUNCT
ajfa-9297	299	4	37	37	NUM
ajfa-9297	299	5	,	,	PUNCT
ajfa-9297	299	6	317	317	NUM
ajfa-9297	299	7	-	-	SYM
ajfa-9297	299	8	350	350	NUM
ajfa-9297	299	9	.	.	PUNCT
ajfa-9297	300	1	http://dx.doi.org/10.1111/1540-6288.00017	http://dx.doi.org/10.1111/1540-6288.00017	PROPN
ajfa-9297	300	2	kor	kor	PROPN
ajfa-9297	300	3	,	,	PUNCT
ajfa-9297	300	4	y.y	y.y	PROPN
ajfa-9297	300	5	.	.	PROPN
ajfa-9297	300	6	,	,	PUNCT
ajfa-9297	300	7	&	&	CCONJ
ajfa-9297	300	8	sundaramurthy	sundaramurthy	PROPN
ajfa-9297	300	9	,	,	PUNCT
ajfa-9297	300	10	c.	c.	PROPN
ajfa-9297	300	11	(	(	PUNCT
ajfa-9297	300	12	2009	2009	NUM
ajfa-9297	300	13	)	)	PUNCT
ajfa-9297	300	14	.	.	PUNCT
ajfa-9297	301	1	experience	experience	NOUN
ajfa-9297	301	2	based	base	VERB
ajfa-9297	301	3	human	human	ADJ
ajfa-9297	301	4	capital	capital	NOUN
ajfa-9297	301	5	and	and	CCONJ
ajfa-9297	301	6	social	social	ADJ
ajfa-9297	301	7	capital	capital	NOUN
ajfa-9297	301	8	of	of	ADP
ajfa-9297	301	9	outside	outside	ADJ
ajfa-9297	301	10	directors	director	NOUN
ajfa-9297	301	11	.	.	PUNCT
ajfa-9297	302	1	journal	journal	PROPN
ajfa-9297	302	2	of	of	ADP
ajfa-9297	302	3	management	management	NOUN
ajfa-9297	302	4	,	,	PUNCT
ajfa-9297	302	5	35	35	NUM
ajfa-9297	302	6	,	,	PUNCT
ajfa-9297	302	7	981	981	NUM
ajfa-9297	302	8	-	-	SYM
ajfa-9297	302	9	1006	1006	NUM
ajfa-9297	302	10	.	.	PUNCT
ajfa-9297	303	1	http://dx.doi.org/10.1177/0149206308321551	http://dx.doi.org/10.1177/0149206308321551	PROPN
ajfa-9297	303	2	lawrence	lawrence	PROPN
ajfa-9297	303	3	,	,	PUNCT
ajfa-9297	303	4	j.	j.	PROPN
ajfa-9297	303	5	w.	w.	PROPN
ajfa-9297	303	6	(	(	PUNCT
ajfa-9297	303	7	2013	2013	NUM
ajfa-9297	303	8	)	)	PUNCT
ajfa-9297	303	9	.	.	PUNCT
ajfa-9297	304	1	credit	credit	NOUN
ajfa-9297	304	2	rating	rating	NOUN
ajfa-9297	304	3	agencies	agency	NOUN
ajfa-9297	304	4	:	:	PUNCT
ajfa-9297	304	5	an	an	DET
ajfa-9297	304	6	overview	overview	NOUN
ajfa-9297	304	7	.	.	PUNCT
ajfa-9297	305	1	annual	annual	ADJ
ajfa-9297	305	2	review	review	NOUN
ajfa-9297	305	3	of	of	ADP
ajfa-9297	305	4	financial	financial	ADJ
ajfa-9297	305	5	economics	economic	NOUN
ajfa-9297	305	6	,	,	PUNCT
ajfa-9297	305	7	5	5	NUM
ajfa-9297	305	8	,	,	PUNCT
ajfa-9297	305	9	93	93	NUM
ajfa-9297	305	10	-	-	SYM
ajfa-9297	305	11	122	122	NUM
ajfa-9297	305	12	.	.	PUNCT
ajfa-9297	306	1	http://dx.doi.org/10.1146/annurev-financial-110112-120942	http://dx.doi.org/10.1146/annurev-financial-110112-120942	PROPN
ajfa-9297	306	2	lee	lee	PROPN
ajfa-9297	306	3	,	,	PUNCT
ajfa-9297	306	4	h.	h.	PROPN
ajfa-9297	306	5	,	,	PUNCT
ajfa-9297	306	6	mande	mande	PROPN
ajfa-9297	306	7	,	,	PUNCT
ajfa-9297	306	8	v.	v.	PROPN
ajfa-9297	306	9	,	,	PUNCT
ajfa-9297	306	10	&	&	CCONJ
ajfa-9297	306	11	son	son	PROPN
ajfa-9297	306	12	,	,	PUNCT
ajfa-9297	306	13	m.	m.	NOUN
ajfa-9297	306	14	(	(	PUNCT
ajfa-9297	306	15	2008	2008	NUM
ajfa-9297	306	16	)	)	PUNCT
ajfa-9297	306	17	.	.	PUNCT
ajfa-9297	307	1	a	a	DET
ajfa-9297	307	2	comparison	comparison	NOUN
ajfa-9297	307	3	of	of	ADP
ajfa-9297	307	4	reporting	reporting	NOUN
ajfa-9297	307	5	lags	lag	NOUN
ajfa-9297	307	6	of	of	ADP
ajfa-9297	307	7	multinational	multinational	ADJ
ajfa-9297	307	8	and	and	CCONJ
ajfa-9297	307	9	domestic	domestic	ADJ
ajfa-9297	307	10	firms	firm	NOUN
ajfa-9297	307	11	.	.	PUNCT
ajfa-9297	308	1	journal	journal	PROPN
ajfa-9297	308	2	of	of	ADP
ajfa-9297	308	3	international	international	ADJ
ajfa-9297	308	4	financial	financial	ADJ
ajfa-9297	308	5	management	management	NOUN
ajfa-9297	308	6	and	and	CCONJ
ajfa-9297	308	7	accounting	accounting	NOUN
ajfa-9297	308	8	,	,	PUNCT
ajfa-9297	308	9	19	19	NUM
ajfa-9297	308	10	,	,	PUNCT
ajfa-9297	308	11	28–56	28–56	NUM
ajfa-9297	308	12	.	.	PUNCT
ajfa-9297	309	1	http://dx.doi.org/10.1111/j.1467-646x.2008.01015.x	http://dx.doi.org/10.1111/j.1467-646x.2008.01015.x	PROPN
ajfa-9297	309	2	lehn	lehn	NOUN
ajfa-9297	309	3	,	,	PUNCT
ajfa-9297	309	4	k.	k.	PROPN
ajfa-9297	309	5	,	,	PUNCT
ajfa-9297	309	6	sukesh	sukesh	NOUN
ajfa-9297	309	7	,	,	PUNCT
ajfa-9297	309	8	p.	p.	PROPN
ajfa-9297	309	9	,	,	PUNCT
ajfa-9297	309	10	&	&	CCONJ
ajfa-9297	309	11	zhao	zhao	NOUN
ajfa-9297	309	12	,	,	PUNCT
ajfa-9297	309	13	m.	m.	NOUN
ajfa-9297	309	14	(	(	PUNCT
ajfa-9297	309	15	2004	2004	NUM
ajfa-9297	309	16	)	)	PUNCT
ajfa-9297	309	17	.	.	PUNCT
ajfa-9297	310	1	determinants	determinant	NOUN
ajfa-9297	310	2	of	of	ADP
ajfa-9297	310	3	the	the	DET
ajfa-9297	310	4	size	size	NOUN
ajfa-9297	310	5	and	and	CCONJ
ajfa-9297	310	6	structure	structure	NOUN
ajfa-9297	310	7	of	of	ADP
ajfa-9297	310	8	corporate	corporate	ADJ
ajfa-9297	310	9	boards	board	NOUN
ajfa-9297	310	10	:	:	PUNCT
ajfa-9297	310	11	1935	1935	NUM
ajfa-9297	310	12	-	-	SYM
ajfa-9297	310	13	2000	2000	NUM
ajfa-9297	310	14	.	.	PUNCT
ajfa-9297	311	1	working	work	VERB
ajfa-9297	311	2	paper	paper	NOUN
ajfa-9297	311	3	,	,	PUNCT
ajfa-9297	311	4	katz	katz	PROPN
ajfa-9297	311	5	graduate	graduate	PROPN
ajfa-9297	311	6	school	school	NOUN
ajfa-9297	311	7	of	of	ADP
ajfa-9297	311	8	business	business	NOUN
ajfa-9297	311	9	.	.	PUNCT
ajfa-9297	312	1	lorsch	lorsch	PROPN
ajfa-9297	312	2	,	,	PUNCT
ajfa-9297	312	3	j.	j.	PROPN
ajfa-9297	312	4	w.	w.	PROPN
ajfa-9297	312	5	,	,	PUNCT
ajfa-9297	312	6	&	&	CCONJ
ajfa-9297	312	7	maciver	maciver	PROPN
ajfa-9297	312	8	,	,	PUNCT
ajfa-9297	312	9	e.	e.	PROPN
ajfa-9297	312	10	(	(	PUNCT
ajfa-9297	312	11	1989	1989	NUM
ajfa-9297	312	12	)	)	PUNCT
ajfa-9297	312	13	.	.	PUNCT
ajfa-9297	313	1	pawns	pawn	NOUN
ajfa-9297	313	2	or	or	CCONJ
ajfa-9297	313	3	potentates	potentate	NOUN
ajfa-9297	313	4	:	:	PUNCT
ajfa-9297	313	5	the	the	DET
ajfa-9297	313	6	reality	reality	NOUN
ajfa-9297	313	7	of	of	ADP
ajfa-9297	313	8	america	america	PROPN
ajfa-9297	313	9	's	's	PART
ajfa-9297	313	10	corporate	corporate	ADJ
ajfa-9297	313	11	boards	board	NOUN
ajfa-9297	313	12	.	.	PUNCT
ajfa-9297	314	1	boston	boston	PROPN
ajfa-9297	314	2	:	:	PUNCT
ajfa-9297	314	3	harvard	harvard	PROPN
ajfa-9297	314	4	business	business	PROPN
ajfa-9297	314	5	school	school	PROPN
ajfa-9297	314	6	press	press	NOUN
ajfa-9297	314	7	.	.	PUNCT
ajfa-9297	315	1	merton	merton	PROPN
ajfa-9297	315	2	,	,	PUNCT
ajfa-9297	315	3	r.	r.	PROPN
ajfa-9297	315	4	c.	c.	PROPN
ajfa-9297	315	5	(	(	PUNCT
ajfa-9297	315	6	1974	1974	NUM
ajfa-9297	315	7	)	)	PUNCT
ajfa-9297	315	8	.	.	PUNCT
ajfa-9297	316	1	on	on	ADP
ajfa-9297	316	2	the	the	DET
ajfa-9297	316	3	pricing	pricing	NOUN
ajfa-9297	316	4	of	of	ADP
ajfa-9297	316	5	corporate	corporate	ADJ
ajfa-9297	316	6	debt	debt	NOUN
ajfa-9297	316	7	:	:	PUNCT
ajfa-9297	316	8	the	the	DET
ajfa-9297	316	9	risk	risk	NOUN
ajfa-9297	316	10	structure	structure	NOUN
ajfa-9297	316	11	of	of	ADP
ajfa-9297	316	12	interest	interest	NOUN
ajfa-9297	316	13	rates	rate	NOUN
ajfa-9297	316	14	.	.	PUNCT
ajfa-9297	317	1	journal	journal	PROPN
ajfa-9297	317	2	of	of	ADP
ajfa-9297	317	3	finance	finance	NOUN
ajfa-9297	317	4	,	,	PUNCT
ajfa-9297	317	5	29	29	NUM
ajfa-9297	317	6	,	,	PUNCT
ajfa-9297	317	7	449–470	449–470	NUM
ajfa-9297	317	8	.	.	PUNCT
ajfa-9297	318	1	http://dx.doi.org/10.1111/j.1540-6261.1974.tb03058.x	http://dx.doi.org/10.1111/j.1540-6261.1974.tb03058.x	PROPN
ajfa-9297	318	2	morck	morck	PROPN
ajfa-9297	318	3	,	,	PUNCT
ajfa-9297	318	4	r.	r.	PROPN
ajfa-9297	318	5	,	,	PUNCT
ajfa-9297	318	6	shleifer	shleifer	PROPN
ajfa-9297	318	7	,	,	PUNCT
ajfa-9297	318	8	a.	a.	PROPN
ajfa-9297	318	9	,	,	PUNCT
ajfa-9297	318	10	&	&	CCONJ
ajfa-9297	318	11	vishny	vishny	PROPN
ajfa-9297	318	12	,	,	PUNCT
ajfa-9297	318	13	r.	r.	PROPN
ajfa-9297	318	14	(	(	PUNCT
ajfa-9297	318	15	1988	1988	NUM
ajfa-9297	318	16	)	)	PUNCT
ajfa-9297	318	17	.	.	PUNCT
ajfa-9297	319	1	management	management	NOUN
ajfa-9297	319	2	ownership	ownership	NOUN
ajfa-9297	319	3	and	and	CCONJ
ajfa-9297	319	4	market	market	NOUN
ajfa-9297	319	5	valuation	valuation	NOUN
ajfa-9297	319	6	:	:	PUNCT
ajfa-9297	319	7	an	an	DET
ajfa-9297	319	8	empirical	empirical	ADJ
ajfa-9297	319	9	analysis	analysis	NOUN
ajfa-9297	319	10	.	.	PUNCT
ajfa-9297	320	1	journal	journal	NOUN
ajfa-9297	320	2	of	of	ADP
ajfa-9297	320	3	financial	financial	ADJ
ajfa-9297	320	4	economics	economic	NOUN
ajfa-9297	320	5	,	,	PUNCT
ajfa-9297	320	6	20	20	NUM
ajfa-9297	320	7	,	,	PUNCT
ajfa-9297	320	8	293	293	NUM
ajfa-9297	320	9	-	-	SYM
ajfa-9297	320	10	315	315	NUM
ajfa-9297	320	11	.	.	PUNCT
ajfa-9297	321	1	http://dx.doi.org/10.1016/0304-405x(88)90048-7	http://dx.doi.org/10.1016/0304-405x(88)90048-7	NOUN
ajfa-9297	321	2	raheja	raheja	PROPN
ajfa-9297	321	3	,	,	PUNCT
ajfa-9297	321	4	c.	c.	PROPN
ajfa-9297	321	5	g.	g.	PROPN
ajfa-9297	321	6	(	(	PUNCT
ajfa-9297	321	7	2005	2005	NUM
ajfa-9297	321	8	)	)	PUNCT
ajfa-9297	321	9	.	.	PUNCT
ajfa-9297	322	1	determinants	determinant	NOUN
ajfa-9297	322	2	of	of	ADP
ajfa-9297	322	3	board	board	NOUN
ajfa-9297	322	4	size	size	NOUN
ajfa-9297	322	5	and	and	CCONJ
ajfa-9297	322	6	composition	composition	NOUN
ajfa-9297	322	7	:	:	PUNCT
ajfa-9297	322	8	a	a	DET
ajfa-9297	322	9	theory	theory	NOUN
ajfa-9297	322	10	of	of	ADP
ajfa-9297	322	11	corporate	corporate	ADJ
ajfa-9297	322	12	boards	board	NOUN
ajfa-9297	322	13	.	.	PUNCT
ajfa-9297	323	1	journal	journal	NOUN
ajfa-9297	323	2	of	of	ADP
ajfa-9297	323	3	financial	financial	ADJ
ajfa-9297	323	4	and	and	CCONJ
ajfa-9297	323	5	quantitative	quantitative	ADJ
ajfa-9297	323	6	analysis	analysis	NOUN
ajfa-9297	323	7	,	,	PUNCT
ajfa-9297	323	8	40	40	NUM
ajfa-9297	323	9	,	,	PUNCT
ajfa-9297	323	10	283	283	NUM
ajfa-9297	323	11	-	-	SYM
ajfa-9297	323	12	306	306	NUM
ajfa-9297	323	13	.	.	PUNCT
ajfa-9297	324	1	http://dx.doi.org/10.1017/s0022109000002313	http://dx.doi.org/10.1017/s0022109000002313	PROPN
ajfa-9297	324	2	sah	sah	PROPN
ajfa-9297	324	3	,	,	PUNCT
ajfa-9297	324	4	r.	r.	PROPN
ajfa-9297	324	5	,	,	PUNCT
ajfa-9297	324	6	&	&	CCONJ
ajfa-9297	324	7	stiglitz	stiglitz	PROPN
ajfa-9297	324	8	,	,	PUNCT
ajfa-9297	324	9	j.	j.	PROPN
ajfa-9297	324	10	(	(	PUNCT
ajfa-9297	324	11	1991	1991	NUM
ajfa-9297	324	12	)	)	PUNCT
ajfa-9297	324	13	.	.	PUNCT
ajfa-9297	325	1	the	the	DET
ajfa-9297	325	2	quality	quality	NOUN
ajfa-9297	325	3	of	of	ADP
ajfa-9297	325	4	managers	manager	NOUN
ajfa-9297	325	5	in	in	ADP
ajfa-9297	325	6	centralized	centralized	ADJ
ajfa-9297	325	7	versus	versus	ADP
ajfa-9297	325	8	decentralized	decentralized	ADJ
ajfa-9297	325	9	organizations	organization	NOUN
ajfa-9297	325	10	.	.	PUNCT
ajfa-9297	326	1	quarterly	quarterly	ADJ
ajfa-9297	326	2	journal	journal	NOUN
ajfa-9297	326	3	of	of	ADP
ajfa-9297	326	4	economics	economic	NOUN
ajfa-9297	326	5	,	,	PUNCT
ajfa-9297	326	6	106	106	NUM
ajfa-9297	326	7	,	,	PUNCT
ajfa-9297	326	8	289–295	289–295	NUM
ajfa-9297	326	9	.	.	PUNCT
ajfa-9297	327	1	http://dx.doi.org/10.2307/2937917	http://dx.doi.org/10.2307/2937917	NOUN
ajfa-9297	327	2	sengupta	sengupta	NOUN
ajfa-9297	327	3	,	,	PUNCT
ajfa-9297	327	4	p.	p.	NOUN
ajfa-9297	327	5	(	(	PUNCT
ajfa-9297	327	6	1998	1998	NUM
ajfa-9297	327	7	)	)	PUNCT
ajfa-9297	327	8	.	.	PUNCT
ajfa-9297	328	1	corporate	corporate	ADJ
ajfa-9297	328	2	disclosure	disclosure	NOUN
ajfa-9297	328	3	quality	quality	NOUN
ajfa-9297	328	4	and	and	CCONJ
ajfa-9297	328	5	the	the	DET
ajfa-9297	328	6	cost	cost	NOUN
ajfa-9297	328	7	of	of	ADP
ajfa-9297	328	8	debt	debt	NOUN
ajfa-9297	328	9	.	.	PUNCT
ajfa-9297	329	1	accounting	accounting	NOUN
ajfa-9297	329	2	review	review	PROPN
ajfa-9297	329	3	,	,	PUNCT
ajfa-9297	329	4	73	73	NUM
ajfa-9297	329	5	,	,	PUNCT
ajfa-9297	329	6	459	459	NUM
ajfa-9297	329	7	-	-	SYM
ajfa-9297	329	8	474	474	NUM
ajfa-9297	329	9	.	.	PUNCT
ajfa-9297	330	1	shleifer	shleifer	PROPN
ajfa-9297	330	2	,	,	PUNCT
ajfa-9297	330	3	a.	a.	PROPN
ajfa-9297	330	4	,	,	PUNCT
ajfa-9297	330	5	&	&	CCONJ
ajfa-9297	330	6	vishny	vishny	PROPN
ajfa-9297	330	7	,	,	PUNCT
ajfa-9297	330	8	r.	r.	PROPN
ajfa-9297	330	9	(	(	PUNCT
ajfa-9297	330	10	1986	1986	NUM
ajfa-9297	330	11	)	)	PUNCT
ajfa-9297	330	12	.	.	PUNCT
ajfa-9297	331	1	large	large	ADJ
ajfa-9297	331	2	shareholders	shareholder	NOUN
ajfa-9297	331	3	and	and	CCONJ
ajfa-9297	331	4	corporate	corporate	ADJ
ajfa-9297	331	5	control	control	NOUN
ajfa-9297	331	6	.	.	PUNCT
ajfa-9297	332	1	journal	journal	NOUN
ajfa-9297	332	2	of	of	ADP
ajfa-9297	332	3	political	political	ADJ
ajfa-9297	332	4	economy	economy	NOUN
ajfa-9297	332	5	,	,	PUNCT
ajfa-9297	332	6	94	94	NUM
ajfa-9297	332	7	,	,	PUNCT
ajfa-9297	332	8	461	461	NUM
ajfa-9297	332	9	-	-	SYM
ajfa-9297	332	10	488	488	NUM
ajfa-9297	332	11	.	.	PUNCT
ajfa-9297	333	1	http://dx.doi.org/10.1086/261385	http://dx.doi.org/10.1086/261385	PROPN
ajfa-9297	333	2	standard	standard	PROPN
ajfa-9297	333	3	&	&	CCONJ
ajfa-9297	333	4	poor	poor	PROPN
ajfa-9297	333	5	’s	’s	PART
ajfa-9297	333	6	.	.	PUNCT
ajfa-9297	334	1	(	(	PUNCT
ajfa-9297	334	2	2002	2002	NUM
ajfa-9297	334	3	)	)	PUNCT
ajfa-9297	334	4	.	.	PUNCT
ajfa-9297	335	1	standard	standard	PROPN
ajfa-9297	335	2	&	&	CCONJ
ajfa-9297	335	3	poor	poor	PROPN
ajfa-9297	335	4	’s	’s	PART
ajfa-9297	335	5	corporate	corporate	ADJ
ajfa-9297	335	6	governance	governance	NOUN
ajfa-9297	335	7	scores	score	NOUN
ajfa-9297	335	8	:	:	PUNCT
ajfa-9297	335	9	criteria	criterion	NOUN
ajfa-9297	335	10	,	,	PUNCT
ajfa-9297	335	11	methodology	methodology	NOUN
ajfa-9297	335	12	and	and	CCONJ
ajfa-9297	335	13	definitions	definition	NOUN
ajfa-9297	335	14	,	,	PUNCT
ajfa-9297	335	15	new	new	PROPN
ajfa-9297	335	16	york	york	PROPN
ajfa-9297	335	17	.	.	PUNCT
ajfa-9297	336	1	mcgraw	mcgraw	PROPN
ajfa-9297	336	2	-	-	PUNCT
ajfa-9297	336	3	hill	hill	NOUN
ajfa-9297	336	4	companies	company	NOUN
ajfa-9297	336	5	,	,	PUNCT
ajfa-9297	336	6	inc	inc	PROPN
ajfa-9297	336	7	.	.	PROPN
ajfa-9297	336	8	upadhyay	upadhyay	PROPN
ajfa-9297	336	9	,	,	PUNCT
ajfa-9297	336	10	a.d	a.d	PROPN
ajfa-9297	336	11	.	.	PROPN
ajfa-9297	336	12	(	(	PUNCT
ajfa-9297	336	13	2015	2015	NUM
ajfa-9297	336	14	)	)	PUNCT
ajfa-9297	336	15	.	.	PUNCT
ajfa-9297	337	1	board	board	NOUN
ajfa-9297	337	2	size	size	NOUN
ajfa-9297	337	3	,	,	PUNCT
ajfa-9297	337	4	firm	firm	ADJ
ajfa-9297	337	5	risk	risk	NOUN
ajfa-9297	337	6	and	and	CCONJ
ajfa-9297	337	7	equity	equity	NOUN
ajfa-9297	337	8	discount	discount	NOUN
ajfa-9297	337	9	.	.	PUNCT
ajfa-9297	338	1	the	the	DET
ajfa-9297	338	2	journal	journal	NOUN
ajfa-9297	338	3	of	of	ADP
ajfa-9297	338	4	risk	risk	NOUN
ajfa-9297	338	5	and	and	CCONJ
ajfa-9297	338	6	insurance	insurance	NOUN
ajfa-9297	338	7	,	,	PUNCT
ajfa-9297	338	8	82	82	NUM
ajfa-9297	338	9	,	,	PUNCT
ajfa-9297	338	10	571	571	NUM
ajfa-9297	338	11	-	-	SYM
ajfa-9297	338	12	599	599	NUM
ajfa-9297	338	13	.	.	PUNCT
ajfa-9297	339	1	http://dx.doi.org/10.1111/jori.12033	http://dx.doi.org/10.1111/jori.12033	PROPN
ajfa-9297	339	2	yang	yang	PROPN
ajfa-9297	339	3	,	,	PUNCT
ajfa-9297	339	4	c.w	c.w	PROPN
ajfa-9297	339	5	.	.	PROPN
ajfa-9297	339	6	,	,	PUNCT
ajfa-9297	339	7	&	&	CCONJ
ajfa-9297	339	8	raehsler	raehsler	NOUN
ajfa-9297	339	9	,	,	PUNCT
ajfa-9297	339	10	r.d	r.d	PROPN
ajfa-9297	339	11	.	.	PROPN
ajfa-9297	339	12	(	(	PUNCT
ajfa-9297	339	13	2005	2005	NUM
ajfa-9297	339	14	)	)	PUNCT
ajfa-9297	339	15	.	.	PUNCT
ajfa-9297	340	1	an	an	DET
ajfa-9297	340	2	economic	economic	ADJ
ajfa-9297	340	3	analysis	analysis	NOUN
ajfa-9297	340	4	on	on	ADP
ajfa-9297	340	5	intermediate	intermediate	ADJ
ajfa-9297	340	6	.	.	PUNCT
ajfa-9297	341	1	journal	journal	PROPN
ajfa-9297	341	2	for	for	ADP
ajfa-9297	341	3	economic	economic	ADJ
ajfa-9297	341	4	educators	educator	NOUN
ajfa-9297	341	5	,	,	PUNCT
ajfa-9297	341	6	5	5	NUM
ajfa-9297	341	7	,	,	PUNCT
ajfa-9297	341	8	1	1	NUM
ajfa-9297	341	9	-	-	SYM
ajfa-9297	341	10	11	11	NUM
ajfa-9297	341	11	.	.	PUNCT
ajfa-9297	342	1	asian	asian	ADJ
ajfa-9297	342	2	journal	journal	PROPN
ajfa-9297	342	3	of	of	ADP
ajfa-9297	342	4	finance	finance	PROPN
ajfa-9297	342	5	&	&	CCONJ
ajfa-9297	342	6	accounting	accounting	PROPN
ajfa-9297	342	7	issn	issn	PROPN
ajfa-9297	342	8	1946	1946	NUM
ajfa-9297	342	9	-	-	PUNCT
ajfa-9297	342	10	052x	052x	PROPN
ajfa-9297	342	11	2016	2016	NUM
ajfa-9297	342	12	,	,	PUNCT
ajfa-9297	342	13	vol	vol	NOUN
ajfa-9297	342	14	.	.	PROPN
ajfa-9297	342	15	8	8	NUM
ajfa-9297	342	16	,	,	PUNCT
ajfa-9297	342	17	no	no	INTJ
ajfa-9297	342	18	.	.	NOUN
ajfa-9297	342	19	1	1	NUM
ajfa-9297	342	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9297	342	21	211	211	NUM
ajfa-9297	342	22	yarmack	yarmack	NOUN
ajfa-9297	342	23	,	,	PUNCT
ajfa-9297	342	24	d.	d.	PROPN
ajfa-9297	342	25	(	(	PUNCT
ajfa-9297	342	26	1996	1996	NUM
ajfa-9297	342	27	)	)	PUNCT
ajfa-9297	342	28	.	.	PUNCT
ajfa-9297	343	1	higher	high	ADJ
ajfa-9297	343	2	market	market	NOUN
ajfa-9297	343	3	valuation	valuation	NOUN
ajfa-9297	343	4	of	of	ADP
ajfa-9297	343	5	companies	company	NOUN
ajfa-9297	343	6	with	with	ADP
ajfa-9297	343	7	a	a	DET
ajfa-9297	343	8	small	small	ADJ
ajfa-9297	343	9	board	board	NOUN
ajfa-9297	343	10	of	of	ADP
ajfa-9297	343	11	directors	director	NOUN
ajfa-9297	343	12	.	.	PUNCT
ajfa-9297	344	1	journal	journal	NOUN
ajfa-9297	344	2	of	of	ADP
ajfa-9297	344	3	financial	financial	ADJ
ajfa-9297	344	4	economics	economic	NOUN
ajfa-9297	344	5	,	,	PUNCT
ajfa-9297	344	6	40	40	NUM
ajfa-9297	344	7	,	,	PUNCT
ajfa-9297	344	8	185	185	NUM
ajfa-9297	344	9	-	-	SYM
ajfa-9297	344	10	211	211	NUM
ajfa-9297	344	11	.	.	PUNCT
ajfa-9297	345	1	http://dx.doi.org/10.1016/0304-405x(95)00844-5	http://dx.doi.org/10.1016/0304-405x(95)00844-5	PROPN
ajfa-9297	345	2	yaron	yaron	PROPN
ajfa-9297	345	3	,	,	PUNCT
ajfa-9297	345	4	j.	j.	PROPN
ajfa-9297	345	5	,	,	PUNCT
ajfa-9297	345	6	&	&	CCONJ
ajfa-9297	345	7	manos	manos	PROPN
ajfa-9297	345	8	,	,	PUNCT
ajfa-9297	345	9	r.	r.	PROPN
ajfa-9297	345	10	(	(	PUNCT
ajfa-9297	345	11	2010	2010	NUM
ajfa-9297	345	12	)	)	PUNCT
ajfa-9297	345	13	.	.	PUNCT
ajfa-9297	346	1	information	information	NOUN
ajfa-9297	346	2	transparency	transparency	NOUN
ajfa-9297	346	3	and	and	CCONJ
ajfa-9297	346	4	agency	agency	NOUN
ajfa-9297	346	5	costs	cost	NOUN
ajfa-9297	346	6	in	in	ADP
ajfa-9297	346	7	the	the	DET
ajfa-9297	346	8	microfinance	microfinance	NOUN
ajfa-9297	346	9	industry	industry	NOUN
ajfa-9297	346	10	:	:	PUNCT
ajfa-9297	346	11	the	the	DET
ajfa-9297	346	12	adequacy	adequacy	NOUN
ajfa-9297	346	13	of	of	ADP
ajfa-9297	346	14	the	the	DET
ajfa-9297	346	15	operational	operational	ADJ
ajfa-9297	346	16	self	self	NOUN
ajfa-9297	346	17	-	-	PUNCT
ajfa-9297	346	18	sufficiency	sufficiency	NOUN
ajfa-9297	346	19	index	index	NOUN
ajfa-9297	346	20	.	.	PUNCT
ajfa-9297	347	1	review	review	NOUN
ajfa-9297	347	2	of	of	ADP
ajfa-9297	347	3	market	market	NOUN
ajfa-9297	347	4	integration	integration	NOUN
ajfa-9297	347	5	,	,	PUNCT
ajfa-9297	347	6	2	2	NUM
ajfa-9297	347	7	,	,	PUNCT
ajfa-9297	347	8	87	87	NUM
ajfa-9297	347	9	-	-	SYM
ajfa-9297	347	10	99	99	NUM
ajfa-9297	347	11	.	.	PUNCT
ajfa-9297	348	1	http://dx.doi.org/10.1177/097492921000200106	http://dx.doi.org/10.1177/097492921000200106	PROPN